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FROM 

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CARDIFF 33822 



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CHARTERED SURVEYORS. 


RATING CONSULTANTS 


No. 27,471 


Saturday January 28 1978 **is P 


4 


LONDON * BEDFORD • BRISTOL* HITCHIN 
LUTON *AMPTH!LL 


OQwnNBnrAt. scjjh c miqs« Austria ScMSt Belgium Fr.is ; dewhark km. 5 s France iv-j.o; Germany DM 2.05 halt L. 500 : Netherlands fi.z.U; norwat KrJ-5 ; Portugal e*c.M; Spain PtmAOt Sweden Kr.3.25 ; swuzerland ft^-Q; eire isp 


NEWS SUMMARY 


GENERAL 


BUSINESS 


Leyland may seek 


40 die Equities £ 400 m new equity 


U.S.‘knew Oil could 
1Z ? ’ «eate Xm. 


as ice 


up 1.7; 
Gilts 


from Government weapons ’ J°^ s Healey 


erratic 


BY OUR INDUSTRIAL STAFF 


BY DAVID BELL 

WASHINGTON. Jan. 27. 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


• EQUITIES responded to a 
Ihe Qj. Middle West reeled slight technical rally, and' the 
tom the effects of the worst FT Ordinary index closed X.7 
SOsaxd for at least ted years * ■ ■ ■ ■■■■- > 

which has left at -least 40 people 1 490> - — — t| 


British Leyland is considering an appeal to the Government for about £400 ul 
of new equity capital. A cash injection of this size is regarded as central to 
the financial reconstruction being planned by Mr. Michael Edwardes, the new 
chairman. 


which has left at-Ieast 40 people 
dnd, dosed Chicago's airport 
feulefitotely and made thousands 
'ufmiles of roads unusable. 

' Police reports from Ohio and 
Michigan, the two most seriously 
affected states, indicated that 
want motorists may have been 
frozen to death -inside cars 
immobilised in some of the worst 
shew drifts ever experienced 
there. 

- Ohio and Indiana were declared 
emergency areas which qualifies 
them for special Federal help. 


EIMusIrM 


Radiation report 
was ‘mistake* 


A -supposed high-level source of 
nutation in Canada which had 
been thought ro come from a 
crashed Soviet nuclear-powered 
satellite, has now been found not 
ta exist. The report was based 
no a fault or aberration in the 
equipment of a checking aircraft, 
it was said in Ottawa. Feature, 
Page 12 


47D 

~flooHOr uovarar 
^ onsoosE 

L 


u » a a 

«mur;is7b 

S 


up at 477.5, making a loss «f 
HU on the week. 


• GILTS hardened a little in 
late trading, but the Govern- 
ment Securities index tlosed 
(US down at 76:19. 


Tiwo accused of 
ex-MP*s murder 


Two men appeared in Haddington 
Sheriff Court, Edinburgh, 
accused of m ordering Mr. Walter 
Scott-Elliot, an 82-yearold former 
Labour MP. The charge alleged 
that Archibald Thomson Hall. 53, 
and Michael Anthony Kit to, 39. 
strangled him on a piece of waste 
ground near Inverness, rt was 
xlso alleged that Ur. Hail 
murdered another man, David 
Michael Wright, by shooting him 
in the head. The two men 
appeared separately on a charge 


• STERLING fell i cent to 
M. 9-175, and its index remained 
at 6&5. The dollar gained 
ground, and its depredaiien 
narrowed to. 4JJ9 per cent- 
(L86). 


GOLD rose 51 to $1761. 


• WALL STREET closed 6.78 
off at 764.12. 


The plan., doe to go to the 
National Enterprise Board, 
Leyi arid's major shareholder, in 
about two weeks’ time, is likely 
to provoke political controversy. 
It comes within three years of 
the Ryder reconstruction of the 
company tinder which it received 
a £200ra. equity injection from 
the Government 

A thorough appraisal of the 
company’s financial requirement 
far - the next five : years is well 
under way and Leyland execu- 
tives believe that the total de- 
mand on Government finance 
can be held .broadly within the 
original Ryder proposals— about 
£S50ra. remains to be spent from 
this sum. . 

A series of economy measures, 
which will mean trimming 
several of the company's projects, 
has been put in train to achieve 
this objective. 

But, at the same time it has 
become apparent that the finan- 
cial deterioration, caused mainly 
by the poor performance of 
Leyland Cars in the last three 
years, has gone so far that the 
company needs a fresh equitv in- 
jection. 

The rest of the financing re- 
quirement will be met by normal, 
interest-bearing loans. 

Although the Government has 
given several firm indications of 
support for Mr. Edwardes over 
the last few weeks, it is by no 


means clear that be will get all 
he wants on the financial front. 

There are strong indications 
that in the first place the Enter- 
prise Board and the Government 
will meet only one or two years’ 
cash requirements while it sees 
whether Mr. Edwardes’s reforms 
are paying off. Partly because 
of this, plans are . being con- 
sidered to raise the equity under 
a part-paid shares scheme. . 

But. at the same time Mr. 
Edwardes has made it clear that 
he wants a dear run once his 
five-year plan is approved and 
that he will brook no inter- 
ference of the kind which 
resulted in the investment 
freezes during the last three 
years. 


‘No threats’ 


Mr. James Callaghan, speaking 
in Birmingham, indicated that 
he was sympathetic to this 
approach. 

“ I make no threats about with- 
holding funds if targets are not 
met. That kind of language can 
lead to bloody-mindedness.'' he 
said on Thursday. 

The personal backing which 
the Prime Minister has given to 
Mr. Edwardes in his approach to 
the problems of Leyland will 
strengthen the company’s hand 
in pressing through redundan- 
cies. 


The cars group is thought to 
be- looking for a cut of nearly 

20.000 jobs over the next five 
years, about half of them this 
year.. 

However, the extent of the 
labour shake-out is bound to 
depend upon output and sales 
over the next 12 months. Ley- 
land is to implement an aggres- 
sive sales policy to try to push 
U.K. market share from the 
present- revel of little more than 
20 per. cent, to almost 30 per 
cent, by the end of the year. 

A 20 per cent, market share is 
seen as. the absolute floor 
beneath which the future of 
volume car operations would be 
at risk. Mr. Edwardes has made 
It dear that he' will not shirk 
drastic action in order to meet 
the Government objective of 
operating Leyland in a realistic 
and businesslike way. 

While the aim » to raise mar- 
ket share and produce 825,000 
vehicles in 1978, Leyland realises 
that its weak model range, par- 
ticularly faT fleet cars, will make 
it vulnerable to competition in 
succeeding years. 

Ontpat targets have been 
phased down from the original 
Ryder ■ projection of 1 Jim. 
vehicles a year. Annual produc- 
tion is likely to run at between 

800.000 and 900.000 units in the 
next five years. 

Labour News I age 13 


THE U.S. Central Intelligence 
Agency concluded more than 
three years ago that Israel bad 
produced nuclear weapons, 
according to an Agency docu- 
ment released yesterday. This is 
the first time that any U.S. 
agency has said publicly that 
Israel has nuclear capability. 

The CIA document was 
obtained under the U.S. Freedom 
of -lnformalion Act by a group 
called the Natural Resources 
Defence Council, which is con- 
cerned about nuclear prolifera- 
tion. 


Interest 


• BSC will start up its Mater 
plant at Redear with full union 


co-operation after all. following 
ratification of a manning agree- 


Sun Alliance threatened 


of theft of properly from a Staane 
Street, London, flit _ j 

London 

to go tip 10% 

Faros on London Transport buses 
and Underground trains are to 
rise by an average of 10 per cent 
from mid-June. 


meat by the boilermakers. Coin- 
missioning of the plant will five 
work to 730 men, But GKN 4s 
to .reduce its manning lewis, by 


25 per rant., mainly at its South 
Wales plant. Boek Page. 

• EMPLOYMENT Secretary. Mr. 
Albert Booth, is expected to 
commit tite Government to con- 
tinue toe temporary employment 
subsidy and toe extension of 
other job protection schemes In 
Monday's debate to the Commons 
on unemployment. Back Page. 


Rhodesia row 


Bishop Muzorewa, leader of the 
United African National .Council, 
walked out of Rhodesian -Settle- 
ment talks in Salisbury yester- 
day, because of Government in- 
transigence and ’* extremely 
abusive language.' 1 Back Page, 
Zambia economy. Page 16 


with pay sanctions 


Eighteen other nations, apart 
from Israel, could develop 
nuclear weapons fairly easily, 
according to the CIA, They in- 
clude Japan, Argentina. South 
Africa, Brazil. Spain. Iran, Egypt, 
Pakistan, South Korea, and 
Taiwan. 

The chief interest centres on 
Israel. The CIA study asserts 
that “we believe that Israel has 
already produced nuclear wea- 
pons” and it goes on to support 
this judgment on the grounds of 
“Israel’s acquisition of large 
quantities of uranium, partly by 
clandestine means,” the “ambi- 
guous nature of Israeli efforts 
in the field of uranium enrich- 
ment ” and “ Israel's large invest- 
ment in a costly missile system 
designed to accommodate nuclear 
warheads.” 

The agency’s report lends 
weight to two previous sugges- 
tions that Israel may have 
obtained uranium “ clandes- 
tinely ” both from a nuclear fuel 
plant in Apollo. Pennsylvania, 
and from a ship carrying 
uranium ore. 200 tons or which 
disappeared from a ship bound 
for Europe in 196S. 

Last year, the Department of 
Energy released documents 
which suggested that some of its 
officials .also suspected that 
uranium might have bees 
diverted to Israel. 


THE U.K. economy could be run 
at a level of demand sufficient 
to produce between 500.000 and 
lm. additional jobs if too to 1 ' 
proved performance and balance 
of payments objectives of toe 
Government’s industrial strategy 
is achieved. 

That was the claim yesterday 
by Mr. Denis Healey, toe Chan- 
cellor, in a speech in Glasgow, 
which previewed next Wednes- 
day’s meeting of toe National 
Economic Development Council. 

The Neddy meeting, to be 
chaired by tbe Prime Minister, 
will discuss the results of the last 
two years’ work by nearly 40 
sector working parties covering 
nearly a half of manufacturing 
industry. That has concentrated 
on ways of improving market 
share. 


Benefit 



BY ERIC SHORT 


Censored 


• UNIONS would be consulted: 
before any change in industrial 
relations laws were made by a 
Conservative government. Mr. 
James Prior has assured the 
Commons, Page 13 


Dogs of war 


Claiming that a group of British 
me r ev n ines has been recruited 
for service in Angola with Dr. 
Holden Roberto’s rebel FNLA 
movement and was planning to 
leave for Africa shortly, the 
Foreign Office warned that toe 
Government '* could be to no way 
responsible tor the fate of any- 
one foolish enough to became 
involved.** Page 10 


New ships 
order 


Concorde setback • 


British and Malaysian officials 
failed to reach agreement in 
Kuala Lumpur on 4 resumption 
of Concorde Bights to and from 
Singapore across Malaysian air- 
space. Page 11. Explaining why 
he flew Concorde to New York 
yesterday, Mr. Freddie Laker, 
the Sky train pioneer, said, he was 
in a hurry. 


Leeds barred 


The Football Association has 
banned Lords United from play- 
ing any FA Cup ties at humc for 
the next three seasons because 
of tho Invasion of. the Etiand 
Kuad pitch by spectators at the 
third round fie -against Man- 
chester City. 


Briefly . . - 

Comedians Eric Morecambe and 
Ernie Wise have forsaken toe 
BBC and signed a two-year 
L-niitracr with ITVs. Thames 
IVlci isinn. 

Mr. John SienebouKC, the jailed 
former MP, attended bankruptcy 
prui'cedmxs in London- Page II 
About 12.600 applicants are stiff 
waiting tor tbe 193843 war 
medal*, the Ifararatms were told. 
Mr, Edmund Garvey, the- Irish 
Republic'* dismissed police chief. 
h*N asked the Government to 
clear him publicly . of any 
“ irregularity or impropriety." 


• INDIA and the U.K. arc ex- 
pected to sign a £32-Sm. ships | 
order, tor six dry cargo vessels] 
to tic built by Sutherland Ship-: 
builders. The deal will be fio- : 
anted from the U.K.'s £144m. 
overseas aid programme. Back 
Page. 

• SOVIET UNION imports from , 
Britain rose 45 per cent, in 1977, 
and Anglo-Soviet contracts 1 
signed last year are expected to] 
increase the U.K. share of 
Russia’s imports in 1S7S. Page ll 1 

• BRITAIN could be importing! 
the equivalent nf nearly 100m. 
tons of coal within the next 20 
years, an Energy Commission; 
paper has warned. Page Ll 

• NATIONAL SAVINGS BANK 
is to cut the interest rate on 
investment accounts from 9 per. 
cent, to SJ per cent, from 
March 1. Page II 

• TREASURY and the Bank of 
England plan new protection' 
measures far small depositors In] 
bunks and other institutions. 
Page II 

• DISTILLERS* COMPANY 
arguments for raisins U-K. prices 
of some of its whbJtie* to protect 
export earnings has been 
accepted by toe Price Coma*, 
sum. Page 13 


SUN ALLIANCE and London 
Insurance faces a compulsory 
cut in its premium rates because 
it changed its staff pension 
scheme in a way which the 
Government claims broke toe 
Pay guidelines. 

The first step towards this has 
] been taken by Mr. Stanley 
Clinton Davis. Under-Secretary 
for Trade, who has written to 
the company seeking a meeting. 
The sanciioos threat follows a 
decision by Sun Alliance to siake 
its staff pension scheme non- 
contributory. 

If - sanctions are imposed, 
(gentium rates would be cu? 
sufficiently to produce a total 
fall in income equivalent to the 
extra munev being paid 10 staff. 
. Section '9 of the Counter 
Inflation Act, 1973, gives the 
Secretary for Trade power to 
| restrict insurance premiums. 
Authority rests with him. rather 
than the Price Coznmi/sion. 
because of bis responsibility 
under the Insurance Companies 
Act, 1974, for orencoinp the 
solvency uf insurance companies. 

1 However, in exercising this 
.control, ho has to take into 
account the provisions of lie 
price code. 


The Department of Trade said 
yesterday that the letter 

explained toe powers very 
elearly. The main object of this 
actios was (0 reassure policy- 
holders with Sun Alliance that 
they were not paring for an In- 
flationary pay increase, and that 
the costs of such a rise were met 
by she company (effectively the 
shareholders l- 

At this stage, the department 
was leaving it to the company to 
suggest how to arrange these 
premium reductions. But the 
letter also made it clear that the 
Secretary nf State was prepared 
to use bis powers if necessary. 

Sun Alliance is due to increase 
its motor premium rates on April 
]. 12 months after its previous re- 
rating, ar.d obtained the Depart- 
ment of Trade’s approval for this 
increase last autumn. 

There has been speculation that 
this increase would not be 
allowed, but tbe department 
would not specify whether any 
reductions would occur on one 
particular account, or would be 
3 cross the ranee of scheduled 
rates far householders, motor and 
We. 

Tbe department admitted that. 


in theory, it would have to check 
that any reductions in premiums 
would not affect toe solvency of 
the particular accounts. But 
since the amount of excess is 
small, and at toe end of 1976 Sun 
Alliance had a solvency margin 
of about 60 per cent. — several 
times that required by law— such 
an exercise would be academic. 


Mr. Geoffrey Bowler, chief 
general manager of Sun Alliance, 
said the letter and its contents 
were regarded as outrageous. 
The company still did not accept 
that it had broken the pay code. 
The letter’s terms would be con- 
sidered by toe Board next week, 
he said. 

The cost to the group of 
making the pension scheme non- 
contributory would be about 
£<30,000 gross, but this payment 
would be fully allowable for 
corporation tax relief. 

The premium income in the 
general branch in 1976 was 
£246m. and the cost of share- 
holders’ dividends £8-9m_ so the 
arguments are more mat tiers of 
principle than practical applica- 
tion. Nevertheless, the share 
price was cut 15p to 551p yester- 
day on the news. 


j The Israeli Embassy said this 
i morning, re-iterating a position 
which Israel has always taken, 
that the CIA report was based 
not on facts but on supposirion. 

The CIA document, which was 
issued in censored form, noted 
that Israel has never tested a 
nuclear weapon. But it said that 
it is “ theoretically possible far 
a country capable of developing 
a nuclear weapon to do so 


Mr. Healey said the working 
parties had “come to toe con- 
clusion that it is perfectly pos- 
sible to increase the productivity 
of their sectors sufficiently to im- 
prove the balance of payments by 
some £2 5 bn. by 19S0— quite 
independent of the direct bene- 
fits of North Sea Oil." 

He said that while in those 
sectors employment overall was 
unlikely to rise dramatically 
from such improvements in 
productivity “ the balance of pay- 
ments benefit they generate 
should enable toe Government to 
run tbe economy at a level of 
demand sufficient to produce be- 
tween *m. and lm. additional 
jobs. 

“ Many of these jobs will be in 
the service sectors— both private 
and public." Mr. Healey said. 

The Chancellor stressed the 
importance of the industrial 
strategy as part of tbe need to 
improve performance in order 
| not to fritter away the benefits 
of North Sea oil. 

The Government would be 
making its own contribution 
“shortly" to tbe debate on toe 
use of the oil. se^-ii 

No date has been fixed bu! a 
fairly firm statement on the 
alternatives looks like being pro- 
duced within the next few weeks. 

Ministers are discussing this 
and the main drafting is being 
done by the Cabinet Office and 
Dr. Bernard Donoughue's Policy 
Unit in 10 Downing Street 


Mr. Healey . . . firm statemen 
soon. 


It is not, therefore, a reflecth 
of tbe full potential improveme 
in exports and imports arisii 
from the industrial strategy. 

That is because the repoi 
going to the Neddy meeting w 
show that only just over h; 
the working parties have doi 
sufficient work to be able 
produce export objectives in ; 
assessable form, while evi 
fewer have provided import su 
stitution estimates as well. 

Tbe £2}bn. figure also cano 
be taken as a reliable estlma 
for even those sectors becau 
it does not include the indite 
effects of imports and expo? 
or other factors such as chang 
in the country’s econom 
growth. 


Persuade 


Estimates 


Nevertheless toe sector woi 
ing party reports, covering near 
half of Britain’s manufacturii 
industry,- do show that in mai 
areas company and union repi 
sentatives have agreed targe 
and market opportunities whic 
taken together, would mean 
substantial beneficial effect 1 
toe country’s economic and tndi 
trial performance. 

The Government intends to t 
to persuade individual compani 
to act on those broad strategies 
Job creation schemes Back Paj 


covertly up to the test of the 
first device — and a test is not 
absolutely necessary" 


! John Elliott, Industrial Editor, 
j writes: Mr. Healey's forecast of 
: a £2 5 bn. improvement in tbe 
balance of payments may 
I eventually turn out to be a con- 
jservative estimate because it is 
based on tbe work nf only about 
! half the sector working parties. 


£ in New York 


Spot I SLM704MQ S1.MS046 
1 tmntb POr-CUffipmn 0.050.08 pr 

3 months 0^7-0.5Zprem 0-37-0.42pn 

12 munt bs 0.1O45^Oprera<).G6a.BBpr 



Propertyshares 


A fund for capital growth 


The graph shows the performance of the property 
share sea or relative to the Financial Times Actuaries 
All-Share Index over the past five years. 


BOC backs down on Airco bid 


FT ACTUARIES PROPERTY INDEX 
RELATIVE TO FTA ALL-SHARE INDEX 


BY STEWART FLEMING AND JOHN WYLE5 


NEW YORK, Jan. 27. 


COMPANIES 


• VOLVO reports a pretax proflt 
drop in 1977 uf 43 per cent, tn 
Kr.U30iu. (£36.6>n. >. in spite of a 


throe per cert, rise m turnover 
to Kr.16.2bn. Page 1“ 


• TEXACO has raised its profits, 
for 1S77 from S787.3m. to 
SS71 7m.. fallowinp a strong per- 
formance overseas. Page 1“ 


BOC INTERNATIONAL hawed 
to-day to the strong opposition 
of the Board of Airco. its U S. 
industrial Ras.se* associate, and 
far the time being save up its 
attempt to acquire control of the 
05. company. 

' Instead. BOC apparently **'”! 
rattle for the l.Sm. shares 
49 per cent, stake in Airco »h:eh 
it originally so:i#:hi ibruidt a 
lender offer wtr.cb expired 
earlier this week. 

The hitter confnct^ioa 
between toe iwu cuaipasre*. 
which culminated in a tense six- 
hour Airco Board mecirag 
yesterday, slrius from tbe far: 
that sumo 6.5:n. shares were 


tended far BOCs S43 (£24) a 
share bid and, as a result, the 
British company sought Airco's 
jqreemcnt to extend its offer to 
all stockholders. 

However, this was refused last 
n.gh: by Airco directors, who in- 
sisted that BOC must stand by an 
agreement made an December 9 
which provided only for BOC to 
increase its stake :S Airco from 
34 to 49 per con!. 

S:r Lo<:e Snrth. chairman of 
BOC. announced :r. New York 
:h:% afternoon that BOC's request 
‘o -vud::;.* ton agreement would 

r.zvr ire wiJMrawiz o.od that 
Fidelity Union Tru*t company 
depositary distribute pay- 

ment far the l.Sm. shares pur- 


chased and return the balance of 
toe shares tendered. 

He regretted that toe Airco 
board bad not allowed all of tbe 
company's stockholders the 
opportunity to sell their shares 
for §43 each “ in toe face of over- 
whelming indication from Airco 
stockholders that they wished to 
do so." 

BOC was aware of its right to 
seek to amend its agreement with 
Airco with stockholder consent, 
said Sir Leslie, who added that 
he was dismayed -at tbe bos- 
titily evidenced by Airco’s public 
statements.*' 

ft remains to he seen whether 
BOC* move halts the deteriora 

Continued on Back Page 


FTA Aft-Sham Index. TOO 

bo ) Cham date Jan.T962). 

• ■ n •» J •» 


Recently property has attracted renewed interest, 
the property share sector having already recovered 


some lost ground since its previous 'relative high'. Since 
November 5. 1977 (launch dale of the Schlesinger 


CONTENTS OF TO-DAY'S ISSUE 


CHIEF PRICE CHARGES YESTER8AY 


Overran* news 30 Leader page - J- Ylall_ Street 20 

Home news — general II CJC Companies 14-1® Foreign Exitanges . 20 

__h J<xrer 13 Mining 2 Farming, raw materials ... 17 

Artn page 9 InlL Companies 17 t r JL slock market 16 


November 5. 1977 (launch dale of the Schlesinger 
Properly Shares Trust) the offer price of units has 
risen 16.8 compared w ith a rise of only 2.8 in the 
FTA All-Share Index I this is not necessarily a guide to 
long-term performance). 

Many leading stockbrokers and institutions now 
believe that the long-term prospect for property 
companies is more promising than it has been for 
many years, particularly because: 

1 • Falling interest rates The fall in minimum lending 
rate to 6j%»ill be most beneficial for property 
companies. 

2. Supply-demand and building costs The demand 
for quality propen ics is growing, but there has been 
little increase in supply. This Factor and very high 
present-day building cosls. arc causing substantial 
increases in both rentals and valuations. 

3. The economic climate Tlie recent improvement 

has helped boost international confidence generally in 
U.K. assets. Property shares arc viewed more 
favourably in this atmosphere. . . 


The Schlesinger Property Shares Trust aims at 
capital growth and should be regarded as a long-term 
investment. The fund will be invested mainly in 
property company shares -and up to 20° „ in property- 
related situations. The estimated gross yield on the 
current offer price of 29. Zp is 2. 1 6 Distributions are 

made on April 6th, starling 1979. 

ll must be recognised that property shares are 
volatile. Currently we advise that investors should 
place no more than 10 of their investment capital in 
property shares, preferably through a widespread unit 
trust portfolio. , 

Remember that the price of your units and the 
income from them may go do« n as well as up. 

The Schlesinger expertise 

Schlesingers have considerable experience in 
managing property ponfoiios and companies overseas 
and. more recently, in the U.K. The Trident Property . 
Fund - a Schlesinger managed Investment Bond - is 
the top performer in its field over four years. ( Source: 
Money Management January 197Sj. 

Scblesingers’PIMS service 

- Investors of £1500 or more w ill receive the i 

Schlesinger Personal Investment Management Service i 
(PIMSj which includes regular investment reports and 
invitations to meet the investment managers. ■ 


General Information fa ipki, w me rom> provided. 

Appli^u MK 4 j: f-e .fcir.o-' IcJeoS and ue*UI *end JOB a tie tailed 
rr*r.j:t ji i-ieur, :-m.rnuri.-jietnlll fc* ten I oul J urine March. 
TSu L nit Mnanl-. teU jrs nuhti.hed Jailv in InJidd hr* 5 paper*. To 
Scfl liatit. ilnir's Kiua i,.u.- tmilKMe anTNipriuelr mdoned on ibo 


tueL - pa; srw » ■ ifc-rmdl. ir_:Je wiitna ~ darsof our icwlvinc the 
Kar-jr^rdc^iL.-aic. Cfnrecsi .\r. miiwl chares Included in 

IhsOSer rv^e- A «.hafje — asiraiuluie Hi iplus VATlnf llw 
'Jiic »T She lurid it i lcJ t uiel ir.-m cor- income towards admlnblrxfl 
ewtur.CiMalulMti: ! 1 ’,".11 herald I” rrairnitceosnu. 
TtaMv Midland Bark 7rj« CViarW LlJ. Amfllon; Peai. Marwi. 
MlrcheS i. Ccnrjr.i . VLuuEcnsSchlniMU Tnw Maiuccre Ltd. 19 
ftaaxtr Smais. London w.i. HejriMeveii in fcneland. No. rjshss. 
Mentei o! ihe Lull This: Aivuciaiion. Tin. oCTci b doi available ;o 
mldcau o! Use RcpuMl; o( Ireland. 


fPriofs in pence unless otherwise 
indicated) 


RISKS 

Btinsey & Hawkcs ... 216 

Ilrtrap (J.) 2S) 

t'tmoMBcro 

Davenport's . Brwy. ... JIM 


Gumnc* **e»L 
House of Ktdwr > 

•Vtroy ■’.V* ..... 

st*E Furwiuro .... 

Stylo 

Uid. Scwntiflc ....... 


Wiitfsii .nu... v . .... s« 

GfftTFwIOS ... HU 
Dbrtwr 327 

Mh. AfWcan L*od tfr 


FALLS 
Treasury i2pc i®5 

British Sugar 

Common Bros 

Cii'l & DufftLS 

Hall l Matthew) 

Hcndcr.tttn-Kcnion .. 

I jrfbrnVe 

LA5MO. 

Midland Bank 

Smith [David S.) .. 
stock Umvenuon 

Sun Alliance - 

Thomson Ors 

Turner Manf. - 
Vinton 

Wnlsc!ey-Ha^hc% . . . 

LtrnnvB 


£1032 - I 
.470—20 
. 192 - S 
. 213 - G . 
. IS5 - 6 
. 73 - fi 
. 261 - 7 
. ISC - S 
. 3G3 - 7 
. S6 - 3 
.238-6 
.531—13 
. 638'- 12 
. 115 - 4 
, SO - 5f 
, l»l - 7 . 
. 173 - to 


FEATURES 


The hunt far the crashed 

ttBUMUC 3 - 


The difficult mood of 
British power workers ... 13 


Tunisia: The straggle for 
succession 


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For latest Share fetter 'phone 01-246 S026 


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(Comment ran in 


(INTERIM STATEMENT) 
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1 







Financial Times Saturday .January, 




in London and 


New York 


Banks hit by rights news 


Disenchantment 



ONLOOKER 


BY JOHN Vm.ES 


;:THE BIG excitement of the week 
') was Midland Bank’s unexpected 

E96.4m. rights issue— the biggest 
{since ICTs £196m. issue in May. 

1976. There had been rumours 
[for some time that one of the 
.,Big Four was contemplating an 
I issue but most people thought 
l Barclays was the prime candi- 
date since it had missed out on 
‘.:he 1975-76 bout of bank rights 


tissues. 

■ j. This is Midland's second 
' j rights issue in under three years 

• land the stock market did not 
l^ake kindly to it. Our bank 
Sector index, which had touched 

ts 1977-78 peak at the start of 

• :he week fell 6* per cent on 

• he news, and Midland Bank's 
li-j\are price — which bad peaked 
:’u *i02p on Monday— was stand- 
!i ng at 363p last night against an 
j ssue price of 330p. 

; For the stock market the main 
. vorry is that another bank may 
: till be waiting in the wings. 
i 5a relays raised a $100m. Euro- 
i >ond last year and the strength- 
ening of the pound will have 
. lelped its balance sheet ratios. 
[■ Jut it is by no means clear that 
! 21 the clearing hanks can sus- 
tain a long period of high loan 
h emand on the strength of their 
!' listing capital resources, 
i As for Midland the issue will 
Inprove its balance sheet sub- 
:an dally. The bank began the 
. 970’s with a series of expensive 
Inquisitions, such as Montagu 
rust and the Drayton group, 
|nd its balance sheet has been 
iffering as a result Following 
,ie appointment of Lord 

• rm strong (a former head of the 
nme Civil Service) as chair* 
i an. Midland has become far 
; ore aggressive in both the 


“mean as a tip, let alone com- 
pensation," a view likely to La 
shared by Vickers, which is also 
to receive £3m. from its share 
in BAC. and plans to make a 
statement shortly. 

However, stock market 
analysts are not so dismayed. 
“We are not disappointed 
because the figures are so 
meaningless. If they had been 
double that amount It would 
have encouraged us to make ail 
kinds of misleading projections 
on final payments.” was one 
sardonic reaction. 

Whinney Murray, the Govern- 
ment’s advisers, insists that a 
formula has been followed in 
arriving at the figures. But 
some analysts are now hoping 
that further interim payments 
will be made, if, as seems 1'' *ly, 
the negotiations are drawn out 


NEW YORK, Jan. 27, 


BMK OF ENGLAND 

MINIMUM 
LENDING RATE 


(Righi-twriafc} 


: EL-ACTBABlESHXEOntTEHESrnEX 

£ BRITISH I 
1 GOVERNMENT lea A 
m STOCKS ra/Hi3Z 


0VEH5YEABS 
I full- hand safe) 


| Dm3, STS MOO 


JFHAHJJASOMDJF 

1978 


1 1 ' 1 1 » 1 

ANJJAS 8 H D J 34 
1977 1978 


Sweet and sour 


.imestic and international mar- 
r;ts and this week’s move 
’fleets the group's much 
^jlder management philosophy. 
' r hetber it will pay off in terms 
I' profitability remains to be 
! en. 


h'op in the ocean 


The Government’s £21.95m- 
itial payment on account, dis- 
osed on Wednesday towards 
itionalisation compensation for 
' ipbuilding and aircraft 
' terests blew the froth off those 
• are prices of the companies 
volved. . Hawker Siddeley, 
ckers.' Vosper, Yarrow, and 
> /an Hunter all shed between 
[■ and lop on the following 

;>y. 

•The, only bright spot was 
jmdonjind Overseas Freighters 
licit received a higher than or 
l-pected £5.2m. for the Austin 
| Jd Pickersgill shipbuilding 
[.siness. LOF’s shares rose ljp 
[' 39p- 

i But the overall reaction from 
i'e companies, on or off the 
'cord, to the initial payment 
: ls that it was both derisory 
ludicrous. GEC describe- its 
! pa. it is to receive as its share 
1 , the BAC compensation as 


One of the worst performing 
blue-chips over the course of 
1977 was Tate and Lyle ; its 21 
per cent decline in share price 
terms over the calendar year 
was exceeded only by the 29 per 
cent fall in the market value of 
Reed International. The gloom 
began at the interim stage, after 
Tate and Lyle set out to pour 
cold water on the profit fore- 
casts of the more optimistic 
brokers' analysts. From a heady 
£BOm.. projections bad been 
steadily clipped back to £40- 
£45m. so that this week's 
announcement of annual profits 
of £43.9m., against the previous 
£52. 5m., came as no real sur- 
prise. 

The results of Tate — 
depresssed by problems at 
Manbre and Garton (acquired 
in 1976) and poor returns from 
shipping and commodity 
trading — have inevitably been 
compared with those of British 
Sugar Corporation, which were 
up from £l4.6m. to £20.5m. The 
accompanying BSC statement 
contained a reference to the 
directors’ view that the low cost 
structure, compared with U.K. 
and Continental competition, 
“will allow the company and its 
growers to prosper when true 
market forces within the EEC 
are allowed to operate.” This 
was a dear reminder that the 
EEC beet sugar lobby has 


gained the upper hand over the 
cane sugar refiners, such as Tate 
and Lyle, which have the politi- 
cal odds stacked heavily against 
them. 


trate on what it feels will be- 
the mainstream of Reed's activi- 
ties in the future. 


An even Tate admits that it 
is not out of the wood yet Its 
construction materials and 
engineering divisions may be 
doing very well, but there are 
still worries about sugar 
refining and trading, and the 
shipping side where there may 
be further disposals. 


Lucas forecast 


Stock market jitters about the 
forthcoming interim results 
from Lucas (due end of March) 
became even more noticeable 
this week as word spread of the 
latest forecast from local Birm- 
ingham brokers, Smith Keen 
Cutler. This estimated full year 
profits of £65m.-£70ra. compared 
with the previous year's profits 
of £77m. 


THE TOP PERFORMING SECTORS 
IN FOUR WEEKS FROM DEC. 29 
% change 

Office Equipment +7.1 

Toys and. Games - +3,9 

Textiles +14 

Mining Finance, ’ +13 

Property +1.9 

Metals and Metal Forming +1,4 
THE WORST PERFORMER5 


The shares fell 19p during 
the week to 253p on one of the 
most bearish forecasts to date. 
Lucas disclaim any responsibi- 
lity for the figures but has 
already admitted that its tool- 
makers strike in the first-half 
cost £llm. pre-tax in tost pro- 
duction. Meanwhile 7 an other 
major Birmingham broker, 
Albert E. Sharp is forecasting 
full year profits of : around 
£72 im. while both brokers esti- 
mate that interim profits will 
be between £23m.-£26m. 


For tiie past six months there 
has been plenty of speculation 
in the Press as to what parts 
of Reed might be sold off. The 
-management stoutly denied that 
Reed would sell International 
Publishing Corporation, which 
publishes the Daily Mirror. 

The advantage of the South 
African move is that Nampak is 
a successful company — success- 
ful enough to be bundled 
together with the loss-making 
Stanger mill and still remain 
a sellable package. Neverthe- 
less it is difficult to project a 
price for the deal. Stanger in- 
volves Reed in about £20m. in 
debt guarantees and Reed may 
lose money in extracting the 
proceeds from South Africa. 
Reed's holding in Nampak was 
bought for £31 m. . It wlli be 
lucky to get much more than 
that for it to-day, but tills would 
make a sizeable addition to the 
£30m. that Reed has already 
raised in this financial year by 
selling off peripheral- chunks of 
its business. •. 


AS MIGHT have been predicted, 
the stock market remained un- 
moved this week by President 
Carter's triple-headed bid to 
bolster business confidence. 
Neither the State of the Union 
message, the $24.5bo. tax cut 
plan nor the budget proposals 
were able to dent significantly 
investors’, .disenchantment with 
equities. 

Feeble attempts were made to 
stage a rally on the New York 
Stock Exchange 'on Tuesday and 
Wednesday, but as so often .in 
the past the momentum was just 
not there to take the market out 
of the starting blocks. The 
towel was thrown in again yes' 
ierday when just over nine 
points was wiped off the Dow 
Jones Industrial Average leav- 
ing it S per cent lower than rt 
was at the start of this year, 
and 20 per cent, below the level 
of a year ago. 

During this past year, the 
American economy has achieved 
4.9 per cent, real growth, cor- 
porate profits have risen by 
between 12 and 15 per cent and 
corporate dividends were up by 
16 per cent. 

This is rarely the sort of logic 
to which the stock market even 
responds and the facts 'of an 
unstable dollar and of rising 
interest rates weigh much more 
heavily on the minds of Inves- 
tors. In trying to conjecture 


on how much further the market 
might fall analysts are increas- 
ingly focusing on investor 
psychology. Although they dis- 
agree among themselves as to 
Whether the Stock Market has 
climbed into a bearskin resembl- 
ing those which were worn in 
1969-70 and 1973-74. the signi- 
ficantly high cash reserves 
being carried by the institutions 
means that institutional fund 
managers are being placed on 
the analytical couch. ' 

Mr. Robert Farrell Vice- 
President and Manager of Market 
Analysis for Merrill Lynch, 
argues that 1977 completed the 
worst five years ever for insti- 
tutional equity . portfolios and 
that pressure from, clients made 
institutional managers hyper- 
cautious Qot least because clients 
were promised they would not be 
caught in the next bear market 
The latest survey of sentiment 
among institutional investors 
reveals that 61 per cent are 
“bearish” and this could help, 
said Mr Farrell, to take the 
market down to an important 
low in the first quarter of this 
year- The question in Mr. 
Farrell’s mind is whether this 
“important low” would be 
sufficient to. lure some of the in- 
stitutional cash out of reserves 
and into equities given the fact 
that dividend yields are now 
about 6 per cent and price earn- 
ings multiples touching their 


lowest levels for 30 years. Thus, 
it is argued,' the market needs 
to look at least as attractive as 
this in order to correct the 
ex ag gerated values which stocks 
had acquired by 1972 when yields 
Were around 3 per cent, ana 
price earnings multiples 

approaching 20. 

“ Statistically then, the market 
may not be too far. away from 
the point where its yields are 
truly competitive with fixed in- 
come investments and where 


— — — 

there may be too many bargains 
which aro too good to miss. How* 


which are too good to miss. How- 
ever, the final element which may 
be needed to soothe the anxieties 
OF the institutional investor is a 
clear indication that the U.S. 
economv is moving into a reces- 
sion. This is clearly lacking at 
the moment and there are good 
grounds for agreeing with the 
Garter administration that it may 
welt be none too apparent next 


year either. 

In the meantime, the invest- 
moot rot which has attacked 
industrials and glamour stocks 
alike, is thought likely to * ,arl 
eroding the value nf secondary 
stocks issued by hundreds of 
small and medium size com- 
panies whose attractions last year 
enabled them to actual y increase 
in price. Both the Value Lme 
index and- the American ex- 
change index, which track the*® 
stocks, gained last year but both 
have started to retreat tms 
mouth and the gloomiest predic- 
tion is that they will follow the 
larger stocks down the same 
path. 


Monday 

Tuesday 

Wednesday 

Thursday 

Friday 


Change 

-6.24 

+0.87 

+0.87 

—9.10 

+0JS 



The platinum rush 


BY PAUL CHEESERIGHT 


PLATINUM TS back in fashion, 
in both the sartorial and finan- 
cial senses. The increase in 
Japanese jewellery demand has 
been a significant factor In 
pushing up the free market 
price, which reached S220 an 
ounce yesterday at the morning 
fix. The producers meanwhile 
have quickly seized the oppor- 
tunity -of raising their quoted 
prices. 


No demand for gilts 


Reed SA sale 


All-Share Index 


Banks 

Wines and Spirits 
Insurance Brokers 
Oils 

Investment Trusts 
Food Retailing' 


On Thursday. Reed Inter- 
national announced that it was 
negotiating to sell two impor- 
tant South African interests — 
its 62 per cent stake in Reed 
Nampak, a packaging company, 
and its half share in the Stanger 
Pulp and Paper project. The 
decision was the first major one 
that the company has taken in 
its attempts to reduce roughly 
£400m. of debt and to conceit- 


A small cut in MLR was the 
buzz around the gilt market for 
much of the week but buyers 
were not to be tempted and 
prices drifted lower 
By Wednesday, though, there 
had been no Bank of England 
signal and this added weight to 
a possible cut in MLR and gilts 
made a brief recovery. Bat- 
following reports thatthe latgst 
U.S. trade figures'* fed been 
postponed until Monday, at 
which time President Carter 
was to give a Press conference, 
it was generally expected that 
the Bank would await -the out- 
come here before making any 
moves on interest rates. After 
the sharp reaction to this news 
gilts closed the week with some 
technical rally. 


Rustenburg and Impala, the 
South African mines whose out- 
put makes up the bulk of 
western world production, both 
raised their prices to $205 an 
ounce from $180. But whether 
this signals a return to the 
heady boom days of 1974 is 
open to doubt 

Still, the stock market has 
been sufficiently encouraged by 
the prospects to raise the price 
otboth Rustenburg and Bishops- 
gate, the vehicle foT entry into 
IropaJa, which is- part of the 
Union Corporation group. 
Rustenburg touched 99p last 
Wednesday but closed yesterday 
at 93p for a gain on the week of 
lOp. Bishopsxate was 83p for a 
week’s gain of 4p, after touching 
90p at one stage. • 


Holding back 


> • MARKET HIGHLIGHTS OF THE WEEK 


U.K* INDICES 


Change on 
Week 


■ bid. Ord. Index 

as. 10j% *99 (gS-pd.) 

>C intern atio nal 

nb ridg e 

■dap Bank 

tough 

■pets Internationa l 

rban Deep 


t Rand Prop. 


lt« Property Inv. 


-tdenon-Kcnton 


lurg Cons. 


ell (G. F.) 


as Inds. 


Hand Bank 


t enburg Platinum 
nd Diffusion 



ecleris Restaurants 


Domestic and U .S- uncertainties 

S ellers in unwillin g market 

Airco acquisition u ncertainty 
Ag reed bid from Winn Inds. 

Ri g hts issue f ears 

Go od annual res ults 

Aus tralian lones/ dlvd. wa rning 

Lar ge holding in Rustenburg 

Co ntinental buying ■ 

Go- ahead for Brussels project 

Lac k of Support 

Poo r interim r esults 

Co ntinental buying 

Bid sp eculation 

Brokers downgrade profit «t 


Surprise £96+m. rights Issue 


Sharp rise In selling price 

Finan ci ng arrangements 

1 st compensation payments ‘mean* 


Average Jan. . Jari. Jan. 

week to 27 20' 13 


FINANCIAL TIMES 

Govt. Secs. 7&.60 77.14 77 A * 

Fixed interest 80.59 80S0 80. 88 

In dust. Ord. 481 J 479.0 4847 

G old Mines 156.4 145.1 13 9.4 

Dealings mkd. 5,787 5,610 4,055 


FT ACTUARIES 

Cap ital Gds, 210.95 
Consumer 
( Durable) 192J7 
Cons. (Non- 
Durahle) 199.19 


Ind. Group 204.48 


500-Share 226-98 
Financial Gp, 17234 
All-Share 2 iTQ8~ 


20JL85 211.05 


191.33 19129 


198 JO 202J9 


205.03 208.20 


224.02 229.52 
173J 2 775.79 
210.44 213J7 


The sharp movement of the 
free market price bver the past 
four weeks has been the result 
of a confluence of factors. In 
the first place the mines have 
been holding back production. 
Impala’s plan has been to keep 
production at the annual rate of 
700,000 ounces. Last November 
Rustenburg announced a cut- 
back of between 10 per cent 
and 20 per cent, from its annual 
rate of lm. ounces. 

The aim was to bring supply 
back Into balance with demand, 
to allow a recovery from the 
quoted price of $162 an ounce, 
which prevailed through most 
of last year, and from the free 
market price, which languished 
below $150 last summer. 

. One of' the problems the 
mines faced last year was the 
falling ' away of Japanese 
jewellery demand, but latterly 
this has picked up strongly. It. 
is thought that , this month the 
Japanese took up their monthly 
allocation from the mines in 
two days and have since been 
taking supplies from the free 


market at the rate of around 
100 kilos a day. 

This buying surge has coin- 
cided with the failure of the 
Soviet Union to maintain stable 
supplies for the free market 
The reasons for this are 
obscure. At any rate, the return 
of Russian supplies is not 
expected until March at the 
earliest 

These fundamental factors 
have been responsible for part 
of the rise. But thete has been, 
a speculative element. There has 
been heavy investment buying 
from Switzerland. ..and the New 
York platinum futures market 
a volatile mechanism which in- 
fluences London, has been 
fuelled by U-S. stockpile plans. 

In Washington, at the begin- 
ning of the week, the Federal 
Preparedness Agency 

announced it was seeking a 
budget supplement to buy more 
than .860.000. .^ounces,, 'qf 
platinum, roughly the same 
amount as RustenburgTs annual 
output. 

If this was to take place It 
would clearly give a Very 5rra 
undertone to the market hut 
plans fall f3r short of acts, 
especially if Congress is left to 
vote the money. : 

It is this speculative elemen 1 
in the market which will make 
the producers very cautious 
about future production plans. 
They will also require evidence 
that the Japanese demand is 
likely to be sustained before 
they turn along an expansionary 
path again. At a rough guess 
ImpaJa and Rustenburg would 
probably like to see the free 
market price holding around 
$250 before relaxing their 
retrenchment. 


was the lowest for 10 years. 
President Kenneth Kaunda has 
pledged reductions and has 
raised the possibility of closures, 
which, he said, would be 11 a 
very painful decision because it 
means thousands will be thrown 
out of employment ” Between 
them Roan Consolidated and 
Ncbanga Consolidated last year 
produced 650.000 tonnes of cop- 
per concentrates 

Against the trend, however, 
and exhibiting a confidence felt 
In few sections nf the indusrry. 
Exxon Minerals International, 
a subsidiary of the gigantic U.S. 
oil corporation, Exxnn. has said 
that it plans to spend SLlhn. 
(£563.3m.) expanding the La 
Dispntada mine in Chile. This 
Is subject to detailed surveys of 
the mine’s potential. 

Exxon, in its biggest venture 
outside the energy sector, is 
buying La Disputada for SllQm. 
.from the Chilean state group. 
Empress National de Mlneria. 
cashing in on the disposal of 
Chilean Government- assets and 
anticipating shortages in the 
19301 


Somewhere between these 
trends, the Rio Tinto-Zinc 
group’s unit. Bougainville Cop- 
per in Papua New Guinea. 


pushed up production slightly 
last year to 182.291 tonnes of 
contained copper from 176.519 
tonnes in 1976. But Bougain- 
ville has what many copper 
mines envy: gold as a by- 
product. This should improve 
net profits for the second half 
of 1977. expected shortly. 

After remaining between $140 
and $150 an nnnee for most nf 
the third quarter last year, the 
bullion price has moved up 
strongly and yesterday closed 
at $176,375 after a week in 
which the market has found (he 
price levels of three years ago. 

The price movement has 
begun to show up in the operat- 
ing results of the gold mines 
and is expected to result in a 
profits recovery for Anglo 
American Gold Investment the 
main gold share holding com- 
pany of Anglo American Cor- 
poration in South Africa. 

This week Amgold announced 
net profits of R41.5m. (£24.7m.) 
for 1977, down from R45.3fim. 
in 197G. But the second half 
was better than the first. The 
final dividend declared was 85 
cents (50.6p), making a total 
distribution for the year of 165 
cents, compared with ISO cents 

in 1976 


|230r* p® TROY ounce- 


PLATINUM 


Although the Latest rise in the 
producer price is substantial, 
the new level is only $15 above 
that preva.’ling in 1974 and the 
mines have in the interim 
suffered from poor markets at 
a time of increasing costs. 

In this respect they have been 
under the same pressure as the 
copper producers. . whose 
response has been identical, but 
Inevitably more widespread. 
Mine cutbacks have become the 
norm, closures have been 
frequent. 


Rvstenburg- 


■}7 q|-PREE 

T market 


PRODUCERS’ PRICE 

^ 


Impala 


In line with this trend, 
Zambian copper output in 1977 


JAW FB MAR APR MAY JUti iHH. AUfl SEP nffir win, nee 


19770378 



Northern Ireland News. 12.15 a.m. 
News and Weather foe Northern 
Ireland. 


BBC 1 

T Indicates programme in 
black and white 
50 OJn. Finger bobs. 9-05 
oe. 930 Multi-coloured Swap 
p. 1SJ3 pjn. Weather. 

5 Grandstand: Football Focus 
<1220); Boxing (12.50) high- 
lights from this week’s Royal 
Albert Hall bill: Gymnastics 

(1. 15) The Champions’ Cup; 
Weightlifting and Trampolin- 
ing (2.00. 2.43) Butiin's Multi 
Sport Festival: Athletics (3.00, 
4 20) Philips National Indonr 
Championships; Rugby League 

(3.15) The John Player 
Trophy Final: Warrington v. 
Widncs: The Sporting Year 
1952 (4.00); 4.40 Final Score. 
10 The New Adventures of 

Batman. 

35 News. 

15 Sport/Regional News. 
id Jinx’ll Fix It. 

25 Dr. Who. 

30 Saturday Night at the 
Movies: ” Up Periscope,’' 
starring James Gamer. 

10 Mike Yarwpod in Persons. 
10 Starsky and Hutch. 

K) News. 

10 Match of the Day. 

15 Parkinson. 

1 Region programmes as BBC-1 
pt at the following times: 
ales — 8.40-9,03 a.m. Tel iff ant 
I p.m. Broadsides, 
otiand— 1.45-2.05 and £25-2.45 
i Amateur Boxing. 4-55-5.1Q 
5-45-&50 Scoreboard. 10.10 
' tscene. 10.43-11.15 Songs of 
land. 12.15 a.m. News and 
; ther for Scotland. 

■ irthcrn Ireland— 1 .45-2.05 and 
.,.2.45 p.m. Amateur Boxing. 

1 5.10 Scoreboard. 5.45-5-50 


BBC 2 

2.45 p.m. Saturday Cinema: 
■’ The Scarlet Coat,” starring 
Cornel Wilde. 

4.25 Ptay Away. 

4.55 Horizon. 

5.45 Opening Doors. 

6.30 Sight and Sound in Concert 
featuring Gordon Giltrap 
and Michael Chapman 

(simultaneous with Radio 1 
stereo). 

7J0 News and Sport 

745 Network. 

8.1 S The Book Programme: 
interview with Susan Hill. 

845 Cuming Along Nicely . . . 
Film about the British 
violin virtuoso Nigel 
Kennedy. 

10.15 M*A*S*H. 

10.40 News on 2. 

10.45 Film International: 

“Hyenas’ Sun.” 

ftiL20 Midnight Movie: “San 

Quentin," starring Pat 
O'Brien and Humphrey 
Bogart 

LONDON 

&30 a.m. Fun Food Factory. 8.55 
Junior Police 5. 9.00 Our Show— 
to include Sesame Street and 
cartoons. 11-00 Saturday Cinema: 
"Double Trouble,” starring Elvis 
Presley. 

12 J 0 pun. World of Sport: 1235 
On the Bail; i.oo International 
Sports Special (11 Ice Hockey 
from New York: i.io News 
from ITN: taij The TTV Seven 
—1.30. 2 00. 2.30 and 3 00 from 
Doncaster; 1.45. 2.15 and 2.45 
From Ayr: 3.10 International 
Sports Special (2) Athletics 

. from New Zealand: S.50 Half- 
time Soccer Round-up; 4.00 
Wrestling; 4.50 Results Service. 


5.05 News. 

5.15 Happy Days. 

545 Lagan’s run. 

645 Celebrity Squares. 

7.20 Enemy at the Door. 

840 Sale of the Century. 

9.00 Within these Walls. 

10.00 News. 

10.15 The South Bank Show— 
“The Player King." with 
Melvyn Bragg and his guest 
Alan Howard. 

11.15 The Adult Movie: “Sitting 
Target.” starring Oliver 
Reed and Jill St. John. 

13.50 a m. Close: Leonard Pearcey 
reads a poem by Hilaire 
Belloc. 

AH IB A Regions as London 
except at the following times: 


Time. U-fiO The Low isUnds U+» The 
Secret Lives ot Waldo KM*. 12 00 
Cantata S cartel and -he HvsterooB. 
U5 pvm. Lofian's Ron followed by area 
weather forecast. Highland League and 
■hinir results. 605 Havoc. MS Sale at 
thj Ceamry. 7J5 Enemy it tbe Door. 
«J5 Tfce Six Million Dollar Man. U-1S 
Reflections, mo Tbe Frankie Vaughan 
Snow. 


GRANADA 


ANGLIA 


9*01 a.m. Annua] Alp'iaber Panda. 
U0 Cartoon Time. S30 Ttswas. UJS 
Soldonttani 19.45 Tlswsa U.25 VaUe» 
of (be Dinosaurs 1135 Tb*was. 5.15 0 . 01 . 
Celebrity Sana res. 6.03 Code R. 7.60 
Sale or tile Century. *73 TV Mnvle: 
"HirclUMfre!” starring Oorts Leachman. 
ti-15 Within These Waite. 1205- sjh. At 
The End or Tbe Day. 

BORDER 

930 us, Tisuras including Woobloda— 
Animal Doctor and C'iost Rimers. 
5JJ tun. Lusan’s nun. U5 Havoc. M5 
Sale of flu Century. TJ5 Enemy nr the 
Door. U5 Tbe Sir Million Dollar Man. 
UJ5 Second City Revue. 1U5 The 
Collaborator*. 


939 a-m. Tlsvas including 18.-8 
Draomuti— u>e Dog Wonder. iH-ajf Ttswax. 
21J5 Solo One. 1135 Tiswa/sJ5 P.m. 
Logan's Run. 605 Havoc. 6^45 Sale of 
tbe Century. 735 Enrmy a i the Door. 
ttlS Best Sellers: "My 1 :out!n RaebeT 
siarrlng Olivia d# Bavilland and Richard 
Burton 1135 Second City Rrrnc.' tU.15 
Hou-e of Horror-: ■■The ^vea or Charles 
Sand” starring Rgrbara Rush 

HTV 

4.05 a-m. Mister CoU. 4.30 Hawns. 
M35 Barman 10.45 Tiswas 1133 Beach- 
combers. 1135 Tiswas fconiinoedl. 5.43 
o.n. Celebrity Souares. L3S Logan's Run ■ 
0.00 Streets or San Francisco. U35 
Mnynlhan, 

HTV Cymru /Wales— As HTV General 
Service except;— 5.45 p.tn. Cartoon time. 
0.00430 SI on a Sian, ll.15-12.io am The 
Cartiering— return of the Clansmen, May 
1977. 


Tiswas lad cut me Winning With WUhic 
and. Batman. 535 Pan. Logan's Ran. 
435 Havoc. MS Sale of tbe Century. 
735 Enemy at die Door. 835 Feature 
Film: "The Impossible Years” starring 
David Riven and Lota AUtnght. 1135 
Late Call. 1UD Danger tr Paradise. 

* SOUTHERN 

830 sum. Weekend followed by Regional 
weather forecast. 4XO Onr show includ- 
ing Sesame Street. 11.00 a.m. Tarxan, 
1133 Happy Dora. EL20 p.m. Weekend 
followed by Regional weather forecast. 
535 Celebrity Sonares. 640 Six 
Million Dollar Man. 7X0 Sale of tbe 
Cenrury. 838 “Dirty Dingus Hagee" 
starring Prank Sinatra. 1135 Within 
These Walls. 1235 amt. Southern News 


Raviiiand ana Rlcbard Burton. U35 
Mastmmci. 


WESTWARD 


9X0 «jn. The Beetles. 935 The Lost 
Islands. «30 Feature Pure: "Thlny 
Yeara of Fun." iuo Gus Honertun'* 
Birthdays. 1135 Sbae; 1908. 535 p.m. 
Jxgan's Run. 835 Happv Days. 9X0 
Police Woman. 11-1 3 ADpoioctnem With 

Fear “Blind Terror" starring Mta 
Farrow. 12.6 a.m. Faith For Life. 


YORKSHIRE 


TYNE TEES 

«.m. Survival- hjjs Ropahma 
Cassidy. 1LN Play Soccer lack Charlton's 
Way. 1130 Space 1999 -5.U p.m. Logan’s 
Run. 8,15 Bavoc. 6.6 Sale of tbe 
Cenrnry. 735 Enemy ar >b- Donr. 835 
Tbe Six Minion Dollar Min. 11.15 The 
Practice. 11X5 Tbe Family. 12.40 sun. 
Epilogue. 


ULSTER 


SCOTTISH 


9X0 a-m. Bones In Oar Blood. 938 


1830 ajn. The Herbs, ibjb Tree Top 
Talcs. U3S Beachcombers 11X0 
Survival. U38 Sesame Srreet 5.00 P-m. 
Sporu Retails. 535 Logon’s Ran. 835 
Havoc 6.6 Sale of the Century. 735 
Enemy at the Door. tS35 Best Sellers: 
“My Cousin Rachel” starring Olivia de 


TV ratings, week ended January 22 


CHANNEL 

1238 P.W. Puffin’s Birthday Greetings, 
535 Logan’s Ron 635 Happy Days. 9. OS 
Police Woman. 1135 Appointment With 
Fnar: "Blind Terror" 


ATV 

9.05 am, The Roll 3arrla Sbbw. 930 
Tineas including Droomun— the Dog 
Wander and The Cjkm Raager, 535 p.m. 
Man Front Atlantis. U5 Havoc. IB 
The Streets of San Francisco. U-15 The 
Saturday Suspense MOvte: "Tbe Rati." 

GRAMPIAN 

9X0 a.m. Scene on Saturday Indudinjc 
Birthday Greetings and Stator 9J0 Tree 
Top Tales. 9X5 The Woody woodsecdcar 
Show. 1835 WooMnda. 10X5 Cartoon 


UJC. TOP 28: Viewers (m3 

1. Tbit Is Your Lire (Thames) ~ 30.45 

2. Coronation street l Wed.) 

t Granada) W.40 

3. Coronation Street (Men.) 

(Granada) 17.50 
Miss Jones and Son (Thames) ... 1730 

5. Hazctl (Thames) 17.20 

6. Crossroads (Wed.) (ATV) ......... 18.90 

7. Crossroads (Thnrs.) (ATV) K70 

8. Crossroads (Frt.l (ATV) 16(3 

9. Crossroads (Toes.) (ATV) 16.40 

Mind Your Language <LWT) ... 16 40 

Xl- Sale of tbo Cent ary (Anglia) ... 16.25 
12. Maggie and Her (LWT) 13X0 

13 Wild Alliance (Yorks.) 15.55 

14 Rising Damp (Yorks.) 13.43 

15. Omtlwilb Knocks (Thames) — 15JB 

Dave Allen (ATV) _ ...... 15.28 

17. Enemy nt the Dew (Lda. WE) 15.16 

18. The Professional! (Ldn. WE) 16.96 

19. Central Hospital CATV) 1400 


28. Emmerdaie Farm (Tims3 

(York*.) 1470 
Futures compiled by Audit of Gnat 
Britain for ibe Joint Industrial Committee 
for Television Advertising Research 
tJICTARl. 

US. TOP TEN (MBILSON RATING) 
Week ending January 33 

1. Loverna and Shltfey (Comedy) 

(ABC) - 873 

2. Happy Days (Comedy) (ABO ... 383 

X Lhdc House (Drama) (NBC) ... 20.7 
4 Three'* Comonoy (Contedvi (ABC) 20 * 
X U Minutes (News) (CBS) K.O 

6. Charlie’s Angels (Drama) (ABO 36 6 

7. Love Boat (Comedy) (ABC) .... 38.6 

8. American Music Awards 

-(Special) (ABO 26.1 
4 Big Event; 50 Years of Country 

MnsK (NBC) - — 25.1 

18. ABC Sunday Night Mcvte: Mas 

whfi the Golden Arm HI 

A HeflHD Rating Jg not a nu meric a l total 


9X0 a-m. Tbe Rolf Barns Show. tJJ 
Bot Stuff. 935 Saturday Scene Action 
Adventure — "Capra in Sinned?' nxa 

Valley of tbe Dinosaurs. U30 Hatwv 
Days. 12-00 Calendar Kids. 535 p.m. 
Lazan's Run. 635 Havoc. 6X5 Sale u» 
tbe Centrin'. 735 Enemy e» the Door. 
335 The Six Million Dollar Man. 1135 
The Mary Tyler Moore Show u.« 
Rapnwng 

RADIO 1 247m 

(S) Stereophonic broadcast 
(Q) Quadrophonic broadcast 
6X0 a.m. As Radio 1 . LWt Ed Stewart 
intb Jtlhlor Choice <S) lflxo .KW Jmscn 
12X3 PbbJ Gambaccinl. LJl p.m. Rock rm 
ts). 2J0 Also *reorasn <S 4 Qi. 531 
Aled. Romers dims and Soul Show ts.. 
6 J sight and Son ml ;n Concert 1 S 1 
featuring Gordon Glhrap and Michael 
Chapman fslmulraneous with BBC -2 r»t». 
vision). Z30-U33 ojh. At Ratlin; 1. 

RADIO 2 J^OOm and VHF 

6X0 jun. Raws Summary. 6X2 Tom 
f Sl the Early Show, inchm. 

^H n8 JL u,le,ln ’ 156 Rodin 
Wallj Whyton pq the Sunnysldr 
of Saturday iS). 12.02 pan. Two’s 
«Si 1X2 The Nevrs Huddlloes. LRLSjt 
Snort on 1: Cup-Tie Special O 3 D. 203 

S’a’B.'sjB ttSs 

with a preview of the First Ten- sra 

C^w P « r e. Bar n 

Radio 2 Top Tones «5i. a u 
at the mono is » as* 


Sfaw&ffBS 

wa-SSSS 

RADIO 3 464m. Stereo &7 i\f 

735 aoa. Weather. UK ^ 


AutmOv' tS>. *.00 News. 9X3 Record 
Review «M. 1835 Sterev Keieane pi m .inr 
bBC Northern 
Symphony Orchestra <s ■ uxj p.m. jono 
poouU f dawns on records 
!■» Hentase. 1 15 
St «p« <riwwi IS. 235 Man M 
Action. Tbe Rev. Nicbotaa Sucev 
chooses records tS>. 335 Music S^rne 

ir cr \ Requests 

*' . *1® _ C f 1llC3 ^ Forum. 635 'nie 

Classical Guitar iS). 730 ScotiMih 
« 0t ? esn '>- i! SeteP, 5 , 
If? Know ® ro, hers: Christopher 

s . y!t ”.»«*3 at uie lives of four sow pi 
the Rtsbop 01 Maitcbnter. 830 Scottish 
Natimui Orchestra pan i : Can 
9.2D AswmotlTOB lU-Fwmded (talk b, I r 
Chart*, Curran. 18.00 Rrahma chamber 

nnwn .s* was Son mK im“ 

uiK tSi -11-3 News. 1130-1135 
Tonight's Shubert Song on racordT 

RADIO 4 

434ni, 330m. 2$5m and VHF 

(Medium Wave only 
630 LSI. News. 6J2 Bimini * M ., 
6-53 Yours Kaithiutly. ttxs Wrath J 

JS* *OJO Dnr off arSi 

■Si las Radio 31. ala'wewher Aml * 
Branune news VHF 1.^1 , an,Pr - 

js™ 

Any Questions? 2X0 Frank umf- * 15 
{Jio . . CotiwmerAIIalra AwW?!** 
Minute Theatre , S ). S 
P 1 *'- Re Take Stuart 335 it..,.? . 

r„ Rartlo If jSStiilf 

Day The Roan ghm. "I the 

^ C, UJS & 5K n t. UJB ‘ 

BBC Radio London 

6 x 0 D J 206m 943 VHF 


IrhimI 

Robbie Vinc ent Saiunjjy jhuw 2 K p.i+ 

930 M i rt'iric W ni »-!^* ,><tul ?- tnurie. 

- 8,Ihnw win cltno Un. 5X0 

Sounds n .104 t JO-cio*. Ra?w = 
London Broadcasting 
6.00 a m it ^ and 97 3 VHF 

MarT ' ,w Music 7X0 A.M.: 
t.iu? 1, reviews, featutea Hunn*. 

Utte. Sa, «H»aF music 9.00 N1i|tit- 


Capital Radio 


6X8 . ,94ni and 3S.S VHF 

gi gj aws: ssa.*s 

a5 T 

Spi-nrum R ™ 

2sr ajJasa-Aars; 


CHESs SOLUTIONS 

NO. 200 

huj ’ JJJL hl,e s, , an <is worse, must 

1 OhJR V t^aw. and after 

*3 '• *K- R^* 8 * 8 ' 

5TJL «■■«. '<w «iv 

viih?;, ^ ^ ch: 2 P*N, BxB 

Pr0 ! >, ‘‘ m No. 200 
«» i. 5 ™ f throat B-O n i 

- B-Qb. or if N.iu. ■» wo * - 
if N 04* o w o- - «■!*•. . 

2 P-B+ ’ 2 NQf * «■ « NKSt 


se ” BJ Thrift : 


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return 


BY ADRIEN N£ GLEESON 


BATES ON MOST building 
snrieDT deposits Me coming 
duwtt- on Wednesday, and you 
need to jump to it if you are 
to- tskp advantage of- those 
which are not For while three 
of the biggest building societies 
—Abbey National, Leeds 
Permanent and Alliance — plan 
to continue to H reward our 
loyal Investors," it's only 
investors- who have accounts in 
being on Tuesday who will 
benefit. And, in the case of 
Abbey National and Leeds 
Permanent. theyTl benefit only 
to the extent that- they have 
money in those accounts 


already. Alliance, in contrast, 
will pay the rate it offers on 
existing accounts even where 
new money is put into them 
beyond nest Tuesday's deadline. 

Is the rate which the rebel 
societies propose to offer -their 
loyal investors worth the 
trouble of securing it? •‘Well, 
whereas building societies 
following their Association’s 
recommendations will be reduc- 
ing the return they provide to 
investors to 5.5 per cent, on 
Wednesday (equivalent to 8.3 
per cent grossed up for a basic- 
rate taxpayer), the rebel 
societies will offer 6 -per cent. 


(equivalent to B.l per cam,). 
And, unless you patronise the 
National Savings Bank (until 
the beginning of March), you 
won't too easily find that else* 
where. 

You certainly won't find it 
from, the banks, which are offer- 
ing a mere 3 per cent, on 
deposit accounts, and even with 
fixed term money (on a mini- 
mum of £10.000), they go no 
higher. than 6* per cent on one- 
year money. Small wonder 
that (as the survey discussed 
below indicates) the banks rank 
none too high as savings in- 
stitutions. You won't find’ it, 
either, from . the local 
authorities, for the best on offer 
there (again on a one-year 
deposit) is 6j per cent from 
Leicester City.. You might find 
it from one or two of the 
smaller building societies. 


which are habitually nut of line 
with their bigger brethren — 
the likes of London and Gold- 
hawk. But the reason that they 
offer more is that they don't 
have the coverage to generate 
much market awareness; and if 
they don’t have that coverage 
you are not likely to be able 
to use your local branch for 
convenient withdrawals. 

With three of the biggest 
building societies, on the point 
of paying more for their 
deposits than the rest, it almost 
looks as though competition is 
about to break out among the 
massed ranks of the building 
society movement. But not so, 
according to the protagonists. 
They say that the mere fact 
that they have imposed a dead- 
line - is proof that they're not 
actually out to attract more 
deposits; and indeed, most 


building societies are now so 
flush with cash, after last year's 
bonanza, that it's difficult to 
imagine any society braving the 
massed wrath of the movement 
on this account 
The fact that the building 
societies, have so much money 
in their coffers has. of course, 
implications for the housing 
market— though the building 
societies are still, themselves, 
stoutly denying that it neces- 
sarily means a boom, and ex- 
horting one another to con- 
tinued caution in lending. But 
it also has implications for the 
gil* edged market, for a large 
proportion of building society 
funds has gone into short-dated 
giir«. ■ If they do nothing more 
th&d refrain from putting more 
money.. in, that could have the 
short end of the gilt-edged mar- 
ket looking unhappy. 




Ways in which savings are made, analysed by age 


ALTHOUGH THE existence of 
the welfare state has induced 
some young people in 'Britain 
to abandon attempts to save, 
consumer sentiment has lifted 
only marginally in favour of 
spending. Of those who do save, 
an increasing number are using 
building societies rather than 
banks. 

-These are some of the. con- 
clusions of a new survey by 
Research •* Associates*, the 
StaffonlsbireJrased ' research 
ewnpany, into the saving habits 
of people aged 18-35. The re- 
search was conducted among 
eight discussion groups ' (65 
people), and by way of a 
national poll of 3,000 people 
throughout the country. 

Life assurance companies 
appear to be in danger of losing 
business in the new commuter 
suburbs, the survey says, and 
it suggests that they need to 
develop a substitute for the 


door-to-door collection of pre- 
miums , perhaps, by opening 
walk-in promotion centres in 
towns, and even within depart- 
ment stores. - 
On the subject of alternative 
methods of savings, the survey 
indicates that there is a high 
awareness and great interest in 
the concept of collecting rare 
objects such as antiques, but 
few people feel qualified to be- 
come seriously involved. - 
Young people, the survey 
says, regard banks as a " tedious 
necessity." Although they pro- 
vide a necessary money-handling 
service, banks are criticised for 
the poor interest they offer on 
deposits, for their authoritarian 
attitudes, impersonal service. 
Saturday closing, counter 
delays and a lack of positive 
advice to savers. They are not 
a worthwhile avenue- for savings, 
according to the survey. It is 
suggested that interest rates, at 



Total 

Men 

Sex 

. Women 

16-24 

25-34 ' 

Age 

35-44 

45-64 

65+ 

Number questioned 

972 

465 

507 

171 

199 

154 

293 

154 

Bank deposit • 

36 

36 

3? 

38 

37 

37 

39 

25 

Building society 

- 43 

44 

42 

48 

43 

49 

43 

32 

Life assurance 

6 

6 

6 

3 

11 

8 

5 

3 

P.O. savings 

7 

5 

9 

6 

4 

-5 * 

8 

- 15 

Savings certificates 

3 

3 

3 

O 

1 

- 3 

4 

6 


12 

12 

13 

12 

9 

; 18 

12 

7 

Do not save/none 

16 

15 

16 

12 

14 

11 

15 

28 

Source: Research Associates 


least on long-term deposits, will 
have to be raised if banks are 
to maintain their share of the 
market and— because the com- 
petition from building societies 
is so great— they should con- 
sider entering the house 
financing market themselves. 

The report notes that life 
assurance is the second most 
important aspect of family 
security after home purchase. 
However, despite a wide belief 
thar life assurance is important. 


mc-t people hesitate to Initiate 
action. They are suspicious of 
salesmen, and uncertain how 
and where to deal with 
insurance companies: 

The Post Office Savings Bank 
still has an old-fashioned image, 
according to the survey. 

There is little general under- 
standing of unit trusts (women 
are especially unresponsive) 
and even less of property bonds. 
Stacks and shares are con- 
sidered complicated and risky. 


and are of little interest. . 

The survey concludes that 
high inflation rates have cut 
into people’s belief in the need 
for - saving, but have "not 
seriously eroded their convic- 
tion that it is both prudent and 
morally good. 

• How Young 1 People Choose 
To Save: -a report by Research 
Associates. The Radfords, Stone, 
Staffs.- Price £135. 


ARNOLD KRANSDORFF 


Bonus prospects 


•‘THE SNOWBALL effect of 
sustained double-figure inflation 
is likely to force life assurance 
companies to increase premiums 
and. to cut bonuses." This warn- 
ing was given this week by Dr. 
Leonard Polonsky, chairman of 
Liberty Life— a ; null, recently 
established linked-life company 
that does not market the tradi- 
tional with-profits policies on 
which bonuses are paid. 

Since it Is his competitors for 
whom this gloomy prognostica- 
tion is made, the tendency is to 
write it off— especially as some 


life companies have announced 
substantial increases in their 
bonus rates for 1977. But that 
would be too hasty. The fore- 
cast contains more than a grqin 
of truth. 

Dr. Polonsky's premise Is 
that many of the longer estab- 
lished. traditional companies 
are weighed down with port- 
folios of older policies with 
very small premiums. There 
were adequate at outset, but 
because of inflation they now 
barely cover collecting costa. 

Life companies do find eld 


policies a cost problem, but the 
doctor’s argument overem- 
phasises their impart. Most life 
companies have expanded their 
business rapidly in recent 
years, so their portfolios are not 
completely unbalanced. Then, 
although expenses have risen, so 
has the investment return on 
older policies compared with 
that assumed in the original 
premium calculations: and to a 
large extent this offsets the 
cost burden. If inflation remains 
hiqh. the investment return 
ought to do likewise. 

Yet company actuaries have 
been voicing, in private, their 
fears that bonus rates may 
indeed have to come down some 


time in the future, not because 
inflation is rampant, but 
because it is apparently being 
brought ’ under control. As 
inflation drops into single 
figures, then so do investment 
returns — for the two tend to 
move very much in line. Costs, 
though, won’t fall — they’ll just 
stabilise. A sustained general 
fall in interest rates— some- 
thing that actuaries have not 
experienced since the war- 
poses problems that their 
immediate predecessors did sot 
hare to face. 

A life fund can arrange 


its investment portfolio to 
•■immunise" its existing busi- 


downtnrn in rates, for 'example, 
being offset by a rise in capital 
values. This and the elements 
of equity and property in their 
portfolios should mean that 
bonus rates on existing business 
are secure for several years. 

But some actuaries consider 
that bonus rates on future new 
business may need td be cut in 
order to be fair to different 
generations of policyholders. 

Dr. Polonsky may be right, 
but for the wrong reasons. As 
for investors, they should not 
worry overmuch. Any bonus 
cuts are likely to be made in 
gentle stages, rather than one 
massive cut. 


This is the fourth part of our series . The Seven Financial Ages of Man 
The series is written by Adrienne Gleeson , Eric Short and Helen Wkitfon 


Then a soldier 


THE THIRTIES arc a dangerous 
age. Ambition probably reared 
its head a long, long time ago; 
but the thirties are the age at 
which ambition and reality come 
into abrasive contact If the 
clash threatens to put you out 
of a job, there are certain 
things to be borne in mind. 

The first £5.000 of any golden 
handshake you receive comes 
to . you tax free— assuming, 
that is. that you've nothing 
written into your contract about 
a cash sum payable upon its 
termination: should that be the 
case you'll find yourself paying 
a lot of tax on it The treat- 
ment of the rest depends on 
whether it’s compensation for 
the time a contract has yet to 
run, an ex gratia payment or a 
mixture of the two. 

But effectively you’ll be pay- 
ing income tax at your mar- 
ginal rate on all or most of it 
subject to “top-slicing" relief 
which mitigates the effect of 
our steeply progressive tax rates 
on such a lump sum payment. 

Should the battle of life have 
been literal, rather than 
metaphorical, then you are 
likely to receive the whole of 
your payment free of any tax at 
all if the payments were made 
because of death, injury or 
disability, for instance, or if you 
are retiring from Hie armed 
services. 


full of Strangs oath, 
and hooded like the bard,' 
Jealous , in honour. 


sudden and quick in ypoxml, 
-.Seeking rite bubble reputation 
Etvn m the cannons mouth. 


months. Do not use that golden 
handshake to pay off the mort- 
gage — much better to spin it 
out instead. And concentrate 
on cutting back on your ex- 
penses, rather than boosting 
your income on a small scale — 
apart from anything .else, you 
are likely to find out for your- 
self about the unpleasant reali- 
ties of the poverty trap. 


UNEMPLOYMENT is, it’s to be 
hoped, going to be a temporary 
phenomenon. But in the mean- 
time unemployment benefit is 
payable three days after you've 
lost your job, and you should 
not neglect to claim it The 
basic — £14.70 for a single man, 
another £10.50 for a dependant 
wife, and further payments for 
dependant children — will be 
supplemented by eamings- 
related benefit of up to £15.42 
(from this month); though 
that’s not payable during the 
first two weeks of unemploy- 
ment, and it ceases after six 


POSITIVE THINKING is 
called for under such circum- 
stances, and it may be that 
your positive thinking leads you 
to the view that you should set 
up in business on your own. 
If so, you are going to need 
help, advice and information, 
and fortunately there is plenty 
of it available. Try your bank 
manager, your local Chamber 
of Commerce, or one . of the 
Department of Industry’s 
Small Firms’ Information 
Centres for a start 
Probably the first decision 
you need to make Is whether 
to go into business on your own 
(as a “sole trader"), in partner- 


ship, or whether you want 
set up your own compan 
It's easy to assume that tl 
latter is the best solution, f< 
purposes ■ of tax: but it isr 
necessarily so. As someone pa 
by a company you’ll be assess i 
to income tax under schedu 
E, while as a sole trader or 
member of a partnership il 
schedule D which applies. Ai 
the treatment of expenses, 
particular, is much mo: 
rigorous under schedule E thj 
under schedule D. It mlgt 
therefore, pay you to join tl 
ranks of the self-employed. 

IF SO, you should start thinkii 
about pensions from the sta; 
Don’t rely on the State seben 
for under the new deal you 
get, in present-day terms, ] 
more than the basic — £17.50 
week (and as much again f 
your wife if she has been payh 
her NX contributions). If yi 
want a decent pension yon mu 
save towards it yourself. 

Don’t, however, try and do 
on your own. If you do you w 
be clobbered left, right a: 
centre by the taxman. Inste 
take out a self-employed pc 
sions contract with a life co: 
pany. 

The attached table gives c 
tails of the benefits to be < 
pected on various forms 
policy. They are discussed mo 
fully below, in the review of t 
Fundex handbook. 


Pension provided 20 years hence on a single premium investment 
of £1,000 now, by a self-employed man of 45 

Type of policy 

Annual pension 

Quotations from: 

Completely guaranteed 

£585 

Friends Provider* 

With profits - 

£226 guaranteed 
£811 in bonus 

Nat. Provident 
Institute 

Linked to building 
society rate 

£570* 

Phoenix 

Linked to units of 
exempt fund 

£573** 

Lloyd's Life 


ness against losses arising from 
changes in interest rates— a 


ERIC SHORT. 


- if" __ ^ 



VV.'sLri":. 



Britain's 
most successful 
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FINANCIAL CONTROLLER 

We require a Financial Controller for our Saudi Arabian com- 
pany located fit Al Khobar in the Eastern Province. This is an 
excellent opportunity for a qualified chartered accountant or 
ims&lfcly a certified company arcreUry familiar with financial 
reporting requirements or a new and dynamic joint venture 
euuipany of an AWrican organisation wdh American manage- 

SJrienw preferred but not essential in distribution ar.d/or- 
espors*. . ■ . 

Attractive overseas package Including 
• SingH* or tuarrkd status. 

?• Housing provided. 

V Car provided. . • 

.. ; . - rill* all the usual fringe benefits. 

Please apply giving foil complete details l« 

. , .. Mr. Cyril Lee 

- ~ r. intern *TKWAI. limited 
tpDdSCfr Road IpnWtCh IPS OPS 


A Thanksgiving Service fnr the life and work of Tony 
Bedford was held on 28tb January at Sl Lawrence 
Jewrj-uexl-Guildbali. The Rev. Basil Watson officiated.. 
The Prayers were led by Canon J- J. Cressweil and the 
Lesson was read by Mr. Godfrey Chandler. Among those 
present were:—. 

Mrs. Diana Bedford (Widow) 

Mrs. Eileen Bedford (Mother) 

Mr. ft Mrs. Michael Beggs (Sister and Brother-in-law) 

Mr. & Mr. John Margeison 
Mr. & Mrs. Garth Bearman. 

Mr. Luke Meraemhagen and the Partners of Cazenove & Co. 
together with their wives and many members ana past 
members of the firm. 

Lord Farnhara, Lord Monteagle. Sir Ricbard Rasch BU Sir 
Robert Clark. Sir Antony Hornby, Mr. C. Akers. Mr. & 
Mrs. P. C. Barnett Mr. C.. H. Black, Mr. 3. W . Boeckmann. 
Mr. G. Bowler. Mr. D. Brandt Mr. J. B. Brooks. Mr. J. E. 
Bun-. Mr, R. Cazalet. Mr. J. Chiene. Jar.. Mr. L Mra E. P. 
Colquhoun. Mrs. Jean Cormack, Mr. tV. M. Cunningham, 
Mr. M. P elm a r- Morgan . Mr. M. C. Devas. Mr. B. L. Edwards, 
Mr. & Mrs. J. Edwards, Mr. M. A. Evans. Mr. M. Foreman; 
Mr. S. Francis, Mr V. Furmss. Mr. J. Gaze, Mr. & Mre. I. 
Gilroy. Mr. P. G. Glossnp, Mr. 11. F. B. Grant. Mr. Vt. 3. 
Griffin. Mr. 3. L. Gunninx. Mr. A. D. HureJ-Bruwn. Mr. J. 
Judd. Mr. 3. Kennedy, Mr. R. Kinftead-Weekes, Mr. G. J. 
Kirman, Mr. R. H. Lawson, Mr. D. H. LeRoy-Lewis^ Mr. i 
.Mre. J. G. A. Lyon. Mr. A. A. McNair. Mr. R. Marshall. 
Mr. C. J. Messer. The Hon. M. J. O'Brien. Mr. G. D. B. Pearse, 
Mr. D. R. Peppiatt Mr. L. Perry. Mr. R. B. Perre, Mr. , & Mrs. 
J. B. Pope & Family, Mr. C. S. Purnell. Mr. E. E. Ray.. 
Mr. J. W. Robertson. Mr. & Mrs. L. Rolfe. Mr. R. Scott- 
Brmvn. Mr. G. Searle. Mr. P. J C. Smallwood. Mr. H. Spens. 
Mr. J D. Webster. Mr. M. Welman. and many personal and 
business friends. 


fforthenwst 

luxurious 

Qhauffeur ‘Drive Service 
mQreatBritahi 
ringoi-262 3134 and 
askforXlictorBritabi^ 


Victor Britain is the chauffeur drive service 
of Avis Rent a Cat 


Pensions 

expertise 


THE article at the top l right) 
highlights the need for the self- 
employed to make their own 
pension provision and explains 
why a pensions contract with a 
life company is the most tak effi- 
cient method of doing this. The 
derision to invest for retirement 
through such a contract is 
straightforward enough; but 
having taken it the problems 
really start For the self- 
employed investor has to decide 
which type of contract he wants, 
and with which life company. 

Such an investor bas to decide 
on the merits of single premium 
and annual premium invest- 
ment how badly he wants the 
nllimate pension to be guaran- 
teed, and 'what risks he is pre- 
pared to take to maximise the 
investment return to combat 
inflation. Properly done, provid- 
ing for a pension is a continuous 
financial planning exercise, and 
even the expert will need help. 

Therefore all members of the 
self-employed, and their pro- 
fessional advisers, will find the 
latest handbook from Fundex — 
The Handbook of Self-Employed 
Pensions J — a valuable aid in 
this planning exercise. The 
bonk itself is divided into three 
parts. The first explains the 
need for making provision for 
his pension, the tax reliefs avail- 
able. and the forms in which 
benefits can be taken. 

The next section explains In 
great detail the basic types of 
contract available, their invest- 
ment implications, and the 
security or otherwise provided 
by the contract and the life 
company. Basically, there are 
four types of contract — one pro- 
viding a completely guaranteed 
pension, one providing a 
partially guaranteed pension to 
which is added bonuses, one 
which builds up a fund at a 
rate linked to building sock!? 
mortgage rates, and one in which 
investment is made into units 
or an underlying fund. Since 
this can be an equity, property, 
fixed-interest, cash or mixed 

fund, the variations on the last 
type can approach infinity. 

The final section fists in brief 
detail the companies offering 
these contracts with a complete 
description of each contract on 
the market, listed by its type. 
The self-employed investor will, 
however, get Indigestion if he 
tries to absorb everything - at 
one go. My advice to him is to 
read the sections describing the 
various contracts and deride 
which type or types he requires. 
Then look at the various con- 
tracts available. 


* The handbook can be 

obtained from Fonder Limited, 
Grcystone Place. Fetter Lane, 
London EC4A JX D, price 
£S.SO (including package and 
■postage). 


•Assuming an average return of 7) per cent. 
••Assuming 8 per cent, per annum growth in 


unit values. 


NO OTHER INVESTMENT TODAY 
PROVIDES ALLTNITWE OFFER. 


| ^^ 10% discount on initial 


purchase 
BF lax Relief 

Substantial life cover 


1 1 /{ No front-end loading 
Easy cash-ia faaflty - 
! Simple application fonir 


£ cost averaging with 


regular investment 
|~yf .£125,000,000 backing 


P ~^r 75 yrs. Scottish investment 


management experience 


Look through all the financial advertisements in 
today’s papers and you will find that no other Phot 
provides all the benefits of the Crescent Plan. 

The Plan offers the private investor a means of 
regular saving with which he or she can benefit from 
the skills of a large investment team using appropriate 
world markets. The Plan is a proven success. The 
£125m investment group behind it & of proven 
integrity, and the fact that your subscriptions buy 
more units when prices are low and fewer when 
they are high guarantees that the average price you 
pay for your units is less ttan the average of their 
varying prices during the savings period. Unit prices 
can. of course, go down os well as up but 'pound cost 
averaging’ makes positive long term advantages out of 
such occurrences. You can start for as little as .£5 per 
monih and there is no upper limit although if you 
want to save more than £50 a month further medical 
ev-klcnce may be required. Subscriptions may also 
be paid quarterly or yearly. 

As the CRESCENT PLAN is a life gsnrance 


binhday at entiy, at least ten times the annual 
subscription. (Details of longer term policies are 
available on request) 

Depending on your age at entiy, between £95 anc 
£90 out of every £100 is invested in units firm the 
very first subscription. (See Table below.) 

Agen.b. Upto 26/30 31/37 38/42 43/47 48/60 

ai entry 25 yn? yrs yre yrs yrs yrs 


% invested 95% _ 94% 93% 92% 91% ■ 90* 


polio von are entitled tu tax relief on vonr subscri p- 
tions. Curre nt ^' this means that for every £100 >6U 
subscri be -£T7-00 will be allowed in tax relief. Joining 
the Plan could n’t be shn pl en and the fane to invest is 
jHwv.SubsaiptiCTis p aid now qualify form relieiln the 
year endin g 5th — — **- — * — - 


both from the tax relief viewpoint and in receiving a 
fall year); unit allocation at the substantial discount 


rate referred to belo w. 

If you stop subscribing to the Flan within the fust 
four years the Inland Re venue may require us to refund 
to them a portion of tbe tax relief you may have 
obtained. This we do by deducting tbe appropriate 
amount from the proceeds. 

The Wan also provides a guaranteed minimum 
return in the event of the death of the subscriber 
before the end of the savings term. Experience has 
shown us that the most popular savings term is 10 
years, therefore, for persons aged 18 to 60 next birth- 
day this guaranteed return is at least eight times the 
annual subscription and for those up to age 50 next 


Nevertheless, as indicated above the net cost tc 
you is only £83.00 after tax relief. Lata; when the 
value of your accumulated units exceeds the guaranteec 
life cover, the amount invested rises to £91. The nel 
cost, however, remains the same. 

The CRESCENT PLAN is designed to be s 
medium to long term investment so the longer you 
keep the Plan in force the belter chance you have ol 
substantial capita] appreciation. Any capital gains tax 
liability- that occurs is the responsibility of the 
Company, but as you have had the Tull benefit ol 
any capital gain the Company must reserve the 
right io make a deduction from the proceeds to cover 
its liability. 

Tour investment begins as soon' as we receive 
your cheque and application form and the latter is 
accepted. We will send you our brochure which we feel 
sure will confirm your decision to start a Plan, but if 
it doesn’t or you are in- any way dissatisfied, we will 
refund your subscription without question provided 
that you advise us within 10 days. 

Incidentally, you may cash the Plan at any time, 
although it can be left to increase in value after the 
end of the subscription-paying term if you so wish. 
W: will pay to you the net value of your investment 
less a deduction of only 20% of one yearis su bscri ptions 
to recover the initial expenses including stamp duty, 
of setting up the Plan. (This is a much smaller 
deduction than most companies make.) 

Finally, we do not employ salesmen so there win 
be no unwelcome callers at your home aL any time. 


Gescent is part of American Trust Group, a British. Edtnbnrrii 
based urrestment boose (EsL 1902) manaelngftmils 4b excess oLCCSm. 


This offer links Che Crescent Plan witfc file Orescent High Distribution Fund. 

The overall performance of the British stock market recently las been encouraging and with the arrival of 
North Sea oil in significant quantities we believe the long t erm potential to be excellent 

The Crescent High Distribution Fund is invested in lop quality shares on the UJ<L stock market and 
provides regular income distributions which are reinvested under the Plan for the benefit of subscriber. Since 
J une 1971 the net annual distribution rate has more than doubled. Current commencing gross yield£7.68% p.a. 


THIS C 0 UP 0 H ENTITLES YOU TO A SPECIAL INTRODUCTORY DISCOUNT OF 10 % 


SofoaJbm to this vBer will receive their fast aBocatfon of 
units at a fixed price of425jt a discount of KM on the 
current «ff« price of 47 3p ruling at 27th Jammy, 197& 


Have you had any medical attention during the past 
6 months? YES/NO. If YES, please give details. 


This offer closes on Tuesday 7th February, 1973 


To Crescent life Assurance Co. Ltd, Aoe Honse, 
Winds*; Berts, SL4 1EV- Td:'Wia&sar634G. 


I hereby apply for a ‘OtESCENT HIGH DISTRIBUnON 

PLAN* assurance policy £ .Monthly 

atasubscriptionof £ i Quarterly 


Idechrethat I amm good health and agree that this j 

application shall be tiKbaSK of ihecomracL ] 


_ Yearly 


SIGNATURE 


l encloses ranitiance Tor the first subscription, payable to 
Orescent life Assurance Gx Ltd. Subscriptions must be 
mexactiTS (mini mum £5 monthly; £15 quaiteriy; 
jfcOyearlfl. - 


date 


Surname (Mr., Mix, Miss) 


A remittance fonhe first payment must accompany tins [ 

application. All payments thereafter must be by banker's t 
order or Giro standing order. [ 

iNo{ available to residents of the Irish Repuhfc ; 


First Names (In full) 


Address 


Hcsstoed ra Edinburgh. Number $1555. 
ttcpsierel Office; 4 MdvOle Crescent, Edinbm^L 


FDQ/1 £ 


Date of Birth 



CRESCENT 

HIGH DISTRIBUTION PUN 










.Financial Times Saturday January 


Finance and the family/ Insurance 

* / 


Mortgage plus annuity 


BY OUR LEGAL STAFF 

X understand- there are schemes 
whereby those getting on in 
years can mortgage their house 
-and obtain an Income therefrom. 
X have not been able to discover 
a company which handles this 
sort of business. Can you advise 
me? 

We assume you have no depend- 
ents and it is therefore a ques- 
tion of getting the maximum 
benefit in terms of the cash you 
Can raise on your house. You 
should try the Save and Prosper 
[i Croup in St Helen's Place, 
i London EC2. You rightly men- 
tion the difficulties of getting 
.* this kind of mortgage plus 

- annuity when interest rates have 
been fluctuating so wildly. 

' . If you fail to get a package 
! : deal on a mortgage plus annuity 
;i may we suggest that you 
! ' approach some of the major 
' i building societies with a view 
■ to getting a loan on your house? 

- \ A number consider this type of 
. mortgage very good business. 
» : You yourself could invest part 
5 > of the mortgage in the form of 
' an annuity on which you only 
,-i pay tax on what is considered 
‘ J to be the interest content 

t Not protected 
tenants 

1 » Based u£ on information In 
< : your colt tuns I have amended 
< 1 my stand, rd form of rent 
* : agreement and let the bulk of 

• : a house to a group or five 

\ t completely separate individuals. 

. i They have, and always have 
iifcad, complete freedom to 
: - choose how they would use 
• - the seven main rooms allotted 

• • t* them in five separate 

j agreements, of which X am 
‘ 3 sending you a copy. The Rent 
f -Officer persists that they are 
.^protected tenants. What do 
ijyou advise? 

; [We think that there is a reason- 
. ably strong case for your con- 

• -tentinn that the lettings are not 
.within the protection of the 

! (Rent Act 1977 — see Goodrich 
. versus Paisner [1957] AC 65. 
Ynu should therefore apply to 

• jthe County Court if you wish to 
i dispute the Rent Officer’s juris- 
jr diction; for which purpose you 

■ should consult a Solicitor. 

''Setting tosses 
ugainstgains 

^During the current financial 
year, I have made some capital 

• ■gains in equities, some losses 

} parried forward from previous . 

I 'fears on investments and unit 
\ [trusts, and potential losses oh 
I [gilts bought within the year. 

; '(a). Can I set off the full losses 
jin investment and unit trusts 
t against my gains? (b) If I 
| cell the gills within the year, 

; Itan I set oil these losses also? 

’ if he answer to both questions 
I rs yes: 

(a) Losses on disposals of 
! qualifying investment trust 
j shares, etc., are treated no dif- 
. terently from losses on other 
, ( :tocks and shares; it is only 
. a ins which are subject to 
i pecial treatment. 

| : (b) Losses on short-term 
- transactions in gilts are. subject 
■iq restrictions, allowable, and 
i fit ere is nothing in your letter 
; p suggest that you are con- 
ymplating the kinds of trans- 

■ ictinns which are caught by 
i hesc restrictions. 


: Son-use of 
‘Sight of way 


According to our deeds, another 
! farmer and 1 have a right of way 
j long a track on our boundary, 

I Vhich neither of os uses. A 
bird farmer owns the track and 
:c has now ceased to use It and 
imong the obstructions has put 
, great pile of earth against a 
ate at one end. Although we 
b not at present use the track, 
he right to use It could be 
oluablc and I gather that where 
■ right is conveyed by deed, 
‘on-use will not cancel it. Need 
:-e, therefore, do anything about 
lie gate? 

'• is correct that a right of 
*ay conferred by a grant con- 
.ined in a deed will not be 
st by mere lack of use. How- 
rer it might become abandoned 
• the disuse is prolonged and 
icre are overt acts wholly in- 
jmpatible with user. It is 
‘icrefore desirable for you and 
ie other dominant owner to 
ke some action. You should 
•quire the removal of the ob- 


structions and seek an injunc- 
tion directing their removal if 
need be. You could compromise 
such a claim by the servient 
owner's acknowledging your 
rights and the undertaking to 
remove obstructions on reason- 
able notice when called upon 
by either of you to do so. 

Share and cash 
deal 

I was the holder of 400 
ordinary shares In Cbarrington 
Industrial Holdings, which 
cost me £312. Some months ago 
these were taken over by 
Coalite and I received 200 
Coalite shares and £150 in cash. 
How much capital gains lax 
will be due, and how will 
I value the Coalite sbares If 
and when I sell them? 

The cost of the Charringtons 
Industrial Holdings shares is 
split between the cash (A) and 
the Coalite shares (B) in pro- 
portion to the value of A and B 
on October 17, which was the 
first day on which the new 
Coalite shares were dealt in on 
The Stock Exchange. The value 
of a Coalite share on October 17 
was 55p (calculated on the 
quarter-up basis for CGT), so 
the ratio is 75:55, which is about 
57.7 per cenL/42.3 per cent 
The 200 Coalite shares are 
therefore deemed to have cost 
you £90 (i.e. 42.3 per cent, of 
£212) and you have a charge- 
able gain of £28 in respect of 
the cash (i.e. £150 minus 57.7 
per cent of £212). 

Development 
land tax 

On January 1. 1976, 1 bought a 
registered agricultural bolding 
without a dwelling house. I 
subsequently obtained 
permission Cor an " agricultural 
house 1 * and building 
commenced on May L 1977. 
Could you please let me know 
what commitment, if any, I am 
likely to Incur under the 
Development Land Act and 
whether notification is 
necessary? • - 
It would appear that the com- 
mencement of building should 
have been notified to the Board 
of Inland Revenue within 30 
days after May L 1977. There 
are provisions in the Develop- 
ment Land .Tax Act 1976 which 
may enable you to obtain- an 
assessment that no tax Is pay- 
able (see Section 18), but this 
has to be adjudicated by the 
Board. : •... _ . 

Adverse 

possession 

The owner of a house near mine 
let me have a key so that I 
could keep an eye on It. For 
the last three years I have been 
unable to trace .him. Meantime, 

I have let the property to my 
daughter for a small rent to 
cover expenses. Can I obtain a 
possessory title to the property? 
You certainly cannot obtain a 
possessory title until at least 
12 years have elapsed, and dur- 
ing that -period you would be 
obliged to account for the rent 
(and possibly for a full rack 
rent). There is a further prob- 
lem in ascertaining when (if at 
all) possession became adverse, 
so that the 12-year period could 
begin. You should consult a 
solicitor once a period of 12 
years in which there might have 
been adverse possession has run. 

Entitlement to 
profits 

Last June I received a letter 
from my managing director con- 
firming that my salary as sales 
manager of a Glasgow firm 
would from July 1 be £5,000 a 
year plus ten per cent of the 
company’s pre-tax profits. I 
have no contract of employment. 
Should I decide to leave the 
company before the end of the 
company’s financial year, or 
daring the next year, should I 
be entitled to claim my profit 
for full time worked? 

You state that you have no 
contract of employment, but it 
does appear that your employ- 
ment and remuneration are 
regulated by the letter of June 
1977 to which you make refer- 
ence. You -do not tell us whether 
the terms of employment set 


out in that letter were specific- 
ally accepted by you, but in any 
event if you have been remuner- 
ated from July 1977 to date as 
therein set out, there would be 
an implication in law that the 
terms of that letter were bind- 
ing on both yourself and your 
employers. 

That being the case, you are 
contractually entitled to your 
share in the company’s pre-tax 
profits as part of your emolu- 
ments for your serveies— ; and as 
such you would be entitled to 
demand payment of a propor- 
tionate part of the annual en- 
titlement should you leave at 
any stage throughout the year. 


egacy from Australia 


p the beneficiary under the 

HI of my father (an 
.n strait an resident), a capital 
iyment has been remitted to 
!e (a U.K. resident) from 
Jostralia to the U.K. Australian 
Hate duties having been 
aid by the Australian 
c editor. My tax inspector 
•eposes to assess this- sum as 
I it were invesment income 
•id to apply the full rates of 
>ome- tax and the investment 
{xcharge. Can this 
. ssessment be correct? 

' : the payment which you have 
•reived is simply a pecuniary 
Vacy (without interest), then 
, is not taxable as income. 
Dwever, if you have an 
-•solute interest in the residue 
1 your father’s estate, then 
frt (at least) of the payment 
; probably taxable under 
| ction 427 of the Income and 


Corporation Taxes Act, 1970: 
the assessment will be under 
case IV of schedule D, subject 
to double taxation relief. 

Unfortunately, you have given 
us so title precise data that this 
reply cannto be as helpful as we 
should wish. If you would like 
us to look as the position in 
detail for you. one point which 
we shall need ta ■know is 
whether you are domiciled in 
one of the states of Australia, 
or whether you regard yourself 
as domiciled in England and 
Wales ■ (or -elsewhere in the 
U.K.); we take Jthat your father 
died domiciled in one of the 
states of Australia. ■ ; 

No ■ legal responsibility cen be 
accepted fry the Financial Times 
for the answers given in these 
columns. AH inquiries wilt be 
answered by post as soon as 
possible- ■ ■ 


Rent payment 
date 

Ever since I became a 
householder I have paid my 
rates in equal instalments, due 
June 3Q and December 31. Last 
year the council demanded the 
second payments by November 
30. Are they empowered thus 
to advance the date? - 
The General Rate Act 1967 
empowers the rating authority 
to determine the rate and the 
dates for payment of the rate. 
While Instalments - are nor- 
mally provided for, there is 
nothing in law to' restrain the 
authority from determining that 
the whole rate shall be payable 
at the beginning of the rating 
year — save only that provision 
must be made for payment by 
instalments in the case of a 
dwellinghouse which you occupy 
as a residence. In that case you 
can serve a notice on Qie rating 
authority under Section 50 and 
the 10th Schedule' of that Act 
requiring the rate to be spread 
over instalments which may be 
up to 10 in number. Your rate 
demand notice usually refers to 
that provision and informs you 
how to serve a notice. 

Husband and 
wife’s debts 

While I am familiar with the 
general position in relation 
to the acceptance by a husband 
of liability for his wife’s debts, 
could you explain the position 
in relation to her liability 
as an underwriting member 
of Lloyd’s? 

We understand your question to 
be whether a husband could be 
made liable for debts incurred 
by. his wife on the assumption 
that she is an' underwriting 
member of Lloyd’s and incurs 
the debts in that capacity. The 
agency of a .wife “does, not 
extend to debts, incurred by her 
in her trade * or profession 
(unless her husband holds her 
out as being his .agent in that 
capacity), and accordingly a 
husband would not be liable for 
the debts' of his wife incurred 
by her as a Lloyd’s underwriter. 

Rights of a 
legatee 

The recipient of a legacy under 
a will does not doubt that 
she will receive it, but does . 
she have the right to demand 
from the executor a list of 
assets and liabilities of the 
estate, either before or after 
their distribution? 

In the circumstances which you 
describe we think that a court 
would not order the personal 
representatives to render a full 
estate account If the bene- 
ficiary is to get in full all that 
she can possibly be entitled to, 
the court is unlikely to burden 
the estate with the expense of 
the provision of information 
which cannot affect the position 
of the beneficiary In question. 

Joint annuity 
for spouses . 

My wife and I are considering 
a return to the U.K. on retire- 
ment- To enhance onr income, 

I understand that I can buy a 
joint annuity, payable until the 
death of the survivor, and only 
a small amount of tax would be 
payable. Is this correct? Do 
annuity rates differ between 
one company and another? Do 
yon consider my proposal 
sensible, and have yon any 
further -suggestions? 

Yon are correct as regards the 
tax treatment of annuities. At 
the time that you get a quota- 
tion for an annuity from an In- 
surance company they will 
quote, if yon ask the split be- 
tween what is deemed to be 
the capital content (that is, 
simple repayment of your own 
capital) and the interest con- 
tent. It Is only the interest con- 
tent that is taxed but it is taxed 
at the investment income rate. 

Annuity rates do vary ’sub- 
stantially because Insurance 
companies tend to treat the 
annuity market like a tap 
which they turn on and nfl to 
get the right balance of funds 
for their own internal tax pur 
poses. It is highly sensitive to 
movements in interest fates 
and you would be wise to get a 
broker to investigate • the 
market for you. 

The advantage of joint life 
and last survivor annuities Is 
that there Is no capital transfer 
tax payable on the first death of 
husband and wife. 

It is possible' to -get annuities 
that reduce to two-thirds on the 
first death. In this way the 
same capital will produce a 
higher initial joist income. 


Cover for borrowers in trouble 


BY JOHN PHILIP 

FEW ‘ HOUSE purchasers who 
who use building society funds 
by way of repayment mortgages 
can be unaware of tbe need to 
cover those repayments by life 
assurance— to ensure that in the 
event of untimely- death the 
roof remains over their families’ 
heads.. And the number who fail 
to buy such covfflH-oonnally a 
special form of decreasing term 
assurance — must be few Indeed. 
But bow many mortagors ever 
think of insuring their inability 
to meet the' building society’s 
monthly demand through injury 
or.illness, and having thought of 
this, how many' actually take 
positive action?..- ... 

The monthly mortgage 
demand is but one of a number 
of regular commitments that the 
average citizen has, whether 
man or woman — and these com- 
ments are equally appli cable to 
the many women who have to 
earn not only for themselves but 
for their dependents. Unargu- 
ably almost all uf ns have the 
need for some, measure of cover 
against our inability to continue 
earning. We should each make 
a proper assessment both of 
essential annual expenditure 
and the difficulties we would 
encounter in providing funds for 
that expenditure, both in the 
short, medium and long term 
in the event of loss of earning 
capacity. 

Of course, the state insurance 
scheme paying injury, sickness 
or unemployment benefit must 
come into each individual's 
calculations, but. there can be 
few who' can afford not to top 
up state benefit by the purchase 
of private disablement cover, 
whether this be' by way of an 
annually renewable contract or 


a more- expensive but more effi- 
cacious non-canceUable perzna- 
ment health insurance. 

In tile short to medium term, 
membership of a staff sick pay 
scheme, coupled with his con- 
tract of employment rights, may 
give tbe employee an adequate 
financial umbrella though for 
longer term protection in most 
cases individual cover will have 
to be arranged. And because of 
his individual status the self- 
employed person most of neces- 
sity buy his own personal cover. 

For virtually all of us, some 
degree of group protection is 
however available if we are buy- 
-ing goods — cars, caravans, 
domestic appliances and so on — 
with the help of funds provided 
by the finance houses. Personal- 
credit hire purchase protection 
insurance, call it what you like, 
is available in connection with 
many such loans, perhaps even 
the majority. 

Either the finance house or 
the retailer (if the organisation 
is large enough) arranges a 
master policy with insurers for 
the protection of such borrowers 
who want cover. Usually details 
of the cover are provided for 
each borrower in a booklet and 
sometimes but not always a 
separate short certificate is 
issued. In these respects the 
handling of insurance is not 
dissimilar from tile methods 
adopted by insurers who provide 
holiday travel cover through 
tour operators. 

One major difference is that 
with most holiday insurance 
claims the.policyholder'actually 
receives payment from insurers 
but under the various credit in- 
surance schemes insurers pay 
on behalf of the borrower, direct 


to the -finance house or retailer 
concerned so while the borrower 
has the protection of the policy, 
and immunity from demands for 
payment, he never touches any 
of the cash. 

Depending on choice of fin- 
ance bouse or retailer — and 
therefore of. insurers issuing 
the master policy— cover varies. 
But protection Is always pro- 
vided for death, accidental in- 
jury and illness and often un- 
employment cover is Included as 
well. Each individual’s period 
of insurance starts from The 
date on which his loan is agreed 


arrangements are made. 

. On death within the period 
of insurance the outstanding 
debt is cancelled while for dis- 
ablement. as each monthly in- 
stalment falls due. « Is paid 

insurers— provided of course 

the claim is within the terms 
and conditions of the master 
policy and the Individual bor- 
rower properly substantiates ois 
claim by appropriate documen- 
tary evidence. 

Most of these schemes have 
far fewer restrictive conditions 
and exclusions than arc to be 
found in the normal group of 





by the finance house and norm- 
ally finishes when the last re- 
payment has been made, unless 
the loan Is repayable over a 
longer term than insurers are 
prepared to cover. Most schemes 
automatically provide no more 
than five years insurance so for 
the. longer term the borrower 
may find that he is without 
protection towards the end of 
his agreement unless special 


individual policies sold outside 
the hire purchase credit market. 
For example, if I buy an indi- 
vidual accident and sickness 
disablement cover I must give 
some brief details of my pre- 
sent state o! health and sign a 
brief health declaration. A few 
credit protection schemes re- 
quire such a health declaration 
but the majority are content to 
rely on the exclusion of claims 


for death or disahl 
physical defects suffered 
ingly by the borrower . 

the arrangement of thei 

purchase of the insurant^ 
While disablement cover 
afforded for the whole ,-faa 
whore unemployment cover a 
provided, normally this -is 
limited period, perhaps as itffo 
as six months, such are jr, 
surers* continuing doubts about 
the economic situation. Thfft 
or? -also special .-exchtsioos 
applicable to employment cover, 
for example seasonal unemptay. 
cicnt is a normal exclusion. 

As with raoxt disablement in. 
surances. these credit protec- 
tion schemes impose on tbe 
borrower a waiting period m 
respect of disablement claims so 
ns to preclude insurers paying 
for a mass of short-period 
absences from work. For accl- 
dent and - sickness claims the 
waiting period is usually a fort- 
night, for unemployment \ 
month, though these periods 
vary from scheme to scheme.* 

. Premium Is usually payable 
at the outset and the cost of 
insurance is therefore added to 
the rest of the cost of tbe loan. 
So the borrower pays for . hi* 
insurance in his. monthly instal- 
ments and when he is off work 
obtains a waiver of premium to 
the extent that those instal- 
ments are met by insurers. 
Admittedly cover is not cheap 
— it can be approaching 10 per 
cent, on the amount of the lean 
for a two-year insurance: this 
price reflects both the wide 
cover provided ami the con- 
siderable administrative over- 
heads: but as it cannot be 
obtained individually it is won 
worth considering. 


Taxation 


Assessment of bank interest 


THIS' IS THE season when all 
good men and true find it 
necessary to tell the Chancellor 
what he should put into his 
budget. Those who are good, 
true and also sanguine to tbe 
point of simple-mindedness will 
suggest that taxes are not only 
too ' high, they are too 
complicated. . 

This latter . suggestion is 
seldom found acceptable, but 
let us not get .downhearted. 
After ati, each of the separate 
drops of water that fell on. the 
proverbial stone felt, presum- 
ably, ' that all Its Yorcefulness 
had achieved very-kittle. . ; 

The 'rules -for tire as s essme n t, 
of bank interest. are a part of, 
the tax legislation which more 
than most others lead to tax- 
payers’ incomprehension and 
irritation. The amounts of tax 
at stake are usually insigni- 
ficant The rules for assessing 
the income' are antediluvian: 
conservation of all that is best 
In our heritage is splendid, but 
Is Case IH of Schedule D really 
of outstanding natural beauty 
or eves of historic or scientific 
interest? 

We can always hope for some- 
thing simpler, but should also 


be realistic enough to accept the 
necessity for understanding the 
present system. Banks pay 
interest to depositors without 
deducting tax at source. The 
interest therefore, needs to be 
assessed to tax, in the hands 
of the recipient at the basic 
rate (or at an appropriate higher 
rate if the basic band has 
already been exhausted). It 
also constitutes unearned 
income for the purpose of the 
investment income surcharge. 

. For .the. fiscal Year in which 
a taxpayer first interest, 
tile assessment is on the actual, 
interest received. Assuming 
that the bank deposit account is 
kept open, the second fiscal year 
will normally be assessed simi- 
larly, on the basis of interest 
received In that second year. 
From then on. each year’s 
assessment is normally based on 
the interest received In the 
preceding fiscal year. 

When the account Is dosed, 
the assessment for the year 
concerned reverts to “actual” 
— the interest received in that 
year. The law requires that the 
assessment for the penultimate 
year be increased to " actual ” 
if that be greater than the 


figure already assessed on a 
preceding year baas. ' - 

Merely reciting the rules 
shows how complicated it is to 
keep track of the figures for 
assessment It also demands an 
answer whether there is! any 
reason for preserving .these 
complexities. 

But we must not be too hasty 
in putting that question— there 
is more complexity to come. 
The normal rules at commence- 
ment call for the assessments 
for both the second and third 
years to be on tbe same figure., 
namely the interest received in 
the second year. But the tax- 
payer is given the option of 
having the assessment for the 
third year changed to “ actual ” 
— so that It is not ,the second 
year’s interest but the third 
which is doubly assessed. 

And the whole basis .of the 
opening years’-' assessments, 
moving from “actual" to “pre- 
ceding year,” is grounded on the 
thimry that * the latter basis 
should apply as soon as there 
is a complete year's income to 
form the basis of assessment 
Normally interest is received 
during only a part of the 
first fiscal year, and only in the 


second does the source of in- 
come exist throughout. How- 
ever. if a deposit account is 
opened on April 6. the first 
fiscal year will be a complete 
year. It will therefore be the 
year's income doubly assessed, 
subject to the taxpayer’s option 
to ask that that first year's 
income be assessed only once 
and that double assessment 
apply to the second. . 

Would a change in all of this 
really cause a serious loss of 
revenue or result in an unaccept- 
able increase in administrative- 
costs and workload? The indi- 
vidual taxpayer’s difficulties are 
great enough; understanding 
and trying to keep track- Con- 
sider the trustee or executor 
trying to distribute: bank 

interest assessments are norm- 
ally raised on him, and he dis- 
tributes the income net. Except 
that he does not. What he dis- 
tributes is the Year’s gross 
reduced by tax based on last 
year’s income. The beneficiary 
always questions why the tax 
certificate and the cheque fail 
to agree, and the trustee 
wonders whether he ought per- 
haps to have held back some 
cash in case a subsequent 


closure of the bank account 
should cause an upward revision 
of the assessment. 

Finally no discusion of bank 
Interest would be complete with- 
out a reference to Section 17 
Taxes Management Act 1970. 
Banks are required under this 
section to notify the Revenue 
of interest paid amounting to 
£15 or more, and the Revenue 
has a very efficient cross refer- 
encing system to check whether 
that amount has been correctly 
shown in the recipient's Return 
of Income. 

It is now absolutely standard 
practice for the Inspector of 
Taxes to demand a certificate of 
full disclosure from any tax- 
payer who has been found to 
have failed— this certificate be- 
ing a categoric statement by 
the taxpayer that, at the second 
attempt, he has correctly dis- 
closed all his income. Penalties 
may not be sought against tho 
taxpayer at that stage, but 
heaven help him if a second 
omission is found in his return 
after he has signed such a cer- 
tificate.' 

DAVID WAINMAN 


Chess 


“WE CAN’T expect the world to 
get too excited at tbe sight of 
us in the middle of a. grandmas- 
ter tournament- instead of at the 
bottom,” said one' of the British 
players as he noted the - sotto 
voce reporting of the. Hastings 
congress compared with the daily 
emotional outbursts from Bel- 
grade. 

But, objectively speaking, this 
was a good Hastings from .the 
British viewpoint, if the leading 
gran chn asters sti-H finished in a 
bunch at the top, this reflected 
their extra-class and greater ex- 
perience. • • 


Tony Miles’s recent strictures 
that Hastings is rapidly going 
downhill in the quality of its 
entry can be answered simply: 
an updated ranking List after the 
tournament would show three or 
four ot the GMs at Hastings in 
the world top 20-25. Against such 
company, the five young British 
players, boasting only three IM 
titles betwen them, almost all 
made respectable scores, and 
the exception, BottenlL, revived 
an ancient tradition that tbe 
British champion comes last at 
Hastings. 

Full results were Dzindzihash- 
vili (Israel) 10}, Petrosian 
(USSR), and Sax (Hungary) 9|, 
Hort (Czechoslovakia) 9, Mestel 
(England) 8*. Tarjan (U.S:) 8, 
Sveshniko (USSR) 71, Speelman 


(England) 7, Nunn (England) 
and Sfaamkovttcb (U.S.) 61, 
Fedorowlcz (U.S.) and Webb 
(England) 5*. Tisdall (USSR) 41, 
Kagan (Israel) and Botterill. 
(Wales) 31. 

Mestel, who reached a grand- 
master norm, and Speelman, who 
achieved an IM norm, are still 
abort of the FIDE requirement of 
24 games lor the titles. Both 
have a previous nine-round norm. 
Mestel in the Lord John Cup and 
Speelman in the Lloyds Bank 
Masters, so that tbe 14 games at 
Hastings add up to an annoying 
23. But both should achieve the 
target within a few months, and 
Mestel could well then become, 
at age 20, the world’s youngest 
current GM. ' 

If I have left aside the tourna- 


Bridge 


A NEW and revised edition of 
Bid Boldly Play Safe '(Bodley 
Bead £4.50) by Rixi Marteoi is 
most welcome. There is much In 
this book to instruct add delight 
you, and there are many excel- 
lent illustrative hands. ' 

“Rixi bids’* have become a 
commonplace, but this one from 
rubber Bridge may give you 
pause. 


N. 

♦ 84 

- S Q 4'2 
O Q 5 2 

♦ Q J 10 6 :3 

W. E. 

♦ — . ♦AQ10 652 

S KJ 10 98753 - 

0 6 

OJ 30 8 0 9 4 3 ■ 

♦ 72 + A 9 4 • 

S. 

♦ K J 8 73 
OA 

O A K 7 fl ... •' 

♦ K 8 5 


With both sides vulnerable 
West dealt and preempted with 
three hearts. This was passed 
to Rixi in the South seat who 
fearlessly competed with four 
spades. East thought that Christ- 
mas had come, and his double 
brought the auction to an end. 

West led the diamond Knave, 
taken by the Queen in dummy, 
and the eight of trumps-, was ted 
and allowed to run when East 


followed with the two. Then 
came the four, and this time 
East won with the Ace and 
returned a diamond. The 
declarer took this with her 
King, and led the King of clubs. 
East withheld his Ace, but took 
the next dub, and returned 
another diamond to the Ace. 

■ Now, after cashing the Ace of 
hearts, Rixi led her last club to 
dummy’s Queen, jmd when a 
club was continued. East had to 
ruff, and South overruffed. The 
last diamond was led from band. 
East of course, had to ruff, and 
now he was forced to lead away 
from his Queen, ten of trumps 
Into the declarer’s King, Knave 
tenace. and she made the last 
two tricks for her contract The 
only tricks taken by the 
defenders were two spades and 
the club Ace. Rixi certainly bid 
boldly, bat she also played the 
hand beautifully. 

Now let us look at a hand 
where Play. Safe is the order of 
the day: - 

Qi -i- ii ran an |— J 

N. 

♦ J 5 4 
9.Q983 

O A K Q 7 6 
+ A 

W. E. 

♦ 3 4 0 9 8 7 

OKJ4 *5 10 72 

O 10 985 032 

4.KQJ 10 8 + 9 6 4 2 

S. 

♦ A K 10 6 2 
C A 6 5 
0J4 

.+763 


We are not told the bidding, 
but South became the declarer 
in a contract of six spades 
against West’s lead of the dub 
King. 

On such a hand, says Rixi, 
trumps must be tackled 
immediately. After winning the 
opening lead in dummy. South 
correctly led the Knave of 
spades, which was covered by 
the Queen. If the declarer, who 
is as yet unaware of the un- 
fortunate trump break, takes in 
hand with his King, ruffs a club 
on the table, and tries to draw 
trumps, he will find himself 
■unable to make his contract, 
because East will ruff the third 
diamond lead — -West peters to 
show four cards in the suit— 
and the remainder of the 
diamonds will be a frozen asset. 

The correct play, the only 
safe play, is to allow East’s 
spade Queen to hold the second 
trick. Now, whatever East 
chooses to return, the declarer 
will be in complete control 
Suppose East leads a heart— 
South wins with the Ace, ruffs 
one losing club on the table 
draws the rest of the trumps’ 
and then makes all his diamond 
tricks. 

This. Rixi tells us— and let 
me. too. stress this point— i s bv 
no means a trick hand, but iii 
is a situation which turns up 

ume in one fn ™ - 

E. P- C. COTTER 


ment winner’s achievement until 
late in this article, it is because 
late in the tournament is bow it 
happened. 

Dzindzihashvili Is an ex- 
Georgian and Korchnoi’s second 
In his match with Karpov: he is 
an accurate and solid grand- 
master with a fine positional 
sense, but one has the impression 
that the favourites Petrosian, 
Sax and Hort were so busv 
watching each other and calculat- 
ing the points needed to win that 
they failed to notice Dzindzi till 
too late. 

Such occurrences are far from 
unique — the most surprising 
result In the British champion- 
ship, Dr. Fazekas's win at ace 
59 in 1957, was also “ stolen " in 
the last couple of rounds. - 
From now on, Dzindzj will be 
taken seriously on the inter- 
national circuit as a potential 
winner, and the test of whether 
he has made a break-through at 
the relatively late age of 33 will 
come with future tournaments. 

Hastings* sense of purpose has 
always been its readiness to pro- 
vide opportunities for the risinr. 
young. This tradition began in 
tbe first ' Hastings when the un- 
knowt American Pillsbury came 
ahead of world champion Lasker: 

SLAV'S ln 1978 is ^own 

by Mestel s GM norm and by the 
17 juniors whe received Lloyds 
Bank grants for the Challengers, 
the master-standard second 

HST 1, The juniors per. 
formed to ar average grade of 

20/, far above expectations: 

? ri X.« ere 016 TOp ten - and 

prize " 0 tlGd f0r ,hlrd 
a ?? achi e*ement of 

tf 77 ^? was that ^ 

place at all. There was no major 
sponsor this year, and the rival 
Dutch event financed by the 
company has a 
budget of around £30.000 Tn 
£10 ’ 000 needed for a 
GM tournament was a real tri 
SJ * !*o chess publir/wS; 
that Hastings should continue. 

Much credit should go t 0 the 
£"f n .? of Chess and their 

The an Friend S C0 Sn r; ^ 

«SBt i CSSL^JSrs 

Jbtam the latest repoA f ro " 

SHE, S nttafie - South pS 

Crwcent, Cerrards Cross. Bucks, 

3 , one or Westers best 
fn *r 1 ,w 0U d be subtitled « How 
to p ay the rook for knight saerY 
five in the Dragon BicitiSSr' 1 ’ 
White: J. n. M. Nunn. Elack- 
A- J, Mestel Opening: Sicilian^ 


variation (Hastings 


Dragon 
1377-S) 

l P-K4. P-QB4; 2 N-KB3, P-Q3; 
3 P-Q4, PxP. 4 NxP. N-KB3; 5 
N-QB3. P-KN3: 6 B*K3. B-N2; 7 
P-B3, N-B3: S Q-Q2. JS-Q2; p 0-flA 
R-QBl; 10 K-Nl. N-K4; 11 B-KR8. 
BxB: 12 QxB. RxN; 13 PxR. Q-.V3 
ch; 14 K-Rl. Q-B4; 15 Q-Q2, M: 
16 R-QN1, P-N3; 17 B-N5, R-31; 
18 BxB. KiN’xB: 19 P-KB4. N-B5; 
20 Q-Bl. P-QR3; 21 P-KR4. P-K4; 
22 PxP. PxP; 23 N-K2. Q-B7; 24 
Q-QL N-B4; 25 p.R5, N-K8; 28 
£02’ NxKP; 27 Q-Q3. N(K5)xP; 
“S PxP. RPxP; 29 RxP, P-K5; 30 
QxRP. NxP ch; 31 K-N2, QxR cb; 
32 Resigns. 

POSITION No. 200 
BUCK (13men) 



" ’ - MV lift 

Hort v. PortiMrh, S 
The same protagonist 
week's position, but 
tournament; and ihi 
solution involves w 

R* ,? s roleulatu. 

TkV , . mov0) Play 
lb) I NxN o r ( C ) i , 

PROBLEM No, 




’ 



rani 

r— 








1 



£L 




1 




A 



£ 


i ’ir* 










s 




I 






. 





- 



fi 

jj 





*MUIE 

White males 
against any di-2 
Wwstm. British 

Solution! 

LEONA 







.Times Saturday January 2S 1978 




** * i 




il i i 

i 4 
t * 


I i 


Golf 



Angto-Gcrmwi exircbi. The Vauxhall Cavalier 1300L uses Ac familiar VauxhaH Viva 13 litre engine and 
fftartac in an Opal Ascona body thcH with minor cosmetic changes. This four-door version costs just 

under £3,000. 


Not a poor relation 


BY STUART MARSHALL 


PUTTING A Vauxjudl Viva’s 13 
litre engine and gearbox into 
the Opel Ascona body shell pro- 
duces tire Vamaall Cavalier 
1300 L. It- is a pleasant family 
car, in no way a poor relation 
of the Cavalier 1600s and 1900s 
that share the same body but 
have Opd power trains, posher 
insides, more performance and 
higher prices. 

At £2,995 the four-door 
Cavalier 1300L 1 drove earlier 
this month just sneaks into the 
psychologically important usder- 
£3,000 price class. The two-door 
is nearly £100 cheaper at £2397. 
.Even so, the Cavalier ISOOLs are 
around £250 dearer than the 
equivalent Morris ' Marinas, 
though they- feel much more 
modem cars in every way. 

The Cavalier’s styling is most 
attractive, with rectangular 
headlamps set in a front-end 
rather like a Royer 3500's and 
haying none of the nooks and 
crannies that defeat the average 
sutomatic car wash. With the 
"Cavalier. SOP really does buy 
you an immaculately clean car. 

After an instant start on a 
frosty morning the Cavalier ran 
hesitantly for the first couple of 
miles though the heater was 
blowing warn air in less than 
two minutes. With only 57 
horsepower at 5,600 rpm, com- 
pared with 75 hp at 5,000 rpm 
and 90 hp at 4,800 rpm for the 
1600 and 1900 models, the 
Cavalier 1800 . is no flyer. 
Provided the light, quick gear- 
shift is used intelligently, how- 
ever, acceleration is perfectly 
adequate. 

For overtaking, third runs up 
to 60 mph and flexibility in 
traffic is not at aQ bad, due in 
part to the final drive gearing 


having been lowered slightly in 
the 1300. On the motorway, it 
sustains 70 mph with little 
enough fuss for the optional ex- 
tra radio to be enjoyable and 
the smooth body shape, with 
well-fitted doom, helps to keep 
wind roar to a minimum. ■ K must 
help the fuel consumption, too, 
because my 31 mpg reflected a 
mix of motorway and in-town 
driving. Gently driven on a long 
journey.- 1 would expect ' better 
than 35 mpg. 

Even by modem - rack-and- 
pimon standards, the steering is 
exceptionally silky- Though -very 
light at low speeds, it remains 
precise at all times and the 
Cavelier held its course un- 
waveringly during strong cross- 
winds on - the motorway. 
Handling is taut and competent 
Despite its modest performance 
— a maximum of just on 90 mph 
is claimed — it is an enjoyable 
car to hustle along on a cross- 
country journey because it 
comers tidily and has a level 
ride on all kind s of r oad. - 

The Uichelin XZX steel-belt 
radials gripped most reassur- 
ingly; even quite hard corner- 
ing on rough roads did not make 
the coil-sprung back axle leap 
about 

The screenwipers are properly 
set for right-hand drive as one 
would expect of a car assembled 
in Britain, but the traffic indica- 
tors axe worked German style 
by a switch on the left of the 
steering column. The - speed- 
ometer has no trip indicator 
and the only other instruments 
are a radiator thermometer and 
fuel gauge, but there are warn* 
Lng lights for the things that 
really matter like loss of oil 
pressure or battery charging. 


Cloth, upholstery (a pleasant 
houndstooth check) is standard, 
as axe inertia reel seat belts and 
a heated rear window. What you 
don’t get oh tiie budget-priced 
1300L are some bits of body 
brightwork; a boot light, cigar- 
ette tighter, clock, dipping mir- 
ror or an automatic choke — the 
latter all too often a mixed 
blessing, anyway- Automatic 
transmission, is not available on 
the 1300. , 

But in most, important re- 
spects, the 1300 is no less a car 
than the 1600 and 1900, which 
are built-up in Belgium from 
German-made components and 
imported into Britain. It comes 
in the same range of colours, 
rides just as well and looks vir- 
tually identical. The £162 saving 
compared with the Cavalier 
1600L will be more important to 
many a private buyer than a 
slight loss of edge to its per- 
formance.' 


THOSE RUBBER mouldings 
that protect the side panels of 
some Fords and Fiats from care- 
less door openers in car parks, 
are now available as an acces- 
sory for most other cars. Polo 
products have produced twb 
kinds. 

They call them bump stops. 
One is four inches wide, the 
other two inches, but either will 
save the side panels from 
scrapes and scratches. They 
come as kits with end stops for 
the door panel breaks, a cutting 
tool and full instructions. All 
parts are precoated with 
adhesive for permanent fixing- 
Accessory shops should have 
them now at about £29 for the 
four inch kit and £22 for the 
two inch. 


Why the ‘lifers’ are suing the PGA 


BY BEN WRIGHT, San 

THE DAMAGING prospect of 
a costly legal action hanging 
over the profession here never 
threatened to overshadow Tom 
Watson’s brilliant performance 
in winning his second tourna- 
ment in three starts ibis year 
when he beat Ben Crenshaw at 
the second hold of their sudden 
death play-off in the Bing 
Crosby tournament at soggy 
Pebble Beach last Monday. 

On tbe same day, 33 former 
major champions filed a law 
suit against the PGA tour for 
depriving them of their life- 
time exemptions from pre- 
qualifying for any or all tour 
tournaments, privileges that 
were granted many years ago. 
Such is the bitterness and 
resentment felt by some of the 
players concerned that a very 
uncomfortable atmosphere pre- 
vails at the Andy Williams San 
Diego Open now in progress on 
both North and South courses 
here at Torrey, Pines Golf Club, 
perhaps the finest municipal 
golf club in the world. 

Its courses straddle the cliff- 
tops at a height of more than 
1,000 feet above the Pacific 
Ocean. 

The new, tough rules for 197S 
demand that every player on 
the UJS, tour must compete in 
at least 15 tournaments and earn 
$10,000 — the minim am figure 
was $7,000 last year — to avoid 


Diego, Jan. 27 

losing his playing privileges and 
having to return to the PGA 
School. 

So many good young players 
are capable of winning tourna- 
ments -now that room must be 
made for them at the expense 
of the'merely mediocre— that is 
obvious. Gone are tbe days when 
a player could have one poor 
round and still win the tourna- 
ment Nowadays it can be a 
single wayward shot in 72 holes 
that- can be fatal. But is the 
Tournament Policy Board right 
to crack down on a very -few old 
stagers who have, at least, been 
major champions, and not direct 
their fire at the legion of non- 
winners who earn good money 
on' the tour practically every 
week? 

. The victims lose their exemp- 
tions if they have not won more 
than 20 tournaments. Thus 
Doug- Ford, who has won 19, 
including one U.S. PGA and one 
Masters title, will be cruelly 
axed. But perhaps the most 
glaring case for complaint con- 
cerns Julius Boros, who can 
boast of two U.S. Open cham- 
pionships and one U.S. PGA 
amongst his IS victories. At 
tbe other end of the scale, 
Lionel Herbert, ILS. PGA cham- 
pion in' 1957, last year entered 
20 tournaments and won $828. 

The argument offered by the 
old stagers is that it was they 


-who built the tour; and that 
the public would rather watch 
proven great golfers than the 
unknown and untested. For in- 
stance, Jim Wiechers, who 
finished 14<th on the money 
winning list last year, won 
$10,483, the lowest placed to get 
into the now required five 
figures. Wiechers, who joined 
the tour in 1966, has never won 
a title. Boros, on the other 
hand, won $3,789 for 187th 
place to pass the $lm. mark 
in 1977, only the 14th man ever 
to do so. Who would you prefer 
to pay money to watch 1 Only 
a handful of his best friends 
would vote for jolly Jim — of 
that I am certain. 

My opinion is that an 
arbitrary figure like 20 tourna- 
ment victories is far too high. 
In any case, when one of the 
former champions like Ken 
Venturi (U-S. Open Champion 
in 1964 and winner of 13 more 
tournaments) wants to play — 
and he has opted to do so only 
once in the' last two years — 
more people would pay to 
watch him play than about 100 
in the average starting field. 

As he told me yesterday: “X 
don’t feel guilty on the few 
occasions when 1 do play 
because I am not depriving any- 
one else of the chance. When 
any of us who has a lifetime 
exemption decides to tee it up. 


we create another place in the 
tournament for a regular 
player, so we are hardly over- 
crowding the field. But my 
name is among those suing not 
because 1 want to play again, 
but on a matter of principle. I 
just don’t feel that well-earned 
lifetime exemption should be 
revoked. This involves so few 
players that the passing of time 
will almost always solve the 
problem. For instance. I choose 
not to play now because 1 am. 
too proud to do so fax less well 
than I once did." 

On the other hand, the party 
line is best expressed in statis- 
tics released by the PGA on the 
performances of six former 
champions over the past two 
years who will be affected by 
tbe new rules. The six won a 
total of only $4,431 in Ill- 
tournaments, and $3,208 of that 
was won by one of their number 
who played in 50 events. Their 
stroke averages ranged from 
74.60 to 78.64, and they had been 
exempt for. an average of 22 
years. 

Put in those terms, it is easy 
to sympathise with the Tourna- 
ment Policy Board statement 
issued this week: “The Board 
has the responsibility to assiure 
that those individuals who wish 
to compete in professional golf 
tournaments, except for exemp- 
tions who are reasonable in 


duration, are the most quali 
by virtue of their current abil 
To continue to grant so-ca 
lifetime exemption to i: 
viduals because of their ] 
formance more than ten y< 
ago would often deny the opi 
tunity to play to more quali 
players." 

It all depends on whetlhei 
not one has a regard for tr 
tion. ' My own opinion is 1 
any golfer who wins one of 
four major champions! 
should be exempt for 
at least for those eve 
and preferably .all otl 
as well. ' Likewise, 
man who wins a tour et 
should be exempt for life 
that event. Modern professil 
golf is so much a game of lo: 
— hundreds of them every w 
— that the feat of wim 
should never be played dov 

The old adage that nob 
cares who finishes second is 
should be respected, part 
larly here and now when 
many really fine players 
capable of winning. Tbe trot 
with my argument is that 1 
Watson is currently far u 
capable of winning than any 
else, a fact that is at 
moment earning him as b 
a following as supported An 
Palmer in his heyday. 


Tennis 


Signs of future greatness 


PHILADELPHIA, Jan. 27. 


EVERY NOW and again a young 
player produces a performance 
of such outstanding merit that 
he marks himself down as a 
potential future champion. So 
it was for Sweden's Bjorn Borg 
is 1972 when, at the age of 35, 
be came back from losing the 
first two sets to defeat New 
Zealand’s Onny Panin in a Davis 
Cup match. 

Last night in the third 
round of the UJS. Professional 
Indoor Championships it was 
Borg's turn to recognise future 
greatness. Now 21 and tbe 
world's acknowledged No. 1, 
Borg came within two points of 
defeat at tbe hands of a young 
feet 5 inch giant from 
Chatham, New Jersey, called 
Peter Fleming. I remember him 
as a member of the’ ILS. team 
beaten by Britain in the 
final of the BP Cap in 1973. 
Then a raw 18-year-old, he held 
match point against Stephen 
Warboys before losing but he 


impressed us all with his 
resolute match-playing qualities 
and with, the intensity of his 
determination to improve. 

Improve he certainly has. 
Helped by that great Australian 
coach Harry Hopman and by 
Glen Bassett at UCLA. Fleming 
has turned himself into one of 
the best servers in the game. 
Rxumennp to another fine 
American youngster. Bill 
Scanlon, of Dallas, in the Inter 
Collegiate Championships of 
1976, Fleming has matured fast 
Last year he had wins over 
Stan Smith, Colin Dibley. Raul 
Ramirez, Tom Gorman and' 
Harold Solomon and has taken 
sets from Connors, Vilas and 
now Borg. “Against all but 
the top three guys 1 feel I have 
a chance," he said. “I’ve bad 
dose ones with them too. Beat- 
ing one of them will be my 
next breakthrough." 

For two sets yesterday Flem- 
ing out-played Borg. Using Ms 
height to great -advantage, his 


service thundered like some 
medieval cannon. He delivered 
innumerable aces and near-aces, 
many of them on second serves, 
ail of which confounded the 
normally placid Borg. As so 
often when an opponent is domi- 
nant on service, Borg began to 
struggle on Ms own deliveries. 
Even when be tried to prolong 
the rallies he was being given 
some of his own treatment 


Fleshing hit fine deep top spin 
backhands and whiplash fore- 
hands and came to the net when- 
ever the opportunity occurred 
to Mt some beautifully decisive 
voUnes. And being so taH he 
was almost impossible to lob. 
After four deuces in the eighth 
game, Borg delivered his first 
double-fault to lose his service. 
The . pressure was showing. 
Serving how for the set Flem- 
ing thumped another ace for 
40 — love and hit a forehand 
volley to take the set 6 — 3 after 
36 minutes. 


There were no breaks in the 
second set and Borg was becom- 
ing increasingly anxious. When 
Fleming came back from 2 — 4 
and then 3—5 to 5 — S in the 
tie-break, a major upset seemed 
likely. “ I realised at that 
moment that I might lose,” 
admitted Borg later. “ He was 
serving so well 1 could not get 
my returns past Mm and I 
was so lucky to lead 6 — 5.” 

The point in question was de- 
risive. With Fleming serving at 
5 — 5 he came in and hit a 
forehand volley which Borg 
could only Aide weakly across 
the court. Fleming was poised 
for the kill but the ball dipped 
the top of the net and hopped 
over his racquet. Instead of 
being match point up he was 
set point down and although he 
did break Borg’s next service 
.to level at 6—6, Borg found a 
good first serve to lead 7—6 
and then forced a volleying 
error from the over-eager 


American to win the set 8 
This ended Fleming’s effec 
resistance. His service 
away slightly in the third 
to allow Borg the narrowes 
victories, 3—6, 7 — 6. 6—3, 
takes him to a meeting aga 
Roscoe Tanner who had eai 
eliminated the No. 8 seed 
Nastase. 


The best of the Amer 
teenagers, John McEnroe, 
another good win. He beat 
fifth seed, Manuel Orantes. 
now meets his fellow coui 
man Brian Gottfried in 
quarter-finals. 


JOHN BARRE 


GOLF HOLIDAY 

SPAIN 

March 5tfvl9th. 1978. 
Stableford & Medal Play. 
Fully inclusive £203.00* 
Gafwidc*. Manchester & 
Glasgow flights 
For brochure “ 
Phone 01-834 5764 (weekday 


How the selfiempbyed 
can fight the effects 
of inflation and taxati 


« t;i 


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It could be the best investment you 
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For example, a man, 43. has taxable 
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full taxrelief.His net cost is drily 
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And all this has been achieved by a total 
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lake someone elsek advice. 

.Legal &. General Umt Assurance is a 
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Itsbacked by all the expertise and 
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I naHU.tUiU-10BC[liUU»nuuUil^Vuavu*Mui. M 

Please send me more infcrmatioi^viithKit ■ 
I any obligation: I 


I'Name. 

I 


mxx r_z*ssj 


Legal & 

General 

Lioit Assurance 


^Address. 

I 


1 

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PIP FT.4 


To: GrafomWesr, SiLsManager. Legri&Gerieral 


Assurance, 52 PaU Stall Lcndbn SVC'l Y5LE- 


ENTERTAINMENT 


GUIDE 


CC. — There theatre khm certain credit 
canto tor mwn at or at tbe bon oMc*. 


5258. 


OPERA & BALLET 

COLISEUM. Credit canto Ol 

Rncmum 01-836 816' 
ENGLISH NATIONAL OF® 

Tonight- Ton. A FrL non 7.30 Carmen, 
Wed. next 7 JO Rigoletto- Thws. 7.30 
Ita oertoctmuKe at Orphans la the 
Underworld- 104 balcony teat* ahvav* 
avertable day at periarmaoee. 


COVENT GARDEN CC 240 1066 

•fiarteochwoo o-co-t canto 836 6803) 
THE ROYAL BALLET 
Tool edit 7.30m La Bayadere. A Month 
In tne Country and El.te Syncopations. 
Moo and F*f 7.30pm La Fllle mal car dee 
Toes and Wed 7 JOn«n The Dream, Mono, 
tones, and Tbe Foot Seatons. 

THE ROYAL OPERA 
Thun 7. SOom Ariadne aorf Manx. 65 
AmphT seats tor all pert* on sale from 
loon: on d at at pert. 


SADLER'S WELLS THEATRE. Rosebery 
Ave- f.C.1. 837 1672. Until Feb. 18. 

D'OYVY CARTE OPERA CO. 

In GSbert 6 SnHivan. Era. 7.30. Mat. 
5a*. 2 JO. Until Wed. next: IOLANTHE. 
Fed. 3 to 8E H.MS. PINAFORE. 


THEATRES 


ADCLPHI THEATRE. CC- OT-836 7611. 
Era*. 7.30. Matt. Thins. 341. Sato. 4.0. 
“LONDON'S BEST NIGHT OUT. 

THE MUSICAL MUSICAL 
IRENE 

SPECTACLE. CAPTIVATING TUNES 
AND RACY COMEDY." S. People. 
IRENE 

INSTANT CONFIRMED CREDIT CARD 
BOOKINGS OH Q1-B36 7611 . 


ALBERT. 836 3878. Credit card 6*05. 
836 3362 to Sad. Mon-Trl. 7.45. 
Thors, matt. 4130. Sato. 4.30 and 8. 
A THOUSAND TIMES WELCOME IS 
LIONEL BARTS 

MIRACULOUS MUSICAL. Rn. Times. 
OLIVER 


“ ROY HUSO'S Wfciditf BWlWTUBW." 
TURNER." D*v. 


S- TeL ** Talented JOAN 
Mad. “ Capital fan . the show Is a 
defiant.**. . P» TeL OLIVER RETURNS 
TRIUMPHANTLY , . • CONSIDER YOUR. 
SELF LUCKY TO BE ABLE TO SEE IT 
ACAIN.- Oto. Mirror. _ 

NOW BOOKING THROUGH 1975. 


ALDHTCH. 836 6404. lid. 836 5332. 
ROYAL SHAKESPEARE COMPANY In 
reeeftolre 


Today 2.0 *7.30. Mon 7 -3D Congreve X 
THE WAY or THE WORLD. With: A 


MIDSUMMER NIGHTS WWAM.^teg 


oerf. Toet.L SBC aba at THE WA 
HOUSE rue wider W» and at Piccadilly 
an d Sam theatres. 


AMBASSADORS. 01-836 1171. 

SO Mata. Tan. 3. sats. 5. 
SKHNtAN MdCCNNA _ 
ai Sarah Bernhardt in MEMOIR 
witit NULL BUGGY 
“Perfect. A tong of triumph." E. News. 
SRaltiit OCfcett £1- 


APOLUO. 01-437 2663. Ergs. 8.00. 
Mato. Thors. 3 . 00 . Sat. 5-00 and 8.00. 
DONALD SINDEN 
tAcw of The Year. E. Std.l 
“IS SUPERB" *Lo.W. 
■mrrvDUR eyes and 

THINK OP ENGLAND 
"WICKEDLY FUNNY- Tnnea. 


ARTS THEATRE. 01-836 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

**Hll«rfouv • . . see it” Sunday Tknea. 
Monday to Tkanfay 8.30. Friday and 
Saturday at 7.00 and 9.15. 


ASTORIA THEATRE. Chan no X RdL 01- 
734 4291. Nea re st Tube. Tottenham 

Ct- Rd. Man -Thor. B.Q p.tn. FrL A Sat. 
6.0 A BAS. 

ELVIS 

BEST MUStCAL OF THE YEAR 
EVENING standard award 
TWbi, C1 JO -ES.SO- Eat :» oar fnTtr 
licensed RaKuune or SuOet Bar htnoi- 
rirne and defot* and after ato m a aofc- 
Me In advance. Combined Dinner nd 
too price ticket £8. so. 

CLVfS 

“iBfeet ion*. uoeaUng. fm-stamplng and 
been -in n m ale s. " Observer. 

zLYet 

**! wm absolutely exuoM do It) K. carried 
along &y M. reimieorated by the sheer 
verve and (MOlde at H." San Tel. 

• ELVIS 

“SnBBcrtogfy elective." Tines. 

avs 

“P e rf or med with i verve rare in British 
musicals. _ The show HteraDr had the 


MKflMCF dancing la the Niles. This 
~Ctrrf ir marmiloiH." S. Eagres*. 


CLVtE 

lECT MyncAL OP THE YEAR 
EVENING STANDARD AWARD 
H hr. batons Show any waUabla tao-orico 
ttefeea £ 2 X 0 . 


CAMBRIDGE. CC. 01-836 6506. Mon. to 
Thurs. BUM. FrL. Sat 5 AS. 8.30. 

"PULSATING MUSICAL" Evg. News. 
THIRD GREAT YEAR 


DUKE OF YORK'Su CC. 01-836 5122. 
Mon.-Sat 8.00. Mats. Wed. XOO and 


Sat. 5.oo. 
5IAN PHILL 


tILLIPS 

PAUL DANE-WAN 
In 


SPINE CHILLER 
Tickets from £i.BO-£3 


40. 


Instant Credit Card Reservation 
Dimer and Too- price Seat £7 JO. 


DUKE OF YORKS. 01-836 5122. 

Opens 30th January at 7.00. Ernpv 84X1 


Mat. Wed. 3.00. 
QUENTIN CRISP 


Tickets £2-50 inc. glass of wine. 
4 WEEK SEASON ONLY 


ELLE at LOT. CC .01-4 37 2610. 
Walker's Court. Brewer Street. W.l. 


Twice NJgirtJy 8.15 and 10.1S. 
PAUL RAYMOND presents 


PENTRATIOM 
An erotic adventure In French porno- 
graphy- " Good-looking men and women 
perfor m various permutations ol the 
sexual act." Evening News. You may 
drink and stroke in the auditorium. 


FORTUNE. 836 2238. Eras. 8. Thurs. 3. 
Sat. 54) and S.d. 

Muriel Pavlow as MISS MARPLE in 
AGATHA Of Hi TIE '5 
MURDER AT THE VICARAGE 
Third Great Year 


GARRICK THEATRE. 01-836 4601. 
Evs. 8.0. Wed. Mat. 3.0. SaL 5-'.5 A B-3D 
JILL MARTIN. JULIA SUTTON 
DAVID FIRTH and ROBIN RAY 
hi the 


NATIONAL THEATRE. - - 928 2252. 

. OLIVIER tooen stage): Today 2 JO & 
7.30 THE COUNTRY WIFE by William 
Wycherley. 

LYTTELTON (proKeohtm stage): Today 
2.45 & 7 AS. Mon. .7 AS THE LADY 
FROM MAXIM'S by Feydeau wans, by 
John Mori l mar. 

COTTESLOE ismatl anttoriunO: Today 

11 man. Young People Ircwn local schools 
In BUT YOU'RE A WOMAN. Today. 3 
& 8. Toe. 8 HALF-LIFE by Julian 
Mitchell. 

Many excellent cheap seats an 3 theatre* 
day of perl. Car parle. Re«urant 928 
2033. Credit card bkm. 928 3052 


OLD VIC. 920 7816. 

PROSPECT AT THE OLD VIC 
Spring season Jan 16-March 25 
IB Re* HAMLET 
ALL FOR LOVE 
SAINT JOAN 

ANTONY AND CLEOPATRA 
Today HAMLET 7.10 
ALL FOR LOVE 2-30 

Seats available. • 

Tomorrow THE GRAND TOUR 
•rith isla Blair. Julian Glover , Derek 
Jacobi and Tcneihy West 7.30. 


SHAFTESBURY THEATRE. 01 -B3b 65 
Evs. 8.00. Mat. Thurs- 2.30. Sat. 
and 8 - 0 0 . 


TICKETS £1-50- £4 4)0 
- ■ — JONES 


PAUL J.-.n m i • 

A NEW 16th CENTURY ROCK MUS 
DRAKE'S. DREAM ; 


"Many Merry Refrains." Evening I 
"Bouncing Vigour." Evening 5 tan 
"Spectacular Presentation. * Stage. 


"Spectacular Presentttloii. Stage, 
and Top Price seat £7.75. Instant I 
Card Reservations. 


STRAND. 01-836 2660. Evenings 

THE WORLD'S GREATEST 
LAUGHTER MAKER 


,&CT! Q&S8SJ t 


EVBS. 

are 


TK£ MOUSETRAP 
WORLD'S LONGeST-eVtR RUti. 


TALK OF THE TOWN. CC. 734 
84)0. Dining. Dancing. 9.30 Super I 
RAZZLE DAZZLE 
and at 11 o.nr 
BUDDY GRECO 
FROM MON. VINCE HIU- 


PALACE. 01-437 6834. 

MoiL-Thur. S-OO. Fri.. Sat- 6.00 and 8.40 
JESUS CHRIST SUPERSTAR 


"BRILLIANT MUSICAL 
iNTERTA 


ENTERTAINMENT.'* People. 

SIDE BY SIDE BY SONDHEIM 
"GO TWICE." S. Money, Punch. 
“GO THREE TIMES." S. Barnes. NYT. 


GLOBE. CC. 01-437 1592. Evenings B.1S. 


Sat. 6.0 and 8.40. Mat. Wed. _3.0. 

... . QUE* 


AMANDA BARRIE. JOHN QUENTIN 
In the SECOND year of 
DONKEYS' YEARS 
by MICHAEL FRAYN 
The Beat Comedy of the Year. 
Last 4 Weeks. Ends Fed. IB. 


GREENWICH THEATRE. 01*858 7755. 
Until Jan. 28. Eras. 7-30. Mats. Sato 
2.30. LEONARD ROSSITER as THE 
IMMORTAL HAYDON, " A stupendous 
vehicle lor Rossi fee . . . comae!) I nv and 
hugely entertaining." Punch. From Fen. 1 
THE IDEAL HUSBAND tor Oscar Wilde. 


HAYMARKCT. 01-930 9832. 

Evils. B.O. Mat. Weds. 2-30. Sets. 


5.0a and 8.15. 
INGRID BERGMAN 


WENDY HILLER 
DEREK DORIS FRANCES 

GODFREY HARE CUKA 


In 


WATERS OP THE MOON 
by hi. C. Hunter 

“Ingrid Bergman makes the BtaOe 
radiate— 1 -unassailable charisma,'* D. Mail. 
" Wendy Hiller a very clever Performance 
rndeed" Gdn. 


HER MAJESTY'S. CC. 0J-93O 6606. 
Eras. 84)0. Wed. N and jg rL3.00 and 8^00. 

“ rs&Ei- awswss*" 

CAUSE CELEBRE 


“RATT1GAN REVEALS HtS MASTERY." 
S.T. “ A power} nl drama." E-M. 
“ GLYN1S JOHNS plays brilliantly." D.T. 


HER MAJESTY'S. CC. Oi-930 8605. 
Opening March 2* 

BRUCE FORSYTH _ . _ 

In Leslie Brtcuase and Anthony Novrt eVa 
TRAVELLING MUSIC SHOW 
PreY i cvri from March 16. 


KINDS ROAD THEATRE. 325 7488. 
Mon. to Thws. 9.0. W.. SaL 7.30. 9X0. 
THE ROCKY HORROR SHOW 
NOW IN ITS 5th ROCKING YEAR 


LONDON PALLADIUM. CC. 437 7371 
now until feb. 25 only 
Eras. 7 JO. Mats. Wm. and Sato ZA5, 
TOMMY STEELE 

"IS IRRESISTIBLE." D. Telegraph. 

**A 5UPER5TAR." □. ExnreM In 
HANS ANDERSEN 

“DaacBng SuocefB. Rich. CoJoarttd MoiL 
«!, Reel Family Entertainment. " E. News. 
Goad Seats Available- Now at Theatre & 
Mms. _ (Abo at Doors except 


CREDIT.'CARD BOOKINGS 01-734 


LONDON PALLADIUM. 01-437 7373. 
MARCH 20th ONE WEEK ONLY 
MISS 

GINGER ROGERS 
ana Spatial Goes* Star 
DONALD O'CONNOR 
A GREAT EVENING'S ENTERTAINMENT 
WITH HOLLYWOOD’S FOREMOST 
MUSICAL COM5DY STARS 
BOOK MOW— -Seao £2..£6 


LONDON PALLADIUM. CC 01-437 7373. 
THE TWO RONNIES 
FROM MAY 25 to AUG- 19. 


_ Seat »r*rt £2.00 and £5.00. 

O n" «• «ne loo. vice tear £5.25 i«L 


LYRIC THEATRE. 01-437 3686. EW- 84). 
Mato Thun. 3.0. Sato 5.0 and 8 JO. 
JOAN PLOWRIGHT 
COLIN BLAKELY 
and Patricia Havas in 
FILUMENA 
br Eduardo de FWmer. 

Directed by FRANCO ZEFFIRELLI. 
-TOTAL TRIUMPH E. Newt. “AN 
EVENT TO TREASURE." O. Mir. “MAY 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS." Sunday TJma*. 


PHOENIX. 01-B36 E6U. 

Last pcrto. today 440 and 5.00. 
KEITH PENELOPE 

MIC HELL KEITH 

NIGEL STOCK 

JUNE JAGO ROY DOTRICE 

Chlcbaner Festival Theatre - * 
production of 
THE APPLE CART 
By Bernard. Shav* 

Directed by PATRICK GARLAND 


THEATRE UPSTAIRS. 730 2554. Eva. 
Crucible Theatre. ShemeUI. In 
SAYS I. SAYS HE 
by Ron Hutchinson. 

"Not since ‘The Hostage. 1 have I 
an Irish nlar that ha* o'ven me 
undiluted pleasure." Gan. 


In the 


PHOENIX. 01-836 B611. 

Opening March I 
FRANK FINLAY in 
The Leslie Unerase Musical 
KINGS AND CLOWNS 
Reduced price previ e ws trom Feb. 17. 


PICCADILLY. 437 4506, Credit card biro. 
836 3962 (ex. S*tJ. Today at 5.15. 8 JO. 
LAST Z PERFS. 

ROYAL SHAKESPEARE COMPANY in 
RAUCOUSLY FUNNY 
ISth-cemury comedy 

WILD OATS 


PICCADILLY. 437 4506. Credit card Wes. 
836 3462. From Thors. Eras. 8. Sat. 4.45 
and 8.15. Mat. Wed. 3 *8 Feb. at 7 l 
R oyal Shakespeare Company to 
BEST COMEDY OF THE YEAR 
PRIVATES ON PARADE 
by Peter Nichols 

-HUGELY ENTERTAINING EXTRAVA- 
GANZA." S. Times. 


PRINCE OF WALES. CC- 01-930 8681. 
Monday to Friday at 8 o.m. 

Sat. 5.30 and 8 A 5. Mats. Thurs. 34). 
"THE STAGE IS AGLOW." 

. Daily Telegraph. 

RICHARD BECK INSALE 
ftl 

I LOVE MY WIFE 

"HILARIOUS COMEDY MUSICAL." SOD. 
Directed tor Gene Saks with “ Bountttiri 


Invention and vrtL" Financial Times. 
INSTANT CONFIRMED CREDIT CARD 


BOOKINGS ON 01-930 C846 


QUEEN’S THEATRE. 01-734 1165. 

Era*. 841. Sat. 5-0 ajo. Mat. wed. 3.0. 
ALEC GUINNESS la 
THE OLD COUNTRY 
A New Play tor ALAN BENNETT. 
0ir eJ5S a.im>SD WILLIAMS. 
BCST PLAY or THE YEAR. 

Play* and Player* London cr.-i.es award. 

One of the mow rouble theatrical 
events m this country lor ■ pood many 
yean." B. Levin. Sunday Times. 


RAYMOND PEVUEBAR. CC- 01-734 1 593 
Ai 7 p.rria. 9 u.m M li cucn. 'cue nr Sun*)* 


P^., W AY MON O nrejeoW 

THE PEttTVAL OF 
EROTICA 

r°>«v AIR CONDITIONED. Yon may 
drmfc and wrote hi the aud it orium. 


REGENT. CC. 


M_ T., W. ^nd raf Sac 


>.15 and SAS. 

SEXUAL FERVFRStTY IN CHICAGO 
AND DUCK VAWATtoNS 

*•’* People are Mse . . . 
You wtn have a good time NYOiy. News. 
"TaiHted ewieiem." Deity TeL Student 
Siaiid-bv Tickets available utter 7 JO p.m. 
£1 .00. 


ROUNDHOUSE. 2G7 ZS64. Last pert. 
S3Ht at 8- 

•WtfJ PREMIERE of 
view Hugo's 

_ us an RtatAvxs 

PretenKtt “Y te Theatre Ces Quarters 
n Wry. 


ROYAL COURT. 730 174S. 

LA U GHTER ! 
br Peter Barnes 
See also Theatre Upstair*. 


CRITERION CC. 01-930 3216. 

'Eveh'Hgt ». San 5.W B.30 There, sjjo. 

, .^iLSLIt PHILLIPS 
” lmpMC*Ut . . a dimw," Sun. Time*. 

:-n SEXTET 

“ HILARIOUSLY FUNNY. 1 * N Of World. 


DRURY .LANE. 01-B36 BIOS. t«ry 
ihOtK 8-88 there. _ Matinee wed. and 
Sat. 3.00. 


j MAYFAIR. _ CC. _ 629 3036. 

! Oven* Tn«. Frb. 7 at 7.0 

} GORDON C HATER In 

THE ELOCUTION OF 
RAN J AMIN FRANKUN 
bv Stew j. Saears. 

"Oir.rHMUUv *nn»v Profoundly 

Moving." variety. 

Previews from Feta. 1st. 


R ST"-J Y .L , CC. 01-405 8004. 

S.30 and 8,45 Saturd*Y3.0a and 8.00. 

BOBtolNG BROWN SUGAR 

_ , • Bew masJcai of 1977 

TeL M.ra. accepted. Maicr ered*t eerds- 


VAUDCVUUE. B56 S9B8. _ EvgS. J 
Matt TUCS. 2.45. Sats. 5 and B 
Dinah Sheridan. Duloe Gray. 
Eieinar Summerfield. J*iw Groa 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNNIT 
bv AGATHA CHRISTIE 


"R Witter Agatha With another 
dunnit I8L Agatha Christie is sta 


the West End yet -again with anoth 
her bendlshly ingenius murder 
lenes." Felix Barker. Ev. News. 


VICTORIA PALACE, 


Lost peris, today 2JS0 and 7 .SC 
1 REVUE 


BASIL BRUSH'S NEW 
BOOM BOOM BERT WEEDON 
BOBBY CRUSH AND STAR CO- 


WAREHOUSE. Donmar Theatre. B36 t 
Rovai Shakespeare Company. Ton*t 
Charles Wood’s DINGO. "Bril 
Goar/Han. All seats £1.50. Adv. I 
Aldwvth. 


WEMBLEY EMPIRE POOL MJtol Feb 
LAVISH PANTOMIME 
HUMPTY DUtBFTY 
•" Sheer sparkRng spectacle.'’ D. 
Mon. to FH. 7.45. Mats. Wnd~ T1 
at 3. Sets, at 2-00. 5.00 and . 
Children and Senior Clto hall price e 
Sat. 2 and 5. Pay at doors, tnw 
902 1234. Snaciooe car parte. 


WESTMINSTER THEATRE CC 01 -834 
Eras. 8 - 00 . Mat. reor*. 3.0; Sat, 54) I 
Tickets £1.50 to £4.00 
PAUL JONES In 
DRAKE'S DREAM 

England's Greatest Mortal Advw 
*■ Ewitlno," Rn. Times- Manv h 
Refrains." E- New*. Bouncing Vlg 
E. Standard. 


WHITEHALL. 01-930 5602-1765. C 
- 3 Eras- BJO- Set. 


Mon. Feb.. 13 

9.0. Tbe Sensational Sex Revue ol 
Century _ 

DEEP THROAT 

Now Live on Stage. Book Now. Ur 
Season. 12 week reason onor to V 
Tour. 


WINDMILL THEATRE. CC. _ 447 e 


Twice Ni&fuly at 8.00 and 10 J». 
OPEN SUNDAYS 6.09 and 8.00. 


PAUL RAYMOND present* 
RIP OFF 
THE EROTIC EXPERHENCC OF THI 
MODERN ERA, 

"Takes to unprecedented limits wtr 
pemiMiMe on our sages. Era- h 
You mav drink, and smoke In the 
Auditorium. 


WYNDHAM'S. 836 3028. CredH 
txxMeo 836 3692 rex. Sat.), k 
Thurs. 8. Frt. and Sac 5.15 and I 
“ ENORMOUSLY RICH. 


VERY FUNNY." Evening News. 
Mary O'Malley'* smash-hit Cometh 


ONCE A CATHOLIC 
"Sureare comedy on sex and rtHff 
DaHv Telegraph. 

“ MAKES YOU SHAKE WTTO 
LAUGHTER/' Guard Nn. 


YOUNG VIC <near Old VIA. 928 6 
Toda y at 3 a 7.4B Stoppard's THE B 
INSPECTOR HOUND with Terence Fri 
SEASIDE POSTCARD. 


YOUNG VIC STUDIO. S2B 6363. T 
Tue. 4 Wed. next at 8 Dannie AI 
GONE IN JANUARY. 


CINEMAS 


ABC 1*2 SHAFTESBURY JS 
896 L Sen. Peris. ALL SEA' 
li TH£ CHOIRBOYS <XJ. Shot 
Wit. & Sun. 1.15. 4.30. IJO. 
Tonight 11.15. 

2: THE GAUNTLET «). W1 
2.00. 5-DO. 8.00. Late eho 
11-DO. 


CAMDEN PLAZA. OOP. Car 
Tube. 46S 2443. Tartan 
PADRONE (XL Grand Prue i 
'■4th MONTH " uo. 4J». 6. 


SA^py. CC. Sl-836 88X5. Evrainqs 8.0. 
Mjre There. S.no. sat. 5.90. 82*0. 


8DYAL SHAICraPEARC 'ColdPANY 
PICHABD PASCO. SUS 3 v 


NiCXY HENSON. JAMES C1**S'NS lr 
rt mm AMD armreuAN 


A LIN* 


•'VOTED BEST MUSICAL OF 1BTB." 


SUCME5J. Ml. B24J. Mae. to Thwre. 
Eras- 8.08 ft. Sat. 6 IS fed 9.00 


, CHI* CALCUTTA? 

“ Tno Mwdttv t* tnmM." D. Telegraph. 
Mb MH5ATKMNAL YEAR 


MERMAID. 248 7656. Rest 248 2853. 
Men. -Sat. 8.1 5. Mat. w#d. and Sac 5.30 
DAVY JONES- MICKY DOLENZ 
In HARRY NFILSON'S 
THE POINT 

“A WINNER." D. Mirror. 

Stall ticket* £T .2S-S3-S0- Combined 
dinner-theetre ticket ES.9S- 
RUN EXTENDED TO FEB. 25th. 


Bernard Slw: u&N and riw*MAN 
tor CLIFFORD WILLIAMS. •*» 
*M it * c)*nO cl l"v trtm be«'n-i"o sn 
em*.“ s. Times, osc >1*9 a; Ald-*^* 
ana Peeadinv Thealre*, cred-'l Card 
booHng* atcaotod. Last S weeks. Seascn 
ends Ftb. 11. 


SHAW. 01-398 U94. 

Jra» t.so F*r». Men.r. wm. 


CLASSIC 1-.2, 3. 4, Oriord St 
Tottenham Court Rd. Tooe-i 636 ( 
1. ONE ON ONE fAi. Prog*. 1 AS r 
64)5, 8.1 S. Late show 11 p.m. S 
Sound. GENESIS <Ul. WHIT* HOCK 
2- THE HIDING PLACE ,Al. Sm7 1, 
2.00. 5.00. 8-00. Late Show ii I 
FELLINI'S ROMA IXI. lull (in Dla 
— EngiKh Sub-tHle*. I 

3. EAST OF ELEPHANT ROCK ! 
Prog*. 1 .55. 4.10. 6.25 b 3ST vl 

4. WIZARDS (A). #rg(. 1.00. 3J30 1 
7.Qo. 9.00. Late show every night i'll 


Tjbs- ThcfL 2.50- 

AN INSPECTOR CALLS 
«... ..By J *• Pr«*irr 
“Highly Entertain: ng." 0. TeL 


CURZON. Canon Street. W.l. ass ' 

& s?iss 

loot SUR-I. 4.05. b.15 Mid 630. 



m-k 


i-TJC^V 











. i ,-.v 

•' ■ : 'v? VV •; . 4 - 

L- • • i 1 • j- 



ce may solve some problems, 
but can create a lot more 
'particularly if there are children of 
-Me marriage to be looked after. 
Holidays are one of the major 
problems for people in this 
| situation. Here three single parents 
Relate their experiences of coping 
Hone with their children on holiday. 

Meeting all needs 


i .. 

}Y JANE DAVIDSON 

: *TS LANGOUR that I long for 
£ h a holiday; fantasies of break- 
ihst laid out on chequered table- 
f lothes. and eaten at leisure on 
. »alco tries overlooking scented 

* iardens. 

■:;*You see, ideally, after Td 
punched that perfect croissant 
•'.‘ad sipped that coffee as though 
t was Chateau Lafitte ’45, I’d 
^lip into a light floating dress 

- fed drift effortlessly through an 

- rt gallery. Td arrive at Jimmy’s 

- tar, where this man is im- 
, Patiently awaiting me, and after 
, inch we'd swim like loving 
l olphins in the blue lagoony 
■ rater. Then, as the boat sank 
(lowly in the west . . . 

: - Contrast this foolishness with 
f iy son's idea of the perfect holi- 
j ay: sandy beach, rock pools, 
imall boats, all near a small. 

: imple village. Despite its low 
p opulation density this village 
Voasts numerous shops (selling 
crisps, Coke, sweets and 
’ HOOT) a cinema, sophistocated 
, sorts centre and sound-proof 

• isco. Many children: prefer- 
bly boys, and all soccer players. 

: *o traffic so that it’s safe to rove 
t -«e of the Single Parent — 
t tthnugh he or she comes in 
.. jandy as a money carrier. 

: jJ>solutely no sightseeing. 

£ My tongue is only partly in 
1 ty cheek. Single parents come 
J i both genders, but I mnst 
, osely identify with the mother: 

; he is likely to he unhappy and 
,.ine weaiy. This is why the. 
bliday assumes such import- 
ce: a golden oasis in time 
en there is no need to think 
fnsible thoughts. The children, 
yo, have presaires to escape 
.form Can all needs be met? 
lj Having only one child. I’ve 




always tried to slot in with other 
children. When Sandy was six 
we went to Normandy with a 
friend and her two daughters. 

All three children were 
friends and close in age. The 
venue was a small family hotel 
close to the beach. What we 
had not bargained for was that 
Sandy would fall In love with 
the older sister, and when pre- 
vented from sharing a bedroom 
with her flung himself in hope- 
less grief on to the double bed 
he and I were forced to share. 

Another year I tried the Club 
Mediterranee in Corsica. This 
time with three children, all 
boys. We chose a village cater- 
ing specifically for children, but 
they all refused to attend the 
mini-club (great liberator of 
parents) because the moni trices 
were so bossy. No matter: in 
that motorless environment 
they prowled safely, swam, 
snorkled, sailed — did everything 
in the brochure. However, their 
parents queued - and fought- 
physically to get their children 
on the right, lists for these 
sports. We felt, finally..' we 
could have dune with less of the 
excellent and prolific food and 
more old-fashioned qentillesse. 
And. dear God, the noise ! 

We bought our freedom 
dearly at the Club Med. I 
haven’t tried it myself, but Tm 
told that Bntlins offers the same 
type of parental irresponsibility 
at a fraction of the costs. All 
conceivable sports supervised 
by someone else.' 

Camping-is. another solution— 



Awkward 

moments 

BY PETER MICHAELS 


they did those of their daddies, vacations she- was .Regally 
a counle of experiments entitled to spend with our 
along lines proved toon- 

riu^ Thor cwas ; .good deal tooTscd 

raKra*— sag sggi 

occupancy, what to do to please also mvitinff * 
whom! when and where, and so as to anchor carters 
oit Heavy expenses incurred *nd not 


though not one I took naturally 
to. The first time I naively took 
my own teat, and without the 
help of other campers it would 
not be erect to this day. The 
next year I put myself in the 
hands of Motents, which means 
I packed only personal things 
and drove directly to their camp 
site in Brittany where superb, 
spacious tents were already 
erected. The cooking facilities 
were all there, plugged into gas 
.cylinders. Beds, tables, crockery 
—all provided. In both cases, 
gang life came to my rescue. 
Sandy disappeared early each 
morning. I think other people 
must have fed him, because I 
seldom did. And X had a com- 
plete rest 

Sandy is now 14, and our 
problems have changed. They 
are - to do with divergent 
interests: not physical safety. 
But I wish Td known about 
the following solutions -when he 
was veiy young; Broughiy Ferry 
Children’s Hotel near Bourne- 
mouth not only caters for 
babies’ physical needs, but allow 
weary parents to have nights 
off. The staff have an electronic 
baby-sitting keyboard that lights 
up at your baby’s tiniest 
snuffle. 


Your weekend E: Austria Belgium 
tOM, Franca ■ SOI; Italy 1.700. Greece 
15.75. Spain 1WJS. SwHzcriand 3 JO. U-5. 
l-MSB. Source: Thomas Cook. 


No crying goes unheeded. 

Friends have waxed lyrical, 
about farmhouses, where their 
children .watched entranced 
while cows were milked, eggs 
collected and horses . groomed. 

But the best farmhouses, are 
inland, and a car is a must If a plate of pommes /riSes. 


you want to get to the beach. 

Holidays can drag the single 
parent into a resolutely married 
world. The antidote for 
feeling spare is to. go some- 
where where you can plunge 
into an activity — however 
ineptly. Holiday .Fellowship 
run centres all over the country 
that cater for sketching, drama, 
music, archaeology^you name 
It 

Speaking of economics, there 
are many one-parent families 
for whom money is the unsuper- 
able problem, they’re probably 
the families most in need of a 
break. Gingerbread and the 
National Council . for One 
Parent Families have compiled 
lists of cheap holidays and tour 
operators who offer discounts. 
They can also advise you on 
how to obtain financial help 
towards the holiday from your 
local authority. 

So, can parent and child have 
an equally good time ? T think 
the mother sinks her own yearn- 
ings in favour of her children's 
needs, and. doubtless this is 
right But occasionally the old 
memories stir. I remember. . . 
Oh. many years ago. . . eating 
a meal alone in a restaurant in 
Pompeii. The waiter, who just 
happened to look like Michel- 
angelo’s David, handed me the 
bill and said gravely; “ And now 
I think we should make love ” 
Well, maybe if I had. . . Pull 
yourself together woman, and 
order up a brace of Fanta and 


ADDRESSES 

Club Mediterranee, 5 South Moulton 
Streep London W.I. 499-1965. 

Butiins Ltd., 441 Oxford Street, 
London W.I. 629-4616. 

Motents, 22 Gerrard Road, London 
N.I. 226-883). 

Brought/ Ferry Children's Hotel, 
Sea Road, Boscombe. Near 
Bournemouth, Dorset, BH5 IDG. 

Children Welcome! Published by 
Herald Advisory Services. 23a 
Brighton Road, South Croydon, 
Surrey, CR2 6UE. Price 75p, plus 
18p postage. 

Farm Holiday Guide from Farm 
Holiday Publications, 18 High 
Street, Paisley, PA I 2BX. Price 
50p from booksellers; 78p by 
post. 

English Tourist Board, 4 Grasvenor 
Gardens, London SW1W ODU. 
730-3400. They publish brochures 
on Self Catering, Where to Stay 
(which indudes a section on 
farm houses). Aho. free from 
the Scottish Tourist Board, 23 
Ravelston Terrace, -Edinburgh, is 
Farmhouse Accommodation. 

Holiday Fellowship, -142-144 Great 
North Way. Hendon, London 
NW4 1EG. 203-3381. 

Marlborough College, Marlborough, 
Wilts. Run spedal interest 
courses during the summer holi- 
days. 

Tay lings, 14 High Street, Godaiming, 
Surrey GU7 IEB. Specialise in 
farmhouse accommodation. 

Gingerbread Holidays, Lloyds Bank' 
Chambers, Camborne. . Cornwall. 

One Parent Family Holidays, 25 
Fore Street, Praze-an-Beeble. 
Camborne, Cornwall. 

National Council for One Parent 
Families, 225 Kentish Town Road, 
London N.W.5. 

Cruse (for widows and children), 
126 Sheen Road, Richmond, 
Surrey. 940-4818.; 


THE DIVORCING OTMT woo --- -- - - - daughter in at the - , 

keeps his yoimgchJdrenjs not ion, »» any*wse she would locally, even though tiSft ji 

yet a famihar folk figure.' Con- «« any «« over end . accommodates people In 

sequent^ when I found myself or cover scenic so that I would have to share 

in that position . with my «,r) did not help my bungalow with my daughter 

daughter, then eight, some ^niorV to while our companion rowed 

years ago. there were no handy retried comments of. my for- with a stranger, representing a 

models to ropy norsood sources 0 ■ what she described slichf assymetry. _ • 

of practical advice. « -escapades." I concluded Within a day of our arrival. I 

My immediate impulse was esca ^ friend5 were loo indeed found a very pleasant 
to adopt a muddle-through atu- that, if w(?re t lop . ]ittle boy ^ a playmate for my 

tude in the hope that s Jd ^± My daughter, indeed! daughter, who henceforth fts- 

lems would vanish .if long I was fall appeared early in the nontax 

enoogh ignored but I of misgivings and decided that and was hardly seen 

found this unworkable. Most w- « ® j * llv need ed was the cept at mealtimes, ami thou 
convenient were the constant J" 7181 snc . : iwiinnlv She said little and 

constraints: the household must company of other eh too taSS. B„th rtildrm 
continue to function, matters I .. A banal idea, quite clearlj appearea napp^ lookinB 

observed. annarentlv the son of demented and other charming diversions. 

My daughter was really the - whi c h comes to The rooming discrepancy went 

least of my troubles, for she fathers in the small unresolved but seemed to mat- 

was helpful and fieable: it was single fajjm t his H^of ter less and less. Time passed, 
the world. Jn aU its obstreperous- b«Jrs. Pursm g " d Relaxation took over. Some ten 
complexity, which bore down out of days later, and in a quite cAiual 

upon both of us. And one of its =£ ^ oIida ?^neSma would be way. my daughter introduced 
damounne demands concerned SDDt where my me to the little boy’s mother, 

holidays, those nightmare inter- “ Jjjjj “ J P E q he r own way She was not, as I had too readily 
vals which had to be fitted he- ^ turned, the wife of the 

tween school calendars, the “ost of the time, wnup e Englishman via, , whom I had 

exigencies of my job the foibles than located, often seen the hoy. nor was that 

of my former wife, the altered man his father. She was a 

landscape of my circle, private which we widow, come to the same Club 

motivations, all of w with her son and two friend*, 

which loomed malevolently over A famuy rwore same reasons as 1 had 

Sat&VS, the f“-Se e XT d “ “ 

everyday routine which, being not fbe answer. A place whe e 5 _ tliree • rears now 

routine, « more mauageible. that little boys mother and i 

My first solution was classic- s0Unded purgatory to me. have been married, and our -two- 
ally regressive. Having no rela- Pot luck in p i easailt comers I children, who so much appro- 
tives with convenient country ^ different dr- elated each other’s company. on 

residences, I took my daughter „ 1TnKtanetif . was c i ear iy nskj’. I an Italian beach, are finding the 
and bolted to the Susrex village ^ ew{ore hit on a complex experience of sharing a floor in 
where my best friends have x scheme; i WO uld first negotiate our town house even more re- 
house. This, of course, was just fortnight of the warding, 

a way of shuffling off response 
billty: the friends represented 
safety 'and continuity, my 
daughter got a taste of rural life 
and I elicited sympathy and 
solace in a quasi-familiar set- 
ting. It went off splendidly, but 
It was much too easy. 

The next experiment was to 
recruit women friends. The idea 
consisted of putting up a front 
of carefully measured liberation, 
so as to accustom my daughter 
to what was presumably to be 
her father's prospective life- 
style, characterised by emanci- 
pated, if perhaps somewhat dis- 
continuous relationships with 
kind persons who sensed the 
needs o£ little girij.as keenly as ^ . 


TRAVEL 


,* - ROTAWANS 

i i 69th CONVENTION 

TOKYO 

j ^ombln* ■ visit with a fabulous holiday 
I JWs May. Limited anllabfUtr on mod 
. wwjljf tours. 

• UT72- Tokyo— HongJCona — Manilla — 

4aai •’ Toky o ( tang kono — Bankofc. 
U9fl< Tokyo — Convention Tour. 

• ‘Prices oer person, sdanna twin room. 

■ :olour hrocaMe and further detarls 

’ BLUE STM TRAVEL 050) 

ZIISS Osborn Street. 

. i London. ET 6TH. 

; 1 TeL 01-207 MSI. 


, JM ANTIC SECLUDED VALLEY with 
. lake and woodland Holidays lor B. 4 
. And 2. Really comfortable, -warm. 

■ •Maotlfulfv tarmihcd conversion - In 
). -lilted CearBlan stables and cottrae. 

Loo Arts, simple meals. Peaccim and 
i Astnral setting lor a oniet houoav. 

> Lantern Grove. Hoot End. Ledbury. 1 
f 'Hertfordshire. Laobury 3813. 


Discover the M^ic of Sardinia 

HOTELS, VILLAS, CAMPING 
& CARAVAN HOLIDAY5 
From £85 including direct 
flights from Gacwick. 

Free brochure from: 

Magic of Sardinia 

(Dept. FT). 190. Chiswick Hieh Road, 
London, W-4. Tel.: 01-994 7823/4. 
ATOL I014BD - ABTA 42465, 

FOREIGN HOTELS 


SWITZERLAND. ■ AROSA. Hotel VaJsjna. 
1st- class. Indoor swimming pool. Oflars- 
tho sccorftv lar-slrllng ubtil tfic end Of! 
Aonl. Telex 74232. 


■ • r: • ■: r ■ - • ’ . 

1 ■ ■ •- o. ‘ -« 

:■ JL-m 

' «:• .S-' - — ■' , , 

.rt* **"* mi 

i> ••• •>■ • -. - */;/ -. 55-; 


-Cruise magnificently 
to Mexico. By P&O 


ST. ANDREWS 

Modernised cottages in secluded private estate, 11 miles beach 
and golf courses. Panoramic views over St. Andrews’ Bay. 
Furnished to high standard and fully equipped including all 
linen. Vacancies all dates including OPEN GOLF. 

Write for brochure to: Cr&igtoun Meadows, 9 Mount Melville, 
St. Andrews, Fife. * 


HOLIDAY ACCOMMODATION 


} 


CZECHOSLOVAKIA 

i 

has so much to show voii 





; COME AND DISCOVER IT 

Visit the picturesque old towns, fairy-tale castles, 
breathtaking mountains and lakes, meet warm and 
friendly people. 

Visit the typical pubs, wine cellars, experience the 
World famous yet inexpensive Czechoslovak cuisine 
|n excellent and typical restaurants. 

Jrake a package with Wings, Ramblers Association, 
fhomson Holidays, Balkan Holidays, Swans 
j[HeUenic), Peltours, Inghams, Regent Holidays 
((Bristol), etc., or go independently. 

|\sk for more details. 

jTo: Czechoslovak Travel Bureau, CEDOK (LONDON) 
tTD., 17-18 Old Bond Street, London WES 3DA. 

.Please send me more information: 

t 

Name 


J -Address 


FT8 


Fly to Los Angeles and there join the luxurious cruise liner 
'Pacific Princess’ for an unbelievable cruise south down, the 
West coast Ypu'U\TS it four charming, old world Mexican towns 
* aid fabulous Acapulco. Flv back from LA-and you'll have 
stayed there too! 15 nights from £1020. 

Or you can have a shorter cruise, by staying 3 nights in 
Acapulco and 3 nights in Mexico City in first class hotels. Fly 
home from Mexico Gtv. 15 nights from £997. 

jDepartures on selected Saturdays until 20 May 197S. 

Ask your ABTA Travel -no yv ir» • 

Agent for The *P&0 World JwO CTlllCeSS 

Cruise 77/7S* brochure or _ • 

ring P&O, 01-3 7 7 9270. UTUISCS 



THE ITALIAN 
CITIES 

In addition to Rome. Florence 
and Venice our booklet includes 
many of the smaller Italian 
towns, STena, Lucca', Assisi. 
Arezzo and Verona to mention 
only a few. 

There are also suggestions for 
two and three centre holidays 
coupling the cities with the 
lakes and seaside resorts. - 

We use the scheduled Rights and 
our suggestions can be amended 
to fie your exact requirements. 
May we send you details? 
HAYES fc JARVIS (Travel) LTD. 
6, Harriet Street, Belgravia, 
London, siw.l. 

TeU 01-235 4060 or 6675 


SMALL WORLD'S 
HOLIDAY GLOSSARY: 3 

Asphyxia. Angi'iu, Dyspap|iit 
If it's a Greek island. w« do it. Travel 
Workshop's programme of Inn Holidays 
nils you all about dozens of small 
hotels, eavemas and village rooms 
throughout Greece, places you won’t 
find In the standard Dick age tour 
brochures: and you will like die prices 
—our overheads are modest and we 
don’t watte your money paying com- 
mission to scenes. 

We have also found lomc equally 
attractive placet with local colour In 
CORSICA. SPAIN, ITALY. MOROCCO 
and PORTUGAL. If you feel Cke a 
holiday a bit. off die beaten track, 
peruse our brochure first. Phone new — 
or drop in and browse in our base- 
ment where you will find some useful 

display boards for ideas: -hen talk to 
one of our consul ran a and help him 
concoct the right holiday for you. - 
TRAVEL WORKSHOP 
" w e KNOW where you're Eoing’’ 

S Garrick St., London WC2E 9 Ax. 
01-836 7836 ABTA 


EDUCATIONAL 


A 12 MONTH MBA aor 

GnrSaid Seeoie: Kha^aii 

Applications arc now invited for 
Cranlleld’i 1978/79 MBA Pro- 
gTamme. We want ambitious 
people with a good fires degree 
and/or a professional qualification, 
plus at least 4 yeara' business 
experience. Most students are 
between 27 and 32 years of age. 
Cranfield is one of Europe's lead- 
ing Businesa Schools, wall respec- 
ted by Industry, and the quality 
of its students is internationally 
recognised. Our 12 month pro- 
gramme Is intensive; the rewards 
are high. 

Further details and 
application form fram;^— 

Frances Tomlinson, 

Gan&ad Scnccio! Manassm^v 

CRANFIELD. 

Bedford MM3 OAL. 

Tel: Bedford (0234) 751122 



Where Beiier 
Than Crarifield? 

-- .oiiftmc your 

ssr— «"*• 

.and develop nor 
oMnoumeet potential? 
Baseo on our experience or training 
over 10,000 people In the various 
asocco of management services, 
from October xt are ottering a new 
one- year M_5c. degree in Business 
systems. It provides comoreMmlrc 
cavoratK of modern managpment 
services tccnnlaues including ousn- 
An »lysis, Data Processing 
and Information Systems, o & M 
and Work Study. 

JLS 11 ' J?? 

Sradpotes with 2 or 3 veai*' «• 
oerlence since graduating who wish 
to pursue an fntoreK in Manage- 
ment Services, either as . spec li list 
career or as a' stepplnp stone to 
general management and Graduate 
or Professional It Qualified People 
Currently working in owj area ol 
Management Services who w«k » 
mend tneir knowledge and hence 
their career opportunities. 

Details from Programme Director. 
Tom CASS. Cranfield School ,1 
Management. Bediard iTei- • 0254 
751122 Ext. 2TB J. 

Cranfield School oi Management 


PALMER & PARKER 

EAST AFRICA 
Kenya Villa/Safari 

One week independent safari and two weeks in staffed villa 
on the Indian Ocean. 

CARRIBBEAN 

Antigua • Montserrat - St. Lucia 

Villa holidays with pools, car and staff. 

PRICES £325 to £450 per person, 
including cars and scheduled flights. 

EUROPE 

Algarve and South of France 

Staffed villas with pools, cars, flights. - 

Brochures: (0803) 864140 - 24 hours. 


HOTELS 


ASHLEY COURTENA Y 

RECOMMENDED HOTELS 

All are good value for money as costs -continue to rise. The new 
1878 Edition of " Let’s Halt Awhile in Great Britain ” personally 
describes over L200 hotels. Here is a most rewarding gift and 
a mine of information for your holidays, honeymoon, mini-weekend 
breaks, or business conference. £3.75 from book stores or direct 
from the Author, 16 (D) Little London, Chichester, Sussex, plus 
6&P postage in U.K. 


MULLION, S. Cornwall 


SIDMOUTH, Devon 


rnlclrm frtafifll* w w lre 'i 9 Arrwo TnrE5TC*-IFF HOTEL. A lipilly ruff hotel. 

wlpSd" 6wl^tSlv™; hM. “mX 'So, 

Tennis. Porting. Nr. 15 -noK goli couiw. beSch ind SSf " Te^SMi^ ** “ nBy 
Cliff walks. Dancing. Tel. 24042.1. ocacn ,no SP0,, - TeL 3Z5Z - 


Nr. STROUD, Glos. 

AMBSRL2V INN. Strongly roe. for week- 


fSTO 045-5871. 


PORTSCATHO, S. Cornwall 

ROSEVINE HOTEL AA— RAC- Stpudlng 
in 5 acres of beautiful garden* above sale. 
sandy private beach, rioted 
90% rooms with bath-mower. 

Ideal for carlv or late holidays. 

ST. DAVID'S, Dyfed 

WH1TE5ANDS BAY HOTEL. Lint, modern. 

super views. Sale, sand* beaches. Golf , . _ ... 

course adlacenL New htd. outdoor pool. IRE SCO, Isles of Scilly 
sauna and launderette. Comfortable, warm _ , 

RTBl 5o§! l,,t ‘* owlaok,,, “ 

SAND OWN, Isle of Wight ^e. ,9 lSoeS Jl &d 

BROADWAY PARK’ HOTEL. 5-St»r and sphere on rt theirt^d'* Towltei 

cs&. 7 jb :'«« 

sw.«:r. T,M,n,I »4? 


APPEALS 


ANCIENT MARINERS now sending out 
distress " signals, are cared .lor try us. 
Please acknowledge »»>Ui a gift to. 
General Secretary. D. J. LaRertv. 

j.p . Royal Alfred Sealarers . 
Society, " Weston Acres.” Woodman- ; 
Sterne Lane. Bansteaa. Surrey 5M7 3HB i 


COMPANY NOTICE 


CLUBS 


EVE. 189. Regent Street. T SO 5675 A la 
Carte or All-in Menu. Three Spectacular 
Floor Shows 10.45. 12 45 and 1 .45 and 
music rt johnny Hawkerworlh A Friends. 


EDUCATIONAL 


j LEARN GERMAN IN GERMANY! Fr-mrl. 
■ aoraenen-instttot mawrizki. intensive 
i courses— during me hofldav our loo. also, 
j Please reuuest orospectjK' wiinetm- 
| Blum -Sir esse 12/14 D-6900 HEIDEL- 
BERG. 


THF SCOTTISH 
AGRICULTURAL SECURITIES ' 
CORPORATION LIMITED 

31%. Debenture Stack. 1979/B4 
5^% Dobencure 5tock. 1986/38 

BcrftTcoe hrreb 7 Ei,,on th *‘ ‘he 
5sS:?Tf"' ol ‘hr above mentign-d 
DEBENTURE STOOtS will be CLOSED 
for TRANSFER and REGISTRATION 

•rem 15th to lith February, 1 97s 
both days inclusive. 

By Ordtr gf die Board. 

H. J. MeTU^K. 

<6. Ralmenton Pla«. 5«4r.oiry 

Edinburgh EH 1 2 S6R 

F"tn /trnuury. 1978 . 




1 ' 




Boat lore 


MY THREE daughters 
descended in their normal 
avenging horde style on to the 
decks of the good ship Flicker- 
ing Light for their holiday on 
the Norfolk Broads. Dad was 
left ashore to unload a car 
stuffed with its normal load of 
books, teddy bears and bubble 
bath — all .the essentials for a 
week on the water— while the 
offspring did battle aver who 
was. to have which cabin. Even- 
tually I dragged them off the 
boat again to help with the un- 
loading and, in a relatively short 
time, we were ready for the 
off. 

Flickering Light, and the 
Broads, had been chosen deli- 
berately. The Broads themselves 
present no navigation problems 
and indeed after a day or two 
each of the children found driv- 
ing relatively simple (the kids 
were 12, ten and nine years old) 
The boat came with three self- 
contained cabins to give each 
gui privacy, and the central 
driving cabin converted into a 
master bedroom for me at 
night. There was a good-sized 
galley, a fridge, and a televi- 
sion (extra payments) which 
gave fuzzy but acceptable recep- 
tion. r 

over the years that 
activity holidays go down best 
with the children, although as 

S?21 . a P proat * teenage years 
their ideas of activity tend to 
differ sharp y. Oddly enough, 
after a couple of days, the boat 
alone was not sufficient! v. active 
enough. The first enthusiasm 
was fnr miles of drivinT, of 
bird spotting and of waving at 
nther craft. The mood gradually 
swung later to a desire for moor- 
mg in place where they were 

things tQ be ablC t0 566 and dn 

At times this led to conflict 

fr-Vhii- T h « C 1 was ,nok ‘n« 

. 5 of Broads peace and 
quiet, eager to moor out in iho 
wilds and relax, while they 
thought that all very bon n - and 

wanted mueh more t oTadf"r 

pT _ hlR c,f les anri resort villages 
Fortunately thorn t V *« " l 
thing for all of ns and we Si 
nn >w ™«ed „„ t our d,veS,H 

wi Sr r moS‘ «» 

si mg 



the bank, and tying ner up, an 
to the accompaniment of 
screams from kids who clearly 
felt they were going to be left 
floating on the Broads for ever. 
With Dad stranded onshore. At 
times the mooring manoeuvre 
Involved a measure of manhand- 
ling which might make the exer- 
cise difficult for a lightly built 
woman. However, if you choose 
a mooring with other boats 
around there always seems to 
be other helpful hands. Occu- 
pants nf nearby boats also help 
with evening kid-sitting while 
Dad is out sampling the night 
life. 

Meals and shopping proved 
to be great fun. with everyone 
joining in. There was less en- 
thusiasm for general cleaning 
up, but then that is par for the 
course. 

The Broads can get a littlo 
busy at times, but the near col- 
lisions with other craft, and the 
evening hunt Tor moorings 
which are not too Tar from the 
shops lor morning supplies, all 
added to the adventure. Apart 
from the villages there are iar- 
ser centres such as Norwich. 
Lowestoft and Great Yarmouth 
available. Outside these centres 
be prepared for a disappoint- 
ment as far as Norfolk pubs 
arc concerned. All that -mod 
East Anglian ale keeps itself a 
long way from to am] , he 

Broads pubs app,. ar m boast 
H b ' tat Plastic brew, |0 
f‘2 hars - s,1 “l’Pl»s. however, 
X, d «- p S " mo l ,le »JM Stir. 

\ Ve au * rem.nUahiv -well 

drhikinn JU! * tci * m 

X ns y Wine ia 

Military splendour. 

the trip the chil- 

rarnfni T k f ° Jackc,s »nd 1 was 
d.i if U » t0 bru r ^ ,e,n Rn what to 
hLL \^ Cro mt ' ti,n t fell tm 
wnm d v L C V enRlnt *' 1 dort ‘ t 
over m° U ”) ltt e lwnat,cs 

thnem^hi a h0,id *J r 1 wouid 
r-T h| y ri’vonmiend for a 

ErmLnfV? 1 ’ 0n *‘ artul1 and * 
of hbt much more. A 

nit L t3n a riausiroptohic. 

Plare. particularly if 'bad 
win tlier strike. 

viu. makes 

NrS sn» AV ^ shain ’ NofMeh 

r!5i 12 fcf? 11, Mttkcring Light 
“ ccorrt,n S sea«rt. U 

JOHN BECKLEVf 





t 








How to spend it 





If you're thinking of doing up a house, a room, 
or even just the odd wall or sofa, then here are a 
few addresses that might provide you with some 
of the right sort of help — 


COLOUR COUNSELLORS was 
started several years ago by 
Virginia Siourton and Shirley 
Liper and they aim. by means of 
their eight very cleverly colour 
co-ordinated, boxes, to take the 
headache and the footwork out 
of doing up a house. Though 
their headquarters are at 187, 
New King's Road, London, SW6, 

< photographed left i, there are 
Colour Counsellors all over the 
country who are ready to go to 
anybody's, house or office with| 
their special boxes. 

The boxes are basically 
organised on a colour basis — 
each box has a complete range 
of carpets, fabrics and wall- 
coverings. all of which are colour- 
related so that selection is made 
exceptionally easy. Certainly the 
range of patterns and designs 
used is delightful, and the boxes 
contain samples from' both well- 
known and little-known ranges. 
They are increasingly developing 
their own exclusive designs and 
these, too, of course, are incor- 
porated in the boxes. 

You can buy from a Colour 
Counsellor as little or as much 
as you like. If you eventually 
choose to buy through them, 
then there may be a small travel 
charge and the design and advice 
is quite free. You pay no more, 
for the materials than you would 
through anv shop. If you don't 

buy through them, they charge 

a counselling fee of about £10, 
depending upon the distances 
involved. 

You can also ' ask Colour 

Counsellors to supervise the 
making of curtains, upholstery, 
carpet laying or even lighting. 
There are now about 24 coun- 
sellors up and down the country 
and if you want the name of the 
counsellor nearest to you. you 
should write to their head- 

quarters at 187. New King's 
Road. 


I „ WISH I'd known about 
Enriqneta when 1 last moved 
house. Her idea is so simple, 
but so eminently useful, that i< 
must surely be The answer to 
most people's house furnishing 
problems. 

Enriqueta runs * complete 
interior decorating service from 
her small fleet of vans. Each van 
Is equipped with an amazing 
selection of samples, from carpels 
and floor-coverings through to 
wallpapers, curtain and uphol- 
stery fabrics. The beauty of the 
system is that all these samples, 
many of which are normally only 
to be found in some of our 
smaller and more exclusive 
interior designers' shops, are ail 
brought to your door, either by 
Enriqueta herself or by one of 
her small team of interior 
decorators. 

Enriqueta charges £10 for her- 
van- : to visit you and you may 
then browse, at your leisure and 
in' the comfort of- your own home, 
through this vast collection of 
samples. U is possible to match 
wallpaper against fabric, carpet 
against curtain and so on, all 
without traipsing from one shop 
to another. Most of Enriqueta's 
samples are from the more 
exclusive imported ranges 
though, of course, she also offers 
people like Sanderson, Coles and 
Designers' Guild. 

Besides ordering the paper, 
fabric. or carpet through 
Enriqueta iwho will see the 
whole order through) she can 
also arrange tD have the curtains, 
loose-covers or bedheads made, 
the carpets laid and so on. She 
doesn't mind at all if you just 
want- to buy a roll of wallpaper 
for one roam but on the other 
hand she's just as happy to 
supervise the decoration of an 
entire house, including the 
building work. She prides her- 
r sell bn the speed with which her 
workrooms can deliver. 



self bn the speed with which her dj*™ about 5 per cent of negotiate a fee, depending upon shire Works. Barley Mow F 
workrooms can deliver. *j. e total cost if she supervises the amount of work and travel sage, Chiswick, London, W.4. , 

ijrtTKj raKr-SK: « srayar-Ar 






. 4 

?*•: ■ 
v .-f 


" t v 




' ■ -v ; 

• vV .• 


T -V- ? 


SANDERSON'S COLLECTION of 
Triad wallpapers and fabrics has 
been around for some time now 
and it. was one of die first groups 
of designs from a major manu- 
facturer which helped the home- 
decorator to use different, but 
linking patterns in the same 
room. 

Sanderson’s have now tried to 
help the amateur home decora- 
tor even further by bringing out 
their own range of carpeting. 
The range is designed to be used 
with the Triad collection of 
papers and fabrics and all of 
the 21 plain colours link with a 
selection of the Triad designs. 
The carpeting Is m a plain twin 
S>lie*made from 80 per cent, wool 
20 per ■uaWft and it cost* 
about £12.50 per : square metre. 
The carpets have Just fftmelilfo] 
inns* leading carnet stores \ jemn : 
l-rwis. Selfridces. and of course; 
Smdersnn’s own showroom a* 5..' 
Berners Street, 
but if vou want a local stnekist 
write in the Press. Officer, at 
Sanderson's main address. 

Launched at the same time as 
the parents is a new Triad nnw 
—to my mind even better, heme 
much more sophisticated, thin 
the last one. I particulars- ntt 
«bi>ir “ Daisy" design in the navy 

3«ii vli'lc colour combination. 
Vitnrally all the carorls co- 
with ibis collection, too 

You can «cr the new papers (and. 
.i.- with the old Triad enlleetiwi, 
T h»rr «re nl«ntv. of plum paoor« 
f ♦or ihnSC Who TJrefpr 

3 i.*.5 ptT»*»rpcd o* mrterneii 

l.wfe) at Sanderson stockists now. 


CARPETS have nowadays 
become so expensive that one 
almost needs a second mortgage 
just to pay far them. . 

Afla Carpets, an exceedingly 
enterprising carpet firm' at SI. 
Baker Street London, W.I, find 
to their, amazement that as car- 
peting becomes more- expensive 
so are people less inclined to 
settle for anything but the best. 
Realising they are in for 'a lot 
of money, whichever way they 
look at it, they usually, decide 
to go for quality and a design 
that really pleases them; 

For anynody wanting some- 
thing a little bit special Afia is 
a very good place to visits To 
begin with they have a range 
of patterned carpets which are 
a revelation to tRase of. us who 
lend to think thift patterned 
carpets are unthinkable. They 
have a selection so charming that 
1 could well imagine building an 
entire room round them- 

Centre is a Hugh McKay carpet 
which looks almost like hand- 






made tapestry with a charming 
rose dotted about from time to 


time. The nicest colourway I 
think is the dark green with a 
cream and pale green rose and 
leaf but there are five other 
regular colour-ways and it can 
be ordered in any colourway uf 
the 1 customer's choice for no 
-extra charge. TCe price n-&15-u> 
per linear yard. 

Afla offers a large selection 
of patterned carpets which can 
be dyed or coloured to indivi- 
dual specification at no extra 
charge. 

Harlequin on the far right is 


also £18.25 per linear yard and! 
similarly can be coloured to suit 
any customer, though there are 
five attractive regular colour- 
ways. 

FiouBv. :f you really can't 
afford ■ to go. for a very good, 
quality, expensive carpet my 
advice would be to go to the 
other extreme and buy some- 
thing like the inexpensive rice 
(ves. rice} carpeting from China. 
Sketched above left, it is tough, 
is a lovely honey colour and costs 
£325 per square yard. 


ANYBODY who has ever moved 
house will know that it is getting 
all the small things done, tike 
new curtains, that causes the big- 
gest headache. Of course, we all 
know we ought to make our own 
but it is just when we are 
moving house that we have 
neither the clear space nor the 
time to do it. For the rich the 
problem can be simply solved — 
go : to an interior decorator or 
a large store and have all the 
worries taken off your hands. 
Even at a price, though, you 
will probably be horrified at 
how long it takes to get atten- 
tion in any of our larger stores 
and at how long you will have 
to wait for the finished articles. 

Providing a free, reliable, and 
prompt curtain-making service 
has been cne of the ideas which 
has helped to make a newish 
chain of shoos. Herald, the kind 
of success that has astonished 
even their own holding company. 
Combined English Stores. 

There are IS Herald shops in 


[* a* ‘ 




over comes from curtain-making, as large as it might be in ot! 

All Herald shops are fitted shops where only small samrj 
out and designed in as identical are kept. _ . 

a war as possible, given the On the other hand there i 
varied sites. AH have honey- good range of designs on oi 
coloured floor tiles, all share the with Yves St. Laurent and ^ 
same logo and all have the entire derson prints lying next to 
range of fabrics on offer, made distinguished names. w! 


range or laoncs uu uucr — ° _~~.r 

up into full width curtains so plain or patterned, textured 
that customers can see exactly smooth, wlU have 80 


all. They are mainly clustered 
round the South and West with 
the newest and glossiest at 108. 
High Street, Maidenhead, and 
the oldest and smallest and only 
London branch at 412. Chiswick 
High Road, Chiswick, London. 
W.4. 


nidi lusiumcia mu _ 

hnw thAx- han? thing m that line. 

Th^oodVs about the »«J r tai iffEdbB & 

system is that it is easy to see Qffer ^ same free making! 
what yon re getting. All fabrics as we n as suggest i 

on show an kept In TOck .so VrLldng MU GIFS' 
there are no delays. Service la interes ting and better finis 
impeccable, curtains take no “5^25 have proved ' vi 
longer than three weeks and are , with t %, e | r customers! 


Though . Herald shops sell 
quite' a few other things beside 
curtain material (bed-linens, 
linen gift items round Christmas- 
time, duvets, blankets, table- 
cloths, cushions) it is obviously 
the free curtain-making service 
that draws the customers. 
Some 80 per cent, of their turn- 


longer than three *ee*s ana are w ;»u their customers, 

beantifuily-made with a large P°. , 0^,-3]^ offer the fabric 1 
range of possible headings (and, 


range of possible^adingk fan<L yo JJ happen to want, then I d- 
;ncidentall} lit. i.rce in^kin^-iip think mu would- find a.J)& 
service applies to both lined and" any where but those u 
unlined curtains) and prices are ^ recherche choices'froni exi 
very compel she S ILke Designed Gif 
encouraged to browse and every- Ell2abeth Eaton and so on I 
thing is clearly priced and likelv to find anything qpi 
labelled. The drawback is that there 

because every fabric offered has so exclusive mere. 

to be fully-hung the choice isn’t Dnnrimw tw now* 


Have a heart 


READERS WHO lire in Scotland, 
particularly »n the Montrose and 
surrounding area, might like to 
know about an enterprising and 
useful service started by tnc 
vuung wife of a Scottish lawyer. 
Elizabeth Whitson had felt in- 
furiated that erery time sne 
warned new curtains or carpets 
she had to go as far afield as 
Edinburgh, some 90 miles awa). 
to gel a reasonable choice ana 
as far as London for some more 
exclusive designs. So she a«> 
rided to start up a buaness id 
her own, bringing to the area 
the sort of fabrics, colours and 
patterns Hurt she knew would 00 

welcomed. .. . rr ^. nV 

The company- called Two s 
Company, is now. aflcr three 
vears, such a success. Uial ne' 
husband. Angus, has Riven up 
his legal practice and Joined his 
wife fiiU-time in the company. 

They siaried by offering a; 
large choice of fabrics, wall; 
coverings carpels, and curtains 
and built up a name for good 
design and good quality. Then 
they realised that 
many back-up services that were 
needed m they hep. an to offer 
litem, loo. They bought an old- 
rstabtishod furnishing company 
and ting gave them the skins 
and capacity t»i supply furniture, 
cabinet -makinfi. upltolslel? . r - ir ' 
pi*t fiuirig, loose covers, curtains 
and bedspreads 

They offer nil the exclusive 
nnmrs like Elizabeth Eaton. 
Osborne & Little. Designers 
Guild, Warners, «&■ wvli as 
ranars Ukc those of Sanderson. 
Boussac. Sekere, Cote and so 


ANYBODY LUCKY enough 
either to be on the receiving, 
or the giving end of a St, 
Valentine day present this 4 
year will have a bumper selec- 
tion to choose from. Whether 
you think a Si. Valentine day 
present should be chic or sen- 
timental, precious or inexpen- 
sive, witty or banal, there 
should be something some- , 
where to please. 

Shops all report that there U ; 
a great demand for Valentine, 
presents though I do some- 
times wonder where it comea-. 
from. A spot-check round the . 
office reveals that though many 
of us have received or given; 


cards, not one person has ever 
given a present! Tm all for 
present-Riving on as many 
occoslons as possible, so I think 
that on the whole I'm in favour 
.of encouraging sentimental 
thoughts For February 14. 

For those who are hard-up 
but feel their loved one could 
do with cheering op there are 
masses of inexpensive Ideas, 
like tlnv red heart tin boxes at 
fiOp each or the gold coloured 
heart-shaped candle from Par- 
rots of 56 Fulham Road, Lon- 
don S1V3 at 25p. 

Real's of 196 Tottenham 
Court Boad, London tfl has a 
large collection of heart- 



shaped ideas, rrom loving cards 
which could be stamped with 
their Ups rubber stamp f95p, 
you need to buy your own ink 
pad) to a large and luscious 
doable patchwork bedspread 
appliqued with hearts at £76 
(to order only). 

Sylvia's or 25 Beauchamp 
Place. London SW3 has a selec- 
tion of inexpensive but cheer- 
ful ideas. There is a 
2j inch red plastic heart 
which you wear as a pen- 
dant and if you have the 
confidence to carry off such a 
gimmick it can he induced to 


‘pulsate* by flicking a switch 
which activates the 8-hour bat- 
tery inside the heart. £3.30 
(p-r-p 20p). Sylvia also sells 
some inexpensive but jolly 
pendants, all enamelled with 
pictures on the “ love is . . 
theme; £1.50 (p ^-p lOp). 

Also very' inexpensive Jure the 
series of heart-shaped scented 
sachets produced by Meadow 
Herbs, A large size, lace-edged 
sachet Is £1.50, the medium 
size Is 90p, while the smaller 
net-hacked ones are TOp. 
(20p p+p). They are avail- 
able from Meadow Herbs 
at 1* Moreton Street, Lon- 
don SWL but if you don’t 
lire within shopping distance 
they have an excellent leaflet 
from which you can order hr 
post. Please send a 7p stamped 
addressed envelope. 


k.: ; *’■ 

K\ 








Also exclusive to Parrots are ing 3 in,. by 3 in- is made from 



Also rinicu' r >u ~ — ■ , — . 

thpse tint little heart-shaped simulated ebony and is sur- 


(rames. On the right is a simu- 
lated ivory frame measuring 


rounded with * a glittering 
diamante edge which gives it a 


3 in. by 5 in. for £6.65. On the lovely fllm-starrish look. £8-50 
left the frame, also measur- <p and p 2flpi. 


Tll'fflt ■S»T77 , r:“V* 


Bemuse of The workshops they 
now own they are well placed to 
carrv out special order* and 
commissions and ibis is some- 
thinc they are doing more and, 
more. For instance they have 
made up a table for a curling, 
enthusiast who wanted some way 
of displaying the badfies !»■ d 
won— they made Sura a glass- top 
with a v.reen bai^e display under- 
neath the qlass. They w aivo Jutf 
inadt 1 three huadrisl pain? 0- 
Rameproof carluios. for the tunas 
mi an oil rig. t M 

As you can see. ihey wn -urn 
their hands io aaythini:. Angus 
Whitsun is d**velopinc the eon- 
tracL.arfe..of tiie ht^iness winch 
Is flourrahing. iwi. Two's tVnipanj 
is to he faund «: 

Road, UontAabh, Angus DDlOfTi 


\ round transparent box fhU of (p + p £1.10) lor a *»t of fifty 
ilny red heart-shaped soaps, Just small <oap* to use every da>. nor 
the thing to keep at the rtidy charming lor special occasions. 
In the guest room or cloakroom. Exclusive to Parrots, of 06. 
Much too extravagant, at &99 Fulham London. STAu. 




Very pretty hand-pointed 
papier-mache boxes, decorated 
In a variety of ways, are to be 
found at Bobert Jarksou-df 
171 Piccadilly. London Wl. 
The boxes come rrom Kashmir; 
no wo are identically paln^d- 
The sire Is 3 In. by 51 in. Ity 
X | and they cost £*-94 each 
(p and P 35p), 





Small, winy . ■ • a " d 
A pink candle with a red heart 
and a Bice raeisage ...” For 
An Old Flame.” This is just 
one of the many ideas lo be 
found at Parrots of 36 Fulham 
Boad. London 51V3. 65 p 
ip and P 15p), 


Parrots have exclusively a 
number of small items made 
from a red fabric bedecked 
with little white beans. You 
can buy a boxful of eight 
bouquet garni, all enclosed in 
the red and white fabric, for 
£1.00 (p and p 10p) or a box 
of foor miniature sacks of 
assorted herbs for £2 Jin (p and 
p 20p). This little waterproof 
lined jar cover is 53p (p and p 
10pk 


Anybody who is either so besotted that he wishes 
to express this by buying something truly valu- 
able or so rich that only the best will do should 
Iry m visit the new Grays Antique Market at 
5S Davies Street. London Wl. From February 7 
to 14 there will be a special exhibition of St. 
Valentine present suggestions: all of them, 
obviously, will be antiques (that is, older than 
50 years) and all will he for sale. 


I can’t guarantee that by the lime (his article 
appears all the pieces photographed here will still 
he on sale, as they are all one-off. unique pieces. 
However, they do give you some Idea of the 
flavour of the exhibition. 


The heart pendant on the chain Is embel- 


lished with a garnet and a zircon and costs |( 
from Peter Lee Lander's staJL The faeart-sl' 
picture frame is £45, from Ruth Stanley, 
silver box dates back to 1901 and is £45 1 
\bacus. Cheapest find was this faeart-sr 
brooch at £12.00 from Clare and lngeborg. 
Scottish heart brooch dates back to 1895 ai 
£95 from Lyn Holmes. The set of six 1900 si 
comes from the Abacus stall, £35.00. The-' 
box is £48 from Ruth Stanley, while the 
mirror is £35 from Lyn Holmes. 

Perfume bottles are becoming colleij 
pieces so they- are no longer as cheap as! 
used to he- This one, from Rutb Stanley*!- 
is £68.00. Finally the gold locket with hurt- 
is £135 and comes from Lyn Holmes' slali.1 









Financial Times Saturday Jaguar?; 2$ 



again 


j!BY JUNE FIELD 

•fi ' 

i 3 AT a frustrating, soul- 
. i Jtroying business selling your 
■me can be. My heart went 
> 1 to the couple I beard of in 
,;?sex this week, who alter 
: ,Ving had their flat on the 
i rket most of last year, and 
. -lEy as they thought, satisfac- 
!.ily selling the lease at the 
;i of the summer, now, three 
l-.pths later, are told the sale 
fallen through. 

! i -Without going into the 
: . panics of what either side’s 
: icitors were doing to let 
) . tiers go so long without any 
fling -contract being signed, 
1 i ; most irritating thing 
Ij'iously is that for all that 
j ' e the property was virtually 



jj ■ • . • provide these amenities for warns that it may be even mart - 

/I // nWtfnift comfbrtaMelxviiig was long and remote. He maybe persuaded 

IVl UUniUln drawn-out AllSnrices bid to to supervise a conversion at an self what the lw^ 

retreat 


The Old Rectory, Newtek, East Sussex, 4} 
miles from Uekfield, is an outstanding conn- 
try house dating from the Georgian period 
with cottages, two bungalows and about 10 
acres. There Is also c heated swimming pool 
with changing rooms and Sauna, ornamental 
lake, orchard, hard tennis court and a paddock. 
The copious accommodation ranges over 4 
reception rooms, a garden room, 6 bedrooms, 
5 bathrooms. 2 secondary bedrooms and a staff 
sitting-room. Newick is a picturesque Sussex 
village with a village green and X3-centnry 


UUKUMUL rui uou tu tv SUWIIUK u .. P q V m n 

be provided (plumbing and economic rate to cover time and in nne of tft* 

electricity), floors and windows traumas, but only after he has property or . ^ 

put in. and it cost around shoWh you that there are a host in Agm* 

£12,5Q0-£15,000 on top of the of equals attractive ready- tal. N‘» ^*28 

WHEN I FIRST saw the old basic £5,000 paid for the barn made 7 properties in Andorra, there are CTantmeo rau wg. 

■ granite bam in Sispony, a small some two years ago. The with greater accessibility to the whisk} at * 

village in the Pyrenees, it was English couple who bought it ski-slopes, restaurants, shops even . h . <h ‘ 

full of ducks and debris. Last as a holiday-cum-retirement and other amenities for the' store .sell- 
week I saw it in its new guise — home admit that they could gooTiife. And of course every’- for men ana • 

an elegant home with fitted car- never have achieved the trans- thing is considerably cheaper a pair. The ilarner satA 

pets, two bathrooms, central formation without the aid of than' in the neighbouring tors of CI&A, li so 
heating, and floor to ceiling the Ipcal estate agent who sold En^ch .mountains. overseas E*5b£ 

double-glazed windows through It to them. It was he who co- As Garner points out. the it the Home. \Wwvrti- 

which the dominant views are ordinated the work of the tail- man who originally bought the tion, waidort . 
the- . snow-capped peaks of ders, carpenter, plumber, eleo- bare in Sispony (an architect) Strand, Lona . T*um. 

Andorra, that tiny tax-free Prin- trician and the like, not anreasy got oold feet about the project, ^csday January 

cipality between France and job in a remote village' in thp and .ended up buying a pent- day Febru^ z. ne 
Spain. mountains. • 1 1 house flat with an equally and S p.ra. drib- a t 

Most of the original features Hugh Garner, enthusiastic dramatic view, all ready to general overseas •. 

have been retained— high- young director of CISA, is a bit move -into! Write to Hugh Gar* hibition, wtere i r 

beamed ceilings, rough stone reluctant to take? the task on ner t - CISA, Casa Pascol. pames 

.. walls and roof with its scallop- again, but Can still find, you Massana, Andorra, for an »n- turn and ad«ee^ wymg 

church, seven miles from Haywards - Heath shaped tiles that are a feature another bam at around the troductory booklet on the coun- day and retirement nonws m 

with its 45Hminnte train journey to Victoria of the region— bui the work to same figure of £4,000^5,000, but try, details' on chalets, span- southern Euro pe., 

and London Bridge from the mainline railway 


station. There is -golf at Pllidawn and Royal 
Ashdown Forest, racing at Plumpton, Lingfield 
and Brighton, and sailing at Shorefaam, New- 
haven and Brighton Marina. Priee for this 
M listed” gem for gradons living, expected to 
attract overseas buyers, . is about £200,000 
through the agents Clifford Dann and Partners, 
Albion House, Lewes* who will send Illustrated 
details. 


; i the market, much of it 

: ‘ Jing the peak period of the pjng Centre, and it is to be £85.000 class. Set in five acres Most of the East Sussex 
■ r, and the vendors have to hoped that the new buildings of downland between Lewes and villages are rooted in Old 

' : rt all over again. Surely will merge in happily with the Newhaven, the flint and brick English, and if you want to 

! 1 ite agents should keep a old, without the usual bruising “ listed ” house has five bed- trace their origin, Judith 

' : jer watch on sales that are effect consistent with so much rooms, two bathrooms, two attic Glover's The Place Names of 


l ' 


subject-to-contract? current development. Dann’s rooms, storerooms and a wine Sussex Batsford 1975), is still 

; 5 The making and acceptance sold the prominent site in the cellar. Included in the price the best guide, a fascinating 

j ■ an offer and its attendant centre of the town for £275,000 ‘ is a fine Sussex barn, a paddock A-Z of more than 2,000 place 

l.ptiations should be but the last year, to Lowfield Commer- and stabling for 22 horses. Extra names. At Ditc hli ng (from 
i?4nntog as far as the agent rial Estates, and work has land and some nearby cottages Diccel’s people), Camoys. on 
1 : mneerned." admits Clifford already begun on the new centre can also be bought Illustrated the Lewes Road, is a cottage- 

* '.n, senior partner in Clifford 0 f a 27,000 square feet super- fact sheet from joint sole agents style house, having originally 

. In and Partners, Lewes, who market, three modern stores. Clifford Dana and Partners, been a period cottage enlarged 
,P six offices in East Sussex, five lock-up shops (all but one Albion House. Lewes, and T. a few years ago, to provide four 
: i have found it essential to reserved bv leading multiple Banniser and Co., Market Place, bedrooms, very large bay- 

j fully aware of the progress retailers) and a car park for Haywards Heath. windowed sitting-room etc. 

i a sale, to help in making 173 cars completion is plan- A terrace house needing Tucked away behind the village 
j itgage arrangements, to ne( j f 0r ear iy 1979. modernisation is 12 Cromwell crossroads, well away from 

• jse when queries arise, and ■ ... . _ Road, Burgess Hill at £9,500. traffic, there are fine views to 

I.n to assist solicitors in . Locri indu^ai estates a ave Burgegs although a. com- the Downs and Ditchling 
' vering ’Enquiries before bad their difficulties. Planning paritiyely modern town, only Beacon. Price £33,500. Old Yard 
, fract’." . permission far a new industrial Tea]1 ^ developing after the Farm, set in two acres, has beeii 

“Lewes, the historic if rather imf h^ W f JIrt London to Brighton railway considerably extended by the 

, -down county town of East 8”““* opened in 1841. has an ancient present owners. ■ Described as a 

. iex (the Prince Regent drove °“ u -SfiSL S lineage. The name is associated “modern single storey resi- 

)ach for a wager down one “warted by dwieumes 01 the family of Burgays in dence.” presumably a 

: .he narrow streets), trans- rde prooiems are at ^ 14th being recorded euphemism for bungalow, there 

. lation is under way. The last . ng resolved an " develop- as Bureeshill during the are four bedrooms, bathroom 

\ p, with its evocative half- men t expected to begin tins of EUzabeth L In this shower room, 'a splendid kitchen 

- jered houses in the High ^ ear \ Only *be office market c ommuter belt, sturdy detached /dining-room 31 foot long, and a 
; et (mainly shops), and the remains dormant, with small contemporary-style houses with stable block and store building, 

; r i hall with its plaque com- su *tcs below 5.000 square feet bedrooms, two bathrooms, at £49.500. Double Bars, on the 
1 /orating the visit in 1830 of tenants, but interest in central heating, and grounds ex- Ditchling Road, Wivelsfleld 

? iam IV and his consort l*reer floor areas is still patchy, tending to |-acre or. so. are in near Haywards Heath, is 


. ' 2n Adelaide “who were Each of the Clifford Dann the £40.000-plus bracket! handsome detached . bouse in 
; 'triained at The Friars’ by offices, at Lewes, Eastbourne, Winterton. Femdale - Road. J-acre with 4/5 bedrooms, at 
- and Mrs. Wimble,” has Uekfield. Burgess Hill, Hurst- within ten minutes walk pf the about £37,000. through Clifford 
! \ lined in importance as a pierpoint and Ditchling issue main line railway station is Dann and Partners, East Sussex 
! mercial and industrial regular property bulletins to £42.500. and the Paddocks, offices, who are also, handling 
• .{re over recent years. those on their mailing lists. Of Keymer Road', which adjoins the Burgess Hill and Ditchling 

!,■ face lift ts on its way in special interest is a Queen Anne open farmland, and has a -swim- properties previously referred 
1 ’i /;hape of the Eastgate Shop- farmhouse at Piddinghoe; in the minsr-pool. is £48.500. - •» to. ■ • 




PROPERTY 


ESTATES AND FARMS: LONDON AND COUNTRY PROPERTY: 
OVERSEAS PROPERTY: LAND FOR SALE: INVESTMENTS: 


Gl«lSlwS2tt?fl8Ur^ ^ b«n very impre^rf by U>e ' ra Tnd _ bW Ip^kfnr oth.T 
«*“ witi “-“O ®f hardy peren- W** Fro »t‘<* " nnual cvcrlaninffl. which arc 

nials (to fact these rudbeckias are very even in hei^it (about just as attractive and some of 
really are perennials though feet) and have fine, well- which are more graceful. 1 am 
nr neither >ery hardy nor very mied spikes. But there are thfnkinK particularly nf Acron- 

m March or outdoors m April long-^d) ^ [jjgy continue to many raore J ust as good. nium sran diflonnn with ruse, 

. ‘ flower well into the au tumn All ^ variety does not have to be p lflk or flowers on slender 

Another fine carpeler I have m easiIy raised from a March new t0 be g° od - Attracted by , 2 inch gtpms and Rhmlanihe 
admired greatly this past year sowing under cover and are an outstandingly-gleaming pink ma „Miesii which is much like 
is the annual Dianthus Magic hardy enough to go outdoors by in a trial of godetias, I found it The names of these plants 
Charm a. Growtt is veiy short mid-May in all but the coldest ^ it belonged to Sybil Sher- are verv confused and often 
and spreading, the single flowers places. Rustic Dwarfs have a variety I was recom- exchanged. I spotted one in 

large and brightly coloured, single flowers combining yellow mending more than forty years u nw j ns * trial ground la«t stim- 
pink, rose, scarlet, crimson and and bronzy crimson. Marmalade ago- It « the short, bushy type mGr called Eeliptenim Red 
white often with one colour is deep yellow with a neat black of godetia with single flowers. Bonnie and recorded it as 
splashed or zoned on another, centre, and the Gloriosa daisies and it now has a double-flowered highly desirable but I cannot 
For best results seed should be can be single or double, the counterpart known as Double [ t j n anv ij st either under 
sown in early March m a green- latter all yellow, the singles^Sybil Sherwood, which Is at this or any other name so pro- 
house or sunny window so that mixed in colour like the Rustic least equally attractive. These mmably it is not yet ready for 
seedlings can be bronght on -Dwarfs. are among the easiest of hardy distribution, 

early, hardened off and planted Antirrhinums also mix weH annuals to grow which can be Larkspurs and love-in-a-mist 
out in May. with other plants, besides being, sown outdoors any time from (Belial t find sncciallv useful 

r find it difficult to get bedding plmte on their March to May. where they are for B fteir femy ,Vi, iage and the 

„ enthusiastic about any of the own. Their range in colour, and to .flower. nice wav in which th ev b ! end • 

llarge flowefed marigolds which form has1m&m^qu|te fantastic, Andmsa Blue Angel is a with olber p j ant& Larkspur 
f always look to me . like .brightly N ovr . dti^' c*r from'six- gfeaTdeal less familiar. It most Dwarf Hvarinth Flowered 


j? 


REQUIRED IMMEDIATELY 

for the Chairman of a major Public Company 

PENTHOUSE, FLAT, MAISONETTE OR HOUSE 

in a prestige residential location south of Hyde Park 

Minimum accommodation must comprise: 4/5 Bedrooms; 2/3 Bathrooms; 
2/3 Reception Rooms: Roof Terrace or Garden; Garage or Parking Facilities 

A VERY SUBSTANTIAL PRICE WILL BE PAID FOR A 

FREEHOLD OR LEASE OF OVER 65 YEARS 

Agents who are not retained can be remunerated 
Full details urgently please to: ■ 


Chestertons 


Chartered Surveyor* 


i5 UrucA fiiar Street. London W1X UJB 
01-499 0404. Telex: 9S12560. iRef. G. B. Tower or Miss S. J. Sewell) 



i-i’ 


V 

E 

R 

S 

E 

n 

s 


WALDORF HOTEL, 
ALDWYCH, LONDON W.C.2 

31st JANUARY - 2nd FEBRUARY 
NOON - 8 p.m. ADMISSION FREE 

Eighteen stands with information 
on holiday and retirement villas and 
apartments for sale in Andorra. France. 

Italy. Portugal. Spain. Tunisia and 
Barbados. Plus daca on buying property 
abroad. Organised by Homes Overseas 
the bi monthly magazine for everyone 
planning to buy a home in the sun. 

Send 50p for the current issue or 

£3 for next six issues to Homes Overseas. 

10. East Road. London N.l. 



WOODLAND 

Attractive small plot* of about 4 
acre* of cMabUsfccd conifer* in Scot- 
J»m. F-rehoid i act ranja from I0o0 
yean old. Yoang oraa about £250 
par acre. Management arranged. 
Trouble-free MMM. 

Tel. Mr. H o i a g oo d 01-429 2731 
or Maidenhead (0621) 30481 


U.S.A. 

VIRGINIA 

In the heart of the original 
colonies. 2JJ0 acres along the 
beautiful James RJver. Two fine 
period homes, dating to c.-- 1790 
and 1850. both classic manor 
homes. 750 tillable acres, 750 
acres in mixed pastures and 750 
acres of forest. Several addi- 
tional houses, all in good repair. 
Nine modem silos, extensive 
farm buildings, miles of board 
fencing, main lake of 76 acres 
plus others, beautiful views of 
river. Located in lovely rolling 
countryside between Charlottes- 
ville and Richmond. Sale 
includes extensive cattle herd 
and farm machinery. 

FRANK HARDY. INC. 

INTERNATIONAL 

Farm & Estate Brokers 
413 Parle Street. 

Charlottesville Va. 22901 
U.S.A. 

(804) 296-0134 


FINN 


&S0NS 


18 Cattle Market, 
Sandwich. 

Tel: 2147/3505. 


EAST KENT 

PRIME AGRICULTURAL INVESTMENT 

966 ACRES 

for Sale by Auction on ; 
WEDNESDAY, 12th APRIL, 1978 

(unless previously sold by private treaty) 
x Preliminary details available from the Agents as above 


.V. West MlBUrtM. Listed Georgian 
fence and euttMUloinfl ana aJanning 
Ission lor oresaee omces Price 
>00. Telephone T Addington 516. 

■K. AJdctnirgn 6 miles. Period 
e and Cottagd. modem eangalgtw 
jFlat. Building slot twin OPP £ 
■ land. £71.000. lllintraiM Nr- 
jn Men# 0728 3316. 


BCStKS-OXDN BORDER, near Abingdon 
290 acre Mixed Farm aaiecent Fnilerd 
Heath G.C. with 4 oco roomed house, 
e* tensive buildings ina w coo I and. For 
Sale 0v Tender as a whole or in inm 
lots. Closing date 1st Mam. 1978 
John B. Shrtvo. Chartorod Survovors. 
Holt. Norfolk iTOl. 330SI4I. 


fyour House has a THATCHED ROOF 


^ want you to enjoy both the high thermal and sound 
'lation properties, and the pleasant appearance that thatch, 
rood condition, can provide. 

■ REEDWAYS LTD. offer, in the U.K. or Continent 
?□ Roof Surveys □ Thatching Materials 

fe] Thatching Services O Insurant Services 

■ "ister your interest by completing this coupon adding your 
• : .e and address below and send it to: — 

\ Michael Phil lips, Reed ways Limited, 

, The Prloij, Bumiigiuu, liminsiec, Somemet, TA19 0JE 
’ 

:ress 


i* No. 





CHEYNE WALK, CHELSEA 

SPECTACULAR HOUSE 

3 reception rooms over 10 metres. 4 bedrooms, 

4 bathrooms. . office, internal courtyard, self- 
contained maid's- flat. Bulletproof windows. 

Beautiful view over River Thames. 

5 minutes from Houses of Parliament. 
££m. 

Tel. 01-351 3181 Teles 25104 


WOODLANDS 

WANTED 

We are seeking wood* through- 
out. she U.K. for long-term 
investment. Any size con- 
sidered- PreFerably conifers. 

Also SHARES in FORESTRY 
SYNDICATES- 

Detail! in confident* to Bor X.4S15. 
Financial Timet. 10. Cannon Street. 

EC4P «r. 


COTE D’AZUR 

Estate with tutlB. outbuildings, 
genuine Roman caulis. 1 5 hectares 
(approx. 37 acres). High price 
Justified br numerous possible uses. 

Sole Agent; 

IMMOBIL1ERE LIBERATION 
12. roe Raibeni. 06000. Nice. 
France. 

A FNA1M-FIABO number. - 


L6BOS ISLAND. To» luxury Villa, peauti- 
fully furnisneo Mapnlfrcent . *lew. 
■ garrion orlvslr btlM. Summer 6250 
e w.. rest o» rear fun p* C Paua- 
UOpotuef. 54. Anapnessooouloa St, 
A Uie ns 133. 


Gardening 


Magic from seed packets 


u ALYSSUM should be. white,” also always liked Tagetes 
complained my friend, moodily signata, the marigold with the 
gazing at a bed of the new mounds of. thread-like leaves 
variety Wonderland. Well, there covered, for months with tiny 
are plenty of good white single flowers. There are no 
alyssums to choose from and more cheerful flowers for. 
it is nice to be able to vary it making border edgings or 
occasionally with other colours, ground cover in sunny places ' 
Whether Wonderland quite lives mid there have been some useful 
up to its publicity is another colour additions in recent years 
matter. It is certainly not rosy- including Carina, which is a 
red as the catalogues but orange. Paprika, orange- 
a reddish purple and in tha t red > and Lemon Gem, lemon 
colour range I personally prefer yeUow. . 
the darker, bluer purple of Where annuals are needed to 
Oriental Night, which seems to 6 a fis in borders planted ' 
me to be an “excellent alyssum. more permanently with peren- . 
But the two are quite distinct, shrubs, and roses, the 

there is certainly room for both rudbeckias can be extremely 



like the anchusa, can be sown 
where it Is to flower. Both are 
sun lovers and best sown in 
April or early May when the 
soil is warming up. Earlier than 
that germination can be slow 
and irregular. 

There was a lot of publicity 
last year for two new varieties 
of that excellent 41 everlasting ” 
daisy Helichrysum monstrosum. 
One^ called Bright Bikini, had 
the whole range of helchrysum 
colours including yellow, 
orange, pink, carmine and crim- 
son, the other Hot Bikini, was 
a uniform brilliant coppery red. 
They differed from earlier 
strains chiefly in being more 


coloured balls of sorbo rubber inefr dwsB^. difdi Vaa -Floral ; nnt be infused with the tall, seem(5 t0 w e one the bcsr 

but I do like some of the small Carpet and Magie Carpet; to border varieties derived from iTs race littlG mnrp lhan a f t 

kinds. For years Naughty four-foot giants such a i the Anchusa italica. Blue Angel is hi „ h ' h j ch means that it 

Marietta, with single yellow and Pocket varieties.- There are a form of the 10 Inch high cranrtc nr> w.-pII without stirkc t 

mahogany red flowers, was my double flowered, and open South African. Anchusa capen- Drefer the 0 i d cornflower 
favourite but in a. trial bed last trumpet (penstemon flowered) sis, a plant quickly grown from b i ue nigella - to a ftf th 
summer I spotted Pascal which varieties as weU as the normal seed and best treated as an oink and - uroHsh ’ colours hi*t 
seems to be a genuine improve- ** snapdragon ” and,/of course, annual. It has sprays of gentian & tou wmt the Pull ran-e 
ment on it, richer in colour a wonderful range-' of colours blue flowers as pure in colour 
contrast and at least equally includes most things except as anything in the garden. Also t JJ 

short and free flowering. In blues and purples. There are deep gentian blue with a white which ^ be where thev 
the double flowered, French no bad antirrhinums nowadays centre to intensify the colour tn r 5uI h T j 

marigold style I also like Honeys and so many varieties that is Convolvulus Blue Flash, an- hinh in th^r? .nnuid 

comb .with small, globular choice becomes bewildering, other marvellous plant with ■ n tne 1151 01 " ap 

ARTHUR HELLYER 


flowers 

reddish 


a unique shade of The hybrid Regal varieties which to edge a bed or make a 
butterscotch. I have intermediate in height and sheet of colour and one which. 


Collecting 


SOME OF my best friends, I 


The man in the middle 


These are minor Irritations, cabinets or hi-fi. To-day the at the sight of a shnn w i th 
hasten to say. are dealers; which ^ ^The real worries are dealers original. untouched pieces brightly coloured view? m 
is as it should be, because an who cheerfully vandalise the would be much more desirable mounts and plastic bai Jn 

energetic, intelligent and sensi- goods they sell. It is an old than their curious metaraor- neatly labelled •^u a rnnr«^il 

tive dealer looking out for his tradition of course. Way back phoses, as people once more one hundred years aid ” JS? 

interests is the greatest blessing in the 1880s dealers were tor- want to play square pianos and for the tourists ml! w N 

a collector can hope for. But menting plain old Jacobean oak sleep to four?osters tourists maybe, but 


some 


terrible desecrations are done in 
proce&5 
s that 1 

Dealers have to -put up with of drawers into pieces of more art^nd-craf ts ’"bedroom' "'suite' en 2 rav?np d «,eh A ao 
i awful lot from us. the nublic. _r graving, such as an Allom or 


there is no denying the strains with then fashionable carving; Then there is the set-splitter. t he nrocoL nf ^ 

endemic to the dealer-customer and the business of converting Some years ago I found the mints *h*t il,r d rxn ” 
relationship. Victorian and Edwardian chests wardrobe from an important mcant ^ 


an awful lot from us, the public. 

There are the standard pains 
in the neck, like Little old 
ladies who exclaim that they 
threw one away just like that 
(which only goes to show you 
are an idiot madam), or exclaim 
that they bet he did not pay 
that much for it -(quite right: 
he did hot; bat then be had to 
go out and find it. and has to 
pay tHe shop rent at the end 
of the week). Nice people quite 
forget their manners to antique 
shops and will cheerfully shriek 
“How hideous” at the centre- 
piece the dealer has put on show 
precisely • because his own 
taste tells him it is something 
to be proud of. 

Dealers can be irritating in 

their turn, of course. Few desirable period style goes on. He had had the r«» 

_ _,iftrv Many ic tha uialln.n-«^iA^ i . _ 1 c * esi i 

balance between the 

breathes down your neck from contorted with 



Could jon come bock loter? Ifs uot quite one hundred 
years old yet.” 


Shepherd topographical illustra- 
tion , was a masterpiece of 
chiaroscuro, designed to stand 
to self-sufficient monochrome. 

Recently I have noticed the 
modern colourist applying his 
gaudy gifts 10 the charming 
copper plate engravings of IStli 
and 19th century* music sheets. 
If I sound bitter it is because 
for years I looked for a particu- 
lar 17th century engraved 
portrait. When I found it In 
a Newcastle shop it had jus? 
boon prettied up in pastel 
shades and clamped into a 
tawdry new Hogarth frame. It 
Will cost more than the price of 
the print to 
cleaned off. 


Jict ibn colour 


manage le strike a happy Many is tb. ««lliropMkmrt *" 

mao who piece of furniture that has been seonr^iv * L b ? d th. c, \ nur 


new bracket 225* “ d ^ned £ bal !^"« and JlfSViSS 

the instant you enter his shop, feet Decent wooden handles in pretty writinoiiJ 1 -!? Chest 10 in^Idntiiki paPt * cl,,:,r otUwe in 
or transfixes you with vaguely their thousands have been P Print^rt ‘ pvw w rr,t , ‘ lns ‘Tihcri for 

informed lore on subjects you wrenched off to be replaced mi.riJ ^ ecf ! b ^ les are parti- J * r ® n " hn °k «r musir' cswn 

possibly know inside out, and with paper-thin repro brass. inwMitiu.* h T ? k from lhe done by « $el(- 

« ^ 3tou Not that the dialer can be hard ‘o blame ^ J*™ it s tondmo'J^T 1 *"**"" » « 

. For some blamed for supplying w hat * P \ 7 i nn , ho " lam t an y°ne for ,,,nd, «2 or the pnnird lahel on 

ds-^The 8 decora- « map |, ^ a 

r strippei 
led to t 

of paper cups ana sardine sand- nuding of furniture of all styles a rt«r w . mng the sou ShT- own story— n, r h 

wlcbes, ud hail one another and periods that vj njvlr “ p ' ates separately, ment tnrind ' 

Fmm stall 4 n Ctall with talae nf m<Mn» ». u. . tiUt tLIT16 ffl&V hrinn in ... ... .L .. .. 3 latnpSnadOl 


the one who acts 
were not there at all 
reason the worst of these tend 


sit among insulting debris furniture has iTffirhi f 2“ lo * I . or w **R r « de 

of paper cups and sardfne sand- nuding of furniture of all stvles .fiL na semn 8 the s 


fashion iindrffdiK sSbti ^ 'VSm 

to be supermarket staU-holders. tors* craze for strtoned nine IL™ $f e f k,n P up The Micro- Sl,bfl er hurt. 

™n E r 5?S5 pS » 

&S ss s-iP 

vanished. " ^““^u^int^ S 


from stall to stall with tales of meant to be so exposed; end reward 8 1B lts 0VVn The ra «* ChinMe fl JfcT Itoltt 

the coups or missed chances of the dainty work of early 19th- l* 5? 1 : SQme works . dri| S iar bored 'to i ft 

yesteryear or yesterday, while century furniture punters his w they become ” ,rt makp a ,aniB 

the client tries in vain to all but vanished. becoming more imacI so 

attract attention. The trouble with thiR whnin. inan lhe SUIn of their broken for a ««.. 

arc the shops sale adaptation of furniture or ^'now' wre” 0 " modest works sure of f h ? P* ^ 

JES’STiKSK 25“*?.?' “tiquep loss 


Then there 
which are never 
call: the 
desirable 


trieWte 


ones where the only that fashion is aLways Viable to ?!, tentI0n - The invaluahle mnrn i,^f UlVP 

on view is turn back on itself^ Countless J! llstrate d London N^s \* l l,F l1Ur caro 

marked “Not for sale— Display square pianos were turned into i Cnt Vlclim * with its Sn n ,,^ to ^ * « •wielitloii. tsqtoss it is 

only”; and the dealers who inconvenient writing desks or vo,u 1 mes bl? 1 ng broken up into «'WhaiT»win«b i - 

^ dressing tables Fo/r^^ ^ P»rts, selling at a po„,IS ,h„w T T V'? ,mWr m 

still have it beds were dismantled to make nto », S0 ap,ece; a »d IndividuH r»roirt.r« brut - ll|lit ’ d piece of 

are coming standard fain os. J?" 1 !? p,ctur ^ cut out. mto.s.J.-J 1 ! il rTl i t,,ro > a newly .-ohmrrf' 


cheerfully tell you they 
last week, or may 

somewhere if you are coming standard lamps. Blanker ch^ ..... 

back this way. (It is rarely and other unlike! v furniahton^ sl » efc m monnts. 
worth the effort) were turned intr, Colour plates : 






cautiously affixed. 


JANET MARSH" 















^mes Saturdcrt' January 2S 1S78 



Pttckp 




ieft 


f- t 

c 


* 4 

/ / -• , 

i i 9 '- 



Mflrf about the boy 


BY ANTHONY CURTIS 


Ken Campbell 


Radio programmes about aDjr- 
: one who died wit bin the past 
‘20 years or so inevitably suffer 
from a certain constraint even 
in nur permissive age when no 
holds are barred id either 
; private conversation or in print. 
;Take 3 character like Agate, the 
: dramatic critic about whom 1 
‘ compiled a programme recently; 
' he was a homosexual; you would 
ejcpect such a programme to go 
■into the question of whether his 
-homosexuality shaped his atti- 
. rude to plays and performances, 
j Well, the programme did up to 
‘ a paint, but not -in sufficient 
■ depth. The trouble is that in irom- 
; piling such a programme you 
take a lot of trouble to record 
:the recollections of people who 
; were close to your subject, whose 
! voices the listener expects to 
Jbear, but they are the people 
least able to be brutally, objec- 
tively frank about him. It is not 
a question of any conscious 
attempt at concealment but of a 
certain tone compounded of 
i admiration and anecdote that 


meni as ft is Rones are Brought 
to Dublin, broadcast on Radio 3 
four "years ago, David Rudkin 
left us m no doubt about Case- 
ment's sexual inclinations and 
was al the same time able to 
indulge the piquant fancy of au 

interview between Casement and 

Joan Bakewell. 

These reflections are prompted 
not just -by my own limited ex- 
perience; they are confirmed by 
listening, to other compilers and 
presenters grappling with a 
similar problem. 1 felt this 
difficulty in Prirate Road (Radio 
3. January 31) about the Belfast 
novelist Forrest Reid by Brian 
Taylor although admittedly this 
programme was a shortened r»- 
peat, " 

Forrest Reid is a first-rate sub- 
ject for a literary feature. He 
wrote an exquisite prose hut was 
his road just a little too private 


The Alchemist by michael coven ey 

Anyone in London who has holane " but like something else Face are indeed as light as balls. tbe^eature^mf' unless' °vou 

not yet seen the RSC's brilliant equally fruity. But. as in Mr. and bound and hit their beads aTe care f U j lurns vv^at was 
production or Jonson’s master- Eyre’s Bartholomew Fair two against the roof for joy. for ai! meant to be " a critical portrait” 
piece sbould. or course, be queue- years ago. there is a fine and the world like two demented rrf -2iatever that is) into a senes 
ins in the Aldwyeb for returns; appropriate relish for language pogo sticks. Nicholas le Prevost of tributes. an extended 
but theatre-goers in the Mid- displayed throughout- Arthur is a careful Face and. like Ian obituary. 

lands have now been admirably Kohn matches the RSC's Paul McKellen at the RSC, makes] * nlaywrieht wbo tafcpc a hie- 

‘ ' much of the | tori ciri ^toara*ter within* 5v* g 

another careful > memory as the subject of a play 


Radio 


served by Richard Eyre's produc*. Brooke in tbe gargantuan' lasri- 
tion -at' the Nottingham Play- viousness of Epicure Mammon's 
bouse. That prince of pranksters, . lust, all longue and thighs. At 
Ken Campbell,- leads an alert one point he achieves the nearest 
company in. the part of Subtle, to hilarious on-stage orgasm in 
described in the programme as 
a confidence . trickster rather 
than' an alchemist. 

That tallies with both the cuts 
in the text and the spirit of 
Mr. Campbell's irrepressible per- 
formance; this Subtle is ruled . . ' r 

more by fun than by avarice and experience, promising Doll 
be meets the protestations of an 


observed role. 


Theatre 


pro- 

well 


The mie grwti.e./o'f len,T - Thus in Cria tnm Case ' 


play 

„ _ ,, „ .. . . ■ . using a combination of bis own 

niK^tit,? 0W Sth theatrica l skills, imagination and 

Dickensian, ; the facts — -this is now becoming 

doore and splendid costumes. At. rather a fashioaable tona ia ^ 

™JJ?“ 1S tP iL ’^^eati^-has a freedom that the 

mediate sense- of temporary , compiler of 
occupation among the cobwebs. :RraI £ me portrait ml g ht 
dust-covers and H - - - , » UL 

traits. 

the RSC production lies in the; 

..... - . „ breathtaking virtuosity of 

that exquisite feast— le grande McKellen and John Woodvine in j 
boujfe indeed,, as be collapses establishing a fully-rounded gal- i 
in an ecstatic heap at a touch lery of rogues and in the 1 
of her pink fan. desperate willingness of the 

There is, too, a joyous physical gullible to be gulled. I do not. 
response to the text: when expect any new production to: 

Dapper (Jack Galloway, cur- match that aspect of the RSC'S; GLASGOW CITIZENS — Summit 
rently familiar to TV audiences work for some time, nor. indeed. Conference. Stimulating potiti- 

as Farfrae in The Mayor o j its beautifully clear delineation cal corned v. Reviewed Monday. 

CasterbridflvJ is bidden to lake of the falling but between the . OLD. VI C— Hamlet. The Pros- 

"the verbal critics** might have his leave of the Queen of Faery, trio of Doll. Face and SubtleJpect production with Derek 
fun ratling against the suhstitu- Anita Dobson lifts her skirt so But Nottingham can proudly: Jacobi as good as ever. Reviewed 
tion of “ magnet " for “ load- that he may the more easily boast a truly original Subtle," a Tuesday/Wednesday. 
stone." preferring the sound of “kiss her departing part"; and marvellous Mammon and. in the 'ROUND HOUSE — Les Burgmres. 

silence to launhter. And Dame when Mammon leaves. ‘ crest- delightful shape jif Anita Dob- 1 Eccentric production of Victor 


unbelieving Burly (Bill Stewart) 
with quiet contempt for his 
reluctance to be gulled. You feel 
that to be gulled is to tivo. And. 
of course, Surly missed out on 
the sensual widow because, un- 
like even the householder Love- 
wit. he has no time for japes. 

Those whom llaziiit dubbed 


Theatres 
this week 


For him to qualify as a major 
writer? As Henry Reed wrote 
in The Novel since 1939: “It is 
undeniable that Mr. Reid can 
successfully treat only one sub- 
ject: little boys. Anyone over 
sixteen seems beyond his scope; 
so that he is a writer far too 
little read." Si ace those words 
were written in 1946 we have 
learned to call the relationship 
celebrated by Reid's , novels 
paedophilia but anyone who 
Iqoked .to this programme for a 
discussion of paedophilia and 
literature, as for instance 'was 
offered by the psychiatrist Morris 
Fraser tn his book The Death of 
Narcissus (Seeker and Warburg 
£4.90). which has an interesting 
chapter on Reid, would have 


been disappointed. What the 
programme did do admirably 
was to re-create the image of 
Reid through the memories of 
bis friends and to remind us of 
the titles of some of his most 
haunting books. We heard 
Russell Burlingham; bis 
biographer, and others speaking 
with great conviction of the en- 
during nature of his gtfts. Per- 
haps we may taave the oppor 
tunity of assessing these soon by 
hearing one of his novels read 
as a Book at Bedtime ? 

A similar sense of outrage as 
that produced to-day In the 
popular mind by the thought of 
the sexual love of a grown man 
for a child was aroused in the 
18th century by the thought of 
suicide in the cause of un- 
requited love. Goethe's Werther. 
that unlucky Jim of German 
romanticism, was the literary 
model for such suicide and the 
prolonged amorous agony which 
drove him to this desperate 
remedy was transmitted in The 
Passion of Young Werther. trans- 
lated and abridged by Suzanne 
Flatauer for World Drama 
(Radio 3. January 32). directed 
by. Martin Esslin. The epi&talop' 
novel adapts naturally to radio 
because it -is so thrifty on the 
use of different voices. Here it 
all depended on Gabriel Woolf 
as tbe eponymous hero. He was 
well matched by Rosalind Shanks 
as his beloved Charlotte, unfortu- 
nately betrothed, and in the 
course of the story, married to 
someone else. Werther's decline 
from the serenity and joy of the 
opening when he first makes her 
acquaintance to the abysmal 
despair of the ending was traced 
phase by phase indelibly by these 
two and other trusty radio per- 
formers: a temperature chart of 
the heart moving inexorably into 
the danger zone. 


Pliant melts not "like a myro- fallen and defeated. Subtle and son, a first-class DolL 


A midsummer night's dream 


BY MAX LOPPERT 


The survey of Britten's operas 
on which the Welsh National 
Opera is embarked was taken a 
stage, further on Tuesday with 
the first performance, at the 
Theatr Clwrd. Mold, of a new 
Midsummer night's dream. The 
pleasures of tbe evening were 
many, and began (and ended) in 
the rover of this admirably civi- 
lised and well-appointed theatre 
complex— how many other 
regional theatres, not to speak pf 
regional cities, keep a restaurant 
open so late after the show? 
More important, *uch virtues 
were consolidated in the audi- 
torium. With its clear sight lines 
and 530 scats this is an excep- 
tionally friendly, commodious 
receptacle for smaiMo-ralddk*- 
slaed opera in general and 
Batten's opera in particular— 
the work, calculated with infant c 
dexterity for small houses, 
always sounds in danger of 


Opera 


evaporating at Covcnl Garden. 
Although the Mold acoustics arc. 
not especially jc lowing or 

glamorous, the balance between 
stage and orchestra was right, 
and all the finest threads— boys' 
voice - *, vibraphone, harpsiclrord. 
recorders — told in the textures. 
Once again, Britten's theatrical 
acumen seemed extraordinary. 

h is enhanced in an ambitious 
ana for the must part brilliantly 
inventive production by lan 
Watt-Smith, in Alexander 
MvPht’r>onV luminnus sets and 
brightly coloured (but carefully 
a '-sorted and detailed) costumes, 
and sn Robert onibo's unfail- 
ingly imaginative lighting. Fears 
encouraged by the producer's 
rather Uichfalutin pronounce- 
ments in the January number of 
Music unri Mtutciaua can be set 
as rest. For hi* vision V the 
opera a*, a fantasy .of early 
Renaissance magic "influences." 
controlled by the hemispherical 
hnif-;ndi.ic that frames the set 
and roost niriDil as if drawn from 
I cs Trcs Riches fie area do Due 
it,- Fierro, js precisely realised, 
and finds a strnna response in 
the music. Beneath the enrhant- 
nn-al ol the «?) era's surface lies 
one !■[ the mmpiJHT** fullest 
statements about those uueon- 

scums and Mtb-wiiwimis states— 

sleep, dreams, death, inner Iran*. 

am] disturbance—* into 
v huh all 1»« fines! unrks have 
delved, tn this production. ni.o,%. 
circles, sudden shivers uf side 
and bark light, the Icrithc nr u 
licn.j.uHitire “world . wdrr" 
envelope and relate nil the spriai 
level* in the fore*!, and this 

seems marvellously true to the 
dark, fantastic spirits that play 
nut ami are then 'reconciled 
within Rritten'x Drcwni* 
Something. thnugh. has been 
lust Perhaps it is the peculiar 
Enqlishness of j work In which 
the worlds of Britten, Shakes* 
peare, Purcell, the masque; 8 fid 
the lute'song are all combined. 
These fairies in their rich, courtly 
apparel do net look English. The 



! Hugo's melodrama doesn't help 
jit, Reviewed Tuesday/W ednes- 
iday. 

j ALMOST FREE — The Irish 
) Rebrcic Lesson. Good one-act 

■ play about minorities, by Wolf 
iUankowitz. Reviewed Wednes- 
day. 

■ ROYAL COURT — Laughter! 
Peter Barnes examines the 

. laughter content of Ivan the 
Terrible and Auschwitz. Re- 
viewed Wednesday/Thursday 
LCA — Voices. Dull feminist 

. ?pin-off from Kennedy's Children 
Lunchtime. Reviewed Wednes- 
day/Thursday. 

HAYMARKET — Wafers of the 
Mo on. Ingrid Bergman. Wendy 
Hiller bring glamour to a sub- 
Chekhov drama. Reviewed 
Friday final editions. 


and next 


On Monday. Quentin Crisp 
opens in a one-man show at the 
Duke of York’s. Tuesday. David 
Rabe's piny Sticks and Bones is 
at The New End Theatre. Hamp- 
stead. and Danny Abse's Gone 
m January at the Young Vic. 

Wednesday. .4 Day For Ever 
opens at the Open Space, and on 
Thursday a new production of 
Wilde's ,4c Idee! Husband starts 
a: Greenwich. 


Saleroom 


Feldman buys 
Royal drawers 


BY ANTONY TH ORN CROFT 


Gcraidg^vaiu 

rajmc Sleep and Julian Litti s^ven^ph” "V"“t rfq'uoV 

»""■ ? JZ winner of the Derby in 1SS1. 

ided uioning dliernaines, -- Sotirenys English form 


these, lls quick, unexaRgcrale 
treatment of all the various 
fusions. atiereationsi. 

emuiiunal upieis. My own .fec&now the .. 

ing that Britten's music is Icasf' MeCny. peraianpniiy twisted in a 
successful in its characterisation ccrntrapposm of inde;*endcntly 


Marty Feldman, tbe comedy 
actor, paid £160 a* Bonhams yes* 
. terday for a pair oF Queen Vic- 
toria's drawers. The Queen used 
Jo pass them on to servants, and 
. they frequently appear at auction 
complete with the royal cypher. 
All told a sale of Stcvengraphs. 
and other collectors items, made 
£7.202. 

Another good price was the 
£160 from the Royal Naval 
Museum Portsmouth for a 
chamber pot. It is decorated with 
sort ra; is of General Sir Robert 
Napier and Theodore, the Kinc 
■ of Abyssinia, plus the legend. 

Hand it over to me dear." The 
top price was the £210 for a 

the 


At So tire -ys English furniture 
dizr>, dull} and oriental rues and 


rugs ana carpets 

totalled £SS.451. A William IV 



Gala night 
at Coliseum 


wnrkmeB'i play is given not in 
Theseus* as lace, hut on 3 solidly 
a-iwniblcd stage in the forest an 


"Horp— lhr D fiat major phrases 

p!.i>cd. low on the string' of Ac'. 2 are. 

Wilb llH* PNi-eption of CirrainV n o> sj»read nut with sufficient. 

Kvan>' Bottom, still mmm par* Mahler id n ampHudr. bst else-: 
ably ubulUi'Hi, and ,!uu<c> Buw.. where ihrre is on lock ni rutting 
man’s O boron. Mill vivid despite rtK#- 

the familiar bumpy, clouded. ; . . .. . . 11 Mll _ hliai |L. 

vocal form of recent limes it hr j . c A **& ji le! rt 5 Bor ?K h d 

strung Ingredient, but plenty of AMSonj Daac.t. and (ho jse of 

lively enSemWc acting 3nfl AU*f>ntnv l 

sin ping, marks the performanc cull £CtOt Picasso .or ,hc 

» far. Although Rita Cullis 1c are the two mo^: ^sLnciive 

a soprano of unusual evenness Joanna Drew, director of cxbib:- features of a tola Performance 
*nd ulvasinK lightness through, thins at tbe Arts CounciL has i- a:d of Xac English •'atip'Jf 1 
out her range, she has Mill re been appointed art director. Mas Open and Sadler ■ s vVeUs 
learn hiw in engage with the Drew will lake up her appoint* i Beneyaleni Fund, to be hem at 
comic possibilitiei. of Tytania's ment ai the beginning of April, she Cokacum on March 21. 
romance. Evrept for an undeA following the retirement v* - 1 -" *- ,E 


■tage - 

which, at the end. tbr furies and 
Puck enart * ■wIMrilim farewell 
procehSiaa— neuly done, it im*ses 
the sense of Worlds fusing, human 
and supernatural, so tH*autifuily 
achieved in the John Piper sets 
at the Mine point. 

But the ttreaglbi of the pro* 
duction compsaute for thw its 
Imagination,- fasdna* 

tion, and, ^happily married to 


remanct*. rsveepi ior 4 » ’issuer- smiunma the. In ihe even me, which is mainly 

powered Hprmw, the lovers sing prawn! an director. Mr. Robin . devoted opera, were wi.i be 
out fuHv enough, hut arc also as Campbell. Rita Hunter singing Questa 

yet rather lacking in character-. As art. director Miss Draw witi-Ressm from Tara naoi; Josephine 
This will surely come when words b? running the largest specialist Bartlow with the sleepwalking 
arc more consistently audible; department in the Arts CounciL. scene from Verdi s Macoeth ana 
The beautiful Helena of Suzanne with overaH responsibility for the : Norman Bailey and Elizabeth 
Murphy was the wnrat offender, exhibition programme, for U» Coanrti with another extract 
Companies seem to have given eauhdi's larjje collection of work from the same opera: and a pec- 
tin the search for .in' acrobatic- by contemporary artists, for the foranmee of Vaughan Williams s 
Puck of the right adfllesreot *se grants and subsidies made by She ■ rarely perforated Serenade to 
who enuid alM play '.he comedy council and lor Ml films Music, wish sixteen individual 
fearlessly. At Caveat Garden, -photography, j soloists, plus much more. 


8 King Street, 
Stjames’s 
London 
SW1Y6QT. 



Td: (01) 839 9060 
Telex 916429 
Telegrams 
CHSISTIART 


EXPERIENCE AND EXPERTISE 



Mid-nineteenth century blacfc and 
white jasper copy of the Portland 
or Barberini rose. JOJ in. ( 26.6 cm. ) 
high. Sale, Monday, February 13. 


Tbe original Portland or Barbcrini vase, now in the British 
Museum, was made of glass in Italy during the Augustan 
period (27 B.C. - 14 A.D.) taking its name from tbe two 
most celebrated families to whom it once belonged. Tbe 
frieze of classical figures is said, among numerous learned 
interpretations, to represent the story of Tbetis and Peleus. 
In 1790, after four years of experiment. Josiah Wedgwood 
perfected bis famous copy. The exact number of The First 
Edition is unknown and they are normally, when perfectly 
fired, numbered in manganese pencil inside the lip and 
do not bear the Impressed factory mark. 

Since then, Wedgwood have made many copies' in various 
sizes and colours mostly bearing impressed factory marks, 
some with potter's marks and date codes which are a help 
to dating; though quality should be tbe sole criterion when 
judging a “good** copy. 

The example illustrated is included Ln Christie’s sale of 
English Pottery and Wedgwood on Monday, February 13th. 
For further information on this sale, please contact Anion 
Gabszewicz at the above address. 



• Greenwich Entertainment Service. Box OfficeTel: 01-854 5250 


Collect Stamps 
A Superb Souvenir 


2nd Jmel978 is the 

25th ANNIVERSARYof the 

CORONATIONof 

H.M. QUEEN ELIZABETH II 


This great Royal Occasion is being 
commemorated , with special postage 
stamps, fay Great Britain herself and a 
number erf other Commonwealth countries. 


Over the years we have built up a fine 
reputation (of which we feel 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 25lh Anniversary of the 
Coronation we are preparing three 
special Presentation Packs which we 
have every reason to expect will prove 
to be the best of all. 


^presentation Pack B 

T5* Colficfails Issue-. 

Four territories (The Grenadines 
of St. Vincent. Montserrat, St, Vincent 
and Tuvalu) are each issuing a set of 4 




presentation Pack A A beautifully designed Pack containing the unique 
^ series of stamps (in sheetlets) to be issued by the Crown Agents on be h a lf 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. Christo pher-Nevis* 
Anguilla 


St. Helena 
Solomon Islands 

South Georgia 

Swaziland 
Tristan Da Cunha 
Western Samoa 


(Other Crown A cents territories may decide to join in but this seems unlikely > 


' The Post Offices of each of these territories are issuing two strips of 3 stamps 

depict 


printed in special commemorative sheetlets. In each case the centre stamps 
a charming portrait of Her Majesty, while those at the left show one of the 
Queen’s heraldic beasts and those at tbe right a creature indigenous to the 
territory concerned. Between the strips is an illustrated ‘gutter’ which includes 
details of the designs depicted. 


Our price for each of these packs will be based on face value plus 25% - probably 
between £40 and £45. fWe cannot at this stage be more precise in view of 
fluctuating exchange rates and the possibility of other territories joining up). 


stamps and a Souvenir Sheet based on 
theme of Her Majesty as ’Defender 


the 


of the Faith'. Each of the 1 6 stamps 
involved depicts, most beautifully, a 
different Cathedral of the British Isles. 
We have had a separate very special 
Presentation Pack designee to house 
these magnificent stamps and 
Souvenir Sheets, and our price wiQ be 
between £12 and £15 (dependent upon 
prevailing exchange rates). I 



APPLICATION FORM 

I //to Money A/tn0/ 

f 

I 


To: Urch Harris & Co. Ltd., 

7 Richmond Hill Avenue, 
Bristol BSS 1BQ 


POSTAGE STAMPS COMMEMORATING 
THE 23th ANNIVERSARY OF THE 
CORONATION 19S3-I9T8 


, THE DE-LUXE PACK This Pack will contain all tbe items included 

vai? JT^CPrtfjlffnn C* “ Packs ‘A’ and ‘B* PLUS all other British 

frW* aSHESHE? 1 * V Co™ monweal th issues. It seems likely that 


AB 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 


following additional territories may participate: 
Niue 

.rx^.' " 


appuc 

following, individually numbered. 
Presentation Packs containing the 
above stamps in superb mint condition: 


Norfolk Islands 
Papua New Guinea 
Penrhyn Island 
Pitcairn Island 
St.- Lucia 
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 pit 



Packs 


Packs 


Presentation Pack A 
(Crown Agents only) 

Presentation Pack B 
('Cathedrals' issues only) ........ 

Presentation Pack C 
(All British Commonwealth) ...... Packs 

I understand that you will advise me 
■ when the pack(s) are ready for despa tel 

I and I agree to remit to you the amount 
involved on the basis of face value or 

I cost plus 25%. Please acknowledge 
receipt of this application - stamped 
_ addressed envelope enclosed. I 


Judging by past experience it seems Xn 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 

_ _ _ . • p > « j : a ? _ ? — 


Name ........ 

Address.... 




quantity to satisfy postal and 
collector demand - consequently 
complete sets will quickly command 
a premium and be much sought 
after. 


For thisr eason it is of great 
importance that we should know 
urgently how many sets to order 
from each territory. 


containing as many as possible - at 
proportionately lower prices. 

All orders will be dealt with on a 
‘First Come - First Served’ basis.. 

To avoid posable disappointment 
you are advised to place your order 
without a day’s delay- 


Date, 


BLOCK LETTERS PLEASE 





iS. fc ■ 





OV ERSE AS NEWS ^ 


Zambians face austerity 
following tough budget 


Financial Times Saturday .Taniary 2&1OT8 


BY MICHAEL HOLMAN 


LUSAKA. Jan. 27/ 


FIN THE toughest budget since invested in Zambia “ will be con- merits,” .a situation .causing 
■ Zambian independence in 1994, sidered as foreign for future re- grave concern," the Minister 
* Mr. John Mwanakatwe, the Fin- mittance purposes." declared. 

;» ance Minister, to-day drastically Although the recornmenda- _ Tlie budget's *™P a ®t on 


Western 
powers in 
new talks 
on Namibia 

-By Our Own Correspondent 
UNITED NATIONS, Jan. 27 


Giscard call to reject Left 


^Tf 1 




BY DAVID CURRY 


VERDUN Sl'R-LK O^'-'B 5 - Jin- 27. 
WO. ins«na C y“db^ttwrn = ^> 


-- .... no constuunonai power io pic- cictuiy imiv.p—.- — ^ n r nifl s H i.v«r* 

f fellow countrymen to reject the t ^ implementation, of the as a strong campaigning , |v hl . not backstairs 

i " deceptions of the Left and mam prfl ^ amrae . The only parly he: nniMMd 

j return the preset governing ^ Giscard - d'Eslaing was by name was the ' .The common {iracrammt of 

parties to power in the general maki what he hop ^ ue and then only to J t he Left was attacked wither- 
■ election .bkft I. « day, away. "Sivfs^ch iAeHlng m. .MX U a? "a pand* of 


« D S cigarettes S^JnSStS ibsemw here Price of maize meal, the £mda confirmed here twiay rton in the interests of complet- declaration, carried in full by all Seined the SeTfdent for the could be voted aw^ KW* 
■ f iand other B UemL l and frSetbl tolieve thatthis paSI will ^ country's staple diet and a 28 that' the foreign ministers of i ng the work of economic national television and radio S^^’w^counae, conn mentation would put trance on 

;;;S: Se» JSSt Witt 1 ' 11,6 M MPi Soverr? £^ b B 

austerity mL^res^Vp! ^sciS^utiJe WmibiZ -j ^SSl^ rep “ tation ‘ 5g*' B® G^TdSne. 

. = i ;The budget fe an act or coo- ffiE South i. He mide it crystal clear that u*- lU* ' W ^ 

.wderable political courage by short-term central bank borrow- rogre r that capital expenditure .African Foreign Minister, and i^sed on each of these entena Although he insisted -that he. of Jus address. «> 1 " ^ h p[e s0 ^ they 

..President haunda and his Gov- ,ng. "a resort which inevitably of £g 9m . had to ^ lower uj an gam Nujoma, President of ibe though a Government of tbe was speaking as President lay- The speech rontained a c car me jre CV er claim that he had 
: ; lernment. who face presidential has serious imnlications on the -,n n cnmii aw (Left would mark a steo hack- mo-the issues before the neoole sianal to the aisgrumiea couiu it 


. = i ^budget is an act of coo- which ESTS?' “=3£ South j. He made it crystal dear that tr^Franc*. urgent part 

..Inferable political courage by short-term central bank borrow- rogrel - that ra p ital expenditure .African Foreign Minister, and on each of these entena Although he insisted that he. of Jus address. ^ p nch pCO p| e so that they 

...President haunda and his Gov- ,ng. "a resort which inevitably of £g 9m . had to ^ lower tban Mr. Sam Nujoma, President of ibe though a Government of tbe was speaking as President lay- The speech rontdned a c ear me JiJ H clajlll lhat he had 

;;fenunent. who face presidential has serious implications on the 1977-3 allocation or £113m.— a the South West Africa Peopled I Left would mark a step back- ing -the issues before the people signal to the disgriimieci couiu n dl , cpive<J _ 

•’[and general elecuoas later tlus economy. ■ This years deficit. drop which In real terms will be Organisation, have been invited wards. But he also warned in rather than as a .party leader, Gaulhsts that he was not engjj, ici 

:.»>ear. he said, will be £64m. For the greater, since the inflation rate to join them and are believed ' ■ — ; 

1 1 Althpugh Dr. Kaunda has been second year running there will last year was 20 per cent _ to have accepted, although the : ! ^ ^ 

preparing the electorate for the he no goyernment revenue at Criticising the rapid growth Western announcement spoke T T‘ O ^.££*^*^'1 \ TlTl/^ j A ^ 

'budget since an emergency all from minerals. in r « P . irrenr -vn-nditurp from on!v of talks “ivith the I N rhTTlI^IQl L L I UTAH llfl I vrPPli 


k.' c 


,i address on the economy to 


no goyernment revenue ai Criticising the rapid growth Western announcement spoke T T‘ O ££* *^1 

l from minerals. i 0 recurrent expenditure from only of talks “with the I I .\ 011108511 

Sharp deterioration In the £313ra. In 1974 to £4 84m. last interested parties.” -• ^ yuivtui 


I • it, — >« oiuu (.< unci iui a i iuii m ure idlora. in iUi-t 10 iasi unrrcsieu jj nr lies. 

t Parliament last October, sub- price of copper, which provides year, the Minister warned that In advance of the ministerial 
sequent iy underlined by fre- over 90 per cent of exports has Government revenue had not meetings, representatives of 
[ quent belt-tishlemng appeals, the led to successive balance of pay- matched the increase and thus the five nations who have been 
J ^measures will be unpopular. ments deficits — £97m.‘ in 1976. reduced the allocation to £464m seeking a Namibia settlement 

■ .< But observers- here believe and a provisional £160m. last He hinted at possible cuts in In private discussions with the 

I .{that they are essential if the year. education and health services. South Africans and SWAPO 

:■ (country's economic slide is to be The Minister warned that “Constitutional and statutory for almost a year,' will also 
i jh ailed and dwindling overseas foreign exchange reserves are expenditure,” which is. not sub- meet in New York, on Feb- 

^confidence restored. down to “minimum operation ject to Parliamentary debate, is ruary 9 and 10. 

■ I" an effort to further improve levels." In addition to foreign 8 per cent, up nn 1977. at £188m They are expected to be 

: conditions for external invest- borrowing, “the deficits have It includes defence spending as joined by Mr. Brand Fourie of 
■j ■ meat, the Minister announced been ‘financed' by the accumu- well as debt servicing payments the South African Foreign 
I , that un remitted dividends re- latlon of arrears on foreign pay- and pensions. Ministry and also have talks 

1 ; with representatives Of 

! - j SWAPO. 


starts new 

Mid-east 

shuttle 

By David Lennon 

. TEL AVTV, Jan. 27. 


EEC to step up Greek 
membership negotiations 


• BY GUY DE JONQUIERES AND DAVID BUCHAN BRUSSELS, Jan. 2.. 

Mr. Constantin Karamanlls, tbe Mr. Karamanlis was reassured negotiations, which 

Greek Prime Minister, received by Mr. Roy Jenkins, the Com- approaching the hard bargaining 

assurances to-day that the Euro- mission President, that Greece s stage. 

pean Commission intended to case for EEC membership would ^.j ie commission this week 

step up the pace of negotiations be considered on its own morns proposals for Greece’s 

with his Government on its and that the Community would drew up prop a 


! S. Africa sanctions demanded 


. BY OUR OWN CORRESPONDENT . UNITED NATIONS. Jan. 27. • mci « n uie quesuun oi 0fficial Ame rican spokesmen 

.‘’AFRICAN MEMBERS of the investments in. South Africa, or David Owen, In Malta for the were at pains to stress ttat Mr 

; [Security Council, with Asian and guarantees for such loans or talks with Patriotic Front A nnAln HSSi! n ^.,lM # i!L n ?n 7hl b «i.n.S 

r Communist support, continued to investments. leaders — are urging tbe Africans ADSOm r606lS Hussein would be|in the nature 

i bress to-day for further sanctions All states should alio take to give the conference a chance T T -wr . .courtesy^ caiu _ eut senior 

; against ' South Africa, although effective steps to prohibit loans and not press for farther action rPCrilll I J K officials conceded privately thai 

{■Britain. France and the United or investments by corporations in the U.N. ICUUU w “ the «t*rt of a shuttle 

rotates, which have the power of and financial -institutions • to Brigadier Joseph Garba, the TYIPrr'PnCiriAC between umctie basi capitals. 

* /eto. are unwilling at present to South Africa, and terminate all External Affairs Commissioner of UKILvlUlIIva Mr. Atherton will be sounding 

■io beyond the mandatory arms incentives for Investments in or Nigeria which bolds tbe council * ■*. . «... out Kin S Hussein's reaction to 

J, boycott approved last November, trade with that country. presidency this month/ indicated Mart,n Dietaon the Israeli proposal on the Pales- 

•• Nigeria. Mauritius and Gabon . tn i* y Lhat his Government will A GROUP of British mer- 2S2 i «« C S25i 

< distributed a "working paper" briber to call on all States to wait and see. cenaries has been recruited for EE.yp’ ian *l* r ^Cli declaration - of 

• outlining their proposals, in- re 7 ,e . w their eeonomie and other But at a Press conference here, service in Angola with Dr. P nn «Pies for a Middle- East 
Eluding a plan to halt new relations with South Africa- -^-a he also accused the British HoUeS bbmV rebe/ FtiOi. peace settlement During his 

i ,'oreign investments in South Jj!" 1 al of remaining mission of distributing ineom- movemeni and Is planning to Israel tb>s week. Mr. 

Africa diplomatic ties. plete Information on a statement leave for Africa shortlv Atherton has been able to gel 

‘ .. th . While the debate on the South about Rhodesia made by Dr. according to reports readuna s0me lsrae,i movement on the 

. I They called this a “ueccssarj African quesD'on, which began Owen two days ago. The missing the°Britfeh Gov«SSm^n7 ^ S delieate but vital wording of the 
. Measure, as such Investments last night , continued to-’day. it section, he said, was the Foreign , " Palestinian clause. . 

•SSkM 3 ? 6 i» e DoHetoa^F^na? was 51111 unclear - whether this Secretary's reported remark that ForeT-n Offire* ^veaier The Americans have been aim- 

, yersist in its policies of apar- pviond next wpk into Rritain u?nnM nnt rorelpn Office jester- . . r -_ m a 


wth representaaves or .TEL AVTV, Jan. 27. with his Government on its and that me integration into the EEC’s tndtt*- 

Wh i. 55- ifi5£^>S5555^^ tK&.JSTiSfS SK ^ 

sa wss^ issue by “ 6 ss ■suww&r'a 5%r m ‘x Sd'SJs 

South African Prime Minister, E ?° Deara^buftte Yesterday evening he told tbe Pongual- folVow fhis™ with proposals on 

have met on the question of “J™ 1 * f “* NATO Secretary General, Mr. -Mr, Jenkins -was careful not JJ^emenw. eoal and steel 

Namibia. ^ me , nca t , L M f p ?K e rAir n Joseph Luns, that he wanted a to name any firm entry date for external relations hv the 

were at pains to stress that Mr definition of his Govern- Greece, which has been pressing ”ly" i rciau 

* I Atherton s meeting with King soecla! relationship with for admission by early 19S0 end of Marcn. 

Angola rebels wild be .. ia ^ narure the AUlan*! He is understood though he hoped "to break the Proposals. on ite more wntro. 

® of a courtesy calL But senior t0 be keen for jyg Government's back of the negotiations by the vcrsial dossiers, notably ai,ritui- 

rpormt TT TC °®culs conceded privately that negotiations with NATO, which end of the year. His reticence fare, will not be prifsented until 

leilUll U,JV. this was the start of a shuttle Jofe carried Von sporadically reflects in large pari uncertain- after the French legislative 

mPr^PfiariAC between Middle East capitals. since Greecf left the Alliance's ties over bow rapidly EEC elections but »t «f. hopt.d th.it 

UlvlLCUdLivS Mr. Atherton will be sounding military structure in 1974. to be governments will authorise the they will he on the tame by tlus 

... . ^ out King Hussein’s reaction to completed by mid-iumtner. Commission to proceed with the end of the summer. 

By Martin Dickson the Israeli proposal on the Pales- v — 

LSS'l'L teen ^ecruhefTror fejSSi Atirirpnffi in rikpn^ions I U-K. warning 


Andreotti in discussions 
with union leaders 


awuxe laiooii njuvcuiti' i wii vnt BAIfl ■..ttc 

delicate but vital wording of the bt Paul hetts ROME Jan °7 

Palestinian clause. _ 

Tbe Americans have been aim- AT THE end of preliminary talks The leadership-one of the key 


to Japan on 
protectionism 

By Our Foreign Staff 


jOTh* in its policies of apar- wl „ extend next week into Britain would not frostraie any °A mg to win agreemeni for the with political party, industry and components in the current com- the U.K. has told Japan that 

llheid and. facilitate its military another go-round on Rhodesia, attempt from any quarter to formula first floated by Presi frade union leaders. Sig. Giulio plex political negntiatmns— arc there is a serious danger of a 

‘ ? ui,d ‘ up - .despite the Malta conference obtain a Rhodesia settlement JS2i tZt SSSSi ih>1 dent Carter when be mef Presi- Andreotti. the Italian Prime ^ now increasingly facing pressure relapse Into . World-Wide prntec 

f. Their paper, the basis of a which then will be taking place. . African members here have k ■ dent Sadat in Aswan earlier this Minister Designate, claimed to- From their own bases. tiomsni If the Japanese trade 

• probable draft resolution, would Britain’s chief delegate, Mr. been saying privately this is an f JS SwSShtaS? fail mnnth - This spoke of the Pales day that there was a "large The call by Sig. Luciano Uma. surplus w i not substantially re- 

l^ave the 15-member council call Ivor Richard, and the chief dele- encouragement to Mr. Ian Fyiitb tinians participating in discus measure of agreement' over an head of the Ltrgesl and Lom- duced. The warning was re- 

>i‘Q all states, including non- gate of the U.S.. Mr. Andrew to go ahead with internal arrange- jj! enough »o «sions on the determination of a economic and social programme mums! dominated labour con- oeatedly emphasised by Rritish 

i Members of the U.N., to refrain Young— who will be joining the ments, excluding the 'Patriotic * . ve,L . soluUon of their problem in all to bring the country out of its federation for a change in union Ministers in talks in London oyer 

? from granting any loans to. or U.K. Foreign Secretary, Mr. Front- The Foreign Office would its aspects. ■ present crisis. ’ policy involving a more realistic the past two days with Mr. 

’ 7 ’ not say how it had received Us Israel had wanted the declare- Sie Andreotti. ^ ^who met to-day approach to labour mobility. Nobuhiko Ushiba, the Japanesn 

/ # information. It coirid give m> don' to refer to ^he“KlSan the head? 3 ^UalYs main laSur occupation and wage claims has Minister for External Ecimniiiic 

•'{ T3 ri^fnn n HAf. Iia m^t ,S or f Jw e wSf !fiii r tp C, Th t p issue" rather than refer to it as confederations, acknowledged, been fiercely cruised by the Affairs, who is on a tour of Eurn- 

I. 1 I t*B VVI . VV III -Ilf 1 1 -Ilf; ••lllfll VHII • • men1 by what irate the “ problem" Israel has offered however, that there were still ™ nk ® nd fi,e * •*P*»**y * n *"* pean capitals. 

; [i A M. VIV1 111 TTU1 UVl MV HIM ▼ V/U • mercenaries intended to enter' “ thta -noint? if Se considerabK the industrial North. Mr. Ushiba. Japan’s chier trade 

Angola. ■ ‘ — • Egyptians agree ‘to drop the key political ques&on'Of se new Union leaders are now travel- negotiator, met Mr. Denis Healey. 

U BY QUENTIN PEEL’ ; ' ■ JOHANNESBURG, Jan. 27; ' The TNLA, backed l>y Zaire, refSence to "all its - 'aspects." soJerolng formula demanded by Hne- round the country' to pro the Chancellor of the Exchequer, 

, • 1 .4i .. « . ^ , . .’was defeated In the Angolan - Lt it this fine orint clarification the Communists. “O'e the confederation’s own Mr. David Owen, the Foreign 

’nilTH AFRICA is facinp a total sacrifices, be said Rut Tip nlsn nrnnn«o tV><> i P .4i»i n n,i „r ■imp* Ifl^e l>.« L^.. I * I S IS U P I _» OAOrtAiwin nrftnromrn a i f pKnn ' Cnnvnt-n nnrl Ifr TTrf mimd 1 Hul 1 


BY QUENTIN PEEL' 


J QHANNES BURG,- Jan. 27; 


{^OUTH AFRICA is facing -a total sacrifices, be said. But he also propose the traditipnalmotion of ?ivil war of 1976 but has kept which Mr Atherton willbediS So far Se Sig AndreottTs economic -proarwnme at shop Secretary, and Mr. Edmund Deli, 
onslaught to force it to change declared that "an awareness of no confidence in the regime. But up sporadic guerilla warfare in ^in- with the JordaaiS Christian Democrats Sare rV "oor leveL T the Trade Secretary, before tear- 

present sysftra or govern- the need for renewal was pre- the most bitter confrontation is the north or the' country since Anarch “ " jecied Comm unisf demands S The programme, submitted to ins for Brussels yesterday. 

. jiftenL hut the goveriimenfs sent in the country, and was likely to be between Mr. Jimmy then. There is no indication The American official will eo hewed vS?rdav bv ™be Com- SIR. Andreotti Unlay, calls for. Mr. Ushiba said emergency 


ittinjE in Parliament following programme proposed by Mr. John trained terrorists, and warned of sidenible tracts of land. 


the past week in closing the gap hate to-day that the party was . The union rank and file, who Dr. Owen, nevertheless, said a 

. - n a V -1 -am _ . _ ji. hflVO A A fho UlhflYa fPCCnfUrl thftir nf Deitnti'*- LTl^ 


: -partures from extstms policy, undoubtedly be Much more affairs now came not only, from civil war and those captured by reached on a final text nf the risk of early elections. general strike, are in a state of whether Japan's planned growth 

j.he Jmernaiional challenge, on jiwiy ana ! jvi cious than, in roe Cqmmunist sources, hut also the Angolan Government were declaration of principles. Union leaders to-day expressed growing agitation not only as a target of 7 per cent, this year, 

, i**, pphtical. economic, psycho- former parliament, when the from those countries of the put on trial. Two were exe- Israeli officials warned pri- their opposition to fresh elec- result of the growing threat of would be-xnfficicni. He warned 

•. ‘Rlcal. and security fronts, with Centrist united Party was still West that have traditionally cuted, together with - Cat lan.” vaxely yesterday that even when tions at this delicate time, and Pl a ?t. closures but in great pan that the danger of a further slidi 

le United Nations in we tore- runted our friends." ■ the notorious Cypriot mer- the Palestinian issue is resolved, pressed for a swirt solution to because inflation has nullified into protectionism wan partieu- : 

*i ont. was hems answered with There w no love tost oetw-en which were now helping to "fan cenary leader, and seven more there may still be probfeihs over the political crisis to enable the most nf their wage rises. larly strnne in Western Europe. — 


Cheltenham 
& Gloucester 
Building Society 

Nolire is hcreliy iiiven in accordance uiLii the Rules of 
the Sorielv I hut as from 1st l ; fbruar\- I97S the rates of 


RIOTING IN TUNISIA 


Struggle for succession 
erupts into violence 



I--' .X Aur ^ .- r\] 

v i- 1-' ^Sxd ’LL- 


snvinUsuiii he as fnlluvvs:— 

Ni-rr 

CROSS* 

I mes in leu l Slimes 

5-50% 

8- 33% 

Smin^s Builder 

6-75% 

10-23o/o 

Persutuil UeiKisil Aauunls 

5-25% 

7-950/o 

o Year' Term Shares 



Xew Ain units 

i.iinl ji.ri-v.-ih -.-Uni In r “ j i. « issues 
fr* fin 1 ‘ T.'i 

Existing Am itmls r 

6-50% 

9-85% 


|I--mii-iI ■ -r i vis nv-l -tv Sept. , 7‘>1 

6'250/0 

9'470/0 

J ligli Rale Tenn Shares^ 



ini, t ni:i -A.il* "1 i-Ait ir.r:ii«-.ir 
i*.iir.-> 1 c.r;- MM.rri 

7-25% 

10-98% 

2 VearTenii Shares 

i\i u .mil' 11 • itimh 1 

6-00% 

9 09% 

Limited Company deposits 

4‘00% 

6*060/o 

Other deposits subject to 
basic rale tax 

4-50% 

6*82o/o 

SAVE 

8- 30%. 

werS years 

SAVE 

8-620/0. 

lvcrTvears 





J *i :rn*»s equivalent rales apply tu invcslors paying basic rale lax 

i •at34 ,, «. 

j, T Issue ilisu 'iil iniKil. 

I 1-or leaflets with full details of all our investment 

: schemes please apply toany ni'lhc Sociely sK-l branches 
\ or lo: Chief Oflin.% ('fieltcnfiani House, CUirciux* Street, 

' } Ciiflleiiham CII.50 "J.IH. 

f 

I' Cheltenham & Gloucester 

iv ASSETS EXCEED £500 MILLION: j 


BY OUR FOREIGN STAFF 

DISTURBANCES continued yes- injuries were caused by the come widespread at the economic 
t era ay in Tunis following Thurs- militia of the single political and political mismanagement of 

days violence, tbe worst bout party, the Destour Socialist the country, 

of country-wide rioting since Party (PSD). The existence of th- uriTT strike renresents a 

1956. S 1 According to Mr" Dbaold iicly TrknSJlSg^" bee “ ^ 1 

The Taniton Cabinet me. yea- SuSSTS JSS 

fn ‘these rlo P “ P Bu? ^inofficial !, erd , ay - and fc ‘“ ued a statement implicity to the President hira- 

estimates - put the number of £[/ n i. ec, u Tated ki C,S se f ‘ ! President Habib Bourgulba 

dead at between 70 and SO and vandalism which have been ^r. Achour has a close political 
the number of wounded "in P er Petrated. Government news- a uy i n Mr. Masmoudi, a former 

the hundreds." the UGTT, say- foreign minister who was ousted tion in the Cities and a nnnr 

•rv.- . . , , , J , »og that it was part of a mis- a ft er an abortive attemot at i. . u poor 

J° 0k J^ aCC durin ? chievous plan which had nothing union *w £ tli Libya inJanuary wheat , harvest and *"eity of 

,?*? K 0ne l ay 8“®™* t0 d0 wi!ft trade unionism. Mr. 1874 He returned from exile last rain ‘ II ,s an ithportam element 
ffiSE nf TnnL^ Habib Achour the UGTT ^Ui and has good connections »■ Thursday's riots that they 

irr-rn L Tu J lsi , an Worker ? Secretary-General who was with colonel Gaddafy. the were not only countrywide but 

attacks on BSd ° n 

siu-s is? gS 1 the 

have taken place in an industrial revel, of prepared provocation. Mashreb as a whole L.hva for 

^.rr^o^etu-j Kr ra ' d,i,hi,itb - EiJ£ J aPi ° £ M? - rr p ! e - has r- ~ 

Mohammed Sayeh. have close tics, if not union, with 

r’lirfiDW - are thr ^ e ™ in ***** Tunisia, and the emeraence 0 r 

V^UllcTT to this unprecedented outburst Dolitician<! llk,> m- 

% J J of noting in Tunisia. The first - !MTiK6S Sm™ Achour m 

Armed patrols and tanks were is connected to the problem of ... , aniance «itn Mr. Masmoudi, who 

particularly evident in the the succession to President Habib He is not only director of the Is openly sympathetic to Colonel 
casbah market area, the scene Bourguiba. who has led the coun- party,, but also holds the enti cal Gaddafy, would certainly he in 

of much of the heavy fighting, try since independence, and Is positiOD the latter’s interests. However ir 

It was scarred by burnt-out cars now aged 74 and In bad health, minister responsible to the Prime f c ,r 

and barricades. But several Although, constitutionally, the Minister. In the past six months, J candidates were to 

businesses and cafes were re- succession would pass to the Tunisia has been wracked by succeed Mr. Bourguiba and links 

ported to be open as usual until competent but unexciting Mr. labour unrest In December the between Tunisia and Libya were 

the curfew was reapplied at Hedi Nouira, the Prime Minister, dismissal- Of Mr Tahar tightened, both Algeria and 
nightfall. the jostling for position after Belkhodja, the Interior Minister, Morocco, for different reason's 

Eyewitnesses yesterday said Mr. Bourguiba’s death has in for would regard such a devoloompm 

lhat most of those killed recent months begun again in was followed by the resignation 4 h bostlli , e cl °Pmem 

appeared to be under 20, and earnest - -° f SlX “f" ™“i ster ! wh,cb m 1 ^ ? y ‘ 

TAP, the Government news The problem has been com- St esterday, the Tunisian Gov- 

agency. while blaming the UGTT pounded by the fact that over ^Smiiba* to disrufi ^Mr' erT3mcnt elaii ued to have the 

for the violence, appeared to lhe years Mr. Bourguiba has SJSS" . “ dJSIUlss air - country under control again Bur 

acknowledge, that many of the been successful in making such w °ii ira * none of the basic m-mlfenr* 


Curfew 


A FINANCIALTIMES SURVEY 

CONFERENCE 

CENTRES 

: FEBRUARY 20 1978 

The Financial. Times proposes to publish a 
survey on Conference Centres. The provisional 
editorial synopsis is set out below. 

- INTRODUCTION Conferences and exhibitions 
are now a firmly established' sector of British 
commercial life, showing increasing conipIcNitv 

rievpTnnSHn tl f a l i i 0n ' How the biteinosjs has 
0ver the years and a i‘t prospects. 

CONFERENCE CENTRES Several new Tom 

centres iS’BrUain 1 ' 3 '' 6 3 ° ined ,he cslaWished 

sra zessst* m au c ° nf — 

S or b r e 

5™evt eXh,b,tU ™ COnli ™« 

CONFERENCE ORGANISERS 
sophistication in conference' m-nvif f " r<?as * n ^. 

sas ss^Twara. 4 ? 


un exhibitor’s 


S=E».,S« = ,« 


• u uie Tiuivuce. apHvarea m tne years mr. BourguiDa nas wnr.i™ luu,,ir / unaer control again Rut 

I acknowledge, that many of the been successful in making such ... none of the basic in-rerffenr* 

rioters were too young to be potential successors as Mr. The second factor lies In the Thursday’s *5!S ** of 

i trade unionists. • Mahmoud Mestirl. Mr. Beji Qaid economy. Conspicuous discrepan- a i llnG noim»— <»n 

i THeir injuries were in most Essebsi. Mr. Bahi Ladgbam, and cies of wealth in the cities and wun no obviou.- 

i-ci! j i . i, J .Ki.niliifiti Ann-iintinn nffiufiiin SUlCcSSrir. eponrimin 


,. ;S . ,p f 


>'M ii 


ur n 


the SALES CONFERENCE 1 nr *■ 

^verlisu, rat^' sjTOpris ..rf 

i 

i 







eft 


• \ 


rim 


-.- ic:g 

■ r i * 


Fiaancl^-Tfffles Saturday January 28 1978 



NEWS 


Over-taxation blamed for drink-trade ills 


BY KENNETH GOODING . 
THE WfNfi and spirit trade’s 


ffijBtttltteft last year are 
reflected In statistics from the 
Outtuns and - Excise - which 
show sharp falls In clearances 
from bond— In the longer- 
term usually a fair Indication 
or actual sales. 

Clearances of spirits In the 
first U months of 1977 were 


M- ptr cent- down, equivalent 
to a shortfall of £L5m. bottles 
compared with the same period 


the previous year. 

The drop for wine was not 
quite 5 per cent, or more than 
20m. bottles. 

“This is a direct result of 
over-taxation by the Chancellor 
of the Exchequer.” commented 
Ur. John Plowman, chairman 


of the Wine and Spirit Associa- 
tion. . 

. Repeated warnings to Hr. 
Healey that over-taxation 
would depress both trade and 
revenue bad been borne out 
by official revenue figures, he 
pointed out. There was a 
shortfall of nearly nom. oo 
wine duties alone in the 1976- 
1877 tax year. “ By then duties 


on wise had been raised 333 
per cent, under Ur. Healey." 

Mr. Plowman stated: "U the 
Chancellor U rash enough to 
raise duties again this year be 
will court another revenue 
shortfall— as well as mount a 
further attack on employment 
levels In the trade." 

During the first 11 months 
of 1977 compared with the 


same period a year before, im- 
ported wine clearances fell by 
4.6m. gallons to 59.6m. gallons. 
Blended Scotch whisky 
dropped 18 per cent to 13m. 
gallons, gin by 17 per cent to 
■L3m. gallons, vodka by 5.5 per 
cent, to 2.8m. gallons, rum by 
13.5 per cent, to 2L5m. gallons 
and brandy by 13.5 per cenL 
to lia gallons. 


storehouse Scheme to proteci 

unable 

to explain’ small depositors 

his Swiss , . 

accounts ID institutions 


U.K. ‘could run short I Malaysian talks on 


MR. JOHN STONEHOUSE. the! 
jailed former MP, said during i 
bankruptcy proceedings at the 
I High Court yesterday that he] 
I would not have been before it if. 
lit had not been for his nervous 
breakdown. 


BY MICHAEL BLANDEN 


of coal in 20 years’ 


Concorde route fail 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


BY RAY DAFTER, ENERGY CORRESPONDENT 


BRITAIN could be importing the 
equivalent of nearly 100m. tons 
of coal a year Within the next 
30 years— a drain on the balance 
of payments of some £7bn. at 
1976 prices. 

This forecast, depicting a 
marked switch from the forth- 
coming energy self-sufficiency, is 
contained in a paper prepared 
far the Energy Commission by 
the Department of Energy. 

Recent studies within the 
Department have shown that the. 
country could remain self- 
sufficient for little more than a 
decade (1980 to about 1990). 
After that demand will outstrip 
indigenous production of oil, gas 
and coal. 

The shortfall in the year 2000 
could be as little as 20m. tonnes 
of coal .equivalent, assuming a 
low economic growth rate, a high 
level of coal production and a 


strong . growth In nuclear elec- 
tricity generation. 

On the other hand, if there is 
a high economic growth rate not 
matched by ' coal and nuclear 
output the energy gap. could be 
as wide as almost 120m. tonnes 
of coal equivalent, a balance or 
payments burden oE "nearly 
£9b'n. C 

The paper presents a ' more 
detailed picture of Britain's 
energy prospects than' so. far pub- 
lished. It. also extend* the 
range beyond the year 2000 to 
2025. • 

The extended projection shows 
that new nuclear capacity might 
have to satisfy the majority of 
additional electricity demand in 
the year 2025, a prospect not yet 
accepted by Mr. Anthony Wedg- 
wood Bexm, -Energy Secretary. 

Projections for the mining 
industry suggest that froth the 


mid-1990s coal will be used 
increasingly for industrial pur- 
poses and to make substitute 
natural gas leaving nuclear 
energy to fulfil most of the new 
electrical needs. 

The report, which will be dis- 
cussed by the Energy Commis- 
sion at its second meeting on 


February 13, concludes that of 
the possible 100m. tonnes of coal 
equivalent shortfall in the year 
2000, at least a half could be 
met by coal and nuclear power 
if they were available. 

It adds that renewable energy 
supplies, such as solar, wind and 
wave power, are unlikely to make 
a significant and economically 
viable contribution' to supplies 
before the end of the century. 

Energy Forecoats: Energy Com- 
mission Paper Number 5; Deport- 
ment of Energy. . . 


BRITISH AND Malaysian 
officials have failed to reach 
agreement on a resumption ol 
Concorde Bights to and from 
‘Singapore across Malaysian air- 
: space and the UX team at the 
: talks is on its way home. No date 
; for a resumption of the talks has 
< been fixed. 

i The Concorde flights to. and 
j from Singapore remain sus- 
pended, with no indication when 
itbey are likely to resume. • 
The Bights began on ' Decern- 
, her 9. despite a Malaysian refusal 
I to allow the aircraft to fly 
through the Bight information 
: region controlled from Kuala 


: Lumpur. The aircraft did” not 
; pass over Malaysian territory. 

* k..* a—., ■ «r 


Government to help 


bur flew down the Straits of 
Malacca between Malaysia and 
Indonesia. 

The flights were made across 
Indonesian airspace, but the 
Indonesian Government allowed 

! only three in each direction. 
Since December 15. no Concordes 
have .operated into Singapore. 


The Malaysian objections are 
based on fears about environ- 
mental pollution from Concorde. 

The British High Commission 
In Kuala Lumpur said that the 
Malaysian Government was now 
considering new information on 
the environmental impact of 
Concorde which Britain had pro- 
vided In answer to questions 
raised-by Malaysia. 

The Malaysian team is under- 
stood to have raised other issues 
at this week's talks. Although 
no formal confirmation is avail- 
able, these are believed to con- 
cern the bilateral air agreement 
between Britain and Malaysia. 

It has been suggested that 
Malaysia would like to have 
more DC-10 Bights by its own 
airline^ Malaysian Airlines Sys- 
tem. between London and Aus- 
tralia an#. Hong Kong, via Kuala 
Lumpui>- 

Tbe U.T^. now considers that 
it has done all it can. and that 
the next move rests with 
Malaysia. i 


Throughout an hour and a half 
of searching examination by the 
Official Receiver, Mr: James Tye, 
Stonehouse’s behaviour was in 
sharp contrast to that in their 
meeting in the court last March, 
when they dashed several times. 


This time Stonahouse remained 
calm and polite. At the conclu- 
sion Mr. Tye remarked: “I think 
the debtor has made a much 
more genuine attempt to explain 
his affairs." 


shoddy industry m 


Savings 
rate cut 


BY RHYS DAVID, NORTHERN CORRESPONDENT 


By Adrienne Glceson 
THE RATE of interest on depo- 


Sales of TV sets 
disappoint makers 


THE GOVERNMENT 1$ to help 
Britain's shoddy industry— not 
the makers of poor quality goods, 
but, in the proper meaning of 
the term, the processors of waste 
textile materials. 

The National Anti-Waste Pro- 
cram me, which Is backed by the 
Department of Industry, is 
launching a pilot scheme in Ket- 
tering for a week, when house- 
holders will be asked to fill 
specially distributed bags with 
textile waste. 

The programme wDI be pay- 
ing for the main administrative 
costs of the scheme, including 
advertising, and if successful, it 
is likely to be extended to other 
towns. In each case, charities 
wifi be responsible for organis- 
ing the cofiections. and they wilt 
receive revenue - from sales of 
the materials collected. 

About 30 companies in the tex- 
tile waste processing industry- 
based mainly in Yorkshire 
around Dewsbury and Bailey— 


have formed a company, .Save 
and Recycle (Textiles), to buy 
the collections. 

The programme was started 
two years ago under Dr. Robert 
Berry, a former chairman of 
Alcoa GB, to increase the use of 
waste materials from households 
and industry, much of which is 
now destroyed. ' 

Although metals are the most 
valuable type of waste, textiles 
and other sectors have the 
potential to re-use waste If they 
are efficiently collected. 

Collection has traditionally 
been handled by totters, hut, 
because of changing living 
patterns, such as the growth of 
multi-storey flats, lotting has 
declined, and the amount totters 
collect has fallen greatly. 

Even so, the value of textile 
materials collected and sold bark 
to industry is estimated still to 
amount to many millions of 
pounds a year. There remains a 
substantial export trade, 


sits in investment accounts at: 

; the National Savings Bank is to i BY MAX WILKINSON 
! be cut from 9 to 8} per cent i 

i from March 1. 1 ; DELIVERIES OF colour tele- 

: The cut reflects the reduced ; *»*!* mon ?* 

earning power of the fund in , ? f 1 ® 7T totalled MBnu a «ord- 
; which National Savings Bank’«« L 

, deposits are invested, after last by the British Radio Equip- 
i year's decline in interest rates. : nSS™ J*J ofactnrers ’ Association 
News of the decision to cut viUi KKi3A >- 
bc welcome to the building i Of this total. L2m. or 86 per 
! societies, whose rates to deposi- ; cent were made in the UJC, the 
i tors have been almost in line association says. The figure for 
' with those offered on the savings • U-K-prodnced sets is slightly 
bank's inves tme nt accounts. • understated, because it does not 
Earlier this month the Building ' include the South Wales pro- 
Societies’ Association recom- ; ductfon of Sony and Matsushita, 
mended that its members should who are not members of the 
cut the rate which they offer to j association, 
depositors from 6 to 5.5 per cent . The U.K. share of the mono- 
tax-paid— equivalent to 8-3 per eftrorue television market was 
cent grossed up ,to x basic-rate only 48 per cent Just under 
taxpayer. .lm. sets were delivered in the 

' 1» U*. ft. wrt* In «*■*«> 11 aT^Jl 

ravircs 1 ’ 1 * Sk'^^ieSnlS small screen transportable type. 

Snt department »S S' Is ' a *' )ra,ra "' s “ mmenl 

£38.1m. , 


the figures is that television 
sales remained very disappoint- 
ing. 

"There are some signs that 
consumer offtake of both colour 
and small screen monochrome 
sets was picking up in October 
and November, but that this 
seasonal uplift was not as strong 
as might have been anticipated, 
gives the very slow start to the 
year.** 

The market for audio systems 
has also been sluggish. A total 
of 525,000 units was delivered up 
to November by BREMA mem- 
bers. Music centres, including 
tape . deck, turntable and radio 
in one unit were delievered at: 
about the same rate as in 1976, 
but deliveries of araplifier/tum- 
tables and tuner/amolifier/turn- 
tables showed a substantial 
decline. j 


Those affairs, the court was 
totd, included Stoneho use's sign- 
ing guarantees totalling £304 000 
between 1970 and. 1974, by which 
time, it wis alleged, be bad no 
funds to meet them. 

■ Stonehouse claimed be had 
signed many guarantees believ- 
ing they would never be acti- 
vated. 

. ■ He denied vigorously that 
money in a Swiss bank account 
I in bis name bad been transferred 
there from England via a Liech- 
tenstein company. Mr. Tye ques- 
. tinned him about the. account, 
and said that of £115.000, Stone- 
house's earnings abroad were 
shown to be only £35,800. 

He told Stonehouse: M There is 
I a considerable discrepancy. I 
want to know where that money] 
came from." . I 

Stonehouse said it came 
"under the general heading of 
overseas earnings." 1 

Mr. Registrar Parbury ruled I 
the public examination to be 
ended, but did not make an order, 
allowing Stonehouse a future 1 
“ automatic ” discharge from 
bankruptcy. Stonehouse. who is 
serving a seven-year sentence for j 
theft and fraud, will have to i 
apply for discharge. 

The registrar also expressed 
concern that Stonehouse had not j 
been able to explain the large, 
sums of money in his. Swiss, 
account. 


NEW PROTECTION will be 
offered to small depositors in 
banks and other institutions 
under regulations planned by the 
Treasury and the Bank of 
England. 

The scheme is intended to 
ensure that small depositors do 
not suffer if a banking or 
deposit-taking institution fails, 
and will be a major innovation 
in U.K. legislation after the 
experience of the fringe banking 
crisis. 

Details of the proposed scheme 
have been distributed by the 
Treasury to the main banking 
and; finance house organisations 
in the form of 'a discussion docu- 
ment 

The deposit protection fund is 
an important part of the planned 
legislation on tbe licensing of 
deposit-taking institutions, origin- 
ally set out in the White Paper 
published in August 1976. 

It has also proved tbe most 
controversial aspect of the pro- 
posals, with the big clearing 
banks arguing after their experi- 
ence with the fringe bank life- 
boat that they should not be 
required to provide tbe bulk of 
the funds needed to protect 
depositors in smaller competing 
institutions. 

In mid-December Mr. Denzil 
Davies. Minister of State at the 
Treasury, indicated that the 
legislation would be introduced 
as soon as Parliamentary time 
permitted. 

This week Mr. Gordon Richard- 
son, the Governor of the Bank of 


England, has reaffirmed in 1 
evidence to the Commons sele 
committee On the Nationalist 
Industries the importance of II 
deposit protection scheme as pa 
of tbe new rules. 

The proposals set out in ti 
document are that' deposits fro 
any one depositor in a bank 
deposit- taking institution shot] 
be covered up to the fix 
£10,000- 

But in order to keep some 1 
centive for depositors to exerci 
judgment in placing their mom 
only 75 per cent, of their mon 
would be repaid if the institutii 
failed. 

The proposals, disclosed in ti 
Investors Chronicle yesterdj 

make some concessions to ti 


arguments of the big banks. / 
banks and deposit- taking instil 


lions would be required to cc 
tribute to the fund, which 
expected to total some £5-£6m. 

Contributions would be 
relation to the size of deposi 
But there wuold be a lower lin 
of £5,000 and a ceiling of £300,0 
on the amount to be paid i 
the first calL 

The fund is expected to 1 
backed up by guarantees fro 
the banks for further amounts 
needed. An upper limit of t 
per cent of deposits has al 
been set on guarantees. 

The scheme will be run by t 
Bank, which will also become tl 
central supervisory body for ; 
banks and deposit-taking instil 
tions when the laws are inti 
duced. 


Flood repairs cost £2m. 


IT WILL cost about £2m. to 
repair sea defences damaged 
in the recent floods on the 
East and Kent coasts, MPs 
were told yesterday. 

This was the figure estimated 
by the Anglian and Southern 
Water Authorities, Dr. Gavin 


Strang, Parliamentary Seen 
tary, Agriculture, said in ; 
Commons written reply. 

About 9,000 acres of fans 
land had been flooded, indnil 
ing about 1,800 acres of cerea 
and horticultural crops. Abou 
L20O sheep had been drowned 


Leyland workers fined £40 


for smoking in danger area 


t NEWS ANALYSIS— LABOUR AND THE TOWN HALLS ! British trade with 

‘Bigger no longer better’ I Russia worth £lbn. 


TWO BRITISH Leyland car 
workers were each fined £46- by 
Birmingham magistrates yester- 
day for smoking in a highly in- 
flammable area of the company’s 
Longbridge factory. 

The prosecutions, brought by 
the Factories Inspectorate under 
the Health and Safety at Work 
Act, are the first of their kind 
in the Midlands motor industry. 

After the court had heard 
evidence of “ indiscriminate, 
illegal smoking" at the plant, Mr. 
R. T. Jones, the magistrate, said 
to the two men: “I should 


remind you that the maximum 
for this, offence is 5400. and for 
the love of Mike I cannot under- 
stand why anyone smokes in such 
dangerous areas. 

"To me. it is surely a matter 
of common sense and not rules 
and regulations." 

The court was told that during 
a visit by an inspector on the 
first week of the firemen’s strike, 
parts of the factory which had 
been painted red — a no-smoking 
area — were littered with 

cigarette ends. 

Before tbe court were Gordon 
Bowen, 63, and Leo O'Gorman, 


38, who each pleaded guilty, 
a breach of the ‘Ftei 

mable -Liquids Regulatioim. 

A factory inspector told tl 
court that be first begqnqe.awa 
of “ completely uhcbntrolJi 
smoking " when be visited t3 
factory in 1974, and this w 
despite regulations passed t] 
previous year controlling smo 
ing in industrial work places. 

Despite efforts by manageme 
and unions, there continued 
be massive resistance to tl 
observance of smoking 'restrain 
by a large number of shopflo 
employees. 


BY DAY ID CHURCHILL 


BY DAVID 5ATTER 


THE LABOUR PARTY local 
government conference in Bristol 
tu-day will look to Mr. Peter 
Shore, Environment Secretary, 
id - reaffirm the Government’s 
intention of. transferring vital 
powers for public services back 
to -the cities who lost them under 
the 1974 Conservative, re-organi- 
Sfiiun. 

The proposals are expected to 
farm the main debate at this 
morning's conference session and 
will have a direct cffeci.upou the 
pruvihlott of social services, 
transport, planning, and educa- 
tional services to at lent 2.5m. 
people in nine major cities. 

The cities, known as the Big 
Nine former county boroughs 
with populations over 200,090, 
are Bristol. Hall, Nottingham, 
Leicester. Southampton, Ports- 
iuouih, Derby. Stoke . and Ply- 
mouth. 

Cardiff, which would have 
qualified, has not been included 
in Government plans, because of 
the mi plica uons for Welsh devo- 
lution. 

Before 1974, the Big Nine bqd 
wide-ranging powers for educa? 
liunai and personal social ser- 
vices. Bur under the. Conserva- 
tive re-organisation those cities 
failed to win metropolitan status 
which meant many of the major 
functions being ‘ transferred to 
tin* larger county councils under 
Um* premise that “ bigger was 

besL" 

Since then, ihc Big Nine have 
smarted under their loss of power 
and have campaigned vigorously 
for a return of most of the 
responsibilities. - • 


twees 100,000 and 200,000, met 
in London to co-ordinate their 
campaign for a restoration of 
powers. 


Supporters of organic change 
argue that the issue is not simply 
one of tbe towns seeking to re* 
establish their power over the 
counties, but is more concerned 
wilh providing effective Govern- 
ment at a grass-root's level and 
avoiding waste of resources. 

44 Bigger is no longer belter 
and the old argument of econo- 
mies of scale can be a snare and 



has to take it to the city council's 
Environmental Health Depart- 
ment But if that cake is under- 
weight it has to go .the Avon 
Comity's consumer protection 
department. 

The division of responsibilities 
for social services and housing 
is the one which has. caused most 
heartache. Homeless people in 
Bristol are the responsibility o: 
the Avon County Council, while 
file housing stock belongs to -the 
Bristol City Council. 

, Similarly, old people's flatlet 
schemes are built* and run by 
Bristol, while Avon employs tire 
wardens. 


Public 


HR. f£TER SHORE 
... behind tb* new plans 


..While the Association of 
District Councils, which spelt 
opt its case to Mr. Shore recently 
la A memorandum, does not seek 
w restoration of educational 
.powers, the Labour Party does 
want them back in district con- 
trol. it believes it important 
.that education operates from the 
: level of govenunrni closest to 
the public. 

V The Labour Party also argues 
pal- there is a good case foi 
^raqsfer mg back to the (awn? 

services with a strong 
^personal" clement, such as 
Jibrancs and consumer prater- 
m 

i And it also wants refuse dis- 
posal. highway maintenance. 


; THE VALUE of British exports 
: to the Soviet Union went up 45 
’ per cenL last year and deliveries 
■on major Anglo-Soviet contracts 
■ signed last year are expected to 
push up the totals further this 
year and next. 

Provisional figures released by 
the British Embassy m Moscow, 
show that exports were worth 
£34».4m. a rise of £107 Jin. from 
1976. 

The value of British imports 
from the Soviet Union also rose 
but not as rapidly as exports. 
British imports ’from Russia 
were worth £7S4.Sm. last year, 
i a rise of 22 per cent. Imports 
f 1976 were worth £645.1m. 

The main British exports were 
' machinery and chemicals. The 


main imports were Soviet raw 
materials and particularly oil, 
timber, diamonds and furs. 

Trade turnover reached 
£l.L323bn. a rise of 28 per cent 
(£886.301. in 2976). 

The U.K. trade deficit reached 
£437.4m. (£404 An.). 

British commercial sources 
cautioned that a significant share 
of the rise In exports was due 
to Briti5b shipments of uranium 
to the Soviet Union for enrich- 
ment which were then re-ex- 
ported to the U.K. 

British companies signed more 
then £400 n*. worth of major con- 
tracts with the Soviet Union in 
the last 14 months and 
major deliveries on those con- 
tracts will show up in the 
figures soon, they said. 


H&G RECOVERY FUND 

FROM £10 A MONTH 


Widely aedaimed by financial journalists and 
investment advisers, M&G*s Recovery Fund, de- 
signed to produce capital growth, ended 1977 as 
Britain's best-performing unit trust ft also leads 
over the two year and six year periods. It has a 
policy of buying the shares of companies that have 
fallen upon hard times. Many of these companies 
recover, and through a process of careful selec- 
tion M&G has been able to bring high rewards over 
the years to Recovery Fund investors. 


which gives you a positive arithmetical advantage, bt 
cause your regular investment buys more units whe 
the price is low and fewer when it is high . You also gi 
life cover of at least 180 times your monthly paymei 


throughout the period if your age at entry is 54 ( 
under (women 58), and. rather less up to 75. 


This offer enables you to start a Regular Monthly 
vine Plan with the Recovery Fund through a life 


Britain 6 can be Europe’s 


top growth economy’ 


FINANCIAL TEMES REPORTER 


Saving Plan with the Recovery Fund through a life 
assurance policy for as Tittle as £10 a month, and you 
are normally entitled to claim tax relief at current 
rates of £17 for each £100 paid. On a £10 Plan, 
tax relief at present rates can bring down youF 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 lake advantage of lhe inevitable fluctuations 
in the price of units through Pound Cost Averaging, 


under (women 58), and. rather less up to 75. 

if you cash in or stop your payments during the fin 
four years there is a penalty and the tax authorise 
require us to make a deduction, so you should n< 
consider the Plan for less than five years. 81% to 94‘ 
(depending on your starting age) is invested except i 
the first two years when an additional 20 per cent i 
retained to meet setting-up expenses. After tw 
years, therefore, the amount.invested mil, in mo: 
cases, represent more than 100% of the netamoui 
you pay after tax relief is taken into account. 

investors should regard unit trusts as a fong-terr 
investment and not .suitable for money needed i 
short notice. 

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

M&G is a member of the Life Offices' Associate 


traffic raanacemenu and non- 
Strategic planning back in district 


Split 


At lhe conference k year ago 
Mr. Shore sparked further conlro- 
u»rsy when he canvassed support 
for such “organic" change. He 
has faced stiff opposition from 
Cabinet colleagues in health and 
education who ire opposed to 
further changes so soon tfter the 
last reorganisation. 

The local authority associations 
have also spill over the issue »od 
the largest local government 
union, the National and Local 
Unvcrnmem Officers' Association, 
is also divided. t . • • 

This week, the 22 -strong 
'* second tier % * of former county 
boroughs such as Ipswich and 
Norwich with populations be-. 


Strategic planning back in district 

delusion where finance and^ T/The * Association of County 
priorities are outside. the control ^Councils, not surprisingly, .is 
of elected district members woo apposed to any organic changes 
are closest to the public," MJBMjich mean loss of power. 

the Association nf District Corns y Ji argues lhaJ there is no public 
cils.. a, hose members include the Meraand or benefit far changes - 
Turner county boroughs. . and that it is "ludicrous" to 
. The association believe* that Consider expensive changes at a 
the public turns instinctively to tfme of restrain! in public 
the district councillor and lowl expenditure, 
town hall with problems in tu •; And ti points out the damaging 
public services. effect on staff morale of lhe con- 

Vet it is bard for ibe public tianiag uncertainly over JocaJ 
to understand that control is government structure. 


«SWd in the County as yet ‘ Supporters of organic change 
another tier of administration* hoped to see a Bill intro- 
the association maintains. duced into this Parliamentary 

* -Bristol, the largest non-metro- -session. But tbe strength of 

poUtan district fa the country, » opposition within ibo Cabinet 
a. ffewd example of tbe effects of has delayed immediate action, 
lb* 1974 reorganisation, “ The question now is whether a 

As one of the most vociferous change comes about etibei 
campaigners for a return of before the next General Election 
powers, it is also fining that or before next autumn’s Labour 
Bristol should have been chosen .Party conference when lon^-serr. 
as the venue for to-day'* confer- jilans for “English devolution " 
race- * -are due to be debated. 

Councillor Charles Merett, As long as Labour remains ir. 
leader oi Bristol City Council, power it seems probable tSai 
says tiie effect of the re-organis*. « organic ” change will occur .in 


1 IN U WfEXS VOU 
COUU> DEAL IN 
STOCKS AND SHARE! 
—Mere preftuMy c?«n 1 m<!bn oltw* 
fnrrtwi. UftMw tan u<r4r ewrtc 
fcy . KMMdeMH. *l»w» ¥W 
hew ta euta -n*M* with a caf.Ua » 
taw av ClOO 


INFLATION in ike U.K. should 
be down to about 9 per cent, by 
the middle of this year, while, 
with a real growth rate of some 
3.5 per cent . Britain will be the 
major growth economy In 
Europe, forecasts the latest Annex 
Bank Review. 

Its 5oreca't« of world prospects 
for 1975 are broadly similar to 
those just published by the 
Organisation for Economic Co- 
opera; .on and Development 
U>ECBi. which is now less hope- 
ful about the United Stales 
eeancsey in particular and rbe 
f&ht aj;&:n;i inflation elsewhere. 

The Ancjc review says the 
elements of a “eloomy picture" 
are lhe historically low expected 
real growth rate*, in Europe, the 
U S. ecaaomie outlook and mixed 
trade balance forecasts tor the 
European nations. 

The review, however, sees a 
better outioak tor the U.K. then 
does the OECD. Against the 
OECD forecast of a U.K. -real 
growth of 3 per rent, a year, 
Amex predicts 3-5 per cenL 

Tbe review endorses the OECD 


view that France (growth fore- 
cast 2£ per cent.) and Italy 
(0.5 per cent.) will improve only 
slightly, with France expected 
to show a trade deficit of SSOOra. 

It ejcpocts “little deterioration" 
in the trade surpluses of the 
stronger countries. Japan and 
West Germany. Bur it. say’s the 
L‘.S. deficit will be $35hn^ taking 
into account President Carter's 
latest stimulatory package. 

Looking at the OECD area as 
a whole, a trade deficit of 
515.5bn. is forecast— S9bn. less 
than for 1977. 

On inflation, the review expects 
a slight fall for tbe area as a 
whole compared with 1977. 

The L\K aad Italy provide 
cause for most optimism, wilh 
inflation in Britain expected to 
drop to a rate of 9 per cenL by 
mid-year. - 

Inflation rates in West Gei> 
many are. predicted to fall to 
3/5 per cent, is This period- 
lower than the OECD forecast 
of '4.75 per cenL— although wage 
demands may force’ France’s 
inflation rate up to 10.5 per 
cent. 


— — UmiThist of the 
You; is SI&GRceovoy^ b£P «ess 3 ^rr 


To: M&G GROUP HD, THREE QUAYS, TOWER HILL, LONDON EC3R SBQ. TELEPHONE: 01-626 4588. 


M |1 lull 

0* il FOREIUMBS) IMs, 


’ 5URNAME 
ti 04 SI ADDRESS 


POSTCODE 


TR 530138 


liMamuj I WISttTO SAKE j_£ j each month in the M&G Recoveiy Fund. 

1 enclose my cheque for the first monthly payment, payable to M&G Trust I 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 P 

NAME AND ADDRESS OF USUAL DOCTOR (to whom reference may he made) 


PATE OF BIRTH 


Are you an existing M&G Plan holder? Yes/Ho 


Petrocarbon to build gas plant 




IftVESTttfNT 
*.*11 JR»- 


u‘q» has been to frustrate the- the short-term. Stress 
city activities and confuse the tuency interest from two other 
public Cabinet Ministers— Tony Benn 

On » minor level, he cites the from Bristol and David Owen 
example o! lhe housewife who. from Plymouth — likely to tels 
oa. finding impurity « * swing the Cabinet, : 


PETROCARBON Developments, 
part of Burma h Engineering 
Company, has been awarded a 
£2.8;n. contract for tbe construc- 
tion of a liquefied natural gas 
plant at the Isle of Crain. KenL 
The plant ordered by the 
British Gas Corporation, will be 


capable of liquefying 205 tonnes 
of sias a-'day. 

The LNG will be put In storage 
for use during seasonal peak 
loading. The plant is to come on 
stream in antnmn. 1980. British 
Gas already operates a similar- 
sired unit at the Isle of Grain, 
also built by Petrocarbon. 


If you cannot sen Pad I of (lie Declaration bcfaw delete if and son Part II. 

Declaration PART 1 1 declare that, to the best of nsy belief. I am m good health and free from disease, that I have not 
had any serious illness or maior operation, that ! do not engage in any hazardous sports or pursuits, that t do not 
engage in aviation except as a fare-paying passenger on recognised routes, and that no proposal on my Ufe has ever 
been adversely treated. 

PART 11 1 agree that any declaration trade by me in connection with this proposal shall belhe basis of 
the contract between me and MSG Trust (Assurance) Lid. and teat I will accept their customary form of policy. 

I agree to provide any further information lhe company may require. 

(A specimen of the policy form is available on request) 


SIGNATURE 


Registered in England f!n ]04KJ59..Reg Office as above 
This oiler is not available to residents ol lhe Republic ut Ireland. 


li. ' i ■ 


THE M&G GROUP 


r- -.4 


Financial Times Saturday iaflaaiy 



FINANCIALTIMES 

BRACKEN HOUSE, CANNON STREET LONDON EC4P fflY 
' Telegrams: Flnantbno, London PS4. TeMr. 886341/2, 883897 
Telephone: 01-248 80QO 

Saturday January 2S 1978 


A striking 
contrast 


THE CONTRAST between the old ones. The U.K. Govern- 
extent of the financial recovery ment though affecting to take 
achieved over the past 12 offence at EEC interference, 
months and the persistence of evidently agrees. The Chan- 
industrial recession has been cellor referred yesterday to an 
clearly marked this week by early announcement about a 
two official announcements. On new series of measures in this 
the one hand, the Department field and stressed the iropor- 


CANAD1ANS are Indignant 
and. angry .that Canada was 
not Informed of UA-Soviet 
Union talks earlier this month 
about the possibility of the 
Russian nuclear - powered 
satellite Cosmos 954 plunging 
down on to North America. 

However, while the search 
has intensified for the source 
of abnormal radiation first 
detected In the Great Slave 
Lake region of the North- 
West Territories on Wednes- 
day, Prime Minister Pierre 
Trudeau has remained' almost 
as cool as the icy haystack in 


whirh this radioactive needle 
is being hunted. 

He told an Ottawa news 
conference he could not get 
excited over the failure or the 
Soviet Union . to' warn his 
Government that the nuclear- 
powered satellite might crash 
in Canada. In this particular 
case, up to a few minntes 
before it actually fell from 
space the Russians were pre- 
dicting it would splash into 
the Bering Strait separating 
Alaska from the Soviet Union. 

But he did admit that as a 
result of the precedent-setting 


Incident, the efforts which 
will be made to make inter- 
national arrangements for 
notifying other countries In 
cases of space accidents may 
Include a broadening of 
NORAD' (the North Ameri- 
can Air Defence Command) 
to include surveillance of air- 
craft as well as manned 
bombers and missiles. 

Mr. Trudeau has revealed 
that since the spacecraft 
came down in the pre-dawn 
boors of Tuesday, he has 
heard from the Soviet leader- 
ship offering personnel and 


technical help Jn tracking 
down debris. 

Meanwhile, the tiny Arctic 
community of Baker Lake, 
closest to the search site, has 
been trying to cope with an 
unexpected influx of visitors. 
Soldiers, scientists and plane- 
loads. of radiation-detecting 
equipment have been moved 
into the town, about 1.800 
■kilometres north" of Winni- 
peg, following the detection 
of the high radiation levels 
about 300 kilometres to the 
south-west. The land in that 
particular area is barren 
tundra and uninhabited. 



Nuclear hardware in orbit 

By DAVID BELL i& Washington and DAVID FISHLOCK in London 


• — i -- -a tr — , . - . ... • — -r — - J >uc muuibaiu ii ui .iL uiaL uic couiucu iu uaic ioacu uis yiv <u« “ — * ■ . -i , - , . vu 

the labour force. On the other greatly improve the (non-oil) broadcast which purported to there will be a move to amend Russians co-operated well. But caution-*^ Britain has— of engineers. boosted into a higher oron, 

hand, the Chancellor has balance of payments and enable be delivering to startled the convention so that it would they concede that it was not having specially equipped teams , Not the least of those prob- about 1,000 tan. high. The 

reported that the Government the economy to be run •' - rate listeners the first news that tbe mandatory to report the fact until after a series of requests kept on standby, ready to clean lems is that highly radio-active Soviet plan seems to be 

intends, in view of the sharp sufficient to prodn - her Martians had invaded the state, that nuclear materials had been that the Soviet Union provided up the . consequences of a material might find its way back that they will remain un- 
rise in the foreign exchange i-lra. jobs. The fear that premature dis- launched into space. There is' some, Jmt not very much, nuclear accident to Earth. The Americans have disturbed in this orbit for long 

reserves and the improvement closure of the threat posed by also a possibility that there will detailed information about the The U.K. has nuclear we*- had at least a couple of un- enough— several hundred yea ra 

in the balance of payments, to IMF loan the doomed satellite Cosmos be an attempt to ban altogether satellite. By that time, UB. pons constantly moving bade pleasant near-misses. — for Jbeir radio-acmny ia 

make an advance repayment of ^ tstrpttt Aatf , h „ „ ve for 954 this week might set off a " Early in 1966 a disabled U.S. decay. ™ere are^at 

ahmif- RTHti in Thn Tn»«rrinlinnal .. - ..... similar nanin im„nj tha ua.m y ..gjy. ; r * •rmm—.—j ’ v r.- n>v Air POFCe bomber jettisoned tWO least 15 Satellites parKCO ln Ull* 

u>aannna near thp Orbit each with a CUS® Of 


j - 1 intends, in view of the sharp sufficient to prodn ■ her Martians had invaded the state. 
,-i. rise in the foreign exchange i-lra. jobs. The fear that premature dis- 

I . j reserves and the improvement closure of the threat posed by 

in the balance of payments, to IMF loan tbe doomed satellite Cosmos 

jV make an advance repayment of ^, e tar ^ et ^ate he gave f or 954 this week might set off a 

! j about Slbn. to tbe International ^ achievement was 1980. similar panic around the world 

i , i| Monetary Fund. Whether it is realistic depends w * s very much in the minds of 

High as they are. the unem- eD tireIy on the speed with which Carter Administration officials 
!-j Ployraent figures have been wor ] ( j demand and trade re- from the moment that the huge 
j t tending to fail slowly for the C0V ers and the effect of stimu- computer, that monitors satel- 
j i| past four months, and this j ating internal demand on tbe Utos first spotted Cosmos 954's 
I • . apparent improvement has balance of payments. The deci- difficulties last monft. 
j, acc0 5 n P an i e d by a rise in S j 0n repay $lbn. in advance In the event, the satellite 

the number of unfilled job t0 the International Monetary apparently fell to earth in a 

. vacancies. There are two p\ind — to which we owe $4.9bn. remote and uninhabited place. 

■ j however, for regarding in total— suggests that the Chan- But, as • several Congressmen 

:jj this change of trend with some cellor is not taking any have already begun to observe, 
|? suspicion. In the first place, all unnecessary risks: the official it might have landed some- 
. . the other evidence we have reserves, after all. rose last year where very different. And they 
: I about the behaviour oF output from $4.1bn. to S20.6bn. have wasted no - time in point- 

ri - and the demand for labour The case, for repaying this first lag out that if the Canadian 
^suggests that there has been no tranche of Fund credit, which claim on Thursday that the 
^ { important pick-up yet- In the does not affect the commitments satellite’s nuclear generator 
. = second place, the employment undertaken when the stand-by survived re-entry into the 
-figures which are published credit was agreed, rests squarely earth’s atmosphere is proved 
: ; 1 ® ss promptly than the unem- on the fact that the U.K. no correct there could have been 
^ployment figures — show that at longer needs the money while a major radioactive disaster. 

I, - the last count the number of the Fund is short of money to The U.S. is expected to join 
• * e w th jobs was still lend. There are heavy foreign other countries in calling for a 
[ j falling. debt repayments due (by other speedy revision of the 1967 outer 

* Jnh enhetdioe public sector borrowers besides space treaty under which the 

nL » * the central government) over Soviet Union is rendered liable 

; { The figures are distorted to the next few years. Some can for the cost of any damage done 
i j some extent, of course, by the be rolled over on more favour- to Canada by its. satellite. The 
t / various special employment and able terms, some it may make treaty laid down the principles 
i : training schemes sponsored by more sense to repay in advance under which countries could use 
1 Jthe Government. At present —as the Electricity Council, for peaceful means to explore outer 
’over 300.000 people are helped example, has recently chosen to space. Since then, three other 

f t hy 1 Video tl-homoc anrl it te <ln Hut tka Pmb. 1 i Is - j 








. ‘W-i _ 


Nearly a very nasty nuclear aceident : one of the two hydrogen bombs jettisoned by. a U.S. 
bomber near the Spanish port of Palomgres in 1960. This one fell In the sea, and was 
salvaged Intact; the other fell on land, contaminating a sizeable area. . 


*£2ga8Si = the ««*-«* *» * <«*• - 

*15? Spanish port of Palomares. One spent nuclear fuel. 

fell on shore, cracked open, and The most Hkelj nuclear sjs- 
-spread radio-active material that tem seems to be one atan to 
necessitated a major clean-up me ^search 
operation and the dumping of JJth highly enri uhed 

, thousands of tons of Spanish *^ 5 - lT wwjJJ b * "2JJL V! 

soil, packed in drums, deep into generate a tremendous burst of 
4 the Atlantic. The other fell into electricity before ts fuel is 
the sea and had to be salvaged burnt 

Then, in May 1968. the launch anse fr J ““ J* ' ura ™ 

of a Nimbus weather satellite iu fael ItseIf . 

California was aborted, and the radio-aetlte-but from 

package powered by a miniature **f. on P' oduUs (as 
nuclear powerpack - fueUcd by Nation fuel, except that such 
plutonium - fell into the f generator would create \«i* 
Pacific. Six months later the ,^ tt3c plutonium). 

(then) U.S. Atomic Energy Com- Cosmos 9o2 and 9o4 had com- 
mission had still not salvaged pleted their stint and were 
its SNAP 19 nuclear generator, being disposed of in a way that 
Cosmos' 954, which came to has become routine. But the 
„ such a spectacular end last Tues- nuclear portion of Cosmos 9.>4 
•1 day, was the 16th in a series apparently failed to separate, 
of nuclear-powered spy satellites This would account for the 
f the Russians have launched er ™tic orbit spotted by the 
since 1974. Their purpose is to Americans as it re-entered. A 
keep watch from a low (200-250 bland statement from the Soviet 
km.) obit on the movements newsagency Tass on Wednesday 
_ . of naval vessels, by radar. The sai( * * ls energy unit was “ tle- 

ined by. a U.S. latest may even be sophisticated sl S ne d in su ch a way as to be 
sea, and was . eno ugh to look on and guide a fully destroyed and burnt on 
***** Russian missile to its target, entering the dense layers of the 


•iby these schemes and it is do. But tbe Government’s free- conventions have been signed i,„ b1 , Mbo ■ nf , . , . • . There seem to be two reasons atmosphere.’’ But it must he 

, .estimated that without them the dom for action in this field is to deal with specific .problems materiSs^Sm^nace *aithnnph^t ^ C ° n ' f°^J orth for making this series nuclear assumed that the main reason 

i unemployment total might be limited not only by -the size of and it. is these which may now {* doubt^Saf ^ttier^he U S* i« aS -^ dera “ aston I jbere powerec i 0 ne is that, as vital why the Russians went to the 

i 250,000 higher than it actually the payments surplus but by be revised in the light of what i. iJnmJwnUid nuc i!f ar they are made and serviced, and military spacecraft, they would trouble of designing for a park- 

• , l .is. But the programme of job the fact that- a large part of the has occurred. Tini?«iS?7 e ™4lS^^ OUld geuerator and was thus the military bases; and nuclear Be less vulnerable to any i n B orbit for their spent nuclear 

* ’.assistance, which has grown up increase in- the official reserve The. earliest : convehtiGn ■ _ a dan gerous. fuel travelling between fuel fac- attempts to disable than if they fuel was to avoid the dangers 

! .'^piecemeal over the past two or consists pounds which cnuldbe in 1972; Provides' thar -5?SR The Administration has gone tories and .M ^ower stations ihad t0 ^ on large areasof of spent fuel falling hack • > 

. .j three years, is due for fairly withdrawn quickly if confidence the country in wMch-tife satel- ^.,J > re^den^rr national out of ite way to congratulate and dockyards- _ .It also bto solar panel. The other is' that The likelihood is that thP 

l ldrastic revision. The temporary in the dollar were to recover or mU st fttukn’' It if , adTlse *V »omewnat the Rus sia ns for the way that nuclear material in the air and tbeir p 0wer ful radars and com- nuclear generator did vaponse 


iat in the pound to faster. asked, to the country that ■ KH,perlted ' . But . ^ ,s roun S fte . Statistically muil ications are likely to need u P° n re-entry, distributing itx 

I« well be uneasTneffi lauaehed it The sSsTuaion SL' SS fiSStjLSS*" S'jS W over a su ffie!en tly wide 


l ldrastic revision. The temporary in the dollar were to recoveror lands must fttiikii’: It if 1 = , aavisc L7 30 ® ew f 1 * 1 “e Rus sia ns for the way that nuclear material in the air and tbeir p 0wer ful radars and com- nuclear generator did vaponse 

- f Employment subsidy, in par- that in the pound to faster. asked to the country that S21SS?? ai x iJ 116 11167 co-opcrated. But this round the coast Statistically munications are likely to need u P° n re-entry, distributing its 
’• licular (which accounts for it may well be uneasiness launched it The Soviet Union enthusiasm is not shared elsfr speaking, the potential for a . a lot of power. activity over a sufficiently wide 

‘ 1 more than half the total number about the state of the foreign has already asked for the return Jl ^ here Washington. It is not-nuclem- accident m Brvtain from Russia’s nuclear satellites are area to be undetectable. 

!jof people helped), is due to run exchange markets as well as de- of whatever debris is eventually i° r - in 5^ nce ’ why toe- one of these sources is much i aun ched in pairs within a day The possibility remains that 

- )ibut soon and has been attacked termination to hit the monetary located. h Soviet Union did not issue any greater than the chance of or ^ of each ot her. Cosmos small portions of spent 

. Jy the European Commission targets which is making for The second, signed in 1974, . t J , ° th he and ms offici^ warnings of its own about its being struck by . radio-active g52 and Cosmos 954 wore no nuclear fuel survived the in- 

.fjis a form of job protection, caution in the monetary field at lays down that the country that £*S“°{: In V 3 "^ 13, however. exception, being launched on ferno, to land in the icy wastes 

• 'f specially in the textile home. President Carter’s launches the “space object” is i eftn , pom . te,f °. ut that not satemte— Bnt; in i having . no September 16 and 18, respec- of Canada— ironically enough. 

t /ndustry. economic messages left obser- fully liable if it crashes in an- Cosmos rfrentiy “ ntl1 toe last few hours of a nuclear satellite; of its own. tively. The series is designed to in uranium country, only a few 

' ;l The secretary-general of the vers both, in the U.S. and other country. . was exceeaingly sum. descent as erratic as this was Probably only the U.S. and work only for about eight weeks, hundred miles from Radium 

‘Organisation for Economic abroad uncertain about bis The most recent convention. The satellite’s troubles were could anyone have predicted USSR have ever launched during which they will make City, 

i Co-operation and Development plans for dealing with inflation signed in 1976, lays down that first spotted by a giant com- where tbe satellite might finally satellites powered by nuclear very heavy demands on their The supreme irony of the entire 

S uggested in London this week and the dollar. That in turn all countries that launch objects Puter burled in the Colorado vaporise — ..or crash. generators. Almost all satellites nuclear generators. Then they episode would surely be if it 

■ hat measures taken to ease may help to explain why the into space must register the rockies early last month. By The short answer to the MP so far have depended on “ satis- are replaced by another pair. turns out that the radiation 

he burden of unemployment Bank of England intervened launch with the United Nations January 12 the computer was who tried, unsuccessfully, on of 6olar cells which convert sun- When their stint is over they measured really came from a 

i Jhould be strictly temporary forcefully this week to make Committee onthe Peaceful “Uses making It very clear that the Thursday to ask the Prime light directly into electricity to separate into three subsystems uranium deposit and that tW 

))nd should concentrate on it clear that it was opposed to of Outer Space. satellite was going to crash, Minister whether there was any generate power for their instru- —the satellite itself and the Russians have put the Canadians' 

; developing new jobs and skills another drop in minimum lend- But this last convention does although it could not say where, way to prevent radio-active ments. Mostly the problems of rocket motor, which spiral on to the track of a new fresh 

. 'ather than merely preserving ingrate. not specify that countries must On that day, Dr. B g c xin ahi debris falling upon Britain is using either the heat of nuclear slowly back towards the earth, discovery of nuclear fuel. ’ 



•j .Letters to the Editor 

; ' Tny/itinn continuously increased VAT and 

»; income lax. 

• 'ram illr. J. Pmchom Mr. Minter should be made 

* Sir, — Having read Anthony aware that Liberal influence 

• -(arris’s summing up of the s,nc c last March has caused tbe 
' ileade Committee report Government to do exactly the 
; J January 26), I wish to question opposite at whal be claims it has 
;.«e need for corporation lax if been doing. At the Liberals 
‘•inivcrsal expenditure tax were request, the Prime Minister has 

i itroduced. Gains from all profit- ?P* 0 J2tf.5 reI S t™ l ° stud ?[ 
, taking corporations, partner- toe. problems and needs of small 
. lips or individual enterprises, businesses and. in a complete 
better in the form of earned ™ v «“ l of Government policy . 
r investment income or capital ^ cv . cr ° ow advocates positive 
•alisation, would be taxed when ™ ^ 1 0 n A 1 n J.f D L sm ,^i 

rf/ 

'.naSi benefit ,hCy wcr< > rts£ D 

I continuance of ' tir « 1 ‘ <,1 0 * om “•»“ » W500 

l currcnt PAYE system or ta»- f» d 

i“ tf. h Budpet’brought . ?£*SnS. 

ri<;tered assets realisation of t33C thresholds, and the Chancel- 

ar’wouV^ VTisa* u i o u r ts i ?a i n < ’ g make morE “ 

elude* ^ rosisti a^cts should Mr Miner's comments cer 

' counts” ln 8 wWdf un taxed »h* Covernment’s 

. nds could be accumulated for }° C0 S bemwn 1974 Sf SlSih 
.vestment or re-investment P' JSS wlunTfass been aSnS 

r spending in subsequent years. >vllere “ as beeD since 

: ’ the vast majority of PAYE tax , 

yers who do not at present j" Assistan , 

,*ke annual tax returns only ffblral \Vhin.foffice 
Dse wishing to take credit for uSJTfof COTinitmJ e ’s W 1 
registered investment or sav- House 0J *.»•*• - 

’-would need to make a return. . 

' ice credit had been claimed MLonOpOly 

SaSvsSai “M w d 

•ilisation was not to - be pre- Your article Disputed 

~ lied task of teaching the old phone 

l *”*. iu .. -IJ *, v new Cricks." (Jan. 24) afthougb 

i K * the aphorism an old tax adruicably prcpacc(1 d0Cs no t 

- 4 Seem i M f a „ r nm present the major problems 

^ ?ropr;ale to our present com- wb j cb are faced by industry as 
and anomalous system, one su)t of ^ PQSt office 

• j left hoping that the proposals monopoly. 

, tois excellent report To argue for and against the 

1 nted in much less than ten monopoly situation on the basis 
' p S ‘ of a more liberal attitude by the 

» s - Pmcharo Post Office In its approval of user 

| ember of Liberal Party Tax terminals etc., although valid, is 
j^eD- only scratching the surface of 

buildings, deeper problems. The real danger 

\ Dftncing Lane, e.cjj. , jlgg j n the restrictive policies the 

. j Post Office introduces on a 

■ - herals national basis which are designed 

to assist its own regions’ and 
J hr Andrea Hertz. areas’ administration to the detrl- 

Mr.— I was surprised to read meat of the business user. These 
, nuary 25) that Michael policies rrauit in the user not 
fiter, a former Liberal candl- realising the flexibility which Is 
;*e, believes that David Steel available but not encouraged by 
. ? “prepared to saddle the tbe Post Office areas. 

' i ntry with yet more months of The p °st Office monopoly 
...l.ialist rule.” Mr. Minter allows much more flexibility than 
il'ms that the Labour Govern- your writer suggests, and it does 
-it" has “brought small busi- not prevent tbe use of terminal 
res to their kneers,” and h&s equipment not carrying full Post 


Office type approval. A very 
wide range of voice, data, tele- 
graph and message swi tching 
equipment etc- is being effec- 
tively used to-day over the Post 
Office network. 

Both the Carter Committee and 
your writer are ‘obviously un- 
aware of the close and successful 
association the Post Office has 
with its approved suppliers of 
equipment. The PABX design 
techniques employed for many 
years by Post Office areas has 
resulted in a gross o.verprovision 
of privately purchased equip- 
ment which is obviously attrac- 
tive for the suppliers’ order in- 
take and assists the Post Office 
in higher maintenance charges 
and fewer real equipment main- 
tenance problems. 

It really is time that industry 
realised that the Post Office and 
its approved suppliers are work- 
ing very much as a single force 
with common interests which are 
very rarely in the users’ 
interests. 

Both the Post Office and its 
suppliers will always' encourage 
a national debate on the merits 
of extending the range of tele- 
phone instruments as it draws a 
veil over the real problems. Let’s 
face it it took Micky MouSe (tbe 
latest Post Office telephone) 50 
years to obtain Post Office 
approval. 

C. I. Couzens. 

.108. London Rond. Hazel Grave, 
Stockport, Cheshire. 

Actuaries 

From tlie Chairman, 

Leslie and Godtoin (Life and 
Pensions). 

Sir, — In an ea rl ier letter 
(January 23), I referred to our 
practice of discussing with 
clients a range or possibilities 
when considering toe financial 
control of their pension funds. 

Other letters published on the 
same day concentrated on the 
issue of whether or not the 
actuary should give to his client 
a choice of assumptions. To get 
a proper feel of tbe fund being 
valued most actuaries would con- 
duct calculations on more than 
one set of assumptions, but 1 
tend to agree with Mr. White- 
.head that the final cboice should 
be a matter for actuarial judg- 
ment. although in presenting his 
valuation to the client the 
actuary ought to indicate 
whether he has pitched his calcu- 


lations on what he regards as 
optimistic, pessimistic or realistic 
assumptions. 

We offer a choice to the client 
not in the assumptions but la 
tbe selection of the funding 
target at which the actuary 
should aim. that is, the degree 
of security afforded to accruing 
benefits. This is not in my view 
a question of actuarial judgment 
and is as property a matter for 
involvement of the client. as is 
the decision on the level of the 
benefits to be offered by the 
scheme. 

David J: D. McLeish, 

Fleet House, 

Victoria Road. 

Faniborxmgh, Hants. 


From Mr. J. Buckley. 

Sir, — Mr. Goodland (January 
12) returns to his well-woni 
theme of taxing natural gas. 
This time under the guise of 
clobbering premium fuels and 
associated equipment used for 
heating. 

This is supposed to be ; n aid 
of conservation, with “ the pro- 
ceeds ” used to pay for develop- 
ment of renewable sources and 
recovery of waste beat from 
power station boilers. There are 
a number of points which indi- 
cate this suggestion to be not 
only harmful but counter- 
productive. ' 

There are several definitions 
of premium fuel, but most 
imply the ability to be used at 
high efficiency. Natural gas is 
certainly a premium fuel— and 
so is electricity — but Mr. Good- 
land's. suggestions do not appear 
to include a tax on electricity 
for beating. 

But. is it sensible to suggest 
that Britain’s' economic recovery 
should be hampered by taxing 
natural gas? I doubt whether 
industrial users of a fuel- now 
meeting more than one quarter 
of industry’s total energy needs, 
with increasing efficiency, will 
agree. Nor are the 13.5m. 
domestic gas customers likely to 
welcome further increases In 
their bills for the purpose 
suggested. 

Authoritative estimates of 
total supply from all renewables 
by the year 2000 says that it 
is unlikely to exceed W per 
cent of total primary" supply. 
Waste heat -recovery from com- 


bined heat and power stations 
in every major city in Britain 
is also likely to save only a few 
per cent. Meantime, the increas- 
ing use of gas is already making 
a major contribution to reducing 
primary energy requirement. 
Change in tbe mix of fuols used 
between 1973 and 1976. together 
with reduced demand, was 
responsible for a saving /□ con- 
version losses .of nearly 3.006m. 
therms, sufficient to supply the 
domestic energy needs of Greater 
London for a year. There is 
growing evidence of substantial 
supplies of indigenous gas and 
oil to meet our needs In the 
1980s and 1990s and most com- 
mentators now. agree that their 
continuing development is 
essential to provide the opportu- 
nity to build ‘an economically 
strong Britain. Taxing gas 
would not only hinder industrial 
recovery and control of domes- 
tic inflation, but be counter- 
productive to overall energy 
saving. 

James Buckley. - 
8, Heathside Gardens, 

Wofeinp, Surrej,. 

Power - 

From Mr. M. Bond. • 

Sir,— I am obliged to Mr.. 
Stobart for hts letter (January 
21) giving a formula P=0.61V* 
for calculating the energy avail- 
able from the wind, which 
worked providing 1 allowed only 
13a per cenL as being collectable. 
My -estimate of the mean yearly 
wind speed of 12 mph was based 
on a study of a pilot chart of 
the North Atlantic winds for 
November and I think to rate 
wind machines based on 22.4 
mph is misleading. Assuming 
that an electricity Board will pay 
lp ; per kWh, then using my 
figures I estimate that a wind 
machine with 87 foot arms could 
earn £2,430 p.a. 

An electricity Board will 
surely only want to buy elec- 
tricity if It is available at times 
of peak demand, that is. during 
a cold spell In winter and then 
only if generating capacity ia not 
available. Unfortunately this is 
just the time when wind and 
wave generated energy will not 
be available, since the coldest 
weather is often due to an anti- 
cyclone (high pressure area) 
which brings cold air from the 
Continent, polar and arctic 
regions and is associated with 
light winds. Better to go for 


PWRs, AGRs and GFRs backed 
up with reversible hydroelectric 
sebemes and- other storage 
devices. 

Mr. Stobart gave 25,000 kWh 
as the yearly amount of energy 
required to beat a four bed- 
roomed house occupied by a 
family of four. Their total yearly 
energy requirement (6k Wh each) 
amounts to 2104140 kWh indica- 
ting how much energy consump- 
tion is outside their control, that 
is, manufacturing, transporta- 
tion and metal smelting to name 
but three big energy nsers. If 
this 6k Wh lacks credibility see 
Sir Alan Cottrell’s feature 
(January 4) where he links a 
country's energy needs with its i 
GNP in - the ratio of one barrel ( 
of oil or equivalent energy for I 
each S100 of GNP. Taking as i 
ray inputs, GNP £122bn., popu- : 
lation 56m„ one barrel of oil= i 
1.750 kWh, that works but at 1 
8.3 kW per hour per person. 
(12.7 kWh for an American.) 

M.' G. B. Bond. 

744, Chelsea Cloisters. S.W.3. 

Trustees 

From Mr. A. Bennett 

Sir.— In his review (January 
25). of the National Association ! 
of Pension Funds survey of; 
pension schemes, Eric Short says 1 
that if a fund’s investment 
strategy produces an inadequate 
return “ it is the company who ! 
will have to make up any short- 
fall." 

Already (his is not true in all 
cases and should become In- 
creasingly less common as 
pension managers become alive 
to the implications of pensions 
being .deferred pay, of their 
being negotiable and of elected 
employee trustees. If a scheme Is 
Funded at an agreed rate by em- 
ployer and employee (and com- 
panies who do not want an open- 
ended commitment must limit 
their rate of contribution) then 
If further contributions are re- 
quired to meet the benefits pay- 
2B- 11 becomes a matter for 
table™ 6111 at 016 ne 8°tlating 

Trustees are ultimate!? 
responsible (ot the investment of 

thlv fUn h?v and ’ if they d0 b a<*ly. 
they have no grounds for 

Company. ^ buCk " back to the 

A, F. Bennett. 

1. St. Mala Road, 

Wigan, Lancashire. 









■x** /.-■ '*■■■■ " 


• lA r 

-‘'■'-'J 

p-, 




Anything less is chicken-feed 

. -. 11 psy basic rate "V ,i,« l r . 


V'£ cHVji .'V , 


- ; : 11 'y' J - p£)' basic rate income tax, tbe 6 2 C 

orcunar y -shanes-equals 9, ,47.-v before tax. ' 

; -Asija London- Goldhawk you can cu* mm^-- v * _i . 

***** 

■- = ih = r of ^ -- 

your nc^r-esc branch. 

CUKRENT ASSETS IN EXCESS Of £90,000.000. 





na$.i 


0 LONDON GOLDHAWK 

BUILDING SOdETY IV 

owwsa, 














Saturday January 28 1978 



power men are sore 


9Y PAULINE CLARK 


THERE'S BEEN a spot of 
bother lately at the Drax power 
station in Yorkshire, r Nothing 
to make a song and dance 
about," the plant attendant ex- 
plained. But he was not going 
to do a fitter's job and that was 
that. 

The argument in this demar- 
cation dispute is about who 
should open an; access door to 
a coal dust distributor so that it 
can he cleaned inside. ■ The 
plant attendant is refusing to 
undo the nuts and baits which 
secure the hatch _ because. as he 
points out, “It’s the fitters who 
arc supposed to use spanners.’* 
So why do they hot give the 
job to a fitter ? " Because 
they’ve got more work than 
.they can handle already," 

Zn terms of the effect all this 
could have on the output of the 
giant 1.98(1 MW Central Elec- 
tricity Generating Board sta- 
tion,: the dispute .is' clearly 
trivial. In - normal times 
there would he time enough to 
resolve it before the distributor 
becomes too clogged up. 

But it -does come .at a time 
when Mr. Frank . Chappie, 
general secretary of the 
Electrical and Plumbing Trades 
Union and one of the four 
union, leaders for the 96.000 
power workers in the country, 
is loudly beating the war drums 
ahead of a crucial stage in the 
electricity supcly industry’s pay 
negotiations. Mr. Chappie, who 
is well aware that his members 
can shut the country down 
Overnight, has already painted 
a picture of Britain ~ stumbling 
about in the stone age." More- 
over with the unions’ demands 


including an end to manage- 
ment's authority to move 
workers from one -job io 
another, the trouble over the 
access doors at- Drax* has an 
ominous ring about it 

The man who is objecting to 
the Instruction to open the 
hatch happens to be Ur. Mick 
Berwick, secretary of the power 
workers* national shop 'stewards’ 
committee- and. member' of the 
so-called “militant” Yorkshire 
group which led the unofficial 
action - last autumn . which 
resulted in -nearly two weeks of 
black-outs. . 

Over the past ten years in 
which Industrial ata£L In the 
power stations has been cut by 
more than 40 pey cent, 
flexibility agreements between 
unions and management have 
been the key to efficiency In 
the industry through a period 
of rapid technological ’ change- 
Their effectiveness however 
has depended enormously on 
goodwill from the shop floor. 
As one plant, manager in an 
advanced 2.000 MW station in 
the Midlands explained,--* agree- 
ments on flexibility do. not 
actually have to be broken to 
cause a helluva lot of problems 
— you on/y need an, argument 
and - a delay in getting a job 
done." Mr. Chappie issued a 
clear warning at the union’s 
delegate conference last 
November where he said that 
there ' was more, discontent 
among pow&r- workers now than 
five years ago. . .. 

Unofficial disruption in the 
power Stations: bad just ended 
The question hanging darkly 
over the country ever since has 


Keen .whether-, jhe sense of 
grievance is acute enough for 
the power workers to take the 
possibly catastrophic step of an 
ail out strike. 

The Electricity Council is to 
respond next week to what it 
may consider a daunting list of 
demands including a " substan- 
tial” increase of basic rates 
after consolidation - o[ the past 
two years' pay supplements, and 
a rlse-by £6 to £9.50 of bonus 
pay. 

Whether there is an imme- 
diate danger of the. shop ste- 
wards patting pressure on their 
union: leaders for a national 
power strike depends primarily 
on the ability of .the four re- 
cognised anions— Mr. Chappie’s 
EPTTJ, the Transport and 
General:-. Workers'.. Union. 
Geqerahand Municipal Workers' 
Union,, and. the -Amalgamated 
Union , of Engineering Workers 
— to negotiate with the council 
an acceptable pay increase 
through a productivity deal 
which will . avoid breaching 
Government pay guidelines. 

After two years .of strict pay 
restraint and thp power wor- 
kers’ fall from a relatively high 
position' in the wages league, 
money is by far the overriding 
issue, notwithstanding the other 
grievances raised in the autumn 
dispute. . The power workers 
point out. that .with the intro- 
duction of the Government pen- 
sion scheme in April involving 
deductions from their pay 
packets, take home pay would 
actually fall if- they received 
only a £&S0 increase from a 
10 per cent, basic rise. Fur- 
thermore. with the delay in im- 


plementing the travel' allow- 
ances agreed in principle for 
workers in remote power sta- 
tions at the end of the last dis- 
pute, the cost of private 
transport has become a major 
grievance. While management 
ponders the definition of “re- 
mote," and whether the allow- 
ance should apply to 
transmitter and other staff. Mr. 
Barwick, for Instance, estimates 
he is losing up to £5 a week by 
travelling by .car to his job 
ten miles away. 

When a power worker begins 
to feel the pinch-bis thoughts 
automatically turn to the 'diffe- 
rentials problem in the industry. 
He may have worked in the 
power station for snore than five 
years and still earn no more 
than the apprentice he is teach- 
ing — a problem which manage- 
ment says is difficult to resoIVe 
because *, the introduction of 
another pay grade ijrould 
squeeze differentials up to top 
management level. Differen- 
tials between shift and’ other 
workers are also a source of 
grievance. A mechanical fitter 
working all shifts and three 
weekends out of five receives 
only £6 more than his opposite 
number on a staggered day rhift 
earning an average of £71.50 a 
week or so. - 

Whether the power workers 
are ready to take on the coun- 
try to settle their grievances 
has to be judged on a variety 
of other more complex factors. 
Mr. Chappie's warning earlier 
this month that the demands of 
the “ militants ” could not be 
ignored seemed to be aimed at 
the Government and the Elec- 


tricity - Council, but -could 
equally he applied to. himself 
and other union leaders in the 
industry. The unofficial action 
last autumn was in support of 
a number of the pay demands 
now being negotiated. But it 
was ako bom of a strictly 
union problem expressed most 
dramatically in Yorkshire three 
years ago in the case of the 
'■ Ferrybridge Six." 

At that time six men were 
sacked for refusing to join any 
of. the four recognised manual 

unions in the power industry. 

The Memory of the incident 
still van kies with power 
workers, especially in York- 
shire, who believe that the 
established unions are out of 
touch with their needs. 

Petty problems which arise 
daily: in the power stations, 
they claim, are taking a year 
or more to be resolved because 
of cumbersnme local complaints 
procedures and because district 
union officials ate too occupied 
with other groups of workers. 

Disaffection with the unions 
is aggravated by a failure on 
thefr part— -or so some workers 
s ay — to recognise the -special 
skills required in the industry. 
Recruitment is often from the 
ranks of former postmen or farm 
labourers. 

But many of the recruits have 
to -be rof a special personal 
calibr^ /and of above-average 
intelligence. A plant attendant, 
for- instance, will often know 
his power, station inside out and 
need to comprehend the science 
and the engineering which pro- 
duce electricity. He may be pro- 
moted to a job in the control 
room where the entire workings 



At Drax: (left to right) Mick Barwick, secretary of the Power Workers’ National Shop 
Sewards* Committee; John Swales, chairman of the Yorks. Power Workers' Shop Stewards’ 
Committee; and Brian Cowen, secretary of the Yorks. Shop Stewards' Committee. 


of the station are shown on dials 
and. controlled, by pressing 
buttons. Station managers 
remember occasions when. intel- 
ligent and immediate reaction 
by one man in the control room 
to an- emergency has saved the 
CEGB from a £20m. disaster— 
yet the unions do not recognise 
these workers as craftsmen. 

Moves for a separate asso- 
ciation representing the power 
workers are continuing, although 
it seems unlikely that there 
will be an attempt to revive the 
Electricity Supply Union which 
led to the Ferrybridge affair. 
The shop stewards are more 
likely to push for recognition of 
an association whose members 
will still belong to the four 
main anions. 

For reasons such as these 
power workers in many parts of 
the country are clearly in a bad 
mood — but ' whether this 
implies a threat of united in- 
dustrial action is another 
question again. 

A more acute sense of 
grievance .is common in power 
stations sited near mining com- 
munities — ■ a situation reflected 


Jo Mr. Chappie's apparent 
attempt to appease the York- 
shire “militants" by insisting 
that he will accept no less than 
the miners have gained. Shop 
stewards in the major power 
stations in both the Yorkshire 
and Trent Valley coalfield areas 
talk of bow their members often 
live next door to miners and 
are constantly aggrieved by the 
comparative affluence of their 
neighbours. 

With its reduction in- manning 
and flexibility -agreements, 
efficiency in . the electricity 
supply industry is streets 
ahead of the coal mining in- 
dustry. The power worker, con- 
scious that his industry uses 70 
per cent of the coal produced 
in the country, is liable to feel 
that he is subsidising his neigh- 
bour's new car. 

He is also sensitive about the 
travel allowances and more- 
tban-adequate coal concessions 
which his neighbour enjoys. But 
mostly perhaps he is angered 
when he sees the coal mining 
industry’s absenteeism record. 

But even given, the many 
grievances united action by the 


power workers may not 1 x 
easily achieved. Workers in th< 
traditionally militant Yorkshire 
region are a different race fron 
those in the Midlands — as wai 
shown recently when miners ii 
Yorkshire stood out against pro 
ductivity schemes until the lltl 
hour while those in the Mid 
lands were accepting them with 
out trouble. 

Ultimately the power of tin 
electricity supply worker ti 
cause a national catastrophe ! 
his greatest weakness. In tin 
big stations, technology has lef 
the shopfioor sparsely mannec 
and decisions on industria 
action are less easily taken b; 
men who have only a few mate 
to back them up. 

The men may prefer to cu 
their losses and leave the it 
d us try. There are signs that th 
process has begun. A recent ac 
vertisement in a national new! 
paper sought a fitter for th 
Eggborough power station “It i 
the first time I have seen ; 
national advertisement . lifo 
this," said one power workex 
“it seems to be happenin 
quicker than I thought," 


LABOUR NEWS 


Unions to have say 
in new strike laws 


TALKS with unions will precede 
any change In the law in -Indus- 
trial relations proposed by the 
next Conservative government, 
Mr. James Prior, shadow Em- 
ployment Minister. - assured the 
Commons yesterday. 

He ruled out again sweeping 
changes— neither - unions nor 
management wanted ’ another 
great upheaval— but amending 
legislation with limited .objec- 
tives would be introduced. 

"Without making specific com- 
mitments, Mr. Prior indicated 
that changes he has in mind 
include important amendments 
to> the Employment Protection 
Act and a provision giving em- 
ployers as well as unions the 
right to take recognition disputes 
to the Advisory, Conciliation and 
Arbitration Service. 

Despite his emphasis on the 
need Tor a conciliatory approach 
to industrial relations, Mr. Prior 
condemned the bias towards 
unions which he believed had 
been built into the taw<hy legis- 
lation passed since Labours 
return to power in 1974. 

This bias would be accentuated 
by a private members' Bill Intro* 
duced by Mr. Ian Mikardo (Lab. 
Bethnal Green and Bow) which 
would seek to prevent a repeti- 
tion of union grievances arising 
from the Grunwick dispute by 


changing the law on unfair dis- 
missal after lock-out* or strikes 
associated with recognition dis- 
putes. 

. The Bill, backed by the Gov- 
ernment, was given a second 
reading by 235 votes to 210 42$ 
majority). It follows the Labour- 
sponsored private members 
measure given a second reading 


a week, ago and designed to make 
it more dtffi 


cult for employers to 
refuse to co-operate with 4he 
arbitration service in Grunwick* 
type disputes. 

• A strike by about 100 staff 
in Garners Steak House* has 
closed some of the group's 
London restaurants in a dispute 
which the workers describe as 
** another Grunwick." 

Most of the staff are said to 
be immigrant workers. The 
strikers claim they have been 
taking home only £26 a week for 
60 hours' work. 


Agreement 
at Hoover 


HOOVER said last night that 
agreement had been reached 
over strike by 47 South Wales 
drivers which led to 3,000 lay- 
offs. It would be put to the 
drivers immediately. 


THE NAMES of the five MPs at 
the centre of the Commons row 
over the voting delay on the 
Scotland Bill were published in 
Hansard. yesterday. To the anger 
of the Conservatives, no further 
apologies were offered. 

They were Mr. Waller Harri- 
son. Deputy Government Chief 
Whip, Mr. Jock Stallard and Mr. 
Jack Dormand, both Government 
Whips, and two Scottish National 
Party MPs. Mr. Haaish Watt 
(Banff) and Mr. Douslas Hender- 
son (Aberdeenshire South). 

Ministers now record the affair 
as’ closed; following Mr. Michael 
Fool’s apology to the Commons. 
No further action against the 
three whips is contemplated 
though Mr. Callaghan has made 
his displeasure known. 

The Conservatives, however, 
are continuing to press for either 
resignations or personal apolo 
gies following the reference to 
the incident by Mr. George 
Thomas, the Speaker, as “an 
attempt to impede a democratic 
process.'’ 

•Ministers are continuing their 
consultations on how to retrieve 
the key parts of the Scotland 
Bill wrecked by the defeats on 
Wednesday night- Compromise 
amendments are expected to be 
tabled within a fortnight before 
the Bill’s report stage and third 
reading. 


Speke stewards discuss 
call for mass meeting 


BY BHB.IP BASSBTT 

SHOP STEWARDS from British 
Inland's . strike-bound Triumph 


car plant at Spoke, Liverpool, 
s Ley- 


will meet tp-day to discuss 
land Cars’ surprise call Tor a 
mass meeting of the strikers. 
After a second round of talks 
between national .trade union 
leaders, local union representa- 
tives. Speke shop atewarda and 
Ley land management -In 
Coventry,. Ltyland Cars 
announced yesterday that the 
company had asked the Speke 
stewards to call a mass meeting 
or the 2.000 strikers.' 

The move is an attempt by 
I.eviand to end the strike dead- 
lock. Production" of TR7s at 
Speke has been stopped sioee 
November, and talks with the 
Advisory. Conciliation aqd- Arbi- 
tration Service has been indefi- 
nitely postponed. _ . - 

The request by Ley land to 
iisk the stewards to call a mass 
meeting to put 8 peace formula 
to the -Strikers is an unusual 
move precipitated by sun** key- 
land Cam officials’ belief that 
support for the strike in Liver- 
pool is rapidly, croni Wing. 


Some engineering maintenance 
workers at Speke who have 
been on strike are attempting to 
put pressure on their own shop 
stewards for a return to work. 


Ford pay rises 

• The Ford . manual workers 
who were criticised when they 
were -awarded pay ’rises outside! 
the Government's 10 per cent 
guidelines in October could turn 
out to be at the bottom of the 
motor industry pay ladder when 
olher claims have been settled. 


a report- by Industrial Relations 
Sennet 


. jces said yesterday. 

Seven hours of talks between 
Ford management and shop 
steward* oh Merseyside broke up 

Oast oifihi in deadlock over job 

rotation. 

• Nazi salutes by a car worker 
who supports the National Front 
caused a lightning stoppage by 
200 workers at Ley land's Long- 
bridge plant. Birmingham, yes- 
terday.’ 

They returned after manage- 
ment agreed to consider I ra in- 
ferring him. 


Miners earn up to £39 


in bonus payments 

BY CHRISTIAN TYLER. UBOUR EDITOR 


BONUS PAYMENTS of up to £39 
will be In the week-end wage 
packet* of turners at 20 Ndttug* 
fcaroriure pit*: - 

They art the flrrt computer. 


easy. 

The Impact of b*mus payments 
will be an important facior lor 


this week’s negotiations on the 
miners’ national claim for nearly 



double toe present day-wage rates 
of up to £71 a week. 


seek. The bonuses. adding more 
than 50 per etui, to the earnings 
of some Notts, coalface workers, 
are exempt from the Govern- 
ment’s 10 pet cast wage celling. 

The payments shew that coal- 
face targets have been conadcr- 
ably Mcecded tn some places 
The bonus starts accruing oner a 
" basic ta«k ** hns bceajsswtf . it 
reaches £23ff0v*eefc at (he face 
f or the ^ . 

It- remtSaa to he '-sew how 

uft .Mhepftr jm tazgeto arc too 



I* UK «**■«*■! 

. The Nottinghamshire are* of 
(he National Unipn or Mm* 
workers, working some of the 
most productive scams in the 
country, was the first to sign a 
productivity deal after a centre, 
verstal decision by the unions 
leaders to permit area deals 
despite a ballot majority against 
a ccNeeUw agreement. 

The' Notts bonus money, for 
the week ending January 14. 
ranee* from 1630 before tax for 
surface workers, from ISiO up- 
wards for underground worker*, 
and between £17 and £39 ftr 
fireworkers, - 


Scotland Bill rebels 
named in Hansard 


BY RICHARD EVANS. LOBBY EDITOR 


Mr. Enoch Powell, Ulster 
Unionist MP for South Down, 
yesterday advised Scottish voters 
io support the opponents of 
devolution at the next election 
in an attempt to rescue Parlia- 
ment from its own “ self- 
destruction." 

His speech in Glasgow had 
been interpreted as a move 
towards the Conservative Party 
but was, in fact, an appeal for 
support for all anti-devolutiou 
candidates. 


Mr. Leon BrltUn. a Conserva- 
tive’ front-bench spokesman on 
devolution, said last night that 
the week's events had shown that 
there was simply no substantial 
support for the Scotland Bill in 
the Commans. “No amount of 
sharp practice will be able to save 

thp dsv" hn rtpi»Iarp-ri 


the day." he declared. 

Robin Reeves writes from 
Cardiff: Welsh Labour MPs were 
teid yesterday that the latest 
Commons rebellion against the 
devolution Bills was “absurd, 
illogical and dangerous io the 
whole basis, of the constitution.'’ 
The warning came in a letter 
from Mr. Eatrys Jones, secretary 
of the Weish Labour Party. 

“The Government must make 
sure that this foolish decision is 
reversed before the Scotland Bill 
becomes law," Mr. Jones told 
MPs. 


Scotch price rises 
given go-ahead 


BY KENNETH GOODING 


THE PRICE COMMISSION has 
accepted the Distillers Com- 
pany’s argument that it needs to 
Unit up U.K. prices Of some 
Scotch whiskies to protect ex- 
pwt earnings. . - 
Ai < result, two of Britain s 
-best-known brands, Black and 
White and Vat 69. will go a? by 
sep a bottle wholesale and by as 
much as SOp retail. Deware, 
vifl rise by 2Sp a -boiilc. 

' This follows Distil Jers* recent 
[brash with- the Common Market 
Goat mission which ruled that the 
-Company's duel-prieing system, 
by which it charged a higher 
price in Europe than is the I' K. 
W»s unlawful. 

r. The Commission bad hoped 
that its decision would lead te 
lower Continental prices and will 
Ondoubtedlv be disappointed 
Hut the Price Commission has 
accepted Distillers' case. 

. Distillers argued that it needed 
UK. jyice increase* to stop the 
Atucrfflctal export of Scotch. It 
Padded that 85 per cent, of its 
Scotch sales were accounted for 
Jby exports which coniributrd 
Lmore than £200m. to Use U K- 
• balance of payments last year 
L The Price Commission did na: 
fftve Distillers all it asked for 


because, it said last night: “The 
position of the home consumer 
should be protected as much as 
possible." 

The company wanted to 
increase the price of White 
Horse but this was tamed down, 
and the price rise for Dewar's 
was cut from the 5Gp requested 
:o 25?. 

J>e war’s a the group’s strongesi 
brand in the U.S- and the price 
increase will give it some protec- 
tion from the unofficial trade. 

It was very important from 


probably its best-seller in Con 
tmcntaJ Europe. 


similar protection. 


bottle. 


before July. 


69 by 50a a bo’.t’e affects brewers 
Bass Ch&rringiRR. the U K. 
ascot.', and discussions about the 
future of that arrangement have 
already started. 


House prices 'may go 
up 14% this year’ 


BY STUART ALEXANDER 


NEW HOUSE prices could rue 
by about 14 per cenL lbs year, 
taking the average from less than 
£15.000 to £17.100. 3Ir. Colin 
Shepherd, president of the House 
Builders’ Federation, said yester- 
day. 

The number of homes on which 
building work starts might not 
exceed the 130,000 of last year, 
ho added. 

“Uncertainties over Govern- 
ment hoaxing policy, ili-con- 
celved and hitherto ineffective 
laid' legislation and taxation, 
erratic interest and mortgage 
rate*, heavy increases' is budd- 


ing costs, and a consequent fierce 
squeeze on builders’ margins and 
the continuing delays and incon- 


sistencies in the planning and 
>1 system 


development control system have 
taken their toll," Mr. Shepherd 
said in London. 

Builders needed to be sure they 
could expect adequate margins 
on capita’ invested in future 
building programmes. 

“This means, inevitably, that 
house prices must increase this 
year, perhaps by up ro 5 per cent, 
more than the rate of inflation 
i! sufficient bouses are to be 
built to meet demand. 

% 


TO-DAY — Prime Minister at 
Labour Party Local Government 
conference, Bristol. 

MONDAY— -House of Commons 
debates employment. Sir Charles 
Vfiliere, -chairman. British Steel, 
gives evidence to Select Commit- 
tee on Nationalised Industries on 
BSC documents. House of Com- 
mons. Scottish TUC delegation 
meets. Prime Minister on devolu- 
tion proposals. Downing Street 
TUESDAY— Railway pay talks. Gas 
workers’ pay talks. Statement by 
General Council of British Ship- 


Economic Diary 


ping on foreign' shipping policy. 
CBI Industrial .Trends Survey 
(Jan.). Mr Kingman Brewster, 
U.S. Ambassador, at Press dub 
luncheon. Shoe Lane, E.C4. 
Nuclear Installations Inspectorate 
report. 

WEDNESDAY — Monthly meeting 
of National Economic Develop- 
ment Council Mr. Michael 
Edward es. chairman, British Ley- 


land, meets union representatives 
to discuss future of Leyland Cars 
policy, Longbridge Plant, Birming- 
ham. Petrol tanker drivers’ over- 
time ban begins. Steel Confedera- 
tion pay talks. Dr. David Owen. 
Foreign Secretary, delivers 
Celebrity Lecture organised by 
Zionist Federation. Cafe Royal, 
W.l. World Energy Resources 
report. 


THURSDAY— U.K. official reserve 
(Jan.) Capital issues and redemj: 
tions (Jan.). NUM discuss pa. 
claim with National Coal Board 
Power workers* pay talks resumi 
Building Society bouse prices am 
mortgage advances (4th qtr.). 

FRIDAY — Engineering industr 
pay talks. 

SATURDAY — Mrs. Margare 
Thatcher addresses Conservativ 
Party local government confei 
ence Springboard for Victor] 
Caxton Hall. SW1. 



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long term capital growth prospects. Dividend payments in 
April, July, October and January. 

By investing In preference shares and British Government 
Securities f Gilts), the managers can obtain high levels of income 
from a defensive portfolio. Over the medium term, Schlesingers 
also expect good capital growth from this fund as a result of 
continuing falls in Tong’ interest Tates. 

Portfolio composition . 

Undercurrent legislation, most 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. 

Initially therefore, some SO \ of the trust will be invested 
in preference shares and 20 % in gilts, thus maximising, in 
Schlesingers’ opinion, the advantages of both. Should the 
legislation be changed, the fund is expected to be invested entirely 
in Gilts (see General Information). 


I Regular Income Scheme 

inilia! 

Investment 

1972 

Jun 

12 

Jui Aag 
30 

Sep 

12 

Oct Nov 
30 

Doc 

12 

1973 

Jan Feb 

. 30 . 

Mar 

12 

Apr May 
30 

Annual ! 

gross n«t 

The table shows the dates and levels 




£39 








of income (net of 34 % basic rate tax) you 
would expect to receive based on the 

£5,000 

£39 

£47 

£47 

£39 

.£47 

£39 

£47 

£525 

£346 

current estimated combined gross yield of 
10.5“;;, for investments of £5,000, £2^00 or 

£2,500 

£19 

£23 

£19 

£23 

£19 

£23 

£19 

£23 

£262 

£173 

£i ,000. Note that your first payment trill be 
June 12th. 

£1,000 

£7 

£9 

£7 

£9 

£7 

£9 

£7 

£9 

£105 

£69 


Scblesmger^PIMS service 


Investors of £2.500 or more in any 
Schlesinger trust will receive the Schlesinger 
Personal Investment Management Service (PI MS) 
« hich includes regular investment reports on the 
trust and invitations to meet the investment 
managers. 

Your investment should be regarded as 

longterm. 

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


General Information 

To invest, live the coupon provided. Applications wig 
be acknowledged, and certificates viiD be SOU Out daring 
MarriJ. The minimum imeaunent is £I.OOO- The iron 
Meld*, of 9-5*. and 1 1 art based on the Current offer 

priersof JlJp vd for Uk Extra Income Trust and 25 .Ip for 
the Pielrrence &Gih Trust. The Van Pikm and yields are 
published daily in leading newspapers. To bell units, simply 
return yciur certificates appropriately endorsed on the back 
payment is normally made within 7 days or our r c ge ivinn — 
ibc renounced certificates. Charges: Initial cfcnrgft of 
3J '. and 5?, are included in the ropectnr offer print of 
the PrrlerenrtandGQl Trust and die Extra Income Tract. 
Charpesairespecihe annual rates of VAT i-and 

j* # (+ VATloflbeialueoTthe funds are deducted from 
gross income low aids admin ninth e r 


Gnmnisuon of IJ trill be paid to recognised agents, 
in the event of change in taxation which would 


msm-eUKdisads'^nuiseous treatment ol'gill income, big 
s portfolio of the Preference 


intended that tbc whole of the t 

Si Gilt Tr-'t uiM be re-imeMed in high yielding British 
Cio-.eir . r-. CT t Sccuritic--. Such a change Mould be made 
enh if. in the judgement of ihe managers, it tsould not bo 
d&idsuMaseou 1 to unitholders and the T run re 
concerted. The name of the Trust uould also be changed 

WSchleshtgerGiltTiuhi'. 

Trusters: Midland Bank Trust Co. Ltd. Auditors: 
Peal. Maraict.. Mitchell iCo. Managers: Scblcsingcr 
Tr^st Managers Ltd.. 19 Hanot ei Square. London W.l, 
Registered in England. Vo. O.iJgSS. Mem ter of the Unit 
Tnud Assoc. This ofier is not aiallable to resident* of the 
Republic of Ireland. 


-specia 






nil 


i 


To : Schfcsinser Trust Managers Ud, 140 South Sireet, Dorking, Surcey. 
H Ve»ea dmnd Lirawy ,(n^ew TeL Dorking [0306} 86441 



I declare that I am not resident outside l be Scheduled Terri torke ud that f Xm not 
actzinrag rhe noksasanoiijriire of an* person res/dem outside the Terrimrfc*. (if 
vauue nnaMeiBinil»]k{, it should he deleted lndthkarniRntim 


I 


I wish to invest 
(min. £1,000) 


Wj IUE IMJUUIWL. CT IIW I tr/ 

-fOu are unable to make ibis declaration, it should be deleted ud thisapplieuioig 
form should then be lodged through your U.K. bank, stockbroker or solicitor.) 
Minors maaot be registered, bt»: accounts d es ig n ated with their initials sri)l be 
accepted. 


I 


eq«u!!v divided between die Schlesinger Preference and Gilt Tnot and Extn 
Xs^nae Trait at the prices rating on receipt of my cheque. 


SunremeL 


X wish io have my dividends re-invested 


I 


I would like further information, including 
• details of Share Exchange 
A cbcqns is endowed in remfcancc.zahdc payable io Midland Rank United. 


□ 

Q 


Hrsi 
Address. 


-XfiLOCKUTUBS P1ZAS) 
-CfnitiC) 


= \ 


.TiaSs, 


Stfluare. 


(In she ease of* yainnpp&eniion all must sign.) 


FT28/1 












.S':!'. 


PANY NEWS + CO 



John Brown’s profit to exceed £ 20m. 


'•■IN HIS INTERIM statement Lord ■ 
' Aberconway, the chairman of 
' John Brown and Company, says 
Ithat siven no unforeseen set-’ 
l backs, pre-lax profits for the year 
ito March 31, 1978, should exceed 
• £30m. compared with £i0.9m. for 
t 1976-77. 


DIVIDENDS ANNOUNCED 


:jwide continues to give little £ GSB 

I cheer, members are told, and the Wm * .F 00 » 
f markets for some group products. Exraiibur Jewellery 
■ ( notably machine tools and plastics Gold FieldsS 


(machinery., remains dull. On the Henderson-Kentoir 
' .other hand there is now a fair IoM Steam Packet 


.Jorospect of reasonable economic Olympia (Redacre) 

ninirfanrfc chntL'n 



Date 

Corre- 

Total 

Total 

Current 

of ' 

sponding 

for 

last 

payment 

payment 

dly. 

year 

• year 

int. 4j 

Apr. 6 

2.6 

— 

7.88 

— 1.02 

— 

. 0.93 

L42 

Ji8 

int. 1 

Mar.fi 

0.55 

_ 

1-55 

int 0J6 

Apr- 28 

QM 

— 

0.48 

50 

Mar. 17 

50 


110 

inL -I 

Mar- 28 

1 

— 

■ 22 

14 

Mar. 1 

13 

14 

13 

1.54 

Apr. 25 

1.4 

1.54 

1.4 


£271,000. But for This. loss group 
first half profit would have been 
around £200,000 the directors say. 

A very substantial cutback in 
the division has been made and 
over SO per cent, of aU employees 
made redundant. As a result 
metals and alloys has made profits 
since the re-organisation was com- 
pleted in October, they repnrt 
Overall performance in the 
remainder of the group con- 
tinues to be very satisfactory and 
the Board - feels confident that 
results for the year will show 
worthwhile profits. For 1976/^7 


home continuing Dividends shown pence per share net except where otherwise stated- profii was £G.34m. 

n.nnlal on.1 * Eouivalent after allowing for serin issue. tOn mnital ini«rpit5wl o: ■ ,r 


-stability at . - 

i .'neyond the financial year end , * Equivalent after allowing for scrip issue, t On capital increased Since the half year the con- 

i "-mil the group started the year by rights and or acqmsUlon issues, t Increased to reduce disparity pany has acquired the share 

strilh strong order books, especially with final- v cents throughout — =— • - •- ■ - — 

■it Constructors John Brown and 
-tor gas turbines at John Brown 
- Engineering (Clydebank): these 
factors, together with iraprove- 
i'.nent'; elsewhere in the group, 

. ■ '-how every sign of producing 
, another good result overall. 

. l* In the accounts for the . 

■ : provision will be made for only 
; ;-Tich tax liabilities as are likely 


do so over the next two to three 
years. 

The effort on machine tools 
should produce significant 
the'' accounts for the year results he says but the directors 

are looking also outside the 
_ group’s existing areas of activity. 
,-:;o arise in the foreseeable future “ We are convinced we have the 
j;*n line with ED 19. muscle to do so. There is no 

<:> To reduce disparity with the reason why a strong -company 
!i inal dividend, the interim pay- should not broaden itself.” 

I- went is 4p (2_.6p) net per £1 On the possible investment in 


First half 
rise at 
Excalibur 


capital of Wm. AJlday and Co., 
which will make a significant con- 
tribution to the full year profits, 
the directors add. 

Tbe net interim dividend Is 
0.325p tip), absorbing £30.000 
(£60.000). Last year’s final was 
L292p. 


FOR THE half year to October 
31, 1977, pre-tax profits of 


i J’hare. Last year's final was 5.28p. machine tools, he says “We are Excalibur Jewellery increased 

l * i.iu _ :n: " from £3R 


Henderson 

Kenton 

declines 


• -»__j talking in millions.” fro? 1 £3S2.055 to £470,2 IS, on 

> :jiOOa year The company feels its higher .turnover of £2.S8m. against 

:T As expected. Constructors John engineers and designers already ■ £2 ^ m * . . _ , 

• drown will have had a good year, have the basis of a new family of took £244. o 13 i £198.668) REPORTING PRE-TAX profits al- 

: . successfully handling the largest automatic turning machines ( ea vin S stated earnings up from most halved from £489.000 to 

ii'.olume of work In its history as “which will have an advantage 126 P t0 la5 P P er 5 P share. The £252.000 on turnover up £0.8m. to 

i ■— u — *■— ** •> — = — .... -*•*»- .. .. dividend is raised to £9.46m. for the sot months to 

net— last year's September 30, *1977, the directors 

years or more ahead.” nmu wa * u-a*wlp paid from of retail furnishers Henderson- 

f-itiat to maintain current levels The "roup is in credit with its *693,000 profit. Kenton warn that, tbe full year 

blf activity at CJB in 1978 the banker! and expects to end the surplus js likely to be appreciably 

ompany still needs to win a year with no net overdraft -w-*. • • - ’ ' tower 01311 016 previous year’s 

htentfleant amount of new busi- On dividends Mr. Mayhew- 
[ ; 3 <?ss and _ the directors are hope- Sanders states that shareholders 
: , < W_ 0,n d S0 ‘ » ■ deserve more and personally feels 

Engineering that cove r need be no more than 
Clydebank) is on the road to two and a hnif to five times. 

.upping another record number 



Financial Times Saturday Jaaawy 38<£978: 




CFSA profits on 
rising trail 


BY KENNETH MARSTON. MINING EDITOR 


thp 49 per cenL-owned .Gold make an even belter shoeing. 
Fields of South Africa subsidiary Gold Fields remains the subject 
of London’s Consolidated Gold of vague (bid rumours*- -a 
Fields has lifted its net profits over GFbA 
for tbe hair-year to. December 31 possibility — ■ and * 
to R20 3m. (£12m.) from RlS-Tm. tail* naW 
a jSr ago: the total for the pre- the shares rose 
rlnuc full year to June 30 was day. Those of GFKA were un« 
K2?7m ' Tb * ^^Ltest interim divi- changed at £11} cum-prmJum 
dead, however, is unchanged at compared «- SfJ 
SO wnt? (29.7p). Tbe 1976-77 asset value of R36.»S (Cl.. 01 pee 


total was 110 cents. 


share. 


Six niths. ended 
Dpt. 31. Ore. 31 
1«7 1976 


Invest, Itwnroe 

S u r u l ua on realisation of 

bwesw. — 

N« me. from fees. inL 

Sundry exwmduure 

Interest paid 


Rm. 
. 17.0 


Rm- 

113 


DrUHiu expenws 

Profit before lax 

Tax and minorities .... 

A rtrl tunable to C.F.S.A. 

Earnings per share ictsj. 

DIv/per /-lure ... 

Times dividend covered 
N« assets fas valned> 

04 . per stare 3.638 3.777 


3.7 

33 

.3.1 

1.9 

20.9 

a.s 

30.3 

IC< 

30 

2.5 


67 
4 I 
30 
1.0 

2.9 
16.6 
0.9 
1*7 

96 

SO 

1.9 


MAURITANIA’S 
IRON ORE LOAN 

The World Bank is exiH-cted to 
grant Mauritania a &30zn. (£Za.5m.) 


loan to help finance n SSOOm, 
project designed to boost produc- 
tion of iron ore. The project 
involves the exploitation of iron 
ore deposits on a site 40 kilo- 
metres from the present mining 
centre of Zouerate, writes Francis 
G biles. 

Zouerate has been attacked 


Aniun .iateoud 

Lord Aberconway, chairman of John Brown. 


I w. moiv*/ WJ nuivii mu uovc ou auvnuid^C . r , 

. ..ell as further strengthening its over all the competition and could ‘ fl J*El ai . 

! management and technical base, be the basis of very good business 6-2634p 10— 3o8p) ne 
; ,1’he chairman points out however for 15 years or more ahead.” finj d was 0.2431 p paid 


J'f gas turbines in the year and 
tarriing a good profit. The recent 
,‘ticrease in the value of sterling 
i joes not help the gas turbine 
. usiness and will make it more 
■ ifficulty next year to take tbe 
' vport orders needed to fill 1978- 
‘t)7!) capacity. 

As foreshadowed the group has 
. [osed down to a care and main- 

V *nsinr?e hacic The fahrirntin" 


See Lex 


Hume tops 
£lm. so far 
-sees peak 


Decision on 
Barrow 
Hepburn 

A DECISION is expected early 19 J T 6 - Prior to the mini-budget 



is the sharp recovery in shared eal- twice m the past l- months by 
Inc profits to R3.7m. compared guerillas from the Polisarm Front 
with Rim. for the full year to last who are claiming their rights lo 
June. Investment income has also the nearby ex-Spamah Sahara, 
moved ahead, amounting to Rliff- apportioned in - Wto between 

10 the 1 A 

u tha^Vrffih which carries the 


£1.41 m. 

They report that the, upturn in 
sales in early September proved 
to be short -lived and. although 
the December quarter showed the 
expected seasonal improvement, 
turnover was disappointing com- 
pared with the particularly good 
figures in tbe same quarter of 
inf- 1 


Schlesingers’ plan for 
multiple payments 


dend income win taSnSK recen, month, that the move™,, 

s, s Bo us™r h co’mp' a h n7T„r 1 ^ til® ssa? 

riding that tbe bullion price stays ore ready for export at NouadhN 
at around its current high levels, bou arc understood to he rory 
GFSA’s second half results should low. 


Anyone who derives a substan- ment £10 a month) hardly needs 
tial part of tbeir income from any introduction to unit trust 


NEW LIFE BUSINESS 


next week on whether a High However, the 1978 January sales investments has three things to. watchers, while Crescent is offer-- 
Court action to stop the National “ ave .* ,ee , n excellent, .with figures worry about. First will then: in- ing the entree (by way of a mlni- 


MCiUty at Clydeband for modules NET REVENUE of flume Holdings Mr 
i *r offshore platrorms. No new rose fr Qm £0.8Sm. 

. -ders on acceptable terms were the half, year' 
urthcoming and it is unlikely ^77 before tax 
, iat any will be within the next xo.33m. 

VS r or Lor<i Aberoonway- Earnings per share (cum tax object to the grant being made. 

■ ,Ckn,a . n j m ?f- Same credit) are given at 3.67p (2.92p) He is expected to ' give his 

? V'J'JZPE* and fully diluted at 3.45p (2.92p). decision on Tuesday. 

Directors are confident that 
distributable revenue will fulfil 


Enterprise Board making a £3m. for the four weeks since Christ-, come, be secure? Second, will mum £5 a month) to the Crescent 
grant to Barrow Hepburn, the mas substantially exceeding last their ‘income grow to allow for High Distribution Fund. Here the 

leather tanning group, can go ye r ar s. _ the effects of inflation? And third, commencing gross yield (7.6S per 

ahead. In 1978-79. the group is strongly ean it be arranged to arrive in cent) is reinvested. 

After a-two-day private hearing. S^ ced „ ««-ed _">* record a fairly regular stream? It is to Schlesinger Trust Managers are 

Justice Forbes yesterday ?i rui TJ 5 achieved in previous years the .third of these, problems, in „t-_ ^virine aoDlfcations. this 


City of Westminster 
shows marked rise 



ist Markets for machine tools 
■ live remained very difficult in 


WTlKS if M IncroSe 7X 

'^Mhe dlroctoro are enroui^ged ^hf^ounTro Su^freehoifi 
« furthar nmRtnkt. Th e group is to seU a freehold 


i do over the next year or two. cos * .*? group of £1.69m. After 
1 »'ie results therefrom will not 
i^crue fully for some time, but repayment of fixed interest loans. 


Recovery at 

Midhurst 

Whites 

Recovery from a pre-tax loss 


1.19592p. 



•iere should be Hurthw small ge “t proceeds win be about of J54J45 to a pro® .of E^215 
in profits from the £1 - 9ra - was n» de *>y Midhurst Whites 


i*)owth 

achine tool activities next year 


As already announced, the in- Holdings .for the half-year to t For^reii*«i profit. 

• ' 1 withstanding the depressing terim dividend per 25p “A” share September 30. 1977. Net repial 
: iort-term trading outlook. ,s . I,f ^ d from °- 975 P » 1.485p. pay- income, -before tax. %yas margin-.. 


Overseas 


■was paid last year. ... . 

The company is a member of a business improved by £15,000 to lower 


£82.000 (£244.000) and earnings ’This represents - — make for hipher prop€rty share 

are shown to have dropped from upon the idea 
4p to lp per 20p share. The In- Arbuthoot, under 
terim dividend is maintained as trusts are marketed 
lp net — last year's '.final was to provide a spread 

anda larger number of liitri- SiTestaenl ^ whole"*" s^^ra"' of" activity. £2m. to £2.4m. 

Hatf war butions. ^hlesmgers; new scheme schlesingers are not the only Besides having increased pre- Mr. Charles W’osehoiise. the 

toon combmesjts Extra Income Trust ones be swimming against the mium. income from conventional marketing manager, attributed 
8 sk (now yielding 9 -a f«r cenL) ana this week. So too are and unit-linked contracts, the these good- results to the success 
828 National Westminster Unit Trust company experienced substantia! 0 f the company's specialised 

ins Managers, in launching a new growth in both self-employed and funds, particularly the gilt-edged 

2Si y!? International Fund. This is only controlling directors pension busl- fund launched November 1, 1976 

for th0 » “ search oF capital ness. There was also a significant which rook £5.Sm. last year, com- 
Ma viel^of' lO^ i’r S S growth, and prepared to take a rise in the amount of protection pared with £1. 4m. in the final two 

relatively long-term view. . terra assurance business written, months of 1978. 
for the Other requirements, the . . . . pencrHIIv the five vear renewable 

fixed Interest element in tbe Pre- One prime reason for saving is ; “ v £ jgjj* ““J — 

ference and Gilt Trust should to ..ensure an adequate income g™ “” tr !J5ui £i4m hi 

retirement, and for the for “ore WJ,™:. ,n sluns 


Turnover 

Trading profit 

Exceptional credit 

Interest charges 

To reservet 


1977 

£»•» 

9.439 

373 

in 
- in 
49 

252 
R2 
; 170 


comment 


able on April 13. A 2.7225p final ally ahead at £115,000. against . - t a f . make for recuritv’ and the eaulty during , 

£107,000. and sales of the antique Henderson-Kenton had. .forecast ®« e en f ® r gf U £e Stra lSe self-employed the low level of “**red during 1977, a 21 per cent. 


— „ tujn J2J55 1 -hiSinir' Tnisr" should make for income State pension makes this saying nst . 

actual results showing . 3 . *3 per The minimum in vestment essentffi. Tba Personal invest- Mr. Peter Connor, actuary 'end 

sales were attributed to the cent, drop at the operathig-level ^ n^odo. ment Pension Plan from ?Lesal general manager, stated that the 


GENERAL INV. 
AND TRUSTEES 


A two year unsecured loan, 
getting business facility of £1 5m. for General 
number of out- Investors and Trustees has been 


, Elsewhere in the group, mar- » ne company is a raemoer of a oli sines 

l>ts fortheorDducts of Firth consortium currentiy trying to £60.000- 

• i Vnvn Tools have continued dull l, ! oc!f Harrisons and Crosfield's No' sa. — ...... ... - , - . ^ , llwu IMU1 

i;id have become especially- tough ^'d for Harcros- Investment Trust, brick-making business >■ for the (stripping out ^ except 10 mils). s are Savings schemes providing unit and General Unit Assurance offers company was ge 
. tljcrseas with fierce competition' , first half compared with ^260.000 ?H C " trust investment by way of a life a completely tax efficient’method from an increasing 

‘ | jeentuared by the rising pound. 1351 time - As known this sub-- ™ assurance link are on offer this of saving, providing 'considerable lets and Its decj: 

. — J -- Vjrid.Illiclll sidiary was stfid for £314.000 cash margins are the f 3Ctor s behind wee i c by RI and G and Crescent Rexibility of contribution payment business only fron. w»vnv4p nnw iinuvici aiusi uviii|«i«iij. i ui m 

■w and the proceeds are being used tne setback. The turnover figure Lire M and G’s top-performing as well as professional investment been fuUy justified by these first 12 months it will bear a 

JLaWrenCe reduce the company’s borrow- 9 ^ ( ® r w cei ^' e b j eV gj ^ Recovery Fund (minimum invest- management . f results. - interest rate of 7J per cent. 

t e. s »..j m,nm furniture Drice inflation over the - - 

Ferguson Industrial ahead to £1.23m. at nine months 


. *e company has continued to 
Ape reasonably well and has eli- 
' ; nated the losses from its over- 
alls subsidiaries. A useful im- 
• 'ivement in profit is expected 
js year. 

: inrth Brown Steels in Canada 


at £86 000 Midway profit includes £35.000 

a l dwOU,UUU in res pect of an overprovision l 2 $ 

- — — Motor vehicle distributors and and a further surplus of £12.000 S mS 

ly Markham and Company at engineers Glanileld Lawrence ad- will.be included in the accounts. 

• ;me continue to perform welL vanced taxable earnings from the directors say. rtore 5 ? 3rou ™ ^ 

aven Tasker should produce £fi2.37S to £86.128 on turnover up ‘ - - - ' “ ,Brhth h a if .« 


eighth. The second half is shap- THIRD QUARTER profits of checked 'the rise in borrowing £84,098 to £131.411. The directors earnings per 20p share are stated 
better. Tbe January £0.5ra. against £Q.32ra. enabled costs. For tbe full year profits say that demand has continued at 3.5p (2-52p). The interim divk 



; Jther marked betterment in the ing net profit at £38.555 (£36.507). amounted to £0.Um. 
; 'hid position. ■ After extraordinary items the 

ailribu table surplus emerged 

lower at £30,731 (£90.735). 


. redictions 

:*'or 197S-79 current predictions 


..icate lhal any further improvo- 
^nt is likely to be modest. Even 


■i much will depend on world- 
e economic trends and upon 
L'.K. economic climate. 

.t the end of the AGM next 


Commercial 
Properties 


Warwick Eng. 
falls into 
deficit 


CGSB 
jumps to 
£0.33m. 


rental hicome produced £124,131 stalling further capital equipment 

( ru>i- tKr. t0 enab,e ff to continue to com—. 

Earnings per 25p share are pete economically in to-day's 1 * 

busin 5 ss conditions and to be able ' 
SViS SfraS? i.H ra i sed , 1° take ful1 advantage of any up. 
was°f.4887p! 3p> ’ ^ year ^ 8 fin - al turn ln trade, Mr. Cook adds. 


After tax Of £68.336 (£43.732) 
net profit emerged at £63.075 
(£40.368). 


Throgmorton 
Trust 12% 
higher 


IOM 

Steam 

Packet 


ATTRIBUTABLE profit of Isle of 
Man- Steam Packet Company was 


; - srans; sssjszsr J5, , ffi T taS , Kr. fra s* o^un* «... «r. w*. 

‘Tie chairman says that taking Stated earnings per 25p share id ^ ^, re 5 tor ? 5t,I > ta,k ef doub- man. and the group }s nojM less 

: > group as a Whole the improve- were i.9p (t.4p) and the net divi- 1^'; i® 74 * 7 ® ,m S dividends when restramt is dependent on its bufidere' mer- 

' mt in prnfiLs indicalod for the dend is held at l.25p. . lh ® re '* as 1A atl i™ 1 " 101 0.41p lifted, assuming that profits chants division, which could be 

ir will be accompanied by a Tax took £47^73 (£25571) leav- nel Per lOp share and losses recover sufficiently to justify it, hampered by a _ severe winter. 

— but even so the yield of 4.7 at However, all . divisions are pre- 

73p looks a bit vulnerable in the sently up to targets and the final 
short term. outcome for the year should be 

S °fSp the whole of the previous TAXABLE EARNINGS of £332.037, 

»» year there was a surplus of against -£184,090. ar ® ? r 5 [ p ?I?,‘' d by 

Manson n.ram. and dividends totalled engineers and dbtrlbutors 

5.42Sp net per 25p share— an ^GSB -Riding* for the year to 

Fin^nPP interim of 2.1p bas already been 7^ les were 

. . paid to respect of the current ^ 2 -44 Q1, ,®** e # t * at £13.7m. 

After debenture interest of a loss in the metallurgical On croup revenue up from year. fSi 

Lord Aberconway is to re- £7.000 compared with £9.10S pre- division caused Warwick Eng in- £786,000 to £1,033.000 pre-tax The chairman reports that the “P lrom £»8.600 to ill*, ww, the 

from lhe chair, and w-ill be tax profit of Commercial eering Investments to fall from a profit of Manson Finance Trust first half upturn has been con- directors saia that i^eyiana 

reeded by Mr. John Mayhew- Properties (a close company) in- taxable profit of £211.000 into a for the six months to October 31, tinued in the third quarter and a vehicle avau&bmty . was now 

bders. who will combine lhal creased from £401.893 to £451.553 £69.000 loss m the six months 1977 increased £90.000 to divisional breakdown for the excellent and they expected good A RISE of 32 per cent, in taxable marginally ahead from £423 97r, 

ce with his present position as in the six months to June 30; 1977 to September 30. 1977. Group £307.000. • period shows 70 per cent, of sales results For the second hair. revenue from £2-4om. to £2. 75m. £439.000 for 1977 The net riivt 

?f executive. Lard Aberconway on turnover of £0.63m. against turnover was better at £8.l4m. After tax of £134.000 (£119,000) and 51 -per cent of profits from stal *“ ea *^ ,n SS per 1 Op share was achieved by Throgmorton dend is raised bv in tn tan nn I 

! remain on the Board and will £0.55m. against £8.66m. earnings per 20p share are stated builders’ merchants. 12 per cent, were 3.7p (2^p) for the lull year Tnist for tbe year to November £i stock unit 3 1 PPr 

'appointed the company's first The result is before tax of The historical problems in the at 2.lp against 1.4p. - and 20 per cent, from engineers’ and the net total dividend is lifted 30. 1977. Net asset value ex- Profit is shown 

sident. £225,045 (£205,699) and extra- metallurgical division substan- The Interim dividend is lifted merchants, 9 per cenL and 11 per to 1.42493p (l^j575p) with a final panded from 49.5p to 84.2p per tion of £-v>0 374 irasxai n vX C ’ 3 * 

(r. Jlayhcw-Sanders says that ordinary credits of £231.292 jially increased during the late from Ip to l.ap net per share. A cent, from engineering and 9 per or l.0Z493p. ' ’ 2oo share, when fully diluted' and £76.000 rmodfli aiw! ia , 

i 1 group must change quite sir- (£68.606). Profit for all 1976 summer and the division produced final of 1.75p was paid last year cent, and 18- per cent, from .Tax took £173,213 (£01.1321 taking prior charges at market ordinarv iie.n n.L ?■ 

cantly and he thinks it wiU totalled £418417. a first half trading loss of on total profit of £429,779. - - printing. paving a net balance of £158324 value. y ie,n ,,lls oS £50^16. 

The net total dividend is raised 
to 4.375p (4p) ' with a final of 
2.375p. 

3978-77 ' 1975-7# 

Net revenue 

Rrouahi forward 

Available 

, . _ _ . _ . . Prcf dlv«ro<te 

, Inch Kenneth Kaiang Rubber Interim dwtori y 

, . . full year should be very consider- has obtained Treasury consent to F,n » 1 flvidewi 

— t- — 1 , l.,.. After turnutg round from a ably less than the £639,000 now transfer its residence to MaJavsia Car ri«i forward 

tiSSJErta; 'Sr'JUSi loss oimm. to .prom Of £L5m. reported, he adds. but the cSu^wTuS Sak/its 

?977 an 19^77 shares eligible for the Investment 


fesults due next week 


Inch Kenneth 


Mr. Vernon points out that the (£92358). 
only difference in the constitution 
of the group is that Hindson 
Pr?nt Group has. been treated as 
a subsidiary for the third quarter, . . p 

ext week's company news pro- may have come too late to make improved substantially and the cuts Is now being felt and redun- ^ndate^^ 0115 ^ W8S a ° ^ uSIlSTCr 

■ nme is generally quiet with any impact for Brown and home contribution is expected to dancy. costs will depress earnings. ^ViTh stock aonreciation and 

■ 1 40 companies reporting. The Williamson while the launch costs be about £18m. (£15.1m.) for tbe The company bas already indi- 0 »», er taxation reliefs the actual 

n interest will be in full-year ma £ have depressed earnings. Of third quarter. Shareholders will cated that full year profits could « m A U ni of tax navable for the 

. ills of BAT Industries, bul the BAT’S non-tobacco interests the have to wait until May for the reach £48m. (£39.6m.). 

■ket will also have its eye on paper side is thought to have per- outcome of the dividend policy 


residence 


9tt.8R» fiST.fiU 
1.9024)11 I.57?.<!S4 
„ ®«UBS 7113.747 
WM.I7# 2JTiSim 

re.m 

WS.S31 474.! 


Edinburgh 

American 

Assets 


Gross rerun tic of Edinburgh 


rnaitonal and Plcssey, and a profit conirtbuiion by around disposal of a major part of the at halfway, analysts expect Asso- 

immary from Associated 80 per cent company's South African interests crated Fisheries to make about 

lcncSi Continuing problems in Canada w j]j jf effected, come too late to £3^m. for the year, against £13 m. 

’AT Industries is due (o pub- affect ** current year’s expected last time. Thursday’s announce- 

i its full year figures on Tues- str * . ? n Daily ; Mirror _ are outTurn of about £79m. (£74.6m.). ment will show how higher fish 

};and the market is forecasting SSS Ct rnte™UoiMi "in ®ih»^h[rd Estimates of Plessev’s third pnces are 'contributing to the 

sl sssL^gs Rrgs r ™ 

~ aii™. w ssss lo A^'z^. 

,1 however may be greater as’ nine ' n,0 . n ^ 1 fff*® £32m. for the nine-month national fish consumption for the 

I. lax charge is likely to be l ° ta I a ^® ut San 1 -, against penod, compared wjih £2i.99m. second hair period was down 

Deed from last year's high T1l ° Canadian subsidiary, Much of the growth is coming about 15-20 per cent., partly due a comment 

■i On the trading front Brown Paper- ,s incurring losses from the L.S. and Australia, with to (he higher prices but also as w w „ 

Williamson in lhe U.S. con- (due 1° heavy price discounting recovery from losses in Germany a result of a shortage of supply Ferguson In dust rial s 

•pd to lose market share over in the pulp market 1 but elsewhere and Portugal. This continues the arising, no doubt, from the ban quarter performance 

y first half with its share the situation is said to be cn- trend in the first two quarters, on herring fishing. The Ejm. cash closely the pattern at halfway, 

iieod to around 15.6 per cent, couraging. In tbe UJK. for when three-quarters of the sale of Ross Foods, announced in and nine-month trading profits 

(pared with 17.5 per cent, in example. _ packaging, newsprint increase came from overseas. At November, will, reduce turnover are 40 per cent, higher. Against 

j. The launch of low tar Kool and publishing is thought' to have home the impact of Post Office by £t3m. in the current year. 



((BN 

mm 

mm 

Sales — 

3D.46» 

11.746 

31.468 

Trad in? profit 

W86 

L0M 

uns 

Imeres 

. SX 

397 

549 

Eroplorees* sharo . 

SO 

75 

83 

llinonry |nier«.-sts . 

11 

8 

14 

Share of ass»x. . 

173 

192 

■ 253 

Profit bafere U x... 

1.229 

793 

1X31 

Tax - 

« W 

413 

SOI 

Nel orofii 

590 

381 

472 

Dividends 

151 

97 

2jI 

Rdained 

439 

284 

E» 


IKKF applied to transfer its 


m~ mi 1 £ia f fior 1° n r of lff 77 and. 
asi.ra Wte^ ^ I7« nn.\ nI0 ^r-L i nd of 

l £709.WM)l. pre-tax 

R. Smallshaw 


iSsjJou waa up fro * n t0 


outside the U.K. 


will necessitate 


. The 
share- 


leaps to 
£0.27iri. 


rrroiM.« ta x ,akm P £201.000 

shnro°^l st;if0, J p;,r mn«s per 23p 
share increased f ro m l.!8r» w 

}:JS ,lw tl'vulond Is lifted '. 

from onn tn u p 


an EGM xvill be Tailed for This ^^ak£266G23 for (he yS- o 
purpose before mid-April. ir P ^ her 1KT. on turnover 


third 

follows 



Announce- 

Dividend fpi* 

^ Coni 03 07 

\fM. DIVIDENDS 

Mae&ilh-n- - 

modi 

Last roar 

This Fear 

due- 

• Int , 

Final 

Int. 

Wednesday 



3.059 


Thursday 

2.261 

3 345 

2.523 

( ur Trnsi 

•■•used Fisheries 

Friday 

— 

Nil 


Thursday - 

NU 

1.23 

12 

j*. todoslrt’.-a 

. -noot Properties . - 

Tuesday 

E-il 

4.723 

rst 

Thursday 

1.1.18 

2.UI4 

1135 

* •* »'i)y - , • - — - • ' 

Monday 

10 

1. 13 

0.3 

5 ,o« Stotkholder! Trust 

Friday 

0.7 

1 3.. 

9.85 

• tn4 Smith 

Thursday 

0 r« 

l "79 

0.75 

1 rd Machlnrrr 

Monday 

1 BU 

1.18S 

1.045 

' . 3roup 

Tuesday 

2.174 

fi 187 

2.174 

. 4,-urotwan Propenj Holdings 

Tuesday 

Nil 

XI! 

0.1 

( •> Ubtn — 


— 

2.93 


’■kf Croup 

Wednesday 

L7S 

3^3 

1 75 

■ ns Trust . 

Wednesday 

1.4 

3.23 

L7 

! 'EBIM DIVIDENDS 

- JJt Dr^-dgins Co. 

i> >vay 

Wednesday 

ox 

Nil 


Wednesday 

S 373 

5.321 


•nf London Brewery and In*. Trust 

Tufculay 

1 07. al 

1 35101 

j: HoMincs 

Holdings ... 

Tuesday 

1 138 

1 7R8 


Monday 

MI 

2 * 


tod Gaoai 

Monday 

• SQ 
4 

NU 





Announce- 


Dividend 

Company 


'mem 

Last year 



due 

InL 

Final 

Hardy and Co. (Furnishers) 



Friday - 

Nil 

0.2 

Hillards 


Wednesday 

1.0 

3 413 

Kima Kolias Rubber Estates .. 



Thursday 

0.53 

2.395 

Longiou Traiwport 1 Holdings) .. 


Friday 

• 1.0 

2.444 

Malaysia Rubber Co 

* — 

Thursday 

0.197 

1-319 

McKay Securities 

, nl ... 

Wednesday 

0.7 

0.7 

Plessey Co 

, r[11T . 

Wednesday 

0.917 

• 3.9T35 

Pride and Clarice 

||1I11( 

Wednesday 

6J 

1-434 

william souunrmile and Sons 

n 

Monday 

. os 

2.0 

Steinberg Croon 

TI1T 

Thursday 

0.3S 

0.5W 

Si pry ns credit Croup 

— 

Monday - 

o.« 

1.135 

Stoddard Holdings 


Friday 

0.516 

11.794 

Svltone 


Monday 

1-4 

3.6 

warren Plantation Holdlnss -... 


Monday 

7.15t 

«.l 

INTERIM FIGURES ONLY 

Leisure Caravan Paries 

Heed Interns Clonal 



Monday - 
Tuesdays 




the background of the depressed 
construction Industry, ' the still 


TUs yoar 


Olympia 
Redacre 
at £0.22m. 

Corduroy manufacturers, dyers 


2S2ZTE5 Ss 1 . 1 *** sSwSS " l ^ 

Muar River 
ahead 

. 1 " amm (jSSSw. 1 ™* .;«■ «I“J 


or £3.74m. against £2S6m. UrnOVer 
lax took 


n37585 




lot- 


important building supplies divi- '-orauroy manufacturers, dyers 
sion did welt to increase profits. ® n <3 finishers Olympia (Redacre). 
There was some volume growth, 8 c '° se , company. lifted taxahte 
as a result of the small increase KSPSoa^ 1 ? 111 ' t0 a record 

in housebuilding in the third r °T a " of 1977, on turn- 

quarter together with the e)imi- SJ®!! of “-71m. compared with 
nation of losses at Ferguson 

Humberside, whose deficit was earnings per 20p share 

£109.000 last year. Increased ■ at ^P (3.94pt and i he 


Wm. Cook 
shows growth 
mid-term 


River 

from 

t« ari |L J . — -y.wpv iiai mo elRhr 

Preset 0 18H. 

5L p I2 ew u f«hher and- 
cocon are lo wcr ,), an 


cieht an the first 

r lXL* loa A [ '* *977 and *0 a 


iiuu,vvu 1004 js«»i Aiiucaccu - J- --T’ — r| " nna (np All Aflvnnra U 

demand for nuts and bolts (from l d ^? d LS ^PWd up from l.^ p from *22S! >,e P T ofi\ 

■sources such as British Lcyland 10 Js* 0 n «- - P . l ? £1S2.1 3B 


the wit ,our BWUBl Of 

v„ar wh0 ^ of the previous 

surplus! 1 ** ropQWd 


Trucks') also helped to eliminate ne f ""if* -° r (£8t.40fi) 

losses at Precision Components "J" 03 ** ‘ 

while elsewhere in the engineer- a ® a,nat ^To-SiO. 


Ing division (a tenth of profits) 
progress is still being made in 
export markets for ofl lamps. In 
addition, the national increase in 


Hales Props. 




- Dividends shown Del. pence tier share, and adjusted tirr an? _ 

issue. 1 Includes second interna of 4 0 b. : Includes second iiuertm of 3 . 0 d i Third 7 “ ' Hindson Print now included’ Pnr 

quarter Rfiurcs * Inclndes serond inienoi of I 2 p and special divUUnd at tMp. 1 The £0 94m riehts months to .Senterw muuuok rnt , • — >•> 1 H yr ^ „ — 

Fust inirrun or C.Wo alread> oa«l- 1 a » lart«m»s firr lmertm of O-Stip. *&) mclodes a aUbjaiQlgry. tne maam^ rights her 30 . 1977 , taxable pa rn rf ’ J ', i nahly rmtiams shun- Ln*t ’ w f 85 ©- 

Kurd intern at CKSe. First and second interims udt at a.ep alraulr otia ttus rmar. issue and lower interest rates has Bales Properties * JL* n n ~ s °f -V McT Cook n, i 6r>1 s:, - v 9 Mr. nml '°** r ^* Vrt S 6 (J 

mrrues rose » ,hc chairm,m uoni not revenue of nsSTfcv-' 

4. 00k m ' 713 «“-«* ~ 






’ ii»t.40fi). uiok and Non NhSui V" , " w ^ 0^6$$ |)V 

Midland frust a 

TSljss?.* 1 i a .i?.o«nook rental S'". 1° l 'Spinet 


h- 


k 






Financial Times Saturday January 28 1978 



15 


Profits 

rail 


SUMMARY OF THE WEEK’S COMPANY NEWS 



insists on 
working Board 


Take-over bids and mergers 


Company 
bid for 


Value or Price Value 

bid per Market before of bid 
share** price** bid (£m*s)** 


Bidder 


Pinal 

AccYce 

date 


PRELIMINARY RESULTS 


>Vfnn Industries has made an agreed take-over bid for 


Prices to pence unleu o&erwUe Indicated. 

Hid. Medical 
Enterprises 
Winn Inds. 
A. P. Cement 
D. F. Sevan 


A. Monk, the Midlands building with a slump in world textile shareholders have indicated that they intend to accept in respect 
company, has refused to accept a demand and losses in 19*3 of , , . 

representative of St. Plran on to Frs.l6m. were followed by losses oI a further 10.5 per cent, of the equity, 
the Board. St. Piratt. the tin or Frs-Sra. in 1976. _ ' • 

mining and property. development Berglas-Kicnur which .weaves McLeod Russel and allies suffered a reversal last week in 
company recently increased its cloths largely Tor Ihe doth ! hr in- their attempt to block Harrison's and Crosfield's bid for Harcros 
^ J£?LJ!E *• expected _ to show a lDVtstmcot Trns t T he Slock Ex chance rejected an an otic* linn 


"" ~ ■ X . v, ,:r ^ luiiutri iv» ui 1-1 wiuu _ . . T , n , , . _ 

announcement. $1 Plran will nnt 0 n a turnover of Frs.oOnu for associates of H. and C. to be prevented from voting m 

be able :.te- treat Monk as an Last November the Berglas favour of the bid without Consulting shareholders. The associ- 
MWCiate }P hs accounts. _ _ manacemenr told a workers com- _ . _ r • 




‘M; 


o — b — --- 7 - " some oi iis unco uuumu »**■*» »** **• ««»*• 

W S? 5£S» tothU ffti* £*£ co " pany *“ 10 Slay of harcros. If H. and C. obtain 50 per cent acceptances, the 
company in having a St. Piran ^ de Roubaix, a major bxd S° unconditional, 

representative. He added. ‘ For textile group, is not ex- 

— ««•*-* «•*» have only had -- - — - 


( I : . many years we 


pec ted to take over the spinning 


wimiuMor 

tist 1 


{ 




■ J u . -yesteroay occunca to name rne 

!J\.* I L;° utsIder yv0ul< * “I*® 1 - price it is asking for its stake in 

*V piran built up the majority the companj, ‘ 
of iLt stake in 1977. although »t 

also sold some A. (MM' ANOTHER SELL-OFF 
during the year. On June. 23 St. ny pern flVTI 
Piran announced the sale of 5.000 - ox Ktitu IN 1 L. ■ 
shares which reduced ite stake at Reed International, the paper and 
that time to 590,000 shares. How- PnbHshlng company which on 


the Lennon Bros, concern last November. The cash arising 
from the sale is expected tu be channelled into expanding 
Bassett’s confectionery manufacturing activities and other 
diversification. 


Off OL ruan IV Mwyiu #, II .» 114 , > . J , vuujjiuiuwitoisi ia ium mj •***• nuj iwmwuu auu n * 

fV l«t year made a string of acquisitions, chiefly in tile UJt 


bought 1.057.500 shares the stake P» k - * bit South African com- 
mrumnled to 2.067.500 shares. yesteniay d«sclo«**t .another 

Further purchases since then much smaller sell-off. 


the trade 


* AH cash offer t Cash alternative. 


publication various other parties on alternative proposals. 

Ghemist and ds asso- Merger negotiations still continue between Moorside Trust n ot iSdSISsWL' V Combined market capitalisation. H Date on which 
and St Lawrence Investment but completion is held up pending scheme is espectej r o becorr. operative. •* Based on 26/1/78. 
clarification of certain tax matters relative to Moorside which 
are awaiting a hearing before the special commissioners. 



that it had any intention of bid- „ 
ding for “A. Monk but the share 

price of A, Monk is considered in J*3“, _ . „ . . . 

the market to reflect bid specula- gp*£. fl Sj* ^° ok price * ujde ’ 
tion. Mr. Whitt Ingham of A. Monk lQr ^40.000. 
said yesterday that it was ** a -bit 

-PTl ill 2* 55? * ELSWICK-HOPPER 

Monk shares at then current ninortiicc 
level if only a portfolio invest- rUKUHAat 
ment was wanted. In *»» »«>nd acqiusJfionin a 

St. Pinui had a. major inflow week Elawtck-Hoppcr. the agricnl- , „ — 

Sff Us nS^bSSSJ iSiis'S'uSde M,e of 11,6 ma J° r part ° f its interests in 

K SlS on ita m." T5S SAPH «"“*• 1 Union Cort>orauon subaldl 

ket. raising about £2.5m. The JJ** £}y™£? 
purchase of shares in Monk is be by ° f 

S! e rtlJ B 0 .? o ;*§Sl. l, ioS ,re t0 AteSSfa will be paW fup 
a .itn to a maximum of £270.000) for 

y,frt every £1 by which Falcon’s net 
profits mei niOMO in the year 
screed in principle to buy three t0 February. At the last balance 

for sheet Falcon had assets of £334.000 
about £600 jB 00 In rash • The com- and made profits. of £112,000 pre- 
pames are D.MJ_ Neath Plant and j** . 

Gerwyn Davies and Sons which fwo days previously EH 

are engaged in house, building, announced that it had bought ANOTHER Boardroom reshuffle executive 

and • - - - - 


Allied lav. 

53* 

53 

47 

7.67 

JBainbridse Enjt. 

45t 

43 

35 

0.68 

BCA 

129 

120 

53 

1.53 

Berner (Leon) 
Bln key's (Malle- 

171* 

22 

14J 

0.2S 

able Castings) 

41* 

45 

35 

1 0.79 

Cropland (R. 6c G.) 

40S5 

3» 

36 

3.20 

Dew (G.) 

170* 

164 

156 

7.05 

Do land (Geo.) 

25* 

25 , 

20 

1-08 

Ega HldgS- 

1451|5 

140 

140 

9.03 

Evans (F.W.) 

59.6t 

59 

2S 

1.67 

Federated Chem. 

74$ 

72 

65 

10.79 

Glenllvet 

510* 

505 

440 

3968 

Graham Wood 

60* 

57 

44 

226 

Harcros 

82* 

92 

70 

15.59 

Harrison (James) 

64 

60 

51 

331 

Hull Cinemas 

132* 

120 

40 

0.78 

Lafarge Org. 

95* 

94. 

88 

5^ 

Leisure A General 

70* 

68$ 

48 

72 

Le VaOeuet Tel 

26* 

30$ 

26 

0.6 

LontLAdsl Inrs. 

78i*g 

110 

101 

435 

London Pavilion 

350* 

500 

360 

0.44 

LondonSumatra 

110* 

120 

98 

17.52 

Madame Tussa uds 

67* 

65 

30 

14.16 

Malayalam 

30* 

33 

25 

8J5 

Mills (A. J>) 

100* 

99 

75 

3.44 

NrwmanGranjjer 

35* 

35 

37ft 

1.75 

Ponttas 

44H5 

42 

38ff 

53^1 

Pride & Clarke 
See. Broadjnount 

S2St 

525,. 

267 

1050 

Trust : 

36.3# 

33 

28 

3.59 

Spink (C.1 

400* 

395 

285 

4.79 

Tyneside Jnr. 

102 

101 

302 

6.52 

Updowq Inv. 

58* 

60 

54 

2.32 

Warren (Jas.) 
WlgfaO.CR-) 

604 

63tt 

63 - 

0.90 

24S$45 

262 

163 

12.68 


Company 


Pre-tax profit 
Year to (£000) 


Earnings* Dividends* 
per share (p) per share (p) 


Alex Discount 

_ Blooded-Perm. 

British Sugar 
~ biooke Tool 
2/2 Bui lough 

Dcwburst & Ptnr. 
— Class Glover 
Green Group 
flallam Sleigh 


Centreway — 

Benjamin Priest — 

Adriaan Volker— 

James 

(Maurice) ' — 

MR Elect. — 

McKechnte 
Bros. — 

Daigety 

Seagram 30/1 Status Discount 
BrIL Steel Cpn. — Ta,c & Lyle 
Harrisons & 

6/2 


10/2 

26/1 


Croslleld 
Barra tt Devs. 
Mere* 

Lafarge SA 
Ladbroke 
Air Call 
Hooker Corp. 

Mr. V. Santlrsn. — 
HrLeod Russel/ 
SipefSA — 

S. Pearson — 

Harrisons & 
Crosfield 
Antony Gibbs 
BuUough 
Coral Leisure 
Inch cape 


Dec- 31 2.140t (260) 44.1J (5.4) 
Oct. 31 1,132 (979) 10.3 (12.9) 

Sept. 25 20.470 (14.600) t69J2 031-9) 
Sep’. 30 162 (55) 125.6 (22.S) 

Oct. 31 3.050 (2,150) 

OcL 2 1671 (165)5 LO 

Sept. 30 433 (324) 3.6 

Oct. 31 777 (341) 

Dec. 31 157 (29) 

Lonsdale Universal Sept, 30 1^40 (900) 

Y.J. Lovell Sent. 90' 1,708 (1425) 

Sept. 30 110 (916) 

Oct. 31 768 (679) 

Dec. 31 78 (4)L40.3 

OCL 31.. 707 (938) 12^ 

Oct. 31 124.462 (75,589) 392 
Nov. 30 1.714 (737) 10.7 

Sept. 30 43,900 (52,500) 49.6 
Dec. 31 6.1 1 4 (LS69) a 
198 (116) 4.8 

1.175 (Sfi4) 7 2 


Hears Bros. 
A. J. Mills 


New Sylfaet 
F. Pratt (Engg.) 


21.4 
2.0 
13.9 

22.5 

u 

10.7 


— Rank Orp. 


Union Discount 
United Guarantee SepLSO 
Wv««« k- PhHln OcL 28 


(a) 

0 . 0 ) 

(2.5) 

(6.5) 
(0J2) 
(SJJ) 

(21 A) 
(5^) 
( 8 . 0 ) 
(Nil) 
072) 
( 202 ) 
(32) 
(59.9) 
(a) 
(Nil) 
(5.4) 


14.333021829) 
2 -SB (2.59) 
(929) 
(Nil) 
(5.02) 
( 02 ) 
(U) 

(2.75) 
Nil) 
4248) 
.3.48) 

(1.75) 
(2.737) 
(Nil) 
(4.353) 

... . (72) 

4.059 (1.825) 
13.14 (1121) 
21.08308276] 
0.181 (Nil) 
2.43 (2.178) 


19.0 

1.0 

5.6 
0.S25 
1229 
425 
026 
4.632 
S.89 
1.78 
3.057 

6.6 
4.812 
7.96 


INTERIM STATEMENTS 


— Company 


Half-year 

to 


Pre*u\ orobt 
- (£ 000 )' 


W.G. Alien 


interim dividends 4 
per share (p) 


Chleftan . — 

Andrew Weir 26/1 
Carliol Inv. — 

Caxenove&Co. — 
Talbex — 

Comet 

Radiovision — 

t Partial bid. $ For capital 


James Austin 
— Peter Black 
C. & New Town 
2/9 Cantors 
_ Cowan, de Groat 
o/o Davy IntL 
a z Denbywarp 

__ Fitch Lovell 
lmry Property 
In rhea pe 


Sept- 30 

ISO 

(235) 

0.8 

(OS) 

Sept. 30 

6$ 

(20)L 

0.5 

(Nil) 

Sept. 30 

406 

(524) 

2.25 

(2.0) 

Oct. 31 

904 

(804) 

2.42 

12.2) 

July SI 

253 

(70) 

0 2 

(-) 

OcL 20 

131 

(84) 

0.823 

(0.75) 

Oct 31 

852 

(719) 

0.72 

(055) 

Sept. 30 

8,400 

(7,300) 

3.63 

(3.25) 

Ovl.l 

225 

(406) 

2.J13 

(2.113) 

Oct. 20 

2,757 

(3,411) 

1.936 

(1.76) 

Kept. 30 

193 

(55) 

0.8 

(Nil) 

Serf. 30 

34,420 

(32.870) 

6.0 

(4.55)' 

Oct. 31 

1,470 

11.220) 

1.5 

(1.0) 

Sept. 30 

403 

(342) 

1.S1 

fl.65) 

OcL 31 

113 

(87) 

1.0 

(1.0) 

Oct. 31 

561 

(325) 

0.66 

(0.6) 

Oct. SI 

672 

(615) 

1.25 

(1.1) 

July 31 

. 33 

(26)L 

Nil 

(Nil) 

Sept. 30 

151- 

(149) 

0.307 

(0^75) 


R.& J. Pullman 
F. S. R at cliff e 
SEET 

David S. Smith 
Tranwood Group 

A. J. Worthington ..... 

(Figures in parentheses are for corresponding period.) 
Dividends shown pet except where otherwise stated. 

* Adjusted for any intervening scrip issue, t After providing foi 
rebate and tax and making transfer to contingency reserve 
1 Calculated on profits disclosed. § For 52 weeks. 1 For 53 weeks 
a Not given I. Cops 


Reed International, which has greatly expanded its involve- ^Qf*jp |S§[]0S 


ment in. South Africa in the past four years, is negotiating the 

that country to the British Sugar Corporation: One-for-one. 
subsidiary. Thomson Organisation: Two-for-one. 


Rights Issues 

Geers Gross: One-for-one at 41{p each. 
Midland Bank: One-for-five at 330p each. 


Boardroom reshuffle 
atCustomagic 


PANADA PFRM A NFNT brought in Canada Permanent, but Cazenove and Co. yesterday bought 76230 Pont in’s at 421 p e 

CmnmAm Pem, am* of a FI rh* V 1 £ ,}° a subslanti a J b °U8j»t on , n h f S 1 h ?J f ® f dividend and sold 15,000 Cow 

Canada Permaoeor AFf, the shareholding. and Son 2o.000 Madame Tussands i-ka,-. -ih nt anf * onn 

banking- subsidiary of the AF1 ■ at 65 p cum dividend Leisure old at I30p and 3.00 

Group, will henceforth be known A^nriATF^ DFAI ^ ,, Coral new at 130p on behalf o 

as CMte Paraunenl Trust Com- AiMJL,A 1 “ “ tAL «•■ £■”»? “«» J' discretionary clients, 

pany (UJS-). following a change of Banng Bros, and Co. has pur- *o0.000 _ Madame _Tns»ud , s at 65p u . . . rn . , 

„ u . u wu , ul _ - — the control. Some shares hav 9 chased 1,000 Ordinary shares in ex-dividend on behalf of S. Pear- S . G. Warburg and Co. has soh 

civil B. H. Brown, a main dealer for has been announced at Custo- previous Board reorganisation a I changed hands, under the terms Inches pe at 378p for discretionary »>“ “»d Son. on behalf of an associate 10,00 

W. 1. . Carr. Sons and Co. has Inch cape Ordinary shares at 364| 


m 


_ directors 

school building ... _ „„ _ 

engineering.. ■ International Harvester for 2m, magic Manufacturing, the stretch the beginning of 1376. However. 0 f the original agreement which investment clients. 

-Mr. Whlttineharo said yesterday shares, which valued the deal at seat cover firm which slumped Mr. Truman, who was said to be 

(h*t» the businesses could • be £450,000. into losses of £151,000 in the year a consultant director of the 

developed- so they would take on • to April lasL company’s merchant bankers, 

larger Jobs. And by virtue of The main change has occurred Pomnan Guarantee, at the time 

having a branch office to Wales. TAYLOR/ SEAFORTH because Messrs Michael Ashcroft of bis apporetmeat.^will continue 

Monk would be able to tender for MARITIME 
work there previously rvriutf^I sexforth Maritime, the Aber 


because Messrs Michael Asbcroli u ‘ 

and Allan doggie have acquired ■*.» c ®‘^“ SSSIir^fh 

20 per cent, of Customagic's „ Mr. Wi.llip& a consul tant with 


Schaverien. which represents sub- 


t 1 ' it. He was hopeful that the deen-based enidoecring and off- shares through companies' in 

exploitation or oil resources off shore support company and which they have interests. Both 

the Wehh would lead to tv^drel, the toBwtton- now join the Board. Mr. Adhered 

increased building work there. . ^active engineering, coosjruc- as cteta «jd Mr. JS^ 19 *?5.^1lTtoo rentinueto 

Uon and development group, have Uoscic as managing direclor. ^ connected ” Hlh the 

FFFDEX BUYS REST i oin,1 7 fonned ■ new operating At the same time Mr. Sidney company, 
rtconwi riJnc company. Seaforth Taywvrod. Terry and Mr. Bernard Terry, who The reorganisations two years 

Ur KUyVLANl/b l The new company, in which togelher control about ?3 per azo were designed to promote the 

Feedex Is to acquire tho out- both partners have an equal in- cent, of the shares, are resigning company's expansion both ai 

standing . minority Interest to t crest, aims initially to develop a from the Board. home and abroad. Since then 

Rowlands Engineers reprexenyng si rang presence in the North Sea So lo0 have >f r . c,errv Truman profits have turned to losses and 

almost 33 per cent, of that com- offshore maintenance market— an and Mr. Ian Phillips, both of the company has decided to move 

pany s Issued share capital Tor area said to offer great scope to w j Jom were appointed non- to cheaper premises. 

£366.400. - U K. engineering and offshore 


This is to he satisfied as to service companies. 

£266,400 In cash ahd‘£ 100,900 . by 

the allotment and Issue of 333J34 _ __ 

Ordinary shares. There is provi- LAFARGE SCHEME 
sion for the vendors to elect to SANCTIONED 


owned and all of its 6 per cent. 
Cumulative Preference shares of 
£ 1 . 

The offer for the remaining 


L.„. .11 fV-t 1 rip Oner iwr MIC lcuifliiliiis 

S*! 1 'U P i:J . The «*««• ? f arrangemcni be- 204,427 Ordinary shares ( 6 J .34 per 


OCEAN CORY 
EXPANDS HOLDING 
IN HULL BLYTH 

Ocean Cory (Investments), 


balance of £100.000 also in cash W iBriM on D r E1M 2 ICOuVaS "hare- . r 

,f the average of the middle mar- ^"heholSrsof ir?Ordtoary 0 ?‘ ro I Si 

ket quoiauons for company's shares (other than the 3.US4.054 of jjp shart . s of Holdings I? 1 !^7 rr , r ^ lpr I?iSfhv S« 

«** on the basis of nine Ordinary CaS? Inv^menU 


II below Z3p per share. Certificates Tor the aeheme^ VL? Vi -nnh a bout TSo consioerauon 01 per 

The nel Tangible assets of shares have ceased to be nfvalue jJoMe^ Cf ^O Wfl Prererfmre ? ceac C c nr> 1135 a i^,u Pnrc I?SS 

Rowlands at end 1976 %rere and chequec for the cash consider- 2L mTash {T 0 ? Furrfss 


Kowianas at ena w^ere ana caeques xar in* cam conwoer- Afran.ii qnt» in .-ash iir. „ d ,Tl 

£638.324 and its net profits before ation wfll be despatched on Febru- ” oed p 1 Preference shares in Hull Blyth 

per share. at 50p per share. The total con- 

The directors of ER1 (excluding s;der ^j 0n amounted to £128210 


COURT BAN ON 
CASINO SALE 


tax were £189.740 (£82.485). ary «. 1978. 

MxV krX Tucker, an employee r __. h _ M wjnai 

WESTERN CANADA ^SSTSLSSff" li}e '*”** ^?res Ind 9237 

INVESTMENT profi.s before 

A High Court Judge yesterday Western Canada Investment has tax of £151 JB1 in 1976-77. mans-. PMJJ IS^LEEJHm or 7 n I r 
put a temporary ban on lha sale received an approach from the factures dry batteries in Ireland _ * , n .'^ 1 a ,V e In! ; vfu- 
of- k London gambling ca&mo. the Scottish Eastern Investment Trust and distributes in Ireland ihe riff] 

Casanova Chib in Grosvenor with a view to their making an products of Holdings and of a J* 

Street. Mayfair. . offer for the remaining issued number of other manufacturers, 'j* 4 '”' £' re 

Mr. Justice Brlghrinan granted Preference and Ordinary share „ ~ n <SrL fi K 

ihe order to Pleaturama which is capital nor already held. r „ D unr , cc 

involved in litigation with Mayfair The basis Tor the offer would TRAFALGAR HOUSE c 5 e „ 'f 2 senera meclinz 
Casinos and a number of its be: For each 4- per cent. Cumu- Trafalgar House has increased 7 ,y ~'; . ... 

dir<^tora. iative Preference share. SOp in the consideration for the re com- Hui! B.yth :* an unlL«ted public 

Mr. Allan Heyman, QC. for cash inclusive of any dividend mended rash offer dated Decern- company nim subsidiary and 
Pfeaxuranu. f«M the judge that due and for each Ordinary share, ber 15. 1977 for the ? per cent, associate companies through 
there was talk of American cash, equivalent to the audited Cumulative Preference shares of which 1: pro vises moasirul ser 
interest intending to sign a sale net asset value per share on ft each In Morgan-Grampian to vices in France and the Canary 

contract to-day. January 31. 1978. after deducting 73p per share. . ‘stands and expert and shippmg 

The club was Mayfair Casino's Preference capital at- SOp per Acceptances have been received agency- services in the Lh, 
main asset and, by law. could not share and without deduction for to-reaped of 172,200 shares repre- Angola, Cyprus and the Lebanon, 
be disposed of without the any potential tax on unrealised Beating RG.i per cenu An irrevoc- ocean Cory wilt make offers on 
apnroval of a meeting of- direc- capital gains. able undertaking to accept the .j, r terms io Farness Withy 

tors. The order is effective until The Board will be making their increased offer has alsobera re- an j i_- n;on Castle Investment Tor 

a further hearing next Tuesday, recommends! inns as soon as wyed In respec! or z.. 000 snares ?he our .‘landing Ordinary and 

unless Mavf air Casinos applies to possible, and recommend that which, together wun ioe above p re fp r en>_x 
have it dischured earlier. sharehnWers take no action. acceptances represents sw.e pe. 

Regardless of this approach, the cedi. . . . 

RoaitS intends to dfebre an oiler has wen acciared jtj- 

COURTAULDS TO SFLL interim dividend on the Ordinary eondiiwn.il and remains open for 
FRENCH SUBSIDIARY shares on February 13. At present Meeptance until further nonce 


shares is Hull' Blyth. 


itMo^Siktoc FrenTl^l'^! ** WEIR/SPINK & 

m- and sninninv subsidiary. ^he Uruinarj. JanpflC kprpiv 


ASSOCIATES DEAL 

On January 24 Capel-Cure 
Myers soid 5.000 shares of Allied 


mg and spinning subsidiary. 
ftergta-Kleiier to La Lataiere de 
Ronbaix. 

Courfaulds bought its 81 per 

rent, slake In Berglas-Kiener m - „.v . ~ ^ . 

1975 when the company was Ever Ready Company (Hold- offer* are now unconditional and Stock* eu ana Co. Mr. Kicnard 

already w serious difficulty and Irigs) is making an agreed offer remain open, ffnr iniends to sioekwe’i has been appointed 10 

ihreatened with closure. Attempt* for all the Ordinary 23p shares compulsorily acquire the out- and Mr Tom Pr«eaas resigneu 

to rescue the company coincided of Ever Ready (Ireland) not standing shares. from the Board or Change ware*. 


EVER READY OFFER 
FOR E.R. {IRELAND) 


SON 

Acceptances received by 
Andrew Weir ainnunl 10 94 per 
cenL of the Ordinary of Spink 
ami Son and over P8 per cent, 
of • the Preference share* The 


Investments a: 52 ip for a 
cietior.ao investment client 


dis- 


CHANGE WARES 

Following the acquisition ,of H 


SHARE STAKES 


Harcro* Investment Trust: acquired further shares making London: Kuwait Investment Office Terence stock. Guardian Royal 

RoihxchiJd Investment Trust on holding 360.0U0 15.652 per cent.).- acquired on January )6 3.000 Exchange _ Assurance Group now 



In wine recent acouiMtmn*. 

Wilkinson Match — D. Randolph 
chairman. beneficially . 
IJI7.94S Ordinary sharps 
Mock - aqd 


.. ii.iiih 1 . xuiw.iu 1 . Mu . iii . w * 

m.r HuWIpiss — .T ames , Neill Goldberg Trust owns 23.435 shares ^ ^ . 

Holding; has taken no proviomwl (j j p^. r W nl.) in nunje of Bar- y u ■ ' 

**2K alios mem of 227.5K1 shares to clay* X, .miners Branches. M. R , 


ami ^Vn'lts 1099 per' cent- h/>Id i ng. CoMbc r.52iwT^!fi e« 164 j::. ^d' rector JhE sold 


on Jwwiry IS makic* E”? SSJuoSS STSu Ttewtai 1 tTlSK r Afriran Lakes Coition: 

sa 7 unss iwts sba 5 b mss »[ w*«b aarsBMstK m 

Tilbury Cities InrestroeniTrusi » , #Soo^JJU 5£ M- «nr ). reducing its holdings to 

Continental and Industrial Trust January 2fl acquired 7»8 shares snares ana ^ f!3 , cent.). 

» n lTipUmWiiim. mrtte 1W* Lntan» ^ ™0 Uijte 

Interest now ml. menu has disposed of Us holding. Pave, nas purc.nasm cfluo Q*y Office Nominees as 

Hunt amt Mo Wop On January of 100.W0 shares. Harews Investmenl Trust: nominees for various beijeficia' 

11 statute* International held Anderson M«m.v and Elder Rothschild Investment .Trust owi-nerx ha'ds 4S^>0 shares (6i2 

2.344.623 shares (19.01 per cent.). (Holdings): Williams and Giya’s January 24 was benef.rm-’y rent) 

City of Oxford investment Trust Bank Executor and Trustee Com- interested m Ll»1^0tt shares crelton Hnldlngs: Mr. V. C. Creer. 

—'siuHerx Ruperannualton Fund nans (Channel Islands) h.v an per cent.i. Tb» m pan nf in«- a ^ ;rcc i 0 r, ha< disposed of 3S.0M 

( |*» j2 1 ha* recently it* hold- interest as trustees of -'to’ Tyndall - JL2 per cent. shares registered in name of 

mg of 215.000 shares registered in Jersey Fund , to IOO.OOU shares TOT.^iei^sl Kus.se: iLiine Hole- courtu ays . Management, a nnraie 

the name of Barclay Nominees ti.sr, per cent.). MaI a spokesman investment ernmeny of which he 

(KWS). Interest ix now- nil. Holding*: A provisional y*=»erday. U ?:«> a direclor. 

MyddjelftB Hotofo—Tyndulis has pjjoimcM of 227JW3 shares to Drayton Premier InsesrmeW BriiiA Dredging Company: Wm 
mertWH4 JW boWilg to TSrfWii James Neill Holdings has been Trust: Athene L™*tiEeri1s has Adams a”d n Cnmparry 1 . New per l) 

*h*rts (TCK-pyr cent:). takpn up by them to retain their bought £35.000 S j*. jvr reni Pre- hxs bous*n 20000 ^iw/e^ winginc 

BlaHrMfWMMflBt IMdiu*— inw per eml. holding- ' ° J * 

Glob*. v]^y*smwp|:. Ttuat has Luton Discount Company 


fere her atosk and £10.009 3.5 per its wit*! in'era*! to 645.0M slare* 
of cenL (formerly 5 par cent) Pro to-75 pc cent-}. 


GOLD FIELDS GROUP 


GOU) FIELDS OF S01TB AFRICA LIMITED 

’ . {Incorporated in the Republic of South Africa } 

Interim Report for the six months ended 31 December 1977 


The unaudited consolidated profit for the six months ended 
31 December 1977 is as follows:— 


Six months Six months 
' ended T1 ended 51 
December December 


1977 
R million 


1976 
Rmillion 


Year 
ended 
30 June ■ 
1977 

R million 


Income from investments .. 

17.0 

15.3 . 

30.8 

Surplus on realisation of 




investmesis — ..... 

3.7 

0.2 

1.0 

Net income from fees. 




interest, etc. 

3-3 

4.1 

7.8 


242 \ 

19.6 

39.6 

Sundry expenditure 

3.1 

3.0 

17.5 

Interest paid 

1.9 

1.0 

2.8 

Drilling and prospecting 




expenses 

12 

2.0 

4.2 

Amounts written off 


— 

lOfi 

Profit before taxation 

202 

16.6 

20.1 

Taxation and minority 




shareholders* interest ■ . 

■ 05 

0.9 

0.4 



re 

■ 

Profit attributable to 




G.F.SA. members 

20 2 

15.7 

21.7 


- - — . 

pT.i-TT 

m. 

Earnings per share— cents . 

124 

96 

133 

Dividend per share — cents . 

50 

50 

110 

Times dividend covered .... 

2.5 

1.9 

1.2 

Net assets — as valued — 




cents per share 

3,658 

2,777 

2.477 


NOTES ON THE RESULTS . 

1. Subsidiary company 

As Deelkraal Gold Mining Company Limited which is a 
subsidiary (50.4%) has not yet commenced mining 
operations and has capitalised all expenditure to date i 
has been decided not to consolidate that company's results 
into the group's financial statements Accordingly 
consolidated figures appearing above and those in note 2 
below exclude those of Deelkraal. 


2 . 


Investments 

The company and its subsidiaries write down investments 
when market value is below book valne at the end of each 
finan cial year. Accordingly no provision has been made 
in the accounts for the interim period for the depreciation 
as at 31 December 1977. which was R43.000 (1976 — R3.2 
million). 


3. Particulars of Listed Investments (including Deelkraal) 


Stock' Exchange Value 
Book Value 


At 31 

December 

1977 

R million 
568.7 
1382 


At 31 
December 
1976 

R million 
438.0 
141.7 


Excess in Stock Exchange Value 


430.4 


296.3 


Dividend paid 

The dividend of 60 cents per share declared on *2 August 
1977. in respect of the year ended 30 June 1977, was paid 
on 30 September 1077, and absorbed' R9.781.000. 


DECLARATION OF DIVIDEND 

Dividend No. 58 of 50 cents per share has today been 
declared to South African currency, payable, to members, 
registered to the books of the company at the close of business 
on 10 February 1978. 

Warrants will be posted to members on or about 16 March 
1978. 

Standard conditions relating to the payment of dividends 
are obtainable at the share transfer offices and the London 
Office of the company. 

Requests for payment of the dividend in South African 
currency by members on the United Kingdom register must 
be received by the company on or before 10 February 1978 in 
accordance with the abovementioned conditions. 

The register of members will be dosed from 11 to 17 
“February 1978, inclusive. 


On behalf of the Board, 

A. LOUW 1 
Chairman } Directors 
R. A. HOPE I 


Registered and Head Office: 
(told Fields Building. 

75 Fox Street, 
Johannesburg, 

2001 . 


United Kingdom Registrar: 
Close Registrars Limited, 
803 High Road, 

' Leyton, 

London E10 7AA- 


London Office: 

49. Moorgate. 
London EC2R **BQ 
27 January 1978 


Remember, 

SHARES SHOULD BE 
BOUGHT AND SOLD 


Gone are the days when a "sound portfolio *' of shares could 
just be bought and forgotten. 1974 proved that Today's 
investor has to be alerL Buying tomorrow's favourites at 
today’s prices And. of course, remembering when to sell them. 
B efore the next “ ig74 ’’ That’s why the FLEET STREET 
LETTER. Britain’s oldest newsletter, emphasises the- im- 
portance of knowing when to sell. 


The only way to be sure the FLEET STREET LETTER fs right 
for you is to see a copy and judse for yourself. So, just com- 
plete and return the attached coupon, and we will send you a 
FREE COPY Plus a detailed analysis of FS.L.’s latest idea. 
And all that without any further obligation whatsoever. 


P.S^ F-S-L. expects to recommend some extensive share sales 
later in the year— make sure you are *on board' before then, 
it could save you a fortune ! 


To: FLEET STREET LETTER, 

SO Fleet Street, London EC4Y 1JH. 

Name 

Address •• 



I Please send me a FREE copy of F S L. F.T.ll 


WHEN IT COMES 
TO PENSIONS, WHAT 
MAKES YOU THINK 
YOU’RE SO SPECIAL? 


Tel I us— and well tell you which of our 
pension plans, the Adaptable Personal Pension 
Policy or the DEK Plan, wiil work best in your 
special circumstances. 

For instance, are you self-employed or 
working in a non-pensionable job? If so, you’re 
well-advised to look after your own retirement 
with an Adaptable^ersonal Pension plan. Each 
plan is tailor-made to your individual requirements, 
and you may invest up to £3,000 a year in it, with 
tax relief at the highest rate you pay. 

On the other hand if you're an employer- 
wishing to provide pension and life assurance 
benefits for your special people— our DEK Plan is 


especially designed for DIRECTORS, 
EXECUTIVES, and KEY em 


KEY employees. Use it as the . 
sole benefit scheme or as a supplement to 
existing benefits— either way it is an extremefy 
tax-efficient arrangement. 

Both the Adaptable Personal Pension Policy 
and the DEK Plan deal with individual circum- 
stances. If you’re just that little bit special, post 
the coupon and well send you the details. Or ask 
your broker. 


P — — — _ — — — 


Street 


lb: FS Assurance, 190 Wes 1 

Gtj*w*rG 22 PA_Telet*oce 

flBasesnLwihouicto&tiaaldldtXabdFrijr 


I Mapabfr Peisaid Pension Pcfey/DEKPIan. 

ISLXK CA»:7*i5. PL EAST; 
rVriflrrA*-: 


^^7r 1 £'Vr/\:-^ , VmJ. 

rjlftm' Adzes.. 


iV L'o 




Zyjs^Sr*- 

ASSURANCE LIMITED 

Over 75 years or Scottish Experience ■ 

790 West George Street Glasgow G22PA' 

Toieptione QJt-332 B1G2 

c ■» - i* #*r C- ■ Btl-Xf! C«nkdt<n. Erlintiureh, 

C -irSi'-*. iuV ' y.,‘Kf‘istcr.£.-iah.vt^itori, ■ 










Financial Times Saturday Janȣ 


January 28 OH®* 

- +« . — -- - • 


Decline checked : index up 0.78 


OVERSEAS SHARE INFORMATION 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK, Jan. 27. 


NEW YORK 


\tnui> Uit...... 

\ 1 iresM/Rrayb 


LITTLE CHANGE was recorded some firming of the dollar In )30 on Fls.25.7m. net ' profit In } point on index, 

on Wall Street to-day, when the Europe. third quarter. MILAN— Prices 

market was helped by better than Schlitz gained $l at $13. Fibre- Other higher issues were Ned- quiet trading, whi 
expected money supply figures board S1J at S16J,' Marshall Field Hoyd. IHC Holland and Naarden. come of political 
and strong speculative activity at SSI 1 , and Verts SIJ at State Loans very steady. form a new Cover 

which prevented a further sharp 827a. ' GERMANY — • Ouietlv steadv Insurances and 

decline in stock prices. Exxon added $j at S43J. with earlv wealmS* offset by Financials mixed. 

After rallying 2.34 to 765.0S. the THE AMERICAN SE Market foreign demand ^ * . Bonds higher. 

^dustnal Average Value Index put on 0.22 to 12084. TnsUtutionai investors held back JQHANNESBURi 


declined in ur«> 


mu 

Jan. 

21 

Sfi 

51 

51 

14% 

14% 

31% 

41% 

23% 

23 ia 

32% 

425a 

23% 

1(3% 

39% 

39 s* 

*9 

i 8 ia 

19 Fa 

19* 

373a 

37% 

19% 

19% 


i. "tiling liini,..' iiGtg 
CPC Int'otnnui.' 42% 
emor *5% 

l rocker 44% 

CMra&UertMcn! 519* 
v'ummuiiBagtnc, 54 % 
Curv Wrtpht iB 


Ftnnrfs hizher \Uw Ltouroere... *4% *** 

. oonas ntgner. \yfAXr ... 44 % . *5 

JOHANNESBURG— Gold shares vmcn.ui He*. w 24 


GnUhed 0.7® up at 7M.12, reduc- reducing its loss, on the week to on uncertainly over curreni wage harder in modest trading. Most ! \nrcr. Airune : lfisg . Wig 


ing its loss on the week to 12.82. Q. 99 . 

The NYSE All Common Index 

shed 1 cent to $49.09, making a 

loss of 67 cents on the week, while __ _ 

declines led advances by 725-to- OTHER MARKETS 

567. Trading volume decreased 

tol. Shares to 

The U.S. Money Supply (M-l) . _ 

rose about $soom, in the latest Canada again lower 

reporting week. A much sharper 0 

rise had been feared. The decline continued 


round and West German dock buying on local account also \mer. an«od»_-i 3 w* : 39 % 

.. 1 * 1 3 ivv_l imAP KmaiWvl. ■ fi4Ss 


Public Utilities put on up to creased. . 1 vmeKU 5 utunin< 245 * ' a4i i 

DM1.50. Engineerings and Steels Financial Minings quietly ABier ; 33**! 23 t b 


though overseas demand in-j 


Lhu.» uu . iI .„.| 22% 
UAH Imlintrie*..' 34% 
Uew«. £3% 

Dei U< ate _.| k2% 

UcIr-hb J. I (.3a 

Uenitpiy Inter.. ' 17% 

Dcutril _ . 10% 

UtanwimlSliMirfc 87% 
DLespbune— — 11 '; 

Digital Equip..,.. 41% 
Disney <n nit) ....j, 33 
Dov-a- Con* | 39 % 


22% 1 >2 1® 
34% I 341s 
23 3* 23% 


*? 7 a ! «% 1 Dow ChcmiiaW 


gained up to DM1.1Q. 

Stores lower. Banks mixed. 


steady. 


Airier. Kxpresr... 325s 


Minerals marginally higher, in i ,mer. Borne Prom 27% 


• — — Beton and Monierbau further slack trading. Platinums ml«d- .. ._ ; a*. 

,-i The U.S. Money Supply (M-l) . _ declined DM5 on unconfirmed Industrials quietly- easier. aIh^';Silg^ 39 % j eoTg 

;* rose about SSQOm, In the latest Canada again lower reports it faces liquidity problems. H0N g KONG— Firmer in van*; stmt ** „ *$% 43% 

reporting week. A much sharper Public Authorities Bonds firmed d t volume. reflecting inn*, sewra™.-! »% ! 29% 

;■ rise had been feared. The decline continued in slightly, with Regiilating Authon- encourat , e mem Trom Hons Kong’s 5% t ask 

r 1 The modest rise was a further moderate trading on Canadian ties selling DM 14m. nominal of Braa |j er December trade deficit. *3? Z”I-i i6s» lerj 

indication that no change is likely Stock Markets yesterday. stock. TOKYO— Slightly higher led by aui* “ ; 26% » s#63» 

;j in the Fed's monetary policy over The Toronto Composite Index SWITZERLAND — Mixed in Motor cycles, after late profit- vmge*.- i9 7 ® ■ “J® 

III Hie near term. lost 4.1 to 1,0002. Metals and quiet trading. taking pared early gains. Volume **£■“■!;■. fg, f k J 

Another helpful factor was Minerals 1-9 to 808.7, Golds 16.2 Banks irregular, with Hypo 290m.-270m. shares. . *8 

• . to 1,368.5. Oil and Gas U2 to Winterthur lower on proposed Foods, Chemicals, “medium- V jui *17 3 • t2 

1.353.0 and Banks 0.67 to 229.71. dividend .cut sized" Steels. Machines. Noa- umHiOir.,,.. ai; 8i» 

! t FRIDAY'S ACTIVE STOCKS But Utilities firmed 0.08 to 160.79 Financials and Insurants . Ferrous Metals and Precision vauro iS 5 ® ' iS', f 

dianue and Papers stiffened 0.18 tb generally edged b I? her. Baloiae instruments rose, while Yen m aau 

I I awrfta aii-ins nn 91 . 55 . Hegistered rose, aided by its redenomination related issues. felL asvf 

iraded price day shareholder’s letter. Exnort Orientated- Electricals ' pi! bi! 


\mer. 175$ , 17U 


■ i indication that no change is likely Stock Markets yesterday. 

;i in the Fed's monetary policy over The Toronto Composite Index 


Dnvwr ' 39 38 r a 

Du Fbot | 1037a 1067 S 

Ujmo JudustrieH 12 b» iXlg 

E«|{K Ptchei ^_j less I 8 S 4 

test Airline*.. I ? it 71 2 

test train KaUUl.J 4&3« 453« 

teton* 1 3334 34 >4 


Bltra 27l( < tf71g 

tiuereun Eiecinrl 323s 32 

bmenAIrFr'gtili 38Sg 373*. 

Knoui : > 28Se tBlg 

fc.U .1 ^.| a 12 a >c 

bageibud t4ie 1 24 4 

Kaimin ! 267# J 26 7® 

Ktbyl 19ls I l9ha 

Kvvitn iaAAi ' aSAo 


r'l FRIDAY'S ACTIVE STOCKS 





SMiki, 

CJU'IIIE 

nn 


iraded 

price 

day 

Fiberbnard 

"T4.SB0 

mt 


Si-bUiz f.rtwins . . 

irM.RM 

13 

— L 

E\5Lon 

196.400 

«: 

+ : 

Vcrex 

lf-'.-’IMJ 


ti; 

Martha 11 Field 

1ST.3UQ 

31} 

-t« 

Ea lnran Ri/dok .... 

I3i). jno 



NewhaU Land Farm 

1 49.400 


+ 31 

Pullman 

irn.soo 

24* 


Royal Dutch Pel. 

liTJOO 

30 


fnen 

UJ.310 

%» 

-i 


But Utilities firmed 0.06 to 160.79 
and Papers stiffened 0.18 tb 
91.55. 

PARIS — Little changed in quiet 
trading. 


Dollar stocks eased in light were lower. 


oenonuridiiuii reiawu y . 357 : • 

Export Orientated- Electricals! Jvu aif 


Gold-linked 4.5 per cent steady. Germans lost some Urn'ent ' depressed by" December — d&i a 

Government Loan gained Frs.7 to ground. quarter Inflation statistics. SoS 

*o3- ■ SPAIN — Notable inquiry for Banks easier, while "second uurber cm. 87 

AMSTERDAM — Prices Tell on Industrial Banks, which recovered ranking ” Industrials, Retailers, outer Trawran. 351 * 

lack ol interest. 1.75. white other sectors were Brewers and Properties also 

KOI. however, rose FIs. 1. 60 to quiet except for Metals which lost generally eased. 7^ 


volume. 


cent steady. 


Dutch 

Germans 


Internationals 
lost some 





AUSTR.4UA— Weaker with sen- 1 mm iPmiiwn.... 4#u 

muni rienreysed bv December I ten t«s Klflcl™. 


2 tei _..j 4S3| ! 43 3s 

rutelith«J&iiwra h74r £6~s 

u Kml Dept. Sum* 1 . SB's 1 35?a 

Firestuoe lire..... 147a ! 15 la 

■„ t •*. Siti. Bonon. 4& I 4BM 

* Van 16I C 17 

u Fiunkote ... I97 a I 19is 

. rViHda PowerM... 30 U 30 U 

4 Fluor | a234 | 42^4 

« r.ai.c ™«..i zui 21 ig 

1 Konl Motor [ 413* ! 4l6g 


Indices 


ff-Y.S-E. ALL C0VK0N 


Blass and Falls' 


;; NEW YORK -DOW JONES 

1 \\ — 

• 1 1 1 | 1:1 I9T7-TS pSinceo'mpllatloa 

5 i Jan. ; Jan. > Jan. f Jan. ! Jan. i Jan. , ; , 1 

». |S7l2PI25|S4l23|E0j Hlpli j Low j High j Loir 

■ •' i ; ; : ] ■ ! ' 1 J 

.( (n-luttnal^.i 7B4.12 768.54, 772.44 771 JT 770. 70! 776.84 999.75 763.84 [ 1061.7® 41.22 
I * I • I I ioil.-77) i8S/l(*iS);(U/l/73r (SiliSSl 

■» H'meB’n.l"*! 88.57] 89.88' 89.53 89.54 98.56! 89.58! 93J7 89.83, - I — 

it i • I ' I I j ' ' |7/9J (S6/Lf76l ' 

f Trantputl.... 208.71 209.56 211.46' 210 JS 210.51 210.95 246.64 IS 8 .GB 270 J 8 I 15.28 

. ;.•(•! ' d?«i (2S'10l (7(2/69> 1 <8(7,52) 


Jan.' | Jan . 1 Jan. I Jab, 

27 86 ) 25 » 


SB j 2S | M | High [ Loir 
49JP, 49.47 48.4D* 57.07 i 49.06 


'■Jan. 87 'Jan. 26 ; Jan. Shi duel 


Imutw leaded — 1.778 1305 ; 1.B16 

Hi sea S67 444 ! 744 

Falla 729 1 908 i 684 

Unehanobi ' 486 J 453 468 


14/1/77} (27l 1.-73) Se» Uliha 

.Nev I/'wa I 


Jan. Jan. Jan. j Jan. 
27 26 25 | 24 


Industrial 

Cnmhined 


168.47- 168.91 ISB.Qff 165.9& 186.47 (17/3} 
171.19 U1.54 1 172.76 I78J1) I87.S& (19/1/77) 


.... J I J llSwi I (25' 10) I (7(2/69) (8(7,32) TORONTO Uwipowt*: 1000.2, 1004.8' 10 10.01 10 10.81 1067.4 (18/7) 

' VtmtUjv. ' 104.84' 105.14 105.59! 105.75 109.28 109,77 11B.B7 104.B4 j 165.82 . 10.58 - L___ J 1 1 ! : 

• • I I : I ; (23(2) .(27fl/7Bj: (37/4/691 j|2£/4/42i JOHANNESBURG t ! 

• •Tra.llnerol ! ; ! 5 ! [ i Qol>< - . 213.7, 215.0 216.4 i 216.4(24/1/78) 

II OWa i 17,600 19.609 19.690, 16,690 19.580, 7.580 — | — . — i — In-liMrlal* _ . 212JL 212.71 212.0 ! 214.4 (4/ U7BT 


168.02 (25/ 10) 
106.80 (20/LOi 

061.0 (26/10) 


159.4 (24/6) 
163.1 (22/4) 


= g- s 8 ES^j £* ] Si! 

1458 • is l * lsS j lSS 

deji i Bowe*U... 145g 16 1 * 4 ^ »,s 4 

S?eTuS^ : 27. ! ^3 "'"F* 9fl ® 1 9Jb 

detiiiebexn ateeu 28 1 22 ij ■ ilia lUa 

Jbaub i Harter - 145a ' 16 Ganued f 3S/4 Sale 

23 J* . 255a -iea.Araer.ln 9l| 9 la 

la 22 ■ a | 223* GA.IA • 263a 2&1* 

285a - 28ra UenXnbte. 113* lli a 

86i< I 263 b lien. Dynamic*... : 4U* 4}ls 

! 103a' iota Gen- Uiertit*-..., 46 1* . 4&ia 

.] 127a ■ t3 Gonecat Foods — .1 293a 2GSa 

a. 329s 1 423* General Mills — I 271a 27*3 

lit..' Itfc i 15v .ienerai llocora-.; &8ia S8 

iue I &9tfl . 293* Gen. Fnb. Utd^.J ISJg 19 la 

I3U I3U Ueo.dUnai .1 2 St 8 261 a 

, . to I lav Uen_ Tel. htect | 28i« Si8U 

313* . 32 ^ Jen. tyre • 23ia 23 1* 

b . I 5 , oi R Genruo &i* d>< 

(Urn. 3912 397a Ueugia IWlftc—, 245a 244 

6475 [ 64sf Getty OK [ 186 167 

lip...: 3178 j 32 Ij GiMMie 1 24% ! 24% 

idfiL- 16 [ 16 Goortit-hFJ 193, j 10% 

10% : 10\ ? Uoodyeai Tire 163* ] i67 B 

- k81« j 281* Uoui.i_ 27% ! 277a 

rnrali 1*1* .. 12% Grace W. K :... 26 i 29% 

jy... 171* , 171* UvAtwn Fa*- Tee. 7% ! 7% 


Hiw m i ikip , -inniwi ,niff tiniiRi p 

Jan. SO < Jnn. LS 
!n,l. rtlv. yeilil % * — , 


Jan. 6 j i'ear (appn-x.) 


Jan. . Prev- 1977-70 1 771-73 
27 i ioua ' Hi*;b 1 t*>w 


! Jan Kn? 'hd/i-ic iIjii-i 

• 27 1 ricau I High ! Low 

"«)| »-61 | 94A8 j 1QU.0U ! 94^6 


tor leu 28% ' 287a 

Jon* Warner.-... 26 1* I 26% 

iraniii Int ! 10% ' 10t 8 

1 raven 127g ’■ i3 

irlalo- Myera. 32% ; 623* 

Jril. Pec. ADH...; 1C% I 19% 
irtxUimy Glua-I 29% ■ 293* 
-iruiuwkft. — l3i* 13lt 
Juej-rus Ki^e. — : 19 19% 

iixlrl 1 313* ; 32 

Julnn Watch ...J 5 j a% 

durilogwn Jilhn. 391j , 397g 
juimu|[h* 64 7g _ 64% 
Jail) plieil Sun p...: 317a i 32% 
Juuiiisri Mwifie 16 [ 16 

Jairai UandMpb..'. 10% : 10\? 

.'aroafiou.. J 28 % ; 281 * 

^tnet&lmierall 1*1* . 12% 

Jane* H-wley... 17% . 17% 
Jaterptlle* Trad, i 49% ' 49% 
Jlfia ‘ 45lg . 454* 


194a ' 19>fl 
237 a 26% 


163* ] 16% 
27% ! 27 ’a 


49% I Grt. .North Iron. _j 27% j 26% 


Maaem Lorpn... 
Juntrai A iff,,.; 
„ertunifl»( ' 


Australia fi) 46BB6 466.13 j l79.«j; 4leJbh g W6( l BQ W |! 353^9 1 3B6JJ4 4 16.tfc i eUL* 


4 A 0 I2i ! (29/i/ir | Jesana Mr -raft ..I 30% 


j(A/l/7fc") (1S(1Q 


BaUcium Hi M-T? 61^8 -Ti -g Switerl'df ( AHA) 310i] Jlax | r, *cu- — 

.(lj/U77(IC,)/7h . (((4,101. (Ml Jbesile Si-Mem...' 337 b 33 r B 

: prrTE »Ii?n5wniTOni Deam*rki->. »■«» rr — ^hStobridee.- 42 ■ 423* 

Ian. I ; 1 p. ... cq 1 ion ! Lr, i.1 Indices and uae. dates 'all base nUues -hiumailoy^ — j 19% j 19% 

2J ! Hhih i L.« j H%b I Ljw FnUKM itt> S0.1 48^ OfcJ» . ]00 NYSE Ail ConmwD-50 ^hiyw ! ISfO ‘ 1® T 0 

: fi , L m 1 aw * on* a -Jia *' 1 7iv h Standards and Poors— 11 and Toronto -raenuna ] 2% | j* 

88.94 118.92' 97.47 J 154.64! 8A2 tWiilEnfl**} BU2.4 H04.6 , «« 300-1.808. the Iasi named eased on 1975) Jute. Milaeron...; 183* , 18% 

l i5/l/T/»i 6 |/i6i;(H/1;73i'io 0/8532) _ „ , .... m* i t Er rinding bonds. 1400 IndnstrUIs. -Jltuorp ...... 20% ; 20% 

69.99 107.00' 89.58 I 125.95, 4.40 Holland »Ui SU.0 I ; to# ^ ^ n ujuihm; ^0 Fi„ aM8 and .id* Swvu-e-...' 48 • 48% 


1 /STANDARD AND POORS 


; Jan. -Tin. . Jan. Jon, ‘ Jan. j Jan. I- 

1 Z7 I 26 I 25 ! 34 25 I 2J i 


s>ira-e L'->ni)illiii'n 


! {ltnlunrtoi»: 87.51 97.47 96.59 : 99.25 98.1 


CurapiMite 88.58 88.58- 89.59 88J25 89.24, 


Lint j High 
97.47 j 154^64 


Sweden mi' 355.69 3&6JM 4I6.tfc IdOUSt .-base Manhattan' 28 

! ; . <20.31 ;rJ4/Uj .-Immi.-ai BlvM 38% 

Switeri'd( >: 308.4 3102 5 lie I *Du JUeeebryh P00.1.' zu% 

; . I -- Idi/lOi . (4/3) Jberateuynem...' 337a 

" . ■ ■ ■ . uhloBdO bridge-- 42_ 

Indices and use. dates >al> base values -bnmmilojr-. — j 19% 

100 except NYSE AU Conmwn-50 ^hiyw J laio 

Standards and Poors— II and Toronto -inenuna 1 2% 


.5/1/11) (2P(l/76i. (ll(k/73) (1(6/321 


^Ind. 1 


Jan. 18 | Jan. 11 ; Year «*».• (apptux.1 


floni K WHT 406 ^6 402A7. 426.17 .^i.« (jj> Belsteil SE 31/IS/ML f 1 Co'pennaaen jociiCoia- -J 55% i oS% 

R7«I sns, ‘li'n « vim rni Part* Bourse LMt ^topu Rdi„ J 19% . 19% 

Italv ttul 5(-W 5EA1 J3.(l (i*> Commerzbank Dec.. 1858. 1 H ■ Aroster- ioUina AlKomn.4 lui* ; iu% 

1 . rum da “ lwo * *11 Hana Seng Joiumtn* Ga* j 26%: 28 

(a) a7b.l7 Sib.67 , 330.49 Bank 31/7/64. Milan 1/1/75 (at Tokyo ^Lih tS 14% j 24% 


W-M- ■ « 


OnL I Jitj In vesting ...1 i2% 


‘ I^lu'l. V-E lUli,. , 8.62 ! 8.74 j 8.65 j 11.07 

j ( Lyu; tinrt. Uomlyiel) : 8^20 B.17 1 8,91 I 6.13 

' F.T. CROSSWORD PUZZLE No. 3,579 

' : - . A prfce.of £5 mill be gi»en to eorii of the senders of the ftrai 
i lathree .cgrj-gql^spluttons opened. Solutions must be. ^received by 
• : text Thursday, marked Crossword in the top left-hand center of 
i -*/he envelope, and addressed to. the Financial Times. 10, Cannon 
* pu*B& r LtmddUr EC4P -fBr. . tVtnuers ond aolutiow will be given 

. - 

12 i in i4 m&5 1 n in in 


454* Greybuutki la% 12% 

39% liull 3 Western-. 11 11 

ln% Gull U» 24% 24% 

42% Haiihuitoa— . — . 67% 677a 

30% Uanna Mining'-.. 37% 37% 

28% Hararab leger.... 1S% 160 b 

39% Ham* Corpo 42 i 42% 

eOTg Heiu H.J. 35t* : 35% 

33%. Henblein 26% > 257g 

Hevriett tVteud 67J* . 67% 

J*®® Holiday Inna 1«% I 14% 

** T ® Humevtate 38% I 36% 

Honeywell- 43% 43% 

Huovei 11% 11% 

5°J® Hasp Corp. Amor. 23 227a 

Houston Nal.Uv* 237 B 23 Tg 

J? 4 Uunt(PhJL)L7nn| 1D7 8 11% 

Hutwdtb'J.) , 117a 12 


J Jan. ' J»n.- 
Sttirk 57 ■ -P 

John* Mauriue... 58% *8^ 

Johiwna Johneow 69% 60% 

JiHuisoft Uo/itift.; a? , aejo 
JqyMaaufb-turp. 297g i 30% 

ILMaitOirp..- 24% i 26 
keberAiunttal'm 1 28 j 28% 
KsJto: [ndunnea B , 4% 

KjiUi«aiee1.._ \ 87% i 27% 

liu'.. -^f '7% j 2* s 

lunneuKt... ... 22% 22% 

ken Mrtiee. ' 44% i 44% 

Kldde Waiter— J 28 , z8 

Kunbetin' Clark J 42% | 4« 
kopperg...t..n.H.i| 21% 2* 

K.*0 ! 42% 4fi® 

Kroner Co— —..i i6% 26% 

LevTsoiinBs™*.. fc77g [ 

UWyrGwJ'oKL^t I 26 

fjprett Grnop— J 28% 28% 

UltyfUUl 397g '39% 

Litton ittdust-^.. 14% 14% 

Lockheed Ainjr’ft -13 13% 

Lone Star twis-J 18 
Lung Island Ltd. 161a 14% 

Lnuiahun Land— 20% 21 

Lubrivol— ..— 33% , 33% 
Utoky Stores—- 13% 14% 

UkesX’unxvt'vra 6% 1 6% 

MacMillan .10 : 10 

Umov U. H *5% I 363* 

Mrrs Hanover— 325* ; a3% 

Mapcn — 35% , 4|% 

Moral bon UU 42% : 42% 

Marine Uhtlan.i. 14% \ 13% 
MaratnUi Field...) 31% - 30 

May Dept. Stnra*| .23% I 

ML A 34 I 337a 

HdUermoU 24% \ 23% 

u -Dunneil Doug .24% *4% 

M -timer Hill .17% • 17% 

Mranonrs ....... 22% . J8% 

Utns_ 64% - 54% 
Merrill Lyre-h.— In % 14 

Mesa Peurteum . a4% 34 

MUM ; 26% : 26% 

UuuiJIiaclllti!. .467 B - 46% 
U-iU. Corn. I 59% 1 997a 

tlnnnnln 40% CO% 

Homan J. F J- 40% 40% 

-UntotrNB l 35% , 36 

Murphy Oil...— .1 33 ■ 3a 

SiaUlsHX \ 46J* i 47S S 

-Valeo Cbemfeai„., 267a ' it 7 
Natlona, Can. | 15 5s ; 15% 

Nat. Ola tillers....' 21% , 21 
■Nat. Service tnd ' 14 13% 

N'atioaaJ Steal ■* 31% 32% 

X*U>oiai 1 a6(g • 37 

N'UU. — J 39>a 39% 

Nepcune Imp—' 16 i 16 
N'cw bn^iand Kl.j 2 1%I . 21% 
New England Tel! 44^* ; 45 
> lagan Uufaanb 147 B ( 147a 
.Sinjp.ru share... 10% 1U>: 

N. L. Industries J 167a j 16&a 
N'ortolkA Western 27 , 27 &a 

North Nat.Gaa— 37% j 37% 
Nino State* Pwi] 29 ■ 25% 

Ntbaest AirUneel 23% 23>z 

NLhureet Uanoom 21% ' 22 
Nonuadlmun^..,! 1B% 18% 

Ucvf-lentai PM roll 21 ! 21% 

Uiplvv Mnther„.( "38% | 3W 
Ohio Brthwr___. 18T a i 18% 
OliD l lo% j 16% 


Oversea* Shi p_... 
Uuren* Corn ins— 
D«vena lutnota.-. 

Pv id.- Grw ...... 

rturiCk- UabUti*!. 
Hw. Pur. A Lt_.. 
PsnAniWorkiAit 
Pfc/ker Uanntdn- 
Prabody lat__ 

Pen-PwALt 

Penney J.O 

Pwnnrnli 

Peoptae Drug„... 

People# Gas 

Pepalco— 


• Inv. 9 Prein. at lo ' 7 * 1 % 

4 Effective mte (Rt;«UM7S)-W?fir(n%) 

Aw* : s? . w \ .»•« ■* .. 


Simopore 'V*M BzU .coo*. Ml Madrid SE 30/13/77-Wgb SESSlC M% 

f W I 1 (29«) ■ (SO i ami low for 1978 only. • («l Siodcbotm ^Wnbustaon Bo 1 14^ 

InHnfln.l 1/K.VI /(I <|MH Rani (Vn — *7 


RACING 


Indnsmai lri/58. Ut Swiss Bank Corp 
mi Un a vailable 

BY DOMINIC WIGAN 


Uncle Bing likely 
Doncaster winner 


IS 


16 


I 17 




M 



B 






mi 




20 





H 


23 



I 24 








H 

H 


H 





1 B 26 









IN 


1 




23 

1 

i 


i 




! ACROSS 

1 Newspapers willing to con- 

I linue (5, 2 ) 

'** Criticises select day (5. 2) 

'4 Dress, love, to suit film star 

• (5) 

; I Turn-about in electrical unit 
li with oriental features (5, 4) 

I I Vocalist's revolutionary con- 
cert item (4, 5) 

Baby carriage contains one 

* leading Trojan (5) 

.- Something on foot points to 
bachelor's return (5) 

: > Red port is heavenly (9) 

. A girl's steady musical show 
<3. 6) 

Native village built possibly 

, for a lark (5) 

S Circle church with engineers 
J in yellow (5) 

j Spot obligation inwards local 
traffic direction (5. 4) 
j Invigorating lock-keeper 44 . 5) 

?. Composition of boat race crew 
t5) 

*" Kind of pedal used by pesi 
. controller (3-4) 
j r. Remains socially acceptable 
i'- in live surroundings t") 

;:f DOWN 

. f Hatstand as useless as a flying 

. j, horse (7) 

| Junior trade missionary ( 6 . 3) 

, ' Philosopher indifferent when 
; painstaking 15) 

• \ Action I've discovered during 

[ .apprenticeship <9) 

l|i 

Dilution and winners ok 

•.* ?•' PUZZLE No. 3^73 

j Following are the winners of 
»'t Saturday's prize puzzle: 

i i — ■ ■ 

•^Mr. N. Btnjafield. 14. Randolph 
tUenue. London, W.9. 

■ • '-Ir. B. Cozens, 31, Fox's Covert, 
.'iony Drayton, Nr. Nuneaton, 

J 13 6BQ. 

i!'»Ir. R. J. Siecl, 144, Empire 
•’.irt. North End Road, 
mb ley, Middx. 


5 Heart throb cultivated by 

gardener (5) I 

6 Hawker offering worthless 
target for bowler (5-4) 

7 Foreign cavalryman disturbed 
his pa (5) 

S The Mannes get a pound of 
heat <7) 

14 Suitable hotel for celebrity 
trio <!EL 4j 

16 Mobilf dub porter ( 6 , 3) 

17 Obtained a degree of success 
when scaled off (9) 

18 Right -to worry about fellow 
trade union member .(7) 

20 First gear in nursery (7) 

22 Lift is bor when broken down 
(51 

23 Pictured girt going to the wall 
(3-2) ' 

24 Instruments left in black 

dust-up (5) 

Solution to Puzzle No. 3.578 


ALTHOUGH there are good pro- 
grammes scheduled for Ayr and 
Windsor this afternoon, by far 
the most interesting racing is at 
Doncaster. Here Northern race- 
goers have not only the William 
Hill Yorkshire Chase and the 
William Hill - Yorkshire Hurdle 
Uhe last-named a three-cornered 
contest between Birds Nest, 
Night Nurse and Decent Fellow) 
but also a chance to see again 
Pollerion and Connaught Ranger 
in action. 

Since betting opened on the 
William Hill Yorkshire Chase at 
the start of the week. Uncle Bing 
has beea a firm favourite to gala 
a well-deserved first success of 
the campaign Although the 
current top offer of 11 before 

DONCASTER 
- 1-30 — Allied Carpets 

2 . 00 — Pollerion** 

2.30 — Uncle JBing 

3.00— Birds Nest* 

3.30— Funny Baby 

4.00 — Royal Gaye 

AYR 

1.45 — Rathgo rman 

2.15 — Deep Money***. 

2.45 — Stay-Bell 

WINDSOR 

2.00 — Persian Camp 

2J30— -Golden Spice 

3 . 00 — Arctic Heir 

3.30 — Havanas 

4.00 — Night Porter 

about the Upper Lambourn 
nine-year-old, who has to give 
weight away all round in this 
3} mile event,- does not appear 
particularly generous, 1 find it 
hard to oppose him. 

The half-length runner-up to 
Even Melody, to whom he was 
trying to give 10 lbs in the Mas- 
sey Ferguson on his reappear- 
ance, Border Incident’s stable- 
mate then ran equally well at 

Kempton on Boxing Day. finish- 
ing a length second to Bachelor's 
Hall in the King George VI 
Chase. 


E in a m ci 
R ™angn0E 



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is 

O - — — ^ 

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alniaSaa 
0 0 s ra 
a a H H | 

HHHBfflSBBi'asaiiaH 

& --0- v H *0^.53 . H G1 -9 

@gE@Ei; : : ;aSE!HgEH@S5 
-a -a; a- a 
gasas50O!30.-:ssaia@ 

-:-wm .-a - a 

.*E@5El3as SQEEaaQB 
a s Si - a: -m-i 
ciEsaaESvyEsraanH 
ajy-:- b a^H a □ a 
cis?2nra - aaaaEingHGi 
m m cj a a -ra a a 
EEB&* fsaaaa 
3 m H' E . □ -3 --S ' -E 
rig aaaa- SQQKHQffla 


SPAIN V 

Jan. 27 1 

Island -... — . 

Hanoi Bilbao 

Banco Adanttca il.UQOi 

nanwi Cpittra) 

Banco Exterior 

Banco General 

Banco Granada 1 1,000) 

Banco Hicpann 

Baum lad. Cat. 1 1-000) 


Per rant. 
. US 
2*7 
) 287 
. 340 
. 2H 
. 2M 
> I « 

. 2SS ■ 

I 174 


B. Ind. MedKcrrjuieO^. 182 

Hanco Pnpnlar „ 215 

Banco Santander (250) 327 
Banco Grquljn ( 1,000 1 . 225 
Banco Vizcaya 289 

Banco Zxvafiazano ... 300 

Bankuntnn . 143 

Banns Xndalndi 23k 

Bvbradr Wilcox 29 

CtC U7 

Dranadns 225 


Uncle Bing, who looked the 
I winner all over there until the 

■ Compton eight-year-old's remark- 

: able turn of finishing speed, 

- clinched matters 100 yards from 
home, has never tackled to-day’s 

i trip. However, be has always 
i looked the type to be salted by 
i 31 miles or 34 miles on a galtop- 
, ing track, such as this, and there 
seems little danger of his failing 
to get the trip. • A greater worry 
is, surely, April Seventh, who 
showed at Sandown fast time out 
that a race such as. to-day’s 
might soon come his way, now 
that the handicapper has relented 
| somewhat. 

■ In receipt of a stone, he seems 
. certain to give Uncle Bing plenty 
j to do, and appeals as an attrae- 
, live each-way alternative at odds 

of around 6 to 1 for these pre- 
pared to bet first two places only 
m this, a seven-runner field. 

If Night Nurse is to have, any 
chance of retaining his hurdling 
crown in March, he must go close 
to landing the William Hill York- 
shire Hurdle, in which he tackles 
both Birds Nest and- Decent 
Fellow on level terms, I feel 
reasonably hopeful that he will 
prove up to getting the better of 
Decent Fellow, but anticipate 
Birds Nest (twice his conqueror 
this term! and a winner three 
times previously over this course 
and distance, again proving the 
master. 

However, with an eye to the 
i future, a bold bid by Nigbt 
! Nurse (ridden for the first time 
i by Jonjo O’Neill) will make the 

■ 4 to 1 on offer about him for 
: the champion hurdle appear well 
-worth taking. 

i _ In what promises to be a highly 
; informative race for the Brewers 

- four-year-old's hurdle, that high- 

■ class recruit from the flat 

■ Polierton, the 14 length^ runner- 

: up to Netherton at Newcastle last 

time out, is just preferred to both 
Connaught Ranger and another 
possible Daily Express Triumph 
Hurdle runner. Big Ben. 

Ibenioero ... 98 +1 

Tnmn&anlf 126 — 

Olarra 79 +1 

Para*l«Tas Rennldas ... U 4- l 

Prlmllber ... m — 

Petroled*, ... 198 4-3 

Sarrtn Paoaiera M — 

Sniara — 

Smreflsn 12S — 

Telefonica els 4- L& 

Torra». Hostencb ill _ 

Tnbacex ..... llu 4- US 

Union Elec. - M.S — <L5 

BRAZIL 


J’m'ir'U) (Mura. 1 877a. 
Jota'w ih Oil Rel. at* 
■Jomm. tetelite.... 32% 

^omputerSaenral 87 B 
Jonrac__........j 80%' 

Joo. HJlson S.y.i K35a 

Joaooi Food* 1 233a 

Oansol Nat. GuJ 383* 
■Jonsamer 'BoWra 4 as2i* 

iJonuoemai GrpJ 31% 
oontinental OilJ 26%' 
GooUnentnl Tete.i X4T B 

umtroJ Data j 26% 

Jooper Ijh 1 iu (. 42 


GERMANY ♦ 


i.Ulndintr1(«_.i ^3ie 24% 

ISA , 36 | 37 

in*e/«XUand — I 535* 533* 

Inland 6teei.._.j' 371* I 38% 
lotiLo .«».| 123* I 13 

intermit Enemy] 7% | 7% 

IBM 264.H7 264^9 

IntL Ftavoura—.. 20% 203* 

Inti. Barvmiet... 283* 28fia 

lotL MlniGhem 30% 39% 

latL Multlfoortnw 207 8 21% 

147a 19% 


Perkin El m e r . 

Pei....... - 

VOter 

Ptielpa Dodge—. 
PhUatleipUa B to- 
phi lip Aloirls~_ 
Pbutipa PeboPm 

Pilrfwiry — -.r... . 
Pitney Bo***.— . 

Plttrton 

PieueyLldAUB 


[ 1B% 
32% 
27% 
19% 
| ibt b 

I 66% 

276a 

38% 

187a 

23% 

I 17% 


325a I DU. Barrett*... 283* 286a PoiaroW .....J 233* 

b&3 lou.MlnALhem 30% 30% PoKnnnc lOec. — la% 

20% l dlL Maltlfoortu- 20 t b 21% PPG Industrie*- 24% 

23% 1kcOm»— 147a 13% Procter Gamble- 78% 

*3% IntL Pkper. 40% 39% Pab Serve Ktoct.. 22% 

387a . tPG 87% 26% Pullman 24 *b 

22%. lot UecMtor 8 7Sa Pores — 16% 

31 laL.XW.&TU — 28% 283* Quaker (MU- 81% 

26% lovoit. — — 1% 1% Sapid American 6 

IS lows Beet 873* 28 Raytheon 50% 

29 It,' International. 11% 11% 8CA-L» 84% 

425a J m Walter .... 273* I 277a He public Steel 26% 


lutL Pkper. 40% 80T B 

IPG 87% 26% 

Ian UeoWter 8 7% 

lot. Tel.' i Tel — 88% 283* 

In went. — 1% 1% 

iowa Heel 873* 28 

111 International. 11% 11% 


' tenon : 40% ; ^ 

He* n>4>ia Retato.-' 89% . 8®% 

Hcycu+G H.J MW 98% 

tbeh'iri»31errall.; 21 ' ■*% 

Ktvtreetllnter...; 89 % 8r% 

l(.ihm 2 H*a»„.. 29% ' SUM 

Kw»' Ihiti-h * « ' 66% 

Rrii-- , ft?; 

EimLn.-a , JJ®* 1 

Mvder6.n4«m^... 13% ( lg% 
Wleway 57% 57 L 

di. Jnc A! in era (t. k7Jj : x7 s * 

4U KcKl" Hhr«-: | 

Santa Fp Irata.^.. i43« i 5j'> 

Sain Invear 5.* 1 * 

tenra Irate- - ; ,2?® 

svbllt* Hrwlnji.. 13 18% 

Sc/iliunbemor — “6®* . 60 3 * 

Accu-Vs per ; w-b 

scovll lire—— — ; 39% j 
i-urfF Duor Vest; o% ( 6% 

Sea Conutoera...' 20 Ja f 20% 

ieajfratn SO’a ; 20.fl 

dearie (G.U.J. — 13 IS 

Sean. Bnebwfc-.. *** , 

sBDCti &5 44% 

Shan Oli | 29 Ja . J9% 

SbeDlransport...' 38% : 48ba 

Slgua fcf % }- 

SifiiedcOitr. — 16% ®g»* 

Slmpitoltv Pat—, H% . I* 

Soiifer 19% 19% 

rfnnlh KHne..«M. - 46*« tl-’* 

awilroo 2 1 8 

aouibtiinvn : 193* 19% 

anut here Cai. Bit.. 293* 29% 

Southern Co. 173a 17% 

Sthn. Sal. Uea...' 28.% 39 

Sou Item Paii . 33 Sa, 33% 

Soul hcniKailway, *7% i 47aa 

Southland 1 241* • 24% 

5'b'i Bm .vhurii' 24 24% 

dwrrr Hutcb..... 1 16 < 16 

dpcm lfuil..— .; o3&a ■ 34% 

Squib. •• 24% 24 

Scaraiaid Hraihl*. 291; 89 U 

suLOIIL'alifni ntn, a5io 56% 

Std.Oi' In.tUm- 46% . 45% 

aid. UH Ohio • 65% 65% 

StaiiOGteuiieal.' 37*s , 97% 
Steriin* Uru« ... ISm . 13% 

siiatetMker 46% 45% 

3unl«. 39% 38% 

iumbiim nd ....... el% 1 a jJjB 

ijuiex. 20% 183* 

Ceehnlcolcr 1 9>b • 10 l B 

rekinxifa...^ • 34Sg 44 

Leli-iU-no 65% ! 64% 

Cele* -.-..I 3% ; 5% 

rerma. 1 28l B i 28% 

Teeorn Petroleum; 8 ! 7% 

rewire 28% j 25% 

Teuinill 16 ■ 16% 

Fexa* liretm 72% , 71% 

Texa* Ult'i Gaa..; 30U j 31 
Tkou llllltlre-. 19% i 195a 

Time Inc I 34% i 36% 

Time* Mirror ; 2a % 83% 

Timkrau -i 47 | 4/ 

rraue -! 34% . 34% 

rmuamerica ‘ 13% [ 14 

trenwtt. • 19'i i 19% 

Tran* Uiiiim ; 34J* j 343* 

rranaway Inumr . 22% I 22% 
rran* IVorlU Air ^ 11% ( 11% 

rraieOer*. 26% i 27% 

Tri Cooiincoial..., 19 i 18% 

r.K.IT • 271* i 28 

*111 Century- tox : 22% 21% 

UAL 21% 31% 

LARGO • 193* ; 19 % 

Util 203* 20% 

OOP ! 14% • 14% 

l u 11 ever. 39 1 39 

L'mlerer NV j 54% ' tia% 

Unlnn Uanemfi... 123* 13 

Lniou Carbide. .391* | 39 
Union Cnnimem, 6% b% 
Union OtUMU... 1 45% 1 463* 
Union Pacific....... 44% | 45% 

l/mro.\al 7a* i 76a 

United Brandi ... 7aa 7% 

United Corp. 10% / 1U% 

LS Biuicorp. ..».| 2ST B . 26 m 
L‘ 5. Gy|iau(n 22% 22% 

US-Mk*. 28 22 

L'S. Steel ■ 32 51% 

U.Tedbnnkuiw..' 32®* 32% 

UY 1nduainei....| 18% 18% 

Yucxinis Elect.... 14% 14% 

Walgreen- 16% 16% 

Wamcr-Comma . 29% 29% 

Warner. Lambert j 27 27% 

Waate-Man'menli 18% 18% 

WeUa-FarRO* .....{ 24% 34% 

Western Bancorp) 30 30% 

Western N.Amcr) 23t B 23% 
Western tJaioa...l 16% 16% 

Wrettogbse Elect | lTr 9 17J* 

We*t»yco 1 26% ! .26 

Wayerteen*er. .^| 84% i 24% 

Wbirlfiool -..I 20% ■ 80% 

White Coo. Tnd..J 20% f 20% 

William Co. 18% ! 18% 

Wiaoo&ain Elect* 28 j 28% 


Wiiutoifili..— ... 

Wrlv. , 

Sfrw, 

3a|Mta 

Amtth Kwlbv 

L.S.Trra* 1*» . 
I'S.tiwdJt.iS.T 
L .d. M U*V Wit*. 


U : CU, - 

4«% ;■ «S,V 
16% ! 1.7 
loti i»«a 
: *94,? 
ni:* , *8 Ia> 
4.41; ! Ml x . 


CANADA 

AMtnn Papei 

-Ullld 1 tingle 

AtoUhUuntiniuui ‘ 

AliMBW. Stew ! 

.Vabretra— j 

bank ot Mnntmi 
dank NiivaScntia, ■ 
ilaato Krenurew.. 
tellTeto|itHwe.-.: 
0 o« Valiev Irato. J 

dPUmuto —> | 

Urcnn ] 

rirm.T'~ t» 

Out^r) Power™.! * 
Canaria Ouk > nt..i 
LarwiU MV Land J 
Cuilmplinkl'cin, • 
L'anmin tiVMnt..., * j 
tan. Pot Ilk-—.... j 
Van. PS. til. Inv... 1 
I'an.MiifrOti..,. 1 
L'arHitc - 

Citulr AalTaton. 

L'hiettaln 2 

Cuminm J; 

L'noa ttatliureL...; * 
l-.»n«inhM Gas.... 1 

IVoeka Keonm-e* 

L'.nCam Kicb 

Ltonlnai Mine* .. 3 

Uivnc Muni 7 

Lhimn Hrlnilnini a 
Dunlin ion Bnilar. TV 

1 %'iutar 1 

Otipuni.... 1 

KkJuou'bp Mekn- 1 
riuit Motor Van.., B 

Genital < 2 

Uuull lernkltie.. 1 
GttllUii Canada... 2 
llawkei 5»(rt. u 
Hul i mgoi 2 

Home Oli *A 1 

Hiatnai day Uni: 1 

Hmliun day.. — 1 1 
HuilBunOI'A 4 

I.A.C. 1 

lim» | i 

imperial Oil 1 
lot ' 1 

I tidal ' 

Inland .Nil li»h... I 
lua'pr'vPlpeLint;. 1 
Kuat Un<iin it. 1 
trtiiriu't Pin Lot I 

lioiHaw linn. •(<■.. i ) 

Mc'nibi'lt ili, *i*t 1 
.Uuwy I'nvuui ) 
VI Intyrr Piirpiu K 

.Ui»ltfVl*ie ' • 

.Nuran.ta Mine*.. . 2 
.Vuicih Kimib.. 1 

Mini. I 2 

■ViiiiM, Du Alia*. 1 

0, k»h»i Peti'ti 4 

Pact He At, ; 

Pactth-PMnxvunp a 
IVii. Van. Pn'iiv O 
iVttno... ' tl 
Peotw* Itopt. a..‘ 4 
Pl«« Gas X Ut C 
Place/ Itoremynd • I 

L'ouei Cunatral'u- 1 

Price 1 

Onetec Sturgeefi 1 
l (auger Ol. ......... ^ 

KMil Stair 

1. 'iu Ami'll/ 2 

Hujw Uk. nt t’ai*. V 
Uuyai'lruat— ...| 1 

5ceptrvlie*iiuicea 

MIlMDU < 

Shell Lairaia 1 

Sbemtl G. Utue* 4 

3Mte(i>O.U it 

3imira»s...„,.,_.{ 4 
steel re Cauada... A 
sleep Hock Irou..; 2 
retuwnCanaiM^^ 3 
Toranlu lH>m.bl>.‘ 1 
CramCanPipeLn; I 
lYana Mount Oiiri 

httec-. 1 

Umoo Uas^. ; 1 

Walker Hiram-.,- 2 
Wret loast Ira, ; 3 
tteuoniien. • 1 


S4(* 

55 

76 

76% 

sBi* 

59 

TV 2 

Ola 

14 % 

14 4 

12% 

IZ'a 

17% 

17% 

BC% 

tBu'a 

261, 

i5+i% 

13% 

13% 

27% 

38 

9% 

9% 

2W% 

20% 

39% 

39% 

lo'n 

IbV 

17% 

17to 

43% 

44 „ 

l/>< 

1 4% 

27% 

28V* 

18% 

lu 

16% 

1&M 


SB% j’ 

; ts.;i 

4.00 
O 94 > - 
19i| 

1U% 

U% 

1.40 
. 24 

: ra 

26% 

26% 

. 15% 

*3 

10% . 

. 4.45 

22% V: 
.4 00 . 

; *3 :•% - 

U.36 
-i 38 
‘ 16*% 
lb 
9% 

: ti. % 

10!» 

Iff 1 ' 

. 31V" “ 

13% ' A 


. IMV.t" ■* ■ 1 
- 


• Aswnted. » Bril. J Aibrd. 
I Traded. C New stock. 


■ Price* : + or . DItJYhL . 

Jao. 27 ; Dm- j — i 16 | * j, D . 27 


Price +or Oiv.lYid. 

Pita — *nk | % 


AEG 1 

Aldan* Vorricb— I 

BMW. I 

BASF 1 

Bayer— 

Bayer. Hypo. 1 

Bayer. Verdnabki 
Olhalnt.Ned.im* 

Comment* ok i 

Oonti Gum mi \ 

Uaitn ler Benz— . | 

ter — * 

Oeuiicte Bank ... 
Oresdner Bank 
I^yckerteff Zemi 1 
0 uiehoffnane— ; 
,Uapa« Uojrd ...... J 

Harpener ' 

Hcecb at 

Hoearb ! 

Horten 

Kali und 

Karatadt — 

Kauibot : 


Gjw'ohrauDm K»i 

Lultbanaa I 

MAN 

Mann p«m, np 

Mecailcea. 

Uunctener Bock. 
N a-termu n— 
PreussasUm ICO 
Ubetn Weal Elect. 
■sriMtlnu . — 

j iemena 

aiht Zurker..— 
Itiyanen AJi — ... 
Var tat.- 

vEBJ 

herein ± Wew Bk 

inHnwagm 


91.B.+0.1 — 

491 |4-CLfi!*lB 
226^ +l.b! 20 

140.5 —0.8 ' 17 

13741' -J 16 

290 —2 20 

314 20 

160 i+4 - 

223.6 —0 6 | 18 
76.5 +0.3 J — 

311.5— 1.6 19 

266 i—2 18 

167.5+1 14 

310.4+0.3 20 
260.2,-0.3 20 
194 -2 4 

212 1+0.8 | 12 
1 13.6' — 1.5 1 12 
234 — 1.5) *9 

12S.0.... I 16 

43.9 -0.2 1 4 
127.2 —0.3 j 10 
149 - + 0.3 ■ 0 
328 j— 4.6 ! 20 
207 —3.5 i 20 
90.1. + 1.1 . - 

168.6 — 12 

239.6 + 0.5! 16 : 

LoW. ISO 1 

115.5; +0.91 7 
2 1/2.5. — 1 •; 18 
169 MJ-3, M 

836.5 -OJi ' 10 ! 

910 -6 16 

119 —2 — I 

110.5 +1 7 I 

201 !+i.a 16 1 

261.5—2.9 20 
296.7J— 0.3 . 16 ; 

264.6 +4.51 17 ] 

120 A +0.5 :■ 11 , 

174.S! — 0.5 ' 14 I 
114.6, + 0.6 12 ! 

30S 20 ' 

211 1-0.61 10 


To Berne 


782.1+2.1 


.VinquvUcdri't'to 3 0.9i + 2.5 
Ait Uquide— m ..J c4Llf+ 1.1 

Aquiialoe i 312 — 5 

cJC'_ 490 

uou^taie* 1 365 +1 

dJSJT. Gervai*....; 348 +4 

CarreTouf.-. IJW5 +33 

L.G.E. 260.5 +1.6 

C.I.T. Aloud. ; 820 +4 

Cie ba Deal re i 2263d +BJS 

iJtnb Met) 1 323 +4 
Credit Gom Pr’ce lu3.1 +0.1 
Cmisor LWre_._. 51.S-1 
44B i + 2 

•■r. Petrol ea. u6 +1 

Gen.Oocuientale 178 

I metai ...... 51.1 +OJ5 

litamea Borei._„ 94.5 +1J5 

teianse. ;. 139.5 +0.5 

LOraai 1 485 +4 

UsBran.1 ;i^tB0 

Malacm-. Pbaou.. 648 —8 

Mi-taeKn-B" ;l. 83 —7 

Moat Henneaar-.I 325.2 + 4.2 

Moulinex — 136.1d +1.1 

tNnbaa 138x1: +0.6 

Pe hlney..„ 67.9 +U.8 


Moulinex— 136.1 d +1.1 

tNnbaa 138xc +0.6 

Pe hlney 67.9 +U.8 

Pernol- Uicbaid-.J 191Aal-1.4 
Peuneoi-Uitroen.. *64- -0.8 

Pudaln f 02.1 —2.9 

Uarilo Terimique.1 306 +6.9 
tedoute__— — J 470 - 1.1 

ribone Pouiem- „| 8 1.4 

m. Oohatn j X14 

akit UoasUsun . _ J 1 .972 +48 

pue* 1 200 + 2.7 

le*enreremque— . 918 +15 
Ibnmwn Brandt. I 127^+1.1 
Uainnr I 20 —1 


4% U.b 
41.1b 7 Q 
tdJ 6.9 
34 «.6 

. It. It 4.3 
dl.tfa 9.0 
87. II 1 
60 4.8 

4 1.x 10.6 
3tJ 7.1 
12 6.3 
6 J | 2.0 
II.I1IO.8 
12 22.6 
10.06, a 6 
14. lol 14.8 
. 8.261 +.6 
5.26 10^ 

10.7/ '12^1 
1BJB8| e.3 
. d »-3&i 2 6 

39—1 6 2 
3<J6, 3.0 
12.6! 3.9 
3 12 2 
.id.#! 14.6 
j 7.511.2 
\ 12 I 6.3 
! 19 I 5.6 

I 25.6; 54 
| 24 I 6.0 
9 118.0 
jU-lffi 11.9 
39 | ri.4 
25AIZJ 

ai.ifii 4.2 

16. 16 11.9 


STOCKHOLM 


Price -f-ot [Uiv.iYtu. 
Krone — I Kr. ^ 


BRUSSELS/LUXEMBOURG " 

I die. ' 

Jan. 27 Price + o, Hr*. lYld. 

Pra. — Net I t 


irted _2.02Q 

■M].Btx.temb.. M .. 1,418 

dckert-B" 11.750 

0.BJL Cement.— IL120 

Cockerlli I 358 

dtIHS . '8.365 

BtortrobeL— ..!L_ . ! 5,860 
Pabriqua Sa( nl „.:* l -'65 
.i.B.1 nao-dai— . J 1.9 10 

Gevaert 1^*30 

Hdwken—^,..— ,2.600 
lDt«rom_ „.„.,1.805 
KmUetbuik..,„ H .,6 l 15U 
U Koyato BdRe. 5.280 
Pan Holi11nj!^ M ...'8.oOu 

Petrofina >3.730 

ioc Gen Banque .[4,765 
sec Gen Beiglqup[l,8B0 
iollna. \iMlO 

wlw J 2,4 60 

I'racoon taaet,„ n i4,459 

UGB ! 940 

(Jn. Slln. (l/lOi...; 726 
Vigils Mootnewl 1.342 


+30 - - 

-10 60 4.2 

+ 30 112 6.4 

U-SQ 90 8.0 
U2 — - 

+ 10 177 7.5 
— 180430 7.3 
-5 |170 6.9 
+30 130 ! 6.8 
i—2 BU I 6.6 

I I16O 1 a jb 

1 + 5 1 148 : 7.9 
r ..„....|265 I 4.0 
tSO I3J5 1 d.8 
ir.A 1 a.* 

+5 174! 4.6 

!+5 189 i 6.9 

1+6 139 7.3 

-10 |2u6 7.1 
—26 i A >06) 8.2 

162 ! 6.6 

+ 22 - I — 

-4 ! 60 | 8.3 
>—20 1100 1 7.6 


AUA Au (hj.30)_j 
A ta tevxiB(Kieq 
A5BA(Kr^0l.._J 
A CiaaCopcn ( Kr.*M 

I uluerud 

dolor* 

Canto— 

OoIIuIobb— 
dlect'iux -B(KKi 
Krireaon'B'lKrjbC 

teaetw “2“ 

Pajiema.^ 

( j range* (free) — 
umlelsbajihen ... 
Marabou.. 

Mo lich Uornato.. 

remtrlfc A J 

7.K.F. ‘V Kr*_„. 

I Swand Enakilda,..! 
I'uricttb ■B'KtbC.j 

Grttlebolm 1 

Volvo (Kr. Ml . i 


179 

1*0 — 1 
93.0 1—1.5 
121 -1 
82 +2 
113' -5 
406 +1 
210 +10 
131 !+l 
134 1+1 
228 1-2 
85.01 + 3-5 
63. B + 2.0 

269 

120 1—5 
65 i+1 
217 t-1 

70.51 

133 

87.5 

46.5 + 1.0 
G9.5, T 1,5 


,1 5.6; 3.1 

5 1 3.3 
6j 3.1 

6 5.0 
8.3 

4 1 3.5 
12 ; 2.9 
10 ] 4.7 

3.6i +.K 

8 | 4.7 
8 j 3.6 
a j 9.4 

'l«W o .6 

t - 8 I ®- 7 
6.6 1 10.0 
5.03 t.3 
4.6 ! 6.4 
8 ! 6.0 
] 6 | 8.7 

! 6 18.6 


AUSTRALIA 


AOUILffficent) 

A tTOW AnutraUa 

Allied Mntft-Trdc. Indua Si 

Atnpoi Explore (Ann 

krnpoJ Petroteom — 

Aafoc. Mineral*.. — | 

A«oc. Palp Pkper 31..— 

A*soc.Can. lodartrie*— . 
Ajrat. Paundatkm Invest... 

i.5. 1 — 

Audlmco. 

Ail it. Oil A Qaai 

Blue Metal Ind.. 

Bougainville Cooper 

Broken Hill Proprietary 

cil doolb 

Uariton United Hreirera-.l 

C.J-Coft*. ' 

U»H (SI) 

Ccma. Gold field r Au* 

Container (81) 

Cfflmnc Riot into ! 

Ccetaln AretraHa ■ 

Uumop Uubber (81). 

dSCOH- 

BJdar amlrh 

&Z. InHoitrlc* 

G«n- Prop my Trust '. 

owners I ey._ „ 1 

Hooker 

I.C.I. An«reJla_„_„, w ~." 
InierdJopper..^.^^^ ■ 

(Mining* Indnatrie* I 

Jitatea (DavUt)„ 

MfaliiixpJoratiop -1 

Myer Emporium * 

I otarnaiTona".'".'."." 

. JTl^.- ruken B ' nwA 

“nUrn.'lpr . ... I 

UH taauyfa.. ” j 

Pioneer Concrete" !T ” " " i 

Ueckltt A Col man J.\ 

ti. c. aie^h 

soot Ilian 1] Mtnlwr " 
l’>»b (81) 

WaiLona '■ 

'Vealern Miaina <S0«mtai!{ 
'Vryitwortlm.^.... ‘ 


[TOKYO f 


: + w 

Au*L 5 1 — 


1 Yen ' — 


AMSTERDAM 


COPENHAGEN + 


SWITZERLAND • 


j Price + i>r Dir^ Tld 
j Cruz Onu % 


Prfcr T + or | Ulv..Km. 

Ffl - 1-1 a i * 


E. 1. ArapmKas 

E'qtaimla Zinc 

EsbI. Rio Tinro ....„ 

F«n «10(io> 

rpnoca tj moi 

Gat Prerlsdns 
nrnnn Vp!n«n« 1WO1 
Hlriroia 


57 

.. m 

.. 10U5 
U 
7BJ 
100 
i» i 
TfiA 


Aonita....... 

Uanui Brazil BP- 
Delpi MlnclraOP 

Dorns OP ...... 

Ltjaa Amen OP- 
llanneAiuan OP.. 

Petrobrss PP 

Pirelli OP 

Sintra Cnir UH,..i 
Vale l(io Ik.*re PP! 


1^0 tOJ)itt.l2te^3! 
3.78 -Q.Q2fl.lS 4.76 
1.B1 1+0.02 8.12 7>H 
1.00 [+0.02 0.14 MJD 

2.75 <0^0 7.27 

3.32 U-0.098- IB (7.76 
3.25 +0.10 0 10 3.08 

J-as tie I 1.66 

3.60 {+0.05-8.23 [8.39 
1.72 ; +0.07'0.15 7.56 


! 89.75o!-«oot ae MlLAN 


Vol. Cr.13S.3m. Shares Stint- 
Source: Rio rie Janeiro SE. 


NOTES: Overseas prices exdndr I ornnuum. Belgian dividends are afrer. 

u^’flhnklil‘3 in 

« DHad -tenom. unless Mterwtse stared. V Ptas j(K) aenom. unless otbervuc 
stai'.-d A. Kr too dcnnra. umess otbcrwtse staled 4> Fra 300 denora on lean 
otherwise «jied. 9 Yen 30 tenon 1 unless oTbertrise staled 5 Pnce sr rime of 
suspension uKlonna nstiu^iniss e Cents A Dividend after pepdlns righto 

andcur scrip issue c Per share 1 Franca a Gross div. %. it Assumed dividend 

.afier *cnp and/or rictus Issue- ft After ktcsj taxes- tn % US Tree. 1* Francs 
includiua umiae dlv. *Nnai ij Share npili » Dlv and Yield exclude special 
payment - t Indicated itiv. u UnoWiat iradinj d Minority holders “only, v Mercer 
aendine ■ Asked ' Bid B Trad' d 1 Setter. 2 Assumed, xr Er rigbu. sd Ex 
dividend, zc Ex seno issue, xj Ex alL a Interim stnra increased. 


Al uminlnm 1,306 —5 6 

dBO‘A* 1.690 10 

Jlt«G«%jtYr.lOO 1,160 +5 22 

1 Da n.C«rt*_ 930 22 

Ua Kes ..... 629 -2 jx 

credit Suisse. ^2,37J +30 16 

Kiedrowan ] 1,760 +10 iq 

?toter(G»rjie).J 760 —5 6 

riohnuui H.Uert,! 89,750 — 600 350 
Ua (amain... 18.960 |+2S 55 1 

inierTooil u._....;d.360 —25 40 

leimoli (Fr.lOdl 1.D3U ’ 20 I 

NoM«rfFr.llMl— . 3.585 !— 15 «i6j 
Ua Hex— .— . U.439 '-10 /tdb.b' 
•>enlHwi-rt.iP.Stt le.’ASO '—6 • 14 : 
rtnem HI P-P.IX { 286 i— 1 Is 
luului. (Fr. "BOi. (3.99 J )-30 i 46 , 
On, hutUerta.. 498 ,— 4 I 46 , 
i-hlralWL'iaPlOi 312 +7 Si 
■u.zer (Cu.r.UA.! 375 i+1 ! 14 1 

wimit (FJOUt^ l 843 fl jo.b7 
wire Bank (F.iKi 483»ij— 5 1U ' 

wi» (He4 ? .itft..l5.0OO 40 ! 

-moo Usdk„— .13.370 [+25 40 ' 

••rwhliw 1.660 - 40 1 


VadmaUmten.,, j 
Uuttn'iulVsn _.! 
UUUkd B ank I 

Baal Asiatic Co...! 

Puuoatauiken. I 

Por.Ury-Qierler ...I 

Por.^pif "j 

Handel shank 
J-M’Di'n HjKiw, 
Kate, 

Jileiabrtk..^.^,,.. 

IVlvaittanli 

iWlIUhlnli,, 
*4*. terendaen'.! 
Jiiperfns,^ 


Priv* 1 +■ or 1 
Kroner j — 

140 !7l 

427%'.— 1 

129i B ; - 

241%' -a* 1 
115%;+% I 
325% —2% ! 

80 J I 

132% ! 

252% + 13* : 

265%: I 

87%;-% 1 
135% +% I 

wa>s ! 

36715-2%. 
192 U -ll| 


10 7.7 
15 \ 3,5 

11 I 8.d 

12 3.u 

13 .11.2 
12 I 3.7 

a io.o 

11 : B.3 

12 < 4.2 
12 j 4.7 

11 I «.2 
u ! 7.7 

12 j 3.3 

12 6.3 


I : + m • Uiv. yfT 

! I' 1 !- 1 — I Lim . ' 


Viilt: 

Aumnu .Vmie.. 

■w*m:i ..... 

''in 

Da I'ri* 

■‘uiti.m 

Mveiiienii, 

lahMet 

■Ifriiubmi 

'lotHeti-an 

PHv.... 

'ireui A t 

train bin 

nl« Vlfc^w. 


• 182 —3 ; _ I 

• III l “*« 

J.bl5 -12 • Igy 7 p! 

>» ».l! 

789 i— 10 j _ i ~ 
8.G4B : + 23 | t lo i 


\Ui'hi (Ki. ajj 1 

IkroiFi.JQ) | 

\iepin ttaiciPi.loLn 
VMBV. (Fi.Iuj....: 
Kiutu B*nk(Fuaj)i 
tttimknrt iFijjSi 
BafcaWcat'nrfFl.iUi 
Uiihnn -let! erode! 
Kiwvter 

hnnl* M.V-Hearerl 
LijroUomTelFl.lO; 
'iisiBroLaileiKF.lO 1 
Heiueken(Fi.ld>).,; 
H'e'RovenaiKiaj-n 
Hunter U.(P.l00i[ 
i H L. Holisnil.^i 

KLUtPiluO) .; 

I tn. .Muner (lA)i 
N*siaen(FliQ)„J 
S SlA'eril lla.(F L»n.:! 
AetK'redBk (Pia, 
'eri.llid Bhit'iibCi 

Dee tKuni — . ■ 

' *11 Uininpren.,']' 
i’nkbueii 1P1J93..J 

Philips (Ki.JO) - 

hijnSt*VerKi.loci 
tomeco ^Fi jOl,.,.' 
Koincu (PL50) m ... ; 
tiunaqta IK 1 J1O1....I 
rinraiDutduF/.a; 

otaVeiibun:.,.--...,! 

’tevInGrinf _aj>: 

|, +>uP*i:H.iiiS. 

'-'mjevtrrfPi.Ai).,; 

‘ 1 Hue He*. I it» .Vi I 

'i^utau.i 11. Ham 1 


I Price 4* or 
Plx. — 

\ 103 

'I b2.6!-4).2 
1 382 '—1 
79.01 + 0.3 
> : b (.5—0.2 

■; 80.5 —0 7 

I 120.5 -0.5 

I. 68.2+0,2 

453 2 

r{ 126.5!+ t. 5 
J[ 81.51 + 0.5 
> 39,1-0.1 

.. 103.7*1-1.3 

II 23.2'— 0.7 

« «S.l! 

■I 13,5+0.5 
■1 130.0 + 1.6 
>[ 39.8 —0.3 

■ 40.2+u.e 

;! 101.8 

; 50.4—1.4 

' lBO.Bui 

! 1&4.2 1 . 0.3 

i 14B ; 

I 

r 35.8—0.2 
| 65.5-0.5 

165.6. 

j 115.51 

j' 130.7i.......; 

j 127.5;-0.l 

■ 238.1 —0.9 

147 ■ 

so : ; 

1 * 2 . 8 . 0.9 
1 405 -2 


- DlrTTYId. 

j * 

) » ; 4.7 

<A22.6' 6.8 
A'44' 3.6 
■42* 6.7 
23 , 5.7 
70 5.8 
35 , 7.3 I 
121 1.7 j 
• dd.Si 4.5 ! 
9 4.t' b.6; 
22 I 5.6 
14 ' 3.4 I 
lil.Sfi 8.1 
12 3.2 

1 U 7.4 

18 fl. | 
10 2.5 
..46.2 • 4.5 

20 ! 7.9 
-i 20 5,6 

A 54 5,4 
•; _? a.b 

21 8.8 

lb 6 2 

i-ia-a: 7“ 6! 


Amlii U iiiai„ ; 321 +1 14 Vz 

Canon „....' 432 ._2 • 1Z • j* 

Uraio 648 + 8 25 0.3 

lolBni...,..._ MI .,. 1 400 20 2 5 

Dai Sh*n» Print' 511 —4 • \6 \'ft 

lufi Photo : 512+3 15 1.3 

Hirm-hi^... 200 +2 13 j,q 

Hoiula Motor*— ... 611 :+t5 18 1.8 

Hou%ePo«l— 955 +40 33 1.8 

C. 1 1 oh. — £30 > 12 +0 

Itn-Yoksdn— 1.270 T 10 30 1.2 

Ja«* 540 +20 13 1.2 

J.A.L..........— .....2.690 - Xu — • _ 

*an«n Ete.-i.Pw .;i. 80 +50 10 +.8 

KomstMi 309 -a • lo 9 9 

Kutaota.. 377 -3 13 a.1 

EvraoUerainlc-. 2.400 35 ! 0.7 

luiaiubiti 1ml... 674 + J 20 1 7 

UitiubtsUiBank..: 279 ■ to ■ 1 a 

Mluublkhi Heavy 1+5 ^.1 “■ yo , +V 

llitaubistii Corpi.! 418 is 1 

UitauiACa.3.; 318 Tl ” 14 

MppooLtonw. i, u80 ■ ls ** 

' ppon abinpMi-! 565 -2 -13 i|i 

■'tosan il«un_...' 730 + 15 lo 1.1 

ftoneei.. 1 1.43 J vL5n 4 m 1 

ten.yo Elect nc..... 305 ,0 1 'q 

WteriMu.. 920w Tfi 

Shiaerto MO r£b" 20 ! l.l 

hi5ois«iSz: :1, 2o S Ji 

r^.^83 ! iio ■■ a ; « 
a s - fl^r i Iff if : if .t ; 

lokloKioi p a w',;l,i20 —10 o i'i 

tokyobani-a ' £B i iS . ‘i 

If? -? • 3 rf 

l«nnl* Miriiir 81 4 ,'g' " 

, " urw se^unttoT t55S: — 

VIENNA 

Jan. Jr? > . 

iCtei 1 !;:; 2w :t" Sis’! 

sasfcte-- 5 55 J ;fi!K 

JOHANNESBURG 

January 37 N, WBS 

ySU'StBSr - is - T » 

il'iriDoiijr “** **10 

Kinrore . * **? 

Klmr( +D.14 

|rss"-h««i~~ IS "" 

! Nmiiinaai .' ; U t'J ‘S!S 

UuKl l-VM S.\ " , J H 

Cmnn 0*nmr 41 : 1 m " '* rt £ •*®" S 

De lieifs tieferri'd . " IS 

1-lMiwruiirj, nt — •* l, r *r* 

‘<«W Ha ml ny, **• 

1 r-v /itate n i- in id *1 

PfcsWrni Itr^-hl 

Pr-'OdPm s»[.yn * 5 » 

Siilfnnletn ■— 

Wi'Skotn . -• ,*ft« 


Rood 

... EM 

a.so 

13,-T.i 

"2. ST 

- T.6.> 

«.U 

YW 

— I'M 
— r. Tla.Tj 
«... 


yj i 4 0 


, _ I'ltlV 

27 K timer 

Doruen Uauk “03.0 

B-inv^ar,! 6 , w 

i 116.5". 

jjUHliiUma . . IIJ 5 ; 

N.MvLHUr.. Ur . W , Ull 


A.-«,.rn u Lvp ■* — r f»-‘ ij™ 

INniitTfet ' 

WCA IN Oti5TRlALS 

•Vi»alo-,vniVr. indintrial -5w 

\ NA hwpMHii-nts'V.". « 

W&r- H . 
E-iS ,h »- 

^vnrn.-mi, s.\ J 2 ? . 

GriMli-rmaiis knifM ' X,. • ««*' 

liSjf" A,u *P-ffce (Si* lio ' 

illiSS 1 ~ 

•'K iwrj+re " : J? . . ^ 

T. n,i.-r . : Tjfi 

'i-'un* Gkttieni T-7- * ” 

•futra llnsiiwi* 'J '' ' . • 

and M%.«. Prenerur, -A 1JJ?- 

SST^ r ' r «“* • s* -4S" 

o-MT Itou.im +*n 

l5r«-» /•(+.* • _ • 

,'i^t v>M»an,t S*8L ..J5 

Securities Rami t'iiwjTf " 









iv.--- 4 /Piai&i*. Times Saturday- January 28 '-1978 

« vmm&ns 


17 






■ nr, . faka . Waytaw-Sandere is 
a become chairman of JOHN 
ip0\VN AND CO. and continue 
tf-rhief executive after tha an- 
,ual meet ins in July. He win 
itfoceed- lord. Aberconway. who 
s io retire from the chairman* 
itijPv - ; 

Hr. 1C L Seabc, Mr, D. J, 
etekoHk. Mr, D. Sawftrt, Mr. L 
Jtcwart and Mr. 1. WHsim have 


airman for John Brown 


seen appointed directors of the 


Vobic Lowndes Persons! Finan 
•lal Scrvicwt Division of 

Unhides Lambert group. 

•k 

Mr. J. Cullte has been appointed 
I -director of PRESSAC HOLD- 
INGS and remains sales director 

of Prcssac Limited.- 
it 

To strengthen the MOTHER- 
WELL BRIDGE GROUP capability 
for North Sea const ruction work, 
ytathcrwell Bridge Offshore is to 
to Integrated with Motherwell 
Briduo Engineering and the diiv 
eetor responsible will be Mr. A. JX 
Eaton. Mr. J. S, Moreland, who 
nas director and general , man* 
suer of Motherwell Bridge Off- 
shore, has been appointed mar- 
keting director of. Motherwell 
Bridge Engineering and Mother- 
well Bridge Offshore. 

★ 

Ur. Philip Malet de Carteret 
has been co-opted .a director of. 
JERSEY. GENERAL INVEST- 
MENT TRUST. 

- ★ 

Mr. NeU G. McGowan has been 
appointed - finance director of 
IDS DISTRIBUTION SERVICES* 
«. subsidiary ot the Charterhouse 
Group. 

★ 

Ur. A. R. Sage has relinquished 


his" position as seeretary to 
UREYS' t 


CURRYS but .remains a director 
of ■ the' company. Mr. C. J. 
liaonseU is now secretary. 

-*■ 

Major D. T. Weils, chairman 
and .joint' managing director of 
CHARLES WELLS, is to retire 
from executive duties on January 
SI but will remain chairman. Mr. 
0. J. Wells will become chief 
executive and vice-chairman, and 
Mr. J. EL Wells will be deputy 
chief executive, in addition to his 
position as marketing director. 
Mr. ' Roy More wood joins the 
Board as technical director and 
contnracs as head brewer. 

. 

Mr. -W. Ratcliff*, has been 
appointed marketing director of 


. KEETON SONS AND CO- « mem- DUCTILE SECTIONS, a subsidiaty 
her of the GKN group. of Ductile Steels. 

* •* 

Mr. Alan Botnjes. Mr. David sir John Atwell has succeeded 
Buckle and Mr. Colin ShaW hove Sir Charles Pringle as chairman 
heeo^^m^bcrs cif ti« ARTS of the COUN CIL OF ENGINEER. 
COUNCIL OF GREAT BRITAIN 1NG INSTITUTIONS for 1978-79. 
and Lady Anglesey and Ana Dr. George S. His top has become 
Clwyd have been reappointed vice-chairman, 
members until December 51, 1980. * 

' . Mr. C Richards and Mr. P. D. 

Mr. ». G. L. Jackman nas been Tueart are to become directors of 
appointed a non*execati?e direc- UAC INTERNATIONAL from 
tor of EPS (DUDLEY), a sub- February L Mr. P. R. Marriott 
sidiary of EPS (Packing). retires at the end of this month. 

★ * 

Mr. Paul Bongos lias been ap- ^ * g. Wart and Mr. K. W. 
pointed to the new post of «”?**• Bass have joined the Board of 
th-e secretary HENRY HARGREAVES AND 

^tipns of the. A L SONS, a member of the Senior 

UNION OP LOCAL AU" iHORl'l'lE S Engineering Group, 
and the Council • of European 9 * 

Municipalities from April L Mr. Mr 

JSSJ" ^ ** 0 ! a PI» in t«* a director and general 

Spoman^AutlSriSS^Sth a .^“tUSSl 

S2o^! e n^« ,0 ? sll>illty f0r Intar ' Company, subsidies SrS 
national matters. DREDGING. 

" ic 

Mr. Douglas E. Walker has been m t, ac 

appointed a director of AIR *hl S^r/vp? 

TOOLS AND COMPRESSORS and Wjj} StoRNATIONAI? 0 ^ 

di ™» n *»“ JU ' y ^ ^“ r - 
f Hr. WiHer J . P 

Roy Peake continues as managing & er ha ^^ 1 ^ d ®f‘ 1° 

£ ad M ba ?US > ^£! 

manaee?^ MCNefl as. sales AND CORPORA- 

* ' HON. 

Mr. John Price has Joined * . . 

EURO EXHAUST CENTRE HOLD- **. CaWn Parks has been 
INGS as director of operations. l 

He has come from Avis, where he U ^ p ^J re ^ Jd 

vras director and general manager at the 

after ’having .been director of London, Haymarfcet office 
systems in Europe, Africa and the . _* _ 

Middle East Mr. John F. . Scowcroft. an 

* Industrial relations officer in the 
Mr Graham -CL n*v heen negotiating division of the ind us- 

appointed financial director of the JSShSefl iolnt^oSrdteflt^ 

WEDNESBURY TUBE COMPANY “L e “ Lf^¥rJj£?5Sv 
and a director of Glynwed Tubes 

anri s ri« .Z>* COUNCIL In succession to Mr. 


and Structures. He xha previously nn 

^ ,l1 c ° otr ° Iler ° f Wedwsbttrj SUS SL 


as secretary to the 
Joint Co-ordinating 


^ ... Skinner 

Mr. Peter Webster has been coSSdL 
appointed a non-executive director 

vsidlalmSn Mr. M. R. H. M. Van Doninck 

th^ inn^of r^nrt has been appoint ed cha irman of 

1978 /T? 5 f and the Bar in CONTROL SECURITIES and Mr. 


N. E. Aronsohn has becors 


JSJSTJSS 3> '%&-&SS£ 5 & 

C A* Jnhn and Frtedrich Count 
Von ScfaBeffen have been made 


The First Viking 
Commodity Trusts 


Commodity OFFER 43.7 
Trust BID 413 


Double OFFER 92.0 
Option Trust BID 87.0 


to 


Commodity iGtn*r»l 
MmigeMnt Co-Ltd 
8 St George's Stoat 
Douglas Isle of M» 
Tft)v08Z4«82 - 


t&'*S2*.£E2F2r t S£. susrsrev « 


PnUinin*— nn m.. uiiKLULs, mr. v. n. iuikuuii uoa 

nawi . t retired as chairman and Mr. D. L 

Group. 0xtear Prtnto* Rapport has retired as a director. 

rntt „ ... *w“ Mr. Sidney Procter has been 

hoflri L "ihn' rScmp K ii?vTviM appointed to .the Board of 
EDVCVnON NATIONAL and commercial 


AUTHORITY^ 


BANKING GROUP from February 


catering branch which provides R t 

250.008 school dinners a day to , 1, ,_'?J] en ^ 


ifU-WU hUfirvj UllUiem « •Vltfy IU I . - _a_r- e n.-nmitlrn „f 

central Lanrtnn «*hooicMtriren. He 6 

■mceoeds Mr. Hot* Sler, who ?£ 

has retired Mr. Fraser was pre- h *f 

•'iniKlv monaPDf ta fhp B03rdS O* NBtiOD&I RHu COT1V 

GLCL C R manager to the fflerc|a] Group and ^ 


Mr.' Gordon J Nlcklfn has been 
mnnintrd works director 


WAROGA7S COMMODITY . 
FUND 

at Mtb Dmobir 1977 C9JT4fM 
WCF MANAGERS LTMTOTO 

f.O. lox n 

St. Hrihr. Htmt 
0S34J059T/3 

Nnet 4MU*t» 31** imr WT» 


Royal Bank of Scotland Limited 
but will continue as a director 
^ of Williams and Glyn's. 

* 

Mr. Hanley W. Clarke and Mr. 
Frank Jefferies hare joined the 
Board of TECALEMIT. Mr. Clarke 
is chairman and managing direc- 
tor of Clarke Securities and Mr. 
Jefferies is divisional managing 
director of the fluid transfer and 
filtration division of Tecaiemit 


INTERNATIONAL COMPANY NEWS 


Volvo meets setback 


BY WILLIAM DULLFORCE 


STOCKHOLM, Jan. 27. 


VOLVO, the Swedish automobile 
manufacturer, reports a profit 
decline of over 43 per cent, in 
preliminary figures for 1977 
released to-day. The Board, 
however, proposes to maintain 
the shareholders' dividend at 
Kr.6 a share, despite the fall in 
net adjusted earnings from 
Kr. 15.50 a share in 1976 to 
Kr.SisG. 

The pre-tax result of Kr.330m. 
f£36.Sm.) is in fact rather better 
than anticipated Thanks mainly 
to' the agreement with the Dutch 
Government announced earlier 
this month, which has reduced 
the losses on the group's Dutch 
operation. 

The unaudited figures show a 
rise of 3 per cent, to Kr.16.2bn. 
(£lBbn.) in group turnover. 
Exports from Sweden reached a 
value of about Kr.SJ2bn. and 
accounted for 71 per cent of the 
parent company’s total sales, 
compared with 67 per cent 


in 


1976. The parent company shows 
pre-tax earnings of KrJ65m., 
against Kr.514m. in the previous 
year. ■ 

Group fourth-quarter earnings 
come out at just over Kr.lOOm^ 
compared with the Kr25m. 
recorded in the third quarter, 
suggesting a considerable re- 
covery. This is explained, how- 
ever, by the reduction to Kr.20m. 
of the loss made by Volvo Car 
BV, the Dutch-based company, 
through Kr.l95m. in financial 
grants, from the Dntch state. 
Only Kr.44cL of this state sup- 
port bad .been Included in the 
figures -for the first nine months 
of the year. 

The group pre-tax figure in- 
cludes an extraordinary gain of 
Kr.45m. from the sale of -plant 
On the other hand it has also 
been saddled with a loss of 
Kr,155m.. emanating from the 
revaluation of the . group's 
foreign currency debt after .the 


devaluation of the krona. 

If the currency loss, the extra- 
ordinary income and the Dutch 
state support were eliminated, 
Volvo would show a pre-tax profit 
of around Kr-245m. The deal witb 
the Dntch Government, under 
which Volvo’s shore in Volvo Car 
BV is reduced from 75 per cent 
to 55 per cent, gives the Swedish 
concern a three-year breathing 
space in which to bring into 
profit the medium-sized 843 

model produced in Holland. 

Volvo reduced its payroll by 
around 3,000 to 59.500 employees 
in 1977. Investments ta plant de- 
clined from Kr.704m. to around 
Kr.640m. Liquid asets at the end 
of the year were Kr.Z.87bnU 
slightly up on those held at the 
end of 1976. The full annual re- 
port will be published on March 
31. 


Texaco gain abroad 


BY STEWART FUMING 


NEW YORK, Jan. 27. 


A STRONG overseas perform- 
ance has lifted the profits of 
Texaco, the second largest U.S. 
oil company, from §72?7.3m. to 
S871.7m. in 1977. Earnings per 
share rose from S3 20 In 1976 to 
S3.43 last year. 

The increase came in spite of 
a fourth quarter decline in net 
income to S202^4m. (75c a share) 
from $230-5 ra_ (85c a share). In 
the fourth quarter, however, 
Texaco suffered a $S5m. loss from 
foreign currency translation. 

For the year as a whole, net 
income from foreign -operations 
rose 35 per cent, from SI 18m. to 
$456ffL Domestic UJS. opera- 
tions brought a decline from 
SSSl.Sm. to S474J>m. in net 
income. 

Texaco said that the lower 


U.S. earnings reflected lowe 
gross liquids production, highe 
costs of imports and increase 
entitlements, cost under Depar 
roent of Energy regulations, hi 
the company added that ii 
creases in costs due to InBi 
nonary factors were partial! 
offset by substantial economic 
achieved under extensive pr 
grammes being carried out 1 
Improve operation efficiency. 

Commenting on the increas 
of earnings outside the U S„ tl 

company said that the rise ovc 
1976 was mainly the result of ii 
creased revenue stemming froi 
higher petroleum product price 
The decline in fourth quarts 
earnings, Texaco said, large! 
reflected lower U.S. earnings an 
currency translation losses. 


Flick unit upturn 


Modest nudge from the SEC 


BY jUREK MARTIN 


WASHINGTON, Jan. 27. 


BY GUY HAWTIN 


FRANKFURT, Jan. 27. 


KRAUSS-MAFFEI.. the West 
German armaments and machine 
too) manufacturer, has returned 
to profit after two years of losses. 
Its parent the Flick group, must 
be much relieved as in 1976 it 
was obliged to cover losses of 
DMlL2Sm. 

While the preliminary report 
on 1977, published to-day, puts no 
actual figure on earnings, it 
states that turnover more than 
doubled, rising from 1976*5 
DM594m. to DMI.15bn. Although 
profits are unlikely to have 
improved in proportion with the 
sales increase, it seems fair to 
assume that Flick will have good 
reason for satisfaction. 


forecasts are that the concern’s 
sales should peak in 1979 at 
about DM2.1bn. 

Krauss-Maffei, builders of West 
Germany’s famed Leopard tank, 
is somewhat pessimistic. about its 


chances of selling the Leopard 
mark II to the U.S. Army. It also 


Orders last year totalled 
DM3-2bn_ with delivery periods 
that stretch into 1982. Bookings 
worth some DM300m- are attribpt- 
ta the civilian sector, giving some 
idea of the group's dependence - 
on the defence sector.' 

According to to-day's report, 
next year's turnover should again 
show a substantial increase and. 
current estimates put 1978*5 sales 
at DMLStra. However, current 


rates its prospects of selling the 
Geopard— its anti-aircraft tank — 
to the U.S. Army based in 
Europe as being rather poor. 

For the future, the concern 
does not .see growth coming just 
from the. supply of finished 
equipment and systems. An 
important'-'growth area will be 
the supply of spare parts, sub- 
sidiary equipment and such 
things as 'simulators. The con- 
cern believes tbat there is also 
□otential for further sales of its 
Leopard l.tank amons the Nato 
countries.- although there have 
been no-eoncre»p foreign orders 
for the Leopard II. 

Last year’s turnover doubled 
primarilyas a result of increased 
sales in the defence technology 
sector. However, its operations 
geared to the civilian sector pro- 
duced sales of some DM350m. 


THE SECURITIES and Exchange 
Commission has decided to 
give only a fairly modest regu- 
latory nudge in the direction 
of a national securities market 
in the U.S.. its keenly awaited 
policy document on the sub- 
ject has revealed. 

In essence, the SEC concluded 
that it was still not clear what 
form such a national market 
should take, and that progress 
towards ft should be *' evolu- 
tionary ’’ rather than officially 
directed. The Commission 
. warned the securities industry, 
however, that it would look 
askance at patent footdragging 
over the dismantling of 
restrictive regulations. or 


excessive delays in introducing 
technological improvements. 

. The only mandatory step It 
took was to order tbat by 
May l, the composite quota- 
tion system be in place. This 
requires individual exchanges 
to collect and disseminate to 
brokers quotations and quota- 
tion sizes for all reported 
securities. 

The SEC also said that, on the 
basis of present knowledge, it 
could see no reason why two 
other facilities — an inter-market 
order routeing system and a 
universally available message 
switch enabling dealers to 
place orders in any market — 


should not be implemented t 
September 30. 

But on the controversial issi 
of off-hoard trading restrl 
tions. the SEC deferred ar 
action until September 30 ; 
the earliest. Although tl 
policy statement said that tl 
Commission did not want tb 
to be construed tbat such cu 
rent restrictions might t 
allowed to slay ou exchant 
books, the SEC chairman, M 
Harold Williams, told r 
porters that when the Se 
tember deadline came rour 
the SEC review might co 
elude that curbs should t 
ended immediately, or sbou 
be allowed to stay for a tim 


DELTA AIRLINES 


Second Quarter 


vm 

s 

508 6m. 
3 3.5m. 
1 88 


MARATHON OIL 

Fourth Quarter 


SUN COMPANY 


Revenue 

.Ye! profits ... 

Ne 1 per share 
Six Months 

Revenue ...... 973 7m. 

Net profits ... 60.5m. 

Net per share 305 


vm 
s 

450 4m. Revenue 

18.5m. Net profits ... 
0.93 Net per share 
v*ar 

823m Revenue 

36.4m Yel profits .. 
1.83 Nei per share 


1OT7 

1978 

Fourth Quarter 

ion 

1976 

1.3bTL 

57.110. 

\J& 

L.lbn 
' 592m. 
1.97 

Revenue 

Net profits .. 
Net per share 

l.Ubn. 
93m 
1 7B 

1.6b 

S5r 

1.1 

4.65 l )D. 

n.54 

3S5bn 
195 Sm 
65Z 

Revenue 

Net profits 
Net per share 

fifibn. 
382m . 
727 

5.5b 
356i 
7 J 


EATON COBP. 


Fourth Quarter 


Bally integration 


1977 

S 


im 

s 


NAT. DISTILLERS \NP CHEM ViNHI N’ oiL 


Fourth Quarter 


BY JOHN WICKS 


ZURICH, Jan. 27. 


1977 

Revenue 545.3m. 478.8m. Revenue 43*>5m 

Net profits 26.3m. 23.6m. Xei pmfits ":. 23 m 

1-So N*»t per share ■ OSS 


THE SWISS-BASED shoe con- 
cern. Bally is to be integrated 
into the Oerl ikon-Buehrle group 
as a division. This decision by 
the Zurich parent company 
Oerl ikon-Buehrle Holding AG 
follows the take-over of Bally 
last year, in the course of which 
some 99.5 per cent of the C. F. 
Bally AG capital came into the 
possession of the Zurich con- 
glomerate by December 3L 


It is foreseen tbat C. F. Bally 
AG, the Bally group’s holding 
company, will merge with 
Oerlikon-Buebrle Holding. As a 
preliminary stage to this, the two 
Bally subsidiaries, Immobilien 
AG' Eterna (real-estate) and 
Bally Finanz AG (finance) have 
merged into Bally Finanz und 
Immobilien AG. which will be 
responsible primarily for Bally 
sales .. subsidiaries - outside 
Switzerland. 


’Net per share... 

Ynr 

Revenue ...; 

Net profits 

Net per share... 


L5I 


2.11 bn. 
106.3m. 
6.10 


LSObn. 

90.9m 

5.23 


Y«ar 

Revenue L59bn. 

Net profits ... 85m. 

Net per share i57 


WTfc 

5 

402 3m 
21.5m 
0-83 


Fourth Quarter 


1 5bn 
903m. 
3^4 


Net profits .. . 
Net per share 

Veer 

Revenue 

Net profits . 
Net per share 


1*7? 

S 

81. im. 
1.79 


LOT* 

86 4r 
U 


5.7bn. 
334.2m. 
/ 39 


5.5b 

285.8c 

6.2 


LOUISIANA-PACIFIC CORP. PET. INCORPORATED 


McDonnell douglas 


Fourth Quarter 


vm 
s 

Revenue 212.6m. 

Net profits ... 14.5m. 
Net per share 0-52 

Veer 

Revenue 79L5m. 

Net profits ... 60.1m. 
Net per share 2.19 


197* Third Quarter :V77 

S S 

165 3m. Revenue ...... 305.5m. 

13.2m. Net profits ... 9.3m. 

0.48 Net per share L38 

Nine Months 

562.3m. Revenue 818.9m. 

40.4m Net profits ... 2Llm. 

' 1.48 Net per share 3.10 


297* 
- S 


1976 Fourth Quarter 1977 

S 5 

295.9m. Revenue t.lbn. — 

88m. Net profits 34.28m. 28£7n 

L32 Net per share... 0.89 O.S 

Year 

799 3m. Revenue 3J54bn. 3fi4bi 

19.8m. Net profits 122.93m. 108.8&H 

2.93 Net per share... 3.20 -2i 


COMMODITIES/Review of the week 

Shake-out in metal markets 


BY OUR COMMODITIES STAFF 


THERE WAS another shake-out 
in the London base metal markets 
this week with copper failing to 
the lowest levels for two years 
and Zinc sinking to four and a 
half year lows. There were also 
heavy losses in tin und lead. 

Copper started the week on a 
depressed note following a bigger 
than expected rise in London 
Mcird Exchange warehouse 
ftintsks. and a general fall in ulber 
nv> ml markets A further body 
blow to market sentiment was 
delivered by new* that 
kertuecem, one of the leading 
l? S. producers, was cutting its 
domestic copper price by 1.50 
cents to 61.50 cents a pound. 

Values rallied slightly yester- 
day in reaction to the previous 
decline and forecasts of -a fail in 
warehouse stocks, reportedly 
localise vd shipments out to the 
V.S. to hi-at the threatened rise in 
U.S. import duties. 

Another factor influencing the 
copper price was the continued 
decline tn lead. The cash price 
lost a further £31.75 to £310.5 a 
lonnu this week despite rallying 
sbchtly yesterday. This 
rvpriscnls a loss Of nearly £50 in 
the past fortnight alone. Mainly 
rcspmisiWe tor the decline is 
selling liy disillusioned specu- 
l;:n»rs» who previously helped 
furr,* the market !q un- 
mtlistically high levels. . . 

Tin prire^ slumped again, with 
ihv standard grade cash quotation 



closing Iasi night £242.5 down on 
tiie week at £6.037 » umne after 
falling to £6.005 on Thursday. 
The three-months price lost £255 
to £5,9S2J>. 

The market was depressed by 
the firm tone In sterling against 
the dollar, the decline in other 
metal markets and the inter- 
national Tin Council's decision 
to reject demands front producer 
countries fur a substantial rise 
in the Tin Agreement price 
ranges. It was generally antici- 
pated that consumers would 
oppose the price range increase, 
but a surprise was the lack of 
reaction from producing coun- 
tries. notably Bolivia. 

Zinc was mainly influenced by 
the downward trend is other 


metals, with selling pressure 
meeting little buying interest. 

The London coffee market was 
more confused than excited by 
the Tuesday announcement that 
Brazil had reduced its minimum 
export price for coffee by 10 
cents to $2 a pound. Traders 
were unable to decide at first jf 
this should have a “ bearish ** or 
“bullish** impact on the market. 
But sentiment became clearer at 
the end of the day as the March 
futures price closed £4550 
tonne down. 

There was fresh agnation on 
Wednesday when fears of 
“ squeeze ” on supplies of nearby 
coffee sent the spot January price 
soaring £207 in one day. and 
despite falling, it still remains 
at a substantial premium. The 
March position closed last nigh: 
at £1,733.50 a tonne— £6S lower 
than last Friday. 

Coco* started the week on 
lower note and prices slid 
steadily in what traders 
described as “an extension of 
firmly entrenched downward 
trend.** Confidence was not 
helped by the Economist Intelli- 
gence Unit which forecast 
world cocoa surplus of at least 
100.000 tonnes this year and 
reports a sharp decline in 
Japanese grindings. 

Tbe May position on the 
futures market ended the week 
£7150 a tonne down, at £1.446.50 
—the lowest level since 
September. 1976. 


WEEKLY PRICE CHANGES 


, XaifH 
. |a Lti t'h'Sf 
iwritHM*' 'ii . Yew 


teii-ta 


unlM» KKtk . ag>' . H ; K h I* 1 * 
natnt ; • 


Mo:a.s 

V'lUtltUlM^ ■■■■ 

I ’n“ M«W 
\ntLln<4jv irM.*S* - 
1 ’irr Murfcv' « 
Capper 

i*»li VVirr Hans, ... 
? U-. f 

* »«!• lal In "dm, 

i <:..ias I:-. LV>. 

r.rtri jur itt 

Trs.S 

' annitia 

■Vl-wi — >. 

iiwUarkdi.I.I.Iti. 
S|u>;iuhi.i ji?.... 

I'ru IUrkk|ct i>L: 

qiiti'kiisnr iTBll*.. 1 ' 

51! wp |«riw 

i mmuim |rrp;., 
Tm cuh^ 

3 


1 ow : — ; os ? a mo , 

»fl»« -a Vswvk> S«wp 

CLOU . i xtlto . O.IW, 

ss.iw-toj +3 ssoa»^m)W.^tt>wjK.t5Aw 


£SSSA ti*s£j fi£S.<5 
f*r&X i £iX<3 JMb.1a 
xagj.50 ' Cittii.73 
dffu.90 iiaw.tr &2i 
sut.o^ eua .12 

CUA MM1J3 esssja 
C3«.n ; CM&za ; j3JLd 
. - , jLMW ! ex:** C2.TXJ) 

SI .M SIJfrX.1 ■ W.W. J2 *L 7-ifl 

- C9T-1UL? iGH&lto £871* 
£lUX5 : 46.Y9i SK.70 OUM OSJOi 


cey.:s -7?J s; 
KBi0.1h -3}. SO 
ly.is -iflLb , 
£131 

IUUR45.: 

-4B5WLS* 

OlbJh -20J} ; 


stA'Jh ; - iWMW , ItiMre- SW-IS: 
25^71- -+1M IKtUp : S&Jty Sttf.ty 
L'vir-T +12* * EfA.Ofp i CsW|. 

cr jrSt.lt O.TW ; 1,'Uto 

ia,vri-.& — 3» • 


/.m- ^ti, *£c.: ■ r 

ji-imi«i». .. .. 

rn-lncm... . .. Ml) — . 4*<: 




Onshu 

l-«: rt-t I.KI*. ......... 

ti.’ite I iilum-... 

K«.w 

I (nn;,.Vd Vrlk'W 


kUJ* tli; WjJ-i 


£» i»jo 
E*V.T> iHl 




**!» 


Ifrt ■«.!■ 


UH* 

prkm AVae 
■MTMtOr.. on 
Rotem 
t&MA ! 


Tar 

■B 4 ' 


mr-; 


Hl^a Low 


Wheat 

5 k. 1 K«l tf pnn« dOQJtt— 
Am. Rail ' 

Winter 


m 


CV.-vs 


Winter . j.. . _ - 

Kru;. Stiinnc (Barr.-inpjelU I i £*.’3 

(JAM — fi&.CW 

■a ithlPA L • 11 ! A. 


i 

J « 


iX2 


Linn.. >.y«i . — J&.CtC 

l>n«n-. White.. SUK -10 *3.M^ 

Mai 92.400 $2,lyj 

Oils 

Inniiiutii’liUlpYtt tU —is 

UiVtrneeut bL : £619. ■ - CIS? 

I4macrt.VnKEB.~-i.. £266 —1 : 

tv» auiayu • tm —12 ;• WIb 


£i.0Q6 - £», 

*? jaa I 

6Lc* ' SiW 


K: S4tb 

rr.6 : or* 

CT23 CSH 
' IttTa S5* 


{PwnppiM*:, **» i — : 13(7.5 
«ovatoMB(C^4 -■ W0 Ue 


, 9» ! 85W 
l 934! i SSB 


Other 

OosunoAiuw 

Kbl|UMOt9-. 

Oilaliwi 

t-dAraVuiuteMMu- 

(•!tia linn 

|i» tirrnoul 

JuU 1 Ll \|IWt'£rilL 

Ih.-'nnr klhi....„— .. 

|V»n. . ..... 

Srni Sn. A L... ...... 

SufiU U«i). 
Tijim Nik I—m.. 
IiKiijiaiiivi lii«n. 

;nJ 4 «U Kill' - 
Wn.-'(r|»l4fr W»ir- 


£UB 

SlMuJb 

£1.733A 

tbJBi 

£r» 

W 

*.V iwiu 

tub 

45Sf-i4t- 

JC1& 

4UU 

Mp 

SS), 

' 2SI{i Hie 


!li 

j? 

■ t.tb 




l^ITo 

•S.Q 

SAV 

Ml- 

A?:-.- 

krwJ 

eta* 

chi' 

li?p 

!lVu 


ESiVt t:.tS5 
fi-Sto £1.1 
UUi'i 





i LTWKWfl. • N90HMU * M«e»uc». 


' 


MET REPORTS 


op to 24TJ crni* on. Juti rteBvery. 74-ox HJ» oer IM cards: Feh. CULST R March 33S.7-SS3 0. 3«3.7-3BS^. S; May 

H-cmiam Jitiy aver Man* rose to and £7J7: March nH67 and £84M- “S’* 3*3.8-3612, 3&M64.7. 28: July 367-5J66.0. 

2 W pini!*. fYtdaj's edmtes prices /cents twills £3167. £31.48 and 01.96 for ihe 366- 6467 jB. 3. Sates: UP 

per pound!: March Si2tt-3i2S. May 51J8- respective shtpowu periods. Yarns and nTmnrn 

K.*a. Jo!y 58.0a-H.lll. Oct 38J639J0. Dec. doth# quid bat prices very Hrm. KUoorlv 

-SjB-fiBjO. WevkN tech-low: March Si-33- t , * 

51.10. JutF 5&.21-®.*X Oct 574:5. Sates rn 4 fXIC L ST ® A . D,ER ^ roartn* on the London 

ranurven 227 <2S5) to:s. UnAtirJ physical market. Fair terminal inferesf. 

:a e*pee:a:»i3 « a cecn-zse r.(i v/CO The market opened higher on old crops 

la vonbrun* curt'. Firvrard mcial SILVEK and unchanged for new wiih minima! W 

ndtd ap fn.m :o ftc depiie heavy . turnover and a dose around 20 lower nn lia ° cena f0pyCT - Fe&IU<u * 1 - 

seBtss from one :oorcc and dosed nn , .. T ^L lade of Imerest. OU cron barley after 
•he Kerb at ite e tr ial! nn :he l>r i ^ ot aeBmf hi the t-ooooa UulOoa h „,_. 


BASE METALS 


COPPER— Steadier oa the London Metal 
Exdacse !a e spec* 1 : 1.13 r,; a dem-zse 


•he Kerb « £549. T!t- cc tall rm <Ae “ “S _”*r. _ . initial sTrencib met strong hedae scllina No. 1 Yesterday's B urines* JVemus 

wetl: was E 8 -*. Tanwver U.250 xmm*. e's ^ were- and for «»e rest of the day. ILS.S. close ' •lone dose 

- - — n: - — T-* «br bolding tip on straddle*, old wheat 

*•" * + ' ■ . ”^ or n 5 J 7 lT n <^n sav BOOd profit-taWng which Rionmiered 

— rn.tf(cu»! — ■ j 9. oC. down o.lc: stz-month 5I7JC. down rvn , A H n „ , har - n -prt n rin>« » 


COPPED 




627 .5- 8 -5J 

640.5- 1 *5 


£ £ 

Wirebars _ 

la\b 624.5-6 -2.5 

3«e-:::h*.. 8585 95-5 

626 -5 — 

Cathodes 

l»»J. 6 15 ; -6 - ; JS 617.5-8^ - 6 

3:u.«L*.. £28 .5 -i.» 630.5-1.5 -6.S 

wi.’a'ic 6X6 -5 - 

rested.. - 60-62.5 


<T*c: dowS arc! ^on covering that moved prices up ra Man*.. 46^4180 46.75^5.80 

Themeul •peiMtfirtS^2S»p M8W99IC) ** JtomiiW «tod Oral with Apn) .._ 4B.7IUEJ5 48JO4630 48.70 

aS dosed StSaS7?a a b,K - ris5 ta fob '* eaI - Ad ' reports. Apr -Joe 47JB^7.10 4L56-«6.e5 47.70-4655 

Jl.v-iiep. 48^0-48-40 48.30^8.40 48J5-43.10 


MLVEB B>ilhoa + tr L..M.E. + •* 
per . I r.inn — close • — 

troy •«*. • pni-ing 


' 6 ti^inlEs.. 239. 55p — 0^4 260.5Sp *1 
Amalgamated Meta: Traica reported o inunth*.. 264^p —0.4 — , 


WHEAT 


BARLEY 

yesterday's 4. or , VHrfidir'f + nr 

M nth 

L'lrw . — 

close 

1 — 

llsr. ' 

85.60 - 0.6D 

75.55 

->-0.111 

M«v 

87.50 +0.66 

76J» 

*0.10 

-Vpt. 

35.70 — 0.56 

79.4D 

—0.25 

Not. ' 

85.90 -0.S6 

81.90 



Jiy-hep. 54.70-54 J6 65.1&55.S 65.60 


cash ICS. tposth- E«>7. 30.3. 30. 
3 « 5 . ^ Catfctdr* ca*h KJS.X three 
:i:onih-s Kerb: hVcaar-. throe 

n:sSn £-Z5. j.5. a. Afrerniim 


Sales: 5»5 >3827 lots, of 15 lonnu* and 
17 at 5 tonnes. 

Physical dosing prices < buyers) were: 
Spot 48. Op 0031. («33>: March 47.0p 


LMS— Tenover 97 fM»» lots of 18.000 ml. Xwv. 


Business dooe~Wwat: March 85.08- J^TSi- (uTUasSoiti s . 

3.SS. Mas Sfii»R7.itL Som n.t -*P™ 47.23P I48..S-. 


e ssa Jta shra jye |«k .trsi. ss meat/vegetables 


Wjetar-. ’.hree > 3 »th> £•«. 41 A 41. 9.7. 9—' «.<. 'Kerb: Cash 233.7. iltree SL8MS ' M - , S>l * s: * 34 l6, - s - 


40 3. a: thre* pn-jehs ixao.5. months 558..j. Afternoon: Thro* tnwuhs _ HCC A— Location rt-farm fpoi pnees. flUOlw) 


SMTTHFiELO— No carcase meat pnees 


Kcrh: tfree rj-rjft.- I«j. «.i 26&S, Mb. «l4 

42. 4E 5. 4!. « ’ UBA5. 68 4. ©5. 

TIN— LRIte changed dewtr a Inirer _ 

Ea-:er-. tterisK '.\>rt^Bht* wtnch led E ()( () A 

forward mt:al ir Loaic :» twe A«wn 

ijSSS to Z5SZI m eirli trartlrr,- C-mn:t*snn h 
T.hcr aaftir Ihe prsi 'jj« Sr^ier. reach- o».t yr-.--».Tiro tn 


.re r> W 3 -.1 5 ?a- r'Vtnca and European dacer reports 

=V;-:ra: »*c: na'd The rtite -ti fty- Krrh Ye- tenter** +»-r Birohiesa 

W' SW 7h“ ~.rt ta" ..r. -he week CVN O A Close Done 

was £.’53. 1.433 : r .-ue-~ , 


Kerb Three coombs Other milting wheat— Lancashire SO. CO. tlc , T . 

* Feed barlet— Kem 6 S 10 . Lancashire lO.ffl. ^ EAT COMMISSION— Average latsiocr. 
Thi I K moiH-iary neWckmi tor ihc ® ri „ Ci,s - 31 repTraeniative mariiKs jB 
week heamnlns January 30 will remain bct 

unihanscd. tW-LW. 1 *3JJIi U.K^Slteep 138 >p per 

EEC DAILY IMPORT LEVIES— The > -15'. G*— 153.30 per 

. Ensteuf and Wales— 
sown D oei cent., price 


iEPSJE? tnllowlna EEC tevurt anJ premiums are 'ZS 1, 

eftuctirr. tor Jan. 28 Id urtiih 01 acconnt J*”* 

^ GL. ana Doties. _ per tonne. In order current levy plus S - "* 3 


TIN 


, No. a C’otr’l 

+■'. . 7 +' r Maroij- CU SJ-86.8 -S2.0 1340.D-BCO 

— Ln-*.!:.-:*. — May 1445A48* -30J 1484JM0JI 

. , . — T 7 7- ’J" ■»«!*■ I438L047J -35.0 I462AJQJ1 

EsghGiaoe A f. Jz. ><■<«....- I4IAA-TM — 32.0 1446^.10.6 

*-«- - *.!\S25sS,*S“ u "*' 1301*834 -32.0 14224-1390 

± S9Ute«> 5990-4000 -65 S |. tdl 1377JD4U -50.0 1405.0.1578 

>enteii 1 . 6025 -15 - ... jiat 13514-854 -50.0 13864-60.0 


Standard 

li-£ 6020 5 -15 6055-43 -72-S 

:T«h... 5973-80 -I2i 5980-5 -2.5 
6026 -15 - 

E..JS16ZO -24 
Nr» Ycr*. 


Sains: SA44 < 2 .5 8 41 lots el « lasacs. 
iptemathwal Cecum Orpactsatioti <b\S. 
tua pet poands— Duly price Jan. 2«: 

... 12U.I4 (138.57 1 . Iarticaior prices Jan. 27: 

_ *558.50 — 1:3 3*«Iay a. '.rage 05J6 (U3-U>. 22-day 

— » 3 ateraiM I2&44 fU 7 J«>. 

M.-essu: Snmtjrd. cash £S.o;*J. :5. .'J. /-Arrrr- 

three mte-Ji; iis-i’. 7J. oj. *3. (A b3. I I Irr r r 1 , 

5. :i 13:sh «>ra4e. three rn'ir.ths E35V3. 


Sheep cnmhrrs doirn 

Feb.. March and April premiums *iriih 3 -* P* r «“>■■ f** W 8 ^p i-sare P« 
previous ip brackets!. Common wheat— ? u ?* 2 ers F* per cent- Price 68 Jtp 
t.TJ9: nil. DO. an 167.29. list. 0 M. 0 J 4 i. 'r®- 2 '- *c«tlaad— Cante num&crs down 
Oortnn wheat— 114.32. rest BT (114JS. rest 19 ~ . cer e ^' , n I ?. rice Sheep 

nf]>. Ryo— 7441. rest nil f74.6L re« mil. ? n ?? era D 'K. B J. per cent - *50*» 
Barley— 7743. rest nU 07.33, rest nfll. 1 

Oats— 68.5C. rest ml 76856. rest mil. COVEMT CARDEH-* Pnees m sterllop 
31 ah* < outer than bybnd for seeding.— paritag i: vT wpy ajtere otherwise 
74.81. rest nil (7441. Dll. nil. 8.171. Eurtt- 1 — Imported prndoce: Or»w»- 

trhrai— all nib (all nUs>. MiUcts- 73 .t 3 . _ s A 1 ™ afl ” ^ w - ’•■w!? J4 M4U; 

rest till <7343. rest oQ». Ora in soTKhom— Ova ls a two*. 

7S.55. rest nil 17845. rest rill. 16 o^60S 2JM^ EotMO: BalAll 

Floor levies — rrbear or mixed wheat end MonKXM^-.-Wi^.Mi Gree fci 34 0. 

ryo floitr— 123.70 «33.70>. Rye flour— jW/12 8_3JMto 40: Cyprus: 

115 46 *115 401 .» DW40. Grapefruit — Cyprus: io Mins 

2.48-2.60, 20 kiloa 248-340! Jafla: 20 kites 
crir 1 D 2.£0-3jO. Sour* — Spanla; Appr«- 40-lb 

OUuAK 4 . 4 IMJ 0 . Oememims^-Moroccan: 3.40- 

'STm D ? l &2 a S 

Shipment, white susar dad, pnn was {.£■ 


r»v th'ee n m ilp £ 32 * 75 . 70. Rohostas were tsrialS; firm repons . _ 

73 ""•■3 A'-S-r-.-’i s-iinaard. tftrr.p Utvact Barnham Lam Per fiewerer. used ai r:ij I£ll7i. Delldoos *344Bk Red DeUdoos • EO -1 00 

zomiiy liSf- V* s’- Kerb: sumUrd. u\ : aknr» m S wjflt prom oted Lwidpu "Eg** 1 * ** ,2 Star* Crimson 2.70*20. p« 

save =a=U;» USU. Er.tto. 13.953. su. -..alaw to ah beten Tboi^flar s close in an^eaver tuy poued. Golden Dehctous tt.t84L15: luCton- 

th<- aftcraami apo ih" m-ar •repd was nr,n tell osck vimt -t 1 ' pninis. anmrasn c olden Delloons 0J14L13: 


lead— K tehtr u:th lorwaM metal Gnnftr re-esubUtfwd. 

BXViCS -s iront liU :a £217 hslp-d hy .... 

trade say.rts. shcr. c rrc Kng atvl specola- I'erttsday'i. 


iir->-r tradcrl prices were anuind overolcbt 


l-veh.. some or the jrwro recovered 

laiiw belore tower Kcw Vnrk mintarinns indn^T j ro. im 

or>*lueerl a weak close wnh flnai prices p^° r ;K) 

r'r^ro , ^„w d * y ’ S k ' W8S ' pnlD '- rewts C.Truts^Por^Ste OMM. 0«»*- 
<7 1 jarninow. Per 56-lb 1.08.L48. C ater s- Xaked IBs 

I .TO. Swude*— Per has. Deron 0.43. 
Apple* — Per pound. Derby 041- Cox's aib- 


•_vc sjsarA* cf py.iuicr. Tlr cajx: ca 
the Kerb tru Z27643. 'fhe c-jt UU on 
2>c week vai £ Si. Turnover t! 2 ^ 


lUKPLfc 


tW + 1# 


£pe.Knme 


ilininna 

Lluue 


lea a 


OC7 j. — l" in -rtT.-iil — 


' ' 4 . Jenuery 2070.541004 -6243 2ifi04-ZB0Q 

^ Van-1. Hi20-l«a4 - 2 Z .5 If £04-1725 


Sneer ! 1 

I'rol. 'VH'dlirV Prevjnu* 


»; £ - £ £ 

Call: 509 4a-. 7s -2.25 510-1 T 4 

Im-.iiir.^.Sld-S-S -14. 516.5 +4 
SaKlr.j’st 309.75 -£2= 


liny 



.Vtat-mUr 
.tnvrrnief 
Jentdlt} . .. 


I&IS4-16IM j, 19.5 1&&2.0.I6O5 * C ’' ,,,K: 


Business 


JM04.W54 *20.0 1530.0-1555 
I5H4-KM4--.3.0 1550.0-15 IQ 

14784* 15104 . . . 1=004- MOO 

P2fl4-1300.fi —23.0 U5C 


JSSfSL 


£ |<er luune 

Vairff I J3.M-20.M ia.25-20.30 120.50- 7 IB.fl n JS-(l 
3l«v ...; 126. 75-25.85 1244524.35 124.65125.6 
• _ ' tu a.... .126-70-26.75 127.20-27 J5 127.50- !2g4 

Marxsf cava CM. «J 1 , ins m-.mtha fates: 2 . 2 S 1 '4.«. asuf! d tomns. tat 128.6528.75 129.20-23.50 123.50 128.6 

Cli. tU’lLa. !l-i. 15. !4T3 K.-ri»' 1C0 l»rt»eator prius ter Jan ?6 b |W., .. I50.H 50.II T5I.D0-51.10 Idl45-i:04 

Crth dJt-2. Jf. arre ctsvrts tr.: j, u ri »»«» 34 r ; ”? na ' <tetenste«i Mill Umcvh . W.4aUM 134.85 3540 IM.TiWJS 

il« :i. ’.I 1 5.5. .Mlrrpoon Thr*» Arahis as --^uo tsam-.**: unwash.-u ji» v .- 156.65-37.8U 137.00-37.50137.70-156 j 

n=tt3 CSS. 174. -. 1 . tl. iu. Kfth-. Arawivas »21a'*».: orf.. r mild - — - 

Snre I T ?-' ••« 1771. 16. Arob:eas - 1 : -* drt si: Hehm.ras 177 J(I Sale:,: 1.893 i2-l«» Ini, i,f 2 nnnes. 

— . . . ili- 50*. Da-y 4V«r*£i • 191.4^’ ■ Tali- and Lyle «-re tin.?ry pnre rnr 

ao t -w ( iw :r. Ulrvcst-a. tain tralise LONDON A RABICAS were id dull pramdaiM! bavis white t njgr wav £iu 49 

ihe clnro isamc* a irmne for hurac trade anil fl75 
valu*.-<> tl *1 1 *j»> f.ir a-xpon. 
ardcr buyer. lmcrn«|pnal Sonar Agreement— Indira- 

April 20U.06. mr pvtci*-. ili.S. iruni , ncr nouad fob and 

tte.W. — J.J>. -07.8006.70; Juse )9|4005-UQ. Mntred Caribbean port): Jan. 26: Dally 
-Ma lOS-W 94.73: Ate. lb3.0M3.A pnn* 9.C l same 1 : I.Vdav average 543 

3.3a. lS52i-Kje} Or. 0-7449. -275. 13.73 1 
‘.75^0-74^07 Di-r. 1544WN.m. -r^M. nil: 

It WJMf.W-_-.JI. rnl Sates: C WOOL FUTURES 


n :4. Bramleys 0 J 1 -IUS. 
pmmd. Conference 0404.14. Coance 0 14- 
fl.m Sprouts— Per pou n d D64 *d 03 

Parsnips— Per 55-» 040-140. TbwIps- 
ftT W-lb 0.60-049. Rhubarb— Per pound 


ib- unpr.wvsced: Sheil cm A3.03*£n48. 
v -dLn^. a.30.K.e: torse taditock £3.00- 
£3.4h. inednrm haddock E440-£4A0. small 
hortflor* R.iU3Ji: terse plaice f4.0fl. 
inodiiim plaice ZZM-SZM. best small 
nlaiw £&to-£H58. 



+ •: 


:-.:k. + -t * 

7.1SC — Lnwftpai — 


EELS 
Cim 2*9 Jd&h. 1.75 212 S -l 

JtMtKSfL. 2315-4 t 4.12 2&Q4 7 *5 
S*r*m-.. 250 A -« - 

Ps7s-We*t - — .. 3Q.5-31 


— SOYABEAN MEAL 


March*: Cast SSc. done nosda ZZZ. 
ML CIS. Cl. 34. Kerb: ftro-c moailu 
H'ji. .Aitrrrars: Tsrre mamhs CJ 6 , 55. 
1* C I. ji. 33 j. Kvrh Three- mantfis 


\ uatod't » Bmdue** 

Ckme — lime 


LONDON— Dtdl and featureless, reports 
Bachc. 

1 Pence per kilo) 



■ i>r; 

airfiCn 


l'-rrtannr 

IVl.T.ary U4J0.I84 -0.73 U8.B0-fl5.B0 

-:a pry aovM. • On areneas ” ik'mS 1 ? “n'm ^ 

j i'j'w . r.: ter y & J,,!h - -o.io tb.ocwmjo 

. 57*. =«• p-cu. A«s.pl 10=48464 - 046 105480548 

frtTTAV ‘Ff.J-n .. IDS.288M ^04510640 

LUI lu.t liKn.'**.. K540444-0.ID - 

COTTON— UverPMl. sr.-. ■ -nt IV-.-.j-, ... i3i-ffi.H74— O jh - 

safe ses-.-Bdv: to ZSr. Vir.un*: Sate* 11* •!>■ tott-jJ ten tonnes. 

U-e S-a! nr s*w = .-rk 

CSSS -'J3Ci- -WI F. VI. rar»cr'4»L II TL Safc-.-- e 1 O 1 'ms of l-3ou kites. 

Father usrto: dealm^s [ns vtK<- *:'h SVDNEV CREASY— Cl.. -c >in 

ixcerrn rta-rlv roerri ■: li.wnran DUNDEE— Pats ter main. I'nns sa. it. wlter. twi.imr.%. Micron 

asi ■■w airtfjf- p! %frir»# £r«3 t'.r oTt. nNnai «nd 1Tb 1 * c. a'lrt : Con tract: Slarril ^f.'Hno tw 0- cw 
•t* ••l.fldte Ea’***’ •t-'-'h' • VK.ti: .ten -hr tv Caloata 51 Mat 3440*M«..i. itilsUls W: j u ;v 

HQRC KONC— .Raw «■» iMvaa: TR* HMl nriDer. Wri-M c 1. U.K. 3J1.3-H51 t. 131 4-351. II 7; rirt. 1145-3344 
£rsn? pr.ee Seed t a aa fc with tarns for Jaa. ihiameuL 18 nx -40-nsch £10.47. 33444M.3. «3: Dec. 353.7-5384, 358.B-35S4. 


Mar.-h 0524-374 

Vl»» {2324-554 

j«ilv . -ga 14-56.0 

isiiJw-r >236.840.0 

larr.nU.rr .JKMf 
Mai.-h .....^74-424 

Bar '250.844.0 

Jiali ‘256.8444 


FINANCIAL TIMES 

Jan. £1 Jan. ZfllMj": I: ajen Varrjji 


228.98 227^3 254.02 ’ 262.02 


(Sate: Jtffit 1. UM^iOOi 

REUTER’S 

*n. 2 f“JiuL lwr 


1403.0 1397^ 1421.5 ■ 16X3.3 


li. .w 

j. flics 


leaser September IS. 1331 = 1 M> 

DOW JONES 

J»ro Jan. ^iiioth ~Timr 


*W 




-1-4 .. .347.73 346.91 342^0 393. 19 
Future ? 330.93_g53. Bd 332 .17385^4 
<At rente I95«8M=«0a 

MQODY*S 

Jia. Jau.~ jl- niti t« 
'i\ .i-* *a<. * 2*1 


llvwir’* 


-•■i.Jf L<i!riritv902.590Z.6888.9 8884 


•tlecmhirr SI. iKH-iart 


U.S. Markets 


Coffee and 
sugar easy: 
copper firm 


NEW YORK. Jan. S7. 
although goht and silver were Gignij 
cantly. tower on local liqnldatlan. copth 
n»e on specaUdve short-covering. C&fft 
Saished limit-down on lack of ronsta 
interest and speculative light sCUlnj 
Sugar eased on trade selling prior 1 
Monday's Dominican tender. Grate 
were dull and featureless, mainly due 1 
0 » weather, which explained the fimu 
tendency. Cocoa was weak a ys in. Bacti 
reports. 


Cocoa— March 12S.80 (W.lij. May 122 < 
J»lT 11845. Sept. 118.70, De< 
US.**. March 11LS5. May U810 seiUi 
inenii. Sates: L578. 


Coffee—" c ** Contract: March 188.3 
g-98 .19043). May ITO.OO tl7AOO). J«d 
****: **?'■ 1B -» ashed. Dei 
I3< m» 0. March 133.57. May 126.88 bb 
Salcj>: -JUS lots. 


Copper— Fob. 57.10 ( 36.70 1 . March 57.e 
May *9.60, Juiy 59.60, SepL 0.51 
Dec. 6140. Jan. IG.W. March 8340. Ota 
84.20. July 6540. SepL 8640 settlement; 
Sales: 2.fs0i Iota. 


Cnttm— Nn. 2 : March 55.5855.65 (38.23 
Mar 157.301. July S748S741 

Oct. 56.Db-58.TO. Dec. 58.60. March 5921 
SU9J84049.33, July S9J»8«J( 
Sales: 24*.000 baleb. 


•Cald— Feb. 174.30 <176481. March 178.0 
(177.501. April 17740, June ISO. OS, Auf 
1S248. OtM. 18340, Dec. 188.16. Keb. lOLOt 
April 194.00. June 197.18. Aug. 206,21 
Ocl 203.30 settlements. Sales: 11.500 lou 
tLard— C h l c agu loose 2140 <20.73 train. 1 
New Yurie prime steam 3245 trade, 
(same;. - 


JMatre— March E2SI-22S <23611. Maj 
OliJSSli (23&j>, July 232i-m SepL S94 
Doc, 229|>229. March 236. 

IPIat leaw i - A pril 222.10-322.70 < 22240 1 
July 225.90-226.50 <228.110 1 . Oct. 22946. Jan 
J3K4822418 April J37.68237J0. Sate* 
1.439 tot,. 

'Silver — Feb. 494.10 ’ UTO40*. Mard 
497-50 >50(1.001. May 504.70. July 512.06 
Sept. 319.40. Dec. 538.90. Jan, 934.50 
March 542.18. May 543-80, July 557.50 
SepL 5(13.20 settlementp. Sales: 8,061 

Iais. Handy and Harman gpoi bull ] 01 
49740 '497J!0'. 

5eyabajuas— March 578570' 1 50031 . Ala] 
Sxa-aai, 1375,1. July o93i-5S4, Ana. 304 
Sep*. 573. Xov. 570i. Jam 576-577. 

- Soyabean Meal — March I3a.i0-132JH 

153.681. ?Jay 156.20-156.30 1 157.801, Juts 
155.80. Alias. 159 .30- 159 -50. SepL 159.00 
159.50. Oct. 13 jF. 00-15B.00. Dec. 159.50. J an 
IKBJB-ltX.M. 

Soyabean Oil— March 20.29-20.26 >30.16) 
Ma> 20.20-20213 >20.13), July 20.22-20.24, 
A us. 20.20-20.30. Sept. 1985. Oct- 10,40, 
Dec. 19.40. Jan. 19.35-10.40. 

Sayar— :Vo. II: March &J& is.4fr9.17i, 
May 9.H i9.7S>. July 9.88-9.89. SepL 10.03, 
Oct. 10.13-10.14. Jan. 10.15 bhL March 
10.6S-10.7I, May 10J8-10JO. Sates: 2.650. 

Tto— 336.00-541.00 asked < 540.00 asked). 

■**w> oat— March 272J-275i I269J), May 
^r;-573 >276*1. July S83K Sept. 2»i, Dec. 
297i-298. March 303> . 

WINNIPEG, Jan. 27. tf Rye— May 11 081 
fUOJOt. July 108. SO asked 1109 .M askedi. 
Oct. 10BM asked. Nor. llff.Oo asked. 


-HOarta— May 7880 <T8£a). joly.TB.lfl 
id 1 75.70 hid), Oct, 74.60 nom. 


hid 


JKarier— May 78,70 (79.80 bid a. July 
7K80 asked 178-30 bid), OCL 77.60 ajfted.. 

SFIaxsccd— May 312.U bid tsztnei 
July 715.08 asked (same). Ota. tiT80 bbL 
Nov. 21780 nom. 


Wheat— -SCWRS 13J per cenL aroieta 
content Clf St. Lawrence 485} (QHSi- 

Al! cento per pound ex-wa reborn* 
unless otherwise stated. * se per troy 
nuoct — 100 ounce lots. fQucaso tomj. 
!s oer 100 Ifls-Dcpt of AgTprices 
vlous day. Prime Steam f o.b. KY buiir 
lank ears. - Cents per 90 1b bushel m. 
-rarehw. a.noo bushel Im*. 4 Sa on- 
may rnmet- (or 50 ounce units of mi |j2 r 
reut. DUrirs’ dellviTod NY. L Ont* per 
rror omve >a-u jrehousc- n jaew 


contract ir St a short ton for bulk Im. 
"L i™. *•“?. i? M „ drtintred 1 0 .b 


Chiraco. Tol-rto St Loan* arH i 

-Crm< prr i# a, hushei in 

• + Cjot* P-r 24 lb hoshcl. ~ Snil^S; 
-» R.. bushel «-tv aro-hmaw. a S 
to. bushel. ex-warehOBH. ijnSafii 





seapK?p» 




I 


BRITISH FUNDS (785) 

Kims. 22K0 <26 m 
Lone. 23 it© 

. BrlLTnnucn «U® “w* *i*® K H K 

. Au ?h 6 9ih 

2%pc Cons.. Stic. 23V* 2V 3 2“» 3% 

4bc Cons. Lb. 3S t s % -'4 

S%pc Corn, Ln, 36® V* ** 7« 8 7S. 

5oc ExCJi. Lb. 99% »)»**% 

13%K Each. Ln. 11 Shi <2BMl 
3pc bn. Stfc. 1981 87»K® >4 "» 

3nc Excti. Stk. 1983 81% h 2: ti 2ii Z 

aupr Each. stk. 96*jx® u -jt >» . 

9«*pc Each, stk; 98**® 8 7% 

Slope Each. Stk. ssr>!*© V A. 
loUpc ISOS if/rnd.i 9Va 
lOUpe Each. Stk. 1995 (In. £95pc> IBS 
10%K Each. Ln. 93 U % hi % 

12UPC Estfi.Ln. 1992 10S%® M4>aK>: 
12i-pe 1994 106U 

12 hoc Each. Ln. 1981 109%«® 8 Uut Un 
130C Each. Lll, 108%a® »k <» 8 
SlipC Ends. Ln. 94U "i 


SUpC Fndfi.Ln, 72UO "» % % 

•n:« 


80 c Fddfl.Ln. 70 US 
.70 4 


67t 94 70U 


'I? 


6 toe Ends. Ln. SS4« i> 6 5% 4 « 

3%*>c Fndg. Stk. 41 ■.•© ?, t ® 404 1 
S4JK FMp. Stk. 87% % H 
Shoe Treas.Ln. 694® 70® Sgi, % 

7Lf>C Jreas.Ln. 1 85-88 B7-'l« 8*utt %Z® 

7 hoe TreavLn. 2 Z 0 T 2 -T S 74 ii® 34® % U 4 
8 pc Trt»Hrt. 784® 4 J*« 

8UOC Treas-Ln. 8SU® Jirt® St® 7% % H % 

«^e J«as.Ln 80-82 97«n® 7 6*7% 

ftnmv 31 ” ! *«• 

p tea ®s.ia s : ^ • 

l^Ti^Ln n 'i H 73 l L®*i5i© S, - . , .J Tamesfde RMe lOO’c® <Z6.'l|. IDUpc 

,0 ™ «& '■* 4' »^fj- 1004 


Beetle 7K 99U (24/1 j. 7 hoc 98^® 
Bristol (City oil IViBC 1094 123; 1J 
Bristol Coro. 7 %k08. 94 % <25.1 1 
Camden 6 %k 98 

Card)* City Comicii 11 pc. 100%® 4 994 
Coventry 6 k 99 8«i. tZBfli 
Dudley 9%pe 99% .2S:1i 
DnnbKtOB 8 %pC 1004® <Z6,1). 9%K 

■f 9B%® 

Edinburgh 84 k 984 U 

Glasgow 94PC 97U® (26,'lj 

Grampian lOJaK tFy PdJ 99 U Dn. 

(Is*, at £99pe SgVac otu 81 12 S/I) 
Greenwich Stoic 994 
Hammersmith 94 k 100% *24)11 
Hertfordshire 5 UK 92 Sj 1 I*. 5 I 2 DC 82 U 
125/1 J. GUflc 79 (28/1 > 

Hbll 3l;PC 27 

IsHnmn 94w TOO"®. „ 10 k 1004 
CM*. ’iXme 107 ® (26'11. iS%pc 
110-2JD (26111. 13 UK 109^£® 

47-64tJis® 

Ken^nBto^gCheteea 11 Upend. ‘£10 M.) 

K«m?s’*K »4 (25111. 9Upc 99U <2611 
Lanarkshire 5%oc »7«ii* (24/1). 9%pc 101 
<25/11 

Liverpool. 1SK (t pd.) T12«. 13’ipc 

199'4 

Liverpool Con. 5 hoc 98i: u (26.0). 9 *<k 

too .25.-y 

Middresea 5 UK 93U (24:1 1 
nowcast Ic-imon-Tyne 9Upc 984 
Northampton 8pe 99 »w (23,'IJ 
St Helens MUpc 101 .' 4 ® 

Salford S'.-pc 724 >241 1 
Southwark 64 k 83®. 9*«K 1 00% (2*.)) 
It UK 102 '2611 


This week’s SE dealings 


Friday, January 27 ... 
Thursday, January 26 


5.104 Wednesday, January 25 - *281 

6^112 Tuesday, January 24 6,132 


Monday, January 
Friday. January 


The Hit below record* all yesterday’s markings and also the (men markings daring (he week of any stare not dealt in yesterday, 
the date (In pares theses? - 

uses, and the list cannot, t heref o re , be regarded 



The number et dealings marked In each sectlcs follows the name of the 
section. Unless otherwise denoted chares are a tally, paid and .suck ElK fulls 
paid. Stack Exchange socnriUos are quoted In pounds and 'fractions V pounds 
or In pence and Fractions of pence. 

The list below gives the prices at which bargains done by members of 
The Slock Exchange have been recorded fa The Slack Exchange Dally 
Official List. Members ore not obliged U meric bargains, except In specie! 


•fj h ■« « Ready Mixed concrete Um iHoWi 

| Foundries ana E»B- (2«> #« 1,1 . n" zLjTn* J5.1 » - 

i’Er's i=: ff „ ES/Sr&sauiC, 

in the foUowhM i williomf (25P' 33 U6 1> 1 < 2 Wm «o® M-» 9^! 


nricey at which tanhwu has been don®. Bargains are recorded 

List np in US pja. only, but UMr trwmaolonp ean be inctaded In the fallowing i am i William) . US 91 '33 «*• ” w . ' R Ct u«xs.on . «2 vp* *09 M-o * 

day’s Official Lta. He hnheatita b.*vata»e ay re whether » bargain represents | £!id US iri=s ( 2 Bpi iao-i 39 49. S*** 30 n ■* >:VTi 


. _ , I Lindmlriss 

« sale er purchase by members of the pobltc. Merittags are not necessarily j 00 Jl- S2fl) e7 B 

in onto rf Ktdta, and only -0 bargain m any .« s«urity at »y «w jSf M | S 


Red 1 notion _TV V95PC9T. 714 . U 
Rrdiana lioo* J ■*3 


price is recorded. 


1 ) 




!'l 

lit 


\i: 


! ‘ r 

; .i 

: '* 

1.1 


1 ii 


it 


ii. 


JZIuk Treu.Ln. 1992 1094® 4 U i> 9 
124 k Trcas,Ln. 1995 111i : ® 104 a ■* h 

^ -J 

134k Treas. Ui. 112l : » U 114 12 4 114 
Jii*5 Irta*.Ln. 117-4® 164 4 174 184 
J*!*pe Treas-Ln. 11 94 ® 18% 

’SUpc Trees. Ln 129® 84 4 4 
18'ree Treao.Ln. I33i|tt 24 U 4 ij 
2«5K Treasury Stk. (r*®.! 234® 2% X 
toe Treasury s«k. 274 

JPs Trcaionr Scfc. 1979 9*'« 54 Ji* 5 

3k 'Treasury Stk. 1982 B5t|s* %» h u 

a 5 3 i .',’ 977 ' 80 ,W0 -' B3 *® 
TreMurr Stk. 1979-81 creg.i 904 
1 90 » 4 u» 

SK^Treasnry Stk. 1986-80 treo.i 73 >>• 
4® 24 34 2% 2 2% 

5Jjpc Treasury Stk, 2008-12 ireg.i 554 
4 4 4 

B4pc Treasury Stk. 1982 95->u« 87 4: 95 

* l i»» 

9k Treasury Stk. 1978 100.39 100.40 
P4re Treasury Stk. 1983 974 % 4 - 
g':K Treasury SHc. 1980 1014 "m 4 
94k Treasury Stk. 10O ro« (it® 4® 4 
'a -"ip 

IOoc Treasury Stk. 1902 914 4 4 1 1»: 
JOJme Treasury Stk. 1978 102-w* 

IBf 10 ® Treasure Stk. 1979 103 to 4 
lOlux Treasury Stk. 1999 <Fy. pd-i 934: 

loi'pc Treasury Sik. 1999 (Iss. at £95pc 
£55 Pd.l 534 tj *i» «J|» 4 
lltne Treasury Stk. 1979 100'ip 4 I; 
IHapc Treasury Stk. 1981 1004 "m Wi* 

it 

n4oc Treasury Stk. 1991 100® 34® 3 

12pc Treasury Stk. 1995 IQ 34 
13 k Treasury 5lk. 1990 112"*® «» 114 
Iok Treasury Stk. 1982 H3i*e 4® Jja 
-M 4 

9K Treasury Stk. 1980 1014® ~ia <i 4 4 

Variable Rate Treasury Stk. 1981 964a 
CZSIli. Do. 1982 95 L *i, <2BH i 
3-rK War Ln. 36® 4 6 >i 'm 5> 64# 
British Electricity 3hK 1976-^9 95iit 44. 
Do. 44 k 1974-79 96® 57 4 8 


WanvlckSPi'*' 12 i«ps i06«j? <24111 
Wa SHORT DATED BONDS 
FREE OF STAMP DUTY 
1 1 7 k BO*. *«■ V.®78 lOOSia 



B4PC Bdfc Reg. 23:878 101 Cl (24111 
I ,lS BdS. RK. 30*8.78 100‘Vc 124111 
84K b“. R09. 6'9f78 100" |* 4 7-64 IhS 

imnsunn 100.073 

l&K M!. Re*- (SMT/791 1004 25-64 100. 

11K Bds.'^t™- 1 *12018180) 1039” 

97K Bdl- »« (6111821 984 (25m 

PUBLIC BOARDS UK. (20) 

FREE OF STAMP DUTY 

ao4 8 a4(ii7 SHocDb. <ao-85i 
^?r.«r 6«6h. *82-87) 75 (24/11. 64K 

6b. 192-94) 624 (Mill. 8%P«pb. 724®. 

jSVssi sS Sr 9)3kD^ 183861 91 4t 
<26/11. laWDD, 914 (26/1). 144K 

Clyde Vart*^<S^^oC- 1 red . 27 ®llll 

5BSEr-®STSi*- sgg? io64® 2 li. > 

I^^Ln. .19631 111 asm 
Gt. Ou^e Water 61 *26/1 < 

Mancheitcr h«9.C3ro. 97<_)?® OW> 

N'wtfiern ' : Ireland 54K (79-82/ 824 

■20111. 7<iK 854 t2/j1> 

Pore London 26© (2SHI. 3W 674 

Scott's!) rwfS ISncQb. 70') £MM». ‘ 74 pc 
O b. 63 a6f1). lO'rWDb. 86 (26/1) 

cnVLTH. G\T. & PROV. (12) 


I Bargains at Special Prices. A Barpalus done with or between noD-auuiborv «h Banwlas dooc prettou* dar. _ I fafp m l* ^dh nwmbers or a moenlB>d Soft 
Exchange. ^ Bargains done for delayed dellvrry or *■ no banog-tn " JA — SAusirallan; JB— EBaiunnan: 3C— SC anad l op . SHK— SBong Kong. SJamaicao, SUa— 
^Malayan: jmb— SM cxlcan; SN7— sNew Zealand; *S— sSlnsapore: ids— BO tuted Status: JWl—West Indian. 


(Swpon i and Da.lr Port *"8 trim 
•1500) IS9 8.„ 


! 5Sd VkKutw. «** 45« T" 
< tnd I illld 1 3S®_ 5 « I S 8 £Q 


3 DC 
Kent 



3k Redemption 1986-96 48 
CORPN. & COUNTY— U.K. ( 68 ) 
FREE OF STAMP DUTY 
London County 3K 26 i24.’l). 5 k 82® 
dfril. si»c 1977-81 914® 2 b. Dn. 
1982-84 8 D:® 24 14 Da. 1985-87 
724. 6 PC 96i-« 6 54 (26.-1). 64k 

734® 

Core o! London 54 k 94 ij (23,1 1 . 6 fcpc 
1975-78 997 06/1). Do. 1960-82 874 
(23I1L 7(<K 924 (23:11. 94 k 97>j. 

9>tK 1 DO»i#® 

Greater London 6 a «K 70I-® 70 h (2611). 
7-*4K 94 (24/11. 94K 9940 9 4 CZfilll. 
94K 97. 12<SK 1962 1 064© 4 6 

(26/1). DO. 1983 106 (25/1) 134k 

107 

Ayr 6<uK 98 i24:1) 

Barking 74 k 1004® 

Bath 114 k 10240 2 (26|1> 

Belfast 5 (-k 91 

Burmingham 3 k 224 i 2 $;i>. 3 >:k 274 

(24/1). 74k 924 (26/1). 8 k 95 123/11. 
94K 984® (26/1) 

Birmingham Dt*. 1 S>:k 1074. 13k 

110 )-® ( 26 m 

BlJCktmrn 4pcDb. 304 (24(1) 


gsl, ^21-64 124/1). 5 1 roc (81-821 874 

0611) 6nc (77-80) 924® > (2611*. 
6 k (81-63* 854. 7K (79-B1) 944 
24/1) 


6rfdin Guiana 5 PC 664 (25/1) 
East Africa.. High Comm. 


70 05/1). 

(Railway* Harbours) 54oc 74 <25/1 ). 
(Posts Triecom.1 54nc 74 (28/1 > 

Jamaica 4 4nc 1004 (25/1 1. 7K 1014 
05/1). 84K 844 05/1) 

Kenya 4'rK 764 05/1 > 

New Zealand 40C 97% -i (25/1). 54K 

B5 <25,-1). 6nc 964 (23/1*. 74 k 734 

24 <23/1* 

Southern Rhodesia 2‘^c 67® 70 65 9. 
3>-K (80-851 63. 4K 824 3. 4(:K 

(77-82) 78:0 74*® 84%: 4: 5 (27/1). 
4)rK <87-92) 65 05/1). Sue 90 (2611). 
6 DC (76-79) 90. 6 k (78-81) 92 C24/1) 

CWLTH. CORPNS. (— ) 

South Africa (Rep. oO 94KReq. 94 (23: 1) 

FOREIGN STOCKS (2) 

COUPONS PAYABLE IN LONDON 
Chilean 5 k (now Snd 1896 90 <24/1 1 
Hungarian 7>:pcS(8-Bds. 40 (28/1) 


;? 

• Ii 

‘V 


‘t, 

:* 

:« 

ui 

■'S’ 


London fare 
will bring in 
in full year. 

FINANCIAL TIMES REPORTER 


boost 

£25m. 


LONDON TRANSPORT fare that minimum tube fare should 
increases will raise an extra remain at lOp up to one mile. 
.4> £13m. this year and £25in. in a This would then rise in 5p steps 

;i ; full year. to 50p and then in lOp steps to 

1 it They are subject to approval £1.30 within Greater London, 
* f ' by the Greater London Council, compared with the present £1.20. 
' ^ the Price Commission and, the On long journeys on sections 
Traffic Commissioners for bus outside the GLC area, the maxi- 
services outside the Greater mum would be £1.40, a rise of 
London area. lOp. 

The rises are said to be in Other proposals include a new 
line with inflation and with Gov- suburban bus pass for use out- 
ernment guidelines. side central London. This would 

The effect of the increases cost less than an existing Red 
from June will be a higher rate Bus pass, which would still be 
per mile for underground train available anywhere in Greater 
journeys .in central London. London at £14.75 a month, a rise 
London Transport is planning of £1.75. 


\ 


i.r. 

s»«- 

) 


• .£ 

,1. 

ii 


Liberals welcome report 
by Meade Commission 


BY RICHARD EVANS, LOBBY EDITOR 

... LIBERALS last night warmly sweep the "splendidly robust” 
; welcomed the report of the proposals under the carpet 
1 ’j, Meade Commission on the struc- M It is to be hoped that both 
; i ture and reform of direct taxa- the Labour and Conservative 
;• * tion as “ radical in the best sense, parties will throw off their 
' V* in that it goes to the root of the formerly feeble approach to tax 
; j. problem.” reform and take on board the 

y Mr. John Pardoe. Liberal Meade Commission's argument, 
f spokesman on economic affairs, A general acceptance of that 
: said in his North Cornwall con- argument would do more to set 

'if'stituency that the great danger the British economy on the road 
. - was that the British political to success than any other single 
j , establishment would seek to measure. 1 ' said Mr. Pardoe. 

''i 


Ireland i Ren. cm 7 ':pc 87% <24'1> 

Japan 6pcStg,Ln. 1983-86 64 (23/11 
Peru Natl- 6K8d*. 161 (Z6)li 
Uruguay 3l;pcBds. 95 >z® 6® 

BeKhto* Fin. G-UKBdi- 984 (; 126.11 
Inc/icapc iBermuda; 64KCn« 1992 105*. 
5<: 7 84 125/1 j 

STERLING FOREIGN 
CURRENCY BONDS 
Finance (or Industry 94 kBOs. 99 (26 ii 
Fnons Inti. Finance i04pcBds. <004 
(26 1 ) 

Total Oil Mario* 9<iacNotes 984 4 )Z5 Ij 

CORP. STOCKS-FO REIGN (1). 

Baku (C. oil SocLn. £2 (24/1) 

St. Petmboni (City ofi 4::KBds. (1914 
Irtuei £2 (24-1 ) 

Vina de Mar 5ocLn. 92 )26 1 1 

UJL & CWLTH. RAILS (4) 

Canadian Pacific iSC5) 104®. 7/jKPfd. 
(SCI O' 594 (26,1 ). 4pcPf. 49 <2S,1). 
4pcDb. 36%® 7® 

St. Lawrence Ottawa Rly. 30 :® (26.1) 
Central London <Newi 37 u 

FOREIGN RAILS (— ) 

Antofagasta (Chili) BaHwa SocPf -33 i24.1t 
BANKS & DISCOUNTS (193) 
Alexanders Discount 280 <26i1) 

Allen Harvey Ross 490® BS 
Allied Irish Banks (2Sp) 159®. lOpcCnv. 
Ults-Stifa.Ln. due 1985 1 34 is *23/1) 
Arfauthnot Latham Hides. 162 
Australia and New Zealand Banklno Grp. 
(3A1) 24B 

Bank America iJUSI-SSZSi 15>« (24-D 
Bank of Ireland 350® 40 (26 1). 7sCLn. 
654 (25.1) 

Bank erf New South Wales iLon. Red.) 

(SA2) 395 US/l) 

Bank oi Scotland 303 
Barclays Bank 3191® 240 18® 15 20 
17 18. S4KUns.LQ. 774 >! 

Barclays Bank International 7</KUns.Cao. 
Ln. 754 

Brown Shipley Hides. 205® 

Canadian Imperial Bank of Commerce 
(SC2) 14 ‘1 <26/11 

Cater Ryder 312 13 11 (24M1 __ 

CltkCoro Shs. of Com. (SUS4) 14% (26.-1) 
Clive Discount Hldgs. (20p) 81 00 i25 1 1 
Commercial Bank of Australia (Lon. Reg.) 

■ SAD 1851 !26i1 1. Ord. (SAD 39 40 38 
Commercial Banking of Sydney (SAD 123 

asm 

Commerzbank AktlMBeseHschaft Certs, of 
Den. to Br. Iss. S. G. Warburg (DM10) 
14':® -26/1) 

Deutsche Bank Aktlensesellsctiaft Br. Shs. 

(DM50) 1011) >23/1) 

Fraser Ansbacher (10p) 1 lta 4 (25/1) 
Gerrard National Discount (Z5n) 1850 80 
Gibbs (Antony 1 <25pl 42 (26/1) 

Glltett Bros. 245® 

Grindlays Hldgs. <25p) 118® 18 _ 

Guinness Peat 1250 ) 215 8 12. 4.2ocPf. 
47 (23.1) 

Hambres Shs- (2Sp) 202 196 
HI I L Samuel Grp. l25o) 97® 8 7 J*. 
Warrants ;o subscribe lor Ord. 5%. 80 c 
Ln. 71 *i 

Hongkong Shanghai <SHK2.S0) 241® 8 

Kevser Ultmann f2So) 45 4 3 
King Shaxson (20p) 62 3 
Kleinwort Benson >250' 108 9 |26 D 
Lloyds Bank 266® 2 :® 2® 70® 67 3 
5 6 2 70. 7'yscLn. 91 12 9D<: 

Lombard North Central SodndPf. 40% 
(26.1i 

Mercury Securities (25o) 130 29 
Midland Bank 361® 70® 63 2 B S 60 
7 8 7t 60:. 10J«0CLA. 930 V. 7>aPQ 

Ln. B3 'i 2% 

Minster Assets C25o' 57% _ 

National Commercial Banking Grp. l25o) 
75 6 Hi. 11KP1. 90 <23, ’1) 

National Bank of Australasia (SA1) 187® 
26.1 >- Ord. Shs. <SA1) 47 
National Westminster 271® 68® 4 7 8 
70. Warrants S6t 7 8. 7ocPf. 650 6 
5: 60® )2&>1). 8-tipcLn. 98%® %. SBC 
Ln. 844® Zi 2Jj 34 3 % 

Ottoman Bank 38%® (26:1) 

Rea Brothers (2 So) 67 2 (24.1) 

Royal Bank of Canada 1 SC 21 16>» CEBU) 
Schroders 42S i26.1l. 64KLn. 77 (25-1) 
Soccombe Marshall 240 (25>-i) 

Smith St. Airtryn <25p) 80 <26'1) 

Standard Chartered Bank 430® 22® 15 
10^ 134pcLn. 108%:® 9 
Trade Development Bank UUS1.50) 
SUSB’a 

LJ id on Discount London 4SS 45 
Wlntrvst i20ni 64 <24'1i 

BREWERIES, DISTS. (143) 

AlKed Breweries (25p) S3 5 4 2-j 3%. 
auocPf. 51 (2S^i. 7*iKPr. 69®. 44ec 
Db. 1975- BO 89% <25,1). 44ocDb. 

1979-84 78% (24. 1*. 64ec0b. 1987-92 
68-4 (26/1). 74pcOb. 7S% 

Amalgamated Distilled Products (1 On) 379 

Bass Charring ton CZ-S 01 142 3 1. 7ocP». 
68%. 3>«KDb. 1977-79 93 <26/11. 34K 
Db. 1967-92 *7®. 84KDb. 1977-79 
034® 4 %S (26*1). 84ocOb. 1987-92 
79% 9t (26/D. 7'tKUns.Ln. 714 (241) 
Bass Cltarrlngtan Brewers 7%pOJn(.Ln. 6B 
«- <23 1 1 

Rethaven Brewery C25pi 40% 

Bell (Arthur) (50p< 227® 4® 20 4 
Boddlngtons Breweries (25p) 138® 8 40 
39 C26'1) 

Brown 04atthaw) (23 pd 1TO (2411 1 
BKktey’s Brewery a So) 46 4 (ZS V) 

B aimer (H.FJ Hldgs. aSp) 139 04111. 

9 :KP». 110® rJ6/D 

Burton wood Brewery CForshawsi (25 pi 156 
<24(1) ' 

CKg London Brewery Invest Tst Df. (25pl 

Dark CMMthevri (Hldgs.) I25p) 145® 
Courage dUocDb. 1975-80 90% (26 n 
34pcDb. 2B4® (26/ IV 640C2ndOb. 

1679-81 91 06.1 1 . 64oc2ndOb. 1984- 
1909 694. 7l4Pc2n<Db. 754 CAT). 
8pc2ndDb. 744®. 7.1pcUns.Ln. 64 
C26M) 

Davenports’ Brewery (Hldgs.) OSp* 95® 5 
3 2 6i 7S 

Devenlsh IJ-A-J C5o) 160® 

Distillers L50p) 158%® 8t<& 6 5 4% 7% 
5>t 5'rocUns.Ln. 43. 74pcUns.Ln. ?0U® 
69%® O 70. 10.5ocJns.Ln. 930 (2GT1 
Glenfhret Wsts. (25p) 3 OS Q4I1J 
Greenall Whitley l25o) 106%: 7 6 B. 
74OCD0. 73*;® 4 ® <26>T). 7kLil SS 
aupcLn. 604 

Greene Kino Sons (25o) 221 
Guinness (Arthur) Son <2Sp) 183 79$ 
02 80. 74pcLn. 6*:. lOpcLn. 86 (-24/1) 
Hardys Hansons (2SP) 145 (26/1) 
Highland Dirts. QObj 148® 9® 51 i® 2 
4: 50 

Hknons 1 2 Sol 82® 

HHI Thomson . SncDh. 73 129.1) 
Inveraonton Dists. (Hldgs) i25p) 94® 4 

Irish Dists. Gro. (25o) 113 
Mansbcld 64ocLn. S7 (26:1) 

Marston Thompson Evcrshed OSp) SB 7 

Scottish Newcastle Breweries (ZOo) 68® 
l 7 7% 70. 7-apcPl. 74 >24-1). 6oe1stDb. 
701 ,® 14. 64K1 stOb. BSia® 4 (2K1l. 

7UKl stOb 76 54 «23 1) 

Seagram n.o». 14% I26:u 

South African .Brews. (R0._20) .62-: 


ft* >«d L Lacey (25o) 112 3 (23 1 , 




i toiwon ana *■!«-. " - : Drew] 

•tSSi* BriCk .250) 72 l -’® 70® 70. 14K ' 

LI*. 1410 


: Bert . MUflfiwJ 

i KlSf ‘W! 

1 r^Si L dv.j (=^ d ‘ 7W 


Assoc British Foods rsp) 600 GO 59., 20 


6'mxDB. 774 (2411 74KEM. 71 - ; CeMtal S bet nr. OOC (So). 43 7 
(24/1 J 7-20CLn, T9B7-2002 30%: 2'- . Ccdtraf Mhfirg. Trtfg. 


« ! h & i s i iisvsS 


r Cawdaw lnd«L HU**._USP> 30 05,1, !gm-Utar 

jcaakeii -Bacop'i '20pJ 88 <23/11 
, Gates (Frank G.) <250) 54% 

■ Grlter (A. J.) <2 Dp] 35 (23-1) 

120® 19 General Electric (2SP) 263 7 6 4 5 

: 60 :. GpeUns.Ln. 79-84 82 4 3 (25.,., 

. — - _ „ ( 7‘tKUns.Ln 87-92 TZ. 7 UPcUns.Ln. Lonmo <25o). - - 

Aipod Paines ~^ 5 pj~ ‘22g ®*32®~25' 9 ~ s ; Cecgeway ^isou) IBJC T’.ze iioePf. } £«« Too\*.fi 9 / 1804 * UlU ’ *"**’ I LB5riWG , -" , f P ' tfJHg; J*,, 1 ®? ftp; n0F» S5-* (2VD 

tss. iW., w «- : JSUhSfUm. nm - r'SfW ««• "wJi ‘gSr^nfrt iwmi. :KI St 

Ip -9 . rhinfic — - 

A . ,SOC -I' i 2. e - r !? s C23BJ 55 4 «26T). 7 >jk i ,iq^ 

Ln. 8 D (25.1). B4pcLn 6 i (iSili rcnanoel 

KS55- I _ 5 ?' -H® i® 2': | cnarringtons indust. Hldgs. To «cLn. 09® i Gestetner Hldgs.' A <25»1 173 4. 10 k 

‘ Cnv.UntLn. 117 (26/1) 


CnMJD rmwk HVUJ mmma IJ 

: warp I10®I 23»2 Gmrml Mdlors SH. o! Com. W5H) 41 ■« 

2291% 1 . New ( 10 ® ' 3 M *;0 cZ 6 .li, . 53 , 7 ) B r . Dec Rtceiors m. Barclars 
ll Tunnel In*. «5o) 50 (26.1 : ] an. 206® (26’1) 


222*125 %»■ ] ?7 8. „ : Chl 0 r.de' Grp. '2aP) 102* 4® 

Ln 0C ilM^ Per ® Sb5 5B ® * ,j0e "Chrisure Intn*. nop) 75! 



tkbbans Dudley >25p) 670 7 
Gibbons (Stanley) InMI. -25P) 174 
Glhbs Dandy (lOn) 36 5 (25/1). N.V. A 
non) 27 (24/i) 

Sieves Grp. 2Sp) 97 S % 

- 1 «i« 35 » S3S ■ Gilgare Hldgs. nopl 10 (24/1) 

1 ■3US1 .251 835 , a „ <25p i ZZ09 3® 17 


‘Luk Television' 'Con».“A‘ iZSp) 113 12 ; ^23 1 l , nv * s,litB 
l «4 S V, ^ 

Atkins Bros. 51 OSriT igtlW«% Da.nesj2te)_(U«. A (25p> SS® 


, 350 , 77 e 1 Giltsoer ilOpi 50%® 2 %® 50% 
li' '50D» 76 ! G«4»ke« trerrence B ,2So) 33 126/1). 8K 
ki .pup* yp cao.ooj.tn. 75 ^ 


Aitwood Garages 


Audio Fld.dltv^d op) 33 125 . 1 ) 


Audiotronc Hldgs, nOpl Zfl' 11 .® (26'1) J 
Aoir and Wlborg Grp. fisp) 33 2% (26.1, | 
Aurora Hldgs. i25pi 94 >® (26:1) 


1 Clyde Blowere ,25p) 68 


I Glaxo Grp. 6‘ipcUni.Ln. iS0p)'S2 


Lo— and Bonar Gro. 


Lowland Drapery J 

ftjS^’iiiS’wf fit's 

6'^pcLn. .107 8i 
Lvoi* ' 

V 


Rrliant Motor W». M - 

Ctenoid 129® 7® 30 « M ». 


Reotmk 

hSjiiw tt 

Rcvmt* “ 

Rcamprc i350« 59 


rSSS 

- - (S5/I) i Ricardo Engnierrs ii>»»* TB[ 

T walllnfltow (4*1 

S8w (24*1 ). 7UPCLO 87 % '-4 1) 7 -.Kin, 78 '.I 5 

I Furmtpre Cenire. (lfa.1 .08® tS.'J I KwSSbHflStfMflil' 

: tfhJXT- " ""Sal 


Mfl 
M K 
Ln 


Austin fF.) (Leyton) : (iop"r * 2 '.- 
Automated Security Sfhigs.) <lOol. 58%: 


A ft°OT® /^ Q5b » s6 ' : 

AvSyi izIw^KiiVj* 62® 3 

Avon Rubber 196 — 

W Metal P 


1 Coalite and Chemical products L 25 p) 72® , Gtaxa HldDS. (50pl 595® 1® -90 -87 93. 
• } j'li l ?%KCnv.Uns.Ln. 122 '36 % 

Coates Bras. <2Soi 70 1 i2S1L A (25p) 'Gleeson >M- J.) (Contractors) <10o) 48%® 
88 7 .'23 11 1 -8® 7%® % 

Coats Fatoos 2501 sa:^ 8 %. ApcPT. SSlgossoo (W7 J.I 'Mil 1) 

6--pcfnd ' <23 ii. 6'«pcLn. 58%® % US .1 >. | Glynwed :±So) 106':® 6 5 6%. Bpe 


7%txLn. 67«» 

Cohen iA.1 .'20o, 153®. 


. 26/1 1 

' go T ; Cote «R.h.j 25p) tie 

rufls. -»25nl 51® 50% i Collett. __Dickenson. Pearc* 


iRtereattonaf 

:iOp) 57® 

Collins (William 1 and Sons iHtdgs-i A 
• - | >2501 137. BpcDb. 52 :24 11 

BAT luduitries C2SB) 2 so® 77® 7 m: ! Conner* investments 25o] 31 (23 1) 

X§ M 76. Dfd. (28p/ 238® 5® 30 1 [Combined English Stores Group <12%pi 85. 
a* 5*2 T I 9«2DcLn. 73 {2S r 1l 

■BA Co. '250 1 67 (24,11 CQDipAJr USp) 701% 100 Z% 

life ?X i 2 =°s sr;«,«w. 5, 50 -J C =T"“ •••«»« ■"«« «« 

6*^KDb. 819 (26‘1/. 7 kD 6. 764® % Coooentnc lOoi 4SO 4 3 % 

ue/ 1 *- 7-VpcOb. 724® . Cooonoouc Stationery (IQp) 400 (26 1) 

BOC IntnJ. r25oi 72%® 1 >: 1 70% 2 2L j CooJc. (William) and Sons (Sheffield) <20o> 
4.55pcPf. 54 i26/1). -54acOb. 76. G-'oc 27 <23/11 

Db 754 125/11. BpcDb. 1988 91 4 Cocper (FrederidO fHfdns.) <10p) 174 

126/1). 9PCDb. 1990-884 (23'D , Cooper Industries (lop) 16'i® 

BPB Industs. (5001 252® 44 7 S 9 8.1 Cooe AUman IcOiL (Spl 58® 740 B. ?%Pc 
lO'apeDb. 91%. 7%KLn. ISO® I Ul 86 S'- (24.1) 

8PM Hldgs. Non-rto. 8 (2Sp> 48b6 74». Cooydex (IDo) 29 
6%KL(t. 55 i23/D Cnrah (25o) 38 

BSGIntnl. (IOpi 41 0-400 4 1% 40% 4. Coral Leisure Grp. (10p) 1290 lit 7 ( 
12%«Ln. 108%® 8 ' ' ‘ 100$. New flop) 127 6 

ssr nop) 94 ® 2 Comereroft (zop) at 125/11 

BTR i25d* 229 31 Coronet Industrial Secunfies (TOp) 29 

Babcock Wilcox <2Sp) 114® 13® 14i ; ® i6« (25/1) 

12 11 13. 6pcDb- 874® %® US'D 1 Cory (Horacet (SB) 20 
Baogcridge Brick (25pi 32 l24.'11 I Cosalt Q5ol 75 

Bailey <B.i Construction IOPI 15 1 24MI 1 Certain (Richard) (25 p) 260: S8 

Bailer iC. H.) (lOp) a% 9 1 Country Gentlemen's Association 7 (26/11 

Ba,rd W.l 156 Countryside Properties C5p) 3B (26 11 

l*h er QVjSlV 32 1 IZ6.1 ' 1 CourtauldS C25pl 120 ® 3 1 2 20. SpcPI- 

Baker Perkins Hldgs^(SOp) 9- 5 I 44N (23.1). 7ucOb. 804 ® 794 it 9 . 

storM (Leeds* (IOpi 74pcDb. 75%. 5 %kLo. si% (26 1L 6 %pc 

26%® U6/1»._ . ! Ln. 60. 74PCLA 64^6. fbocLn. 65$® 

7% 


. Ln. 74 (Z 6/11 
A >20p> 144 ! Goldberg (AJ sons >25 p) 6 S 1 (23/1) - 
I Gnmroe Hldgs. C25p) 76 
.Goodman rot. Stockman (So* . 1 1 '- 06/1 ) 
Gordon Hotels 5%PcPf- «*'!. ^ J2JI1> 
Gordon (Lots) Grp. > 10 p> 20 i 2 S;l) 
Gough Bros. ( 20 o) 54 2 <24 1 ) 


Bambcrgers <25pi 49 (24/ Ii 
Bamfordi < 200 / 43 
Bank Bridge Go. (5p> 3% i26’T 
Banro Consltd. Industt. <20p) 55 (25/lt 


Sarget OSpi 35% 8% 

Barker Dobson ilOo> 13'? 14 134 144 
■26/1). 64KLn. 47 <24 1 ■ 

Barlow Rand (RO.IOi 187 B 
Barr <A. G,i Ola) 203® (26. D 
Barr Wallace Arnold Tst. >25pi 72. 
Non-vtg. /25p< 68 9 
Berratt Dvlpmnts. non) 116® 18 15 
Barrow Hepburn Gp. (25p> 51 (26:i> 
Barton (2S6l 50 
Bassett (G.i Hldgs. <25p) 152 
Beth Portland Gp. r25p) 79® 9 
Baileys of Yorkshire (IOpi 58® 7® 
Deatson Clark )25p> J79 <25,1 ' 

Beattie (J.) (Resl.-rtg.) <25 p< 86 asm 
Beazer ( C. H.» .Hldgs.) (IOpi 52 (23/1) 
Beckman *A.i non> 72% < 25:11 
B tec ham Group GSp) 654® 50 45 7 52. 

45$ 7. SpcLn. 83 X24<D 
Beechwood Construction (Hldgs.) OOP* 23 
4'* mm 

Beiam Group (lOp) -71® 70 2 
Befl SI me <25 pi 9Q (24/1 i. SocPf. 37 


Ceunaulds Knitwear 7%peFf. 59® 
Courtney. Poo* (Hides.) (2001 66 (24>11 
Courts . (Furnishers) 7ucPt. 46 4 (23/1 ) 
Cowan de Grout nOd) 74® 2 70 
C curie mi (So) 42® 40 % 

.Cray Electronics (idol 22 3 (24/1) 
Cnelloo Hldgs. UOp) 300 29® 30 
. ; Crest Nicholson (tOPl 67 
A-Croda tntnl. (10n> 54%® % ' ■ 

I Crosby House Grt>. 129 
Crosby Soring Interiors (IQp) 13 (26/1) 
Creosland (R. and A. G.) (Sd) 40® 39%® 
Crosslev Building Products (35al 70 

(2611 7 

.Crouch Grp- (2So) 66 
Crown House (Z5p) 49® SO® 
Crowtner (John) Grp. SpcPf. 33 (23/11 
Crawther (John Edward) (Hldgs.) 5%PCPf. 
35 (25/1) 

CrvrtaJate (HtdOSJ (Sol 254 6 
Cult-r Guard Bridge Hldgs.- (25ol 20® 
(25*11 

Cummins Engine Inc. Com. Stk. (SU5230) 
SUS4B'i (24i1 1 

Cummins Engine 3'aocLn. 83 (24*1) 
Cnrrrt (25 pi 208 9 ID 
Customasic Mnfg. HOP* 19® 23 


S?25 5 c£. (20(0 56% (24(1) 
Grampian Hldgs. <25 pi 55 I24‘1> 
Grampian TV N.-vtg-A t10p> 34 
Granada Grp- A <25o) 97® 8 7 - 

Grand Met (50p> 1011® TOO*- 1_100 
99% 9 9t 4. WrntS. 154 1C IS M 

SSC 1 - Wi ife 

Grattan Warehoused L2 Sol 1 36® 9® SI 
GUS (2501 300 tZA’I). A OSpi 2872® 
7® 2» 2 6 4 62 8 3 5 i 60 SWtAjW 
(25/1*. 7%ocLn. 78 (26M). B4oeLlu 

Gr^lormanV Storesi«O.SO) 130 
Greenhank Ind. Hldgs, <10p) 53 
Greertleld Milled* n°P> 45a*«j*%®8% 
Green's Ecooomlscr Gro. (2 Sd) 78 <26<1) 


Hides. «tOp» 42® 
Grp. Lotos Car n Dp) 


42 


Grovehell Grp. (fin* 19® JWg1> „ . 

Guest Keen Nettle, olds 26S 8 9 7 6 4 

GwS eL Keri? U Nettrefor®< (U.K.) Ti^cra. 
1986-91 744 % ,2411). 1T»%KDb. 

944 (24/1) 

HAT. Group nopl 37® 

H.TV. Group Non-Vtg. (2 Sp) 113® 12® 
13 (25/11 _ , . 

Habit Precision Engineering 

Haden Carrier <25o) 9(40 

7*<k 

UnseciLn. 75.4® _ . 


f$p> 25% 


("Wrtl (Middiet 001 HOP) 3AO ® ! ' 

3UKl«Db 57®, 5'jpcLn- 57® 6 .-® } Hh}OTl (35pl 4®. A «!*M 

2 124-11 iw U - - T 


suocinDb 

&D.A 


ffiSsTSS 2 Bir*sa ». 


«. 62 C26J11 


■U|__ _ 

MKklNedi Oohn) Sons 64KPJ. 62 

^^^d,^ 6 fr 5 ^. 7 4k 
L n> 64 1 23. '1 ] _ r 

Madame Tussaud S (5p) 64% 4 
Magnet and Southerns <25P> 203.® 200. 

MUMn ^ (J*‘ wS 1 )'.) # P«P« Mills (2501 83 

MaUrnsan-Denny (25a* 50® 49% SO 
Manchester Garages (1 Op* 33 (2611) 

Minders (Hldgs.) i25o> 91® 

Manganese Bronze Hldgs. r25»> 1017® 

951 7 8t B4 kW. so® 

K aon Eggerton SpcLn. 69 C26/1) 

»ple (HldffS-1 OOP* 16%. 

Mnrrhw1® 4 HidBS. 7K«. « 

Marks and^Speocer <2 Spi ISO® 47':® 9'-® 

4® 5 4 5% 8 50 46: 4': 7 3*. 7Krf« 

Marlev (25o> 900 B9 90 1 
Marling Ind. <10o» 18% 18 (25/11 
Marshall Cavendish (lOp) 57%® 6*1 7% 4 
Marshalls 1 Hall (ax 1 (25 p> 102 (26‘D 
Mars hairs Universal (250* 142® 2 4 
Martin (Alberti Hldgs. (20p> 84 
Martin-Black <2Sp) 56»-® 5 
Martin The Newsagent (2Sp> 237® 8 

— - -r-imsm&gsz 

|gss ffiSSS! ™v. 

' (2bV) 


IQ/'PC Ln. 71 


asss»:r«R|-,j 

RuberoJd (2501 3 3 % _ m*. gL 

Rugby Portland Cemrni C»»«gb ^ 
iNvi rspi 55 %. 6ocLo. so oan* — 

S and USiores flaw) 

5ss*?s IK*? J??-. ta. 

sSiostajry a.* 178 U % 

ccapa Group <2!»P' to- *r*-B 


I bcapa urmiK -v, .hi 

' 5chc(es (George (*5PJ 
; SCO Kros <2Sp» 35® 

Ku-ntr Robertson UM -.6 1-3. 


3.19 


Matthews (Bernard* f25o* 183 -(25/11 = -_.. 

Mav and Hassell «25o» 78® '26*1* . !»cotfisn Enol'Sh 

Mean Bros Hldgs. )25oi 22»i® 3® 2 ® 3 I 57 % 8 % 9. w 


Meat Trade Suo. (25 r* 88 (23'1) 
Mruultt Hides. (5 p* 15 (26'1* 


daffW Bvjccta. % owr 

— irj— .«» — 

,UM.. . nn.t Mettov l25d) -l? I n. 78% . _ 


(James) (Hldgs.) OOP) 


Bel lair Cosmetics (IOpi 14® 15% (26/1) 

Bern rose Corp. i2Sp* «5 <23/1 1 
Benford Concrete Mchy. (lOo) 53 (2411) 

Ben tails (IOpi 30 . I Dale Electric Intai. (IOpi 145 

Bentima Indostrles (25pl 28 >25/1) i Danish Bacon A 122® 

Berger Jenson Nicholson lOpcLn. 83 ' Danks Gowertoo (25p) 76 (23' 1* 
>25/1) Dartmouth Invs. (5p) 17® 16=;® 

Berisford >S. W.I (25p> 21 8® i Jt IS 20: Danes 1 New man) <2 Spl 120® 18® 20 


■I 

.f 

;i.' 

'i- 


Sainsbury attacks Shore 
for ‘perverse’ decision 


J J FINANCIAL TIMES REPORTER 

i ( THE GROCERY chain J. Sains- The report bad “ whole- 
bury has accused Mr. Peter hcartedly recommended” that 

^ Shore, EnvIranme^Secratary, of j£ » G « y « S 

■: SSmuh SS- Whe“ he direclor ' sa,d 

■ rejected its application to build The company would continue 

• a supermarket at Stanway, Col- efforts to open a second store In 

• Chester. Colchester. « 

' Mr. Shore overruled the con- Sainsbury's thought to have 

elusions of one of his inspectors spent about £20,000 pursuing its 
.‘who bed conducted a public application from local authority . 
f inquiry into Sainsbury’s applica- to High Court level, was “disap- £33?* niFliSfwus**® ® 9 ao; 6 ss 4. 
tion.. The group wanted to build pointed" at the court’s negative A®*"g u wei iGci a»n asn> 
a 25,000 square foot store with reaction yesterday to its appeal AirSSw u5a con. 300 
parking for 570 cars. against Mr. Shore’s decision. £.re« , 1 7 ^ ( , 


Thwolles 1 Daniel) SotlrrPf. 355 60 <24/1> 
Tomatln Dill*. (250) 101® 2® <26.11 
Vaux Breweries 396® S. «%K AW. 40). 
(26/D. 6'JK A Pf. 58% 4. 6%K DD. 

Wat net. Mann and Truman H'dgs.. 4 4PC 
□b. 52% (26‘1>. 6*4K Db. 84; (26/1). 

6%K Db. 704 (2411). 10I|K Db. 96 

wfhitswead A Ord. C25pi 87 6J-. B l Ord. 
(2Sp* 91® (26 1) 6 pC Pf. 57% (26'1 ). 
7 k Pf. 66% <25m. 4l.BC Db. 8| (23/1). 
5i.-peDb. 72% 3 (26/1 1. 6%KD8. 694 

(26/1*. 7K Db. 72® (2611*. _ 74pe Db. 
73 (Z6'1). LB. 7Z<; <2311*. 

Ln. 1995-99 67®. 74 kL®. 674 < 26/11 

Whitbread Imr. (2Spl 84® (26111 
Wolverhampton and Dudley Breweries 

Young and Co. A Ord (50p> ISO (25/1 ) 

CANALS, DOCKS (7) 

Bristol Channel Ship Repairers flop' 8-4® 
Manchester Strin Canal 212 <26/1 ). SKFI. 
40% (23/1). 4pc2ndMt Db. 26% <23ID 
Mersey Docks and Harbour Comb. Units 
1S% 19. 34KD0. 1974-84 60 58 

C26'1 1. 3%PcDb. 38 <2SM). 5 4ecDb. 
73% 4 4 (23111. 64ocDb. 44® <26/1) 
Milford Docks BOOl 3':ocDb. 29 

A— B 


fieri if or ds Ltd. (25p) 81 '26 D 
Berwick Tlmpo (2 SpI 56 124/1) 

Best May (1 Op) ‘ 56 3 (23/11 
BestobeH <2Sp) 1600/ 6-VpcDb. 69 U 
*25/1) 

Bestwood fl5pi 135 ' 

BIMy y.) Sons 213 14 

Bird Co. (Africa) fZSpl 11 (23/D 

Binnid Qoalcast <25p) -69 %• 8<>® 7 

Birmingham Mint (2Sp) 65 <26/11 
Biihoc'i Stores ANon-VtB. )25 p) 147 
Black Edglngton i50p)-114 <25'1) 

Black Aroow Group (SOpi SO <25.1) 

Black iPeten Hldgs. CZSo) 134 (24/1) 
Blackwood Hodge C25p) 79 SO 78 
BjKkwoKl ^Morton Sons <Hldas.< aSo) 

B\iytrn ° NoSes (HldSSJ (25p) 240 38 

•la key's (Malleable Cart/ nos) < 250 * 44% 
Bluebird Confectionery Hldgs. <25p< I/O® 

Btuemel Bros. (2Spi 66® 7® 4 <26/1) 
Blundell -Perm oh I Hldgs. (25P* 66% 

(25/D 

Bggdman (K. 0.1 inajL (So) 12% 12 

Bodycoce International <2Sp) 71 M %« 
Bolton Texllle Mill <Sc> 11% 

Bond Street Fabrics nopl 35 (25/11 

Bonser Engineering (ROp) 23 

Booker McConnell (SOpi 216 14 T2 ijijj 

Boose, Hawkes (25o 1 207® 7 

Boot (Henry 1 1 5 Op) 135 3 (25-1) 

Boots <25p) 214% 14 16: IS 16 17. 
7A.pcUns.Ln. 75 (26'1) 

Barth vrlck (Th areas) ISO pi 72 
Boulton (William* (Group) (IOpi 20® 
Bourne Hollingsworth C2Spl 98 C6d) 
Bates ter Corpn. 174® 6 3 3 4. 5%pcPf. 
51% 2% C26/1). 7KUns.L>l. 78 
Bolsters Newfoundland 4%K Ft. 34 

Bowthorpc Hides. Cl Op) 57 

Bra by Leslie OOP) 89® 

gra dr Inds. A OSp) 71 2 J G4f1) 

Braid (SpJ 44% 

B rammer MU GOo) 118 
Brasway nopi JS 

Brent Chemicals IntlH. (IOpi 189® (26/11 
Brent Walker (5o) 51%® <Ti 
Bridge nd Processes »pi 14 
Bridon (25p> 114 O&D. lOliPcDb. 88% 
_9 <25/11 

Bright c|°hn) |25P* 38% G6-1). OpcUnv 
Ln. Sfli- C2 4(1) 

Bngray (Spi 8'. (24eD 

Bristol Evening Port (25p> 105 G4/i) 

BriW sh- Anwrican Tobacco SpcPf. 49 50 
„C26‘1 '■ 6oc2odPT. 57; % n&1) 

8rtUsh American Tobacco Invests 10 k 
_U nS.Ln._ B8U ®-_ lOljKUns.Ln. 94 fB6/1) 
British Benzol Cerbonlsmg riOp< 1 9 
Brit. Car Auction Grp. (IOpi 42® 3%® 2 


, Davis (Godfrey) (25o< 87® 6>- 
Davy Intnt. i25ui 234® 43%M 40® 39® 
42® 1® 37 W 3 5 4 2 
Dawson IrttnL <25ol 113. A GSp) 114® 
• Dawson Uames) (2 Sd) 68 <24,1 1 
De Beers Indl. 5id>cPf. (R21 43 (26'1> 

De La Rue I25p) 281 80 3 77 82 
De Vere Hotels <25 p> 170 1 (24 ’1) 


COSTCIAL, INDUST. (2,794) 

AAH <25p< 116 

AB Electronic Products Grp. 125 pi 10S 
AD Inti. 9DCLn. 72 ■* (23,1) 

AECI 5%PCPt. (R2> 301 
AGB Research <I0 p> 87 
APV Hldgs. tSOpi 202® 194t 5: 200. 
7 %pCl StM l_Db. 74% J| (261 >. IOAipc 
L n, 152 

Aaronson Bros. <10P) 60® 58 
Abbey Panels i2Spi SO (24-'1< 

Abercom Invests. IRQ-AOi 88 
Aberdeen Construction Grp. (25o) 96 

, 26/1 < 

Abcrthaw and Bristol Channel Port. Cmnt, 
I25pi 166 4 (23 Ii 
A crow N-Vtp. A G5o> BS % 4 (26/1). 
ID'.KLn, 92<« i25.H. SpcLn. 79% 

(24,1 1 


l: 


; Old iron boat may carry 
j lake passengers again 

j' FINANCIAL TIMES REPORTER 

I 

V THE NATIONAL TRUST ye*- began a rescue operation, using 
. terday launched a £95.000 public ^J«qua divers. and the 
) **.«• ri„ n j«i. Gondola was dried out suffi- 

^ appeal to restore the Gondola, to enable her to be put 

■>the oldest surviving iron boat in on spec i a l stocks at Coniston 
pi the North, and put it hack into Hall. Now the Trust want funds 
t ipassenger service on Lake to restore her properly. 

; Coniston. Viscount Rochdale, launching 

The Gondola, so called because the appeal yesterday, said it was 
; fof its shape, is an elegant a deserving project because its 
» ; tEnglisb steam yacht built at object was “ to produce some- 
1 Barrow in I860 for the Dukes thing that wiH earn its keep." 
'•9t Devonshire and Buccleuch. • Various companies and organi- 
t J Between then and 1939. it sacions have volunteered to help, 
jtiearried passengers on Coniston, the next stage being replating — 
i (but fell into disuse during the this time with steel. Then will 
i /war. come painting, foilnwed by instal- 

: 1 In 1975, the National Trust ling engine* and fittings. 

IM 

-Vi 


Albright and Wilson <Z5pi TOO® < 2 ® 100 
99- 7(,peDb. 73 -U (24/1) 

Aiun Aluminium (U.K.* SscLn. 143i»B s 
Vt 4 

Alexanders Hldgs. (So* 17 V® 17® %® 18 
17% ’i (26 11 

Alginate tnds- (£5a* z9i 88 : 92 

Al.iJi Packaging Cfp. OOP) 9S 123 1 , 
A/iebom? and Sons nap) is® 

Allen (Eogari Balfour (25Pl 58 12 SMI. 

*• 7 -UBCDb, 71 % *24/1 1 

Allen <W. GJ Sons <25pl 45 <26 I) 5 k 
C um.Pf. 30 <24/1] 

Allied Gadoids Grp. OOP) 66 ® 7® 6 8 
Allied imnlarors <2Spi 68 
Allied Investments iso) S 2 
Allied Plant Grp. HQp} ifi % %. New 
MOP) 17 (26/11 

AM®d ^ Polymer Grp. fdpcGrd.UnaJj,. 33 

Allied Retailers flop) 194 7 
Allied Suppliers B-'wcUns.Lo. 56 (26*1) 
Allied Textile Cos. (25p) 130% 

Alpine Hfdgs. <Sp) 42 <23*11 

Alpine Soft Drinks C10n> 119® -26111 
Amalgamated industrials <25pJ 19% (26*1) 
Amalgamated Mclal 277® 700 (26 .11 
Amalgamated Power Engineering flSei 
127® 4%: St 

Amalgamated Stores (Sul 9 -'j® <26'1) 
Amatil (SA1) 169 
Amber Day Hides. (lOp) 38 
Anr%or Chemical i25p) 70 
Anderson Strathclyde <25 p) aa'i® 8® 7%0 
70 

Anglia Tekjyision Grp. Non-V. A (25 o) 
S3® (Z6/11 

Anglo- America n Asphalt <2£o) 67® 7 
Angto-Tranevaal Ineurtries IRO.SQ) 91 
Apnlcyard Grn. i2Sp] 94 <25/11 
AovaKutum Arm. A (SdJ 37% 8 
Aren son (A) (Hides.) ilOpi 39 "O (26'11 
Aril nor on Motor Hldgs. New (25o) 24® 4 
(26/11 

Armitage Shanks Grn -2501 74% - (ZSfll 
Arm slrnng Equlentant MOpJ S9® 6Q%® 
57% 8 


Brit. Cinematograph Theatres <12%P) SS 

l^.Dj 1 J 

Brit. DrdO. <2Sp) 24 
*2? Elec. Tract. Did. <Z5p) 106 5 7. 5 DC 
Db. 37 >24,1] 

BrlL Enkaloo <2Sp) 12'«® 

Brit. Home Stores (2 So) 206® e® 6 5 
69 C’l-1* COb ' 60l? * <26,, ’■ & *5»6D»>- 

Brit- Leyland i50nl IS.*® 22® 19® 20M 
17: 17 18 

Brie. Leyfard Motor Cpn. SocLn. 35 % 
< 25:11 6.1 KLn. 74 /2«1>. 7<a>cLn. 

45's® 3t. BpcLn. *219. 7 UpcLru 47: 

6 9% s: 

Brit. Mohair Spinners (2S») 39 (25<1) 

Brit. Northrop (50o1 101% (25M) 

Brit. Print Con. i25oi 4S)i® 6® %. 6%oc 
Db. 70A < 25.' I) 8%KLn. 68% r24'1) 
Brit. Shoe Cpn. 6%KPf. 57 6%K 

3itfFf. 59 (76/11. 7pcDb. 88A 9% (23/1). 
7pcLn. 67L® U «26f1) 

Brit. Sugar Con 478 

Brit. Syphon tnds. <20ol 61® 

Brit. Tar Prods. UOp] 52 
Brit. Vending lads, mod) 31 
Brtt. Vita (25o) SB )25.1> 

Brittains C25p1 28 7 
Bredrhouse >35o) 64® 3 (26/1) 

Blocks Group (10P) 73 

Bremsgrove Casting MKhlnlog (5p) 31® 

Brona Em*. Hldgs. (TOp) 38 (23/1) 

Broote Bond Liebig i25p) «(?• S*=«B 

St. S. 5'«pcUns.Lii. 44. 7k.pcUrrS.Ln. 
66% 13(11) 

Brooke Tool Eng. (HldoO (250) 22 (26fl) 
Brotherhood «Pctert /50e) 116 
Brown Jackson <20p) 24 5 <26/1 1 
Brown Tawse (25pl 98 (26/1J 
Brown Boveri Kent <2Sp) 49 50 
Brown Bros. Con. (IDs) S2£® 'r« 

jTwWeWd* 7 70 “ 7 * 

Brown <N.) Invs. iZOpl 37 
Brownlee i25p) 50 <25;l) 

B f250) D |l G (™S/ , 1 ) lMD) 6 °- ^ VtB - 

S 2507 108 ,2sn ’ 

Bulgin i A. F.) (Sp) 24 2411). A ISO) 21% 
(26/1 ) 

Sullough (20p) 134%® 4® 

Bnlmer Lumb IHldOS.) I20p) 43® 

Buiwl Pulp Paper (25p> 106® 

Burgess Products A i25p) 34 (24/1) 
Burndeoe, Invs. i5p) 16% 17 f24/1) 

Burnett Ha I lam s/i Ire Hldgs. A *25n) 170 
f2on I 

Burns Anderson MOp) 3B® 126/1) 

Burrell (5p) .141] <26)11 
Burroughs Machines S%DcCnv.Uri.Ln. 93t 
W 

Burton Group <SOP) 138 4 12511). A 
<500) 121 %® 16 21 19 15. WarouiB 
(g sub. 23%- SpcUns.Ln, 66 125/1) 
Bury Masco (Hldgs.) (17%a) 73 
Butlln's 6'iPcDb. 75 

Bulteriiflld HarrCv I2Sp) 68% 9 126/1]. 
5%KPf. 44 

C— D 

C.C5.B. HldflS. (10P) 23 
C.H. Ind ustls. HOP) 28% 

Cab Worm Group *5 p) 73%:® 2. "New 
(Sp) 72 (26/1) 

Cadbury Schweppes <Z5 dj S3%0 4:® 5 
4% 4. 3%Kl5tPf. 46%. 8'.peUn$.LH. 
73-% 12411). BpcUns.Ln. 81* «28/l) 
Catryns >50 p) 105 8 . 

Caird (Dundee) <25 p) 14 126/1) 
cakeoread Robey A flop) 24® (26' 1) 
Caledonian AasOCd. Cinemas (25 p> 365: 57 
I26ID. 7pcPf- SO <23(1) 

Callender (Geo. M.l <10pi 24 <24/1) 
Carnford Engbi. (IOpi 61 %t Ij 
Campari (ZOo) 132 (26/1 1. B C20oi 117 

Cam re* CWcMv] app) 71 
Canning. CW.) (25p) 63* 

Cantors A N.V. (20o) 29 <24fll 
Case indurt. (Z5oi 115®. 7%8CLn. 65’i 

Caplin* Profile Grp. (10a) 79 a 6/1) 

Capper- Neill MDp) 65*;* 5 6%1 4'a - 

Capseals (Sp) 47* a <25 i) 

Caravans Intn*. (ZOo) 66® 41 
carlo** Capri Leonard (IOpi 36 
Carlton jodust. (2Sp) 174 AX t2Bi1) 

Carpets Intnl. (50a) 42® 1® SU 3 % 4 

2'* 2 Hi. _ 

Carr (John) (Doncaster) <2Sp) 47 (2S;i), 
New (250) 47 . . 

Carrington Vlvefla (25ol 40. fi’aocPf. 56 
(26/fl. BoePf. 68 (261i. 4.2 kD6. 54% 
(231). 7PCDB, 73* 12311) 

Canon (HI<Ha.) QW GO (25f1) 

Cartwright (R 1 (Hldos.i nop) 57% 12 31 


Debenhams I25pi 103:® 1 loo 2. 6%K 

Ln. 65-’<® % (26/11. 7%pcLn. 61. 7LpC 
Ln. 64® i26'1i. 11 KLn. 118 

Dacca *25 p) 477. A <2Sp) 460. 6ocLn. 
75<- (26,1) 

Delta Meta) l2Sol 7i%# 70: i.76ogDb. 
75%®. lOlcocOb. 95 (241) 

Denbyware (25p) 06 (24.11 
Deirtvdv 9ocLn. 32: (26 1/ 

Desoutxer Bros. 'Hldgs.) <2So) 132 5 

Dewfmrs* Partner HOo* 11% (25*1). A 
<10 p* 10 <26 1) 

Diamond Stylus (IOpi 17% 03,11 
Dickinson Robinson OSP) 123 2 (26.1). 

. 7% KLn. 71). 2% *23.1) 

g®L H «u: 5 s^,w 

gss. 

rRourt m'j 1 Hiigs ^|E«) 10 *® f 
Dowdlng and Mill* <5p) 23® 3 (2611) 
Down lob rae Hldgs. ”Opi 34% 3 (24, V) 
Downing (G. H.1 I 50 p> 223 (25 1 1 
Downs Surgical (10p> 36® *26 1* 

Dowty Grp. (SOM ' 172 1. »PcL<l 169 
Drake and Scull Hldgs. <25 p) 23'- 05.1) 
Dreamland Electrical Appliances (lOp) 41 
(24'1) 

Oublller (5pl 17® %® 17 
Oortlla Steels «25ol 1Z6® 

Dutav Brtumastlc (IOpi 36® - 

Dunbee-Combex-Mar* (JOp* 139% 
Dundonlan (20pl 54 (26 1) _ 

Dunlop HldSS. tSOp). BB 4 5. 3%. 5’u>C 

Pf. 47% (26' 11. 6*PtDb. 73 (26(1*. 
7KDb. 73 fZB/IL BocLn. 71% <26/1 1 
Dunlop Textiles 61-pcPf. 50% 

Duple Inti. (5 b* 14® 13%® %* 14 
Ouoort C25pi 65® 4% 

Dura pipe loll. (75 d) ISO . 

n,jttOP-Forsh*w Grp. <2Sp* 46 (2611) 
Dykes U.l (Hid os.) i25o* 27 (25'1l 
Dyson U. and J-) <75nl 59 N-V». A 

R5p) 49 M» 

E— F 

..EMI (50p) 18S 7 4 80.6. SpcLn. 44® 
1 4<® lZ6.'1 1. 7-VPCtn. 65% (26/1). Bi;pc 
Ln. 77 6% C23.‘1i. aitpcCor.Ln. 104% 
ERF (Hldgs.) (ZSPI 166® 2 
East Lancashire Paper Grp. (25o) 45 6 
124/1) • 

East Midland Allied Press A (Limited Vta.) 
l25o> 74 <24.11 

Easrern Produce (Hldgs.) (SOpi 89. Wrts. 

42 i24ll) ..... 

Eastwood U- BJ ISp) 100 
Econi (IOPI 70 (25/1 > . 

Edbra i Hides.) B5 p' 135 

El bar Industrial (SOP) 2220. New <30ol 

Eleco Hldgs. (10p) 43 

Electrical Indus rial Securities (25P) 46® 
5 %. SpcLn. 96® 

ElectrocomponentS (IOpi 340* 40 06/1) 
Electronic Machine <25p> 20 
Electronic Rentals dOp> 124 
Efnott <25pl 9 0 (25111. 7UpcOb 74 % 
<23 m 

Elliott Go. ,10o> 13% »b 

EJIIS (SP* 16® (26/11 

Elion Robbins (2Sp) 79 

Elsvricfc- H opoer >5p) 22'riS % 2 % 1U 

Elys (25p) 80* 

Emma ( 100 ) 57% (24/1) 

Empire Store <25pi 172% 2 
Empress Services CTOpi 14® 

Emray <Sp) 4% % % <24/1 1 
Energy Sanrlcc6 Electronics (IOPI 12*® 
i/p/1) . 

England (5Pl 34% (24/11 

English Overseas Inv. (lOp) 21® (26/1) 

English Card Clothing (25 p> 81 t23.‘l) 

English China Clav* (2Spl 77% 6% B 7. 

7>4KDb. 75 % (24/1) 

English Electnc 6pcDb 80% (25/1). 7acDb. 
73% (25/1 > 

Esperairea (12%pi *45® (26/1< 

Eucalyptus Pulp (25p) 68 (2311* 

Euri^penn Ferries <2Sp) 113% 13 12% 11 

Eva Industries «5 p) 98® 9 
Evans (ion) 59 123/1) 

Ever Ready <2Spi 160 
Evered (25pi 17® 16%® 

Erode /20pi 70® 

Ewer MOp) 26 (26/1* 

Excallbur jewellery (So) 19', % 

Exchange Telegraph /25p> 105 (26/1) 

Executex Oothre (20oi 16% < 20/11 
Expanded Metal (2Sei 65% 4% (25/1) 

FMC raspl 75 <25/1 ,. 4.4pcPf. SB <24/1) 
FFA Construction Go. (25PI 24% 

Falrbairn Lawson i2Sp> 56® 8 % <26/1 

euori Gp. (26pl 6BL_ 

)0> 17 (25 11. A (Sp) 


Halstead 

w2nt«oo Industs- CSp) 10%® JO 
Hanger Invests. MOp) 28%® 8® 6 
Hanson Tst. C2So) 128® 9 7. 6*tKUnsec 
Ln. 8(1% (26 1) 

Hardy Co. (Furnishers) A (Rested. Vta.) 
(2 So) 31% (£4/1). 61<Kl«Mtg.Db. 71 
U (2 3/1) 

Hargreaves Group (20p) 60 (24/1) 
Harris Sheldon Group 12 So) 481 1 ® 
Harrison Uames) Mlogs. MOp) 69 <24J1) 
Harrison (T. C.i rasp) 113® 

Harrisons Crosfield 0350. 6iyxS»C 57 
0411) 

Hurtle Machrnerr Inti. (25p) 23 (26/1) 
Hartwells Group <25p) B9%® %• <26/1) 
Harveys of Bristol 6J«ecDb 76 *23/1) 
Hawker Slddelev Groop <25 p) 168 6 9. 

5%kPI. 51% (26:1) 

Hawkins Tlpson *25e>) 71 

Hawley Goodilt Group (Spl 14® 15* 

Hawtm <Sp» 9%* /, %t 

Hay (Norman) <10p) 42 3 U611) 

Heath (Sam or I) Sons 15 Do) 206 U4/1) 
Heinz (MTj.) 4 %kPI. 65 (26/ 1 1 
Helene of London Mop) 17i» 

Helical Bar (25o) 29 


(ever' /Montague) (250* * 4 '.. 1 7, fS£fN' Senli Sugar Csf*. 7% (26/11 

■ 30p) 16 (25/11. 7%pcLn. ,3% 123/1). \ vn jor Enos. Grp. OOP) M 
B>*pcLn. 72*= |53’1 1 


^'UlffTlie. 

171, l Mettoy’ <2Spr _ 42 

' Meyer *Monta9ue. . ^ ^ _ ... ...... - 

SerHOr tnao. Grp. 

Scrck <2 So) 9*».® 3-1 
snarna Ware ■ Mri 82® 

Sharoe Fisher <2b<>) 51 

Sharpe fW. N.) <Z 50 I 1X6 Q*fl 
Shaw Carpet* C1CPI 22® 2 

Shew iFranc/O I-Opj, 3 ? _ 

Sheeobridge E«* 90 % I2Sb) ^ . 

Sherman > Samuel) >10®) 11*8 tX**!# 
Sidlaw Industs. i50p) 95 9 ’ . 

s<cbe Gorman Hldg*. (2to» '*!*.* •<** 
Siemssen Hunter (1<W) ,5® (23/11 

• Sllentmght HldO*. . dOol 8*® _3 __ v . _ i . 

: Silhouette (London) A (2Jta) *& CMNf*- 

• SUverthorne Grp. <*0n» 21 

Simon Enoo. <2SP* 201® 2® , 

___ _ J Singer Company Sbv of CeMi Buni 

| Moss Bros. 1 200) 90 <24/1 » i Skctchlev (?_5P) ,»0*_ 

! Moss Eng. f25o> 72:® 2 <26/11 
I Moss (Robert) UOp* 36 (24/1) . _ 

Mothercare MOp* 178® 8 6 _ ■ ^; U|B Ln . 


Midland Educational <SOp) 

Midland Industries <»p* *1 % 1) 

Miller <F.» •Textiles* MOp) 31 <24(1). 
Miller (Stanley I Hldgs. M (tai l 0 <25/11 
Mlln Marsters Grp. (SOpi 162 <23M) 
Mining Supplies ftOP* 6S%® 

Mitchell Cotts Gp. <2 Spi 45 %® 6 <26H). 

1 3pcLn, 1 O 01 . <26/1* 

Mitchell Cotts Transport BSP) 54 (23/1) 
Mitchell Somers <10p* 62 *24/11 
Mlvconcrete • Hldgs.) CSp) 60 (26.11 
Molms I25p) 109 
Monk (A.) (25pl 81 . 

Mon rtort (Knitting Mills* )25pi 60 
Monument Securities >1 Op' 10 
More OTerrall modi 85 <24H> 


i Skctchlev (25 p) 109 . 

smallshaw fRJ (KmtWFir) 'lOpyS l _ _ . 

• Smart «J.? (Contray:o.“.) <lOp) 44 <2«r® . 
: smith Nephew AtWCO. < 10 ®> 63%. IN •• 


1 23*.' <2611 


Hendresi, ^P. e* 64 (24/)) XWOT^SS/lV* ’ " XmEiS* CT«mK».V C20p» 93® 3®- 


Hendcreon. . 

Henlvs OOP) 123% 5% 4 
Hanrleiics (Arthur, (lOp) 22 (26/1) 

HOTShafl (W.i CAddlestonei MOp) 

U5 '” 870 6 5, »- 

H ra^4?Ul5T 7pc ! 

Herman Smith DOr) ii® %® 

Hfro". Motor 05 P) 108 % (26/1). 3<toc 
LHT5 J_q. 155 
Hestalr ( 2 Spi 115 

Hewden-Stuart Plant TtOa) So:*® Q 6 ,'l> 
Heywooti Williams CSQn) 650)' 

Hlcking. Pentecost tSOoi 90 (2 3D) 

Hickson Welch (Hides. ■ <50p) 530® 

Hlald (5p> 11% *24/1) 

Hlgm Hill CSpi 80 C24M). SkUdaLh. 

7 8), ), can i 

High Gosforlh .Park. 401 3 (24ft) 
Hlghams (25ol 28®r (26.1) 

Highland Electronics ( 2 Dpi 23%. ( 26(11 
Hill Smith C25p) 39. (25-1) . 

Hillards MOp) 213® ‘ 

Hiltons Footwear C20p) 71® 70 (26,1) 
Hirst Mai Uns on (20p> 38® 8 
Hoechsr Finance 10 pcGid.Uns.Ln, 199 
with Rights to sub. 119 
Holfnimo (S.) <3 5o) 70® Q 6/1 1 
Hof den (Arthur) i25o» 64 ( 2 M > 

Hollas CSpi 62® 60 59 (26/1) 

HolHs ESA C2So) 70 (2481) 

Holt Uovd Intnl. flOp) 139 Cfr' 1 * 

Home Counties Newspapers CZSo, 6 
<25fl) 

Homfray d26p> 52 (24/1) 

Hoover A (25oi 347 6 (2651) 

Hopklnsons Hldgs. (50p) 82 3 (25(1> 

Horizon Midlands C5o) 90 
Hoskins Horton C20p) 12S ayi) 

House of Fraser CZSpi 133 4 S3. 4* 3 KPf. 
37 raSM). 6 peLn. 54-% 0411). 8 %acLn. 
701*0 06(1) 

House tri Lorosc (Z5 p) 63 (Z4/1) 

Havering ham Grp. C25p) 70 <25/1 ). 

gesL^. OSo) 64® 2t a 3 (26.11. 7 k 

Howard Wvndbim (20p> 22. A (20a) 20:. 
IBPCUL 100 (26/1) 

Howard Machinery (25p) 33 % 

Howard Shuttering (Hldgs-i (1 Op) 24 
Howard Tenens Services (25a) 2fl 
How den Grp. (25p) 59® 

Hulett’s Corp. (R1) 114® (26/1) 

Hunt Moscroo (Middleton) (5a) 29® 

Hunting Assoc. IndlisL (25 p1 214% 15 
(23/1) 

Hundctgh Grp. nOp> 110 (23/1) 

Hurst (Charles) (ZSp) BS 90 (24/13 


.sssaga’a^ ~~ M . Q5 ., „ « was gEtTraws™*! '■ 


J Mvson (IOpi 67%® <26 1) 

N — O — P 


DO. 75*:®. 5'racLn. 76 (74,1) 

Smiths fmls. (50o> .1C2 «0. ritgwOk 
9S%® <2b/1 1- 7‘iPlLn. 84 ll 

Ln. 102 *• (24"T) " 

Smurfit tjenenoit) Gro. C2So» 187 
Sommerville IWm.) C2Spi 32 


NSs NcmfrlOal^e 11 I f^portexHld^.QSp^ SfiCa/tt. 

Nash |J. F.i (2Spi 68® 70* ! Sothcby Parke Bcrnet Grp. Cw SI# 

NaL^Calpon? ifog^lft 49® 50. 11%®e I 5°“^? Diffusion I5p> 510 SO 1 __ . 

Ln. 99 (23/1) , Southern Construction (HM 01 .I (3o1 

Nccdlcrt ‘iMp* 29® Spear and Jackson InH. (25« 122® 

Negrettr <25 pi 84 ■ Speedwell Gear Case (2. 

NeTl.Socncrr MOol 7fi (26lti I SoeKer Gears (Hldgs.* 

Neill Uames) (25o) 92. New Ord. f2Spl . Soders CSo) 31® 29% 


(B® <26/1 ) 


Falrclough Construction Gp. (2^p) BO:<S 

— upr,”* 5 ,Sd ' 

> stales 11 Op! 

■s; w.i gp. u 

electronics '2C 


...jaie 7 
14% i23l . . 

Fairvicw Estates 110 b) 108 (23/t) 

Farmer MST W.I Gp. I25pt 

Faroell Electronics *20pi " 

Feb - Infereihflhsl riOp‘ 

Federated Chemical Hit 
Federated Land Bulldm 
Feeds* (IOpi 34 
Fanner <J. H.) 1 Hldgs. 

Ferguson Industrial Hides. __ 

Ferrent. 5.60 kW. 59 *2511 <. 3.50nc2nd 
1241*1°'* ' 4 (M,1V 3 -85pc3rdPt. 44 3% 
Ferry Pirtcrlrw Go. 11 Dp) 67% a 03/1 > 
Ft rt Iwnan (B.i C20 p) 38 6 <24/1* 

F [deli tv Rad/u MOp) 7D 8 (25/1 1 
f ne Art Devnts. (SB* 45® 4 %® 

F njay (J.l (SOoi 296 (25-11 
Finlay Packaging CSpi 20® L© 

First Castle Sees. MOp) 37 ( 25:1i 
Fisjms 390® 82 1 5. SNkLd. 48% 

7%pcLn. 


Hutchinson IDpcPt. 64 (25/1) 

Nyman tl. J.) (5«) 23 

I— j— K 

I CL 252® 4® 6® B® SO 6 4. 6'«ocDb. 
76% <26/1 ) 

I.D.C. Grp. (200) 108 
Ibxtock Johnson (ZSp) .147 6 
Illingworth Morris f2Dpi 31® 30*i© 30. 
A ih.VJ (ZOp) 29*3. 6*zpc2ndl<f. 49% 
(24/1) 

Imperial Chemical Indurt. 343® 5 6 3 1; 
4t 2 : 4 9 3 : B 7. 5'ipcLn- 49%. 7% PC 
Ln. 71 %• 2*4® 1% 2 1 2%. BpcLn. 14% 
3'aS **'3:4. 10J,pcLn. 92 %® 3%® 
Imperial Grp. rasp) 78»a 8 9. (acLo. 
B6*y0 %. SAtpcLo. 77. B^pcLn. 59 0% 
C26'l *. 7^ocLn. 6 SI 4 ® ’a®. 1 0 . SocLn. 

90*4® 1 *® H® a 9%. SpcLn. 77 6 B 5% 
Imperial Metal Indust. GSp) 60%© 60 1. 
Ord. (25 D> S9ij®. , 7UKLn. 72% (2S/1). 
7 k<pcLn. 71®. .BocLn. 75*3® (25/1) 
loco Cfaas A £10 -m 
I ngall Inds. (IOpi 22 
In Ida) Services i25pi 72 1 <25.1 1 
Inter-City Imr. (ZQp) 10% (25/1* 

Intel. Bus. Mach. (SUS5) ISO® (26*1) 

Intel. Paint IZ5p* 700 

Intel. ^Standard Elec. S>iPcURSec.Ln. 66 % 

Intel. Stores 4LocUnsecXn. 40. 7%pc 

. Un se cAn. 65 

Intnl, Tel. Tel. USD 19% 

Intnl Timber f25oi 126 %J 5 
Invoresk Gp. (SOpi 7G%® % 

MM* 1 

J«fcs (William/ OSp) 24 (24/1) 

Jackson (J. and H. 8.) (50)30® 29% 
Jacksons Bourne End USp> 50 U5/1 ) 
James (John/ Grp. <Z5p> 44® 

J 126M ) <M4urlce> ,nas - <20n> 10% u u 
Jenks Cattail New <2Sp> 7B® 

JenUque Hldgs. <23 pi 31% 

Jeromt (SJ Sons (Hldgs.) <25p) 51% (23H* 
jmsups (Hldgs.) nag) 41 *4 <2S-i) 
Johnson Barries (12%pi 11% (Z6.'l> 
Johnson Firth Brown '2 Spl 61 3 2. New 
(250/ 62 (26,1*. 11.05KPT. 139 (2*1 
1lKUn^CjLn u- 85 124/11 


9® 7 


Nelson David (Sp* 9><® 9 
Newarth/ll 170 <25/11 
NawbOM _<2Spl 40 (23/1) 


Newer 59- 5pcPI. 26: 

Newman Granger MOp) 34% 

Newman Inds. (25p> 71 2 
Newman -Tonics <25o> 69 <24/ 1) 

New mark i Louis I i2Sp* 175 % 

News Inter. l2Sp> 274® 50 4 2 
Norcrte rtLSo! 92® 90 89% 91%. 

57% i 24_< ii 7 %KLn. 83% (23/ 1 ) 

Norfolk capital <3 pi 38 

KS3h £?"?» Jiff? 1 ® S% (23/1) 

North (M. F.) (10 pi 45 (24/11 

N ?2!2r n , , En ?D2Tr lnB . ’ 94® 3% 4. 

121 =°- «■«« 
Northern Go(dsm.th» ( 2 Sp> 61 2 
WriBbt UOp) 193 (25-1) 

Norton (W. E.) <Sp) 35% <26/1 ) 

N orvlc S ecurities MOp) 27 

™»8 Holst <25p) 96 %® 7®. 7ocLn. 


9 (HMos,) rtUrii T5» 
ri. (25 m 122ft42M| 
(25P) 20 "VP q/t«7 
.* <5p) 29 % ijffiv: 
1%, 30 : .50 39 i2#k 


■wnici J 'wJM/ JIW AJ , *994 re3> I, 

splrai-sareo En®. (25 p) 254 (28 1 1 
Spooner Kids. CSp* SC (26 '11 

■warm was? - 1 000 

Stak« (Reo.) Organ. <lOt>) 35*9® 

f Statu? Discount MOp) 132% 3 30 . " 

aKM.| s “^|« •*«*»■ 2ZA * '=*•”• 7%P C1.N 88 


Nottingham Manufacturing (25p) 107 © 9 
Nova Uerscy) v20p) 38 <23;i» 3 

9^101 C, ° 0> ,04 *® 100 

g.’SSS £"■“> »« rn 
?1&, 

grp. i20p) 110 12; 11 a 

Orme D evelopments (IOpi 54 % S 4 

Invest. iRO. 12 %) 27 12411 ) 

Oxley Printing c25pi 58® 4® 4 6 126/1) 

P^MA. iHtedlngsl <25 p) 46 I23J1) 


, Stead and Simpson A <25 p* 40 <28.14 
Steel Bros. Midas. (50pJ 364© (2H/q 
Steetlev (25 d* 199. 6%pcOb- ll 3% 
Melnbcrg Grp. non) 15 
Steriina Indosts. (=:»> 27% ■ 1 . , 

5tmrens on (Hugh) 6% PC 1st Mta.D®. 1F| 

Stewart Plastics CtSp* 1 30 QX1T 
Stocktake Hldgs- <25ol 82 

OHkHJI-l A Non-Vtg. (2Sg* M® 

Sbmehilt Hldgs- <25p) 960 4 V 

Stone-Matt Irtduxs (25P) 1072 
Streeters of Godainring MOp* 38 I W1I ' 
Strong Fisher (HldBS.* C5o) 68 7PI ' 
Stroud Riley Drummond rZSgl 24 t2W8 
Sturla (George 1 non) 13% (2011. f®4 
FtOP* 13% (7 S/ll ” 

Stylo Shoes C25p) *9 % 

Sumner (Francis! ntkfgi.l (I0g9 T7%49 
Sunlight Service UOp) 29 
Supra MOD) 38 

Soter Electrical (Sul 9%® . ' 

Swedish Match B (K50> 12% (TOWM - 
Srmondi Engteenrino <5o1 l®*i® 1®4Br . 

T--U— V \ 

, TACE 40KPf. (IOpi 25 '' 

I Taloex ISM 20% 20 19% SOU f Snh) 


' 1 

a 



Paul 
Pans 

(bp) 346 5 ■« 124(1* 

Peak Ih'Ktment,, nop) gi a © 10 % 

Pearson Longman f25p) 17BI-: 7 - 

* nd Son C 2 SP) lfio. 9ocln. 
P^Ufr-Harterelcv (25o> 164®. 7pcLn. 82 
Pennine Motor Grp. (too) s 

,' ,,tJu Striei ( 10 p) 24 (26/1) 
Pantos (IOpi 77. !5pcLn. 134 r?KMi 
Perkm-Elmer 4ncLn. 73 (25/1) ‘ 1J 

Ferry (Harold) Motors CtSol isu 
Hldgs. M Ihllt4g J ** 
Peters Stores (top) 44 ® 4 (26-11 
MZijpiro® us,) 

Lj ", Finance 5 VpcLn. 57 

jbv-u 

's&s s^ ,ii ^i, tiQo> is a sssi,. 

PllHnp^nrelher^SSU 10 / 5 8 , 
RSK & s c 2 s sbT L 6k© 56 

W (z5“lT S tS “ r&orQQonj (2 Sp> 12' 
Measurama (So> 70S 

9o ® = 

Polymark Intel. < 10 p) 5 i® f26MJ 
Pontln's (1 Op) 40% 1 « 

Fork Fams (lOp) 413 

A'Si. “W. =37® 4 


Taylor. Palllster i25o> T8 
Taylor Woodrow (25a) 402© 

_Uns.Ln. 72% (2E 1 > 

Tebbirt (IOpi 12% (20111 
Teciksmlt (25 d) 118 C 6 . 1 i) 

Teietuslon (5pt 40 C23/1I. A 
1SD1 41® 3 Si-® 

Telephone Rentals (ZStrt 135® 4 ft - 1 
Te«o Stores tHldos.i (be) t» 48-C 

Tex Abrasives Cl Op* 6£® CGiIT 
Textured Jersey mod) 29 %© 

‘.The Times “ Veneer <Spi 9 % 


Thermal Syndicate [25pi 134® S OBni- 
rnonnon OrpanlutMMt cSo* 640 6 XB * 
jl.TMFf. (|So1 63 (2&'1>. SvMeflH 
70 CG/Tl. 6-*iPClstMtg4>b. nJ®L 

Tghiyi 5 p 5 u -- ,w,:#, *^ w 

Tilling <200* 106 7 4% 5 6*^ tKOt* f) 
JS3) 1 y 8 bpcLB. 77 : (26/1 1 
■nme Prodmjtg IlOpi 117 (24/VI . . 

Tom kin* i So* 18 124/1) 

Tomkinsons (25n) 58 Cam 
Tecui <25P) 48 7>% SocPf. 44 HA 

1 I tV5EP S * *28/1 >. 7Upct3®r?»W4 

1 ‘ 7 20 1 1' ovc l2&B) *>’• 2 1 
Toxer Kemslev (20ol 43 

Ii, * I^ataar Houre <20p) 184© 1® 1® 8*6 
<% • . 60 59 8'; 7 DC DO. 52 C6J1). BUM 

t 33L O0,, 5 ioi.53i.r1 

■ Transparent Paper (Z5p* 7s 

DeyelonioeM CSp* «B® • 
j Tranwood ISr) 5VO l» - 
i Arnold I25&1 is® 

mod* so s asm 

i ESS 


CfiMaurn (200) 110 C 4 /n I J r ! < *T nt ‘'On* S* 3% 

"Zr'L™™ t5Qo> 18S® in a 11 Jrlolcx Foundries (250**77® 

. ,pSi t (S <? n , l 9 ’-' *26*11 ^ * 4l 4 ' ,0C Twt Houles Torle ,2SpV T»t® t Mfl 

fflss: atiLSnw: ^ uaj* ny. . H;', -- ” Cor ' <»» -» ” B5 '; 

i*dt . «- •*» "w <«»’ T K,T 

_77% .con* - 



(23*1 ' 

Fych lorefl (20o) 57%® 7 8 9. 

FIrzwMion *2 Spi 41 
Fleuello Carton: wheeH OSpi 48® (2GM1 


Flight. Refuelling *Hiogs.t *ZSpi 106 (2E/D 

Fkiidnve Engng. <20g) 69® 

Fodens *50p) set® 

F 108*(2S*i'l {25B) 121 125,1 ^ 1 0 %pcJPT. 

Folks U.) Hefo (-Sp) 108 (25; 1 1 . Non- 
#ta. (Spi 211© (2611*. 7'ipCLq. 89 91 


(74/1 1 

•Sflr 


industry Inverts. OSp/ 64 


Ford Inrntl. Capital Con. 6 kLh. 7S%® 6 
B't (26/1L _7%ncLn. 90% (23*1* 

Ford fM.l flOoiSSTj i35/1i 
ford, Motor iSU52> iou 
Formlnster non* 135% (23>t» 
forward fjcchna/ogy Inds. *50o* 109 <24D 
.-MOW M.nsae i2SP> 144® <26'11 
Foster Bro»._ Clothing f2So> 87: 

Foster fj.i (25pi 26% (24*n 
jDthorgra Harvev <25oi Bau,^ 9 ® 7 
Francis IftBJ Grp. ( TOp) 481® * 28 / 1 ) 
Francis Industs. 'aSo) 61 <2S'i) 

Francis Parker MOp) 12'» 13 : *„• 
Freemans (London S.W.9) ftsn) 285 ra&i* 
French Kler Hldgs. 2So) 33* 1 
Frlcdland I.Ooggarr .Grp. * 2 So) 94 ® <26't) 
Future Hides. (25p) 4® (24/1) 


Kalamazoo *10 d* 29%o 30 
Kavser Bondor >250/ 25 :251) 
Kelsey ind ustriot. ,2Sp) 112 <2 31) 
Kennedy Smale MOp) 27 
Kenning *•--- — 




Props Ha?VWharf^ S i S y 31 
<Sp> 7 * 7 36 n 


Turner <1 Op) .’lo'at 
| TutriD 71 (23:i) 


.enneev smale MOp) 27 1 ■ .A" ‘so* 7% ■:*.,« 

;S j, 8 ^ 3 ® g ^ up «-■ "■*! al K , «A» , *i , osrt 

;"5l' G B -' 4**a sons SKPf. <62%p) 25 1 a r 6Mi d Gro ' (10; 




Kent 
*23 .. 

uSUi 7 ‘*«09- 681- 

Kent (M.P.J MOp* 37%: 81 9 
"SJ* j-A.) and Sons *5 d) 10% 

5 J **?. 1 T 4»'or 11 dpi 580 62 

Klffflst-Zo Holdings i25o) Rfi r2d 1 . * 

KnS? flOol 161'Q IS 

fatarnaiional i25nl 88’,® 6 
SB*.! Jrad octio ns modi 11.10 

*^48 %® ^ 7 • sT*? 8t * ,st * ' Hl »*' MOP) 
Kwik Save Discount ‘Group MOp) 195 ® 7 

Kynoch (G. and G.) 6%pcFt. 57 % < 33 .,, 

L — M 

LCP HMdinfl t (2Sp) 91 ® < 26 * 1 , 

l1 °=> ”%. Nmi ?,V« 27™ 

fHIdM.’ A I25DI 125® 6 <26,1 1 
... **-7^ Outerwear i20di 4a 1 . 




Q— R— S 

I 2“?”* Houses .SB* - 7 1 . - 
i Quick [H. J4 gS.<5m5«® 7 ^ 

*2Sn) 39 (2S/11 
RFD Grp. MOp) 63 n ' 

9 KT Textiles >iOp) 74 <25/1* 

E«r «. 1 2 to) 20 V®^‘s : 4 6 


i u l?i ft 
c,flrt «|8gt 

! HiK- ‘lOJ" 7 (Mrii ^ 

.UntMte <J' 4 *t '.4 


vsa 


, jag* «* iAWS rJ 




Radley Fashion* Tntiln /-c*, „ 

g;>M tnB. inds. (loo) is ^ 4S * 7 

Randalls Grp. (25<r»^ w 


Causton iSir Joseph* C3So) 
Cavennsm 7 ‘ipc, rtPf, SO® 
irtFf. 08 ?(«■ b^pcLil - 
79=® (26/11 


GEC-ElllOK 
(2411) 


G — H 

Automation 6 %kDb. B2% 


Lajrd Group - (25p?°78 


SocLn 82 


Lake a a d. Elliott *2Spi 5 9* 6t® 

fe*. 39 
'***’' ■ 1 °° 

L? d Bal n ?ETr 25 ^4B‘ 5Brt 1440 B 
f2B " 

Lre Kr* Bur l end Sons (17,, 


Casket (S.I (Hldgs.) MOp) d4* Vc® (26,'l) 

Castings (IQp) 2,’v® 

Caine's (Hldgs.) Clop* 3S . > 124/1) ” 1 T™ r ljmd Sons , . . 

7ft®. in8 F '" : * h - 

I “ ^ UWn J.) (10©) u 


MOai 92 1 T35il) 

RfKUlM (HktaS 1 t2S®9 1*2 
Laryiere licp) SHUMi - 

j ssnsatSk 

UmteiJ Cngin. In«m. MOW 3 Q OfiMh i 


FINANCE for industry term deposits 

Deposits of £i ono-P 1 *; nmx , waruMxa. 

years. Interest pal* f ? r * 2 ^ tcrnw ** 

received not laicV thaSTfe.^ 11 ^^- Rates 
Terras (years) 3 
Interest % 


5 


4 

8} 9J 101 
H a r l ~i ^ n . r ,ar £ cr amoimts 





h 






1 





■ ( n* • 


January 2S 1978 


19 



■joe n 


mw^ 


o«, tin) 


■ i»„ 


P> til «»1». 4.8DC 

**» 


39 



if) 1,1 7 * 1 * -ttt 
inntiM 


W— Y—Z 


HltfB*. H0*> 77 6 «24m 
,1. tfWM fla 


* 4£2»Groop uae) 4i <2311) 

«to#i. *1 *0 h acm. 


«»mwri 
SwOfc 81 f « 

>mokjh (M» if* i2fi<1) 

■ Shu Inainti. HWps. U5p) \23 t25|l) 

. Sw NORW iSM 1.3 Tat (Mif - 

** <#iurr Slur ttwfli. iU 18 

: * ‘ ^fTT 

'^04° 


J w 


jiikor A.) Sftfl TlOpTlO®' JBBH' 

- ~ - UaiMM ..bqlttsrnttti __ SHvenniHD 



. M (MID* in 

•WMP 


[Ml 919 


GoictttW^'.r ("oo 1 tffijl> 
Midas. (1QM 3«':r 

mm 


.nas 1 


ss» 


70 MV 70S. 


(Bernard) (lOaj Mb 

M.GlUftw (HMUSJ — 


58 

« 12511) 
ij (2&I1J. A 


MDBS 

Wright Rowland 
HMIdars HO*} 

Op) 309 30 Hr 

iw .^wi « nomas) mD Sons (25(0 

.wtertord <3*is «W 44. IDocPf. 190 
1(2511 1 


u 


- .»«§, «Eji»V3 iisgv 

. Wnlson (R. Kelvin) (10*» 5*9 (2«tl 
• tjHnrw Canwron 12 So) 
film Grp. (log) 2B>, 

II (So). MU ^ 




t3Ai\> 


289 <i« 9® 9 


’ ■ „¥««rwrll 

'(/rasters Puoikatloiu 
. 30 (25.1) _ 

■- .ihubwoo*! cse) 200 taa _ = 

Ort. (250) 1050 H':® 51*0 
HI#' 7 1;® 31* *. 7UKUI. 50 (2*. IT 
' ■rHtiko HMBIr £3*1 25'- ft:* (26.1) 

. -//oilman tog ki t * ri ng Cere. 125B1 «5>: 
‘ 125111 


8»i9 


tfSi "#ronw»kJi Sort no (10s) 319 (281) 
' \fttaxhrlt* Product* (260) _32^9;.(2«1 ) 


iMSi?**** i,?p - Bb i - 


, hpiito Orifc* and Signal (25*1 SO 

MtKMid fctrcrttt asm 479 ft);® B 5 7b 
■ . B'l. 8 PC DO. 74 (2811) - 
: VWstmlmler and Country Frooertiw U5ol 
• • ifei. (2411) 

l W«tw»« Trlevislon c Non-Vto. no*) 


. KHIOS. (asm 43: (26/1) 

Distribution and TradlM (250) 

, »A£« Ui i-*a Restaurant* 

' Mn> 


(10M 265 95 


Whgum watwfl (HWas.) (5o> 17 
-■ NMtar (George M l (25*1 2* (25 1) 

' WhSo Child and Btmar <2 5*) 78® 
WMUcrott- (sop) 187. fthgcPf. 42b «6ri1 
vmriMHii* - (Gram) (Engineering) cso*) 
. 132V9 19 298 __ 


"White ter (■. 5. and W.1 (2501 4®(- (2811) 


WhROS (Tinwwrl 6bpdLn. 6Rh \ (23(11. 
1 SncLn, 761:9 »:* (2611) 

— ■ (wfiiiam) — ■ — • 


WMmnBham 
"*D® 


‘ WJfflB'a* 

"^Wiggins Tease 4boc2ndOb. 85 
'fc MTiU 47. 


(Higgs.) (12 ha) 
(2 So) 2669 6609 
~4~bee2n60b. 85 (26fi). 


-WdUMOn Mated 203. tOoCLn. TOT It! 

B llkinJon Wartwrton' (2So) 86 (2511) 
imams and James (Engineers) (2BW 60 
i (24 1) 

-.-«*</)>*■» (John) 1250) 42. New I25U 44 

BUI | 

.Wills (G-i (25p> 579 Ji$® 8 . 

3 Wltmrt -Breeden 1 2 So) 65. 20KPL. 37t 

. i2B 11 

Wilson Bros. iZOdI 40 <26111. G’soCLn. 
61 i24’U 

W-iton iConnollv) (25n) 120 (2611) 


Wilson Walton Eng. fl Dp) 770 B9 7 
' Wlmger 'Georool '2 Sol 789 7 94 74 


Wlon Industrtrs 1 2 Do) 40b 

Wrfrr iTinmas) (25o> 43 123'1 > 


S S'sHev -Hughes <2 So) 192 
^Genholme Bronte Powders (2 So) 172 
. . Wombwell Founts^ IIOol 19 «Z4.1> 

« Soni rSo) 2M 

(Arthur) IS*) 29 
, . wood **•» Trust i2»« 9* 7 


SJm tg". w.i "t20*1 43 1 
Wordnetd ij.l <2 So) 1039 C261I. New 


-*w J 123 b) 679 7 8 64 7b 


- Yitn tW. t.) TrtpcM. 38 i2611 

tirort T roller Hldps ( 100 ) 87 i 281 ). lOtK 
W T06 I24'1l 

- VscSshim Chemicals v25d) 90 «23'1) . v 

Wooden SWnMrs (20ff) 


r «r 


"Teughal Caroeti i2$b) 55 «B1» 
Young. Austen Young i25*1 64 


25D 

ZMM Cp. rit** SI* 49 2b 

KLECT. LIGHT & POWER (1) 

ITWMI A UN HMc l«1j 


I 


ileoda nactrlc Stwh 87 12611 ) 
gertan Flee Sunlv 270 


nNANOAL.TRUSTS (1W) 

r» 


AutTronlY . 






pawga 
D«WM 

^}g^9" 'hdust. HMDS. (12««D) 


iMn. 


lUntehe T *iieggSws ,0 Tst. (BrJ 18b 


Indhom Pin. ^i.-acfn. 64 (Z611) 

Firat National Fin. Carp. (10p) 3U0 3 
Wmta. j* usilt. B'iwCnejLn. SOtSSnY 
.Sbpeb*. 9ZJ97 .T8.t2»f) 


F'ttrov Inw, U5*l Hi* i a 11 »4/i» 

5S&«?13SK i‘P®,. g ~ an “■ 


InD. Tit. (2 So) 59 •) 04.11 

jrlmajunreHUBs. (20p) 25 
Hampton Tp cpcun. on tf6.li 
iKiKIPt 3589 7® 5 60 37 B 8 * 

InD, and Cwnm. Finance Cor*. 3 >jp«so. 



, .liaBcLn. 100 ("2511) 

JS9»p? Cleans. Props. SupeDt. 859 

JSSJ* 


and Scottish (20p) 1079 49 ^ 

alii lwd ® ,urTO€Jn C* 1 *- lOfedcLn. 87 <: 


Maiison Finance Tut. (20o) S0b9 *7 
Martin Estates 4*cDfa. (810) 400J24D 
Martin (R. *.) (5o) 69b 8 £23/1) 

Mills and Allen intnl. (Ex Ci*i) (50*1 
140 89. New (SOoi 145 1261). Cum. 
RedlstPl. (Ex Caw.) (50*) 6Bh 
Mnbrgate Mercantile Hldos. (10p) 

National Electric Construction SbcPI 
(28111 

ESB s os i) 


14 


36 


ProrldeM Financial Grp. (25o) 96 
RescMusti (JSol ISO (Z4f(t 


Slide Darby HMgs. (lOp) 98 

Stock (!kUiiw*UJ? Red Ami. (Rm.) 

3 a*. 

J3ncCuin.P1- 35 04(1). 16peLn. 147 G 


(24111 
Van Diemen’* 


Land A 


420 . 20. 


. <2501 

JS&[ Finance Cor*. (25o) 92 1 . 

Watt of England T*t- (25p) 36ii-(26/f) 
Wetter* Election and Development (20*) 

3Q (24/1) 

Yule CatU (1 Do! 76 (29M) 


GAS f*) 


Imperial Continental Gas 3509 SO 4> 53. 
7oeCnv. - ' 


Uns.Ln. 152 
IMSURANCE (135) 

1109 i-9 6 
.26)11 

(Hiops.) ilOp) 


Bowring (C. TJ (25pj 
1 0pcCiw.Unt.Ln. 154 126)11 


10. 


SZB 50 


BrciKoall " Buani 
•261) 

Britannic Assurance ISO) 170 iZ411 
Coi^Mroal Union I25p> 1479 Ml* 

Came Star l25o> 1 939 4 49 50t >a- 
I 50 


CRy Foreign In*. 05*) SO 
City gt CtacTord Irw. Tat. (25p> 


Coniiiuntil Indus. T». (25*1 
Comincma! Union Tst. <2 


1» c 

. .15*) in irsii 

t^lrwx Jaoan In*. Tat. (SOo) ll 1 . 

E (26i1.. War. to >uh. •«■ Ord. 34 (I 
robirurs Ta. i25nj 76 5 ifd-n 
ulimus In* Vtt. (25p) 30 <* (24.1) 


Wtonri* In*. 290 05,1} _ 

Weal CMnt Texas Reg, In*. T*t. (to*) 619. 
Wrots. to Mb, 27 


FrdPhW. wiVUym. (ZSo) 72 (26)11 , 

Property Security Invest Tst, UOp) 1489 


Western Canada inv, epePt. 45 i23 1> 
Wjnaimore Inv, Tst. J25pi 39 123(1) 


span In*. Ttt. 
to sub. •«- Or 


WlmertwttCHTi *fst. (25 pi IBib? 

Wrton inv. I2S9) 81. B 125*1 75 

tto t*i2 e! EL i,n *"?• TsI - ' i5 »> 167 *3 S/1 > 
jyJ'jl^.'l" j Yoricoreen iny. rn. oodi ft izwii 


DanatTTnv;" t«. wrts. » suo. (or' l inc_ i 
1 Qw. 03(1 ) 


Debenture"" Cor*. J (25* t 80 _ 
Dominion Gen. Tst. i25*< I8w 


UMT TRUSTS (3) 

ana G American Gen. Fnd. income 41.1 
55/T). ■" ' 


(261) 
Raglan Proa. 


Tst. (5a) S'; u 


Rcgalian Prges. (2so) 12 OS li 
Regioc 


25/T). Auom. 41 <j® 061 
M and G Div. FnO. Income 119.30 118.6 

-r?*? " (2801 117 06,1). I M and* G General Tsu Fna. Income 1670 

TOn £Mw ,a Bl: Income- 105 ISo^SrnirtTlniSi:^ ^TSt. OSrt 2!6 14 i 
Dravfon Far Eattem Trust .25o. 27b... *00; 126 1:. Accum. 1711® .261) j T &,’ Jpg City Proot. ntm 1M n6 * 

n* 83-00 62-7 I u 1SH w iSt NJ *». BocUns.Ln. 989 S* fr £ P«. A 81 •* 


Prom, A Dra. 12501 fig:; rtGji) 
RegH Prod.-Hldg*. 61 1« ijs n 
Rush and Tamokins Gro. (ZSo) 115t© 
13b 14 . 

Samuel Prone. l2Sol gi® 2: (261? 
Scottish . Metropolitan Pro*. Co- tfDpi 
1 12?Q 179 119 9. 9neUns.Ln. 170 (26 1) 
Second City; Props. MOp) 429 2 (26 1) 
StargA £*£**« '25pJ 12 Q ta>, 20 h fb. 

lOwUnsJ-n. 170 (231) 

Stock Conversion and In* Tit. (250) 26*9 

5- IKUnc.Ln. 2SE (24.1) 


Baacrtce Fawb^S USM ^ 


Bethlehem Steel ... _ . 

BougaJgvHto Copper 67 
Bril, Contd. OliheJdc 149 
Clba Geigy 7(«txCn«. £914 
Colonial Sugar Regnerw* 

FaKtmbrldge Nlckol £10*ral 
Hong Konq Land 97 

VcTK&rut ^ 51:44,9 

Intnl. Mng. 40 

J amine Matheson 1814 79 8l 
Kullnt Malaysia 32 bo 
LauraSlf 80*- 18-V 

Nati Bk Australasia (Aust- Rac.) 
469 

Cmkhrldge SKi. 14>1 


Enratwan Coal and Steel Comm. 9 *og£(S 
SiU. 1989 etoou h 

ilooorlT* 


New 


Dja-rton Premier lovrstment Tmrt ';2£oi ; M ' anrf (TReuvery F^I'lAeom*" 
174.J <26 11 _ i |26lll 


Dim (vest Income >500) 64 >26 1) 

Dundee and London lay. Trust i25*> 55 ; 

>24 IJ. SocPt. 430 '26 li 
Ed _ 

660. , _ 

*SSS i a6,lf W ’g.Sra * »•="■ ’ DuMwd Dlwt B'.oeDbT 78 126 i» 

ilUa ... _ ; Hawthorn :R. WJ Leslie rsoo*. 66 
EcRmiurgn invcH. Trust 41 zpePt. 39 'a® Humiei (Hldgs.: «25oi 16O0 

ti^wSa&mA Invest. OS*) 61b ! A W.IJ20P) 19 ittir 1 


'24 I J. SPcPt. 430 '26 1 1 ' TZ. . " 

S.ftOnrgh American Ahu-IS Trust i250) . B n! "£ a 'isii?""* 150 

J 6 ]*' . WP4 ; BVokw HUI ISA2 > 40019 

junbgrgh _ and Dundee invest. *-tPsPl. 1 cunim-u a-.ocOb. 


Town Centre Sec,. >2Sp) 67 f2A'D 
Lttd Klnodom Proa. Co. (2501 23>;: '»i 


XROS, COAL Si STEEL (Z3) 

125.11. 7.«*c!Uid. Real FN». r«. r2s*i 275 (25 D 

- I Warner E*tMn Hld&i. (25*) 146 (2311 
Warnlord Invests (2oo) 290 (25/1) 
Wetm rjoscRh) ana Co. (5j»I 
Wfnst 


— v -- - 1 Neepscnd ;2S*i 42 

-’r 11 -- •NtLrth B.-ttan a:cel ‘Hldgs.) 1250 


Enpllsh and InnmatHaaai Trust tZSpJ Q39 ; (Jg-ti 

Eiilljh * Pd Ngw York Trust i25pi W ! R^hJmloni^t^aart^fsOpf 

VSftlff- £?£*?■» IZ ^ J 67® ! Swif r M“ ,er 8 

E ?S^?i IM^S , '«»«*■* Trust DM- j u*,*, 5^ (RO-50) 15 <25 1 ) 

£cZ .sou. 1 83 »«? _ W-l «s ? l 4 3 


29 


Estate Duties Investment Trow 279 (28 1 1 
: 129 kSG-l) 


Eaiemal Investment Trust 
Fin: Scottish American Trust i25n) W' 9 
First Union General Investment Trust 


1llePiURS.Ln. 83': 4 3 (23,1). 
UM.LL 69!- 124.1 J 
wimiot 1 250 1 93 1 


_Zb. 

7*K 


155,2 3> 4R|J_ IHjl j 


Woodhous? Rncson (Hldgs.) (12:-p) 29<r 
-Yarrow SObi 295® 1® 80 3 U 3: (26. 


Imrex. Trust .25*1 MINES— AUSTRALIAN (3) 


Hampton Gold Mining >Sp} 88 <25.13 
" AO) 1S3 


I25P) 


Cnv. 


M.I.M. Hldgs. rtAO 

Norm Broken Hill isao.SO) 88 
Western Mining iSAO.SOI SB 
126-1* 


9: 90 


For-jnn and Cgii 

Fundlnvest Capital ;25 p> 61 
GT japan Investment Trust (25 b) 100 
■23.13 

General Consolidated Invest. Trust 
77 tfS-'l) 

General Fungs <25*1 134 CZ61). 

>10*) 103 OSM) 

General Scottish Trust <2Sp) 76 (26 11 | AMAX 

General StorfcnoMeni 5'r*rPF. 45 <251 » • >23.71 
Glasgow Stork Itmdecs i2Sp) BB--9 89 Aver Hit ora Tin 265 (24.-1) 

Ginnuevon C2 Sd> 76>:. Warrants 5; >28>1 1. 1 Charter Con, i25p) isOiO 28 31 a 30 
r-E. ,25 ?l 7 Sja6' , i 5 Con. Gofd Tieldi >25p) 1969 5 7 Sttoc 

GlCnmurray (2to> S3 *>s (24-11 ' Ln. (449 

Sobe inv. <25*1 .105’:® 4»9 40. 3'; 1 El O10 Mining >10*) 59 >24(ti 

4, rfneDb. . 86ML 5':*cLn. 87* 719. ! Geevor Hr >zSn) 450 (26 JJ 
.bUacLn 1161* 125-1} , 1 Gopeog Con. >.25n) 265 >26 1) 

taris Hyi 


Miscellaneous (45) 
inc. aocDh. (1US100) 


susab 


19 


G overt European l2So> 56 
Grange Tst- <25*1 71 •? (25 It 
Great Northern (25g) 100 >: >26 11 


_ vdraulic _. 

■Camunting Jin (sMO^Qi 70 <25 1) 


■ TOO 1 93 >25. If 


Gresham House Esc <25*1 52 <26 1 ) 

Investors (25*) 50':®. Onions 


Group 
6 1-9 

Guardian <2bp) 759. «i : pcPi. 399 (26 1) 
4 pc Red- Db. 91 t24:ll 


Hambrps (25*1 ft**? 
Harcros rlOpl 91 ' M 2 


Eoultv Law Ule • S*) 168 

t 'M*! 2Z5A .. - . 

74j*cUns.LB. 69G® 


GeriBfa) Accident >i5p> 225)9 79 By* 6® 
6. 7^*c Uns.Ln. 69. 

70 (2t£|1} 

Guardian Royal Exchange (25o) 

_ — TbcUhs.lo. .69 . 


R:fi Tinto-Z.nc Cora. i25*) 175 7 8 6. i 
AccpmuJatir* »2So) ?65. Oot'on War- ■ 
rams 600 >24 1} 3 32SlKP<. A 44 

<24 1). 6WLn. 67 MB ■ 

Saint Piran .25*) 54 .25 1) 

Selection Trust <25o) 39B 400 
: silverminea >2iap) 35® 5 
f South C refty i-iQpl SSW 7 
. Soutbern Klnta Con. <?MO-S0i 155 (23.-1) 
3® Southern Malayan Tin 1SMI1 248 >251) 


- - _ _ 5 *)] 

ntton' EStl CSel jai’j I2S.1 

RUBBER (34) 

Anglo- Indonesian tens. i25d) 679 (26H) 
Beradln l3fl) « (24:1i 

craiebeld (iclangi 'i’i art ?m %b tfsil) 
Chgnonesx (PM.S.) (10 p) 54 (25HJ 
Corrtd- Plants. MOp) 102. WmtS. 30 1 

Dunlap 48 <26 I) 

6®Ssfc M*(»r*(a 1 1 OBJ 5Ml £2«M» __ 

Guthrte CPA 219:® 23® 209 5 IS* 22 
20. 7i«pciJt- 62 i24 11. BLscLn. BB*s 

Harrisons Malaysian (10*1 74>.’« S’i*® 

Hylands Lowlands Bcrhad rSM».tJ.5a) 
gjtj 3 

^ yr ^.4m £m«w (10*1 71 (281) 
lltra ilOal 46 >231) 

6*sa $5i , iSar ,, X) 6 lsiN , i23M) . 
Sumtt-a modi 118 

33® 2 

v K'i 1- * I'V-J 66 j 4 S') 

>5*. -9 121.1) 

SduSt> 4»» Broun »0e) 135 3 *24 II) 
Sunoei Bahru Hhr . Ests. MOp) 45 6 7 

Sungef icrla" D h> *••- 21 *?9 

SHIPPING (44) 

Brit. Commonwealth Shmg >SOp) 294 


Suocrt Besl Mines iSMali 1428~tfft 1 j 
4 >®cDb. 9B I Tanlong Tin 


tumbro Lite Asmnnca <23o) 3H7® ft 5 
HcSEfl iC- E.) <20p) Ms: 52 45 
Hobo RoOJnson Son* t25n) _171 
IA.) ' 


240 2. 


Group 


Hovrdeo 

Legal General (5*) 164 5 


52 45 

n) 171 _ 

<10*3 1549-59 


3 nsn 


204 


LetUe Godwin rHldot.) nOo' 92>i 
London Manchester iSdi 128® 8 
London United (Spi 144 _ . 

Matthews WrlDhtson HlogS. (2Df 
Minot Hides. QOpl 1550 6® 5 A 
Moran (dirtitophert Grp. *20*1 58 >j? V. 

s—m«i Life acsoco. A (Vts.) (Rag.) 

ft (Non-vis.) CRaeJ 


124 ^0311). 


sffamiii 


400 397. 8 5 
Scottish Uhr 61 <24 T) 


4019 J»: 


6 Hoc 


fSteSW ’* " 

Sun Alliance London 550 48 52 5. 
L Sl^S*) 105 9 4. 1 6b 
2® 


INVESTMENT TRUSTS (1S7) 

2 Spi SI 124-1) 


Sun LWe (Sp) 1059 49 ' 

w, otaAr* 1 

ENT TS 

ts. <25pi 51 124--1) 

(25*1 127*5 6>* 

It. (25ni .OV 6* •» Ctini 

(250) 20 59 2 <a- StCPt- 
9. 34 £24. 1). SUPCDB 

is. (50n> 123 C241K Cap 

5ns. (50p) Ifili* au (Z4'11 , 

Ambrose Invest Trust Inc. Sns. (25*) 
SB ij (2SHL Cap. SM. >2SDI 59>s 


Aacraedn Invests. 

Atxi-deen Trust 
Ailsa Invest. Tst. 

Aiiojice trust :2‘ — ___ . 

449. 41-pcDtf. 34 

AMiMlK Shs. (50*1 123.(24-1); 


Amariun Trust (25*) 2SL 40<* 40. . 6 
Anglo ^Amaritan Sec, Cora. CZ5p> -.899 
Ang/o-KoCtmft Jftv^Tjrt.^ (25pi J*'j <261). 


6>pcDb. 58U9. 


Aitkmn^ ^nv. Tat. Cap. Sns. (SOP) 35 h 


<Uk 


Athdowu Invest. T*t (25*) HS9, 

Ln. 80-." (24/1) . ^ •• • •- 

Atlanta Baltimore and Chicago Reg. (to*) 


Atlantic 


Assets Tst. (25* > 73<a 


69 5>; A 5*C Ft. ■ 


2 SH- 
(25*< 554<9 


Gan. Tst. 

_ 45 (24.' II 

Australian and Intm. Tst /Sodj 77 >25 11 
Bankers' inv. Tst. (25n> S3<: «8H, 
4->*cP<. 39 (25 1) 

Berry Trust (2b*i 52 *s <2611 
Bishomraie Prop, and Gan. Invests, T 

Bonier an^Swithern Stockholders Mat 

Brim* American and te Trust (25*1 
38t- 8 (2811 

Srit'tt^Asiejv t Trust (25*1 63<i 40 4 5. 

Xr.ntn Empire secs, and Geo, 
lit >251i 


Tat <5*) 


British Indvtt- and 
MSP) 93 f24 


,1i. 


Bmannia Arrow Nhws. <2So) 2i<*:9 3sc{ 
Inv^. (25P, 1 6 (7A-1 » I 


*ritiSh_lwv.^ Ttt. 125*1 


Hlli "iPhlllpT (25p) 176 5'; 5 

H « m *8»6 A 9SI P T , ) 75l! * 6 ® 

‘nuuttrtrt cenl. <25*. -7. 4>:pcDb. 90 , 

International Inv. 05ni 71. Warrantt | Trongh Mtn Malaysia iCMali i62o C25 1) 

iiuwstmmit Trust <25*) t tw 7 4L >. i Rhodesia & East African (S) 
4':PCPT. 389 Oft.) h SgePfr-SS li j Botswana RST 15 -.25.-11 
investors Canltal Trus t I25P )JS5<A ,§Upe Falcon (2501 195 
Wf.*. 48>s (24 It-. ?l;*rp*. 89 ftfi 1» {Clone an* Phoenuc Gold M.nmg t1Z>;ni 6a 

'* 11 <Z5pi 43 

Resources Com. <SBD1.40> 


Jardlne japan B5pi ' 104 I mtd iManpuLu 

jersey EKlmual Trust <1*1 ill 10 <24 1) M.nerals a*d Rt 
Jersey Genl. 239 051) 137 C5 i) 


Ca 




Invests- <25*) 260 
Common «ros- SOW iWf 7 

■met) Sons >25** 1180 <26 1) 


Fisher (J* m — _ 

Furness Withy. 33» S3 
Isle of Man- 5«am Packet ’509 
Jacobs (John. I.) iZOo) 39'i 9 (24.1) 
London Overseas freighters (£Snl 39 8 

Lvl- 9nlDO -o I25p) 144. A Non-Vtg. <25) 

Ocean 1 Transport Trading (25rt 127 *» 

S<- 30 2ftlv 

Peninsular Orienial Stoam Niv. 5*ePW 
43>- <25 11- D**- 113);:® 12 IS 14 
>?. J»7»v©P. 26 SlaerDh. 90 <241) 
Reardon Smith 'SOrt izo <26.‘1). A Non- 
vtg. <50p) 40 38.. <26 1) 


Trl Continental J £l'Slt 
VHIaue Main Rrc* 1B)< 19 


JANUARY 20 


AJIegWfiy Airlines 330 
Amsterdam Rotterdam Bk. £20 
Areo (ny. 114 
Australian 0,1 Gas 23 
Australian Paper 99® _ 

BMiscfte AMlin . Sooa Faartk 544 
Beneec>al Finance 550 
Black Decker 5U514'gT9 
Bougainville Copper 77 
Colonial 5ugar Reonories 243® 37 
C o mmercial Bk- Australia (Aust 
Now 40 39 

Dunlop Rubber lAuatralla) 102 

12 Inds. 1649 


Reg.) 


62 I nds. 1649 
FlnsMcr 7 >3 8 
Endeavour Rrsc 


jpsaurces lit 

European Coal Steel »-Vpc G'Sbds. 
CtDO 1 ) >2 

Exxon Con. £30 U _ 

Hong Kang Land 98 6 

Hutchison Wham pos SZ 


T9B9 


jardlne Mmbesan _182>t 


uiim Malaysia 33<j 
Magnet Metal 20 

Minnesota Mining £32* 

National® Nedortanda £304 
New Metal 2>t 
Oaltbridoe Sics 1439 *9 

0-1 Search 7J«A 


7 8 82 75 


People's Dept. Sores 2605 
Pioneer Concrete 169 
Rembrandt Grp. 


Pioneer Cohrrete 

_ 184® 

Horen to £30 1. 

•Wu Irds. 43 
Siteway Stores '£26 
almpson Cnv. IK'i 
Southern PariEc cUSTSHUS 
Wit Pacihc A 82 


Tooo*m 

Washlooton Pen I Esrab* £15 'kS 
west"“|n Minerals 67® 


Woods! de Pets. 66® 5 

iflal 


Woolwortb (Australis) 132® 


JANUARY 25 


RoiKlnum (Walter) >25*) 113® 119 (26:1) 
Turnbull &0t1 5hh*>*«g Non-Vtg. A 215 




TEA & COFFEE (8) 


Plants, and 


Lomond Invest Trust (25o) 88 


Jove Capital *2pi S'; ^ <26 1) , RnodesUn Cora. (16«P) 23 

(S °?’ - 1 , m 1 Roan Cans. Mines 1X4] 5DO 126 )> 

Lake Vlewrasp) 04® uf a-.neLn 75 ; Tangsnylki Concessions i&Oai 136 (22 1 

Veda ''investment Trust Capital (5*) Z3-^ j 2-m wln'c ‘SSgi, 19 1BD0.Z4 i 10'^j^S '^SSK 1**1®“” 30a 

^KiCii«Sb IfBB 112'e 1* (26(1) ” j Camellia invMts. -lOp. 1 

KWKWiti,. Souii African (Si) 

(2511) _ ’ Anglo ^American Carp. SA. 1RO.1O) 2649 

American Gold Inv. (Rl» 15 49 
-jjgate PI it mum (RO-IO) 84: 1 i a 

BlywaruitErsht Gold Mng. (R0^5) 3139 
Bracken Mines (R0.90) 81® (Z6 1) 

BunrlsJontein Gold Mng. U51) 880 (23'1> 

I Consol d. Murchison (RQ.IOl 285:9 70 
* Coronation Syndicate ft? 0.25) 34 E IDO 
(25 *) gl ^ I DerlkrMl Gold Mn*. iROtfO) SUS1.36 
__ I I «S7 (Z3i I ) 

I^ogdo^ln^ Gold Mng. (R1) SUS4.S0 

Dunwn RoodEooort Deep (Rl) 330 C26'i) 

East Dapoafontein Mines (RT) 25® :26.-jJ 
East Dnttocteln Gold Mng. (Rll SU59.3S9 
East Rand Ccnscid. <10t» 24 
Eas^ ^Rand Gold Uranium (R0.50t 290 

1 1 Free State Geduld Mines 


London 

London Montrose Inv. <25 pv 188 <23.-1 ) 
London Provincial (25*1-989 , , __ 
London St. LawretKO low (Sp) 129 

London StratncNdt Tst. 05*1 57); 

London Australia Invest. (SAD 1099 

London Invust. Trust (5rt 3(j (24/1) 
London Merchant Securities 

Lotion Prudential invest (26 p) 67«* 

London Trust DM (25p) 187j J24'l) 
Lowland Inv. (ZSp) SOi; 1 <25!ll 
M and G Dual. Trust IneJhs. (ip*) 185 
(2411). Capjhs- (10o) HI': (26(1) 

M and G Second Dual Trust Inr.Shs. !10e> 
85. Cao-Shs (4o) 211: (25(1) 

Me .’drum (ftvect- 25* 42 (74M) 

Mercantile Invest. (25M 38. SpeCum^t 


96 

Invests. 


5pcPt- 45 


Emplne 

McLeod Russel 240 7 l26ll 
Romal Tea Kltfas. 225 (26(1 1 
sinnlo H8S9S. HODI 23 (23 1) 

Burmah ValSy Tea (ZSdi 95 (25 1* 

Warren Plantations Hldgs. (25o) 192 
W vstet-n Dooars Tea Hlagg. iso i 1251). 
8 oe Pi. 56 <24111 


Gold 


IR0.5O1 
Mno. (Rl) 


xercancne Invest. i rr ee arate ueau 

Stk. 43'j (2411). 4)a9eCnv.Db. 1983 77 1 5U520.5C® 20470 
(24<1) (Free State 5aa>plaas 

Mmhims Trust (25p) 86?* (25/1) Sl.620* 

Midland Tttwt (25*) 75 124(1) ‘General Mining (R2j 14': a»'T> 

Monks Invest. 1250) CSV.® iGptd Fields i Africa (ROJSl 11:, U 12611 1 

Montagu Boston Invest. <10*1 51- Wrrts.]Goki Fmtds Property (R0.02':) 919 86 4 
Id sub. for Ord. 2Bs ; 06 1) 

Moonide Trust (ZSrt B4 aS(1) J ®SP*y w «ROJSi WS2.10® *130 28 

New Throgmorton Trust InC-SKs. <25s) ; (26 It 

2l«4 (26(1). Can.LuJttk. 97. Wkrrauts > J<MiamesBur9 Cdov (R2i 12'«® 13 
to Purchase £1 Cao.Ln. Stk. 18)< I Kinross (Rl; 51)54 goo p342o 

New York G art more Invest- r25o) 35'; i KIpo: Gold CR1 1 1US7.100 7.090 
Nineteen Twenty- Eight Invest. 125a) ■ Uislic GoM <R0.65i UISQ.7&3 pso 

;L4mna> Gold (Rl) 51157^00 7.38® *502 

’rar “•* aB " “■ 7 ^ n <R1J 1320 25 US D 

Nortfi^ jBrltHh Csneoisn inratt 25*. ! SSSSSS * ,©!lnj ‘•f'w “ , “ 1 ' 

Northern American Tst. (2Spi 87. 5*cLn. , MimUe W.twatervam IRQ. 25) 185® 80® 
821'® ' <26 1* 

Od and Ass. invSt. Tst. <25t>l 6! ; -261*|New Klemfomeia iB0 J5i a <26xl> 


Pern Land Invctt.TR. >"25 b> 109 >2 6.1 ). Do (New witwatersrand Geld iRQSO) 101® 
_SpePi. 41 (26/1 »_ . Pres aeot Bracd <RO-SO. 880® tfS ii 


TRAMWAYS & OMNIBUS (— ) 

Barton Transport □<*. nSDpi too 123 1) 

WATERWORKS (26) 

! Bristol 3-5 pc Pf. 1980-81 81 U. 4.55ac 

7 979*84 549 h*. 

sSscciH- 1W3-8B 58® <$9 
Colne ViHw gxC 66 >Z4/JI) 

3i*ePf 14 Q5'l> 

Eattbourne Waterworks jBpcPt, 10B 
<un Water 3.5oc New 38 CZ6/1). 3.5*c 
W 19B0-Bt B3. 4 JocPt. 69 U 

L«e valley wwer 9 PC P». 1982 107U *i 
<24 II." TpcDb BB-.-O <26.1 > _ 

Mid Kent 9flcPf i97j 106i, »aOSJI 
Mid Souther* 3Joc 390. 3.15PCW- 62 

li 123-H. 3. 85 oc PI. 73. 4.025*ePF, 

-US®. 4-lprPI- -<984-85 70 tf3(1). 4 2*e 
Pf. 1984-85 89=.' i26;i) 

Mid S«Se*3J7SocP'. 28 «28 1). 13 Uoc 
Db. 1-"3'*1 la* '26 D • . ^ „ 

NewmUt Gateshead 3.5*cPf. B2.s9. 4tfK 

Portimwn 44)25 dc 68U W 

S Staffordshire W.W. S5k. 4J»pe Class 8 

S3 3 SpcPf 37 (26--1)- 4 JIkP*. 67*» 

Simdenand and 5 Shie<d« Wtr 3'^cDb. 

Sutton" oirt- Ware' lOnePt. 107 *a 
Vest Hamesolre Wa:er 3.15ocP1. BO 
Wr-xham and Fast De^bienthir* % 

48 (24 1). 3 5seP». 34 (26 11 

York Waterworks 3.5KOr«. 37», (281) 


Bask of England MinJmnm 
"Lending Rate 6i per cent 
(since January 6, 1978) 

The Treasury bill rate eased by 
0.0055 per cent- to 3.7MC2 per cent, 
at yesterday’s tender, and Bank 
of England Minimum Lending 
Rate wa& unchanged at 61 per 
cent The minimum accepted bid 
was unchanged at £9&55i, and 
bids at that level were met as- to 
u) about 16 per cenL. compared with 
6 per cent, last week. The £300m. 
bills tendered and allotted 
attracted bids of £814J)7 kl, com- 
pared with £I^79^Sm. for JAOOm. 
bills previously. All hills offered 


IvrftBUM Grp tJSoJ 589 « 55 


BrasSffMM 'uSl jm, UOfl) 14.x 
Bn t i vw T l<( veil. Ttt. <25p) 90® 
“L.R.7.. IN.TB^IMI.M'M L« 


•ffiBS 

Corintnian 


FlMhcwre tit 


Of it' Mill '05n" T'»t"<5D«^3409 <261 1. 

• -s <S0o) 130 125-11 __ __ __ 




. 04'Mtv 2249' 4„5. 4L*cDb. 88 <] tZBI 
Uscllii Bft**9 (2B.-1) 


G*m. lira. Ttt. Ofd. I Sub. si 

Haw 

aS?tajLi)j 

>«3-n 


Ptgvi'ncigi CttlcV Til |2SP( 26 '25 *1 1 Prwitiem Slevn tRO 50) 706® I26J1I 

Hurt urn Invust. Ttt. <25*1 IIS'] <241L RjfW^nteln cR2> SUS49'.:o xt® 03 33© 
4-ipcLtl. 82 <26.1i • KJS49® 84 9>; 

Rights and Usuc* Imnrat. CxpkUl (25*1-25 ! Rxs iffctwr g Plttimna tRO. 10) 9«:o go i 
<26 1) iSl »«•« Gold M.ovf RIs B -350 8.37® 

River mod Murcutag Ttt. <2S*) 165 ! . 7.7* < 2* V 
125 1) ISsstiiwMl HWs*. rRQJSQ, 5 ia tf< |j 

Rooo-d if I SOi B 50 fi <251>. Sub. ttrt- fNtt. J ^GcM Minna RO-SDi SOSiSO 1 

sub. (Ntt, Prej.) ^ 

1 UniiPl Geld U.m NPV Si 


SPECIAL US T 


! Business done In securities quoted 
in tbe Honthlj- Supplement. 


Tst. fX5lM 79:.*. 


!&%&% 

teWfiT' 8 


8*cln.._»B::^ 

Cbimr Tcutt^i k«L», 7#'i33.;i 1 


J1) 

999 tffi-ll 


Carllol IwT 

Cttisr In*. 


■ W *H) 


IRbMdimtmo Invrtt. (25*) 56>j »24 1). Do 
i Cl®. SbS. 1 2 So 64 (24 ill 
1 RoiMCIUlti Invert TM. *S09» 170 <26 1) 
Do 3 5PtP- <50pt 3t<r2.i <2611. D3 

St Andrvvrt Ttt. (£5n) 1DB 5'vKPI 
44 <25 11 

S»t* MM) Praspra Linked in*. 

160® ’w9 (26>1| 

Scbcttid American Invest. I5D*» 


.Roeu^zM® 


v*s: Reefs £**:. MUmra ,R3.50| £12 11.S7i 
Ve^erapoai Gobi Mwvng iRlr £67 70; 

Vukfcwneln Go<d Miring -Rl. tUSO.SS I 
Weuram Gcffd M-r.iB -R0 50! *2569 1 


.126 1 



JANUARY 27 (Nil) 
JANUARY 26 (Nil) 
JANUARY 25 (NO) 
JANUARY 24 (Nil) 
JANUARY 23 (Nil) 


j Sottish bud Continpaui'inww <250143’:. i ,, — 

On. WirranU CO Sub. 2 <24 1- __ ! ,¥«». .TtO.SOi 15^70 15 61® 


City Cm I. inv. Tst. |25*1 2*9 Cm 99 


l Scottun cities Inrat. 

>2611 L 6>:o<Ln ' 


LOCAL AUTHORITY BOND 

TABLE 


Annual 




Authority 

cross 

Interest Minimum Life of 1 1 

(telephone rurenber in 

interest 

payable 

sum 

bond 

jKjrojfbciexJ 








f 

Year 

Barnsley Metro. (022& 303232) 


a-yefir 

230 

4-7 

Poole <02013 31 M) 

3i 

i-year 

500 

4 

Poole <(12013 5151) 

ft! 

a-year 

300 

5-7 

Redbridge (0M78 3030) 

Si 

t-year 

200 

5-7 

Thurrork (03T5 3122). 

91 

4-year 

300 

4 

Thurrock <0375 5122) 

10 

i-S'c.tr 

300 

5-r 

Wrckm 10032 3050311 

n 

5-ycar 

500 

■J 

VTrekin «0952 503051 ) 

91 

j-ycnr 

500 

4 

Wrekin <0932 503031) 

9i 

yearly 

2.000 

A 


... TSI. 
83 <24 l) 
(ovSL Ttt 


1258) 173 
>25*) 1220. 


RULE 163 (1) (e) 


turooeun_1nvst,_ j3£p)^34 


*,ttb iVro 

ortf» Invest. Ts? (2tP> B9>: 8>? S. 

LSncPtd. 449. 3.35pePJd. 46>- US 1) 

Scottish Mongxge T«. >25 p> J 04 5 
Scottish Natuwil Ttt. '25p. 1M SKfjV 
Scenon Northern invest- Ttt. (25*1 9T c 
Seattlsh Ontario invest. (2S*i 120 (26 1>. 

SpcPf. 46 (2b 1» 

Sottish Utg-tiramora (25pi 78® 7’j. Sac 
Scottish Western Invert. )25*. 78 ;. 4 -*c 

SecoM^rtl'umV til <25n) 17 * x-dci Diamond (12) 

FI. 3*i® Anglo- Amer icvev. Ts!. >RQ 50 


%jf®*** “ teei '• R,, iUS9 “® ! Bargains marked in securities 

wiwttervraM N=gei Ro.2s> 57® s which are quoted or listed on an 
exnupxn Gold Mrarg «i. 200 tfs-i, ; OTerseas stock Exchange. 
West African (— ) I 

km 1 . Tin Miras Nteena (Nidus.i HOpI £9 - JANUARY 27 

8itlcM T;n -lap- 6 r '24/1, . Ampol Pets 56® 

Goa BMP Mere! Mi.-« i12 :b. 9 -2« 1) BH South 74® 1 
Jan-mr >!Z>o) 11 >23 1. • Bk. 

UlS T.p Areas -12'rP' 13 (24.1 


NSW :au*C Reg.) 39(1 


31 


Second & Northern Invest. Tit. <2S*' 7T;Se"Beert, ContUd. M men 40pcFf >reg.) 
SwUjjtt Ssoiland, (26 p> J63 V. • JtS:_ lt;2S _1 .. _D*d^ ireg.i iRO.OS. 2B99 


•RS; !0 ;25 1. D*d. ireg.i (R0.05< 

9 93 SSi 92. 8r. <R5 3S. 337 : i26 1 


OIL (164) 


163 __ 

.ura*e>n Inims:. Tit (10*’ 59 

h*Ms« Invert- Tm tfboi 154 >25 1) 
vrlng 7i*. (25** 158 126 1 • 

T,r - 5?i - \^s^ 0 rr92 W e«^.is^ 7“r 

Tnra^mnrton Secured Growth Ttt Cm. Lr. •».*»; 

T «;ff2 B i.T , ia *24>i . *658.1? I I®" 

Triolemt iecome >50*1 68 CM <« y • C S 4, ?S 64 ; m >24 II. a inc 
.*8(1 1 UB4.Ln. 6O3_60 

Trert unton 25 p. 99**9 _ . reraurt S.i» Gr*. v.Oo: 49 : 24;i; 

S ranta Conm. (2S*i 12BI:® 8 Cnurterajj .6 _ 

W Brj.sh Ski. Ttt i25n> )14>- ij.- laso Petrooj^i 3-:pc.ttSt .4-76 99 
U%MSR»i Ora. c*n. i=5*> 85® 4 tor » »). 5 *!«*. 79-53 S3- » <2J I) 
Ln. 92 >2511) fotis:5t. 9< 

U«)M Stilet Tsl. Inv. Fund :5U5<) 630* CA Ir4nrnjc.ixu. :25s; 33: >26 11 
l2w1) La-w* lie Scatl.’' NUrrt'e ^1 !25*: 193® 

ViUub Resourcra Ttt <25 p> (S'i) B'« ti ‘.. 3! PrstL-ffiB) Stk l/ma I! Op; 

337 -26.?:. 1*srt.'rjkL?. 1020 


mm.mNfi society rates 


Deposit 

Share 

Sub*pn 



Rate 

Accnts. 

Shares 

“Term Shares 

Abbey National 

3.73% 

6.00% 

7.25% 

7.00% 3 yr^, 6.30% 2 yrs, min. £500 

Alliance 

5.73'. 7> 

6.00% 

7JJ5% 

7.00% 3 y«^tSQ% 2 yrs, R25% 1 yr. 

AtiRlta .... 

3.25% 

3.50% 

6.75% 

6 j0% 3 yrSrt 6.00% 2 yrs.. 5.75% 1 >T. 

Birmingham Incorporated.;. 

3..5% 

6.00% 

7^5% 

6.30% 2 yr«« 6JZ5% 1 yr. 

Bradford and Bingley 

5.73% 

6.00% 

7^5% 

7.00% 3 yhu 640% 2 yrs., min. £500 

Bristol and West — 

5.73% 

aoo% 

7J25% 

— 

Bristol Economic 

5.75% 

6.00% 

7J5% 

6.23% 3 mounts’ notice 

Britannia 

3.75% 

6.00% 

7 23% 

7.00% 3 y«H '6.50% 2 STS., min. £1.000 

Burnley L... 

3.75% 

6.00% 

7.23% 

7.00% 3 yrs..- 6.30% 2 yrs. 

Catholic 

5.50% 

•6-20% 

7J5% 

— • 6.45% over £5.000 

Cbelsea 

5.75% 

8.00% 

755% 

6.75% 6 months' notice, minimum £500 

Cheltenham and Gloucester 

f3J3% 

550% 

&>£)% 

6-50% 3 yrs., 6.00% 2 vts. (£500- £15.000) 

Citterns Regrncy ... — ..... 

3.73% 

6.30% 

7^0% 

7.53% 3 yro. over £5.000 

City of London 

tW5% 

3830% 

7.45% 

$7.35% 3-yr. tacrempnl share, min. £500 

Coventry Economic ......... 

53^3% 

5.50% 

8.73% 

630% 3 yr*. Cap Shares 6.00% 

Derby slu re 


5^0% 

6.75% 

— Up to 6% 3 months’ notice 

tiateway 

?5J3% 

SjO% 

6.73% 

6 30% SynL, E00% 2j rSrt min J300-E15.000 

Greenwich 

175% 

6.10% 

7.30% 

7.10% 2 yri, fixed 2 % over Share Arm. 

Guardian - 

5.73% 

623% 

8-50% 

6-95% 3 ttrths' notice, minimum £1.000 

Halifax 

3.73% 

8.00% 

7.23% 

7.00% 3 ynt, 8.30% 2 vts. 

Hasting* and Tftanet 

?5J55% 

550% 


6-50% 3 yro., B.00% 1} jTSrt i250 £35.000 

Heart nf England 

5.73% 

6J10% 

7.237, 

7.00% 3 yrs., 6.311% l* yrs-, min. £300 

Hearts of Oak ft Enfield ... 

5355% 

'5.75% 

T7.as% 

*6.73% 3yr*^U-5ti% Sm/ASit 1 yr. 

Hrndnn 

6.00% 

6-30% 

— 

7.00% 8 months’ nolire, minimum £2.1*00 

Huddersfield & Bradford ... 

•5.25% 

:5.30% 

'fit 5% 

TH50% 3 yrs., 6.00% £ jr*, £l00-£13.000 

Leaminpion Spa 

5.S5°n 

6.10% 

H.04% 

G.k5% 2 yearn 

L«-d> I'ermanem 

3.7 3% 

C.00% 

7.25% 


1.en-ejiicr 


330% 

fi.7S% 

H50% 3S"W n 6.00% 2>rs.. min.niai-I15.000 

laverpool 

575% 

EM% 

7.45% 

7.10% 3 yr^ 6.60'V, 2 yr*., mm. £1.000 

Ixuidon GoJdlwwk 

5"5% 

0™a% 

7.30% 

7i*fl% 3 yrs.. 6,73% I yr. 

Magnet & Manet 

5.75% 

800% 

7.33% 

7-00% 3yt4, &30%3ynk.. E50%6m ibs.no L 

Melton Mowbray 

5 85% 

8.10% 

7J5% 

«£»% 2 wars 

Mulsh ire ' 

5.75% 

li.00% 


7.00% 3 yrs., fi.30% 2 yrs.. mm. £250 

Morninglon 

5.74% 

&70% 

— 

. — 

National Counties 

800% 

• G3Q% 

7.30% 

— 

Nationwide 

5 75% 

C.0t)‘.Vi 


7.00% W jts, mtn. JGM. E30% 2 yrs. 

Newcastle Permanent 

*75% 

6.00% 

6 50% 

750% 3 yrs.. 7.00% 2 yn. 

New Cross 

6J0% 

E73% 

— 

— -• 

Northern Rock 


*50% 

6.75% 

6J0% 3 yrs., B.00% 2 vn.. min. £100 

Norwich 

573% 

E00% 

7.30% 

7.00% 2 yrs.. uHutmum £50fl «. 

Paisley 

S.73% 

EW>% 

6.50% 

7.00% 3 y«H 6.50% 3 JT5-. min. £300 

Peckhim Mutual 

600% 

630% 


— 

Portsnan 

3.73% 

6.00% 

7.23% 

7,on% 3 yrs„ fi J0% 2 yr»« 8-35% 3 mihi 

Fiwgressive 

8.00% 

6.25% 

7.23% 

725% 3 STfc.. 7% 2 \ta^ 6.75‘ r u H rtllh-x COL 

PTepeny Owners 

■5.73% 

6.50% 

7.73% 

6.96% 3 «tftx. not ■ 5.00% to too 

Provincial 

5 75% 

6.00% 

755'’,, 

7.00% 3*4 yr.v. 630% 2 )ra. 

Shiptwr 

3.75% 

0-00% 

7.23% 

7.00% 3 ITS.. KrfO% 3 yrs. 

Susses Mutual 

8.93% 

<U3% 

6.35% 

fi.70% 3 mamhs’ notice, mm £3f«) 

Town and Country ............ 

5.23% 

6.00% +moo% 

7.00ft 3 yrs., njMW-nS.OOO. 4 Max. £250 

Wooiwieh ........rt 

fi25% 

5.50% 

8.75% 

6.00% i yrSrt 650% 3 yr?. 

I * Ratieii nartmlly varnWe in line with ehanpes ln ordinary shat* rates. * Moneymaker Shares. { 

1 Maximum individual account £1.300. 

8 Effective from 

March l. * "Efferme from February *• | 


0; £xp>ora;«? 
] :e e c 


Kdet.) ’’<3*1 2330 22 7 


I6v 


O 'nttes i5*J *.80 17-s 17 


I= 2 Soo : 497 9 ' : --"° 


Rdvx: Suttt* Petro'emn N.V. (FiaO) 3B'iO 
7'sS 30555 43 

‘ “ TrtfS. KM ) IZS*) 495® 

isro 80 GO 9® 5 9 8 
, . „ 6 93: Br. (25p) 500® 

498 5S9 1 5 tgclscpf. 54 (2611). 

7p;2«JP». 66<2GI1; 

Teuco test. Finance 44>*eCnv.La. 58 - a 
T mecirol :Z5*: 1500 48 4 7 6. 7 *c 

Cnv.rtas.LB. 1SS 

Unrantf >25o) 2270 80 5 8. 7pcCnv. 
Pfd. 1390 7'; 7 

PROPERTY (132) 

<24 is 


IT’Wd Lonfion F ra as. ilCs 50^ 50 (24 l). 
Mew <50*; si Jo : 2 Cii:. 


s«k an® Cea;. HIM. 
ta-jmoRt Pram. -.2 So) 


(10*; 3'<9 
84* 5 1. 


BeJway Hitifs. (25*) 52;o 


{2 So" 1109 

1'taa ) Per:*) (25s; 1830. ASC. C25*) 168 

BrMPoirti Pro*. Tp. <25s) 2300 (26 17 
Mir Lana cZSh] 36 tt& \ 7 8 6>if 7^;, 
isscittoe. 111 u. i2w:Ln- i4i: : 5 
(r«wn Esase <25*) its 9 
CaslJI Coix-LM Pro*. r 25o< 510 500 UO 
49 i. V**CLR v 76-t ft *2A11 , 

Cara-itR Sts !5s: lft®9 aO -i9 15-'*. 


«1:8CLS. 70 

Centra I 3 B. 

CtruolKXi.battl (20M 86. 


FTC*. Bod.il. 53mi 

- .JStca (20oi 86. CM. a Do) 

S4-:3 II5T) 

CuxrXsod AtlAnce tTcss. B'aOcIstOb. 
7h as 1:. 7--PCLP 'SOpJ 24® -(26)1: 
ChOWn Sect. fCSp) 120 
Cnircnsorv Ettatn (2 SB) 273 
City ®l«a '22*1 fee 12 fen: 

Co«C.-®1 S*CJ*"T*S (19 p, ZC'iS 

Cora tn change HOP) 164 

Ccant-v pad New i*n Frtperrei (S0*> 

_2t 6. 7PCL*’. EJ _ 

Coasfv and D.a:.n Praosrt n r<0*> 87';7 

era 3! SO Cc*^*-** StUfOH B'yaCDb. 
63'-® fit 

Baelat: M>«i '7Sa: 66'.® 6 'ZB It 

S«-«V llU!« '.'23 "4 • (24.1. 

Cc-nRof tn ;!33 &C (25Jt; 
("BlVi *“WSrtv Cota :5Co’ 440 I 
2 : 3 7 -6CD0. 67 '26 is 6 -.octn. 

*7 :zsr>. 120 : 1 . 0 . 9Jo 
wm anti actor* Micas. 3 :oeP*. 39 : *. 
ISSJIT 

Eital**s 2nd Grit'S' Ins UOat 20 
Csianrs Ptwefty laa. 125*) Ms 7 <26JT> 
Euttoa Cetrw Prooert es lO.aptOs. 92 

tve^V «r Leeds 25*' 97 <24 1>. New 
<25®’ 4E (22 11 

f ie 34k-. l--y. ^5s; E T2C 1 . 7*c2(ia 
F*. 2S® (IE V 

G*4'itr-j yuntei JfS*. 270 i£tt> 
Godfrti's IS*: ! (24(1> 

Gne« * arttf.-c IttJiri . ISOs-, 1220 4® 

5RTi ;R.) IhiSrlsi *.!3p J6:® 

Stwu* Pt=0*rt« ‘.5®' S'i .. 
was py ;a r "7ie > :25s> 34 :24-'-; 
Hnrevi P-ssertv *<»e Ir.v. Tst r23al 
ES7 A ‘25: 5900 57 3 
HMkeerr tiocn <19*1 5*4 
l<nr» Sttttify KICIL (2». 325 t£6l1! 
Infeie-.-rcae*) Prasifty Hloss- i-Cfli 31 : i 

I.WJ In. «25o v . 136 T _ 

jar® Sec. Ini. Ttt. (SO*t 220 19. 6oc DO. 
63®. 6-oe 03. 61 (25 1 <• 7 <*S Ob. 

63 (23 1 taeDto- 8S-e_’a ‘26 1' 
5".3C Lf. f 74. felttK 


8.--K f- ti : .-e. S‘.I- _ 

Ln. 146 >2fe 19*1 LR <46 <26 l > 


75 


LB* U^,c:c;» 47 C. :.«» 

S4:ti. 7>:K Lr. let „■ ■ !26 II 
-*w. S5i a-ip P*o*. l-cp Ccntte*. <Hlflgs-| 
rs t* i 

Lz'M-- Cc-att FfrAdd an( Leasing FBI 
1 at Op. 6S-o -fill 
L:rsr» 5--CC Prai». ?*: ‘25*> 72-'; <24 l 
H'-fg*. <2C*- 129® .26 15 
MFFC --B5S1 12!® 29 77 9 P’-. 8*e M. 
«T.?fertL Stic L- J0»'25 1< 
m.-kji s*c 120?. 500 /: 4 if 

I8*W 125*’ 22 '2111 
•ucamv Sorttns Laras 6'toc 66 
Mbthurs! WLIf !««* HOD] IS O s*s 'i 
Msmea/KW* <»; ft* 3 - US D 
Mor*-*o-t (A- ar* J • rJSts) 

*«!*»• *•** Com "2 Sal 78- ? 

FvMWtSK *4 Rtryn'tsliy I*» £(*» 125*1 
6 ?1 (JS '• 

F'eynw Woes, anti *’». iff -Ttp. MO 
3 -74 1: TpcSs *70 r® - 25)1} 


GOLD MARKET 


•tax. 27 


Jan. &5 


Jtllti Ull"Bl(l ! 

a lincnunis*’ 

.'line iliS l'iS- 1 : R175-I75J* 

Ooeniitf ... s>iW*1.6ij -5175^.1761* 
Unrnlnjrfis'.j *176 15 ~ 

'£ 9 20* 

Sllern'ntis’a *176 4 

C9L.S69- 

.•P>ll (.PJJJ... 

Kn<serra»i..7M63i-ie8^ >lb5-»187lj 


4176 0 i 
-J.ffO.26 1 ■ 
5175^0 
L90-098. 


26697 
St« Wffnv. 5t6- _ B 

>as65«.2g)». 
OU1 wv'qia FS4i| 56:* 

■Ca«.s9 


£B5U-J61c 
554 <2-36)7 
C2U-29> 
S63>* 65*i 
>£27 l*-2Sls 


Gakl Cmdi-. 

Imetrat'ilr; 

(migcrnUKL. 5l8tls-163l: 

£931*94:* C93-94> 

KVtinsr'ipi* 5551* -s7<z S55-57 

£28x2-2912 £281*29'*' 

Old Sovr'cnt >54)e-i6)« 564-56 

-£28 8®. ,£275.-285*, 

i£3 Kaglcs ....fi2585<-2Sl<j 52583* 26 U* 


CURRENCY RATES 


foeeifl 

Saw 

SiaAu 


EnropeBzi! 
Oou o 
Aecoua 


(Minn £7 - Jimuri 27 


•UmiUK . 

J jo. <U*fi *r 

Janailtnti . 
uracrln yell.... 
•ei^iaa Franc. ; 
laotab ictrsie.. 
iMUchcmri , 
Oocdt tttziMer , 
,'renrti (nut -■■ - 

■ Milan In....- 

i*(aae*e.ren- 
vorasy taraie 
n®ui praera— 
vgrn] ttb krone 1 
ibI- iisnc... 


0J5 22886 
1-21550 

1- 34653 
184422 
38.7165 
8.98122 

2- 56719 
£.78068 
5.747B0 
1055.02 
8B8L876 
6.25253 
98-0325 
5.65390 
2.40304 


0.630022 

1-22915 

1.36190 

IB. 6 195 

40.1625 

7.05957 

2.59474 

2. 78X49 

5.81353 

1067.04 

296.390 

6-32478 

99.06H4 

5.71299 

2.42577 


Afrikander Leases 380 

Burns Philip MJS23B9 

Buklt Sembawang SB 

Consai Uateo Com Ficias (Australia) 192 

Conzlnc RIO Tinta Australia 170® 

Courtauicfe gjUpcLn. 1889 £9B‘a 

Email SB 

Endeavour Rax. 11>; 


Gold Minas oi KmIl. 
ay jS>._ Ord. 65 


Kara 49®- 50® 


S0Ga tl, 


Hill _ _ 

Hooker Coro. 

LauraHie Rut. 194 
Liberty UfC 575® 
Mdnmir Mina ran t* 
Mid East Minerals 16® 
Mount Lvell 25® 8® 
Ocean Resources 14 
Om»«a iAKKJ 5 
Fat Hr Copper 38 
Pantontinmui 825 
Pekb Walisena 420 
Selangor Coconuts 60 
Stellar Mines 3 
Whim Creek 35 


ERRATA 


Norseman Gold 75 LO ;S Ttiwuld 
oeen i5Wa >;a >i*i(i’78) 


hate 


JANUARY S4 


Aust. Cons. Mineral* l:o 
BH 5ouUi 77® 

Berluntai Tin 212 

Ciba Geigy TMotCnv. £9i® 


Consumer Gu JUSluij 

fit IDS) IB 


□resdner Bk. lUSi 
Haw Par 25 1® 

Metal Ex. lot® 

Nat. Bk. Australasia (Aust. 

50 

NaoerMhd Bk. '5.A4 117>ri» 
Pena Oil 73® 

Rand Leases SUSO.IS ■ 
Sriangor Coconuts 60 
5 thru. Pac Preps. 7L® 8 
Texas Gulf £i2iif4® 

Tnies* Hldgs. i3bo 
Tnngaat Sugar 128® 

Trl continental E15H 
W. Coast Transmission £20: 
Wheelock Manlen A 32. 

Wheel oct: Maritime B 4'r® h 


RtflJ New 


JANUARY 23 


Alliance Oil Devs. 16 
Am noT Pel. 59® 3 


Anserr Tran*i»iT <2® 

AtKd. Manganese £18.3(1 
Baarh Pen 80® 

Chicago Br-pge Iron £29 "v - 
Euroaean inu. Bk. RidscBus. 1992 £98>«® 
%® ':ffl 

Grace Bros. ISA 
Lend Lease Coo. 198 


Dfmbgfa V«Hrv (Ctvkm) TM fePCCum * 

ISO 

Del*! -T*» Higgs, as 
DoioswaHa - Hiogs. M n 
OR a Pran. Tit. 14 '« UU U>i . 

Gadok dndonssns) 5J 
Grcndon Tst. 11pc5ub,Un«-Ln. £X5 
»|avdoek Park Racecourse £39 £35 


lavuoek 

(cavttrce Brewery 


375 


javelin Eguttv Til. >SAD SO) 151 130 
Mowtem ij.) d'^KCum Pf. (£100) £28 


jJMW Computers 72 70 


orth Sea Assets 900 902 
■ H*x*l 


St Pa*cra> HnnUng Society 
St. Panr-as HeusJng Society 
South Sea Clarence Etaiai 
Cum. Pi. 52 £B . 

Twinlock l2peUns.Ln, £75 
(.king CHI 212 209 2DB 205 


V Cnv. 


In £1 
pcLn. LI 


JANUARY 26 


Arbour Court In**. 10 

Cambridge Instrument 1 1» 

Castletown Brewery 179 162 
Channel Heiafs and From. 17 
Clyde Petrolnum 158 135 ■ 
Cowit 7 i7pCCum.pt. 35 
noiocwttla -324 32 
G-neral Ceylon 5 ... . 

GRA Pro*. Tst. 141* 14 131* 
Mid-Kent Water 2 BpcPf. £30 
Mowtem (J.) «':pcCum.Pf. £28 
NMW Computer s 79 75 
North Sea Asset* £*’j 
rarfhain Brewery 55 56 
-man am tttatns 108 
Outre n Sfrett W*rehouse_A 9 
Queen Street Warehouse 2 
Vickers da Casta 70 


JANUARY 25 


Creadon Trtst ^ItKSub.Un.Ui. £44 £49 
JBlfUtWJ . _ 

Radio Visor Parent. 3. 


Gunn <Ai) 3 
Con 


N.M.W. 


79 


ShefftrW Untied F-C* £250 

•To^° aind Central (Leeds) GlspcCum.Prl 

Wairobe Props. AiracDeb. E.S9 
‘Denotes Listing Temporarily Suspend* 


JANUARY M 


RULE 163 (2) *a> 

Applications granted for specific 
bargains in securities not Usled 
on any Stock Exchange. 


Bui-rough (James) 113 
CUIrmace W 

Dart Valiev Light Railway 35 
Eldriooe Pooe A 17* 172 
E»4oqratn Tea 60 58 
J Evchem HIObSl 22 20 
Home Brewery 222 « 222 
Leonards 4*cMort.Dn. £31 
Maxim mn. A so 
Mid-Kent Water 2 BnePf. ttt u . 

Ou van Hlghhelos 47 

ifCK-kfiaiders Inv. Tst. 3 ':*elsM>b. £9B 
Srvlo Barratt Shoes TutCum-pf. 43 
TPG Inw 3 

Viking Oil 214 209 208 


JANUARY 27 


Arbour Court in*,. 9'- 9>: 
Cambridge Instrument >; 
Castletown Brewery 17B 17ft 
Cedar Hldgs. 5n 5 
Clyde Pet. 138 133 
Del reran*- < Wdgs.; h 
Dkkwella >Hldgs.) 4 3 


JANUARY 23 


Ceoar Hldgs. 8 
Eastbourne Waterworks 
47 


<4 9 max. dl 


G«oek ( inaones,a> W 49 

Haarltme Brewery 4.2*cNonCi*m.APf. {£■ 


C£ 


Heavitree Brewerv 4.2ncNanCpm^Pf 
•ISO 

Wlntour 93 t .. . 

t Hu ycrmiMion nl (lie Slurb Emfara 
Gotuirid 


MONEY + 



ES 


Bill rate steady 


were allotted. Next %eek a further 
£300ra. will be on offer replacing 
maturities of £450ra. 

Day-to-day credit was in very 
short supply once again, but dis- 
count houses were more willing 
to sell Treasury bills to the 
authorities, since it became clear 
that MUR would not be reduced 
this week. Tbe Bank of England 
bought an exceptionally large 
amount of Treasury bills from 
the houses, and a moderate num- 
ber of locsd authority bills. A 
very large amount was also lent 
to five or si* houses, over the 
week-end at MLR. The help by 
the authorities was probably over- 


done, and banks are expected 
carry over surplus balance 
although day-to-day interest rat 
failed to indicate this. Discoui 
houses paid 6-64 P*r cent f 
funds throughout. 

.Banks brought forward surpl 
balances, but the market w 
faced with a very substantial n 
take-up of Treasury bills 
finance, 9 fairly large excess 
revenue payments over Gover 
ment disbursements, , a . fair 
large rise in the note circidatio 
and repayment of the exce 
tionally large amount lent to tl 
market on Thursday. 


Jan. 27 
197- 


| dretfroe 
i UerriRcuw 
of <tel>q«ttt> 


Interbank 


Lous) 

Authority 

deposit* 


.-Luc*- Auth / 
1 oeecdlxbi* { 
1 hraiti 


Puuuire 

Horn# 

DepomU 


DIsoouni 
; Cora (AON i msritM , 
' Deposits ritpoull 


Titssurv 

Bills® 


KlieOiH- 
Bank 
Bills ® 


r/reroiab) ' — 

-day* not k«.. J — 

I day* or | 
l days ootSH!...| — 

One nionia j 6% 6I4 

hrn monUiS-.-- 6^-6£ 

Three month* J E " * ,_ 

nls mouths j 

Moemoatb.... 

Onfl>w. , 

Twioyrars — .{ 


6-^te 

6*-6* 

7 6Tg 


638-9 


61g-63« 
63e8* 
&ri< 6 >2 
6nr6ts 

esi-firt 
7 <b 73, 


633-6(2 


I - 


7)4 


6'e 

6 Zb -6 <2 


61,-63b 

633-61S 


1 7-7** 

\ 8iB«3e 


63*-6ia 
6 (2-6*8 
636fe»8 
Blg-fcls 
71B-61B 

714-7*8 


6 -', 

6»* 

63, 

63* 

7ia 

713 

7* 


7 

67a 


6 61s 


63* 


6U Bis 

6 

i 5/8-6 

578-6 


I - 


09 

53* 

5i*-6rJ 


6J4-6A 
6)a-6[i 
Baa-Big 
6,5; -6 (4 




Pine Da 
Bills ® 


63, 

65®-&3. 

61s-63. 

614-63, 


L«^ authority and finance Imtes «« W 


nmninaii v three seam Mi per cent.: four Fears m-W per cm..- five years 101*191 percMiL btfl to.tal 

wkSKirtlw S paiL- Buylng rate for f 0 rt-momh bank bi^ vet > eeW.: Ml '“ftPSftJBLa 


FliiulCfi HonM Bise Hates (iWDitsiKra ay u*r tumult nuux^ ® -jr — " ~ T 

Bank Deposit Rates do r small sums at seven days" notice) 3 per cent- Oaring Bank Hates for lending 64 oer cent. Treaso 
Blits: Average tender rates of discount 3.7G92 oer c«nL v 


EXCHANGES AND BULLION 


FOREIGN EXCHANGES 


Jan. 27 


The U.S. dollar gained ground The pound’s trade -weigh ted 
in thin nervous trading in the index, on Bank of England figures, 
foreign exchange market yester- was unchanged at 66.5. after 

day. Covering of positions ahead standing at 66.5 at noon and 66.4 

of President Carters Press con- in eariy trading. The closing sett iw*..., 
ference and publication of the calculation probably did not take uimtmi....- 
UJS. trade figures on Monday account of sterling’s late fall 
helped the dollar. It improved however. npS5± : 

quite sharply in late trading, Forward sterling was easier on rraownrt... 


Bank - 
■Kaurd 
% ! 


Market Rates 


Ua.v'» • 

Spread ■ 


Clov* 


fl(8l^4«M.U540i1drt7D-TJ* 

7 12 2-1550-2. 1650 2- 1&66-2.1E 


41a 1 4.40-4.45 
7i 2 | 64.65-65.90 
9 , 'll.1fi.1l.22 
5 4.11-4.15 

15 : 78.00-78.80 


4.40j-4^1 
65.85-6S.i 
jj.iOi-jj.; 
4.1 U-4. 15 
70.08-78^ 


closing at Sw.Frs.L99125 against d 0a hts about the future 'end in tivhon 

the Swiss franc, compared with oouom bdoui ine irnure ena ™ • B ,w.n-»7.tt.ii7M-ni. 

SjWJjim Thuraday. The UK - interest rates after MLR was iIitaD J 111 , i.m-j ,bu I.J.Md-J-® 


ssj^a^a wjTw^ 2*ift** *• «sr at-f WJSKffi'agffl 


tion since the Washington month premium over the dollar dl „. k £i£;; 

Currency Agreement as calcu* narrowed to O^S cent from 0.40 Tn*y« 

lated by Morgan Guaranty of cenL victim. • 

New York, narrowed to 4.59 per Lack of selling interest, pushed /-'«»■■(» '■ 

cent from 4^6 per cent gold up Si 10 S17&-176; in quiet 

Sterling touched a best level of trading. Strong investment 
*1.9530-1.9540 in the morning, but demand in a market of limbed 
fell to SI. 9440-1. 9460 in late supply. kept the domestic 
trading, before closing at 81.9470- krugerrand's premium over its 
$1.94 SO, a fall of i cent on the gold content at arour.d 6j per 
day. cent 


8 ; S.D44-1.05 
414. 46&-47S 
fiiSi ZB.4fi-28.8fl 
Hi- 3j>4-R£Bt. 


a.OS-DJM 

4B9*-471, 

29.fift-29.£ 

«J7i-5.W 


: Rates given are for converUble Irani 
Financial franc IhLa^&I.TS. 


EXCHANGE CROSS-RATES 


.Ian. tV Frankfort .Vpw 1'oriT rtns Umsseis lafidnn Aimt u'm /un*-ti 


OTHER MARKETS 

Vntes Kates 

Argent ins.. 1240.7-1240.9 Arirentina-1 1BD-1S 

A utt ralia .. 1.7004- 1.7 ITS; Aubtrix-.. ; 28-6C 

Kttuii. 31J8-S1.78 .Belgium... 62J-6G 

Finland.... 7. 75-7 JO ‘Unuil } 5WE 

Grerre fifi J IB-70.B24iC*na»U .2.1U-2.1 

UonsKoni; 8 j 71-3J0; [Ueonuric.JU-SS-U, 

135-139 iFrara* iff.lB-B. 


FraoLfun .. - a-lOafi-lUO Mii2.72 B.4M7 4.116-125 3e^2-X 

Sevr York 1 47.2&J0 1 — : 21.11-13 3^* 7 6-0525 1 jai-bftj 4ft. (LK 

(•aria 225.8ft- J3* ;4.72S7-7347J — 14.467-501 

16.46 51 62.66-TO 6^0-92 

Uro-lnn 4.1ti-12igl 1^47-9ftB : SUai;-21: S5 a:-75 

Amst'dam.. K77.T4fi.lS6' 2-2617-42 41JA>^06 : 63245-96 

Zurich 95.«W^93 1573-916 ftl.73(V£l& 6.341.0359 


3A1S-239 ' £S5U>^r SiL2fi-75 
K.1&.SS : 14.42J7 lt.Ll-57 
— . 4.403JI; 3.e7i-t?5 

ft.ci«L» - 11U166E6 

5j;^J3-7a “7^e« — 


Kuwait...... 0A5fifiJE>49 ](ieinuuiy- 4JHM. 

i"ti 75-93 lAL-semb' ris 65.65-83.75 (Greece 7B-81 

Jlxiaj-sta .. 4.b1-4.B5 [Italy ...—.. 1700- H 


I' A •* in Torantn .? = UP.fCL£2 1 anadiaa «nt4. 

< w nu dum s ia .Sen' York=9fl.tlM2 ecut^. t’.S. S in Jlilu) &6E.0&-3H. 
Sterling in 31ilxn 1633^5-1634^5. 


JSeaJand. 1.te05-l. a B34 Japan 4«MJ 

tisutU Aral- ha. iN«infri’n<il 410-44 
Muxs pore - 4-5M~4Jfii‘ ^Xorway-..|BAB-W 
a-^vintm.... 1.ebB2-1.70&4Twrogal...| 8tS3 

U.s [Spain j 1B0-1B 

(.sna/ia K» ile'Und 300-5S 

l >J JTjS. ! 1.94-1. 

I®, i-entb. 80.S-HI J8 Yugoslavia, 57-59 


Rale given for Arsentina is a free rai 


EURO-CURRENCY INTEREST RATES 


Jail. Z7 


Sterling 


Lamulum 

Dollar 


L"^>. Dollar 


Duieb 

Guiider 


StaTlfcS 

tranc 


W. Gemma 
inark 


FORWARD RATES 


One month i Three montfa 


rtili"ri term ... 66g-6Ta 

7 tie)-* not Ire 63*-7 

Mouth fiSe-fiSs 

Tnree nKHDUh*. 1 61 j-67b 
S ix months ..... 7-738 


6-7 

6)8-738 

6ba-7 

67b-7«4 

Z-rZA 


64*»7 

67 B -7i s 

7-71* 

736.73a 

75e.77 8 


4i E .5: a 

47^(3 

412-43* 

4l»-43* 

412-43* 


Mu. 

4-: c 

ie-ia 

3*-7fl 

2L2l n 


s: 4 -3ia 

2: t 

2?g~5fp 

s: a ^3e 


.New l\irkO-Ofi<*pni-D-Ofi(.ili^|ki^fi-vl.33 i .? 

.O.05cpiii-0.0fiL-ttJ6iO.XO-Uj!O c.< 
A nut\1am[l c. pin-par [Zla-Ks «. p<n 
Brus*el«.,..Sr (>o(-9«l «U a B-lBi.dls 
L'Qp'oiijpi, lli-151 ore ills pi-ilg ore dli 
Frankfurt 13a-3* [><■ inn 4-ti pi. pin 

19u c. ills 420-720 i-.dl 


Due .t ear ■■■■—; _7iis-7riJ 7 t.tJts _ 7M 43j^6 . _ 

Euro-French deposit rates; two-day W-iM per cent.: seven-das ll-ili per cenL: Uriwo...-.9o-lL ,,_ n 

one-momh per Cera.: three-month 325-13 per cent.: stx-awazb 13*43* per Madrid ^,110-190 e. din 420020 c. d1 

cent.: Dae year UE-iSt per cenL JLilsn ...10-18 lirciia po46 iiredia 


Lone -term Eurodollar deposits: wo years 5-5} per cenL; three years EH1 M» '5i-7ioredra 

per cent.-, four years Bi-fiC per cenL: five years fii-fi* per cenL Paris .23 a- 3.* r. dis 


The following nominal rates were queued for London dollar certificates of deposit; Stocfcfafim 33*-93 4 ore dl* 
‘-mouth 6.B5-7.05 per cenL: three-momh 705-7.25 per cenL; sfic-month 7.45-709 Vienna .... .car- lo rto <fi» 

■ cern,: one-year 7.70-7J^I per cem. Zurich .... SIb-Kb p - pm 


one-month 
per 

* Roles arc nominal calling rates. 

T Short-term rates arc call for si trims. CJS. dollars and Canadian dollars: two 
days' notice for gaUders and Swiss francs. 


214-23* ore d 
lS 14 di* 
;15MG4 ore dii 
10-30 gro dig 
16 ia -4i a r.pm. 


Str -month forward dollar 0.4fi4JBc a 
JH-mtmOi B.4*4^5c dls. 
















UJx. CONVERTIBLE STOCKS Za/1/2o 






d SCO STREAM line/ 

no: tonal 

Name and description 

Size 

(fin.) 

Current 

price 

Terms* 

Con* 

version 

dates 

Hot 

yield 

Bed. 

yield 

Premimnf 

Income 


Current 

Range}: 

Equ.§|conv.V 

Diff.O 

Current, 

Alcan Aliuninhim 9 pc Cv. S9-94 

9.05 

144.00 

100.0 

76-S0 

B.3 

12 








Associated Paper iJ;pc Cv. 85-90 

1.40 

102.00 

200.0 

76-79 

9.3 

93 

“ 9.7 

-10 to 

-3 

14J. 

8.8 

- 4.7 

-1- 5.1 

Bank of Ireland lOpc Cv. 91-96 

832 

153.00 

47.6 

77-79 

6.7 

43 

- 63 

- S to 

-2 

14.8 

13 3 

- 0.fl 

I + 63 

British Lam) 12pc Cv. 2002 

7.71 

143.00 

3333 

80-97 

8.6 

S3 

• 14.4 

12 to 

39 

0.0 

943 

75.4 

+6L0 

Chance Wares I2pc NLCvJPl. 

0.55 

. Oil 

1.0 

78-82 

83 

3.7 

- 4.4 

- 7 to 

27 

23.4 

81.1 

163 

+2L2 

English Property 6Jpc Cv. 98-03 

884 

98.00 

2343 

76-79 

6.7 

63 

- 43 

-11 to 

-0 

1L5 

6.1 

s3 

- 04 

| Enslish Property 12pc Cv. 0045 1551 

98.00 

150.0 

76-84 

12.6 

12.6 

4S.5 

40 to 

66 

31.5 

523 

31.4 

^17.1 

j Grand Metropolitan lOpc Cv. 01*96 12230 

111.00 

1203 

73-7S 

93 

93 

- 93 

-12 to 

-2 

4.7 


- 33 

■Q 

Hanson Trust 61pc Cv. SS.&S 

4.51 


57.1 

76-80 

8.4 

93 

9.4 

- 9 to 

9 

103 

11.S 

13 

- 83 

Hewrfen-Stnart 7 pc Cv. 1995 

0.07 

22Q.00 

470.4 

75-79 

S3 

0.1 

-10J 

-15 to 

—5 

14.6 

6.4 

- S3 

+ 8.7 

Penlos lope Cv. 1985 

1.06 

135.00 

166.7 

76^2 

113 

S3 

33 

2 to 

ID 

47.5 

473 


~ 43 

SJoush E.claie.1 10 pc Cv. 87-90 

5.50 

168.00 

125.0 

78-87 

EO 

2.2 

Z0.6 

4 to 

16 

37.5 

533 

113 


IToxcr. Kemaley 8pc Cv. 1981 

7-3-t 

90.00 

153-9 


9,1 

12.0 

273 

17 to 

10 

12.0 

11.0 

- 1.4 

-283 

Wilkmson Match lOpc Cv. S3-9K 11.10 

101.00 

40.0 

76453 

103 . 

93" 

233 

22 to 

37 

,283 

40.1 

143 - a.O 


. ■hlHllT. * ■■ iriwiiM* | — — -- ~ •“*■ -mom* ■ramura. fettrt. >«WftK I j W»a| lajUK The eMra tort at mvetmtm ,n convertible expressed aa gar cent, of th 

COV of the cmiiy in tiff.’ ceaventblo stock. : Threc-momh range I Income on number ol Drdmuiy shares taro which nw nominal of cnocembk- stock is conwMki 
This lPcome. eamevmd in tk-ccp. ts summed from present time untD rartme on Ordmary afurus >y greater than runmi.’ on £100 nominal of convertible ortiraSr 
09irr.->nu» dJf* a- fuchever Js earlier. Income is assumed to grow at 10 per cent, per acmnu a-nf :s presenr '.ttAh-d a< 17 per com. per manna. I Income on r inn 
ramenibie. Income ts steamed until conrer si OB add present vained at 13 oer cent, per xmmxr. >T. Tha is income ol the sunveniUc less income of the nndcrlrimr -Si,.* 
e*sresM>i *s p*r cent *? ?1w value of the imdotiylOK «jntty. O The dtSermce betireen the prontlam mad income dtiJcrcucu expressed xs per eeat of iha»i™?* 1 
any. - ,s an indicatwO dl ralatirx cheanoess. - is an lotliuwoa of nuutue d*ane«* ^ 1D * * 


cnderij'.Sf egffijy. 










REPORT 


' •• • >\ 1 
• - • • • ,V'/ . ■ i* 

Financial Times Saturday Januaiy 


Poor week for equities ends with slight technical rally 

Index up 1.7 at 477.5 with help of J. Brown— Gilts erratic 


Account Dealing Dates 
- Option 

il "‘First Declare- Last Account 
; Dealings tions Dealings Day 
j Jan. 16 Jan. 26 Jan. 27 Feb. 7 

i Jan. 30 Feb. 9 Feb. 10 Feb. 21 

■, Feb. 13 Feb. 23 Feb. 24 Mar. 7 

, • *■ New time " dealings nay taka place 

{ Warn SJO un. two bocinexx daw earlier. 

With British Funds still labour- 
’ j ing uncertainly in the absence o£ 
r * buyers pending next Monday’s 
. 1 1 specially-called Press conference 
by President Carter, leading 
• 'I equity shares staged a slight tech- 
nical rally following the lack- 
1 lustre performance earlier in the 
.{• week. 

GiH-edged ended above the 

■ *i worst and were hardening further 

in the late trade, but the Govern- 
; m ment Securities index shed 0.18 to 
•j f 76.19 for a fall on the week of 
!( 1.04— its biggest since the week- 
ended November 25 last. 

’ 1 1 Market sentiment has also been 
= j adversely affected awaiting y ester - 
day’s start to the power wage 
; talks and nest Monday’s meeting 
;■! of shop stewards representing the 
i<i Shell tanker drivers to decide 
!;'• whether to join the overtime ban 
i-i of the BP, Esso and Texaco 
u. cc+ers which is due to start two 
] • i days later. 

, The VT 30-share index ended 1.7 
. t firmer on the day at 477.5 which 
;.i represents a loss on the week of 
: 10. L Yesterday's improvement 

: i ; reflected a turn round of over five 

■ ‘ * points from the 10 a-m. fall of 3.5. 

; ■ ■ but without John Brown’s advance 
i j j of 33 to 2 S 0 p on the forecast of 
j-: near-doubled profits for the year 

to next March the index would 
j . have ended 0.4 off on balance. 
i> Other index stocks closed on a 
I . mixed note with price changes 
. ? usually limited to twopence. 

‘.i Overall, however, falls out- 
numbered gains in FT-quoted 
t equities by 5-to-L, and only five 
! . of the 46 groups and sub-sections 
• ' of the FT-Actuaries equity indices 
'fended with quotable gains. The 
1 - All-share eased a shade farther 
5:- to close the week with a loss of 
■ ! / 2.7 per cent' at 2083L Depressed 
; { by the Midland’s proposed £96.4m. 

< rights Issue. Banks lost nearly 9 
. per cent on the week at 186.84. 

;■ Official markings oF 5.104 
i , brought tbe week’s daily average 
. '» to 5.7S7— much the same as the 
, previous week's 5,610. 

.J! Gilts change direction , 

: Gilt-edged immediately resumed 
' j the previous day’s decline and 
!* were sustaining losses extending 
*to } at the longer end when a 
: j£ technical turnround developed, 
i I which paused in the afternoon, 
'jt.but recommenced in inter-office 
i j trading. The latter movement 
« . was ascribed to the absence of 
; , {any announcement regarding a 
} new short tap and it left stocks 
. in the area slightly firmer on 
'l balance and distinctly higher in 
i, the after-hours’ business. Like- 
w ivise, 330 pun. falls of g in tbe 
'.longer maturities were almost 
' ' erased in the late dealings. Bear- 
' : j covering provided much of a 

i 


trade which was thin throughout 
and the current basic volatility 
of the market was illustrated 
again yesterday by the sudden 
change of direction. Corporations 
were left out of the recovery and 
lost ! in places; the recently- 
issued Tameable 10} per cent. 
1984-85 reacted I to 81, in £10- 
paid form. Southern Rhodesian 
bonds were idle but retained the 
firmer tendency which appeared 
following the breakthrough re- 
ported last Wednesday, in the 
peace talks. 

Marginally firmer rates for in- 
vestment currency evaporated in 
the face of renewed institutional 
selling which was too much for 
the market and the closing level 
of 74} per cent, was the day’s 
lowest This represented 8 fresh 
loss of 1} points on the over- 
night premium and a fall of 9} 
points from Wednesday's recent 
high of 831 per cent„ the effec- 
tive equivalent of the current 
rate (as at 5 p.m.) is now pub- 
lished daily on our Wall Street 
page. Yesterday’s SE conversion 
factor was 0.7599 (0.7528). 

Midland down again 

The major clearing Banks 
remained unsettled by Thursday’s 
surprise fund-raising call 

from Midland and continued 
lower. However prices picked up 
from an early mark-down and the 
closing tone was narrowly mixed. 
Midland ran back further to 362p 
before closing 7 down at 363p for 
a two-day drop of 34. Barclays 
touched 316p and ended 2 off at 
31Sp, while Lloyds rallied from 
262p to dose unaltered at 26Sp. 
NatWest, on the other hand, 
hardened 2 to 270p, after 26Sp. 
Guinness Peat stood out among 
Merchant banks, rising 14 to 220p 
on further consideration of the 
interim report but, in a dull 
Discount sector, Gerrard and 
National lost 10 to 178p and 
Alexander 8 to 275p. Union, which 
reported excellent annual results 
and a proposed scrip-issue on 
Wednesday, finished 10 lower at 
460p. 

Sun Alliance were a notable 
casualty among Composite Insur- 
ances, falling 15 to 551p, after 
548p, on the announcement that 
the Government has ordered the 
group to cut its premiums as a 
punishment for breaching its pay 
guidelines. Elsewhere, Phoenix 
gave up 6 to 262p and Guardian 
Royal Exchange cheapened 2 to 
242 p. 

Distilleries were in better fettle 
and Highland rose 3 to 153p in a 
reasonable turnover, while A. Bell 
rallied from 222p to dose un- 
altered at 22Sp. Distillers edged 
forward 2 to 170p, following news 
of the increases allowed by the 
Price Commission. Davenports' 
highlighted Breweries with a fresh 
speculative advance of 7 to lOlp 
after a brisk trade. 

Dull conditions prevailed in 
Buildings. March wiel fell 10 to 
232p and John Mowlem shed 4 to 
13Lp as did J. Jarvis to 190p. BPB 
Industries eased 3 to 24Sp, while 


AP Cement were a similar amount 
lower at 2 5 op and London Brick 
2 down at 89p. 

Apart from I CL which hardened 
a penny to 34Bp, Chemicals were 
easier. Still reflecting the chair- 
man’s recent bearish remarks 
about current trading, Hickson 
and Welch declined 5 further to 
925p. British Tar Products re- 
ceded 21 to 5$p and Wolstenholme 
4 to 172p. 

The recent nervousness about 
Henderson-Kenton proved to be 
not unfounded yesterday and 
sharply reduced first- half e am- 
ines brought a further fail of 6 to 
73p, for a decline on the week of 
13. Customagic Manufacturing, 
on the other hand, rose 3 to a 
1977-78 high of 23p. being stimu- 
lated by the disclosure that 
Messrs. M. A. Ashcroft and A- M. 
Cloggie have acquired a 20 per 


pence easier in front of the state- 
ment, JB moved ahead briskly 
afterwards and, despite occasional 
bouts of profit-taking, closed at 
the day's best with .a net rise 
of 33p at 2S0p. Shipbuilders 
took on a steadier appearance 
after the previous' day's dis- 
appointment with the size of the 
interim nationalisation payments. 
Vosper eased afresh to 162p 
before reverting to the cvemigbt 
level of 165p. Elsewhere, F- Pratt, 
up 4 at 64 d. reflected satisfaction 
with the results, while Wm. Cook 
(Sheffield) improved li to 27Jp 
in response to the increased 
dividend and profits. In contrast. 
YVolseiey Hughes, a good market 
of late, encountered end-Account 
profit-taking and fell 7 to 190p. 
while Matthew Hall were also sold 
at JS5p, down 6. Davy Inter- 
national, 5 off at' 234p, failed 



cent shareholding in the com- 
pany and have been appointed 
to the Board. Of the Store leaders. 
House of Fraser were notable for 
a gain of 5 to 139p but W. EL 
Smith “A" receded 4 to 160p. 
Shoes were featured by a late 
speculative flurry in Stylo, which 
ended 7 to the good at 55p. 

Late speculative support on 
continuing hopes of a counter- 
offer left H. Wlgfall 10 to The 
good at 272 p; bidders. Comet 
Radiovision closed 2 cheaper at 
107p making tbe offer worth 
nearly 243p a share. Elsewhere 
in the Electrical sector, leading 
issues picked up after showing 
initial dullness. EMI eneded 3 
firmer at 18Sp, but GEC still 
closed with a loss of 2 at 268p, 
after 264p. United Scientific, 
an old speculative favourite, 
advanced 12 to 276 p in a market 
none too well supplied with stock. 

Engineering leaders were 
dominated by John Brawn which 
showed marked strength on the 
company’s forecast of almost 
doubled annual profits; a few 


to derive any further benefit 
from the £88m. Brazilian order. 
Fresh scattered offering left APV 
5 lower at 200p, bur Brasway con- 
tinued to attract support and put 
on 3 further to 36p. 

Foods ■ were easier where 
changed. British Sugar fell 20 to 
470p on modest pro fit- taking 
following the preliminary figures 
and capital proposals, while losses 
of 5 were seen in Nurd in and 
Peacock, 98p, and Lfnfood. 150p. 
J. B. Eastwood eased 2 to lOOp on 
the British Egg Association's 
warning that poultry farmers 
must either stop expanding their 
laying flacks so rapidly or face a 
glut of eggs. Confectionery 
issues, a firm market of late, 
turned reactionary.. Rowntree 
Mackintosh declined 6 to 385p, 
while George Bassett, 154p. and 
G. F. Lovell, 32p, shed 3 apiece. 
Against the trend. Fitch Lovell, 
at 59p, regained 2 of the previous 
day’s loss of 5 which followed the 
interim statement. Tate and Lyle 
steadied and dosed 3 harder at 
212p. 


Savoy A featured with a jump 
of 7; to 77} p on a late burst of 
speculative "interest. Other move- 
ments in Hotels and Carterers 
were restricted to a fall of 5 to 
lflOp In Prince of Wales -and a 
loss of 7 to 201p in Ladbroke. 

Reed Int easier 

News of the group’s retrench- 
ment in South Africa did little 
for- Reed International which 
drifted lower to touch I32p 
before dosing 3 down on the day 
at 135p; the third-quarter figures 
are due next Tuesday. Other 
miscellaneous industrial leaders 
dosed a shade easier. Elsewhere. 
B posey and Hawkes, still drawing 
strength from investment com- 
ment. rose 6 more to 2 top, while 
Stag Furniture were a similar 
amount better 3t I12p. Norton 
and Wright put on 5 to 208p but 
R. H_ Cole shed 6 to USp. Solheby 
Parke relinquished 7 to 210p and 
Yinten 5} to SOp. afler 79p. Cowan 
De Groot fell 4 more to 7Qp on 
further consideration of the 
disappointin'* interim figures. 

Distributors remained the focal 
point in Motors, but lost some of 
the recent good gains in active 
trading. Tate of Leeds came back 
6 to 53p, while Dntton-Forshaw 
eased 1} to 45p and Kenning 3 
to 80} p. Glanfieid Lawrence lost 
another 3 at 34 p on further con- 
sideration of the results, but 
CGSB closed that amount up at 
26p following thr increased earn- 
ings. Turner Manufacturing, at 
115p, gave up 4 of the previous 
day's bid-inspired gain of 13, 
while similar losses were seen In 
Plaxtons (Scarborough), 120p. 
and Dowty. I71p. Associated 
Engineering eased to U5}p before 
finishing 1} better on balance at 
120 1 p in response to the encour- 
aging tenor of the chairman’s 
speech at tbe annual meeting, 
while small buying in a thin 
market lifted Bluemel Bros. 4 to 

66p. 

End-Account profit-taking after 
Wednesday’s rise on the proposed 
200 per cent, scrip Issue, left 
Thomson 12 lower at 638p, after 
630p. A. and C. Black were up 5 
at TSp, but in Paper Printings, 
David S. Smith lost 5 to S6p on 
further consideration of the 
interim figures. 

Properties easier 

With recent hopes of a modest 
reduction in interest rates dashed. 
Property shares continued in an 
easier vein. Falls in the leaders, 
however, were only of small 
amounts, the more noteworthy 
losses occurring in secondary 
issues. B. Smiley gave up 8 at 
212p and Stock Conversion also 
encountered selling at 25Sp, down 
6. Apex, 235p, tod Haslemere, 
244p, lost 5 apiece, while falls of 
3 were sustained by Berkeley 
Ham bra, 108p, and Slough. 120p. 

Interest in Oils failed to expand 
on the recent low levels. British 
Petroleum moved narrowly before 
closing unaltered at 796p, but 
Shell drifted off 4 farther to 496p. 
Among the speculative issues. 


Lasmo were sold and fell S to 
lS2p, along with Oil Exploration, 
which ended 6 cheaper at 224p, 
after 222 p. Tricentral slipped 

initially, but encountered buyers 
at the lower level and recovered 
to close 4 dearer on the day at 

154p, after I44p. - 

Inchcape, at 362 p, up 2, steadied 
after the previous day’s fall of 
20 which followed the interim 
figures. Elsewhere in Overseas 
Traders, Nigerian Electricity im- 
proved 10 to a 1977-78 peak of 
275p. but Gill and Duffus lost 6 
to 2I5p. 

With the exception of Derby 
Trust Income^ higher at 212p in 
belated response to the results. 
Investment Trusts drifted lower 
on scrappy selling. Atlantic Assets 
eased 2$ to 74p, while Argo 
Investment. U5p. and Scottish 
l Vest era, 75p; gave up 5 apiece. 
Western Canada Investment, at 
640p, held the previous day’s 
gain of 80 which followed the bid 
approach. Financials had the 
occasional firm spot. R. Kitchen . 
Taylor moved up 4 ro 62p, and 
rises of 2 were seen In Grim- 
shawe, 27 p, and Majedie Invest- 
ments, 50p. 

Common Bro&. at 192 p, gave up 
8 of the recent advance in other-, 
wise little changed Shippings: 

R. SmaHshaw (Knitwear) con- 
tinued firmly, rising 1} to 25p for 
a two-day gain of 4}, but other 
Textiles closed with scattered 
losses. In Tobaccos, BAT Indus- 
tries Deferred eased 2 to 233p in 
front of Tuesday's results. 

Plantations were notable for 
a lengthy list of falls in Teas. Mc- 
Leod Mussel lost 3 to 240p, while 
Lnnuva, 175 p, and B Ian tyre, 400p, 
gave up 10 apiece. 

Golds improve 

South African Golds ended an 
eventful week on a generally firm 
note in the wake of the recovery 
in the bullion price which re- 
gained $1 of the previous day’s S2 
fall to close at 3176275 per ounce 
for a week’s gain of $395. 

Business, however, was modest 
bnt the Gold Mines index still 
managed a 2/3 rise at 155.0 — an 
improvement on the week of 7J. 
Heavyweights showed West Drie- 
fonteln 3 firmer at £lSi while rises 
of i were common to Hartebeest, 
£lOi, VaaJ Reefs, £12 and Free 
State. Geduld. £14. 

South African Land featured 
marginal issues; the shares jumped 
11} to 69p following talk of good 
drilling results to the south and 
south-west of the mine. Another 
marginal producer, Leslie, im- 
proved a penny at 50p in response 
to the chairman's comment at the 
annual meeting that the mine now 
has a life of three years following 
the granting of state assistance. 

Durban Deep put on 9 to 337p 
—a week's advance of 72 p — and 
East. Rand Props, rose 5 more to 
39lp making a rise on the week 
of 57p, following renewed Con- 
tinental buying. 

Platinums continued to attract 
a good deal of attention as baying 
for the new account lifted Rusten- 


FINANCIAL times stock indices 

■ — — — iV* 'T ’jBn. i i J*a* ' Am* 

Jr. 1 - ; ■'.??• ! ■? "» ta : vj ; 

- i_'i • ■ ■ — • 

_ " 76.47 76.79 76.67' 77.00 77.83" 6S3t" 

(Wnin.epi • 8U-TO &QM OQ.M UJo 

Ftsai ininvtf 463.4 486.6 487.6' 40Sj,- 

LaduMmi OnU»rv J - m2 W 7.B : OJjf 

! 5.5? S.67! 6.3*. Ml 6.IO 

Urt.Uiv.lwhl *■». 17 ' 19 | Jfl97 lg>OT 16.90; 16^4; t7.*l 

-KKUmgs^ HVyiuilJl ■ , ^ , a s5 ; gj* 8.30 &48< 9J* 

— »■£; ^ 6,132! 3.4W, 6.8M; 04W 

f 5,104, ^ . 88.01. 106.78 

Mau,tv tumrtW LW “ ! „ M1 j 14.360) 16.5231 14,779' X6.W 92.198 

liquirv lwg«lMW'-! ~ 


■ — “ . ,i , s ffli 1 “■ ^ 

Latest Index m-a« . *., 1 - 0*3 • 

SttaM 12.#‘5S. SE Activity jBtF-Occ. 1M1 

HIGHS AND LOWS S. E. ACTIVITY 

1 i»ni;e Smw I ■ J lfl 1 

I Hijjli j ItHlh i ;_iL. ! - a :^ 

Cuvt. tM... j i - J3SS , St” : !“:S j z?o:* 

•»- ! jus I *ST l.iSfci i - ; »« 


— UUIV 
in-luntrtv". ... 


!*as!sf;.ra^5&, 

GoM Mine*. | 174 5 . 9&1 gJftf-jjJJft,, 


549.2 I 49.4 ! SiSlfciM* 

443.5 ' 43.6 ' ; 

l22i?.'iPJi2C 10.71) i I'mIV* 


169.0 ; 193.9 
173.9 ' 210.4 
36. t I 59.5 

116.2 ■ 138.6 

193.8 ! 198.6 

197.3 : 196.9 
93.7 ■ 57.0 

131.7 ; 159 J 


burg from SSp to 93p— a net sain 
of a penny and a weeks rise 01 
10 p— following last Tuesday’s nso 
in the producer platinum price to 
$203 per ounce. BIshopsgate — - 
representing Impala. tbe second 
largest producer — closed a similar 
amount firmer at S3p, after SOp. 

Gold Fields were outstanding in 
an otherwise subdued London- 
based Financials section; renewed 


speculative buying and interest in 
Front of the GFSA taaH-year results 
lifted the shares by 6 at 2D3p. 
GFSA were unaltered at £11J. 

Rhodesians moved ahead 
throughout the week on hopes of 
an internal settlement. Yesterday 
Falcon Mines hardened 3 tn tittp 
and Rhodesian Corporation a 
penny to 23p. Elsewhere. IrKh 
baying left Sabina 2 higher at 42p. 


NEW HIGHS AND LOWS FOR 1977/78 


The following MurltlH (maced m tlw 
Share information Sorvlce 
ittalnM now Highs and Lows tor 1877-78. 

NEW HIGHS (33) 

FOREIGN BONDS (1) 

J W n 6 oc 

BM#cld UArom* 

Cusco magic Vernon Foshkn 

MfOUnd jcalS l2J 

Brannv Young Austen Vnp. 

Br ° Wn U -* FOODS .t> 
odes r j.» 

MOTELS it> 

5>W - A INDUSTRIALS ltO> 

Boosev & Hawkes Norton A Wright 
Bra miner IH.) RurwHI 'A.i 

Fenner fj. H.i Stao Furniture 

Halma Wills (G.l 

Monument Sees. Wood lAJ 

MOTORS (11 

Bluemel Bros. 


PRorcRTv in 
Estates Proo. Inv. 

SHOES 111 

Stvlo 

TRUSTS 14 ■ _ 

Aftitund me. f 

□erbv Trust Int Maf-dif 

OVERSEAS TRADERS It) 

Ntgerun Elec. 

RUBBERS «3I u 

Bird [Africal Sungci Kn» 

Harrisons Malaysian 

NEW LOWS (7) 

BRITISH FUNDS C2I ^ 
Ewrwouer IOUdc Treasury lO'jpc ItM 

1995 <£30 paid) i£5S iuMi 
AMERICANS (1) 

Citicorp ■- 

INDUSTRIALS lit 
Monsanto ~ 

Reorton »«’'0« TlxTlL|li 
Carnets Int. MINES ,1» 

Tara Exploration. 


RISES AND FALLS 


On the week 


British Funds . 

Corporations. Dom. and Foreign Bonds 

Industrials 

Financial sod Property ............ 

Plantations 

Mines 

Recent (ssnas 


Up 

Down 

Seme 

Up 

Down 

Srane 

u 

43 

21 

n 

2M 

59 

3 

M 

39 

22 

76 

232 

120 

Md 

852 

L3S6 

2JBM 

4408 

36 

260 

225 

386 

782 

1.438 

3 

lfi 

U 

23 

70 

n 

4 

U 

17 

31 

55 

97 

08 

u 

a 

203 

179 

m 

2 

10 

a 

a 

42 

203 

226 

1.803 

un 

2J8i 

MZ2 

! 

j 


ACTIVE STOCKS 


OPTIONS TRADED 


! j ON THE WEEK- 



Denomins- of 

Closing 

Change 

1977-78 1977-78 

L Stock 

tion 

marks price (p) 

on week 

high 

low 

:lank Orp 

... 25p 

61 

258 


276 

128 

iCI 

.... £1 

56 

346 

- 1 

446 

325 

'i ihell Transport 

... 25p 

51 

496 

-21 

635 

454 

kTidland Bank .. 

.... fl 

50 

363 

-37 

402 

245 

itarclays Bank 

... 11 

44 

318 

-30 

350 

228 

j'ate and Lyle 

... £1 

44 

212 

— 

279 

188 

lurmah Oil 

.... 11 

43 

54 

- 3 

83 

41 

■ i ATs Defd 

... 25p 

42 

233 

_ 0 

260 

202 

■ :ecd IntL 

... £1 

42 

135 

- 8 

233 

118 

;;P 

.... ±1 

41 

796 

-10 

966 

776 

'.EC 

... 25p 

40 

268 

— 5 

2S4 

163 

1 irand Metrop. 

... SOp 

39 

101 

- 7i 

109 

62 

: ieccham 

... 25p 

37 

650 

- 2 

6B3 

372 

i 'istillers 

... 50p 

37 

170 

4 

193 

120 

Viz 

... 25p 

37 

179 

-10 

247 

173 


DEALING DATES 
First Last Last For 

Deal- Deal- Declare- Settle- 

in gs ings tlon ment 

Jan. 24' Feb. 6 Apr. 27 May 10 
Feb. 7 Feb. 20 May II May 23 
Feb. 21 Mar. 6 May 25 Jun. 7 
For rate indications see end of 
Share Information Service 
Stocks favoured for the call 
were S. Pi ran, Cbarterball Fin- 
ance, Town and City Properties, 
Talbex, Authority Investments, 
Armour Trust, Onne Develop- 

ments, Hampton Areas, Stylo, ML 
Lyell, Electrical and Industrial, 
Fraser Ansbacher, S. Osborn, 


Bamfords, Status Discount, 
United Scientific, Trieentroi, 
Royco, Loxurho, Wit. Nigel, Con- 
solidated Gold Fields, Brent 
Waiker, F. W. Wool worth, KCA. 
Leslie Gold, H. and J. Quick, 
Harmony, Marlevale, Rust en burg, 
F. S. Saalplaas, Tate and Lyle, 
Lucas. Inds., Reed International, 
UDT, Burmah OH, William Press 
and P. and O. Deferred. Puts 
were taken out in London Brick 
and Reed International, while 
doubles were arranged in Siebens 
(U.K.). Oil Exploration, Town 
and City, Trieentroi, Glaxo. 
Lonrho, Talbex and UDT. 


FT-ACTUARIES SHARE INDICES 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries and the Faculty of Actuaries — 


: ! YESTERDAY — 


EQUITIES 


1977-78 


tion 

marks price (p) 

on day 

high 

low 

£1 

14 

280 

+33 

280 

98 

£1 

11 

346 

+ 1 

446 , 

325 

25p 

11 

258 

— 2 

276 

128 

£1 

10 

796 

— 

966 

776 

25p 

9 

144 

jarara 0 

173 

96 

£1 

9 

363 

—'7 

402 

245 


! = ^ . Ifi e o' W77, e ; I s ® ) j ". § Ji '-sjv;- 

6S2 ; ; 6tock i'zS + ot, =■_ = ' = «f2iL-= 


= “ j Low , 

— i 470 I 332 ERGO (RO.KJ 


. 430 -5 F25. , — , 53 - 

Jim 67.K 1 8.31 9^ 7.1 

J 601SI+ »a f o«ja; 8.71 8.5j 6.6 


i ialbex 5p 9 21S — 23} 

US ’’A” 25p 8 286 + 2 347 

l' nell Transport ... 25p S 496 — 4 635 

, EC 25o 7 268 — 2 284 

, rand Metrop. ... 50n 7 101 “1 1C© 

t eed IntL £l 7 135 - 3 233 

■ own & City Prop. lOp 7 16 — 1 17 

, ATs Defd 25 p 6 233 - 2 260 

J loyds Bank £1 6 268 — 300 

1 ’• The abore list of active stocks is based on the number of 
‘ i j corded yesterday in the Official list and under Rule 163(1) 
■■ tprodu eed today in Stack Exchange dealings. 


FIXED INTEREST STOCKS 


bargains 
(e) and 


BASE LENDING RATES 


i A.B.N. Bank G£?o ■ Hill Samuel S &i% 

• ‘ Allied Irish Banks Ltd. 65*fc C. Hoarc & Co f 64% 

: , American Express Bk. 61% Julian S. Hodge T'% 

i, Amro Bank 61^ Hongkong &. Shanghai 6t% 

ii A P Bank Ltd Industrial Bk. of Scot. 7 % 

i Henrv Ansbacher 61% Keyser Ullmann 6i% 

j Banco de Bilbao 6|% Knowsley & Co. Ltd. ... 9 % 

it Bank of Credit & Cmce.il 65% Lloyds Bank 61% 

Bank of Cyprus 64% London & European ... Si% 

Bank of N.S.W 61% London Mercantile 64% 

-. Banque Beige Ltd 8i% Midland Bank 65% 

• Banque du Rhone 7 % ■ Samuel Moatagu 6£% 

Barclays Bank 6|% ■ Morgan Grenfell 81% 

Barnett Christie Ltd.... Sl% National Westminster fi.J% 

i Bremar Holdings Ltd. 71% Norwich General Trust 81% 
Brit. Bank of Mid. East 81% P- S. Refson & Co. ... 6J% 

if « Brown Shiplev 6|% Rossmuister Accept’cs 64% 

f, Canada Permanent AFT 61% Royal Bk. Canada Trust 6J% 
J- Capitol C & C Fin. Ltd. 9 % Scblesinger Limited ... 6?% 

• _ Cayzer Ltd 7 % E. S. Schwab Si% 

1 1 Cedar Holdings 8 % Security Trust Co. Ltd. 71% 

' Charterhouse Japhet... 6*% Shenley Trust ......... 9|% 

aC E. Coates 7i% Standard Chartered ... 61% 

LtS Consolidated Credits... 74% Trade Dev. Bank ... . 6j% 

t*] Co-operative Bank ’ ,1 8*% Trustee Savings Bank 6 % 

ri Corinthian Securities... 6i% Twentieth Century Bk. 74% 

Vj Credit Lyonnais 61% United Bank of Kuwait 61% 

Tbe Cvnrus Popular Bk- 61% Whiteaway Laidlaw ... 7% 

Duncan Laivrie II 65% Williams & Glyns ... 64% 

i 5. Eaci) Tru«i 6i% Yorkshire Bank .... . 6*% 

»| English TranKCont. ... S % "SSi”. ^ 

i L First I.nndun Secs. 8 }% ■ 7-dnjr deposits y., i-monih deposits 
V first Nat. Fin. Corpn. 9 % 

• ' First Nat. Secs. Ltd. ... S% v 7-day deposits on sum* or riD.otio 

WAptaBiflM* R|K aim n«ier r>. ap to Ba-UHl 31% 

' O Gibbs .... ........ B o at)J j £25.009 4»'V. 

- w Goode Durrant Trust... i i% ; cin depostis over n.o« s%. 

I Greyhound Guaranty... 64% : Demand ^ropmus *•,. 

^ Grindlays Bank t 64% " £** als0 * m l,n 10 s,erlu “ ,na - 

Guinness Mahon 64% n depofdB wum mr Term 

'Hambros Bank 64% Deposits over n.mo negotiable. 


U\h 


£100. - 
£93lfi! FJ>. 
£100 FJ*. 
£99 |£60 
£100 P.P. 
SlOO FJ. 
SlOO F-P. 
£100 £10 
£100 F.P. 
£100 - 
£100 ; PJ». 
ft£99i P.P. 
£98 is i PJ*. 

- FJ>. 

- : r-P- 

£993,| F.P. 
£99 1< £10 

- . P.P. 


3« 

U *- 


I — j 1001?: 1001a Afrrh; Mort. VariaWe 1«1S lOOisl 

I 3/2 1021,; 94 ibotfa 1U“ 198b ^.lOlSI-is 

27/1 ! 90 i 90 LfmtraJ Jc MteermMd 10% Utis. La. 18HL..... 90 j 

3/5 tilM: cf/13 Gmrapinn Kck.IU^ 193& J gOL, — 4 

— ' 99 ! 981;IHoocbIow Variable 1832L— 3BU ^.... 

— : 8984 SHbLllneoSlS Ncoes 1984 59614 

— $9814 68614! Do. 93, Deb. 1992. igSei, 

24/3 ! I&sg! LiUiKenainptcsi & ubeMea ] 123, —I4 

— j lull*; 89731 Dul Do. Variable *88 :1000s 

— | 100 99ls I L»d« Variable jlOO 

— ; 100 1001s 1 Leicoter Variable 19U2 JiOO 

3:3 I 10Ue! 100ifi<>Ud Kent Water 7% 19U8 J.OU0 

5 fit , IG21"' 9K Helen* lli% Red. 198b. 1101 _i B 

— S06is' S06 'Shell IniUFIn. NfV.Si* Gunr. Noim 1990,|S9634 

27/1 ■ 106p 99[/;SUs Fnmitnre 105 Cum. Prer .104 '—2 

— !*>-.; 100 Tameriile Variable 133d. IOOIr! ...... 

28 4 10s2 914' Un iCu** Heil ’BO • g^i-Sg 

, 61I , 107|.| 10b|- York TtoHcg- 10% Prof i 106^ 


EQUITY 

GROUPS 

and 

SUB-SECITONS Index 

No. 

Flfon* In paranthesa* shoe I 

number at Kecks per MCtion. j 

1 CAPITAL GOODS (170 ? ~ 208.41 

2 Building Materials f27)_ 189.96 

3 Contracting. CautradkiiCSl — 334.73 

4 Electricals (15) 45036 

5 Engineering Cmbactan < 13K 289.86 

6 Mechanical Bigjnrering 1721. 163.42 

8 Metaiz and Hdal Faring (I7i 16353 

CONSUMES GOODS 

11 (DURABUEM5® 190 JJ) 

12 U.QectrmIcxRa£oTV(15]. 229.68 

13 Household Goods (12)_ 173.45 

14 Kotos and Dtmi baton (26} _ 115JJ8 
CONSUMES GOODS 

21 (NO.N-UUBAJJLEX176) — 196.74 

22 Breweries (14) 217.75 

23 Wines and Spirits (6) 243.14 

24 adertairaneDt Catering Offl- 257.02 

25 Food Manufacturing CZZ) 19L67 

28 Food Retailing (16) 195.74 

32 Newspapera,PiiMidring(I3_ 33554 

33 Packaging and Paper ( 15) _ 13036 

34 Stores (33) 1SB53 

35 Textiles (25)— 176.23 

38 Tobaccos (3) 225.06 

37 Toys and Games (6)__ 102.73 

41 OTHER GROUPS (97) — 19035 

42 Chwnicals (28) — — 252.68 

43 PtarmacentJcalProdnctsfl). 254.49 

44 Office Equipment (6) 332.50 

45 Shipping (10) 470.07 

46 Miscellaneous (54) 200.78 

49 mPOSTHlAL CKOUP (490 28CI5 

51 Oils (4) 44553 

59 588 SHARE INDEX 224.47 

01 nuiw^rAT mt/uniiiflffi ^ 


Fri n Jan. 27 1978 


Thun. Wed. Tues. Him. Year 

Jan. Jan. Jan. Jan. ago 

98 25 M 23 i maul 


Sighs and Lows Index 


Est. Gross Esl 
E mnd Dlv. pfE 

Index Day’s IW1\ Ratio Index Index Index Index Index 

No. Ori{e (Max.) (ACT (Not^ No. No. No. No. No. 

% Corp. ■ MU Corp. 
tn SK 7a 32% 


1977-78 


Since 

Compilation 
High | Low 


‘‘RIGHTS” OFFERS 



189.58 

9246 

278.20 


99 { .YHrSHABEHiD£i(F7Ji _j 20811 


-OS 16.93 
-OS 16.16 
-0.7 1732 
-0.6 14.76 
-L6 20.24 
-OJt 17.69 
+03 19.26 

-OS 17.67 
-0.6 1535 
-0.4 17.97 
-OS 21.02 

-0.6 15.79 
-0 J 14.94 
+1.0 16.76 
-OS 1530 
-OS 20.80 
-LI 13.96 
-L4 9.73 
-U 20.25 
-03 1033 
-OS 19.82 
-13 2L47 
-L8 20.09 
-0.4 1668 
-0J 19.62 
-O.i 10.81 
-0.7 20.00 
-3-2 20.95 
-0-7 15.78 
-03 16.42 
-0-4 15.62 
-OS 1631 


.1L37 
- 12 1 
- 0.8 
-L0 13.81 
+03 - 
-13 2.81 
+02 23.48 


.0 

.7 

J 


-OS 


5S8 8.36 209.43 Z1L07 
5.57 8.84 19L40 19268 
3.79 8.40 337.14 34035 
3.93 9.75 453.07 45532 
6.52 6.76 29436 295.86 
631 8.11 163.78 16534 
8.35 667 163.43 164.48 


226.03 t!4(9f77i 1 

zi<J 2 amm\ I 

379.99 (2410/77) 
483.69 lZL'10/77) ! 
33222 (13/9/77) | 
187.45 (14W77 ) , 
177.02 (14/9/77) 


13513 l4fV7T» 
Dili (5:1/77) 
167.99 140/77) 
265.35 avirm 

168.98 (4/1/77) 
125.42 H2/1/77) 
11325 (40/77) 


228.03 WVm 
233.84 (2/502) 
389.33 avm 
483.69 (21:10, 77' 
33222 (13/9/77) 
187.45 (14f , 9/77) 
177.41 (27/402) 


50.71 030204) 
44.27 (11/1270 
71.48 (212/741 

84.71 (2*6/62) 
64.39 (2105) 
45.43 (6/1*75) 
4965 (6*1/75) 


4.88 826 19L09 1916B 193.64 195J6 13624 Z13.75 (2U10/77) 117.21 02107) 
3.61 9.29 230.96 23135 23361 23530 152S5 26172 (ZlOO/77) 12969 12/107) 

6.77 7.61 174.16 17421 17526 17851 14256 19907 (270007) 12251 (40/77) 

6.46 7.13 11564 11634 11722 11865 89.19 130.95 05W77) 7727 02007) 


227.78(21/4.72) 3839 (6fX75> 
26172 (23/1077) 4285 03>1274) 
263.22 (4/502) 63.92 07.0274) 

17059(15.0)69) 19L91 (60/75) 


5.80 933 
6.08 1024 
568 8.95 
669 10.06 
556 6.84 
467 10.41 
3.72 15.44 
8.92 730 
426 1537 
7.51 638 
8.00 6.21 
5.78 6.65 
5.71 834 
6.62 7.16 
3.90 LL86 

4.66 6.49 
623 5.65 
6.10 8.99 

5.66 8.61 
4.39 7.78 
5.48 8.48 
525 - 
555 5.78 



197.88 19968 20029 
21935 22179 223.77 
24062 24331 246.13 
25858 26110 26334 
19258 193.78 193.77 
19767 20025 20166 
34026 34033 337.79 
13162 13221 132.65 
18U7 18930 190.65 
17765 177.93 177.99 
22764 22733 222.65 
1M57 104.02 104.97 
19064 19225 192.34 
252.91 S562 25557 
254.75 256.13 255.40 
133.43 13338 134.11 
47569 47865 478.96 
20221 20366 204.18 

16929 173.95 
187.64 20125 
217.99 22159 
16265 16415 
142.87 144.71 
13369 136.44 

315.45 318.92 
8239 8286 
25022 25162 

108.45 109.87 


19L41 1 19L90 
9L78 93.24 

279.01 


21363 (21)10/77) 
236.74 (8/12/77) 
25645 (29/12/77) 
27282 (21/10/77) 
21463 (3/10/77) 
244.41 (27/10/77) 
36062 (6/1/78) 
14421 (14/9/77/ 
204.02 127/10/77) 
18L41 (15/9/77) 
24366 (7/9/77) 
119.68 (27/10/77) 
Z13.70 (14/9/77) 
29510 (14/9/77) ! 
26296 (60/78) I 
14125 05/9/77) 
53968(18/5/77) i 
21B.02 (21/1077) 
222.12 (21/10,77) . 


136.79 021/77) 
14323 04/2/77) 
156.15 04/277) 
17297 04/2/77) 
15064 (40/77) 
13115 020/77) 
20108(121/77) 
9024 (5/1)771 
10935 02/1/77) 
12271 (5,1/77) 
19L41 04)2/771 
7614 (4/1/77) 
144.93 02/177) 
20426 (12/1/77) 
248.87 (170/78) 
77.65 (40/77) 
405.40 (14/1/77) 
14061 02077) 
14208 020/77) 
42203 (120/771 




21359(16910 


IW.48 (6/10/77) 
204.36 <23rT/78) 
249.10 13/10.77) 

199.47 (7/10,77) 

15935 (21/10:77) 
16U2 (6:10,77) 
37133 05(9/77) 
97.82 (7-10.77) 
255-29 (20/178) 
11318 0/10771 

119.90 (4/1,77) 
13616 (14/2/77) 
147.94 il4/277) 
8432 (4-1.77) 
100.97 (27i7;77) 

9514 i5a ! 77) 
225.75 02,177) 
59.49 14:1:77) 
W2.69 (4/3/77) 
7L84 «lT;i/77* 

11s 





226.08 06/8/72) 
28167 (2801)721 

257.40 03/7/72) 
329.99 (12/1273 
34.63 (2110/77) 

244.41 (27/1077) 

360.82 (60/78) 
14421 04/9/77) 
20439 06(8,72) 

235.72 07,1/67) 
339116 (2/3/ 72) 

135.72 (161/70) 
213.70 04/977) 
29510 04/977) 
26296 (60/7B) 
24606 (1/9/72) 
539.68 08/577) 

258.83 (2*5/72) 
22212 (2100-77) 
54320 05(9:77) 
‘UH U tlinvn. 


24L41 111:4,721 
288.32 i207.72) 
293 D (2/5/72) 
433.74 i«,72i 
194.46 05.1721 
161.72 (610,77) 
37153 05/977) 
27857 il 5,72) 
357.40 (9-11/73) 
303.18 Q & 5;7?1 
245.79 l25/4.'72> 
17S.90 f38‘4W 
,29761 li£977i 

2« i8 aiSa 


tilll-t 
henunc. , 
Dale' 


FIXED INTEREST PRICE INDICES 


Uijjh [ Low 


FIXED INTEREST 
YIELDS 

Br. Govt. Av. Grass Red. 


6L41 (1312/74) 
69.47 (13, 02/74) 
7868 (1302,74) 
54.83 (91,‘75) 
5967 01: 12.74) 
5425 (U/12,74) 
5568. ft/1/75) 
43.46 ftfl/75) 
52.63 (61/75) 
6266 0102/74) 
9414 (U’662> 
20.92 (61/75) 
5463 (6/1/75) 
7120 (1/1274) 
248.87 07078) 
45.34 (21/75) 
90.80 129662) 
60 39 (6 7,7ft 
59.01 113.12 74) 
8723 <29/5-621 


55.88 0312.74) 
62.44 (1*12.74) 
81.40 (10(12,74) 
M.83 aiaz/Mi 
4468 (2,175) . 
43.96 0312.74) 
6566 (161274) 
3121 0175) 
56.01 (20-465) 
3329 (171^70 
n.63 iiikum 
66.31 (ft’VW) 
JJST 

bi.v'iUiim 


P.P. SI 1 84te 
r.r.ilfi 12 2? 1 
P.P. i 6;1 10.3. 
F.P.) ZJ,1 27-2, 
ni- 24 210-3 . 
nil 13. Ij 10,2! 
F.I*. > 24-1 6-2. 

r.P, iflPl*' 27, 1- 
P.l».) 6, 1 ; 10, 2i 
nU 1 1 rtf- — - . 

nil ; 17/2 3/3- 

ntt — . — 1 
F.P. 23, 12 18.1' 
nil — 3/3- 

F.P. 18*1 a.d, 
K.l*. Ib.Iz -71: 
F.P. 19,11 16,2 
F.P. Li l< 18 I 
F.P. : 3.1 37 1 


117 Arliuxiim MiXur. 

■ VDsluriiiiiirt G ii ruin 

Sri |Uiibi«,ff7ji 

j8 lUirirty linn 

SKpirjLV'mDi. bank m Au-lntila..,.. 

i-.'pm K *»ir Indiidtria. 

12Sa jJiiltnmu & Burnt*. 

jJ<ihnw>D Firth Urtron... 

11 i Kenning Mntot 

28pm L.U.C. IntenHtiinral.... 

: 43i>ni.'Naiii,imi Hit. w Ain>mliiria.. 

Spm Neill Ju.i 

24 ,l1hhm \V. L. 

lcpm' Piwt V (A I frvrtl 

5j'UB.C.Fi 

W lteti.ni liiii “Any 

Li tiurla iGmi.i 

2St • L*I-t. 1$ Inn lit 

Sh . 1) llllam* iJ. Ujtnlilh.._ 


• 122 >-l 
..! a7 .... 

’ 73 

46 ; .... 

40nm .... 
. i8|,ni] .... 

isis! .... 
6i - ; .... 
821,-1 
SBi'iii .... 

• 49|Hii. — 1 

.' 8|,m; 

; 32 ' 

■i 27pm — 1 

40 ; 

.' 88 ' 

14 .... 

. 288 , ..... 
42 



Low 

Coupons 


5 years. 
15 yean.. 
25 years. 



7 High 5 years 

8 Coupons 15 years!!. 

i_§ 25 years 

B -76 1 10 Irredeemables 


Kenunaatmii date uxujiis ia», an tar anniu in* i* itainu imy. a Kueiire» 
ruseh on Dras»*ciii> etrimaiff. « /isrumm fiivim.-fifi ami view n rurHiaBr aimneiw 
cover um an prexioua year's rarniiucs * UiiKWitfl ann ikW Q 41 mi on vnuxint 
or atBar nfficiai ^vimares lot 1WR u <>ro» i Kmires as^irmen Cover alioi* 
tor conversion ot «i*rn.'tu» now ranRins tor mnitnM or ramunx nniv tnr restni-ten 
dlndviHlH. 4 Piucine Drier to oubUc- at Pence wiles* nrtwrwfse iMica;ed . Imkhi 
oy lemer. ^OfIered n» holders at OrdiAan shams u a "rishn" '“Hwhn 

ny way id caoitalisstHin *r MHUMUiyi tender once. *f Kemn^rioixt f irari 

n- ennwedon wim moraamsaJlon merpar or jij liurmtuettu issued 

•n r„mi*r Preterewe enblert ■ Slloinwnr lenam mr ttillv-oaMi • Prmnmnnai 
■i» nartlv-MH< vlWimvni ratrars sr With »»rr»nn 


1520-yr. Sod. Deb. ft Loans (15) 
16 Investment Trust Prer a. (13 ) .. 
l7ComL and ilndi. profs. (20) . 

5cd>on at Croup Bkc Date 

Pharmaceutical Products 3»,12f77 

Other Cr*ap» 3X/U/74 

Overseas. Traders fl-Uda 

Engineering Contractor* 31.12 '71 

MectraniciiJ Engineering 3102/11 

wims and Spirits uo-ib 

Toys and Grain l&O/tti 

Office Eqnionwot lt/1/70 


Fn.. Jen. 27 • ! ~ 

1 Wwl. Tnii», Si,, n .. Fn 

j ^ 

* Jh A m ! as -ii 
K.sb •! 1 t.B raz.8/ S3. 26 'fij 44 a{c 7 e 7 
S7.0J KM ,56.84 ai.M S/iw 57!/ 

"■» 11fl » ^ 78.37 

' Section or Creup 
2J1 77 Industrial Creup 

iSm Momitjcluriaa 

ss csjraL. 



TIi m\ ] \|„|, 
j J**l. Jh II, 
’ ) 11 I li 

!«i.M M.2S 

^■sr 37.57 

•J. 1S 13.6s 

■ariDnte 

3UU.70 

HiUm 

M-I3/W 

10 a /62 



fri. Thurs. Year 

Jen, Jon. 


7.52 768 

9.69 9,65 

U28 10 J 4 


81 9.8I 

65 1061 

78 10.74 


10.42 

1156 

11.60 


I U39 


JM ?1 ^ l(i 8 H> 

,^-Vl b3.b7 ,^TT 
a7.7L.Ut 
M.S H 79.53 . ; lu 

Base vaigg 
128 JO 
138 06 
110 1) 

114JLJ 
06.67 
lea no 

100.00 1 


1066 OM> 77) 


hm.v 

Vomijeiiillpn 


t * ,w » Hiifli* 

rt 

>*v mm ^ A tow Up. 

*("«• 196J, wHk rararteriv TT. P* ****** . PBriri 

? “‘•‘••MO frora PT 5^25 

Court, Umlrai, ECO. u U ft 
















































Financial Times Saturday January 28 1978 


>J0^ 


AUTHORISED UNIT TRUSTS 


OFFSHORE AND OVERSEAS FUNDS 


"S5s 




r Unit Tsi. Mgrs. Ltd. (■) Ijd Britannia Tna*— Cantlnund 
MatottMlM-. AMdtatar. (BBS SMI TVofouriounl WIS «B62rf -5Jl SSS 

EKrtf SSta IS SBC£=L:Sb iS 

E^ali -M 31 $$ .®sa ac=B imSI » 


Gjrtnwre Fan! Managers V (aXg) 

3. St. Blary Axe.ECSA BBP. 01-2833531 

IrlAmerican TsL_ B2.0 21.71 -0J| MB 


Altterf Hamhro Croup (a) 


-ouatewnwH Hatton, g wnma o 

pj-SH 38S( <r Droonrood. (0277) : 


Wtaaeto Buds 
Mltadla 


swap - — 


...... 

gleet ft lad. On 


AUtcdCwJtalj 

jiexnme PqadB 


ItsmOno Ape Fd. 
1)MM Pm* 

tmhYWdro. — y 

tess-J 

UfaMUewl And* 

. JutcnHUitmal .S 

S*-*rfAOwTkn_...£ 
Partite Fund 1 

jEprcWMVtadB 

SttSSSUk 

fmencasEarnhixs. 

Ewnpt-StaU.CoMu.. 


-0-7} SJ2 

-06 ifl 
-O.J SJ20 
-03 5oS 

-m *55 

-L2 527 

-13 427 


The British Lift Office lift? (a) 

Reliance ttse.,Tunhrtdge Writs, KtOGK!S2?t 

BL British Ufe K73 M3f-0.«1 5 58 

BL Balanced* W5JJ I 522 

BLDluMmd*. W1 47.9] ._. 1 8.54 

"him Jan. 26. Next dtmUnc (W Feb. L 


BnttFhTuLiAet 
Commodity Share 
I nFsr East- Trust 

KJ|hlMM«‘ni 

Income Fund. 

Ins. 
liuL 

CilniLTSt'tAn.) 


• 542 -0,6 Ml 

lSS-14 3.73 
25 a +01 129 
62.M -a5 055 
’ 757] -06 631 
19 13 Did -OU 361 

Sjfl=ai sm 

2731 -03 L42 


Brawn Shipley ft Co. 

Mb&*: Founder* Ct_ 8X2 

BS Units Jan. 23 JZ17* 

IX» lArr.lJan.S3_..&73 
(tetanic Tram (■) 
Financial 

General ... 

Grewlh Aram 
Growth Inraw 
High tncman 
I.T.U., 

Index 


-...) 453 
..-4 433 


Gibbs (Antony) Unit Tst. Mgs. Ltd. 

23.Btaafi«ldSL,SC2U'7KL «-3834111 

laiA.0. Income* >406 43.7] . — J 4.20 

laiA-G.Gfwibrt— B7.7 .489— *« 

(■1A.G. Fur East*- .P94 20.9} I 030 

M >» s ■met TfWm 


Perpetual Unit Trust MnpntV (a) i 

« Hurt SL.Hml.iy on Thames 0*812 88GB 

P petuaiGp. lJUl™ „ P83 40. 4 3 89 

Piccadilly Unit T. Mgrs. Lift? taXb) 

Waxdglc Hml. 5Sa London Wall EC3 6380801 

Zhora Income (332 354-03} SCO 

Small Co’s FcL 9X2. 43.9-05 2.72 1 

Capital Fund 99.7 53-1 -05 333 

lDLEnu.4cAssm.UJl 513s -01 4.92 

Private FundL S72 4Q.4 -06 320 

AMWlltr Fund. — M B 683 -03 448 

Technology Fluids 596 63.6 *02 172 

Par East Fa 22.7 24! -0.1 3410 

Aatarira FUnd — .218 232 -02 320 


Arbuthnet Securities (CL) limited 

PO. 80x384 . Sl Helier, Jersey. ' 053472177 

Cap. TKL Jersey i .. 13223 1260} | 344 

.Ngft dcallnc dale Feb. 7. 

East ftlrrfi-TELj ci j _ |U)7.0 U48I J 329 

Nett Sub. Feb. 9. 


First Viking Commodity Trusts 


8. Sl. George's SL. Dougl as.’ to M. 


Ofe* 4882. Ldn. Arfa. Dunbar i CO. 114. 

33. Pali Mai L London 5W175JH. 01-9307667 


A astral bln Selection Food NV 
Market Opportunities, c/o Irish Young ft 


tttUnrsJte. 127, Kept SL Sydney. 

USSl Shares jksiJs - I ,.^4 — 

net asset value Jan. 5 


EsnpL/ln. 10—— 


3*7 -03 434 

184 -02 422 

<U -06 565 

37.4 -03 5.05 
32J -02 902 

192 -02 364 

2S7a -02 528 


Govett (John)? 

77, London Wall, E.C A Q1-SB85 <Ed 

S7ddr.Jan.2D 023.6 130J| 211 

Do. Accum Unit _.(W76 Sp3«4 2^ 

Nest dealing; day leb. 2. 




yOJ-liJ 487 
233-05? 564 
53 5.61 


Gxieveson Htaugemeat Co. Lid. 

BO Gresham SL.ETUP ZDS. 01-0004433 


Practical Invest Co. Lift? (yXc> 

«. BXooncLburr Sq. WCL\ 2RA 014238803 

Practical Jan. 23 11395 14421 1 4.15 

Accum. L'nUs |l94.9 20fl] J 4X5 

Provincial Life Idv. Co. Ltd.? 
222.BishopiEaie.EC2. 01-2478333 

Prolific I'nln 172. Q 7721 -0.81 3JE 

High Income {1065 U4l| -0.9) 757 


Anderson Unit Trust Managers Lid. 

36S Frochurch S«. EC3H6AA. 6338331 

AndnranDJT. 1«J 47 Jg | 467 


Canada Life Unit Tst Mngr*- LtiLV 

24 HlshSL,Po«oni Bar, Herts. P.B*r 51122 

CraLGenDtstu— .Ef-7 376wl -0.J 4J2 

Do.Gvl Aeeum — raj 45Jfl-»a.a 4J2 

no. Iwr t wm |Mfc 34.4i ~0-2| 7JS 

Do.livc. Accuni K^ D 4&3( — 0 J| 735 


Bar*Rtn.7aiL2S.H 
1 Aecum. Unluil 
H7fnHYJan2D 
[AccOtt. Units) I 
Sndcav. Jan. 3*1 
(Aecum. Units) J 

CtndulrJni27 

i Aecum. Cnlta^Ji 
i. w janja 

(Accum. UnltuH 


2U.7df 426 

229.4 426 

76J 1892 6.91 

.98.0 2D74 ..... 6.91 

161 ( 264 

1672 2.69 

-. 792 -2.4 3.01 

817 -2J SJJi 
78 8 . ... 101 

73-4 ..... 1.81 


Anabacher Unit Mg mt . Co. Ltd. ■ 

. I Nnbte SL. ECZt' 7J A. . 01-6336576. 

Ine. Monthly Fund. p&SJ) - -17U| 1 UO 


Cape) (Janata) Mn fit lULf 
300«dBraflSL,EC2NlBQ 01-6686010 

^ if" 

Prices on Jon. IB. Mead deallsa Wb- 1 


Arbntlnnt Securities Ltd. (nXc) 

37. Qc«ea St. London ECtR 1BY * 01-3305181 
DMFiL-im.4 . 122.71 1 1*24 

Units 




'Foratoa __ 

IN. Amer. « IblBL _ 

Dmt XUon. Tdob. ttWed. tttmn. 
Neat 61Sk' m Dce. SL “"Dee. 1& I 



Carltol Unit Fd. Mgrs. Ltd.? 00(c) 

UObuni House. NrwcfisUe-upoA-Tyne 2116S 

CarUol tt3.4 £*.« J ACT 

Do. Accum. Units _ [75.9 77.9J 4.59 

Do. High Yield kin «!a J 

Da Accum. Units ..WJ . 5Z5( —4 7-8* 

Next deallna dale Feb. 1 


CharterlHitue Japhetf 
1 Paternoster Row. SCA 
CJ.tuernan 
AcentaLtndu 

CJ. income— 

CJ.Bura.Pta 

taoiL Unlti. . , 

CJ.Fd.Iuv. Tat B52 -Z7.1 

Accum Units pU XU 

Prices Jan. 28. Nest 4enlln] 


0PM83899 

I 366 

166 


Archway Unit Tut Mgs. UL? (aXc) 
517. High HottMO, WC1Y7NL 01-831 6Z33. 

Arr^w Food -J77A_ «2-« J 196 

Prices xt Jan. IB, Next imb- ilay Fcb. 1 


Chieftain Trust Manager* UdJKaKg) 

-UCll Qoeen SL, EC4R lBR. 01-2482832 

Amertean fcu»2 206^-03 177 

iTI|h Itownn , 40 MS 


Guardian Xoyal Ex. Unit Mgrs. LU. 

Kml Exrh&ofr. ECSP3DN. 01 62880)1 

(aslGuardblllTXL.raj B8J{ -0.9| 425 

Henderson AdminiatmtioniaKz) 
Premier UX Admin., Rayldtfi B rnd 
Brentwood, Esses. 0Z772Z7300 

irtA tiaftnllaA tt7-> 29-2] *-£L2 1-94 

(CCap. Aeeum. «A 36o 

IneenranMn BU 33A +0.1 225 

60.4B *0.4 2A8 

262 -02 350 

612 -02 7.91 

33.4 -OJS sm 
2b' -02 2» 

T» Ml 1 T7 

1055 -L4 2.44 

252 -0J 253 

805 +0.7 3.97 

TS.6 -05 3 42 

57 623 

•Fur tax exempt Innds caly 

arm Samuel Unit Tkt Mgrs-t (8) 

43£evcbSt.BC3PZIJC 01-62380M 

fb) British Trnst — (Mt3 ISOfl -361 OM 

(Sinn Trust n.4 34.7 J -Oil 329 

tUDoUarTnut 6M 5^4 -05} 1.S1 

(5 Capital Trust — M5 305x4 -O.fl *a 

Flnanctal Trust 903 96ij -XJ0 4.49 

InetnaeTteSt— P7J 2S.Q1 -04 721 


(OlnclAAasewB 
UpbxnruatlaiialB 
(P)N lh. America n 
NJL Grow Jan. St. 

Oil A Net H 

W.WId. Jtm.271 


Barclays Unftwn Ltd. (aXg)V(c) 
Unlearn Ho. an Ram&B4Bd-B7. Q1-3849SH 
. X’nlcotn America.. go* MU -03 ZJB 

Do. AUSL Acc_i MA SM --J 

Da AnsLloc 03 472a .....j 

Do.CspKa] — - 81 67J -07] 430 

Do-SontW.-. 1C6.0 3104 -lij 653 

Da^ralnrane- mn - 382 —03] OSS 

DaPXnaadal 304 «J -53 5.09 

Tin MM — M-7 75.4] -0.(J 5B2 

no.G eow? / — »■ ' *5-3 *■£ 

Do. Growth Acc. — »n 53 -o« 4J» 

Do, Income TW 792 tolfij -mi 627 

-iSa POL A-m.TsL,. 134.9 l533 T 3.99 

•Prices at Dec 30 N«st sub. ft Jon. 31. 

Do.Rhnverr. Bi 42® —ON 555 

DaTratMFund- U02 117x3 -a.ri sjs? 

DoWlCwldcTraf M O 47j3-Ofl 2Jtt 

B^rtJnJFyUDC 606 Aul-OM 1M 

PaAccatn.— . ■ (66-1 70,9] -06] US 


Confederation Fonda Mgt Ud.V (a) 
SOChaacecrLssa WC2A1HE OM42 0Q83 
OrawthFUnd (40.1 42JJ 1 429 


CosuopoUtan Fund Managers- 
CopthallAvo, London BC3S73X 638SS2 
Comnopoln-GULFd. [X74 1XJ] — -] 4.91 


High 

InteLf (*K«) 

IS, Christopher Street. E.C2, 03-2477243 

Intel. In*. Fund (M-7 9£Ss(-OA] 4.60 

Key Fund Managers Ltd. (aXg) 

25. MUk St, ECSfV 8JE. OV80670TO 

IS£*0?iS^lZM IS 


Crescent Unit Tst. Mgrs. Ltd, (iMg) 

4 MefrOLeCres^ Edinburgh 3. 031^08 «31 

CmecBt Growth __p6.7 S0LM -048 

Cres.lntcnatT.^_ra2 40«-af OCT 

era High. DJUL—raA 46.9} -04 7 74 


^•^utoAGen- MA (W-flJ 5» 
FtL„ M04 149.t 650 

ttnd- 705 05 —0.4 7.97 

Hn Fixed lot W- - 615 655 11.91 

KmrSmaQCo^Pd- B6JI 92J -03 6A0 


FrudL Portfolio Mngrs. Ltd. 9 (aMhKc)| 
BolboraBan.ECl.N2.VH P1-4Q59B22 

Prudential |U93 127 JJ] -1.0] 439 

Qnllter Management Co. Lld.9 
TbeStfc. Exchange, ECtX IBP. 010004177 

Quadrant G ctl FtL.pJrtJ 112.71 J 386 

Cpiadrau Income^ |l22.9 125.9&4 J 7.47 

Reliance Unit Mgrs. Ltd.? 1 

Reliance Sis* . Tunbridge Wells. KL 080222271 1 

Opportunity Fd (604 64J) J 5A8 

SeUtefatT.iAcai^twA ASM -flJU SJX3 

SekfordeT. lac. po.4 43^-02] SjOO 

BidgeTtcld Management Ltd. j 

FOBox418. Bank Kse^Ksnchstr. 06123883211 

EldEefieldlre.UT.Wio 80nc« I 256 

Rldsieneld Income. |95D ML0{ J 9.07 

Rothschild Asset Management (g) 

72t80, Gatehouse Ad, Aylesbury. 03065841 

N.C. Equity Fad. D54.0 163JH -2.01 328 

KL EngyJles.Tsi 9U 97. W -14 2.93 

SjC. iSc. Fd 143.3 152.3 699 

N.C. InU. Inc. 712 75fl -03 Z2fi 

NXL IntL Ace 713 75Jfl -03 226 

NJL SmL Cb. Fd_pw»2- 15751 -iflj 423 

Rothschild & Lowndes Mgmt (a) 

SL SwUMns Lane. Ldn. EG*. 01-6104356 

New CL Exempt— J117.0 124.BJ I 3.72 

Price m Jan. ifNed dealLue Feb. 15. 

Rowan Unit Trust MngL Ltd. 

CUy-CjOtiSae^FimliuiTSq^ECZ 01-9001000 

Rowan Am. Jan. S6.BO.O UJA ZOO 

Bowan Sec. Jan. 3L 1635 1713] 180 

Bowan Hr. Jan- 29 _ 552 5U 701 

[AceumCnitB) 75A 79 JH - 7m 

RwTLUrln. JanZS— . 714 - 75.ffl 3.07 

tAectnn. Units) [872 916] 107 

Royal Tst. Can. Fd. Mgrs. Ltd. 

54. Jennya Street, S.W.L m -628 8252 

Capital Fd 165.4 64.BJ ...._| 179 

Income FU. 1685 723rfj \ 7 AO 

Save ft Prosper Group 

4. Great SL Helens. London BC3 P SEP 
68-73 Qneen SL Ed inbur gh Em 4NX 
Doliap UK 01-Si* 8880 or 031-238 7361 

Save & Prosper Securities Ltd-f 

l ute r w riaml PWrwU 


Pr i ce on Jan. 


jHscretftnary Unit Fund Managers 

32,abnnaridSL.EC2U7AL 0WB844B3 

DiK Income p58A. U9Jf+0JJ 524 


Klein wart Besson Unit Managers* 
20,FtonebarehSL 1 EJXl 01-8238000 

ligss&xd&L .aaa* “ 

L ft C Unit Trust Manigement Ltd.* 

The Stock Eehsngr, EC2N 1HP. 01-588 2800 


Baring Brothen ft Co. Ltd.? (aXx) 

88,LBa>Mhan8t.C.C2. 01-3*8300 

JfrrJ 1:5 

Nest safe ftfth.6 


E. F. Winchester Fund MngL ltd. 
OM Jewry. EC2 . 01-806216) 




Bishopsgato Progressive Mgmt. Co.V 

«BtriwnMn.&C2. 01-3886380 

ZMSSM-HH ** 


Earn ft Dudley Tst MngmnL Ltd. 
aOkAxtinstosSuAwa. dwbqtbsi 

Enaen Dudley Tkt. 1682 733] 1 520 


Act Cta —Jan. 34.. _ 

E'State Ire Jan. n.P-32 1 

tAtcurai Jan. 17 — {IST.* X. 

Next sob. day Jan. 31 


3 m 

cb. 7. 


Eqoltas Secs. Ltd-fCaXg) 

41 BlahopsiMe. EC2 (BdBsaaai 

Pnsraohw ISL6 654J-6A] 08 


Bridge Fund Managcr«f(aKc) 

KneVWtamSL.EG*B9AB 01023*661 
EridgalM." M2 JOS ....J 672 


Equity ft Law Uxl Tr. ML? WOMe) 
AmenhamR<L.HlXhWycotnba 0*0*35377 
Equity A Law -]622 tSiH-hM 03 


Lawson Secs. Ltd. fftXc) 

03 George SL,BUlnhargliEHZ2/G. 032-28930)1 
Jtltsw. Material*— P*4 »7l +2-<l 7^ 

KAwrunLUuit*)^- WA CJ -*2.7 7^ 

'GrowtbFtmd S6B 60.1 1*B 

*tAceOBL Dnitfl— 112 46.* 302 

tlGilt and Warrant. M.O »5 2*1 

tAmcrlcan Fd. — 802 52 

aAccumUatts) Zio 22.7 027 

*M . 542 — 1030 

*5 Accian- UuStaJ _ |67,4 73j] 1033 

Deal AUan. "Tubs. ttWed. rtburs. —Fn_ 

Legal ft General Tyndail Fund? 

3ZCatornseHtmd,BriStoL 0272322U 


1XU S.9 

ttahr. Growth „P73 

mwMdn| Income Fund 

High- Yield (545 

High Tnr—e Ponds 

High Betuzn. I63J0 

Income — 144.0 

UK. Funds 

US Equity |«.7 

O wiaea a a«ft 

Eampo —173.7 

Japan R4.7 

VSZ J6Z5 


342UI-Q21 547 
243-031 197 
6iq -0A\ 2J4 


58 61-6.4] 650 


57.74 -«A1 
47 3| -03) 


45.9} — 05{ 455 


DbkJan.ll.... .1563 59«1 — I 492 

l Accum. Units)— b9A 755} 1 4-92 

Nest sub. ft Feb. 15 


BtkUco Exempt.™ 
EridfrlnU.lnc.tl 


. 15.fl ... 

DeeUns Toml 


Framlington .Unit Mgt Ltd. ft) 

5-7, Ireland Yard, EC4B5DH. OWM8B071 

CanJialTst DMA 1164} ] 3 88 

SmftTK pO-5 186? --.1 6M 

Ire Growth Fd. ms. 99.W +2.4 Z3S 

Do. Accum. »|952 lOLq+A? 258 


BrUnnia Trait ManagementtoKg) Friends' Pwrdt Unit Tr. Mgrs.? 

? teuftm WkH BuUdtag. ptahamBaUtarktag 08065888 

UaduZnOlQL OMSSOHwWB Nmkftw UtL Uott 4151*071 4.41 



zu G-T. Unit Managers Ltd.? 
u» 16 Ptadsny Clrcua ECniTXW 
Zm CJ.Cbp.toc... g.? _W3 


938 Do 

4J» 


tafl Growth 

InraLTaLShara 



UFVDBUI 

-Ji 


-111 258 

.JZJ 7JN 


H ta cr a D , 
NaLHifhbie — 


Smth American 


?G. ft A. Trait (it) (g) 

4J» 6Ba»letahltd.B wft wooa «W7>223M0 
.221 £46. J** 521] -6J| 4JX 


Leonine Administration Ltd. 

1 Duke Sl. Loudon W1M6JP. 01-4863881 

&5S&==BS ■ s 

Lloyds Bfc. UnUTst Mngrs. lid.? (a) 

S2Sffi£*w 01-623 ura 

FlmCBdacd) M2 RJ-M «} 

Do. f Accum J... bM 713 -65 426 

Second (CapJ_ «A 495 -05 361 

Do. (Acorn) £-7 625 -05 3-61 

Third Itocomc) 79 J DJ — 05 ttt 

Do. t Accum.) U61 - 1243 -13 606 

Fourth (ExIneJ J8.4 622 -02 735 

DcklAccumJ MS *961-03 738 

Uoyd’s Life Unit Tst Mngrs. Ltd. 

TiOO. GatehouaeRri. Ajrleabuiy. 079636*1 
Equity Accum. — p442 X5U| — J 422 
M ft G Group? lyKcKi) 

Three Quart. Ttowcr Effl, EC3R BBQ. flWJB 4918 
Se8 tfaa Stodr pKch a n s r DeaMmea. 

Aw»aaww4era g Bit 41_ii — C_W Wf 

(Accum. Unit*) pHLO *LS OCT 

AU*tr*i«*l*D M3 031 -0-9] 2,77 

tACCnm. Dnttaj W0.4 -0.9-tfl 237 


CcmncodUy US-9 703} -14} 455 

Encrcy C02 643-101 295 

' Financial Secs— „[g.9 66.7] -OJq 333 

Hl|Ki M! wlliiMin 

Select IisternaL 060 227.9] -151 291 

Select Income pS 55jj -Oh] 728 

Scotblts Securities Ltd.? 

Scottdm B6.4 393 b* —0.41 3.96 

ScoQrteirf H.9 KAf-ag 6« 

Scotihara U«6 56-fl| -0.7} 4.47 

ScaLEx.Cth-0 0015 218-3 j 1.98 

ScoLEs-Ylt.** (1732 1782 J 6.77 

"Prices sx Jan. 25. Next snhTday Feb. & 

Sdileshtger Trust Mngrs. Ltd. (aXz) 
Oncorpemsias Tridexa Trusts) 

MO. Sooth Street. Darkles. KCOQBSMl 

ABLEwscre* PS 9 19.91 —.J 193 

AreGrowu: — _ 24.4 263 -03 2.95 

Ejcempt fficfi Y&L* 263 27.4 . — SZS 

Smt 300. Llbk.* 24A 263 482 

SmilncTi*.- 29.8 312n -83 939 

Income DisL 40.9 443 -07! 901 

Inc. 10% Wdmrl 315 ' 34J -03 — 

Intel. Growth. 402 432s -03 334 

lav. TM. Lida 21.7 253 -03 431 

Market Leaders 273 291 -03 4.46 

TUYMF 272 29* -02 037 

Prct A GHt Trutt_ 219 252 +C3 1150 

Property Shares^. 268 235 HM 239 

SpecMSltTrt 253 27.7 — 2.72 

Ek. Grth. Accum. 206 223 -03 532 

C-K.Grth.DiaL__.ll93 ZLl] -03} 532 

•Nob rob. Fcfa. A 


Basque Bruxelles Lambert 

2, Dec de to Regen re B 100ft Brutsela 
Renta Fund LF — P.957 2JXU| i 128 

Bk. of London ft S. America Lid. 

40-06. Queen Victoria SL. EC4. 01800313 
Alexander Fund. _| SUS5.93 }...>.} - 

' Net asset value JM. S 

Barclays Unicorn InL (Ch. Is.) LUL 

l.ChBrfusCroes.St.Uclicr,Jmy- 053473741 

Overseas Income _ 1513 . 55 M | 9.75 

UaidollarTnjH .^tivaiM toil] | 430 

■Subject lo ice and withholding taxes 

Barclays Unicorn luL (X. O. Man) Ltd. 

0SM4858 

443*5 2. DO. 

26 0 230 

610 — 

43.(1 UO 

513a 830 

253| 330 

Bishepagaft Commodity Ser. Ltd. ■ 
P.O.Box 42. Douglas, l.o JS. 0624-23811 

AIIMAC* Jan.3. _l 5DS2629 I J — 

CANRHO*"Jan.l_[ £1031 T - 1 

CO I' NT** J«L 3 I £2381 J | — 

Odgliutlly issued at *$10 and **£L00. 

Bridge Management Ltd. 

P.O. Box 908. Grand Cayman. Cayman Is. 
N-bashtJan-S... Y12jM7 | — t — 

C P.O. Box 500. Hone Kong 

Nippon FU. Jan. a.tSCsnD UO| I 0.93 

Ex-Stock Split 

Britannia Tst, JHugmt. (CJ) Ltd. 

30 Bath SL, SL Heller. Jersey. 063473114 

Growth Invent pl,9 . HU-l II 4.40 

In InL Fd. 685 65Ad -0*3 100 

Jersey Energy TsL . 136.9 . 7488m -3« 150 

Unlvd.DtaTgt 55.09 53N-6ia — 

Unrtri.JTSLSlit_.fc.3S 232}-(Llfl| 1M 
Valne Jan. 27. Next dealing JanTRL 

Butterfield Management Go, Lid. 

P.O. Bax 158, Hamilton. Bermuda. 

Buttzvaa Equity — CL05 1-9H -.:J 2.09 

Buttress Income— 1200 193| J 7.4V 

. ' Piicea at Jan. 9. Next snh. day Feb. & 

Capital International SLA. ■ 

37 rue Notre Dame. Luxembourg. 

Capital InL FUnd_ | SUS75.73 [ | — 

Charterhouse Japhet 
IPatcmOttCrRow. EC4. 01-at83SM 

Adirapa DUUd 3U« ...3 5.66 

Adl»«-rba__, DM47 70 58281^320 53* 

Foodok D«L« 6M 

Fondi* . DM8L B0 Zl^j-010 626 

Emperor Bind SuSZffi ' Ira — , -* 

Hlspano (jl’SMSl . »5ll 111! lij 194 

Corn hi 11 Ins. I Guernsey) Ltd. 

P.O. Box 157, SL Peter Port Guernsey 
Intel Man. Fd. _ — [1633 1773} — 4 — ' 

Delta Graap 

P.O. Box SOU, Nassau, Bahamas. 

Delta Inv.JtOL 24—. U121 127] J — 

Deutsche? Investment-Trust 
Portto e b 2fl65B I efa a g ass eft- 10 0000 Frankfurt. 

S-SS Ss ar-i aa S S3 = 

Dreyfus Intercontinental Inv, Fd. 
P.O. Box N3712. Naans. Bahamas. 

A V Jan. 28- [SimSI D7*| — 

Emsoa ft Dudley TsLMgLJrsjrJid.. ■ 

P.O. Boa 73, SL Helier. Jersey. 053* =0301 

EDIC T. H2U 1293} 1 - ■ 

F. ft C. BtgmL Ltd. Inv. Advisers 
1-2. La urenc e Poo ntney Hill, BC4R0BA- 
01-823 4888 

CenLFd.Jaa.18 — | SU54JT | — 4 - 
Fidelity Mgmt- ft Bes. (Bda.) Lid. 
P.O. Box 870. Hamilton. Bermuda. 

Fidelity Am. AXX..J SUS1965 f J — 
Fidelity lntFund.) 5USI7.95 [-B.ia — 
Fidelity Pan. Fd _,.l SOS37D | ..."j — 
FldeUrtWijdFd._ 5USLL92 -0.d - 


ta -i sjs 

Fleming Japan Rind SA. 

37, rue Notre- Dame, Luxembourg 

FTmg.Jlh.ai 1 5US3793 | — .] — 

Free World Fund Ltd. 

Buttcrilold Bldg-, Hamilton. Bermuda. 
NAVDcc.30 l SUS164.95 | | - 

G.T. Hlmagaaent Ltd. Ldn. Agts. 
Park Hse, 18 Flwhuiy OreM, London EC2. 
TeL 6J-88J BID. TLX; 88K100 


King ft Shassen Mgrs. 

Z charing Cross. St. HHltr. Jfiw- 

1 Thomas Street. DoadSai Ulfl OfMap 


SchlesLnger Internationa! Mngt, lid. 

41, La UM»SL,SLHeiier, Jersey. 08347*88, 

8A.LL ■...,■176.0 SUM -3 0} 895 

SA.O.L ItoAL 0jSl-O_M “ 


First Sterling 0639 1646} — 

FbrttoO. fcS.74 179*3} —J — 


GUI 78— 
lnU.Fd.Ji 
Imnl.FdJ 




Klein wort Benson Limited 


30, Fee church Sl. EC3 

EnrinvesL Lux. F | L013 

Gurrusej- Inc_„... |S7.a I 


Do. Accum. 

KB Far Em Fd. 

KB lull Fund i 

KB Japan Fund 


il international Ltd. 

lermuda Front St. Hamlin. Bmds. 

Anchor'B 1 Units — pW 71 . Uri V95 
Aaebor IaL Fd (SUSLIZ tS — .1 L99 


KB Japan Fund 

RJ.asrGtrtd.Fd- 
Slpict Bermuda-... 

■UiUfondsIDMi 

‘KB act as Loud 


D.4 7! 

5US9.41 
SUK1&53 
SLS25J3 
510 71 

jn. 


01-623 6000 
+2} 4.94 
423 
423 
1-48 

1.90 

! 0.63 


Schroder Life Group 
Enterprise House. Porumonlh. 





Sir. = 


paying agenu only. 


uij Bennuda, Front SUKamHo- B»d» 

ffll S3 |rj IS 


Lloyds Bfc. (CJj U/T Mgrs. 

P.O. Box 195. SL Holier. Jerecy- 0S34Z7581 

Lloyds T bL 0'sc«s~-M72 49.&J 3.03 

Next deaiinc date Fea. IS. 


J. Henry Schrader Wagg ft Co. Ltd. 
130. Cheapside, E.C2. . 

Cheap 5 Jan. 27 SUSU5J [- - 

TroflEar Dee. 31 SHS1B9.74 J — 

Asian Fd. Jan. Z3 _ ITSlzn 053 ...... 3.78 

Dnrllnc Fnd. SAL 71 LK] .— 520 

Japan FdJ to 26.... 5VS5S4 5Qd — 


G.T. Mgt. (Asia) Ltd. 

Hutchison Hse.. Hareoart Ad., Hoag Rba* 

G.T. Asia F BHK7B 73} ....J 1» 

GT.BootiFuiide-.,t^SK.Mn-IU*l *-» 
G.T. Management (Jersey) Ltd. 

Royal TSL, Use, Colombcrie, St Heller. Jersey 
G.T. Aai a Sterling.. fcO 23 11391 — J 176 


Lloyds International MgmnL SJL. 

7 Roe do Rhone, P.O. Box 178, 1211 Genova 1) 
Lloyds InL Growth. JSTO9M 3&80f .... J 175 
UoydalnL Income. ^F7K3 B658 1 630 


Sentry Assurance International 
p.a Box 3S Hxailton a Berzouda 
809(59) =-S0 

Managed Fund - — [5U58-93 1833} — J ~ 


Gartnwre Invest. Ltd. Ldn. Agts. 

01-2833531 


M ft G Group 

Three Quay*. Tower mil EC3B 6BQ. 01-830 4588 
Atlantic ExJhn24-Wia«l 27U ..... - 

AiuLZx.Jan.3S susin • 1M — — 

Gold Ex. Jan. 25 PJSttq. U« ^ — 

island 1110 n*Ji -SS t3.» 

(Accum Uni isi ... 1155.1 165 h] -0.7J 9356 


Singer ft Friedlander Ldn. Agents 
20, Cannon SL, EC4. 

Deknfoads - IDHZ67I HUl 

Tokyo TSL Dcc.2B_| SUS29.16 | 



Gsrtmere li 

P.O. Box 33, 


t ttogL LUL 
to M. 


Samuel Montagu Ldn. Agts. 

1 14, Old Broad SL.E.CJ. 01588 M64 

Apollo Fd. Jon. 25 . ISF«5 «C 4U8[ 350 

Japlest Dec.31 — -KKSECi. 9 W 132 

ll7GjpJsn.il BL-SSffl ISSO 226 

117 Jersey Jan 11 .6*48 45M-051 BBS 

117JrvCVscasDc3Lfc0.02 mfifl — 


Surinvest (Jersey) Ltd. lx) 

P.O. Bar SB. SL Heller. Jersey. 0534 73i 

American ImLTrt— |£6 l68 674-4011 1 

Copper TrUH }£9B5 1096l+6fl5| — 

Jap. Index Tri. |C 838 S'!i| — 


Internoilooxl Ine..,f2L9 23 J) ......1 

Do. Growth — -ISU 5Q5a| . — J 551 

Hambro Pacific Fuad Mgmt. Ltd. 
2110. Coonaiqrht Centre, Hoag Kong 
FarBart Jan25 [9.47 9.9M -- ..J — 

Japan Food ttoSSJJ S.fl]+0J6} — 

Hnmbros (Gnernsey) L ML/ 

Hambro Fond Mgrs. (CX) Ltd. 

0481-38521 
390 

2.50 

am 

250 

owing Feo. 1 

Henderson Baring Ftmd Mgrs. Zid. 

P.D Box 1+1723, Nassau, Babomaa . 

JraTMTSeri doah^ tT a 
Hill- Samuel ft Co. (Guernsey) Ltd. 

8 LePebvre SL. Peter Port Gnernsey. CJ. 

Guernsey TaL |M63 1565} -36| 3.48 

BUI Sitmuel Overseas Fund SLA. 

37, Sue Notre-DomcL Laxerobocrx 

jp.mii ujq-ojtat — 

International Pacific Inv. Mngt. Ltd. 
PO Bax R837, 58, Pitt St, Sydney. Aurt. 
Jxrolto Equity TH-(SL87 2.02x9+0511 — 

J-E.T. Managers (Jersey) lid. 

PO Box DM. Hoyal TsL Hse. Jersey0534 27441 

Jersey Ext^Tri-lUlO 1MB} I- 

Aa at Dec. 30. Next nib. day Jan. 31 

Jfardine Fleming & Co. lid. 

3 one Kong 

liS 


068423911 
.....] 1118 
-J 551 


01-348 3B8Q 
1 666 


I.fi. index Limited 01351 3466. 

2.1 Limoni Road, London SW10 OHS. 


Three month Lead 314J-31S1. 


Go orm odny.- ■ — -|6a.7 
fAccum.DnHaj----.fcj 
Compound Growth. (97 J 
C onv er al tm GrowthjJ7B 
Divider mtB 

lAom Untor— {2690 


J. Henry Schrader Wage ft Co. lid.? 
laqcheapriduBca. 01-3*03434 

CapitriJan.a«— — »63 99.71 ..... 2.44 

«Acncn->— - 11137 U9.IJ Z« 

IncaoHJan.a* m2 ItjM ■— tB 

(Aecum. 1'tiai - ^ . B S 4 24Uj 679 

Geacn)JB3.29 — R7 4 0 54 — 3.47 

(Accsm Cnttal- — ff55 99 M 3.47 

Europe Jan26—_ }77 B ta7j 139 


CLIVE INVESTMENTS LIMITED 
l Roval Exchange »\ve n London EC3V 3LU. Tel.: 0I-2S3 1101. 
Index Uu.dr as at 24th Janaary* 1578 (Base 100 at 14.1.77.) 

Clive Fixed Interest Capital 135.06 

Clive Fixed Interest Income 124.73 


i Acnnu. luitt) J66 

Extra Ylrid tyt 

(Accum. Unit*) 109 0 

FtfBMns W5 

[Accum. Unltxj g.9 

Fuadotln*.T«tt — 57.0 
(ArenmUniui H.4 


Aecum. Cult*) — - 

I Htxh Income 

L Accum riniu)— - 

pwaalncomo 

It Accum Untn)~— 


172^-12 


CORAL INDEX: Close 475-480 


it Accum. Units) { 


124.4 —0.9 
190.1 -16 
2360 -20 
lMJ +05 


INSURANCE BASE RATES 

t Prujtcrty (iro'-vih Si% 

Cannon Assurance 42 

t V-nnburqh Gaaninieed oi?o 

» Aidrrs* cbiwa indi'r j.ultjwt and pjtpjtw Bam) Tahh*. 


■.Unto; — Hi 

I Goo. toll 

a. Units) 2905 


Ourguideto 
investment success 


(Accum . VaUM Ito62 198JH -351 

Specialised Funds 

TntstJM .-&» 7 1W* —0.7] 655 

LACrUSV UnUSI 2*53 279.9 -3-2 635 

CharihondJnn. 34- 116B IfJI 

CbarlBLJan 24. - M73 — JW 

Ukoaun. Units •— 175.4 1JU — J O. 
rank. Ex. Jaa. 33 — P36* — 4 311 


All of Garhtwre's UK.-orientated unit trusts 
featured in the tup twenty performers over four jxars, 
according to the authoritative investment magazine 
‘Planned Savings', published on January 1, 197$. 

. For the full story, send for a copy of our Guide, or 
ring Adrian Collins on 01-283 3531 during working 
hours. : - -/ “l. 


MsnsUfe Ltd. 

StGcera'i Way. Storeosoe. 0*38S<BO) 
GcombUnlu fc6 SL2J -Lfl] m 

Slsyflowtr BLuukgemait Co. lid- 
1408Grexh*mSt,BC2V7AC. 03-0088000 

^8:riiS 

Mercury Fund Mangers LuL 
36GrMhM5L.ECtPZE2L Ol-OOMS® 

tome. Can. Jao, 23 ~P7ZJ .JS3 — 
Ato.Dts.Jan.23 — OT .8 30681 — (A 

ssisss&sw wd a 


Ltd.? (a) 




14 568 

IB 25 7 g 

L9 277 

IB 522 

14 562 


IlSftYiSd SI 

(poLAcmm— _ — jh2JI_ **-3 +0* 

ssascdw 

•mm at Don 30. Next draltaa Jmel ! 


m 


i Gartmorc Fund ^ Ianagers Ltd. 


j 2 St Muy Axe London EC3 A BBP Td 1 : 01-283 3531 
] Please send a copy of your Gnid? to X-’nii Trusts 


Name:. 


j Company:. 


I Address: - 

: 

L^jWwd wirf Trort jtwortt* ^ 


FT 2801 

A'oj oppEit&U ra Eut 


Dfirater Ftrad Masagerx LttL 
torotorHsc. Arthur SUftC*. 014231030 

BSS.S=j» *3--=liS 

KU. Unit Trust Mgeuad. Ltd. 
oadtam street swinsdG. oijooub. 

ICADnlU 1366 365} ._-l 4.41 

Mtttnal Unit Trust Maaaagrrs? CaXg) 

UtCUpthaU Are. BC2R 7BC. 0rtBpe4*n 

sail *2 

Nmfia&at and Coa u ne r cfad 
M. SL ABdze« Square. Eft nborxb 011598 8051 
tarema Jan 18 — -prin gLg — 1 5® 
wecmCBito — Pto2 mM ~ |g 

rapt Jap M S2J2 2Ss ■ " IS 

EABRim (Jules)— _ |H68 15421 — 4 354 

Nafiffbal President lav. MngsreXtd.? 
OLCncarinachSL-EOPSHH 01433 4300 
KJ‘I.QV\VbTk MM aJ — ( 3L» 

anhStEr-K B 

AeromUnH?'- -Jll7j S24H -J. 3» 
**Prir« on Jsn. 20 Nett ftaliac H*. S3. 
-Price* W 4 Next ik*Un* Jan DL 

Ngfionri WesfiniBBtei?!*) ’ 

yi^Chea pridn BOV <StX. Olfto KM. 

SSStarrirfe - 

(962 99.91-03 641 

teSafflolu*Fd_fc7 TtJJ-ftS 450 

CnlvarsalFdidl— )*66 SM( --4 358 

MELTTust Hnaftn Ltd.? (*K» 
satam Cuurt,Durkms. Surrey. _ 

DWmsr- U7 . Ufi-e.5) U7 

NrirtarHlftlDC JSj 564) -9Jl 90 

Fbr N'aw L'nun Fund iSaemgtn ltd. 
urn ItaclwcMM Area* WaMjfWiumi 
Norwich Union Insurance Group (18 
PO Bw 6 Norwich. NR13SG. OBB3B 

Group Tri FA. 1502 X*% -3Z CM 

Pearl Trust Managers Left (*M|)(z} 

»2mskUon>aru.WC3VTea 014SBM1 
Purl Growth Fd — g2J MS -G2| .}6J 

Accum Untta-^.-Sv T7» *U 

PWrtlac. -Rj »-« -9% 

Poor] UuitTW -• -* gM 4« 

{Aram Valia)—, fc £ 46lJ-Gii 6« 

FeUcx » Units Admin. Ltd. IgMx) 

M Poratala6t. M i rerti a rt o r amasaeB 
PBUftbOattL— J79.4 8S4I-0.H 556 


■^ox in (umpi funds oidy 

Scottish Egnltchle Fnd. Mgrs. Ltd? 
3 BSl AcdrewsSq. Edinburgh 031-8888101 

Income Urdrt '533 5SW — J UO 

Acctmt Units— S3 ....„( 5.10 

Desires day Wednesday. 

Sebag Unit Tst. Xanagen Ltd.? (a) 

PO Bex 51 L Bddbry. Ese. E.C.4 01-3389000 

Security Selection Ltd. 

13-38. Uccoln'slen FItitds. WC2. 01-831 BB3M 
t>lGlhT«Ace_M.l 2U| I SB3 

(.■r»iGttT«toc._ {205 21*1 -I 353 

Stewart Unit Tst. Managers Ltd. (a) 

43. CbarkCe Sq^ Edmhdzsh. 031-2283273 

SWnt Ameri c an Fnnd 
Standard L’ ntts — 1517 5711 — J 1.71 

Accum Cnitt (575 61il — J — 

Witodzmnir=tti-|442 471} — J — 

Stcnxrl British Capital Fond 

-Standard IOCS lCLS 656 

Accum Veto JM7.B TO ..-J - 

Smr Alliance Fund Mngt. Ltd. 

Sea AIRancc Hse. Earaham 0*0384141 

susssosi ar H H5Bi 32 

Target Tst. Mngrs. Ltd.? (aXg) 

31. Gresham St- ECS. JDoallnsi:(BMSMX 

» 345} — OJLI 4.45 

65.® — : 43s 

39J -06 610 

22L2J — .. SM 

2934} SM 

126.^ ....- 5J10 

3JA -03 458 

3AJK —03 222 

2611-0.4 622 

9o3-CJ 3M 
1UM -... 429 

312 -0 3 850 

ISW-OJ 1113 

GOJW Grouts Ft- J15J HJj-M 

Target TSL Mgrs. (Scotland) (aXb) 

riCAtbalCreacetd.Edin.6 03I-2S88BZU2 

TsryetEto^ gj 237^ -02} 

TxrcriThuiJe— — 093 42.® -04 5 % 

Extra lento* Fd. - K05 WJ| — — | 9J7 

Tiad» Union Unit Tst. Managers? 
KXVWood Street. £Ci (U4U8801I 

TLTTJsoi.3. JSL3 5*ti .—J 453 

Transatlantic and Gen. Secs. Ca? 
91-09 New London Kri. ehe t m xf b?80SHS 51851 

“ ~ “ *134 — 552 

1225 552 

SU 352 

SC4 — _ 405 

«3 ..._ CM 
126 6 -85 510 
1503 -0* 510 

.9 S7J — 659 

5 - iU 639 

0 555 5.73 

1 69.J 5.75 

= B 

5U 32J 

662 929 

. 742b 7J3 

43.9X ..^ 3 95 

464 3 95 


Camrid-Jan 35 
MamUK 
Glen Jan. M _J 
lAnnaa CalBiJ 


(Accum Cnds) 
Van. Girth. Jan. 34 
■Amzn. Criti’ — 
3'anTrt Jan. ZA __ 
Vaux-Tce Jen 25 
l Accum VmmJ_ 


W(ctaa'rJ*o28 (567 


(Accra tnuaj [69-* 

Wick Drt Jan. 2?_to63 
Do Accra 


60S 

501 
-0.4 629 
-0.6 629 


fbi Do Amnn 

Ulster Saak? (a) 

VcatSnci Bdtau. 00273331 

'teraKxGnnrtk.-.tSM 402} -06} 457 

Unit Trust Account ft Mgmt! uft 

Eics WiS£33bSCEC4B8AB « 4234851 

man Bsc. Futxl 0*40 13204} 1 4/D 

Wirier Grmrth Fond 
Ku«WlEjamSLEr*KfiAIL - 8b8Z348dl 

Slid IS 


Murray, Johnstone (Inv. Adviser) 

163. Hope SL. Glasgow. Q. 041-2215521 

'Hope St. Fd. 1 WJS27J1 | — ( - 

* Murray Fund 1 5US699 I J s- 

•NAV Jsn. 16 


Snzinvest Trust Managers Ltd. (*) 
48, Athol Street, Douzlaa, Lo.lt 0824 23914 
The Silrer Trust — |WA 99JM -121 — 

Richmond Bond 97.095.9 200.9 -O 

Do. EverRreen C36.9 204 4 -l y 

Do. Platinum Bd. — D06.0 UUj -— 
Do. Gold Bd flSJ 10S5| J — 


Negit SLA. 

10a Booiprard Royal, Luxembourg 
NAV Jan. 20 1 SDS9.94 l- — I — 


TSB Unit Trust Managers (CX) IJ 

Bagatelle Rd., Sl Sari out. Jersey. 

Jersey Fnnd 144.7 4714 - 

Gnernsey Fend — W4.7 47.1ri| - 

Pncea on Jan. 36 Next Bib. day Fob. L 


Negit Ltd. 

Bant of Bermuda Bldgs, HxmUUm, Bnnda. 
NAV Jan. 13 1 054 1 1 — 


Tokyo Pacific Holding* N.V. 
in turns Manage men l Ca N.V, Curacao. 
NAV per share Jan. 33. SUS4L46 


Old Court Fund Mngrs. Ltd. 

P.O. sa. St. Julians CL, Guernsey- 048128331 

Eq.Kr. DceJO K95 563 [ 6g 

Inc.Fd. Jan.3 —1^95 1CTW 4 6.45 

IuUFd.Jan.16 RK12 S5 jM ~J - 

SmCOFd.Dec.30 -.0465 151^ 3J3 


Tokyo Pacific EDdgs* (Seaboard) N.1 
to Hmls Management Co. N.V., Curacao. 

NAV per share Jan. 33. 5US3022. . 


Tyndall Group 


OU Court Commodity Fd. AfgH. Ltd. 
P.a Box SO, SL Julian's Ct. Guernsey 0481 39741 
O.C.Comdrt TsL-- [125.4 I56fl L71 

OaDUrCta-Ta-BSACT 2558} J — 


'Prices ca Jan. 13. Next dealing J* 
t Price on Jan. 23. Next deaBng date 


Phoenix International 

PO Box 77. SL Peter Port. Guernsey, 
la (or- Dollar Fund- {SU322I 251] 



Property Growth Overseas Ltd. 

28 Irish Town, Gibraltar. (Gib) 6100 

kfiCSSli ^ 1=1 = 


MngtLFdJto.10 — HZ72 134.01 — J 

UUL kntaL MngjunL (CX) lift 
14. Hulcaster Street, SL Hdier, Jersey. 
TJXB-Fnnd 1 SUS100 1 j 


Royal Trust (CD Fft Mgt. Ltd. ■ 

P.O. Box m Royal TsL Hxe, Jersey. 0534 27441 
R.T. IntX Fd. K®U4 9« 1 } 3.C0 


United States Tst. IntL A&r. Co. 
14. Rue Aldrtngcr, Luxembourg. 

U5. T8L lire. Fnd_| JUS9.48 |-«J07f I 

•- Net asset Jan. 26. 


Kemp-Gee Manag ement Jersey Ltd. 
L Charing Cross, SL Heller, Jersey. 0554 737*1 


Kamp-Gee Inooene ! ^9 ' *5 — -1 7J4 

Keysetaz MngL Jersey Ltd. 

PO BorOB. SL Heller, Jersey. (Enq 01-6067117(0 

Fonaricx [FrlJli M*5] ..... 600 

Keyselextan B|8 f.Cj 4^ 

Keyselex Europe— £354 42S 3.90 

Japan Gth. Fund — 2U3 aH .. ... — 

Keyselex Japan — E7^ 8iifll+3.» — 

Cent- Assets Cap-— £13029 f+853| — 


Fidelity PtoFd ... 
Fidelity WiMFd.- 
Fidelity Eitr. Fds_ 
Seri et A (total) — 
Series B (Pacific i_ 
Series D (AmAss.) 


Save ft . Prosper International ■ 
Dealing to: 

^IBrwISL. Stt. HeOer. Jeraey 0S3U05B1 
DA PoOard nsB i ntoste d Fands ' • ’ 

Dir. FltLInL **t — |9J4 9.92! — .1 726 

Internet. Gr.*; ftJO 6to| } — 

FbrKarien»*t-. — 13654 1 JSJS 1 — 

ef 2 ti r M *- &t ^ =] = 

-3Ji j* 

nunwl l«lmrl: S MU 15B.M -66l 4.95 


S. G. Warburg ft Co. Ltd. 

30. Gresham Street EC2. - 1 

CnvndJdJim.26— 1 5US9J0 |-M 

Jjira JntJanJM . 5US1543 -I 

F!rS-5FdJVx51_| SUS6J8 J . 
MCTj£n\FdJan.2S . BH39® IfiC] .-. 


Warburg Invest. Mngt W- Ltd. 

;jsy.cr 0554737- 



St Fxd. lnL—i ,BZ3B 330J 

Prices on ‘Jan. 24. —Jan. 26 ' 
tWeekly Dealings. 


. ~ 1023 
-Jaa. 28. 


World Wide Growth Hanagemeat# 
lOe. Bonkrard Royal, Luxembourg. 
Worldwide Gib Fd} SUS1646 |-0J? — 


INSURANCE, PROPERTY, BONDS 


Abbey life Assurance Co. Ltd. 

1-3 St-PauT* Churchyard, ECU 01-3(80111 


iiwiBS==|if" sad = 

iSsfcKi m=z = 

Sdertrte Pond to5 *7.1 _.... 

Convertible Fuad ..IpLi 13*6 „... — 

Witoney Food. JU68 mj — 

Pens. Properly J*KL9 ITO5 — • 

Peaa Sriectfce ^ _)7I5 ffi.7 — ■ — , 

Pens. Security u315 IMS — 

Pteis. Jtaoajred 137.7 — 

^ r“ = • 

VManFd Ser.4— h27.t 134.? — 

VEqulrtFd Ser.4-b63 MO ...... — 

I 9Cocv7Fd.Scr.4_ -JM92 1150 — 

VSJbuey Fd Ser. 4^(1773 USflf — — 
Prices at Jan. 3*. Valuations normally Toes. 

Albany life Assurance Co. Ltd. 

31. Old BurL&SttnSL. W.L 0I-C75B82 


vEquItyFd. Ac 
VFixed Int. Arc 


VGld.MonevFiAc.. 

VtoftUanFcLAtm 



Hd: 


Il “J =. 


AMEV Life A atnmn ce Ltd.? 

Alms Hse. Alma BrL. Rci gate. ReisrielOlOL 
AMEV Managed — 0292 136.11 ..-..] — 

AMEV Mk8 mM 5 H5J — J - 
AMEV' Konev FU .fflXJ XOT.7J j — 


AMEV 
AMEV _ 
FI eel plan 


107 _ 

IMJl ._..J — 

TO.-1 - 


Arrow Life Assorznce 
30 Uxbridge Roto, W16 01-7489111 

SclJGtFdCpUnt.KLS .'6561 „_.J — 

SclJBcFiLSi.CaU.f975 1EU| 1 — 

Barclays Life Aasxzr. Co. Ltd. 

SSS RomCard R4L, C7. 01-53*5544 

Bsrdsybands* 


Equity 

GUt-edzcd.. 


2*rtg»eny_ 
Managed. 

iltaey 

lion Pena Arc 
Do. Initial 


124 M — 

1243 ~0i — 

U67 1U7 -0.7 — 

12 1964 -- . — 

1096 -03 — 

1063 — 

iota —.3 — 


Do. bridal 
Montrrena. Are 

Do. Initial — ... pas uu| 

•Current unit value Jaa. 30. 


Beehive Life Asrar. Co. Ltd.? 

■XL Lo m bard St, «a. 01-4031288 

Black Home Bd — | 13651 f 4 — 

Cana da Life Assurance Ca 

! 28 High St, Patten Bar. Berta. P3ar 51122 

I Gnh. Pd Dec 3 — } 593. I I — 

HecmLFctLDcc.e_.| 1163 } -J — 

Cannon Assurance Ltd.? 

1. Olympic Wy„ WemMey HASONB 01-0028378 

Equity Units.— 

Proprarr L'nitt - . ..... — 

Eqtnrt coed'Esto- rElO.93 16571-002 — 

Prop BraJd- — tojiO 13 _ 

Br.l Bd-ErerThuLpZTl 23«-a03 — 

Deposit Bond. [1093 1X5.71 — 

Equity Aceura._ «“ — l — 

Property Acram 

MngcL Accum. — 


2nd Equity 
aid Property 
Zad Managed 


OndDepont 

2nd GUi 

ZndEq- Peu,AG£.. 

Peas 'Ace. 
d. PessTAi 
2ad DepPcnalAce. 

2nd Gill PraiAee 
LAESJ F_ 

LftESLF.2 _ 

Current nine Jan. ! 


1153 = 


pjj 

Tyndall Manager* Ltd.? 

ULCaqrac* Baal. Brutal. 037232241 

IaMHiH.3 Ml 204 4] __i 7.44 

rap l»n » iuo* 126N ,-w- 465 

i Actum ceai , . . ; j *7 a 1JI3 "... J-** 

EMftrdjxn 2S >UQ2 115B ■>.» 7.45 

(Aram. I'm ■u-.-bao. TO 7« 

CaraureJa3.2S_J96J lfflft 945 

(teSTL-mwv.rfcJO 5.« 

InLEaro Jac23_to61 2W* 5JS 

acrmiabL-flUi — *5 

tM.Cvln3L.3ni - !£ 

(ACrtjmLsitW- — 11564 164.41 — J 486 

beat Sns. Jan. 25 — USUI 369 

L ied — McH Graa _ _ ___ 

Canttal GnjeiS Ml rtn-U 5.95 

Dowsm RM *»3 -U 595 

Es«Iac.G.*M«b-B65 S'3'S^ 25 

Da Areas. mJ - *171 Hu 171 

Financial Pt'Jty. -.36.9 16 11 -oj 1*1 

Higfilnf. Pr:'' (y_/CT9 14.4] -03 8.33 

Spa c OiStfa j».4 *14] -03} AM 

TSB Unit Trusts (y> 

2T, Chantry Wny.AmJprer. Hsitts. 028(62188 

tVmlto*s » C2M CMJ2J 

E5 I K2 

(K TSB 

.•bi DaAetOB — @!-* 


Capital Life Assurance? 

ConlAoa House. Chapel Asb Wtou 090228511 

KeyIarert.Fd.__I 1B6I3 I J — 

PaeemakertsrBVL .] 10067 ] — } — 

Charterhoofle Magna Gjl? 

181 Chequers Sq. Uxbridge GBSlNE 321 Cl 

Ch ribs* Energy ““ 


Crusader Insaranee Co. Ltd. 

Vlorala House, Tower PL, EC2. 01-8288031 

Gth. Prop. Jan.3 ]65.9 769| | — 

Eagle Star Insay/Mhfia&d Ass. . 

l.ThroadneedleSL.BC3. 01-8881212 

Eseto-TOd. Units— 1496 515] -0J} 695 

Equity ft Taw Life An. Soc. Ltd.? 
Amereham Road, High Wycombe 0*0433377 

Equity Fd._ pf>5? 11* -UH — 

Property Fd. lOlt 106.91 — 

Fixed Interest F._. 3118 U7.fcJ -OS — 
Gtd. Depoelt Fd. — 97.6 lfl67l ...... — 

Mixed .MBA llUj— 01 — 

General Portfolio Life Ina. C. Ui? 
80 Bartholomew CL, Waltham Cron. WX31871 

PortfoiloF«tnd-_.l 129.9 J i — 

Porttolio Camtal — ML5 _ <a.7(.. w ..J - 
Gresham Life Ass. Soc. Ltd. 

2 Prince 4 Wales Rd . Weoutb. 0*02 787655 
CJ- Gilt Fund nua . 1219] — J - 

Growth ft Sec. Life Ass. Soc. Lid.? 

Weir Bank. Bray-ao-Tbaaies, Berks. TeL 3*28* 

Flexible Finance- CLWB | t-— 

LamflwnkSeM. — „„Je58._J ...-| — 
Ijuidbank Sea Ace. 1163 1+7.21 , — — 

G. &S. Super Fd-- OMr [. — | — 

Guardian Royal Exchange 

Royal Exchange. ECA 01-2837107 

Prop er ty Eonds [157.4 163 5} | — 

Hainbro Life AsanraBee L i ra t t ed ? 
701dPerkLana.Lendon.Wl 01-000031 

Fixed toLDep [123.4 129.9] — 

Equity 167.9 176.S - 

Property 1544 1666 — 

Managed Cap 1338 140.9 - 

Managed Ace — — W4.4 173J — — 

Overseas 1164 12U — 

Gih&teed 1232 J29J - 

PenJ-Tuep-Cap— 126£ 1369 — 

PauFJJ>eaAee.._l«.9 1526 — . — 

Pen.Prop.Cep. — WS6 2tb.£ — 

Pen. Prop. Am! M76 2M6 - 

Pen. Man. Cap. 2046 215 4 - 

Pen-Man. Act 2593 272.0 ...... - ■ 

Pen. Gilt Bdg. Cap.. 1203 1376 „... — 

Pm.GlREdg.Acc.. 1M.I 1«3 — 

Pen. RS. Cap. m3 1Z7.4 - 

Ren. BS. Act IXKJI 1*2$ - 

Hearts of. Osh Benefit Society 

Enrtoa Rood, London. NW I 01-3873020 

Hearts cf Oik [371 351] _ .1 - 

?mO Samuel Life Assnr. Ltd. 

NLA Twr, Addiscombe RA, Crey. 01-608 4335 
- 

property bencs A ■■ ? siti r 

Managed Units 054.9 163.1 -03 — 

Managed Seri ea A_ WL6 96A| -Dh — 
Managto Series C-IW6. 95.0 -05 — 

Money Units Pl83 13461 — 

SStBsej-Serie* A.— .M3 9R9j -0J — 

Fixed InL Ser. A — W J 991! ..... — 

Pns.Mgd.Cap [1466 354S — — 

Pna.Stad.Ace. USZJ U0.4 — — 

PnaStiLCap. — —PPJ2 lflJR — — 

Pna.Gtd.Acc. _poa2 1139! — jr- 

Irziperial Life Ass. Co. of Canada 
Imperial House, Guildford 71235 

SffaifetllK ■ Mil 2 

Unit U»trt PuritoBa 

Managed Fund IM.7 99.7} -0.4 — 

nxetflnLFd. — — g58 MOO} . — — . 

Secure Cap. Fd. — J95S 1C0.0| | — 

Equity Fund-—— _ [956 100 0} | — 

Irish life Assurance Co. Ltd. 

IL Ftubiiry Square, ECa 01-828 82S3 

Blue Chip Jsn. 27_ [63.5 7211 { 560 

Man agwf Fund [2135 22471 — J — 

Prop. Mod. Jsn.* — 065-4 17*1! . — 1 — 

Prop.Stod.GUL P7« I486* 4 — 

King ft Shaxsen Ltd. 

52. Comhill. EC3. 01-8235433 

Bond Fd. Exempt _p!3 49 135171-01£t — ■ 
Nest dealing data Feb. 1. 

Govt. Sec. Bd. PS#1 157.00! | - 

fjmgliam Life Assurance Co. Lid. 
Langbam H* Holmbrook Dr, NW4 01-205211 

Langham'A' P1an_U38 .6711 J — 

VProp.Band 0389 14A3 j — 

Wlap (SP) Man Fd 1743 7*3 _...f — 

Legal ft General (Unit Assnr.) lid. 

Ktogswood Hous e. Ktogswood. Tadwwrth, 


M ft G Group? 


Scottish Widows’ Gnop 


Threo Quays. Tcnrer HOI ECSS 6BQ 01-438 *388 POBoeHH. Edinburgh EH36SBU. 031-839 DM 


Pen. Pension*** — 0061 — 

Conv. Deposit* _D1U 122. 

Equity Bond** p2M 05. 

Fa^frTBHO— t 1546 

Family 81-88**. p703 — 

Gilt Bond-**- B06-9 212- 

!ateinatnLBoad > *.B51 . M. 

Managed Bd—**_ 1123.7 129. 

Property Bd"_— B47B ' ' 1 55 . 
Eq. Weld Fd B4--D92 S3. 

Recovery Fd. Ed.* _ito2 65. 

Aiwi^an Fd_Hd_* JC2J — —AS. 

Japan FcL Bd.* (42 0 44 

Prices on ‘Jan. 35. **J an. S3. 


lnvJW.SeriM 1 — 
Inv. Ply. Series 2_ 
Inv. Cash Jan. 27 — . 
EsULTr.Jan.18_ 
Mgd.Pra.Jan.28_ 



13 = 


lateinatnLBoa^.pl . 896 _.... — Solar Life Assurance limited 

” 1OT Choapjide. EC2V8DU. " . <H- 

OJ !!T! - — Solar Managed S_ [1256 |M^ -0J 

Kecovery ro. ml-_kulc 65.4 — SojarProperiyS— 

Amczicm>£d.BcL‘je2J «£1 — 

Japan Fd. Bd.* IteO 40 — SoJwRtd.to^S._- 

Prices on Man. ra **Jaa. S3. ***Jxa. 27. 

Merchant Inventors Assurance?- - sdarPropteta 

125. High Street Croydon. ObOOSm ^?F$dtoL P. 

i 1 1 — Solar Cash P- — 




125. Hljh Street Croydon. 


Mra%>v._Mra Fd. iroi -Mj — Son AHlsucc Fnnd ECangmL Ltd. ' 

sfeih?n^S" 3d '” 2i"i — Son Alliance House, Horsham 0*0! 

Mp, TWv 1327 -1.4 — lot En-Jan.^ 1 £1065 | +86 

ggJSSS 5£!= “3 +81 =- Sen Alllecce Linked life In*. Ltd 

Mon. Mtt Perm. — 1861 -11] — Sun Affiance House. Horsham 

NEL Ptaudtas lift m3 

MUiocCoarLDocttoK.StuTe7- 3RJ Property Fu™!.-- 

NrtacSc/^ wi ' sac Z!! Z Son life of Canada (Ui) Ltd.' 1 

NelexGthlncCap. 476 50fl — 2. 3, *. Cockspur St, SW1Y 5BH 01-83030 

Next sub. day Frb. 25. JSapde U. Gith_- — 1 . 1«J I 

NevrConrt Property FsndMnSr*. Ltd. ^epie id I 

St SriHins Lane. London, EC4. 01-8384K8 PersnL Pa. Fi - — I 2026 | 


125.M-03 — 


-1.4 — 
-3.4 - 
+01 -• 


NEL Peaaicas Ltd.' 

MUtoc Court, Dorktog, Surrey 

Ndcx Eq. Cap SK> . 

N'elexEq. Accum- 1091 1 

Nelex Money Cap.- S2J 
Nclex Mon. Ace. 651 . • 

Nelex Gth Inc Acc. 476 SOLSl 

Nelex Gth Inc Cap -.[47-5 50.q 

Next x=hu dqy Feb. 23. 


^1'^ = 


N.CLPrJ a .nm30- | |ltoi — i - Target life Assurance Co. Ltd. . 

NPI Pendens Management Ltd. - BS 

48, Gracectusch SL. EC3P3HF. 01-8224200 Kan. Fund Inc {96.9 1S2M _J — ' 

MascccdFnnd pH! 337.4} ... .J — Man. Fund Acc — _ U46 • 1215 — 

^P+irea Dec. 30. Next dea^a; Feb? L ftnp. Fd. tot VKM^lMl ..... — 

Norwich Ua&aa Insurance Group Sop. fj. in». ZZ! 996 !!!!!! — 

PO Bos 4. Norwich NRI 3.VG. 0633 2E3M Fit toe. W96 U61 — 


Mcnfcg od Fend . 

Equity Fteia — 

Property Ftted- 
Fixrti tot Fund 
DeporiiFCnd — 
Ncr. "nlLJen. 1 


330, 

1 KO 

id — 159, 

1CJ 

.15- 


tm?' Don Fd. Am. too— 57.0 

11 

roan iaJ _ RetP1anBCraJkeft fc 1201 

§S?S5S“ p .:ia} 

H Gilt Pen. Cap. [lJ36 


Phoenix Assurance Co. Ltd. 

4-5t Kin* Wiliiam St, EC4P 43?t 01-8260878 

Wealth Am _[1M6 120JS I - 

a-r.Pa.As*. 1 _ 717 J ( - 

EbT.PtEqX. 170.7 742) 1 — 

Prop. Equity & life Ass. Co.? 
UACrawtord Street W1H2AS. 01-4880857 
R. Silk Prop. Bd. — } 1WJ I — 4 - 

F^^ . Bi Fd] is?*, J r.r] - 

Prope rty Growth Asscr. Co. Ltd.? 


TransinterradiMial Life Ins- Ca Lt* 

01-068816 2 E^ejuj, Bldga. BC41NV,, 

| _ Tali p InPCtL Pd. fl34 1 I4L49 

.1 — Tulip MEiif.d. Fd... -M7.B 1U6- 

_ 1 Mru Baird Fd .- — pOJ 533 

O.? ltu.Pm.F4 Csv..hlM 1393] 

01-4860857 Mao. Pen. Pd. Acc. .[1191 3251} 

—,*••} ~ Trident life Assnranee Ca Ltd.? 
r.:. — Henstade House. Gloucester 045238b 

ms - -1 - 


Leon House, Croydon. CBS ILL - 


i=- 

id. 

01-3288253 
I 560 


Property Purr d — 

^ — >rrty Fund 1A! 
cnlinral Fund. 
..tPirndtAS — _ 
-,_bey Nrt_ FUcd-.. 
Abbey Nat. Fd. t A1 . 
Investment Fund — 
Investment Fd (A). 
Equity Fund — 
Equity Fundi A) 
Money Fnnd ™ 
Honey FtandLAl. — 
Aczxar.c} Fend 

g llt-etacdFund— 
iR-Bdgto Fd. r Aj_ 
*Rciire Annuity 
9to2ced.Annty. 


U.K Equity Fund 
High Yield 
Gin Edged 

.Yonry 

International 
Fiscal— — 

Growth Csp. 

Growth Acc. 

Pens, ttogd. Cap. _ . — ... 
Pens. Mug J. Acc . — 116.1 
Peac.Gtd.Deprap..lU01 


16L7I — 


137JI ,_..J — 


W=d = 


_ Rras.Gt4I>mA«, 
_ Pena Ppty .Cap — 


PrtmGrewtb Pemrtona A: Aarndtle* Ltd. 
All VTtber Ac. ITulUSSA 13511 I ■ 


Peas. Ply./ 

TrrfL Bond lm.i 4 

Trdl.GXBond— ” BOJ I , — \ — 

•Cosh-value for £100 premium . . 


All Yriher Ac. UlaJZ29.9 
TA11 Weather Cap. . 129.4 

cinr.Fd.Uta : 

Pension Fd. Dta — 3 

Conv. Pens. Fd. 1 


Tyndall AssniRHCC/FeradOBa? 

18. Cacyngc Road, Bristol. 


Cut. Pds. Cap. Utj 
Man. Pens F<T- — I 


Surrey KT20 SED. 
Cash toluaL— 


-Man Pens. Caa. Ul 

Prop. Pena Fa. 

Prop-Pens. Cap. Lis 
Bdw Soc. Pen. ft 
BdS.Soc.Cap. UL_| 


Da Accum.— 
Equity Initial. 
DO. Accum. 


Buijh Heolf 33* 


Chrtbse Equity 
Basna Eld. Soc... 
«i»jpm ysjuor. 


Do Accum. 
Managed initial. 
Do. Accum — 
Property Initial 
Do. Accum. — 


IBM -- - 
1196 -L5 — 
320.1 -16 — 

119.7 -02 — 

72D2 -BJ2 - 
220 J -1.0 — 
3701 -0.9 - 
IBSj .... — 


3-way Jan. 19 

Equity Jan. 19 

Pond J8n 10 — 

Property Jan. IS — 

Deoosit Jan. 13. 

3- Way Pen. Jan. 19 
O'seastov.Jan. 19.. 
Mni > !tJ-WJan.3_ 


— Provincial Life Assurance Ccl Ltd. 


Do. Equity Jan. 3.... 

Do. Bend Jna3 

Dc Prop. Jan. 3 



ms ° , T? 33 Vanbrugh Lire Assurance 
Prov! Cached. |l3j« jcaol Til"} — 41rt3MnddraSL,.Wn. W1H8LA. 


123 <j - 

iSS-« - 


City of Westminster Assnr. Soc. Uft 

Ping-aead How. 8, Whitchotae Roto, 
Croydon, CBDSUA. IUS«90M. 

'First Units tal7 UT2 1 — 

Property Vans fci 55xj ...^ — 


Legal ft General (Unit Pensions) lid. 

Exempt Cash InlL- QS 4 3|06j 1 - 


C3ty of WntDtagfr Ass. Co. Uft 

; Ringrtcad Honan. A Whitehorse Road, 
Croydon. CHOU A OLOMOfle 


West Prop. Fund— B5.9 Mi 

Manacen Fuud_ 1674 - 1762 

Equity Fuad 56.0 5S.9 

Farmland Fcud-_ 645 72 J 


36km md &193 

GUtnisd - pj 


Fired currency c l aa e * L 

Preform Unit*. — ( 190.4 IT— 4 — 

Cwnracial Ualoa Group 
SL Helen 1 *. l.ttaterebafLECX 01-3837500 
Variabia AnAcLlsJ S254 l+OJOJ _ 

Do. Annuity UtiZI] 17.65 |. — 4 — 

Confederal too Life Insurance Ca 
50, Chancery Lane, WC2A 1HL 01-2(10283 

V£quh?Fund^_ll46J IStt .....| - 


I vManafied FnatL^Q7S2 
PeramislPcn . rd _ $02 _ 


Equity Pen. Fbad_ 2129 

Fired tot Pm. Fd I97,g 

Managed Pen. Fd._ 1773 

P ropert y Fen. Fd- 1235 

VTjotecicd In. Poll 3724 

Curnhin Inmmce Ca lift 


I XL Corn tut L EC3 


SJi^z 


Credit & C o miun ct Insurance 
130, Regent SL, London W1R5FE 01-00 7081 
etc mrjjl Fd. — jmo mo} — l — 


Do. AcCU&L raw Mroswro ® -7 100 3 — 

BiemptEqly.IaiL. WJ ...... — 

Do. Accum. W.B 1&5-1 — 

Exempt Fixed Inft. 97J 3 — — 

Do . Accum. 87 6 UU — 

Exempt Mzicd- IniL 993 10J.I — 

Do. Accum. 99.8 155J ...... — 

Exempt Prep. InlL. 95.4 — 

Do. Aecum. [95.7 ISSfl — — 

Legal ft General Prop. Fd. fiigra. Ltd 
1 1, Queen Victoria St . EC4N4TP 01-3*89873 
UcG Prop Jd. Jan 1]I9.7 1M.« — 

■ Next Sub. Day Feb., t 
life Assnr. Co. of Fomsylvanin 
MMZ New Bond 5L.WI70RQ 01-4838385 

LACOP Unlta pBB 1085| 4 - 

Lloyds Bit. Unit Tst. Mngn. Ltd. 

71. Lombard St, EC3. 01-4231288 

Exempt [1041 • 1045J 4 

Ltords life Assnranee 

12 Leaden hall SL, BC3M71& 03-000821 

Mh.Gth.Jan.8 U«0„ 

.Opt, 5 Pm. Jan. 36.. 1224 12S. 

Opt! 5 EQ&. Jan. 28. Ull 127 

OpL5Hy.Jan.38.-~ 1602 368. 

Qpt.5MtoJM.28.. M24 
OpL 6 DepL Jan. 28. (119.7 

London Indemn ify ft GnL Ins. Co. Ltd. 

18.20. The Forbury. Reading S835I1. 

BPKSacxK' :■ 

Fixed inter e st P4.4 366} .| — 

The London ft Manchester Ass. Op.? 
Thu Lett, FsHwatane, Kent 030357333 

- C*tl Growth Fund.. 215J +LM — 

J Expinpi FtaoPtf. . 2314 ■ *0 *) — 

Exempt ftopL W. ' WB — 

OExpe.tov.TH.FU M4B +l3 — 

FloxlUlDFand . +53 — ■ 

Jnv.TwrtFumL— , 1278 +Og — 

HMOrtyFund ... 802 +0J1 — 


Ea-itb Fd. @9.7 

lutnl. Fund ...83 4 SO 

F.xed Intent Fd.._ 17L4 M8J 

Property Fd. 135.4 142J 

CjAoFund .QUlB 122J 


■ 089222271 
I 1 - 


GiitFB3dai-___ ll25.0 . 13i6) -Oj] - Managed Fd. J14 

Prudential Peusittng limited? EouttyFd & 

01-W58K2 

EquslFd Jan. IB — K23.23 23.951 { — Property Fd 113 

Fxd InL Jan. 18 — fc?.44 19.791 ....I!) — cSbFuad _Kl 

Prep F. Jen IS PttB 2*77] j — _ 

Reliance Mutual . ' 

Tunhndse Weill, EenL ^22271 ^_^, dda,SUL fe 

ReL Prep. Bdx. 1 1922 [ 1 - 

Royal Insurance Group ra 

Ne» HaH Ptoce, UrerpooL 051227442= 

Royal Shield FU_ 11325 1402) [ - “* xa£nrtHI 

Save ft Prosper Group? Welfare Insurtnc 

*, CLS-Helen-B. Latin, EC3P 3EP 0I<55* 88» The Leas. Folkextane.' 

gal. l ay. Fd. Q17.4 1M31-031 — Moee^- maker FH....J 

Property Fft* D4ZJ) 1513 — ctn other funds, pleai 

6WFU.—J. 0213 T2TM-02\ - Mracbei 

DepomtFdT 0212 127 St , _ , .... 

Ccxnp.PensJ r dLT — U%fi 1767] ..... — Windsor Life As: 


4l-43MnddoxSL.Ubi.WlR0LA. 01-48048! 
Managed Fd. J140J0 147.4J — DJ5) — 


051227442= 
) - 


Vanbrugh Pensions Limited 

41 -a Maddox SL. Ldn. W1R8LA 01-4804R 

Mauajed [958 10061 ] _ 

Equity — —..[95.0 100.6] 

FljcifJptcresi 1956 • 1006) ,„,J 

Property [956 1006} _ 

Gtd. see “Insurance Bom Bates" table 


Welfare Insuran 


Co. Lift? - 
nL . 0383572! 


Koeej’inakerFii.-.| 1012 I +0.41 
Fm other funds, please refer to The Lai 
Manchester Group. 


rrojunaxu. .ms arr.r. -j — 

Gilt Pena Kd- tap IW.4 -fl <? — 

DrpoeJ’efls.Fd.t — 1% 0 - 


Drp06.PcatFd.t — [96 0 MU] 

Prices on ‘Jaguar? Js 
t Weekly fieaimp : 


Windsor life Amur. Co. lid. 

1 High Street, Windsor. Windsor B8T. 

Lift* tor. plans- — [68.4 72J« ,._J _ 

FutureAsadCthttu . 19.0 l „Ij _ 

FutureA39dGth(bj.| 476 | ,_.J _ 

£27.75 
4 11Z 


Schroder life Group? 

Enterprise House, Portrewuih. 


Ret Asad. Poos 

Flex. tor. Growth.. 


Equity Jan. at. 

“ JIG'S Jaa. 24 
" '3Jaa.2t— 
r Uni loLJea.S*. 
Fixed bri.32an.24 


IuLCTJanA*. 
VftSGtlt Jra.24 
KftSGrt.Sc. Jan34 
HnedLtTislJui .St 
£ 3 Jan. 2* 
er Jac-2* 
cySJto 


Property 2*a. 24 
PropfT!y3J)nj.S*- 
BSPn. Cp. JanJM.. 
teSfa. Acc.Jna.SK 
MnJn-CpLJseJM.. 
MnJSLAce.JauJ*- 



070527733 


NOTES 


U7.| I!! 

St® !-!. 


Pnccs do not Include S preult 
indierted {‘.and are in peace 
Indicated. Yields % (shown is tost 


e Yield Ms ms on Oder price, f E 
B Todays open lor price, h Dtatrit 
of L.K. taxra p Periodic premium 
- plant ■ Single ppetmaijj, 
x Oftered price Includes all oxpen 


bdWrt^* 


i 


t 

































































































































































































































































































































































































Leading 
from the 
backbench 


U.K. may win £52m. 
Indian ships order 


BY LYNTON McLAIN AND PHILIP BASSETT 


Walkout 

stalls 

Rhodesia 

talks 


THE LEX COLUMN 


LABOUR MINISTERS in the 
Commons are well used to 


: .f 1 J 1 I BRITAIN is expected to sign a negotiating the final stages of taken after a four-hour meeting ' J S %% 

fMMW ^.8m. Indian ships order soon, the contract This week-end he of stewards representing staff 

. -i RF Wll vll following 18 months of discussion will join a party from British and workers. Representatives of 

\ between the Overseas Develop* Sshipbuiiders which is also in management and supervisors 

'!i raent Ministry, the Indian Gov* India discussing this and other agreed on the switch earlier. T °ny Hawkini 

i , BY RUPERT CORNWELL ernment and Sunderland Ship* possible long-term deals. The company said: “Natur- 

V builders, pan" of the State- Another British shipbuilding ally we are very pleased." SALISBURY, Jan. 27. 

• f - . owned British Shipbuilders. delegation will arrive in Karachi A meeting of the stewards at B icnnv» ikj t u a 

;lj LABOUR MINISTERS in the ^ deal wi]1 be financed k y on February S on a three-day Govan— which was originally 

j ■ Com mo us are well used to B r i£j n -c £ i44m aid to *i*cuss a possible order allocated 11 of the 24 ships in 

!'• mutinous rumblings in the ranks. toiSai. annual ald f or eight 13,000-ton ships for the Polish deal-agreed yester- *"£*** ®“* . of ¥1 , th f 

■ But for Mr. Michael Foot the programme to India. Pakistan. It will be lead by Mr. day to ask the Confederation of settlement - talks In Salisbury 

■ precise and slightly grating Scots A hint that the deal was A . Ross Belch, managing director Shipbuilding and- Engineering t^ay m protest against the 

tone of George Cunningham must imminent came yesterday from of Scott Lithgow. Unions for a report on the Swan &mlUl Governments anatufle 

feel like the cold metal of a Mr. Gerald Kaufman. Minister . Hunter dispute before deciding towards a common voters? rolL 

pistol pressed in his back: for Industry, as he left Heathrow Pleased oo the extra three a statement to-night, 

*i Cunningham is, of course, the for Warsaw to conclude the * rc<IflTO Mr. James Airlie,* Govan shop Bishop Mum re wa said: “My 

.* author of the now famous amend- £11 5m. Polish ships deal, the ' Meanwhile, shop stewards at stewards' convener, said after delegation and 1 walked out of 

■i 'r meat insisting that 40 per cent, contract for which was signed Smith's Dock shipbuilders on the meeting that Mr. John Chal- the constitutional n egoti ations 

, of the Scottish people must vote an Thursday. Teesside. yesterday agreed to mers, chairman of the confed era- to-day in utter disgust after 

. ’ Yes in the promised devolution He was expecting a "useful accept the third Polish ship tion's shipbuilding committee, being met with complete 

/ referendum. But that gesture contract" to be signed “within switched to them from the Swan had asked them on Monday to Intransigence by the Govern- 

1 I to sabotage a Bill he hates was days,” he said, though he did Hunter yards on Tyneside. take no decision so that attempts nxent delegation on the 

t less revealing than the tenacity Q ot name the Indian deal. » Stewards at Govan ship- could be made to settle the Tyne Question of a common rolL" 

,S with which he had prised open The contract is likely to in- builders on Clydeside deferred a dispute. He accused the Rhodesian 

i'J Mr. Foot's crafty little ruse to vo lve six 16.500 d.w.L dry cargo decision on whether to accept a Mr. Airlie would not say Government, in what was 

try to stop the amendment vessels, to be built by Sunder- further three ships lost by Swan whether the Govan stewards believed- to be a reference to 

_ I ' coming up at alt. On Wednesday | an <i Shipbuilders. Hunter because of a boiler- would be bound by any recom- Mr- David Smith, the Finance 

i. « the game was up and the Leader my. jj m Gilfilian. Sunder- makers' dispute. mendation the confederation Minister and deputy Prime 

•. j of the House knew it. He had land's cbalrman. is in India The Smith’s Dock decision was might make. Minister, of using “abusive 

, 1 also become the latest victim of — — — - — language ” and causing the 


An uneasy balance 
in the market 


SALISBURY, Jan. 27. 


Rhodesian Nationalist leader, 
walked out of the “internal 
settlement ** talks In Salisbury 
to-day in protest against the 
Smith Government's attitude 
towards a common voters? rolL 
In a statement to-night. 
Bishop Muzorewa said: "My 
delegation and 1 walked out of 
the constitutional negotiations 
to-day in utter disgust after 
being met with complete 
Intransigence by the Govern- 
ment delegation on the 
question of a common rolL” 

He accused the Rhodesian 
Government, in what was 
believed- to be a reference to 


Index rose 1.7 to 477.5 

Index jumped by nearly 14 per abo.il IMp ^per snare rod , 


probably the sharpest backbench 
1 operator at Westminster to-day. 




GKN plans 
to cut 
steel plant 
manning 


Steel men back 
Redcar start 

BY PHILIP BASSETT, LABOUR STAFF 


language ” and causing the 
walk ouL 

There were soipe heated 
exchanges In the afternoon 
discussions. The Rhodesian 
Finance Minister is reported 
to have said that he was fed 
up with the “deceit** of cer- 
tain delegations. 


Questioned 


THE British Steel Corporation development plan— will give 

will start the £25m. Redcar sinter work to 750 men, mostly mem- 
By Robin Reeves plant — idle since June last year bers of craft anions other than 

Welsh Correspondent because of a demarcation dispute the Boilermakers. : 

— next month with full union co- Meanwhile, Mr. Bill Sirs, 
r.KN WHIPH emninw 7*t ooo operation. general secretary of the Iron and 

neopie iT the UJL Plans’ to A week British Steel said Steel Trades Confederation, said 
reduce mannin* in its iroS and il would to break- the year- yesterday that overtime pay 
steel eroun bv un to 25 Der cent lon 6 deadlock over work prac- ments in the steel industry, 

—notable at the company’s South tices and 814,1 production on running at more than £85m. a 

wXs ieel nlLt Tn rardiff February 13 without ratification year, could have been cut con- 

wa es steel plant in Cardiff. Qf mannin agre emem by 50 siderably to help BSC’s expected 

Union representatives were members of the Boilermakers' £520m. loss for the year. 


told of the proposed cost-cutting Amalgamation. 


Apparently Bishop Muzo- 
rewa had questioned both the 
agreement on a common 
voters* roll and the suggestion 
that an agreement “In prin- 
ciple" could be accepted as 
the basis for the establish- 
ment of an interim adminis- 
tration. 

The Bishop was backtrack- 
ing, according to some 
Rhodesians, on his earlier 
acceptance of a common, 
voters' rolL In addition, his' 
suggestion that a committee 
be established to draft the con- 


measures by Mr. Geoffrey WiJ- A similar move almost caused branch secretaries Mr. Sirs said 
son. chairman oi the company s a national steel industry strike the union had asked BSC why it 

steel-making sub-group, GKN in 1975 when gsc to slart had not cut overtime. 

Rolled and Bright Steel. work in the f ace 0 f union opposi- The confederation would tell 

He explained that continued tion at the Llanwern blast- BSC that some of the equipment 
difficult trading conditions In furnaces in South Wales. it was planning to buy was 

steel and steel products markets But representatives of the superfluous. 

. Cunningham’s qualities do not made an early cost-cutting, pro- Boilermakers’ Amalgamation It also pledged the full support 

please everyone in that clubby gramme essential. have ratified the Redcar manning BSC bad asked for on some of 

little world, of which he is often According to the unions, Mr. agreement, drawn up in January the Commons' select committees 


In a circular to ' confederation stitution before any agreement 
anch secretaries Mr. Sirs said was announced or interim Gov- 


George Cunningham, MP 
Symbol of backbenchers? 
independence. 


ernment formed is reported to 
have infuriated the Rhodesian 
Government delegation. They 
were said to have been 
stunned at what they regarded 
as a change of heart by the 
Bishop. 

It ts not thought that the 


According to the unions. Mr. agreement, arawn up m January uic wvuiwviw wcvt Blshon’s waFh-mrt ctimalx an 

* scornful. His resourceful mastery (Wilson said a 25 per cent reduc- ' ast „ . whlc . h ' ''J 11 alIdW !?“, m “!i? d ?,!^ DS for 8371118 *** end to thp^aJk? Tmere juS 


j il 3f Commons procedure,' his tion in manning was needed in flexibility of work between the steel industry 

,dogqedness in a cause, draw the company's Iron and steel various craft unions at the £2bn. Mr. Sift said that 10.000 job 


$ idrairation from fellow - MPs, but group, including substantial cuts complex. 
;i, rarely fondness. Perhaps it is at GKN’s Cardiff plant, which has Commi 
mvy of a man who has become a work force of some 4,500. plant — cr 

j’ :he undisputed symbol of the GKN said vesterdav that it was 

^221* ?°° v d ha of i nde - not in a position to disclose what , 
jCLiendence among backbenchers; man nine reductions would be A -m. 

iJj* l s com ni°lf a i ble "ESS,- a? thiS Ar 

- to « 5 e h r l SEE.? 6 r it denied that the company's 

'-’a 35 we 35 George is gj-yinbo plant irr North Wales j 

r:u' 5 ?? er ' v ^ r pnckly - and re “ ote " would be affected. f O 1 

-.;A S the son of remark you hear— I 

,.:;eiind some suggest it might be Gkn management plans to 
;spess his conscience than bitter- S ee !, un t°° , re P re ? en thtives on _y q, 

; ' jEiess at seeing less able men in t M ?, aday to discuss in greater de- 

.• ! w*- ■ _ am .• ■ toil hnnv thp TIP niYV m » fn m 1 


Commissioning of the sinter voluntary basis' In the past two 
plant— crucial to the Redcar years. • - 

Arab summit will try 
to unite ‘rejectiomsts’ 

BY OUR FOREIGN STAFF 


Mr. Sin, ski'd that 10.000 job " 

opportunities had been lost on a 
voluntary basis in the past two 

vears pressures aimed at frustrating 

1 Mr. Smith from announcing 

an agreement before the Malta 
talks between the Patriotic 
r 1 1 Tl*!? Front Ted by Mr. Nkomo and 

L tt IXI 11 J Mr. Mugabe and the British 

and U5. governments. 


Censorship 


. > obs of MP, minister and civil 'Hie Cardiff plant has recently summit conference In Algiers on these two countries will agree to 
; r ^ervant fhe was in the Common- birf?n undergoing considerable Tuesday or Wednesday, it was meet again in Algiers. However, 

.1 I health Relations Office and at modernisation. A new rod mill confirmed yesterday. it is accepted by the “rejectiou- 

• r mSe Ministry of Overseas Develop- and an electric arc steelmaking « ^11 be oreceded bv a meet- jf 14 " that their opposition to Mr. 

-. ^nt berore entering the Com- furnace both went into opera- in g 0 f Arab Defence and Foreign ®j£ at cann °t be credible unless 

• j jons) are not dissimilar: to get tion last year. Brymbo is part- [l 1 . d wh 5J vL differences between Damascus 

S flings done. And Cunningham way through a £60m. modemisa- J“ : JggLj V “Sf ch , ^JounwS^wS an g,r B ^ g ^ ad "¥ re S° lved ' 

ias grasped that In a hung tion programme. attended LensS?^E^aLif . Efforts bavealsobeenmade 

J. rg'arliaraont an individual Labour thJ summit TakS rtace' it will io br^e Saudi Arabia, Kuwait 

. -4 5lP. if he knows what he's about i be a suMwL and J ord »" a w«y froni tacitly 

f ar an wield great influence. - u 4 surcesi. accepting Mr. Sadat’s negotia- 

P ; He bets out bis criteria as foi- In December Syria. Libya, dons with Israel, 

lauws: "I don't believe Edmund E i ’ ‘•.erta. South Yemen and the The final composition of the 

id.urke, that an MP must sit Palestine * Liberation Organisa- Algiers summit may also be 

| -^'hd wrestle alone with his am ti on( met in Tripoli to set up a determined by the results of the 

; , Ji : )nsclence. I see myself as a UJK. TO-DAY “pan-Arab Eront for steadfast- efforts of Mr. Alfred Atherton. 

j' : g»ilcrum on which many pres- RAIN or snow showers. 11654 “•* confrontation.’’ the U.S. Under-Secretary oi 

’I 'ra*res are exerled— the Parlia- London. S.W. and Cent S. Their meetings were marred State, to restart the Foreign 


In the meantime, the Rhode- 
sian Government tightened its 
, ar i h _ Prp o ( . censorship regulations on war 
e nr b ai«p?i reporting and also stopped the 

’hrtmpQOTf^n^irm fnifSer* Iocal Pres3 from reporting any 

Statements by— or even mea- 
ls still not certain whether tlonlng— the Nhomo-Mugabe 

ese two countries will agree to patriots Front and Its lo«d 
eet again in Algiers. However, tront 1111X1 its local 

is accepted by the “ rejection- ^PP 01 ™ 1 *- 
* ” that their opposition to Mr. The foreign Press is not 
.dat cannot be credible unless affected by this ban, but it can- 
Eferences between Damascus not report on the war without 
id Baghdad are resolved. first baying its. copy cleared by 
Efforts have also been made the censors. 


Rain at times. Max. 5C HlFUat odds with Syria. 


E. Anglia, Midlands, E„ N.E., 
Cent. N. and N.W. England, 
Lakes, L of Man, Wales 
Sleei or snow showers. Max. 


.epentary Party, the local party. England, Channel Is. 

i-»wiil individual constituents, and Rain at times. Max. 5C (41F). 
v.A'jmctimes my conscience You E. Anglia, Midlands, NJE^ 
i' Io -isI have to work out which is Cent. N. and N.W. England, 

,,, ,'osl important on a particular Lakes, L of Man, Wales 

■ r ?Cfl sue. n Sleei or snow showers. Max. 

.■p.'At Westminster the way be 4C (39F). 

, i ‘terprets these guidelines may Scotland, N. Ireland 
: i -ake him sometimes seem eccen- Cloudy, occasional snow. Max. 
j, qc. or just plain cussed. It is 2C (36F). 

— | Islington S.. the seat he has Outlook: Bright spells and 
*. fid since 1970. that what he wintry showers. 

'• leans can be seen to best effect. 

. ; -icre his perseverance and BUSINESS CENTRES 

■ "Jngle-mlndedne5s have produced — Vd ,_, r^rr 

«>t just results and popularity, nrtdslar mit-Sas 

it a reputation as about the *c v B c 


be a success. accepting Mr. Sadat's 'negot la- 

in December Syria, Libya, tions with Israel. 

Algeria, South Yemen and the The final composition, of the 
Palestine • Liberation Organisa- Algiers summit may also be 
tion, met in Tripoli to set up a determined by the results of the 
•' pan-Arab Eront for steadfast- efforts of Mr. Alfred Atherton, 
ness and confrontation." the U.S. Under-Secretary oi 

Their meetings were marred State, to restart the Foreign 
by the walk-out of Iraq, which is Ministers' talks between Egypt 


Since then, there have been suspended. 


t0 ^ P^ } 8e J ^>aU ‘ 1, r 13 - In spite of the latest setback, 

and Jordan away from tacitly , t is ti, oag h t ,i ke |y that 
accepting Mr. Sadat’s negotia- be ^ *. in , ern ai 

bons with Israel. settlement" in the near future. 

The final composition of the _ „ _ . ... 

Algiers summit may also be •. ®*r. Joshua Nkomo, the 
determined by the results of the lesder of the Patriotic 

efforts of Mr. Alfred Atherton. Front, said that he feared the 
Ihe U.S. Under-Secretary of forthcoming talks on hodesia 
State, to restart the Foreign nth the British and Americans 
Ministers' talks between Egypt In Malta would be “a waste of 
and Israel which President Sadat time," John Worrall reports 
suspended. from Nairobi. 


Job subsidies extension likely 


-■« constituency MP in the busi 
i use Aineus 

* Rahrmrt 

. -“He takes a hit of knowing Barcrinoa 
i. -it I like him immensely," says gejia« 
h -%>arty worker. “I think he re- 
\ \xes more here. He is very- Bnnchm. 
:■ Amorous In a dry way, though gi-woi 
I, J can be terribly pig-headed." 

great achievements have been b. Airos 
L T the housing front James Cairo 
Rt, a member of the Barnsburt’ 
i Ijople's Forum community raumno 
loup of which Cunningham is coj>i»h , ;i». 


Vda» 

mld-dav 

■G «F 

P 4 3fl Madrid 
S 14 57 IU anchor . 


V. D.I.V4 ii j BY CHRISTIAN TYLER, LABOUR EDITOR 
Outlook: Bright spells and 

wintry showers. 

MR. ALBERT Booth, Employ- Job release, an early retire- The temporay subsidy pays £20 

BUSINESS CENTRES ment Secretary, is Likely to meat scheme, could also be given a -week for a year for every job 

— — — announce on Monday the exten- a further run. This pays £28.50 kept open by a company seeking 

ortdsiaF mi£das sitm of two job protection a week to men and women to make 10 or more people redun 

•c °c ”F schemes and bis commitment to who retire a year before pen- dant It has kept more than 

s 14 r M>nri»tr r \ w coutinue the temporary employ- stonable age to make room for 173.000 people in jobs so far. 

Bahrain s u oil McibourW* r it 37 m ent subsidy. the young unemployed. It is con- Together with ' other' schemes 

Barer ia na s w a Mexico c. s a 7i The promise of an announce- fined to assisted areas.- like job creation, work exper 

jfcjk* 1 ? i , s 7 43 ment during Monday’s unemploy- The Prime Minister, has ienee and training, about 31 0.000 

torun k n j? Moscow Sri -i m ment debate- came yesterday already made it clear that he people have been helped so Tar 

Bnnchm. c 4 38 Munich r. i 3fl from Mr. Denis Healey, Chan- will not let beneficiaries of the By the time all schemes expire, 

r j IS , '2 ^ cellor of- the Exchequer. temporary employment snbsidy they would, it is estimated, bene- 

bK“. c i :a bsto Sn -4 25 Three measures, the employ- fall out of work, an assurance fit 790.000 people at a total cost 

b. Airos s 26 79 Pans r i« ment subsidy, the small firms endorsed this week by the Chan- of £900m. 

£?J™_ ?. SirjL 5 5 ! 2? j°h subsidy and the job release celior in a meeting with TUC “ ‘ 

Sm r. 1-13 SSvir s -7 w scheme, all expire at the end of leaders. 

cotawio k « 43 BiodcJ'o s 50 m March. But Mr. Booth may not be able "Doxy ri<\nl 

SSSS* - ^ 5 « «£L, s r?. Mr - eould wll prolong to make a firm announcement on * U^Jll lOr 


R 4 39 Milan S 

S 7 43 Mom real Sn 

K 3 3? Moscow Sn 

C 4 38 Munich r. 

F S «i Newcasilo C 

C 4 39 New York S 

C 4 391 Oslo Sn 

s 2G 79 Pans r 

S 19 66 Perth 5 


„ — innhiia H 7 ji sinunnn- «; -s Ki-. *”*- iu mane a arm announcement on 

|2airman and a member ?f hl , s j eunbwiih v i ai siockhoim. s -a :i the sraa.ll firms subsidy, which its extension until the EEC Com- 


i ISC. puts it this way. “He's Frankfurt 
f Et a knight in shining armour. Geneva 
•' lEil some of his political views SJWJSY 
& a bit odd. His real skill is in 
J. epporting people and working jotju™ 
C^h them to help them." 


4 ;s sirasbrs. c 3 4i pays private manufacturers, with mission, which is objecting to 

5 £ SJS i 1 41 lc ®3 tban 50 workers £20 a week the scheme, has been officially 

' M c 16 fli for every extra job they create, informed. 


C — 14 7 Tel AyIt _ .. .. . . __ 

e IS SI**, - s ’1 At present it is confined to Ministers are hoping for an nMinw nr&npB5 ^ «n f,.i 
c r SJSSST S p"2 a SP*® 131 d « y etopment areas, but “amicable settlement" of this drivere in^he ^ er 

c ? « WaiSfw SOM following TUC pressure, Mr. complaint from Brussels, which d " v ,®5 Ji° ta iP , L““? a 1 n * v 


Pay deal for 
Mobil men 

By Our Labour Staff * 


Viliy Y’ttax 

midday mid-dav 

■ ’C 'F . »C *F 

s 12 5« ivtanbul s io sn 

V 43 5DiJ(^p»ey C 8 4B 

S II S3 Las Pirns. P II HI 

R 3 37 Locarno S fi 43 

K in ^BiMalorra F 1^ 

«• -I 4i;Mq||iHs S 17 63 

K w I'll . Malm S la 81 


8 52 wiiwruiB VUrniUMUl 4 rum orusseis. WIUCU Vl»«rtpprta,r nn n r_ 

3 37 Booth may extend the coverage alleges that the subsidy assists ^ 5? JSKJ® VLJJ n i 1 JS y J n ' 

to include bigger companies and the U.K. textiles, clothing and Sidelines ^ and 

those outside development areas, footwear industries unfairly. g^ir pa” anniverS^ \m 

'ias November. 


IT ffTnmtr tfc. " TT .'.i Londati C 7 4slWarsaw s o 52 touuwmg i uu pressure, car. complaint rrom Brussels, wmen sf . tt i eri v^prrfavnn-, Jvr; 

f= ^SSSTa'X^SS ^ AY RBORTS those outside?developipeDt areas: fo„*,£ fiSflS? J 

« . cfl Quite unsolicited went round JEJgL JJ2g_ November. 

Ce oKer assistance. The land- • *c • f . -c ^ r- j e n i ’ eorapan? said last night 

C'.d threw him out. hut George Aj««v> s 12 54 inanbui s 10 sn '.^OHUnUSa 110X11 rSpfi X that both sides had also agreed 

,,X T^t back with some Labour ^ )i nliE'SL. S t | !! separately on the need to revise 

1 fgiple. just to show him how RUu$puoi r 3 37 1 Lmamo s 6 43 ^ 1 1 T a self-financing productivitv 

Jp EtfP local feelings were about Bordeaux k in ^.Maiorra f 12 m Uf If nAll/n scheme to fallow the pay settle- 

sort of thing.’’ More tan- gj— ' K a «;«*« « ' » « DUL DdLKS tJOWIl menL 

1 F p-le was the fight for extra ca^ Toun s 24 vl.xailUi s ?I Bot d ri rere employed bv BP. 

, ^3 posing rehabilitation funds, corm - f 14 jrjKjok-s s 11 » tion in relations between the two accepted, would have given the Esso and Texaco are due to 

j’ F^ogton needed £25m. but only nrtrovmk | * {•’ “ esmpanies over the past few British company about S5 per impose an overtime ban from 

:*^A| m - had been released and Horenre s ii 52 Rhodes s is « d a J' s - Mr. George Dillon, Airco’s cent, of the common stock. There Wednesday which could cut 

‘ b °f contracts had already Fnnchai f is ei saUfaora f hi "hairman, and Mr. Richard have been a number of instances petrol and oil supplies by up to 

1 * Q.fn placed. Cunningham Gibraltar s 17 « Twwitar v 17 a Giordano, president and chief in the past year of U.S- share- a third. The oil companies 

: Gjned up at a tenants’ meeting i n ^ra<s< c 1 ai Tinis s 'a a? executive, resigned from the holders taking legal action believe there is a slight chance 

Is the time "La hour’s Commons nuenwai f -3 27iv#i«ida s h 37 BOC Board this morning. against company directors on the of the action being averted if 

■••jjpority was one) and promised R a-eivemn s « « Following BOC’s climbdown, grounds that they were being pro- *h*»P stewards at Sbell decide 

,-—5et the full amount from the «— suDny. F-Fair. e-nowi* r_bj« attention will shift. now to AIrco vented from accepting a pnee on Monday to continue pay 


K 12 M 
S 17 63 
K 16 61 
S -4 75 
S 1 1 W 
S M S3 

R in m 
S 16 61 


BOC backs down 


s « sn Continued from Pa^e 1 tha?hoS Ss lS^is^aAwd 

S 2S separately on the need to revise 

5 fi « -r* 1 1 1 3 u self-financing productivitv 

s s s BOC backs down ssr 10 roUow ““ pay settle ’ 

s Bot drivers employed bv BP 

s ii w tion in relations between the two accepted, would have given the Esso and Texaco are due to 

» In ^ esmpanies over the past few British company about S5 per impose an overtime ban from 

s IS 6i da >' s - Mr - G^rge Dillon, Airco’s cent, of the common stock. There Wednesday which could cut 

f s 4i -hairman, and Mr. Richard have been a number of instances petrol and oil supplies by up to 

£ \l ® Giordano, president and chief in the past year of U.S. share- a third. The oil companies 

s la 6i executive, resigned from the holders taking legal action believe there is a slight chance 

s H 37 BOC Board this morning- against company directors on the of the action being averted if 

s « « Following BOC's climbdown, grounds that they were being pre- sho.P stewards at Sbell decide 


ernment He ditL 


. SB—Snov. D — Drizzle. 


shareholders whose tenders, If for their Investment, 


negotiations. 


cent and the Government 
Securities achieved a gain of 9 
per cent. That was not the 
only bumper January in recent 
years, and last month a feeling 
of expectancy was building up 
in the market as the turn of 
the year approached. But as 
so often a rise expected was a 
rise discounted. Since the end 
of December the 30-Share Index 
has shown a modest net loss of 
about 8 points' and the gilts 
index is 2\ per cent lower. 

Before Christmas the institu- 
tions had committed mucb of 
their liquidity to the gilt-edged 
market, and had bought partly, 
paid stock which was designed; 
to mop up same of their se4- 


John Brown 

Price relative toUie I 


dividend yield of around 41 j*r 
— rent, could he significantly fa. 
proved if statutory controls sre- 

W lifted. But Brown is at a tnu. 
sitional stage. It has turned 
round ils existing interests and 
iiL now has to find new sources. «t 
-f growth, 
it 

} + British Leyland 

f t Reports that British Leylaad j 
t f is considering a request for as- : 
l i other £400m. of new equUyi 
II come after a year in whUu 
1 profits have fallen way below j 
f ■■ target and borrowings have bit: 
m3 looped. It looked at the* interna 
’78 stage as though debt could hare 
risen by about £2Wro. which 

if continued through -.1877; 


JjPJjX r ;*gf over pre - tax pushed the Lum fakc total borrowings up 

ta Z shares 33p higher to 2S0p. ■ ,,er *5fl0nv cmrarod wJS 

wee« Z, ZL ot F i om “° W 0n ' h0W ,T , K er ' 0,6 an equity ™e uf under MOta 

gains 'in the &e°d SSEL S * tu . rlhM ^ 

were shattered whe- the Gov, a ^ f„rthVr imDrovement flow ,s c*PecteU_in 197s 

ernment launched yet another rinnn^iaTS-TB is likelv to be A cash in -I eL,tinn j 

new tao on Jannarv 9. dun . ng . “ J nitude would certainly take the 


new tap on January 9. 


“G^thertirSuiiymutor S°.? pressure " ff ,hc “* 

has tor i long time been taking. Shhafb ern ine of itTbhl ml:nt for a 5n - 11 w0, ‘ l11 ! 

its lead from guts, share prices s “rie™ is”S:ely to find also emphasise the nunsetiwm t 

have bad little scope to make * Leyland retaining its quoted 

progress. Equities are having to Ule more a “ euJ . company status. The Govern. . 

adjust to the publication of G 35 turbine deliveries and cent's holding would stand 4a 
company profits which are pro- Profits will roughly double in from 95 to about 99 
gressively less padded by ihiSa- the current year, and this side cen j outstainling sharffk 

tionary gains on inventories, could account for something like 
And this week’s big cash call a third of overall group profits. — 

from Midland Bank has come would be a remarkable re- # 

as a reminder that the rights turn on capital employed of f nnf$)inPr IlltP 
issue season, which runs under £10m^ and one that will I^IIC 

roughly from February to July, t>e hard to maintain at a time . 

is once more upon us. when sterling is squeezing eXtCfluS SCrVICC 1 

The market has had to con- export mar Sins. , 

tend with alarm signals flashing Constructors John Brown has ARABIAN Peninsular Container ■ 
across the Atlantic: since the been the other big recovery/ Line's service from the ILK. aod \ 

vear-end the Dow Jones Indus- growth area, and the outlook Europe to the .Middle East « | 

trial Average has crumpled by for orders here remains promis- W ifummoS'" 16 : 

neary 70 points. The nervous- *"5. Taken together, gas turbines pnrl 1 mm ^ asr ' 
ness is being transmitted to and CJB account far roughly “J S 

London where something as two-thirds of profits— and repro- »*«> » T t . h ; ■ 

innocent as the delay in publish- sent only about , sirth of e.pit.1 Nadine at Tmn.ry Jnd ConS 

tng U.S. trade figures (a snow- £J3«2. jS ‘HSli lal ^rls for Mu it rah. Dubai, 

storm held up the statisticians) risk business, and John u u , umiini Kuwait. Bahrain ami 
caused flutters in gilts this Br°wn is now anxious to estab- Uinm Qasr, with transport links 
week; hsh one or two new significant to trading centres throughout t)» 

The short-term technical posi- P rofit censes to provide a region. 

tion of the London market is balance. *. 

being improved all the time as “ bas the financial means to 

the inflows rebuild institutional achieve this, since short term ^ 

liquidity. But the underlying debt ^ which totalled £24m. two tVUWait COHSloerS 

cyclical tTend is probably ^ a S°> ha s recently been c 

becoming less favourable, point- dtroioated. One area for in- 0VCTSC3S rcnncriCS 
ing to a delicate balance in the creased investment is machine Kuwait is considering partkh 
months ahead. tool s. where the group believes pation in oil refineries m 

it is in a position to develop com- Morocco and the state of Rm 

Yntin Rrnmn petitive new families of tools. Al-Khaimah in lire UAE. accord* 

isiuwu particularly automated turning in S to Oil Ministry* official* 

John Brown was worth an machines. Acquisitions are also Beuter reports. Kuwait already 

extra 2.1 points to the FT Indus- on the card's. participates in oil refining la 

trial Index yesterday. Its fore- Meanwhile the re-rating of f.“!J| an ' a, ~ lnd0Iiesia and Yue» 

cast that profits in the year to the shares could still have a built will 

March will rise from £10.9m. to bit to go.' The market official, added * 


Container line 
extends service 


m 


Broadly based funds 
with freedom la Invest 
wrtd-wide 


Funds with sped DC 
Income objectives 


No specific income 
objective 


Increasing income 


| High income 


Funds conce dieting 

on spocitlc Investment 
situations 


Funds with high 
minimum IL2.500] 
Investment 


Geographic areas 





— 


International 
investmcfil sectors 

intern auona l 
1'ivosimcni 


High-and increasing 
income. 


1 Capital Units 
Investment Trust Units 
Universal Growth Fund 


■ High-Yield Units 

■ Scotyiefds 


HighfiehimUnKTruii 
1 Income Units 

■ UK Equity Fund 

■ ScDUuros (Saubmq 

1 European Growth Fund 
1 Jai> m Growth Fund 
US Giowth Fund 


{ Cuwmigdile Ehate F u-1 j 

j tllW0» IndliMiiO^ Ftmt! 

J F;imic|,it Srcuiilift f urj 
V — - S.-otMt . 

"" Srleci Inimnati;^ 1 1 u nJ 


Select inci-mto i U n.j 


|&^^te^ e aW tru5t3 

Sa&ss&sssF’S** 

Sn STp Servic ^ De Partmeixt 

«aiSsE2 w * 

London EC3P 3EP 

•telephone: 01-554 8899 JH 


O The Kinaacifl Tters fli./fo 


■^SijVv-lASa