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CONSULTANTS y u J./cnSiTV L* Jtsfcim*' i IVIO! 

U ^'S^- HITCH,K no. 27,599 Saturday July 1 1978 ' ^ WvtS 

— — | cAa' » 22 -rbr B 79 f 1 '- ^ V 

C °*'*TBttNTAL SELLING PRICES, AUSTRIA Seh.15; BELGIUM Fr.J5; DENMARK XrJ.5: FRANCE FrJ.1T: GERMANY DM2.0; ITALY L.SflO; NETHERLANDS Fl.2.0; NORWAY S^l-; r ^"‘ u “" L tac-^i — l. ^nTBUNtt -- '?' 0 ' a ~ E — — 






ONGINES 


Saturday July 1 1978 


World’s 

Most 

Honoured 

Witch 



GENERAL 

Raiders 

jailed 

for 15 
years 

^ Dutch court iu Assen yestrr- 
"ay sentenced three South 
1 V«T X ? an Suerrillas to 15 years 
7* for murdering a hostage 
donng a on a ^ 0U r.nment 
office block In Assen. The sen- 
tences were the heaviest ever 
imposed on Moiucea n guerrillas 
In Holland. 

no??® Prosecution had demanded 
f^yoar sen ten ce c fur the three. 

oldest of whom was 23. 
^utch marines freed the 70 
hostages after 29 hours, after the 
guerrillas bad shot dead a 40- 
year-ola civil servant. 

Switzerland: Two West German 
guerrillas, Gabriele Kroecher- 
Tiedemann and Christian 
Moeller, were jailed for 15 years 
sr id 11 years respectively on 
charges including the attempted 
murder of two ~ Swiss customs 
men. 

160 injured 
in van bias t 

At least wo people were injured 
when an ice cream van exploded 
near Ne «• York’s Wall Street 
iiuaiu’cal area yesterday. Police 
said later that the Mast could 
have been caused by a bomb 
planted in the van or by a faulty 
compressor. 

Six people were -aid to be 
seriously hurt. Others were 
treated for cuts and burns after 
the blast; which blew out 
windows in neighbouring blocks. 

Massacre victim 

Mary Fisher, badly injured 
survivor uf lust week's if. 1 'ilia 
massacre of 12 British mission- 
aries and children in Rhodesia’s 
Eiim PontOL-osui 'Ti&sior, in, 3 
doed in ia :. Salisbury hospital. 

Mondag e in IsraeS 

U.S. Vice-President Walter Jlfnn- 
dale arrived in Israel amid ihe 
tightest security since Egyptian 
President Anwar Sadat’s Novem- 
ber peace mission. Originally 
to celebrate Israel’s 30 th 
anniversary, ibe visit seems 
likely to centre on Middle East 
peace. Page 2 

U.S. journalists 

American newsmen Craig 
Whitney and Harold Piper wen- 
given more time for legal advice 
when Moscow c.ity Court 
adjourned iti hearing of 3 
slander suit filed by Soviet tele- 
vision over their treatment of 
a story on a jailed dissident. 

Actor kiB 3 ed 

Actor Boh Crane, who played 
Colonel Hogan in the television 
comedy series Hogan’s Heroes, 
was found bludgeoned to death 
in g flat in Suotsdale, .Arizona. 
He was apparently asleep when 
his killer struck. 

UN sessson ends 

Winding up an unprecedented 
five-week disarmament session. 
L’N members approved the 
restructuring of the Geneva 
negotiating machinery. with 

France agreeing to join the talks 
for the first lime. 

Carter poll blow 

American; are unhappy with 
president. Carter's performance 
in the While House and confused 
= 1 bout his policy towards the 
' Soviet Union, according to a U.S. 
opinion poll. Only 38 per cent 
' approved of Mr. Carter's handling 
of the presidency. 

Briefly . . . 

ftennes police made two arrests 
in connection with the bomb 
attack on Monday at the Palace 
of Versailles. 

One man was shot and 17 people 
arrested at a Roiling Stones 
concert in Lexington. Kentucky. 
Archaeologists at Lake Victoria 
have discovered one oT Africa's 
earliest industrial areas— an 
Iron Age ‘lie rtat:*ig from 500 BC. 
■At I® 85 * 1 11 people were injured 
when tht Madrid- Valencia train 
collided tfith a lorry at a level 
crossing- 

prince Michael of Kent married 
Baroness Marie Christine von 
KeJbnJtz at a brief civil ceremony 
jn Vienna 



BUSINESS 

Equities 
lifted 
by wage 
hopes 

• EQUITIES were encouraged 
by div irtend and wage prospects. 
The FT 30-share index: rose 3Ji 
to 460.8 for a gain of 4.5 on the 


FI Industrial 
Ordinary In&x 


HOURLY MOVEMENTS 
1 * DAYS Q USE 



to Dress 




£20,000 rise! 
proposed for 
State chiefs 

BY JOHN ELLIOTT. INDUSTRIAL EDITOR 


Bilston 

steel 

strike 

threat 

lifted 


e-UlL-TWt HIGH 
ffii, UiOi 

«r n wr? 


BY PHILIP BASSETT, LABOUR STAFF 

The Prime Minister told trade union leaders yesterday that the Government 
wants single-figure earnings increases in the next wage round. He made it 
clear that it would press for a limit with or without trade union co-operation. 

The Government would pro- Distortions created by a wages sei-reiary of the Association of 
duce its own figure fur wage policy would have tr. be dealt Professional. Executive. Clerical 

increases in the next round after with' in the next rouud. But and Computer Staff, said that a 

consultation with the Tl-C and Mr. Callaghan appealed to trade the unions reached an aceora- 
Ihe CBI which wnuld he “much unionists not to leap-frog over niod:*.iion with the Government 
more modest" than the 10 per other workers' pay during the for the next year on the shorter 
cent guideline for Phase Three, working out of differential*. wonting week they couia co- 
Mr. Callaghan told trade Inflation^ would bold steady 0 P«jJje on inHatioo. _ 

unionists at the annual confer- at anout per ceni un.il the • . fransnort and 

cnee of the Confederation of end I of the year - Mr -Callaghan Haw dev of the J^port and 

Shipbuilding and Engineering said. Wages, though nut the General Workers , which ^ cum 

Unions at Eastbourne: ‘I will major cause uf inflation, were .‘ t 11 !S n ;.f l | ntikSvto 

light in the country to get that an important one. . It was J-tte union *as unlikelj to 
view accepted" esential that trade unionists did change its policy, 

view arcepien. not allow inflation to return to Rupen Cornwell writes: While 

Initial trade union reaction to drub , fi „.. re5 ihe Prime Mimster was appeal- 

his initiative wa5 -guardedly 11 [ 0 i)j e unions, Mr. David 

favourable. Rn»r: Liberal leader, called for 


26 27 28 29 30 

JUNE 1978 

week. Rises exceeded falls for 
the first time in 10 sessions— -by 
four in one in FT-quoted 
industrials. 

Q GILTS gained i in the longs 
after the Prime Minister’s wage 
warning. The Government 
Securities index. gained 0.27 to 
69.52 for a rise of 0.31 on the 
week. 

Q STERLING fell 65 points to 
$1.8600. Its trade weighted 
index was 61.5 <61.6). The 
dollar’s trade weighted depreci- 
ation was 72? f 7.1 j per cent 
The yen reached a record 
Y203.00 against the dollar 
before closing at Y203.55 
(Y205.20). 

O WALL STREET closed 2.69 
lower at 818.95. 

O GOLD fell $1 to $1832 In 
featureless tniffinr The Ni-iy 
Vorii G?nv.-x •.» - .«n 4 ; 

was 182.30. 

©US. BANKS started raisin? 
their base rates from 8J per cent 
to 9 per cent. Back Page. • 

0 FRENCH franc fell sharply 
after President Uiscard scotched 
rumours that it would rejoin the 
European snake. Back Page 

IATA starts 
crucial talks 

© INTERNATIONAL Air Trans- 
port Association started a key 
meeting in Montreal to discuss a 
report on fares which con- 
centrates c«n the North Atlantic. 
It has been suggested Britioh Air- 
ways and Pan American might 
leave IATA in the dispute over 
international fare structures. 
This could cause the collapse of 
the association. 

O BOEING will sign a multi- 
million dollar aerospace contract 
with Japan which will guarantee 
co-operation on the next venera- 
tion of civil airliners until the 
21st century. This will not pre- 
judice Britain's chances of par- 
ticipating in Ihe proposed 757 
project. £10m Navy order. Page 3 

© PRICE COMMISSION’ will 
probe Lever Bros, soap and deter- 
gent charges and a proposed 
Royal Doullon Tableware price 
increase. Back Page 

O FLEET STREET owners are 
considering action “to protect the 
interests" of national new -papers 
after a move by the -"-aiionai 
Union of Journalists to withdraw 
from the national pay agreement 
Page 4 

0 WORKING TIME required to 
buy a bottle of whisky h^s fallen 
from six hours to three hours 
20 minutes on average earnings. 
That for half a pound of '.oa has 
risen from 21 minutes to 2 $ 
minutes. Page 3 

COMPANIES 

9 SPOONER INDUSTRIES has 
rejected a bid from Sandvik. 
Page 16 

• GENERAL ELECTRIC Com- 
pany will become a junior part- 
ner in a venture with Fisner Con- 
trols of the U.S.. a subsidiary 
of Monsanto. Back Page 

9 GREAT UNIVERSAL Stores 
subsidiary Global of London 

1 Tours and Travel) is consider- 
ing buying three Boeing <57 jets, 
which could cost £20m no"-', and 
starting an airline. Weekend 
Brief Page 15 


According to one union leader. IsDftnirf/inrf* 
inlsters have made it clear to AiHpUl ld.UL.L- 


esenti.il that trade unionists did change its policy, 
not allow inflation lo return to Rupert Cornwell writes: While 
double figures. the Prime Mimster was appeal- 

ing lo the uwons, Mr. David 
5te>.:. Liberal leader, called for 
T mnfirtilinPP a long-term policy no prices and 

AlllhJUJ incomes that would sain broad 


TL'C leaders that the Govern- i>„ nn . cnmi-u*d tn find 
intent is seeking increases of 5 1h , vp . of increases was liR Proposed that an annual 

percent in the next wage round hbVr* ihinlO peJSm which maximum should he laid down 
which begins in four weeks’ the^mnacl on infla- after discussions with both sides 

time, with a further 2 per cc-nt f1 . n h ' ' - u epT1 anvthin* 1 to oF ’ndustry. Companies which 
for correcting pay policy Mahout " ' ° » would ha t ve *?. ™ 

anomalies. He SSed the imnortsnce of ? n r *‘ tra 1 *** wot , “ticmsl 

Mr. (’ariaehan mid ih. r rtn . l nl V ;,i., :i o nc h,n msurahee surcharge for . every 


national acceptance, 
not surpri.-ed to find »h.i 


A CH.ALLENGE to the Govern- 
ment to put aside its pay policy 
limits and award salary in- 
creases of up to £20.000 a year 
to nationalised industry chair- 
men and other top public 
servants was thrown down yester- 
day by aa official pay review 
body. 

The proposed increases would 
add up to 70 per cent, to some 
salaries and for example, would 
take the chairmen of industries 
such as rail, gas, electricity and 
coal up from about £24,000 a 
year to £40.000. with somt others 
goig as high as £45,000 and 
£50,000. 

The Government’s reply to this 
challenge, thrown down by the 
top salaries review body under 
the chairmanship oF Lord Boyle, 
will pot be announced until next 
week. But it is widely assumed 
that, despite loud outcries from 
some Labour MPs yesterday, the 
rises will be phased over two or 
more years with this year’s in- 


watered down forj most of those J 
concerned and were not imple- 
mented at all in the nationalised 
industries. Yesterday’s report 
called this indefensible and 
hinted that the Boyle members 
might resign unless the Govern- 
ment implemented its new 
proposals. 

Nationalised industry chairmen 
and board members are angry at 
the way, they have been treated 
and probably regard yesterday’s 
proposed salary levels, as the 
lowest conceivable when their 
position is related to private 
sector salaries and the rate* of 
ioflation. 

For example, tbe main £40,000 
level— £16,824 net after tax for 
a married man with no dependent 
children — proposed for chairmen 
in industries such as rail and gas 
is only £5.000 above the gross 
figure proposed by the Boyle 
report in 1974. 

Under yesterday’s proposals, 
the highest chairman’s rate of 


TOP RISES RECOMMENDED 


Mr. Callaghan told ihe Con- t hc Government's relationship fhp limit 1 

•federation, which represents with the unions and tried to woo 1 ^ c£ii P ?i?rt°aS ^SdiineiSn 
2.5m workers, that this was thc them hv listing Labour's achieve- r .^‘ 

best way to guarantee jobs and m » m5 for workers. C lee Thorpes that such a policy 

an increased standard of living. Thev included repeal of the ifill eDshr,ned In ^ 

The Government could not Industrial Relations Act. the new rin.ioce om. 

stand aside from wages when 20 Employment Protection Act. the 0 Kir John Blethven. Director- 
per cent of the country's wage Health and Safety Act. and the General of the Confederation of 
earners had their pay determined Health and Safety Commission. British Industry, said: “Thc 
or influenced by the Government Mr. Terry Duffy, president- Prime Minister is right to empba- 
because nf its intervention in elect of the Amalgamated Union sise the need for greater 
industry nnd tbe public sendees, of Engineering Workers, said Mr. moderation in pay settlements. 

However, trade unions and the Callaghan had convinced trade "Excessive pay settlements 
CBI would be asked for their union leaders at the Confedera- will only make our products 
observations on its economic tion of the value of "not too ex- more expensive and less corn- 

analysis. the level of growth and tortionate ’’ wage demands. petitivc. with the result that 

the future level of inflation. .Mr. Roy Grantham, general more people wfll lose their jobs.” 


Nationalised industry chairmen: 

British National Oil Corporation 
National Enterprise Board 
British Steel Corporation 
British Rail 


Present 

salary 


£30,000* 
£33.000 
£30.000 i 
£24,500 : 


Proposed 

salary 


£50,000 

£45,000 

£4SJ»0 

£40,000 


Central Electricity Generating Board 

Other senior public servants: 

£22300 

. 05,000 

Head of Home Civil Service 

£20300 

£28,000 

Permanent Secretary 

£19,000 

06,000 

Lord Chief justice 

£23,000 

£34,000 

* Lord Kearton, the present diairman, waives bis salary. 


se 9 s 


9 9 


mn 

3L* u ~ •- 


BY ALAN PIKE. LABOUR CORRESPONDENT 


THE ADVISORY. Conciliation 
and Arbitration Service was 
declared yesterday to have “ mis- 
directed itself in law” in a High 
Court judgment which throws 
into question its whole policy of 
discouraging thc entry of new 
unions to established areas nf 
industry. 

An ACAS report which refus?d 
to recommend recognition for 
the non-TUC affiliated United 
Kingdom Association or Pro- 
fessional Engineers :il APE- 
Allen. a Bedford engineering 
company, in !-pite of 79 per cent 
support among the staff It wished 
to organise. wj*> declared void 
by Mr. Justice May 

The High Court decision, which 
is likely to have far-reaching 
implications in the acutely sensi- 
tive area of whlte-coilar union 
recognition, was immediately 
welcomed by leaders of unions 
not affiliated to the Confedera- 
tion of Sbipbuildina and Engi- 
neering Union > and which are 
trying to enter the engineering 
industry. Mr. John 'San;p=jn". 
genera! secretary nf UKAPE. 
said: ** At last justice is beriu- 


ning to appear io industrial 
relations." 

Mr. John Lyons, whose TUC- 
affiliaied Engineers and Managers 
Association is struggling against 
TUG opposition to be recognised 
on behalf of managers in the 
shipbuilding industry and indi- 
vidual engineering companies, 
commented that the court 
decision war a "stinging rebuff 
for ACAS and the Engineering 
Employer- Federation, which 
have both been trying 10 impose 
unions on professional and 
managerial >laff which they do 
not want t«» join.' 1 

The judgment opened the door 
for all such staff to join his 
association ‘‘confident in the 
knowledge :hat ACAS cannot 
bi<vk legitimate recognition 
claims.” said Mr. Lyons. 

In ihe recognition bailies rinee 
the Empiovnient Protection Act 
vloiv into force, the Engineering 
Employers’ Federation ana tbe 
Confederation have maintained 
a common front in Iheir opposi- 
tion to unions which are not 
party n ihe industry’s national 
procedure agreement. 


ACAS recognition decisions 
under the Employment Pro- 
tection Act have supported this 
view, with the service pointing 
to tbe importance of taking into 
account the overall effect on 
industrial relations of any 
recommendation which it makes. 

Mr. Justice May acknowledged 
in bis judgment that there bad 
been clear threats of strike 
action by Confederation unions 
if ACAS decided to recommend 
UK APE’s recognition. 

He said that ail concerned saw 
the issue as part of a much 
wider problem of recognition for 
senior and managerial em- 
ployees. and. in his judgment, be 
acknowledged that tbe task of 
ACAS was not an easy one. 

Bui. said the j’udge. to state 
and take the view that it would 
never recommend recognition 
when this would not fit in with 
existing collective bargaining 
arrangements in a company or 
iadu>try. was wrong. 

ACAS has not yet decided 
whether lo appeal. 

Details of judgment. Page 4 


creases being limited to 10 per 
cent. However. Ministers are 
concerned that the rises should 
not damage union leaders* will- 
ingness to adopt a further phase 
of pay restrainL 

The reason why many of the 
proposed rises are so large is 
that those concerned have not 
had substantial increases for 
some time. Nationalised in- 
dustry chairmen and Board 
members had their last big in- 
crease in 1972, while the other 
groups covered— senior civil 
servants, armed forces officers 
and judges — received a limited 
increase early in 1975. 

For some time, therefore, the 
Government’s concern for the 
credibility of its pay restraint 
policies — coupled with tradi- 
tional Labour hostility to the 
concept of high salaries — has 
meant that tbe top salaries in- 
volved have fallen well below 
those in the private sector. 

Recommendations from the- 
Boyle review body in 1974 were 


£50,000— £18.938 after tax— would 
go tu the British National Oil 
Corporation — the present in- 
cumbent LonJ Kearton, waives 
his salary- -ac. f the lowest of 
£16,000, £10.546 after tax, to the 
British Waterways Board. 

It is hoped that such pay levels 
would make it easier to recruit 
Board members to the industries 
and provide sufficient headroom 
for salary structures to- be 
corrected among, the industries’ 
senior executives. At present 
some top executives below board 
level earn more than their board 
members. 

Yesterday's report acknow- 
ledged that the proposed 
rises should be phased in three 
stages over- two years to April 
1980, and said the average of the 
increases was 31 per cent This 
amounted to 8.6 per cent a year 
over the period from 1975, dur- 
ing which the retail price index 
had risen by nearly 63 per cent 
Continued on Back Page 
Details of report Page 4 


By Christian Tyler, Labour 
Editor 

THE THREAT of a national 
steel strike over the closure 
of its Bilston works In Stafford- 
shire, was withdrawn yesterday 
. when the British Steel Carper- . 
a tion undertook to maintain . 
the plant at its present level ; 
of ontpnt pending talks with 
the onions. 

BSC withdrew a letter from 
a local manager which had . 
called for talks on ihe phased 
run-down or the works, where 
2.409 are employed, e\en 
though unions at national level 
have not yet replied to BSC 
proposals to shut the plant. 

Mr. Eric Varley, Industry .• 
Secretary, reacted to the threat 
or a strike by the Iron and. 
-Steel Trades Confederation by 
ringing Sir Charles Villier*. 
BSC chairman, to say he was 
. extremely unhappy at the way. 
the Corporation had handled 
things. 

It was disclosure of the letlei 
On Thursday that led con fed i 
e ration leaders to ahoodoii 
their delegate conference ir 
Scarborough and cal! an.emer; 
gency executive meeting. BS(. 
yesterday said it bad recinder 
the letter by the time Mr 
Varley rang the chairman. 

A brace was reached yesteii 
day evening after tbe TUC stec: 
Committee, hastily convene*: 
for its own discussion, wen- 
on to meet Dr. David Grievev 
managing director of person 
nel at BSC’s London head 
quarters. 

r 

Moratorium 

Mr. Bill ’Sirs, confederation 
general secretary and chairma; 
of the TUC committee, said th, 
intended closure of two d 
Bust on’s four open - heart] 
furnaces would not now g 
ahead on August 6. 

_ The onions called for < 
moratorium on all closnr- 
taiks — perhaps of six months- ; 
to let the anger of workei 
subside. • 

The whole issue will be fe, 
into a receatly-cstabUshe 
joint planning committcl 
which the BSC hopes will met* 
soon. • . . , 

Mr. Sirs commented: "The 
thought they could posh W 
and push ns and that we wonJ : 
submit to anything they did >; 
us, because we have co-opera li 
over a long period of time. Oi 
members are not going to F 
kicked into submission.” 

He did not accept tt 
implication that the letter h; 
been sent on the initiative ■ 
the Iocs! manager alone. 1 
Dr. Grieves, who called U; 
Continued on Back Page 
Steel: Tbe not so golden ; 
handshake.' Page 14 



paid quarterly 


Bidder for J. B. Eastwood named 


BT ANDREW TAYLOR 

CARGILL INCORPORATED, ore 
of the world’s largest grain- 
traders. with annual iate-3 of 
more than 3l0hn cE5.4bn« 
emerged yesterday ui the bidder 
1 for J. B. Eastwood, 'he UK's 
largest egg and chicken producer. 

The name of the U.S. Didder 
was announced almost simu'- 
taneously with Eastwood’* year- 
end results, which revejicd a 42 
per cent decline in pre-tax profits 
tn March 31. 19TS. 

Cargill. i»ne nf the " big four" 
U.S. agricultural merchant 
groups, is bidding V>-ri tasn a 
share for Easlw>od. which Vfl-jes 
the British group at aoout £32i:i. 
Thc offer already has irtv back- 
ing of the East wood family anti 
group airociois controlling .1 35 
per cent stake. 


Essfaood blamed a depressed 
market and subsequent squeeze 
on meat and poultry margins for 
its profits decline. It said the 
profits were particularly dis- 
appointing in view of the more 
optimistic outlook at the time 
of its half-year results. 

Cargill, a private i.ompjny ‘.-on- 
t rolled oy two families, has wide- 
ran^inp interest* in farm 
products a-= well as some 
'.hemical. coal, steel and finan- 
cial operations. Group net 
annual ornfiis arc about St 00m 
i£54rr. 1 . 

It is involved in poultry and 
<•:; production in a number nf 
1 pun tries, but not a;? v*.-, in 
Britain. Eastwood has about 
an eighth of tbe UK market in 


eggs and chicken production. 

Eastwood also has animal feed 
interests, largely for internal 
purposes, as well as pig, poultry, 
and its own marketing and dis- 
tribution businesses. 

The egg and poultry side is 
the most attractive to the U.S. 
groun. according to its British 
merchant bank advisers J. Henry 
Schroder Wagg. 

Profile. Page 2 

£ in New York 


- 1 ..I >!.«:» £40 ■ 

■•ir o.r'.-.y! li,- ■ '.ic-v.-iL' ■li’. 

'iwiln l- s 7-J--I .IK J.Si- 1 .53 ais 

i: WJ-Wi’i/I. 1 $.‘X-4.cZt .1/; 


CONTENTS OF TODAY'S ISSUE 


CHIEF PRICE CHANCES YESTERDAY 


(Prices in pence unless otherwise Marks & Spencer 

indicated ) A'at W est 

RISES' Pilkington Bros. 

Treas. I3P« 1990 ...-...£103 + ; Rainers 

Ev£W*ti-17(£43pd> £44 f _* Samuel .H i A ... 

AthrUht & Wilson ... 1S3 + o ^r-ooncr bids 

Assoc. Newspapers - » £ + S Tex Abrasives ... 


Bools 

Brown & J«ekson .. 

Cawdaw 

Dale ElecL ■ 

Eastwood t-J. BJ -- 
Fitch Lovell 

(lEC. 

Glaxo 

ftUS A 

Hertderson-Kenion 
Hickson & l^elch .. 

1C Gas 

Lookers 


Pilkingtoo Bros 

£103 + ; Rainers 

£44 4- * Samuel iH.l A 

1S3 + 5 Spooner I nds 

167 4- 3 Tex Abrasives 

20S — 7 Thomson Org 

12S — K Time Products 

33 2\ We^lon-Evunj. 

160 + S London Sumatra .... 

125 + 35 BH South 

U4 + 3 FALLS: 

2M6 4- 7 llambrns 

355 -■• 16 Moss i ft. i 

276 + 12 Nat. Carhonisine .... 

S2 — 6 Siebens (L’Ki 

1U7 + 7 Guthrie 

372 1“ south' aa I 

62 + 4 Western Deep 


146 

— 

6 

260 

— 

3 

540 

1- 

17 

71 

— 

ti 

2U3 


y 

SI 

— 

4 

tv: 

— 

:5 

2H.J 

— 

12 

l-Vi 

-T- 

S 

11'. 

-■ 

7 

HB 

— 

s 

119 


5 

1«’.S 

- 

15 

"1 

— 

■J 



r, 

r?4 j _! 

— 

Hi 

3 18 

— 

J 

4Sfi 

— 

14 

797 


23 


Overseas news 2 

Home news — general 34 

— labour 4 

Arts page 12-13 


Steel: The not >o golden 

handshake 1 14 

Profits the casualty in sbop- 


Leader page 

UK Cora ponies 

Mining 

Ini!, tom panics 


14 Wall Street 18 

16-17 Foreign Exchanges 21 

6 Farming, raw materials ... 19 

19 UK slock market 22 


Why all equities? 

Scblesmgcrs’ Extra Income Trust is a trustee 
investment and offers one of thc highest returns 
currently available front a unit trust insisted only m 
ordinary shares. 

Whilst the managers could obtain a still higher 
yield hy including some fixed interest investments, 
such imcsiments cannot increase their dividends and . 
a!>o have less potential for capital growth. The all- 
equity portfolio of the Schlesingcr Extra Income 
T rust, by contrast, maximises the potential for grow th 
of income and capital. 

A current opportunity 

By careful selection of sound stocks including 
attractive recovery situations and well-researched 
regional equities. Sehlesingers provide a particularly 
nigh equiiv-based yield. 

How evert he grow ing relative attraction or ; 

ordinary shares with very high yields suggest that 
such-yields may not be available to new'imcstors 
indefinitely. 

Indeed, many investors have recognised the 
urgenev ol securing iliis opportunity by placing over 
i‘*m in ihe lund suite ils inception in May tv77. 

J Her this period, the unit pt ice has risen”", and (he 
I'TAciuanc., \ll-.4iare Index 12".;. 

We therefore recommend immediate investment 
ai thc current, high rate uf return lo gain thc potential 
capital appreciation. Your investment should be ■ 
regarded. as long-term. 

Schlesingers’ PIMS service 

Minimum investment in the fund is £500. 
Investors of £2,500 or morc w ill receive the Schlcsingcr 
Personal Investment Management Service (PIMS) 
w liich includes regular investment reports and 
invitations to meet the investment managers 


Quarterly dividends 

The tabic shows the approximate level of inco ■ 
fnet of34“ 0 basic rate tax) you would expect to recei-' 
every J months based on.the current estimated gras' 
J ield of 9.7 on the fixed offer price of 30.5p. 

Paj ments are made on Mardi J 2. June 12, Sep i 
and Dec 12, starting September ] 978 for new invest- 


• £5000 ’ 

• £485 

£80 ’ 

£2500 

£242 

£40 • 

£1000 

£500 

£97 

£48 

£16 

£8 


A fixed price offer 

. Units are on. offer at the fixed price oF305p - 
for investments received by July 12. ‘ 

The offer w ill close before Juh- 1 2 ItThc actual 
otter price \-anes by more than 2.J from thelixed ; 2 
■Pn- ■ n this event units will bo a\aila bleat thcpric 

Remember that the price of units, trad die inc* .’ 
from them, may go down as weU as up.- 

Gtnvral informatinn 

„ . IphSf .3? cll "vimBPmld*«LA r nl k-a'lrni-- vlll t-« acl. no-^(- 

*■ hcoihure ui ihe «n».- i-mc- Ccnriw ' 
V S nl1 ' “ ll1 ^ -i»»IUbU Jllrr me oiU. . 
d iniUc ttaUi T-rc*. The nMun tanrnmn . 
PrtcranJ ViciJjk ruNi-hcJ JjilTmlcj 

^MFw3hdeSue!Sn^?^ n ? al ,r " Ja V ATV -X tiir ri . 


cn . . ...... — 

Scliiesinge rs-speualists m the management of private, institutional and pension funf 


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To: Sl files i«Vis.-rTrii%r Managers LlJ, 

■ 14U South Sircxrl, Dorking. Surrey. 

I JIV > i inJ 1. 1 . m*g 7i {. p. -rA f«- i Sofj/ 

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■ l wish lo have my dividends re-invested | 

■ f would like further information, irfeiuding [ — - 

■ details of Share Exchange [ 

■ A cheque i\ cnduwd m rcmituucc, made payable to 
Midland Rank Limited. 


< dvclareUiat Jam not resident ou (ante (he Scheduled 
icmtones end that I amiK8>ci]iunnethe adiuas a nominea - 
ot anyperworesWent ouiMde Ihe^ TerStorieT. irTaiTr^ 0 
unaMe to make thus declaration, it should be deleted »"»( <*«!»• " 
STPheaDon Tom should then be lodged through >ourt?K7^ 
hank, stockbroker or sotTaiorl. Minora cannot be rcRbtered- 
bui dixpusts design ued ooih thar initials will be aooqrted^*’ - 

Surnjtnc — (bLOcs: letiers w««‘ 

y tlnlull’ • 

Address. 


Swninnnp 

In the crne-oi a imm areUcauon atl mast sign.) 


r’r,r ;>;:c<l v-Mire /::Wiv pimtie Itl-l'-fri H’-G 



c. 




Financial Times Saturday July X 1978 , 


OVERSEAS NEWS 




jiil I' 




1 

Norway shipping finance 


dispute still unresolved 


BY FAY GJE5TER 


\ 


OSLO, Jane SO. 


THE DISAGREEMENT between 
Hambros Bank and the State- 
backed Norwegian Guarantee 
Institute for ships and drilling 
rigs was not resolved at yester 
day's meeting here of the 
. Institute's Board, and no further 
developments are likely until 
the Board's next meeting, 
scheduled for Wednesday next 
week. 

A -spokesman for the Norwegian 
Shipowners’ -Association said to- 
dav that while talks between 
Hambros and the Institute were 
continuing there was still hope 
that a compromise could be 
achieved. 

He wouldmot comment on this 
specific case, but if the Institute 
should insist on a drastic re- 
negotiation of its shipping 
guarantees this would give rise 
to further uncertainty abroad 
about the outlook for the 
Norwegian shipping industry 
and — in particular — about the 
Government's willingness to back 
the industry. 


He pointed: out that the 
Government hkd so far failed 
to implement any of the 
measures to assist Norwegian' 
ship owners recommended by a 
Royal Commikslon which re- 
ported last January. 

One of the Commission's 
general conclusions was that the 
Guarantee Institute's rules 
should actually be made more 
lenient, not lless. and that it 
should be granted an extra NKr 
lbn of State r^oney to enable it 
to offer guarantees on less strin- 


gent terms, tbiis permitting a far 
more comprehensive restructur- 


more comprehensive restructur- 
ing of debts than was at present 
possible, particularly for com- 
binations and jbulk vessels. - 
The present dispute between 
Hambros and 'the Institute con- 
cerns a three-year borrowing 
facility provided for Reksten in 
December, 1976. The facility was 
designed to provide the Reksten 
group with liquid funds and 
enable it to pay interest on 
existing loans, following a 


reorganisation of the Reksten 
Interest. 

The Institute's guarantee of 
this loan was based on what was 
then believed to be “the worst 
passible case” of a full lay-up of 
the Reksten fleet until end-1979. 
Most experts now see the crisis 
lasting until the mid-1980s, how- 
ever, and those Reksten tankers 
not presently laid up are sailing 
at rates which barely cover 
operating costs, leaving little or 
nothing to meet interest costs 
or loan repayments. 

Some Oslo sources suggest that 
the Institute has been prodded 
into action by the Government, 
which is worried about the 
shakey financial state of many 
shipping companies whose loans 
have been guaranteed by the 
Institute. The demand for re- 
negotiation of the Reksten loan 
guarantee is likely, the sources 
say, to be followed by similar 
moves concerning guarantees on 
loans to other crisis-hit com- 
panies. 


NZ &j Japan 
settle 1 
fishing 
dispute 


Mondale in Israel for Mideast talks 3 


r 9 1 


BY DAVID LENNON 


MR. WALTER MONDALE, the "No issue is of greater ini- Mr. Mondale will hold indivi 
UJ5. Vice-President, arrived this portancefto our two nations than dual talks .with the senior 
afternoon in an Israel ' worried the opportunity that we face Israeli Mflaifftenj . as well as 
about the political implications today for peace and progress attendaioSnt meetiagwith the 
of the visit, originally designed and co-operation between the Cabinet Security Committee. He 
to celebrate the country's 30th nations if the Middle East," the is accompanied by a senior team 
anniversary. Vice-Preident declared. of Middle East experts htdud- 

Mr. Mena hem Begin, the Prime He tried to allay Israeli fears ing Mr. Harold Saunders, an 
Minister, apprehensive that this about American intentions by Assistant Secretary of State, and 
marks the beginning of an stressing! that the talks during two top White House aides. 


By Charles Smith 


TOKYO, June 30. 


THE TRADE war between American 


about the political implications today f) 
of the visit, originally designed and co- 
to celebrate the country's 30th nations < 
anniversary. Vice-Pres 

Mr. Menahem Begin, the Prime He tri 
Minister, apprehensive that this about A 
marks the beginning of an stressing 


Japan and New Zealand which Israel to be more flexible in friendsb 
began last winter when NZ the Middle East peace negotia- shakeab! 
announced that Japan would be tioas. studiously greeted the Israel a 
newly- Vice-President on his “goodwill The 1 


pressure his visit 1“ will be based on the The American team will fly to 


and the solid and un- Alexandria in Egypt on Monday 


commitment between f or talks with President Sadat. It 
1 the United States, has been reported from fetvyJS 
ce-President said that that Mr. Mondale is earmni 
med the discussions with him messages from Pfeei 
H be held and the dent Carter to both the Israeli 
learning Mr. Begin’s and Egyptian leaders urging 
long the issues he is them to resume the peace n ego- 


established fishing zone unless mission." 


it stepped up Imports of New 


Americans 


he well 
dis- which \ 


Zealand food products came to I appointed andT- angry over the benefit 


a formal end today. tough Israeli stance in the talks views. Ationg the issues he is them to resume the peace nego- 

The suspension of hostill- w jth Egypt, which Washington expected o clarify while here is tia thins which have been stale- 

lies ” took the form of a Joint f ears may force President Sadat Israel's ’ lew of how to make mated for six months, 

communique issued in Welling- to abandon ids peace initiative, progress n the peace negotia- Mr. Begin's efforts to pity 

ton after talks between Mr. j au pched when he flew to lions am the prospects for tho down the political significance 6f 

Robert Muldoon, the New Jerusalem last November. proposed meeting between the the. visit appeared to be fallen! c 

Zealand Prime Minister, and Mr. Mondale made it clear in Egyptian and Israel Foreign today as the local press besfn 

the Japanese Minister of his arrival speech that this is Ministers n London next month to highlight the substantive 

Agriculture, Mr. Nakagawa. , more than a public deraonstra- under th aegis of Mr. Cyrus nature oF the talks. • 1 

The communique says that tion of American support for Vance, l e U.S.' Secretary of The serious talks will • itft 
talks on a fishing quota for ! israeL State. " nndhr way on Sunday ' 7 -j 



Holland to make spending cuts 


Japan will start in July (three 
months after Japanese fisher- 
men. were shut out of NZ 
waters when the new 200-mlIe m JJ 1 

zone came into force in April). *’*"*-*- 

In return for the opening of 
fishery talks Japan appeared BY ROGER MATTHEWS 
to have promised to boy NZ 
dairy products (mainly milk DELEGATES* -• from 


U.S.' Secretary of The serious talks will > uftt 
undftr way on Sunday ' • 


Mr. Walter “Mondale 


Cairo talks oh Soviet threat 


CAIRO. June 30. 


BY CHARLES BATCHELOR 


THE HAGUE. June 30. 


HOLLAND TODAY announced a 
"I lObn (84.5bn) package of 
pending cuts over the next three 
-ears. The cuts will affect every 
Government department with the 
xception of Defence, Prime 
-finister Mr. Dries van Agt told 
i Press conference. Austerity is 
lecessary to improve Holland's 
ompetitiveness in foreign trade, 
o reduce inflation and hold 
own levels oF unemployment, 
he Government said In a note 
d Pari iament. 

Economic prospects are 
loomier now than they appeared 
ist year and the policy changes 
eeded are more far-reaching. 
There is only one national cake 
ad It is not a big one at that,” 
Er. van Agt said. The plan 
ivisages a slower rate of 
rowth for the salaries of public 
ithority workers and for wel- 
ire benefits. Government 
apartments have been asked to 
•duce spending estimates in the 
;riod to 1981 with the largest 
its coming in education, hous- 
£. health and transport. Extra 
inds will be spent on 
rengthening the police force 
it public transport spending 
ill be cut. * 

The proposals have now gone 
Parliament a fortnight later 
an was at first hoped and aFter 
otracted wrangling in Cabinet 
ministers defended their own 
ending estimates. This has 
2 ant a two-month delay before 
Tliament returns from summer 
cess to debate the plan. Three 
ys have been set aside for 
bate starting on August 29. 

The proposals will require 
iriflees from all sections of 
:iety— with the exception of 
ise on very- small incomes— 
d for this reason the Govern- 
;nt will hold joint discussions 
th employers and unions. But 
le is short and these discus- 
ns must not lead to long 
.ays in implementing the plan, 

• Government said. 

[*he economic targets outlined 

• for a reduction in unemploy- 
nt to 150,000 in 1961 from 


200,000 now and for a cut in 
inflation to 2-3 per cent from 4} 
per cent now to match Inflation 
in West Germany, Holland's 
major trading partner. Indus- 
try’s profits and investments 
must bp allowed to rise. 

The plan is also seen as 
Holland's contribution to inter- 
national efforts to stimulate the 
world economy. Efforts to cut 
costs in Holland must therefore 
not lead to a decline in domestic 
spending. The Government 
hopes to maintain the purchasing 
power of most of the workforce 
but at the same time to' hold 
down wage and price increases. 

The FI lObn in spending cuts 
mean that total public sector 
spending, including transfer pay- 
ments, will rise I from FI 160bn 


now to only FI 200bn in 1981 
and not to Fi 210bn as was 
previously forecast 

Social security payments, 
including disability and unem- 
ployment benefits, have risen 
faster, than wages in recent 
years. These payments will rise 
1 per cent less a year than wage 
levels generally over the next 
three years. The salary increases 
of public authority workers will 
also be held below levels in the 
private sector. 

Patients will also have to pay 
part of bospital and other 
medical bills. Despite these cuts 
the budget deficit will remain at 
dangerously high levels. It will 
be 6 per cent of national income 
next year compared with 5.3 per 
cent expected this year. 


“i UDn ! arriving in Cairo 

has notyielded to for f0 " **■ ^ oa SSdby l 

the Liberalisation of Imports of of . the 22-member Arab League ^ Afghani 
dairy products into its domestic called to discuss the assassins- tinned Sov 


Arab murder of President Ghasbmi. arfe particularly concerned atrofiH 


Yamani 
on Arab 
boycott 


market but NZ has been tion of Co? Ahmed Husain Horn of Afrita, are seen by some privately suggesting that the 


it events in both a possible Communsi threat fo finV^Al 

upled with fears thehr regimes. Some senior non- UvT wl 
e pro-Moscow coup Arab diplomats in Cairn, white 

E j and the con- countries axe also deeply ip- jty victor Macfcic 

activity in the v$ved m the region, are ' _ 

are seen by some privately suggesting that the- '.^OTTAW. 


offered the assurance that al-Ghasbmi. the President of Arab ambaslidors here as part Middle East conflict with Israel, tiOMJP 
Japan, regards it as “a most ?^ or ih Yemei^. of a confined Communist should temporarily be relegated; 


OTTAWA, June 30. 


COMPANIES that deal with 


pller " of dairy products. spe . e( *: which J^!! area and to'Sose a longer-term polifeMowards overtly ‘'Marxisi' Saudi Arabia’s bTl Minister 

NZ also seems to have Failed meeting has", been arranged threat to thelnain oil-producing regimes" is hammered out. , bhrikh Ahmed Zaki Yamani 


are- not automatically 


ThP cnee? 'with which the attempt to s*r instability in the in Importance while a concerted! Arab: boycott, 

TDe speed wlin Vl men U1 «nrl tnlneo , lnnii»rJAnt) niilUflr tniuarrlc nuarllu “Mswiiti l*tt|d] Arabia^ (Ml MlHiilar 


to extract any undertaking reflects the deep concern, espeti- countries. § 
fro m. J apan for tariff cuts on ally by the more conservative After a *th»e- 
coustructlon timber (on the Arab States, over the involve- the EgypjtiaiK 
grounds that. Japan could not meat of the Soviet Union in the Integration C$k 
take action on this without also region and particularly at its concluded jast 
reducing the tariff on Canadian alleged role in this week’s over- Ministers of im 
timber). It may have persuaded throw and execution of President issued a sfetenH 
Japan to lower tariHs on Salem Rubai Ali of South the killingTof ■« 
cuttlefish but this is not spelled Yemen. Presidents is “ 

out In- the joint communique. Many of the countries who split the Arab v. r i 
Agreement to end the trade w< m be attending tomorrow's insecurity fc t 
dispute came after two days of meeting have sent their Foreign bordering lob R> 

talk, ImM In WiIIIhI«. _ I ,i v- n rTr_._ J 


S Mr^Sadat is thought Hkely to i prior.- to h ht departure 
meeting of ralsetfhe topic of the two Yemen* Canada today. - 

Sudanese when he meets UA Yi«-Presi-j The ho^vou applies oaly 
tee which dent Walter Mondaft in ***** ? foreign company deals 
the Prime Alexandria on Monday. J lR *uch a fashion and to sqth 

o countries - The impression is Atntng an extent that It becomes a real 
rondemnlng ground in Cairo that shoun Mr. assistance to Israel, Yamani 
wo Yemeni Mondale be able to repog: any Mid. He was answeriug a qtwa- 
attempt to flicker of movement in Israel's tion on Saudi Arabia's opinion 
and spread position following his vlst to of Canadian companies who 
countries -mat country starting today,. then nusht want lb deal with both 
ea.” Mr. Sadat will find a formute for and Saudi Arabia. 


talks held In Wellington which Ministers and they will hear a Presidents EadatVf Egypt and allowing his Foreign Minister, ( Un the ^poasIbUtty that Can- 


in turn followed informal con- report from the North Yemeni Numeiry of Sudan, \who started Mr. Mohammed Ibrahim Kamel, [ ®*y Je(dalatlve steps 

tacts between .Japanese and NZ delegation purporting to show moves for ttaelin teg rJtiou of their to meet his Israeli counterpart bar Canadian companies 


leaders at the; funeral of- Sir that the South Yemen Govern- two conn tri cain 197Aaud signed Mr. Moshe Dayan, in London! from agreeing to boycott terms 


Dutch agree to support 
sale by Urenco to Brazil 


in 1976, next month. 


BY CHARLES BATCHELOR 


AMSTERDAM. June 30. 


superficial reading of the Joint 
communique suggests that NZ 
failed to shift Jgpan on almost 
all- the points raised last 
autumn when! Mr. Brian 
Talboys, its Deputy Prime 
Minister, visited Tokyo for 


Firm U.S. line on \Africa urged 


HOLLAND has agreed to support 
its partners In the A'nglo-German- 
Dutch uranium enrichment com- 
pany, Urenco, and supply enrich- 
ment to Brazil, despite its failure 
to get stronger guarantees that 
the fuel will nevfer be used to 
make nuclear Weapons. 

A revolt by Christian Democrat 
MPs. which lied to a three-day 
Parliamentary debate, fizzled out 
during au all-night session that 
ended early tpday. 

Parliament, rejected the 
Christian Democratic - Liberal 
coalition Government’s plan for 
deliveries of enrichment when it 
was first presented In January. It 
sent , the Ministers back for 
further talks L with Holland’s two 
partners in the project, Britain 
and West Germany, and with 
Brazil. ; • 

The Goverrfment was only able 


to achieve a promise from Brazil 
that, if no agreement on storing 
plutonium produced from the 
uranium can be reached accord- 
ing to International guidelines, 
a temporary system' will be set 
up at least two years before 
Brazil starts .reprocessing the 
fuel in 1985. 

Enough Christian Democratic 
party back-benchers were 
opposed to the idea of deliveries 
without stronger guarantees to 
give them a majority in Parlia- 
ment, together with the apposi- 
tion parties, to block the Govern- 
ment's plans. This could 
ultimately have led to resigna- 
tions in the cabinet or even to 
the fall of the six-month-old 
cabinet, according to some 
Parliamentary sources, but after 
intense internal party discussions 
and three days of debate the 
Government carried the day. 


Minister, visit* Tokyo for BY OUR OWN CORRESPONDENT ) 

^ tl 1 A BLACK Minister in Rhodesia’s ing they would not uni 

ba ' e . _ at “““ 'b transitional biracial Government national service in the Rhod 

sbmtid t 0( j a y appealed to U.S. President forces. Black apprentices 


SALISBURY, .lime 30. 

;o 15 black MPs in the 88-seal 


farmers for the presec 
maintenance system 
allows imports only 
prices exceed a certain 


Tachograph 
exemption 
for UK 


Robert Menzids, the former ment plotted and carried out the a mutual defisnee pact in 1976, next month. u P* rt of a contract with Arab 

Australian Prime Minister. A | \ [ countries, Yamani said Can- 

i Joint 1 T ' * I adlans ran do whatever they 

Firm U.S. line ; , onvAfrica urged : 

Brian O change Ibelr mind about how 

9 Pri S? BY OUR OWN CORRESPONDENT \ SALISBURY, .lime 30. j do 

A BLACK Minister in Rhodesia’s ing they would not undergo 15 black MPs in the 88-seal • or 

transitional biracial Government national service in the RhodeHan House of Assembly walked <>ut : 

•nould today appealed to U.S. President forces. Black apprentices Wwe before a vote legislation to 

y ?* nt Jimmy Carter to grant this already refused to serve. \ enabling Bishop Mu/orewa. Mr. clVJIf v?~L» ma fj C , 

country international recognition Previously, only while\ Sithole and Mr. Chirau to be- **1^1“° “ 5 ^ 

and take a fi" 11 Un * «“ Russian coloureds and Asians were liabl%ome Members uf "Parliament. zzl! PSP 1 "** ol , 

which the Cuban intervention in Africa, for ^all-up. Black troops. whoV 1 The blae^membera have urged i of » 

USif 11 At a Press ..conference. Dr. constitute SO per cent oF the !«£. Smith and his black allies tfri - 

ay y^ Elliot Gabellah, the joint forces, are all regular volunteers, gomonk wtih.^Vestern proposals *■? ,i*? r . 

, Minister of Foreign Affairs. The doctors and apprentices for nVw ail-party, talks with Mr. J2SISL mp yed " J otIlCr 

. criticised U-S. African policy as are the first blacks the Govern- Joshuk Nkomo aKd Mr. Rehert r.« n J.v 

, weak, insincere and submissive meat has attempted to call up. Mugamc, the Pan^otic Front y D j* J? 1 •***' > . 


- r 1 i-i i _ : | Luua- dupuicu u.0. i i uiu&ui luitra. mam a^picuuw 

sul^itute a defiewnej payment jj mro y Carter to grant this already refused to serve. 

System to domestic «' «aixy I Minnlni inl.rntlinnsl Mi>Afrnitinn T>i-a^ini,el« Anlc 


By Guy de jonquierex 


BRUSSELS, June 3b. 


; to the demands of rich or radical 
black states, and based on a 
1 “profound political and psycho- 
. logical fallacy.” 

Dr. Gabellah, who was flanked 
• by two white government officials 
i declared; “The feet Is that 
: Africans respect strength even in 
their enemies and have no time 


In Parliament today, 14 of the leadersN, 


Neto call to Zaire rebels 


BY OUR OWN CORRESPONDENT % LUSAKA, June ty 


Canada's oil sands and heavy 
oil reserves have caught Saudt 
Arabia’s l n v (-si men I eye. 

Sheikh Yamani said that Saudi 
banking experts would be 
taking a eiuser look at the risk, 
profit and potential of Canada's 
non-com enfioual oil reserves 
before making a decision 
Reuier adds from Ottawa; The 


Soipe need to Romania blocks Comecon 
viao hinted at schemes for integration 


WUVUWXJUJ1 WUUU wir* UiCU KUWMiw Mnrv „ , , . . , . - .1 .... ' _ I -- _ . 

THE European Commiskon for Individuals or nations they PRESIDENT Agostmho Neto of reassemble at their headquarters Lanadian Government is to 

today agreed to a UK request consider cowardly or weak.” Angola was said today to have in Chirapa, north-eastern Angloa; implement Us previously 

to exempt Brltish-registtfred He urged that before next ordered the disarming of the President Neto is also said io f announced Trolley limiting 

mini-buses and a variety! of week’s meeting of the 50-member Congolese National Liberation have ordered FNLC units to pull foreign ownership in new 

local d el i very vehicles from Organisation of African Unity in Front (FNLC) rebels who back from border areas near the uranium mines. Under the 

EEC rules requiring feat Sudan, President Carter should returned to their bases in his small Zafean mining town of proposed legislation foreign 

coaches and lorries be fifted make it clear to moderate black country after last month's in- Luasbi. where Zairean intelli-f ownership would be limited to 

with tachograph time tnd nations ■ that the UB. did . not vasion of Zaire's mineral-rich gence reports had earlier said M per cent and preferably 

distance recorders. i ‘ accept that “he who shouts Shaba province. 1,000 FNL£ rebels were massing.! 33 per-cent. 


But drivers of minl-busesmot [ loudest and threatens to sup with ' Some 3,000 


Information about Dr. Neto’si 


equipped with tachographs fare the Russian devil will receive the Government rebels, out to bring orders was passed on by Presi 


still liable to be refused e: 
at EEC ports If they try to 


most dollars.” 

| Earlier, 33 


le Government reoeis, out xo bring orders was passed on uy rresi- _■ ■ ■ j i 

down President Mobutu Sese dent Kenneth Kaunda of Zambia 1.0,1 IT1 QBIIK U.621 
e-i— — * ’“H®™ 1 ’ * n ♦«* Chancellor. Helmut 


them across the Channel! as estimated 


Rhodesia’s Seko, are believed to have to visi 


Y Colins MacDougall 

- IMPORTANT article has 
n published in China’s 
eration Army Daily and 
Tinted in the Peking People’s 
ly of the need to re-interpret 
irman Mao’s writings in a 
5 m a tic manner. 

powerful group in the 
lership, as represented by the 
newspapers, seems to be 
ifying its rejection of the 
?r of Mao’s writings in favour 
is own interpretation of the 
it. 

'hile the need for pragma- 
has been stressed since the 
-Mao leadership took power, 
is the strongest and 
thiest exhortation yet to 
ps and officials to solve 
items in a practical manner 
2 ad of gabbling random 
ations from Mao's writings 
n out of context. 


BY PAULjLENDVAl 


VIENNA, June 30. 


COMECON, the East European 
economic s^oup adopted long 
term co-operation programmes 
Jn the fields jof energy, fuel and 
raw materials, food and agricul- 
ture. as well as engineering, at 
its three-dajj Prime Ministerial 
council meeting in Bucharest, 
but concrete' decisions were left 
to the individual countries. 

Both the final communique 
and an unusual separate state- 
ment issued by the delegation 
chiefs Indicate that maverick 
Romania has again successfully 
blocked Soviet-sponsored- multi- 
and supranational integration 
schemes. 

A brief interview given by 
Czechoslovak Premier Lubomir 
Strougal spoke only about “ cer- 
tain progress " achieved at the 
council meeting. 


He revealed that the council 
session concentrated on the 
organisational methods and work- 
ing style of the various Comecon 
-bodies but while there -was 
agreement on the principles, a 
“ deeper analysis ” must be 
made of the functioning of the 
mechanism. 

The text of the speech de- 
livered by the Romanian Prime 
Minister on Wednesday hut 
released only last night re- 
affirmed Romania’s opposition to 
any basic change in the work 
of the organisation. 

Mr. Manescu stressed that the 
main method of economic, scien- 
tific and technical collaboration 
was and should remain coopera- 
tion on the basis of the national 
economic plans, drawn up by 
the leadership of each country. 


has happened on several 
occasions since the start of She 
holiday season this year, f 
This is because the exemp- 
tion applies only to vehufies 
circulating in Britain and? Is 
not valid in other' countries 
unless their governments fad»ra 
asked for similar waivers, lie 
only other country to h»ii 
done so until now Is Itav, 


doctors. Issued a 


black medical escaped the French and Belgian Schmidt for West Germany, npW TTO 

statement Say- intervention in Shaba safely to accordingfto German officials. LU1. IlCvr 


3s Brunei reluctantly goes independent 


BY OUR FOREIGN STAFF 


MANUFACTURERS Hanover 

Trust Company is to take over 
IWlAIlt the Union Carbide Corpora- 

lilivilL tion’s headquarters building at 

270 Park Avenue, New York,’ 
in a 5119m f£61m) deal. - 
Manufacturers Hanover, the 
rom guerrilla groups, fourth largest bank . In the 


French veto 
on jobs aid 
criticised 


By Margaret van Hattem 


BRUNEI is to assume full inter- reluctance to assume full or threatsffrom guerrilla groups, fourth largest bank . In the 
national responsibilities as a Independence (and thus take formed from members of the old United States, will bring to- 
sovereign and independent state over responsibility for defence oppositiodtparties who have been gether its 3,000 • headquarters 
at the end of 1983 under an and foreign affairs) and the living infexile in Malaysia or staff from their bonding at 
agreement worked out in two British Government’s anxiety to Indonesia! 350 Park Avenue and other 

weeks of talks in London transfer these responsibilities Howevek impetus was given to mid-Manhattan offices, forming 

between the British Government and grant Brunei independence the Lotfion discussions by a new world headquarters 

and the Sultan of Brunet At as- quickly as possible. assurance* from the head of centre in the UZm square feet 

present. Britain has responsi- The Sultan’s reluctance to take Govermnoit of Malaysia and Union Carbide offices, 
blllty for defence and foreign full independence has been due Indonesiafthat they would sup* The bank is to pay 5110m 
affairs in the wealthy oil state, to his fears that Brunei might port the independence of Brunei .over 30 years From 1980, when 
The agreement represents a be subject to territorial ambi- and indications that they would the first of Us staff will move 


argill— key role, low profile 


Y DAVID LASCFLLES 


NEW YORK, June 30. 


GILL INCORPORATED, 
h today announced that it 
acquirug J. B. Eastwood, the 
sh poultry and egg pro- 
r. belongs to that select and 
erious band of U.S. agricul- 
merchandisers who play a 
role in the country’s 
lusiness, but whose affairs 
rloaked in secrecy. 

:e other members of the so- 
i “big four," Cargill is a 
te company which keeps a 
irofile and only makes news 
it expands or gets involved 
ie occasional scandal. But 
ng can conceal the fact 
Cargill is a huge company 
worldwide ambitions. Its 
are reliably understood to 
•d SlObn a year, which 
i put it ahead of U.S. Steel, 


the country's largest steel pro- 
ducer, and earn it about 15th 
position in the Fortune 500. 

Based in the big grain state 
of Minnesota, Cargill started life 
in 1865 as a grain and com- 
modity merchandiser. But after 
years of steady expansion and 
acquisition, it now has Interests 
that reach well beyond the farm- 
yard. At the latest count it was 
into chemicals, coal, steel, and 
even insurance, leasing and fin- 
ancial services. 

The coidpany eschews the term 
conglomerate, preferring to ex- 
plain much of this growth as the 
logical extension -of commodity 
merchandising. Its steel division, 
for Instance, turns scrap metal 
into metal bars, meaning that 
both raw material and -products 


O HELP YOU 


XPORT MORE EFFICIENTLY throu£h the Channel of official J 
anisations affiliated to the Chambers oF Commerce and Industry of \ 
NORTH — PAS DE CALAIS regions, with French speakingS 
ntrics in Euro pe an d outside Europe. 

VE CAN OFFER YOU: Various possibilities and schemes 
parately-or as a whole) to promote and to improve your business. S! 

Charge de Mission ’’ will be at the French Chamber of Commerce > 
Sreat Britain — 54, Conduit Street, London, W.l, at your disposal, y 
n the 3rd July to 22nd July, 1978. ? 

ite to: Monsieur Roger POMAREDES or- phone to make and 
ointment Tel: (01) 439 1735. j 


are traded on commodity 
markets. Many of its chemicals 
are primary commodities. Others, 
like resins, are an outgrowth of 
earlier days when the company 
processed resins out of farm 
produce, or bave a dirct con- 
nection like fertilizer. 

Even so, die company's broad 
diversification, particularly into 
the financial field; and Its grow- 
ing interests abroad where it 
operates in 30 countries, singles 
It out as highly ambitious, to say 
the least. The company has a 
reputation for audacity In the 
tricky commodity markets, where 
split second timing is essential: 
its handling of other businesses 
Is also characterised as shrewd. 

The bulk ' of its business, 
though, is farm-related, princi- 
pally the milling, merchandising 
and warehousing of grain and oil- 
seeds. The acquisition of East? 
wood fits into Cargill's growing 
poultry and egg division, where 
foreign activities have so far 
been concentrated in Latin 
America. The company's only pre- 
vious interest in Britain was a 
scrap metal business. 


BRUSSELS, June 30. ; 
MR. HENK VREDEUNG, p 
EEC Commissioner to* 
Employment and Social Affahi, 
today launched a bltteT attack 
on France for blocking pro- 
posals that the Community 
help finance job creations 
schemes for young people. - 

Mr. Vredeling's statement, im 
unusually direct and vehement 
criticism of a member govern- 
ment by a Commissioner, 
follows France's refusal fin 
Luxembourg yesterday to allow 
the matter to be decided bjr a 
qualified majority vote, as sug- 
gested by some other member 
states. 

. France has no case at jfll, 
Mr. Yredellng said here toeny. 
Its refusal to e$txnpr#M$e 
despite concessions offered - by 
the others, has made all work 
on the proposals so far a com- 
plete waste of time, to the 
anger and Indignation of the 
other eight 

The French invoked the so- 
called Luxembourg com- 
promise of 1966, whereby a dis- 
senting member of the Council 


compromise between the Sultan's tions from neighbouring Malaysia support is accession to ASEAN.) in. 



INDIAN POLITICS 


Desai’i dilemma 


Bf K. K. SHARMA- 


NEW DELHI,' June 30. 


For all practical purposes, the her arrest the main issue, and faces a considerable challenge 


Janata Party Is now sharply done so 
divided. But In contrast, Mr. charisma 


a time when the from Mrs. Gahdfii’s Congress (I).' 
Former Prime Min^ Mrs. GandhTi party is in power 


Desai's Cabinet is slightly more ister is riidly gaining political in three^Soutbern states where 


unified. More than ever, how- strength, 
ever, it is a coalition Cabinet, Mrs. G 
since it was only with the con- powerful 
sent of the Janatu's other con- wrangles 
stituent units that Mr. Desal was has long 
able to demand the resignation ruling pa; 


- electipffif were held earlier this 
ndhi emerges more yeap“ She could now make a 
from the internal qHjnoback in the Crucial .Tiorth.- 
n the -Janata. Shujgjere she was wiped out in the j 
*en saying that . general .election, 

y has not been The Janata Party may be Ini 

aI?..,!... ..-..w n iawt riiMrnv hill- nai-rirln’riaiallv 


of Mr. Charan Singh and Mr. to provideeffective government disarray,, but paradoxically, to? 
Raj Narain. because af Its diverse and day's resignations will man .the 

Support for Mr. Desai's action divided nrombership. , ' - Cabinet much more unifiedLv.Thej 

was given in an emergency The cedbal govenimeht is not remaining ministers fld hot want! 
cabinet meeting attended by all immediatfiy threatened because the Janata Party to fell opart.] 
ministers with the exception of so far reSolt is confined to. Mr. They know the reasons for dls- 1 
the two who resigned. The 15 Charan 
who attended agreed that Mr. Bharatiyi 
Charan Singh’s call for the fact, at 
immediate arrest of Mrs. Indira ministers 


Mr. Moraiji Desai 


Singh’s faction, the iUuslonnient with the govern 
who attended agreed that Mr. BharatiyjLok Dal (BLD>. In-' ment and could now start func- 
Charan Singh’s call for the fact at Mast two BLD cabinet tioning more effectively as a 
immediate arrest of Mrs. Indira ministeri^-Finance Minister team. Mr. Desal is unlikely to 
Gandhi was a violation of the H. M. pltel and Steel Minister add to the cabinet immediately 
principle of collective responsi- Biju flatnaik-: — have openly because- of. political rivalries this 




of Ministers ran veto a decision INDIANS RULING Janata Gov- principle of collective responsi- Biju Satnaik— have openly because of. political rivalries this 

I* „ * z2E"*2F* r ¥* s * muit *l eminent Is in crisis today after bility of the cabinet. This deci- broken With Mr, Charan Singh would cauaB* - 

40 vital national interests.” the forced resignation of two -don was sent to Mr. Charan and ha vj backed Mr. Desal No Apart from the repercussions 
- j # V°“™iss l0 ° had pro- senior Cabinet members. Singh in a sharply worded letter more thin 30 of the BLD's 80 of the Janata split, and the con- 

posed that the Community s Home Minister Mr. Charan from Mr. Desal in which he -or so nrtmbers will follow Mr stant threat posed by Mrs. 

social fund contribute up to 50 Singh and Health Minister Mr. demanded the Home Minister’s Charan Sineh ' Gandhi, the ruling party faces 

per cent of fee cost of Raj Narain quit the Cabinet in resignation. Mr. dbanii Sineh will cer- the destabilising prospect of* 

n £. t £° n ? i Programmes compliance wife yesterday’s de- Mr. Charan Singh said today tainly u*e his considerable in- -an organisational election by ’ 
*® prlvate ^ and for .their resignation by feat his action was against all fluence In the three northern October. 

and public sectors. Prime Minister Morani Desai. fascist forces. in the countrv srst« - Pnstoanemeiit of the elections 


111! 

p«! 


< .!• 
I’.ir 


I? sc 


m 


France objected to aids for 


Prime Minister Morarji Desai. “fascist" forces. in the country states to demonstrate feat he Postponement of the elections 

Jf'S&.t!! EiL.S'l.i*. . 52 “ 2 ?..!?”*" »>* gr aK . ro0 te areogu,. 


° J “ fhe belonging to Mr. Charan Singh's tolerate fee growing dishonesty The BLD group is Meeting the BLD faction's criticism of 

‘^ ,ted as ,-5 political faction^ have also_ re- and corruption in fee Janata tonight to decide its atrategy and tho party's leaders'. These can- 

pflnrrfenRni? ^?? r 5 u ^S° ns tt is possible that its leaders will not be delayed much longer and 

contribution to fee economy are likely in at least three Mr. Charan SLngh’s adversaries ask fee three chief ministers to if the BLD faction does not quit 

!£* JSSSS 4 “?^ ™ r * hKrn states— Uttar Pradesh, ^e not lust inside the Janata dissolve felir^leStiStSraf and the Janata—and Mr. Chian 

, !HLSl ut 5l t0 . lte H ? , ? ana anfl Bihar— where chief Party. In fact his chief adver- seek fresh elections. This would Singh said today it will not do 

problems of youth unemploy- ministers are supporters of Mr. sary 15 Mrs. Indira Gandhi, be extremely destabilising. so — >it can. be expected to try to 

ment ' . Singh. He has resigned after making The divided Janata Party also capture the organisation.. . 


Fniwott Tntrx pubUibcd (tally me t P i Son- 
dan and hOUdayt. UA auSa^npUaa 5200.00 


dan and MUdayt. U“. auM^npuoa 5200.0c 
iilr frdxbil 5360,00 rair nulU par amumi. 
Stooad aan poatue paid at Maw York, S.Y. 








1 • 1 V* 


^ Times Saturday July 1 197S 



HOME NEWS 


Gatwick 
grows 
faster 
than 
Heathrow 


H^||. . .... 

invas'j 

Aviih 

ycot i 

tor 

**1'l V 

an*- 

air ... • 

to *>• 

.%* **<K i 

4h.r. • 

•• .. 

fen> M** ■ 

& ii\ • 

I fJ-.s: * 

X ! . 
fc-t- 

ctS •- • 

« 1” 

T.ti 

O- 


. :sr 




cr,;- 


1 1 1 


BY LYNTON McLAIN 


iOYES BY the British Airports 
\uthomy to persuade more pas- 

encers to n«se Gatwick are 
aving an impact on Heathrow. 

Heathrow is still the largest 
irport in Britain and one of the 
argest in the world with its 
apadty of 30m passengers 
-ear. But ‘latest figures from the 
luthority show that passenger 
raffic last month at Gatwick 
rew four times faster than 
Heathrow compared with the 
a me month last year. 

More than 2.2m passengers 
ised Heathrow last month, 7 per 
ent up on the previous May. In 
■omparison, 687.700 passengers 
ised Gatwick, a rise of 26 per 
-ent on the same month last 
■■ear. 

S Ians ted. Essex, improved its 
trowth record last month, at 13.9 
per cent. It is double that of 
•Heath row. 

‘ The marked growth at Gatwick 
- was mainly because of the move 
' of all whole-charter flights after 
April 1 from Heathrow and 
Stansied. This was designed to 
take the pressure off Heathrow 
and use the new capacity at 
Gatwick. where a £100m. six-year 
expansion programme has been 
■ completed. 

This has boosted capacity to 
16m passengers a year, but in 
the year to the end of May only 
fi.Sm passengers used the airport 
The authority' wanted to use this 
spare capacity by boosting the 
r number of scheduled flights to 
and front Gatwick. These moves, 
.hacked by the Government, have 
. failed. 

Persuasion 

The authority is concentrating 
on persuading airlines serving 
Canada. Spain and Portugal to 
use Gatwick as their UK base. 

The Government has used the 
bilateral route talks with Canada 
to raise the issue of Air Canada’s 
withdrawing From Heathrow for 
Gatwick. 

The authority said last night 
that success would mean the 
reciprocal transfer of all British 
Airways flights between the UK 
and Canada to Gatwick. 

• a duty-free shop was opened 
f his week at Gatwick for travel. 
Irr* to iht* Irish Republic. The 
move by the authority followed 
i he decision by the UK and Irish 
Governments lo permit duty-free 
facilities between the two 
countries. 

Flights to Eire from Gatwick 
are handled through domestic 
flighi channels which by-pass the 
existing duty-free shnp. 


Navy orders £10m 



BY LYNTON McLAIN 

THE NAVY has gone ahead with 
its plan to buy a £10m Boeing 
.Tcifoil hydrofoil Tor fishery 
protection duties in the North 
Sea. 

The order was announced last 
night by the Ministry of Defence. 


ver- 


foil from the Grummaii Corpora- the Navy late next year will be 
tion of New York, a main similar "in most respects to the 
competitor to Boeing in hydro- existing passenger-can-yin 
foil manufacture. sion. 

Grumman had invited Vosper The changes necessary to meet 
TnornycrofL part of British new role may provide limited 
Tk - Shipbuilders, to build ai least wor k f 0 r other UK companies, 

the 117 tonne vessel will be half of its Flagstaff hydrofoils. Th e Ministry said- “Boeine has 
bought off-the-shelf from Boeing Vespers could have built the undertaken to direct its 8 best 
m a move which means a tem- hull, sub-systems' and other efforts to arrange for work 
porarv end to the plans of British equipment lor the Navy's first unique to the craft to be per- 

Shipbuilders to build hydrofoils hydrofoil if it-had been ordered formed in Britain" 

under licence in under-used fiom Grumman. „ _ . 

shipyards Further Jetfoil orders from 

' the Navy could result in a worfc- 

Mr. Michael Casey, chief execu- \-Onrr3Ct sharing agreement with a British 

live of British Shipbuilders, said Ministry 0 f Defence said manufacturer. 

that the Boeing order would More orders would depend on 
mean some work for the British the outcome of trials not ex- 
equipment manufacturers. No pected to start until 1980. But 
details were given, but all Jet- the Navy would have to order 
foils are understood to contain at least two craft for Boeing to 
a small number of UK com- implement its negotiable offer to 
ponents. transfer 70 per cent of construc- 

The craft to be delivered to tion to a UK contractor. 


last month that hydrofoil manu- 
facture was one option open lo 
the co-operation in its moves to 
diversify from traditional ship- 
building. 

The plans might have hecn 
realised if the Ministry of 
Defence had ordered the hydro- 


BL and Chrysler put up 
prices of their cars 


BY KENNETH GOODING. INDUSTRIAL CORRESPONDENT 

PRICES OF BL (formerly Ford (4.S per centi. -Vauxhall 
British Ley-land) and Chrysler (5.2 per cent) and Chrysler (4.5 
cars go up on Monday. The BL per cent). ‘ 

increase of 4.9 per cent is the In January. BL weighted its 
biggest in the mid-year round by Increases more heavily on the 
the UK’s “big four" car manu- more expensive models, but the 
facturers. latest rises spread i be? load more 

Chrysler’s British-built models evenly, 
go up by an average 3.3 per ceni. On the Austin Morris , range. £2.091 (formerly £1.990); Morris 


pressures. 

Increases of 12 per cent for 
raw materials aud components 
are still common, while prices 
can be expected lo go up 20 per 
cent this year. 

Examples of new BL prices, 
including all taxes are: Mini S50, 


/ 




Planners 
to hold A 
‘surgeries/ 

,i CITY OF LONDON Cj^PORA 
l! TION planners want tefmeet the 
people who live and work in the 
I’.ity lo find out how they think 
n should develop in the next 
dreadc, so they have arranged a 
series or “ surgeries." 

The City is preparing 
development plan and wants to 
discuss six topics: transport, 
recreation and leisure, catering, 
archaeology, community services 
and pedestrian walk-ways. 

There will be two public meet- 
ings. at Guildhall nn Wednesday 
ind the Barbican on July 10, and 
,i\ surgeries, at which members 
"-»f the planning staff will meet 
• 'cnple individually to hear their 
• omments and suggestions. 


its 


Fiat recalling 
5,000 cars 

I AT IS recalling 5.000 of 
27 model sold in Britain during 
974 and 1975. (or a cheek on a 
rake hoc. 

The problem is similar lo that 

ncounlered by most other car 
lanufaciurers who were forced 
> use a different type of 
r.iteml fur the huso under a 
ommon Market ruling. 


May casts 
a cloud 
oyer 
brewers 

BY KENNETH GOODING 

HAY was a disappointing 
month for brewers: beer pro- 
duction fell by 0.5 per cent 
from the May last year level 
to 3.65m bulk barrels (about 
L02Sbn pints). 

The Brewers’ Society said 
the performance was mainly 
affected by the poor weather. 

Certainly, with two bank 
holidays in the month, the in- 
dustry might have expected a 
reasonable increase in sales 
which, to some extern, would 
have been reflected in the Alay 
outpnt statistics. 

The society said: “ With beer 
prices likely lo be fairly 
stable Tor some months, subject 
to their being no duty increase, 
this year’s performance will be 
largely dictated by the amount 
of midsummer sunshine." 

Boosted by some large in- 
creases in early months, output 
for the first five months of this 
year totalled 15.86m barrels 
(equivalent to about 4.56Sbn 
pints) and was 3 per cent ahead 
or the same period last year. 

This is almost in line with 
the society's recent forecast 
that the UK beer market can 
be expected to grow at an 
average annual rate of 2.23 per 
cent from 42m barrels (12.1bn 
pints) this year to 49m barrels 
In 1985. 

Such a performance would 
not be very different from 
historic trends, for the in- 
dustry has seen a steady 2 to 4 
per cent rise in annual output 
since 1959 except for a slight 
downturn last year. 

Built into the forecast, by 
the society’s statistical advisory 
group, were predictions on the 
economy, beer prices and 
population. 

Average weather was 
assumed, although it is known 
that a hot summer can increase 
beer sales by 2 per cent. 

Joseph 
would cut 
grants 

SIGNIFICANT CHANGES in 
Govern.:-. ent regional policy are 
planned by the Conservatives If 
they win the General Election. 
This was confirmed by Sir Keith 
Joseph, Opposition spokesman on 
policy and research, during a 
visit to Cardiff yesterday. 

He said that as part of a 
general programme of public 
expenditure cuts the Tories pro- 
posed a limit on the rate of grant 
for large capital projects such 

Th/ security forces have Wc arc permitting terrorists to _ “But this has not yet proved] as new petrochemical capacity. 

There has been widespread 
criticism of the amount of public 
money going into multi-raillion- 
pound petrochemical projects in 
development areas which create 
relatively few permanent jobs. 

Sir Keith said the Tories pro- 
| posed amending the grants sys- 
tem to relate the amount of aid 
to the number of jobs created. 

The second change would raise 
the threshold for industrial devel- 
opment certificates, which are 
•the stick, as opposed to the car- 
rot of the Government's regional 
policy. Companies proposing ex- 
pansions involving more than 
15.000 square feet of factory 
_ space require a certificate. 

THE BREAKAWAY Scottish the pari v. The other member. Mr. maximum of six seats in the] The Government has already 

Labour Party, which is si fferin^ John Robertson. MP for Paisley, coming election, including South i raised the threshold from 12.500 

from severe financial difficulties, announced last year that he Ayrshire, an Edinburgh seat,] square feet, but Sir Keith said a 

has dosed its headquarter* office would n«»t seek re-election. Aberdeen. Paisley and possibly 

in Glasgow and ceased ; .tying a The party is understood to he East Kilbride. It will proclaim 
Salary lo its general sec etarv. about £1.000 in debt, though Mr. the theme of independence from 

The party has made eleir that Neil stressed that it was far From Westminster coupled with con- 
it no longer has hopes -if ..win- bankrupt. . . tmued membership of the Corn-; 


Ford led the wav with a 3.S per the increase is 5 per cent with 
cent rise on June 1. Since then 4.6S per cent for the Jaguar/ 
Vauxhall has made a 3.7 per Rover/Triuraph group. 


cent increase. 

BL’s decision to go for higher 
increases seems to have been 
promoted by the determination 
of Mr. Michael Edwardes. the 
new chairman, to maintain profit 
margins as much as possible 
rather than, pursue a competi- 
tive pricing policy. 

A simtiar situation occurred 
in January- when BL put prices 


One significant exception is the 
Range Rover. BL has been criti- 
cised again kecentiy for 
apparently under-pricing this 


Marina 1.3 four-door, £2,758 
(£2,647); Jaguar XJ 3.4, £9,662 
(£9,230); Rover 2300, £5,910 
(£5.645). 

There are no price increases 
on the Chrysler Hunter Super. 
Simca cars or Rancho models. 


best-selling vehicle. The price is Examples of changes include: 
to go up moie than 7 per cent Sunbeam LS 1.0 £2.499 (£2.429): 
from £S,52S to £9,150 for the Alpine GL. £3.291 (£3.196). 
basic mode). Avenger GLS four-door, £3,450 

All the UK car makers hope (£3.416). 
to hold their new prices until Chrysler commercial vehicle 
January al tbe earliest. But they prices will also rise by an 


up 6.5 per cent, well ahead of are still under considerable cost average 4J5 per cent. 

Tories would move on Provos ’ 
political wing, says Neave 

BY JOHN HUNT,’ PARUAMSNTARY CORRESPONDENT 

AN INDICATION that a <.on- \ " The- Provisional Sinn Fein is direct rule and the emergency 
tentative Govrfnmcnt would rctylly the .Provisional IRA under provisions in Northern Ireland, 
take a tough /fine against the another name. They are two Mr. Roy Mason, Northern Ire- 
Provisional S/n Fein! the poli- arms of one body. land Secretary, said that tbe 

tieal wing /f tin* Provisional "Those who link their support Government wanted to return as 
IRA. in Ulster was given in 4b* lo terrorists must be regarded much responsibility as possible 
Commons iesterday by Mr. Airey as criminals and treated os such, to the representatives of the 
Neave Shadow Northern Ireland "They should be denied a Ulster community as soon as 
Secretin/ platform, purlieu tally on TV. possible 


[made/it very clear to me that shelter under the wing of a so- feasible. Although the security 
theyttegard it as imperative that called puiitical parly." situation continues to improve, 

lould ban the Provisional The House was debating the we cannot yet dispense with 
Fein," he said. continuation for six months of emergency legislation." 


Cash trouble for Scots Labour 
Party ends secretary’s pay 

BY JOHN LLOYD IN EDINBURGH 


(piemr- 



i 

■ v;" '■■■ i 

:vr ; 

• ’" ,i 

-- **••-*- ! 



1970 


Less 
work 
needed 
to buy 
a wee 

dram 


By Peter Riddell, 
Economics Correspondent 



•bells 

H 'V,. 



:{ A j 

— r»rgy.r. * 



1977 


THE WORKING time required to 
buy a bottle of whisky has fallen 
from six hours to three hours 
and 20 minutes since the begin- 
ning of the decade. 

This is revealed in a Commons 
written answer showing tbe num- 
ber of minutes work required to 
pay for various items for a male 
manual worker over 21 on 
average gross weekly earnings 
and hours. 

The inquiry shows that the 
working time required to buy a 
wide range of consumer items 
fell sharply between October. 
1970 and 1974 and increased in 
the three years to last autumn. 
It may have slipped back since 
then in view of tbe faster growth 
in earnings in the current pay 
round. 

The most spectacular changes 
have been in weekly mortgage 
repayments where the number of 
minutes work jumped from 520 
to 740 in 1970-74, but fell back 
to 5S0 by last autumn. This 
reflects the fluctuations in the 
mortgage rate. The time required 


HOW MUCH WORK TO BUY A PINT 
Number of minutes work required to pay for items* 

October, 1970 1974 


320 


270 


Weekly rent of 3-bed roomed council house 
Weekly mortgage repayment on new 
3-bedroom semi 

3lbs of beef sirloin (without bone) 
jib of tea 
lib cheddar cheese 
5 gallons of petrol 

Weekly season ticket, Surbiton/Waterloo 
Postage on 5 letters 
20 cigarettes 
1 pint of beer 
1 bottle of whisky 
* Average gross weekly earnings for men aged over 21 in manual 

Sourcr; 


520 

170 

21 

24 

200 

200 

11 

32 

IB 

360 


740 

170 

13 
2B 

200 

170 

14 
23 
16 

210 


1977 

270 

580 

200 

2B 

32 

180 

230 

18 

26 

18 

200 

jobs. 

Treoiury 


to pay the rent of a council house 
has fallen. 

Among the clearly more expen- 
sive items have been the cost of 
postage, telegrams, tea, cod 
fillets and cheese. 

Comparisons are affected by 
the level of indirect taxes as well 
as by the rate of growth of prices 
and earnings. This was particu- 
larly rapid in 1974, thus reducing 
the working time required lo 


purchase an item. 

The sharp rise in oil prices of 
1973-74 has made I Mile long-term 
difference to the figures and the 
number of minutes required in 
buy five gallons of petrol has 
fallen slightly compared wiih 
1970 aod 1974. 

The working time required to 
buy 5 cwt of coal fell from 510 
to 380 minutes in the four years 
to October. 1974. but since has 
climbed to 580 minutes. 


Labour’s Left-wingers call 
for mpre public spending 


BY RUPERT CORNWELL 

SPARRING over the contents of 
Labour's election manifesto 
hotted up last night as leading 
Left-wingers called for the party 
to commit itself to higher public 
spending, an expanded role for 
the National Enterprise Board 
and a much more stern line with 
the EEC. 

Mr. Eric Heifer, a prominent 
member of the national execu- 
tive committee and of the 
Parliamentary Tribune group, 
insisted on a Left-leading 
manifesto, based on Labour's 
1976 policy programme and on 
decisions of the last party con- 
ference. 

However, the more controver- 
sial demands certainly will be 
strongly resisted by the Prime 


Minister. Although Labour’s 
manifesto in theorv is worked 
out jointly by the Cabinet and 
the committee. Mr. Callaghan is 
determined to imprint his 
■Moderate views firmly on it. 

The main priorities laid down 
by Mr. Heffer at a Labour rally 
in Crawley last aight were: 

• Progress towards a shorter 
working week, more work- 
sharing and earlier voluntary re- 
tirement, coupled with increased 
public spending especially on 
health and education, to bring 
down unemployment: 

• Changes in the workings of 
the Common Market lo meet the 
needs of the UK. if these cannot 
be agreed, Britain should take 


steps to extricate itself from 
the EEC: 

• An exteosion of planning 

agreements, a reinforced enter- 
prise Board and tighter controls 
over bank and institu- 

tions to ensure the Stu a better 
grip on investment: 

• Abolition of the Lo, X 
coupled with a strengthening o« 
the Commons These moves 
should be backed by a full-scale 
Freedom of Information Act and 
the “ democrat isation " of the 
Civil Service; and 

• Steps towards genuine in- 
dustrial democracy to give 
workers a re3l involvement in 
decision-making, as well as 
measures to give protection to 
the family. 


Sime Darby cleared ‘reluctantly 5 


The SLP intends to fight a mon Market. 

Du Cann follows up call 
for cash limits system 


further increase was required in 
view of tbe unemployment prob- 
lems of areas previously unaffec- 
ted by economic difficulties. 

A likely third change was office 
! building controls. Sir Keith said 
they were not inclined to main- 
tain the system of office devel- 
opment .permits. 


njng further seal*- West- 
minster. but will co n cc n' rate on 
maintaining a preset - e in 
Scotland until ihc elect, ms. fur 
the proposed Scoilish_A#-embly. 
expected in March 1979. ;- 

Mr. Alex Neil, the gen«-ral sec- 
retary, said ycslcrday t-ut the 

small office in central ‘ Jaegow r»AVin cprnn 

had cost the SLP about - 1.000 BY DAYID FREUD 

year, including £300 in r. ics.and THE CASH LIMITS system of then Government departments 

about £400 in rent controlling public expenditure is are going to have to scrutinise 

Mr. Neil's salary was 3-500 a likely to cut the wasteful use many of their activities in a 

year. He has now taren, up p f resources, said Mr. Edward du way they do not do now," he 

research work at Glasgow tfniver* Cann. chairman of the Commons said. 

sity and is paid only expenses by public accounts committee and Many of the activities of 
the party. Conservative MP for Taunton, departments were carried out 

The SLP maintains a p .rt-time He told the annual meeting only because of precedent. Cash 
office in the South .-Vyrsfc re con- n f the Chartered Institute of limits meant that they would bej 

stitucncy Of Mr. James Sillars. public Finance and Accountancy evaluated far more rigorously in I Electricity (Finance) Bill, which 

the party's founder, and only \ n London yesterday that the future. authorises extra finance for the 

sitting MP who will coyest ihe jj m its. first introduced in 1976. Mr. du Cann's remarks came Central Electricity Generating 

forthcoming General Elci 'Jon for would have a profoundcr effect a day after- the publication of I Board for the Drax B power 

than most people realised. the public accounts committee's I station and provides safeguards 

■* If cash limits are effective, report. ! for nuclear installations. 


Home loan Bill 
becomes law 

THE GOVERNMENT'S scheme! 
to give cheap loans to first-time 
home buyers became law yester- 
day when the Royal Assent was 
given to the Home Purchase 
Assistance and Housing Corpora- 
tion Guarantee Bill. 

Ro:-al Assent was also given to 
the Nuclear Safeguards and 


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THE M&G GROUP 


THE BUSINESS ethics of an in- 
ternational trading group were 
criticised yesterday by a judge 
in the High Court. 

The directors of Sime Darby 
Holdings, which has subtsantiaJ 
interests in tbe Far East, had be- 
haved badly while trying to 
break into the property business 
in Britain, said Deputy Judge 
Sir Douglas Frank. QC. 

As a result, a Surrey company 
which became involved with 
Sime Darby ran into financial 
trouble. 

The company, Clarke and 
Smith Industries, of Wellington, 
sued Sime Darby, claiming dem- 
ages of nearly £3m for alleged 
breach of contract. 

Sir Douglas, giving judgment, 
dismissed the action “reluct- 
antly." There must be judgment 
for the defendants, he said, not- 
withstanding that their Board 
bad behaved in its corporate 
capacity in a way in which it 
would not he felt sure, “dream 
of behaving in their private 
affairs ’’ 

The judge said that Major John 
Clarke, Clarke and Smith chair- 
man, met executives of Sime 
Darby in 1971, 

“ CSI owned a number of pro- 
perties with development poten- 
tial and the defendants wished to 
become involved in the property 
business." Sime Darby suggested 
the two groups form a separate 
company to develop Clarke and 
Smith’s sites. 

But the proposition, agreed to 
by Major Clarke, led to his com- 


pany and its subsidiaries acquir- 
ing “more property than they 
would otherwise have done on 
money borrowed on the strength 
of assurances given to the bank 
of the defendants’ intention." 

After changes on tbe Board of 
Sime Darby, interest in the pro- 
perty venture cooled. A ractor 
was the “collapse" of the pro- 
perty market at ihc end of 1973. 

As Clarke and Smith s financial 
situation became increasingly 
serious. Sime Darby refused to 
accept that any agreement made 


was binding in law. J 

The judge said: “I am forced, 
to the conclusion, reluctantiy.l 
that the parlies did no more than) 
agree to agree, and at no time 
reached agreement on matters 
fundamental to the proposed con-!, 
tract so as lo constitute a binding! 
contract- [ 

“ In iny view there is con-j 
siderable justification for the 
harsh words used by the piain-g 
tiff's counsel to describe thet 
business ethics of the defen-t 
dams.” 


‘Clash of evidence’ 
at tanker inquiry 


l! 


SIR GORDON WILLMER. chair- 
man of the Liberian Board of 
Inquiry investigating the Amoctf 
Cadiz disaster, drew attention 
yesterday to the clash of 
evidence given by the tanker’s 
master and the master of the 
salvage tug which went to the 
vessel's assistance. 

Sir Gordon suggested to Cap- 
tain Bardari, master of the 
Amoco Cadiz that there might 
have been room for “ misunder- 
standings " between the two men 
on the day of the disaster 
because all conversations 
between them were in English 
although neither spoke English 
fluently. 

Captain Bardari said that he 


did not think this was a pos-; 
sibility because "what we were!' 
saying was simple." ]l 

Sir Gordon loid him that if; 
there were no misunderstandings) 
caused this way “one or th^j 
other of you must be telling ar, 
untruth." Captain Bardar; 
replied: "I am saying honesllj! 
that I did understand." 

Both Captain Bardari ant;' 
Captain Hartmut Weiner^ 
master of the German tug Paci. 
fic. were cross-examined oi- 
their evidence yesterday — ir 
particular on suggestions tha 
there had been delays in the 
rescue attempts because o‘ 
wrangles over salvage contracts.- 


NEWS ANALYSIS — PROCESS CONTROL 


GEC link-up in controlling the future 


BY MAX WILKINSON 


THE JOINT venture announced 
yesterday between the General 
Electric Company and Fisher 
Controls of the L'.S. stents mainly 
from the increasingly inter- 
national character of control 
valve and process control busi- 
nesses. 

Many of the big customers are 

ui! or pel ro-chemical companies 
with plant on both sides of the 
Atlantic. .. , 

At present. GEC has little 
siake in the U.S. process control 
market while Fisher, a subsidiary 
of the Monsanto group, is rfela- 
lively weak m Europe, The two 
... .‘ hoping that they will be 
aide to combine their marketing 
strengths, particularly when 
dealing with multinationals with 
headquarters jn the V.S. and 


subsidiaries in Europe. 

The companies hope their tech- 
nological strengths will prove 
complementary, because Fisher’s 
main emphasis is on the manu- 
facture of control valves, while 
GEC's strength is in process 
control and instrumentation. 

From GEC'S point of view, the 
venture is a way of getting into 
the US. market, which at $1.3bn 
a year for control valves and 
process control is about tbe 
same size as the European mar- 
ket and about a third of the 
world mantel. 

The size __ 

From Fisher’s point of view, 
GEC will provide know-how in 
the instrumentation and control 
fields aad, perhaps more impor- 


tant expertise in the use of 
electronics which are gradually 
taking over from mechanical 
and electro-mechanical control 
systems. 

The new joint company, which 
has not been named yet, will be 
controlled by Monsanto with a 
33 per cent stake by GEC. 

It will be split probably into 
two divisions. The control valve 
side will be run by the Ameri- 
cans, while the instrumentation 
and process control business pro- 
bably will be run by a GEC man. 

The new company will be mar- 
keting control systems to all 
types of industry, but it will 
start from Fisher’s strong posi- 
tion in petro-chemicals. and in- 
dustry which accounts for about 
half of t be total market. 


Companies selling control gear 
need to be large because many 
customers are among the largest 
companies in the world. Indivi- 
dual contracts can range in 
value from £500,000 to £2m. 
Companies tendering for such 
contracts, therefore, need to 
have a complete capability to 
execute a whole system. 

Such a system would start 
with the control valves, usually 
operated pneumatically, which 
alter the flow of water, steam, 
chemicals or other fluids in a 
factory's pipes. These valves 
would be operated automatically 
by a control system which 
obtains information from tem- 
perature guages. pressure and 
flow meters and other in- 
struments. 


The whole process may be 
controlled bya mini-computer, or 
individual parts of the process 
may be controlled by small 
microcomputers. 

Companies supplying the 
valves and the control gear, in- 
cluding any computers, may be 
asked to build the control room 
where batteries of dials and 
meters indicate the state of the 
process in different parts of the 
factory. 


The turnover 


Fisher's main competitor in 
the U.S. for tbe supply of con- 
trol valves is Masoneiion. Tbe 
main competitor in Germany is 
Guelde, and in tbe UK George 
Kent and Introl. In the pro- 


cess control and inslrumentatia 
field, the main competition comet 
from Foxboro. Honeywell ani 
Taylor in the U.S., and Genre! 
Kent in ihe UK. ^ 

The new Anglo-American con 
pany will have a turnover c 
about S360m based on last year’ 
figures, with a total capital em 
ployed of $250 m. V 31 e “ 

It is estimated that the ma, 
ket for control gear is growin 
by between 7 per cent and I 
per cent a year. GEC is clear!; 
expecting, therefore, to make : 
substantial investment in tbi 
field in the long run. r 

However, at present, no ca^ 
upon GECs large cash resen 
is expected. 

The new company is Hfcelv * 
he operational early next yea' 








4 


Financial Times Saturday July T 1979 9 


home news 


LABOUR NEWS 


F ' 


BOYLE REPORT ON TOP SALARIES 

Support for 70% pay rises 


* Y JOHN ELLIOTT, INDUSTRIAL EDITOR 
PAY RISES oF £1S,i 


more for" ‘ch’!?rmen ear app,y 


SS2125f*!Li? , iV5 i n«-Pltts in- reference. 


... to Ihe 
of groups within 


d. Chairmen and members of Nationalised industry Board 


public service 
our terms of 

judges* a^d Government is 

vanis were recommMHpJ 5 ™ » er ‘ prepared t0 ?ive such a commit- 

day In th7 BS?SS5!h on“-ftn ment - W ° haVe l ° reCOrd 0ur 
Salaries. port on Top J^ Q, ^ ,ou * v,ew that * l will be 

ro T Der e npJ^°^j l V iaes Di up ti> independent review uTcnntinuc Brit ” h National Oil Corporation 
thartheVshnwflrK J eporl «y* to operate effectively in the “top 

more than rhi be phased in not salaries' field. In this context. National Enterprise Board 
iniDlemMt^n l sl “ ge * for Fu,! We observe that, for more than British Steel Corporation 
ThJ°^ Qtab0n bjl Apri * lf 19S0 - 30 >' Cars - n « «al alternative has p °« ° fflce 
n„» : nrtBj av - era ^ e lQ crease jecam- been found. 

•avpi^r 15 31 per cent which “ Independent judgment from British Rail 

s Rnl- °“ t ’ sa >' s l be report, at some form of independent body. British Gas Corporation 

■sinr-n ■► Cel ^ For each of the years informed holh by evidence and British Shipbuilders 
; , lts iWt review in 1974. to* relevant experience among National Coal Board 
f U Iv. n ® that period, it points *** members. appears to be tbe British Airways Board 
w e I£ stall, price index has l* est safeguard both of proper British Aerospace 
risen by 63 per cent. rewards for the four groups Electricity Council 

_ within our terms of reference 

I WO reasons and Of the public interest” Central Electricity Generating Board 

Thf. -ranr.** i , . , Tbereport deals in turn with United Kingdom Atomic Energy Authority 

me report acknowledges that oach of the four groups and 67 

cases ^ salaries recom- examines afresh in each case Scottish Development Aecner 
lnVOlVe suhslaQtial in- tie detailed pw prindples laid National Bus Company 

-tk 1« . do , wn . m ,ls last report and the National Freight Corporation 

. "here are two simple and salaries structure recommended civil Aviation AutWRv 
interrelated reasons for this: at that time. At the top levels 
Many of the appointments ef the civil service and of the rahln an/wire!*** ** 
currently receive salaries that armed forces, the existing parity wireless 

reflect part only of those that of salaries between the equiva- *- - , — 

were recommended by u S - and lent ranks and grades is con- S™*""**^ 5 Pm « 
accepted by the Government — firmed as appropriate. c 1 an J? n C f 

as appropriate at January 1. 1975; In both the Civil Service and C2 U iu*V. , t,and Electnaty Board 

and the great majority of the armed forces, ihe report Development Agency 

nationalised industry Board mem- acknowledges that there are ? ntl . . T ? n,port D ? eks Board 

hers currently receive salaries problems of the "interface” Scottish Transport Group 

mat were based on the 1969 with 1 the salaries immediately Natlonal Water Council 

recommendations of the National below. . 

Board for Prices and Incomes, The report revives the sugges- Regional Water Authorities 
increased only on an interim tion made in 1974 that further 
)asis in 197L’ and subsequently detailed investigation should be 
'implemented by the modest made of the possibilities 3nd Area Electricity Boards 
i mounts permitted under pay problems oF introducing range 
Policies since that date. * pay at these levels in the Civil 

“In these circumstances, it is Service, particularly at Under British Waterways Board 
■lardly surprising that the in- Secretary level, 
ityiduai increases now appro- The judiciary's structure has 

•riate are large : measured been examined afresh, and cer- ■ 

(gainst the levels that we recom- tain adjustments in tbe relativi- 


Chairman 

Deputy Chariman 
or equivalent 

Full-time 
Board member 

L 

(net salaries In brackets) 
£ 

£ 

50,000 

33300-47300 

27,000-35,000 

(78,939) 

(15317-17,589) 

(14,408-1631) 

45,000 

37300-38300 

26.000-3 T 300 

(17.882) 

(15366-16,922) 

(14,108-15^45) 


40,000 

26300-32300 

21,000-26,000 

(16324) 

(14,198-15388) 

(12390-14,108) 

35,000 

2SJWO-3O30O 

20300-25,000 

(15,767) 

(13,752-15,144) 

(12,417-13309) 

28,000 

20300-25.000 

16,500-20,000 

(14386) 

(12374-13,752) 

(10,919^12344) 


25,000 

03309) 


20.000- 25,000 
(12,020-73,509) 

20.000- 24 JW0 
(12,020-13,221) 

16,000 

00346) 


18,000-22.000 

07,480-123*1) 


74300-17300 

(9,992-77,284) 

77300-14.000 

(8,472-9.749) 


74,000-17300 

(9,772-11318) 


7300-71300 

(5,755-8,124) 


a. Senior grades of the higher Civil 
Service 


nended for .January 1975 they ties between appointments have sa * ar * es in nationalised indu.v 
ire much less so. been recommended, taking into averaged £13.900 and this 

“They will appear large when account the current level of was broadly similar to the to till 

• et against the background of barristers’ earnings, remuneration package in the 

bree years of restraint measures private sector. 

'■lit the period covered by our A SUrvev Th ? review body »» that 

“.commendations is longer than J position of the chairmen and 

hree years, and it includes the Before making its recom- members of nationalised industry 

rst half of 1975 which, as our mendations for the nationali$rl Boards presented “the greatest 

* alaries survey has confirmed, industries, the Review Body single problem in our current 

■as the end of a period of carried out a survey of compar- review.” The report notes that „ .. . , 

Exceptional increases for earn- able salaries In the private and the nationalised industry Boards £ eaa ot Mo " 10 uvii service | 

ngs at all levels in other sec- public sectors of industry. It have received no part of the Pe £ ma nent Secretary. Treasury j 

ors,” says the report. reports its findings in terms of increases of £12.000 or more secretary to Cabinet f 

The Government would have salary levels in September, 1974 which were recommended in Permanent Secretary 

: i consider the recommendations and September, 1977: l9 7-L whereas the increases Second Permanent Secretary 

gainst the background of the “In the largest companies, recommended for the other three Deputy Secretary 

intinuing need for restraint where salary plus bonus, com- groups we re accepted in prm- Under Secretary 

.id staging may therefore be mission and profit sharing in ciple by the Government and. 

ecessary. 1974 was some three to four athough they have only been Senior officers m the Armed Forces 

times as high as in the com- partially implemented because of Admiral of the Fleet | 

hree <rt;9ffes merclal arid industrial com- P*y policy restrictions, they have Field Marshal 

: • w oiagca p 3 nies with net assets under been applied for pensions pur- Marshal of the RAF I 

But we wish to make three £i0m.. the increases range (in poses- ... , Rear Admiral i 

.*ints unequivocally. First and round figures i from 13 percent. „ ls noted, however, lhal the Maj General ! 

• remosL there must he no for chairmen tu 25 per cent For Government decided that the Air Vice-Marshal f 

scrimination on this occasion Board members and 39 per cent nationalised industries group 

alnst any one of the four for senior executives. • c ? e l ' ece,ve a ". e ? era i 'oorease c. judiciary 

oups covered by our recom- "In the smallest size group of 5 P er *f enl w,th eneci from . 
endalions. companies (net assets under January this year, with up to 10 * 

“Second, w-e agreed it as vital £!0m). they range from 22 per P«r cent being paid to the less- Master of the Rods 

at the Government should give cent for chairmen to 42 per cent "*li-paui members. Lord of Appeal 

dear commitment in principle for Board members and 44 per Lord President Court of Session 

the salaries that we recom- cent for senior executives. The Vllalliy (Scotland) 

?n(L and should provide for increases for senior executives When the Prime Minister High Court Jiidge 

2 ir immediate introduction in in tbe nationalised industries announced this, on December 15 judg* of Court of Session (Scotland) 

II for pension purposes." range from 23 per cent to 29 per last year, he recognised that that Puisne Judge (N. Ireland) 

Third, there should not he cent and. by comparison, look increase would still leave president. Lands Tribunal (England 

ire than three stages, with the modest: those for Board mem- nationalised industry Eoard and y/ ates \ . 
lieveraent of the full recom- hers, deputy chairmen and chair- members significantly out uf line _ ■*. , 

mded levels not later than men range between 0.2 per cent with their counterparts elsewhere president. Transport irmunai 

•ri! 1 1980. 4 "It will be neces- and 4 per cent and are excep- The report draws attention to thief National insurance 
■y aiso to ensure that the tionully low." the extent of the compression ~ ol f . m !” l , ori > e ^ , _ .. . 

•rent recommendations are Total remuneration for Board and overlap from senior execu- ^resident, industrial i nnunaii 
iu CT ht up to date by the normal members in the private sector tive salaries below Board level, (tngiand and waiosj 
iew process in the intervening averaged just over £31,000 in and to the implications of out- Circuit judge 
■iod The Government has 1977, some 28 per cent hisher of-date salaries for the ability to Chief Metropolitan Magistrate 
en a commitment to this than salary plus bonus, commis- recruit and to retain the quality Members. Lands Tribunal (England 
H -t in respect of the April 1, sion and profit sharing pay- of Board members required for and Wales and Scotland) 

5 recommendations from nienK whereas in nationalised the top management uf indus- National Insurance Commissioner 
the review body on doctors’ industries it averaged nearly tries. judge Advocate General 

1 dentists' remuneration and £20.000 or 24 per cent higher Revieic Rod .7 on Top Salaries. Sheriff A (Scotland) 
review hod v on armed forces' than salary. Report J\‘a. W. Second fleporf County Court Judge (N. Ireland) 

the samV principle should Senior executives' annual on Top Salaries. .SO. Price £3. , 


Recommended 

salaries 

£ 


28,000 


(Recommended 
salaries net of 
tax, assuming a 
married man 
without depen- 
dent children) 


NALGO 
likely 
to accept 
deal 

By Nick Garnett. Labour Staff 


LOCAL AUTHORITY white-collar 
staff, the only major group stilt 
to settle under. Phase Three, seem 
certain next week to accept a 
pay and conditions deal with em- 
ployers. 

Delegates of the National and 
Local Government Officers' Asso- 
ciation. which has the voting 
majority oo the union side of 
the Nutiohai Joint Council, voted 
yesterday, three to one Lo accept 
the package. 

The offer, covering 530,000 local 
government staff, will be for- 
mally voted on at the joint union 
side on Tuesday before a meet- 
ing with Employers next day. 

The deal would add marginally 
more than 9.9 per cent to pay 
rates. The increase would be con- 
solidated. together with Phase 
Two supplements, but not those 
of Phase One. 

The package, still being 
scrutinised - by Government 
Departments, includes an extra 
day's holiday for staff over IS 
earning up^ to £3,800 a year; 
improved residential allowances: 
and increased standby payments 
for social workers. 

Tbe employers have been asked 
to improve holiday entitlement 
to staff aged below IS and to 
introduce a rcopener clause 
although employers' response will 
not affect acceptance of the 
package. 

Negotiators for NALGO. which 
represent 410.000 staff covered by 
tbe agreement, are confident that 
the offer will not be ruled outside 
guidelines, although as with the 
local authority manual workers' 
deal parts of tbe package are 
difficult to cost 


26300 

23300 

20.000 

16.000 


28,000 


16,000 


34.000 

31.000 


26,000 


20,000 


19300 


17,500 


(13.473) 

03.708) 

02.461) 

(11330) 

(10,199) 


03.124) 


(10,043) 


05,273) 

04,663) 


03,601) 


(11,880) 


01,716) 


(11.023) 


hoo:i 


PRE-TAX 

PROFITS 

/ 


Profits fall continued in June 

FINANCIAL TIMES REPORTER 

Jj REPORTS and accounts 41 per cent, while other notable 
; in by 147 companies this gains occurred in Bools and 
ith showed a continued down- Marks and Spencer which 
d trend in pre-tax profits recorded advances or about 17 
'ent in reports received since per cent. 

beginning of the year. Conspicuous reductions were 

. recorded by Courtaulds and 

: ist month's profit rise of 4.s yifkers, u -frich turned in figures 
: cent on the. comparable year- nUire jjj an a . third down on the 
1 figures was the smallest C0U1 p ara ble results a year ago. 
rovement 1 ^ IS ..Jl™ Dividend costs increased by 

s over the first t q rs lg l ppr |Wnl 00 the preV ious 

e to 15.9 per cent and S. P r yean bringing the average 
respectively. increase for the second quarter 

■ars Holdings made the best lo 19.6 per cent. In the first 
.■ing of the June reports with quarter, dividend cost increases 
e in pre-tax profits of nearly averaged 16.3 per cent 


Overall makers expect 
improved trading 


NUJ move 
to quit 
pay pact 

By Pauline Clark, Labour Staff 
| OWNERS of Fleet Street News- 
papers are considering action 

to protect the interests" of 
national newspapers as a whole 
after a move by the National 
Union of Journalists yesterdaj- 
to pull out of the national pay 
agreement 

After a meeting with the 
council of the Newspaper Pub- 
lishers Association. whose 
national agreement covers all 
Fleet Street newspapers except j 
Ihe Mirror Group, Mr. .Kenneth 
Ashton. NUJ general secretary; 
said lhal a new minimum salary 
offer of £4,750 had been rejected. 

The union believed that this 
was not a realistic reflection of 
the salaries already being paid 
| to Fleet Street joumaJista. 

It had told the NPA that its 
members in individual news- 
paper houses would now be sub- 
mitting claims to their manage- 
ments for house agreements. 

The NPA said yesterday that 
during the six months required 
for notice to- terminate the 
national agreement it would do 
'everything possible" to per-" 
l.suade the NUJ to change its 
mind. 

its council said that since the 
step taken by the NUJ would 
be “completely contrary" to 
efforts being made by other 
unions and managements in 
Fleet Street to improve indus- 
trial relations in national news- 
papers. it would have “ to take 
immediate steps to protect the 
I interests of the industry as a 
whole." 


Chrysler tries 
to solve two 
plant disputes .. 

BY JOHN LLOYD AND ARTHUR SMITH 

MEETINGS aimed at settling summer months when the ten* 1 
tbe three-day dispute which has perature exceeds S5. 
halted production at Chrysler’s The- paint shqp strike: sta^d 
Linwood plant were held yester- earlier in the -week when the 
day at the offices of the Advisory, company attempted to discipline 
Conciliation and Arbitration three workers iibo insisted on. 
Service in Glasgow. taking a 15-minute break. 

Officials from the service met Chrysler claims that tbe 

xrrss sets a^gjsa 1: 

General "Workers* Union separ- /*■ roduction in a shift is 

pStions BO tat Sid Se« at v?as th rio Neither’ side seems willing to 

SrSSess In rf^ncSne views D ° compromise. Chrysler adds that 
progress In reconcimig views- . production must be raised- Shop 

At the same time, 350 tool- stewards say that the manages 
makers . at - Chrysler UK, meat appears to be seeking a 
Coventry, threatened to strike confrontation and are under 
from Monday. strong pressure from their rank 

AT LINWOOD, a meeting of and file not to back down. 

500 transport members Productivity at the plant -has 

who work in the paint shop, the f&llen drastically from more than 
centre of the dispute, voted to. SO per cent at the beginning of 
ask' the arbitration service to the year to less than 70 per cent 
help resolve the dispute. - now, although some shop 
Chrysler said it would meet the stewards dispute these figures^ 
service but added that the unions AT COVENTRY, toolmakers 
had demonstrated that “they voted .to accept a 10 per cent 
were not willing to accommodate wage increase from July 1 but 
the management's proposals in a re insisting upon improved 
any way.” differentials. 

More than 500 paint shop wor- p ov „„j n 
kecs are on strike and a further i-Uut; 

4,000 production line workers Any action by the toolmakers 
have been laid off. About half would quickly "affect production 
the plant’s 9,000-pi us workforce a t the Stoke engine factory and 
continues to produce components the Ryton assembly plant, 
for the • production line, which Efforts have been made 
are being stockpiled. throughout the week by Chrysler 

The dispute centres around the and shop stewards to get the 
demand by Chrysler that the two toolrooms to accept that a special 
15-minute breaks taken by some deal for them would involve a 
paint workers be reduced to 10 breach of Government pay 
minutes. Under- an agreement guidelines, 
made in 1975. the paint shop - The toolmakers are' expected 
workers take these breaks in the to meet again on Monday. 

Singer stewards to hire 
firm of consultants 

BY JOHN LLOYD, INDUSTRIAL STAFF 

SHOP STEWARDS at the Singer Planning Department where 
Sewing Machine Company, Clyde- officials met the stewards earlier 
bank, are to hire a firm of con- wee k 
sultants to do a study on a pos- _ ' _ r ^ L , 

sible alternative future for the How the study is to be funded 
plant, where more than 2.S00 of J 1 ** J > *f n P* 1 * 

the 4B00 workforce are Mr. John McFadyeu, Singer shop 
threatened with redundancy over stewards convenor, said yester- 
the next four years: day that he hoped the Govern- 

Two of the country's leading would provide some of the 
consultants ‘ — PA Management money- The trade unions and 
Pousultants and- PE ponsultante. Singer itself would also be 
-i^have been 'asked to submit pro- approached. _• 

posais. A choice, will _be made.- The stewards yesterday pie.t 10 
between them -in the next three . Scottish Labour MPs, -who 
weeks, -"expressed their support for the 

The shop stewards’ initiative is study. A further meeting has 
in line . with proposals made to been planned for July 26 in 
them by the Scottish Economic London.- 


Post Office engineers 
told to end sanctions 

BY OUR LABOUR 5TAFF 

THE POST OFFICE issued a Such broadening of sanctions 
warning yesterday that it would Would countered by the 
no longer tolerate its engineers sending home of those concerned, 
refusal to work normally.’ , , . 

The Post Office Engineering . A number of warnings 
Union has been refusing to have already been 1 - issued to 
commission new exchanges for members of the union kt Edin- 


the last eight months in a 


burgh yesterday. A thousand 
dispute over"a shorter working en S» n ee rs left their jobs in 
week, and was due to begin a t a J se° din g home of 

national overtime ban from 000 t ‘ le,r colleagues, 
midnight last night . . The union says that the man- 

Some engineers had _ been agement has heightened the 
imposing more stringent saner dispute by sending home some 

lions than the rerusaJ to com- _ F ... _ n „ h ._ . 

mission new exchanges and work of members who have been 
on machinery connected with w °ridng normally, other than In 
those exchanges, the Post Office the commissioning of new. 
said yesterday. exchanges. 



1975 1976 1977 1978 


Judge rejects AGAS 
report against union 


CONCERN ABOUT levels of low- However, there were doubts 
com imports was coupled with at the meeting about tbe extent 
a more" optimistic fureca-t oF lo which Ihe industry could 
future trading prospects by the expect to benefit from the new 
Overall Manufacturers’ As-ocia- multi-fibre arrangements. It was 
lion of Great Britain ar its clear that quotas Tor the fir-,1 
annua! meeting in Alanches-.er. quarter of 1978 for work wear 
.Mr. George Bell, rearing and jeans had had no real effect, 
chairman, said yesterday that because imports were below the 
the National Coal Board, in a quota figures. 

‘“completely new venture." had There was no possibility of re 
begun placing orders for miners' negotiating quota levels. Mr. 
working clothes. Bell added. 

A substantial increase in sales Pressures on public author! 
of protective clothing could also ties to buy garments manufac-l trade union when this would not views from theirs, 
be exoected once the economy lured in the UK. and support] fit in with existing collective The judge identified 


BY ALAN PIKE, LABOUR CORRE5PONDB>IT 

IT WAS a “clear error in law" that matter other similar new on ACAS was that of encouraghg 
for the Advisory. Conciliation trade unions — were allowed to re* the extension of collective bar- 
and Arbitration Service to take cruit members and negotiate gaining not subject to but Indeed 
the view that it would never while holding different social, as an important aspect of the 
recommend recognition of a economic, industrial and political less specific duty of promoting 

the Improvement of .'industrial 
two relations.*' 


improved, helpc-d by Britain's from^clotbing trade unions and j bargaining arrangements ^ in a reasons from the ACAS report on 

ne ' ' '" ~ ' ' ' 

tion 
more 

need protective clothing. 



domestic industry. 


4ore power to curb 
adioactive goods 

Y JOHN HUNT. PARLIAMENTARY CORRESPONDENT 


Council grants 
for factory 


repairs 

VOTED 


PEERS 


aaainst 


This being so, said tbe-judge, 
clear on 
itself as I 

„ ...... _ — . — ACAS has 

He was gi ving judgment in a They were the need to prevent misdirected itself In law, has not 

case in which the non-TUC proliferation o [ negotiating units sufficiently followed the policy 

affiliated United Kingdom Asso- and concern that to support the of the ACT and has taken into 

ciation of Professional Engineers association's claim might well account matters and arguments 

sought »o set aside an ACAS lead to industrial strike which which it ought not to have done." 

recognition report on reoresen- would not improve industrial He said that Where ACAS was 

tation at APE-Allen. a Bedford relations .in the engineering .enjoined to- encourage the exten- 

ensineerinq company. industry. sion of collective bargaining 

PiuaNfiAi times bepobter i Thp * ud B e four l d that ACAS ACAS had submitted that its and one way of doing this was 

FINANCIAL TIMES REPORTER ] had failed \o discharge its duty principal and overriding ^ dirty recommend the recognition of 

the HOUSING associations should do operate and see their work in the jf° report on a recoanition issue under the Employment Protec- ?.* rade union under Section IS of 


Appeal on subsidies 
to housing associations 



E : 

jfr ' 

Eli 

r f !t 

line- 

L ' 

1 ? 

n#i ic^i 
rtpr'J 

K»"! 

(*r-»i- 
3c j in 
me va*. 

P. 


ble io prohibit the supply in .written or oral evidence, 
jeh goods if he considers 
to be unsafe- 
amendment was added to 
Bill in the Lords by Lord 
Slone (Conservative) stipu- 

I that the Secretary of State „ . 

d be able to decide whether NATIONAL Westminster Bank 


Travel perk 
for students 


_ . — — — - inrrpT cpd 1 1 

report stage of the inner Urban ! jive to the interests and opinions 
Areas Bill, which enables tbe i of the communities where thev 
: Government to designate local ; worked. 

(authorities who. in turn, may; ^ balance had lo be struck 


declare a rea » of spec 1 a i social ■ between the independent mature 
need to be industrial improve- of tousina associations, which 


ment areas. 


! depend on the voluntary efforts 


- iv r - .j j Voting on tbe Tory backbench j of well-motivated individuals, and 

: were safe by reference to has introduced a seneme unaer f move was 42 to ‘J3. a majority; the need for nubile account- 
unount of radiation from which full-time ^ students can ( against the Government of 19.;*bUit\. 

A circular from the association 


New computer 
for airport 
operations 


failed to recommend recognition duty it must always have in mind ..^ n . a S* v “ l c 33 ® ACAS’s -coni- 

for the union although a survey its principal duty of promoting “'P®?. , induBtriai experience 

showed that it was sunported by improved industrial relations, . lead it to tha conclusion 

79 per cent of the staff it wished The plaintiff's- (UKAPEY onn j 1 wonld . p ? wro«g_to recom- 
to represent and 35 per cent— tentionw? that on the dhSm 2*® d reeogmt,on ' £?J? ded *} 
more than any other union— construction S til? Act the^StJ tt * n v J°uld 

among a wider group. of encoSne SI ‘eSenrion If n ?L b ? ch^nged m accordance 


and the consequences of obtain travellers’ cheques and j a nd the report stage was com 
tion on users of the goods, currency up to on annual maxi- pielcd. 

be level of radiation may ^ ° f an> ' 

1 itself be cnouch to cauM commission charges. , 

nat injury to a user.” said A spokesman said: “ vVe arej 
Mottistone. " But, together offering ibis service in the , 
radiation from gthcr knowledge that our student ! 
as. it may give rise to risk customers will _ obtain great; 

ury.” pcn ?.^ t WESTM rNSTER COUNCIL lias 

Ihe 
ee 

dment 
iai 


Trocadero site 
hold-up 


May said the association’s recog- ject to tbe duty of promotidg the SSr 

tbe BRITISH Airport, 2^S mB SPJ ,ra o?S M d? ?d b y b ”e •»«* tojtalo and 

Authority has installed a Honey- ]ar , e Confederation of Shipbuild- i ndi^iri^T te n C p p n « a °d- ““Proving take the view that it would never 
well large-scale level 66 computer Ing'andEnghieerir^lJnionsaffi- sSn« it coSld^e i,d t « hSSS recommend- recognition when it 

- - - - J 1 ^ a i d n qU ’? nCrS p Ha> T S , bales. Passage in documents been intended by pStiameh^to t fit ** ^ 

associations. But they are asked ” idd,e ^V n p ' acc oT L he , raodel clearly contained the threat of be or greater oc Iffl B £ n K afrengements circumscribed 
to cowidvr the social and ^ which it has used for the strike action should ACAS de- SpaAme 1 “"** “ ^ ** statutory discretion and 
political aspects of accouniability past e ' ears. c iri e t o recommend the associa- . . .. .. 


pointed out that there were 

[stringent safeguards over the . J -. .- |1I1S ail 

control of public finance lent to aT . J 1 J t , s headquarters at Hayes. jiiaies. 


FT.. 


J amounted to a dear error in law. 

The_ judge _Mid_ that he pre- The judfie declined to say 



yt 






'Tihaucial Times Saturday Jaiv '1*1978 


THE WEEK IN THE MARKETS 


putts 


Jrj 

T hr. ... 
fjy : 

i&i: iv— • 
i vr t: : 


tf -i V/ i .. 

surf ft"*’ 
VfeiTJ..-. . _ 

SOW'f* • •»,- 
».* 

•St x;t- - 

.• 

'•it/r j. ;*•• 

J IS'.- - . 

•fssiisi . 
ioa df- - 
»• 

I . - 

* : . J *?V.. 

st r«jvi 

d>J 1-’* ■» • 

a 

•ilVt'vi . 


y. S tuir 

"•* -: • • 

- 

jf i-.. 
liut' 4 '• 

ri ■' ... 

:£• 1 


Is So hire 

arils 


lllt't'is 

■tin?!' 


>1 


Market income sensitive 


Rumours that dividend restraint 
was an the way out at last 
filtered through the market for 
much of the week but few took 
these seriously enough to spark 
any real life m equities. Indeed 
Wednesday activity in equities 
»a.s rlic lowest this year. 

Rm clearly the market is very 


LONDON 

ONLOOKER 


income sensitive at the moment. 
Boots jumped tOp to 201 p on 
the proposal to double its divi- 
dend in the current year, as 
pari of a S3nm convertible fund- 
ins package, and finished the 
week at 20Sp. And GEC rose 
7p to 266p on the idea that its 
new U.S. link would also enable 
a dividend hiktt. 

For the silt market there was 


little action although the call on 
the long tap appeared In pass 
without any uncomfortable 
hitch. "Shorts" appear iq be 
struggling io the wake of an 
upward movement in U.S. 
jnteresi rates. 

Hambros at sea 

It has been an unsettling 
week for Hambros. The news 
front Norway is that the 
Government-backed Norwegian 
Guarantee Institute fur Ship- 
ping wants to reduce its com- 
mitments under guarantees for 
something like £50m of Joans 
made by Hambm* Bank to the 
Troubled Reksten tanker group. 
The shares have fallen by 20p 
lo 16Sp since Tuesday. 

Briefly, the Institute in 1976 
guaranteed a loan facility on 
which Reksten draws to pay the 
costs of laying up it* ships" and 
to pay the interest on its 
borrowings from Hambros. If 
the Institute stops it drawing 
on the facility, Hambros will 


nut get its interest instalments 
(or possibly only a proportiun 
of them). 

Looked at from one angle 
Hambros is not in a si rung posi- 
tion to resist any new condi- 
tions imposed by the Institute. 
It is unlikely to want to fore- 
close on Reksien and try 
instead to sell tankers on' to- 
day’s disastrous market Niu- 
ean it want to sue what amounts 
lo the Norwegian Government 
for breach of contrail. 

From anolher angle, though, 
it is the Norwegian authorities 
which are in a deft stick. If 
they back down on this guaran- 
tee, the international financial 
world will see' it as a crack in 
their support for the slump- 
stricken Norwegian shipping 
industry. And this could put 
intolerable pressure on com- 
panies with foreign borrowings 
which account for a third of 
the nation's lota! fnreign debt. 

Both sides are currently 
involved in negotiating tactics, 
and a compromise will doubtless 


Si. EQUITY _ 



MARKET HIGHLIGHTS OF THE WEEK 


The following table lists the changes in the FT 30-share index and its constituents over the first six months of 
the year. The FT Gold Mines index is also shown. 



Price 

y’day 

% 

change 
Dec 31 

High 

1978 

Low 


Price 

y’day 

% 

change 
Dec 31 

High 

2978 

Low 

lnd. Ord. Ind 

460.8 

- 5.1 

4973 

433.4 

Grand Met- 

104 

— 

117* 

87 

Allied Brews. 

83 

-10.8 

94 

78 

GKN 

252 

- 6.7 

286 

248 

BOC Int. 

«} 

-11.5 

79 

63 

Hawker Sid. 

210 

410.5 

228 

166 

Beecham 

640 

- SA 

678 

583 

ICI 

371 

4 3.6 

396 

328 

Blue Circle 

232 

-10.8 

272 

220 

Imperial Gp. 

76 

4 1 3 

81 

71* 

Boots 

208 

- 8.4. 

231 

184 

Lon. Brick 

67 

- 2.9 

76* 

61 

Bowater 

185 

+ 1.6 

205 

163 

Lucas Inds. 

303 

410.6 

318 

240 

BP 

-840 

- 2.1 

892 

720 

Marks & Sp. 

146 

- 9.9 , 

160 

135 

Brown (j.) 

394 

4 694 

392 

231 

P. & O. Dfd. 

90 

—22.4 ' 

118 

89 

Cadbury 5ch. 

51 

- 9.7 

58 

48 

Plesscy 

92 

- 3.2' 

103 

87 

Courtaulds 

113 

— 

131 

109 

Tate & Lyle 

174 

- 9 J 

218 

166 

Distillers 

176 

- 12 

187 

163 

Tube invs. 

342 

- 95 

396_ 

340 

EMI 

137 

-24.7 

190 

130 

LIDS 

90 

- JL3 

98 

82 

GEC 

266 

- 2-2 

278 

233 

Vickers 

165 

-- 5.7 

199 

160 

Glaxo 

555 

- 6.4 

610 

515 

Gold Mines Ind, 

158.9 

419J 

168.6 

1303 



Target announces a new Fjfrid to invest primarily in stocks considered to be 
in "Special Situationsr.The aim of the Fund will be to provide capital 
growth, with rising iiy&me an important but secondary consideration. 


What is a "Special Situation” ? 

The term is usuany applied bv‘ 
investment manageraho ,i share which 
they believe is affected temporarily by 
special factors, g f has potential not 
adequately reflated in the current 
market price Ejrfmples include: 

4C- Recovery situations 
■K- Bid situations 

■ff Marker situations (i e where the 
share price is temporarily depressed 
by a large sale) 

vc Asset situations (r.e. where the 
asset value is far in excess of the 
market capitalisation). 

Selection of Situations 

In addition to the general examples 
given. Target believes there are likely to 
be particular opportunities at present of 
finding special situations amongst : 

■if smaller public companies - with a 
market capitalisation of£1 m to Cl Om 
vf shares with a dividend not less than 
twice covered by latest earnings. 
"Special Situations" will not 
necessarily be confined to U.K 
investments although the overseas 
content is unlikely to exceed 20%. 

Investment Management 

Target and its investment managers, 
Dawnay, Day & Co , Ltd are both part 
of a merchant banking group which 
participates directly m the management 
of industrial and commercial companies 
and h.is long experience of investment 
m smaller public companies and other 
"Special Situation" stocks. The invest - 
ninrit managers will also encourage 
regional stockbrokers to contribute 
their specialised loiM» knowledge »n 
selecting suitable investments. 

Your investment 

Target recommends that because of 
the above avoiaqn risks but greater 


po:entiaI rewards of special situations, 
tin - Fund is suitable for only a part of 
ycir -capital. The wide spread of 
investments in the Fund will help to 
reduce these risks. 

tour investment should he regarded 
as long term. 

Income 

as a result of the reorganisation of the 
prwfblro the yield is anticipated to rise 
to 7 % over the next year to eighteen 
months, a level which for higher rate 
and basic rate taxpayers will assist in 
maintaining a worthwhile investment 
re i urn. The estimated gross annua) yield 
is currently 4%. Automatic reinvestment 
of income facilities are available. 

Special 1% Discount 

For .investors taking up this offer, 
there is a special introductory discount 
offer. £1 01 for every £1 00 received will 
be invested at 20.7p until the close of 
business on 7th July. 1 978. This 
discount will be borne by the Managers. 

'• ou should bear in mind That the 
price of units and the income from them 
can go down as well as up. 

Monthly Income Payments 
If %ou have £2,000 or more to invest, 
Taiget can offer a well balanced port- 
folio of 6 unit trusts yielding an average 
gross income of approximately 8% p.a. 
winch will provide an income payment 
every month. For further details, tick the 
bo - m the form below. 

Share Exchange Scheme 

Target olfers a convenient and cost 
efficient scheme whereby quoied shares 
winch you hold may be exchanged 
ad' amageousiY for units in Target 
Sprcial Situations Fund. Details on 
req'.iesf. 


•’* r i.i.i ifuiwniy C'-i-*- : ■ ,i1 

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Pr.-iJimnii; i>l Yiflriu :ng]it*tii<ir-. F.iynmni 
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MANAGERS Tjinri liini M.liutUli 
Lund.-H <A Mnmbri *if IbC Unit T IUSI 
-VVCiaMnni 

DIREC 30 R 5 ' 

A. P. W. Smisn. T F C A. I Cfui:n.in) ; 
i U on. J.P. iGeiifial Maiusni; 

Ri. Hpn. L jid AIdpii P.C.. T.D.. D l.. 

T.C. BiooLr F.C.A R I L&u&well. 

A C.8.Chjne»llt« E.8 O Clutvcs.M E.E.: 
E.P HJI 4 hvlT.F I A..J H FJIIi'rW, MA: 
III. E. G. fYinee. M A.. F C. A. 
iJlflMune - C1 -eOO 7533 


OFFER OF UNITS AT 20.7p EACH UNTIL 7th JULY 1978 

Current estimated gross annual yield 4.11?; 


f*T«HetT 

i 

i 

i 

L: 


‘rUflTl.* LIMITED. DIPT T.O., TARGET HOU&t. GATEHOUSE ROAD. AYLESBURY. BUCKS HP 1 I KB. 

• Ilf. •«! 111.'- • .<n 1-.I ... I'O! !■. MI'I nt I'l.l -III** lhc StbC4lulno 
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I ..w 1<BI» <!r *1 ’j'liri • Mr-iii!!, iPi-.m-r EtHewr 


fota/ Fundi undwr mmnaa*m*nt in TfH> TArqaTGroup.CVlQ 


,i.l» 5.1 'gc Sc^rMT ' S.-r-n^-.S-iiws"* 

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Al'A'ttMm mu mm I 




he reached. But the big ques- 
tion is what happens in 1979 
when the guarantees expire. 

THF bullish 

Trust Houses Forte's shares 
which have corrsi steady outper- 
formed the stock market thi6 
year jumped another 13p this 
week to 224 p — adding £13m tn 
the group's market . capitalisa- 
tion— nn the back oT a 37 per 
tern increase in first half pre- 
tax profits. 

In fact, the trading perfor- 
mance was even better than 
the pre-tax comparisons sug- 
gest, for the figures last time 
included profits of £4.1ra from 
the disposal nf the Terry's 
chocolate business. 

At the trading level THFs 
profits are up by 30 per cent 
from £15.2m to £19.8m, with 
margins up a point at 7.3 per 
cent. Occupancies in London 
hotels may have fallen in the 
first half, but higher prices 
and increased occupancies in 
provincial hotels have more 
than made up for any decline 
in the number of visitors com- 
ing to stay .in the capital after 
last year’s Jubilee celebrations. 

Moreover, overseas hotel pro- 
fits have shown excellent growth 
— particularly in the U.S. — 
while catering is also up despite 
a flatter performance from the 
airport side. 

The bulk of group profits is 
earned in the second half and 
THF is sounding reasonably 
optimistic. So full year profits 
may well exceed £50m— a gain 
of more than 30 per cent. 

Hall of fame . 

AMERICAN insurance broker 
Frank B. Hill (motto : we make 
you safe — you make us famous! 
finally produced a bid for 
Lloyd's broker Leslie and God- 
win which has satisfied the 
Lloyd's establishment. 

The bid — a straightforward 
cash uffer of 125p a share — 
puts a value of around £25m on 
Leslie. But the reconstruction 
of the Leslie companies that has 
to take place after the bid to 
satisfy the Lloyd’s 20 per cent 
(or thereabouts) limit on owner- 
ship of Lloyd's brokers by out- 
side insurance interests is a 
puzzle. 

What the reconstruction 
entails is the lumping together 
of all Leslie's Lloyd's broking 
interests into one subsidiary. 
Leslie and Godwin International. 
In that company. Hall is to be 
allowed to hold 25 per cent. Who 
holds the balance is not yet 
dear. But Lloyd's is looking for 
the ultimate holder to be a non 
insurance interest acceptable to 
ihe Committee. Day by day con 
irol. Lloyd's says, of a Lloyd's 
broker should lie in the hands 
of those with long experience 
in and knowledge of the Lloyd's 
market. 

Enter Rothschild Investment 
Trust ; it has had an association 
with Leslie for around 10 years: 
RITs chairman Mr. Jacob 
Rothschild is Leslie's chairman: 
and RIT holds 10.5 per cent of 
the present Leslie equity- So 
RIT is entering into discusions 
w-ith a view to acquiring 75 per 
cent or less of Leslie and 
Godwin International. 

There was some criticism as 
to the vagueness of the details 
of the new LGI operation. No 
clear indication was given of 
what proportion of the profits 
Lloyd's broking interests repre- 
sented. But this was under- 
standable as LGI. little more 
than a paper vehicle designed 
to keep Lloyd's happy, has yet 
to be created. There is con- 
siderable latitude in hnw the 
costs and more important com- 
missions are shared out with 
Frank B. Hal). But whether RIT 
shareholders want a «?hare nr the 
Frank B. Hall nf Fame is an- 
other matter. 

Meanwhile Hall's chairman. 
Mr. Albert Tahmnush tactfully 


pointed up the international 
advantages of the merger. He 
wants tu extend his international 
insurance network rather than 
take Lime Street by storm. 

Ferranti 

Given the rest of its portfolio, 
the National Enterprise Board 
must be over the moon about its 
50 per cent stake in Ferranti, 
which cost just lT5m. The 
electronics and computer group 
earlier this week announced full 
year profits up by 49 per cent to 
£9. 12m. This compares with a 
lost of £0.49m in 1974-75. since 
when the company's track 
record has been spectacular. 

On present form. Ferranti 
looks like heading for £llm this 
year — an impressive start to 
the company's future as a pub- 
lic company, plans for which 
were also announced. Ferranti 
intends to apply for a listing of 
its shares on the Stock Exchange 
sometime after the annual meet- 
ing on July 26, a move which is 
going to arouse considerable 
interest among investors- 

While no new shares are going 
to be issued immediately, the 
NEB (as agreed at the time of 
the rescue operation in 1975) 
will offer half of its holding of 
restricted voting shares — 1.3m 
of them — to other shareholders 
in Ferranti according tn a rather 
enmplex formula. This will be 
similar to a one-for-three rights 
at half the market price at list- 
in? dale. So far the scramble for 
Ferranti shares has doubled the 
unofficial price over the past two 
months, and la<t night they were 
standing at 430p (up lOp). While 
there is risk attached to com- 
panies in the high technology 
sector. Ferranti will enme to the 
market with a strong halance 
sheet, for there is no overdraft 
and medium-.term loans of 
£23.7m compare with share- 
holders-' funds of £48.2m. 


Holiday mood hits as 
everybody waits 


NEARLY HALF of Thursday’s 
comparatively Feeble 2 1. 6m 
share trading volume nn the 
New York stock exchange was 
registered in the first two hours. 
Among other things this demon- 
strates that hard-driving Wall 
Street is as susceptible as any- 
where else in the world to grab- 
bing an early sun to a holiday 
weekend. In actual fact. Inde- 
pendence Day is not until next 
Tuesday and the exchange will 
be open on Monday but the 
imminence of a holiday has 
given the stock market a some- 
what distracted and nondescript 
air over the past few days. 

Sharp reminder 

The exuberantly high volume 
which characterised the rally of 
April and May has been missing 
for some weeks now and al- 
though the Dow Jones Industrial 
Average has been fluctuating 
around a level some SO points 
or so higher than tile February 
low. many of the pre-occupations 
which investors carelessly cast 
aside during the rally are now 
starling to rc-appear. Only on 
Friday, the nations banks have 
once again offered a sharp re- 
minder that interest rates have 
nowhere to go but up by boost- 
ing their prime rates from 8J 
per cent to 9 per cent. 

Again on Friday morning, the 
Commerce Department brought 
the inflation rate into focus with 
the May consumer price figures 
showing a depressing 10.8 per 
cent annual rate of increase 
compared to April’s 9.6 pet cent. 
This completed the “triple 
whammy" which began yester- 
day afternoon when the Fed- 
eral Reserve Board disclosed re- 
vised money supply figures 
which revealed that since May 
10 the rale of growth in the 
monetary base was 8 per cent, 
some 2 per cent higher than 
previously indicated. 

AH this emphasises of course, 
that steering the U.S. economy 
towards a stable base of steady 
growth without high inflation is 
a long haul and that some of the 
hopes which fed the April-May 
rally that a corner was about 
to be turned were false. Never- 
theless. there appear to be nn 
overpowering reasons why the 
stock market should put on its 
bear suit and return to the bar- 
gain prices of the winter. 



500 



, 

_L 


J 

fM-:- Industrial .Average: 

. • 



-Lilli i_LJ 

It 1 : M 1 ill. , • - 1 " : 

. • 1 

1 1 . 1 1 * i ■ • 1 1 1 

lilt 1 1 • ■mi- • i , | • 

• . i 


1974 


1975 


1976 


191 


1978 


Industrial activity remains 
extraordinarily high f*»r lhc 
JHih month nf an economic re- 
covery. industrial profits will 
be healthy this year and there 
are hundreds nf good slocks sell- 
ing for six or seven times earn- 
ings to yield dividends nf 
around IU per cent. Moreover, 
3 vocal sciii nit oT ecu lium n- 
opiniun argues thai intcresi 
rales will peak within the next 
few months and this, as any 
technical analyst will tell you. 
is more often than not the pre- 
cursor fur a genuine stock mar- 
ket recovery. 

Faring better 

Some of the ground laying for 
such a recovery may now be 
taking place in that, somewhat 
later than tareeasi, i he decline 
in secondary stocks is at last 


NEW YORK 

JOHN WYLES 


starting to take place. The 
studious investor will recall 
that the market decline in the 
second half of last year and 
the first quarter nf this was led 
by the traditional blue chip and 
glamour stocks and that secon- 
dary stocks, on both the New 
York Slock Exchange and the 
American Stock Exchange fared 
much better. 

The Amex is still very robust 
and trading around record levels 
but in the past week or so the 


NYSE's rciinai has her 
remarkably broad based, 
the week ended June l”J. ll 
Dow Junes industrial aiera: 
slipped 2 per ivnl. hut ti 
value line cunip..sile average 
J .70(1 slocks fi-ll 2.8 per re 
ami the value line industrial C 
per cent. 

The gremlins 

In an unexciting wei 
gambling stocks have aya 
given Mime entertainment 
speculative ime.i1.ni-j> decided 
cream off some of thu prul 
generated by the recent leap 
value of many or these slue 
A communications gremlin 1 
week suggested in this cului 
that Resorts International v 
selling on a p/e of 9 when \ 
actual p/c lor lhc company's 
stock was 97. 

As the only current opera 
in the new gambling haven 
Atlantic City. Resorts Int 
national seemed every speci 
tor's favourite slock and its cl 
A common stock which siond 
929 1 last month climbed 
$96 on Monday (a p/e of l 1 
before settling back t«» $71 ? 
terday. One analyst is proj- 
mg earnings this year nf up 
$5.5(1 a share for Resorts wh 
would he nearly six limes 
company’s nmdesl earnings. 
Iasi year. 


CLOSING INDEX 

Monday 

S123S 

-ll 

Tuesday- 

817.31 

+5 

Wednesday 

810-0 

45 

Thursday 

821.04 

4; 

Friday 

S18.93 

—5 


| U.K. INDICES 

B Average 

1 week to 

June 

30 

juiie 

23 

June 

16 

1 j FINANCIAL TIMES 



Govt. Secs. 

69.18 

69.67 

7034 

Faced Interest 

7133 

71.97 

72.44 

Induse. Ord. 

4565 

4593) 

471 J 

Gold Mines 

1595 

1623 

1585 

Dealings mkd. 

4,309 

472B 

4.816 

| FT ACTUARIES 

I Capital Gds. 

20753 

210.81 

214.94 

■ Consumer 

R (Durable) 

19133 

19553 

198.97 

B Cons. (Non- 
Z Durable) 19532 

R Ind- Group 203-93 

197.41 

206.48 

20L77 

210.97 

| 500-Share 

22636 

2293)5 

233.94 

|; Financial Gp. 

156.64 

159.95 

16432 

|| All-Share 

208.70 

211.40 

21657 

I Red. Debs. 

5739 

5736 

5730 



isa%ar 

o/ 


o 


1 IVYS AT *nh JL'SfE 19-8 


with Arbuthnot 3 in 1 Offer 

These are the 3 lop Performing Arbuthnot Funds in which your money will be invested - r /3 in each. 


11-5 


ARBUTHNOT 
EXTRA INCOME 
FUND 

1 Formerly the Jorajn Intent Fund I 

• One of the highest incomes available from 
an authorised unit trust. 

» Portfolio is well balanced with 58"., in 
equities (.high yield and growth’ prospects', 1 
40“,, in preference shares [.high yield and 
stability ), and 2“., in loan stocks (incomcj. 
Through increased funds invested and 
capita) growth, this fund has increased 
from £3*10,000 on 21st March 1977 to 
currently over million. 

• Share exchange -you can acquire units 
more advantageously 1 /trough share exchange 
scheme. Tick box in coupon for details. 



ARBUTHNOT 
PREFERENCE 
SHARE FUND 


The current gross yield is very competitive 
with fixed interest investments. 

The aim of the fund is to maintain higli 
stable income. 

The stability of the portfolio is achieved 
by a wide spread of investments which 
inherently bear a reduced risk compared 
to ordinary shares. The fund’s 200 
holdings arc spread over 90",. industrial 
and commercials; 6"„ investment trusts; 
4",. waterboards. Funds now exceed 
/.'6 million. 



ARBUTHNOT 
HIGH INCOME 
FUND 


“ The track record in both inavne • 

and capital is excellent, "t 

Firunujl Time- . 3rd September ; 

The objective K initial high income an q 
capital growth in the longer term. 

Over 8V .. of the portfolio is invested ir 
equities lor growth prospecii and 1 V’,, ‘ 
invested in preference 1 hares to providi. 
.stability of income. ; 

T his Fund now exceeds £io million. ■: 


* Estimated Current Cross Yield a* at wihjuue 1' 


Regular Incbjrifc ^ 


Those Wls keep rolling in and with ihe 
o -nstant rue ia (he »siol living yen need 
a egular income that will grow, bo wc have 
di Jgncd a unique scheme, the Arbuthnot 
3 :n L Offer. These funds offer y.<u 3 hiph 
su“ iac income : ar. iiiend {vutectEj 
eatSi jeir in February . March, June, 
Auctst, September and December and 
fw pecti 01 growl 1 01 both income and 
capital in the long term. 

investors are reminded that lhc price of 
urn's and tho income from diem may go 


down as well as up. 

An mvwmKii m a urn trust vbcmld be 
regarded as long term. 


■ Invest Now for 
'till these advantages 


Triple spread reduces risk 
Guaranteed Regular Income 
-5jf High Initial Income 
^ Potential Growth of Income 
■5£ LongT erm Growth Potential 


- Vuuctiiitt Iso invest 

in the iiuKviduui funds 


Should yuu whh 10 purchase uart< in 
lhc individual furnhi please .ipplr 10 Th,- 
Managers. The minimum holding in each 
fund is £750. 

Units will be allpcauJ at ihe 
price ruling on receipt of your 
application. Wices ruling ai 
30th June, 1078 a> follows: 

Enm Income tufldmvp Yield - m 

Pretdcncc Share Fund 27 . ip Yield 12-3 
High Income Fund 43 'p Yield 9 2 - 1 • 


GENERAL INFORM. VnO 

-i' •- I.- Is-.- >i J 

v- ; ,m. if-*-, 
pn- » iiviuJ-. ii-.TlKir 

,b.is, i- '".si i*i i,-.|T-«v.i,ti .;K 

rileL.i. Jirjiuklu!' --r r , I ^ 

mini - -, Ji it"-,*, r-r .jr.r'n. \„l 

1 l.-r :- .mil. .,w |.,ir. lu'-cj ,i 

r^» - •!' • • :■ 11 'lit ■uii.-n-i ri. . 

Vnii- .’.i ai-itc.- IJ tv«». P.i- mriti mill h 
rr. "k - i'h'n IJ-.; j • l'*h- .Jcjlmt iL.fc.cv1,.. 

-air Jol; mKWied.nr 

*n J 1-Kl* inw *n IT.--* !ti*ne nmp^n 

t.-lime Mint ni I • • v ill t* pud t.i k Cu$mW 
>re.-.: ■. Tin <elw a me ■Trn tn irudrau .>f -j 
Rcputjlit cf Ireland. Tnr-icn:- Thr Kord ft 
.Stttdarid Lid. Manaetn: Arhmhiwc Sawlu 
RtfiinEdirJiuieh .Mcmbcre JflieU 
Tnu' .VfMmUYMi. 


To: Arbuthnot Securities Lt±, 37 Queen Street, London EC4R IBY. Telephone: 0I-2.th 52SI. 

rwicrtsi! iAMrrriHaM«SMa,A.r4oajiDM.i'.\KC**reiiiAjLCLiu«l'»ira.Kr«v-.’roJ,r7<»«.i.-<r**B-i-'i’^.^r.r.*- r ■i»U'..um.TC4. 

Capita] Stun I. We wish wiowtthesumoft; '.mm. Monthly SavingPlan 1 . W eu-i.h ipime-i ihi-umv-f l ... . .mm. £<» r-cr month in the Arhnrhnot 

/qco'i in ihe Arburhnot 3 in one offrr and enclose a 3 in one offer and en .'losc a cheque p.ivablc to Artuthnui Xe-uniii- Lid as ihe imual pavmeni. A hankers 

cheque payable to Arb-Jtbnoi Sccur;ii« Ltd. order form will be wii 10 jwu by ihe nuaa^iri i-'ll-r* me receipt cl thr a'rdcr. llu • <'.'di-r 1 . rev "cable ai any 

Shat^HsciiiinRe Scheme -lick boe for details^. ttmc by one month notice in urn inp. 5 

1 Vr, Ir.U-’ 'h-' l im vf art - r: :i ar.i-i-.' :*v)an -^f vrt- ihr !w|iiV»,1 KniFi^Knar aml f-t iiuomnc Fhr ah.,.{ nKiiumicd ,r.-a r.’j> i- "it r. minE- * 1 -n- psti -n - .. jvi 

ill -vu ,rr imric » . m/,e i: -►..vilJ l< 'Wici-J wJ |H< 1 . 4 TB I- Je-d ihr,j)jrt-, j-ouf Rihk. Si.^kbF. ku .< v:, ( „ ,|v \ tjnserrr . “ "“'•“"Wfc 


Signature- \ _ 
Fuji Name'.'. . 


. Joint applicants, all mun sign. Mr Mrs Mi 1 *- or T :iln and Forenames. 
.Addreastn • 




ARBUTHNOT. 


EsnWKhedTS^. 


3 IN ONE OFFER 


rm 


■i 







FINANCE AND THE FAMILY 


An estate’s bank interest Small print and car shari 

answered by past as toon as 

possible. THOSE WHO read the dans’ while the diminution of public certificate will have hire and 

losa of eaminEs Involved we Parliamentary reports will have transporfservices has, of course, reward exclusions, which in 

section 430 of the Income and the wall on his property were could not nroneriv advise on a noticed that this last week a played ifc part practice only to a limited extent 

Corporation Taxes Act 1970 to demolished? So to ro tfJen ^StrSrci new Transport Bill b» been In 19g at the time of the have been modUM by vrtr.t 

amended) The rules for cahai- Y ou miettt inouini of “aking its way through the petrol shortage, motor insurers insurers now refer to as the 

SSai tS^Ser ,*«« ?£J?SL7£«£LZ JSLStSw K. or SZ 52**"==“ ‘ -jft "***>*■" 

430 are cnnkplex and arbitrary. ^ protection known to the law: offered compare with figures in te Political te>™s ^c 6 b * 1 haTC long teought 

ssf^wsrs sttts^tyf aapjs? ss sarst- 


Small print and car sharing 


BY OUR LEGAL STAFF 

Interest of £183 was earned on 
the deposit account of a 
deceased person to date of 


section 430 of. the Income and the wall on his property were 

Corporation Taxes Ac 1 1970 (as demolished? 

amended). The rules for catai- Your initial assumption 


death, but as it had not been . Ia-ting the relief under section iacoareot: there is no easement solicitor bow the sum or sums 7^°^ : 5? 

actually credited to his account, 430 are complex and arbitrary. protection known to the law: offered compare with figures in “ „ I Sf, If" 1 " 8 

it was not included in the and so - dn the ***** of the JSSTTISuSmSM i 3 b?£ ^ent awards. "* SSaTSSmelSv ^S? ££ Egg 

computation or the tax position necessary details — we suggest However the kind of arrange- tote preSm torn! ^ ““ 22? 

asat date of death. As a was that you seek the tax inspector's ment Jor joint participation in *• n Onetf the several objects of not coi 

included as an estate asset when guidance through the maxe. building a sea wadi wfodob you lACCflCC JOT the BUI is to make it lawful for would 

applying for probate, it stood envisage could, in certain edr- the nrivate motorist to rive lifts enndiri 


envisage could, in certain cir- 
cumstances. give rise to an « r-lnthov 1in& 
equity which would entitle the U WM? 


THOSE WHO read the dally while the diminution of public certificate will have hire and carry more than seven pan 

Parliamentary reports will have transportfserrices has, of course, reward exclusions, which in gengers; 

noticed that this last week a played ift part practice only to a limited extent lb) the passengers are not 

new Transport Bill has been in 1923 at the time of the have been modified by . what being carried in the course of 

making its way through the petrol si utage, motor insurers insurers now refer to as the a business of carrying pas. 

House of Lords; the Bill is not gave thejCovernment an under- " petrol undertaking." sengers: 

in political terms controversial taking that payments made by j have j ong thought it (c) the total contributions 

and within a few weeks must passengejs merely as a illogical that the undertaking received for the journey con- 

surely become law, very much contribul on towards the cost of should start and finish With corned do not involve an 

in its present form. petrol us :d in a journey would petrol, because there are & element of profit." 

One of the several objects of not cons! tute use for hire, and Qther expenses incurred particularly in proviso 

the Bill is to make it lawful for would no therefore infringe the ln ninnil1£ r a J, r . the need - to CM and- (c) the words business 

n iMuu ttt mnTArict to Ofvo lifter of wnraitl Ofl f . . ifc r m pbl...,.!. Mile -nnrlm. 


Does & power of att orn ey, as ^ waU/eron though tat s 
mentioned In your issneof u in his sole ownership. 
May 6 have to be stamped and 
if so where (X live in London)? 

The power should be given A -firry tv a 
under seal and should be J K ’S ur c 
stamped 50 pefece- This can be 
done at the Sthmp Duty Offic ejOT UdlTMlgeS 

Ion B ^C 2 HOUm; Alawych ’ ^ A n«d accident rested In 


■ a share of capital transfer tax i cizmstaxBces* give rise to am 

paid. From date of death to An. pOWlCT equity whi ch would entitle the 

closure of the account a further » ^ ^ owners of tire protected pdoits tc 

£398 interest was earned and Of ttttOmey restrain by injuntioii an ownei 

tha Tax Inspector now states J J who seeks to demotash part oi 

that the whole sum Is ' Does a power of attorney, as ^ w^h, even though «*«»* part 

issessable. The effect then is mentioned In your issue of ^ m hds sole ownership 

hat the £183 is not only liable May 8 have to be stamped and 

'or income tax, but also for if so where (I live in London)? 

■a pita! transfer tax, whereas If The power should be given A '(fgmuyp 

t bad been included in the under seal and should be ^ ^ 

imputation as at the date of stamped 50 pefcce- This can be Anmrwfrsit? 

I eath, the estate liabilities done at the Stkmp Duty Office Jtrr UUrrttlgKA 

vould haw teen increased and at^ Bu^ House; Aiawych, Lon- A acddent r^ed 

he caprtal transfer tax don WG2. serious injury to two people, 

orresponduigly reduced. Is involving lo£ of earnings, 

here nothing which can be and some permanent damage 

oae * Protection by to them. How can one 

Tre executors must pay basic-. n check that the general damages 

ale tax on the whole of the a sea wall. offered by an insurance 

iterest which arose after the company are as good as can 

ccounlihcdder's death, regard- I understand that where one of he obtained? 

.^s of the effective charge to a pair of semi-detached houses Ultimately the only test is to 

TT on tine portion which Is demolished, Its owner is geek an award of damages in 

.’crued during his Lifetime, obliged to provide some court However figures of 

mvever. the residuary legatee alternative protection against damages which have been 

assuming that the terms of the the weather for the other. awarded may be ascertained 

-J-l are simple) should be Similarly, if three adjoining from reported cases, and there 

rtfUIcd to a measure of relief owners build a sea wall around is a standard work, Kemp on 

sm additional-rate and higher- their properties, would each Damages, which gives a guide, 

ite tax in respect of the indd- owner Incur a duty to protect Without very full details of the 

ice of CTT, by virtue of the others, in case a part of nature of the injury and of the 


the private motorist to give lifts condi ti or 
for payment, .without falling policies, 
foul of. the long-established This i 
licensing laws relating to the lively re 
public and private hiring of 
motor vehicles^ Because our . — 


owners of the protected - plats to x ^ a rtehtof wav covering licensing laws relating to the 
restrain by injunctioii an owner tjjTsid-. public and private hiring of 

who seeks to demolish part of __ __ motor vehicles^ Because our 

tibe «H.' «ra though Hat part compulsory inttrance laws are 

is in fail sole ownership. a> specifiodly ied to the use o£ 

a dothesUiiewlU^ crosses the vehicIes oo theurmd. it has been 

driveway * l “ 1 necessary for the Department of 

A fynitvo nnderatand that t he right to nse Transport and the MFs 

rn. jigur c a domes line constitutes an primarily concerned with the 

y- * e as e m en t . Should I take steps Bill to consult with the 

TOT damages to convert this usage into a insurance industry to see how 

licence, or does it merely far motor insurers would go 1975 > ? Qd 

A road accident resulted in constitute a use of the right of along with ■ the proposed operation, 

serious injury to two people, way? changes, wfthout requiring “t end or 


Protection by 


i fence and a ransom strip 


serious injury to two people, way? changes, wi 

involving loss of earnings, individual pd 

and some permanent damage tae ngnt no my canures over 
to them. How can one another's land tnaj constitute 

check that the general damages 11 5°** opportanitiS 1 

offered by an Insurance “rt wnttam a night of way. opportunities 

company are as good as can H therefore the dotihte line to ^ ^ 

be obtained? wfc“* refer ^ wftoHy or ^ 

the only tcst is to 

cot^t" Hoover £ S 

damages which have been owner car-sharing 

awarded may be ascertained °* ^ to 0 ^ tmn Jtyur lacence. becomes laivJ 
from reported cases, and there For most pj 

is a standard work, Kemp on .. . of car-sharing 

Damages, which gives a guide. t^OlleCtlflg of modern IQ 

Without very full details of the ° impetus was j 

nature of the injury and of the g roun £ ren f S 

I boycott caud 
shortage of p 


of normal car rtp i ace tyros and battery, the and Profit. Though this under- 
„ ^ .. ... . need to^Wve regular sendee, taking bra been described a* a 

adertaking was posi- u, e t 0 pu t money asidelor draft at is unlikely that the 
lewed by Insurers in inevitable mechanical repaira words win now be significantly 
| and future ultimate complete altered. What wdU happen when 

| “ replacement, the need 'to. lay H» B4U becomes Jaw is tliar 

l insurance, and so on. insurers will give immediate 

ill RANGE Putting all these overheads at t0 t [ ie ondectokiag. 

r cost per mile it is dear that and subsequently- w*U provide 

bHN PHILIP petrol, at around 2Jp per mite (Mch Jwotorin « policyholder as 

l (assuming SO miles per gallon) Ns renewal comes round or 

I BBBB is a relatively small part of wtl9n *** buys new cover, wuh 
running costs; arguably It is aome personal documentation of 
remains currently in unrealistic to restrict the this undertaking. From the 
hough insurers have motorist's right to contribution ItariUmemary statement it does 
d policies or altered solely to the price of petrol, seem that insurers will not be 


IN PHILIP 


The right to dry clothes over individual pofleyholders to pay the wordii ; S of their statutory g to Lady stedman ' ertlJh **! 

anotiber’s land may constitute extra premium should they wish certificates answers are now ready to give *° Jr* tte^present moclnslons 

^^me^ItoStriXdoes to avail themselves of the Have a look at your own the private motorist much more of Mringand. so on will remain 

St fitil^Sin a riabtof wxv opportunities ^provided by the mot °r insu ince certificates and ^ She read t0 the House wwkerod— it as the interprwa- 

2*1 Bill i you will s e a lot of pnnted ^ ™ uiSe-takS t^on of the words that wiU be 

merely over tire land over which for hire or eward° ure fo^hirc ’ " The receipt of contri%- 

you have a ri^bt of way) you feeater diree or reward, se for hiring, use tiobs as part of a car sharing, tteM? 

should now require the owner car^Sng fce tin: Bill for hire ant reward other than arrangement for social 

of it to obtain your licence. becomKlaw.f private hire Most of these $her similar purposes m 

For mort p|ple some degree Phases have been in use since Aspect of the carriage of 

„ „ . of car-sharingmas become a fact 1M0, and tany have been Mssengera on a journey in a “J 


i become a fact 19 30, and |Lany have been 
Substantial subjected toljudicial scrutiny, 

^ in to the habit although the precise exclusions 

in *” 1973, wh& the Arab oil that your 'lertificate bears 
boycott cau^d a temporary depend on- idgividual insurers’ 
shortage of pfetrol, but in the choice of Tivoras and the scope 
years since itjs the general cost of the cover ymi have paid for. 
of motoring ^rather than the Sufficient-te ^ that if you pay 
price of petrcS which has made your - . insurers’ standard 
car-sharing & commonplace, premium for private - use, your 
¥ - 4 


■developer erected a fence on 
V land alongside a one-sided 
l-dc-sac adopted In 1961, a 
nee erected by me having 
on vandalised. On my 
Heitor complaining, he was 
(d that it was erected, under 
obligation imposed by a , 
venant in a conveyance in 


say that in any case It would 
not prove the extent of their 
ownership. My solicitor has 
discouraged me from removing 
the fence and seems uncertain 
what to do. 

What steps can 1 take to have 
the fence removed? What If 


'J recently about release of one 

party from obligation to 

any such breach is probably collect ground rent in a multi 
statute-barred. Your simple party ground lease and that 
solution is to remove the fence, notification should he given on 
As to the claim to the ^ appropriate form? If so 
11 ransom strip,” that should be could yon tell tell me where 
investigated, starting with a j could get such a form? 
parcels map search at HM Land . 


Did I not read In your colomnn I years since it Ji the general cost of the cover 


uons as pan oi a car . . .. - ■ •jgrr’-- 

arrangement for social 

other similar purposes in d oubt ps to whether 

tespect of the carriage of ^ ^hgement is 

passengers on a journey in a terms 

chicle insured under a af 5” to 5 H ^L ; Sr shf ^ Ud 
pravate car policy, will not be bis nKrtnr mtfalfers Hid ■ 

rmarded as constituting the tell tiiem 4ll_ti»e..fa<a9^4infl. I 
c^4age of 'passengers for would add, pre- 

hifefit reward (or the use of pared to pay extr* premium if 
the* vehicle for hiringl pro*- his insurers findtL'mat . i^he 
vfied that: i arrangement ^IP^Aijkmd 

f3a) the vehicle is| not provisos (b) and (cjT of jihe 
Constructed or adaptea to undertaking. . 


hat steps can I take to have J egJstryi any of your land 0ur raply.to w^teh your refer 

venant in a conveyance in has been registered In another T?® Ijl 8 "!! TAX BELIEF for mortgage The limit of borroVings upon which are available for letting There are a number of tricky 

35 bv the original owner of aDy ,s °i * person’s name you should be of 0 , ga ~?° rf ** interest is one of the simpler which interest - riief can during the remainder of the problems related to the 

e whole field which I first SESmwJSE!’ h«w able either 10 have ^ re Eis ter f!X‘ £ S^LSU, 1 !? parts of the ttix legislation. Any normally be clalned is year even if not so let No taxpayer’s ability to demonstrate 

rchased with the adjoining aUe l^r rectified In your favour or to ^ tQ the position of 8 ..“J® 06 man in an >’ dapham omnibus £25,000. The ^ian in tie previ- limit restricts the borrowings the facts to the Inland Revenue, 

id. Meanwhile I received a low c J”.* l ^'S T J ain 8X1 receive compensation from, the tenant wno was collecting ^jLL tell you that he under- ous paragraph witra three for let properties, but the One, which accountants and 
er from the developer for my 01 tneiana i own. Land Registry's Compensation several rents aM paying them 5^^ what benefits the law houses can deduct interest interest paid can only be lawyers originally viewed wuh 

id. who informed me that he We can see no basis on which fund. If your solicitor is un- on t0 lessors If a form of provides. Let iis see how much on £25,000 in the \aggre- deducted from rents received, foreboding, is the requirement 

:1 bought and registered a a previous owner of your land certain you may wish to retain release of one out of a number jj e rejjjy knows. gate, not £25,000 for \each. If interest exceeds rents, the that a loan be used specifically 

ie to a “ransom strip." I have can put forward a claim to any another who is more decisive, of joint parties paying or receiv- The purpose for which the Many people are aware\that excess must be carried forward for the purchase or improve* 

it acted officers of the council right to enter your land to put We agree that the Section 40 ins ground rent 1$ required you m0 ney was borrowed is the first the amount of thus Vmit against succeeding years’ rents, meat, and that it be not used 

• details. The 1961 section 40 up a fence; still less to main- agreement would be of little use should have a solicitor draft the key. One thinks automatically has to be re-enacted in fch Relief is normally given if for anything else before that, 

id adoption agreement tain a fence on your land. If, In ascertaining ownership: how- necessary docummt Fonns of 0 f the phrase “purchase or year’s Finance Bill, since %e the various conditions are met In practice, in those few cases 


TM revenue fakes an interest 


35 by the original owner of What nhlmt the person’s name you should be 

. .. o-u . t n covenant? what about me hK ,„ t ho moictar 


TAX RELIEF for mortgage The limit of borre 
interest is one of the simpler which interest - : 


alleged “ransom strip"? How 
can 7 be certain of the extent 
of the land I own? * 


p whole field which I first 
rchased with the adjoining 
?cL Meanwhile I received a low 
er From the developer for my 
id. who informed me that he 
:1 bought and registered a 


- details. The 1961 section 40 
id adoption agreement 
hich I saw in 1966 and 
arly shared the road tight 
ngside my fence) bat they 
re been un2hle to find it and 


his 'inability to erect the fence ever you might locate a copy if apportionment offrents Jve to improvement of land or build- Opposition in 1974 only allows at the time the interest is paid, in which the funds come in 
renrfem: him Tiahte to a third the develoner who made the be found in the Encyclopaedia inss which -are to be the onlv the nmvidrm An tn th» chmift Soma common spnoe has found before comnletion. and lie for 


renders him liable to a third the developer who made the be found in the Encyc 
party ibr breach ' of covenant, agreement with the Council can of Forms and Precede, 
that is ms affair— but in - fact still be found. Edition. 


ings which -are to be the only the provision onto the statute Some common sense has found before completion, and tic for 
or main residence” of the bor- book on that basis. What seem^ts way hito the law to help a few days in a deposit account, 

•niim- 'n.nt mataml- In Ann .1- I. 1 1 , 1..U. — I -L . thn Qbvdshs sum frt lain, a 


V.fc. 

'ennies from%eaven? 


rower. That certainly is one rather less well-known Is that 
approved^ purpose^ but there are 


: . TS ail very well for the ing legal constraints’' and a GulMnan which "weighed 3,106 Guinea. It hoi 


iadewa Roof Orchestra to unified wage% scale has been carats (nearly 22 ounces) in the 250ra to 300m /tonnes of oreJ must fklfil the residence qualifi- 


■ ' Others equally Acceptable. We 

; do not have to reside in bnild- 

J l ings — or even on land. Large 

j * rears vans and houseboats 

/ jquali^-. 

; Molje significantly, it is not 
an estimated necessarily the borrower who 


TAXATION 


DAVID WAINMAN 


8 ’igho might otherwise the Revenue seem to take a 
eu . , caught by the very relaxed view. 

Df tlU^ provision. In j ust W hat. money has been 
year after a lout is Bpent on improvements can bo 
grantee^ relief wiU a d ifiScult question — especially 
any Httetest paid because improvements arc 
.that the\ property defined to include the making 

S° od of <m»I>W>tion. which had 
mam resiaMic«^ within that occurred before the property 
ai» g'ven w „ bougl)t 0dk ^ thl . 


«y Wimbledon and soggy black workers can only be Taylor-Burton. 


The copper grade is low, but] qualifies below as a dependant 6 per cent 


i-ley can hardly have been channelled into the low-paid Ironically, Premier has not s tm better/ than that at the can live in a house for which Where an employer provides can be is 
v kneed that the thing to do jobs. paid a dividend on its deferred m 0 TintcnZinc group's very be has borrowed money, housing loans at a favourable to four ; 

• to turn -their umbrellas up- Ergo, which recovers .gold, shares , for ov ® r 50 y ears successful/ Bougainville oten- Alternatively some dependant rate of interest, the Revenue do not disq 

• down. That only happens uranium and sulphuric acid even the Preference payments p it copper-gold mine in RNG relative can be so accom- not normally need to impute a from his 

•n a clearin'* in the clouds is from old mine waste dumps, are some 20 y fiars m arreat It which is/among the few m&or modated: but it would be a “benefit” to the employee in the absent 

•. te H ° needs no expensive mining ^ onl y because a favourable tax copner producers to be fell brave man who let on that his taxing him on his earnings. If his emplt 

operation of Its own. Thus it deal been arranged that the making' money. On the ofter humanitarian proclivities could they did, he would promptly the UK 
is ton eawy to say wnetner caQ break-even at a gold price new “lining operation can go hand* working conditions atsOk be let rip only because his claim to deduct that .same absence a 

t clouds over base metal Qf onl j go t r ^ " j^st year ahead. The existing mine Tedi would be more difficult mother-in-law (or any other re- amount Employers cannot, if the t 

•kets are at last clearing. Ergo forecast that at a price seated 7.07m tonnes of kiraber- than those at Bougainville# in lative) was “incapacitated by old however, use this' as a device yet anothi 

i though there are signs that ran „ e Qf 312b* to S150 it would liTe < grading 28.42 carats per view of an even heavier rain- age or infirmity from maintain- for circumventing the £25,000 He can 1 

worst may have been seen. pa y 0 a ftrst addend of 25 cents 1W tonnes, last year and it has fall of some 400 inches a year, ing herself.” limit, for instance by granting house vrttl 

ird-las are -13ms still -hi vogue j- or the curr |tj t year to next about 40m tonnes left Latest studies of Ok Tedi have Tax deductible interest can a" loan of £15,000 interest free repaid tl 

as far as tiie mining world March an d dmible the rate to Below the gabbro sill in the Indicated a gold enriched dip therefore be paid on the and a second of £25,000 at 6 per house. In 

■incemed, the best one is 5Q cenls in following 12 new area there is one section— covering the primary orebody. borrower’s own house, and on cent so that the employee could paid with! 
« of geid with diamond and mon ths. * tbe LI— which holds 14m This is reckoned to contain 30m a second one for the relative, supposedly make his claim only granted 1 

imim trimmings. „ tonnes at a much higher grade ..tonnes of material grading 3fto Bu * be need not stop there, he on the second loan. relief in- ; 


^ J5 a I ear ° n commercial judgment of 


26 weeks out of the year, and reached. 


,«h an exotic creation nfftlii of 72 carats per 100 tonnes. Pro- 3.5 grammes gold per tonne ran have a third tax deductible There is a wholly parallel which ala 

ved South Africa to boost mLJhc duction of this material will which, it is thought, would honse for hls termer wife, set of legislative provisions granted oi 

c^nS ? fmte2a?sSes T2 thV* £ JEEZS next ? ear MW ^ justify a gold mtelng opeta- whether he has divorced her or permitting relief for interest on only that, 

™ % l pef rent to a £L? of further 100m tonnes of u* tlon in its own right. At least, merely separated m sudi money borrowed for purchase the old loa 

p.1 * r«»{P n before the «od of “is year, disdoscd grade should b e ready it would provide a godd circumstances that the separa- or improvement of houses in detera 

-r vh^entsinn^rib, for rain, 5- The 'total arej sweetener to Sie overaUprojaX tion is likely to prove which are let for more than £25,000 

■V DPu-M d P Thj " b a ^H L d I! s 5hnf t?A fSll wn^no! below the s 111 should keep Pre- The find will have increased permanent 26 weeks out of the year, and reached, 

tl jrm The suW and seems toat the delay will not raLer going until at least the end the chances of a mining ‘ 

T^w^P n ! 0re A Tt 35 ^ Ssn of ^ ceiltur y- operation being launched; they ; 

1 ^ 'haTwlrnVi^n P hi'^r d0 ™ 11 “ ^ cucoura^mg to note Were lookin g p ret ty s ii m pre ; remain single, or can be changed 'Wrr 1 

ff rK E ______ ___ _____ In the wet viously. But such is the huge g fl §1 £* SI ■ t0 mee t differing requirements l/Jf fA 

.a! address in the Chamber capital cost of a mine these days, should they marry. Secondly, r r 

mes this week of the grow- Australia’s Broken Hill Pro- especially at Ok Tedi. that the they need to retain control of J 

iressure of working costs. MINING prietary^ and its partners, angels are treading very care- /* ' their contracts, so that if the j 

st.s per tonne of ore milled America's Amoco Minerals and fully indeed. BHP has to sub- marriage breaks up then they TT SEEMSj 

the gold mines have KENNETH MARSTON the German Kupferexploration mit its proposals to the PNG M \Jf shill have access to the policy for the prt 

■ased by 100 per cent over ' group, remain fascinated by the Government by May nert year, ** and its accrued benefits. rights. On 

ast four years and they are _ _ 

rising. Fortunately, so is aep°*lt in the Star ahead decision will be delayed I * A % si-mm single women with "nermanentlwas tiTU 


Where an employer provides can be iAored. Penods of up ^ lender - assunting that 
housing loans at a favourable to four Jears away will also he ^ not ^ ip-js-,, 
rate of interest, the Revenue do not discAlify the . taxpayer J^X^f®^ 06 lena,nt 
not normally need to impute a from his mterest deductions if 

“ benefit ” to the employee in the absen® is a requirement of AU this is familiar ground to 
taxing him on his earnings. If his emplcimenL Absence in the dapham omnibus passen- 
they did, he would promptly the UK founts as well as Ser. he may have over- 
claim to deduct that .same absence alfoad. looked a ^ple of >mi«eUaneous 

amount Employers cannot, if the taxpayer moves house, points. Tl&jus mortgage dates 

however, use this' as a device yet anothei concession is made, from before Jto*ch 26>-^74, ^the 
for circumventing the £25,000 He can Kirrow for the new £25,000. limit itees not s begin to 
limit for instance by granting house wittfiut previously having bite until April 6, -1880. .Until 
a' loan of £15,000 interest free repaid lira loan on his old then be still has the protection 
and a second of £25,000 at 6 per house. In&est on tbe new loan of the 1974 transitional provi- 
cent so that the employee could paid withraa year of its being sions. Finally, oh an optimistic 
supposedly make his claim only granted \®1 be eligible for note, if his wife leaves him and 
on the second loan. relief in* adition to the relief claims half of the value of the 

There is a wholly parallel which aim continues to be matrimonial borne so that he 
set of legislative provisions granted onl the old loan. Not has to borrow to pay her off, 
permitting relief for interest on only that.fbut the amount of this borrowing is regarded as 
money borrowed for purchase the old losa can be disregarded being for tbe “ purchase ’’ of the 
or improvement of houses in deternfning whether the house concerned, and he can 
which are let for more than £25,000 felling ■ has been take solitary comfort from his 


interest relief. 


MINING 

KENNETH MARSTON 


In the wet viously. But such is the huge 

capital cost of a mine these days, 
Australia’s Broken Hill Pro- especially at Ok Tedi, that the 
prietary and its partners, angels are treading very care- 
America's Amoco Minerals and fully indeed. BHP has to sub- 
the German Kupferexploration mit its proposals to the PNG 
group, remain fascinated by the Government by May next year, 
potential of the big Ok Tedi but it is possible that any go- 
copper deposit in the Star ahead decision will be delayed 


l HEADGEAR ] 

5 ^ l 

*9 

> * -j “■! 

~r~TH 

H D 1 SHAFT 

\ i* 

fit 

J , « 




•rii’p of gold which is run- that the escalation in the mine's ^teuutains °f Papua New until the early-1980s. 

above S1S0 per ounce estimated R140m capital cost 
•ared with the average nf has been confined to a relatively 

received by the mines last modest R5m. ZtwTww y" T^W m-T -A 

If the industry is tn con- On the diamond front this PR If M fll || V AImI!/ MI|w|f 

to prosper, however, it week shares of De Beers have * MlkB-slfA O llJLi I w XT A Jill An 

boost its flagging pro due- been calmer after the recent up- 
surge which was prompted by 

is can only be achieved in U.S. and other buying on hopes - c HEADGEAR 

ace of a chronic shortage of a big increase in the Central ' ^ — r^5“ 

tilled miners, he says, by Selling Organisation's half-year •' *— ” 3— - — ■ 7 -> *^*.. , « - « « 

progressive removal in diamond sales figure — due In '1' Sr \f — s^,*‘ * t jr 

1 Africa of racial barriers the next week or so— and a l SH D iawT 

iploymcnt. This is begin- subsequent bumper set of half- I | fit 1 . ’ 

to happen, but it seems year profits to be announced by l 1 l / / . f 

the process of black De Beers in August. \ \ i *'• / 

icement must be more What remains to be seen l Old Area / 

accepted and allowed to » whether the respective ‘ ^ ; / f 6 

mre rapidly forward by increases will match market J - '/ 

government and the white expectations: in such, situations 

$ unions. caution, usual Iy pays. Mean- ■■ " 

ost escalation In tbe ''vbiie, Dk Beers has announced ' ^Ov 

ce of progressive relaxa- that it has now completed v Gabbro 

if the restrictions on the negotiations with the South Sill 

productive employment of African Government for the ^ fwSS 

r can only lead to the downward extension of its \ 

iction of the mining Premier mine below tbe gabbro \ : 

tTy,” warned Mr. van den sill Last year Premier pro- \ V X^jjl 

His views are shared dueed 2.01m carats of diamonds \ \. 

ie other leaders of the compared with De Beers' total 'I 

African mining industry, output of 11.81m carats. ft |^ew Area -■_ 

: v Ando American Corp- The accompanying illustration \ \ 

n's Mr. Harry Oppen- shows that this amounts to the l r ^ uc _ \ 

r. opening np of a new mine under \ uevn^mBm. 

latter group has devel- the existlng.operation which has 1 

a non -discriminatory been going -since 1903. Although - | • - 

rial relations policy for a major producer of industrial l ^ 

■w East Rand Gold and diamonds. Premier is famous I 

am (Ergo) operation “to for yiel'ding-the biggest diamond . \ 

ctent permitted by exist- of all time,, the fabulous \ 


Policies 

for 

women 


remain single, or can be changed TW r 
to meet differing requirements 1/1 a df\ 
should they marry. Secondly, V r \J 
they need to retain control of 
their contracts, so that if the 
marriage breaks up then they 11 
still have access to the policy for the pr 
and its accrued benefits. rights. O 

WISP, . first of all, provides apparent 
single women with permanent was to wi 
life assurance cover, savings, a hy bowini 


Women’s rights 


to have- been a week appendage to her husband, is to 

agonists- of women's be abandoned. If the changes 

Thursday it became amiouheed for tiie finance Bill 

Burornmanf become law, working wives will 
fat the government b> entitIed to tax rebates in 

i the womens vote, ttej^ own right; and other 

to the pressure for changes, affecting the personal 

ment of "women by allowances, are to be introduced 

Revenue: In. parti- in pursuit of more equal treat- 


Old Area 


Gabbro 
, Sill 


1 the pressure for child-bearing age could claim 
ights is now being such consistency of employ- 
[ht into that haven m ®nt- 

lie-class matron: the Yet the question arises, in 
: store. Dobenhams, relation both to this- and to that 
ounce d during the other common question of forms 




New Area: 


CRUSHER . 

1 LEVEL 808m. 


V 1 


•V $*#** V- 


If ->■ 

If 


SSSS SKUf BBSS f ^ r ** ment « — * 

A LIFE assurance contract— from Lanxham Life— Ln fact the InIan < R evenu e: In. parti- in pursuit of more equal treat- 
either traditional with-profits or features of manv life contracts cular ' the ’^ding assumption ment between the saxes. But 

unit-linked — provides a tax This covers a sinele woman’s hithert o fo red by law upon the it isn't only the Inland Revenue 

efficient means of making regu- needs right un to retirement Ix ^ and Due - ^ut a working who are to bow for the pressure 

lar savings and financial pro- if s h e marries, the woman can wife is no ore 11180 a ter equality.^. .* 

tection against early death. But transfer the basic life assurance 

it has always been accepted that cover to that of her husband. — — : 

it is the husband who makes the This reflects the fact that, " ' 

savings and who needs life cover, even now, the husband bears • ■■■• 

Consequently, life policies have the financial burden in a family, f 1 TC lit VPttfflf* 

been designed for men. . Under the WISP policy, The ^ «'•'»' w K* * +9* Ufa : 

This situation is now eftang- premium remains unchanged j ' 

ing. The growing independence providing the husband is under m FAC j ^ pres siire for child-bearing age could claim 

of women is producing a new 40 antf not more than 10 years . . . consirtenMr of employ- 

market for life assurance, but older than his wife— thus pro- woraen s ] ® hts 18 n i ow ^ mng ^ 

the industry in general bas not riding him with cover cheaper earne d ri ht into that haven .... 

considered it necessary to make than he would get if his took °f the mid&Ie-class matron: the Yet the question arises, m 
a separate marketing drive for out a new contract But the departmei^ store. Dobenhams, relation both to this and to that 
this business. Now a notable savings portion remains under which announced during the other common question of forms 
exceptiorihas tee control of the woman, even week thaTit was to cooperate of application for creffi^ 

t 1 1. l 9 ^ kangham Life if the husband takes over with the J Equal Opportunities whether nr not the applicant is 

launched the Womens Indivi- responsibtiuy for paying the commissiln in a study designed a houseowner or prindpri 

dual Savings Plan (known as premiums. This provides her to throw discrimination aealnst tenant if These are tn be 

^signed _by Mrs. with a useful nest-egg. women £ the prorision of scrapped. Vlurf > to be put in 

Dorothy Genn, one of the com- Should the marriage break-up. credit into share relief their place? The Equal Oppor- -. 
pany's directors. It claimed then life cover reverts to the obriousIv hL no teter^T to tufiities Comrhissinn claim^ 
tiiat this was the first life policy woman and her savings remain alienating thSe most important that terms RPPl™E with equal 
designed solely for women, and Intact customer*: in fact the stores Ace to both sexes would meet 

no-one has refuted that claim. Liberty Life, a company group reckons that SO its own criteria, but it’s hard 

Wiat do women want from a which has recently laid great 0 f ita customers are female Jt 'to think o£ similarly, straight- 
lJe policy, apairt from that emphasis on the value of the admits, however, to haring been forward checks on *n apnli- 

which is nonnally offered to housewife, has now ' launched guilty In the oast. “ol' oUite canfs suitablltty for credit ^ret 

men, and how do« WISP, meet its Women’s Key Plan, a con- unwitting “ indirect discrimina- It would be a sad result OF the 

tract slmUar to that ofLangham tion.” In requiring of^ applicants Equal Opportunities Cnmmis- V. 

Basically; It is. 1 stejPfy that Life. But it states that it is for credit that they shonld, for slnn’s intervention, if tho bad 
women first need flexibility, so also available for men— though example, have held their pre- debt ratio were to rise, and 
that their policies will meet without explaining how the sent position for at least two Driw in. Its. wake, to the equal • % .Q .,11 S 
their requirements should they pregnancy clause applies. years. Few married women of detriment of. all consumers. 

■ , - -'is 



hih 




Financial Times Saturday July 1 1978 



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PST^tU . 
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If to.iv; 

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{ lit#- i 


YOUR SAVINGS AND INVESTMENTS 


Return to haunts of mammon 


ST. PAUL says that the love 
of money is the root of all evil. 
Rut the Ecclesiastical Insurance 
Office has found that it cannot 
do without il Money is the 
raw material of.- insurance 
operations, as much for a small 
religious foundation as for the 
mighty secular organisations. 
In common .with surh secular 
bodies, the BIO has found it 
expediant to to return to the 
haunts of mammon by raising 
additional capital. 

The history oE the Ecclesi- 
astical Insurance Office makes 
fascinating reading. Over 9Q 
years ago, a group of Anglican 
churchmen founded the com- 
pany to conserve, for church 
purposes, the profits arising 
from the insurance of church 
property. And the company is 
now acknowledged as the lead- 
ing insurer in this field, for 
both the Church of England 
and t indirectly, through 
reinsurance) much of the Free 
Church. It’s primary objective 


has certainly been accomp- 
lished. in the last financial 
year the company paid 250.(KJ0 
in charitable grants, bringing 
total such payments since in- 
corporation to 4.75m. 

But Ecclesiastical Insurance 
Office has diversified Irom ii$ 
original intentions. It was a 
natural development to pro- 


CHURCHES 

ERIC SHORT 


gvess to die insurance of 
private schools, universities 
and charitable organisations. 

This is. however, not the end 
of ihe story. The company has 
further ambitions to expand out- 
side the orbit of the church, and 
into the domestic and small 
businesses area, thereby 
challenging the major com- 
posites. In particular, it is 
actively canvassing rhe hotel 


insurance sector. 

But expansion plans need 
money. And though the 
solvency margin (the ratio of 
shareholders* funds to ibe risks 
taken on) is a healthy 58 per 
cent (minimum EEC require- 
ment is about 25 per cent), the 
company's directors decided lo 
raise capital through the 
market, besides relying on 
internally generated funds, Bui 
lhcrc was one problem. The 
equity of EIG originally held by 
individual clergymen, is now 
vested in All Churches Trust, 
and is tu remain so. So the 
capital has been raised by means 
of an issue of redeemable 
preference shares, which are 
acceptable tc> the Department of 
Trade but carry no votes 

With the change of ownership 
from individual holders to a 
charity, the company's Stock 
Exchange quotation lapsed in 
1965. Now Ecclesiastical Insur- 
ance Office appears a gain in the 
Official List. 


INVESTMENT 

ADRIENNE GLEESON 






' r**r*~- it; -?A 

' . \ ’V y, -*> f "'n. V.' .* V -Vi- 

y- v - >••• 


Weathering a holiday disaster 


ANYONE taking a holiday 
hopes to make a clean break 
from the harassment^ of every- 
day life — even if financial 
circumstances force him (or 
her) to stay in the UK and make 
the host of the weather. Being 
on holiday dues not, however, 
make anyune immune from the 
tragedies of everyday life. 

Anyone first setting eyes upon 
his hold, especially if it is set. 
like that above, in picturesque 
<ii r roundings, will have matters 
oilier than fire or theft on Ins 
mind, fn fact the fire records 
of the major hotels arc sonri. 


immune to the growing 
incidence of theft throughout 
the UK. A theft or a fire can 
ruin a holiday, bur there is no 
need for the hu lid ay maker to 
he out of pocket as well. 

. Any hotel registered under 
the Hotels’ Proprietor's Act has 
a statutory cblisaLiun to 
reimburse guests for loss ur 
damage to their effects, up to a 
maximum of £100. nr mure ir 
the items arc stored in the safe 
deposit and the h*>s is c:ur:.*J 
by negligence cr by a dt J-uetate 
act by employees. 

Bui Ihe prpfiary aim .if htffel 
insurance \sw cover losses tp 


The Fire Precautions Act. 1971. insurance ismo cover losses )p 
ensures that hotels comply with Hie huiel /ners. For example, 
stringent minimum fire regula- the liuiidj/c< and hotel contents 
fions as approved by the focal W1 jl be covered 

fire authorities. again<jr lire and lit eft, con- 

But while this Act Minimises sequoia) loss, and public 

If you yourself just 
f ihe hoii-l in your 

happen. And hotels arc not juflamas before lire engulfs 


everything, or a thief cleans out 
your room while you are on the 
beach, then you cannot claim 
on the hotel's insurance unless 
you lake common law action. 

This, essentially means prov 
ins. or at least getting the 
insurers to accept, that there 
was negligence on the part of 
toe hotel and its employees. 
And you will have to provide 
firm evidence of the value of 
the items lost. 

/The only satisfactory approach 
to such risks is to make certain 
that your own insurance covers 
holiday losses. Most “house 
contents” and “all risks” 
policies provide for what is 
described as “temporary re 
■moval of goods.” which means 
cover is extended for short 
holiday periods — usually up to 
28 days. Using such cover is 
far easier than trying to invoke 
the power of the law against 
your holiday hotel. 


MUCH SOUL searching pre- 
ceded the decision by the Asso- 
ciation of Investment Trust 
Managers that they should 
publish performance figures for 
' their members: and you might 
be forgiven for thinking, even 
now, that the companies con- 
cerned would really very much 
mher you didn't pay too much 
attention to the fruits of their 
labours. Not Fur them the pride 
in ranking which characterises 
their brethren in the unit trust 
business: not for them the 
month-on-month brouhaha as 
the fortunes of the markets into, 
which they have put their 
money wax or wane. Ask an 
investment trust man bow you 
should choose between one 
share and another, and he is all 
too likely to point, not to the 
record of achievement but — 
anathema to existing share- 
holders — to the relative size of 
the discount 

Such a bargain basement 
attitude does less than justice 

TODAY’S news that National 
Westminster is to offer partially 
free foreign currency and 
travellers cheque facilities to 
students is a further reminder 
that the High Street banks are 
anxiously looking for new 
business. 

Only last Thursday, the 
I Trustee Savings Bank joined 
I most of the bigger “ clearers " 
j in launching a package aimed 
i specifically at the UK’s half- 
I million student population. The 
TSB may be a bit late on the 
scene, hut all the major banks 
are looking for new ways to 
attract younger customers, and 
most organise some sort of 
annual recruiting campaign. 

Quite apart from the fact 
that to-day’s students are to- 
morrow’s wage earners and 
money makers, the student mar- 
ket. per se. is not insignificant 


to the real quality of many of 
the companies in this sector. It 
assumes that the worth of a 
company lies purely in the 
assets that it holds, and that no 
value is to be attached to the 
skill with which those assets 
are utilised. 

As the performance figures 
put out by the Association 
indicate, this is not the case. 
The companies claim that their 
performance ought to be 
measured over the longer-term 
— and indeed, this is fair 
enough: their ability to back 
what might appear to be some- 
what obscure companies against 
the fads and fancies of the 
moment is one of the greatest 
strengths of the fund managers 
in this sector. It’s a strength 
which they are just beginning 
to appreciate, as well: witness 
Electra, confirming in its 
annual report this week that 
the policy of buying into small 
quoted and unquoted special 
situations in the hope of faster 
longer term growth is to be 
maintained. 

Over the longer-term — over 
five years on a rolling average 
basis — certain companies have 
well and truly outperformed the 
sector average. However, this 
is not going to be all that much 


of a comfort to shareholders 
jf the recent performance of 
their shares has been dreadful 
— it might be no more than a 
momentary hiccup in a steady 
progression, but it might, ia 
the alternative, indicate that 
the management is losing us 
touch. So in selecting the top 
ten of the accompanying table— 
from the Association’s statistics 
— I have qualified the initial 
search for companies with a 
strong five-year performance 
with a requirement that the 
one-year performance should 
also be exceptional 

The results are interesting. 


obviously, tor the relatively 
high proportion of Far Eastern 
funds, reflecting the strength of 
the Japanese market. But they 
also tend to confirm that shrewd 
and successful management of 
assets pays off for shareholders 
too. The figures quoted, tor 
total return, take in the per- 
formance of 4he share price 
assuming reinvestment of the 
net dividends. For five of the 
10 companies listed, asset per- 
formance over tibe five year 
period has been quite excep- 
tional too: and doubtless the 
proportion would be much 


higher were it not for the feet 
that figures for four of the 
remaining trusts are not 
available. 

One final point emerges from 
the statistics which the Associa- 
tion has assembled and pub- 
lished with so many doubts and 
hesitations. In particular thr 
trusts run by Barings, Cil> 
Administration and Schrodei 
Wagg have put up an excep 
tional performance. And Klein 
wort Benson. Ivory & Sime ant 
Philip Hill have given thei: 
shareholders some cause to 
congratulation. 


Share 

London Pru dential 

Adas Electric & General 

Moor-gate 

Broa ds tone 

Globe 

Crescent ja p an 

City of London Brewery 

Scottish Ontario 

Safeguard In dustrial 

Drayton Far E astern 

General trust averages** 

* Wednesday’s prices t &ase 


INVESTMENT TR USTS: THE TOP T EN 
Price'' Yield Total assets 

P % fn, 

74 5.8 6.4 


Total rcnirnt 

Over 5 years Over 1 year 


sk 100 over each period ** Size weighted 


Banks do battle for students 


About 130.000 people go to uni- 
versity. college or some other 
institution of higher education 
every year, and most arrive 
armed with quite substantial 
grants. 

All the main high street 
batiks offer students free 
facilities, provided that they 
keep their accounts in credit. 
This means that cheques, stand- 
ing orders and direct debits are 
cleared free of charge. 
Obviously the most popular 
form of transaction is by 
cheque, so the student who 
recklessly writes out two 
cheques a week on his account 
at NatWest is avoiding payment 
of more than £15 a year. This 
assumes, incidentally, that his 


minimum balance is nil. 

Overdrafts are usually left to 
the discretion of the individual 
branch manager, but most banks 
consider facilities up to £50 for 


STUDENTS 


TIMOTHY DICKSON 


those over 18. For younger 
students Barclays has a “student 
cash card” which will guarantee 
withdrawals of up to £20 a day. 
Government legislation forbids 
anyone under 18 from bolding 
a standard credit card. 


One important factor for 
students choosing a bank to con- 
sider is how close the nearest 
branch is situated to their 
college or university. The TSB, 
for example, has no branches on 
campus, and this is one area 
where the bigger banks have a 
distinct advantage. Barclays 
claims to have more than 600 
branches either on or near a 
student campus. NatWest has 
200, and all four big clearers 
are represented on site at Kent, 
Warwick, East Anglia and Bath. 

Many of the hanks have 
specific loan schemes for 
students after they graduate, 
and the TSB is actually offering 
a further year of free banking 
after they leave — provided the 


accouni has been kept sa: 
factorijy in credit. Barda- 
wiU forward up To £250 to ?■ 
for “ setting up ” expenses. ii ; 
buying a suit, provided the ci 
tomer has a full-time job Jin 
up and has gained the :>pp> 
priate qualification. Midla 
provides loan facilities to p 
for expenses incurred 
accountant trainees and articl 
clerks, 

Lloyds claims to he the lcac 
in the field of student hank!. 1 
with a 30 per cent share of 
university student accounts a 
a 28 per cent share of 
student accounts, according 
an independent survey of 
banks. Last year it offered - 
first year students a £3 ; 
voucher and. doubtless in ct 
mon with all its competitors, 
currently thinking up some r 
carrot to dangle in front of 
nation’s youth. ' 


I 




Even after the recent rise in U.S. share prices, j 
webelievc that the American market still o rfers good , 
value to the investor who’s prepared to look ahead. J 
At present, 65% of the portfolio of our j 

International trust is invested in North America. I 
But the conditions that lead us to think .1 

American shares a good buy just now will not last | 

for ever. And when tilings do change, investors in 1 
exd usively American funds could be at a ,1 

disadvantage. | 

That's why it could make sound sense to S 

channel your investment in America through our I 

International Unit Trust, which aims for capital J 

growth from a diversified world wideportfolio. I 

A Changing: Portfolio . , 

A year ago about 40°o of this fund was 'j 

invested in North America and 40% in the Far East. - . 

Today the split is 65% North America, 20% Far f 
East and 9°,'* Europe and the U.K. . | 

As the fund grows, we shall continue to vary t he I 

proportions tomatchchangingmarket opportunities. I 

The investment managers. Dra.yton Montagu 
Portfolio Management Limited, believe that 
prospects for further growth are good, particular! y 
in North America, but. unitholders should regard 
their investment as a long-term one. 

Since the launch of this trust in December lew?, 
the offer price 'if Distribution Units has increased 
bv 106% fas at :"'rh June 1978) compared with a rise 
of only i n t In* F-T. Actuaries All-Share Index 

ovtvtheftinto period. 

At the offer prior oi 51. 7p xd on 29th June 19i.". 
thcMstim«*Vfi irrtw yiold V: * J! £2.--% p-a- 

Tho pri'V of units and the income from them ran. 
go down ns wrl l ;u- np. , 

To buy unit? 1 simply fill in the coupon ana 
return it thus, or ham! if in ar any branch of 
Midland Bank, Clydesdale Bank or N'onnemBanK. 


Application Form 

To: Midland Bank Group Unit Trust 
Managers Limited, Courtwood House, 
Silver Street Head, Sheffield, Si 3RD. 
Tel. 07-I2-79S42 

Keg. Office 27132 Poultry, London ECSP 2BX. 
Reg. No. 933857, England. 

I/We enclose a 7^ . 

cheque payable 4? ( £ 2001 ^ 

to you for: £ 200 ) 

for investment in Distribution Units Q 
Accumulation Units Q {tick which) 
of Midland Drayton International Unit Trust 
at the price ruling on the day yon receive this 

order. 

(For your guidance, the offer prices on 
Thursday, 29th June. 1978 were; 

Distribution Units S1.7p xd. Accumulation 
Units jtf.Ip.) 

Surname (Mr.. Mrs., Miss) 


Forenames in foil 


Few other investments 
can match the kind of 
steady growth shown by 
business property over 
the last 25years. Andmost 
economic experts believe 
that tliis growth is likely to 
continue into the future. 

For this reason Harabro 
Life believe that every 
investor should put part of 
his capital into first class 


The Hatjjut Centre. Bedford — 5 stores, £4 shops, offices and a covered car park — one of ihe 
BO properties owned by the Hambro Property Fund. 


that over the 7 years since 
the launch of the Hambro 
Property Fund the offer 
price of units has risen by 
70%. And the Fund has 
outperformed an index 
of the top ten property 
funds by 1 3 .7 % since the 
index began at the end 
of 1972, 

You should remember • 
that the price of property 


business property. And we believe that the Hambro units can go down as well as up , but Hambro Life 
Property Fund offers an excellent means of doing this, believe that ah investment in property will prove 


The £120 million Hambro Property Fund owns more 
than 85 properties for the benefit of its 7 5 ,000 investors. 
The properties range from multi-million pound shop- 
ping precincts and office blocks to more modest shop 
and warehouse units. And every property has been 
chosen because of the growth prospects hie 
Managers believe it offers. 

You can judge the skill of the Hambro fund managers 
in choosing and managing property from the fact 


Address 


a highly rewarding one, particularly over the 
longer term. 

Investing in property with Hambro Life couldn't be 
simpler. Just send your cheque with the application, 
form below. To benefit from the current offered price 
of 170.8p your Property Bond application should 
reach ns not later than first post on Thursday, 

6 July. Thereafter units will be issued at the price 
ruling on receipt of your completed application form. 



Signature 

fin t/u ewe of loir, 1 . cszUnr.lr. ell east dan) 
Share 



1. Haw yon wairh Qu value at 
year liifwtBWBl 

The Fund is split too Accumulation 
Units which are valued -weekly. 
The xesnhmg offered and bid 
prices are published in the Daily 
Telegraph, financial Tunes, and 
clher leading national newspapers. 

2. Idf* bmwi eover 

As 7 aar PrapatTf Bond takes fre 
term st a single preain poticy, 
tiudi-is ido insurance cover a pro- 
vicec. 7i» death benefit is a 
multiple c: !a» cash - li value oT your 
imes-^neal. depending oa ye ur 
gse a: Speci men examples 

ere aelouibeiow: 

Ass sa_SQ*» Age 40 — ISO “4 

A«ea>— iei* Age 60—111 “a 

A;e 70 — 1« ^ 

The dAtih ^ecsBts rro too force 
cniy upon acceptance of your - 
uppi.-cat.cn by the'Company. which 
reserves the right o o£ar rastrined 
hie cover if you are net in good 
health cr for any ctbor reason. 

3. Th® tax position 

The ox on the income is bone 
•ir— rr-i n ihe Fund ai Ihe Lie assurance 
company rate. The accumulating 
set jacaao is not treamd as your 
scoae for tax purposes, so that 
■ yoa 7 H 7 no income ax on it; nor are 
.you personally liable to basic rain 


income tax oa any amount paid :o 
you. You may be liable 10 higher 
rale tax and investment income 
surcharcre on death or final cashing- 
in if you are then in these tax 
bracks- a, and amounts previously 
drawn wQi be lakes info account, 
but this is calculated on advan- 
tageous terms (details available 
from the Company). 

You are sot liable to capital gains 
tax and do not have Ihe trouble of 
keeping records. 

The pr.ee of Units is adjusted to 
allow lor the Fund’s ovra prospec- 
tive liability ; currently ii ia intended 
lo restrict this deduction to 10 % of 
the capital growth on the 
properties. 

4. The charges 

The offered price of Unite in foe 
Fund includes an init^i coarse of 
5% and a rounding -up charge 
calculated on unit trust procedures 
of 1 % or lp whichever u the lower. 
In addition. Hambro Life receives en 
annual charge of j tv of the value 
of tho Fund. This covers foe Ida 
assurance and ail other Company 
charges. 

The cost of managing and valuing 
foe properties is ecrao out of foe 
Fond, and will- not exceed the 
charges contained in the schedule 
laid down, by the Koyal Insnnmon 
of Chartered Surveyors. 


5. Annual Report 
An Annual Report is d 
pivtng a full description 
Fund's investments. 


6. The Share Exchange Plan 

A Share Exchange Plan which 
enables investors to exchange 
shares for a Properly Bond on 
favourable terms is available. 
Please contact the Company for 
ftatilln- 

7. Eow yon cash in your invest- 

At any time you can complete a 
simple form and, sritina a few days, 
receive a cheque for foe bid price 
fixed at the next v aluation, * To 
protect Bondholders' interest, foe 
Company may, in exceptional 
Circumstances defer payment of 
repurchases in tho Property Fund 
for up » m months, ibis will not 
apply in the case of the death of a 
Bondholder. 

Commission oT 1}96 wilt be paid on 
any application bearing foe stamp 
of a bank, non-appouned insurance 
broker, stockbroker, solicitor or 
accountant. 

This advertisement is baaed on 
legal opinion regarding pressor 
law. 

This oHar is col open to residents 
of foe Republic of Ireland. 


To : Hambro Life Assurance Lim 
Administration (Dept B), Hambro Life Hi 
Swindon jSNl 1EL, Enquiries: 01-499 0031 


Limited j 

ife House. | 

10031 f 1 


| I wish to invest (minimum £1 ,000) 

I 1 in a Hambro Property Bond and enclose a cheque for 
this amount payable to Mamhuos Bank Limited 


Surname: Mr./hirs./Misa- 
CBLOCK CAPITALS PlfiASQ 


Ocoupatic 


Are you now, and have you always bean, ia good health ?~ 


| Ifaotplinsg give o? attach 1 




Do you already hold Hny Hambro LUa policy ? 

Signature.- — ... TVslw 

Registered in London. No. 665292. 

Registered office 51 Bishopognte, London EC2P2AA 


Britain’s largest unit-linked insurance company 










s 


PROPERTY 


Beside the seaside . . . 


BY JUNE FIELD 


IF, with Longfellow, your soul 
as full of longing for the secret 
of the sea, then living at the 
seaside will have considerable 
attraction. And for the true 
lover of the water this involves 
being within sight and sound 
of the waves thudding on the 
beach, with the screech of 
^ulls and the smell of the ozone 
jirifting into your living room, 
i And as John Piper wrote in 
he Architectural Review back 
n 193S, there is a dear tradi- 
ion of sea-coast building in 
England with its intense mari- 
ime pride and efficiency. But 
ie also drew attention to the 
■trength of seaside architecture 
lecessaxy to combat “ the force 
f ' the wicked elements.” 
eminding that “ wind and water 
an whistle and blow and 
reak . . . a point worth 
smemhering if you intend to 
ve on the sea front. That the 
iews will be panoramic there is 
o. denying, but you will have 
>-be prepared for gusts and 
lies upon occasions. 




A-mi: . ... 

mm ' mm^. 


Tdtwn, built by Capri, is a 
rev^uiiooary pre^Tressed con- 
crete, .apartment block with 

glittereog surfaces . of smoked 
glass and anodised ala^umum. 
designed ■ by top ' arofaitects 
Aodrault et Ptixat "Le monu- 
ment de iwftw 'temps,” dedans 
Jtoosleur Bertrand du Qieyroo. 
president of Capri- a ten minion 
franc company responsible for 
. othe r ' large building* ' ^, e 

city. 




! Sri',} i ;!]}&&$ ■ 

r%] ; < % ,■« ■ : - * 


* : jv-'A'” 



(Wi "Tot**," 28-floor luxury tower block nearly completed In d» n«r Front de Seine ««pl« in 
tfalS «m* itexmart of Paris. Studio £rtm«ts, 5-rootn s**»»d ^ awdab^from 

dbout £45,000:- Brochure from Hampton anJSons, 6 Arlington Street, SWT, or Monsieur 


£45,000- Broch ure from H ampton 
B ar t re nd due Cheyron, Totem 


The cost of an apartment in 
*hi* convenient part of Paris 
<tbe Champa . Elysees is only a 
lO-minute tiW ride awayT^ 
about 12,000 French franca a 
.square metre, which works out 
around £45.000 for a studio flat, 
about doable that, for a three 
bed, 2 bath apartment, compar- 
able to what you would, pay in 

the exclusivity of London’s 
Knightsb ridge. Store than 50 
of the apartments have been 
reld, about half to the French, 
tile others to a mix of various 
nationalities, mostly off plan or 
Horn viewing of the show flat. 


. . . beside 


The garden, of Gknvar, on Elmer Beach private estate near Bognor Regis, West Sussex, opens directly on REJBAjB^JTATION of part K**fnn Of 


to the beach. The agents King and Chasemore, 112 T£c Street, Rustington, arc asking £29,500 for the 
detached chalet-style house which has been in the same ownership since 1943. 


The secret is to decide what ■ . . ... , 

ju want in the way of views, Wlth West Sussex resorts a popu- 112, The Street, Rustington, axe 

rivacy. shelter from winds, sun ** r ch » ice - . . *29,500. 


flgwn, arc aswng rer tne of Paris ’ s 

wnenhip since 1943. fa almost « 

everyone’s t 

“ pleasant but exaspexatingly tower hi 

disjointed,” wrote Ian Naim in and brash, ai 

m «rnk< ..f .. . . 


arrondissement pavement 


RM; 53, Qua dc Grcnctfe, 7S015 Paris. “ 

? " To attract more International 

_ rL . _ ownerririp. particularly from 

r _ « the Middle East, agents have 

%£P been appointed in Tehran, with 

1-0 Ak-Ft" wm Montpelier International sell- 

ing -in France, Australia and 
Hong Kong, and Hampton and 
rty, and sit at the garde in its day (0689), as the Sons taking on the selling 
is, then you know new ! Front de Seine, a Le Cor- operation in Britain. Brochures 


iplete. Not to it’s all rightSthe spirit of Paris busier-like complex with tow from Perry Bousfield. Hamp- 

>. . .V _<lfc Jmi - A. Kflil«l 4 vi#w aI iilnfltiriel Jipiphf a VtNl A A V 


e perhaps — the is still therea 
s loom up stark good compafl 

_ u _ _ — rtewed en masse little furLheL . _ ... . 

id so oil Whenl asked a friend The Beauties of England and One of the places George V Sussex in The Buildings of one could be«i practically any Champ de Mgs, Victorian Gus- Spread over 25 hectares, it >5 will be to purchasers who may 
ho recently bought an apart- Wales, 1813, referred to Bognor visited for convalescence was Engird senes— there s a _3- international ray, ' tave Eiffel bmlt his tower and expected to attract some 12,000 only want to live there a few 

ent practically on the beach as consisting “of several rows the Craigwell Estate House at “ nt cotta?®. hL a But when 3 rai walk down by tudeed himselfi away in a flat on neWSresidents. . M months earn year, and need to 

the South Coast why she of elegant brick structures, but Bognor, where Queen Mary square^ _ overlooking Norfolk the Seine, sifgmds away, and top. ■ n Tw centrepiece is Totem, ■ be confident that they can go 

iose that particular one out so detached that the place is at planted a Cedar Atlantica. A Flace. intended to be ar square watch the oM barges on the In some tymcally Gallic way, alongside the red box of the away without any worries as 
the various on offer, she least a mile in length ... the luxury house built on part of fizzled but with plain build- water, or crlgs the Pont de shabby eleganjfo manages to Japanese-owned Hotel Nikko, to what is happening to their 

plained: “ I avoided the resort of more select company the site, complete with the tree . an, l backyards.” Within GreneUe tow^tis the ancient merge with 70s style. After all rightly the river. The last of accommodation. " Your Paris 

might blocks because each flat than is to be found at other in the grounds which have a walking distance across^' the boulevards ^st the French the Tour Eiffel was just as owtnt the towers to be constructed, holiday home in fact/* 
joined the next one, so bathing places.” Queen Victoria private way to the beach, is for gr®®u to the seafront, it is ^ 

evitably there would be some called it her “Dear little sale at £150,000 through Bernard £15^00 through' Heston and > *v ;r 

ise from neighbours, and I Bognor,” and it was probably Thorpe and Partners, 1, Cheney, 3 Pier Road, little- T. m '■■£* • ••■•■ •* f* 

in’t want to be overlooked, the original of Jane Austen's Buckingham Palace Road, SW1. hampton. M ff- MM / 7 r/lCTYtY/l/ d\w X* C* 

'is block was the only one Sanditon, becoming Regis in ^ beautifully equipped # #1 f# |/f/f ^ tMZ&LisVUl l/l M 

tit in the shape of an ‘L,’ 1929 after King George V's con- house, with handsome hall. _ * . ' -*■ M *** x Mr j^’KT*'wr www ^ ^ 

d this flat was on the second valescence there. study, sun room, five bedrooms TuOOr Stvle 

S ]eTn e w rSe oS and three bathro.onu._pHu J THE Royal National Rose ties arose and the show came Hill.- the RNRS property here, the Alexander Palace. There 

i that mvrpm.WnflntJ iSCQ. 2UVu£HS another magnificent circular The houses on the exclusive Society's summer show has back to the RHS halls, a little will I am sure be astonished will be classes for the new 

dm wantPd tn hTWv frnm bedroom and patio overlooking Kingston Gorse Estate at nearby been one of the great events of less expansive than Wore but and delighted by what they see miniature roses which have 

• orevS i Seh S ^ convenience of being able sea and garden, is owned by Angmering-on-Se* command ^ gardening world for gene- essentially the same m charac- —a comfortable building sur- enjoyed such a spectacular 
ith west and t« hav^a to waBc down 7 ° ur ? arden Howe ’ widow of 1116 late l“gh prices, wifli one of the rations. My early recollections ter as it has always W*n since rounded by a very large garden increase in popularity these past 

obstructed view of thpia directly 0R t0 thc faeach has Sir Ronald Howe, former head most handsome, &e Tudor-style of it are in the old Botanic I first remember it in tip 1920s. in which roses are grown as two or three years and also 

i coastline which I have enormous appeal, and at Glen- of Scotland Yard’s CID. Driftstone Manor; recently sell- Garden. Regents Park in the Now there is to be ail experi- well as anywhere I know in classes restricted to those who 


[he towers are in buddings of identical height (190 ton’s, 0 Arlington Street, Lon- 
, too, because a metres, above ground level), don, SW1. He feels that the 
along, in the wide walk-ways and green zones, appeal of Totem in this country 
s, Victorian Gus- Spread over 25 hectares, it is will be to purchasers who may 
lit his tower and expected to attract some 12,000 only want to live there a few 
taway in a flat on neW$residents. months each year, and need to 

[ T& centrepiece is “ Tatem,” be confident that they can go 

pally Gallic way, alonjSjde the red box of the away without any worries as 
<te manages to Japanese-owned Hotel Nikko, to what is happening to their 
testyle. After all rightly the river. The last of accommodation. “Your Paris 
was just as accent the l4 towers to be constructed, holiday home In fact” 


S’. 

The- Royal’s festival of roses 


•Prevail ing "wind* vdfich ° is ^ convenience of being able sea and garden, is owned by Angmeriag-on-S^ command gardening wwld for gene- essentially the same 

Z to walk down your garden Lady Howe, widow of the late high prices, with one of the rations. Mv eariv recoUections ter as it has always 1 


ith-wesL and to have a Clear T0 walK aown 7 ° ur sarflen wmow oi ine mie mgn prices, wim one ot tne rations. My eariy recoUections ter as it has always 

Z directly on to the beach has Sir Ronald Howe, former head most handsome, the Tudor^tyle Qf are in ’fte old Botanic I first remember it i 


obstructed view of the sea u “ ctuj ' uu lu luc ucauiJ most handsome, we TUdor-styie 0 f it are in tiie old Botanic I first remember it in 

i coastline which I have enormous appeal, and at Glen- of Scotland \ards CID. Dnftstone ManoK recently sell- Garden. Regents Parit in the Now there is to be 

The onlv disadvantage is that a *. detached chalet-style Walking along the shingle at ing through the Rustington that is now, appropriately ment in place ai 

ose thp sun aftpr iHn^h hut l? 30s h ° use 0X1 the ELmer Rustington, near Littlehampton, office of King Chasemore enough, Queen Mary's Rose character that hi 

I can? have evervthin- ® each Pnvate Estate near through a private, road with a for a price in fie region of Garden. A large marquee was attempted in B 

cauLiiave ^ervuim e . Bognor. you can do just that gate to which only the resi- £100,000. Currently on offer at erected on the lawn for the The show is to 


The onlv dlcarivantapo ie that var ' a detac ^ ed chalet-style Walking along the shingle at i Q S through the Rustington area that is now, appropriately ment in place and style of a Britain, not excepting Queen only grow a few roses and are 
ose the sun after lunch hut 1930s bouse 0X1 the ELcner Rustington, near Littlehampton, office of King amd Chasemore enough, Queen Mary's Rose character that has neve^ been Mary's Rose Garden. unable to compete on level 


emand high 


Beach Pnvate Estate near through a private, road with a for a price in the region of Garden. A huge marquee was attempted in Britain Before. There are a great many of terms with enthusiasts who 

Bognor, you can do just that, gate to which only the resi- £100,000. Currently on offer at erected on the lawn for the The show is to be held on them too, some in display beds, number their rose “ trees ” (the 

You have your privacy though, dents . have a key to take their Kingston Gorse : through this major exhibits and others, of July 8 and 9 in marqaees some planted according to their t® 1 " 01 always amuses me but 


as Tamarisk bushes, walling and cars through, I saw King and agent is a 6-be<fc 3 bathroom lesser importance, were in the pitched in the Society's differs 

high hedges screen the lawn Chasemore 's for sale board on house fronting onto the greens- corridor of a winter garden. magnificent rose garden here, j 

, —jo— with its rockery and ornamental Seagate, a large seaside-style ward and foreslwre, £S,000, After the war it was held in SL Albans. Chiswell Gre% clirabe 

i en lna . b0l, y ant Property pools. The accommodation house with a balcony running while at West Kington, aj&ouse the Royal Horticultural Society Lane, beside which the garde&pergol 

fleet with the demand for sea- would , adapt well for two along the first-floor bedrooms, with similar accomipodatm but exhibition balls in Westminster lies has been conslderabljflfin a 

3 homes for holiday or families^ shaping, as there are Typical of property in the area, in a different architwkural and thwn for a time it was altered to deal with the Tbgeth 

manent use m full swing three bedrooms, bathroom and it has been sold subject to con- style 80 yards from the Sa, is moved to the Alexandra Palace volume of traffic and a one-way ime* i 

u need to be quick it you sitting-room on the ground floor tract, around the asking price the same price through Fdr antl in search of mpre space for system will he in operation Hat* 

going to complete this sum- as well as the first. -King and of £45,000. Sons, 4, Broadmark Rurade, exhibitors and better parking during the period of the show, of tN 

Chasemore, 2/3, Churchill -Court, In Littlehampton itself— Rustington. = / ' '■ facilities for visitors. Difficnl- Visitors who do not know Bone diangi 


r), there is a fair selection, Chasemore, 2/3, Churchill Court, 


Littlehampton 


Rustington. 


»ROPERTY 


ESTATES AND FARM! 
COUNTRY PROPERT/i 


INVESTMENTS: SHOOTING: 
OVERSEAS PROPERTY: 


JOHN D. WOOD 



a different styles, or uses, species the experts stick to it rigidly) 
,t here, ground cover roses there, hy the thousands rather than 
I climbers on a great curving hy the score. 

BLpergola and .new ro*s on trial Essentially this will be a show 
^fci a field reserved for them °f fhe traditional kind the 
e Thgether lirtth award winning novelty being in the surround- 
y *es ofL farmer years. infis. which will be better than 

1 ^iUsWiust the venue former-summer 

r . of thVi Show .tqat has been T ~ 

s changffe. ** Its whole character * ^1. Roy ^ National Rose 
-will ^different smee all the 

SdtXrllt “tucked 

wi s n i!nt fSSvT snugly in the triangle between 
■ man Kp« van iSPlSht M1 “ d M1 ° “ d traveUers from 
SSdv nLe * S? the north are best advised to 

1 SSr fc use the latter while those from 

- * J* “ tIic sout h should leave the Ml 

I where, lor the first timd, a Gate 6 and head towards St 


HERTFORDSHIRE 


Beticeen St, Albans and Harpenden. 



'■ ■'* ~ : 'A 


Easy reach of MI Motorway and London Airpcnt 


KENT ! 

Bet\»>en Sevenoaks (5 miles) and Tonbridge (4 miles) 

THE UNDERRIVER HOUSE ESTATE 

Period Residence, 5 reception rooms, 7 principal and 
6 secondary bedrooms, 4 bathrooms. OIL FIRED 
CENTRAL HEATING. Paddocks, stabling and garden 
and grounds. 11 ACRES. . 

Period Coach house and cottage with 1} ACRES and 
pair of Cottages with Kentish Barn with 4i ACRES. 
Entrance Lodge with Paddock and 2 cottages over- 
looking Farmland. Squash Court and Buildings. 

90 ACRE HOLDING WITH BUILDINGS 
Fourteen parcels of Agricultural land. Paddocks and 
cricket ground 3 to 42 ACRES 
339 Acres in all- 
Free ho Id with vacant possession 
(except for 3 service occupations) 

For Sale by Auction In 20 Lots 
(unless sold privately) 
on Wednesday 26th July 1978, 

JOINT AUCTIONEERS 

TAYLOR A TESTER, 1 Dorset Street, Svrenoafcs, Kttt CM: SUM): 
JOHN D. WOOD, Bwketay Square Office Iref. JWB/AJP) 


DORSET 


SET 130 ACRES 

Oorchettcr 12 Billet, Yeovtf 9 

VALUABLE AGRICULTURAL INVESTMENT 


BritS Jwer^show 1 wK at Gate 6 and head towards St 

Albans. There is an excellent 

overaU spftacle carefully con- 

Gone «iU |e the nswl jndm- Albans end ferry passengers to 
I the show. 



A Catnpact Dql ry Rwm: Fannhowe (4 Bqds}, Corage (3 Ms); Good 
Rui(b of Bttfldmg*; Fertile GnuUnd. 


runj» « BBtidina: t-ertile Gmcbnd. 
Crw* R«it £2,470 p*r mum (1*77) 


. ; v _ , Subject to Tmnqr 

Apply Yeovil OOcm (Ref. 3/8) (Tel. 0935 40M) SofiMme 


verk 


SHEPPERTON, MIDDX. 


HELLYER 


T02 ACRES 

Containing approx. 1,855,000 Tonnes of Minerals of which 
85 Acres, Farmhouse & Farmbuiidings is let on Agricultural 
Tenancy. 

AUCTION 3RD AUGUST 1978 
(sofas so U previously) i 

. tSST M* 17 AUCTIONEERS:— 

GALE AND FOWBt, 


| I look forward to Rose 78 f , , 

fiAIBlENINfi - With , ^ anticipation not tfff ] #’■ c 

' ”* 5 ^^"^**^** simply because I believe it will j 

AR-rnin MFLLYH) be a fine spectacle and a most 

T jr rewarding demonstration of the 

S versatility of the rose but also 

because l am curious to see how _ • 

dual exhibit each vying with % 3 S 3 ZiftO 

5anrf 


dual exhib^ 
the others.; 
great deal j 
of varieties! 


SS. a SJSS StaH-r-n. 

(Td: G irerdi Cre« 85451 ) (Trt: WitaM^xi-Thamo* 20471 ) 


^ a i SS organise shows, Stirewsbmy and 


«* “? Southport perhaps or eren to 
entirely new name has Roval TTnrriraitimi .Wiare 


AN OUTSTANDING PERIOD MANOR HOUSE 
STANDING IN IMMACULATE GROUNDS 


23 BERKELEY SQUARE, “ 
LONDON WL 


01-629 9050 


12 Reception Rooms, 18 Bed and Dressing 
Rooms, 11 Staff Bedrooms. 10 Bathrooms. 
Walled Garden. Courtyard with Garages and 
flat. Estate Office and Victorian Dairy. 
About 19 Acres 


DYFED 


PEMBROKESHIRE 

COAST 

NATIONAL PARK 


BELGIUM 


For the Secretary of Social Services 

LEICESTER 7 MILES 
A SUPERBLY SITED RECOVERY HOME 

of ev er 25.000 «q. tt Mt in 8 acres 
jgjfa P* * 1 ™"& r 7 rKL. B EgPB MTIAl, C0TUBGE, CONFERENCE 
CBWTBE, PRTVATK HOSPITAL, NUBSHVC HOME, OFFICES, «c. 
mojecr to FtoinliUE Consent 

AUCTION 19th JULY 

Pw * a * * rDftl: CAHTOMS, CstSe Market, nsssMnroasb ■era. Stni) 


i 


55 km east of Brussels 


For sale by Auction on the 19th July 


‘ppjy 23 Berkeley Square, London. HT1 
01-629 9050 


(Bef. DCM) 


3 mile* Fhbgwml, 14 mltet Cardigan 
A MOST DELIGHTFUL 
AEMDCNTIAL PROPERTY 
In » MagntfioHit Pnition. 
Modernised fernthouse with superb 
u nobs tree Md views of set and eotmery. 
Adjacent cottage converted from 


original farm oudmildiDB. 

ALL IN ABOUT 10 ACRES 

MAIN RESIDENCE: 

Urge reception room.' Fitted kitchen 
with oil -fired Aga. Matter badraom 
reite. 3 bedroom* and second badu 
reoat. Garage. Main sendees. Oil 
central beating. 

THE COTTAGE: 

Sitting roan. Kiechen/dTitiag room. 3 
bedrooms. Bathroom. Night *tnr* g m 
beating. Studio and txilicy room. 
Charming grounds and highly produc- 
tive kitchen garden. 

PRESOLD WITH VACANT 
POSSESSION ££ 5,000 
An additional 27 acres available with 
wcant pone sal on. Ref: PM 7 . 
OetoFIx etc. 


[■erefordshire/ Worcestershire/ Shropshire 
Borders 


. our reocb or ibe market toires of Ttnbury WpHs. UbHow and Leomtnster 
SI5 ACRES (IN FIVE LOTS) OF 
EXCELLENT PASTURE AND ARABLE LAND 

all offered with 

Vacant Possession upon completion o t purchase 
FOR SALE-BY AUCTION 
SaUect to Conditions and to prior sale 
IN five: LOTS. viz. 38, 130. 1-10. 47 and 140 acres 
At tlw Portcullis Hall. Ludlow 
ON MONDAY. 1M JULY. 1973 AT 3 PJfl.. 

Auction re ra; 

HcCARTNEV, MORRIS & BARKER 
LUDLOW. TeL 2231. 

VnsdozB’ Soltoltore: Bristows. Cooke & Carpmaef. 

10 ajasriom Am Fiehte. London. W.CX TeL 01443 0462 


18th CENTURY CASTLE 
Splendid 20 Ha park, I Ha lake. 
Buildings (castle, lodge, green- 
houses & chapel) and private 
apartments up-kept to a prime 
condition. IB bedrooms and 5 
bathrooms. 

Deul/x from; 

* IMHO E 3” 
Tumhoubebaan 254 
B-2230 SCHD.DE 
TeL (9 ajru-1 Ran.)s 
(31) 83 16 W or (31) 83 52 02 


Chartered Surveyor* 

PULBOROUGH 


WEST SUSSEX 

Jtam use Station l HO* 


SUSSEX 

Qeyton Wickham Farm, 
Hassocks 

S miles norm, of Brighton 

114} ACRES 


n3£r ?*“**« Roo « b * 

XMcn, 3 bedroomx. tattiroom. n 
3 CreeiSwusefc 

AtfrecUTB C arden and paddock 

OFFERS INVITED IN THE 
REGION OF £47.500 

Details Palborottoh Office: <07982 20KD 


»** Bare, oU Suhz Barn, 
Oodwt aW and other (mlldlnw. 
Pre**wlfl wun poreacsim 
Auction 2kh Jriy vm 

(to! res provlon«iy pold) 


be a great festii 
and an entirely m 
been coinecfiifor it 


Of cour, 


growers wi 
talk to all 
plants or 
they will 
arranged 
the main 
growers 
the flowers 
and helpi 
but under 
van Driel. 

Meanw 
show com 
always ha 
numerous 
more spa 
enjoyed si 


‘■sand An, 


QET 


CXIFFORD DANN te 
PARTNERS 

Uaa Hunt, Lewes (TeL BSD 


|. J. MORRIS, 

Estate Agent* 

16 MAIN STREET. FISHGUARD 
Tel: 873836 & 8726 S 3 


JAMES HARRIS AND SON. CHARTERED SURVEYORS 
Winchester 


HAMPSHIRE— THE ITCHEN VALLEY 
AVJNGTON— near WINCH EfTER 
Ain OutttaMliM Aprtcultural Investment 


Kopeifenbos (IS km from 
Antwerp) 

LUXURIOUS MODERN VILLA ■ 
Spacious private apartments, ; 
assembly room. staff-lodge,;' 
guest-rooms, play or working ' 
space, suana, tennis, swimming' 
pool, garage. Splendidly lald-out- 
garden with ponds. The situation 
and outline ensure a strict: 
privacy. 

DwtaUi from: 

*MMO E 3" 
Tumhoutsebaon 254 
B-2230 SCHILDE 
Tel. (9 uiv-1 pjn.): 

(31) 83 14 08 or (31) 83 52 02 


- FOR INVESTMENT 

250 Acres 
Arable Farm 


rs-a 

SS ta i«,« R,on ’ 1:250 P-”- Ttieohow 



it " RoS tS” ?° 3 ? 1 . Horticultural Society 
for it Rose 78. jtself. be tempted to foHow suiL 
roe individual a “ Chelsea n flower show 
e there, ready to staged at Wisley would be a 
want to -order .memorable event -but probably 
seek advice, but no t one .welcome to tbe hard- 
occupy booths worked staff at Wisley. 
veniently around Incidentally Wisley is looking 
splay area. Tbe particularly lovely at the 
also be supplying moment and there are some 
& t hey always do, fascinating flower trials in 
to arrange them, progress ' including the usual 
direction of Kee&.su^niflcen^ - display of 
delphiniums and the best trial 
the amateurs will of pansies and violas I have 
■rely, as - they see ntforyears. Sojrat the RNRS 
in classes more andTRHS gardensJpgh on your 
ever and with visiting list durin^thp.nn^few ' 
than they have weeks and maker a^peeielveffort 
the RNRS left to see Rose 78. 


THE AVINGTON MANOR FARMS AND ESTATE 
over 1130 ACRES 
Sub tact te the Aarieultiml Tenancy. 

POR SALE BY PRIVATE TREATY 











Financial Times Saturday July 1 197S 



■ J : 

S £■»:■■■'-. 

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*■«$>» 





MOTORING 





S7*jju. n .- 
' " Jf' I-- . 

..v: . ■ ..: 

The Daihatsu 4x4 hardtop— a good choice for the amateur cross-country driver 


Foreign work horses 


BY STUART MARSHALL 


BUYING A Land-Rover “ off 
the shelf” is difficult With a 
Range Rover, it’s impossible, 
unless you ring a London num- 
ber, ask for someone with a 
name like Jeremy or Julian 
and be prepared to pay through 
the nose for instant delivery of 
a used one with “ works 
mileage only.” The depres- 
singly frequent interruptions of 
production at the Rover factory 
are not going to make things 
easier in the immediate future. 

That being so. the importers 
— as always — have rushed to fill 
the gap. The choice of light 
four-wheel-drive vehicles for 
recreational or agricultural use 
has never been greater. 

The Daihatsu from Japan is 
about the same size as the first 
slab-sided Land-Rovers of 30 
years ago. The hardtop I drove 
a few weeks ago had a pair of 
comfortable seats with built-in 
headrests and four more tiny 
tip-up perches in the back. The 
roof had a padded lining, the 
windows wound up and down 
and free-wheeling front hubs, 
which save fuel and reduce 
noise on hard roads, were fitted 
as standard, all for £3,949, 
which is about £300 less than 
the price of a comparably 
equipped Land-Rover. 

Although only a 1.6 litre, the 
engine is a real slogger at low 
revolutions. It pulls hard from 
20 mph in top on the road and 
to turn* up to 24 mpg. 


At 65 mph the Daihatsu is as 
noisy and hard riding as one 
would expect of a cart-sprung 
on-off road vehicle and the 
steering is sloppy. But the con- 
trols are light and it is easy to 
park, with a 33 ft turning circle. 

When I took the Daihatsu 
over terrain better suited to 
tanks than wheeled vehicles, it 
made light work of almost knee- 
deep mud and water but sur- 
prised rae by failing to climb a 
l-in-3 guliy with a leaf mould 
surface. Then I remembered I 
had not locked the free-wheel- 
ing front bubs and bad been 
wading around in the morasy in 
two-wheel drive. With power 
going to all four wheels, it was 
unstoppable. 

Whether the Daihatsu would 
stand up to sustained wear and 
tear as well as a Land-Rover, 
only time can tell, but its all- 
steel body would be unlikely to 
grow old as gracefully as the 
the Rover's non - rusting 
aluminium one. As au off-road 
runabout with the traction to 
haul a horsebox out of a muddy 
field if needs be, it is quite an 
attractive proposition for the 
amateur rather than profes- 
sional cross-country driver. 

The same importer is bringing 
in American Jeeps, including 
the Cherokee Chief. This jumbo- 
sized vehicle makes even a 
Range Rover look fairly small. 
As it costs about £9.750 and 
does 14-15 mpg. at best ou the 
road, droppinjvtu single figures 



Edited by [fenys Sutton 

f 

/ 

The wortd’s Beading 

/ 

j 

T 

magazine of 
Arts and Antiques 


Published Monthly price £2.00 Annual Subscription £25 00 (Inland) 
Overseas Subscription £28.00. USA & Canada Air assisted S56 
Apollo Magazine, Bracken House, 10. Cannon Street. London, 
EC4P 4BY. Tel: 01-248 8000 


MOTOR CARS 



.\ter;\ - Dealers 

clover leaf cars 

2801 W 123. ChO'k-c <*' 
wfi.M or 5>!u* Auto r»v Tilled 
gloss, radio. ZO OM ituln C9.09S 
200 1*7*. CluKr 
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TriTpncfw'DrT.- r'- ~ 

MOTORING 
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appears every 
SATURDAY 
For farther details 
contact: 

SIMON HICKS 
01*248 SI I S 


AUTOSEARCH 

ASTON MARTIN VANTAGE. 1978. 

Mi-UlK- urci-n with hi oMe In- 
terior. Air condlliouraK. r i-lJO.'cassoJIiV 
7. WO mile*. 1 owner wild lull service 
history, superb In every reipecL 

E2L500 

A.C COBRA r litre. A i ouuinndiiw 
oriental e;tr with only 1--OO0 nnles 
and a lull history. 

FERRARI DINO SPYDER. 1874. Red 
milt bUc* Upholstery. S- ™oe iusiorr 
with 23.000 miles ... — • 0.9X 

DAIMLER SOVEREIGN 5-4 WS *R'. 
-vp.-tt. y r.-d with Mat* Vinyl roof, son 
r.ir>.' radio ea-iwlte. SM * 1 «Uea. Fl«l 
Srp'tre hisiury • - -5,''- 

Coauct Eni Horsley £0®kS) 
270.7703 


(CARS WANTED. Wc pa • ™re than 
f m csi tor anv make or model. TeJ. 
: C251. PRIM AND CLARKE 

ISA itO£t.»ell M.. S.W.9 
BMW 3701. S Res manual. 12 000 mile*. 

eiceiient condfo" MuV .,, i _*? " B 
1 15 300 N'l* 1 ’ --'7 8317- 


in the rough, it is strictly for 
the well heeled. 

With a V8 motor of getting 
on for twice the size of the 
Range Rover’s, the Cherokee 
Chief is an effortless performer 
on the road and i<ts automatic 
transmission with permanent 
four-wheel drive is extra- 
ordinarily quiet But its wooly 
steering and soft, under-damped 
suspension were not at all to 
my taste. Its handling was like 
that of the offspring of an 
American sedan crossed with a 
five-ton Bedford, and its sheer 
size sometimes embarrassed in 
narrow country la-nes. 

I would not really regard it 
as a Range Rover substitute but 
for heavy towing it has no 
rivals. Appropriately equipped 
for an extra £485. it will pull 
no less than 3* tons, though 
wba4 its fuel consumption would 
be hardly bears thinking about. 
The interior is wall to wall 
carpeted. Muddy wellies will 
not be worn. 

The Subaru four-wheel-drive 
station wagon looks as ordinary 
as a Marina estate, though the 
extra clearance under the wheel 
arches and the knobbly tyres 
give a clue to its dual 
personality. In essence it is a 
front-wheel drive car with a 
flat-four cylinder 1.6 litre 
engine. An auxiliary gearbox 
powers the back wheels, too, 
when required. All you do is 
flick a tiny lever at any speed 
up to 50 mph. 

The gear ratios are unchanged 
but taking the Subaru over the 
same course as 1 had tried the 
Daihatsu on caused no prob- 
lems. It romped up the l-in-3 
gully and dad everything the 
Daihatsu had done though in 
far greater comfort. 

On the road, it felt as strong 
as a Saab. It will run up to 
85 mph and give close to 30 
mpg. The rack and pinion 
steering is sharply accurate and 
standard equipment includes a 
radio. 

The only thing that stops the 
£3.990 Subaru being a poor 
man’s Range Rover is its lack of 
both litres and a set of low- 
range gears. Asking it to pull a 
two-horse trailer would be 
unkind. But as a civilised road- 
going estate car with the ability 
to tackle off-road conditions a 
normal car wouldn’t look at, it 
is in a price class of its own. 


A little 

fellow’s 

magic 

CHICAGO, June 30. 
IN ATTEMPTING to compile 
a half-term report on the golfing 
class of 1978, Gaiy Player has 
no rivals at the head of the 
list The most remarkable 
aspect of his brilliant season to 
date is that the little South 
African knew that at the age of 
42 he had to produce a super* 
human effort if he was not to 
slide into oblivion. Although 
bis manager. Mark McCormack, 
would probably argue vehe- 
mently. about the only contracts 
Gary could have relied upon 
for the future were those that 
were somehow connected with 
prolonging active life. Player 
has finally made the point that 
he has been hammering home 
for half a lifetime, namely that 
there is no substitute for total 
physical fitness even in what is 
regarded largely as a mental 
game. 

In the airport lounge at 
Toronto last Sunday ■ evening, 
when Player cut an unusual 
figure in leather jerkin and 
wide-brimmed hat of the same 
material, he frankly admitted 
that to play 16 consecutive 
tournaments on this continent 
bad been a mistake. Player was 
so relieved to be going home to 
rest before the Open Champion- 
ship at SL Andrews that he was 
as light-headed as a heavy 
drinker before the inevitable 
let-down, and as we all know, 
Gary doesn’t indulge in that 
area. 

He was finally prepared freely 
to admit that while he had felt 
perfectly ready physically to 
win a second U.S. Open he 
craved so badly, he had found 
himself totally exhausted when 
it mattered in the final round. 

Not even Player could carry 


himself through that crisis by 
self-hypnosis. But those who saw 
him on the television screen as 
he hit his second shot to the 
13th green at Augusta in that 
wonderful final round of 64 in 
the Masters will know exactly 
what a marvellous job Gary has 
done to convince himself of his 
new found balance that has, he 
believes, rid him of the damag- 
ing hook that plagued him for 
years. Not even Ben Hogan 
triumphed so completely over 
physical disadvantages with 
such consummate willpower. 

Of all- my treasured memories 
of Player in this department, an 
incident at last year's World 
Series of Golf comes repeatedly 
to mind. Player was like a 
child with a new toy because 
he had found a No. 6 wood in 
Firestone Country Club profes- 
sional Bobby Nichols's shop, 
and was demonstrating most 
convincingly to a commentating 
colleague and myself how a 
little fellow like him could use 
it more effectively than an iron 
club to extricate the ball from 
the tigerish rough that 
abounded there. 

Fixing us with those huge 
brown eyes and nodding his 
head and forefinger, as is his 
wont. Player said in all serious- 
ness: "Think what one hell of 
a golfer I could have been if I 
bad discovered this weapon 20 
years ago!" 

If 1978 has been Player’s 
finest year, it has been scarcely 
less magical for both Lee 
Trevino and Jerry Heard. Both 
men were struck by lightning 
in Chicago during the 1975 
Western Open at Butler 
National Golf Club. Trevino 
underwent back surgery in 
November 1976 for the fusion 
of spinal discs. Heard has pain- 
fully endured this trouble that 
has been similarly linked ever 
since • to that thunderous 
incident, which weather fore- 
casters say could occur again 
during the same tournament 
here this week-end. 

But while Heard’s earnings 
plummeted to $5,955 in 1977 
giving him 1 73rd place in the 
earnings table. Trevino at least 


won the Canadian Open lo com- 
pensate for a slide down that 
list from fourth place in 1974 to 
33rd last year. This season 
Trevino has again been a force 
to be reckoned with practically 
every time he has teed up the 
ball, and with a win in the 


GOLF 

BEN WRIGHT 


Colonial and many more near 
misses, including four second- 
place finishes, is in sight of his 
all time best year. 

He will carry my money at St 
Andrews, where he collapsed so 
dramatically in the final round 
of the 1970 Open Championship. 
But Heard's come-back to win 
the Atlanta Classic in May was. 
If anything, more moving, in 
that this easy going Californian 
had really plumbed the depths 


both physically and mentally in 
his personal life. 

The continued brilliance of 
Player and Tom Watson, the 
emergence of a new superstar 
in Andy Bean, and the ever- 
rising standard of play here 
have almost caused Jack 
Nicklaus to be overlooked since 
his fabulous finishes in 
February to win the Jackie 
Gleason Classic and lose to his 
life-long rival Tom Weiskopf 
two weeks later at Dora!. 

But Nicklaus is acutely con- 
scious of the idle chatter that 
gathers decibels daily that as a 
major championship contender 
he is a back number. Nicklaus 
has not won one of the four 
major titles since the 1975 
USPGA Championship. Three 
years after Arnold Palmer won 
his last major, the 1964 Masters, 
the great man won four tour 
tournaments, and anyone who 
predicted then that he would 
never again win any of the big 
four would have been branded 


as a lunatic. So it is more than; 
slightly ludicrous prematurely 
to write off a man who has won 1 
exactly twice as many major 
titles than did Palmer. Yet; 
there are those who would bet' 
on Niekiaus's decline — and I 
have to admit to having been; 
one of the heretics. ; 

On the home front there can 
he nothing but optimism that in 
Howard Clark, Nick Faldo and 
the physically unlikely Ken 
Brown we have the nucleus oi 
a worthy task force to turn back 
the Spanish armada and the 
new breed of upstart Austra 
lians. But to talk of a British 
victory in our Open as even 1 
possibility is wickedly unfair ir 
pressurising the youngsters 01 
whom the hopes for the futun 
rest. In the amateur game 
twice champiun Peter McEvo; 
stands head and shoulders abov- 
the rest, and one can only hop« 
he will see fit to try his lucl 
here in the U.S. amateur chan: 
pionship in August. 


Guide , 
diplomat 
and PR 


THE MAIN talking point while 
the rain fell heavily at Leeds 
has not been so much about 
when and how England would 
beat Pakistan but on the future 
of the England captaincy. There 
has never been any doubt that 
Mike Brearley is an intelligent, 
shrewd and diplomatic skipper, 
who since taking over from 
Tony Greig has never lost a 
Test. 

His one basic weakness is 
that although a determined and 
accomplished opening bat. 
Mike, at the highest level, is 
short on class, as illustrated by 
a career average in the high 
30s. after 17 Tests he has still 
to make a century and is only 


averaging 26. 

The view of the average York- 
shire supporter at Headingley 
is that this presents no prob- 
lems because "our Geoffrey” is 
ready and willing to take over a 
role he should have had long 
since. 

I have no doubt that if Geoff 
could have led England against 
Pakistan this summer instead 
of Brearley, the outcome would 
have been the same, and am 


CRICKET 

TREVOR BAILEY 


inclined to think he is prob- 
ably better suited to captain 
England than Yorkshire. How- 
ever. whether the selectors 
would consider hint for the job 
in Australia if Brearley con- 
tinues to fail with the bat. is 
an entirely different matter. 

For one thing many know- 
ledgeable Yorkshiremen are 
having doubts about Boycott. 


not as a batsman but as eaptai 
of the county. Since he too 
over the leadership from CJosi 
Yorkshire have won nothin; 
and all too often have fade 
lo play to their potential. 

My belief is thar Brearlc 
wili rediscover his form an 
take England lo Australia. I r 
not think the selectors woui 
be willing to give the job ' 
Boycott, not because he lacl 
the tactical ability but becau- 
overseas this alone is n 
enough. A touring skippi 
ideally should be a combinati< 
of guide, philosopher, psychol 
gist, diplomat and public rel 
tions expert, which is n 
Boycott. 

There are other reasor, 
First, several of the Englai 
team would welcome Boycott 
an individual and as a batsma 
but not as captain. Second, 
recent years he has been ve 
injury prone. As both Brearl 
and Boycott must be neari 
the end of their Test caree 
our selectors should eertair 
stan thinking about a success 
to both. 


Some new ideas for the navigators 


Trinity House and ITT are 
now in rise final stages of 
evaluating a new coastal naviga- 
tion system which they are 
calling the Radio Lighthouse. 
By the early 1980s there is a 
good prospect of a chain of these 
installations being available to 
enable yachtsmen in British 
waters to navigate with greater 
safety, simplicity, and accuracy. 

A unit which has been 
developed by Standard Telecom- 
munications Laboratories at 
Har low — a British subsidiary of 
ITT — with enthusiastic support 
from amateur sailors on the staff 
is to be installed in the Ports- 
mouth area soon for contract 
valuation. It will be an 
engineering prototype. But It is 
my impression that Trinity 
House and the other two lights 
authorities for Great Britain 
and Ireland— Northern lights 
and Irish lights — are keen to 
press on with orders for a pro- 
duction run. 

"Radio lighthouse” is such 
an apt name for the new device 
that I for one hope that it will 
find a permanent place in the 
j nautical vocabulary. Conven- 
j tional marine radio beacons 
. require the vessel to estimate 
; its own bearing from the beacon 
' by turning a directional aerial 


on board ship and reading the 
bearing. That is at best a tricky 
operation and is sometimes 
beyond the capabilities of sea- 
sick amateurs in rough weather. 

In contrast a Radio Light- 
house will tell YOU the mariner 
at what bearing you lie from IT. 
It will operate on VHF 
frequencies and, unlike a con- 
ventional lighthouse, will be 
equally useFul by night or by 
day, and in thick weather or 
dear. 

Dr. D. G. Kiely, director 
general of electronics research 
at the Ministry of Defence, is 
also the independent chairman 
of the research and develop- 
ment policy committee of the 
three British Isles lights 
authorities. His committee is 
currently looking upon the 
Radio Lighthouse as one of the 
best pieces of applied research 
they have supported. It actually 
developed from a desirable idea 
into a workable system via aero- 
nautical research into micro- 
wave landing systems and has 
had Department of Industry 
backing. So far about £50,000 
has been spent on it by all the 
parties concerned. 

The lights authorities like the 
low-cost and simplicity that the 
Radio lighthouse embodies. 


Units are expected to cost only 
in the region of £8,000 each. 
They will be small electronic 
packs. They can be easily trans- 
ported and installed, and they 
require only simple aerials. 

The lighthouse authorities 
believe that spending of that 
order can be amply justified for 
each of the more dangerous 
headlands, shoals, rocks, and 
islands of the British Isles if 


BOATS 

ROY HODSON 


the amateu r sailor is thus 
enabled to fix Ins position with 
regard to those dangers more 
certainly. Port and harbour 
authorities and marina com- 
panies are also likely to buy the 
Radio Lighthouse to identify 
their approaches. 

Now to the details of how it 
works. The important point is 
that the accuracy of reception is 
quite independent of the ship- 
board installation and the skill 
of the user. Trinity House 
esti mates that a chea p VHF 
receiver costing no more than 
£20 might be developed 


specifically to receive Radio 
Lighthouse* signals. The only 
additional function then Deeded 
is the ability of the mariner to 
count a series of “blips” and 
to transfer the information he 
thus acquires to plot his posi- 
tion on the chart. 

The receiver can be small 
enough to put in an ojlskin 
pocket and listen to on an ear- 
phone. The mariner will press 
a button on his crystal- 
controlled receiver to tune into 
the beacon of his choice. He 
will hear an identification signal 
followed by a series of "blips” 
each of which will represent 2 
degrees on from a base bearing. 
When the “blips" fade the 
count has reached his vessel’s 
bearing from the Radio Light- 
house. I am assured it will 
be a far simpler matter than 
trying to count and identify the 
dots and dashes one hears on 
the long-range Consol naviga- 
tion system. 

But even the chore of listen- 
ing and counting will not be 
necessary to use the Radio 
Lighthouse. It is expected more 
advanced yacht radio receivers 
will be marketed at about flOO 
which will identify beacons 
with a digital "read-out” and 
follow with a similar “read-out” 
of the yacht's bearing from the 


Radio Lighthouse. With tl 
system there will be notin 
more to do than plot the inf 
mation. Accuracy can be to h 
a degree with such sets, 
being developed specifically 
the small boat sailor who is 1 
equipped with a big-ship navi 
tional system such as Rad 
Decca Navigator, and sophi 
cated radio direction find 
sets to interpret the exist 
MF beacons. ; 

With a range of less than! 
miles from the transmitter i' 
not intended for offshore p 
tion-fixing — although it can; 
course be used in that way 
the yacht happens to be witi 
range of two or more beacj 
at once. The main use is 1 
give the amateur a reliable p 
tion line through a known pd 
In poor visibility. j 

Congratulations then to | 
concerned for promoting w 
will be the most advan' 
coastal navigation system : 
small boat sailors available ^ 
where in the world. It : 
render the “ dog-barking " n! 
gator obsolete. He was a brd 
incidentally, which develop 
on the Californian coast j 
used to stand-in and ideri 
headlands by the distinc! 
bark of whichever pet pc’ 
lived thereabouts. ; 


BRIDGE 

E. P. C. COTTER 


WHEN TWO partners in misfit 
hands fight against each other 
— it happens all too often — 
disaster is not far away. On a 
happier note I should like to 
recall two hands from a pairs 
event of some years ago. which 
I played with one of my 
favourite partners, and demon- 
strate what real understanding 
he showed. Look first at this: 


North did not persist stub- 
bornly with hearts, but gave 
preference with three diamonds, 
which is the acme of partner- 
ship understanding. I might 
have bid four diamonds — in fact. 
I was wrong not to — but I 
passed. 

West led the club King, taken 


to the first: 


N 

♦ A 4 

<? A K J 5 4 S 
0 3 2 
*842 

W E 

♦ 10 S3 ♦QJ76 

? Q 10 8 6 2 f 7 

•>— CKQ754 

4-KQ963 * J 10 7 

S 

♦ K 9 5 2 
"9 

0 A J 10 9 8 6 
♦A 5 


W 

♦ A K J 9 6 3 
7' A 7 

by the Ace, I cashed Ace, King c, j 9 
of spades, and ruffed a spade 4 q 5 4 
on the tabla. I made the heart 
Ace, and followed with the 
King, hoping to discard a losing 
clnb. but East ruffed, and I 
over-ruffed. Now I ruffed my 
last spade on the table — -West's 
failure to ruff in front of dummy 
revealed the trump position. I 


N 

♦ 2 

•763 

o A Q 8 3 2 
♦ A K 9 6 2 

E 

♦ Q 10 5 
V 8 2 


v K 7 6 5 4 
+ 873 


S 

♦ 874 

OKQJ 10 954 
O 10 

* J 10 


West dealt at game all and 
passed. North opened the bid- 
dins with one heart, and I 
replied with Two diamonds. 
North rc-bid two hearts, and 1 
•aid two spades, a responder’s 
reverse which is forcing. Now 


Vt game all West bid one 
sn. de, my partner overcalled 
ruffed another heart in hand, witt two diamonds. East passed, 
and then cut adrift with my five I s dd two hearts, and over 
of clubs, which West won. East North’s rebid of three clubs I 
had to ruff West’s return, and said *hree hearts. 

I over-ruffed. I now held- A J 10 Now my partner showed great 
of trumps, while East held faith in me. I had not given 
K Q 7, so I led my Knave, losing preference for either of his 
to the Queen, and took the last suits, but had rebid my own. 
two tricks. Therefore my suit must be a 

I was not really disappointed sood one. Not only did he accept 
at missing the vulnerable game, raised me to 

because it is on the whole a ga !?. e ’^. . . . J 
lucky make. Anyhow The score w ®® t letJ tile spade Xing, and 
of 150 for three diamonds plus switched to Ace and another 
two brought in a good share trump. This prevented dummy 
of the match points. Several f rora niffing spades, but with 
Norths toiled unhappily in the dubs breaking, I made 11 
heart contracts, other pairs tricks. 

sought refuge in three no If West had led the heart 
trumps, which was doomed from seven at trick two, he would 
the start probably have saved one trick: 

The second hand is a corollary [ f he ^ started card, 

he would have made things 

awkward. I could 


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even more 
not have got out the trum? 
Ace. because I would have lost 
three spades, but I could have 
got home by finessing against 
the t-Iub Queen. In fact, as the 
cards- lie, I can still make 11 
tricks by discarding a spade on 
The rbird club, arid leading a 
fourth club. East ruffs, and ! 
over- ruff. It does not help vNVr 
to over-ruff with his Ace of 
trumps, so I return to dummy 
with a diamond, and lead the 
last club, throwing my last 
spade. 


CHESS 

LEONARD BARDEN 


THE MIDDLE game has an un- 
deserved reputation of being 
always the hardest part of chess 
to master. The average player 
distrusts sacrificial attacks or 
strategy as too risky or too long- 
winded for cJub matches with 
adjudication on move 30. He is 
more interested In a book open- 
ing trap which can be prepared 
in advance or in winning a pawn 
and waiting for the adjudicator 
to award the point 

Study of positional themes can 
benefit a club player as much as 
the latest variation in his 
favourite opening. 

A new and highly recom- 
mended introduction to posi- 
tional techniques is Simple Chess 
by Michael Stean (Faber paper- 
backs, 116 pages, £1.95). 

Stean is one of Britain's three 
grandmasters and No. 2 in the 
England team for the world 
championship in Argentina this 
autumn. His lucid and helpful 
book is easier to read than some 
of the heavyweight middle game 
writings of Euwe, Pachman and 
Edward Lasker. 

By concentrating on five 
important facets of chess strategy 
—outpost squares, open and 
half-open files, strong black or 
white squares, and space control 
— Stean explains chess planning 
and economical use of the pieces. 

One positional technique valu- 
able for a club player is using a 
knight outpost to support a 
pawn break or a king's side 
attack in a blocked position. The 
squares to aim for are QB4 in 
queen's side openings such as the 
Benoni (the knight helps White 
play P-K4. P-KB4 and P-K5) or 
KB5 in the major king’s side 
opening, the Ruy Lopez. 

Even in master chess, players 
sometimes fall to realise the 
problems which hit Black If he 
allows such classical “ outpost 
attacks.” Two games this week 
each furnish a telling example. 

In Gligoric v. Paoli, Black’s 
error comes on move 15 where 


his bishop moves off the diagonal 
guarding his KB4 while be also 
misses the opportunity for 
P-KN3, keeping out the while 
knight White’s winning strategy 
is then to regroup both knights to 
squares (KB5, KN4) where they 
have to be exchanged: then the 
resulting pawns on the KB and 
KN files can advance further, 
while the KR file is open for 
White’s queen and rooks. With 
the centre blocked. Black can do 
nothing to stop the attack. 

White: S. Gligoric. Black: E. 
Paoli. Opening: Ruy Lopez 
(Venice. 1951). 

1 P-K4, P-K4: 2 N-KBS. N-QB3: 
3 B-N5, P-QR3; 4 B-R4, N-B3; 
5 0-0. B-K2: 6 R-Kl, P-QN4; 
7 B-N3, P-Q3: S P-B3. 0-0; 9 P-KR3. 
N-QR4; 10 B-B2. P-B4; 11 P-Q4, 
Q-B2: 12 QN-Q2. B-Q2: 13 N-Bl. 
KR-B1 (better BPxP or KR-K1): 
14 PxKP. PxP; 15 N-K3. B-B3?? 
(Black is probably already lost 
after this move, which allows 
White to carry out his strategy): 
16 N-B5. B-Bl. 17 N-R2. N-B5; 
18 N-N4. NxN: 19 P.\’N! ( 10 QxN? 
gives White nothing — but now he 
has both a pawn roller and the 
KR file) R-Ql; 20 Q-B3. N-Q3; 
21 Q-N3. NxN; 22 KPxN. B-Q3: 
23 P-N5. R-Q2: 24 Q-R4. Q-N2: 
25 P-B3, QR-Qt; 26 B-K3, B-Bl; 
27 R-K2. B-Q4; 2S P-QN3. P-B5: 
29 K-B2! (TO switch the rook 
across to the KR file) PxP; 


30 R-Rl. P-R3; 31 RPxP, Q 

32 PxP. P-N3 (if PxP; 33 P-j 

33 B-N5. B-B4 cb: 34 K 

Resigns. ! 

The second game featun! 
similar strategical blunder at 
queen’s side. The decision co 
on move 14, where instea 
R-Kl which allows White to 
the knigbt outpost square, 
had to play 14 ... 

15 P-QR4. N-B2 keeping 
Q-sidr pawns mobile. 

White: L. Polugaevsky. Blj 
P. Biyiasas. Opening: Qud 
Gambit (Petropolis 1973). ■ 

1 P-Q4. N-KB3; 2 P-QB4. P 
3 N-KB3, PQ4; 4 N-B3, 

5 P-K3. Q.N-Q2; 6 B-Q3, I 
7 BxBP, P-QN'4; 8 B-Q3 P-C 
9 P-K4. P-B4: 10 P-Q5. F 
P-QN3 (to stop the bloc! 
P-B5 and N-B4). R-Q3: 12 0-0. 

P KI. R-Nl: 14 B-Bl. R-P 
15 P-QR4. P-N5; 16 N-Nl 
closed positions, there is at 
time for regrouping). IS 
17 QN-Q2. R-K2; lg B-N2, N 
19 R-Bl, P-R3: 20 P-R5, ? 
21 N-B4 (White takes the 
square 1 . R-QB2: 22 N(B3 
B-Q2: 23 P-B4 It... and over 
the centre j. Q-R2: 2^ PxP, 

25 NxB. NxN: 26 N-B4, I 
27 Rv\. Resigns. 

If 27 . . . Q-Q3: 28 BxKP, i 
29 P-Q6 ch— simple chest 
action. > 


POSITION NO. 222 
BLACK ( 7 men) 


PROBLEM No. 222 















£ 


1 







H 



1 



11 








& 




}lj 


5 




n 





0 



A 

a 










WHITE (7 men) 

Raicevtc v. Tarjart, Subntica 


■ 



“ 

“ 


“ 

m 

■ 


■ 

■ 

■ 

■ 

n 

EU 



m 

m 

§3 

0 

■ 

■ 

m 


□ 

■ 



S' 


■ 

■ 

0 

II 

0 


■ 

0 

■ 

K 

■ 

0 


■ 


m 

■ 

■ 

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|s| 

8 


White 


— . . - . mates in two m 

1975. Black to move; whai against any defence fhu r r, 
should be the result, and how Basle 1898). 1 

should play continue? Solutions Page 12 







10 


IPinancial 'Times 197& 


TRAVEL 




The green heart of Manhattan 

TjF£ EjfGHX o'clock on a Sunday some reducek-price seats are later bus at aDy number of glories of the Metropolitan 
morning in New York, the sold. Matin eel’ on Sundays may stops. The southern loop (across Museum, the Guggenheim 
hOTse-dTawn cabs are already begin as early as.} pm, followed the river to unexpectedly Museum (where the spiral 
lining up to catch customers for by evening performances at spacious Brooklyn) is perhaps interior is as impressive as the 
23de in Central Park. Long early or normal times. ; -Opera the better, though the northern selection of paintings) ana 
before Lh at, while the pavements and ballet, when in season, also one led me to the surprising other major public galleries, 
are still piled high with copies play on Sundays.. . El Greco and other paintings in T ^ e more elegant of the com- 

of the 4 in-tliiefc Sunday edition Not only theatres are open, the little-known Hispanic mercial galleries are not^ open 


‘Otf she New York Times, the but at least two major depart- Museum. 


on Sundays, but visitors are 


feit itself has been barred to meat stores (Macys and Gim- 
motor traffic and made free for belsl and many- bookstores— 

Sanday's joggers, bird-watchers ; 

and cyclists; ■ '* ... 

- As a visitor, too, I have found 
Sunday a splendid day to seek 
out some of New York's infinite 
range of pleasures. A city so 
strongly Jewish and triply 
Catholic (Irish, Ttalian. Hfs- 


because. it means 
Houston Street). 


south of 


NEW YORK 

ARTHUR JACOBS 

2 . - . 


Well before noon on Sundays welc0 ™ e at m ? n3 l 0 £ th ® artists' 
is the time to visit New York's displays in SoHo (so spelt 
equivalent of Petticoat Lane, 
the bustling street market on 

the Lower East Side where Any Sunday in_suimner is 
clothes hang like banners. From likely to reveal a specimen of 
here, walk (via a splendid view those parades, street fair s, o r 
of the entrance to Manhattan “Wock parties” i$ben a large 
Bridge) to Chinatown, where or small area is^dgarfed of 
even the telephone boxes wear to accommqgaft proep- 

miniature pagoda-roofs, and sit® 5 , enlertammedts,. and sales 


panic) dispiays none of the including fait astonishing . - 

Protestant gloom which still supermarket for reduced-price w here Mott Street offers the of food s and cjaft$^-ofJ#a with 
makes the English Sunday so books, the Barnes and Noble bulging Kam Kuo Chinese an ethnic character, and always 


supermarket as well as the ^ articulate. Hew Yorkers to 

and t0 - Join them also, stroll- 
ing or sipping at "'Lincoln 
_. . Ul . Centre, home 3>f concerts -and 

Time for brunch! This is a opt?r a f where ?tft e . fountains. 


usual cuno 
restaurants. 


shops 


of ben an occasion for shutting annexe on Fifth Avenue. But, 
dhwn rather than opening up. given fine weather and an 
1 Start planning your New York energetic feeling, I would never 
Sunday with Friday’s edition of wish to spend a New York 

the New York Times, which Sunday entirely indoors. _ . _ . - r -.— , . — — . 

carries special supplement on Resisting the temptation to Sunday feature for New Y o^kers p0 o] t sculpture garden and 

open-air cafe provide the relax- 
ing atmosphere which London’s 
South Bank should have and 

After- a choice of evening 
entertainment/? where. to'- end 
up? '* Up ' is tljjs word.' A- snack 
or a drink at the Windows of 
the World Restaurant, 107 
storeys high afe.the top- of the 


the weekend's special events, hire a bike (S6 per day) or and their visitors alike. From 
Add to it a copy of New York the joggers. I have walked ^ t0 four tt approx,Dia tely. 

(not to be confused with the in sohtarv strolls or on restaurants offer a several- _ 

New Yorker) magazine and, if one of conducted course u fV ally but ° ot does not. 

rou ere on a budget the historical tours where a guide SmSS tSSHe SJ'Sni 

nvaluable guide-book entitled shnws vmi New York’s archi- dlsh « E 8fi s Ben*- 

Yew York on $15 and S20 A Day. teetural* instore as onlv a ** (poached e SS& on ham with 

[)o not waste time visitin® the p ect j raI lustopr as only a hollandaise sauce), at an in- 

but uuLVlfng and incIuslve pri « far beIow its 

1 New York' Visitors' relatively uncluttered streets, wppfcriav ponivnipni hpeinnimr 


ifficia] 
inhelpful 


weekday equivalent, beginning 


Bureau in Times Square— unless P . l J b ]i, c L tr f nsport c a !S a become ? with a vodka-based cocktail. 


eau in 1 muss anuare— unless „ , . . wuu. a »uum-umsu wuium. - - ^ 

t is to acquit some » twofers.” attractive: on Sundays (and The newest favourite, and mine, Wo f M Trade Centre, aS*ws an 


•ouehers giving cheap admission 


enchanting view of the night- 
illuminated citjjp. and "if the 


also on Saturday evenings), j s -bullshot”— vodka with cold 

0 the theatre (two-fer the price ? ew X ork 5 ^ n ?’ p !l ce b “ s fara chicken broth. In the Central 

jf one). drops from 50 to 25 c ents, and park area I recommend the 

Many of New York's theatres 016 snbway -^Underground) $6.95 brunch in the elegant 

re indeed open on Sunday, “afcos a similar concession. Barbizon Plaza Hotel: further 
nduding those of the West Moreover, at weekends only north, at Broadway and 81st 
2nd Street area, where a new tbere , are two : " Culture Bus street, 'the Hungarian Kes- _ . 

theatre row” has been Loops 1 " exploring the city. The taurant is cheaper and g astro- ing from Chinatown 
edainoed from squalor and of $2 includes a printed nomically quite speciaL going on, only a £ 

ora. Open, too, is the “TKTS " guide and map and allows you In the afternoon, the visitor before the city was to 
ureau on Broadway where to dismount and continue by a will not of course neglect the workaday week once 


illuminated Statue of 
the harbour. .So I 
recent New Yore Sun 
as I drove hdfelw; 
midnight, a street fai 


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04230 Vlilafr»iwht-sur-Mer— Td* (H) 8844.4I wawM 



No depression over the At 


THE AZORES, although 


the regular scheduled services gem 
of TAP. While the Azores most 
hardly feature on the tourist archi 
map — very few British tour Heroi 



.u, Lil „u. a dec of the Algarve and Vila ao’muli 'the big brother of tbe hamit^^ling on the shores of 

group of relatively snudl islands Porto fe perhaps more truly a whole group. The main resort two of flSfcmozt magical lakes I 
£me P 70O miles jfrom Lisbon and rather Sleepy and straggly vil- hotel at Furnas Is set inland fa bave eve^^n. Set fa a lush 
well into the. middle of the lage tMn a town. a spertacular valley op tical 

Atlantic, are easily accessible All glanders have a highly surrounded by soJne well* illusion i iTffi &iehMurtiig of tbe 
from both theii^K^ind VS. on develo^dsense of pride yet, by landscaped gardens with the Jake nearefet tfr ^ynu, a vivid- 

aoTf pmani easily the only yellow swimming-pool _ I green, the colour, re&bcbed from 
ve town in the have ever seen, a natural the dense woodlands that lead 
o i s Angra do thermal pool fed directly r by right down to the shores, 
on Tereeixa- It is warm springs which ensiirethat : The lake furthest from your 
series of hills with it retains a ; constant fWadsl^ posltion-^e Ring’s 

fa 


familiar name both to the thing 
w e ath ermen and to fee mariners deligh 


of old. 

While 
islands de 
of Western 
found no si 
down there, 
perfect and 



iyou 


operators faefade them fa their built oS a series of hills with It retains a » 

brochures— Iona been a noth in ^at right angles to any- temperature ■ throughout the View*--js^the deepest^hiue __ 

brochures has long oeen a , g ,l g fg heart, fee year. Indeed the whole a&ea is colour. Raise your eyite above 

little Restoration rich fa natural springs, breaking the folds of: the encircling fans 

fa the Angra Hotel sometimes with a little ploft-ftlop and there lathe farther expanse 

’t over the brilliance and elsewhere creating patterns of the opto sea. I would 

ers in the little town of steam fa the still air of fee certainly return to San Miguel 

o”are in sSrd! rf valley rather like Iceland’s If only for that- breathtaking 

famous geysers but on a sma^er view. 

scale. ^ The Azores’ own UtOe airline, 

Punta Delcada is a major SATA, makes it quite feasible 

ORES seaport and, being fahSy 10 '. il JJ er ' lsland ^PPfag- 

inddstrial, is not really a resort. tDUT °P eT *J®J s 

MARTIN The inTpusinp water iroht Simtours and Wings. 

promenade, with a delightMt''?^® 11 ^’’ featl,re I* 10 Azores. In 
main square at The centre. % ytm iS a j ? p t ? ou * 

t t - in^essire enough but it is not JtIS ^ re * a Madeira and an 
bright lights, they fl5OTrtiere . Uni la to* -Jam* 

: and the islands T . . . .. . * enjoyed a. first glimpse of 

m io go in for cafe .$nvmg along i-asonably good t h e Azotes but felt that I had 
roads is a continual delight, been lucky in picking a patch of 
as a small port and bave I seen so many unbroken fine weather. The 

fee Memoria view- h jPf an S ea ? edge tourist potential is them 

mg down over ihc SL?^,-^ ad T predono ^ ian , 11 ^ blu f particularly in fee outer islands. 
iSledy-piggledy pat- Wltb dumps of pink and but, if the authorities really 
iftops before driving 10 offset ** want to develop it, some new 

other- side, through Tte s^e ^ttem repe^ itaelf and mudern hotels are very t 

« *" « bSw S ” «^ .I rai, ' :h ,he first pr,on ®- 

hSdlMd from tho “ d pleasure 

the eye. 


Square? 

group of nine 

■ good deal °* V 1 ®, 
h’s weather, I park- 

'of any depression r . 

weather was 
three islands E 
visited vewt"b*tfced in warm 
sunshine wife a pleasant breeze 
blowing off surprisingly blue 
Atlantic. >■ 

Sooner raSer than later fa any 
conversation; whether in main- a 

land Portugal or in fee island ^ na t 
commumti^the -words “After not 

the Revolufeto '" will be heard. \jj Cm 
The even^il plan — it seems Angra 
completely logical — is to fuse i went t 
fee three ^femmunities, which point, 1 
between tttec a dminis ter the delightfu 
nine island^ into a single unit tern of 
to develop fee tourist potential, to 

Santa has only one. some V 

hotel and tttc is fa urgent need Brazil 
of consid^tble refurbishing, dividing 
The island^ tiny and you can little town: 
visit the Wain points fa an San Mi 
afternoon, ms pepper-pot cfaim- only 10 m 
neys proviqS.an instant remtn- capital. P 


with its airport 
ites away from the 
Delgada, is very 



ADDRESSES " PortusBcat National 
Tonrte orrica. 1-5 Hew Bond stmt. 
La " *— WV Ob*. sontanra. Madeira 
House. XUI Can street Whitney. Omn. 
Ci da das, m spite of its tap (at** sataj. oimaatiain ncm, 
oquent-soundfag name of swv uw - 

Cities, is a picturesque aw. Hem alt us. 


iaai*i Welwyn Canton 






Summers of our dreams 


IMAGINE writing a novel now court's skipper, Paul Gauvjnier. unable to open the attack- In 
about Barsetshire or Combray. He, we are told by Parker, Was both books the finish is. suitably 
You would be inviting disaster killed at Dunkirk, and he made nail-biting and not .resolved 
even if you were not prosecuted his highest score as Tilling- until the shadows are lengfaen- 
for trespassing. But this is what fold’s captain (88) while yoOflg fag and the last over is being 
John Parker, fee Sports Editor Peter was being born. i bowled. 

of ITN, has done in The Village while Tlllingfold has #e- From cricket to tennis and a 
Cricket Match (Penguin, 70p) ma ined comparatively unspo&d brief reminder that a paperback 
tonvrand he has got away apart from some excrescences bible of te^s, edited by my 
S^c? rt °r «?^. 0lds baU ; Uke ** hideous red-brick aims- colleague John Barrett and 
by-ball the stoiy of the annual ^ estate that now borders fee compiled by lance Tfagay, 
cncket match held this year or north side of fee cricket fi^d, World °f Tenins 1978 (Mac- 

IT ’mff W *F}a an J'i a Z« 5 U f ge has suffered the fete "~ J 

™^™*™ lopment f d 

SSSifSTi professional competitions, grand 

is remarkably as it always was 
save that the needle-matcfr is 
played in mid^Iuly rather 
early August 

Even the teams' tea in r 4 he 
pavilion during the interval is 
as good as ever: “There were 
This may be considered pretty flowers on the table to-day; 
scant acknowledgement in a marguerite daisies and maiden- 
book which is entirely modelled 


donald and Jane's £3.95) now 
enters its 10th year of publica- 
tion: .it is even more compre- 
hensive this year containing 
reports of all the major tours, 


team's prospects, Mr. Parker has 
penned a brief note. It begins: 
“The author wishes to apologise 
to: the ghost of Hugh de Selin- 
court, for presuming to replay 
his ‘Cricket Match’ some fifty 
or so years later > . ." 


on an earlier one (The Cricket 
Match) and copies its immacu- 
late form with exactitude; but 
fee plagiary, if such it be, is 
carried out with so reverent a 
fidelity to the spirit and letter 
of the original that no-one is 
likely to complain. Indeed to 


PAPERBACKS 

ANTHONY CURTIS - 


national and .international rank- 
ings, and much else besides. 

In case it should rain at either 
Wimbledon or Lords (perish the 
thought) it is my habit to have 
a readable paperback novel at 
the ready in a capacious jacket 
pocket. Two that I can recom- 
mend for fee purpose are David 
Lodge's Ckanging Places 
(Penguin 95p) and Judith 
Ressner's Any Minute I Con 
Split (Star 95p). Not only axe 
they compellingly witty, they 
are deadly accurate about two 
kinds of people who have as 
groups a considerable influence 
both here and in America, 
academics . and middle-aged 
drop-outs, (often members of 


read the two books fa sequence. v 
Selin co art’s and then Parker's hair fern; t^ er e were cucumber the one are also fee members of 
Ktofiare i mbs? at fee l5n-’ sandwiches and lettuces abd a fee other). . . 

tinStrof EbeUsh villaee life p,ate of radishes - The white Mr. Lodge reveals what hap- 
in^Di^oFimmtn^phan^iKt * ab |,^ ]°°>' ed favif- pens when two teachers of 

mg" (Selracourt). “The table English literature, one English 
was indeed attractive— egg and from the University of Rum- 
watercress sandwiches, ham midge, and the other American 
This sense of continuity is sandwiches, bread and butter, from Euphoria University, take 
underlined by Parker’s putting two sorts of jam, and plates of over each other's' jobs for the 

cakes — spread at intervals along academic year. His comedy has 
the table" (Parker). In Selin- a fearful symmetry. Miss 
court, Tillingfold bat first, in Ro.wner takes us into' a com- 
Parker it is Raveley at- the mune in Vermont to' where her 
crease, and as luck would have pregnant heroine has escaped 
Gauvinier, occur in both teams; it Norman Smith, Tillingfold’s from her marriage, and. where 
and fee Parker captain, Peter one bowler- ‘of real pare, is she has twins on arrival. Now 
Gauvinier, is the son of Selin- delayed on a job and will be read on. 


in spite of immense changes that 
have occurred within it during 
the past half-century. 


in his Tillingfold eleven some 
descendants of those who. repre- 
sented fee village in Selincourt’s 
time. The surnames. Smith, 
Trine, Hunter, White, and 


HOW MANY times a day do others 
most of us stare glaze-eyed at artists, 
fee same bare' area of office gentle: 
wall? Those moments between unob 
diligent eyes-down activity must ing a 
add up to thousands, yet very spite of 
few firms have the Imagination most p 
to fill fee space wife something, what ap 
What’s more, Britain harbours taking 
a wealth of artistic talent which interest 
needs encouragement and The 
nurture from fee people with recent g: 
the money. Yet. how- often does Paula C 
one see anything other than a sultant. 
bland print in public and work of ch0 ° 
places— and often not even t ^ res - , 
that? . clients' 

One London organisation at 
least has has seen fit to intro- 0 £ x? e | r 
duce courage and imagination 
on to its walls. Since fee end ^ aving ' 
of fee 'sixties, fee London n 

office, of ^rthur Andersen, throogh.ishe sfes: 
Chartered Accountants, has confronted 
been building up an art coUeo 
tion. Its rationale as well as you."’ 
its choice of pictures seems to known t 
be unusual in Britain. ture and 

Ian Hay Davison, managing If 
partner for fee UK and a happy 
collector of original prints they 
himself,- introduced the idea of Partners 
decorating office walls with fellows, 
something more adventurous 
than reproductions, nineteenth- 


or all 



less wellfeown- number -people.- la fee event 
But together— iffc. the fee ceramic. han proved to Jbe the^ 
though not alloys most universally popular^ piece 
Iy— they are effect- In this ' way, - fee firm’ 
visual revolution. In policy is as much an expressio 
istance in a few cases, -of democratic and human value 
>Ie end up by liking as image-projecting exercise, 
on feeir walls and one person put it, “By far t 
increasingly active roust important aspect is 
e scheme. mako^fee place friendlier, to 

,ing light behind fee bring impersonal, atmosphe: 
th of the collection is into a working envirenmen 
hley who, as art con- People here work longer hou 
taken over the job than* many.” 
and siting fee pic- If this kind of invisible in- 
ile sensitive to her vestment in people is more im- 
es and prejudices, portant "than any kind of finan- 
.at exposure to con- cial gamble oh the art market 
art cures most people tbe pictures have neverthelesf 
distance to it “ It’s gone up in value since they were 
fa a concert hall and. bought But this was never, an, 
listen ; -io a difficult Intention in making the collec-j 
music- nil the way tion.; “If you were buying.- for ' 
eV, e sdys*. “H you’re investment you could come un-j 
wife modern * art stuck badly," Mrs- Critchley ad- 
gra dually influences mits. “The market is too un- 
pie have even been predictable and depends tor ' 
buy their office pic- much on changing tastes.” 

"■e it home with them. Yet leaving aside investmen 
is genuinely un- -on fee 1 ambitious scale that i . 
their visual diet, common fa the U.S., art is stU; i 
have ■ it changed, sadly neglected by most Britisl i 
oose their own wall- firms who would rather pu • 
ough Ian Davison money into advertising, or ; 

' better coffee machine. To many, 

as Mrs. Critchley points out 
modern art is a dirty wore 
“ They are very cagey about i: 
They will spend £50 on a dowd 
chair, but can’t afford £30 fo 
a good print." 

Sponsorship of theatre o 


century prints and the ubiqui- f ___ 

tous “map of fee world with Oil LIFE 

pins stuck fa it " for fee ___ 

entrance foyer. _ U8NA REYNOLDS 

It was he, as a .member of 
the Library Committee of 

Greenwich Borough Council, u kes t0 some control even music rna y . have 10016 obviou 


Prockter. Ian Davison admits — imply] 
feat he did not have the nerve for the' 
to force them on fee office at It was 
that stage. mind th 

However other pictures was co: 
started to appear, including a set noth an 
of brilliantly coloured second 


who thought up the idea of a 0V e r the ~ There” is definite advantages in feat-they offer a-;.^ 
print lending scheme fa local disapproiB of pictures that are easy wa y of entertaining client '* 
authority libraries. His own consider# tasteless or jarring. y « there “ a srowfag feelin 
interest in prints began at about “Model progressive original that people fa industry and bus 
the same time, partly due to but not b ish or revolutionary " ness have a dirty to support th 
the influence of Joe- Studholme, he says a summing up the visual, arts more purposefull 
Director of Editions Alecto — imaee he Yants to nroiect «rf than. \.they do at presen 
then dealing in early Hockney, fee art unronVeStional it i Critchley laughs at th 

Vasarely. Paolozzi and Patrick because j is.geuinely original.” word “ dut y” : "we hardly fin 


that the same goes ; tpalr >^ Ibere ''’ s . he ^ 
r ' Industrial Sponsors is an on 


.itb these qualities in an !^5l? T1 'vh^h will put ona 
a laree ceremic relief ex bibition of young, Jesse 
jSSJ^SSkS knay ? artists on ^firm's om 
.no Clark — the firm’s pr * m h LSes ® nd 

„ — .. u ™ture into commission- bc ,^ east 85 

suspended screen-prints called ing (feeffirst being a tapestry ond prestipous away of entei 
“Colour Boxes” by Robyn by Arch« Brennan). The cera- tamln S clients and ftiends a 
Denny — hardly a conventional mic departs fee area of London an ,,^ e 2 ,nff at tba .. 

choice. where t£ firm has its office— a 

By the time the move to new familiarltheme perhaps but by ^ d . d The^ 

offices came to Arundel Great no means traditional in treat- “?• “ p»ple-«mld 
Court near Temple, there were ment This three-dimensional JS2 L P Smw firas 

170 Prints to be transported map in' blue and' sepia now 


prints 

SS* 1 !?* and 016 1,an fi s . tive -foyer giving fee ^T-Ve gOt'tVhaVe a thrust from v - 
SnpS? 1 k ® new commjs^onaire much- extra ^tostoe which recognises that j" ? 
impetus. work-~to his own enjoyment — Jfeople respond positively to J 

bince then, barely a year after m providing background intona^^r in : u j atin „ aurrQU hdings. 

ation. • ■ a little gratuitous brightness 

Deciding what to put In tltla 8t w ^ rfc work WO nders. 


the move, 
grown to 


the collection has 
close on 300. It 


inciuaes wotks uy Patrick important space involved . me Arivoae feel nfce trying, for the 
Heron, EUzabefe Frink. Patrick whole firm in a long and lively flf ! directors, artists, 

Caulfield, Peter Blake as well as debate. Ian Davisoxfs idea of a wor frers and auv 

the artists rejected earlier as conversation piece portrait of ! 

“too demanding.” These take all the partners was rejected in yw mams si a»iha xjs. ■■toiam 
feeir place among pictures of a Favour of something which ££ r vnT^ anT"u . r 

moTe conservative nature and would be of Interest to a greater r55S. sJros viwthw c«*. 





... .4 - 




% 











6 *-', 


•S — , •*- 


^roancial Times Saturday July 1 197& 




HOW TO SPEND IT 


res 


by Lucia van der Post 


I’VE NEVER boon terribly fussy about 
t transport. I only ask that It Is there, is 
comfortable and, above all. never, ever, 
suiters from the slightest mechanical 
'defect. Anything that answers those 
needs meets with my approval and 
those extras— like handsome lines and 
stereo cassettes— that men seem so 
concerned about, are very much 
Inconsequential options. One mode of 
transport that I was quite., quite sure 
would never meet alt my requirements 
was a motorbike — ranch too butch, 
much too chilly and all very 1 well if 
you’re a Mike Hailwood but not for the 
likes of rather timid, comfort-loving 
crvulures like myself. 

Well, recently. I’ve rather begun to 
change my mind. My increasing resent- 
ment at spending pounds and frustrat- 
ing hours travelling about London, 
^whether for work or pleasure, has led 
i me to think there must be some other, 
* better way of getting around. 

M> 15-> ear-old son meanwhile has, 
■r. forcibly, been turning my thoughts In 
the direction of motorcycles as well by 
^spending every moment in the family 
*car appraising the two-wheeled models 
on the road. One of these 1 gather is 


wafu-.-.ri 

1. 

-Uft* 

f- ■ 

“Crri - 
.*?*•** I 


what is most likely to he welcomed as 
a 16th birthday present 

Some weeks ago the Institute of 
Motorcycling, an organisation designed 
to promote motorised two-wheelers, 
offered me a chance to get acquainted 
with a Puch Maxi, two-speed version 
(price £234.50). 

I was lucky. It arrived in the middle 
of the only hot spell we’ve had this 
summer, so setting off on it was a 
real pleasure. I didn’t feel insulated 
from people, scenery, sunshine and the 
whole world, the way you do in a car. 
A friend with a cottage in the South 
of France says the. smell of herbs and 
the countryside as she rides her bike 
makes it an incomparable experience. 
1 did, however, feel very frightened. 
It took me quite some time to become 
familiarised with the starting 
mechanism, although really it is very 
simple. It also look me some time to 
become accustomed to the way the 
bike moved and turned and how to 
adjust the speed on the handlebars. 
It was nice not having to think about 
gears and clutches. It was particularly 
nice to set off and not be worried about 
traffic jams and where to park. 


Me only have one car which ray 
husband lakes to work, very early. 
Very often I*d like to do some shopping 
before setting off for work but by the 
time I've gone to the shops and 
returned home, well over an hour has 
gone by. The bike transforms all this. 

I wouldn’t like to use a motor-cycle 
as my sole means of transport. I'm sure 
1 shall hate it when it’s eoid and wet 
and windy. It’s no way to travel to a 
party or a dinner and 1 wouldn't tike 
to have to travel long distances on one 
either. But as an adjunct to the family 
ear. as a secondary vehicle to help with 
the shopping, to do small journeys 
quickly and cheaply, it's marvellous. 

Even the smallest family car 
nowadays costs over lOp a mile to run, 
while a motor-cycle can be put on the 
road for as little as £160 (but more 
usually for about £200) taxed and 
insured. After that it costs between 
2(p and 3p per mile to run. 

Clothing is important. You have 
to w ear an approved helmet and gloves 
are advisable. Flat shoes and trousers 
are ideal but both of the two female 
experienced motor-cycle drivers I 


Interviewed quite often ride them 
wearing skirts and shoes with slight 
heels, 

1 was singularly confused about the 
regulations governing riding motor- 
bikes so we asked the Department of 
Transport to put os straight 

If yon are 16 yon are entitled to ride 
a moped (Le. a motorised two-wheeler 
under 50 ec and not capable of doing 
more than 30 mph) on a provisional 
licence (cost £2) showing L-plates. 

At 1? you are entitled to drive a 
moped or a motorbike up to 250 cc 
on a provisional licence, without having 
to take the test. You can just go on 
renewing the provisional licence for as 
long as yon like or you can take a test 
and get a proper licence (this costs 
£5 but is. of coarse, permanent). 

If you already have a driving licence, 
it serves as a full licence for a moped 
or as a provisional licence for a motor- 
cycle. bat if you want a motor-cycle 
licence you will need to pass a test 

Yon cannot ride motorbikes under 
50 ec on motorways and you must 
have a full licence before you ride an 
authorised motorbike on a motorway. 



The career girl 


CAROLINE HUNTER is Shop- 
hound for Vogue and spends a 
lot nf her working life trying to 
get around London. She'd begun 
to find tbat it was taking her 
longer and longer just to travel 
from one 1 place to another and 
when h girl-friend bought a bike 
and she saw how useful il was 
she decided to buy one too. 

“In this weather," she said (it 
being one of those few perfect 
svinimer days), “it's lovely and 
in the hot summer of two years 
ago it was really marvellous. I’d 
wear just a T-shirt and some 
Indian underpants with a draw- 
string that l bought for 85p from 
Warehouse and 1 got the most 
wonderful suniau.” 

She bought a Honda ST70, the 
smallest motorbike around, and 
her father lent her the money, 
nuking her promise to be really 
responsible and careful about it. 
Indeed, she does think the 
machines are fairly dangerous — 
not sn much because of the way 
they are driven but because so 
many people tend not to see them, 
bhe has had two accidents, both 
entirely unavoidable, and was 
once very nearly squashed 
between a lorry tshe was riding 
m its blind spot) and a bus. 


She finds it dangerous in wet 
weather and now takes very great 
care. She hardly ever uses it 
in the evening, always makes 
hand-signals, checks behind her 
and if it's chilly wears a pink 
fluorescent sweater to make her 
more visible. However, it does 
limit w hat she can wear and says 
she feels happiest of all wearing 
jeans or trousers. Very often 
this Isn’t possible in her job and 
she can get by wearing a skirt 
and lowish-heeled shoes. Hair 
is another problem (“I have lo 
make sure it really is dry after 
I've washed it, because otherwise 
I get a ridge round the edge 
where the helmet has been"). 
Gloves she thinks are essential 
(if you fall you can graze your- 
self very badly) and ideally she 
would wear the kind of protec- 
tive cover-ups that are sold speci- 
ally for the purpose. 

What she really likes about it 
though is what everybody who 
has one likes— it is so cheap to 
run. traffic jams are no lunger 
any problem— she just weaves 
her way through them. 2 nd she 
can time almost any journey in 
London down to the last few 
minutes. 



. >V _/ . 

m " v j 


Busy housewife 

rvr H \TTVt Y i* a housewife 
tiv:i.-^c -"ifi'lien who first 

t! L'l'iO'.l )•* to .1 III" -bike When 

,.v.v h**r sin’* i ’• ilie family 
> She .I'kctl if ‘■‘"“M 

.1 n. .;Tu! tiV ''hole 

vno 1 :u. dc her H'd ■ i ' , 

’•l.TvrM-iU-. — ' ■■sjuiaral'.’il. 1 1*-** 
wa: -=ulrj .Mi i! there and 

1:1 She\ iiyep rnlin;' tm , b , l'- 
:;j ever silli'e. 

lv". ..us*- not in her icons 
rv (which s Hu* v.ir.iiiuinc-t 

a >• -..r Mulur-rycH* riders* her 
jr.ro on a Uuuor-bike did 
,i i-.'i of fascinated com- 
pii-ni 'it fir-i “ MV didn't know 
had it in- said her 

friends and relations’. 

K-ievey find*. it makes her 
fc'.j j'ieiucer and gives her a lot 
..f j.'bMvure: .it the same time 

CLOCKS [ 

Tiio new pruir.h monthly 
i>\i'>>,ane Jor world 
Clock LovorS. 

IV„J inlrrcn miUnmloltr 

| nr ,1. ,. In, •ippri'iiBic ilA'Iil. “ So 
.rite-, mti-i. liirm. aialf 

■ hua, iJllrr hlik Ihllt, »X |inl«loy 
rnrsiiUK -i*l i^ro.n* atvjuc them. 

Uni, rut" nm *i>.«icr- 

In, HUBS'. IS I- hf Burlfulljr 

prrihiVf J v- u inanv 

<g« iTi-"-!'" II'K,. Will a*U*hl «Btl 

oi|inBUi( ptL I'dWUIviI ib* Ur 

1 ,1>1k. »u..hi,i.«H.i«lll«JW*r 

b>". . *-i*- 

WoW.rJmlt, M. V)'. I !•*-, B" 

llroirl I Ictu;otfBJ, 

KMb 1‘ A t’up «mo> 


> she finds it very practical. She 
l works as a doctor's 'eceptiomst 
i only abuut two imlo away from 
1 her tumie and she used lo UaC 

I the family six-cylm.icr car for 
1 the journey As she points out. 

> ” I never rusted it "Ut but it 
must hat e hecn • idiculously 

: expensive and was vfv bad lor 
:h«* car. particularly m winter, to 
i.,ke n out for -ueh >!iort 
juurne:-*. Now 1 u>«- my Puch 
V.ax;— it's so ea>i, ii starts and 
tiff’ it cues. I can p»rk it any- 
where. it fits in between cars in 
narking lots. I’ve had no repair 
iulN. and haven’t even needed a. 
new spark plug. 

‘■T use it primarily forgetting 
in and from work ami for shop- 
ping. 1 have a shopping basket 
and two paniers :»s extra 
accessories and other extras tbat 
I think are essential arc a real- 
view imrrur. leg-shields and 
uindrfrccn. I must I'm 

really a lair- weather ruler. 1 line 
it nMhe summer and though lh" 
{ eC-*iiields and wind*<rruen help 
., | t .T l don't really like it in bad 
writer weather. 

■■ J don't find ihrrr arc anv 
d>;u 1 ian’aJ«’s apart from the 
h.nr uuc-.timi. The re V no doubt 
that a helmi’l «!"•■« H.iH*n >our 
hair and 1 End ! have tu dn my 
hair ac.ua when I’ve arrived. Pul 
nothing wnuM make me ejve up 

nditur my bike now— P.’s my 
baby.” 


. . - 


Man about the Capital 


Holiday 

cheer 

GIVEN THE kind of summer 
we've had so far aod the kind of 
summer we endured last year, 
most of us don't feel like invest- 
ing a lot of money in hot-weather 
clothing. On the other hand, to 
arrive in a holiday resort and be 
the dowdiest person on the 
promenade is no kind of fun at 
alL Somehow, whatever . resort 
one arrives at, there are always 
a few fashion essentials that dis- 
tinguish this year’s summer gear 
from last year’s. Last year was 
the year of white — whether old 
and antique, or spanking new 
broderie anglaise. all the 
chicest girls were clad ia white 
with bright pink or ice-cream 
colours to provide some varia- 
tion. 

This year the colours are much 
the same but the big fashion 

FASHION 


story is the over-shirt. The shops 
are full of them and for tbose 
who want to buy a last-minute 
holiday wardrobe without 
spending a sum out of proportion 
to the couple of weeks the 
clothes are likely to be worn, I 
recommend a visit to Warehouse 
shops. There are seven branches, 
all of them. I'm afraid, only in 
London: the main branch is in 
Duke Street. London. Wl. They 
depend upon a very quick turn- 
found of goods and the best 
way to use the shops js to pop in 
frequently. 

Their sale starts on Tuesday 
and will last for about two weeks. 
It will be a marvellous oppor- 
tunity lo buy cheap but up-to- 
the-minute holiday clothes. 
Drawn below right is a selec- 
tion of some of the buys — left is 
a tiered cotton skirt (£6.95) and 
a matching blouse (£4.95). Both 
come in a soft pink, pale blue, 
white, or grey, in sizes 1. 2 or 3. 

On the right is a loose and 
easy over-shirt that can also be 
worn as a dress' on its own (use- 
ful for popping over bikinis 
when going in for lunch). In 
rust, beige and white stripes it 
is chic, in ice-cream coloured 
stripes of green, pink and white, 
it is deliciously pretty. Sizes 
10 to 14, £7.95. In the drawing 
the dress-cum-shirt is worn over 
fine white cotton trousers with 
the fashionable drawstring ties 
at waist and ankles. The cotton 
seemed to me too flimsy for the 
trousers to look very good on 
their own but they make a mar- 
vellously inexpensive part of a 
trouser outfit. In white, pink or 
gTeen, sizes 10 to 14, they cost 
£S.95. 

If you can't get to the Ware- 
house shops you could try sew- 
ing. Patterns nowadays have 
been so simplified that even 
those who were daunted before 
could now manage the specially 
easy patterns — these normally 
only require an ability to sew a 
straight seam. Photographed are 
two of Vogue's Very Easy Pat- 
terns — the over-biouse (7016. 
price £1.50) is worn over a 
tiered skirt (7095. price £1.25). 
These patterns are widely avail- 
able and many shops offer mar- 
vellous bargains in fabrics at 
sale time. Next week. I’ll give 
some of the highlights of the 
fabric offers in the sales. 


Skin care 


THIS IS the time of year when 
one is hoping to do. one's best 
to forget about winter clothes — 
they’re with us. long enough, 
after all- Nonetheless the 
London Suede aod Fur Cleaning 
company offers such a good deal 
tbat even the most ostrich-like 
of us ought to take notice. 

Basically, the deal they offer 
is that during the summer (to 
be precise from July 1 to August 
31) they offer a discount of 10 
per ceDt on the price of clean- 
ing suede, ieatber or fur. 

To help those who do not live 
near the company's headquarters 
(402. Green ' Lanes, Palmers 
Green, London. N13 5XQ) they 
provide a strong paper bag. 
ready for posting which makes it 
very easy to send the garments 
to them. For 50p they will send 
you this postage pack and the 
price is deductible from the final 
cleaning price. It usually takes 
about a fortnight to clean a gar- 
ment. which is insured and 
guaranteed. In addition tbey 
will send a free copy cf a book- 
let on “ Suede and Leather 
Care " with each coat sent for 
cleaning. 

To give some idea of normnf 
prices— a jacket in suede would 
usually cost about £10.00 while a 
Jong fur coat would be about 

£14.50. 







r- 
















IL 


v\ V 









I FIND a special salad spin 
dryer is the only decent way to 
dry off salad ingredients. 1 used 
to dry them in a clean dishcloth 
and was forever splattering the 
kitchen wails and bruising the 
young leaves as I did so. Quite 
often a decent salad spinner is 
difficult to track down (we once 
visited about seven shops 
between us trying to find one for 
a relation who uanied one for 
Christmas) as they sell out 
almost as -fast as they arrive in 
the shops. 

Tefal have produced a salad 
spinner that does everything ihm 
most of them do — that is, it 


spins leaves dry— but the c 
of the spinner is a frosted g 
bowl which is good-looi 
enough to double as a salad I 
as well. It costs from £8.25 j 
can be found at most kite 
departments or hardware sb 
including Selfridges, Harrods 
other House of Fraser stores 
you have difficulty findin 
xtockisr M'rile to Sylvia Gor 
Tefal Housewares Ltd. Crow': 
Washington. Tyne and \\ 
enclosing a cheque for £. 
(which covers the cost nf 
salad spinner plus the pns 
and packing). 


BRYAN WOLFE, head of talks 
and Icatures for Capital Radio, 
iimk io riding a motorcycle 
during the great fuel crisis of 
1973 and has been doing ii ever 
since. He went to talk to Sid. a 
dealer near his home in Stan- 
morc. Sid recommended that he 
start on something small. like a 
100 cc Suzuki and took him out 
for half an hour and showed him 
how t» use iL He has not looked 
back. 

He has a 16-mile journey from 
his home outside London to 
Capital Radio headquarters every 
day and whereas it used lo lake 
him between 45 minutes and an 
hour by car it now takes him 
between 20 and 25 minutes. 

Hu auickly got used lo rinthes 
and weather. He dresses exactly 
as he needs to for his job and 
th^fi puis an nrersuit over the 
!n’ When he arrives he removes 
the nverMiii and there he is. as 
immaculate as when he left 
home. 

Hr ie passionately concerned 
about safety and has indeed been 


running many programmes on 
Capita! Radio stressing the need 
for youngsters tr» he trained 
before setting out on the road. 
There arc now plenty of very 
cheap schemes for training poten- 
tial motorcyclists, started pri- 
marily because research showed 
that most accidents happened in 
the first few months after becom- 
ing a motorcycle owner. 

The best v.ay to find out about 
loi-al schemes for training motor- 
cyclists is by contacting the RAC 
who will, tell you where your 
nearest cour.-e is. Alsu a new 
national scheme code-named 
"Star Rivier.’’ approved by the 
Department of Transport, has 
been launched and it offers three 
different course* — one of four 
hours for £3. one of 12 hours 
for £10 and ano'-hcr i advanced) 
nf ]2 hours for ill <"*. This scheme 
fs r rjn ;>y STEP jlanagement 
Services v.'r.o have been erectly 
involved :n traffic training m 
schools. Anybody with a young 
son n r daughter pressing to ride 
a ainwci? shield make sure 
he or she lakes one of these 


enurses first (details from STEF 

Management Services. 2309-11. 

Coventry Road. Sheldon. Bir- ExOfCSS 
mmghara, B26 3PB). 

Even after training Bryan CSLttiOV 
Wolfe still feels great care must 
be taken. He himself would never 
ride in icy conditions and he 
emphasises the importance of p-, ...- 
helmets by showing what a gentle >. ; /•' L .. '• 
accident (“just a light shunt at - 
40 raph") did to his crash- ; 
helmet (“imagine if it had been ; ’ : . • 

my head’ )— the helmet was I ’ " "• 

severely scratched and metal S 
studs were torn out from the , 
main fibre. 

Bryan Wolfe himself now rides 
a 250 Suzuki which was originally 
designed for rough-riding so he’s • .. « ..... 

had the tyres and the brakes [. 
adapted for heavier traffic con- ; 
ditiuns. He does 62 miles to the ’’ W. 
gallon and the bike can do up : • ■ -'rt fra ' 

to 75 mph. . ffj; . "jggaL. 

The main thing, though, that | ; ..' 

he. like the other two drivers l l -jfci* -, 
spoke to 'emphasised, is that 
motorcycles make driving “fun j- NIP 
as welL" - — 


! 'i. :..>£> 








TF YOU want to-lry ridins a Express. It’s very easy to « 
motorcycle a good one to start as i) has a simple foot-opei 
with, since it is exceptionally starting system. You tun# 
easy to ride, is this new model key. push downwards a cou^ 
from Honda, called the Honda times on the starting p 

squeeze the rear brake leveij 
Ihe engine will start. I hd 
TT?*? ~. : T' — 1 tried this model personally 

been trying the Puch Maxi , 
malic, which I find exceed 
easy and efficient as well), 

\ ■ my secretary, who has triec 

model found it much, l 
easier to ride than she\ 
imagined and great fun to’ 
ii ii ' ~ . 1 1 ! | - ti does over 100 miles In thf 

^S Eg f TT-- ' ion and. like all mopeds, J 

. top speed of 30 miles per 

’ j There are no gears or elute) 
fy 7 since it is a two-stroke engt 
SL" needs very little servicing. 

• ; iSSgk only been on the market . 

SF ®| six months: costs £169 or s 

. V^X£l - • • £180 ready to drive / 

'• • - -. m Remember to budget for 

• . extras like baskets (but a' 

view mirror is included), ! 
r... if you don’t have a garage! 

— I:.- -!- ' * met and so on, as welL \ 





financial Times Saturday Jiffy I 1978“ 


it* 


Many well-knova contemporary 
playwrights nave cause to 
remember radio drama vrith 
gratitude. It was where they’ 
first had the opportunity to. hear 
their work performed by profes- 
sionals and to discuss it with 
a sympathetic producer. The 
thousands of scripts submitted 
each year are closely scrutinised 
for any sign of. potential ability 
which is then encouraged and 
eventually given a bearing.' 

As a regular radio critic I 
tm often approached by. some- : 
me connected with radio drama 
o be told that a . particular 
ontribution to - the Afternoon 
'heatre slot ' or the Monday 
May, by an unknown writer, is 
the best new ’ pLay for radio 
re’ve had In four years," dr 
ome such encomium. At a 
ubsequent listening 1 sometimes 
isoover That there are indeed 
rounds for. the enthusi asm- 
/here the position is not nearly 
3 happy is at the other end. Yon 
o not find . a one-time BBC 
rama producer like Alas' 
yckbourn coming back and 


RADIO 


ANTHONY CURTIS 


in the forest of Arden The contrasts 

of Giselle 


Sjll'/ 1 


* 



John Arden 


riling a comedy specially for 
dio now that he has a world 
putation. If radio drama is a 
eat school for novices, it is 
>t nearly widely enough used 
- established playwrights. 
Obviously there is a financial 
ason for this. The radio 
tdget is inevitably limited and 
y playwright who has a 
lame ’* can earn a great deal 
ire from television or the 
eatre. However, thanks to per- 
tent negotiation with the 
pyright Department by the 
diowriters’ Committee of the 
ciety of Authors, the fee for 
radio play -by an. experienced 
iter goes up today from £7 per 
nute to £11 per minute: for a 
Sinner the rate is now £7 per 
cute. This surely is not bad. 
means that an hourMong play 
ich gets an automatic repeat 
its first week will earn 
t under £1,000 (and maybe 
re than that from transcrip- 
n rights and subsequent 
■eats later on), 
n the case of a playwright of 
srnationaJ repute the fee may 
increased by the play being 
-sold when it is commissioned 
broadcasting services around 
world. This was how Rat- 
io's last play. Cause C 6lebre 
le to be written, also a new 
v by Albee, Listening. The 
.ma Department hopes it may 
possible to extend this method 
budgeting to authors in the 
die band of fame. Occasion- 
. though, a major playwright 
write a play for radio simply 
ause he is interested in the 
lium. because it happens to 


V Radio 


t Indicates programme la 
black and white. 

BBC 1 

» -am— Ragtime. 9.15 The 
hlng Blade. 9 AO Goober and 
Ghost Chasers. 10.00 Rock- 
fl025 “Pardon Us.” slar- 
Laurcl and Hardy. 11.23 
ther. IL25 Cricket: Third 
—The Cornhiil Insurance 
Series: England v Pakistan, 
pm Wimbledon Grandstand: 
Wild Water Canoeing from 
Jala. North Wales 11.35): 
.Vimbledon Lawn Tennis 
Championships (1.50-3.05, 
s.20); Irish Sweeps Derby 
3.05): Cricket: Third Test: 
ingland v Pakistan (3.20); 
■-35 Final Score. 

5 News. 

0 Wonder Woman. 

1 Saturday Night at the 

Movies: “ M o s q ui t o 

Squadron,” starring David 
McCallum. 

> Lennie and Jerry. 

> Kojak. 

) News. 

) Sailor. 

) The Expert. 

I Stuart Burrows Sings. 
Regions as BBC 1 except at 
allowing times: — 
les — 11.50 pm News and 
her for Wales. 

t land— 11.50 pm News and 
.?er for Scotland, 
them Ireland — 5.55-6.00 pm 
ern Ireland News and Sport. 
Nows and Weather for 
ern Ireland. 


suit what he wants to say better 
than any other. Such a one is 
John Arden, whose new radio 
play Pearl goes out on Radio 4 
on Monday. It is also being 
featured .tomorrow in The South 
Bank Show in an item which goes 
into some of the problems and 
benefits of radio to a dramatist. 

I have not previewed this but 
it should be worth watching. I 
was, however, fortunate enough 
to have a word about the play 
with Arden at a playback of it 
at Broadcasting House. He stated 
what to him is the main benefit 
qnite unequivocally. “ Radio,” 
he told me. “ is the one medium 
where you can ask an andience 
to think. No one wants to think 
in the theatre.” This is sad but 
true. The thought-processes in 
Peart are both dazzling and rami- 
fying: only the sense — at one 
hearing — that it is over-complex, 
overloaded with historical 
goodies, prevents me from say- 
ing it is one of the best radio 
plays ever to have been written. 
It opens with masterly attack at 
a performance of Julius Caesar 
in the hali of the Marquess of 
Grimscar’s house in England to- 
wards the end of the seventeenth 
century. A foreign woman, 
apparently a prostitute daunting 
herself among the audience, 
gives her reactions to the show 
which is then brought to a stop 
by a militant band -of puritans. 
The \noble lord ascends the 
hoards, and launrites into an 
apologia' .forN. the stace attended 
by his tame ..house playwright 
and poet. Already Mr. Arden’s 
drama is operating on several 
different levels, the confidential 
utterances of the mysterious 

BBC 2 

8.05 am Open University. 

2.45 pm Wimbledon/Cricket: 
Third Test. 

74)0 News and Sport 

7.15 Network. 

7-45 Royal Heritage. 

8.45 News on 2. 

8.50 Sports Special: Greyhound 

Derby; Tennis highlights 
from Wimbledon: and 
Cricket: Eneland v 

Pakistan highlights. 

10 JO “ Boccaccio '70." 

1 12.05 am Midnight Movie: “ Hie 
Stranger’s Hand,” starring 
Trevor Howard. 

LONDON 

5.50 am Sesame Street. 9.45 
Half Hour Show. 10J5 The 
Mnnke°*. m.45 0’»r Show, part 2. 
11 JO The Fantastic Four. 

12.00 World or Sport: 12.0S pm 
Internationa] Sports Special 

(1) Cycling: The Tour de 
Fthicp plus Formula Two 
Motor Racing from Donlngton 
plus Gnll — Sun Alliance Euro- 
pean Matq£-Play Champion- 
ship ■ and t The Australian 
Pools Check; 1.15 News from 
ITN; 1 JO The ITV Seven— 
120, . 2.00. ,'2.30 from New- 
market: 1^5, 2.15 and 2.55 
from Newcastle: and at 3.15 
from The Curragb— Irish 
Sweeps Derby: 325 Inter- 
national Sports Special 

(2) Golf: SUn Alliance Cham- 
pionship; 455 Results Service. 

5.05 News. .. 

5.15 Celebrity Squares. 

6.00 Laverne and Shirley. 

6J0 Sale of the Century. 

7.00 The Life and Times of 
Grizzly Adams. 


Pearl (Elizabeth Bell who has 
to suggest her disguises by her 
voice), Shakespeare's presenta- 
tion of the mentality of the mob, 
the mirroring of this by a Jaco- 
bean mob who are spoiling for 
a civil war, a political conspiracy 
to re-establish the rule of Parlia- 
ment by Lord Grimscar (Peter 
Jeffrey), an amorous situation 
involving Pearl and his mistress 
Belladonna (Lynda Marchal), 
and so on and so on. As I say’, 
the mixture did become too rich 
by the end, but as an example 
of what radio can do when no 
holds are barred it was, in Alfred 
Bradley's production, impressive. 
Both Stephen Boxer's music and 
Arden’s own feeling for the pun- 
gently adjectival bellicose seven- 
teenth-century manner sustained 
the illusion of the period with 
stylish elegance. 

You do not always have to go 
to a dense radical poetic play 
such as Pearl to hear the 
subtleties radio permits a writer 
who has the feel for it. Rachel 
Billington's Sister, Sister (June 
19, Radio 4) traced with the 
delicacy of a mapping-pen some 
minor sorties on the domestic 
front. . Her three sisters (Maria 
Aitken, Maureen O’Brien and 
Anna Calder-Marshall) want to 
go not to Moscow but straight 
into the arms of the nearest 
available young man so long as 
he belongs to one of their sib- 
lings. Christopher Guard had 
to rotate and narrate. For any- 
one curious about the games 
people play within families this 
comedy, directed by Kay Patrick, 
was an entertaining and reveal- 
ing work. 

8.00 " Kidnapped," starring 
Michael Caine, Trevor 
Howard, Jade Hawkins and 
Gordon Jackson. 

10.00 News. 

10 J 5 The South Bank Show. 

11.15 Scorpion Tales. 

12.15 am Close: A pa intine by 
Van Gogh with music by 
Mozart 

All IBA FihHoiis a« London 

except at the following times: — 

ANGLIA 

400 am Undersea World of Captain 
Nemo. The Next Wee* Show. 1130 
Star Maidens, 6J» tun Happy Days. SUM 
“.Ttie Burglars,'' Hairing Omar atari/ 
and Jean-Pul Belmondo. 1245 am M 
The End 'of the Day. 

ATV 

?.00 am Sesame Street. 1849 ATV Satur- 
day Morning Picture Show starting with 
Gerald Me Bolng Bolng followed by 
“King Kong vs. Gadzflla" and finally The 
Super Serial. “Mystery Island." 545 pa 
Profeaor Balthasar. 53# Celebrity Squares. 
445 Sale of the Century. M5 The Six 
Million Dollar Man. S3ff Rising Damp. 930 
Soap. 1145 Ghost Story : "Hooae of Evfi." 

BORDER 

#3# am Mumbly. 1*30 Morning Film : 
“The Thief of Bagdad.” 1135 The Count 
of Monte Cristo. 5.00 pm Happy Days. 
Mo Film : “The . Burglars.’’ starring 
Omar- Sharif. 1145 The Outriders. 

CHANNEL 

ULM am Puffin's Plaiilee. LH pm 
Feature FQm : “When Dinosaurs Ruled 
The Barth." 1145 Truth or Conseomanoe. 
1245 am The Electric Theatre Show. 

GRAMPIAN 

M0 am Talking Bikes. MS Scene oo 
Saturday, including Birthday Greetings 
and Ctdr Car. 10.00 The WMte Stone. 1»J0 
Captain Scarlet and the Myaterons. 1130 
Space 09. 6 AO pjn. Happy. Days. M0 

Feature FUnr : "Any Wednesday.” 
starring Jason Robards and Jane Fonda. 
1245 am Reflections. 

GRANADA 

f.15 am Sesame Street. 1141 Paul. 1135 
Saturday Matinee: —King Solomon's 


The contrast between the two But with Act 2 Nnreyev’s WJE9njk 
acts of Giselle, between reality, emotional t^ sorrow- 

ud dream, between earth and 

air, day and night, was very 50 STace. fused mto 
apparent in Thursday’s perform- *? exceptional, interpretation, pg yg p 
ance at the Coliseum when Eva Hiffllg 

Evdokimova and Rudolf Nureyev midnight J** e , Kpti£ 

apgayd in tie FMttvti BaUet WuT Ifif 

~r ‘ , , , . seems to summon her from the 

Evdokimova s timorous village nlght by the sheer force of HgOSiffS 
girl was an attractive heroine in bis imagination. We believe In 
Act 1, with her shy delight in her because he. can see her. With lj|*|]j£2S| 

every step — and the cascade of BKplaii 

entrechats and the soaring leaps ■EgJEHy 

, « - i ■' bad all their accustomed Hg&jM 

BALLET brilliance and a tireless bravura 

—Nureyev makes this jewel of 
clement crisp Romanticism fiash and fire in 

gifts. 

Evdokimova, with her effort- 
being in love, though that less jump afed her feathery, 
delight is often clouded by light! y-b ru shed-in steps, can hold 
fears and uncertainties. Her an arabesque as if floating above 
dancing was entirely winning— ^ ^ Shemanages the very ft < 

i tssrsr SJEdrzz tog* “ z 

emphatic In stressing the fashioned style, with curling 
ballerina aspects of the part; her sweetnesses of arms and pretty . j 

mad-scene, with its muted grief quaintnesses :,uf pose, seem G /r?_r Ty 0 . 

and sudden flashes of terror, sincere and natural. As a setting £ is parents 
caught at the heart for these illuminating perform- Dublin in 

Nureyev, who treads a delicate ances. Festival continues to sometimes 
line between amused caddish- prov i de a we6-llt forest glade the waiter 

vmee nr A I lira HTt4 4 ffovi n Tfl D * . Ll» 


Ashb y A.\hrcood 


Susannah York and Stephanie Baachcnd. . 


As a sml 
[George Moc 


ness as Albrecht and a genuine 
feeling for bis infatuation with * n .„ peo * 
Giselle. I found less than drilled and 
compelling. Wilis., 


it with a well- pick him UP : 

geful troupe of ** disco ? ere 
* ^ F woman in c 


t 

igular life of Albert Nobbs 

boy with red hair its .'feint but the mutual dis- The one she flnailv v! looses is a 

a used to stay with corny of toe bedfellows’ true cheeky urchin, portrayed bv 

t a family hotel in sex .makes a fine scene. * The Julia Foster, who already has a 
te 1850s. He was impostors stay awake half the boyfriend and aims tu milk 
igbtened by one of night telling each other toe Albert of as mirth of his money 
i who wanted to story of their lives. Hubert ex- as she can. The muted -ttvbanges 
tod kiss him. Later plains how she left her husband between them are piabffcd with 

I the waiter was a after she had borne him two studied, hesitancy* ~ A^ ^wilh 

(guise. He called children and entered upon a rta&%/19th centu4t .^eruincs 
fcbbs and wrote a pitted: ogalnat a bQHtirevurU verse. 


Dbbs and wrote a 
but him in 1917 
ptded in Celibate 
jtia book of short 
printed In 1927. It 
fective story show- 
mi escaping from 
Ibt of Victorian 
ubloyment and 
men, Albert 
isoned in an un- 


THEATRES 

^ANTHONY CURTIS 

...W - 


Albert 'goes downhill- 1 » 

an early grave- " \a 

gain some comfort fro# u. 'prosti- 
tute (Veronica Duffy) en roule. 
Miss York endows him with a 
dreamy, thoughtful, : baffled, 
ineffectual dignity Throughout his 
descent. : 

There is indeed a strange 


compelling. Wins.. f| him Albert Iwibbs and wrote a pitted: ogamst a bQstire&'urU verse. 

»■ shorf story ®out him in 1917 — - Albert ’goea-stAMQy downhill- 1 «» 

I ' ■■■* ~ which he iMuded in Celibate " an eany grave- WnBofifying iQ 

a Lives when ftia book of short » .nru rr m Ra * n Mme comfort froffif'e proati- 

3 stories was redrmted in 1927. It iTHbATKEd *«tt (\eronica Duffy) en roule. 

<ruraTnrc «uie naprar is a sad but e%ctive story show- Miss York endows him with a 

TNtATKU Tnla TCtIV ing how thrc& escaping from ^ANTHONY CURTIS dreamy, thought ful,. : baffled. 

S the common fct of Victorian ^ . ineffectual dignity Throughout bis 

''AND NEXll women, une&loyment and descent. ; -T^ 

■ '■ " S . dependence! men, Albert There is indeed * strange 

THE OTHER PLACE — Captain comedy that% sorts ont the marriage wdth another woman velvety atmosphere about the 

Swing. Rousing dew play about domestic repeaossions of a dlrty £^ e vrf n ”Y ^ .7 which proved consistently hgppy. whole of Mile. Bennmssa’n pro- 

the agrarian uprising of 1880 in weekend in L&idudno. Robert tmHnf h-iiSift. “I -always return to my Some duction which I found fasrinat- 

otBarcajus casat* “ S- 22 S: sz&ttssxs 

ROYAL ^AKESPEARE NEW END — The Singular Life worked in the theitre with the J “ “ y the Victorian. Dublin of George 

THEATRE — Measwe for of Albert Nobb*. George Moore’s Renaud-Barranlt company, has For Albert the conversation Moore ao much as the softly 
Measure. Undented production story of the Dtiblin waiter who now adapted it as aMay which proves to be momentous. -_She focused balletic jwortd of the 
of difficult play jwith Jonathan was a woman offers Susannah 8116 has directed add designed spends the remainder of the play contemporary art-movie with its 
PTyce as a menforable Angelo. York some spieiidid androgynous herself at the New fed, a tiny daydreaming about marriage, passlbn for role-reve&jtf between 

Opened Tuesday. 1 opportunities in spooky produc- theatre near to Hampstead with plans to become the pro- men and women. But » dC this 

_ noAMr tion by Simone Benmussa Heath. Two rilent manservants pnetor of a small shop, and she in*«uch a confined Space with 

CHURCHHJi. BROMLEY — The Opened Thursday. in white aprons part sthe cur- casts about among the maids in .such intractable literary material 

Woman I Love. Rerun of the . n .. xrtmk tains: we see the hall and - stair- the hotel for a suitable bride.* is no mean achievement. 



lorts out the marriage wdth another woman velvety atmosphere about the 

wions of a dirty eatied swSriti a t the ^ cI L pn,ved happy, whole of Mile. Benmussa’^ pro- 


Woman I Love. Re-run of the 



tains: we see the hall and* stair- the hotel for a suitable bride. 'is no^ mean tichlevftmd 


women 


COTTESLOE — American Buffalo, at the Theatrespaee in Covent A* n £ t° . 0ver 100 of . Britainjf best- Georgia Brown, Nonna Bur- 

Linguistically refreshing; new Garden for a fortnight from ^°X n ^°™ en s ‘ ai ? witf appear rowes, Petula Clark. Dulcic Gray. 


Linguistically refreshing; new Garden for a fortnight from r“™ at r% - 

play from the talented young today. The RSC have yet another *! 

American playwriitiit ^)avid new play at the Warehouse on 1?.?*,.?“^.“ t 

Mamet Dave ;King. s Jack Wednesday. Savage Amusement beautiful waiter in spite of the L 

Shepherd and Michael Ftiut in hv Peter Flannery. And. on jdothf*. We know, too, as »°on~»S 

Bill Bryden’s good pnx&ction Thursday, a strong contrast: on the housepaint^fc 

for the NationaL Opene®Wed- paul Scofield in A Family at the S 

nesdav * Haymarket and. at the ICA, a Stephanie Beach asn, with whom fl 

I new musicaL Disaster, from the *?« n *o4eI^ fuUy booked fi 
GREENWICH— Hindfe wbhes. author of The Rocky Horror AW>ert bas t0 slfare » bedroom. 
Not too dated 1912 ManAester Show. that he is also a woman. Moore t] 


GREENWICH — Hintile 
Not too dated 1912 Ma 


conceal the fact that Albeit is known women stars wiLf appear rowes, Petula Clark. Dulcic Gray 
a woman. Susannah York dfces in the Golden Gala id be pre- Irene HandL Miriam Karlin, 
m fart make an unconscionafiy sented by Lord Grafle at the Glynis Johns. Evelvn Laye. Mur- 
beautiful waiter in spite of tSe London Palladium / tomorrow, garet Lockwood Marian Monl- 
ciothes. We know, too, as soon sag Sunday. The all-wrthen perfor- gomery, Joan Plowright Lynn 
we set eyes on the housepaintegtoiance will commemorate the Seymour. Anne Shelton * Elaine 
Hubert Page, in the person ofSflth anniversary Of the granting Stritch. Janet Suzman. Bnroibv 
Stephanie Beacham, with whom % W2S of . equal voting rights Tulin, and Billie Whiteluw. ‘ 
When the hotel is fully booked fdfcwraen.' -- - . Wendy Toye will produce and 

Albert bas to share a bedroom, An&eg perfbnmers. ail giving direct the presentation which 
that he is also a woman. Moore their \ervices tree, will be the will be televised on ITV on Sun- 
stretches probability here beyond B eve rife- Sisters, Eleanor Bran, day. Julv 9. 


Sharif and Jc*n-Pwl Belmondo. 
Streea of San Francisco. 2245 am 
Call. 


Mines.” as# am Hanfr Dan. Ut BUnd.\93S Satnnlsr Scene Action Adven- 
“ Walk. Boot Run.” siarrln* Carr Grant, tan : - “Re rare of The GnnfiRhter.” 
1245 am The HMnUbt Film: •* The starring 1 Robert Taylor. 1X3# The Gene 
Savage Gnaa.*' atarrlafTRlchartl Baaehan. Machine. 1U« Ron, Joe Rim. ADO Bap vr 
PfUV ,n*r». S40 *• The Bntvlan." starrtns, 

545 am Old HW. New Home. 11 . 1 Jemlrf>,U Belmondo. 
Batman. X130 Thrf Beachcombora. g m CT f r . nrn . 1 ..„| r 

Happy Days. SJO/The Ufe and Ttaerf 4 . ‘ 

of Grtxtiy Adams/ 730 Sale of the Cen-f, (01 SSSrariSS? breast 
tnry. A OB “TheVltallin Job." iWria L . 

Mlchael Caine, Noel Cowart and Benny .'RADIO 1 247m 

am. U4S WfttV; These Walla. * - UN am As Radio 2. S.D6 Ed Stevart 

HTV CyomiiWatas-Aa HTV General with Jnntor Choice (S>. Indodin* 132 
Service except /545 pm Caitoondmc- 530- Cron-Channel . Motorins information. 
AJN Sion a SUn. — r— U3> Adrian Jnste. 12.80 Fan! 

errnnea G a m ba crtnl LSI am Rock On. fS>. 

. _ *■ 7J0 Alan Freeman <S and Q». 532 

M0 TaHtin* Blkra. 035 Sean the Lepre- Robbie Vincent (Si. 530 In Concert IS) 
chaan. 1130 Adventures In. Raltfew 730332 am Ai Radio 4 
Comsrr. Ut m Phyllis. I3S Fea&re nimf) 7 L500m and VHP 

FUm : "The Burglan," atairins Otaax *WUIU L \~ 

Sharif and Jcan-Paul Belmondo. £45 5 Jo am New* Sammary. 532 Tom 

Streets of San Fraud**. 1245 am Xate **!* sbo F„ lSl ' 

r»»n lndwllna I3S Radng BaUetln. MS As 

enr ITUCDIM v Radio I. UJB Tony Brandon (Si. 

1232 pm Two'* Best (Si. 132 Offbeat 
1130 *jn. Solo One. nsi Reidwal with Braden (Si. 130-731 Sport Oo 2: 
Weather Forecast 545 pm Sale ofnbe Wimbledon Lawn Tennis Championships; 
Ccnnuy. 535 Celebrity Squares. '430 Radnx from Newcastle (LS0. 230. with 
Happy Days. 130 McCloud. 1245 am a classified check at 5.40): Rowing 
Southern News. <139. 230. 330. 5.08) The Hanley Royal 

TVNF TPF^! • ’ Haoaua: Cricket— Third Test U39. 230,- 

__ * . ... r .r~. . ... 3.09. 530, >.00) Pakistan v England, pin* 

MD my Ijai Look-in. f-lD Sptce 1999. of Glbtr mazebes: opws of motor 

1040 Lyn'a LooK-io. 10.28 Saturday Mots- ^xirT, motor cydins. cydlu and golf, 
ing FUm : “Sierra," Malting Wanda Ban- (jy Cross-Channel Motoring information, 
drix and Andie Morphy. U3B- Lyu’a Look- 732 Da O’Connor Entertains. 730 sponx 
In. 2230 Gdf : Sim Alliance Matchplay Desk. 732 BBC International Festival Of 
Championships. D30 pm Saturday Night Light Mario- Pan l: An Evening at ibe 
Film: "The Burglars."- starring Omar Ballet (Si. 130 Talk by Steve Race. 
Sharif and Jean-Paid Belmondo, 1245 am ijt Concert — Part 2: Stars or “ Friday 
Epflague. ____ Night fa Mnsic Night" 1032 Saturday 

TH • i NUrtU With The BBC Radio Orchestra fS). 

WL« .m mirier ItrJ* 1Ltt SVUtl BeSk - P * t " r Wbertef 

wUl1 aKlw fS). lnetmBng 1230 

530 pm Happy Days. 1042 Sports ReauH*. Nbw *. 230^32 am News SummaT T. 

WESTWARD . RADIO 3 464m. Stereo &VHF 

945 am Talking Bikes. 935 Cartoon- 735 am Weather 1.00 News. 135 
time. 10.95 Skippy. 1930 The Beatles. 1931 AObide IS). __I-SS Rnral Rhymea. 930 
Look ami SM. 11-08 Code R. 1135 amt New*. 935 Record Review .(51. 1045 
Honeybon'B Birthdays. 535 pm Batey Stereo Release (St. 1130 Songs By 
Day/ L* Feawre Fflm : "W&n D^- ^ ‘ S1 - Cricket; TOrt 

saurs Ruled foe Earth.” starring Petri* , r _, 

AJieo. am The Electric Theatfe pm News. 130 Herbert Sot cliff e (a 

Show U30 Faith for Llfo^ Tribute* and 230 Ltmcfatlme scoreboard. 

vAoVcdfroi: \ *40 Ravel and Uszt piano recital iSF 

I UKajHIKc. - -y 735 The Carden In July (talk by Laimlng 
930 am Talking Bikea. 945 Mystery Roper). 730 *' Ruth," Opera in three 


scenes, music by Berkeley. 945 Voltaire 
and Rousseau: Men of the Enlightenment. 
10.90 Leopold stokowsky (Portrait* (S)l 
1130 Sounds intereatins (S). 113S News. 
1130-U3S Tonight's ' Schnhert Song on 
record (IMS*. . . 

VHF— 431 am Open University. 830 
With MW. 1X45 Bourn cm noth SlPfonietta 
Concert, pan 1 (St. 1240 pm Interval 
Reading. 1245 Concert, pan 2. 130 

News. LtJ What The Papers Said after 
(he Battle of Trafalgar. 145 John 
Shlriey-Qoaric song recital tS). 245 Man 
Of Action: Christopher von Ftirer 
Halmendorir chooses records <5t. 335 
Music of the Masters (Si. 530 Jazz 
Record Reunesrs (S). 531 Critics* Forum. 
M0 With MW. 

RADIO 4 

434m. 330m, 285m and VHF 

538 am News. 532 Farming Today. 


530 Tours FahfafuDr. i59 Weather, 
programme nhws. 7.05 N.Wa. 740 On 
Your Farm. M0 Today's Papers. 735 
Tours Faithfully. 730 Ifs A Bargain. 
735 Weatfor: programme coira. 130 
News. IJfoSPOrt On A « « Ydarerday 
in Parhsmto. 930 News. 9J» Inter- 
national Assfasnent. 930 Ibe Wfcek In 
Westminsters- 9-S News Stand. 1945 
Dally Servlet ujo Pick of the Waek. 
1141 Time £for Verse. UJO , Sci.-nce 
Now- 12-90 (Jews, 1232 pm Away From 
It AIL 124H»The News Quiz (Si. 3235 
Weather; pnfcamnie news. 130 News. 
145 Any Ciuedfonsr 230 War and Peace. 
530 News, xb Does He Take Sugar? 
345 Music ofthe Masters tax -Radio Si. 
530 Kalcldoampn Encore. 530 Week 
Ending . . .3(6). 535 Weather: pro- 
gramme oewaS 530 News. 545 Desert 
island Discs. dfcJO stop Tho Wock with 
Robert Robinson. 7 JO These You Have 


Loved (S>. 130 Sarnrdny-NlKht lln-aire 
tS). 938 Weather. KLOO News. 10.15 
A Ward in Edgeways. lLOO Lighten Our 
Darkness. 1145 News. 


CHESS SOLUTIONS 
Solution to Position No. 222 
Black won by 1...P-N5; 2 N-K2 
(2 N-Q6, R-R7 ch wins the 
bishop), R-R7 ch; 3 K-Q3. P-Nb; 
4 B-B3, P-N7: 5 K-B2 (if 5 N-B ’. 
BrRfi: 6 K-B2, RxN ch), R-R0! 
6 N-KN1 (6 B-N4, P-R4: 7 B-K3 
or KxP, R-K6), R-R8; 7 KxP, KvN 
with an easy win. 

Solution to Problem No. 222 
1 R-QR1, and malo next move. 



EEKEND CHOICE 


TJi f 





Wonder Woman: BBC-1 tonight 


SATURDAY: The first eposodes 
of ftwo ne#y imported Ameri- 
can series|ciasJi tonight ■when 
BBC 1 shews Wonder Woman 
and ITV Aows Laverne and 
Shlrely at I o’clock. Wonder 
Woman sta s Lynda Carter, the 
.U.S. 1973 miss World an the 
rOJe of t e original (1941) 
female surer-hero counterpart 
to Supenma . In the TV version 
riie becan i a hero of ..the 
American : mini-st movement. 

Laverne. nd Shirley, one of 
America’s ratings successes, 
stars Peonjl Marshall and Cindy 


Williams as flatmates who work 
in a bottJing factor^'. , 

SUNDAY : If you are in the 
mood for a flazy aftexnoon there 
is an interesting assortment of 
programmes on BBC 1 starting 
with International Athletics 
vfekA indudes the Ems5ey Carr 
Mule with 17-yea r-akl schoolboy 
Stephen Cram among the 
runners; then Edgar A ns key's 
ageing documentary The Scone 
From Helbnry House, Ziade 
with toe famous British Trans- 
port Sim unit; followed by the 
fifth in toe documentary series 
The Irish Way. — CD. 


I Kassii*' 

'S » V 


MTERTAINMENT 

GUIDE 


>tle lluilrti accept certain credit | 
\3 tor telephone or at ho* office. 

OPERA & BALLET 

UM. Credit Car A. 01-240 S2S8. 
.dans Ol-axB 3(61, 
itIRBYEV FSSTIVAL ... 

7.30 Matt. San. & Wed. July 5 
.30 with LONDON FESTIVAL 
T. Today Ctsello. Neu« we* SWeP- 
iautv July 1 £3 to IS with DUTCH 
INAL BALL1T. mu aval ladle July 
IS only. Nuruyer will dance ai 
.eerf orman c*. 

r GARDEN. CC. 240 1066. 

he hard* credit card* 836 6903). 

THE ROYAL OPERA 
t & Tug. nnt at 7.30. LoUa 
Mon. neat at 7.30. .Pttlcas et 
tde Tfiur. next at 7.00. Norma, 
ext at 7.30. ROYAL BALLET 
L PE RTS. Folk and seottlsh Dane- 
n SylpMdas. Dlrerdun* Birthday 
>. GS Amohl' wan avail, lor all 
from 10 am on dar at pert. 

(BOURNE FESTIVAL OPIR*. Un- 
:■ 7. nlth the London Philharmonic 
ra. Tomoht & W«d. next at 5.30. 
ubcrllota. Tomr. Tue A Thur. next 
. La Babeme. Posclble return* only 
Ice QlyndetHMirna Lewes E. Sussex 
mzaiii. 

■s WELLS THEATRE. ROMbenr 
Cl 857 1672. Last perfs. Today 
L 7.30. FUM time In London 
a A Rafael Aqirilar's 
FIESTA DE ESPANA 
font and flamanco ■■Well .worth 


KOLA IS 


DANCE THE AT 


THEATRES 

I THEATRE. CC 01-836 7611. 
.30. Mats. Thurs. 5.0. Sat^^cr 

DON'S BEST NIGHT OUT.” 

v 

** CARD BOOKINGS 836 7gl1. 

836 3878. Credit card bfcds. 
71-5 from 8.50 a.m Farit Bat» 
rut*.. Wed- and fm- S «» ; nv 


k^d’Sa”. i.3u“and 83. T *A 

; “ D L ,oKI5.’WA Lt:pME ‘' " 

'LILOUS ^MUSrtAL.'’ Fin. Times, 
o SEE it AcXlN." D?r. Minor. 


THEATRES - 

ALDWYCH. 836 6404. Info. 836 6352. 
Fully Air C ond itioned. ROYAL 
SHAKESPEARE COMPANY In reoertolre 
Tosay 2-oa and 7.30. so■ll>^Hlorfl■* 
THE DANCE. OF DEATH 
emerBe* as * wondarful piece of worfc” 
The Times, with. CORIOLANUS (>m 
oerf. 6 July) RSC also at THE WARE- 
HOUSE (see under Wl and at the Pie- 
ndilly Theatre In Peter Ntehal's PRI- 
VATES ON PARADE. 


ALMOST FREE. 483 6234. 

■■ One OB.” |»v Bab Wilson. 
1.1S pm-Suns 3.00 and 3.00 
shows Mom. 


Lunchtimes 
TIM3.-S8L 
pm. NO 


THEATRES 

COMEDY;. 01-930 2578. 

1 ^sa^ggs@N^ u,r ” 

. mi ■ig*s£ a S ss 

«« Man. Seats si.as. £243. £2 JO. 
£3.00. Latecomers .not admitted. • 

CRITERION. 950 321 S. CC. 855 1071-3. 


4'.MOW FREE. 485 6224. Evenings Kurt 
Vonneoulfs "Player Plano " tov Jamec m 
Saunders. Tues—Sat. 841 s.m. No snows » 


AVRA4SAOORS. .. .. 01-836 1171.1 

Nightly at 8.00. Matinee Tue*. 2.45. 

PATRICK %Sl$3tL AN MOLT 
In SLEUTH 

The World-Famou* Thriller 
By ANTHONY SHAFFER 
"Sedna the play again is in f*er an 
utter and total loy." Punch. Seat prices. 
£2.00 to £4.40. Dinner and Too- once 
seat £7. SO. 

APOLLO 01-4X7 2663. Evenings B.OO. 
Mats. Thurs. 3. no S=*». s oa and a. OO. 
DONALD SINDEN 

• Actor ot th* gyepteq standard. 


LESLIE PHILLIPS 

HALF-A-DOZe5 ,X La£<5s A MINUTE 

wSHn.^. 

WdtfWF* bk 

A CHORUS, LINE 

A rare, devastating, joyous, astonishing 
stunner.-' Sunday . Times. 

DUCHESS. 838 8243.“ ~ Mor^ m to JITjurS. 

The nudity Is stunning.’' Daily Tel. 
8th sensational year. 


DUKE OF YORK'S. 


,n ^ALF-uvr* 11 ' 1 

A NATIONAL THEATRE PRODUCTION 
* Biill la intly witty ... no one should 
miss IL Harold Hobson fDrimi). Instant 


GARRICK .THEATRE. 


ARTS THEATWS. 01-836 2132. 

TOM STOPPAOQ-S 
DIRTY LINEM 

“ Hilarious . - - It. - " Sunday Times. 

Monday to Thursday 8.SO FHdav and 
Saturdays at 7.00 and 9.15. 

#Wd"I* THEATRE. Charing X Rn-d. 
01-734 4291 . Mon.-Thnrs. p n m. Fn. 
and Sat. 6.00 and 8.45, cBuSet food 
aveiubte). 

ELVIS, 

“Infectious. nppeaii»o. loot- sta mol n« and 
hearNthnmolna. Ohserver. Seats £2.00- 
£4.00 Knlf-houe bejore show best »»•"- 
able seats £3.n0. Mon.. Thurs. and Prl. 

s S*t"mUS?p'aL OP THE YEAR 
UvENINr? ST AND APE1 AWABQ 

Lunchtime Theatre Mon.-Frl. 1 .it o m. 
“ Not Much Change trom a FWer.“ 


8.0Q. Friday, ^“tombi S B - so - 
E <culng Blac k Afri c«n_ Musical. 

■■Pocked With r»rle-y.._ D. Mirror. 

Smt prices £2.00>C5.50. 

THIRD GRFAT YEAR,- ■ 

□inner and too-prlce seat £8.75 Inc. HAYMARKET. 


01-838 4B01. 



CHICHESTER. __ , ..’ ON* «3II- 

Today at 2-00- July 4 4 5 at 7<oo. 

THE INrtHSTAt" COUPLE. Tonight & DEREK 
jS? 3rd at" .OO- A WOMAN OP NO IM- GODFREY 


INGRID BERGMAN 
WENDY HILLCR 

DORIS FRANCIS 

•WW. CMKA 


I THEATRES j 

I HAYMARKET. 930 9832. Itt Office Now 
Open. Pr e vs. July 4 and 5 at 8.0. Opens 

July 6. scoFIEU) 1 1 

HARRY ANDREWS V 

ELEANOR TREVOR J 

■ BRON _ PEACOCK --f 

and IRENE HANDL IP | 

, A new play by rOnalo HARWooa 
Directed bV CASPER WREDE, f 

HER MAJESTY^- CC. 01-930 Hoi 
Evenings 8.00. Wed. and SaL 3.00. , 


THEATRES • 

OU * 'prospect AT THE OLD ^fc. 7616 ' 

THE LADY J ‘s'T^^ t FOF^BURNING 
by ChlHa te Miar Fry. Pr e view tonight 730 
First sight 7 am July 3. 

CHaen A tUns as 
SAINT JOAN 

“A great oatformeoea" The Times, 
returns July 8. 

TWELFTH NIGHT 

"AH outstantftng revival." The Thnes. 
returns July HI, 


01-836 5122. 


Evenings 8. 00. MaL Wed- Sat. 3.00. 
Limited August 26. 


itr Liltl? BRI^^E* sod £ 

ANTHONY . NEW LEY'S 4 

TRAVELLING MUSIC SHOW f 

with | Derek GrifAths fc 

Directed fcv BURT 5H EVE LOVE jf: 
LAST 4 WEEKS. ENDS July z£ 

KING’S ROAD THEATRE. .332 748%. 
Mon. to Thurs. 0.0. FrL. Sat. 7.30. 9.30, 
I THE ROCKY HORROR SHOW _ 

NOW IN ITS 5th ROCKING YEAR.' 
THE GREAT ROCK 'N‘ ROLL MUSICAL 

LONDON PALLADIUM. CC. 01-437 7373. 
NOW UNTIL AUGUST IB 
Mon.. TueS- Thurs. and Prl. at L . 
Wed. and Sals, at 8.10 and 8.50.- 
THE TWO RONNIES 
In a Spectacular Comedy Re*ue. / 
Two .extra performance* 



SundaTjul^lB .1 SM'Tt.DO. p,c C5P'VKi V 7 Credit eard bkgs. 

boSS: - _ rfvsr 1 * ds& 3 . 


FORTUNE. 838 2238. En. 8.00. Thurs. 3. 
Muriel t^vl’ow ’js mVsS^Ma'RPLE In 

MUR « We r %B3»ag« 

Third Greet Year 


LYRIC THEATRE. CC. 01=437 3685. 
Ev. 8. Mac. Thure. 3.0. Sat. 5.0 4 a JO. 
JOAN PLOWRIGHT 
• COLIN BLAKELEY 


WATERS OF THE MOON. 


’ COLIN BLAKELEY 
. F1LUMENA 

MAY FAIR. 629 3038. Eve*. 8. SaL 4.30 
and 830, Wed. Mat. at 3. 

WELSlf NATIONAL THEATRE CO. 

DYLAN TMOMaST . 

UNDER MILK WOOD j 

MERMAID. 248 7658. _ Restaurant 248 
2835. 5-l-fofc -• 

DESERVES FAVOUR 
A May for actOT« and ogdiost ra by TOM 
STOPPARO 4 ANDRE PREVIN Seats £4 
£3 and £2. VNO ONE WHO LOVF4 
THE ENGLISH LANGUAGE AND TH* 
HIGHF*=T COM 1C- ART CAN POSSIBLY 
MISS THIS PLAY." S. Tim**. 

NATIONAL THEATRE. _ . 328 2252 

olivier (open stagel. 7 on t- T Umte 
early start) BRAND by Ibsen In a ver- 
sion by Geoffrey Hill. Mon. 7 JO Mae- 

LYTTELTON (nroscenhan sued). Today 
3 & 7i45 Mon. 7.46 BEDROOM FARCE 
by Alan Aycklmgni, 

C O TTE S LOE (small auditor! u ml. Ton’C 4 
Men. 8 AMERICAN BUFFALO by Care 
Mamet. 

- Many eacetiant tiiees seats all 3 theatres 
day of pert. Car ..Bark. Restaurant 928 
2033;- Credit erd bkBt. 923. 305 Z. 


' iw R ^Wi^rAtoaJaBY' 

„ p R1 V* ~^*Q N N PARA o e 

•rtMproarfHQ (rfmnoh.” s. Eegere*. 

- BEST COMEDY OF THE YEAR 
Award and SWET Award, 
j FULLY AIR-CONDITIONED 

CC. (Formerly Casinol 
Moiniay -Friday eips. 
8.00. MaL Thur. X.O". Sat. S.30 *nd KAO 
t EVrTA 

JJ°wl Wemrer. 
wl»h David («•». Oalrv Paine an« jota 
Akland. Directed by Harold Prhtre. 
PIW" 'r on I J“ly E2 Sat. Perfs w*ll 
be at 5,0 a 8-40. 

PRINCE OF ' WALES. CC. 01-030 8681. 
Ev«*- 8.0. Saturday 5.30 and 8.45. 
THE HILARIOUS 
BROADWAY COMEDY MUSICAL 
I. LOVE MY WIFE 

Warring rorin AskwitK 

CREDIT CARD ROOKING 930 0548. 

OUSSN S THEATRE. CC. 01-734 1168. 
B»9*. B-OO-Wed 1AV Sat. S.OO, BJO. 

ANTHONY OUAYLE 
FAITH BROOK. MICHAEL ALDRIDGE 
and RACHEL KEMPSON 
in Alan Bennett'i 
.THE OLD COUNTRY 
Play and Players Leaden Critics Award 
BEST PLAY OF THE YEAR 
Directed by CLIFFORD Willi AMS 


THEATRES 

RAYMOND REVUE0AR. CC. 01-734 1593 
At 7 p.m.. 9 n.m„ 11 ujn. [open SunsO 
PAUL RAYMOND presents 
THE FESTIVAL OF EROTICA 
Fully air-conditioned 

2 1st SENSATIONAL YEAR 

ROYAL ALBERT HALL. 5B9 8212. 
Tonight 7-30, Final Performance. 
WORLD'S GREATEST ACROBATS 
THE CHINESE 
- ACROBATIC THEATRE 
from LIAONING. CHINA. 

ROYAL COURT. 730 174S. Air Cond. 
evs. a. sat. s & a.30. 

FLYING BLIND 
-by Mil MorrlMn. 

A burnished tHstHav of larca.’’ Tms. 

ROYALTY. Credit Cards! OT-405 8004 
Monday- Thursday Evenings 8.00. Friday 
5.30 and 8.45. Saturdays 3.00 and B.OO 
London Critics vow BILLY DANIELS in 
BUBBLING BROWN SUGAR 
. Best Musical of 1977 

Bookings accepted. -Ma|or credit cards. 
Special reduced rates for matineas (for 
t limited period only) 

SAVOY THEATRE 01-836 0588. 

TOM CONTI In 
WHOSE LIFE IS IT ANYWAY? 
with JANE ASHER 

"A MOMENTOUS PLAY. I URGE YOU 
TO SEE IT." Gdn. 

EriH. at 8.0, Fri. and Sat. 5.«S .and 8 .45. 

SHAFTESBURY. CC. B3G 6598. 

Shaft nhury Ave. WC2 (High- Hoi born enoi 
Eves, at 8.- JOHN REARDON In 
.. - KISMET 

This mMeM has evervthlna." S. Mir. 
Mats. NOW TOES, and SAT. 3.0. 

Alt seats at S3. £2 £i. 

Credit Card Bookings 836 6597. 
LAST TWO WEEKS. 

SHAW THEATRE. 01-586 1384. 

Evenings 7 50. Mats. Wed. 2.30. 

I*M TALKING ABOUT Ifni SALEM 
by ARNOLD WESKER 
“■Its cuMrty Is undimlnishad '■ S. Timas. 
“A superlative cast." Punch 
Law prices. Easy parking. 

STRAND. 01-835 2860. Evenings 8.00. 
Mat. Thurs. 3.0. Sat. 5.30 and 8.30 
NO SEX PLEASE 


VAUDEVILLE. I 
MaL Tucsl 
Dinah SM 
A Mum 
T he Nil 

•■Re-enrer 3 
dtinnit hiL AM 

West End vef 

fiendishly indi 
.Felix G 
AIR-COrt 

VICTORIA PAR 
Book howl 
ST R 
SHI 

Evenings 7.3DJ 

WAREHOUSE. 1 
Garden. 836 3 
Company, no# 
Premiere M 

amusemkntI 

Btegfc Aldwyel 


WTRS BRITISH 
WORLD'S GREATEST 


ST. MARTIN'S. CC. 538 1443. Evs. 8.00. 
Matinee Tura. 2.45 Saturdays S and 8. 
AGATHA CHRISTIE'S 
, _ THE MOUSETRAP 
WORLD'S LONGEST-EVER RUN 
26th YEAR- 

t Jf_, THE TOWN. CC. 734 5051. 
8.00. Dining. Dancing (Bare open 7.15) 
0-30 Sueer Revue 
RAZZLS DAZZLE 
_ _ and at 11 did, 

LOS MALES DEL PARAGUAY 


136 9988. CC. Evs. 8.00. 

1 2.45. Sat 5 and £ I 

IMOAN. Dulcfe GRAY ( 

ER IS ANNOUNCED 
(VEST WHODUNNIT ! 

SATHA CHRISTIE 
Kha with another. «+>?- 
Itiia Christie is sbllung the 

H ialn with another at her ' 
bus murder mystertes." 
Hcer. Evening Nrw*. 
SITIONED THEATRE 


CB 4735-8. 834 1317. 
ATFORD JOHNS 
toA HANCOCK 
[ANNIE 

Mats. Wed. ana Sat. -233. 

bomnar Theatre. Coven t 
MOT. Revml Sbahespcare 
►Perl, MMont. Morv. a.OT 
R ' Flunary'a SAVAGE 
! AH seats £1.80. Adv. 
i. Student Standby £1. 

01-834 0283. 
ENCZD TO LIFE 
E^S trenchant ■ humour. 


Thornhill’S dramatic art, Dlv. Tel. 
■•Intensely human, cartes drama- ' Y. Post 
Trernendnia|jinDacl.‘' -NoW. “I waa 
sharply Jigyetj." J. C. Tnnvlrt- 
Ergs. 7 .45. Mats. wed. 3.00. Sata. 4.30. 

WHITEHALL. » • . 01-930 6692-7765. 

Evgs. 8.30. Fri. and Sat. 6.43 and B.OD. 


Paul Raymond' present! the Sensational 
See 4MVIN Of the Century 
jDBlP THROAT 


WINDMILL THEATRE. CC. 01-437 6312. 
Twice Niohiiy 8.00 and JO.OO. 
Sundays too and 8.00. 

PAUL- RAYMOND presents 

THE EROtlC EXPERIENCE OF THE . 
, „ MODERN ERA 

Takes to un precede h ted limits what Is , 
permissible on our stage.** Eva. - News. ' 
3fd GREAT TSAR 

1— _■ , 

WYNDHAMT 01-B3B 3028. Credit Caro 
Bless. 836 1071-3 from B.30 a.m.. Moo.. 
Thurs. 8. Prl. and Sat. 5,15 and 8.30. 

VERY mmUFUs. 

Marv Q'Msiicv's smash tut uo m e dr 
, , ONCE A CATHOLIC _ 

• Suprtmg comedy on sox and religion, 
.... Dally TelcgraDh . 
“MAKES you SHAKE WITH 
LAUGHTER." Gaardian. 


ONEMA5 

ABC 1 A 2. SHAFTESBURY AVE. 835 
8881. Sep. Paris. ALL SEATS BK8LE. 
1, 2001 A SPACE ODYSSEY (UJ 70mm 
Mm Wk. & Son. 2.25- 7.55. Laic show 
Tonight HAS. 2, BILITIS (X). Wit. 8, 
Sim 2.00. 5 . 35 , 8.3S.. Late Show To- 
night 11.20. 

CAMDEN PLAZA. (Don. Camden fown 
Tube). 4&S 2443. TavlanKS ALLON- 
SANFAN (AA|. (By Ihe Director of Paarc 
Padrone). 230. 4^5. 830. 930. II -15. 

ri seeir i 7 j a. Ogford S treat iQnn. 

Tottenham Court Rd, Tube). 636 0310. 
1. Brace Lea ,GAA* » OF DEATH (X). 
Pgs. 24K). 4.15, TSO. 8.45. Late.sh 11pm 

&Ej5isritSsr t A) , -. ec k*.™* 

I 35 ^^ 5 )0h^H U ^>V Q 'l°H<fu n V 

(AAITTogs. 230. 4.3S. 6.40. 8.45. Late 

ffT. 1 F.^CWOOla'S THE GODFATHER 
PART II (X) Progs. 3.00. 630. feature 
335. 7.15. Late wiow 11 om TEXAS 
CHAIN SAW MASSACRE (X-GLCJ. 

CURZON, curaon SlreM. W.l. 499 3737~. 
(Fully Air Condltlonad Comfort.) DLRJU 
UZALA (UJ In 70 mm. (English sub- 
titles). A him bv AKIRA KUROSAWA 

■■MASTBRPIECE.■■ The Times. -*'M' 

WORK '; ,ThB Observer. -SPECT 
ADVENTURE." Sunday Timas. 
BEAUTIFUL." Tiie Guardidn. 

INC ADVENTURE.'* Sunday 


LAR 
VERY 

mwn. -HAUNT. 
Sunday Express. 


ING ADVENTURE.'* Sunday axuraf*- 
“ MASTERPIECE," Evening News. FUm 
dally at 2 00 met Sun-). 5.00 and 8.D0, 

LEICESTER SQUARE THEATRE C930 5252) 
COMING HOME «x>. Sen. -preos. . Mon-- 
Sat. 1 SO. 4 AS. 8 . 10 . Slin. 3.30. -7.45, 
Late show Fri. & s«- 11.*? »■"»■ SSi* 
mxy be boohed in advance mr 8.10 prog. 

Moru-Frl. A all -bTOOl.. S*t * Sun. NO 

Ut* show bonMaa. • ' 

OOEPW HAYMARKET 

jane PondA ya n e|« a . Red^rave in a Free 




Redgrave m a Fred 
«lm JULIA ml. Sco. oroos. 
01 * 2»?i2«5k iSSl Features Dlv- 2.45. 
6 .00. 2 9.00. . Al) seats bkblo at theaira. 

OOSOM LEICBSTER SQUARE 1930 6lj 1 L 
eSoM ENCOUNTERS OF ™E THIRD 
KINO (Ai. Sep. progs. Dlv. Dw>rj °?5^ 
1 .tS. 4.1 6. 7 45 . LatO Show Fri. * 5.M- 
Door* ooan 11. IS p«. All seats bkblc. 

OOSQN MAR RLE ARCH (723 2011-2). 

vNc^Srnnre of the third 
KIND (At. SeO. PrOOS. Mon.-fri. Door* 
. open 2.15. 7.30- Sat. & Sun. Doan open 
1 JJS, 4 . 15 . 7A5. Late *how Fr*. A Sat. 
poors open H.iS p.^ -aii seats bkbie. 
In advance except late shows. 


YOUNG VIC. _ 928 8363. PRJNCC -CHARLES Lett SO. 437 8181. 

Bon J on ton's BARTHOLOMEW FAIR. Mel Brooks 

Ergs . 7.45 fNo peri. Tue. next. Wed. HIGH ANXIETY (A). 

Mat. at 2 pm. **A riprearing, production” 5 go, ply. (Inc- Snn.l 2 45. - 6 .il. 

Young Vic FeKlfof from- Mon. until sloo. Lata Show Fri- and SaL 1131. 
July 23. Pbobe Box Office lor leeflat. seats Bkblv. Lle'd Bar. 




rci.-.v 




Financial Times Saturday July 1 197S 



1-3 


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ARTS/COLLECTING 


Bowie 


"Bowie is bark, but without the 
glillcr, the p hurt our :<nri the pay 
gigolo. .fantasies. He might be 
wearing turqiinisc leather rom- 
per^ antl a raffish yellow top fur 
the first half, but who isn’t? This 
is a coufideM. happy. Bowie. 
ftTH*hr<j with excess and quite 
("(intent tn sinp through his sung- 
bonk to his vary "faithful Tans. 

The atmosphere a I Furl's 
Omrt on Thursday was much 
mum excitinjf than Tur Dylan a 
fori night, earlier, mainly because 


POP 

ANTONY THORNCROFT 


the audience was giving more 
and was asking more uf the star. 
They pot Tew surprises. There was 
much material from the latest 
albums which is sulnl street-level 
noise, and a natural predecessor 
lo the new wave. It all hung to- 
gether very well, making an 
assessment of the Bowie appeal 
seem simple. He sings powerfully, 
he moves smoothly < with some 


Bonnard 



Til!er-i«.h " high kicks), and has 
so Tin.' scir-tnduced charisma. But 
In- music is only powerful when 
h»- sric-s over Hie Inp ihc averagi* 
V'uwie sung is pretty average. 
■''Pooiallj the newer work which 
t> heavily msinunenlai. 

nf course a Bowie concert can 
mu quite he conventional He 
c.in afford a good hand and has 
un«\ and the lighting was excep- 
tional, picking nut the musician:; 
for their solos and not playing up 
the Mar too excessively. For 
".lean Genie" not only were the 
strips of neon, which made ujjj 
the back-cloth, glaring bright]? 
but more neon from ntoyVe 
created a glowing cage anrfind 
the man. It was as effojnvely 
theatrical as any image fjom his 
past, including, especially includ- 
ing. the Ziggic Stardust tedious 
escapade, which received the 
usual airing to j rapturous 
response. Bowie still la>s on a 
powerful rock concert, an excit- 
ing drama, which he orchestrates 
as casually and as cumniandmyly 
as Dy lap. Whether it is all as 
-nut l as it seen is I doubt. 


Pierre Bonnard is acknow- 
ledged today as one of the 
greatest painters of the century: 
but one whose reputation, for all 
that, stands somewhat am- 
biguously. He is not particularly 
well known to the world at large, 
and no matter how much be 
might be admired by the com- 
munity oF artists, few' within it 
Wild care to argue his case as 

forceful influence, a direct and 
leneral example. His life was 
mspeetacular. reclusive, devoted 
simply to the business of making 
paintings of his near, familiar, 
domestic world: and the fact that 
his images of fruit and flowers, 
lirls in the bath and in the 
..arden, clothes on. clothes off. 
doors and windows ever open to 
the southern sunshine, are among 
the most lusciously seductive 
ever made seems almost to be 
but the happiest or accidents. 
His ambition was entirely 
private, centred upon the work 
itself, lacking that public dimen- 
sion that gave his great con- 
temporaries. such as Matisse and 
Picasso, their authority and 
celebrity. 

In his work he was roncerned, 
indeed obsessed, with his subject- 
matter. If Matisse can be 
censured for his sometimes 
dangerously bourgeois interests, 
his apparent lack for years on 
end of serious artistic purpose, 
poor Bonnard must be welt 
beyond the pale. For subject- 
matter lost its respectability for 
a while: a pretty girl no longer 
reason enough for making or 
inspecting a painting but a ques- 
tionable distraction: a bunch of 
flowers only useful for the 


painterly problems uncovered 
before it. 

Bonnard, the true heir to 
Monet, the true painter, was 
always admired for bis touch, 
his colour, his use of paint — 
how could it have been other- 
wise? Today his subject-matter, 
that awkward interest in things. 


ART 

WILLIAM PACKER 


nature, people, has become Jess 

problematical. his hedonism 
again less threatening to our 
own guilt, less of an obstacle 
to our involvement in the work. 
We can see. and accept as mutu- 
ally enhancing, on the one hand 
the image, the illusion, the re- 
ference to life; on the other the 
substance, the surface, the prac- 
tical. techncal magic of paint. 

His paintings are astonishing 
things, and now the Lefevre Gal- 
lery is showing 15 of them (until 
July 29). skimoiing lightly 
across his entire career, and in- 
cluding one or two works of the 
first importance, altogether a 
rare treat. The small sel f- 
portrait stands for them all. the 
artist peering tentatively at his 
subject, the contours soft, the 
form apparently blurred aod 
imprecise: aod then we see that 
the head is modelled in colour, 
firm, adventurous colour, pink, 
purple and yellow, unexpected 
yet entirely convincing a com- 
bination. the image perfectly re- 



• .. « -t**:- ff'P ■ 
< • ‘ I* :>r* ' 



■v- . 
1 . 




Pierre Bonnard: Self-portrait 

solved. With Bonnard we start us gently through into his own 
at the surface, in a soft and light and sensation-filled world, 
pleasing flurry’ of marks: but he Great Arf.reveals itself in shared 
never leaves us there but leads experience. 


Parsifal at Camperdown 


Camperdown House is the 
rehearsal studio of the English 
National Opera, but it is the 
Wagner Society’s pocket Parsifal 
which has been happening (here. 
(The final performance begins at 
4 o’clock today.) It is a richly 
quizolic enterprise: semi-profes- 
sional, earnest.. staged on a mini- 
budget in the three-quarter 
round, with the Hammersmith 
Symphony Orchestra playing 
from a balcony above the 
audience. Few operas are less 
likely to gain from such enforced 
intimacy, even in English (a 
competent new translation by 
Roland Matthews and Andrew 
Medlicotl ; the effect was rudely 
de-mysLificatory- sometimes to the 
point of travesty. The audience 
wriggled on exquisitely un- 
comfortable ehairs — even the 
notorious Bayreuth seats were 
never like that. 

John Blatch ley's production 
hardly advanced a case for a 
Parsifal at close • quarters. 
U : * — 


Though the visible chorus was 
prudently reduced, there were 
enough of them to conceal the 
action often from most vantage 
points. Some devout members 
of the audience, realising that 
they were going to have to take 
the elevation of the Grail on 


OPERA 

DAVID MURRAY 


trust, actually flung themselves 
on to the playing-floor to peer 
between the Knights’ ankles. 
Scenes with only two or three 
characters were invested with 
no more dramatic subtlety than 
conventional big-house produo 
Uons offer, and in any case 
several principals were 

hampered by their curious 
costumes, variously bulgy and 
be-furred. Parsifal looked like 


a half-plucked bird, and the 
Knights and Esquires who hang 
upon ' Gurnemanz's opening 
narration were ' uniformly 
inadequate. 

It would have been bard to 
argue, then, with any Wagnerian 
who declared after the first act 
that this was all really rather 
awful. And yet, and yet: There 
was mare than amateurish 
sincerity on offer. The dozen 
Flower Maidens were unexpec- 
tedly full-voiced and spirited, 
posing a respectable threat to 
the hero’s chastity-. Karl-Josef 
Kemper (whose English diction 
was easily the best to be heard) 
made a fine, menacingly poised 
Klingsor. If Bernd Finder 
scarcely suggested Amfortas's 
anguish, he displayed a big. 
satisfying voice and a dignified 
presence. The conductor John 
Baird had a reliable sense of 
Wagnerian pace, and coaxed 
very creditable playing from bis 
orchestra — particularly the 
winds: his brave strings faltered 


here and there (the third act 
Prelude was an anxious affair). 

Sitnon Gilbert’s Gumemanz, 
unequal lo his Good Friday 
raptures, nonetheless made a 
reassuringly sturdy l.vncbpin. 
Graeme Matheson-Bruce gave 
Parsifal a committed, nervy in- 
tensity which was altogether to 
the point: phrases in the upper 
register faded fast but the rich 
gymnasium-acoustic flattered his 
youthful tone enough to let him 
round out an interesting sketch — 
1 trust he won’t try to reproduce 
it on a larger scale for a long 
time yet. Best of all was the 
Kundry. incarnated by Rita 
Chard with mature intelligence 
and daring attack, commanding 
despite a want of vocal substance 
in the lower mezzo range. The 
histrionic risks she took in the 
duologue with Parsifal were 
justified by the dramatic excite- 
ment she created: here was a 
revelation of the power of the 
work, forcefully brought home in 
lhc->e improbable circumstances. 


V and A buys Cecil Beaton 


Sntliwy'c is disposing of the fur a rare early Louis XVI large Christie's evening sale of net- 
photuaraphs that Cc* il Beaton commode, stamped Schlichtig. suke on Tbundav realised 
kept/n hi.- own collection. Last Partridge paid £27.000 Tor a late £95.200. The top Jot! at £7.000. 
yea? the first group sold for Louis XVI thuyawood commode, was paid by Douglas Wright, the 
t’2^955 and at Soiheby’s Bel- attributed to Weisweiler. It is London dealer, for an ivory' net- 
' via yesterday u_ second batch one of a pair which sold together suke of a wolf crouched over a 

large crab. Dating from the 18th 
century it was signed Toraotada 
of Kyoto. Wright also paid £3,800 
for a stained boxwood netsuke 
of a rat grasping a bean pod by 
Ikkan, a product of his later 
years. 

The same dealer paid £2.600 


tched £15.137. The top price 
was the £S0O for .1 snapshot 
album containing over 1.300 
snaps taken by Beaton in the 
1930s and 1940s. 

The Victoria and Albert 
Museum was an active buyer, 
paying £1.630 in total. A photo- 
graph of Marlene Dietrich was 


SALEROOM 


ANTONY THORNCROFT 


bought for £420: one of Beaton at Sotheby’s In the Lord Rose- for ™ r "l d , r I I etS, i ke of r a -?? ate ^ 
himself for £300: a portrait of bery sale of 1964 for £13.000. ^pe signed Tomokazu o. Gifu. It 
the Sitwells in the lute 1920s for Other high prices were the dated from the 19th century. In 
£260; and of Nancy Beaton for £15.000 from Phillips for a Louis a three-lot section of the sale 
£220. XV marquetry and parquetry devoted to-—inrn a container for 

A furniture S3le it Sotheby’s commode, and £10.500 for a Louts pills or potions — Hurtig the U S. 
made £371,821. with a top price XIV boulle bureau plat of dealer Trora Hawaii paid £3.000 
of E47.01H). double the estimate, a round 1710. for a gold sleeve nf saddle slap 


shape, elaborately decorated, 
from the late 19th century. 

Christie's also held a sale of 
19th century impressionist and 
modem paintings and drawings 
yesterday totalling £73.620. bring- 
ing the total for the week of sales 
to £3,081.610. A private Japanese 
bidder on the telephone from 
Tokyo paid £5,800 for a painting 
by Narcisse Virgile de la Pena 
entitled Sous Bois. The same 
buyer paid £5.000 for a Theo- 
dore Rousseau painting of Une 
Etendue and £4,500 for Scene de 
Foret by the same artist. 

Stanley Gibbons three-day auc- 
tion of British Empire “tamps 
realised a total of £76.038. A 
proof sheet of nine artraciive and 
very rare Rhodesian 1905 5d 
stamps, which depict the Victoria 
Falls fetched £1.500. 


O’Brien on 
Disaster 


Richard O’Brien is at it again. 
The creator of the Rocky Horror 
Show, the musical spool of e very- 
post-war B-movie about mad 
scientists and lurking dangers, 
is unleashing a new work at the 
ICA next week. Called Disaster 
it is set on an island in the 
Bermuda Triangle and follows the 
fortunes of a group of well loved 
caricatures as they face 
imminent destruction from a 
tidal wave. 

O’Brien has had one disas- 
trous musical since Rocky, which 
is still running in London after 
five years, but h3s high expecta- 
tions of Disaster. There is music, 
too: this time, classical melodies 
with O'Brien lyrics. He sees it as 
more of a drawing room comedy, 
and at rehearsal it seemed flip 
enough to appeal to the original 
Rocky audience half a decade 
older and to the more daring 
Shaftesbury Avenue crowd. 

Disaster is an easy going 
parody with characters like Stella 
Hippie “Joan Baez like in her 
sincerity " and Joe Warsaw “ U.S. 
Senator — Butch Right Winger 
but plays at being Liberal," 
happily sending up a genre. 
O’Brien is equally easy going, 
which probably accounts for (be 
fact that bis new work is not 
getting the treatment afforded lo 
Erifa. the latest from his musical 
competitors Rice and Lloyd 
Webber. There might be a 
transfer after the six-week run 
at the ICA but as long as the 
cast and the audience enjoys 
itself what does it matter? 

He is more happy about the 
revival of the Rocky Horror cult 
in the U.S. The film is doing 
good business in New York where 
the audience tends to dress up 
as its favourite characters. He 
keeps an eye on the London pro- 
duction. “ You think it is dread 
ful then something happens and 
it all works again." With Hugh 
Thomas-, who directed City Sugar, 
handling Disaster, and a lot of 
Rocky originals in the cast, there 
is a good chance that Disaster 
will work too. 

A.T. 


TV RATINGS 

W/e June 25 

1 Winner Takes All (Yortts.) 14.4a 

2 World Cop Holland v. Italy (ITV) H Jo 
5 Life Begins at Forty (Yorks.) . 13. S3 

4 World Cup Argentina v. Holland 

(BBC) 13-13 

5 Coronation Street (Wed.) (Gran.) 13.C5 

ft Charlie's Angels (ITV) 1353 

7 Wheels (ITV) 1J.30 

S Coronation Street (Mon.) (Gran.) I3.1D 

8 Crossroads (Thurs.) (ATV) liM 

8 Crossroads (Tues.) (ATV) . . .. 13.10 

11 Crossroads (Tues.) (ATV) . 11. Fit 

12 World Cup Brazil v. Poland (ITV) li.fid 

13 Crossroads (FH.) (ATV) II .« 

14 Whodunnit? Thames) II "Jl 

15 Sale of the Century (Anglia) ... 11 13 

lb The Pink Medicine Show (LWT) ll.M 
17 Your Only Young Twice (Yurks.) 10 60 

17 Emmerdale Farm (Thurs ) 

(Yorks.) 10.01 

18 Emmerdale Farm (Tues.) 

(Yorks.) . . 10.43 

19 People Like Us (LWT) 10.20 

19 Arc You Being Served (BBC) .. 10.20 

Figures compiled by Audit of Great 
Britain for the Joint Industrial Commute* 
Tor Television Advertising Research 
iJICTARi. 

U.S. TOP TEH (Heilsett ratings) 

1 Threes Company (comedy) (ABC) 21.1 

2 Lave me and Shirley (comedy) 

(ABC) - 20.8 

3 Charlie’s Angels (comedy) (ABC) 20.7 

4 Happy Days (comedy) (ABC) 20.2 

5 Lovo Boat (comedy) (ABC) 19 1 

6 AHcr (comedy) (CBS) I0.n 

T MASK (comedy) (CBS) 18.2 

8 One Day at a Time (drama) 

(CBS) IS.:: 

• Quincy (drama) (CBS) is 

10 Fantasy Islands (comcdy/drama) 

(ABC) 17.- 

A Neilstu ratine I* not a numerical tola 1 


$ King Street; 
S (James's 
London 
SW1Y6QT. 



Tel: 01-839 9069 
Telex 916429 
Telegrams 

CHRISTUM 


£<Pl76 6j>- 

EXPERIENCE AND EXPERTISE ... 347 



Grand Pianoforte bit .Seba.slien Ert ml. 
circa 1840. associated with Franz Liszt. 

Sale , Fridatj. July 21 

“F. Liszt 23 June 40 far Mrs. (?) Shorn" — thus reads the 
inscription, apparently in Liszt's handwriting, on the wrest 
plank of this Grand Piano, associating it with the composer’s 
second and most important visit lo England from early in - 
May 1S40 lo June 1S41. In London he performed at" the 
Philharmonic Concerts in June 1840 and. at the same time, 
apparently gave the firs; known solo pianoforte reciinls 
there, under the aegis of the publisher Louis Henry Lavcnu. 
In this context, it is of interest also to note Liszt's connec- 
tions with Erard: on an earlier visit to London, in 1S24. at 
a concert at Drury Lane Theatre, he "consented in display 
his inimitable powers i.n the new Grand Piano Forte. 1 
invented by Sebastien Erard." Unfortunately the second i 
name on the Insert prion has not been identified as being i 
among Liszt’s acquaintances. 

The Grand Piano is in he included in i'.’Ii rustic's sale of • 
Important Musical Instruments on Friday. July 21. Fur 
further information about this sale which also includes 
violins by Anionio Stradivari and Nicolo Amati — and 1 
about future sales — please contact Edward Croft-Murrav 
or Rosslyn Neavc at the address above. 


RICHARD GREEN 


Weekdays 10-6 
Saturdays 10-1 2.30 


4 New Bond Street 
London W1YSPE 
01-499 5487 499 5553 
Telex: 25796 G BEEN G 

^ < 




George Webster (1797-1 $32) 

A BmIi-.Ii Mao o’ '.V.ir with other 
>h:ppi:ip oil -Shal Clilt, Kant 

Can..u:28 36m 71 ..31cm 


BRITISH MARITIME ART 

An Exhibition of Paintings, 
Watercolours and Prints 



ART GALLERIES 

ACHIM MOELLER GALLERY. 8. Gros- 
uenor StreeL Oil Bond Street. W.l. Tel: 
493 7611. Selection ol fifteen naintings 
by KANDINSKY and 20TH CENTURY 
MASTERS. Modigliani. Leger. Braque. 
Mondrian. Ernst. Miro. Klee. Picasso a.o. 
through July. 

1 


.'ROYAULES CALLER] 

THE i 

BLOND FINE ART LTD.. 33. Sactville 
Street. W.l. 01-437 1230. Bernard 
MenlnskY — - Paintings. Gouaches. Until 
15th July. Weekdays 10-6 p.m. Sats. 
10-1 p.m. 

VICTORIAN IDEA 

An Exhibition of Victorian Painti 
Until JSth July 

n Duke Street Si lame-.’* London ST 
ti;i Mery Hour-: Monday to Friday It 

SROWSE 6 DARBY. 19 Cork St.. W.l. 
^ob.n Phiiioson — Women Observed Mon.- 
Frl. 1 0.00-5 30. Sat 1 D.00-1 2.30. 

HANDRE GALLERY. 5-6 Cork SI.. W.l. 
01.734 4626 ELahIB.Ung Paintings by 

“REGOBY FINK. Mon.-Fn. 10-5.30. 
Sats. 10-1. 

i 

DAVID CARRITT LIMITED. 15 DuV4 
St. James's. W.l. iBfti CENT 
FRENCH PAINTINGS. DRAWINGS 1 
SCULPTURE. Until 7lh July. Mon 

10-S. I 

•NE ART SOCIETY. US New Bond St. 

W 1. 01-679 5116 EASTERN EN- 

COUNTERS 19c Orientalist Painters. 


Old messages live on 


THE GREAT old-lime collec- Gallery, Sheffield. It doesn’t 
linns, whether they were of reach London (the Geffrye 
Gauguins or l.aui rev lithn- Museum) until March of next 
graphs nr matchbox labels— year, bttt meanwhile you can 
were generally formed by col- catch up with ii 3n its 
In-Jrirs with discernment ahead peregrinations through Hull, 
ii f their time, who bought in Dudley. Nottingham. Southamp- 
permJj, where their particular ton and Bristol. After London 
passion was out of u»r not yet it ends up at Edinburgh and 
runic into) fashion, and <hs- Dundee. 

rogn nlvil. For Today’s collector *n ie enamel advertising sign 
the problem is in find anything belonged essentially to an age 
.it all that can he said to he dis- h a( | no canccpiiou of in- 
rv:.inVd. A strange compulsive fl at j on . it V as a time when 
tu.si.il m has settled on the yo „ confidence ex- 

race. .uni people or all sorts feel an advertisement of near 

the urgi* lo collect anything permanence (The Patent 
ilt.d links them to a comforting Enamel Company claimed its 
Pt.t .mil loiaii levied youth, how- si j, ns Xn \j e -The Plate that 
ever ivrfni. outlasts all others”) which prn- 

01,1 adwTlising claimed Whitbread"' Stout and 

whi' lt i end to he hr:. M* Ale at 2/fi the dozen. Lyon s ; 2d 
1 ,‘tvil and .rf lmii led .«•<! hone frml pics, nr The Daily Mail 
M.pcitl. are verv much, m Min ( ’The best along the Hue ) at 
w.t\. a niilvet.ililv uf our one penny. 

Little wonder, then, that the 

— decline of the old enamel signs 

already came in -ight with 
economic uncertainties at the 
rn,i of Ihc Kirsl World War. 
They lingered on. nevertheless. 
— Enamel signs were still pro- 
— 11 duced in Iheir thousands be- 

tween the Wars, and even 
time Christopher Basle* and survived after rationing of iron 
Andrew Moricy, however, have an( j steel hailed production In 
rationally d Unit’ now united the Second World War. Today 
collec lion k uf what they affee- Gamier Signs of UiUesdon 
Gnu. itch call "si reel jewel- Green test. 1S90) having 
'..tv.'' b'v .u-.icmbhng them with absorbed many of their former 
mm. doduation ami enmpre- rivals, arc still ready to produce 
hvu-.jvcnes.-. exploring Mie signs of the old brighf bnl- 
c cm! mu iv and technical hack- jianve !» order. Signs of the 
ground to reveal an illunnnat- -iincs. indeed: today they are 
irig b«w;t' id British social his- Kept hin»y making reproductions 
tun of their u!d masterpieces (Black 

Their «.u! Jed, on. or at hnM Cm. Oxo C-™*™™*™*** 
the biGt m examples Mom H. ro»t) tn he 10 

!s a: prOM’ut louring Ihc euttn- mrs by Oudn 
try as, u:, exhibition, which ihM of ISf, Me-dbmime Ume arc 
openiSi at lire Untie AM Gallery at the -.une time «*» ^ 

in NewiMMle 1:1 April, and is mam dealers in muiimi old 
currently at liie Mappm Art enamel advertising signs- 


The nostalgia appeal to col- 
lectors is not hard to see. These 
were the ornaments of the little 
neighbourhood streets of indus- 
trial towns: Stephens’ Ink and 
the Waverley Pen (which, with 
the Pickwick and The Owl. Came 
as a Boon and a Blessing to 
Men) outside the Post Office; 
News of the World, Players 
Please and Bruno Flake outside 
the newsagents; and a whole 
gallery outside the corner 
grocers. Even those stamped- 
out copper letters glued with 
mastic varnish in artistic arcs 
on the windows of back street 
shops, advertising Cadbury 
Cocoa or Typhoo Tea (more 
orten than not they said 
TY HOO EA. of course) were 
all part of the trade. 

Tn the country, big iron ad- 
vertisements for Thorley’s Cake 
ur Spiders’ Pig Food flashed at 



COLLECTING 

{ANET MARSH 


VIROL 

THE LOOP FOR HEALTH-. 


you as’the train whisked by: the 
railway was important both for 
the distribution and the exhibi- 
tion — in stations and sidings — 
of enamel signs. 

The history of signs goes 
back around 100 years. From 
their silence on the point. I 
gather that Messrs. Baglee and 
Morley. fur all their research, 
have not discovered for certain 
who were the earliest adver- 
tisers. The trade was charac- 
teristic or that second iron Age 
of Victoria’s England. The 
elaborate art of applying z 
decorated porcelain or glass 
surface to a faultlessly prepared 


metal surface reached this 
country in the 1850s. 

The earliest uses of the new 
enamelled iron were more ele- 
vated than mere advertisements: 
Salt's Patent 'Enamel Works of 
Birmingham supplied decorated 
ceilings for the Palace nf the 
Gaekwar of Baroda and for the 
no Jess palatial new railway 
termini. Salts seem to hare 
been the first to build a factory 
purely for the production of 
advertising signs, though they 
were quickly fullowed by others: 
Chrnmn of Wulverhamptnn. 
Imperial of Birmingham, thi 
Falkirk Iron Company, and 
Burnhams. Brutons. Garniers 
and Wood and Penfold, all based 
in London. Baglee and Mnriey 
have traced a score of firms, 
including Madras Iron of India. 
Most of them were to vanish as 
poster hoardings replaced 
enamel signs, in the new age of 
impermanence. Some firms 
went over to the business of 
enamelling baths and cookers. 

Baglee and Morley have set 
down the whole story in a very 
attractive book, rich in colour 
pictures, designed to a company 
the exhibition (Street Jewellery. 
New Cavendish Bonks. £3.95). 
Just to prove it can still be done, 
the cover bears a real vitreous 
enamel title plate specially 
made by Garniers. Or at least ii 
is supposed :o. If you have my 
luck the- plate will fall off 
before you even open the hook. 
1 paving only a flattened blob of 
glue behind. 



Continuing action in culture, md e p e ri cfe n ee a n d d em 6 cr ac.y 

CULTURAL EVENTS 

. 3 JULY — 29 JULY 1978 

;; commemorating the 167th Anniversary of Venezuela's' 

^ , ; Independence .. . V V 


Art Exhibition, including works 
by Soto. Crur Diez, Poleo and Ravelo. 
Otficidl opening 1630 h»s, 5 July. 

For one month at The Warehouse Gallery, 
Earlhant Street, London WC2 

Exhibition of Venezuelan life, 
industry and technology. Official 
opening at 1 930 hrs. 3 July, at the 
Rembrandt Hotel, Thurloe Place, 
London SW7 

Conference on Venezuelan Science 
and Technology. 1 000 hrs, 4 July, at the 
British Council. 1 1 Portland Place, 
London W1 

Wreath laying ceremony at statue 
of Simon Bolivar in Belgrava Square, 
London 5W1 . 1 0DO hrs. 5 July 
(Venezuelan Independence Day) 


Opening ol Exhibition depicting 
the life and times of Bolivai at 
Canning House. Belgrave Square. 
London SW1. 1100 hrs 5 July. 

For two weeks 

Piano recital by Judit Jaimes. 

1930 hrs 6 July at St John's. Smith 
Square, London SW1 

Piano recital by Alexis Rago. 

1930 hrs, 7 July, at St John’s, Smith Square, 
London SW1 

Visit of Ambassadors 
and Staffs of Bolivarian countries lo 
the Lewes Festival. 8 July 

“The Sound of Venezuelan Youth*. 

A concert of Venezuelan popular and 
folk music at the Shaftesbury Theatre, 
Shaftesbury Avenue. London WC2. 

1330 hrs, 9 July 


. ^ ' - - - 

-V v. • ~ ■ Iba Vciw/tjefuri tnibii^sy \ 

. cordwIJy. invites. the gerciul public to uncnci 
•A . ’ - the above events • ■ V 

ART * MUSIC • FILMS • BOOKS • EXHIBITIONS 


OMELL GALLERIES. Fine British 
French MODERN PAINTINGS 
Modern British MARITIME PICTL 
-IQ. Albcmsrie Street. Piudlllv. W- 


OWEN EDGAR. 9 West Halkm St..! 
gravia. London. S-W.l. 01-235 8 
Paintings leading VICTORIAN ART 
always on show. Mon.-Fn. 10-6.! 


RICHARD GREEN GALLERY. 4 New! 
Street. London. W.t. 01-499 S 
BRITISH MARITIME ART. Pain 
watercolours and prints. Dally lO.f 
Sals. 10.0-12.30. Oncns July 


3 


ROYAL EXCHANGE. City ol Li 
Society oi Architect-Artists, cvhihit, 
members' works including painting 
Llgne et Couleur. 27 June to 6’ 
Monday to Frida* 10-4, 


SLOANE STREET GALLERIES. 15B , 

St.. W.t. Modem paintings, sculd 
and grannies by interesting internal 
artists. Wide range ol orices. Tuo 
10.00-5.00. Sabs. 10.00-1.00. 


W. R. HARVEY 6 CO iANTIQUEJS) 
67-70 Chalk Farm Rd.. N.W.f. Tel 
4B5 1504. EXHIBITION OF CHIF, 
DALE FURNITURE. 1-15 July, 
b rating BADA'S 60th Anniversary. ! 
Sat. 9.30-5.30. ! 


CLUBS 


EVE. 159 . Regent Street. 714 0557. 
Carte or All-in Menu. Three Sneet 
Floor Shows 10.45. 12.45 and 1.4 
music ol Johnny HawkeSworth 6 Fr. 


EXHIBITIONS 


SCULPTURE IN TIME at Asprey. E 
lion of Audemars Piguet Sit. 
WatChM. 4-15 Julv. Mon.-Fri. 9.3 
5.70 Pm. Saturday 9.30 am. 1.0(3 


COMPANY NOTK 


Government of Soulhen 
Rhodesia 4i Per Cent 
Stock 1987/92 
Standard Chartered Bj 
L imited and B. C. J. Bichat 
Esq., C.M.G., state that 
amount due to them, in U 
capacity z& Trustees of . 
Sinking Fund of the abf 
mentioned Stock, in rest- 
of the annual Sinking Ft 
contribution has not b 
received. The terms of is 
provide for an annual f 
ment before the close of ! 
Southern Rhodesian fin an 

year on the 30th June. 




FOREIGN HOTEI 


SW T , I 2E , , I , £? D i AWOBA - H *e« v; 

TX. 74232 Summ«p - • * 

lidoor and op-n-air 
ter.ms courts. 


!A. Hotel v; 
mountain htf 
swimming ri 













. ^Financial Times 1978 


f .. 


FINANCIALTIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4F 4BY 
Telegrams; Flnantlmo, London PS4. Telex: 886341/2, 883897 
Telephone: 91-248 8000 


Saturday July 1 1978 


In a glass 
darkly 



Steel : the not* 
golden handsha 

BY CHRISTIAN TYLER. Labour Editor 




Mr. BUI Sirs 


the TUC Steel Industry Com- 1 

mittee which on May 30 had So Lh *| 

.'ins IS A time of year when more than the usual amount of proposals put to it for closure me J 

nary in the financial markets guesswork and rule-of-thumb— ° f ** prove s3 

re preoccupied with nrelng "«• «« und^^ why sav . Mr- BUI Sirs ‘ *jg* 55* T BSC, J. "*1 

nd tennis, when their children ^ remaln s0 £or example— a FTER MONTHS of slow Steel Trades Confederation, was suggested that two of the open ®[gl 0 “ s h j 

f suitable age are recovering |, ut tj, a t there has been a great ZX but not unproductive holding its annual conference, hearth furnaces m i gh t have to j 

rom their exams, and when the re-e xamina tion of basic theory. / 1. manoeuvring with its came unexpectedly. What go from August 6— tire £ j . 

cademics who teach those chil- The really sharp clashes trade unions to tackle its actually happened at BUston announcement which upon RSC ca ! 

Iren hold conferences about between the monetarists and financial crisis, the British Steel was, at worst — upon reaching the works caused this setter wa 

he future a season, in short, Keynesians hare been arguments Corporation has this week seen the union’s interpretation — week’s outcry. Although the nations ti 

f fnrprsrtc « n nrtine mpteorn- about forecasting relationships, everything starting tD blow up yet another example of corporation would not say so, it mg me 

- . * ** rUn ^' _ _ with each side inclined to over- in its face. management subterfuge, an clearly feels that Mr. Sira has unions. B 

JSLcu and economic. An tne c j a i m that the statistics prove The detonator for the attempt to undermine formal been uo pardonably slow to not the w 
ist week, indeed, there were its case. ■- explosion, which was being consultation by chopping off respond to its invitation to talk nor is it i 

wo conferences on the same ^ a matter ^ f acti the sta- damped down yesterday, was a operations so as to demoralise about BUston and even some- nave kno 

ay about deindustrialisation in tistics can prove very little, memorandum to his workers the workers and persuade them what disingenuous in calling mg such j 

ie next decade, as weU as the because they are themselves so from the manager of the melt- to go for severance pay rather down a storm a month after relations, 

sual output of forecasts. inaccurate. A ■ little-noticed ing shop at a West Midlands .than to listen to the exhortation the proposals' were put before was airea 

It mipht hp thnupht that all footnote to all recent measures steelworks. But the charges of their officials to fight him. 01 

. “lgnt De thought that au .n ucfv *u aro s* Party do 


oncetned with the future Otuciaj. waramg lu&l «l umia ui xue oi a oauunai su us.e u my, n wm c4u#uiuui«ij iuny ui uic ouuui 

hether macaeine the economy ^pid inflation, accuracy suffers. to stop closure of the Bilston labour relations gaffe on the ston, they were very much at a « uon - 

- simoiv managing their own The forecasters continue to lise plant near Wolverhampton— part of the corporation. Cer- loss to knowhow to react Mr. There are 

tvestments- but anyone want- ti* e figures because they have even though now withdrawn — tainly. Mr. Eric Varley, Industry Sirs on Tuesday threw the ques- reasons fo. 

lg to use forecasts as a basis n0 alternative, but they are in chim ed in oddly with the Secretary, chose to take that tion open tojufi conference on apart from 


'»r decision would have m he danger of finding themselves relatively peaceful way in which view and told the corporation an emergency resolution which the argume nmoii t* 

p h ly selective in his reading forecasting statistical errors steelworkers in the last IS so yesterday. Of course the only was v accepted for melting sh|p memorandum fjjg? T» r 

ven^anoarentlv simple matters rotber than real events. months have agreed to closures whole episode was extremely un- debate after some back- really meantiT For a start, Bil- tation ends and dm. ns begin, favoura bly on- Mr. Varley s offer 

ven apparentiy simple matters _ . . . . (hr u r .hn meoba had h«m ston is the flr&ulant not sincled According - to BSC all that of six trade union seats on the 


If the corporation’s air of is the ^corporation’s strength on the Beswkk list The present , Bat in the "woe breath, BSC 
injured surprise was less than and the anions* weakness in the ease relates more nearly to that has been saying -flat its inten. 

3 . _ . f bargaining game that is now of Clyde Iron in Scotland which .tion to take out two at the four 

convincing and privately its bec ^joj a little confused. The was shut with the consent of furnaces was— although Slacr 
officials were conceding that a £ac£ o£ the unions’ negotiating the workers, but without cob- One qf the proposals of Ifay SO 
danger had been dropped— weakness helps to explain why saltation with the unions. It for . total closure— merely a 
then the same might also be the conference reacted so also follows Shelton, Stoke on response to the fall in orders, 
•add of the leaders of the ISTC. angrily tfc the Bilston memoran- Trent, another Beswick plant The plant had been preferen- 
.»» wn c._ *, Ane —i dum and so enthusiastically to where iron and steclmaktog tially loaded recently to sweeten 

Mr. sm WIS. Its general ^ annatacement that a strike ended last Friday and wjwse the atmosphere, but the -order 
sectary, is also ch airm an of was on ^ card5 _ closwje, the unions say, %as book baft taken a real turn far 

the TUC Steel Industry Com- q n ihe&rst reason for the out- poshed through before cuhgul- the .worse. In other words. -the 
mittee which on May 30 had So u«|» 1 f ution had run its course. 7: melting shim memorandum 

SrSfShSS S m^rSdim^ppcSd to The wostera at Shelton, un {Jjm Mjf vety badly 

2L“? V^ ThklettS prove s#erfuge, and it feU in spite of eight years' campato- with Sir 

*5?* to «scl die miiffle of a fierce and ing by their shop stewards, Charles’s speech at the ISTC 

«inpetPd thartwo nf the onen anxious fcerably of union acti- were at the end split on whet%r coa ^' w f* J ™ Wvgra say 

pLhxwTta vists whcSut jobs before sever- to fight, and negotiations are atJeasitwo d lfTeren t thing* at 

^ arth JlJ! QaC ^^^!r t auce payments. now,. supposed to start «* dnee. That is one of the penal- 

go from August 6 the t . H -j redundancy terms. ■ of decentralisation. But 

announcement which upon BSC coma not have devised a . there Is unto wnmW thii 

reaching the works caused this better waftof forcing the nego- ‘ unions have found the explana- 

week’s outcry. Although the tiations mz climax nor of test- the Bilston 15 Mon dUScnlt to swallow- P 

corporation would not say so, it ing the^jeal feeling of the e very branch of every union ‘ 

dearly feels' that Mr. Sira has unions. this apparently was there has vdled to stay and _ ^ ^farttor _ confusion has 
been unpardonably slow to not the effiporation’s intention: fls3% includlii the blast fur- arisen from the fact, that the 
respond toiSinviStion to talk nor is it ipkely that it would nac^toen (who lost their furnace corporation J^agreed to wlth- 
about Bilston and even some- have kno*ngly risked knock- lasr.October). At Shelton they draw the offending memoran- 
what disingennons in calling ing such afhole in its industrial told: their union they wanted to dum, but without admitting that 
down a storm a month after relations. Scidentally, the ISTC go- - *oy wrong had been done or 

tSTproposals’ were put before was alreadjsmarting from the -Sir Charles Villiere, BSC wy pn3 f®$i r f s preached by 
h,m.. tone of a |eaked Conservative chairman, has repeatedly said putting it out in the first place. 

Yet there is no doubt that Par ^ which sug- how much he values wnsnjt*- What has happened at Bilston 

.ven if the KTC leaders were jested thatjteel unions were a tion with the unions. The Gov- —whatever the eventual fate of 
taS £ tifefSre » -"ft- tarft in ^ any confron- ^ment has repeatedly aM te plant and its 2.400 

rom thev were verv much at a taUon - I th ^ evei T ^ musl *« tak £ n — will no dnuht 

loss to know-how to react. Mr. There arelfceveral other good with union consent ajbnf* the rabftorce- the, corporation's 
Sirs on Tuesday threw the ques- reasons foif what happened, ff! viability. Thus the desire to bring in its proposed 
lion open to his conference on apart from tie technicalities of BUston debacle well illustrates joint union-management consul, 
m emereenc^ resolution which the argumeifc about what the the: problem_ of defining, let ration comm i trees at toll levels. 


-spondingly worse. enable us to see over tern- biggest steel union, the Iron and political consequences. iase cue wuirey run. 

- . porary obstructions. This can be 

reflection instructive when it shows us m ■ . ; "H 

, that certain, problems which r ■ 1 m~. — . — 

None of the available fore- ma y seem local and recent — the ■ |l |J C; I OO I f 

sLs, it is true, is particularly growth of the pubtic sector, the III I. ^ I m. /FT I WW I 

eerful; but even that fact, drift out of manufacturing — ^ * v 

we will see, can be at least jiave been proceeding for 

1 much a reflection of the past decades in all industrial coun- o,, ARTHUR QMITH R 

• a projection of the future, tries. However, projections of By AKmuK »WH>n» p 

rri HE STARK outlines of earlier this week of a letter closure of East Moors and 
fn ^ twf I the British Steel Corpora- from local management indicat- Shelton, the Bilston workers 

ier£5re -\u?ZdZt£Z KrAcK A 1&32? « ing that from August 6 two of have been quietly assembling 
md ^MPa^nti? aSffiSrite- R^e’s foSt tolOTO ftwwe “ore than a physical shadow the four open hearth furnaces their arguments and planning 
e estimat^whUe ie lS woSd soo^fdTe of poU^n over the life of the Black currently in use would be a campaign. “We always knew 
» -*oes on. or run out of raw materials Country town. What goes on closed. The proposal was to Bilston would be at the heart 

IT . .. when such trends are noticed^ at the works is the main influ- stop all steel making by tiie of BSC efforts to contract the 

The thing that most strikes so mething about ence upon prosperity and end of October, and all rolling industry,” Mr. Turner says. 

2 lay reader of. economic pro- **5^ t0 do something about Ensabe th. the blast by next March. Y The significance of Bilston is 

uTwnl 15 Thp «atpmpnt that if thinpc £uraa ce which dominates the News that BSC has withdrawn that it is the first of the plants 

ve become notably more The statement that if things sky ij np ^ a^eady idle, moth- the letter travelled &iickly not named for closure under 
lccurate and more numerous don t improve, they will not get last October in response through the plant yesterday at the 1975 Beswick Review of 

SV\TSt “2S SZS2ZSS*2£F-5!l to an earlier cash flow crisis lunchtime. Workers crow Jed in BSC plans to rationalise the 


The steelworkers’ fears 


By ARTHUR SMITH, Midlands Correspondent • 

T HE STARK outlines of earlier this week of a letter closure of East Moors and to the market” Sir Charles even Mich a policy would moan strong membership";, of the 

the British Steel Corpora- from local management indicat- Shelton, the Bilston workers said he was confident that steel- the pha sing out of around 1*400 Trades Council in a series of 

tion plant at Bilston casts ing that from August 6 two of have been quietly assembling making would “continue uhtil jobs .but says “a mptiem “days of action” to attract 

more than a physical shadow the four open hearth furnaces their arguments and planning 1982 plus," although he wwrid efficient sHmKrre enterprise ” attention to the unemployment 


ader of . economic pro- LO 00 * ooul morale. Ensabeth. the blast by next March.' r ' The significance of Bilston is Managing Director, told % work force is unskilled or senu- 

52, “ that forecasts “ - _ furnace which dominates the News that BSC has wit&rawn that it is the first of the plants works council that “like thj&JJJJ ^ ^ skilled. Nearly half the men 

ome notably more The statement that if things skyline> ^ a^gady idle, moth- the letter travelled Sickly not named for closure under rest . of the world we nnuratirf It onit twS are over 45 y« ars °f *S e - The 

and more numerous don t improve, they will not get j^gjj last October in response through the plant yesterday at the 1975 Beswick Review of demonstrably wrong in onr fore- f h fear is that the younger and 

iwem years. The numerous- any better is not an impresswe t earlier cash flow crisis lunchtime. Workers crowJed in BSC plans to rationalise the casts of what the future pattern Mfcf mSSinal 7 ’ The steel bettor qualified will move out. 

VJ iS 6 *??? !S55 but Jt bC a “““ within Se ^te corporation. tSe social club hendde/it as industry. Both management and Remand would look Mke.” mo J chS u * settine ^ a ? e “ d “ ciaI 

V, 2 m °1SS Local people have tived with a first-round victory in what mnoiis are thought to be con- He called for immediate discus- Where?! ™ oC } h e distrIct - 


n produced consistently . ... 

iable forecasts, there would The humility 
little room for any compe- „ . . 


Local people have lived with a first-round victory in 


I the fear for nearly 13 months they expect to become a long.sdous that the speed of run- sions as there would be no _ X But the immediate cause of 

now that steel making might battle. Mr. Dermis Turner, 3dowh and the terms on which it mcedy requirement for steel union argumen^: about the the present bitterness are the 
’ 6 - - ■ - • T - - • — • social and economic damage alleged .. dev i QUS actions of BSC 


Turner 


n (there is nooSSuTSS Keyoes hir ^- lf °nce hoped end ’ altogether and the 2,340- chairman of the /ction commit- Is done will become a precedent making at Bilston in 1980. Sd wnJ alleged " de ?° US a S? ons $ ^ 

the Met Office because the **“* economists would become strong workforce be made idle, tee set up to eyhpaign for the for possible futiire closures. Tbe action committee matin- K. ve pnfnpri d management. Mr. Turner 

{ oS5 Sdly “orecaTte humble b “t useful technicians. The immediate effect would be long-term future of the plant For the Bilston action com- tains ^ after that announce- SSord i£r dmariS ur ^mplains: “They talk of con- 
her Wftin inVrn.™ plumbers. At tiie moment to lift the present 6.3 per cent does not minimise the size of mittee. closure is unthinkable. ^ . j(rint union^Mmagemeut SRSn^c ^ saltation bm there is none. 


her well! The inaccuracv M*® plumbers. At the moment to lift the present 6.3 per cent does not minimis e the size of mittee. closure is unthinkable, a joint union-maDagemeat Riisren 
v innir »V firct ej n h. Ktl the techniqueis unequal to the local unemployment rate close the task, buy Insists that the It cites Sir Charles Villiers, the on idled nnssihie i!i 0 ° 


sTloSTat firet ZSTlS V 1 * technique. is unequal to the local unemployment rate close the task, buy insists that the It cites Sir uuaries villiers, the "studied the possible They are waging what amounts 

L ilian;, w i t strains imposed on it and per- to double figures. Other jobs debate will Ae kept rational. BSC chairman, who on Novem- and TLJ^d a EESSSS?* BoroitiJi of t0 a psyrfiological campaign lo 

t P inevitable in iitoe rf in self-defence the humility in dependent companies and “We have arguments which on her 26, 1976, told the woita offer BaSa^rofit- undermine the morale and con ‘ 

5«Tup?eavaL %« flown out of the window, service trades would follow both commercial and social council and management: JT S fidcnce of ** wor “ orc ®- , 

_ P Economists are too ready to use quickly. A warning that it grounds w? believe are unans- promise you that BSC is at Bil- ** 1116 actioD commjttec believed 

.01 forecasting techniques their tentative analyses as a might prove difficult to snatch werahle. Au we ask is fliat ston to stay. We are not going JJJf ISmT iT rESSn - 7 T°J;' cutba< ? s toa.1 BSC was trying to create 

t basically on the idea that reason to proclaim doom, or Bilston from its “spiral of BSC will, listen with an open to abandon it" ™ m activitf by other companies uncertainty which would 

lory in some sense repeats recommend violent reforms — a decline” has already been mind,” he says. f He praised the speed and n ~ cin ^. bas cost! further 5.000 jobs, encourage employees to drift 

^’, bu J wben 0,6 shocks suf- siege economy, a State take-over issued by the Wolverhampton The most heartening aspect efficiency of the workforce, tire J 0 !; ns facuJl fi es I local trades council will away. from the works. “Mr. Eric 

2d by the economy are with- 0 f investment finance, or a sole Borough Council, the local of the events of the last }two quality of the plant, and pointed aiop stewards argue that lead a deputation to the TUC Varley, as a Labour Minister, 

1 .precedent, as they have reliance on monetary manage- authority that embraces the days, according to the action out that the works was “in the programm e co uld easily headquarters on Monday to must intervene to maintain the 
n in recent years, there is m ent Those who work in the town. committee, is 'the support given right place and there is .have been financed from the express concern about the dignity '.of these working 

past which can repeat itself, relatively healthy real economy Against that background it it by unions throughout llhe nowhere else in the corporation, 1 22.1 m profits the plant had threat to jjtilston and other jobs people,” Mr. Turner says. “This 

this means that recent fore- should not be put off by this is not difficult to appreciate the industry. While national alten- on the edge of the Black made over tire previous five in the area. Flans are being situation must not be allowed 

is have not only contained bluster. emotions aroused by reports tion has focused upon She Country, where we are so close yeans. Mr. Turner accepts that made Log involve the 35,000 to continue.” 


trades council will away, from the works. “Mr. Eric 
illation to the TUC Varley, as a Labour Minister, 
■s on Monday to must intervene to maintain the 
>ncem about the dignity -,of these working 



otters to the Editor 


ropeans 

n JWr. J. Bourlet 
t, — M alcolm "Rutherford's 
ie reluctant Europeans of 
ain" (June. 23 is a fascinat- 
and useful account of 
deal attitudes and cynical 
es within the major political 
ies. 

p fortunately, however, he 
ises to assert an economic 
t which is totally at odds 
< informed analysis and 
ion. He states that member- 
of the European Economic 
munity is (economically) 
seficial to the country." This 
iment is reached after 
Ting to various occasions 
1 the British Government 
lartlcipated in EEC attempts 
lanipulate markets for the 
fit Of European producers 
. the textile negotiations) 
iiy at the expense of can- 
*r interests. His disclaimer 
itter. cheese, sugar and meat 
iletely understates the costs 
■itain and the entirely justi- 
frustration and sense of 
■ge felt by those best able 
ipply the British market in 
ralia. New Zealand, and 
'here. 

ght I suggest, with great 
■Ct, that he should “check 
as one recent example of 
informed assessment, the 
e by Wynne Godley and 
s. “The costs to Britain of 
■ging to the EEC." in the 
h. 1978. University of Cara- 
e Economic Policy Review, 
point is there made that 
in's gross national product 
be as much as £3bu per 
m higher if Britain were not 
raber of the EEC. 
s Bourlet. 
or Lecturer. 

rtment of Economics and 
iug). . 

jf London Polytechnic, 

*1 of Business Studies, 
oorgute, E.C£. 


engineering £ fraternity are Furthermore, in the event of a great difference in the judicial ultimately agrees Thames Water was on my breakfast table the 

already “sold-r on this principle, continuance of the pension not systems of the United States and proposals. following Monday! What more 

The message it contained criticls- being wanted, the capital sum is this country, which contributes There is, however, nothing in can one say? 
ing the UK's' adherence to the available for a legacy or to help far more to problems facing his further letter that causes me I should add that my local 

rewirable futije when the much meet the bills that invariably American manufacturers than to alter my original view that post-box is in fact situate in my 

better solution to electrical pro- follow a death — be they from the does the mere, introduction ok a ft was misleading, dishonest or front garden: would it be that 


lection in tire form of circuit tax collector or undertaker. regime of strict liability. * untruthful (1) to give a clear this guarantees me special 

breakers is ’available, is very One important detail should T. W. Marriott £ Implication In the leaflet sent treatment? 

appropriate. Many less developed not be overlooked, namely, 13 . Clarendon Hoad, - out with accounts, which was J. H. Hurst, 

countries thin the UK have whereas pensions are usually Nonoich, Norfolk. obviously designed for private “ Jasmarda ” 

abandoned tire rewirable fuse paid monthly and subjected to : householders, that the charge for 20, WHberforce Road, 

because of its Inadequacies and tax according to one’s circum- sewerage was unaffected by the Coxheafh, 

it is time we followed suit stances, dividends are nearly tiopetul ■ new system of billing, instead of Maidstone, Kent. 

We cannot support Mr. always paid net of tax at stan- w . • ..an Indication that the average 

McDowell’s suggestion that 80 dard rate and. give rise where trrom but. w. Newuma t total charge by the authority for 

per cent of electrical contractors appropriate to a reclamation of .. in Iran Mid travql- private householders would be CrOnVeyonClttg 

do not know how a circuit tax. !“* throughout the Middle East increa sed by about 14 per cent: Frnm 

breaker works. We are of the S. Lupin. J? 6 ?? 15113 SS 811131 r ®f t J u je’o£ (2) to encourage, by the details BrSah^L e^^Ssocurtion. 

opinion that increased cost is the 99. Randolph Avenue, W9. the Financial Times and 1 have f n the longer information sheet, sir isProfS?^ Tl R 

real stumbling block. Only a few 0fli / ^ s «* n ft,?*™* 6 , lss? ? e the belief that the increase ii Vif.nVffn 'nS 

pounds however is involved and Capital and read Mr. Gillilands letter average total charge for la of fSSadou 

related to the cost of a house From Mr. M. Pildi about charges for sewerage by private householders might be , „£ 


real stumbling block. Only a few ^ -.i 3“^ s ®f n J®. ,f an ® 6 , ls< ^ e the belief that the increase in Mvddeltm f 'not 

pounds however is involved and Capital and read Mr. Gillilands letter average total charge for m^wfao is S “of faUadoSs 

related to the cost of a house From Mr. M. Pildi about charges for sewerage W private householders might be 

and the extra facility offered the Sir.—Your correspondent Eric the Thames Water Authority, about 7 per cent. . nVttH n f ?r » 

grtrawou'd hard., be noticed. Short aUht turve ^tend^hi, ^ , The magnimde et the increases S£ SttS, ^ 

. peoslon schemes in the_ private own a nouse in an i uea servea may be mee ting nearly all the tion. Competition within the 

Pensions sector make special provision for ^y the TWA and I have read the iQ Cre ase io Thames Water's profession remains bppancp 

tensions members retiring In serious ill- statement which accompanied revetme ^ ye aT If I am blients mav SnsJtt anv soS 

From Mr. s. Lupin health. In such circumstances it 1 *5“®^ correct in this conclusion, I tor of tbelr choosing. 

Sir, — May I propound that your >s often possible to exchange the JJ^ch expiated, or tiled to, would like to say that not only 

columnist. E^ric Short, when whole pension, and not merely a “W water rate had increased j S j t a most undesirable step for S v«“ p ® n : 

referring to pensions last Satur- proportion of it, for a capital alarmingly. ■ Thames Water to take at a time fRF„ „ „5?/l a JJL„ a, 5nv s ? ,r ’ 


demanded -by the TWA or is view that Thames WaJi? has ma * be 


articre. Lowndes Lambert Group. demanded by the TWA or is view that Thames Wstier aa» flmn | nuo j tn -- 

There can be little doubt as P.O.Box 144, that too naive of me to expect been guilty of attempting to e “P l0 yf“ to Ay aircraft, 

to the benefit and advantage of Norfolk House. Wellesley Road, any such simplistic a solution? “ pu U a fast one" over the , “.^-Monica Vincent (June 21) 
commuting as much as possible Croydon. £. e T ha P. s Mr - Gilliland or Mr. domestic customer and the hooe ,s rigllt a dust ' 

of one's pension In addition to Thirfcell will tell me. that it will in some wav be ur£ *? a ? a fellowship or 

at the beginning of Products T “ awfu[ suspicion that ven ted from making the - fairly “f^nxely tiring 

Mr. Shwt’s article. rrUU f. Cl * I shall end up paying increased substantial increase" in chars es 2 s he J!” mIcl Probably need to 

Based on the premise that the From Mr. T. Marriott charges to both the TWA and the in 197&^0 which Is forecast in 2°.> a *5 0 ‘ h ? ar week - He would 

pension would be one-ninth of Sir,— I am sorry to see that ln local rating authority hut I am the information sheet* w d . urs and work of a 

rfie capital sum, an immediate his report (June 23) on state- ever hopeful. Thirfcell busy solicitor no less long or 


tection 

the Commercial Manager. 
Crabtree and Co. 

—It was refreshing to read 
national newspaper such as 
own Max Wilkinson’s 
e on circuit breakers in the 
20 edition. This sort of 
enl is usually confined to 
.echnical Press and the 


return of 11J. per cent is offered meats by the consumer associa- Wilfrid Newland. 
with the likely extinction of the tlons and the CBI, on proposals Kouche Hooshang No. 7, 
capital sum on the death of the for reform of the law of pro- Tekta Avenue Taj-rid t, 
pensioner and certainly s o on the ducts, liability David Churchill Tehran, Iran, 
demise of his widow who may repeats the canard that in the 
have been in receipt of a diminu- United States last year there was Water 
tised pension prior to her death, estimated to be lm products From. Mr R. Thirkell 
Maximisation of income being claims filed. The Interagency Sir. — I was most in t ere 
the advice, to, and target of, the Task Force report published in read the second letter o 
retired, a short study of the gilt- November of last year indicates 22 from Mr. Gilliland. ’ 
edged market will show that 12 that there is no foundation what- Water director of finam 


3, Clifton Road, 

Alexandra Park, N22. 

Posties 

From Mr. J. Hurst 
Sir, — Without wishing 


demanding. I am sorry that Mrs. 
Vincent suffered the misfortunes 
she describes, but that does not 
make her an authority on the 
maze of complex statute and 
common law which governs enn- 
veyancing. She is clearly a vie- 
™ tim of the superficially plausible 


per cent plus is readily available, ever for this sigg^tion and that pa^cuUriP to note that h4 now RMreSRiS ormainlya matter ofWm W 
With no risk whatsoever, income for the year 197# the total nun-. admits that the increase in Hie 5 Kent ^ y P In ., the P“btic interest it 

could be increased by at least her of products liability claims average household bill for water As though spurred on bv mv Jh* S F^° nt nu ^ t0 be done within 
9 per cent or £10 per £1,000 of filed was between 60,000 and and sewerage in 1978-79 will be previous comment rp «ur framewotk of the legal pro- 
capital. To addition is the cer- 70.000. There is no reason to far higher thSn tire average “ °d£n5 HS S 1 

tainty that the capital sum vnh expect the number in 1977 to be figures he previously quoted and agaS I posted a lette? at 9 0 SfcA^„,7« k L w,shes 0 und er- 

t a in SS f f much nearer to SrSS 2 ™ toSSSfor P B* T" Mnveyancin S- 

return to the next of kin regard- Moreover, what does not that is, about 14 per eentor 17 of the d-iv r* Sa ^ 

Jffis of use and/or rel.tiomhlp, emerge from thu report is me per cent if tHe PrtSe Commission ing) Be^eveU or ^Um^T, Wells, Kent. 


Tht~xyyal Navy 


The Merchant Navi 


special J T/ie Soya! Marines 


Our Sshermen 



Their disabled 


‘Their pensioners. 


Their widows 


Their children 


Kiiig George’s Fund 
J for Sailors 
loJks after them all 


j this Country or ours, there is ho-one who is 
nected with the sea. 

If the food we eat comes : iT!6m across the sea. 
housands or us, our relatives or friends are 
present members of one of the sea-faring: 
, or of an industry dependent on them. 

ere arc many charities for seafarers and their 
. One, only one. however* is the central charily, 
with collecting and providing funds for afT 
:afarers' charities, and with making sure that 
ey is distributed where it can be of most use. 

That central charity is King George's Fund for 
Sailors. Launched in 1917 at His Majesty's personal 
wish; KGFS distributes funds without distinction of. 
service, of rank or of creed. The sole criterion fs'to 
distribute the money to the areas of greatest need. 

/When you want to remember aur seafarers who 
are in need, remember King George's Fund for 
Sailors. We’ll see to it that not one penny of your 
money goes to waste. ' 

cPJease send your donation to > . 


K \iP Kiiig George's Fund for Sailors 
V*. 1 Chesham St., London SWJX 8 NF 

THE FUND FDR CHARITIES THAT SUPPORT SEAFARERS IN NEED AND THEIR FAMILIES 








o 

le 


Financial Times Saturday July 1 1978 


&r*>- • 
tipK t: 

fSatjtsi 
***(£ = -. 

r£y*r- a 

;?0. T ( ' * 
ft RM>r. • 

■■in L.vi. 

4 atjr' fer' r - 
»c Sii*ir- 

«&- K 

■ ^v" - • 
>Kn': 
ft$ Li 


es 



the 





war 


BY ELINOR GOODMAN, Consumer Affairs Correspondent 


snorniw PATTERNS have 
bwu thoroughly changed since 
Tesco just owr a year ago 
&ittittiil«*d -ihe heflmning of open 
warfare amorvg supermarkets by 
dropping trading sumps and 
going all nut for sales. Tesco's 
sales have shut up almost to 
Tho £lbn mark: millions of 
pounds nf husmess have been 
taken away front other traders, 
many or them, but by no means 
all, independently run. 

The ripplea caused by Tesco's 
lircisinn to cut gross margins bv 
four or live points have spread 
through out the grocery trade 
and there is no immediate pros- 
pect of much more than a short- 
lived summer calm. Super- 
market leaders are only half 
joking when they privately sug- 
gest to each other that if one 
chain were to ease its prices up- 
wards. they would follow. But 
while margins may edge up- 
wards later this year, the feeling 
ainnng many leaders in the 
grocery trade is that they are 
extremely unlikely to recover 
m the levels of before last June. 

With large new stores .being 
built all the time, there are 
simply too many shops fighting 
over the housewife's purse for 
there to be any sustained lessen- 
jng of competition. 

Virtually no contender in the 
price war has survived without 
some bruises to nurse from the 
last 1:1 months. Tesco's own 
sales may have leaped 43 per 
cent since it launched Operation 
Checkout, but despite this 
massive sales increase, pre-tax 
profits were 5 per cent down 
during the year to the end of 
February. Sainsbury, which 
reiaJialed in January with its 
own discount campaign, man- 
aued to increase its pre-tax 
profits for the year as well as 
boosting turnover by 22.2 per 


^Weekend 

.V 


Cbeggf 






/ mffnesr 
WO0SMN61 
. trmM*A 






HfflHVaMattlMtt 


cent. But its net margins fell 
too in the second half. 

Even the northern-based Asda 
chain, which has more experi- 
ence than any High Street 
supermarket multiple of dis- 
count selling, had its net margins 
trimmed while the growth of 
other regional groups, like 
Hillards, has been slowed down. 

Two groups. International 
Stores, the BAT subsidiary, and 
the Debenhams food division. 
Caters, have been pushed into 
the red and practically every 
company chairman with an 
interest in food retailing has 
warned shareholders of the 
impact of the price war on 
margins. 

According to the Institute of 
Grocery Distribution, super- 
markets’ net margins narrowed 
from 2.1 per cent to 1.8 per 
cent last year. Net margins are 
The product of a number of 


c# 


factors but the biggest single 
cause of this narrowing bas 
been the cut retailers have bad 
to make to the mark-up on the 
goods they sell. Gross margins 
throughout the industry have 
come down by at least two per- 
centage points since last year. 
With food sales down 4 per cent 
in volume last year, practically 
every food chain decided that 
the only way to support sales 
was to emphasise price. 


Ranking 


All this has shaken up the 
traditional ranking order in the 
industry. If proof were needed 
of the importance shoppers now 
place on prices, it is the way in 
which trade has shifted. 
Broadly, business has gone to 
those groups which have made 
the most dramatic (and best 
publicised) cuts in gross mar- 


gins. According to a survey 
carried out by the AGB research 
company, and based on a list 
of grocery items with big sales, 
until last June Tesco ranked 
14th in terms of stores offering 
the lowest prices and third after 
the Co-op and Sainsburys in 
terms of sales. 

In June it leapfrogged Sains- 
bury, Fine Fare. Mac Markets 
and all the other High Street 
chains to become the cheapest 
group in the country except for 
Asda. Since then its ranking in 
the price league has slipped 
slightly, with two other regional 
groups, Morrisons and Hillards 
outdoing Tesco though still 
behind Asda in the price league. 
But Tesco has held on to its 
sales gain in a way that few 
of its competitors expected. 
Today, it bas around 12 per 
cent of the packaged grocery 
market as monitored by AGB 






Don’t cry 
for me 

The official FIFA report that 
more fans. 1.7m, attended the 
:;s matches of the just termi- 
nal - hI World Football Cup in 
six Argentine stadia, where 86 ■ 
p» , r cent of. the tickets were.; 
Miiil. more' than in any 
previous World Cup. does not 
hodn lo explain jusl what the i 
c\em has meant for Argentina. ! 
-For the first liiut* in my life.” 
s.inl Rear Admiral Carlos \ 
Alberto Acosta, who was vice ; 
president of the committee • 
which organised the Cup. *T saw * 
all Argentina in the streets. It h 
was not. as it always was before, 
when some celebrated outside, 
while others — saddened— stayed j 
inside their homes.” / 





,■ <.#■:.• 
•B* : 




'■ 






• W 



against about 8 per cent last 
spring. 

The same correlation between 
price and market share is evi- 
dent in Samsbury’s perform- 
ance. As it improved its 
position in the price league in 
January, so it improved its 
market share from around 8 per 
cent to 10.9 per cent last month. 
Compared with Tesco's 50 per 
cent increase of market share, 
Sa'iinsbury's gain may not look as 
spectacular, but by the standards 
of any other year, it would be 

remarkable. Moreover, as the 

management emphasises, Sa-ins- 
bury's sales gain has been at 
least partly matched by higher 
profits. That is more than can 
be said of Tesco. 

Between them, the two groups 
have taken over £200m of 
annual sales from their com- 
petitors in the packaged goods 
market. The biggest losers have 
been the independent stores — 
whose share has fallen from 21 
or 22 per cent to 18 or 19 per 
cent — and those stores, like 
Wool worths, which make food 
only a part of their business. 
The Co-op's dominance of the 
grocery market has also been 
eroded by a further percentage 
point, though with around 18 
per cent of the market, as moni- 
tored by AGB, it still remains 
far and' away lihe biggest chain. 

Setting aside occasional 
monthly fluctuations, most of 
the big High Street chains, like 
Fine Fare and International, 
have been able to hold on to 
their market shares. But the 
profit figures show that even 
standing still can be an 
extremely expensive business in 
today's market. Had it not 
been for the fact that some of 
these chains are part of larger 
companies, they might not have 
been able to fight in the way 
they did. Moreover the growth 


SUNDAY — Prime Minister and 
Princess Margaret at Golden Gala 
to celebrate 30th anniversary of 
equal voting rights for women, 
London Palladium. 

MONDAY — TUC-Labour Party 
Liaison Co mm in ee meets. House 
of Commons. National Union of 
Mlneworkers conference opens, 
Torquay. European Parliament in 
session. Luxembourg. Prime 
Minister opens "Right to Vote” 
exhibition. Westminster Hall. 
Eight major international banks 
meet in Zurich to discuss Turkey’s 


of the regional discounters like 
Asda has been slowed down. 

As yet, there have been no 
major casualties, though in the 
two sectors worst hit by the 
price war, some companies 
have retrenched. Debenhams. 
for example, has pulled out of 
the development of very large 
stores, while British Home 
Stores has closed some of its 
food halls and converted others 
to self-service. 

Distributors are nut the only 
companies involved in the price 
war. Their suppliers have in- 
evitably been drawn into the 
fray too as companies like 
Robertsons. J. Lynns, and Heinz 
have pointed out to shareholders. 
The price cuts plastered over 
practically every supermarket 
window in Britain are the result 
of a series of complicated 
negotiations between manufac- 
turers and retailers. Some manu- 
facturers, particularly those 
making less popular brands, 
have come under increasing 
pressure for bigger discounts. 
Some have been able tu resist 
this presure. but even those that 
have are alarmed to see their 
brands selling at cost, or even 
below, in some supermarkets. 


U S. This would mean an end to 
the kind of discount which i? 
simply related to volume. ;nd 
from which groups like Tosco 
greatly benefit. 

At presem. the various trade 
organisations tn the industry are 
only just beginning lo formulate 
tbeir positions — and in the case 





Emotive 


The whole question of dis- 
counts is likely to become a 
major issue over the next few 
years. Some say it is of far 
greater long-term significance 
than price controls, which have 
been the most emotive subject 
in the trade for the past few 
years. The Monopolies Commis- 
sion is studying the subject and 
the big question is whether it 
will come down in favour nf 
restricting the amount of dis- 
count to the savings in costs in- 
volved in servicing a particular 
customer — as is done in the 


.Wit.'P ,1 %lm mil 

Mr. Ian Maduurin. managing 
director of Tesco. 

of sump or l hem the process 
looks like being a very uncom- 
fortable one because the trade 
is sharply divided between 
those who favour discount con- 
trols and those who' would lose 
by them. (Bruadly. most manu- 
facturers seem to be in favour, 
along with small retailers, while 
some of the lug supermarkets 
are firmly opposed to controls, 
but there arc splits in all the 
camps.) 

The Monopolies Commission 
investigation will go far beyond 
the food trade alone, but the 
price war has focused atten- 
tion on the way buying power in 
the grocery’ industry is being 
concentrated in fewer and fewer 


Economic Diarv 


debts. CBI Monthly Trends 
(June). Hire purchase and 
other Instalment credit business 
(May). Retail sales (May-final) 
Conservative Party rep'ort "The 
Engineering Profession — a 
National Investment." Mr. . Roy 
Jenkins, European Commission 
president, opens Royal Agricul- 
tural Society Show, Warwickshire. 
TUESDAY— UK official reserves 
(June). Capital issues and 
redemptions iJune). House of 
Commons debates employment. 
British Steel Corporation annual 


report. Austrian Chancellor 
Bruno Kreisky in UK — attends 
opening of Anglo-Austrian 
Society’s House with Mr. James 
Callaghan. Mr. William Whitelaw. 
Conservative Party Deputy Leader, 
at by-election meeting. Mass-side, 
Manchester. 

WEDNESDAY— Commons Finance 
Bill report stage. Monthly meet- 
ing of National Economic Develop- 
ment Council. Prime Minister at 
National Health Service 30ih 
anniversary reception. Lancaster 
House, SWi. International 


hands. Last wear the multiple 
groups' share of the foud trade 
increased hv another 2 per 
ventage points to 52.5 per cent 
and. despile the efforts uf some 
of ilu* voluntary groups, like 
Spar, the signs are lhat the 
trend is cuminuing this year. 
Unless shoppers become less 
concerned about prices, the 
independent sector seems bound 
to suffer mure. 

Overall demand for food has 
Increased this year and this 
might suggest that housewives, 
wilh a little more* money in 
their puL-kets, would be pre- 
pared in pay a link* more foi 
groceries. Certainly, retailer? 
no»*d to increase cither theii 
margins or their volunu 
because as things stand then 
costs look tike going up fasten 
this year tnan ihe price nf th» 
goods they sell. Some in th« 
trade have taken heart fruit 
Tesco's 5 per cent fall in pre 
tax profits and argued that th* 
company will have to star 
easing its margins upward 
shortly if it is pi satisfy n 
shareholders. 

Bui while Tosco did not. a 
some people expected, mark th 
anniversary of Operation Chect 
out with a renewed price can 
paign. the management says ■ 
has no intention nf rrlaxin 
Ihe pressure, and even if it th 
case up there are always group 
like Asda around to tak 
advantage of any such mov* 
According lo Mr. Ian Maclaurn 
managing director of Tesco. th 
company will try tn increa- 
ils sales of the mure profit a b' 
non-food lines this year but wi 
retaliate against any gron 
which tries tn undercut i 
prices. " Last year was tl 
year we changed directio 
This year we will show pcop 
lhat we can make money m 
of it." 


Monetary Fund gold auction. 
THURSDAY — -Two-day Europe. 
Council summit meeting opens 
Bremen. Housing starts and co 
pletions (May). Scottish MI 
Marketing Board annual meetir 
CBI conference on mdltinatior 
lending agencies. 

FRIDAY — Meeting or Gi 
Finance and Establishment Ca 
mittee. Personal income, expe 
dilure and saving (1st qurate, 
Gross domestic product (1st qu 
ter— revised). 


rfshleu jlstariK'd 


Michael Sumner: see Expansion by Design. 


inside their homes. / 0f course, the regime is Sea-ttie. Like Lnitasun, Gussdes was being constructed. Kennedy 

Admiral Acoste was refeffj? basing its hopes for Argentina’s has been looking for three 737 Sumner was invited to take part 

ing to the "drunken feast witji- rebirth on more than ihe victory jets and while everyone is being in a design competition for the 

oui alcohol, as a West Geripan 0 f Argentine national foot- cautious about the orders it interior design. In May the 

correspondent accustomed to ball team. Of much more sounds as of the signatures are team knew it had won — against 
the alcoholized camivq/s in importance is the fact that there in pencil and only await Italian, French and U.S. com- 
Colopae and Dusseldorf— Argentina could bring off some- a j ew - contra dural details to be petition. Their presentation 
tenned the mammoth 'celebra- ^,-j^ so extensive and com- sorted out before they become budgeted for a cost of 61.1m but 
turn, reputedly the biggest m p is ca ted as a World Gup in the -past j orm tlussies ^ finaI bil1 was in fact $74,000 

history resulting from a sport- face o[ Sl) much hotility from wowld not g* t much change 3es *- . . , J 
ms event, which erupted up and abroad and .-.isurances. from £2 0m for such an order. . This J^luded making, supply. 

down Argentina after the 3-1 especially in Europe, right up to but the ca£ , h , would conie from trig and installing carpets. 

Mrtory over Holland. t h e eve 0 f the opening match. fm . 7hllSE ctimD j es interna- fur0,ture ^ fittings. The 

Apparently no Argentine t h at chaos reigned. Montonero , K nam .i r|ia deals which are furniture contract was awarded 
stayed in his home saddened, guerrilla threats somehow to ^ * lim ft rtani fp S to an Italian company in Milan 

unless it was Jorge Luis Borges, embarrass the regime while the C0 J un ? n . ,n . <liese wrc “ i n starMres - which had had a lot of experi- 
»h«* country’s leading man of world's attention was focused on *° ormaaa may well have six enee j n the Middle East, but the 
Jet uts*. who repudiates the the games produced v irtually no n . ew Boeings and two new air- contract for carpets went to a 
l- Ti-jhsh Tor introducing "stupi- incidents. If any further proof Mnes l ‘^ s time n€Xt - vear - British firm. Treanor Derry, of 
dtise* such as football.’' Young were needed that the guerrillas Suggestions for names please Hampstead. Three people 
and old. Peronjsts and anti- f, ave been defeated in not to me but to the co mp a n ies worked full-time on the Club 

Peronisls. were on the streets Argentina, the lack of blood in concerned. contracL using a team of 10 

waving, not their sectarian t h e streets, and the scant - people when necessary. The 

tlsigt. hut flags of identical evidence even, on the television FynSHtQinit manufacturing period lasted 16 

colours: the sky-blue and white screens around the world, of tAflflllglUII weeks: all the component parts 

of the national banner. Truly, security precautions, may be j were transported to Ravenna for 

this had not happened in said to have satisfied the need. Dj QCSIgfl containering to Riyadh. Instal- 

iR-knighted Argentina for at The Junta, h.’wever, Today Rhaled of Saudi ,ation took a further ei S ht 

least a century, if ever. apparently realise that the Arabia officially opens the new w ‘ eeks - , . , 

After eight years or warfare attacks on them from abroad, Equestrian Cftb° P irf Riyadh Kennedy Sumner's original 
, ,* against the guerrillas, and a because of their human rights And among the guests will be desi S n Philosophy was to aim 

• ; pariisju division of the country record, will not let up until Mj C li a ei Sumner of Kennedv for a c0nsisten l theme based on 

s i» huh liztw virtually from 1810 they either release or charge the s umJ ,er British inferior design the atni0S P he re of British clubs: 
when Argentina proclaimed its more than 3,000 jailed on sus- consu it a nts. Kennedy Sumner's cool » comfortable and conserva- 
ii’dvsviulencc from Spain, the picion of being invok ed in sub- ^reer g0 t off to a good start in tive - A1] suggestions had to be 
rvp.jhhc was starved for a vie- version. The three members of jggg w h e n its first ever com- submitted to the Minister of 
i my which could be proclaimed Junta will be replaced this m j SS j 0J1 was f or the interior Finance and the Minister of 
»»> .til it* citizens, wen iC it was year, as from Augua 1 when design 0 [ the residence of Economic Planning with the net 
'iifh a •Muphlity ' as triumph Videla leaves the Junta to crown Prince Hassan in Aman. result that the design turned 

i‘‘‘ t:i ,i crucial fool hall match. "I’m remain as president only, and gince then, it has gone from out to be a little less restrained 

happy." <;m1 Acoste. "because they are determined io " clean strength to strength with a list an ^ slightly more American in 

-.Mill this world championship. u fr their ball as much as pos- of eminent clients the world influence. 

».• have def cnlt'ii iMeai." able." one Argentine observer, over j nc j u£ jing Stanley Kubrick. Nonetheless the final result is 
Im - *!ay alter Hie Final- Hie taken with the spirit »‘f watching Ri L -h ar d Burton and Siavros still a very cool scheme: white 
:: n:.(.-l 1 1* happened in 5 o much international football, jvjiarchos. walls wi;h shades of blues and 

F'a.-si d“ Mayo, ihe Buen.i> Aires terms it- Around 60 per cent of their greens for the carpets and furni- 

..ipi.irc — the will 1 *h ralntl ral- ^ work is for export and of that ture. Because of ihe intense 

l during the IVron years— pljtfhf about hair has been carried out wood, with its tendency to 

winch -tretciio out in front of 1 in the ^liddle East. Contracts warp, has been avoided. Some 

;mvmnwni huusu. Fm* ihous- n gfh worth over £2m were handled tables were made from marine 

.i»;;l riu'cruig school children. JimLI* j n ply which was lacquered and 


pM.vsng inpudent hooky, refused Leisure seems to 


Riyadh's new Equestrian Club 


m Va vo "tiie central suture of fascination for the expansion somethinq of a misnomer 

'w IVpuhiJc' until the Arsen* minded in Britans oca rdrooms. sinw lts 0 „, v UOIin ection with 


marble surfaces were used 
extensively. There is very little 
chrome or steel. Cotton was 


o.:i\ mane ijmuiis oj uiv jai«r 3 p pcar s, io be Mie cnoscii rariLic fflr the Saud j meritocracy, reiauonsmp wun tne muiisiera. 
•hi. i ii Tcron and waved to them. j- nr an al _* iai; k on UK disposable According to Michael Sumner it -ays Sumner. Indeed a large 
«*n!y the *l.»y be to re, it surely yjot much of that j s a cr0;JS between a country part of the continuing success 

•"‘ored to urlualiy no one that a j, ou i 7 Well Gussies .?eems to c j u b ant i rhe Athenaeum. And in the Middle East is pul down 
- :ch a balcony mviio would be j ;sa; , rt . e for Global not only lIie segregation prevalent in ;q this: "We understand their 
rm-siblc in Argentina lor years mle '^; 5 capturing *' a bigger gentlemen's clubs in this psychology.** 

«««»•- t share of the holiday market over country will of course be carried But now it’s back to British 

Tin* regime !*• doniu us hcs-i m ^ L / noxt few years" but is also to its illogical extreme in the phlegm and rainy London— the 
ca;*;t.thsi* o:t tin* World Cup ^1^., a < jnvesimeiti <^ipor« Equestrian Club: the women ne xt big contract is for a new 
v: - Tory ;?» a mu It: Hide Of way-. . aL . r0sS jhc whole will have separate facilities in- corporate headquarters in the 

al! ni them aimed at the launch- ‘ ‘ ‘ * f ^ leisure eluding tlieir own swimming city. 

«>< of -■n M * crj ni 1 he modern. -PV. ™.*. nnnl and saunas. _ .. . 



Quality m an age of change. 


'•s' nr "Lir m i.k' moQi.n. pool and saunas. 

^■r'lroui Ar-.’cutma which has ’ *' .I’*. ^ fjtai this is not Sumner considers it unlikely ContnOUiO-S. 

nrvr: reborn U! “J ... .jfj. c:i,ba! has followed Uie that male and Tomale will ever Robert Lindley 

nu.oyuiJ Ar ■••niDii'-m, ^ ‘ " kw irmr« mmi unrfor this nartifular roof. » iu..^ 


bv S’lSia. Satnt route Veceni !y taken by tours meet under ibis P^ular roof. Arlh{ir Sandies a 

idb*' n " : 01 A,r - S Tib ^ Christine Burton. 


r 




16 


Tfiwancfal Times SaturdayJuly '1 ’‘197& 


COMPANY NEWS 


Nat. Carbonising £116,000 in the red 


' BY ANDREW TAYLOR 

■ST 24 hours after revealing the 
agnation of chief executive Mr. 
;nnis Stroud. National Carbonis- 
.1 Company reports a pre-tax 
$ of £11(1,000 Tor the year to 
irch 31, 197$. 


DIVIDENDS ANNOUNCED 


Current 
payment 

The group has declined to give ^ Qf Yorks 2.64 

* reasons for Air. .Stroud s cawdaw Industrial .. ... . 2 42 

jlgnatlon at this particular 0^3 

Nil 
Nil 
0.86 
Nil 
1.041 
2.5 
0.67 
0.81 
0.9 


Date Corre- 
of sponding 

payment dlv. 


Aug. 21 
Aug. 23 


Sept 8 

Aug. 16 
Sept. 15 
Aug. 14 
Aug. 4 
Sept 29 


2.36 

2J2 

0.39 

0.65 

2.6 

0.78 

0.91 

0.92 

2.5 

1.3 

0.SL 

0.9 


Total 

for 

year 

3.64 

2.42 

0.73 

3.39 


Nil 

2.04 

1.33 

1.42 


Total 
la.-.t 
year 
3.26 
2 St 
0.65 
1.69 
3.86 
2.1 
0.91 
1.83 
5.18 
1.3 
1.42 
2.57 


ie. Mr. Stroud was appointed d-wi,...** nlV Ynt. 

the Board of NCC in 1073 In j g V" 

bid to reverse the group s craigc Trust ..!!‘".‘‘T.'.inL 

:!ining fortunes. Edward Jones 1 

After losses of £1.3m and £I.2in R 0 bL Moss 

J1073 and 1974 the group staged j. p. Nash ....Ini! 

Recovery with profits rising to Car bonding 

Tm in 1975. However, by 1977 Wharf Mill 

■fits had slipped back to just Whatiings InL 

n the^ year to March 31. 1978 Dividends shown pence per share net except where otherwise stated. 

group tumbled bock into the * Equivalent after allowing for scrip issue. 7 On capital 
' at the pre-tax level but was increased by rights and/or acquisition issues. t Supplementary 
? In' count on an extraordinary 0.014l8p for 1976-n also proposed. 

fit of £.922.000 — largely arising — - 

■n the sale of part of its xtake 

‘-ondon and Scottish Marine Oil Th ‘ crQUD a !so closed its 
. lift attributable profits from , ine e . “ p * 
j.000 to £894.000. transport interests last year after 

4 the trading level profits fell losses of more than £im over the 
£711.000 to £232.000 follow- past two years, 
disappointing performances Manley said that the profits 

lelels 6 fu?r 0l b P u^inJs ad where decliw ^ the Bexco smokeless 
Its were more than halved at fuel business had been caused by 
‘.000 and from engineering a squeeze of margins both at 
rests where profits declined home and overseas — while volume 
1 f i m to £58.000. sales overseas largely to the 


Whatiings 
sees fall 
for year 

Turnover fell from £9.43m to 


be at -the expense of reduced 
margins. 

The full year's results, they say, 
will therefore show some reduc- 
tion on 1976/77. 

Half-year results were subject 
to tax of £57.000 (£72,000) and the 
interim dividend is unchanged at 
0.9p net per 23p share. Last year's 
final was 1.6fi8p* 

Cawdaw 
Industrial 
downturn 

FOLLOWING THE reduction from 
£275.000 to £101.000 in the first six 
months, profits before tax of 
Cawdaw Industrial Holdings were 
down from £503,909 to £433,563 at 
the end of the year ro March 31, 
1978. 

The directors say results reflect 
the difficulties experienced both 
in the textile and building trades 
but turnover marginally improved 
from £1 1.72m to £ll£m. 

The recovery in textile activity 
forecast in the interim report 


Fad if the group had Ferro-alloy industry had declined. £S.56m and pre-tax profits were largely materialised and prospects 
aded the £100.000 loss mciu-red down from £139.000 to £110,000 at are favourable for the autumn. 

!d° 7 a S e 'jear'^engineering diSdend S? O-^Sr share ^ The Board is confident the 

Id have shown a lo«s making 1.33p for the year com- ^ if 5 . Rroup is geared to take advantage 

5 wS par, »f p-d with ,J0P far the preview ff® 5SW5« °'™>. ... 

i assets the group acquired J ear - — - - economic situation and 

l it bought Automatic Oil 


m 

are 


.s from the 


■manufacture of flow mi 
i pressure vessels for th< 
Wtiy— is being retained 
A Manley finance dircctoi 
. admitted that the perft 


year. 


Tunwver .. 

- 1977-TX 

‘OCX) 

5U.0US 

i»m.77 

EOM 

23.418 

Tradioc profit 

7X1 

711 

tnirresi 

... 34b 

4*1 

Lm before taxation 

US 

*251 

Lm< alter lax 

30 

•NU 

Minorities . . . _ 

2 


Extraordinary profits 

922 

. is« 

Attributable to ord- ... 

S94 

323 

Dividends 

15S 

132 

Retained 

738 

371 

•Profit. 



the 

re- 


£660 873. of 2.42I2p against 2J201l31p 

The directors state that the cuts previously, 
in public expenditure continue to Kitchen furniture manufacture 
restrict the construction industry an ^ timber raerchanting made 
and while the group will broadly SSS^Sl' VS^S^ 
maintain turnover for the year as bedroom furniture has been 
a whole through Its wide range of developed and has been well 
construction activities, that must received. 


ISSUE NEWS 



Cartiers Superfoods 
planning qnote 

Cartiers Snperfoods, a Kent- Frozen food and meat, sold 
b as e d supermarket group which- volume, accounted for around so 
specialises in frozen food, and per cent of group sales, compared 
meat, is p lann ing a public quota- with a round a tenth at most oi 
lion in the near futttre. Mr. Lew its compeutAs. He hoped margins. 
Cartier, chairman, said yesterday, currently around 4 per cent. 

A prospecius is .being finalised would improve as volume sales 
by merchant bankers Robert increased through new openings. 
Fleming and this shpoid be ready Up to now Cartiers has been 
for circulation by ~j£be middle of operating o n |y iri Kent. but. there 
this month. are now pains to move into 

Cartiers is a relatively new com- Sussex. v 

pany but its srowth over seven C|UC 

years is impressive considering HEAD LAM Mina 
the difficulties many companies ■j'T’C A 'T' UP 

have had to face in the food Rl(yHLd|Al JOIT 

sector Headlam Shnfc and Coggins 

. making a r%hts issue to raise 

to £o f 000 on &3.0S ctf £0.Sm. uucu on Vtouir of ooe-for* 

MJK VSfS^ 00 ° n V 

For the currentNrear the direc- w,, l go up 
tors are forecasfihg profits of Pared with Lge 0 * 1 
ILlm from sales of JE2Sm. Five The mam object 
new stores arc planned by the end are to repayveurrent borrow mgs 
of 1979. which wilfebft net selb'ng and to finance Uio expansion oi 
space from llS.000 square feet to the Simlum -distribution subsi- 
190.00C square feet. diary which * concentrates on 

The company's balance sheet at sports footwefr and sports goods 
January 28. 1978 shows fixed generally, 
assets of £3.2m. -slock of £ 1.95m Documents 
and secured loads of £0.75m. July 7 and d 
The chairman " said yesterday to start on Ji 
that one reason" for Cartiers* The issue is 
success was its' product mix. by Sandelson 


till be posted on 
ings are expected 
10 . 

»ing underwritten 
CO. 




astwood slumps— passes final on bid offer 


OWNTURN in the market. Technical Indexes only -for the of £36,000, the net profit 
?r than had been anticipated, six months to June 30, 1977 and £123.000 higher at £290.000. 


as depressed margins on excludes Crystal Electronics com- 
ry meat production, caused pletely. Comparisons include a 
(y by demand in the Iasi full year for both these corn- 
er, resulted in a 12.28m parties. 

j in secumi-hair profits of Profir Is arter development ex- 
Eastwood in £2.0Sm and a penditure of £!3n.OUO (£186.000) 

■ear's fall, for 52 weeks to and interest £55.000 against 

i 31. 1H7K to Li.liSm. against 172.000.. Tax takes £345.000 

ti Tor the previous 33 weeks. (F220.000) and there is an extra- 

the directors have agreed ordinary debit of £133,000 (nil). 

1 offer front Cargill Incor- Earnings per 10p share are 
fed, a private U.S. company, shown at 2.39p (l.OSp) and 1.28p 
are passing the final divi- (i.4 P) after extraordinary items, 
total for the year is 3.39p a final dividend of 0527 makes Turnover for the half-year to 
jer 5p share compared with o?27p compared to 0R3p January 19. 1978. at the Dewhurst 

absorbing £0.8tm 1 1(1. 92 m). previously. Tagia Investments Dent group of glove maoufac- 

w for the period; 1163.29m beneficially controls over 80 per l “ r ers and warehousemen etc^ 
77m). and profits 17.39m cent of the group — a maker and slipped from £9.42m to SSJSto 
Sm) beT.ire m a na»«B,«nt «ll.r oj dMtr-nic «,uipn,enL ^ (cS^flrr dep^ 

tion'ol £193.126 (£189.565). 

The directors are of the opinion 
that results of the second six 


was levels in volume from major out- 
lets were down by some 30 per 


This is a corrected version of cent, a reduction which was, hoiv- 
the figures reported two days ago. ever, mitigated to a large extent 

by the introduction of new pro- 
ducts and many new customers 
covering all areas of industry. 

Unless there is'- comipuing 
depression throughout industry, 
the board anticipates an increase 
in profit* in 198S-79 and produc- 
tion is ready to increase output by 
some 2o per cent. Figures for April 
and May are modestly encouraging 
and progress is being maintained- 


Decline at 
Dewhurst 
Dent 


Hunting Petroleuni 

The way has h^eii cleared for a reducing the relevant sharehold 
reorganisation o& the Hunting ings (principally directors) and 
Group and the floatation of a new their families below the level of 
company on the $Iock Exchange. 65 per cent, and as a result, in the 
The energy interests of Hunt- opinion of the Board, the company 
ing Gibson uod^Hunting Asso- will no longer b enclose, 
mated Industries^, two quoted Mr. Brealey intands to waive his 
companies, and Hgtoting Holdings, rights to the fid&l dividend of 
a private company, have been G_S3p for the yea? to June 30. 
hived off into aginew company 

BRIDGENfi CALLS 
FOR £312,000 

Bridgend Processes, the stmc 
rural reinforcement . technology 
specialist, is raising £312.333 by 

35*"!? SpThar^ 

this month. The offer for sale will Pe?er^?ra t»5t it hi S 
$? ad t 

on^S. n ^ Ffn “ ci * 1Time6 ^e C ^^ng hou^^ C M r e^?Lvnch 

EPICURE CHIEF 
PLACES SHARES 

Mr. R. .7. Brealey. chairman of 


called Hunting Petroleum Ser- 
vices. Yesterday, at extraordinary 
meetings, shareholders of Hunt- 
ing Gibson Hunting 

Associated Industries approved 
the disposal of twir gas and oil 
interests to Huntmg Petroleum. 
Subject to a ^.listing being 


International Rank and brokers 
are Phillips and Drew. 

Mr. Ham lit on-Pet ers says that 
the issue will enable the company 

to pursue its policy of more direct 

Epicure Holdings has. in order to entry into manufacture and mar- 
avoid close company status, keting of products made by its 
recently placed 250,000 ordinary processes. 

shares at Up and 163.036 at 14}p, Results for 1977 show a conso- 
representing a total of some 2.1 iidated income of £296.195 
per cent of the share capital of (£292511). After research and 
fhei company. development and other expend! 

The placing has the effect of ture. profit is £8-200 (loss £2.791). 


ses £29.000 (£40,000) were 
is lo; poultry, eggs, farming 
building £91 .44m (£77.I8ml 
W.4ni (£». Ini) and meat 
ting and wholesaling 171.35 m 
* mi and £I2m (£2.ISm). 
£1 took £2.4Sm (£2.5m). 
profit was £4. 64m (£X2*6m) 
tax £0.43m (£d.3Sni). split 
’£15.000 (£84.0001 overseas 
ad £0.43ni (lO.fiiu) tax on 
ids. The amount retained 
tit at £3&3m against £7^3m, 
tors say that the final 


Pitman 

reaches 

£1.57nj 


Batleys 

a( *vances | Keyser Ullmann’s share 

in Cannon settled 


TAXABLE PROFITS of Batleys 

Yorkshire, the cash and cirry THE LEGAL tussle over Keyser At the interim stage directors 
wholesaler. advanced , from UUmaun’s shareholding in Cannon said 


■« in their 
f results. 


jerritron 
lead in 
cond half 


months will be better than the 
£107,605 for the same period last 
year. 

There is no interim dividend _ 

but Board will recommend a final wholesaler. advanced from UUniann's shareholding in Cannon said that turnover should be 

when the full-year results are £453.267 to £536,914 for. (he year Assurance was settled last greater than the previous year 

available. ended April 2D. 1978. with Monday. Mr. Derek Wilde, the although margins wore likely to 

Last year an interim of 0.65p £252.161. against £203.798. arising chairman told shareholders at be affected by the difficult trading 
PRE-TAX PROFITS for the year per 20p share was followed by a in the first hair. Turnover was yesterday's annual meeting. The conditions, 
to end March 1978 of Pitman, the final of 1.044p. ahead by £13.62m at 851.58m. company now has clear title to a -n,... nmv th , f , h _ __ 

In ■£2?*Si n ® e „^S& 1 ED J\ L st h?«?H Cannon at * tracts.^ which showed ^ loss in 
£12.320 (£10^84 adjusted) CO g 1 “^?^L c bc “‘ d : . .. 1977. have been completed and in 

leaving net profi/s of £324.594 Shareholders were also told ^978 t h ere are signs of an 

(£343.983). Earnings per lOp share that "°' v 0131 f-annon had built improvement in overall trading 

rose from an adjusted 9.61p lo U R satisfactory jnner reserves the conditions. 

14J9p and the jflividend total is P^^t and loss account should . 

lifted to 3.64Sn f3^2618p) net. with begin to show improvement, and \ he current work in hand and a 
a final of 2 643pi 7 Keyser could look forward to a healthy order book indicate that 

^restoration oF dividends from the group should return to profit- 
, ^-Cannon. In die meantime, he ability during the second half of 

Downturn Sit ^admitted that Keysets manage- 15> 78. 


r 

c r I ° rs .. 1b . a ‘ lhe Bnal publishing, printing, and college 
; f?T„ „ 2»r,«r very ? v owning group, expanded from 

h vfm,. P8 nf IC »ho: r J y «i!? : ,h ^ V £1 - 22m to a record II. 37m on 
9 View of their optimistic turnover of 


rpnnri rh- - ^ 23 - 73m compared 

report on the with JBlJSm. 

In January, reporting first half 
profits up from- £894.000 lo 
£997.000. the directors said they 
were confident of maintaining the 
advance for the rest of the year. 


Second half £ 
slip by 
Robt. Moss 


Profits were ' struck after 

interest of £537,000 (£618.000), TURNOVER FOR the year to 
and with tax taking £284,000 March 31, 1978 of Robert Moss, a 
(£231,000) and £36,000 (£23.000) manufacturer of plastic injection 
going lo minorities, the retained mouldings, rose from £L96m- to 
balance is £1.1 m (£683,000 after £2-25ra but pre-tax profit* ■ fell 
extraordinary debits of £151.000). from £471,079 to £387,131. 
TICIPATED. Denitron im- Comparisons have 1 been restated, fr* December, reporting first half 
, further in the latter half 
year and finished 1977 w-ith 
i profits up from £362.000 to 
^ following the £312,000 


£ment agreement with Cannon had The year’s result included 
H M '"expired in March and had not yet investment income £7,018 (£8,667) 

>nm lVIOri2320 sheen renewed but there was “ no *nd was subject to a tax credit of 
. * O o urgency over this". An agree- - £26 - 5S " compared with a £37,508 

Finance 


profits ahead from £130.451 to 


>ment. would be reached bv the charge. 

i:year end. Minorities took £13,341 against 

lv Following little changed midwajC- Keyser had sold £3Im of and there was n extra- 

Dmdends of this close <*om- £ I78422 the directors said it was profits or £446.015 against £452.759.3)n3pemes in the first 11 weeks of ordinary credit for 19rt of £11.722. 
pany absorb £152.000 (£131,000). difficult’to forecast the full year’s SW P Mortgage Finance Co. incur-fthe year, had another film under Loss per lOp share is shown as 

outcome but given normal trading red a second-half loss to finish 'contract and a further £5ra 0.82p (1.72p earnings) and there 

conditions thev were confident with a taxable surplus down from properties for which offers have is no dividend payment this time 

that profits would compare favour- I67 7, 005 u t ° for ^ yMr .^* TI . m » de ’ WUde also lold t0 ^L 347p> - . : 

ablv with those for 1976-77. t0 March 31, 1978. *, shareholders. The subscriptions achieved 

They now say that the down- After tax of £98.182 (£293.000 iJP™ company had budgeted for satisfactoiy profits, directors stale 

turn is in keeping with the results adjusted) not profits declined t 10 " 1 worth of property sales this and the lews in the contracting 

of most other companies servicing from £384,005 to £132.857. No , prices being company reflects the unfavourable 

Achieved so far suggested that trading conditions dunng the 

a period and the continuing pres- 

)ver amounted to £3.34m After tax £147,000 (£83.000) and or demand. 

£3. 37m. and includes taking in an extraordinary credit In the company's own case order partly paid share. 


GRESHAM HOUSE 
AT £401,000 


£186,307 achieved at half- 

lAugust, the directors said 
'oup continued to trade 

;ly and they were confident F lfl - 7 „ r0 6p profit of 

suits in the seennd half r^ihi.,, itLupZu ui iuuai umci vumjJCJL'n bci vivuix xruio lw,uuj iu 4i04,(0( . no j 

exceed those achieved in onS ay industry which have been consider, dividend is to be paid, compared * „ .. . 

• six months. r0jl ® from «50.My 10 £401,000. ably affected by the general lack with the previous year’s 5.72p per over ?^ t * ie sales would show 

' ‘ ' ‘ ' fully paid share and 2.86p per ^Plus over book value. 


iL 

suits due next week 


'giants in their sector, announcement Dividend payout have performed particularly well 1976/77. Higher contributions are 
Electric Company and of around £20m is well covered but there is a cloud over the expected from the group’s news- 
papers in view of the buoyant 


flectrical Industries, lead by proGts so the b°pe is (hat the results because of the oego- 
1 spread oE companies company will announce 'a second tiatioas between the bank and 


"Edward Jones 
slumps to 
-£46,754 loss 


preliminary results interim and indicate a likely final the Norwegian Guarantee cortY^renlatinn to a loss of 07ffH*«siiimt'ik has' 'been'writien offTn reipecfoC 

Mpsanwhllo Srntlish nimhla .hnnM lha radnMinnr lu> Inrtihito Faf sh Amno ftin«mrnn Iu * cl n«"Spnni Ula lion t C, _ r nn, nm l-_ ■ l_ .l ..... «u_ i: r r 11 rr-: i 


5 Edward Jones (Coatracto'fs) 
advertising "and .S™ 1 . . of 


sure on margins. 

In addition, certain contracts 
were adversely affected by the 
lack of suitable labour they add. 

Specific problems on contracts 
gave rise to claims by the com- 
pany which had not been agreed 
by December 31. The contribution 
from these claims will faU into 
1978. 

An exceptional item of £7300 



. nih .. the previous year’s figure of nient the three SUITS directors oil interests' could be lower. Out- - 

Ml! £l0!*.7m and is regarded by City who opposed the Lonrho bid have put from Argyll in the first half Vtti p -m riii -> />. « . 

»<? rl analysts as reasonable, in light of already forecast pre-tax profits or had averaged 20.000 barrels per \A/ nOTT VllllC rlPTl Pit 

the "VSterious absence of the £6.35m (£4.4m). Brokers do not day compared with 27,000 barrels Tr UdJLJL ITiLLliJ UCllCll 

interims on nionaay. normal domestic autumn upswing argue with this, except to say the in the same period of 1976/77. •..* . r . . 

m a lysis expect GEC to in demand for both white and figure could be on the cautious . , .. After a downturn from_a profit down to January 31, 1978, and in 

-pre-tax profit of Ci23m brown goods. There »«r,' i£o fiae. The three directors are also Br f c °"|S mad a " d £35 = ‘"S,, 0 ' «£. •*« 

•78 as against the £278.1 difficulties in Austral a where th# ntending to propose a 47.5 per Pre-tax midway. Wharf Mill Furnishers second cumulative preference 

a year ago Their cent dhttad'bSSU. Publish" ^re^Tue^Thu^v^S ^ e d yeartoMarch 3L 1978 shares down to January 31. 1973. 

ns are based on the com- i n both sales and rentals ended «ng has had a boom year with jjjijg With a Pre-tax deficit of £79.013 While there are arrears of divi- 

very strong first half quite abrupriy. Turnover and advertising revenue and circula- £ P nn H M wlth 8 surplus of dends on the preference shares. 

: n « which saw profits urofit growth from Australia «on well up at the Glasgow Herald form e dbelo' w tiie Srtor S?*SS^ n19 ’ 127 - ‘he directors ace unable to recom- 

i £12 1- 1 m tO L £1 44^ and had buoyed the _ disappointing *"d Evening Tiroes and whisky timelTnroBt* te 217 Jin SS Yearly loss per 10p share is me °d the payment of a dividend 

2p against earnings of on . ‘he issued ordinary share 


Spooner now turns 
down Sandvik 

Spooner Industries, the plasties Mcanu hllr. . * Redman has 
and textile machinery manufac- declined to comment on Its next 

turer. kst night rejected a cash move. It reiterated yesterday that 

offer Of .£3.403 from Saadvlk. a it does not intend to pay an un- 


wholly owned subsidiary of Sand 
vik AB of Sweden. Early this 
month. Redman Hecnan made a 
cash offer of £2ffm. or 65p per 
share, compared with Sandvik's 
offer of 8Qp. 


realistic price for Spanner by 
narUcipating in an auction follow. 
Ing Sandvik’s offer. 

The Spooner group manufac- 
tures ovens, dryers and coolers 
and other equipment, and pro- 
As In the case of Redman, vide* complete fines of plant for 
Spooner said Sandvik’x offer was food, paper, plastics and textiles 
completely Inadequate and totally industries. It made pre-ux profits 
unacceptable. A detailed Mate- of £N23.«M on sales of £!0m for 
ment giving the reiv-on* '«* thr^ year ended September 30, 
rejection will be circulated after- 2B7?r 
the formal offer documents have., 
been posted on behalf of Sandvik. 


It appears that Spooner believes* 


SIME DARBY HAS 
4.79% OF GUTHRIF 

The market value of the 


that Sandvik would be buying 
earnings very cheaply. It says- 
that an offer of 8Qp gives a P e . 

of around eight times on a full . ----- - ^ 

tax charge. Spooner rejected Corporation, one of the 

Redman’s offer of (Sp (a p/c of Want Malaysian plantation groups, 
6.S) for the same reason. How* rrt *9.*w ' £!Sm last week to £91.:<m. 
ever, Spooner's methods of calcti- • *P f| dl in the share 

lation u disputed by Sandvik. 3I8p yesterday, the shares 

Moreover. Sandvik adds that still finished the week up 48p. 
Spooner’s profit record In the lu*t A flurry of buying during the 
five yegrs has been erratic. Tins week— largely from investors in 
has been reflected in the market the Far East— prompted Sime 
value of the shares which stood Darby to announce that, it has 
at 52p Just before Redman's offer, been steadily buying share* in 
LastTear, Sandvik, which mjnu. Guthrie over the past six months 
fact ureij '^tungsten carbide cutting and. now holds 4.79 per cent 

FmnSrt ot SSS^f .rS.V.ffi' 

rjsm te the tfK policy of portfolio investments 

Sandvik believes that commcr- sJSl-Sil 1 j|| I>rc ^T. t 

cial ‘advantages will accrua rta ,nv ^ l ‘ 

through -the inelusion of Spooner “ e,,t » Guthrie, 
within the group. Worldwide The -news ted to yesterday's 
channels of distribution for drop m Guthrie's share price hut 
Spooner's products complement spccnlathm still continues con* 
some of Sandvik’s existing hues, corning the plantation group, 

Ffciidrive holders would 
lose dividend income .. 

Thomfa ‘ Tilling’s £5nt share service agreements, dated May tT, 
offer -Nor hydraulic coupling 1978 involving three directors of 
group. Fluid rive, was dismissed as KJuidrivc — Mr. It. M. Miles 
opportunistic and designed to (managing director). Mr, P. F. 
obtaftf control on the cheapest Ashcroft and Mr. M. Stevcnsoit 
possible terms by FliiidriroN They are initially for two years, 
chairman, Mr. David Donne, in 'a At the end of that period they 
letter. to shareholders yesterday, can only be terminated on one 
Shareholders’ annual dividend year's notice, 
income would be reduced by It also discloses that six inxtitu* 
almost 20 per rent if they tions hold between them 33-4 per 
accepted the offer which failed to wmi of the slock. The decision 
reflect the underlying a*.*et of these .shareholders whether to 
e of the shares.” he said. follow the Board’s advice and 
support of his claim con- reject =fhe bid is crucial, 
caching reduced dividends he said 

that based on 1977 llfcurcs u pd p|VE COMPANIES 
excluding the once for ail pu.v- , T /> u rn^r 
ment of an additional dividend. nltKOC 

The directors of Rlghtwise. 


(shareholders accepting the ’Uilling. _ inc , 1 ffircctors or ttigntwi.v. 
foffer wilt surrender dnidrr.dS Doundi Holdings, Gadck Indonesia. 
Equivalent to 3.319Sp a share jTr (Java) Rubber Planta- 

l d iv id ends, equivalent to 2.6>>G9J> a iion * and Arbour Court Invest- 
5j, arc A ments have reached agreement on 

Mr.' Donne also said thaLrVhile th ^ l««* r ? r a 
Uie agreed with Tilling that Full details will be announced 
tionaiisation is needed^ among on Monday, when it is hoped that 
nsmission . manufocidrers if the documents will also be riis- 
» are to compete ntorc effee- patched. In the event of tho 
ti«& in w orld markuft. Till ing s sc heme being approved it is 
of«|fe not necessarilv the only anticipated that it will become 
nietraagsm by which that can be effective on or about September 

2 pfo j PVeUg • II* 

The - reaction' ^document di*- In the meantime, nriimfi* 
closes Ire exLsience ot three shares have been suspended. . . 

Dot decision imminent 

The Department of Industry’s in a shareholders the detailed 
decision on ^tlic proposed agreed reasons as soon as possible. 
bid . TfiNNECO for Allnighf In the meantime shareholders 
and Wilson a.uow believed to be m advised lhat thPV should lake 
only a day away. And jn no ;1C |i un ]n rcsjiect of offer docu- 

th e meantime ^nneco has te;eb: mcnts which have been sent 
making vcr^confident-soundini; th _ m 
statcment> at^ut the sort of deci- 
sion it is anticipating. 

Yesterday Tgero stated that it MARSH & MCLENNAN 
expects lo flceive shortly the 
formal UK ex&an-e control and POSITION 

Lr a c . ro u L c „“ SP&JC5S ' S -- 

St ti n imisiJS t? «nd bid fpr Leslie and Godwin to see 

Albright's shan mlders the fonnal u ’ l ? elh f. r ^ recant' 

documents for the offer (which relaxation of L ]® y . d 1 *J 
will be by wa of a scheme of ing ownership of Lloyd s brokers, 
arrangement) < July 14. It docs, -ff there has been a change, 
however, say l »t the date could Marsh's bid for Wigham Poland, 
be postponed,^ >resumably, as a jhe UK private broker owned by 
safeguard in c e there arc last- sir .lames Goldsmith’s Anglo 
minute hitches Continental, could be revived. 

The slati-m< t suggests that T 

Tenneco’s conf ence is based on jesterdai Mr. Kobe 1 < ■ 

the fact that it is willing to New-house, president of Marsh 
provide “the assistances requested and McLennan, was not optiniislic. 
by the UK Gowrnraent concern- “We don t know enough yet jo 
tlations and the- take a view on the Lloyd 5 attitude 
l future conduct to- the Frank B. Hall bid. But it 
siness." is unlikely lhat the Committee 

' of Lloyd’s will agree with our 
J ECTS objectives." he said. “ And we 

Wood and Sous don't want to bull our way in. 
offer from New- What is the sense of being »»«"■ 
nd will be send- welcome member of the club? 


ing employee 
development a: 
of Albright's 


WOOD 
The Board 
has rejected thl 
man Industries 


UNIT TiUSTS 



company is a subsidiary of 
Press and Son. 


o the increased result, and a strong improvement' In ihe were well" ‘hTTin'e ^ "with “'marker were^feruntecT'in the The proctors say that the year 

r Products have been full year already reported by the expectations, analysts are exrSrt- monthsffare niw ba"k o 

nu and the telecommum- Hambrn Life associate analysts ing similar results for the second normal. The big question is mdicauonsthattradins 

ide has been a bit flat are estimating a profit before half. Thus, final results due on whether the company has man £12552* .’ mpro TV lc u 

,nough to offset the gains extraordinary Hems of £Rm com- Monday could see the group'wlth aged to lucreas? beer 222* d - r !t w ° u,d u be ,n * 

s. Analysts are also pared with last years £7.3m. The pre-tax profits of around £!4£jn and reverse its recent los^ nr ? ppr ‘L f ? r L ate to forecast the extent 

awaiting its dividend corporate finance side appears to compared with just over £12m in market share in the UK_ t ° w ™ ch rmprovement 

“ will be sustained. 


Conipanr 

ilVIOENDS 

Sie tvs papers Group ... 

•oniei Ho Ultima 

ind Conrad — 

jer Grouo 

and Co. £n*ini*ers 

OMtley 

onw Post ... 

Wsnrulril Cioomas 

■ltd General Tro«l 

tr lot 

tin* and Co 

ao and Coodncke 

Pulp Mills 

n and Sons - 

ates - 

xnc 

» and Sons 

onp 

Id Minins Area* 

.-ntoo - 


loJdinito 

Midland lndtmrlats 

pwcW CortUrtey 

laltfax) 


Announce- 

Dividend fpi- 

ment 

Laa year Tbla year 

due 

hit. 

Final 

lot. 

UondiT 

i.wa 

3574 

1.796 

Monday 

0.7315 

2.1SS8 

0317 

Tuesday 

1.04 

4JO30S6 

1.4026 

Thursday 

1.37 

— 

— 

Wednesday 

0.B 

1.03*1 

9.5 

Thursday 

3 575 

4. US 

2.W 

Wednesday 

f.SfiSTI 

1 *15021 

0.7783 

Tuesday 

2^a 

3509 

2.7 

Monday 

II.ST3 

2.369 

1 

Thursday 

3.932 

7.027 

4 .192 

Tuesday 

e 

2.9065 

1238 

Tuesday 

4J 

5.S73S5 

5 

Wednesday 

— 

10 

— 

Tuesday 

— 

5 

— 

Friday 

0J375 

0.453 

ojoa 

Tuesday . 

— . 

1.4125 

— 

Thursday - 

1.M 

1.S02 

2 

Thursday 

3.000 

6.83384 

4 054*5 

Friday 

2.85 

5.575 

SA5 

Tuesday 

— 

1.452 

— 

Monday 

X 

L 19192 

1 

Thursday 

d-5s 

2J85 

— 

Monday 

0.W5 • 

2.993 . 

0J575 

Monday 

1.7 

2.60507 

1.9 

Wednesday 

1.3*8 

45838 

2.31 

Monday 

0-?T5 

4253 . 

IN 


Company 


Rexranre 

Kopnor Bohllna a 


Scottish and Newcastle Breweries 

SeotTiab and Universal hmscments 

Shaw Carpeu 


Tea Abrasives 


United Klnsdom Property Company 

John Waddinaion 

Wellman Eosmoerliui Corporation 

INTERIM DIVIDENDS 

Alexanders Discount Company 

Ando- American securities Cornoratfon .. 

Both and Portland Group 

Birmingham Pallet Group ..... 

Braid Group 

Bren mail Beard (Hold lass) 

Gouah Copper and Co 

Granada Croup 

HaWt Precision Ennneertnx _Z.. 

I. men) ft Ktlsour Group 

McMullen and sons ' 


Winterboitom Trust 


An noun ce- 

DtvMeod || 

ment 

Last year n 

due 

lot. 

Final 

Wednesday 

_ 

_ 

Tuesday 

1.1023 

2.7S 

Monday 

0.9538 

0J338 

Wednesday 

1 

2.87 

Thursday 

1.81810 

2.87758 

Friday 

2.0C 

2.87 

Thursday 

0.875 


Thursday 


1_ 

Tuesday 

0.65 

2.03675 

Friday 

2J273 

4.4252 

Friday 



Wednesday 

2 

4 *5423 

Thursday 

2.045 

1J 

Monday 

4.5 

ftS33 

Wednesday 

1 


Tuesday 

1.5 

~1 70S 

Thursday 

1.5 

4.1 

Thorsdsy 

0.42257 

0 84511 

Monday 

0.531 

0.748 

Thursday 

I -85 . 

3jn 

Monday 

1.0649 

P S6P3 

Wednesday 

0.48445 

«.ms3s 

Tuesday 

5 

3.24243 

Tuesday 

B.K5 


Thursday 

- 

S.7 

Tuesday 

LC 

a 


J. F. Nash 
ahead at 
six months 


Int. 

1.23 

1.06SJ 

1.23 

2-IK54S 

—26 

0.3 

0.75 

2.43 

S 

1J3 


1977-78 

£ 

Tumorer 3.487.214 

Exceptional detm 20.748 

Pre-tax loss ...._ 7UU 

Tax credit 40.822 

Extra oi Unary credit : — 

-Minorities 3.115 

.Retained loss 84.727 

- Credit, t Profit. ; Debit. 


1575- 

£ 

1.448.187 


Despite a fall in turnover from 
„ £5.95m to £5Ji3m taxable profits 

J- Nash Securities rose from 
tuuzr £141,000 to £166,000 for the six 
aw am months to March 32. 1978. Profit 

for the full 1970/77 year was 
1 107,034 £843 - 000 - 

The directors say that the half- 
year results include a full year's 
trading ef engineering sub- 
sidiaries of Reliant Motor Group 
and two . months trading of 
Western Counties Construction 
but exclude Galley Group and 


James Scott 
pref. arrears 

The directors of James Scott associated companies sold during 
Engineering Group have resolved 19 "* 

to pass the dividends or the com- The interim dividend payment 
patty's 4.5e per cent (first) is unchanged at 2.5p net per 25p 
cumulative preference shares and share— test year’s final was 2.675p 

the 4.5a per cent second ciimula- o iv • , ___ * 

tive preference shares. £35.000 

ml j- • . , , . compared with £72,000 and the 

The dividends on these prefer- group's attributable profit came 
h ?T£? been pai » in PU1 at £111.000. This was against 
the ease of the 4^ 0 per cent (first) £103.000 last time when there was 
cumulative preference shares an extraordinary credit of £34,000. 


Special situations on 
the vi ay back 

wnr uni I rr manaitrs are Arbuthnot Securties sticks w 

oSS^reSs iu of ss^^jnrsssjs^ 

contime ’ back°in vog^Sh two 

-hpH^n exoloit year - The three funds * Arbuthnot 

Flf!" f “" ds la ' ^15^ wJ—SjS E^tra Income, Arbuthnot High 
^” 1 ; i lhis C i) vei n by Income and the Arbuthnot Prefer- 

Specia 1 Sjlua ence Share Fund, combine to offer 

hJeinwort Bens i. Targets fund a yiela of u per cenL but 
is the old Growth Fund p r o spec t s 0 f income growth are 

with iLs port Toy- revamped, and som ewhat' diluted by the - final 
the revampinc-f to go somewhat r„ nd w hich Is invested entirely 
further to lifw the yield from fa tiked-inl crest preference shares, 
around 4 In 7 p«r cent. Tho Tumi an d- the first fund which has 40 
will concentrate on as>sui and per cent r»r its portfolio in prefer- 
takeover filiations, repnvery ence shares. 

o high Hambro Life .Vssurancc 


con- 


stocks, and shires with n high 

Inml? i d n.! at *" property should Form ..a .pan. of 

n Lv a . \,ll er L ‘ e 5 t discount. every portfolio and drawing 

have^h-lnH nd !?? h p h- C rai tif Vtf'r h n inv & t * ors ' attention to the Hambro 
„o e S? n f l on€ *'2r!r. f Property Bond. -The minimum out- 

H- S - ., for moment. Midland ]ay is This fund was 

n '. for 13 stl ^ proclaim- i aunc h e ^ seven years ago at the 
ing the lonceriterm opportunities 0 f ^ property boom in the 
offered by thet American market. Mrly 1070j , P an d^ It survived the 
In which some-6a percent of its suhsequent slump- This year has 
International Unit Trust is In- ^ * return rf boom conditions 
vested. The minimum investment w lth institutions scrambling for 
here is £200. rtrst cIajS - property investments. 

Investors locking for income -nig Money Sianaffement index- of 
rrom unit trusts need a high property bonds has risen steadily 
initial yield, good prospects of f rQ m I8tf6 on January. 1 to 128.1 
income growth and payments at on jtma i. Although it is. unlikely, 
frequent interirals. , Most trust that' property values are about to 
managers tend to slick rigidly to vjunjp, they ore probably on a 
the standard twice yearly dislribu- nuteau for the next few months, 
rion Format, even though lo many . p for alacex 

people six months Is a long time , Finally, the 
to wait for the next payment, ff* tbe Independent schools con- 
Schlesingor Trtist Managers Is one tlnues unabated despite the steady 
of the Tew groups that Is prepared rise In the - • level • of school tees, 
to offer quarterly payment^, Tho M sod C Croup is drawing the 
Schlesingor Extra Income Tnist attention of interested parties to 
has such a facility, besides yield- its booklet on School Fees Bonds, 
ing fl.7 per annum gross with good which, explains how they can use 
growth prospects, because. Its available capital *to -offset at least 
investment is entirely in high part of the future burden. 


r 


4 


J 


:l 



"Financial Times Saturday July 1 1973 


SUMMARY OF THE WEEK’S COMPANY 


Take-over bids and mergers 

Frank B. Hall. the third largest quoted U.S. insurance broker, 
has unveiled its exported £25m takeover terms for Lloyd’s broker 
Leslie and Godwin. Arter nearly three months in tense negotia- 
tions and the initial bid being aborted by a ruling of the 
committee of Lloyd's. Hall has made a deal which has met with 
Lloyd's approval. An intricate package has been constructed 
containing a cash bid of I25p a share for the whole of the Leslie 
equity and plans for a subsequent reconstruction of the Leslie 
companies. The reconstruction— to be completed by the end of 
1 lie year will channel all the Lloyd's broking interests of Leslie 
into one subsidiary, Leslie and Godwin International, in which 
Hall will hold a 25 per cent stake. 

PetTord appears to have failed in its last-ditch attempt to 
prevent Bovboume taking over W. Henshall and Sons (Addle- 
Monel. The full Takeover Panel has rejected an appeal against 
rulings by the Panel Executive which forbade Henshall issuing 
new shares tn Petrord. thereby diluting the 50.6 per cent of 
Henshall s equity already held by Bovboume. 

It lonks as if Mr. Norman Gidney is about to make another 
a i tempi to mop up the remaining shares he does not already hold 
in Marwick Engineering Investments. The board of ‘Warwick, 
of which Mr. Gidney is chairman, is currently holding talks with 
t.idney Securities which are expected to lead to an offer being 
made for the outstanding minority shareholding. 

Dealings in Econa were suspended on Wednesday at 70p 
after an announcement that the company is involved in talks 
which might lead tn an offer. This approach follow^the sale of 
an lh» per cent stake in the company at the end of last year by 
Waller Lawrence to a number of institutional investors 

Cenlrovincial is making a £230,000 bid for the ordinary and 
fi per cent cumulative preference shares of Mansell Thorpe. The 
offer comprises 5p for each ordinary and 133p for each prefer- 
ence. 

Omcnt-Roadstone has lifted its spending on acquisitions to 
over £!2m in the past fortnight with the announcement that it 
has agreed a $12.2ui (£6.6m) cash bid for Ameor Incorporated, a 
Los Angeles construction materials concern. Earlier this month, 
GR revealed that it had made an agreed £5.6m offer for J. and w! 
Henderson, the Aberdeen-based builders’ merchants. 


In a move which will create a company with around a third 
of the steering gears market. Adwest has bought a subsidiary of 
Duport, the West Midlands industrial holding group. The company 
involved is Burman and Sons which is one of the leading 
manufacturers of steering gear. 


PRELIMINARY RESULTS 


Pre-tax profit Earnings* Dividends* 
Yearfo (£000) per share (p) per share (p) 


Company 


Company 
bid for 

Value of Price 

bid per Market before 
share** price** bid 

Value Final 

or bid Acc’t’ee 

(£m’s)** Bidder date 

Prices ta pence unless otherwise Indicated. 


Albright £ Wilson 

195*3 

178 

123 

115.04 Tenneeo 


Bridgewater Tst. 

6.6* 

S 

7 

0.397 

SacestSA 

12/7 

Capital & County 





Johnson Gronp 

Laundries 

150* 

142 

97 

1.57 


6/7 

Carding Gronp 

20* 

20 

20 

4.64 

Unlgate 

30/6 

Cornercroft 

65* 

71 

56 

1.62 

Armstrong 







Equipment 

4/7 

Custom agic 

20* 

21 

191 

1.05 

Mobloye Invs, 



Fluidrive Eng. 

73 

78 

55 

5.03 

Thus. Tilling 

_ 

Harrisons 







Malaysian Ests. 

95$ 

109 

90 

115.78 Crosfield 


Henderson (J, W.) 

210" 

204 

155 

5-65 

Cement- 







Roadstone 

_ 

Henshall fW.) 

20* 

244 

13 

0.50 

Bovbourne 



Henshall (W.) 

30* 

24 

21 

0.75 


30/6 

Investment Trust 





Barclays Bank/ 

Corpn. 

277 

260 

255 

37.10 

POPF 

12/7 

KCA Inti. 

29* 

28 

28 

717 

Mr. T. Ward 



Lond. Aost. Invs. 

152" 

137 

123 

11.47 

Cnlnnlal Mutual 






Life 

12/7 

Lond.& Liverpool 





Aschheim Sees. & 

Trust 

21* 

25 

19 

0.52 

TV.&A.SA Zug — 

Marier Estates 

25* 

26 

21 

0.88 

Blade Invs. 

30/6 

MUn Masters 

200* 

197 

163 

4423 

Hilleshoe AB 

_ 

Mitchell Co tts 





Mitchell Cotts 

Transport 

835 

79 

82 

1.27 

Group 

— 

RKT Textiles 

96* 

92 

72tt 

* 

Robt. Kitchen 






Taylor 

30/6 

St. Kitts (London) 





Industrial 


Sugar 

Trldant Group 

200* 

200 

170 

0.78 

Equity 

— 

Printers 

63* 

66 

55 

2.76 

Starwestlnv. 

— 

Turner Mftg. 

145* 

139 

124 

14.50 

Dana Corps. 

— 

We Item Bros. 

95' 

97 

53 

1.60 

W. J. Glnssoo 

3/7 

Wood & Sons 

591 

53 

4S . 

2.38 

Newman Inds. — 


• All cash offer, t Cash alternative, t Partial bid. 5 For capital 
not already held, ft Combined market capitalisation. i| Date on which 
scheme is expected to become operative. ** Based on June 29. 197S. 
tf At suspension. Estimated. §§ Shares and cash. S3 Based on 
June SO, 1978. 


Bardon Hfil 
Allen Balfour 
Barker and Dobs 
John Booth 
BPB Industries 
Braby Leslie 
Caird (Dundee) 
Cattle's (Holding 
7 Chubb and Son 


Electrocomp nt&. 
Giltspur 

Godfrey Davis 
Jas. Grant (East) 
Gresham House 
Halma 

Hie king Pentecost 
Humphries 
IC Gas 

Maurice James 
Leboff (S.) 
Leopold Joseph 
LCP Holdings 
MK Electric 
Norcros 

Nrthra. Gldsmths. 
Premier Oilfi-Jds 
Property Holding 
RcgaJiaji Props. 
Renold 

Ren wick Group 
Sonde 

Standard CUrtrd. 
Stead and Simpsoi 
Teealemit 
Tran wood Group 
Walker and Staff 
Weston -Eva ns 
Wbirecroft 
Wilson Bros. 

Win trust 


Mar. 31 

1200 

(977) 

18.4 

(13.7) 

7.9 

(2.6) 

Apr. 1 

2,478 

(737) 

fi.fi 

(1.0) 

4.33 

(4.33) 

lApr. 1 

312 

(6491L 

0.4 

(— ■) 

nil 

(nil) 

Mar. 31 

SO 

(304) 

0.01 

(1.06) 

1.97 

(1.76) 

Mar. 31 

27,250 (27,149) 

44.0 

l45*> 

7.624 

(6.S79) 

Mar. 31 

2,390 

(1,520) 

23.8 

(177) 

5115 

(4.542) 

Mar. 31 

546L (219JL 

— 

(— ) 

nil 

(mi) 

> Mar. 31 

1,500 

(1^20) 

4.5 

(3.3) 

2J2 

(2.0) 

Mar. 31 

13,523 (14.1091 

17.5 

(19.2) 

3.872 

(3.46S) 

May 31 

1,820 

il,66S) 

6.7 

(5.S) 

6.4 

(5.75) 

1 Mar. 31 

4,893 

(4.871) 

16.5 

(15.41 

3.494 

(3.176) 

Mar. 31 

7,600 

(4.540) 

36.5 

(21.7) 

5.052 

(4.526) 

Mar. 31 

3^20 

(2,190) 

SB 

(9.7) 

2.9 

(2.6) 

Mar. 31 

3.700 

(2,520) 

22B 

(11.7) 

3.305 

12.994) 

Jan. 31 

78S 

(6S3) 

17.3 

(17.2) 

0^7a 

1 0.875) 

Dec. 81 

■ 271 

(250) 

3.0 

(4.2) 

3.0 

(3.0) 

Mar. 31 

844 

(561) 

n.s 

(S.7) 

2.51B* (1JJ5D) 

Mar. 31 

600 

(4211 

195 

(13-S4 

72 

(6.444) 

Mar. 31 

260 

(33)L 

2.3 

(“J 

nil 

(nil) 

Mar 31 

26,350 (22,200 > 

42.6 

(39.0) 

13.25" 

(8 861) 

Dec. 31 

379 

(155)L 

f 1.4 

(— ) 

1.0 

(nil) 

Dec. 31 

1,020 

(1,166) 

4.1 

l&2> 

1.76 

(1.6) 

Mar. 31 

668 

(606) 

21.0 

(20.1) 

8.608 

(7.8) 

Mar. 31 

4^00 

{3, G00) 

14.S 

(12.4) 

4.79 

(4.20) 

Apr. 1 

5,948 

(6,165) 

31.8 

(37.5) 

6.46 

(5.23) 

Mar. 31 

14 Jl2 (12.085) 

14.7 

(13.9) 

4.42 

(3.96) 

Feb. 2S 

364 

(316) 

6.2 

(5.4) 

2.0S7 

(1.S52) 

Alar. 31 

527 

(157) 

0*6 

1 — ) 

nil 

(nil) 

Mar. 31 

2.001 

(1.774) 

8.0 

(7.0i 

6.537 

(5.908) 

Mar. 31 

1.950L( 3,750 >L 

— 

l — ) 

— 

(—1 

Apr. 2 

10^65 1 12.367) 

17.0 

(18.5) 

9.441 

(S.544) 

Apr. 1 

1.042 

(470) 

13.1 

(4.3) 

1.0 

(nil) . 

Mar. SI 

164 

(2051 

:sk 

t4.fi l 

2.323 

(2.323) 

Mar.Sl 126.150(109.9401 

78.9 

(69.9) 

19.351(17.484) 

i Mar. 31 

2,230 

( 1 ,887 ) 

«.r 

(3.3) 

2.132 

1 1 .8SS j 

Mar. 31 

3,703 

(2,825) 

16.5 

(14.3) 

5.47* 

C3J22) 

Jan. 31 

62 

(126IL 



(— ) 

nil 

mill 

Alar. 31 

1S1 

(19Sl 

7.3 

(7.2) 

0.574 

(0.514) 

Mar. 31 

1.700 

11.411) 

14.ll 

(11.0i 

3.050 

(2.760) 

Alar. 31 

4,250 

(5,000) 

35* 

(484) 

13.4 

( 12.0) 

Alar. 31 

1,087 

(793) 

6.2 

(fi.fl) 

1.403 

(1.257) 

Mar. 31 

573 

(364) 

2.0 

(2.7) 

3.030 

(2.IIS4) 


INTERIM STATEMENTS 


Company 


Half-year 

to 


Ashdown Trust May 31 
BAT Industries Mar. HI 
Belt Brothers Feb. 28 
BlundclI-Pm glaze. Apr. 30 
Brunner ltrrestnit May 3 1 
CC-SB Holdings \1ur. 2 1 
Cronite Group Mar. 31 
Eld ridge Pope Mar. 31 
Hardys «fc Hansons Mar. 31 
Johnson & Barnes Dec. 31 


Pre-tax profit 
— 1 1000 > 

0 


3 

221.000 

1,070 

kJOJ 


M and G Dual 
Norfolk Capital 
Rakusen 
RGB Group 
Trident TV 


June 30 
Mar. 31 
Dec. 31 
Mar. 31 
Mar. 31 


315 
I5u 
153 
355 
707 
nuL 
347 
105 
10 
4.432 
4. H71 

12 . 201 ) 

(Figures in parentheses arc for corresponding period.) 
Dividends shown net except where otherwise stated. 

* Assuming dividend controls not reimposed, t Comparison nine 
months. LLoss. 


Rights Issue " 

LCP Holdings: One-For-four at T2p each. 


Trust Houses Forte Apr. 30 


1271 1 
(215.0001 
11.7101 
1274 > . 
(27li) 
tllS) 
(1151 
(3301 
(764) 
(50) 

1 2931 
H6)L 
(26) 
(3.503) 
(3.608 1 
(10,400) 


Interim dividends* 
per share tp) 

1 1.2) 

(4.0) 
HI.687) 
(».S6> 
(l.C) 
(0.4) 
(t».7:;i) 
(2.75) 

( 2 . 1 ) 
(nil) 
(5.01 
( 02 !) 
(nil) 

12.5) 
(0.S4S) 
(2.25) 


1.3 

5.0 
0.767- 
1.14 
1.85 
0.44 
0.S04 
2-83 
2.:i 
nil 

6.0 
0.3 
nil 
2.75 
0.932 
255 


Scrip Issues 


Central and Slieerwood: One preference fur 20 ordinary. 
Braby Leslie: One-for-five. 

Halma: Eleven-fur-len. 


Offers for sale, placings and introductions 

East Anglian Water Company! Offer for sale by tender £2ni of 
7 per cent redeemable preference stock 19S3 at a minimum 
price of £97.50 per cent. 

Metropolitan Borough of Scfton: Placing ut £3m of variable rate 
redeemable stock 1983 at £99 


APPOINTMENTS 


Schroder Wagg executive posts 


Mr. \V. F. W. Blschoff has been TIES: Mrs. Angela Ashworth, 
appointed a director of J. HENRY Southern: Mr. Willidm Rickelton. 

SCHRODER AND CO. He is Northumbrian; Mr. Ronald 

manacmv director of Schroders Weston nnd Mr. Benny Bn tw is tie, 
and Chartered in Hong Kong. Mr. North Vest 
If. W. Holland. Mr. M. A. Cairns. * 

Mr. \. R. D unford. Mr. N, R. Mac- The Secretary for Energy has 
Andrew. Mr. D. N. D. Netherton, appointed Mrs. Saxon Spence and 
Mr. 1). P. Pain. Mr. F. R. Sadbir Mr. Peter Boys as part -rime 

:nd Mr. I. P. Sedgwick have memhers of the SOUTH 

In-come assistant directors of J. WESTERN ELECTRICITY BOARD 
Henry Schroder Wagg. Tor three years. Mr. M. J. L. 

* Sayers will become a part-time 
Mr. Otto Barlhel has bee n member for three years from 

ek-t-icd 3 director pf DESO OTTER August 1. 

BROTHERS. Mr.’Barthel has been + 

m charge of the Desoutter Ruhri- Mr. J. C Edwards, assistant 
diary company, Desoutter GmbH, secretary. MINISTRY OF ClVEF- 
»n West Germany, since its forma- SEAS DEVELOPALENT, is to 
lion in 1963 and in latter years become head of the British 
inis also taken on additional Development Division in the 
responsibilities in connection Caribbean in succession ro Sir 
■' i ill Dcsnutter enterprises in Bruce Grcatbatch from the 

Holland and Austria. beginning of August 

* * 

Mr. V G. McPhie, former A reconstruction by the 
: : n.iiicial director of the Imperial HARRIS AND DIXON GROUP has 
Group, has been appointed to the split the group into five separate 
Rii.ird of RF.VERTEX CHEM1- companies. Harris and Dixon 
* ALS a non-executive director. iShiphrokenO. Harris and Dixon 
Mr McPhie joined Imperial {Insurance Brokers) Holdings. 
T.ih.ircd. as it then was, in 1943, fiucst (Medical and Dental). 
«i»rkmg in the group's head office Guest Industrials (Hnldincsi '■nrt 
as a management accountant a services company to be r-\v| 
until 1953 when he became a Harri- and Dixon. The evi-Mnq 
riip«ci«»p «u*l secretary of Marden concern of that name will cease 
Son mid Hall. Ho returned to trading. 

croup head office as chief Each compniwri ill have Us own 
aecniintant, becoming financial mnnauing dipro'or or chief 
director in 1967. a post hp held executive wiilr Mr. M. W. Prait- 
until his retirement last year. nell as chairman of the five 

* eomnanies. / Chief executive of 
Mr. R W. Malhlas has been Hnrris amF Dixon (.SHipbrobcrs) 

aiMir>ir>tr*d a director <>f MIDDI.R- will he >1. C. J. TTnueJl and 
TON FOSTER ANDERSON AND nr Hirri/ and Dixn n 'Insurance 
CO. npolce~-d r H'’ldircf. Mr R. S. Dean. 

* Mr. I«, It Smi’h will he chief 
Mr. Brian Chnrrher has been pvururivr of Ghost Industrials. 

anpi»in)ed director I'fC and Mr. -T E R. Green h is retired 
Middle East operations of n< jPhief ev ecu live of 'he Harris 
BESAM AUTOMATIC DOORS He auil Dixon Group of companies in 
was previously general manager tfe V K. as that position has now 

* parsed, but he will remain as 
Mr. N. H. Bowcork has rosivnerf co"*iiltanl 

as a director of A. J. WORTHING- The beneficial nwne«h'p of me 
TON (HOLDINGS) and Mrs. group is unaffected and will 
M E. V. Gibson, and Mir' R remain with the ultimate parent 
Fostrr have been appointed company, Harris and Dixon 
directors. .■ (Holdings). 

* * 

The Secretary lor the Environ- Mr. O. 1*. Richards and Mr. J. 
ment has appointed tbc following Stitt have been appoKiied to the 
members of WATER AUTHOR1- Board of DRAYTON MONTAGU 



At the 1 12th Annual General Meeting on 28th lune 
1978 Mr. Eric G. Samson. F.RJ.C.S.. the Chauman, 
announced that as from the 1st July the interest ra-- ® n 
shares would be increased to 7.50?*. equivalent to II. 
where the Investor suffers tax at 33p. 

The Annual Accounts show a growth of almost -0/o. 
excellent progress in a difficuft year in which it was r^«- 
sary to change interest rates no less than four times. N* 
advances at £7 million were a record figure. The reserve 
ratio Improved to 4.28?* of to ral assets during the year and 
liquidity at the end of the period was over 19 D - Manage- 
ment expenses remained unchanged at 82p per 
socal assets, a substantially lower figure than the average 
(or Building Societies as a whole. 

Improvements to office premises have enabled the 
Mo,.-,.-,- Department to be relocated on the first floor and 
a new «afr room established. “ The freehold prern-s«. 
said Mr Samson. " arc, in my opinion, much more valuable 
Ilian the figure Shown in the Society’s accounts. 

Mr Samson said a special vote of thanks was due tt 
the staff this rear: ewe members of the staff had completed 
30 years and 35 years respectively and the Assistant 
Manager had retired after 2? years wuh the Society 
is the 0 loyalty and dedication of our staff which enables 
the Society to produce such excellent results year u. and 


1 Synopsis of Reiults for the year ended 2Cth February 1978 

Share and 




Deposit 

balances 

£24.457.661 



Taxation and 

cfher 

liabilities 

£ 297.846 

Mortgage 

balances 

£22.070,989 

Deferred Tax 

Account 

Reserves 

£ 43.159 

£ 1,260.195 

.Investments 
and cash 
Other Assets 

£ 5.722.290 
£ , i65,672 


£25.058.861 


£28.058.80 1 

Share ond Deposit receipts (including 
credited interest) 

Withdrawals 

£12,267,563 

£7.936,757 

£7.171,412 

Advanced to 

Borrowers 

— 


PORTFOLIO MANAGEMENT, the 
Investment division of Samuel 
Montagu and Co. 

*■ 

Mr. Nigel Davenport and Mr. 
Derek Bond have been elected vino 
presidents of the BRITISH 
ACTORS EQUITY ASSOCIATION 
for 3978-79. 

* 

Mr. Martin J. Crawford- 
Phillips has been appointed to the 
Board of MAR1TZ U.K. 

★ 

The Court of LOUGHBOROUGH 
UNIVERSITY of TECHNOLOGY 
has appointed Dr. H. W. French, 
formerly senior chief inspector at 
the Department of Education and 
Science, to the office of pro- 
chancellor and deputy chairman 
of the Council of the University, 
succeeding Mr. R. L. Wessel. 
Professor J. W. R. Griffiths, head 
of the department of electronic 
and electrical engineering, has 
become senior pro-vice-chancellor, 
in place of Professor L. M. Cantor. 
* 

Mr. J. G. Bailey, Mr. C D. 
Mitchell. Mr. B. C. Osborn and 
Air. J. S. S and! lands, at present 
associated members of BUCK- 
MASTER and MOORE, stock- 
brokers. will join the partnership 
on July 7. Mr. E. de BeRaigue 
leaves the partnership on that 
date, and the firm on August 31. 
•and he will become an a ssociate 
'member of GRENFELL and 
COLEG ft. <1)73. stockbrokers, on 
September 4. 

Mr. Patrick L. MacDougall has 
been appointed by JARDI.YE 
MATHESON AND CO. as an 
executive director. He will have 
responsibility for group financial 
services. 

* 

Mr. C. K. Gray, previously tech- 
nical director, has been appointed 
managing director of ASHLOW 
STEEL AND ENGINEERING 
COMPANY, a subsidiary oi 
Bridon. 

* 

Mr. H. B. Clarke, surveyor 
(development) for the BRITISH 
RAIL PROPERTY BOARD, 
Southern Region. has been 
appointed estate surveyor 
(development) North Western 
Region based in Manchester. 

★ 

Mr. Peter Rees has left the 
NATIONAL COAL BOARD to 
become an Internationa] mining 
consultant, based in London. Mr. 
Rees, who was NCB’s deputy 
director-general of mining and 
director of planning and major 
projects from January 1973 to 
June 1978. will operate from his 
new company: Peter B. Rees, 
Mining Consultants. 

* 

DJMONT has made the follow- 
ing appointments: Mr. Keith L. 
Thombery as administration and 
services director, and Mr. Clive J. 
Price, production director. 

* 

Mr. Stuart S. Jardlne, managing 
director of Wimpey Asphalt, lias 


s CJ tor AnnitPi .-trpun 

nuy be obi from ?S«. Kentish Tonn Road, 
London NWS 2BT. 

Member of the B uildins Societies Assoac::on. 
Shorn end Deposits are Trustee Securities. 


been elected chairman of the 
ASPHALT AND COATED MAC- 
ADAM ASSOCIATION for 19787 
79. He succeeds Mr. B. W. Baker, 
executive director of Tarmac. Mr. 
J. M. Board man. managing direc- 
tor of J. G. Eccles Contracting, 
has been made vice-chairman of 
the Association. 

+ 

Dr. Alick Peffers. BRITISH AIR- 
WAYS deputy director of medical 
services, has retired after 32 years 
with the airline, but be remains 
a consultant on international 
health. Dr. Peffers was largely 
responsible for setting up the 
invalid passenger services at 
Heathrow and the special medical 
centre there now handles 20,000 
invalid passengers a year and a 
further 50,000 wheelchair cases. 

4r 

Mr. P. A. Cox and Mr. J. M. 
Gaynor have been appointed 
directors of MINSTER INSUR- 
ANCE COMPANY. 

★ 

Mr. Frank A. Bennack has been 
named to succeed Mr. John JL 
Miller as president and chief 
executive officer of the HEARST 
CORPORATION. Mr. Bennack 
wil! take over the presidency of 
Hearst in January, 1979, when Mr. 
Miller reaches his 65th birthday. 
* 

Mr. A. D. House ham has been 
appointed managing director of 
the WARRINER AND MASON 
GROUP in place of Mr. E. R. W. W. 
Pears who has resigned. Mr. R. T. 
Harris a deputy chairman of 
Gallaher. has joined the Board- 

.Mr. David H. Cairns has been 
admitted to the partnership or 
STOY HAYWARD AND CO. He 
has been a manaser with the firm 
for a number of years and will 
continue to head its technical and 
training department 
* 

Mr. A. H. Hogg, is to take up an 
appointment as regional 
veterinary officer. Northern 
Region at the MINISTRY of 
AGRICULTURE on August 1. He 
will succeed Mr. R. H. Ewart, who 
retires at the end of this month. 
★ 

Dr. A. P. Fletcher has been 
appointed chief scientific officer 
at the DEPARTMENT of HEALTH 
and SOCIAL SECURITY in succes- 
sion to Dr. J. C A. Raison who is 
leaving to become a deputy 
director at the National Radio 
logical Protection Board. Dr. 
Fletcher, who takes up his 
appointment on July 3, is 
promoted to senior principal 
medical officer (under secretary). 
From October 2 Dr. Ian Field will 
become head of the department's 
international health branch and 
chief medical and health services 
adviser to the Ministry of Over- 
seas Development Dr. Field will 
also be senior principal medical 
officer funder secretary) on 
taking up his new position. He 
succeeds Dr. J. L. Kfigoor w ho is 
leaving for a senior post with the 
World Health Organisation. 


Changes at 
Equity and 
Law Life 


Mr. W. R. Taylor and Mr. 
C H. R. Wood have been 
appointed assi stan t general 
managers of EQUITY AND LAW 
LIFE ASSURANCE SOCIETY. Mr. 
Taylor continues to be responsible 
for Siiles and marketing in the 
UK. Mr. Wood remains in charge 
of over-eas operations and for 
staff matters and. following the 
retirement of Mr. B. Yallop. 
assistant manager, on July 21. for 
data processing and organisation 
and methods. Mr. C J. Erocksoiu, 
chief actuary, and Mr. J. P. Smith, 
investment manager, will have the 
same seniority as the assistant 
general managers. 

★ 

Mr. Donald Urry, director of 
special projects at DEBENHAMS, 
has retired. 

■k 

M. A. Lee rand has been 
appointed a- director of KEYSER 
ULLMANN HOLDINGS and Mr. 
H. R. tL Lee has retired from the 
Board. 


Amos Hinton warns on first half 


Difficult trading conditions for 
Amos Hinton and Suns, the food 
and drinks group, will make it 
hard to equal the profit levels of 
last year's first-half, but the direc- 
tors hope that the second-half or 
the current year will recover any 
shortfall, says Mr. David Hinton, 
the chairman, in his annual 

review. 

As reported on May 19. after 
an R3.4 per cent increase at 23 
weeks, pre-tax profits finished 
a-head by 43 per cent to £1.73m 
for the year to March 4. 1973. 
Sales excluding VAT. were £til.06m 
(£52.SSm). 

On a CCA basis, taxable profits 
are reduced to £1.3m (10.73m). 
after adjustments on cost of sales 
£448,000 (£720,000), depreciation 
£345.000 (£289.000). offset by gear- 
ine of £364.000 (£532.000): 

Mr. Hinton reports that com- 
petition intensified before the 
start of the second half and there 
is no sign that “the price war" 
is abating. The need to maintain 
a price-competitive position has 
eroded gross margins, although an 
improvement in net margins is 
due to a more cost-effective use 
of resources. 

* The directors have authorised 


capital expenditure of £2.7m over 
the next IS months. A consider- 
able part of- this will be spent on 
the implementation of “the 
Company Plan." which was deve- 
loped during the year as a 
positive programme of action by 
which the group will maintain 
prosperity in the face of severe 
competition within the food trade, 
the chairman explains. 

Among the major capital pro- 
jects within the plan are computer 
development the conversion costs 
for stores, and extra handling 
equipment for the distribution 
centre. 

Three new stores will be opened 
during the current year, which 
will reflect the company's policy 
of operating medium-sized, con- 
veniently-located supermarkets, 
the chairman states. Capital is 
also available for the development 
of the Thomaby-based depart- 
ment. 


Expenditure is also planned To: 
a number of existing brunchu. 
due for re equipping, in addilioi 
to expenditure related to ** th< 
Company Plan.” he adds. 

The investment, which aims t- 
add volume and make better usi 
of existing resources, will great! 
assist the company to maintain it 
growth in added value, says Mi 
Hinton. 

.Although the full effect of *■ th 
Plan" will not be felt until 19M 
the directors believe that lh 
planned programme of capit: 
expenditure will result in re: 
profit growth in the medium tern 

GENERAL ACCIDENT 

A full branch office of Genen 
Accident Fire and Life Assurant 
is being opened in Athens lod* 
and the company is also acqui 
ins a majority stake in the Grec 
insurer the General of A then 


EUROPEAN OPTIONS EXCHANGE 


Series j Jmy 

i Vnl. • Last 


(AO. 

Vol. • L«t Vos. 


Jan. 

Last. 


-'I nek 


SKA 
A KB 

A KB 

KK 

111 U 

1 HU 

Kf.1l 

KLM 

KUI 

HUM 

KLM 

KU1 

NX 

mi 

f'HI 

ui' 

i.u 

l,-n 

I'M 

I'M 

UN I 


BY 

h.\ 

nXY 

o.w 


FE7.50 1 
F30 | 
i'3a,50i 
550 
S26 0 
S»BD 
FI 50 
. F160 | 
H70 
K1S0 
r'190 
F20Q 
FI20 

FZ7.50 

F120 

riso 

FI 40 
FI 10 
KJ20 
FI 50 


855 

520 

$25 


69 

63 

66 


4.80 t'£9.50 


_ ; 

„ 

[ 

4 

, 3.50 

|t 

__ i 

21 

1 1 

123 

' ^.10 


4L, j 



i 

2 

Jg 

S54 : ? 


10 

' 11 

— 


•»'£ 397fl 

3b ; 

1 

; 5 

— 

' — 



60 

;■ 9.50 

27 

• 14.50 

■F 144.50 

olo ! 

67 

: 6 

11 

; 11 

: 

0.B0 1 

52 

• 6.30 

_ 

— 

i ■■ 

0.40 j 

S3 

! 2.80 

24 

i MO 


— 1 

II 

j 2.50 

— 


! ** 

0.1C 1 

23 

’ 1.30 

2 

| 3 







20 

! 1.50 

TIM 

- i 

26 

\ ua 

3 

, 3 

T2 b.20 

_ 1 

IS 

• O.BO 

m 

( — 


10.50 

7 

'11.30 

3 

•• 12 

F 150 80 

2 

12 

t * 

1 

6 

1 

| 

10 

1.50 

— 

— 

f( 


2 

. 11.40 

_ 

— 

F12-J.60 

0.80 i 

2 

4.30 

5 

5.50 

„ 


Z 

1 1.40 

— 

i — 

i m 


Ang. 


J N'nr. J Feh, 1 
! 2 7 1 - - S53ij 

I — - . — 2 S 

1 4 - — F22 

l l=i ~ . - 


Folkes Hefo sees fall 


Mr. J. W. Heamahaw, the 
chairman of John Folkes Hefo 
said at yesterday's AGM that 
while first half profit in the 
current year would exceed the 
£1.1 Gm earned in the closing six 
months of 1977 it would stiU be 
below the £1.95m earned in the 
lirsl hair 

This was because forgings, 
building supplies and housing 
had still made no contribution 
io profits. 

Second half profits should, 
however, improve with contribu- 
tions being made by building 
supplies and housing, resulting 
in a healthy improvement on 
Iasi year's depressed £3.1m 
profit. 


Expansion 
plans at 
Comben 


With better prospects in sight 
Comben Group is actively seeking 
to expand by the purchase of new 
sites and by the acquisition of 
other house building companies, 
says Mr. Leon Roydon, the 
chairman in bis annual statement 

Demand for new homes has 
accelerated significantly in the 
early part of 1978 and after four 
yearn of decline, increased 
mirgins are being obtained and 
these two trends should be 
reflected in the current year's 
trading results provided no addi- 
tional political Influences are 
brought to bear on the industry. - 

The French house building 
operation has suffered from a 
year with lack of continuity due 
to the non-availability of suitable 
land In the Paris area— -however 
early this year the position has 
been rectified by the purchase of 
a large site. In Portugal the 
political situation has improved 
resulting in the sale of all stock 
houses and flats and there is the 
prospect of satisfactory sales for 
the current year. 

Net assets per share at 36.59p 
<27.7p) have increased substanti- 
ally following the purchase for 
cancellation of £4,112,723 of ihe 
72 per cent convertible unsecured 
loan stock and borrowings have 
been reduced by over £2m. The 
land bank continues to be in 
excess of 6.000 plots which is 
sufficient for four years at current 
production loads. 

As reported on June 2 pre-tax 
profits rose from £1.26 m to ILSm 
in the year io March 31 on lurn- 
oi er of £24.6Gm (flg.Sm). 

The groups ultimate holding 
coirtp&ny is London Merchant 
Securities. Meeting Bristol on 
July 27 at noon. 


A statement of source and 
application of funds shows work 
ing capital increased by £329.143 
(£449,852). 

Sir Nicholas reports that the 
most significant improvement has 
come from Huntley and Sparks 
where the fine production capacify 
has been turned to good account 
and. given an adequate flow of 
Incoming orders, he believes this 
level of performance can be 
maintained. 

During the -period, Sterling 
Instruments incurred a loss — over 
the years this company has rot 
been ahle to work its way into 
developing products of sufficient 
profit margin or demand, the 
chairman says. 

Steps have now been taken to 
restructure the management with 
the objective of turning the 
unsatisfactory position firstly into 
one of stability and thereafter 
progress, he adds. 

At June l, 1978, the Cayier 
Trust Co. beld 66.6 per cent of 
the equity. 

Meeting, Cayzer House, EC, July 
25, at nooa. 


STENHOUSE/HOGG 

ROBINSON 

Hogg Robinson Group and 
Stenhouse Reed Shaw Gronp 
are to merge their insurance 
broking interests in Southern 
Africa and will be operating 
under the name of Stenhouse 
Hogg Robinson (Pty). 





• It is encouraging to report that the 
good start during the iirst halt year has been 
maintained, resulting m an overall Sales 
increase Irom £7.S‘J6.SQS to £9.3 37.2S9. with 
trading profit up from ££01,663 to £534.4^4. 

O fm ther new (lKei:iilicah'.n'i lines ai * lo be 
inti odi iced iri the curr ent ye:» our niaior \\r tin 
instrument I iiic.n h-u-: been gu-u a .-jinpl^ieK ne.v 
pre-enhhon. and ihcrcti* rein phonic for ecash, 
sugiesi we slsuih! enjoy-a i uoid Cfinslmj^.. 

9 Ffi copy ut the Report £ A-.couiri i. cnnlaiimig 
the jt.iicmen! by the Chan man. r: R Andrew, 

v.nte to the Secretary at the addie^ belo-.v. 


MENTMORE MANUFACTURING CO. 
LIMITED 

Plarigriuni House. Sr- Hilis Vue, 
Sleimige, Hefts SGI -h. ' 




Sterling 

Industries 


Following a share improvement 
in 1977-78 trading profit of 
Sterling Industries. Sir Nicholas 
Ca.vzor. the chairman, says in his 
annual statement that it remains 
io be seen, notwithstanding satis- 
faclory order books at present, 
whether this level of performance 
can be sustained this year. 

Nonetheless, a>» to the longer 
term, be tells members he is 
confident of the continuing pro- 
gress and prosperity of the group. 

As reported" on June 20, pre- 
tax profits advanced frofn 
£C0G,175 lo £933,176 for the year 
(o March 31, 1978. excluding 
£113.623 (£110.599) from Crew* 
kerne Investments. Turnover was 
better at £ASSm (£U8m). 




1 


Highlights of Annual Report 
for year to 30th April, 1978 


Totaf Assets 
Assets per share 
F.T.-Actuaries All-Share Index 
Dividend 


1978 

1977 


£16.9m. 

£16.4m. 

■f 15% 

139p 

120p 

-i-16% 

208 

181 

+15% 

3,00p 

2,45p 

+22% 


Geographical Spread of Portfolio 


U.K. 

56% 

U.S.A. 

19% 

Far East 

20% 

Europe 

3% 

Elsewhere 

2% 


It Is hoped that next year the Company will again provide an 
increase in earnings and dividend. 

Copies of the Report and Accounts may be obtained from the Secretary. 


F&CGS0UF 


' The Foreign and Colonial In vntmen (Trust Co. LkL The Cardinal Investment Trust Ltd, 
General Investors and Trustees , Ltd. Alliance investment Co. Ud. . 

F. & C. Euranus! Ud. Foreign and National Investment FURdSJL 

Centenary Fund S A. Anglo-Nippon Exempt Fund 

1/2Lau«HM Pennine? H1JI, London EC4R DBA ' 

Telephone No. 01 -623 4680 




18 


Financial Times Saturday July I 197 S 


.. .„•> ./,,*. +* • 

W T.v-r '■ *•" .*•>; 


WORLD STOCK 



Wall St. pre-holiday drifting 

INVESTMENT DOLLAR announced a quarter point rise in franc attracting buylnjr. Consumption related shares 

PREMIUM ihe Discount Rate to 71 per cent. Senate’s voting of an amend- rose sharply reflecting a recovery 

S2.K0 to £1— -1121% tll2}%> Inflation worries persisted as ment to Government’s Share In- of personal .spending. Many 
Effect lie SI. *600— 311% (S2!%) the Labour Department reported vestment Bill which will allow Public Works improved in ante 
i-TUCK.n DCiriED low er in slow Lr>n.<umcr Prices ro*e 0.9 per vent small investors to enjoy two tax cipatton of further Goveriunen; 

. trndinc on Wall Street yesterd ,y. in May. or at a 10.S per cent concessions at same tune also capital spending. 

‘when may trader* had already annual rate, the same as in April, helped market. Stainless Steels also up sharply 

bosun their Fourth of .July tn other economic news — Thomson-Brandt rose Frs.2 to on a recovery of their domestic 

■ holiday. The market will he open p ar7n prices rose by 1} per cent *37 on 24 per cent advance in 1077 market. 

Monday but closed Tuesday for j n ,j une fro mthe previous month consolidated profit. AUSTRALIA— Minings and Oils 

Independence Day. — Factory Orders rose at a BRUSSELS — Mixed in quiet firmer, as were Banks. 

■ u? r L °?hrri J ® n m |I nd s?s r « moderate 0.7 per cent in May - tradii^. . Among Minings. Peko lost 10 

■'S e , w Cd „r In- and ^ dollar was litlle changed In Foreign stocks. UK and ILS. cents to SAo^O but other 

rht WW Cil r£Sm£n 1; 1“ Europe also mixed, Germans and Duteh uraniums were steady, as were 

°ftn X Vhf nfv Inland Container added S2 at rose. Canadians little changed, CoaIs- 
$03.66. .cased « cents, on the day 530. .i-| me i„c- up $' to *41, will French steady. Gold Mines felL 

ifohn “1, h ' v ^' begin at $35 a share offer soon. AMSTERDAM — Mostly firmer, 

although gains led losses by 6S7- Pwwtm.u ^i . 

Ito-bil. Trading volume further 


Commission opposes its proposed 
Several lai 9 e block trade.-, late meraeP Beatrice Foods, oH 

si to *23:. 

The American SE Market-Value 
Index moved down 0.14 to 143.35, 
making a loss oF 1.72 on the 


Tr-opicana Products picked up But Insurances mostly weakened. 
St to $45! — the Federal Trade State Loans steady. 


SINGAPORE 


'in the session .-is nailed final end- 
in' quarter portfolio window* 
'dressing by the Institutions. 

As the Slock Market opened. 


GERMANY— Mostly firmer in 
lively trading. 

Stores gained between DM 1 
and DM2. 

Bond Market more 


June 23 


Industrials . 

ftiri*-.... 


ora hie ho,t -‘ > ' CT,i 
stanie &11J! , liaulBIlH 


Citibank raised its prime rate to week. "But gainers narrowly out- following Bundesbank's decision !.«■**.. 


!• per cent 
iis highest 
■ 1373. 

After Hie 


rrom Si per cent — 
level since January 

•pi-e. the Fed 


n ,_ fc( , ri i, K pr.: hv 77R tn ->74 to increase rediscount quotas. Es+> 

Volume p* 747ml shares Publ ‘c Authority Bonds narrowly Fiaw !k«i« 

' rivini i i™ mixed. Regulating Authorities ■■ 

CANADA — A ii rm no<^ pre - _ _ . , l ,__, ■ „ > nv* i im *■ $ c « ftr ,L> Hutup fn<l. .. 

Toromo Composite IndiTpul *£ ^r. L ” anS ” 

SWITZERLAND— Maintained in M"i»r 

Mel. fix -jna 


I FRIDAY'S ACTIVE STOCKS 

■ rb.tlliC 


?i i)i;ks flirtim: 
lrjd.il pr:-;..- 


SMrliru: Pmc ~7.: inn 

\hlJOIl Lrths. H’i.SMii 

vm,-r. Tel. and T**l. ^..»w 
lianrr i.!miip i*. . ;.:7 AW 
'rare Ro-.-bu- k . Cll.*<“i 
tuns . . . I'l nun 
lon.-yuv II ! 77. niu 

‘nulh.-m . . IS". l>»* 

«-irrtn--r-IV,it.-r I*: ii<rt 

.VXj> n I1-..W* 


day 

:s: - ! 

•7Ji -l 

mi — 


-1 

I 


o.n :o 112H.2. 

The Ale Ui Is «:nd Minerals Index 

put nn 4.3 to A34.7. Utilities »20 conunued quiet trading. ...... 

m 170.33. Banks OL'3 lo 274.34 and Domestic and Foreign Bonds r L t-‘irra- 
Papers 0.39 tn 113.75. But Oil and steady . H<ihin-.-u Ci>. 

Gas dropped 22.fi tn 1407.0 and Dollar stocks narrowly mixed in k, unman 

Golds lost 3.1 t ol4U.O thin trading. Dutch Internationals Hwii. ■■■■■ 

In the Oil Group. Husky Oil little changed, small gains and 
lost 8»; to ^SS,- — Alberta Gas losses in Germans. m™ stream 

Trunk said it holds 35 per cent TOKYO— Below the best alter *<*■■• Time. 

of Husky shrev late profit taking. Volume 410m ,l?7:iLi-i 

PARIS — Firm with strength of shares. 


OJfib 'StnvitVT rad's 

H. CS'crTltnei, Puh. 

2.S7 Berlia.l, 

®.2 e l". Engineer. 

5.54 I.'. Ov'i BL... 

0. 41 Wearnf 

1. aO Trni-inr .. . 

I. 53 .L'hrniii*t.. 
2.03 :VV l l!ni JuJt*. 
2.iS Robbers 

SJU RmuLinuinK 
.Duntp Em air- 


1.71 

j_>4 

■ -stfl 

z.-ha 

1.53 


3.ao 


20 

5.JS 


.52 Kem[*« 


5.1J 

2.0 

2.4S 

i.ii 

J.da 

£J9 


Tins I 

Auttmt. Am.] 
Her.-uniw'i.. . ■ ts.KJ 

kn 111 - 

K.ii>.'i jji > -I il.wO 

236 0! D>R«r Pmik.- 
‘,6.9V IVxalms Hn.'. 

.l-,njjkaJiHar.! J2.70O 


Indices 


MEW YORK —DOW JONES 


N.Y.S.t. ALL COUHON 

« j : ! 137? 

Jn 1 ** , June ; June i Jont 

jo aa • ze ■ 27 ; Hi«i, . 


■Llc-c-u' 'i is 

-luneoO 19 I line ii 


-liiur Inn, 


J him 1 
> 


irui-.w'n [ip«i n , 


Hivjh 


Hi:b 


53.66 55.69 51.56 53.35 at. SO 
i , . ; ib.s, 

MONTREAL 


<o.±< 


<ra>1eii .... 

Kiip> 

Fain 

L n -bmistal 

>rw 

>e» Loiri 


1.B32 1.074 
6b7 ; 030 

671 590 

474‘ 454 

— 19 

- i 26 

I >1- 


1.067 

826 

585 

456 


i. iu.tr,*,.. $16.95 621.61 S 19.9 1 817.31 812.26. 825.02 Seb.51 J 7*2.12 

i*f t>, ; 1 

mp Un'.ta* 37.54 87.60 fi.aa e7.46 £7.62 87.59 


ran'purt... 21S.P6 215.52 


30.B6 l 
|3. !i 

215.69 217.55 ?lMD 219.51; 251.55 

. • >-'6, 

liit<li«~ 104.94 104.60 104.65 104.50 1D4.IS 104.65 110.3? 

• (5,1. 

HdlllK in', 

>V«i 13.100 21.550 25.26C 29.250 29.250 28.510 — 


01.14 
. '.'W i 
I ..-I 

IJ/tl 

102.04 

1 22(2. 


1051.70' 41.22 
1 1/ Ij 73’; (2, i • 


1 279.66 
I 

165.52 


15.23 
Wdl-i S» 

IdAo 




1 

Iniiurtnal j 

C'-unhined ' 

j J • 1 nf ; June ■ Jim* June 

30 j 23 2 2 T7 ; 

Hues. 1 

| L«„r 

! 1B0.57 181.00 180.38 lSD.aS 
189.46 169.62 189.54' 183.22 

ISb.Ob 'I 6.01 ■ 

W4.0O >*. 6 ) 

HCi.3U.lr2i 

170.62 I. 

TORONTO fompo-it<- ; 

1126.21125.8 '1-122-&- 1120.5 

1Mb. 0,15*1 | 

■■+.2 1 

JOUANNESBOEG 

1 • : ; 

MO. 2 221-6 - 223.4 221.8 | 

224.. *21.6) | 

)B8aJ (2b.4t 

Inrlualria- 

216 8 257.3 256.4 286.8 . 

2*2.1 ,33*i i 

t+4. 'lo.ii 


•K*„f lu-Ki brtnu^-i liwii AiisiiM 


I ml. d,v. jip ',1 % 


■1,111- CJ 


■lull,; 16 


June * Year a-jn (appiua.t 


I Juno 

' 50 


Pre- 

nou- 


14ft 

Uieb 


1976 

[>,«■ 


Pre- ! IH7» 

vinus Wish 


I •*? 
ir<r 


S.68 


6.68 


3.44 


4.83 


EANDARD AND P00R6 


Aosualxa^ 49I.M *92 J7 =01 J4 
. <L5.«| 

Beupom < I > 94.77 


94.66 




.1 

L-9 


■I line- 
2- 


I un*- 
Ci 


-turn 

i 2$ 


(. n,np''at 




V 95.11 
63.2 


il'-li 


L--a 


H.:li 


la>» 


ii-iii— l vi* - 103.55 105.57 105.40 104. .-2 HR4.- 105.-0, tlu. t ] 

.-,b, ! 

\-mia-iitf 95.53 95.57 95.40 94.56 »4.b0 a5J5 IJ0.6S 


Ji.o. 23 


•tunc 22 


.rt«, 
Jnne 14 


'S.34 134.. 4 a.a2 

«»> -M ■> ll.i.id:, o04 , .33l 
tb. ill I 125. is . <.40 
,6 j, . tl.l/Oi. il.ii.52j 

Year nen iapfirr\. 


Dflomrk t 
France 
Genn&nyitt) 791-2 
Holland tj if 


94.95 ' 


IJt.tr 

tC/3) 

as. 1^ 
, ts. i» 
67.4 ( I Ij. 

| {3d 4}} 
791.8 ili.7 

. (10 rt£) 

65.0 37.0 

I9it,p 


■41.19 
(t 41 
90.43 

iu o 
94.00 
(6,2) 
t'lJj 

Jru.i 

'17iCi 

76.0 

(4|4) 


I s,r v mi,l 5 


5.11 


5.07 


4.90 


4.57 


I' k Km 


9.04 


9.11 


9.44 


io.aa 


lie ti. 


it ml i u"i 


8.57 


8.52 


8.44 


7.57 


Hong Kornr &M.&3 • 56SJ1 - *a.4- 

l«j llrtlb, lli.lj 

Iialv ID IV 62.07 61.91 . 4.4£ ! cc.«5 
i ••• hi ‘ rlu.il 

Japan tfl> *17.27 4 16.54 • 416J4 . JW.C4 
I !■< 101 

Singapore 548.15 340A7 348.15 , bhi.u 
ift> , (5uf4ij , rl.fii 


Spain iii, 101.65 101^9 llJ.i- , si.*. 

is,=i ; tlu 

Sweden <> 376 .*5' 376 A 1 9V.* , v-r.v - 

i li-Si :J 1. 

Sanr'eri'fli/ — **4-^ [294J , *6.09 «v. 

I i 38 6 . tie- £ 

Indices an a base dates (all base valuer 
100 excels NYSE M5 Conumn — » 
Siaodards and Poors — L0 ana Taronn 
340-1.000. the Iasi named based on 1975i 
t Excluding bunds. 1 400 Industrials 
3 400 Inds.. 40 Utilities. 40 Finance inn 
30 Transport. ifl) Sydney All Ora 
(in Belgian SE 51* 12/83. Copenhagen 
SE 1/1/73. /ft i Paris Bourse JMi 
■ i: i Cooiinerzbaolt Dec.. 19S3 <I5i Amster 
dam. Industrial 1970. ill, Hans Sene 
Bank 31/7/84. 'IJlii Milan 2/1 'Ti. ro> Tntyo 
New SE 4/1/08. 'tn Straits Times 1906 
ici Closed. irfi Madrid SE .W/12/77 
•c* Smckbnbn Tndus'nal in '58. (fi Swiss 
Bank Carp. Unavailable. 


NEW YORK 

J-sse 

>;rr ^ 3. 


9Me« 


f June ■ Ji>m 
50 > S9 


Stni-k 


June 

N 


Sink 


June 

S3 


;F.T. CROSSWORD PUZZLE No. 3J07 

■\ prize of £5 tall be given to each of the senders of the first 
rev correct solutions opened. Solutions must be received bti 
xt Thursday, marked Crn.tr.uord in the top left-hand corner of 
c envelope, and addressed lo the Financial Times. 10. Cunnon 
Wvt. Lund nu, EC4P *f BY. Winners and solution trill be given 
rt Saiurdun 


rmc 


•dress 


RACING 


BY DOMINIC WIGAN 



ACROSS 

» limber of llu* suulh-easl 
;t>c (Si 

There bowler taken off conics 

0 rest IN. !»J 

iivc another promise lo 
alesman on shelf i$> 

’cl company's fix ifi» 
loser t work of Eltm (5. 4 j 
iind of seal lo end m the 
ir |3 --’i 

tail at child i4i 

.grees with Pole some into 

ruperly c 7 1 

.is-tf4 limn i»r unf.isliiouahle 
. tires at Lords ( 7 1 
ncicnl r|uvcn whu ln-.*V nu 
-■Hun ( 4 1 

1 tensity brought in small 
ranch li\ hulhcad tat 

>■ indulges m hund-uut from 
ulcher (4. Si 
raw it sav> tin- fowl t«i 
ns next in hand leader with 
resen bod tSi 
. . for each abbreviated 
ringed instrument (fit 
irresponding cover (St 

DOWN 

stulc virago joins Danish 
adcr (6i 

.■atify to the atlitude of the 
reneb model (fit 
lose people take key subject 
• t 

■amp earns award from 
rglnia (7t 


6 A purl of joint "d be 
extinguished by sinking fund 
(9) 

7 Put off by job on Page 1 fSt 

S Entrancing supporter sharing 
confidence with you and me 
<S> 

H Fancy using part of what’s' 
->aid each day (4i 

15 Rowdy with rugged cheek f9l 

17 Swindled by pet acquisition 
(4. 1. .ii 

IS Dotty painter (St 

20 Sit round ihv fathead and 
sort things out c4} 

21 Lose intensity or impression 
going u> the ground (3. 4 1 

22 Finished before parly is made 
ir. go inn far (6) 

22 Game between two banks ifii 

20 Pui up deposit ( 5 1 

Solution to Puv.7lc No. 3.706 


Shirley Heights set 
for Curragh victory 

THERE SEEMS little reason to That, was El Badr’s first outing 
doubt Shirley Height's ability to since last November and Maurice 
follow up his Blue Riband Zilber is certain to have him 
victory with a win in this after- ready to run the race of bis life 
noon's Irish Sweeps Derby at the on this occasion. 

Curragh. While John Dunlop is saddling 

The John Dunlop-trained colt Shirley Heights in Ireland. Clive 
has gone from strength to Brittain, whose Julio Mariner 
strength since trailing in a was expected to finish alongside 
remote runner-up behind Whit- the Arundel coK at Epsom, will 
stead in extremely holding con- be even busier at his home 
ditions at Sandown in April, and course of Newmarket, 
this afternoon's stiff galloping Brittain has a particularly 
track will see him to far greater strong team in action here with 
advantage than Epsom. Disco Volante appearing lo be 

There. Shirley Heights would the pick of his party. This 
surely have run out a convincing Jukebox colt need only improve 
winner bad he not lost all of a pound or two on his sccond- 


NEW MARKET 
1.30 — La Dolce 
2.00 — Kansu 
2J30 — Sprind to Mind 

3.05 — Ampney Duke* 
3.35— Padro 

4.05 — Disco Volante*** 
4J5 — The Sandford** 


placed effort at York— where he 
gave a photo-finish to Kingsbere 
— to open his Newmarket 
account, provided no other 
horse makes an unusually 
talented debuL 

Half an hour after Disco 
Volante goes for the Bury Hills 
Stakes. Brittain and stable jockey 
Edward Hide could well take 
the Littleoort handicap through 
eight lengths and four or five The Sandford. 
positions when failing to handle As anticipated, Greviile Star- 
the steep cambered descent to key, who again partners Sbirlev 
Tattenham Corner— as well as Heights, has been named the 
Hawaiian Sound and Remainder Wilkinson Sword “Jockey of the 
Man. Month.” Re took the award— 

I feel reasonably confident which carries a cheque for £100 
that he can confirm the placings and an inscribed Wilkinson 
with the Lambouro colt, who is Sword poignaro — on a unanimous 
again ridden by Willie Shoe- vote from a panel of 33 racing 
maker, and have little doubt that writers and commentators, 
with Remainder Man — making Starkey's big race successes 

his eighth appearance of the have also sent him into fourth 
season — it will almost certainly place in the Wilkinson Sword 
prove to be a case of going to the Jockeys Association champion- 
well once too often. ship, in which Eddery com- 

A better bet for anyone think- fortably leads Carson and 
ing in terms of a. forecast of a Piggott. The injured jockeys' 
saving bet may well be the fund benefits at the rate 
lightly-raced French challenger of £1 per point scored by the win- 
El Badr. certain to he all the ning jockey in this competition, 
better for a winning run in Pat Eddery, who landed last 
modest company a! Chantilly year's prize with 2.217 points, 
jusi over two weeks ago. currently has 812. 


■Hsrn 

5i-<?I^L?|j| 


IWQ00B 

H □ 0 
raraaQB 
_ _ a □ pj 

Q0SH 0B0HannEQ0 
n □ □ El B □ h 
BBBSBaB BEBOHra 
Q a b 
Hasan | 
a s eI 
BOB, 
0 0 
EOS 
- - B E 
HEBOBHEa '-QgBcieinl 


lo | o 

jjt/ sU 
L J! s Wi\ 


JTIUN AND WINNERS OF 
PUZZLE No. 3,701 

iowinu are the winners u f 
aiurday's prize puzzle: 

;s A. A. BaMamine. 5a. 
Road, North Berwick. 

I\. A. Woodall. 2. St. 
las Close. Alleatree. Derby. 

». H. C. Malcolm. IS. 
ta Avenue, Cheam. Sullnn, 



BQE3 
S3 B 
E!QQ 
H Q 
□QB 
□ D 

H 

n 
B 
n 
q □ 
can 
□ a 
nasi 


SPAIN T 

.'un-.- .K» I 

AMaild 

Ranco Eilbao 
Banro Ailaliln.-n 

Bunco Cciuriil 

B-unco Extciior 

Banco General 
Banco Granada < 1.001, 
Banco Hisnano . 
Banco Ind. Cat. 1 1.000 1 

B. Ind. Mcdilcrraneo ... 

Banco Popular 

Banco Santander fCIOi 
Banco Urquijo ll.OODi . 

Banco Vizcaya 

Banco Zaras (Kano 

BanKunlon 

Bauus Andaluda 

Babcock Wilcox 

CIO . ... - 

Drag 3 do? 

InmobaOif 

E l. Aragooosas 

Evpunola Zinc 

E-.nl. Bio Tinio 

Twa vl.ooo, 

h-nota ,1.000, 

G:,t. Pr>n.*,ados . ... 

C. runvi Vilasquu HOn, 


113 

397 

239 

303 

363 

382 

153 

311 

171 

30» 

230 

409 

260 

226 

252 

151 

2D5 

29 

82 

276 

T9 

55 

302 

92 

7130 

73.75 

76 

16S 


+ 2 


4- 6 
- 3 


+ 1 


-I- 8.50 


- (L5 
+ 0.7S 


Hldrola . . 
Ihcrducm 

oiarra - . . 

Pap-'lcnui Rcumda^ 
Peirollb.r . 
Petrolcos 
Samo Papahra 

Smaiv 

SoRcfisa 

Telefonica 

Torras Hostench 

Tubaccx . 

Union Elec. 

BRAZIL 


82.50 

87 

118.50 

71 

122 

199 

S7J50 

55 

130 

■6.50 

99 

104 

68.75 


- 0J5 
+ 1 


.t!-VSt La! ?. .. • 
Wire.-* era: o ... 

a.- fr . 

A it' 

%«!»«. I 

’ t' -*« 
.VI.Ml-rr 
1II.N . 

VII:* ' r^.aier... 

\»L\.X . 

Arcereiui Bn 

line.-. Atrliiser. 
Amer. Brauii*-. 
Amcr. BroKait. 

Araer. Can 

Ami'r. Cyajarri- 
Arrcr. D:-c. Tl-,.. 
Amrr. Elec. •P,'**" 
Aiccr. Kipre?!. 
Araer.Hvire PrM- 

Amer. : 

\n:er. 31, -tor? 

Amir. Nm. O ,*.. 
Amrr. Slanria 
Anifr. ii,«« . 
Amer. Tel. & Tc!.’ 

Aclcltii 

AMF 

VHP 

Vtn'-sc . .. . 
\n.-r. .r H-. u. 
tSliauH-r Uu-r.,.. 
Arsw Mn l . . 

\ 

V-an-tra Oil ..... 

V?an-- . - 
.V-:iian-% ..- 
All. K., h:ii- ... 
Vi:: • L<a:s I - ■ . . 

A VC 

Atr.. 

At.rfi Pr*.,v !?— 
bail G«. L.,’’*. ... 
UauC Aitk r. -a. .. 
Banker' 1 -. N.V. 
Uarl«r c* : 
tfauier Trail .in.. 
Kentrv* F --i.. .. 
Bt>.i .«bUw — .-nf-in 
liefl A Hr- - • , .. . 
Heridrs .. 

HeuMCrt l • •- B‘ 

Bclnlcn,',/. 

Ijiari A L'r 1 ,rr .. 



dvise liNi-.i.. .. 

B>,r,.cn -- 

U-.cy ',Va-.t.- .. .. 
Unu:7 lu: . 

i:n«ic',V 

Bni'.vl Mr*,-. 

Iim. Pei. Vl>k .. 
Bi'viinay 
UrLO>r. ic', . ... 

bun rui Kr,e . . 
b'jlm W*s. ,. . 
B:,rIin^i^2.S:i3. 

Burruuuli: 

Ca.mpbe'1 ?^*.:,. . 
Canadian P»iric 
•.anal Kan''- i|,3.. 
Caraaiw-n 
carr-.e.-.*. Oei-ra, 
Carter Ha„ . . 
LattiVil:a: T met? 

I us ■ 

■.eiaue.-e' 

Cenirai .v 


Le^na Ai.-c ait 


Che^el,rj{1i 
I'bnilu bv-?,— i 
..Inoui', Bri*:2** 

C.‘ira -ler 

Ciucmnm 

Lint*. Milan, n. 

..itict-rp 

lllM Service... 
Lily* Ininlin; 


C-iIvjiuma P-> 

.•m. I me \ai 

(inliuili'ij liiij:. 
c-nibUA.i:"a fuj... 
'm-n'in E 
L'ni u-'il.mi ltd. 
'.■•m*n. Mictiiie. 
C , 1 1 -ut ersc-ecce 
conu Lue la>.. . 

C ..u:ac 

I >'n.K4i*in '.Y. 

cnn«nl Fiv!> .... 
(’« -fill,! Aai. >■«.. 
L,*,i.uuie- 
’.■•ntiiieniat i.try 
^iMilinciilal i in.. 
CoRiiiiente; Te> 
Control liaia.. .. 
v.'co|«r Indu* 


52 la 
20: ; 

27:* 

27 
42** 
171. 
IS 
S6ia 
2a:*i 
54:; 
3Si.- 

28 
llil 
SOds 
461- 
42!j 
29:* 
33 
221, 
35 
28U 
27 ; i 

si; 

411* 

41 7 S 

33, i 

80:* 

32: 7 

ia: 3 

32:* 

14 

29i* 

24 

29:.- 

ZO'.j 

14 

1«: ; 

301* 

50:; 

aOi 

9 

24 i a 

55:* - 

2Sjq 

225a 

351; 

27 : ? 

4Zl^ 

zs:* 

56'.-, 

2u 

37l* 

22 i: 
1813 
52: r 
Z6i; 

28 r 5 

29 

1 2i; 

14 

26's 

ia: 5 

531* 

15:*- 

19 

6>; 

37-i 

72:* 

33:* 

16& 

10; ; 

272 2 

lt: 3 

17!a 

SS-. 5 

52t- 

40 

lei; 


32> 
21, 
39 > 

27:; 
27- 
42 -A 
17: : 

ie 

16:, 

22-2 

34t; 

S3:, 

27:» 

117* 

50'.* 

47 

4Z 

29 j 

327; 

2a: 5 

35'-; 

zai; 

261; 

51* 
417a 
42:- 
33 U 
60 
32 
18:; 
32!; 
14:, 
29:; 
i* 
29 
ai:, 
14.i 

I4> 
30't 
49 ij 
30- * 
9:-, 
24m 
5o> 
2a:j 
22s: 
35, * 

26. j 

42 

25:* 

36W 

20!-, 

57:-. 

3>i 

23 

IBI* 

53J; 

261* 

23m 

29 

IS-* 

l37 b 
1 6 


• l .jiins Gins... 
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llc'.Ctuwi 

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: Dipta fin, ill-... 

, Di-ney ,W»1::.. . 
i LViin.-Cnrtm.. 

; Uon, Cflemi.al. . 

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: Drt-w 

' Du[roi.... 

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I Eui .\:rlmn.. .- 
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fi.M.C 

F-re M-inr.. . 
Fu:er.;.,<l JKk.... 

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friRMu' 

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15!; , (jecerxr Hol,'n_ 
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19 ben. Ti-I. EKi.. 

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72 I (.leoryui Paciiu*. * 

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Hamiicliieuer 

Harn» l.-iriai., .. 

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deublcm 


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Julius Hanv sit*;., 
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Jniinnau *.'• >ni ml. 

J. .v Mauma, 'iir'j 

K. Mur l\-|*. ... 
kaiier V:„ min l'„i 
kai-u.e |n.»n*le:iw 
ka-.-.- 4, rt .| . . 

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ht'UHmf! 

Ki-M u.-lxv. . . 

Ki i'ii- " ■;■>■>.. . 

Klutierly * Icrl... 

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knil ' 

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Luui'i*,' 1 mm.. 
I.CT, tflraus. 

Libby On .Fetal.. . 

LiSRet /i roup .... I 

rjllyililvi 

Lill.ei In-In*! .. . 
Locklicrd AIpt'ii 
l.dc 5inr In.lui., 
L-.nc Inlanil !.(■].- 
leiiman* La ml.. 

Lul-nml 

LursvSi.fli . .. 
LVr VmlK'l'nii. 
MacMillan .... 
M»c.v If. II... . 
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j Mareluill Fivl.l 

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j I!i ile- *»< ill'll, . 

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| -KUlumti-njrr ... 

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| IViHU* Pci r. .ii-iu ii 
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| linfi-nal "il 

j llta-r, : 

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k*i-,-' l«V— lime- 
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I New. nocR 


GERMANY ♦ 


June SO 


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BMW 

BASF.. 

Bayer 

Bayer- Hy-po. 

Baycr-Vereinrbk. 

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liaimler Ben: 

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Ueni*}, 


77.8 — 0.6 - : - Keute H 

467 —2 31.2 3.2 Am^ueiOai.iVe 

245m - 1 28.04 5.6 An Liquet 

128.981 — 1.2 IB. 78 7.3 AqihMine.^..., 

ii i m -o.6 iB.re 7.2 me 

2B7 -3 2a 12, 4.9 i i-HiVKi.en 

318 -2 IB 1 a8j B.-.\. Oervi® 


PARIS 


June 30 


16a 

230 -1.3 17 ■ 7.4 

74.8-0.3 - 1 — 

300.5B— O.o 28.12' 4.7 
2=3 -6.8 17 I 3.3 

156.5 — U.5 14 i 4.5 


ia76 5.3 


UeulM/he Bank... 304. 5m *0.o 28.12; 4.6 

Drerdner Bank 240 -0.8 28.12 5.9 

185m —7 9.3B 2.5 

204.8 —2.2 12 2.9 

120 -1 14.04 S5.B 

297.5 -2.0 *16.72 5.4 

127.5-0.1 ld.i'S 7.4 

45.1 4 . 4.4 

129 -2 9.56 5.6 

145.2 *1.2 14.04 5.2 

322 -*2 25.44 3.7 

224m-2 18.72 4.2 

90.5 -cU.5 
177.8m 

96.5 - 2.3 

25 4.9 

25 8.8 

107 m 

MAX 1 203 -2 

.'laane»ntaun • 160.3 *• 1.3 17.18 5.4 

M«*uT R e» ! 2 la -3.1 10 2.5 

Muncbener Kuckl 543 - 18 1.7 

Ae>.-kermann 134.8 t- 1.1 — ! — 

Preuwas l*.'l lW 114.3 —0.5 I — > — 

Bliein We.i.Ei«.| 189.5 ! 25 6.6 

twberiiiK ^...; 261m. -26.12 5.4 

rienicn* ! 292.9+0.4; 16 2.7 

->u,l Zucker i 247 +2 26.56 5.4 

1'bysaen A.Cf 1 117.8 s.u.1 ‘17. 18i 7.3 

»«• - I 170 m 14:4.1 

VEBA I 121.2 +0.1 . 12 j 5.0 

VerdnaA WestBkj 292 . + 1 I 18 ' 3.1 
VtfUsae-Bjjgp. [ 218.5 1.9. 25 5.8 


DtckcrUuff Zeiur. 

Cuiebuffnun?;.... 

Haps?: L1oy,L 

Uarpener.. 

Hoecbir 

Hoerob 

Hnrten 

Kail unri .•fall.. 

K&maiil 

KauOrai. 

Klovkner DM100. 

KHD 

Krunp 1 

Lmrie. ; 255.8 + 1.8 

l/mnhni: 1®... 1.415 -- 10 

Luttbansa i 


(.■rrelour. 

v .G.K. 

1.1. 1. A icafeJ 

C i e Manual re 

flub Mei-lxer 

f reitii fora Fr'tt 

f rouaM Loiro 

liumer 

Fr. Pei roles 

Gen. Ocuiltotalr 

Initial 

•lacouw Borel 


L'Urml • 

Le^rand 

llar-oni Pbenis... 

Michel io -*B*' ' 

Moet Hcnnearey-i 

Moulinn i 

P»nh*j I 

Pechiney I 

Peni)>1-'Kli*ni....i 
Peugeot -Oitroen.. 

9.36 4.3 i I'n-Miu .....I I 

19 o q 1 llanii* technique.- 4x9 

Klmne Piiuleui .. . 

31. Ci,.< bain | 

kls llra-miiiiii .... 

- u*« 1 

leieine--amf|ue....i 
> bomsoii bran-H., 
L«inijr I 

STOCKHOLM 


BRUSSELS/LUXEMBOURG 


June 30 


Prii.-e 

Fra. 


■ Die.' 

I ■+* or i Kn. ;Yld. 
— Xn I % 


Artert 2.685 

Un. Brx Lamb.... 1.660 

BeViert -B- 1.980 

f.B.K. femenu... Lt36 

C'ca.-k<:nll ■ 468 

KBts ,2.e6o 

6.470 

Fil>riqiie Xai . ... 2.160 
c:.B.In>ii>- Bn 


5.9 

5.7 


1.1 II aril .... 

Hi-inkeii.... 

nieni-in... 


+ 0.75 
+ 0.75 


June 30 

Tr^-e - 

fm* 

■For 

til?, 
fro 7 

Yw 

O 




. 1 . 


Bnnco dr, Brazil 

2.01 

3 

J.I7 !b.4G I 

Banco luu... 

1.40 


J.d’f 

28.4 

Beipo 'Iin.eira.UF 

2.11 

7 

-.o* 

S.7U 

XscijBr. Amer. UP.., 

-3.15 



9.38 

Perrobra- PP 

3.14 

- 0 . 0 B 

1 : 

4. 14 

Piiem 

1.50 

+0.05 

.1,. 

10.67 

bnn-ii L’rur UP.... 

2.63 

-0.04 


6. 78 

f«,i|- l*b 

5.10 

-0.02 

®JL 

4.90 


V® a Hw I Vw- _PI i _ 1| . I r_|l4.B 

Turnocer: CrilOJm. Volumn 3T.0m. 
Source: Bio ile Janeiro SE. 


NOTES: uiereuik prices exclude S premium. Bclsian divia-aul-j are alicr 
uiibhoirfine lax 

♦ DM3n denim, unless orheruisc staled. 9 Plas.500 d>.mum. unless otherwise 
stdiu] + Kr.lifl denom. unices other* n>*: stated, 'h Fra. 500 deooiru unless 
uihcmnc staled. ■ Veu 30 dcnoin. inijcss oiberwise stated. « Price al time of 
suM>,.'nsi„n. u Kl-inns. b Sch illing* - c CenUL d Dividend alter nendins riKhts 
unit or scrip usue. c Per sbare. I Francs, p Cross div. n.. h Assumed dirtdoud 
arier sent* and/or neh is i.-*ue. * Alter local taxes. m«> tax free, u Francs. 
Iniltidlnn VniLic div. p Noni nature split, x Dm. and yield exclude special 
payment, i Indicated div. u UnoIBchU traduis. t> Minorliy holders only. t/Uercer 
rrondltijs. * .VjHcd. t Bid. J Traded, l Seller, r Assumed, xr Ex rishis. ad Ex 
di* uiond. xl Ex scrip issue, w Ex all, a Interim since increased. 


. 1.4U0 
. 2 . 28 a 
1.72 J 
6.720 
9.53^ 
:2.710 
3.700 


+ la — • — 
-20 ' 72 : 4.6 
+ 20 116 
-14 100 
- 12 — 

+ 10 177 
—40 440 
4.33 170 
+ 20 15u 
.. ..8b 
17u 
142 


hrediellnnk. . 

Ij l.'nia-H lieti-i 

I*hu Hiilrtiu*-. .. 

Perroliiix 

-j,-.- ■■ cl, Mflnui'K.. J.c9a 

in-fien Hci^:<iuc l.940 

mfim 4,105 

2.375 

Trietion Elect 2.^30 

f CB | 922 

fnMlQ.il/IOi 1 720 

'ieiile Monncoel.482 

SWITZERLAND ® 


-5 

-60 

-2 • 
-10 

-10 
+ 6 
+ 10 
5 ^ 

E" 

I — 2B 


7.8 

to.7 

b.4 

b.b 

0. 1 

1. a 
0.3 






C hi+WINI ■-! 



■'ll -| 


l^ 1 I 




■ f 1 ■ 



P tkIVT 


W»V [•■ 



rvnvi 

BM>I 


■ \ 'M 1 nr.Hmn 


e 



■r ii' j ipwrUMBin 








■ 


H+l+M 



























! .H-nLiy.'liM L ■ 


-f-ivTwn 


*1 








AUSTRALIA 


I line .-0 


Aiik. a ’ — 


4.; 

4dS>, 3.9 
>].2i 3.0 
1 <4 4.7 

203 7.0 
140 i.3 

215 > 6.a 
'2 I0| 8.9 
170 ; 6.7 

60 ! 6.9 


June 30 


Price 

Frs. 


1.290 

1.640 


Aluminium ........ 

HBf-A' 

fib* CeiKi-i Fr.lCO 1 1. 1 15 
IV*. Pxrt. On, i t45 

lv:>. lie,/ j 392 

fret) it SuUv* -2.185 

film row Hit l,7ei) 

Flu-iier ,Uei,r3i-i. ; 690 
H-'dinunPl Celt 
Is,, cm, ia II I .. 

lutwriiiil U 3.92S 

leiniuinKr. liMr. i..-0 
Vei+ic . Fr. 100>.. . 0.485 

Uu. Il« 2.22 j 

Mei-I ib.ui B. , F . 2.3 70 

Pirein IF, r IWi a90 
omiiltn 

Uo. Pa a Certs.. 490 
n-lundiEi- Cl Fltt;- 300 
.-uiror CtiFr. lw>>. 3e0 
7iri5*iilr iF JteCn.. , 830 
?n is* bnk. F.1C0. 376 
7i» i*j> iHeiFrSsO... 4.750 
1 m>*n Bank 3.055 


+ «T| 


DlVnYld. 
% % 


-9 


■ i 

•—15 I 

■cl ! 

i 1 


a 

10 

22 

22 

22 

16 

10 

6 


3.1 
3.0 
1.9 
Z.D 

3.7 

4.6 
2.e 

3.6 

73 500 sO^,S5CJ . O.i 
7..- 50 _«r -55 r 0.7 

— 100 21 I 2.7 
—3 I 21 I 1.. 
j— 13 int!5.a; 2.6 
-tu -t-is.7- 3.1 

— 10 
;+z 


c 2 .. 

2 

’—15 

1-4 

+ 25 
+ 5 


15 

15 

26 

26 

12 

14 


1.4 

5.1 

1.1 

3.7 

4.0 

4.0 


Zurich In* 10.600 


10 | 4.2 
10 j 2.0 
40 j 2.1 
20 J 3.3 
44 2.1 


June 30 

1 Price 
| Krone 

+ or 

' biv. 

| Kr. 

; V .r. 

45 

BB88 

208 

143 

80 

125 

67.6 

118 

199 

*47 

139 

138 

*9 3 

— 0.5 
+ 1 
+0.3 

+ 1 
-2 

+ 10 

6.6 1 2. to 
6 3.6 

5 6.2 

6 1 4.6 
4 1 5.9 

v4 j 3.4 
5.76 1 2.9 
10 ! 4.3 
6.3 4.6 
5 . 4.6 
8 2.8 

Lardn 

felluloxa 

Klecf lu a * B'{K rev 

fineahon 'B'lKibO 

b.aeite "B” 

Granura ilree, 

Haa-liexiemken.. 

64 (+ I® 
338 l+l 

mo ; 

63 ! - 1 
8;9 .+ : 
c2 .-, 1.5 
1:2 -1 

VU , . .. 

= 8 !-2 
60 . 0 I 

N + 

Pri-.-v ! + in- 
Kroner . — 

16 

B 

0./3 

4.3 

8 

6 
u - - 
6 

flirl 

4.7 

8.0 

2. 

/.5 

3. . 

7.1 

9.1 

VM. 

Mull'll IlMfli+lit.. 

;]ii,um A.u 

'.K.r. *ir Km. . 
*-lufii-l Ku-.Ml.ln 
Ua-iMik *IV Krmx 

I Mebi-'in 

1 >Kr. 0 O 1 .. .. 

COPENHAGE 

June 30 

VuilelxtBrnken 

134 

— is 

11 







OanekeBaiik 

1221; 


12 


bast Asian lo 

1621]' + 1* 

12 

7.4 

Fltm:ri-,t.int+tu 

129 


13 

ir-i-i 

K,jr. By (airier... 

363 

+ 2 

12 

3.3 

Fnr. Fapir 

781; 

+ 21; 



Rasul leabank 

1231; 

— Is 

12 

8.9 

G..N th n B.iKrW 

262 

-1 

12 

4 1 






(HieiahrUi 

76 




PnvatbanL 

12Bi; 

—J, 


8.6 

Pirmusbrnili 

138 

+ 2 

11 


B-n-h. Beren+Hren. 

404 

+4 

12 

3.0 

3upert.ni 

1765,, + l 4 

,3 

6.7 

MILAN 



Price 1 + ■ -r 

UlV. 

Vi - 1 

June 30 

Line 

— 

Lire 


A Ml. 

=16.76 


; 


Un.-t-»n 

454 

+ 5 





Flat 

1.792-., 

+ D 

150 


Lkj; Pn. 

1.-9I5-., 

+ 9 


1 1 n ranter 


— c.25 

_ 1 


italcemeul 

11.700- 

+ 150 

200 


IlSiBldOr 

219.0: 

+b 



Metll.'iid in-* 

33.230—510 1.200 


.'L>-ulFt1i>un 

14« : 

-0.3 




Jllielll l*| iv 

994id! 

+ 9 



1*1 Will A Lu 

1.845 j 

-45 

130 


Pirelli Spa 

963 | 

+ 4 

80 


sm* Timam. 

724 j 

j_ 

+ 6 i 

1 



Vf.MIl. ,13 cent) tO.cB i+O.l'I 

.Vestin' Aii-tnlia. ' l0.t6 +0.0] 

Vilie.1 'liuj, TMu. In.U.SI, FJ.I6 ' 

,Vni|>*< k-.,rfim>iM<i It 29 -d.il 1 

VlilpMl IVl nueuni tO.cZ *0.0t 

.IwV. 'Immb. Tl.l 

V—B-. rni^r Pi..— , Tl.lB ♦i».i> 2 

Ami-, t. n. Ind unite*.. .. fl.Bx 

XiM.I-i-iiii.latlnn In.eM. . tl.O 1-0.02 

'..'.I *1.37 rli.01 

Vih'iiiIi-. . ;J.45 _ 

\il-i. on \ ii®> (0.46 

linn, I... i.'nt-k li.*i.l KJ.iSE — D.03 

liliic Mciai I lul tl. 1 1 

Ikninii,. iii^OoPit-r il.Z5 +U.UI 

Kranil-i, - ItiduMnei tl.72 ‘ 

s*iMi,eii Hii, Hst*,irielAr> ...., *6.8 > '-0.04 

BH *t.aO ril.D4 

tnrll-i.i I' lilted fireuvrv.. tl.77 ,+0J»l 

l. -l.i-,— tJ.05 -0.02 

fall tZ.98 -0.01 

Uekbuni i. cmeru — • .... 

C'l'nr. /•• -lil in-id*, . lull *3.10 -Q.I4 

fooiii >in-i ,5 D *2.25 

i mii.’iiic K„4iub, ; Ni.45 -0.02 

C-wioin VustntUa i Tl.a7 '+0.02 

Ui,ii1m|i liuliber iSL* *1.39 +0.01 

fi.SLOK :0.9Q 

Bidet -r»ti, ill, *Z.Z4 +Q.04 

K.7.. Inn.utriex • 12.35 

•Jen. Pr-<K-ny-Tni*r H.s7 +0.01 

H«iner*!..i *8.25 i-'t-Oa 

H, «.,lirr. *0. ,2 +0.112 

Ifl AubiiaIib..— i tJ.la i 

Iiiter-f.,),|ier *0.27 ! 

J ennui;. it. la • 

Jmie* .Thi Idi : tl.16 1-0.0' 

Umnani Uil - ] iu.22 :+Q.C2 

Memlv (.suUinUuu,- • *0.a L 

HIM H- .1,1(00. > ia.1 [+U..2 

Myer Ki,i(B>ram - • tl.,2 |-b., 3 

X,-iv» | t3.a5 

AiL-holHx lnternAtlnnal ; *0.82 

North Bn ikenB'dusc* Oddi *L32 

OakLTt.l K .. j *1.75 

Oil Xnn.-li.. tO. 12 jHl.l/1 

Oiler *0^4' 

l'u-neer Cnnciefe tL53 (+0.02 

Keck it, .V fi+man *2.83 

H. C. M.,|i;h.J. - *0.72 

dmu ili In ii, I Miami; 10.32 '+'1.41 

Brareo* KxpUnlmn J *0.30 -OJK 

TrtUli ,5, 11.84 -0.00 

Walrnn- ; *0.68 :,1.01 

";,-(eru 'lining ,50 venlsii 11.57 .-0.0S 

t' i > r I , ■ . i_tl.61_- . .. 

AMSTERDAM 


TOKYO 1 


Price 

FI*. 


+ *t 


\ l„ ,1, 1 •* !. \l> — . 

'k - ■ KI.'-m. 

' 'U-.-,, , H.iu.pijdi" 

'.'IK' ,1 i.iut.... 

A ,n, ,a Bn. k i n3u 
UiKIlk.-M . . 

Ilokn VV,. I Inrl'Wl 
Iim inn l v |ii-h.lr 

' ■ Fl.2i».' 

llnuvi- 

Kiir.1 (.Miiir.l.FIIO 

(.l*ll], pig. 

He, ueii,-,. i F| Jr,.. 
Hmw' .n. i HJftn. 1 
Hunler I *., KLllXit.l 

K.UM. iKI.IOOi 

I'll- Mullen U0i..j 

.Viuintvii . Kl.iO) i 

-Ne*' 1 nxjFllu. 

Ne.lfn.1 llklFI.31. 

NedM Hiitk (BIAJ.I 

DiviFl.'Jtn 

Vui OininenMi.... 
Phkli-w.1 ,Kl.a>,.| 

Pbill|H .pi, un. 
ItjIlSrli V,. rl Fl.tOOi. 

ItulHLB-l, iFljyO) 

Kullih.i, >F|. W... 
l;-n*ui,..K|. htl> .. 
If, \\ Hi Ll.ll ,+H PI . jOi' 

?lh\i*i|liur|«, M1 ■■■■l 
% U'» nu ■ r | ■ iKL.vIl 

r„kv»i'A. . Hi,i..>| 
lllllei-i . FI.h2u«.- 
Vil.lll-1/, I.lrili ,1 
"V* 1 ta ■■ '«i 11.. Bank I 


Die. VM. 

t ■ % 

>21: 3.4 


28.5 7 6 
5u b.b i 

24.5 5.9 | 

2b • 5.8 
80 6.7 

3b I 7.1 

27.5 3.0 1 ., H 

47.5 a.al^!' 1 


14 3.4 


lt/4.5 -0.5 

29.6 -*0.9 

364.0 . . 

B0.4dJ — .1 

7a. o — O.a 
91 + 1 

120.0 ^ 1.3 

„.e -0.2 

280 + 1 

laO -4 

69.0 * 1.6 94.5! 5.0 

34 . 1 +0.3 33 1 6.3 

103.5, + 2.4 

33.2;+ 1.0 

84.6 

143.5 + 5.0 

48.2,4 0.2 
36.3; 

102 .0,— < 

53 
193 

164-01-0.6 1 36 
141 -1 18 

40.2 1 — 

26.3 ! 17 

83.0,+ l.B 1 - 

171.0 +u.j 1 '26E 
131.6+0.5 1 — 

123.0 + 0.2 ‘ 14 

13U.9 +0.5 6S./6. 8.4 
346 ,--l 19 ■ 7.B 

130 + 1 : 27,; 4.3 

1-0 + 1 • 40‘! 0.6 

120.5 +0.5 42.4! 7.1 

41.2 +0.2 20 1.2 

395.5-l.a 35 4.1 


June 3.1 

•Pneei" -fur 

1 Veu ' — 

Du 

■e* 

XI.?. 

Anahi (..Ibbb 

335 +1 

14 

J.l 

fawra 

480 +2 

12 

1.5 

•«»«• 

: b74 -10 

35 

1 9 

1 liiuim 

365 +5 

, M 

2.7 

Du, .Viim'n Pnii* 

645 -4 

IB 

1.7 


; 547 .. 

15 

I 4 

KitM>-s,i 

249 - 1 

12 

2.4 

HiKKla 'laKerv. 

573 '+ 1 

IB 

1.6 

Huum-F.+sI 

1.2t*0 +60 

35 

. 1.4 

f. Il.il 

238 -11 

12 

■2 5 

ll-el ,'Wailn 

1.430 +50 

30 

l 0 

•t*w* 

695 ' 

15 

0.9 

J.V.L 

;2.640 lu 



Knitsal Kiev! I'., 

1.160 -10 

10 

4.5 

Kontalxu 

349 i 1 

i ia 

2 6 

Kuleita 

281 +2 

15 

O 7 

Kv-H-el'erHim-- . 

4.080 -20 

3b 

0.4 

MalriiriulH hid.. 

734 +9 

au 

1.4 

Mit+uMshi Bank. 

278 

10 

l.B 

Mll.-uhlt.lil Hro" 

123 . . . 

ii: 

4.9 

Mslriit'irlil fupp. 

431 +7 

13 

1 5 

Mil mu A fr*. 

324 - 4 

14 


Mirsukushi 

595 ~3 

20 

1.7 

.Xipjam IVnfcH- 

1.480 + 30 

15 

0.5 

A 11*0 -n Slilnpait. 

703 7 

12 

0.9 

> L-non Millers... 

808 +3 

16 

1.0 

Piuneer 

1.810 -40 

48 

1.5 

6*1, y«* Kleetin-^.. 

+67 -4 

12 

■2.2 

Seklaiit 1’retnl*... 

882 -3 

30 

1.7 

Blilrouk* 

1.180 +20 

20 

0.8 

'"□V 

1.730 -30 

40 

(.2 

I'hcLwi Mamie.... 

230 1 

U 

2 4 

Inkeiia-fliemluHi 

o99 +3 

lb 

1.9 





IVIjin 

117 

10 

4.3 

T.-Wlo Manui- .... 

47B 1 + 3 

11 

1.2 

ClJsiu filed Purr'r 

1.05U : r-20 

B 

j.a 

foil eo Nm.rt- 

327 1 + 6 

12 

1.8 

rwk'yn ahlVwuT* ..' 

140 > — 1 

10 

3.6 

T.-niiV 

143 1-2 

10 

3 5 

fovnla M.d.ir— -I 

926 [-5 

zo 

1.1 

Sounx! NIKfco Secunui-a. Toki o 


VIENNA 


PrK-o 1-f-ur 

Ds«. 

Vl.l, 

June 30 

» ! — 

i 


Gre*Hnui*4ad j 

342 ; 

10 

2.9 

PeriTOww 

265 i+2 

9> 

3.4 

Seida 1 

600 1 

SB 

B.O 


35 j-1 




190 [ + 2 

B> 

4.3 

\eit Mjurnroit. ...1 

336 +1 

14 

6.0 


JOHANNESBURG 

MINES 

Tune in 

Auxin- Am, -rie-an Cors*n 

Charier Consnlidulcrt 

Hast Drieumtein 
Fl+hnn: 



6.5 

7.5 
5.8 


OSLO 


.1. 


ia 


l*ri,.e + 1,» 
I'l'-iin 1 — 


U--IBI-1, I It, uk ... . . 

lk*ne(;aiinl I 

f ml it hum i 

Xl-MIIIIB- * 


92.0' -1.5 9 

65.00... I •- 
....; 106.0.-0.5 11 

220 20 

... . ..1 1Q5.50— 0.75 
'or-i. H\.lrokr.f«« 178-25 + 0.25 12 
-’Hurehnuiri ... m ... I 82.5 7 


Rasul 
.V) 
44 
1? 7D 
I 76 
b C>l 
fi I 1 
■I iM 
I 14 
• 14 7,1 

t -_-.i 

t;:: ,hi 

, SM 

ti 7; 


ll.-irmiHO' . . .. 

Kinross 

KlOrt* 

nuMi-iihuris Platniuni 
SI. Helen., 

Snusli \ aal 

Kiel, Is S.\ 
nio't Corpnrjtuui 

fie R.-.-IM n-ferretl 
Rlyvonnilisn-tu .* vi 

F.asi Rand Piy. . . l.Td 

F*vr state CoduM . . .. rt?.?'* 

Pn-Mtlcni Fra, id H.a* 

PrcsWcnl Aieyii *tL50 

StllTsmtem «X 

Welksim *.70 

West Driefontcln *S7.Sft 

West.-ni Deep 713 50 

INDUSTRIALS 

AFCt 

Analiv.vnvr. Indwdrtal — 

Burlaw Rnnd * •• 

»:.\a tnvewmems 

I’urrk* Flonnre 
He neers Industrial • • 

Meat* Consoddaied in'*. 

■Med re Sinri-s 
Ki-drrale VnlishelefiBinfi* . 
nreah-rmans Slop’s • • • 

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Premier UilHnv 

Uiv.iYvl. I Pretoria Cesnpn* 

- 1 PiMva llnldmuH • • 

Rand slinw Properties ... 

9.8 1 nemhranUt Group 

1 — IV-tru 

9.4 j r. c. smut! Susnr .. . 

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- „ Hi 
11 m 

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Financial Times Saturday July 1 1978 



AND C DM P ANY N EWS 


Jobs saved 
at Kockums 
by Nordoe 
ship order 

By Our Nordic Correspondent 
STOCKHOLM. J unc 30. 

A NEW ship order brought some 
relief to Kockunis, the hard- 
pressed Swedish shipbuilder, 
yesterday, and the management 
withdrew redundancy notices for 
900 employees. Their jobs are 
now safeguarded until autumn 
next year, it stated. 

The Nordoe Shipping Company 
c,r H er E d a lhird M.O 0 O dwi roli-un 
roll-off vessel a Tut receiving 
State credit guarantees. Mr. Nils- 
Huro Hullenborg. Kockums’ chair- 
acknowledged (h»« the latest 
order offered only a short-ierm 
solution to ihe yard’s difficulties 
hui he judued the chances of 
obtaining further new orders as 
very good. 

Tile first, nf the two largo gas 
carriers Kockums is building on 
its uwn account was taken from 
the building duck for fitting 
jesterdav. li is due In be com- 
pleted l_.y the middle of next 
v car. 

Epi-Jii*.- this month. Kockums 
u-Mained a $'JCi 0 m credit facility 
h'om a banking group ted by 
Skaudmavska Enskilda Banken 
to finance construction of the 
two LXG vessels. This loan was 
guaraoteert by the Swedish State. 

Korf-Stahl 
losses rise 

BADEN-BADEN. June 30. 
l\<"»r:F-STAHL said its cnnsoli- 
il.iicd losses totalled DM 4‘Jm 
iS’JO-’Jmi in 1977. widening from 
the DM 22.8m loss of 1976. 

Consolidated turnover 

amounted to DM 627m against 
DM 626.7m the previous year. 

The parent company net loss 
rose to DM 20m on sales of 
DM 45.Sm from the 1976 loss of 
DM 8,31-3 an sales of DM 28.7m. 

U’orld group turnover totalled 
•ibfiut DM l.obn against DM 1.6bn 
i lie previous year. 

\ P-D.l 



State backing 
for Sodra loan 


BY WILLIAM DULLFORCE 

THE SWEDISH Government yes- 
terday approved a five-v'ear 
guarantee for a Kr 200m 
i $43. 5m) loan to Sodra. the 
Mini hern Swedish forest owners’ 
company. Sodra had sought 
guarantees for Kr 300m but the 
Cabinet postponed ils decision 
on the remaining Kr 100m. -The 
loans are needed to met Sodra’s 
short-term cash requirements. 

At the same time, the Govern- 
ment authorised Sodra’s northern 
counterpart. NCB. to lift Kr 260m 
or the Kr 400m slate loan 
approved by Parliament. This 
loan had been made conditional 
on a change in NCR's top man- 
agement. a fresh capital injection 
from its owners and agreement 
with both domestic and foreign 
bankers on loan extensions. 

Mr. Nils Aasling, the Minister 
of Industry, stated that Mr. Sven 
Lindquist, retiring managing 
director of the Swedish co-opera- 
tive banks' central bank, would 
replace Mr. Gunnar Hedlund, 
the former Centre Party leader, 
as chief executive of NCB. 


STOCKHOLM, June 30. 

Sodra experienced a Kr 462m 
profits collapse last year from a 
pre-tax profit of Kr 76m in 1976 
to a loss of Kr 386m (S84ml on 
a Kr2.7bn ($587ra) turnover. Jts 
auditors commented that this loss 
coupled with a Cal! in the equity 
debt ratio to JO per cent and the 
low liquidity called for M strict 
vigilance on the part of the Board 
to the company’s financial situa- 
tion and profitability.” 

The Kr 200m credit guarantee 
granted to Sodra yesterday comes 

from the Kr 900m in guarantees 
which Parliament authorised this 
spring for the Swedish pulp and 
paper industry. A Kr 90ro 
guarantee was previously granted 
to Vaenerskog. another pulp and 
paper manufacturing concern 
belonging to forest owners, 

Sodra is committed to a Kr 2bn 
investment in a new pulp mill 
and paper plant at Moeosteraas. 
The pulp mill is scheduled to 
start up at the end of 1979 and 
Sodra has been looking for a 
partner to help it finance the 
planned paper factory. 


Sales rise at Winefood 


BY JOHN WICKS 

TURNOVER of Winefood SPA, 
of Corsico, a leading Italian pro- 
ducer and distributor of wines, 
rose by some 3S per cent last 
year to L47.5bn (S55.5ra). Group 
sales were up by some LlObn 
to about L112bn, according to 
Credit Suisse, which came to 
control Winefood following the 
channelling of funds from its 
Chiasso branch into Italy via the 
{Liechtenstein company. Texon- 
iFinunzanstalt. 

I The Winefood company, over 
jouc-third of whose sales are 
1 accounted for by exports, finished 
1 1977 with a balanced profit-and- 


ZURICH, June 30. 
loss account Rationalisation 
measures and a further intensifi- 
cation of export promotion are 
expected to bring about a further 
improvement of profitability this 
year. 

* * * 

THE SWISS-BASED Nestle group 
is to take over the Argentine 
company. Fruticon. a producer 
-of fruit juices, writes John Wicks 
from Zurich. The' acquisition, 
which has received Argentine 
Government approval, will cost 
Sim, and Nestle plans to invest 
a further $2ro in Fruticon. 



Commodity OFFER 39.5 
Trust BID 37.5 

Double OFFER 79.0 
| Option Trust BID 74.0 

TOM 

Coimr.Ddirv & General 
Management Co Ltd 
8 Si George’s Street 
Douglas Isle of Man 
Tel: -1624 4652 



Toyota Motor Sales $126m profit 


BY OUR FINANCIAL STAFF 

CONSOLIDATED NET profits of 
Toyota Motor Sales, which 
handles Toyota vehicles, 
amounted to Y25-9bn (S126_3m) 
in the year to March 31. This 
compares with parent company 
profits which, as reported in May, 
were a record Y25.17bn. 

The company has released con- 
solidated figures for the first 
lime, following a change in 
Japanese commercial law. requir- 
ing the publication of sucb 
figures for toe current year. 

It expects net profits on ihe 
consolidated basis to Tall 
slightly this year, to Y*_’5.2!in. 

Consol ida led sales were 
Y‘2.72 trillion /fh ill ion million). 

7 — 


equivalent to $13.3bn. A rise 
to Y2B1 trillion is expected this 
year. 

Toyota .said, however, that it 
faced uncertainties over export 
market conditions for Japanese 
vehicles and the Yen apprecia- 
tion against the U.S. dollar. 

The Japanese Government bad 
begun issuing stringent admini-j 
slrative guidances to keep the[ 
volume of Japanese exports of j 
vehicles, steel, ships and tele- 
vision sets this year within fast ■ 
year’s level, bul the company i 
said that Us vehicle sales, in- 
cluding exports, in fiscal 197SI 
were expected to reach 2.S3mj 
units, against 2.77m last year. 1 


Northern 
Telecom 
bids for 
Data 100 

By Robert Gibbens 

MONTREAL. June 30. 
CANADA’S largest telecommuni- 
cations equipment manufacturer. 
Northern Telecom, has changed 
ils mind and is bidding $19-23 a 
share cash for all the common 
shares of Data 100 Corporation, 
of Minneapolis, that it does not 
already own. Telecom now owns 
1.6m or 31 per cent of the Data 
100 shares. Early this month it 
said that it would not counter-bid 
for control of ihe Minneapolis 
manufacturer of Data Processing 
Terminal against an Offer from 
the giant McDonnell Douglas, 
the aerospace group. 

Northern Telecom's bid com 
pares with S17.50 cash from 
McDonnell Douglas. Data 100 
said in Minneapolis It would 
issue a statement later today. 

German bank 
agreement with 
Luxembourg 

LUXEMBOURG. June 30. 
AGREEMENT has been reached 
between the Luxembourg 
authorities and the West German 
Banking Supervisory Agency in 
Berlin on the passing on of 
general information about 
German bank subsidiaries here, 
Luxembourg Finance Minister, 
M. Jacques Poos. said. 

Since February, German banks 
here have been passing certain 
figures on to their parent banks 
in Germans' which can then be 
passed on to ihe German 
authorities. 

This arrangement means that 
the German authorities no 
longer have the impression that 
the Euromarket activities of 
German banks here could be a 
danger to their parent concerns, 
he added. 

The subsidiaries can disclose 
everything they wish to their 
parent concerns in Germany, but 
if there is a danger of damaging 
rumours, a joint control with 
the Luxembourg Banking Com- 
mission may be undertaken, M. 
Poos said. 

Reuter 


United Nuclear rules 
out arbitration 

FALLS CHURCH. VA. June 30. 
UNITED NUCLEAR Corporation 
will not enter into any arbitration 
proceedings in its dispute with 
General Atomic Company, a. ven- 
ture of Guff Oil Corporation and 
Royal Dutch/Shell Group, over 
uranium delivery contracts 
unles directed by a court order, 
it said today. ’ 

Reuter 


HUSKY OIL 


Mr. Blair leaves the door open 


ALBERTA Gas Trunk Line Com- 
pany, Alberta’s largest gas trans- 
mission company and a sponsor 
of the Canadian section of the 
Alaska Highway gas pipeline pro- 
ject now regards itself as the 
largest single shareholder oF 
Husky Oil Limited. If any other 
company challenges that position 
it will buy more stock to give 
it 51 per cent of tbe Husky 
equity. 

But as forecast Id the Financial 
Times- last week, the door is left 
open to the Nielsen family of 
Cody. Wyoming, Occidental 
Petroleum, Petro-Canada and 
perhaps others to remain or 
become Husky minority share- 
holders and participate in 
AGTL’s plans for developing 
Husky’s assets — at least in 
Canada. 

Mr. Robert Blair, bead of 
AGTL, left no doubt in his state- 
ment from Calgary of tbe spirit 
of compromise behind his com- 
pany's acquisition of 35 per cent 
of Husky's 11m outstanding 
shares in tbe open market since 
early June. The cost of those 
purchases was over C$200 m, 
financed by specific lines of credit 
from the Bank of Montreal and 
ihe Bank of Nova Scotia. Exist- 
ing lines of credit with the 
Canadian banks were not 
affected. 

Most of the Husky shares 
bought came from U.S. holders, 
and were bought at an average 
cost of CS511. No other com- 
pany was involved in the 
purchases of Husky shares. Mr. 
Blair made clear that no commit- 
ment of any kind has been made 
to any person or other company 
on the future ownership of the 
shares. This was a reply to 
rumours in Toronto that the real 
purpose of the acquisitions was 
to sell the shares to Petro-Canada 


BY ROBERT GIBBENS !N MONTREAL 

Jater. contrary rumours, tbe remaining 

Mr. Blair also made clear that issue is how the Husky assets 
AGTL now controls Husky effect- of more than CS600m are to be 
ively as the largest single share- developed — particularly its heavy 
holder, and it will make its oil reserves in the Lloydminister 
presence felt immediately in the area ofSoutb-We»i Saskatchewan. 
Boardroom and at the policy Mr. Blair said that any expertise 
levei. Reading. between ihe lines which Occidental could bring to 
of his statement, both tbe federal tbe problem of economic extrac- 
and Alberta governments were tion of these reserves would be 
aware of his actions and isten- welcome, 
tions. He says that Husky has “ very 

Hie s har e-exchange bid by great potential for the future." 
Occidental Petroleum of the and when he goes to see Tbe 


HUSKY OIL put out a statement in Calgary this morning, 
saying it was “ pleased " to have AJberta Gas Trunk Lines as 
its principal shareholder. Husky president Mr. James A. 
Nielson, said Husky believed that AGTL’s ownership could 
be ’’ beneficial in accomplishing the goals wc have set for 
Husky as well as providing the company with new opportuni- 
ties for growth and development.’’ 

Trading reopened in Husky OH today at U.S.533J. down 
U.S.S1UJ., on the American Slock Exchange in New York and 
at C$37, down CSUJ in Toronto. 


U.S. equivalent to C$54. tech- 
nically still before the Foreign 
Investment Review Agency in 
Ottawa for a recommendation 
whether it would be of “signifi- 
cant benefit''' to Canada, now 
appears to be void. Tbe C$52 
cash bid for all Husky shares 
from the national oil company, 
Petro-Canada. bad been with- 
drawn earlier when it was clear 
that AGTL bad bought 35 per 
cent of the Husky shares. Mr. 
Biair says the acquisition of 
shares of Husky by Occidental, 
Petro-Canada or others is 
welcome as long as Husky control 
remains in its hands or in 
Canadian bands. 

Thus, after nearly two weeks 
of bid and counterbid, charge and 
countercharge. rumours and 


Alberta. Saskatchewan and 
federal governments shortly to 
discuss the future, Mr. Glenn 
Nielsen, Husky's founder, and his 
son Mr. Jim Nielsen, ihe current 
chairman 3nd president, will be 
going with him. 

AGTL has two major ideas in 
mind: development of the heavy 
oil reserves and also of Husky's 
gas reserves m Canada. It is not 
clear how it regards the U.S. pro- 
duction and foreign exploration 
interests of Husky. 

With the heavy oil develop- 
ment, a programme that could 
cost well over CSlbn including 
upgrading plant, AGTL is invit- 
ing other companies operating in 
the Canadian petroleum industry 
to participate. ** We wjlJ be 
highly receptive to developing 


such ventures with Petro-Canada 
and with Occidental if their 
managements wish lo work with 
us.” Mr. Blair said. 

He referred to them as ’* well 
qualified " companies which have 
preliminary work already in hand 
and with substantial resources 
and expertise available. AGTL 
says (hat there are one or rue 
loose ends to he tied up. include 
ing the different tax status of 
Canadian and U S. shareholders 
of Husky. During the bidding 
tussle, it became clear that the 
share exchange offer was pre 
ferable to U.S. holders rathe, 
than tbe cash offer, after allow 
ing for the lower Canadian dollar 
for U.S. tax reasons. Thi 
problem is to be studied fc; 
specialists. Ahout two-thirds o 
Husky's assets arc located ii 
Canada and one-third in the U.S 
on tbe basis of present valu:- 
tinns. New valuations will b 
required. 

Husky has oil and gas produc- 
tion, refining and nurkcun 
facilities on both sides of th 
border, and owns also a siei 
fabricating company in the U.i 
and several other non-oil-and-g:- 
assets. Its last annual repo: 
said that its heavy oil reserves » 
place in the Lloydminisicr are 
were ltihn barrels. 

It pruduces small quantiti- 
from these reserves, btu wr 
conventional and sccondat 
recovery techniques, only 10 p- 
cent of a reservoir can 1 
recovered. This is because t; 
oil is too thick lo be pumped i 
to the surface. The technic 
challenge is to use ’Mertiarj 
methods so larger percentages 
the reservoirs can be recove ri 
The oil then has to be process 
info a crude oil acceptable to a 
conventional refinery. 


Coca-Cola fructose plan 


COCA-COLA, in a move that 
could have broad implications 
for the sweetener industry, has 
told its bottlers that they may 
use a high level of high-fructose 
corn sweetener as a substitute 
for sugar in ' its non-Cola 
products. 

Coke is understood to be 
informing bottlers that they may 
raise the level of fructose in 
their non-Cola brands — Sprite, 
Mr. Pibb and Fanta— to 75 per 
cent of the total nutritive 
sweetener content from the 
current maximum of 25 per 
cent Coca-Cola confirmed the 
change bul gave no details about 
the new fructose standard. 

While the change does not 
apply to the Coca-Cola brand 
itself, the step has Jed analysts 
to speculate that sweetener 
ingredients for that product 
might’ be modified tn coming 
years. 


NEW YORK. June 30. 

The type of fructose Coke will 
allow m its noo-Colas generally 
sells for 10 per cent to 15 per 
cent less than sugar, making the 
corn sweetener a cost-saver for 
Coke and its bottlers. 

The change could have an 
impact on Coke's marketing 
plans and current negotiations 
with its botllers. A switch to 
fructose also could affect current 
negotiations in Washington over 
sugar tariffs. 

The potential for a stronger 
fructose market appears to have 
had an impact on the stock- 
market, where Standard Brands 
and Arche r-Daniels-Midland. two 
leading Fructose producers, have 
recently been among the most 
active stocks on the New York- 
Stock Exchange. A. E. Staley 
Manufacturing, another major 
fructose maker, also has been 
traded actively. 

AP-DJ 


THE executive committee of 
Time Inc. and the Board of 
Inland Container Corporation 
have approved definitive agree- 
ments for the merger oF Inland, 
a manufacturer of corrugated 
containers, into a wholly-owned 
subsidiary of Time Inc. 

The merger, first announced 
on May 19. js still subject to 
•several conditions, among them 
approvad by the shareholders of 
the two companies and subse- 
quent re-:;nproval by the direc- 
tors of Inland. 

Tne merger agreements pro- 
vide for the exchange nf a 
combination of Time Inc. securi- 
ties for Inland’s common stock. 


agreement 

NEW YORK. June 30. 

Alternatively. Inland Conta*r 
shareholders will be able to eli 
to receive a cash payment 
$35 per Inland Container sh; 
pursuant to the merger, subji 
to the limitation on the numt 
of Inland Container sha' 
exchanged for cash. 

It is intended that the mer; 
will constitute a tax-free tra- 
action to the extent that Ink- 
Container shareholders rece 
Time Inc. stock. 

Time Inc. expects to annoui 
within the next two weeks 
cash tender offer for a. maxim! 
of 2m Inland Container sha 
or about 25 per cent, of its r' 
standing common -.lock at ’■ 
a share. AP-DJ ! 


I G. Index Limited 01-351 3466. Jan./March Rubber 59.0-f 
29 Lamont Road. London SW10 OHS. 

1- Tax-free trading on commodity falures. 

2. The commodity futures markel for tbe smaller investo 


GGMSODSTIES/ltevfew of the week 

U.S. copper price cut again 


BY OUR COMMODITIES STAF/ 

OM'PFR LED a ::cm.M’al down- 
turn in the mc\nl marked 'ihis 
wi'i’k. On Hit* London - Metal 
Exrhcnuf cash wirel-.irs" closed 
last niaht £13.25 down at 
a tonne. Thi* below 
the price level- prevailing 
More the im-i«tan of Shaba 
province in Zaire in May. 

In the U.S t wii producers 
announced further cuts in their 
domestic soli mg prices down )«_» 
below 63 rents a lb from fifi 
.cent*. This i< ihe second cut in 
US copper prices in the past 
month and mere Lhnn wine-, nut 
a price increase to 67 cents 
after the Zaire flare-up. 



September cocoa price traded 
within a £40 range and finished 
the week £23.5 up on balance 
at £1,806.5 a tonne. Meanwhile 
coffee traders shrugged-off a 
small cut in the Mexican export 
„ „ ... arifl hv price and rumours. Jater denied. 

Re-action against the earlier Capper Pax •£- that El Salvador had followed 

‘ ‘ warehouse suit> At , ast nigh i* s ciose 


MARKET REPORTS 

BASE METALS 


and Interest covered a wide variety of IMPORTED— Wheat: CWRS No. 1 134 C47. Tessa' RTB C«. BTC ES5. BTD 
dualities. per rent July and Aug. 92.25 Tilbury. U-5. £248. Calcutta market dosed For holiday. 

HONG KONG FUTURES— Prices fell Dork Northern Spring No. 2 14 per cent Yarns and doths very quid, 

about 148 Mints on ibe week in brisker July SI .00. Auk. SI. 10. Sept- 81.75 tranship- 
tradfng. Friday's elostoa prices 'cent* meor Easr Coast. U.S. Hard Winter 

per pound i: July unquoted- 57 J5C. Oct. ordinary unquoted. Australian wheat 

ummoted-59.00. Dec. BD.3fl-60.S8. March unquoted. EEC Feed Junc-Jnly 87.50. Aug. 
urunxxed-€i-40. May unquoted- 62 .40. 96 DO East and West Coast. 

COPPER— Barely changed on • the Week's high-low: July 57.00-56J5. Dec. Mnlre: U.S. 'French June July 108.50. 

London Mela; Exchange. Alter opening 6 i. 4 tmjo. 4 s. Sales. 243 <911 lota. Aua 99.25 transhipment East Coast. South 

Irani oiraFj L-as-cr ai BUS rorward metal Arricao White Sent. 73.W Liverpool. South 

moved up to ITJO following forecasts of Cff VpP African Yultov Sent. 72-50 Liverpool, 

a further fall In warehouse stocks, n -JAa- r t.A» 

tbe afternoon a sprung Comcx saw silver was Sard 4Jp an nonce lower for 
London rise to 1710.5 before news that spoi delivery lo tbe London bullion 
Anaconda bad col its price to 6?J cents market yesterday at 28S.7a. 


WOOL FUTURES 

LONDON— The marker was doll and 
featureless. Bache reported. 

(Pence per kilo) 


Barley; unquoted 
EEC DAILY IMPORT LEVIES— The 



system of payments for its 
reserve stock fund would be 
delayed for three months until 
October 1 because the U.S. has 
so far failed to ratify its 
membership. 

The cocoa and coffee markets 
were very quiet. In the absence 
of 


. £ • £ I 

Wirubai* i 

685-6 -1.25 

705-6 -1-25 
?eiii'ni'oi 686 —1 
Cathodes- 

Laklr ....... 68X2 ~.2S 

3 in.Wl-1.. 701-.5 —.5 | 
any significant news the ; 682 1 


COPPBU 


+ -“! L’no: 


*+->■ i 


racial opened at T82.8-283.8 d <526- Darum Wheat— 13379. rest 


(13379. 


Anrintlinn 
Greasy WvU 

Teslenl'.t>4- or 
Cin»+ | — 

burineu, 

lAitne 

Julv 

230.0-SS.0 ■ 


LM«6ier 

240.0-41.5 


Dermrer .. 

241.0-43.0 | 

— 

tlirelj 

246.C-4B.lt ; 

— 

MnV 

Z4S.O-4B.O 

— 

Juft 

246.0-48.6 1 


1 > -i ■ -r^i 

Dec. 

247.U-50.0 

248.0-63.0 ' 

— 


687-8 

7D7-S 


683-4 

702-3 


■r.5 

f.2S 


+ 2 
+ .75 


SILVER | 

. ‘1* i 

| Bullion | 

11-tin It 1 

1 (im-iiia ! 

+ or 

L.M.K. 

elfr+ 

+ or 



— A.8 
— 5.0 

284.35p j 
291.75|>! 

—3.2 

-Mii>-nths.. 
r >,|..ntlis.. 

2flCl.8|> 

299p 

-3.2 


mil! Oato^Sl «. 59 'rew S, nd l1 iSLIof r^st fi'EL JS? ‘crmbY^ i 5,00 V'°*ii «• 

all). Maize (other than hybrid for seed- m YD 1 E T CRE * 5Y— fj. urd ^ Dlly “" 
Ins J— 80.99. rest oil i».r. rest ml.. * - !}' iSfs! 
Buckwheat— All Dili all olli. Millet— 

SI 94 rest ml cfll M. rest nil . Grain 35*1.(1-349.0. 19. Dec. 354.5-35x0. 

Sl.s*. rest mi iM.at. rest mu. utam Uarch 3S9.5-36U.U. 360.6 


«*urge in prices upwards is si ill forecasts of a ri?e 

thnucht to be the main influ- stocks. September coffee was quoted at 

once hehinrt continued specula- £1.475.5 a tonne down £22 on the 

live '.oiling. Allhouoh supplies *>>’ , llu ’ 


in 


live selling. Aiinoucn supplies »•*- r;t J' valnes ^were day and £6 on the week, 

from Zaire. Toni and Zambia ,be Se in But rubber prices felt back 

are still disrupted in one way n i"hi Rusteoburg sharply in what many dealers saw 

nr another there has been little* ■ j*; . m illinium sterling as a reaction against an overdone 

consumer huylnc interest m Mmeo luH .ik mim. - rise in recent weeks. News of 

resist the 'speculative selhn* In Ji« ot » ja if, ^ free fighting between Cambodia and 

this mood the market ehruseert ii-- 1 -™ "Vatinum fell by £3.25 Vietnam had only a temporary 
off an unexpected! v heavy fall impact. Chartist selling 

in warehouse nocks. Nr** week 7 t s nn f or silver fell encouraged the fall which left the 

r:noo /the Council or Cnppcr ^n^X week V Sp to RSS Nof 1 spot price 4-25p lower 
E'^rfina r.-.ii.r.iH.i will bo jjMnw Be J«k J p on the week at 5L5p a kilo. 

"ho m'-kJl MSS.™. " In Canberra yesterday Mr. Ian 

1n jJ preed t«, cm ns produc- under renewed selling pressure Sinclair, the Australian primary 
„"n V,rtT hut J fir hnsciven this week. The London daily industries minister, announced 
no :"di cal ions that H will do so- price for raw sugar was cut by that the wm! floor price had been 
r-.li its e..,onor. and a £1 to £94 a tonne, equalling the raised to 298 cents a kilo for the 



i ho dispute that Jiav closed the The 


WEEKLY PRICE CHANGES 


Flour Levies. Wheat 
and rye riour— 139.38 
-136 31 *136 311. 

RUBBER 

EASIER npeoLOg oa tbe London 


« wwin* wtarai 360 17: Ma * 3M-***JL 3B5.0-364.5. 15; 

C138931 toe ItoSr J,,ly 367 0-367.0. 6: OcL 386 5 

‘ 138,93 ■ **** 370.0. 370 B-;iH9.7. V, Di-C 371*373.0. JK.5- 


372.5. 1. Total sales. US. 


l.ASmi.. _ *66.548 - Lf|g — Turnover 154 'f 133 »" lots of 10.600 

Anjali^mazed Metal Trading reported ouuixa. Morning: Cash 283.4; Three 
i hat in iIh- uonuns tash wire bars traded months 291. 90.5. 90.7. 90.6. 90.7. Kerbs: . _ 

at CTO. t j. 6. i. A5. «. 5.5. 5. Citbudck. Three months 290.7. 90 6. 90.7. Afiemoon: physical market. Small covering through- SMITHFIELD— No carcase meat onces 
three months fTDLS. 2, 1 J. Kerb; Wire- Cash 284 3; Three mon.hs 291.3. 1.4. 1.5. me day. closing qujetly steady. Lewis quoied. 


MEAT/VEGETABLES 


bar,, cash ISSfl. early July £686 5. three 1.7. Kerbs: Three months 29L7, 1.4. 90^. 

months f7355. &. Afternoon: Wire bars. 91 . LL 

three months I7D9. 10. £7095. 19. Hi. _ _ . 

11. 10.5. 10. £797, IS. 7. 6 S. 6 . OJ. 7, 8 . 1 OCflA 

Serb: Wfrebere. three months £708. 7-S. 

7. 7.5. S. 5.5. 9- Prices dosed sieadily with sbort- 

T I M— Lower, ah easier Penang firice c 0 'L el 355« aher 4 ,Iuiet daT - roparts G01 
was oBser by Inidal bear covering so an “ BS - 
forward metal owned steady bat fore- 
casts of a stocks me coupled with trade 
and chartist setting cut price* to £6.488. 


and Peat reported a Malaysian godnvn MEAT COMMISSION— Average fatstock 
price of 232 t235i cents a kilo nominal prices ai represent an vl- markets on June 
buyer. 


No.l j 

lYwl'nlav* 

Pteviou. I 

Bumnes-. 

K .&J* | 

Close | 

c>oae | 

ilnne 


COCOA 

Ye+terrisy'-, -J- or ; Buvlnts. 
Cu>-e ] — Done 

.Vc’Jb-Uar'l 

i r ; 


TIN 


Turnover i.oau totraes. U«_”iiSML0 

a. in. I -f- or: p.‘m. il+or JUreh.. [175E.U-S7X 

OBku- I ■— j Unnfficm — " “ 


M. GB— Catue 70 syp per k&.I.w 1 -O. 2 S 1 : 
UK— Sheep I44.2p per kg.esi.d.c.w. 
f-X5i: GB— Pigs III.flp per fcfi-tw. 
1 -O. 51 . England and Wales — Canle num- 
bers m> 6.0 per cent, average price 
| ! l 7U.68P 1—0.391: Sheep numbers down 5.0 

I | I per cent, average price 144^p t-3.3i: Pig 

Aue. ' 54.80-b5.00- S5.0Q-55.80! 54.00 numbers up 18.0 per cent, average price 

Sept 55.2S-b5.B0: 58.5IL5B.90i 55.00 54.80 el - 8 P t-SSi. Scotland— Cattle numbers 

ivt-l>«-.' 57. )5-57.48| 50.CS 58. ID 58.15 56.70 no ehaogc- per cent, average price T2.04p 
w MrJ 5B.50-55.40i 59.tt0 B9.M.I 60.40 68.80 *+0.34i; Sheep numbers up 91.9 per cent, 

+ 24.01 IB 10.0 1785 Apr-Jue^ 60.95 el. 00 61.40 al.tfJ 62.00-b0.55 

+2B.0 I77D.U-44 u Jty-Jie^ b2.40-t2.65 t2-65 $2J?[ 62.50 COVENT GARDEN t Prices in sterling 

+24.5 l/40.i-lB O Oct- Uet-j M.ltl-t4J3)l t4.5U-64 64.50-54.15 Der Package neepl /tat 01 herwtse 

— May [17 10.0- 15.0 ' + 19.011710.0-1700 Jun-Uaii t5.70-E5.75| eB.B'1-65.85 66.75 JTS 1 * 8 . 

Juir 1S90.0-98.0 +22.5! 1896.0-88.8 A|.^Jnei 5f .20-67.15 6 5.20-67 .40 j 87.00 LmtSTO-SjuM- 4 !Mrt-Ps 4 no! 

rr:_ h Hvorio • i* i a m J j* h..,,i liRRfl [L&O U . ■ ic n LOlYlOflt Julian. luO. LI>V DCriP '.TOP 4 In*. 

g z -I -- . r a-, ,7 ■■■-;: .IZ 1 . ! — Sales: 503 t437t Iota of IS mimes and 4.60: Spania: trays 7 . 30 - 1 . 00 . large 

t.as. 1 .....^.' eaBi^saj-SLO mw^j- 75 Sales; 2.195 (2.8081 lota of 10 tonnes. 4 i37i lots of 5 tonnes. 3.WM.40; S. AIncan: 4.50-5 50. Grapelrvlt 

.T" 1 - ■ aeon °i ■?c MS5 ' 51D r“’ 6 lotarnaUonal Cocna Organisation « 4J-S- Physical dnsras prices (buyers) were: — S African: 27/72 3 4tM 30; Jaffa: 20 

j J.' 6590 r 8 '* 5 . — cents per pound t — Daily price June 29: Spot 54.5p tSS.Oi; Aug. SBJ5P (SB.Sj; SepL kilos 4.59-4 80 Apples— Preach- Uo'den 

alandara- , , CKC _ __ I _ 141.*. r 143.78 >. Indicator prices Jane 30: 56 -5o r57.Si. Dl-Uciou 20 lb S4 s 3.00-3 60. 7?s 3 20-3 &>. 

Utoii........' 6580-3 -96 65CO-8U — -75 i+dey average T36.79 (136. 18 >: 22-day jumble boxes, a pound O. 16 : W. Australian. 

i inr-nihs., 6480-5 ,-J7-5 6480-90 -47.5 average 135Z7 n34J3i. CTIftiD Granny Smith 8.50: Tasmaman- Stunner 

~ rnPPIT Pippins fl»D^80. Granny Smith 8.60: S. 

“ w -srr vVITLL London DAILY PRICE *raw sugar) African: Granny Smith 9- 00 . 

. ■ :KJ Robustas worked lower in a quiet morn- 04.00 (£95.001 a tonne Of for July-August English produce: Potatoes— per 36 lb 

Morning: Standard, cash £SA83. 89. ing session after a steady opening DBL shipment. White sugar dally price was 2^0-2 40. Lettoces— per 13 8.50. Cos 0.70. 
three men tin £L510. £6.580. £6.4Su, 98. flj. reports. In the sfiernoon values remained fixed at H05.D0 (same). Webbs u.60. Rhubarb — pt-r pound, uuidnur 

High Grade, cash £&590. 60. Kerb; aiibln ihe recent range as traders Opening prices were some 50 petals 0.65-0.09. Cucumbers— Per tray i2/24s 

Standard, three months £6.480. 70. After- squared their positions before tbe week- below kerb levels and the marker was 0 .88-1-20. Mushrooms— per pound 0 4 Chi50 

boud; Standard, late SepL QL4S5, three jnd. The market dosed £20 to (30 lower unsettled later by reports that sterling Apples — per pound Brantley's 0 18-0 28. 


^etUetuT 6535 —95 

Stmts E..' ; 51710 —6 
Xei Vwri,. — 


A. ■ 

' n: 

fir.* MurMA-J.'. 1 
CPPlH'r 

l a- W-v **»«. , 

5fc- iM.. 

I ..... 1 «-f, ■. «. . 

: .. f;, |> .. . 



i,ii.l I. 4 J. ...... 

• :■ It,- . 


t Ji!i 


XK-X' 

ii.-..' 

Siii.i*’’ .■ 

I'-’. :• 
il',ii«..> 

C’ r. .• 
iTi'i’’.. 

J. .*• 

I • ■” ’ 
L. •" 1 


!M?5 


eg-' 


II ^:« 


L'J.FV 

5j.4i:.. 


L-w 


l' r ’''J 

A-J-.-.'O 

JL!.r-5 

52.1.0 


L-i«« 

prices Vh'«v 
|ici‘ li'uuc "0 
untert » eel* 
■ viniol • 


1 rar 
«R U 


Kigli lov 


Wheal 

1 Usd bpnug. -o.7b 

.Vn*. Hard 

Wimer.-.' : — 

Kn; *ltl)lugiueweK>p'X10a ,*Uj 


££Lb 


i'35.75 


i'9S.? ; JftiJ 

iSU ISLb 
tUc 4S-‘ 


i.-t 1 ■ 

- - a'*"— ■■ 


‘i- 


i’Vi: 

iri'..: 

LVI4.I? 


- -r. 1 1 L.' 


'■'H' 


MB-' It--. 


Sf:v 

l_.-X.Ji- 
. ■ti.6:i 
i> 1 .* 


\i , 


rat.. 



tti 7 


l - -■ - 




VI- IJ.-’ 


12 .■ L> 


j'.» i 

t- r>. 




1' .t.i..-_1 

4.J.WS: 

>_0 

ti.-T * 

.ii- 

' Ls.— *u 

C-.T'.i* LP.il i.3 


l+i.i— < 

Ci. cO- 

M.*'« 

g.h-il 


'»-.V 


Mr* 


-C.-J 


£:7.7j‘ X i 


‘ r-«es. £«.»» . — 

lV|.im, HVhitc-.. Ka.dbO — 

Hirrk ; S2.0M ; - 

sin I :ti Phi I tpVo : 56fb ' x t-.U ’ 

t.nrtimlnui ». : X70a L H)jJ. ttjd 

l^n-e-'L Crime C5 d 2 r-h,D j 

l^i in. Msiayau ' Stoj *SW> ! 


Scedr 

i.i.'pm- I’hlltpliuen. 

,-Hrxwn' ltj.5 

Other , 

CoianuNluES 

,a rluvtuenlv... 

ft- ~ii 1 l*u 

t’uturn* J ulc 

L’iSIi'i' I it»ler 

IH~. t i'Wi'. . .. 
f„t«* M.iBW t'anff 


-, ai n, I'.-srl ..... 

-IMi a I* 

-■ucif laivi....,,,... 
ri-u- a Sr 1 

ti-s ■•(liatilj' 1 L.lp . 
niaini L«!' ....... 


i4.6^t : £4.cw. 

S2.1; 1 3 1 So.aI*.i 

s:.£ 2 b ! SLiU si. 91* 


months. £6.493. SO. SS. 90. S3, kerb: on balance. 
Standard . three month, £8.438. 75. SO. 90. 

LEAD— Fractionally easier in subdued 
trading. Forward metal traded within 
012 and £109.5. with forecasts ol a Tall 
in staiks tendiitf to narrow the contango. 

The late kerb close was £309.5 and the 


:.4U0 tonnes. 

a. in. .-f.it p.m. + nt 
02k.-ia< — . L’lNi-lh-ia- - — 

X X ’ X L- 

t.a«i: 5 DO-. 5 -5.37 50O-1 —.5 

jr.mol'F-_. 309-.5 -3. li 309.5-10 —1 

•eit’ini’ui SOO.S -3 J& — • 

l.w.w^A. - ' 41-53.. 


COFFEE 

YettenluyV 

Cn*e [ + or 

Bu-mew 

Done 


i.’ per imi ut- 1 

■liny 

j'tPmL+j „ 
Aocemi'cr... 
ilniuiort .,,.,.1 
M«rdi I 

Mnv™ 

1596-1597 — Z9.5| 1 163 1595 
1147 1476-22.0 Ip 10- 1455 
1375-1376 -28.0 14 12- 1570 
1301-1306 -39.S 1325 1*01 
1255 1259-55.5 1260 1259 
1200-1210 -40.0: 1236 1210 

Juiv 1 

1185-1189 -49.0. - 


would Join the European snake By die Tpmatocs—per 12 lb Engbsh 2.40-2 6H. 
dose reports C Czamikow. all positions Greeas— Per grate. Kent 1.00. Cabbages 
were tradlnn at Ufe-of-contract lows. 1 20 Celery— per li'ISs Ii.50-4.no. Straw- 

harries per i-|b 020-0 38 Cauliflowers— 
per 12 Lincoln 2.50-2 SO Broad oeani— 
per pound 0.0641.07. Peas— per pound 
0 14-0 15. Cherries— per pound O.SO-n 60 
Gooseberries— per pound 8.20-fl^!. 


.■'•iubi 



l*i ei. !Xft-iereay- 

Previous 

Bu- »ii+ 

I'-iiiim.l Oiihc 
r«um. i 

ru^ : 

1 1 

Horn- 


Safer 2.6W i2,S72i lots of 5 tonnes. Au .. 

ICO Indicator prices fur June 29 «ILS. u-f 

cents per pound/; Colombian Mild 
■ta-pn Arabtcas 188.00 fgamc*: unwashed 

_ ^ _ B|)kf 


i: jwi l-4ilie 
•riia. _.l -.4.50-: 4.7b 96.2b-. I 

(■•-I | -6.25--.6.40 98.10 98.15 

IK+ 8h.65-9B.76 -11,0.65 l&.7i 

Miip.'ii j 
Mu V ....' 


MortJHlg: Ca-h £30V.S, £300. 

months 1309. ystwoj: Tfreo mouh.4 3 tonne lor home trade 'and 

W. £38r.a. ^erb: Three months nr>4W WSM , , 0r eJtpon . 

li'. 00-76 M- Oct. 11M JO-64 0Dr”c , “C. 143 00- iRtaBUM*! Sitsar Apreement: Price 
2INC— Uacbanaed and extremely «UWL Feb' lE-MMLO^Annl OO-M.OT^ for J,mc 30 - U - S - cw,s p * r pon,1d l,lb ana 

.\Itvr opening around £308 forward metal ££ T tott «IKsS ameei Canbbcan port; Daily 7.07 tT.04i: 

rased lo £3M.i before hardening dosing “.,"5 ^ !Mav average 7.11 (7.161. 


H5.8u-i6.90l08.00-uB.Ob! 

I06.H 09.W 1 10.70- ]|. ui 
liZ.fci- 1:.50, 114.50- 1« J5| 

115.00- 15.00lll7.bU- 17.61 
Sales; IJ37 - i2.286*i Ion of so tnnnes 
Tale and Lvle ex-reHnery price (nr 


ES.25-B6.i5 
150.55-91 . IS 
107.75 Ib./t. 
110.53 0L.50 
1 1&.25- 12. L0 
115.50 


Lit OS. 


Sr— 1 Seiir. 
£7:5 I £zii 

, ess 

Sfiij • S495 


3J S«4i. Stocks are expected to (bow ____ 

a modcsi rise W a week when values |iRA|]\S 
have slipped £4.3. Turnover 4,175 tonnes. ^ 

LONDON FUTURES (GAFTA 


EEC IMPORT LEVIES— The following 
Import levies for while .rad raw sugar 
are effecilvt for July 1. m amts of aeeounl 
Initially p,r left kilos (previous in brackctii. 
i+or wheat traded Imver but guod buying sup- while sugar 1 denatured and r.r. a . 


i v>; : rv> 

: cdsoviL '• Seminal, e UidaMsean 


SJTa + 10.0 


K;: 

1 A3H.9 — 4.?-b' 

ssr.s* 

! S3 15 




£].e>5.S +23. b ' 



iZI.277^ 

£l.tfc±3 


7ifc95v. 

,2.7 o.- * 

; — 

GiNp 

• gir- - 

%av i — - 

5417 


ft.-;. -4.2. 

49/»j, 

Atf.i3l. 

rL-c , - 

jJLa 

■ ilrfJ 


SHJd 


JIAI —1.0 

£113 

c-lli 

1'liJ — . 


; uti.' 

152p l — c.O 

?S5n 

lff*o 

y.'p . - 

lcSj, 

KV 

— 

fS.4:. Ml.i 



a.nt, ■+ rr p-tn. _ _ 

! me . Ofh iA> — I’nnffl'.tBi 1 port was seen on the dips which rallied denatured! 27.TS (27.25i. 4Jaw sugar —.99 

the market slrnlitly bu: there was com- 1 JT.4fti. 

^ ' mcreral selling on the close. Burley cAVtnn ai .. n , r 

S2>> :Ch-!i. 297-8 +.125 297--5 -^.25 traded reasonably nearby, but values 50 1 ABEAiN MEAL 

■ : n:>>uL:r-,.b07^9-.6 306.S-7 eased on runmierelal selling to Lies-? 

i’ni-.i.t . .. 298 -.5 tott vr as well Acli rep o rts. '.EMihhT' + of !~b»- im5T" 

WHEAT I BARLEY | '• lft ** ' “ 1 h,,,lp 


Mvrauig' 


20.31 


Cash £-'87 j. three months 
ij. Kerb: Three 


Lr LLx> ! Cto- 6.5. i. •++ u. !*ern: inrec 

*' ol.-ie. I nacuii^ Cur. T- i- .V':crnaon: Casli CSSj. ; 

£>Si I :hrse x-.ijilfn £3C5J, 9, 7.5. 7. 6,5- Kerb: t 


:Y«uenlntr'*i + *r .Yesterday*. + ,.r 


if* — 


l-'lM 1 


tCi^nnnne 


i Three uw.ms £30S- 
f - C+fKs per pouno. *On 
■ c*ua! ctosc. 2 SM Per DlniL 


previa os 


COTTON 


icpt. 

84.55 

—0.10 

78.95 

— 0.05 

>l-v. 

87.10 

' — D.1D' 

81.73 

O. ID 

JsJ>- 

89.85 

,-ao& 

54.40 

-Q. 10 

Mar. 

92.45 

— OJ>5- 

87.10 

' — Q.1D 

M*7 

95.15 


89*60 

-o.io 


— Augurt 119.40 19.5 -.1.05 119.60-18.00 

J-U-Ucr 121.90-22.0 -*• 1.2U fe2.00-2l.JQ 


Afrit 1 1 22.00- 22 A +0.50 — 


FINANCIAL TIMES 


Jinu-oO. iiinu 33 1 1 ■! 1 1 1 1 swi Vein ug 


a° 2 . 2 7 l e-t 2 .Q{> f js 2.*6 | -- 48.48 
(Ba^eV .Iuly 1 . ‘ 932=1001 


REUTER’S 


June 50 Juue J9 | M"iitl' Ye«rup<» 

1471.2 1476.^ IS 13.1 ! lS76-2_ 
iBasb: September 1 ?. 19 ji=iD 0 j 

DOW JONES 

[lim | June ] June ' .'dfntlij leur 
JiMIe- 5J l .‘1 ; n^< r i 

. . 560.04 a59. 14 -.55.05 393. 16 
Futni." 548.29:546.12 354.6B 3 53.95 
(Avcrace^ lir:+-; 3 -j-i=llHij 

MOODY’S 


M..»'lv'« 


50 


'Julie V-*Kt 


? pte A- i nart-y 916.9 sl4.5! 422.8890.9 
‘DeeemtMr . 11 . i 9 .!i = U«i* 


Business done — Wheal; Sept. 84^5-£445. Sales: 73~<I07 1 lots of lOO tonnes. 



+t-r.-agH more buying among customers ai.la. May 89.6089.6S. Sales, 76 lots. 


CHIhSZY FISH— Supply vood and 
demand good. Prices ;'t*r -mitt ai 
side 1 unoriiiL'isoJ Sntl>’ t*id E3 i3r£l.tl&. 
ci idling. £1 tJj-lr.tiO; Icr*' ira^suck 14.2it- 
14 JM. medium hartdfd: ‘-2.20-Gi^U. iina'J 
hjdci-jck £2i0-C.£0: !ar^c plaice £4.70- 
£3.20. medium uIsul- • {.W-Si. i*. bCT 
Prices c and f UK. small plaice £2.50-£’2H: lcm?3 mltr 
OcL-Dec.: BWB £265, BWC £254. BWD £6.00. 


Grains and 
cocoa rise: 
sugar weal 

SEtt' York, June 

COFFEE Rnlshcd lower nn trade si 
and a good weather forecast ;n F 
Cocoa dmshed slushily hiRh..-r on coi*. 
slon nouse buying finding; trade -au 
Precious Metals dosed lower on cm* 
sion-htnise- Kellln'4 which was obsorbef 
m 1 he session by rntde buying. :• 
eased on scattered soiling. Grains l) 
Brmer. Bache n.-p>jns. 

Cocoa— J uly 14 s 15 il49.A>t.. Kepi. . 

■ 147.101. Dee 1.39 83. UjrUi 13d. at). 

134 00. July 1.11.60. Si-pL LS.ij seltl, -r 
Sales' 520 lots. , 

Collco— " C ■■ Corn raci : July j 
13S.75 I toj.lii. Sept- 14fi.10.14K.-2~, fj. 
Dec. 136-50. March 177.23. May J 
128.00. July 122 50 noni.. Sept. U0..V 
Copper^July '59 0D to 1 : aft,. Auk. 
(39.101. SeW. K0.10. Dec. r.i.ip. j aM . 
March 63.30. May 84 30. July fi.i .Hl. 
66 . 30 . Dee. (,7.70. Jan. it 20 . March' 
May 78.20 Settlement*. Safes; 3-2UU 
Cotton— No. 2: July 37.75-35.00 n 
OCL ED A0 iJd-BDi. Dec. 62J0^2.23. J 
63.S0. .May 64.90, July or.,nn. n c i 
66.90. Dec. 84.5O4t3.0O. Sales; J 050 1 
‘Gold— July 1S2.20 fsamvi. Am. ' 

■ 1X3JI0I. Scpl. I7552J9. iirr. 1S6..-X). 
1S92D. Feb 19220. April W5..70.: 
195.40. Aus. 201.50. i.'ct 204 lid. D> c. 1 
Feb. 21I.0U. April 214.2U s>.-nietnents. . 
6.IC5 lots. 

1 Lard— Chicago loose 21.25 iSJSU 
prime steam 24.75 traded! same'. 

tMalze— July 24S-247: i24aj». Sept. 
2312 i-49i. Dec. -’.751-2551, Aland 

362;. May 2W>. July 2(";. 

SPIatiniim— July id JO-i'S.sfl ,2 
OcL 2 4J. 110 -242-30 1 241210'. Jail. 

244.60. April 247.40-247.i70. July 

250.70. Cel. 2.73.70253.90. Jan. 237.10- 
Salra: 1.04S lots. 

fSlIvcr— July 321.40 (524 20 >. Aug, : 
(327J$0i. SepL 31S.30, Dec. 540 . 00 , 
543 JO. March 552.18. May 560. 7«. 
M9.30. Sent. 5TS.50. Dec. 392 10- 

598.70, March 006 00. Slay *13.40 
men is. Males: 9 300 lots. Hand 
Barman spot bullion 320.50 1 533.50 > 

Soyabeans— July ss4-ta« t87£!.i, ; 
674-678= *6711 1 . Sept. 652-6521. Not 
830. Jan. E75«t52, March Wt;-K-U 
645. July 646. 

ISoyabcan Neal — July i74.9t 
1173.201. Aik. 1^ 20-173.30 (lTSSili. 
174.80-175.00. Oct. lT3.10-173.3U. D,-c. - 
171.20. Jan. 17].on-l7ii.so. March ■ 
May 17.1.00-173. 2U. July 174 OU. 

Soyabean Gif— July 25.00-25.65 • 
Aug. 21.05-25.00 I'LTji, Sypl. 24". 
Oct. 23.C5-23.Cn. Dec. 22.95-22.no> 
22.70-22.65. March 22.50-22.45. May 


Suaar— No. 11; July 8.02 ifi.STt 
6.95-fi.5fi (7.93). OcL 7 05-7.07. Jar. 
7.65. March 7.75-7 77. ATjv 7 92-7 9' 
S 10-6.13. Sept. S.30-S.22. Oil. S. 41. 
42130 lots. 

Tin— 547.wyob2.00 noni. 1502.35 ! 
"Whcai— July 3141-315 i.’.]n;-i. So’ 
317J 131321- Dec. 3231-323. March 53. 
uay 3205-3201. July 211-213. 

WINNIPEG. June 29 TtRyc— Jul: 
Mil (08.50). OPL 99. 90-1 00.1)0 »95.5> 
Nov. 95.00 hid. Doc. 9S.90. May 97 
ttOaiS— July 71.40 bid « 70.50 blq 
70.00 <71,90 asfcrdi. Dec. 70.00 , 
March 71.10 bid. May 72.50 aster 
CBariey— July 72.50 bid <?!»? 
Oct. 73.50 bid <73^0-73.00 hid). De 
nsJ;cd, March 71.00 bid. May 74-Ti 
^Flaxseed- July 233.27 bid 1237.1 
Oil. 240.20 asked '215.90 bid.'. Nor 
ask'.-d. Dec 227.10 asked. May : 
i.-ked. 

Wheat— SCViTRK 13.5 per crnLl 
■.-unii.iii cif Si. Lau+cocc 161. S3 
Ml ltuIs per pound cS-wj 
unless olbcrwisc mated. * Sa p, 
uunei— 100 uuaev loss, t Chn_-Jrit 
us per 109 lbs — DepL of Ak. pric 
■.lulls day. Prune sltani full, l* 
1.1.1k cars. : Cents per 5ii lb bui 1 
lurvhuusc. 5.000 bushel lots. ; 
trov aoAce for 50 oa umat of S 
cciil purity delivered NY. r , Cc! 
iruv uuAcc ei- ware house. |[ Nevi 

Luh'.raei m 5s a start tun for b. 
u! i oo start :or.s delivered f.o' 
Cdicata. Toledo. Si. Louis and 1 
** C. nts p«r 60 lh bushel in! 
*+ f.e&U per 24 lb bushel, tt Cr 
4i lb bushel ex-warehouse. 5£C,J 
lb b'tsh-i '■■s-v’rvhouse, mow 
mis. . . SC per tonne. 





"20 

BIUT19H FUNDS (598) Mwa 1m) v * riJ1,I » *»» i 

r*25 **• 1976-66 62 1,* Cambridge 7BC 99 to (28:6) 

bWcSJU. V-w. .. 20 <®I? S '“ “™- 


AgLC g*: Ln f 31 ,^« JO'S* 1 1* !« V c*rai*r cc upc W ue ej 

Convvrtion Ln. 340 3'i« 4 ■■ to Cardlb Cpn. 7ac B4« I- 

fS?Jl? >e ,ft* * ucr L "-. W%2? ?nJi? ,®®.* Cowmry idjv»~«3topc 103 I 26 i 6 > 

l?**g gycmwiitr. Ln._1996_.104Q U ■■ Coventry CM. GPC 90S (28 6) 

55 ’i t IS 1 . w Croydon Con. 6 tope . ns to (28-6) 

3K Exchequer stk. 1985 79-i» J* H to Dumbarton rr gi-pe BOO 4 

BUM EXgtPquer stk. 1M dSmm CM.. >7iim JijoeOb. 


This week’s SE dealings 


. 8 ^ Cnimiier «k- 1963 B9%® **• “** 3to«Db. 28 1*. Ou 

91 to® A ^jBf* ™ flS 


IBfevt 

63_6Jths® 


9Uk Exchequer stk 1982 A 91-49/64UnG 
Ute :i n uj 

»'z9C Exchequer SIK. 1981 94 -mO H® *■ 


Ed l "burgh Coo. 6 : toc 97 Hb (29 fit 
Gfexaow 9 tone 90 1 .® ( SOU. Go 


Frida/. June 30 4.314 I Wednesday, June 28 4^18 } Monday, .Jana 24 

Thursday, June 29 4.348 | Tuesday, June 27 4.4TO j Fnd*y, June 23 <436 

The I tot below records all Yesterdays marfclosc *nd also tin Imast ntvfctnss ftarfas Om week of ■» ***** *** ****** *■ saswday. T*a i ssmr c an bo dWtonWiait by 
Um data (In panmtlMMSj. . 

Tba numbw of dealings marked in each section Itoihnm *f» name of Uw I casos. »tf ttf tfct. carnet. ffiarptafc^bB 


: Hwiptto ce. os» 4* e***- »«««*•* 
hlififir -SuMv On- <2*» MM * 8. 

OftP jFt. 43M) • 09*1. 7***COo. S>to 

HaMtlnS TInton rtln) SB <2flj6i 
Hnvrtfy ftiwlil 1 Gp. (If) 10 F2M) 

HKShwTKw.lVoJS IHM 88 tfW 

Monday, Juno 24 4^94 <3® J3%S< 

Friday, June 23 &&?&£?&& ®U «*»•» 

. iSBSVSitfMTTDIil rB*i QMi 


"Financial Times SaturSS^ Jnly 1 1978 

k. OSH 94 GH*H. Now C5S81 . 80- ; : • •• . 


ijfic Exthoouer sk.iM3 ay. nl.» 94to G^-ampiaJf Cod. io-Wpc gs'to (29/6) I JTTL pence andlraSans oT pence. 
5l*ijje r stk. 1983 tin. E95pc. £15 I Greenwich i London Borough! 11 UK Uu* I tk. iiv i»Im aiw« ,h* .rkM 


Woterwks 4MPmMOe&t. 2B**_ 


pakL Stock Exctaame saovftles are qnotod fit pounds and fractions of onwxts 


Pd) 13u Ida 

Ifl'AX Exchequer Stk. 1995 83»isS U 

.IO>spc Exchequer stk. 1997 OB’* _ _ 

Tape Exchequer tlk. 1993 95 WP 

- it 6« 6 BU|» 


m naiRoar or nennnss irinmo ™ ora romp ranpi n* nm « «« *rr i— »■■■ . t— l— ta N«d>d 

»«™«. .... Mr « - i r~szs“J2Z r.‘.g^{;eajagjagj.*a » 
- sra-srssfis . ^ - ?&’g^x > a&vs^ ,, jas‘.gav» H 

The suck Exdianna have torn meorded in The Stock Bxdnun Dalhr In .order or wtoeptina. end oafer one hwsnkt In any one flKwtty m any non n tfgLr 

Official List. Members arm not abllned to mark bnrsalns. except la snoctaJ price la recordod. _ 

tBarttalflo *r Sbeoal Pncea. A. Bsteiudo W With or between mnuneiBbert. » Bargain* teBe prgvwn^dtf. ***£&} 5? Swro 

exchange. 4. Bargains done tor delayed neirrery or -no b u y mv m." 1A—S Australian : SB — S Bahamian: S C — « Criw1nn . JHK- SHoss Eons, SJ—tTamalcao. «u- Hgfcwg 


Sna?.4oij (2Mi NM «pni ! 

■ 12 it 12 wn. 7 'jpcETi U Of ® 


OUpcLB. 78 

NewMMfft* OOn> 103*. Nw Of 

BWWWi:-: - 


a- amxSR&P&tfi ■* 


K» 879 (UfO 
7U 'xntoi. io>m 


cSSr (L^*,u n eSSSSo Ii£2£ iSl »8 »«' •«•** «»*«* *** s>'^ es « »****' ba»wUH *«« by members of 

9SW h ,Lomk, ° Bonwoh) HUpc tfp> ^ snA ejujh.na,, have toon recorded in The Stock BxdnuR DaH» 
HerMordibire CC SUoc SOU (ZBffii. 5 'spc Official List Members arm not abllned to mark bargains, except la apectaJ 
Hounstow^Cpn 7 . 8 lofsofispc variable Rate PBartalfla at SbeOal Pllcea. A-BaiSOTf WE with ar between MnnayaftertL 


nc Cxcheooer stk. £013-17 tty. M.> Huntingdon Peterboraush enty. a'ioc 9*U (Malayan; IMe — Sfilexjcan; SN 2 — JHeir Zealand: SS— asiiigapare: JUS — • United Stores: $wi— tWea Indian. 


Herman sS&a n®pi mV l 
Hew Mbwx Go. » 2 lol iM 
..UnsebLn. ZOO® t»** 
Hotair t2So> \01. New I 
HS2S2y\j»ttW|WLt^ « 

nSSjimPo e tecaw. tsom 9* i 


"ttkjaw fly®?, jssp?- ^vntaak »au ^ *«'• mi **i 

I'SZ'Z St la \ 1 SSi&^ 9 |^^^ M ‘9BU w^kreed lOqpcStln.BdL 87« UN 

FOREIGN CORPORATIONS (X) 


B'zpcm. f Barter DoMoe fiort lib 12 


Currys f2BM 1B2 t27« 


:2>aPc Exchequer stk. 1994 101 U* 3 

214PC Exchequer stk. 19B1 102>UfN “if iS. e L_ 7 ,«m. go 
' 3 Pc Exchequer stk. 19B0 103»»® **t lSSm oT^tCWv^oi) 13m 

e ma aa-w . *&»« 

ipc Funding Ln. 1993 B2**N >s U V 


30CJ05I* (26/Bl taN imihL «H. 7»cLiu EnfacadBds. (Sod «»W “• 8':OcDb. | Barrett ^ 

98 Mfi). 9to>c Ktofr tcity Of) SpCGoldLn. 1914 £4 (27.81 W W'*;5«»»* 0 * Omst^r Brews. B8p) 200 j 


wsafis&>> « 

3B!SS!-!^I,*J® 8 t«7N «. 

MCjA 

ff'tTjul 74SN C2W6L BKOuec. 


M ®^ eX C ° UaCV COUnC “ S ' 4S ' 91 *• “. O P^bi%^ 0 S^4lz^*. 54 «7.fi> 150P1 173 l29'BI 

Northumberland Coun*v 7m _92 ’\^7.‘ B7 UK RAILWAYS. ETC (z) CANALS & DOCKS (10) 


Barton Som fZSo> . S3 _ _ Darts (• 

Bassett (Geo.) Htogs. ( 35 p> IMS 3 5 Daw n 
Bith Portland Group <Z5P> 7S. Bt.ec Dawson 
□b. 63U '■> (27 BJ. 7WtlosecLn. Ol U Vlg. C 
(29 fi) _ Oe_La 


DJUdRI Bocae A 716 
Dartmouth I Br est- (5e) 300 <39:61 
Denes Newman Midas (2 So) 132 OM) 
Oasts (Goofravl (35pl Hi) 90 _ 


j Hlltoa iSmiw QOal 90 GMI 
Hinton- CAmcei Sons I1 Dp> SB (31 


Canadian Pacific (CSS) IZeO C29I6). 7 Iipc *1 *56* ^, ai f. jnn l 2lBi'sf. iZSjW-l Betleys Yorkshire lOpCPf. 100 to 

rn. 725 .27.61 AacDa. M IF*™;. 26- SbfltOS 7S .2Gl6). 6 UPC ‘ o.vu, &br hdaf. rDMMI c 


lewson IntnL (25 b) 128N 30 1 
Vlg. <2501 1230 9 <i 
Oe La RUC a So) 349 2 (29.61. 
291; (26 «r 


wgr , ^ sB aar<, , t. 


i;pc Treasury Ln. 1B85-B8 79 UN BO 1.1® 
•UpC* Treasury Ln. 2012-15 625*® 3® 

Inc^reasury Ln. 2002-06 67U 
uoc Treasury Ln. 1987-1990 ‘ 6 «® 9Uf 


)2i«C (Fy. Pd.1 97x BJU B (^'et 7 
(iss. at £99 pc-E10pc Pd.) 9^9%) 

Southend-on-Sea Borough CauncH 12pc 1 Allen Harvey ana Ren; 295® 

Red-sSJ tFy. Pd.l 97* CZBIS). 12 k Uss. | Allied Irish Banks (2Sg) 187. tQKCnv 
at nSUK £1 Ond-1 BU UnsJSubXn. 149 b (2Bl6l 


Pfd. 725 127(61 4PCOB. 31 

FOREIGN RAILWAYS 
Antofagasta iCHlin Bolivia Rly. 22 U® (29/6) 

BANKS (146) 


>pl 84 3h Ln. 72 tsPIt _ 

7kah! 51 Meurwerfcj yW fiBl MH. 82 $ 

i «7l«f Now* tnWrSKMl <25p> 2*0 4* aM) 

IOpc “■ W 

so ioi 2 Skion" nTtw5“.i8*Si j|££) uv» 4® n»«> 

»N 8 IBU 8. BtoKUi-uLo. 70 

PI 187® M. Northern Foott) CaKu *3® 3 1. - 8.23PC 
Uneec.Ln. -107 Bn __ 

; . m-mmv Norton Wright Group (10M 178 STt) 

1 Bssjs. iwirlHu - 

Croup (200) *7* 'tSTw® 1 ®'” ,2Sp * *.*• 7PCUnSee. 

NotdeSwn ManufaCtorhiu (2M 118. 

29)81 .8iMKtJnseCJ.it. BO'- (2M8> 

:l (214) No»» (Jersey) Knit 7ecUnsec.Lp. 72 U 
iSi fM6i 

i2p<Untec.Ln. Nndm Paecntt noei M I . 

NihiudH Industries (Spl 29* (37)6) 


18 ( 2 1 X 8 ) 
id 

12PCUBMC2LO. 


'*** 

Knit 7ec Unsec. Lp. 72 u 


Nu-iwtft industries (Spl 29* arm 
7ncPL 4£ OJC. Beasnra rt«» (R0.5Q) 429 


Upc Treasury Ln. 1987-1990 ‘ O r® 9U® at £98 uk Cl Ond -1 BU 
■ Ut® B-* 9 Ut U Southend-on-Sea Corp. 9Upc 100 ! 

hoc Treasory Ln. 19B0-B2 91*i,® __ _ ,,, _ 

;. u u Hi. , tu U Southwark Corn, lli.pc 960 7. 

.;KM WV - ln - 198A ' B6 a7V * 7 (28,51 

t%^S. rV Lu n 'l 994 7 78U® I, W ».rt tjiS&*%2£. (2816) 

"ti ^Tu* »7 B U r, 1 gu 4 7BU® w If® Tameshjr iMeiropfllitan Borough of) 
0C B TrMLSUW Ln. 1992-96 79'» 9 U 


Do. 95U 

Mersey Docks Harbour comb Units 2TI - 
Z IB. 3NPCDa. 1974-84 62 3»!K , 

39 129/6). 9 Upc Ob. 75 ‘t- 6UDb. 45-1 

3-.OCDD. 1 8*i 126/61 _ 

Millard Docks 72 I29IB) 

COMMERCIAL <2,418) 


Bayer Akt-engeswiscbaft (DM 50) S3 (25 Bi J De Vera HoiMs Restaurants !25e> 186 7 


amesldr iM 
94 (29)61 
rne and Wi 


100 51/640 Australia and New Zealand Banking Gnr. . 

7 - ,s “ =«>■ A ~ B i^s’csr’n^'in' 

I8,S1 ge-E 21 ."“lU/li | Wi lSl rt |l.l A. EiMlra!iic l ftM^ / Grp. 05.1 11. .27,61 BmiUh'IiOo’ 1 

!"» <w is? ss-Tasyi 5 ~ ,! “ - 2 "’ “ h - 

_ Bank ot Nova Scotto (S1> 14*ia® (29 61 AVP Props. 7unel stMtJlb. BE (2B.BI 


m»«S Broa. E.i-A. (26P> 81- 7nCPL « OJC. leasat* n«» (R0.90I 429 

(S&AiB-aask SPfiJp™ *««* 

i®a»»niw * — » ;; 


Beam . John) Awooaled (20 el 69 :« 127 6 ] - art, toundes Newspapers us® TO Mb. 9 7U . 

(Z9 6 i Debenhams (2 Sol 89 8 . 5<iPC2ndD6. 80 iii^rray «29n> 38 12841 Mrt Ikdrysl 

Be at son Clark <29al .190 <27 6 . >27 6 ) 6 >ipeUnirc.Ln. *9<i >2 AS). 7 UPC HeowruKT Sit'l DSfli A <2Sp>M _(29H D_ 

Beattie (James) R (RestrrtSed VtgJ (25el Umk.Ib, fi (28 6 ). 7UocUnaeCJ4t. 57 128*1 WaW , S5K* *£5^ *? 

173 (29'6l <29 61. f iKUnscc.Ln, 102 <: Hoektasons Htdn. (SOp> 100 128 8 ) “™ Taporh 

Beckman iA.) ftOot 70>t (2981 Dana i25e).9KI7 (29 4l. A ( 2 Set 401 )j® HorljMMitfenS^ (toi 92 «s 1 28 6‘ SIS Sto* 0 ?? 

B*e<3»iCin (25PI.63S-3 40 37 9 1 BUpc 3'j« 395 rC 2 »E). 25pcPT. I25M 43 HbWw Hortmr l20p) 153 (2841. B«c gjj" £2E!"“; 

Ln. 77lj® B ! 29i8). 5xU 24B (25)6) >286) O PI. 47 (27.*| °”t> Printing 

Bercnwood CcrsL (top) 23 (27151 Delta Metettosp) 68® 9>» 4ljDCZnd House Praw- »2sp> 132 3 4-2. 8’aPCtS, __ , „ 

Bel am Morn 64 1 Pf. 32’;® Jq 9 Bl. 7UpcDb. 89 128.51, 62U C29I5) Parker Knoll (] 

Beil SLme SecP: M (28 6> lOUpcOb n 125)5} House Lerose <2Ie> SO® 2 (29 4) ■- Vto. U5ai I 

Brmrose Corn <2 5 m 67* GM9) Oenbyware ospi 83 CZB'fi) HorerbWhom Gro, (2SoE 73 12961. RMe Parkland TextH. 

Benioy <20pi IS £28/51 Denrsoly mSnec.Lu. 83 vtg. OSp> 71 A t2*n) 7*0 

0 1 «■*> Deritend StMbdnn (50n) 150 (255) HnwartfWvndMiu <2 On) 27 ij 7 (286) A Paterson (It* ! 

!8o) 25 /35 _ . Desountr Bros, iHtdg&J (2 So) 129® (20o) -Sl'i 129/6), IBncLo. IOI IM ^ftorton Zscbo 

) (25ol 129® 31 3 4 Dewhunt 'L.-D.) Hlgss. llOe) Boil® 80 (2B-B) (Noo-Vtd.) II 

2Spl 55 (26 5) (29 61 Nr»5 (1 Op) BO'i (20 61: 9. 7m Hoamrd Mmhlnerr -25P) 28 .. A wJ. II 


I OTrex Orottu OOP) 98. New I20M 99 
Shnw Paper MW (200) 40 (TAB I 
Drm* DevuugmeHa Ciopt 44 <i 
Owen Owen QSp) BO i2Brfl) 

— IOxHt Printing draw taito Bits, 2 R**8) 


4 ijmZnd Hous* Wnimr (ZSp) 132 3 4-1. S’jpcL®, 
> I28.6L ..62U <29)8) 


Oxtoy Printing Group (23M Bits, 2 R*.*8) 
ParklMd T«Jg. (Hfans.) (Me) 83 064). 


Bertma IntM *Z9o> 25 <M 6 ) 
Bensrond (5 W.) (ZSoi 129® 31 3 4 
Berwlric T.mnc (2S»I 55 (26 6 ) 


(29-51 Nctfi 
Pf. 961- 6 4 


Howard Machinery rase) 28 


S LtMna £9.) Sous (2Sp) 42 

eZucbanls (10p> 179 (206). 
5?-* LlPSi 1 » UT.Ol. 1 
Mb . U7JB1 

JVpji-ijES (U) 4* 4 129 I 

^TSSSS?4I£»,^ £ £K 


(*P) 45 4 (29 8) 


ac Treisonr stk. 2000 - 1.2 (Heg.i m 

I L>m® RL 1- 

ipeTreasurv stk. 1982 W' 1 !*; 


FREE OF STAMP DUTY 


41 ^-Pf. 54 -27161 


pc Treasury Mk. 1992 87)*® MUL 

■liec* TreaZirr stk. 1979 99*4 lOOlif 
'170 991| 

.I'PC Treasury stk. 1999 85*1 to T * 6Ut 


us ei? 3 flt^KDb. 1 * 1M1?83 91^r°26 67 »S2,ter Awk .25n 57® AlBbi fsw S 5 "’* 1 ^ 5 

&rPTiV 983 -“ 86,1 f36 B> - Natl. ^^Commerclal^ Bka. 7 Groun (25bi 69k. fijSagSSa Hrtal 6 Cen. SJtocPf. 55 1 

loanee for Industry l3ncLn. 101 to. 14 k '"T" 1 : WesttninsiW Bk. 2831® 55 7 K) 2 Amalgamated Power Engng. (25p) 


Finance for Industry l3ncLn. 101 to. 14 k 
L n. ipdi- 3lt <29 6) 


tog; Treasury Stk. 1979 lOltnub i» IOO M-troepitan Wtr. Brd- 3p«81 29 (29 6) 9<‘i. SocUnsK.Ln. 1 

tone Treasury Stk. 1981 1001-Q w S* S'-k 87to qlyll \k* Canada KCZi ■’atom i-t 

'«£ Treasury stk. 1991 94 > 4 ® to COMMONWEALTH GOVTS. CS) £SodS**fl ' 

Stk iMSWk/'.W W^pTSI!S^ h 9& 7 Sn. ' 60 ' 1 5 

2 Jii' Jons incitom^ito S -erR«g 8) ;82 b' 3I‘® (29*61, EpcRto. I T'srdnrd Chartered hk. 38 B® 90. 13i;l 


'lax Treasury stk. 1991 94)4® to } t 

foe rrMSon- stk. 199S 94 to 4 1 Is W to 
,ac Treasury sik. 1990 102to® to 
x Treasury stk. 1982 I06i»i»* '’m 
; Treimry stk. Coos. stk. 19 BO 97* 
^ 7 SUta 

■isbie Rate Traai. stk- 1981 (8.551 Sue) 
iable^Rite Treas. stk. 1982 (9.2SB5K1 

III 

OC War Loan 29V 3s i 7 a, 0 ^ 


137 <*& 7 ®75£n‘ S Kto J 3 a 2^ 8 a J iTWlffifla 2 * 12785 

... Rgun-horpo H!das. fiOo> 7 bcLa. SOJ U ’ J i 1 23,1 5 54 


77-80 89 >4® (29*6). 6pcReq. 81-83 
79to >28-61 TurRrg. 89>- 2«(6) 

Ean Afrlry H/ah rnmnHsikm Rly;. Harhv 
5 >.k 7=1-® .296) 

Jan-sira 6 k 81® (=9 6). 7LiK 96>«ffl 
(29'5) 

New Zealand 3toK 74to i29)6). 4 k 97 to 
raO'Bi. 7><K 82to® 


1 - 11)1*. (=0 R) 

Tnrwio.Dommion Bk. (SCI ) *US17>i« 

Trade Dovpl Rk. w’da. 5.A. 

.. . * n *Bto i29"6* 

Union Dlwmnnt I mvinn HQ i27’6l 


BREWERIES (116) 


ADled Leather industries 9KPf. 89® (29 6 ) >rrtor vd-'r-Minnm 741 
yi-ocl-n- B7to JUpfl Plant Group "Ooi 15 14to (27 51 Wat-.-w aN i HjMm rscal 164t 

RetaRert (10 b) 261 2 »««*, rinhni (wetem) (7So» 30 

.',*5 , Q1 * Allied SuonTers EKUnsecJjt. 64 to®. Ktonc ■-«■* ’*7®. Ra p« 707® 194 * 

/■:pcu. UnsecJ.lt. SOt »»'*> inn® »y IS a 3 •»« 7 9 *»t n 5 

APieu Textile Cos. '25bi*145 (2&«) t <7 BocLv. 79: (2°'fi). “toKLn. 

I (2501 69 *• Amalgamated l HetM* Cpn. SJHKPt. 55 “^^'ck -*S 7 

' 55 * “ / A sh? rnat * d poww EnBaB - 137 

K“sT u Mfc _ 76 » , aui!gfjrSS , if?. s 7‘?Si:6. 41 

pitmsssViSvAfn a7S , 
r.,v. 70 S?sr?K* 

on Ul.nr AtVKL (Spl 39 * f5E? 5t" J ' mW °*-* A - rlon - V - 

m Aren son rA-J fHIdgs J flQnl cjc "mhwiil* Co. EMt. 135 {26*6) 

II JUS 17’.. Arfcl Industries i Z5o I 40 ” 7 “ 6 K.D 1 NM (74o» 8 3 to (28.6) 

Arlington Mntor H/dgs. (25pi (24 h ramm pr t H > (20o> 148 

S-A- (Reg.) Anwiteue Shanks Group ( 2 Sot 67tot 7t 5 4 u® (29 Bl 

,27751 fl Pr*S?I? , ,|g II 6 ? ,Bem 6M 9 ‘ 6,:bc ^noi^B' 441 * na * ,8S - NBr 

_. Arnro-NIrhom BtoDCffi). B7 (29/6) tHa'k— renl 92® ( 2 ° H I 

fi) A«*ord. Biscuit Mhjtrs. ( 20 p) 78 7. New "t-*richo.ne Dudi«* (tool 41® 

1 2 >> Hi 3 ; l 20 o) 75. 6 i 7 PrCnv.Uns.Cll. 87 <2816) '''rf-unrl !Hv'«“t<Slil 11 10to (26*6) 


Db 95 (2G 6) T 


Pg"*»» H'das •5ft,) 73® 3 <1 4 ! 
5t. 4, ;9.- B3to I2B6I. 1 

24* 35.1 • 7'* ■»«!. 


■1 5*4 S *n 7 9 At 8 5 Oulle , ,?T S, « b . «£, 

Kl* 79: (2-6). 7toKLn. teSt l M^ T J» ,s ,s 

— •— « ^ 


5. 5’mr 

6 topcDfc. 
. BocLn. 


Dora woe |nt <2 5o) 
Dutton- Fora haw Urnl 
Owek Grp. I10o) 9b 


n,el irrty Leslie (ion) 917 ® 9® 
r-,,-, R'ed- ln*i¥. >2So» 70 (28 B> 

lv,ha,T1 Mil'ar Gra^OOtJI 3S 7I Z (29/61 
28,6) q-,4! Gm. (5p) AM 

I- A. F - J- "■> CHHJgs.) A. NeXT. V. 

e , "ranhwaii- r 0 . Eub. 135 (MB) 
p* "tr-T-jll rc. D 1 New (7 Sol BSto (28 6 ) 
n rammer rH > <20o> 148 
7 . »— irnige #25"' 54 w* (29 61 

er.m- Ch — -cals lute-, non) IBS. Net 


XS9n) 138 5 I ]; 7 . 5kL( 1. 39 -MffiM (Maurice* Indus. #Z0ni 13] 

1 a 0 £t n - 92 W«S £1) Sons iJSB) 175 (28(1 

^‘**'■9^ ( =5P' 102® 2 (29/6) BpcLn W«qiM Hldga. i26d) 23J: 

_li2 .- JiWH tHidcn.) dOg) 38 '29 B> 

1 Charles) Marriott rWItney) nop) Johnson Firth Brown «25 p) 63'?< 
_ U.OSpcPf. 139. ItueUnscd-Ln 


Jlw. QTII 


I 129,6) 

IJ) B9» 

TO (M)k 

5)®*i7 38 44 

II 

ra«»». BtopcPy. 


U iWgf Services (25» 71 im) a»®b«if QO 01 10B 

Intend, Bax. Mach. Coo. SM-Cap-Stk Porismouth and SumierluHi niwinmac 
U)X5* 209 128<5) J in® 61 **—'■*■ «ew»*aperu 

Stores 7 'iMURKd.Ln. ©•• 80-a Porviur 25« 10 (29-B) 

in SS Timber Cpn- I23u) 124 - »®. 10 k Pratt "(F^lfnbliieerwg 'rasp* 60 
UnjrtLu- 127 ' 28 > 6 ' Pnwt fr lArtrm® tSEX 84 CtBuBi 

in-rnHi, Go. iSouP 73(t® 4- 4.-BC2nd Press (William) and Son (SpTtji. 41 , 4 
7 > 2 PClKDC 0 .Ln. p^,,« MWgs. (IOd) TOi: l 6 .*KPf. 104 

■) "ret or 1 * Portland Cewieu i (RD lBD (27«» 

OOP) 63 : ^- 10PCW. 97 to® 'a (BeMaWltil amtSoaa UM«s.\ <2S») 

Ja cfcy® (J. and HL 9- « (5P) PNesL^MarUnj Hltfge- 98 C27B> 

ttRfatnwSpi* r*. ‘ssw gsr-^si ^ 

S?K? [jTsSS raw? 01 HiV ' 1 t,,pc "- 

j rotlg ue Hidgo. i 2 Bfli 23J: Provtoelal Laundries (5o< 9i> (2B-B) 

Jewuos tHldss.) nop) 38 '29 6 * Pullman ir. aod J.) |5oi 88 ® 

Johnson Firth Brown (Z5 d* 63 '?® (29ffi). p» HM 01 aSoi 87® 7 12*61 
H.OSocPf. 139. Ilucunscd-Ln. 78b p^e of CamhrStoe BtoPCW) 195 
Johnson Go. ClMuen i25oi 84 (29/61 u (S-«? B * ,rwB * 


925) Red. 5SS _ _ 

rthem Ireland 6 toK Eveheouer stk. 91®. 

.*VSS St ?M6-96 42.’ QB-fi) 


COMMONWEALTH CORPS. (1) 

South Africa iReuubllci StoKReg. 94i]® 

FOREIGN STOCKS (22) 

COUPON5 PAYABLE IN LONDON 
Bulgarian 7 'jpcStabn.Ln. 10 (29i'6i 
C hinese 5p(GoIdBdS. 1925 12 . 5KReon 


New “S^MjjUan^Amed *^«* 93. A 

IcST’n^r^! 8?SW-» ,SflB5 98 101 

•* SB9 &■*> 

>g-5) IJrro , Pldqi. non) 41 1 - 1 

.'61 n f! HCi L IM ' S**- nSo) SI (29-6) 

4 H- fj^rtro^xriDonemi (lop) 452 

7peLo: fte- ^5«SS? <29/6) 


Johnson Gs. Cleaners .25o) 84 (29/61 
Johnson Matfhey J2B® K 
Johnson- Rh-hards 'H. R.i TRrs (25pl 97. 
5ocPi. 342 129 61 
Jones (E.) (IO 01 13 
Jones Strand lOacP' 100 r=6'6) 

Jnurdan (lOp) 39 41 <27/61 

K Shoes i2Sn> 62® 

Kakual (Ksr.i 110 (27 6) . 


1976-61 BSto 


Q — R— S 


Qnem Meat Mouses ig B i 37 ® 7 6 7») 
19 127 eK 

r"? 5 ^d 7 £r«? (a7Bi 

Ractt ' Electronic* (25 p) 246® 6 9 8 

6). IOkW. "Sffi6i *"”** "toueln. 52to 

6> RutNt^ Engineering Industries 11 Opt 13 i«® 

5 toPC PI. 40' Ramar Textiles (Spl 7 (28,5) 

/ Raedaits Grp. (25p) 619 3 (29 61 

Rank Organisation i25p) 238 40 322 62. 
,* Stone Pf. 49. S'.-kld. 47'x. spcLn. 642. 
/ lOtoPCtn. 78 'r® to (29 6 ) 

... / Ranks Hovb M (Doug all L25pi 531 .® 31 , 

♦5-V fij BpcCnmAPf. 45 1 (29 8 ). BtooeLn! 

/ 2?to. StoKLn. 62®. 6toPCLlL 63 (2»6b 
OcLn. 721# 2 

Ransom iWllHarnl and Son (lOp) 208 

Rinwnt Horrmtnn PofUnf (25p> SS 
(29 6 ) 

u. Ransome 51 ms and Jefferies 155 
/BJ. War. RatcIlfTi (Great Bridge) 6 bcP(. 45 129 6 > 
■i U5N Rimers (JeweUrrti (ton) 65 729.6) 
to ouii Ravbeck (i0u>_74» 31 5 >1 Mi 


INTERNATIONAL SANK coupons pay ab 

FREE OF STAMP DUTY COUPONS PAYA8 

. « k - 1977 -« 834 

1 CORPORATIONS (77) GoidLn. 1913 tLond... . . ... ... 

FREEOF STAMP DUTv' ?2r. -, «Sgf n T °' 5pcSoWLn - ,912 

77 l, «f n s 4 i a «n-fi) V ‘ n# BC iS 7 |&M riff Gre ^ 7p < RehweeLn. 1924 USSB3 
•J 7 olL» a4 ^t22l.*itfi® D ?gQ , ili 77 Ice'and (Govt, oh Ely 
c 107= TO J*®*" ApcStlg.Ln. 19 

_ of London _ Shoe AhKHa i n iqhi.rr 


rih « rtflifii opc®;noi-r. «si x uo.Di. ypc4.o. El #^. o imYAi* fiZr J kmcuxi \VCSM HD «7-e» 

*ai*if““ p ™ a “- ,,aM 34 « «’ i /is,,. 6 » srgas, , iSA , i! 5 , 3 ,i 7 , ? 6 ’. 

vJsrm'Rs.’WjrjcidE vwIrfar-or'iasK- ..ara-#., sgIW.g-.«. .» .»«, . . 


Chinese 5pcGaIdBds. 1925 12. 5KReor4. [ 126 6). 7>iKLn. 65 <26 6) 

GoidLn. 1913 (London ISSJ 11 127 fi.t Bass Charring ton Brewers TtoBtXn. G2 


?2T«f 9 8u^b^S^o , ?S:- 9 7,7 4 I? Ai^rt. Leisure -So) 58® w t* WM OmtoM C* m® Uto «kU*Ui. D^ol 

alwCIb. 1^7-92 72to IP-KU. 4 il A i toKUM N |T S ‘ > 67^ S (Z/fe? 160 » 3 4 ‘ Brit. Clee. Tratt Co. Ord. 98to® 9 7 8 G E'«rick 

(26 6 ). 7l,KLn. SS #26 6 ) A?<jSl pkSir Inds (alii SGI- f 2 SIG) S,>c,,, ■ 59 = (29 ® 

iM-sF han,| " 0,0n Breweri 7 ’** Ln - 62 9 i.JSrti nvI/K Ln. ^Mi?^.- *27/6? ■W.*" S*«» »■?»-”;«• *® 63 Energy 

I29’6) A'suK'f Sonwm ft On) 351 ® (24161 5 2 4 26. ipePf. &0 ( 2 o fii, 5>;DCDb. English 

Brewery Cm. C25P1 460 A^«oc3: TeievWon CdO- A r25o? 112® 10 gj. « 7 63 U7 fil. 7UPQD*. Fmilbfi 


pc ■SSSWsSap Kt (« (286. BE M raw 83® 40 ,»■«> ‘ ^SB, “ <27 10BCW - 

Bntish Dredp ng Co. asp) 36',. skUos-Lo. Ssoo < RabMM r2So)*B9 (IS'm 151 - 0 ** ^ RtwnSl* Smalt (10n) 33 12 0 6) 

4 - Brit. Elec. Tract Co. Ord. 96toO 9716 Eliwlck J/oooer <So) 19 K S!m 9 Motor l2Sp) 73. Sto 

5). «!*> .. IE21S BSSSL: a 8!S^«.«M?ao .27/6) Kent 8KLn. 64>- (28>6) 

(M. P.) (1001 34 (2 9/6) 


Services Elecs. (10n) IS® to 


Owrrseu i Im*. tlOo) 28 (28f6) Kershaw <5pl 10to I29.'6i' 


Bell (Arthur) and. Sans C50o| 235® 3® 6 Atkins "firoi. (Hoilery) ~(7Sp) 48 


ca . m ' mo ■ cT' - Card 'loth log [2Sn] 85® ai; . ROOC inter, rasp) 124 1 # 

yn- e H* , S' China Oiy* (25o) 72. EtopeOb. Kwdt-Flt ( 10 ol 4Sto Do. New 45 V 

Bririsn Levia^d (Sup) JJo 20® zo- Zsa' 67 (27 51 :■ Kwlk tim nio-um, rmni 7RA 7 

Brush Leyland Motor Coro. 39': (28'6). English Elec £i-pcDb. 1977-62 an, ‘tr* ” nUeouni ITOpl 76® 

7 toKLn. 87-92 53. BpcLn. 96-2003 52 1|«. Db 69 tom (SSs) 01 *•- 7796 . „ / 

7<«KUiV5J.n. so:® Eolcore Hidgc ISO) 16® 1 5 to® 16 Li— M / 


r. c ^ * rfc. ,aiUL«i 1,1.5 bpcstioxn. 1983-BB 71 (29161 

J5-64ths® **•. Do. 1 9B(^M UM Parana (Stare ofi 7oc6ds 90 (29 >6) 
*J- _ 9to0e_ 1984-85 92 06.6). 9toK c.- p.u. rst»6- ofl r.ntfm* incMnili 


in S i l y?n t, ?icff 7 n 29 ;laGi Britwerles (25o> 108®. New Audio Hdel'itv (10o) 29»i 

J.*l? .V5.^. 70 raa6). J25n| 63:« Audlotranic HMgs. HOP) 1 


76-80 97 to 129/6) 

Jater London 6topc 64*4. 7‘isc 88to® 
9'aK 94 to. 9 ' 20 c 1980-8= 92 to 

■•’Bl. 12<aK 1982 100‘s® Do. 

83 1041) 

: CC. 6»«pr 97 to (29 6) 

let 7 tope 85 OS 6). 12toK UP) 9BU 

I 12 tone (£10 pd-i 10 

/ (Cltvi 11 UK 97 

ist CC 6 toK 88 to (27/6) 

’Ingham 7 tone S5to (26.6). StoK 
h. (27'G) 

’Ingham 01 St. )3 k 102'* 

■le 7 k 79 a 

Ihran 6>»c 96 1 : H (29'SI 


Brown (Matthew) (25m 108 10 127 6) 
Buckleys Brewery (25nl 45to 7 rz7.Gl 


Audlotranic HMgs. nop) 19 (29/61 Brush Ley land Motor Com. 39‘: (=B'6>. English Elec &'-i 

6) bill’ Wih-ra Gra— <25o» 35to 7 toKLn. 87-92 33. BpcLn. 96-2003 S2)|«. Db. 69 tom T | {; 

Immtute 7 UK Buimer (H”i»Tr’Hid«s.""25 , p!'*i29® # *29 61. AuS? .E.l’sons^LoJuSl (2Sp) 92 (29/6) Britt^Hjoha^r Spinners (25o) 43® 4i t SrifiTTzto^Ba 'i=&6) 6 ® 1S * 4 ® T, "i - ICP (2Soi 89® 9o” 

■fflSf-eS u S!S 7, , jsss-p^h; IBS.'*"" s “' Hwn ' ““ ,M ■sgsjat.v™- as ” 46M 7 - 7 “■ Ir “* jtm ° n 

Ohhxe Mining 98to® “-a® 9® to® to® »s® Sasm l ny r,don Brewerr and '"*• «*■ *«. Security (Hldgs.) (10P) 75to Br.lish Shoe Corp. 51. StoK2ndPf. 45. Eurilyptia Pulp Mills rJSPl 66to f29Gf. v uSbrSce (ItS 1 7K® 9 6 

°9"5=°oS, 99?30 , ® 9O4,# • "•T crerV’f^ttlwwl ,nd a'u^-Iw, PradurK .2-o, 82®. New •*«««. *®- 7peU«CLn. 61 to taMB. » 125 4to 6 * \ to Sto.' “S kLM 


99.20® 99.30® ' derk (Matthew) and Sons (Hldgs.1 (25p< I Aurnmo-lwi Products <23o) 82®.' New j 

Shell latnl. Finance BtooeGld.Nptas 96 13 am “ (=5oJ 84. 33ocPt 36'}® (29I6U 9KPf. 


hffrlfn'idf’in laUoe tfw "** Western Mining Con. BpeBda. 95H to <2f;6i couFage StoKDb. 74. 6tooc2ndDb B8i- 
Sri 11 lie 97 STERLING FOREIGN 7 n 6 -’ 6 f 3 o 7 fi 1 , BcLn - 56 " ' M '«- lOtoKLn. 

r El, oe Bill. (5.7 IG’ om.nn>.o<T oomu rsv (49b’_ 


CURRENCY BONDS 

Finance tor Industry' lOocBds. 92to® 


Avana Group (5si 37>;® to to to w 
Avervs (35n) 155® 60 e 


Dew oorts Brewery (Hldos.i (2So) 86 Avon Rubber 195 6 


Ayrshire Metal Products «25n) 44? 


BrUbm Sugar Corp. (SOp. 108® 9 (29/6, 3 « 

British Syphon loddsts. (ZOol 55 3<; 4! Era Indl. C25o> as <29 6) 

New Ora. (iop) M>.® 6 E*w-Reciriy (Hldas.l i25o) 156® 9 

Snt.sh Vending Industs. C10PI 31 ( 20.61 trade Hides. C20p) 35 


Heavy-footed motorists’ 

'financial times reporter 


British Vita Co. (25p> 89 
Srittains I 2 SPI 26 
BrocklUMH® 1 250} 65® (29.6) 

1 Perw-ba r%NS are* rni*a®9«il4f M 


c wer 'Georoe) nOpl 3Sto® 

Evrnllbur Jewellery i5p) 16to (266) 
Enrhanoe Teleo. iHMos.) rasp) 107 (27.6) 
Expanded Metal <25o) 64 to® to 


erodis Grp- erf Companies (IOpi 71 too 3 Expanded Metal <25o» 6a to® 

Braken HlllProprleary 15*2) 648 50 2 F.M.C. (=5p) 66 (2616). 5 J 

Bronx Enghieering Hides. (IOpi 31 (28 6) t27t t» wo '" 


tito 1 S 59® ■&|La t a^lU , Ou«^ B r^ < > ii , to 2B;#J 85322,^®'%*®"??* S^igs,*’ 

c . “Tiuing 129m 172® 4. DgfA 170 (2B/6) gJggSR . 

J 1560 9 feS£ S S.g£.l 1 Da - T" 7J! « 5 a9,BU ■W'S'Kd { C«wS? S^IISIs 

1 2Sp*'S 0 iVL. 6 1 R pf hl 39*«G « m4n ‘ 50nl 4 ** * M ' 

’ 1 *to (26 6) 5*?36-61 f25 °' 290 

raSo) 107 (27.6) LaJSSfrfeyi Grp. -TOP) 56 <29 G> < fS*70U ( 48.41 

“to® to LjnortlLtohd,. Uf/ttn.) i50o> 105® 7® 5. Redtond TlSrt 130 *• 

,>WBft>laU»_ , X.jBCDb. 66$ 129 '6) KdS2S 2Si« i: imnH. (Ntoi »i,a 


f«i t29/B) 

Greene King and Sons 6'aprLn. SB 
'•■■inness -A.) Sons (25oi 159 62 1 
Hardy* and H»n«on« (25p) 167 (27 
uinhiand Distilleries »20pi 131 29 3 
Interuatlnnei Distillers Vlrtner 6 too* 


VSM5nBU™rii , W«. M raB, “- 52,1 ^ e 4^^,*iS i8 VKPf S2 

e Bond LietHB (25 dI .441*. Sto. 4 . FaWwlm Lawson (2Sp> SS«j I . <28 6’ ^ ‘ 


Db. 72‘a. TtoocDh. 69 


. v 'nleruitlnnai Distillers Vlrtner 6 

FINANCIAL TIMES REPORTER i^^o'n 6 ’ Distillers (Holdings) 

E Energy Department is It ■will Include a £2m. cam- M» , ?sfiiw ll, «J3uS?? u 26 f 3 5 (7Ri6i a 1 ‘ 
aching a television advertise- pafgn to persuade motorists to TT , ompson and Everahed 

3t campaign against “heavy- save petrol. The £2m will be Mori*-* 477 127 m 


Brooke Bond LietHB I25 pI 44 to 3to 4. Fah-twlm Lawson (25p) S5<a - - 

5 •KUns.Ln. 36 (27,6:. 7DCUns.Ln. 53 to Fa irr lough Con. Gn. (25o) 6D 
‘29 6). 7toKUns.LiL S7to Fairdale Textiles (5p) 16. A Ord. N.V. 

Brooke Tool Engineering (Hldgs.) (25p) <Spi ISto 

.“ ft., y lj y «.>, fAlwtmw Estates <10pi 112 (29/6) 
Brotnertiood (Peter; (50pi 134 3 2 (29 6t F^rm r etd Hfifos I75ai *490 
Browr and Jackson aon) 121:0 2S® 2S Faraeii Elec. (20o) 294* I 

r«„, aa rrr py Sfi '"*■ A Ord. (10p) 2?..r27l6» _ . 


(HldOS.1 (TOM. 16to <28/51 
IFobelTilOp) 47* 5 to 9® 6 


66® (29'6) Redman Heenan Uitnti. ClOp) S6>t* 5* 

7PCW. S2 Ryed (Austin) Grp. (2501 90 (26 61. A 
. .»,c. Ord. C25pl 68 9 (26 61 . BpcFf. 58 


let) us (Harmr’ispi'd’e ' w — 1 *• 6 ** 7 7ijpc0b. 90.95 
Lee lAr<)£rl ( 12 toP) 21 to <27/61 Ln. 96.2001 56 V 

Lee Cooper Grp. (25 m 139® I29i6) M 6 ( 

L eech iWIBIam) (Bidrso (20?) rB <29:61 

Leeds .«« District Dyers jwL FHUahers .26/6i. BoeOb.92 


Lee Coonw Grp. >2501.139®' 
Leech i William) (BUlfA) <20o» 
Leeds .in* District Dyer* o 


Ord. a SOI 68 9 (26-61. BpcFf. 58 
Reed Intnfl 130® 27 S® 32® 29 B 30 to. 
7'jpcOb. 90-96 64 to® U9G). 7(£PCUns. 
Ln. 96-2001 56 t2£6). lOpcl)m.Ln. 2004- 
09 69 

Reid Publishing Hid OS. 6>-OCDb. 63-68 71 
:26l6i. BocDb 92-96 69. 9pcUns.Ln. 6«ij® 


Fiiiikhersl J 26,6 h 8PcDb92-96 69. 9pcUnALn. 66 >i® 
rrmamxij Rc<<1 {»y||| ljm j »nd Sons C2 Sp> 85® 6 
Reliant Motor Grp. (5 di 10 to® 11 >«* 11 


rt on Monday, are part of spent over the next four years. W “MK aSffi «*. nn > ,» v 30 . bpcp,. 40 ■«- voting a* rasp. 

£■ £160m .-worth of petrol The aim of the four-year plan ‘|SS„ Brew, .rojoi bi noto. Baulv 1 m construction (to D > 11 P tSutf bm' " fL? nFZa 70 7 

le 31 - is to show motorists that by _7 pcpi. saiiey <c. h.i. <iop) sto. b tiopi 6 tsVfzf * F ' <s 25 ,Zft6> - a Non v. ESf L-iiJSPWh-J 5 ?* sgt ■ 2? 


,he advertisements, which adopting economical driving l?Sc^isSS? ll ttSii ,a *M 112 ,2B,W B^d 6> (wiinam) iseu “fiSS and LnTnb < 20 *»> s4‘j« 

-,t on Monday, ax e part of techniques and by ensuring that 9M?*- n^. n p *?2' ,,5 i 93 butci pui p and p»oer t 2 Spt 102 ® 3 

Ten-year Government-backed their cars are properly main- -soto®. suDcob. ai® 3 v. 7ocob Bamb«gers' 12 'spi P 4a' * BurgesT^^KSml^ ufid^^zsaj 47 ® 

(rgy conservation programme tained they can cut their fuel iSILx^ bbu < 26 / 6 ^°^ s^mcun^Ln: B ( a i r S^ o, 7 i t ® rc < 29 . : 6 ) 0) 72 b ? 2 t?b, *"a N a f J!f , i^ l i r 2 sp. h ia 4 asw 181 

munced at the end of last bills and the nation's energy -fo«. bpcu-«c.lji. esu < 2951 . b>«k Bamforts atm 34 ® ( 29/61 bumh Ismii p 


consumption. 


■40t®. apcU-nec.Ln. 6 Sto <2961. Btopc Bamfoids UOp) 34® (2916) 

U race. ' m 554® Dank Bridge Group (5 p) 2to (29 6 ). 

Whltbreid A (250) 91® 2® 2 to 3 Bargst (25p) 28® 7 6 6 


BTR <25o) 269 72 70. New »25oi 273 60,1 <27;B '- 5pcPf - t * 101 Pprtu sgt Ind. <25p) 100 V ?™? 4 ®ja 

v "*"» M - 3'i 0 S.5f* 

Bryant HWoi. (25 pi 45. SocPf. 50 (266) £ ,w,,1 Y (Andrew H.) Go. 39® 7* 7 Lewni '(So) d 

Bulgm (A. F.) {50) 25 126,6). A Non V. Fine Art Dvipmcs. (5p) 50® 50 Lew/* (John? 

(5pi 25 6 ^ _ Fin Up (John) < 10 u\ 26 (26:61 Lewis * iny« 

and Lamb (Hldgs.) ( 20 p) S4ij® Finlay (jama) rsop) 375 3 (2916). 4Jtpc Lex Service 1 

_ ZlHlrv 43 (29 6 ) I Rwllnri Diliti 

ShSi nUf- a ra«J?9»4SS»’ Taz ® 3 Firestone Tire & Rubber 11 to* (26/6) *8^3 (29,1 

Sureess^toxKJva? (HtdSj 6 r25o) 47® K”* C ** M * ^ 11 0"’ 41 (28/fi) Liberty <25pf 

Burnett and Hallamshlre' Hldgs. > (25p> 1 B 1 ^w 2 ,*/ 0 SS ' 6 ' <pc and ^ LiHeriMlT'^Rfe 

■sgaw/f" v - ,2Sp ™ F« 3 £jiJraa 63 2 . b^ - 6 *. !ftsrs*fs 


LOOP) 33 1 (29/61 

Ei sni 795 c:« bo 


New R «'van PBWS (25p) 63 
New Renokf 1250 M 7 JO 
i) Rentofcll Grp. (IOpi 56 
13 Runwiek Cra. C2Sn) 4J 
_Ff- 36® _ Q9*6l 


<29.51. 4Jfpe 


f (loo) 134. 8 . n«w noffi SSSS; an M b 8 ?’*, 66 t27 - fil 


(29-6) 

Burvjl pulp and Paper <25 D! 102® 3 
Burro Dean 125 o) 70 (2Ai6) 

Burgess Products (Hldgs.) rZSp) 47® 


(28 61 R)«rdo ar^ Cd. Engloeeri (1927) (2Sp) 

f Tst^Srati^bl is® ■«* Watlkigton lodusts. tlOgi 

Wai^ir 3 ™ SSV* «1PP» 20® 

USluEmMi ”*• R (’ 356 J S0,,fc WMtMrth “• co * ,SOp > 83 


1 12661 2’*«V <EJ.) nop) 34 1 j (29.5) 

(, r2lirini (Spl 6 to 7 to 7 

Company (IOpi 31® 2 ® Robwtsoa Foods Q5o) T27 B (Z9i«* 
i nt .1 RpcK>vart_Go. (23pi 127® 8 9 30. 6 


Burrell (5p) 11 


1 Bargst (25p) 28® 


Barton Grp. f50pi 11B. A Non V. (SOo) bJS'SI— - Lll ley iF J. ca (Z5 d) b6to 7 ra»'6i 

112 11/ 8 pel) in- Ln. ea <28 6L BUpc 5. p ?^ llton . PSp) 41 Ljnenift Kllg ^y Grp. <10oi 54lj <2B'I 

Uns-Ln. 69to to <27 6) RriVemno riUdgs.’ (2Sp) 147 12BI6) Ll «*8u«ries |^» 133. BpcFfd 44(21 

Butlln's StoKlStMtg.Db. 67 (29 6) FTuldrive Eng. i20p) 80 (29'6) SncPf. 17 ®K6l 

Butterileld Harvey <25P) S9W 60 > pSZZSL (5 ,“‘ fi ,, 56 - !& 6) - „ MI ?^B f2S ^ l «iv 4 * 4 ‘ NeW R 

FvMrty (25 d) 124 (28/6). New Ord. . . 13 6 3 - I2n.n. 102 3 
r_n «2 Sdi 124 (2BI6< Lister <2 5p)^to (27 6) 

^ u Fpikes (John) <5p) 26. N.V. Ord. (5 di l, «’K 0001 Post and Echo (The) <! 

CG5.& Hldgs (10 b) 22® I- 7 to® 9 ,? 3 ®. ® 

C.H. industrials (IOpi 33to 2to to (27!6) Footwear Ind. In*. (25p) 57 (27/6) Hgf.fi _‘Fj. H Jglld pS. JZ5n^ 66to t29'6) 

Cabhrtorm Grp. #9P’ 72® 3); 2 to Ford Int. Cap. Corp. 6K 79 <28 6). 5toK A Nm^X ^ 17 1 m 

Cadbury Schweppa (25p> 50to 1 50 15 to- _96to (27)6) OW LKkwSiJ«’ B ftS« rMnl tox® no.ci 

9pClirt%.Lii. 73 Um Forfmim a Mitainn fi7A j^aici uowwootjs rUWI 'ajP* >020 (29- bj 

gM’te b ,-4 <28/6) gU£ W 'i*cg& 6 ' L r- safe «siw 

FSSStawe'oiii'fSfi. 380 Fw^ulh5'°ra5« “rag «. g K u. iT™Z ffifr^s5f a 63®? s, V«i , |j52 K 

8«K«,«W 7topcLn. 60 T-rpcCny.UM. 


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Butlln's '6toKlstMtg.0b. 67 (29 6) 
Butterileld Harvey <25P) 59 to® 60 


C.G.S.B. Hldgs. flOni 22 ® to 
C.H. Industrials (10b) 33: : 2to to (2716) 
Cable To rm Grp. »Spi 72* 31 - 2to 
CadtOTv Schweppes <2Sp> 50 to 1 50 15 to- 
9pcUns-LjL 73 to® 


raso) 66to 7 (2*6. 2%. , ” fl ' ,27 ® ® * M ' *’=“ 

HWflS - <2SP> «**• 

rasp. 143 4. New (250) 5B? iSnvSSr 42,1 1,1 «**■ A 

- < 57 ° 6| 3 gowj* * (»» 17to raB.-fi) 

- ch . f „ nl S 0 * afl 5‘ <GreJt Brltalui (IOpi 50® (29-61 

part and ficno iThel (SOoi Rouorint <20pi 42 (2661 


Caffyns iSOp) 121 (26 61 

Calrd (Dundee) (25p) 14 <28/6) 

Cakebrcrd. Robey A HOo) 33 >29 6 ) 


Caiiifurd Engin. (IOpi 65® 4'l® (2 9 6) Francis (G- R.I Groan (TOnl 41 

Campari iZOb) 112® 11® 13 (2916) Frauds Indosn Slia n*« 

Cam/y* (HJdB*) (20P) 59 <26'6) UnjULn 68^27-6) 7 * 

Canning (W.) (25 di 60 Francis 'Parker noai ifin vi-atc 

^Ib/F) 1 - C25 *’ ) ,,B *' 7 60 Ln. 52 to (MIS) ®' 7iPtX 

Caopw-Nefll ClOp) 78*, ,Lofl ' ton SWa> *25o) 3 

CarawS ^ntn/.^aon) 68’,® 9 1 Hi ^kiA 

Caries* Cape I Leonard (10p) 32® Z (2 SPG) F " t,, {W ‘ <20d) 55 (26/6) 

Carllon Indust. I25 d) 189 (29i6l 

Carnets /"in; (S°o) as:® to:® 8 (29 6) r „ 

Can- (John) (Doncaster) < 2 Sdj 42 C» 6 ) u— B 

6,aPC Autonwtton 6-dttOb 

&w%issp«vdw 7a * fl - ,o ^ 

s«ii ? s aa^nsrag ** . «»»«» 


Uoyd iF. HjJ 
Locker (T.i iM 
A Non-*:g. fi 
Lockwoods Poe 
London and N 
London and 1 ^ 


itu'" 17,1 ,BI< Rotork MOP) 722 

I Sto __ PiwIMm 1 rmnrnn 


Rothmans Intnl. B (12 top) 50® 1 50to Ha 


<25p) T02O (29/5) 


Rout lodge Keoan Paul (25ol 182 (Z 6/61 
Rowan Boden <25pi 26 (ZB'S) 


[ Lonsdale Un /venal (25pl 06® 6 


*35®“ 'London SW9) «25p) 312® 10 I Lookers <Z5p) J|1 08/6) 
izt* Of 1 Low anri Riwim iUU’ is 


Kfrt IbS*&® 3S|^ R U»1?45®*29 n 6? Sh ,SDBi 4,2 ®- 6pe 

ss nrtatffl »w^v%^. , ^5 tM;6> 

(5P) 63®. 1 4pcUit£4C-L.n. Roveq q,, |2Sp) 33 | J# 

B40 i7K.fi) Ruberald <25p) 34® <29.‘6i 

rt Hld<K/ 1-1 Sul UM Rugby Portland Cement (25P* 72® 3® 2 

«| (7Sd 1 06® 6 RUMell Brco. (PaddlDgtOni l25p) 77': 8 

f rt®/fti U7iBl 

1 sob) ifiB r 7 R/Ri ir»i.nr Rvan <L.) Hldgs. (5oi 12 to* 


Can-Uohn) (pancaster) f2Sn> 42 <Ztk6) 
Carelngton Vlvel!* (2Spj 36 Sto 5. E’ 7 PC 
Pf. 49 (286). aocPf. 63 (26=61 


'"unswiLn B ‘Y** F ' 50^ ? , 166 ,2 6fe». i2iaic Rv * n tL-1 H1tfaB - (5,,, 121,1 
Low rw.) and%,^G£i 107® (29/fi) S U Stores (12 too* 14® 

Lb®** (ndustrtfi°297®JS4> S03 *1 It 2 1, S ?S B *%*■£**' '»«■ BiatLo. 

7toncLln4oc.Lre’ 72. 10-toDCUnsec.Ln n _166 (26 5) 

rasra. . ■■wumec.i.n. 9Z Saatthl SaatcM (lOo) 162 5 (28,-fil 


Carr's Milling Induct. (25p) 47 (27 6) 
Casket- (5.) (Hldgs.) (lOp) 38 (28V6) 
Catsiin <25p) 44 <27/6) 

Cattle’s (Hldgs .1 <10p) 37 (2616) 
Uvtiuiatr 1 tOKistPf. 94ij 5. Stow 


zncDb. 61 to 
lOpcPtly.Cnv. 


ainxLn Gariord-Lllley Industs. iSp) 13to 

IZB/6) SKS?" Scotblalr I25p) 92 to <Z7:6) 


. <22/61 
Lyons (J.» 74 
<27/61, BtoM 
Ln. 81 <25/1 

MFI Fvrnltoro 
MK E/ettriel 
Unset. Ln. 5 ) 


6 5 7. BpcSntPf. 40 1 S*bah Timber (IOpi 34 to (27/8) 
oecLn. 59 '37^76 pomiec §*8* Holidays (20o> 143 (ZB/61 
» a. rupcunscc. Sa/raburv O-J (25p) 190. 7topel 


« « 7 -— &®su 

' " “ ,H -> 

McKechnre 1 
Mackintosh < 


^ Sainjbury tj.i <25p> 190.- 7toPC1stDb. 69 

Sale Tlhrey ( 2 Sp> 255® (29/61 

Centres II Op) B 5 5 8 7 5amael (H.I IZ5P> 300® ( 2 » 6 L A (25pt 

^26/6? W 1750 B- 7hoe SaiSman.rtS. G-l <25p» 56 (27/81 
1 ) nop) 21 Sanderson Murray ElderiHMgs.l (50M 34 


Cdestlon Indust. (5p) 33 (28/6) 
Cement- R Didst one Hides. iZSpi 
Central Sheenrood (5p) 61 >3 2 

Central Mnftrg. Trju. Grp. 
raB/B) New (10P) 55® (29/6: 
«£ uS-6) 


Gates (Frank G.) (25p) 529 
81 C28'BI S^ST* 9 ras5 "10p) 46 <28. 6) 
BO.bi Gelto. (A. J.) (20pi 36 (26 6 ) 


Mnftrg- Trd«. Gra. (IOP) 54 G * n »« , c !'«?rlc i25p) 260® S3® G2 A 6 UO/6) 1 

.New (IOP) 55® (29/6). SpcLp. S®?® 3 il ' 90 ‘ 28 ' B ’- Kf5ij l,an »P. 

66) UlMLiJj. 79-84 77to to. 7toKUns-Ln. Macpherson (, 


ion 7 toKLn. 971-129.6) 


7topcUns.Ln. 68 to®. Floating Magnet and 


Cemrxwjy <S0p) 233 (2B'6). llpcPt. I - Ra (* U«s. .Caottal Notes ,»9t® Ji Magnolia 

1060 6 (general Engineering (-RaucllBo) (lOp) i6i-» 1 .<29 6) 


Chamberlain Grp. (25p) 45 
CfuMPberia in Phipps (lop) 42 (29:6) 
Chamber hn Hill <25p) 50 (27(6< 
Chambers Fargus (5pi 14 (27/6) 


(^“Jtner Hldgs. Ltd. (25o) 186 127 ^ 6 ). Mallmson-Dei 
A (25pj 190® 90 3 05* Management 

Gibbons DucHev i25p) 72® 3® 6 Manchoster ( 

| Gibbons (Stanley) intnl. (25p) :7T Mandors >H(d 


bid W.) 12 Dp I 24 (28/6) 

B Group r25p> 57 to® < 29/61 
putbarre <25p) 1750 

i.cMouldiiioi) (iop) 98® to® 

I <25p) 48® to 9 8 

bency and Music ClOp) 71 2 


Chambers, Fargw (So) 14 (27/6) Gibbons (Stanley) Intnl- <25p) 171 I Mandors H 

Change Wares nop) 19to- 12pcPfd. (IOpi Gibbs and Dandy nop) 36 /2G/6). N.V. j Manganese 


n) ClOp) 21 Sanderson Murray Eider (HMgs. 1 15 OW 34 

4iddleton> TOpcPT. 97 * SaiHiliuru Marketing Dttot 23 
■e (lflpi 14to soePf 2-ra Sanger (J. E.I ilOp* 2B« 

tivp SPCPf. 220 sangars Gp. <25pi BO )<• (29.«1 

53®. 8PC2ndOb. 73 (29/6) SariUa Gordon U-> Go. ClOp) 23to <27f6) 

Ipi 42 (28/6) . . Savoy. Hotel 'A Ii0o> SO® tol® 129/6) 

Hers (25pi 63® Scott Rotocmon (Z5p) 44 

aod Sons 6topcPf. 52 to Scottish Universal Im». (25p) 106® 5® 6tot 

7 5 (29/6) 

id W.) (2 Dp) 24 (2B/6) Scottish Ennilsh European TectHes (20p) 

Group (2 Spl 57 to® (29/6) .61® 60 CZJH6) 

Itberns <25p) 1750 Scottish Heritable Tit. (25o) 46® (29/6). 

(Mouldings) < 10 p) 98® to® 7pcP». 74 1 61 . „ 

^ Scottish Homes Uw. (2Sg) 17® 181?* 
(2 Sp) 48® to 9 8 096' 

mey and Music (lop) 71 2 Scottish Television A N.V. (lOp) 53® 1 
<29/6) Scott's Restaurant (12«aP) S20® 


1 9 to® (29. 'E) A [IOpi ZS 1 26.-6) 

Channel Tunnel Inv. (5o) 51 129*61 Gleves Group C25o) 79 (28/6) 

CharringtCHis Indusu Hldgs. lOtopctn. 82® Gill and DuRus Group >25p) 129. 


Chloride Grp. (25D) 107i; 8 9 
Christies Intnl. MOo) 1 QO® 3 2 8 


(2Sp) 130 IZB'B) 


B'rKPf. 57 
Mann Egertor 
New '.iop" 


Giltsnur OOp) 60 to® 60® 590 60 to 59 ^r 1 ^, 


2® J)]’ 
Mariey <2Sp 
i Marling lnd< 
Marshall cai 
I Marshall (1 
' <20(61 ' 


r 


THE BANKER 

the journal of international finance 


Christy Bros. f25p) «7 ( 2 B/ 6 ) _** 60 6 2 3to ! 

Chrysler UK 69 ‘if® ’it® Glanfield Lawrence 6 f25p) 2B® SJSljK. 

Chubb (20 PI 117® 19 16 17. BtoKLn. g«» SfSJf 0 BtoPCUnsJ-P. 28to (27/8) mSJhCPi. 

69to Glaxo Hldgs. (50o) 5440 52 1 3. 7toK mJ 2K ! c f" 

Church >25pi 151 <27(61 Cmr.UitS.Ln. 118 I™ 

City Hrttfs Go. 12DPI 106®. New 1D9® GMraooiM. J.l (Contractors) ilOp) 38 to® Marthiu-. - — — - 

Clarke <T.) (IOpi 21 (29161 _[s® U9I6) . _ EKBiT Wfl VIHWy 

Clav (R.I (25p> 73 t266l GlOSsoo <W. J.i CtSP) 62 <2916) Martjn-Black gap) 5 

cvword Snell I5pi 19 G ‘> n . wc d J*5jL 10<W> 1 99 to. 7toBCPf. &"?*#** 

« 7 -!l S V NO n- Fouca P rdVn J &%i. (SOp, 

*ig. <25 d) 65 >29.-6) .. _ Soirane Headings rzSo) 65® Melodv M>ilauB 5 P) 1 

coats PatPK ra3p) 7JO to 2 I'lS. 6 rpc GoKwin (R.) Ians (Engineers) (10p) 17 Memmore MnSs t! 

Ln. 5Dto. /28 61. 7toKLh- 61 to (27-6) Menzles (JahitT/rHIdi 

Cole »R. H.i <Z5 p) 110 (26 6 * S(?T22. n Group. < 10 p> 23_(27/6) Metal Bw 31614 1 

Col more inrasK. (2Sci 38 <37i6> SiS5 ( 20 p 1 49 <37/6) Metal Closure* Grp 

Combed Gp. HOP) 28® 8 __ SfigSL , SpoL JJ CK <*> Db. B9°o^5® 

»^& s ^cS , -(4;fv 2 , B 97 mop, sa^a'fflfw iSi 

cSHSU nop, 41® 40 (29.6) ^ «« 

Continuous Stationery tlOo) 34 I26'6l fSto. BtoocLn. 99 (27/6). 1 DocLn. 1 *J.. , I P * P L 1 05 to® 3 to 


Cltotord Snell I5pi 19 
C'lflord <C.) lodusts. 94 <27-6/ 

Cflfford's Dairies (2 So 1 48 (29(6). A Non- 
•to i25di 37 (29 61 
Coalite Chemical Prods. iZ5p) 66 7 
Coates Bros. <25ei 67 (27/6*. A Non- 
rig. raSo) 65 129:6) 


To: The Banker, Bracken House, Cannon Street London EC4P 4BY. I'd like to get to 
knowThe Banker better. Please enrol uie for one year’s subscription to The Banker 


n 


£8« OOP) 33® <29/6) Scott's Restaurant (12'aP) S20® 

?2M 77 t ISS HSfeiaCi V 5 , '.'f 7, V« a ,. » 

[2 _g. snm CoK^Ssoi Or* 

^a? s 3 se.’st.itfht&wr-w"? ” w - 

' 43 1 Security Services <2 5 Pi 114., a Ord. (2 So) 

rc® < 20 18. A (N.V.) (25o) 114. New A 

lOp) 29li (28/6) _(N.V.) (ZSp) 19® 1 B 21 

<l*h <10p) 48 to 8 <29/8) Sekera Intnl. (10a) 31® 2® 

L> (Loxtey) a (25p) 49 SeMncourt (5p) 24 to. 3 4to. 7xri. <50o) 

■rial <Z5n) 157 Sena. Sugar Eats.- CSflM 6 (21K6). 6'xpm. 

5P) 55 128/6) __ 18 <29r6) __ . 

wngent (Up) 220 09/6) Senior Bnoki. Gri>. OOp) 2 3 to. P. BpcLn. 


CZOP) 167 (ZBIfi) 
l (n.p.y.» B45 <27/6) 

ENjS £5 9mi 

"^728®° K 

5p) 91 (29/Bi 
S- . (So) 14 (29161 
Hildas.) rasa) 158 (29(6) 


E5! a ! Sp« 3 1*£l 4 1*-_ 10'jKLn. BSto - siwmeid Rettesnment Houses (2 bo) 52® 
Metal ClusurewGre. (ZSp) 97 ( 2 B/ 6 l. 6 « Sheffield TWtst Drill Steel 7toOCDb. B7'»® 
89 to® 799 . _ (29/6) 


Serck (2Sp) 61 to -New (250) 81 28 6) 
5haknpoure. CJBseph) (5p) 3M 
Sbarna Ware <2Wl 117 (296) 

Shame Fisher _crsp) 40® 40 39 (29:6). 

New (25P) 42 (2®6> 

Shaw Carpets <10p) 31 
Shaw (Francis) (ZOp) 29® 8 (29/6 1 
Sheeobrldne Engin. <25 o) 67i-a <29.(0 
Sbemeia Refreshment Houses (25o) 52® 


<29*61 

Concentric HOP) 41® 40 <29>61 
Continuous Stationery (10o) 34 126'BI 
Cook 'William 1 and Sons (Sheffield) QOp) 

Cooper Industries (10 p> ISto® 


ISP) 42 3 (2916) 

L.) (25o) 81 (26.-fi>. 
ipj 41® 39to_ (29HH 


Sherman (SamueD (1 On) 12b (29/8) 
Sldlaw Indutt. (50p) 9J 2 90. 7ioeLA 

su£e iSriiSn Hldgs. (25o) 160 ( 28 W 
Slemssen Hunter Cl Do) 57 (27/6X 


IIS® 3o' aQLn - " ‘ 27 *’' ,Dwe * 

Grant^Uames) 7<:KlStMtg.Deb. 60 to 

Grattan. Warehouses <25o) 113® 16 14 ' 


• yVEa .^- 1 ,09") 381s (29/6). IllentnJqht Hldgs. (IQo) 87 

I J«ff^SifeiSdlA 4 (?iJrt > i» ^SSSi 1 (2S,,, 220 

gJS*&rS 5 S ! J? , itg , r , 8to«L-. 70 
(2?*®^ SkMchlev (2501 106**. New as p) IB 


3 to 4 (296) , 
Hides, (i Op) 1 1 
(IOP) 80»»® . 


•Overseas subscriptions include air-speeded, delivery. 

Name 

Position 

Com pany — 

Address 


Mole (M 1 raOp) 30 096) 
Monk (A.) (25 d) 93 1286) 


Transport J25p). 7B (26-6) 
s (1001 80to 
h> 30 (2961 


Snra^frtaw' (BJ* (Knitwear) HOP) 36® 

sva ife!rU) to- 

SmlHl WnlOs BW.'*.' »WI — ... 


G^i^msns Stores A Ord. (R 0 50) 127 Monr.n&’fiJJnb! 81 St* 

Cosalt (25 d) 77. 10 -SpePf. 93 '28’6) Gmnbmk Industrial Holdings ( 10 n) 471 . nlS.f ,1^', 

CKttln fRIchard) (25p> 186®. New (25pl J (2. 6 ) New Ord. MOP) 49 (26/6’ “SOriiOU W j^ aofc Qpg. T SS. -I .* 3 

184-6 _ rireerheld Mllletri lOprPf. 99b i29/6) r 

Country GenHemen’s assoc. 7 to 8 '28.61 Economiser Group ( 2 Sd) 64® t? 0 ??- CrndllHe C25P) 114 16. 

Countryside Pnncrtls (Sal -so tzq-B] (29/6) . ’ - <Z7 fit 

Cnuranlds i25piTl3® 12 ® 13 12 11 . 7 pc J=riooerreds Holdings < 10 P) 45 (29-6) Morgan Edwards < 10 pi 59 (26iG 
Db 73® 4 3lj 27 7topcDb. SB'« B. <%S".Min Car Companies (’Ooi 44 M orri s Bialnw A ( 2 So) 57 (26.6’ 


)k I20 p 1 T50 i <27-6) 
(Idas 96 r27 6) 


to® «- 16 - ■'**» Smis SSTft'awAJPW 


‘Mi 7 

K 'H'WF.i.S 


Db 73® 4 Slj 2T TliocDb. 6Bi« 6- <27-st & 

BtoKLn. 44 1-. BtoPOLn. 94®. T’.nctn. I Croon 


I Published by the Business Publishing Division 

of the Financial Times Limited. 

Registered in London Number 227590. 

L Registered Office : Bracken House. 
CannonStreet, London EC4P4BY. 






Courtney. Pape (Hldgs.) GocPT. (sun 18 
(2961 

Cowan, da Croat (tool 67® 80 

Cowie rt 1 '501 38 to® 

Craig and Rose 47o:® 80® 

Cray Electronics HOP) 25 (2G'61 


Grovetoen Groan. (Sol .36 . ( 28/61 

3*n?: as,# 2 

^SSbSTM WJC -» 10 

HAT Gp. <1001 32 to (27/6) 

JfTV Go. Non- rig. (25 pi 109 <29(61 


Mdrrison iwinJ HOP) 75®. New 

p) .36.(28/61 77 (27 6 1 * 

•ttluripld* 251® 2 30 there a re (top) 132® 5 8 4 
5 ,78’- Mount Charlotte Invests, (IOpi 17to 


5&Th i fc.fcffi1bL v.jy V'lUcSi 

Smith-’ Indp^rira./JOp) 168 6. T’joecnv. 


1 3. StoorLn. 1985 78 «• 

Gujsr Keen and Nmti -folds (U.K.) lOtoK 


Smiths lndP«rijw jaopl 161 

•*"“E5JUijSl2!^5b ra7w> 

1 QHPcUWS.Ln- 78 (27181 


CreKon H'dgs. HOP) 16. U DC Pfd. (Fully Habit Proridon Eno. (Boi 31® 

Raid) HOP) 16 (27/61. T 20 CPW. (IOPI Hiden Cirrie? /25pi gfto < 2 B/Bl 

Crest Nicholson <10pi 81 to® HaS B *Ham‘ l niLSS' j w pb^Tn 'llll-fii 

Croda mtnl. n OP) SO to® Ito 1 49’J. Hill fM.Tf25|J’ 214 f27,e'. * 

7 T,-_. KSISST" qiorion i idol 29to <29181 

Cranl* Grp. i^Spt 3B* 40 Ha'm* Hldgs. CSOpI 143 

Crosby House Grp. 155 (2816) Haims modi 64® 4 51 . 5 

C 2S? } V^ uM ' n * Products (2 So) 59to® Halyread U.) -Hldgs.) (lOo) 211+ (29«) 
60to® 2® Harantnn Indmts 'Sol 13 <29/6i 






Crest Nicholson MOpi 81 to® 
Croda Intnl. riOo) 50to® Ito 
lOtoDCLn. 77 

Crwilre Grp. «Z5b' 36® 40 
Crosbv House Grp. 155 (2816) 


J 


Crauch (Derek) (Contractors) <2t)p> 90 
•27/6) 

Crouch Grp. (25p> 69 (29/6) 

Crown House (25o) 54<i 

Crowther (John) Grp. (2 Sp> 33 (27*6) 

Crysniate (Hldgs.) (5p> 25 . 


“i-oer Invrats. *10oi 47® 

Hra’nwy rtA0.25i 89 '296) 

Trust (25pi 130 to 30 1. 6>aML». 

Harp rij* *ei Gp. I20p< 56 


Cry* mate (HldflSJ (Sp) 25 . .. Harris Sheldon Gp. r25m 49to® 9 G98’ 

Cuben'S Stores (200) 118®. A Non-Vtg. Herrts rp.i iMI^.l f20D« 69 <29/6) 
<20ol 1235® 44® 4® 18 22 Harrison (25 di 61 (2681 

Cuirer Guard Bridge Hides. <25P> 21® to j Harrison* Crosacld Uho ”• J, to 
(23/6/ Hartl* MiG Int. (2$p) 22 to (27|6) 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits of £1.000- £25.000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Rates for deposits 
received not later than 21-7.78. 

Terras (years) 3 4 S 6 7, 8 9- IQ 

Interest % 10} 11 11* 11* Ilf 12 12* 12* 

Rates for larger amounts on request. Deposits to and further . ; 
information from The Chief Cashier. Finance for Industry , 
Limited, 91 Waterloo Road, London SE1 8XP tOl-828 7822. 
Ext. 177). Cheques payable. to "Bank of England. a/e-FF L 
FFI is the holding company for ICFC and FCI. 









. 

H r 
V r, 


K. '■ . 
i ■ 






«&sm *81 Times Saturday July l 197s 

■■ u. >»««», s « Wv sura „„ v A 

143 « 27 6> 

wSS nrass 1 

6 ' 6 ‘ 3 - 

W*rJ Whlir Grp iZ5d> 72 i» X >»i« 
10-dcPI 163 (26 6. ’ 5 3 *■'">• 

Vrerdte (Bercaiai iio pi 30 «27/6t 
^29 -6. Cll, °" cH Wos. <2Srt 1040 4 

^2?%) WrlBht * nd Rowland nop) 501. 

w c a g v a 


SwlSyfl; COMUHicUoim (Hldsvj iSp) 7 

Swrrow CO. W.) Sons (20 pi 9fio. 

Crv.UM.Gi. 2750 (M/B) ■“ 

Sow Jftkipn Inti. 12501 1180 22 .2916) 
Sonar CTw > Soon rasp) 202 tMJS) 
hprncar ten iNidn.) isp) iso 
SPlIlm I25P1 27J: S';. GwPl. fl7 „ 
»2a«l. 7'iP.DO 71 >, ti6/6i 7 - 

SsIraK-Svm Era- i25o) 1S2 «29:G) 
snootier I Ms. ifjp) 76 'MB 
SlftlKK IWl. (UP) 0 •: 7'j. 6'-pcCnv 
Uns.Ui. 36 12716) -n«.n\. 

^K) ,R 3^ 0 5 B -, f,0W New 

SI inter lA.’G.i Kldgv IS») 124 5 .2«f6] 
S»tt« Discount ilQni 173 5 
Starter Jw. 35SJO 6S« 8, 7i;pcUns. 

Sp-ad Simpmi A >25p) 39 i2fl,’6> 

Steel Bros. Htepj. i25p» 2050 (29|G). 

TpcUro.Ln. B4';*. SocUns.Ln. 670 
5 VlDn5 ' 2Sp) lfla *' 7ntCnv.Uns.Ln. 
Stqlnbcr® Grtwo <IOol 15 .Jiifii 
Mi-nhoim- Inds. 6<;pcLn 66 

SferlHw I IMS. (2t>pi 34 

Strwvrt Plastics <25o» 141 
Statklal* (2501 56 
stonenm QSpi 94 .jgijj 
stow. Hat fnds. <2Spj 1140 130 1210 
IJ'i 14 13 
SIMhert Pnt 1720 

Streeters Codaim.nu (TOP) 26 (28/6. 
StfWft Fisher (25p) 58 
S fraud RHey Drummond (25p» 32 
Slur IP (lOpi 14 (29<6J 
Sumner* (Francis) tfOfll 14 13 
Sunlphl S«nicn HOP) 26 (29<6i 
supra nopi 54© 30 
Swan Hunter 129 
Sw‘r« (Johnt Sons 68<iO 

T— U— V 

f*CC "10»l SB. 40 pcP|. 27 u&fi, 

Tl Raid an IMS. 76'; 12716' 

T »teO« I6p) 1 B'j 18 (28.6). 11i ; pcLn. 
96 i29'fit 

Tarmac i&Qpl 1460 4 (29 iGi 
T alc IVlt? 1710 4 3 2. biBCPf. 62:. 10 
(27 6) ISKLn. 97 .25 6'. 4'jpcDb 32 
l«6' c 6>:PCDb 69 U (29'fij, 6>,pcLn. 
bl>; (2S6l 13pCLn. 100'* 

Tavener Ruiiettte <2 Dpi 860 
Teca lentil i25pi t32'r 
TelrtnslOfl (SP> 370 (2916) 

Tele Rentals (25pi 1 30 Vi© 3 2t 

Tcnneco vus30>.'© 

Tnco iSp) 41 ‘.-0 3'.< 3 2t- 
.thermal Syndicate i2SP> 112 (27/6) 
Thomson Ora. <25pl 2520 470 63 58. 

Ln 33 M\®26;6i b ‘“ ,eDb - , ^ ,s 

Thomson T-Llne Caravans (25pi 54 (29l6l 
Thorn Electrical «25oi 3160 8:0 16 Id 
IS) 13. SrcLn. 9b ’j i27;6i 
Thurpar Bardex ilOp) 130 

T. lburv Contracting 2 BOO 10 

I* *®v Larno 4.2pcPI. S6li 7 127.6) 

Tllllno <2 Op' IIS© 15%:© 16© 18'.© 17b 
IB'.- 19 i. 18. b^bDcPt. SB (27/6i. 
JIpcDto. 75'-. 0';pcLn. 70 tZ6l6) 

Time Prut) ucls (lOpi 151 
Tiox-dc 1 1 i.pcLn. 88': 

TrmVins iSp. 22:0 'i»*0 20 
Tomkinsons Carpets '2 5pl 55 4 <28'6) 

T OOtal I25p. 46. 5PCPI. 37 1; (2816 '. 4 %pc 
DO. SJ (2B,fii. 7';pcD0. 67 *27)61. 7%PC 
Ln. 602 
Tove <25pi 65 

Toaer Kemslcv «20 pi 52 (27 6t. BocLn 
•14 

Trafalgar House iZOpi 1200 1 2D i> 
“■.PCPf. 56 126 61. 7 DC DO. 46%. BpcLn. 
61 >« >28 6i. 9';pcLn. 71 (27. 6i. IOUpc 
L n. 74 (27 6l 

Transparent Paper i25p) 66© 6 (29 6) 
Transport Development <25s< 68 7>j 
Tranwood (Spl 4'j 

Trav.s Arnold i25pi 129 <26l6>. 7 pcP). 
691 '•! 

Tricov.He OOpl 60': 

Tnoant Printers boeW. 28 (2716) 

Trident TV A hi v ilOp) 48': 9': 

Triplex Foundries i25pi 880 i29'6> 

Trust Houses Forte (25 p> 2140 22 19 20 
17 18 21. Option war. to sub. I9'a- 
6.25pcDb. 64') (29I6V T.ZSncDb. 67% 
|2B>6'. 1D.5pcDb. 84 U. 7.875PCLD. 62 
.2916). 9.1 pcLn. 671- 
Tube inr. 3401.0 2 4. S'tpcLn. 82 (29<6t. 

6 ':PtLn. BSt- 6': >20.51 
Turner Newall 17SO 4 2 13. BpcLn. 
67© 1.© i29/6) 

Turner Curzun (5pl 11-‘« 12 >«. 16pcLn. 
99: 

If :ack i25p» 36 '26l6i 
Tvzaek IW. A.i i lOpi 23 I28/6' 

UBM Grp. I25pl 650 >: 4'». 7>;pcPI. 54; 
UDS Grp. i25p< 900 88 90. 7UecDb. 68 
127 51. 10'aPcDb. B5<: 127 6). 5%pcLn. 
49 1. (29-6) 

U. S. Rubber 9acLn. &7’i (27 6) 

U. U. Textiles nOe) 4% (Z7'6) 

Ulster Television A <25 di 67 S 

U nitrate <25o) 560 5': 5. S'iPcDb. 64 
129 61. 6 : :pcLn. 54: 5*4 S (29-61. 6I)PC 
Ln. 61-1; 

un.lerer (25p) 57 50 22 20 20: 15 11 
24. 4p«Db SB':. 6*»pcDb. 71'.-. 5i;pc 
Ln. 44': >29 6>. 7%pcLn. 60 1 60: 
Unlever <NV.) FFI.121 =5.900 (29 6). 
llmnn mini 6pcPt. 430. 7pcPt. 53 (29-6) 
Umtcch hod) 11S 

Utd. Biscuits tHIeos.l (75 d> 790 BO'.© 
'.© BOO b'.PcLn. 40 127.61 
L'tri Carriers it Op' 65® 

Utd. City Merchants (10pl 66 <29 61. 
i OncLn 63 >26 6< 

U'd Gas Inds. (2 5 p» 49',0 (29'6). 7i?nc 
PI £0 i26 6i. lOPCZndPf. 64: t26 6i. 
lO'.-KLn 76 .26 6> , , 

Uid. Guarantee iHldas.* (Sp) 22 
Utd Scientific Hlflgs (25pi St>4 
u;n •iprma and Steel Grp. OOrt 27 
• 2H 6>. 

I*td Wire Grp r2Spi 6S 3 (2S6i 

UnoChrome Inrnl. MOdI 12'j 

Union >t. 7 ana Sons <25 p) 29 C3B 6) 
Ut.co Hides. i*1 > 6B 

Valor ;25 p- 41 

Vantona Grr. (20p) 119. ldecUns.Ln. 

Veciis* Stone Grp. (lOpi 30 f (JS'SI 

V. rSer/. 1P2 4. 5pcPr.(Non-Cum.) 37b 

Victor* ' Products (WoJIsendl (25p) 136 

i27'6l 

Victoria Caron Hldps. (3Soi 17 I4B 6) 

v.imix : 'Or., ane- 

Vlnteo Gro. (20P) 1160 
V.ta-Tcx l20p< 42’: -29 01 
Voieer i2Sp) 162© -29 6) 

w-v— z 

W Ribbons Hides. 10D> 78 (28 6) 

W G I >25o> 96.^- 9 7 '28 6' 

Wano-ngton .jonnl I'SSni 206© 


21 


Warring ton 

(26 6i 


6LPCP1. 43i; I28lfii 
iThomas) and Sons i25pi 


W 797276i C ’*“ ,5 *’ , 50 fz0 ' 6 * 


52 

11 UPCl.ll. 

Watmoughs (Hldgs.) (2So> 77 (2911; ■ 

&ra" Sk-SSf Sfe tt 

Wearweli C5 d) 29'j 

Wedawood^'iz'sij/'aiV 42 ‘=® ^ 3'* 

1501 21,! * < 5 P* 210 

Wellman Enainaerlng Cor». rZ5p> 4 8i;0 

iX£SL B . r ? m S lc ll S5? lno t 10 "' 28 (27)6) 
WestbrlgJi Product* (2Sp) 43 1; (29fii 
Western Board Mills (lop; 700 '.© 70 ii 
Wcninahouse Brake SiKal (25pS 45 b 

V 6J tl C2»i6?‘ n " ,t ' 26W 32 30 '-- ^KLn. 
Weston -Evans Grp. (Jop» 1090 
Wpitward Tetcvinon C Non.V. (10ot Z5 i. 

( ooiD l 

Wcllern Brothers (3Sai 95© 4 cqik. 

VVhatimgs (25p) 40 6 

VJhessoe (25pi 60 C27.6i 
Whcaf Watson (H]dgs.) (5pi 17* (29/5. 
Wmtecroft i50pi 204©. S':pcPl. 4Q I?9'6l 
Whites (Tlmoihvi bbocLii. 6Si ; (27'6). 
SpcLn. 68b (27 6i 

vyrnninpham rwi)i/am> (Hides > (12‘2P> 

Whitworth Electric (Hldos.) (Spi 16i- 
w.afali (Henryi son B'.PCLn. 52 (29/(5! 
Wfooms Teaoe 6Voc2ndDb. 72 (2a/E< 
Wight Connr. Hldgs. (25p) 119 i26/6i 
Wilkins and Mitchell (25pj SO© i29 6< 

Wl klraon Match 157 (28/6i 10«LnT 88 
Wilkinson Warburton f25pi 72<; 3 f2B'6l 
Williams and James (Eng./ (25oi 7B (26 6i 
Williams Hudson 4l;pcP1. 22 (29.’6> 

WiHa ^Gwjrae) and Sons (Hldos.) (2Soi 

Wllmor- Breeden (Hides-) <25ot 66. 7pcP(. 

51 20pcPt. 1 25o I 37 
Wilson Bros. i20p> 391; 40 (2616) 
Wilson (Connolly Hides. (25p< 1 3BO 
Wilson Walton Engineering (IOpi 65 
Wlmpcv (Gcc-rge) i2Sp> 76® 7 
Winn Industries (30pi 42b 
Wire and Plastic Products tlOoi 32 i27/6i 
Witter I Thomas' IZ5P> 53 729.-61 
Wolselev-HueheB I25pi l BO® 

Wood and Sons (H'dns.i i5p< 52 

Son ' Lon0,,o^,l <5 h' 
Wood Hall Trust (25pi 90 27n6i 
Wood (S-W.i Grp. I20P< 45 
Wood head i Jonas) and Sons f25pi 92© 
Woodward iH.t and Son U2bpi 53 (29 6) 
Woolworth (F.W-) I25p> 65© 6 5'-: 5 

Yarrow (SOol 256© 62© 

York Trailer Hides. HOpt SB© 9© a 
(29 S'. IOdcP/. ss« 

Yorkshire Chemicals (25 di 96© B© 7. 
12’;pcLn. 125 

Vorkshlre Tar Cornn. EbpcLn 88 i2Bi6t 
Youehal Carnets (Hldgs.. (25 p) 34 (28 6) 
Young IH.I Hides. (25pi 36 (29 6) 

Zetters Grp. (5pJ 61 b© 59b (29 6 1 

ELECTRIC LIGHT 

Brascan CnvA (n.p.v.) 11 'a© 

Catnim Electric 72 i29/6). 6 pcP(. 49 

FINANCIAL TRUSTS (95) 

Anelo-A/rlcan Finance (7bP) 13b 
A nglo- Continental 85'-© 

Armour (lOpi 9'r© 109 (29.6i 
Australian Ap. ISAO.30> 107 
Blshopseuto Prop- 7 % 

Boustead (10 b) 43b© SbS© 6 5 r29'6) 
Britannia Arrow (25p> 15f© 16b 16 T5b 
Charterhouse (ZSp) 62 60. SbpeLn. 66 
<29‘6i 

Corinthian (IOpi 21 
Daily Mali Gen. tsopi 307 
i29 Bl 

Dalgetv 275. 4.8SocP1. 51 b 0916). 

Ln 84 b (29IEI 
Dawnav Day (25pi 43b 4 b 
Electra U5pi 109 126/6) 

Ersklne (25p> 37 LA 

FC Finance i25p< 65 rZ8>'6) 

Financial (nd. >TOpi 16 
First National (IOpi 2b Jj. Warams O's 
■ 27 61 

Fltzrov (25p> 14b IS (27161 

Goode Dufrant Murray (5p> 2D i29.‘6i. 

3 SpcPf. (50 d) 14b (29.-61 
Gresham (25P< 5Bb© (29-'6l 
Grimshawe (20P) 20 C27i6i 
Sampton (5o) 10b <29.-6 1 
Inchcape 409© 8© 7 10 12 8. lObpcLn. 
82b *2B-6l. 1 2 LpcLn. 93b 

Ind. Comm. Fla. 6bPCDb. 76b 7 (26'6l. 
7 bpeADb. 1989-92 62b <27'6> 9pcADb 


A (50p) 300 
BBC 


INSURANCE (130) 

B Owri"9 (C. T.» iZbp) 99 100. lOacLn. 

^SJFRJHBWinK 1 non: 34 I2B-6) 
prl tannic Assurance (5 pi 15a 6 2 
commercial Union Assurance iZSpj 142© 
.JZ 4 3 40. SpcPf . 44 

Equity Law Life ass. Soc. i5pi 144 3 

TV!?!* 1 1 ftfF'dwit Fire LHe Assurance Corp. 

l9 S ^7-92 62® 200 2 981 9 ‘ 7l ' w:l ■ ,, 

Guardian _R oval Exchange Assurance <2 Sbi 


206 ®' if H 

™. 62 b 


Exchange Assurance (2Spj 
6 5 10. 7 pc Pi. 66! (29i6) 
b 


75. 8>PCLn 72b. lObpcLn. 92*. line 
Ln. 92 r29'«l 
ln»estmenf I25P> 17 (27 ’b) 

<wjHu HOD' 21 20 (29 '6) 
fjords Scottish <20pi 86 
London Assoc. Invest. Tst- (10o> t 8 -b 
9 '» 7f< 

London European Gp. (IOpi 28b® 30 
Manson Finance Tst. >20 p> 46 i26'6i 
Martin (R. P-' >5»l 44 i26.*6l 
Milts Allen mini. iSOp' 173© <29 « 1 
Moorgate Mercantile Hides- uOp* 9 (29'6i 
Paramoe tlOp) 13b 
Park Place Invests. 11 Dp' 32 b (27i6i 
Prelotiall-Sieorai Reg (FF250I 37b (2Bl6' 
Pravident Flnanrlai Go. >2 Sdi 8 B >29.‘6i 
St. George Assets (IOpi 10 b C6-6> 

Sime Darhv Hldss. I10n> 104. lOocLn. 
226 (27'6> 

Smith Brm. »2Sp> S7 129 6- 
Slock Exchange £4 25 Red. A"5. »'cg < 
51 i29-6t. 7'iPCDh. 60b i26;6> 

Uniter Go. IRO 20' (©'•. *27*6. . 

Utd. Dominions Tst >2Spi, 38 6:.. 16pe 
Ln. 125b© V® , 

Wagon Finance .JSp-^ 3 
West 0} England Ts*r '25pi 54 
Western Selection Qtipmnt. -20p- 24 (27'6» 
Yorkgrecn Invesar <10 oi IS:-© »29'G> 
Yule Catlo (I0nf7u© 

jCAS (8) 

imperial Co ?i/e £** 



LOCAL AUTHORITY.fiOND TABLE 


Annual 




Aofborftv 

gross 

Interest 

Uininiiim Life of 1 

ftelcphouc «fi»il*cr in 

jlitercst 

payable 

sum 

bona 

paretttJiw-fi) 






‘7. 



Year 

Barking (01*592 4500) 

10i 

!-yc:ir 

1,000 

4-6 

Barking (01-582 4500) 

lii 

l-ycar 

5,00)1 

4-6 

Barnsley Metro. (02 lid 203232) 

n 

J-year 


5-t 

Knowsley (051 54Sfi5551 

in 

]-yenr 

1.00H 

5-7 

Poole (02013 5131) 

i»; 

1 -year 

50n 


Poole (02013.5131) 

m 

f-yoar 

SOU 

6-7 

Redbridge (01-478 30201 

u 

J-jear 


5-7 

Sefton Met. BC <031 M22 4(140) 

u: 

1-year 


5-7 

Thurrock (0373 5122) 

ii j 

J -year 


4 

Thurrock (0S75 5132) 

112 

1-year 

3tui 

53 


7DCLn. 

Hambro Life Assurance fZSpj 315 
Heath (C E.i [20pi 259© ^o 47 *29-6) 
h| i^*JI 6 Robinson Group l2Sp) 1 80S BO 79 

h| ?.” dcl J«-L A te** nl,eT > Group 1) Op) J57 4. 

New Ora. nop) 154© 5 7 

50 1® 1,4 Gencral tour ' I5p) 151b 49 
Leslie and Godwin 'Hides.' iiobi 118 
London and Manchester Assur. (So) 128 
London Assur. 4 pc PI. 30b (27/6) 

London United Invests. IZOdi 165© (2S6) 
Matthews WriehUon Hides. (ZOei 160 
. U9IG) 

Minet Hldss. i20pi IBS 2 
Pearl Assur. (Spl 212© 18 17 20 
Phoenix Assur. (25p. 234© 6 8 4 
Prudential Assur. (5 p) 138© 42 1 38 9 
40 

RcFuge Assur. (5p> 132 r2B/Ei 
Royal Insurance (250) 357 4: 3 6 B 
Sedgwick Forbes Hides. UOp; 405 
Stenheiisc Hides. [25pi 99 a (29'Gi 
Son Alliance and London Insurance S14 
Su" Life Assur. tSpi 95© E (2916) 

Willis Faber iZ5pi 250© 5 

INVESTMENT TRUSTS (181) 

Aberdeen 125 b) 134 (29.6) 

Ailsa Inv. '25 pi 105 (29 61 

Alliance iZSdi B3 i2D«t 

Alliance I25pi 219'; 19. 5i*pcDb. 69 

Alt.fund Cap.Shs. f50pi IB] :29 6) 

Alva C5 p> 134 (29 6< 

Anthrose CiP.&ns. (25 pi 57© :296l 
American :25p) 44 3b 
Anglo American Secs. (ZSp> 97© 7 
Anglo- International Asset (ZSpi 133 
Anglo-Scottish [25pl 42'; 

Ashdown ' 25 di 121© 

Atlanta. Baltimore Chicago Warrant* to 
Sub. 23 

Atlantic Assets i25p' 93 2 
Atlas Electric General f25p) 57b® t296i. 
5 PC Pi. JB'j 

Bankers' Inv. (25p> 54 .29 6) 

Berry Tst. (25ei 62 (27.6i 
Bishopsgate TsL '2Spi 165 
Border Southern Stockholders (1CP) 55© 

Brazil Fund S.A. (Cr.Sn SUS 12-50® 
1 2JU© (2961 
Bridgewater (IOpi 8'«© 

British American Gen. i2Sa> 39© 9 
Brit. Assets 12 Sp] 73© b© 4 5b. A 5oc 
Pf. 40. SpcCnv.5ub.Ln. 139b - 
British Empire Secs. (Sp) 10'< 11 
Bril Inds. Gen. Dfd. 12 spi 100 99 

(2&.«i 

British Inv. (25 pi 163© 129.-6) 

Broadstone (20t»i 145 (29 6t 
Brunner 4ocDb. 66b L 177,61 
C.L.R.P. WrntS. 14> z IS'. 

C.5.C. Inv. Tst. aSpj 75 126/6). 6'zPCLn. 
73b f26.'6l 

Caledonian Tst. (25P> 750 
Cambrian Gen. Secs. ‘XSoi 81b "1* (27 6). 
5'tPcLn. 103 (26'6l 

Canadian Foreign In*. Tst. izSd) 107 (296) 
Capital National Tat. (2So/ 117© (29'fi; 
Cardinal Inv. Tst. Did. <25p) 102 i2B.'6) 
CarDol Inv. Tst. i25p) IDS© 

Cedar Inv. Tst. (2Spi 63© 

Channel Islands Inter. Inv Tst. Can. 545 
(26.'6> 

Charter Tst. Agency (2 5pi 54 '3 
City Cmt. Inv. Tst. me. >25 p) 28b C29/6). 
Cap. IOO® 99 B (2916) 

City Foreign Inv. (25pj 69 (27'6) 
city Intnl. Tst. (25P) 97© (29161 
Clave rhouse Inv. Tst. iSOpi 79’a (26'6) 
Clydesdale Inv. TsL (250) 79© 7© 
Contlnmtal Indust. Til (25p 1 190 'a- 

5pcDb 68 b (26/6) 

Contnlental Union Tst. i25n) 108© (29 6) 
Crescent Japan Inv. Tst. (SOp) 178 (27.6) 
Crossiriars Tst. i2Sp) 76 
Danae Inv. Tst. Inc. i50p) 44 C29J6i. Cap. 

(10D) 3ki (28:6) 

Debenture Corp. (25p) 60 
Derby Tst. Cap. (50pl 145 (28.6) 
Dominion Gen. Tst. l25p) 186b 
Drayton Commercial Inv. (25p) 123. 6 Upc 
L n. 95b 4> 9 

Drayton Consd. (25 d) 139. 6bPcAi.n. 

112b. 7 bpcLn. 116b b (26.'6) 

Drayton Far Eastern £2So’ 41b 1 
Drayton Premier (25p) 186b. 7>:pcALn. 
113 (27-6) 

Dualvest Inc. Shs. rSOp) 64 (28.6 >. Do. 

Coo. Shs. 210 (28/6) 

Edinburgh American 12 So) 124 (296) 
EdlDburpn Dfd. 220 JPcDb. 22b (27 6) 
English and Inlni. (ZSo) 84 1® S (29 6). 
English and New York rZ5pi 73b© f29-6) 
English Scottish (26p) 70*. Do 8 r2Sp| 
67 (26 6) 

English Nat. Invst- (25P) 23b (25 6) 
Equity Consort 104 (28-6). Dfd. (SOp) 

T 24© 6 

Equity Income Tst. i'5Dpi 200 C29.6) 
Estate Duties (2Sp) 73* 

ExlemaJ invst. 157b <Z7«) 

Family Invst. (25o) B9b 

First Scottish American (2SP) 93 1* rZ9'6) 
SocLn. 84 (27.61 

Foreign and Colonial (2Sp) 159'^n 60 
Fundlnvesr Cap. Shs. i25p) S6L 
G.T, Jooan (25 p) 137. BbucLn. 109 

129.6) 

Gen. Funds SbpeDta. 60 i« i27t6] 

Gen. Scottish >25p) 86 (28.6i 

Gen. Stockholders <1 2 'tp) 11 12 (26 6). 

5 bPcPt. 42 b (29.-61 
Glasgow Stockholders' iZ5n1 98 i29'6) 
Glcncevon (25p) 92 (28/6). Wrms. 7b 

G'cnmuttay >25 p) 69b© (29.6) 

Globe C5p) 107':© 7© 8 7 l Bb 9b. 4pc 
DU, B8:©. SbocLn. 91b 90b 1 (2B.6. 
Govett Sura. i25o) 63© 

Grange (25pl 74 C26'6) 

Grt. Nthro. i25p| 9S# 6 j. SpcPI. 39 
(26.-61. 4i.pcDU 67 b -L 127.6) 

Creiham Home Eat. '25o> 51 u 50 -V 

Guinflan .25p) 75J|*© 's© S. SpcPI. 

&BL# 

Hamoros .(28©»_ »® .29J6) 

Hill 1 Philip) I25p) 17® 

Nume 41 HldgL 6, A l2So) 73b 3 '27.6» B 
l25p> 79 (27-6). 70Cpf. 76® SJ.-©. S'.PC 
Ln. 107 (27 '5' 

Ind- Gen. (25o) 49'« 9. SbncDD. 46b 7b 
.266). dbocDb. 97 b 
Intnl. '25p> 70 (29/6). Wmts 10b© 
Investing In 5uccess Eqmt.es 1250) 142 
Investment Tst. Cpn. i25p) 260© 1 2 5pc 
Ln. 1 34 '27,6) 

Investors Cap- *25p) Bl© 

Jardine Japan (25p/ 143 

&n t T-'i : & 5 . C26'6L Newmc 

nap) 44b ’< <266). Cap. < 2o) 5b (2B b> 
Lake View :25p) 88b B 7b 
Lancs. London <2Sp) 44 1Z6 61 
Law Deb. Con. (25p) 104 (2 8 61 
Lc Vallonet Invest. Trust (25t>) 29b 
London Aberdeen Invest. Trust Pf.Ord 
(SpcNon-Cum. and Peg.) t5o) 9 
London Gar! more Invest. Trust !50o) B6b 
(29*v6) 

1 Trust (zap; 

Invest. (25p 
London Liverpool Trust (1 Op) 24 129/61. 
London Lomond Invest Trust S'tBOH. 40b 

London Provincial Trust (2So) 108® 

Londim Merchant Secs- (23o> B5: 

London Trust Co. Old. (25b) 192 (29(6) 

M and G Dual Trust Income Shs. (10 p> 

M 1 'oou'g Second Dual Trust income 5hs. 
HOP) 83b (28/61 

Manchester London Invest. (50 p) 21 b 
I29<6; 

Mercantile tnwesr Trust t25p) 37_b b- 
4bpc Cnv.Db. 1985 75b 4b b- U. 
Merchants Trust '2SPI 72b lb 
Monks investment Trust (25o/ 49 ’j© b* 


70 (266). SUPC 


London Holvrood Trust (25p) ill® (29/6) 
London Lennox Invest. (Z5p) 80© 


Montagu Boston Invest Trust (10 p) 56 
(2716). Warrants to sub. lor Ord. 32 
Mooloya Invest. 63 (27/6) 

Moorslde Trusl [25p) 9«.b 


New Throgmorton Trust Cap.Ln.5lb. 110© 
(29/Gi. Warrants to Purchase £1 Cap. 
Ln. StL. 16b £27/6) 

New York Garttnorc Invest. Trust izSp) 
40 39 126/6. 

Nineteen Twenty 1 Eight Invest. Trust (25 p) 
214© 

North Atlantic Secs. '25p) 92 b 
Northern American Tst '25 dj 95'^ 

Oil Ansocd. Inv. Tsi. >25p) 54 i28/6) 

Pent land Inv. Tst. '25pl 118 >2816) 
Progressive Secs. <50n> 65; _ 

Raeburn Inv Tsi. >25PI 125 '29151. 4bnc 

Cnv Uns.Ln. 9Zi.® 

Rights Issues Inv. Tst. Income 30M; .26/6) 
River Mercantile Tsr. i2Sp) 167 >29/6) 
River Plate Dfd. i25p) 134 i26/6) 

RObMo <Br.) (FI. 50) £62!. Sub-Shs. iRefl. 

Nat. Prov. Bk.) 1 FI. 5) S2D® 

Rolince N V. iFI.50) 46'. iZB/6). Ord. 
Sub-Shs. 1 Reg. Nat. Prov. BkJ (FI. 5) 

Romney ■25 p) 89© 90b. SpcPI. 

36';©. 4bpcCnv.Unl.Ln, 89b 

Roeedlmond Inv. Tst. CaalUl (25 pi 72 

R«tWhlld Inv. Tst. lEOp) 182 js. 3.5m: 
Cnv.Pf. 32b 2. 6bPcCnv.yns.Ln. 106 
St. Andrew Tst. (25p) '10 «27lfi) 
Scottish American Inv. i50pl B8© 't 
Scottish Continental Inv. i25pj 74 i2B/G>. 

Warrants to sub. 3 i26/6) 

5cpttuh Cities Inv. Tst. r2S0l 1S6 I27.'61 
Scottish Eastern Inv. Tst. i25p) 135© 7 

Smtlsh ‘European Inv. i20i» 3j#^® ii9J6) 
S:ollish Invest. Tst. (25P) 97b® 8b 9b 

SomtiUi Mortgaee and Tst* Co. (25pi 112 

Scottish Notional Tsi. Co. G5pi 146 
Scottish Northern Invest. Tst. iZ5pi sb . 
Scottish Ontario Invest. «■ *2SW 157 
Scottish Utd- Investors (25P) 75i*®( s® 7 
ScsBisn Western Invest. Co. U5pi 96 
Shfres Invest. Co. f50oi 1300 
Second Alliance Tat. Co. HSo) 1 86 '27.61 
Spnere Invest. Tst. asp) 107 I27'6i 
Srocfc holders Invest. Tst. £26 p) ?3 
Tocr.nolegv Invcit. Tit. <250* 94 3 
Temple Bar Invest. T*J. <«P> 89 »286) 
Throgmorton Secured Growth Tst. Lao-Ln. 

Throgmorton Trait i75p> 68- BbpcUnjec. 

Ln. 108 (Z9.-6I . ... 

Tor Invest. Trust Capital (ZSn) 101 
Tribune Invest. Trust >25P) "3© 4 s 
Triplevest Income iShoi 62 v® 3*2b 
United British Secs. Trust t25o> 126b 
United Slates General Trust Corpn. tzsni 

Umted States Db. Corp. <25P> 94© b- 
dbSrdDb. 66- 1 *© 7© f29.'6> 

United States Trust Invest. Fund OUST 
BIO '26:6' 

Viking Resources Trust (25 p> 09b 
Wemvss Invest. 295 (29/6) _ 

West Coast Texas Reg. Invest. Trust 
(IOpi 741} 

Wlnchmore Invest Trust f25P' 46 128:61 
Wltan -Invest t25p) 85. 3bPcPf Z6b. 

BocCnv.Dh fi7^df 

Yorkshire Lancashire Invest. Trust C25P< 
29b (2716) 

UNIT TRUSTS (121 
M. and G. American and Gen. Fund Inc. 

Units 51b® 51 5® _ _ j , 

M. and G, Australasian and Gen. Fund Inc. 
Units 55 1 (2b 6 1 

M. and C*. Compound Growth Fund Units 
1 10.20 

M and G, Dividend Fund Inc- Units I20’i& 

M.**snd G. Evtra Vield Fund Inc. Units 360 
M. and G. Far Eastern and Gen- Fund Inc. 
Units 53 3<2> 

M. and G. High Income Fund fnc. Units 
103.20 102.3 Accum. Units 172.2 
M and G. Jinan and Gen. Fund Me. Units 
15S':* '29*6 i 

MINES— Australian (1>) 

Hamnien Gold iSp' 135 4 7 9 
M.f.M. Hides. lAO.SO' 197 4 I28'6i 
North Broken Hill Hldgs. iSAO.SO' 126 
North Kalqurtl Mines DAO 30) 13b 
Parlnga Mng. Exploration l5P' 391; Sb 
40 

Western Mrg. Con. tAO.50) 148:® 8© 51© 
1 50 IT 

Miscellaneous (67) 

Aver Hiram Tin 375 

Bertie Tin Wolfram iZSa> 53 f2B 6* 

Burma Mines I17b0l 15© _ _ _ _ 

Charter Consd. (Rtgj.i i25pi 135 6 8. fBr.i 
■ 2SP' 137 128 6'. SpcUnSCC.Ln. 6B 

127 Ei 

Consd. Gold Fields >25o' 173© 2© 2 5 
1 4. 6bPCUnsec.Ln 60 >29 6). 71 jdC 
Unsec 4.n. 62®. BLpcUnsecLn. 70Jv 

1 29> 6 1 

Grevor Tin <25 pi 135 _ 

Go Deng Consd. (25D< 285 (26 E 1' 

Idris Hydraulic Tin (IOdi 85 129 §' 
Kamunnlng Tin (5M0 50' 7B l29’6> 

Rio Tlnto-Zlnc Corporation (25 p) 2130 
13 11 15 16 14. Ord. iBr.) (25p> 216© 
(29/6). Actum. Ord. (25p) 209: 12. 
6bocLn. 61© 2<- 
Sa/nt Piran i25d> 50 
Selection Trust r25o> 405© 7© 10! 14 
Sllvermines (2bP< 44 i29'6) 

South Crofty ilOp) 50 
Southern Klnta Cons. «M050) 210 
Tac.ong Tin Dredging i15di 88 (26/61 
Tehidv Minerals '10n> 40 i27/E> 
Rhodesian (51) 

Botswana R5T Pu2- 20 15 (2B.'6> 

Falcon Mines i25p] 179 
Minerals Resources Coro. iSBDI.40' 191 
N change Cons. Copper Mines SbpePf. (K2i 
SO (29.-6) 

Phoenix Mining Finance i25b) 20 1 '26.6) 
Rhodesian Cpn. (15(31 17 I27IB) 

Roan Cons. Mines B (K4> 60:© '29l6l 
Taneanyika Concessions . SOp) 143:. 9 k 
P f. (BOPi B5 

Wank.e Colliery >50 pi 35b© 9 4b (29/6) 
Zambia Copper Investments ITBDO-24) 12© 
129.6) 

South African (25) 

Anglo-American Coal Cpn. 'R0-50' 580 
>28 6' 

A-.gloJkmer.ean Con. oi S Africa >RD.10) 
323© 4® 5. BoePf. iRZOOl 50 (26>6. 
Anglo American Gold In*. (Rl) O1602 


NtLDb 197B-83 BOH 128(6). SoelSlMt. 
Db. 724«, 9 bpcLn. S6'«. SopcLn. 159. 
b bpcLn. 1 36. 1 0feLn. 135:© 

Law Land i20p' 37b© a i29.'6) 6'. -or Da. 

61b®. 71-pclMMLDb, 72® (29 6J- 6PC 
. Ln 75,(27161. 7ijpcLn. B2b 126 Si 
Lew.1 gohni Props. SbocMLDb. 66';© 
London and Prov. Shoo centres (Hides. 
HOP) 92 

London Shop Prop. tm. r25oi 59b©. 6'<pc 
Ln- 84 i29/6i 

m: PC I25n lie:* ta. SberlsiMt Dh. 
66b '29'6i. BpcLn, 61 b© (29 6'. 5oe 
Ln. 94 5 128 6' 

Metrop Railway Surplus Lands EUPCl«tML 

Db. 62 128 6 1 

Midnurst White HIdgs. t" Op) 39 L 40': 

39b '26.6) 

Muuntvlcrr Estates (5a) 54 
Muck low i A. and J.i Grp. i25p) 113 
Molten (ZSpi 44 '27 i6i 
P eachev Prop. Con .'25p. 76b® S® 7ij 
Prop, and Reversionary a i25pt 287 '26 6 
Proo. H'dg. Invest. Tst. (25 pi 301 127 6) 
Raglan Prop. T*t. tSpj 5b 
Reoalian Props. <25pi 12 13 (27*1 
Regional Prop, i25pi 72: bi- A i25oi 
£2 (27/6) 

Rush^and Tompkins Group (ZED) 112 

Samuel Propt, i2Sp) 80'- BO 1 
Scottish Metrooolittn Prog. (Z0o> ids© 
29'6) 

second City Preps. (IOpi 33 >26 6) 
SlouBh Estates |250J no© 11. lOrcCnv. 
Uns.Ln. ISO© 

Stock Conversion Inv, Tst. (25p) 228 
Surley (Bernard) Inv. Tw. (25 d) 205 2 
Town and City Props riOfll 12b© is. 
Boc-14pcCnv.Uns.Ln 89 '29(6) 

Town Centre Securities (25o> 57 -27.6) 
Trenord Park Esraies ,2Sol 111 3 
United Kingdom Prpo .25a! 19 <28 61 
United Real Prop. Tst. -.25 p 1 248® ifl 
Warr.forrt Invests. *20ol 273 ‘27i6l 
Webb ijoeroni (Spi 14:. 27 61 
Westminster Prso. Gnius’ZOp) 17‘i (29 61 

RUBBER (48) 

Angle- Indorevan C^rpns i25p> <00 (29 6) 
Seradln i5d> 61 <29(6; 

Bertam Consd. (10o1 94 5 r29/61 
Bmo*rall IF M.$ ) (/gp) 4 91- >.i6 '6) 
Cherscnes* /F M.S 1 1 Osl 43b <29 6) 
Consolidated Plantations I10 d> 41©. War- 
ranis to Sub. for Shs. 76 
Cufhrie Corpn. 373® 5:© 20 IS 13 17 
26© 7© IS. 7UocUns.Ln. 62b:. 9boC 
Uns.Ln. 6Bt 

Harrisons Malaysian Ests. <10 p) 110t© 

7 10 

HiohfancU Lowlands Berhad <SMa. 0.501 
124© 

Inch Kenneth Kalang flop) 135 (29 6) 
Jltra <10o) 71 3 (29(6) 

■Cuala Lumpur KePong Berhad IIMa.lt 80 

Lendu (5o) 30 >29 6) 

London Sumatra (IDr) 15)© 65 2 584 64 
Maiedle Invests. IlOp) 66 I2S/61 
Malakolf Berhad >!Ma.U 80 (296) 

Muar Rlvvr UOp) 49 8b 
N arbor Dug n (F.M.5.) II Op) 27© 

Plantation Hides, it Op) 74© 89 7 B 
Singapore Para Sp) 87 B (29/6) 

Sungei Krian (IOpi 72© 70 


TEA (11) 


Pfd. 


Gold Mining 


Blyvoorditzlcht 

5US3.B0 

Buheisfonteln Gold Mining >R1' 

(76 fit 

Crdtsdale /Transvaal) CoHienes 
-.601 29 61 
Consctioaicd Murrhso" ftO.lOj 263 


IR0.25I 
911513 b 
<R0^0> 


tcondon:," 


Gold 


in ng >RD 288 7 
Mining i«1> 


BUILDING SOCIETY RATES 


Abtwy Nauona) 

Alliance 

Anelia Hastings & Thanct 
Birmmirfom Ineorp. 
Bradford aw) Bindley ... 

Bmioi and West 

Bristol Economic 

Britannia 

Burnley 


Deposit 

ll.ile 

6 4-VYi 

04.i ,, u 

fi 4 5 ‘Vi 
B.4r.*V, 
e.43' 1 ^ 
6 vS'Si 
6.45% 
6.45°o 


Cardiff 6.45 1 


5.00% 
6.45!^ 
6.45% 
6.45% 
8.70% 
6.45% 
0.45% 
6.45% 
6.45% 
G.45% 
6.45% 
A 45% 
6.45% 
6.70% 
(1.4.5% 
r. 53'V. 


Catholic 

Chelsea 

OifUcnham Ss Gloucesler... 

CM irens Refjency 

City i>r London 

Coventry Keonomic 

Coveniry Provident 

Derbyshire 

Uaicway 

Guardian 

Halifax 

Hear! of Edu land •• 

Hearts of Oak & EntieW ••• 

Hendon 

Huddersflold & Bradford ... 

Leamihcton Spa _ . 

Leeds Permanent 

Loicoster 

Liverpool 

London Goldhawk 

Mellon aiowbr.iy 

Midsbicvs 

Momlu^nn 

Njiuonai Counties ... 

Nationwide 

Newcastle Permanent 

New Cross . 

Northern Rock 

Norwich 

Paisley 

Hcchham Mutual 

Pan man 

Principality Build?. Society 

Projjrehhhe 

.Property Owners 

Provincial 

Shiptan 

Sussex Mutual 

Tbwn and Country 

WWhrJch 


6.45*0 
fi.45% 
A.45% 
6.55 % 
6 4.i% 
6.50% 

6.70% 
6.45% 
G.1S% 
7.25% 
6.43% 
0.45*7. 
5.75% 
6.7.1% 
•1.43% 
6 43% 
6.711% 
6.43",") 
6.43% 
fi 45";, 
fi.45% 
6.43% 
G.45% 


Share 

Sub'S'O 

Accnls. 

Sh.i'eS 

7 70% 

7.95''.. 

6.7U-V, 

7j95".> 

6.70% 

7.85 

fi-VO".’, 

7.95",'. 

6.70% 

7.»:» , 7. 

6.70% 

7.fi."‘7. 

6.70% 

7.SB ,, .» 

0.7(1% 


6.70% 

7.93' ‘.i 

7^5% 

SJ25‘\ t 

•5.60% 

6.75"., 

6.70%- 

7.95".. 

6.70% 

7.95".'. 

7.05% 

S-25", 

7.00% 

isy:* 

6.70% 

7.95-'.. 

6.70% 

S.70".'. 

B.70?o 

7i0'.» 

6.70% 

7.95", . 

6.95% 

750% 

6.70?u 

7.95".» 

fi.70% 

7,95".. 

fi.95% 

S.45% 

7^0% 

— 

6.70% 

7JJ3";, 

G.S0% 

8.95 '7» 

G-70% 

7J5% 

6.70% 

7.95% 

6.70% 

S.15% 

6.95% 

9^0% 

G.S0% 

7.95% 

fi.70% 

7.95% 

7-50% 

— 

7.00% 

S.00% 

fi’il'Vi 

7.93% 

6.70% 

s.oo% 

7.30% 

— 

6.70% 

7.95% 

6.70'V. 

SJM% 

3.50% 

6.73% 

7 25% 

— 

Ii. i il'u 

7.95% 

fi.70% 

7.93% 

li.95% 

7il3% 

7.30% 

843% 

« 70% 

7.95% 

6.70% 

U95% 

7.00% 

8-75% 


6,70% *1*1.00% 
fi.70% 7.95% 


•Term Shares 
7.70% 3 jts, 7J0% 2 yrs. 

7.70% 3 yrs.. 7.20% 2 yrs.. 6.95% 1 yr. 
7.70% 3-4 yrs.. 7^0% 2 yrs., 6.95% 1 yr. 
. 7.70% 3 yrs., 7.20% 2 yrs. 6.95% 1 yr. 
7.70% 3 yrs., 2.20% 2 yrs. min. £200 

6.95% 3 months’ notice 

7.70% 3 yrs, 7.20% 2 yrs, min. £500 

7.70% S yrs, 720% 2 yrs. 

— ■ 5.80% over £5.000 
7.45% min. £500 6 months’ notice 
7.70% S yrs, 7-20% 2 yrs. (£500-115,000) 
8.30% 3 yrs, min. £5.000 

7.92% 3 yrs.. minimum 

7J0% 3 yrs. min, 7.20% 3 ruths.' notice 

7.93% S yrs, 6.05% 2 yrs. 

— up 10 7.2%, 3 months' notice 
T.70% 3yrs„ 7.20% 2yrs, min £5 00 -£15.000 
7.6S% 3 months' notice, £1,000 min. 
7.70% 3 yrs, 7.20% 2 yrs. 

7.70% 3 yrs, 7.20% 3 months’ notice 
755% 3 yrs, 7.70% 2 yrs., 7.45% l yr. 
7.70% 6 months 
7.70% 3 yrs, 7.20% 2 yrs. 

N 7J>5% 2 yrs, S25% 1 yr. 

7.70% 3 yrs, 7.20% 2 yrs., min. £1.000 
7.70 % 3 yrs, 7.20%, 2 y rs, 6.9a % 0 mths. 
7.80% 3 yrs, 7.30% 2 yrs., min. £1,000 

7.55% 2 yrs., min. £2.000 

7.70% 3 yrs?, 7.20% 2 yrs, min. £250 

7.45% 3 months, min. £1,000 
7.70% 3-4 yrs, 7.20% 2 yrs, min. £500 
S.00% 3 yrs, 7.20% 2 yrs. 

7.70% 3 yrs, 7.20% 2 yrs, min. £100 
7.70% 3 yrs, 7.45% 2 yrs, rain. £300 
650% 3 yrs, C.00% 2 yrs, min. £500 

7.70% 3 yrs, 7.45% l-yrly, 6.95% 3 mths. 
7.20% 2 yrs, minimum £500 
7J)5% 3yrs, 7.70%2yrs, 7.45%3mths.nou 
7.65% 3 mths. noL,5.70% to limited cos. 
7.70% 3-4 yrs, 7.20% 2 yrs. 

7.70% 3yrs, 750%2)TS, 6.95% 3raths.noL 
S.05% 3 yrs, "55% -* yrs, 7.50% 1 yr. 
7.70% 3 yrs, 750% 2 yrs. * Max. £230 
750% 2 yrs, 7.70% 3 yrs. 


'Kates ntinnaJJy variable in 


line with changes in ordinary share rates. 


E.i: Driefontcin Gold 

TUS/.C5 8 95 -23 6) 

Em: R.'h3 Ca.iiol.dstJd -IOp) )? 

Es« Rir-d Gild Urar.-.-n TO. 55' '-U54.65 
Eltburn Geld Mm>ng (Rti >US1 25 
Free Sfat» ^Gedcid M>r.« -p.j 50- alSSZ 

Fry^ State SuisUat Gold M.-n-.g ,pi. 

General Minirg jnd Fmsric CC'P. R2' 
1?',:® 129 6,' 

Gc.-d Fie/C( Pronerfv 'RCCJ - .- S *’? 6. 
GreoK-lei Prop-ie^rv Mine! -R3.25. 100 
i29 6' 

Hormnnv Gold Mining iR3 E0> 5U54.S5 

Har:i?0eesUoi)to-n Gold Mining [Rl. 
5US17’* (28 B. 

Johannesburg Cons. Inv !P2i 13'-: 

Ktnros Mines <R«i SUS4.53 (29 6' 

KfOOl Gold Mining (RH SUS6 45 6 40 
Libanon Gold Mining RT> 546 >28 6' 
Lorame Gold Mines (Rl. 39 (29 6> 
Manevale Ccns. Mines fRO.25' MJSUQ 
136 Ex Cap. (26 El 

Messina -Transvaal' Develapment CRO 50i 
BS 8 6 

M id Ole VI 'itwalertrano /Wesrern a real 
R0.25: 1B2 '26 6. 

President Brand Gold Mining -R0.50) 
SUSlI'a (27 6 1 

President Steyn Gold Mining (RO.SOi 685 
5USB.35 /28 6) 

Rand London Coro. (R0.15' 55f '29 6i 
Rand Mines Prooer:iM >R1; 125: 
Randfontem Ess. Gld Mg W'lwaiorsrand 
R?. 5U54Hj 127:6) 

Rusienburg platinum Hides. RO 10' SO 79 

St Helena Gold Mines mi» SUSlOb 

(28'6) 

Sentrust BeacHc (R0.10< 218 '27 61 
South African Land and Explsretiem fRo.35> 
50'; (27 6' 

SOL'Ihvaaf Hides. (RO.SOi SU56 i27 6) 
/•ilfontem Gold M-ning (R0.50> 267© 
U.C. Inv ’Rl ■ 236® 50 4 
Jmon Corporation [R06'.) 275 
Vaal Reels Exploration Mining /RO.SOi 

SUS17I-. >:9 6i 

Ylikfoniclr. Gold M'ni-.n (P1> S2 >.29 6' 
Y'clxcm Gald Mining (RO 50* 271 (26 Si 
Wes: Drrelontem Gold Mining iRIi 

MJSIS.SOO /29-6) . ... „ ,, 

Western Areas Gold Minina r.p 7 I26'6- 
wosic-.i Deep Levels IR2' RUS10-© 
Western HldPS. /R0.50' SU523’'-: '29 6 ■ 
Winkrihaak- M-nes rflli ^U'S.45 6t 
Witwa:erstjnd Nigel (RO 251 SS? 

2 anprart Go'd Mining IRIi «TS l.!6' 

West African (C) 

flmjig m Mines Nigena <Hidgs.) i’Op) 
2 A -27 6) 

S.S'Chl isn HOP) S'?© 5 ! - 
Geld ar.d Bise Metal Mines >12-:n) 3 
127 6) 

Jar.tar nZ'iPi BO <29 6- 

Diamond (18) 

Annie -Amcrieoan invest. Tst. (ROJOi 


Asaan Frontier Tea Holdings 301©. 

300 i27,6] 

Assam Investments 121 (27 6) 

Baraoara Tea Holdings 5ocPt. 56 
Blan’vre :'ea Holdings 600 12 i2B/6l 
Camellia Investments (10 p> 293 <2Bt6> 
Deundl H'dgs. i5pi 147 50 
Empire Plantations Investments ftflol 
2B's® 

j alef 102 

okal Tea Holdings 345© 

Longnourne Holdings 360 
Lunuva iCevlon Tea Rubber Estates 177 
i29'6) 

Mc'.cud Russel 4.2pePf. 42 r29'6"i. 7oeLn. 
SB US'S! 

New 6v1het HCildlngs 140 (27 >6 \ 

Nov'para Tea Holdings (500) 240 (27)6) 
Ruo Estates Holdings r25o) 1SZ i79'6) 
ilnglo Holdings ilQpl 26 25© >; 

Surmah Valiev Tea (25p) 105 (2716] 
Warr-n Plantations Haldlncs C2Spl z4l 
Western Dooars Tea Holdings 165© iZ9>6). 
GpePI. 60 b© (29i6> 

TRAMS AND OMNIBUS 

Tolgete iRIi 140 .28 6i 

SHIPPING (36) 

AngTo Norpic BbpcLn 93 (29 6) 

Bril, and Commonwealth r50o) 232 80 
78 (29 61 


Caledonia Invsts. (250) 2350 
Common Bros. (50p) 1 14 IS 
Furness Wlthv Spr.Pf. 395: (2®fi> 

Grjjg Shipping 140 (28 6) 

HuezJBfl Gnoi) IMp 26 )2©6) 

Jacobs (John 1.1 >20oJ 33 : : 

London and Overseas Freis , ’ltr* (250) 24'; 
Lvte Snlnoing ©'.pcPl. 45 (28 6j 
Ocean Trsnseort and Trad-ng esp) I'.l : 
Peninsular Oriental Steam Nay. SpcPf d- 
17'; -27 6 1. Dfo. 91 90 W; 90';. SbPt 
Db E&b (26 61 

Bcardon Sml:n Line i53pi 70. A iS0p> 
Runciman (Waf’er) i2Spi 76 

WATERWORKS (6) 

Ewt Surrey Wtr. 4.9oc '(mlv. 7pt) 47'.-. 
3 15 dc tfmis. 41-oei P». SI©. 4.2K 
(Imlv. 6 pc) PJ. 61 

East Worcestershire wrrwte. 7 pr ntniy. 
„10pCi 650 '28 6' 

Essex Walrr 3 ^k <fmlv 5 pc) PI. 7B't 
128 6' 7 PC OB. 1987-89 62:> 126 61. 

7'ipcCb. 62 i26'6) 

Newcaiiie Gatesnead Water 4.9pe »fml, 
7 DC 1 Max. 39 127161 

Rickmansworth UxbndBe fibncDb. 70© <•© 
S. SI iff Ordt hi re WW 4 pcOD. 27 (27 6) 

Business done io securities quoted 
in the 3Fonthjy Supplement. 

JUNE 30 
{2> 

Nikola* (City on 5 PC Goig Bonds IS12 

W: 

JUNE 29 
tNH) 

JUNE 28 
f2) 

Southend Stadium Pfd. to 
JUNE 27 
(3) 

hWrolaef (City on 5DcGcHdBds. 1912 £4 

JUNE 26 (Nil) 

RllaE 163 (1) (c) 

Bargains marked in securities 
which are quoted or listed on an 
overseas Stock Exchange. 
JUNE 30 

Ana mint 540.-4© 

AMAD 30 
ASARCO Cll'i 
Beach Pets. 42© 

Boeing £4 5b 

Boise Cascade IISS 27>»o 

Bounty Inv. New 15© 

Carlton Utd. Brew i&IO 
Cltu Getsrv 7UPCCnv. 589 
EZ Inds. 220 
Endeavour Resources 22 
FMC Con. £19:© 

Falconbrldge Nickel £15>: 

Haw Par 49 

Hong Kong Kowloon Wharf uss 4.82 
Hong Kong Land US) 2.15 plT5 
Hutchison Whamioa 108 
Jardine-Matheson 273© 6© 9 TO; 80 
Jaro ne Secs. 137 is 
Kaufhof £B9<; 

Kullm Malaysia 53 7<; 

hf id East Minerals 400 2 '• 

Nthro. Mng. 102 100 4 l 

Omega 011 120 

Otter Ex. 37 

Petroftna £90 

Selangor Coconuts 106 

Sthrn. Pac. Pets. 200 

Swire Pac. A 144 

Tai encung US5 0.40 i>32 

Thlcis HIdgs. 255 8 

Tri Continental £15: 2 

Unilever nv >n.20) £43 'j 

Wheclcck Marden A 59 60<s 

JUNE 29 

Abbott Lanpratories £26*< 

American Teleg. and Telcph. £48x 

Anglo Utd. 208 10 15 

Australian Bboc 1992 USS 92"i 1 

BH So urn 110© B 

Baiu Kawan 64 

Bouaamvllie Cooper 11 5© is 

Bow Valiev Inds. £21 b: 

Bridge 011 92© 

CSR 277® 


Cioa Gefcrr dWoieCny. £90®. 

£30'; 

Lonz.nc Rid TBaso 230© 

Qamson Oil £1<0 - ; 

Gjanger Alien. £l 1b® 

Holiday inns £1S;. Da. A £20* 

Ltrtd Lease. Con. 247© 

Matusn.ta Ele-;. 276: SO 
Mnl. L>e!i Z3 
Pac. Copper 45 

Fewer Con. Canada £11 bl 
Rand.nl fires. 206'- 
Rorcrto US^ 55'- 
SA Manning r; 334© 

Suicask Eap. ye . 

Swire Prcos. 63 
Tarsrt Prts. ,15© 19 
T-mar QIT 4';# 

Tooth 173 
WeadaxM Pets 66© 


JUNE 29 


ACnv. 


io?:® 


Ampol Putt.-J 74; 

H ■ It Cclumuu Telegraph £11 4® 

Chemical New York £29b$ 

Donitar LlZht 
Fraser Newt 168I© 

Great Laten C hernial £34 b® 

Hudson's Bay Mng. Smite. 

USS 14 -S3© 

McUl Ex. 31 
Nicholas Intnl. 74 
Sorer 30© 

Wettinghoxne Elec £20U© 

Weverhaceser £19 7 n 
Wilkinson Processed Rubber 
Mai 3.15:© 

JUNE 57 

Anglo Alpha 69 

Bover Faber SocCnv. 1969 £3B© 

Cuun C.DIK £36 'Y© 5 

Gulf DH £l£b* 

Homestead Mines USS 34 H: 

Magellan "Pets. SO 

Motneson |nv. 7>jpcCnv. £199 

Nelson Mng. 148© 

MZ Foncst Prods. 179 

Oil search 9*; J y 

Pan con© reentai £i3'v© ■< 13 

Saarno >Ept- 32© 

StnuFer Clem. USS 40b© 

Surer Value Store* U5S Ob'!© 

Yukon GODS. 165 3 7 

JUNE 26 

American Cvanxmid uSS29>:© 

Ansett Transport 140 

Barvmrt 52 

Coles fG. J.i 181 

Jardine Matheson 7'"DeConv- £1GU 

M«w Metal Mines db 

Norandu Mines £17'i© •)»» 

Oaknridge Secs 165© 6 
Paul Y Contractors 43 
Phillips Pets. £25 bt 
Pllsbufr £32 '*« 

Power Corpn. £11 hi© 

RCA £21 't: 

Sab'na Ind*. 66© 

Siemens SUS142: 

■RULE 163 (2) (a) 

Applications granted for specific 
bargains in securities not listed 
■ On any Stock Exchange. 

JUNE 30 

Anon villa FC £16 ‘i 
C ar's Milling /nrfustrles 7>2PcUns.ln. 2001- 
200S £40 

Cetur Holdings 16 5 4 

Cedar Holdings 5ncRd.Cnv.Pf. 31 
Cedar Holdings 1Q.2SpcDb. 1991-96 £66 
Clydi! Petroleum 116 
El fridge Pooe A 1 BD 
Ferrtmti 423 0 

GRA Property Trust 14 1S-'« b 

Gref don Trust 1ipcSub.Uns.Ln. 1976-01 

Le^islehcs stores 515 
Llvorpooi FC £101 0 
M K ang Investment Corporation 34 
Nhiiw Computers 165 
Naidonwldc Leisure 61, 

NaifionwidC Leisure NcwOrd. bl; 

Panawartc Holdings Z 

Petiroiesim Revalues 01 Ireland 210 

T oaf Nock IZpcUns.LIL 1976-99 £74 

JUNE 29 

calrd 1 A.) Sons 7pcCum.PI. (£1) 271- 
Cainbrldge instrument 1>; -a 


industries T'aoeuns-Lp. 2001* 
3 

23 

2m 


BpcCnv. Cans Milling 
2 CO 5 £35 
Clairmac* 35 _ 

Ejirhem Hiags. 23 
Fuller Smiui ana Turner A 
Creip Fester Group 19b 
North 5:a Assets 653 0 

Queen st. Warehouse (Holdings) 3 

Roman'o .republic Oft 4ncCons.Ln. 1922 
£1 

Romania iRepjb1,c ot) 4'?pCLn. 1917 

£1 

New Court Natural Rescurcos 12 11 

JUNE 28 

Ann Street Brewer* SDO 
Estate-mays Buildc-S SacCum.Pf. 29'r 
Home Brewery 270 

Javelin Equity Trust Stk.Un>U (AS 0.50 
)BO 

jc-se* New waterworks 9':ocMtg.Dt> 

19CZ-84 £87 

Jerw, New Waterworks 1 2-: PC 35. 19B5 
1 9B7 £96 
V.ltlng OH 120 


JUNE 27 

Buenos Avres Lac row Tramways JxCOffl 
Inc Db. £3 

Cambr-dge Instrument 1 
Charnel Holds ana p rotten l« 19 
Cnsalt 71.pcCum.Pi. 41 0 
Darling Fund 'A% T) 160 156 S 
Gibson 1 William) and Son 4>:bcCum.P 
11 10 

Grampian Television 39 

Jersey Electricity A 75 

Jersey EI«|rlC:tv TocLn. 19.7-.9 £90 

Norton Vllllers 2 

Dljham Brewery 6? 

Ci'anam Estates 122 
Soiltheri, News mo erf 231 3QU 
Vannln mtemaficnal Securities Can.Grow' 
5ns. :50o) 45 

JUNE 26 

B.rmlngham Cnv Football Club 300 25( 
Plumoion Racecourse 27': 6's 

JUNE 26 

A3IENDMENT 

The following aooearee on me l*st dot 

June 26 — 

Le Riches Stores 0«. (tl 1 150 should na 
read Le Riches Stores Ord. !£1) 510 

RULE 163 (3) 

Bargains marked for approvs 
companies engaged solely 
miners) exploration. 

JUNE 29 

CCP North 5™ Associates 750 37 - J 
Siebens O.l and Gas >U.Kj 34B 6 2 
38 

JUNE 2S 

Siebens Dll and Gas tU.K.) 358 6 4 2 
. 48 6 4 2 O 

| CCP North Sea Associates 775 62': . 


JUNE 27 

Sirocns oil and Gas (U.K.) 346 5 4 2 
38 6 2 0 26 0 

JUNE 26 

Siebens Dll and Gas >U.K.| 320 IS 

JUNE 26 

CCP North Sea Associates 762 'i 
Tlutf Oil 40D 

5leb.:ns Oil ana Gas "U.K ) 33D 26 f 
0 16 

JUNE 23 

CCP North Sea Associates 725 
Clifl Oil 400 

Siebens Oil and Gas (UKt 333 2 0 
8 6 5 4 2 

/Bu permission «.'■! tl:c Siocfc Ejt/ic 

Uotnni' 



UK MONEY MARKET 


EXCHANGES AND GOLD 


Rise in bill rate 


Bank of England Minimum 
Lending Rate 10 per cent 
(since June 8, 1978) 


Thursday's stronger perform- Sterling opened at S1.S620-1.S-. 
ance by the French Crane ramp to against the U.S. dollar and slipj 
an abrupt halt in yesterday's ?.* one P?* nt to SL.S545-1S; 
foreign exchange market follow- "JJ ET& 

rates opened at 91-9} per cent and rag a statement by President suggesting a litxle help from , 
rose to 9J-10 per cent on the news- Giscard d’Estaing that the franc Bonk of England. By the dose, 

... of a shortage of day to day credit S P° u ? d bad" eased from its b 

The Treasury bill rate rose by The market seemed to be rather Urgent form 6 A.t one point, prior |® ve,s .*? S1S595-15605. a. loss 
0.0180 per cent to 9.2726 per cent puzzled when banks brought P 0 *i. e announcement, it touched P°“| ls 4 J roni Thursday's di 
at. yesterday’s tender and the forward run down balances, some- ^4.4800 against the doff bS shewed a ^lfghtK^si^tcnd^ 
minimum accepted bid was un- thing which was hardly sub- soon fe u pack t0 FFr 4.5000, down S!? e .7- a SSJ* i Gn i„a 

changed at f 97.68. Bids at that stantiated by Thursday’s published fro m -Sursday’s close of "el D hted Ind 

level were met as to about 38 per factors. Nevertheless, rates climbed ppr 44S50 "hich the Rank of Engl; 

cent. The JE30Ora bills tendered and to 11-11} per cent after lunch The US. dollar was generally ?- te ^ ®“PP«J to 61^ fi. 
allowed attracted bids of £730.91m when official predictions indicated softer, more notably so after the bl b ' , I0S,T s * 311 ounce 
and all bills offered were allotted, a surplus in the system and rates opening of New York where there eroxieraJly f eanxreless trading. 
Next week £3 00m will be on offer, came off to 93-10 per cent How- seemed to be a switching out of 0,056 at SJtW-iSa^. , 

replacing the same amount of ever, the apparent surplus never dollars into Japanese yen. The __ ___ 
maturities. worked its way through, and latter touched a record high of 

■Events in the London money dosing balances were taken Y203.00 before falling back to 

market turned out to be rather between 12 per cent and 13 per Y203.55. still up from the previous _ 

different than expected. Interbank cent. The authorities did not dose of Y20520. Using Morgan GOLD 

- — intervene in the market. Guaranty figures at noon in New 

The market was also faced with York, the dollar’s trade-weighted 

a substantial rise in the note average depreciation widened to 

circulation. 7.2 per cent from 7.1 per cent 


THE POUND SPOT 


June SO j Juo 1 


Hurt Li 

JllDCoO Iff 

I = 


r in. % 'i 
?1>K.D'l 


Cl. -re 


OTHER MARKETS 


(i»lil bullion ix line! , 

■ .limp' 1 I 1 

0>.-r S1B3-165; SIB4-J. 

»»l*inns tlnSi IBSi S1B4J 


l-.-f. S 
- n ih.I inn S 
i.uililer 
UeiL-iqu Fi 
lH.i«:b Kr, 
L'-Murfa 
lii.ii. £*>-. 
7|H'I. l>b. 
Liih 

N i jn. Kj, 
F'ivi,.-t Fi. 
rre.MishKrJ 
Vx.i 

\u-irm. 6.-I 

i-t. Fi. 


7 Il.6u63-l.d6 40 ll.35S5-1.SB08 
ei Z :2.Q8/G-2.093Q 


4 

5l S 

a 

3 

18 

B 

IHs 

!•! 


4.14-4.17 
E3.70-b0.9D 
10.484-10.51 
3.34;.-5J74 
84.fc0-65.85 
146.43- 14S.65 
1.565-1.531 
13.D5-10.06j 
8-55-6.4 1 

a.47j-E.52j 
s>s; S75-3B5 
4i a ! 27.70-28.85 
1 ] 5.45-5.46i 


[2.03302.3310 
■J.14£-4.13j 
E0.ro-E0.80 
10.48 i 10.43i 
3. )&-*. 6S 
84.65-85.15 


Ai-j. iiIihh Pes.i 1.466-1,470 

Autirnlui Liiillai....: 1.6158 1.5299 


Finlxn i Jlfiikkti.... 7.B7 7.881: 

I'roail.L niit-iPL. — 32.90 io. 90 

14b.60-M6.60 fir*#* iMdimi.... 67.678-69JS0| 
1.6BB-1.5B9 Hon: Knnu Dollar. 8.63^-8.6614 

Iran Kin I 186-132 

Huwaic Dinar <KU' 0.502-0. 51 2 
LusemhnniT! Freni-! 60.70-60.80 


10.35-10.03 
8.5fii-8.571- 
a.bOj-BJlj 
37S-4E0 
27.75-27. B5 
3.43j-3.44j 


788. 1 7-790. 32, 

0.867 7-0.8755 
4.2495-4.2515 
17.7ti-lB.22 
36.4i3-37.28 
4.64SD-4.E4B0 

, 67.P4-70.97 

|0. £700-0.2 753 iVnhertxn./ 

32.60-32.62 [X.imtiy ... 


.luxtrui 

trel^inm 

Dtnnurfc — ... 

Franei-...,..,. 

[Lii-i many ~...| 

ii»iy - — 




£ 

Knter Hate 


PolSlan 

Financial 


rale Is Tar convertible francs, 
francs 81 KL61.3D. 


JlHlxyf-ia D.il itu ..-.'4.3960-4.4100 12.3660-2.3660 hiitupnl - 

New Zealxn>iD>.>litit[ 1.7976- 1.8 136j0.9660-0.9746 p|«in 

MiMi Arshin Kitm! 6.33-6.43 3-40-3.46 5n iij^r©nii 

Mnuppa'irp Lfc'llar... 4.3100-4.3230 ,2.3 £90-2.3200 |L'nneri Mate, 

Siulh Afriron Knn.'i 1. 6089- 1.62 5fiiO.86dO-0.B740 jYiiiKKln-riii 

Hate oven for Antentinx is iree rate. 


28 29 
60-611= 
10.30-10.45 
8.35-8.50 
3.80-3.90 
1560-1590 
380-390 
4.05-4.15 
9.85-10.00 
B0-64 
1.43 1-46 
3.40-3.50 
1.B4-1.86 
34-36 


Sli-rutn-j lixios Slti.20 ',5184.6, 

(68Bj452. 

AUernooD uslii"„.'SlL-S.D5 

. (£96.483. 

Gol>i Comt- 

>ioiiiexti<®ii.v 


£99-51 
[M84.3- 
.£99 .21 


LONDON MONEY RATES 


-i"U«30 

197: 


—i ..-I i iiij: 
l eilili-nie 

ill 


• ik.-nyM.. ..j — 

- - v» nuiuv,1 — 

. ■■■ W vr j — 

: ■ m v- ti'*tice..i — 

our mom l 9, 

I--. 111(111111-... 10-9--" 

llirei- Iiii'i.lii-.I lOlj-9;' 

•: inuntli- .... lO.'e-lL.-i 
\ . uc- UMiulbi-.', lQi'x-lO.-: 

>.»• ic ,ieit> io,;..jo,. 

l■'••^H^r- • — 


j Dwl 

latertflnl: j .\>ir|i..nt\ 

i •lepi.-itj 


ILnnf 4nih.| 

' no **><■•"; 

J ivin-lK 


914-11*8 


9 '=-10 

9 .-10 . 

10-101* 
10 ii-10>_> 
10Js-10bj 
lOs.-.- lOSe 


9:;-9: 8 

S:»-10 

9>"c-10 

9-i - 10 

10-10U 

10/4-101= 

10 ii-ll 


10 m- 10 
9Sg-9'; 
9ii-S>U 
9.‘i-9te 
1U-9 =b 

lDJe-10 


Firwnet- 

H-mvi," 

'.’■■Tiqtini 

l'e/>» u 

f 'i*iv.unt 
uinrLel 
■ le|»-rl 

fiw-utr 

Bill-© 

klJifihfC 

hqnk 

1 " 

hill.® 

- 

lOig 

Big- 10 

- 


- 



19'« 



_ 





10 


9)fl95B 




— , 

101 | 

vou 


9i*-9«« 

S- : j-3; 0 

10 l E 

ios e 

— 

Slj 

S'; 

y , . 

101 ; 

lose 

101 2 

93e-9ij 

9,'„-9 •’ 

8 ^ 

lOli 

10 )^ 

- 

— 

— 

10 

10 >. 

IDs? 

■ — 


— 

— 

— . 

ID&b 

— 


— 

— 



■ 


— 

- 



Ki-ncemuxl ..L, Sl^0j-H2i S191j- 

'£I(i2jilia'j| f |£1D2^ 
N'cw So»"crevifna..,. S54J--3C; ."541-5' 

.£2si-aiijt ;|£29;- 

01.1 Surereicus SSSj-aS; !S54j-5 

-■£28-30) i£2Bj, 

Gdl'i L'oint ' 

intermit loan) I v : 

Krucerrauil S188i-190i .S1B9J-- 

.£luij-i62i1-t£)01i" 

Net Sovereicn? ?BZJ©4j r65,-b 

■ £i8 -29i> -•alSSA-, 1 

OH SovoreiijDS — SSi'.-bSJ i$5i[re 

.C2S-4D- 4124;- 

a-a/ bai-ies 5 ;6J-i7Bj iS277J-. 

Mi 6145-146 Is 143-1 

.6998-1035 >698-IC- 


CURRENCY RATES 


Local auibonty and flnaaL'c houses sevtn days' naui-?. oihi-rs «n» daj-s - lls>sd. LonBcr-icnn local atnhority inortzaee rau 
n .mlnally Uiree y.-urs 11M1. pi-r cent: rDiir yean 12-Ui per cent: tiic wars 1l!:-U£ per cent. .pBank bill rates in table are 
biti'ins rat./ for prime paper. BuyJnc rai-s fur four-nionil) bank bills 97 per (cm: fonr-ininiLh iradc- bills 101 per cent 


.p^r coni. Apprralmaie scllitu ra/e tor onv-rnonih bank tins per ceni? and tb-o-mcmtli ttliif, pit evn>: and ihn-c-atmil) 

Deicers Cansd M*ne» Dtd .nco.) <R©.0S) 9: per cent. One-month trade hills 10; per cem: itru-inantii Id Per com: aci' also Uiree months 101 per rcur. 

295 6 6:. i Er.) irtC-05) 470 j Finance House Base Rates <puhl;ah»d by ihe Finance Houses .association • 10 per cent from July 1. 197% Clearing Bank 

Deposit Rates Her small si/ ms at sewn days* notice W-7 per cent, doming Bank Base Rales for lending io per nni. 
Treasury Eills: AVi-rase fi-ndi-r rales of discouni 9 2723 p»r cent. 


OIL (149) 

AnKt Pc:. f20pj 90 .23 6) 

S-itisn-Borneo Pel. Svnn ilOsi 152 C9 6. 
Br.tisf: P«. F4T© 3-.'© 4© 40 S 35 44 

5 35; 50*. 6; 4) a. SecIsiPI. M®. gpc 

2ndPI. 710 

Burma* Oil 61 2 60: 3 1!:. EncPf. 52© 
2:. 7':o:UnsecAn. 63'j© i* teipeUnscc. 
Ln SS .-O 6 S': 

Century Oils Group .10o) 62": 2 3 
Cliartev*ieJ| i5p> 21 '28 Bl 
ESSO Pet. 5 tocIstDb 99 128.6). 5>rr: 

1 STOP. 79i- (23 6). fistlrDb. B9--1 

129 6) 

KCA intnJ. >2 Sd) 28 

Lanqqn Scottish Marine Oil (259) 141© 
40 3. on Production Stk. Units >7 Db' 
313 127 fi). 14pCUnsec.La. 102 :* C9.fi) 
Oil ExelTn. :Hlogs) (top) 226 
Premier Cor ss. OUttelus '59> 17-1 
Royal Dutch (n.201 SUSS6.35© £47 it M 
Shed (25o> 5430 BO SO 6: S 7 S2 43 
9 6 5 50 47t. iBr.) (25p) 553 50 (Z&i&l 
7ocPf. 56 ij 6 
Stoaua Ramana (25pi 2T 
Teuco lit. Fin. 55 129 6) 

Tr.centrof i25pi 173 2 
Ultramar iZSo) 248 7 3 9. New (259) 
241© 2© 39: 43 6 7 ac PI 144 

PROPERTY (H6) 

Alliance Preacrtv g-.-scDS. 77 >2Bfi) 
annas: Lorain 2Soi 196 i : i2£ El 
amal Stores 5a' S': .19 6 ■ 

4 oin5 5«s *Sd' 19'?® ! - 
Argyle S«x 12nC&. 83>; 27 6. 
avenu- Ocse >23ai 74© 3 
Goma'on H:a?v S'idcLii. 31 "i <27'6) 
E-imason Pr;.; 6>,c:DS 64 . -2? 6.- 

3:^k aad C:cn. H-ssi. -lua. 3 
BcauiTior: Proa. 5«Ln. 61 ■; 2^6. 
5eilv--jw HliSBS. 2£pi 6E :0 >79 6' 

Berkeley Hanaro -25 b ■ lid -25 6. 

Bi'::.- iPif-yi i25c. 1620 IO i 4 .19 6 
Bradfsrtf Prop. 25p> 221 «29 S* 

BniiSi Lana 25p» 32 :0 1 13 kDd. 

107 >28 6; 

Br-Mto Ext. 2Sr> 54 >27 6. 

ClS'UI Cb-J.-.!. Prjp. i2£si j;:.-. Worrnts. 
0:9. ":i 

Ca-pma Gre. »=ai 19't >26 6' 

Cor ‘MI D,j:. Pros- 7'tPCDP. 63 L- '27 b: 
Ceri-iraviiii.a: £>;. -2Qp> 63 L2S b: 
CharlH-aos A.:tar;e 7":DCLr. ’iiSai 19 
>26 o' 

Chiirc*iau»y £«' 2spi 262 
CftCK >2£pi 52 

Co-.rlry anr New Town PriEcriiCS 

> r 

i'a 3 >L* n P.reacr!.?: " 13o - . 34 
C'e'9'er Comb.rc? Se:4. 61 2 ‘29 6i 
-*•?"■«' V.d;. I5a‘< 87-- 

Dares U:din BpcLn. 70:© 69 j/} i2i 6i 

Eneiisr' P.-03D>s» Corp-.. >j3"‘> 45. 

6 :ecLr.. ss. 12 olLp. 63 27 6) 

tsij’K Pr*3t'!v Irrei!. >2=5- S9 - 1 26 6. 

Cen:,— p.-oocr>.>^ L: - .A <19 S) 
Veens St tce« 2EO' ?9 90 >29 6' 

5-w 1 Von' ana E»:a:c% i50p> 276 :0 6© S 

26 6] 


Jude SO 

Special 

Drawing 

Rights 

Euro 

Uql 

Ac®, 

Siirliu-- 

t.S. dollar 

. D.6SU42 
. 1.23953 

IS 

i:.di:idi.ii> dollar 

. L3433S 

US' 

.\ii-.irun lUL-lii l!Ln4t 

• — 

1B^ 

f:.-!2uH Tranr .. 

. 403450 

49.6 

D-jnlvh kn.ni* ... . 

6.QUS1 

7.U 

L*tu:.whi- Mark ... 

. 2 57240 

2-if 

GujId-.-r . .. ... 

. 2.76725 

2.71 

1- ruin-h Ir jnc . ... 

. 5-57974 

5 M 

Lira 

- 1059.24 

1061 

Y>. n 

- 253.732 

254 

Nonvi-Hian kro'te 

■ 6.64710 

6 73 

Fcw.-i.-t 

97.608 

*).» 

S-aidiS" kror.a 

- 5.67147 

5.61 

Swito iranc 

2J29E71 

2Jf 


EURO-CURRENCY INTEREST RATES* 


■'une 30 

rfier’.tn^ 

Lanndun 

iHtlUir 

I'.S. Dollar 

Dutch Guilder 

sxb» Fran.; 

IV. ijtmun 
Mjn-k 

i rciurb Kin ne 

lutiinn Lire 

A-lxii S 

■Ftpvuc^ 


10l(-10ic 

71; 81: 

75b 7?0 

4-4 4 

M'( 


n 14-11*4 

911 

- 

2JB 2 


lOF-idia 

71: 81; 

7.r Big 

4-414 

1-1*4 


11U M*i 

10)4-1164 

7: a s 

14 & 

li-.i.lh 

Id, 11 >4 

7 5e -a 


4-qi, 

lJe-Hc 

35S-3w 

9i:-10 

lli-liHs 

Bil-M 

23] -3' 


lUa-ine 

b-u* 

Bft-Bi* 

4Je^58 

3 58-l 5 4 

3da-4>:- 

10 t 8 10*8 

12 13 

big fci j 

2 ;. : * 

-i4 mouth* 

12 -12JE 

8 :' -8ia 

e.’u-SA 

5l8-6ia 


31S-35q 

103fl-105B 

1812-lois 

91r-9i 4 

3.V-S 

On. 1 

1E1« 1VJ1 2 

85, -gif 

91j-9!g 

5>s-5n 

24-2SB 

»«•*«: 

1118-1136 

13*14 

9r;-9,- r 

41 8 -4i 


The following nominal rate* were ouoied for London dollar ceniOcatss of deposit: One month 8.05-6.15 per cent: three months 6.35-8.45 her cent: six i 
\7Mai per cent; one rear 8.00-9.10 per cent. 

Long-Term Eurodollar deposits: Iwo years 97ia-69iA per cent: three years Bf9! per cent: four rears 95ii-9”w per cent; five years 9:-9i per cenL * Rate, 

nominal closing rates. ' 

Shori-term rales are call for sterling. 0.5. dollars and Canadian dollars: two days' notice for guilders and Swiss francs. Asian rates -arc dosing rat 
Singapore. 


ilCai 34 

'■ 74©. GocPf. 


Green :R..- Fraorrries _ . „ 

' Idfwll Proaerty <2 St>) 

I <29 61 

Praoentes S5o) 6D (2B'6) 

Ham.-nrrtOn Procerev and lnve«- T«. 

,25s.> 5600 !Z9'6t. A ’iS 0/ 566 iZ6 6) 
Haalcrrere >100) 226 <27 6) 

9-:BCLn. 131 1 26 61 

Ho-js** Proaertv Co. Of Leiwoo t50ni 1300 

29 fi' 

..." reur/a&ann Property Hldgt. (100) 30':0 

Kennmas Estates S-asrCa. 82': •"« ZB 6). 

Lard Inreuore -250 35> 

La.-j Secs. Invest. Tsl i90p) ZOO©, a 3 fi 

4. 6pc1stMt.se. 57 (a (29.61- bt&cltt 


tt v minjtranmrBiT p CffliD/rtrc! OAfic/70 











AU 






data 

STREAM 

intern 

■'r-'i 

Size 

f£m.) 

Current 

price 


Con- 

Plat 

yield 

Bed. 

yield 

Pre 

miumf 

Income 

Cheap 

Dear( 

Name and description 

Tertns* 

dates 

Current 

Ranget 

Equ.§| 

Conv.fl 

Difftf 

Curr 

Alcan Aluminium ype Cv. ?9-94 ! 

3.05 

14S.00 

IDOjO 

76-SO 

6.1 

** ~ 

Vi 6 







.\.s.xociatecl Paper S)Jpc Cv. Sa-90 

1.40 

107.00 

200^0 

76-79 

8.8 

8.1 

- IS 

-10 to 2 

M 

4.5 

— 0.5 

4- ’ 

Bank of Ireland iOpu Cv. 91-96 

8.22 

173.00 

47.6 

77-79 

5.9 

3.2 

- 2.3 

— S to -2 

10.S 

95 

- OS 

+ 1 

British Land 12pc Cv. 2002 

7.71 

132.00 

333^ 

80-97 

9.2 

8.9 

23-8 

17 to 30 

0.0 

92.7 

S5.9 


En-jlish Property c;.pc Cv. 9S-03 SW 

116.00 

234,0 

76-79 

6.8 


- s.s 

“11 to 11 

S.S 

3.1 

- 4.9 

+ 

English Propertj' I2pe Cv. OU-05 15.S1 

80.00 

150 jO 

76-84 

13.S 

13.8 

31.9 

24 to 102 

30.5 

48.6 

26.9 

— : 

Hanson Trust 6] pc Cv. 88-93 

i.51 

81.00 

57.1 

7B-S0 

SJ* 

0.0 

y-9 

1 to 11 

S.2 

9.0 

1-0 

— 

Hi-niK'ii-STuart 7 pc Cv. 1995 * 0.07 

2/0.00 

4/0.4 

75-79 

2.6 


- 1ST 

-IS to -7 

9.2 

6.7 

- 0.8 

+ 1 

Pi-mov Jape Cv. 1980 1.06 

140.00 

lf.6.7 

76-82 

10.7 

7^ 

- 2.3 

- 5 to 36 

42.6 

42.1 

- 0.3 

+ ’ 

Plough Effaiei iOpc Cv. 87-90 5.50 158.00 

155.0 

78-87 

6.3 

2.7 

14.9 

7 to 16 

36.6 

53.0 

L2.0 

— _ 

Tozer. Kemsiey 8pc Cv. 1981 i 

r.33 

94.00 

153^ 

74-79 

8.6 

10.6 

15-3 

5 to 33 

7.2 

7.5 

0.3 


Wilk in*43n Match IOpc Cv. 83-98 11.10 

87.00 

40.0 

76-83- 

11.5 

11.7 

38.5 

29 TO 40 

27.6 

37.1 

15.1 

“S 


■ Number of Ordinary shares into which £100 nominal of con«enufle stot* is converuhle. t THe extra cost ol invesDnent m eunvertiMe expr es sed an net- e-nt ! 

cost of the eqrntty in ibv convertible stock. ; Three-month range. 1 income on mnnher of Ordinary shares Into which £100 nominal of convc-rtiblc KrectiB 

This income, '^pressed in pence, is summed rrom presem time on HI income on Ordinary shares Is greater man mcamy o> nw nominal of efi nvr - rttttV 

eon verson dale whichever is earlier Income is assumed io arm* a i 10 per cent, per annum and Is present valued ai 12 per cent, ner ammm i ip,LL / 

convcinttile. income K rammed tmtll ronvendon and present rained at 12 ner cent, tx-r annum. ^TWs is income of ihe convertible less interne ol UvTmXrlrtnvl 

expressed as per cent, of the ralue of (he underlying tauiry. C- difference between the nmnlum and Income difference oxoressed as our 

nnderlyms equity, t Is u indication of relative cheapness. — ly. an tmUcauon of rotative dearutss. ^ per cen1, °* “® 



22 




. Financial Times Saturday My 1 1978 


'iV 

V 


STOCK EXCHANGE REPORT 


Dividend and wage possibilities stimulate ma 

Boots feature along with GEC— Long Gilts stage rally 


ACCOUNT DEALING DATES dose of 1121 per cent, down i led the movement with a rise of in* ahead of nfhet Tuesday's for a rise of 10 » * nd 7 j5? a W« at 31Sp> * ris8 on 

■•First Declare- Last Account on the day. Yesterday’s SE con- 12 to 276p, while Marks and results helped Tea Abrasives add Beecbam 5 banter at 648p- PHWng- wees of 46. 

Dealings Hons Dealings Day version factor was 0.6584 (0.65801. Spencer put on 6 to 146p and 3 more to 6Sp. while Spooner ton. which go ex-the 100 pwcent Anstr alians firaiCT 

Jim. 12 Jim. 22 Jnn 23 July 1 4 Mnn. interest was (hown in the Boose of Fraser Improved 5 to Indnstrles moved up 4 to Sip *n scrip-issue on Monday, jumped 17 Bn nn 

Jun 2fi fi M, 7 Juiv 18 rfSTTmT rhe Elsewhere, consideration of response to the counter-bid of to 540p. Elsewhere, an investment .^nlng^hete ended an un 

JuW TO So AuZ l S^uSer or^Sc^ do^e lb® dividend potential if restraint 80p cash from Sandvik. The recommendation commg soon eventful week on a ^ubdued note 

juiyiu juiyju JuiyJl Aug. i total munDer_or contracis aone .„ nttrt hmnohr Hoard's further stmoe «i<.rfinn aftm* Tuesday's 


Job. 12 Jim. 22 Jun. 23 July 4 
Jun. 

July 10 July 

from 9 Jo m two biuinaaTTTayi uriier. proposed link-up with Fisher con 


imnrnred to 524. ReflecHne its is abolished nej H month brought Board's further strong rejection after .. 

Naw tine " dealing* may take place JJ^oved to ^ KeH«rung its r|ses of fl and 3 respecHveiy in of Thomas Tilltmr’s 72p per share expected annual remits attracted «bh 


beKer-than- with activity continuing, at a low 


* m wo am ten. day. «ar« r . propo^o un-up vuu- Ra(nel ^ 71Pi aod Tinie Product b!d he iped FUndrive improve 3 buyers to LC. Gas which rose 17 

The view that dividend controls HfJ® . of f sir- ®,av*s results 156 P- Buying ahead of Monday’s to Sip. while comment on the to S72p. while renewed specula- 
ould either be abolished or npr'u-Sr^o^nniarand HvtiMi annual results lifted Henderson- record profits left Weston-Evans. live support lifted Letraset 5 to Austr l 


wouid 

further 

weeks 

Boots' 


The only section to show 
ned improvements ' was 

liens. whore renewed 

nn rh» speculative buying followed the 
on me end nf |hie d own-under tax year. 

Nortbetti Mining attracted a 


the chief 

. _ — . Carbonising 

annual 
support 

nisrmjnf ™ * >•><».«• ainuum «iu «-»;**, o. oastwopg were 32p before rallying to finish 6 Ra-jp-mAt.-iT' ~ oroducen 

to 173p in response to Press com- raised 35 to a 1978 peak of J25p lower nn balance at S6n Recent 83 ? n ^ a . 

The Norwegian Shipping InstJ- "^ore^aT IM^STm’Kied’ tS roRi^^fof ^32pT$£S KSSd MsSTro%n®j£ad’ of ^ 0 £ *"£« on jj* 
Institutional and other buyers, tot,-, desire drastically to cut its ^ JSlfiSSS &S£ VSSMH ISfhSn^orth £&■ were 


Pany intends to double its pay- „ a j n of 10 to 3 q p 
i ment. This was sufficient en- ** 

. cnuraiement for jobbers to mork „ . . « 

leading equ'ties higher at the HlUHOrOS Q.U11 
opening yesterday. 


600 

550 

500 

450 

400 

350 

300 

250 

200 


C i 


■ T «““ 



■^■wSSraSS 

1 

■ ■nil 

f rn 

1 ' \ m jatm 

kini ” 

uwi 

a j 


■■■■raSSSS 

lift 1 «Sn 



aafjS 

ItMdUU 

■uwn 

ran mm 


huSSSS 

■ ■■IK 



55““ 


(■■■■MWaKBH 

nU nnS 

mmmmwmm 

vniom 

■■■■m 

mumu+n 

u kHin 
■■■iR i* 

■ ■■numi 


Svnu 

omm 

rawrai 
r — ■— 


ii 

150 


■■n. -'■■ 
iuSSS 

■ UMiaa 

■ 81MII 

ranmai 

■ ■■■HNl 

—■ro 

[■■■■j 

■■■■n 


li 

■ipiin 

L 1974 1975 1976 1977 

H li ■] 


Robert Moss lost a similar amount both arooAl 5 firmer at tl6p and 
to 31 p. after 30p. following the I26p respectively, while HIM 
disappointing results. Holdings qtosed 3 better at 188p. 

In quietly firm Newspapers. Among *Coals. Ulah Mining 
Thomson out on 12 to 265p and Australia 
Hally Mai! A 5 to 3D5p. News despite t 
International added 3 to 253p and. K'J 11 

ahead of Monday’s preliminary rallied 5° 
results. Associated put on 5 to 8°®“ at i 
187p. Fresh w< 


ut on 15 to 3S5p 
recent labour unrest. 

Pan continental 

se a half -point to the 


FINANCIAL TIMES STOCK INDICES 

" 7 Jun* ! tlviir . i)«J* 


30 


OMwmwm ....... I 

fmd inierwi ,. u .i 

liKhnfrMi Ontlrnn....: 

(Ma Muw....... .j 

Unk W*. Vitkl. I 

K«niiuin.Y , kJ'|{ranM*i] 17 jM| X 
edt k>h hi <nrtK*ti...—i 7.8 jj 

Unlbw* nnuktit... “ 

Bqullv lurtnnrw 
B wity Itrgiiiw 


69.52 60.82 69.01 
7L«| 71J» 7l.l»j 7' 
46CLSS 487.9 4B8J* 




4.514 4,MSi VlXBj 4.4701 4.594! 4.4 

Cl : I 86.96] 88 J»! 87.69 6X.07j tt.‘ 

i.4h - : ia.oed:«J 06 lgtssl ia.70» ia,« 



10 am 460 7. 11 fin Oti Moon oWL f>»n W.1. 

2 nm 4V.1. Ipnms. ; 

UttHhumnMn, 

• BaaOd on E IHT CMI «WTW«Hn* tM. T rOt=T.<fi. 
fUtit ioe Unvi. Seen Fixed IaU IBU. tod: Ord. 1/Ti3t 

PlinM n-V-M SK Acnvuy JaW-Okc. 1M2. ... 


Gold 


HIGHS AND LOWS 


S.E. ACTIVITY 



IflTH >lnea CanvUntUia 


Hffib 

, - Hl«h 

low 

liirvL WWT» t . 

78.58 

(S'U 

I 68.79 : IOTA 

ft'*! «-» 

49.18 

ft/]l73) 

1-itOd iut 

81.87 

iwn 

[ 70.73 ' 150.4- 

| ttiriq )2t>. 11/40 

60.55 

fStvm 

Ind. UivImim 

497. J 
10,11 

! 435.4 i S4».r 

i»Jl ; (14.3,77) 

, *9.4 

0ftft4O| 

i 

a 

I 

160.6 

; 130.3 ■ 443.3 

43.9 i 




^_.ness in the bullion 

. . price — finai^* $1 easier at SlS3.3<a BrftM Fn»df 

Although quietly traded. Pro- 0 unce*ir a week’s loss of Wy-. o-mtako wi e«*«tn ■■ 
nerhes were.generany firm with ^75_jed to modest falls 4n 


Golds after n week 


The GoldJ Mines index came 
1.5 tUNlj 


Ffamdsl and Property 


. however, were less enthusiastic existing guarantees on £50ra on 
and a driftinc tendency set In loans from Hambros Bank to the 
.before British Funds over- troubled Hilmar Reksten tanker 
■responded in thin trading to the shfpping group brought about a 
I Premier's warning that pay settle- fresh decline of 6 to 108p in 
ments in the next round must be Hambros. taking its decline on the 
'below the current phase. In- week to 20. Elsewhere in Mer- 
dustrial shares took advantage of chant Banks, Wintrust pat on 5 
■ movement and just about closed to 66p on further consideration 
,at the best of the day. of the results and accompanying 

The F.T. 30-share index was statement, while Hill Samuel 
finally 3.5 higher at 460.8. Con- edeed forward a penny to 84p in 
stituent Boots extended Thure- response to the chairmans 
jday’s late rise and traded briskly encouraging annual statement, 
up fo 2l2p before settling a net Th p maior cTaarera closed the 
7 dearer at 208o. GEC also mixed. Barr 'a vs cheapened 
attracted a lareeMban-usual 3 to 312n_hut Nat West rose 5 to 
.following on hones that its latest 2fil)n: sentiment m the latter was 
iU.S. deni would provide the helped by the announcement that 
opportunity for a sizeable divi- the bank is raising the cost of at 
dend increase — the preliminary least three forms of money 
■statement is due next Thursday transfer from Monday. 

1 — and t h e close was 7 up at 268p, Selected Insurance Broking 
pfter 272p. issues attracted interest in the 

1 Business otherwise was no ,v ?ke of Frank "B. Hall • agreed 
hotter than the mea"re level e*- ca*h nfFer For IjwBc and Godwin: 
herienced all week-end official thp Is npr closed unaltrred vtwtcr- 
hareains totalled onlv 4 314 *k»v bu» 1’ hl«h-r on the week at 
mushlx the average for the five TTSn . r E - edded 5 tn 2” n 

dove and the lowetf overall figure as dtd For s. to 405p . <•.< «*•*•»"« I7= n an J *»[_ Tim n-*/ Inc Brown i«cmon MFvwooa wwm 

dneo the shorteppri post-nhristmas anrt wm,s FBbpr - to 25S P- _ . , .. _ _ A ' . . _ improvement to 844p. reverted to f 1 r " r "^2,21 ^TrtSf c ^ ebl S ' in 

^eriort nf last year. For the first Demand for desert n- reflect the director* encouraging cash offn -from ^S-based O b- the overnight W\ nf ^ iZnStJSo^ ^mafwv 

imp *p ten trydine cessions ri®“s t»ons remained small hut the Jnek remarics about current-year i rad- gill Incorporated. Other Foods despite renewed optimism con- pu I “ n „ ! h „j on „j samoeifH » a 

-11 ’ h. 4-to-l* 1 In r fT- if " » f.™ >" »•«' -rn-in? n ™«*, s 7 n Ih. North uS i.S.T. SSSSiS'Sh-. T “"' 

JUOted industrials. undertone J n hn«itn-Ri<4inr«t Tiles cheapened 2 10 19|p 00 dlS- ^ ,^® U “> wwd Sea In further response to the wefStt ^ P a^u-o ^^W'eJSoi'fcrvi-i 

British Funds took stock of Mr I tfe " /" r L*’ ,,r ^nnorw to Ofln^.n appomunenl wiLh the results. ^Elsewhere Consol id a led iw tcvoihw. r«-»i± 


30 


■bill . «S£,: -76)iflS/IW7P 


-UfUly 

UliC-UrticM .. J 1S8J6 
IntlttUnm..... 148.9 
’ipSmwMIvs^.l 57JJ 
Mm I 96.9 

XtiwAv'nHn' 
T*ia-Kriat«L.4 148.3 
lwkn(rtM.„| 143.8 
'pvoaiMlvr...! 49^ 
.J 98.1 


Join 

SS 


1B7.B 

141J8 

37.0 

99.0 

249.1 

144.3 

49.7 

98.6 


RISES AND FALLS 
Yesterday 

Up Dam* Sam* 
9 2 a 

U * 37 

475 XU 


Tvurfs 


Land Securities 205p. and MEPC, south arri. 

USD. both 9 couple of pence 5? u 25*5 
better. Still awaiting new nf the t|U ( 

h-d diseiisrio^ English Property hack 3 3 'jSUujsi;- leaving it 2.6 ««m* bm* 

^so , added 2. to 4 fip. ba t Prnpcriv ^ over the longer period. 

IWdfng andTnyeytinenf -eu n . AmQn ga^eiehts. Golds 
auished 6 to ffip in tote dealings. West DriefSin declined I ro 
Elsewhere, domestic market infiu- £^5 and vail Reefs I lo St4i. 

ences were:* responsible for t j, e [ 0 wer5riced issues. South- 

continued firmnr^- m Hongkong n <^blv weak down 14 Sh *tS Wamann service 

I-omL 7 uo al I77n. and Swire no&my weak, down 14 ^ H(B „ anfl lows (or >975. 

Properties. U; harder at 65Jp. Sou ,h AfriAn Financials were /. NEW HIGHS (64) 
a.. . ,4' g, usuallv a fraction ca , -’ier were ■ . foreigm wxiw 1 x 1 

Oils quietly firm changed reflecting the downturn ^JSeiScaNS^iix 

Shell i if uroved 10 to 552p on l n c ‘ nW T- P , L rhe .°I her ha " ri ‘ 
modest demand, but British London- based Wnanrials siaced i Monjw 

Petroleum. after an htfrHil *** 


in 

M. 

4 

» 

u 


15 

X- 

s 

54 

6 


n» 

49 

ZL 

35 

15 


m 358 LOt 


On the week 

Iht Dmm Ihm 
M 18 S* 
» n 39S 
LUt u» 4331 
332 507 Ua 

47 37 M 

34 15 U 

W- nt ms 

37 59 « 

2 ,-m xjs* 'um 


CANADIANS 11) 


tolla gh a n ’s' 1 to ughMne *00 StS b «»“‘ an active market fgTSELf fiXeSTm^^"^^ ^SeTrirSn h 

settlements and a while ? on r, ‘ n Tij ,,rt J"7" *' and ended 7 U P at 266 P- ^ Xer BiSkeSnd.a Swud at44p r 2 **« remained around 20 higher ov, 

a ter moved forward otiicklv with f i nn . rn ^ nfr nvt. KrfwaM j« n es 272p. following the announcement 522^ AamHnted rtaM« P i LTipt J 5’? C L-! rart f1 the week following tumours of 



NEW HIGHS AND LOWS FOR 1978 

us— 

Srnert Intertill. 

TRUSTS III] 

Eovttv Contort Ofd. Ovtwicl* lotMt, 
etuu Outlet Yottao DoH Inv. 

G.T. JiMn DMnww o»y 

t£?' 7 jr&. iISTBr 1 "- 

Niooon 

oil* tn 

Crntorv 

OVERSEAS TRADE** fl> 

Boult* Ml 

Rusuns m ■ 

Cons. London Sumatra 

Bradnual) FUirtatiM HWn. 

NEW LOWS 05) 

CORPORATION LOANS Cl) 

Bristol rtiBC '7B-B1 NtHIIC 9>jpC 7140 
BUILD1N6I (1) 

Jonas (E.J 

IN Ol HUM NO (B> 

Allen tsj Baitoor Brftttb Wtwtw 


BUILXMNOS 141 
Brown lacksofl Mtnwood WWIwqs 

- “ . proas. 


Mur- Dtctroavnponmts . ... 

‘ , ENGINEERING (M 

hut Brawn [John) Grccwwok 

Avar Oonltr Smith WhiVMfOiCu 

C FMtfqr SdOOIW IIWS, 


ixcbequcr 12 per cent. 2012-17. fh e Monopolies Cnmmi«rion. and TusRdBy’* prelimiMcy Ileuses. r<we 3 , Q aaop for a rise on the liminarv fi mires. John Beales 

PlTDfl tho nvm/>w4i«st!ini <m «■ .4 fiflDr tko Into H 7 tamoNl f mvn " ”116 ' WcSUOKnOInC reilecled —T. «n - rnca IS tci 75 D Wfllte rCfl 0W6f] 


f PnTn wnue Westinghouse reflected 
Press comment with a rise of 2 


week of 13. 


eized the opportunity lo cut after the late statement 

heir losses, a development which Tennecn giving a*rorances , 0ri i. 

,nally trimmed rises to |. Short- reonested bv the 11K Government t inln iU Boots UD a^aiD 

ated Issues found the going more regarding errnlovoe rel»Hnn s rhe n0WlA U P “S*™ uavid dkor 4 up . 

ffficult owing to continuing dose was 5 higher at TfWp. As 1 60p Thursday's late details, of the - in t..*rriuioni 

ressure because of the further burine interest waned. 1CT on me pre,,mi " ary “Kur 63 - company’s intention to pay a near- 

<se in U.S. short-term interest reverted to the overriaht level of Having touched a fresh peak doubled dividend for the current 


ine; Hi'i 


speculative support left Dawson Financial Times 

R7.70I 70.FKI 
7lJ>! 

4SV.1J 47S.I- 

iti 3 .a; ut - 
4.1^711 Ujsti 


PROPERTY 131 

OmrcNdorv 5«s. Norm Kong Lag 

“< — iff-"". 1 -nr! 


Brftttb 
ROODS <T) 
Tjwmcr Ruttpoa- 

INOUVTRIAL3 (O 
ConUSMut StarMFr Mqu TE) 

SHIPPING [1J 
Munttnu Gman 

f TEXTILES (1) - 

/ Cvftngtw VNolla 

OVERSEAS TRADERS t» 
BortMck <T.l Sima Dny 


Jnternatiomil S better at iSlp and , *«vi»i"ih n»- 
David Bison 4 up at 70p. 

Rubbers closed on a firm note Vine*.... 
with London — n.L 


investors taking 


■ All 

. -HT. -TT>7 

-•■•.4, '354 J 
r-.i!. 

4. t.o «BJ7 


ites. Recently issued” Corpora- S 1 ! 1 - a ff e r 374 n. Tirpkw.it »ro» of.196p.John Brown dosed a net trading year continued ffrstlmu- more interest m the wake of con- , aw..'! 1 !•«..- i 
on scrips rallied and Barnet 12J ; vp ’ r>1 added 7 ro IFFf and Croda 2 up at 3«4p taking its escalation late interest m ' Bootsf which tinuing surmort from the Far -oasiiaie ..’ ." asurr 23-.?'! :ao!r- ... 
er cent. 1987. regained 1 to 101. mternafional 1* to 51 ip. since the preliminary results i quickly moved forward "to touch East. London Sumatra stood out <»» ! IW.?-* 1-2.! 

i £1 0-pa id form. week a en to 48. Other Engineer- 212p in active two-way ^grading a t I63p up 8. white small burin" |Pj0 '! e £K3 

'A two-way business in invest- Stores gOOd ^ do«d quietly firm before ckgng a 7 befr on 1 & ~ ‘ 

,eni piirrenpv nai.enA n, 0 with Hawker 4 better at 2IOp and balance at 20Rp for a two-d» gain ;“^ sea *r™T " IO i Hi*h 

em currency ^ caused the Buyers returned to the Stores Vickers 3 to the good at 165p. of 17. Other miscellaneous In- 100p - Guthrie, rhe recent pace- L__ — 

remium to fluctuate between sector and some good gains were Elsewhere, a combination of dustrial leaders brought the weefe maker, turned reactionary and 

13| and 1'2 per cent before a to he seen a) rhe close. Gussies A sneeulative and investment boy- to a firm dose with (Haim nntabli, fell ro SlSp before closing R net 1 




OPTIONS 


English Property. 

llway. 


For Lovell. 

Settle- Thomson Organisation. Be 
ment Proprietors of Hay's Wharf, 
Sep. 26 Kwtk-Fit, Spiliers. Debenhams, 
Oct. 10 Beach Petroleum, GRA Property 
ct. 12 Oct. 24 Trust, Cons. Gold Fields. Town 


First Last 

Deal- Deal- 
ings ings 

Jnn. 20 July 3 
July * July 17 
July 3 1 
rate htdii 

fnforpiaucm armce Taverper 

^!fiven for the call' doubles were arranged : 
b Oil* London and Proprietors of Hay's Wharf, 
T. W. Ward. Fitch Kwlk-Fit. Fitch LoveU and GEC. 


„ . . and City Properties and Dawson 

J International. A put was done in 
ion Service Taverner JRatledg^ wUi* 
was Viven for the call’ doubles were arranged in Royco. 


ACTIVE STOCKS 

ON THE WEEK— 


No. 


i Stock 

•:r 

nell Transport... 


fe Beers Defd.... 

EC 

rd. Metropolitan 

j water 

nilever 

•ust Hses. Forte 
■relays Bank ... 

■own (J ) 

irmah Oil 


YESTERDAY— 


»om (na- 

of 

Closing 

Change 

1978 

1978 

tion 

marks price fp) 

on week 

high 

low 

£1 

65 

871 

+ 1 

396 

328 

23p 

59 

552 

+ 5 

588 

484 

25p 

51 

270 

- 6 

296 

227 

£1 

51 

840 

-10 

892 

720 

R0.05 

41 

396 

-16 

412 

285 

25p 

39 

266 

+U 

278 

233 

50 p 

36 

104 

+ 1 

117J 

87 

£1 

34 

. 

-11 

203 

163 

21> 

33 

520 


548 

476 

25p 

32 

220 

+13 

224 

166 

II 

31 

312 



358 

296 

£1 

31 

394 

+22 

396 

231 

£1 

30 

62 

- 1 

72 

42 

25 p 

30 

238 

— 

268 

226 

25p 

29 

640 

+ 3 

678 

583 


Dennmina- 

No. 

or 

Closing 

Change 

1978 

197S 

Stock 

lion 

marks price ( p) 

on day 

high 

low 

i 

El 

14 

371 

_ 

396 

328 

ots 

25p 

13 

208 

+ 7 

231 

134 

■ 

£1 

10 

840 



892 

720 

pH Transport... 
;C. 

25 p 

10 

552 

+ 10 

586 

4S4 

23p 

9 

266 

+ 7 

■ 27S 

233 

Tn DeM 

25p 

7 

270 

+ 2 

296 

227 

relays Bank ... 

£1 

7 

312 

- 3 

358 

296 

knd Mel 

50 p 

7 

104 

— 

l!7i 

S7 

2cham 

25 p 

6 

640 

+ 5 

678 

583 

rks ft Spencer 

25 p 

6 

146 

+ 6 

160 

135 

jland Bank ... 

£1 

6 

345 

+ 3 

390 

330 

tWest 

£1 

6 

260 

+ 5 

298 

250 

kington Bros.... 

£1 

6 

540 

+17 

545 

422 

ist Hses. Forte 

25 p 

6 

220 

+ 3 

224 

166 

ilever 

25p 

6 

520 

+ 6 

548 

476 


The above fist of active stocks is based on the number of bargains 
mrlcfl jicstcrrinv in the Official list and under Rule 163(2; (e) and 
■reduced to-day in Stock Exchange dealings. 


BASE LENDING RATES 


A.B.N. Bank 10 % 

Allied Irish Banks Ltd. 10 °T, 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 

Henry Anshacher 10 % 

Banco de Bilbao 10 % 

Bank of Credil & Cmce. 10 W, 

Rank 'of Cynms 10 % 

Bank of N.S.W 10 ^ 

Banquc Belve Lid 10 ^ 

Rannue du Rhone 10J°^ 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 HT, 
Bremar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

Brown Shipley 10 % 

Canada Perm't. Trust 10 
Capitol C & C Fin. Ltd. 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 10iq& 

nharterhou.se Japhet... 10 ^ 

Choulartons 10 Of, 

C. E. Coates H *5 

Consolidated Credits... 10 % 
Co-operative Bank ...*10 % 
>rinth'an Securities... 10 % 

Credit Lvonnais 10 % 

rhe Cyprus Pooular Bk. 10 

■lunean Lawrie 10 % 

Snell Trust 10 ^ 

Rnellsh Transcont. ... 11 ” 
First Nat. Fin. Cnrpn. 12 % 
First Nat. Secs. Ltd. ... 12 Wl 

Vntony Gibhs JO % 

Ireyhound Guaranty... 10 v, 

jrindlays Bank tlO % 

luinness Mahon 10 9J> 


■ Hambros Bank 10 % 

■ Hill Samuel ' 510 <*r, 

C. Hoare & Co t -10 % 

Julian S. Hodpe 11 'V, 

Hongkong & Shanghai 10 °T, 
Industrial Bk. of Scot. 10 % 

Keyser Ulltnann 10 **f; 

Knowsley & Co. Ltd.... 12 

Lloyds Bank 10 % 

London Mercantile ... 10 
Edward Manson & Co. 11 
Midland Bank 10 <K 

■ Samuel Montagu 10 c f, 

* Morgan Grenfell 20 % 

National Westminster 10 
Norwich General Trust 10 % 
P. S. Refson & Co. ... 10 Wi 

Rossminster Ltd 10 % 

Royal Bk. Canada Trust 10 % 
Schlesfnser Limited ... 10 v> 

E. S. Schwab Ili<S 

Security Trust Co. Ltd. 11 <*. 

Shen ley Trust 11 % 

Standard Chartered ... 10 ®. 
Trade Dev. Bank .... 10 ofc 
Trustee Savings Bank 10 
Twentieth Century Bk. 11 
United Bank of Kuwait 10 % 
WhUeawav Laldlaw ... 101*^ 

Williams & Glvn’s 10 "r, 

Ynrekhire Bank 10 

■ Hroihere of the AccepUtui Booses 
Committee. 

■ 7-flaT deposits 7%, l-nanih depasirn 
7i%. 

t 7-day deposits on sums or eibmq 
and under W%. UP '0 C5.000 7i% 
and over £23.000 Ti%. 

t Cat] deposits over £1.000 7%. 

« Demand deposits 7J%, 


LONDON TRADED OPTIONS 


4ui> 


Ch-lober 


Janimry 


Option 

Kx’nn-e 

pri-e 

Clo-inp 

idTer 

1 - • 

1 Voi. 

L'lutlug 

uffer 

TOI. 

g|l 

m 

BP 

750 

~98 

_ 

116 



136 


UP 

800 

48 

— 

76 

_ 

92 

_ 

BP 

850 

10 


39 


66 


BP 

900 

1 

aos 

20 

ra- 

48 


Union 

140 

6 

82 

13 



17 



Com. Union 

160 

*4 


51* 

35 

91* 



C»n<. UoM 

160 

16 

27 

23 



27 

SO 

Cun*. Goht 

180 

1*4 

— 

111* 

18 

17 

10 

iJmirw.il lift 

100 

15 

6 

20 

— 

221* 

30 

■JnurtauuK 

110 

6ia 

— 

121* 

— 

14X* 


L'tHirwn hts 

120 

1»4 

— 

71* 

— 

91* 

1 

(Junrtaoidb 

130 

«® 

— 

4 

5 

71* 

2 

OBC 

220 

49 

3 - 

53 

5 

61 


GBC . 

940 

30 

5 

38 

3 

46 

_ 

’ 

cue 

260 

13 

23 

23 

11 

S3 


CISC 

280 

41* 

6 

14 

29 

23 

8 

Onuid M«. 

100 

6 

55 

1J 

_ 

15 


Uren-I Met. 

110 

Ik 1 - 

61* 



VTira 

_ 

Cl rand Alet. 

120 

i* 

— . 

3 

20 

7 

4 

IL'I 

330 

48 

15 

53 

12 

56 

3 

IU 

. 360 

17 • 

8 

27 

2 

37 

3 

IC1 

3BO 

3 

5 

121* 

1 

211* 


It I 

420 

>2 

— 

5 

2 

13 



[adiI decs. 

180 

27 

2 

30 


34 



L«n.1 N-t.-k 

200 

71* 


15 

3 

191* 



Ldll-i jrtv 

220 


— 

5>! 

_ 

91* 



Mnrkii X Sp. 

Vi 0 

28 

20- 

301* 

18 

33 



■Mb iU% J. 

140 

7 

10 

141, 

16 

181* 

1 

Xbirks A. d|>. 

160 

I4 

— 

6 

10 

91* 

— 

?liell 

500 

55 

5 


■ 

79 

a 

/shell 

530 

121* 

7 




47 


Shell 

600 

Us 

10 


10 

23 

I 

Town 


f 

239 


200 


85 I 


Equity 

••iii-e 


841p 

143p' 

174p 

113^ 

r- 

268p 

I04p. 

rmm < 

372p '■ 

2Q5p 
146r 
552(i . 


RECENT ISSUES 


EQUITIES 


I fume 
Pri.-e 
0 : j 

Is js|s 

s- 3 !n|2 
-1 pss 

19TB 

Bigb 

1 

Low 1 

Vo 

| r.l*. [40(6 

dZ 


1 >0 

F.P-I 5/7 

169 

i« 

454 | 

1 P.P.I - 

3d 

33 


Stock 


Unnuii 86 

Enroth erm 1159 

Ttuune. Pivwnol 1 34 


3 s. ' 

P 




+1 


> c 

[fill 

!§il 

MJt 

£> 

*5 

IEO 

4.1 

7 £ 

4-6 

CysvJ) 

5.0 

2.5 

15-1 

mJ31 

2.5 

8.9 

7.4 


FIXED INTEREST STOCKS 


= 3 


5^ 

lis 

LP78 


X 



, ,, ■ 

Stock 

T 



liEiqipO 




* • 1 — 



90m 

c9« >£10 

ii a 


1 M 

7'8 

/i*vm 

ioOm - 

— 

liMp 

twj i — 

•*- 

lo.j, 

■ MS /.I* F.frdB.7 

Sola 

It If 25 

40-8 

am 

99 |C60 

25 '« 

491). 

* * J 



* 1 | 


libp 

-.109 | F.P. 

21/7 

10 h. 

994,1 — 

— 

100 

:udi,'eio 

20(10 

*4 

fSU lUlU 

4K7 

10,;: 

e9«j 4l iao 

1/9 

S0i« 

fflSi, |f25 

XS/fl ! 

ai,| 


90jj LAiiufl Leather I’mr... ..... 

UfjinnS lie., laef .... 

6i rpliijn l&ZL'oar. Frtrt. Iu78— „ 

JOUri" ‘ — - 

976a 
&iia 
481c 
97i- 
1W| 


90 ( i 
Idle 
t|#n 
lOljn 
99;; 
98 i x 
24 1 E 
47U 


+ 04 


+»a 

+1 


+ u 


jbcchNUsTai In^DUk-elOf UedEniltkimPnn 

It-^imliiMnh m|i l at. Knit- Irtrd 

ft -cs Wtcei t% Ktal. I'r«. IRtfa 

|himnr E-i-. IJ.rt^ IWi .. 

.nreenwiL-h (Gin. Br.m^^lU* Ii«|. I9®._. 

M u HunIihk- Uli. I*rvi : 97i J— 1* 

JlIiHer 1P.1 11^ I'rei |l04p ; 

:Kt-' imna Una. I la t'rel 1 109iii ..... 

flOTg SefUiufXIet. B-jr^oKh uf iVar. lute Be>l. IBfja 1 99 raj 

BV4I ’OuUjctM-on-ftt* LSJ ltd. I*J7 BH+U 

9 .-xmtU. Jyumlde Lii% Ked. ... 91^1 -t-i£ 

a7JaD tin- i M'enr 10^ It—. L*fi 4a u + 1 4 

24i8|V.'e«t Kent Water to* Deb. lUBG^...... .' 24iJ|+i4 


44 RIGHTS” OFFERS 


Immk 

PeU* 

1*1 


45 

88 

1*4 

108 

4M 

L30 

95 

95 

95 

95 


u 


Ml 

Ml 

Nil 

Nil 

Nl. 

M, 

Mt 

Nil 

Mi 

Nil 

Ml 


Lale-l 
Kemmc. 

Dale I— — 

I 


1978 


Lun 


Sloek 


7l7] 1B|» 


7 i 71 18 /S| 22^111 ij Llpni 

' IIIIW 


3-7 


8Bi7 
2a; 7 


. ml 9 pul Ibrillnb Tar Prud 1 
6pni|4lt(jiii [Brooke Toot Kn|f. 

_. >■ — ’H, rt« cl la. 

Heul\*...„., 

Nyman il.&U.L.. 
21pm Lbpui Lei^Li Intereatr.... 
iOptn lOpDiUkt-tchley... 
iftinn) 2Ipiu|M>cilnM>rU 


ChMinu 

Price 

p: 


liquir Ijhii 


ZZfHIII 


£4 pm 


iUpiul 


nnru — 
Do. A. MV._ . 


<aiuid 20 iiui itvurlty Servica.., 
'' 1 ” Do. A, MV..., 


Upm 


9pm 
4lj pnt 
XSpiti 
1 13[>ui 
121* |.IU 
17fmi 

18|un 

21pm 

18 |im 

20pm 

19 pm 


I 

[+1 


Renunciation date asualls laa das for deolios itee of stamp duty, b Figures 
aased on prMnectus esuaute. a Assumed dividend sod mid. u Korecaa dividend - 
cover baaed on previous year s earnings, r Dividend and rteU based an prospectus 
or other official eanmaies 'Or 19/fi U Cross 1 Kigurts asaum-a. 1 Cnut-r d >< w- 
lar conversion of shares not now ranking lor divided) or ranking only lor restricted 
lividciuia. ] Ptacinx pneu 10 nuDlic. pi Heoit ualess aiherwise indicated. 1 lowed 
>H’ tender. |J Offered lo holders of Ordinary shares as a ■■ rts3ira.“ — ias<i^ij 
by way of eapitafisalkm. f+ Minimum tender price. 11 Reintroduced. IllEcwd 
in connection with reorg&nlsaUoo' menier or 'take-over HI) Inrrodurtlon. ri Issuer! 

former Preference holders. ■ Allotment letters (or fully -oaJd). • Pnjvtaajnal 

or partly-paid allotment letters. * with warrants. 


INDICES 

These indices are the joint compilation of the financial Times, the ^astitnte of Act&iries and the Faculty of Jkttuoies 


EQUITY 

GROUPS 

and 

SUB-SECTIONS 

Figure, to percothem abovr 
BPBbcr of stacks per secUaB. 


Fri, June 38, 1878 


Index 

Ko. 


SI 


50 


CAPITAL GOOD6(17Z}.J 

Building Materials (28J _] 

Ccntiading^HHtnKlinnCZZ) 

Electricals 05) 

Bigtaeering Contaaetors 00 . 

Mwheww-I Ri| ^TiW TT7g(77) 

Ifchl midMNul |brnia |P^ _| 
C0N5UHEK GOODS 

(DURABLE? (5S3 


II Electronics, Radio TV (15). 

Household Goods (12). 

Motors and Distributors (25)— 

CONSUMER COOTS 

fN0N-DURABLEJ074) 

Breweries (14) 


Wines and Spirits (6). 

EbtertainmHiC Catering (17). 

Food Manufacturing 121) 

Food Retailing 05) ] 

Newspapers. Mdufai&g (13). 

Packaging and Paper ( 15) _ 

Stores (38) 

Textiles (25). 


Tobaccos (3). 

Toys and Games (6). 


OTHEH GROUPS (f7)_] 
Chemicals (19). 

Ftaouaeeutlcal Products ffi_ 

Office Equipment (6)__J 
Shipping (10) 


BBsceUanconagSL- —J 


INDUSTKlALGROPPtCS) 


00s (5). 


500 SHARE INDEX. 


FINANCIAL GB0OTPfQ)_ 

Banks(6) 

Discount Houses (10) 

Hire Purchase (51 


Insurance (Life) 00) 

Insurance (Composite) (7)_ 

Insurance Brokets (10> , 

Merchant Banks (14) — . ] 

Property (31) 

Misceli ancons (7) I 


In vestment Trusts (50) . 

Mining Finance (4).. 
Overseas Traders (lfll 


99 1 ALL-SHAKE INIWEI«J73>_ 


21034 

287J0 

33630 


4SSJ0 

310.45 

167.75 

16034 

19251 

225.47 

17226 

32286 

198.13 

22157 


25032 

248J7 

19243 

198.89 

385.91 
13L46 

183.91 
17033 
239.18 


10735 

193.00 

277.15 

25131 

12932 

410.68 

198.95 


20630 


22908 


157.46 

179.77 

20235 

13935 

12831 

320.98 

32536 

76.99 

■313*74 

10456 


208.13 

9730 

309.17 


210.67 


as 

% 


+ii 

+14 

+03 

+23 

+0.9 

+05 

+03 

+0.9 

+0.9 

+03 

+10 

+15 

+0.7 

+05 

+0.4 

+12 

+10 

+33 

+05 

+33 

+12 

+0.4 

+13 

+ 0.6 

+03 

+10 

+16 

+03 

+05 


+13 


+0.9 


+13 


+03 

+0J 

+12 

+05 

+05 

+12 

+03 

+0.7 

+13 


+05 

+16 

+05 


+10 


E at 


r» 

(Max) 
Carp- 
Ta 52% 


18.06 

18.76 

20.70 

15.09 

1933 

19.23 

17.91 

1756 

16.06 

16.96 

2039 

1631 
135.40 
1637 
1552 
20.04 
14.44 
1035 
20.02 
1153 
19.41 
23 31 
18.94 
1657 
17.87 
1175 
1853 
17.49 
17.68 


1659 


1531 


16.65 


2633 


14.00 


14.48 

3.61 

2438 


3.Z7 

18.04 

17.05 


Gran 
Div. 
Yidd % 
(ACT 
d3t% 


5.76 

553 

408 

401 

657 

6.40 

8.78 

5.01 

3.83 
6.56 
&40 

5192 

6.09 
5.76 
6.95 

5.79 
5J0 
3.22 

6.10 
449 
8.13 

7.83 
552 
5.92 
6.30 
408 

5.02 
7.46 
659 


5.82 


430 


556 


602, 

6.24 

854 

5.88 

7.08 

755 

4.82 

6.45 

3-29 

7.99 


4.77 

7.11 

6.91 


5.65 


E*t. 

PIE 

Ratio 

(Net) 

Corp. 

T*r5» 


7.69 
752 

7.02 
9.39 
6.89 
754 

7.61 

7.96 
8.77 
8.15 

6.96 

832 

9.24 
938 

9.25 
6.63 

9.61 
13.78 

659 

12.74 

6.70 
5.14 
6.45 
7.93 

7.60 
10.63 

639 

7.03 

7.61 


8.04 


7.09 


7.87 


5.75 

1037 


9.89 

47.77 

536 


30.56 

6.75 

7.20 


Thor. 

June 

39 


Index 

Ma 


20858 


18195 

33529 

446.46 

30753 

166.49 

16054 

19056 

22356 


17358 

1ZL61 


29512 

22030 

248.70 

247.08 

19036 

196.94 

37357 

130.78 

17632 

36832 


23839 

105.76 

39156 

27639 

249.08 

32730 

41039 

197.78 


20357 


47853 


22657 


35624 

378.45 

20255 

137.92 

127.92 

119.96 

3 21 31 


7690 

224.63 

103.23 


23655 


96.25 

305.67 


208.50 


wed. 

June 


Index 


Mo. 


207.83 

185.01 

335.42 

442.76 

307.85 
16757 
159.79 

19163 

22553 

17236 

32166 

194.94 
218.99 
24734 

247.86 
19050 

197.77 

373.78 
13056 
17486 

169.95 
29857 
30629 
19195 
275.05 
24930 
127.91 
42257 
19855 


20351 


47927 


22651 


15651 

177.92 

207.55 


338.14 

12857 

119.94 

32754 

7737 

22554 

103.75 


206.68 

96.38 

30104 


20855 


Tuea 

June 

27 


Index 

Ma 


20689 

184.93 
352.77 

437.93 
30615 


16698 

35931 

19055 

22421 

17168 

12109 

29439 

ZI959 

24696 

24439 

19050 

196.68 

35737 

33136 

17474 

37059 

23647 

304.74 

19222 

27655 

250.83 

327.47 

41250 

19756 


Mon. 

June 

as 


Index 

Mo. 


20651 

18432 

330.40 

437.18 

304.96 

166.75 

159.94 

190.79 

225.35 

172.73 
119.90 

19354 

217.54 

24336 

242.74 
389.53 
19607 
353.23 


480.42 


22627 


35695 

17734 

20358 

139.26 

12858 


12155 

32631 

7753 

22531 

mis 


205.87 

9624 

30110 


208.33 


13251 

172.93 

17059 

24225 

10438 

19051 

27292 

248.48 

12723 

41195 

19666 


47836 


U0?1 


175*0 


22525 


15606 

17666 

201.73 

14034 

127.86 

120.34 

31640 

78.45 

22537 

103.43 


20559 

9755 

300.62 


207.47 


5133G 


sm 


FV/LUli INTEREST PRICE INDICES 


British Government 

Frf. 

June 

30 

Day's 

change 

% 

xd id}. 
To-day 

xd adj. 

1978 
to date 

1 

UaderSyexri 

10U9 

+U0 

— 


2 ' 

5-15 yearn 

113 JO 

+052 

— 


3 

Over 15 yean 

119-46 

+039 



4 

Irredeemables 

12238 

+DJ8 



5 

All stocks 

111 77 

+039 




Highs and Lows Index 


3978 


High 


21557 

197.86 

35155 

46454 

323.76 

17629 

17155 


0316) 

m 

(776) 

160) 

0W5) 

(13ft) 

02 © 


199.35 06/6) 
235.96 (6© 

18433 WU 

127.42 am 


207.45 

24157 

26530 

26937 

20338 

22322 

391.43 

13684 

197.95 
19L90- 
261 M 
10854 
20629 
287J7 

262.96 
13921 
483.01 
20936 


02© 

( 8 © 

(5/5) 

(60) 

( 6 © 

(60) 

07© 

06ft) 

(60) 

02® 

08® 

(31© 

Oft) 

03ft) 

(60) 

(25© 

(6/D 

(60) 


212.76 05© 


50137 07© 


23659 05© 


178.96 

20436 

22833 

17055 

15139 

143.46 

3SL81 

8522 

25529 

110.87 


21535 

10236 

319.45 


(60) 

(230) 

(40) 

020 ) 

(60) 

(60) 

08/5) 

(60) 

( 200 ) 

(TO 


06ft) 

04/6) 

06© 


21B52 05© 


Low 


18695 (2/3) 

16630 0© 

28935 (6© 

404,47 (213) 

270.95 «© 

14957 *(2© 
15422 (Z7/2) 

17353 (3/3) 

209.01 0© 
16054 (6® 

104.68 (2© 


179.46 

204.04 

229.85 

Z19.62 

17537 

17653 

26959 

11931 

16537 

16055 

21458 

.93.79 

173.08 

23859 

22641 

117.48 

39654 

17647 


(2® 

(27© 

(2/3) 

(2/3) 

(27© 

(3© 

( 2 © 

05® 

( 2 © 

am 

05® 

(27® 

(3/3) 

( 2 © 

(3© 

(3© 

07/4) 

(3© 


18602 (2© 


417.98 (2© 


205.42 (2© 


15355 

37158 

18520 

13652 

324.97 

119.94 

30120 

7150 

210.03 

99.61 


17648 

85-39 

26226 


(27® 

(27® 

03/4) 

07/4) 

(nm 

(28ft) 

(6® 

(27® 

04/4) 

jam. 


m 

m 

jm. 


19335 - (2© 


Since 

Compilation 
High I Low 


228® 04/9/77) 
23354 ®5/72) 

389 Jj 09/5/72) 
48359 (ZlQOfTJ) 
33222 03/9/77) 
187.45 04/9/77) 
377.41 (27/4/72) 

227.78 (23/4/72) 

26L72 (21/10/77) 

26322 (4/5/72) 

17059 05/3/69) 

22608 06/8/72) 
28157 (28/13/72) 
265 JO (5/5/78) 
329.99 02/12172) 
ZM53 (Z1/2W77) 
24441 (Z7/1D/77) 
39143 07/5/78) 
14451 04/9/77) 
200906/8/72) 
235.72 07/lftT) 

339J6 anrm 

135.72060/70) 
21670 04/9/77) 
295J0 (H/V77) 
262.96 (6/1/78) 
24606 0/9/72) 
53958 08/5/77) 
2S853 (2/5/72) 


mv mm m\ 


54320 05/9/77) 


24632 04/9/77) 


2414101/4/72) 

28632 (20/7/72) 

293J3 (2/5/72) 

43374 (4/5/72) 

194.46 (35/3/72) 

16172 (6/10/77) 

37153 05/9/77) 

27857. OH/72) 

3ST.40«13/73) 
3B3L16 OB/S/72) 


245 J9 (25/4/72) 
373.90(28/4/69) 
319.45 Q6/S/7B) 


22638 0/5/72) 


5671(13/12/74) 
4427 03/32/74) 
7148 (2/32/74 ) 
84.71 CBftftZ) 
6439 (2/1/75) 
45.43 (6/3/75) 
4665 (6/1/75) 

3639 (6/1/75) 
4285 03/12/74) 
6392 07/32774) 

19.91 ft/3/75) 

614103/12/74) 
69.47 (3302/74) 
7688(13/12/74) 
5U3 ClfUTS) 
59® (33/32/74) 
5425 03/32/74) 
55.08 (6/1/75) 
4346 (6/1/75) 
5253 ft/3/75) 
UMWJUIW 
9434 (UftftD 

20.92 (6/3/75) 
5663 ft/1/75) 
7L20 0/12/74) 

(22641 (3/3/7Q 
4534 (2/1/75) 

9680 (29/6/62) 

6039 (6f7/T5) 


e- , 




J9J1 03/32/74) 


87 J3 B9/5ft8 


63.49 Q3/12/74) 


5588 03/3274) 
62.44 02/12/74) 
8140 00/12/74) 
3M3 (11/12/74) 
4488 (20/75) 
4396 03/12/74) 
6586 06/12/74) 
3121 (7/1/75) 
56.01 (20/4/65) 
3329 (13712/70 



7163 0302/74) 

6631 (30/9/74) 

9737 (6/1/75) 


6192Q3/32/7« 


FIXED INTEREST 
• YIELDS 

Br. Govt Av. Gross- Red. j 


Thu*-. 

Jun* 

39 

■Year 

ago 

(approx.) 

1978 ■' ■ 

... ^ 

High* IflW 

1 

2 

Low 5 years 

Coupons IS years 

2S years 

8.94 

1106 

IL79 

197 

1113 

1186 

7.63 

2143 

1247 

&»>»-• i. '.IE 

ml ' g "lff 


i 

5 

_6 

Medium 5 years. „ 

Coupons 15 years 

25 yean t 

1178 

1228 

1233 

3171 

3234 

1240 

1930 

1260 

1286 

1187 (26ft) ! 

1253 m 

1265 (6ft) 

938 WD v 

- 3UI CWJ , 

1034 am 

7 

8 
9 

High 5 years .j; 

Coupons 13 yeara.^ 

25 years 

33.78 

3275 

DlM 

; 3181 
3283 
1104 

h_m 

1331 

1331 

U« 01ft). 
1331 Oft) 

1143 Oft) 

i67 am 
ii 33 am 

Xiao am 

m 


11.97 

K2m1 

3238 

3235 0M) 

iso am 




I fn. Juno JO l 1 i 1 

1— ■ Tliur. W«L Tuck. Jlon. | Frl. 

liitlex j Viuiii • eTuru , 1 1 June 1 June June! June 

1 1 * 1 2 a i za ; 27 : aj | 24 

Thiir.l j Ymw 1 

Jimp [ June ago 
22 | 21 B|iprus| 

W7B 

Since - 
ComplIaCloa 

Higlu Low*. 1 

High* Jjjw, 


xe paywHanem. Tnuit Praia. (.151 
17 HJomi. aim Indi. Prats. <20. 


.67 j: i 

!5 l.oi 
'7CL86 


SactlM or Craup BewDaw 

fuarmaceuUcaJ Products 30/32/77 
Otbar Croups 31/12/74 

Onernu Traders 31/12/74 

Engiaeerlna Contractors 31/12/71 

MediMlal Engineer in g 33/12/71 

wine* and Sunils U/l/70 

Ton and Gums 

Office Equipment U/l/70 

Industrial Crons 31/12/70 


1 12-88 

ld.W 

18.11 


«ut VUM 
2UL77 
U.IS 

iB0.no 

1SM1 

15384 

144. n 
135.72 

128 JO 


,67.1a 167.SB 
'Sl.as '.61.M 
170 M 170. US 


i§ 7 -“ I 57 --*') »7.M 167-23 |M.W , 

/o'tS di'f? fil-S Is?-*® (61-68 l 67 . 7 X 


i57.« [67. 
BUM £1.62 *1. 
170.64 [70.56 >70. 


Dl.M ,3-t.ia pi.oo » oi.u 

'708 J in. 17 170 J6 l 79.W 


6o.67 isslvl) I 

tiw* [ 


Ob . /4 (Hitf! 
7,1.01 &MS\ 


iMAi ils am wwmiwgi 
114.96 (7/10/68) 147.67 


Sectlpn or Crimp Base Dole 

Miscellaneous Financial 31/U/7B 
Food ManuJactuHna 29 '12 '47 

Food Retailin') 29/11/57 

insurtuicQ Broken 29/12/67 

Mining Finance 29/12/57 

All OBMT ib/0/62 

t Rcdomoilon yield. A new UN oT tfle constituents 
Is available from the PWHbkera. The Financial Times. 


Base Value 
12L06 . 
11413 

UM) 
96.67 - 
10080 


Bradnw House. Cawoo Straet. London. ECO, Orica 
Up, by past 22p- A rortnlobthr record of svoop and 
subsection i ltd (cam dividend xWds and aarahmo !»"» 
since 1962, whli usartorty W| b» and l ew af W 
indkos. b obteMaldo from FT 8 EnwprtoM. 
U BOH Court. London, . ECt it £40 par copy. 


CONSTITUENT CTtANCB. Fork rmm *_ (Food 
MHiuracturlng) Has been replac e d bar- *att vm« 
(Cantracttup. . Connnmloa}, 





JTs 








































































































































t AC f ; 


Is 

-it 


FOR 197 ? 


I.V 


t +- 

L-* 


I *• 


ne* 


i ' 
ft- 
V 


,*i 





Financial Times Saturday jfcTy I 1975 


23 


insurance, property 

BONDS 



no 

MTS 

1534 

87% 

1308 

liii 

172.9 


Faulty Act .„ . 

pprHJ'.Vfc,.^. 

jectiv* Fluid 

Com mrtiblc Fund .. 
fltoacr Fluid ___ 
vou. rwpprt*.. _ . 

)<m Selective 82.8 

Mi Security,, _ . "J4J 
Vm. Managed, ITS 2 

BS."W&:v-!il5 

VUu.Fd.Srr, 4.. Yno 
SSH**"*"-*- m 

WTonv.M Mr. 4... my 
J(Mbni*r Fd. 5pr. 4 1092 


Abbey life Awonmcr Co. Ltd c „ Ml — — " 

W2rSB l “ l ™ 1 ■«u SlS312CS5£2 1 Ss, c ^ ^ «s-«— ui 

! - -l — Portfolio Fund HSO i ' W P OT1 «.GracwfaurehSL.EraPaHH. 014234300 

Capitol _.|419 44.J ■■“"l — Managed Food — 11483 154.71-1.41 - 

Gresham life aJb S~ , 1 ” *"«* ** * »■» d«im* L 

New Zealaad Ins. Co. (O-L) Lid.* 
070282053 



Gi-pwrpss-te 3 S3: r S8K3E=BS 

rii» fTS™"::— iffii 
HSKfiSST*?**-**"* S&'g&Skrte 4 


Albrnp life Assurance Co. Ltd. 

SJ. Old Burlington Sl. WL 


Flexible Finance... 

LandbankSecs. . 

JLondbank Ses. Arejllt.4 ' IM 
£7.954 ' 


mws kIiuk ST. Valuulon HRai% Tnewif, G. ft S. Super Fd. 

Guardian Ooyol Exchange 

Ripsaw R °*" l E«I»n8e,EC.5. 
RJ-C7S062 Property Bond* — [176,9 





Norwich Union Insurance Group 


PDBoi 4. ftorvtch NR1 3NG. 


Managed Fund 


pra.7 


Equity Fond 131X5 


JM’.S.C?;- 
JffiSMSiS; 

^8*rop KU.A« .... 

Wole Inv. Arc 

Rjultf fVn.FlLAct 
n«w [.Pen Am. ... 

Ufd.Mcm ten aer.. 
mtlMn PnFdAcr... 

ftvn.IVn.Arc .. 

Wpie lnv.fcn_‘\cc,. fl9i 3 

ABSEV LUe Assurance Ltd.? 



Hambro Life Assurance Timing y 

"Old Park Lane, Loudon. W1 01-390031 


01-383 7107 ftopertrfbnd^.^.. 
1848+23 _ FI Bed InL Fund _... 

Deposit Fund 

Nor. Unit June 19... 


1M2 234.4 

15Q.6 13*5 

lus.7 m3 
208.1 


0803SS2QQ 

W:U = 


Fixed lot Dep 

Equity 


— property ifej 

~~ Managed Cap 137.5 

— Managed Acc 17B.1 

Oreracaa 1185 


Cut Edged 

American Acc ___ 
Prn.F.l.Dep.C*p 

£rn, ftp p Cap. „ 


■• Aima JU.Be I gale. SelgaretOlOL PcnProf. Act lai n 


AMEV Mansard 132.0 

AMEVMdd.-tfrj.IWJ 

AMEV Honey Fd,„. RM.9 
A ME}' Equip- Fd _ 107 4 

AMEV Fixed I al 98 2 

AlfiKV Prop Fd. . . 97.2 

AsmvMwywFd 957 

AMEV’Ksd.Frt/B' 97.4 
Ftaxiplos MS 


MB U . . ., _ 

1752 -S.Sj 
IMS .._ 
lisa ... 

951 ... . _ 
1024 -0.4 _ 

ML9 -1.0 _ 
USA -07 — 
102- D -IX 


Pen. Kan. Cap. 

IVn. Mac. Act 

Fen. Gilt Bd*. Cap. 
Pen. Gilt Edg. Acc. 

Pen. B.ftCap 

Pen. B. a. Arc. 

Frn. DAJ. Cap__. 
Pen. OAF. Acc 


Sft2 

fez 


151.9 
U2.4 
170, t 

195.0 

179.1 
124.8 
229.7 
10B.fi 

ms *04 

1571 +o3 
223.4 +03 
2752 *03 
21X3 


Arrow Life Amraace 
30. U abridge Rond, W.12. . 
Sfcl-MbFd.Cnl!iiL.|S29 S77 

.Sel Mk Fd St.Unl__k9 8 ltM.4 

Fen. Mg if. Pa RqTlIfiga 117 ! 
Frn.Mgd.Fd_F?Qiii0 


273.4 -S.« 
i ms -0.7 

5 IX! -0A, 

1 130.7 +0 S 

4 148.9 +13 

182.0 +0.3 

m3 +0.71 

Hearts of Oak Benefit Society 


Phoenix Assurance Co. Ltd. 

4-9. Ring William SL. EC4P4HK 01-6280878 

Wealth Ass — [J093 115.41 J - 

nr.Ph.Ais 1 77.7 | 1 — 

Bi'f. PkEq.E. [76 1 BO.o| - 

Prop. Equity dr Life Asi. Co.y 
118, Craufcrd Street, Wlh 2AS. 01-408 0837 
R. Silk Prop. I ISO 8 | | _ 

Dp. equity B£ 7ZS -Li] - 

FlexMoneyBd | 1407 | .....J _ 

Property Growth Asaur. Co. Iii8 
Leon House. Croydon, CIS 1 LU 01-8800808 

Property Fund ' 

Property Fund iAj_ 

Agrt eul turol Fund . 


= iESf^fe 


01-74SPU1 


Borciays Life Asaur. Co. Ltd. 

2S2 Romford Kd , E7. OI-534 5S44 

Paiylo^UmcU' I12L0 12331 « 

agaw.— as jb? 1 ” 

5»p«x>: — i*j.o unj 

Miawnl 1074 113 

Mrn^f .. «ty ini'ni 

Man.fVtia Aacmn... 45.4 XMsl 

do initio pga -- 

GUi EdgIVus Ace— 94.7 W9 t| 

[to IniUBi 41* . 46.81 

MotKyfttiu JUX „ 1084 10S.M 

Do. Initio:. |974 10261 

'Current unit \-alun July 3." 


+0J 

+03 


Uanagsd Serial A_ [95.1 
Managed SerieoC- ttt 

Money Unit! 328.4 

Money Series A 97.4 

Fixed InL Ser. A 913 

Pnn. Menaged Cap. 137.1 
Pna. Managed Acc.. 144.9 

Pna.G'toed. Cap 105.5 

Pps-Cteed. Acc HU 

Penn. Equity Cap . _ 9S3 
Fens. Eoutty Acc __ 96.0 
LFxilnLCap 


— eimncd. Ann'ty- 


Abbey NM. Fd. 1A1. 

15-17, Tavistock Place, WC1U OSM 01-387 5030 lS^SStM.'&: 
Hearts Of Oik [36 4 yjjg _j _ BqultyFnnd 

Hill Samuel life Asaur. L£d.y ^bFtosw- 
■NLA Tar- Addtonxnbe RdL, Cray. 0J-8H43S3 MonSFuSdfAjJJ.’ 
♦Property Units— 054.1 362.H +L0[ — Actuarial Flmd._ 
Property SerlM A -goi.9 107.4 +ljl _ Glli-edged Fund..... 

Managed Unlto-~-|l6Ll 1W.7 +53 _ GUl-E®;od Fd. |A).. 

1N2 +oxJ — 4 Retire Annuity 

97.7 +0J > 

Tsaa 1 
1025 

94. < .....J — 

sail? = 

111 1 +0.4 _ 

1173 +03 _ 

1806 -23 — 

MIX -21 — 

99J -0.4 _ 

*9.9 —03 — 

1003 +0J _ 

1011 +0.7 — 




PnB.F«J.ln£Cap [943 

Fn*Fxd.laLAoc.~.. Ml* 

Pen*. Prop. Cap [95.4 

Pens. Prop. Acc. — (94.0 

Beehive Life Amur. Co, ild.9 Imperial life Am. Co. of Canada 

71, Lomt-ari St.. BC3L 0 , -£S1288 Imperial House, Guildford. 

Blk. Ilona Jiuw SO.] 12767 |-L091 _ Grth-Fd J uiw 30, . . . [70 2 743 +0X1 — 

CbhiuEm 1 1^ . _ FUI. Fd. June 2S. — J&3JI 7D.7 t-D.ll — 

Canada Life Anarance Co. Unit linked Portfolio 

High St- Fatten Bar. Herts. PJRar 51122 , SJ l ?Wfi5^? d 993f -O.lj — 


All jFtber Ac. Uta 
VAli Weather Cap. . 

Vtnv.Fd.Ura 

Pension Fd- UU-. . 

Cm*. Pens. Fd 

Cnv. Pns. Cap. Ut 

Man. Pens. F<L , 

Man. Pens. Cap. Ui_| 
Prop. Pens. Fd. — 
ftnpJens.Cap.UU. 
BdW See. Pen. UL 


1813 

179.8 

757.7 

7515 

153.4 
1512 

67.0 
£66 

144.4 

146.0 - 
1403 
3393 
1122 
1220 
1220 
UL7 
1433 


M8.91 

1220 


1370 
129.7 
1462 
1322 
1439 
132a 
1456 
1329 
130 fi 
1201 




+2tH — 
+20j — 
+D.3 — 
+03 

+ 0.2 
+0+0 


Eq ly.CifLFdJ one2 1 
KvtmL red. June 0.1 


UJ 

1193 


Soc. Cap. UL. 

Pr ovin cial Life AasurEnce Co. Ltd. 
71295 3SLBishopsgntc,CC3. 01-2178333 

Fro*. Managed Fd.. [U33 119X3 -1 

PTOvCubf d. 104.9 118. 

Gilt Fund 30 11*3 120, 

PKmerwFund 95.9 101 

Equity Fund 976 10X 

Fri tit Fund .. 9*2 99. 


Can aoa Assurance Ud.9 
1, Olympic Wy, Wcmbloj- HA9QNB 

Equity Units £16.63 

Pro pert j Uniu>___. EM.u 
Equity tVmd/F^oc.. £1LM 
Prop. Bond/ Exec — nvta 
BoL Bd.'Ei+c r Un!L n?n 

Deposit Bond ut 1 

Equity Accum. in 

rVoperty Accma. Q2.7B 

Mnfd Ac cun U74 

2ao Equity «.6 

2nd Property 1043 

2nd Jfanaged 96.1 

2nd Drpont 966 

2nd Gift. 883 



Sad E3q. Pom fACC. .[924 
2ndPtj>. Pens/ Arc. .. (187.9 
3m I BArrt Pens. AccMd 
2nd Dc^.Pcns.' AetWa.fc 


aid Gili PenfiAcr K»3 

L4E&1F.. to 5 

L6ESJJ.2 JjLS __ 

Current mine June 23- 


Brl = 


. — — Fteerfim-Fa— . — Ns* uu.v( +ax[ — 

• — — SecuroCsp. Fd. — fel lBlfl +0X| — 

-I — Equity Fund pa n lfJU) ....“4 

Irish Life Asrarauce Co. lid. Prudential Pensions Um) M ^ 

OT-WEB878 11. Finsbury Squara, BC2 01-8288253 Hoiborn Bars. EC1N2NH. 01+W58222 

'-0.03I — PloeCho. Juno 22- W. 7 7531 *40 Bpt/t FH. Jtuu>21.kMS1 

Managed Fund Z2L6 2aj) ...... — FWL InL Jane 2] K1B.72 IS. 

ErempC.Man.FcL_ 1BL3 10661 — Prop. F. June 21 k2S.7E 

Prop. Mod. June 1— 177.1 U6d — , , 

lVop.Mad.Gth. P%L1 303^ — BtlUnce Kufiual 

Slug & Sl««.am L* j„ Tonbridge Weils. KenL 088222271 

62 CnrchiD. Ed nuwmw BBLftqp.Bds. f 198.9 |+ft8| — 

BcmdFd.Bamia-.Cins 184MJ+D61] - Bothtohild Amt Management 
G«LSec.BK_|m« 1S7W .....J - SL SwUhtoa Lana. London, BC4. 01-8284388 


iS5|-^ - 

1017] -0.2j - 

1R« 

Sa-D3i — 

1142} .. 

30« S -ox, 

9lf 

40ffl 
2S3] 


“ Lira shorn life Asmnuice Co. Lid. N. C. Prop. June 30.|n*3 125 jj ..-.[ - 

Langham Bs, Holmbrook Ur, nw* 01-20352U Bayal InBunmce Group 
Langham 'A' Plan— 163.8 673] J — New H&B Place, LivcrpooL 0512274422 

^KW^fewHP ^ ::::]= - 

tj-yni £ General (Unit About.) S*v® Jk Prosper GroupV • . 

Klnewod House, Kins«wood. Tadworth. J GtSLaeJen'*. Lnd^ HC3P SBP. 01-K4 8890 
Surrey KT20SEU. Buteh Heath 53458 Bal. Inv.W. [1263 U0L7] +03( 


Capitol Life Assnr&nceP 

r a rum on Rouse, Che pel Ash Wlon 

K+vim+«Fd. ..j J0L21 I „ 

raeotcakerinvFd .] 10203 | | — 

Charterhouse Jhftu Gp.V 
19. Chequer* Sq, Uxbridge UBS 1NE 52181 
Chrthar Ene.-gy., _. 

Chrlhte Manet 

Clutter. Managed ■ 

ChrthiK- Enuitv .... 

Magna UId Soc .. . 

Magna Managed 

City cf Wertadottn' Ancr. Co. lid. 
Kincvtecd House. 8 Whitehorse Road. 

1 'roydon CROSJ A. 

W«»t Pny__Vtmd.._ M5^ 

K 

0 

■7 


CashlniU 

Do. Areum. 

aa^-wri-i g?u>ty Initial 
«fJS 28511 Do. Accuni. — 

| — Fued InltiuL. 

I — Da Accum 

IntL Initial 


i3fi.fi 

33.6 


M4 

XLti 


yj ^ 

39.1 


342 




xsjfi 3 *! 



158.6 | 



S L 

m 

w 

Do. Aceum. 073 

Mui aged Initial — . U5S 

Da Amun. — — U7.B 

Property Initial — W.l 
Do. Aceum 100.9 


Z Legal * General (IWt Ptaudaisi 
— Exempt Cash init -1964 


Kenanru Food ... ._ 
Equity l-liod . . — ... 
Farmland thud 
ktonevriud. __ 

Oil: 1*40.1 . 

FULAFu ml,.. _... 
Fen*. Mncd. Cop.—, 
rtna Magd-ACC,— ., 
rtsns. M en ey Cap,-. 

I’m*. KqnttyCap’.Z 
tVn* Equity Acc 


188.7 -IS 
59* +03 
77.7 +03 
1279 +03 

ml +1S 

123L2 +06 
12*2 +12 

Si | 

58.01 +0.7f 


Do. Accum. _ 

ExamptSqty.lniL- 1219 
Do Aecum. 123.9 

Exempt Fixed Init 109.6 

&SSsrsE§S 


Do. Aceum — - — 1218 
Exempl Prop, Into- . IM 
Do. Accum. — [98.0 



Fd.* 


. ... 1327 

GIlAlC US3 

DepoattFdt ffll 

CotcpJVaaJ'd.r — 1993 

EquUvPcns-FU. 1398 

Prop.Pcna.Fd.' z>83 

Gill Pena. Fd 928 

Depoa2Vna.Fd.T_ K*7 ._.. 

•Prices on June 20. 
t Weekly dealing*. 


B +03[ 

.... 

+Z1| 


Schroder Life GrottpP 
Enterprise House, Portxmouth. 
Equity June J9-.-..L, 225.9 
EquIQrSJucfi^— ai4 
Equity 3 June SB_ X165 
Fb^f InL Jane Zl- 13*1 
FlxedInL8Jane27- M*0 

Int Ut -i -—37 135.9 

K6 SGUt June 27_ KLl 

Kt Sc. June 27 1192 

Mi» fid Fix. June 27. 129.4 
Mftca£ed June 27_« M22 

Legal & General Prop. Fd. Mgro. Ltd igi 

U, Queen Victoria St, BC4N4TP 0F2489678 Juno 27— 1358 

z IiiGftpJd. Junes W.9 281.71 4 — 

__ Neit sub d«y July L BSPnCpB.'one27. fflJ 

- lift* Anar. Co, of Fouandroula mi 

z »-«= New Bond St^ Wit 0BQ. Ol-wssses Mnft>AccBJuno^7.. ZBJ 

- L ^ OPUnl “ iwj 1M6| — 4 — 


King TOUiam SL, EC4R0AR 
[Ammioan 6 Gcn4-P*0 

Income* *JB 

CspitolTnc.t MB 

Do. Arc. T 385 

EremptT 1320 

Intomtl. loct 163 

Do.Acc.t J179 

Dealing Tues. 


0706 27733 


T^aS.a** •TSS*"- ““y - * Bt V*dt Tj£ Magrs^ Ltd. Pro^Pe^p B-f??.? 
ortDnE Uulu. 2CL0 l'58l - BL,ECX / 01-023 1388 ftap. Peato. B._fc3 

11031 J 7M 

lioyda life Aflftmtuce 
20, CUflaa St, S(SA 4MX 


Periorm 

City of Wcstmiuter Amir. Soc, Ltd. 
ToiophotW C142M 068* 

nraVruu [1236 129 7] +13] — 

Property Units ... .)54.7 57 4} +02) — 

Commercial Union Group 

SL Hotel's. I. CndentuMR. EC3. 01-2637300 

VrAnAelTt Julv I,, j S12J 1-0731 — 

Po Annuity Uts .. [ 1708 | ... .1 — 

CotfcderdlBB life luntrauce Co. 

80. f nance rr hum. WC2A HIE. ai-actusa 

VEIquKy FVnd ...1526 IMB+1.M — 

WUinaged Pliml.. .. 1777 1863} +O.S! 

9WPftmd 575 « — 

Fnal Vrr- Mngd. . 72.6 76» 

KkOgdSCAgdftv.. 716 769 

Group tetd Fro... 1846 

FtonalnLiVti .... 19*7 

EquKyFrnrivD .... 224 0 

PropanylVnrino-. 3J98 

CarohiU Inmrtlico CO. Ltd. 

32.r4rabiU.B03 01-4285410 

Gap Feb Jane 13.. .1X235 — I 

GSKnae June JS _p20 — 

MnGtbBd JU&O30+. U»60 171 0 

Credit Me Commerce Insctwre 
UAXtogaotSL, London WIB 3FE. 01-007031 

CACMnxdFd [1220 13201 ..—I - 

Crows Life Am eraser Co. LtoLP 



i 2 :::; 

iSi :::: 

143 J) ... 
143.9 .... 
1255 
1361 .... 

149.7 .... 
mi .... 
123L5 .... 

1636 

Ml 

1275 
13SX 
206J 
2(36 
99J 

99.7 
BOX 

1015 
U0.fi 

1016 
100.1 


Overseas 4 — _ — -[956 

Scottish Widows' Group 
PO Box 902. Edinburgh BH18 SB U. 031-8650000 

Icv Hr. Series t [M^.9 MS 

Inv.fty. Series 2 — 1*7.1 imjl 

lnr.CaahJune23_.N7Ji lff£Ij 

ExULAce June 21 — 0*8 142J[ 


Loadafj/wdcmnity A GnL las. Ca lid. ggSKSJ^. psjj 
16-20. Tib Fkrtmiy. Reading SOOStl. . . . . . . 

Bii-.drytosnnger [K.7 351] ,.„4 — Sol*T life AOSUnUCO limited 




as.?! -tfEaj - 


M.M.rte»H>le. ]»0 

ritfS Interest-. — [336 jxh +uj» — Solar Kansged S— 

t* n»d.» a M»cb««- gsMjgi*- 


— IteLcaa.Folkertone.KenL 


— Cap. Growth Fund.. 

J rte*. ESctap* y$.. 

Exempt Prop. Fd., 
a^pL lor. TsL Fd 
fliKtib “ ‘ 


Flexible Fund.^ .... 

Inr. Trust Fund- — 

Property Fund 

M & G GroapV 

There Qua>x. Towsr HOI BOB 8FQ 0*408 4588 


2216 

J3S3 

m* 

147.7 

1112 

IMS 

82J5 


lOOXDy Place London JECJN 0TT. 012422005 
B25J 132.4 +06} — 

bit 1173 ,.Z[ 

Solar F&L fnlS — IU46 Si +6B — 

SotarCaxh 5 199.9 IDSXl .. J — 

Solar IntL S __ „HM 1066] +0.g — 

Solar X*ax£tO P— {2214 2K3] +0j| 

Solar Property P — 11113 117. 


— Solar Equity P-- (157-g 


Solar FadJntP, 
Solar Cash P 


ftars. Pension* 

Cob*. Deposit* 

Equity Bond'* _ 

Family -^ ay 155-? 

Family 81-B8** g*6 

Crown LUoHao, Wok!ng,GU21 U« 04083 9C3S ing 

JianCdESanlAce.-K: W - • -J \25E£b5-*~ ' 


1289 

M3. 7] 


FH.Iacm._f 
iftLlaiL- _[ 

Property Fd. Acr._ 



PiwdGr w. acc..} 

SSiftSitej 
iK&fcz 

Ciwn Bri. tm: a* 

CnaodcT Insurance Co. Ltd. 

Viacula Hone. Tbwarn,ECh O1-G2S031 

Q(KProp Jmv,o.._piX - 795J ... | — 

Bogle Star InonrtHUland Aw. 

L ThMaiBortB* 3L.EC3. 


m 

gi| 

iKJ.y 
ISC -3 
1W4 
n»2 

loo 3 
n»a 

1105} 
UB5j 
10« 9^ 
100 
102 . 


7.W 


5.00 


2c Fi BA* - [79.0 


+071 


ijj 

uu 


RworotyM- »t*-| 

American Fd. Bd.'.| 

on 9lnaSO “"Juno 23 ***Juno 30. 
Merchant lavcstoro Assurance 


-0 •— Jm 



530 

1230 

432 

are 

857 


125, High Street. Croydon. 

RgS5rsi-~l Si 

Equity.-. 


Equity Pena-- 

Moot-j Murkrl 

Honey Mkt. itai. - 
rvpmdt.- 


5U 

MIT 

139.9 

IM.fi 

123.7 

140.1 

1538 

1348 

1540 

U2.fi 


Engle-Wd. Vnits_p67 52fi| +0 7[ 623 
Esjoily * Uw Life An. Soc. L£d.V 

AEiPrsham Read. High Wycombe MM333T7 

Equln-Fd QM9 1U3+1- 

DapertyFd, 044 m.JJ . , 

Fixed Interest F.„ U7 1 112.71*1 

did Deport! la. __ M O 1M3 .. ; 

hberd Fd - Z094 116.U +0. 1 


IV posit Fen*. 

Managed ... 

Man seed Pens- 

inti Sktuny~ 

IniL Manaced 

NEL Pension* Ltd. 
Mlllou Coun. Dorking. Surrey, 

01-5S8 1212 SSSiSiAfe"'®*! 


01-S88B1TI 
+: 


+oJ - 


Sctex SOoperCap - fill 
Nolcx Mon. Arc. M6 
NelexGth Inc Cap- 47 6 
Netex Gib Inc Acc.. J8.fi 
Not Med. Fd Cap- J7.6 
Jtcl Mad. F«L Acc._ 06 

Next Sub. day July 

For New Court Property seerador 
SaUiscUM ilrsrf Btauc'rtneat 



|U45 

Solar IniL P_— .Jff64 !M«| +0.7 

Snn Alliance Pond MangmL Ltd. 
Son Alliance Bouao. Horsham. 040384141 

ExpJdJiuJiroeM.plSOJO 1M60J J - 

InL Bn. June 27 f 03.94 j — 

Baa Alliance linked life Ins. Ltd. 

Skin Alliance House. Horsham 040384141 

fSKSferrSI! 
teasafe- mi 
assssfciB & 

Son life of Canada (U JL) Ltd. 

2, 3, 4, Cocbqmr SL. SW1Y BBH OM305400 

__ MapleLLGrth™-! TO6 j~li} 

e m 13 

“ Target Life Asanrance Co. Ltd. 

z KouM ' G8tehow Afe^T^ri«i 

— Van. Fund Inc--— W 6 99.W -6-SI — 

— Man. Fund Aec__ 

— Prop. Fd. Inc. — 

— Prop. Fd. Arc 
prop. FU Im- 

FIxad InL Pd. 

SOU Den.FdAcc.lne 

Hel. Man Ac. Pea. - 
RetFlanCap Jen— , — 

ReiXTanManAcc. - [J24.9 
R*CPlanJtan.Cap_ 124.9 
GUt Pen. Acc. |ja6 
-GlItFen-Cajp. 1 1217 

Transinternot tonal Life Ins. Ca Ltd. 

a Broun Bldgs- BC4INV. 01-4098407 

Tulip Invest Fd — B39.7 



FINANCIALTIMES 

OVERSEAS SUBSCRIPTION RATES 

Mr. 

,.n-‘“r wk- ••»«*» for an - v perit,d ,ip - t0 


one year. 

Specimen f’s!* Sl '''V :n ‘ J A 
KVHOPE tl.vrrFK KATfc .1 . 

MIDDLE EAST i.MK MAIM 
tKEvp* jrnn, Sami- Av-ili'-i- clc 1 

K\S EAST (AH; MAIL, 
t Aiis'e.iltj. J.mah. rir. » _ 


dailv copy arc as fnllows: 
' flOO.ftS pur .liinum 

£151.4? per annum 
£103.(51 per annum 


S1S0.54 per annum 


•;.F.ST nr WORLD IALU MAIL! Pie i 

iWt Cnod*. *m.:h Arrioa I nd.a. S.i.g-n»r.. £ c± 

Hv a , al | , u;n»»»s^LiE jgaL mlA ' 


ORDER FORM 


l'j to mo j: ike 


T • vut-scriKiua M'si.i£*r Fi.u^val Times K -,p in*," 

T.-a-Mt,-; Slutiv. lu. C.uv.un: Mr,--:. .-flL. '-- t * ■ 

P >-.»*. qdi.-w- subvrip:<6r. «■»•. iMbivrd r p- ‘ 

a*vr.pu«. M 2 Art? 1to» f-- J ‘ jr " Bun ‘" 1,:U8 


id.!rr-<* h 

7 air 


1 i>Nr. i,.» t* ji.iSI+.i.i tw 


.ViS!,--S 


(CLOCK LETTERS FLCA5E) 




ii - :*»i » •*' 

} r.-. In -i- Jl+u't r.ai: 

rt. -I B i’7B'.VU? 


: * 1 i.'-lP 4I-*-' 


-i. 2:r» ■ 



sssgffdm 

Msu. pen. Fd Cap-0176 
Hu. Pen. Fd. Ace. .p»0 

Trident life Asanrance Co. UA9 
Rendadc ECU#6 Glouwatar ' 04523641 

Mmiim mI 029 S 

ffdWX n«3 

Bq^^kaoriBan _ 

Xg3 


Fund- 


GiB.txged~.~- 
Moqtqr 


IntnmaUooal - — U05 

Fiscal 124* 

Growth Cap l^S 

Growth Acc- tm.* 


12761 . . _ 

IgJ t 1 .’ 

83.9 +41.4 
UU +L4 
1* J +16 

1D64 +0.4 
BL7 +l3 
129.1 +Lffl 
133 X +1Q 

U&5 . 
1235 . 
1384 . 
112.9 . 

119.7 . 

124.7 . 

37J . 


Pens. Ms gd. Cap— JllJ 

Fnu.Gld.DroAC6 • M66 
Pens. Ppty. Cap. — U36 
Ppns. P&. Act., — 1+T7 
Trdt Pond .. — g5 

•TrdL G.I. Bond..... 1969 . 

'CaM value for £180 premium. 

Tyndall AssuriDCtfFeaslOoK^ 

Iristol. . .. 037232281 

3-WayjW^L 

Equity June 20 

Bond June 29 

Propcrtr June 29..- 
Dcposit June 25 .... 

jwiypeiLjowa. 

O'nuiIar.JuaeSa. 

Mn-FnJtW June 1 -■ 

ZktEquilyJiiBe 1- - 
Do. Bond June 1. — 

Do. Prop. June L.-.. 

Canbratfb Life Aasur&nce 

SSa!T±?Sjr , ai5a , “ 

EEtKh-"z^ 

Fixed lnimtFd.. 1 ’ 


IIWWS' m 

SB 


3642 


105.3 . 

...... 

127.6 

.••.a. 

HM 

„„„ 

752 - 


169.S 

...... 

263.8 

. Mi- 

174J 

nt.. ■ 

85-4 



237,} +12 
106 5 +0.6 
172.B +0.9 


1164.1 

B3S5Ci"BH c* 

Vanbrugh Pensions Limited 

41-OMadde* St.ldn WUtSUA 

Menaced. 



Fixed IctenrtL 

Property. [*7 0 

Guaranteed see Ins. U b «- 

Welfare Insurance Co. LitLV 

The Lea*. FoUceSoae. Krni K«5 4:333 

Wind! or life Asaur. Co. lid. 


1 High Street. Winder _ 
Life Inv Pianjk. 
FbbmAssd btma' 

Fliturc ArsdGthibl 

Ret. Asia lraa.....„ 
nes.In»,GrtWk.-, 


695 

2000 
43 00 
£2 34 

[1M.0 Ui-Si 


Windsor 88144 
729i 


Abbey Unit Tst., ltfgrs. IitL'fal 

72-W. d alehouse Rd-Aylesbrny. 

Abbey Capitol tol 34.' „ . 

Abbey !nconu?_. .. 385 4lfl +0.4 
Abbey Inv. TsL FA. 35.4 37.3 +0 jl 

Abbes' Cen. Til _..|«5 47 j| +0.7] 


Gortmore Fund Managers V f*Kg> 


568 

«33 

416 


Allied Hambro GronpV (8Hg) 

Hasbro Rse. Button. Brentwood. Essex. 
01-908 3851 or Brentwood (0377) 214450 
Balanced Funds 
Allied in . ... 

Bril IndaFnnd. 

Grth. ft Inc.. ..__... 

B«t ft Ind Dev 

Allied Canial 

Hambro Fund 

Hambro Acc. FA ... 

Incmne Fonda 

HI ch Yield Fd Mfll 

HUh Income W3M 

AHTEq. Inc _|»0 

iaiernstisasl Fhadi 

loterausiional 1264 

PaeiDcFiind. 

Secs. Of America ... [53.7 

L'.S.A. JGxcmpbO to. 9 

Specialist Funds 
Smaller Co 's Fd . 

2nd Sclr.Co'SFd... 

Recovery Si to 

MeL Mut ft C'dtr. .- 
Overa+asEaruiDC*. . . 
£xpL5mlr.Co , &_..o|ZUL6 

Anderson I'clt Trust Rhuutgers Ltd. 
138 Fcuchurch St EC3M dAA 

Anderson L'.T. |493 530] | 42 

Ansbacher Unit Mgjnt. Co. Ltd. 



OBVtttX 2.SLMoryAxo.J£C3A8BP. 

+B-4I #55 mAntericanTsL [287 

Stilish TsL i Acc.1 _ 546 
Commodity Share- 159.7 

JfjctrB Income Tit — 

iz) Far East. Trust- 366 
High Income Tsu— 576 
income F1iad..__ 7J.6 

Ins. Agonetes 1368 

Ijfi Formal Ffl. 842 

izlIdU.Trt.LACC.i_ 33,0 


01-3333531 4S Hart SL, Henley on Thames 049128089 

30«rif+0.4| 0.10 PpMusJGp.Clb |91 9 428| f 341 

171M +I7| III Piccadilly Unit T. Mgra- Ltd.* (a)(b) 

- A g® Wardcte Hse . 39a London Wall EC2 8380801 


^ j,ai bcl Extra income.—.— . 
77fl +07 fit Small Co's Fd...... 

J4U+DX2 32 C^IFund — 


mm 


6.07 

123 


InL Ems ft Asieu.. 
Private Fund.—.-.. 


28.7 

37.1 

CIS 

447 

342 


74 Gibbs (Antony) Unit Tst. Mgs. lid. Technology Fbnd" 


860 


22. BIomfieM SL.EC2M7KL. 

toi AC. Income* 

(B)AC. GrowUrlt„to.7 40. 
isiA-G.Fsr Esst*._|23,7 25 

Dealing *Tuea. tlWi 
Gorett (Johnyp 

77.LMdonWall.ECi 01588 5820 

SThldr. June-30 [1380 -101 L93 

Do Accum. Unit 165.9 X74fl -ifl 1.93 

Next dealing day July 14 


Aceuahr Fund -M3 
5U 
26.8 


01488 4111 SfSSfg. 


Ameneu Fund .— p3S 


30.7! +0.1J 
39* +01] 


44 7. 
479WI 


62.91 
57 N 


+0.d 


36.41 +0 81 


+0.4 

+04 

+0.5 


990 

5X0 

407 

145 

442 

360 

360 

L» 

240 


*-*} Practical Invest. Co. Iid.V (vge) 

«. Bloomsbury Sq.WClAZRA 01-8338883 

Practical June 28 _ [1483 157 7] [ 436 

Accum. Units - - |2897 Z23.D| .....J 4jfi 


Z67 Grieves on Management Co. lid. 
Gresham SL.BC2P2DS, 

Barrington JuneSa 

■ Accum Unltsi 

B'mgH.YdJusc29. 
i Ac rum. Units) — 

SadciT. June 27.._ 


Ltd* 

01-347 85X3 
J+0.81 3.08 


752 


j Ac nun. Units) 

La.&Brsls June 28. 


198.0 

206.9 


2146 

2243 


1333 

1813 



au 



20M 


iLTljfl 


-0.9 


109 7 

-0.9 

687 

7L8n 


m2 

753 



Provincial Life Inv. Co. 

222, Buhopsgotc, ECU- 

Prollllc Units— BZ< I , 

High Income (MS 8 23 45| ~0 °| 

“"2^ PradL Portfolio Mlign. Ltd.? ia)(bMO 
5|| Hoi boro Ban, EC1NZNH 0140SS222 

3j 3 Prtidantial [122.0 1295[+20| 455 

iu Quilt er Management Co. Ltd.? 


L58 The Slk. Exchange. EC2N 1HP. 014004177 

S-S Quadrant Geo. Fd..|l07J XlQ.g I 4U 

J® QuBdrantIncame..|lZ7.7 13L7| J 7.91 

434 Reliance Unit Mgr*. Ltd.* 


8238231 Guardian Royal Ex. Unit Mgr*- Ltd. Reliance Hse. Tunbridge Wells. KL. 088222271 


Royal Exchange, EC3F3DK, 
i sglCuardhill Tst...|S7.fi 


01-423 80X1 
90.7|+1.0| 447 


& 


Extra Income Fd _ 

Hifibloc Fund , . 

41 Acc urn. Unltsi [547 

iBijS VL'drwL Uta. gS47 
Preference FkmcL. 

i Accum. L'nitai 

('apitai Fond 


Commodity Fund.. 

lAecmn Unltsi 

iH>%Wdr*r! U.) 

FitL&Prop-Fd. 


Glanu Fund ... 

i Accum. Unlisi 

G TO win Fend 

Accum Unllsl SOI 

Smaller Co's Fd 26.6 

Eastern A Inti Fd.. 264 

ld% WdrwI.Ut*J 20.7 

ForolgnFd 17.1 

N. Amer. ft toL Fd. 3L6 


01-6236378. Headers on Administration* (aKeKg) -T_~ TtA 

175.01 1 0.98 Premier lT_Admin.. 5 RayWgh ftoad. Rudm. ™ ~«n W 

0277-2172® 38-40. Kennedy St. Manchester 0612368521 
Ridgefield Int UT.|2flL0 107.04 _....( 242 

+0 

+ 8 , 


1 NableSi. EC2V7JA. 

lac. Momhlr Fuad .1165.8 

Arbuthnot Securities Ltd. (oMcl 

37. Queen St. London EC4R 1BY 0I-2BRSI Cap. Growth Inc 


25 4 
37.7 
13.9 

ft! 

ra .6 
16 6 
[39.1 

340 


-0J 
+Dj 

+0.^ 

549 +0X^ 

271 

402 

202 -... 

652 

934 . — 

57.1 

17.9 •• 

4LA +0 4 
484 +04 
364 +2.1 

43.1 +23 
2B3 +8.1 
234 +03 

223 +0.2 




Archway Unit Tst. Mg 3. Lid-9 laKc) 
317. High Holbon, wav 7NL. 0X4318233. 
Archway Fund — .^[79.6 844«$ 616 


Prices at June 38. Next sub. oay 
Barclays Unicorn Ltd. (sMgMKcl 


Unicorn Bo. 332 Romford Rd. EX. 


Unicorn Anocica— 

Do. An*. Acc. 

Do.Aiut.Inc 

Do. Capital 

Do. Exempt Tu 

Do Excn Income - 

Da Financial. 

Do. 100 


Do. General — 
Do. Growth Aec...._. 
Do. Income Trt 



XTh 

441 
657 
040 

5J8 

SIS 

fi 

njdrpri. A'm. TSL Jm? lAOLfij 5 23, 

Prices at June 30. Nest sub. day Jn r 31 

Do.Reco™ry_ MLfi 45.01 -+B3 5.79 

Do. Trustee hind -MOB U7.bi+14 525 

Do.WTdwldeTst._U9J 533+02 247 

BTltjRJrUliM Bl2 6371 +0.7 495 

Do. Accum. 1 70.0 7291+0.7 495 

Baring Brother* & Co. Ltd* (aKx) 
88. Leadenhall St, EC4 

Stratum Tst 

Du. Accum. 


1147 Cap. Growth Acc 

948 Income ft Assets 

3 J5 Blah Incmne F 

9-J8 HJah Income 199 2 

UJ4 Cabot Extra Inc. fSS 1 

*234 Sector Frcadi 

Financial ft ITD ZS > 

OUftNaL Res 127.1 

lBtrrudmil 

CabtH - [870 

Imcrnaiioaal 1 33 4 

Wild. Wide JuneSO. 

Overseas Fonda 

Australian — 352 

European 3*2 

FWEsrt 755 

NortnAmer 394 

NAmGruJuaeSO . 1209 
CabotAmer.Sm.Co. |50J 

Hill Sam nel Unit Tst. Mgr*.t la) 
45 Beech SL. ECZP2LX 

tin British Trust 145.8 

uu lnl'I Trust 563 

i g) Dollar Trust. 76.9 

lb) Capital Tin W... 29 J 
rbj FlnanclaJ Trust S7 0 
01-SMS944 < b< Income Trust .... 1 


523 
523 
52* 
3.13 
287 
287 
ZB6 
286 
4J3 
135 
13 S 
175 
LOO 



Ridgefield Income. |93.0 


99.M | 10.49 


Rothschild Asset Management tg> 
7240. Gatehouse Rd.Aylesfauir. 02065841 


N.C. Equity Fund.. [166 8 1774 +22 

N C. fiifij-JiesTst Ufl.B 117 8 +10 
N C. Income FUnd. 144.8 1540 +11 

N.C.lmL Fd. llnc.l 99.9 967+0.8 

N.C. Inti Fd. rAcc.i 90.9 94.7 +03 

K.C. Smllr Coy* Fd 1515 MI J +0.8 


£S 

693 

L74 

L74 

453 


2.71 BotbgchJld & Lowndes lHgac. (a) 

SL S within* Line. Ldn.. BCA 01-636 4356 

NewCl Exempt. -1025.0 Z3Z0| ... .1 354 

Price on June 15. Next doaling July 17. 

5.M Rewan Unit Trnst Mngt. Ltd- Via) 

V* City Gate Hse, Finsbury Sq. ECS. 01-4001068 


4 


22» fb) Sec urlty Trnst'l!. [505 
176 ft) High Yield Tat_B8.fi 


American J one 22 _ 

Securities June 27. . 

High YId. June 28- bL7 

(Aceum. Unltsi 

01-6388011 Merlin June 29- — 
156.(H +131 


30 Jf 
93.1 
220 

541 +0(4 
305a 


685 

7T-5j 


1610 

iruf 


517 

543 


73.0 

7fa T 


761 

B8.B 


923 

973^ 



3 *3+jf4 RoyMl Tst. Can. Fd. Mgrs. Ltd. 

ao3 "1 in 54Jen».-ii SsreeLSW i. _ 01-6 

d [679 

d ff07 

■t June SO. Ni 


493 

496 

7J83 

539 

825 


0.97 

435 

795 

7.95 

4X7 

417 


01-828 8252 


54 Jermyn Sard. S.W 

Capital Fd.. ”T . 

Income Fd 170 7 746[ -X2| 7 55 

Prices st June SO. Next dealing July 14 




Intel V ifiMel &ve * Pro8per Gnmp 

amci.w . Grosi sl Helens. London EC3P aPp 

lACWstopherStreaLEGi OIWM ffi.73Qumi ^.Edinburgh EH2 4N^ 
InteL In*. FrauJ 186.0 954 ■‘■101 630 Dealings to: 01-554 BOM or 031-226 7301 

Key Fond Manager* lid. (*Xg) Save & Prosper Securities Lid.* 
23, Milk Sl, EC 2Y 8JK 01-0087070. internnUanal Fttnds 



Kev Kcerss Ihi^d... 

JtoEtauiry ft Gen... 

Kty lDconie Fd ndZl . ... 

Key Fixed I M. Fd JMJ 
Key Small Co's Fd-[948 

KSeinwMt Benson Unit afenagenV u-, 

20. Fbnchurch SL, E.C3 01-6238300 KS?«i? IUrn - 

K-B. Unit Fd. lnc._.[84 9 929 J 5 M ,Tt7.T 

nitFdAc — |lQ60 Tisj -1 SM K2l 

Os er s eas Fondatu 


«{ afc==ei 

6.13 Uni*. Growth. .Jfiki 

S inn tsslnf income Fund 
tZ7 High-Yield — J5L8 

nigh 


5J.fi) +0.d 730 


*9.« +o.a 
44.d+oJ| 


8.63 

923 


all SL.EC2 -01-5832830 tB-M. Inw.Tst*. ...J552 59 Jj \ 447 UKEqui 

BS S KfrS ~ \ L fc C Unit Trust nanagement Ud-V gS£ff 

Nfitwtodsy jS 5 The Stock Echange. EC2N 1HP. 01-5B8 2800 Jsgan... 


452) <-0J[ 4.93 


„ LftClDCFd [1344 

Biahcpsgale Progressive HfgmL Co.’M LftCinUftGenFW [96.9 99. 

|8, Blshbpsgatq, E.C JL 01-5638380 Livwn Secs. Ltd. WoMc) 


m rm 


7.75 

222 


B'aalePr. "*J one 20. t .. , 
acc. Uts “June 2f:.fe9.6 
B'galelct June 27 ..[1725 
(Acrum.i June27_!198J 

No« sub. day 'July 1L **J 

Bridge Fond HcnogersVioKe) 



+66 

366 

284 

2M 


37, Queen's 54. London EC4R 1BY. 01-2305281 Financial Sect 


«Haw. Mxteriala _ .138.fi 


iKAcenm. Units)— 43J 
'Growth FUnd....... 529 

riAceum. Unhi) _ .. 583 
ffGUl and Warrant. 363 

xAmerlean Ffl. 0.3 

01-6284051 jfAecum Unltsi 244 

* 145 -High Yield 443 

6.74 -(Accum. Unlisi.... Itt 4 


021 -oat 

472 -lA 
STS ..... 
633 .... 

39.7 

25.7 
25.7 
513 
722 


6.17 

637 

3.70 

378 


UA 

Sector Funds 

Commodity [75 7 

Energy MS 

‘ InlSecs. (709 


By imnliiiiiai Funds 
Select Internal — BS6 7 
Select Income »L7 



Scotblts Securities Ltd.V 
^ Scotbltx. 


mm 


■ 030 

18.92 

10.92 


331 DesL AMnn. Tues. ttWed. Whan ”Fri. 

Legal & General Tyndall Fond? 

3.49 18, Canynge Hoad, Bnstol. 027232941 _ .. , . „ , , 

349 DU. Jane 14 [572 fil2| . j 526 Schlesluger Trust Mngrs. Ltd. (■) (xl 

526 140. South StncLDorking. I0S06I86441 



Scotyleld MB.7 

Seouharas [553 


Scot Ex. Gthri) [2337 

Scot. Ex. Yld- Jl*d7 .. 

Prices at June 28. Next sub. day . 


. 'etL WhuraTPricea June (Acc umTUntts I ..1.(724 Tbt 
2JI2KS. Next sub. (toy July 12 


Britannia Trust Management (a) lg) ^ 

3 London Wall Bui) dings, London Wall, ^MmSulnadonWIMafP, Ol+O89m Exempt s^Ldr*. [24.9 

London EC2M5QL 01-638 04^0478 % ^ 312 

Aaseto W.9 7S2!+03| 531 H oA ? !u ?;“T7-7JSi — 


Am. ftcempL — 
An. Growth 

01-4889081 ^55^,^ 


pii 

ffi3 



+53 409 Lloyds BEl Unit Tst. Mngra. Ltd.V (B) 

+D.7J 476 


Extra tut TsL [S.4 

Income nsL 37.6 

lac. 10% Wdrwl 1283 

Ictnl. Growth... |4B2 


J-JS JteglEtxarii Dept, Gering-hj^Se^ Wq 

Worthing. VfealSnssct 01-3231238 — 1250 


Pint (Balocd.i_. 
Do. (Accum. )_ 
Second ICapO 

5p-(Aectta.) 

TMro (Incoa el 

Dfr (Accum. 

Fourth Oklaej— ■ 
Do. tAccum.) 


K3.0 

Ififtl 

6U 

^3 


‘Nil Yield'. 


283 
27 J! 

Pref. 4 GUt Trust— 228 

P ropert y glares 25.9 

Special Sit TIL-, .. 26-7 
ILK. Grth. Accum. 33 
UJt Grth. Dlst.__.tU3 


InrcsLTsLShJtreg 
5ncerala_ 

Net. High 

Newlasue. 

North American 
PtufeMlonal 
Property Shares 
Shield 


5161 449 

72.C 469 

546d 3.12 

M£ 312 

*53 6.44 

116.6 6.44 

6X5 ._... B32 

»J2 J. Henry Schroder VPagg & Co. Ltd. ¥ 


226) . 
293 +03] 
2fi.l +0.3 
242 b +0S 
303 


40.4a! -0.1 U.10 
30. Saw -OX — 
5X1 +0.3 278 

26.9X +9.3 4.34 

303* +0.4 46fi 
29.2 +03 — 

2480 1268 

26.t +0.1 233 

28.7 +0.2 262 
227 +02 538 

19.9 538 


281 

132 

831 

4.47 

9.70 


Arbuthnot Securities (CL) Limited 
P O. Box 284. 5f. Helier. Jersey. 053472177 

rap TsLiJmeii ..[116.0 U9 0| | 417 

Next dealing dole July, 4 , _ „ 

East fcInll.Tsl.iCij.. |n£o JZJ.O) 4 3.05 

Next sub. July 6. 

Aastraiiaa Selection Fond NY 
Market Opportunities. «vo Irish Young ft 
OuthwsiW. 127. Kent SL. Sydney. 

VSS1 Shares >....[ S1SI-S2 l-™-l - 

Net A&cvt Value June 29 

Bonk of America International SJL 
35 Boule\-srd RoyaL Luxembourg G.d. 
Wldinvwi Income. ISl'SUZOI 1I2M| - I 843 
Prices at June 22 Next sub. day June 28. 
Bnk. of Lada. & S. America Ltd. 
•MMJ6. Queen Vicions Sl. FT4. 01-930 2313 

Alexander Fund _|StS6M — I | — 

Net asset value June 28. 

Banqne Bruxelles Lambert 
2 Rue Dr la Regcnrr B 1000 Brussels 
Bents Fund LF... [L884 X942] +3t 775 

Barclays Unicorn InL (Ch. Ifi.1 Ltd. 
1. Channc Cross. SL Heller, Jrtir 0534 73741 
Overseas tocozne ...MS 3 50Jj +0.81 1155 

I'nidnll sr Trust.. . CSIIJB ttM .. . I «»• 
l' pi bond Trust... .|!SIK3« WM| - 1 EDO 

"Subject (o lee and witfiholduig taxes 
Barclays Unicorn InL (I. O. Man) Ltd. 
1 Thomas Su Douglas. I o3L 0S244856 


King ft Shaxson Mgre 

1 Charing Cross. SL Heller. Jersey. (0534V 7W4I 
Valley Ksc. St Peter Pert. Grrwy. (04811 0«B 


ynos 

082414830 

SB 

1225 


1 Thomas Street, Deuetoi, t.C'31 

GUI Fund iJmcyi . NSO^ 9 ; 

Gib Trust if o M i ...Il027 105u 

Cilt Fnd. Cuermeyf) 32 9- 

lul. Govt. Sen. Tst. _ 

Fin) Sterling --[1141 lBffl 1 — 

First lnU._..T. |llBfi7 086.^ -.-4 — 

Klein wort Benfion Limited 


20. Frnctiurrh Sl. EC3 
EurlDi'Ctt. I xix. F. 

Guernsey Inc 

Dn. Accum _.... 

KB Fur East Fd. 

KB Inti Fund 


KB Japan Fund-.-. 
K R lCs.GMh.Fd. 
Sicnel Bermuda _ 
•L'nlfandtiMP — 


XOfiO 

te4J 68.M 
P9.3 

ST.TS1X55 
SI' Sll 2 9 
SUS34.07 
SLS1196 
SVS4 77 


01-8238000 
330 
*M 
Atm 
.... 1ZL 
„..4 204 
07S 
073 
189 


-DPI] 


963 


_ . 1870 I9.78f-fl.ICf 

"KB act as London paying sgcnla only. 

Lloyds Bk. (C.I.J UiT Mgra. 

PO.Bo» 195, St Heller. Jcrse*. 053427581 
Lloyds Tsu-Crscos 1584 fiL4[ | 1+4 
Nest denting date July 17. 

Lloyds International MgsuL S.A. 

7 Rue du Rhone. P.0 Box 1TP. 1211 Geneva 11 

bw! JS8 


Lloyds Int. Growth ,|J JTC .38 
Lloyds Int income I4JT83 DO 


I'UivniAuk. EtL 5X8 

Do. Aun Min 322 

Do.Gru- Pseific. 627 

Do. Inti Income 37.2 

Do.I.o(ManTsr.. m . «5.7 


Dn Manx Mutual 


25 3 



170 

1» 


M & G Group 

Three ljuiys. Toner Kilt FxtjT, BBQ 01828 4588 

Allanlic June 27. I 

AusL Fjf June 28... 
vjold E». June 28 .. 
island . 

■ Areum ■.'mis 1 . • 



BlBhopsgate Commodity Srr. Ltd. 

p.a BM 4% Douglas. lo.SL _ 0824-23011 gamop] MonUgu Lds. Agta. 


114. Old Broad St. ECi 
L97 Apollo Fd Juik-21 |SF47 90 

L J jpfcM June 15 UHOO 

I |f Grp June 29^ HlSSiS 

mtfi 


1 IT Jersey- June 14 .|£5 15„ 
1 17 JnyCsJ u ne 21 . [£122fi 



AR1&AC ‘June 5..,,,. Ill SN is 
CANRBO'June 5 . K1155 L22S 
COTNT«-June5 ....!S512 266M ... 

Originally Issued sl *510 and "£1.00. 

Bridge Management Ltd. 

P O Box 508. Grand Cayman. Cayman Is. 

.Vbasbi Juoe2 .. . .1 VJ539B I -—J — 

G.PO. Box 900. Hong Kong 
NijjponFdJune2B..arsi7H 11 A| — 4 0.68 
Ex -Sock Spill. 

Britannia TsL MngmL (CD Ltd. 

30Bsih Sc.. Sl Heller. Jersey. 063473114 

Starling Donaeataaled Fds. 

Growth Invest 3X5 34.1 

total Fd. 820 . 881 

Jersey Energy Tst.. 140 2 15X1 

U ajvsl. J Tsl . Stg._ E214 

High Int.SUg.Tst |C0 97 

1>A DsHar" Drnamlnaird FUs. 

UnlvsLSTSL _..trfSI9 5371+0.041 — 

Int-UlghtaLTst Isi’a.TT UlJ | 9.0 

Value June 20. Next dealing July 2 
Brora Shipley Tst. Co. (Jersey) Ltd. to r, “^2? eT 

P.O.Shs 583. SL Keller. Jcrxey. 05W74777. 

Sterling Bond FU...IC9.7D ID.01| .1 1225 

Butterfield Management Co. Ltd. 

PO. Box IPS. H sroil ton. Bermuda. 

Buttress Equity — K36 2«« 1W 

Buttress Income [X97 20s| _ ..I 505 

Prices al May 12 Next sub. dsy July 10. 

Capital International SLA_ 

21 me Nwre-Dsme. Luxembourg. 

Capitol InL Fund... | 5USL728 | J — 

Charterboase Japhet 
1. Paternoster Row. BC4 


01-5886484 1 

“SHH iSSi 

ujd-0 42 L9B 
5UH .. 0.74 

12 90-030 — t 


Murray, Johnstone I Inv. Adviser) 

M3. Hope St.. Glasgow. C2 MI-2215521 

■Hope SI Fd | Sl'SSXU I . .. J — 

■Murray Fund— ..| Il'SlJ 17 J .| — 

■S.W jum is. 

Negit S.A. 

10a Boulevard Royal, Inxemhourg 
NAY June 23 ... — | SUSU73 [ J — 

Neglt Lid. 

Bank of Bermuda Bldgs . Hamilton, Brmda. ; 
NAV June 23 |£54fi — J J — 

JPboenlx fnternaiional 


Inter- Dollor Fund [$233 


2401 ...J — 


Quest Fund MngmnL (Jersey) Lid. 

P O Box 104. Sl Heller. Jersey. 053427441 
Ourct SUc FhdtoL | il 

Ouest toll Sec*. .1 SCSI 

Quest Inti Bd . ..I St'Sl 

Prices at June 2B Next dealing , 

Richmond Life Ass. Ltd. 

48, Athol Street. Douglas. 1 O M 


Adiropa- 
Adl verbs. 



tiThe Silver TrutL 
Rictimond Bond 07 
Do. Platinum Bd. — 

Do. Gold Bd ... . 

Do Em 87.06 Bd 


I307J 
1724 
120 9 
304.6 

uafi 


ig JuL 3 


082423014 


13.92 


1290 -23 
3815 +0 7 
1273 -LSI — 

110.1 -1.U - 
1775 +071 1X54 


Rothschild Asset Management (C-L) 
P.O.Box 38, SL Julians Cl Guernsey. M81263SI 1 


1SS2„ 


58.71 
155.9m 

ir,a LM 
146J 1556) 

1346 1426} 

,.._Jj36U 2777] . . 

Price on Jane 14. Ne«t dealing June 30. 
tPrices on June 21. Neat dealing July 7. 


O.C.Eq.Fr. May 30- „ 

OC.Inc Fd. June 1.. [147 1 

OC IntLFdf 

O C.SmCnFdKTSL 
O C. Commodity*.. . 

O.C. Dir Comdty.T— 


Royal Trnst (Cl) Fd. MgL Ltd. 

P CL Box 1B4. Royal Tsl Hse.. Jersey. 0S342744T 
RT.lMT.Fd. .. .W.S9J5 

RT. IclT. iJsy >Fd .W4 

Prices at June IS. Next dealing , 


Dealing to. 

37 Broad SL. SL Seller. Jersey 0634-2050; 
l<5 n*1lsr iVinmlnsliil Fonda * 71 


Anericsn 


See also Stock^au*anae^*Jto^ 



"H”*® ^viSS.^r::i(L7 

-—I 5 02 # Aeenn.ITciftsi 


The British life Office Ltd.* (a) 

ReUauce Esa, Tunbridge Wells. KL CS32 22S71 

BL British Ufa M&JS 5LG +P.6I 5.74 

BLBatonwJ* W5J «L?i ...71 5A7 

BLEHridond' Jo.4 443) j 933 

Prices June 2a. Next dealing July X 

Brown Shipley ft Co. XJd.V 

M ngr i: Founders CL. EC2 
BS Units June Z7 _ [237.4 223.H 

Do. (Acc.1 Jnne 27 ...08.4 277.H _ 

Qreanlr Trusts u) 

PinDHKll 

General _... 

.Growth Accum. __ 

Growth Income 

High Income 

Index 

Oveneas — 19 J 

Pert onrance B7.0 

Rrcnvery ga.9 

ZSnnpL June 12 [57.9 

Canada Life Unit Tst BSngrs. Ud.9 
iS< High Sl, Potters Bar, Herts. “Bar 51122 (Aeeus a. 

Can-GecMat JW.7 3971 +0-9 439 ffe^ uSui 

Special 

M 


UoyfC life Unit Tot. asngrs. Ltd. jm. Cbeapaide. E.CJL 
73B0. Gatehouse RH^Ayles bury. 0Z965MX Capital Jana 27 — 995 

*“ i5SSHs=a:2»i 

W « G GroapT (yXcKs) (Accum. Unltsi 2662 

Ttira Quays, Tbwer HOI, EC3R BBQ, 0U28 45B8 JJeneralJmmat— 02 

- - — - (Accum. unltsi sdv-O 

iu Europe June 29 503 

53.71 +0.4! X94 (Accum_Dnlts)_._-y34 
567 +L1 X57 
57.7 +L1 Ua 
U -OX 441 
87.1 —0.3 441 

132.0 +02 3M 
67.9 +XD 297 
MJ Bjfil 

1223c -93 112 

3X7 -L0 8.12 Accum. UMa. 



i Accum. Unltsi 
AustralaElan 

(Accum. Units). 

Connnodity — 75.9 

(Accum. Units) SL0 

Compound Growth. 1042 
Ccaveralon Growth 629 
Conversion Inc. — 627 

Dividend 11M 

(Arena. Unla>_._ 2153 

Europemi— S8J 

W-I 


(Accuro.Unltsj 1093 

Far Easiest! ... 57.9 

lAcciisn. Units i 63.4 

FVnd oflnv. Tstx_- M3 
(Accum. Unltsi.... 740 
General 062.4 


Do. Gen. Accum 

Do.Inc.DuL 

Do. lac. Accnra 


Cape! (James) Mngt ULf 

too Old Broad 5L.BCT7IBQ 013080C10 

Capital. 88,71 1 JO 

Income .„HJ Cij J 7.67 

Fricea on June 2L Next dealiuc July 5. 

Coriiol Unit FeL Mgra. Ltd.9 (aXc) 
Sfilburn House, Newcastle-upon-Tyne 2U8Q 
Cariiol. 


(Accum. UtUttl BgZ.7 

High Income 

(Arena. U nlU I l}M2 

Japan Income |15B3 
(Accun. Unltal - — B59.7 

Magnum 3139 

■ Accum.Unlm) — „HS43 

tadland |U 

(Accum. Units) 127X7 

_ J786 ' 

Second Gen. piM 

(Aecum. Uuttai P0X1 

Spvclrilssd Funds 
Trustee __ — 
lAccum. Unltsi 
Chari bond June 27. 
Charlid. Jua«23 — 
(Accum. Unltsi. — . 

Pczia ScJane 20 — 


1B34M 

125.6 

185 6C ...„ 
Z7Si 
845 .._ 

104.1 

323 .._ 
35J 

17U .... 
2M.6 .... 
195J 


01-3403434 


*3 

2381 

724 

724 

367 

3.67 

229 

229 

444 

373 

4971 


PenftChaiFkUilSO [166.7 
"Spec .Ex. June 7 — DO.1 
•Rocorery Jnne7_fiS95 . 

■For tax exempt fnzuu only 

ScetOoh Bqnltablc FntL Mgr*. Ltd.T 
to SL Andrew* Sq.Blinbargh 031-5000101 
Income Units [482 51J| — --J 5.31 


.|S5J 

Dealing day Wednesday. 


. _ . . . . 531 

5Lla +02 329 

87t m U? Sehsg Unit T*t- BSuaget* Lld.9 W 
116.4 -03 357 PO Boa 5U, Scklbty. Hie., E.C.4. 012335090 

J-g Sebag Capital Fd. _J5-5 3401 +0.51 3.70 

fi5U to2 469 Sebag Income Fd...gra 512|+0.lJ 344 

79.6 +02 469 Security Selection Lid. 

~n~, 13- W. Lincoln'* Inn Fields. WC2. 0WO10B3M 

lias* ^9 36S -j 

049 -L5 168 UnslGthTfetZnc — |2L1 77 M 1 +29 

mi tH Stewart Unit Tat. Muteget* Ltd. (a) 

X/BJI+IJ! 45, Charlotte Sq. BUnburgh. 031JS3SBT1 

IBSew a rt Aascrtcan fW4 

Standard Units — 1*43 68.7J | L40 

Aceum. Units — _M3 
Withdrawal Units _pX3 
•Stewart Brlttah Capitol Fund 

Standard OSEJ 143JH J 440 

Accum Units,. (1512 1645] ...J 



393 

3.99 

7J2 

722 

446 

446 

5JS 

525 

427 

427 


SiEjz 



Dealing tFrl- *W0d. 

Sas AUliacr Fund Haft JUd. 

San Alliance Hae^ Horsham 04O3M141 

4s MK W=| S3* 

7{fi Target T*L Mngra. Ud.f («Mg) 

0900 5041 
92 385 


657 

627 


528 


Do. Accum Unita_.pl lizj JS 

Do High Yield HL2 43D .„.J 821 

Du. Accum L'tLila-j5L3 534 —J 321 

Nest dealing date July 12 
Chart tins Official LoresL Fftfr 
77 Loodoa Wkil. JKSN IDS. Ol-SBSlgi; 

Income June 39- [1324 — I J 370 

Accum. June 20 12531 — | | — 

fiUnantiL Only available to Beg. Charities. 


Brcoiife Hbau^t WL SSSSSSIkl 

SL George’s Way, Stevenage. 0085001 Target Fi n a nci a l . . M.9 

Crotrti: Units [533 527f ...-.[ 435 Thissc Eqirily__ M2 

Mayflower ManaRetnent Co. Lid. lSjte?u5£.~ my 
14tlS Greaham SL, BC2V 7AU. 014088090 TLreetGUtflmd- 113C 

Income June 20 [187.7 11341 | 313 7*n:« Growth »5 

General June SO — |w.B 735] —4 333 TJutwIniL.-^ (77.4 

M-reury Fund Managers SM. 

Tel'S.- ' 


30. Gresham SL, EC2P3ES. 


Charterhouse Japhet? 

. Pateraoiaer Row. EC4 

CJ. Internal'; gd 

Accum. Unltx [27 2 

C J. Income . _____ [S26 




3JS8 


CJ. Eoro. Fin „ — 252 

Accum. Units 50.4 

CJ.Fd.InV Tat Z7A 

Accum. Unit* plA 

Price June 23, Nest dtullng July 
Chieftain Tnut Manager* LtiWiltgl 
11 New SL EESU4TP. 0141833332 

American |fz232 2AM +02J L62 

High Income U0 0 «3.ffl +0J[ 9.60 

International Tst— kri248 267 +021 333 

Baric Rant T«l[S 5 fflJj +0J| <59 


Mere. Gen. June 8-1110.9 

Acc. Uts. June to [2J5.0 

Mere. InL June ZB..IM 9 
Accrr- Uts. June28.tU.9 
Mcrc2hLMw to _ @41 . 

01-248 Set® Accum. Ut*. Apr-ZL 

IS BSdtetxd Bank Group 

Unit Tnut Managers lld.9 fa) 
Couriwood Boose, Sliver 

SbrfMeld, Sl aHD. 

Commodity ft Gen. . |g.4 

Do.AccuBL. .. . .179.9 

Grcn1b.„ . . . _g.g 


01-B004565 


, Juneto-...- 1530 
Tgt. Inc. 236 

Tst ftrt. 153 





L92 

|28 

391 


Do. Accum. _M7 


Do. AeeimL____ g2 

International 833 

Do. Aceum S20 

High Yield. 60J 

Do. Accum. 63.9 


Confederation Funds Mgt LULV (a) 

M Chancery Lane. WC2A 1HE 01-24202S do Accirrn.- _. ._JlK5.9 .. 

Growth Fund [40 9 43JJ +OA| 4.40 'Prices at June 30. Next dealing July. JL 


iSt Special SHs. _ P9J 

eJS Target Tut. BSgra. (Scotland (aXb > 

442 10, AtholCroseaaLEdln.2 081-220 B82U2 
Target A mer Eagl rg7 .0 29M) +0.11 

Target TtdaU«___W2 S-S +051 593 

Extra iBeeme Fd. — pi.4 62L8j +OX[ 10X6 

074279842 Trades Uskn Unit Tit. Managers? 

2-S+L3 f-M 100. Wood Street, EC2. 01-4288011 

»fi3+0 IS TOT-'TJn®*! 1531 5X4[ | 5 JO 

+cl 3 ?J7 Tranaailantle and Gen. Secs. Ce.9 


ag+gJ 

M**' 


218 

US 

854 

354 

5.95 

5.96 


5®33ter Fasd Managers Ltd. 


SSESSSSSSEW 

nLi-isi 


CosmopoIn-GthFUiU^ 1371 — { 4.90 

Crescent linlt Tsl Mgra. lid. fax# 

4 MrirjDeCrea.. Edinburgh a 031-2984B3I 

Cretccm Grovth 12ft 6 239+0 2) 266 

Cres.Inlenwl1......5a.® +fl-5j 375 

CK3.RJ9IL OJL — fed <ZM +0-3 9.07 

Croc. Pjwrres -.09.4 CS +0.U 443 

Crao. Tokyo @81 SJfi +0.8| US 

ffiieredonny Unit Fond Managers 
22 Btomfleld Sl. EE2317AL. 01-8SM85 

Disc Income |lfi02 17L5[ ._. | 526 

& F. Winchester Fond Dbxgt Ltd. 
Old Jewry. EC2 O1-808SU? 

Grant Winchester- [M.0 X9.U -....I 624 

GtWlnch'er (7jau}2a0 ZLCJ 1 4.50 


S s^^a3 IS « » New London Bd. 

5461+0 658 Barbican June 20. .1734 
&2.S +«3 358 (Acram. Units.). — . 110.7 

BnhBnUDMB. Bi 

Bactai. June to.—— 775 

(Accum. Units) 960 

ColeaaJmM^B — 1229 

(Accum. Units). M8 J 

Caro bid. Jane to C9.9 

(Accum. Unltsi — >47 

Gina. June 77 523 

(Accaa. Unltsi. .... 672 
AfarUwroJuneST... 50.6 
(Accum. Dnital_— 57.7 
Van.Gwth.Junr27. <85 

(Accum. Unltsi 59 6 

Vsn'Ut Junr 27-* - 69.7 
Vang. r« June SIS. K2. 4 


Chelmatord 0245 01851 


3.90 

6F4 


Muster Jane SB B54 

Exempt June 30 ..._|n.7 
MLA Unit Trait Mgcicnt JUd. 

Old Queen SdraL SW1H BJG. 014097232. (Accum. Units.) _r..V«8 

MLA Units — .,_._..P9J 4L5[ | WlritTJmwSB _fee.9 

Mutual Unit Tnut Managers^ (oXg) ^g^g«iBU-.l*3* 
lU.CnpUtoU Aic^EC2R7BU. 

McrjnlScc. Flux — B05 543 

Mutual Inc. Tot (665 71| 

Mutual Blue Chip.. KBJ 46 1 

Mutual High Yld ._ [55.7 59.1 

National and Commercial 


12x3 


01-0084803 Do.AcSu£?^.^|SI 
tol 1% Tyndall JHuagers LldL<? 

625 18, Canynge Road, Bristol. 


100J, . 

129L4 -02j 

« j? 

57 J 

555 — 
TU 
52b 
60. t 
BU 
6ZJ ._. 
73/ ... 
437 .... 
46.4 .._ 
622 .... 

67.6 +0J 
77/ +03 


5.78 

371 

527 

49b 

496 

H 

726 

7X4 

512 

5X2 

285 

zas 

262 

3.62 

907 

373 

6.73 

5.Q 

5.® 

878 

270 


487 


Income June 3S..._ 
tAccwa. Dnital 

32. Sl Andrew Square. Edinburgh 031 ”550 8X52 MSSjESS- 

SESilfc® r-j til Bgg flisF 
S&STfcrte rni Its US;*?-- 


952 ■ 

1752 

13X6 

mb 

1524 

2572 


lAMUm. U#ltsj,__5c.fi 


Eauoc ft Dudley Tst. H&guaL Ltd. National Provident Inv. mngra. Ltd.? Prat June to- 


3ft Arlington SL, S.W.L 
Emson Dudley Tsl. [475 

E^ttos Seeo. Ltd. (a) (fi) 

41Blsbop5g8te.EC: 01-5882851 

Pro granite 1656 692j+05| 412 

Equity ft Law Un. Tr. M JM faK bVc) 
AxershamTULHigbiVyCOBte- 043433277 

EcuUyftLaw- [648 682|+09[ 427 

FramlicgtOD Unit Mgt. JUd. (a) 

6-7, Ireland Yard. EC4B SDH. 01-5488871 


01-4007331 4&GraceehnrchSL.EC3P3&H 

72.61 | 3B0 NFLGth.Un.Tri — \A3& 4fiAi 

(Arcuro-Uaits)* — SS.4 56.' 


(Accum. Units)— -- 


American 

Capital Tk. 

Income Ta._ .... 

InlGrowrtiFc.. _ 
Du Acciua. ... 



XM 

3.W 

716 

£S 


NPI O' seal. Trim- 1B.9 

IBSA 


Extra Inc. 

Financial 

Growth Inn. 

Income — 

Portfolio Inv. Fd 

Universal Fd4d)_ 


120*0 


Scot ft Cap Jane 98. [1342 

(Aecum. Unltsi [1594 

Scot lnc. June 28_ [160.4 
LoaAm Wan Group 

Capital Growth— .IT 
Do. Accum. 


1W.6) .... 
M40 .... 
1272 .... 
178.4 .._ 
IM2 

1612 _J 
2492 

Z73.0 .... 
UL8 ._ 
1262 „ M . 
14U 


027232341 
852 


445 

U4 

5X8 

Tm 


Extra [nc. Growth*. 
Do. Arcus. 
Financial Pr-rty. — 




Do. Accum. U0 

High 1st Priority... w.9 

In terns U otai 308 

Special Site. I39A 

r f jdi Ioa] siz TSB Unit Trusts fy) 


57.0 
45 0 
148 




SAOj+Lfl 
87.9 +L0 
39.7 +0J 
462 +02 


15.8 

192 

tM 

33.1 


+ 0.1 

+oi] 

+o 

+ 0 , 


32.71 +0.H 


576 

923 

600 

495 

538 

1.99 

2M 

523 


FoinUk 

Fond Li 

Emperor Fund , 

Hlspauo- [JUSJIIJ 

Clive Investments (Jersey) Ltd. 

P.O.Box 330. SLEellcr. Jersey. 0634 37361. 

Clive Gilt Fd (CU.I. |1033 10 Ml ( XL 00 

Clive Gilt Fd. ulty.i.lU.Ol 1(L83| | 1L00 

CornhiU Ins. (Guernsey) Lid. 

P.O. Box 157, SL Peter Ban. Cuemacy 

IntnLMxn-Fd.. |lf>40 17051 | — 

Delta Group 

P.O. Box 8012. Nassau. Bahamas. 

□el tain vj one 2P _|SL70 L79| [ — 

Dentscher lnvestment-TTOst 
Pnatfach 2885 Blobergasse 6-10 8000 Frankfurt. Save ft prosper International 
to't’rSi tor5o"rids“ mfl-Oilli — 

Dreyfns Xntercoatliiental Inv. Fd. 

P.O. Box N3712, Nassau. Bahamaa. Dir. Fxd. InL**. . 

NAV June 27. pliSftS Ultl | - !S*5!S- Cr 3 

Bason ft Dudley TBf-WgLJrsyXiu- N^h^neria^n'.V - 

P.C*. Box 73. St Heller. Jersoy. 063420501 Scpro“7. |1397 

EJJXC.T. [117.8 125.41 .._4 3.00 tterttoftdemBBliwiedJFnds 

F. ft C. Mfcmt. Ud. Inv. -Advisers 
1-21 Laurence Pountney Hill, EC4B Q3A. 

01-623 4880 

CcnLFd June2I [ SUS5J4 ] | — 

Fidelity MgmL ft He*. fBdo.) Ltd. 

PQ Boa 870, Hamilton, Bermuda. 

Fidelity Am. Asa. ) SUS24.96 

Fidelity InL Fund _ I 5US2L46 

Fidelity Pac.Fd I SUS4759 

Fidelity WrWFd._J 5USS4C7 
Fidelity Mgmt. Research (Jersey) Ltd. 

Waterloo Hie. Don SL. St Heller, Jersey. 

0534 27581 

Serin A (IntnU I £3.78 

Serip*B(Pacificj_.| £8JB 
Series D (AmAas.ij 07.12ri 
First ViUnc Comraodity Trusts 


277, 
7 511 
13 
325 
452 
0.72 


ney. vuimitii 

f flrd 3^ 

aiicg Joly 14 i 


_(9 17 

97M 

....{7.01 

731 

, ... K2.68 

46.15 

t.p72 

403 

-T.[l397 

1527 



a. 

Ko'ia — 

J+flJij - 

inseyiJUd 

Jersey. 

::| gS m = 

*.l| 07.128) S | — 


_ . _-. 'June to, “June 20. 

IWcefcly Dealings. 

SchZeringer International Hngt Lid 
4LIaMo*teSL.SLBeUer, Jersey. 0534733* 

SLAJ.I ....—.179 

S-A.OI $8-M 

CUiFd 

■(Next snb. day Joly & 



ate 

5ft 

T?a 

3.0 


0i«07«7 


Schroder life Group 
Enterprise House, Portsmouth. 
Urtc»Mtl*ri* l Funds 

iHjuity .|11?5 


07057777 


FU. Vlk.Cm.Tri. — 1375 
4..|74.0 


2-20 

IM 


na.iTLDbi.op.Tst |74 .o 79a3 

Fleming Japan Fnad &A. 

37. roc Notrc-Demo, Luxembourg 

FTrag. June 21 J SUS52.42 [ — .] — 

FTee World Fund Ltd, 

Satterfield Bldg* Hamilton. Bermuda. 

NAV May 31 1 SUSI79.25 | | — 

G.T. Management Ltd. 

Park Hse., M Finsbury Circus, London DCS. 
Tel: 01-628 813L TLX: 838100 


13.0 
1355 

SPIxed Interact 0048 


LUanaged 

Sllanagad 


1290 

1352 


125 0 
134.4 . 
1441 . 
hl< . 

137J . 
1225] . 


J. Henry Schroder Wags & Ca. Lii 
laO.Chaapside. EC JL 01-38840* 

SUK155 J+O.WI 25 

mnissi I 1 

29 
5J 

85 


London Anui tor; 


Anchor 'BUnlta-.. 
Anchor Gift Edg«_ 

Anchor InL Fd 

Anchor f n. Jay. 7kt . 
Berry PbcFA — 

Berry Pac Strij 

G.T Asia Fd 


G.T. Aria Sterling... uMZL ISM 


G.T. Bond Fund 

G.T. Dolliir Fd. 

G.TPWtflcFd 


SOSO.tl 
£909 
SI7S443 

a sUSCTJ4 

“fa 


5.971 .....J L69 
VBfij+IUMl I2X* 
L72 


to^+OJl 


+Uffl 


SUS1359 

SUS7.D6 

5US1424 


a 


277 

005 

LBS 

1.62 

Ufi 

482 

0.70 

LU 


Cheap $ June 20.. 

Trafalgar May 31— i rUKQfi.dl I — 

Allan Fd. Jane 23- BUSDJI 1B7B 

Darting FWl KA1B3 1W 

JcpanFi June 29 ..PUSS »9 7X4 _.... 

Sentry Asanrance International Lt» 
P.O. Box 338, Hamilton 5. Bermuda 
Managed Fund ISliSLTW lfWj J — 

Singer ft FHedlonder Ldn. Agents 
20. Cannon SL.BC4. 010008 

Dekafonda ID6CS56 26.901 1 65 

Tokyo TaL June 2_] SUS35.00 | 1 1', 

Stronghold MBnagement United , 

P.O Box 315. SL Helier. Jersey. 0654-714 

Commodity Trust _!7L28 97.1fl _....[ — 


Gartnore Invest. Ltd. Ldn. ftgts. 

u«™^) ue. w 

1503 Hmchuon Hse, 10 Harcourt Bd. HJSon g 
HK ft Pnc. U. TstTlKHKUB 1® ....1 230 

Japan Pi [iBSMSB 1SJM+L2S 868 

N. American TSL ..UtlSIlH 11HS .... I _L5 
IntL Bond Fluid _|StrSBUH6 ISiH| ( 5.78 

Gi 


Queens Hae Don. Rd.Sc Heller. Jay. 0534 2!! 
American Ind.Tst._[£821_ 85H+0511 — ' 

Copper Trust-.... — U205S lfl.TO-B.03j — 

Jap. Index TaL in? 1 1 u!57]+IU4j — 


P.O. Bos 33, DouglairtaM. 
G artmore IniL lnc _ |2L3 


Ud. 


MHKU 


850 

250 

850 


2271 ...110.96 

Goitmorc IntL Grth|fiS5 67.^ -L7] 400 

Hambro Pacific Fund Mgmt. Ltd. 
2110. Connaught Centra. Hong Kong 

Far But JuneS] 11222 12091 ... 1 — 

Japan Fund PUS777 Ug+flJ7| — 

Hambroa (Guernsey) L&tLf 
Hambro Fnad Mgrs. (C.I.J Ltd. 

P.O. Box 80, Guernsey 0481-38531 

C-L Fund rt 140.0 149.1[ ...J 370 

InmI. Bond SUS 1*5.36 10S.“ 

Im Equity SOS 10.62 W.‘ 

IM. Svgd. • A ’ SUS LD2 Li 

InL Svga. 'B' BUS LOT l: 

Prices on June to. Next dealing July 5. 
Hendenum Boring Fond Mgr*. Ltd. 
P.O. Box N4728, Nassau, Bahamas 

Japan Fd |HSHS SB) — I — 

Prices on June 26 Next dealing date July 5. 

Hill-Semnel ft Co. (Gnernsey) Ltd. 

8 LeFebnv SL, Peter Port Guernsey. CJ 

GcernseyTsL |MU 156.01+18] 354 

Hill Snnrael Overseas Fond S-A- 
37, Hue Notro-Dame. Lcrembourg 

PUSUO SM+O-ftH - 
International Pacific Inv. Mngt. Ltd. 

PO Box R237, Sft Pitt St, Sydney. AusL 
Javelin Equity Tst. [SA205 2 16 *1-003 — 
J-E.T. Manager* (Jersey) Ltd. 

PO Box IM. Royal Tst Hse . Jers+yUEH 27441 

Jersey BaraLTM_J2fiU 173 0) I — 

As at May 3L Neil sub. day June 30. 

J online Fleming ft Co. Ltd. 

4dh Floor. CoiuuHigiu Centre. Hong Kong 
- - - - - -tea 

180 
190 


TSB Unit Tnut Managers (C.L) LI 
Bagatelle Rd_ SL Saviour, Jersey. 0694781 

Jersey Fund -.m2 «H I 4 

Guernsey Fund -..J46.2 ca« J, 4 

Prices on June to. Next sub. day July 4 

Tokyo Pacific Bolding) N.V. 

In r I ml ■ Management Co. N.V , Curacao. 
NAV per shore June to SUS58JM. 

Tokyo Pacific Bldgs. I Seaboard) NJ 
Inilmls Management Co. N.V.. Curacao. I 
NAV per share June to SUS4L4B. 

Tyndall Group 

P.a Bex ESC HnmIUen S, Benzuula. 24301 

250 .Overseas June 28 — ISUSUfi Lffl fa. 

(Accum. UmttJ ..BVSITf UJ ..... — 

3-Way InL June 22 _ (lUailS 2Z| - 

2 New SL.SL Heller, Jersey 08343738 

TOFSLJuneto 055 8.10 6 

(Accum. Shares) .... OL 70 2255 — 

American June 20.. B®.U 85 5 ...... 2 

lAccuasharral 39 ' MSS — 

Jersey Fd. June!!!.. 1935 2DL< 7 

iNctKl.Aec.Uu.i~. 268.6 2041 - 

GUI Fond Juneto— 1055 7075c U 

lAccum. Shares) 1366 U9.&J - 


Jardlue Erin. Tsl... 

Jardino J'ou.FIL'_ 

JardlneS£A 

JarrilH Flea JnL... 


5 HK254 36 
JHTC3L15 

SUSI6.M 

._..., SHE970 

Inti Pacific Secs. ...KBDLN 

NAV June IS. 'Equlraien: 5 tl 571 .66. 
Naxt sub. June 39. 

Keyselex Mngt, Jersey Ltd. 


PO Box W. SL Heller. Jersey.. fUnfi. W-0OBTD7OI CKTUd May 25 


Utd. Into L Mngmnt, (C.L) Ltd. _ j 
14 Mnlrastar Street. St. Heller. Jersey.' 
UJ B Fund — JSUW97I Mfi| [ 8 

United States Tst. IntL Adv. Co. 
14. Hue A! drinker. Luxembourg. 

Ui Tsl Inv. Fnd. I USS3056 J | C 

Net aaaet June 2ft 

S. G. Warburg ft Co. Ltd. 

3ft Gresham Street. BC2 01-8M4 

Cn*BdJune2S.. I 

flifp-. InL June 20. .. 1 
Cr.S-IFd Wbj31.,..| 

Mr.Eur June to 

Worbnrg InvesL Mngt Jray. Ltd 

1. Charing Cross. SL Heller, Jsy. Cl 053471 
CMF Lid. May 3 _ . [USlza 2264 


Fonadrs 

Bondselex 

Keyseicx IntT 

K-syseln Europe ... 
Japan Gth. Fund.... 
Keyset ex Japan . 
Cent AisotaCap. 


IPuL42 
PWJ8.W 
£6.62 
0.91 
srata 
£13.59 
£134.06 


L5ffl 
S5.R 
7C 
4.41 
3« 

14^7 *0.95: 


+ 0 . 0 ?] 


29fl 


374 



Metals Tsl June 16. 

TMTJunefl l., 

TMT Lid. June8 — l 

World Wide Growth Management 

Ida. Boulevard Royal. Luxembourg. 
Worldwide Cth Rf] 3USZ492 f+H37J . 


NOTES 


Frirnda* ProvdL Unit Tr. M gnSf ■ 
pi xhan End. Dorking. OtoB SONS 

Friends ?«n. I ts WW 4ja-05l AM 

De.AccnsL . , iSSS 57-S+O 7( <3$ 

G.T. Unit Siaaegcnl Ltd.9 
;ft Finsbury Circus ECtofi TDD 01-8288131 

7 Cap ice. W9 

Do Acc.. . _..W7-l 

T Inc.Fd is. — 163 6 
.7.1 Sir Gon Mfil 

_.T. Japki icCerr 3&;5 

6Gl FeVa^Fd. .11^.9 
71 T Bi> Fund — IL233 
T FoJrYesFd._.!H-l 

G. & A. Trust (aiigl 

Riyielgb Bd.. Erennrood 

i. ft A. i3L4 



B7D 225300 
SJS’-OM «.« 


01-8234800 

4.45 

& 

(Aceum. Unltil*"_. 1133.3 MZ2| | itb 

"Price* on June 8ft Next dealing July 27. 

•Price* on June to Next dealing July 27. 

Notional Weatmlnterffa) 

1ST. Chen pride, ECZV BED. 01-U06 8000. , _ 

Capital JlmanL_.lMJ 7B.(W +0.® 4 JO 
~ ~ ■— ^9 *8.7 +0J 7.97 

M 51* +0.4 534 

X 9S.7 +10 ill 

1 VJ +0J 6,74 

7 TIM +0.4 55= 

65Ji+0J| 222 21, Chnntry Way. Andover, Haul*. . Qto4B318s9 
NEL Treat Manager* Ltd.* lofcg) ■ ■ „ Dealing* 10,0364 tmi _ ,, 

MUton Court. Dorktac. Surrey. 3911 "K'S fl-3+0ft| 

Nelrtar Bgfi 62-3 -»06| 426 

NelstarHighluc — |4W) +0.ll 426 ihiftoASS^rffl? 

For New Const Fond Mnftgett Ud, TSB Scot Ush ..L.1_. |C1 

see BMhscUld Aesrt Hamcemeat thjDo Aecum. - W-9 
Norwich Union InsunuKe Group (b\ ulster Bank* (a) 

PO. Be* 4 Norwich, NH13NC 080322330 Waring Street, BeUast. 

Group Tsl Fd |3J7 6 3554] *ZD| 5-1* (b)UlsteTGro-4h....|36J 

Fear! Trust Managers Ltd. ftHgHz) 

ZX High Holborn, WC1 V 7EB 01-4038411 

Pearl Growth Fd.-- [22.4 2411+0^ 5.67 

Accum Unite..-. — . Z6 J 2ft3 ^03 S.W 

Pearl Inc SL9 5E3 +0J 486 

Pearl UnitTXL J4 2 3faa3 +05 523 

i.urum. Unite) [44 2 +0.7) 52S 

Pelican Unite Admin. Ltd. (gMx) 

81 Fountain SL.ataneheauer 

Yen eon l : eiu____pl7 


Prices do not include S premium, except where indicated i, and are in pence unless other* 
Indicated. Yields % (shewn in last column ■ allow tar all buying exponus a Offered pr 
include all expenses, b To-day's prices, c Yield based on offer price, d Ehtimatcd. g To-c 
opening price, fa Distribution (rvc rt U Jv. taxes, p Periodic premluia Insurance plana, a SL 
prcmSum Insurance, x Offered price includes all eneases except agent* rommlr 
y Ofiered price includes «U expenses il bonght itenupi managers, x Prerious day's pi 
* Net of tax on realised capital gains unless indicated Gy 4. 1 Guernsey gross, t Enspen 
6 Yield before Jersey tax. t Es-wbaivisioa. 



oa a as a a 

WOJ+OJt 5.41 

Unit Trnst Accoant ft Mgmt. Ltd- 


FumL .1153 0 062.W I 

uFnd ..B»l 30.71 

.. — P3.8 35 i) .... 


TUegWlUlaa SL BC4R0AR 

Friers Hse. FumL .1153 0 

Wirier Grth. Fnd ...091 
Do. Accum. . — [33.8 

Weler Growth Fnad 
King William SL EC4R OAR 

081-238 S8B5 JneOacUlUIS |»X 

tjsi+o.q sjj Annas. Volts Jits 


01-823 48011 
AM 
439 
439 


01-623 405 Ii 

% 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave.. London EC3V 3LU. Tel.: 01-2S3 110 
Index Guide ab al I!Utit June. 1S7S iBasc 1UI) at 14.1.77) 

Clive Fixed Inlcreai Capital 12S.91 .' 

Clive Fixed Interest Income 114.90 


C0R-VL INDEX: Close 45S-1G3 


INSURANCE BASE RATES 

t Properly Growiii s; % 

t Vanbrugh Guaranteed 9.37% 

+ Address' stiowd under l^suranc** and Property Bond Tab!.’. 

















24 


9 



Wall Street 
UK. Equities 
UK. Gilts . 

For our latest, view s and PIMS 
reports write to R.K.Timberiake, 
W Hanover Square, 

London W1 At DU. 


esmgers 


FT SHARE INFORMATION SERVICE 


t. ■ - ■* - ■ m ' m \ m "A '" V?. 1 ■ ' ' * * X ' 1 ‘‘•-a 

Financial Times Saturday JtOy 11078 
FOOD,GTOCEETES--CoEt 


BONDS & RAILS— Cont. 


BANKS & HP— Continued CHEMICALS, PLASTICS-Cont ENGINEERING— Continued 


int 

High Low 


**BRmSH FUNDS 

i £ M 


Snck 


TieM 
InU \ 8*4, 


“Shorts’’ (lives up to five Tears) 


V8%1Ejch.JiifT6.7Wt. 
101i Treasury l 
94V Treasury SpciXS _ 
95% Eleflnc^DcT^-TS.- 
Treasury ld%pt T8ti_ 

. . Electric 3%pe "76-79 — 
96% Treasury SpclMOii 
97% Treasury 9%pcWi — 
.. rreasury3%pc "7TJ0_ , 
95% Fundin*P«pcTM(Bi. 
103.'. Exchequer I3pc ISBOid 
Treasury ll%pc 19BI3 1 


i 8%pf 


10 ?) 

life] 

100 

95% 


93% 

A 

“•drf 


941 




+% 


W* 


941* ExckSijpf 1981 „ 

Each. 3pc 1981 

t +reas. variable ‘Biff _ 

Exch. 22Vpf 1981“ 

91% TreasAijpc'BWEK. 

83 rreasurytec-SKS- 
106% rreauxyMpcDSS 
94% Trees. Variable ICtf— 

89% TreainrySypc'E 

91% Elxch.S'apf 1982 

91% Exfh.9 , *pf I960 A 

89,1 Exch. H!«nc 1983 

79% Excb 3pc o3 

100%/Treasuiy «pc I983R. .[ 

five to Fifteen Tears 

89% [Treasury 0l«pc "83 — I 90%i 
13% Exth IflpciaBiIIjpd*. 13' 

80% Fundi nx 5%pc 'ffiWft.f 
86% Treasury 8 >jpc 84863 . 

77% Fnndi np 6%pc HS-STJJ 
79% Treasure 'tpe'8M«f. 

60% Transport 3pc TO® 

64% Treasure 5pc '8648 — 

101% Treasury BpcIMOS-. 

77% TreasuryftCTWS:— 

92% Treasury U6pc I99l_. 

63% Fundine5%pc8T-S^- 
98j; " ‘ 

•?&£ |£xfh. liUpc'TE [ 

Over Fifteen Tears 

•K 


595 

1135 

3.14 

4.44 

1030 

3.65 

938 

9.74 

3.76 

561 

12.54 

11.44 

3.93 

1016 

8.91 

10.02 

3.48 

1018 

1238 

936 

3.61 

13.09 
1829 

913 

10.09 
10.09 

9.72 

3.78 

11.88 


9.48 
9 38 
6 92 
7.89 
10.42 
6.78 
1L02 
10.99 
734 
8.95 
1115 
1123 

819 
11.46 
1125 
1157 

820 
1027 
1161 
1137 

855 

1121 

1141 

1130 

11.77 

1180 

1163 

846 

1129 


I 96% ITrearao 12%pCS3#„ 
60% Fnnding6pc&3S-.-. 

1 1041, Treasury l3kpc 1993^ 
112% Treasury tftjpc-94#- 1 

99% Each. 12%pc IW4 

76% Treasury 5pc 1Mit 

93 Treasury l2pc Vi 

43% fasSpc-a&fc-. 

82% Excb. 10%j* 1905 

j Treasury ISipcVSti— 
76% Treasury Oucw.'SOt*— 
114% Treasury l5%pc 
101% Exctusiuer l&l 
42% Retoptloalf 
100% Treasury 13%] 

86 Exchequer ifl%pc UHi . 

74% Trenjurylfrpr 
60 Treasury 8% pc ■«88S. 

118% Press l&pcWfc 

93% Exch I2pc 1998 

77% Treasury 9%pc I W9tf-. 

83% Treasury I0%pc UJ99— 

34% Funding 8%pf»04._ 

67% Treasury toe _ 

47% Treasury&pcTB-ia*. 

62% Treasury Thpc'lMSa.j 
42% |Eseh 12pc'13-I7iT43pd m _| 

Undated 


3?!a 


Consuls 4pc 


29% War Loan 3%pcS. 

33 Couv. 3%pc « Ml 

23% Treasury 3pc 66. Ml— 


12.62 

a89 

10.49 

12.69 

1241 

12.83 


88 


to. 

I‘ 

5 ? 

I 

3 


19% Consuls 3’pc, 

19% [Treasury %pc- 

**BSfTERNATIONAL BANK 

1 82*2 |3pr Stock 7M2 | 84% | | 5.92 1 

^CORPORATION LOANS 


922 


& 


93% 

100 % 

103% 

£ 

& 

9 

94% 

85 

a 

66 

£% 

91. 

95 

.01 


amWipeTMl- 
7LpcT»-ai_— 
U.CWiPc'Bl— 

Do. lSljpc 19B3 

GLogow8%pr '8082_. 
Herts. 5%pcTM0___ 
Lisereool 5%pc 76-78 _ 

Do. &pc "80-84 

[Da^pclrred . 
[Lon. Corn. 6bpc 75- 7B . 

Do.M,peWB 

ILC.C But 78-78 

DO 5>ipc 77-81 

Do Pipe -8284 
Do^Vpc'8587 — 

DottpcWB— . 

DaSpc'aiAft ._ 

Middx. 5% pc 1980 

Newcastle 8%pc 7880. 
[Warwick 12%% 1980 


93% 

89 

100 % 

105% 

90% 

90% 

26% 

99% 

93 

95 

'%« 

91 

95 

101 


+% 


l-% 


9.86 

8.71 

12.41 
12.43 
1031 

5.77 

523 

1050 

13.41 

A 

is 

6.9B 

BJ2 

1002 

13 

9.73 

1238 


11.69 

11.78 

1203 

1254 

1235 

1058 

1059 
11.43 

1026 

UJ1 

1026 

1156 

1050 

1131 

12.05 

1109 


COMMONWEALTH & AFRICAN LOANS 

?5% 


oZ^t 

%% 


81% 

91 

50 

80 


ft 


M AusL3tac^5-78 

—Do Sjpc 77-80 

HfeSfetW 

“NZ4pc 1976-78. 


9ZVf”De.8|ScTM8— ., 
"Do.Tlji 


. bpc 83-86 

Sth. Alnca B%pc 7881.. 
Jsita. Rbud ape 25-70. 
Do.6pc7MI 


100 

93 

84 

3 SS 

SI ,J 

51 

81 


557 

5.91 

6.65 

4.11 

651 

951 

1016 


1055 

1053 

1125 

1089 

1125 


LOANS 


Ugric Ml apr'SO-JS-. 
Alcan KW-pc 88-W — 

"Mer.Wtr.3pfB' 

U5.MC.9pr 1982 

|Do. without Warranls. 


101 

102 

102 % 

jk 

89b 


ID® 11pc% 
te I4m-83._ 
IlCFT'SipcDeb.WBJ. 


>.S%ucDI 

Do. iWjpcL'tw La.'SS. 
<ut . 1 Do.llpcUnsln.'88_. 
40% |Do.U%pcUn».lJV VO- 
Do.7%pcADeb.'8WKL_ 
Do 7%pc.\ Db. Vl-W... 
“ * 'A l; 9I-94. - 


TOij 

e* 

73% 

70% p)o6WLn.^«7- 


l and ind- 


60 

+ 1 

8 33 

81rf 


12.96 

29 

+' 1 * 

10.70 

129id 

-2 

6.87 

8881 

rial 


1037 

101% «d 


12.84 

104i a 

1383 

104% 

+% 

13.46 

81% 


6.90 

76% 


8.27 

92 

+ % 

12.10 

92 

12.72 

93% 
62% ri 

+% 

13.41 

1L60 

63 


11.91 

75 


12.47 

72 

+% 

13.00 


10.87 

1186 


1148 

13.40 

1239 

1260 


078 

High Law 


Sort 


91 

375 

87 

160 

««D 

597 

DM91 

97 


82% 

79 

265 

|“ 

Sl 

94 


Ireland 7%jr 81-83 
.pcitN.... 
Uapra4pc IQ.us 
1 DuOpcRHS 

jFcnr .\ss3pc .. — 
BG.l.B%pcl9» — 
jTnnnSpc 1991 

nnn6l«cl984 — 

L'ruguaySbpr 


Price 

+ ur 

nil. *f 

1*4 

£ 


Gnu 

Held 


*i 4 

+% 

Vi 

12.17 

12.97 

365>d 





69nJ 

+% 

6 

11.05 

140 

3 

236 

75p 


»i 

8.67 

' 594% 


952 

DM91 


& 

10.70 

97 


3% 

380 


L'.S. $ & DM prices exclude inv. S premium 


AMERICANS 


1*7* 

High Low 


17% 

32 

331 

15!. 

29% 

19% 

32% 

23% 

11 % 

1.3% 

u5 

48 

42! 

48J_ 

S* 

11 

21 % 

14 

25 
18% 
47% 

26 

28 

47% 

32% 

26% 

40 

12% 

1B% 

32% 

41% 

25% 

44% 

241; 

48 

14% 

224% 

52% 

21% 

976p 

28 

32 

41% 


lMi 

■» 

21% 

11 

« 

£z|p 

sr 

K 


|+ *rj Dir. 


Grass I CVrl 


lh. >- — 

32% Caltrpillarll.. .. — 
Chase JTblii 512.3. . 

CbesebrouchSl — 

765p ChiysterS6% 

13% CltirwpM 

733p City Inv. SL2S 

14% Do. Cra Prf BSl.. 

12% Colgate-P.Sl 

29 Coltluds SI.— 
15% Coot Illinois S10 — 

17 Cont. Oil S5 

20% Crown ZeU. S3 

20% Cutler-Hammer K> 

22 EauuCrpSOM) 

IP* Esmark 

28% Exxon I 

670p Firestone Tire J. 

11% First Chicago 

20% Fluor Core. S%_^_ 

26% Ford MnurSS 

16% GATX 

29% Gen.ElecLS2%. 

15% Gillette SI _ 

28 Koueywell 1 1 JO.— 

750p Hatton E.F. 

171 LBJ1C«^S5 


34 


Ingersoli 


.ASA 

lAMFSSConi 87- 
Asm SI 
.Vmencan Express 
Amer. Medic lot.. 

Aurcoluc. 

Baker Intnl Core. SI 
Barnes Grp. S®,... 
SenduiCwp £.. 

Beth. Steel a 

Bnwu'gFer.flOtj- 
BnmswukCorpn.n. 
Burroughs Corn, S5 
CBSSlSal 
,CPCS%_ 


735p lot. Systems 6 Con. SI 
7D5p I.U.utenutionall 

18 Kaiser A1 Si 

20 ManLHaD.uSS7.50 
26% Morgan ( JPiUSSla, 
12 NomuSmonlncSL 
13% Owens-Ill. SL125.._ 
14% Quaker Oats USS5-. 

15% Beliancen^S 

16** Rep. N.Y. Corn. S5- 

11 Rexrwrda.l 

14% Richdsn.-MrrilJl% 

255p SauliB. K.)S1 

18% Shell Oil SI 

11 £ SingeriliO) 

22% Sperry Rand 50 JO . 

16% lHWInc.SU, 

18% Tenneco 

131 Do.l0%Ln.9k01-£. 
505n TesnroPLGSSO.l®-, 

16% Texaco JftS 

S Timeluc. : 

ip TransamericaSl^.. 
21% ltd- Tech. IUS5._ 

17% U^.SteelSI 

11% Woolworths S3I, 

28% Xerox Corp SI 

385p Xonicslnc.lOc 

10% Pap«a Corp. 25c _ 


3 


+% 


-i-i 


U 


!+% 

-l%i 


- L9 


- 3.4 


- 6.4 

- 3.1 





'+ w 

Die 

Hitfa 

Lew 

' Stock 

Prire 

! - 

! vi 

735 

177 

N'lLBk-teif 6A1. 

233 

*5 

®r 

fll 

66 

N'aLCem Grp 

Vat Wert, l; 

64 

+ 1 

m 

740 

260 

+5 

1149 

445 

350 

SrhrodenEI- _ 

410 

+10 

1155 

■£>•» 

190 

SetrombeMCEl. 

210 ■ 


1334 

9? 

70 


74.S 


501 

4?7 

378 

Mand'H Chan £ I . 

392 

+8 

1935 

69% 

8% 

Trade Dev. SI3U 

59% 

-% 

SIS. 

356 

48 

MU 

37 

LwenDrrfit 

IDT. 


+l" 

£24 

FI Vj 

fells Farco Sb_. 

£21% 

-% 

5140 

67 

60 

WmlrartOTp- - 

66 

+? 

303 



Hire Porefaase, etc. 

& 

31% 

>'atrir * 'Hrter- lOp 

36% 


220 

F.35 

CieB'creFr 100. 

“1 

*1 

Q12% 

B 

8 

Credit Data tap- 

6* 


— 

111 

43 

14 

85 

30 

B 

LJotdefcScDLBb . 
LaiLScoLFia. lap 
MorttawJbrc.llfe 

87 

40 

9 

+1 

t3.95 

RL87 

107 

85 

Ptnv. Financial . 

90 


4.87 


23 

10% 

Soi?. Credit lto 
Slnrta Hldp life 

27 

14% 

— 

%n.s 

48 h 

39% 

Wa£tm Finance.- 

41 


K2.06 


nrlGrilP-T Hij* LwJ 5*wk 

4 I 3 81 * 396 [328 Dxp.rlenC^ 
4d 5 a 5.M 49 I 42 

4i| 67[ 541.77 I 62 !o- Pzi* 

tam.7ffedt.jto . 

i30'-’j£22% 

— 1 — ’ p]-. 4 M ipp. 

i I Op 

; 3c=toka top — 

— '"J — [ —"fl0 9|22O [190 faK 4?M.E:rf 

^te* Jrt 

a-i rtrnrSrtcrifS. 
IPiSriKcBrr'Bj. 
1 Xo;.ied«iBe_| 
1 SVrisCIWBI — 


las 


#8f| 


+1 


2J| 7m 43 


LSI 3. 


751 22) 93; 
2 6t 4 1135 
22| 7jT7.4 

n m 


CINEMAS, THEATRES AND TV 


BEERS, WINES AND SPIRITS 


ti$L60 
fiOCL 

r 1 

10% - 

5250 
5150 
80c 

72.00 
51.60 
51.40 

52.00 
7%c 
s30c 


- 5.4 1 


- 3.1 


- 0.7 


78 
. 30 

P 7 

ft96 
37 
92 
66 
100 
40 
130 
[140 
, 55 
114 
163 
IS 
43 
i 93 
213 
1154 
|l28 
83 
109 
270 
1360 
50 
62 
95 
94 
82% 
185 
145 


Allied Brews. . 
Anil IhstPrlOp. 
BassCliar'flton.. 
tBellAnhuraOp.. 

BeHurea Brewery 


.DullDenaC 
(GorduntLi: 
GangbBnw , 
Greens Q ftTnGey 
nireeneKisg — 

(Guraness 

jHig hl'dPi tl 30p. 

llrrsh Uistrllers_ 
MacsUan GIen_ 

MnrlaadEI 

Sandemaa 

Scott 4 New 20p- 

Timalin 

Viut 

Whitbread -A' 

VColv, Dudley 
Toaa^Bs* A'Jflp 


r 

153 

234 

47 

106 

76 

10M 

46 

130 

+1 

+2 

+1 

-2” 

t393 

W025 

+434 

b4.78 

h261 

3.50 

BP 

L76A 

154 

..IT! 

3.10 

56 


2.4 

138 

+2 

+521 

176 

+1 

654 

24 

1Mill 



49 


2 80 

113 

260 

+i" 

+262 

t6.53 

160a! 


+7.02 

130 


2.9 

101 

+2" 

2.23 

150 dl 


+355 

320 


4.62 

480 


1245 

55 


2.31 

671? 

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Maraon Fin. 20p. 

jMertureSecs. 

(Midland £1 

Do.TGSBWB- 

Do.Ufl.«*W8L 

[Minster Assets- 



FINANCIAL TIMES 

BRACKEN BOUSE, 10, CANNON STREET, LONDON EC4P 4BT 
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For Share Index and Business News Summary in London, Birmingham, 

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DVERT1SEMENT OFFICES 

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JBSCRIPTIONS 

Copies obtainable from newsacents and bookstalls worldwide or on reeuixr subscription from 
Subscription Department. Financial Times, London 


100 

280 

57% 

113 

175 

147 
139 

148 

100 

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LafargeSAnoa 
Lai ng (John rA”. 
LaUamlJrtl — 
Lawrence iW.i_ 
Leech (WDL'SOp. 
Levland Paint... 
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Lwell rVJ>. — 
McNeill Group . . 
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42% Mallinsaii-Dcmiy 
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UarchwieL. 

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Marshalls I Hfxi_ 
May k Hassell— 
Mean Bros 

MdviUeD.tW- 

MjjverjMmULi. 

Hiller {Stan) Hip! 

Khroncrete 

Mod. Engineers. 

MonklAi 

MowlemtD 

NewarthiUEl — 

Norwest Holst 

HotL Brick 50p. 
Orore De*s. lOp. 
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PhoenixTiiaber.l 
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Rohan Group 

Rowiinson 10pf. 


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11 a 2 

4.4 30 

-is iff, 

Mfsna^ 

41 27 
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63 15% 
,9-0 175 
8.2103) 296 
1 83 85 
1^133 

lln 

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12 90 
76 131 
7.7 125 
43 80 

72 U4 
« *202 

3.4| 9.51 4 J Jo 
2-UlO.ol 7.0 50 
*3 E91 
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7 £10 
2 111 
.48 109 
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123^i> 88 
> 114 
J3 254 
, 8.1 97 

93.8 55 
53 295 
63 740 

73 50 

5.4 41 
7 A 39 

,135 
392 
67 
125 
— 322 
103 105 

52 135 
23.0 276 
103 

15.9 
33 




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5^9 


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AB. Electronic.. 

Allied Insalators 

Andio FkMiSw lOp 
Auroted Sec I Op 

BICCSOp 

BSRIOp 

Beat * Mar )Bp._| 

|Brpcks 

pmpbelifchwd. 

Chloride Grp. 

|CoMi[LSav.3f>- 
atrmiiclfc- 
tmlOp-Jl- 

DaieHect. lOp 

Dacca — 

Do.*.V 

DerriironlOp 

DewlmrefA r iC^ 
Dos'diiig & H. 5p. 
Dream\smdlOp_ 
Dublliffl-5p, 
POSOp-l 

nv. , 81 

-ri I 

nicMa , 

□ee. Rentals ]0p [ 

IST’ 

FameUElec.aiJp 

Rdeiirt Rad. 10p 

RwwardTech.5«p 

GX.C 

Highland El. !0p. 

Jones Stroud. 

Kode Int. 

I^arenMSeott^ 

LecRefriii 

JLK. Electric 

Mulrfcead 

Newman bids [ 

Kewaurfc Louis * 
N'ormandEl.ajp. 
Pcrkmitaer* 
Petbow Bid? I 
PhihpsFia.SL.. , 
Philips 1m. FI 0„ I 
FifwHldss.aip. 
Do.‘A‘2Dp 


RacalEleftncs— 
BediBunoa 

RooflexGB. lOp 

SdwIejiGHt 

SonyCo.YS) 

Sound Diflhn.Sp. 

relefnHonip 

Do-A'Na'5p_ 
TeleHeutuis- 
ThoroEleel__ 
Th'rpeF.W.lBpt 
DnllShlOpJl 
Dtd-Sdeut&lc— 

Ward A Gold 

! JencoHMs.3p_ 

wesUngboose 

Whitworth EL 5ft 
Jhtejtfentaip. 


Vi 

+% 
+i%] 

3 J 5 

+5" 


-el 


132 

7.05 

4.77 

+2.74 

1.62 

3.40 

131 

03 

2.90 

5.14 


+% - I - I - I - 


+1 


+3 


+1 


+1 


+6 


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8.8 
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88 
60 
135 
80 

(5.41 75 

ifliv 

9.4 

8.5 

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PnOtfF) 

Priest (Bent- — | 

SSSfiSfiM 

MneEn^glD 

R'lHomresSLEl 
RalciiSelndr— 
RatcHfis(G.B.)_ 
Record Bldgway. 
R’dnro H'nan ltfp 

Reaold£I 

RidurdsofLeic. 

lich'nj ffesl 
BohiKOn (Tbos.l 
Eoterkir 
Sandersi 
: SarOle 
Senior Eng'gli 

Serek — 

Shakesp'roJ.ap., 
1 Shaw Francis 20pJ 
Sheepbridee — 
SimonEngg — 
600 Group — __ 
Smith fWWU5p„ 
Spenr ftjacbon. 
Speneo-CILSep. 





288 
325 
102 

& § , .. 

* £10% L 
24 I 
4 I 90 




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. ENGINEERING 
MACHINE TOOLS 


i n? 
223 
116 
93 

— 272 
163 

7-| £159 
■73 65 
60 56 
6 2 140 

waiiu « 

}. 125 
, 70 8% 

m m 

5.9 23 
4 100 
- 115 


' A.C3LMarhiaenr.. 
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Arrow 

Do. ‘A’ 

Adwest Group 

Alcan Afcndnfem.. 

i Dp.9pcConv 

Alien (E) Balfour 

Alien ff.G 

Anal Power 

■in dsn. S'dyde _ 
Anclo-Swiss— _ 

Mb It lan. 

AsjBnusn IS^p. 
A«soc.TM)in6.. 
18% Astra Indl. IQp _ 
Aurora HMs..__. 
Austin tJaaej).„ 


i 


+s 


1-2 


+1 


338 
5.71 
208 
208 
F30.0 
9.90 , 

♦sri 


25 

45 

1180 6g 
1?3 199 
6 2 138 
63 108 
7.0 117 
53 128 
4 128 
1|3 77% | 
30 53 1 
SX 39 
4 36 

- 129 , 
4 51% 

au SC 1 

SI 1 , 1 ? 


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8.7 
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15.9 

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5o 94 

4 9 70 

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78 
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157 

2.9f 4 JJll.o| 76 


face idi 

rayiorRUlister. 

rex-Ahraa.3ip_ 
rbyssenDmlOU- 
FankinsFJiSp. 
Triplex Pdries_ 
Tube Inverts. £1. 

Tnrrill 

: IVzack(W.AJ10p 

Utd-Enfi’g I0p__ 

: Utd. Spring" 
Utd-WirtGi 

Vkkes£l 

Victor Products J 
ff.GJ 



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ff.BromSp’g life. 

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Wesfu-EaBjalp.. 

Whessoe 

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WhitehouseSOp. 
Williams 
Wlmsi James... 
Welf Elect. Tools 
Wolsiy Hughes 
WTwell Fdy. life 
Wood (S.ff.i2ttp„ 
Vh'teBbm 12%p 
Young A'rt'niV 


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HOTELS AND CATERERS 


. -fte 
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t^steswSB ...... 

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Artown B»a.Bp 
Abbe LM, 

AsrfrsJtaSE. 

Ani. to. Asphalt 
ArewoU'AjWp 
t Vsre Imurete 
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lukbaFlIryira 
Aron Rubber £] 
RKAGrm 

BELT Drid._. 

BOf Intel 

BTR 

BatnUWm.HU 
SrS^'fid'Rltic 

BMr*W..AT.'A 
Bnrrw Hcpbura 
BithfcPorthuxL 
Baxter Trmenrt 
SeaVsanClsrk 

BecthWH-- 

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Beni**-*-.., 

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Biddle Hite... 
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23I100 

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7.0 

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FOOD, GROCERIES, ETC. 


II a 


2.4 


. . , 7.6 247 
3.1[1U 200 
' 95 170 
7.7 183 
53 124 

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8of 


SaBGSWi 

Ass-nsberiea 

i kmaGroapSn. 

Bank* ISidnwC) 
Barker fcD.lOpl 

Barr (AG. I !_T 

Barrow Kill ins _ 

BaacUrGeo) 

. Barleys York l&p 

j Bishop's Storr*” 

Do.-A-Jf/Vg..- 
Bluebird CouI._. 

Brir vSKfciEp” 
Brooke Bond 
CadberyScb'u.,. 

Carr's 111 II I ns.. 

Clittard Dames.. 

Do ”A" JWV 

Cullens 20p 

Do w A"2Dp 

: Danish Bcn.'ATI 
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[ColeiR.Hi 

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125 

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b»l 

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3.4 8.0 5.7. 

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V 

-I {WaaBHfl Tftfiei Saflwffay 1 1975 
j INDUSTRIALS — Continued 

ItjPbw I »*k I Prire I* "1 S |P I i™! » ll» I 

^.■n 1. _ . Pn» | ~ | Net trn|r,*|p/E} ilick I.o* | 


insurance 


T’ROpejkiy— O jfittnned 


JNV. TRtJSTS-Contiiraed FINANCE, LAND— Continned 


«wk | Pri« | f _ ,F | Sj 1 c»t|gS1p«] Bl* , Loir| Sotk i Prire | + j| Si | e«r | Ssl PfE I HIlJFuw | Stork | Prire Nfl |rvr|?-?!| 


« 12 S 2 >««j »*?■». 21 " lor 74 l 3 a t {E, j?5 '*** i-b™.; 142 

lie « KStefeUpilOp. 35 ..." ii 07 1? iis? Vo *" CI ? M ’V - 1M 
115 22 Hfllitito'ifi ... 104 vi“' i,z .» f 12 2 ‘to pa !• « !»•■ i"p- 23 

38 38 RirtSil'jnn^ 33 +i‘‘ 1 S Va J o ) 7. r}P f . 1 ® 7 EWa+KFrirt Ell 

*7 61 Holden iai. &toiUtlj».'ip 146 

iis IWIttRroi 62 ^ 4»3 11 5 1 5 ^®- 5 °“ R en. .Undent P _ 200 

I 4 * 11V.’ HohlJojiJTnnop. 137 + i" 7 an 3 H ?? |Hh !;Mftirta !:r.J 208 

3» 305 Hihwrr A . 307 law 5n J63 Jlamhrol.il-; 310 

•W 71*j itorumfip .. w ‘ ucu i? q* n2?2l ?| 7 Heath li'E -Sip 255 ■« 

*S iw :::::: 5.17 12 «j»iV?,im 8 Ste&ra- Jz? kits* 


"“'"V 11 "'"-- +i If 65 - 8.2 = I22S hw 


_ 305 hi 6 1.0 0.8119*3 151 122 IBrOart -|.?nei31pi 147 515 10 5 3 2B.9 

ffl Sib .... *01 — PS- °7 79 Knmncrim 93d +3.55 12 5.9 23.6 

Z 33m .... 160 0 73 * 76 66 Bnnwrl _. 72 C2.99 LO 5.222.9 

_ 35 th0 67 1 2 2.9 447 66 56 klRWin . - 63 Tl.9 12 4 6J67 


.30 0 _ 45 _ 74 55 Lor Shop Pm. 60 +U +3.00 Ofl 7 6 T99» 1M 100 DoH* 115 - - - - 

+5 4.63 5J 2.9 9.6 132 104 buumUdfiE-Sp 120 ... .. T2-28 2_5 2.9 21.0 103 87 Card.ulDM _ 103 ,3.9 1.0 5.7 255 


01 tj.- ■ ,..294 ..... f7.42 54 ifi aa'li *J 7 m'Z" l iZ +* ii> 2.8 11 3 46 45 INollon 46 2 0 04 6.6 *719 87 4Blj K«i*Flir Im 71*; +lh - — _ — | 

S85 308 taip.Coni.GMfl 372 417 9 81 o 44 4 1 22 ?«i nil Moraaiibn'.ji ? . 59 3.62 25 9.3 65 83 68 Peathe* 77 +1 92.00 - 39 - 102 85 ttyilnternTI 97 xl 14 07 11 6*22.0| 

25 22 ogalirndi.iup.. 24L -K *168 16116 i?* r,5p - 220 +4 1259 — 8.7 _ 317 292 Pr-p.Hldf.ilflr. 292 - 6 654 4 34 * 66 »a 62 rhetfftfat! . 66 b 3.3 10 7.519.S: 

JL h ! niUalSomtM, 72 * 41 ? IB 87 4 fl n? ffn fe r r'- ?li +* M -| 5 - 6 . 6 — 111) 77 froln/kTa-U 1U *t4.0 OJ 5.5i365i 83'i 76 i 2 cbieHtoMcdOp 8 f ' 2 *k 38 1.0 7A7 21.0| 

12?i fl JrtwfSi. -KW lid 2 . i 9 9i ? * 4*y rTtnaeril A 12fi S17 di hr la n_._ n.j' 1 .:_ 111 J 1 at jl 17 l.u runnoimtMn 71 . ... _ 


® k 333 « 28 ns 46 « ^STj^ns tvmq q. = ; = 


ins 

HlBh Ixrx 

30 17 I 

34 25 

11 7 1 ’ | 

44 :$ 1 

178 147 ! 
20 16 
120 80 
80 44 

23 18 

19V 13 
30 13 

99 73 

127 104 , 
74 58 

74 44 

£12'i 920 
18 14 

360 200 
34 9V 
33 ?ti 
224 167 
£70?, £43V 
11 10 
131 <W 
£51 £4B 
61 51 

9 7i* 
£49), £27V 
a0»; 9C0 
28 24 

57 36'; 

87 68 


y ihi T u 
rice I — | Sri t'iT Kr» P/E 


■:naif1:a*r3>p.. 

iismplonTfi ip 
li3*Pdr S SI. 
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Kanin iFP-.ip 
Hd?:\ir..4Rliv 
SJl.ClniJ.IJ.jp 
Sippun Fd Si, flip 
ParmnbelOp, _ 
Park PJawIm... 
reisor-'S $S"n- 
PrMsbl-S Fr.CSO 
=1 Geer'e 10e . 
Scot A Merr.'A'.. 
3£.£4 , dpC.\OD... 
Smith BiOs. 

Slha. Psc. HEaOc 
SueiFin.XFlW 
tnis&Ku Tu Jp. 
■*‘in Seln-Ufip. 
Wb»i di Enstana 
VuleCaoolOp., 


22 2 3 22 J 
31 B 4 5.4 
30 70 61 
190 21 3.1 
13 119 9.9 
* 26 4 . 
47 25114 
42 20125 
37 44 87 
24 1 5 39 6 
11 t 7.1 
_ 64 - 

0.7 11 b 18.2 


T-4 

+ 1 - 

04 0 

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■:::: IP 

.. 165 
. .. 0 3 
*2 05 

... tl 25 
546 

•rl 068 

■rl i598 
+V OS116 

+45 — 


. . «0 36 4.7 7.1 
*1 6.81 3 5 4 8 91 

09 4% — 4 7 - 

0.48 10 66221 

. ... 3.07 1.7 4 5196 

Q4 25 - B.5 - 

rl 14.91 2113.1 6.0 

- - - 41 

+', 022V - 63 - 
... . W43 E 1.6 i * 

21 1.2127 103 

ti.38 3.7 3.810.6 

139 38 2.8 9.7 


Stewart^ 

Wrightson 

International 
Insurance Brokers 
for Shipping 

• \i». ICan-cn 
ird loho-"EC.'.v:h.i 
T clSSivi't C!-c-3 


OILS 


rK Jwra»oyun.lPp 33 .. jinn 53 73 do 

S^* A uV p - +1 « 20 d £* 

SJ 2 $3 72 ... *83 22 22 83 

If U I? -1 14 79 r 85 ♦ 


£174 040 DolO»iCw :» £158 QlQ^— — 

Z70 1216 Siorki'ijmwn- 228 bZ.0 2.4 13 47.6 164 140 Do.Cap.50p — 144V - - - - 

223 |l7Q (Sunle> iBiIni , 204 .. 3.95 ~ 30 - 193 172 [Humtort&ltoD. I 86 d +1 7.75 * 63 * 

Scire Properties 65b +1V QlS'jC 4 3.7 ♦ 134 lOfa I'rayton Com'rl-. 124 -1 4 5 1.1 53 242 

TwrnCenW .. 57lJ .... 0.82 12 22 57.5 14b 123 Dd.Cons 140 -1 4.7 U 5.1 25.4 

TocntCitvlOp. 12 +V 0 01 — - - 41*2 21 Dfl.F»rEartoni 41 0.9 LZ 3.2 40^ 

Traflord Park. , Ill t3.65 14 5.1 2U 195 155 Do Premier 1B7 .. .. 6.7 U 5.4 26.0 

l'. K. Property — 18*7 — — — — 65 b0 Duahesllor.50p b3V +1 4.64 ^ 11.1 $ 

L'td RealProp . 247 5.17 12 3.2 410 228 163 Do.Capiu]£l_ 212+2 — 

SfaraerEslate.... 127 .... r2.66 U 3.2 30.7 64 55 Dundee A Lon... 6 Ls! t?3 U 5.7 24.8 

fdirf.nitaiaip. 275 6.95 12 3.9 318 135 86 V Edintmrrh ira Tu 126 +2. 3.1 1.4 3J82J 

ffebbtJosinp „.. 16 MO. 48 15 4.513.6 229 194 Edin.lnv.DLfl, 221 +1 6.75 10 4.6 31.2 

V minster P20p. 17V _ - - - lllfc 96V Electnlw.TsL. 108V 5 0 1.1 7.0 20.1 

”■* - 127 li|5lk2 I§ “ IRISfec S 3 :::: 1 /! f, 

’BUILDERS, REPAIRERS ?t sb &*55fft: ?o +i M U ill i 

: .rrrj . r no 91 asurconsiti. n» 6 77 $ 102 * 


VB 77 L.C P. H1d< 89 -1 iaVn * * UATTlDC imm*rnnim«rvnfl 170 Sunle>iBilnr , 204 .. .3.95 — 30 — 195 iu irtminwnsirfD. lWiffl +1 i.r. 

« l?„ tffir 1 ; tl hi Hi M0X °KS, AIBCRAFT TRADES n % gj,^ ft !?> t. S A B! iS Wc7^:: % -l i: 

A iS iaiu-^ “ •■■■■■ iY l a « . , „ *»<««* «w» ,u » Rassst a ± » a » ® s srsk a - 1 

HI S «-«& S- - i MS d SK3Br & - *5. 5^1 A “ 


% 11 SSfr?- a ” i 8 PI IS BLTfc b- P lias shipbuilders, repairers « | 

«l ? l?n ,iV ! -300 3.7 9.2 3.7 12V « Peaklnresis.lOp » 2 i05 2.9 d 59 75 1 64 JHJdboniLSfti. 168 ..... I - 1 — J — | — ■ 124 102 Do 


f.l 242 

12 5.125.4 
11 3J40A 


till EB 6 V HaUtownarnpc” E106* 2 '■‘jii QW a 23 H .6 - 55 pnSSiRSi'SS' 67 3 08 33 7 0 till 

hi j f 0 auasst ^ - m,h «® as aa™: i 

& 10 BSSe: a 2 ::::: £8 if 1 H if 1 115 87 w « * « ♦ 

lM n SSifeL:: 3 Je +4 .. 4 1 21 7 2.9 li i.i Garages and Distributors 


140 67 

46 33*2 



96 66 

164 134 | 
89 2 720 ■ 
76V 66 I 
TL 42 1 
E62VCS1 
£11U 775 
63 49 

30 21 

€244, £12*4 
450 362 i 
144 114 
23 9lj I 
36 24 

190 134 
C109V £100 
415 284 

26 13 

?Q 6 178 
19 12V 

£26V £14^ 
IV IV 
£49 E?5V 
620 455 
586 484 

69 58 

444 226 
€64 £55 
186 130 
276 182 
161 120 
190 86 

190 86 

77 57 


iAKatfcSO? 

Bril. Borneo I0p. 

Brst-Petrol'm tl 
Do.r»Pf £ 1 , . 
BunuhLl-. . 
toiu la-41 96 . 
kiCiTNUi.SeaEI- 

k'rnLwy ito 

Chanerkaflop., 
C»Fr PwrulesB. 
VlCMfAllCI— 
TtCIydePeirolIl 
LodraiourJDc. . 

RCA 

L4SMO - ..... 
USUUHMSBm 
LASMOUps'lDp 
aunetiieoh 10 c. 

Oil E\pl. lOp 

Premier Crqs. 5p 
Rancertb] — 
Remold*. Div lr 

Rvl rmirh FL20 . 

Sceptre Res 

Shell Trans. Reg. 
Do.7*»Pt.tl._ . 
ttSiebeai'i.LSiLl 
ramtViCir. 

Tricentnl 

UltrsBsr 

Do.7pcCnr £l._ 
KeeCNaL Ificls 
Do Pid uni 10c.. 
Woodsidf A50c.. 


7979 

Hifh hem 

210 155 | 
24 15 

80 52 

175 122 
90 78 

41 32 

lei; 10 


MINES— Continued 
CENTRAL AFRICAN 


Falcon BtJWc 

Shod n Cora Iff.p. 
RwuCuniK* . . 
TancaotiM Mp. . 
Do. Pref flop 
Hankie Col. Rh 1 .. 
Zam.Cpr5BDfl34 


j+ eri Pta. I r« 
Ptht j — | .Net jrtTjCr'f 

180 (-2 I Q50l- j 13123 7 


Q1O.0 1.2 6 7 
0906163 SO 
TQ7VC 14 18 3, 


6.74 2.5 6.6 24.6 

22.10 42 4 0 9.1 
4p 5189121 — 

£4 ” elil — 

2.63 3*1 6*3 61 

540 

Q141b 19 7.210.7 

1.00 8*6 13 114 

♦03 ♦ CL5 V 


V Q14«. _ el4 9 — I 

i 21l“ 33 £4 3^6 

V — — — * 1 

V war. 14 T.b aoj 

is 15.7 - 41 7.3 57 
.... 3p 1102 12.4 - 

v Q 4 V*. - raTb — 

1 132 5 8 1.215.7 

2 - - - B.2 

2 7*-o 243 7.0 - I 

!" QUVc - 52 - 


15 10 

132 64 

125 63 

820 150 
245 14B 

73 48 

13B 81 

40 10 

220 125 

39 10 

fcV 1>2 
143 79 

16 8*5 

178 lit 
50 30 

£14V 750 

40 12 

538 310 
300 50 

160 84 

70 35 


priBWa' I 14 |+1»:| t - I - 1 

AUSTRALIAN 


AcmnSSc. . .. 
PrruCain: llie 50T«J 
BH sooihiiOc 
Ceniral Paniir - - 
CMuincRrttiniajue 
i!.M KaljnorlieSI.. 
H ampin Areas 5p, 
HclaJiEt 50c . 

M.l Jt Hides Me- 
Houm Li ell 25c... 

Sewmeial loo 

North B HillSOc .. . 
Nth K a] purli — 

Oakbnd^eSAl 

Pacific Copper . .. 
PaurnnDiw 
Pannes M&E\J-p . 
PCku-Hiiiisend Stic. 
Sonllwra Pacifii' - 
Kesln-MimnuSur. 
ffhim Creek 20c _ 


166 +1 IQllc 

46-2 — 

£12 V +V - — | - 

39V -lV - - - 

492 -2 Q15c 

195 +5 
151 +1 JQ 6 c 


OVERSEAS TRADERS 


n, ilti IS af? 74 60V 'ilenmunrtar, 70V +V L7 1.6 3.7 42.1 

S ,J 70 56 Do B'Om 68*2 +V - - - - 

76 |+1 1816 | 2.1|16.3l 4J U 4 i 2 97 oi Pb «lnv-. 108i;«i +f 5.00 * 7.0 ♦ 

] 68 55 GoreM Europe.., 63^.... 1J 1J 4 3 24.4 

SHOES AND LEATHER 1 105V TO feorlbbto'i I 97«d +v' «.B7 U Iwlig 

'5i le h’? P tl?R 5 '"l if * 2 "' a ™ 55 56 GreshamtoiVi; 59 .. Rl.82 10 47 162 

Booth-Intn li 54 4 39 3.4 12.3 3.6 65 48 Group lniettors. 63 +2 tl.7l‘ JL0 4.1 37.4 

Footwearlpi!.. 57 1d3W 2.4 10.4 62 & Wj Motto. TfL. 75V +V 2.70 2.0 5.4 26.8 

narSttttlairl « 4 ;^ 4 i 7 -’ 4 | 93 78 Hambres 91rS ...... 3.75 1.0 6.2 23 7 

25 ••• Vd |2 5'2 IS 39 26 Harrrnslnv. 10 p. 33al 0.85 6 3.8 * 

R H l 3 * 2‘i 187 160 HilUPhihp. - _ 171 7.9 10 7.0 21,6 


dbo-Sinsop. 46 

iBiRonsUp 89 

"Shoes 64 

imlenHtbSOp- 39 
NwrbrtdiBmi]- 50 


nn 76 65 GraneeTrajl 75 +2.1 1.1 4 J 31 4 

CiK 105J : 90 Cl. North 'Dim— 97rd +v t3.87 12 6.0 22.8 

, B1 85 67 Greenfriarlnt-, 84 *t 1.45 12 2.6 47 0 

2g, I - 2 « 76 ; 65 56 Gresham Ini 59 . . .. Rl82 2.0 47 162 

I Sin'l I S 48 Group Investors. 63 +2 tl 7f Jl.0 4.1 37.4 
JS 1 ® 4 H 82 69V GMntairftn.Tft, 75V +V -70 2.0 5.4 26.8 

2'I ft 93 78 Hambres 91rS 3.75 1.0 6.2 23 7 


t 9 KH&:ns am 


52 46 |fianianlR.il.*. I 47 


54 3? BoLCUrtW 


:dS 


2.7 10.6 5 2 95 74 Dam Godfrey 90 +1 * 2 3.31 * 5. 


36 -6 2.33 - 5.7 — 82 68 Dorada SO +2 4.57 28 8 . 7, 


i m 


46V [Pi turd Grp. 

33 I Stead 6 Sin '.V 


£84 £58 \ C R. 4'. 9398 , £78 04% 11.9 £5 2- 51V .39 Dmtoo Fnrsha*. W 2 -V 221 3.4 8 8 3.7* « S 

90 75 Nenwii 6 Zambia 79 330 26 6 3 7.7 59 50 GalofP.G.i 52 +V L43 4.8 4.2 7.7 & 

109 65 NeiliSp'ncerlOp 103 200 6.7 29 73 58 30 GlanfieM L»ut_ 30 125 15 6.315.8 Sj IS 4 

'ZOtj 11 V NcirEcmplOp*, 16 0.98 27 93 62 46V 21 Hanger Inw.l0p. 46 U +1 d 0.46 17.4 15 51 IS* 

92 77 Non-ro* 89 +1 * 2 4.4Z * 72 * 126 92 Harfemfr.C.ll 114 d4.12 32 5.5 72 ^ 24 

115 84 Northern Ed? _ 108 +3 6.00 3.1 24 5.7 *100 74V Harwell! 93«r t6.70 *• 10 9 * 

203 172 Norton* Wrl lOp. 1B0 td3.8 2.9 32162 *128 112 Henly»20p I 2 lu« +i, t8.58 3210.7 55 

28 19 NorxtcSecslOp 19 22 0.9 17.5 fill) 148 BB Heron Mb Grp. _ 12F +3.23 32 3.9 126 

26 22V Nfl^nH3p-. , 25V 1-57 13 9J 121 £235 £128 Do. lOprfnv £200 pi 0% 218 f 5.0 — i»e i on 

£991? £91 ueePituiKtCe. £96 09% - f93 - 95 72 HurstiCbarles»._ 75 ?5.96 * 120 * L§9 


i |j U pptefc A r I U = 

Ul l - 2 Si i ' 4 521, 42V lndDsmaliGeiL 49V +1 1.75 LI 


39 3.17 2512 

50 2.80 3.W 8 

46 .. 1.87 27 6 

52 ... 277 42} 8 

38 -1 2.13 *1 8 

56 +434 2.4(11 

58*2 172 32J 4 

30V • H116 3 S 5. 

74 +1 533.96 >JD 8 

24*2 131 2 M a 


c fl fU P7 mwniH 

H 76 68 Ino-RL. 

9-7 OT.1 CHI, hfirtiirHiS 


17 5?2 42*4 Industrial iGea. 49V +1 1-75 11 

?, 77V 65J 2 Interaat I Jnr 72 +1 262 11 

.2-9 143 107 Inr.»nSt.«iss- M3 290^ LI 

n B 6 62V Investors’ Can — 80*2 +*3 tl65 11 

S-2 278 174 lnrertniTjcf™ 261 +t +6.7 L 0 


»1 li 278 174 InrertisLTrt.frpu 261 +r 46.7 L 0 3.9 375 1 

2. +1 fa S! MS ' 103 JardineJapan— 145 +1 0.85 12 0.9 UM 

2^2 1 1131 I 16] Bi| 72 143], w jjniineSetHSS. 140 +3 lQ47c 11 4.0 24.0! 

167 103 lersey Exi PLlp 153+2 — — — — 1 

‘ OM Tnn arDTPAVO 243 2:8 IereerGcu.Q_ 238 +2 Q13.0 12 55165 

SOUTH AFRICANS 49 4iv j«Hbidmga._ 47 . ._... thios 1.0 6 . 622 . 0 . 

i.e ,«« m ;i««7 iiJiw *r ** 51 44 Jorolnv.InclOj, 44*2 3J0 U 119 11.7 

116 180 fAbercom R030, 102 I +PZ9cJ 1.7( 5 3.4 ^3. ^ Do.Cap2n 5S . ... — — — — f 

560 U20 An^o Amin Rl 565 p|3c 2.« 6.fl 62 1 ^ i 25 Ke^fl«tar50p_ 331 +1 6.0 117.019.61 


265 224 
107 60 

140 46 

73 45 

46 25V 

390 250 
136 95 

£66 £49 
325 325 
90 06 

445 350 
30 21 

19 9 

78 60 

49 40H 
275 220 
107 68 

235 170 
225 165 
54 27 

10§ 4l USime Darby 


208 175 
60 40 ITozerKems. 


amaica Sugar 


6352 

. .. . Q3.5e 
+3 th4.13 
-2 62 
+V 150 
+4 115.0 
+2 h4.36 
-1 Q 12 -- 
+12 *21 78 

4.26 

4 2 05.0 

2066 

+*> — 
+r 6.55 

34 

-3 13.2 
+1 2.88 
57.7 


£94 £87 | Du. 8 pcCnv 
73 |41 U.C 
72 41 Do 


+1 J4.43 
+V »— 
+1 hl.75 

65 

+1 3.10 

08% 

+1 th0.75 
+2 0.4 


19.0 2.0 2.6 

LI 2.0 455 
45 4.8 4.9 
1.1 21.0 >62; 
4> 4.9 6 

* 6.0 « 
32 5J 80 
2 4 1.9 22.1 

2.2 6.8 9.4 
21 7.6 7.7 

3.2 5.5 10.0 

6.3 - 4.5 

23 163 l33i 

1.7 12.4 l58i 

♦ B.4 « 

?5 67 i.S 
75 6.7 3.0 
15 ? 5.4 

7.3 Z 6 251 

4.4 45 7.0 

2.7 8.7 (5.1) 

18.0 18.7 — 
1L0 L7 8.0 
312 f2.7 - 


30 24 

365 240 
60 45 

295 200 
145 111 

10 8 V 

295 220 
165 130 
93 78 

11 10 
7b 68 
510 450 
410 280 

70 40 

62 50 

225 165 


220 140 
315 230 
228 134 
75 55 

100 85 

100 74 

220 148 


100 ] 70 


61 35 

17 9 

300 220 
465 245 
234 164 
90 30 

£12 750 
45 43 

180 120 


Amal Nigeria 

Ayer llitim SMI 

Derail Tin 

Berjunm JifJ .... 

Geevnr — 

Gold * Base I2 : :P - 

Copeng Cobs. 

Honckoog.. 

Idrw lOp .. 

Jamar lSjp . .. 
Kamuniine5M050. 

Kill me hall. 

Mali' Predgm 5 5311 . 

iTahane 

Penrkalen lOp 

PetaltodSMl 

SamiPiran. . — 
South CruEtv lOp . . 
Soulh Kinta SMO HO 
Sihn Malayan SMI. 
Sungci Besi SMI ._ 
Saprcmc L’orp. SM I 

Tanioae lSp 

TonikahHrbr.SM l 
TronohSMl 


TINS 

1 25 

3 ii 

295 


.... LW1. A 

0125 

, ttpsc 

::::• W 


COPPER 

|MesrinaR0 50.,_| 87 |+1 |tQ30cl 

MISCELLANEOUS 



| Yukon Coos. CSl 


55 +3 - 

14 — 

265 -5 ifJ30c 

420 +20 - 

215 +3 95 

62 — 

£10V +V — 
43 L35 

169 +3 Q7c 


FMto&r: 175 ....13.96 7.0 2 2 7.7 4b 33 WadhamSlr lOp 41V+V 2 2 2.6 8.0^ 72 

PilkiutnttBrl!- 54M +17 11 52 44.7 3.2 9.9 95 I 68 IWerternMlr | 89 | 1 2-20 | 8.4) 3.7) 33 

Piin'yBQiretUi.. £70 [+2 W5V% §.6 8.1 — 


300 242 I’hutn-He S0p _ . 275 ....13. 
-545 422 Pi I burton Er £1. 540id +17 11 
£7b €56 rito^WetUi.. £70 +2 Q5 

42 20 nSScCavlWp.- 38 ... M- 

on As rreammiwap 67 2.u 

56 V 45 PolroartlDp... 48 ... 2.7! 

242 206 Portals. 208 . .78 

194 149 Ptrvcli Duff. 50? 181 +2 10J 


TEXTILES 


* Lennox., 81 ...... 2. 5 L0 4.7 32.6 

iLiv.]0p_ 25 si 059 d> 3.6 <b 

* Lomond _ 72 +1 2 4_ 1.1 5 0 28.5 


,5 2, Tr . 145 1130 Allied Texlile.. 144 d6.49 35 6.8 63 lg* 157 ' ly. n .*Montro;e. 133 +2 +5.25 LO 4.4 34.0 

J> |s *’ NEWSPAPERS, PUBLISHERS ff ®- BCfif- g « IS fl'S If ^ 21 iStSfisr H a {8 L! slflf 

Si no 172 1750 l.w.Ntvs 1167 1+5 1 +5.23 1 4 11 4.7| 7R 73 64 Beckman A Iup . 71. +1 Bf.90 19 105 7.7 44 34 Un.fcS’ckde— 41V +V +138 1.0 5.0 30.1 


30 5.7 8.9 172 

U H h % 


750 \hliv *cvs 167 +5 +5.23 411 4.7l 7J 73 64 Beckman A Iup . 71 +1 C4.90 L9 105 7.7 44 34 

lb5 +1 4 02 7.3 26 78 30 20 Blzcbnod Meri 25V 1*0.82 18 J 03 T 198 173 

46 BWHiKK: » .... 2B7 28 Bonds. Fib. lOp I 2.6 3.6 ul 3.0 52 4B 


iS’ckde— 41V +V +138 1.0 5.0 30.1 
TstlAJ.._ 194 +f 8.25 1.0 6.4 Z2.7 
land lor — 50 t21 . 1.1 6 4 215 


IKS | 
High Lav 

101 75 

100 65 

17- 11V 

53 31 
305 165 

49 26 

40 23*« 

12V 8 V 
327 2ll 

S & 

81 41V 

59V 29 
163 69 

83 36 

54 3DV 
7B 55 

82 37 


RUBBERS AND SISALS 

av | Start J Price | + -*1 Nrt |c 


Anglo-Indones’ii - 
BerUm Cons. IDp,. 
Bird (Africa 

Brad Kill 10p 

CastleGeW tap 

Chersonese lop 

Cons.P1anlsl0p.... 
Grand Central lOp. 

GuthrieU 

BatnswsMv EtUlp. 
HigUands M50c „ 
Kuala Kepanc MSI. 

ttKulimMMc 

Ldn. Sumatra I0p_ 

MalakoUWl 

Uuar Riser lOp.... 
Plantation HUy lOp 
Simgei Krian lOp... 


96 -2 
100 +6 

17 

53 +3 

265ai 

49 

40 

10 

318 -7 

109 

122 -1 
BO -1 
59 -V 
163nl +t 

83« 

49 +1V 
7B +1 
70 


TEAS 


240 175 
3B5 280 
123 104 
28 20*2 
350 212 
360 222 

«0 375 
26 22 
249 181 
172 138 


India and Bangladesh 

235 | [ 49.51 

305 ]. u ...|hl6.2£ 

121 7 0 



35 25 Riley iE-J.llOp- 35 . b2.5 

145 101 JU-lware 129 +1 5.28 

48 36 HepaerHWw - 41 +1.9 

■*7V 32 Do. ‘A 1 . 41 tl.9 

52 41 RntapnntSlp 42 .,... C 6 

■30 25 Rowan* Boon.. 25 ... 132 

136 104 Royal Worry - 126 ... 6 39 

60 45 RoxwniA.UOp- 55 ... +2.0 

144 Si SasaSSlSi'fT 143 167 

£27 £15>2 SL+rOhuiiFnlH. £24 ... «bi 

2K 1 W Nile Titary ZW ■ W-? 

M 19 SasdSurstHarlet 22 +1 +0 8 

84 75 &jn«rsun>.— M - |S0 

114 86 ScapaGmup ... 97 . .. 5J4 

Bb« £43 Sch&rscrSl £MV +1V NIL 
? 1 T 65 icotcrr* M +1 U* 

.46 35 Swl Heritable .46 1.35 


. M-54 -WO - 


1.0 6.2 24.0 

11 4.4 3L6 
1.0 45 32J 

fo lib 2^4 

12 4.1 3L0 
1.0 5.2 28.6 
LI 6.122.B 


.Y jnp ■ — Z 7»2 +v 1.54 3 1 7.4 i.9 75 68 Pro* Scs. Inc. aOn 70 2 .B 0 LI 6 . 1 22 .B 

l «'H i*P~ |6 ..... dZ.81 15 12.0 8 4 n 6 . ; Prenacial Citiy 26 tU5 11 7.9 17J 

ue llid;s.i. 50 ...... h278 3.6 8 4 5 0737 104 Raetaun 122*>ri t3.70 11 4.6 29 2 

; Djv+S. — 64 hl^l 5 8 36 72 4 : 37 RejbruDklm-. .. 37 TL06 1.1 4.3 3L4 


f.7 0^35.7 « 


55 i.runntagGrp 61 +1 

54 In Restne. ft? . 59 +1 


SfSSSfcd^ ?. 


1,35 td 44 39 g n :sssjr: if 

JiF 32 65 75 


]Cl ay (Richard 1 74 

(..llettDtalOp 52 

I'ulier Guard 22nl 

I«elrn20p, 16 

DRG 116 


3.83 20 8 4 91 21 15 LrifbMiUr 18 dl05 2.8 SB 6.2 31 22 RisbV 6 Iss.Cap 30 0.12 - - - 

V? 2.6 1 0.:(4 5' m, *U Levei-V JV - - - - 372 m &Mere T. 268 I- 8 13 1.1 7319.0 

3.3 * 9.4 ip 48 j 4 Lrlcr 46 0.1 — O.j — m 123 RiwrPlaleDeL. 134*a 6.25 1.1 7.019.9 

3.8 * 9.8 * 64 55 lr|c^?.'20p 61 .. 4j 15 11.2 95 £63^ I46-V RobecoiBr.*Fl50 £62V +V LO 5.119.1 

4.38 45 7.2 4.6 49 % H,cU;Hu C t.. ; 43 +1 d3J 0 9 11.4 14.9 655 ‘ «7 627 4 +2* 325.6% 1.0 5D 1.9 

,190 3.1 6.4 7.6 45 21 MacUmtoaScmr 35l 2 165 5.4 7.0 4A £ 48V £36*4 RnlmroNl ? nS 0 . £48* B +V s- - - - 

— — — 4.2 98 73 MartiD’A (2up. 94 3JD 4.8 6.0 4.0 457 J25 Do Sub Sis FB 481+1 s— — — — 

3.«2 * 79 * 42 29 Miller >F- IV- 33a 1.45 35 58 7.4 731 , 73 Roaae>- Trust 91 +1 2.65 LI 4.4 315 

h2.53 3-5 5.2 85 61 46 Jlnmfert . 61 .....3.49 12(8.7 7.7 S“ 52 R^inmadl^ 54 4J8 LSll7 U.O 

3.27 4.4 9 5 3.6 126 102 Not;?. Sin!; . . . 117 +1 3 24 


210 J123 


610 390 
185 130 


385 140 [ 
416 244 
£36V £29 V, 
178 7BV I 


Hr 53 HlillAl dk Mwiifnrt 61 3.49 2.2 8.7 7.7 5 . 9 “ 52 Rosediraoud I dc. 54 ...... US 10 117 13.0 

3.27 4.4 9 5 3.6 126 102 Not;?. Min!; . . - 117 +1 a 24 4.B 42 63 75 48 no Cap 72+1 — — — — 

1.00 * 6.9 * 50 24 NoiaJereeiSJp 41 ....+0.5 7.6 1.810.0 1941059 Rottisrbjfd [n.50p. 182 558 1.2 4.6 275 

“ “ - 55° 82 58 Parkland;. 1 . . 74 -1 d|lB 6 6 65 31 71 ■ 6 T' SfepiardlndT 70 V 3.6 1.17.818.7 


116 7.00 1.8 91 15V 12 frickfc*;Tifci> 14 


E. 15 I Lines. Ppr - 53 33 2.9) 9.4| 5.6 10V 8 V Do •A'N'VJOp, 9VI-V 0-69 23 109 6.6 9 ; 74V Srti.AnLliiT.5UnI BBVsl 

Fucalrttas— 65 5.08 4.1 118 23 93 56 RJC.T.J0p 92 I 1*4.69 35 7.7 5.6 74*> 431) Scot* C odL ta?_ 74*) 

>>r^rt^- .76 ......|+h256| 3 H.5.11 8-3 51 41 RwlleJWoas | 50 l..,„ltd3JM Ll|l2.0 181 *(m J [scoLC.tief.V_ 158 


1-1 W O 1941; 159 Rothschild In. 50p. 182 a58 1.2 4.6 275 

65 31 71 ■ 67' Safeguard tad- 70* 2 3.6 1.1 78 187 

7.4 9.7 J23 loi SCAmlrewTri., 118 415 10 55 27.1 

0 9 6.6 o’ 7 A j 2 Seek Am. tar. SOp- BBVul tZ6Q L0 4.4 34.2 

7.7 5.6 74* 2 43V .'toHAConLtav, 74*2 1-2 U 2.4 463 

2.0 41 181 151 ScoL Cities ‘.V 158 8.0 1.1 7.7 178 

7.9 * 142 114 .Scot. East. Inr.._ 141 +4 4 05 U WHJ 

2 4 ?! 38V 34 Scot. European- 38V — • L5 11 5.9 22.6 

95 6.4 103 82*, Scottuh Inc. 100 +1V t2.56 LI 3.9 352 


.57 j 48 
‘34 I 28 
288 (199 

317 * 


to-A’Sp' 48 +3 3.27 1.8105 7.2 ,iS ]03 r ; n IvHa3dJi^s- 112 +2 ' b7.7 1610.4 78 91 69 Reed^au. — 85 +1 4.42 « 7.9 * 142 U 4 .Scot. Eastlnr.“ 141 + 4 “ 4.05 U 4.4S2J 

mclDp 18 .... dl-2 ■ Z .6 10.2 57 jjq 1 ,cers Gross 10p- 46 ._... K30 * 10.4 * 43 36 Reliance Kni:? 8 p_ 42 ...._ 2.89 L9 10 . 4 3 8 38V 34 Scot. Europe an, 38V 15 11 5.9 22.6 

St&VA*L 98 . ...3,81 37 5.2 6 .B £ ^ HimtoafcSoos. « 450 I 0 IOJ 1 M 1 25 19 RicIwdsiOp— 20 tl.fB 3.0 95 6.4 103 ScMtohhw!---. 100^ +1V 9256 11 3.9 352 

Uta-nl +V *5.41 * 7.4 * rw. £16 V IPGlOCts., £27V +V KlSUO 3.6 3.n 8 0 d 3 48 S££.T.20p 61 tdl.65 92 4.1 3.4 H5i a 94 Scot Merit. tTsl. 113 +1 330 L0 4.4 34.9 

fl&Utp *9" +1 <1243 2 . a 53 7.7 64 JncrejtQp.5?r», 74 +1 4.86 2310.0(5 3' 47 25 Stoo 21 -berfcoo- 45 2.74 2j\ 9.2 rEO; 247 219 Scot National— 147 +1 +3.45 U 3.6 38.4 

toSo-Mp: 16B +1 «25 2.9 6 b BX jg i.fcRp^r50p 174 -3 9 70 23 8.4 6.5 32V 1| SekerslnUOp . 32Vd +V 151 * 7.1 * 102*; 86 Sc«.Nortlrcni_ 100 +2 336 ID 53 29.61 

■ 50 .... 356 L0 117 135 ^ 2 20 '.<rt'fli 4 «Bda]ell_ 252 -3 +14.24 lb 8 . 5 3 35 20 SaewCmeC Up.. 3| ^BS - * — 144 1UV ScokOotario — 138V +2 430 L0 45 32.4 

—3— 30 .. ..232 *.12.4 * £3 yylodSlCUi— 91 2.9 « 4.8 7 5 29 20 Shiloh Spumere. 28 .-.- 1.64 13 8.9135 78*; 5fl SeoLUtd.tar._ 77V +IV bl60 L0 33 482 

IPS 292 + 2 b8.2S 4.4 4^123 ^ uo M,ik4AUen50p lig ...... R0 lg -6 LB 7| 99 84 SidlawhHisjOp. 91 +3 6 02 13 10.0 10.4 98 721j Scot Western—. 96 +2 230 0.9 35 46.4' 

W.W 2 lto 98 2.15 63 a3 5.1 Sg MureOTter. lOp 97 +1 d3.40 3.0 53 9 5 73 50 Sirdar 71 ...... td282 43 6.0 4 2 05*2 69 ScoCWestn.-B’- 92* 2 +3 — — j 

W.lZ;. 2 teid 157 *, 14 * £%-, £23V .tcil*yftlL»-- £45V +% «?140c 4-1 L7 14.0 31V 20 SnuMTidres. 29 +1 2-0 16 10.4 8.9 194* 161 S«. Alii wee TsL, 188 +1 +567 L0 45 32.2 


•£15V CUV SvcditftMlKhKff £12V J 4 

IT 9? &£?*? 7. it : « PROPERTY 

»!•* £ gK, l - 55 - - - 56 >45 ’ird London 10p 52 I 

% i &!* .? :■■■ S 1 U 7.’ f , # A 4‘ - , 

| • r£.yy >8 * 3 « I s i 4 “ ® W= v ! 

70 it, T«e 65 ' Ml 26 4.4 2 9 8.2 33. 2V iLnkACOmlV V* ■ , 


Alii 1 ) fnal'o fTAD K ffAQ 73 64 (TIrroeo'orlon-.- fcffrd +*2 2p L0 9.7 15.6 

d3.86 h.1 ^ 0 24.0 lUoAllUa £118 £105 Do gyv Loan.. £107 Q8*?% 20.8 fB3 — 

3 5 1.6 M 36 9 346 267 BAT lad? 312 +2 +1301 J3.4 6.4 53 ^ \\ 0«9 ¥ 08 ^ 

?■“ HI r^Vr^ lIL* 2 P “, T T b I 7 $ 142 KfeStr:: IS +1 50 U 4:631.4 

].b3 L2 3.3389 330 330 Injnta,l;A -IV- 34?ai t.i2 * 3.8* u 56 Tnbune/r.esf .. 73 ..... HJ 13 2.7 422 

M3.31 L3 7.0 IS 1 57V 451; kJtaansEcp.. 51 ""i =2.N 9 4 6.0 2.7 $ ^f 2 ill +2' 4 - ^ ^ 

rd40 1412 2 8.7 6b' 55 2 59 ...... ill *1 12 * Si tl 3.4 1.15.1279 

^ r, “1,7/1 138 120 Trustees Carp— 127*; +V tMS 1.1 4 8 295 

III i - 2 S , 2 ! 4 cTOTTOrrc rr \1 A wrp T Avrn 113 94 l>nesidelnv — 110 -t 3JB5 1.1 53 26.1 

* a’, 1 TRUSTS, FINANCE, LAND m 53 trpdmninv — ss ...... u .25 1.1 33 30.7 

681 * 4.7 * , * , . 128 106V Uld Bril Sees.. 126 +1 h4Q3 1.0 4J3L7 1 

- - « , - InrestDaent Trnsts 20 m 1 -td.uuufc— n 0.94 lb 11 223 

- . — „ , , ... 9’V 80V Li'S Deb. Carp — 94*5*! ...... Ip L0 5.6 262 


35 20 Saew Carpet? tap -■ 31' + 0 .B 8 — i — 144 111V Scot Ontario 138V +2 4L0 L 0 43 32.4 

29 20 Shiioh Spimere. 28 L64 13 8 .^ 133 78*; 5fl SroLUIdtar.^ 77V +1V hL60 L0 3.148^ 

99 84 RrdlawhKisjOp- 91 +3 6 02 13 10.0 10.4 98 72V Scot Western— 96 +2 230 0.9 33 46.4 

73 50 Sirdar 71 ...... +d282 43 6.0 43 q 5 J 2 69 ScoCWesta-'B— 92* 2 +3 — — 

31V 20 SmaMTidire?- 29 +1 2.0 L6 10.4 8 . 9 i 94 .l 6 l Sec. Alliance TU_ 188 +1 +537 L0 43 32^ 

70V 27V 69 +1 — - - - 39 65 SecGreatKthn.. 85* 2 +1V +179 11 3.2 443 

<7 19V Do.Pnr L1200, 43 — — — — B7 60 Do “B" 83 +3V — — — — 

5? 3P 51 — Si*!, H I ? 1 1 1”V 154V SeeundesT. Sc_ 184 +1 6.10 LO 5.0 291 

31 26 Stoddard 'A 28 _ +132 40 7.1 53 4h0 300 feted Bisk tor. HIS. 440 <J25c — 3-6 — 

34 23 Stroud Me) Dr'd _ 32 — +1.01 7S 4.8 3.7 135 118 SWraine.SOp- 132 8M 1.0 9.7 15* 

58 - 23 Tern -Consulate- 55 L65 5.0 4.5 4.B 72 58 5irweH10p_Z 72 L5 L2 3.2 388' 

29 18 rexfrdJrsr.lOp. 23 cLO 0.9 6.6 25.7 U 3 J, 94 sphere InvT— 109 33 LI 4.6 305 

« « TomkinsMfi 56 ----- 315 1310.1111 165* 150 SPLIT Inc. Ito- 156 .-.-+919 LO 9.7 185 

54 44V Tiwtal 45V +la 2.+2 L9 9.1 8.6 68 48*, RPUTrap.lfo„ 551 , +*> — — — — 

58. 31V hrwYB 57 -1 Q1P% LO 2.0 523 122 Sl^ope^enl" 105“ 12.7B L4 4.0 26.7 

32V 27 Traffcrd [Carpets 30’ +2.06 1310 4 8 0 J 7 J 145 SeriinETd 168Vd +5J 1.0 4.8 3fli 

72 48 ErieonllelOp — 61 +183 63 4.6 5.0 97 76 SwUMWerstaf., 9Ps t2.35 1.0 3.9 45.6 

49 42 Vitt-Tex Xr 42 +1 3 25 2.2 22.7 6.0 45 *, 80 « +1 2J?S LO 37 39.9 

46 34 YorkrFiaeW.2Dp 43ad tI lVp 02 6.4 - 95 81V Temple Bar ... tt*> h4.75 LI 82173 

59 32 Tbufilul 33 — 2.0S -1 9.4 - ;fe 21V ThnV.Gnwth- Z2i| ._... L88 0.9 12712.7 


TOBACCOS 


101 8 b | Do Cap.tl 100 +2 — - - - 

73 64 rThroemortan— 68 *)Cd +*? 2p LO 9.7 15.6 


45 37 TwUiiliKVf 


164 140 I'KDtaR 142 ?2 6 8 

402 « rstWRladn;.' « 

.42 » 1 'wflnio* 38 ‘127 

548 476 UlflmrZ 520 +6 U J 

£?»b CZOVlLVrK-VAB . ^ 

86 H MCmierilllp W +1 

«V « rsitadSMlmb.. 49 #-»« 

22 IJtj f. Cnanalec 3 jl 22 016 

lfij 21V rqortaooc UV jM* 

46 H VslW_ f|W 2-i 4 


MiSr : 1 = 


93 57V 
33 38 

377 235 
152 76 

391 271 
52V 35 
105 52 

73V 37 

62 37 
7 BO 517 

63 31 


445 288 
£10% 764 
% 71V 
332 214 
778 589 1 
226 163 , 
153 92 

£14VB90 
539 408 1 
606 432 
527 419 
282 206 
£1412 01 
289 123 
£22V £16*8 
241 152 
836 589 
238 163 


95 75 

£17% £11V 
221 59 

413 279 
134 66 

£10% 750 
789 582 
894 703 
199 144 ' 
302 190 
09V03V 


235 ..... *9.51 

305 ...... h 16.25 

121 7.0 

28 *L98 

350 2d 

360 *10.00 

228 ..... 035 

375 25.08 

26 +*, *FL72 

242xd 14.67 

171 9.0 

Sri Lanka 

puna El 1 1W | ) 5 5 \ 

Africa 

iBIantvre £1 | 610 I (50.0 j 

iRuaEautn 1 185 L...|l3.0 l 

MINES 

CENTRAL RAND 

Durban Deep Rl ., 213 -8 — 

East Rand Prp RL 278 -9 — 

1 RandlDBl'D 1*1.82 £33Vd -V +0350c 

West Rand Rl 110 si -5 TQ13c 

EASTERN RAND 

75 -V +«25c 
28V -1 t$20c 

376 -1 Fy50c 
lOlxd - 2 6 d 
368 -9 tQ34c 



10 led -2 6p 
368 -9 T034c 
45 -IV tQ3c 

HZ > 

54 -2 Q25e 

715 : ll 


FAR WEST RAND 

BIrwor25 3l9ta 

Buffeis 9BLd 

Decimal UD^O 90 

urwrnfraiteinRl— 290*1 

EaitDrieRl, 728al 

BamtaandGllffle, 217 

Q stairs Rl 1B7i6 

Hartebeest Rl £127p*l 

Kloof Gold Rl 5195 

LibawnRl 5 3 Id 

Sontbvaal 50c 486 

SUifonteta50c 266 d 

Vaal Reels 50c - £14V 

Veolerspost Rl 221 id 

W.DneRl £205.xd 

Western Areas Rl.. 159nf 

Western Deep R 2 _ 797 

ZandpanRl 213nl 



C . NOTES 

1| Unless otherwise Indicated, prices and net dirt deads are 
pence and denaiainaitons are SSp. Estimated prlcefenrnlt 

— — ratios and carers are based an latest annual reports and aeeon 
L0 4.9 and. where pamlhle. ate updated an haH- 9 «ariyflcnrM.HEs. 
L0 16 calralated op tbr basis ef net dlslrlbnttooi bracketed fixe 
12 4.2 indicate 10 per cent. #r more dllterence If cnlenlaled M '■ 
12 11 4 dtotrikntion. Caver* are based an “maximum- diatribat! 
A 8 J A'leidt are based aa middle prices, aie cram, adjnsted ta ACT 

16 7 1 >4 per rent and allear far nine ef declared dlstrlbatlMs t 

_ c'£ riRfats. Securities with deneeriaaitens ether itan aterUnc 

_ 37 quoted Inclniiva af the inteatment dallar premium. 

J-p a Sterlin* tJenormnolod securities which include iurestm 
: ? % i dollar premium. 

LI j ( • "Tap* Stock. 

19 4.1 . H,gtis and Lows marked thas hare been adjurfad to al 
3.1 1.3 for rights issues for cash. 

2.0 4.2 t Interim since increased or resumed 
L9 3.2 i Interim since reduced, passed or deferred. 
it Tax-free to non-residents on application. 

<* Figures or report, awaited. 
t+ Unlisted security. 

* Price at time of suspension. 

f ItfdJraled dividend after pending scrip wid/nrnjfJttsiiB 
cover relates to prey tons dividend or forecast, 
no AT** Pree ol Stamp Duty 
« n Al * Verger bid or reorganisation in progress. 

5-9 o-l * Not comparable. 

3.7 8 Ji 4 Same Interim; reduced final and/or reduced earn, 

1.6 10.7 indicated. 

3.5 5-2 f Forecast dividend; cover on earnings updated bp 1a 
6.8 4.2 interim statement. 

27 9 0 * Cover allows for conversion of shores not now mUi| 
46 ^2 dividends or ranking only for restricted dividend. 

32 104 * Cover does not allow for shares which may also rank 
4 q a ? dividend at a future dale. No PiE ratio usually pruvii 
s 7 an * Excluding a final dividend declaration. 

* ‘ * Regional prire. 

8 No par value. 

a Tax free, b Figures based on prospectus or other oft 

1 ei a A estimate, c Cents, d Dludend rate paid or payable on 

i.b pj oapitol; cover based on dividend on foil caj 
e Redemption yield, f Flat yield, g Assumed dividend 
yield, b Assumed dividend and yield alter snip lr 

* 112.4 J Payment from cspltM sources, k Kenya, m Interim hi 

2 4 10 6 *h»n previous loud, n Rights issue pending C Earn 

1 based on preliminary figure*. * Dividend and yield esdu 

special payment l Indicated dividend; cover relate 
previous dividend. P-TS ratio based on latest an 
earnings, u Forecast dividend, coier based on previous y- 
earnings, v Tox free up to 30p In the C w Vivid allow 
currency clause, y Dividend and yield based on merger If 
z Dividend and yield include j special payment; Cover 
not apply to special payment. A Net dividend and > 

— — B Preference dividend passed or deferred. C Cana- 

— — E Issue price. F Dividend an d yield based on prospect 

2.5 6.2 other official estimates Tor 197940. fl Assumed d l videnc 

6.7 7.1 yield after pending scrip and'or rights issue. H Divjdem 

yield based on prospectus or otber official estimate 
ID78-79. E Figures bared on prospectus or other ofc 
estimates lor 1078. M Dividend and yield baaed on prosp- 
er other official estimates for 107R N Dividend and 
1.5 19.9 based on prospectus or other Official esti m ate s 
12 — ism. P Figures based on prospectus or other or 
_ 7.9 estimates for 1BTO-19. Q Groms. T Ft| 

1 o nj assumed. Z Dividend total - to date, ft Yield base? 
jg cj assnmptioa Treasury Bill Rate stays unchangad until mil 

L2 4.0 01 sUKkm 

L0 37.4 Abbreviations; toe* dividend; « ex scrip issue; 'ex rights 
D4 277 ***’ * PX capital distribution. 

1 7 7 _} “Recent Issues ” and “Rights” Page 

This service Is available to every Company dealt 
Stack Exchanges ihfUBghoat Ike United Kingdom 
? fee of £400 per annum for. each security 


REGIONAL MARKETS 

The following Isa selection of London quotations of: 
previously listed only in regional markets. Prices o 
issues, most or which ore not officially llstod in Lt 
arc as Quoted on the Irish exchange. 

... , „ , „ . , ShefLJ&Erxlirat.I 32 

Albany. Inv.SOp 23 I } SindaU<Wm.i_, 102 

Asb Spinning . I 45 I I 

Bertsm.. — ... 21 


O.F.S. 


[Free Slate Der. 50c 80 

F-SGeduldoOr £16’ 

F.SSaiipbasRI, 86 

HarswDySjc 368 

LonineRl 95 

fres. Brand 50c 909 

Pres. Ste.m 50c 687 

St Helena Rl 879 

Ulisel 166 

[WelkonSOr 278 

WJiOldings 50c £19 


Qllc 

-9 Q55c 
-llj Q 6 c 
-24 JQl30r 
-10 tQ 20 c 
-13 W15c 

-5 +^C 


Albany fnv. SOp 23 
Asb Spinning . . 45 

Bertsm.. — £1 

BdgVtr Est 50p 267 
ClovcrCroft. . . 26 

Craifi it Rose Cl 445 
Dvson (R. A.) A. 37 
Eilisfc HcHdy.. M 

.Evercd 17*; 

Fife Force 50 

Finlav FkK.5p. 23*; 
GMtgShip.fi- 240 
Higstons Brew,. 75 
J.O.USUn. £1 ... 150 
HoltiJa£.'25p . 263 
NThn Goldsmith 57 
Pearce iC. H.i_ . 165 

Peel Mills 20 

Sheffield Brick 45 


« .... 

17*a 

50 

23*2 


Conv.a?a ■80/82 £90*, 
Alliance Gas — 73 

Amott 337 

Carroll cPJ.>.__ K 

ClonriDlkin. .... 48 

Concrete prods, 130 
Tfeiten tHIdgs.) 40 

Ins. Corp 146 

Irish Ropes..... 130 

Jacob 54 

Sunbeam.. 30 

T.M.G 175 

Votdare. 90 


FINANCE 


3M ZJt Y-y 


: 29? ::::■ « • zo * «n « “ ,= r, ,r,hzp 


Yeoman lav. 164 — 759 LO 7.0 20.9 

Yorks. tLanea_ 30 sL5 L0 6.8 219 

YorkgteeolOp-. 15^ — — — — . 

YoanfiCoYlnriL 79 -+3 3.65 LOj 7D|223 


Finance, Land, etc. 

212 AkroydSinithers 220 ..,.20 0 4.713.8( 23 

5 Ara«irTEt.l0p_ 9*2 — — — 2.6 

26*5 Amtarujhiv.3hi. 44 +*a — • — — 5 6 

14*2 Britannia Amw. l6*j -~ — — — 

14 rh.nMerie;. . 18g .. . ♦— — — — 

103 LhallenwCipSi 1« 30 5.0 6.7 

56 rhartertouseGp 6ltd -1 +33fe 1.4 8.311.4 

£10»1 Common HkUn. £12' 4 +‘i 025 6 1.1 21 * 

221 futarit £1 ... 274 +1 Til 76 2.0 6.5 f8.9» 

Z7* z Dam-natDai 44 +1 +1.0 3.7 3.4 86 

25 rruoiiBBxlla _ 27 — — — 


600 424 ; 

340 246 
U7*s £14*< 
800 621 
150 119 
204 163 
25 17** 

£17* £14 
£U** Otft 
£14*, €10 

195 138 

35 22 

196 126 

122 95 

£ 11 ** 860 

58 50 
436 375 
223 161 

59 29 

£15 £11 
240 182 
292 238 
64 40 


Ang. Aul Coal 50c, 
AnjioAmer.iOc-. 
Ang-Am-GoldRl, 

Ang- Vaal 50c. 

Chji«r Cons. 

Cwj.CoM Fields, 
East Band Con. lOp 
<jen.H;stagR2 — . 
GOUFMldsSASc- 
Jolnr8Cooa.R2_. 
Middle Wit SC 


MinortoSBUl.-W-. 

NewWjtiiQt 

PaLlmiNVFIsi 

fend London I5c~ 
Selection Trust. 
Sentrost 10r, 
5ihenninos2*m„ 
TvaaLConslJjU . 

L'.C ImeslRl 

DiinnConiD.82x. 

Voxels 2 *tc -^1 


585 

324nl -1 

*%£ i. 

137 +1 
175 +4 

£1735 -£’ 

£13*2 -i* 

Ms 5 

34 

LI ± 

£ S" 

418 +8 
2l3id -4 

45 

£14** 

238 +2 

280 

62 


gL4 92, 
2jb 7.8 
13 92 


DIAMOND AND PLATINUM 


OPTIONS 

3-month Call Bates 

Industrials lcj 2D Tube Invest 

A. Brew 6 *j - 4 rmps” — : — 6 Unilever— 

AJ. Cement- Iff LCLL-, V UW.Drsperj 

BLR 9 luvereak 8 Vletow.--— 

Babroch— H RCA 3 Woolworths. 

Barclays Bank. 25 Udbroke 17 . 

Beech am 35 Legal & Gen,. 14 Pnpertjr 

Boots Drug — 15 Lea Service,. 7 g n t Land- 
Bo waters 16 UoydsBanlt. 22 cao.Q>uall« 

BriHihOvjgea 6 tendon Brick. 5 intrvuroMa 

Brown -.J . 1 20 Lonnio.. — 5 LandSecs 

Burton .V. 12 Lucas )h<ls — 25 

Cadbury s ---- - 5 Lyons O.j . — 10 p»ach#Y 

courtauids 10 'Moms" 7 SsranrlPrmn 

Debenhamv ... 8 Mrks A Spncr M 

Distillers 15 Midland Bank 25 Tuwn *C 1 W ; 

Dunlop... 7 N'JEI 12 q:»« 

Eagle Star . . - 11 NaLWtsLBank . 22 * 

F..31.1 14 Do/Warraot* 10 Bnl.Pettol«oi 

Gfiit. Aecidcnf 27 P & O Did A Burmab QHj 

n+n Electric . IB Plessey, 8 Chanerhali- 


I UIaxo 

Grand Mcl — 


«0 R.H m:. 5 Shell 

9 Rank fire.'AV. 18 Ultramar- 


42 £30 AjiElo-AnLlaf5Qe_| £404* Q600c 1.1 8 8 

90 64 Bishopr^laHLlfcJ 84 tQ71r LO 5 0 

412 2S5 De Beers DI.5c..J 396 qSL5c 33 7.9 

£114 925 Do 40pcPf R5 j £llrt £0^39*610.9 

74 54 Lydenhurfillijc — * “ 

98 70 Hui.P!aLlfc 


Cllul £0 *e 39IU10.4 

Si l::::::i?2*Ir| i!j ji 


GUS'.V 20 Reed Into!.— 12 

Guardian 18 SpiHers — 3 

G.K.N 22 Tewo 4 


Mines ! 

G.K.N , I 22 iTeren ..,,,1 4 I Charter Cn-J 

Hawker Sidd.. 20 Thorn 22 Icons Grid ■ 

House tv' Fraser.] 12 |Tnist HouseB.1 15 IHjoT.ZtocD 

A sejcefion of Options traded is Elven on U 
London stock Excbange Report pape • [ 





.■ - • • •*. 


. v ■ 


\ • j*- -• • , ’ 


26 


•V'. 


fiw Bealjy Discern ing TDrigjfcgrs E-5 

HIGH r 

&DRY 

Realty Dry Gin 



FINANCMLTIMES 


STRATHSPEY 


Saturday July 1 1978 


& IOOt Highland Malt Whisky ■;$ 
W: "'IbgaidhESuas ’ 




p 


MAN OF THE WEEK 


Shades 

of 

opinion 


Citibank prime rise 
means dearer loans 


BY JUREK MARTIN 


IF Allan Paul Bakke had not 
discovered rather late in life 
that he wanted to be a doctor, 
he would never have emerged as 
an American national hero 
villain, depending on the point 
of view. But the 38-year-old 
white engineer achieved precisely 
that status this week when the 
United States Supreme Court, in 
perhaps its most momentous 
civil rights ruling of the last 
generation, found that he had 
been unfairly discriminated 
against because of his race but 
simultaneously directed that it 
was right and proper for author! 
ties to take account of race In 
seeking to remedy the adverse 
consequences of past prejudice. 

The saga really began on July 
1. 1973. By that date. Allan 
Bakke bad become frustrated 
and embittered. Before then his 
life had proceeded successfully 
if unspectacularly: Minnesota- 
born of Norwegian ancestry, 
burly and blonde in the Scan- 
dinavian manner, be bad 
graduated from the state univer- 
sity as an engineer with high 
marks, gone on to repay his 
military scholarship by serving 
four years with . the marines, 
including a stint in Vietnam, and 
retiring as a captain, and had 
worked for a half-a-dozen years 
with a NASA contractor out in 
California. 

He had also been doing 
hospital volunteer work in his 
spare time, which had sparked 



r; 



X > * 

is. 

. 


• >. 

*. 


* 1 

f • ’ X. ] 


l Vur/— 





Bakke: alder and wiser. 


this late, blooming ambition to 
switch from engineering to the 
■medical profession. 

■ Over the previous year, forti- 
fied by some promising aptitude 
jtest results, he had applied for 

§ Amission to about a dozen 
, tedical schools, but bad been 
turned down by all of them 
mostly because his qualifications 
made him a borderline -case in 
the hot competition for scarce 
places and partly because he .was 
3 little old. 

! But Allan Bakke discerned a 
different reason for his rejection 
py the medical school of the 
University of California at Davis, 
Just outside Sacramento, the state 
capital. So. on July 1, he sat 
town and wrote his critical letter 
n the Chairman of Admissions 
it the school, the key part of 
vhich ran as follows: 

“Applicants chosen to be our 
loctors should be those presetti- 
ng the best qualifications, both 
icademic and personal. Most 
ire selected according to this 
tandard. But I am convinced 
bat a significant rraction is 
udged by a separate criteria 
Me). I am referring to quotas 
; pen or covert, for racial minori- 
les. I realise that the rationale 
or these quotas is that they 
ttempt to atone for past racial 
iscrimination: but insisting on 
new racial bias in favour oF 
minorities is not a just situation. 1 
He was specifically alluding to 
le fact that the Davis School 
ad, since 1969, set aside a num- 
er of places for members of 
minority groups: in 1973, the 
verage undergraduate grade 
■arks of the 16 representatives 
r ethnic minorities admitted 
hder this special programme 
mt of . a total of 100 available 
laces) were well below Allan 
akke's. Encouraged, ironically 
lough, by a man who was at the 
me a member of the Davis 
Emissions staff, he filed suit and 
;us became the symbolic leader 
what many observers saw as 
e “ white backlash ” against 
e great civil rights legislation 
the preceding 20 years. The 
tlifomia Superior Court sus- 
ined him. ordering the univer- 
ly^ot to consider race in assess- 
g admissions, and thus set the 
tge for the supreme court 
ling. 

'In the end the Supreme Court 
•th reflected the national 
visions and managed to give at 
ast half a loaf to all- sides. It 
ed six different opinions, with 
e nine justices splitting every 
rich way and sometimes in 
ntravention of theJr supposed 
eological bents. But the nub 
' their decisions was that, 
jugh ''the' quota system as 
faiihistered by the Davis school 
s wrong, race should be a 
ritimate factor in plans to 
courage, ethnic diversity and 
iy ordeferd that Allan Bakke 
admitted to the Davis medical 
3gramn)e in the autumn, an 
portuxtity which, he says, he 
{1 avail himself of: but, so bis 
ends report, older and wiser 
tn be was in the white heat of 
. frustration almost exactly 
s years ago. • 


BY STEWART FLOWING 


NEW YORK, June 30. 


ANOTHER GENERAL increase 
in the cost of borrowing from 
U.S. commercial banks was set 
in motion this morning when 
Citibank announced an immedi- 
ate increase to 9 per cent in its 
prime rate— the third such rise 
in a month. 

The Increase, which takes the 
prime from 83 to 9 per cent, 
began spreading rapidly with 
major competitors, such as 
Morgan Guaranty and Manufac- 
turers Hanover, rapidly following 
suit 

Later- in the day the Federal 
Reserve Board announced that 
the Central Bank was boosting its 

discount rate — the rate it charges stant pressure for several weeks 
member banks for loans — from 7 as interest rates have surged. 



Board's discount rate is now 
confidently predicted as banks 
are making increased use of this 
cheap money facility. 

But it is widely perceived that 
the Fed is lagging behind the 
market rather than aggressively 
trying to tighten credit 
conditions. 

Many economists fear the Fed 
has been allowing too rapid an 
expansion of the monetary base 
recently, which will 


ove 


■No.] 

to rejoin 
snake, 
says 
Giscard 


THE LEX COLUMN 



in 





t 


■it 


BY MICHAEL BLANDEN 


Street's spring fever. U.S. inves- 
tors ace once again sensitive to 
rising ijprfme rates backed by 
poor nzbney supply and infla- 
tion figures. The index has 
THE FRENCH FRANC dropped drifted ^down by 4.5 per cent 
Translate {sharply on foreign exchange from ^ high but Is still 11 

day attar Prudent* vflS £ r r lv W li b h 0Ve Iow p0int ta 
Giscard d’Esftaiag said in Madrid ea "? r 

that the currency would not re- Figures are now available 
join the European snake joint from the U.S. Treasury which 
floating arrangement. show Jbtbw foreign investors 

2L Giscard said at the end of reacted to the New York filar- 


It & three weeks since the my development plans. And ff 

New York Stock Exchange all- T nr lpx rose to 460.8 suggests that the apparent need a iff 1 1 
share Index peaked after Wall ° of the U.S. parent company for, fj| I* 1 


into continued money supply i markets, in late dealings 
growth at rates above its target 1 
and reinforce inflationary pres- 
sures already evident in the 
economy. 

Over the past six months the 
narrow Ml measure of the money 


per cent to 74 per cent The Earlier this week the U.S. supply has been growing at 8 per ! his official visit to the Spanish short and sharp boom in 

•ooeifFu'e lAnfTjfrawvM kowauiSrirr 1 mm« tnanifol fhttf F tflU P# gttll DQT **** — * aL.L 


increase has been antipated on Treasury's long-term borrowing cent, well above the Fed’s long- 
Wall Street costs hit record levels when it range target of 6$ per cent 

Coupled with the - other news was forced to pay 8.63 per cent Wall Street Is divided on the . 
on the monetary front — last to Goat a $1.75bn 15-year bond. outlook for interest rates in tbe j 

night’s unfavourable money The latest increase in U.S. second half of the year. Some 

supply growth data from the Fed interest rates is being powered economists predict that short 

— the prime rate announcements primarily by surging demands rates will continue to rise durin_ 

cast a pall over the bodd for credit, particularly at .banks, the year. Others expect interim 
markets. An increase from the 7 per rates to peak out >in the next 

These have been under con- cent level in tbe Federal Reserve couple of months. 

S' 


Food and housing push 
up U.S. living costs 


BY JUREK MARTIN, U5. EDITOR 


WASHINGTON, June 30. 


THE U.S. cost of living rose again been painstakingly warning that economic growth. It wonld take 
steeply in May. mainly because the May figures would be bad. tremendous skill over tbe next 
of the soaring cost of^food ana largely because of the food few months to- avoid crimping 
bousing. sector, but bas been holding out the economy. . ' * 

The consumer price index in- the hope of some relief from Dr. Arthur Okun, of the 
creased by 0.9 per cent the same double-digit inflation in the Brookings Institution, chairman 
as in April. This means that over months ahead as food prices of the Council of Economic 
the last three months the index weaken. Advisers under President John- 

has risen at a compound annual son, specifically charged that the 

rate of 11.3 per cent Threat nosed Fed’s, tight money policy ran a 

The food component rose by “ severe risk of inducing a reces- 

1.5 per cent only a little below Nevertheless. inflationary sion either late this year or 
April’s 1.8 -per cent advance but figures such as those published early next 

still the second largest monthly today clearly put additional Dr. Okun released a special 
increase of the year to date. pressure on the Administration’s Brookings paper on his -favourite 
Fresh fruit prices were more economic policies at a time of scheme— the so-called “tax-based 
than 6 per cent higher, vegetables considerable debate over what incomes policy," a variation of 
were up IS per cent and beef remedies would work. which also baa been pushed bv 

2.5 per cent the latter at least Yesterday. Mr. G. William Dr. Henry Wallieb, the much 

down on April’s 6.6 per cent Miller, the Fed chairman, more conservative mqfcber of 
jump. specifically spoke about delaying the Fed's hoard of governors. 

The housing index rose by 1 next year's scheduled increase in The Republican Party, sensing 
per cent in the month, with the Federal minimum wage, but a profitable issue in the mid-term 
utility and financing costs in he agreed with Mr. Michael elections, is attacking the Presi- 
particular • recording much BlumenthaL, Treasury Secretary, dent’s economic policies, wbfie 
sharper increases. Over the last that such action was politically advocating huge tax cut pro- 
three months housing costs have improbable. grammes of its own and effec- 

been rising at a 12 per cent He even acknowledged that tively tying up in Congress Mr. 
annual rate. tbe recent increase in interest Carter’s already twice-reduced 

The Carter Administration has rates posed a threat to continued tax package. 



a high dividend may bo coming: 
into conflict with the longer 
term interests of the 47 per cent 
UK minority. ■ -■! , 

la recent years there 
been a substantial -change la 
Woohrorth’s sales mix. In parti, 
cular the group has switched • 
out of the highly competitive 
food sector and is in the process 
of a major push into the cloth, 
ing market. But the brokers ' 
argue that to support the.se mer- 
chandising developments it will 
be essential to spend much 
more on upgrading the stores. 

- Woolworth has never reached 
the £S5m a year target it set 
some years ago for store refur- 
bishment, spending on which 
has recently been no more than , 
Redder- 


14 


capital fl*t araace ana car A u j,, suggest that 
ES? er JtSJSS a SSStJ U SS British professional investor 
meSanS3^crJ£f£ coca ot wete ra^wOy-bnytng unite 
monetary stability in Western heavily btfpre the upturn and 
Europe. scaling bade their purchases aa 

Commenting on recent reports the market’s upsurge became 

that the snake would be extended more fretted. After net pur- ^ , 

to inclnde the franc and possible chases of $57m in February, job of a business whose cyclical about £16m a year, 

even the bound, he said that uk investors raised these to nature has left Eastwood'S wick argue that the company 

create such a zone nad i n March and then profits popping up and down must find a further £10m a year. 

duced them to 3176m in April. ]Qte a yo-yo in recent years. and at least another £5Qm on 
In contrast the Swiss and the Tfip. current year is no tup of that to put the' pro- 
Germans got into the act rather exception. Despite optimistic gramme back on schedule. One 

pl ^ v-x late — probably because of the comments from the Eastwood method of cash raising would 

jnarp roe HIT strong disincentive of the do!- board as recently as January the be a much more ruthless prun 

But this would be a new laris weakness against their own full-year pre-tax profits pub- ing of small h ranches, where 

currencies. Swiss investors Ushed yesterday show a 42 per it is snggesiled that HtH? stores 
iokune in i the auke as it now actuatiy sold a net $1 6m of U.S. cent decline. Just about every- . of. under 3JD00 square feet 
worked. equities in February. They thing seems to have gone wrong should go* These do not fit la 

First reports of the Presilent’s bought ?I2m worth in March for the company in the past 6 with the new merchandising 

statement hit the franc. Earlier before boosting this figure to months, the expected recovery policy, and, they could raise 

in the day it had continued its $I03m in April as the indices in the broiler business did not £S0m on disposal, 
recent sharp rise caused by took off. happen until after the year end, There are two other nmen 

speralation after M. Giscard held Taken together all foreign the downturn on the eggs side rial sources of cash Wool- 

? et P urchases rose fr ? m 583111 (where Eastwood has been :™rth hto scope^r further 

cell or, last Friday, that it would S/SSm^AoriL^No oflkSl expandi Jjp cam f, qui . oK r f r Jf® *»nk borrowing. And more 
rejoin the snake. and 3713m in ApriL No official worse than anticipated, controversially. the brokers 

In the market the franc *«“** » r Ma - V are f rai1 - the depressed ret! meat /ivi- #rguo that the prcsont 
reached FFr 4.48 to the dollar able but some preliminary sion showed no improvement, payout ratio is unsuitable for a 
at one stage, its highest since it soundings by the Securities So although sales are ahead 18 comnanv with a renulrement fop 
last left the snake in March, Industry Association in New per cent on poultry, 2ss and Sr^nv^mem. a^Tdivi 
vP* ^ , York suggest that net buying farming products, margins have drnri PU t mav h«* m <A»rn 

in the snake, since N*vember.° J! p ^ P , fn* Heddcrwwk are quite opti 

At the close the franc had ^ bunch that there was the Eastwood shanfe on a fully mistic about near term prns- 
sllpped to FFr 450 tn the dolar, net selling as the month drew taxed exit p.e. o^I2.9. pects for Woolworth. believin 

compared with FFr.4850 on the to ■ close. . t - The' terms / represent a that In reasonable retail condi 




Jr iJSSt- premium of 4/per cent on the lions pre-tax profits could ri 
In thin but nervous markets Jagers and brokers in London Aansnsion mra. But sharp. Fmi» *i 


ice. But share- from £47m to £75m during the 
recall that it is next three year*. ■ out they 


the Japanese yem 0 l^touched^a invp^tn^ ramp "*v “ *•’> next rorce yea IT*. uui mey f 

new J Iow“fY203 before 'Screw Stiier^^late as ti? LoSces the 16Jp net reckon that anything less than ,» 

ing slightly to end at Y2Q3.55 asset\vaiue ugpre which Sir £lQQm is not acceptable for a «i 

compared with Y20550 on the John i E f 5tw °o iJ " claimed last group of this si«S-and if the i 

previous day. umt trusts publicis^ the fact September was ‘ oqly a fraction current merchandising stra- 

The pound has also gained ? n May and June British buy- 0 f the true value 

some ground in the past few tng continued but at a rate that panrii), assets.” 

days on speculation about new has dwindled steadily from that 


General Electric joint venture 


BY MAX WILKINSON ’ . S 

GENERAL . ELECTRIC is to The new company will have The new company, aimjng to 
become a junior partner in a about 11.000 employees, half of provide valves and process con- 
joint venture with a U.S. process these in the U.S. and half in trol and measuring equipment 
control and control valve com- the UK. for a whole range of industries, 

pany. Although GEC will be the will start from a base of instal- 

It plans to merge GEC Marconi junior partner, it expects to take latious in the petro-chemical 
Process Control with Fisher an active part in the manage- and paper industries. 

Controls, a subsidiary of Mon- ment, particularly of the con- n 

santo, to form a new company trol and instrumentation side of tere Sf . D itself "cec 
which on last year’s figures the business. £ 

would have* a turnover of £200m. The proposal still has to be “ 

About a third of this would ratified by the Boards of the 
be contributed by the GEC sub- parent companies, before the jSJfi iSjSJ 

sidiary and two-thirds by Fisher, new company can become opera- ™ h3VC * 

The shareholding will reflect this tlonal, probably at the start of wonawiae reputation, 
division. next year. News analysis. Page 3 


Probe into Lever soap prices 


BY OUR CONSUMER AFFAIRS CORRESPONDENT 


PRICES charged by Lever seems likely to lead the com- could be frozen while they are 
Brothers for a wide range of mission into the whole question investigated by the Price Corn- 
soaps ahd detergents are to be of trade discounts, which already mission. But, in practice, most 
investigated by the Price are being investigated ‘by the companies have been able to get 
Commission. Monopolies Commission. an interim increase under "the 

This is the first time that the Lever waj * investigated by the profit safeguard provisions in the 
commisIioB^ hS spScX in- Monopolies Commission as part price controls. 
vestieated B a Unilever subsidiary of a wider mquiry 11110 soa P s ^ commission's interest in 
altoouEh* riven its emohasis on ?nfi detergents which found that Royal Doulton has been triggered 

grocery companies. 

The commission, which also Continued from Page 1 
said yesterday .that it was to * & 

investigate a price Increase sub* 


£32m agreed 
Eastwood the 


Wodiworth 

For '* 

F. W. 
ing 
its sh 


currency arrangements. J of ApriL 

Yesterday it came under some 
pressure at one stage, touching Fgchvon^ 

S1B550, but ended at Sl-88 for t4lslwuuu 
a fall of 65 points. Its trade- Through its 
weighted index slipped to 61.5 offer for J. B. 
against 615. Minneapolis-based Cargill group has sli; 

hf5n r '5?^' SterI ?f 8 stands t0 secure a one-eighth anythin 

cSrenSS of n Sn share of ^ ™*et for both long te: 

recent!? co^rentSted nn fte eggs and poultry meat Appar- analysisjby brokers Heddorwick it is refreshing to see brokers 
continued strength of the yen- cntiy Largui — a major in tne ourijug 
The relatively quiet period will international grain trade — whether 

be reflected in lie figures of the reckons it can make a better cash to yrry through the neces- other way about 
official reserves on Tuesday. 


r the com- tegy should fail, a critical 
situation could be developing 
in the early 1980s. 

K The suggestion that minority 

re than two decades shareholders should press for a 
ho 1 worth has been slid- bid seems far-fetched— for the 
downhill; since 1970, Americans clearly do not want 
of the retail market to put more cash into the UK. 
d by a tenth. Can But it is encouraging to see 
e done to change this brokers taking a radical view 
trend? A hard hitting of a company’s strategics— and 


Expensive loan 


/ 


Weather 


Another step In the official pro- 
gramme of reducing the burden 
of overseas borrowing was an- 
nounced yesterday with the, 
decision by the National Water [CLOUDY; rain. 


UK TODAY 


Council to pay off in advance 
its 3300m five-year fluctuating 
rate loan, taken in two tranches] 
in m id-1976. 

The terms of this loan are 
regarded as expensive in present 
market conditions. The loan : 


London, Cent. S and Cent. N 
England, E and W Midlands, 
Channel Is. 

Rain. Max. 14-16C (57-61F). 

SE and E England, E Anglia 
Cloud, rain. Max. 15-17C 
(59-63F). 


carried a spread of 1} per cent NW and SW England, N and S 


over London interbank offered 
rates, and will be refinanced 
■from tbe National Loans Fund. 

The pre-payment is tbe second 
biggest after the Electricity 
Council’s S500m. and will faU 


14-16C 


Wales, Lakes 
Cloud, rain. Max. 

(57-6 IF). 

Is. of Man, SW Scotland, 

N Ireland 
Showers: sunny intervals. Max. 


half in' July and half in August 11-13C (52-55F). 

The move follows, the. news NE England, Borders, Edinburgh, 


that the Government is re- 
negotiating the terms of its own 
$L5bn Eurocurrency borrowing. 
It brings UK borrowing under 
the exchange cover scheme on 
which premature repayments 
have been made or foreshadowed 
this year to $1.44bn. 


Dundee, Aberdeen, Cent 
Highlands, Moray Firth, NE 
Scotland 
Cloud, rain. Max. 13-15C 

(55-59F).. 

Glasgow, Argyll, NW Scotland 
Cloud, rain. Max. 11-13C 

(52-55F). 

Orkney, Shetland 
Dry; rain later. Max. 12C (54F). 
Outlook: Changeable. 


mi tied by Royal Doulton Table- 
ware, seems particularly in- 
terested in Lever's policy of pro- 
motional price-cutting. 

This manifests itself in tbe 
shops in packs flashed with their 
special price or with a coupon 
offering a. discount on the next 
purchase. 

The company, like Procter and 
Gamble, its main competitor in 
the soap and detergent market, 
cuts the prices of its leading 
brands up to 20 per cent during 
promotions only to put them up 
again once the promotion is 
finished. 

This fluctuation in price is a 
source of annoyance to some 
retailers Who would like to see 
money-off coupons withdrawn 
altogether. 

Lever told the commission 
earlier this month that it wanted 
raise the prices of its soaps 
and detergents, such as Persil 
and Sunlight washing-up liquid 
by an average of 4.8 per cent. 

The commission seems to have 
taken the view that such an in- 
crease might not be necessary if 
the company were to stop offer- 
ing such big promotional price 
cuts. 

It was particularly interested 
the temporary price reduc- 
tions applied in the market. 

The' practice of offering pro- 
motional price cuts is not limited 
to soap companies. The inquiry 


Bilston strike threat lifted 


BUSINESS CENTRES 


strike threat “an unfortunate 
sort of hiccup,” said it focused 
attention on how consultation 
In .the industry -should be con- 
ducted. 


But the Corporation — whose 
losses are running at £450m a 
year — was losing money every 
day that closure talks were 
delayed. 

For the plant, the upshot is 
that the Corporation will con- 
tinue what it soys is 
preferential loading of orders 
at the expense of other plants 
that can make Bliston’s pro- 
ducts, billets and rounds fox 
the vehicle and engineering 
industry, more cheaply. 

Asked if consultation could 
change the BSC’S basic 
strategy, he said: “ If the 
unions can propose a cogent 
ease that makes sense 
financially for the BSC, we 
must take that on board.” The 
unions believe that if they lose 
the battle to save Bilston, 
which BSC would like to shut 
by March next year, then other 
plants such as Shotton. Consett 
and Corby will be cut back. 
Their anger over Bilston was 
fuelled by closure at Shelton, 
Stoke-on-Trent, last week. 

Mr. Varley said in Alfreton, 


Derbyshire, where he was 
opening a factory yesterday: 
“ Steel trade unions have some 
of the most responsible people 
in the country, but unfortun- 
ately there are formidable 
problems in the industry. 

“ After reading reports about 


the situation in the morning 
papers I have been in contact 
with the chairman of the 
British Steel Corporation and 
the' relevant unions. 

“My concern is to see that 
full consultation between all 
bodies is followed;” 


Continued from Page 1 

Rises proposed 


The report was generally wel- 


ciations involved including the North, said that for the Goveru- 
Association of Members of State nJen ? to accept the Boyle pro- 
industry Boards, the First Divi- Si d - S ^ U 




V'day 



Y'day 


mid-du 





■c 

•F 



«c 


Amstdm. 

C 



Ustuui 

C 

?2 

7? 

Athens 

S 

Pj 

VI 



15 


Barcelona 

s 


E2 

Lnemh'g 

11 

15 

59 

Beirut 

s 


71 

iladr« 

C 

15 

58 

3eUast 

c 

u 

y 

Manchestr. c 

14 

51 

3clftra0c 

K 


Vli 

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c 

24 

73 

SerUn 

5 

1- • 1 

73 



23 


Bnnghm 

C 

t ' 1 

41 

MmUcb 

s 

OO 


Srtstol 

c 

■ ( 1 

41 


R 

13 

33 

3rnssels 


By J 

« 


R 

18 


Budapest 

F 


v: 

Parts 

C 

18 


Cardiff 

C 



Prapue 

F 

23 

73 

^Joftne 

R 


r 

Reykjavik 

R 

8 

-K 

CoonJwsn. 

F 


r: 

Rome 

S 

25 

77 


C 

m’M 

IT 

Stockholm 

C 

20 

SS 


□ 

■ [ 1 

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Strastrg. 

C 

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72 


□ 

w * 1 

73 

Tel Aviv 

5 

27 

78 

Geneva 

c 

tj 

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Vienna 

S 

21 

70 

?la£ROW 

c 

0 

L 

Warsaw 

c. 

20 

as 

Helsinki 

c 

St 

731 

Zurich 

F 

21 

70 


HOLIDAY RESORTS 


. , _ .. - Servants, me r 

and the Civil and Public Services V' „ 

Association. , MPs from the Centre-Right 

Rnnert Corn well writhe- Tn tiislsted that if the Government 

to^ dcSureuiv SrfS was to wor k towards 

MiniKiw 6 w y „ 7™* restoring differentials on the Blackpool 

meeting of Labour MPs on Tnes- 

day before he makes the Govern- t0 “ e sam.e at the top. Cuaunca. 

menrs official SjSjS ~ spofee,m .« n on 25* 


The Labour Party 15 far from emphasise over the next few fSSSSF 
united on the highly delicate days that without realistic salary Gibraltar 
topic, which is likely to figure rates for top executives the P”™? 
als ° at ^°?J a ^ s regular session nationalised industries would be 


committee. 


calibre required, 



Y'dajr 


Vita* 

mid -day! 

mid-day 


•c 

•g 


•c 

»F 

S 

25 

m Istanbul 

c 

20 

88 

c 

35 

771 Jersey 

c 

IS 

30 

R 

15 

SH Loa Ptms. 

s 

23 

73 

C 

14 

57 Locarno 

c 

21 

70 

c 

18 

Bw Majorca 

c 

21 

70 

c 

14 

571 Malasa 

s 

*21 

70 

c 

23 

73 Malta 

s 

23 

73 

s 

2 a 

3 Naples 

s. 

25 

77 

s 

22 

73 Nice 

c 

30 

St 

s 

26 

7H Nicosia 

5! 

2* 

78 

c 

IS 

M Rhodes 

8 

25 

77 

s 

23 

72 Salzbors 

F 

24 

75 

c 

14 

5* Tansier 

E 

23 

73 

s 

24 

7a Tunis 

S 

28 

84 

c 

14 

57i Vajcncta 

c 

10 

M 

s 

14 

37 Venice 

c 

23 

73 


C— CUwJy. 5 — Sunny. F— Fair. R— Rain. 


J 


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future with 

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&Partners 


THE INVESTMENT ADVISERS 


>V-. 




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