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f jl i v . 

* ' v i\ 




It' 


‘ top 


Landesbanken 

Sparkassen 


No. 27,465 


Saturday January 21 1978 


exclusive to Schlesingei 


SHUWfi HtlCBi AUSTRIA »&OlUM fr05; DENMARK Kr4.»t FRANCS Fr-3.8; WttHt PK2JB; ITALY LS80; NETHERLAMM fiX8; NORWAY KrJS; PORTUGAL SPAIN PtaMfl; SWBCN KrX25f SWITZER L AND Frj.0; EIRE ISp 


NEWS SUMMARY 


GENERAL 


BUSINESS 


‘Green £’ proposal 


RETAIL PfflGE INDEX 

(EXCEPT SBSOUL ABBS 


ibHBRBHBn 

aisaatf 

DflH tin 


Smith 

offers 

terror 


Equities puts Lib-Lab 


firm: Wall 
St hit 
by snow 


pact in jeopardy 


BY PHILIP RAWSTORNE 


• equities were firm in quiet The Government yesterday threw the Lab-Lab pact into greater jeopardy by 

trading And tlw FT ordinary aTlTl AnTIPlTlCr nlnnc for 21 5 nar eont Aamnal nofinn in tba <l rrrOAtf nonml 99 #»nrl 


3 Or; Ian Smith’s Rhodesian 
Government yesterday offered 
black nationalist guerillas an 
amnesty as part of its internal 
settlement scheme. 

A communique "issued in 
Salisbury said that, steps had 
been taken already to , inform 
guerillas in the bush that if 
“ they return in peace their lives 
will not be in danger.”" - 

It was reported unofficially 
that since the New Year 
Rhodesian air and land forces 
have distributed leaflets urging 
Mozambique and Zambia-based 
guerillas to lay down their aims 
and surrender. 

The comxhunique did not say 


EltadusfrKl 
Ordinary Index 

. WWW MOVEMENTS / 
@ DATS CUBE / 


a r 

ioS« 

H 

L_ 

K 

LI 

Q 

r Te 

17 


announcing plans for a 5 per cent, devaluation in the “green pound ” and 
rejecting Liberal demands for further concessions. 

On the eve of the Liberals’ Government some last minute Delegates will choose between | 
special conference in Blackpool guarantees of a better deal thin that option and ending the pact 
on .the future of the pact, Mr. year for farmers. immediately. 

James Callaghan is reported to The Government’s amendments . Christopher P&rkes writes: The 
have vetoed a compromise with to the Tory motion demanding main aim of the British devalua- 
te . Government’s allies. a 7{ per oenL devaluation says tion move, according to the 

The Government’s decision — that the Government’s action is Government amendment to the 
which. will raise farmers’ prices “ P*rt of a move” in the course Opposition motion, is to help pig 
by abont 5 per cent and food ?» “is year to increase the net and beef farmers and, specific- 
prices by about a penny in the £ income of producers by 10 per ally, to “increase the net 
— camo last night after two days cent, an amount which cones- incomes of such producers by 10 
of intensive talks with the Ponds to the guideline figure in cent.” this year. 

Liberals had broken down. the Government’s in comes policy. annl . . ' .. 


Retail 
price 
inflation 
in single 
figures 

By Peter Riddell. Economics 
Economics Correspondent 


Carter takes 
different line 
on inflation 


BY JUREK MARTIN, US. EDITOR 

WASHINGTON, Jan. 20. 

PRESIDENT CARTER to-day that even such a low-keye 
proposed a new, voluntary anti- approach is tantamount to tb 
inflation programme, involving thin end of the wedge of create 
consultation between the Government involvement in coi 
Administration, business and p orate affairs. But they may fin> 
labour, and with the goal of it more politic to conclude tha 
reducing the rate of growth of they might as well go along !u 
inflation by 0.5 per cent, a year the moment with what Is. after 


over the next two years. 


all. a toothless and voluntary 


Ai the same time, he formally regime, 
proposed that the corporate tax The reporl also sticks to the 
rate be cut to 45 per cent from view that it is still possible it 
the present 48 per cent, on balance the Federal Budget b\ 


October 1. with a further rcduc the 


year, although 


tion to 44 per cent, tn 1980. next years deficit "is projected at 
He also recommended that the ^bn. and that fur the year aftet 
10 per cent, investment tax much less. But Mr. Schullce 
credit be made permanent, and j^recd that, if economic growth 


its applicability widened. 

These were the principal 
points in his separate Fresiden- 


fctl off. then the deadline may 
not be met 

As it is. the report forecasts 


I* amjUed to all farm com- _ points in his separate Frestden- r '.° 11 report roreuasus 

Mr. John Pardoe. Liberal Apart from the immediate modi ties this chance in the THE underlying level of retail tial economic report to Congress, rea * economic growth of 4.5-5.0 
— — ~ — «-* — J “ ! *" pecja] ’ agricultural rate for Price inflation is now well down published to-day as part of a *® nt - over each ol the next 


Jiugwtr, t978 
18 » 20 


deputy leader, and Mr. Geraint danger to its Commons majority, special ’agricultural rate tor Price inflation is now well down published to-day as part of a cent - o*«* each ol the next 
Howells, the party’s agriculture the Government’s decision inevit- sterling against the EEC’s unit of “i^ 0 sinftie figures and the 12- barrage of economic policy tw° years. Unemployment should 
spokesman, had been pressing ably will make Mr.. David Steel's acorant would, raise the retail “onth rate should - also move statements emanating from the ar *?P P° r cei it- hy the 

Mr. Michael- Foot. Lord Presi- task more difficult when he tries orice 0 f butter and rfieese bv 3a below 10 per cent, within two Administration. end °f compared with the 

i r_i o.-iu. t .-u i_ .. . ,,u ™ auu ui«r ujr Dresent fi4 ner rent 


mentioned 
ils in his 


of having killed white civilians. 

Fourteen white civilians have • GILTS recorded losses of & 
been reported killed in the past in spite of good, news about 


20 days. 
However, 


^ , , Common Market’s agricultural 

• GILTS recorded losses of 4 exchange rate for sterling, 
in spite of good, news about Late on Thursday night, the 
slowing of inflation. The Govern- Liberals believed a compromise 


tSLSEt £BTm£*£ '"•Sr*****™ IMS? i?AiWS. lp Iose bJ ^TlSrL c SlS-r , ffTa 

« meet’s rise of 6.7. . 1 10 per cent devaluation in the until the end of the session. ^ imp** on cereals prices 1*1 per cent to 168.4 (Januaij State of the Union menage las? 

25S2S, . • would add another 0.25p tb the 1974=100) in the 12 months to night More details will be 

exchange rate imrstennjg. Tllflino cost of a standard loaf. mid-December, according to forthcoming in the full tax 


Timing 


But the effects on the butter Department 


mid-December, according to forthcoming 


present 6.4 per cent. 

More modest 

Both predictions are ra 


■n* ZSlZESTSi dZS j-» — -s K5 


Employment proposals and the Budget, due to more modest 


Government intends to pursue o.l3 down at 77 23 . ■ Mr. Ca 

this programme with the utmost on behalf 

vigour in order to reduce blood- • STERLING fell 10 points, it out. 
shed and return the country to dosing at 51-9325- Its trade- Ang( 
normality as soon as possible, weighted average . was un- S e f 


Mr. Callaghan, 


SJwSSf aetina opponents of the pact are bound Britain now has 200,000 This was forecast by Mr. Denis ^ rntft of 

StheShffi SSI to seize on the issue as another tonnes of stocks imported last Healey, the Chancellor, in his council of economic advisers, 
or me corner, ruieo — - a * 'spring budgeL He predicted that n ex t week-end. 


instance of Labour's reluctance ** 


Angered and disappointed bv t0 5i ve “V re^ 1 ground to the . u fb® Liberal demands had the 12-month rate of increase 
ie rebuff, tin* tithe rale Liberals. been me{ - these increases would would fall to 12 or 13 per cent. 


J ™“ uv “ ~ * puwuie ; weighted average, was im- who will be facinB ^? Vc bee ° doubled. Combined by the "md of bst”yei. 

itVt ftc.i a .Ko c ■ — T1-- ■ ~ ll j 2 a _ I N?Ho^^ta the^b'igg^* Liheual 'cobference^in I The 12-mouth rate 


jures announced yesterday. be released over the next three vanced by the Administration for 
This was forecast by Mr. Denis dfl y s - . an > the report of the much of last year, 
ealey, the Chancellor, in his counc ’ ] economic advisers, ont Mr. Schultze vigorously con- 
iring budgeL He predicted that next week-end. tended that the net S25bn. tax 

e 12-month rate of increase Mr. Charles Srbultzc, chair- reduction would be necessary to 
Mild fall to 12 or 13 per cent, man of the council of economic boost the economy Ibis year. But 
i the end of last year. advisers, acknowledge yesterday he also found himself hard- 

The 12-mouth rate should tbat fte ^ a nti-i pflationary pressed to defend the propnsi- 

_ _ _ * _ roiVim « I1W Mil AtT.* Fiflrt I h Ol i n ri Inr nfrtnn,' n If* 


GOLD fell $i to $173}. .... 

Skyjacker held • wall street opening was 

-An armed skyjacker who took delayed by a snow, storm, but — 

over an . airliner with 42 people dosed L73 down C-77ILM. Lj _• A, 

on board was overpowered at ^ f| 1 P/ 

Karachi last night after a scuffle • EUBOSTEKUNGJbond market CflUuL J.. 1 

wth Air Marshal Nur Khan, head announced two hew issues— 

of the Pakistan International 0° e for the European Investment 

Airline. The Air Marshal was worX ^ £25m. |bd one for • J* • Tf 

hit in the hip by a bullet * ’ |SSS ltI £ ek W ° rth |A1* I i 

Packer snubbed • private invesJorr have 

TTie Australian crigket selectors BY MICHAEL TH4GAY 

have ignored . Kerry Packer’s 

p'ayere and named, an inexpert- wtjwn W jnd PRESIDENT ANWAR SADAT 

enced 15-man team to tour the Pae^rs r reiterated to-day that Egypt’s 

West Indies next month. - .In statistics.. «ge «... . s minimum demand for continuing 

KarachL tho final Test appeared 9 ujl COMPANIES wffl be I direct’ negotiations on a Middle 


on Monday to extract from the with the Government 


Continued on Back Page of this year, even if the rise in during the underlying rate of economy will be affected by a 

earnings in the present pay inflation to 4 per cent a year by ** tax drag ” of close to $30bn. — 

round turns out to be between 12 the end of next year. half as a result of higher social 

-• — and 14 per cent— as is now Mr. Schultze agreed that to securit> ‘ levies and half steny 

estimated in Whitehall — rather cut the underiving rate, now ®rPS * r ® m inflation pushing indi- 
than the 10 per cenL ceiling. running at more than B^oer cent. viduaJs int0 h *aher tax brackets. 

I# VUl This Is because of the Favour- a year, by 0.5 per cenL a year This, it is argued, wipes out 

able offsetting effect of the rise would be a considerable achieve- the planned stimulus~-S25'jn. in 
m sterling on raw material costs. men t. new tax cuts and S4bn. left over 

I While this has made the from last year’s mini-reflationarv 

11/*J I medium-term inflation prospects \t e _ , package 

d W dl SS8K S“ MMS No enforcement 

« : CAIRO, i Jaa. 20. ^ XZTJJZ* o$'£?fS5T*!ZU? % 

by much more than 10 per cent, prices i 0 each industry should “S ^ 

tinians. \ / The underlying rate of inflar rise significantly less in 1978 disappointed reaction to 

“The minanum for continuing tion is now down to the average than they did on averaae in each . aenI « [ !er s I4 bi °j tne 
our work on straight lines should level for the main industrialised of the last two years.” Picked up 

be this declaration of nrinciules countries. th- k- la i. er - pwihahll With the help of 


?d one for 
sh ' worth 


Sadat reiterates demand 
for Israeli withdrawal 


BY MICHAEL T1NGAY 


West Indie's next month- '-.In 
Karachi,- the final Test appeared 


• I a. a - ^ V VMltl “\T I (■■■■>» H A H UO — — « — — o- - — - — — - — 

io be. heading for a draw. Page « bidding for "contract^ in the East peace settlement was Israel’s 

' . development of Venezuela’s off- agreements to a declaration of 

Blow to soccer shore oil and steel industries. Hie principles, including withdrawal 


Snow and ice will affect the week- 
end soccer programme . with 


project is estimated to be worth ?nd “Palestinian self- 

WJln o, ci d..l -o I rtefprminsil-inn 


end soccer programme . with ' . A determination." 

Scotland hardest hit. In -New He dismissed the argument 

York which was almost at a : r ■ over Jewish settlements in Sinai, 

standstill after _ blizzards i L. which was another major bone of 

deposited up to 15 Inches of AldU 1IJUR3 1U1 . contention at the abortive 

snow along parts of the U^. TT , 1T Jerusalem negotiations earlier 

nortb-east coast, a bank holiday ftJ||i VotT||ipI this week; as a "loss of time" and 

was declared. • AAU1 xjauiuwi . - a 

# HELL SAMUEL has formed The Egyptian leader stressed 
Sunday mail - links with a leading Texan bank that “the door to peace was not 
mav and a consortium including Arab closed.” Mr. Sadat was speaking 
LSSiSJ wiHiam interests which will give the to reporters at his residence near 
reintroduwd soon. Sir Wmiam merchant bank a £9.3m. the Nile Barrage after two hours 

p 2!?5 capital injection and the oppor- of discussion with Mr. Cyrus 
S4id in Leeds yesterday. Page 12 tnwt ty for wider international Vance, U.S. Secretary of State, 
- operations. Back Page “ - who arrived here to-day in a 

Beer up _ . , . desperate bid to salvage the 

- \ r # 2^00 SHELL tanker drivers peace talks 

Scottish and Newcastle Breweries have had their pay deal turned Mr. Vance said that he had 
is lo increase some beer prices by down by the Department of made progress In talks last night 
2ip a pint on January 30. Other Employment, . reviving anxiety in Jerusalem with Mr. MoShe 

Kruu'ani nvioa vicac' an in . i n A..rtn«1. aMian -T-. .v r ,i n : 




jf v‘ \ ' ‘ 

T-- 

Av 



* 

3js« . - 

f> v. 



% 



A • 


CAIRO,. Jan. 20. 


m sterling on raw material costs. 
While this has made the 
medium-term inflation prospects 
brighter than was assumed last 
autumn, there would be a return 
to double figure rises in 1979 if 


tinians. 


be this declaration, of principles countries. 
— the land of 1967. withdrawal. The hnj 
that is; and selDdetermination. cated by t 

i. _n 


C0 ^ m ^' , u - The programme would be official Sw ss suDPort 

The hnprovement Is best indi- without enforcement teeth and s . PP t ‘ 

cated by the rise in the index for would not constitute public . The dollar ended 


slightly 


“What other time,. is needed to all items except seasonal food “jaw booing,” he said. Because higher against the Swiss franc 
perform this is ^ matter for measured over six months and of great * industry -by-industry and a little lower against toe 


negotiations, as it cun be agreed ( expressed at an annual rate, 
upon and negotiated in a less This was 7.4 per cent in 
dangerous way.” period to mid-December, 


expressed at an annual rate. variables, no numerical stan- West German D-Mark. The 
This was 7.4 per cent in the dards bv which rises in wages pound lost 10 points to $1.9325, 
period to mid-December, in an d prices could be measured with its index against a basket 


Cairo is waiting to hear what «ngle figures for the third month would be set. Other available of currencies unchanged at 66.L 
the Egyptian leader will say runnln ff- aDlJ in contrast with a options, including controls and - — - ■ — 


when he’ addresses the People’s ra !i£L of 20 p f r , ce ^f- last . 
Assembly to-morrow night The recent levellmg-out in the 

^ Mfn n r mofa^cn ennum hu nrt 1 


guidelines, had been rejected. _ . _. . 

Rather, the intention was to 1 m New 


.. . -. . rate of increase shown by notifl- launch “a consultative process" 

” aaa *- 1135 .limited options cations to ihe Price Commission out of which “a general standard 
ft 1 ??" ,f suspension of. the talks suggests that the underlying rate of behaviour asserting the public 
ot tne political committee ... in- of retail price inflation may also interest" would evolve. The con- 



PRESIDENT SADAT 


volving the Foreign Minister s of 
the two States and Mr. Vance. 

There has been speculation, 
among diplomats here that be 
might decide to fly to Washing- 
ton in the near future.. 

He has believed throughout 
the last four years that the solu- 
tion to the Middle East problem 
must Involve U.S, pressure on 
Israel, and, more fundamentally, 


Continued on Back Page 
Editorial Comment, Page 14 


sultation$ would principally 
take place in. private. ■ 

Some businessmen may feel 


Sl«»t 

1 tuiiiiib 
3 mi*alliN 


January 2J 


; fi.as5o.0sw ; SI.933&-9550 

I0.1A-G.I7 [>reni.!o.lu-0.16 nr«n. 
"J.w-U. 3 b jitt'iii. 0j6-0.se firem. 


12 moDrtn [0.T8-0. S3{m-m.!D.7G-CLSO]ji«ni. 


• Israeli Foreign Minister Moshe 
Dayan said in Jerusalem that 


brewery price rises are in the about serious industrial- action Dayan, the Israeli Foreign the settlements, and we should a change in American public 
pipeline. Page 12 - .. by petrol tanker drivers. Page 19 Minister. He bad “recorded not lose time in this, because it opinion. 

' -o-imcw tm’iAwn « what took place to President is a joke ” • Israeli Foreign Minister Moshe 

Drv humour - •. SaraL” “We were working on a Dayan said in Jerusalem that 

^ The President told a questioner declaration of principles in President Sadat’s conditions for 

Mr. James Callaghan, the Prime over £2.000, but is changing its "the whole approach to which Israel shows its determina- resuming peace talks were 
Minister, invited to test a pattern of price rises to half- peace '• negotiations is being tion . to end the occupation of absurd. There would be no talks 

breathalyser at a Cardiff factory, yearly instead of quarterly. Back tested because we are losing land occupied since 1967. and “if Egypt does not modify its 

said: " It wouldn’t really be of Page. ’ * time discussing, for instance, self-determination for the Pales- demands for Israeli concessions.” 

any use. 1 gave “p drwkmE m # ^ COMMERCE Dcpirtnem 

1 ‘ has issued regulations governing 

S^;»...SS5|a Swan Hunter lose Polish order 

ments and roads are being of Israel. Back and Page 13 

reviewed by the Government 9 JAPAN recorded are sounding BY IAN HARGREAVES AND ALAN PIKE 


EXTRA HIGH INCOME 


ARBUTHNOT OFFER 


any use. 
1974." 


Briefly - * . 


Swan Hunter lose Polish order 




reviewed by the Government # JAPAN recorded a resounding ®Y IAN HARGREAVES AND ALAN PIKE 
because of the popularity of balance of trade surplus 

skateboards. Skateboard stan- j ast month — - S221bn. on a RENEWED pay problems at with boilermakers, in the near who resented the way in which 

aards considered. Page 13 customs clearance basis— with Swan Hunter last night cost the future. the differential had been eroded 

The King and Queen of Spain sharp rises in car exports. Back Tyneside yard its last chance of ?wan Hunter should have re- and decided this week to revert 

arrived in Britain last night for Page ... sharing in any part of the £n5m. g™* sev ® n shl ^ , fro ^ .' h « arrange, 

a private visit • ■ Polish order, but Rntish ments to a less productive one- 

' ulul Polish ships order. Shipbuilders decided against man-on e-job system. 


u ^ ^ m i~i o uvv|yicU m n ii Tiuujuii . jj a if? in 

Larlo^felly driers, who COMPANIES After the failure of six-hour allocating them to the yard in British Shipbuilders’ derision] 

eennw • GRAND METROPOLITAN talks in Newcastle aimed at per- November when 1,700 outfitters to withdraw the order came 

of su«Hn« member, of the BoSer- refu»d to lift eh overtime bee after Mr. Michael Casey, the 

me Alps and elsewhere. /«70Sra 1 for tiie year to makers’ Asnalgamation- to con- support of a claim for pay chief executive, and other senior 

Japanese should help to reduce September 30 on sales of £1.64bn. timie Job flexibility arrange- parity with boilermakers. officials failed at yesterday’s 

pi 0 anting rice. stocks by drink- m 48hn_) 'Page 20 l , ' n * Lex meats, British Shipbuilders an-. talks to convince the men that 

ing more sake, Mr. Nakagawa, , nounced. " with regret ” that an ErOflflu job flexibility must continue. 


mounting rice . stocks by drink- m aahn ) 'Page 20 and Lex meats. British Shapbuilders an-, 
ing more sake, Mr. Nakagawa, nounced. “ with regret” that an 

the Agriculture Minister, urged. • ATV has withdrawn its bid order to build four Polish bulk- __ _ 

The soviet Union launched an for Madame Tussaud’s. Page 21 rarriers, allocated to Swan ™ yard reemved tedured secretary Of- the BoDermakers’ 

vstm ». Pr " asm, Tn? rs 1151 ^ hid been SS-SS SB 

a • lUrnOVCl 3 PC! lCJH* up IV ■ I _ < JU t . OVGrtllJlC OSS 2ltpr 3 JED.4U 3Waiu rp-nlDpntP thp ahfTic uihi‘10 Curun 

A. drunken Soviet, truck driver SwJFrs.9.94bn. for the whole of a...?? 1 ®® 2,® ^ 5? from a fair wages hearing. This iJ nr yf&r and tho^ViniioimnW^ 

has ^een sentenced to death /or last year. Group praflts are Goran, and the fourth r€duced ^ boilermakers’ dif- were trytn . Sn *£?- 

mowing down a bus queue and expected to be higher than the 81 a Doric. f-reatial to £2.87. .5 * - 

killing eteht oeoole it was SwJYsAMm. recorded in 1976. derasion k likely to force \ 10 0 ferences. He had not yet given 

retimed in Moscow pZtZis' Swan Hunter into declaring up New trouble immediately up hope of saving the ships for 

reoocteo in Moscow. rage-Z3 to ^ redundancies, starting arose from the boilermakers, the Tyne. 


officials failed at yesterday’s 
talks to convince the men that 
job flexibility must continue. 

• Mr. John Chalmers, general 
secretary of the Boilermakers’ 


Wooded in Moscow. 


Page 23 


with the 

ARBUTHNOT EXTRA INCOME FUND 

ffamwrfy ff» Ionian Intone Find) 

0 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 fond has increased from £350,000 on 21st March 1977 to 
currently over £3.5 million. 

# Fu n d has good long term record, bothfor income and capital appreciation. 

# Share exchange— yon can acquire units more advantageously through 
share exchange scheme. Tied: 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 27, 1978 at 122.0p («thsd*ayin*sif fewer) 

The Mmtgen raMrva the right to dew UusoRerstiouM value cT WiUrin tynwre thanZaS. 


chief price charges yesterday 


(Prices 111 pence unless otherwise Smiley (B.) 


Indicated) 

. RISES 

Armitagr Shanks ... 75 + 5 

Asscd. Fisheries 71 + 5 

goecheui-. 652 * 9 

Burton A I2fi + 7 

Clark (Matthew) ... 130 + IS 
Dawson Intnl, ...... 11S +‘8 

Eastu-ood (J. B.) ... 10* + « 

Gough Cooper H + 6 

Hallite i» + 16 

Harcros In v . . ' » ± 7 

Heron Motor — XQ7 + 54 

Hfll Samuel 97 + .S 

120 + A 

£bua (Harris) ..... TO + 6- 

.v. 184 + 5 

Neill (Jas.) 84 + 4 

jewBiark (Louis) ... ITS + 28. 

2®wrk ... 324 + 6- 

Mock Co version ... m+s 


22S + 8 


CONTENTS OF TO-DAY’S ISSUE 


Talbex 22J + 3) 

Tecalemit -.121) + 

Trafalgar House 164 + 9 

Wace Group 42 + 6 

WigfaB (H.) 266 + 4 

CaatlefifcW (Kltrng) ... IM + 23 

Harrisons Malay Ests. 75 + 91 

London Sumatra 127 + 29 

Lumtva 335 + 25 

McLeod. Russel 340 + 20 

Bishopsgate Plat. ... 79 + 5 

Cons. Murchison 280+16 

Blrtiurg. . — . — — 14S + JO 

Rufllenburg Platinum S3 + 4 

TJnlsel- 1S7 + 13 

FALLS 

Treasury 10£pc 1999 

(455 pd.) :^55* -.1 

Abbey-Panels 50-8- 

CUfton tins. 9 rj. 

OH ExpUi 240 - 24 

Oakbrtdsc 136 t -8 


Overseas news U-I2 

JHeme news- — general ... 12-13 

^-labour 19 

Arts page 10 


The revolution in the watch 
market- 14 


Leader page - 14 

UJL Companies 20-21 

Mining - 2 

IntL Companies 23 


FEATURES 
Home insurance and the 

storm damage 19 

Televising Congress: The 
networks go for realism. 12 


Wall Street 22 

Foreign Exchanges 25 

Farming, raw materials ... 23 
UJL stock. market 26 


FT SURVEY 

Taking your ear on holi- 
day .... ; I5-1& 



Appfcadm wMI be a ckn o w led ge d, md 
unit eantfloens wiD be knusd whMn 35 
dere- The otter pries lndudee’an inrtri 
charts of SK. The annual eheqc to 9»+ 
VAT. Hafi yaerfy dMuim not ol boric 
Mto tax, an mode on 1Edi June end ISin 
Oo c iwh e r to thaw- ngtotorod an OOih 


the does at this offer uky may be 
pucfcMOd it rtn eeeauy (WWmedey; 
dealliig dote, when unto con also ba sold 
back. Payment will be mado within 14 days 


ped k> lecogiuscd agents. Thb offer is 
ner open to reeidena of The nepaUc of 
MfemL Trustees: The Royal Bank of 
Scotland Ltd. Managed; Artouthnot 


of the dee big date end on receipt of you Securities Ltd. (Reg. in Erfnfcwnh 
nrtfkata duly renounced. The weekly 46634) Members of the Unit Trust 
pricn and yteW irw « suet leading Awocterion. 


April and 31* October respective!* After mwopapen. A contmtorioa of JJX will bo 


To:ArbuthnotSecurItfBS Ltd..37Qu*onSt., London EC4B 1 BY or phone: 01 -236 5281 . 

Otrtctois Sir Trevor Dawson Bt{Chaimwn).M.G. Barrett (Managing). A. Pickles, Q.B.L,JP* AR-C-ArturthnoL 
CD. Lawton, F.CA. M.P. Renton. Prof. R. Smith, BA, MjSc.. Ph-D. (Econ)., P. Ashley Milter. f.CA 
I/Ws wbh to invest iha sum of E (min.£500) in Adurthnat Extra Income Fund Units and enclose a 

tteqirapayabtotD Aibuthnot Securities Ltd. 

□ SHARE EXCHANGE SCHEME. TICK BOX FOR DETAILS 
f/W« declare that t am/we are aver 18 and not residing outside the scheduled -tBiritDries nor am i/ate we 
acquiring the above mentioned securities as the nominee (s) of any peison(s) resident outside those territories, 
(tf you are unable to make this declaration, it should be delated and the form lodged through your Bank 
Stockbroker, or Solicitor in the Unhed Kingdom.) 

Sipnanimfri 

Jomt applicants, afi must sign. State Mr/Mra/Miss or Tides and Forenames _ 

Full Name(s) ■ '■ 

Addressees) saw 


ARBUTHNOT Established 1833 











-Financial Times Saturday January 21 1 973 



Second-line stocks in demand I Cold com f° rt 


BY JOHN WYLES 


ONLOOKER 


NEW YORK, Jan. 20 . 


TRADING iN the market this 
week was extremely thin 
although there was a fair 
amount of interest in the second 
Line stocks particularly those 
with some speculative appeal. 
Ahead of the Trade figures on 
Monday buyers were few and 
far between and the eventual 
disappointing announcement left 
both equities and gilts drifting 
lower. 

Concern over the trade figures 
was again apparent on Tuesday 
and gilts were lowered through- 
out the day finishing on balance 
about li points down. Some 
recovery was, however, notice- 
able after this on the back of 
some cheap buying and bear 
covering and over the course of 
Wednesday and Thursday gilts 
and equities made up the leeway 
■lost 

■The momentum was kept up 
yesterday following the en- 
couraging implications of the 
latest Retail Price Index, 
although in late dealings gilts 
came in for some profit taking. 


the banks which have become 
increasingly involved in financ- 
ing leasing deals. 

This is a mutually beneficial 
arrangement since the finance 
bouse can eventually sell the 
vehicle back (at a substantial 
discount) to the dealer thereby 
providing a ready supply of 
cars for the second hand mar- 
ket. The Bank of Scotland 
recently took a 28 per 'cent 
stake in Henlys to obtain an out- 
let for its leasing and hire pur- 
chase business. 


U.K. TRADE 

CURRENT BALANCE 

SEASONAUY adjusted 


TV smiles 


Motor distributors 

The motor distributor sector 
has made a racing start to rhe 
year. This week saw another 
set of sparkling results from 
distributors, a £10.7m. bid for 
Toyota dealers, Pride and 
Clarke, while Fiat announced 
plans to extend its dealerships; 
as overseas manufacturers gear 
up to take an even bigger slice 
of the U.K. car market in 1978. 

According to results pub- 
lished over the past fortnight, 
motor distributors’ profits rose 
by an average 60 per cent last 
year, during a period when 
-UJv. car registrations rose only 
3 per cent. Underpinning 
profits has been the companies’ 
increasing involvement in car 
hire and leasing which is much 
more profitable than straight 
car sales. 

It is estimated that between 
50 per cent, and 70 per cent, 
of all new U.K. car registra- 
tions now end up in company 
fleets and an increasing per- 
centage of this business is 
through leasing and hire deals. 

The British Vehicle Rental 
and Leasing Association said 
yesterday that leasing business 
may have increased by 10 per 
cent since last June when con- 
trols demanding that corporate 
customers pay a ten month de- 
posit were scrapped. 

Under the 1971 Finance Act 
— and following a test case in- 
volving Godfrey Davis in 1975- 
car hirers are allowed fully to 
depreciate the cost of a new car 
in a single year. The tax 
advantages of this concession 
have not escaped the notice of 


Advertising revenue figures 
released this week for the in- 
dependent TV companies, show- 
ing a 38 per cent, rise in 
December, closed the book on 
a year that far exceeded expec- 
tations. Revenue for 1977 as a 
whole was up 30 per cent., and 
some of the contractors’ profit 
gains have been well in excess 
of that. ATV is top performer 
with doubled TV profits of £4m. 

Trident's figures released this 
week were up to scratch with 
full year profits over 50 per 
cent, higher at £7.36m. But the 
figures were not without a 
sour note. The TV rental opera- 
tion in Australia turned-in a 
small loss. At the interim stage, 
when Australia had moved into 
the black, it seemed as if Tri- 
dent's major diversification vas 
established and that it was a 
matter of letting the rental in- 
come roll in. 

However Australia has been 
difficult for many — EMI sold 
out its TV manufacturing to 
Rank and Nippon Electric — and 
to restore profits Trident will 
have to expand its set density 
by acquisition. 

Anglia was the one contrac- 
tor to disappoint. Profits ex- 
panded just 11 per cent pre-tax 
At the operating level the 
company was 40 per cent, 
higher— well up to the mark— 
but after levy payments (two- 
thirds of TV profits) most of 
the £lim. gain was creamed off. 
Overseas programme sales (free 
of levy) were flat, but Anglia 
is going ail out to do better this 
year. 


soon end unless, the group buys 
its way into new markets. This, 
could be expensive. Worries 
about the exchange rate have 
not helped -the share price. 


Drinks up 

Mr. Roy Hattersley*s speech at 
the annual dinner of Licensed 
Victuallers probably caused a 
few pangs of indigestion. The 
Prices Secretary took a hard 
line on the need for increased 
competition, and the frequency 
of price increases ... “If there 
ever was a real need for such 
frequent Increases the time is 
past” . 

In a week when the Price 
Commission had to allow Allied 
Breweries a 2p a pint Interim 
price increase and Scottish and 
Newcastle has been nodded 
through with a similar rise, Mr. 
Hattersley’s comments hint at 
some strong resentment within 
the Government to the scale of 
price increases. 

Though the Commission may 
have difficulty in limiting beer 
prices this time, the full investi- 
gation into Allied is bound to 
be abrasive. Next time the 
brewers might find the going 
a lot tougher. Some indication 
of things to come was given by 
Scottish. It got its price rise but 
not without a promise to hold 
prices until next October. 

Elsewhere Distillers’ an- 


nouncement of a 10 per cent 
price increase for exports looks 
like a real slap in the face for 
the EEC Commission, which re- 
cently ruled against DCL's dual 
pricing policy. If the EEC gets 
tough it could stop DCL with- 
drawing Johnnie Walker from 
the home market U.K. agents 
would then be in a position to 
undercut European agents. It 
could be bad news for DCL if 
its overseas agents stop promot- 
ing Johnnie Walker. 


P. G- WODEHOUSE might have 
described Wall Street as less 
than gruntled this morning for 
an inordinately heavy snow 
storm bas dimmed a spotlight 
which would have been very 
firmly focused on the New York 
Stock Exchange to-day. The 
nation's attention bad been 
directed to Wall Street by none 
other than President Carter who 
had apparently taken to heart 
the oft-repeated nostrum that be 
was not inspiring enough confi- 
dence in the business community 
and had indicated in an off the 
cuff remark earlier in the week 
that “Well see how good a 
speech it is by what the market 
does on Friday.” 

He was referring, of course, 
to the State of the Union speech 
he delivered to the Congress 
last night But unfortunately 
the market has been doing noth- 
ing this morning because many 
of the people who man it were 
either stranded in their homes or 
unable to get to the Stock 
Exchange in time for its normal 
10 ? m. opening. The verdict 
on the State of the Union speech, 
therefore, will be inconclusive as 
far as today’s trading is con- 
cerned for activities will be coo- 
fined to a brief four-hour period 
and much distracted by the 
blizzard still raging outside. 

As we have seen for more than 
a year now the market has often 


failed to discriminate between 
good and bad news and has re- 
acted to both by wiping value off 
tiie Dow Jones Industrial 
Average. Whether the Presi- 


dent was very politically wise, 
therefore, in implying that the 


most important judgement on 
his speech would be delivered by 
the Stock Market is a matter for 
debate and certainly the respon- 
sibility proved too much for the 
market yesterday where a certain 
stage fright set in and put an 
end of two days of substantial 
advance. 

Analysts held out little hope 
of the market doing anything 
other than fluffing its lines partly 
because items such as the S25bn. 
tax cut a°d a new exhortation 
to pass tbe energy legislation are 
all -old hat as far as Wall Street 
is concerned. However, the 
market's reaction -should not be 
prejudged and tbe State of the 
Union mood will unfold next 
week. 

In the meantime, the state of 
the dollar in world currency 
markets and the levels of short 
term interest rates remain the 
principal preoccuption among 
investors. Since tbe dollar 
fared better this week the mar- 
ket was able to start adjusting 
to the new higher level oE short 
term rates and after Tuesday 
and Wednesday’s rallies, there 
was speculation that tnstitu- 


mam 

BB 

miiiiiiii JSSfSMl 




1977 1978 


tional investors may be ahout 
to leave the sidelines and take 
adjutage of bargain pneos. 
They did not do so to any app^ 
ciable extent partly because of 
uncertainty about whether the 
market has reached bottom ana 
partly because attractive invest- 
ments . can be' made elsewhere. 

Alternatives include the ! fixed 
income markets wher e fa Hint,, 
prices are producing yields sub- 
stantially higher than on 
equities. Noting this in a re- 
search document on portfolio 
planning this week, Salomon 
Brothers called for a positive 
approach to equity Investment 
through a portfolio based on 
current yield and dividend 
growth; In the past ten or 13 
years dividend growth averag- 
ing 3 or 4 per cent a year nas 
nowhere near compensated for 
equities* disadvantage on yields 


compared to bonds. How ever. 
this disadvantage 
narrowing over the past couple 
of years, partly because of a 
considerable improvement in 
dividends. Across the board 
Jbey were up 16^p*r «£t m 
1977 and Salomon predicts , ft 9 
to 10 per cent, growth rate over 
the next four or five years. Thus 
it should he possible to identify 
companies whose 
of yield and dividend growth 
could match the risk-free return 
on the standard chosen by 
Salomon, the 90 day Treasury 
Bill. 


Monday 

Tuesday 

Wednesday 

Thursday 

Friday 


Close Change 
771.74 -i99 

779.02 +*28 

783.60 +7J8 

778.67 —7.63 

776.94 -1.73 


Spotlight on Racal 

Racal's share price bounced 
back I6p in two days this week 
as the stock market breathed a 
sigh of relief that the bribery 
trial involving two former 
Racal employees had ended. 

However, Ratal's share price 
bas still fallen by three times 
more than the All-share index 
since the shares peaked at 270p 
last September. Bad publicity 
generated by the' trial will not 
have helped but the market is 
more concerned that Racal's 
dramatic growth pnase must 


THE TOP PERFORMING SECTORS 
IN FOUR WEEKS FROM DEC 22 

Mining finance 

% change 

+731 

Office Equipment 

+5J 

Mechanical Engineering 

- +4.3 

Textiles 

+4J 

Insurance (Life) 

+3.9 

Property 

+18 

THE WORST PERFORMER5 

All-Share Index 

-0.6 

Chemicals 

-2.7 

Food Manufacturing 

-3.1 

Insurance Brokers 

-4.4 

Food Retailing 

.—4.9 

Oils 

-S.4 

Investment Trusts 

—7.8 


Sterling bites deep 

Three further indications of 
the effect of sterling’s strength 
on corporate profitability 
became apparent this week. 

Announcing profits fox the 
year to November 5, Gestetner 
revealed that its £28.3m. pre-tax 
figure had been deflated by 
£3.9m. because of exchange rate 
movements. However, even 
though around four-fifths of the 
group’s turnover comes from 
overseas, the group’s reliance on 
direct exports (£45m. out of 
total sales of £22 8m.) is limited. 

Analysts expectations of 
£70m. pretax from Courtaulds 
now look very ambitious. Second 
half profits in the year to the 
end of March could be lightened 
by around £5m. in lost margins 
on exports. The group is 
operating in a high volume, low 
margin business, and the fibre 
industry is already suffering 
from international over-capacity. 
Little more than £50m„ is now 
being looked for when the group 
announces preliminary results 
later this year. 

ICI is picking up one of the 
larger bills from a ; ; strong 
pound. It indicated on Thurs- 
day that the final quarter's 
debit, for tbe three months to. 
December arising from ' cur- 
rency movements will be £19m 
That compares with a mere £2m 
for the third quarter, after 
which pre-tax profits were 
£105m. 



On a cheerful note 


BY KENNETH MARSTON, MINING EDITOR 


MARKET HIGHLIGHTS OF THE WEEK 


U.K. INDICES 


Change on 
Week 


Ind. Ord. Inde x 

Gol d Mines Index 

ANZ 

Allied Colloid! 

Automated Se curit y 
Bluebird Confec t ionery 

Brown (j.) 

Davenports' Brewery 

Fhiidrive 

Liner Concrete 

London Pavilion 

London Sumatra 
McLeod Russ el ______ 

Pride A Clark e 

Rustenhurg Pla t. 

Toy 

Turner Manufacturing 
Vo*per 

Wigfajl ( HQ 

Wit. NIgd 


Bea r dosing in thin t rading 

Firme r buHlon & Inv. prem. 

Propos ed scrip issu e & d h. Pdit 

Disa ppointing interim results 

I nvest ment recom m endatio n 

Persi stent de mand/thin mkt. 

Inte rim results du e next Friday 

Reviv ed bid hopes 

Prof its warning 

Bi d approach 

Hop es of Increased offer 

Consor tium bi d 

Allows Ma layalam bid to lap s e 

B id from In cheap* 

Fir mer free ma rket metal price 
Sp eculative support 

Tak e-ove r hopes 

C ompensation hop es 

Bid from Comet Ra diovi sion 
Bullion price speculation 


Average 
week to 


FINANC IAL TIMES 
Govt. Secs, 7 7.16 
Fixed interest 80.80 
Indust- Ord. 479 jl_ 
Gold Mines _145.1_ 
Dealings mkd. 5,610 


FT ACT UARIES 
Capital Gds. 208.85 
Consumer 


(Dura ble ) 191.33 
Cons. (Non- 
PurahU) 1983 0 

In d. Group 205- 03 
500-Shar e 226.0 2 
financial Gp. T73J2~ 
Ai l-Share 210.46 
Red. Debs. 6323 




MINING share markets have 
had a generally more cheerful 
week. Helping matters has been 
3 recovery, in the investment 
dollar premium which is in- 
cluded in the London prices of 
overseas stocks. The effective 
rate was 32| per cent last night 
compared with only 25$ per 
cent a fortnight ago when there 
were fears that it might dis- 
appear altogether. 

Platinum shares have also 
been helped by the recovery 
in their metal price which 
on the free market has now 
crossed the $200 per ounce 
mark, comfortably ahead of the 
recently increased price of $180 
which is quoted by the lead- 
ing producers. Rustenbnrg 
Platinum and impala Platinum. 

Then we have bad further 
buying of Consolidated Gold 
Fields on continued talk that 
some kind of takeover deal is 
in the offing. No fresh theories 
about who might be interested 
in a liaison have developed 
since the talk that Atlantic 
Richfield was a contender was 
knocked on the head by a denial 
from the U.S. oil group. 

If anything Is happening, it 
could be linked with Gold 
Fields' desire to tidy up its in- 
ternational spread of interests 
and to build up the group's 
pen-gold interests, notably In 
the U_K. and U.S. This would 
in due course lessen the de- 
pendence for a major part of 
'nenme on South African gold. 

Whatever the political objec- 
tions, the 49 per cent, stake in 
Gold Fields or South Africa 
remains of prime importance to 
Gold Fields as a revenue source 
and is a very desirable property. 
It might not be difficult for 
somebody to persuade Gold 
Fields to do a deal over GFSA. 
but it would have to be a good 
offer. 

Who would be prepared to 
embark on such a major South 
African investment? The 
answer, if such a deal is on the 
cards, would appear to lie 
within the Republic. And in 
the mining field there, the grow- 
ing Federate Mynbmi -General 
Mining camp would be a logical 
candidate. 

But a curious aspect about the 
whole affair is that it has been 
mooted for several weeks now 
and the share market can still do 
no more than produce the 
vaguest of theories. 

Meanwhile, this week has 


brought the bulk of the Decem- 
ber quarterly reports from the 
South African gold producers. 
Although, for various reasons 
their production was lower in 
the period and costs increased, 
working profits have marched 
ahead in line with the sharr', 
increased average gold prices 
received. 

Indeed, these prices have 
been higher than $170 per 
ounce which is above the levels 
obtaining on the bullion mar- 
kets during the quarter. The 
answer is partly that the mines 
seli their gold to the Reserve 
Bank at the " official ” price of 
$42 and subsequently receive 
t' ' large difference between 
that and the higher price 
obtained by the bank when the 
metal is sold on the . free 
market 

Thus, depending on the tim- 
ing of sales, there is a carry 
over of income from quarter 
to quarter. Furthermore, there 
was a heavy demand for Kruger- 
rand gold coins in the Decem- 
ber quarter and the mines 
receive the price premium — 
about 3 per cent— that the 
coins command over their gold 
content 

Important though they are, 
quarterly working profits Have, 
to be looked at against thdse of 
the preceding periods in order 
to guage the trend. Uranium 
producers, for example, are sub- 
ject to erratic Income. Harmony 
did well in this respect last 
quarter and so the gold- 
uranium mine’s surplus staged a 
sharp advance. 

On the other hand, uranium 
income diminished at Harte- 
beest West Rand Consolidated 
and Buff els. Then, too, an eye 
has to be kept to individual 
mines' tax position. St. Helena 
boosted its gold revenue, but 
much of the benefit was 
absorbed by a rise in the tax 
charge following the virtual 
completion of the capital expen- 
diture programme which in 
South Africa ranks as a tax 
offset 

Anglo-Vaal’s antimony-pro- 
duemg Consolidated Murchison 
made reduced shipments of con- 
centrates last quarter and still 
had to live with a depressed 
market for its product Earlier 
warnings were thus borne out 
with a quarterly loss, the first 
for six years. We can only 
hope that the current quarter 
will bring better tidings, but 
Murchison will remain in the 


wood until there is a revival in 
the antimony market 
Like so much else, this de- 
pends on a revival in the world 
economy and there are hopes 
of some pick-up in the current 
half of this year, but few ob- 
servers are prepared to take a 
longer view. For the time being, 
therefore, gold and uranium are 
attracting most Interest in the 
mining world. 


The fall in the value of the 
U.S. dollar is the major factor 
behind the rise in the price of 
gold and so any recovery In the 
dollar could dampen gold. But 
the effects of this could be off- 
set if such a recovery is accom- 
panied by an improvement m 
the U.S. economy; industrial 
demand for gold is likely to re- 
main strong providing that the 
metal ‘price does not run away. 


GOLD MINE WORKING PROFITS 


Dec. Sept. June 

quarter quarter quarter 

ROOOs ROMs ROMs 

Blyvooniltzlcht ... 7*29* **973 1 $>••*** 

Bracken 3.333 2.159 3U44 

Buffelafontein — M.420 1L383 13,950 

Doornfonteiu 5,635 *>9*1 

Durban Deep .... •WWJ 

K. Daggafonteln... ?082 JL103 *50 

E. Dricfontein ... 46.372 40.819 

E. Rand Pty fMg I^JjM *2.994 

E. Transvaal 1.032 674 «0 

F. S. Gedold ...... W.5S5 28.342 27.867 

Grdotvlei 34W8 IJ«*5 1.644 

Harmony 1.10 2,217 3,548 

Hartcbeest 17.380 15.381 13.353 

Kinross 7.631 5.494 5,674 

Kloof" ...... 9.937 7.543 9.891 

Leslie “ 870 864 104 

Libation 7,854 W27 6,714 

Loralne 153 1*614 *458 

Marie vale - 1.941 939 UU6 

President Brand - .17 605 12^71 14.719 

President Stern... 9.832 10.524 4,293 

Randfontelu 14,847 11.452 11.019 

St Helena 11,983 8.949 8,639 

S. Afrlran I .and... *i.tt»6 7491 1571 

S. Roodepoort ... *162 t*168 1*116 

Stilfonlefn - 2.709 1*1,439 1*590 

VaaJ Reefs 87,778 20.638 19.024 

Venters post ..... . 1*50 1189 *124 

Vlahfontelu 39 26 713 

Weikom 4281 1.812 2,630 

W. Driefonteln ... 53.086 40.445 38.445 

W. Rand GousokL *U« +473 1.447 

Western Areas ... 7.497 3.434 2.554 

Western Deep .. 29.699 20.715 24.140 

Western Holdings 21.891 19.<M? 20.365 

WfnkeHiaak - 12,061 8.975 9,372 

t Before receipt of State aid. • Loss, t Pre-ta* surplus 
sale of capital Items following cessation of mining. 


Sept. 

quarter 

ROMs 

7,973 

2,159 

11.383 

2,331 

+•2496 

{1,103 

40.819 

1-2.604 

674 

28.342 

IJW15 

2217 

15.381 

5,494 

7,542 

864 

5J27 

1*614 

939 

12JT71 

10.534 

11.452 

8.949 

Mill 

1*168 

1*1,439 

20.638 

1139 

26 

1.812 

40.445 

+473 

3.434 

20.715 

19.047 

8.975 


June 

quarter 

ROMs 

10.399 

2.144 

13,950 

3^36 

•2.048 

JSO 

33,234 

•2.994 

810 

27.867 

1.614 

3,548 

13.355 

5,674 

9.891 

104 

6,714 

•438 

UH6 

14.719 

4,293 

11,019 

8.639 

3571 

rue 

r5M 

19.024 

•124 

713 

2.630 

38.445 

1.447 

2554 

24.140 

HUBS 

9,372 


March 

quarter 

ROOOb 

8553 

2.399 

8,928 

353 

•1JW8 

$698 

25,489 

•2.615 

590 

15.007 

I.IH8 

13,091 

6.438 

5,007 

5.484 

•234 

3,142 

•734 

841 

!2.**S 

5,187 

11,150 

10,833 

:«**s 

•90 
12 
13,657 
•757 
869 
2.160 
32.IH8 
*1.517 
1.647 
17.625 
19 076 
8.430 
includes 


|200rS per fine ounce- 

I r . f-T, 


-Index -,300 1 


f F.T.GOLD GOLDPRICF 

I8«r AJURIEC Ikincy WUIt'KItt 


MINES INDEX 

SIGHT- HAND SCALE 


LEFT-HAND SCALE 


\ 4 / 


- / 
■ V--" i 


•V;V 

«n» • 


J F 81 A H 4 J k S 0 H D J F H ft MJ J Vs PH* D J V M 50 



BBC 1 


+ Ind I cates, programme 
In black and white 
&$Q a-m- Finger-bobs. 9-05 Canoe. 

9.30 Multi-Coloured Swap Shop. 
12.13 pan. Weather. 

<iis Grandstand; Football Focus 
(1220); Racing from Haydock 
Park (12.40. LIO, 1.40): Ski- 
ing from Kitzbuhel (12.55); 
Rugby Union at 1.55 from 
Paris— France v, England: and 
at 330 from Dublin— Ireland 
v. Scotland: Boxing (4.13; 
Clinton Mackenzie v. Chris 
Davies (highlights): 4.40 Final 
Score. 

UO The New Adventures of 
Batman. 

545 News. 

5.45 Sport/Regional News. 

£50 J tin'll Fix It. 

625 Dr. Who. 

&50 Saturday Night at tile 
Movies: " Trapeze," starring 
Burt Lancaster and Tony 
Curtis. 

gjS The Les Dawson 5 how. 

9 M Starsky and Hutch. 

9-55 News. 

10.05 Match of the Day. 

11.05 Parkinson. 

AH Regions as BBC I except at 
tbe following times: 

BBC Wales— 8-40-8.05 aju. Teii- 
ffant. 1.55 p m- Final Welsh Trial 
(preview). 2A04.15 Rugby Union: 
Ireland v. Scotland. 4.15 Rejoin 
(Grandstand) BBC 1 London. 
12.07-12^2 a-m. Broadsides. 

Scotland— L55 p.m. The, Long 
Wet Winter: (1977 Rugby Union 
tour of New Zealand). 2.40 Rugby 
Union: Ireland v. Scotland. 4J» 
Rugby Union: France c. England 
(highlights). 4-40 Rejoin iGrand- 
sundi BBC 1 London. 4-55-5J0 


and 5A5S.SU Scarebujrd. 10.05 
Sportscene. 10.35-11.05 Songs of 
Scotland. 12.05 a.m. News and 
Weather for Scotland: 

Northern Ireland — 155 p.m. The 
Long Wei Winter las Scotland). 
2.40 Rugby Union: Ireland v. Scot- 
land. 4.15 Rugby Union: France 
v. England (highlights). 4.40 
Rejoin (Grandstand) BBC l Lon- 
don. 5.00-5.10 Scoreboard. 5A5- 
5.50 Northern Ireland News. 12.05 
aan. News and Weather for 
Northern Ireland. 

BBC 2 


ISO pan. Saturday 'Cinema: 
“Broadway Rhythm,” star- 
ring George Murphy. 

4.40 Play Away. 

5.10 Horizon. 

6.00 Indoor Bowling; England 
v. Scotland. 

6jJ0 Sight and Sound m Concert 
featuring Gentle Giant 
(simultaneous with Radio 1 
stereo). 

7.30 News and Sport 

7.45 Network. 

8.15 The Book Programme: 
Profile of C P. Snow. 

8.45 Film International- “The 
Desert of the Tartars." 

1(L55 

1150 News On 2. 

111.20 Midnight Movie: "The Last 
Picture Show," starring 
Timothy Bottoms, Ellen 
Burstyn and Cloris Leach- 
man. 

LONDON 

8J30 ajn. Fun Food Factory. 
8.55 Junior Police 5. 9-00 Our 
Show. 11.00 Saturday Cinema: 
“The Master of Batlantrae," star- 
ring Errol Flynn, Roger Livesey 
and Anthony Steel. 

1220 pjn. World of Sport: 12JS5 
On the Ball. LOO and L40 
World Cup Skiing from Kitz- 
buhel. LIO ITN News. 120 
Tbe ITV Six— 1.30, 2.00, 2JW 


and 300 from Warwick and 
greyhound racing from 
Haringey at 223 and 2.53. 
'3.10 International Sports 
Special: American Football 
from New Orleans: 350 Half- 
time Soccer Round-up: 4.00 
Wrestling. 4.50 Results 
Sere Ice. 

5.05 News from ITN. 

5.15 Cartoon Time. 

525 Logan's Run, 

6-45 Celebrity Squares. 

7 JO Enemy at the Door. 

8J0 Sale of the Century. 

9.00 Within these Walls. 

10.00 News. 

10.15 The South Bank Show — 
14 Paganini Superstar ” with 
Melvyn Bragg and his 
guest Andrew Lloyd 
Webber. 

IL15 Pro-Celebrity Snooker. 

12.00 George Hamilton IV. 

12-30 a.m. Close — Karin Fern aid 

reads a poem about 
Christianity. 

AM IRA Regions as London 
except at the Following times: 
ANGLIA 

MO aun. Animal Alphabet Parade. 
*jfl Cartoon Time. SJO TiSww. HUB 
Spiderman ! 1S4S TUwas, U-25 Valley 
01 Uu Dinosaurs. 1135 Tiswss. 545 
Celebrity Squares. UD Code R. 740 Sole 
of the Century. 040 Saturday Film: 
- posy Soldier," starring Tyrone Power. 
UM At The End Of The Day. 

ATV 

US a^n. The Rolf Harris Show. W8 
Tiswas. 545 pan. Man Prom Atlantia. 
545 Get Some In I MB The Streets of 
San Prandsefi. U45 The Saturday 
Suspense Movie: H Castle Of Evil." star- 
ring Scott Brady. 

BORDER 

138 a-m- Ttswaa tntiWMng WooMnOa 
aafl Gho» Bnsters. 545 pan. Cannon. 
m Logan's mm. MS Sale of the 
Century. 745 Enems at Um Dw- *43 
Bionic woman, XU5 Second City Reeua. 
U4S The Collaborators. 

CHANNEL 

124* p.m. Puffin's Birthday Greetings. 
tn Cartoonttme. 540 LW9 Run- 940 


Police Woman. ULI5 Appointment With 
Fear: “ The Beast in The Cellar.” ■ 

GRAMPIAN 

9J0 aura. Scene on Saturday Including 
Birthday Greetings and SKIppy. 9 JO Tree 
Tap Tales, 4A5 The Woods Woodpecker 
Show UL15 Wooblnda. 1045 Cartoon 
Time, rue The Lost islands. 1L3I The 
Secret Lives of Waldo Kitty 1240 Captain 
Scarlet and the M microns 545 pan. 
Cartoon Thus. 5J0 Logan's Rod followed 
by area weather rprecast. Highland 
Learn ant! Shinty results. MS Sale of 

Uu Ctuuarr. 745 Caemy jt tba Door. 
B45 Bionic Woman. ii-w: Reflections. 
lUO Tin Frankie Vaughan Show. 

GRANADA 

440 a.m. Tiswas. Mjb Dynomntt. mo 
Doc Wonder. 10.47 Tiswas. U-25 Solo 
One. 345 p.m. Cartoon. 540 Logan's Ron. 
6-® Sale or the Century. 745 Enrmj 
ar the Door. tfi-lS Best Sellers: “The 
Coldltz Story." starring John Mills. 
U45 Second City Revue. 1M5 Home 
of Horrors: ■■ Haunts Oi The Very Rich." 
starring Uoyd Bridges and Claris 
Leachman, 

HTV 

US sum. Master Gulf. 4 JO Tttvras 
1045 Batman. 1045 Tiswas i continued). 
U-25 Beachcombers. U s* Tiswas fcoo- 
Onaeai. 545 Coruna. SJ > Celebrity 
Squares. 045 Lagan's Run. MO Streets 
of San Francisco 1145 Uoynihan. 

HTV Cymru /Wales— As HTV General 


Service except 5JS imti. Ca noontime 
545445 Sion A Sian. 1145-12JU M.m. 
Islay— A Personal Impression <tf a 
HebrkUao Island. 

SCOTTISH 

MO aan. Homes m Our Blood. 9 JO 
Tiswas < Including Winning with WIBde). 
545 pan. Cartoon. 540 Logan’s Run. 
A® Sale of tbe Century 745 Enemy at 
the Door. 845 Feature Film: *- Among 
Vultures " starring Stewart C ranger, 
and Elko Sommer. 1U5 Late Call, mi 
Danger Id Paradise. 

SOUTHERN 

8J90 tn. Weekend followed by Rctdoaal 
Weather Forecast. MO ow show Includ- 
ing Sesame Street. 34.00 Tarzan, li 55 
Happy Days. 12.20 pm. Weekend followed 
by Regional Weather Forecast. 545 
Celebrity Squares. MO SU Million Dollar 
Man. 740 Sale of the Century. BJO 
"Death at Lore Souse.” starring Robert 
Wagner. 11.15 within These walls. 12.15 
am. Southern Mews. 

TYNE TEES 

MD a-m. Survival. 9J5 Hopalong 
Cassidy, loss Play Soccer— Jack Charl- 
ton's Way. 1130 Space 1909 S45 pm. 
Cartoon Ttom. 548 Logan's Run. US 
Sale of tbe Century. 745 Enemy at the 
Door. 845 Bionic Woman, u w The 
Practice. lie The Family. am. 

EuftMUa. 

ULSTER 

SflJfl am Scan the Leprechaun, 1040 


TV ratings, week ended January 8 


IIA. TQP 20 : Viewers (mJ 

1. Cerotuttfon SL (Wed.) (Granada) «.« 

2. Vsd Ryan's Express. (ITV) ...... 19.76 

3. Carry On Ahrend (ITV) 

«. TMs Is Year Life munnes) .. UL30 
5, The Two Rennies (Men.) (88Q 17-S5 
b. Dave Allen (ATV) 1T.45 

7. Crossroads (Wed.) (ATV) UJO 

8. Crossroads (Thors.) (ATV) 1845 

9. Crossroads (Toes.) (ATV) 16-96 

UL Crossroads (Fti) (ATV) — 19J0 

U- Sale or the Century (Anglia) - 1G-® 
12. The Two Ronetes (Sot.) (BBC) 1545 
15. Rising Damp (Yoriuhlra) ......... 1540 

UL Mind Yeur Lurnaa (Lda. WE) 1443 

15. opponenhy Knorin (Thames) 14.46 

16. The Moppet Show (ATV) 14-™ 

17. Hondo (BBO — ... 14-16 

IS. Tbe Good Lflb (BBC) — 15- » 

«. coronation SL (Mm.) (Granada! 14. SO 

20. General Hmolral (ATV) 13-45 

20. The Piufosthnala (Ldn. WE) — U.fS 
20. Starsky & Hutch (BBC) U4S 


Figures compiled by Audit of Great 
Britain far the Joint industrial Committee 
For Television Advertising Research 
fJICTARl. 

U J. TOP TEN (HeKson Rating) 
Week ending Jan. 25 
L Super Bowl Game C Football) 
(CBS) - 40 

2. Lew erne and Shirley (Comedy) 

(ABO 374 

3. Super Bowl Post (Football Com- 
ment) (CBS) 37A 

A Happy Day* (Comedy) (ABO ... 35* 

5. AD In tha Family (Comedy) 

(CBS) 3*4 

6. Three's Company (Cemedy) 

CABO ... 254 

7. One Day at a Time (Drama) 

(CBS) 2M 

S. Chortles Angels (Drama) (ABC) 25.0 
9. Barney Miller (Comedy) (ABO 25.7 

in. M Minutes (News) (CBS) S.7 

A Mehscm Rating Is ms a numerical total. 


UjMraoTb-y. Snceftiwan. Dodder and 
Cloudberry. UJ5 Beachcombers 1IJI0 
Survival. 1U0 Sesame Sireet 5JU pjn. 
Spans Results. 505 Logans Run. 6^5 
Sale of the Century 705 Enemy at the 
Doer. 1845 Feature Film: "The CoMtts 
Story." starring John Mm* and Eric 
Penman. 22.15 Manhottfer 

WESTWARD 

9 jr a-m. Tbe Beatles. MS Tbe Lost 
Islands. MO Feature Film: " Tarzan 
and The Jungle Bor," starring Mike 

Henry, mfl Gua Hontrtun's Birthdars, 

1145 Space 1(59. 545 pan. Cartuonftoa. 

Loaan's Run. MU Police Woman. 
1145 Annuls tm eat «nth Fean Tbe Beast 
Tn The Cellar." starring Beryl Reid and 
Flora Robson. 1205 a.m. Fahfa (or Life. 

YORKSHIRE 

92» ajit. The RoV ffarrir Show. 93 
Saturday Scone Action Adventure Film: 
*' Moon Zero Two." UJH) VaHcr of the 
Dinosaurs. 11.30 Sappy Days. 12.M 
Calendar Rida. 545 p.m. Cartoon. SJB 
Logan's Ron MS 3ale of the Cuntury. 
745 Enemy at the Door. 245 Bionic 
Woman. UU5 The Mary Tyler Moore 
Show. 1145 A Thousand Moons. 

RADIO 1 247m 

(S) Steraupfimlc Iwsadeust 
(Q) Quadraphonic broadcast 
Ms aua. as Radio 2. OM Ed Stewart 
With Junior Choice (6'. w i*" Kid Jeasm. 
124Q Paul Gambacanl. L31 p.m. Ro>.-fc 
On (Si. 230 AJan Freeman (S). 541 

Alexis Konwr e biiks and soul Show (St 
530 Sight and Sound In Concert (S & Q> 
featuring Centle Giant (Stinultnitcons wl>b 
BBC-j telerialon). 730-1233 a.m. As 

RADIO 2 1 - soo » and VHF 

5-00 a-m. News Summary M2 Tom 
Edwards wRU the Early Show (Si. m- 
dnding RIB Raring Bulletin. BJM Aa 
Radio L 1BJO Wallr Wbjrron on the 
Sunny Side o( Saturday (St 12.02 n.m 
Two's Best (5). LIB The News Hud- 
tinea t senes), ljo -535 Soon on ? 
Riiatiy Special iL30. 230, 2 45, J35I-I 
France v. England- and Ireland 
v. Scotland: Football League S Dedal 
030. 230, 535); Racing at Hat 
dotfc Parte 1 130, 1j*i>: Cn«« oje. tju. 
5401: Third Tost— PaMstan *, EngiuM; 
MO Sports Report: Clasrifted rnotbal) 
chocfcs M 500 and 5.05: rtigtjy round-tm 
at 525 503 Europe 78: Franc, “s> 

7JB The Piter Go othrrtga; some 730 
Radio 2 Top Tunes »S» 845 Erie Jupn 

at the piano 'St. 530 Sequence Time 
at the Radio ! Ballroom (S). 9 jo Satur- 
day ndght vrith Uh BBC Radio Orchestra 


(St 1UI2 Sports Desk. 1L10 a. an UeU 
with The Saturday Late Show, (ndudiitg 
123B News. 1231-1233 a.m. News Sum- 
mary. 

RADIO 3 «On.StereoiiVBF 

. i® ^artwr- 830 News. Lis 

Aobade <SI. 930 .Vews. 9 jb Record Be- 
view (St. tt.15 Stereo Release of music 
by Haydn. Ravel <S> W3S BBC Sym- 
phony Orchestra: Ketterborn. Blacher 
HoMBser CSt. 1232 mi. John AmTi 
presents popular da sides on record* (S>. 
12JB News, wo Beoihoren and Bach 
vlollp and piano reclial (Si. 2JM Live 
tram the Royal • Open House: ■« La 
Fanclufla Del West," opera In three acts, 
mosle by Pueeinl: Act 1 <51. 3.B0 Critics 1 
Forum, pan 1. 330 *■ La F and alia ■■ 

Act 2 (S). L2B Critics* Fnrum part 2 
550 “ La FaadnUa." Act 3 rst. e«n 
Jazz record requests (Si. 545 R»ttn 
Phtlhannoolc Orchestra, part 1: Haydn 
Schumann fs». 730 Pereonal View by 
Sir lenan Msddock. 7J» Berlin Phllhar 
mnnlc. MU 2: Beethoven (S). 7 35 

Private Road: An toterprttatioo of tbe 
of PorreR RehL 14s 
Brahms ri6Un redul (S) 935 Honegwr 
and the Symphony Sdlsctnston), in k 
R omantic Revivals. 10.45 Sounds Inter, 
eating (S). 1L25 News. 1L3M1J5 
tonight's Sdiubert Sons (S). 

RADIO 4 

434m. 330m, £85m and VHP 

1 M ed i um Wave only 
430 un. News. L3Z Fanning Today. 
kSD Tours Faithfully. »ja Waaiher. 
programme news (VHP) Regional 
730 Nswa. 740 On Your Fans. 7 m 
Today's Paoera. 735 Yours Faithfully 
730 IPs a Bargain- «-55 Weaiher, ^ 
gramme newt (VHF) Reekttial New. ine 
News. BJO Spon On 4. LQ Today's 
Papers. 550 Ynsurdas in Paritament 
930 News. 940 Pick Of The Wee* S 
BBC Radio and Televtaum <5j S 
News. U32 From Our Own Cmivji 
pondenu 1030 Daily Service ibm 
B etween Tha Lines. 1X30 News. 1132 
The week in wesanhuter, IXJo Sdence 
Now, 1230 News. 1232 PMKJ&mAmb 
(S. (as Radio 3). 23235 WoiSS.^S 
gramme news VHF (except London and 
SR) Rational News. 13B News. X45 
Any questions? 230 Frank Muir Goes 
into ... Air Travel. 2JQ Thirty-MUmte 
^ Does He Take 
Snsar ? 535 ft This The Face CH Christ ? 
MO sound By Design (S'. 530 pm 

< S- Uw t f wal PWW Assembly 
live ■„ , from. .BlacfcpooL 530 Week 

Ending . « i 2555 Weather, prasraaxoa 


news VHF 1 accept London an d SB) 

f , t 8 S 1 ^.. News - Ncws - “S D«®rt 

dJSI 81051 17" Wee* With 

- IJ0 The *e Hare 
839 Saiurday-NlgW Theatre: 
SSfK 1 ? " ts '- M* Weather. 
NWS. UL1S S mimft - of . f+fg pay- 
"Take It From Hera," 1035 The Ttnrxy 
Years Peace. 11.00 Lighten Our Dark- 
nwa. HJi Nows. 

BBC Radio London - 

206m and 94A VHF 
6,00 MEL As Radio ?. 732 Good Fu-te 
mg- 830 News: weather, eifflo ituih 
Pina, spnrts news. 045 The London 
Gardener. 030 David Kramer with SbIot- 

Rnbbte Vincent Saturday dhow. 230 p.m. 
Hnb Pnwel with Londnn Cmnitry MinJc. 
MB Manorlo BUbnw with CIceb Un. 538 
Rail. O-fla-Close; As Radio 5 

London Broadcasting 

361m and 97.3 VHF 
■30 uu. Morning uuatc. 730 JLM.— 
we^s-tvad newS' ra views, feahma. sports- 
JMO JelWxae. 430 pan. SUnrdW 
Sjwt. un Hayes on Saturday.. 530 
Uecnion Makers 730 Goet Mala— Mtmlc 
tureirtewa to Btnduststtf. 
830 Saturday Music. 938 NIohUtnL 

Capital Radio 

, M 184ih and 9SA VHF 

MO us. Kerry Jflbrt Breakfast Show 
«« J - ® 0 f®iCT Voong's countdown fS». 
“30 Jonathan King's Conversatltmti wlih 
Ren (Kenny Everett) <S). 2,08. >m. 

and soons rrsults— Kcrrv JuhrV 
. fS>. 530 Johr Shriv 

* PejWM to Person <Si. «3B fliwf 
Edwards-, soul Spramnn iS). 930. M»» 
Allen's 1 Mummy Chart fS>. nJO-Amorl- 
nr?" Wmni (S) U30 Barimrat Bnorie 

«). 8Ua0n Booto ' a N ‘ SM 


CRBSS SOLUTIONS • 
Solution to Position No. 199 
} - - B-K4 eta; 2 K-R3. B*B5! 
wins material and the jjame, for 
RxB, P-NS(Q> wins. - .' 
Solution to Problem No. 199 
««iP- R3 f threats 2 Qtf or 
l Q-K31, B B6; 2 QxQP^and « 
KxN; 3 Q-R4. or if BxN; 3.tMRT. 


Fi>,»<a»L TniH poM^ft^d dalty St— 

""p^holiaunm Uj,. wucfintimr *00 

5*90.00 (air uwfl) «* *H» 
Second clan DMUae Md M.hte* Yetfc N-Y- 


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-,-:aP£5 




investments 


Reserve and Pension ^ mri p** 

WWjf/C-fMWff tely, its an expense which is looks at the ftlM 

BY ERIC «?Hfkirr generally shared by both parties Ul me JWU 

onuKl to the contract But the struggle Ay Adrienne Gli 

MUCH HAS been said and cent ottt of tfee 5.5 per cent tax t0 set U P bouse, in particular, is 

written about the new - State paid winch investors will receive lifceiy to leave even a respect- 

pension scheme starting in from Febniazyl — is invested in able point income quite pain- . A J vl 
April, and next week the Gov- Hamteo lifels Growth Retire- faUy stretched for a while. Thai Zi WS fg g g 

is - launching a massive meat Plan on a regular basis, being the case, it's a first rate / A. m wwM/ £> m 

pubucity campaign to . explain The money is accumulated in a opportunity for anyone thinking 

the benefits of the changes. But tax exempt fund, and the inves- giving money to one or other 

the self-employed need not tor can draw ont the proceeds, of the couple, sooner or later, can afford to ignore them. 


This third part in our series , The Seven Financial Ages of Man , 
looks at the financial aspects of matrimony. The series is written 
by Adrienne Gleeson , Eric Short and Helen Whitford. 

And then the lover . . . 


1 • . 

s.,— = 


stop — cheap-term assurance, 1 
example, which pays a giv 
cash sum should you die with 
a specific period, but nothing 
you survive beyond it Th 
Sighing Uke a furnace, should be taken out for bo 

. , _£ r i , husband and wife. 

with a woeful ballad 

. f , . i , . That won t however, do ar 

Made to kis rmstress’ eyebrow, thing for your long-term effoi 

MMaaManm to build up capital; and y< 

won’t get tax relief on the pi 
. . , . miums, either. If you really i 




J** tOT 0111 dcaw ** Proceeds, of the couple, sooner or later, can afford to ignore them. the husband, who must pay tax in .question are high-powered you have ever been before, and vvant to nut money awav for ti 
1° *“!??’ they partly as -a tax' free cash sum to get on with it there’s a very It is not only that the interest on it Couples who object to high earners, there is big more affluent than, once you longer-term then this i* ti 

WlH FPt notnmcr mnra than J nn'm, Itl-ntiknnri that n.,m.ant n I .J. - J , . ■_ . 1 - , - _ . . . . ... UI. UJCII LUIS JS U 


efficient way of doing st JJJJJ5LJJ; are oft™* «v» i ust «** acts benevolence, not only does any increase in or her respective share of it not be worth sacrificing the r + „„ . . ally as good as the tradition! 

The self-employed, however, ^ botiier to make comolex ^th each parent allowed to give the capital value come straight The reliefs to which they are £510 fn allowances (the differ- !t ? u £ lt .}? g0 . ir ! to with-profits endowment assu 

also need to keep part of their !”f^ ieemen:ts _ Because ^ess 1 ^ eir ( * ild up to £5,0 00 free of through to the purchaser, hut entitled will stall be those ence between the married and * bmdmg 00 ance policy, and it will certain! 

assets liquid to meet unfare- full "amount of the any lability to CTT. Grand- it comes through free of any applying to a married couple: the single personal allowance) 1116 arguJ ’ ient 13111 fir f t homes gj ve a ' tet more -j un 

seen emergencies and such rapt ^ parents or great-grandparents liability to capital gains tax. So but they will be apportioned which separate election entails. "• "*** permanent homes, ^ * ; “ a lo ‘ more 

tal cann ot be put into a pensions . _J“f can give up to £2,500 apiece (as quite apart from the pleasures between them. Working out whether it’s worth 111(1 * move will probably But be 

contract because the money so -jr-jjJT 5 ! eontributkms can each P^ty t0 the marriage), of living in it, a house is one of a much more important your while or not is simply a * higher deposit mrpljr a 000 

invested cannotbeTerfisedunta ^ a x date. Siould interest 10(1 other P®o^ e °P to £1.000- the best of all possible invest- possibility, sometimes confused matter of settling down with a maximum tax efficiency 

retirement These two objec- . , ... fllrtber *n, e ?n vestor Any . such donation would ments in financial terms. We with separate assessment is that calculator for 20 minutes, to see 80016 of 11 ought to go into life . t0 ^ ou 

rivesare conflict ^J**^^*™*£ make a handsome addition to consider below the three forms of non-Sgregation. That is, a if you’d be paying more Messed as well (tax relief money ^out e if W- am m 

hut Mark Weanburg, of Hamhro -rhA ‘ ^Tstrihiitin^c savings for the deposit on a of mortgage most likely to be husband and wife can elect (not separately or together. Any 18 aUowe£j on y 011 ^ pre m iu m s a penallj 

Life, fte anffi-entrepreneur of. housTor flat the plmchase of useful to first-time, or for that “toKSffSK high-powered cou|le should be 00 qualifying policies, at half So dont funnel aU your spar 

life assurance, has, in conjunc- bocstin e “ come - wirieb must be any couple’s first matter, second- or third-time wd not lateT^in Tne ye5 able to manage it ^ of tax. up to one- ne f 

tion with AJliance Building But it could pay investors, financial priority. However, for- buyers. after, the year of Assessment) slxth of your income). ^ y our current ac^unt at th 

Sodety produced a pian to he^ e^iecaUy higher rate taxpayers, midable the monthly payments . to be taxed as single people. IF YOU BELONG to such a But you don’t actually need tStvod^nl? ».V h?nk St™ 

the salf-employed - on bofli to do it themselves, investing in may seem— and these days they FOR THE purposes of taxation But— but — the election only high-powered couple, have all that much in the way of You npprf mm ^ \n an 

C0 JJ? tB - , _ „ _ . a fund that pays urterest gross, are not likely to seem all that the Inland Revenue generally applies to earned income: arranged your house purchase life assurance at this stage of bearine anrnimt a VI 

R anied . + tbe onl ?« w ^ lId ^f 5 ' F ecei ’ e . a formidable in comparison with takes a husband and wife who unearned income of the wife— and paid off your short-term the proceedings— not until aeainsf larger spa iff pLr!!n 

ment Bond, is qtnte rtraight- higher effective rate, but their commercial rents— the tax ad- are living together to be one even such things as family allow- debts, you have as interesting there is a baby on the way cies And die rest- nn 


oncy? form of investment, it's potent 

Some of it ought to go into ^ M S° od “ lbe tradition. 


seen emergencies and such capi- 
tal cannot, he put into a pensions 
contract because the money so 


™ aeaiinfit □ cut in - contributkins LU 1110 uku oj urag in h, a in*uae a» uu« vi a mucn more lmponani your wdjjc or noi is sunpiy a 

invested cannot be-realised untfl ^ Should i7>tAr«rt 10(1 other people up to £1,000- the best of all possible invest- possibility sometimes confused matter of settling down with a 

rAtimmicm# Thnra hart Mviort. ^ auuu ^ 1 iuwiwi 1 . j. 1 j n 1 ur A . . ’ . . f.. on a. 


reserve -for his business, and payment Consider this example 
this remains untouched. But of an investor taxed at 5op in 
most of the interest— 4B per the pound investing £10,000 


Interest from B.S.: at 4.8 per cent paid to -. £ 

pension plan 

Less bigher rate tax ; ' 153 

Plus tax. relief at 55 per cent on £480 264 


Mortgage options 


Cost of a £10,000 moi 


[age. repayable over 25 years, granted- to a man of 30 
assuming tax at 34 per cent.) 


Increase in Income 


Total annual receipts 


Interest from equivalent fund paid gross to 

pension plan 

The tax liability is cancelled out by tax relief. . 


- straight repayment 

480 £N COMPILING the accompany- years, from a very large entitle- (Building society interest at 83%) 

ing table we have gone looking ment to tax relief. 

for the best of the mortgage At the start, then, a repay- Monthly 

options available to you — defin- ment mortgage will cost you payments £ 

111 ing best is terms of those which less than either of the other .(s™**) *1.50 

~7 cost you least rather than those possibilities. But all things ^ 

581 which promise you most. We being equal, each of them £ 

have worked upon die assump- should be costing less than 1st year 24.08 

tion that, in the early days of straight repayment before you last year 2 J 2 

bouse purchase at least, cutting are halfway through the period average 1538 


(Option mortgage at 53%) 


Monthly payments 
No tax relief obtain able 

No final cash sum 


Low cost endowment 
mortgage 

(Ra t e charged 8j%) 
£ 

Interest 

per month (gross) 72.92 
Less tax relief 24.79 


Net cost 


* back on your outgoings is a lot of the loan. So if you’re moving — : c lesc worthwhile bv the time vbu 

nt -i vf S~ 1 T[ • ■ If “ore important than building into the sort of house that you N i st ^ ar „ ^ p °et there- and it will cost you 

Picas to the Chancellor up 7out eyentnal “ pftai 8sdn - envis ^ e ****** iMnd ***. . ^ ^ wS 1 it™; m tJwSLtJL 

A straight repurchase “S 1316 mortgage on — for average 44.12 Net cost 1234 Finally, a word of warning. 

IN THE SEASONAL clamour shares of investment trusts com- mortgage is exactly what it 131 e next decade or more, you jr“— -r~ Total The cost of both repayment and 

now assailing the ears of the monly stand. He ^ says it has sounds like: a form of borrow- 831011311 consider one of the ^jn- monthly cost 40.99 endowment mortgages varies 

Chancellor of the Exchequer, nothing to do with- the past per- ing in which income and capital ot0er possibilities. Monthly premium 190 Knarcash~nmr according to the building society 

one loud and penetrating note formance of the management are paid off over the period of Option mortgages are strictly fos tax relief 639 Balance of and insurance company you use: 

is being struck. AH of the On the contrary,- it’s a reflection the loan. In the early years for those with incomes so low revenionarr bonuses 1377 s 0 shop around. And remember 

managed funds want an end to of the future expectations of most of your monthly payment that they’d find themselves pay- Net cost 1.41 Terminal bonus that all the sums will alter 

the present anomalous treat- investors— what .they- expect will be interest: it isn’t until ing more in mortgage interest rrrj — (assuming current should building society rates 

ment of the income from loan that trust to produce in the way fairly late on that the capital than they are liable to pay in To “ a¥ * ra8e 47 c, istw) 2,453 change again. With a repayment 

stocks and gilts. of income and -capital growth, debt starts to diminish dramatic- tax. Under those circumstances - — ? — — — mortgage you can generally ex- 

As things stand at the and what they expect from com- ally. That means that you might they would be throwing their No final cash sum 3,730 tend ^ pg^d 0 f your loan 

moment, anyone who puts their peting investisents — and — if rates rise — come to the end entitlement to tax relief away. 11,11 should interest rates rise: with 

money into such investments by notably long-dated gilts— over a of a year of repayments to find Bat everyone else should make They can minimise their sum are (all things being policy which matures at the an endowment policy you can- 
way of a fund will be much corresponding period. that you owe the building society the most of it — and particularly liability by going for a low-cost equal) the same the whole way end of the period and provides not In either case you need to 

more highly taxed on .the Obviously investors’ expects- more than you did at the begin- those home buyers who either endowment mortgage scheme, through. The money for repay- protection in the meantime, be confident that your income 
income than if he did it him- tions of a trusT* capital per- ning. But it also means that you are. or are liable to be, subject Under such a scheme monthly ment of the capital comes from Both mortgage interest and life will rise — or build a margin 

self. Result: there are hardly formance are going to depend will benefit, in the opening to higher rate tax. interest payments on the capital a life assurance endowment assurance pr emiums are into your cash flow calculations, 

any funds investing in loan on their expectations of move- 

stocks and gilts— only Target ments in the marilrts in which J n — — — - i^— 

Gilt, which aims for capital that trust is invested. Their ex- 

grnwth rather than the income pectations of the whole sector’s market research project ever — 111 

advantages of gilt-edged invest- income performance has, per- ■ /)WC//fW^F undertaken— has already cost ; — 

ment, and Schlesinger. with its force, -been in abqyandfe* ttiitil JnSrtJwwB MMrKsW more, in fact: £600,000 has gone '. ; f« 

new Preference and Gilt fund, quite recently:, partly 'ftfcahae into it already. 

Last week the Unit : Trust of an outdated belief in capital . g The- Index panel — AGB is 

Association sent off another growth rather than yield, and gpo KOfTVPn aiming for 11,500 members, 

plea for deliverance from such P»ray because of a higlrtevel g CuClif l/fl including 1,500 home movers 

a handicap: and every now and of investment in low-yielding and new]y weds (gr0U p S w kj c h 


Plus insurance 
premium (gross) 
Less tax relief 


eligible far tax relief: and ym. 
can look forward to a cash 
bonus at the end of the period 
— though that's not to be taker 
too seriously: it isn't likely, to 
be worth much at the end of 
25 years. 

It is possible to go for with- 
profits endowment policies on a 
larger scale, building up towards 
what looks like a really worth- 
while sum at the end of the 
period. But time and price rises 
are likely to make it look much 


Consumer 

research 


again there are rumblings from stocks, inany- Invest- jp jg j n ^ ggjj 0 f are going in for a radical change 

tile investment tnnl tsedw to con^^spendSg one qui * their buying bahits)-will | 

facto?™ thtfStailatioos U°n interesting than what *«P» haw and Slim gnestioa. 


market research project ever 
undertaken — has already cost 
more, in fact: £600,000 has gone 
into it already. 

The- Index panel — AGB is 
aiming for 11,500 members, 
including .1,500 home movers 
and newly weds (groups which 


TARGET INCOME* PLUS PLAN 


change David Thomas, for one, factor in the calculations. 


*ds a large part of the saiva- a-t afl that is eha^og-now. %&*&££?£%& SCSI'S 

“00 Of theindustry. to^ BurSe^ffonnation^ They will use codes to describe 

David Thomas is a stock- and a rise in yields ou WaH j u.. o nn what tVu» mnnpv -was snp.nt 


developing a new system to ^ ^ ^ never less what means. But the panel 

S un oV°aJ? afx* ?-*- ^ >* 

uicir net assen, at wnicn tne^nave oeen passi ng it on. insofar as anyone has ,n 8 their spending on consumer 


£ 10-32 

CURRENT ESTIMATED ANNUAL GROSS YIELD 

PAID QUARTERLY 


LAWSON HIGH YIELD FUND 

“The track record of this fund on Income and Capital 
is good” — FINANCIAL TIMES 2112177 
“Considering the general fall in interest rates the yield 
is attractive • — GUARDIAN 22710177 . 

“For those who want double figures Lawson High Yield 
looks most promising”— DAILY EXPRESS 1719177 
♦ LAWSON HIGH YIELD bp ro tinfl extremely 




attempted market research on 
the subject, it’s only been on a 


goods. They'll also reveal in- 
formation on, for example. 


3% years. Moreover, holders of accumulation units have saen ther 
Investment more than double and income untthoWeia are new 
receiving s yield equivalent tower fB% on theWntUal investment 

* SECURITY— any risk Inherent Irt fvgh yfeMsharo? is minimised 

through a wide spread o! Investments — parttcutarty througn me 
Investment mists. Shares are carefully selected not only for nigh yiew 
but also tor future appreciation ot capital and income. - 

* CURRENT PORTFOUO:-40% Prefwwwe Shame; 30% EqtrfUaa; 
30% Inveslmeni Trust Income Shares. 





AS% UVtlB ^ _ 

VOT ts deducted irom gross income commesion to agents. Trustee 
CWosdaleBankUd (Member of Midland BankGfcup;Aijrfws:WrwS«y 
Munay & Co. (Chartered Accounjams) Managers: Lawson Securities i Uo, 

S3 George Street Edlntjufflh EH2 2JG Tel. 03142263911 . Registered m 

BSnbutgH 5Sl 35. During anoftet.urtis may be bought or sold dally— 
Otherwise weekly on Fridays Setttemenlior units sold follows wHhm a lew 
days. 

1 FIXED PRICE OFFER UNTIL TUESDAY JAN 31st 1978 

- DAILY PWCt IF LOATOT 

Thc\!jna8Qr&nBanetheitgraDci0GeSEoffeisnetnnpnee<isnbyn»Btoa3l2 , & 

Income Units 54.1p Accumulation Units 73.3p 

■ ■■■■■■AFPLoraFORMaaaaaw* 

I ToLawsonSecurttiesLldFREB^OSliEdWxii^iEHZODBlnDstaipiwNiiw# B 
or 031-226 3S1 U5 tows + 24-hour Answhone Service) ■ 

■ lflncto»8ionimai«i»ayaiitetoUv«nSocuftoUni»dtirt»inrtEJ0dinuritefil I 
u ■ Lawontt^iTRUFunLNolapoeabiBtaEiic. ^ - 

I I 1 . ■«!* ftraecunuWicn units made VC □ ■ 

B £ VsjM Rirvift-Jtakad Strings Plan pMMmaikTCQ | 

* — - ■ ■_ ~ IsmII ForSbMsnlUngBdaaApioM marie VC P — 

I tMd^eitrilamlhnanirimcidBrtaulddBttosctndMiamaitcsnorwnlllHe ■ 

I aca w in B the se as thanomaja^rianypanon^ madam arista the W nlDMS. B 
fTho»wriiteii»iwaV*dBdaiailonstBoid apply through m«r Banter, Siocttroter ■ 

| nttoU.K.1 :| 

Slpahiip .. ■ - ' -■ 

(AH jm^piGaneiimtsigRtndalbEhlUl nanes MdsdoeuMl ■ 

ft. tomes In fuS • - — - -B 

I iMirUraMsiTato « 

liMm - ■ ‘ 


small scale and on an ad hoc mortgages, all forms of personal 
basis. insurance, credit card facilities 

and savings. 

Now AGB Research, the only The service is intended in the 
quoted market research com- ^ Iace for 4^ ^ M 
and one of the ^ ae<m ^ ^ 

bjf»est is setting out to change prepaX ed to pay some 

£6,000 a year lor the privilege 
already operates the JICTAR lowing what the public is 
survey of viewing habits for the doing ^ its money . But m 

addition there are potential 
^ rted J° recrmt * clients among the building soci- 
rational representative panel of etieS( holiday and travel firms. 

“irSJ* liT* •,f TOC€ and aU the manufacturer and 
called Index, which will pro- retailers of consumer goods, 
vide information on levels of TOe ^ of ^ ^ 

personal finance and discretion- be ^ b b 

^ spending. Appropriately the middle of the year. 

perhaps. Index is going to cost __ _ 

I more than any other . UX ARNOLD KRANSDORFF* 


GOLD. 

WE WANT YOUR 
KRUGERS 

If yon are a potential seller of Krugerrands at around 
£100, y ou should contact kLL. Doxford (BulHon) LuL^vOW. 

Krugenands are cinrentiy around ^93, butgold prices 
fluctuate sharply. By using our Limited Order Service, 
investors can set predetermined prices at which to buy or 

- sell. Dcalingoppommiiies which often exisefor only a few 
moments could oiherwisebe missed, 

TXfe also deal m New Sovereigns, Silver Kilobars and 
Platinum Ingots (minimum investment ^500). 

For fullest d etails of our services, kindly forward the 

- coupon below orring our dealers on (01) 839 7788. 


M. L. Doxford (Bullion) Ltd., 

10 Sl James’s Street, London SW1A 1EF. 

Td: (01) 839 7788. 

PJeaseforwardwidioiitobEgatjon details of 

your bulHon services. mUmmm 



CHOOSE YOUR 
INCOME 


Target's Plan' offers you the opportunity to invest in two of 
their top funds which specialise in providing a high income. 
Spreading your capital over these two funds, so giving an 
average estimated yield of 9 i%, should give greater stability 
and security to your investment. 

If you elect to take an estimated yield of 8J% all your capital will be 
invested In Target lncome Fund which offers greater prospects of 
longer. term capital growth. Alternatively, by electing the highest 
rate of J0J% all your capital veil be invested in Target Preference 
Share Fund which provides one of the highest returns currently 
available from a unit trust. 

Target- In come Fund offers a combination of a high immediate 
return with prospects of an increasing Income and long term 
capital growth. This is achieved by investing in sound and 
marketable second-line equities which normally offer very 
attractive yields. 

Target Preference Share Fund is an old established fund 
valued currently at over £25m. It is invested only in preference 
shares of some 400 companies and has paid a high stable income 


SPREAD YOUR 
INVESTMENT 


for oyer 13 years now. The capital value of your units will fluctuate 
with interest rates, but the income from them should remain 
stable over the years. 

The History of the Plan 

It was launched on 1st February 1975 when £1,000 spread 
equally between the two funds was estimated to yield £128.80 p.a. 
gross. The gross income paid in 1077 was £176..00, an increase 
of over 36%, In addition the offer price value of the units has 
increased to £i;794, compared with an average increase of the 
F.T . Actuaries All Share and the Industrial and Commercial 
Preference Indices of 71.5% over the same period. 

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

Your investment should be regarded as long-term. 

How to Apply 

The rate of income you choose determines the amount invested 
in each fund. Therefore send in the application below indicating 
the estimated yield that you require. The minimum investment 
is £400. 


Ai ylhw l fa ri Mil bt kIloowIMm! and wWicale* alii ba *ant 

M'Wn <2«tya sltha etaM of moOw. 

7 ** ■*»■<* y w .—Ha « an» M. at a adca -tttet. <MII ad be 
hna BiantM otculiM br Detf.nl Trade res ulajiwta. Pitas m A 

sreManquawr daOrhtha MatUmtf Presa. 

Aalamai ehamot HLfc tnrttfH tf B* tfte Orifx <H He unUa. 

S« conmtaioa oi1«« iDSBaWlfS Agarta. 

*"• ■n u ns — r—iwttiertfllit to ctosa Vm tfW baton tha dato 


Investment Managers: Dawnay, Day A Co., Ltd 


tfabd btfp*. || dretflcas tf anna tars by marainuISS duriM Dm 

oSar re lit Ada toe claavtf IMS aflir unKa rein *~r ~ a irei r at 
WMbtfei. 

Incnoia wfll be (TfflrtouM m Jin Mat and Mh Nmeatoar aacb 
t*v. An amal charge tf **ol] Uia i raluc rim Firm ain* v*T i. 
iMduciaa (ram tha I Mom, at A. Fundi. UniU uwchnaa lure 
-rfll auaUfr tor Die dMrbmJont onaitf Mar »». 

Tnrelaa MUIafld Bank Tru* CrMapar, Ud. 


MalMgara Tarsal Trail UaiMgr., LU.. to mman tflhrUntl Treat 

I £ »Ori>MOn) 

DtaclMt A. P. W. Snocm. T.D., F.C.A. lOialraaal; 

I. S. Suwon J V . I&anaral Ma n aaatl; 

? .1?^. U * d *'■«. P.C..T.O.. OJ_: T. C areola, F C.A.j 
• ll CartMlI: a. C. B. CUmDv, E. B, C. Oewn. MAE * 

E. P. Hatchett UA, J. H. Pattlwtoo. M.A.; 

H.E.G PiIoct.M.A.. F.CJI. 


Address 


Ta.No. 


i.,— it-— 


Share 

Exchange 

Scheme 

If you wish, you 
can purchase 
Target units by 
exchanging your 
quoted shares 
on advantaqeous" 
terms. For further 
details post the 
coupon, or 
telephone 
01-60C 7533. 


ft TAR 
ft Targ 


TARGET TRUST MANAGERS (Obpt T.OJ. P" ~ — "ft 

TArgel Hoom. G otohona* Road, Aylesbury, Bucks, HP193EB. . mSI/I j I 

^ lhe T« r 0« Incoma-Plus Plan Jo obtain an estimated gross annual income of ft 

£8-ao%,£ft-»!i. £lD-70% (Please circle percentage required)- ft 

Cheque enclosed made payable tc Target Trust Managers Ltd. {Minimum mitral .n.estmem £40 01. S 

I/We declare that I am, 'we Vr not rewdont outside the Scheduled Territories and I amw are not acouirlnn ft ■ 
the nomlnerirt otany person fs) resident outside those Territories. This Qfler is not available to residents I 
ol ihe Republic of Iretomd. This oiler doses on the 27Ui January, 197B- • 5 ' 

Signature (s) n.u ft 

IfUme an Joint tppBaats all must sign ana iltacfi names jneoddreisisseoMrtMr. . ~ M 

PLEASE WRITE IN BLOCK LETTERS - THE CERTIFICATE WILL BE PREPARED FROM THIS FORM. ‘ft ... 

Names in full (Krfln Mts») ' .ft . ' 

ft :J- 

Do you. already hold T argetT*reference Share Units ?YES.NO. o7you already hold TerBeMnconie UnitsffiS'NO: ■ ^ 
Pjeasererme have details of monthly savings schemeiC Share Erchenge Scheme G (licit as required). ft 

||1 Target Income Fund I , 

W&m lsarao* (ha» E.»4 7^,?.!^ « .. 1 s - 


largef Preference Share Fund 


Tomrt t,u»i Itonogrre L.milmt 
Eiatond No. errsto »l 
7 T Birant Buildine*. 
LctoonEC** IEU 


Total Funds in the Target Groupfn20.00Q,QQQ| 






4 


Financial Times Saturday January -21 


Finance an 

id tl 

lie 1 

Fam 

ily Insurance 


ntervals for rent review 


V OUR LEGAL STAFF 

r 

at please Is the position 
tn « rent Is not registered, 
has merely been agreed 
Ween landlord and tenants? 

* they subsequently agree 
wvised rental from time 
time or is there provision 
the Rent Acts for a three 
ir review only? 

there has not bees any 
deration of the rent under 
s provisions of Section 72 in 
rt IV of -the Rent Act 1977, 
s parties are free to agree 
new rent at any intervals they 
e — however such agreement 
mot preclude the right of 
her party to apply to the 
■ntr Officer to have a fair rent 
gSstered. 

Vinding up 
elays 

am the chief beneficiary of the 
Cate of someone wbo died 
. the middle of 1976. The 
aofmt Involved is substantial 
id as 1 understand it a small 
aim against the estate has 
tea dealt with, and two 
inor bequests have been paid 
it. Nothing now seems to 
e happening. Qo yon consider 
le delay reasonable? What 
eps should I take if completion 
oes not take place soon? 
he period which has elapsed 
; by no means too long if the 
latter is other than a straight* 
jrwaxd small estate. Clearing 


the tax liabilities alone is 
likely to take much longer. 
Your best course is to maintain 
a constant pressure for both 
information and action. We 
doubt if you would be well 
advised to have recourse to the 
Court (an Administration 
Action) until a much longer 
time has elapsed. 

Covenant to 
U.S. citizen 

My daughter emigrated to the 
U.S. some years ago- is now 
married and is a UJS. citizen. 

I propose giving her a 
quarterly allowance by way of 
a deed of covenant, deducting 
tax therefrom, and paying the 
Looney Into an external account 
she holds in a U-K- bank. She 
has no other Income from the 
U JC Can she reclaim the tax 
deducted? 

We take it that yon are aware 
of the procedure for applying 
for Bank of England permission 
to execute a deed of covenant 
in favour of a relative living 
outside the Scheduled Terri- 
tories. If not, you should consult 
your bank. 

You do not give us any idea 
of the figures involved, but it 
seems pretty clear that (at pre- 
sent! your daughter will be 
liable for basic rate tax on the 
covenanted payments, so that 
she will have neither a liability 


nor a repayment— barring late 
changes in basic rate in future 
years, etc. 

However, if the 1975 U.S7 
U.K. double taxation convention 
eventually comes into force in 
its present (thrice amended) 
form, it looks as though your 
daughter might be restrospec- 
tively exempted from TJJK. tax 
ou the covenanted payments by 
article 22. If you are interested, 
you will find copies of both the 
1945 and the 1975 U:S./U.K. 
conventions (as amended) in' a 
public reference library in, for 
example, volume F of Simon's 
Taxes (ISBN 0 406 06866 6). 

Shareholdings 
of relatives 

1 anfl my son each hold 9,000 £1 
shares In a private company, 
my wife holds 1.000 £1 shares. 
1,000 £1 shares have not been 
distributed. Would the Inl an d 
Revenue consider the share 
holding of my wife and 
myself as giving me personally 
controlling interest in the 
event of my death or transfer 
to my son during my lifetime? 
Yes, the shareholdings of your- 
self and your wife are related, 
so that each of those two share- 
holdings most be valued as a 
majority shareholding. How- 
ever a gift of 1.001 shares to 
your snn could be effected inter 
vivos thus leaving the balance 


Capital gains warrants 


a your Issue of December 10, 
nder capital gains warrants, 
on mentioned that such 
warrants could be wasting 
ssets. Does this apply to 
fat-West warrants? If such 
warrants have a probate value 
ind are then sold say two years 
ater, what please would be 
he base price for capital gains 
ax purposes? 

rhe distinction made in the 
■eply published on December 
10 (Capital gains warrants) was 
between warrants to subscribe 
ind warrants to purchase: Mon- 
;agu Boston warrants carry' a 
right to subscribe, whereas New 
Throgmorton warrants carry a 
right to purchase. 

The importance of this distinc- 
tion lies in section 58 of the 
Finance Act 1971: 

“58. — (I) The following pro- 


visions of this ' section shall 
app'y where ... an option 
to subscribe for shares in a 
company ... is disposed of or 
abandoned on or after 20th 
April 1971. 

(2) If the option is abandoned 
the abondonment shall, not- 
withstanding paragraph 13(3) 
of Schedule 7 to the Finance 
Act 1965. constitute the dis- 
posal of an asset (namely -of 
the option). 

(3) Paragraph 10 of Schedule 
6 to the Finance Act 1965 
(restriction of allowable ex- 
penditure for wasting asset) 
shall not apply, and accord- 
ingly paragraph 14(4) of 
Schedule 7 to that Act (which 
determines the life of an 
option which is regarded as 
a wasting asset) shall not 
apply to such an option as is 
mentioned . . . above. 


(4) The preceding provisions 
of this section do not apply 
in the case of such an option 
as is mentioned - . - above, 
unless it is of a kind which, at 
the time of abandonment or 
other disposal, is quoted on 
a recognised stock exchange 
(within the meaning o! sec- 
tion 535 of the Taxes Act) 
and there dealt in in the same 
manner as shares; ...” 
Although Nat-West warrants 

carry an alternative right to 
convert, we understand that the 
Inland Revenue do not regard 
the existence of the conversion 
option as limiting the protec- 
tion given under section 58J>y 
virtue of the alternative right 
to subscribe. That being so. 
there are no CGT complications, 
and probate value will stand 
(undiminished). 


nf your and your wife's shares 
as a minority holding. Although 
Capital Transfer Tax would fall 
to be paid on a valuation of the 
1,001 shares as a majority share- 
holding, thereafter a transfer 
would be of a minority. 

Auctioneers and 
principal 

1 have seen a ease reported in 
the local paper where an 
auctioneer allowed goods 
bought at an auction to be 
removed and for the cheque 
in payment for the goods 
subsequently to be dishonoured 
Would It not be np to the 
auctioneer to mak e np for the 
loss of his principal ? 

The liabilities as between the 
auctioneer and his principal 
would be governed by the terms 
of the contract between them. 
We cannot offer any general 
observation as to what these 
might be. In the absence of 
any contractual term the issue 
might have to be decided on the 
custom of the profession in the 
relevant district or on inched 
authority. 

Planning and 
a name 

My wife has obtained permission 
to run a business of shopping 
by post (office and storage 
rooms) from our house. Do 
you think there is any way 
in which she can sell direct 
toeallers, without infringing 
planning permission by calling 
the premises a craft gallery 
or show? 

We do not know the precise 
terms of the conditions of the 
consent which has been given. 
It will not however avail you to 
give' to the activity carried on 
at tiie premises in question a 
label which does not accurately 
reflect the business in fact car- 
ried on there. If there is an 
effective condition restricting 
the use to -office and storage 
rooms you cannot conduct retail 
sales (other than by post) from 
the premises without a further 
planning permission. 


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


From\&nbmgh- 
A new pension planyou can 
appreciate in 5 minutes 

s' 


Index-linked cover for homes 


BY JOHN PHILIP 

MOST - INSURERS providing 
household cover have spent the 
last year actively encouraging 
policyholders first of al) to get 
their sums insured adequate 
both for buildings and contents, 
and then to get them index 
linked, to avoid the need for 
constant annual revision. 

But often the practical effect 
of index linking seems still not 
to be clearly understood, while 
quite a number of people con- 
fess themselves wary of commit- 
ting themselves to subsequent 
premium increases of incalcul- 
able amounts. So. this week a 
quick look at how the majority 
of insurers are applying index 
linking to home insurance. 

The most commonly used 
indices are the Housing Cost 
Index prepared by the Royal 
Institution of Chartered 
Surveyors and the Durable 
Household Goods Section of the 
Retail Price Index. Insurers 
link buildings sums insured to 
the former, contents sums In- 
sured to the latter. The move- 
ment of each index is recoriied 
month by month throughout the 
year, respectively, in tile 
magazine " Building ” and in the 
Department of Employment 
Gazette. And these records show 
that in the period February 1977 
to Jahuary 1978 the buildings 
index had moved up by 10.75 
per cent, and the contents index 
by 14.80 per cent. 


So anyone having his build- 
ings and contents cover renew- 
able about now.- and having 
arranged in January lfl77 for 
that cover to be ind« linked 
will find that his 1978 renewal 
is being invited with both the 
sums insured and the premiums 
revised in percentages of this 
order. 

Bnt during the year, the index 
linked policyholder will not 
have to pay any extra premium 
while bis sums insured move 
forward in step with inflation: 
nor does he have to pay any 
extra premium in retrospect. 
Premium is still calculated In 
relation to the then sum insured 
at the start of the insurance 
year. 

The month by month move- 
ment of the appropriate index 
controls the maximum sum 
insured, and so provides a 
moving financial ceiling to 
insurers' liability, which for a 
total loss will be greater by the 
appropriate percentage the later 
in the year the claim occurs. 

Incidentally it is only in rhe 
relatively short term that the 
movement of the buildings 
Index has fallen behind that of 
the contents index: usually, they 
keep pace with one another or 
the buildings index is ahead: 
taking December 31. 1973. as 
our starting point, by Novem- 
ber last year the buildings index 
was standing at 181 and the 
contents index at 175. So if you 
have avoided revising your 


home sums insured for the last 
four years;; and moreover still 
wish, to - avoid- index linking, 
doubling up now on ,1973’s cover 
ought to leave a bit of elbow 
room for this year's inflation. 

: - As.I said earlier, some people 
are wary of committing them- 
selves via index linking to 
future premium increases of 
unknown size: but unpalatable 
as it may be, the faster inflation 
runs, the more important it. is 
that adequate sums insured are 
maintained — and an inevitable 
consequence is the requirement 
of ever Increasing premiums. 

Over the last few years we 
have all . become thoroughly 
acclimatised to frequent rounds 
of . motor insurance rating 
increases: if each year's motor 
renewal is less than 15 per cent 
up oh the previous year's it is a 
cause for comment and self con- 
gratulation. What we hare to 
recognise is that rhe annual cost 
of Onr home insurances must 
rise 'In much the same way. and 
for the same basic reason, infla- 
tion. 

In theory It Is always possible 
for the index linked policy- 
holder to gn to his insurers at 
renewal and ask them to cancel 
tile index linking facility— for 
no Insurer yet makes index 
linking obligatory. But what 
insurers may now do. in prac- 
tice, is -to require the policy- 
holder to have his policy en- 
dorsed with what they call a 
condition of. average — so that 


if the sum insured is Inadequate 
at the time of loss . then the 
policyholder has to make bit 
own contribution propoetisaate 
to that degree of under- 
insurance- ■ 

Many, policy hold era wfto- n*** 
arranged their mortgages with 
building societies were at flrat 
left out of insurers’ premium 
uplift/ index linking campaigns. 
This was principally because the 
-building societies wanted .to 
give insurers’ proposals full con- 
sideration before lending their 
support, as the majority are aw 
doing- So if is only now that 
many existing building society 
mortgagors are being given the 
opportunity of index linking « 
their renewals come round. At 
the same time most national 
building societies. -..are how 
actively encouraging new 
borrowers to consider Index 
Unking from the word go. . - 

But there are some (usually 
the smaller) building societies 
that have not yet, so to speak, 
taken the plunge — most prob- 
ably for administrative reasons. 
Whatever their reasons, I think 
that they are falling in their 
duty, as intermediaries, if they 
delay in bringing the merits and 
opportunities . of index linking 
to their jjolicybolders: and I 
would recommend any inter- 
ested mortgagor . policyholder 
who has not yet been offered 
index linking to get in touch 
with his building society and 
ask why not 



If you’re busy 
and self-employed , 
you’re unlikely 
to have the time 
-to absorb the 
considerable 
complexities of 
the hundreds 
r of different 
pension plans 
currendv 
available to you. 

^ However, the 

decision you make when choosing a 
plan is obviously of considerable 
consequence to vour future financial well- 
being and general happiness. 

Fortunately, the advantages of the new 
Vanbrugh Flexible Retirement Plan are such 
that they can be appreciated by a busy man 
in a few minutes. If you can spare vis that 
much time, we’re confident you’ll be 
convinced that this is a plan which can solve 
your personal pension problems; 

Making the most of a valuable opportunity 

Being self-employed, you are entitled to 
invest up to 15% ofc your annual earnings up to a 
limit of £3,000 (more if you were bom before 
1916) in a pension plan and qualify for full 
tax-relief on your payment. 

Variable Coritributions-from year to year 

The Vanbrugh Flexible Retirement Plan 
lives up to its name in a variety of important ways. 
For a start you can increase or reduce your 
contributions from year to year, according to how 
prosperous you may or may not be at the time 
(You can even miss a whole yean if necessary.) 

Choosing the investment that suits you 

The Plan can be linked to any one of a 
range of Property, Equity, Fixed Interest and 
Managed Funds. Moreover you can subsequently 
switch from Fund to Fund according to your 
view of investment prospects. 


Guaranteeing yourself a certain return 
An alternative Fund is guaranteed to 
increase in value each and every complete year- 
This can be chosen in combination with any of 
the other Funds. 

Knowing exactly what the costs are 
The charging structure is highly competitive 
and easy to understand. So you know just now 
much you’re paying us. 

Adapting your benefits to your needs 
You can use the Plan to achieve a ‘phased 
retirement^ drawing a series of different cash and 
income benefits so as to replace your earnings 
gradually over a few years. 

Enjoying the Prudential’s investment 
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Education 


ANY ENTERPRISE - which 
annually spends more than 
£7htL, has well over half a mil- 
lion employees, and deals with 
about 9m. customers in 30,000 
establishments must reasonably 
and rightly expect wide public 
interest in its activities. So pro- 
fessional educators— and I as a 
former secondaiy-school bead 
still count myself among them — 
can sensibly resent the ques- 
tions which the lay public have 
been asking over the 15 months 
since the Prime Minister 
initiated the great educational 
debate. 

The primary question is. of 
course, what are the schools /or 
'-what should they teach, and 
who should decide? And we pro- 
fessionals have certainly not 
lacked general advice on this 
topic. 

We are told that in addition 
to a “core'’ .curriculum of 
numeracy, literacy, science and 
foreign language, schools 
should teach the basics of road 
safety; elementary law; prob- 
lems of the environment; Pre- 
paration for parenthood; sex 
education; consumer affairs; 
and politics, among other 
"essentials.” All these are 
worthwhile aims. . 

To take but one example, the 
school-leaver has usually an 
alarming ignorance of political 
affairs, and no less a body than 
the TUC has pinpointed the 
truth that most -young people 
leave school politically and 
economically illiterate. But as 
with all the other admirable sug- 
gestions. questions remain un- 
answered. First, where do we 
find the teachers? Only one 
university department of educa- 
tion has appropriate specialist 
staff, the contribution of the 
colleges of education in this 
field is minimal, and. as far as 
I am aware, no local authority 
has appointed a special adviser 


A new order of priorities 


for politics as a subject. 

Secondly, bow do we. in the 
schools, find space in a timer 
table in most cases already over- 
loaded? With knowledge in- 
creasing exponentially, one of 
the greatest problems in educa- 
tion is not so much what to put 
in as what to leave out 

Moreover in most teachers 
there is an understandable 
academic inertia which inhibits 
enthusiastic acceptance of the 


every child will undergo some 
-craft and aesthetic education. 

With good will, none of this 
should present insuperable diffi- 
suhaes. But it must be realised 
that- the common core will 
occupy at least 60 per cent, of 
the timetable. The problem 
wrl be bow best . to utilise the 
remaining two fifths, given a 
very wide variety of other 
daeims among the pupils. 



need of training for a different 
expertise. 

Equally important is the ques- 
of definition. What do we mean 
by mathematics? What relative 
emphasis in " english ” do we 
place on syotax, poetry, use of 
language, reasoning power, and 
so on? 

I believe that .the eventual 
outcome of the debate will be 
that schools are forced to accept 
the idea of a core curriculum, 
which incorporate an agreed 
syllabus for literacy, numeracy, 
science, physical and moral 
education, and probably a 
foreign language. In addition. 


How children shall be taught 
is a professional problem which 
must be left - to the teachers, 
who may. well be given a veto 
when they feel that parts of a 
suggested syHabus are, perhaps, 
too difficult or emotionally 
sophisticated for a particular 
group. . 

But I do not think we should 
go further and leave the choice 
and development, of all subject 
matter to the teachers. What 
to teach is too vital to be left 
to any one section of the com- 
munity, even professional edu- 
cators. Particularly, it is becom- 
ing imperative that schools and 


industry should co-ordinate 
their efforts to redress a balance 
which is steadily tipping 
towards “ non-productive " work. 
To set matters to rights 
requires,- not just the much 
advocated adjustment of pre- 
sent school and industrial atti- 
tudes. but a radical reassess- 
ment of educational practice 
and a new order of priorities. 

It is beyond the teaching pro- 
fession to achieve this without 
practical help, as distinct from 
fine words and governmental 
tinkering with . administrative 
machinery, from the other sec- 
tors of. the community con- 
cerned. And it is even farther 
beyond teachers’ ability to meet 
what could well be the most 
threatening development on the 
horizon— the signs of the 
growth of a permanent pool of 
unemployed people. 

Already It is very hard in- 
deed to find employment for 
the subnormal child. It now 
seems inevitable that as the 
automation of work increases, 
the scarcity of job opportunities 
will extend to affect more and 
more of the less academically 
able pupils. As things are. 
schooling has very little hold 
on the interests of many 
thousands of this group. Often, 
in my experience they would 
not bother about the Three Rs 
unless these could be seen as a 
help towards paying for the 
Three Bs— beer, bikes and 
birds. 

So if our society is going to 
move to a position where a job, 
far from being a right is a ' 
privilege, society needs to help 
the education profession to de- 
vise curricula which match the 
needs of those who no longer 
have work prospects to motivate 
them. 

THORNTON PEARN 


Coins 


Genealogical excellence 



A member of thePrtidential Group 
Vanbrugh Pensions Limited, 4 1/43 Maddox Street* 
London WIR9LA let OI-499 4923 


Qi THE history of the applied 
arts there has prohably never 
been a family to equal the 
Wyons. Since Peter George 
Wyon came over to England 
from' Cologne In the reign of 
George II. to work as a silver 
chaser, engraver and medallist, 
17 members of this remarkable 
family have worked as 
engravers, sculptors and medal- 
lists. Hie late Allan Gairdner 
Wyon (1882-1962) was a sixth 
generation artist in the numis- 
matic field and I should be in- 
terested to learn whether atijr 
of his descendants are now 
carrying on this tradition. 

Peter. George Wyon’s son 
George settled in Birmingham 
in the era of Boulton and Watt, 
when Birmingham craftsmen 
and- technicians were running 
rings round the largely out- 
moded Royal Mint George 
Wyon’s talents were largely ex- 
pended on the design and 
engraving of dies for the 
numerous tradesmen's tokens 
which took the place of a 
copper 1 coinage at the time. Two 
of his sons carried on this work 
in 'Birmingham but the 
youngest son, James, moved to 
Dublin while the eldest son 
Thomas moved to London at the 
beginning of the 19th century. 
Thomas became Chief Engraver 
of Seals and also worked for 
some time on the coinage of 
George m. 

His eldest son, Thomas II, was 
something of a child prodigy, 
winning prizes at the Royal 
Academy schools and the gold 
medals of the Royal Society of 
Arts m 1810 and 1811. In the 
latter year he was appointed 
Probaimner Engraver at', the 
Royal Mint and produced the 


dies for the silver tokens of the 
Banks of England and Ireland. 
Zn 1815, at the age of 23. he 
was appointed Chief Engraver 
to the Mint He died of tuber- 
culosis two years later but his 
output in that brief period was 
prodigious, putting to shame 
the indolent and self-publicising 
Italian, Benedetto Pistrucci who 
was imported by the Master of 
the Mint in the belief tbat no 
one in England was capable of 
designing and engraving dies 
and that it was axiomatic that 
such talent existed only ou the 
Continent 

Pistrucci is best remembered 
to-day for his superb St George 
and Dragon reverse. Used 
orgrnally for the sovereign and 
crown, it was not very popular 
in the 1820s and was dropped 
in favour of armorial designs. 
It was not revived till the 1870s 
and has since graced the .reverse 
of most of the silver crowns as 
well as the gold coins- Pistrucci 
had been verbally promised the 
job of Chief Engraver after 
Thomas Wyon’s death but the 
Statute of Limitations barred 
aliens from holding this post 
The Master of the Mint got 
round this problem by leaving 
the post vacant and paying Pis- 
trucci the handsome salary nf 
£500 a year as a kind of free- 
lance. Much of the actual work 
of Chief Engraver actually 
devolved on William Wyon. a 
cousin of Thomas n, who had 
moved from Birmingham to 
London about 1812. He was 
even more oF a chield prodigy 
than his cousin, winning gold 
medals in the Royal Society of 
Arts competitions. When 
Thomas II was appointed Chief 
Engraver in 1815 William 



became Assistant Engraver at 
the age of 20. When his cousin 
died two years later he became 
the natural successor to the 
post but the temperamental 
Pistrucci drew the salary -and 
poor William had to get by on 
a much lower sum and do the 
actual work of. Chief Engraver 
in conditions far inferier to bis 
predecessors. 

A compromise was effected in 
1828 when William was 
appointed Chief Engraver in 
name as well as in fact and 
Pistrucci was created Chief 
Medallist. Wyon got a salary 
of £350 a year, plus a lump sura 
of £500 to compensate for the 
low pay of previous years. 
Thereafter William Wyon 
dominated British coin and 
medal design for almost a 
quarter of a century. He became 
an Associate of the Royal 
Academy in ' 1831 and 'an 
Academician in 1888— the first 
medallist to attain this coveted 
honour. Although Pistrucci was 
ostensibly in charge of medal 
engravings, some of the finest 
medals of this period were 
Wyon's work, notably the Guild- 
hall Medal of 1838 bearing the 
profile of the youthful Victoria 
which wa$ subsequently adapted 


for the effigy on - all British 
postage stamps from 1840 tc 
1901. Wyon himself engraved 
the dies for the embossed 
stamps of 1847 and bis initial* 
W.w. appear at the base of the 
Queen’s profile. 

But it is in the coinage oi 
William IV and Queen Victoria 
that William Wyon's genius as 
an artist and 'skill as an artist 
and skill as a craftsman are best 
exemplified. The warmly human 
portrait of the bluff, old sailor- 
king and the spirited profile of 
the girl-queen rank among the 
finest portraits that ever graced 
British coins. His reverse 
designs often injected new. life 
into hackneyed themes, such aa 
the seated Britannia . of the 
pennies. He was also responsible 
for the beautiful v Gotht e” 
coinage of the late' 18405* 
reflecting the early Victorian 
fashion for medievalism. • 

Probably his finest desigii Of 
all was that engraved for the 
reverse of a proposed. £5 gold 
piece in 1839. showing - the 
young Queen, as Una, leading 
the British lion. This may be 
seen as a delicate allusion to his 
old rival’s St George and the 
Dragon. The £5 coin never, got 
mto general circulation and is 
regarded only as a patters. A 
fine proof example of the Una 
and Lion £5 is one .of the high- 
tights °f Glendining’s sala^qf 
English and Foreign Coins : on 
Wednesday. February- I. 
Patterns or trial piecesarerof 
course, of Immense interest -to 
numismatists as examples of 
what might have been and j»he 
often forms the Impression- that 
they are more attractive than 
the issued coins. - r. 

JAMES MASfCAY 




financial ■ Thies. Saturday January 21 1B7T8 




(J-piU Iq^s, Li^£i 


ll h’s 


month 



<Sf? iiiv'r- 




Old. stars and bright young men 


BY STUART MARSHALL 


IN the past IS months the cost 
or a Rover 3500 has climbed 
from the original £4,750. to 
£6,800, thus putting it out of • . • 

reach of many a middle Plwrt.was built specifically to be certain of missing the gate- 
manager limited by company ma * e the new Rovers. Though post* it pays to stick your head 
policy to a £5,000 motor- ca r. * ftae the best car plants in the out of the window. 

R« E ™S^Ktt i“5 Altho^h the 2300. lacks the 

Still, company car price liinits Producing a tnckl^not a flood. e ,?Sd£ weU^ttebvm! 
have also risen of late and at for which the market is o^biL^ se^ndSy 

least the 2300 and 2600 Rovers hungry. Yet only this week .fLi-T 08 

pass under the £6,000 barrier. ' Leyland shopjtevwds told their 
In this cash bracket 'the new -boss. Michael Edwardes. “l at d “® 15 ° ot 

would-be Rover-owning execu- that he ought to be planning to Sort esSSfy in the l£ck 
live has a choice. He can have expand car sales aggressively ^ p Ser ls inferior to 
a 2300 with extras like power instead of contemplating re- ^R e ? a ^?MTC for eSSnll 
steering, automatic transmission dundancies. It’s a suggestion Peugeot 504. ’ It is spacious 
or a five-speed gearbox: or a few people waiting for Rovers vL a f*u« 

SwerSSSd Sr .Soo-yould sympathise, with. SfJe lugg^ ^ bu^? 

which has five speeds as However, assii m i n g that some t hin V the^Rover has more 
standard. of the people who have Rover anDPa i aq a h rivers than a nas- 

When he would- take delivery 2300s on order will actually get sender's car ****! 

is another question. My local them soon, what kind of car will s 

Rover ' dealer In Kent (part of they find themselves driving? The driving position is admir- 
a large national group) has not If the automatic, power-steering able > with g°°d instrumenta- 
yet seen a 2300. When it was 2300 with tinted windows I have ^on, Push button switches and 
introduced at Motorfair last been driving for the past week warning lights for everything 
October, he was - told bis first is anything to go by, the answer “O® seat belts imaone to choke 
batch would come “in the New is an elegant,' wgll mannered oat - The heatiiig/ventila- 
Year."- He still doesn’t know hatchback with gobfi if not out- powerful, keeps the side 

when. A 2600 would be easier, standing performance and widows demisted and has the 
with delivery in 6-8 weeks if a reasonable fuel. economy. kind of controls you can under- 


BY BEN WRIGHT 

EASILY THE most pleasing 
aspect Of the tfrrtHing fi nish to 
the rain delayed Phoenix Open 
at sodden Phoenix Country Club 
last Monday, was that Arnold 
Palmer so nearly won it In 
fact viotoiy was in the palm of 
his hand but eventually it was 
his chipping rather than his 
perennially suspect putting that 
prevented him from recording 
his first victory on native soil 
since early 1973. 

But the manner of Palmer’s 
challenge gave an estimated 
following of 5,000 faithful foot 
soldiers so much more than 
just the fleeting glimpse of the 
charismatic general of old. The 
breath taking charge was there, 
in the shape of five consecutive 
birdies from the second bole 
onwards, which propelled 
Pakaer into a share of the lead 
with Jerry Tate the defending 
l champion. The agony of'frus- 
i tmtion which is no less 
dramatic to the onlooker*, 
eventually halted the charge. 
The army, who needed webbed 
feet on this occasion watched 
ag h ast as the general’s five 
birdie putts In the next six 
holes either slipped by - or. 
lipped out of the cup. Those 
putts varied In length now from 


18 feet to a', mere four at the 
12th. In between Palmer hk 
one of his very few poor._drives 
at the 11th, came up short of 
the green, and the firet of three 
weak chips cost him his first 
strike to par. I almost forgot 
to mention that the great man 
had missed another four foot 
birdie putt at the 'first hole. 

Even then Palmer still had a 
chance to set an unassailable 
early target Rut at the easy 
365-yard 16th hole he used his 
Z iron from the tee to the 
angle of the dog leg, just missed 
the green to the right with 
his 7 iron, and chipped only 
just over halfway from 20 feet 
thus dropping another shot A 
glorious 6 iron shot at the 
420-yard 17th bole set up his 
birdie from 4 feet Naturally 
enough Palmer gave his drive 
and second shot his &U, coining 
up only just short of the green 
over the paddy fields at the 
524-yard 18th. Blit again the 
chip was pathetically short and 
the last chance had gone. 

Ironically Palmer and I had 
chatted on television the after- 
noon previously, sifter the rain- 
storms had put play .out of the 
question. The 48-year-old re- 
ported that he bad committed 
to his heaviest playing schedule 


for a decade only because his 
improved putting had influenced 
him sincerely to believe he 
is on the veiy verge of another 
breakthrough. Chipping was 
not mentioned but as everyone 
knows it is the touch shots that 
are most seriously affected by 
the passing of the years. 

Nothing seems to affect the 
marvellous touch of the 
eventual winner, Miller Barber, 
however, who will be 47 years 
old bn March 31. He is not 
blessed as is Palmer with a 
God-like strength and physique. 
Barber’s swing, with its high 
flying right elbow, is possibly 
the weirdest on tour, although 
he is quite right when he re- 
minds me, sternly and fre- 
quently, that his position in the 
vital yard going through the 
ball is as constant as it is ortho- 
dox. Miller got round in a 
remarkable 65 sbpts on muddy 
Monday, holing a monstrous 50 
foot putt on the 18th green for 
a birdie when concentrating 
only on getting the ban close 
enough to avoid taking three 
putts. Playing in the third last 
group, he bad set the target 
that. Palmer had failed to 
achieve. Now only Lee. Trevino 
playing directly behind him, or 
Pate in the fihal trio could force 


The old 


buyer was not too fussy about Outwardly, there is nothing to 

cnlQur or specification, fFor a distinguish the 2300 or 2600 Rover 2000 was fi0 cramped 


3500 be is quoting eight months from the top of the line 3500 -, fr °v b * 

minimum and is now taking as except badging and wheel 


Tennis 


Places in the sun 


many cancellations as orders.) , design. Acceleration is 
It is a scandal and a tragedy adequate rather-than exhilarat- 
that these cars are only coming ing , fc ut the trimsmlssion is .St 2? 

off the assembly hue in penny super-smooth and will reach 40 

packets instead of the planned m D h in low and 70 mnh in “ 0I !® restricting than, say, an 

quantities that would have let middle if the accelerator is ^ ut * 1 1( *°* w * uc * 1 d0 ® ra t hav ® so 

.hern cut the .ground from SSL “nSS^ST le * J""" 1 - 0r 
beneath their imported rivals' reg ard for economy, I. obtained f glovebox. 

^ cet - 24:5 nips'. Top ; speed is around With its automatic transmis- 

The £30m. Solihull assembly 100 mph. v.- ' ■ sion, power steering and tinted 

Though the 2300 is consider- S lass . the car I drove would 

: — — ably lower geared than the V8 cost a total £5.919. The radio, 

„ . . engined 3500, it Is not mechanic- with twin speakers in the 

■dflTAD pane ally fussy on the motorway doors, is part of the standard 

niUlUR vwia though there is more wind noise package. That sort of money 

— (apparently from.' the door will buy quite a few executive 

mirror, radio aerial, and wiper cars like the Ford Granada 2.8, 
DAIMLER VANDEN PLAS arms) there should be. Renault SOTS or Audi 100 GLS. 

Ftb. 1977 12 Saloon The power assisted steering though not necessarily with 

(ClljDOQ) is light and direct and the Rover automatic- transmission. But the 

_ handles sensitively. It is an Rover, by any standards a 

SP" sSvTunl^LSi. S easy car to manoeuvre into con- desirable and enjoyable car to 
»ie«i by Henip of Chester. Only fined spaces prov iding you <*an drive, does have one special ad- 
i 3 r* 0 Sndi&ta? tTeert^SStoeS where you are .going. Like vantage. No-one will ever 
door locks, aerial, stereo radio, most wedge-shaped- cars, it has mistake it for anything but a 
KSrtJMT foVEa® «“ res # ted * the Rover. Now that even Ford 

on today’* prke. Excellent rwon high parcel shelf. At night, rain- people can mistake a Cortina 
for telling. drops on the sloping hatchback for a Granada, and an Opel 

h«m telephone; window make ifTpractically Rekord looks uncommonly like 

CHIRK 3472 opaque. If you waul to back up a Volvo from the front, that can 

• ~ a strange drive in the dark and be quite a plus. 


MOTOR CARS 

DAIMLER VANDEN PLAS 
Feb. 1977 A2 Saloon 
(ClljDOQ) 

Beautiful colour (Coral with black 
roof). Sdll under warranty, icr- 
viced by Henlys of Chester. Only 
13.000 mHes. ail the refinements of 
air condidoiilag, electric windows, 
door locks, aerial, stereo radio, 
speakers in every door. S years’ ruse, 
proof warranty. Saying over £2,000 
on today’s price. Excellent reason 
for telling. 

Heoe telephone; 

CHIRK 3472 


ENTERTAINMENT D «" 
GUIDE ^ 

Eras. 8.00, 

C.C. — These theatres accept certain credit 
cards by telephone or at tbc box office “ The NudJh 

OPERA A BALLET °SSLuL l 

COLISEUM. Credit . cards. 01-240 5258- 

Ratervationa qi-ftSS 3161. . 

ENGLISH NATIONAL OPERA P ‘ 

Tonfoftt and Thurs. non 7.30 ORPHEUS 
IN THE UNOLRWORLD. Tact. 5.00 and 
Fri. next 7 JO Riswletto. Wed. next 7 JO -JJ™ 
Carmen. 104 Balcony teats available 
day ot oerf. ... M 

COVENT GARDEN CC 240 1066 ■HaffJSfv 

TonlsM 8pm. Too* and Frl 7J0oni La PAUI - 

Fl He mat sardae. Men 7mn The Dream. 

A Montn In toe Country. ELte Sgnco- An erode a 

S Lions. Wed. 7wa end Hiei^7Jtopm orwhy.- G 
e Dream, -Monotones! TM Four oerferm var 
SM3DM. , sexual act.*’ 

THE ROYJM. OFBlk drink and 

Todav 2nm la fendulla del West. ^65 ■ . 

Aimmr scats for all peris on sale from FORTUNE. 83 

10 am on day of pert . • ... ! 

i _ _ - PavI 

SADLER’S WELLS "THEATRE, Rasc*mr AG 

Ave. ECi. 837 1672. Until Feb. 18. murdei 

COYLY dtRIt OPERA to GIRiert and 1 

SuHlvTiL EM. 7.30. MaL Sals. ZJO. — 

Today PATIENCE. Mon. T» GARRICK TH 

HJMJ. PINAFORE. Thurs. FH. and Sat. _£«. 8.0. Wn 
next lolantbe JILL M4 


DRURY LANE. 01-836 1306.. Every 
nipt* BJO sharp. Mtttoae- WfiK. *nd 
Sat. 3.00. -. . jr. 

__ , A CHORUS LII^E , • j 
** VOTCP BEST MUSIOMf OR--IV74.- 

DUCHESS. 636 8243. Men. to ptarsV 

DUKE OF YORK’S. GC 01-636 5122. 
MML-Sat. 8-00. Mao. Wad. 3.00 and 

sian 1 " Phillips 
. PAUL OANEMAN 

SPINE CHILLER 
Ikfceta from tl.BO-C3.SO 
InKant Credit Card Reaervadon 
Dinner and Ton-price Seat £7.80. 

ELL* et UIU_ CC. 01-437 2610. 


theatres 


,’llt’0 


wssai? ^^n^^twes 

AJUD RACY COA«OY." s. People. 

-jaras®s>. 

BOOKIN GS IN 01-836 7611. 

ALBERT. 836 SBTG. Cr«M ctod blc». 
836 3962. test. % Sat.). Mw.-Fll. 7AS. 

MIRACULOUS MUSICAL. FHi. Ttox*. 
OUVEM ‘ _ 

TO. 

SELF LUCKY TO. W ABLE TO SEC »T 
^•^•■nT^OUGH 1978. 

*rdyal° i shSc£^^ ‘company*^ 
repertoire 

■recht’p THE C OMMUN E 

“SO Good** Guardian. wMt c u— ra ve l 
THE WAY OP THE .WORLD toed. 
gj*«. from 24 J»«.) RSC also « THE 
warehouse {in under W) and et 
Piccadilly and SavgY Theatres, 

AMBASSADORS. , . ~ 01^636 WK 

— ** bSIgSk* 0 „ 

"Perfect. A eonO 0 T_ Wwi ma." E- FANBL 
yoident lichees £ 1 . 

e "*-S: 8 S: 

NOW. 


Walker's Court Brewer Street. W.l. 
Twee NiMrttv 8.1 s end 10.15 . 

. PAUL RAYMOND presents • 

.. PENETRATION . 

An erotic adventure In French poroo- 
onmy," Good-looking men and women 
errtonn vartous ocrmutatlons of the 
sexual act," Evening News, You may 
drtnfc and wnoke In the audhorfare. 

FORTUNE. 836 2238. Egs. 8. Thors. 3. 
_ Sat 5.0 and 8.0 
M oriel Pavlow a» MISS MARPLC In 
AGATHA CHRISTIE'S 
MURDER AT THE VICARAGE.. , 

• Third Great Year . 

GARRICK THEATRE.- 01-836 4601*. 
.Evs. 8-0. Wed. Mat 3.0 SaL 5.15 A 8.30 
JILL MARTIN. JULIA 5UTTON 
DAVID FIRTH and ROBIN RAY 
In die 

_ "BRILLIANT MUSICAL 
ENTERTAINMENT.” People 
- SIDE BY SIDE BY SONDHEIM 
“■GO TWICE." Morley. Punch. 
“GO THREE TIMES." S. Barnes. NVT 

GLOBE. «. 01-417 1 592. Eveslnu 8.15. 
.SMS. 6X1 and . BAD. MaL Wed. 3.0. 
AMANDA BARREL JOHN QUENTIN 
10 tha 5 ECONO YEAR Cd' - 
DONKEYS* YEARS 

bv Michael WLAYN 

THE BEST. COMEDY OF TME YEAR 
Last 5 weeks. Ends Feb.- 16. 


MERMAID. 248 7656. Rest. 248 2635. 
Mon—SaL 6-15. Mat. Wed. A Sat. 530 
DAVY JONES MICKY DOLENZ 
la HARRY NEILSON'S 
THE POINT 

“ A dozen delightful songs which Hnger 
In the memory." D. Express 
Stalls tickets £1.25- £3 JO Combined 

Dlftner.Theatce ticket £5.95. 

NATIONAL THEATRE. 928 2252. 

OUYTER (open stage): Most end next 
week. Today 2.30 A 7.30 Mon. 7 JO 
volponc by Ben Jonson. 

LYTTELTON (prOSCUMun stage* Today 
2 AS and 7.45. LASt Peris, of Robert 
fcHtV STA TE OF RE VOLUTION. Mon. 

COTTESLOE ismail aodftaiiaaO: Today 
Ham and 2pm Young People from 
Local Schools In BUT YOU’RE A 
WOMAN. TOOT B ROBERT LOWELL. 
AMERICAN POET (all seats £1.003 Mon 

Many < ex£*He«t’%wa» seats all 3 theaftjs 
dev of pert- Car park. Restaurant 928 
2033. Credit card Megs 928 3052. 

OLD VIC. _ _ 928 7616 

PROSPECT AT -THE OLD VIC 
Spring season Jl ru^lB^M OfCh 25. Id rep.: 

ALL FOR LOVE 
SAINT JOAN 

ANTONY AND CLEOPATRA 
Today HAMLET 7.30. 

. ALL FOR LOVE 2.30. 

Seats available. Tomorrow Jam rock 
concert SVZYGY 7 JO. 

PALACE. 01-437 6B34. 

Mon-Thor. 8.00. Frl.. Sat b 00 and 8.40 
JESUS' CHRIST SUPERSTAR 

PHOENIX. 01-836 8611. 

Evgs. BjQ. Mat. Wed: 3.0. SaL nerfs. 
4J0 and a.oo. 

KEITH PENELOPE 

.MICHELL KEITH 

NIGEL STOCK 

4 UNE JAGO ROY DOT RICE 

I ttw Ch theater Festival Theatre'* 
production at 


THE APPLE CART 
by Bernard Shaw 

’*Outstsndla8 revival, of buoyato Shaw." 
Dally lYfegraph. 

Directed by PAT RICK GARLAND 
-LAST 2 WEEKS 

PHOENIX. 01 *836 Mil. 

FrXnK* FINLA Y^ to 

Reduced price pre views from Feb. 15. 

PICCADILLY. 437 4606. Credit card Ms. 
.836 3962. (Ex. Sat.) Mon. to FrL 8.00. 
SaL 5.1 S. UQ. Wed. 3.00. 

LAST 2 WEEKS 

ROYAL SHAKESPEARE COMPANY to 
RAUCOUSLY FUNNY 
1 atfvcentury comedy 
WILD, OATS. 

Wild Oats Season Bnbhes Jau. 2 8^ Pete r 
NIcholT Award Winning Co medy 
PRIVATES ON PARADE perfs. from 
February 2. 

^^tTFrr^S^sSV ^ 

Dattv Trieoraoh. 

RICHARD 8ECK1NSALE 
hi 

| LOW «IY WIFE 

“HILAR tons COMEDY MISICAL.’’ Sun. 
Directed tor Gene Saks with , BeuntMol 
bwenttoo and wit P ,n WjSL 

. mtttusrssi .sii" T ““ 



HAYMARKET, 


01-930 9632. 


today 430 g-MJp 

- BLOOM ■■ MASSEY . 

MIOfASL ALDRIDGE In 
ROSMER5HOLM . 

MRBCTEP. BY - CLIFFORD WILLIAMS 

HAYMARKET. ~ ' 014Q0 983^ 

Preview Jan. 24 iCharityi and Jan. 23. 
Owras Jan. 26. 7.00. Sub*, evgs. a.oo. 
Mat. Wed- ZJO, Sat. 5.00 .end 8.151 
INGRID BERGMAN 
WENDY HILLER - 

- DEREK DORK FRANCE* : 

GODFREY HARE CUKA 

. WATERS DF THE MOON 
by N. C- Hunter. 

NOW BOOKING. 

HER MAJESTY’S. CC 01-030 6606. 
ML moo. Wed. ana SaL 300 <M 84XL 

LEE MONT^^UmOSAY. 
to IZReNCE RATTIGAN'S 




APOLLO. 01-437 2663. 

"OONAVO^tNOEN 
SHUT YOUR 

"WICkSolY FUNNY.” Thnes. 
-SPELLBINDING." -D- MU. 

^THEATgCi^ 01-636 2132. 

" KlUrtou* '.^-^pee’iL’’ Sunder Thne*. 
Monday to Thursday- 8.30. Friday and 
Laturttay at 7. 00 and 9.16. 

ASTORIA. Charles X Ro. 01-437-6239 or 
01-*3pi757 b? 01-734. 42 Si. Mearast 

Tub* TMtEnham Court Road. MM.-TftW*. 
a.oo, Friday and Saturday 6,00 and -3A3 
. THE STAgE^eCTACULftR 

TWteta £1 .SO-C5-SO. Instant -Credit Card 
RH. Eat in our fuily-Hcaosed Restamm 
or Buflet Bar lunchiune ana - betore .am 
pntr ahow-^w^iajl* In Rnw. 

"Wecttew. appeal I ns foot- stamp* ns and 
- heart Hiumelno.’ Otaerver. - - -- 
-ELVIS" 

“l mi absolutely cauflht up to to cmiried 

"Scwgering ijffrrtto’" Time*. 

“Performed wHh a vwve rare in British 
Rwucala. . The show literally had the 
fSf**F* uanemo In the . aides. This 
Uvte’ is marveHouA" 

CM *UID« I CC 014UB.6506. Map. to 
Ifcors. 3 .M. Fri_l 5*t.. Mi. &H 
IPl TOMB) 

PULSATING MUSICAL.” Eva. Nmvs. 
THIRD GREATYEAR 
Sau prkas UM awTiSM. 

Pinner and top-5rice teat £ 6.26 -toe. 

COMEDY. 01-630 .2576. . Tonight 8J. 
“*t serti. today 5.30 ud s jo. Tmr. 

HYWtLL BE ! Nr&rr d ln J SuMB - GRAY’S 
- OTHERWISE ENGAGED 
Directed Qy Harold Ptoter.- ■ 
5 ?*I5*«ON.~ "eel 01-930 -3246. 

i00 . 

xnpeeebie . . . a matte r.** Spa. Tuml 

to HXNT . . 

"HILARIOUSLY FUNNY." K- at World. 


CAUSE CKLEBRE - 

RATTKMUN REVEALS HIS MASTBRY." QUEEN'S THEATRE. _ 01-734 1166. 

-iT "A powerful drama." E.N. ”W.Y»ds Evas. W). Sat S.Oi 8 JO. Mat. Wed. i.0. 
JOHNS plays brilltonttv. ftr. MR G1 H N W FS S to 


FOR THE first time Buster 
Mottram. 22, has been placed 
No. 1 in the British rankings 
which were announced this 
week by the Lawn Tennis Asso- 
ciation. Two years ago Mottram . 
was ranked joint No. 1 with 
34-year-old Mark Cox. the 
Leicestershire left-hander who 
drops two places to No. 3 after 
a disappointing year that 
nevertheless left' him in 26th 
position In the Association of 
Tennis Professionals computer 
ranking list and 24th in the 
Grand Prix competition from 15 
tournaments — all of which 
earned him $70,441 in 1977. 

The 23-year-old Essex Davis 
Cup man John Lloyd moves up 
from three to two and there 
were many who thought he 
would achieve the top position 
after the spectacular finish to 
the 1977 season which earned 
him $58,676 and took him to 
three Grand Prix finals in Basle 
and Wembley where the world 
No. 1 Bjorn Borg twice beat 
him and in the Australian Open 
where he lost in five sets to the 

ST. MARTIN'S. CC. B36 1443. E*yS- LOO. 
MsL Toes. 2A5. Saturdays 5 IM 8. 
AGATHA CHRIS TIE'S 
THE MOUSETRAP • 
WORLD'S LONGE«T-EVER RUN. 
26Ui YEAR. 

TALK OF THE TOWN. CC. 734 5051. 
8.00. Dining. Dancing 9-30 Soper Revue. 
RAZZLE DAZZLE 
and at 11 PJn. 

BUDDY GRECO 

THEATRE UPSTAIRS. 730 2554. Em 7 JO 
Crucible Theatre. Sheffield, to 
SAYS I, SAYS HE 
bv Ron Hutchhaou. . 

VAUDEVILLE. 836 9988. Evas, at 8. 
Mats. Toes. 2.4S. Sacs. 5 end 6. . 
Dinah Sheridan. Dufde Gray. 
Eleanor Summerffeld. James Grout 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNNIT 
by AGATHA CHRISTIE 
" Re-enter Agatha with another wbo- 
dimnft lift. Agatha Christie Is stalk- 
ing the West End yet again wtth another 
■V ner hendlshto Ingenious murder 
m ysteries." Felix Barker. Ev. Newi. 

'r^OR«* PALACE. 01-834 1317. 

E«BS- 7.30. Mats. Wed. and Sat. ZJO. 
BASIL BRUSH'S NEW REVUE - 
BOOM! BOOM! BERT WEE DON 
BOBBY CRUSH AND STAR TO. 

" A trae family show." D. Tel. 
Last 2 weeks . 

WAREHOUSE. Donmer Theatre. 836 8608. 
Peyil Ai*kesp*efo ro< — i»n». T'-n't 8.00 
James Robson's FACTORY BIRDS "Takes 
oB llk « * nx fart." Time*. AR seats £1.30 
Ad*, bkgs. AJdwyCh. 

WEMBLEY EMPIRE POOL until Feb. 25. 
LAVISH ICE PANTOMIME 
HUMPTY OUMPTV 

"Sheer sparkling spectacle." D. Tel. 
Mon. to Frl. 7.4S. Mata. Wed-. Thurs. 

? ?' r,. 2 - J »"6 b. Chldn and 

Sector Cits, half p rice except Sat 2 and 
S- Pey at door* Eaoulriea 002 1234. 
Spacious car park. 

WESTMINSTER THEATRE CC 01-834 0283 
Evgs. BOO Mat Thors. 3.0. Sat 5.0 8 8.0. 
TiclKts £130 to £4.00. 

PAUL JONES In 
, . ^ DRAKE'S DREAM 

Greatest Musical Adventure. 

_ EYrltto g. Fto. Times. “ Many Merrv 
Retraha." E. News. “ Bouncing Vigour.’’ 

E. Standard. 

WINDMILL THEATRt. CC- 447 6312. 
Twice Ntohtfy at 8-00 and 10410. 
oppi SUNDAYS B OO and BtoD 
PAUL RAYMOND present s 
RIP OFF 

THE EROTIC FXPFRIENCE OF THE 
MODERN ERA 

“Talms to unprecedented ihnhs what b 
Permissible on pur stages." E*g. News. 
You may dr Ink and smoke to the 
Auditorium. 

V '" W W«A*£S. F3S 3028. Credit card 
5? ofcl “ B . 8 25 3692 (ex. Sat.). Mon.- 
Thors. 6. Fri. end Sat. 8.15 and 0-50. 

■YwTSSMPfcMl'JL-. ‘ 

_ _"r °on^ asss&— 

Soreffre cqwwdv on sex and rat Ip Ion." 
Daffy Tele gr a ph . 

MAKES YOU SHAKE WITH 
LAUGHT ER. w Guardian. 

YOUNG VIC <near Old VI cl 928 8303. 
Todvy at 3 Last oetf of 
CHARLEY'S AUNT 


world No. 5 Vitas Gerulaitis. world’s top ten and also the 
During these weeks Lloyd had triple Wimbledon champion 
two wins against Cox and beat John Newcombe. 

Brian Gottfried and Raul Although these individual 
Ramirez who are both in. the results were marginally better 


MALE. 

1 Buster Mottram (2) 

2 John Lloyd (3) 

3 Mark Cox (1) 

4 Richard Lewis (9) 

5 John Feaver (5) 

6 Robin DrysdaJe (7) 

■ 7 Roger Taylor (4) 

8 David Lloyd (6) 

9 Michael Wayman (12) 

10 Jonathan Smith (11) 

11 Rohan Seven (17) 

12 Andrew Jarrett (13) 

13 Tony Lloyd (16) 

14 Michael Appleton (— ) 

15 Christopher Bra drum 

16 Christopher Kaskow (- 

17 Nefl Rayner (— ) 

18 Martin Robinson (10) 

19 Jeremy Dfer ( — ) 

20 Nigel Sears (20) 

21 Robert Booth (— ) 

22 
23 

(Last year's 


FEMALE 
Virginia Wade (1) 

Sue Barker (2) 

Michele Tyler (4) 

Glynis Coles (3) 

Sne Mappin (8) 

Lindsey Beaven (6) 
Linda- Mottram (7) 
Jackie Fayter (5) 

Lesley Charles (9) 

Anne Hobbs (14) 
Corinne Holesworth (10) 
Jo Durie (13) 

Belinda Thompson (11# 
Cathy Drnry ( — ) 

( — ) Debbie Jevans ( — ) 

-) Kate Glancy ( — ) 
Annette Coe (15) 

Linda Geeves ( — ) 

Clare Harrison (20) 

Kate Brasher ( — ) 
Anthea Cooper (18) 
Debbie Morgan ( — ) 
Fiona Moffitt ( — ) 
pladngs in brackets) 


s a play off or deprive Barber 
1 of victory. 

He chose to lay up with his 
1 second shot, away from the pond 
: that stretches for 110 yards 
down the right of the 18th to- 
wards, and to the right of the 
green. But after his partner Jim 
Simons had taken his customary 
age to play to the green the 
visibly infuriated Trevino hur- 
ried his wedge shot and just 
missed the putting surface to 
the right. His customarily won- 
derful chip shot missed by a 
whisker and so it was now up 
to Pate to birdie the last hole 
to tie. . - 

Cricket: Report on the 
Karachi Test Page 8 

This immensely confident and 
brilliant 23-year-old also laid 
up, and then played a superb 
soft wedge shot, ten feet from 
the hole, Pate is so good under 
this kind of pressure I expected 
him to bole the putt almost 
as a formality. But the fierce 
grain rather than any visible 
break carried the ball fraction- 
ally to the right of the hole and 
victory went to the veteran — 
even if most people present un- 
kindly thought it was to the 
wrong one. 

The season here has started 


in quality than many of 
Mottram's victories the Surrey 
man had fewer losses against 
lesser players and there was a 
notable victory to his credit 
against the Grand Prix winner 
Guillermo Vilas earlier in the 
season. 

Mottram’s greater consistency 
can further be judged by the 
ATP rankings where be finished 
the year in 21st position to 
Lloyd’s 38 and by the Colgate 
Grand Prix points table where 
he was 14— eight places higher 
than Lloyd. 

Mottram. who earned $73,001 
last year remains a con- 
troversial figure in the British 
game. Since being dropped 
by national team manager Paul 
Hutchins from the Davis Cup 
team which played France in 
the summer of 1976 he has 
refused to represent his 
country. 

The rise of Richard Lewis, 
the 23-year-old Middlesex left- 
hander, from 9 to 4 recognises 
another season of steady pro- 
gress which included a sig- 
nificant victory over Aus- 
tralia’s Davis Cup hero Tony 
Roche in the Australian Open 
— his first win against a world- 
class player after several near 


interestingly, the new supe 
star of the decade Tom Watsor 
having won in Tucson, but th 
form of Trevino, fourth ther 
and tied for second in Phoenh 
has been a revelation that sug 
gests he is in for a moxnentou 
season. Pate, too, looked bette 
than ever, but that was jus 
what 1 wrote in these column 
after his Phoenix victory las 
year. I firmly believe- that o 
the bright young men fiockin? 
on to this tour, Pate’s is thi 
best method of all, not to speat 
of his temperament. His swing 
has firmed up considerably since 
his amateur days, and I am 
tempted to say that it is equal 
in power of the legendary Sam 
Snead combined with the fluid 
elegance of Gene Littier. 

While on the subject of 
classical swings. Ben Hogan was 
recently lured out of his self- 
imposed solitary retirement to 
make a television commercial 
for Legend Shafts and the equip- 
ment and golf balls that bear 
his name. Hogan is shown in 
slow motion hitting both iron 
and wooden dub shots of 
such staggering perfection and 
majesty that a locker-room full 
of this country’s leading players 
frequently fell silent over the 
week-end to gaze in awe at the 
commercial in question. 


misses. 

The decision to recognise 21 
men and 23 women is to be 
commended for many of the 
young professionals who are 
striving to make their marks 
in an increasingly competitive 
world sport appear for the 
first time and they will be 

encouraged to work even 
harder. 

Wimbledon champion Vir- 
ginia Wade remains at No. 1 
for the seventh year running 

but it is interesting that on 

the trial run by computer 

which it is intended to intro- 
duce next year. Sue Barker 
finished ahead of Bliss Wade 
by virtue of a fine start to last 
year in America where she 
twice beat Miss Wade and was 
rurmer-up to world champion 
Chris Evert in the Virginia 
Slims championships. 

That Michele Tyler and 
Glynis Coles have swapped 
places at 3 and 4 is no surprise 
for the Kent girl was more con- 
sistent throughout the year and 
rightly earned preference over 
Miss Coles for the third singles 
position in last December's 
Wightman Cup match. 


JOHN BARRETT 


How directors can get 
their companies to light tbs effects 
of inflation and taxation. 


HER MAJESTY’S. CC. 01-S3O 6606. 
. OpcolDp M arch 18 
BRUCE FORSYTH 

lx Leslie BrictmepwJ -Aot bo nyNesr lev's 
TRAVELLING MUSIC SHOW 
P rM ffw from March- 16. 

ICING'S ROAD THEATRE. 352 7588. 
Men .to Than. 0.0. FrL, Sat. 7.30. OJ5U. 
TH* ROCKY HORROR SHOW _■ - 
NOW IN' ITS 5th ROCKING YEAR 
LONDON PALLADIUM. CC. 437 7373. 
Evas. 7 JO. Mate. Weds, and Sate 2.45. 
L.M.TEDS^ONrerajtaSONL^ 

SALLY ANN HOWES 

nSflTWVTOiBlf 1 -. 

INSTANT CONFIRMED CREDIT CARD 

- BO OK INGS ON 01-734 6 9 61. 
LONDON "PALLADIUM. 01-437 7373. 

MARCH 2016 O WE WEEK ONLY 
Mill 

. .. GINGER ROGERS 

•and S rt c l al (tori IM ' 

DONALD O'CONNOR 

A GREAT EVENING'S ENTERTAINMENT 
WITH HOLLYWOOD'S FOREMOST 
MUSICAL COMEDY STARS 
BO OK NOW— Site £2-£S. "" 

LONDON PALLADIUM. CC. 01-437 7373. 

OPENING MAY 25 ■ 

l FOR A SUMMER SEASON 

the two Ronnies ... 
BOOK NOW Theatre end AserrtF. 


..roawKtz 


Kmre -and Players London critic? ***£dL 
“One at- aha matt actable thfauicjil 
event* m toil cooouY^tor aewxl many 
- Teetffi B. Leri a. S unday ITmea. 

RAYMOND RtVUEKAR- CC. 01-734 1593 
THE FLSTIYAL OF 

Fully AIR CONOmOMEO. You may 
drink end amoke In tfta amHtoriom- 

NDUNDHOU5C. 267-2564 


BRITISH PREMIERE OF 
• Victor Hobo’s l5 burOraVES, 
FTaiau te J by L* TMatn del Qaartlcrs 
■d’hmr. Mod. at 7 n.m. Subs. Eyes. 

■ uotH 28 Jeo. at B- 

ROYAL COURT. 730 17*85. Peers. ton*t 
and Mon. at B TVc at 7. Subs. 8 Sat. 
.r S and B_5D World P rem ie re et 
LAUGHTER 
by Peter Barn« 

See also Theatre Unstalw 

ROYALTY. CC. ■ 01-405 8004. 

Monday. Thursday Evenings 8.00. Fnav 
MO and 3-45. Saturday 3.00 and 8.00 
_ London's critics veto 
BUBBLING BROWN SUGAR 

■ .. Best muskal o! 1977 

TcL Mas, .accepted. Malor cretgt cards. 

•AVOY. CC.. 01-8 36 9668. EvenlW 6.0. 
Mate Tbm 3.00. SaL 5.00. &JQ. 
ROYAL SHAKESPEARE COMPANY 
RICHARD PASCO. SUSAN HAMPSHIRE. 
NICKY HENSON. JAMES C OSS! MS to 
Bernard Scowl MAN AND SUPERMAN. 
D*™«ed by CLIFFORD WK.LIAMS. “I 
mt to a ripad et |e» from beginning to 
.-Timas.. RSC also at AUwytb 
SjgPfc adWT theatres. Credit Card 
ttoWwt* accepted. Last * weeks. Season 
. .wiB-Ht. 11. 

«IAW. 01 -388 1 394. tm. 7.30. 

VTRAND. • 01-636 2660. . Evenings 8310. 
Mat, Ttou* g-C^SkWrdrteSJO A A3Q 

• , ' WR-RE BRITISH 

THE- WORLD'S GREATEST 
t LAUCkTER MAKER 


BURGRAVCS. 

-a des Qaartlcrs 

.m. Subs. Eves. 


LYRIC THEATRE. 01-437 5685. Evs. 8.0. 
Mats. Thurs. XJJ. Sacs. 5.0_and UO. 
JOAN PLOWRIGHT 
COLIN BLAKELY 
,nd Patricia Haves to 
FILDMENA 

by. Edaardo da Fincmo _ 

- 

YEARS." Sunday Timas. 
MAYFAIR. CC. . . " 629 3036. 

Opens Toe*- Feb. 1 at 7.0. 

. GORDON CHATER m 
. THE ELOCUTION OP - 
BENJAMIN FRANKLIN 

bv SWfe J. 3 Mars ' 

"Owragceuuv nuwy . Protoun** 

movtoe. ‘Varieiv. 

P r eviews from Feb. let. 


CINEMAS 

ABC 1*1 SHAFTESBURY AV. B36 8661. 
Sep- Peris. AU. SCATS BKULC. 
n_p« GAUNTLET OO. Wk. and San. 
2.00. 5.00. BJJO. Late show toenghr 
11 - 00 . 

2r ONE ON ONE CAJ. Wt and San. 
LOO. SJD. ua Late Mow tnt. 11.15. 

CAMDEN PLAZA oo«. Camden Town Tube, 
ues 2443. Tavlants* PADRE PADRONE 
Oil. Grand Prtae Cannes 77. **4Ui 

Month" 1JB. 6J>5 BJtS. 8JH). 

CLASSIC 7, 2. X 4, OWort^SC. (Don. 
Tottenham .Court Rd. Tube). 63S 0310. 

I. OM OHOK CAL Progs. 1.45. 3,55. 
B.0S. 8.15. Late show 11 p.m. genesis 
<U). WHITE ROCK fU>. 

2. THE HIDING PLACE LA). See. Paris. 

2.00. 5.00. BOO. La te show 11 pjrn. 
Elvis Presley SPEEDWAY CUl. 

Z. EAST OF ELEPHANT ROCK (AAL 
Pings. 155. 4.10. 6.25. 5-40. 70^5. 
4. WIZARDS (A). Prgs. 1.00. X00. 5.00. 
7JM. 92)0. . Late Mow every night 11 pjn. 

CURZON, Oman Street W.l. 409 3737. 
PARDON MON AFFAIRE OC1. (English 
ssb-tbieaJ “A SoarUlag New French 
Comedy.. Directed wtth flneu* by Yres 
Robert. “ Sander Express. Progs, at 2.00 
toot Stop. 4J15. 6.15 and 850. 

L E ICESTER SQUARE THEATRE. 930 S252 
star wars CUJ- Sen- Prom. dlv. 2.00 
5.15 8JS. Late Show Fri. end Sat 

II. 45 p^n. Seats bkble. tor 6.13 and 
8JI5 praps. SEATS STILL AVAILABLE 
FOR MANY PERFS. HURRYI 

OOEON LEICESTER SQUARE. H30 5111 
THE deep tAJ. Sep. progs, every da*. 
Seats mar be to rt ri . Doers ooen at 
i-20. 4J0. 74S. Late shows Frls. and 
Sate Doom 11,15. 

ODEOn 'maRBLE ARO<: i : 723 - 2o7l^2li 
AUDREY ROSE <AA>. Sep. press. Wks. 
2M. S-30. 8JO. San. 430 B.15 Late 
Show Fri. and Sat. 12,00 o.n. 

PRINCE CKARIES. L*»C. &4, 437 8181. 

iALON KITTY **1. Sep. perfs. Dfy fine 
. Son.) 2 45. 6.15. 9-00. Late show Fri. A 
Sac n.ss. Seats Mtoic. L teemed Bar. 
SCENE 1. Laic. So. (Wardanr SL| 438 
. 4470. A MDGS TOO PAR <*L PTOffi 
12.50. 4.10. 740. Late show Fri. A St. 

11.00. 


Legal ^.General Unit Assurance have 
a new Executive Investment Retirement 
Plan for senior executives and directors 
which can help fight die effects of 
inflation and taxationjmmediately. 

The Plan will give you a tax-free cash 
sum of up to 1 Vk times your final salary 
when you retire plus an annual income 
taxed as earned, income. 

The company can pay all the costs* 

All cpnttibutions can be made by the 
company and rate for full corporation, 
tax relief. 

Aman,^ 45, earning £12,000p.a. today 
could receive a tax free lump sum of 
£18,000 and an income of £6,000p.a. 
when he retires at 65.1f his earnings 
increase, the company can adjust die 
contributions in order to increase the 
benefits. 


Of course, the larger the contribution, 
the greater the benefits. And the size of 
die contributions can vary year by yean 
Independent Advice. 

Legal & General Unit Assurance has 
been set up solely to fight the effects of 
inflation and taxation. It s backed by all 
die expertise and experience of the 
£2,400 million Legal &. General Group, 
one of Britain's largest insurance 
companies. 

But rather than send us any money, 
we'd prefer if you speak to your 
insurance broker first. 

If you’re interested, send the coupon 
today. 

■Don’t delay, because there is some- 
thing you and your company can do to 
fight inflation and taxation. 

P-—-- 

■ Fm interested in the Legal &_ General Unit b 

S Assurance Executive Investment Retirement Plan. ! 
g Please send me more information without ■ 

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Unit Assurance 


(BLOCK CAPITALS PLEASE* 


J. Address : | 

■ EIR/FT /3 I 

! Tex Grahaml^sf, Saks Manager, Legal & General 
I UntAssuraiice, 52 Rdl Mall, London SWl Y5LE 


d * 






Financial Times Saturday January Sl ^TS 




£ boose 

md 

cruise 

I 

JY PAUL MARThN 

kB CRUISE market has re- 
gained relatively buoyant in 
scent years and, with a feeling 
tat we are now steering a 
aimer economic course, the 
ptions are all there for you 
a choose. There have, of course, 
I ways been the regulars who 
re never happier than when 
m boanfcship. They have done it 
o often tint they know the 
haracterisatics of each ship 
aid, after surviving that first 
'reathtaking glimpse of the Bay 
Jf Naples, they now no longer 
ven bother to go ashore. 

' The choice of a first cruise 
hay provide an introduction to 
r way of fife that will set your 
/oliday pattern .for years to 
nme. However, when you con- 
sider the almost endless perm il- 
lations — the straightforward sea 
Voyage from a UJC port, cruise- 
md-stay arrangements and fly- 
_ruises, picking up the ship in 
the Mediterranean or the Carib- 
bean — it really is worth dedd- 



The sign of the two zebras 


. .;f iiisi:;: - : ' 


P & O liner Canberra 





THE INVASION of Britain by 
continental menswear designers 
continues unabated and I, for 
one, welcome the competition. 
They tend to design complete 
looks which take the bother oat 
of hustling about frantically 
matching this up with that, or, 
more likely, nothing up with 
nothing. The ineffable relief of 
being able to rely on the taste 
of one shop is a joy and a boon 
for the man unsure of his own 
taste, harried by the taste of his 
wife, envious of the taste of 
his friends, and who wishes to 
be reassured that he is buying 
a -fashionable, co-ordinated look 
in these days when total effect 
is more important than the sum 
of the constituent parts. 

These thoughts are prompted 
by the recent arrival of a hew 
pressure you to attend the shop in Covent Garden* called 
lectures many excursions Les Deux Zebres at 38 Tavistock 
that are included. Flying out to Street It is run by two French 
Naples and picking up Uganda menswear designers, ' Marc 
there, a 13-day cruise on March Boyer and Pierre Coppini who 
1 includes Syracuse, Alexandria, not only set the style for their 
Haifa and HeraJdaon as -ports of shop hut also design wholesale 
caH before you return, from menswear ranges for their shop 
Venice to Gatwdcfc. Prices are and for »1« elsewhere. From 
from £371 per person. ?e »*® dE presently on sale at 

. _ . . , . . Les Deux Zebres. Fve put to- 




Norwegdan America 


gether two -looks as illustrated 


tag in advance whether you 
went to spend the majority of 
your time at sea or, as in the 
Aegean, hop from one entranc- 
ing island to another overnight 
*in the virtual certainty that your 
.'days will be filled with sunshine 
-and interest. 


\ ;> . -- - 

- - •«. " • . f ' - 


luxury liner Vistitfjord, which f_ both involving cord trousers. fflji W / - ^IfL "iM 

does some reiativedy long cruises a ^hirt and a sleeveless body Mill 'niff . ' 

in the Caribbean, damns justifi- war mer but each very different ffjN u/ II' h MM 

ably Cat these are “ exclusively jjj texture and sophistication. mj iSUMf ft <?■/ 

deluxe.” With departures on Winter woolies will be' in stock umlMff . IjfiJFuBr: . 

February 17 and March 17, a 31- until their forthcoming winter mjl-aff •••••■ W : $k$f w - 

day crime, flying out -to Miami sale which will clear ont clothes Im fFUlMMi 

and embarking at Pork Ever- to make way for the introduc- JKfiJJBh 

grades, takes you through the tion of the spring ranges from • 

.'days will be filled with sunshine Caribbean and on to Venezuela reliable names such as Mio-Mac, d HP 

■and interest. Fred. Olsen continues to P&O are a great English at a lowest price of £1 4fl0. Ventfler, Faconnable, Equip- > lC_ 1 

I have mixed feelings on the operate Blenheim on the regu- tradition and, operating an Nearer home and later in the ment, and some North American - 

isubject of the conventional and lar run from Milwall down to open-class system, fares are season, Vastafiard includes the ranges. ^ 

the fly-cruise. A self-confessed Madeira and the Canaries until graded according to the loca- PoJar Cirde, Iceland, and Spitz- The shop like so many of . Dnacm# tm Cdm Baker 

fh° U R „ SEn* a t° nl * ti0 “ °{ h your c * b “ L bergen on departures from New- the better menswear suppliers, a welcome from me at least, but; many and his behaviour every- I am told that an English 

^ l £- oys jb®.«nnpj*te run of the castle and Tilbury in July and could be called a "male bou- the British reception of foreign where.” Even Richard in translation of Les Deux Zebres 

Iwf 5 ^ 0I nii f0 L a i i° Ship 'i InC ^ enta o/ <* P&0 i IS ! Au 9«t- The lowest flare is tique" if the tenniiad not be- fads and fashions has not always snarled: “I cannot duck with means not a couple of camou- 

fhw davi reaches retumfnw hifme bi- sJ? “° .!f“ i ***£ 36 . lte “ s J at £635. co m e suspi do usly pejorative in been ecstatic. To Shakespeare, French nods and apish eour- flaged animals, but that the 

1 S,™? W 1|C a “ «r ritwJiiv thrnLh^a - ould els ® wh ® p ? mvolve Jp* QE2 has two cruises from her imptication. But a better equi- it was degrading that Eliza- tesy.” National chauvinism. In phrase is applied- to people — 

'wh^ft is id^bour Ind D^vidf lousW^Jm^av^f Bisc^Thp" pu ^ y01 ^ ha “ d m your P 0 ^ 1 - home port of Southampton, valent would be to call it a bethan youth should listen to: fashion at least, is not so ob- the -two buccaneers, the wild 

-■ the tie fl^oS of wuls^S d food y waT B superb 5 I m ? e ir° 1 cru . tsll ^ ma «; <: heading north on May 6 to male “Modom " shop — a place Report of fashion in proud vious in the case of latter-day boys (or the wide boys, perhaps, 

« ASini-croSe isa^iatiwiy th^rouehlv enioved three d davJ C ° m “ baC S ^ e “’ “ - lhB A € ? rtr Scandinavia and HoUand and where, if the stock suits your Italy Elizabethans: in any menswear in the aicest possible way). Cer- 

> ineTnPnrfvTWv nF it* h«* tS mSf eve ® ,Q «- Canberra or Onana visiting the Canary Islands and taste, you can return time and Whose manners still our tardy shop to-day it is more’ likely tainly the terms implies a cer- 

• whX^sTvour^of ££ SSteJta SoiT^STi ^ from aua5 ^ e Madeira on October 2. Prices time again and be sure that apish nation ^ than not that the coats are tain flair, dash, panache, and 

1 n r In. hiih W1 and crucses majestically down for both cruises start at £345. there will be something suitable Limps after in base imitation. Italian, the socks French, and style in behaviour and appcar- 

’with one taf the few f™ mini’ areavSSbl# toSS* Southampton Water. There are Among the least expensive buy and to wear chosen by And Portia derides the Eng- hats German. Underwear, of ance. In the fashion jungle, the 

miiJi still nnpratinp has re. here of Si pi r Wintpr reductions on some early season cruises, marketed by CTC, are buyers whose ideas coincide lish lord: “who bought his "course, may be British — Maries zebra sets his own style. 

i £35? sS. wmter Craise ^ t ( KL. ^ « NL ays6n 


departures and a 14-day cruise, those on Russian ships which, I w **b your own. 


■fare of £49.50 for the remainder If cruise fares seem high. Confu ’ Dubrovnik, in addition .tofly-ennse anrange- 

i of this month and early they always include a gw>d and QbraJ- meats o the Black Sea. indude 

: February for mini-cruises from many items that you would tar ^ 00 Apnl 16 - L^^L°„ yag ! May 29 from 

; Newcastle to ports in western normally pay as extras on a ^arts at £325. Southampton .to_ La Rochelle, 

: and sourthem Norway. Depart- holiday ashore. Forget all about company, running 5 antanqer and Jersey on the 

r ures are on Mondays and diets as you will be tempted the long-established BI Dis- Leomd Sobinov. The lowest 

: Thursdays. Meals, including the with food for at least sixteen covery Cruises, enables you to P™ 

I sumptuous Norwegian cold hours a day. Early morning tea, S«t the very most out of your W1 i? ® n °”®Fand. touet, is £1-0. 

table, are included and the elevenses, coffee after lunch holiday with a detailed intro- . i 10 ?*®® .^. 4 . aJ ™ 0St .. 1 ‘ nilt ; 

I .. r.... J.„ . rlunhinn hv a 4 a «ok ' e ® aQU, in addition to those I 


doublet in Italy his round hose and Spencer, of course, who seU 


Les Deux Zebres is assured of in France, his bbnnet ij Ger- to the world in Oxford Street 


IAN F1NLAYSON 


l three or four day trip offers a and dinner, afternoon tea and a duotion by a specialist to each T r'Jfr n u T on , 10 . 1 

! quick way of trying out your late night snack assure the well- port of caH. Although these are c« e 5iv. en 

sea legs. k-»— the addresses of. some other 


being of the inner person. 


educational cruises, no one wdU 


TRAVEL 


ST. ANDREWS 

Modernised cottages in secluded private estate, 1| miles beach 
and golf courses. Panoramic idews over St, Andrews’ Bay. 
Furnished to high standard and fully equipped including all 
linen. Vacancies all dates including open golf. 

Write for brochure to: Graigtoun Meadows, 9 Mount Melville. 
St. Andrews, Fife. 


Discover the Magic of Sardinia 

HOTELS. VILLAS. CAMPING & 
CARAVAN HOLIDAYS 
from £85 including direct Rights 
from Gicwtak. Free b'Bthiire from: 

Magic of Sardinia 

(Dept. FT). 1 90. Chiswick High Roid, 
Land an. W.4. Tel.: 01-994 7823/4. 
ATOL I014RD AfrTA 4J4<J5. 

Only the breathtaking 
countryside will 
tempt you outside. 

Sin h n Ilir lu.urt nl Thi- Murine 1 Mi-1. 
SnluNnhr, Soulli Itmmi. Ilalli. ihnn nr. 
Tartu i . phtmr.i iiIiibi IV In nrft 1 nnm. 
lUu vuhm — iluinmi iiumm nmtn. srn- 
tiHNl rrsluiiritnl hisilnl |«» U Rlnil 
|(V'.4-SH4| J2M 1rle\ 45 MS. ur « HIC IO 
.ft' 1 ' Mi l-.U. Anilm,. 


Scottish Highlands 

To Let 

Set in 1 1 seres of magnificent coorrtrjr 
on the shore of Loch Fyne. Arwll, 
chi* luxury home fully equipped it 
aesllsble to let (or shorter or longer 
periods. Accommodation for 14. four 
bathrooms, plus a separate Rat for 4. 
Central heating. Suff can be arranged. 
Amenities Include heated swimming 
pool, garan room, boating with 
private anchorage, loch and river fish- 
ing. hill walking. 

Apply: 

The Factor, Shancasde, 
MoniaWe, Dumfries, Scotland. 


ROMANTIC SECLUDED VALLEY with 
lake and woodland Holidays for B. 4 
and 2. Really comrortable, warm, 
beautifully furnished conversion In 



EDUCATIONAL 


MONTE ROSA INTERNATIONAL SGR00L 
LYCEE d’ARVEL 

CH-1B20 Montreux, Switzerland (Founded 1874) 
Co-Educational international Boarding and Day School 
Elementary, Junior and High School. 
University Prep. Oxford G.C.E- O and A level* 
College Boards AP/CLEP/ACT 
EFL (Cambridge/TOEFL) 

French. German, Spanish 
Summer Holiday language courses June-August 
For brochures write to the Headmaster, 

Monre Rosa Inti. School CH-1820 Montreux 


SPAIN 

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

There are also suggestion's for 
two and three centre holidays: 
a coach tour through Andalu- 
sia, and details of some of the 
best seaside hotels — the 
beautiful Hostal de la Gavina 
at S’Agaro, and the Gran 
Hotel at La 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 * JARVIS (Travel) LTD. 
i, Harriet Street. Belgravia, 
London. S.W.l. 

TeLi 01-235 4060 or M75 


SHALL- WORLD'S 
HOLIDAY GLOSSARY! « - 

Melie'ou: A strong wind which blows 
down the Aegean during July and 
August sod has ■ nasty habk of turn- 
ing the Cyclades into the Sea-Sicklades. 
That n why Small World's Aegean 
Cruising th» year is based an. 
RHODES whence our motor cruiser 
SmcJF World f sets off far informal 
cruising smongst the islands of the 
Dodecanese (5ymi. Tilat. Niiyros, Ko* 
etc.) and along the coast of Southern 
Turkey (Bed rum. Cnidus etc. some 
weeks, Harmaris. Kai. Antalya etc. 
other weeks). Two weeks from £339 
including full board, unlimited wine 
and return flights. Ideal for land- 
lubbers. 

CORFU whence two 4/5-berth yochti. 
.with or viuwvt skipptr. set off for 
voyages in the Ionian Sea — ch» islands 
of Paxos, Lvfkos. Iihalca and Cepha. 
Ionia and dur coast of Epiros — every 
fortnight. Two weeks from £170 in- 
cluding flights (no food, no shower 
and one shared loo). Ideal for yachts- 
men and would-be yachtsmen. Lots of 
other Ideas in our two brochures. 

SMALL WORLD 
& TRAVEL WORKSHOP. 

5 Garrick St.. London WC2E 9AZ 
ABTA AITO ATOL 4S9B. 

Tel: 01-240 3233 (cruises) ft 
01-836 7838 (yachting). 


“cruise companies which will 
gladly provide full information 
on request 

ADDRESSES: r . 

Costa Line Cruises Ltd* Iff, 
Maddox Street London WIR 
9PL 

CTC Lines, 1-3, Lower Regent 
Street London SW1Y 4NN . 
Canard Leisure, 8, Berkeley 
Street London W1X 6 NR * 
Fred. Olsen/Bergen . Line 
(North Sea and Canary Is- 
lands) 299, Regent .Street 
London WIR 8AP 
Keith Prowse Travel Ltd-, 74, 
Old Brompton Road, London 
SW7 3LH 

Norwegian America - Line, II, 
Quadrant' Arcade, Regent 
Street, London WIR 6EJ 
Faquef Cruises, c/o TJTA Ltd., 
177, Piccadilly, London WTV 
OLX 

P & O/BI Discovery Cruises, 
Beaufort House, St Botolph 
Street London EC3A TDK 
Royal Viking Line, Kayzer 
House, 2-4. St Mary Axe, 
London EC3A 8BP 
TAP,' Gill Ingham House, Gill- 
ingham Street London SW1V 
UW 


Yeut Week-end £ : Austria 28J0, 
Belgium fc3J)0. Prance 9JKL Italy LAW. 
Greece 74.00. Spain 15E25, Switzerland 
383, UJS. 3.93. Source: Thomas Cook. 


Dry and 
warm 


WINTER SEEMS to have 
struck pretty hard worldwide 
this year. From the fog and 
chill of -Europe to the tor-, 
rentfal rain in California 
nature Is drumming home the 
message that sometimes look- 
ing trendy comes a poor 
second to keeping warm and 
dry. 

A couple of nights ago I bad 
my own winter woollies really 
put to the test At two in 
the morning my hotel in 
Philadelphia caught fire. I 
was on the sixth floor, the fire 
on the fifth. Bnt it was no 
towering inferno. Alter a lot 
of smoke and a lot of noise 
it was all over. However,- I 
and several hundred others 
were rushed out of the build- 
ing into a Pennsylvania snow- 
storm and a temperature of 
14 degrees F. It was an hour 
before we ail nervously got 
back to bed. In future ! will 
read fire instructions more 
carefully. 

As far as 1 know, no one 
has designed a range of suits 
to escape from fires in, but 
this winter has seen an abun- 
dance of well-designed, com- 
fortable clothing, suitable for 
looking good under chilling 
circumstances. 

Tweeds, cords and heavy 



knits are in vpgne, and ail 
of them loose-fitting, easy- 
going items that are a pleasure 
to wear. The return of tweed 
to urban social respectability 
means that we' can stop pre- 
tending that lightweight suits 
are all you need in this cen- 
trally-heatcd world of ours. 

Two groups with wide 
coverage throughout Britain 
have some interesting offer- 
ings should you feel the need 
to rush out and get some 
warmer clothing. Hornes has 
a range of cord jackets and 
trousers which can be bought 
as suits or separately. If you 
are seeking the chunky look 
this is it, complete with 
button-down pockets (leather 
football buttons) and heavy- 
weight material. They come 
in a greyish-blue, grey or 
brown. The jackets cost £37.50 
and the trousers £16.00. 


Peter Brown is a chain that 
Is rapidly gaining a name for' 
thoughtful, ' medium-priced 
clothes which, are fashionable . 
without being outrageous. 
Illustrated Is a Harris tweed 
sports jacket in grey whieh is 
superbly comfortable and 
good-looking. When I tried it 
on, my wife made that classic 
double-edged comment: “ It's 
very slimming-" it costs 
£59.99. 

The Horne cord may be just 
a bit too relaxed for City 
work, but this certainly is not- 
the case with the other Peter 
Brown outfit illustrated. Again 
In Harris tweed, this three- 
piece. suit costs £105 from the 
group's main branches and is 
available in sizes 36-44 Inches 
chest. The Jachct is in sizes 
36-40 inches. 

ARTHUR SANDLES 



Drouffaiflff D« Jem Wheeler 


Gardening 


How to profit from burning 


"PLEASE TELL ME” writes is said that young bracken can a number of years that it phosphorous and notaah <*’c 

a reader “what I can do with yield as much as 50 per cent, become almost Impossible to these are the cfaemic^s^nnifori USt, “f pIan ^ sUtiial 'veiy 
wood ashes, of which I h.« a rivamn E the moet ex- grow anyftiog in them. in ^ when they 

considerable ,nan«y. Cut I KT J £ ’StaSTH The *. be learned compound fertilisera?Sie cZotfSSriZ SnttS^noSS 

use them safely in the garden frelh ; i, ifteW^ng ootsidj woo” emerge radtS'ed ^ by PtoduSg 

and, if so, how and where for long a great deal of the used iSrfiaWv nr S d ^!l g - ^ P®* fe ^ margins which are quite un- 

Tfae short answer is that wood potash will be washed out and shoilId ^ s ? 0 ?ed^n a to VS? LwSs Imen ^S^ *5*? S3 * top dreSsSjdg.df 


: a ne snon answer is that wood pouum wm oe wasneo out ana should be stored in a drv nlam alw»v« Wn u Z ^auuseauie. a top dressmg-ot 

ashes are a valuable source of the value of the ash will decline it is ^ apparent St P the v “*2 ^°° d ashes wtil 

rrtDrI . u unTC - on® of the three essen- steeply. are safer to inqu^titTon S 1 in about a year; but 

FOREIGN HOTELS tial plant foods most likely to The potash content of some soils that are adid than on soils wasted. ^ be too impatient sh&fr-'it 

^ b? in short supply in the soil wood ash, that obtained from that are alkaline, though I Nitrosen nhnoT*h«rft., B j *®“®* ■'ti ln e to rectify' a. 

**1 jwImmlng^DooL^Sriyv For many generations it was the burning sawdust, for example, would not stress this point too potihfnt^rart deficiency that has builtmfdver 

lhB 01 concentrated source can fall as low as 5 per cent., much since most gardeners on complicated ™ a t T C a ^ pcrl ° d - - •' 

■ f° ta ? h for f arden us ® untl1 * with 7 to 8 per cent as a fair alkaline soils have usually come other food v-lemero* rel?!*™? *>nnwoM W 

!^,S„ r S3h «^ikn, Just about the time Queen average for the fresh ash. hut to tprms with th.m ar _J®«d® l ® in e»«3 required, questiorL W 




mclodcd. For brsrlnnera, uilcrticdiale and gdvaawd. All aRM. 

Next available course start* January 3B0i. February 2«l». 19W, and all year. 

INSTm.1T DE FRANCAJS FTA-2L 
23 Are. Gen. Ledcrc, 06- VI lief ranch wur-Mer. Tel: (93)80.86.61 


sittuliOn with eveHlent snow condition! 


Taurlsr Victoria came to the throne 


„ ■ i*'-* wiauiv come orner toon c-ip'inpnta . 

Queen average for the fresh ash. but to terms with them, have and acute shortapp ft c r f <lUired ' 2P e ® tlor h how mogt- ftr uisO? 
hrone, if young prunings are burnt tfie accepted that there are some can nroduee Since the actual poCtash'dohteSt 


ART GALLERIES 





IUICM 


ncnriNE MACHINES 

HUGEDSCOUNIS J 


CLUBS 


Dcrore decldlne— nd tor 
our >t> FREE cai4iafUG Of 
ALL makes at new jiuf used 
offiee BMchlnn. Ovn in.ooo In itoek 
loo.ooo urilsfled eusinotm. Our prices 
canimt he ihvlleuccu— a heter huv from 


BENNETT TYPEWR(TERSirt2G^ 


CLASSIFIED 

ADVERTISEMENT 

RATES 

Sin ole 
Per Column 
Una na 
t £ 

Commercial 4 Industrial 
Property 4.50 14 K 

ReDdcnrlal Property ino a.« 

Appwnnneot* 4J0 14.00 

Bnslness it investment 
Oppominidec. Corporoflon 
Loans. Production 
Capacity. Business 

For Sate/Wanied 5.25 10.06 

Edncadon. Motors 
Contracts & Tenders, 

Personal. Gardening 423 13.00 

Hotels and Travel 2 . 7 S ' 10.00 

Book PubUsbers — 7.00 

Premium posftiain avaltabla 
(Mlnlmam sire 80 adman cm*.) 

{U0 per slnalc column cm. extra 
For farther derails urUc to: 

Classified Advertisement 
Manager, 



T-.r J II young prunings are mirni rae accepiea mat mere are some can produce soectamin,- actual ptrasn’orawwi 

natural deposits of potassium pot^ content can climb quite plants which they cannot grow often similar ”!?»?* °* the wo ®^ ashes by 

r discovered « steeply. without special precautions, and some dlse^ei But bSdlJ 8 fa 5° r of Xen > 

S with its mnre ca ^r w So one drawback of wood ash ? h av r e “«W those (and speaking, ntoogen ^howTlm “sweT -yet^J 

SSSiS SafSSiFS SHwirS 

sucl l 33 sulphate potash is present ^ potassium 1116 I,me lovers one doss phorous increases mot Pf r L wnt-. approxjmate^^Oe- 

with d 50 n ^S a ren O / noSh ebonite, an alkaline salt which pu _ sh . aikaiinity ment. particularly noticeabfem ^ ° f fiul Phateqf ^ash, 

and M " wiI1 increase the alkalinity (or ■«* P ?7.S. Cheap and the early stageTof growtii anS d J* apply five, tfe* a« 

availahiiitv" an A their conversely, reduce the acidity) l!?? 1 -i y K V sed f 01 ! tes t^5 kits are potash has its greatest effect in muc *i 85 wou W be use^'bl'that 

elntenL kn0W ri «hS of 015 Mil. This could be bad ® v f^ bl ®. which i will reveal in promoting fiSitfuSe^^nS p ? pular fertiliser. Ifthat«ems 

content, pushed wood ashes f lime-hating plants such as ? ulutcs tb e approximate rineniiur It fniinwe 311 ? like dodging the questtob the 
into the background. rhododendron® P ‘^iL“ f t ^ of ?»«“• ».»*“ *»bt SmSSBfShS! itby 

For wood ashes are largely some heathers, all of which lUliT * to make ^ Occa sional f or fmjts Q f average dressing . of ^ahIl*ats 

J np J?5 1Ctab e there ? th *j T ®- ln mod erately acid soils c the top fruits such as aMiS ** 1 02 per 

hardly ever enough to go round, and become severely chlorotic, Unbke animals, plants get a pears and plums C (3 ° per S q U *r* metre) 

How much potash any given with yellowing leaves and fail- great deal of their food from fruits such as OToseberri«vS ? Jf® et l ul valeiit : .v?bfld-.-,ash. 
sample contains depends a ing growth. In soils that are the air. What they require from currants, the cane fruitasfieh« ? resslng wul d be 

great deal on the material from neutral or alkaline. I have the soil are large quantities of raspberries. blackbSrif^ ^ uare **** < 150 ffl^iwes 'Jfer 

which it was made and the way known gardens, particularly water and very small quantities locanberrite alsn square metre). If the-. SOit-is 

the ash has been, stored. Con- those attached to large, well ° f a dozen or more inorganic but also for m>nc ^ ? ne that teetering on the 

trary to popular belief, it is not timbered estates where there chemicals. Most of .these are tomatoes, cucumbers borderline nf over. alksBnIty ft 

the hard wood that produces was a great deal of wood burn- usually present in sufficient auhereines woul d be wise to foltdw.Up the 

Financial Times, the best v £ ooc! ash# Soft b erb a* ing, that have become so aika- quantity. The three most likely beans all of which are application, two or three ^ Inonths 

to. CanSS Sfreet. EC4P 4BY. c ? ous refuse when burned Une due to the use of large to become deficient in heSiiJ ^ter, with a check on: pH: -' 



"j - . 









gives a much richer ash and it quantities of wood ashes over cropped ’soils are nitrogen^ noi ^wa^toink 0 ^? S«n ^ 


ARTHUR IiELLYER 


yy, VjS& 









Financial .'nines Saturday January 21,1978 


How to spend it 


:v > 






by Lucia van tier Post 




Piece 

prizes 


-o*.." ■■■ ■ 

v „ •• ■=•■" 

>' 1+ ■ 

v \ — • 


fcl V: 


■±-i» 


1 



THIS year for the first time 
thp luternational Furniture 
Show was held at the National 
Exhibition Centre In Birming- 
ham and a very fine setting for 
the furniture il turned oat to 
be. The Furniture Show, as 
some readers may know, is the . 
major exhibition at which 
trade and public may see the 
vast range of (mainly) middle- 
of-the-road Furniture that will 
later be in shops np and down 
the country. Everywhere else 
you see the retailer's edited 
version of maufacturera' 
products— at the exhibition 
you could have seen the full 
range of the exhibiting manu- 
facturers* designs. 

I was once again ashed to 
help judge the Showpiece of 
the Year awards and a won- 
derfully Interesting exercise it 
always turns out to be. One 
can never fully explain why it 
is that one year- most manu- 
facturers seem to have -gone a 
bundle on bedding, another 
year on cabinet furniture anjl 
yet another year, like this one," 
on seating units. 

There were more entries for 
the annual awards than ever 
before with about 50 per eent. ' 
more manufacturers competing 
iban In. any previous year. I 
felt that ail the prize winners 
were very worthy winners, 
each 'of them had somaViing 
special to recommend it — 
whether it was practicality, 
workmanship, value lor money 
or design — but I regretted the 
lack or any designs quite -as 
distinctive as, for Instance, 
McIntosh's Cranston Collection 
from last year. 

In all, the new venue al 
Birmingham seems to be 
accounted a big success and It 
certainly is a splendid site, 
made very easy to visit by the 
ease of the rail, journey and 
the fact that the platform of 
the station leads directly into 
the exhibition halls. 

From the manufacturers? 
point of view it was a success, 
too. McIntosh, for instance, did 
in one day the sort of business 
that they did at the whole of 
last year’s show, while 
William Tillman (who, for the 
third year running, has won 
an award for one of his 
impeccably-made reproduction - 




pieces) also did more business 
In- the first day and a half lb on 
he did-. In the whole of last 
year's show. 

Though all . the award 
winners may not he stunningly 
original or exciting most of 
' them are easy .to live with,' 
reasonably ■ priced and 
-eminently practical. Certainly 
British furniture. In particular 
our reproduction furniture and 
upholstery, is much appre- 
ciated abroad and this is 
. reflected in the spectacular 
growth of exports in the 

- Industry. 

The rate of increase of ex- 
ports is running way ahead of 
inflation in that for the past* 
eight years It has been about 
35 per cent, per year. Last 
year there was a fantastic 50 
per cent increase. 

When the British Furniture 
Manufacturers got together 
some nine years ago to pro- 
mote exports jointly the 
exports for a whole year were 

- running at the sort of figure 

that is now achieved in one 
-month. ■ 

Fortunately for the country 
as a whole the gap between 
Imports and exports is widen- 
ing considerably as well so that 
in the first 11 months of last 
year there was a £60m. surplus 
of exports over- imports. 

It’s no secret, however, that 
home sales' have been some- 
what disappointing over the 
past few years and it is only 
very recently that manufac- 
turers and retailers have been 
able to feel that at last the 
domestic market is picking up. 
Borne sales were 'the . great 
success of the exhibition and 
it seems that very good winter 
sales have meant that many 
retailers needed to restock 
'their showrooms. -• 

For those who were unable 
to. get along to. the show and 
want to know wtuit sort of 
things are in store for the 
coming year. I’ve selected some 
of the award winners to 
feature, as well . ay, one out- 
standing new design (the 
Scaleo ladder) whie&.for some 
inexplicable reason, didn't 
enter for the awarjP-bnt was 
nevertheless exhibited at (he 
show. "£• 



1 WAS particularly pleased 
to see Bauxs Heeley Plastics of 
Roys ton, Herts, win a prize 
as they have been producing 
interesting furniture for a very 
long time and the collection of 
table bases and circular tops 
not only looks very good indeed 
but is relatively inexpensive. 
The table-bases are therrao- 
mbulded from sheets of Perspex 
acrylic which may either be 
opal or. a transparent smokey 
brown. The same principle is 
used to produce both the 
dining-table and the coffee 


table — only the measurements 
vary, from 75 ems high for tbe 


glass or marble and are held 
in position by rubber pads, 
are 150 ems in diameter for 
the dining-table and 100 ems for 
the coffee table.. 

For those who are interested 
in buying the table the dining 
version costs £215, the coffee 
table £78 in glass. For marble 
add on another 20 per cent 
Head's of 196, Tottenham Court 
Road, London, W _1 will have 
it in mid-February but write to 


dining-table down to 40 ems high Banks Heeley for local outlets, 
for the coffee version. at 33-35. Brook Road, 

The table-tops, which may be in Bassingbourn, Royston, Herts. 



JUDGING by the entries for the 
Showpiece of the Year award 
the exhibition itself must have 
been awash with seating units of 
every shape and description. We 
saw them stuffed with poly- 
urethane, some rigid, some soft 
some so large I disappeared 
right into them, some so un- 
comfortable I Wondered whether 
anybody in the factory had ever 
sat on them and some so in- 
genious it made you think the 
designer bad been set a 
“flummox them ” design brief. 

Though much of tbe seating 


was very beguiling (and I par- 
ticularly went for Collins and 
Hayes range of upholstered 
furniture which offered a large 
number of alternative loose 
covers) in the end we chose to 
give the award to Togo seating 
for its up-to-date air (it looks 
and is comfortable, elegant yet 
informal) and its good price. 

The units have a foam core 
and are covered with a soft 
cover padded with Dacron. I 
liked the ribbed effect, achieved 
by stitching and buttoning and 
I liked the flexibility of the 
units themselves — single-seaters, 
two-seaters, three-seaters and 


corner units can be selected and 
used to suit almost any room. 

- The prices seemed to us very 
reasonable for the quality — a 
single-seater is about £117, a two- 
seater about £165, a three-seater 
about £225 while a corner unit 
is about £180. There’s a big 
choice of covering fabric — velvet 
linen, tweed or hide may be used. 

Made by Roset SA of Mon- 
tegnieu. France the seating is 
imported by John Higbam, 
Halcyon House, Church Lane, 
Great Missenden, Bucks., to 
whom you should write for local 
stockists. It is also on show in 
the hew Roset studio at Heal's. 



////, 


sir? 


.THE JUDGES were all unani- 
mous In liking this chair from 
. ■ the Danish firm of Falster Form 
—even those who had previously 
shown a greater inclination 
towards the strictly traditional 
were impressed by the simplicity 
of the idea, the fine finish of 
the wood and the practicality of 
vjj ihe design. Our verdict was 
'feTurther endorsed by the trade 
•who went on. to order some 
12.000 chairs in the first 36 
lours after the exhibition 
opened. 

The chair is obviously 
resigned for occasional use (not 
lor slumplog nightly in front of 
Ihe television set) and It Is made 
from two pieces of curved wood 
which lock together very simply 
tod very firmly with no screws 



S VERY eighteenth-century 
gentleman had his library and 
*hat he then needed, of course. 
* as a set of library steps to 
telp him reach the upper-most 
.shelves. Eighteenth-century cabL 


or glue. To dismantle the chair 
for easy storage you simply 
separate the two pieces of wood, 
which then take ' up so little 
space they can be stored behind 
a door or in a cupboard. 

I liked the chair best in the 
stained rosewood finish (this 
seemed to give it a great distinc- 
tion), but there is a natural 
beech finish as well. In ^all it 
measures 54 cm in width. 74 cm 
in depth and is 79 cm high. 

Though it is unnphoistered it 
Is surprisingly comfortable 
because tbe wood supports tbe 
back in just tbe right way. 

The suggested retail price w 
£35 and for local stockists yon 
should write to : Michael Carr- 
Jones, Allard House, Verney 
Road, London S.E.16. 


net-makers were very ingenious 
at providing answers to (he prob- 
lem — most people have seen the 
semi-circular steps attached to 
a central pole which comprise 
the usual library steps but even 
neater were the steps that were 
contained within what looked 
like a slim pole which opened out 
to reveal a ladder structure of. 
great strength and flexibility. 

A modern ingenious "design, is 
shown photographed on the left. 
Made from moulded ANS plastic 
and duraluminium, when not 
in use this ladder folds away. 
Hat like a hook. It rejoices in 
the name of Scaleo, weighs just, 
over 131bs and the steps may.be 
in cither red or white while the 
frame is of duraluminium. We 
show the steps ready for use but 
when you want to fold it away 
the supporting struts fit Into 
grooves behind the steps and 
then the entire ladder can be 
folded in half vertically to occupy 
a space of 20 eta in width, 132 cm 
in height and 8 cm in depth. 

The ladder Is currently on 
show at the Museum of Modern 
Art In New York and it is being 
Imported from the Italian firm' ef 
VeJca by Victor R. Mann. Unit 
3: Mitcham Industrial Estate. 85 
Streatbaxn Road. - Mitcham. 
Surrey. 

The ladder sells for abom £56 
and is on sale at Forma. Interiors. 
149 Upper Richmond Road, Lon- 
don SW15 For other stockists 
write lo Victor. -R. Mann at the 
above address. . 




vtiti S rf 


FOR. SOME reason tbe nomina- 
tion of Slumberiand’s Carousel 
bed seemed, to arouse much dis- 
sension among the judges. I was 
one of those firmly in its favour, 
•simply because bavins once had 
to try and furnish a minute 
room for a child I could see at 
once how a bed like this would 
have solved many of our prob- 
lems. The drawers under the 
bed are particularly nice and 


easy to use in that they run 
very smoothly, and the addition 
of the shelves at the foot of 
tbe bed gives room for books or 
other toys as well. 

Though I didn't much care for 
the choice of fabric on tbe head- 
rest and footboard, it Is easily 
removable and therefore, very 
easily replaced. Though it 
wouldn’t be easy to make up a 
conventional bed oo this type of 


base, if made with a fitted 
bottom sheet and a duvet it 
would pose no difficulty at all. 

Clearly this isn’t the bed for 
everybody, but I. do see it as 
being useful to many people. It 
comes in a single size only, 
measures 216 cm by 95 cm and 
sells for about £139 (the drawers 
are about £10 extra each). At 
the moment it ean be ordered 
through most Slumberland 
stockists. • 


' ,-r. 



I GANT think of many 
employers who . would -be pre- 
pared lo provide their staff with 
a desk as magnificent as this but 
it . certainly would be the 
supreme status symbol for the. 
succesful executive who'd made 
ii.to the very top. Not- only is 
It marvellous to look a. (the dark 
solid .rosewood gives it great 
elegance) but it Is eminently 
practical as wen. There are three 
lockable drawers just below the 
working top while on the left 


there is a three-drawer cabinet 
and on the right is a drawer for 
files. 

This Is one of two Danish 
designs to win an award (the 
other being the slot-together 
wooden chairs) and though its 
origin is fairly apparent it has a 
generosity of line, an amplitude 
about it that T don’t always asso- 
ciate with Danish design. You 
can gauge something of its pro- 
portions from the measurements 
— 210 ems by 95 ems by 72 ems. 

Though the price sounds very 


high (£1,465) it is .made from 
solid wood, either rosewood or 
Stained black ash. which is a 
great rarity in these days of 
veneers. 

Designed by John Watersen 
for the Danish firm of Dyrlund- 
Smtth it is imported by Turber- 
ville Smith and Son and Is aimed 
principally at ’ the contract 
market. Any reader Interested 
in it should contact TurbervUle 
Smith (In whose showrooms the 
desk will he displayed) at 16 Hay 
Hill, London, W1 


mmm 

Wool makes its 
mark 

A STUNNING new knitting book comes out this 
week. I'm not usually much inspired by 
knitting patterns as they are usually for that 
sort of serviceable garment that one can buy 
so easily and inexpensively in most of our good 
chain stores. However, knitwear has now 
become such an important part of the fashion 
scene and the garments that are in fashion have 
become so highly priced (Italian and Frencb 
knitwear with the really up-to-date look have 
price tags that seldom drop below £20. 
frequently are around the £40 mark and 
occasionally go up to £100) that a knitting book 
of really -up-to-date designs must be a good 
investment for those of you who can and do 
knit 

Many of you may have noticed that rather 
fragile, lacey-looking knitwear is back in 
fashion but most ordinary knitting patterns do 
not reflect this. It is also difficult to find 
patterns .of really attractive jackets and coats. 
The new booklet. Knit One in Wool, produced 
by the International Wool Secretariat and the 
13 spinners who make up the British Hand 
Knitting Association, puts all this right 
There are 44 knitting patterns and nearly all 
of them are, I think, lovely. There are some 
of tbe lacey-looking sweaters and cardigans. 
There’s a Fair-Isle V-neck sleeveless sweater 
for men (which is, of course, just the sort 
that many women would love to have but which 
Is very, very expensive in the shops). 

I particularly like this hooded long jacket — 
the International Wool Secretariat had it 
knitted up in a lovely speckly soft greyish-blue 
colour in which it looks marvellous. There's 


Sew simple 


FOR THOSE who prefer to sew, or have to sew 
because it’s the best and cheapest way to clothe 
their children, the BBC is launching a new 
series called Children’s Wardrobe, designed to 
show viewers just bow to set about making 
children’s clothes themselves. To go with the 
series there is an excellent book called simply 
Children’s" Wardrobe, which may be bought 
direct from BBC Publications for £4.50. 

The book itself has considerable validity all 
on its own. It has been written and edited by 
Ann Ladbury, and has beautifully clear and 
simple nhotograpbs and sketches (the sketch of 
the duffle coat, right, is typical). Included in 
a flap at the end are patterns for all 39 designs. 
Sally Tuffin, a very good and well-known dress 
designer, has been responsible for all the 
designs, which vary from the immensely 
practical (like tbe pretty quilted dressing gown 
and duffle coat) to the trendy (like the quilted 
Chinese-style jacket and flowered tif-red pinafore 
and matching blouse). Though tbe book is 
worth buying on its own merits, if I were going . 
to be at home for the ten programmes, which 
are on Mondays on BBC 2 at 19.05, starting 
from February 13. 1 would certainly watch them 
as welL 





a very fashionable long-line sweater (the sort 
that, on the very young, can be worn with thick 
tights and turned into a dress) as well as some 
nice tirick-knit cover-up sweaters 

The photographs, incidentally, are lovely and 
were taken by Brian Duffy. 

All the designs are by Erika Harrison, all 
are in pure new wool or wool nch yarns and 
some are in the machine-washable wool. Super- 
wash. 

The book sells for 75p and can be found 
in hand knitting yarn shops and department 
stores now. If you have trouble finding it you 
can buy it direct from: International Wool 
Secretariat Wool House. Carlton Gardens, 
London, S.W.l. Send 97p which is the 
purchase price of 75p, plus 22p p. & p. 



Long life bulbs 

MOST people by now know that 
British Home Stores is an excel- 
lent source of well-designed, 
good-looking lighting. In the 
current furore over the unwill- 
ingness of many retailers to 
stock Double Life Light Bulbs it 
hasn't always emerged that the 
BHS chain is a good place to 
find them. The chain consists of 
103 shops, all of which Bell these 
bulbs. Tbey are available in 40 
watts,' 60 watts and 106 watts and 
in packs containing three bulbs 
of the same wattage.- Each -pack 
costs 54p or you can buy tbe 
bulbs singly at 19p each. They 
also stock 150 watt bulbs but 
these are 23p. each. . 


Freezer alarm 

IT WAS over Christmas when 
my freezer was so full that I 
couldn’t have found room for 
another packet of emergency 
supplies that I first began to 
worry about what 1 would do If 
anything went wrong with tbe 
freezer. Not only did I have a 


whole succession of events to 
cater for but friends and rela- 
tions were homing in on us from 
South Africa, Northumberland, 
Berkshire and London. 

I couldn’t see any way of cop- 
ing with such a disaster, except 
to retire to my bed. in the event 
nothing did happen to the 
freezer and it is now consider- 
ably depleted. However worry- 
ing about it was sufficient to 
make me realise that all freezer 
owners should (a) take out some 
kind of insurance policy and (b) 
have a device which warns them 
if there is something wrong. 

Yale Security Products have 
just brought out a freezer alarm 
which becomes activated if the 
temperature rises above minus 
10 degrees C (14 F). It is a 
smallish- gadget, operated by 
batteries which you fix to the 
outside of your freezer It uses 
a PP3 battery which should last 
for at least six months. If the 
temperature rises above minus 
10 degrees an alarm begins to 
sound at which point you either 
beg some space in a neighbour’s 
deep-freezer or persuade a will- 
ing, electrician to come and deal 
with the problem. 

It costs £10 and can be bought 


from hardware shops and large 
department stores. If you have 
trouble finding it, you can get 
your nearest stockist from Yale 
Security Products. Wood Street, 
Willenball. West Midlands. 


AUGUSTUS 

BARNETT 

QprojiNE&siirarsKE 

GIANT 
HJBLE { P« 
BOTTLE VIC 
MAGNUM 
SIZE 









. Financial Times Saturday J^uaryx2^^»® ; . 



Catching the 
habit 


pY JOE RENNiSON 

i ■ 

*IF YOU ARE, as I am^a married than that a Sole Hale would 
Jhouse-owner but still a devout choose— and naturally the Sole 
tend unashamed male chauvinist Male would choose one more 


pig— or if you are thinking of 


expensive than the Sole Female 



EWE* and she would of course p ly 
Jnd buying . hoj^fur hefrt 

fSS M. « H gS 

iBuUdiug Society £ner this 2^"" » 

\ It is stm-as the good Lord * 1 have . my J 00 ?** 4 ? u ow 
always intended it — a man’s ? sures by the 
r world. It is nice to know that h0 , uae P nc f b . ased . on T the actual 

SSH& 5 

: r w e . be sna a s ^ s 

t recognised by A RiTTr.DiNr, represent the amount of 

SOCIETY, one of the chief mJLS ' a mony ? pe °P Ie ^ye to Joint Others was rather practical advantages of the 

j props of the conspicuous con- tn iwSSSS k resemWe the ideal married glossed over with arguments “semi’' clearly retain appeal 

■ sumer society? Kmld suSest ateTnS couple who feature in so many that there could be two or more for many who have already 

• The Abbey decided to pro- telly adds to take the greatest ,n tte ““tract so there was no experienced home ownership. 

; duce a publication showing the ** J® advantaee or the houslAp way o£ mafan S ““y detailed As far as the housing market 

house price averages over the Jg* *»“ £ m 3' 01 h0USmg analysis. Groupie mortgages, in general goes, the opinion is 

J country and who was buying If such a feelinR eot throueh nevertheIesB > are obviously con- that “The present active mar- 

titoX“lol to »' “= « & to VeTop'uSMS 

ST SrJSTSi ?Tt£; 52s* «■*■? * s.” 1 ? SLffls: Sp. 


i p^-asThVirTo^r 2E SS.’S'^W^SSf wbLliluTdoS £S& ~ S 

i "Sf" 0f a «eady flow of mortgage funds - 

- 33 a whole by the male popu- . * _»_ n. In wait in dark hHpw for . Sniff compilors of such a price n mneidar a arirla tariffv 


the ket will continue well into 1978. 
All types of house will be in 
cynical demand. Building societies’ 


the male. Or do females always in ™ l “ dark alleys for Sole ^dtartwr Tf-iT, 1,/^ and to consider a wide variety 
tot i. so much Males, and .drag tom. off «o to Jg-J - types of property. 

■me joint - - ■ a notable feature will be the 


lation, it could lead to nasty . . 

f seenp . nntcirlff mnnv an Ahhev Want a hOUSe tuai IS SO mucn **““ «““&*■ 

i office outslde many “ Abtxy smaller and therefore cheaper ? “™t church. 


Two very attractive properties on offer this 

week through the same agent It would be 
lord to make a -choice between them. 
SavflTs London Office is selling Whitmoor 
House, near Werplesdon, Surrey (above). 

Accommodation consists of five recep- 
tion rooms, kitchen, six-main bedrooms, five 
secondary bedrooms, two guest bedroms, sir 
bathrooms (three en-suite) and with oil-fired 
central heating. 

' One of the features the house has to 
offer Is a magnificent indoor heated swim- 
ming pool. The estate also includes a 
cottage, lodge and buhgalow, garaging 'for 
six and a delightful old Tudor falconry ideal 
for conversion (subject to planning permis- 
sion!. The gardens extend to about 3 § acres 
Which are informally laid out, with a strip 
of woodland providing protection from the 
south, 'and there is also a tennls lawn and 


walled vegetable garden. The figure antici- 
pated is In excess of £200,000. . 

Savllls Norwich office have on offer King Row 
Farm, Shipdown, Norfolk (left). The old 
farmhouse with its exposed beams Is fully 
modernised, with double-glazing and oil- , 
fired central heating, and was redecorated In 
1977. The farmhouse Is set In nuspoilt 
countryside, surrounded by agricultural land. 
The accommodation comprises;, three recep- 
tion rooms, kitchen, pantry, two store rooms 
games room, cloakroom, five bedrooms, 
shwer room, bathroom box office, range of 
farm buildings, hard tennis court, pond, 
garden and grounds extending to just under ' 
two acres. The gardens are attractively - 
laid out with extensive lawns, separate 
orchard and vegetable garden. Savllls are 
asking for a figure of £35,000 for this attrac* 
tive property, which is also licensed . as 
breeding kennels. 


^" e Abbey has broken down JJJStiSst'iSra SnSe SmSS situations such as the following: “ a n a £Ms— ^ which taken all urban and especially the inner building societies all concen- inner cities, the “best buys” impact of higher fares will also 
fbuj^cI^e^ofdtoen^^UM^e were var7 much discriminated JOl: “ Tm leaving you to climb t ° 8® a>er result in the kind of urban areas. With the Govern- trating- on the restoration and and the highest potential price encourage the move back to 


aSZmET ^ against in building society lend- the Abbey social ladder.” . 

t£J2£™ bb , er ^Sea STS« 3 d it SlSdSl hiss JO “ You traitor. But I trill “ope 

ClSS 2^SrSrie, du^fsole ta ™ “« Wl 1»ite tod out » tell you something I’ve been . In i 


pattern I have suggested. 

I am proved wrong. 

.tw * tell you something I’ve been • In this first edition of Homes 

a The same goes for the . gap wanting to Say for a long tinfe. —People, Prices and Places , the 

Ahkff? (proportionally larger) between rm with the Woolwich." Abbey does a breakdown of the 

roor* vJtoftoe m m«o“ »*■« ™ Sfd ^ to So J-0,1: “Aaoairrgghhh ” (dios) Wnd of peoplo^buytoe oortum 
late on wh^tJS ^ woman ^ the Joint Others. Thw® can. of course, be types of property. The trends 

You i Tahlff ^ lc b * that lie joint incomes explanations for the are interring.. The buying 

that the U Drire SS^hmlSla *** Iess ^ a ““S 1 ® woman or *S ey . fi « ures ^ ** ind ®® d me h ^ ° f firsttune ^evs and 

vT 31 o£ . e h°uses or the total income of a Abbey is anxious to point out. existing owner-occupiers are m 

boiwjht by the four categones go “3^" man wife worSnl It Is argu^, for instance, that marked contrast. First-time 

° rder ' ^5* p0 ? r wife ? Could it be that the marriefi couples will on average buyers account for 77 per cent. 

artsiSw ssm « SSu ** • «- , of flao , ^ 71 ptr V ° f 

01 ^ 5iatus symooi. tQ le3d to j e wh(J faave not m nre expensive home than terraced houses, owner-occupiers 
Now it could be true that a anally tied themselves those other categories. This is account for 63 per cent of 
married couple always choose a together— for this joint venture a fair Point and probably bungalows and 79 per cent of 

house that is more expensive —through the bond of matri- accounts for this price dif- detached houses. Semi-detached 

ference. houses, however, are in almost 

As far as the singles are con- exactly equal demand from the 

cerned. Abbey argue that there two sectors. 51 per cent, of 

is still no such thing as them go to first-time buyers and 

equality of incomes between 49 per cent to existing owner- 

the average male and female, occupiers. 

These differences are largely 


I ment, local authorities and improvement of housing in th'e rises may come here. The town. 


Average prices in year 1977 J 


Pre-1979 

1919-39 

1940-60 

Post ’60 

New 

An 

Sole Male 

12093 

14,567 

14,929 

13,797 

14,116 

13^13 

Sole Female 

10,900 

12*71 

13^76 

12,452 

12321 

12,005 

Married 

13,207 

15*61 

15*94 

14339 

14306 

14,639 

joint Other 

9342 

11380 

12*29 

11,594 

11,308 

10,981 

All . 

12,143 

14^49 

15,095 

14,100 

14351 

13,763 


figures. They insist that there is detached houses (only slightly 
uch thing as discrimination more expensive than flats) 
ending against the -single would also -attract a high per- 
woman. The point about the centage of first time buyers. The 


PRflPFRTV LONDON AND COUNTRY PROPERTY: OVERSEAS PROPERTY: 
rnurtlll I ESTATES AND FARMS: LAND FOR SALE: INVESTMENTS: 


Cluttons 


MID NORTHUMBERLAND 

EMBLETON STEADS AND HIGH WELDON FARMS 

SOME 780 ACRES 

with foil vacant possession 

Main Farmhouse. Further Farmhouse 
Good Farm Buildings and 
15 MILES FISHING ON RIVER COQUET 

FOR SALE BY PRIVATE TREATY 
AS A WHOLE OR IN LOTS 

Details from: 

CLUTTONS. 20 Victoria Avenue, Harrogate HG1 5QY. 

Tel: (0423) 64251. 


11,000 HECTARE (27,181 ACRES) 

FAZENDA IN BRAZIL 

completely enclosed by fencing, best grazing area 
with corresponding cattle stock, modem bungalow 
with swimming pool and sufficient water, good access 
to road and rail, nearest railway station 25 km, .for 
sale at favourable terms.. Further details may be 
obtained by submission of proof of capital of 4 million 
dollars from: 

Land- and F orstgii tervermittlung Josef Walzer, 
D-8752 Schmerlenbaeh, Tel. 06021-69807, Germany. 


GEORGE MAWER & CO. 

Chartered Surveyors. Cha rtered Auctioneers. Estate Agents- 
By direction of the Trustees af Arnold Laver deceased 

SOUTH YORKSHIRE 

about 8 miles South West from Bawtry 

THWA1TE HOUSE FARM, FIRBECK 

High quality Freehold principally. 

LIMESTONE ARABLE UNIT 
extending to about 
449 ACRES 

with Farm Route. Two Cottages and Farm buildings 
For Sale by Auction 
23rd February 1978 
Details from the Joint Agenda— 

GEORGE MAWER & CO, W. T. PARKER. 

27 Market Place, IS- v '»r Lane. 

MARKET RASEN, CHESTERFIELD. 

Lines. Derbyshire. 

Tel: 3303 Tel: 32156 

Solicitors Branson, Bramley ft Co.. 6. Paradise Square, Sheffield 
Tel: 737346 


ES 


. H. & R. W.CLUTT0N 


. EAST GRINSTEAD/SUSSEX 
BUILDING LAND AND WEST PART OF 
ST. AGNES’ AND ST. MICHAEL’S JUNIOR SCHOOL 
with planning approval for retklenul devatopmanr for 4J5 acres. 
Existing buifting eomprtiing approxlnutiljr 14.300 *q. ft. 

IN ALL 4.8 ACRES 
FOR SALE BY TENDER 


•TEAST' GRIN-STEAD, SUSSEX, Tel: 2 |i : ;j 


EXCUTIVE HOME 
READY TO MOVE INTO 

American exec, potted again withe* 
eo tell tpaciwn ibree-pedroom house 
.in {teuckgacr. NI4. Walking dliunee 
Piccadilly Line. Fully-Scmf. Freehold 
H3-500. 

RING 0N499 5841 or 8I-7M 1*24 


WOODLAND 

Attractive mall plea of about 4 
acre* of unblhbed conifer* In Scot- 
land. Freehold. Treet range frqm 10-50 
yen eld. Young tree* about £200 
per aere. Management arranged. 
Trouble-free >nve*rmenc. 

Tel. Mr. Howgood 0T-42P 2731 
«r Maidenhead (0628) 30481 


M0RTH C0TSW0LDS 

Exceptionally desirable freehold 
traditionally styled modem coun- 
try farmhouse for sale with 
vacant possession. Set in one of 
the most outstanding positions 
in the country with panoramic 
views of valley and roiling 
countryside. Three reception, 
superb kitchen, hail and cloaks 
etc. Landing. Four bedrooms 
(one with bath and dressing 
room en suite). Second bath- 
room. Oil fired central heating. 
Two-car garage, space over for 
fiat. -with planning permission. 
Purpose-built farm buildings snd 
approx. "SO acres. Convenient for 
all amenities, schools, etc. Easy 
access for Birmingham. Chelten- 
ham and London 14 hours. 
OFFERS INVITED. For further 
particulars please write Box 
T.4809, Financial Times, TO, 
Cannon Street EC4P 4BT. 


FRANCE — pams-ncuilly. Beautiful pri- 
vate residence " HBM Particuller.” 
Overlooking BoiS de BsalDOne — 530 KT. 
metres ipproc. All amenities. Terrace. 
Garages. Price; Frs.*.EOQ.ooo. wntt 
to: Curlde. 11 rue de I' Am Ira I d’Estalng, 
so V « R AR IS. PRANCE. Tel! 720.S9.18. 
BIRMINGHAM. Luxury Company direc- 
tor's flat available to let. Edgbaston. 
Two bedrooms. C.H.; £120 pw month. 
James and Liner Lea. 021-236 1751. 
COTS D'AZUR villa apartment delightfully 
situated. Three double bedrooms, two 
bathrooms, swimming pool. Bvfleet 

DEVON, ‘ Detached How. Shoos MO 
varus. « bed- 2 barn. . 2 recep.. clk«_ 
moo. kit. Gas CH. Garage, ti-acr*. 
Fine views. £«s.aoo o.ruo. Shaw. 

Brook Cottage. Sldbury. 

CHANNEL ISLANDS.. To Lei on Lone 
Lease. 10 bedroom*. Fully ..furnished 
end well eouipoed Hotel. Restaur am 
« seat 26. Buies Lodge Hotel. 

Alderney. C.l. 


MID KENT 
London 50 miles 
A PRIVATE COMPANY 

A35ETS INCLUDE 

, , PI acres 

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JUW'OWS A DAY, 3V Bank Straet, 
Ashford, -Kent. Tefi 0223 24221 


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jrawth ares co ieue. Vury suitable 
shrub growing, garden crncre ' Hooir 
for uls. 5 beds., 2 baths. 3 public. 
Rcted IclKhen. central heicinf. Very 
good order. £30.000. Cottage, subject 
to tenants' rights. £5.000. 

Writ. Sox T.4805, Fimncd Times. 
TO. Cannon Street, EC4P 4 BY. 


PLYMOUTH. Tamar Bridge Hi miles. 
Appro ximately iji, with Farm- 

npuje requiring extensive renovation. 
Vs rh) ill outbuildings. Eoarmoua poten- 
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3-4 Cara. Heated swimming pooL 
Gartens. Offers invited in excaso o* 
£100.000. Tel.: 0323 23273. 
SUFFOUC. Aldoburnh S miles. Period 
House and Cottage, modern Burigaiew 
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acres land. £71.000. Illustrated par- 
ticulars Phone 0720 3310. 

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Chess 


for past appearances, almost as enough to take on the burden of in the middle of the series when 

if FIDE was somehow hoping -for this ‘costly world title match with Korchnoi's fonn suddenly eol- 

Bobby to make a miraculous dens its suspicious protagonists, its lapsed did Spassky show his old 

ex machina reappearance in- risks of- ultimata and walk-outs, skills. This week's game -was 
international play. and its indeterminate length? his best 

THE CONTENTIOUS atmosphere A succession of emissaries It is said that Karpov would white: B. Spassky (USSR), 
at the end of Korchnoi’s 10 Hi have made the trek to California like to play in Hamburg or Black- V. Korchnoi (stateless!, 
victory over Spassky (seven wins in the past months hoping for London, but the USSR Chess Vienna Game (14th match game 
to four, with seven draws) may just that Korchnoi talked with .Federation may object to Ham- 197 gi 

be an ominous foretaste of the Fischer for an hour, and reported burg (Korchnoi has a post as a ^ , , . 

world title match later this year him as " not in good shape " for trainer with the Por* club in * f 1 i y FJ 

when Korchnoi, the Soviet ex- a match. West Germany) while there is no j'rr . whlc “ Korchnoi played ra 

patriate, challenges Karpov, the Karpov has met Fischer in sponsor in London. 2 Vm>? a v vd? 3 o vwg o ni 

USSR world champion. Spassky Tokyo, in Spain, and possibly on Bids for tbe match have to be - ^-QW. w-kbj: j f-anj. F-Q4 
resigned the final game after the a • third unpublidsed occasion delivered to FIDE no later than <*a|® r A*, i* 5 w n?’ 

adjournment when much play more recently. One idea of the February 16, five weeks after the ® npxN, B-ua; 7 N-B3. 

remained, and both grandmasters impresarios trying to promote a end of the final candidates match, 5 u-u, P-QB4; 8 P-Q3, N-B3; 
pointedly avoided each other at Fischer return is that there could and the most likely cities appear S'S,’ 

the closing ceremony. 

The danger for the ebampion- 

delaiied * rule^ald down by^the played a serious game since 19T2 Fischer v Spassky are eager to 
World Chess Federation (FIDE) and the chances must be that all repeat the experience. 18 KR-M; 19 N-B3 (to 

which provide many potential these grandiose plans will prove For Spassky, the loser at exchange bishops and increase 
headaches for the organisers. pie in the sky. Belgrade, the Korchnoi match f«5 white square control), BxB; 

The duration Is open-ended. Meanwhile, who will be brave was a real disappointment; only £0 KxB, N-K4; -I Q-B3, N-B3; 
id the title goes to the first 22 Q-K2 N-R4; 23 P-QR4, P-QN3; 



and the title goes 
plajrer to win six games, draws 
not 'counting. Quite apart from a 
prize fund of at least 
SwJFrs. 100,000. first-class travel 
and accommodation for the 
players and their two seconds,' 
and a venue with very specific 
requirements for lighting, 
spectator behaviour, rest rooms, 
and so on, the organisers are 
responsible for providing sti- 
pends for a miniature army of 
officials at the match, including 
three arbiters from neutral 
countries and an “ impartial 
jury " of seven to interpret the 
regulations and decide on un- 
foreseen problems. 

Remembering some of the 
happenings at Reykjavik 1972, 
FIDE has made exact specifica- 
tions for lighting of the stage and 1 


POSITION NO. 199 
BLACK( 8 men) 



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WHITEC 8 men) 
v. Portisch, Nice 1974. 


PROBLEM NO. 199 
BLACK (5 men) 


24 Q-B3, Q-Q2; 25 R-N5. N-N2; 
26 B-B4, N-Q3; 27 BxN. BxB; 
28 N-K4, B-K2; 29 P-B3, P-N3; 
30 P-N4, R-KB1: 31 KR-QNJL 
(threatening to break through 
with 32 P-R5, PxP; 33 R-N7, a* 
Korchnoi sacrifices a pawn for 
Play), P-QR3; 32 RxP, P-B4: 33 
PxP, RxP; 34 Q-K2, QxRP; 35 
R-N7, B-Kl; 36 R-B7, B-Q3; 37 
RxBP, RxN (desperation): 38 
R-B8 ch, K-N2; 39 QxR, Q-R7? 
40 R-KB1, Q-B2; 41 P-KB4, 
R-KR4; 42 R-K8. Q-N6; 43 R-K& 
Q-N7 ch; 44 Q-K2, Q-Nl; 45 Q-K4. 
-Q-N7 ch; 46 Q-K2, Q-Nl; 47 R-K4, 
R-QN4; 48 R-B2, Q-N2; 49 Q-B3, 
Q-BI; 50 P-R3, P-QR4; 51 R-K5! 
(returning material far a mating 
attack), BxR; 52 BPxB, Q-KB4: 
53. P-B4, R-N5; 54 Q-K3, Q^Bl; 
White mates in three moves at 55 P-K6, RxP; 5^ Q-K5 chi K-R3; 



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for banning spectators who Portisch, ranked in ..the - world's the latest, against any defence 57 Q-B4 ch, K-N2; 58 Q-B6 ch, 
cough, whisper, eat snacks or top ten. ^tho n^i^fbr serad (by ^ Nagleri zurcher Tagesau: K-R3^59 Q-R4 ch. Resigns (mate 


analyse on pocket sets. In fact, minutes, . . — - 

many of the regulations seem to which led to a draw. . Can you £HJger 
be based on Fischer’s conditions find a better p)an? ' Solutions, Page 2 


LEONARD BARDEN 


on the dub finesse for his round, the King is played and cashed Ace and King of hearts 

twelfth trick. Much of the time the nine is returned. East can to discard one of his losing 

he-will get home, blissfully uu- make his Queen at once or a diamonds, and then led a club to 

aware of how Fortune has trick later. prepare for a ruff. East went 

AS A CORRESPONDENT has ff 1 ?® We turn to something quite “P Ills King, cashed one 

asked about J. W. Tait’s Bridge ®^ a3,0 / ls - h ° w .®^ er » he Jf 111 m ^ e different from a rubber. - The diamond honour, and - led 
Match (Faber £3.95), I an going linkindlv “tot defender is alway, on the “other, forcing declarer to ruff 

to take a hand from this ett- Tnd d etot w ,1 ^is^rtSn Iook<u t £or "PP“c“ts and ?>e second one high, and allow- 

H. d to“P promotions see what “f. W^t^t^ttrow his two: re- 

A second club went to the 
Queen and Ace, and East led a 
fourth diamond, again forcing 


Bridge 


cellent book to-day: 

N. 


A Q 3 
A 7 2 
K 9 5 
10 9 6 


* 

© 

* 

10 9 7 4 8 5 4 2 

0 9 4 3 V J 10 8 6 

Q 10 8 4 © 3 

* J 8 2 * K 7 5 3 

S. 

♦ K J 8 
5KQ5 
© A J 7 6 2 

* A Q 

South dealt at game to East- 


He shrugs his shoulders and 
says: “ Couldn't be helped,— na PP enefl nere - 
everything was wrong.” 

But the expert declarer looks 
more deeply into the position— 
he tries the club finesse first. If 
it loses, be knows that he must 
make all five diamonds, so he 
plays East for the Queen, either 
singly or doubly guarded. If, on 
tbe other hand, the finesse, wins, 
he knows that four diamond 
tricks will be enough, so he 
plays to ensure four tricks 
against a 4-1 distribution with 
either defender- 


W. 

♦ 943 
OJS42 
© 8 

* J 8 7 


N. 

K 10 5 
A K 7 3 
A 6 4 2 
Q 5 

E. 

♦ 2 

C Q 10 8 6 


South to - ruff with a trump 
honour. The declarer now- ruffed 
his last club on -the table, and 
cashed the King and .ten of 
trumps. 

At this stage West, had one 


The safety play is to cash the 


West and bid two no trumps, diamond Ace .and then lead 


C, rr a j eroBS "Wl. lillU UUG 

* a k in & club and tiie 3in 8leton nine of 
* iU spades, while the declarer had 
Ace and eight of spades. With 
the lead in dummy. South had 
to return a heart, and nothing 
could prevent West from scoring 
his trump for the setting' trick. 
East dealt at love all and bid This trump promotion could 


4 3 

S. 

♦ A Q J S 7 6 
Z> 5 

© 9 7 3 

♦ 962 


which North raised to sis, and towards dummies King anttnine. °° e diamond, South overcallcd ^ av e avoided if the 

West led the spade ten. If west follows with a low card, spade, and after a pass declarer had foreseen it; by the 

The average declarer, after the nine is finessed. 1 As the £ro “ Wert, North raised to four simple expedient of .ruffing a 
winning In hand, plays on cards lie, the nine wins; the SPades. which became the final hear t a * trick four. This'would 
diamonds and hopes to make King is cashed, and on’e trick is contract have left West powerless to 

five tricks in the suit If he surrendered to the Queen. If Taking West’s diamond eieht defeat 010 contra ct 
makes only four, he falls hack West shows out on the second with dummy's Ace, the declarer E P C COTTER 


Cricket 


FOR THE first three days of 
this third Test match all the 
good cricket has been played by 
Pakistan. Beautiful slow left 
arm and leg spin and googiy 
bowling kept the England bats- 
men in a state of prolonged 
torture, but the slowness of the 
pitch enabled them to struggle 
on to 26$ having lost their first 
five wickets for only 107. It was 
brave but boring fight. 

When Pakistan began to bat 
Mudassar and Mobsin produced 
more strokes in the first 90 
minutes than the England bats- 
men played In their entire 
innings which went on for the 
equivalent of 164 six-bail -overs. 


At lunch to-day when Pakistan 
were 115*1, it looked as if they 
would have comfortably over- 
hauled the England score by 
the close. 

During the afternoon session 
which lasted 95 minutes they 
added 71 more runs and lost 
the important wickets of 
Mohs in. who is a wonderful find, 
Haroon who scored 100 in each 
of the first two Test matches, 
and Mudassar. It then took 
Wasim Raja and Javed Miandad 
a while to rebuild the innings 
before Miandad was caught at 
slip off Edmonds’s last ball of 
the day. At the close Pakistan 
were '230-5, still 36 runs behind 
and with two days left a draw 
now looks a virtual certainty. 

At . times on these slow 
pitches, Pakistan have made 
England’s cricket seem totally 


bankrupt To-day looked as If 
it was going to be another such 
occasion. This morning Mohsin 
and Mudassar began, to bat 
brilliantly. Mohsin is the more 
upright and elegant piayer with 
the better sense of timing. He 
moves like the natural athlete 
he -is and when he came out to 
drive -the England slow howlers 
through the. covers, they were 
strokes of the highest possible 
pedigree. • 

In the last over of the morn- 
ing he came down the pitch 
and drove Miller to long on for 
six. It was a wonderful stroke 
which told equaliy.of his timing, 
his footwork and his tempera- 
ment.. Mudassar has matured 
astonishingly since making 114 
in nine hours and 50 minutes in 
the first Test at Lahore. That 
innings obviously gave him the 
confidence : he heeded. ' His 


innings to-day was -’much his 
best of the series and he was 
always looking to play his 
strokes and he has- &' pleasing 
array.. \. .. ._- T . 

It was a slightly bizarre day's 
cricket for there were constant 
hold ups And interruptions and 
the England ' over rate- -fell 
helow. u eight-ban overs an 
hour. This was not entirely 
the bowlers or Boycott’s fault 
although it obviously paid 
England to slow the game up 
a* much as they could:'- During 
the lunch interval 
Martial Law Admif&&ator, 
General Zia ul the 

teams and the iritervalr^poffi- 
cially prolonged by. -jBtipirutes 
which were to be raaj&vnp at 
the end of the .day,|hfftHn fact 
an extra 2 5 m in u teswere take n. 

HENRY 

; * H/V" 


f U 













A 

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FOR All 
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TiTFK XJE MITEn 



10 


.... ’ 

rinaneiS Times Saturday January 21 \ 


1 


•l 



EXPERIENCE AND EXPERTISE 


f- 



Four-funnel, double-screw liner manufactured by the firm 
of Gebruder Bing of Nuremburg . Germany, e. 1925. 

Sale. Thursday, February 16th. 

Production of fine-quality clockwork-driven model ships 
dates back to the m id-1 890s when the great German toy- 
making firms of Maerklin, Bing, Carette and SchonneY, 
among others, began to market steam and clockwork 
nautical toys patterned after ships of the world’s navies 
and merchant fleets. 

The ship illustrated above measures 13 In. (33 cm.) in 
length and 54 in. (13 cm.) high, and features a deep hull, 
finished in red and blue, with a double row of circular 
portholes, a yellow-painted deck, white superstructure, 
black and orange funnels, functional clockwork motor and 
the remains of the original string rigging. 

Along with Maerklin. Bing manufactured some of the finest 
examples of the clockwork ship ever produced, particularly 
during the years from the turn of the century to the First 
World War. Superior design, attention to detail, excellence 
of colour and finish and solid, durable construction 
characterised Bing’s products, which included, in addition 
tn nautical toys, a wide range of air and land craft 
including an exceptional range of steam and clockwork- 
driven motor cars, a number of which rank among the 
finest tinplate toys ever created. 

The illustrated liner is included in Christie’s South 
Kensington Toy Sale on Thursday, February 18th. For 
further information on this sale and clockwork toys, please 
contact Mrs. Olivia Bristol at Girls tie’s South Kensington, 
85 Old Brompton Road, London SW7 3JS. Tel: 01-581 58231. 


AGNEW 


105th Annual Watercolour 
Exhibition 

Opening Monday, 23rd January 


43, Old Bond Street, W.l. 


Mon.-Frl 9.39-5 JO pjn. 
Thun, until 7.0 tun. 


Tel.: 01-623 6176 
Cables; Resemble, London 


SALEROOM ADVERTISING APPEARS EVERY SATURDAY 
For further information please contact: 

RICHARD JONES, 01-248 8000, Ext. 323 


The Arts 


Wings beating 


BY ANTHONY CURTIS 


Radio 


The Play -will begin with a tors. Whether this fantastic but 
short prelude. We hear sound understandable perversion of the 
only — a woman breathing, rising hospital environment is based on 
from her bed, walking through an actual memory of some war- 
rooms, we hear a tap turned on, time experience or whether it is 
and left running. - The. woman a piece of paranoia produced by 
goes outside, over the gravel, the her condition is not made plain, 
mud, to the lawn, where she At any rate it does emerge 
suffers a stroke. Part One that in her youth -Mrs. Stilson 
follows immediately. A caco- was a kind of Amy Johnson who 
phony of sound and voices which specialised in aerobatics, At 
should convey the experience of air-displays she would perform 
the stroke. The three sections the feat of walking along the 
that follow are the stock from wing of her aircraft tethered to 
which the first mix will be its struts. It Is through a re- 
made " creation of this performance, 

Arthur Kopit’s plav Wings simulating it and re-living it in 
(Radio 3, January 15), whose her imagination, that she re- 
opening is described above, covers her autonomy and, it 
seems to have puzzled several of would seem, passes her last 
my colleagues who write about moments on earth. The' play 
radio. Truth to tell, it puzzled was directed by John Madden 
me to the extent that on Monday with an American cast- (Mildred 
morning I rang the Beeb and Dunnock excellent as the heroine 

and Cara Duff Macormack as her 
nurse) for Earplay the American 
radio drama production unit of 
public radio in the United States. 
It was Earplay that gave us 
asked to borrow a script Before Edward Albee’s Listening another 
putting pen to paper, I wanted play set among patients in a 
to know what that medley of psychiatric hospital, and a play 
different sounds (like one of with more depth and distinction 
those quizzes where you have to than Kopifs. But against that 
guess whether it’s a saw or a it must be said that Listening 
steam engine) which seemed to could just as easily , have been 
go on for about five minutes, was performed on the stage, and 
trying to convey; there were presumably will be some time, 
several puzzles later in the whereas Wings was that rare 
dialogue (if that is the right bird, a piece of imaginative radio 
word for the verbal part of the inconceivable in any other 
text) that I wanted to clear up medium. . . . 

I will not say that even now *** Snn d ayjra s certainly an 

I 1 ™ wtafl SmSE? "to WiSE we'had 

siu»S of to 

SHE S52s£ ® 

***£•• LAiAt STh^w iSBS 

is taken to hospital where, as i uc tant to yield Its meaning to 
r ^ C0V ^ S even the most attentive listener. 

13 different -j t a modern Greek Doet, 

I El* 7 ^J? ab, S translated into English by Nikos 

pf wer of Stoneos. Here, too. we had an 
EEnJE* of usmg language elde rly woman (whose words 
intelligibly. These include solo were uttered with Aegean-lim- 
. V ? th v ^ therapist, pwjty by Annette Crosbie) 
followed later by her participa- isolated in her family .house in 
non m group sessions of patients Athens reminiscing fantasising 
who nave progressed from her and generally unburdening her 
own condition to more normal soul, while the poet (Paul Chap- 
. man), who has come to visit her. 

During this process her ability politelv reserves his comments 



David Wall and Merle Park in ‘Elite Syncopations * 


Leonard Pwt 


A Triple Bill 


BY CLEMENT CRISP 


to 

the 

she 

with 

life 


communicate with others is on until she has reached the end of 
1 level erf a child's. However, her 20-minute soliloquy. But the 


a child's. 

appears able to communicate difficulties here were literary 
i herself all right ; her inner rather than Datbological. The 
remains highly active and in- woman's family situation bore 
tense. It is this inner life which, analogies with those of our old 
interestingly, Mr. Kbplt aims to friends. Agamemnon and Clytem- 
reveal and put beside Mrs. nestra. The poem tempted us to 
Stilson s experience of the pursue these and then de- 
external world. She sees herself liberately frustrated the attempt 
as a member of a resistance The producer Liane Alikin pre- 
movement who has become iso- sented it straight without any 
lated in enemy territory and who attempt to vary the monotony of 
must steel herself to refusing the long solo passages which was 
divulge vital information probably the most honest and 
under interrogation by. her cap: sensible thing to do. 


Eor anyone wanting to know acts. And accomplished as the We see hi Month's costuming; 
something about the qualities of performance was on Thursday about dancers as received ideas 
the Royal . Ballet, Thursday night, this emotional resonance on the relationship between men 
night’s programme at the Opera was lacking. -and women. Instead we have an 

House could provide a convincing There was no lack of emotional anti-set. and anarchic clothes 
introduction. La Bayadere, A quality in A Month in the touched with genius (Ian Spurl- 
Month in (he Country, and Elite Country, with Lynn Seymour and ling is the most gifted decorator 
Syncopations, each in its dif- Anthony Dowell blazing in their of his generation in this 
ferent way, tell something per- created roles. Seymour has that' country), and the Royal Ballet 
tinent about style, aspirations, precious gift of fantasy; her dancers drowning politeness in 
weaknesses and strength. The dancing can show the flashes of a sea of rag-time and inventive 
Royal Ballet we have learnt as caprice and sudden surges of steps. Three cheers for Wayne 
an article of faith, is a classical passion, and we believe in her as Eagling moving through the 
company, and Bayadere says a Natalya. Dowell, whose dancing ballet like greased lightning; for 
good deal about our belief in boasts not only academic purity David Wall and Merle Park as 

but a kind of electric brilliance an outpost of elegance; for 
of accent and dynamics, is a Vergie Derm an entwining her- 
Belyayev equally impulsive, but self . about Graham Fletcher, and 
he conveys marvellously the for Monica Mason and- Michael 
youthful Indecisiveness that Coleman as eccentric dancers 
the 19th-century classical appara- makes ^e tutor respond to every with a 

' our woman in the Islayev household, ftmlng. Only very good dancers 
Perhaps the oddest thing shout can relax as funnily as tills. 

the ballet is how it surmounts the ■ ■ 

anaemic clutter of its design — 
which transports it into a fancy 


Ballet 


tus as an academy for 
dancers. Thirty-two girls mass 
on stage in that unending cas- 
cade of arabesques penchees, 
demurely lyrical, precise, well 


Theatres 
this week 


RIVERSIDE STUDIOS, Ham- 

S -The 

Outstanding production la 

interesting new centre. 

Reviewed Monday- _ 

WAREHOUSE — The 
Dull Edward Bond parable 
against landowners. Reviewed 
Monday. _ 

SHAW— An Inspector Grtis. 

Modest production of Priestley** 
teaser. Reviewed TU«&y/ 
Wednesday. 

KING’S HEAP— Kmgdom^Come. 
Nice songs in an lnsh/Wtst- 
Indian musical. Reviewed 
Tuesday/Wednesday. „ ' 

THEATRE UPSTAIRS— SfljBji 
Says He. Savage picture of Rtt- • 
fast lower depths, . well written 
and acted. Reviewed Friday. 


and next 


Monday. Visiting Fren ch com- 
pany in Hugo's Les Bwgntces 
St the Round House; Prospect’s 
Hamlet afresh at the Old Vjfe. 
Tuesday. Laughter 1 at the 
Royal Court. Peter Barnes's view 
of fun. Thursday. Chichester's 
Waters of the Moan comes to 
the Phoenix, with Ingrid Berg- 
man. Friday. RSC’s new pro- 
ductiou of The Way of the 
World at the Aldwych. 


National Gallery 
attendance 
record 


For the first time ever over 
2 fern, people have visited the 
National Gallery in one year. 
The 1977 attendance figure . of 
2.685.S19 is the highest ever 
recorded. 

Over the last two years the 
number of people visiting the 
Gallery has increased by more 
than half a million. In 1975 the 
National Gallery had 2,038^44 
visitors and in 1976 the total 
was 2,354.058. 


schooled— and slightly blank in world of dainty blues and a foqt- 
manner. man in uniform, and checked 

They, and the trio of soloists suitings that makes each man 
together with Merle Park and look like an ambulant cross-word 
Michael Coleman as Niklya and — to become a domestic tragedy 
Solor, go through the motions of real power, 
with technical grace and the kind Tbe Royal Ballet's artists here 


Collecting 


of determined good manners 
shown by commuters Ignoring a 
drunk in a railway carriage. 
Nothing but the programme note 
suggests that the scene is set in 
a kingdom of ghosts not dissimi- 
lar to that of Giselle act 2, and 
that a tincture of earthly passion 
can colour the whiteness of the 


underplay to wonderful effect: 
the quarrel between Seymour 
and Denise Nunn’s beautifully 
judged Vera is superb in its 
restraint of effect; Dowell 
sensitivity in the last momen 
of the piece allows the ballet to 
end on a marvellous, lingering 

pianissimo- 

With Elite Syncopations “the one ' 


Tales of 
| fantasy 


colours on which the printed 
illustrations were based; also 
shown are some of his less 
familiar oil paintings, sculptures 
and watercolours including tbe 
eight for the best known of the 
picture books, The Three Joriol 
Huntsmen (Caldecott un- 
ashamedly borrowed the theme 
verse from one by his poet 
friend Edwin Waugh), which 
were presented to the Gallery 
in 1933 by Mrs. Heetis, better 
known as Beatrix Potter). 


scene. With the Kirov artists 

the imaginative force of La Royal Ballet makes fun of a fist- mvture hooks" 

Bayadere was felt because every- ful of conventions: about the ' v Thi . ^ - . . 

one on stage knew the scene as nature of stage decor about the T “* » the sort °* boofc 
part of a repertory ballet in four kind of dreary pseudo-naturalism “* c 


Rodney Engen, author of 
G. K. CHESTERTON wrote Randolph Caldecott: Lord of the 
these lines in a child's copy of . Nursery , has written the excel- 
of Randolph Caldecott’s j en ^ introduction to the exhibi- 
tion catalogue, drawing 
attention to the illustrator’s 
“remarkable skill as a draughts- 


Collect Stamps 
A Superb Souvenir 


2nd Junel978 is the 

25lh ANNIVERSARY of the 

CORONATION of 

H.M. OUEEN ELIZABETH II 


This great Royal Occasion is being 
commemorated, with special postage 
■stamps, by Great Britain herself ana i 
num 


ips, by Great Britain 

her of other Commonwealth countries. 


Over the years we have built up a fine 
reputation (of which we leel justly 
proud) for supplying sets of stamps, 
issued to mark important events, in 
very special, individually numbered. 
Presentation Packs - in themselves 
treasured collectors' items. In every 
case these packs have proved to be 
superb souvenirs of great Royal 
Occasions. 

To mark the 25th Anniversary of the 
Coronation we are preparing throe 
special Presentation Packs which we 
have every reason to expect will prove 
to be the best of all. 


Presentation PackB 

"ft CoUftArals' Issue. 

Four territories (The Grenadines 
of St.Vincent, Montserrat, St. Vincent 
and Tuvalu) are each issuing a set of 4 
stamps and a Souvenir Sheet based on 
the theme of Her Majesty as 'Defender 
of the Faith'. Each of the 16 stamps 
involved depicts, most beautifully, a 
different Cathedral of the British Isles. 
We have had a separate very special 
Presentation Pack designed to house 
these magnificent stamps and 
Souvenir Sheets, and our price wQl be 
between £12 and £15 (dependent upon 
prevailing exchange rates ). 




resentation Puck A A beautifully designed Pack containing the unique 
series of stamps (in sheetiets) to be issued by the Grown Agents on behalf of 
the following territories for whom they act: 


Ascension Island 

Barbados 

Belize 

B. Antarctic Territory 
B. Virgin Islands 
Cayman Islands 
Christmas Island 
Falkland Islands 


Fiji 

Gambia 
. Gilbert Islands 
Mauritius 
New Hebrides 
Nouvelles Hebrides 
St. Christ o pher-N evis- 
A n gu iD a. 


St. Helena 
Solomon Islands 
South Georgia 
Swaziland 
Tristan Da Cunha 
Western Samoa 


(Other Grown Agents territories may deride to Join in-bat this seems unlikely) 

Hie Post Offices of each of these territories are issuing two strips of 3 stamps 

* !.i * - i. -I— al * _a j - 


printed in special commemorative sheetiets. In each case the centre stamps depict 


a charming portrait of Her Majesty, while, those at the left show one of i 
Queen’s heraldic beasts and those at the right a creature indigenous to the 
territory concerned. Between the strips is an illustrated 'gutter 1 which includes 
details of the designs depicted. 


Our price for each of these packs win be based on face value plus 25% - probably 
between £40 and £45. (We cannot at this stage be more precise in view of 
fluctuating exchange rates and the possibility of other territories joining up). 




miss. 






I" APPLICATION FORNl"! 

Money A/foo/ 

U. Y» _ _ a /v ■ v . ^ 








w 


THE DE-LUXE PACK 


This Pack will contain all the items included 


Facks * A’ and ‘B’ PLUS all other British 
Commonwealth i 


' AS British Commonwealth 
Issues 

Great Britain 
Guernsey 


Jersey 
Isle of Man 
Aitutaki 
Anguilla 
Antigua 
Australia 
Bahamas 
Barbuda 
Bermuda 


Botswana 

Brunei 

Canada 

Cook Islands 

Cyprus 

Dominica 

Gibraltar 

Grenada 

Hong Kong 

Kenya 

New Zealand 


issues. It seems likely that the 
following additional territories may participate: 

Niue 

Norfolk Islands 
Papua New Guinea 
Fenrhyn Island 
Pitcairn Island 
St. Luda 
Seychelles 
Sierra Leone 
Tonga 

Turks & Caicos 
Islands 


We cannot give any estimation as to the likely cost of this Pack 
but our price will be based on face value or cost plus 25%. 



Judging by past experience it seems 3h the event of our being unable to 
inevitable that several of these obtain sufficient quantities of any 
stamps-will be printed in insufficient of the stamps we shall supply packs 
quantity to satisfy postal and containing as many as possible - at 
collector demand - consequently proportionately lower prices. 

?SrSdblt^ y so~ d An orders will be dealt with on a 


For this reason it is of great 
importance that we should know 
urgently how many sets to order 
from each .territory. 


‘First Come - First Served] basis.. 
To avoid possible disappointment 


you are advised to place your order 
lerny. 


without a day’s d< 


To: Urch Hams & Co. Ltd., 

7 Richmond Hill Avenue, 
Bristol BS8 1BQ 


P OSTA GE STAM PS CO MMEMORATING 
THE 25th ANNIVERSA&T OP vm 
CORONATION 1953-1978 


Please record my 
following, Individ 


lication for the 
_ . - , — y numbered. 

Presentation Packs cont aining the 
above stamps in superb mint condition: 


Presentation Pack A 

(Crown Agents only) pack? 

Presentation Pack B 

C Cathedrals* issues only) packs 

Presentation Pack C 


(All British Commonwealth) Packs 

I understand that you will advise me . 
when the pack(s) are ready for despatch 
and I agree to remit to you the amount 
involve d on the basis of face value or 
cost plus 25%. Please acknowledge 
receipt of this application - stamped 
addressed envelope enclosed. 


Name , 


Address. 


► ! 


Date. 


lum j.i 


*•» 1HIH 


For its 37th Film Meeting, to be held 
in April 1978, the International Film, 
TVfilm & Documentary Market (Ml FED) 
will re-issue its Information Booklet. 
First published eighteen years ago, this 
Booklet has proved to be an advertising 
medium of undisputed world-wide 
importance. An essential guide to the 
Film Meeting, rt also serves as 
a reference work right through the year. 
It contains the names of the firms taking 
part in M1FED and the names of their 
representatives at the Film Market 
The titles of all films submitted are listed 
by categories. ■ 

The Information Booklet is issued free 
of charge to the increasing number of 
customers using MIFED. In addition, 
over 3000 copies are sent to the 
principals of production and distribution 
firms operating in the film business. 

An advertisement in the Information 
Boofdet is a worthwhile investm ant and 
one that always brings in good results. 

ADVERTISING RATES 


Inskte front and back covers $ 
Back cover $ 

Full page In text $ 

Half page In text - - S 


USA 275 
USA 415 
USA 145 
USA 85 


Additional charges per page for printing 
by four colour process: 


Two colours 
Three colours 
Four colours 


30% 

37% 

50% 


Advertisements should be booked 
and copy sent not later than 
February 20, 1978 to MIFED, 

Largo Domodossola 1, 

20145 Milano (Italy), 

Tel. 48.78, Cables MIFED-Milano, 
Telex 37360 Fleramrl. 


i r 


BLOCK LETTERS PLEASE 




STAMP SALE i 

OPENS MONDAY 


Our annual uia Is the event in tne 
CttY of London Pb 


Pblhteilc Calendar. 


Don't miss this year's uraaioi 
2 3rd Jsnuarr-ird F ' 


. February 

9 uMJau. (closed Sat-) 
Fm. * CoU colli., reduced! Redttns. 
In G.8. StKfcbooka. albums, cats. 

. HtALEY & WJ« LTD. 

61, St. PWl's Chord} Y3NS. ECAM BAA 

a jUk right down to the Cathedral 
ins. from St. Paul'i Tube, turn rtflht) 
Tel. 01-Z36 9100. 


PERSONAL 


15 YOU3 HOUSE TOO LARGE? Your house 
can be beautifully used If rou gift n 
ta me Nadonai ciuritv 'Hein the AgecU- 
On* portion will be modernised free 
of cost to vou turns Uy seii-eanttfAedi 
tor vow men .or »our somelno spooso's 
use tor life-tree of rent. iote«, ektHTOl 
iwssln Other oorrions converted far 
retired oeofrie. Phase write without 
obbgsrlon to; The Secretary. Help the 
Aged Housing ApoeaJ, Room P.T1C, 26. 
Dover Serene London, w.l. 


FINE STAMPS 

AN ALTERNATIVE 
INVESTMENT 


For folly dexrlpdn brochure 


U. H, FINE STAMP 
INVBTMENT SERVICE 
(F.T.) 

9, Christmas Steps, 

BRISTOL BS1 5BS. 
Telephone: 0272 20442. 


.(For floit and I arc very 
Csmall) ,• 

With pictures stuck in anyhow 
And hardly any words at 
aU... 

Caldecott (1846-1886) 


man (which) has been long 
admired but until now rarely 
assessed.” 

For although Caldecott's 
name is perpetuated in the UJS. 
ulus- in the American Library Asso- 


rted 16 of these small shilling elation's Caldecott medal, an 
picture books, also called toy annual award to an outstanding 
books, published by Rnutledge children's picture book illustra- 
and engraved and printed by tor, his works are not as cur- 
Edward Evans. They usually ren fly fashionable with 
consisted of about eight leavK collectors over here. Better 
containing illustrations, with known are tbe works of Walter 
the nummum of text printed Crane and Kate Greenaway who 


inside the cover or at the bottom 
of the page. With their deli-: 
cately coloured wood-engraved 
plates, retellings of fairy and 
folk tales, they rapidly became 


made up the trio of children's 
book illustrators of the period. 
Galdecott's picture, books can 
occasionally be found in the 
catalogues of specialists such as 


best sellers, dassira of the Vic- p otter Books, The Raswell, Lox- 
torian nursery, intended to in- hi Ut Godaiming (stamped 
struct as well as to entertain- addressed label for details). 
Reprinted and re-issued m And the title SPCK books of the 
numerous edidons later ones e(iuall y slv)r t.lived Juliana 
were published by Frederick Horatio Ewing a8 4l-i885)— 

. . JacfeaTiapes, Daddy Darwin’s 

Caldecott was born m Dovecot, etc.— often turn up on 
Chester, the son of a merchant booksellers’ outside shelves. . 
hatter. At the age of 15 he was Mrs. Ewing bad a dose rap- 
sent to Whitchurch, Shropshire port with the artist, and much 
to become a bank clerk, moving of their illuminating correspon- 
on to Manchester about five dence is to be found in Mrs. 
years later. to work at the Man- Gatty and Mrs. Ewing (Ifl49), by 
Chester and Saifoxd Bank (now Christabel Maxwell, a niece of 
Williams and Glyn's), just down Mrs. Ewing and grand-daughter 
the road from the City Art Gal- of Mrs. Gatty. In one epistle Mrs. 
lery. He could not have found Ewing tells Caldecott that he 
his work very absorbing, be- has no peer — - U I believe your 
cause he used to spend as much work will be gathered up again 
time as he, could sketching cus- and treasured by those who 


tomers and colleagues, going to 
art school in the evening, and 
drawing cartoons for the local 
comic papers. 

Eventually he went to 
Loudon to take up a full-time 


know and love their . creatures 
. . . when Mr. Crane and Miss 
Greenaway are out of fashion 
for the mass and fatiguing to 
the elect!" 

Documents tion for the col- 


career as a professional illus- lector is plentiful. Eric Quayle's 
trator and artist His vigorous The Collector’s Bools of Child- 
fresh colour and wittily reri s Books (1971), from Studio 
observed characters brought Vista, is indispensable, as is 
forth praise from various dis- Percy Muir’s English Children's 
ce ruing critics. Gauguin liked Books (Batsford, 1969). and 
his drawings, and Van Gogh Who's Who In Children’s Books 
wrote to his brother Theo in by Margery Fisher (WeidenfeH 
1883: “Recently I saw a new and Nicolson, 1975). lUseful too 
edition of R. Caldecott’s picture are various catalogues such as 
books and bought two of Victorian Children's Books. 
them. . . Those small drawin 
are pithy. 


a 1973, selected from the library 
ori Si nal o£ the Victoria and : Albert 
hJBhiy interestmg” Museum, After Alice from the 

His health was always delicate recent exhibition at the Museum 
(he .suffered from rheumatic of Childhood, Bethnal Green. -as 
fever), and occasioned many well as the National . Book 
visits to resorts abroad, from League’s various puhtications-on • 
where besent humorously illus- children's books and ex hibit ions* 
tinted articles to the Graphic. Send sae to NBL, 7 Albfetettle 
He was 34 before he married Street, London, W.l, for- theft 
Marian Brand, about whom little latest list, and details on belong- 
S- Uletly in “ s *° 0,6 J-ssne: membas cao 

UterTs^y Baifdofpb" wf™ L PUbIiQ,i0ns 

up to his studio in. London when- New reference works Off Kate 

lM5 thmr went to America, and the Kate Greenaway CdW« 
^f ly n following year in the Bare BooksRoom, Detroit 

SjSS ^nrf 10 ^' w ? ere - he 5 lb,Ic Ubrar y* U-SA^Roducy 
rotiajsed and died of acute K Engen’s Kate Gntendum 

Izshnr a* « » 

Jery has over the i year collected Holme <WaS On JwteaiySJ 
work, Frederick Muner‘”fc 'jmWisi)- 

SJA* 3* fin . ^ lbition * Hilary and MaiyEiSS 
Randolph ' CaUtaatt, 1S at the Man Who Dreu> the pfuMtondk 
Gallery until next Saturday. The 'Daughter — The lAfe SSSSra 

hk t ^S P ^-m!S SX tL Sh « Wll>e -l 0 f °^ r3e Cru&n* imls78. 

which contains - a «raple , ot 
“55®“-°" “ Manchester in evocative chapters on . sursei7 
JSt it , Jnd “ dea the 10 picture rhyme : J 

books together with related ■ - 

studies, sketches and water- . ;■ JUNE FIELD 


_ Li 


An 

for 


5* I'.'--' 11 


Hof 


-1C.. - .t\; 


frencl 


ir 


^OBEST 








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' 1,1 ' >.V„ 


OVERSEAS NEWS 


• ‘ * 


<W« te- 


direct talks 


gives response on 
alks with Greece 


BY DAVID TONGE 

MR. BULENT ECEVIT, Tnricey’s 
new Prime Ministers to-day said 
it would be “very useful * to 
begin a. direct high-level dialogue 
with Greece, but did hot specif; 
what form this should take. He 
was speaking the day after 

Greece announced that its 

Premier. Mr. Constantine 
Kar am antis, would be prepared 
to meet Mr. Eeevit to discuss 
disputes between the two coun- 
tries. 

Spelling out some of his Gov- 
ernment's main priorities In an 
interview here ttHiay, Mr. Eeevit 
sard the Administration would 
start taking measures to deal 
with the country's grave -econo- 
mic position- at the start of next 
week and that it would later seek 
to revise Turkey’s relations with 
the EEC. 

The Prime Minister, speaking 
shortly before Mr. Cyrus Vance, 

■ the U.S. Secretary of State, flew 
into Ankara to-night, also made 
. clear that he favoured a revision 
.of the $1.36bn. defence co- 
1 operation, agreement signed in 
March 1976 between the Ford 
Administration and the then 
Turkish Government of Mr. 
Suleyman Demirel. He will be 
raising this issue with Mr. Vance. 

The defence relationship be- 
tween the two countries has been 


strained ever since the U.S. 
Congress imposed an aims 
embargo in the wake of Turkey’s 
1974 invasion of Cyprus. Turkey 
subsequently closed down the 
U.S. bases spread across the 
country which are important for 
monitoring Soviet missile sites. 
Although a new defence co- 
operation agreement was signed 
by the two Governments in 1976, 
the bases have remained closed 
because the U£. Congress has 
not yet ratified .the pact 

Congress has linked ratification 
to progress towards solving the 
Cyprus dispute, ,-bUt Mr. Ecevlt 
to-day said the two issues should 
not be linked!-' 

• On the Cyprus question, Mr. 
Ecevlt said that his talks with 
Turkish Cypriot , leaders, which 
ended yesterday,. -had left him 
with the impression that the pro- 
posals they are now to put for- 
ward on territorial and constitu- 
tional questions would be ready, 
at the latest, towards the end of 
February. 

Asked whether be planned a 
meeting with the Greek Prime 
Minister, Mr. Eeevit said he 
believed it would' be “very use- 
ful to form a direct dialogue 
between the two neighbouring 
countries at a high level. That 
has always been my approach. 1 


ANKARA, Jan. 20. 

think it is an anomaly that such 
a dialogue does not exist as. after 
all, we are neighbours and we 
are supposed to be allies.” 

As regards the EEC, he said 
that Turkey would have to under 
take “certain structural changes” 
in the economy in order to 
“ establish our relations and our 
cooperation with the EEC and to 
ensure that our future complete 
membership is possible.” 

Turning to political violence, 
which cost 230 lives last year, 
Mr. Eeevit accused the right-wing 
Nationalist Action Party, beaded 
by. the former Deputy Premier, 
A1 pars] an Turkes, and its sup- 
porters ' of being “to a large 
extent responsible for the 
terrorism in Turkey." 

He said that recently Mr. 
Turkes had been advising his 
followers to act in a lawful 
manner but “ even if he is sincere : 
now it may be too late for him 
to control his supporters who 
were trained to be terrorists," 
Mr. Ecevlt also blamed certain 
sectors of the previous, right-of- 
centre Government for the blood 
shed, saying that they had 
encouraged armed militants. 

“We have inherited, a tragic 
and Immense problem but toe 
Turkish state is basically sound 
and deep rooted," he added. 


Andreotti’s party sets terms 
for talks with Communists 


BY DOMINICK j. COYLE 

SIG. GIULJO ANDREOTTI, 
Italy’s Prime Minister-Designate, 
was to-day given a mandate by 
the leadership of his Christian 
Democrat party to try and form 
a new Government, but with the 
important proviso that Com- 
munists should not participate 
directly in it. 

Additionally. Christian Demo- 
crat leaders want to ensure that 
any new Government can sur- 
vive for more than a few months, 
since toe presidential elections 
are due at the end of the year, 
and, under the constitution. Par- 
liament may not be dissolved in 
the final six months’ of a presi- 
dency. 

This bar to a parliamentary 
dissolution in toe second half of 
1978 will be an important back- 
ground to the negotiations which 
Sig. Andreotti will start formally 
on Monday with' the other 
parties, notably toe Communists, 


the second largest party in par- 
liament with 220. seats in the 630- 
member Chamber of Deputies. 
The Christian. Democrats have 
263.- 

It was toe Communists who 
brought on -the present crisis by 
withdrawing, tt^ether with toe 
Socialists and the Republicans, 
their tacit support for the 18- 
monto-old minority . Andreotti 
administration, calling instead 
For their own inclusion in a new 
emergency government 

The Christian, democrats are 
prepared to . concede an 
enhanced political . role to toe 
Communists, but. Is. equally pre- 
pared to threaten 'new elections 
if the Communists -persist in 
demanding ministerial port- 
folios. 

Such a threat would, of course, 
not be possible^ if any new 
governing fonnulp. established 
now was to break down during 


ROME, Jan. 20. 

the second half of toe year and, 
for toe moment anyway, many 
Christian Democrat leaders 
appear to think that their party 
would fare better in an early 
poll than would the Communists. 

Privately - commissioned 
opinion polls are said to con- 
firm this expectation, although 
no supporting data has been 
released publicly. 

Sources dose to Sig. Andreotti 
suggest that his strategy in next 
week’s negotiations will be to 
try and lay the basis for an 
all-party agreement on a detailed 
economic and social programme 
which the Communists might 
then support In Parliament, 
although the Christian Demo- 
crats would not be seen to be 
asking directly for Communist 
backing in a confidence vote on 
the new Government's pro- 
gramme. 


Carrillo 

article 

defends 

reputation 

By Robert Graham 

MADRID, Jan. 20. 
SR. SANTIAGO Carrillo, leader 
of the Spanish Communist 
Party, has intervened to defend 
his own and toe party’s reputa- 
tion in toe controversy caused 
by the publication of toe auto- ' 
biography of expelled Central 
Committee member Sr. Jorge 
Semprun. 

Sr. Carrillo’s counterattack 
has taken toe form of an article 
in the latest edition of 
the parly newspaper, Hondo 
Obrero. He has avoided conn-, 
tering specific allegations' in 
the book, opting instead for 
a more diplomatic (though 
obviously pained) response. 

Among the assertions of the 
hook is that Sr. Semprun was 
expelled from the party in 
ISM for espousing Eurocom- 
munism, which was then even 
against the party line, but 
which subsequently has been 
embraced as an article of party 
faith. 

To put the record straight 
Sr. Carrillo says he is willing 
to open up the party archives 
to historians. Further he says 
the beat response to Sr. Sem- 
prun is to hold an open debate 
at toe party congress. 


E. Timor move 
recognised by 
Australia 

By Kenneth Randall 

CANBERRA, Jan. 20. 
AUSTRALIA to-day announced 
formal recognition of 
Indonesia’s military take-over 
of East Timor, the former 
Portuguese colony. The 
decision comes 26 months after 
the Indonesian “act of incor- 
poration " and appears to 
remove one of the major points 
of friction in regional relation- 
ships. 

Mr. Andrew Peacock, the 
Australian Foreign Minister, 
said to-day: “The Government 
has decided that although it 


THE MIDDLE EAST 


Israel waits for Sadat to speak 


BY OUR OWN CORRESPONDENT 


Hopes of W. German print deal 


BY ADRIAN DICKS 

LEADERS OF the West German 
Newspaper Publishers’ Associa- 
tion and Printing Trade 
Employers’ Federation expressed 
confidence to-day that toe out- 
lines of a far-reaching agreement 
with toe printing union, JG- 
Druck, sketched early today 
could be built into a permanent 
settlement of outstanding prob- 
lems in toe industry. 

Newspapers In several parts 
of Germany once again failed to 
appear as a result of stoppages 
intended to add to the pressure 
on the employers. The pub- 
lishers’ spokesman condemned 
these as overstepping toe bounds 
of warning strikes, while the IG- 
Druck president, Herr Leonhard 
Mahlein, said they were “an un- 
avoidable spilling over” of the 
wage negotiations. 

What was described as a break- 
through early this morning con- 
sisted in the two sides' setting 
oat “gaiding 'principles" foe the 


solution of toe main stumbling 
block in the negotiations— the 
conditions under which the union 
side would accept introduction 
of electronic; printing technology 
in place of the traditional hot- 
metal process. 

Details of these principles 
were not yet known this evening, 
but toe two sides agreed to set 
up a joint drafting committee to 
continue work on them next 
week. As a result, the publishers’ 
leaders said they hoped further 
stoppages would be avoided. 

Herr Mahlein and other IG- 
Druck leaders appeared a little 
less certain that toe guiding 
principles would lead to final 
agreement, but stressed toe 
union’s willingness to continue 
negotiations. Earlier this- week 
it had spoken of toe talks lead- 
ing to this morning’s provisional 
deal in Frankfurt as the last 
round that could usefully be 
held. 


BONN, Jan. 20. 

Besides questions of pay and 
social benefits, the main issue 
in the talks has been that of 
manning levels, income guaran- 
tees and status for skilled type- 
setters and other workers whose 
jobs in their present form would 
disappear with the phasing-out o t 
hot metal. The employers had 
made an offer they claimed was 
unparalleled in West German 
history, embracing these points 
and also offering retraining for 
those forced to leave toe indus- 
try. 

Herr Fritz Raff, a spokesman 
for the journalists' union who 
also took part in the talks, in- 
dicated that a basic agreement 
had also been reached on the 
definition of his members’ work 
following the introduction of 
video display terminals in 
editorial departments. Jour- 
nalists would have toe right to 
refuse " unreasonable " work, be 
said. 


French economic recovery forecast 


BY ROBERT MAUTHNER 

A MODEST recovery of the 
French economy to the next six 
mouths is forecast by the French 
National Institute of Statistics 
(INSEE) to its latest quarterly 
report. 

Industrial, production, which 
stagnated throughout 1977 be- 
fore jumping sharply to Novem- 
ber, is forecast to rise by 3 per 
cent, within 6 months. But the 
increase will be insufficient to 
stabilise unemployment once the 
Government's current measures 


to create new jobs, which- will 
have reduced the number of job- 
less by about 100,000 by the end 
of this month, have worked 
themselves oul 

The implication of toe Insti- 
tute’s findings is that toe Govern- 
ment will have to adopt new 
steps to combat unemployment 
in the near future. 

According to INSEE, indus- 
trial production will be stimu- 
lated by a rise in household 
consumption (particularly ' of 


PARIS, Jan. 20. 

durables such as motor-cars) of 
1 per cent, per quarter until at 
least the middle of 1978, and by 
a moderate increase in toe 
demand for French exports. 

As a result, total demand for 
finished goods is expected to in- 
crease at an annual rate of be- 
tween 4 and 5 per cent between 
toe last quarter of 1977 and the 
second quarter of the current 
year. 


remains critical of the means 
by which integration was 
brought about, it would be 
unrealistic to continue to 
refuse to recognise de facto 
that East Timor .is part of 
Indonesia." 

Whatever it does for 
bilateral relations, - however, 
the decision will bring a storm 
of domestic criticism on the 
Government. Supporters of 
self-determination for East 
Timor have a vocal and well- 
organised lobby, mainly 
through the Campaign for an 
I ndepe ndent East Timor 
(CIET), which also has 
branches in Britain and New 
Zealand. 

South Korean 
N-power plan 

SEOUL, Jan. 20- 
SOUTH KOREA to-day 
released a revised long-term 
power production, plan increas- 
ing the number of nuclear 
plants planned to be in opera- 
tion by toe year 200 from 
25 to 46L 

The 46 plants, if completed 
as planned, will have a com- 
bined production capaetiy of 
50ROOMW, accounting for 63 
per cent of the total planned 
energy production of 80,000 , 
MW for 2000. 

Oil-burning power plants ; 
now account for 72.3 per cent, 
of total power production, 
followed by hydro-electric with 
9.8 per eeuU coal with 9.7 per 
cent., and nuclear with 8J2 per 
cent 


PORTUGAL'S NEW GOVERNMENT 


Hard tasks facing an ‘unnatural marriage 9 


BY DIANA SMITH 

“I HAVE a tremendous surprise meats deficit (now SlJ2tra.). This 
for you all,” Sr. .Mario Soares admits that Portugal needs mas- 
toid the Press last night as he sive foreign financing, which 
emerged from the presidential depends on a stabilisation pro- 
palace. ’‘I’ve been appointed gramme agreed with toe IMF. .. . 
Prime Minister.* Sr. Soares’ Now that there is a Govern- 
irony raised not even a smirk meat, the IMF team, which has 
from . journalists who are as been waiting since November 
numbed as the Portuguese public for Portugal’s political situation 
-by she weeks of often-obscure to sort itself out; is expected 
backstage bargaining that cul- to return, to .Lisbon soon mid 
minated in the formation of what pick up toe threads of talks on a 
most people would call a coali- $S0m. urgent stand-by credit and 
tlon Government. a medium-term $750m. credit 

Neither Sr. Soares nor the Although Socialist and Centre 
Centre Democrats who have to- Democrat economists alike have 
gether to tackle Portugal’s winced at IMF recommendations 
gruelling economic crisis from that credit be tightened to 
now on, care to use toe. word reduce consumption and control 
“coalition." The Government inflation, tightened it will be. 
calls itself a “ Socialist base with Yesterday the Bank of Portu- 
Ceinre Democrat personalities,” gal announced "strict control of 
implying that the Centre Demo* expansion of internal credit, 
crats have not entered as party especially that which has. -the 
representatives -but as todi- most impact on imports-” Credits 
vi duals. for exporters are excluded but. 

Nevertheless, the two parties as the Socialist-Centre Democrat 
have signed a formal agreement, plan admits, it will take some 
binding the Centre Democrats to time before Portugal can 
support the Socialists in Par Li a- increase her rigid exports -and 
meat while it lasts— in. theory, find new markets, 
until 1980. The Portuguese can expect an 

. Together they have drawn np austere 1978. Wages, wMdb have 
an “ economic stabilisation plan ” last 18 per cent, in real value in 
for 19TS aimed, above all, at- a year, will be- held to a 20 per 
reducing toe "balance . of pay- 1- cent, increase— and, . the Govern- 


ment hopes. Inflation will be held 
to toe same figure. 

A sarcastic response to the 
new Government has come from 
Sr. Alvaro Cunhal, secretary- 
general of the Portuguese Com- 
munist Party, who strove for a 
separate agreement with the 
Socialists— not. however, includ- 
ing the Centre Democrats— estab- 
lishing labour peace in return 
for guarantees for the radical 
land reform and workers’ right 
.The agreement failed over toe 
Centre Democrats’ objections. 
Despite public assurances by 5r. 
Soares and Sr. Cunhal that their 
two parties will still try for an 
accord, it is now unlikely to 
happen. 

Sr. Cunhal has called the 
Social IstrCentre Democrat agree- 
ment an “unnatural marriage" 
which will drag the Socialists to 
the . Right and threaten demo- 
cratic freedoms in Portugal. 

However, it. appears that, 
despite public protests at toe 
“ marriage,’’ several Communist 
leaders are privately . not dis- 
pleased with It-^they feel it will 
decimate . Socialist ranks, be 
rapidly unworkable, -force Por- 
tugal into early general elections - 
by toe end of this year and pick 


LISBON, Jan. 20- 

up massive votes for the 
Communists. 

Portuguese workers have 
already felt the economic pinch 
badly: the Communist Party has 
taken up toe cudgels on their 
behalf. It has also kept the 
industrial scene calm, discour- 
aging strikes throughout 1977, 
roundly condemning “wildcat” 
strikes like the eight-day stop- 
page of Portuguese airline pilots 
and cabin staff that lost the air- 
line several million dollars In 
December. 

Although they reject “Euro- 
communism” and remain faith- 
ful to Moscow, Portuguese Com- 
munists have changed their tune 
and tactics since the revolution- 
ary days of 1973. Now they fol- 
low democratic rules, vow 
respect for private enterprise "as 
long as it does not swamp toe 
public sector” and criticise Por- 
tugal’s ' application to join the 
EEC not on ideological, grounds 
(publicly at least) but because, 
they say, it will rain a country 
in no position -to join Europe on 
an equal footing. 

They are a powerful force, 
politically and Industrially, but 
it is felt they will not seek dis- 
ruption unless it can be used 
profitably. 


thE. ISRAELI Government wiU 
not decide until Sunday whether 
to continue peace negotiations 
with Egypt 

A Cabinet session then will 
assess the outcome of toe dis 
cussions of Mr. Cyrus Vance. 
U.S. Secretary of State, and 
President Anwar Sadat of Egypt. 
The other chief factor to be 
taken into consideration will be 
Mr. Sadat’s address to the 
Egyptian People's Assembly. 

It has not been decided 
whether Mr. Ezer Wcizman, 
Minis ter of Defence, will go to 
Cairo for a second session of 
toe so-called “military commit- 
tee.'* 

The results of toe talks be- 
tween Mr. Sadat and Mr. Vance 
will be relayed to toe* Israeli 
Government by Mr. Alfred 
Atherton. UR. Assistant Secre- 
tary of State, who is scheduled 
to return to Israel to-morrow. 

Press reports that the 
Egyptian President had asked 
Mr. Vance to stay in toe Middle 


East were denied by U.S. offi- 
cials to-day — though the possi- 
bility is not ruled out. The 
plan is that toe U.S. Secretary 
of State should proceed to 
Greece and Turkey to try to 
mediate between the two coun- 
tries over Cyprus and other out- 
standing difficulties. 

Speculation about toe reasons 
for Mr. Sadat's decision to recall 
his delegation after 3ti hours of 
talks continues. Agreement had 
already been reached on five of 
toe seven points to be embodied 
in the declaration of principles, 
according to Mr- Menahem 
Begin, Israel Premier. While no 
details have been officially dis- 
closed, the two unresolved points 
are understood to be the most 
difficult — the Egyptian demand 
for total Israeli withdrawal to 
the June -19B7 borders, and recog- 
nition of toe principle of Pales- 
tine self-deternrinatkm. 

It is believed here that Mr. 
Sadat may have decided on toe 
recall of his delegation because 


of attacks on his continued peace 
initiative in the Arab Press out- 
side Egypt and toe rather luke- 
warm support he has received so 
far from Saudi Arabia, as well 
as the continued absence of 

Jordan from toe negotiating 
table. Egypt obviously hopes 
also that Washington will assert 
more pressure on toe Israeli 
Government. 

The Israeli Government is now 
more determined than ever for 
what It regards as necessary 
arrangements that will safe- 
guard the country's security. At 
the same time, it is recognised 
that the handling of the question 
of the Jewish settlements in nor- 
thern Sinai by Mr. Begin has 
been most clumsy and provoca- 
tive. 

What Jerusalem appears not to 
have brought borne to either the 
U.S. or toe world is toe fact that 
these settlements — which here 
are seen as a “civilian early 
warning system ” — jut a bare 
three miles into Sinai. 


JERUSALEM. Jan. 1 

At one stage Israel talks 
retaining territory up to 
Arish, 40 miles beyond the • 
Strip. 

If adequate safeguards in 
way of demilitarisation of : 
of Sinai were offered, i 
Israelis, at least on Thur 
night, would have agreed 
toe removal of the settlemen 
they turned out to be the - 
obstacles to peace. Mr. Shi 
Peres, leader of the Lai 
Opposition, indicated as m 
earlier in toe week before 
break-up of the talks. 

Following the month 
euphoria engendered by the i 
of President. Sadat’s visit to J* 
salem. a feeling has begun 
grow that the price demandet 
Israel might be higher than 
could pay. 

The general feeling here 
that nothing short of a sum 
meeting between Presid 
Garter and President Sadat : 
Mr. Begin can get toe talks 
the ground again. 


Hanoi launches bitter 
attack on Cambodia 


New resettlement plan 
for S. African blacks 


BY RICHARD NATIONS 

HANOI to-day launched its 
sharpest propaganda attack on 
Cambodia since the outbreak of 
.their fonr-month-old border war 
in an official editorial labelling 
the Phnom Penh leadership 
directly as "reactionaries.” 

In a separate report the Viet- 
namese claimed victories repell- 
ing further aggression by Cam- 
bodian forces during a major 
battle in the delta area in which 
one battalion of Khmer Rouge 
troops was wiped out and 
another two badly mauled. The 
report also claimed that toe two 
Vietnamese border towns came 
under renewed mortar attacks. 

Observers here regard toe 
direct attack on the Pol Pot 
regime as “ the reactionary Cam- 


BANGKOK. Jan. 20. 

bodian authorities ” as a signifi- 
cant escalation of toe propa- 
ganda war. The editorial, appear- 
ing jn toe Vietnamese Communist 
Party’s official organ Nhan Dan. 
also states explicit; for the first 
time that Phnom Penh is 
“isolated both at home and In 
the international arena.” It says 
the consequences of Phnom 
Penh's "bankrupt policies" will 
be “ immeasurable." 

„ This is the strongest language 
used yet in Hanoi’s official com- 
ments on their conflict with 
Cambodia. Hanoi now seems un- 
willing to coexist with the Pol 
Pot regime under any circum- 
stances. and that only a change 
of Government in Phnom Penh 
will placate toe Vietnamese. 


BY QUENTIN PEEL 

THE LAST sqnatter shacks at 
the Unibeli camp outride Cape 
Town were bulldozed to-day. as 
it was announced that another 
major resettlement of blacks is 
to restart on toe outskirts of 
Johannesburg. 

Demoltion of the Unibell 
shanty town finished well ahead 
of schedule, with the homes of 
an estimated 10,000 blacks re- 
moved, because many of the 
squatters themselves dismantled 
their shacks when they realised 
they could not resist the bull- 
dozers hired by toe local Bantu 
Administration Board. 

But observers in the Cape re- 
port that many families have 
simply moved to other camps 
which surround Cape Town, 
where thousands of black workers 


JOHANNESBURG. Jan. 20. 

live illegally with their famib 
rather than live singly in offic: 
hostels. 

Meanwhile in Johannesbu 
toe West Rand Bantu Administi 
lion Board announced that 
would resume the removal 
single men from Alexandra tow 
ship, in preparation for rebuil 
ing the township uniquely fj 
hostel accommodation. 

Any families living in ti 
township are to be rehoused : 
Soweto. Johannesburg's princip 
camples of townships. 

A temporary halt was calU 
to the operation last year afti 
an outcry from several Christia 
churches, including the influei 
tial Dutch Reformed Churc! 
over the number of families b> 
ing broken up in the operation. 




goodiwospects of capital growth. 


The last year lias seen a marked 
improvement in confidence in the UK 
economy. With the prospect of reasonable 
economic growth in 1978, it is our belief that 
now could be a favourable time to invest in 
UK shares ‘at attractive yields and prices. 

In the short term, the volatility seen in the 
last two or tbr&e months, is likely to continue 
in the immediate future, partly as a result of 
the effects of the recent freeing of the pound, 
and. more particularly because the market 
is stall very sensitive to the current round of 
wage negotiations. Even now it is early days in 
terms of the number of settlements made. 

However providing average settlements are 
kept within reasonable limits, and the 
Government is certainly determined in its 
attempt to achieve this, we believe the prospects 
for the medium term are most encouraging. The 
recent reflationaiy measures should have a 
. positive effect on consumer spending, while 
North Sea oil will continue to have a beneficial 
effect on the UK balance of payments. 

Against this background we expect 
corporate profitability to continue to improve 
and dividends to show an attractive rate of 
increase. One trust well placed to benefit from 
this situation is our High Return Unit Trust; 
with a gross yield currently of £7.74%* it offers 
an opportunity to secure a high immediate 
income together with prospects of capital and 
income growth in the long term. 


High Return Unit Trust 

The fund is currently invested in the UK 
market and its objective is to provide a portfolio 
designed to achieve a high income from stocks 
and shares. An investment in the fund ensures 
that your capital is under the continuous 
supervision of professional fund managers, who 
take care of all the day-to-day administration, 
including stock selection and research. 


Past performance 

The net income received from an investment 
of £1000 made on 1st January 1969 has increased 
from £31.48 in that year to £80.52 to date. 
Furthermore, over the same period, the fund’s 
offer price has increased by 73%. This compares 
with a 20% increase in the F.T. Actuaries 
All-Share Index. On 18th January 1978 the offer 
price of units was 67.0p xd giving an estimated 
gross yield of £7.74% p.a. 

An investment in this fund should be 
regarded as a long-term one. 

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

About Save & Prosper 

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

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


How to invest 

To make a lump-sum purchase, please 
complete and return the coupon below together 
with your cheque. You will be allocated units 
to the full value of your remittance at the offer 
price ruling on receipt of your application. The 
minimum initial investment is £250. 

For information on regular savings or on our 
Share Exchange Plan, please complete and 
return the coupon below, ticking the 
appropriate box. 

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

'estimated gross yield at 18th January 1978 


GENERAL INFORMATION 

Trust aim. The abate to provide a portfolio designed 
to achforp a high income from stocks and shores. 

Units are easy to buy. Units may normally toe 
bought and sou on any working day. However, in 
exceptional cmarmitlaaces the M anagers reserve the 
right to suspend price quotations pending their 
revaluation. 

And to sell. The Managers wiQ normally boy beck 
units, from regtaared holders, fine of commission, at 
not loss than tU»btd price calculated on the dayyour 
instructions are- received, in accordance with n 
formula ajHHored fay the Department of Trad o. They 
may atom be add back through an authorised agent 
who is eafltlod.to charge commission. Payment is 
normally mad e within seven days of our receiving . 
renounced certSacuHs}. 

Safeguards ' Ihe trust fa authorised by the Sagetnry 
of State far Trade, and is a ’wider-range' investment 
under the Trustee favesnnonts Act, 186L Tlw Trnstsa 
is Bonk of Scotland who holds tho title to the trust’s 
i&uertiaettteoa behalf rf the muthddera. 

Tho offer price currently includes an initial 
service charge not exceeding 5%, and a rounding 
adjustment not exceeding tho lower of 1% or I.25p. 
Oul .of, this, corantesiau of 11% (plus VAT where 
applicable) will be .paid to bonks. Etockbrokors, . 
solicitors, atwmtantis and qualified insurance 
brokers eo applications hearing tbeir stamp . In 
a d d i ti on , a na&peariy charge, outof which Managers’ 
upenaea and Trustee's fees are met. w deducted from 
the trust’s assets. This charge is currently js.75p pee 
£100 on winch 8% VAT is payable ™&ne» a total 
deduction t* 30.25p per XIOO. 

Income. income |a distributed on 28th February 
and 38th August each year and can be ninveeted in 
further smite if ! required. High Return unite are at 
present .whidi means that you will raceimyour 

£m CiatribDEtnn. on 28th August 

Mnnafitars^baw & Proper Securities limited fa 

* G "“ *■ 


Application for a lump-sum purchase) of 

HIGH RETURN UNIT TRUST 

SnuelProspr Securities Undted.4 Gnat St. Helens. London EC3P SEP. ToL: 01-554 mew, 

Registered to England No. 788728. Registered office as above. 

To J*«*“ a mbs Pte»« complete and rannn this tom efchei dnaedy or through your tank, stockbroker. gnBejrot 
QwWWjnsvmnM broto, togorhw Brito ywwientetanca. We wifl acfcnowrfwlge lecoiMriromtaP^SntadMkm^S'IIS^ 
nofnB% decpotcti s i cwHIeaie iw tho imi» wiiton 1* day*. Cheques should be made payable io"Sn*o & Prosoar SrrtnWmLiSJS 
ThbdiWtonMawlLehtetO tesdSents of the Republic of ndfloc. OnuK KMuntol lemMaaea'i no * parSaa,T,ll “Umh«r 

Pleswe issue to owonit* in High Return Unit Truoiroihe mine of I esteijiatBdniih-«»f~_^w 

BdbmmiaeeiptrtthaeppSatlmlMMinumlnUaljwn^ 

Mf/Mis/Mta 

Agent* s&mo I 

BLOCK CAPITALS PLEASE — ■ I 


f^clasomasiamcrvM'18 and am not wfent mulde the UK ox other Scheduled Temtortas and that I am not aomld» th. u 

gnus as tha nomine* of any penen ntideiiteutiide those Tenhoriw. Of you are anaeia to bui.. this -imiilnnti .1 

De deleted end me fom lodged thromh voux UK bank, sfcjcfctnotwor sjOcJtot.) “^“^^deriaiatoafttaaoU 

shmarnw . a** 

Edsting High Rams anttwldeit please tick horn. [ I . — — . 


il you would On dbtdbuiioac of income to be fdmraiMd In father 
unto please tick hare. 

it you would Oka demfe of &a Stem Exchange Plan pto» Bek ban. 
If You woidd Dke dealt of our regular Rrings plane sXrosa tfck boe. 


For Office UsoOUy 
404/ FT/1 


h 


\ 1 

•f 




12 


Financial . Times Saturday January 21 1 A 7 S 


overseas news 


ANTI-BOYCOTT LAWS 


Companies face jungle of 
Middle-East regulations 


;.Y DAVID BBJl 


Washington, Jan. 20. 


JS final regulations that will Architectural or engineering have no compunction about 
Ijto the way in which U S. services provided by a U.S. com- excluding blacklisted suppliers 
i panies comply with anti Arab pany in connection with a U.S. from lists of qualified suppliers 
.=ott legislation passed last controlled foreign subsidiary’s or otherwise discriminating 
,? went into effect to-day as construction project in a third against blac klis ted persons." 

■1 as they were issued by the country are passed through to ■ 

_tmerce Department the subsidiary's customers and — . , _ 

the rules have been drawn up as such bring the subsidiary’s Product identity 

wr %% — - 

m a controversial * . Art ™l uires 


-:be legislation. But they are rL- 
.tain to face prolonged 
'llenges in the courts as com- 
bes seek to get an even 
•’irer idea of what they mean. 

. lie Commerce Department 

[lay issued a lengthy summary * The regulations carry forward aWe 


Information 


should be no attempts by U.S. 
companies to conceal the origin 
of products they Import into a 
boycotting country. It says that 
“ the origin of the products 
must be specifically identifi- 
at the time of their entry 


the major clarifications that the act unchanged in respect of lnt0 the country- The test 

■ ias now made to the key pro- information. “No information for “ identiflability ” is 

l ions of the Anti-Boycott Act about business relationships with whether it is “ generally possible 
lat follows are the main points blacklisted persons or boycotted iD the normal course of business 

J this clarification. The detailed C0U ntries may be furnished with for the buyer or customs agent 

■XtEtoEELSS intent “Sly ° r si ff Ulr *» Wnndiy thn 

-n* department support a foreign boycott It 5U PP Ue F or manufacturer of a 

makes no difference whether the °r component 

information is publicly available. ilLif° SpecQon of tiie product 
• ■ The statute creates no exceptions ' 

i A j . . for such circumstances. So long ■ -- ■ 

■ The Export Administration as the necessary intent exists 
•t which covers the boycott was the furnishing of such informa- 
hended in 1977 to include the tion is a violation of the law ” 
iw anti-boycott legislation. It 
»vs that the new law covers 


Subsidiaries 


Compliance 


-reign subsidiaries of U.S. com- 
t nies “controlled" by such U.S. 
Tmoaniec. The definition of this 
jntrol was left to the regula- 
,3ns. 


Intent 


• The Act also allows a bona 
fide U.S. resident of a boycotting 
country to go along, with that 
country’s boycott laws. This is 
in respect of bis activities ex- 


* rm • - ifi . . t a/* IU3 4WUV1UU) DA- 

This is likely to be the most clusively within that country and 
i-"'®- argued-over section of the rules, with respect to the import of 

■ These now lay down that, while , “ e Act says that for the boycott products for the use of himself 
is difficult to be sure that a to a Person or or cf a company. 

15. company that has more than must “take action with *n, e g nal draw dear 

ill per cent, of a subsidiary J° comply with, further or distinction between two kinds of 
“tuaUv controls it the rules ‘“sanctioned foreign imports They sa y that U.S. anti- 

»stabUsh a rebuttable presump- °^% nal nsalations dcfine boycotMegislation wtil apply to 

s e any company that simply imports 


Itm of control where the domes- 


»a u.uuu, thi . h mftrp -i/vjoiw onrf i a „ any company cnai simpiy impons 

«„ ras «.Tr m ff^rsari? -siyg 

■ ■ 5~s*5J SSTSS 1 


oods which are then 
as a functional 
another product or pro- 


-lbsidiary or 

'rebuttable presumption of con- Tbe rules add “the fact that an 
‘■ol where the concern action is taken for legitimate ' 

'll s \ owns Or controls more business reasons does not re- . The proposed rules did not 



ierron ownTor rontenta an equal reason for the action." the Act by acting as procure- 

r larger percentage." However, the department also ment a |5 nts for “ otb ®r com- 

, The rules note that all these notes that intent is very difficult h^ever^app 
* resu motions of control “may to Pin down. “Lf a person receives Q r> appiy t0 seryice5 - 


■e rebutted bv romnerent evi- 8 request to supply certain boy- 
tlenc* chaurino thnt control does cott information which the 

statute proscribes and he know- 


: iot in fact exist.’ 


Residence 


U.S. commerce 


insly suppMes that information in r — 

resnonse he clearly intends to O Clearly the dofinitinTi of a bona 
comply with that request. It is fide U.S. resident of a foreign 
irrelevant that he may disagree boycotting country (whether an 


’ _ nnlv wiU ? ° r object to the boycott individual or a company) is of 

'• This covers only actions bey importance The final rem- 

' V!thf ?- US* the rtppartment goes on. lations ?ay down nine criteria f?r 

^ and -] hat . US a 'f be refuses to do business defining who is. and is not. such 

; controlled subsidiaries in a with someone who happens to a foreign resident They also 
ooyentting country are acting be blacklisted, but the reason is provide strict definitions of 
/within U.S. commerce” if because that person produces an whether the import of goods is 
goods supplied to this country inferior product the requisite for the “own use" of such a 
are used tn "complete a t-ans- Intent does not exist". resident' 

action with a boycotting 

■•nnntrv" The department warns that 

voun *' . . . . . Qe^rfinn “use of this exception will be 

Objectors had argued that '' u,un monitored and continually 

“ UJS. commerce ” should end at - reviewed to determine whether 

the point at which U.S goods • The act allows U.S. companies its continued availability is con- 
reach a foreign subsidiary to comply with a specific request sistent with the national interest 
opera ttni in a boycotting coun- by a boycotting country' that a It’s availability may be limited 
try. The rules reject this certain company be used even or wthdrawn as appropriate." 
althouch they provide important if that request Is made by boy- Finally the regulations attempt 
exceptions (see below) The cott reasons. The regulations to deal with the myriad ways in 
original regulations also pro- attempt to prevent compapies which companies may seek to 
vided that if any part oF a from providing lists of possible evade the act. This final passage 
transaction were "within U.S. subcontractors, for example,. of the department’s accompany- 
comroerce " that would make which leave out companies that ing statement deserves to be 
the whole transaction “within may have been placed on the quoted at length. 

U.S. commerce ” and thus under Arab boycott list “Use 0 f dummy corporations or 

regulations. The rules say that U.S. com- other devices to mask prohibited 
The final regulations modify pa nles may provide so-called activity will also be regarded as 
this and allow the provision of “pre-selection services” to boy- evasion. Similarly it is evasion 
ancillary services such as cott ing customers and that these to divert specific boycotting 
banking by U.S. companies. « fi Q ao t destroy the unilateral country orders from U.S. parent 
They say that a foreign sub- characters of another person’s companies to their foreign sub- 
sidiary's receipt of such services selection so long as that other sidiaries for the purpose of cora- 
does not. in and of itself, bring person or company Is the one plying with the prohibited boy- 
the subsidiary s otherwise that makes the selection in fact cott requirements ... in all 
foreign transaction into U.S. and as long as those services are potential cases of evasion the 
commerce. not provided in order to help that facts and circuznstaces of ao 

However the final rules draw person (or company) make a arrangement or transaction will 
a distinction between such ser- boycott-based selection.” be carefully scrutinised to see 

vices as accounting, financial. The department notes that to wb ?? b f r appearances conform to 
legal and other services have prohibited such pre- rea,lt y- 

furnished to a controlled suhxi- selection sendees “would drive ... 

diary of a U.S. company anil boycotting country buyers into rtaal 81 t w sj gw — t tioc m at t*»o I delaying the opettina o7 the New 

services winch are offered to a the hands of foreign suppliers of p a ^Tl , S^43' ,nc,tti cS J r^ | Yori: a "d American ,stocfc 
no) coifing imm try customer. pre-selection services who might oepurovni. waatmunofl. oc sax. 1 exchanges. 


Mixed 
reception 
for Carter 
address 

By Jurek Martin, U5. Editor 
WASHINGTON, Jan. 20. 

PRESIDENT CARTER'S first 
State of the Union speech last 
night was generously received 
by both houses of Congress — 
with frequent applause as he 
delivered it, but political reac- 
tion to its contents was mixed 
and by no means along predict- 
able party lines. 

Although it concentrated on 
economic affairs, the speech 
touched many subjects, domes- 
tic and foreign, and those which 
were tightly touched on in the 
speech itself were fleshed out 
in an accompanying "50-page 
message to Congress. 

Its purpose was to lay out in 
a sober manner the problems 
that needed to be tackled and 
some of the proposals the 
Administration has in mind. It 
was not, however, intended to 
overload the - Congressional 
system, which reflects, much 
Congressional criticism that Mr. 
Carter has tried to do too much 
in his first year of office. 

Rather, it sought to leave the 
impression that Mr. Carter was 
maturing as a manager of the 
nation. _ . 

Several Republicans approved 
of the essentially conservative 
economies it espoused, in its 
proposed tax cute, tight budget 
and pledge' to reduce bureau- 
cratic paperwork. Sen. Barry 
Goldwater even commented that 
he bad made the same speech 
in 1964 (when be was running for 
President) and “ got the bell beat 
out of me." 

Sen. Howard Baker. . the 
Republican minority leader, 
applauded some of Mr. Carter’s 
comments but added that tbe 
address “provided no new direc- 
tions or insights into what the 
Administration will do to deal 
with the problems." 

A number of Democrats and 
Republicans also complained that 
Mr. Carter offered nothing de- 
tailed or new in hi* exposition 
criticism that may be a little 
unfair in the light of tbe popular 
view tbat be bas been offerin 
too much. 

Sen. Robert Byrd, the Demo 
cratic leader, also demurred 
from the President’s contention 
that “we have failed the Ameri 
can peonte" by not producing an 
energy Bill. Sen. Weicker, the 
liberal Reooblican. took a dif- 
ferent view, complaining that 
Mr. Carter was «till not exertin 
the riebt kind of executive 
leadership to break the energy 
fmnasse. 

Congressman Tip O’Neill 
Sneaker of the House, thought 
however that the President was 
“n>ht on the mark" on energy 
Tbe tax cut proposals were 
generally welcomed in principle 
bv all except Liberal Democrats. 
Congressional an Henry Reuss 
who wants more spending as 
onnosed to tax reductions, 
muttered that the whole speech 
was far “too Republican." Rnt 
it is clear that there is some 
division in Congress over both 
the size and the nature of the 
President's plan. 

Mr. Carter may well have been 
encouraged by the volume of 
aoplause he received when he 
urged senatorial ratification of 
the Panama Canal treaties. 



HOME NEWS 


Varley stresses need 
for jobs subsidy 

BY RHYS DAVID * 

BRITAIN’S determination to is being maintained under the of Roaaendale. Lancs, was struc 
continue employment aid to scheme. turally unsound, 

hard-hit industries when the ju- Colln Barnett secretary of company examined alter- 

temporary employment subsidy fh B North-West TUC. said v ester- natives, including closure of the 
ends in two months was stressed £l aSm? Sow jS&’SSfi transfer of producj 

EriC Variey - “ y .r fu"“ UtK wottar plants In Bury and 

Secretary. scheme was not replaced. South Wales. 

Mr. Varley, speaking in Bury. . . „ . _ . . , „ Because of tbe impact on em 

Lancashire, said the Government . A totel of 200,000 jobs in all ployment in the town, which 
believed there should be a sue- industries in Britain is being already has a high rate of un- 
cessor scheme. It would be pur- aided under tiie scheme, which employment, the company 
suing vigorously the case for provides a £20-a-week subsidy decided-- to go for the somewhat 
continued aid with the EEC P er employee for an. initial six- more costly option of rebuilding 
Commission. month period where redundancy the mill completely at a cost of 

His remarks, at the opening of is threatened. Half all the em- £300,000 to save 6070 jobs, 
a new textile mill, follow the Payees covered are in the tex- Mr.' 1 Varley praised the co- 
statement by Mr. James Cal- tiles* footwear, and clothing operation between management 
laghan, the Prime Minister, io industries. aa d employees which had made 

the Commons earlier tills week Mr. Varley was in the North the rebuilding possible without 
that the Government would west to demonstrate his any -break in production, 
resist any attempt by the EEC approval of the way in which Felt manufactured by Bury 
to block farther measures after one small company has tackled and Masco is used as display 
the end of March. tbe problems *of industrial re- material in 'shops and exbibi- 

The need for continuing sup- generation. Bury and Masco, tlobs.- and in a number of other 
port for employment, particu- Britain’s biggest woollen felt areas from filtration to felt-tip 
larly in textiles and clothing, is manufacturing business, found pens. It is also used forsound- 
being stressed In the North IS months ago that one of its -deadening and soundproomng of 
where a large number of jobs older mills in the isolated town factory machinery. 


Blizzard 
brings New 
York to halt 

A HUGE overnight storm which 
deposited up to 15 inches of 
snow along parts of the north- 
east coast of the United States 
brought New Vnrk virtually to 
a halt yesterday forcing the 
closure of many offices and 


Televising Congress: the 
networks go for realism 



BY NANCY DUNNE IN WASHINGTON 

U.S. BROADCASTERS are get- some years been inching toward from the members or the Con- Thomas O Neill 

ting jittery because their rating permitting television cameras on gress. from the leadership, and arguing that they alone have the 
services have reported that the hallowed precincts of ‘Vie give to national broadcasting ? he expertise to aim the proceedings. 
Americans arc watching less tele- House floor. The Senate is still control of tbe House. He wor- Major commercial networks, ten 
vision this year than last: the some way from permitting daily ries that House proceedings national news organisations and 
average viewer is now said to ho broadcasts, but may film its might even eventually be broken two major broadcast unions have 
consuming only three boars and Panama Canal debate this year, off for commercial interruptions, formed the Coalition for Pro- 
45 minutes a day. Broadcasting of floor proceed- is now the practice in nation- fessional Broadcast Coverage of 

Always searching for the tegs has long been resisted by ojjy televised football games- the House Floor to argue their 
magic formula to attract viewers Congressmen, who fear that Bis greatest concern, however, *jew that legislators should be 



and manipulating schedules and received by their constituents, rating of Congress te low now. prevailed over 
creating and cancelling shows. But the popularity of the tele- wa,t 1,11 *e get TV. opinion. A 1976 


al] tn 
seasons 


the majority 
poll of House 

no avail. In recent vised 1973 Senate Watergate com- In any case filming will pro- members showed a majority In 
banal situation come* mittee hearings, which save star ceed, and 31r. O’Neill is said to be ‘ > avou . r 11 of network coverage. 


dies have given way to M adult " status to Senator Sam Ervin und considering three alternative pro- congressman John 

comedies; sillv, stereotyped white brought the minority leader, posals and leaning toward the ^noerson has claimed that If the 

ramily shows have been replaced Senator Howard Baker. »o third: ? mSoritS ioSlfl 7*?’ 

by silly, stereotyped black family national attention, did not go «n- • Contracting with a network ™ at ™ e 

shows; series have been sup- noticed. pool of broadcasters for coverage broadbrim? “ oul(I do **“ 

planted by mini-series; movies The subsequent, and more of all floor proceedings, to be ^n. bmafc*n»« 

have made way for “ televised " dignified House impeachment made available to the House and a t*. mSSfLifThS 

(Mttond-rate l “novels.’ hearings were even better ril radio and teleyUton stations. mav u^atewlMk^ite faroS? 

The public is nevertheless received. By 1975 the Roper •. Arranging a similar contract on ‘the caraeras ^ a 

apparently beginning to discover Organisation found that sonic 5S with public broadcasting— an un- fre niiblicifv knowing tbarthpir 

it has other things to do. So per cent, of the public wanted a’ UWy solution because of the next rnnSve tew 

what will the broadcasters try least some TV coverage of Con- high costs. ]ess t£Stiroyea!f SSS Law- 

next? in desperation, they gresstonal debates. - • Designating House employees makers have reported a Generally 

could go in for _ real-life Prodded by puhIic opinion. 10 ruB , the cameras and tightly Favourable response to tile es- 

“ realisni- Filming is now t} roadcas i ers and several Con- co i£?° coverage. perience of televising state legis- 

bcing permitted in 44 State legia- gt . essraen> ^ HouSe lasJ ve3r fln . Three colour cameras would latures. 
tatures and, on an experimental lly zzkvI to allow full cover- ** aln ? ed at on, y thr ® e s P ots “> Some Congressmen fear the 

basis, in some courts. Last Sep- e of proceed i nSs slarUnE early the House floor where- action broadcasts will encourage play- 

leuiber, Florida viewers were fafr year. However the con- P la =®- J N -° panning would tng to tbe unseen audience and 
cinated by the homicide trial «? jroverrtai question of who will ** no r W0 V ld . ^ c°nld produce new stars among 

a 15-yesr-oId boy. His (losing) opera j e ^he cameras was left io canieras S * I0W *h e g^nt-s^ze the more telegenic members. On 
defence, coincidentally, was that -f Thomas P O’Neill' If th* tiJuminated scoreboard which the other hand, it could arouse 

he had been spurred to violence « ' _ CIU * Jr ‘’ ^ shows each member’s name and more public interest for national 

by watching television crime ’ vote during roll calls. The film issues ana a better understand- 

shows. Tn* . Speaker is less than would then bo made available, ing of the complexities faced by 

A- leading attraction of the enthusiastic about tbe introduc- unedited, to accredited radio and Congress, 
realism line-up could be telecasts tion of cameras on the House television stations. Of course the series couTd be 

from Capitol Hill, where the floor. He claims tbat it could The networks, of course, are cancelled in three months be- 

House of Representatives has for be a terrible mistake to take pushing the first alternative, cause of poor ratings. 


Commission 
to study 
Southalls* 
price rises 

By Elinor Goodman, 

Consumer Affain Correspondent 

THE Price Commission is to 
study sanitary protection prices 
for the third time. It announced 
yesterday that it intended In- 
vestigating price rises proposed 
by the Smith and Nephew 
subsidiary, Southalls. 

Sonthalls is Use market 
leader in sanitary protection, 
with products like Kotex, Lillla 
and Lil-lets. 

The present Commission's 
predecessor investigated the 
whole sanitary protection 
market in 1975, and recom- 
mended dropping the system 
of manufacturers’ suggested 
retail priees, as this resulted in 
prices being higher than neces- 
sary. 

The manufacturers agreed to 
change their pricing system 
and when the market was 
stndled again, It was fonnd that 
retailers' profits on sanitary 
protection had fallen as a 
result of the dropping of 
recommended priees on the 
majority of brands. 

The reference Is in line with 
the new Commission’s policy 
.of Investigating price increases 
notified by companies with a 
dominant market - share. 

Technically. Sonthalls* prices 
could be frozen during the 
three-month investigation, but 
te practice, most companies 
have been able to Implement 
at least part of the proposed 
price rise by applying for an 
interim increase under the 
profit safeguards written into 
the new price controls- 


Belfast yard 
branches out 

By Our Belfast Correspondent 
HARLAND and Wolff, the Bel- 
fast shipbuilding company, has 
launched a range of motorcycle 
accessories. 

The State-owned yard bas 
established a subsidiary. Hawk 
Products, to marker parts manu- 
factured in the yard. 

They include glass fibre fair- 
ings. chromium-elated handle- 
bars. carriers and crash hars. 

The company said that the 
accessories were a result nf its 
desire to diversify." A manufac- 
turing agreement was near 
completion with Suzuki to market 
accessories In the H.K. using 


Price of some beers 
to be increased 
by 2ip a pint 

BY KENNETH GOODING 

THE McEwan William Younger added* nearly Ip to the cost of 
and Newcastle Brown group producing a pint of beer. 
(Scottish and Newcastle Scottish and Newcastle has 
Breweries), is to Increase some assured the Commission that it 
beer prices by 2$p a pint on will not make any further price 
January 30. increases before October, 1978. 

And the .Sunderland-based »«£“ ,*» “ p 

taastw “HHH- 

an inv^tipatinn cent - llft in lhe relai1 ** vel * 

an investigation. There will be a Sp a - nip " In- 

Vaux intends to restrict the in- crease In spirit prices in the com- 
creases to lp a pint in its English pony’s houses, as well as a 5 per 
outlets, but in Scotland, where cent, average addition to the cost 
the group operates under the of food and accommodation. 

Lo rimer's banner, the price will Beer drinkers can expect most 
rise by 2p. of the major brewers. to raise 

Vaux has pointed out to the prices within tbe next few weeks. 
Commission tbat recent wage Allied Breweries will lead the 
settlements, although within the way next ' Wednesday with a 
Government’s guidelines, have 2p-a-pint addition to its products. 


Sunday 
postali 
services 
may be 
restored 


Woodall-Duckham wins 
f 5m. Shell contract 

• BY KEVIN DONE, CHEMICALS CORRESPONDENT 

. '■ v y -.'i : 

WOODALL-DUCKHAM has been provide operational and eco- 
awarded a £5m. contract by Shell -nomic advantages for the- plant 
Chemicals U.K. for work on the by. allowing Shell to choose either 
conversion of an ethylene plant material to match fluctuations in 
at Carrington, on Merseyside. . price and availability. 

Construction work has already The Woodall-Duckham contract 
started on the £25m conversion covers modifications to process 
of Shell’s No. 3 ethylene plant units on an existing ethylene 
to enable it to ran from either plant and includes all off-sites 
gas oil or naphtha. This feed- for the integration of new ethy- 
stoqk flexibility is expected to Iene cracking furnaces. 


Guillotine row taken 
to Labour executive 

BY PHILIP RAWSTORNE 

LEADING LABOUR anti- abandon its plans to introduce a 
Marketeers will call on the timetable for the Bill tn the 
party’s National Executive Cora- Commons on Thursday, 
mittee on Wednesday to join the Mr. Heffer warned yesterday 
opposition to the Government's that the row over the guillotine 
plans to guillotine the European could damage the party's election 
Direct Elections Bill. prospects. 

Mr. Eric Heffer. termer Indus- He said: “ l think it is regret- 
try Minister, said yesterday that table that, at this moment, when 
he intended to put ao emergency it is quite clear that the Covern- 
motion to lhe executive meeting menL as far as financial policy is 
on the issue. concerned, is doing rather well 

A snecial meeting _ of the and when support is swinging 


thp Hawk brand name. ! Parliamentary Labour Party has back, we have to have an areu- 

Tbe company is also investiaat- ! already been arranged For ment over something which is 
ing American. Canadian and [Tuesday to debate a motion call- not Labour Party oolicy. It is 


European markets. 


ing on the Government lo not going to help the situation." 


BY JOHN LLOYD 

SUNDAY postal services xaay T* 
reintroduced ia the oearfutiflw. 
Sir William Barlow, the Post 
Office chairman- said yesterday. 
Sir William's announcement Is 
the first public declaration he 
has made of an Intention he -MS 
had privately since becoming 
chairman in November. ■ 

Speaking in Leeds, he con- 
firmed tbat postal profits would 
be about £12m.w the current 
year, anout half of last years 
figure. 

The Post Office’s mam aim was 
to increase services to Its cus- 
tomers. The possibility of 
starting Sunday services wag one 
option under consideration. 

Another was the possibility of 
making “ modest concessions * 
on Christmas m a il . 

Profits fall 

The expected halving of postal 
profits was “ not very significant” 
Sir Wiliam blamed the fall on 
Inflation and said that the profit 
margin was very thin. 

On price rises hr declined to 
extend the commitment that 
there would be no price rises 
bevond April. The Union of Post 
Office Workers, with 200,000 
members, had a wage claim, on 
the table — but tbe Post Office 
would do all ii could to avoid a 
price Increase. 

“If there are to be any in- 
creases, they will be kept to an 
absolute minimum ” . . 

However, it seems likely tbat 
even if the Post Office union does 
settle for the 10 per cent, norm* 
the resulting increase in costs,- 
coupled with inflation, will force 
a price rise on letters and 
parcels. 

U.K. launch 
for Saab 
turbo car 

By Terry Dodsworth 
SAAB, THE Swedish car manu- 
facturer, will launch its new 
£7,850 turbo-charged model in the 
U.K. in March. 

Tbe vehicle, which uses the 
Saab three-door coupe body, is 
attracting a great deal Of interest 
in the industry because of its 
performance. 

Saab claims virtually the same 
fuel consumption but sharply 
improved acceleration and speed 
from use of the turbo-charged 
engine. This is based on the com- 
pany’s two litre engine with an 
additional turbo-charger driven 
by the exhaust gases. The car 
has a maximum speed of 
120 m-P-h- and accelerates from 
rest to 60 m.pJL in less than 
nine seconds. 

In the past, the main problem 
with using turob-charging in cars 
— tbe principle is used exten- 
sively for commercial vehicles— 
has been the lengthy cut-in 
period after activating the 
system. 

The Saab Turbo will he mar- 
keted only in black. 


Yorkshire 
Bank deal 


YORKSHIRE BANK is continu- 
ing its expansion programme by 
taking a leasehold interest in a 
large part of the former British 
Horae Stores property at Pilgrim 
Street, Newcastle upon Tyne, for 
use as a new branch. A long- 
term full reparlng and insuring 
lease bas been agreed at a rent 
approaching ' £20.000 a year with 
flva-yearly reviews. 


Rise likely 
in package 
tour prices 

By Christopher Dunn s 

, SHARP RISE in the cost of 
British package tours abroad in 
1979 was predicted yesterday. 

Prices could rise by as much 
as 25 per cent., saia Mr. Ivor 
Elms, chairman of tbe Associa- 
tion of British Travel Agents* 
Retail Agents Council, in the 
Travel Trade Gazette. 

Fewer aircraft seats available 
for charter is a major factor 
behind the forecast price rises 
The shortage of seats bas arisen 
from redeployment by a 
significant number of airlines of 
aircraft to other duties. 

“ The shortage is nol going to 
resolve itself by 1979. It means 
that the price of charter seats 
will go up beyond Inflation," Mr. 
Elms said. 

Hotel prices in Spain. Italy 
and Portugal would also rise to 
reflect high rates of inflation in 
those countries, now running at 
more than 30 per cent 
A stronger pound may not 
help to offset these problems by 
keeping prices down. 


Mersey rail 
link plea 
by councils 


three 


- i-' 


REPRESENTATIVES OF 
county councils, Merseyside. 
Cheshire and Clywd, agreed 
yesterday to ask Mr. William 
Rogers, Secretary for Transport, 
to receive a joint deputation fa 
discuss tbe future of the 
passenger railway between 
Birkenhead and Wrexham; 


fi 


British Concordes carry 
55,000 in two years 

BY MICHAEL DONNE. AEROSPACE CORRESPONDENT 

MORE THAN 55.000 passengers services to Singapore in early 
have been carried on British Air- December, 
ways’ Concorde services in the these operations continue, 

two years since supersonic oper- tfae eJtce ption of the Singa- 
ations began on January 21. 1976 ff" STSiJfJr M^aydS 
Commenting on the second objection* td Concorde flights, 
anniversary of Concorde flights. botb supersonic and subsonic, 
the airliae said yesterday that tbrourt the airspace Malaysia 
during the two years punctual! tv controIs (although Concorde does 
and reliability had been good tailiS2f , ^R!lUhI* r * ft }« illay5lan 
aod the number of seats sold mISSS W,th 

bad averaged SO per cent, rhe olSvfjKj *! n i^¥*iJ prDhte “ are 
highest percentage being on the 

transatlantic service. tw r iL l ?w Aln v y 1 s a ,d yesterday 

_ J „ that the New York flights will be 

Concorde flights to Bahrain raised from six a week to a dailv 
began two rain ago today, with frequency from February r> 
HasMts tol Washington starting in while those to Washington will 
Ma* 1976 flights to New York be raised from tw 0 to three a 
starting last November, and week from the same date. 

Welsh airport changes name 

GLAMORGAN (Rhoo^ Airport “The problem with the old 
is to be renamed Cardin (Wales) name is that few people outside 
Airport from February 1 the Wales have any idea where the 
airport management committee airport Is." said Mr. Edward 
agreed yesterday. Maloney, airport director. 


Ailing aviation 
group sells 
six aircraft 

By Lyittan McLain, Industrial 
Staff 

BRlTTEN-NORMAN, the tele Of 
Wight aircraft company in. tbe 
hands of an official receiver, -has 
won an order for three Islander 
aircraft 1 These supplement six 
aircraft delivered last May to 
Munz Northern Airlines of 
Alaska. 

The order will not affect- this 
week's announcement of reduo- 
dancies in the company: Sir 
Charles Hardle. the company's 
receiver, said a quarter 'of 
280 employees would lose tbttir 

jOM. .. 

The ., r ®fi ui 'flancie8 were oec^s- 
isary if he was to sell the 1 com- 
Ipany as a “going concern? : 'te 

said. - vy . 

Britteu-Norman is an aviation 
group subsidiary of the Fttfwy 
Company. Losses at the Bel- 
gium Fairey SA works forced the 

^ 10 thft-wwSwr 
last October. V 

Since .then, 32 aircraft have 
been sold, ay to indlvidokl ctib- 
tomers. 


Decision later in sanctions case 


JUDGMENT was reserved Shell, BP and 27 


yesterday on the move by Shell companies*" are"' “beina SS? h? Brighlfftenv h« 

and BP to block a High Conn uK and its mLSSLhS been asked by Shell aod BP-to 

* SQPPlyias &il t0 tUtaSXt culms 







I .k.k 
it'T S.1- 

lurho;: 




i *i 


s 


Financial' Times Saturday January 21 1978 


HOME NEWS 


‘Anti-Grunwick’ 
Bill is past 
Second Reading 

BY JOHN HUNT, PARLIAMENT ARY CORRESPONDENT 


A CONTROVERSIAL Private 
Member’s Bill which makes it 
more - difficult for employers to 
refuse tn co-operate with the 
Advisory Conciliation and Arbi- 
tration Service was given a 
Second Reading in the Commons 
yesterday by a majority of 14 
(258-242). 

The main purpose of the 
measure is to prevent a court 
overturning a ruling of ACAS 
in 'union recognition disputes, as 
happened in the case of the 
Grunwick dispute. 

In that instance ACAS ruled 
.that the Association of Profes- 
sional Executive Clerical and 
Computer Staff should be recog- 
nised at Grunwick. But the House 
of Lords later overruled this on 
the grounds that ACAS had not 
taken all possible steps to ascer- 
tain the views of Grunwick 
workers. 


Tory anger 


The Bill would prevent such a 
situation arising in future by 
stipulating that ACAS would have 
to ascertain the views of workers 
only to an extent which was 
“reasonably practicable." 

The legislation, the- Employ- 
ment Protection- Bill,', received 
the full backing of the Govern- 
ment in the Commons but ran 
into furious opposition from the 
Conservatives. 

The main anger of the Tories 
was directed against a clause in 
the Bill which states that ACAS 
need only consult a certified 
trade union to obtain the views 
of the workers. 

It would not have to consult 
staff associations or bodies which 
Mr. Ted Fletcher (Lab, Darling- 
ton), chairman of the Left-wing 
Tribune Group, and sponsor of 
the Bill, described as “sweet- 
heart unions.*" 

The Liberals did not support 
the Government in yesterday’s 
vote. They abstained after Mr. 
David Steel, the liberal leader. 


said that they found the clause 
on certified unions “ controver- 
sial and objectionable.” 

In spits of the comfortable 
majority, the. chances of the Bill 
becoming law remain doubtful. 
It caw be held up by lengthy 
debate in committee stage in the 
Commons, and will run into s tiff 
opposition in the Lords. 

Tory peers are unlikely to vote 
against it on Second Reading, but 
will give it a rough passage in 
the Lords committee stage and 
probably throw out the clause on 
certified unions. 

Mr. Albert Booth, the Employ- 
ment Secretary, wants the Bill on 
the Statute Book by the end of 
July. By that .time Parliament 
will be rising for the summer 
recess, and if the Bill has not 
received a Third Reading it will 
fail altogether.^ . 

Mr. Booth told the House that 
the Government thought the Bill 
was necessary to prevent Grun- 
wick-type positions arising in the 
future. It would prevent a few 
bad employers exploiting loop, 
holes by means of Jegal decisions. 

Mr. George Ward, managing 
director of ' Grunwick, sat in the 
public gallery and heard Mr. 
Fletcher claim that the National 
Association for Freedom was 
searching for imperfections in 
the Employment Protection Act 
in order to protect employers. 

Mr. James Prior,. Tory shadow 
Employment Secretary, described 
It as a “miserable little Bill.'' 

Another Conservative spokes- 
man, Mr. Barney Hayhoe, said: 
“ It will reduce the rights of 
individual workers and increase 
the power, and privilege of some 
trade unionists.” 

Mr. John Gorst (Con., Hendon 
North), who has advised Mr. 
Ward during .the. dispute, 
described it asLa partisan Bill 
which sought to strip employers 
of the little authority left to 
them. It furthered trade union 
power at the expense of non- 
union workers. 


Bank may alter system 
for fixing MLR 


BY MICHAS. BLANDEN 

CHANGES IN the system of fix- 
ing the Bank of England’s mini- 
mum lending rate, the main key 
to the general level of short-term 
Interest rates, are being con- 
sidered in the Bank and the 
Treasury. 

No specific, proposals have 
been made on what system could 
replace the present arrangement 
which links the level of MLR to 
the market through the rates, 
established at the weekly tender 
for Treasury biMs on Fridays. 

The authorities are examining 
whether an alternative system 
could be introduced in the light 
of the problems and disadvan- 
tages which have emerged under 
the present arrangement. 


The MLR market-related 
method was introduced in 1972, 
largely to reduce the strong 
political overtones associated 
with the old system of adminis- 
tered Bank Rate. V; 

It is recognised,, thatjSatdrest 
rates must be subject, to politi- 
cal decision, and ■ the ' present 
system has required regular 
intervention and guidance by the 
Bank to affect the' level of short- 
term rates. 

This system! which relies 
mainly on the' Bank’s ability to 
influence the discount houses, 
has at times caused problems in 
the market 


Lloyds cuts personal 
fixed-rate loans cost 


” : ' H 


BY MICHAEL BLANDEN 

LLOYDS BANK is cutting the 
cost of its personal fixed-rate 
loans, in line with general re- 
ductions in interest rates during 
the past few months. 

From Monday the interest rate 
on new personal loans over a two- 
year period will come down to 
a true rate of 14.7 per cent, from 
the previous 16.7 per cent This 


is equivalent to a reduction in 
the flat interest rate on the Initial 
amount of the loan from. 8} per 
cent to 7$ per cent 

The bank said the true rate 
wiH depend on the repayment 
period, which can vary between 
six months and three years. 

The move follows similar 
changes made by a number of 
the other big banks. 


Fraud gang ‘got $190,000 
from Kuwaiti bank’ 


THE MOVEMENTS of men 
operating a multi-million pound 
forged bank draft fraud — which 
could have undermined the 
world's banking systec — could 
be pieced together like a k jigsaw 
puzzle an Old Bailey jury was 
told yesterday. 

Mr. Kenneth Richardson, 
prosecuting, referred to extracts 
from dossiers built up by detec- 
tives and to an album of 300 
photograps— a selection from 
8,000 taken secretly. 

In the dock are Andre Bito, 52. 
Francisco Fiocca, 48, Henry 
Oberlander, 51. Emile Fleisch- 
man, 57, and Jorge Grunfeld. 55. 
all of London, and William David 
Ambrose, of Esher. Surrey. 

They plead not guilty to six 
charges of conspiracy, relating 
to plots to defraud hanks, com- 
panies and businesses by the 
use of forged bankers drafts and 
identity documents; to forge the 
drafts and to utter them with in- 
tent, to defraud. 

In all. 40 banks were 
defrauded but Mr. Richardson 
said: “ If we can prove what was 
going on with the drafts in rela- 
tion. to seven or eight banks 
thgn it .is an inescapable infer- 
ence that something similar was 
going on in relation to the 
remainder” 

He told the jury of two 
specific frauds. The first was 


to defraud Lebanese refugees 
hoping to exchange local cur- 
rency into dollars, and the 
second was to swindle a busi- 
nessman in Spain over a land 
deal with forged bank drafts by 
pretending it was for an oil-rich 
Arab sheikh. 

The second fraud was foiled 
when the landowner ‘offered to 
fly the agents to Switzerland to 
exchange the $2m. forged draft 
for cash. - 

Among the 40 banks said to 
have been defrauded were the 
Midland, the Union Bank of 
Switzerland. the Toronto 
Dominion Bank, the United Bank 
of Kuwait, the Bank of Montreal 
and the Chase Manhattan Bank 

Referring to the Bank of 
Kuwait, Mr. Richardson said: 
“The gang, whoever they were, 
got $199,000 oat of this bank. 
And forged drafts in process of 
completion found at Vere Court, 
Hie forgers’ den in Westbourae 
Gardens, Bajwater, London, 
and at Ladhroke Mews also 
related to this bank." 

Mr. Richardson also told the 
jury of other links. He said 
that • a scientific officer had 
found -that one of the forged 
drafts, found at the forgers’ den 
had been printed with the same 
inks and dyes as that on forged 
drafts Actually passed for cash. 

The case continues on Monday: 


Skateboard 
safety 
standards 
to be 
discussed 

By David RsMoek, 

Science Editor 

THE DRAFTING of British 
Standards for skateboards and 
associated safety equipment 
such as' helmets and pads is to 
be discussed at a British 
Standards Institution meeting 
in London on Monday. 

Pressure from the Depart- 
ment of Prices and Consumer 
Protection, in particular, has 
overcome the former reluct- 
ance of the BSI to contemplate 
Kitemarks for skateboards. 

Those " expected to attend 
include some of the main skate- 
board m anufa cturers, maior 

retail 'spirts goods suppliers, 
and the British Skateboarding 
Federation, a grotno of organi- 
sations interested In. the sport. 

Tn Dressing for such a meet- 
ing. the Prices Department has 
been supported strongly bv 
those who point to the high 
stresses to which the com- 
ponents of skateboards are sub- 
jected. and to the fact that the 
snort did not “arrive” unttt 
materials develonment had 
caught up with' some of those 
stresses. 

Hidden dangers 

This was the case especially 
with the wheels, but other 
components and the overall 
design of the skateboard have 
not always come up to the same 
standard. .. , . _ 

This was disclosed last 
month, when the Royal Society 
for the Prevention of Accidents 
released a report called “ The 
Hidden Dangers,” prepared by 
scientists with the Fulmer 
Research Institute. 

The Fulmer study, investi- 
gating 1 the failure of critical 
skateboard components, said 
that, ideally, approved 
materials and their processing 
and inspection should be con- 
trolled in the same way as 
safety-critical aircraft and car 
parts. 

As an Interim precaution, 
until such standards could be 
laid down, it proposed a rough- 
and-ready test to be performed 
before purchase and each time 
before a skateboard was used, 
tn which a man jumped several 
times on the deck of a firmly 
anchored skateboard. 

Nor do standards exist yet 
for skateboarding safety equip- 
ment. The Prices Depart- 
ment envisages use of a helmet 
designed to standards similar 
to those laid down for racing 
cyclists. New standards would 
be needed for knee and elbow 
protectors. 

The Prices Department, 
although not responsible for 
laying down standards, has a 
responsibility for consumer 
protection “ in and around 
the home," it said yesterday. 

Skateboarding, it admitted, 
was “slightly more divorced" 
from its usual activities. Qyt 
for about a year it had taken 
an interest in seeing that the 
equipment was fit for the pur- 
pose for which it was being 
sold. 

The Fulmer Research Insti- 
tute plans to make a testing 
programme available to the 
skateboard manufacturing in- 
dustry. In which for “a few 
hundred pounds ” a manufac- 
turer - ' could com mi ssion a 
confidential report on the 
performance of his products. 

It also plans to pool its 
experience - of this kind of 
equipment in public reports 
which, while not specifying the 
manufacturer, would assess 
different types of skateboard 
and safety equipments — rather 
like Which? reports. 

It would make measurements 
on the ability of equipment to 
withstand impact abrasion, 
emergency braking— “even fire 
If it’s wanted." 

The scientists emphasise that 
In spite of publicity, the 
number of accidents caused by 
the failure of materials or 
designs is trivial compared 
with those caused by inexperi- 
ence. 


Dublin faces ston 


ii 


over sacking 
of police chief 


Investment 
rise likely 
to be small 1 

By Peter Riddell. 

Economics Correspondent 

A CAUTIOUS VIEW of the pro- 
spects for Investment this year 
was given yesterday by the senior 
economist of the National 
Economic Development Office. 

Mr. David Stout said he expected 
a rise in the volume of manu- 
facturing investment of 9 per cent 
in 1978 against last year, and not 
much more than this in 1979. 

This compares with an increase 
of between 10 and 13 per cent in 
1978 forecast by the recent 
Department of Industry invest- 
ment intentions survey. 

Mr. Stout was speaking at a 
conference for European investors 
organised by stockbrokers E. B. 
Savory Milln and Co. 

Among the other speakers was 
Mr. Geoffrey Maynard, of Chase 
Manhattan Bank, who was 
formerly deputy chief economic 
adviser at the Treasury. He 
expected the rise in earnings 
during the current pay round to 
be mid-way between 10 and 15 
per cent with a pick-up In infla- 
tion towards the end of this year. 

He also thought there was likely 
to be a net fiscal stimulus of about 
£3bn. in the Budget while the 
Government would adopt a roll- 
ing money supply target on U.S. 
lines in the next financial year 
with an upper limit of around 13 
per cent 

Mr. Maynard said he did not 
expect much deterioration in the 
current account in the next year 
or so because of tbe rising con- 
tribution from North Sea oil. 

The exchange rate was pro- 
jected to remain fairly strong this 
year before weakening slightly in 
1979. The trade-weighted index 
should stay around the current 
level of 66 before slipping' back 
to 64 in the second half of the 
year. 


Libya buys 
Wentworth 
House 

\ ' *•».' j ( o:. i » Xt - ' 



Wentworth House: “restored” 

The Libyan Qribassy is mov- 
ing to the former Earl of Straf- 
ford’s town bouse in London's 
St. James’s Square, 5.W.1, writes 
John Brennan. 

The lavishly restored 17th cen- 
tury building, Wentworth House, 
bas been on the market since 
1976. Agents Knight Frank and 
Rutley with Herring Son and 
Daw. acting for the private 
developers Monopoly Invest- 
ments had been asking £2. 75m. 
for a 120-year lease. 

Tbe Libyans are reported to 
have paid “over £2m.” for the 
20.000 square feet of offices, a 
large penthouse and a garage 
big enough to take 11 Rolls- 
Royces. 


Varley asked to maintain 
Scottish steel output 

BY RAY PERMAN, SCOTTISH CORRESPONDENT 


BBC plans 
to brighten 
Radio Four 

. By Christopher Dunn 
MORE RADICAL changes in 
BBC' Radio Four programmes 
were announced yesterday by 
Mr.- Ian McIntyre, the controller. 

The emphasis in the reshuffle, 
which begins next month, is on 
week-end programmes. From 
Oar Correspondent and Be- 
tween the Lines, broadcast on . 
Saturday mornings, will be ! 
dropped. ] 

Alistair Cooke’s Letter from} 
America will return to its old) 
time on Sunday morning, as part 
of a general plan to liven up 
broadcasting at this part of the 
week-end. A half-hour enter- 
tainment slot is planned for 
Sunday morning. 

- New Saturday programmes 
include a weekly magazine re- 
view presented by Anthony 

Howard, retiring Editor of the 
New Statesman and a, “corres- 
pondence column.” There will 
be a Sunday morning phone-in. 

. . Operating expenditure last 
year at Radio Four was £1401* 
just under a quarter of the 
total, ■ £58ra. It was the most 
costly BBC station. 


Tate to show Turner watercolours 


BY ANTONY THORNCROFT- • 

THE TATE Gallery, perhaps re- 
acting to renewed public interest 
in Turner, has derided to hang 
.40 of the artist's watercolours .to 
a room next to its 'extensive dis- 
play of Turner oil paintings. 

It is three years onc,e the Tate 
showed Turner watercolours in 


this way and in addition to the 
exam ples .'from its huge , and un- 
seen stock it Is exhibiting four 
important works on loan from 

Mr. Brian PilkingtQn.. 

These include . two ' water- 
colours, “ Bonneville." painted to 
1808, and “ Farnley from above 
Oiley,” which have not been seen 


by the public for some time. It 
is Planned to change the water- 
colours every six months, re- 
stocking .with watercolours from 
the vaults- The first displayed 
includes many of the private, . 
less formal, watercolours that 1 
Turner kept In his own collec- 
tion* 


THE SCOTTISH Council for 
Development and Industry has 
asked the Government to ensure 
that the economies being 
planned by the British Steel 
Corporation wiU not mean a 
reduction to the proportion of 
total output from plants in 
Scotland. 

A memorandum to Mr. Eric 
Varley, the Secretary for Indus- 
try, from Lord Clydesmulr. the 
council’s president, says that a 
contraction of the steel industry 
in Scotland could have far- 
reaching effects. 

Investment and employment 
on tbe railways, for example, 
could be damaged since 40 per 
cent of rati freight to Scotland 
came from British Steel busi- 
ness. 

The corporation’s develop- 
ment programme would give 
Scotland enough modern plant 
to be able to maintain the tradi- 


tional proportion of total output 
at 15 per cent without sacrific-f 
ing efficiency. 

It was also important that 
Scotland should maintain Its 
share of new investment and 
should be able to continue 
moving towards the production 
of higher quality and special 
steels. 

The commissioning of develop- 
ments under way at Hunterston 
and the completion of moderni- 
sation at Raveoscraig would 
enable strip products and special 
quality plates to be manufac- 
tured . economically and tbe 
electric arc plant at Hallside 
could produce special quality 
steel. 

Capacity could be increased 
in special products without mas- 
sive extra spending, if the direct 
reduction and electric arc plants 
at Hunterston remained in the 
corporation's investment pro- 
gramme. 


Council borrowing rules 
‘should be eased’ 


THE GOVERNMENT. should ease 
financial restrictions on local 
authorities planning economic 
development programmes, it was 
said at a Newcastle-upon-Tyne 
conference on the future of small 
companies yesterday. 

Ciir. lain McLean, chairman 
of Tyne and Wear’s economic 
development committee, said 
that, at present, . councils were 
not allowed to borrow sufficient 
money to finance their own pro- 
grammes. 

** We are not asking for grants, 
merely loan consents. The 
Government should trust local 
authorities to nse their resources 
wisely, without excessively close 
scrutiny,” he said. 

“I am sorry to be attacking 
the organisations which are giv- 
ing me a platform but we feci 
that the Government bas been 


inconsistent in its attitude to 
local authorities promoting their 
own development.” 

Earlier. Mr. Ernest Armstrong. 
Undersecretary at the Depart- 
ment of the Environment, said 
that the growth of employment 
the country desperately needed, 
depended a great deal on the] 
contribution by medium and 
small companies. 

“In this region especially, we 
have been too dependent on 
traditional large-scale heavy in- 
dustry and. In spite of our re- 
markable record of diversifica- 
tion, small firms are still under- 
represented. 

“It is all the more Important 
that we should .exploit to the 
utmost the potential of our toner 
city areas for the development 
and expansion of small busi- 
nesses." 


13 


BY GILES MERRITT IN DUBLIN 

A POLITICAL storm is gather- In the aftermath of. his dis- 
tog in Dublin over the Irish missal there is a discernible 
Government’s sudden dismissal wave of sympathy for Mr. Garvey, 
of Mr. Edmund Garvey, the though there are persistent re- 
Police Commissioner. ports of rank-and-file resentment 

The leaders of both Opposition of his disciplinarian approach to 
parties called yesterday for an' tbe job. 

immediate explanation, although One unconfirmed report states 
with Mr. Garvey considering that a delegation from the 
legal aetlon it appears that both Garda representative body met 
be and the Government will Mr. Collins just before Christ- 
refrain from comment that might mas to express police discontent 
prejudice a court bearing. If tbe has come as a 

Tbe absence of further state- shock In Dublin. Mr. Garvey 
meats may for the present take himself appears to have had in- 
the heat out of the affair, but dotations that his relations with 
political observers to Dublin tbe new Irish -Government were 
thought last night that Fine Gael reaching a crisis, 
and the Labour Party might seek „ 
to make m axim um capital out of ‘Heavy squad 
the Lynch Government's abrupt , ^ 

and so far unexplained sacking Only a week ago the 63-year- 
of the Republic's police 'duef. old Yorkshire-bora Comnus- 
Dr. Garret FitzGerald, the Fine' sioner. appointed to September 
Gael leader, wrote to Mr. Jack 1975 by the CosgTave Govern- 
Lvncb, the Prime Minister, de- ment, said publicly. “ l hope to 
man ding an “immediate State- reach retirement age— if I am 
ment" giving the reasons for Jet." . , . . 

Mr. Garvey’s dismissal. This is Before Mr. Garvey’s decision 
backed bv the leadership of the about legal action speculation 
Labour Party over his dismissal continued to 

Mr. Garvey’s brief account of w “ S® 0 '™* 

being summoned to see Mr. matters of police conduct. 

Gerry Collins, the Justice The first is allegations that a 
Minister, on Thursday afternoon so-called “heavy gang operated 
and given two hours to resign as an interrogation unit in cases 
his post, and then being sum- of suspected IRA terrorism. The 
manly dismissed when be re- second concerns fingerprinting 
fused, has so far been followed irregularities that may have 
only bv a terse official announce- followed finding of a fingerprint 
ment that the Deputy Commis- In the search for the murderers 
sioner of the Garda Sioehana, of the British Ambassador. Mr. 
the Irish police, would take com-' Christopher Ewart-Biggs. in July 
maud for the present .1976. 


[M&G OFFERS 


AMERICA 


MAG AMBOCAN&GENBIAL FUND 

The US slock Rurind. n start contrast to that o! tbe 
UK. las performed dfcappoirtingljr over (he last year, 
wth the Dow Joses appnsdssne a 3-jear low on 
Jaunty lfih. Although stare prices in America could 
deefine fixthec share wines are today more attractive 
than they hart been lor manrrears, whether measured 
ki turns ol earnings, yieKJ or assets. Mien the antici- 
pated recovery tikes place, H is Holy lo be both 
sudden and strong. C ur rent It w ls mfiafl Street could 
provide a rare opportunity lor anyone wishing lo Mke a 
stake' in the world's dominant econ o my. 

The M4G Americana General Fund is desigred lom- 
vest in a wide range of American securities, with max- 
imum iorqrierm growth as the iron otxectivP. Invest- 
ment is partially through bacMo-back loan laafilies 
in order lo reduce tto erects ot the dollar premium The 
estimated gross current yield for Income units O’ 88° a 
al the buying price of 40'8p on JSth January; 1978 

Unit Trusts are a long-term investment and not suit- 
able for money that you may need at short notice 

The puce of units and the income from them nay ga 
down as well as up. 

Prices and yields appear in I be FT daily. Aji ini Hal 
charge of is mduded in the price; an annul 
charge of i°0 plus VAT is deducted from the Fund's 
gross income. Distributions lor Income units are 
made on 20)h March and 20th September net ol basic 
rale tax and are reinvested for Accumulation units to 
increase the value of the unite. The next distribution 
date for new investors wifi be 20th March, J978. Tou- 
can buy or seQ units on any business day. Contracts 
for purchases or sales mV he due for setttemenl 2 or 3 
weeks bter. tf% commission is payable to accredited - 
agents. Trastee; Lloyds Bank Limited The Fund is a 
wider- range security a ndo authorised by the Secretary 
ot State lorTrade. 

M&G is a member of the UnitTrust Association. 

. TWO WAYS TO INVEST 

As an alternative, or hi addfion to investing a capital 
sum, you can start a Regtiar Modbfjr Saving Plan 
through a fie assurance poScy lor as tittle as HQ a 
■ cmnOi-Ybu are nonKdy ertftted to daim tax refief at 
current rates of £17 for each Q00 paid. 

, On a CIO Pfen. tax relief at present rates can bring 
'down yournel monthly cost lo only E8 30. with which 
- you buy units usually worth considerably more. Reg- 
ular mvestmenl ol this type also means that you can 
take advantage of the inevitable fluctuations m the 
price of units Dirough Pound Cost Averaging, which 
gives you a positive arithmetical advantage, because 
your regular investment buys more units' when the 
price is low and fewer when it is high. You also gel life 
cover of at least 130 times your monthly payment 
throughout the period if your age at entry is 54 or 
under (women 581. and rather less up to 75. 

Hyou cash in or stop your payments during the first 
four years there is a penalty, and the tax authorities 
requrreustomakea deduction, so you should not con- 
sider the Plan tor less than five years. 81% lo 94% 
(depending on your starting age) is invested, except m 
Ihe first two years when an additional 20 per cent is 
retained to meet setting-up expenses 
. M&Gisa member of the Life Offices' Association. 

' . Ttis ederonnlairaiia Weio residents rtlQeReoubfcol Ireland . 


raenve mim 
IWESTORS CHRONICLE 

ScsBasSnSi 


reasonable ] 

WKfSTOMVHT 

To: MiG GROUP LTD. THREE QUAYS, TOWER HILL LONDON EC3R ESQ. 
TELEPHONE. 01-626 4 588. Hu section to be completed by Ml appkanb. 
■■ yftiu hadmuc) 
jgJfljfcijgjEa 


SURNAME 


04 1 ADDRESS 


POSTCODE 


90 1 AG 530138 || 


-I L J S | -/ «Ti1 Ccngfate this section Is make a Capital 

H 1 1 « 1 -t i Wt 1 -A. J hrw=tarat(reinlniuni U0Q. 


t WISH TO l WEST [T" 


m ACCUMULATION /INCOME unite 


(delete as applicable or Accumulation units wfll be issued) of tbe MSG 
American ft General Fund at the price rutirg on receipt of this 
application . Do not send my money, i a i»ntr»d nor* <nH he «m w yoa 
^Wffioact^howimicIipKionejnJ die setterral dale, faurcertifcafevrtl 

I thdwc Out I an not resident outside toe Unfed Kinptom the Charnel btuib. 
the Me ut Man or Qbraitai. and I am noi jcqumnt Ure units as the mauon ol any 
person leaden! outside those Territories. (H you are unaMe lo make tins 
dedanlni you should apply Hiroujh i Bank or sUcUvalei) 


SIGNATURE 


DATE 


OR £10 


taapieie tins seeBn tt you rth ta make ■ RaaeMr 
Mmthty Sjivxi; (niVnm Q0i mon- 

IWfSHTOMfE lc “"I ^ AmeriC8n & 


r cheque for the Erst monthly payment, made pqraHe to 

) United. 


I enclose! 

MSG Trust! 

I understMd that Bas paymew a only orawoniT and lhat lhe ramnioy nffl not 
mane ik* urU tonml nctfaum fli accrptan ce has been usual. 

DATE 

OCCUWnWI OFBlffTH 


NAME AND ADDRESS bT USUAL DOCTOR (to «M ntaence may he made) 


Aretouanexgtinc M&CPUn hotter ; K»s-Kc 


H you onw sign Part t ot the Declaration beton drtae a and sen Pan 11. 
OecbrtNoa PART 1 1 doctors UuLId lhe best olay Mid, I amid good toaKh and 
hep horn disease, that I taw not hod any unous flness or major opmlMNlllMl 
do not encage In ooy hazardous sports or purwds, that I do not enpge in nation 

except as a Iaie-payiq£ Dissenter on recognised routes, and Out no proposal no 

ay me has ever ben adversely tneted. 

PART II I asm IW any Oecbralk* made by me n connection with 
this proposal shall bo me bun ot the contract between oe and MAG Tiusl 
lAewtweeJUd.awl uaU «a ecsm then coaanary toraol pchcy.l asset to 
provide any further Monrabm the company may require. 

(A spaamenol lhe policy form saua table cn request} 


SKNXrURF 



gRecBfeMXl in England ND.1DNU59. Rag. Office as above. 


I 


M&G RECOVERY FUND 

FROM £IO A MONTH 


Mdefy a cc laime d by financial journalists and 
investment advisers, MSG’s Recovery Fund, de- 
signed to procbice capital growth, aided 1977 as 
Brkatn^ best-performing uret trust. It also leads 
ova the two year and six yew periods, ft has a 
policy of buying the shares of ceoqiames that have 
faflen upon hard tunes. Many ol these compares 
recover and through a process of careful selec- 
tion M&G has been abte to bring high rewards over 
the yews to Recovery Ftmd investors. 

Ibis offer enables you to start a Regular Monthly 
Saving Plan with die Recovery Fund through a He 
assura nc e poTicy for as Hfle as CIO a monte, and you 
are normally entitled to daim tax relief at current 
rates of £17 for each £100 paid. On a £10 Plan, 
tax relief at present rates can bring down your net 
monthly cost to only £8'30, with which you buy units 
worth considerably more. 

Regular investment of this type also means that 
you can take advantage of the inevitable fluctuations 
in the price of units through Pound Cost Averaging, 


which gives you a positive arithmetical advantage, be- 
cause your regular investment buys more units when . 
the price is lowand fewer when it is high. \bu also get 
life cover of at least 180 times your monthly payment 
throughout the period if your age at entry is 54 or 
under (women 581 and rather less up to 75- 

tfyoucashinor stop your paymentsduringthefirst 
four years there is a penalty and tee tax authorities' 
require us to make a deduction, so you should not 
consider the Plan for less than five years. 81% to 94% 
(depending on your starting age) is invested except in 
the first two years when an additional 20 per cent is 
retained to meet setting-up expenses. After two 
years, therefore, the amount invested will, in most- 
cases, represent more than 100% of the net amount 
you pay after tax relief is taken into account. 

Investors should regard unit trusts as a long-term 
investment and not suitable for money needed at 
short notice. 

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

M&G is a member of the Life Offices' Association. 


At tte IOP o* Ito 
Yok ii MAG R*e»«*2 . . 


DAILY EXP*UE»» 31 


12.77 


inn pefi arn anK unit tru*t of 1077 wW 
M&C Haven which jumped bjf USSl^. 


To: M&G GROUP LTD. THREE QUfflTS, TOWER HILL, LONDON EC3R 6BQ. TELEPHONE: 01-626 4588. 


SURNAME 


04 R ADDRESS 


POST CODE 


90 


TR 530128 


I WISH TO SAVE [_£ 


! each monte in the M&G Recovery Fund. 


FROM £10 A MONTH 


i endose my cheque for the first mofrtWy paymad, payable fo M&G Trust (Assurance) Lid. 

I understand that this payment is only provisional and that the company will not assume risk until 
formal notification of acceptance has been issued. 


OCCUPATION 


OAT F OF BIRTH 


NAME AND ADDRESS OF USUAL DOCTOR do whom reference may be made) 


Are vtni an ck idling MAC Plan holder? TtaAte 


H you cannot ston Part I of the Declaration beta* delete H and sign Part II. 

Declaration PART 1 1 declare that to the best of my belief. I am in good health and free from disease, that I have not 
had any serious illness or major operation, that I do not en&ge in any hazardous sports or pursuits, that I do not 
engage in aviation except as a tare-paying passenger on recognised routes, and that no proposal on my life has ever 
been adversely treated. 

PART H I agree that any declaration made by me hi connection with this proposal shall be the basis of" 
the contract between me arid M&G Trust (Assurance) Ltd. and that I will accept ther customary form of policy. 

I agree fo provide any further information the company may require. 

(A specimen of Uie policy form is available on request) 


SIGNATURE 


DATE 


Registered in England No 1048359 Reg Office as above. 

This otter is not available to residents ol Ihe Repubta ol Ireland. 




NEW-M&G SCHOOL 
FEE BONDS 


For full details of how M&G can 
help you meet the cost of your 
child's education, please 
complete the coupon below 


T5TM&G Gri 

London 

Please send 


ww, | ,rai 
■vtfE [ foetiiAMrt 




B -W applicable I 


JSF 





THE M&G GROUP 



Financial Times Saturday January 21 1976; 


f3RACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
tlTdesnaus Flnantlmo, London PS4. TeJ*r. 886341/2, 883897 







Telephone: 01>248 8009 


Saturday January 21 1978 


Last year electronic, or quartz, watches accounted for 20 per cent of 
watch sales in a U.K. market worth some £160m. With the electronic revolution still gaming momentum, 

the stakes are high for the company which can stay ahead . . . 

BY JOHN LLOYD 


i HE REVOLUTION in the use two hands to tell the time has meant that Timex has been- from Czechoslovakia. Mr. Times.' tin the UK, it Is best adapted to. quarte. 


Prices and 


ssaj iu uiv uac in u uauua iu LVU UJc UBc iiv uicaut ujbi auuu uccu uhiu iujiu v g mu * *»»»» « iuiq»> * lii iuv ■ — ■ #12 m ^ 

watch market is currently and that the batteries wore out reasonably successful in estab- Herrmann arrived in the known- for good quality quartz. mIt » 

more apparent than real, much faster than the manufac- Ushing itself in electronics. U.K. before the war without a The. second major innovation on which the traae raias to i 


earnings 


but in the long terra will be turers— or the customers— had But in the past year or two, shilling to his name, and Is now ta the business has been even agree, muni °e unuor 

more real than apparent. bargained for. More import- has seen the growth of busily engaged in exporting more vt3ibIe lh an quartz: it is f ® ur K 

The explanation ol this co> ant the earliest models very enmnotitor* hothof which quartz watch<?s w Hong Kong, ^ increased use watch com- of production to tne jit wm. 

undrum is to be found in the often broke down, and gave ‘"“S?* 010 !? . b °T the electronic counterpart of Mnies are making of mass ad- a growth in the overall market 

impact of the quartz, or elec- quartz watches a bad reputation. °. ffer ***”* wWch the ™ r PJJJ*' marketing ice-creams to vertisme techniques. Interest- (world and U.K.) because of 
tronic, watch, to date, and the The ease of the first British t10 " does ? r - ca ™2J' Sf eaWmoa. inp ]v of lb em have hired the advent of quartz and its con- 

inroads it will make in the manufacturer in the field pro- ,m Portant is Ttae Pro- . j dramatically, highly expensive comics to sell tinuing decline in J? nc *J 

I future. !n the past two years, sides , salutary tale. Sinclair duct^whjch ^s-ltke Tunes insited ie tolir^ares - Sekouda usios «*■? **«" fJ** JE? 


vaax lim&a quartz watches have succeeded Radionics, a small and ’inventive Te^co supermarket chain toRonnie Barker in a gamut of share within the overall market. 

i ° ip f share of electronics company which b» S^^bS US ^Tmechanicul, ini- SSSU while Accurist relies 

* the market, though uot as large gan in 1072 by constructing and , er . gl ? ues ; G reurea .. watehes sis azo nn \ htt ?_» Anfa n f the Ineffable and the possible emergence ol 

£HE DECEMBER Index of to stick fairly rigidly to bis ^ their attendant publicity marketing pocket calculators. from « en LlL h t* selling for und^r £2 * Cleese* Sekonda believes protectionist demands aided at 

Wail prices published yesterday present target for the growth m ighi lead one to believe. The designed and lauoeheT tSe 2? Sl'JEj tSuS Some Lm o sales later SrLd^nesasmuch credit cutting out -unfair" coW 

tonws that steady progress is of the money supply. It was revolution has, thus far, been e i a j r “Black Watch" in time to rhe U "?“ from Germany m 1931 Some £3m. in sales jatgr, e nmlptariat in the Don, especially from the Soviet 

knni, tniuBw), n Hriimn nntcirip the target ranee L,Pd onnoronr i-han mi ’ _■ „ . I 0 ? t0 as a sales agent began co miner- Tesco is happy to sell Henn as the Soviet proletariat in me ■ -j 


S made back towardi a driren outside the target range more appareuTthao reaL ££ ciJTs^Tsk Priced S ■ * »g« «™» T<»™ » happy to sell Sone. ■ r i 

^ugle-figure rate of inflation, when overseas money was pour By the 1980s, the trade around £25 the Black Watch ciaI ll * e ^ assembling German raanns own ^ rail d of quartz company’s affinB director Production in the U.K. Know 
If he year-on-year increase £ Z ™ Za_ the glided belief tha t querffwUl be weU was SpeTted t P E£% 30 per ^ confined to the long-establtehed 

> .atnil ni-taac hoc fnHon srPSlIiU' ihopL-pI d)dd a little shaken when established, but that the so- J then switched 10 importing factured in Trafalgar North Mr. Frank Edwaros. cnnsiuera . . T , and rh« 


■which fluctuate sharply i n P nce now appears, the annual rate I associat^ with the new tech- ran out ra pidly, and the rate of 
• i i — i . .... i .a, nolo«v. In us the revolution will ■ . . 


jjor seasonal reasons and putting of growth has been 13i ^ r |lIf lo ^; r I h reii Ul fha e i^ 0 |? ti ™rfUv breaJrdown w «~*ccording to 


..... — « » ui K1UWU1 nos — c— > _ ____ ,L__ j_ wisanuin.., nu akiiui unis w 

Jie progress made during the cent against a target of 9-13 rea ^ b rcadlly the trade— around 50 per cent, 

.past six months on to an annual pe r cent: but there have been watches first aDDeared By . th€ end . of 197g Sinclair. 


;4HL4ca9qa iiih‘ u v.u m auv»a>» w sniancL. dUU iue rp-__ _ Motlrtnol t .11 fcij. " fcuiai moaqici au 

She Price Corainission. the index still has four months in which financial terms," Mr. Clive Sin- 

fyon this latter basis) may not to get back into line. iti? 3 mey clair. the firm's founder, omn- 


^have much further to fall. But 


\the year-nn-year increase in 7- ^ nut t OQ k 
.Jwhich most people are interes- iraae OUTIOOK 


““ clair. the firm’s huuder. renl- 

"Panted rue/ully lut week. 

The American companies But the technology— and the 








were free of the conventions 


, .winwii *11, .o i (A.i/yu. «ic luis.w uihirtK ha#* Ki*hA*« n ... marketing — improved. t*«,«a« 

,ted is likely not only to reach with earn ings rising and the & marter teui when designs which 

.innl. fimiM. Kl.» *n Mo,! thaPO . ■ -■ J WatCD fflaiKei. . UlUS, wnen n _ n ,,u a j ,n » I T GTIc 


DIGITAL OR ANALOGUE? 

t „- h„* *n'ei„! than — ® t — . ' wBicD tuarRci. uius, wnen .. i fn. The quartz-crystal method of battery or more recently from month, day, seconds, minutes 

fnr^mn^t nf thi«i vear ^ raT ^ mflation coming down j ewe j] ers looked sceptically at P, 0r0 Hmtiaht nrnrtnn. timekeeping was fint applied ro a solar cell. The vibrations are and hours, display at £22. fbe 

for most of this year. real consumer spending power the new watches, they took them JSL f Sn » dock in 1929. The wrist converted into one^econd Citizen Solar (centre) h« ™- 

i Tbls prospect, together with should soon be rising again for iQStead tQ ^ electrical tI0 “- “StSLILhSS *PPfi«tion did not appear impulses after passing through a *• 

fthe further cur in direct taxa- the first time in a couple of stores and to departinent °n the detail market untiidie -chip” and appear a, either a SE 

ftinn which is hoped for in the years. The oflrad figures of arores _ lika CunySi Dixons , ,970s - sr "« •**« *• P°we. digital dfsplayTare used, via ™ 

[spring Budget, may help to keep ? 0 ; Boots, Laskys and Debenham. The second, the quartz analogue * our «» t TP e of display, styling a mechanical component, to turn R enrtl appealing to the more 

(down pay tncreasM— the size of m fact that t^re wasanse of Besides offering ready outlets, had a face indistintuishable and P rice ,an S* 1“^® the hands on a «nr»cntfona! cowervsSve and richer dock- 

, which will largely determine about i per cent, between the the eIectrica , retailers took a f rom % cooventi^nafSanic^ 8™^ <fcp*nd watch face (the analogue watch), watdier. has retained the dank 

.whether or not inflation begins third and fourth quarters of g enera uy lower margin — be- u. a , n h H„r j upon the peculiarly consistent Examples above illustrate tedmi- watch dial with moving hands 


1 to accelerate again next year, last year. But the upward trend M and ^ ^ ^ wratch, but offered greater 

With the miners’ decision to may since have grown steeper. Dared with rhe iewellers’ SO m*r re * iabU,t y- . .. „ . 


greatly but all models depend watch face (the analogue watch), watcher, has retained the classic 

upon the peculiarly consistent Examples above illustrate technf- watch dial with moving hands 

vibrations occurring when a cal development and an ever and conceals the quartz heart 


n With the miners’ decision ro may since nave grown steeper. pare(J ^ tfae j ewe i] ers * M per 
f accept local productivity bar- A fall in the savings ratio and cent plus. 


gaining and the collapse of the an associated increase in it has 'to be said that the h J-w 


_ . .. . _ ^ . quartz crystal is stimulated by widening price range. Commo- . inside a slim, 18 carat gold case 

In recent months, the effects I minute electrical charges from a dore (left) offer a five function, . for £295. 


The U.S. electronic companies 
have also moved some of thpir 
functions to the Far East ] 

The effect of electronics 
on the small Swiss watchmaking 
firms is a separate chronicle, 
but can briefly be described as 
disastrous. The Swiss are now 
fighting back strongly, but are 
unlikely to regain their abso- 
lute dominance. 

Within that overall perspec- 
tive, there are significant 
exceptions. Portugal suddenly 
became a major exporter of 
watches to the U.K in 1975, 
wholly due to the Timex sub- 
sidiary there coming on 
stream, Texas Instruments plans 
to start assembly of quartz 
watches in Italy later this year. 
West Germany has gradually 
increased its exports over the 
last five years. 

Growth in the market— as a 
recent Economist Intelligence 
Unit report has it — would be 


*1- firemen’s strike, the outlook for demand for consumer credit bas jewellers’ doubts were, initially, Sfr " ti*, ™ SS7 68 hSh ^ c . , . . „ . 4U ... . fc ._. unlikely “if the quartz watch 

■t the current negotiating round been suggesting for some time amp [y . confirmed The first “ rou 8fiout the market BdUi from Switzerland when import m its watches but imports the as revolutionary as quartz. His had nol happened." EIU esti- 
Shas improved, though there are past that people were readier quartz watches were of the LED h (i ave . h . e I I P ed re !« rse the “ nd "’ restrictions were lifted In 1967 most vital— the displays, the own firm has increased its male thal the markef wouId 
• several difficult claims— notably to spend, and retail sales in stands My negative reaction ro an d recently secured the sole modules and the integrated cir- budget from £60,000 in 1974 to **,,1^ at around Ilm 

1 that of the electricity supply December were extremely — " ' the wrly quartz watches Sales ^ncession for the sale of cuits. However. Trafalgar is £350.000 last year and be- units annually, the number sold 

, workers — to be dealt with in buovant. This may have owed WATCH SALES IN .^Ds are declining sharply. Soviet-made watches in the U.K. keen to stimulate UK com- lieves it paid off. Timex, the in 1975< As it ^ the current 
■» the next few weeks. something to tax cuts, of course, while those of LCD and Timex was used to having panies to make integral circuits only company with a long markef is between lira, and 

j» but there seems little doubt thal THE U.K. analogues are rising. virtually unchallenged domln- and is investigating the history of TV promotion, is up i 2m .. an d is forecast to grow to 

Mom v SUDDiv there will be a gradual increase _ „ . . _ At the same time, prices con- ance in the cheap mechanical possibilities. He claims to have from £$m. in 1974 to over £lm. around I3m . by 1980< depending 

, Money suppy in real consumer spending as Est mated Shares of tmne to tumble— too fast for watc h field, retailing its “pin- taken half of the estimated 2m. i n - 1977. Seknnda is not far m how quickly quartz ran be- 

r Few people suppose that the the year goes by. Unit Salas SOm \ ™ ak ? r& -» ,ld Jewellers palette." or pin-lever range, units UK market in quartz behind, up from £120.000 to come cheaper. 

averaee P increase in earninas rkic h** „ - - are bepnning to accept that produced in Dundee, from watches last year, making him £600.000. Finally the rash or orice- 

durine the Dresent round will , T ^ 15 ce ftaul rel *^ c ® % quartz is here to stay. around £6 to just over £16. But the biggest fish in the electronic Mr Edwards, who like most cultine ^has meant thal nro- 

| cnTe mo n P o"aml.nLmi ^^eel lheS^o 'ty U ' 6 ™ iBcW So ’ 1 '' “ pooL «,tch erecu.ivts .hiok. tha. the Sacere® and “"tribute* see 

! » ! nw . ».tba 10 par _ for the ^ was a 22Su "==: *L “ “nfS’ "ore? XXZ’IX JO* th.lr proht ut.^ltt, attac^ at 


■ Money supply there will be a gradual increase 

* ■fir i n r eal consumer spending as 

if Few people suppose that the the year goes by. 

il average increase in earnings This has a certain relevance 
. during the present round will, j Q fr a{ j e figures published 
i| on the most optimistic assump- ^ weelL balance of pay- 
t tions, be as low as the 10 per ments for the year was a surplus 
" cent at which the Government of £59m. instead of a deficit of 
■: *s aiming, but the increase nibn., and the drop between 
; shown in the latest official index November and December was 
*s .almost certainly misleading due entire]y l0 special factors: 

; This shows an increase of 4J ^ oll1look for ms year , s 
- per cent in the first tout good. But there are two aspects 
, months since the end of Phase of ^ trade accounts, especially 
Two. or an annual rate of over for later months of 1977. 

* 14 per cent But the large which are slightly disturbing. 

* increase that took place The first is that imports of 
between October and November manufactured goods have been 1 
was probably due in part to relatively high despite the stag- 


WATCH SALES IN 
THE U.K. _ 
Est : mated Shares of 
Unit Salss 


% 

1976 

Timex 25 

Sekonda 8.9 

Trafalgar 7.8 

IngerspD ' 4.5 

Rotary 2.3 

Seiko 2.3 

Avia 12 

Omega 1 

Tissot (Omega) 1 

Accurist I 

Others 45 


SMm by IMO^U.K. marto SLfS 1u Zd lft tS f“* ereoU ' «* •>" stron « •»■«» %V ^ “ ,he '« 


Dy xaou. me u.n. nuiiKei unaer ±8 to around £48. The , “ — ,h at TV ads cniinled with 

Is put at something over lira, important feature of the Soviet lower-priced- market with a |h? u i J unS™en«"~l out. S ?!2, nS * th o Rritfch w» t ,K 

unite lunrth ihmit viROm* ranoo Kptwpon P 7 on/i pie in . e use . unconvennnnai out Last week, the British Watch 


units, worth about £160m: watches, however, was not their range between £7 and £15 in ^ ^ STmte mwihS 
Within- the UK, quartz is price but their quality. Sekonda mechanical^ watches and fnlTh- 


Sought to have accounted for Sis offerini ? £55355 ESSTsU and~n quam. J“ re J? the ^ 

20 per cent of all pieces .sold lever watch for a little more, or Newmark, which has the conces- testtTon has been eroded r'S?? surveying watch 

last year, representing 100. per in some cases the same price, sion for the Swiss-made "S.SLlff - th ** tab ‘ 


Total 100 


Two, or an annual rate of over for | ater m0nths of 1977t ™? |s [ 0meea, J cent, growth over 1976. as Timex’s pin-paletie. To add watch, and Accurist which iells l 1° anl, i“ m P ,D 8 casc 

14 per cent But the large which are slightly disturbing, others 45 Tbe stakes are thus high for insult to injury. Time Products Swiss mechanical watches and which they could stand up 

increase that took place The first is that imports of the company which can stay procured a Timex executive, quartz LCDs with US. modules J. J? ' .. n .„^ ™ before the EEC. 

between October and November manufactured goods have been Tota i inn ahead in a fast-moving game. Mr. Roland Baker, to head up in Swiss cases, tend to have - , init . \i ? 't ron,C5, then * ? ave ur ?" 

was probably due in part to relatively high despite the stag- The table shows the major con- Sekonda. products priced upwards of £25, ’“.V® \i e .y n ^ ’ r *J ma 'J leashed a war on the watch 

back pay. The main feature nation of output and demand, source: Trade nniria. utua aumaia tenders and their 1976 market Not unnaturally, the brand though Newmark bas recently f t 5 ia . rbet ' nne , for which the 

of tbe present pattern of Day As output and consumption .. shares. Opinion in the trade is has done well, with 1m. units introduced the Corvette range ^ n-/,, , J- e Sw,ss * wel1 knoWn fnr their 

settlements is that they are demand recovers, the volume ... . , .... .... th ®t the shares are of the same sold in 1976. ft looks as though which starts at £10. J" ™w°nn ana uixavm taxing repugnance for conflict, were 

taking place significantly later 0 f imports may rise steeply. flight emitting diode) variety, order during 1977, its quartz models may also offer The Swiss firms of Rotary and De ™ ?en 1 ana zu ^ “ nL unprepared. They have bad a 

than usual, with only 20 per The second is that the nrowt h !?, .7? a ? uartz cr75tal ° sc . l,_ Timex, however, remains keen competition to Timex Omega (which also markets . ^ aIC „ represent 20 per hard pounding from the in- 
cent. of workers covered by = th vnllIir , p of PYnn rts has at ^?. E y a converts its solidly on top. Tbe British sub- as well. Timex quartz presently Tissot) and the Japanese Seiko of J ?. we, !5 rs l i” 1 * 1 sales, so dustries of some of the most 

major settlements having closed f .1 off . avera „ e D 7Lp S havp oscillations into one-second sidiary of the UK Timex Cor- ranges from around £19 to £42: company are similarly stronger J* 1 *? ca . n f . ^°. rd to tl . ° 1 se the Powerful countries in the world, 

by mid-January compared with s hamlv but this can P u * se ®- 2^ e .pulses in turn are poration has a large factory for Sekonda from £25 to £45. Prices in the 20 per cent, of the market f£ ade ‘ -u°, d !t ,S Jf n,,kely - lhat 1x31 * he U.K, only those who could 


u rispn sham I v but rhic pan ~ »* w ‘« uuu “ ‘“sc lauiuijr owvu ua uum x*a iu iwj. rnces m me iu per cenL or tne market r, " _ w wuwcouia 

35 per cent, in a normal year. har( J lv RO m with the worid nf b if- h red m *? anical watches in Dundee, vary constantly: only last week (in unit sales) which is over r uch rao . r ?- volume through world- 

This makes it all the more trading outlook so unpromising. K? *SSE5? &^*&*£***?> of !»■ Seiko « ««•. of two J . or f , M . 1 


difficult to guess what will ThS North SfTeS ?hT? dS « “ a ? e ,°« the .. tatte 7; ^ Tiinex Taiwan, their more sluggish sellers. Japanese brands sold in the account for around 50 per cent, in the domestic market have 

happen later. J JS1 SS'S* L h . le K f ™ u * U “ HI ? position, and the The other pusher-from-belnw U.K., the other being Citizen. of th * TS.? 7 va,U . e -„ find » ^eep on producing. 


Until thi 
Chancellor 
his Budget 


company after 


Letters to the Editor 


Roads 


From Mrs. S. Leslie. 


Sir, — -The chairman of the 
Conservation Society writes 
(January 17) as if the economic 

growth argument Is the only 
justification advanced for new 
roads. In fact the Leitch com- 
mittee has merely confirmed 
existing government procedure 
which excludes the indirect 
economic benefits from the cost 
benefit assessment ot road pro- 
jects. In the Leitch report’s own 
words: “The Department is. in 
our view, correct in excluding 
the indirect benefits from the 
calculation." 


The point which seems to 
have escaped general public 
notice, but which was emphas- 
ised in your transport corres- 
pondent’s article (January It), 
is that in the committee’s view 
the cost-benefit method of 
assessment “ has been com- 
petently designed . . . and Imple- 
mented . . , with considerable 
skill." To be sure, the report 
recommends that a different 
forecasting methodology be 
adopted by the Department. 

This may or may not result in 
lower forecasts than befnre. but 
the effect on the 350 trunk road 
schemes stilt outstanding will 
not necessarily be dramatic. 
The reason for this 15 that many 
of them do not rely for their 
viability on future traffic 
growth— some are needed just 
to cope with existing traffic 
flows. More than 100 of the out- 
standing schemes are bypasses 
to heavily congested town 
centres, for which the case (and 
popular support) is over- 
whelming. 

The r resent assessment 
method is based on discounting 
benefits arising in future years 
at the high discount rate or 10 
per cent. This makes future 
traffic levels relatively less im- 
portant in the economics of the 
scheme. Were that rate to be 
lowered, as the BRF urged In 
its evidence to the committee, 
the forecasts might become 
more crucial. A lowering of the 
rate would lessen the bias 
between public and private 
investment (which private com- 
pany would fail *o jump at an 
investment opportunity that 


returned 10 per cent annually 
in real terms? 1. 

But if the forecasts are to be 
revised downward a note of 
warning should be sounded. 
Traffic forecasts are necessary 
to determine the standard to 
which a road should be built — 
whether single or dual carriage- 
way for example. It may be good 
politics to build roads to stand- 
ards based on the most pessi- 
mistic possible of forecasts, but 
it is very bud economics. This is 
because the cost of underestimat- 
ing traffic, and thereby design- 
ing roads to too low a standard 
(for example MS and M6 at Bir- 
mingham. or the London section 
or the Ml ) Is much higher, both 
in economic and environmental 
terms, than the cost of over- 
estimating. 

The Leitch recommendations 
will on balance improve the 
economics of road Investment, 
and hence make the case for 
certain routes even stronger 
than it is at present. The pro- 
posed widening of the cost bene- 
fit framework will also under- 
line the overall environmental 
improvement that most schemes 
bring in Verms of reduction of 
intrusion on existing routes. 
Shaun Leslie 
(Senior Economist) 

British Road Federation. 

26 Manchester Square, 

London. WI. 


Legal tender laws are the 
other part of the equation, their 
repeal allowine us complete 
freedom including that to use the 
" weapon of (exchange) interven- 
tion ■ (W. P. Platt. January 18) 
against those central banks silly 
enough to point It at themselves. 
Why should the Swiss have all 
the fun. 

R. S. Henderson. 

170. Sloane Street. S.W.l. 


elderly could help themselves 
brings to mind an idea which 
would enable many old ase pen- 
sioners to have an additional 
income, and help make better 
use of our bousing stock. 


Democracy 


Freedom 


From the Deputy-Chairman. 

The SeL-idon Group. 

Sir,— It is good to see Mr. Stead 
(January 18) pushing the argu- 
ment on a free market in money 
beyond the arena of the foreign 
exchange markets. His implica- 
tion that this freedom would be 
almost entirely illusory as loos 
as we have Government-imposed 
money and exchange controls is 
of course, largely correct. 

The abolition of exchange con- 
trols would he the most impor- 
tant step, establishing the right 
of consenting adulis to transact 
business among themselves in 
the currency (or commodity) of 
their choice. But as long as the 
Government (which would pre- 
sumably insist on its own money) 
“ controls ’’ so much of the 
economy this would only be a 
partial answer. 


From 3 Jr. A. Simper. 

Sir, — Mr. B. Cassidy’s assertion 
(No employee directors — 
January 11) that the newly con- 
stituted Post Office Board is not 
industrial democracy is mis- 
leading. 

He states “ there are no 
employee directors as such.” In 
fact four of tbe seven worker 
directors are currently employed 
by the Post Office and the 
remaining three, although at 
present employed by Post Office 
trade unions, have nevertheless 
between them served the Post 
Office for more than 50 years. 

Mr. Cassidy may not like Post 
Office engineering workers using 
their union as a means of 
expression but since more than 
97 per cent, of ali eligible Post 
Office engineers have freely 
joined the union, can he suggest 
a better method of electing 
worker directors ? 

In my own case as a rank and 
file worker elected by the tradi- 
tional methods of the Post Office 
Engineering Union, l am con- 
fident that this is a genuine form 
of industrial democracy. Further- 
more the other worker directors 
were all elected by one form or 
another to represent their mem- 
bership and since none ot us will 
be drawing a director’s fee other 
than our norma) salary as Post 
Office employees, be can hardly 
claim it’s “jobs for the boys." 
Arthur Simper 

(National Executive Council), 
Post Office Engineering Union, 
(Jreysfofei? House, 

ISO. BnM&ele'i Road. Ealing. 


All thar is required is an 
amendment to the Housing Act 
to enable old age pensioners to 
sub-let part of their home either 
furnished or unfurnished at a 
rent determined by tbe rent 
officer on a weekly or monthly 
tenancy without giving the 
tenant any security of tenure 
beyond the week or month 
agreed. Thus, if either party 
wanted to determine the tenancy 
for whatever reason the present 
provisions of the Housing Acts 
would not apply. 


how many angels can dance on 
the point of a needle. 

Surely, what surprise results 
call into question is not the 
efficiency of the market but the 
only subject where discussion 
would be valuable, namely the 
relative efficiency of investors — 
and especially of investment 
analysts? 

G. G. Blakey. 

Lyddon and Co. 

28. Throgmorton Street, E.C.2. 


about merging commercial banks 
with nan-profitmaking institu- 
tions (Lex. January 16). 


Surprise 


The local authority could keep 
a register or all such accommo- 
dation and could charge a fee 
for all lettings effected. 

Mr. G. B. Bond. 

744. Chelsea Cloisters, S.WJ. 


From Mr. B. Marber. 

Sir. — I apologise to Mr. P. de 
Val (January 11) for ray error in 
so far as the guesstimate of Bass 
Charringtoo’s final results is 
concerned. 


Possibly, the most suitable 
partners For the societies mi^bl 
be tbe trustee savings banks, and 
a model exists in Western 
Germany, where the tiauverein 
Schwa bisch-Ha II (the second or 
third largest building society in 
the Federal Republic) is directly 
connected with the Volksbank 
network that offers varied ser- 
vices sucb as are now being 
marketed here under the TSB 
logo, and which is ^avemed on 
the same mutuality principle. 
Ellis Owen. 

A/ asters' Common Room. 
Warwick School. Warwick. 


# Will your 
income retire 
whenyoudo? 


Markets 


From Mr. G. Blakey. 


Lettins 


From Mr. M. Bond 
Sir.— The feature by Mr, Joe 
Rogaiy (January 15) on bow tbe 


Sir,— Now that tbe “efficient 
market " theory is receiving an 
airing once more in your 
columns, dare I suggest that 
most of tbe distinguished con- 
tributors to your letter page are 
barking up tbe wrong tree? 

Any ” market " Is by definition 
efficient to a greater or lesser 
degree simply because it is 
arena in wblcb buyers and 
sellers compete. Thus Mr. 
Marber's point (January 3) that 
an efficient market would have 
fully discounted the recent sur- 
prise results from TCI and Bass 
Charrington and the prices have 
remain ej unchanged, is miscon- 
ceived. On the contrary, the 
efficiency of the market was 
demonstrated by the rapid 
adjustment of theiT prices to tbe 
news as soon as It became widely 
known. Clearly everything about 
every company, large or small, 
cannot be known to everyone 
simultaneously, but tbe fact that 
it is not does not mean that the 
market. is not efficient. To talk 
in terms of absolutes in effi- 
ciency looks as productive a 
debate as that concerned with 


Mr. de Val's expertise, how- 
ever, does not refute my view 
that the market is not efficient, 
otherwise, presumably, everyone 
would have correctly forecast 
Bass Cbarrington’s final results 
of £90 4m. and no one would 
have been surprised at the out- 
come- In the event only the 
minority' made the correct fore- 
cast hence the surprise which 
attended the results and the 
sharp advance in price whicb re- 
sulted therefrom. 

Mr. J. T. Stride’s letter 
obviously points in the right 
direction ip suggesting that if 
the market were efficient there 
would be no need for legislation 
dealing with insider trading since 
all price information would be 
instantaneously available to all 
shareholders. 

We are clearly approaching the 
time when tbe technical analysts 
will inherit the earth since, the 
consensus is that we never 
know anything about anything. 

B. Marber. 

Fivemarch. 

Randolph Close. 

Kingston Hill. Surrey. 


Power 


ff you're self-employed, or in a job without 

a pension, are you dreading the day when . 

youstop working ? Your living standards - 

e*orJwnvA? e affected ,f Y ou take one essential: 
step NOW. 


Banking 


From Mr. E. Owen. 


Sir,— It is reassuring to hear 
of moves to bridge the gap 
between comprehensive bankine 
and tne quasi-baoking activities 
of the building society move- 
ment It is understandable, how- 
ever, that there are misgivings 


From Mr. A. StobarL 

Sir, — Might- l amplify Mr. 
Bond’s letter (January 16) on 
the subject of wind power? A 
formula for power in wind was 
worked out in the. 1780s which 
still holds good- The power in 
watts per fiq. m. of presented area 
is given by P=0.81V where V 
is the wind speed in metres per 
second. Only about 40 per cent, 
or this power is collectable in 
practice- 

Wind energy collection units 
(WECUNS) are usually rated at 
10 m/sec. (22 mph) whicb gives 
about 0-244 kW of collectable 
power per sq.m of presented 
area. At this figure an 87-foot 
radius rotor Is rated at 556 kVA. 
with a probable maximum out- 
put of 1.4 MW In a 30 mph wind. 
Because of the cubic relationship 
between wind speed and WECUN 
power output, tbe calculation of 
available power for a given site 
needs to be done by the Met 
Office 4 mph wind-speed bands! 
rather than from a mean avera*? 
speed. ® 

The 6kW per person figure 
needs amplification. A family of 
four in a North London four- 
bedroom detached house used 
approximately 25.000 kWHR per 
annum for heating and hot water 
(ten-year average). About half 
of this was consumed between 
end-Noveraber and end-February. 
A. F. Siobart. 

Manor Farm. Claydtm. 

Banbury, Oxjordshrre. 


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Fnrancfal Tunes- Saftmfay Jtaraiy 21 igrs 


1© 


FINANCIAL TIMES SURVEY 


Saturday January 21 1978 


Taking Youi 



Holiday 



Motoring holidays form a very large part of the general growth in leisure \ 
traffic between this country and the Continent and elsewhere. This Survey | 
aims to provide a comprehensive guide to services during the months ahead. 


Drive 



you 

will 


BY IAN HARGREAVES 

Shipping Correspondent 

GIVEN THAT the great appeal 
of taking your car abroad is that 
it cuts pre-planning to a mini- 
mum, it has to be said from 
the start that there is do sub- 
stitute for some intensive study- 
ing of brochures when it comes 
to choosing your car ferry. With 
40 routes available within the 
British Isles or between Britain 
and Europe and around 15 dif- 
ferent shipping lines— -the num- 
ber depends on whether you 
include mainly freight operators 
— the choice is far from easy. 

Moreover, with this degree of 
competition there is some 
extremely sophisticated market- 
ing at work, which makes it 
very difficult to offer simple 
generalisations about which 
• lines are cheapest— although 
most of them are, of course, 
prepared to make this claim for 
themselves. 

The opening question must 
be: where do you want to go? 
The next are your most con- 
venient port of departure, how 
many people will accompany 


your car and the length of your 
vehicle. Armed with this infor- 
mation, a good travel agent 
should be able to come up with 
the best -price available, but 
even then it does no harm to 
bear in mind that agents’ com- 
mission varies between 7.5 and 
10 per cent, according to service 
and period. 

The reason for all the com- 
petition is of .course the tact 
that short-sea car ferries are 
very good business indeed. 
European. Ferries, whose 
Townsend Tho resen subsidiary 
operates on eight passenger 
routes, had pre-tax profits of 
£7.8m. on its shipping activities 
in 1976, and white a substantial 
part of this came from freight 
carryings the car ferry business 
continues to look very healthy. 


Bookings 


Townsend’s biggest com- 
petitor, the railway owned con- 
glomerate Sealink, lost money 
for British Bail In the same 
year, but will probably show 
its first profits for some time in 
1977 having also gained from 
the rising tide of business. 
Between them,' these two 
operators account for about 
two-thirds of 'the business 
across the Channel- 
On all its routes last year Sea- 
link carried over 17m. pas- 
sengers and oyer :2m. cars— a 10 
per cent increase in volume — 
and it is predicting a similar 
increase this year. It says its 
package holiday bookings, which 
always start to come in earlier 
than the simple feriy bookings, 
are double a year ago* 

Port statistics' back up this 
picture of almost uninterrupted 
growth since the . late 1960s 
(only 1974 was a had year). The 
number of passengers through 
Dover has almost doubled in 
ten years and considering the 
rapid decline in ocean-going pas- 
senger shipping in the last 



Seaspeed and Hoverlloyd crap: at Calais. 


decade, it is noteworthy that 
between 1967 and 1976 total 
passenger movements through 
U.K. ports increased from 9m. 
16.5m. 

In the past couple of years 
most of this growth has come 
from mainland Europe and for 
the first time Sealink last year 
carried more foreign than UJK. 
passengers on all of its routes 
except Weymouth - Cherbourg. 
The fact that a large number of 
these Continental . travellers 
come for winter shopping visits 
has also, along with the growth 
in roll-on roll-off lorry traffic. 


helped to iron out the worst of 
the seasonal peaks for the 
operators. 

One problem for the operators 
in meeting this growth has been 
the hiatus caused for some of 
them, particularly Sealink, by 
the on-off HhaVinpi Tunnel 
project This has interrupted 
re-to imaging plans and has 
meant the retention in service of 
some vessels which are well past 
their best Sealink has, how- 
ever, two new ships coming into 
service on its Ostend and Hook 
of Holland services this summer 
and the Townsend Thoresen 


fleet, having expanded more 
rapidly and recently, has no 
ship older than 18 years. Towns- 
end is incidentally likely to be 
ordering more new multi- 
purpose ships in the not too 
distant future. 

The development of greatest 
interest to car ferry users this 
summer is the virtual fare 
freeze on many routes which 
has followed the outbreak of 
price warfare on the Channel 
last year with the vigorous 
marketing policies of P & O 
Normandy Ferries. 

. This has meant that there is 


usually only a whisker’s differ- 
ence on prices of operators on 
identical or very similar routes. 
A 14-foot car with two adults 
in standard season, for 
example, would pay £31.20 by 
Townsend on Dover-Calais, or 
Dover-Zeebrugge. the same 
figure for Sealink on Dover to 
Boulogne, Calais, Dunkerque 
West, or Ostend and £30 an 
P & O Normandy from Dover 
to Boulogne. 

There can, however, be 
significant differences in prices 
in these companies’ packages 
on the same route — involving. 




for example, tours or caravan 
hire— and there are differing 
approaches to. the short-slay 
journey. Townsend claims it 
can do an all-in caravan hire/ 
car ferry package for £77 a fort- 
night less than Sealink in the 
high season. 

The main advantages 
possessed by the smaller 
operators are their sailings to 
or from particular ports. North 
Sea Ferries, for instance, sails 
to Holland and Belgium from 
Hull, and Brittany Ferries 
specialises, as one would 
expect, in direct sailings to 


Brittany ports, using 1 
departure points of Plymou 
Cork (Ireland) and Portsmou 
This line has also stepped u 
the breach left by Aznar Ferr. 
and Swedish Uoyd by offeri 
the only direct sailings 
northern Spain. Its cross! 
from Plymouth to Santand 
takes 24 hours. 

Routes 

Other more northerly rout 
are served by Tor line 
Gothenberg out of Felixstm 
and Newcastle (this last servi 
in conjunction with DFDS Sc 
ways, which also sails fro 
Newcastle to Denmark); Frt 
Olsen -Bergen, which serv 
Norway out of Newcastle ax 
Harwich, Prins Ferries whil 
sails to Northern Germaz 
from Harwich, and Olau Lin 
with its single route fro 
Sheemcss to Flushing. Immin 
ham, after a brief period as 
European car ferry port, hi 
been deserted by Tor Line. 

Irish services received som 
special marketing attention froi 
Sealink last year, with a rang 
of price freezes, cheap package 
and even straight cuts in som 
cases. The dividends proved t 
be handsome, with car passenge 
business up 33 per cent on th 
previous year and a 25 per ceni 
rise in traditional rail-sa 
traffic. This contribution t< 
Irish tourism won Sealink tin 
United Dominion Trust award 
As a follow-up Sealink, whicl 
claims 60 per cent of the Iris! 
Sea market has introduced i 
new summer route fron 
Rosskre to Dun Laoghaire, btr 
fares on Irish services have 
gone up this year by about IS 
per cent 

Hoverlloyd. the other hover 
craft company, which operates 
from Ramsgate to Calais, tends 
to be cheaper than Seaspeed, 
but has the disadvantage that if 
Continued on Page HI 


Accidents happen when you 
least expect them, even while you 
are on holiday. Itfs no good saying - 
it won’t happen to me, because it 
just might 

And although there are 
reciprocal health arrangements 
with other EEC countries, 
protection varies considerably and 
doesn’t cover every aspect by any - 
means. Unlike AA 5 Star Service 
with its Personal Security which 
provides comprehensive medical 
expense covet; as well as protection 
against loss of money and property. 

Should anything happen 


that puts you under medical care 
you can^m up to £8,500 for • 
medical expenses depending on the 
number of people in the car 
. There’s an air-ambulance 
service available ififs medically 
necessary to bring you back home 
and cover up to £250,000 for 
personal liability damages and 
legal costs. 

AA 5 Star Service even 
covers unlikely events like hijacks 
and squatters moving into your 
home while you're away. And, 
naturally enough, provides 
protection in the event of the loss 


of your car through breakdown, fire, 
accident'Or theft 

You don't have to be a 
member of the AA to take out 
5 Star Service, although if you are, 
you can benefit from additional 


services- 


AA 


Service 


5-STAR TRAVEL 



AA 5 Star Service is available 
from any AA office and from most 
ABTA travel agents. 



Doyou collect more tickets than 
you bargained for when booking 
your holiday?, 


You 1 !! betaking the car, 
naturally. So the way to 
avoid those extra tickets as 
you flit between travel 
agencies looking for the 
service you want, call in 
at the bank, have a 
word with your insurance 
brokers, check on the 
visa situation, is to call in at 
Thomas Cook. Your one- 
stop travel shop. They can 
sort out all your problems. 

Consider your car booked 
Carferries and motor- - 
rail links are no problem. 

Once we’ve confirmed 
you're on, you’re on. 

Hotels are no 
problem, either 
We don’t only book package 
tours, you know. We’ll book your 
accommodation at your departure point 
or arrival port, depending on the time of 
day or night you’re travelling. 

We’ll see to the accommodation 
arrangements at your destination, 
too. Better than that, we can even 



book you into the right 
hotels en route- so 
you won’t have to sleep 
in a lay-by on the way. 

We’ll put the right 
money in your pocket 
As a motorist abroad, you’ll 
need currency as well as the 
usual Travellers Cheques. 
You’ll be hard put to find 
a better exchange rate than in 
your Thomas Cook travel 
shop. And you’d have to drive 
hard to find a country where 
Thomas Cook Travellers 
Cheques are not recognised. 




i* r>K«W' 


' * -vA' ■ 


x 


Vis-a-vis 
passports 
Red tape doesn’t daunt 
us. Passport renewals, 
visas, international 
driving licences, even 
camping carnets-we 
can advise on all aspects 
of official documentation. 


So why dash around town fixing up this and that Call in at your local 
Thomas Cook travel shop, and arrange the whole complex mass at the 
same time. You’ll find that our experience pays off handsomely once 
you’re on the road. Just make sure you find a meter first and you won’t 
pick up any extra tickets with Thomas Cook. • 

TTiomasCook 

Your one-stop travel shop. 














15 


Financial Times Saturday Janaaty- 21*1978 


TAKING YOUR CAR ON HOLIDAY H 




Enjoying the wide open 




■> 


paces of the north 


I BY PAUL MARTIN 


,-IE SCANDINAVIAN cduq- Gothenburg providing an attrac- 
fie are rightly considered high- tive beginning and end to a 
«5t areas and just as we, who Swedish holiday, economy 
#e the wide open spaces of cabins have now replaced 
rbrthem Europe, have wel- couchettes, 
jined the recent strengthening Tor line has also introduced 
4 sterling, so have their tourist a series of camping vouchers 
ifjthorities for whom the lUC enabling you to pay site fees 
A a traditional market. before leaving the U JC These 

* Two other developments are can he used at nearly 300 sites 
likely to benefit the independent id Sweden and you can get a 
«aveller. There Is a new spirit comprehensive list of them 

* common initiative abroad when you book. A package, 

id in addition to the combined including return passenger and 
deration by DFDS Danish Sea- car fares, is available from £63 
^aya and the Swedish Tor Line per person for a 16-night faoti- 
ti introducing a new joint ser- day and there Is a 30 per cent 
rice from Newcastle there are discount for children. A higher 
orae new and inexpensive pack- cate of £86 per person for tbe 
iies to Denmark, Sweden and conventional party of fain: 
Norway based on inclusive applies in June and August and, 
jumping, caravan or chalet as July is the main holiday 
Arrangements month in Sweden, there is 

I Norway and Sweden sell the P 1 ®?* of ™ om l " 

flights of life in the open air The early monttis in Sweden 


f. 


i*nd a sense of spaceT while «“ be debghtful and the 


the Danes have considerably Swedes’ idea of a chalet la cer- 
Vxpanded arrangements for the n . Dt * ” ther .™ dlin ® nt S 

individual motorist and are s** 1 * : “ « * e * * e 

•.gain featuring the long- * 5 

ustablished and very successful f rau £? 

farmhouse holidays. departure from either Fetix- 

• tatv-t . * stnwe or Newcastle, you can 

While no one ye seems to w (ui]y In 

j’ m found >? Ml "*™ f " r Vsrmlsnd for as little as £56 
JJie new generation of jumbo in ^ , Mrty 

I:ar-fernes first introduced seven oE f for a May holiday In 
kyears ago, fenylmer sums up M ud September. If yon 
Un one word what they are all f , ^ Sweden with 

Jabont The Fred. Olsen/Bereen No , ie 3^, t holiday. 

(Line ships that ply the tradi- g, endillg a week in Sweden and 
bona] routes to Norway cru.se driving „ n t0 ^ spectacular 
to the Canaries In winter. Norwegian fjords hua attrt 
.Danish Seawys are introducing ice of £120 c, torpor, h 
."new H»tm flagship on the ittcIuded in ^ these schemes. 
.Harwtch.Esb.ierg route lister this m^pe,.^ 0 f the country 

year to supplement what .s soil hh,,,, ttere m hMel 

ISi 'Van'S SJT^nl using a voucher 

■, Hi?" “ ^" 41 "" 1, V Md scheme under which you can 
Tor Britannia and Tnr Scan- plan your own itinerary and pay 

, KSSlV.T Te,T mu,:h ln fte «M your overuight accommoda- 
l luxury class. Uon bef<)re you leaTe 

,1 a choice of budget or first-class 

• Sterling hotels and while carriage of 

* ^ your car is not automatically 

The strengthening of sterling included, it is covered, again 

, L has produced some pretty with that familiar party of four 
sweeping reductions and as well on departures in May August 
. as introducing a very much and September from Felixstowe 
[ expanded ranee of inclusive and after August 15 from New- 
; holidays, particularly in the castle. The rates vary according 
.* self-catering market, some Tor to departure dates and hotel 
•; Line packages are around 30 category from £72 to £142 per 
, per cent lower. With the sea person for a full week over in 
; journey from Felixstowe to Sweden. 


Fred. Olsen/Bergen Line, the day, a half-board arrange- 
uslng both Newcastle and Har- ment is preferable, 
wich, have also considerably if you feel that you would 
expanded their range of car like to see as much as you can 
holidays and quote from £87 per of Scandinavia in a relatively 
person for a self-catering holi- short time, a 12-day holiday 
day either at Mandat on the starts with a crossing from 
sunny southern coast in the Newcastle on the Winston 
traditional holiday area of Sor* Churchill. You then drive from 
landet, or in mountain cottages Gothenburg to Oslo and on to 
at AseraL They are all fully Llllehammer in the Gubransdal 
equipped and bed linen, blur Valley where you stay for four 
kets, crockery and cutlery are days with full board. Then, 
included. Car hire- charges are after catching the Overnight 
sometimes quoted as a supple- ferry to Copenhagen, you cross 
ment. Their campipg scheme is over the Great Belt to Odense 
somewhat different with a on Funen and eventually return 
voucher, available for use at 35 from Ebsjerg to Harwich. Prices 
camp sites Included at no are from £208 with a generous 
extra charge if you book a child reduction of £100. 
normal passenger and car return Finally, .Prins Ferries, ope rat- 
passage. ing Prins Oberon and Prins 

Hamlet on the regular crossings 
from Harwictl (Navyard) to 
oceneiy both Hamburg and Bremer- 

„ haven, have gone in to the tour 
Norway offers the most mag- operating business in quite a 
nificent mountain and fjord big way with their Prinscar 
scenery in Scandinavia. One holidays 

aS^E. t0 ^. C0Veri ? fi,leari J m the Luxury market they 
?! nsU, , ns “ d use some excellent hotels under 
55? rder t t0 j teep the banner “Where the Guest 

KrtiblS .“"S? fr ?, m is King" and the low rate for 

Som>#Jw? d tJL V K 1116 a four -dey holiday, including 

2K2&* Jotunheimen rtt uni travel in cabin accom- 
^L d 5 1 ® loTCly modation and transport of a car 
country of Telemark. You spend irrespective of length and 
two days, with full board, at a spending two nights at an hotel 
pension on the Sognefjord, 0 n a half-board basis, is £61.25. 
wMch elves you a rest from There are supplements in high 
driving. With departures from season and extension of stay 
Harwich, the per person rate can also be arranged. 


varies from £231 to £287 with 


They also cover farmhouse 


« “S*?* for T ho^s and. il your route 

nage °f the car both across the takes you Hanseatic 

North Sea and on internal CIties ou amage t0 ^ 
femes in Norway of £34. bini a motoring ho uday in 
DFDS Danish Seaways operate Germany with a visit to Finland, 
a sliding scale for car charges My colleague, Sylvie Nickels, 
but with- four passengers tbe takes up elsewhere in this 
vehicle goes free and is included supplement the story of the 
in package arrangements. Their remarkable Finnjet which links 
very popular farmhouse holi- the North German port of 
days, using your own car and Travemunde to Helsinki, 
with half-board at the farm of ADDRESSES: DFDS (UJv.) 
your choice, have a starting Ltd.), Mariner House, Pepysj 
price of £86 for a ten-day holi- Street London EC3N 4BX; \ 
day with seven nights spent in Fred. Olsen/Bergen Line, 229 
Denmark. Full board is also Regent Street London W1R 
available at a supplement and 8AP; Prins Ferries, 13/14 
you can extend your stay. Many Queen Street London W1X 
of the farms are near the sea SBA; Tor lone Passenger 
and I would suggest that with Division, Anzani House, Trinity 
the freedom it gives you to Avenue, Felixstowe, Suffolk 
explore the countryside during tPll 8XE. 



Toumsend Thoresetfs Free Enterprise VIII. 


The choice can seem 
confusing 


BY SYLVIE NICKELS 


CAR FERRY companies and 
services have occasionally come 
and gone since the initial boom 
of the 1960s, but the overall 
growth has been phenomenal in 
the full sense of this overused 
word. The Sealink consortium — 
British Rail Shipping, together 
with partners in France, Hol- 
land, Belgium — estimates its 
1977 figures as Tim. passengers 
and nearly a million cars on its 
cross-Channel ferries alone. 
Currently there are around 40 
ferry routes connecting Britain 
with the Continent as well as 
internally, and if this seems a 
lot, it represents less than 20 
per cent of the total available 
from the Baltic to the 
Bosphorus. 

If tbe choice seems confusing, 
it is Important to clarify what 
constitutes (he most convenient 
crossing to meet personal needs.’ 
Costings must take into account 
distances from ports both from 
home and the final destination. 
Rotten sailors may think that 
extra mileage is justified to 
shorten their misery. 

Others will revel in every 
rollicking wave. If there are 
potentially fractious youngsters 


or less healthy members in the 
party, it is obviously worth get- 
ting there as quickly as 
possible. At this end, British 
Rail’s expanded Motorail ser- 
vices to UJC ports can help 
ease the way: in 1978, Stirting- 
Harwich and. York-Dover have 
been added to the existing 
Lon d on-Fishguard, London- 
Plymouth, Stirling-Dover and 
Stirling-Brockenhurst (South- 
ampton services). Across the 
water, Motorail services con- 
tinue the facility deep into the 
Continent. But if you are a 
healthy, inveterate potterer 
like me. there is much to be 
said for a leisurely and longer 
drive through the sort of 
country that most speed mer- 
chants (often on expensive toll 
roads) never see. 


by Olau Line from Sheerness. 
Flushing provides a direct 
entry into Zeeland, that 
relatively little exploited region 
of south-west Holland. Provid- 
ing you are prepared to be a 
little windswept at times, this 
is a .marvellous area for super 
beaches, delightful old towns 
and villages, and those really 
labyrinthine seaways that are 
being tamed by the technical 
marvels of the Delta Plan. 


Sealink’s old-established 
Harwich-Hook of Holland cross- 
ing is a major gateway to 
central and eastern Europe, 
with its easy link-up with main 
autobahn / autoroute / autor 
strade systems. The same 
applies to Rotterdam, reached 
by North Sea Ferries from 
Hull and, to a lesser extent, 
Vliss ingen (Flushing) served 


Bargain 

If you are not taking advan- 
tage' of any of the bargain re- 
turn arrangements (usually 
applicable to short stays, off- 
season and/or departures at un- 
social hours), you could go out 
by one of these routes and re- 
turn from one of the Belgian 
or northern Freneh ports, in 
between enjoying a really qnite 
low-mileage tour (by European 
standards) through countryside 
that deserves far more atten- 
tion than it gets. These could 
include the very lovely river- 
laced hills of the Belgian and 
Luxembourg Ardennes, tbe 
upper reaches of the Moselle or, 
with a little more perseverence. 


tbe splendid mountain-end* 
vineyard country of the French 

Vosges. , ■ 

Zeebrugge is served by 
Townsend Thoresen from Felix- 
stowe and Dover, and North 
Sea Ferries from Hull; and 
Ostend by Sealink from Dover 
and Folkestone. Sealink his a 
dizzy number of routes on the 
short-sea crossings to Calais. 
Boulogne, Dunkirk and Dieppe. 
Townsend Thoresen has Dover* 
Calais. P and O Normandy 
Dover-Boulogne, and then there 
are the Hovercraft services of 
Seas peed (Dover-Boulogne/ 
Calais) and HoverUoyd iRami- 
gate-Calais)- 

There is also the very inter* 
esting growth of services out of 
South Coast ports. Townsend 
Thoresen operate from both. 
Southampton and Portsmouth to 
Le Havre and Cherbourg, whiio 
P and O Normandy link 
Southampton-Le Havre, and 
Sealink Wcyxnouth-Cherbour*. 
Normandy is another marvel-; 
lous low-mileage pottering area 
through which most people 
scurry on their way to Brittany 
or anywhere south. 

Brittany Ferries has the only 
direct services to Brittany 
itself from the mainland: 
Roscoff from Cork and Ply* 
mouth, and St Blalo from Ply- 
mouth and Portsmouth. These 
and the routes to Normandy are 
also excellent, of course, for 
reaching the increasingly 
popular Dordogne and other 
attractions of south-west France, 

A few years ago, there was a 
rash of ambitious routes to float 
you and your car to the sun, 
terminating in places like Vigo 
and Lisbon and even Casa- 
blanca. Alas, they did not 
survive and, last year, even the 
useful routes to northern Spain 
flickered into extinction. Tbe , 
latter at least is being revived, 
this time by Brittany Ferries 
with their brand new Plymouth- 
Santandar sendee starting in 
April. Northern Spain is lush 
and beautiful and, of course, L 
this route will open up the 
whole of the Iberian peniusuia. / 
And, though distances are by n0 : 
means meagre, there is the mini-; 
TTMim of traffic (once away from . 
that rather beastly north coast 
road), and superb and little 
known countryside to be 
explored on the way to such 
favourite regions as the Algarve 
and tiie Costa del Sol. 

We did the journey to the 
Algarve last April. The routes 
there and back through Spanish 
cities tike Burgos, Salamanca, 
Leon, and through the almost 
consistently beautiful hilly, 
wooded, picturesque expanses of 
Portugal, were only marred by 
insufficient time. With local 
touring and detours, we docked 
2,000 miles, and it was worth 
every gear change of the way. 


w 


4 






Wherever yoiire driving in Europe 

1 1 • • 44 - Jkm * 


Wherever you’re driving and wherever you start from, the 
chances are that Sealink has the sailing that most suits you. 

Sealink has more routes, and greater frequency. For you 
that means more choice. 

Holiday bargains Sealink has lots of them : 

New 24-hour motorists’ excursion tickets, saving up to 
50% of the normal fare. 


«o, 6 °" hou y excursion tickets, saving around 

35% of the normal fare. 5-day motorists’ excursion tickets 
saving around 20% of the normal fare. ’ 

Up to 50% discount on caravan fares on selected sailings 
from Dover Folkestone and Newhaven, and on all sailings from 

Weymouth to Cherbourg, provided that you book at least 
14 days in advance. 


roi 


w, . s l'eei 
an 

i- ( ' ivat 


lr ‘tnsiH 


J HARWICH 
HOOK OF HOLLAND 


Sail in style towards the heart of 
Europe on one of our large luxury 
ships. A brand new ship 
comes into service this year. 


Only Sealink offers you a choice of 10 routes to the Continent 


"h the F 


DOVER 

OSTEND 


About 3 VSz hours. The shortest car ferry 
route to Belgium, and the most frequent 
service. Direct access to the 
European motorway network. 
Caravans at up to half rate on selected sailings. 


3 FOLKESTONE 
OSTEND 


Belgium made easy from Sealink’s 
own port on the channel. 


Caravanners can save 50% of the 
caravan rate on selected sailings 
from Folkestone. 


DOVER 

DUNKERQUE 


Under 2 x h hours crossing, 
time, with fast access to the 
European motorways. 


DOVER 

CALAIS 


One of Sealink’s 5 'short sea' 

t?.- ^ vef ? greater frequency 
this year, with up to 11 sailings 
daily in each direction. 


DOVER 

BOULOGNE 


A little more than 90 minutes, just- - - ■ 
enough time for a stroll on the* -i 
decks, a drink, a snack and some ^ 
duty-free shopping. 


7 


F 0LKtSl 

CALA 


'w.uF.rvk ... £ . 
















Financial Times Saturday January 21 1978 


TAKING YOUR CAR ON HOLIDAY HI 



Improving the comfort 
and convenience 


CAR FERRIES 




^KrisSarisami 


BY SYLVIE NICKELS 


WITH THE passing of the years, 
car ferries have increasingly 
be co ire more than mere carriers 
of the passenger and his car. 
All sills of facilities are offered 
to krep him happy on board and 
thee are all kinds of services 
to nake the rest of his holiday 
easer and often cheaper. On 
several major routes, 1977 prices 
ha'e been frozen for the coming 
seison. and some have even gone 
diwn. Most companies arrange 
nini cruises, some complete 
loliday packages, and yet others 
■■'ork in with one or more travel 
inns to cater for specific needs. 

A number of the latter are 
geared to the camper and 
caravanner. The first company 
to _ actively encourage this 
section of travellers was 
Townsend Thoresen. It was in 
the mid-1960s that the cumpany 
first began hiring out camping 
equipment, and since then the 
whole thing has snowballed 
until you can now rent anything 
from a tent to a table, a caravan 




^►Gothenburg g:j 


to a cool bos, either in ** packs " 
of varying sizes or as individual 
items. This is the only service 
of its kind owned and operated 
by a car ferry company and can 
work out substantially the 
cheapest. 

Sailings 

Celebrating its golden jubilee 
this year, Townsend Thoresen 
has expanded its number of 
sailings by 17 per cent to 
16.500, is offering up to 50 per 
cent, reductions on transport of 
caravans on about 4.000 selected 
sailings, and up to 75 per cent 
discounts on hire charges. 
Sample prices for periods of 
more than five days, according 
to season, are from £1.62-£3.88 
a day for a four-berth Monza, 
and from £l_22-£2.92 n day for 
a camping pack for four, with 
teot, camp beds, sleeping bags 
and cooker. 

Sealink offers hire of camping 
equipment in conjunction with 


Blacks, arrange touring caravan 
hire in Belgium, France or Ire- 
land, and have good reductions 
on certain sailings if you are 
taking your own caravan. 

Though the great majority of 
motorists will be touring’ in 
countries nearer home, a 
minority will be heading for 
far-flung corners of the Medi- 
terranean, not all of them 
accessible by overland routes. A 
considerable network of car 
ferries link its shores and many 
of its islands, but it is not 
always easy to get reliable 
information either about their 
timetables or their standards, 
which are often not what one 
might hope. 

Sealink is one of the organisa- 
tions which can help since the 
company markets the services 
of Tirrenia Line between Italy 
and Corsica. Malta,’ Sardinia. 
Sicily and Tunisia: also a variety 
of Italian and Greek companies’ 
services between Italy, main- 
land Greece and Corfu. The 


Danish company DFDS runs its 
own schedules from Italy to 
Spain and Tunisia, while P & O 
Normandy is the agent for 
SNCM ferries from the south 
of France to Corsica, Sardinia 
and North Africa. 


Fares 

P & O Normandy, incidentally, 
in addition to freezing 41 per 
cent, of their fares is actually 
reducing 31 per cent, of them 
on the sound principle that cash 
benefits arc of more general 
advantage than more gimmicky 
oiTers. it is the only southern 
route carrier, too. to carry 
bicycles free, though cycling 
enthusiasts heading for Scan- 
dinavia will be familiar with 
this facility. Even the motorist 
gets a free passage for his 
car on some routes to Scandin- 
avia at certain times and under 
certain conditions. 

Most companies are offering 
a bargain rate based on short 


*'l i j\% ' S '• 


i 

"w* ; 





s trips of a m axim um of five days. 
r> In the case of Olau Line, up to 
J four adults and a car can travel 
r to the Netherlands and back 
rt for £76 until the end of April 
a Brittany Ferries has a similar 
offer on the Brittany routes 
costing £S0-£10O according to 
season. On the new route to 
Santander, they will carry our 
car free or at a low rate v «gain 
r according to season) if accom- 
r panied by four adults. For this 
i twice weekly service, they also 
j have a special half-price arran- 
I gemeot for accommodation at 
r Holiday inn, Plymouth, for the 
i night prior to the Monday morn- 
’ ing sailing. 

Assistance with overnight ac- 
commodation is a useful new 
facility available through P&O 
Normandy, with twenty-one 2 
or 3 star hotels to choose from 
in France, thus obviating that 
last-minute hunt for a resting 
place at the end or a day’s 
driving. 

Among the most misunder- 
stood “perks" of overseas travel 
are duty-free goods. In a recent 
rrade report, on-board prices 
for a whisky on services to the 
Continent ranged from 20p- 
£i.0Sp and a packet of cigar- 
ettes from 32p-4&p ! 

Broadly speaking, the further 
north one goes, the higher the 
cost of these items, with Sweden 
topping the list for spirits. 
Paradoxically, Tor Line offers 
one of the best bargains in duty- , 
free packs on the return journey . 
from Sweden: SK55 fabout ^ 
£6) for a litre of spirits, a bottle 11 
of wine and 200 cigarettes. s' 


Larney 

4BGK 

jDm 

^^•ftosstareii? 


fCairi^yair 




Wmmi 


Newcastle 


1 I : 


Liverpool: 


^*^<3iSwaiJsea S3S# 
rffl^Sorttampton: 




ClttrtoaOTg 



iBook of I 


Sftrass tkmrM 


^V-?— pRnsbmg 
^^^fzeebriigge 
^Ostend WSSM&M 


Newhavea 


Drive 


CONTINUED FROM PAGE 1 


Choice 


British Rail's jerry St. Edmund at Harwich. 


In nearly all cases, car ferries 
offer a choice of self-service 
or waiter-service meals which 
arc in addition to the fare. 
Unusually, North Sea Ferries’ 
fares on routes to Rotterdam 
and Zeebrugge include all food: 
five-course dinner, early morn- 
ing tea, English or Continental 
breakfast and fresh fruit in your 
cabin. 

So you pays your money and 
you takes your choice! 



the craft is prevented from fly- 
ing because of rough seas, there 
is no possibility of a quick 
switch to an adjacent ferry, as 
is the case with Dover. There 
are many different stories of 
this alleged unreliability of 
hovercraft in bad weather, but 
suffice to say that Seaspeed 
claims it loses no more than 1.5 
per cent of flights as a result 
When it comes to booking, 
advice also varies considerably. 
If you are going from Dover, 
even at peak week-ends it 
ought to be possible to get a 
space on the spot, except for 
the more specialist routes, such 
as those to Scandinavia, the one 


to Spain or sailings to -the 
Brittany peninSuia. Brittany 
Ferries describes the level of 
early bookings as “incredible * 
and says that sailings at some 
peak week-ends are alrendv sold 
out 

One operator certain to in- 
crease its traffic volume this 
year is Seaspeed, the British 
Rail-French Rail hovercraft con- 
sortium, which had : it dismal 
year In 1927 with . losses of 
around £700.000 after it had 
taken one of its SRN4 craft out 
of service for enlargement only 
to find that this vessel’s re- 
placement, the French-built 
SEDAM N5O0 burned out after 
an accident .during fitting oat 




• 2 '■ :*/'**’; ^ ’ V- '>1 ■ ’ ' 

; - ■%. ; • | ^ •• . ; 

-- ■ „= ■***.. ^ I- '-** 

1 i I Hi Sfni 1 1 

4 Ml IMIBihffT ' 


This summer, fortune per- 
mitting, Seaspeed will have 
back in service the Princess 
Anne, enlarged from 254 to 418 
passenger capacity, along with 
the “ second " French craft with 
a capacity of 400 passengers and 
floater 65 cars. Seaspeed believes 
this season will mark the be- 
ginning of a new- and dramatic 
incursion into short-distance 
cross-Channel business for 
hovercraft It serves the 
Boulogne-Calais-Dover triangle. 

So the best genera] advice 
is probably to weigh up with 
care the offers on the lines 
which serve the ports which in- 
terest you and then. book. It is 
going to be a busy summer. 













MI sSfe 




SS3I 




M 




^ , X 









Special reductions in camping equipment hire through 
Sealink and Black’s Camping and Leisure. 

Great value touring caravan hire in France or Belgium. 
W e supply the caravan. You use your own car and save on 
the transport costs. 

Inclusive motoring holidays in France, in association 
with the French Travel Service. This is a whole new 


programme called ‘Les Vacances Vertes’. There are self- : 
catering holidays in Gites (typical French country 
cottages and apartments) , in caravans and in tents. 
Alternatively, there are motoring tours with accom- wStti 
modation in hotels and guest-houses booked for you 
Get the Sealink ’78 brochure from your Sealink Travel 
Agent-it’s worth paying a visit now and planning early 




- ! 


n • •• 1 

-r 


r. ■ 

w- ■- 


7 FOLKESTONE 
CALAIS 

A handy aftemative to Dover. 
Folkestone is fast becoming 
Britain’s No. 1 caravan port. 


g FOLKESTONE 
BOULOGNE 

The most popular 'short-sta/ route, 
ideal for Sealink’s 24-hour, 60-hour 
and 5-day motoring excursion tickets. 
Crossing time about 100 minutes. 


0 NEWHVEN 
DIEPPE 

The fastest direct route to 
Normandy, and ideal if you 
live in Surrey and Sussex. 


10 WEYMOUTH 
CHERBOURG 

The shortest route to Cherbourg with 
good road access from the 
Midlands, the South Wfest and Vfeles. 
Plenty of offers, and caravans at up to 
half rate on all sailings. 


FROM YOUR SEAUNK TRAVEL AGENT NOW! 



Well 















Fifcmci&r Ttoes Saturday January 


CARS TO FRANCE 
I GO CHEAPER t 
l WITHAAE. S7 


TAKING YOUR CAR ON HOLIDAY IV 


Increasing the 


aw. 

.v :yy.;S; .'■» 


SMS NORMAN Q 


Rjrl97&,P&ONorramdyEsriesare 1 

actually redudijg some of thdr fores. § 

So before }TRi book your crossing to M 

Fran^camp are the cost of uteng your air yfjgigpr / 1 
wiihusand with other feny companies. « J 

You may well find that f i 
P&O Normandy Ferries is thechea pest / V 
way for you to go. And i 

what a way to go. A v jr 

AlLshipsonour y ^ / %NOtNMN^ 
Dover- Boulogne and I L &A8ULL 

Southampton- ^ 

bare.sell-senicercstaurarits^T^, 
and duty-free shops. * 

On the Southampton- 
Le Havre route you even get 
a choke of sleeping 

accommodation. Either re clining $&$ — 

sleeper seats, included in your 

fare .unique to P&O Noimandy • 

Femes '.Or couchettes or cabins 

if you pay slightly more. 

So. as you can sec. you needn’t 

get less of a ferry service when you pay less fur your ticket. 


variety 


BY SYLVIE NICKELS 


[” l*d like to know more about the cheap, comfortable”! 
| way to France. Please send me my free colour brochure, i 

* c.— j . ..nfljiv i..r n i 9 


•IT IS JUST 50 years ago since, thing, given our • geographical vicissitudes of their seasons 
with significant results, a status, is that it took so long stoically. Problems are there 
private car was damaged while happen. That Scandinavian { 0 be solved; in order to travel 
being crane-loaded on to the iatereSts have played such a trough you must break it, 
maiJ boat from Dover to Calais. £e“"f oJ^LS old “ d 50 especiaUj tbe 

The incident prompted its * ies S surprising when one Finns-fcave developed a repu- 
owner to buy a collier called the thinks of how long a well- tation for building ice breakers 
Artificer and set up his own organised network of car ferries “* second to none. It is 
ferry service. It carried 15 cars has eristed in the Baltic and its a rather P iece of one - 
and a limited number of passen- ramifications. Denmark Sweden, upmanship that one of Europe’s 
gers; and it transported 8,000 Finland and their many islands smallest countries (in terms of 
cars in the first year. Surplus m i^ked j,y a fleet Of floating population) has produced an 
passengers travelled on the mail transport which incidentally, ice-breaker which is also the 
boat. Q 3 p add a great deal of pleasure largest, fastest, most modem 

» to a Nordic tour. and’ passenger ferry not 

bopntsttcatea ~ , „, DCD only m the Baltic, but in the 

r My first experience of these • 

The car owner was Captain was nearly 20 years ago on a 
Stuart M. Townsend, whose freezing January night as we p^nnilinr 
name is still perpetuated by the nosed our way between Stock- ^ ugriLlu * r 
company which is to-day British holm and the south-west Fin- The Finn jet built in Firi- 



Southem Ferries’ Eagle. 


. Send to: P&O Normandy Ferness Box 2. Fcltharn, 
I Middx. T\V14 OTG.Tel: 0703 34I4L 
| Name 


Address 


- FT21/1 


I P&O Normandy Ferriesl 

1 DOVER -BOULOGNE ffllTHAMPTON-Lli HAVRE | 


CAR HOUDAY5 
ABROAD 


Channel crowing for 2 with car of 
any length, 2 nighti b & b. insurance, 
maps etc., from £61. Further nights 
b A b or deni -pent ion bookable in 
happy lit* 1 * French hotels from around 

ff f rlwhf 


Ring Hertford (0992) 59933 or write: 

CAR HOLIDAYS A5ROAD. 

Boll Plain 33S, Hertford SG14 IDT. 


PARAGON HOLIDAYS 
OFFERS 

‘GO AS YOU PLEASE* IN 
FRANCE 

Take your own car or Fly/Drive in 
the beautiful, unspoilt' regions — 
Auvergne. Pyreneos or Aquitaine, 
h— h»r* A Prlc* Oct 

94 Guildfprd St, Chertsey. 
Tel: 61398 


CANVAS H0UDAYS 


The take-it-easy 
600 mile drive. 


If you enjoy pottering through France in 
your car, carry on - you'll have a lot of fun. 


But when you’re making a dash for the 
sunshine and beaches, French Motorail is the / IBlV 

take-it-easy answer. / 1 \\\ 

We’ll speed you from Boulogne to five / 1 \\ 

convenient centres during the summer (and / 1 \ \ 

to 14 more from Paris) while you and your / 1 \\ \ 

family sleep the night away in comfort / 1 \\ • 

saving you the effort and aggro of a 600 mile / I \\ tmm 

drive to the south. / 1 V \ 

Not to mention the petrol, tolls and over- 4 Avignon c^_ Rjp^a .1 I 

night stops. What’s more, you’ll gain a whole l *** • , 

day’s holiday, there and back. v y 

And if you’re taking the children, ask about our Family Tickets -they 
could save you money on the fares. Bonnes vacances! 

Not taking your car? Our ’France-Vacances’ railrover ticket offers you 
the freedom of French Railways for 9 days, 16 days or a month from £47.90. 



Benefit from our 12 years ex- 
perience in providing holidays 1 * 
luxury frame tents on 41 top 
sites in: - . . 

Brittany, Dordogne, Loire, V 
Mediterranean, Paris, etc? T 
also in Italy, Switzerland' V 
and Austria. 

24 unique vslge>far.nenMf ferry phn 
hotel * Travelplam." ' Choate any 
craning: go any day: ray as (wig 
u you with. ' 

Proa under £50 each for a Eaority of 
2 + 2, tod nd Inf 12 nights In camt, 

2 to hotels, ferry (or of maf length), 
Insurance, etc. 

Do ■»•» or write tor brochure:, 
CANVAS HOLIDAYS,' 

■dl Main 337, Hertford SG14 IDT. 
Tefc 0992 59933 (24 hn.) 


VILLAS IN FRANCE 

FOR THE CONNOI5SEUR5 AND THE 
BUDGET CONSCIOUS 


Motoring holidays from £43 by Air 
France scheduled flights from £74. 


Southampton docks. 




France scheduled flights from £74. 
Very large selection of villas and 
apartments on the coastal restarts in 
Brirany. Atlantic Coast. Basque coast 
and South of France. 

Write or phone 
for free colour brochure: 
SILVAIR HOLIDAYS LTD, 
Silvair House, 13/15 King Street, 
Luton. Beds. LU7 2DW. 

24-hovr b-nrhere service— tela . 

(0582) 412131 

Atol 2478 ABTA 


Irish choose a 



slower pace 


BY PAUL MARTIN 




r *T*r. * j • • *• 

M'yaV 


Please send me details of the following: Tick brochures required. Motorail Services □ 
Sealfnk Car Ferries and Seas peed Hovercraft □ ‘France-Vacances* Q Inclusive Holidays □ 
General Timetable and Fares List (including Lon don- Paris Q Silver Arrow □ 


Address 


FT21,lf73 


; french Motora il French Railways Limited, 179 Piccadilly, London W1V 08A 




IT WAS completely by chance 
that I visited the Republic of 
Ireland for tbe first time five 
years ago and I have since 
returned there each year with 
increasing pleasure and a 
deeper appreciation of all that 
the country has to offer. 

While no one should attempt 
to dismiss tbe problems that 
still exist in N. Ireland, they 
have little immediate impact in 
the Republic as the visitor or, 
in Irish terms, “ the friend,” 
seldom hears about them while 
spending a holiday in that green 
land where the slower pace of 
life is one immediate blessing. 


Rural 




\Xfe%e offering up to 19% fere reductions in ’78! Great car savings and big reductions on 
through feres to Scandinavia, too! And now, breathtaking holidays when you get there: 
fine hotels, motoring tours, country guesthouses, self-catering holidays, and ritytrips, to 
name only a few. Fill in this coupon for our colourful brochure and timetable! 

Please send mcyourI9781inietablt Tickbox if you require: Holiday Programme □ ___ 

Through fares to Scandinavian 


Mtonttrai HHMM6. 


i prinsFemes, 13/14 Queen StrcctMayfiri? 
^ London VOXSBA.Tel:QM93 901 Z 


Mprins FERRIES I 

DIRECT &DAHYTO GERMANY j 


Motoring in Ireland is a 
delight, again always provided 
that you slow down to the Irish 
tempo and are prepared to wait 
patiently while the occasional 
stray or a herd of cows crosses 
the road in front of you in a 
fairly unregimented fashion. 
With cows more numerous than 
fellow motorists, it is all part 
t>£ the winding-down process. 
Although there are countless 
excellent package arrangements 
to Ireland, including a wide 
range of farmhouse holidays 
where you come into close 
contact with what is still a pre- 
dominantly rural community, 
you will always reap the maxi- 
mum holiday harvest if you 
either take your own wheels 
across the Irish Sea or hire a 
car on arrival. 

As I have spent more time in 
Cork, Kerry and Clare and 
always enjoy travelling by sea, 
the overnight crossing from 
Swansea, operated by B and I 
Line, provides its own built-in 
bonus with the lovely early 
morning approach up the River 
Lee, past the cathedral at Cobh, 
before you tie up close to 
Blackrock Castle at Cork Ferry- 
port — and enter the gateway to 


the darling countryside of 
Southern Ireland. 

In addition to their Swansea- 
Cork services, B&I also operate 
regular car and passenger ser- 
vices between Liverpool and 
Dublin and, with an economy 
fare applying throughout tile 
year with the exception of mid- 
Juiy to mid-September, the rates 
are effectively lower than two 
years ago. Last year’s figures 
were excellent and both the car- 
ferry operators and the Irish 
Tourist Board are anticipating 
an increase in traffic this year. 

If you have only limited time 
at your disposal, B&I has 
recently introduced a new 
Weekender fare of £45 return, 
covering two people and a car, 
valid until May 1 with the ex- 
ception of the Easter week-end 
This, fare covers any sailing 
from Liverpool on the Friday 
morning with the proiriso that 
you must return on the Monday. 
It does not apply from Dublin 
to LiverpooL 

B&I have also tied up some 
very advantageous rates with 
Avis under the brand name of 
Sail *N' Rent Under this system 
you can either hire the car in 
the U.K. or collect one on arrival 
In Dublin or Cork. In the peak 
period (July L-September 30) 
the weekly cost for the hire of a 
Ford Escort is £38 per head, 
based on four people travelling 
together. Outside thi? peak 
period the hire charge goes 
down to £26.50 per head. In all 
cases this B&I/Avis package in- 
cludes the return crossing either 
from Liverpool to Dublin, or 
from Swansea to Cork. 

A wide range of motoring 
holidays, linked to B&Ts routes, 
is available from Caralreland 
Tours. If you want to savour 
the beauty of the countryside 
and sample Irish hospitality, you 
can cross on either route and 
spend a week on an Irish farm 
for as litle as £59 per head pro- 
viding four of you are travelling 
together. Thsee rates— the price 


goes up to £71.50 per head for 
a party of four travelling be- 
tween July 11 and September 11 
— include return travel with a 
car of any length and seven 
days half-board accommodation 
at the farmhouse of your choice. 

This is just one example of 
the many variations available 
and, if you opt for a luxury 
caravan with a party of four on 
a self-catering basis, tbe rates 
vary between £31.50 in tbe low 
season and £48.50 per person 
during the peak months of July 
and August 

Again taking the peak period 
of July and August the inclu- 
sive price for this self-catering 
package, using Sealink on either 
the Holyhead-Dun Laoghalre or 
the sbort Fishguard-Rosslare 
crossing, works out at £67.25 
per head, with five people in the 
party, including passenger fares 
and a car of any length for a 
fortnight’s holiday. With only 
three travelling together and on 
the same basis, a week in the 
lovely month of May costs 
£40.25. B&I; Caralreland, Sea- 
link and the Irish Tourist 
Board will provide further in- 
formation on request 




y.-’lS’ -?}•■: ^- r 
■s’ v«. - :•••" • . 




Cruise magnificently i 

to Mexico.By P&O J 

Jjy {■£ Angeles and there join the luxurious cruise linrir 5 
Tacfric Princess for ; an unbelievable cruise south, down the J 
- ** V1S1 [ four charm ine, old world Mexican town^ f 

and fabulous Acapulro Fly back from LA.-and you'll have 1 I 

stayed mere too! 15 nights from £ 1020 . f 

. Or you ran have a shorter cruise, by staying 3 nights in 
Acaptdco and j nights in Mexico City in firet dass hotels. Thr I 
homefrom Mexico City. 15 nights from £<wz • i 

^^S 5 ^"* 0 ^ 1978 - I 

Agent for The "P&O World B&O PrluCCSS 

Cruise 77/78' brochure or J, , A 

ring P&O.01-377 9270. VJUXSCS 


SOUTH OF FRANCE 


A selection of privately owned villas 
with pools. 


\1 


name is still perpetuated by the nosed our way between Stock- rtlinllUir Th e passengers themselves, youngsters. As a floating con- ranging from ®***jj. 10 

company which is to-day British holm and the south-west Fin- The Finnjet, built in Fin- though, will be more concerned ference centre, she can also Helsinki to ltinerariesrearoing. 
Rail's biggest rival on the short nisb port of Turku. My notes land’s Wartsila shipyards, where with the speed and tire comfort cater for up to 400, with all the up mto the 

sea ferry routes. Townsend's from that occasion give an her growth behind a bristle of with which they can now achieve necessary technical equipment beyond the Arctic urae. 

(now Townsend Thoresen) were awesome account of screaming scaffolding became a familiar the crossing from Travezntmde that this entails. Businessmen Helsinki is also a popular 

not quite the first, however, to winds, swirling snow and the part of the H elsinki waterfront in northern Germany to with a need for regular visits launching point ror visa-iree . 

take the bold step of abolishing groan of the Baltic ice; but, scene, was brought into service Helsinki: 22 hours, compared to Finland can get a real cruises to the HSaK. _ . 

the crane. In 1946, the Atlantic bad sailor though I am, it was early last s umm er. Powered with more_than 40 hours under bargain-rate season ticket All manner of tuner comnwra- 

Steam Navigation Company enormously exhilarating. There by two gas turbine engines, a year ago. Most cabins have Finnjet is one of the Finnlines tions can be made by motorised 
acquired three tank landing have been innumerable cross- modified versions of aero jet more than usual elbow room and fleet Its significance for the explorers of these northern 

ships, converted them and began ings since then in all seasons engines, together generating incorporate evidence of another UJK. traveller is made even reaches of Europe, ana infer- - 

ferrying vehicles and equipment and by most routes, and the 75,000 horsepower, she has been Finnish talent: flair for design, greater by an excellent tie-up matron on the range of ferry 

to the British forces in Germany, summer evenings of golden described as a ship of the future. Other amenities might be the with Prins Ferries' Harwich- services is available from the 

Two years later, the company's light on the pink granite, green Certainly she makes an impact envy of many a cruise ship and Hamburg / Bremerhaven national tourist offices eon- 

Trac sport Ferry Service pastures and dark forests of on the present, with her 23,000 include restaurant, grill-room, schedules. Through-fares at cerned. . __ 

launched the first drive-on drive- the archipelagoes have left some gross tonnage, 700-feet length, dance saloon, aB-mght bar, special rates are available, with Further m/omiBf ion on Finn- 
off route for commercial traffic, of the most ! lasting travel cabin space for 1,532 passengers casino, disco, swimming pool, or without car, and these are lines from; Thomas Cook,.. 45 •' 

Now a sister company of Town- memories. and car deck capacity for 350 saunas, solarium, finemo and a incorporated in a number of Berkeley Street. London 

send Thoresen in t he European The Scandinavians take the cars. well-equipped play area for the package arrangements ex-U.K, IV’IA 1EB. 

Ferries Group, TFS continues to 

operate a highly sophisticated y c ' 

roll-on roll-off service, with a L>i ' ■■ 

limited number of passengers. 
between Felixstowe and Rotter- 
dam’s Europort. 

As we have seen, much has 
happened since those early days 
Perhaps the most surprising 


International 


PALMER & PARKER HOLIDAYS, 


Finally, in response to all 
those mutterings about the non- 
availability of duty-free goods 
on what is, by any definition, an 
international route, the whole 
question has now been taken up 
by the two governments to see 
if, in the words of a recent Press 
release, '‘they could give the 
green light fairly soon.” 
ADDRESSES: 

B&I Ltd., 155, Regent Street 
London W1R 7FD 
Caralreland Tours Ltd., 52 
Poland Street London W.l 
Irish Tourist Board, 150/151 
New Bond Street, London 
W1Y 0AQ 

Sealink Travel Ltd.. Inclusive 
Tours Seolion, London SWlV 
1JX 


63 GROSVENOR STREET. WI. 


Brochures: (0803) 864140 - 24 hours. 


EOROCAMP IN FRANCE 
Best Sites, Best Tents 
Best Equipment 

Specially deiigiwd. pre-meted fully 
•quippad Mira mic you on the (tone 
cka in France. Choose tram 15 ton. 
tions. Oatesa grounds. Uk<wMe, sea. 
■Ed*. Prices Include ear ferry, sice 
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Brochure from:— 

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(0565 52444) 


SWANS MOTORING: 


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1,1 Him. | 










Fi 


W: 



Financial 'Times Saturday January 21 1978 

Eric Short examines the case for clearer thinking on home insurance 

After the storm, the reckoning 








HE DAMAGE caused by last 
, eek’s ferocious storms- on the 
ast and South-East coasts of 
P^jL^ngland have drawn attention 
ijjAgyr' the need foe every house- 
older to have adequate insur- 
, nee, Mr. Ken Marks, Under- 
ecretary of State .at the 
□vironnlent Department, after 
islting the worst hit areas has 
pressed his dismay that on 
. >uncii estates, very few house- 
olders have insurance for the 
intents. But the damage has 
Iso shown that what the 
ustomer needs above all from 
<«is insurance company is a 
*.--;roTnpt and sympathetic claims 
erviee 

This point was brought home 
}> me in a very real way, as I 
vas one of the victims of last 
'eek*s storms, because I live on 
ie North East Kent coast at 
Vhitstable. Admittedly* I was: 

luckier than most, as the 
nly damage was a snapped off 
Revision aerial, while houses a 
2w minutes away are still dry- 
lg out after flooding. But I 
'as able as a reporter on the 
isu ranee industry to expert- 
nee, at first hand, what insor- 
nce is really about (it is much 
tore than investing funds) and 
j see how the industry coped 
itb an emergency. . 

I visited insurance offices in 
reas hit by the storm to find 
ut how they deal with the situ- 
tion. I was interested to see 
hat happened on the spot 
ither than talk in the more 
trifled atmosphere of head 
Sices. So on the day after the 
- . isa&ter I went to Canterbury 
> the local offices of Sun Alli- 
nce and London Assurance and 
.oyal Insurance, two companies 
ith the largest personal house- 
older insurance accounts in 
ie UJL Both these branches 
•ere responsible for the feTeas 
: effected in Kent I also visited 
T^'-ue local branch of the Norwich 
Pnion Fire Insurance Society in 
fr Jngs Lynn. 

The story told at each branch 
~ ms virtually the same. The 


staff had a good idea or what 
to expect— those xt Kings Lynn 
had gone through it all before 
two years ago. So they all came 
in early — most staff work flex- 
ible hours ahyway— from the 
branch manager down. Perhaps 
most important Df all the switch- 
board operators came in early. 
And the expected happened. On 
the Thursday morning, the 
telephone calls came in from 
policyholders hit by the storms, 
asking what to do. 


Emotional 


At this early stage, the main 
function oi the staff was to 
advise and reassure. In effect, 
they provide a shoulder to cry 
oh. Because this is . bound to be 
a time of emotional -stress for 
the -individual, the essential 
thing is sot to leave a caller 
waiting on the phone for any 
length of time. He needs to talk 
to someone and have' his case 
dealt with. It was .a_ case, as 
one branch manager, put it, of 
aD hands to the pump.' Every 
member of the staff in those 
early working hours was dealing 
with storm and flood claims. 

One would expect that the 
claimants would be agitated, but 
surprisingly enough most adop- 
ted a matter-of-fact approach, 
even those with four feet of 
water m their living rooms. But 
some policyholders did - need 
calming down so thatTbey could 
talk coherently. 

Everyone on the staff took 
down the basic details of name 
and address and the nature and 
approximate extent of loss or 
damage. They could then ad- 
vise on the steps to be taken 
by the policyholder and reas- 
ire the claimant that bis case 
would be dealt with as quickly 
as possible and that a claim 
form would be sent to him. This 
is no different from normal pro- 
cedure for claizns, exeept that 
usually they are dealt with by 
someone m the claims depart- 
ment. ' 


Since King’s Lynn was 
directly affected— the floods 
stopped only yards from NU's 
office there — there was a steady 
number of callers as soon as it 
opened. The sub-offices on tbe 
coast of the Canterbury 
branches also had many policy- 
holders call direct 

There were two main cate- 
gories of danaage-T-etorm and 
floods— and each needs different 
advice. With storm damage, 
such as the roof being blown 
off. it is essential- that tempo- 
rary repairs are effected as 
soon as. possible to avoid fur- 
ther damage and this is part of 
the cover given Otherwise rain 
entering tbe bouse could cause 
even more damage than origin- 
ally occurred. So claimants were 
advised to contact a local 
builder and do .what they could 
themselves. It was fortunate 
that the storms were not accom- 
panied ar followed by heavy 
rain. • 

Flood damage, on the other 
hand, first needs the water 
removed and the mess cleaned 
up. And it was quite a mess. 
The floods at Kings Lynn from 
the tidal waters of the River 
Ouse left a coating of mud and 
slime. The sea around Kent 
deposited a carpet of shingle 
and mud. The lack of services 
normally provided by firemen — 
who were then on strike — 
meant that most householders 
had to do it for themselves. All 
reports indicate that there has 
beeu difficulty getting hot air 
appliances for d tying ouL The 
cost of cleaning up is normally 
coveted by insurance, but it is 
difficult to find anyone to do it 

Now that the preliminary 
stages are over, the insurance 
company can get down to 
settling claims. The popular 
belief is that- Insurance com- 
panies in this situation will in- 
voke l ' Acts of God n to avoid 
payment This is not true. In- 
surance companies exist to pay 


claims and time spent arguing 
over a claim costs money. Bui 
insurance companies have to 
settle in accordance with the 
terms of the policy and this is 
where misunderstanding can 
arise. 

Although practice varies 
between companies, in general 
branches have a large degree of 
autonomy in settling small 
claims in widespread emer- 
gencies and in times like these 
short cuts are introduced into 
normal procedures to get the 
claims paid quickly. 

With straightforward storm 
damage, claims settlement is 
simpln. The bill for the work, 
including temporary repairs, is 
the amount of the claim pro- 
vi *ed it does not exceed the 
sum insured limit Policyholders 
can either pay it themselves 
and be reimbursed by the in- 
surance company, or have the 
bill paid direct provided they 
have notified the claim. Their 
local insurance manager almost 
certainly knows the bnilder in- 
volved. Host leading insurance 
companies usually pay storm 
claims in full, even if tbe pro- 
perty is not fully Insured. The 
claim comes under the house 
building policy and the only 
limit is the actual sum insured 
Thi« contract usually contains 
ao excess, normally £15: tha? 
is the householder pays the 
first £15 of the bill. 

Flood damage, however, pre- 
sents trickier problems. Most 
of the damage will be to con- 
tents, so the claim will be on 
a contents policy. But there 
could be damage to the struc- 
ture — the wiring should be 
checked by a qualified electri- 
cian because of the corrosive 
effect of salt water — and this 
would be claimed on the build- 
ings colicy. providing it covers 
flood.' This is a choice that the 
policyholder makes when he 
takes out the policy and some 
chickens are now coming home 
to rcesL 


Thus in cases like these the 
advantage of having both poli- 
cies with one insurance com- 
pany become apparent. 

At present, there are two 
types • of contents policy 
available — a replacement and 
an indemnity 1 . Under the 
former, cover is based on assess- 
ing the monetary liability on 
the cost of replacing contents 
by new items. Therefore if 
householders have u a new for 
old” poliey, they can, within 
reason, replace damaged goods 
by new ones and not bother 
overmuch about cleaning up. 

Under an indemnity contract, 
the liability is assessed on the 
present value of tbe items. 
Therefore it would cover costs 
of drying, cleaning and repair- 
ing but not replacing the items 
in full. Explaining the difference 
between the two types of policy 
and advising on the appropriate 
course of action is occupying a 
lot of time of the branch staff. 

For instance, on a “ new for 
old “ replacement policy, tbe 
householder can get rid of his 
carpets if they are badly 
stained, and install new ones. 
On an indemnity policy it is 
best to get them cleaned because 
that is the extent of bis cover. 
Of course if the carpet has on: v 
a damp spot on one corner, the 
householder, with a new for old 
policy, could not claim for a 
new. carpet but only for clean- 
ing.. 



Terra Kirk 

Hosing mud off the walls or the pnblie bar of the Crown in King's Lynn, where storms 
caused floods of up to five feet deep. 


Salvage 


Contents being replaced be- 
come the property of tbe In- 
surance company, known as 
salvage, and are sold to dealers 
or even staff members. 

Contents policies tend to have 
inadequate sums insured, be- 
cause householders neglect to 
up-date cover et eacb renewal. 
This could affect some claims, 
but most leading companies pay 
up to the sum assured limit 
But this in itself may not be 
sufficient Insurance companies 



LABOUR NEWS H 


Shell tanker men 
want to see Booth 


Record share sales 
by private investors 


BY PETER RIDDT-LL, ECONOMICS CORRESPONDENT 


•- BT NICK GARNETT. LABOUR STAFF 


SHOP STEWARDS representing 
about 2.000 Shell tanker drivers 
we seeking a meeting with Mr. 
Albert Booth, the Employment 
Secretary, over interpretations 
af the pay guidelines. 

The company has offered a 15 




.■ent. for productivity, but the 
..* dewards want improvements in 
vage consolidation. 

The company says the 
mprovements would mean a pay 
- no-ease of at least 20 per cent, 
ipparentiy, it was confirmed 
..Jtat they would be outside the 
, m ■’'Sidelines in a meeting yester- 
w _*.t lay. between Department of 
Employment officials, shop 
tewards, and management repre- 
en la lives. 

. The stewards, however, say 
he dejU could be kept within 

.1 ^ 


the guidelines if' there 'was a 
firm commitment t o ... reduce 
overtime. 

Air. jack Ashwell, the Trans- 
port and General Workers’. 
Union national officer V.frar- 
transport, said'a similar arrange- 


BP refinery operators at Granger 
month, who had received 14 -per 
cent, payments without a pro- 
ductivity element. . * - 

The Shell productivity pay 
meets have been offered in 
exrhange for manpower savings 
and an increase in delivery* 
speeds. 

Shop stewards representing 
Esso and Texaco drivers, who 
have also been seeking Increases 
of 30 to 40 per cent, are due 
to meet next week. 




^Rolls-Royce engine men 
j.nilfclift their sanctions 

^ p . BY PHILIP BASSETT. LABOUR STAFF 

\ D\ Workers al RoNs-Royce-’s aero- day. 

ngines plant at Parkside, . The manual workers want a 
oventry. yesterday lifted sane- “substantial M percentage in- 

ons to allow talks to start on working conditions. Rolls-Royce 1 
pay claim the company says ^as offered an across-the-board 1 
Rais 30 per cent. £2, plus supplements of £4-£6 to 

Since January 4. more than some meu to adjust differentials.! 
m manual workers have . Rolls-Royce say that nesroti*; 

rtV -bid “ ,0 « a 

■jlP'SS'eiiKLM 1 for' I S 1< To™id5 money piece-work— which CM 
1 *Vtl Tornado meaiJ a difference of £5^0 a week 

1 «N\ the Pegwus engine for sorae workers — will be 

i?5r«S e ., Ha . rrler al RwU * Koyce brought in j 

| rfstol plant. * In a separate dlspute.'-859 1 

^# , «,°MT l i! CC j li ar L e4 t0 a v workers at Rolls-Royce's marine 
Won Thursday because of the engines plant at Ansty. near 
,.Tb?, , raen started a Coventry, were laid off last night 
wk in. Tne lifting of sanctions because of a sit-in by 120 men 
mowed a mass meeting yesier- over grading since January' 12. 


PRIVATE INVESTORS have 
been selling shares at a record 
rate — taking advantage of the 
recovery in stock market prices 
since autumn 1976. 

Figures published by the 
Central Statistical Office yester- 
day show that the persona) sector 
sold company securities valued 
at £848ut. between July and Sep- 
tember last year, a peak for any 
quarter. 

During tbe first nine months 
of last year private investors cut 
their shareholdings by £l£4bn., 
compared with £l3Sbn. in the 
whole of 1976 and just short 
of the previous annual peak of 
£2^6bn. in 1973. 

If this trend continued in the 
final three months of last year, 
the total for 1977 easily will have 
been' a new record. 

The personal sector has been 
reducing its stake in the stock 
market for many years. During 
1977 it was selling when share 
prices were high— the FT 30 
share index rose by 46 per cent. 
between January and September. 

The decline in private share- 
holdings has been matched by 
growth of the financial institu- 
tions, and the inflow into life 


PERSONAL SECTOR 
Acquisition and sale of 
financial .assets 



Cara aw 

St contra 

Cm. 

Inflows ta JT* 

assurance 
companies and 
pension funds 

fm, 

1775 

“1253 

- 4,687 ,... 

1774 

-1388 

5713 

• I 

— 422 

1377 

2 

- 166 

1381 

3 

- 304 

1384 - * 

4 

- 496 

1371 

1977 1 

— 544 

1774 

2 

- 547 

1,624 

3 

- 848 

1761 


Not seasonally adjusted. 
Source: Central ScauuJco/ Office 


assurance companies and pension 
funds continued to grow rapidly 
Iasi year. 

Personal sector savings with 
these institutions rose by 
£5.16bu. in the first nine months 
of last year — an increase of 18.8 
per cent compared with the 
same period of 1976. The total 
inflows then were £5.7bou 

The personal sector ilso 


increased its deposits with build- 
ing.’ societies sharply — up 

£3.68bn. in the first nine mouths 
of the year compared with a rise 
of £8.3bn. In the whole of 1976. 

These trends are shown by 
figures for the financial accounts 
of the economy's different 
sector^. They indicate the undis- 
iribbted "income available for 
acquiring financial assets after 
deducting all outgoings, includ- 
ing capital investment 

The broad pattern is that the 
personal sector remains in sub- 
stantial surplus — £3.6bn., season- 
ally adjusted, in the six months 
to the end of September com- 
pared with £3Abn. • in the 
previous half-year. 

Meanwhile, the deficit of 
industrial and commercial com- 
panies has fallen sharply— down 
from £Llbn- to £0.4bn. — as has 
the deficit of the public sector- 
down from £3.3bn. to £L5bn. 

The improvement in the cur- 
rent account of the balance of 
payments has been reflected tn 
change from a financial surplus 
of EO.flbn. (exactly matching the 
current account deficit) to a 
small financial deficit. 


are not social service units dis- 
pensing largesse, however de- 
serving. The money they pay 
comes from premiums received 
from all policyholders, many of 
whom never make a claim. 

The Royal branch manager, 
Mr. Ted Cobb, has authority to 
settle claims of up to £200 auto- 
matically without even inspect- 
ing the damage. This speeds up 
claims settlement enormously 
and he reckons that the average 
time from first notification to 
paying tbe cheque is about a 
fortnight. Larger claims are 
inspected by his claims inspec- 
tors— he has six, and they have 
been supplemented by his six 
new-busincss inspectors. His 
staff started inspecting damage 
on the day after the storms. 

The Sun Alliance has a 
similar system with claims of 
up to £200 being settled at the 
discretion of the branch man- 
ager. Mr. Peter Bartlett. In 
larger cases, either the claims 
inspectors or loss adjusters 
would first assess the damage, 
advise on which articles need 
to be replaced and agree on 
value. The group makes m-ire 
use of loss adjusters than the 
Royal and has a computerised 
claims handling system: it has 
a considerable volume of block 


TO-DAY— Liberal Party Special 
Assembly, Opera House, Black- 
pool: Lib-Lab debate and vole. 
SUNDAY — National Savings 
monthly progress report (Dec.). 
MONDAY — House of Commons 
debates agriculture — expected 
statement on devaluation of 
“green pound.” Prime Minister 
addresses “ Age Concern " govern- 
ing body, Shaw Theatre. Boston 
Road, N.W.I. EEC Agriculture 
Ministers begin two-day meeting. 
Brussels. TUC Finance and 
General Purposes committee 
meets. Construction new orders 
(Nov.). New vehicle registrations 
(Dec.). 

TUESDAY — Unemployment 
figures (Jan.-prov.). National 
Farmers Union annual meeting 


building society business on its 
books. 

Mr. Derek Bradshaw, the 
local N U manager at Kings 
Lynn, has a £500 limit on claims 
which he can settle. He went 
through it all in the storms of 
two years ago, when the com- 
pany's Norfolk area paid out 
£400,000 in claims. He con- 
siders the damage to be just 
as extensive this time. While 
visiting the branch on Monday, 
one lady was already submitting 
her claim form for flood dam- 
age. haring first called in the 
office tbe previous Friday and 
received guidance from the 
staff. Once tbe Gas Board had 
completed repairs, her claim 
would be settled. The staff had 
already checked policy details. 

But some severe cases will 
take much longer to settle. One 
house I visited by the river in 
Kings Lynn had suffered severe 
damage when the tide came 
over the wall. It was a heart- 
breaking sight. The carpets bad 
just been xemoved and the floor- 
boards underneath were 
thoroughly wet with no means 
of drying out. The salt water 
had ruined three storage 
heaters. The wallpaper seemed 
ready to come off the wall 
Much of the furniture looked 


Economic Diary 

opens. Central Hall, Westminster. 
Mrs. Margaret Thatcher, Opposi- 
tion Leader, is main speaker at 
dinner, Hilton HoteL Mr. David 
SteeL Liberal Party Leader, at 
Newspaper Conference Luncheon. 
Press Club. E.C.4. Mr. Jack 
Jones, general secretary TGWU. 
ar National Export Year Confer- 
ence. Birmingham. 
WEDNESDAY— Mr. Constantine 
KaramanHs. Greek Prime Minister, 
in London for talks with Prime 
Minister. Meeting of TUC 
General Council. Labour Party 
National Executive Committee 
meets. 

THURSDAY— Sir John Methven, 
director general, CM. at Indus- 


ruined. The loss adjusters had 
already been, but it was obvious 
that they would have to call 
again. It will be some time 
before the cost is known. 

In cases such as these, insur- 
ance companies are usually 
willing to make interim pay- 
ments to alleviate hardship. 
Insurance companies know that 
at such times they are effev- 
tiveJy on Trial to see if they do 
their job. My impression is 
that they are being closely 
watched by the public. Mr. 
Marks has liaised with the 
British Insurance Association 
in this respect. Any policy- 
holder in doubt should seek 
advice from his branch on what 
to do. If he is not satisfied, 
then by all means go to head 
office or the BIA. 

The storms have taught a 
hard lesson to many people. 
This is the need for the right 
insurance policy for their home 
and the need to keep cover up 
to date. The advantages of a 
replacement policy have been 
demonstrated and the extra 
premium seems worth while 
(about 5Dp per £1.000 of cover) 
to those now making claims. If 
everyone were adequately in- 
sured there would be little need 
for the relief funds now being 
launched. 


trial Society Conference. Cafe 
Royal, W.I. Bricks and cement 
production (Dec.). Car and com- 
mercial vehicle production (Dec. 
— final). Energy Trends publica- 
tion. Department of Employment 
Gazette published. 

FRIDAY— Mr. Denis Healey. Chan- 
cellor of the Exchequer, on two- 
day visit to Scotland, addresses 
Newspaper Press Fund luncheon, 
Glasgow. Electricity supply engi- 
neering staff pay talks resume, 
HI Alban k, S.W.l. Sales and orders 
in the engineering industry (Oct.). 
Statement by House Builders 
Federation. Announcement by 
British National Oil Corporation. 

SATURDAY— Prime Minister at 
Labour Party Local Government 
conference. Bristol- 



Schlesinger 
Preference & GiltTrusT 


place a proportion of their portfolio 11% paid quarterly 

into fixed interest investments which In order to help investors plan their inco 

have tbe benefit of 


British Leyland sees no need 
to recall European cars 



In order to help investors plan their income, the 
distributions will be paid quarterly on the 30th of 



Initial investment Annual gross, income . every 3mor.th- C 


BT TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 

BRITISH LEYLAND'S mass re- markets are not thought to pre- 
call of 182.000 of Us cars in tbe sent any dangers. 

U.S„ 'announced on Thursday, is The U.S. action does, however, 
unlikely to be followed by si mi- underline the different standards 
lar action in Britain or otheT aDd regulatory powers which 
countries. apply in tbe American market. 

In a short statement yesterday. Although a good deal of 
the company said that it was corrective work has already been 
reviewing the situation in the done on Leyland vehicles during 
the knowledge that several of the normal servicing, the company 


lIJOIs [TumlO. R! 


c rS- Ai ' 


No 12|%, teachers told 


KJ PER CENT, pay claim 
‘ r teachers was turned down 
the management panel of the 
' urn haru Committee at tbe 
art of negotiations yesterday. 
The management side, which 
hi make a formal offer at the 
round of talks on February 
. indicated that it was not pre- 


pared to go outside the Govern- 
ment's pay guidelines. This was 
attacked by Mr. Fred Jarvis; 
general secretary of the National 
Union of Teachers, and leader 
of the union side on the Burp- 
ham Committee, who said it 
looked as though the negotia- 
tions were in for a “stormy pas 
sage.” 


been' carried out during normal 
servicing. 

Bnt a more potent argument 
against a recall is that the par- 
ticularly dangerous defects in the 
American cars, relating to pos- 
sible fuel hose leaks and fife 
hazards in some Spitfire and 
Marina models, does not apply 
to the U-K. versions of these 
care. 

This is because the defects are 
associated with changes made in 
tbe vehicles to conform with U.S. 
emission regulations. The alter- 
native- systems used in other 


with the recall after detailed 
negotiations with the National 
Highway Traffic Safety Adminis- 
tration. 

In tbe U.K. and most European 
markets there is no such regu- 
latory organisation, and recalls 
are prompted by the need to 
maintain goodwill and avoid 
litigation. But in the U.S., com- 
panies are under greater pres- 
sure because the Highway Traffic 
Safety Administration has the 
authority to force recall if it 
thinks this necessary. 

In the last 12 months some 


13m. vehicles have been recalled 
in the U.S. 

LeyJand acknowledges (hat 
three other defects mentioned 
in the US. case apply equally 
to its British models. These 
concern . the windscreen washer 
pump in the Jaguar, the TR7 
windscreen wiper motor, and 
headlight switches in tbe TR6, 


between 1970 and 1976. 

The company says these hare 
not been regarded as nitical 
safety items in the U.K.. but 
that a great deal of corrective 
work has bees done on them. 
Manufacturing methods have 
since been changed. 

The U.S. case follows com- 
plaints to the traffic safety 
authority from a pressure group 
called Centre for Auto Safety. 
This group has recently been 
critical of Imported cars, and 
bas influenced the recall of a 
□umber of non-American makes. 




1 iTT iRffl •j'TrftjTTi t 




acstssii 


..^Provincial papers face action 

^ Provincial newspapers could there - was no satisfactory settle- 
■ h'* " °Q face disruption over a meat by January 27. It would 
, tJ realists* nav claim «*ek a programme of industrial 

, 11„ r ft was willing to have 

. National Union of further talks. 

JSSjjJ* .. 8ay5 . H . t . onl { , *{ The Newspaper Society was 
SSS. additional local a dament last night that the 
ntiS? 8 » lU eliSP 1 r 1 el«U8e banning local deals should 
? ffl nJ* stay ’ that " no more money 
HBoere in England and Wales, would be conceded. It said the 

The NUJ'g Provincial News* Department of Employment had 
per Industrial Council said if Insisted on this. 


Rise in tin prices rejected 


BY JOHN EDWARDS, COMMODITIES EDITOR 

A BID BY producing countries called the she 
to raise tin price ranges under consumers, 
the International Tin Agreement {W 
has b« a flrmJ, nlcet'd dr U» 
m^jor consuming countries, it cartel, as had 
was confirmed yesterday- The present 

At the International Tin at about 1.600 
Council meeting in London this per picul (132 


‘Corby protest 

?*ASS MEETING to-day- of Iron 
id Steel Trades Confederation 
embers at British Steal’s plant 
• Corby, North ants, will con- 
fer Industrial action over the 
apagajnem’s refusal to meet 

■ irtr.gei&aad for a 10 per cent: 

* 


TV peace move 

AFTER A WEEK, of talks the 
BBC and the Association of 
Broadcasting Staff have agreed 
to renegotiate a pay agreement 
subject to ratification by the 

ABS next week. A recent -dispute 
about overtime working by ABS 
■ engineers. considerably disrupted 
j &BC TV programmes. 


week proposals for a substantial 
rise In tiie tin agreement’s 
“ floor ” 'and “ ceiling ” prices 
were defeated by lack of support. 

However, it was agreed to con- 
sider the proposals again at the 
next meeting of the Tin Council 
—which represents Malaysia, 
Bolivia. Thailand, Indonesia, 
Australia. Zaire and Nigeria— in 
April. 

Producers called a special 
Press conference -after the end 
of the Tin Council meeting last 
night to protest at what they 


called the shortsighted attitude 
of consumers. But there was no 
sign of any move to break away 
from the consumer-producer tin 
agreement to form a producers’ 
cartel, as had bees feared. - 

The present world price of tin, 
at about 1.600 Malaysian ringgits 
per picul (133.3 lb) and £6,230 
a tonne on the London Metal 
Exchange, is well above the tin 
agreement’s price range of a 
L20Q ringgits “floor" and 1,500 
ringgits “ ceiling." 

The producers argued that a 
rise of 200 ringgits in the “floor” 
and ’ceiling'’ was needed to 
attract new Investment in ex- 
panding tin production, which is 
often dependent on the "floor” 
price guaranteed by the agree- 
ment. i 

They warned, therefore, that 
the present shortfall of tin pro- 


duction in relation to demand 
would continue and possibly 
worsen. 

Consumer countries— notably 
the big four — tbe U.S-, Japan, 
West Germany and Britain— feet 
that production, costs have not 
risen sufficiently to justify 
another rise in the agreement's 
price range. 

Much now depends on what 
action is taken in. the next few 
months by the U.S. over releasing 
surplus supplies of. tin from its 
stragetic stockpile to fill tbe pro- 
duction deficit The stockpile has 
about 200,000 tonnes of tin, equal 
to nearly a year’s world consump- 
tion of the metaL 

Without stockpile releases it is 
estimated that there will be a 
shortfall of 18,800 tonnes this 
year, much the same as the 1977 
deficit of 18,000 tonnes. 


Investment in Gilts 

Under currenl legislation, mosi interest 
received in an authorised unit trust from gilt-edged 
securities is subject to corporation tax which is 
disadvantageous to unitholders when compared with’ 
direct investment in such securities. 

For this reason initially some 80% of the fund will 
be invested in preference shares, and 20 % in Gilts at 
which level Schlesingers estimate any disadvantage 
will be minimal. Should the legislation be changed, the 
fund will be invested entirely in Gilts (see General 
Information.) 

Your investment should be regarded us long term. 

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


To: Schlesinger Trust Managers Ltd., 

14C South Street, Dorking, Surrey. 

Weekend dud Evening AJUupfum* Tdl. DorkinH0X6)8ti4*f 

I wish tu invest £ 

tabumuin £200; L l7— - , i ■ 

in the Schlesinger Pre f e r e n ce and Gilt Trust. 


I nisb to have my dividends re-in* ested j 

I would like further information, including I j 

details of Share Exchange scheme I j 

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




Investors of £2,500 or more will receive the 
Schlesinger Persona] Investment Management Service 
(PlMSl which includes regular investment reports and 
invitations to meet the investment managers. 

General Information 


m 



ifs 








ngiiis 


l declare dial I am not resident ouuidc the Scheduled 
Ttrrtiorici and that 1 am not acquiring the unit? as a nominee 
or any person resident outside the Territories.- (If you are 
unable to make this declaration, it should be rieleted and thi*'. 
application form should then be lodged through your U.X. 
tunic, iiocktuolxror solicitor.) Minors cannot be registered, 
but heconnu designated *hh their initials will be accepted. 


Sunyune — 
FiW niniEj- 
Addrcss 


.(BLOCK UTtSJB KAta) 

— (In full) 


Signature — - f 

(In the ease of a joint application all mart rign.) FT 2111 * 


Schlesinger Preference & Gilt Trust 






















Grand Metropolitan climbs to £77.8m. 


' TS GROWTH in all divisions 
f *** Metropolitan expanded 

I i-l a v iu»i!i f il. — - 


Max profit far the year to 
11 **• ^ from S7.08m. 

j ***‘ftnL on external group 


DIVIDENDS ANNOUNCED 


Current 


f*t SSSnefivhe n * thf 'Srplus 5* on ®} *XZ£ 

,.s up at £27 ,16m. (SO Bin.) the 6ra ^ d Metropolitan ...... 2.65 

J'ectors said they were sure'that Holdings mt. 2.1o 

osistent progress -would con- , , 0 ' s ”r “p+ 

fj-ue, Lyman u s 


jFor the year earnings per 50p In " ssto,ent ^ f® 

i are are shown to have improved Vlta-Tex nit. 12 


Date 

Carre- 

Total 

Total 

of spondmg 

for 

last 

payment 

div. 

year 

year 

March 10 

3.25 


52 

April 24 

2A 

4Jta 

3S 

April 3 

L93 

_ 

553 

Aprils 

2.81 

6.55 

4.96* 


1.1 

--A. 

2-27 

Feb. 27 

2.3 

S.7 

3^5 

Aprils 

L2 

— 

3.2 


England for the proceeds of the 
Argentine Government capital 
bills paid tills month to be 


Anglo-Argentine Tramways 


52 payment. 

!m It will be U per cent of the 
JjK* principal moneys outstanding on 
the first debenture slock at the 
date of the scheme of arranse- 
*5° ment approved an December 5, 




> to 9.4p fully diluted' and the * Equivalent after allowing for scrip issue. fOn capital 
ft total dividend is steened ud "«reased by nghts and/or acquisition issues. J Results for 1976-77 
H 424 7Sp (3.S027P). costinz ^ready PuW>Sh« d ‘ 

J2.S9m. (£ll.47m.), with a final ^ ■ MBI 

3 2.6473p 

Raeburn &"™ 4 vs£ t ;E 

^ore difficult trading conditions ^-.1— 

11 m *» snows 


•; sposable Incomes. 

jjThe growth in the profits of 


fl iae growin in tne profits of j 

•i ,Ik and rood this year, after 11 tffcl IITTI 
i,ie fall in 1975-76, arose to a large AJ- 

| f cient from factors outside the AFTER ALL charges, including 
"ade in liquid milk and milk- tax of £514.941 against £722,749, 
ssseji commodities, which is still Raeburn Investment Trust im- 
ituected by major increases in proved net revenue for the year 
’tiling prices caused by Common to November 30. 1977, from 

V.iarket and other factors. - £1,049.599 to £1.183,075. 

Brewing and distribution in the Net asset value at year-end was 
,<J.k. and Belgium did well against better at 1612p ( 135-1 p) per 25p 
fjiie background of poor summer share, or 160p (135p) fully diluted. 


an advance of 46 per cent over 
the 1976 figure of £512m. This 
reflects the increasing emphasis 
on the sale of fife assurance pro- 
tection, particularly through the 
new Whole Life and Self- 
employed life plans announced 
.at the beginning of 1977. 


Downturn 
for Assocd. 
Sprayers 


Gough 

Cooper 

advances 


AFTER SHOWING little change at 
halfway, . pre-tax profits of 
Associated Sprayers declined in 
the second six months to finish 
the year to August 3L 1977 almost 
halved from £202^021 to £139,102, 
although turnover was better at 
£6. 06m. against £5 .83m. 

When reporting first-half profits 
of £72,000 (£66,000.) , the directors 
warned that the company was 



Financial Times Saturday January 21 

UNIT TRUSTS 


Plunging in: a swim 
against the tide 


0 




to investment mm «- 


fa investment terms lqbtc wnders f or thar distribution. ; 
often a lot . to be sud jor wo wond crs we, of course, nil _• 

swimmmg JJ* SJtomS fa the future— fa* unfis yfaKUeef .. 
if any set of fund managers ous» l “ at ^ moment * 

to know about that, it is M f* SS? uv!* • nttnot! notice, and 


faknQwaboutttot.ir ^ ^ it .J a rat ional poticy. awl 
]£“ the. minimum inesonar l» : 

invests fa the f h ^«£ur fa tb» quirem ent fat the offer price of - 

SSsS^^w«!®^* dPi!!US 

-Mr-" for ( Ve«« w;: 


of ail unit tor 

ssrfsajejssa ■ 

ZK* m Rich’s .*£ «*"**: 


ssasassiSgg'if r 


of pound cost averaging »u prove to be 

“Thew'rtiae of SI and G> accurate ; 

fund managers in this area is investment i» *~5Q- * ' 

weil-Jfablished by now But share exchange and aring* . : 

there is a potential problem m schemes available as ^elL 
such 6 success, in that the bigger Anyone looking tor Ug®**®*- r 
tbfafSfgets, tbe less It is Ukely though it J* jSJPJSVtJL'- • 


tnis rana gets, cue « ™-v ui-uj... 

to outstrip the market After some income growth late* ; la veg 


iKt *y«?a , 116 per cent improve- 

cepitjl ™lue of .he Imth Artutooft J , 


FrcdiUc KmuSeU. 

Hr. Maxwell Joseph, chairman of Grand Metropolitan. 


33 S 3 SB- n a Staid ESmtVvf, *»* v , 

DRTfom»Tvet But those who YleU Fuad, are on offer, -the - „ ‘ 

want . more ^ of a gamble might foimer yielding 10^ P«rce nt *< 


^he overall result was affected by 
changes in exchange rates. The 
Mrength of sterling and devalua- 


f a MVii b ui V4. 94ClllUt; diiu UCVdlUd- 

,ians in many of the countries in 

vhirh mV nnnnlne hai-n raneui 


tvhich IDV operates have caused 
florae erosion of margins on sales 
t -f whisky to the U£. and lower 
'(•ter ling equivalents for overseas 
, profits generally, the directors 
,-iay. 

■ An analysis by activity of 
.sxtemal sales and trading profit, 
-.rhich was up at £126^9m. 


Leigh Mills 

midway 

expansion 


- An analysis by activity of insulation 18 per cent f21 per 

ixtemal sales and trading profit cent) and builders’ merchants 4 

•.rhich was up at £12659m' Taxable profits of worsted per cent. (nfi). 

till 06.76m.) shows, with £00Os manufacturers Leigh Mil ls ex- Stated earnings per 20p share 
pmltted: hotels, entertainment Ponded from £89221 to £120273 doubled from 3.61p to 728p and 

Catering and managed public for the six months to October 31. a final dividend of 3.33p lifts the 

^bouses £413.941 and £37.100 1977 ’ on higher turnover of aet total to 528 d f52p), absorb- 

er £343.754 and £32,272); milk and £l-99ni M compared with £1.3Sm. ing £4154279 (£408,986). 

'.food £371.992 nnrf f mr*» me However, the directors warn 19TB-77 ms-re 


be up » *• ^r 10 ™ year>s ,evei - 

from a depressed £0^6m. to Full-year profit was subject _ to 
£1 ?5m.. on higher turnover of tax of £74,330 (£125,580), giving 
£17^4m. to £11.72m. stated earnings down from 3.76p 

A divisional breakdown of to 1.78p per lOp share. Again 
turnover shows housebuilding no dividend is to be ■ paid — the 
74 per cent. (55 per cent.), sales |*st payment wasa L47p net final 
of undeveloped land 4 per cent, fa respect of 1973-74. 

(24 per cent.), plant hire and 


60% profit write-down 
at Sthn. Constructions 


prefer to go fastead tor the same per «nt The . 

group's American and General minimum inv«tment required far . 
Fnnd, units fa which are also on ^ former is J E 5t *®i'i' ll T ne * 

offer this week. wifi accept only £800 . J««k& “**■ . 

■ On Wall Street the consensus portfolio is split between meed - 
of opinion at the moment seems Merest stocks-tor 
to be that share prices are cheap j nc ome— and equities, for income ; 
but they are likely to get cheaper, growth. • . .. 

It is. therefore, a matter of timing *^ ln case of both the . 

the bottom. M and G’s managers ^-buthnot and the Lawson funds. 


^.food £371.992 and £15.954 (£382,316 However, the directors warn 
,-and £11,699); brewing and distri- that, because of the depressed 


r r ^ uic«mk dUQ Qisin- Tarnover .... 17 J3S MO 11 724.1100 

hubon £353506 and £38^50 state of the home market, the H^ tacoine Z :"... ira.oeo 

(£315,110 and £32,548): wines and Increased level of turnover will Trading proa L565.M9 LsieJir GOOD 

.'spirits £317.712 and 124.944 not be maintained fa the second Hotuebniknng 739.629 -iM.dif acniev 

'(£289.534 and £22.992); and betting haLf. Undevdooed land maker 

. and gaming £1R3.SM and £9,737 For all the previous year, sales 29 - SS Ssbt P |aa p c 

t (£172.618 and £7546). reached a peak £3B4m. and a Ssw mra w ? ek s 

i[ Following the reorganisation of single 1.153p net dividend was BaMdexv* merctarns 46S12 — with 

■ the brewing interests on a paid from £288,879 profit Land write-down — £3.64m 

s ‘ regional basis from October l. First-half profit was struck ^^ st p ^^ lc ai4-S3» “J*" cent a 


43% profit 
increase 
for Hallite 


Pre-tax profits for 1976 at The Board of Southern has 
Southern Constructions, the been virtually reconstituted. 


Hampshire civil engineering and T. D. Hornsby, formerly with John ^ than getting In too £. ot s0 - „ wh«* can do- » 

«« LafaS Construction, .has been K Th?i who af«e w^ h fa en> ^tSttSS^^SbSriS I- 
not £401 000 as nuhllsht'ri. Three nnnnjnfori mnnuffino rfirnotnp ami ““ a nose ,r° __v .i.i— > > Clde For tnemse a , j ■ 


TRADING 


not £401.000 as published. Three appointed managing- director and Sn participate th^iigb^ rtto “SU'. hSh immfSfate M 
separate accounting errors have takes a seat on the Board along investment (minimum « v ° ur *"£*,“ nnMMCts at fa- 

pTU t o°,. ,, 5Mh %&• &*■ Hfkr , ca35S , JSK.«i 

sisr^si ssss. depu,y manaBtag Elf 

dTrectt/ Jfr'STEnS?! fi ”““ the ‘■"“‘"a' sWe Mr - H ‘ J - =»<* of tl,ese tu "1f a 7 Stri ^ pSd, 

been director. Mr R. F. EQers. staalard has been appomred as for those in search of capital si ner cent.}, or 


[oas( 


. 1976. the results of the tenanted after depreciation of £66,957 Ser««tox < T-~ £eju 


5.893 <20.T2i w “ u ™ UBO w, w. EUers who held bath posts. in which investment advisors '"r,_ there are monthly 

leoii SSn^lS d proftte ShLid^S per in fae accounts? FiiSInsiflBcient Singly, the previous auditors savings schemes and share ex- 

" 5K “ nL at £4S9 ' 599 - JSSTStT* ™un^nt 'contracts" SeS hT a* lot “of unhappy schemes amiable. ^ ^ ^ 




1 public houses for both 1976 and (£60243) and interest charges -rax 


«si2M Orders have continued At a desDite*the feet 'that intormation hw gtant which is’ one of the unitholders In its past but a new Last but far from least k ^be 
2S-5S satisfactory rate and the out- ItaiiaWe 8 when ^nmiiK «faht largest accounting groups in investment policy, new Invest- Wghest-yielder of them _ au. 


1977 are included under brewing £47,074 (£24,938). 

■ and distribution. Oi'erseos sales 
and profits have been converted 

l ~f SmSTrS" Bibby plans *wS •*"= ** Sff- SBJf. “«?W£ ™mST5 AWSSSS ffl MLST" “ JX ’TS^SSr* 

l.™ 5 l,V credit oMbSTSoirn DCW SttUCtUre • comment M '; ESb ,he,C« On. encouraging note h. yMt.r- ,Wlj^, IB» ajgagjgjg yj^Hi^g^ l’y..!. 1 

• Profits on sales of property and • COmmeni He tells shareholders that the ^ ^ change." (The company day's news is the fact that the S? tb* «ic? feTa removal o 

investments amounted to about nPYf Stripping out the benefit of land longer established companies has now reverted to Its former trading picture has continued to exclusivelymvested in the UX bung : mags »> r 

^ £7J2m. but exchange differences on “CAl j tdl sales from housebuilder Gough achieved higher sales and profits, valuation policy.) imnrove since the first half. aod It is making a big play for taxanomaly ajiDlylng to func 

' the conversion of overseas assets As from the beginning of 1979. Cooper, trading profits are Although the recent investment l^iirdly. an expense account “ of Mr. C A. Mitchell, the chairman. I*"* 5 j" eShiiSnmr to huS 

il and liabilities resulted in a charge J. Bibby and Sons will be divided nearly two thirds ahead. True, m subsidiary and associate com- a material amount,” attributable has underlined the fact that J ends are * ovw ®“ at 1 . ea .? , four SjfS-SS 

of approximately £5.6m. This is into two operating groups — over two fifths of the improve- panics is not yet making a con- t0 1876i WM not allowed tor in “ while still showing a Iins. the “mes— on the argument that an this element of its porttoUo. 

. mainly due to the effect of agricultural and industrial — and ment has been contributed by a tombution to pro tip, they are all that year nor was it brought to the comoanv’s trading losses for the 

. currency devaluations In countries a new management structure will goo d performance from plant developing as anticipated.- attention of the Board until after second half of 1977 will sh’oWari * 1 

• where the group has substantial take effect. hire activities, improved profits The investments in companies publication of the 1977 interim Improvement over the first six r ATKSlfHIC UlSITlC 

assets such as Canada, Australia, The agricultural side will com- from property investment, and a in Canada and West Germany results. months." JL vliijlUlLj UidlLj 

'• BT,d Portugal. prise feeds and seeds and farm first time (five month) contribu- have been completed ' only 

for tL P mrt S1 n? „ w; • Products; and the industrial group don from butidere' merchant recently and therefore very tittle -*- T * . m i n The need tor the self-employed funds. Since no two membe 

' n/b C 0 „J ( e ^f wH consist of edible oils and Edwards and Company (Lone- of the results is induded.fa.thp \J I nv nATlriC 1 TAI* to make their own pension pro- the self-employed have the , 

P»P« r and converted . products. field) but housebufldlng activity figures. • V lid- 1 CA ilUUCiS IUI vision is emohmrised by two com- circumstances, ■ flexibility 

Sro£?tJ dfrecSS Sd™* 0n January 1, 19 79. Mr. L. C re^«* sufficiently to account for After ^ £>54,59! (078^97), , .pafaes this week-Property essential. 

* I9T&-77 * i9T5-;a Young will succeed Mr. J. B. the remainder of the advance. ne j p ro gt came out at £235,008 C*lTYlll<l Y* yt ¥ ^-ri Growth and Vanbrugh. The self- Property Growth offers sli 

£000 moo" Bibby as chairman. Mr. J. P. *•« “ P re -tax profits are still (£j6^675). The interim dividend SlllllidF UTOlXtS - employed get very little from the featur^swith ttsPera^f Pe! 

fJ'ShS 1 ” h“ — Wood will be appointed managing well below the peak of £326m. ^ jjfted from 1.925p to 2.15p net State scheme, even fa its new. i l0 <^ One hundred per 

SSeot P axwcsl s!wo di ro ctor of th« agricultural group Vf the . ,??, m per 50p share, absorbing £49.400 Manufacturers of warp knitted able than the second six months form, so they have to make their of jjj e contributions are Invi 


Net profit 

Exm-ord. lou 
Interim dividend 
Proposed final ... 
Retained profit 
t Loss. 


sausiamory raw uve uul- available when the account* e'Snt larzest accounting groups in investment poucy, mew uiv«sv- ^ . 

“ S8& ZS&Lllg** SR wre*5ing prepared. the world. , Andersen has already ment manager, and new money- £UhM £££“ “J ■, 


mj,,, iajT,, period should ensure that the full 


me wui iu. nuucncu u« <ui cauy i rneui uidmgci, auu .ran uivu^f — — , , - ■» ■ 

overseen the correction of the I some of it coming in by way of Trust, which provides a return ot . .. 


I laQjni OIIUUIU - . .. „ . UtEIWCU UIC (.UIICVIXUI Wl UIC SUUIC UL H tlliuiug >■> »> - - — r -- - -1. : • 

ssi.m 255.616 year’s results exceed those of . ^ ei “f errors fa the recent accounts and' Joseph Sanders— seem to be re- 11 per cent, per annum. The yield , 

157,661 H36.672 1976-77. when sales were £5m. and will be nominated as auditors at versing what was a somewhat on this fund will not rise; but - 


dismaf capital performance. there is_ potential tor capital 


comment 


m&ykm sss&sm iss&ms sesssm« ; 


months-" 


Pensions plans 


vti m l e The need tor the self-employed funds. Since no two members of * 

\7 lrQ — I AV hnnoc T/^I* to make their own pension pro- the self-employed have the same 

T A.I/C1. JL vA liUUV'kJ lUi ' vision is emohasised by two com- circumstances, - flexibility is i 

m - 0 M parties this week— Property essential. 

Gimi hr TirnTlfC Gr0 ^J nd , Vwil,r ^r ^ Property Growth offers similar 

MIMlldi III Ullla . - ^iployed get very little from the features with Its Persona) Pension 

-State, scheme, even fa its new- pian-xog". One hundred per cent. ■ 

Manufacturers of warp knitted able than the second six months form, so tney nave to make tneir of y^g contributions are Invested :■ 


->41 tire Of JSSOCS. .... 'J Wl V nm * _ --- — ^ — “ a-- -r .urn tn- , n ji » wk himi wu > 9 •*»»»«■ BvwtMHi »»iv*i»» « w * — T » — ; ill LLIt* CU12 Li I UULJl/Xlo die IltuLCU 

Loan sock imprest 12330 isjtu ^ Mf- A- G. Thompson manag- 1873. Then, housebuilding farned (£43,340). ’ The final for 1976-77 fabrics Vlta-Tex announces a in respect of “Gnome Products.” own arrangements. _A contract j n a choice 0 f funds. 

Ortor inicrea M.356 ing director of the industrial oat trading profits of »-92w- was 3.909p. 00.000 .rise fa pre-tax profits to although this does not apply to with a life company is the most _ . . . . . 

SSTLr 1 * - 2‘?S S-2? group. from L000 private houses. Last . £207.000 for the half year to “ Elite Products " for which trade tax efficient means _or_ doing this Legal and General Is drawing 

UK ..;:;::::.::::: certain functions wW be under year private housing units com- m comment October 31, 1977, on Increased is generally at a constant level — s^ce rt ensures fulltax relief the attention of directors and 

ovL-rscas 5.2as the direct control of the chair- pietea was 3.000, down 9 per cent . turnover of £3-9m- against £3.46 ra. throughout the year. °° contributions, investment m a senior executives to the advan- 

““*■ ii, 1 ? oi re7 “an and will constitute a cor- oa the previous year. Some 300 HaUite, specialist myiuticturers current trading conditions are ^ a n fKn tax-free fund and, at retirement, tages to themselves and to the 


u.k 

OvL-rscas 

Shire oT assoc. 

Net profit 

To mlDoriiics 

Pref. dividends 

Anri botanic 


Current trading conditions are ^ 1973.77. the company 


JT.OU# 26^31 


on contributions. Investment in a senior executives to the advan- 
tax-free fund and, at retirement, tages to themselves and to the 
a tax-free lump sum plus a pen- company of its new Executive 
sion taxed as earned income. Investment Retirement. Plan; This 
The Vanbrugh Flexible Retire- provides a tax-free lump sum at 


Lowland Inv. 


Allan and Mr. N. G. Price niti SiSSfcSS-* 0 ^ wlth pr ^ tax ,P rofits U P « per exchange losses having been de ^f ^ ,^ n 1 I etl . rem f nt ' u * t0 

be the directors responsible. 01051 of housebuilding iro- cent This follows the previous £25.000 and a similar amount over ic««h 7 Fr ? 1 ? th ® unit-linked arm of the final salary, depending on length 


improves 


Net earnings for the three 
months to December 31. 1977 of 


Hambro Life 
new business 


urawv. 1 He nuiuuer 01 units tailing to a Bve year low ra users are buoyant, thev state, and 74 ;-, . r regaru 10 me can pay an conmounons, so suen 

comnleted rose from 290 to 1.000. 1975-76. The group appears to be if grow^as buSeted then i £ ?* OT S? on ^ of structure of benefits, payment and a scheme represents a valuable 

A similar target is nlannert in the well on course tor another record «,» fll u f^ r outturn should be “ xvestr "® a ^' a SftSf fayestment of tbte contributions, means or transferring assets from 

current year. At 84n (on 6p) tt-e year and it still has to reapthe to toe SJrio£ ySo? mcre&sed ^ £73 - 332 t0 There Lb a choice of- property, It to its directors ahd senior 

eharos QO no. wan* r..n„ v. s —l .. . lu v ps.iuus . w a, Muiihr firprl intomet mil man.oul annitirD. •• 1 


uion ins 10 uecenmer si. ion oi nn _ n _ - — - — ; . ---r --- muuhu iu uus i»e.iuw j™ a. 

Lowland Investment marginally Record new business and pre- covererf^anri eland on a p'« of &nad^ and West ' Genmanw^The Whe ° recort *, P™ 813 of faSLOOO 
increased from £ol,53S to £55,S43. mlum income are announced by ?n The Premium ratine i* dJ- ™ were re P° rted - 

Gross income was lower at £110,602 Hambro Life for 1977. The served. P U 1 g is de- shares at 136p. up 16p yerterdav, Th e interim dividend per 20p 
(uoT7B i- i, . .. ii.. i yield i-i uer cent, while the 


against^ £118,<i6. figures include Its wholly-owned 

Earnings were struck after subsidiary Hambro Provident 
interest charges and expenses oF Assurance. A A _ 

£27,135 (£32J257) and tax £27,G22 New annual premiums were lA-rVlKcnilllC 

(£34.981), leaving stated earnings £25. 6m., an increase of 10 per cent rn 

per 23p share of 0.7tp (O.TGp). over 1976. New single premiums I r2ITIW2VS 

Net assets per share, assuming were virtually unchanged at ^ ».* 

full conversion of loan stock, are £4SJm. (£49.7m.). Having now received 


ami iimcu ^aiAiiiit^a uu mucdSC Ul XU ptr L'CUL rip 

per 23p share of 0.7Ip (O.TGp). over 1976. New single premiums I rJUTlWJlVS 
Net assets per share, assuming were virtually unchanged at ««« “J ^ 

full conversion of loan stock, are £4SJm. (£49.7m.). Having now receh 

6o.9p (31J!p). New sums assured were £750m^ authority from the I 

Results due next week 


K®r c .? nt ■ w £P® t ^ ,e share is maintained at L2p net — i 

market capitalisation is £3.lm. last years final was 2p. J 

F^rst half figures do not Include 

cyiTijr a Q| o/ the cost of closure and terminal . 1 

° 4 /o losses of Merton Printers amount- ' s . 

George Sturla’s rights issue of fas t0 some £30,000. 
one-for-one at par (top) to raise S™, Sao trai 


j equity, fixed interest and manage d executives. 

bonuse S s tar Trafalgar confinns sales: 

The Eagle Star Insurance Group |T)Af* rf> IT) nOTln 
maintaining its reversionary JLlflVJXV ill ll^AljlUl 


L :.vi 


bonus rate on individual with- 


Ncw sunk, assured were £730m^ authority from the Bank of 91.26 per cent 


an £424.087 has been taken up as to Turnover 


I97g profit life and endowment con- T recorded separately into those < 
mao tracts for 1977 at £4^0 per cent _ helped Trafal- the company and . of the gron] 


Rank Organisation's preliminary £30m. from total debt of £320 m.: downturn in world trade will have expecting an advance from 0S.8m 
statement is the main feature of dollar debt accounts for around had its effect on the shipping toTbout £28m, with about X* 

ni'vt HCl'k t rnmnnnv roon tc hut tu-n-thlivle nl that mini .i.i «. , . “ . l nun dUOUl j-diu. 


DeturcuLdan 
laicrost payable 
Exchange loss 
Pre-tax praR — 

Tax 

Net profit — 


1W« xuvu uatu awl uii cu t-cuu ___ ^ ___ J v « me 

aja& 3 f 43« per annum of the sum assured snares rise 2p to Profit of the company more than 


tival 


next week’s company results but two-thirds of that total. division, although the sale of 5 coming £onT Wri-htW and 

interest will also be focused on , . ... . , . , tanker will benefit Mtu-T;* *»ri B ntson ana 

first half ficurcs of international lnchca » >€ will have to do with- ta ™!I *±L b 5. ne . 0L . Mo ™ 


ursi nan ncures ot international r “ w Also exnerieH inn Thiinutnul 

merchants Inchcape. In the food ®“ l 1 }® 5 e "e h | ^ arettie preffimUr iraiK For Fitch Lovell, the recent 
sector the market will have its b r e .‘° S British Sisv Conioratfen. S Here riosure of 3S small David Grete 


Gnome Photo, 
little changed 


U 1 and attaching bonuses. The doubled from £52.034. to 019^83 

f interim bonus rate for 1978 is ! for the haU year to September 30, 

iw kept at this level. The group S? 1 ?u? 7 ’. and the directors say that 

w does not pay terminal bonuses on ® 7®f “Id two of Its Clly this improvement is likely to be 

88 individual business. ♦ € -rtfJ e !?R? ents ^ an ^ maintained in the second half 

.... , .... . tnat otner city property sales are , 

The group, has. however, lifted under negotiation Net commissions and 

the rate on its with-profit pensions i t j s understood that the two management fees of -the company 
business, both group and confirmed sales, and a further 1D ,™sed from a)2.819 to £176564 
individual, to £4£> per cent, per property on which terms have ?S& earnings per share better at 
annum of the basic benefit and been agreed, will 'bring the group ®.68p (i.i7p): The directors point 
attaching pennon bonuses from £8Un. put that these results are reflected 


TalT'and Lv e. BrHLsh deliberately cautious about fore” fjl t ? 1 ? m S,,sar > , Q>r, f ra 5 0n ; Here at SIX mOflthS £4 per cent in 1976. The final A ‘ spokesman for the Post ^ ^ he r erwnh of shareholders’ 

KiSSi iM Fitch easting- A concensus gives a full- ) wiU j£L fL MAUIUOlUb Office's pension fund also SS [^!jPl'°wing the management 


£ 

ml 


yum* » nit ™ «« ' w '* uu iu “ 1 / " ,*V ° T ” . r '“‘ retailing Hrviclon e a nf xifo-wt. on sionary oonus is jw- per cent, com- 

Organlsation when it announces a positive impact and profits out sugar (from, beet) is expected to Kev Markete ?« ahead from £620,301 to £719,914. pound. The interim bonus rate on 

its preliminary figures on Monday, of the Middle f East (S3 per cent, be i about 0 ,m. tonnes (0.64m. . Profits) Key M^kets appears to ^ direc tors w^m that the all pension contracts for 1978 la 

The more cautious figure has been of total in 19<7) will have grown F^rst half results of Davy Inter- .“J^r.^'d 'ts market share by half ^ always more profit- at the same rates, 

heavily influenced by Thom’s but, apparently. Nigeria and Japan national, expected on Tuesday. 

problems in the Australian tele- have been disappointing. will include contributions from °„i rs - ■„ *V Rh s ^ e€t * 

vision markeL Rank's trading . - _ „ „ both Head Wrightson and Herbert havebeen /f A _ _ £* J- i. i? 

profits there could be halved in Forerasts for full-year profits Morris for the first time and they £ D SK^* W pl«S?«™i ll 5? mrtU v£ I lVIA COTlI 106111 OT 
the second half to £3m. On the Tafe and Lyfe, expected on are expected to boost profits by S? .T^ 0 - Pr0 ^ ts «" the poultry A VUUL1UVUI 1/1 

non-Xeros side of Rank's opera- Wednesday, are around £45m. pre- about £L2m. and 0m. respectively SI7^1? 1 " 0 ’ UBl ^ aTC . been averted j 1 • 

lions pre-tax profits, which are tax, compared with £52m. last to approximately 01.5m.. com- 5JSSSf' I S r SSf , I U" 5 ? 1 Qll h<l$ITlTl5l I 1*1 QP 

expected to be in the range of time. Earlier m the year a sub- pared with £7.3m, fa the first sis '? , t , he '"duslry. At this ^UUOiaUUai AWt 


Lynton Hldgs. 
slight rise 
to £556,000 


apd the pre-tax loss was.cut JToto \> t C1 1- ■ • 
£1.6m. to £i.41m. For the whoic eg-;,. s 

of the previous year, a deficit of- : -i'.-d.J. - 

was incurred. " . 

/^5» ror fa* Period was £48,772 ; '“ ; - 

leaving a net kiss', of 
£ i.46m. (£i.62m,) and represent- "^.v- 
mg a deficit per ■ 25p share ro* 
ducred from 36.38p to - *’ j 


05m. to £17m., compared with Sm^aSr^an’dGartm wo jJ ths of bs J Davy (process fbSt^TinP'Sr ?)??***■ ** ^fer recovery in the second 1.3p). The last dividend payment was attained by L^irtoi^FtohH^!! 

0G.4m will have been scarfed dtomS rould ^ nsineers . with So per , half of last year furniture manu- wu a final of 2.1773p for 1972-73 ^ six month! to Sep tern bf? 

by some improvement in cinema but mdu^ruti disput^ TOUId turnover m overseas markets) ha.5 Other results to note are facturers PMA Holdings re- paid Trom profit of 1141,328 25.1077. Rents received were 

SS? WOrth ■ m ?- re th fi n flbn - SK™ fro™ Amalgamated mained in profit In the half-year P Halftime profit was struck 'after M Um. higher at 0.08m. Sd 

hmel ^tlrnno 552?“ * two acq ui5itions have opened Dialled Products (Tuesday), to September 30, 1977 with a higher interest of £M.000 income from completed proper- 

s . hoe r 3 S25 Sr rn toin,^ !!JS! ne «' I " a , r , ket5 for *roup. Gulnws Peat Croup (Thursday), surplus of 00,000, against a loss (£40,000). ties and interest received Was 

sterling could ha%e knocked off down refining profits and the For the full year analysts are and Denbynure (Thursday). of £28.000. Again no tax was pay- better at £526,707 against £431 9i3 


A marginal rise in taxable dividend was a (kSTSo 'flu*) 
earnings from £543.345 to £556.470 P*«* fa respect of 1973. ' 


Company 


Dividend <p> 


FINAL DIVIDENDS 

.Ui samlore Discount Co Monday 

muntaP-TVnnDgiaaF Holdings Wudrutfda 

Bluish sugar Corporation Thursday 

Bruofcp Tool Ena in corinc IBaldiusi 'niursdav 

Balhiusfa ■ ... — Wcdncsda 


Edinburgh and American Aaocis Trust 

Glanflrld Lawrence - 

Ulass Glover Group 

rnilacn Slvish and Chusiau - 

A. Kershaw and Sons ..... 

KliusMc investment Co. 

Lcda Inrestniem Trusi — 

Y J. Lovell i namings) 

Mears Bros. Boldinas — — .... 

Ranh OrsaulMtiosi — 

K. smaltstaaw iKultU'rar) — - 

Tale and Wle 

Throgmorton Trust — 

L'nlon DUuoum Co. ot London . — 


Vantage Securities 

Watson and pwup - 


INTERIM DIVIDENDS 


John Browv «ad Co. — 


nival 

Layt year 

This year 

due 

IflL 

Final 

Znt 

&londnr 

a.s 

9£!9 

4.5 

Wudncfidav 

fl.M 

\.n 

Q.S8 

Thursday 

■l.«5 

4.043 

5.1h3 

'nmredav 






Wednesday 

3.143 

2.874 

2.645 

Friday 

0.3d 

0.916 

0.4 

Thursday 

3.149 

am 

6^55 

Wirinrsday 

— 

0.9 


Thursday 

— 

1.25 

mm 

Tuesday 

a. -i5 

OJSllc) 6.238 

Monday 


NU 

0J2I 

Monday 

.1.333 

10.3 Lit 

• 3.751 

Tuesday 

0.3 

7.4 

0.55 

Tuesday 

0.91 

1.405; 

OKI 

Thursday 

— 

1.5 


Wednesday 

<l.?4 

1.04 

esi 

Monday 

-.133 

3.8153 

2.113 

Thursday 

SU 

1.0 

NU 

Wednesday 

■JJ 

9.5W 

2.79(a) 

Thursday 

1.25 

2,7a 

2.0 

Wednesday 

7.0 

asm 

Sj 

Monday 

>— 

Nil 


Wednesday 

0.13 

027 

0.13 

Thursday 

9.G94 

L482 

0.763 

Tuesday 

O.TSS 

1.758 


Tuesday 

Nil 

0315 


Wednesday 

=.0 

3.271 


Tuesday 

2.2 

3.35 


Friday 

2.S 

IN 



Company 


Cowan de Groot 

Davy loieniaminal .... 

Denbrware 

AlOert Fisher Gruqp 

Kitch Lovell 


Hambro Trust 


riuAcape and Co. 


Mansou Finance Trust 
Midland Trust 


R. and J. Pullman - 

ScOUlab English and European Textiles . 

David 5. Smith fKaldlms'i 

U'arulck Endneerin; tarcstments 


INTERIM FIGURES ONLY 

Ferzusan industrial HaMlnss 
Tmr r Property Holdings —~.. 


Tnurarood Group 


Announce- 


Dividend ip>* 

ment 

Laal year This 

due 

InL 

Final Id 

Thursday 

0.55 

1.173 

Friday 

033 

1.0 

Tuesday 

3.23 

0.9 

Thursday 

2.113 

3.307 

Wednesday 

0.25 

0 J3Sa 

Thursday 

LI44 

2.519 

Thursday 

0J 

05 

Thursday 

33 

6.432 

Tuesday 

0.5 

U2 

Friday 

1.0 

1.196 

Thursday 

4.S 

5.45 

Thursday 

1.0 

2.93 

Thursday 

1.0 

L!i 

Thursday 

!-2 

5.4 

Wednesday 

0.41 

1.0M(d) 

Tuesday 

1 .65 

3.77B 

Thurertay 

06 

1.IU 

Thursday 

U 

1.504 

Thursday 

1.9 

1-202 

Friday G» 



Thursday 



Thursday 



Thursday 



Wednesday 




able. Sales were better at £3.2m. 

(£2. 63 m.). 

In August the directors hint'd 
at the possibility of fulltime profit 
in excess of a record £159,000. 
Now they say forecasting is 
hazardous under prevailing con- 
ditions, but they anticipate the 
trading improvement to continue 


Oceana Consd. 
first half 
progress 


better at £526,707 against £ 431 . 913 . j . , ■. 

Stated earnings per 20p share lOtStl t(J.46Tn. ‘ 
were 3-Mp J2^6p) and tite net B ^ 

interim dividend Is raised to l^p . E *cluding the share of a»&* 

/I Ini The J1 ».l & .. r matfiJ * _ __ .. _■ _ ■ 


E. J. Riley and 
Headcrest 
total £0.46m. : 


(Lip). The directors say they £^ te ? companies profits, the cow 
5? pe ,VL ta ™“ lhe *"*l above b,1 \ ed taxable profits of S. 

the l.IGGp paid last timp Fmm ana Headcrest Investment* -nrmN- • Y*« 


Uie l.l6Gp paid last time from and He oficrest Investments. TW*< . b 
full-year profit of £981.936. merged into E. J. JUfey Holdfag^ .i • . 

Haif^car advanced from £283,049 to . V : r 

1S77 1978 torthe year to July 31. 197?Ji' : '--i . 

L0S4.8G7 aj«-, Tbc opening months of'JW 

current year wer? difficult, for . ‘ J ’ tf VV; 


a».7S3 8i.43)> v aivmon ana p»n ... . 

ca.343 date has not reached tim 'lfigb ,u «v' v 


traarng improvement to continue j n half year ended Septem- 1877 1978 tor the year to July iL 

£6^000 showm for 1976-/,. £51.079 to £88,205. For the a “» waociaw m.tq funuture division and profit # .. 

The groups liquidity position carrent period, results are ex- ?T e ' tax preflt Sm.479 jSjS date has not reached 

has been SJ^fificantiy enhanced pected to approximate &£?•£» =»■»« level of fast v«ar. BfabSwiv^S*- 

^IhSu, S 431 r gSlS! - to «- -eSS austasssr; *538 “‘i“ SS?S 3 » 

a smaii aiscount, or tne aeierrea half or -19,6*77. To capital reserve ... ssosj satisfactory start, the. rtiriwtuiHi 

consideration which was due fa The single dividend for th a t DevekwmMit oaantnoc atb.bis report. - • : .is 

May VUT of ** Wm year was !P np t Per 25p share «mS The prospects for -tile cvr&ft 

was paid in December. and was toHowed by a one-tor-two A ”i!frtmp 251<aw will be affected W 

Barring any unforeseen major scrip issue. general state of^S?-fiSwW 

Wf took -K t^toauompcny fadusUy bUt ttohASShm 


kmm ,evel . of fast year. Eoveveivto*; ,> 

»JSJ snooker compatfies have- maarf.^N!^ 1 * ‘ < - 

®'os4 ~Z satisfactory start, the dfajaUinW. 

.Tn a.r, rennrr * T - -n. ' «. 


trading and Uqfadity wDl enable £23.175 (£13,189) and minoriil« 
the company to return to the £Sil (£420), to leave «Snia 
dividend lists with the payment (£32.470) attributable to 'tho 
of a small dividend on the Ordinary. Earnings are shnu™ « 

flrrllnaro «h«r« fnr onrlwl VI*, ar * SHOWU aS 


Regalian 


* Dividends shown n«, bmos per Ehafe, and adiusted ftor any buexveuiiw aorfp Ordinary shares for year ended 2.1m saaw “ OS *= . 

Issue, t Includes special dividend of B.138SBB. X Second Iniertra In lieu 0 1 toL M arp j, 11)70 the direefnr* -S-' , PrAnorfi/io 

| includes siwclaJ dividend of O.OTSp. 1 indudes second interim 01 S.Bp. la) S*«md afl “- T°e company a principal IT iQuCrUCS 

interim erf SJ5p already paM. (b' Third quaner figures, le) Includes ueaud final . stated earnings per Zap Snare basmeme u that -- v r 

of (Jj68p. tdi includes second interim or 0J937SO. Ftest teuata at 6.45o already paid, for the first half wbre 0^p 0 


flflent that , given . rtBsooshg 
trading conditions, proabeefa-ffl® 
tne group are good and they- fag 
forward to steady growtir«wlW| 
next few years. . ' V'V :• 

In addition to the ^ ■ 


Stated earnings per 25p share bosinew fa thlt of an mSS ~ •• nfatinTh^ ^ the d 

fcr - a - - “ wc ™ —■ ““ A* 8 iA as-ws; £SSSS- 










,n U in: 


' 'Itemdal Times Saturday Jamiary 21 1978 


21 ' 


, a SUMMARY OF THE WEEK’S COMPANY NEWS 
1 — — — — 


ke-over bids and mergers 




cinema - operating company. The first bid of 3O0p a share from 
Electricity Supply Nominees was quickly countered by Hr.. Victor 

A consortium comprising *ot hsehUd Inv^tnuuit tel, $****&*> the stockbroker, who offered S50p a share. Th e bids, 

■eod Russel and SlpefSA has made a £17-5m. cash bid for 8e 5® I _ UQli ^S to E® 1 off tie ground because London Neuman Granger 

don Sumatra, a plantation company managed by overseas whi^^control s 60 per cent of the capital, quickly guys 

era, Harrisons and CrosfieM. , The UOp a share, bid will be ******* both offers. ■ !2?Bro«lm!Sft 

e by a company created for the purpose, which will be owned °° behalf of investment clients, Cazenove and Co. has bought Trust 
3er cent, by McLeod Russel; 45 per cent, by the Belgian approximately 2’8m. Ordinary shares in XJpdowu investment at Sr” *.;,(<»•) 


Value of Price Value 

bid per Market before of bid 
share** price** bid (£m*s)** 


Bidder 


Final 

AccTce 

date 


Com 

bid 


- a f SA, and 10 per cent by Rothschild Investment Trust 

■ A fierce battle looks to be in prospect fallowing a £l2.5m. 

'Over bid by Comet Radiovision for Henry WigfalL The offer, 

A was rushed out because of mounting stock market specu- 
la, brought a cold response from the Board of Wigfall. 

\± claims that it can muster votes in respect of over 50 
cent -of the capital to maintain the company’s independence, 
offer comprises two Comet Ordinary shares plus £10 in 
v for every five Ordinary shares of Wigfall. 

Pride aid Clarke has agreed to a proposed merger with Allied Inv. 
icape. The acquisition of Pride and Clarke, which has the BCA ■ 
cjtisc of importing Toyota cars, is seen by Inch cape as a Berner (L 4 on) 

. al step in its efforts to establish “ a balanced U.K. motor Bl»keri*(&lalie- 
ness.” The terms of the £10.6m. offer are: £5.25;- for each r ^Jc 
e and Clarke Ordinary or 144 Inchcape Ordinary for every oSssiandtRA G.) 
■Pride and Clarice. _ . . . Dew <G.) 

The Directors of Madame Tnssoud’s have now readied agree* DolaIul (<»oo-) 
t on increased terms from $. Pearson. The latter's hew offer Ega Hides. 

• >p in cash or 65p nominal" of a new partly Convertible Loan Evan& (Tr^W-) . 
k 1 933-98. The offer, which compares with Pearson’s initial £*1®**“®- Chem. 
of 45p, will be raised by a further 2.0252p pear share by Graham Wood 
aud’s shareholders being allowed to retain the final dividend. Hareros ■ - 

MeKecbnie Bros, -has -offered £i.7m.' for Frederick W-- Evans. Harrison (Junes) 
offer is recommended by the Directors, who, "together with Hull 

■ rs shareholders, have pledged acceptances in respect of over Lafarge Or*. 

>er cent.' of the company’s capital. frosT* 

The Talbex Group- is making an agreed share ex chan g e offer Le VaT rt Tat 
■h around £300,000 for James Warren. The offer is'seen as Loud. Amt lm 

: alternative to a fund-raising exercise . because Warren fs £9“*°“ 
dy a cash' company. Shareholders are being offered 28 

- ex shares for every ten Ordinary held. Madame Tnsnnds 

Plans to redevelop the London Pavilion cinema site in f a. W j ) 

. adilty Circus have sparked off two take-over bidsfor; the 


58p per share and is extending the offer to all other shareholders. j^ 7. 


Value of ■ Price Value 
bid per Market before of bid 
share** price** bid (£m’s)** 


Bidder 


SnQosgb . —i 
Coral Leisure — 
Inchcape 

ChJeftan — 
Andrew Weir — 
Carliol Inv. — 
Cazenove & Co— 
Talbex — 

Comet Radio. — 

. * All cash offer, t Cash alternative. 5 Partial bid. § For capital 

Final not already held, Combined market capitalisation, il Date on which 
Acc't'ce scheme Is expected to become operative. ** Based on 19/1/78. 

date -ft At suspension. ±± Estimated. || Shares and cash. 51! Based on 
— 20/1/78. 


Warren das.) 
WigfaB (H.) 


35* 

35 

37tt 

. L73 

44H§ 

42$ 

satt 

5321 

528 

515 

267 

1028 

3 «2« 

324 

38 

329 

400* 

387' 

285 

4.79 

105 

101 

102 

B.n 

5S* 

60 

54 

222 

54.6 

63tt 

63 

0.81 

241SI 

262 

163 

1225 


Mas n mm an lea otherwi s e latlutut. 


55* 

132 
‘ 17J* 

41* 


170* 


. 60* 
82* 
65i 

132* 
93* 
70* 
4671* 
28* 
78 
Si 
110 * 

67* 

$0* 

300* 


58 

120 

22 

45 

35 

Sff 

164 

25 

140 
58 
72 
505 
57 
85 
60 • 

MS 

93 

68 

465 

30 

110 

500 

98 


304 

99 


47 

53 

14* 

S5 

47 
36 

156 

20 

140 
28 
65 
440 
■ 44 
70 
31 

. 40 
SS 

48 
77 
28 
101 
360 

98 

30 

25 

75 


7.67 

1.56 

028- 

0J9 
■ 2.13 
3-27 
7.D5 
LOS 

9.03- 

1.67 
1Q.M 
39.66 

2.36 

15-59 

2JS9 

0.73 

si 

T2 

L40 

0.8 

425 

0.44 

17X52 

14.16 

8.15 

3.44 


Utd. Medical 
Enterprises — „ 
A. P. Orneot — 

. I>. F, Sevan — 

Centreway ' ' — / 
BICC ' ' ■ _ 

Benjm. Priest — 
Adriaan Volker — 
James 

(Maurice) — ■ 
MK Elect — 
McKechnle Br.— - 
Dateeiy — 

Seagram. 


PRELIMINARY RESULTS 


Company 


Pre-tax profit 
Year to (£000) 


Earnings* Dividends* 
per share (p) per share fp) 


•a 


Abbey Panels -Sept. 30 

AJbioD Sept 30 39! 

Anglia TV Oct 31 2.673 

Assoaf. Paper Oct. 1 1,799 

Bank Leonti (UK) Dec. 31 224 

Bootham Engs. Oct. 31 582 

Braid Group Sept. SO 907 

30/1 Com Exchange Dec. 31 335 


Brit. Steel Cpn. — Countryside 
Harrisons & T. Cowrie 

Grosfield 6/2 Everards Brwy. 
Barrett Devs. — Floirfrfre' 

Mecca 10 / 2 - T. Fiwdi 

Lafarge SA *26/1 Gestetaer 
Ladbroke Henlys 

Palmer & Hrvy — Lookers 
Air Call — MacMnntm 
Hoo’ ir Com.” — ' Mcaritt Hldgs. 
Mr. V. S andJsn — MeMnJIen 
M'-lentf Russel/ Rakuseu 


Sinef SA 
S. Pearson — 

Harrlsnus . & 
Cro-sfieM — 

Antony Gibbs — 


Spencer Clark 
Trident TV 
Warner Estate 
Westtaghouse 
WhatlfUKS 


(550)a 10.1 
(110) Nil 

(2,410) 13.4 
<436tL 8.1 
(229) b 
(310) 61.7 
(613) 7.0 

(316) 5.7 

Prop. Sept. 30 243a (60)1 S3 

Sept. 30 1,402 (932) M.6 

Sept. 24 869 (724) 183 

Sept. 30 920 (787) 10.7 

Oct. 1 1270* (1,004)1 16.7 

Nov. 5 28£7ZJ(28.041)$25.6 
Sept- 30 4,322 (L903) 20.7 
Sept. 30 1,440 (UW» 202 
Oct. 31 422 (R2)L 7.7 

Oct. 31 191 (1561 2.0 

1,458 (LI 96) IS* 
28 (173)L b 

304 (3T3) 2.7 

7^60 (4B30) 7.6 

798 (725) 4.0 

5,620* (4,521 )§ 9.5 


(141 

(NU 

(ll.S 

(Nil. 

(73.6) 

(4.1) 

(6.4) 

(0.9) 

(6.7) 

(15j4) 

( 102 ) 


LI) 2.64 (3.2 

U) Ni) (Nil 
.8) 4.177 (3.7 
ffl) 2AS7 <L5 


Oct. 1 
Jun. so 
Sept. 30 
Sept 30 
Sept 30 
Oct 3 
Sept. 30 


660 <465) 7JB 


(13.5) 

( 12 . 6 ) 
(Nil) 
08) 

X 1 , 

(42) 

(3.7) 
(4.0) 

(6.7) 
(5.5) 


2.64 

Ni) 

4.177 

2fiS7 

7fi64 

9215 

L37S- 

0997 

1.485 

1.704 

3268 

322 

3.19 

3.949 

6-591 

2.457 

1.R5 

0295 

2.7 

Nil 

229 

2229 

2.663 

2J27 

2.568 


(325) 
Nil) 
739) 
L5) 
(7252) 
(825) 
(1233) 
(L788) 
(0.163) 
(1.526) 
(2.920) 
(2.723) 
(229) 
(3.5S6) 
(5201) 
( 2221 ) 
(Nil) 
(0254) 
(2.45) 
(Nil) 
(2.14) 
( 2222 ) 
(2285) 
(1205) 
( 22 ) 


INTERIM STATEMENTS 


Company 


Half-year 

to 


Pre-tax woSt 
(£ 000 ) 


Interim dividends" 
per share <p) 


Allied Colloids 
Allied Retailers 
Araalgd. Stores 
Amber Day 
Assoc. Tooling 
Best & May 
BET 

Burt Boulton 
Cnnt, Stationary 


Oct. 2 
Oct 15 
Sept 30 
Oct.Sl' 
AUg. 31 
Oct 31 
Sept 30 
Sept 30 
Sept 30 


Courts (Frnishrs) Sep L 30 

Cray Electronics Oct SI 

Sept 30 
Nov. 12 
Sept 30 
Sept. 30 
Sept. 30 
Sept-30 


2260 

(2,090) 

0.577 

(0.517 1 

1,610 

(1^00) 

2.9 

(LSI 

12 

(42)L 

Nd 

(Nil) 

615 

(555) 

0.733 

(0.G6T) 

5? 

(61) 

LI 

(1.1) 

. 158 

(93) 

Q-S65 

10.774) 

29.016 

(24206) 

1.694 

(1.54) 

628 

(646) 

3.5 

(3.5) 

114 

1100) 

0^ 

(0.7) 

2497 

(1,950) 

1^57 

(1.415) 

213 

(210) 

0.51 

(0.5) 

259 

(273) 

0.90S 

(0.894) 

4.766c 

(4.465) 

0.90S 

(0325) 

3,010 

(4,480) 

2tt 

(1265) 

99 

(92) 


(— ) 

260 

(254) 


( 1.12 1 

1,430 

(813) 

1.7 

(1-55) 

114 

(204) 

0.85 

10.77) 

7.0SO 

(7,112) 

3.5 

(3.0) 

2.181 

(1.784) 

0.768 

(0.688) 

' 172 

(251) 


(— > 

916 

(753) 

23 

(2.01 

55 

(S3)L 

027 

(0271 

loi 

(121) 

Nil 

(0.65) 

1.004 

(SOB) 

2.125 

(1.925) 

549 

(474) 

1.15 

(1.045) 

423 

(300) 

12 

(1.1) 

11L 

U4)L 

Nil 

(NU) 

22 

(IBS) 



(— > 

361 

(177) 

— 

(— ) 


Crouch Group 
C os Photo 
J. B. Eastwood 
n - P-. Prances 
A. 3. Getter 

Heron Motor 

Howard Sbnttrine Oet.SJ 
Magnrt & SthemsOet 31 
Marston, Thompsu Sept. 30 
Melody Mills Sept SO 
Louis Newmark Oct. 1 
Noti on Oct 31 

RTD Group Aug. 31 
Walter Alexander Sept 30 
Wellman Engg. Sept 30 
Western Board Sept 30 
WItoh Peck Sept SO 
F. Wrighton Sept SO 
Zeners Sept 30 

(Figures in paremhe&es are for corresponding period) 
Dividends shown net except where otherwise stated. 

•Adjusted for anv Intervening scrip issue, f First interim of 
l.S9p already paid. ■ t For 52 weeks 5 For 53 weeks. •: For one year, 
a For 15 months, b Not given, e For 25 weeks throughout. L Loss. 


Rights Issues 

Crystalate (Holdings): One-for-two at XOp each. 
James Nett! Holdings: One-f or- three at S4p each. 


psaiiv 


HOS AND DEALS 


Consortium will pay up to 
>0p for Hareros shares 


Scheme for shift in Gadek 
Malaysia holdings 


Benjamin Priest offers 
£3.3m. for Crossland 


r JAMES BARTHOLOMEW 


e battleground, in the war associates and i22 per- cent the also being bid for. by & Pearson 
id by Rothschilds Investment Rothschild consortium. However, and Son. 

'• the consortium hopes that it may - A forma) sutomeot issued yes- 

rvSrfudd BbIe t0 P**vent the 42 per dent terday by ATV explained that the 
of associates' votes from accepting Board could see “no commerrial 
^ H a* 1 * 1 c oBm ‘ ■ justification for increasing its 

t yesterd^The c^orthro Meanwhile, on another field of offer.” ATV*s offer co nsequ ently 
^ HoldinS^SouSth^ U battle in tbe-same war.4ho.072m. lapses. nulJlfylng the acceptances 
d Kuv in the bid for London Sumatra was It has already received from 1.7 

i** Mtif! yesterday being considertdby the per cent . of the stockholders. 

Ini p sn DM- eentwas Boflr d its advfsersL/I^ndou ATV still owns in Its own right 
Sid Thk hiTrimr diSt Sumatra, another plantation com- some 3 per cent: of the shares, 
Sfin'n rarroSlv pany in the H and C M»P,:was but this leaves tite way free for 

6 Sdrh? c H™irt^ ° f Ri ^ PMrM -' w “ ch hM ,oigM an 

ild f« Hitcro. Sip p.r 

ca-d IMtt. WM ^ *' ^ ** ^ 


n. kotos- t-'earson, wiuco nas loageo an 
ast, McLeod agreed bid, to take over the com- 
n Thursday, pany, unless a mystery third party 


litional 

nd C bid. Lazards still con 


companies have- already ‘ used 

Kllt Schroders and Lazards in this 
rs the 82p bid -to be lam dut „ uj. <> -l- Robert 

.eded that shareholders might m eminffwas aooointod '• ' " L ‘ manufacturers of earthenware, has 

er to take 90p In the market JfJemios aPIK>miea. _ 


FURTHER MOVE 
BY MADDOCK 

Haddock, the London-based 


icy can get it. 

vs Rothschild’s camp : now 
as to have high hopes of 
. king the H and C bid for 
■ros or else forcing out -a 
er offer. 

ic question . then 

the Rothschild v . 

d . do if they reached their ments. and certain parties winch 


■is ,?i JtoiigijHde an agreed offer for the Royal 


CLIFTON STAKE 
MAY CHANGE 
HANDS JL _ i . 

Discussions are -eontmulng 
, between AJcrafieM, which con- \ 
anges.- of trols approximately 54 per cent.. 


Stafford bone china manufactur- 
-ing busines of Hostess Tableware. 
This continues the run of acquisi- 
tions made in recent months. 

It -proposes to create a new sub- 


Tbe directors of Gadek Malay- 
sia are to propose a scheme of 
arrangement which will result In 
the company being owned 30 per 
cent, by l be UJv public, 40 per 
cent by Batu Kawan Berhad and 
30 per cent, by indigenous 
Malaysian (“Bumiputra”) Inves- 
tors. They thus hope to nuke 
the Company acceptable under the 
Malaysian Government's plan to 
induce greater local control. 

At present Gadek is owned 49.1 
per cent, by Batu Kawan and 502 
per cent by the public. The 
scheme will need to be approved 
by the public shareholders for 
the necessary resolutions to be 
pasted. There will be a meeting 
of the public holders excluding 
Batu Kawan prior to an EGM of 
all Gadek holders. 

The directors have chosen to 
propose that Batu Kawan should 
obtain more of the equity under 
the scheme than the public. This 
is understood to be because Batu 
Kawan will not receive the benefit 
of the investment currency pre- 
mium which is available to UJC. 
holders and because . the . UJC. 
holders vrfll receive correspond- 
ingly more Debenture stock whose 
Interest payments are more 
favonrhbly treated under the 
double taxation rules between the 
UJv. and Malaysia than d hid end 
income. 


The terms of the scheme are 
that every 100 pubicty-held shares 
will be exchanged for S7 shares 
In the new Malaysian company, 
GadBk Malaysia Bhd, together 
with SM9Dm. nominal of new 10 
per cent- First Mortgage Deben- 
ture . Stock 1983-88. Every 100 
shares held by Batu Kawan will 
be exchanged for 90 shares in the 
new Malaysian company and 
$M37 nominal of the new Deben- 
ture stock. , 

Batu Kawan has undertaken to 
r ef e ree 30 per cent of the shares 
in the new Malaysian company 
it receives for onward sale to 
indigenous investors at par, 
namely SMI per share. 

SHARE STAKES 

Caplan Profile Group— Sentry 
Insurance Group has .acquired 
60.000 shares In name of Midland 
Bank Trust Company, 2a 000 in 
name of Chase Manhattan Bank 
NA and 50,000 in name of Citi- 
bank NA. 

John : JL-alng . and Sod— D ue to 
his retirement as trustee of the 
Kirby Laing principal trust. Sir 
John M. Laing is no longer 
trustee of - 6.672224 Ordinary 
shares and 57.724 “A" Ordinary 
shares. 

R. P. Martin— P t J. Watling. 
director, has sold 80,000 shares 
which were under his control. 


- Globe and Phoenix Gold Mining 
— African Lakes Corporation has 
an interest in £6,500 stock (6.5 
per cent.). B. S. Cleminson. direc- 
tor. has acquired interest in 
£1,750 stock. 

RCF Holdings — ITC Pension 
Trust jointly with the ITC Pension 
Investments has not taken up 
provisional allotment of. 112,500 
shares. 

Scottish United Investors— 
Midland Bank Trust hoi is 
£148,000 Preference stock on be- 
half of Target Preference Share 
Fund. 

United Dominions Trust— Lon- 
don and Manchester A^surem** 
has acquired further 17200 3.15 
per cent, cum Prefer**"*** «ha«>« 
lneerasfng holding to 82.500 (165 
per cent.). 

J. Salisbury—' The following 
substantial interest has been 
altered and now stands a« follows 
—First CB Trustee. 18.236.F76 
shares (21.99 oer cent.), non 
beneficial as trustees. 

Toot Kemsley and Mhlbourn 
(Holdings) — -T. Sieff, director, 
hnids 112.410 shares of which 
1,400 are in. name of his wife. 

POINPNS 

Charterhouse Janbcf has 
aco aired 6.682.000 Pontins Ordl- 
narv shares (5.74 DPr cent.), 
between January 6 and 12. 


of a 30 per cent, .stake in may lead to the disposal by 
ross. It was suggested in one Alcrafiek! of -its. entire interest 
ter last night that the con- hi Clifton. 

-am night persuade a rosjor- Ajcrafield is given to undftr- 
jutior i t° make a h* Tc* stand that the parties are not 


responsibility j 
These amount 
approximately £500.000, a figu 
balanced by £500,000 of assets. 

. Turnover In Royal - Staffer* 


olio or investments to io- 0 f such parties Intend to- make 
ted parties m the plantation a Wd ** remaining capital 
jess. If this offer was -made of CHfton. 
sKnres and the Investments 
sold for cash, then the ifr ■ 

.Ion would effectively be ATV- WITHDRAWS 
rig a rights issue. FROM TUSSAUD’S 

8 latest known stakes in 'Associated Television has with- 
--os are 352 per cent . drawn from the race for Madame increase il 
*ons and - Crosflelds and Tussaud’s. the company which is subsidiary 


soon, as they are available. 

ladrrokes 

The Ladbroke Group j 


London and 


.* •uni’niiv 

J| V t vlll'* 1,1 


tivate company 



* s 
i ■ ! ! 
iu ! :*v 




il] 


_ ■ Cuiient legislation allows Private 

ompany profits -which, would normally be 
tbject to Corporation Tax-lo be deployed to . 
e advantage of Controlling or Executive 
rectors. 

■ The Sdhroder Life Group can help you to 
iablish your own individually tallored tax free 
Qd; you pay no tax on contnbutions and you ■ . 
ceivea taxfreelump sum on retirement, 
gether with substantial perjsiorLand life 
surance benefits.; 

- We have an extent record in assisting 
’ 3 tax-payer inpriraiB life, as well as in 
a isiness, to make the very best use ofwhat the 
Mff ; allows him. 

* 1 : - :.Our Investment Management is in fee . 

&y capable hands of J.. Henry Schroder Wagg 
Co. Limited, our associated company, and one 
: the country’s leading Merchant Banks. 

To find out more about. your tax • 

incessions, either send in this coupon fbf 
formation get contact your insurance brokei 



sod feis coupon to : Schroder Life Grouo, Free post, 
prtsmouth, Hants. POl lBR, (No stamp needed} ■ 

fe is.:- • - : '■ >T21/1?7B * 





vendors are Mr.- Kurt Kil 
and bis family who will n 
their interests In London 
Leeds -from the 23 per cent 
currently held to 15 per cent 
: Mr. Xfistock will continue ti _ 
managing director of London and 
Leeds and the Ladbroke prop 
division. Shareholders wfi] 


shareholders of Leisure 
General Holdings containing 
Ladbroke offer for their sh 
gnd an estimate of Ladbi 
profits for 1977. 

ABERDEEN PRESS. 

PKRGAMON PRESS has c 
pleted the acquisition of 
whole of the capital of AbenL — 
Unhrerefty -Press previously held 
by Spey Investments, and has 
now. agreed to make an offer fo: 
the AUP-7} per cent. Redeemabli 
Unsecured Loan stock 2002-2007 

The outstanding amount is 
£56A89. for which the offer is rap 
cash per £1 stock, unconditional 
as to acceptances. 

The Board of AUP intends to 
recommend the offer and has re- 
ceived confirmation that Grieve- 
son. Grant has been instructed 
to. make. -this offer on Pergamcm’s 
behalf, -A formal offer document 
win he despatched as soon as 
reasonably practicable. 

- wattord deal 

Hampshire County Cotmeil 
Pension Fund, represented by 
Richard Ellis, has acquired * free- 
hold and part leasehold retail in 
vestment at 43-45, High Street, 
Watford, for £Llm. The vendors 
were retaining clients of Allsop 
and Co. 

The -4.800 square feet shop is 
let to Dorothy' PeridnS at £52.000 
a year with a substantial rever- 
sion due In 1980, 

NORWEST HOLST 

. Nonrest Holst, the Northern 
construction company which has 
appealed against a Department of 
Trade inquiry into its affaire, has 
become a close company. 

- Its new status results from the 
recent offer by Dunham Mount, 
a private , company owned by Mr. 
R. Slater and Mr, A. J. LflJey. 
by wnirii Dunhams cquired 57 per 
cent. *A Horweat’s Stares. 

ASSOCIATES DEAL 

Capel-CUfe - Myers has- sold 
13233 Allied. Bi vestments at 53p 
on behalf of m. discretionary client. 



F.T.-ACTUARIES SHARE INDICES 



QUARTERLY VALUATION 




The market capitalisation of the sub-sections of 

the 

F.T.-Actnaries 

shares indices as at Dec. 30. 

1977 published in our issne of Jan. 7 was mis- 

takenly calculated using the market prices as at Dec. 

29. 

The corrected 

figures are shown below together with the corresponding figures after the 
reclassifications and regroupings which became effective in the new year and 

detailed in our issue of Dec. 29. 

Figures for Sept 30, 1977, valuation are 

shown for comparison purposes. 








EQUITY GROUPS 


Market 

tipjtillMtim 

a* 

UarkM 

- tap)tAllMll<iD 

% 

i 

Marvel 

tttpitallmtion 

' 


. & SUB-SECTIONS 


Ute. it. 1377 
(£u.) 

►tMire- 

iniloa 

A*. At 

Deo. 30. 1977 
f£in.» 

• liare 
UnLox 

Sept. AX 1977 
l£m.» 

-Iiaie 

index 

| f Futures la wureiKHtses rtenme oumnor >n sti*cks» 


t 





1 

CAPITAL GOODS GROUP (170) 


8,467^ 

15X13 

8.529.5 

15.13 

hX>Z4-2 

14.74 

Z 

Buffdlns Materials (27) 

..." 

1,533.4 

2.72 

1.598.8 

2.84 

2,634.8 - 

2.83 

3 

Contracting and Construction (26) 


8S9.7 

1.52 

859.7 

1.52 

818.7 

1.42 

4 

Electricals (151 .. 

...| 

2,245,4 

SM 

2,845.4 

3.90 

2,216.9 

SM 

a 

Engineering Contractors (13) 

.... 

382.9 

0.68 


- 

— 

— 


Engineering (Heavyl (91 

...1 

— . 

- 

299X! 

0.53 

309.4 

0.54 

6 

Mechanical Engineering (72) 

— i 

2,340.8 

4.17 

— 

— 

— 

— 


Engineer:™; (General) (67) .. 




2.675.0 

4.75 

2,810.7 


7 

Machine and Other Tools (S) 

-i 



.107.6 

0.19 

111.3 


8 

Metals and Metal Forming (17) 


1,0058 

1_96 


- 

— 

— 

J 1 Miscellaneous (20) ... ..7 


— ' • 

- 

736.8 

131 

622.4 

1.08 

11 

CONSIDER GOODS 

1 







12 

(DURABLES) GROUP (53) ... 


2.512.5 

4.46 

2,484.6 

4.41 

2.572.6 

4.46 

Lt. Electronics, Radio and TV (15) 

-l 

i,408n 


1.406.2 

2.50 

1.449. B 

2.51 

13 

Household Goods (12) 


2»J - 

0.39 

£21-3 

0.32 

222.6 

038 

14 

Motors and Distributors (26) ... 

■“i 

i 

i 

' 883X1 - 

1X>7 

855.1 

1.52 

900X5 

1.56 

21 

CONSUMER GOODS ' 

18.720.1 

1,603^ 



27.19 

3.01 

1S.371.S 

1.571.3 

26.58 

2.72 

as 

(NON-DURABLES) GROUP (175) ...! 
Breweries (-14) 

27.91 

3.01 

15.314.5 

1.693.3 

23 

Wines and Spirits (6) 

...' 

815X) 

1.45 

815.0 


792.5 

1.37 

84 

Entertainment and Catering (17) 

Tr _! 

1.144.7 

2.03 

1.144.7 


1,088.6 


25 

Food Manufacturing (22) 


2.037.5 

4.S1 

2.637.6 


X.57K.2 - 

4.45 

26 

Food Retailing (16) 


1.023.1 

1.81 

1,020.1 

1.61 

1.048.5 

1J *i 


Newspape.-> and Publishing (14) 

. 

530.4 

0.94 

530.4 


9&6.S 

u.93 

Si 

Packaging and Paper (IS) ... 

.... 

848.5 

1.51 

442.9 


477.4 


** 

Stores (57) 


4v467.1 

7.91 

4.467.1 

7.91. 

4,669^ 

7.86 

35 

Textiles (25) ... .... 


9«L3. 

1.67 

940.3 

1.67 

962.2 

l.Sb 

36 

Tobacco (3) 

...■ 

1.647.1 

2.92 

1.647.1 

2.93 

1.683.5 

2.91 

SI 

Toys and Games (6) 


86.1 

0.15 

66, i 


94.9 

0.16 

41 

OTHER GROUPS (98> 

) 

8.850.6 

15.72 

9*28.9 

16-39 

— 


42 

Chemicals (21) . :.. ... 


3XW8^ 

5.34 


6.72 

5^78. B 

9.13 

43 

Pharmaceutical Products (7) ... 


1,909.5 

3J»9 


— 



— 

44 

Office Equipment (8) 

... 

567J 

1.01 

567* 

1.01 

614.2 

1.06 


Shipping (10) 

Ml a 

650 3 

1.1C 

650.3 

1.16 

710.8 

1^5 

46 

MisctTlar-eou* (unclassified) (S4) 


2.715.4 - 

4.82 

3X798.0 

5.60 

3,112.6 

5.38 

49 i INDUSTRIAL GROUP (-*96) . 

AAA 

35,550X5 

63.12 

35.550.3 

63.12 

36,184.3 

62.57 

51 

Oils (4) 


6,305.3 ... 

11.19 ■ 

6,3053 

11.19 

6.930.1 

ll.lt 

39. 

5‘0 SHARE INDEX 


4 1,855 A - 

7431 

‘ 41.855.8 

i 74.31 

• 43,114.4 

74.65 

51 

FINANCIAL GROUP (100) ... 

***i 

— i 

9 778 A 

17.36 

9,778.2 

1736 

9,923.u 

17.16 

62 

Banks (6> 

2,551-6 

4A5 

2.561.6 

4.66 

2,514.4 

4.36 

as 

Discount Houses (10) 

i 

141-3 

0.25 

141.3 

0.25 

148.4 

0.25 

64 

Hire Purchase (5)* 

Mi t 

218.1 

0J9 

218l1 

0.59 

220.8 

0.40 

65 

Insurance (Life) (10) .‘ 

(t . 

1X155.5 

1A4 

1.0S6J 

W4 

1,063 J 

1.84 

66 

Insurance (Composite) (7) ... 

A.-' 

2.81 L2 

4.64 

2.611^ 

4.64 


4.85 

67 

insurance (Brokers) (10) 


757:8 ' 

134 

751 JZ 

1.34 

810.0 

' 1.40 

68 '■ 

Merchant Banks (14) ... - ... 

...i 

38AB - 

0.69 

386^ 

0.69 

418.5 

0.71 

69 j 

70 

Property (31) 


1,658.4 

2A4 

1.656.4 

2.94 

1JS33J2 

2.63 

Mlscp-Haneba.' (7> 


407.1 

0.72 

407.2 

0.72 

408^ 

0.70 

71 i 

Investment Treats (50) 

...■ 

2,634^ i 

4*8 1 

2.634^ j 

4.68 

2,705.7 

4.68 

81 i 

Mining Finance (4) 

:..l 

044.1 i 

1.66 

944.1 

1-68 

991X7 

1.71 

91 ' 

Overseas Traders (19) 

...' 

l.llfl.0 f 

1.97 1 

1.1XOX) ' 

1.97 1 

1.102 .a 

1.91 

» ' 

ALL .SHAME INDEX (S73) 


56,328^ I 

100 : 

56^22.3 

100 

, 57^36-6 

100 


txjiw a ihn i anere zBadt.ur retread ct»c st « . 


The West Midlands engineering 
group ^specialising in pressings 
and fasteners, Benjamin Priest, 
has made an agreed bid for 
R. and A. G. Crossland, a l '"tfford- 
shire company wbich also makes 
pressings as well as the light fit- 
tings for which it is known. 

Terms of tiie bid. whicb- value 
Crossland at 1327m., ar? four 
shares of Priest for every nine of 
Crossland, which equates to ap- 
proximately 41 p per CrossJand 
share. There is also a cash alter- 
native worth 362 per cent, a share. 
Crossland’s price In the market 
rose 2$p to S81? yesterday follow- 
ing the news. 

The offer has already been 
accepted by the Crossland Board 
which controls 12 per c:nt. of 
the shares, and by certain other 
major holders whose combined 
share stake amounts to a further 
45 pm- cent 

Mr. Charles Wsrdle. chairman of 
Priest, yesterday pointed out that 
the acquisition of Crossland will 
continue Priest’s aims of diversi- 
fying within the engineering fiHd 
Of Cropland's £4m. turnover last 
year some £2-9ra. as attributable 
to the engineering sides of the 
business, which include j-ressinq 
in the range 450 to 800 tonnes. 
Priest’s pressings range is up [o 
400 tonnes so the acquisition i i 
partlcuariy complimentary. 

Priest bas also taken the oppor- 
tunity or the bid to forecast pre- 
.tax profits of not less than £12m. 
for the current year, compared 
with £lm. last year, and £550.000 
for the hair year to September 

The interim figures represent 
a 27 per cenl Increase in pre-tax 
profirs on a 42 per cent, rise in 
turnover. Pari of the discrepancy 
is explained by the recent 
acquisitions of an industrial fac- 
toring company which boosts 
turnover but operates on very 
narrow margins. 

Some of the profit growth is also 
attributable to acquisitions — par- 
ticularly Blackheath Engineering, 
hut there is dIfo said to be some 


organic growth despite increased 
competition from abroad. 

Because of the improvement, 
the 15’ per cent increase in the 
interim dividend, foreshadowed 
at the time of the July scrip issue, 
will now go ahead, and permis- 
sion has been obtained to lift 
the full-year dividend to 8p gross. 

CHANGE WARES 

Change Wares has completed 
the acquisition of H. StockwelL 
The 3281250 12 per cent. Con- 
vertible Cumulative Participating 
Preferred Redeemable Shares 
placed by Energy. Finance and 
General Trust have been fully 
subscribed and 3233234 lOp 
Or j - nary shares have been . 
allotted to the verdore of Stock- 
wall. Dealings In the Participating 
Preferred Shates will commence 
on Monday. 

NO PROBES 

Mr. Roy Hattersley, Secretary of 
Slate for Prices and Consumer 
Protection, has decided not to 
refer the following mergers to the 
Monopolies and Mergers Commis- 
sion-. Andrew Weir and Spink and 
Son: Gibbs Nathaniel and A. J. 
Mills (Holdings); I.S.C. Alloys (an 
RTZ subsidiary) and The 
Cathodic Protection interests of 
BKL Alloys i a GKN -subsidiary). 


IN BRIEF 

HEW CENTRAL WtTWATERSRAND 
AREAS— Hsif year ended December 51. 
1B77. net profit R92.501 tRTSJOav IncJud- 
Itw investment income Rlia.smj i R95.ft.V| i.' 
in' ere h earned R2-346 itU!.f*)3l amt afitr 
duducfJDB administration i-swiumk K31.96S 
<R2(,3S4>, Intm'si paid R4M (R743> and 
tax RflOS iRTTTi. Earninev per abem 
5,34c <4 Ofict. Interim dividend coat 
RSS.T2P iRiO.BSCi. Not asw value per 
siwn* 31* iSKci. 

THE ROWAN MERUM FUND— Final 
distribution on Income units (or the 
account Ids period January 17. 1077 to 
J anuary IS. 197S will be V4p net per - 
ttttt <133u last wan, payable on March 
14. Total distribution amounts to ZXp 
tier per nutt r*07pi. 


DON’T MISS THE NAP 
SHARES FOR 1978 

See how 1C News Letter selections 
performed in previous years 


FT INDEX 


I.C.N.L Naps 


1957 

1958 

1959 

1960 

1961 

1962 

1963 

1964 


7°o 

34''e 

50°o 

11% 

1% 

6 ‘-. 

14*o 

12% 


3B°i 

f 54Uo 

+ 112 p e 

- 10 u o 

+ 34% 

- a /o 
- 1 - 36% 
+ IO'Jd 


1965 

-*- 4^0 

-i- 15^o 

1966 

- 1 Vo 

+ 22 c o 

1967 

i- 24 L, o 

i- 42 c ’o 

1968 . 

4- 29"u 

+ 58?o 

1969 

- 20 D o 

- 4°o 

1970 

- 1 S'o 

- 22°n 

1971 

+ 39“t> 

-r 56% 

1972 

+ 5° u 

■+ 74°o 

1973 

- 32 a o 

- 1 6 c o 

1974 

- 52^0 

- 27-?n 

1975 

+ 1 31 °o 

4- 300“ b 

1976 

- 4 L 'o 

1 

G> 

c 

1977 

+ 36^ 

+ 73?b 

AVERAGE 

+ 9.2*o 

-r39.9 c 'o 


At the beginrurig of ejety ye>r the In.-esiors 0 riews Letter seieiii a 

number of shares for capital gam over tlie ‘oliuwing hvave monihs-iL 
Siar Nap Selections. 

The table above shows the ii'-monih ^riomiance ol eacn veer s i^p 
Selections over tiie Iasi 21 years. Il you had invested fl.Kit' in the 1957 Nap 
Sdedtonsand reinvested the proceeds at the «w ut each .'ear n the ann- iai 
selections your initial £L000 would now be wc»tlii205£6b .;beioregairii.Tax and 
expenses; against a mere £2,204 if you had invested m the FT nriei 

In addition to its traditional Nap Selections, die 1C News Letter gc.-e- regular 
weekly recommendation^ The overall record shov/s ttet these ^eiectious iw-. e 
beaten the index by a wide percentage margin avet aging into doiftle figures on an 
annual base. The News Letter also nas an impressive track lecora with its general 
market and selling advice over the years, as confirmed b\ Uie many appreciabve 
liters received from subsertoers. and it has extended this to other important 
investment areas, including overseas stock exdunges, fixed -inter est deposits arid 
securities, and other markets of interest to investors. 

. The iC News Letter, published ever, Wednesday, is available on pos! j! 
subscr iplioi i only. Use trie coupon oetow to oi der your sut>su lotion, now. 

Many regular subscribers describe i- a; Ifieir best investment eve:. 


riesetirtd mynaiTiea; jatiSCi-itr-r.Miir-li-r.'anai-j i-.ii- 
Njjj i?iect(un Issue. I enefc 

OiJ&'jd far one year {£3r.00 ai'ri si ok IK .;i.: 'iiu , b l jij&] 

□£15.0Uforasix-montij tnal sutsaiptcm -J" Cv 
□Please invoice for 42a00/ - fl5.00 (dekie x jjjprop-'J?^ 

Mr.- M—i’Mnv 

(BLOCK LETTERS PLEASE) 

Arimpss. _ 


Tx illARr^Tlfte DEPT, IC'gL. AVESTlfiS lHMl“ XL L FftEEPli-!. L-AC»j.N " h ■ 

L ^ 1.^; ,v. * 


u 


( 


22 



Financial Times Saturday January 21 1W& 


W AT T STREET + OVERSEAS MARKETS + CLOSING PRICES 


Mildly off on Union Message 


''BY OUR WALL STREET CORRESPONDENT 


NEW YORK. Jan. 2.0 


MILDLY LOWER levels deve- 


Among favourable news to-day. The Metals and Minerals Index VIENNA . — Slightly lower in 

(■loped on Wall Street to-day, the Government said U.S. Con- pot on &1 to S3Q.5, Golds 6.4 to generally quiet dealings. Lead 

'loDowmg Preside®: Carter's State sumer prices rose 0.4 per cent 1383.7. Oil and GaS 7.0 to 1387.0 ing Banks little change tL 

h of the Union Message and his to December following a On per and Banks 0.05 to 230.35. But SWITZERLAND — .Narrowly 

•f economic report to Congress. cent gain in November. The Utilities shed Oil to 16L14 and mixed in light trading 

Government also said Real Earn- Papers 0.61 to 90.8$. 
t0 mgs fell 0.3 per cent in December _ Alcan Aluminium gained 


However, it was difficult to in^feu oJper'cent 'in December ‘ AI^ w ^‘iunininm' , gained 8 i to seUe/^reiratLe 

.J?"**? £££* f a£ ^r a 0-6 P« <brop in $27* on sharply h^fcer fourth g“£ SmUtaTfo ai£ 

I Adnmnstratton s latest proposals November. quarter earnings. jJJJU e ’ ams n 10081 ma3 

as trading volume was extranely Boeing were active and lost $| PARIS-Lower in quiet trading jnHANNESBiinn-^M 

& z£*m£'£r£i ur 

{Metropolitan Area and delayed Communications Satellite ium- gr vitrinn and overseas mteresL 

v opening on the New York and ped $2* to S32J on raising its divi- “Heavyweights" gained up 

I American Stuck Exchanges by dead and Westinghouse held un- ivcwnnaiir 50 coots and “medium" and 

— — changed at HU. after -flat" JSSSm^SA h£7t “^ riced * -« * * 10 

American Broadcasting fell $1} 

to S35J— its programme chief, oermany— G enerally firmer 
Fred Silverman, plans to leave the following domestic investor buying 
network when his contract expires of Insurance stocks, 
in June g®*®* stocks were up to 

THE AMERICAN SE. however. DMI aO higher, with Engineerings 
moved higher in thin trading with *n_ strongest de m a nd . 


■ Amertcan 

f two horns. 

1 After dipping almost 4 points, 

5 the Dow Jones Industrial Average 
finished 1.73 off at 776.94, making 
net loss of 121 on the week. 


yesterday — 


l a 


The NYSE All Common Index, at 
$49.73. shed 9 cents on the day 
but was stifl up 16 cents on the 


u-mV vhlla Traces TeH (rain* hv moveo Olgnci w imii uauui 6 

“•JSSP'JS “E S HS 

on the week.' 


i dropped 3.16m. shares to 21.5m. 


Rhelnmetall were lifted DM26 
a rise of i.19 on unconfirmed rumours o£ 


FRIDAY'S ACTIVE STOCKS 


possible benefits from a U.S. 
military contract with Germany. 
MILAN — Irregularly lower 


BRAZIL dosed 
local holiday. 

TOKYO — Slightly lower with 
President Carter’s State of the 
Union Message having virtually 
no effect on the market. Volume 
300m. (320m.) shares. 

Many leading issues fell after 
a firm start as buying spent its 
force. 


Change 


1, 


Stocks 

Ckslm; 

on 



traded 

price 

day 


Boeing 

249,500 

m: 

— J 


Amer. 

Broadcasts 12SJIW 

331 

-1J 


RCA .. 

n.soo 

2Si 

+ii 


Marshall 

Field 70.400 

32 1 

+ f 

J 

CUlcorp 

63,100 

20} 

-4 

•< 

General 

Portland ... 65.S00 

12 

+ » 


PppbI co 

« SOB 

25i 

-i 


Braniff 

Inti. ' K1.S0B 

101 

+t 

c 

Verex 

63JM 

231 

+ t 

f 

Teles 

59.500 

3B 



OTHER MARKETS 


. t - --- Heavy Electricals and some 

quiet trading with some profit- steels fell on profit-taking, but 
tokrng Uncertain political poa- Public Works, FoodsTand “bie 
tion also favoured some cautious asset” shares firmed, 
sales. However there was some . . 

short covering at the lower levels. KONG — Prices eased 

OSLO— Bankings easier, Insur- across the board on profit-taking. 
Canadian Stock Markets were ances. Shippings and Industrials JW recoverednear the dose on 
irregular in moderate trading yes- quiet Hgfat buying. Trading active, 

terday, with the Toronto Com- COPENHAGEN — Higher 


+3 Canada mixed 


in AUSTRALIA — Mixed with Mines 


1010.5. 


changed. Industrials mixed. 


Banks little weaker. Industrials generally firm 


and Oils steady. 


Indices 


Jf.Y.S.E, ALL C0XH05 


NEW YORK —DOW JOKES 



Jan. 

SO 

Jan. 

10 

Jan. 

18 

Jan. 

n 

Jmu 

Jan. 

13 

1977-78 

dlncto+m 

a pi (anon 


16 

High 

Low 

Hteh 

liOW 

Industrial-. 

m.34 

778.67 

786.50 

773X2 

771J4 

77573 

993.75 
(3/1/17) 
36.87 
(7, Vi 

771.74 

(16/1/781 

1061.70 

(11/1/73)1 

41X2 

(2/1/32) 

H’meB’nds' 1 

89.68 

88.66 

B8J6 

89.62 

89.75 

89.69 

69.60 

(19/1/78) 


— 

Transport 

210.B& 

811.24 

212.07 

209.18 

207.68 

288.17 

248.64 

OB/6) 

IsrXO 
(25 im 
104X7 
(25/2) 

279.88 

(7/2(63) 

15.26 

(8/7X2) 

UtUirire 

Trading rd 

108.77 

106.73 

106.81 

1D8.73 

106X8 

106-65 

118.67 

(22/2) 

163X2 

(20/4/60) 

10 XS 
{26/V4& 

oar» t 

91.600- 

21,600! 21,3611 

18X60 

1B.780; 18,010 

— 

— 

— 








[ 1977-78 • 

30 

10 1 

ia , 

17 

High 

Low 

49.73 

48X2j 

60.04 

48X7 

67X7 i 
f4/l/77)| 

48.40 

1(18/1/78) 


Rises and Kalis 

7m. 2D] Jan. 19 Ju. 


tiKiuoa traded 

Braes 

Falls 

(/□changed 

New High* 

New Idui 


13 


1,672 

626 

616 

S30 

.10 

33 


1,669 I 
674 . 
701 } 
484 i 
16 
34 | 


1,863 

1.008 

415 

440 

13 

33 


MONTREAL 


I art uk rial 
Comhtaeif 


TORONTO Composite! 


JOHANNESBURG 

Gold 

Indoairmls 


Jan 

20 


IBS. 


n. Jon. 

0 19 

-2u 168.81; 


Tin. 

18 


Ju. j- 
17 | 


1077-7B 


High 


166J 


179.171 173-48! ,7S - G 


TSS-SSj 1ME47 (17/3) 
T72JI9I 187.85 (19/1777) 


10103] 1010X1 


lOOSJj 1007-0] 1067.4 (19/7) 


209.01 208.71 206.1 
gll.tf ai2.ll 212-4 


210.8 

212_2 


214./ (17/10) 
*14.4 (4(l/7a 


-Low 


168-02 (523/10- 
IBS. B0 iSsa/IOi 


3GJ_0 (2b/ 10 1 


158.4 <24 
169.1 (E2.4. 


1 Basis ot index dranno from August 24. 


Ind. rile, yield % 


i Jan. 13 


Ju. d 


Det - . 30 I Vear ago (approxj 


5.93 | 9.80 


5.53 


4-21 


Australia ri* 


Belgium i(): 


STANDARD AND POORS 


Denmark! **1 


« 

Jan. | Jan. 
20 j 19 

JUL 

ie 1 

Jan. 

17 

Jan. j 
16 1 


i ETT73 

t)iD»+ Le 

mpliac'a 

I is"! 

Bteh | 

Low 

| High 

Lew 

1 Industrials 

5 Composite 

98X4' 98.18 
89.8a] so.oaj 

■ 99.73: 

90.66 

98X6j 98.441 
as.esj 89.4a 

99.74! 

89.6sj 

1)3.92 i 
(3/1/77) 
i07.ni ! 

1-1/771 : 

+8.44 

(10/1(78) 

i; .40 

1 16,1/761 

134X4 

(11/1(73) 

125.4a 

(11/1/73) 

3X2 
(30/6/321 
4.40 
flrtr 32). 


France <ttu 


GennanyTtXH 


■Ian. 

20 


Prev- (iui7-7» 

Icnua | High 1 Lew 


494^9 ' 464.7b ] 179.43 ' 41- Ao 
(3/1/72)1 (16, Hi 


9249 9250 


9tL35 


t>L5 


807.7 


SOX 


96.15 


bL9 


806.0 


9S.18 I B.'.43 

[(lj/l/77(12fl/7B 
107-te | 9bJ* 
(Uflj) H^trll) 
MA j UJa 
(7/1/77)1 (lutoi 


80.6 


Ind. div. yield % 

Jan. IS 

Jan. 11 

Jan. 4 

Year ago (Approx.) 

5.13 

0.18 ; 

4.96 

3.77 

ind. P(H Ratio 

8.74 

8.65 

[ 9.01 ’ 

11X4 

Long Qrrrt. Bond yield 

8.17 

8.19 i 8.04 | 

6X1 


57.22 


Hong Koosrj 40027 I 402.18 
Italv ill). 

Japan 
Singapore 


(ai 37630 :37659 



Jan. 

20 

Fum- 

viouft 

IU/f-(e USM <-l? 
High 1 Luo- 

Spain uft 

86X9 

9X07 

lOU.uu 06.07 
|31/12| 'i!9il/ie 

Sweden <ei 

361X1 

354X5 

41tLbb 1 j-cr.tx- 
(iKrfi 124/11) 

Svuerl’dC . 

304X 

305X 

ils.r ! 
rUIDi' -n-ji 


b13j 


(16^ 

(4/5) 

12d.1T 


712.D 


1 17/1 IK (llW) 


7D.B 

(JM,U) 

3*3.44 


lll*l 1(13 1/76 
7a. 11 ) te.!W 
(5-l/77)«; Lii 
300.93 I £0.40 
pm/nj kl4,U> 


263.76 265.59 1 aBSjOS Lmsjs 
( 3)1 -irr-r. 4 > (29-ii) | 13/0) 


Indices and base dates (iD base values 
100 except NYSE AH Common — 30 
Standards and Poors — 10 and Toronto 
306-1.060. the last named based on 19731 . 
t E*rtmUng bonds. 1 400 Industrials. 
9 400 lads.. 40 Utilities, 40 nuance and 
SO Transport. (f> Sydney All Ord. 
/II) Belgian SE 31/12/63. (**) Copenhagen 
SE I '1/73. (tr> Parts Bonne 1961. 
(tt) Commerzbank Dec, 1933. (£1) Amster- 
dam. Industrial 1970. <'•) Hanc Sens 

Bank 81/7/64. (Itf) Milan 2/1/73. m> Tokyo 
New SE 4/1/66. (b) Straits Times 1966. 

id Closed, id 1 Madrid SE 31'1 2/77. (c) 
Stockholm Industrial l/l/ss. (/■ Swiss 
Bank Corp. 31/12/36. (»« Unavailable. 


F.T. CROSSWORD PUZZLE No. 3,573 

A prize ot £5 will be given to each of the senders of the first 
three correct solutions opened. Solutions must be received by 


RACING 


BY DOMINIC WIGAN 


next Thursday, marked Crossword in the top left-hand corner of 
the envelope, and- addressed to the Financial Times, 10, Cannon 
Street, London, EC4P 4BY. Winners and solution wiU be given 
next Saturday. 


Name 


Address 



ACROSS 

1 Elevated large number in 
service (A 41 

5 Moral inspiration going to 
the top floor (6) 

10 Somebody beginning with just 
a number (5) 

11 Defer decision on holiday 
before golf championship (5, 
4) 

12 First cuckoo in Spring is no 
lie-abed (5, 4) 

13 Ointment left during rescue 


4 Learner involved in ridicule 
makes Scots cross (7) 

6 Decreased professionally 

when asked to repay debts 
(7. 3. 5) 

7 One member the Spanish 
drive (5) 

8 Prospective contractor is more 
easily touebed (S) 

9 Dye obtained from male snake 
(6) 

16 Most climbers would find 
Everest rather expensive 
(1. 3, 5) 

graduate 


<5) ... 

11 Organised protest over note to 17 Squared accounts 

reduce rank (6) cut open (8) 

15 Regulations binding in Russia 19 Twist part of blade for raow- 
< 3 * 4 * . . , ing (6) 

18 Fly sailors swindle daughter 20 Here is answer to roll-call (7) 
(7) 21 Determined to be a camper 

20 Paid player may adjust (6) 

benefit (6) 23 Race to New York is flowing 

22 Bill gets free bitter (5) easily (5) 

24 He’s at liberty to surround 


thus a secret society member 
(9) 

25 Study race-track crowd (9) 

26 Relative to the 
French resort (5) 

27 Uninteresting 
English poet (6) 

28 Doesn’t move 
deposit (5, 3) 


SOLUTION TO PUZZLE 
No. 3,572 


sound 

of a 

study 

of 

corset 

on 


DOWN 

1 Tradesman who keeps stock- 
ing up (6) 

2 Child minder has key concern- 
ing Scots loch 191 

3 What second-hand string of 
pearls fetches is easily earned 
(5. 3, 3, 4) 


HSEBGiailHH 
® 51 a -33 n 

33Q9 3 
3 PI Cl 

Fsanara 

3QQmSB 

E 55' H cj n' 

saGaasans^ 

Eras 

3 

a 3 g ri 
Piaanaga- q? 
hi- n s 

g Q 

ass 

ranssaeja ' m 
a. a g n - 
Ena3 
ra a 3 

sasaG9 
B 3 
3C33BE 

e s a 

sacBasaEn 

ffl -.3 H -9 - R 

gracing 

n fM • ra 



SOLUTION AND WINNERS 
OF PUZZLE No. &567 


Following are winners of last 
Saturday’s prize puzzle: 


Miss E. Coulson, Flat 3 
Victoria Court, 14 Marine Cres- 
cent, Folkestone, Kent 
Mr. T. S. Moore, 9 Dartmouth 
Park Road, London NW5 1SU. 

Mr. J. G. Stonehouse, 28 
Lowndes Park, Driffield, N. 
Humberside Y025 7BG. 


EEEQEEEEGHnEE 

SLSLI e a h ■ k n 

h m m a 
gSG5G0!i gQEJEBEE 
E tm El h un 

'P5 H 0- d n !H 
ESnEg anna wsFiSE 
n s ra s s 
sasaasn snosnsn 

m S-'.S-H H • ffl • 55 S 

sssssnnara ■ seeks 


ES H H -B. m g-- e. 


r 


True Wish appeals 
at Haydock 


BOOKMAKERS ARE taking no tion of it will see the Tony 
chances with The Dealer— -which Dickinson six-year-old — possibly 
has been quoted at 64 in to-day’s the -most polished jumper in 
Embassy Premier Chase Final at to-day's line-up — proving too 
Haydock, and I believe that their good for The Dealer who has 
wariness with the Winter eight- yet to show that he is as good 
year-old could well provide True over fences as he was over the 
Wish's supporters with ex cep- minor obstacles, 
tional each-way value. Half an hour before the big 


True Wish, still ’available in chare there.is another interesting 

irtea 


some books at 7-2, appears, judged W. D. and H. O. Wllls-support 
on the form book, to be improv- prize, the two-miles Embassy 
ing every bit as quickly as his Hurdle, whose highly-competitive 
Uplands opponent and it is diffi- field includes Comedy of Errors, 
cult to see him falling to go close Narribinni, Attivo and Handycuff. 
in to-day’s six-rnnner field. Although strong cases can be 
A six-length conqueror of made out for the former Cham- 
Brother Will at Catterick on New pion hurdler, Peter O'Sullevan's 
Year’s Day, where his winning Attivo— another past hero of “the 

festival meeting — I expect the 


HAYDOCK 

12.45 — Baldur 

1.15— Han dycuff* * 

1.45 — -True Wish*** 
2-15 — John Brown 

2.45 — Breeze Wagon 

3.15 — Jessie’s Boy 

3.45 — Elrean Star 

KEJHPTON 
1-30 — SKartinstown 

2.00 — Fort Devon 
2J30 — Rusthall* 

3 JK>— Gaffer 
3L30— Tanunuz 

4.00 — Accelerate 
CATTERICK 

12.45— Kolns 
L4S— Glissando 


■winner coming from either Derek 
Kent’s Sussex challenger, Narri- 
binni, or. the leniently treated 
Handycuff. 

Narribinni, three-lengths con- 
queror of the talented Alverton 
in the Mecca Bookmakers’ Handi- 
cap at Sandowu last month, will 
take a good deal of beating, even 
under the steadier of top weight. 

However, I believe that Handy- 
cuff, in receipt of about 10 lb, 
may just have the edge. This six- 
year-old gave champion jockey- 
elect, Jon jo O'Neill, a. fine ride 
when chasing home Three 
Visions and Katmandu In the 
Billy Bow hurdle at Newcastle 
on his only previous outing this 
season. 

London and Home Counties 


margin could well have been . 

double. True Wish provided even ^ have some 


more impressive form on this 
C°™* five iay, later. j^kpot praSS'e 

Always tunning well within includes the Fulwell Chase, in 
himself m the far more competi- which Fort Devon will be trying 
fave Gamekeeper Chase, True to underline his Gold Cup 
Wish jumped into the lead two prospects, 
fences from home, and made Fnike Wa3wvn'«z io-vpamIii 

FhUtiCT°on Ehe J RmTf tolSSh^f 0US ^ t t0 - have little difficult y ' m 
Fiddler on the Roof, to both of beating his two opponents. King 

whom he was conceding a lot of or Country and Flying PrincS 

Weignt. TWO Other nossrihln winnnre fnr 


Two other possible winners for 
That was an extremely smart the Saxon House team here are 
performance by any standards the much-improved Rusthall and 
and 1 am hopeful that a rep ro due- Gaffer. 


SPAIN 

Jan. 30 
Adaad 


Buko 

Banco JUbntico <3,000} 

Banco Central 

Banco Exterior 

Boom General 

Banco Granada <3.000) 

Banco Hisoano 

Banco Ind. Cat TUMID 
B. Ind. Medttarraneo ... 

Banco Popular 

Banco Santander (330) 
Banco UrqtrUo (1.000 1 . 

Banco Vircarn 

Banco ZaraeoEano 

Banfcmioo ■ 

Banns Anddnda , 

Bab-Mdt Wilcox 

CIC - 

Drasados 

tmrmhnnir _ 

E. I. Anigonesas 


Par cent. 
VBS 
257 
230 
M 
2 tA 

26B 

US 
201 
ITS 
1S2 
204 
320 
228 


+ U 


- S 


OUrra XL 

Papeteras RemUdas 3 

PetnUber 139 

Petroteos J 185 

Santo Papain?, 67 

Solace — 46 

So«efisa 125 

ToTefttaica at 

Terras Hostelled ue 

TB&acex <n 

union Elec. 07 


- 2 


OVERSEAS SHARE INFORMATION 


Investment yam Um on 

per £—78% . 


* l ^ 

v ,,v n 


NEW YORK 


SLodl 


Jan. 

20 


Jan. 

19 


Stock 


Jan. 

20 


Jan. 

13 


Abbots Ua ; 

Addreswfpaph 
AecmOJfeACur? 
Air Pportoe**-,.,.; 

H-« \i nmlninni 1 


AUtsfaeoy LudL.- 
Allerixnr EWn 
Allied Uhetnirai J 
Allied Suns.— 
ATI la C hubnw j — 

.ULVX^ 1 

Amends Hon ...<^ 

Amw. AlritaM ■ 

Amer. Bnatr >' 

AatC-. 

Amrr. Can 

imer- L'yanuniH 


5S3, - 

w-* ; 
aasc ; 

23ifl ; 
5Bi* • 
241j ■ 

41 ; 

Wj ; 
1918 1 
57*i 

22^6 

MS 

X07 3 

oo 

354. : 
36^6 ; 
k4?s • 


Araer.Hicc.Ptw.! 23 'b 


Anier. Ksjae» — ' 
Aroer. Umnc Prod! 
Anm. 51edira4_. 

Anier- Kotov ' 

Amer. NaL.(ia>_. 
Amo r. atjM l d«nl / 

Amer. TO. A TeL 

Vntetet-. . 



Awmwm Oil 

Iwi m 

A9bliutd Ull 

.VlL t/L-hTlehl— .. 
Auto Data Pro — 

a vc : 


In...— — - 
Avon Products — 
Halt Gas 
tisok America— 
faakonTc. S.V. 

Barter Oil 

Saner TnrenoL; 
Beatrice Food—.; 
He^bmDickeiuuo 
Bell St Ho»»l. — 

rtim-.lrr 

Ctea^uei Co4rt-B r 
BMhlebem Steel. 
Blade A Decker. 
tloeinR — , 


Jonlea. 

1 S 0 q> Warner—.. 
JnaHt Ini. 


Bnucen 'A'—. 

IrtoUK M.vero — ... 

rfriL. PM. ADR_: 
duelin ij G1aaa_; 

ArunswTi ' 

iiucyruv Erie.. . 

■ludd... 

Anjora Watch... , 
Aarltngioa XUur 
iluma^fas-.—. 
Jamybd I Sou 
..imlnui Pacific 1 
1 Kandoipb..- 


;atetpiaer fnci*: 


«rtilaieeii......' 

.ess an Air -ten »j 
base Uanhanan! 


Ueaebr^ii Ite* - 


_Ti«s«e 


•Tmatto . 

.bromailov.. ) 

v.'nrv»'er. 


cm a SUiacnai — . 

.iu_-orp _■ 

.lUesSeme ' 

Jin Invearinz-.' 

Joca Uaa 

.'fi^aU' Palm— 1 
.tlliio* Aik man.., 
Columbia irai^....i 
Jniumbia Pi3._.: 

om. IosCnjulAm 

.umbusbon Ene. 
JamhusUon &J-! 
J'm'-w'Lh Edison.: 
. ooa'w tb Uir KM 1 
Jomm.Satelite._L 
^ iiinputerScu-nct- 
Jennie.— ' 

on. ttu-on .\.XJ 
Jamal Toods...^' 
.aasoi Xu. U«s_J 
.•uuumer Power 
oaunemai Gq-. 
^jouoenui nil;.! 
^utiDOMiul Tele.j 

antral L*ala I 

ouper Indus i 


32 Ta 1 
27 j 
17l» f 

. 

4SU| 

327a 

50 ; 

5754 

28: S 

17Jb : 

265* 

1146 

276* 
187 S > 
274 
22 
9 

184 
30 13 

W54 

978 , 

164 
464 : 
251; 

U Is . 

277 S 
354 
224 : 
527 S 
14as 
551- 
25a 
224 

141- 
264 
234 ; 
294 
26/a 
IOI* 
1273 
524 
1516 ; 
294 ' 
141n 
194 
3162 
34 
394 
645s • 

52 
154 
104 
29 

124 1 
181" . 
51I 2 
465-, : 
395a 
134 J 
21 . 
294 
284 

394 ■ 
iOii 1 

53 1 
444 
15 

13 

24 i 

187 S . 
204 - 
49>a . 
il7 a 
564 : 
*04 . 
IOS3 i 
2fci 2 ; 
143* j 
153* 
34S* , 
174 « 
273* . 

2(3 • 
32 ?3 ) 
63* ! 
203. i 
244 
237e , 
394 ! 
223* i 
314 ; 
Z6i* 
164 
265b I 
414 i 


624 
13i 3 
35 
234 
324 
244 
41 
187a 
194 
374 
SO 
234 
3938 
253a 
XI 
404 
375a 
364 
24T B 
237 3 
334 
274 
17la 
AJa 
426; 
32!) 
30 
58 
29 
17(2 
26 13 
iUa 

274 

183. 

274 

215. 

9 

154 

30!y 

«S4 

264 

97 a 

16; e 

454 

294 

214 

55 

28 

354 

324 

iV‘ 

55 

21* 

224 

1463 

264 

234 

294 

26ia 

10 

1273 

334 

15!; 

293* 

146* 

IS M 

313* 
5lj 
404 
66 1 8 
a2 
15 4 
10/* 
284 
lei* 
IB 4 
521* 
471* 
40 
lb l 3 
21 
30 
283s 
39Se 
2073 

3213 
441; 
154 
13 i s 

2«B 

19 

214 

SO 

117b 

36*3 

2USs 

103. 

2865 

IS 
163, 
547g 
183* 
273, 
24 
304 
8 ? a 
204 
245s 
24 
394 
425* 
511* 
264 
154 
254 
42 


Corning CrJMa 474 i 474 

CPC Int’n’tlonaJ 441a i 444 



Dei Nome. 

iTdtooa — — ^4 
Dentspty Inter. J 174 
UKnut Edison — J 16 (3 
DthOKwiSbaiixHii 27s# 

D afarimn * 1 USs 

Digital EqaTp ! 437a 

Disney (Walt) j 35 4 

Duver Curtm 1 39 

Dow Chemiaalu.. 251; 

Dresser 40 

Du Pom — . 1091a 

Dyino Lotfuionrs 12fia 

Eagle Jtehcr. IBt; 

East Airline*^, 71a 
Sutmu Kodi>k H 49 . 
Euim — — 344 


Emerson Elemriq 
Emery Air fr'gtati 
Kmten 

K-M- l 


Encelhsnl - 

Esmarfi 1 

Ethyl 


ITurcbiM Camera 
Red. Uept-Ebnu 
Firestimo Tire..... 
Fst. .Su. Bosun j 

Fieri Van 

Flintkote 
Florida hmeruj 
Fluor. 




Ford Motor— 
Fikcdksi Mck— 
Foxtxxo. — ... . . . 
FresJUtn Mini.... 
Freeport Mluera] 

Fruebsu! 

Fuqua lodnstnes 

G-AJ* 

Gsanett.^.._,_..| 

Gen..Vmer. in . 

G-1.TJV 4 

GeuXaMe I 

Geo. pynamkn...! 

Gen. EiCL-triL-s / 

Genenu Fuuda....! 
General 31iiH..„ I 
GenctW Motors...! 
Gen. Fub-UUi,...! 

lien. Si^nai M J 

Gen. lei. Elects.! 
•eu. Tyre~..._. | 

Genera Ha 


Get* 1 Oil 


loll* 


n*eiie • 

fi'jortrli-u F.F ! 

Goal tw Tire ... 

UauM— ! 

Grace W . U. ! 

Gi. Allan Pai-lW, 
Irrt. Aortb IresL.J 

GrojrbiAinit .mi-1.1 

GuK A Western.. .j 

Gun On j 

HalliiurUia { 

Bnaua Jllnlne...., 
Harats-.-hto'er „.i 
Uarrlf Viinn_....l 
Heinz U. 

UeuUem..... { 

Be wien Pai*jurt| 

Ho-kby Inns | 

Uume»uke_.__. 
tl ■ <n eywe 1 1 ___ - 
Uimve: 

H.ra*. Car*i> Amer 
Hmiiluu JUl.Gsr- 
Uuui(Pb^V.Kjhui 

Uuiiun (EJ.i 

l.G.<(aJiMnes„. 

ISA 

1 u*{i.twi Uniat — . 

Iniaart Stew 

Itnul-n 


Tatercont j 

IBM. 

Inu. Hhnnim.... 
Inti. lUrvenef.. 
I mL Min 3 Che s» 
ln(L Multilnsl*.. 
(tux' 


lot. Ilectster-.— 
Inu let. A TeL_. 
Inveui..4^_.— 
luwaUeet. 

IL International. 
Jim Waller.. 


74 

267.5 

21 

29l fl 

40 

214 

156fl 

414 

264 

74 

304 

284 

114 

284 


Slock 


Ju. 

SO 


Jan. 

10 


Stock 


1 ! J r »- 1 


•JWU ■ 


Am. 

10 


Johns Manvil 
Johnson Jofausoa- 
Jnhnsun CewtroL’ 


SK 2 



k*y 

Acnawott 

krrr McGee i 

KJxtile Wallets 
KimtiarieyC4riu| 

EralU. 

Kroifpr Co.. — 
Levi5u*uta 


UMiyUw.btwl.^ 


884 r 
704 J 
aaiB 

304 

254 | 
»{»! 
274 

244 
45 J* 
674 
424 ) 
824 
444 } 
264 
287* 

874 


284 

703* 

864 

304 

863* 

294 

4b 

874 

-7 

247s 

464 

277b 

42 

224 

434 

264 

29 

274 


Ufictn Oroo(L~,t 

UMyililU— JIT 

Litton lodwt... ' 
Gickhced AArcrfl 
Lune Btar lials- 
LooR lalanrt IM 
Lraturtsua Ijwrt.. 
Lubrisot 




L'lreaT 1 'unen’wh 
Mfoym iair— 

Racy K. ' 
HUaEanmnr^j 
Mainly... - 
Manning LHL_ 
Marini' MUllsBC. 
Uaraball Plold_. 


884 
39 Sa 
14 SB 
131* 

IB 30 

I 84 

22 

344 

134 

64 

20 

36 
5i; s 

37 
434 
134 
324 


McDermott.. . 
UcDonnen Onus 
Urtintv Hill 
Ucnmns 

iletrik 

Merrill Lynch. 146a 
Mesa Patratenm . 3H7g 

UGM 27 

MizmMtnjtftHtit; 464 

Mobil L>«rp_ 69 4 

il.amacio aiTa 

Morgan J. P«J 421* 
Mutorols ...... . 354 

Murphy Ou. 1. 394 

Nabtsriv... p „.^_, 467g 
V akw Chemlral... *64 
NarionaLUfen..:,. I64 


24r a 

344 

26 

25 

16J, 

27.» 

85 

144 

57 

27 

46* 

60 

514 

434 

36 

54 

474 

264 

16 


Sau DistiUera_ 
AaL Serrice IndJ 
SariomJ 6teel M . 
-Vatoroas— 
NCR 


NmmK l nip.. ...I 

New Knstanrt 

Alajpirallu-tawffl 
3iuumra Share ^4 
N. L. U»d us rite i 
NottolltAWestemJ 
Aonh Sat. Gas,.. 1 
Minn Slates Hw*j 
Ntliwest Airliocs 
NLhweat Bancucj, 
-Norton Mlmon__. 
Gixl.ietlUi TVtmJ 
Osiivy Marimr— 
Onto B(Ueoo..„.. 
Ulm 


204 

W5a 

324 

37 

504 

15 

214 

454 

10 

104 

17 

274 

375b 

n54 

234 

2U 

165a 

204 

3/3* 

10 

164 


SO:* 
13i* 
324 
37 
394 
154 
22^ 
*54 
15 
104 
174 
274, 
37»* 
254* 
23 an 
224 
18,4 
204 
37J, 
10T S 
lc>* 


llmnsu. 


Rej-noMa Mcais-i 
Hevix'Ma lU J_.~- 
Kioh'tnn Mittrll. 
iCicfc well Inter,. : 
Rohm 3 Haas.... 


414 

30 

644 

S3 

Bh4 

284 


414 

304 

54ar 

29 

29 

284 


Wiounnta.. 1*4 Nb 

OV ; • UJjl- 

Amva. — *44 ! .« 

Zai ala ' W* j 17 ' 

ioiitb Kktt3- H .,- 11.4 ■ UTt- 
i-.rTwlj. Wi 199, t i94j| 


564 

Wa 

ll* 


K.wiU Dutcfa....... 

UusH la^ - 
llV'rii'r StTttWO^. j J5-U 
Mn»v stOrta^i 004 
St. Jue JlumJa koJa 
St. lhnw i’hiw...- 
Same Pelods — i 
Sam 

Sa.<cnu Irala 

Sr lit It •' Ilw*l4r 
SrlilnmlsTKrr™.., 

SUM., 

SLint T\|icr — 
x-nl Mr);—! 

S,-\alr’ Dmw ) nrt: 


304 v 
36 : 
34 
44 : 
114 « 

68ia 
16'* } 
1*4 j 
204 
64 


584 

1*4 

1141 

134 

584 
29 
304 
36 
34 
44 r 
It 

&0->i 

17 

134 

204 

64 


1 tS.twasiif’fc-.as 
Uj. JODnyWItoJ 


W 


Sea L\m»tDcr*^- 
Smprrain. 

Snrln iG.D.to.^.. 

Scars KnrlHicR™. 

sEDCO 

siren tm - 

STH.'liTran«pnrt~, 
signal 
SlfiiuvIeC'orn....... 357 

SiuiplietTy IV*../ li* 

SUu^r.. ' 

riant b Kline—' 

Sol 11 ran 

Sum Mown < 

SoulbeniCni.Ed.! 
Sraitbern fi 
Stlm. Nat, Rea... I 
Sinithcrn Prilfle.l 
sonUiemlMlwai'. 


21-4 

2oia 

124 

267* 
364 
26. S 

394 

29>r 

3674 

194 

471* 

l*n 

19 

254 

174 

31 

334 

•»9sn 


214 

805b 

IS* 
86 
374 
28'3 
393n 
29 H 
39 >3 
1H4 
20 
974 
111 
18-4 
254 

l/.Vl 
314 
34 
49 ri 


U rentes Sbipu nl 
Unou Gomln«„.| 
Gwens lnuoia4.'.[ 

IVt-ide Gu.. ! 

IVdO.-Usbtlns.J 
fa:-. e«r.3U_..| 
T'anAmWor-, Ail: 
firkci Hanrriftn.l 
Beabadv Int^.J 
IVn. RwJt 
Cenuey J.i 
Pennmh 


(*e,1ueaUms — 
l*top>ea««a-_ — I 
I'cpaU-o— ~....^? 


23 
60sb 
224 

24 

■ 194 
B188 
51h I 
33% I 
2Hs I 
2<J5B I 
*44 I 
284 ’ 
74 
334 
257g 


23 
61 
214 
83 ?« 
19^ 
211... 

54 

22 

214 

221; 

*44 

29 

74 

*3i- 

261* 


SmiUilnml^ i 

S’o’t Uani9hann 
Sperry- Uutelto...! 
>(*Trv KmiJ-.h.; 

Squill..^ 

suuulaM Urania 
Sttl.OilLaliluraia 
Sl.T. Ull liMllaiu. 
Sid. Ull Olit<>„... 
Snnlt CMoiiou. 
Stertlmt Urnjt ... 

Stoilrteker 

r<uii iv. 

Sui i-iiitnukil.. 

Synirx j 

IVvhlmT'k'r 

rt-lineiix...... 

TuMyoa — < 

Ii-iex 1 

lfflir>v _..! 


234 1 

24 to ; 
i5T„ ; 
*47* ! 
235c , 
29 tj , 
394 ! 

441, 

es ; 

38 - 

134 i 
454 ; 
384 ; 
524 • 
19s|i . 

10 4 ; 

*5> m 1 
62 > 
34 . 
285a i 


23 - S 

244 

16 

35 

23t<i 

as>4 

354 

45 
654 
384 
134 

46 
3B3a 
324 

io^a 

5555 

614 

3.V 

284 


Perk m Elmer.. 


ktizer.. 


[•helps TAklpe.— 
Phiterteiphla Hie. 
Philip Moiras. 
Phillips Petral'ml 

HUny«— 

PlCnev Uowea. 
I'uium 


PleaeeV Ull ADRj 


184 
331 a 
271, 
204 
194 
57 Ab 

U7S9 

384 

1&4 

234 

11 


184 

324 

274 

20 V, 

194 
57sa 
2/4 
afiij 
lSi| 
23 ? a 
174 


Polara51. n .~-. 
l-totonwe Itee..... 
PPG ii^lumw*. 
Procter GamnleJ 
Pub Serve Elect. ^ 

Puliman 

Pure* J 

Quaker Uais. 

ItopW American. 

Uat-tbenn 

1.CA 

tta| nil'll? tM eel... 


25 

1*4 

264 

62 4 

2a i E 

264 

154 

-Wb 

294 

254 


25 

la 

2ois 

82 

224 

257a 

154 

22 

*64 

291, 

237, 

24 


1V*i«ro l“ri wlruirt 

Ti-uin -i 

Ti'u»nli ; 

Ti-xili Inal 

Texas i>l| -5 iIhJ 
T.-\ns I tllitv-a. 

Time Im- ; 

Tuiu-s Mirn*r. .. 

Tttuki-n. [ 

Tthik-. — 

TiriLsim-rlea J 

Tiaiian. ! 

Trans I UM-n 

Tr.in-waj lurrul; 

Tmus \V,nKl .Mr a 

Tm veil era j 

Tn t'iiiuim.-ntaL..i 

r.i:.»' 

lAUlt (Vntun- K«'\ 

l-.VI 1 

i r a kg ci 1 

L*ii 1 

Till' . 

I'nlh-it-r. 

Eililetcr XV....... 

1'uinn lVuu-n<f> ...I 
I 'ill- -n Ciiriiiilr. 

I nn'll Gunnimn- 
L uii n Oil t'nlil...! 
t ninn Pami’u; 
r niroval 

l.’nitrtl Rninils...' 

l'n uni O-rp, 1 

I'S Uon,\-rr,. . ..: 

I’M. ilypaum J- 21»c 

1'tf.Maw. 1 D * 

I'a. Sris-I •! 

I'. TrohnutoffieO 
1 V lmliwiridi....[ 
i'irRlnn KUrl....i 

WalRa-cn I 

\Vanu.tM*t>mmn .} 
Warner- Lamln-rt j 
Wmt-Man'mniT 

Wells- Far ip>" 

Wvjtum ftiwiri 
Western X. Amw) 
IValMlI I'llK'D-, 

Wert 114: hat- Elect, 

Wertayeit. | 

IVaytThauLser. ...1 

Wlilrljwl. I 

While Con. Ind.. : 

William Co j 

Wi&owuin Elect . 


83b I 
261, 
184 
704 
30< 8 
19 n 1 
364 | 
237, j 
•»74 ; 
344 1 
14 

19*2 : 
444 : 
22 ->« • 
114 1 
27 Vi 
193* I 

ni ; 

21. a 1 
21 1 
1930 ! 
21 fc ' 
144 •' 
49 Is : 
53 

is:., ; 

394 > 
64 
967-1 
46sa I 
7*i j 
7 to ! 
104 ! 
294 


B3b 
Eftl.J 
184 
7I*s 
304 
19 s 
56 -a 
244 
47/-1 
544 
15 4 
104 
344 
24 
114 
28 
194 
291s 
22 
214 
104 
214 
14sb 
59 
55 la 
13 
593 b 
64 
46*3 
46M 


. 7*tJi 


CANADA 


■INVRu l*apei__! IO4 j 304: . 
Ajpiko Kacir,- . ' • 6 

Ahmi.\htn4MtptK _ 

H4- 

AsteatiM : 48*41 i l47*i ' 

rank >4 MonlTteii l/*i 7 

W»'j W>» 

(teak) Rparinsaa.-. -7 ... ft*. 

IMlTHtotilH-ori.J . 05 

ttov VoRm- likl*4 104* | 804* 




EPcn»hdk... L ._ , . __ 

Eiwuiq. Mil Mk 

Uitueu .u t5-8» r-tUH 

tSilcnrv Kmwr..,.; 56 ! - 564 

launwto Iwmdi u .. Mia i ul. 

OuwbtMVUndi lls» i U 

L'anliapUnkCutu. M f W4 
l atjriia lntloM,M.i t IUA, 7 1 18% 
Cm, 167* 

Lsaii IVttli: (BVh- 175fi 
Cu. 811 |mt till— B4V 
CarUnx UjEMtopj JJB 


H 

m- 


*S 


Cbienam .20% I BO-fe 

l'. -in ues«- >61* | MlJ 

Ca-ua HatlJun*.U-i **>* ! '8S*i 
Cijasnuief 164 I- 16% 

UwU Kwnmw -7% I* 7% 

V'sMUin Rirh. .^.) 8 1 )71, 

IVniwul Miora.. ■ |M% r «44 
(h-ine Mlim...... ’ 701, | 76 

Dlhih' IVtntoatn' 574 I 57 4 
IVinmL-nPrntarl t»4 ,221a 

ttomtn H>* < 16% 

Uupunt 1184 t!84 

Fkkstu'ct- Mrkw:- I174 i 17 1* 
Frau Jiotoi T%a.J 801* | 80 


liHUUm.H-.lwl .86*4 t 
titoltt lrf'wtMft? 4 - I 
GiimWCanrnto^i -88% < 
IUa ket aid. Caul "64 
Hidiuite.-.— -M- ,284 
Home Oil ’AW-- 4t4 
Utblaon IkyRnr lt>4 
llnrti-r-n Hay. tH T!!| 173, 1 
UwhmDfiAOha' 454 / 
1 #4 ■ 

lmvrn Mi . MIIIW1 '274 ' 
Incite tiU^} - 3»a* i 


iia-ii u 


In-^Ui. 


tniami .\au(%a_i 
ius'ir'vl'ipaLaei 
Kaiser Hwmnf ■ 
liaurm*t Fin Coni 
(••(•law iv-m, ?b'« 
JL-’niGrU lUeMT 
Ms«aev V b»CW W> 
U-inryiv Pritvor 
M.vreV.V'rijO-^..' 
.\i>nn>tn 8ww...r 
) Vwu ttnagjt,_- 
J AUlB. rMM n .J' 
AlinMt till itimii 
iiUuiasI Pur'll : 
Pat-ilk- CoppK 111 


22 

301? 

32&a 

183, 

14% 

163a 

5csa 

264 

18% 

24 >B 
314 
244 
167a 
17 4 
26.’ C 

25 
207ft 

204 

18% 

29 


7% 
7*2 
10 U 
294 
2I'i 
224 
31H 
351s 
IBI3 
14% 
1615 
30% 
26 1 11 

18-4 

24% 

51. 

841a 

17 

1712 

367a 

25 

30ia- 
SOU 
18% 
29 - 


I’toincPrwotouwi 49% 
Pan. Can. TV*‘m ,3 J 
mine ■ 16- 

Pfsifuro l top,. 5fc.|- **415 
! rais-Gasft Dl ^i X.UQ 
llavvrltov^tei! art) if ' 
lltwei t-oeufM’ri. - 104 

1‘rh.r n — ^_.l. 1U% 

Gtirtei siurflw! "1.36 
Kauetv — ' 

IUM8hMu_ 


Kill AlROHl^.. 
Koya- tu: ct Gan. 


lu-jiu tn r rt.. M ....S 


sraptrdbaMMs; 

Mt c< raiM.,.-. ni .7j 

stirti Gana>ia...„ ; 
alUkrlaU.Nuwt: 


Mri«wU,U. 

-imf»s-/W ... 

rtivl ul laiwVto. 
M«e*| Koch Iew«.. 
IrmaisiltoiMMa.... 
TnntiUo lk-m.8*.. 
I'm cm GairPi js-Ij] 
Traict Uouni Ollrl 
Irireo. 

.Unuu(iM. M Me. 
Walker H lra ato . 
Wte* Crawl Tnia 
Wcaton4,en.^ i . 



"Assumed. + Bin. t astro, 
4 Traded. 5 New woe*. 


SlGDiTIE! 


GERMANY ♦ 


Jan. 20 


Prlete ' + or | 
Dm. 1 — 1 


Dir. I ritl. 
% ! % 


AEG. 


Aiinni Varakfa. 

BMW 

BASF. 


Bayer- 


Bayer. Hypo 1 

Bayer. Verelnsl*l 
Clbal at J! ed-tmq 

Oa nnwiTiaiit.. | 

Conti G ntrmtl .. 
Daimler Uenz 

usr— 


Urntocbe Bank 
Orea-Tuer Bank ... 
GyckerboO Zemt| 
Guteho/Tnui^j 

Hapoji Ucyrt | 

Harpaner 
BoecfaR- 
Hoeacfc 


K a n Tiro l . 

Kloctmer Dm 100J 
K HI) 




UnPnbrauDm ICO) 
Lorttenaa 
MAN 


Manne 


Metal iftD*. . , . . 

Uuncfaener Huck-j 
rtei-termann...... 

PreuaeacDm LOO 
Utoifl west Elect. | 
jdKrlot 
Btemens 

dud i^ncker 

llysaen A.0^. 
Vartn 


VKUA. 


Verelo A Watt Uk 
olkswacen 


95.5+0.2. - 

494 ; J ,18 

284.G 

142^. + Lb 
138.7:4-0:9 
293jd+2 
313xr -r-1 

150 

225.3 +DJ j 18 
75.5 +0J5 
316 -4-1 
268.5—0.5 
1S3j»I 4- 1.5 
312J3’+0-5 
261^' 4-0.5 
158 ,4-2 
212 |4-1 
116.6:4-0.5 
240 

131.01- 1-0.7 
43.81—0.3 

131.01— 0.5 
153J 4-OJ 
338 — 1 

aia 4-1 

B9.D 


PARIS 


Jan. 20 


I 1-8 

|4.4 
6.0 
b.7 
f 3.4 


leaoi— 1.3 

98.0—1.! 


240.5 +0.5 

1,630 

113 4-3 

2063 4-3.3 
168.8+3.8 

236.0 — 3.5 
520 +10 
122.5+0.5 
120^1+02 

304.01- 0 ja 


19 
18 
14 

20 
~20 

4 

12 

12 

*9 

16 

4 

10 

9 

20 

20 


3.2 


4.0 


12 


268 

296.1, 

254 

120.3! 

176.0 

116.71 

304 

214.5 


1.6 
+ 0.1 
+a 
+ 1.3 


+0^ 
+ 2 
+ 1.7 


3X1 

3.3 

4.5 

3.2 
4D 

1.3 
2.9 
5.2 
3.8 
6.1 

4.6 

3.8 
2^ 

2.9 
4.5 


3.6 


BRUSSELS/LUXEf^OURG 


Jan. 20 


-trted. 


Bq J Bnt.Iftmti... 

Hekect ,, B"___ 

UJBJC.CaiiMiaL...| 

Codterlii 

EEK8 

Kteetrabfli 

Pabrique Mat—. 
G.U>Iu»-Ei 
Qeva 


Price 

Fra. 


1,990 
1,432 
1.730 
1.174 
374 
2,5 99 
6.140 
2,430 
1,875 

lJilB 


645 
JL866 


- 2 


-10 
+ 125 


4-0.15 


- 3 

- 4 


BRAZIL 


Esnanola Sine 

Expl. Mo Tin to 

Feesa (LOOOi 

Fenosa <1,0001 

GaL PTedados 

Grupa VeLunnea (400) 
Hldrala 

Dwcdaero 


293 

143 

+ 3 

Jan. 19 

“HteT 

Crur 

+«r 

THvT 

Cn» 

YJS 

% 

31 




1.28 

-0.1.4 

).U 

9.38 

328 


Jtonw Bouii UP. 

3.91 

+0X1 

A. 18 

4.60 

722 


BelKi 11 main DK 

L5B 

-0.82 

9.12 

7.h9 

126 


Doom UP 

0X8 

+TJX1 

0.14 

14X6 

53X 

- U 

Into Amer. UP.. 

2.74 

+O.U9 

8X0 

7.30 

m. 

__ 

Mtnmwain OP.. 

U.4B 

— D.uJ 

1.1 ti 

7.23 

104.75 

+ OX 

PKrahr/b- PP.-w. 

3.16 

+U.U8 

J.10 

4.16 

65X 

+ ox 

PlrelUoP^. 

1.84 

— 0J« 

j.lb 

■3.70 

71 


cam Urea OP_ 

3.46 

+0.81 

/.Bn 

d.66 

100 . 

— 

Vaip RioIJo-’- PI 

1.77 

+0.84 

.13 

7X4 


76 

KJ 


+ M5 
+ LM 


VnL Cr. 174.1m. Share/ 88 An. 
Source: Rin 4* Janeiro 8 EL 


MOTES: Overseas prices exclude 2 premium. Balaian dividends ore after 
withholding tax. 

+ DM30 den am, unless otherwise snood. <9 FtasJW denom. noless oth e rw ise 
stated. 4> Kr-IOB denom. unless otherwise stated. 4> FrsJOO dsoon). unless 
otherwise stated. B Yen SO denom, uafeu otbarwlse stated, sprite « Omr of 
suspension, a Florins fi Schillings, c Cents, d Dividend after pending rta&tA 
and/or scrip Issue, c Per share- t Francs. 0 Gnu div. %. a Assomad dlvMond 
after scrip and/or rig&u Isnue. fc After local taxes, nj % tax freo. * Francs, 
mdadmg Unflae oiv. pNom. a Share spllL s Div, and yield exclude special 
payment, r Indlcatad dlv. a UDOfflcUl trafflntf. v Minority boWers only. pMorger 
pending. * Ashed. tBUL C Trued, t Seller- r Assumed, rr £* rights. xdEx 
dl rid end. xcEx scrip ton. xaEx alL a Interim since increased. 


HoMsim... 
Intonnu.. 

Eraditetenlf .6,160 

Drt«oJ6.l60 
Pao ffohUnito... 
Potndlna, 


doc Gen Buqn: J2.7B t 


dec Gen Bel£lqae| 
Mils...., 

Soi ray 

rtaeUrm Elect 

GCB 


tin. Uln. (L/tCb 
V lei Me Uomturnej 


2,500 

3.725 


1.885 

2.920 

2.445 

[ 2.000 

1.000 

736 

1.452 


+ <« 

dlv. 

Fra. 

.Vet 

YUL 

i 

-10 




+ B 

60 

4.2 

-20 

112 

0.5 

-O 

UU 

7.8 

+ 2 


— 

+0 

177 

7.4 

-50 

Ml) 

1J0 

-65 

170 

h ft 

+ 20 

130 

«jy 

—2 

80 

b.b 

— s 

160 

6.8 

-15 

142 

7.6 

— 

265 

4.0 

+10 

506 

6.9 

S.e 

4.6 

+26 

174 

+ 30 

189 

6.9 

-10 

Ub 

7.2 


BOB 

■1.0 

-10 

A <0C 

8.2 

—So 

162 

6.5 

-4 

— 


-4 

GO 

3.1 

— 18 

100 

6.9 


SWITZERLAND 0 


Jan. 30 


Al uminium 

dUC‘A' 


GLbaGelja < <FrJOa 
Da Pt-Cerw 
Da beg..-. 

Jredh Sainee.. 

Kiectrowatt. ..... 


1.270 

l,69d 


Fla her (Geonm.. 

1 Pi.C«v*i 


Pries 

Pre. 


tluOnun 
Da tsmaif).... 

intadwl B L. 

Jmmoll (Fr.LOD.. 
Nesue(Fe. IQO).... 

Do. Reg 

Gerllknn -ejF.dal 
Pirairt aiPJf.lOu 
3Sndox.iKr.hd0i.. 
Do. PanOertStu 

achiodier UtoF l® 
dinner tUtsA-.iOU 
awlnslr (FJ&OJ— 
’irira ItooklF.lOCi 
ftiwta* (Ho.K,8S0)- 
UuiOn Bank 
Aurtoh Ins.. 


1,110 
870 
, 620 
2.226 
1,690 
740 

e.ooc 

8,900 

3.300 

I. 480 
3,620 
2^55 
2.460 

270 

3.950 

478 

300 

359 

811 

420 

ksoo 

13^65 

II. 600 


+ or 

Div. 

% 

f? 

-IS 

6 

2:3 


10 

2X 


22 

2.0 



22 

2.6 

-4 

22 

d.B 

-10 

16 

3.0 


16 

ax 

+5 

6 

3.4 

-750 

550 

0.6 


55 

0.6 



20 

3.1 

+ 15 

- 20 

1.3 


HB5X 

2.4 

“ 

js83X 

3.8 

-is 

14 

6-7 

+4 

15 

5.6 

-60 

26 

1.6 


26 

2.7 

—5 

•'•ri 

IX 

-1 . 

14 

n-8 

+ 1 

8X7 

3.7 

—3 

10 

B.3 

-7 a. 

4 

2.0 


20 

3.1 

^ido 

40 

1.7 


Kealc ■ ...._ 
AinqueOocRl'l'le- 

Air Liquide ' 

Aqmraine.. 

clC 


cratyeues 
>’-3.N. Oervais_..' 
Garreloor 
G.G.K. 


L'.I.T. Aicmtd | 829 

Die Usncalre 

Jlnb Me- if ter. 

CralU Gom Frit*. 
Greusot Loire— 

ll nmci 

rr.PetnMe* 

Gea Deed- ton tale 


Price 

Fra. 


741 

311 

2&0 

311 

514 

368JSI 

348.0| 

Uo7 

266.0 


+0 9 

+ 2 
-1J5 
— 3.6 
+ 1 
1-0^ 
+ 8 


283.51— 4.5 

335.51— 4.0 


1U5 
5^.6} 
448 
96.05 
178.6 b 


J-tiduos Eorsf. J 

is targe 


£/ Great. 


Lexand^. 
Maiaotrj Pbeolx J 
ML lteiln 
iluet BotiMHfi 

Moulinex - 

Pari t>M_ M . M . 

fedUner... 1 

Pernod-UiriBtirt.J 
Peugeot-CltroeuJ 
LWialo 


Radio Technique 
itetoute 

Rhone Pouieoi- | 

luOobaui 

=Wn Koastcuol. -^j 
duez 


lOtomeuuiJque | 

Chomsoo Uraartt 
Uslrtnr 


53-5r! 


140.8) 

495 

1,342 

710 

1,095 


335^—4.0 


169 .Oj 
140 0 
69.01 
193.Sttl 
273.3 
102Jj 
349 


490 


t.0^1 


119^1 — 0.8 


1.67J 
212^1 
644 
134, , 
20.6 


4-nr 


+ 3 
+0.6 


-0.05 

+(X6 

—0.85 


Da., 


1 * fl *i 

|ei.ib| 
18.6 
24 
,11. U 
\S*-* 
3F.t 
60 

flsJfl 

12 
6.6: 
ll.l 
12 
18JB6 
14. ID 
6.2b 


Y«l. 


J.6 

6.6 

6.6 

1.7 
4A 
B.7 
10.9 

4.8 
10 8 
7.0 
4.2 


i.v 


10 8 
*2.8 
-.6 
14JI 
4.6 


lUiMN— 0.6 


-OJ 

—15 

-9 

—21 

~1U 


— 4J3 
+ 2.6 
-1.5 
+001 
-4.4 
— 1.5 
1-7 


1—1.0 


+ 3J 
+2.5 


2.0 

1-1.4 


6.281 9 8 


x’i.m 

lfi.aW 
31.* 
39 j 
3/i6l 

1M 

‘sa 

12 

15 


asj| 

24 

9 


11.66.11.4 


39 


112 
3-2 
24 
6 6 
3.0 
o.b 
1.9 

14.2 
10.9 

6.2 
5.4 


7.3 

4.9 

17.8 


2.2 


26^112.0 


-15 .(21.761 4.0 


16.1^11.3 


STOCKHOLM 


.20 


AG A A» iErA/J)J 
A-ta Laval 8<K.r6Qi 

AdBAUCr^O)— 

A£M<*JofKotl£r.2hJ 

mi 1 Brad 

dolors 


Jeliu 

Elect’iux -2(KJ)0l 
Eriewan 1 BVKr J)C| 

bww-ir 

FsfiOTt*™ 

(i ranges (tree) — 
Uanaelatenkea 
Uaraiioa— 

Uu Ucb Domsto. 
snndnk AJ3 


i.KLF. ‘B Era 

S kauri Enxkihla... 
Canrtsdk *U7 li 60J 
Uddeholm 
Volvo (Kr. SOL... 


Price 

Krone 


175 
151 
102 
l« , 

78J5J 
120 
376 
196 
130 (—2 
133 L 


+ 1 
'—5 
-1.5 


+ 1 


222 
82 
53 
266 
116 
63 
211 U4 
70.5]-3 
13d 
90 


70 


+re 


+ 0.5 


42 I— L5 


+ 1 


Dlv. 

Eft 


5.6 

6 

6 

6 

46-8 

4 

12 

10 

a.6 

a 

8 


14J71 

6 

6.6 

3.03| 

4J 

8 

6 


3.2 

3.3 
6.0 

5.0 

8.7 
3 J 
3.2 

5.1 

4.2 

4.7 
3.6 
10.1 


5.8 
7.d 

9.9 

2.4 

6.4 
6.1 
5.6 


6 I 8.B 


COPENHAGEN * 


AUSTRALIA 


Jan. 20 


AL'HlLOScemi . 

AlHtai Mntfc-Tnie. Indus SI 
'impoi Kxptoratton— 


Assoc. Pnip Paper SL 

Awe. (Jon. Industries — _ 
Aiam Foundation Invests. 

A. 81.1 • 





Broken Hill Proprietary 

itoriUm United Brewery — 

iLJ.fSnto. • 

CBU(Ol). 

uotM. OdidAshts Are—— 

Uonzlnc Uodnip , 

Du^jOji Unbter tSI) 


8X. lalustriM 

Dm. Property Trust — 

tUntet , , 


LU.I. Acwtmlia 


Inter-Copper 

JraatagslDrlnstaries . 
Jones Ulaviiito 


H-ra 


Aura, S 1 — 


T0.76 

tO.80 

tB.25 

tl.25 

tO.S8 

to.as 
tl.u8 
+1.75 
t0.94 ■ 
tl.63 

10.39 
10.27 
10.94 
tLO 
tfl.34 
to. 98 

11.8b 

11.88 

13.U5 

12.40 
•2-OS 


-0.03 


1+0.02 


Hl.-ll 

- 0.02 

M.01 


-n.m 

-OJM 

+u.O 

-d.08 

+0JW 

1+4.82 

-0.05 


t2.05 

10^9 

U-34 


HLW 


12.26 
11.30 
11-35 
11.0 
11.90 

ta .02 

11.41 
ta^S. (+4J5 
10.76 


-0.01 
+0.0 B 
Lfl.BE 
+0.02 


-0.02 

H-oi 


Ketaifl Hxpltniipv. 
U1M HeJtilage___ 

Hyex Jfcoportasci; 

S ' 


Hi&taoiaa (ouraacianal__l 
Worth Urokan H ’.tinge (WcTj 
Uauiwidge- 

Uti deareft 


Ptoueer .Conerew. .. 


Keddtt Sc Coliraui.... 
a. u. mouth. 


atMtbtand Mlnlus.„ 

T'txah (81). 

IVaitona 


IVeaceKi SClning (fibeente).. 
^ooTwoithi — .- 


tO .9 9 
10.16 
11.73 
tL93 
12.25 
10.96 
fl.13 
Jl-76 
tO .09 
11.41 
I3.8h 

10.76 
10.19 

11.76 
10.96 
11J1 
1L61 


j— 0.01 
(+0.03 
1-0.01 
I-0.B2 
1-flJM 


Ha-os 


ko-ai 


r+o-M 


+0.02 


AMSTERDAM 


Ju. 20 


Ahoia Tift. dO) 

Akzo <Pu30)_ _ 

Ait'Cm Unk(Vl/10q 
A31EV. (Pi. 

Amra 8ank(FIJan| 
Bljoiimri (VlJ^., 
BokaW(Wm<FUO| 
Buhnn -TBtterodej 
KlaevVar 

Rnnla N. V.Eeued 

BuroCmnTraPLlof 

8iatHnnrise(PJ(l 


Jon. SO 


Atktou»l»Mken— ■■ 
Htmn'strWjve - 
Danske Bank.,.. 
Btvn. Asiatic 0o„ 
F lnmrntumtrwi. 

PteJlrycoerrer-. 

For. Pa/ur ..... 

Handeiatnnk 

G.N'th’n B^Kriq 
A oud Kahei — 

Ulfebbrlk 

Privutank ... 
Provhnilauik. .. M .l 
aoph. uerendjan.| 
aoperibe. 


Price 

Krooer 


139 
426 
1285* 
242% 
llal* 
335 
' 80 
13&U 

251 
256 
94ii 
1353* 
142 lg 
369 
1921? 


-u 


+ OT 


+3 


+ 1% 


+ M 
4-3 


+ 1 
+2% 


Bis: 

* 


sa 


7.7 

3.6 

8.3 
5X1 

11.3 
3.5 
10.0 

8.3 

4.3 

4.7 


MILAN 


Jha. 20 


Ante _ 
Auaonla 

UtOUKI. 

Fta 


Da Priv 

FltoUer , 

1 uuxoKnd 

Mpl io ten ra ,^. 
il«Haliun 
l Jit veto Priv m 

Pirelli A C 

Pirelli Spt 

Ails Vkv+vni.„ 


Price 

Un 


124.00! 

1.000 

371 

1.918 , 
1. B19.76| 

^ 73 
19.700 

108 

30.600 

141.361 

740 

1.968 

1.005 

401 


■for 


l-l-Ol 

+49 
1-9 
+ 6 
+4.7B1 

J-i° 
I-ISOJ 
,+ IJ6I 

pi® 


-n 


TStf 

Ure 1 


xm 




20a 

l5a: 


110 

80 


m. 


18.0 


7.8 

9J 


2.0 

3J9 


5.7 

ao 


67.5] 
S47.W 
124.51 
«1 

Hrineuen (PiJ»)J103J5eI 

Hooct/VOT b ( FKD*)] 

Hunter D. <£.100M 
i H C. Hcifautd.Jf 
Kr.M 

Ink Mailer (L2 lV 
Naaidfffl (F1HJI-J 

NatSedlnMVLq 

NedDredBk (FI2L 
Ned.MhlBktPH60| 
UoeCFlJ0)^_ 
VanOmmeren- 
PBAhned (Fi^Qf.-! 

PbitlpelFiJCD 

ttJjiufchVerfi.M 
Uoteou (PUO) — | 

Koinco 

Korvnto (FLtS® — I 
UpyaTUatcblRLSOj 

^kivenhorg 

3tevmGrp(B).2Q) 


Tokyo Fae EUdaS. 
Uni lev 


iever(PiJK9 
Weetlapd/a Bank. 




FU. 


99-W 


143.31 — 0.4 


329.0 

76.S 

61.2 

82.21 


+ « 


+ 1 
+ 1 
-0.1 
-0.2 


120. 8j — 0.7 
+ 1.2 
+0A 
+ 1.5 


+0.3|46.2 
20 


—0.3 
+03 
26^— 0.6 
24.0-0.1 
14-6+0.1 
128.8- + 4J 
39.Ui+0.£ 
57^— 0.7 
99ei 

49!a+oj 
ieawl 

154^6j— 0.4 
141.0 +Q.S 

44.4*0,9 

28X1—0.1 
63.8+1 . 
166.51-1.4 
-llfl.01-1 
130.6J+04I 
127.Si+0.1 
238.71-0^ 
147 L 

sa.a....^.. 

121^ ( +J.4 
42:6f— 0.4 
412 1+2 


Div. 

% 


24 


tea 

70 

25 

121 

32.6! 

22 

14 


YS. 

% 


4.8 


6.8 

6JS 

6.7 

5.6 

5.8 

7.6 

1.7 

4.6 
S.'i 

5.6 
3.4 


TOKYO S 


r» 


Jam 20 


Arabi uia»B..„„ 

(Jfc.ni. 

Uarto. 

Chinan. 


I to! Nippon Print 

Ru)i Photo 

HI tecta 1 

Hon la Hatora — I 
Home Foot...™ 

U. Irob 

Uo-T..k«du„™_ 
Jaia* 


JAJ. 


’Price* 

I'm 


^urt? iin price 


Eanral Biort.Pw. 
nomntro 

hutora.. 

Ej-otp Ceramic... 
Alaiouehira 1ml.. 
U iuubiBhl ban k M | 
Miuutns hi Heavy 
Mitsubishi CorpJ 

MluulACo. ' 

MlUukcahl 

Nippon Deuao — J 

Nippon bhlnpon.. 
Ninon Motors 1 

Pleoeer 
danyo Elect rie— ... 
dextou* Pret*Ux_„ 
dhueddo— 

Sony.. 

LVlflho Marine..... 
IXkedt Ctealni. 
TDK- 
L'ejUi 


316 

447 

549 

400 

533 

513 

198 

6U8 

918 

233 

1,250 

610 

2,700 


!+8 
i“l 


(-18 
+ 3 
: — 2 


14 
12 
2b 
30 
16 

15 


2.2 

1.3 

3.3 

2.5 
1.7 

1.5 






+ 1 
1-20 
— 1 
-10 
1—4 


I'atto Marine—... 
Lokib Elect PowV 


TaKyorienyo..‘.._ 

CobyoBhibaiirn.., 


I l asay. 


Ccrenb* Meter 


I — 6 
+ 1 
h-2 
+ 1 
h-1 


[—20 
+ 12 
+ 1 


1.C63 
301 
271 
2,420 
■689 
280 
146 
415 
315 
618 
1,070 
580 
702 
1,470 
210 
1.010 
972 
1.850 
253 
274 
1.450 
120 

1.110 l_io 


12 I 3.0 
18 1.8 
, 1.9 

It 

1-3 
4.7 


1-10 
+ 27 


+ 10 
+ 5 


3.0 

a.8 

U.7 

1.7 

1.8 


FT 


1 + 1 


2S5 

124 . 

132 Ui 

MS C XS 


i+30 1 au 

|+a / 10 

11 
u 


12 ! +!i 

la j 1.6 
14 a. a 
20 1.9 

18 I 0.7 

12 j 1.1 
16 1.1 
48 1.6 

12 a.9 
so i.a 
2U I 1.0 
40 1.1 
11 2.2 
la ; 2.7 
1.0 




4.2 
1.1 
. 3.6 

12 2.4 
1U I 4.0 

i 5 ? i s - 8 

2iJ - 1.3 



Sempertt " 

dteyr Daimler— j 
»*il Mavnmli... 


IOHANNESBURg 
hikes 


Jail SO 
Ahgta American Conm. 
Owner ConsoiM-^U™' - 


•sia 

10 


0.8 


W7.5 


20 

A34 

8 

21 
16 


eS 

ASO 

Id 

27i 

30; 

IAhiji 

20 

32 


9.1 
2.6 
4.7 
8.0 

5.6 

4.4 

3.7 

9.4 

5.1 


3.5 

7.8 

7.9 
3.7 
0.8 

6.9 
1.1 
3.9 


OSLO 


Jan. 20 


Bern™ anntt.——] 
1WHTC Jill* rtf • ’-.-n] 
Credltteok— '■ 


EredtanMnee— — 
NtBaLBvdreta^ 
dterebnnd— ' - 


tfrlue 

Kronei 


69 

61 

.113 

317.8 

Hi 

191 


+ w | DivTiYuT 


I— X 

'.5 

-0-5 
+ 17.« 
—2 


% 


»s£3_“.I$3 


10.1 

6.6 

tie 

6.3 

b.s 

5.D 


|» aSS 11 " 1 

Ets&nrs . — 

Harmony .. 

Kinross ■■ ■"” ■ 

Kloof .... - ..... 

gTSSff'sassrr: ts 

South Vaal 


Rarui 

3.1i 

3.SII 
11 V. 
2. NS 
tj.no 


—or- 
■10.11 
+ 0-0 


-lip 

-0.1 


«■ 13.uu 

Gow Fields SA 

Union Porpor.trinn 

- 4.7B 


+0,0 


forporarlntj 

toSs:«sa™ 

East Rand l*iy. "" 

p^n«l Sl ' ,,l, n "1uW 
Proatt/nt Brand .„ 

SSSS, S1 "™ : 

Wellcom 


+0.2 


( iy 


- 5.7P 

3.S0 

■ 

- l«.od 

- Jim 
3.10 


p RlCE 


CHI 


+a 1 


+0./. 

+11:1 


West Drteim'vm — L* 

gpm gg 

IHDUsriiVA'ii 12 ^ 


+UJ 


“0‘. 


hjfcj 

-i.J3 

il.:% 

0. 3U 

1. Nl 
2l.*> 


A ECX .... 

il? r Wwady 

A^raneo ^ J-g 

» *^ "r.: ■: jg 

Hnlrt)Jl r — 

MjflVK p r, .*'"’ an 

«!!"!!,- 

&£' *0* s ^r' 

K.\. Brewcn^s 

BSSc *■“ 

OK 

SecarlUcs 


-4.1 
-J-n.r 
4 0.1 
- 8.1 


46. 

+0.» 

-i'U. 

-A. 


—0. 


N311 

1XJS 

1 IK 

:m 

0.41 

1.45 

1J« 

T.Oo 

f.:u 

M7 

0.0)1 

uu 


-0. 




♦0 


+0. 


—II 

-fl 


1 


32J' 


4 '.3 






Financial Times Saturday January' 21 1978 

’ tfinll??''- y? ■■ ::•• 'V: - - ■ 


23 


New posts at Firth Cleveland and GKN 


Mr. P, B. Hamilton, chairman 
id joint managing director of the 
■ rth Cleveland subsidiary group 
GKN, has been appointed a 
rector of companies comprising 
e BKL Alloys Division of FS1 tTH 
-EVELAND: They are BKL Bold* 
r . gs. BKL Alloys, BKL Extrusions 
M\i. d BKL Fittings. Hr. Ian 
"nicNae has joined the Board of 
<N REINFORCEMENTS as sales 
rector. He was previously with 
H. Robertson (UJC.). 

•k . 

To enable the group to respond 
ectively to opportunities offered 
’ • ..the new .relationships with 
nque Arabe et Internationale 
hvestissement and with First 
' ty San corporation of Texas, 
LL SAMUEL GBQTJP is being 
organised into three principal 
in age merit groups and Sfir 
•bert Clark will be the chairman 
. each of them 

■ Hill Samuel life and Investment 
magemeht; This group, of 
ilcb Mr. John MarahaD will be 
ief executive, will be respon- 

_ ile for' the direction of Bill 
muel Life Assurance and Kill 
. muel Investment Management 
\ Marshall win be chairman of 
th the latter companies which 
rether manage funds, exceeding 
dbn. • 

-1111 Samuel Broking and Con- 
Itrng Services: M*. Victor Wood 

' a be chief executive of this 
>up which will direct Lowndes 
mbert Group, including Noble 
wndes, and Lambert ‘ Brothers 

■ IppiPg. Mr. Wood will be chair- 
in of both the latter companies, 
■Till Samuel and Co_- As. 
nounced last month, Mr. John ‘ 
on will be chief executive of 
b merchant banking group. 

Sr. Malcolm Bevrtt, at present 
llor group manager (polyethey- 
■e) at the Teesside works of 
PERIAL CHEMICAL INDUS- 
JES, has been appointed proj^t 
inagpr . fPropathene). in - IQ 
sties division’s engineering 
- j ailment at Welwyn Garden 
y, from February L 

* • 

rhe JARD1NE ... MATHESON 
;OUP has completed, a major 
itrucrurtog of its insurance 
iking interests in the U.K. and 
operating company, Jardine 
theson Insurance Brokers, has 
;n established as the principal 
ding company, based - in 
□don. It heads five 'operating 
icerns which will each be 
. sponsible for development. 



Commodity OFFER 42.6 

rrast BID 40.5 

touble OFFER 90.0 
Dption Trust BID 85.0 


Commodity & Gonera! 
Management eo Ltd 
8 St Georges Street 
Douglas hie of Man 
Tel: 06244682 - . . 



marketing and general adminis- 
tration in specific insurance 
broking areas. He Shnon Keswick 
has been appointed chairman of 
the new company and Mr. D. G. 
Lyon is joint deputy chairman and 
managing director. Mr. Lyon con- 
tinues as ebutrTTiaw of Thompson 
Grgbam and Co..- and is also 

c hairman of the Aviation Com- 
mittee of UoytFs. Insurance 
Brokers Association. -Other 
members of the Board of - Jardine 
Ma theson Insurance Brokers are 
Mr. It P. d’Ambnumnenil (joint 
deputy chairman), Mi*. K. Brawn, 
Mr. D. E. Corteau Mr, M. P. 
Dawson, Mr. P. ^ra-BDUmon, 
Mr. J. W. Haytaz and Ur. T. 
Monoghan. 

. * 

Mr John A. HdknisM bag been 
appointed chairman and Mr. 
Albert A. ThornbrOBgh. deputy 
chairman, of MASSEY- 
FERGUSON. Mr. McDougald, who 
is chairman and president of 
Argus Corporation, a Toronto- 
based ‘ investment" company, con- 
tinues as chairman of the execu- 
tive - committee ■■ and Mr. 
Thornbrough as ■ president and 
chief executive officer.- In addi- 
tion; Hr. EL. N.. R. r Jaekinan, 
chairman - of the Empire Life 
Insurance Company, of Toronto, 
has been made a director of 
Ifasgsy-Ferguson- - 
★ 

LEX SERVICE GROUP has 
made the . following 1 three new 
executive Board posts: Mr.- Gilbert 
Black, chief officer; Mr. 

G, Lionel Harvey, corporate 
pla nning manager; -and vMr. Jim 
White, who is responsible for Lex 
Hire and Leasing and Transporter 
tion. 

* . 

The Secretary for Epergy has 
appointed three pew -members to 
the- ADVISORY COUNCIL ON 
ENERGY CONSERVATION. They 
are: Mrs. CL Pfflay, ^Engineers’ and 
Managers' Association: Mr. J. R. 
Foster, Amalgamated Union of 
Engineering' Workers; -and Mr. J. 
Edmonds, General and Municipal 
Workers’ Union. 

■ -tr ■' 

Mr. Paul Tebbutt iuu' been 
appointed sales and marketing 
dire ctor of -BOWKER BROS. 
(CUTHEROE), a member of the 
CHI group: 

- .* . ’ 

Mr. Venum J. Gunner has re- 
tired as a director of.SirSN- 
ROUSE REED SHAW - LONDON 
because of ill-health. • 

★ 

Mr. Mike Oxley hag- ' been 


appointed managing director ol 
BUCK NATIONAL SYSTEMS. Be 
joined the company in 186L 
* 

The • Council of the 
EUROPEAN OPTIONS EX- 
CHANGE in Amsterdam states 
that Dr. T. E. Westerterp has 
been appointed general manager. 
Be was formerly Minuter of 
Transport and Public Works of 
the Netherlands, and has held 
the office of State’ Secretary of 
the Ministry of Foreign Affairs. 
Dr. L W. G,_ Shplten was 
appointed manager of the 
European Options Exchange at 
its formation in November 1977. 
* 

Hr. Vic Williams, at present 
deputy chairman and managing 
director -of IPC SPECIALIST AND 
PROFESSIONAL PRESS, bus been 
made chairman. Mr. John RedJng- 
ton, who is a director and pub- 
lisher to the Women’s Magazines 
Group of IPC Magazines, has. be- 
come managing director of the 
company. Both appointments are 
effective from February L 
* 

Mr. David Cotemds, genera] 
manager of ARGUS NEWS- 
PAPERS, has been elected 
managing director. - 

Mr. Herbert F. Fisher, secre- 
tary of the LIVERPOOL 
VICTORIA FRIENDLY SOCIETY. 
is to retire from February 12. 
At the same times be. leaves a 
number of other positions In in- 
surance. 

★. 

■ Mr. Bill Baaden, education 
secretary of the National Associa- 
tion of Teachers to Further and 
Higher Education, has been 
appointed director of the 
CENTRE FOR INFORMATION 
AND ADVICE ON EDUCA- 
TIONAL DISADVANTAGE 

(CED). Be will take up. his 
position with CED . after .Easter 
when director Mr. Colin. Roberts, 
on secondment fro m th e Inspec- 
torate to establish CED, wi]] be 
returning to Ids duties at the 
Department of Education and 
Science. 

Mr. D. A. Walker is to become 
chief of the economic Intelli- 
gence department at the BANK 
OF ENGLAND from March 10 
on the retirement of Mr. M. J. 
Thornton. 

. ’★ 

Mr. Derrick fcirfwhfetie has 
joined HENRY BOOT CONSTRUC- 
TION as a director of the build- 
ing division w&h responsibility 


for the midland region as its 
chairman mid managing director. 
He was previously with John 
Latog 8®d Son. .. 

* 

Mr. Jack Burnett has been 
appointed group director of per- 
sonnel for NATIONAL CARRIERS. 

■*: 

Mr. Ronald Millar has joined 
SIMON-BARRON (Simon Food 
Engineering Group) as director 
responsible tor the company’s 
plant contracting. He was previ- 
ously engineering director of 
Hcenan Environmental Systems. 

* 

Mr. Tony de Boer has joined 
the Board of BEVERLEY ENGI- 
NEERING- He is chairman of 

Attock Petroleum and a director 
of other companies. 

★ 

Mr. Andrew Ray has been 
appointed the first technical 
director of BOC- He la succeeded 
by Mr- David Peters as chief 
executive, engineering division. . 
★ 

Mr. Frederick Long and Mr* 
J. E. Moffitt have been appointed 
members of the NORTHERN 
ECONOMIC PLANNING COUN- 
CIL. 

* 

Mr. D. E. Weimer has been 
appointed managing director and 
chief executive of M. L. ALKAN 
from February 1 to place of Mr. 
C- F. Corfe, who becomes deputy 
chairman and will continue as an 
executive director until his retire* 
merit In October. Mr. B. Essex 
has resigned as a non-executive 
director. The company is a 
member of the Guineas Peat 
Group. 

★ 

Mr. Mark Price has been 
appointed finance director of 
A VET .TNG MARSHALL and Mr. 
Peter Quick becomes managing 
director of Self-Changing Gears, 
members of the Leyland Special 
Products group. 


THE OUTLOOK FOR 
COMMODITY FUTURES 

-This monthly investment bulletin gives our view of the 
likely future performance of the principal commodities. 
Send for ypurfrpe-copy now 

TorCofmrtcoConwwdttieiUmited, Bridge House: 181 Queen 
Victoria Street London EC4A4AD I would fike to receive your 

monthly investment bufefin The Outlook for Commodity Futures" 

. . *1213 

Mr/Mr«/Mks : 1 — 


Address 


Postcode 


COMETCO 

The Commodity Brokers 


Council homes 
go on sale 
for £5,000 

BIRMINGHAM’S Tory-controlled 
council is offering to sell council 
houses far as little as £5,000 
each. It has 35,000 unmodernised 
pre-war bouses and about 1300 
are left empty each year. 

Under a scheme announced 
yesterday, tenants will be able 
to buy them as they become 
empty — with 30 per cent, 
knocked off the £7.500 market 
value. 

Ratepayers will be saved the 
cost of modernising the proper- 
ties at an average cost of £4,700 
each. 


WAJtDGATE COMMODITY 
FUND 

nt 38th December IT77 C9S7-C9.H 
WCF MANAGERS LIMITED 
P.O. Box 73 
St. Mbr, Jtnqr 
0534-29591/3 

Next dating* 31st Janony 1970 


international financial news 


Profits up 
sharply at 
Alcoa of 
Australia 

By James Forth 

SYDNEY, Jan. 20. 

ALCOA OF Australia, the inte- 
grated aluminium group, boosted 
its profit almost 53 per cent, from 
$A42.7m. to SAS5-2m. in 1977. 
The result Is four times the 
SA 16 - 2 TH. earned in 1975.. The 
result points to a buoyant result 
from Alcoa’s major rival, 
ComaJco, part of the Rio Tinto- 
Zioc group, which is due to report 
next week. 

Alcoa is owned 51 per cent by 
Aluminum Company of America 
with Australian companies 
Western Mining Corporation (20 
peri cent), BH South (17 per 
cent), and North BH (12 per 
cent) - holding the remainder. 
Alcoa is paying dividends to itB 
shareholders of SA3325zn. Sales 
revenue rose by $A99m, to 
$A438 hl, mainly from higher 
shipments and prices, of alumina 
and aluminium. 

Alcoa directors said that most 
of the company's facilities 
operated at or near full capacity. 
The resulting higher cash flows 
enabled Alcoa to reduce its bor- 
rowings, which had been in- 
creased to finance expansions 
completed in 1976. 

Directors said that assets of the 
group were “ conservatively ” 
revalued during 1977 resulting in 
the issue of 125m. free shares. 


Westrellan Farmers Co-operative 
(Wesfarmers) to-day disclosed 
that it bad been prepared to 
extend an offer for the entire 
capital of Cuming Smith, after 
obtaining 50.4 per cenL of the 
company through purchases on 
and off the share market Wes- 
farmers had written a letter 
confirming its intention to offer 
SA2.46 a share, the highest price 
paid in the exercise. 

Cuming Smith directors called 
on Wesfarmers to extend an offer 
after control bad been obtained. 
However, earlier this week the 
Cuming Smith Board said that 
legal action was proposed because 
legal., advice suggested Wes- 
farmers had breached the Com- 
panies Act in relation to some of 
the purchases. 

Wesfarmers said the proposed 
legal action could only be con- 
strued as rejection of the 
approach and Wesfarmers had 
little alternative but to abandon 
any intention to make an offer 
tor the remaining shares. 

Wesfarmers would only re- 
consider if Smith directors would 
meet ip an effort to “co-opera- 
tively resolve ’’ the outstanding 
matters. 


Higher profits 
at Ciba-Geigy 


BY JOHN WICKS 

SWITZERLAND'S largest chemi- 
cal group, Ciba-Geigy, has 
increased profits tor 1977 on the 
back of a rise of 5 per cent in 
turnover to SwFrs.9.94bo. 

A letter to shareholders of the 
parent company, Ciba-Geigy AG 
states that group profits for 1977 
will emerge higher than the 
Sw.Frs.320m. achieved in 1876 
but will still toll short of the 
levels of 1973 and 1974. The 
group returned a peak 
Sw.Frs.567m. in 1973. 

The upturning sales is less than 
the 6 per cent, growth reported 
half-way through last year, due 
principally to unfavourable 
developments in foreign- 
exchange markets. The strength 
of the Swiss franc last year 
reduced annual sales growth by 
five percentage points. Sales and 
earnings were particularly 
affected in this way in the fourth 
quarter of 1977. 

A breakdown of group activi- 
ties shows a 4 per cent, increase, 
to Sw.Frs.2.8bD., in turnover in 


the pharmaceuticals division. 
This was brought about primarily 
by a rise in sales volume, since 
there was little or no possibility 
of increasing prices in a number 
of countries, says CSba-Geigy. 
The agrochemicals division was 
able to malm up ground lost in 
1976. sales expanding by 8 per 
cent to Sw.Fra2.47bn. 

In other fields, the sluggish 
stale of business in the textile 
industry led to an impairment of 
dyestuff and chemical division 
sales, which declined by 3 per 
cent from 1976 levels to 
Sw.Frs.l.SSbn. The plastics and 
Ilford (Photochemical) divisions 
both showed “ gratifying results, 
turnover increasing by 11 per 
cent, to SwFrs.l.78bn- and by 
10 per cent, to SwJrs-520m.. 

respectively. 

The Airwick division (house- 
hold products) went through a 
restructuring phase in 1877 and 
its turnover remained unchanged 
at Sw.Frs.390m. 


Ford plant shutdown 

DETROIT, Jan. 20. 

FORD MOTOR Company said it both companies have closed 
will close temporarily its several assembly plants for vary- 
Louisville, Kentucky, ear assem- ing periods in an effort to con- 
bly line next week to help reduce trol inventories. _ 

inventories of full size cars on General Motors Corp. and Ford, 
dealer lots. The closing is Ford's however, have largely avoided 
first close down for inventory major prouction adjustments so 
problems since it introduced its far, although GM has eliminated 
1978 models in early October. much of the overtime it pre- 
Recently, new car sales have v *°uriy planned. ’ 
been running below industry Ford’s move to close its Louis- 
expectations. Sales of Chrysler ville facility indicate that the 
Corp. and American Motors Corp. number two auto maker is con- 
have been particularly soft and cemed about the sluggishness or 
new car sales. The daily supply 


Drovers Bank 
of Chicago 


IMEW 


of the company’s full sized 
limited model, which is built at 
the Louisville facility and two 
other plants, is about 90 days A 
60 day supply is considered nor- 
mal by the Industry. 

DROVERS NATIONAL Bank of. AP-DJ 
Chicago, which became the first 
bank to fail, this year. Is to be 
succeeded by Drovers Bank of 
Chicago, which opens next Fri- 
day. reports AP-DJ from 'Wash- 
ington. 

The failed bank, with assets 
of S250ra.. is the largest to go 
under since Hamilton National 
Bank failed in February 1976. 

Drovers Bank of Chicago, 
newly chartered and formed bv 
local bankers Sydney Taylor and 
Irwin Cole, assumed the bank’s 
S207.9m. in deposits, so that the 
failed bank’s 43.900 deposit 
accounts automatically become 
those of the new bank, govern- 
ment sources said. 

The new bank was the highest 
of five bidders for the failed bank 
after it was closed on Thursday. 


Dresdner 

share 

purchases 

FRANKFURT, Jan. 20. 

DRESDNER BANK AG spent 
np to DM 100m. earlier this 
month in temporarily buying 
its own shares during a period 
when loss rumours were un- 
settling i he bank’s stock price, 
Dresdner Bank management 
Board member Wolfgang 
Roeller said. 

The rumours, which alleged 
that the bank suffered losses 
from its foreign exchange and 
precious metals business, were 
denied by Dresdner Bank on 
January 3 and have since sub- 
sided. 

Herr Roeller added that 

DMlOOm. represented about Zi 
per cent, and Dresduer’s share 
capital, and that the shares bad 
mainly been resold to 
Investors. 

The bank’s defence action 
took place mostly on January 
3 and 4, he said. The bank 
Intended to dispose of the rest 
of the shares It held at a suit- . 
able moment. 

Reuter 


Julius Baer 
slight gain 

By Our Own Correspondent 
ZURICH, Jan. 20. 
THE ZURICH banking house, 
Bank Julius Baer and Co., AG, 
records a slightly higher net 
profit of Sw.FrsJ9.9in. (SwJ?ra 
9.3m.) for 1977, and is to devote 
Sw.Frs-6.5ni. to dividend dis- 
tribution and SwJFra3m. to 
reserves, as In the previous 
year- 

The balance-sheet total of the 
parent bank rose from Sw.Frs. 
562m- to Sw-Frs.627in. last 
year, the consolidated total 
assets or the group, Including 
major foreign participations of 
Baer Holding AG. rising to 
Sw.Frs.Llbn. by the end of 
1977. 


OVER 70 DAILY & 12 LONG TERM 
COMMODITY CHARTS, published wee/cry 
TIMING INDICATORS fr TECHNICAL - 
ANALYSIS 



1 Please send free copies to : ■ 


Name.... 

Address 


EUROCHARTS INFORMATION SERVICE 

18-19 Fish Street Hill, TbI: 01-283 2298 

London EC3R6BY. Tetec 887954- 




‘.OMMODITIES/Review of the week 

Tin price-range rise rejected 


.u 


BY OUR COMMODITIES STAFF 

"ERE IS to be no increase in 
■- International Tin Agreement 
ce range, it was announced 
terday. 

kn official communique at the 
I of this week’s International. 

Council meeting in London 
1 that a proposal by the pro* 
'Ing countries to lift the 
ior ” and “ celling ” prices by 
Malaysian ringitts to a range 
L400 to 1.700 ringitts a picul 
failed to win sufficient 
port 

o. -too, had a compromise p ro- 
il from Belgium for a new 
ze of L400 to 1.600 ringitts. 
rever, it was agreed, to con- 
r the question again at the 
t meeting of the council on 
0-1144. . 

tie news came after the dose 
he London Metal Exchange 
market, but it had already 
i widely anticipated that 
tuner countries would reject 
producers’ bid tor a higher 
i range. Tip prices moved 
tically all week, ending 
r on balance. 

her base metal markets were 
rally depressed. Cash fine 
(o its lowest level since June. 

. reflecting the firm tone In 
ing and continued lack of 
tuner demand. 

special meeting of the Inter* 
ran Lead and Zinc Study 
tp standing committee .in 
Ion, this week, urged pro- 
re to re-examine their pro- 
nn plans for 1978, since 
es for 1977 showed that 
ly was continuing to exceed 
ind. ' 


.£ per tome 







CASH M ETAL. 


WJ6 SEP OCT K0V DEC JAN 

J3ZZ j& 


. Lead prices also fell heavily 
this week. Cash lead declined 
by. as much as £27.25 to £332.25 
a tonne as a result of sustained 
selling by disillusioned specula- 
tors: ■ 

Copper , too was hit by specu- 
lative selling. Adding to a gener- 
ally gloomy outlook were fears 
that U.S. producers would suc- 
ceed in restricting “cheap.’’ 
copper imports from the rest 
of the world. 

. News of a bigger than ex- 
pected fall in UJL eocoa bean 
demand during the final quarter 
of 1977 sent prices to new J5- 
montb “lows" on the London 
futures market yesterday. The 
May position ended the day 
£27.5 lower at £L518 a tonne. 
This is £92.5 below last week’s 
closing level. 


U.K. October/November cocoa 
grindings totalled 16.400 tonnes 
—22.8 per cent, down on the 
21,200 tonnes in the same period 
last year. However, this year’s 
figure covers only 13 weeks 
against 14 weeks for the cox 
responding 1976 quarter. 

Earlier in the week the West 
German - fourth quarter 1977 
grind was announced at 6.7 per 
cent- , above the corresponding 
1976 ' figure. 

Dealers said that the market 
decline was largely due to con- 
tinued lack of manufacturer 
. demand in the face of increased 
nearby suppliers being available. 

Coffee prices were little 
changed on the week with the 
March futures - position ending 
£4.ff higher at £1.6015 a tonne. 
This was in spite of rumours 
that Brazil was offering special 
deals to major manufacturers. 

This week saw the opening of 
the • new dollar-based London 
Arabics coffee futures market 
The market which has contract 
terms Using up closely with 
.other Arabics markets, had a 
fairly encouraging start dealers 
said, - although business was 
generally confined to -the “local” 
-trade. - 

The London daily sugar price 
climbed to £14 during the week— 
Its highest level for five months. 
The rise was mainly due to 
reports of Chinese buying. Prices 
eased towards the end of the 
week, however, and the LDP 
finished £1 higher on balance at 
£113- a tonne. 


:ekly price chances 


UtMl 

price* 

tertmme 

Ufilea* 

KtfttMl 


A 


(art* edj. i 

‘SSt 


to $«.•.« 

toj# rW fc,J 

"topBfo^. 
* — 


caw 

weo-UMOj 
as. Ha 

S2.16OS0 


£610 • 


SSSL& m 

<— H 
£657.5 i-12.7 

cffloja i — i* 

5171125+06 


E332J25 i-tf-SS! 
£336.75 

61A&O14O01 


£10U5h&8 
SUMS +8 
2&Op -OS 
2581. —OB 
£0880 -25 

£0237.KM» 


Xmr 


1977*78 


High 


Low 


£S1Q 

$82040 

EZ.150 


63O«WO7bSA 1 0b0. ICO 82450-90 


£183.6 

£816.75 

81ZUS5J 

£22QJ> 

£338.75 
, £UU 
.. SLBM.1 
- tifl7-102.es 


ttC&OUKj.. SWMTO 

mi 

Kto — rae&eas 

8600 


rao- — \ 
>**»**■« 


t 

sms 


• Uasarimn)' £98 . 


tSsfl 


+U 


«MM5 

ffiUp 

8524{ 


£5.612.5 

8147-84 

emuSf 

C41WB 


£8U 


£886.75 | 

£68476 i 

£814.73 | 

8173. 125* 

£44&2n 

£3486 

S2.10-.2fi 

JjJMffi-lQS 

t£1044b - 

BT 


■£wia 

£66426 


eso.? 

£7456 *£54061 


4178-86 

£438-26 

£45446 

4786 


8141-44 

ISM 


£ 88 . 


£84.78! 


£9fi. \M £5 


£644 

8129 J2 

rtg*. 

E3DL6 

SC.73EA 

4L7-L0 

£87^ 

£8UQ6 

8B6-I0B 


MOO 


£893 


Trten 
priow 
[per uqo^ 
fflUew 
rtited 


fCh-eel Ymr 

Ay 184 

i 


sTltolSpetalfi 
Am Bud 

Winter 
>. UiUhiR (n#rowqs)£B6J 


63^75 

92.425 


Clovem,!--— — (91 
recnW. Wbita^- 
ntuk. 

OQa 
Lkjcomit (Phi Up' i 
Uieomdaos G&- ' 

Unwed, Grodm-iJ 

PUbs 3IU*y»n — 

SMdi 

Onm , 

SoysfiemiiB <UAI - 

Other 

Cm moiUom 
OomdbtpioatW— 
B"u End pen — 
(MfoBFpMrtMSlAr 
Hnrtnn Indfl... 

Dee Cmrout--— -[ 
JnteUAKWCgntoi 
Snbfaer kilo— ^ 
Stgo P*S— 

SWSo. 31—.- 



Kd. 1— 


K&Q 


SZbZJa t-CA 
£618 t+lSJD 
£867 
4506 


M»X6! t 
CM 


£ 6.000 

S2A60 


h-3h 


8880 • LTA 


8834 


•—17.0 


£MS 

£460- 

f463 


«8B2A 


1977/78 


jBigb 


sms 

SSbJb 

sum 

83^00 

saaw 

6665 

£705 

<633 

(075 


8560 

8341 


low 


£75.5 

£9BA 


£4^75 

S&276 

S2J00 

S48&6 

£435 

£2*8 

8425 


MD0 

$208 


Th CqnUlwt Ml©— 

. adSfcni Wio— — 
Wpeltap»«e Warp.) 


£L51S 
£LS0U 
.64.79a. 
£705 
*480 
4S£5p 
(US 
.854CIS0 
- f.il* 
-‘eieo . 
IGOp 
96p 

M7pkUa 



£5£12 

£3,128 

C4J32 

eno 

$490 
67 Jp 
£214 
MOO 
£160 


£ 1 , 
£1.628 
SlJe 
£706 

4HO 
eswi 
- £VBC 
. UBp 


■ v £ Ua*BMBd.~ * NtSmsaL * MaflastocM. 


onlct, with more demand for barley rflTH A 

Than wfcSJL 


MARKET REPORTS 

BASE METALS 

COPPER— Sfcade flrmer on balance in 
quiet trading on the London Metal 
E xchang e . Forward metal eased in £85S 
on the pre-market on talk of a further 
rise In warehouse stocks this week, in 
the rings, however. Continental demand 

Bfted the prior to SKI. where ft closed Busmen d one wtwmti Jan. 84.90-B3.4O. 
oa the afternoon kerb with bnstaesa down March SaJGMXO, May 86- REM, 40. Sept, 
to a miaJsnnn owing to the closure of S16SSSJ0. Nov. S4.7W4.7o. Sales: ITT 
Com ex because of a snowstorm. Fan on lots. Barter: Jsn. 72.10-73.05. March 
the week was 0,4. Turn o ver , itt* uames. 71S9-73.0i. May 7380-76.40, Sept T»X0- 

— rr-^n — ^ m-r 77.60. Nov. sojwojo. sales: la lots. 

COPPEH 


WME6 

M’nth 

T 

YertenlAy’e 

-kve 

+ or 

. RA 

Vesientey'i 

•me 

RLEY 
+ or 

Jan. 

Mar. 

dept 

Nwr. 

83.40 

04.40 
86.80 
az.50 
84.80 

-OAO 

— OJS& 

— 0.T6| 

7£J5 

73.03 

76.60 

77-83 

80.80 

+OJ6 

-0.28 

+OJ0 

+1X20 


Ahboaeh origins were Quiet the market 


COTTON 

COTTON. Uverpsof— S oot and shipment 


COCOA 

Yekiarday’s 

Clone 

+ or 

BuaineHe 

Done 

KoJ) U'ntr't 

Match 

Hay 

July— 



tier. 

March 

Jlay— 

1 698.0- 8 BJ 

1617.0- 18JI 

1495.0- 0SJ1 

1477.0- 78.0 
146041-62.0 
1460-0-524) 
1418JJ-1S.0 

—22.0 
— T7.S 
-15.0 
—8.0 
—16 
-06 
—26 

1615.0- 15% 

1522.0- 16.0 

1605.0- 14B6 

1488.0- 756 
1458.0606 
14566-40.0 
14206-15.0 


B.m. 

Official 


O- or) ' p^; 

r — j CnafBelal 


; £ I £ 1 £ 

Wire bars, . | i 

LM. _| 64S-.5 +4 | 64a-9 

Jrrxjatbn.. 660-1 HJL7BI 66t-.fi 
jettl'm’nt 64B.5 +4 j — 

Cathodes ' 

Usnfa- 637-5 4-3.76) 657-3 

i mamba- 649.5^0. + 3J» 650-5 

dettl'm'ntj 6X7.5 — 

UA Saii_[ - ! 6&3a.5 ( 


Sales: 4J88 (5X» lots of 10 tonnes. 
letcmatMaaf Cocoa Oroanbatton (U.S. 


IMPORTED— Wheat: CWBS No. I, 1» tor 

— per cent, Jan. £8405. Peb. and March SSP^JS j??* 

Ttlbnry. UJB. Dark Nortborn Spring Si *5" 

No. 2, M per cent. Jan. 183. Peb. and 
March *8! JO transhipment East Coast ITera * e 13S - 87 ,1+0 O) - 


£ 


2J78 rnonefl the jvwioas week. Bnsinoss 
dunng the woek was again active to the 
raw COUW market, V. W. TattexaaU 
reponed. Spinners continued to show 
interest and parchases were made in 3 
wide selection of growths. 

HONG KONG, Cetton ft u r ns — Prices 
were firmer on the week, with gains op 
to 1.48 ceajt* In Jnhr delivery- Yester- 
day’s dose (cents per pound):. March 
S4.64-54.8S. May 8S.0O45.SO, July 55.7S- 
55J4. Oct 56.96-57. DO. Dec. 54JfrJiJ6. 
Week's bigMow: March 54,77-54.30. July 
65JB-54J0L Turnover: 255 lots (173). 

WOOL FUTURES 

LONDON — Dull and featureless, Barite 
reported. 

(Pence per kilo) 


h-1-25 Other grades unowned. 

+ 1-6 Mate: U.S./Freoch Jan. 08. Feb. 

£98 JO. March £100 transhipment East 

Coast 5. African grades onouored. 

+ } HGCA— Ex-farm 

+ I outer DlllOas O ^ . 

wheat: Kent £73.00. Lancashire 27&60. reported that M al ay si a n godown price Uiunfa |2S 1.6-40.0 

Feed barter: Kent £67^6. Lancashire was 199 (201) cents a kilo (buyer, Peb.». May |2a2.0-35.0 


RUBBER 

■ AuBtraJlnu liewerdftv]+ nr) 

EASIER opening as the London physical Greasy Wool j Close 

spot prices Jan. 26. market Little interest throoghout the 

Kent £904XL Feed day riostng on dull. Lewis and Peat 


kfl-BO 


Amalgamated Metal Trndtng maned _ , 

that in the morelng cash wtrebars traded U.K. monetary co-effldeat for the week 
at three mouths tHSO. BOS. 6L hwn Jah-E win remain unc ha n ged. 

60-5- Cathodes, three n v? n fhg £650. EEC IMPORT LEVIES— Effective today 

Kerb-. Wirebars. three month* on. (in order current levy plus Feb- March 
Cathode*, cash £83S. Afternoon: Wire- and April previous in brackets) in units p_j, 
bare, cash £B4A5. three months H81. 6LS. Of account a tonne. Cmn wheat— SI. 9. 

61. Cathodes, three mouths £B5A5. Kerb: all. ml nH (same): Daren* Wfceet— 135.S8, A , " 
wtrebars. three mouths £S6LS. «L na.nH.nH (same): Aye-74. SL un. nil, 

TIN— Fracttasalty easier in ouiet trading. Oct-Dec 

Lower Penang price took forward stantod S J«n-Ur. 

HMm, m nru hut th» nrte* ralllpd 011 (Samel- Mane MOWr than, hybrid rer »™ 



July 250.0-65.1) H-W 

October 1266.0-68.0 

CWcooibw ...[S65JI.66.0 

March 258.it-40.0 

Jin.v (267.0-42.0 

Julv (257-0-42.0 


DuelneM 

(Vine 


48.5MB.1D 

50.15-48.70 



stocks are esnected to be no slishtty on - - _ Auat 

the week during which forwani standard 
metal has declined about £60. lSmujver: Rye— lla.46 (same). 

3,05 “ SILVER 


-133-TO (same): 


TIN 


ajn 

Official 


“HI 


p-m- iT+or 
CncfflcaJ 1 — 


Sales: NU (3) lots of l^oo kilos. 
SYDNEY GREASY in order barer, 

B1.6M1.40l 61^0-61^.1 51 JMI.60 

Oct. 850.!. ssaa. 

366.0, 330.3. JSflJS- 
380.5. SOLO. 301^-360.8. 

------ J 6. 363.M83.il. 13: July 

Sates: 2TO (2541 lots of IS immea. 366.9. 385.WB5A. 9. Total Bate: 

Physical dosing prices (buyers) were: 3 ffi lots, 
spot 46^Sp (46-7): Fob- 47p (same): 

“«* 475 MEAT/VEGETABLES 


i months. 
Settlem*!. 
Standard 


Grade c ; £ ! £ I i 

6860-80 !+7.5;6875-85 |- 


SDver was fixed (L2Bp an ounce lower 
for spor deBvery In the London bullion 
market yesterday.' at 234£p. O-S. cent 
emdvaleuts of the fixing levels 


SOYABEAN MEAL 


MEAT COMMtSStDH — Averase tatstoch 

, . Prices at representative markets on Jan. 

Futures dosed 20p-£1.4o a t o n ne down so. GB cattle 59.54p per kg. Lw. (+0.931 
in nervous book-squaring operations UJC riwep UUp per kg. estd.c-w. 


■BPasr^-r" sSTSScTfA iss « sm. r+^M^^^krLw^rTT 

biao i+ is | — ! BW. 4 c., down Ode.: Wx-moutb 509j9c., up plantings estimate. EmIiw wibc^.m. 


6260-80 !+7j! 6278A8 Ut5 gfTjjl 
! KPAfkfu: 1J.12.R fiSJUUW) i— -IB T P e “et*. 1 ? T>ea ? d . ** 254>t-2S5^P «83- 


>n«Oths.j 
aertleaj 
3 trait* E. 
NowYorkJ 


«M 6240-60 1+JSLB. 6236-40 
it. 6280 +151 - 

E., tS168Slf pt? - 


48GC.) and closed at 2S4-265p (4U*4K}c.). 


Mornhig: Standard, three months 
56. 50. Kerb: Stanuard. three months 
SLSS0. 55. Afteraoon: standard, three 
months 0266. 50, 35. 46, 8S. Kerb: 

Standard, three months &S48, 45.. 

LEA 


physical material took fbrward metal up 
(ran £332 to £380 an the pre-market. It 
drifted back h> the afternoon to close at 
038 on the late kerb. 


SILVER 

per 

boy ozm 

tote ^ 
pnoinfi 

+ VT 

’ | 

T.M V. i 
clone 

4 . or 

Spot 

6 months*- 
3 TUPPtf 1 *..-' 
Smooths. 1 

264 3 p 
2 S 8 p 

2626p 

S726p 

-J 

—0-5 

ds 

264.35 p 
263- 15 p 

rh.15 

-0.56 


J o-m, ;+ or 
LHaD j Official l -r 

p.m. 1 + or 
Unofficial l — 

j £ ’ £ 


Cash 334-^ l+l 


4 months^ 3J8-5-9 +.125 



_ • 1 iiit . 

N.X.tipuJ — 

*38-33 1 


Enflland and Wales— Cattle numbers down 
17J per cenL. average price so.ssp 
<+1.00>; Sheep op 16.0 per cent.. 132*> 
(+&4i: Piss op B.7 par cent-. 60 Jo 
(+L7>. Scedaitd— Cattle down S3 per 
cent., 50.65p t+0.64): Sleep up 32.0 per 
c»L. 131 .Op (— L7»; Pics nfl. 

CO VENT GARDEN (Prices In sterling 
per package unless stated)— Imported 
predate: Oranpeo— Spania: NaveUnas SJP 
280. Navels 3.00-3.30; .Jaffa: 3JIL3.05: 
Crura: Ovals approx. 18 kUos 54/SOs uh>- 
3J0- Lemow— Italian: 106/120 3J0-&5O; 
Cypra: 3^M-50: Spania: 3.60-4JM. Grapo- 
frn It— Cyprus: Ifi kOoe 2.464.60. 20 kilos 
2.SM.60: Jaffa: 20 kilos &AM.56. Soers- 
Spanla: Approx. 46-5* <£0. Ctemantracs— 
. w . Moroccan: 3.00-3.60. Satsemas— Spania: 

UNDON DAILY PRICE ftnr raw saou 3.00420. Aptwes-French: 40-Ib Granny 
(£U4) a tonne df tor Jan..Peb. smith 6J0-J.M. Golden Delicious 5.40- 



Vuuloni'va 

Clow 

-J-or 

Bamica- 

Done 

February — 

April 

Jana 

Cpertonne 
107.0 +0ti 6 
705.804)56 
1656 -+56 

r-O 65 

—065 

1076m 66u 
1V5 J-m 8.0 
108604)6.00 

oSSbwr 

December-.. 

February. 

1D6.SO-O76p-Q.BO 
1efi.0+07.et— Q.B4 

10 7. 0+ IS. 0}— 065 

108^0 
v&m ob. 00 


Sate: 115 (55) Ion of 100 tonne*. 


SUGAR 


LME—Tn mover 60 (IB) lota of 15.560 

Forward nuta] ounces. Morning: Three months 258.7, 

gave no more iff over the wee k. &S, 8-3. Kertc Three months 258.6. SA . 

Tu/novcr: 8,688 tonnes. Afternoon: Three months 258, aa, U. nn 

Kerbs: ass. 8-L 0-4 . ahipmcia. White raw dally Price ms i.«: so-Vft'Ue Granny SmSTaTsiLAioi 

n/M^rvt al .S? Hamel. Golden Delirious i«WJ0, stark Crimson 

COFFEE F,rK F 30 ** «!* ^ tetettor below over- 3 JO. jumble pack, per pound, Golden 

.. .. . nJcM twt seDM* eppeared Delicious 0.1W.15: Itatiaa- Golden 

Robustas remained steady most of the reluctant. Prices moved ahead and by DoUcloos 0.13; u^.: Red Deijdoas 9.00- 
day. the max** waaolHtetfng above the the dose the nurfcci had sained soma .0.56: Hungarian: Red Detidous 700-72M 
£LS0Q level (baste March). Draxed 50-75 points, C. Cxamltow reputed. Due Ptenv-S. African: Santatesa Ssmll 

Burnham reponed. Whh Now York to a severe htteard. the New Yetk per pound 0.82-0.3JL Grapes— Spanish’ 

dosed doe to advvw weather, the after* market was unable 10 onea. There was Almeria jlomjo; califuSm: Red 

Uunlag: Th ree m omta £338X, 38. 88A. soon waa oulet. At the aose. however, ttereforc no aRer-conra trading in u». Emperor per ■ pound DAO: S. African: 


U.S. Markets 


Storm stops 
trading 

NEW YORK. Jan. 39. 
COMMODITY EXCHANGES here were 
closed to-day because of the severe 
winter storm on the U.S. east coast. 
Chicago and other centres were 
unaffected. 

Cocoa— Closed. 

Coffee— Closed. 

Copper— Closed. 

Catum— dosed. 

»G aid,- Closed. 

Hard— Chicago loose SLOO (same). New 
York prime steam 22.50 uom. (32^6 
traded). 

tMate— March 2M«2AJ «222 it, May 
2281- 22S (227), July Z382-23L Sept. 2 3», 
Dec. 220i-330, March 237. 

SPiaUunm — Closed. 

8 Sliver— Closed. 

Seya beans — Jan. 556J-JS? tSMil, March 
36S1-584; (Sell), May STS-STU. July S7B- 
579!, Auc. 579j, Sept- 569, Nov. 5651-568, 
Jan. 573. 

(I'Seyahean Meal— Jan. M9.4S-I49.10 
■ 140.80), March 15Z.70-1S2A0 (lSl.W), May 
153.E0-155.7D, July 15&3L Aug. 158.50, SepL 
158.00, Oet. 158.00, Dec. 1S9.00. 

Soyabean Oil— Jan. 15.95 fl9^1). March. 
20. 18-20. JS 110 J!l, Mu 21L25-20ffi7, July 
20 JO-20.39. Aug. 20.30, Sept. 19.90. OK. 
19.40-19.45, Doc. 1940-18.45, Jan. 1B.33. 

Sugar-Closed. 

Tin— Closed. 

-MTtaurt— March 2734-271 (2705). Stay 
279i 12771). July 286. Sept. 2023*2921, Dec. 

March 312. 

WINNIPEG, Jan. 20. t+ tt ya M ay 110.60 
bid (ULDD bM), July 108.30 bid (169^0 
asked), Oct. 109.00 bid. Nov. mst bid. 

TtOais— May 75.40 1 7*20 bid). July »-40 
bid <73.00 asked), Oa. 73J0 uom. . 

tsariey— May 77 -SO Md (78.00;, joly 
78.60 Ud (76-50 bid), Oct. 75 -SO nom. 

SFteflMd— Mu 21U» (209JO), July 
213.50 asked (211 JO bid), Oct 215-50 bid. 
Nov. 2IS.0O nom. 

Wheat— SCWRS 13JS per cent- protein 
content dr Sl Lawrence 4014 (3901). 

Aft cents per pound ex- warehouse 

Jess otherwise stated. “9s per troy 
ounce— 100 ounce lots. 7. Chicago loose 
Is per 100 Dm— D opt. of As. prices pre- 
vious day- Prime Steam r.o.b. NY bulk- 
tank cars, t Cents per 56 lb bushel «- 
warehouse, 5,000 bushel lots. 9 Sa per 
trav ounce for 5fl ounce units of 90,9 per 
cent, parity delivered NY. (teas per 
troy ounce ex-warehouse. .0 New “ B " 
contract in Js a short ton for bulk lots 
of 100 short ton delivered f.o.b. cats 
Chicago. Toledo. St. Leals and Alton. 
•“Cents per 69 lb. bushel to store. 
+r Cents per 24 lb. btedteL tt Cents per 
49 lb. bushel ex-warehouse, ti Cents per 
56 lb. bushel, ex-warehouse, 1.000 bushel 
lots. 


INDICES 


Kerb: cash £333.75, Afternoon: Three trade selling In the forward postttans don. 
months £538, S7A, IS. J7, 14 3A5, 87. mmoted sane Einb-bs* Uuuiaachm so 
Xsrb: Three tssaihs £0 36. 5 . , %. ' (hat some positions were np to £33 lower. 

ZINC— Doom. Forward metal opened — 

lower at £287 and traded within narrow 
nmiu before rinsing «x £268 «g the late COFFEE 
Kerb. Fan on the west wag about IU. 

TVHmw. MSS t o nnes. 


• • t gjn. 
ZINC j Official 


Cub 1 


+ I pbm. 

— j Coofietal 


Yeuerday'i 
Close 


£ per toons 


1976 1900 
1801 1808 
168^-16881 


1635-1640 Us&XII 


1&96 1618 
1573-1580 


1688-1570 


+ « 


-1-5 


-50.51 


-54.0 
— ILOj 


Durinem 

Dcoa 






Pref. 

Yesterday** 1 

1 Previoaa : 

Burinees 

Ccmuo. 

Coon. 

Close 

j Clone 

Dane 


* March 

2006-18811 May-,. 
1B25-17S5 Ang..„, 
1725-1888 Obl!.... 
1675-1BS0 Dec— _ 
2045-1880 March- 
1610 May»- 


£ per tonne 


Queen of Vineyard 839. Anricfttm— S. 
African: Per pound OJ58.40. Peaches — 
S. African: 3.OO-&20 . Bwuim- ■ Jamaican: 
Per pound 046. Twite Per 8 kilos, 
Canary: 3.00-088; Spanish llalniapd: 2.09- 

? J0 - u c *fI*S! u, ?^ Car 12? r: ^ S-90: 

Israeli: 1Mb ISO. CmaaSwi runny 
2^M£0. Oa teu a ■ S panish: 2.00-SjS. 


120 120.96-21 JH)j121^5-18.75 ISi 

125.80-2B.70 B6JMB S 

128.50-28J5 l2S.1Wfl!Ml23^iK(8.D0 kfl W 8.09. Cricv^W^ WtBs3j£ 
181JS-dlJ0142.1&82lah62.8&51JIO 4.0Q. 

UUBB4S JO 184^0-54 .?&, 1 44.25-53. AO 


167^-47 Jtfl58£0-S8.7BhBr.75-57Aa WW^/Reds”L^^6D! 1— 
14tUKMbojl40JIM1^ - Indoor L39-1A0. raMwS^»bS 
Col „ 1 «. /. «n „ Fetttto 0.te. WWW P er 26-lb 0.7MAO. 

Sales: L3 k iXXJT) lots at 3 HBB6L C aii ut a Pgr Mg 2Wb OJM60. Onto 


j 4- or January^.- 
- March - 

ti»y 

£ I £ • £ i £ Jnly.— 

g61-.fi (+1 J6HJ5-1JS,“( Jfi September - 
i mouths..; 26<L75-7t-K6&c66^-.76,— 41 November - 

S'mfflt 361.6 +1 ; - j January. — 

^ Wert L-JT_ I ■_ - Bnd u—— 

Mormur Cyb^. three monta M7. Sal* 2J» (WOl tea of s tomus. JjUff b^wS^SSuJSaS ^ 

MJS, 68J3. Koto wee BOKbi 007. ICO UDcwtsr ortcw for Jan. 19 CUA wm to tome radeanfl &- =?• J °evta DAMJfl. 

Afternoon: Cash 12 8 1 , three month* iMH . wm par pound):-' re'tnm hjf" tnu nn (£179) for exoort. to*fL ^ p 0 ™ 1 ^ Pftljf UHJli Cm a 

Kerb; Three months BBJB. iT iota ^ ^ OOaSo^'^Sw.Sd “SnSM nurmm r u 

Caus per pnmo. . 7 On prertons Arablras 31M0 other mOd cater pricas fUA cents per pound fob 

Aratncas S08.83 (208A7): Robustas 17BJ6 and stowed Caribbean port): Jan. 19: SbLAO-^^ 

flftLSM. . Daflr JffigajfU* (UU9). daffy price 9M (8.695: lfrdiy average K »£«Sm3l uaLK 
LONDON ARABICAS-Outer agita, with 9^1 (S-W). OJS. Kfipnavfr^er POtod 

little interest sVIdtmt, brexei Burnham EEC LEVIES— Effective tbday for . 

grain futures iGAFTA)— Market reported. Trade boiinr hi June and denatured and am-dsnatnzed sugar, in ^ 

opeood unriigigwi to 10 higher gad. mured Angus? ensured a - Steady rv" v to the nntrc or account per ICO kilns (previous CQPRA, Phnipolmic— Jan. 

to VUUl lsame,; *" W laetoj per lomiB etf wSlb 

buying, Acs reported. Howerer. there ti JO - 15X2 nsLiS). . mm sorts, 

was zbeXfs Strong co mme r ci al selling Pricas (in order buyer, selfer. change, HONG KONG— Raw sugars Prices were ^ 

above the market in Old cns> wfaeaz. and bootless) — April aB.n-2u.B6. +LM, MttaUed over the week hi routine 

week-end book ujnartn* goat* Urc.mariwi 219JM19J8: June ftt&dn.in. +T.18. trading. Yesterday's dose (cent per lb): LONDON. PALM OfL-Quiat. 


BBflffiria) due. till per tficDL 


GRAINS 


FINANCIAL TIMES 


230.3B 1281,85 | 23730 I 258.71 
(Bm: Jttty L mSsSB 


REUTER’S 


1410.4 

|1410.4 


(Base: September 18. iBSiaiooi 

DOW JONES 

Dow 

Jonen 

Jan. 

SO 

Jan- | Month Year 

19 j ago _ ago 

Hii 



(Average 1824-2636= 100) 

MOODY'S 



WfTrtJ 

rra 



EK 

M 

E3 

itel 


Bj 

M 

!TTl 


GRIMSBY Fisn-Swpty poor, demand 

lair. (Prices at ship’s side nnprocasscd 

per stone 1 : Sbctf cod H-W-H-CO. codUugs 
Onset £3.00- S3.K haddock large £5.W. medium 



fS-HLELW. 


\\ 




































BRITISH FUNDS (897) 1 100 '*® , - 19 ‘” 

Iss ! GrampSa HW._ Cntl. lQ-^pC Jt-g.) 1001* I* 

■WW Ann*. 23Ai (10.-1* ! Da i 1st £99pc (fiflpdJ 61 UO ran 

« Brwih Triflioort 1978-83 S7H ■*, b Grecnwfcb 6>«s«92 A1-64ll»* <■«* (19/1) 
. | Hertfordshire CC SUac 924. Su OB' 7). 


Ww con. uk. zy<e <• 4. 

p4pc Conk Ln. js-wd n 
3=zbc Gonven<m Ln. 38 "m® \® '* 
5 dc Exchequer Ln. 1976-73 99/* '•! 


5'!*C 33'*. 6 JP< M 

HoMiirtdon Petwuorouati e-tix 97 ,19,H 
lilinBran 12UK 1983-B4 107®. Do. 


This week’s SE dealings 


anc Exchequer Ln. 1976-73 994* ...» 1580-87 110 ',:®. 13‘ipc 111 117 , 11 , 

■ JUpC bxcHcaner Ln, 1996 lis-'i® 16J* 4 1 ju-ot 1 09 >4 >1 ^ 1 1 

3K Exchequer ilk. 1961 87 »,k* * 8 "L Kensington and Chelsea film (Iss. at 

3K“iwn«,u« r rtc, 1983 32 U h &c *s kwmIS. s'S* •£» ll£l , 

-?“l -fj* •“ ^ . , Lanarkshire CC 9':PC 100!*® C19-1J 


t^lSSrfSuw 6Kfr 371. KSt TOBmKrW iHwna.. tnmt u 

Friday, January 20 5.2M J Wednesday, January 18 5*1» J Monday, January U ..... Jg 

Thursday, January 19 5.03! I Tuesd^nSyl? -- MM J Friday. January 13 ^ L^^nSfaiio^iM 10 « I? M 

The tin Bern* records an Tcsunuyi markings uni alio uw mm morkura* earing ttw ***** ®* w *w»* “•» <*«* m vnt"**Kt. ri» uxar can ho dwimwahea tn aSwi"if®' _ . ,,, J. tz LIi 4nt i J.> '5*. W »»" 

tho date (In parentheses). UIK* CZ9M 1S6 119»1». Do. A 1H gre^Sfos. 1 

The nnnrhef oi coaling* marked m each setup* tafowt dm name tf iu , (uo. aoa the nst cannot, thereto*. or reg or dao as a c w nme re record d eg 2 o( kamnn 

icciton. Unless giitrwur denoted wares arc Q inrfhr Mid and stock U0S tdiv I prices at wtucti bmtucss has been done, tenln are recorded in the Offictn. <jiu eihai rasp' 603 I a p C 


Wednesday, January 18 

Tuesday, January 17 — 


£30 pd.J M J ift 29^11* _ I □« 1961-33 99 C17 1 1 

r lOi^c Ewhecoer »k. 1997 9**0 *s® Northampton Con. 9pc 99';® 

, Si 4ta ! NottinOham Cpn. 3DC 24i< flE/lJ 


* 72UBe Exchequer ttk. 1992 tQfiijO 5iO Helens (Met. Borooflhf 1 1 udc 103 _ __ 

If 12$c Exchequer St tS«rt 'iMU?#® 7 1 Cot.' « S, i^97^5 4 os?ti > J BarAains hi Special PrtreS. A oarsims none rfilh vf M4Weec iHm-memMri. 4> Bantams Breswc* day. jBarsaiM WW *itJi a e W P ct l ot a recosnUnd SbKC £SS*Tb^.”g^ ?»pVi*7JL , 

1 — * ^ ISSMutt Cpn. s4k mis. 9i.pc Ewhawe. *Ba«aliw done tor detayisl delivery or -no banw-m ■' SA-SAostiallan: IB-sBatannaiK SC-3Can«UMJ IHK— *Hona Rons: U-Uaffiaioaiu Ufa— uj HjsTEtiwfS «Sp 1 47 ti«ni 

1960 lOBUiaffi i00B3-64ih»* ttBii. Hkj>c 1D3 \ SUalayu: lUe— Meiuafl: SN2-Wew ZeaJasa: R^-aSimapore: sUS-aUaued States: W1— flWesi Ihdlan. SS'ii&^rtSipV 7$ «S ‘ 

“197S.30 9SIJ® U« S^rtHM Cpn. 5'a*e Si's (17/11. 9> 3 pc Hbh* t2Spi a3 1 Air*. Inooxna r20ph 52ij U- 2 :^;CaPyns rSCp. 107® j Fwth (G. M.»(10p» *0® L ffonJ ft ?* ,er “ ti " , f2S “‘ T “® 6 '* 

19B7.91 4i.i r 100*»ft i* 106- .■:- *««- Grlndlays iZSpj 116 t19;t i _ _ Wmts. to sub. 10 n«li 1 ' 1 cat« i2St>i 17 ilS.li . , Foher CA.1 t»» 12 nj' 1 ! _ lie iMthun Sons (12 i>p 1 CaisO ^ 

1 907-91 73 g® ■» 41*. Sum CC 6pc 9* (18.1 1 Guinness Peal (25 p> 206® 7. ajlpcPf. Albion iZOoi 14 MIU1> ! Caketxvad Ratocy A I10PI 231? life » FdOn* 394® 6 96 7 2. • fiMSndDh- . M. 12 .nuw Cm’ i2&b! 112 . 


The nanrtjer oi coaimgs marked m esch secuon tafeiH tin came at iu 
scciton. Unic** mrcrwisr denoted wares are EX lolly paid and stock EXM Icily 
acid. Suck Exchange securities are hooted In pounds and fracttact of nsiniLi 
or tn pence and tractions oi pence 

The rbt bchnr gives the crises at which baimas rime By raenitaers at 
The Stock Exchange havu boon recorded hi The Stock Exchange DMIy 
Offlcial List Members ore not obliged to mark bargains, except hi soocial 


List up to U3 pan. Mr bn later ggns a ma ns can toe tarctaded W (ha Uttawfam Lamtwn Hawartn <2C 
day’s Oftkaxt Lea. Ha (ndlcatMo Is available os u whether * barahw toh h w i U*»t < E rror i Sro. »- 
a sale or ocrchose by mem b ers J the public. Markings are net motmarihr , 
in order of ex tc w h ii. and nnbr aao bargain fat any one s eca r U y at any torn Lattiam tJunn) 122 

-™ “ BsssLisa^M? 


mtiantasi’ Tanes; Saturday January 21 19 78 

isassvsa'ii"’* 

ii 9 . war. to sun. »ISb» IS Ttg'n 

mp™™ a ,k iwawar-fi 

Lalni <25oi 7 m;® W 2 _ i _ _ 

laic* El Hot C25o* 6*®. «*L? [ 0 — B — S 

I assriH^rr rw# 1 “ 


9 II61> 

iwrvncr-(Wattvr> l** 4 B tT, * > 


1 |5L^S h o* J S3L 1980 10aU|s ® I S 10Q 1 Bt64thSs n 'tl9 ri‘° C ll^cie 

S9f64ths® 9® 8J1 e -* { n sil i 

5Upc Funding Ln. 1978-30 951*0 UO * i soncterfand Con. 5'aK 91 h (I7/1i. gr 2P c 

sioe‘ J Funding U. 1 9B7-91 73*t® ’ g 4**1 gunSv^CC Snt’v 'iia^ 


!5S«S ■ 

S£ba< TaS&iWitS'wW » M 1* 


Altdr IntHnhies' r20pe 52 ij U- 2 ) CaSyn* <5Cpi J07® 

. Wnits. to sub. 10 ««1i 1 criid i2Spi 17 tlfi.ii 

4J«Pf. Albion iZOpi 14 (18 M) ' CakebtVW Ratocy A (11 


Fntti (G. M.» <10pi 40® 
Fisher UL-j^iagi _1_2 <1913 


\SPlSSSSeSHb Vi 78® 6« M » W. G,m * ‘ - 

Uo^Aythun ions BK0JW * 


aluminium 

Aluminium 


5<;pc Funding stk. 1982-84 Mis® U >r 

_!* kl k 


SHORT DATED BONDS 
FREE OF STAMP DUTY 


249 7 5 4 „ aj , 

Kener Ullmann (ZSpi 46 
Kins Shaxson (20P* 66 tlfMl . 
Kleimrort Benson CZ5 di 109® 11 (19/13 
Lloyds 290 BB 93. 7hncLn. 96*- _ 


Alexanders Hides. 


Algbutc Industries 
Alicia PiduilM Gr 


Merxurv Securities (25 pi 130 3 ’ll 9/1 1 
Midland 39B® 6® 20 909 4r® 5 G 4 401 


Alida Piduging 

Alietxme Sons i 
Allen (Edgar! 1 
Allied Cottoldi 


593 ® ISS&T? 55 ^ 55V%r 

267® MIIKIM aW 05*1 59141 9 (1911) *?!!«* Oroua (1601 .14. . New 


Caravan* International (20d! 87 
earless Caaei Leonard (IQp* 39 B 7 


J r ooewo ar Industry Invs. (2Spi 6S 
i Fcr crt. Can. 6 ocul 74b llfell. 


Hi Cartuo industries (25 m 171® (is;Ii [ Ln. '9ii| 

New 14 Csr^K iSSSSnal (S0p» s5j® > 2.; 2 Ford Motor CSUSll 29%® U 

« 89® 92® 4 carrlJ.* (Dencastarl |25ai 42© S (10/1 1. ’46 

ki... «25 bi 43® Form In* ter tlDpI 7359 9 

L 7 .- 1 3 c^mston VkrelD (25P) «>W 1® 1 *s- fdrta Hldps 6.lPcDb.MSt 


t ?“ "&«. ... 

® r - J »„ ra CncDB. Bl li (!&'!> 8*«Ln._77 l’6JI_ . •>!* ia 


74jpcBds.Reg. 27/1278 100'S tlEil) 
75-ncBds.Rco. 3.1 ’79 100^53 10a 


tatlonal Westminster 294 Bd 90 3 Z 3. 
war. 103®. 7PCPr. 63® B4u>CLn. 990. 


FOrtt HldOS G.IPCDb 695i 

F oiward Tech. Inds. (50p) 110 


5Vi tn*. TSL SIX». Blh (16J> 
Sendee Gra. 1 2,5 oJ 77 ^ 8 6 - 

land Palm Wallpaocr (29oi 64® 


Foscco Mimeo (25 p> 141 
151 1 54 <1&‘1I 

;ii Foster Bros. Clatblng C2Snv 
Foster u.j 9pcUm od Ln. } 
. FotnergHl Hanrev (25 pi 36 


a & T ^fliU n HH 9 l\' 9Vi B8,: ° aiicBdsiRSi 23 8,73 101^64* 101:267® Minster Assets (25n> 59'^ti 9 (1911 • gSSffl 4 SS*» I^SnaMSOp’ 53..^' > Zlt 2 Ford. Motor CSUSli 29W. U 9® «rJ Wb ~ 

V&ritt&Ll 1980-82 97 *t i«dl %® .%SejAjlCB. 30/8<78 100.-7 e NatwrM, Cgmmejlaj Banking .25P) Bl ^ H ™ 11 « 11 001 ’«• «• 920 A Orr Wl IZS«. 420 S (19(11. fl0pI , aso s lSTSJ^- oS: SjffwS jTO’ 

.£ 7 tUu% l.. „«.» s-. 6 i3g£gg: awwat. „ 7 ,„ ,25 "' " M ’* ’ "■ T Z> 

’?5C T ?sr. L - ,MS ’^pSkucEoiSs u^’ni «" * c,7 “ sa?w2SiLdfe s J aA , ,Jj, sau'asa.iankSB.iii. . 


?. 9J?pc Treasury Ln. 1999 89':® 86® 91< nsn 

i 12*pc* Treasury Ln. 1983 113'*® 10B<*M 7 ^ IK: “ 
I 13L i, ft P 

f 12lrpe Treasury Ln. 1993 10«i» "» 

12'jpc Treasury Ln. 1992 111® 10 . 

> 4 it 10% Agnc. 

' 12-ipc Treasury Ln. 19SS 1.T2:a® *i*:® nail 

h ■% 13 6 'jpc 

1 3 dpc .Treasury Ln. 1997 113L® 12Ji® (J9S1 

P 13& TKuurv Ln. 1993 118.%® i«® 9gi; 

. 14i;pc Treasury Ln. 1994 126',® 7*a ’OfsB 

ISUpc Treasury Ln. 1996 130'*® H® •* 

j l^pc 9 Treasury Ln. 1998 13«is® 4 Li 

j 2': oc Treasury stk. rRe9-» on or after 


109U 

roranto-Dominkon Bank CSC1 > 


7. lOscLn. SO" (TSJ1> 

Cawdavr Industrial HoWiogs IZSSi, 31 


Francis Parker HOM 13I-® 141* (19(11 

Franklin Mbit 513(18*11 

Freemans (London 


(18*11 

SW9) 125UI 291. 


Unread 


(2SM 14 1 19/1 r. Sp«Pf ■ 
as. 1250) 158® 7 8 nsn) 


. «?>a. , 5a-R l gw *”• <• 
4 RKkiR if ■oSSfibi'lM 16 * »x 

Urtord Mb mt .2M- M. Mw «5toi 

, flfeg«aaaa&Oj» 

*» OediiMsion IrtwMff t'** 1 **?- JriTV u 

peddfd (29 p> 148® * A •• 

_;1 7i‘1 ) ' #* flni SB 3*H 


5>4PcOb. 80 Il?'l I. 


c ^2o^r " 

Chloride Gtoub KSp» 105 


^*l& e 4 S, ^rtSiu Glrc ^.i 2 5?i,.7 ,,: ® 5 I Christies International! 10a* 
4% S': 4. IObcLp. 761® (19*11 J rhrRrlr-TvIer (ifflai 70': 

irmsowig Equipment I10p) 64b Oin^Bm. <25 p> 47 nYli 

‘.■J 4 3 1 *u. New (23*1 1A_p«n . 


Ash Lacy CZSp) 113 OCli 


3 pc Treasury stk. 27'. (19*1» . _ 

3oc Treasury stk. 1979 95t»® 4 i 5 »* 
4H|« 

Sue Treasury stk. 1982 85i< % K ’u> "ib 

h lii 


77. SuocDb. 97L 9ijpcDb. HS31-B3) DIU.Hfituiw, uwio. \IW» Arensoa GA.i (HldOS.1 (10p) 38 *17"! 1 Change Ware* (10P1 23. 12acPtd. tIOPI GfC-OUod 

99i : (13/11. 9 ; :P|CDb. (1983 86) 97. Allied Breweries (2501 87*® 6b® 5® 3® Aifywton Motor HUBS. New (2501 27pm 2dO 20 3b G|r lotnt 

10i;OC 92 H9 1i. 14(«pcDb. IIS'* 7® ': 7 6': 6® 6 8. 5';pcPf. 52 » 18/11. .Hg’l c . _ 1 Chloride Group (2Sp» JOS J*?., Lj!i? a 

u <19.1i 5Upc0b. 80 119*11. SUpcObL 1984-89 Armhaoe Shanks Groap<25ai 71':® 5 i Christies IntematiaoaijIOpV 76 Gair*her« 

Finance (or Industry 1 Swell nsecd.Ln 106V tsiJaItJII. 6*«PcDb. 1907-92 69 -'jO _ 4b 3b 4 , lO nc Ui. 76t® [19*11 christle-Trier (lOnl 70>: TS IIS, 

u 1 4ocUnsccd.Ln. ’’li . (19/11. 6-<<pcDB. 67(4*16 1). 7>^cDb- Armrawig Equipment II Op) 64b G®*-® Srstv Bros. <25P> 47 *1> IK New C2SP) 

Gt. Ouse. Water 5 W 61 (19/1 1 711*. 5>«ncLn. 43 (17i1l. 7>pcLn. 56b« .1,? f * ,,, *61;. N*u f23pi14. no. (16(11 Gariord-L 

"■ An,Bl - DlStUiM PrCKb - 1,0P ‘ 37 8 1,7,1 * A«SnS«SI , s3i?Pir 4*1, (16/1) aSS e So U „ Jt «&? > ^ S 6 3 s£££v 

Nthn. Ireland Elec T 84 1 * 118,11 Bass Chanl'^itni J£5pi ISO® 4 7, i® *b® Associated Biscuit Mxnuftaws Kp** ChOTri, <2Sp) 193 1 S gj gFjg 

H Sifeh*S&? 7 .W-1Q,W. TmPI. 69 q^^wB 197 *^ 47°‘(19 l”" 1 " e'^ScUre^Jn. MM*"® ciSrke^ Ictami) <25»> 63® G *2^ 1 | 

“ CTWLTH. GVT. & PROV. (12) S|W.fi D «i- b «£ dfiftia. **K Book PubiiWe» caop. itz 70 

4 REGISTERED AND INSCRIBED STOCKS o'^ 1 ^JLVfS&S; 6 |^ w _. 6dcLj1 ss Associated British Foods CSp' 61® 20 ci fiord's Dairies (25»i 42 (18*1). A C25pt \ 

* ‘'S£5"‘,£T"'Sn™ *' r* Ji i/imuL /■iaJSSrui. StfBSS d22 -*»«.. w«. « ...... 

S. iyff I^n-so 1% Cliji. aUo ISImT! Aviated Dairies asp) 24o® 3 do 40 gtawr ogti saaffigt’ n&’i 

(4 a3^7 n Ss\i‘ 7rc ?M 1 ° 9M» n9 ' ,, ‘ qspi 69® *4WcJ»l«l Electric*/ Inds. 6pd». 8«J tow £ot!^<25o) 65 (191). A OSaJ cStoS C 

jSS?k. SIm 7^ Breweries Wrexham, LZSpI 69® tnslwotas «SP) 121^® 1® MiOT - __ _. cSS D»\ 

11 utML u.uuu., gllSn’Wl C25P. 105«19»1» Elated Flxheriw (25ol 68 6. 4Luc ^ 


GEr mtnL aoni 83® 1 , 

GB tMlagsj (ijOpi 419 118/1 


GallAlutr bOCLa. 1976-81 84. DO. 1963-83 SXpcPf. 49® 8t<® 


ANraiSsi 14 ™ u Reed — Putoll*m"B HW9S. *»"♦• 

London and Midland Ind'ustrtal* CSp, 771^ Jfi^JgumJam* and MM <2501 74® 

o™. n«. =« a*S ,=sr 7 “ 1 . > ‘i‘*. 


IK. New C25p) I GalHIsro Bnndlav ifia} ®5b4 n6#1» 
■ (IBrll I Garlord-Llllev lods._(50J_ 16® b 


Garlord-Lllley lads. (5«J 18® 
Ganur bcotblalr (2So; 102® 
Cartons 1 TOpi 7® Jf&li _ 
Gates (Frank Gd (2SP< 52k? 2 


London and Prmrtnrial Poster Frp. (SOP, R « > ;* S 1 U BP«Ob 73 «*«, 

**£??. Sf 4 5,a - SSK c5S,p"=?P> 46 9 lOPCPf. 121® 


CTWLTH. GVT. & PROV. (12) 


"rrMSPry Stk. 1977-60 (Re^j 94 REGISTCRED AWHKMND STOCKS „< ^^SSgS Ift-), BncLn. 63 


Gentrai Electric ISUSISO' 31-** 118.1) 
General Electric l25p> 2760 64® 73 
6® 4 3. 6pcLn. 1979-84 82 (1 
7 <*Ld. 1987-92 72> HBIfc Ca 
Notts 100® i? 


Lo-idoo PavUltm 540® 495 S00 30 40 -* — .ir., 130® 4 

Long aoa Hamtjfy (10pl 36 , 52212^ 5«^19 1« 

Lungton Trairanort HIUdBV (23P» 640 1* i, M ’i I Hlrtm. (3 

MMu, i?*ni ICA m Mi-id * S T 9. ftrf RiyaMsi IW. j.l 


J 3'»c Treasury Stk. 1979-B1 919 m* M® Australia (Commonwealtto oil lOOu <19;l). f? 1: i , 7wJffiiT SDUiTe/I, 

, air treasury Stk. 1986-89 (Reg.l 73J. vnill.^fSc V£& S33te*V*' ^29 l 

. -4 1 * 43* 4(4 __ 88® (19-11. lope 77-80 2_U (19/1). 6dC 5SSdS£rtJ?%5i& (2So, 14i 


Associated Dairies OSoJ 240® 38® 40 Clnrer Crort State (ZSrt ^l _n6-1J 171 © 

5 sr' T *~^' at “ os -' 2 ■*«■> “* , j £K '&s “si:ss " s,, __ A “ M isl 

aijpc Treasury nk. 1982 96ijt® 5 a “«1 N ^i ^’-’pc 81-84 8 H- i19.li.4oc S^Sr ^ 1 P?HliM» 5 (25n7 137® 9 >spc A^oclated Flshertw tt5p) 68 8 . 4!rt»C C 3 ^iTl^“ tSl>nsrt°L?f ‘ 58 ( GifJSe ' 

9pc Treasury stk. 1978 100.43 re-?a 97>0 f'rt 1,. SLdS BS'i® (191K ^ ,37 ®' 9W W- 28 07/1 1 . 7 UpcUracC-Ln. 791: 7 ^pcUnscdXn. 69 1 - 15 * 

“irV’rtr ,MS 9ai: * ^ 58 f^^'i 6 ^'*: 3 ^ BM2 73u - ae B ^ ss *? ,««««.. 

istei’rav-J!! c « H2Sft»S , SBB t 1 SS sawiffl* 

(16/1) (18/1). 7Upc2ndDb. 75 (* H9/1I lObpe Associated Paper fodosts. (25oi SSMP fl9.lL A i 2 So) ieo (17/1) 

1 0 ne Treasury Stk. 1992 921*® lie® >mO Nynialand 6 PC 78-81 88 ,- (1811) Ln, 9Q1-* < 19)1' MW h 6 % 6 . 9WpcUnseCXn. 104® 3® 6 H CdlmoTB lOV. (25d> 7’cPClsWJ). 76 

3 2 % 3%: 2 u m j » «i» 5^ Southern Rhodesia 2 %bc 6S-70 60 (T9/T). Davenports Brewery (Hldus.i 125PI 80® Associated Portland Cement Maids. 266® Cam ben Go. (IDol 34 (17:1) 


7 bpcUnsec-Ln. 79*: | 7 ^pcUnscd-Ln. 69 


ViiPctiaHCJjk 61 nsm 


Leisure (50) 501;® y. 
Newspapers Group (2SP) 
^Ln. 57 (1711) 


Cole (R. H.) 1250) 130 29 
Collett Dickenson Pearce intcrati. (10p) 
168. ss® 7 

Collins (Winiami Sons (HldSS.' *2Sp) 139 I 


GlKsour 

GtanBeld 


Ln. 68 (17/1 1 
SUmow Pavilion 


GIBS Metal H . 

Glaxo Group 7AipcLn- (SOW 35 4 (1771) 

Gtaxa Hid os. (EOo, 390® 2® 5 90. . TbPC MH Furntturti Owtres (IO 01 1220 2 
Ln. 124® 4 3 MX riectric Hlogs. ;25o) 178® 7 6 

Qecsan 1M. J.) (Contractors) <10o> 42 MY Dart (10o> 63*: 2'j 4 
(18*1) _ __ Macanle (London, (fopi 16« (19/1) 


kunuik , G <11 

74i0CLn. 1 50 PI 35 4 


lOhpc Treasury atk. 1978 1 02 ’« J* ’w 77-82 75? 4i : 

T0%PC Treasury Stic. 1979 HM'urtS [k I 75-80 84 H8, 

lOippC Treasury stk. 1999 ((V. Pd.l 9Sh« 6 pc 78-SI 90 

loisoe Treasury «k. 1999 (Iss. at J-95oc. _ 

US pdj 55':® NO L® t 1 u l» CTWLTI 

l?:;pc Treasury stk. 1479 1 04->4® ^ ** AlTl “ 3,; 

11'wc Treasury stk. 1931 105'*n® 'm U FOREIC 

lllrtie Treasury stk. 1|91 10E® 1 * rnu*™i« p 

12oc Treasury «k.- 1995 10S(;t i* *» COUPONS P 
»* (4 . Bahia 'State cf> 

13pe Treasury stk. 1990 1*14® 13'i S. Bulgarian 7oeSt 
b 1 i, 14 German IntnL 

14 pc Treasury stk. 1982 114U® 'm® MG-Ii 
u iu Iceland G'iPCStii 

9oc Treasury Cony. «k- i960 IOIV 740 

/, 1 - 'i k Ireland 9 - 4 oc 11 


7 1-73 62. 4 pc 72-74 76® S. 4'*oc 9 90': 86 8 90 

2 75. 41-oc e7-92 54 (18/11. Soe Dcvenlsh u. , A.i <2Sp) 158 (1 
0 84 cl 0 / 1 1 . 60 c 76-79 90 C19'1'. DlStUlers <5Qp) ’ 6 S‘l® 6^® i 


9 90': 85 8 90 6 4 3 5. SA.oc2ndDb. 52 tl7'1). Combined English Stores Go. C12«=0) 86 GJrcxoo lM. 

Dcvenlsh (J. A.I >2501 ’S8 (18(11 7peDK 72. SpcDb. 83'. (18/1). 10'«e Sis. 7 LkH. 49 (T6.'l) Lfi5J’ 

Distillers iSOPI 165 1 !® 6»s® 5® 8® 72® D? 91 2 (17n>. 6>«pcUnsec.Ln. 47 Comet RadHwWon Ser vi ce * <5M 105® 5. gjrmop (W. 

5® 3 2 5 4 (1 6. S'aOCLn . 43 (19/1). jiyn) New (So) 10= 1 3 99 Ill'll 

7'«0cLn. 70' <*. 1 0.SpcLn, 92L® Associated Sorayere CIOol 32® CompAir (25ol 103'tiD 21^8 3 >3 5'j t 

Greenall Whltlev (ZSpi 107® 3® 6® 8. Associated Television Corpn. A (2501 Compton U.) Sons Webb (HldgsJ <2001 : 

7UpcDh. 1987-92 721* 1Q9:« IQ 12 13 11H Concentric (lOp) 45>t 

Greene King sons *2Sp) 217® Astbury Madeley <Hldgs.i <5 p> 37® B® Construction HokSng* <2Jka» 97® 100 2 

Gumnesa (Arthur) son (2501 1860 7® 6 7. Astra Industrie Group (IOPI 23 C^nBOM Statlonenr '10W J7 8 (’6. 

7 (jxLn. 2001 66 . IQocLn. 1993-98 Ault Wlbord Group (25o) 32b n*>i. i *" 1 *°°* 12001 . 


CWLTH. CORPNS. (— ) 

South Alrica 9'joc 1979-61 931: (1611) 

FOREIGN STOCKS (14) 


Lyon and Lvon (250, 83® Sottwk 1 1 Dpi 123 20 

Lyons cl.' 1080 7® 8 9 10 7 6;. GpcLn. ReXfi (25ai 29® ' 

32ia. BLdKLn. 68 (K» 80 8 (. 9 SSSnsJJ cSnimZltaa Grp. «»»»-• ’« 


RxwiM* Mecklntoab (50p» 400. 7oe3«d 


p». 67 HBrii. 7i>nc3rdPt. 68 i17/ll 
Rovrton Hotels (2581 166 _ _ _ 

Royal Worcesher <2S»» jU» 30 27 B » 6 


USacarthrs Pharm. I20pi TOO II&'IL 5'jOC I OocURSee Ln. 88 <18/1 


Rovto Grp. 1250' 33 4 1 


,47 Comet Radovlsion SerriCM (So* 105® 5. G'assoo (W. JO (25P) 53 0811) . Macarthvs Pharm. ( 20 pi TOO (1&'1L 5'jOC 9ocUlttec.Ln. 88 <19/11 

nS?(Si ?CC 1 S99(18'1> GWnwed (25p) 1054® B 7k, 8>9 7. BPt. 45 116/1. Rovto Gro. 1250' 33 4 1 

Comp A |r C23oi 103'tiP Ziw Jb 51 41 SocUnsec-Ln. 75 (17/1) _ McBride ( Robert i t Middleton I HOP) 380 3 Ruber oW '25e* 33 .'1M* _ _ _ _. 

( 25 pi Compton (J.) Sons Webb fHIdgsJ < 20 pi li Goldberg (A.) Sons <2 So) 62 MeCleenr L'Amle Gro. (ZSpi 12>a® RuqbwPOrtiand Cement l« 50* 95 ® 8 91 

Cmcewlc (lOp) 451° ,n,08 *“ '■ £U ** *“ M[nc l2 Soi 75® 6 <1911 > McCOrquodafe 244® (19 l*1) 90 881 P»«>< 5 P' 5 SJi / 1 B*»K 6 ocUM- 

. BA r^^Ioctlon Hoick rwi ( 2 (ha) 97 ® 100 2 Goodv*ar Tyre Rubber (Great Britain) MatVay iHmuil a5o> 44 5 07/1' Li,. SAW 119 > 11 . 7 iKUnWK An. 66 tlTI" 

6 80 cSSSSTsSSSw rtw, 3? 8 (16.-T, 255T S4N «i*ii „ 5SSMSS5SS, RUMe< ' , ^ cl,,nd,,r ' OOPI M ® 

Cook (Wdliarn. Son. (ShHHeW, «20o, 24 Gough Mon <20 p> O WJ > ■ S and U Store, 25«P»d. C12 .Pl 171 


McBride (Robert) (Middleton) <10o> 380 3 RuberoM <250* 31 fllVl* _ _. 

MeCleenr L'Amle Gro. U5iPi 12'a® Ruubv POrtUnd Cement ( 2 »P' 85® 8 91 

McCorquodJle 2440 (111) 90 88 h PtO (5P' 551 CIB'lL 6 oeW"^ 


COUPONS PAYABLE IN LONDON 2001 DO w™™ ,16*1, Gough C«mer UOol 82 4 31 McNeill Grp. (2501 47® _ s and 

aSmlri'Jn 8 ,?!*, . H^hlamJ 1 DIstHlerles rzoo' ISS® 5 8 7 6 (F. ^(LeySS (1 (W 12 <17*11 Cowf (Frederidc (HoWngsi ClOoJ 13L Ggrookm Hldgs. C25pl S3 4 (19HL Gloc *?*«**«« lDoni,fl ‘ “** 12501 *** c^ 8 '^ 

STn^ln^'sT^W^ Q Hlgson. Brewery <2Sp, 7W , _ . ijS^^urST'o.S^ 2Z»* Industries (10 p) 171 Grempfr T V.evWan N.V. A (10a) 35 Madam. Tussaud's (Sol 65 6 S': 6* A *Sfj5 


nd U Stares 25acPfa- C12'jPl ’71 


Iceland G'lPeStlg. 1983-88 70 (19/11. Du. 980 61 8 


Marston Thompson Evershed (Z5oi 56 
Scott I *h Newcastle Breweries (20oi 67 


9oc Treasury Copy. «k. I960 101«ii. JBr.i 74® Macaltan-Glenllvet i25DP_ 31! 

i- >i A Ireland g-'.oc 1991-96 90'* Macdonald Martin Dlstl 

Variable Rate Treasury Stic. 1981 964 Japan 6ocSlIg.Ln. 1983-86 80 (19'1) (1B/It 
(1«;ii __ Russian ApcBds.Ser. I £2®. Da. Ser. II Mans1ield_Brewery 205 

Variable R?le Treasury stk. 1982 95 £;a Marston Thompson Evei 

(19*1 1 . . . . eabcock Nederland 7pe8ds. 1992 95 U f 4 Scott I ^ Newcastle Bre; 

3 (>pc War Loan 36-<<0 '’(a® <s *< H »u Rank Orgn. 4(ipcLn. 5Gh '191, 9 7 h 8ij 8. S'zoel 

'i <» in i; _ FCI Inti. Finance S^pcBds, 86 l¥° b - ’984-89 71. 6 

British Electricity lUnrGtdttV. 1 976-79 inchcape (Bermuda) 6<4PcBds. 105'a 86® Mi® 

951 . i- hb 4 tape 1-974-79 96<a 6 Seagram 13»i t (16-1) 

British ‘Gas SpcGtd.sfc. 1990-95 51 >. STERLING FOREIGN Sti^iftinSTosS 

Gtd. 4 'jrcBds. (N. Ireland Land Act T92S CURRENCY BONDS vauxsBO 75 8 87 

Hydro-Electric Board Jj™ m 'W?% ?V-t1?b. 

N^thcm * Ireland 6 kPC Exchequer Mk. Toul 0 * 1 Marine gi*pc 98 s * 117/1) Webster IS.) 4i^pcDb. 4 


Ineergoraon Dlstl I hers (Holdings) (25pl A g| 0 ,, l* , S, S<fCUrftV fHIdBS '’ f1Dp) 56 1= ® cSTaHi™ Intematioaai (So) 580 «j 60 

M 9 K?li*i?-OTenllyet ' 2 S«i 310 H6'1» CotS iPj'Scll'lS (?mS * 5 ' J C17-l> 

Macdonald Martin Distilleries A "SOel 333 ’“g* 3 - 14 2 - U CopythaC (IOpI 29 H9-1) 

(18(11 „ . sm? T? J-w 4 0 4 One Co ^' h «2So' 38 6pcPf. 43 <J»*11 

Mudicl* Brewery 205 Avon Rubber 195 0 *: 7 4 u. 4.9PC cm I IMnv Groan UOol 1 77 R K a 


Gro. C2 Sdi 148 SO «1«:1). BlipeUnwc 

157 __ . ___ ‘ 


Counter HOP) 29 H9*1) 


(17/1) 

Granada Group A (2Sn> 
Grand Metropolitan iSOo: 
7 B 7«s- Warrant* 


Magnet and Southern (25p) 187® 90® 3 SaaKbl Saatthl ( 10 b) 102 
2S0) 96® 8 4 89 91 7. 5.2SKPT. 67 Is (16:11 Timber IJObI « „ _. 

i SOB) 107® 4S® 6 Mi Makln (J. and J.l Paper Mills I25p> BO SoWi’KSiAaJ La slu^l 

sub. 1.5625 Ont 17. Mallinson.Denny (25p> 48® 9 't « 8 m' 0b ' 72 ,19m «««*«•« “ 


9 7 h Blj 8 . 5 ' 20 CP». S3 118/1). 6 PC BAT lad*. I25p1 275® 1® 4® I 

IKDb. 1984-89 71. 6 UDC' stOb. 1978-63 4 68 ,. Dtd. <250) 131 J® 2® 
B 6 ® ia® 3 2t 8 5 4t 3 25S 32 


86® >«• 

Seagram 13»i« (16-1 > 

South African Breweries (R0.20I 59';® 
Tomatin Distillers <2 Sol 104 
Vaux 3B0 75 8 87 


BBA Grp. (ZSpi 61 (1 8/1) ' 
BCA (20pl 123 <17/1) 


|fA <2001 123 <17/1) Countryside Pvoeertlm (So) AOhQ 

BICC i5Qp) 115® 14 13 15 17. 7peDh. Courtaulcta '2501 1Z4H® s® 5 4 3 6 


i^?M e ' 25 S^ 24 ii sl a®^ x A *M- aa« W®"8 airwsrs & Marchwiri Hid^T tispi is* 5KSIS?? KlUkSi^^oS? 1 ?®* 

RoiJ, 4 Rn SVpcUmec.Lr. 39'sO. S’ocUnsec.Ln. Marks and Sncncer QSp) 154® 2 i >0 3 2 4 Saoqer <J. E.J dOP' 50 

.«& ***"“>* *'«*» ™ » asffi*,, , ssi ,, sw 1 *'s5d a y jis"™., * . 


Witney Mann Truman Hldgc. dtmcDB. f 80C Inti. (25pl 77t«0 h<D 6'j 7 h. 2.8oc 
1978-83 78 MU. 7ncDb. G9L (19/1). ZndPf. 34 Zdi®. 3-SudlnilPt. 441; II 9/1 1. 1 


TocDb. 1982-87 61® 80>*« 80 78S]X. 


Ireland 6kPC Exchwruer alt. 


1979-8® 89 (18*1)7 7 PC 1972-84 84U® 
3pc Redemption stk. 1986-96 49i« H b 


10'rocDb. 96'; 116/1). RpcLn. 74 (16/1) I 5/UocDb. 75 1- 6ttPcDb. 74V BpcTonn. 
Webster iS.) ai^pcDb. 48 Db. 1988 91 U (16/1). Do. 1990 87itO. 


S'sKLn. 1994-96 52V. fi'-pcLo. 1994 . 
1996 60**0 59 : :L 7lmcLa. 1994-96 


(lOtW 20® 20® 


FOREIGN RAILS (_) 


--.-.mar 1 ! rr /Cri canaaian ratine istsi IP's *4 *u <1 

CORPN. & COUNTY — UJK. (64) 4peDb. 36/< hb/ii 

FREE OF STAMP DUTY Ontario Quebec 6 pcCap. 675® 

London County 3oc fin or art 1920) 26 V FOREIGN RAILS (— ) 

D? 8 19B2^M" 831 ^ 1 * 7 2"iy 3V." Do.' Autufagarta 5ocPf- 32 (19/1) 

6PC 1976-79 9Bl1, 6 " aDC BANKS Si D1SCNTS. (171) 

Cora!* ol London B'toc 1975.78 99V Alexanders Discount 277 <17/1) 

Do? 1980-82 ° 88 I18/D- 5*»C 101 Allen Harvey Ross 505 


CK. & r*WLTH RAIT5S ft) Whitbread A i25p) 91* 1 3 IV 6pcPf. 

Ll.tV. 06 V nil in. IlAUiB 57 sijpcDb. 73IJ 119/1). 6 UncDb. 

Canadian Paclbc (SCSI IO'i (■ J u (19(1). 67 H6/1). 7t*ocLn. 1995-99 65v t” 

4pcDb. 36<< (18/11 UpcLn. 142 >18/1) 9PM 

Ontario Quebec 6pcCap. 675® Whitbread Investment (25p) 84 (1911) BSG 

SYiRRiRM DAirc t \ Wolverhampton Dudley I25p) 19B , 

rirtUUliiN KAIU) ( — ) Young A (50p) ISO (19/1) „ ' 


CANALS, DOCKS (5) 


Bristol Channel Ship Repairers (10a) 9® I aaggeridoa 


I ■■» 8-'« H 

Manchester Sh*p Canal 212 


(25p) 237 5 ' 4 ” ' -i tf?' rig* .■fS-n G«»« Keen Nettlefolds (U.K., GUncDb. Matthews iB.t (2501 140 •1»j?f ,J> 

MW 1,5 17 144 sot* imp sgcV/S^ ST™ » fin M C1 ^> 


Allied Irish Banks (2bp) 1630 4. 10 dc Mersey Docks Hrbr. Combd.UnltE 19V 
Ln. 132 (1 9/1 1 b’ocDb. 43t* (16 1) 

Arbuthnot Latham Hldgs. 170- 5>uicLn. Milford Docks 91 (19rt) 


g'^- jaar ! .WiW ,,, 7w: 93 .. 'WtH-owr waw 1630 4 - iodc 6 

G TOl'° n gUPC B ^;.. ?*C ^hnm^tham MdML 170. SIM. M. 

aSISU^VbV. flfci , . 9 “ WW l T , '^" ,and BtB - ^ Wl 

Barking 7»4PC 100hi •16/1) _ . - - - — 


Owe (James' BocLn. 1994-99 6>s® 


Barking 7 » 4 pc ’ OOfc.'l l*n » Bank America Corn. (UJS1.5625) 15V 

Barnet 7»*PC 91 (18/1). 13»aic 109 *m Bank of Ireland 355 SO. lOocLn. 1S7 
>19(1) .... Bank at Montreal i»C2) 10)*® <19(1) 

bu® Sii^'STiJsr wales Rw, ' ! 


C0MT3AU INDUST. (2,746) 
A— B 


Crosby House Group 134 H9.1) 

I C 7°*f? od s £ R - 7 ^f <J 8 ^ c -' ‘Spl 36® t* 6 

CrtMknr Budding Products <2501 70® 


Bedast C C Vi^Tbin .16/1) “fsAzAgsTig^ WaleS aoB - "«•’ *_A-H, 

Birmingham' 3’iS III) or aiv 19*6» 26V*- Bank cl Nova Scotia rtSl) n»i«® A .*?6(1 

. 7V pc 92 ij. Bpc 941 ; (ia, - 1i. 9 Use Bank^ot^ Scotland iGoweraor and Co. Of) aec. 


A-AJJ. (25pi 120 119/111 

A.8. Electronic Products Group tZSpi 108 1 


“3160" 13 ■ — AECI SlipcPf. 27t® 

Barclays Bank 350® 40:® 1® 3 S 2S 7 8. "HSJuSL'lSSi 

B'.pcLn. 77V® 8 U 9i* Ar.y. Holdings (SOp 


Birmingham Din. Cnct. ’2'wf ’06'* 
Bournemouth 8 'jdc UK) 1 *® >■• 

» on 6'a>C 98 (18.11 

7i*PC 93».« 4': 


B'apeLn. 77 Vi® 9 U 9U A.P V. Holdings <50p) 215 I Barton and Sons (25p) 4 flit® 53 

Barclay Bfc. intnl. 7hpeLn. 7pi* (17/11 A.V.P. Properties . 7'«0elstDb- 72 (17/1) Bassett -<Geo.i Hldgs. (25p) 151 
8rovm Shipley Hldgs. 203** (18/1) Aaronson Bros >10 pi 60 (18/1) I Bath and Portland Grp. tZSpi 7! 

Cater Ryder 310 Abbey Panels '25o) 52 

Chase Manhattan Coro. (SUS12.50> 19 Abercom Investments iRO.Sai 91 (19/1 1 


Cardlfl Caron. 7ac 89': 
Coventry Coro. 6pc 98H (19'1 
Croydon GJ«pc 90® ______ 

Dudley Cpn 9ijS>e 901* (18*1) 
Dunbarton C.C. 9 tax 98'; 


<18/11 

ciive Discount Hldgs. raon) 81 :» i 
Commercial Bank of Australia Ord. (SAD 
430 

CommmjJal Banking Co. of Sydney (SA1) 
1 1 7 C6 1 ') 

Fraser Anstaacher (Ido, lie " 


Aberdeen Construction Group (25p' 93 


Abort haw Bristol Channel Portland Cement I 119/1) 


*io na/T) ^ <,0D, 9> * * 9 ' " oop ' 5jK 'SmK&V 'tSA ’tSopi. 531- 1 

Bak er Peg tlldS!*CSOp) 94® (19,1) 4?^ U ""“ 1 9oeU '- 1994 -" »* 

R^m, l SSf r ? 70 ni 5P 40 * 8 Crosby Hpote Group 134 119.1) 

SK , k , Tr?d^°Spf°l5pl 2'.*® C 5°*Sr 1 5^7r , 8 A - R » ' SW M * “ fi 

sss is-DfSs.as.ViiM is« 'n?# t*"* 0 * proteB “»• ^ 

uSSd 202 *** ‘iTfiff, ' 0erck) Wono«t«s) <20p) 9B 5 

Barr and Wallace Arnold Tat, A (N-VtgJ Crouch Group <25« 72 ilB/t) 

Z5pi 69 ... . ... __ _ Crown House (2 5*» 49V; 

Ba rra tt Devpts. (1 Op) 121 28 2 Cryatalate 'Holdings) (So) 22 

fl m ro ns H H J n U lT 0r, *' tzSBj s1 * 7 ' 75pc Colter Guard Brktge HoldlRgsJZSpi 19 i, 
MT. (250, 4.4® 52 Wll?T ,1Ul «« 

Bassett (Geo-i Hldgs. (25P) 151 50 3 Corrys <25p) 2124r 13® f2 14 
B£» Sbrtland Gro. >2Spr 79® BU 91 cSto^aSte Mfgdoto 17 (19/1) 

• Cm g, /'lOCLn. bO* 

B*ikfs (Johni (2 Op) 56 (ISJli Dilc-£dKtr1c tcitcmtL riOa) iiqa c m 

Beattie i Jamas) A (Rest-rig.. <25pl 83 V ™ 1490 6 52 


HAT Gram, dOp) 36® h 
HTV Grp. <2Spi 112® 

Haden Carrier i-’Spi 94 5 <16/11 

{tall lomiwalog jHld’iS «0 p» 90 
Had rMatthow) (25p) 195 


Mean Bros. Hldgs. (25p) 30® 
Maggitt Hidas. tsp) n ub/i) 

Mi S? <i DI ’O 4 * ‘1 «6r1) 

Melville Oundas Whitson <25 b) 45 


Scottish Enotlsh European Textiles <20oi 
60 

Scottish TV NV A CIOpi 579 9'.*« 60 59 


ftall Eogineeriog iHIdgU tSOp) 90 

Ha bread (James) (HidgsJ (IOpI 17X> 
Ha meson Industries I5rt 10»t l'7/n 


Meutmora Manuf a ct u ri n g (Spj ij 
JJ 2"*** (John) <25p) 300 298 (18' 1) 


Seirs RSpi-ba SI- 5 Vi 4ij 71 *kUi. 64 
Serartor >250) 60 <16!!,. Do. A NV 

Security Sendee* «5pi 70- Do. A MV 68 


’ifVrt "URdc 2KTMT ^ 

nU?'SSU% l V “® 3 SeS«?SmbSlg B nOl»l 24 : : 6. 96pcto, 

Mtttoy i25o) 44 (19>1» _ou.ti# 


Currys (25p) 212«r 13® 12 14 

Custo magic Mfg- (10 b) 17 (is/l» 


(25pi 153 (18111 Beaidord 

Ac row (250) 114 <17/1l. Non-rig. A i25pi Be seer (( 
861,:® f«t® 90 88. ' 0 UpcLn. 92 Beckman 

Adams Gibbon (25p) 91® Beccham 

Adda International <10p> 40® 40 6pcUna 


Beauford Gro. <100, 49-<17/t) __ N-V (i'dpl 28 ~ “ 

CC.HJ (H'dgs.l ilOpi 50 <19/1, Davis i Godfr ey) (2Sp) 85® 8<i® 69 

n c’s'ai wrq £•*’' >75P' 245® 5 4 

!L?P- B 4 *®, 9.2 40 56 7 ^ Dawson Intenatl. (25p) 1060 6 7 


.nmoufn invs. (Spi 16h 
Davies Metcalfe (lOp) 29 


Oundaa Cpn, PoH C"j'i pcPb._ 26'; 7 117/1) J Gerrart National Discount (25 pi 192® B Adwest Group i25p) 260 (1B/1». 10 'mk I 117/1 ) 

Edinburgh 6' s pc 99® 9 (191) f Zi UJ 6 I un. I63t® 119/1' Beechwi 


Harrison Sons (25p) 66 

sisi. n ffr 

EssvsittrJ*-* 

lasg&nTFi 9 ™ 


H URW^jiin, 

1C). 570 .17 t) 

larpets (10 b) 22 <19.1) 
F.l (2 On) 301- 
ridse (25o) 73 


“ ■“ rwrcwaiu Grp. (25p* 87 4 l*u>ri 

(17/1 l On a H fg¥ <r Slddeiey Grp. C25 p> 201 200 2 w 

(17/1). Do. a 198. 7iipc0b. 73i» f17/i, • Monsanto SpcStig.fDoll 


SitetheW Brkb I25p< 48 (17,1) 

tsvstsnaiWk* 


SHmssen Hunter (lOp) 61 (19f»» 
5 teKtnigbt (I0p> 83 (17(1, 
Silhouette A (20n) 44 - 

Simon EagliMeflno >2 So) 206 S 
Singer (SUSIOt IU519U (17/1, 


SpcUmWLLn. 255 a N-V CZSp) 106 W 

n Dawson (Jammu (25 p) 86 8 (17.*1) 


„ S5^-.^S!i «« «• « 

*■ uT' R^rtwr 5pcPf. 36 (1711) 


Education underspending 
by £101m. criticised 


Dental H (10pl 29 (18/1 1 i (1 ?t1i! 

Beriaord <S. and WJ (25pl 218 IS <19/11 D ! t ? n aS , l 2*I 01 

Berijforos l25Dl SSA 9 flfl/1) _■ 70. ZSPCPI. 

BSSEkTlAS, "aaST 56 U DJJM MJM* i*Sl 

Best and May (lOm 53 70)J_69_>; _70. 

' asp, 1560 (19 


A nop) 63 5 


I mast HUBS. (lOp) 59 •• MlKhetl sSne l^ rt c S5 ® S0s ® h «« ohr, ‘tM (25p) 73 

J i 2 Sp) 103® 5® 6 Mi«pncr«p ,n *«iS,rfll *? ff7 Jf? ■* SJwtheW Brick (25p< 48 (17.1) 

roshdd £31® >z l'i* *wt M ta Tllm ™ OSp) S7S® 60 S dUw InduMttes 7';OcLn. 59 

dnerv intL (25 p> 23® MoTlnSc roan, - „ Slebe Gorman (2 Sp) ib* 5 

n>. (25p> 87 4 Mmilc ./A^ A c J.’ ,J 09.1) Slemsa** Hunter (1 Op, 61 (19f1» 

deiey Grp. C25 p> 201 200 2 J* Sllentnight 11 Op) 83 (17(1) 

eOb. 73i» (17/1, Monument S £^ t ’ 0 /°^ ,arLn - 113 Silhouette A ( 20 p) 44 - 

mm (25p) 70 1 (18)1) Mnn- lrT ?v?. (1 ^ 10ti Simon Eoolneerlno <2 Sp) 206 S 

«UII Grp. (Sp) 140 U« ! mSISm S3L fl ip t » fJUSIOt 1U5'9U (17/1, 

murgan crociblo f 2 Sp> 131 a 30. 6 Ti.nr Sirdar i25p) 57 ® 

» Sew ‘ n7n ? . • S ^n^ 1 « , 1W1 , •teawsw, 11 - 4 ’-^ 4 °« 

asm. kSL^T, f2SM 50 n«3tt 105 

a TO (Hldgs.) (250, ,42 ^ '1°* 67 ^ 5 ' :# 7 ’ 

H*. CJ Grp. ,100) 64 (17/1, Kg» ” 3£* 7V±b 

ccb 5 :osi <20p, 84 (18/1) %%*?*%* «S<5 . So'w’i 82 Sm>fhi industries (SOp) 171®. 8 pcLi. 103 


Hav iNurman) rt0p,37 . m SSJ n lf h ? ans * n 0p 

Head/am Sims Coggins f5p) 36 M frnS» BHkev Wall 


Mrt and May dOai 53 s » 

arstobe" C25pi 15&0 (19/1, P6 

Ben Bros. (20p> 68 (IG.'1 1 DenBywa 


A ' i & AUTHO 


FINANCIAL TIMES REPORTER 


CRITICISM oF the level oF some £98m. by local authorities A proposed increase in expen- giadr /Stow Grp. (sop, 30 

oHiinntinn cnpnrtin^ aNnwpri fnr nn P.dlimfinn 1V.1R a Hovactatvncr HihiPA f nr* niirtorv nmiriemn inrl S!*^ Hldgs. CZSp) 


Bird lArrlcai (25al 11 ’wnwsi uem uum 

Blrmid Quilust 12501 GSi'A Bv fih ciB'ii ^Binond Stylos OOo) 17® C19/1Z- 
QBp. gV - ** 09 ™“ 0 "oWnson OSp> 125. 7 

2 S!i2? M 5L P,II *I ®FW/ «10p> 67 <16/1» ninkL f MMH <Sd, IS <1S/1) 

B M6M* St ° res A Non - Vt9 ' 133 ^ 145 dIKSh TiUf ^SpJ^fsV ‘19/1J 

‘ 50D, T,a - 9ly,£Unset DiSSs ?»£».’ oow'iISoWbs ; 


Soear Jackxoo Intnl. «25p> 116® 15 


Dixon (David) (25 pi 60 (16 
Dixons Photo. 1 1 Dp, 166® 70® 


education spending allowed For on education was a devastating diture for nursery provision and aiSSm^SltrSdiabp^a iVnam 
in 197S-79 indicated in a Govern- indictment of the Government's the re-opening of nursery units asp, ai 2 Ipoug: 

rnunf Mrmilfir nhniit th* mtP enn- imoosirion of r.qsh TimvtR wppd him mnrp ffonrf fpahnmc nf .. I eJJ.?. 


Dobson Park Inds. HOW 73W 

K 

Doraua Hrags. C25P) 75 


3® 2 3 , }(2S 0 Brt5! W (s2f*lli UH,aBSJ 1501,1 545 KUrT 11 Zxmbro <25p) 90 BB 7 

„ „ nm, »r» s 3ss. H is^ n, ^« 3 * 


ment circular about the rate sup- imposition of cash limits. were two more good features of -■ rvojke, 0 ” fHid^i Tzsp^fli® B 5 Oovor cpn 

port grant comes to-day from Mr. “In the planned expenditure the circular. BUkey-’j 5? c t l 0 iV, 

&J22S ,r ' b .? •. Tvo motions criticism* the JBAFSL - „„T W 


52? ,n *S'J’ J lI5 °’ 256 09(1) 
Spoonrr Industrrey <25pt 53'* 

Squirrel Horn H2«ro) 35® 6‘ 

*a 5 522** ,M - ,25n ' T7© jS if; 18 

SteifortSshlre Potterici (Hldm.) <2Su) 155 




CIOpJ 215® 
Footwur (21 


Dtoemmi ilOo, 137 119/1) 


. 4t,pc’ 

1). 6 pc 


-I IU) 


■ ■ “ .j.,. , uiu-ivuv Wficuiiu^, iae pro- ant* Dnsioi araucu says sixia ."'f"- ”«pi 5M '7*, Ovko* tj.) (hw«.i (25p» 29® Hovrringhan, Go. R«L-rin Tisoi u* TiSiT?- 2 ® *«■ 7wa.u. 

presses her hopes on additional vision m the circular for □ 35 formers are influenced towards iShinMSliftaf 1 c£. ??„£, af'nwiy ^ u- •;« X) tzsu, 54 t i9*». Do. a na-i, ^ ^45™^ Manufacturing czso, ,n, 

teacher employment expansion per cent, increase in non-teach- the professions or further edu- {Srt « <i«m 19 &Sd) 50 49 ^ 2 ^TO.‘T Bo 2 . 0 „“ i 2 0 °i 

of inducuon, in-service training mg costs, though he feels this cation “frequently of no direct »«S?«cgi gut 84 ® B— F hS2SS t U3SSSJ^&Si ' 1 (,Lt *3? #, 1 5l!! , afflStS 0 "w2“* 

and railing rolls, he says. wiU pot rostore this provision to relevance to the productive and SfSu wriki“rep , , n * 4 , 7 ,. n ^°' ■ '’ B; ’ «. c. com, ctdp, ib «’»>’' _ P 22 4 su swift ■nduNn M aai, 

This years underspending of previous levels. economic life ot the nation.” fS5SSS“p°“ dte » »«fti a aa ii«« E ^' *,35,-1 52 t?L °* Sen,lc “ raSp) 27t4 * BS * gSS uo P ) 07 

55^?*^. ?««*«?». 130, 131 * 3. 7^Ln- 6GU*. BfjBCLn. 1O3>ti0 5® Horten Go aim Hi rin/i. 0«-y"l Dw GrintmahS^i 2/L , 

"SSTc^ftt 1,44 ,6 * 10 ‘^ Db - E.R.F 5 Vtep.) (25a) 149 10^® ^ ^ «“■ ^ ^ WJR 

r mmrii mnkpc fl^wui novmonfc ^ mmmz&z ... 


tMi ■ | g _— L" nwm.1 (gaai B8. nani 

5 MOp, S« C’Ob) 14V). Nw. 

Sal 1m cj. **?- 


<1®fll 

<10P» 17® IB 


Council makes flood payments 


nri JnVinin UOatg> ”°P' 35 11911) 
Bndapnd Procovies (5p, 13U 

"SSTcitSV 114 ® ’ 6 ® U<# ' 10l*peDb. 


!^ n {Tsr? 7 " 0B ’ ■ ' 

p5^ H S« i f | 3M TO ° 3 

Svmonds Enulnooring < 5 p) 16 


T— U— V 


Benzol Carbonising (iopi 1B», nffliQ 3 07/1) u!.Z3^ «- «*-. ...a I Oltaa Pager Min -i” I ™."«L «S®> £0® 1 ® 20 


British Car Auction Grp. (inn) (2 h 1 S^ro CHkJM.) (25o) 132 (16.*T» 

Oo«nungr*ph ThHtrw il2>9, E ft? r<lj C-i Son (Manchester) (Spl 

SO® ',’>5 


Hunt! vigil Go. 
Hyman . it. JJ 


nogt 111® 

CSp) 20>i (18/1) 


■*■ » *?£% Benz “ l ' Carbonising (idol 1B», ^ n(S? } 70 3 < 17 / 1 ) Huntl.lgh Go. flOgt 111® *20 bi27 

BY ERIC SHORT g^Car Auction Grp.jiop, 4 2 t, i &. »’«■’). Mram “ ^ ^ 204 " ,W1 » ^ 5a B ®. 7 , *r B 

toMs* Onemategraph tbStete ,I 2 '») £ f£?J' b aowte Cl Sm IManchevter) C5o, j j R Oxley Printing GroSp a&», Si 2 80 

V ? C ^ liI u S ? F last W ”^ S floods f ion ««SS* substantial aid relief aid— primarily in drying gMiwjHrt 23 crsiu - E '^_. ,r Sn tr nTrtf° ,,) 225 n7 - ,,J * Nbw icl aa a sst a. 6 »c». iggs-u ». Kxofl a n-vm ( 2 so) 

at Wisbech are receiving com- from the EEC's emergency fund, oui houses and household goods, a® is csg ^ niffi) ^ ... 690 9 

!SSSL -2?.J£L.JE£ I* Li Pawing eas heaters free ain't, 3 ^ !& 


2 H S 20 2:016 lm 20 l<» 11 < % aou 1 


at Wisbech are receiving com- from the EEC's emergency fund, oui houses and household goods. K KSTaS&'&^iS^y 13 |SS?W isST'dBfi, 
pensation from the local The Commission was told that It is providing gas heaters free lESLSjBSfc-iiSrt.lS? JH 1 ’* 

authorities under a scheme which the the aid was needed not onlv of charge, British Leyilnd MSSH- 1 c^, 1 |^n. 1 3 i'r® £|4»fcM industrial (25o, 3 i§ 

went into operation yesterday, for householders, but also for The British Insurance Associa- fftSSus 


went into operation yesterday, for householders, but also for The British Insurance Associa- & 

Fenland District Council and small businesses which bad suf- tion said yesterday that 1‘ had tiffiihiAten U5 «) srw®. «k wubti <f.) WfiTcmu 

Cambridgeshire County Council tered damage so that further been in touch with leading in- g?,g r ^iq- t y*gP. br ° sweataiN h U Q 

are jointly funding a scheme to unemployment in an area where surance companies and in the 'cwSlH. 43 '? B n 9 rtL *B^«Lnf' 67 £ l *B 201 . aMrbqraug cioui 20 i 

pay £100 to each householder « was already running at 10 per case of straightforward gifts. a s bhum'' ^" croSS. 11 5 *^pi. 49 ® HilS l3SSif. <a mili^ { ' Vsu® 
seriously afifected. cent - could be avoided. these relief fund payments ^'.-HcPf. eo: m < 19 «. 7ocLn. trior rodmiu rasa) 76® 

The pajment applies where .A. relief appeal for the flood appeared to be. there would he griA, s^rcom «o BSSttfoni swaps' 9 (ism 

the ground floor of affected «ctiins has 1 been launched by ft » of -, the ‘ r affecting gSgJl t W*iKi e“ J?SS 14 . 

houste was completely covered ?e Lord Lieutenant of Cam- the amounts paid out under in- ™ w “- iu>oi 13u * 149 

by Soodwater and is being made bndgeshire and flood relief surance claims. «=s«’ 27 ® ^ loisgeDb. 83 timp ( lervton EiBctromcs 000 ) 12 a*® 

irrespective of any insurance . al ®?_ J be ?P Br J? 6rt ,G - 8 -* flnd (Hiugs.) Eng/ixt «. e.> som (wank, 9 t«) (s a > 


' IfiSjftt czo,|>, T0B 

met wm&ur- mm;?.* WMBSSr- * 

w»b* SSSSSfV ISSCS — ~ isgswwi . 

iM?-' - TeaEfiK?*aFii ESSiK. 

T9 U, io<cpcDb. 83 Enregy < SenrtcB S ElKtroMcs OOW 12i<® iSoN^ln^L m*)® 23'” Tin) &. ‘ISia' 7 A j"*',?? 1 •»"«»*■ «»■’ i*** 7 

Sou, IIMtal Englxrxt (J. E.) Song ,Wa,,ta fl te») <M TtL ®SiA. nB "» jS^V. - 

')! * Enallxh Cart /)C„ at ™ 1 1 * 3 ® v,t“ MacfilMH Cm. f JU S5) S«5tMe 1 MM. ( 5 n n , Ixn 7 i 5!!rir cpnu j«i m iw »■> »■ 


T S2 T, fS T ,, , s <» p l 147 8 9 S 8. 5'SOCPf 

70^'n 7 ■ ,,,, - 

T tis L *!» 11 13 ,410 Si*B» 

PSL,,;r cje;’*. 7 i«ikd<v ci»u 
rlte M KSi. ’.’A'l ’ 4 I’ i’Wi 


rare Le«ij (2Sn) 49 ’ in 

Bas.’TREl^" "•■■■■■ 


i25p) 119 17U ZX 

>*MnlOn i Spi 41®. A iSbmO (T7,'l) 


lOltPCLo. 92 -li® I*® 31, 


payments the householder may hu 11 ? ’ ? oa l* ^2 

••eeeivp area s severely hit in Kent, and 

.. , . .. . at Cleethorpes on Humberside. 

Fenland Council reported Uiat Canterbury' Council has given 
Payments had been made already £g i000 towards the city's appeal 
to 650 house householders, both an d it is intended that selected 
private and council tenants, by payments will he made from the 
mid-morning yesterday. A coun- fund to claimants who apply for 
cil officer had been assigned to aid. the amount depending on 
assess whether householders circumstances including * any 
qualified for the compensation, insurance payments. 


Dutch airline 
to operate 
Guernsey link 


(17(11 

Britton iG.8.t and Sons (Hldgs.) 9 

Brocfchouse 125 p) 61* “i, 

Brocks HOP) 72 <19/11 
B ram sg rove Castlna <5p) 34® (19/1> 
Brooke Bond Liebig (25a) 48® 7 £ 


Empire Starei •’Bradford, <25p> 177® 
Empress Servfcos Hldgs. (10o) 131«® 14® 


Emraess Services Hldgs. 

’ 3 1 | 

Emray <5P> 4<* 


English overseas Invest, (1 Op) 214 ® 
English Card Clothing (2Su> 81 


Irooke Bend Li«big (25n) 48® 7 G*a 7b- SjBbsli Ch!ra Ctaw (25 p) 79 '; BS 
SAiOCDb?77l4 I16MK ! ShpCLn 44 < 18 / 11 . j|(<PC0b,'Z5p) 72® (19/1). 7 

7pcLn. SB's u9m. 7 /Soa. 65 (19/1) _ ob - ^is 19»1) 


Brotherhood i50pi 115 13 


Brown Jackson (20pi 23 118/1) ___. . .. 

Brown Taw»e (25 d) 101® 98 9 100 Frith (Z5P) 77 

Brawn Bowl Kent (25p) SI Esoeranxa Trade 

Brawn Bro^ (lapi 22 «jffl 3 (19 1, European rentes 

Brown (J.) 245® 8® 8 .’7 

Brownlee C25p) 50 UB/I) era Indpstrlas ( 

Brunnlng f2Spi 61 t19rn. RV (25o) 60® §«»* 'Frederick 
1 59 Ever Rnadv *Hldi 

Bruntans (2Spi 109 Ln. 95 <16/11 


THE DUTCH airline NLM, a sub- Bruntons rasgi 109 

but an extension of the scheme Council has allocated sidjary of KLM, has been granted Buigin a 5 n v < 50 * 201 ! 119 * 1 , ehw* ig4®«’^boi m 'rnl'i) 

-rio give smaller amounts for £HUH» for a relief fund and, a Hcence by the Netherlands BiSftSltUS! ' OZ 1 4S5SS& c %USr«2S 


7pc 

Frith (Z5P) 77 <17, '1) 

Esoeranxa Trade T nnsnort ,12iip) 140 


iSgSl| A lS*!f flfirt’ 23' 7 < S 17B1) Pharaoh ‘JSiS’ VL 'to’rf'T'VS 1 *f«W" «Sfi S*tt 7 

13K^ete!^ d, ro‘l DBj r, :i1 phlll « rtnaSce 5v2Ln 45 5H ^,B ' 1, «F. w U , »,oS L Cbi 0T <lW: * - 

‘w CM - f,US9 > iawJsouiW w s 

1»W Coorttesuon <H1dg*J <25u) , 0 0t® lW WH&A fiVW ^“bS^JwS 

^ ffl’ttera, 4<*cLo. 43 1® nwil. 7W P ^ ,n g«" Mn "SS^V 1 ? 1 . ‘ - ' 

isawpjsiucw* ,26®6 \L i 18 

isle of Mon EittMWltti (20g) 37i® (ism Piy«t?®Mn_. — _ * 7, -®cOh. T SSf!.l!ie» 4Rh ia i#. xm4h_ 42^r - 


Eurooean Perrtos i2Sp) *16M <s ,S<i 16 i , *' 4 Mw E«o(Wl«di t20g] 37:® 119/u Ptero flOpi 54 r MOb. ■ •••?.» 49, MON. 4^: 

*27 n E .> I IB HltiM. r«al £.9 til (250) 9®i. Ln. B9ti 78® ClSTfc. 


Era Indnstrlos CZSp) 101 

Evans 'Frederick W.) !10o> S7 N < 18/11 


JB Hides. (So) 62® 
JCEG 1250) 27 Cl Gil) 


i. 95 <16/11 J*f»« Uoh») Grt (25 p) 44® 

de Hldgs. <20o, T4® (19/1, tMauriaajnds. < 20 pj io i 


pto give smaller amounts for £50.000 for a relief fund and, a licence by the Netherlands KSff^SSaffi 

considered! 1 * ccch a / irec ' «g£ , " k " 

The scheme has been set up * n the area< raost t * lem * n between Holland and gwmdane inv. (So, i 6 

under powers^ ven in“e Loca*! DeaI - aff ^d by the floods. Guernsey. Hal,am “ 1 '- A N ‘ v “ ,7a 

Authority AM 1972 which enables he^from 1 B ih/ U fI5d T ? 1,s Burroup!H l> f5US5) 44a <171) 

local authorities to take emei> j-, continental airline has operated B “r» a " e. oo.»rn_ n» 

gency action when disaster ^ a scheduled service to the hu^% r m t0 8Ub 2Jia * 5 “ 6 ' 

*T>.o orireiwo A app -. 1 cants. 'Hie Deal relief r.hrmn^ Istands from <17 t-qi 71 _ 


Excallbur Jtwrllcrv ( 


janras iMaunccrinas. (zop) 10 ( 16/11 
jMMsqns Chocotatu HOo) 70 (19/1) 
JmwIs (JJ Sent rasa) ,92 (16/1) 1 


£3a iB ^J7SBl 90i, -Ln. 69U 

S- 

Vorif Farms <1ooi 412 (•bj», ° ri5P p "' 

PortaH HIdai , 25 _. T raft lq»r H 

SSSJgl chM£,m^(^ 3a , 13 ,, 

Mtell DuWryn (SOo™*” 3 ’2 113 / 1 ) £8 9A’.\ 


Ln7 69<4 

M7M. * (10 °' 3 >. 3 

r8!T- c i s «« *9 


’■oct/i. 100 T ^;-, ond . MIIOmwb 


i5 ? : 


Fa/rriougn Constroi, (25n> 61 
Fa/rvlew Esu. (t0o> tD5® 7 
Farmer (5- W.l <2Sp) 124. 


Joltnsoa Mxfthey 468 75 


N*w <2SP) N^'WOP'RICltards (H. R ) THh i50u) 330® 


Farodl EiACteMXU CZQp) 219 f »6/,J . *12'’' 

Feb Inti, flop, 20.<19/1.L_ ajiod) 200 J0 ” 4 sw *“v f *5P* M iQpcPf.- 1041 


srs. sj^-arr: tiom — here ^ 


that the payments would be a ofhardship; outside France. 

severe strain on resources and The local authority at Glee- NLM’s service will start on 


said that it was appealing to thorpes has a policy committee April 1 with weekly flights from CGre n0|M Z1# tl9j| 


C— D ' 


Fenner <j- H.» (Hldgs., (2Sp) 142® 2 8 Rawer Bondor BgcPf. 43 (16/1) I 

FotuMn IM, Hides. C25p) 97 6 (16/1) j Kelsey Industries <25p» no 
Ferranti 3-83Dc3rdP(. 45'itiD 4i*ag (iwi , Kenmog Motor osw [i snu' n? 1 . 1 . 0 * 
Fewy Pickering <1Qp>62® (19/1) l 81H 01 “**- Da New | 

Fertieroan <B.» raopi 36 <i 


tiie Department of tile Environ* meeting on Monday to consider Amsterdam, Rotterdam and ch industrials oou, son ’ 
ment for aid. how to help householders with Eindhoven. There will also he C 7 f e,onn <Bd> 7 *** « s* 


Fenland Council had also sent cash payments. So far it has two weekly charter flights from c>dburo senwapoes use, 551 *® 44 s 
a telegram to the EEC Commis* spent £150,000 in practical flood Holland to Guernsey this year. g^ n s«w«. 48'i efim. binkld. 7 s 


F^ry Pickwring (1 Op) S2® (19/1) 
Fertteiuan <B.i (2opi 36 (18/1) 

Fldeiter Radio 'qop 7Vh nan* 
Fitxnay-rA R.» «£»» »h cm’* 
Fine Art 0c»ta, (5o> 44 h <1911, 
Flnian ij. MOot 23 iibjti 
F inlay (J.) «0P1 306*' . 

Finlay Taekaglng 7>20CD&. 68* (l7m 


aih TO**. Do. NOW 

Kant (M R., <10»| 39 
Karakaw (Spi io ( 19 m 
Kitawn nop) GO 

(2Sn) 67 UJ ( 1 9/9) I 

5225 ’MW. <25p' 59® bo ’ 
^ nj rwuctk«s <100, T2 » 1tlj 12 , 


^ ^ UST RY term DEPOSITS ■ 

Terms (years) 3 4 « ..... ..’T V 

Merest % g? J • 7 R ft; ^ 

Rates for larger amounts 0h L 4 101 11 •»* 1U 

Limited. 91 VVaterlon Rn^ Cashier. Finanrn ioi* induitri* 


BS I iwx 91 <-u fateri00 R oad iw 

Payable to^ PsKSu 81 ? «M» j® 51 *' 

m is the holding company ^ for J'U?****®*-^ 


and FCI. 


-ft ■ 



Financial Times Saturday January 21 1978 




sv 


■Trwwood feroop 
Travl* aixt- ArndL. 

• -TncavlU* -Uppy SB 

trident Tele. A MV (10« S6® -Sm S 
Trtetu* {Bp?. 75 <1 n;i) i * 

. Sri** TV# nWD 

ttS'b 'ftk/.? 1 "* I**-* 1 "**. . 9 -!P«M». 

fc-Bfrtfcjfr 272,5 8 7 - 

turner mmcinll.^ms To# 12 11.10 
V. «*. ItjiKLn. UH U.07IU 1 ' 

Turner Curaon JSpj n 
Turner Mann. flap) *110 IS 
T M9MJ ,W ’ > 50l “ - iM,d 7uniw C25M -40 
Ty*ask (W.l (100) 23 (16/1) 

WMWBiYK'' 

^EiSSJW *■*“ 

«;*!««■ i?5p) 5ll# 11. S 81 12 i« ■«*, 
Ape Do. 8U • 1 Sr 1 }, tWcbg, Igbtt cm, 
tn. 48 111,1.. , 7lSeSrWS'^W 

• "SSTifr ‘ nv-> **■*““ *«*«» zi t 

U 5S?1 S 1 ,7 1WM - ■***. *■' HW 1*. 7pcPf 
OnlttJch -(1 1, . 

Uid. BfKUlU >25 d) 

BBcO0w73is (17,11 

ii!S- £* rrie J? '\°P> SB 6*- 

Ut 5>- CJ^rMerchanti t1DB> SO. Do, Ntw 
lOpeUie itapj so 1 ' 

HIS- Erja B (10p) 32 tl8M) 

“a fr* **' (Z5py “■ BBeLB - ■«* 

U “: 43?!5 pbb *" ras °> 3309 ««rut 6 pc 

M'S* : Sa| l, t* | 'E ‘2501 267# *» 7 

HS: ra 2 fi,no ,0o! ia * s * w 

Unochmme intenuM. -<10 b) 13 (i7?i> 

• «2sS., ?V® ST ,2Spl 2B ® ^ A 

W n9ntf Ew - 3B ’' 3 ^ BcP '* 81 ** fci* « 

"STS, rSaiif 0,i/ ,M * \ >•* 

vecus Stone Go. uom 25 CiWli.'. 
roroon FMhlDfi Go. rsop) 651* U (17/1 
Vlckera 200® 199 200 197 a. 5 pc itm 

89 * t grt Tl - 80 -<'*»■* »■ ‘ 6pelfi. 
v.ctor Prods. nvaiteendi.(2'api U (ism. 
Viitani (jOp> 2B- * . ■ 

Vinton Cp. iZdpl 84 l* riB#1) 
viscose Dvlpmnt.. 12301 45 
Vesper t25p) 132® .1 ,2 

W— Y— Z 


/ftitech (IOpi SOi,l# h;ci 

- ‘ 181® M 4' Z 60 3. 


hubs. mopi 7s® n sm 
— 1 hbti 


W Rl_ . 

Wxe Gp. (20PI 34 _ 

WaddlnHOn ij.l (25pl 224 1 <18111. 6 pc 

Pf. 40? (T9/1V. ^ 

Wade Potteries 11 Dpi 2»‘j (IB.'I 
ivues^epartmeiitai Stores Non-vtg. RQpj 

Wadham Stringer iTOpl 37# 60 
Walker Homer iSpl 13 11*11* 

.Walker Rice .(Wslrlc Fabrics) StjpcPt. 360 
42 UBiiu 

Walker SM* Hltm. »pV 16 
Walker (A.)_(10pi 3>i#' 

Walker --CM Gotosmltn SUveramlU* (2Su> 
93 MB 1 ). ' Non-vtp. IZSpl 88 tia.'ll 
Ward Goldiune *25j» 102 IIS'1) 

Ward HldBS. MOP) 37 (J7fl) 

Ward White- Get (25p) 701 21 2. 10»«K 
P1.-143*.- OlkUt. 760 

* ‘ (IObi tat, it tiani 

New 


Wardle tB.1 MOpi 181 U (TBrt). 
Waring iHIdgc.) (25s>.BBiii 

i25p) 89 -M8M) 


Wame Wright Rowland dOpi 44'i't1B:i< 
' Warner Moindan (10W 30'HWH. A II Oo> 
29i* 


, Warner-Lambert (3 USD 517J.S* OBJl 
Warring! on" <Ttiomp« Son*- (25 P) 370 
Warwick Era. totest: C20p> 32 t19>D 
Waterford Cflan ■ (3p) 47. IdpcPf. 21 

Witoi amfc PMMb HOP* M tlttlv 
Walson' >R. Kelvin) MOp> *4* 

Watts BIAe Beanie (25p> 1560 
Weam Go. (lOpi'GII 1 301 (IBID 

- Wearwell ISp) 1 E“rO 20^. 

Webs ten PuWTcaHons (5oT 26 
Wedgwood (250) 1980 7 9 200 19B h 
Weeks Associate* (IDo) 301 (17/1) 

Weir Gro. (25o) 1120 14 12 

Welco HldDS. <5p) 231 4 
Wellman Eng. (2Sp) 49# ai* (1911) 

West Bromwich Spring (TOP) 310 
Weitfrlck Prods. (25 p) 34 JIB'D 
..Western Board' Mills (10p>-651 US-'- 
Westing bouse Brake Signal 12 So) 45 '2® 
9 1 81 

Wenlsnd Aircraft (25P) 48 71 B 1 7. 
-fracDfa. 731. 71aPcLn. .72 na>11 
Wesripinster Country Prop*. (25a) 181 
(17m -'■ * 

Weston- E nans Gro. (20p) 7710 

wcsrmrd Tel. 'C'<lDo) 261 - - 
Wettern Bros. i25o) 5B (19/1) 

Whatlinsz >25p) 4310 10 
Wtirri Mill Furnishers (lOo) £z 0 6/1) 
Wheauneaf Dlst. Trading (25ei 1 So 46 
Wheeler's Resralirarts flOot 2B0® ' 
Wheway Walson (Hld««.1 (So) 17 M7M) 
Wilier tGcdrge. M.) (25p) 25 - 

Whlteerre* reopv 1910 '890 9. S^aPcW. 
411 (1611) - 

Whltehouse (George) (Eng.) (SOp) 129 8 
Wh'-Mleys (B. 5. and W.) (Z5p) 459 4 5 
M9’D • 

White? nvnothv) SocLn. 75. (17'1) 
'WhlttlnsHam (WAl.l (HldgS.) (12 Ip) 290 
Whitall .(Henrv) Son (25*) 3640 3 4 5 
Wlgolns Constmn non) Uh (17m 

Wiaglos Trap* GV _ “ 

Winht Construction 

IH» 

Wilkes Uamesi (2501 45 f 7 (161D 

-10PCU, 

Williams (John)- Cirdlff (25p) 42. New 
(2Soi i440 (IM) 

Wills (George) Sons CHMgsJ (25PI 53 
4 (16H) ...... 

WMir-*l.Brce-*en tHldos.i «So) B5 (IB'I). 

7DCPI. 561 B (17/1* 

Wilson Bros. <20pi 37. 

Wilson (Cqniiolly) Nldgs. «5p) .1168. 22. 

Wilson WaKon Engineering (10o* 79 


BD 

Wln n Industs. (200) 30* 11911) »• . . ■ 

Wire Plsstc Products (10o) 29.1 (.16111 
Wnlt Electric Tools -(Hldgs.1 C25o) 1S2 

(I6li 

Wclvciey-Hoghea .<25 p). 2020. »PtOb. 

6910 1*0 

woKtenhclme Bronx Powders (2 Sp) 175 
(19/1). . 

Wood Tons (HWos.l (So) 30 (16/1) 
Wood Hall Tit- (25pi 9B 9. BiiscPf. 
6 D'r M 6 - 1 ) 

Wood (3. W.) Group taOo) 44 
W/vdiead (Jonas) sons (25o) 104. 'New 
I2SPI 1050 7 4. BHpcUnsec.Ln. 70 ■ 


i non) 231 (17/1) 
itosrtndOb. 791 nan 
Mi Hides. T25p) 11610 


Wyatt (WMdrpw* (5pt 12 (16m 

r &,lTK H ' { , &n" ix * M * 

rorfcahire Chemicala (25P) 87 
V SSSf h V5 , «^»** Ww9ft *» SNnutn (20oi 
390 ,09/1) 

Voughil Carpets -Hldgi.) (25p) 57* 
Toong Austen -Togpe qsp/ 60 (i9/i) 

Xwrtto^ CartwattB- A $RR9>). (SOni 11 j 
2 oners Group (5oj 50J iisl 50 

ELECT. UGHT & PWR. (I) 

Nigerian El*t Srppiy Cpn. 249 

- FINANCIAL. TRUSTS (102) 
Ackrayd Smitnert- (25o) -233® 60 

Htfhtntal invest. Flo. 9 idcDb: 


ajiglo-CcmWn* 
B» (a 117. J) 


Armour^Tw. Qrt. 6*1 U 7 61. lOigpe 

AiRhxite’^nrtsts. 12001 29 30. 11711 \ 
B-G^DmnKH* Sendees 5irf»c2ndPt. 460 

Bridgewater- invest. Tst. (i Ooi Suo 
Britannia Arro* HldOi. <2So) 23^« 40 
a - it it% 4 

Bt>t. Elect. Tran. Did. (25p> 108 9 

Challenge Cdrg. iSNZD 105 
Chai-terheusr Group (25p) 51.60. i2pe 
UMecA-n. 1S3 (19/D - 

C'lY Aberdeen Land AasoOaiion. (SOp) 
.JO 08/li. ' 4pcffc 28 30 1 1711 1 
Corlnnun Nldgs. ilOe) 24 ■ 

Dally Mil. General Tit. X5DP) 3SS 40 
A (500) 333 - 2 ,1 B 
Datgaty 229 31. 27 5 B. 4.8Spept 
57 (1911). BUpCDO. 61 2 (12, T). one 
Unseej.0,. 86 (larti . ' SIK 

Dawnay Day Group (2Sw 28 h 9 (17/1) 

98 ^ 

U la >nS^® Be, 5 S B Si} 5 ‘- p ‘ rt - c ^- 

Ingfisn' Asm. Amor. Bonn. Share Holder* 


Engtisn' 

-525 (1BHJ 

a3p) 46 <,sn> 

fixotoretlcm C5pl 24 


Pim NatiotiaJ. Finance ‘Consn. nooi 3® 
*fO I 1 )*- ^ Winanl* 1975-B1 Su£ 
OrO. h. . ShRCUntec^o, 19BZ >gu 
81 (1 7/11. 9iapc(lnsee.Ln. 1147 lie 

'J n **Sfc . a6B> Ail dam 

3?* Jra? (S!ffi? v « CB,D " tSB, 29 
T,t ^ sri: ** ® 

Inchape 3580 74s 5X S 2 70. Slpcn 


Troct (2SB > C1W1). Scottish European (Z5p) 35® 44 

■- - - - — - (tk 2 , 3.5k 


44pCLn. 80 (IBM) 

AtJaiUiC Assets Trust (25p) 71 to 

vi¥j 1 J ■; 

twetrte. Geiwryi Tru« (25p) 5«i* 
Awnraban. Interrauunoi Trust (5 Do; ' 75 

Bsnkara' Isni T, uli (2bo1 J3 
uerty iruu i25Pl *4'1 M/il) 

Birmingham Dist. Invest. 1st dupcPt. 40 

BjShoosgate Prop*. General Inyasu. (23 pi 
7 1 119,1) 

Bishupsuaa . Tritsi (29o) 1599 
BoitmTi sbj.beth StoCkhoigVri .Trust (SOgi 
2bc 6 5 PC PI. 4310 (1 9.1) 

Bnti^n American. General Trust (25 d) 

Br.tisn Assets Trust (25s> 64 hO 4* _ 

■ 410CP1: 391 -(1 9/1 1. boepf. 441 (1BJI1 
4*eDb. 671*0. SpCLfl- 121 >1 
BritlRD Invsu (rust ,U5pJ 1451® 4 <1 911). 
BUpcDb- 163 . ClSlT- 7*a>cDb. 1641 
tlSMJ 

BroadsicM invsi- Iruu (20 b) 1410 
Brunner invsi. Trust 12 Bp) 89 
drrcuia Invite. (6O0) 73 (1711) 
Caledonian Tit. (25pi 63. 8 (25p) SB 

bocPt. 421 <2* 

Cambrian and (Wry. Sees. (25p> B7 (1911 
C«r®nai In rest. Did. (2Spj 1 op hb.1i 
U riiol Invest. Tai. (25 b, 105 (IB'D 
Cedar Invest, to. (ZbD) 641 (17,1 » 

Charter Trust Agency OSpi 550. 41k 

ui. .77 it 

City ana Cmi. invest. Tit. mcShs. Ofip) 
29 117/la. Capons. 1010 IIWIi 
City ant) Foreign Invest. I25p) 501 
Cllj ^d^lna f Tsfc (25p) 95 (16,1). 4 IK 

Claverftouse Invest. TiL ISQpi 79 
Ultton Invasts- (10s» IDO 120 10 9 
QvdesaaJfe invest. (2 Spi 61. B i25oi 59. 
4btJCPf. 42 

Colonial tea. 1st. SkM. 43 2b 0711) 
Continental Inds. TsL (25m 1B4® 2 (is, 
Continental - Union . Tat. (25c) 110 
Crascant Japan Invest. Tsu isOp) 1191 
20 (19/1 ) 

Daut Invest. Tst. Cujhi. MOpi 31 
(17/1) - . . . 

Debenture Cpn. (25pi.7BlO BO (IB.'I* 
Derby Tst. Cap.BhsT (50p, 1fc23 (18:*) 
Drayton Commercial Invest. (25 p* 1180 
\7£. SKDb. 77 i*B,1 1. tUBCLn. 93 
( 1 fltl i *• 

Drayton Consolidated (2Ep) 134 (18/t). 

— 


3.SPCP1. 431 (17/1*. 3 PC Pi. 


17)1 1 


Drayton Premier f35M 176% 4fao ay. 
3£pcPf r 44 3V (1711). SKP1. 431 I* 
(17/1). 71pcALn. Ill 
MmtjiKWiK I50p) 65 (19/1), Capitol 

DuiKlea London t25p) 580. 5pcP1. 431 

Erflobwrnh American i2Sn) 89 90. SpcDb. 
93 nSiu. BncLn. 177 tir“ 
dlnbui ' 


Edinburgh Invest- Trust 


. I S/1 i 
dJmePfd. 


40 


>2/691x17/11.' 

‘JhJ'OHf, BpcADK 840. BlKUra.' 
.to. 75tj (17/1). lOlaKUW-Lii. Ki, 

InvaRment Cb- (25o) 19X1611) 

! c , w »to u JlCJms ZCMa 
Lloyds Scotam (20p) 10B . 

L?TBm EBrOB ®“ Grp - SOhPCUlis.tB. 66 
Maroon Finance Treat (2 Op) 48" 9 
Martin (R. P-) «p) 670- (19/1) 

M 4Jto A*lyn Intnl. C50p) j23® 12S0 28 
27 *- JJtow Ort taop) 112J* 27. 

tsSnlW# 610 ' JV' Cwft:Ra ' 1 « W - 

Mercantile HWas. (10p) izr, ]3 
invasts. xiop 7 24 MBiij 13 

p ?K^B9W?(!^T , '•f a5B, ■ 70, • 9BL 

Rosohaugh (25p) .1SZO - 
S n8n?* rtY K “* « 0B »i«' ’OocLn. 200 
Smith Bros. i(25p). 59 \thl> 

StorllDS Goarin«t 1st TlpeLn. 7* M9/1) 

kS« 5 ^BS-. 

Van Diesneoa Land A T2Sp) 390 (1911) 
Wanon Finance Con. -'25p) .900 2. M9M) 
w« Enaland Tst. l23pi- 361 (17/1) 

Tula Catto (too) 72 (19*1) 

GAS <B>- ■ 

"kss 


Assoc. 363 8. 


INSURANCE (129) 

Bowriim tc. T.l fZSai 370 12 13 11. 
lOKLn. 156 (IBM) 

Brent nail Board tHldga.* "UOn) 4B <18*1* 
Britannic Assurance r 5p* 1720 70 
Commercial Union Asaurance 125 p) ' 153# 
„SO 3 2 4 3 6- 217 3*.: 

Eagle Star (2 Sp)-1560 .B 60 • 

Equity ann Law LHe C5 p> T730 6 7 
General Accident ' Fire life Coro. (25 p) 
.2370 7 40. 71peLn. 691® 70®- 
■nardlan ' Rnval ExCMnae <23n* 250® 3 
49. 7pcPf. 70X-- (19/lL . 7peLn. 690 


(1911* 

Himbro 


Life (25P) 294 U -8 300 

63# 2 S 


Hearn jC. E.* (20nl 25SO' 

Hong Row nson Group OSpi 1730 4 
HowWm (A.) Grom 11 Op* ISO# 630 I 

Leoal General A«ur»nce <‘50) 173 4 70 
Lesl*e_ Godwin- iHldgs.) (loot R31* zio 

London Manchester AsmaoC* . ISO! 131 

London AMuf»nce'4ocW.-3ll (1Wi> 
Lnndon UnMro Invest#.. (Sot 't140* -2 
M»*tfi*ws- ^W-lehtt-n MtiMfc. .(20 b) 205 
•IR'1* T'^ocln. Binjm . 

Mkmt HMtn- 120a* 166# 590.9 9 60 1 
Meraii (CtirFstooher* Grom. Y20oi. 64* -5 3 
Prorl f ajturanC8 (5o> 256# 7. 6. -BocPf. 

Phpfniv Asanra nee :< 25U) 276A 60 
Prtnrtflen* .LHe Amnriatlon. f> /Reg J <25o) 
130. 9 /Real* i25b) 125 rtWI* 
pn*d*Htti*i Assuranc* (SOVT62 .3 .. . 

9-feoe AmurjiKU '/SSl l«4#-7 A- 

413# 150 5# 10 


Rami ItiSurvnrf rzSn) 

17 19 11 IB 15- • 
5-tfnwlrk Forbes ffl-ans. <1 
Stenhabse Hldgi. tzso* H 


lectrfe (25p) 60 b* -(19/1) 
jngjlsb International 5*-pcP(. 48 7** (17:1) 
Emlish New York (25 p) 680. SpcJM. 
J&h U 117113- . 4*)PcLo. 951 /1?m 
Engl Oh Scottish Investors i25p) .67 (17(1) 
Eqnltv Consort Mr? B»I (17/1). Detd. 
150p) 106 

Estate Duties 275 119(1) . . 

Evtemai 129 7 (I HI) 

F. and ^EuTOOTtst (25p) 36*? (17(13 


Family 


79 


First Scottish American t25o)' 800 Ik 1. 

t» 7 £ b iSv! 5 v- 3bpcDb - M<1 ^ 1 - 

First Union tR 

Bn Goloni_. — _ . _ . _ 

- — nvast Income (25 p) 37# M9/1J. 

Canlta* Q5n) 64 

G. T. Japan (25p) 99b 9 >17/1) 

Ponpnl Corninercial i2Ep) T31 ■ 

General Consolidated (25e> 77 >3# 

Ga-ierN Fimdfi X25o) 134# 

General Invertor* Trustees (25p) 9» 
General Scnttfsh T«. '25 nl 75 ,1811) 
General Storlchdlderc (I2iip) 97 116/11 
Glasgow Stockholders' Tst, (25n) 90® 
GJendmn Iny. Tst. I25p) 76 ij# nsm’ 
Warrants to satt- 70 A On). (2Sp) 77 

Glenmurray-dny. Tst. t25p) S3 (17/T) 
Globe Inv. Tsr.: f25p) 10G# 4i?» 5 6 *1 
h it. 4pcDfa. BB^ 11611). - SfePcCmr 
On.Ln. 871*#. ' 6icpcCnv.Uns.Ln. f)6b® 
Govett European Tsi. (25p) 54 Tj® • 
Grange Tat f25o) 73 

' -.Tst. (250) 103**. 5 pc 


Great Northvn Inv. 
.PI. 440 rlB/l) 


Hambros Inv. Tst.-f2Se) B5 


50 

i* 

II) 


Hsrcrgs Inv. Tst. (,10P)_B7# 93_1 90 


1750 5. 5>jDc 


Hill (Philip) Inv. 

Pf. 40 

•1911} 

Hume Hid os. A (25p) 721)0 119/1) 
Industrial General Tsl 25p) 47h U- «*inc 
Cnv Db. 99 M6/1) 

International * Ins. Tst. Warrants to lob. 

34i] 4 1, A* 5 418/1) - 

Investment Tj£. . Con*"- (25pl 186 'z®. _7® 


tlTli).' mr?Un.U*."93 


39 (1911). SpcCnv.Un*. 


StjpeDB. 71 AO 


5 pc 


W^- B 


sun A'lianc, Lomton 572 BO 7^. 

5?" U»* Ait ut* nee «r«y --shi TBS'S 6 7 
WMMs Faher (25p* 2770 8ft', 7 (19/1) 

INVEST. TRUSTS (248) 
■*35 r n9?Tn n, * t <25p> 131I * r .'*«-'.4WW. 


Alliance Invsu (2Spi B70 nilJw. 
Mltanee Trust , (2Sp) 204>i# 5 
&I4PCFI. ss*i (1711). 4‘tKDb. .34 
SUDCDb. 73*j 117/1 *7 
Alt.lund Cap. (50pJ IfiO XI7/1) 

Ambrose lpvst. Trust tnA^nc (Uei 6Ha. 

Cap. (25pl 58ft B ^ 

AmeticRp _ Trust (25p1''40’i# U# it la. 

B (25p) 59 (17 111 . 

Anglo American Sea. Con*;.. <251*1 88>a- 
4pcOb. 70 (18/1) 

Anglo- Scottish Im/ft. Trim (25p) 30*ift 
9 (.Bit). bi-pcdE. sa® uo mm - 
Arohin-.edea (nrat. Trim Cap. (5 Op) 340 
V#.*,® . 


in." 92 4 ^n7H) 

Investors Capital 
Ja»dl* 

Jersey _ 

^CapiwT'tsW'i'ilB/iT 
Keystone . Ins. tEOoi 136 11911) 

Kinosltfe Inv. (2Sp) 40b®. 

Klein wort Benson inv. Tn. 

life View Inv. Tat- 050 B3 lift 4*0 * 
Law Debenture Cnrurt. >2Sp> 97 h 7 
London Aberdeen Invert. ’Trast -ft- * 
Non -Cum PtB.i (5 b 1 lilt 
London HQlmod Trust asm 101 IWW 
London Lennox Invest. Trust i2Sp* SB# 7 

c zxk°ss'ir8«i? m ZT 

tSK SS ,7, ‘ 

Loitoon Atlantic Investment Trust <25p> 
59# 119 11 

London AurtrtHe Invert. >SA1* 108 
London Investment Trim (5 p> 3U |1M) 
London- Merc bant Sicurlttrs (25ol 894 
London Trust Did. /25 bi ib7*i 
L owland IgvestmeBt I25p1 50 tr /19t1> 

M and (CDual Trust Capital SM. (10p< 
1Mb 

Mercantile investment Trust >25 pi 36i«_6. 

SpcPf- 45>i |17,1 1. 4i<PcDb. 1983 77 
Merchants Trost f25a* SEhO 6. 4peLn. 
.1990-95 92>i® o\l» ' • ... ' 

Monks Investment Trust <25») 44 *j 
Montagu Boston Investment Trosr t10o« 
5* b 119/1). Warrants to sub. for Ord. 


Scottish invst. Tst. U5 p) 

420 3ft. 4UPCD0. s? 117/11 
Scottish Wort, Tst. Map) 106 b ( 
Scottish Nat. Tst. (ISpJ 1X4# -31*. . 

acottlab. - Ngrtnim Tmrst- (Up) 93'j®. 

liPCPf. 41 40* . 117/1) • ■ 

Scottish Ulir. Investors (250) 7) 7 Ik 
5 PC PI. 44# ligili 

Scottish Western inverts. >25u> 61® 7B*t# 
Mfr-j 4'iPCW. 3B>* (17/1 h. SbpcDb. 23 

5ecpnd Appliance (23P) 173^® 5 JIB'D 
4HPCPT, 38 ll5n». JIJpcDb 66 Ilftl 
Second Gl. Northern (2Sp* 74 M611) . 

If 1 - °* 5£«tland (2Sp) 167# 6*i ; 
4^PC«. 39 (I7l1). SbBcDb. 66 TIB ID 
3#W- i*1- ol Scotland (25a) 1670 Bit. 

4*JPCPt. 39® (19,11 
Smewell European invsu nop) 50 
SBMre Invsi. TsL (2 bp) 104*?# 

E tailing Tst. 5pCPL 43»»# >19)11 
(-5^ B4* (IB * 1 




119114 


ooraate Investments i25pi 
M oarsM* Trait »2fit** 92»» ( . „„ 

New Throgmorton Trurt Income ShS. t25ai 

rants to- Purchase Cl Caw Ln. Sin. i B 
t17'l( 

Hew York Girtmora Investment Trost 

c25p) 33 ij 11 9/1 1 

Nineteen Twenty- Unlit Infest. "Trust QS« 
T93ft, EliPCDb. 1998-2003 56>*« t1*T) 
North Atlantic Secs. Cpn. I2S«] 62 'a 2 . . 
North Brit. Canadian Inv. 125 b) 56 H9H) 
Northern American Tst (25p) BG® <i 
Dll AssccL.lnr. I25p) 61 
Ootwlch tw. I25P) 48# T1 0/1) 


lesnngiogy Invst- Tst. f25p) 84 ** 6 
E-* 1 (25 p) |760 7. ftijpClUDb. 
77 (16 1). SpcLn. 73b# 
fjwmorbto Secured Growth Cap. Lb 

nirogmefton aspi 70»i (18,1 i. Shpc 

UnALt*. 106 117/D ‘ ^ 

T ?^ i, n * n * J 3 * (19/1). Cm. 
{25P)10B. 4pcDb. 87® 14# (1»1) 
Traus-OceuiC (25p; ISOhft 2i T ® 50# 
TftojjFJwK «OBl 66. (19,1). Cap. 1491a 

Trustees Coro. (25p) 125 4 
Tyneside investment I25n) 100 uftt) 

'vsLssr&e - CorB - «■ 

tinttM Stotos UUSl 0615 |18ll) 

Updbwn 05pi 5 S LA # 

Wemysa R 2TO >rC ** ‘ ?SP ' 89 ' 3 
V 42 , nBiir n tZSB> - 1a1 11W1> * seep*. 
WiUn (25PJ 75 U®. B (2501 70# 
y 5£* n ?* r »,j| Sw 165 4 ijpcUns.Ln.' 83# 

1 i*sn / 

Tw^jComPanles 74 <17/Tj. Wrrnts. 16b 

.UNIT TRUSTS (S) 

M-G^AmerJan 40.B (19/1*. Accum. Unlu 

M e svr d 1,6 J58 1,7 »■ 

M:| 5 £?. 1 S^e , ' u i , S , D , ¥ 

JJ. 5- Mjononi IBS-* C16H) 

M. G. Midland General 162.7 3.1 (1611) 
M. G Recovery 80,4. M B’11 
M. a. Second General 158 9 (IBID 

IRON, COAL £ STEEL (22) 

Bertrams. (25e>-20 ti6>1) 

Braittiwaite Eng. 7i*ncPf. 57# 

Braked Hill OA2V41D® is in 6 
Ell® Me Hardy IZSpl. 68 T7-1; 

Hawthorn (R. W.) Leslie r&9p< 70# 

Hunslat (Hldot.l (2 Sd 1 1 52 M 9*11 
tSfLelton (P. W.» 12001 18 (IB 1) 
Neepsend ,25 di 41® M# 

R 5z"l?T) WeltMrt " «°P> S3. 6PCLB. 

Swan Hunter 156 7 . 

Union Steel /S.A.I (80.50) 14. (18-1) 

WjTd. W.) t25D* 64 5. 9UpcDb- 

84 >< H8*1). Tl»agcUi. 84# 

Whescoe (25a* 92® 

^Iiem 0 ** RhyMn <HI|1 9**> U 2*ip) 300 
Yarrow CSQpj 2BS 

BONES 

AnstraJtiBD (4) 

Hampton >Soi 82® 

MIM (SAO 50- 137 CT9(1» 

Nm. Guinea iSAO-351 6s 

tey^riSU 1 -^ 0 - 501 88 ri9;T » 

Western tSAO-50) 94 

Miscellaneous (78) 

Ayer Hitom Ho'tSMal.li 252# 

Charter Cons. (25 p) 135 2 
Cons, Gold Fields (25pl 196® 200# 2 200 

•i Jei 4 n. V? 1 fiem 7 ** 1 " 6910 n9nt - 

El Oro HObi 56® 7# 
ftweno Cons. (2 Spi 245 ri7>1) 

Idris Hydraulic Tin (10pi 90 (17/11 
Komantlng Tin (SMO^Oi 67 OBtl) 

MrtayM Tln-rtMli 284 I18l1» • 

Renong Tin HQp) 5#® 

Rio Tloto-Zinc C25pj .187 9 90 88 5 8. 

w,r - 

Sa int Pir an asp) 57 a 

Sahtcthm Trust iZ5p» 398 403 400 

Silvermines iZimi 37 

Sooth Grot tv (IDp) 60 1 

Southern -Malayan TTn (SMI* 244 C77/1) 

Tantong TI« WSo) IQO <16(1* 

Tetrfdy Minerals HOp) 47 
Tronall lSMa.1) 147 8 (18111 

Mod, A E. African .(10) 

Botswana fp|,2> is® 09/1) 

Falcon <25pj 183 
MTD (25pi 44 118/1) 

Mlpero ls Resources DBD1.40) 127 (18/1: 
Rhodesian Corporation H6I01 22 
Tanganyika. Cooeeuions tSOni its 
Wa"Hr Cpinrry fSOb) 38 9h 
Willoughby'. Cons. >50P* 23 117/1) 

Zambia Copper isBDO 24i 12# IT 

Sooth African (53) 

Anglo American S.A. (RO.iQi zbo 

^500*?17m **'* 

A fi6m raBlwlrt C8n " t,L *■ <R0 - S <>' bSio 

Bishop mate Platinum (RO.IOi 76 
UYvoonittzicbt Gold Mining fROOS, 2971# 
B radtap MI.nes_iRo.go) SUSO-BMtig*) 
BeftetttoflteJn Gold Mining >ru pass 900 

Cons lid- Murchison 10.10) 2403 7n 
Coronation Synd. IRQ. 25) 82® 8 
DeelkrM 1 Gold Mining >H0.20> 84 n8/1l 
Doorntontoin Gold Mining 1RI1 260 11 7/1) 
Eut DaggofoaMn fR1> XUS0.28 119.11 

f East Drletontein Gold Minlnp (Rli 628 
ast Rand Gold Uranium fRO-50* 299 
landsrand Gold Minina (R0.20* 1U S3. 10# 
Elsburg Gold Mining (R1» 130« 

State Gednld Mines ,R0,56) 12%ft 
Sold FI el ifa Prop. (R0.O2>gi 8* 


ttliiR’iiaursiFjWffl 


Pendand Inv. <25p) 108® 10 
_ ‘ ». I25P) 1T2ij (18/1). 


5pc 


LOCAL AUTHORITY BOND TABLE 


. Authority 
- (telephone numtxrr m 
parentheses') 


Annual 

gross Interest Minimum Life of 
Interest payable sum bond 


Poole (02013 5151)' 

%. 

.»* 

' . J-year 

.£ 

500 

Year 

. 4 ‘ 

Poole (02013 5151) 

fll 

4*year 

500 

5-7 

Redbridge (01-478 3020) 

10 

§-year 

200 

5-7 

Thurrock (0375 5122) 

91 

1-year 

300 

.4- ■ 

Thurrock (0375 5122) 

1ft 

" 1-year 

300 

5-7 


Raeburn (nv. «25p) 

Pf. 43.(19(1). 4'spcLn. 82 (1611) 
Reabrodfc Inv. <25P> 37b (1711)- 
RtoMs issue. Inv. Inc (25p) 25 >1811) 
Can. (25®) 23 . n B,’1). 7 <zpcP1. 45 

Jl«l) 

River McrcanlllB (25®) 164 11811 1 
River Plate G*t*. inv. Did. <2Bpi 136® 
Robeco (Br.) fWJOJ £49*, SLK73®. Sub- 
. ShS. (Nam Ineas) (FI 5) 501® 497 
Roilllco N.V-.Br. .(Fl^O) 33*1® s 119/1). 
Do. Wnrts, 150 *1911). Ord. Srib*5hs 
(NmhiKU (FT 5) 347# 

Romney t25p* 79 (j 4hPcLn. 77 6 
Roscamqnd <25p) SB 119/D. 

Rosed Imond C«p.5hs. (25p) 62 
RotorthHd 150 n) 167# 4 4JpcPT. 51 
[19'D 3JpeCnv.PL iSDpJ 30>i*. 8>»K 
LtL. B9h (18(11 

St. Andrew (25nj 110® -StmcPf. 43® 
Save. Prosper Linked IncJhs (lop) 161 
tlWIL Cap-Shs. ClOp) 61 *i ll«1> 
Sccttlrti American CSOp) 60 1 SO * 2. 3bpc 

S^ttth Continental (25p) 431, 

Srottlsh Q ties (25p) 171 11911). A (Z5p) 

Sroeti^ ^Eastern U5 p) 121® b 20. 4>»c 


BUILDING SOCIETY BATES 


Deposit- Share 
Rate - A cents. 


' 5.75%;' 
5.75% 
5.25% ■ 
5,75% 

5 75% 
5.75% 
5.75% 

. 5.75% 
5.75% ' 

.•5J0% 

5.75% 

5.75% 

5.75% 

$6.25% 
5.75% • 
5 75% 
5:75%;. 
5.75%- 
5.73% 
5.75% 
5.75% 
575%' 
5.75% ■ 
8.00% - 
5.75% 


Abbey National . -, 

AUiance • 

Anglia 

Birmingham Incorporated-. .i' 

Bradford . and Binglcy 

■ Bristol and West 

Bristol Economic ...... 

Britannia 

Bumlpy J ’ 

Catholic L - - 

Chelsea '. L ^ 

Cheltenham and Gloucester 

^Citizens Regency 

■City of London 1 ....... 

Coventry Economic........ .... 

Derbyshire 

Gateway. ..... - 

Greenwich 

Guardian 

Halifax .'. 

Hastlbgs »nd Thanet- — • 

Heart of England 

-Hearts of Oak £ .Enfield 

Hendon . 

jauddersfleld" A Bradford ..." 
l/Jaralngjon Spa H .. 

. feeds Permanent . 

Lekester 

Liverpool. ' 

London Goldhawk ........ 

- SbgneL * Planet 
Belton Mowbray 

Mtdsliire 

. Morning ton . w. 

^aUona] Counties ......... 

Nationwide ...L... 

Nfewcasiie" Permanent 

New Cross 

Northern. Rock ........ 

Norwich 

Paisley 

• Peck ham Mutual 6.00% 

• PortiiiBn 5.73% 

. fajUXeuAye 6.00% 

.Property Owners ... *575% 

Provincial 

Skfptba ...... 

Susses. Mutual 

Town" and Country 

Woolwich '' itt 


600% 

6 . 00 % 

.550% 

. 8.00% 
6.00% 
6 . 00 % 
6.00% 
6 . 00 % 
6 , 00 % 
• 020 %' 

1 6 . 00 % 
6 . 00 % 
6^0% 
t&S0% 

8X0% 

■ 6 . 00 % 
ioo%; 
8.10% 
6X5% 
6.M% 
6 ; i»% 
6.00% 
63S% 
6.50% 
s-00%; 


Sub’pn 

Shares 

-725% 

.7X5% 

6.75% 

-7X5% 

■ 7X5% 
7-25% 
7X5% 
7X5% 
7X5%' 
7X5% 

■ 7X5% ; 
7X5% 
7X0%. 
7.45% 
-7X5% 


• •Term Shares 

7X0% 3 yrs^ 6.50% 2 yrs.. min. £500 
7.00% 3 yrs. 6X0% 2 yrs* 6X5% 1 yr. 
6X0% * jxk, 6.00% 2 yr*., 5.75% I yr. 
"6X0%. 2- yrjL, 6X5% I yr. *. 

7.Q0% & yr*^ 6X0% 2 yrs., min. £500 


« |U»IM|%kb6 


■ tollMHlEklllllftoi 


5X5% .6.10% _ 8,04% 


5 75% 
5.73% 
5.75% 
6.75% 
5.75% 


6 . 00 % 

0.00% 

6 . 00 % 

6X5% 

6 . 00 % 


5X5%: ., 6.20% 

5.75% A00% 




IMflBIkl', 


5.70%. 

6 . 00 % 

5.75% 

5.75% 

6X0% 

5.75% 

5.75% 

575% 


6.70% 

6X0% 

6 . 00 % 


6X5% 3 months* notice 
7.00% S yrs^ 6.50% 2 yrs^ min. £1,000 
7X0% 3 .jix, 6X0% 2 yes. 

— * 6,45%^ -over £5,000- 

6.75% 6 months’ notice, minimum £500 
7-00% X yrjL, 6X0% 2 yra^ £500-£lS,0M 
7.55% 3 yrs. over £5,000 
17X5 % 3-yr. incretneot share, min. £500 
7.00% 3 yri Cap. Shares 6X0% 

7X5% 6.50% 3 "months' notice, minimum £500 

. 7X5%. 7.00%' Syr*^ 6X0% 2yrsl min_ £500£15.000 

7X0% 7X0% " X yrs., fixed 1 % over Share Accts. 

6X0% 6.05% 3 mths* notice, minimum £1.000 

7X5% 7.00% 3 yrs., 6.50% 2 yrs. 

• 7X5% ; 7.00% S vii, 6X0% lj yrs., £250-115.000 
7.25% 7.00% 3 Jtsl, 6X0% 2 yrs^ min. £500 

T.75% 1 7X5% 3 ynu, 7X0% t yrs., A75% 3 yr. . 
- — 7.00% ff months' notice, minimum £2.000 

t7X5% ‘ 7.00% 3 yrs^ 6X0% 2- yis^ £100^15.000 
0X5%. .2 - , . . 

7X5% 

7X5% -- 7.00% 3 yris, 650% t yrs., £100-05.000 
7.45% 7.10% 3 yrs., 6.60% 2 yrs., min. £1,000 

7.50% 7X3% 3 yrs^ .6.73% 1 yr. 

7X5% ' 7,00% 3yr&» 6X0%2ynk, A50%6mthsjioL 
7X5% 6X5% 2 year® . 

7X5% 7.00% 8 yrs^ 6X0% 2 yrs, min. £250 


7X0% 

7X5% 


6.00% '6.50% 
0.75% 


5.75% 
5.75% 
0,05% 
52 5% 
6.75% . 


8 . 00 % 

6.00% 

.aoo% 

6.50% 

6 . 00 % 

.6X5% 

6X0% 

6 . 00 % 

6 . 00 % 

5X5% 

6.00% *16.00% 
6.00% 7X5% 


7.25% 

7X0% 

6X0% 

7X5% 

7X5% 

7.73% 

■7X3% 

•7X5%. 

-6X5% 


7X0% M y«„ min. £500: 6X0% 2 yrs. 
7X0% 3 JriL, 7.00% 2 ym 

7.00% 3 yrs^-0.30% 2 ym, min. £100 
7.00% 2 yrsv minimum £500 
7.00% 3 yn., 6X0% 2 yr9., mIn. £SO0 - 


7.00% 3 yrSn'&50% 1 yrt-, 0X5% 3 mths. 
7X5% 3 yrs., 7% 2 yts» 6.75% 3 mths. not 
6X0% 3 mths. not ■£.00%. to limitd. cos. 
7.00% 3-4 yrs« 6X0% 2,yra. 

7.00% 3 yr*., 6X0%- 2 yrs. 

,.6,70% ,Z months’ notice, min. £300 
7.00% 3 yrs.. £1,000-^15X00. *Uax. £250 
7.00% 3 yrs.,- 6X0% 2 yn. 


* Bates normallv variable, in line With changes in' ordinary .share rates- t Moneymaker Shares. 
; .{Maximum individual accoimt.fsxbo. 


E*bJ. Fiaaneu iRo.osi piso® 

Grootvtet Pi*Mrietary MV 

Harmony Go! 

Jo'bura- ConL.. 

Kinross Mines 

Kloof Gold Mining (Rll p471# 

K Ua Goto Mines iR0-6Sl 45 

■non Gold Mining (Rli SUS6J0 p467 

HO. 1 1 

Lora Inc Goto Mines (RTI 1150 
Lydenbura Platinum <RQ-T2‘u 56 (19:1* 
Midewh ConslUL Mines (RO^Oi SU51.19# 

Messina iTronsvaali Drl point. (RO.SOl B9 
Middle Wltwalcrirand (WaMgnr Aiwi 
JIT 0.aS*.155® II9/1J . 

President Brand Gold Mining (RO.SOl 
0860 117/1/ 

'^?si^ ,l B .sir7jv.,? o,d Minlnfl oo, • so, 

Rand Mines Praps. tftD lOSt 
Randfontein tjts. Wltwlterarand (R2i 
SUS47U3® 

R listen burg Platinum Hldgs. (R0.10) 77® 
81>:: 80 

St. Helena Gold Mines (Rli SUS11U #752 

Sentrust Bepcrk IR0.10) -IBB 
5. African Land Exnl. (R0.35I. SUS0J3® 
p50Ii 119 U 

South vsa) Hldgs. IROJD) SUS7.15 6.95 
P456 7 (18:11 

5tllomein Gold MlBlng IROJBi 250 (17/1 
TransviSI Cons. Land Exnl. (Rll 12 
UC Invests. (Rll 207 (IB/ll 
Union Corporation <R06(|l 244 37 
Unisel GoM Mines NPV 179 >t 61 n7/1 
Vial Rees Ex pi. Mining '.mioi 11-JOr® 

vlnmnoosl Gold Mining IRli 285 0611 
Vlakonteln Goto Mining (Rli SUS0.72 
(19.') I 

Vogelrtratshoft Metal Hldgs. (RO.mt) 40® 

Welkom Gold Mining (RO.S0I 23,S (16 .1 
West Drtefomeln Gdd Mining (R1 
SUS28J® 

Wert Rand Consltd. Min«.fR1' J5Q5® 
Western Areas Goto Mining (Rl) 206 

Wenarn Deep Levels fR2i 644' 53 (16/1 

Western Hldgs. iRO idi A14.BB 

Wlnkelhsok Mines iRl* 0003 
Whwatersrend Nigel CROJSi 48® 7® 6*J 
6 3US0.6B 

West African ( — ) 

Amo/. Tin Mines Nigeria (HidgsJ ClOp/ 
28*i (19H) 

Diamond (3) 

De Beer* Consltd. Mines Dd. Hlrg i rtlO^S' 
294 1® 5* 6 4 5 B. (Brj IR0.05I 315 
(17/1) 

OIL (189) 

Brttlsb-Beriiro Petrol* um Syndicate (10a) 

SrttisS Prtrolium M6S® 8D0J 10 5 8 2 
3 h ^. n 8 5 T(S7^ l4t lpc 7 1^a.. 5 -twW 

6^ S.« 6 T 5 4 4: 

7UncPf. 52. Bpc M.-54li. BlmCLn. BOA,# 

W 


7 31 29 8 3*, McistDb, 80 *« (1811). 

'S° A7 


25 


Uw 
-950 
London 




UBp) 50® 1 SOI,. 7igpdU 


S3 Is (1B/1L 


fSffi" fraenold' Leasehold 6i*pc 

>■**/■ ns#® 4# 

London Shoo Proa. in. t25m 71® (19/1 
HldOS. i20p> 130 2 

ME PC 1 2501 1ZB# 33 2 4 5. BpCLn. 67# 
6 5A,;. SPCLn. 104 5 . 
*w rD SS r \i9m v " 5urf>1 ' , * ktnds 6*405131 

S Mldhurst White hum. HOp) 35 •] »* |19(T> 
Dwtvlew estates t5o) 62 (1611) - _ 

■kuowiA. jj Gr 0lip ks bi 120 (itfn 
Munieipai Properties I50e) 1 50 
PHcney Prop. Cpn. i2sp) si** 3 79 1, E2 
Pjjgww Holdings Inv. TsL (25p) 3410 
09/1). 9p«Ln. 147 h 117/11 
Property PirtAbralilM U5 p/ 72’t 119/1) 
Prop. sec. Invest. Tst. (SOp* iJa 
RWlan Prop. Trt. (5p* BV/.i*6 
RngaJIsn Prom, aspi 17 -15 (1911) 
Regional Props. A (25P> 72 lu 70^ 
Reg® Prop. H/dgs. atpcLn. 60 (T6/1) 

R»h Ml Tomoklns Gro. tzs>gl t09*a« 
10# 12 13 14 

Somud Prose. i23ni 93 ij# 5 3«a 4 
ScoHiM Metropolitan Prop. *20ol 110® 15 
Second Cltv Props. flDpl 41 1, 

S™#*» JEstotes (25p) 126 *■ 5»s- 10 DC 

• »-fi. 1 70 

Enrek Conversion and Invert. Tst- (25oi 

Sunlev^ltenurdl Invert. TsL (25ai 225 

To"" ■!*0 CJW Props. OOP) 15® 17>a 1$h 
J \ 17 I6u 16. SRCLn. B: 

8pc- 1 SpcLn, 9 Bn 

Tonn Centre Sees. U5 pi 67 (ibmi 
E states (2So) 94® 

H ® BI 2413 

United Real Pm. Tst. (25p) .275 
Werner Estate Hldgs. (25 d) 144 
waralord invests. QDo* 277 
rtebb uoMhi (So) )8*s 19 C17/1*. Bpc 
M-LDb. 74*, (IB 11 
Westminster Prop. Grp. (2 Op) I Big) 

Winston eite. (25p* S3 

RUBBER (34) 

Anglo- Indonesian l25o 80 11 BID 

Beradln Rubber (5p) 40 
Barren* Coned. <iOp) 87 
Br^vtOI) IFM5* It Dpi 30 H6-II 
Cprod- Ptontj. (TOP* tOS® 4i Wta. to SuB. 
(or She. 30 (1811 1 

§ffl:? te c s^ , 2^-2 H 2 ld ^ f1art *• ,79,n 

WtS “Vt#" ,,0b> 650 ■' "14* 

Htoong Ert. (IOpi 159 16 
Wn (10P) 44 (18rt) 

K «b® l (19-1> r >«Ti«d SMi.1i 

London Sumatra ttOp) 123 7 » 19 no 
’(l^l*" 1 " P,an,s - u *W#Ai (I0PJ 30? 
Muar River (10p* 29 1» 

60 

Rerobla iSp* 24 
Slnoaoare Pare (Snl 47 
Soaomana Gp. (10 p> 122 3 
Sungel Bahru 11 Op) 39 


SHIPPING (35) 

BrtL Com man wealth i50p> 2B9# ftfljii 
Caledonia ln»s (25a) 251 tlR'T) 

Common Bros. ISOp) IBS 2 
ESn*S‘ 34S * D® 3 6-4 

Bros. 5tein>sh)p SpcPI. 40 118/1) 

IsM of Man Stum PacMt 140 (1711) 
Jacobi -uonn i.t i20p> 4013® 40 
London Ourseis Freighters t25p) 3B 
Lyle Skipping 1 jipl 142 <I6,'11. A N. 
Wtt 125P) 136 116,1) 6t|PCPt. 45 
Ocean Trans non Trog. (25o> 131® 30 S 

Peninsular Oriental Steam Navigation Did- 


st Adelaide 132 3 
Bk. NSW (Auar. Reg.) 395 
Boagaiitmie Cooper 68 71 
Canorl OH 962 *r® 

CRM Grtgy 7i4P«C>iv. £92® >lO 1*2® Do, 
BOcCov. £92® *«0 >tO 
Conxlnc Rio Tnto Ukust3 167 
F Insider 7 

Hong KOM Land 98 
Hudson's sav Oil Gas £27t 

HutC/itSon Wham Don 53*2 3. 7hpcPI. 

11M 

Jardine Matheson 174 5 61 3 6 
Johnson Johnson £4BT*1 
Mm. Lvell 20 
Myers Emporium 145® 

NatL^Bk. Australasia tAurt- Reg.) now 

OaUsnde Sect. 135*, 6 8 
Oil Search fl# 

Poe Cooper 37® 8 
Pena Wailsend 40aag 
PetveniM tUSH2h 
PhlHlpt inds. /AustJ 37ii ■ 

Ph ilip* p c ts. £18*7 
Pennies Com. 45® 

Shell OH £14.42 Hi 
4ielua 32 

Swl-r Pu. A 81® 3® 

Unilever NV (FI 20) U7lfft 
Westbaid Minerals 67 
Whyelprk M*r#n A Sit 
Woods toe Prtf. SB# 6® 90 7 6 8 9 
Wc-Hlsldn Pets. (900 37 • 

Woolworth Hides. Ord. 155# 

Yukon Com 125 


JANUARY 19 \ 


AC ana Cl 114 

Arrulad. Rubber SHK1.49H: 
American Eagle 193 b 

American Standard £22*s 

Argo Invs. 11» 

Allan! c WchSeld £45 V* filsi# 

Barvmln 40 

Basin Oil 80 

Cork l(ws.-7 

Kulim Malaysia 34 

Natl. Scnrire inds. 940 

Norseman Gold 75 U» >i« 

Rand Leases 12 

Retkttt Caiman lAult.) 300 

Real 011 90 

Sc- least Eapim. 29® 

5MfOO 17® 

Tunas Ind. , 72 >iO 
Timor Oil 4i<® 

Trl Continental E13W 4 
Welt wis 70 
Westmex 5® . _ 

woodsreel. Minerals 3 

JANUARY 18 

Bow Valiev inds. £t2t 
Carr Boyd 1# 

Dome Pets. £33 
Gold Minn KalODPrlle 60 
Lend Lease Core. 177 
Lorre* Mines 5650 
Metramar Minerals *, 

MOPCO (24) 


^1^ Search 50.7 


bang Cons. 43 

Pan Canadian Pals. C19><# '» 
Panrontinental BbO 
Ph/IHp Morris US*a 
5abina Inds 37 
Southern Pacific Preps. B 

JANUARY 17 

Armlnco IBs 
Acmes Hldgs. 9® 10 


Anglo UrcL 42 

Beatrtu foods MI522V® ' •'• 

Beriuntol Tin 1930 3 8 *> 

Bet Menem bred IS**® 

Canuck Mines »tlS9 49® 

CMsd. Gold Fields tAuSl./ 185® 
conn iK Rio Tim* Aim. 16X# V* 
Endeavour Ro- curios 10U _ „ , rrl , 

European coal Steel Comm. gNpeBds. 1989 
61 Ml* 

Fins Her 6 b® t> 

Oottv Oil susioo® __ 

Hutchison Whon*s«a SOlg 

Jirdine Matnason LSb® 5® €1 601 4 3 

Jardlne Secs 73*9 • 

Mattitton 71(01 Cnv tBfc 1 *® 

Mlo East Minerals 17 

Natl. Bk Airttraiasia lAust. RegJ New 

Nederland B - -. -SJk.) tiS. _ . 

Pahang Corsd. iM/O-92 152h 
Pancomlnental 850 
Peko Wall send 39 d 
S elangor Coronuls 53 
Smith Klein 5US47 *a 
Swlrg P«c A 73® „ 

Thomas Nationwide Transport 7* 

Tr, Continental £13 _ .. ' 

Wheeloclr Mardcn A 28H® 30 
World inlnl. HldOS. 37# 


S ent ml Eauipment B 325 . 

lyde Petroleum 140 
□oi os wells 18 
General Ceylon 5W 
Heme Brewery 220 
ManUmreic *RUphi ispcPi. 120 
North Sm Assets. 860 B4B 
Dldnam Brewery 54 S3 
Star OBshOra forv^CS 1181* 1 1 B 
Star ptrenoro Servli 


TPG Invs. 3 
T heron S 1 


•ices New 11514 11 


JANUARY 16 


Bridge O'! 52 
Coin *r 


|G J.l 133# 

Courtaulds 94ipcLn. 1989 UW 

Part Aslan Navigation 55 

Endeavour Resources 9U» *s 

European Inv. Bank BAotBda. 1992 £98*t 

Sold Mines of KalBDorlle 55 

|U 6 J * pr Bos. 1997 £85<; <a 

Little Long lee Mines 105® 51 

Matheson |n*. 7/iPCCBfl*. £874® *:• 

Metal Ea. 13 

Pacific Gas Electric 

Scudder Duovesl 425# 

Bunas ro Bank <&A) 173 6 

rule 163 (2) (a) 

Applications grained for specific 
bargain* in securities nol listed 
• #p any Stock Exchange. 

JANUARY 20 

Arbour Court invs. 7*4 7 Bk 
Aston Villa Foot oil I Club INote) £12 
Blytne Green Jour dam 1TpcCum.Uns.Ln. 
E-CO 1 ; £0O 

Cedar Hlogs. S', 5 4Si. Do. SpcRd.Cnv. 
Pf. 23 

Channel Hotels sno Praps. 20 
Ctolrmare 34 32 30 
□eitenne 4 b 

El dr 1 due Pose A 175 172 

tHA Prop TsL 14 b 14 ly 14 

Grendon Tst. 1lpcSuO.Uns.Ln. £42 *9 

Hartley Baird 1b 

Medens Tst. 16*s 16's 

New Court Natl Resources 69i«. b*s 

Owrah High fields 49 

Slvlo Barratt Shoes 7pcCum.Pt. 4th 
IM UK. 43ocCum.P1 45 
_ lent TV 50*i 50 
. nlocfc 15 b 
Viking 0/1 220 

JANUARY 19 

Booth (Alfred) 2 DO 
Castletown Brewery 162 


JANUARY IS . 

Caledonian Oittnore VI 10 
CfairmaCB 30 
DaiKClUi 1 Ceyfon) 4 
Dart Yallev Light Rjwy. 35 
Drilling Tools North Sea B 400. 
Glasgow Pic tore House 375 
Gnernsev Gas Light 250 
Hartley Baird *1 
V L« BKhes Stares SOO; 
iParucr iFredenclc) 141 139 

,'uangera F.C. 700 

Hah Industrial inv. Trust 5. 


Pre*. 2! 


JANUARY 17 


Aston Villa Fc (is Vote) eg® uq 
Buenos Ayres Lecraxe Trams. SpcCeni.l 
Do £0.5125 

Buenos Ayres Lacroto Trams. Spctxten*) 
MortJJbs. £16'i 

Buenos Avres LacroK Tram*. 5pc5tlg ' 
Mori. Dos. U8M 
Canwnnc Inrtramcat U 
Castletown Brewery 170 
Clyde Petrefemn 140 
Cramnhom 291 

DMoswella 20 

Drilling loots North Sea 8 400 
EKcnem 21 1. 19 
ORA Prep 1st. 140 14 ■» 14 
Hcavltrce Brewery BP*. 36*a 
Martmoale (Ralph) 255 
Norton Vililers Tr/wnpn 5 
Oldham Lots. 1041; 

Petroleum Royalties Ireland 171 
Queen street warehouse 3i } 

Wvnnstay Props. 330 

JANUARY IS 

Ann Street Brewery 550 
Aston Villa FC *1 Vote) £12 h 
MrUi Greene journal/! 195 160 
Cambridge instrument J, 

Casilciown Brewery 170 
Channel Hotels ana Props 21 20 
Cliu-mace 30 

Clvoe Petroleum 102 140 I3B 
-Duckwarf Tea and Rubber 3.5ocCofn-R< 
30 

Eldrioge Pope A 170 167 
Exchem 22 

GRA Prop. 1st 14U 14*4 13 
Gadefc ilndonesu) 46 45 

Grampian TV 15 33 

GranouR Tit. ilpcSun.Uns.Lti. £40 £39* 
Hcavltrce Brewery A 365 
PS-Industrieveroaikungs-und Service •« 
DM50 DM15 

Oldham EsIS. 105 104*: 104 
Slvlo Barratt Shoes 7PCCum Pf. 42b 
u Iking 0(1 225 

■ Temoorar.lv suMiended. 

1 Du permission of l hr Stock Kar Jumna 
Council' 


1.16®- 17® 12 16 14/, IS), 
Reardon Smith Line rsoo) 133 
Nt-vig: (Sop) 43 its 11 


\ S , 


BID A 


Ruorlman fl/Yaiter) i25p)' 107 116/1* 
Southampton Isle Ol Wight South Englmd 
Royal Mall Steam Packet fSOoi 170 2 

TEA & COFFEE (9) 

Assam Frontier Tea Hldgs. 345 (17/1) 
Assam Inr. 107 

Camellia in». (10p> 1950 (1911) 

□cundl HldOS. I5p) 1 301] 116m 
Jokaf Tea Hldgs. 6pcPf..6o (17i1t 
LonglMurne H(dgs. 395 

tiass. 

Moran Tea Hldgs. 395 (16/1) 

Wirren Pints. (25p) 200 

TELEG. & TELEPHONE (1) 

Gl Northern Tele. 51 X 

TRAMWAYS A OMNIBUS (1) 

Anglo-Argentine Trams 4pc3rdDeb. 75 

WATERWORKS (S) 

Bristol 4.55pc 83 L® UB/1 ) 

" ”• C1Sn ' 


-Spc 38 (1 8/11 

U 2 (18/1) 


-.oSne 

East Anglia 2 JocPl. 32 . _ . 

East Surrey 9pcP/. 107 118/1) 
gspc 2.4 SpcPI. 27 *. 8 (1811) 
rew _Kent *^pcPJ^..1 MS-87 69 (1B/1). 

S.5pcPf. 82 


«u?vsrw 


(19/1) . 

North Surrey SJpcPI. 41 1, 14 (16/1) 

South Staffordshire 2.1pcPf. 23 h (17/IJ 
'fST) and SOUth Shl#ldB * -SSpcPI. 75 
Wort Hampshire S.TSocPf. 372 h (19'ia 

SPECIAL LIST 

Business done In securities quoted 
In tfie Monthly Supplement 

JANUARY 20 (2) 

Chepstow Racecourse pS60 

JANUARY 19 (NO) 
JANUARY IS (Nil) 
JANUARY 17 (2) 

Triple* Foundries SltpcCum.Prr. n37# 

JANUARY IS (3) 

Cnopstow Racecourse 0350# 

Lyon and Lyon SbncPf. p34® 

RULE 163 (1) (e) 

Bargains' marked i» securities 
which are quoted or listed on an 
overseas Stock Exchange. 

JANUARY 20 

Ampot Estoim. 931 
Aurd. Ma/reanes* £16.10 
Awl oil (Sc 19 
BH 5outh 74® 


MONEY 


Decline in bill rate 



Bank of England Minimum £i£7BX8m. t and all bills tendered Treasury bills, a sizeable excess 
Lending Rate 6i per cenL were allotted. Next week £300m. or revenue payments to the Ex- 
. (since January 6, 1978) will be on offer, replacing chequer over Government dis- 
The Treasury Bill rate fell by maturities of 1500m. bursemenis, and a rise in the note 

0.0441 per cent to a.774/ per cent. supp j y and the authorities gave Money was fairly difficult to 
at yesterdays tender, and Bank a ] arge ain0u0 { 0 r assistance by find throughout, opening at 6- 
of England Minimum Lending buying a moderate number of 6i per cent., and closing at fife 
Rate was unchanged at 8j per Treasury bills from the discount per cent. The amount of help 
cent. The minimum accepted houses, and by lending a mod- given by the authorities was not 
bid was £98X5) for £400m. bills, erate amount over the week-end enough to take out the full 
compared with £98.544 for £300m. to five or six houses, at Minimum shortage, and some houses prob- 
btils last week, and bids st that Lending Rate. . ably took advantage of standby 

level were met as to about 6 per Banks carried forward surplus facilities to balance their books, 

cent. The £4 00m. bills offered and balances, but this was out- Interbank overnight rates rose 

allotted attracted bids of weighed by a net take-up of to 10-12 per cent, at the close. 


Jan. SO 
' 1978 

Sterling 
Certificate 
of depoaita 

Interbank 

Local 

Antharily 

deposit* 

Local Auth 
negotiable 
ho mix 

Piiutm-e 
- Bnuae 
Depoaita 

Company 

Deposit* 

Divcoun* 

market 

deposit 

Treauirr 
Bllla # 

BHfffble 
Bank 
Bills ® 

Fine Tre 
Bills ft 

Overnight 



6 -12 





— 

63, 

6 -6*E 






3 dare notice... 

— 


6 *8-6*4 

— 

— 

— 

— 

. 

— 

— . 

7 du.va or 

7 day* notice— 


6*8-658 

6 1 s 63s 


6U-63, 

63 4 

6*8-63* 


_ 


One month..... 


6(8 63b 

61,-638 

6i,-6Sa 

638-658 

6sa 

6 -61* 

5(3 

6,1 -6*4 

63* 

Two month*... 

614-618 

6*8*638 

— 

. 634-6*4 

6*-6i* 


6 

534 as 

6*8 

63, 

Three mrmlbt, 

6)8-6 

61 8-6*4 

818-6*4 

634-618 

61, -6*j 

658 

6/g-6 

5g 

6U-6 

63, 

Six months 

648-6*4 

638-658 

64-6*1 

6/>e 6 

66«-678 

— 

— 


Bik-6* 

6*4 

Nine month.... 

6fc-61j 

634-6/8 

— 

6/8-65)) 

7*4 

— 

— 

— 



3ne year........ 

65,-518 ' 

6,4-718 


7*8-63, 

71* 


— 

— 

— 


Two year* 

— ■ . 


8 -Srk 

— 

— 

— 

— 

— . . 

— 



4 

1 


Century qjto Grp. fi Op) 50 
Charter hoi) 15p) 27b® J*. 


E*so - 

S *8S: prod. Unit* OOi 
TApcLn. 103 2>i 

Oil Exploration (Htonj MOp* 2M® 44 6 
8 60 45 2 58 4 50 40 53.38 
Premier Coos OH 

"A 19 


(arme.pu J25P) 19J W 


17 


Now 


Royal Dwell (Br.) (F11J20) 37* (19/1) 
U«n (IM) lZ50> 51B® 14 13 15 
20 l)l 40 11 IT! 22 19 23 14£. 

(Br.) C2SP) 513* 13 IS (19/1/. 7p6 

2ndPf. 66*3 . . 

Texaco- letermtL 4 upcLa 56* 

Trlcontrol (2Sp) 1641 2.6. 7pcLn. 174 

t^Cramar z23p) 239® 4® J 425. 7pc«d. 
134b Ciri) 

- PROPERTY (199) 

Alliance Prog Hldga. »WtDb. 74 
Allied London Props- 110B> 51®. 

ClCxM SI 

Allnats London Props. 1250) 225 4 (l 
ATOrlc 5K5. 12DcOh. 171) li 
A venire aou (2Dp)73 
■ampuxi Hldgi. BAgcl/nsecd-La. 

Bank'cotamexcUl Hl«* <*00/ 3\ 


Brtxion Ert, .B5#)_11* *) J* 

Capttal Coonries Prop. (250I 4? ■», *0 1 
b so b. .(Wrroa.) A 1^ SAtocUuacd. 

(SP» 15® 119/1) 

—it BgcPl- 45 _ „ 

AUiance Hlasa. 7*ipeUniecd.Ui. 

CMcurtdcl Preps. OSpi 314 (16)1) 




Carrington («** BpcPI- 45 , 
CranwoM 


Church bury ftt 1 iZ5pi 250# 1191) 
c5To?HCW ^01 ,60b \ t .17(13 
Cereion «. AIK* i nv e rt s. Ys . 
Comoro HWoviZOm 121 20 (1 7/1 5 
Control Sec*. «ObI 27A® 7 C19.1J- 
Cixiianr and Town Props. (IOpi 25 
County and District Props. (IOpi 68 *i 
D sriin Higgs. (25PI Mh, C16.il 
DorTUigteti Co. (iqoi 5B 61 5® 

Esgibn Proo- Coro. OOW *6 *vS , 3 5- 7 *sp« 
DP. 92-97 87® (19 D- 6'iBCUosJji. 99- 
2003 95® 12 pc La. 95 (1711 
Ecu. sad Gun. Inverts, ami 20 b (17/1) 
Ests. and prop. Invest. Co- 1250) 75 (19M1 
73>pcUn*.l.u. 65b (1911) __ 

Futon Centre Prow. 9«( (1B|1) - 

Evans o* Leeds (2Sp> 99 6 flSil). New 
Ord. (299* 9C 8 (1611) 

•fit O aks invest. CSa) 7h_(17f1J . 


-jrea PortttBd *«*. (sop) 324® a 
Green (RJ Props, fl On) 33h 4 .(IB'I) 
Gntnnu Proas- (Sp> ba 
G ramnavgR Sues. 7tooeUn*J.n.- SH'*a 
Hamnrersaa Prop, ana Invra*. Tst. A On). 
(2 So) 365# 70® 83 6 79 82 
Hartamun; Ests. (10m 255 6 O. 9 *iOcUiu. 
La. 138® 

Howie Prop- Co. of London (50pj 98 

IB/1) 

n*ry Prop. Htoos. a 
Inter Eurouean Pro#. 


(2Sn) 327 6 

- - ,_J_. Hi dot. (IOPI 33*»® ■- 

Land Hoot* P rop erty Cm*. lOtoKinDb. 

OKI# 

L»**d IrweHDre <25a> 129 il(U1 

Land Secorltles InvuTst. I50p) 219® 21® 


GOLD MARKET 


Gold ihillkni 
>• fine ounce) 

Cluee J 

Opening ; 

Uornlagflx'K 

Aftera'afla's 

f?oM Com.... 
•iumealioallj 
Krugermnd.,; 

X ew 5ovjpi» 

Old dor'rgn*] 

Uold Cotne_. 
Internal 'll v) 
Krugerrand.. 

X’wSnrr'giu 

Did SoyrigOR 

«0 Xairiea ... 


Jan. 20 


UWJi-mi, 
S173S«-1741 2| 
8173.30 
(£89.607} 
8173.05 
(£89.547) 


811834.1803, 
(csaig-esiti 
334-06 
IfCiiB-Sfi) • 
8581f-541. 

(£27*4-28141 


51783,-18014 

(£9211.9314, 

8S3l*-5aif 

882*2-84 ig 
(£27*4 28L,i 
825512-83812 


Jan. 19 


5175.1733, 

5172U-173 

SL72.B6 

(£89.958} 

8173.45 

(£89.708) 


$178*4-180*4 

(£92*4.931,) 

$55*1-5514 

(£875,-88*41 

$52*4-541, 

(£27 .281 


Local authonm and finance houses seven days’ notice, others seven a aye’ fixed. * Longer-term local authority to or lyase 
rates n-t./i'iully three years 8- Pi per cenL: (nor years 10-10# per cent.; five years HH-ltPm per cent. • Bank Mil rates in table 
are buying rotes /or prime paper. Buying rale for rnar-montb hank bins Sin-dire per cent.: four-manth trade bills II per cent. 

Approximate selling -rale for one-month Treasury bills 5>'n per cent.: iwo-mooth SUre-B^n per cent.: and three-month 
fiMit per cent. Approximate selling rale for one-month bank bills S'i*8* per cent.: two-month M'u per cenL: and three- 
month 5ft-5»» per cenL One-momh trade bins M per cenL*. two-momh M pe- cent.: awl also three-month *1 per cent. 

Finance House Bom Rates (published by the Finance Rmtaes Astodailom W -per cent- from January 1. tfiTS. □ earing 
■nnk Deposit Rotes i for small wnns ai seven days' notice) 3 per cenL Oca ring Bank -Rates for lending 6) per cenL Treasury 
Bills: Average lender rates of discount 5.7747 per cenr. 


EXCHANGES AND BULLION 

The U.S. dollar lost ground in Currency Agreement, as calculated 
early trading in the foreign by Morgan Guaranty of New York, 
exchange market yesterday, widened to 4.51 per cent, f 

4.4a per cent. Several New 1 


FOREIGN EXCHANGES 


8178l«-180l« 

k£92U-93U) 

18551,-5614 

(£27 1,-28 1b) 

532i-54i 

(£27-281 

8255-258 


CURRENCY RATES 



Special 

Enropeas 


Djawm® 

' filfhr* 

Unicot 

Aecoan' 


Jaauarv 2D 

Januan 80 

nertloR.... 

0.686879 

0.638084 

(j'.ti. donar__. 

1-81207 

1.82286 

J» n» 1 i»o 

1.3393® 

1.55157 

tustrii -ch._. 

16A750 

18.6880 

kuciu (cane. 

39JS347 

40-2701 

Jnnlsh none. 

6.9936® 

7.05454 

Jeo turtle mark 

8.67407 

2.69638 

Outch guilder 

8-76388 

8L77B76 

fren.-h Iran -.. 

5-73370 

5.78530 

Italian lira 

1067.05 

1066.74 

lipuiaac vco- 

898.897 

295,669 

*wwiy krone 

6J5B307 

G-30698 

ipriD petota... 

97.8862 - 

98.6407 

-dvedlob ferow 

6.66097 

5. 70398 

Vio franc.... 

8.43808 

8.44877 

1 


D-mark was steadier against the at fifi.l at noon and 66X in early 

dollar, and any intervention by trading. 

the German authorities was fairly Gold fell S} to $172|-1731 in 

nominal. TYie dollar closed at quiet trading. The krugerrand's 
DM2.1225, compared with DM2.1295 premium over its gold content 

previously widened to 3.83 per cent, from 

The dollar’s trade- weighted 3-39 per cent for domestic and 

depredation since the Washington international delivery. 


EXCHANGE CROSS-RATES 



iBank 

Kates 

% 

Uarke 

Kaiea 

Jan. 20 

Uay’a 

Spread 

Cloao * 

.Vow York... 

Until rail — 

Amsterdam 

Hiuaaelii 

t'npenhaeen 

Frankfurt... 

Uahon 

Madrid 

8l> 

7*a 

4*1 

?*e 

9 

2 

IS 

8 

lJSI0.t. E 41fi 
Z. 1340-2. 1455 
S.57l s 4.41 
B3.4fi-kc.B5 
11.1S11.1B 
l.iLls-4.12 
//.40-7B.40 
1G5.BD- 1BE-20 

I. S32O-1.FSB0 
2.1540 2.1550 

4J9-4.40 ' 
65.50 63.60 

II. 13J-11.144 
4.09M.lftr 
7/.50-77.80 

1:5.00.156 00 

Milan 

111; 

' G 

l.t)M-l,tB2 
8.06- HUM 

l.Bk44-1.0tfi4 
9.97 -3 Jt 

Karls.- 

tito-kboim.. 

8*1 

8 

<>4 

9.13*2-9.17 

9.0012-9.0411 

-9.l4-fc.15 .'• 
B.0fl}-8.61! 
4BBl8-41B*t 


5*1 

II; 

29.S0-29.55 

Zunrb 

5J31,-5J9 

S.BB1 3.07* 


JR ales given are for convertible franc; 
Financial (rone 63J83-68.TO. 


OTHER MARKETS 


Jan. 20" 


Frankfurt .. 
New York 

Paris.... 

HruMeis.... 

lamdoo ...... 

A mu Mam.. 
Zurich 


VmnJtliu! 


<7.13-13 

Ifi.«S54 
4X934-10*1 
IU7.06-.’ ' 
94.0734-56! 


2.U25-40 

<.7245>-776b| 

3C.91-98 

1J^2-B35 

r.27'J4--7)7 

5LOOC75 


M.PO-90 

21.10)5 

6.B088 

9.14-16 

48JKW)7B 

|1Z^5.P544 


UniMflU 


R.4*-4!> 

3JMWXJB 

14.361-365 


Looilon 


4.113113 


l.v330836d <4X0-10 


9.14-lfl 
. W.C3«I 

63.^0-fO 
|US8>*K6;4J876J»0!>Bj 
5.0/44-1000 3.E6M826] 


94J3JB 


A/cJSlXi 

14.47^2 

4.39-40 

W.0FffU7f 


Ararat loa 
An Aram 
hrerii..„... 
Plaian.i .... 

Greece 

Hnn# K'nv 

inn 

Ku*ur_... 
Luxemb't;.' 
Malay -la . 
N. ZniinH 
anuili Arab 


il206-57-lMB !\iR»ittinfi 
1.6*44- 1./114. \urtru.... 
3O.t2-Sl.02 jHcJgiuni- 
779-7iO iBracll 


holes Rales 


l : .H. 8 In Toronto f.S. S = 1 1‘J. 40-44 L'«na,ihn i-eulo. 
CuoatibkP 8 in New York — AJAtLW renia. U.*. S in Milan B72.HL30 
Sieriloc In Milan 1583^6-1684.76 


EURO-CURRENCY INTEREST RATES 


IKi.Rb-Bb 
40.87-97 
235.0-60 
16.41 -60 

[.iSfS* STBEj 

r.s 

L'-anadn 

LSI 

l 1 ."*. ,-rnt-. 


1150-1268 
23- SO 
821^6* 
62-3E 


#S.B94-/0.b94|t'*Da.(a ...2.124 2.14 

tt.SD-B.U lurnnmrk..' 

132-131 Pren-e, 

0.637 0.647 

85.6*63.87 jLirrore ! 

|4.672 1-4.5826] 1 (sly 

1.88:5- LsliaiJa pun 

G. 66-5. 73 INerberl'nn 
|4.BO9fi-4.BS80i.\.in*'uy....' 

!1.6718- 1.88771 Portugal.. 


90.60.80.55 [Yugoslavia 


11.66-11 
A1D-9JS 
i ermoo v-4< .00-4. 16 
78-61 
IB60-17BD 
480-488 
430-445 
[8_£0-l0.1B 
83-93 
158-184 
580-390 
.i-m-i-Oi 
57J-5M 


k*l»«* 

SvrUa'Iaiui 

I U.s i 


Jan. 20 

fitexiloK 

UaiiadlBii 

Dollar 

UJS. Dellas 

Lhilufa 

QiiUdec 

t>WlM 

iranc 

W.BtnB an 
mark 

taborl term.... 
7 days notice. 

Month 

Three month, 
dll moniba.... 
OM vear 

1LA 

a-* 

6U-634 
61* -7 

Sil:?S 

6-7 

8*8-738 

650-7 

6/8-7U 

7fr7ft 

7A-7H, 

6/0-71, 

7 7*4 
714-7*2 
7*4-718 ’ 
712-75, 
75, 7/, 

Wvvvv 

par- U 
inr-14 

6fl-3, 

11,-1 *4 

Bik-Sri 

fre 3,-i 
3r«-3.-it 
a/, 3 
*rc 3 r '.- 

AA-dA 
**•* A 


Bate Riven for Argentina te a free rate. 


FORWARD RATES 


j One mom h j Three rnuntbi 

New York [0. 10-0.20 dirj0.30-0.40 c.dia 
Uuti(rM-..|0.C 8-0.18 c-. dirO. 20-0.30 ,-. di» 
Am <l'Jani,l i-. pui-|iar |2S*- 11, c. pm 

8nis«eia...|S.15r. rits 15-30 dis 

L’np'nhin |ll-13nre>Uv •*'»*“ — J * 

_ _ . Frankiuri iISb-Sb j>T. pm 

Euro- French deposit rates:' two-day aj-w per cent.: seven-day to-im per cem.; Uiimn 65-165 t-.rire 

one- month 1BS-U otr cent.; three-month 123-121 per cenL: six-month, lilia-ttta Mvlri i.... ©5-165 e. di« 

per ceoL: me year 131- LSI per cenL Milan |l*22 liretiia .... 

Long-term Eurodollar deposits: two yuan Mi per cent,: ibrce years s*-5i per Udn oredi*i27.29nre«U« 

y 5* rB 8, *t? s K P** 1 cem - : Bve ywu« 61-81 per cem. Paris 31.-4I, -.ilia Il3-1* rfla i 

^^rt^nm^roie. «n. «- •S^^TSSLS SS StS&t 

™cfLrra^. L J-uricb : ....iB V1U 

iSodexS^sX Sf 1 WA ,30lUr ’ Cinadlflfl do “ vs: lwo nSSS^tatSS^eS^ 



VJL CONVERTIBLE STOCKS 20/1/78 


Sea tildes provided by 
data STREAM International 



Size 

Current 


Con- 

version 

Flat 

Red. 

Premlumf 

Income 

Cheap (+) 
Dear(-)^ 

Nim# and description 

(£m.) 

price 

Terms* 

dates 

yield 

yield 

Current Range? 

Equ.§(conv.I 

Current 


9.05 142.00 100.0 70X0 


6.4 


4.4 


Associated. Paper 9$pc Cv. 85-90 


1.40 104.00 200 J) 76-79 


9.1 


Bank of Ireland 10pc Cv; 91-96 


8.22 158.00 47.6 77-79 


SX - &3 -10 to -2 14.0 S.7 - 4X + 1.6 


6.5 


British Land 12pc Cv- 2002 


7.71 143.00 333X 80-97 


8.6 


Change Wares 12pc NtCv.Pt 


0X5 


0X3 


4- 4 — 5-3 - 7 to -2 14.8 13.9 - 0.5 + 4.7 

5- 2 14.4 14 to” 39 0.0 94.0 75X +60^" 


1.0 78-83 


7.6 


2X 


English Property Xipc Cv. 98-43 


3X - 7 to 27 23.3 61.0 


8X4 07.00 234.0 76-79 


16-4 +14.2 


6X 


English Properly 12pc Cv. OO-Oo 


15X1 97.00 150.0 76-84 12.7 12.7 


B - 9 ~ 4.7 -11 io -0 11.5 8.1 - 5X - 0.6 


48.7 


Grand Metropolitan IQpc Cv. 91-66 122X0 121.00 120.2 73-78 8.5 


40 io 66 31.4 52.1 ' 31.7 -17.0 


Hanson Trurt OJpc Cv, 88-93 


4X1 83.00 57.1 76X0 


7-S - 6.4 -12 io -2 4.7 0.0 - 3.6 + 2.7 


S.0 


8.8 


Hewden-Smart 7pc Cv. 1995 
Pentos 15pc 2v. 1985 


8.4 - 9 IQ 8 10.8 11.7 


0.07 220.00 470.4 75-79 


3 2 


0.1 - 6X -13 to -5 14.5 6.4 - 3.5 


L06 133.00 166.7 70X2 


U - 7X. 


+ 3.0 


11X 


9X 


3.6 


Slough Estates JOpc" Cv. 87-90 


5X0 170.00 125.0 73-87 


2 to 10 47.4 47X - 0,1 — 3.8 


5X 


JX 


9.7 


Taxer, KcmsJey Spc .Cv. 1981 


• 7X3 91.00 153.9 74-70 


4 to 16 87.4 55-2 ii_3 + j_g 


9.0 


31.6 


28.6- 


WUkinson Match lOpc CV. 83-98 


11.10 104.00 40.0 76-83 


IT to 30 12.Q ll.Q - 1.4 -29X 


9.7 


9X 


25.6 


22 to 43 284 4Q.Q 14.Q 


eenwrtih*e. tnnmre is summed onru conversion' and present valued at hToer cent per annum ri) Th^^ifwwwuflf i^ r 5 Mcame an £1M of 

Bpreswd « Mr cm. (tf ftr vatoe of o* underlain* eonny. OTlw aMman^hetwcen ih? ' 'nremmS l * * ‘S. 1 a « *•» vnfiertymg wn,,S 

imderiring eonlty. -f re. u iwUuUon of relative cheapness, - ts an imUcaUn M retafiw dean^ ™ mco “ e vapretard as Mr cenL of Uk ndoe of 




Financial Times Saturday January - 21 1919 . 




j) • ' - ' . • • • 

Reading equities quietly firm but gilts turn hesitant 

share Index 1.6 harder at 487.6— Properties prominent 


financial times stock indices 


-- - 77 ZS 77 SB 77.00 7B.7B, 77 AD 77.SS. 

riDKtmni tier*. ™ > 80.50 90.11, *M» 

Flirt LeMW. “ 4 W.* 4W.8 

InUmrtrn.' OHtnarv — : *® 7 *® * ** .. . in>i‘ 

tMriMtu. ' 147.8 147 J" I4J.1; “*V 

girt, I)iF. XMM ■ ' • • : l7 3t ,7.84 X7.03. 

^ <Ud 8.88: I*- 

UeoHafcs mark'd [ s-sa* * ‘ ■ ww 88.31! 08.05 WAS 

HonUr tantnrer Cm.,- - . _**■=* unn u.U« 


f 

’ Account Dealing Dates 
'} Option 

■/First Declare- Last Account 
‘eatings lions Dealings Da; 

3 Jan. 12 Jan. 13 Jan. 24 
Jin. 16 Jan. 26 Jan. 27 Feb. 7 
Jut. 30 Feb. 9 Feb. 10 Feb. 21 

r 11 New Hmt" dealings man take Place 
pm 9J0 i.m. two business days edriiw 
l Despite the absence of a firm 
*d from British Funds, leading 
^uitles picked up from an un- 

‘ntain start and closed margin- 
ally better after another quiet 
l*ade. Up 3.1 at 2 p.m., the FT 
rwiustrial Ordinary share hides 
fnded a net 1.9 up at 487 A for 
. week’s rise of 6.7: this follows 
< loss of 4.5 over the first two 
- 'cobs of the year. 

; Hopes that the money supply 
jnl&ht be brought back within the 
" to 13 per cent, range before 
;he fiscal year-end and the fur- 
ther slow-down in infiatton 
‘narked by the December Retail 
■ ( Vice Index, announced yesterday, 
hailed to stimulate buying Interest 
.'or the Funds. Closing losses 
Jfierc were limited to $. however. 

■■ md the Government Securities 
jndex eased lo 77.23 for a loss 
the week of 0.32 and one of 
).S6 since the start of the year. 
x Equities were featured again 
)by activity in second -line issues 
-.•which, as earlier in the week, 
.'provided the bulk of the day's 
jchlef price changes on trading 
.'statements and speculative 
interest. Price movements in the 
‘index constituents were narrowly 
; mixed, but rises again outnnxn- 
* bered fails, by seven-to>h»'0, in 
tall FT-quoted equities and the 
c broad -based FT-Actuaries indices 
■■showed widespread small gains. 
Property shares stood out. 
demand being fuelled by news of 

i ]thc City properly sales of Trafal- 
gar House, and the- Property sec- 
tor index showed a rise of 2.7 
per cent. at 2.1.1.29. Official -mar k- 
f ings made a disappointing show- 
\ ing. the day’s total of . 5,224 
t- bringing the week's daily average 
! to o.6 ID compared with 6,055 the 
previous week. 

‘ Gilts subdued 

Fresh confirmation of the slow* 
i down in the U.K. inflation rate 
i railed to impress British Funds 
which moved narrowly and 
generally presented an easier 
bias. Occasional sales, thought to 
represent profit-taking' after the 
previous two-day firmness, soon 
brought marginal losses among 
the longer maturities, but the 
shorts opened on a harder note. 
Eventually the latter, too. began 
to disappoint and just before the 
close the possibility of a new 
short tap announcement at 3.30 
p.m. brought caution and 
resultant further slight easiness. 
In the absence of a new issue, 
short-dated stocks finally reverted 
to overnight levels but the longs 
retained their losses, these 
extending to J in the high-coupon 
maturities. A similar tendency 
among recently-issued Corpora- 
tions left Kensington and Chelsea 


11} per cent. 1985-87 down } at 
144. in 00-paid form. 

Engineering leaders moved 
narrowly and were rarely altered, 
hut secondary issues often 
recorded useful gains. Haiti te 
Holdings featured with a rise of 
16 to 186p in response to the good 
half-yearly results, while second 
thoughts about the dividend- 
boosting rights issue and profits 
statement took James Neill up 4 
to 94p. Tecalemit an old specu- 
lative favourite, advanced 64 to 
1214, and Rotork Unproved a 
similar amount to 124p. Still 
reflecting favourable Press men- 
tion, S. Osborn put on 4 more to 
81p, while gains of a like nature 
were established by Amalgamated 
Power, 131 p. Clayton and Sons. 
76p, CompAir, 1 04ip. and Victor 
Products, 90 p. Fluldrive, however, 
reacted 2 further to 72p on the 
profits warning and -United Wire 
gave up 3 to 5flp following the 
chairman's bearish remarks at 
the annual meeting about current 
trading. 

Overnight arbitrage offerings 
took rates for investment currency 
down before a repetition of this 
week's trading pattern, good 
institutional support being un- 
satisfied and causing temporary 
supply shortages, reversed the 
trend. Down to 7G per cent, 
initially, the premium rallied to 
close a net J higher at 78 per cent., 
exactly 10 points up on. the week. 
Yesterday's SE conversion factor 
was 0.7556 (0.75S4). 

Hill Samuel firm 

Details of the group's new capi- 
tal proposals helped Hill Samuel 
move forward 3 to 97p .among 
Merchant Banks where Guinness 

Peat were a similar amount dearer 
at 206p ahead of next Thursday's 
interim results. Keyser Ullraann 
hardened 2 to 47p. The major 
clearers closed quietly firm but 
below the best Late news of 
Lloyds’ decision to reduce the per- 
sonal loan rate had no effect on 
sentiment after hours. Lloyds 
ended unaltered at 290 p, after 
293p. but Midland and NatWest 
recorded gains of 5 at 400p and 
295p respectively. Barclays har- 
dened 3 to 348p. after 350p. Dis- 
counts were harder in places. 
Ahead of their respective prelimi- 
nary statements next Monday and 
Wednesday. Alexanders added 8 
to 286p and Union 5 to 475p. 

Matthew Clark featured 
Breweries with a speculative rise 
of 18 to a 1977-78 peak of 150p. 
Other issues were active, but little 
changed following the previous 
day’s late firmness on news that 
Allied Breweries had received 
permission for interim beer price 
increases. Allied closed fraction- 
ally better at 8Sp. while Scottish 
and Newcastle edged up 14 to 69p. 
Distillery concerns held firm after 
Thursday's filip on Distillers' de- 
cision to increase its export prices 
for whisky. 

Buildings closed the week with 
widespread gains. Richard Costain 
put on 10 to 274p and Taylor 
Woodrow 6 to 410p, while Richards 
and WalUngton were 5 better at 
77p. Speculative buying lifted 


Arm it age Shanks 3 to 75p and 
NewatthUl a like amount to 175p. 
Housebuilders responded to 
favourable comment with Bryant 
5 up at 44p and Gough Cooper 6 
higher at Sip; the last mentioned 
were also helped by the higher 
annual profits. 

Id improved 3 more to 347p, 
after 34Sp. Elsewhere in 
Chemicals, Crystalate hardened 
1] to 20Ip-iu response to expan- 
sion plans. Plysn gained 3 to S5p. 

Still drawing strength from 
Press comment. LWT A added 4 
more at I20p. 

Thorn Electrical continued their 
recovery movement, rising 6 

further to 370p. Electrical- leaders 


the A 7 to 126p, after 128p, on 
good buying mainly influenced by 
asset value considerations and 
to a lesser extent, by bid hopes. 
Elsewhere, House of Fraser put on 
4 to i38p. and British Home 3 to 
216p while Gussies A closed 2 to 
the good at 300p, after 303p. 
Ratners (Jewellers) attracted sup- 
port at 101p, up .5, and Maple 
hardened 14 to 16p, fhe latter on 
news of a shareholding changing 
hands. Dixons Photographic, how- 
ever. cheapened 4 to 167p. after 
165p. on profit-taking following 
the interim results. 

Associated Fisheries continued 
firmly in Foods, rising 5 to a 
1977-78 peak of 71 p for a gain on 


gained 5 and 4 respectively. 
Among secondary issues. Spong 
added 6 at 41p as did Harris Lebos 
to 70p. Still hoping for a higher 
offer. London Pavilion gained 15 
more to 515p and De La Rue 
revived with a rise of 16 at 293p. 
Improvements- of 8 and 10 res- 
pectively were seen in AfarafaaBs 
Universal 152p, and Pboto-Me 
International, 260p, while Talbex 
added -1J at 22}p. 

Another busy trade developed 
in Motor Distributors. Heron, still 
reflecting recent ' trading news, 
rose 54 to 107p for a rwo-day gain 
of S, while' Appleyard, 93p, and 
Tate of Leeds, Sip, put on 4 and 7 
respectively. Wadham Stringer 


F.T.-Acturiu All- Shaw Indax [Vi 


i/W 


RT.~ Actuaries All-Share Index (>k— L_ 

Adjuted for Matioa \_\fi /X 


SHARE PRICE MOVEMENTS 
IN REAL TERMS 


1983 1964 IMS IMS 1N7 


m m an 


1975 1976 1877 TB 


were otherwise narrowly mixed, 
EMI improving 2 to 188p, but 
GEC losing a penny to 273p, 
following the previous day's gain 
of 11. Louis New mark moved up 
20 to 17Sp in belated response to 
the interim results and forecast 
of record full-year profits, while 
Press comment on the prelimi- 
nary figures prompted renewed 
firmness in Westinghouse, up 3 
further at 40 p. Renewed demand 
based on hopes of a higher 
counter- bid left H Wigfall 4 
bigber at 266p. after 270p; Comet 
Radiovision closed unaltered at 
103p making the bid for Wigfall 
worth just over 241p per share. 
Decca moved up 10 further to 
490p in a restricted market, and 
buyers showed interest in 
Forward Technology. 5 dearer at 
HQp. R. and A. G. Crossland 
gamed 24 to 384P on the agreed 
bid from Benjamin Priest, down 
2 at 761p. 

Barton wanted 

Burton issues stood out in a 
firm Stores sector, the Ordinary 
rising 10 to 140p, after l42p, and 


the week of 13; the preliminary 
figures were announced on Feb- 
ruary 3 last year. J. B. Eastwood 
were active and 6 better at 10-ip, 
while Higfagate and Job put on 
3 to 61p, but J. Blbby, at 223p. 
surrendered the previous day's 
rise of 6. In . Supermarkets. 
William Morrison rose 0 more to 

200p. 

Bet ter-th an -expected pre- 

liminary figures caused a. late 
flurry of business in Grand 
Metropolitan which . closed l| 
harder at 108jp. -Norfolk Capital 
moved up 3 to 32p. while Myddle- 
ton, 203p. and Wheeler’s Res- 
taurants. 260p. put on 3 apiece. 

Trafalgar House up 

Firm features were plen.'iful in 
miscellaneous industrials. Trafal- 
gar House stood .out with a gain 
of 9 to 164p, after -165p, following 
confirmation of the group's sole 
of three City of London office 
developments for £6lm. 

Hays Wharf gained 5 to 157p in 
sympathy. Beecbsm put on 9 to 
652. after 655p. while Boots, 223p, 
and Turner and Newall, 212p. 


moved up 3 to 39p, W. J. Reynolds 
edged forward 21 more to 26p and 
Nelson David were notably active 
at 9Jp. up 3}p. Hartwells hardened 
2 to SSp as did British Car Auction 
to 44 p. Among Components, 
Lucas Industries, 272p, and Arm- 
strong Equipment. 64 p, rose about 

4 apiece; bat Abbey Panels fell 8 
to 50o on 'the reduced earnings. 

A fresh bout of speculative buy- 
ing on continuing bid hopes lifted 
Wace a further 6 to 42p. taking 
its rise on the week to 12. Else- 
where In Paper/Printings. 
Associated Paper hardened 2 more 
to 57p on further consideration of 
the strong return to profitability. 
By way of contrast, Bemrose shed 

5 to SSp. 

Properties in demand 

Confirmation of the major 
property sales by Trafalgar House 
which gave rise to expectations of 
a boost to property companies* 
asset values stimulated demand 
for Property shares. Leading 
issues moved briskly ahead before 
easing back a JittJe to dose a few 
pence below the best. Land 


Securities finished 4 dearer at 
228p. alter 231p and M3EPC 5 
higher at 134p, after 136 p. Stock 
Conversion advanced 6 more to. 
270p with the help of favourable 
Press mention. Widespread and 
sometimes substantial gains were 
recorded in- secondary issues. 
Great Portland, 332p. Apex, 242p. 
and Chesterfield. 32Qp, all moved 
-up around 10, while B. Sonley, 

223p, and Cburchbury, 268p, put 
on 8 apiece and Bradford 
improved 7 to 234p. . Lynton 
reflected satisfaction with the 
half-yearly results with a rise of 
3 to 132p. 

Leading Oils again traded 
rather quietly. British Petroleum 
moved narrowly and closed a few 
pence off at 806p. but Shell 
edged up 3 more to 317p, Else- 
where, Oil Exploration, a poor 
market recently on rumours oE a 
dry well, encountered persistent 
selling and reacted to close 24 
lower at 240p, while Siebens 
(TJ-K-) were also sold and closed 

9 cheaper at 283p. after 28flp. 

Clifton Investments, at 9p. were 

prominent again in Investment 
Trusts, but this time lost 3 of the 
recent sharp advance following 
news that the talks currently 
taking place concerning the sale 
of a large block of shares will not 
lead to a general offer. BET 
Deferred,- however, closed a like 
amount up at IlOp reflecting 
Press comment on the interim 
report. 

Shippings bed litle to commend 
them. P and O Deferred closed 
unaltered at USp. while J. Fbher, 
12 Op. and Common Bros-, 184p, 
put on 3 and 4 respectively. 

Dawson. International attracted 
interest in Textiles, the. Ordinary 
and A both dosing 3 better at 113p 
and 112p respectively. Vlta-Tex 
edged up a penny to 46p on the 
interim figures, while Towles A 
were active and ended 7 better at 
33p, after 36p, on demand in a thin 
market. 

Markets W 

Anglo Transvaal, 12 higher at 
95p. provided the sole noteworthy 
movement in South. African 
Industrials. 

Publicity given to the proposed 
takeover of London Sumatra by 
a consortium comprising Roth- 
schild Investment Trust. McLeod 
Russell- and Sipef SA created a 
good business in Rubbers which 
often dos'-d substantially better; 
Sumatra rose 29 to 127p on the 
bid terms. Harrisons and Cros:. 
field, which controls 43 per cent, 
of London Sumatra, rose 38 to 
375p, while McLeod Russel 
improved 20 to 240p. Rarcros 
Investment, currently subject to 
a bid from Harrisons and Cros- 
field, advanced 7 to 92p. Harrisons 
Malaysian Estates improv'd 94 to 
75p, while Sogomana, 135n. and 
Castlefield, 195p, put on 13 and 
23 respectively. Teas moved 
upwards with Lmmva closing 20 

10 the good at 240p. 

Platinums move ahead 

The sharp gains and heavy 
turnover in Platinums were the 
major features in mining markets 


(Mri Mum-.....— 

Ihv, XlAfct.. — 
UMnina* 

. R*ck> ftwti rt) — ; 


_ 9S.56 64.94, 66.51! 62.M 60.*$ 

_ I 15,085 16,296’ 13.285' lMW 


Hqnltr to"**™ 

Urtfrtt hrt« . a Vf 

■ ^ - ’■ ^ 

Mine* ttv.'jS. SE Activity JuU-DW I«2. 

f HIGHS AND LOWS S >E ~ *?™ lVC 

' j wn- w - Cttu^inii ; . j Jitn ’ 

| High ! km i High i , v 

Oort S 1^.65 ! M.4S i 127.4 49.16 \ 1931 > 

14/1) ! • ^' l;T5> ' , iBUiMtrto. — j ITI.T: 1 

— !S^ lSS :.' 

i® 1 5 SA| jsl , sasc »a 1 1 

‘KS IK \^i^n.'^rrr^s_2 




-OoWIHIdm.I 17« 
■ te.-lOi 


-twiy 

tlltl-AlgMi*., 

istiiwtrln. 

>|MVI|i*ltTC.. 

Ftuif. <.«. — 
.t~iar Av'mmv 1 
C, lit- b-'k**’ • ! 

Ia-tll*tria>- ...; 

Sfie*-B>aMtr... 

r-ma - .. . 


yesterday. Continuing bullish- 
ness over the future course of the 
free market and producer prices 
of the metal prompted heavy 
local buying and was followed by 
persistent interest from- the Cape 
—a recent heavy seller of 
Platinums. 

- Rnstenburg climbed 4 more to 
sap, after S4p. for a week's gain 
of 12p, while BlshopsffUe 
advanced 5 to a 1977-7S high of 
79p bringing the rise on the week 
to 13p: Lydenburg put on 3 at 
59p. 

Business in Golds, however, 
was minimal and prices presented 
a mixed appearance. The 
marginal 25 cents decline in the 

bullion price to S173.12S per 
ounce — a week's gain of 50 cents 
—was offset by the modest in- 
crease in the investment premium 
and resulted in the Gold Mines 
index firming 0.5 lo 147.8. an S.7 
improvement’ on the week. 

Features among Golds yesterday 
Included Unisel. 13 higher at I87p, 


ElMburgi U P at a *** tolgh 
of l43p and Elandxna&d, 3 hftlcr 
at a high of 214p. WH. Nigel, 
although unaltered yesterday at 
45p. remained til firmer nn the 

"*4 * good two-way business 
developed in London-based 
Financials. Persistent investment 
demand helped RTZ put on 3 mure 
to I89p for a rhnwday rise of 
13p. Gold Fields, the subject of 
recent lake-over speculation and 

hopes of a possible gold mining 
operation in Saudi Arabia. 
unchanged on the day at 202p, 
but 10 firmer on the week. 

Oakbrldge provided thr major 
movement in an otherwise mi\r*l 
Australians section; the shares, 
which jumped 17 on Thurwuy 
foil owing bid rumours, wvn* S 
off at I36p. 

Elsewhere. Consolidated Murchi- 
son advanced 13 mare iu 2S9P-1 
three-day jump nf 55p — as further 
strong London "recovery” huyna 
followed the December quarter 
loss published on Wednesday 


RISES AND FALLS 


■rliMi Funds 

Corpus. DamlnicMi ud Fwiim Bndi .*. 

IndnMrikif - 

Flnuidil and Prw 

OB* 

Plantations 

Mtaaa .' 

Recant Unites 


Yesterday 
Up Dawa Same 
] n » 

U 5 « 

SU UI » 

85 $7 250 

7 4 IS 

22-12 
n » 55 

12 * M 


On the work 

Up Dawn Same 
125 1H 1M 
St 41 

Utt 1.MI 4.C5 
ATI 557 LA* 
55 8 U 

51 IS « 

3U U2 

m 8 in 

3 JM 2JA7 4.7W 


NEW HIGHS AND LOWS FOR 1977/78 


The foUomlng secnrKln cwoted In the 
Share intormation Scrvht vasierday 
attained new Highs and Lows far 1977-78. 

NEW HIGHS (167) 

COM 'WEALTH A AFRICAN LOANS (It 
LOANS (11 
FOREIGN BONDS 111 
BANKS (41 
BEERS <2> - 
BUILDINGS IB) 

CHEMICALS 121 
CINEMAS fl) 

DRAPERY A STORES US) 
BL’-CP»irAL* I* 
ENGINEERING (11) 

FOODS I3t 


KOHLS l S> 
INDUSTRIALS 111} 
MOTORS 113) 
NEWSPAPERS I3l 
PAPER A PRINTING IS) 
PROPERTY (IT) 
SHIPBUILDERS til 
SHOES <11 
TEXTILES IT* 
TRUSTS IS* 
Ei"»ew in 
TEAS 141 
MINES (31 

NEW LOWS (l) 


Jardhlne Japan 


ACTIVE STOCKS 

YESTERDAY— 


Denomina- of Closing; Change 1977-78 
Stock lion marks price (p) on day high 
Shell Transport .. 25p 13 517 + 3 635 

Oil Exploration .. lOp 12 240 —24 326 

R.VTs Defd 25p 10 235 — 260 

British Land 25p 9 39 + 2 48 

BP £1 9 806 - .2 966 

Id £1 9 347 + 3 446 

Marks & Spencer 25p 9 . 154 +1 173 

Delta Metal . . 25p '8 71 + 24 814 

Reed Inti £1 S 143 +1 233 

Trafalgar House 20p 8 164 +9 167 

Commercial Union 25p 7 153 — 170 

Cons. Gold Gields 25p 7 202 — 224 

Crossland 

IR.&A.G.) 5p 7 SS4 + 24 3SJ 

GUS "A- 25p 7 300 + 2 347 

Tarmac 50p 7 146 — 220 

The abore Ii.it o] active aforks is based on the number of 
recorded yesterday in the facial List and under Rule I63(lj 
reproduced to-day m Stock Exchange dealings. 


OPTIONS TRADED 


ON THE WEEK— 


□enomina- 
Stock lion i 

IC1 £1 

Shell Transport ... 25p 

BP £1 

RATs Defd 25p 

Beech am 2flp 

GEC 25p 

Racal Electronics 23p 

Wigfall (H.) 25p 

Marks & Spencer 25p 

Distillers 50p 

Reed Inti £1 

Barclays Bank ... £1 

RTZ 25p 

Court au Ids SSp 

Midland Bank ... £1 


Closing Change 
price ( p) on week 


1977-78 

high 

446 

63S 

966 

260 

693 

284 

270 

270 

173 

193 

233 

330 

247 

135 

402 


1977-78 

low 

454 

78 

202 

21 

776 

325 

96 

45 

118 

91 

102 

137 


bargains 
(e) and 


1977-78 

low 

325 

454 

776 

202 

372 

163 

118 

94 

96 

120 . 

11S 


DEALING DATES 
First Last Last For 

Deal- Deal- Declare- Settle- 
ings 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 
Money was given for the .call 
of Camford Engineering, 
Peachey Property, Burmah Oil, 
Town and City. Excallbur 
Jewellery, Adda International, 


Talbex, Streeters of Godaiming. 
Corinthian, Zetters, Capital and 
Counties Property, Manganese 
Bronze, Unisel, UJK. Property. 
British Land. J. Mowlem, 

• Richards and Wellington, House 
of Fraser, O. Rix, Allied Colloids 
and Tricorille- A put was done 
in Tate and- Lyle, while doubles 
were arranged in Tate and Lyle, ; 
Burmah Oil, Onne Developments, 
Adda International, Corinthian, 
Dunlop and Town and CHy. A 
short-dated put and double were 
taken out in Tate and Lyle. 


FT-ACTUARIES SHARE INDICES 

• • • • s • 

These indices are the joint compilation of the Financial limes, the Institute of Actuaries and the Faculty of Actuaries 


EQUITY 

GROUPS 

and 

SUB-SECTIONS 

Fleam In n m ttM U itaaw 

namb«r of aseta par wetton. 


FrL,Jan. 


Index | Day’s 

No. 



Year 




**o 

tWffB) 

Highs and Lows Index 


. . . - M •: 


Corapilatiun 


RECENT ISSUES 


BASE LENDING RATES 


A-B.N. Bank 

Allied Irish Banks Ltd. 
American Express Bk. 

Amro Bank 

A P Bank Ltd 

Henry Ansbacher 

Banco de Bilbao 

Bank of Credit & Cmce.il 

Bank of Cyprus 

Bank of N.S.W 

Banque Beige Ltd 

Banque du Rhone ...... 

Barclays Bank 

Barnett Christie Ltd.... 
Bremar Holdings Ltd. 
Brit Bank of Mid. East 

i Brown Shipley 

Canada Permanent AFi 
Capitol C h C Fin. Ltd. 

Cayzer Ltd 

Cedar Holdings 

i Charterhouse Japhet... 

C. E. Coates 

Consolidated Credits... 
Co-operative Bank ...* 
.Corinthian Securities... 

Credit Lyonnais 

The Cypres Popular Bk. 

Duncan Lawrie F 

Eagil Trust 

English Transcont ... 
First London -Secs. ... 
First Nat. Fin. Corpn. 
First Nat. Secs. Ltd- ... 

Antony Gibbs 

Goode Durrani Trust 
Greyhound Guaranty... 

Grtndlays Bank t 

I Guinness Mahon 

I Hambros Bank 


■ Hill Samuel I 61% 

C. Hoare & Co i 64% 

Julian S. Hodge 7J% 

Hongkong & Shanghai 64% 
Industrial Bk. of Scot 7.% 

Keyser Ullmann 61% 

Knowsley & Co. Ltd.,.. 9 % 

Lloyds Bank 61% 

Loudon & European... 3>% 
London Mercantile ... 64% 
Midland Bank 64% 

■ Samuel Montagu 61% 

■ Morgan Grenfell 61% 

National Westminster 64% 
Norwich General Trust 6A% 
P. S. Refson i Co. ... 6!% 
Rossminster Accept'cs 61% 
Royal Bk Canada Trust 64% 
Schleslnger Limited ... 7 % 

E. S. Schwab 84% 

Security Trust Co. Ltd. 7|% 

Sheuley Trust 94% 

Standard Chartered ... 61% 

Trade Dev. Bank 6|% 

Trustee Savings Bank 61% 
Twentieth Century JBk. 74-% 
United Bank of Kuwait 64% 
Whiteaway Laidlaw ... 7 % 
Williams & Glyn's ... 6 4 .% 
Yorkshire Bank 64% 

■ Members of U*e Aocewlns Houfcb 
C o mini two. 

“ T-day doBOsIta 3^4. 1 -month deposits 
3in. 

• 7-dw deponrs on amna or US.OM 
and under .iv.. up » 525.000 31% 

and n w ca.ooo 4t°i 

t Call deposits over n.flOC 3%- 

i Demand deposits 4-... 

r Kate also apoUea to StsrUM; . Ind. 
Secs. 

[I Way depoeli* fij’-. Ram for Trim 
- Deposits over rum nesotiable. 



= T i 5 S Hi; 1B77.A 

*£ ! Sji ; 

~ ! <£ Uwb I Ur* 


212-82 4-07 
194.07 +1.0 
342.70 +L9 
460.42 — 

39139 +0.6 
167.24 +0fi 
164.41 +3.0 

19506 +L1 
235.00 +LI 
178.91 +0.4 
118.65 +L3- 

203.77 +0.7 
Z24J22 +0J 
248.67 +01 
268.87 +0.7 
194-61 +04 

203.90 +L2 
340J9 +03 

133.91 +05 
192-89 +13 

178.78 +03 

224.63 +0£ 
104 02 -0 2 

192.90 +1.0 j 

256.90 +0.7 
25539 +0.9 

132.63 
48L79 I +0JL 
205331+1.7 


£1001 — 
Mo 1*1 F.P. 
E10v f S.V 
l- 99 'eEJ 
Cl J- ! K.l'. 
»io.- ; p.y. 

3 lo., * r.p. 

ClJu >cio 
ClOu I K.P. j 
tlJu , — I 
xioo T.V 
jtEii-; F.P 
dale! p.k | 
f.r. | 
K.l* i 
COB^ FJ>. 1 
E9fii( £10 I 


— lOOisi 1 00 1 3 Mort. Variable 1963 

5 ;B | lOW*! 96 BaUi 1JJ*, 19 cd 

7/1 ( ! no 'Central « olieenroo" 10* Uni. t#i. K+l.... 

4.3 i 61m 3?is Grampian Uee. loss 1940 

— 99 I ttriilUoununv Variable LMjIl. 

— Sflsu! SS6L(‘liKxirl» Nuter Lfl«4 

— ?e-M. «6ia! Do.»a Ueb. 

m6 l&Jg IliirKenslnfiuni It I'hnrai IlJt, 

— lOuij Du. Uo. V* rial ik* 

luO tf£>ls Leeri* Vanabie 

— lOP lOOlffl LeLeMer Variable l«sc ; 

3'S toils, toaigiiu- Kent Water 1% IBaiL 

hrt 102 «si |M.H«Men* 14*8 Hen. U+t.„. ............ 

— -hi . -ar iSbei Ini.. Fin. N.V. Qiai r . S!pU» 19S» 

7»1 lOtlj Wijjiar fnrnlturr I1& I'.ini. I'm 

— UWri '100* TwnaaWa Variable 133a 

8A» 165a! W4l ho L05*SBod '«4-b 

6/1 i- 6(-;V -rK Ttai-ei ivlj Pir* 


■ 110041 

•Iioaisl—u 

■ 60 j 

•I 61 |-U 
. 9841 

. 896 1 j 

. 89641 : 

■I l«lfa-4 

. laow ...... 

. 100 1 

. 100 . — 
. 1014I 

.irai«<-4 
. 896). ...... 

. 1U41S t-4 

■ I 100 's) 

.| 10J(L-«4 

.106 | 



20533 20733 147.00 
18834 189.82 12736 
330J4 334.53 19739 
43936 444.70 28736 
290.95 29281 18738 
16230 163.87 133.00 
16035 16113 127.04 


228.03 04/9/77) 
214.72 (24/H/77) 
379.99 (24/10/77) 
483 J9 (21/10/77) 
33222 (13/9/77) 
187.45 (14/9/77) 
177.02 (14/9/77) 


13503 (4/1/77) 
11211 (50/77) 
16299 (4/1/77) 
26535 010/77) 
168.98 J4/1/77) 
125.42 02/1/77) 
11325 (4/1/77) 


228.03 QAWm 
23334 (Z'5.72) 
38933 09/5/72) 
48369 i2H0<77) 
33222 03/9/771 
187.45 04*9/77) 
177.41 (27/4.72) 


50.71 031274* 

44 27 111/12 '74 1 
71.48 tZ '12-741 

84.71 i25’6'62i 
64.39 (2.1.751 
45.43 (61751 
49.65 (61751 


,19298 19122 188.06 18925 13039 213,75 (2T10/77) 11721020/77) 227.78(21/472) 3839 16 175) 

23230 229.83 223.93 22430 14628 26172 (21/10/77) 12929 (120/77) 26172 (210077) 42.85 03,12 74) 

17828 17836 17924 18105 13737 19937 07/10/77) 122.51 (4077) 26322 (4/5/72) 6392 0712 74) 

11710 116.07 115.25 11631 84.95 130.95 (15/9/77) 7727(12077) 17039 (lSO/Hi 1991 (6175 1 


.45 20028 
32 22234 
35 24831 
.25 26311 
.02 193.76 
.95 201321 
.66 33839 
13329 
190.48 
177.87 
Z2424 
10419 
19115 
255.02 
25321 
13288 
48136 
20195 



1 14674 
j 15736 
23732 167.08 
25728 187.77 
193.96 16243 
19647. 14102 
2 3025 


2B23 0/10/77) 
236.74 (802/77) 
25645 (2902/77) 
27282 0/10/77) 
21443 000/77) 
244.41 (27/18/77) 
36042 (60/78) 
14421 (14/9/77) 
294.02 (27/18/77) 
38141 (15/7/77) 
243.86 (7/9/77) 
11968 (27/10/77) 
21370 0.4/9/77) 
29530 (14/9/77) 
262.96 (60/78) 
14125 05/907) 
539.68 (18/507) 
21602 


IGlfl'/mi 


136.79 (12/1/77) 
14323 04/207) 
15635 04/207) 
172.97 04/2,77) 
150.84 (4/1/77) 
13115 02007) 
20108 020,77) 
9024 (50.77) 
10935 02,107) 
122.71 (5/177) 
1914104/2/77) 
7634 (4/177) 1 
144.93 (12/107) i 
20426 (12/177) 
248.87 07/1/78) 
77.65 (40/77) 
405.40 04007) 
14041 (12/1/77) 


22608 (16/672) 
28187 (2811172) 

257.40 03702) 
329.99 (12/12721 
21443 /2L10/771 

244.41 (2700.77) 
36082 (6108) 
14421 (14/9,77) 1 
20439 06672) 

235.72 07/1-67) 
339.16 (2672) 

135.72 (16,170) 
213.70 (1419:77) 
29530 (14/9771 
262.96 (61/781 
24686 (19.72) 
539.68 (165:77) 
25683 (2/5/721 




6141 (13:1274) 
69.47 03*12*74) 
7688 (13/12-74) 
54.83 (9/1751 
59.67 0112*74) 
54 2S 0102741 
55.08 i6,l'7S> 
43.46- (6175) 
5263 16/1*751 
6266 01,1270 
9434 (13-662) 
20.92 (61 75) 
58.63 (61751 
7120 (1*12741 
4687 (17‘178) 
4534 (2T751 
90.80 (29662) 
60.39 (60/75' 


5981 03.12041 




FRIGHTS” OFFERS 


17624 +L0 
203.60 +1.0 
22535 +13 

+13 1 10 88 
+ 0 . 6 1 
+03 

+0.9 13.09 
+12 1 
+67 
+03 


19135 +031 384 
9589 +L2 [16.40 
284.65 +1.6 16.93 


99 1 ALL-SHAKE INDEX (173) _ 1 21381 1 +0.8 



- 174.47 
630 20155 

- 22269 
13.60 167.76 

14538 
137.96 
11.20 32133 

- 82.96 
68.78 24834 

6.02 10934 


.89 19032 
30 9481 
.49 28038 




184.48 (6/10/77) 
204.03 (5/1/78) 
24930(3/10/77) 
199.47 (7/10/77) 

159.05 mwrm 

30 16172 (6/10/77) 
.94 37153 (15/9/77) 
,12 97.82 (7/10/77) 
36 25529(200/78) 
.47 


159.73 

93.71 

23191 



!,'//» iff 


U9.90 (4/1/77) 
U636 (14/2/77) 
147.94 04/2/77) 
8432 (4/1/77) 
100-97 (27(7/77) 
9534 (5/1/77) 
225-75 02/1771 
59.49 (4/1/77) 
14669 (4/1/77) 
ZLSLQ7/1/77) 


Ton Y,;\l \ Q f/T'l fTTT l TCT 


FIXED INTEREST 
YIELDS 

Br. Govt Av. Gross RetL 


nil I 31/1 24/2’ 

, V.V <lo 1(1 Si J 1 ■ 

r.l* ' 6.1 10/3 74 i 

y.l*. 35/1 37/8. bl I 
111 ' 34 310:5 , fclte J 

•••' 14>r 10.21 Hi 

dH 24.1, 6.-2' 4/ m; 

■f.p m.ii! si V 1 
P.P. 6,1 10/8- BL 1 

Di» I 1/2; — 1 51(im: 
nil j 26' l 1 B/3 4U|*m; 
in: | 37/21 3 a| -wjinij 
P.P. 143/12 18/1 V*l?l 
nil i — I ■ — [ SOiim; 
F.P. ' 18.1 3/3‘ « 

)'.»• in 1*1 -v l! -• 
F.P. 39,11] lfl/2f IS 
K.V L^.li 1U li s-P 
P.P I ■* 1 t '7 l! « 


iSqm AiiiDgt'/D Motor..— 

yn,.|«in U un*>rv 

*; mi 

38 'iii'rJtin- ti bna ; 

ofcwnkiinuu. Bank cA Au-(rni 

ii-j m] n lull In.iuHriiV 

Igpnii-liiliiiBMi A barncp 

■4 rJiJiiiauu Firili lirmtii.... 

it krniiiii' Ui*ti-f 

2 &poi L.U.U. Intnmarionai 

a/jiujll uirhe»J_..._..,..~. ...... 

VUli-IIBI Uk.iH Ainlnl; 

“ !(*"«, ,m W T. 

tSjumiPrwrty (Alftert* 

37i4jK.L.F.... 

' ■'Kekiini Ki.iyuu. 

II 1'iurla 'Qw-i 

ai jL>t i. if-nniii — 

.» jvvu (mu, ij rai-<>(«. ... 


..( sorin' 

.. I s8 i + 1 
..| 76 '+9 

..J 46 | 

.. 42 1 raj — I 

..] 18 |-n.j ' 

. j l»r*ni I 

- 63 f+> 

..[ 4S1-I + 1* 

»t -aiH"] 

..I -29,1* l+< 

..i 48(,mj+l 
-I »2 

..| H0pn.| + i 
..| 40 1+ 1 

± a i+T 

. 2 SB | .. .. 

. 42 .. .. 



241.41 (11/4.73 
288.32 (20*7,72) 
293.13 (2*5,72) 

433 74 (4,’5/72) 
194.46 053T2) 
161.72 <6)'10|77) 
371.53 05/9/771 
27837 (l/S-TJ) 
357.40 (9/11/73) 

303.18 (I& 5.72) 
245.79 (25-'4/72) 
175.90 128/4/ 69) 
297-01 (1 5/9.77) 

228.18 ii'5/72) 


fl274» 


55.88 (23)1274) 
62.44 0202 74) 
81.40(15/1*74) 
38.83! (1L12.74) 

44.88 ttT.75 > 
43.96 IU 12/74) 

65.86 06/12/74) 

3L21 17(175) 
5601 (»4.*65l 
3X2 9 01-^ 74) h 
7U3 0302747 ■; 
66.31 t»'W*> - • 
97.57 ' (8/175) 


M-48 (4-177) 
12J6 14X77) 
1336 (7/3/77V 
U 
13. 

14 


«« 14177) 


1M3 (27 10/76) 


5ii dorm 
876 (Niftiyi 
96S (3M77) 


8W (6T077* 
10.78 O0.^'77> 
18.16 OMPTfl 


MW (30T77‘ 


RenundaUan date usnaUy last dajr (nr dcaJina free of stamp duty. - b Pleura 
based on prospectus estimate, g Assumed dividend sod field, u Parecast dlvkk-ad. 
cover based on previous rear's namings, r Dividend and vleld baaed on prospectus 
or other official estimates for 1079. q Grass, r Figures assumed, , Cover -allow 
far conversion of shares run now ranking for dividend or ranking only for restricted 
itlvtdeuds. i Placing price to public, pt Pence unless otherwise Indicated, f Issued 
hr lender, h Offered to holders of Ordinary shares as a ■* rights.” •• Rights 
by wav of capitalisation, tf MJntmom render price- <1 Reintroduced. It luucd 
tn connect! an wia roorowtisalion merger or take-over. H|| latroducUon. nissned 
to former Preference holders. ■ Anotment letters (dr rullr-aani*. m PnniahwuU 
or panty-pald ailDuneol letters. * With warrants. . 


1630-yr. Bed. Dab. & Loans (15) 
l6JnTC8tment Trust grafts. (IS) -■ 
17*0000. gad Ipfll. Pitts. (BQ) - 

Section or Group Base Date 
Pharmaceutical Products 30/12/77 

Other Groups 31/13 /ra 

Overseas trader* 31/1274 

Bnginaerlng Contractors 31/12/71 

Mechanical Enginoeriao - 31/12/71 
WiNf and Spirits 31/1/70 

Toys and Games . li/1/70 

Office Emipmeat U/1/T0 


rn.. dan. 211 ■ . . 

7777 7T7 T * lljrh - " 1 r ‘" a ‘ -V 011 * | r ‘- 1 1 imrJ Wbl 1 

Imlei \ielil- Jan. .I**. Jan. Jan, 2iu. Jan. Jmi 

i . », , n I - K ; 17 ■ 16 _ 15 I l£ [ n 

..U2& .tll.74.8U8 .65.28 -U JtS ;63.)5 m7h _ M J aTiilTit 
- 57*57 *12.24 |B?37 ]B7J7 5732 -j5f.*7 {57.42 I 73 ! 5 

... 7832' |11.48 17MB .7836 178.45 78J1 178.50 78^0 S 


>«»!• f 

L’Kiiiiulaiiim ‘ 


Base Value Saettoa *r Croup 

2SLT7 ladtiuial Group 

*3.73 MtaceUanoeitc Financial 
lOflJja Food Hanpfactarina 

131.84 Food RataftlDfl 

131X4 leserance Broken 

114.7* Mining Finance 

135.72 All Other 

128.20 


Base Data 

31/12/78 

3102/70 

21/lZ/iT 

29/12/47 

29/12/47 

2902/67 

U/4/42 


■am V,I» : Il«.96 


B**o value 
128 JO 
128 . 0 * 
11113 
Ul.U 
94.4T 
100 H 
lOOPO 


i as BIBP 

«cvion h,die j yWktn tp ntwq *1 orioi and teh 
1 * l **4 Per copy. 




































































































27 



Financial Times Saturday January 21 197S 


AUTHORISED UNIT TRUSTS 


t,,W»ey UaifTgfcKgrs. Ltd. W ft) ' BrUmai* Tmu-croHraed 

1 GauheoanRd, Aytosfaniy. ossgsmi PratwteMl— JU4.0 sai* 

XroCaptoL — |323-. 34*1 +0.4 3*1 RmnjrSIuu^ — liu l« 

AwrtawM^-...Wl -46H+S,« .van- 

thVfar.TK.*a..BU Sa+0.f — 

>be J Gca. Tst |4SJ 482x| +0.7 


Shlrid 
Status Change — ._ 

unlv Eaargj 



+L 11 irt G*rta»re Fund Managers » taXg) Perpetual Unit Tro« Mngnrt.? (a> 

+fc.7| 3« 2. St Mary Axe. EC3A 8BP- 


I'bs . '.<lAmeric»u Ts.. ._ ft? t 

657 BrttfrtTB-tAeej. J33* 


Uled Bambre Group (a) (g) 
unbrn Rm 4 Hutton. Brentwood, Emu. 
■Ho 2831 or BraMwood (QZT7) ZlMdO 
JuMtata 
Uedl 


Tie British Life Office X*d.? (a) 

RoUaneeHse,Tna bridge W el U.KL0882 22271 


?« Comm odity Share. 1 133.0 


HlcfehnuTa. §7 

Income Fund, 713 

tea. Agencies 12.55 


HL British Life [49* . 5.40 lnlLSjampt Fd — Mi 

540 «toU-TM.(Acc.l_B6J 


■t 


it. tad. Pond.. 

tt-Alw., 

ecL it Ind. Dvr. 

lied Capital 

■mbroFund _ 

uabroAre. Fd_„ 
n» Poods 
sh Yield Fd. 167.7 

8 b Income mil 

Eq. Inc {37.5 

•national Foods _ 

icmtitionnl 03.9 

to of America.,.. [43 9 

clfic Fend .... [30.1 ' 

tcWItt rands 
wUrr Co.’s Pd. 1352 
dSmlr.Co'iPd... «J 

rovery Sits......... HI 

*■ Min. 6Cdty. 573 
arseas Ejmtaxs. 122 
.mu. 8mis.co‘s._pia a 



BLBaSanted 

BL Dividend* 

'Prices Jan. a. 


24.04 *421 

sifl +ot 


01-2833331 48 Hart SL,HeuIeyei> Thames 


145.0 


sa 




-0.2 

-0.1 

+m 

+0.7 

+0Q1| 

+03 


S|+0-2j 


1.83 

343 

3.71 

123 

9.45 

iB 

3.71 

531 

141 


(HOIS 4 


’ dealing day Jan. ts!* CiHw (Antony) Unit Tst Mgs. Ltd. 


3*9 BS Units Jan. 0 

445 • Do.lAcc.lJxn.9 


Si-' 


434 

434 


Ej 


M - r 23. BtamOelti SU EC2U 7NL. 

5 Sj . Brown Shipley .ft Ct Ud-V ibia.g. income - ton.s 43 .W — | 

Jfagr*; Frontier. O..EC2 __ 0140088*0 2.1 

Dflalteg Tue*. TTWaL 
Govett (John)? 

439 77. London Wall, RC2. 

«+» ybIetr.Jan.20. 1123 4 

501 De.Accum.Unll 047.8 


01-5884111 ***: 


P>eta*lCp&Ui p81 40.71 .1 319 

Piccadilly Unit T. Mgrs. Ltd? (»Xb) 

Wardgte Hat. Ma London Wall EC1 8380801 

-Extra Income [33.9 5021 +02) 100 

Small CO'S Pd...— 414 441 +63 2*5 

Capital Fund 515 54.4 +0.4 5.03 

ua.Ena.iAMM- Gi 52.0a +05 612 

Private Fund __ HI <17 +0.4 152 

Aectunltr. Fund HI (94 +10) 438 


BOB 

4J9 

030 




American Fund , 


OFFSHORE AND OVERSEAS FUNDS 


Aibnthnet Securities ICL) Limited Firat Viking Commodity Trusts 
P.O. Ben 3M.SL Heller. Jera^. 0S34T31T7 B. St. George's SU Deuelsi. 1 e M. 


KM 468 E. Ldn. Agu Di 

SL Pull Mall, London SW175JH. 


Fn.Vih.Qn TM MO 

FM.WDbLOp.Ttf ..fas. 




7.74 

9.78 

(.79 


405ri| +0(J 

^0t|| IS BfKST: 


Oceanic Tress (a) 

Tuiancial - 

General ,, 

Growth Ac cum. — . 
Gnret a Income — t 


35 5d +0.1) 
44 X +43 
942 ill 
_«a +85 
SLTn +0.9 

22tcl+lii 


3.19 

3.10 

4.92 

5.30 

4.78 


Inin 

Owsoas , 

Performance— — t 


10 E 


Recovery... 

ExBptiJsai. 


574+OAf 
> 19.4 +8J 

Si iS* 

24Aa +05 
■ V (L7 -ii4 

a? ^ 


501 

9.01 


Heat dcutao day Pch. X 


Practical Invest. Co. LhLV (yKc) 

♦A. Bloom* tray Sc. WCIA IRA 014EO80&B 

Practical Jan. 18_[1J7J 144.4 | 421 

015885630 Accnav Units [1925 2B4.S 421 

13031 -LSI ill 

155 aj -22 1 221 Provincial Life Inv. Co, JUd-f 

01-241 

355 
7.45 




PrndL Unit Tst Mngrs.V (aMhXc) 

7.17 HoJ bom Bars, EC1N2NTL . 01-4081 

7.17 Prudential—-. POJ 1305) +2.1H 4 2k 


2B.Bialmp4alc.ILC2 

3(4 Grieveson Management Co. Ltd. Pmiific units in.* 

|-g H8 Greiham Se_ EC2P 2DS- 01804 4433 Kl * h luewar 1107-9 

4 5S Bar'gtn.Jsn. 18 [29*2 

51? (Acetra.ltirful.__ 2U6 
,u Bl3n.HYJaa.lfi— 1735 
(Accclbl Units) WAV 

s-g Canada Life Unit Tst Mngra, Ltd-V ]ZZL i»4 

to Ml Blah SL. Potters BarJSorta. P. Bar 51 121 Gnachan.Jan.20— na 
Can. Gen DM. Bi| ■ yaMT +8.4) 419 (Accom. Uulo) 80.4 

■rderatm Unit Tract Managers Ltd. frSgSag™^E "®tS3 tSSKo^lgi 

«« T 3 ^ 5, P» ;tac -A«« n ^--P« ■ • Guardian Boyal Bx. Uait Mgvs. Ltd- Reliance Untt Kgre. Ltd.* 

“ — r*T»el i Jimesl Mart. 1ULW Royal Eari»n«e.EC3PaDN. Oi-8»8DU Retiancallae. Tunbridae Wells. KL MBS 2E2T1 

nsbacher Unit Mgmt Co. Ltd. ■ !5S£MdS.ESa(F^^ MH8M10 5^4^122 

iohitSL.Ecav7jA. 01808378. CapitaifZZTT.-B.* .8*3 1 433 Henderson Administnlion(aXz) * S'3Jol ak 

LUonthly Fund. [165.0 173.0) | 8J8 laromc— — .PO 7M ^.1 7.(2 Premier U.T. Admin, R*ylri2h Road- 1 _ 

Brentseood. Essex. 0277227300 Ridgefield. Management Ltd. 


204.9a 
22U 
1812 
2042 
137.7 

H3I 

. 8L7 +0 

842 +l3 
70.0 
725 


2.74 

224 Qu liter Management Co. Ltd.? 
i«5 The SUt. Exchange. EC2M 1HP. 0HM04177 

837 »?®nW. ; g} .UM|_-| 3.18 


q ij Qoadnun Income - 


124.9*4 | 753 


rbatknot Securities Ltd. (&Xc) 
Queen St London EC4KIBY 01-2388381 


Prices on Jan. 


Next dealing : 
Cnrliol U»*t F± Mgrs. Lid.? (aXc) 


era Income Pd. —1112a 
Sb Inc. Fund 405 

4 ream. Uni la) 53-0 

jS WdrmLUta.] HD 

rference Fund 235 

ilCSB. lloitaj..-.- SO 

. pltal Fund”: 18.9 

dlty FtaQdtt 519 

cemn. UnitattS 732 . 

. WMrwLtLti$4( a 
a. iPrapJM.tr 175 

ants Fund - 395 

xm. Units) 455 

owtbFund J3.I 

xnn Unif*^— ...1395 


1220t+02j 


■Han Ot£Fd.— h».7 
astern * IntLFdJWJ 
% Wdrwl.UtajphA 

relm Pd.— ~_n*3.9 

ASMT 4c I tit jT|j H4 5 
>*L lOton. -Tnes. TTWed. Fri. 

Next dlrs.*~Dec. 22 "Dec. 13. DaUy 


595a 

595s 

27 ha +02 
40.9a +t>3 
205 
5 W 
793 
503 

Jf3 

42.6a +0.9) 
492s +001 
wti +oa 
432a +05 
144.1 +£? 

21.7 

17.7 
MS 
2651 



m 2o KUhom Rouse, Neneestie-dyon-Tyoe 
■ 93 Cartlol V 

8.93 Do. Accnm. Until _J73.4 

1.93 Do. Hlfb Yield .1 

12,00 Do.Accaai.UnJti_.il. — ...... 

3250 ■ Next data Pob. L 


Jg Clrnrterbouse Jrybctf 
\ S J, PauraasurBow. EC*. ' 

207 CJ. Internal - ! Qo.4 

Ut Accunj. Units— 05 

334 CJ. Income 55.4 

ear CJ.roro.Klo 24.0 

3 31 Accam. Units-— Z7.6 
5I9 CJ.aa.lnv.Xiit 02 


tKIAUstralian 

(ElCap. Acnim 

(Sfirfopean 

ifiFir Eas t— 
t£)Finan.«JTn 
tgiHiKh Income 
(Sitae A Assets- 

| gV n f^ T T i MfT ? P M t 
(g)N Ul American— (314 
NA Gross Jan. 20_ 002.9 

Oil* Nat — . §45 

02-2483000 W.WJd. Jon. »__|74A 


Accnar Units—- [28.6 . _ 

Prices Jan. 18. Next deaUnc Jan. 5s. 



(2) Cabot 

Shot 



Extra lac —1542 


Per tax exempt funds only 

}jj Bill Samuel Unit Tst. Mgn.t (a) 

3 73 45 Seech Sl. zap sue 01 JE 

272 fb) British Trust 115*2 1S&A+20I 

. l£j !ntn Trust WS JbOg 

2.4B (pDeUarTruri— ^(64.7 M5| 

loo Chieftain Tract Mnugcn U«W|i ** 


30OT Qtwen SL.EC4R1BR. 
American—, fctA9A 


xh way Unit Tot. Mgs. LltLV (iKc> gS^^Txt^ 
’. Hlfih HoJbom, WC1V 7NL 01-81} 8Z38, Baric Roans. 

ebway Fund [775 no 1 5.96 

Prices at Jan. IB. Next snb. day Feo. L 1 


01-2«83^ (h) Income Trust (Z75 ' • -29N +Ml 


2.74 (hi Securtri Trust— 
423 (fal RJKh Yield Tht, 


m.7 


£ 92 


56.1 


+o3 


Mi3l4JAl 


POBex410,BankSte^KaachSr. 0812308922 

Ridgefield InLUT.lKO 98JM I 2(8 

RidCaBeld Income. (95.0 ‘ JOS) 152 

RothacMId & Lowndes HgmL fa) 
StSvrithlasLane.Ldn.EC2 01-8284338 

New CL fixemp£_._J117.0 1242) | 3J2 

Price on Jan. 17- Next dealing Feb. IS. 

Rowan Unit Trust Mngt Ltd. 

City-Gate Has, Finsbury Sq_EC2. 

Rowan Am. Jan. 19. [59.0 
Rowan Soc. Jan. 17. 1605 
Rowan Hy. JanJO, S3 9 

(Arxttai. Unlls) 73.9 

ami RwnJCrln.Jan.18L.. 71-2 

J_Ju (Aeetnn. Units) JM.9 

3A2 
200 


4.28 

7JL1 

4.91 

759 


54. Jerrayn Street. S.W.2 

Capita] Fund 165.4 

Income Pend MS 

Prices at Jan. 12 Ne 



trebtys Unicorn Ltd. (i)(g)9(e> 


hwnHo. 23a.SUmitorTlBd.E7. 
Icorn America 

■ AosLAce. [952 

. AosL Inc.. (435 

. Capital ..— W.4 

-RxS^ni^meTEi* 3 


.rtammtal J94 



fi}-8HSM 


Intel? (aXg) * Prosper Gump 

13, Cbrlstonber Street,X.C2 01-2477243 *• c ™ t **■ Bei^s. Loudon BC3P SEP 

Confederation Funds MgL lAd.? (a) JnteL Inv. Pu«L-_.{S9.7 9(.4n|+0.il (J8 Queen St_ Mbibnrgh EH2 4NX 

ab Chancery Lone. WC2A.1RE ' 01-3420282 gey Fond Muggers Ltd. (a Mg) 

flj) 1 426 23.S4ilkSL,^C2V8XK. niJr 


tSnwta PnadJ— ..{J95 


228 CosnmpoUtan Fndd Managen. 

[JJ CopthanAveU London EC2R73Z 8288222 01 

O? CoamopoInAJOLFd. P-7A . - U2t [ 

5.90 


Dealings to-. 01-854 8880 or 031-238 7351 
Save & Prosper Securities Ltd.? 


Unlv. Growth. 

I n c reas i n g bore Pend 
High- Yield [33.9 


; ■■* \ \ • - 5 i; 


01-8087070. \nt 

In. Pd.. [72.7 775|+0.9| 

fcGen- 662 . 705 +L1 

^ p< Fd 1404 149/ _.... 

451 Eey income Fund- 78,7 83.7 -+L 4 7.95 

Key Fixed laLPtL. 645 (44 ..... 1259 

li 3 ? 6 Crescent Unit TKt Mgrs. lid. (aMg> Key Small Co-aPd-jBM 921|+0.9| 6.(2 
76^+nw Its +w»4»>*n*«*»*w^»n»hBv»*<a ' *■ mijmiw 
. CeMral “ ' 

:ssssfc®5 sa^a ssk'sess^ih sl^l is »£wkk£*».- «=a.r* 

s.Prt A-nt-Tst.. 134.4 14Ug ..^J 3.99 Cre»-R«servM-_ r |4a5 43JJ+0J] 428 - It - 

Prices ai Dec. 3 1 Neal xub. day Jre. 31. ’ ^ * c » Jn » *™ MaHagematt Ltd.? OveAc-s Ftandred 

.Recovery 40 j 44N+0N 5 ao Biscretkmary Unit Food Managers tm stock Schangr. EC2 K ihp. oi-assssoo zonpe { nj 

- Trnstee .F pnd.. 113.4 4.» 22.Blo»nneldSl.BC2MTAI- 01-8384485 LAC hue. Pd. bMJ 13821 1 753 f,°F“ ' ns 

AH VmSSSiHlSSy «« -...I 5.15 L4tC Inti fc Gen PtijB75 89^ I am U d 

pEo 72.91+1^ 4J3 _ wwfc—*,,. i?wnA ir«rt Larson Secs. Ltd. ?(a)(c) - Commodity., *s* 

. E. F. Winchester Fond Mngt Ltd. 63 lieorceSL. Edinburgh EH22IG. <01-2283811 En «?sy_r--- - Sa 

tring Brothers ft CoC Ltd.? (a)(x) Old Jewry, DCS . OM082187 *Baw. Materials 035 1UI+D3 774 Ptaandal 

'LoadenbaUSCE-Cj. «W»3830 15 «Accam._Unit.) — ^2 1M+M 17* lUMOrinn Tudi 

1SSt=dBS- SKI IS * „ -. ... aws.w-.^R4 mssb-k 


(82) +0.7) (55 


031-2284831 Kleinwort Benson Unit Managers? 

458 2Q.FenehuTchSL.KDJ. .• 014238000 

K-B.UnitFd.lBC— W.7 ' 9L7I .( 4.43 

7-g ♦KB.UnRFdJm_S»2 U25| — 4 


(8-9) +0.' 


753 

7.97 


474 +04 450 

Sil^l 

6L7j+o3 


GLWVnch'er 07 k* 418A 20M —-l 558 rfuWthFund fc.4 57 

rfAccwn. UnttaJ 572 

Bmson ft Dudley Tst. Mngnint. Ltd. ttuiIi *tai Warrant, mi 

_ • _ 30.ArilngtooSUS.W.L 01-4897551 

shopsgate Progressive MgmL Co.? Bnunnp«ae;Tn..[&82 735] . — I 52a ^ighv^ — «■ 
ilshopagatc.E.C5. 01-3888280 _ . ' "lAccnm. Units) — (7.4 735j +8 

.mopr.—j anjo , [1644 176.7m i 3.0 Bonitas Secs. Ltd-?{aMX) usd. JtMoa. tdc*. trwed. more 

c.l'ti.**j»a.io — (195.9 20MJ\ __4 3.(3 41 BUhopigal*.EC7 ■ 01-5682831 Legal ft General Tyndall Fond? SeecEx-GtlrO 

Progressive [632 , (6*1 +05) 427 ]RCanyiireRosd.RristnL 027232241 

Equity ft Law Un. Tr.'SLf ’SMbKO ^1 ^ 


Neat auk 


L9 

L4 

AalelnLJxn. i7_hSJ 2 1UJ 

xnm.Uan. 17 pw.t 17 . ... 

Next sub. day Jan. SL "Jan. . 





Select Interna l, ^ 95 

Scotfaits Sec u r i t ie s Ltd.? 

SeoUdla — B72 4aM +0.4) 

Scdyield B2 54.* +LD 

Scatshares ^5 592} +05^ 


idee Pond ManagenrtKaXc) AmershemRd, High Wycombe. 048483377 Next sob. day. Peb 

ag william 8L.BC4R8AR euBy<KV-*wiottw — —{6*2 - (75) +o.9| 425 Leonine Administration Ltd. 


•dga Inc.' — L- 

vdgeCap.lae.t~. 3L7 
idge Cap. Acer.. M5 fl 


i 0*5 FCT 


idflo Exempt, t _ 1388 
ldgolBti.Inc.r~. 135 
Wke lnlL Aec.t - 14.4 



'Prices Jan. 177M. Dealing Tues. twed. 
HannJa Trust ManageanentfsXK) 


V m .1l M h.ihM8d 1M hi 2,DukeSL. London W1M0JP. 01-4883M1 

Fnanlingtoa unit MgL Ltd. (a) Leo mm. m2 77.m +o.7l 524 

5-L Ireland Yard, EC4B0DH, 01-3480971 Leo Accum. — f7K0 BLa) +02) 423 

taS^SnZrfiS* 1 iom( H ig Lloyds Bk. UnU T»L Mngra. Ltd.? (a) 
l&L Growth Fd- |3S lBLfcj I ' - ' 


327 
6B 

-jsi s ads 

Prices at Dec. U Nun s&h. day Jan- 1L 

SchJe* lager Trust Mngra. Ltd. (>Kz) 
dnc orp or sxing Trident Treats) 

" - -- (030(086441 


Do. Accra*. [WJ lOSJh-r-l m 

• ' First (Bain cdj [50.2 

, „ Friends' Fravdt. Unit Tr. Mgra.? K? 

^rejmwjiimtiidtaBa 


140. South Street. Porting. 

Am. Exempt* DU 

Am. Growth 24.9 

Exempt High Yld.* 25* 
Exempt UkL Ldrs.* 24.9 

Extra Inc. Tst. 29.1 

i m Restorer's DepC, Goring-lu-Sea, Income Dfat 412 

2.49 Worthing. West Sussex. 01-8331388 Inc. 10% Wdnri. [3L7 


sm\> 


<. ..«•"• 


. pltal Are— 

am A Ind 
wnnodHy., 

* mastic 

■ ^Dtane... 
it East - 

,, Modal Sees. 
dd b General— 

TSfcscrr. 

. di Growth 

i*esLTsL5harcs ~ 
tncrels-.. 

^aLHlthl' 

hwlasao-- to2 

otlh A me ri ca n H7.1 



Friends Pn»*. Ul«~ |«5 
Do. Accum. (EL6 


Sian 


427 Thlrt (Income) 10. 7 

427 Do.Ucaun.l~.—. 10(5 
Fourth (Exlncj— 59.4 
Do. tArenm.)., .)(5J 


84.61 +0.9) 


TM 

■6.71 

1164 

70 T 


+ 1.2 

+oJ| 

+ul 

+l3 

+0.B 

+BN 


4.04 

4.04 

351 

351 

528 

5*9 

757 

757 


IntnL Growth — : 41.0 

lnv. Tn. Units 23* 

Market Lead era 28.7 

"Nil Yield’-.. 27.7 


5*3 6.T. Unit Managers Ltd.? - 

S.72 18, Plnibury Circus EC2M7DD 01238 B131 Lloyd’s Life Unit Tst Mngra. LtdL 


■-T.Cap.lnc 
Oo Arc 

G.T.toc. Fd. Un -0*60 

G.T. U.B. A GeP .— 129.4 
G.T. Japan Aden— 218.9 
•GLPennExPti— . 1272 
O.T. Int*L Fund . 1066 
G.T. FenrYdiFd — p45 

?G. ft A. Trust 4 a) <g) 
3. Rhylaigh RtL, Brentwood 
195 an, A .y ■ .PJ-6 ., 



Pref.AGUtTrast— 24.4 
Property Shares Z75 

Special Sit Tst 25.7 

UJL Grth. Ac rum EL0 

UJC.Gflfa.SisL {195 _ 

■Next snh. Jan. S, 


19.11 

261 

212 

262 

322 +05 
44JM +03 
345xw +82 
445* +82 
25* -»02 
30.9 +05 
29.4 +0.1 
25.7 ...... 

29* +0.9 
27* +03 
22* +02 
21*1 +02 


2.94 

2*9 

■55 

4.S0 

955 

8-95 

527 

4*9 

452 

027 

1500 

253 

573 

554 

554 


Cap. TM. i Jersey i.. ,11210 12S1H ( 350 

!tatt denflnB date Join 24. 

EastAInU.TsuCI) IQS* 112*| I 355 

Next anb. Jan, 28. 1 

Australian Selection Fund NV 

Market .Opportunities, c.o lrrifa Young * 

OtnhvreJte urr. Kent SL, Sydney. - 

USS1 Shares JSCSLfo - I J _ 

Net asset rahie Jan. 5 

Ban?,ae Bruxelles ianbert 
2. Rue de la Ragenee B 1000 Brasseli 
Reals Fund LF.-_R.957 2*18) +9| (27 

Bk. of Loudon ft S. America Ltd. 

40-88, Queen Victoria £l,EC4 01*302313 

Alexander FimdL, . | SUSS 89 — 

N« asset value Jan. IB. 

Rarclayc Unicorn lat. (Cfc. Is.) Ltd. Anc hor ini . Fd — Jifsns 

L Cfa*rlBg CYesa. SL Heller. Jro. OEM 73741 

Oierseai Ineoma .150.9 53 M | 9(4 »■ of_Berennla. Fp»t 

Uni dollar Trust — | r-5UH 4 4*0 

♦Subject tr> fee and withholding taxes 


Dunbar 6 On. Ltd - . . £ 

01-838 707 Gilt Fund i Jersey) 


650 

0* 


Fleming Japan Fond SLA. 

37. rye Notre- Dame, Luxembourg 
Flu*. Jan 17 1 5U £37.(1 | J _ 

Free World FDnd Ltd. 

BuilaCeM Bldg. HboOud. Bcrmnfta. 

NAV Dec, 30 | TUS16695 | J — 

G.T. Management Ltd. Ldn. Agts. 

Park Hat. 18 Finsbury Circus, London EC2L 

Tel: 01-838 813L TLX: 886100 

International Ltd. 

of Berma da Front St- Hamlin. Bmda. 
ff Units _ UUM77 j 2M 


King ft ShBxwiin Mgrs. 

1 Charing Cross. SL Heller. Jereor. 
1 


ffiRlYustlLoM.)- 117.40. 
tniL-Gem Sees. T* . 

WrtStcrHng 15*2 ■ 

Firri Inti. | H3UM 


120.401 .—j 10.75 

&g:d = 


SchJesInger Intcxnatlonal Mngt. Lift 
41. La MdOp S t- SL Heller, Jersey. 0S3473S8& 

jBfc==|fc W6|=i«i 

CitiPV.^ .jfljrf.llJ 

i*( ■ ' 10*3-0*3 _ 


lull Fd. Jeney—— . 

Inlnl Fd l.Tiwh fy 


Heinwort Benson Umlicd Schroder LUe Group 

2ft Fcncfaureb 5U BC3 01-8238000 “l«T»n»e House, Pwtamoutil. 


0703 Z7732 


c'o Bl 

Asebi 


Enrinrest. Lax. F 

Cnaresey Ik.— 

Do. Aeetun. 

KB Far East Fd. 

KBInti. Fuad..-- 

KB Japan Fund 

K3.U57Gwth.Fti_ 

Signm Bermuda 

■lint' 


isr 1 "^ 

SUS955 
SUS10J4 
JUS25.47 

hrioedt rDUi__ (!*.« 1940J 




1-0.051 

+oioT 


493 

423 

453 

547 

190 

0*3 

517 

876 


International Ptinda 

^Equity Q019 

SEtiuiw ms 

CFUedlmeresl 1407 

SPlaedlutcrreL— 1017 

EManaged 1213 

SManaoed 107.7 



J. Henry Schroder Wagg ft Co. Ltd.. 
120.aiapdde.ECJL 0l-3a40QD. 


Berry Pae F. I” $3753 

G T.SFd Ir'ST - 


•KB ma u Ixxidon payln* aieots only. 

Uayds Bk- ICJJ U/T Mgra. Tran?ife'|| '‘| I" 

PO. Box 106 SL Heller. Jersey. 0SS427SW ^ 


UcydaTsLO-seaaL_M72 * 49*) 1 3JD 

Next dealing dale Feb. IS. 


8.48 

8*0 

358 


08M-22811 

9 J -Jocr ■ 


Barclays Unicorn Int. (LO. Man) Ltd. 
1 TboauS 8t_ Douglas. LoJL 08M4B8 

UnJeorn AuaL UxL.Qat 45M 

Do.Autt.Wn 235 244 

Da Grtr. Pacific — 14* 58.7 

Do. XsU, Ineon».__ 105 411 

Da I. nf Man Tst — 480 SLln 

Da Manx Mutual -.[225 . 2*3 

Mshepsgate Commodity So-. Ltd. 

T O Box «L Dnnglaa, LaM 08M-23811 

AJU1AC‘Jmi. 3._,.I $(752619 
CA NRHOT Jaa»l £1031 

COUNT** Jan. 3 1 own 

Originally Issued at *$10 re 

Bridge Management Ltd. 

P.O. Box SOB. Grand Cayman, Cayman la. 

N'baahIJaa.S | Y12.M7 I J — 

G.P.Q. Boa 360. Hung Kong H 

Nippon Fd. Jan. is pfsaii uo| 4 ate 

. Ex-Srefc Split. 

Britannia Tst. Mngrwt (CD Ltd. 

30 Bath SL, SL Hdi er. Jency. 

Growth Invest (32.9 35.6M +151 4*0 

total. Fd. gl * (5.M +25l 500 

UnfvsLSTiLSlg. 2A2j-0i3j 500 

Value Jan. 90. Neat dealing Jan. ka,- 

BntterfieW Management Co. Ltd. 

P.O. Bat IBS. Hamilton, Bermuda. 

Buttress Equity — £.33 196 .1 194 

Btittrea Income _~p*0 59^ . .7.49 

Prices at Jan. a Next sub. day Feb. & 

Capital International SJL 

37 me Notre- Dame, Luxembourg. 

Capitalist. Fund — I SUS155J ( I — 

Charierbonae Japhet 

1, Paternoster Row. EC4. 01-3483000 

AtQrops — [ptOtJS 3LW+O10I SU 

Adiverba DS47W SMH J SJh 

Fondsfc— — — DM3U# 602 

Fontfla DM2031 Am I 607 

Emperor Fuad SUS2J2 

Hispreo pTSHJD 


Lloyd* International MgtzmL SJL 

7 Rue tin Rhone. P.O Boa 170. 1211 Geneva 11 

* 1*0 

(50 


G.T. MgL (Asia) Ltd. 

i L U . Hutchison Ban. Rareouzt Rd. Hoag Kong 

G.T. Asia P BBK721 7JH J 2*0 7 Rue tin Rhone. P.O Box 170k 1211 Gcni 

34! G.T. Bond Pond |$l«1.9t 1+Offij 550 Lloyds InL Growth. Mpaiji 3UW J 

- g.t. awm im ut 

Royal Tti. Hie. Coloaberie. SL Bell er, Jersey M ft G GiMD 

- J 177 mu K3R 8B« MM «8 

?f33 lfSSEFAESIEFtJaiiaHm AllaaUe &. Jan. 17ISUSZ® ZM — 

544 taSrg-jSg—WL 1^ i z 

Anchor CiU clre-.gi0.95 U.9R+0 (m XL56 J S*2* 13751 +13 QJt 

Ancbm-la Jqr5nx — £25 23 ^ -oij 359 tA^uhTTnTtiiZZ; UH.9 iwl 

Gartmore Invest. JUd. Ldn. Agfa 

2.SL Mary Axe.LondMi.EC3. 01-2813531 Sanmel Montagu Ldn. Agt*. ■ 
Gwnun Fan* Majx. IFhr East) 5ML 1 14 Old Broad SL, E C2. 01 

1503 Hutchison Ha*. 10 HhroOurt Rd. EL Kong Apollo FdJaq Il-.-ISTfl*™ 58 551 . J 3.74 

HKAftw.U.TM.-^W 2OT.DOI JOT JjS^i5c 31 .‘-...tam* 9^. .1 IB 

JsianFdL — (SigiSS 1L^ ..77) — lllGrp. Dre 31 U(5U« Uni . -| 507 

| — 117 Jersey Dec 31,.jf4(o 

-■-i — 117JreyO < BM*Dc3L tOO.CZ 


1. Jan.9 main UJU .... 

d&lizKS. 


i+eoa 2*z 


373. 

320 


N. American TM 

Inti. Bond Fuod__ 

Gastmsw Investor 

P.O Boa 32. Dougin 
0634 73114 International lac. .. 

Do Growth. 




I 0*2 


Jd*- _ tmani Murray. Juburttne (Inv. Adviser) 
553 “»:J I®. Hope St, Glasgow. C2. 


Hambrs Pacific Fund Hgmt Ltd 
2110. Connangbt Centre. Hoag Kong 

Far East Jan. 1*_~I«0 9.791 

Japan Fund (JUS5A1 5^+059) — 

Htunbroa (Guernsey) LtdJ 
Bxmbru Fund Mgrs. (CJ.) Lid. 

P.O. Box as. Guernsey _ 0481-28921 Negit Ltd ’ 

l§ R a nh of Bermuda Bldgs., Hamilton. Brmda. 


DnrUaeF 
Japan pd. 


Singer ft FricfDander Ldn. Agents 
20. Cannon St, ET4 <I1<3<89018 

WS&sxl « 

Sarin vest (Jersey) Ltd. (*) 

P.O. Box 86. St Heller. Jersey. 0534 73673 

American IndTU.. (£677 6 911+0.021 545 

Copper Treat — . ElBJ5 10 371 -•O OU — 
Jap. Index Til £8.44 B.ilj^O Wj _ 

Sarin vest Trust Managers Ltd. (z). 

48. Alhol Street. Douglas. Lo U. 0834 33014 

Tht Silver Tran . .W73 99 7I-0JI _ - 

Richmond Bond 87.1193 2 283.4+53 9M 

Do Evergreen 12485 2S2S +L71 7.97 

Do. Platinum B4... 1975 1U2MH . . . _ 

Do. Gold Bd. |95.0 100.0{+0jq — - 

TSB Unit Trust Managen (C.L) Ltd. 
Bagatelle Rd.. St. Saviour. Jersey. 0SS4TMM' 
Jersey Fund . _ (43 9 *6^ j 4X6 

sub. day Jan. 3. 


Negit SJL. - 

20a Boulevard Royal, ijuxmnboarg 
NAV Jan. ft J 31799.79 ■ J. 


04i-nxas2i ESSi?Fto,d7-Tj«4 
I — J — Prices on Jan. 18. Next 

Tokyo Pacific Holdings N.V. 

Xntimis Uanugrarnt Co. X.V, Curaeau, 
NAV per share Jan. 16 St'S4054 


-J - 


CJ. Fund 



totnl Bond 

DM. Etjnlty 

Int Saving* -A' 


2J8 

*00 

taL Saving* 'B" SUSft* 5BJ I £58 

Pneei on Jan. 16. Next dealing Jan. 29. 


NAV Jan. 13 ] £354 ] 

Old Court Fund Mugrs. Ltd 

P.O. 98. SL Julians CU Guernsey. 1 048138331 ” 


' Tokyo Pacific HIdgs. (Seaboard) N.V. 
tatimls Mmagrmeni Co N.V , Curacao. 

NAV per share Jan. 16. SU52989. 

Tyndall Group 

PO. Box 1358 Hamilton 5. Bennnda. 3-2780 


Eq-Ft Dec 50 

toe. Kd. Jan. 3 

lUtLFd.Jaa.18..,, 

Sm.CoJUDec50, 


CorahJll Ins. (Guernsey) Ltd. 

P.O. Boa 1S7. SL Peter Port, Guernsey 
IatnLMan.Fi [1(3.8 U7*( — 

Delta Group 

P.Q.. Box 3012. Naasao, Bahamas, 

Delta lav. Jre.l7_|S2ft 52(| J — 

Den tocher Investment-Trust 
Postfaeh 3663 Bleborgaase 6- ID 8000 Frankfurt. 

Concentre IDIQSit a» J _ 

InL Resteofoods — PM7L2S 7559) „Jj — 

Dreyfus Intercontinental Inv. Fd. 
P.O. Boa M3712. Nassau. Bahamas. 

AV Jan. 10 ,_|SVfllti 1273| | — 

Entu ft Dudley TstJtfgUrayJUd 

P.Ol Box73. SL Helier, Jersey. 053420501 

EJ7XCT. [1113 125.9) -21J _ 

F. ft a Mgmt- Ltd Inv. Advisers 

l-t Lrereaee Pountaey H1U. EC4R OBA. 

014B3 4880 

CeoLFiJxn.il — | SUS4.14 ] | — 

Fidelity MgmL ft Bes. (BdfaJ LtdL 
P.O. Box 670. Hamilton. Bermuda; 


Henderson Baring Fond Mgra. Ltd 

P.O. Boa N4723, Nassau. Bafaamre - 

Japan Fd. 03B5 14.45T J — 

Prices on Jan. 11. Next dealing data Jan. 25, 

Hill-Samnel ft Ca (Guernsey) Ltd. 

8 LeFabvre SL. Peter Port Guernsey. CJ. 

GoernseyTBL [13*2 U5.0f+za] 3J8 

Hill Samuel Overseas Fund SJL 
37, Rue Notre- Dame. Luxembourg 

- . . Brain liMj-ojnj — 

Internatiooial Pacific Inv. MngL Ltd. 

PO Box R337. 56. PltrSL Sydney, AuaL 

Javelin SqaityTw..[Sl*4 599ri 4 — 

J£T. Managers (Jersey) Ltd. 

PO Box 104, Royal Tm. Hse. JeneyOSOt 27441 *8 Irish Town. Gibrehah 

Jersey Cxtrnl Tit _[1D.0 130.B) I— UA.PoUreFuad _.) SUS9056 

As at Dec. 30. Neat sub. day Jan. 3L 

J artline Fleurisg ft Co. Ltd. Royal Trust (Cl) Fd. Mgt Ltd. 

pa 801 “*• »Ma> Tri-Hae., Jersey. 053427441 

jardineRttB.TR ~| SHE21159M ' 1 • ' - - — 

SSOOkfn 

2Jft 
3.60 


.» lAceum. Units) 

645 *-»*W*«6Dre. 22. ...grids 
2 New St, SL Heller, Jersey 

TOFSLJre. 18 £6 15 

Old Court Commodity Fd. Mgra. Ltd. TASOFJanf no 5 

Accum. Shareai 75. D 

Fd. Jan. 18. . 1902 
...Are.UU.t_ 265B 

tPrice oa Jan. 6 Next dealing date Jan. 23. lAreum. Shares* _..|l454 

~ , _ . , Vletoiy Hae, Douglas, I o5t 

Phoenix InternatiMaal 
PO Bex 77. St Peter Port. Gamut?: 

Inter- Dollar Fund_(H’Si2 540) 4 .— 




0534 37331.3 
(00 


7.00, 


MnocLFd- DeefiS ...,|12SJ 


(55a 

1015 

79.5 

793 

2051 

277* 

1171 

143.1 


083433020 

132S1...4 - 


I 



- 


+H.42 




- 

SUSUA 

+9*5 


£3*4 

+0*9 


£5*9 


.1 

0259 



JardtocJwi.Fd.jH . 

JardineS-fcA- i 5U51154 

Jardine Phlp. Tst— ) SUSMAOjS 

JardineFleaUnLT.I SHR0-9SM . 

. NAV Jan. 16 'Equivalent SDSS&dL 
Next rob. Jan. 35 

Kcmp-Gee Management Jersey Ltd. 

5 Charing Cross. SL Holier. Jersey- 093473741 

Kemp-Gee Capital .10.4 8(01 .j - 

Xomp-Geelnctime.iSj 6*^ ( *70 

Keyselex HugL Jersey Ltd. 

FO Box Oft SLHelleL Jersey. (Enq 01-8067070) 


Property Growth Overseas Ltd. 

(Gib) 8106 

Starting Fund | 02901' \ — 


R.T. IDIX TO. pM .,... 3.W 

JJJ R.T. InrLUsylKd.ta m| ..... 351 

Prices at Jan. 13. Next dealing Feb. IS 



UUL IntnL MngmnL (C.I.) Ltd. 

14. lluleattcr Street. SL Heller. Jersey. 

UJ.B Fond 1 SUS100 [. | 625 

United State* Tst. IntL Adr. Ca. 

16 Rue Aldringer. laixembourg- 
U.S. Tsl Inv. FntL-.l SUS9.81 f-OCMJ 8.98 
Net asset Jan. ID 

S. G. Warburg ft Co. Ltd.' 

30. Greafanm Street, RC2. 01-0004939 

ConvBdFtiJan 10.1 SUS9Z7 1+0*9 _ 
Enw.JnLJan. I9.._| Sl>S15.« +009 — 

GrSL3Ftt.DK.31 ._ 51^(50 J .... j _ 


— J 7 09 


elex 

Xcyselax IntT 

Keyset ex Europe.. 
Japan Gtfa. FttocL_ 
Keyset ex Japan __ 
CenL AwU Cap. — 


Save ft Prosper International 

wSlwk St. SL Holier, Jersey 0334-30901 i&Si&EfmM JTOS9.B 

US. DoOartieaaadi .. 

DIr.Fxd.Infn— ft 29 

Interest Gr.-t |(» 

FarKaxtarnri. 

North Americnn*t.„ 

SeprtFn. _t5I*7 

flnilaf dniurelintml Fsads 

175 2Z6M +2*| 574 
75 15553 + 22\ 4*8 



Warburg Invest. Mngt. Jrsy. Ltd. 

3. Charing Croax-SL Heller. Jsy. a 033473741 

CMFLtd. Dec. 30 ISCSIO HB| . 

C3Q Ltd. Dec. 28. E1155 11M 

Metals Trt- Jan. 10-p517 154M 

THTJan. 12 W»fl *.I| 

TMTUd.Jan.12._Ea.79 9.03 


t* 


World Wide Growth Manag 

10a. Boulevard Royal, Luxembourg. 
Worldwide Gib Fti| SUS52.76 |+DL0fl| — 


3*0 7240. G ate h ooae Rd, Ayleatuny- - 00089041 . „ _ . . _ _ _ 

Equity Accum. [142.9 150.^ | 456 J. Henry Schroder Wagg ft Co. Lt<L? 

2 ^ M ft G Group? (yXcXz) 01 Tfg 

• +tJ l vlS Three Quays, Tower HID, EC3R 0BQ. 0908 4938 Scran.) fu3 0 mjj 1"’ ^ 

_ See also Stoek fbrehange Daaltaga. i«~— »*- 

7*0 


American. B91 

(Aectmi. Units) 195 

Australasian — *0.4 

• w . (Aeeum. Units) 4B.7 

(0277)237300 Commodity [62 


23 IHSe 


tDividend. 


G. Index Limited 01-351 3466. May cocos 1,514-1^22. 
Laraont Rood, London SWlQ OHS. . 


CLIVE INVESTMENT^ LIMITED 
l Royal Excbsnge Ave., London EC3V 3LU. Tel.: 01*283 1101 
Jidcx Guide as at 11th January, 1978 (Base - 100 at 14-1.77.) 

Oive Fixed Interest Capital 134.97 

Clive Fixed Interest Income : 127.53 


[Actum. Units)! 
Far Eastern 

(Acemn. Units)! 
Fund otlnv. To 
(Accnm- U niU) 


99J 

1652 

ns.9 


CORAL INDEX: Close 485490 


If Accum. Units}. 

High Income 

(Accum- Halts). 

(Japan Income _ 

HAoeum. Units), 

iMagnma bn* 

Iti Wam -Unita) — .Bg.9 


(Accum. Units). 


INSURANCE BASE RATES 

t Property Growth $1% 

Cannon Assurance ...i 4J % 

t .V.1 dress shown unde; Insurance and Property Bond Tabic. 


Recovery.— ... 77.7 

(ArenmUttlta) 78* 

Second Gen. 1«U 

ma. Units! 239* 

la) ..-T--, 1485 

urn. UnltO—J. g*«.l 
Spcdansed Funds 
tTrettee U40J. 


The Building and Civil Engineering page 
is published in the Financial Times every 
Monday and carries news Items relating to 
contracts and important developments in 
the Construction Industry. . I. 

For details of the advertising space 
available on the page each week, and costs, 
'you are invited to telephone 

01-248 8000, Ext. 631 
or. write to The Advertisement Director 
Financial Tihies 
10, Cannon Street, London 
- - EC4P4B Y. ' 



128.71 1 5.95 

ManoLlfe Mmnama at 1 1 A : 

SL George’s Way, Swvreage. 00696105 ?lWi*SSL-P4 

Growth Unita [505 53.2) 3*2 

|M«yfiower Management Co. Ltd. 

14/18 Gresham SL.SCZV7AU. 01-8088008 

ltocereeJan.lt 0062 123.7! _.. | 7.91 

i General Jan. 11 [754 75jJ J 5.73 

Mercury Fund Managers Ltd. 


|Mere.G«aJlan.lft.. 
'Arc. Uta. Jan. 1ft — 


450 Target Giwwtfa- b95 

4*0 Target IntL G2-7 

* i , Ml Do Reinv. Units— 1&B 

Accbl Uta. Jsa. lft_ 

Mcrc^riLDec. 30 „ 

AccnsLUtaDec. 20. 
iMldlxod Bank Group 
Unit Trust Managers Ltd.? ta) 

Coomrood buk, Stiver street. Head. Target Tat. Mgrs- (Scotland) (aXh> 

Sheffield; 51 3RD. Tel: 0742 7S642 m, Athol CteacenLEdia-X 031-2908621/3 


. In 12 weeks you can be dealing 

in stocks and shares more profitably 
than 2 million other imestors 

*“5! otike money (ram nodex and item. You an bo one of diem 

-MM to buy or tell nocks and ihiras and un money -more shrewdly than 
»« « Britain's other two talftleo invemn. 

WWTOU CAN BENEFIT: 

j*»ly through a unique 12-week home couim, Uw Art of Invents tat, 
by nroTorilonxI bwestore. xtodebrnkere and feeeoannntt. Step -by 
2? new you how, ca ne the Stack Exchange and make money. 

-WM Without p e re w knowhow a van with a capital ax low- as £)80— 
* « « profRftbtr dtaUnr la (tods and - shares h 
■W nMiy for free full' details (to xtamp required); 


12- weela’ data. 


RELIANCE -SCHOOL OF INVESTMENT (CG) 
FREEPOST, London WIT 3BR 


■(3 

16.9 

K* 

39.9 
54.6 

57.9 
1562 


(Acaun. Units) — , 2M.1 
Chari bond Jan. 17 _ 

CharUd-Jan. n. : 

(Accnm. UniU) 1757 

Pans- Ex. Jan. 16 — [122.0 


4*1 +OJ 

42.1 *02 

43.4 +05 
417 +05 
(7i +0.7 
753 +67 

104 5 +52 
51* +0,9 
U9* +15 
2257 +2* 
49.8s +03 

50.4 +03 
88.7 +51 

1153 +51 
39* +0 2 

433 +03 
U* *02 

73.1 +03 
M7.9n +52 

2563 +53 
1055s +05 
1757 +54 
124* +1* 
1243 +15 

m< +22 

737.4 +57 
1*5.7 +0,5 
2686 +OJ 
■57a +0J 
S3* +0* 
1705s +51 
2561 +2* 
15*2 +0.9 
1963J+52J 

147*1+231 
278*1 +<3 


0.92 

8.92 

2*8 

2.(8 

514 

5J4 

3*4 

?a 

7*4 

3.(3 

3.63 

831 

831 

337 

337 

4.45 

645 

5*4 

5*4 

622 

622 

137 

537 

436 

» 

690 

453 

4.90 

434 

434 


tocooeJan.l7_ 
(Accum. U oils) _ 
General Jaa. !ft_ 

(Acciuo. Units) 

Europe Jan. t2 
(Accnm. Unto) 


"PTTCto Dec. 30 W59 

•SpcctSx. Jan. 11-014* 


. TO 


254 

7*2 

7.02 

354 

354 

580 

180 

3*5 

3*9 

6X0 


179.7a __j 

SJ = 

303 

1773 

m t „„ 

Recovery Jan. l~J_.[iS2J 1864) — 

•For tax exempt fnnda only 

Scottish Equitable FntL Mgra. Ltd.? 
» SL Andrews Sq,Edlnbtnxh (Dl-8980101 

1 Decree Units 1493 32JJ — I 538 

Accnm. Units 1)33 5671 — 4 339 

Dealto£ day Wednesday. 

Sebag Unit Tst. Managers Ltd.? fa) 

POBex511.BcUhqr.Han,E.C4. 01-2385000 
Sebn* Capital F<L,ffi5 HJJ +05J 359 

Sebas Income Fd._p83 357] +0*| 7.74 

Security Selection Ltd. 

13-10, Unrein ’» Inn Field*. W<3. 01401 
UnvtGUi'tat Acc J235 _B]| j 


UnriGUiTstlnc ( 


3.7* 

3J4 


(37 

637 

1035 

7.60 

7.(0 


Stewart Unit Tst Managers Ltd. (a) 

48, Charlotte Sq, Edinburgh- 031-2083271 
Stewart American Fond 

Standard Units. _K37 57.1J J 575 

Accum Unrtj S7 ft (1*1 — 

Withdrawal Unite, [443 47 jJ JZj — 

Stewart British Csptal Fund 

•Standard 02*5 139.81 I 3.70 

Accnm. Unite £l4S5 1575) — 4 — 


0762 

387 AJ ,_..J 

m2-~ 

246( 

55.6 

59Jte 

567 

865 

a»* 

2964 

2367 

246.1 


Son Alliance Fund Mngt. Ltd. 

Sun Alliance Han, RorafaaaL 09038*141 

JSgtEq.TRJanll.gmSO niOOj 43| 

Target TtL Mngra. Ltd.? (aXg) 

SLGtrehamSL.GCS. n—1)llp 87089841 
Commodity. B59 . 543) +0.41 

jejnannsl. 593 65jj +L0) 

, _ Equity 03 <5W|+L1 

srxetBx. J«n. 18 „ 2C73 
_ . 

02.4 


1*8 Taryatlav. OB2 30^+03, 

4*4 Tast«tPc.Jia.l8~®55 1(333+13 
4.40 Trt-ioc Ml 3l3 -04 


TBtPreL [14.7 

Coyne Growth Fd. - .. h9* 


ziAri 

I 


126® -fl.4[ 
26.71 +031 


20^ toAj 


435 

5.n 

fc.Dl 

5.01 

635 

4(6 

231 

238 

336 

628 

831 

10J9 

3.93 


Cnnuantfty 6 Gen. J 
Do. Accum.' 
Qrowth^ 

gpT 

ipo.Acenm. 

IfiCOtoO 



Tartet Eagle t 

TarratTbutle f 

Extra Income Fd [i 


Do. Accum. 55.9 

lmemtloaal 393 

Do. Accum — *54 

Hlfb Yiokf 593 

Do. Accnm. _____ U 6 
Equity Exampt*— 1D7.8 

Do. Accum.- — Q57. B 


>76 Trades Union Unit Tst. Managers? 
597 10O.Waod Street, E.CA 
TUUTJan.5 {513 


01-6288011 
54*| 1 4*8 

Transatlantic and Gen. Secs. Co.? 
01-00 New London Rd. Chelmsford OSiS 91891 


BarUcaa Ja n ,1 0..— 
tAccum Units. i. .. 
Barb. Euro. Dee. 20. 

Bucfan.Jan.10 

<Acnnm.TJnitx) 

CnlemcoJan. 13 

(Accnm Until 
Camrld. J 
(Accum Unltsi 
Glen. Jan. 17. . 
(AccnmUnHai 


prices *1 Dec. 30. Next dealins Jan. 35 

Minster Fond Managers Ltd. 

Minster Hae, Arthur SL. K.C.6 01*231030 

Minster Jaa. id. 1545 3451 — J 5.47 

Exempt See. 30 fft(( 90*J _....] 5*6 

MLA Unh Trait Mgemnt. Ltd. 

Ud Queen Street, SW1HSJG. 01-0307336 

MLA Unto _J36.7 305) | 4.42 

Mataal UnU Trust Mutagen? (aXg) , A «™ yni«, 

IS, CapthhU Are, BC2R7BU. 01-8094803 Vanity Jaa. IT. I 

Mutual See. Ffcm-tSOJ. 55.M+0.H 5.95 VangSlaeJan. 13, 

Mutual Inc. Tit, U* 7LH +1.0) 73ft ~ 

MntnalB1neChlp_ta3 44.W +0.3 5.(4 

Mnro«J Hl*b YldL [610 (5Bj+63 1*5 

Natinai and Commercial 

31. SL Andrew Square. Edlnborph 031-5B4 0131 

Income Jan. 18 [1460 15541 J 5*7 

iCAcrnm Units) 096.2 Z« *) 5*7 

Capt Jaa-JB fo* . 127.3 J 354 

(Accnm Units)-— (148* ~ 154i[ 3** 

ngrs. I 
01*2 

111 ! 


(Accnm Unna) 

Va& Gwih. Jan. 17- 


Wfckmor Jan. 1* 


78* 

IL2 


114 J ' 

1206 

.... 

BLl 

•4.4 



I5J 

79* 


n.9 

986 


1203 

12*4 

-02 

I«» 

150.0; 

-02 

524 

556 


560 

59* 



51* 

55 0 


UL0 

893 

mmmm 

■80 

483 


5L9 

54 S 

|— %mm 


498 


57-4 

40* 

■■••a. 

786 

74.4 



44. fed 



03 

453 


594 

629 

_ 

»2 

732 


to. 7 

(9.9 

♦0* 


772 

+0.7 


Do. Accnm. — 

Tyndall Managers Lid.? 
1ft, Cacqmse Road. BriateL 

income Jan. 18 |9*.« 

(Accnm. Units 


5*2 

5*2 

3*3 

433 

433 

532 

5.12 

(31 

651 

5*0 

*8 

2*9 

7.47 

(33 

5.03 

815 

615 


National Pruyideat mT. atogra. Ltd.? 


48. Greceetmrch SL.RC3P3B0 
N.PX GUj.V«.Ttt»|*S.* 

(Accnm UnlUt* _„ l54* . 58 

NF10'a(«4.Tnm~Ga42 no 
(Accum. Units r- _pu 127 


EaempcDee.30. 1080 

■Accum Uniw — 149-0 
CanjnseJan. Lfl_ 91.4 

I Acrum Unite) 11* 0 

InL Earn. Jan. 16_ 2306 

(Accum Units) 254* 

Scot- Cap. Jao. I8_ tXLQ 
(Aeeum Unilal 


ScoLtocJaa. 


“Prices on Dae. So. Next dealing Ju. 26. 

-Prteex Jan> 4. Nem dealing Jan. 18. 

|NaBonal Westminster?!*) 

Ml. Cbeaptide. ECJV 8CU. 01408 8086 
capital lAccum3-lM.7 (53 +0.7r 451 

gc&nliW. W* 71* +0.« 731 

Financial -5*3 367a +69 49K 

Growth tor ,543 905a +l*j 479 

IJw»M : — ™B(3 ' 39 J! +0iJ 623 

Portfolio tee. Fti.._|(9* J4*j 4l*| 4*5 -- 

MEL Tract Managers Ltd.? l*X£) Hifhine.rriority.rp.4 

Mtiten Court, Dortdni, Surrey. 3811 kf^Sc5lJ ,taL ”Sa 

Kdatar~~^ 650 46V +Q« 4*5 Special Site. _J29.9 

Nelttar Hilh Ifat -,p47 ' +8fl 938 ygB Untt TVlxStft (j) 

New Cent Fund Managers Lid. ig) si.-cbsntiy Way, Andover. Haate. 028482188 
0208SM1 Dealin** to C2S* BOM 


: WaO Gmp 
Capital G rawth __ RB 0 

Do. Accum. —B0.D 

Extra lac. Grrorth_Q64 

Do Accnm. (40.6 

Financial Prirty. p73 



3M 
2 J5 
(88 
2.14 
514 
4.16 


(bfrSBCtacrei, — , 

(M Do. Accnm 

(hi TSB Income 

(b; Po Accn m 

TS* Scottish 

(b)Dn. Accnm— _ 


N.aJatameFd_.S«J 
N.C.Inureat Inc.. 723 767] +05 

N. C. Internal, acc- 751 7671 +05 

N , C, Sal. Ca. Fd. _Jl50* 1M2] +07 

Norwich Union insurance Group (b) Ulster Bank? (a) 
P.O Bcw 4, Norwich. NR12NG. 000322200 wslflf Street Belfa& 

Group TsLFd. -p495 : 367.9) +4ij 6(3 noUtetar Growth „J367 

Pearl Trust Managers Ltd. (aXgXz) 

232 Hlfh Hoibore, WC1V7EB 01 -508 8(41 
Pearl Growth Fti.~ (218 24*) +OJ| 451 

Accnm Unite S* 269+Ojl 453 
P**rl Inc. — . 93 7) +0*J 6*5 

Pearl Unu Ttt._ St* .. yril+Ofcl 47* 

[Accum. unite) p4.4 ' 474+ofl s.Tb 

Pelican Units Admin. Ltd. tgKx) 

81 Fountain SLiHnncbWcs 081-2383889 
pelican Ufrfts— (ELI , 87JJ +14| 693 



023235281 
4K) +05) 4*1 

-Unit Trust Aceosst ft Mgm. Ltd- 
XlaaWUliamSLEOtROAR 0) -823 *081 

FTtare Hae. FBad_ 0*60 I56M ( 436 

Wirier Crtfa. Fad. _ Bo fi 31*| 1 3JC 

Do. Accnm ~~_w060 35*1 -.1 337 

Wider Growth Fond 

XUS'Wtillam SL ET4R8AR 01-C34SB1 

Income Until B0 0 3141 l 327 

Accnm Unite {360 354 J 337 


INSURANCE, PROPERTY, BONDS 


Abbey Life Assurance Co. Ltd. . 

1-3 St. Panl’a Ghuxcbyard, EC4. 01-348 SI 11 

Equity Fund— B62 

Equity Ace - - 268 

Property Fd- 1387 

Property Arc M45 

Selective Pond E32 

Coorertibie Fond , 1275 

VKocey Fund Ul* 

PenaTftnperty 1*L9 

Proa Selective — 762 
Pros Security—. . . 131.2 
Au Manafted 1(7.7 
Pena. Squity — — 158* 

VProp!ftt2er 4 119* 

•Mtov-FA Sri. 4,,.. 117.1 
VBquttyFd. Sri.4.. JL9 
VCoov/Fd Sri. 6— 109.0 
V Money Fd. Ser. 6-P073 
Prices at Ji 


UZ 1 . 

17. Valuations normally 



Crusader Insurance Col Ltd. M ft G Group? 

Vincula House, Tbwer PL. EO. 01-068001 Three Quay*. Tower Hin BC3R <BQ 01-838 4588 


Gib. PropJan.a — |B3 129 -| — Per*. Pension 

Eagle Star Insnr/BGdland An. Con*. Deposit* 

l.TbreadneecDeSt,BC2. 01-9881X12 


- 204.1 

- 116.0 121 a) 

1267 VtLTl 

Eaftie.Vid Unite~.gu 53.0) +0.5) 5.75 167 

Equity ft Law Life A*r Sbc. Ltd.? cffaBretf^f JIL" mi 

Ameraham Road. High wycombe (MM 33377 tetafnatnL Bond**. DJ 


Equity Fti. 

Property Fd — 

Fixed In tercet F. _ 
Gtd. Deposil Fd. 

Mixed Fd 



= * 


Tnex. 


Albany Life Assurance Ctt. lid. 

3L Old Burilnftoa St, W.l. 81-4370082 

VEqnityFti.Acc — | 

VPtaea InL Acc. — 

VGtdMoncjFrfAc.. 

VtoiLMan Fd-Acm . 

VProp.FdAce — _, 

VM'pIeliiv.Arc.. — 

Equity PenJdAee 
Fixed LPe&Arc — 

G1rUlan.PoLAec.. 
teUAtnJPnPtlAcc ~| 

Prop-PouAee... 

M*pie tev Pen J 

AMEV Life Assurance Ltd.? ■ 

Alma Hae. Alma Rd, Reixale Rrigate4OI0L 
AMEV Managed. ... 0292 136" 

AMEVKbclTf 1095 U5l 

AMEV Money Fd. _ UB2 108 

AMEX' fttydFeiLFiJ 101-7 107. 

AMEV McdJfrm'B' 1B2J 10f 

Flea plan |99.4 104.1 


General Portfolio Life InsJ C. Ltd.? 
80 Bartholomew Cl. Waltham CTOaa. WX31B71 

Portfolio Fund 1 1262 I j _ 

PqrtfoUo Capital .-MX4 <3(J. [ — 

GreshamLlfe Ask. Soc. Ltd. 


113. 

B7.M 

>.« 

KL4j 

(36 


+13 - 


+02 — • 
+0.5 — 


Scottish Widows' Group 

PO Box 900. Edinburgh EH165BU. 031-8558000 

InvJPty5eries 1„_|99.1 99.W J — 

5 995) ..._J ~ 

,2 MEJ +® J — 

SJ fla: 


Inv. m. Series 2 

lav. Cash Jan. 20 — 
ExULTr.Jon.18., 
Hcd.Pn.Jan.18-. 


■ > T ■ 

1*32 

§-i ; 


14617 




1169 

i[iti 


181.7 


i^TT^H 

mj 



1(88 

-■•re 

2032 

213? 


1733 

2824 


[ - 1 ■ 

1320 



107J 


<jrym 

1267 

|||w , 

H96S 

2024 



Conv. Dtp Fd 

2 Prince of Wales Rd.. B moolh. 0302 787855 Money MrkL B.--.. 

GJL Gift Ftaoti [U5* 12L7| I _ **»■ «T “" . FU I 

Grnwth ft See. Life Ass. Soc. lid.? ife-g gS"*- 

Welr Bank. Brey-oo-Thamre. Berta. TeL 34384 Prop. ran. 
FtealWeF5oancv_J 1 ~ Man. Pena.. 


Fd. Bd.*, 774 

Recovery Pd. Bd' - (05 
American Fd Bd*. 42-0 

Pd. Bd.* IE5— 

ea on *Jaa. 6 **7111. U. 
Merchant Investors Assurance? 
135. Hich Street. Ctaydon. 


Solar life Assurance Limited 
107 Cheap*! do. EC2V BDU. 


“ Solar Man seeds.., 


Jan. X. 


“ Solar Property S — 

Solar Equity a...— 
« Solar Fed InLS„ 


LandbankSeca. — I 1 
UandbankSce. Aec.hl25 


G. AS Soper Fd.._J £6067 
‘ "Exchange 


y§k 


126ft 

1*5.9 

1060 

142J 

593 

1*7* 

1341 

1(69 

1363 

187* 


Equity Pena. 

Conv. Den. Pern. 

r .„ Moo.MkL) 

Guardian Royal Bsc, 

Royal Exchange. E.G3. 01-388 7107 M(h ^ _ n~M„ e.,™, 

Proparty Bondi — [157.4 163. « .... [ _ Surrey. 

Hambro Ufr Assnrance limited? NriSSiASiSTlfel 1 
701dPaxkLana.Laodoo.Wl 01-4000031 Nale* Money Cap.~|62J 


Solar (ret InL S 
Solar CaabS 
Solar Menaced P._ 

Solar Property P ... . — — 

01-tiB8S171 Sol nr Equity P U562 

+0JI — Solar FxdJnL P — |2ll 

* Solar CatiiP 


127.8 

1065 

1564 

fin? 

(127.4 

1845 


-0J — 
+02 - 

+6.4 ^ 

+0.5 — 

^ = 

-oil — 


1 98.8 


01-8080471 
13441 +0.7] _ 

1101 — 

1867 +L7 — . 

127* +M _ 

1061 — 

1342 +41.7 — 

mi — 

1*45 +1.7 — 
1275 +02 — 
104*1 ,._4 . 

•• ‘ t 


Snn Alliance Fand Mangmt Ltd. 
Sun Alliance House, Horsham. 040884141 
Exp.Fti.lac. Jan. IK 1058 9 1*4.71 ...... | _ 

teLBa.Jao.17 \ 9.99 | -0.W. 


NEL Pensions Ltd. 


Fixed InL Dep 

Equity 


Property 1538 

Managed Cap 1325 

Managed Acc 1825 

Overeeaa— U43 


CUt Edged toift 

PemFJJJep . Ca p . . _ r 


Arrow Life Assurance 
30 Usbridee Road, WU, 

Iri^J-dSttetLijto 3015) 


Barclays life Assor. Co. Ltd. 

2S2 Romford Rd,E.7. 01-5345944 

Barclaybonda* M67 

Equity- .... 1888 

Gill -edged U6* 

Property 972 

Managed 1048 

Money 97* 


. .. 1262 

PenPU.Dep.Aec — 1469 

Pea. Prop. Cap. 1952 

Pen. Prop. Acc 3475 

01-1408111 Pact Man. Cap., 2068 

5401 1 _ Pen Man Act 259J . 

■J- RSgKifc£S::SH 

Pen.B5.Cap.___ 12U 
Pen. BA Acc. [IBS 


12991 

1741 

ICL) 

1393 

1713 

120.4 
130.< 
132.9 
1526 
2055 
2 ( 0 * 

215.4 
273J 
1372 
1423 
1274 
142* 


_ Nel 



SOU 



— . •> 


Snn Afiiance linked Life Ins. Ltd. 

Snn Alliance Hoorn Bonham 040384141 

Equity Ftujd [100.0 3MJ* 

Fixed Interest Fd_ 967 103.' 

Property Fund 95* M0.1 

tataraaUooal Fd _ 84 5 09 ( 

Deposit Fund 952 

Managed Fund ,~_|96.1 

New Court Property Pnnd Mngra. Ltd. 

SL Swithtoa Lane. Loodon, EC6 O1-83843S0 Sun Life of Canada (UJU Ltd. --i: 

N.a.PTj-.»ec.M.-|U4J m.4j I- 2,3.6 Cockspur 51, SW1Y5BH 01-0305400 

Next min. day March 3L Maple LI Gtth_ J 1935 

NPI Pensions Management Lid. Step!, u'wtyf *.7. 12 S 1 

4ft Gracecburch 8t_ EC3P3HH. 01-8234200 PeranL P»7Fd. 1 300* 

Managed Food --IWU . 157.4) _.„4 _ - 

Target Life Assurance Co. lid. 


Mao Pens Aeeum., 1 

Do. Initial — 975 

Gilt EdgPetu Ace., 965 
Do. Initial — 974 



Money Pent. Arc _.f97 0 

Do. Initial i960 . 

•Current unit value Jan. IB. 

Beehive Life Assur. Co. Ltd.? 

7t. Lombard 5L.EC3. 01-823 1288 

Black Horae Bd — | 13251 ) I — 

Canada Life Assurance Co. 

34 High SL. Potters Bar. Hans. PJtar 31122 

Grlfa. Fd Dec. 3 j • 59* | - 

RetmLFedJJoc. 6 „ | 1165 | \ — 

Cannon Assurance Ltd.? 


Hearts of Oak Benefit Society 
Euaton Road, London. NW1 

Heart! ol Oak pTO. 35 JJ .. J _ 

?Hill Samuel LUe Asa nr. Ltd. 
NLATwr, Atidiacombe Rd, Cray. 01-880 4355 
♦Property Unite _M24 WJ 
PropertySertesA, 164 101 _ 

Managed Units 1557 164JN -0^ — 

Managed Series A.. 960 96* -03 — 

Managed Serie* C, 9U «.? -03( 

Money Unite 1162 126 

Monev Series A — 95* 10a' ..... 

Fixed InL Ser A __ 943 +6j| 

Pns.Mgd.Cap 1466 156 

PBS.Mgd.Acc. 1523 1M.| 

Pns. Gto Cap 1062 109. 

Pax Gtd Acc 1062 113. 1 


Prices Dec. 50. Next dealing Feb. L 
Norwich Union Insurance Group 

PO Box 4. Norwich NR1 3NG. OBtO 2*200 

Managed Fond B105 aa.a +L3 — 

Equity Food S38* 351.1 +3.9 — 

01-387 3020 Property P»o»d Z205 126.! 

Fixed tnt Fund I6L7 170 2 

DeporilFUnd Ul* 107.1 

Nor. UnlL Jan. U~. 2853 


+0.II 


Tareel House. Gatehouse Rd, Arieaburr, 
Buck*. Aylesbury nCSS) tail 


Phoenix Asan ranee Co. Ltd. 

4-5-King William St, EC4P4HR 01-8360878 

Wealth Am*. [103.4 _ 109. 

Eb-r.Ph.Am L 7L7 

EbY.PbEq.6. 


~_,J“ 3< 7i.7 1M '1 ;; j - 

.(70.7 762) -rlfi — 

o 

lElE 


Man. Fund tec. N7J 

Man. Fond Acc 1153 

Prop. Ftt tee 102* 

Prop. Fd acc. 12(0 

Prop. Fd Inv. 99.0 

Fixed lot. Fd Inc. 1105 126? 

Dcp.Fd.Acc.lnc,, JT0 107-41 

Ref Plan AC. Pen... 720 7931 

RcU>lanCap.Pen... M2 (53 

Ret.PlanMan.Acc.. 120.9 1270 

ReLPianktan-Cap,. 122.9 1193. 

GiltPenAec 1394 J47.2 

Glfa.Pen.Cap. (&** 1*13) 


Imperial life An. Co. of Canada 

Imperial House. Guildford 


Grtwfa Fti. Jan. 20_ 178.7 
Pena. Ptt Jan. 20 — (463 

T (Mt IteML f 

L Olympic Wy.. Wembley HA»NB 01-8028878 t 

Equltyltolu., * • - - - r 


760+0.41 — 
72lJ -.04 _ 


Prop. Equity ft life Ass. Co.? 

116 Crawford street, W1H2AS. 01-4860857 Transhitenialloaal Life In*. Co. Lid.' 
R Silk Prop. Bd. — I It 93 j I — 2 Bream Bldgs, EC41NV. 01-4056497 

SSWiTa Si I dr SSjSqsfcESI iS! 

p. Pi .uith . ~ . , 1 , M a n . BondVd ... 1163 115-8 

Property bmn* unr. Co. Ltd.? Man. Peo.Fd Cap.. U2.9 iiaa 

71235 Leon Hmk, Croydon. CRD 1LU 01-0900006 Man. Pen. ML Are.. [1165 1267 

178* 

1869 
(85 1 
8*0* 


Property Pond 

Prof " * ~ 

Agri 


Property Fund (Ai. 
Agn culture) Fund. 


Unite-- 

. mdr'En 

Prop Dond/l'hB 
Bal. BdJExecfUflh. 
Deposit Bond.- — 

Equity Accum 

Property Accum — 

Mngd Acrum. 11529 

2nd Equity 189.6 

2nd Property pUJ 

2nd Managed.^ — [jj5 
isd Deposit (95 4 


ZadCilL — g*9 

Fna/Are. .096 



Equity Fund., 

Irish Uta Assurance Co. Ud, 
1L Finsbury Square. EC2. 01-1 

Bine Chip Jan. IB,. (M2 7291 

Managed Fund B14.7 226fll 

PropV»od.Jan.4..-BM.4 17631 

Prop- Mod. Gth -(1792 1S68] 

Cnf ft Shazson Ltd. 


5*0 


HMD 
101*1 

_ 1004J 

2nd Eq.Pens./Acc..S»6 94 H 
2adPro Pena/ Acc... 1003 188.2 
2nd Msd. Pette'Aec 95* . 101 « 

2nd Dep. Pen*' Acc. B5 IHlfl 

2nd GUI Pens/ Acc. 950 100 Q 

LAESI.F — 37* 39.M 

LkESIF. 2 &0 22.3 

Current value January 

Capital Life Assurance? 

Coaitton House. Chapel Ash Wtoc 080338511 

Key Invert. Fti. -I 18233 I J — 

Pieeraaker)ot-Fd..| uo*7 j ..., j — 

Cbarterbonse Magna Gp.f 
.16 Chequers Sq, Uxbridge CBS INE ttI8i 
Chrthw Energy .—BJ 
Cbrtfaae. Mmi ey---ft»2 
Chrtfase. ftlanaged.ltt* 

Cbrthse Equity— -pSiO 
Magna Bid. Sue. 

Magna Managed — 

City of Westminster Assor, Soc, Ltd. 

RiAgstead House. 6 Whitehorse Road. 
Croydao.CROSJA. 01-4840084. 

Fust l site — — 0117 U7.a .1 — 

Property Units -JS2* 55. ? .,. .] — 

City of Westminster Ass. Ca Ltd. 
Rlngtteoti HotiM. 6 Whitcfaanc Road. 
Croydon. CR0SJA. *** ■“ 

Wert Prop. Fund.- [55 9 50. 

MaasgedFusd — MM Z78. 

Equity Fond..- - lp.1 u 

Farmland Fund — 1685 72 

Fund 119 J 125. 

nd [65 1 69 

PULA Fhnd.. — .-P78-5 173 , .. 

Fund cnrreally dared te aew lavretment 
Perform. Units. - I 190* | 

Commercial Union Group 


“ 52.CornfaiQ.EC3. 


Agrie. Fund (A)— , 
Abbey Nbl Fund,.. 
Abbey NaLFd CA). 
te vflsumat Fu Ml— 
to vestment Fd (A) 

Equity Fend 

Equity Fund (AI ..... 
Monty FUnd,__. 

Money FUnd( A 1 

Actuarial Fund 

Clfa-edged Fund__ 
JGIfa-Edsed Fd.lAj. 
♦Retire Annuity 


01-8235433 Oteimad. Au , q_. 


Bra»dFd.BMtapt_QM.B9 1U*M .....\ — Prop. Growth Prestons 6 Auulti 

„ _ Next destine dale £eb. L AiHriber Ac. Uta 

CovLSee. Bd P»J 117.90) — I — «AI1 Weather Cap.. 

langham Life Assn ranee Ca Lid. finr-Fd uu. . 

Langbsm Ha. Holmbrook Or, NW6 01-2035211 ' 

Langtu yA 1 Plan..fttO g3j I — Cnv. Pna Can.'uL 

V Prop. Bend -11389 1462] 1 — Mu. Pens. 

■Wisp ifV) Man FtifPLl 762) I — Man. Pens. Cap. ul| 

Legal ft General (Uait Assor.) Ltd. Prop. Pens _rJ ._.] 

Wngawood House. Kuigswood. __Tadwprtfa r S*!» J ^! L 9 l P l !“- 


*2. 37 

381 

368 40* 


35* 361 


1266 


' 1534 



SurfriKT2086 

Cash toft tai. 953 

Do Accum. .... — , *5 7 

Equity Initial U7J 

Do. Accum. 1173 

Fixed Initial U4 7 

Do. Accum. 1153 

Managed Initial _. 118* 
Do Accum. ___ 117.1 

ftpperty InlHal *52 

Do. Accum (95* 


Legal 8 General (Unll Feask nl Lid. 


Exentpl CashtalL- 

Da Accum. 

Exempt Eqty. laiL.. 

Do. Aeeum 

Exempt Fixed In! 

DO. AcrtdU — , 

Exempt Mngd. laiL 

Do. Accum. 

Exempt Prop, teit . 
Do. Accum 



1462 
1483 
(63 
659 
1893 
1869 
J384 
DSi 
10* • 
127.9 

127.9 
1783 

137.9 


©* m 

1350 

1265 
1443 
1367 
139* 

1293 
1282 
2175 


Trident Life Assn ranee Ca Ltd.? 
Renal BdeHense. Gloucester 043236541 


— Mansved. 


_. - 119* 

Gtd Mgd 1527 

Property 143 1 

Equity/American- 765 
IAK. Equity Fund- 1072 

H) eh Yield. 141 B 

GIUEdged 1272 

Money 1202 

Inieraatinoal 93.0 

Flaeal 1283 

GrOuthCap 1263 

Growth Act. — 567 

Peru Mngd Cap... 1134 
Fens Mngd Acc... 1163 
Pens.GtdDep.Cap . 1002 
Pens.CRdDepAcc.. 1826 

Pen* Ppty.Cap 1096 

Pens. PtyT Ace lll22 


Tnti. Bond D5.7 

*TML G I. Bond ... | 1015 

■Cash value for £100 premium 


1267 
1617 
151* 

033 

1133 +**) 

150.1 
1367 
1267 

985 
1353 

135.1 
1384 
1202 
1230 

Stf 
1161 
1161 
37.7 


Provincial life Assurance Co. Ltd. 

232. Blsfadpagaie."E.C2. 

Prov. Managed Fd .(1372 

Prov. Cash Fd MM 

Gilt Fund 30 UZ73 


3-Way Jan. u> 

Equity Jan. 18 — -. 

Bond Jan 10 

01-3470533 Property Jan. !0 .. . 

12341 _ I — Deport 1 Jan. 10 

loan _ 3- way Pea. Jod. 10 

U4 11 -»0 ■ O’aeoalnv.Jan. 18.. 

„ . ^ ^ Mn Pn3-W Jan.3 _ 

rrudenUai Pendons limited? °° Equity Jan. 

Holborn Bars, EC IN SNH. 

EfaulLFti J U . 18,... (£2323 a95j ... I — 

FXdlnLJan. 18. _ H9.44 19781 J — 

Prop. F. Jan. 18 ^4.0 24.77^ ...,J — 


Tyndall Asrorance/Peodons? 

027233341 


m Mo~~t Do. Bond Jan. □ 

0I-40S8CS2 Do Prop. Jan 3 — I 


1202 



1516 


•re 

18*2 


_ 

100.4 

>mll 


1252 


_re 

142.0 




810 

■ M... 


1878 


_ ■ 

2466 

mmmmm 

_ 

1M2 - 



KLB 


— 


Reliance Hntoal 

Tun bridge Wells. Kent 
Bel. Prop. Btti. J 192.1 

Royal Insurance Group 
New Hall Place. Liverpool 


Vanbrugh Life Assurance? 

41-43 Maddox SL. Ldn W1R8LA. 01-4M48E3 

, , . Managed Fd (1413 149 M *0.7) — * 

088222271 Equity Fd B25 7 Z37M +3M — 

— Intel FUnd -p9 «8.« -03 — 

Fixed to lent Fd „ 072.6 1SLR .+02 — 

Progeny Fd [135.4 142.(1 +0 J| 


01-8849066 Legal ft General Prep. Fd. Mgra. Ltd **P7al Shield Fd _J13U 139.7J 

11 . Queen victoria subC4N4Tf oi a«80878 Save ft Prosper Group? 


+0fl 


+M 


0012278423 

I 


PISA 


' LAG Prop-Fti. Jas Ij497 l«0) .._.J — 

Next SutL Day Feb 1 
Life Anar. Co. ot Pennsylvania 
3P-42 Ne« Bond St, WX7 DRQ. 01-48383% 

lA COP Unite. 0013 10(4| _....! - 

Lloyds Bk. Unit Tat. Mngra Ltd. 

71. Lombard St, EC3. 01-6331388 

SLHelea’A J.t'nderefaafLaa. ^ 01-2DT600 R*”?-. ;; — QM-l 109J| | 7.43 


6 Gift. Helen’*. Latin, EC3P SEP 01-S54 8890 


YanabtoAa.Ac.lta 


».J 5224 I— 1.29) — 

Do. Annuity IJU — | 27.89 | | - 

Confederation Life Insurance Co. 

50, Chaneoiy Lane, WC2A 1HE. 

V Equity Fund _ — IT 
VM&naged Fund - r 
Persona] Pen. Fu,-. . 

Equity Pen. Fund. . 

Fired InL Pen- Fd 

Managed Pea. Fd , 

Property Pen. Fd. 

V Protected In. FoL 

Corn bill Insurance Co. Ltd. 
32.Corsiiin.KC2. ■ 01-8285410 

rttalJau 19_-]U85 

UBxSfafU&ec.aiJitaj 
Credit ft Commerce In sn ranee , 

120. Recrat SU London W1R SFR 01-4307081 
CltC Mngd. Fti. 1 12X8 230.0) ___] . — - 


52*4 


TOJ 1536 




• w- 


3773 


S5 

| H 

5724 



Lloyds Life Assurance 
12 Ixadenhali SU EC3M 7LS. 

MlLGth.Jan.fi 130083 

Opt 5 Prp. Jan. IB... 1224 128,9 
OpL 5 Eqty. Jan. 19. 120J 1267 
Opt 5 Hy. Jan. 10 Bfi( 167 ( 
Opt 5 Man. Jan 10 1417 


.1 Inv. n U18J 

&S WJ5L—SI 

Deposit Ptif*.,. — 121 D 
Conra.Pena.Fd. t* _ 1968 
EqultyPeaa.Ftt*_. I72.fi 
Prop Pro* Ptt**_ 1968 

GiftPnu.Fd.6 98.5 

Depos.Peaa Fdtft_fe.9 


0tete3 682J 


Price* on "January 1L 

t Weekly deaitngt 


3E 


mt +o.; 

1512 

129.4 

127.4 
207.0 

JSJ-S ■+o.4| - 
ULI 


Schroder Life Group? 

Enterprise House. porumoBth. 
SquityJan. 18_ . J Z1X6 

Equity 2 Jan. 16 BB65 217 

litySJan. IB. &4J — 


Welfare Insurance Co. Ltd.? 

The Lea*. Folk+stooo, Kent 030357338 * 

Moneymaker Fti.,.. I ISO* J .1 - 

For Dtber fundi, ploase refer to The London 6 
Manchester Group. 

Windsor Life Assur. Co. Ltd. 
lHish Street. Windsor. Windsor CB144 a 

Life In+. P)m« — _ 

FutureAssdGthiai 
FUlurcAssdGtfaibi.l 
ReL A«d Pens. . _ 

Flex. Jnv Groxth .. (1064 


68 4 72.0 


190 

mmmmm 

47.0 


£27.73 


P06.4 1U.0| 



070527733 




. , _ 149. 

OptSDOPLlan. IB |1»7 128 

^^to^t y ftc-Li».co.ud. RafilBA; 

1620, The Foroaiy. Reading 3S3SJL Ini UTJan. 18.,, 

MOnriMlnager [»* 32U+D3I — VASGilt Jan. 18 

MM. Flexible B6 7 2*3 +03 — K6SGvtScJan.18. JI . , 

Fixed Interest J34.S 38*} ...J - BtagdcFijii Jan 18.1128* 

M " ch “ ter BBW&f • i«* 

The Leas. Folfcertime, Kent 030357333 Money 3 Jan. 18 115.4 

PefiosllJao. 16 U19 

Property Jan. 16 __ 1*4.7 
Property 3 Jan. 18_ 1*2.6 
BSPn.Cp Ju.lB.. 137.60 
BSPn.Acr Jan 18, . 1261 

Mn.Pn.Cp Jan.16 ... 19$1 2Mr) 

llfaJtt-Aec.Jan. JB. 2224 234.^ 


— | Cap. Growth Fund 

•E+empS FlexFd 

Klcxibfe Fluid J ,.„ 

Inv.Trutt Find 

Property Fund 


214 2 

+0.4I 

129 b 

+01 

88.0 

+0.4 

1436 

-12 

107.9 

-0.4 

1274 

-0,8 

79.8 




NOTES 


Prices do not todudos premium, except where 
“Bl*" tehwrire 
lad) reled. Yields % 1 shown m Uat column) 
allow for all buying crpense«.a Off Creti prices 
.lnc|nde all uxpenxet b Today's prices, 
e^old baaed on offer price, d Estimated; 
8 Today's opening price, fa Dittninttfon free 
of U K. inrev p Periodic premium torn ranee 
p™;- , * teagle premium Inauranim 
x Offered pnee incladcj all expenses excetu 
x^etrt>_et>mml^iop, r OHcred prie* lneiudre 


all expenaee if 
z Previous d 


Iroshl Ifarouch manaserx. 
is day s price »N« of t*T « 
capital “ ” 


rnlirod capital gates unless Indicated h* fl, 

J Guernsey £rois g Suip+jvded. « VJ-ld 

T gS-subdinsloq. ' - 


before Jersey ul 














I For Really Discerning Drinkers 

HIGHA 

i&Dmm 

' Really Dry Gin r®^! 


FT SHARE INFORMATION SERVICE 


Financial Times Saturday Januaty ?1 

HOTELS— Ctmtinuedp * 

. JF&.1 a* fw«MBl« 4 Slw 


AMERICANS— Continued , BUILDING INDUSTRY-Cont. DRAPERY AND STORES-Cont. EN 

lSTr-78 | TTdl 1177-78 I +«l «» TJdj t ! bd Dll IrU B77-78 

040* 1 ** • Stock 1 £ - l Grots Ctt Grtt Hfch Low Sock l Woe - { Set On GrtlFff fl%f, oU ( { Price T- » Set CtrlGrt PIE Ri & Im 

I 20 [HaatHMLDSSrar 21 %rt -% I $192 — 5.0] 23 [9% tFeb.Ii«LMp — | 20% +l%]tdL59j L7jll8| 7.9 u, [43 [HoaeOUiHeJ 63 W3.92 25] 9.4| 67 92 1 51 

48 2% MorganfJPjUSSW 29%m +% $236 - 3.8 23 111 DR '.V 10 a 20 % +lMtdL53 17 11 $ 75 g 5 HS3?Mia!Sz g *£ Z- tf\ _ 25.9 2 » 5% 

fflo .« ^Smute-d K - 3.5 40 13 FW.LttdStKd. 39 +M 12.03 17 7.91112 g j$ p&PndTS? 46 L™ TbU 3.4 69 M m I 74 


DRAPERY AND STORES-Cont. 


1377-78 

• Stock 


Price J - » Stf !CtrlGrt[P|E l ffij* Lov 


ENGINEERING— Continued g> % 

? *a.| . sock InfceMSWSI*® & I 


J177-78 
HI|ft U»| 

% 

52 » 

46 22!: 

90 « 

30% ft 
163 bfi 
71 33 


**BRITISH FUNDS £ & __ _ 

\ I „ 1+ “l-.T'S, . IS? 18? Isbell od si' SA -%-|IS1 jM| — 4.7! 57 34 )Gosi»oW.ikJZl 53 +1 13.49 S9u9 12 

}■ Low I Stock | £ | - | lot 1 Bed. | jjjs, 11^ StQgeriSIO} 13% ...„. 60c - 25> 84 37 G’ghCooperRfe. 84 +6 578 4 9.9 * 5£ 

r M 22 ^KaBdSSoI 2 j £3 -% 5112 - 2.6 4 ft 26 % aA.T.GrRl 5 pL 3 ftid +% tLK 11 8.1 4.8 

»■ ‘Shnrtc n (Tivac m fn Pfvp Ymn) 13 18 % offline. JIU—- __ 20 ...... SLfeO — 4 i 66 17 SuiisollOiL. 60 ■>.,■ 67234 4 J 6.4 4.9 n 

-snons (uves up nme ion ) fa r «in«oliZZ 19% -% 12.00 - s| 30 20 HdkaiBarJZ 30 103 17 103119 S 

IMS — 0.96 583 151 133 De UtoUSIk 91-95. 135 -1 10% - f73 66 47 Beod’sfA’Ito.. 65 13.96 33 9 2 5-0 210 

102 % 1034 574 I4ia S«p reaoroPLCSSIlft- 566p +U SlOO — 10.3 14Z 88 HadesouiilR- 142 — 734 U go U fg 


25 13% Owens-HL S3J29™ 

$h $ BS 2 SE!: 

& $ aaei 


+% hSL06 — 4.0 1 32 12 IFbOasiMui} 
-4 SI 84 _ 3.91 15 4 ftwdsPb.1 


137 

T. Te £20 


Lee Cooper 


16% ~C 15c - - 147 . 20 mBds(CA)»p_ 47 +1 d354 L6I14 85™ 

17% Z* $100 - 3.6 36 13 FfenchHerZl 33 +1 *L5 2.7 6.9 81 ^ 

11% +% Me - 3.9 66 31 GUlttadBLato. §6 +1 5.07 31 7.0 7.2 if? 


14% Rid)dsa.-MntL51% 15te .... 90c - 3.4-28 14% SKsErdyAlOp 27 L65 11 9.8 71 

p 247p SanliB.F7«_ 255p -IB ! 54 19 Qe«mri&.l»p_ 45 +2 L84 33 6.2 .9 in 

\ 18% Shell CHI $1 19% -% hSL60 - 4.7 57 34 QtiSOpV.U^. 53 +1 13.49 2.4 1D.0 62 244 

, 11< Stager (JI0) 13S ...T. 60c - 25i 84 37 G’ghCooper23p- 84 +6 528 4 9.9 *. 3 S 5 

? 22 MMGoI 2jQ -h SL12 - 2.6, 44% 26% HAT.Gm.10p_ W 2 vi +% 0.95 ll 8.1 1.8 J T? 

18% IMFIotSH. 20 SL60 - 4J* 66 17 HurbsallOp- 60 M254 4J 6.4 4.9 gt 



*7* S "3114% wan rewnarssow- 

99A — 5.03 5.650 74 % 164 rencoSt53 

10g» “A 10.98 22% nne^TJTZ 

95% 3 -la 6.0 m -fa B65p rransamericaSl— 

...... 442 6 MO 34 21% ttiTeeh.SGSS_ 

1M|«-A “ 09 4Ht 19% C.S. Steel SI 

,95% ...... 3.67 6.16|i9i 4 938p VetmSOJO 

r “4 1 5 SS S4UI 22 111 ? Won/ worths SS; — 
102 A +S 929 |37||d9U 28% XsosCibtlSI 


Ji; 28% Xerox Cwp. SI . 
Pi 385p XonkslnclOc. 


SSDlm- 5660 +11 SL00 — M.ffiMZ Bo KeitteSMliW.). VO. 7A4 ZJ 80 92 m 

a___ 17% S2 - 65 60 18 BewdeBS.Mp_ 51 — gL29 4.0 35 9-6 «6 

25 S1.30 - 2M£mm Da'pc(W_ £230 +10 ^7%».4ao - fy, 

icaSl— 935 pal -21 80c - 4^ 68 26 HerdWm.50p- 65 +1 - _ - - 

WS5_ ‘ 221? -% 51.B0 - 4? 96 35 Pi^iHLC 90 +4 «J2 U 2 53 4.6 ^ 

il 21%d +% 52.20 - 53 70 27 HwwmghBin— 70 tt*®* *3 43 1U | 

I 14%* 20c - 03 63 20 DftReiVtg,™ 62 ..... +L89 3.3 4.6 9.9 ,-g 

s$3U_ 12% -% 51.40 - M 33 19 HowdShotlft) 24 tU 6 3.8 M3 3-? { 5, 


— Lffi Z-la 12% |758p|z*patoCorjL2Sc_| 12 %b 


-% 51.40 - 6.4V 33 19 

^hehJate b 


mrlShatlOp 24 — tl56 

I.C.20p 108 .— ra.49 

itociJohnsen- 146 — tS38 
.Ttaber 127 1639 


m +A win 939 SJE. List Premium 32%% (based on 5IJS1S330 per £) |7 JJ.BoL dlngJp. g M 11-7 |j 54 % 

ift§ """ 18 9i44 Conversion factor 0.7556 (0.7564) 11 J ?o Je^^sSAOiO- ie ~1 feate — j 0 ~ » 

96$ — 852 936 352 W InmA±*50p_ 33U +2 fcSl 63 30 B3 g 

mid 9.49 9.47 17 8 JraesEdw&liip. 13 0.92 L8 10.8 7.9 773 


969 852 936 

100% id 9.49 9.47 

87%d 3.42 6.94 

96% 636 7.42 

109ft 11.62 9.65 

98 8.67 9.11 1371-18 

85%m -% 331 7.22 ffitk Ln 

1W« ...... 32J7 9.77 , 

95ft ...... 6.59 7.42 *13 10 A 

95ft 8.62 9.47 17% 10i 

98% 937 958 Wi ?0|« 


CANADIANS 


45 a 

£30% £19% 
105 26 


tetpjiop-' m ~Z 2 _o 6 
irgeSAFlOO £20% — QBJ9 


. 26 LlfarfieOnL 93 HaM> 42.D3 

|+ of Dr». I iTWhil 69 Laiw-UoSi-A". 155 

- Grass Ctr Grt:g35 84 L*tiwB(Ij£l_ 124 +4 fU.72 

53 LBwrraMfW .1 <98 '63 


I %J 5 i « 

y II s 

63 fit Sj 

loTsf 

W4 * 

10.7 Z6 g 
3.3 « its 

i-SHj wo 

8.2 72 lit, 

103 73. if 


46 Tb23 3.4 6.9 6.4 121 74 

215 +3 tilUS 9.8 22 33 34 10% 

£20 129.75 4 7 2 3 7.7 58 26 

£20 *29.75 8 7 23 11 £14% 450 

60 3.49 4 93 4 60 28 

122 3.96 iffl 4.9 155 92 65 


■•1« - 4 — I — — 


GM»£».10p. ST \., m . t5.7 2-41 53 II PB 

IM 1 * +T' IS? i'3 { 0 -j 149 260 flOO 

WUk :::: ♦!» K*a<S 

GraufiesKlOO — 800 ■ +25 - - 

CrteSadtlflp- B 1*132 25 

Grteo'lEtteL^ 80 ..... 430 2.9 85 6 3 

OKN.El. 271; +2 *15.56 2.4 8.7 63 



154 ■‘■i 3.86 2 3 33183 28 21 laMtPtceatatSti 22%* +1 d2Q « 735 « 

230 ..... 6.6 4 43 4 110 71 Haika Cwner- 94 ...._ 7.91 1.7 lf| <3 

303 f436 5.6 21127 99 62% HaUBulMp^ 91+1 tMOfl 25 63 7.4 


: "sa. is 

( * K 

t 100% 77% 
i 8>% 66% 
J 94 6S% 

:■ 74,1 49% 

•, A $ 

jp sa 

. 76 1 ; 53% 

1 118 86% 
; 96% 89% 

. 133 89% 


Five to Fifteen Years 
E2MI 



Z%jd 3 64 721 

13% 10.% 9.61 

98% 9.42 9.68 g? 


rim Imp 1 ft C+ 

ran Pnrtfl^ Sfl 
Da Ape Deb. £ 1 00. 
GalfOilCinii; 


87 Op +3 Slw — 5.9 an 

14% xd +A SL44 - 5.0 S 22 

10%to -ij 80c - OD 2a « 

. 3» ...:.. 4% - 10.8' 


oEnck— 74% — 

lY.J.) H.+l 


a bps 


irili Group- 48 ' +1 £2.89 - a - | S 
set&Sthos- 196 *b t8J2 lA A4l 9.8 |m 


113% -% 1147 10.97 “> n A£° Snsn gg 

104% -% 1L25 1109 9 5?P *P g-M - 5.4 w M MwwOfaitU- 82 14 IB 35 7.7 45 

73% -% 8.00 953 +% 86.4c - 18 gj 25 SSmy 87 ...... +235 5M 4.1 75 

110% -C 1153 1L23 if 1 +f. - Tr 13 9 MHkriStaallflp. 11 *dl37 U i 73 

92%n -% 10.70 10 93 2 1$ S-2f ~ 17 « 43 Mbwocrete — 62 +2 f25 15 7313.0 

106*1-% 11.44 it •?, RayalBfc.CaaE— 15%+ A, SL46 — 4.7 39 a ModEnglneen. 39 Tdli2.4 25 93 63 

19 SEKXft.®- if ~ 86 BoalTAr^- O. +1 th319 3.6 5.B 72 


11 - 206 %% Ban Matthew— . 

81 +1 14.24 25 7.9 7.6 136 92 HalltteMp. 

sa 4J7 LO 125 11.7 12 9} BanaaoiUa 

180 +2 182.66 3.6 2j»18J 28 16 ButfeMadV.^ 

Ill +2 2.12 4 29 * 214 113 

75 +2 t2i 3.^ S3 IS 43 27 HUUc&mtlk 

20 J1..07 — ; — 106 52 HoaktasatuSSf: 

34%+% 29 HomOXadorl 

42 +f dl-OO 13 36 323 70 3B ftmton Group- 

6% - - 4 30 15 HuntcSsjcrepfip 

76r +3 (2.85 52 57 ltO 68% 42 LM1 

«-| 12>2 S3 7.7 CUi 101 37% fBLCmbtBthn- 

101 -*-5 thO-58 126 0.9 103 30 l«t 2 hdnAHBh. 

1 6W ■‘■1 t303 1.9 6612.2 76 28 Jenfa tCaOeffl 

—I W tl44 33 6.4 75 63 30 JassmsCperlOm 

87 -1 t26 31 AS 95 65% 46%. JohasimiFiil^ 

17 -1 U9 O.8105.2UJ 86 42 fowa Group lOp. 

12 ♦% — — — — 126 64 lone Saffian-, 

17 — - — — — 52% 26 EmKannSp— 

17 - — — — — %u 44 rjriiriKm im , 

273*1 +1 J7.61 29 42125 65 43 LstaABliSuT 

2B — bl22 43 6.6 5.6 76 28 LaaeiPentflOp. 

11 — — — — 24 % 15% Lee (Aitltun 12%. 

168 +3 hI98 4.4 U 19.7 64* 46? L^Ss^ 

133 td53 L6 6215.3 37 18 fLJ T 

136 1M 26 15 326 7B% 64 LkmlfF.RI ! 

M% d057 11 9.1 143 16% 8% Locker (TI3p — 

28 L27 L2 6 9183 14% 8% Da‘A'5p I 

117 +1 tL52 57 20 85 82 44 LundoisAMldrd. 

91 +1 457 13 81 131 2L 15 LradalelOpf I 

30 228 0 1L5 - 94 48 2LHftk&c«5_. 

131 £4.68 42 5.4 65 98 13 fonftmBromt- 

66 — 1279 29 6.4 81 160 91 Martonar%„ 

36 2.81 35 85 52 96 58 UcEeclaie&u. 

92 d2X5 4,6 35 72 14 MecoESp 

m (12.15 4.6 3.7 6.9 41 14 fiSSraxSp 

55 251 45 6.9 4.9 44 19 Mid] and lnd*.3p. 

88 h323 3.0 5.9 85 92 ' 29 Mimns.Sup.lftJ. 

21+1 - — - 2m 66 24% MitchalSomJoj; 

Z1 L44 15 10.4 9.7 27% 10 Mofe (11)20? 

68 457 2210.2 6.7 132% 94 Matins 


INDUSTRIALS 

(Miscel.) 


wsz 1 % a w 2 ] 5 . 010 a 

eMjt 1 » +16 t55 25 6.6 9.8 ^ 71 UjUl — 121 -a- Sat 5 * t&fi 

sml!ZZ ., 10 % dh06S 2 . 8 Mi S .1 *|§ K ACBReseartb-. « -»2 Sffl 31 

■ Rarlg . . 25 J.J 1 0 11.0 U5 ST iinpsH & 0 S. EOp & +1 JJ J6 41 4AU544 

et^L- 201 -1 t3.72 |5 1 ?t « 18 Abbey LU. ---j- - 3*»| — J3VS *"13“ 

Smith 36 hdl.99 3.9 M j.7 X1 A bj»sh«W10p 25%d . ftp k=, iS T A 

asouSOp; 81 +1 «.6 3.7 86 47 4l ARttslads.30P- « +1 *3 

BlftcSL 35 +1. 126 L| J? 56 » AtodlWlSp.-. 53 


3 JSHS m. 


68 +1 451 


8.91143 71 45 


10 iMoied 

94 I Kotins 


Over Fifteen Years 
109% -% 

iSS:i 

10IS -V 

105%S 


ELECTRICAL AND RADIO 



own MnSFr^PSKs: ^nn? t?n 1 H VT llcwtan (J} 136 +5 t65 5.4 73 7.6 142 % A5.Etedran!c_ 

u „ 990p| B40ptTmK.CanP»pe33%ef 91ft)|+10| 95c| — | 53 45 175 +5 d4.47 9J 3.9 4.9 66 42 Affiedlnadatacs 

9 55 SX. Ust Fraaiam 32%% (based 00 823366 per Q 102 52 Norwest Hobt_ 91 +1 t4J2 45 6.9 4.9 40 22 ^fisFideUtF !Gp 

*218 105% Kett Brick 50p_ 212*1+2 Il55 b31 83 6.4 61 10% AstirtedSeclOp 

its . 58 2lV OnueDTO-Hfr- 57 -% 262 1.4 7.01113^137 85 BICCWo 

iHil 113. 62 Parte Timber— 112 -1 5.44 4.0 7.4 52 151 86 BSSlOp 

lOK 198 64 Pboeua: Timber. 158 13.88 132 3.7 22 52 34 Best&feplfip- 


136 +5 rt65 5.4 73 7.6 142 1 56 


51% -% 5.95 SJ .. 

29% -% 1852 10.93 un-W 
112% -% U.58 11.4o| ffigt uw 
89% -% 10.44 10.75] I 
130 -% 12.04 116«p37 232 
116 -% 11.68 U.47JP05 180 
49% -% 6-21 8.6lj[£114 £88 

-l, \1 h it dSkfK ’50 


198 64 Phoenix Timber. 158 t3J8 132 3.7 22 52 34 

BANKS AND HIRE PURCHASE g g SSfe % =BP li H i 9 g 8 

,»r:.ra 1 I u m. i lv«l M3 71 RJtC-^ U4 gS.77 28 65 8 .?.?? 14 


i 3 ?*:i 

-% 

74%3 -% 


8.61 £114 £88 AtemeoeFLlOO £% 

11. « 595 350 Alien Halves £1. 515 +5 

1L10 168 87i + Allied Irish 166 +3 

10.78 195 105 ArtmthnofLEL. 165 

10 43 £25% £13% BankAmer.Sl.3ffi. £1A% +% 


n,M M 161 86 Bedtoad 147 +1 1351 3.4 3.9 10.1 162 64 

Net OT Gri|r7E yg 37 R-ch-d^WidllOp 77 +5 td4.1 1.7 8.1 f&9l 129 91 

[265 l I tQ 16c —351— 100 51 Roberts AdJard_ 100 . — t3.96 3 3 6 0 7.6 35 18% 

DU 285 +7 gI433 - 7 ^- 100 40 Rmriinson 10pt. 100 W2J23 8.9 3.4 5.1 115 29 

‘ m !? M« B assr= 33 t?..IJn 01 L6 il 103 2 i B 

3100 _ 6.01- 91 46 Rugby P. Cement 89 +1 1317 25 5.4106 38% 17 

925 - 8-5| - 155 54Tj SOOmmi 152 +2 525 * 53 * 162 62i 2 

»4c - 36^ - 37% 27 Sabah Tbnfci LOp. 34% L48 65 6.5 35 585 233 


GW 25 3.8 6.9 35% 14 

3S2 - 93 - 41 17 

aoo — 6.0 — 91 46 

1/ 25 _ 8.5 _ ii5 54% 

94c — 3.6 - 37% 27 


lgin'A 5ji 

mpbdlMrssd. 
loaueGrp — 
ten Bros. 
2 cta.Sen.to_ 
sETtrumcifts- 


5.4 105 38% 17 Crossfcmdap — 38lj 
53 * 162 62% DalcEtecLUpI 150 

6 .» 35 585 233 Den-a . 490 


1172(363 195 Bt Ireland £]_' 352 +2 U3 25 — 5J — 42 23 Sharpe 4 Firiie. 41 , — 215 24 8.0 B.O 560 223 Da ‘A 1 480 

1RBC U65 £1G0 DO- lOpcCont- £158 ..._. 010% - 165 - « 21% S^tOJUp--. 44 dUJil 4.6 62 53 17 8 % DemralOp 16 

11.09 27 18 BtLmm l£l 21 QD3% — 21 — 11% 6 Siai.tbeniCoa.5p 8 -% J0.88 20 t — 11% 8 DewlmrstA'lOp U 

9iS 220 170 Bkl^mm(UK)£l 170 736 4 6.7 * 42% 2£* Streeteralfti-- 37 +*T 1M53 45 6 j 50 76% Darmnto20p- 75 

ifluluifl R &5 8H.N5W SA 2 _ 400 .... Q30c — 4.6 — 54 18 ISunnaenfCCCl- 48% — 6 — — — — 71 38 Da'A’SOo 70 

22 Bank Scotland £1 315 +2 19.9 41 48 7.7 1Z7 


Undated 


98dR20 170 BkJunmimKfcl 170 736 « 6.7 * «% Zi 

lOjaBOO 365 BtN5.W.SA2_ 400 Q30c - 4.6-54 1 

10jlpi5 222 Bank Scotland £1 315 +2 19.9 41 48 7.7 If 

10.43 034% £21% Bankers N.Y510. £23% -% «3.00 - 73 - 504 24 

b50 228 BardassQ 348 +3 flO.M 4.9 4.4 70 ?54 le 

210 115 BnnSadrfe 


38% 26% jC6QSQls4pc 36%xd -% 10.93 

39% 26% SvSJSlZ 38% -4 SS - eB% + * 

IS SS Bh — SS = “j a** aa™ ^ +F 1 

21 ip. knumropc 5? -lino - ^ a! h SfSSte n«. Ji," 

“INTERNATIONAL BANK §, Bg iS tf, = 

,88%|75%|5peStock77« 1 87%xd| | 5.70 | 827] 31 , % fiiaKl 3 "Z 

I % DaffntS.7S83. 1 

**CORPORATION LOANS 128 |GefTardNat^l| 196 1+2 

10 w ° t r=H 3|| 4 if 

107 93 GJ.aUPaic’Ba ID 6 I 2 +% 11.74 1858 ,31 M GwdeDtMiy^j 29 +1 

112 95% Dal2%pcl883 lO^d 11.64 10.73 125 53 Grindtoja--— - Uf ._. 

102% 851: 97 954 10.03 gO 150 Gummas PeaL_ 206 +3 

94 76i 4 Herts. toWI 93rd 585 8.61 ?57 140 Hambros- 207 -1 


95 50% Clive Du'ntato- 82 +1 

238 167 CW 1 Aas.(SAJL 185 +2 


^INTERNATIONAL BANK 


_ 11 % 6 SontbemCoaSp 8 -h 10.88 28 1 - 11 % 8 

* 42% 27% 5treetml0p 37 *4 1&53 48 6j 58 76% 3 W 

_ 54 18 Summers (ffCJ_ 48% - 71 38 

77 220 1Z7 TammcSOp 146 8.91 22 9,2 74 24 151 

_1 504 244 [ay lor Woodrow. 410 +6 t6.9 63 26 9.9 50 27 

Il3«'l+3 HS5 m| 4.9l 4/fl 78 254 176 r0Wci&£l_ 253 1819 2210.9 63 18% 9% 

□ 210 L_ t8« -I 6.3 - 148 76 FrarB AArnokL 139 13.46 72 3.8 5.6 254 Ufi 

H 310 +2 A757 - 8.9 - 287 139 runnel B50p__ 277 +5 19.9 28 '5.9 95 £136 OBI 

1 — ' - I ’ 1 - a _ 79 34 DBM Group 74% 456 11 8.7 05J) 365 88 

75 29 19 Vectis Stane Wp. 25 L4B 6 9.0 4 241; 14 

_ 162 84 Vibroptant 162 d951 L4 9.0 1L8 124 45 


t - 11% 8 Dewlmrst A lOp 11 

6 j 55 76% 38% Dorman 3m. 20 Pl. 75 

- - 71 38 Da'A'SQp 70 

9.2 7 4 24 15% Dowdingiitasc 22 


)16c 26 SJ 72 29 19 Vecta 

“«» - 33 - 162 84 Vibroj 

ill% - 6.8 - 38 H Ward: 

t)i _ L3 - 39 17 Warn 

im - 4.4 - *177 182 Watts 

_ — — - 43 21 Westb 


Llflp. 37 d264 6 10.8 * 14* 4 14% 

1 38 1 05127 215 210 ttlS 

5 158 +1 *45 3.7 3510.6 242 [77% 


— I 58 I 40 fWefternBros. 


! Prods. I 34 


Fraser Aiis. 10p_ 11 — 0.03 — 

Gerrard NatnL— 1% +2 rt.17 - 

Gibbs (At 43 200 — 


71 UU 52 W* 

Z _ _ 25 U 

_ 0.4 -■ 122 37 

- 65 - 91 37 


raa- 45 -1 257 

iConiEp 24 ZI 155 
ConuoCy) 121 +5 1226 
r(Geo)_ 79 +2 052 


ji ~ S 824 9 66 280 155 GIDatBroi.H_ 252 +2 F14.95 - 9.0 — 

106% +% 11.74 1858 ,31 M GwdeDtMry* 29 +1 0 82 - 45 - 

306%m 11.64 10 73 126 53 .rimUnyv 118 ..._. 1254 75 33 4J 

a <%r :::::: 9 J 4 w.m 230 150 GummasPeet- 206 +3 10.0 - 7.4 - 


90% irierpooi 5\pc TB-78^ 99 — 

79% Daftpc»« 1014 — 

22% Do. Japclired. 29% 

89 Lon. Cora ® 2 DC 75-78 _ 100*1 

75 Da0>.K-8O5 99% -% 


29% 22% Da 3 %pclrred 

LMi J * 89 Lon. Corp. 6 ijpc 75-78- 

99% 75 DaO»«pc*84S 

96% 85% LC.C.6pcT8-79 

92% 70% Do 5%pc "77-81 


% 60% Do5Lpc"8254. 
I 52% Do5%pC8587. 


, 51% Do Wipe "88-90 77%nl 

27% 20 Da3pc TO Att_ 26% 

43% 76% Middx. 5%pcW» 93% 


93rd ZI 555 86 I 257 m Hambros 207 -1 1952 - 7.0 - 

99 531 7 IS 116 73 Hill Sauna! 97 +3 1432 — 6.8 — 

lOlrd 9J2 959 £10% 400 Da Warrants— 550 — — _ — _ £1Z% 

loom 6-50 658 88 54% Jessd Toynbee^ .80 — g4.03 — 7.6 — 300 

991 , 95 fl 909 187 102 Jo$eph(Leoi£l _ 175 t8.01 — 6.9 — 112 

96% 620 8.19 52 21 K^Unmann. 47 +2 052 - 11 - 100% 

92% 595 759 80 57 Kiiu&S!un2Dp. 70 +2 t3.39 — 7 3 96 

B 3 %^ ili a .97 134 n &wtBxi. im +2 13.75 - 5.0 - ^% 

74^4 7.46 935 300 185 UoydsEl 290 J826 63 4j 5A £54% 

77%jS :::::: a.?! .moo h 25 Mans^a*. « im u 92155 

& z:: 42 !S I Sfc: S w Ti ll ^ 1 


98% 620 

S ::::: IS 


HU L8 


74% 7.46 935 300 085 

7%al 8.75 .m .00 , 52 25 

26% 1176 - 177 I 86 


62c - 3.0 - 131 

1.03 - 7.6 - 300 

W z il = S 

H i M z & 

126 63 43 55 £541 

3 “H”B 

L82 5.4 4.9 53 29 


CHEMICALS, PLASTICS 

” KSteWiSzl ill |+ 3 Z |ty 9 j 33 ! 6 J 


igteWils<m_ 

SheklOpZ "95 +l” 'i5J5j.l3j 92|T? 112 ' 47 |PifroHldk20j!.. 

MCoIWdlS 72 +1 hM54 4.4 3210.7 109 46 Da'A'ap 

durCtea — 70 Td3.75 2.0 83 83 U7 62 ^ssseySto 

UW.W.1 47 ftl34 4.7 5.9 63 ,77 36 PresaclOp- — 

WAG.DM30. £43 — eQ17% 14 35192 U4 38 fteHMp.-— 

gdenNoakes. 242 — 112.0 4.4 75 92 270 118 gacal_Hwtacs- 

nt Chens lOp 190 +1 1236 55 1913.9 93 63 Redgmami.--- 

LBenmllto. 21 ..._. 412 SJb 4 33 M 28 HcteflexGilflp 

LTarPriSp 57 +% 164 2.9 45121-295 190 SdjotetGg — 

idl5p_ 14% +% t0.92 31 95 7.7 860 456 SonrCa WO 

lersCapd 10p_ 39 +1 1053 42 33113 « 7% 5pmdMEHL5P- 

alin 44 12.72 2.4 9.4 65 43 15 Mafi«B 0 n. 5 p_ 


dbigfcM.3|L 22 
unlandlOp- 40 

ilierSp 17 

SOD 188 

BljXConv.'BI 
f romps lOp. 
IronjcSach. 

: Rentals lOp 
nSernUp. 


0 3.7 35 10.6 242 77% FarneUEtoaSOp 

96 11 MMl 90 50 Fidelity Rid. M3p 

29 85 * - 110 86 FonariTBCkMp. 

7 » 8.9 * 284 163 G£C. 

3 10.9 23 63 26% 10% Highland Q-SOp 
>5 2 . 0 10.2 73 90 47 toSaStnad— 

.26 9.7 19 55 106 52 KbdeW. 90 

2 123) 12 105 136 44 Laurence Scott-. 115 

90 55 LecRefng 78 

215 85 MJLHMtSeZ. 176 

198 130 Mud-head 

73 32% Newman lads — 

178 90 Newmarkloais. 

TICS « » 

_ I — I — I — 202 117 Petbowffidgjqp 
19 1 33) 61N 6.9 £64 E51 Phffipa 


209 152 

£ -S 

% S 


» f 110 +1 6.6 21 9J 7.4 —I S S*«teLtfLZ 72 *2-12 43 5.7 58 

Rn gv 71 +3 4.16 23 ,Z"£ u 20 BondFti'illlU- 30. 179 4 3 9.0 3 9 

K mf 4Z 2.94 13 107 10-3 iqi na BaaerkHtvbJ- 191 +1 t46 9-0 3.7 76 

lUndHdja. 94 +4 1638 22 103 8.9 ^ ISl3teiBTl5tol 135 +3 uB'JS 2.4 9.4 6 .T 

““S®- 35 ■ -- 31 l u It 244 U5 S™ 223 +5 &U « 1.8 168 

aaaTmsSa_ 7i .>... 3.64 2.2 7.9 87 f Rnre-W INS 2 .V 1 £38 Q?1W — 5.7 — 

.71 48 6lWsTte.I0p. MM *2.72 63 2.5 9 9 g 1 * g&nZ-. 178 +1 »3 23 B3 71 

39 .2 PtotofW.KJSp. 37 Ttt62 S.7 2.6 73 w M u)p, 66 #525 f .8 92 5.8 

90 40 (OsbanijS). 81 +4 357 3.4 6.7 4.B „ M 74 5,69 0.9 118 Ml 

ffl? J152 fejtaJffiWv- — 8758 3.8 65 6.4 jg ^ 112 +2 M2 4.9 5 710J 

rChadlDp- 04 1Z t4.79 3 6 6.4 6.7 *2f -JJ 117 *j" 16J4 25 60 71 

j faz s%:? FS3 ItS & S r: & Si B U 

rlJLnrffUVt CM 01U.S — (13.1 — £s 5? 55 '.“‘SSWTBCr* Sa 1 VI Id 1411k 


.an W UJL RenoldO__l 1» +1 J 8 i 3 171 10.1 a a jg g 189 t 7.0 23 9.7 77 

U f g ht IS 1 .11 ll si * Bfc J. « U 

S-£ 72 37 RidjlamnOhoa.) g ■■■..■ t3.08 ?? ?! 40 16 3 B 1.45 4.1 53 5 5 

;5 5 un go RoUntlOp — 124 +6 td2.14 77 2.6 6.4 2; H t? 431 18 91 9 4 

V* a 40 SKfeS: $5 ...._ 13.99 1.7 93 8.1 ” « gfKlS* IL +l' 028 6 0 6.4 3.0 

^ itu BK'I as M ii m 1:S| f oggSC: W “L " i 1 » 

i 4s 1 n & k i-S Utt™ S% ^ :r *« 33 82 60 


ITS 28 16% SemorEnrtlOp 26 + 1 % fill 2.1 

120 42% Sen* 97 +2 j.94 2.1 

^■Z 40 25 ShakMpt*J.5p- .418 +% 1L75 3.4 6 6 6.6 ^ ^ 

^ 37 25 SbawFnarir^I S » 2 +r 2.40 2.4130 4.4 « « 

113 jqjj 55 sbeephridfse— • 79% -h 13.46 2.4 82 9.7 I*? g 

H4 250 128 awSSft 206 +* 17.06 4.0 52 7.0 J 6 » 

u 83 53 BOOGrwp--— i 76% +1% t3.71 37 w ^ 

-T% 11 7 SmiUi(Wmt)5p. * 8 W .25 3.’ 

172 110 SpearAJaekrotL 118 +2 #937 U 

r- Q 38 27 Spencer Ok. 20p. 36 139 » 

M 31 13 Sparer Gears 5p„ 30 1.09 3.‘ 


“Ul ^ 


S I 290 136 
l a 26 
no 74 40 

*•2 261 162 

Z 147 93 

\ m 45 


aL07 LIB 6W123 pu, 
424 32) 7J 65 Sf* 


H B 7 6 lS% «% 
l l M £-2 67 24 

IS 27 |q 905 710 

IS ,1-2 i9 io 

371 4 88 50 

-430 3M 

10J an Of) 


S 138 +1“ WS 13 12.0 7.4 1U ■ 

o-aiaop. 36 2J9 * io.5 72 i; ^ 

TGears5p„ 30 ...^ 1.09 3.4 55 82 § m 

[■Satto_ 256 *3.68 25 53102.53 g 

erlnds— _ 54 +2 Tb4 * 7.4 * ** 

ite20p 64- ...... 3.48 3.8 8.2 AB 57% 27% 

wMi fl. 233 tS.75 3.7 58 7.9 ^ 1ft 

Man 112 -... 13 28 4.8 4.4 55 33 

®™>- m — bj ^ \\ « a* 

Si,*-:, fi — «J 7 U Hu » g ! 


«i20p 73 1396 38 8.2 60 

JSEs: J J& is HVi 

SmubiaSp 87% -1% 4.62 tj 51 1.1 
Slj^Z: 172 2 +2 * 14.W 3 6 4.4 7.8 

inroods 136 «.« 3.9 3MOO 

'elcsrionluLSp 34 440-65 5.7 24 7 1 

■erfroIVlfg.l 6 p. 73 +3 <B .68 50 56 39 

:eutSheenid5p.. 48 rl t2.14 26 6.8 S.5 

IqiDw ray aOp-. 182m 18.98 2.4 9.1 70 

SSteSp 54 42.73 3 0 77 6 7 

kMft'UaPh lOp. 40% +% 154 31 7.1 5.5 

KSSS; §&:■?.. ftiirilz 

ffistte^lOpZ 71 * +1 4 29 3.3 9.2 5 8 

"hji tries IntlOp 76 +2 2-97 27 5.9 44 

IWbfaBto 135 +1 355 36 4 0 99 

’lartelCfacenl) » 2.U 46 5 2 69 

SU ^ +i" fif 3 4 100 44 


»(Heni 3 )_ Ml ..... b 3.2 

elOp— 23 — Z05 

lornllista. 8 ® t4.47 

alemt 121 % +6% K 3 6 

:Ahm.Hh>- 65 ..... t2.75 

EseaDmiSZ 755 Q14^ 

uklnsF43p. 1B% ..... 00.96 


16 54 4.5 5.9 1R « 

2.75 23 64 103 ™ « 

x t, n t, 1. 1 


1(0269 2.1 63113 £10% 7M 

+1 15.75 2.3 9J2 5.7 112 47 


- 3.9 - 205 91 

iS%|::z|um| 3:® w Ji i 

COMMONWEALTH & AFRICAN LOANS KS^Spi!: hs kHSIttu 

T a 111 S Sfe 1 Zlf Z ! Z f % 

88 % 69% ■UaSrpcVl-B B3 +% 637 9.50 iqd 57 SmithSLAnb__ 83 1435 — 83 — 80 49 

98>i 86 % »*NZ4pc]K«- , a 97%«i +% 411 7.09 430 293 StarnTdCtarta. 425 +1 tl7_59 3.9 63 53 77 45 

Wj 81% "OafpcTMO. 96% +% 837 947 ^ se rrmteDef.SLM. M% Q55c 3.7 0.0 MJJ 20% 12 

87* +}i JM I® 515 285 UnkmDi»£l_ 475 +5 ^L09 - 6.7 - 72 43 

94 +% 1033 1217 56 14 dj).t 48+2 — — — Ml 21% 8 % 

62 |-1 — - £24% £15% Wells Fanngj— £16% — % QSL12 — 42 - 60 43 

89 1+1 - — I 74 37 fWmtmtaip 65 333 — 7 1) — 48 33 

LOANS Hire Purchase, etc. # 




Carton Capd l()p- 39 +1 tO-83 

Cotalin 44 12.72 

CT»G , CT7%%lii £9H 2 07% 

DoWCmfflflt. £91% Oil 

WMXmXBIBS £92 -% O&fc 
CcaSIta Chesi — 76al +2 R78 


331L3 40 
2.4j 9.4 6J 43 I 18 |TtelefiisikmSn__ 
* in.9] - 42 17 [paA'N/Vlp- 


5ooDdItiUszL^>. 

iTeltfusion5p__ 


72- 78 1 43% Coalite Chera VMM *2.78 3‘ 

83 - 80 49 Coates Bros . 70 -1 fill 4.! 

63 53 77 45 Da'.VNV 69 -1 1211 4: 


p Ttpntnl'; 

112 — 448 196 Ihora fleet 

53 73 59 22 rhlpeF.W.lOpi 

43 71 101 55 Un&chKto 

43 73 293 92 DM-Sacnfafic-- 

4i 9.0 118 56 Kani&Gdd — 

52 7.9 56% 29 Westingb*ue_ 

53 51 19 10 Whitworth EL5p 

123 « 136 56 KhfesifeR&aip- 


66 44 AencMt5pc'5MB 

95 68 % Alcan 10%pc-8m. 

33% 22 **J!et.Wtr 3pc‘B\_ 

116 101 UKJACOpelSffi — 


LOANS 

Public Board and Ind. ^ 

rw.ML5pC5M8— . 64 I — I 7.84 1 1051J _ US 

raoW^pcWM — |U.&S J UJEM 129 57 

l!«.Wtr 3pCB- 3S% 934 1L01 J 7 


-2 $3.62 Ll 
—■♦1334 l- 


(Htne^Sp. 20 ...™ 060 3.7 46 9.0 118 56 WtudkGoW — 

alnt-HJp 58 +% tL98 3.7 51 7.9 56% 29 Westiiigbowe— 

lalataSp 20% +1% 40.66 62 53 51 M 10 Whitworth EL ^1 

onltafics- 54 +1 431 ♦ 123 * B6 56 JOiTemleRftfflp- 

iFeed— 38 -Z $3.62 Ll) T |lW 270. 94 WigUl®J 

rated Ol— 


270. j 94 IWiglalltfU- 



92 72 W.GI 84 X_ B5.8 

117 69 WadkinSto 1 13 — . 538 

125 82 Waeoalnauta’L 120 — t6.92 2.11 9.0] 7.9 

127 72% Walker (CAWL. 117 ...... *6.0 53 7 « 3.7 

64% 39% Wardf£W.> W > 2 +1 i08 * 10.0 f 

ST 29% WaneWriehttto. 45 *23 3.1 g| 5.5 

33 20 WnriekSaap 32 +1 23 1310^7.7 


fi'Bllig a 

bflbA.1 


if. is at % 

48 72 WeirGroroZZ 132 -2 Td4.B 3.4 63 6 i ?g J Rf??™ 


148 72 WeirGroop 122 -2 Td43 

50 31% Wellman jVe_ W 2 +% +217 
32 15 W.BnmSp'glqt. 32 TdUl 

71 40 Westland 47m 318 

89 38 Wesfn-Evanj^j- CO +1 1277 

107 51 Wbessoe 93 +1 43 

17 8 Wbewoy Wtsn.3p 17 103 

127 50 WhitebouseSOp. 127 +2 21 
Z 4>2 16 WUUamt(Wri_ 24 131 

90 35 Wlms blames— 61 -1 214 

150 58 Wolf Elect. TWi 145 L73 

200 93 WoWy Hnebes_ 200 — 670 

21% 14 WlradlF^riOp 18>2 — 12 
48 29 WoodS-Wjaip-. 48 — d3.S7 


5.0 52 5.7 » 

6 103 & i Jj g 

32 53 7.4 “ 39 

3.9 73 51 ^ EM 


n.9p 17 ...... M3 24 7.1^ 8.9 “ ^ 

50p> 127 +2 21 * 23 * 2ft g 

»_ 24 ..... 1J1 4.0 M 53L JJ W 


28 CreftNidxHlOp. 70 3.03 L7 66M1 

94 Crosby Hoiuea. 135 +2 9.41 _ 10.6 - 

'AttlAKiB 25 M S fci II 
j? Bne= ™ a w u ii ‘ j 

kM te™ rSJ = %, ui a 

|9 Diamondk«Op 16 tdOm 33 83 54 

10 DinldeHeeiap- 19 10.71 33 5.7 7fc 

56 Diniomalira— 160 +1 3.45 A8 3J 97 
37 DoSSiPirtlOp 72m ...... 2.13 * 43 * 

39 DmnHMgsJOp- 65 idTs L4 9.910.6 

£24% DowrCorp-CSH- £26% +% Q5L20 - 2.6 - 


^WP 36 i 2 *h 2H LO 92 1I68) 

6 Scull — 25 -1 — — — — 

BitmAlOp 37 L53 2.4 6.3 102 

KCMLUfe 144 -2 hdS.QT 2.6 53 84 


affib a -i- is u u lim a sss is - 2 -a it ij i si 

Elect. Tods 1« L73 77 LBloi.Wfs « F|jP 21 6.715.9 

3YHnebes_ 200 — 6.70 32 5.1 91^ ^ nSS 511 — -s- H b A 14 

«11 F^lfti 18l 2 12 Z9 9.9 53 129 +2 t3.71 3.8 4.4 67 

iffi.Wjaip_ 48 — d3.87 2.4122 53 +2 % J. . . 7 "., - 


107%) 94 
111% 98 



ipcLn.fC^7 


FOREIGN BONDS & RAILS 


___ ,_31LC.9pelSffi — . — .1 109 ...... 8.37 7201 g Ti 

96 | 77 (Do wilhtnu Warrants _ 93*j| 1 2 i? Z 33-25] 120 59 

100 j 84 lninunaripc$3-78 — I 100 I 1 7.14 | 93^46 fg 

Financial m % 

PFIISPP'BI I 107%m+i* 12.12 IBIS 117 w 

109 1331 U.00 

112%m +% 12.55 1129 

8Jl 2 +% 674 10.601 ___. 

83% 7.89 10.65 BEE! 

9 W 2 10-83 1L20 

98% -% 1127 11.40 96% 57% 

99% 1LB6 1L90 39 16 

70m 1076 1130 166 86 

70% +% 10.69 U./C 236 79 

84 +1 11.14 1130 43 26 

75%m -% 1L72 1220 142 82 

72 46 

112 62 

SIGN BONDS & RAILS £ 9 

Prtee + ar Dit. ^ Bed. 1W 7h 

Stock £ - Gross Yield ,66 j9 

150 60 

ntofasBStaRly-. 19i 2 - - 193 120 

3u5wPref.j — 33 B— — 21 11 

hileanMaed— . 98 3 D.06 505 193 

ermanYn*.4ijpc. 355 ...... 41, — 22% 12 

rwkipcAss. 46 ...... 3% 17.73 52 24 

j to 24 Stab. ,\«B. _ 46 tf [6.72 108 55 

o^cilixedAss- 42 4 (4.77 240 152 

nag. 'MASS 42 4% 6.87 198 124 

^landfftfe'BMS 74 - 1035 158 52 

eland T-pc-81-SJ 88 *% - 10.46 1Q<) 34 

>oS%pcfl85 91 +%. - 1140 133 41 

ipanlpe-lOASB- 275 +fl» — , - 320 115 

[K)(iw8M8 80m 6 8.90 390 Z55 

en.to^x 160 ...... ,3 1.B9 M 33 

aL6»Aic 1980 75 6% 837 70% 46% 

urin9pcl9&l 597% f 973 107 43 

unud%pcl984 DM83]’B1 6% 9.90 415 228 

rup»?3%rc. — 9f Hj 430] %% 59 



iiuiUHhc, CH^ 17 % 6 lj . Halsteadff.)Wp. 17%-% 032 3.7 29 (103) 

«, Mtn 7 - 7 > o j nn 7 608 295 Him. Welch 50p. 540ri +5 1038 * 2.9 * 

h233 LA 8.4 107 553 m DoedBtDM5Zl 420 -15 016% 16 53 llfl 

“L “ J b — £144 011 DuKnmCaali. £115 ...... 010% - fSJ - 

,nt* vv- TJ Tr iTt 446 325 tap.Chon.Cl — 347 +3 115.01 3.1 66 7 j0 

^ 1 *ll 51 Do-S%P££l— 48 3.5 W311.Q 


a is KSTOrai&H9wf i | 


13 +1 

100 ..... 14.43 
43 L82 

15+1 
92 *412 




62 ..... Th2.06 4j S.M 53 
101 +1 *6.76 23l03 5.0 


ENGINEERING 
MACHINE TOOLS 


39 2u mesa}-- 28% +% W3.15 .0.9 1 10.4 

60 32 iftamO.kJJ— 56 ..... 2.6 8.3 6 7 

57% 29% foX 49 325 U 10.0 5.9 

l 8 ¥1 ISSS%z ^ ;;z: %% " A U 
te 18 18 ::z «. t, % h 

S 5 “ 3 t U H, 33 


UO \JZ (ACEMadnaorJ IM 


FOOD, GROCERIES, ETC. 


BEERS, WINES AND SPIRITS Lg 


1S77-T3 

High Law Stock 

22% 15 AntotogBStaRly— . 

. 37 32 Du.5pcPref. — 

98 95 Chilean M«ed — 

355 198 German Yng.4%pc. 

60 4b Greek Tpc Ass. 

58 46 Doto2BStab..to._ 


Price j+ er|Dk.%] Bed. 
£ ] - I Gross | YMd 


44 33 Do4pc Mixed Ass. - 

42 32 Hune-M.to 

77 43 Iceland SjpeBMS 

901; 69% MaadM-pcBl® 

91 65 DoSVpC&I® — 

287 228 Japan 4pr ‘10 Ass- 


91 65 DoHiKVI-9S — 91 +% - 1L40 133 41 

287 228 Japan 4pc '10 Ass-. 275 +iD — - 320 115 

E8 63 noftocBMS 8W 6 8.90 390 Z55 

165 IM Pern. Wipe 160 ...... 3 1.B9 60 33 

75 75 S.HL 615*1980— 75 6% 8.67 70% 46> 

S99 594 Turin 9pcl»l 597% 4 973 107 43 

DM85 DM71 TunnS%pc 1984 — DM83]'it 6% 9.90 $15 228 

94 62 lUnwowKd*- — W ^ 4 - w ) %% 59 

L.S. }!: DM prices exclude imv. 5 premium 201 111 


% Si 


asm +% 3.93 

38 -1 075 

149 +1 4.84 
234 +2 1478 

41 - 

140 13.91 

70 1379 

1DB +2 3.92 
44 +1 11.64 
137 +3 U6.6 

154 ...... 370 

59m +1 2.4 

150 +18 571 

174 654 

18 172 

505 b4J*2 

21 - 

52 -*-2 2.84 

107 *2 262 
220*1 +5 t6J>3 

188 7.02 

157 -1 29 

98 ....- 12-03 
123 +1 64.75 
305 -10 4.62 

390 12.45 

55 234 

69 +1% T3J 
103 +1 2.72 
382 +4 16.07 
92 +% t337 
196 5.74 

150 12.89 


6.8)113 176 (105 [ft olxtenhofaiie — 176 
LO - 148 85 nruksCba»_ 90 

5.0 95 
33 17.2 


3.4] 73 63 


li 138 52 AsnaL Power — 131 +4 *52 

H 57% 34 AndsaS’drde— 48% +% 237 

K 42 22 Ando^dss—^ 33 — 


i2 n lo 49 S a* f, ^ tt-98 « « 74go m 

57 L9 8.0(72) g £ ‘ giSSfi! + - - - SfiJ « 2 

T* AT sa 210 forrlAG.) 200x3 ...... 6.46 * 4.9 A I 27 15 

1633 3-5 8,2 |S 100 65 Barrow MUUng- 93 ..„. JQ1334 L7 14J 659104 65 


24 93 Ash A Lacy 111 -2 td6JB 35 82 5.4 fig K“mi*™5r 

6% 3 AsiftStiahlSjp. 6% +1 B— — — 32 +22 m KiteT*" 

29 22% Assoe Twins- 26 +% 23 8.6 14.0 19.4 ^ S SSKSSar 

23 12 AstralnffLlft- 22% -% 1L01 2.9 7.0 7.6 S S 

TO 56 % Aumra.HklA„ WO _ f 52 3.9 7.9 4 A S , 


1ft 9 Qhld5a 16 L02 L7 9 1 93 

44% HecoUtaZ 441; +2 dL75 2.1 6.0 122 

47 32 Elect Ina iec-_ 43 2.72 2.0 96 79 

44 14 Elliott PbTc I0p 21 $2J9 1.5 i 66 

78 37 gscn& Robbins. 76 +1 333 4.1 63 53 

s a% issfiae a - i 9 a « 

3% a EmpwsglOn. 13% L% 02 _ V Z 

,25 ft Eafi-iOwTs 1 ^ 21%+% ZD.35 — £517.4 

^ iro 3.55 (j2.8 7.0 7.8 

SESS 13 ® 1 - W +z 3 JO 5.4 72 

life Kara Ferries 116 {3h 1 7 t 7 ,rm 

|” Ki * H1 dSS.J»p 74 d2.02 4.2 43 8 jB 

IM bf ^ Georsel0p ,2Wj 121 2.2 6.9 9.7 

« II. &*S=T “3. +* 19-92 2.1 73103 


100 56S 

99 56 


inOame*)— I .98 | — | 53 


” ’] CINEMAS, THEATRES AND TV S re SSffis»= n| « M ji j| 

li ^ i.iuu, 3 3 ffifeSsr. 4 S Si Si 

SI ^7 *139 69% Lto. Tfele. “A'—. 112 +1 b655 big 75 50 24 Barafantsato— . 42 il>6 75 6.4 52 

1% Si 36 | 18 tOraapian'A'lppI 35 -1 g|„| 2j] 8.7] 7.6 55 34 pSoCpns.a)p- B ...- hLM 3^ 65) 71 


AMERICANS 


1977-78 
High Low 


5-3 U 36 18 

li -f-f 55 33 

Hi U g 9 

5.7 8.9 62 35 

2.8 23.4 Si 15 

33 tU9) 31 a 

3.9 * 

23 210 
4.9 1LB 
65 42.8 

7.0 its j TV 

45 23.4 *> 

6.4 93 iK 76 % 

1-2 .» 8 a* 

4-4 1L6 4 n jn 

2.9)13.9 S S 

43 27 

31 15% 

93 44 


8-Z1 7.6 55 34 BanroCons-iOp- » -..- h235 35 
731 7.9 J 5ft J 39- Barton &Sous_) 51 -1 TL97 3.fi 


+1 I - - - 14 50 29 


I lOp — 50 1d3 


aw 


Bishop - * Store* _ 1S5 fd2J6 

ELsa- m 

BritSosati 47S +1Q hlfiTi. 

BnLVemrglOp- 32 -% m0.47 
BroofceBmd — 47% +f 236 

todbrnySch-pg. 55 ...... L76 

^rriaMlIiinc . « 253 


slesskw is \jmm 


% % « I-Z.IL74 ?! 


DRAPERY AND 



s r-ittlnJSS BUILDING INDUSTRY, TIMBER g g 

SS: :::::: % - ii and roads g ^ 

jL*Bs - iui m tss&uj! a 


24 SL75 - 4.2 9S 46 

22%m -% 51-40 - 3.5 162 74 

U.% 24c - 13 15 7U 

W% 50c - 2.7 77 37% 

30 +% 64c - L2 294 153 

13% -% 90c - 3.8 UO 18 

23 Vl ♦% S2^ - 5.4 277 104 

15%m +% 51.00 - 3.7 36 21 

663p +K «» “ 3 . 4 , 14 7 

995p -17 6Gc - 0.9 35 S 

45id -% SLOO - 1 j 52 28 

32% -% SLOO - 3.5 12S 55% 

30% -% S2.50 - 4.7 27 % 15 

42% 4SL24 - L7 14 10 

35% SLOT - 2.9 59 29% 

19*2 +% SL20 - 65 67 27 

14% B4c — 3Jj 77 38 

893p +6 SLOO - 6.3 71 38 

K%m-%, SL06 - 4.1 87 39 

808pm +14 SLOO - 7.0 29 16 

IffSm ..._. $2 — 7.1 51 24 

Id -% S150 - 4.0 61% 37% 
30 -% $275 _ 34 44 13 

16%m SL3Z - 4.4 183 63 

M +% S «0 - 4.4 18S 130 

21 % -% - 5 ? a 1 7 

22 % +% SL40 - 3.5 28 16 

23 +% S2-00 - 4.9 45% 1ft 
18%m-% S1J4 - 5.6 64 40 

295im +J* 53.W - 5.6 128 54 

986pm -fi SUO — 6 J 38 13 

12% + 1 * 96c - 4.4 334 132 

22% nl -% SL20 — 3D 41 9 

Motors) «jj = SJ 9 g 

31 i%+i - || 1W 64 

30 -5 - MM5 .35 

815p -4 $0.60 - §■} 250 103 

182 -1 S1L52 - 3.1 gs 25 

36% S2£° - f ^ 97 64 

S05p 25c — 1.8 J6 SO 

757p - 1-6 „9fc — 6.7 jfc 7 

19% +% SL40 — 4.C 78 37 


93 +3 t4.18 3.6 6R 63 53 38 

162 +6 16.14 37 5.7 73 243 138 

15 +1 th0.7 6.1 7J 4i 35 20 |E 

75 +5 436 U 8.8 'HU 142 50 

263 -1 tfl.49 2.4 4.9 13M 128 37 

120 *12.26 23 2.9 24 £ 31 17 

243 +4 16.93 4.6 4J 7.6 45 28 

34 +1 2 33 A 10.4 « 196 57 

14 ...... d035 U * M3 Ml 50 

33 ...... 11.69 3-7 ll 53 93 30% 

49 +1 tZ.9 33 9.0 5.6 13 ft 

120 *8.06 2.8 103 4J 110 71 

22% +% 1.83 2.0 12J 6.4 241 78% 



* _.... $3.3 L2 

28xd . — dORS A 
85 ...... hZlfl 42 

31 +1 LOB 23 
19 LQ4 0.4 


± 87 40 30 

4.2 * 17 n 

3.8 93 119 45 

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8.4 4L7 261 98 


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12 ...... 062 03 7.9S.4 38 22 Burgess Prod— 

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45 28 Casket lS.)10p— 45 1.96 43 6.6 5.4 46 30 Cbaming5p 

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51% +% 4103 22 60 82 20 12 

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Uity unices 


FINANCIAL TIMES 


Ry Reaitv DisCTnun^ Prefers 


HIGH 


Saturdav January 21 197S 


01*236 7831 


Really Dry Gin 



MAN OF THE WEEK 


U.S. and Arab links 


Bringing 
steel 
to heel 


for Hill Samuel 


BY MICHAEL B LAN DEN 


BY RUPERT CORNWELL 


HILL SAMUEL, the London time from July 31, 1980. develop on its own. The pro- j 

merchant bank, is planning to First City Bancorporation is a posed shareholdings were the out- ; 
expand its international busi- multi-bank holding company, the ward sign of the relationship'! 
ness after the establishment of second largest in Texas. Its main which would be built up. Texas I 
new links with a leading Texan bank subsidiary is First City and the Middle East, Sir Kenneth j 
bank and a widely-based con- National Bank, of Houston, which said, were two of the fastest ! 
sortium which includes exten- is a leading specialist in the oil growing areas of the world; 
sive Arab participation! and energy industries, with economy, generating both cash] 

branches in London and Nassau, and business. 


Record 

hade 

surplus 

for 

Japan 


THE LEX COLUMN 

Conversion hints 




from Grand Met. ftii 


BY CHARLES SMITH 


MOMENTOUS EVENTS often! Tb. ■ -mjrtl Jfcrfflll TTSt Sir Roto"' ClaW. group ch,«f 


TOKYO. Jan. 20. 


Grand Metropolitan exceeded AOn , 

all expectations yesterday with ]ndeX- rose 1.6 to 4o7.u 
pre-tax profits up 36 per cent 
at £77.Sm., compared with the ... 1111 
30 per cent improvement most ' ' 

analysts had been going for. r ooqhem- ■ - ^ 

The figures pushed the shares 

up lip to lossp and added -Personal Sector - 


British Steel Corporation s head- Sir Kenneth heitb, group the next three years, to subscribe they were not . represented. It the Firance Mlnistrv renorfed 

quarters in Grosvenor Place. Yet chairman, said yesterday that for up to a further 1.3m. shares could also provide the expertise to-day. The nrevioiis tersest 

the communication she so swiftly be regarded the extra resources on terms to be agreed at the in international merchant bank- snrnJns test'Jiilv wac £i.49bn. 

and matter-of-factly delivered to as rather less important than time. mg required by. the Arab or STOOk^hnrt^ of m- 

Sir Charles Villiers, BSC's chair- the opportunity which the The news yesterday raised countries. be*, a™ ™ 

man, may weU prove to be a development would give for the Hill Samuel group shares to 97p Benefils were exneeted to The customs clearance basis 
constitution*] milestone. As group to take a step forward compared with 94p on Thursday. ac S not ™ fto^kSSK feSTWSS 

Clerk - m ■ charge from the ui itk international operations. banking but also in other areas includes freight and Insurance 

Commons she was the messenger Under the scheme, the Hill Approval of the group's activities, such as in the vaineof imports and 

of a Parliament seeking to re- Samuel Group has agreed to Insurance, ship broking and in- thus understates the * real 

assert its ancient but almost issue new capital to Banque The arrangement is subject to vestment management amount of surpSm. 

forgotten powers as the supreme Arabe et Internationale dlnves- the normal official consents as ^ ^ de ^V Banque Arabe On an International Monetary 

•ml'hnnt,. 1,1 tv,s Vuln, riiumant unrf tn Vim rih. uio.ll u <h> qnnmvil nf C>1 iro. “*“*?*, w “ ™ muuciw j 


authority of the Realm. 


in the value of imports, and 
thus understates the real 
amount of surplus. 

On an International Monetary 


SESEJfi 2 SSL City asj? !? will bold 5.2 pdr cent of the in- Fund hasis-^ith exports 


1374 1975 1976 1977 


said, C ?hat three* taw' wren p^bw^con^tiiLfS^ t 55?* ££!*£* tad' tol£^to h °he ^oop? Krs^Chy ^ancor^ra- 

on the Corporation’s Seance* S3 ^ ~ SX"" “ 

bourg holding company by a close eye on foreign sh a rehod- ftt „ .v, « Tk- crmtin. 

51 ^SSSSsSS 

SdiSfJS a^Stte/SSfoi^ p^ a s ” d did ' KK “ pect any ",S5WE££?!!? 

by “n A?ab b!S tom 14 Shr™ enneth said that Hill “«■ and First City’s tn 4.S per and gdM rmn.ng well below 
different countries, including Samuel bad been trying for ce ” _ _ . . . . *“* 1 K, 

Barclays Bank in the U.K. and about 20 years to internationalise .,^',X ves c k airman eXtreniely 

Bank of America. the group operations, including J*! e Banque Arabe- group. and depressed imports. 

Hill Samuel is to issue to some years ago the unsuccessful 2^v.^®r?®S ^^ nE ’ chairman of 32-§- dollars, 

' Banque Arabe a total of 3.3m. attempts to merge with other Jf 3rst City Bancorporation, will exports wer e u p l«-6 per cent 
Ordinary shares at a price of companies which could have pro- be appointed to the Board nf J5™!SP rts rose 

lOOp each together with £4m. of vided a greater basis of re- Hill Samuel Group. M. Roger 6J per cent, to $&36bn. 

74 per cent convertible un- sources, such as MEPC and Azar. of Banque Arabe, will be On what .has now become 
secured loan stock 1993 at par. Slater Walker. appointed to the Board of certain the more realistic yen basis. 

The loan stock will be con- The group was now going into operating subsidiaries. given the dollars sharp depre- 

vertible at 120p a share a> any partnership rather than trying to Appointments Page 23 dation, exports were 3J per 


imports both calculated f.oJj. 
— the December trade surplus 
may turn out to have been 






RUSSELL KERR, MP 


Davy heads world bidders 
for big Venezuelan works 


BY JOSEPH MANN 


CARACAS. Jan. 20. 


(although 0 SrVbotostet^docS BRITISH COMPANIES will bid 5m. tonnes of liquid steel a year. KCA International (formerly J *£ C “J!E 


On what .has now become 
the more realistic yen basis, 
given the dolhfs sharp depre- 
dation, exports were 3-9 per 
cent down on a year ago while 
imports fell 12.6 per cent. 

Imports remain flat because 
Japanese industry is operating 
at far below normal capacity, 
and therefore does not re- 
quire additional input of raw 
materials, which, with oil, 
make up more than 60 per cent, 
of* Japan’s imports. 

Consumer demand is also 
flat, reflecting a lack of confi- 
dence by wage-earners In the 
economy’s future and their own 


in ™mm B weeks for major They are now asking for tenders Berry Wiggins}, will bid during v "S*"* 

Sd^o nationaf newspapere by Venezuelan projects in offshore on construction of the first stage the next six to eight weeks Jj® fl ” **• “g***" 1 ' * ta . a 
« Hni2»il“ Q R«"a answer* to oil exploration and steel, it was of the project, a facility able to for major offshore oil-drilling 


“ D^^TTiroat^ S have° S w e hett^d learned today. produce 1.1m. tonnes of liquid contracts offered by the- Ven£ 

ewrane'VaDnetitei No matter Dav y International. will head steel a year, and costing about zuelan Government 

rSSiray- committee ■ k. News of the two British initia- 


produce l.lm7 tonnes liquid rontr^ offend by aTvenS eMluu, f e ”^ k «t today in 
steel a vear. and cos tine about nwian Rngermn«n« aparent reaction to the trade 


figures. 


a commons jseieci uomouuee - £200m.-plus contract for a The group beaded by Davy is M WI lQ f "" ns “ The dosing rate for the 

I 135 !°F ?®5® steeLworks in Brazil, Of “BViteh, to* Offet Venezuela fihtfocial, en- ** eQ ^ °* 3 ^Dar was Y24L99, down from 


• ,.i _______ __j hieeiwuiM ui oimu, ul ouvau, uj uucl tuussucw, %na\y v,,, i ■ — , — . 7T. 

1n d nSfn^ German, French and Japanese gineering, construction, equip- Mabon^lonSte? nf ^Stei^fnr 018111 s dose 01 

the drama it has set m motion partners {„ bidding for construe- ment supply and manpower train- at Lj L? V342^5. 


me orama n nas w in muuun partners in bidding for construe- ment supply and manpower train- *3*zsi*. 

may end, no-one any longer can t| 0n 0 f Qj e ^agg 0 f the ing services for the steel mill Energy, and other UK. repre- it was a relatively busy day 
predict Zulia steelworks in Western itself, and many associated pro- semanves - ■ in the stock market with 

Momentous events also have a Venezuela. jects. Dr. Mabon told reporters that 5288m. chang i n g hands, com- 

knack of throwing up the most The Zulia plant, originally to Total costs of the Zulia com- his group had discussed Anglo- pared with Thursday’s $182m. 
improbable heroes. And it is no be wholly-owned by the Vene - plex (not expected to be com- Venezuela co-operation in off- Last month’s record trade 

disrespect to Russell Kerr to say zuelan Government, will now be pleted until the early 1990s, if shore exploration and oil pro- surplus will be followed by a 

that he is not the man one would a mixed capital venture with 51 the Government decides to carry duction, solar power, the Zulia deficit In January, reflecting 

have cast as symbol of the legis- per cent, of the equity held by through) are estimated at about steelworks, alu m i n ium, bauxite seasonal factors 

lalure’s revolt. He indeed would the Venezuelan Government and £5bo. Other groups will make and agriculture with Venezuelan 

be the first to admit thing. The 4® P e r cent, by private investors, offers on the Zulia project, but officials. He said that companies 
role moreover he has played as m d s t probably foreign. . Davy is said to have assembled such as KCA, Davy, Matthew t w j 
chairman of the Select Com- The Venezuelans plan in build the largest and most complete Hall Engineering, GEC, BP and I .PVI/Ulfl 
mittee on Nationalised Indus- a stee* near Lake Maracaibo consortium. John Brown were engaged in *WUU 

tries at the centre of the steel capable eventually of producing KCA Drilling, a subsidiary of talks with Venezuela. ■■ 


affair, has produced recrimina- 
tion and discomfort enough to-; 
make him wish the hurricane 
had blown somewhere else. 

At 56, and Labour MP for 
Feltham for almost 12 years, he 
had seemingly found his niche: 
elder statesman of the left-wing 
Tribune Group (and Director of 
the newspaper whence it drew 
its name) and a Tory heckler of 
redoubtable proportions. Tbe 
technique consists of asides 


Eurosterling 

market 


Anti-boycott regulations 
take effect in U.S. 


Leyland 

re-phases. 

price 

increases 


weight to the arguments to Net Disposals of .. : _ 

favour of conversion of Grand Company Seciaities ; 

Metis 10 per cent unsecured - ; " 

Loan stock. Those stockholders ■ i _ 

who wish to avoid a lower yield 600 n i 

on their investment should sell ' if F „ j ‘ - 

oat before the conversion period | > | ? 

ends on March 19. * wo ' | i I | • i 

The results reflect good per-- . j*j 13 5 *£ | - 

formances by all Grand Metro- if ' ? J j I 

poll tan's divisions with the 28S -J; 1 ■ - J & ; i “ 

exception of the managed J I ? i i ' 11 * f - 

public houses, where trading " & aa ^ : re < * ” 

conditions were difficult,' and q LbHIJ 1 

wines and spirits, where cur- *»!«. 1974 1975 1976 1977 
rency effects took a heavy toU. " -i-ni r 

Below the line, extraordinary 

items include a £7J2m. credit however, Citibank sold out and 
on sales of property and invest- went on to establish itself as 
meats and charges of £5. 6m. for probably the most successful o( 
the effects of currency trana- all international banks while 
lation, and £1.7m. in respect ten years later Hill Samuel is 
of post balance sheet losses on still trying to find the right 
the closure of the Hawley’s international formula. 

Bakeries business in Binning- over the years it has con- 
ham. If Grand Met had* not templated merging with groups 
provided for deferred tax, basic such as MEPC and Slater 
earnings per share would prob- Walker as well as going it 
ably increase from 12.2p to alone. But in common with 
about 17Jp, while the diluted most of the Accepting Houses 
EPS would be around IS, to- j t is now realising that It is no 
stead of 9.4. • thing to have an tot V- 

Grand Met has improved its national partner. This is tLV 
overall net margin from 3^ per background to yesterday's 
cent. to. 4. 7 per cent., aided by announcement that a medium- 
an unchanged interest charge, sized Texan bank and a small, 
However, as to previous years but well-connected Arab con- 
the figures do not include any sortium bank are taking a stake 
charge for depredation on of S.3 per cent, to the Hill 
buildings. GM has chosen to Samuel Group, 
ignore the international ' , 

accounting standard, and will J aper i he “ DVe ha *i!f 
only follow the new UX de- att ™S on < , ! *- w ® ne of ^ 

predation standard, when it be- A I J? o 5? € ? n f r0 ^. , J5 

comes binding, in - its 1978’li alBS in -^ menc ? and apart 
accounts. To facilitate this a full fro ™ a pe ^ 

valuation of all properties is to 2 nt ' J! ke i? 01 S2? 

be commissioned. ®£ al Kbai^l 1 (PJP- 

Borrowings have dropped f'™”- *•“ 

from 152 per cent, of share- bardly “ade a merit in the all- 
holders’ funds at the end of last taportanr Middle East market, 
year to 129 per cent at the 

balance sheet date and con- P or P0se of these investments is 
version of the loan stock should * d ° se 

further reduce the gearing to Telatt onship between the three 

around 75 per cent of the fT ups V “2? ? S at 1 
equity. Without half the tor J 1 * 5 raiiie f f 9 ? 01 ' f^ ould not 
terest charge on the Con- J* overlooked given itiie poup s 
vertible, .adding about £6m., - lo ^. y ?l 3r ^ el capitalisation nf 
1978 profits may not be far off under * 60m - 
flOOm. pre-tax. ^ 

TT-n e , Jungle drums ’ 

HiU Samuel Major developments have 

Back to the 1960s, First taken place this week in the 
National City Bank of New battle between the Harrisons 
York held a stake of 8 per cent and Crosfield plantations group 
in Hill Samuel and the two an 4a group beaded by Roths- 
banks often worked closely Childs. The two sides crossed 
together to developing their swords last year when Genting 
international business. In 1968, Highlands, - advised by Roths- 


ebilds, faKetl tu stop the 
sisters" merger to form Him'- - 
sons Malaysian Estates, and, 
again recently when McLeod • 
Kussel made an offer, for the..- 
H and O associate Malayahun. 
Subsequently H and C made ■ 
higher eounterhid tor MaUyfeUm ’ 
and then announced a takeover 
offer for Harcros Investment 
Trust, another associate which 
Iwids significant stakes in a 
number of the plantation com- 
panies within the tangled' H ■ 
and C empire- 

Now there have been two fur- 
ther offensive* by Rothschild, 
backing consortia which include . 
McLeod Russel. Hume Holdings, 
and Sipef. a Belgian-based plan- 
tations operation. On Thur- 
day one consortium announced 
a bid of 11 Op a share for Lon- 
don Sumatra, yet another. fl and 
C associate. And last night, it 
emerged that Rothschild, on be- 
half of a slightly different con- 
sortium, is prepared to offer 90p 
a share cash in the market for 
up to 30 per cent of Harcros. 
topping both H and C's revised 
82p cash alternative, and its 
share exchange offer, worth 
86ip. 

Plainly shareholders in the 
H and C group now have to 
think very carcluliy before tak- 
ing action. They may wonder 
why the Harcros Board and its 
advisers Lazards arc still re- 
commending the H and C terms 
although there is a buyer for at , 
least some of the shares at a 
higher price. And they may 
wonder whether, if London 

•inatra is really worth ilO;* 
compared with R9p in the mar- 
ket at the end of last month, 
some of the other plantation 
shares in the Harcros portfolio 
also have hidden charms. Is 
H and C trying to strengthen 
its control of all these companies 
on the cheap? Shareholders in • 
the H and C camp arc entitled 
to further explanations, even 
though they may also be sus- 
picious of Rothschild's motives. 


order 

dim 

gild 


- v ■»-'v j' . * 


Sterling Eurobonds 

The fledgling sterling Euro- 
bond market has come back to 
life with the announcement of 
two new issues — £25m. for the 
European Investment Bank and 
£15m. for Rowntree Mackintosh- 
However, after last month’s 4 
debacle, when most of the . 
issues went to deep discounts, 
the managers of the two new 
issues are treading cautiously. 
Although long-term rates have 
eased somewhat since the first 
batch, the coupon on the EIB 
issue is the same as that on the 
previous EIB issue but it is a 
shorter maturity. 


BY DAVID BELL 


WASHINGTON, Jan. 20. 


me newspaper wnence u drew wn/\|«Anri . 
its name) and a Tory heckler of f. CU IICU^ 
redoubtable proportions. The 
technique consists of asides ■ j 1 j 
delivered seated from the Front WlTil fW f) 
Bench below gangway In an TT ■*■•'*■* 1 v 


By Terry Dodsworth, 

Motor Industry Correspondent 


unmistakable rumbling growl. . 

Australian-born and educated, now ICCllOC 
and a member of tbe RAF's Path- llV YY Ai30UCi 3 
finder Group during the war it is c 

not surprising he has become a Mary 


THE U.S. Commerce Department that they went “far towards 

to-day put into immediate effect ending American participation in & FIRM INDICATION that the 
the regulations governing tbe the Arab boycott." They could ijJL motor Industry will aban- 
way UJ3. companies comply with well serve as a model for other don its established pattern of 
tbe anti-boycott legislation passed nations, be added. quarterly price Increases this 

by Congress last year. ^ However, it i s almost certain year to favour of two half-yearly 

The final regulations were that the new regulations will face rises emerged yesterday from 
issued after months of consults- a se ries of court challenges in Leyland Cars. 


pillar of Westminster's sporting THE EUROSTERLING bond le fl? lati ° n - . 


tions by the Department wtii the coming months as companies The State-owned company is 
f U £ P ?« rs 33 d opponents of the see k to clarify key provisions and to raise its prices by an average 


try to obtain a more precise idea of 6^ per cent on Monday, tak- 


o evasions. Cricket in particular, market reopened last night with , “C- -Benjamin Kosenmai, a 0 f th e exceptions allowed by tbe ing the' 850 Mini over the £2,000 
but golf as well. One prodigious the announcement of two new ‘fading advocate in Congress of ^ct mark including delivery charges, 

hook off the first tec in a pariia- ten-year issues, one worth £25 m. a . ann-ooycou law. „ But it “envisaged” that the rises 

ment ary meeting a few years ago £ 0r tbe European Investment ™e rules to-flay. saying (retails. Page IZ would be the first of only two 

prompted his partner, the then jj an k afK i the other worth £15m. price tocreases it would totro- 

Spcaker, IVlr. Selwyn Lloyd to f or B 0wn tree Mackintosh. ■ j i..-. pn« fl 1 ^ u, w S^ar. 

remark-. - Keeping left a« usual. The Eurosterling bond marl;et Continued from Page 1 “gj 

started last November but a j "I « • PI j * Mo ^ ~ ra 6 L 

w .. J.UnnnHnn in m.-L-at nnnrli- IJ ■ I •» m4 < 1 -d- -m big four manufacturers Were 


Loyalty rveiiui pi ice lJUULlitUUU 

But, it is that entreiiched with which borrower sought to be near ^ low for tlle tlm( , increase to rail fares, sod the lp tern. 

Si K.2*hSES*,^n 1 “.h™f lr hlS i * l '» a pint on milk. . In rewonse. most of the pro- 


deterioration to market condi- 
tions combined with the speed 


Retail price inflation 


M?^e h ^r B h ic iD l S gKbSSfe" abrUPt ^ slowdown a, so r= fl ecto toe ‘ ^tot^ise to themonth STM fr 

Saff tSf 1 js "i Asf ° l “-h-t •— s — sfws: 

MPs tbotb P left £1 r 0m -’ whl . cl1 ^ ere and the containment so far of ^ 0i when the index was affected inflation have moved to their 

Top' and Labour Mrs t Dotn leti launched ^ November, have the rise to labour cMts b y » b e December. 197G, mini- favour. 

and right win 0 ) aUke has been at heavy discounts from ‘ budget duty increases. Leyland's increase is by far 

unanimous in ‘| s their offering prices until very iw T 5f a 1 “', I J i pi! ft i: ” t ® l of , J?* re ¥ e Britain stands IStb to a league toe largest of the present rennd, 

,nsists - %2, ow nJ'SSffii til ««“ u y- MinS.® “1, SiS ttble of income *** head *of SSSwS rtwted ^bTvaSaU 

accused him of abetting me rimed for six months running, nnnnlatinn Viphiiut «ii meiru- tvT ^ bo 


UJL TO-DAY 

CLOUDY, - rain at times, bright 
intervals. Snow likely on 
Northern hills. 

London, Cent. Southern, SJB. 
England, Midlands. Channel Is. 

Cloudy, rain at times. Max. 6C 
(43F). 

E. Anglia, E. England 
Bright and dry at first, becom- 
ing cloudy with rain later. Max. 
5C (4LF). 

S.W. England, Wales, N. Ireland 
Cloudy with rain, clearing. 
Max. 6C to SC (43F to 46F). 
N.W^ Cent. N. England, Lake 
Dlst., Isle of Man, S.W, N.W. 
Scotland, Glasgow, Argyll 
Cloudy, rain; Max. 6C (43F). 
N.E. England. Borders, Edin- 
burgh, Aberdeen, Dundee, Cent. 
Highlands, Orkney, Shetland, 
Moray Firth, N.E. Scotland 
Bright and dry, rain later. 
Max. 5C (41F). 

Outlook: Bright intervals and 
wintry showers to most districts. 


Cosmopolitan^ 

announce their — 


^^^ncetheacquisitioaby 

Joseph Sanders & Partners 


' ^ C i f i 


- INVESTMENT POLICY 

The p oiki- * in imrest in U.K equina with the emphass, saxeufij 

& 4 Pamierb r5fcn n hic J h,Uv mvatcrat 

advisory service airi rnanace tunds m eue*. af£20AV'.\\> " • ' 


BUSINESS CENTRES 


wickedly capitalist line m issu- rates ana me strengtn or me j-nuary 1074. and compares gone up Dy ^ cent 

tog a report which advocates cut- pound on the foreign exchange wilfa Tpeak of 26.9 per cent, in ChxSsler’s by AS per cent. 


tog a report wnicn wwarawt r — , . . ^ w\tn a peas 01 zo.e per cent, in *n,5 s ,v. Un h _ * t V jt j ■■ — a * 

backs, closures— and inevitably markets have led to a recovery the ^ t0 August, 1975 V a Commons Leyland’s decision- to go for a 

redundMcies — io a sacrosanct in the prices of the outstanding _ ^ ' h n - ° T estoiates of higher increase, seems to have 

^HnoXrihdnstry. sterling Enrobond issues. Jf” 1 £™L, ,S, flo SSJ?»!!« SS prompted b, the detenniha- 


WHO nis Oiu ucii-n>..b me inarsei wouio reopen. eggs, sman rises in tne price Of which do not necessarily reflect 

Mr. Michael Fort. 1 Leader of the The ^ thg Wo new many household goods and an the internal purchasing power of S^f ri S5? S? P & * 

House and another of Tribunes f h h t th increase in telephone charges national eurranpine nve pricing poucy. J 


House andjmothcr or iripune s have befin set Wllh ^ eye increase in telephone charges national currencies. Examples of the new Levland 

father figures. But on Select t(j thg ie]ds Qn the six out . after the phasing-out of the On this basis, the U.K Gross %q ^/SS 

Committees the two part com- issues. rebarte sdierne. National Product per head in SS^flffl3)- AHemi 1500 S uuer 

pan/. . # . . . , mnct Rowntree Mackintosh is to- Several sizeable price rises 1975 was S3.84A. compared with 

Mr. Foot has thatrigidaimosl that it will pay 10 1 per afferi the -mid-January index. 58.050 in Switzerland and S7.O0O 

religious, conviction that only , ° notably the recent la per cent, in the U.S. L3DL toi^uoor 

the Chamber of the Commons cem * . : Pnncess 1800 HL £3,707 (£3^64); 

matters that the Committees The terms of the EIB offering . Rover 2600 £5,992 (£5 $00); 


matters, that the Committees The terms of the EIB offering 

“upstairs” are the devil of have been fixed at a 51 per cent Continued from Page 1 
privilege and secrecy incarnate, yield— the issue has been bought 6 

Kerr, however, has doggedly sup’ m advance by the managers. £/"^< ^ OJ ^.| j j , 

ported his Committee’s right to There will be no underwriting I T |*ppT| T. Ill TP 111 ifl T\Q|^T 
know For all his love of jousting group but up to half of it will be VJA vCll 1111 V<ll 111 l/dvl 


Alliens 

Ba2xrain 

Barcelona 

Beirut 

Belfast 

Belgrade 

Berlin 

Blnnghm. 

Bristol 

Brussels 

BudaDOSt 

B. Aires 

Cairo 

Cardiff 

CUlcaso 

Colozne 

CopoSagn. 

Dublin 

Edlnbnrsli 

Frankfort 

Geneva 

nisEgav 

HelsInM 

FT. Knns 

Jo-burg 

Lirrixm 


Y’day 
Mid -daj; 

*C T 
C 4 39, 
C 1C 301 
S 31 63 
S U 32 
C 14 ST; 
R 4 39 
S 4 39 
C 2. 36' 
F 4 39 
C S 43 
C 4 99 
C D 32 
S 32 re 
S 36 SB 
S 5 41 
Stl— 4 24 
F 6 43 
Sn 1 34 

R 4 as 
C n 32 
S 4 39 1 
C 2 36] 
C 2 36 
C — 4 2S 
C 14 ST 
C 33 73 
R U 52 


\-dar 
Mid-day 
“C »F 

London F 6 43 
Luzewbrg. C 1 34 
Madrid S 6 43 
MancbBtr. R S U 
Melbourne f 2 r 
Mexico C. S 24 75 
Milan R 4 39 
Montreal C — 14 7 
Moscow C — 12 10 
Munich c — 1 30 

Newcastle R 2 36 

New Yoiic Su 0 32 
ObIo Sn 0 32 
Paris C 3 jo 
Perth F 29 34 

Reykjavik C 2 36 
Rio dc J’o S 30 Si 
Roiub r U rc 
Slmsapore S 25 S 4 
STockhoUa S 1 34 
siraijhrg. r. ; M 


YOUR REASSURANCE 

Rw Ihm r ■ ,±r ildtarf B«,k Tnw 
COBW- Lid. the Fund u u mdn i^r 
* xuntr ,^ » Adwraed bi rt* 3 k- 
imrr of Sun for Tni. 

J£X ADVANTAGES and 
SELLING UNTTS 

, ,7^ *** «« «■*» awl tdJ d mMcd 
idT In ihr Rnmctal Pr«» <nd 
»HI int» A UK, naie b. irwrumrn: il«- 

SEZ fcifcwcU 

rtTrttKJtr. narmmr M || u . 

i *B\1. 

CLOSING DATE 

vn». UM , .Jl 

« aiuUrUe at » tiwd prLc .< ISfcpcuh, 

W 4pp&,-j|i,n Mil! hf .K’LivjniNtrd w 

MI wd I«wr ri imiiur bv .’lu 

5* V ,nrtc rtuti 

* ™>rT trd ns-nurv JOTS, mu, ,4,-] 


lv j: tfac pun VKudrMy h 

me PhutlIiI Pnsu, 


g^eral information 

Tftr cuumwvl >irim g M rtdd etiin 
Fond * ihe mttT pine -4 th flp n L4A > 
Wd t, diMphutrd raallr m 

"V**"* »* ndrad Sj-rw 

*w*im ' - 

Then? 1 * >m mud »unw(fiam-duf|H 
J*'' “'‘wdciluiiU. pnte.dBtto.Thn* 
fc.^i.diavuj rluiru; ,4'Zjr. iWa« V'Atr 
lu. S™ f., ^ 

Crnmtp.,, ,! 4 - pttn, 

-kTttfn 


' n «»h!’ -4 Uiti I:« .4 m>,-wu« 


iSSsEsS?^ ""1 

«*Pbonc cnqolrin Ol-J JtRSIS. 


'Toronto Sn— ] 1 12 
1 Vienna C n 32 


' MfewJnnhit 

w r ui .1 


Jaguar XJ 3.4 £9^130 (£8,430). 

Philip Rawstorne writes: Mr. 
John Barber, former British Ley- 
land chairman, says to-day that 
the corporation might have, been 


Warsaw 

Zurich 


s-s is 

P 3 37 


• HOLIDAY RESORTS 


Ajaccio R s 46 Jersey c 

Algi ers T v 49 has Pins, mi u 

Biarritz R 8 48 Locarno c * ns 

BlacKuool C S 41 Majorca C ID no 

Bordeaux F 7 45 Kaluga F u « 

| Boulogne C 4 39 Malta F is ^ 


2*0umw. 

Spr l.Weaxlwc * icftiatB»i!,j i 

SwivuBe.Mi Mk.MIm 

MQW irnL..rnvj 

QwttincrRinKinKiifc 


SHAKE 

LV.HAWTE . ■ 

KHiML-- 

"" Sin labjufi 
itiMtn * 
IpiwuhU hww ii 
’>■ Hrtkh aAi 4 Ml UM 
tea N* ,<h>« |4(W 


arts.1 

Mi (KW ■ 

Cl. 

5S ' ■. M 

M ■ 

i hud - ■ 



Casblnca. C 1G 61 Nairobi 
Cape Tn. S 24 75 Naples 


C 13 SB Nice 


better illustrated the over-riding Warburgs for the ETB. tocreases at the spring review, plan goes ahead, wants to phase Trade and Industry Committee, 

single virtue of Select Commit- For Rowntree Mackintosh, the the eventual impact on the con- to the devaluatton over Sa vear. ^ committee’s inquiry coaid 

tees— the chance they afford For issue will be_ its first foray into sumer could be even greater. He could delay the imnact on ^ aye touch more difficult 

the often futile adversary politics the international capital mar- As it stands, the Government's cereal prices until' August l, questions” about the plan, be 
nf the floor of the House to be kets. It proposes to use the proposal would add only 1 per possibly postpone a. move On s®? 8 811 m * ervicw ^corded for 1 

put aside, so that MPs can proceeds mainly to repay short cent, to the food price index and milk products until September the Independent Radio News, 

examine problems diapassion- and medium term foreign cur- 0.25 per . cent to the general and certainly hold up the sugar programme. Decision Makers. j 

ately. rency debt. retail price index, the Ministry price rise until midsummer. . nf Leyland ears, Page T9 1 


Dubrovnik C 11 S3 Nicosia 


L aro £ 12 34 Oporto" SIS 
rtoreuos c 8 48 Rhodes C 1! 54 

Ftmdul C IB 61 Salzhura C -S ™ 

Gibraltar S 13 55 Tanci^ c ^4 w 

Guera^y r 7 45 S ” W 

fuidbratk F 6 S3 Valencia s 1* £ 

luvernMs an i 34 Venice n - « 

Is. of Man C 5 41 R 0 4! 

s ~ Su HP i; - J**— Fair. C— Clowy t>_ R -i_ 

Th— Thundoratortn. Sn— Snow. ^ 


F IS 39 
C 20 AS 
R 12 54 
R 7 45 
R la a 
5 S 48 
C 12 54 


wall ft, .> 

*• I— «ii" . 

Smaurmt 


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