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_co»rg Nfln*t. Sbunc bricee Austria mi.tsi klgium 


NEWS SUMMARY 


DENMARK Kr.J.Ss FRANCE Fr.JOs CERMANT DMJ.Oj 1TALT 1.500 ; NETHERLANDS Fi.I.R; NORWAY Kr.J.Ss PORTUGAL E*c.M: SPAIN Pttrt.dfl; SWEDEN Kr.J.25; SWITZERLAND Fr.2.0: EIRE 15® 


EKERAL 


BUSINESS 


isM : :a 

l^nvoy’s-' 

y, U85J- - 

““Patlvht?/ ^ Tn ? 4sh Ambassador’s 
UK ^othewu-law and chauf- 

hanii; rilT r A^ :ur Werc yesterdav when 
; rerm S- S s ® r J' as *““*«* in Madrid. 

hit*!; -1 Kunerlap. the 

m «u ^ u^oassador. was apparently nnt 
^ the v ® lliele - 
tied 'v^ ?r ^ li,ree sumaen, believed to be 
iid; a „ ;■■ ^jrmeniajis, fired on the car as 
an ,f *l r . ^ stopped at an intersection. An 
--u ..or* tj^nonymcms . telephone caller 
* u 5tera titer told , a news , agency that 
' ®* _ busing. attack was : carried .out by' 
•iUslders' -ttyi eni an commandos seeking to 
•Q Pc-r rx-T Avenge the '‘extermination” of 
f tear year ' rmenians b y lhe Turks. 

Wui i-dijijp, m . ■ 

J Wc *Iy in T^orfdf- Cup 

, n Jt ,. !I ‘^1 afetaly beat Prance 2-1 in their 
, ; Je SF"Jpi^roup.one World Cup match and 
■i— ngnte Tunisia beat Mexico. 3-1 in group' 

A t Tia ,'wo. Argentina’s top writer and 
per vntL* "'Oet, Jorge. Luis Borges, said he 
/as a great- admirer of English 
iforature and culture “hut there 
oust be somethin? wrong with •' 
dons nv^rh;--,- nation that has invented 
mark?! ^footbalL" 

ssi’psjr.r.i vis - . , . 

^ iiininAfrjca warning 

, ^ !j .n a strong speech 'against Soviet 

1 . 1 v f i '--^nd Cuban intervention in Africa,. 

: tncie:: r.i: :v,tfr. Callaghan warned the UN. 
tarr :rr»c special session, on disarmament 
h«> ;Vt cbe continent could be Vims-- 

ed r .v-'v "' "i reused by a new imperialism" , or. 
rros'i f .-".--'become a breeding ground for 
.» - o,. i? -East -West discord; Back Page 
*.. r t r.c ^ ■• ■ • 

r! t^r.^^^ecurity demand 

? jv.'.-v -aThe . Government •• should. ! act 
iv.i.z ; ?: ^-'without delay" in tightening 
^-7^ ’pcurily in British embassies in 
.r’lv" . n i‘~r"ommunist countries, Mr& Jill 
"“-.Knight said yesterday. The Tory 
i uu... r. ‘-yrp'g demand came a/ter reports 
.la-! ^ : 'i’tbat the EJ;S. enj&isw Jn-Mbscow , 
.-/« Shad been bugged. . Page 2" • .'• '.. 

rer. re t.-fi: ... .'.'J "' ' ;"•"■• ., . ■ 

.* - - ; -Jerusalem blast 

5 .'Six people were killed and:"2Q 

iRt r,. i ^wounded : when a bomb- blast 
it; v'rVM-T. --wrecked a .'crowded bus in 
; /: - -Jerusaiem, '.A . group called* the 

,.-v ^(General Command of the 

*' x • ; -'^Palestine . Revolution claimed 

* .. * 7 '- "'-A ^responsibility. Page 2 

itl' a - - - SChacf bat t le : - 

xri- rv.r.j.rv: '-‘^.Around 50Q - French' combat 
fy -^".troops joined Chad ariny .soldiers 

. i - lr in recent battles against rebel 

m,-::'-' Frolinat forces in.^Chad’s Ati. 1 
^T-B^inn. Th«» FranecKChad force. 

' “ ~ ~ ^ hacked bv French Jiguar ground 

■* 1 support . aircraft.' is believed to. 

have inflicted, .severe; damage. 
Page 2 •• '• '•■I.. 


down 2.7; 


Tanzania to expel i ICI t0 
Lonrho 6 for role | £74m 
in southern Africa ’i DJ ? 10 



weaker 


• EQUITIES feU 2.1 fo 473.5 
on the day Mr light selling,- the 


BY MARTIN DICKSON 


DM loan 
early 

BY JAMES BARTHOLOMEW 


BY PETER RIDDELL. ECONOMICS CORRESPONDENT 


I THE Government had to inter- 
• venc »n foreign exchange mar- 
jkeis on a much smaller scale 
I last month than in April in 


The Tanzanian Government said yesterday that it would expel Lonrho because ! ! 1 ^, t l " onth lh *“ April in 

of the nature of the company’s activities in southern Africa. It has been' JS*^ R, ;o L ma K S!h «SJy.‘ '“S^epS iubiJ m P ' 

given three months to dispose Of its assets ill Tanzania. meniof sSni.'hTnM loans on * There was an underlying de- 


I _ SWC ' f 


L MJtWYMWSMSOTS 

}80r ®M*saos& i 


■ «v iuii'pnii,' ii ^ * ■! 

noi regard Ihc exchange Ions j in Apn 


as serious in tiew of the 


pFIWstrfaf 


given three months to dispose of its assets in Tanzania. mem or £<4m. in on loans on ( ..... _ „ 

The totally unexpected state- interests in Rhodesia and South countries — Pre<i.i.-nt Kenneth 1 which ii has made an exchange { cline in the L.K. s official rc- 

ment from Dar es Sulaam said: Africa while continuing to do Kaunda of Zambia. loss of just over £40m- ] serves of last month. 

“It is not possible for Tanzania business in Tanzania But the He is al*>n r,n close terms with' The company sa>s it does ■ C ° n V!?u Wl " 3 fa 0t '-“• 21on 

to permit a business enterprise company was a special case for Mr. Joshua \knr.io. co-leader of; not regard the’ exchange loss 

to operate in this country if il two reasons: Rhodesia's Parriorie Front! as serious in view of (he 

is known lo have undermined {.w, - < onrhu (hrou-’h i» muomIW allanw. Mr. Row-! matching assets in Geimany 

the freedom struggle in southern e year live represents itself ,;,nd ,s belit-’ eU t*. h»\f played: which have correspondingly 

t A s K ; h ™ ih ns 3c,,v,i,es kstaSK.:.^ *■■-* « ««»»« 

Lonrho said last ni“hr thor it in lbat cuntext dues not hesitate p res , c | t .n£ Kaunclj nrf Mr fan! Bul ,br firman assets con- 

recrotSd the TanraiTiin move ,n nu * ddle in p0l,tics ” f K be Sd^nn Prime l *W'> ° r an ariificial 

ind denlored the -'JoiaJK- fate southern AIvicu. particularly i,t} Jdt * un pnme 1 fibres operation which has had 

picture regarding its activities in Zimbabwe (Rhodesia )■ The Tanzanian ft v i lenient said i SYeai trading ditncultlcs. 

Africa as portrayed m the stale- Secondly, the British Depart- that Lonrho would have to sell i The reason for early repay- 
ment.” It had " good reason to ment of Trade investigation into its assets to the state-run : mem is that the interest cost 

be proud of its record in Africa Lonrho affairs had "exposed National tic-. elupmcnt corpora-; on the loans is higher than 

and its activities on that con- these professions of friendship as- lion, at a ” fan price <<erepiabie; the market rate. The coupons 


Gold and 
Currency 

Reserves 


After taking account of new 


iGH X^Britannia .rilled 

Britain is > way aheaE'’ - of 
PT7CJ t-\j rest of the worlcL .jn-.devdla 
I ways of generating. power,: 

. ocean waves,: says: _Mr. -J 
n -s T” i T ^ Grove-Palmer, prograinine n 
l' M I 1 AL » ?er foT wave energy rssseart 
A- 0 -” the Governments -energy 


Britain is r” way ahead, .pfythe 
rest of the woricL. in; -developing 
ways of generating, power , from 
ncean waves,: says*.^-Mr. .Clive 

I Grove-Palmer, programme intrna- 
« jer foT wave energy rtssearcb at, 

the Governments -energy tech- 
nology supports uiHt-. - 

Paraquat / „ 

Nine schoolchildren .admitted ■ to 
hospital With suspected paraquat 

I I poisoning after swimming, In a 


8 0 Paraquat spare , 

/O Nine schoolchildren .admitted Vto 

hospital with suspected paraquat 
.. • poisoning after swimming Tn a 

contaminated pond were allowed 
U** ,v home yesterday after ■ tests 


home yesterday 
proved negative. . 


re-untd Briefly. 


- ■ 7r-. 

UC-2 *•- . '- “' 
iOJIV-’ '• • . 

.-Tin* -'-• ;rCr ; 

, fr 1:- 

can be ;“ ;ff 

;ii P.O: - l - 


,-.n 

YJ- r 

. • N^' 

: '.l* 1 ■ 

■ .-,SC- 
- 1*1 

t cps**- 

lOvi TO-* 1 -’ 


Nobel peace laureate Andrei 
Sakharov and.. his wife Yelena 
were fined h total of 90 roubles 
on charges oF striking police and 
stewards after' last month’s trial 
n{ Yuri Orlov. . 

Saturday, nights in May or August 

are tlie most likely ti.we for n*pe 
attacks, forensic psychiatrist Dr. 
Paul Bowden said at a one-day 
conference bn violence* 

Cricket.- 1st Test fEdgbastpn}— 
Pakistan 164 l Old 7-50), England 
256-3 t Radley 97 n.o., Gower 581. 

Christies’ three-day ; sale of 
contents. .! : .at. . ' Wateringbury 
Place, near. Maidstone, realised 
£1,301,602: ' . , 

Irish Republic police seized a 
home-made mobile IRA rocket 
launcher. 

Mr. Wtaatsisname, a Binninjjbain 
Polytechnic lecturer, has failed 
again- to -break a solicitors’ mono- 
poly on house purchase., legal 
work. He lost an appeal against 
conviction -for doing illegal con- 
veyancings - • 


r 30 J»~ 1 2 J 

FT ordinary:. index having dip- 
ped 4. 6: to its lowest T»f the day 
at II am. ' - - . 

• GILTS -were weaker in the 
face ot the .rise in. Treasury bill 
.rates ; and \ eontinuin'g “worries 
over; the money supply. The 
Government Securities index 
fell 4L54 to 69-36. v 

• STERLING fell 35 T>oints to 
$1.8230* and its trade-weighted 
index dropped to "60 <61.4>. 
The - dollar recovered some of 
its Tosses- against European cur- 
rencies L after intervention' in 
New York hut its depreciation 
widened tb-5.91 per cent (5.72). 

• GOLD rose 52 to *1855 in 
London and' in New York the 
Cotncx June settiemehl price 
was $1.30 off at $182.7®. - V 

« iYAIX STREET dpsetf 6,84 
up *t 847 j&,' t; 

..... i 

• . COFFEE prices-, ba/'tfk?!- 
London futures market leapt; 
nearly a'tonne at one stage 
on news that an earfy jrost hit 
Bradys otain coffee growing 
state thfc week-... July delivery 
reached £2,00(1, hnt slipped bach 
to close- £120 up at £1,038.5, its 
highest since . last antumn- 
(Back Page) 

'# ."PERU’S , central bank has 
arranged a swap 'with five other 
central banks to give it $85m 
worth, of - foreign exchange, of 
which S30m has been sold to the 
private sector in Peru to repay: 
overdue credits - from foreign 
suppliers. - 

• ^PAIN’S second largest bank, 
Banesto. has taken over the 
administration of Banea Coca 
after evidence of withdrawal of 
d posits from Banea Coca. Page 2 

• CANADA will close the Cani- 

cHan portion of contested Atian- 
fic and Pacific fishing grounds to 
U.S. fishermen from to-morrow 
because of difficulties over the 
-working of the 1978 Canada-U.S. 
Interim Fisheries Agreement. 
Page. 2 ; 

URANIUM supply contract^ 
worth more than £740m over la 
.years, are to be negotiated soon 
between the UK and Australian; 
companies. Page 6 

• POST .OFFICE engineers, 
dispute, which has resulted in 
delay? for 65.000 people waiting 
for' telephone connections and 
£7m worth of new equipment 
lying idle, has been referred to 
an induslrjal relation ejipert, 
after breakdown of negotiations. 
Page 4 

• ALLIED BREWERIES, which 

slopped £6.50 a week productivity 
bonuses to . 1,100 brewery 

workers in Birmingham, has 
agreed to re-start the payments 
from Monday. Page 4 

• REDPATH DORIVIAN' LONG. 
BSC’s oil platform building sub- 
sidiary, has set UP a new company 
with French and U.S. associates 
to bid for contracts in toe on- 
shore design market. Page 4. 

COMPANIES 

• FLICK GROUP of West 
Germany has paid SlOOm lor 
an effective 34.5 per cent stake 
in. U.S. Filler Inc. of the. u.&. 

• ROTHMANS INTL., the UK 
tobacco group, is negotiating 
taking an B5.6 per cent stake m 
Rothmans of'Pati Mall Canadi m 
a deal worth an estimated £«*»»• 
Back Page 


tioent.” 

The company's interests in 
socialist Tanzania include motor 
distribution and textiles, but 
they do not make up a major 
yart of the groups African 
business. 


hollow sham.' 


“Front line 


to lbe Government." ! on (he three Joans, due lo be \ n Lrfp 

The corporation would then be repaid in 198.1 and 1986. range rfp r ii„,. 
empowered either lo incorporate) from S to 8J per cent. Thl r 

S^tepSinT J «h^n 0 m"a*^ 5 SJJi , *2 Iast m01 


African leaders by Mr. Roland observers were puzried l.v the h « ve necesarii - ,t,d ln * P®»«'| make an early repayment. 
“Tiny" Rowland, its chief timing of the expulsion, because Testrami i*i»h regard to its| Under iht* terms of 1 
executive. it is now two years since the in . _ Africa and) j oa „ s £c I U- able to repav 

The Tanzanian staleroent said Department of Trade published Wiotfe»a, tne lust incal existence only IJ to 2 per cent. ab< 
that in the 1960s Lonrho had report on Lnnrho. Nor was. ^ eir oomina) laluo. 

expanded Us substantial a clear what lay behind den > til the certain Knowledge- 
interests in both Rhodesia and Tanzania’s complaint of Lonrho th at . independence would be 
South Africa," in spite of •* meddling " in Rhodesian coming to those areas. HfilflirKH: 


difnculties. i : ‘ s >hc markci expeelpd. and ^ ia,J 1:1,1 ' a, v j 

for uariv r pnav, st erlin S closed only 35 points V - 

,fe r Idown at S1.S230. The trade- 

l ; weighted index finished 0/2 flows, lbe reserves ba-e been 

* s lower at 61.2. though dealers reduced from their peak level 

i Ia ^ coupons suspected some official support of $20.6$bn at the end of January 

Joans nue lo be jn ort j ev to prevent a further by substantial repayments of lbe 

> and 198b. range decline. UK's official overseas debts, 

per cent The po chlin?eij jmie over R epavments of pU hfic sector 

rri yesterday that last month as a whole. The over- rtr! , t la<l month amounted M 

larkcl conditions only $7Sni and werc more than 

’ could obtain offset bv new horrowiDS! of 

Germany at a [ The public sector borrowing s;;51m. /imost entiiely from the 

say 6 per cent.. requirement for 1977-7S was i«suc of Govern mem* bonds in 

pr-tenn money. | £5.5Sbn, or £13;:m less than the Now York capital market, 
ircamsiances it provisionally estimated at the The Government's intention is 

[logical ’* not m time of the Budget. The figures ^ irej{ | t h e burden of debt repay- 

y repayment. tentatively confirm indications ment from ihe neak vearx 


ICI estimaled yesterday that 

part of the groups African Tbc investisHtion had shown consistent «ith Tanzania's eco- |h c ^cornpai^'^^coul^H^bUi'n 
business. , dial Lonrho hud 'ov cr « numher st, ! ! money in GemSm. S I 

Nevertheless, the Tanazanian of years engaged in profiMuatcing allowed a su iM kay iulr for pri- ch er ral 6 • . 

mnve will be a psychological activities w Rhodesia tneon- va l c . ... even for longer-term Aminev 

blow to Lonrho, which has prided yj.steni wjih the letter and spirit Lnnrho ,-aul in c muter stale- ; 

itself nn the good personal of United Nations mand.itorv ment la?t ni^nt lUoin- policies In the circumsiances n 

relations built un with black ' m independent African countries would be ‘illogical' nm to 


even for longer-term money. 

In ihe circumsiances il 
would he " illogical " nnt to 


in the circumsiances ti provisionally estimated at mu? Th*». Govevnnunl's intention is 

>uld be ’* illogical " nnt to time of the Budget. The figures spread the burden of debt repay, 

akc an early repayment. tentatively confirm indications men j : , w;iV from ihc peak vcaix 

Under the terms of the of {,n . acceJerafion In public 0 f the early 1980s. The CJrly 

aus. ICI U- ah If to repav at spending inwards the cnd-m repayment this year of loans 

rlv 2J to 2 per cent, above lh * fiuanc,al . J' Par - . totalim? &$.Hbn has been 

eir nominal lalue. Details. Page 4 announced, including »2bn tn the 

International Monetary Fund. 

-JoIdin a S • *l [ le y e, 0f su Pf'0rt was lOM'er d ' e n f^^epaj-menr' in 137 sl so 

AUIUaL5 & » than l0 April, parQy because of lhj|l hf)rrow ' in? , of S4.1bn will at 

fri . . . , . . the renewed weakness of the nr^^nt he rennid this vear Tfap 

.'£U* K^J'W'S 11 «* dollar du> -ins. May. . . SSTlf «.«ta 


South Africa," in spite of meddling " in Rhodesian coming to cnose areas. |-fnl fljncyc 

repeated assurances to the con- politics. Inded. Lonhm has through- a AUiUlilgj 

trary given to the “free Tanzania is one of the five out attempted to develop its com- 

countries " of Africa. African "front line" states mercial operations in all ICI is fairly liquid at the 

Tanzania was aware tbal ranged against Rhodesia ami Mr. countries in Africa on a basis moment and can easily repay 
Lonrho 'was not the only trans- Rowland is a close friend of the Continued on Back Page the horrownngs from its 
national corporation to maintain leader of another of rhese Rowland laces storm, Page 4 currency holdings. 


Japanese GNP increases 
2.4% in first quarter 


,V1 ai mr ao)iar aimng may. mav n v_ fn arnlnlri ejsba 

moment ami eao easily repay The intention appears to be *J?. S ihe enS o( Se 
the borrowings from its t0 absorb any short-term ur ^ n . tne f £ tne 

currency holdings. pressures— caused, say, by nn- This has partly been offset hy 

The January 25-vear bond favourable economic statistics, new bo rro win a with inatuntv 
issue of -SI 75m in New York But in the longer term, the aim 5 .f™" ^ 


TOKYO, June 2. 


o finance DM measured ^relative labour cosU. New York market win. 
repayment is at last year s average levels. The rate on Treasury bills 

I(i does not a I wavs match The official view— without com- rose snnrply at yesterdays 
itsMuMa^r^ Plete data available-is that a weekly tender fo o level which 
^ substantial $w& Irene ‘^se part of the- J3.04bn under- would have tn gser«i an increase 

Sorrowing but onlv^iiKl ’J' in s dee,ine in thc r - serves in ln th£ , B ^ k En -^ d5 m:a V 

asset® b?S« itrerlaad. the last three month.- probably mum lending rate to #> per cent 

SSSsns s?r^\ , a?i 5 Kii.?h. p i 2 sssr-fe ss 
stiwm 58st "SSffla w teh.visaa " e & Ba 0k ,« „ 


BY DOUGLAS RAMSEY Ti3K\0, June 2. However its DM bnrrowlnc«, represents a withdraw . ! of part under Jic . m 3 rk«i -related I for- 

Jf SLTmiwS of th * wy large speculative in- nuila which was abandoned last 

wClifltu tO W CrKMIl 1/jl (Wl/Ifl d.m e TttT^PlPrl pnrlv 1 MlUlTTin U'PpI? 

TH^ JAPANESE economy grew cast of 6.8 per cent, but margin- Y 106.5 trillion (£263bn) in the before this DM 280m repay- . ^terlin° was bein'' Md The Bank fixed MLR at an 
faster during the first three ally higher tban the agency's first three months. ment, are exceeded by the The inflows an^anted'lo unchanged 9 per cent nn Thurs- 

months of this year tban at any revised forecast earlier this year Export earnings grew faster T atue of onsets in Germany. S^ bri ' in October alone ’ dav iinder the new administered 

time since before the 1973 oil of 5.3 per cent. *7.5 per cent) than other major The DM/sterling exchanae ** fSwT uSerlving out- ?St-m 

crisis. - . The GNP statistics are prelim- components in Japans GNP, rate at the time one of ihe ‘ p ’ ' 

The Economic Planning Agency inary, hut they axe expected to although the externa] sector is a loans was takm out in 1971 - 

raid iu a report published to- be used by the Government of relatively small share of the was $.3647. Last nieht in _ « p # 

^ay that Japan's gross national Mr. Taken Fukuda to back up bis GNP total, most of the growth in London the rate was 3.7950. 

product rose 2.4 per cent in real target of 7 per cent GNP growth GNP is ascribed to the 2.1 per . _ _ 1 v A.UJI Uvvli AVrA V-V w-- 

farms, during the January-March in the 1078 fiscal year. cent rise in consumer spending cnocirw staff 

period compared with the pre- However, some sceptics point during January-March. £ in New vnrk uu,t ruKciur* 

vierns three months, h is the out that Japan's rate of GNP Consumer spending accounts : 3 — : MOROCCO SAID last night tlut it to Morocco this week by Presi- 

sharpest three-month rise since growth did best during the same for about 53 per cent of total _ [ i uw j i Praiiow e. n rt tmon< m 7aire to dent Mobutu in search of military 

the same period of 1573 (when three months of last year. too. GNP. Governotent fixed invest- • ^ d 1? ^^.?, . SL™ assistance. 

GNP increased 3.4 per cent). It was followed by bullish talk mcnc, another prime component. — : '■ — — nelp President Mobutu detenu Las{ ^ ear Morocco's King 

The figures indicate that the from agency and Ministry of rose by 2.4 per cent in real terms , X«th '* «'loi£ f haba Province against rebel HaPsan S e nt about 1.300 troops to 
rate of Japanese growth in the Finance officials until mid-sum- during three months. Sm.nuii* 1 r-Kujas.nt «u« forces. Zaire to help President Mobutu 

fiscal year to the end of March mer when it became clear that Housing construction, a ni„,. u th- • a.soo.oj i»»« The decision came after a visit defeat 3 rebel invasion of Sharba, 

1978 was 5.4 per cent in real the recovery in the domestic smaller GNP factor, rose a 6.9 - ■ SSSSSS SSSSSSS SS *SSEm 

terms (llJ per cent in nominal economy was stalled. per cent while private equipment 

This is substantially less than published by ihe agency today almost negligeably by slightly 

the original Government fore- show GNP running at an annual less than 1 per cent. r r v 'I I if, w 1 ft J I T « 


£ in New York 


Sj-h ; st.'2»-=2-5 
1 ii<>'Hth 0.< y-O.Jc li' 

5 ■■■•■wli* 1 1.39. UBS »t»t 
12 um-u'Ii, s.ae.5gj*iii 


e of ihe Apart from underlying out- system, 
in 1971 

Morocco force for Zaire 

BY OUR FOREIGN 5TAFF 

MOROCCO SAID last night that it to Morocco this week by Pre.si- 

Provwu. wouJd send ^^5 , n zaire to deni Mobutu in search of military 

Mulatto' ckk Presidenl Mobutu defend s Las ^ je3r _ Morocco's King 
? haba P f0VIDce a Svn*t rebel Ha ssan sent about 1.300 troops to 
i. ii-i. 15 ii;« forces. Zaire lo help President Mobuui 

3.20..V oiP'H* Thy deusion came after a visit defeat 3 rebel invasion of Sharba, 


Knighthood for Freddie Laker 


: . BY PMILIP RAWSTORNE yW[HB ■ | ® VII JB B| j | 9 

MR. FREDDIE LAKER, who by £55nr. and to Mr. John JohD Pile, chairman of the 
introduced the Skytraio cut-price Cuckney, the banker and indus- fmpenat Group. 
air service to the U.S. last year triaiist appointed chairman of the Tv.o of the six people created 
after a long legal battle with Crown Agents in' 1974 to life peers are women: Susan 

the Government, is Given a reorganise their activities after Ryder, who with her husband Altlwugh share prices in the USA hare rerently moved 

knighthood in the Queen’s Birth- the disastrous excursion into Group Captain Leonard Cheshire, -upwards, they are stiil near tbeir lowest point for well over 
day Honours today. property and secondary banking founded homes for the sick and twoyears. 

--.ni-iip ___ hi-rb nn ihe which lost more than £200m. disabled throughout the world; We beEeve that at present they still offer excellent value 
Prime Minkter's tiat—come* as Mr. Geoffrey Hawkio&s. chair- and Dame Evelyn Denington. a to the investor who’s prepared tolook ahead. 

5- remarkable aesture of -r^ man of Stone Platt Industries former GLC chairman and head A simple way to invest m the USA .-and mother 

conciliation^ and' frSute to one and president of the Engineering of the Stevenage New Town overseas markets to the extent that changing conditions 
of aviatiSn-s oace^ettinc entr^ Employers’ Federation is Development Corporation. may suggest -ia to buy Midland Droyton International 

P~ P •—» 10 C« Si ^tridwide Portfolio 

i«E: » h ed STS.r.5^ Life peers • . . 


pvelopment Corporation. may suggest -ia to buy Midland Droyton International 

Awards to the arts include Units. 


CBEs for William Alwyo, the 1 
com poser; Glenda Jackson, the 1 


Worldwide Portfolio 

This trust aims for capital growth from a diversified 


fitter, refurbished old war-nme - actress; Hammond Innes the V. ^ fr j- - % * 

aw for ;bo Berlin .iriift; Similar ,„ ards ao (0 Mr ffir wriffrT L. U ii K'ntner. 

formed an aircraft engineering Barrie Heathi chairruan o[ u, e rhe pw»i*t: and Trevor Nunn, StimatimSls and4€ S eSq£ ^ 

entered“ th^ ^"fe rn^b^mess-’ Guest and NetUefolds artistic dtnwttt of the Royal Since its inception in DecemS'r 1969, the offer price of 

2? JariraSrf (Seder ^ roup ' ¥ r : RayTU ? nd T Pen ?° B t ; k ' Sh 2 K *tP. .. Distribution Unite has increased by 106.8% fasat 1st June 

'•^hSiJS ieMd a SUCLeSSf ^ 6 er deputy chatrman °f ICT; and Mr. bports awards include a 1978). compared with a ri&e of only 51.5% in the F.T- 

airliner. Robert Telford, managing direc* knigninood for Mr. D _onis Actuaries All-Share Index over tfte same period. 

After five years as managing tor of GEC-Marconi. Follow*, chairman of the British The in vestment managers, Drayton Montagu tortfolio 

director of British Uhitori Air- Three men who joined their Ofymp 1 *.* Association and former Management, believe that prospects for further growth are 

ways, he set up Laker Airways companies in junior positions . Football Association secretary. good, but unitholders should regard their investment as a 


ways, he set up Laker Airways companies in junior positions Football Association secretary, 
in 1966. and reached the top are also A«aros to journaiism include 

Two nf the 27 knighthoods go knighted — Mr. Terry Beckett, ah ORE for Mr. John Cherring- 

.. — . — , ^ ^ . v ■ 1 ton ■L-rinillMlrnl pnrrMnnnrlfrnt 


food, but unitholders should regard their investmi 
ong-term one. 

At the offer price of52.7p on 1st June 197S, the 


P™ AppBicatic^ Form 

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CONTENTS OF TODAY’S ISSUE 


H-b^ s CHIEF PRICE CHAMfiES YESTERDAY 

** Atkinru'icp PHfltfl-Mf* Inti. >- 


/prices in pence .unless otherwise 

V -;0I‘ ' 4 -indicated) 

v: RISES ^ 

Alliance Trust. 322 -r 

AlDine Soft Drinks .... 236 + 6 
Associated Book .... - 

. Publishers ; i 

^ Australia, &.lnternat. &> t a . 

, nj-’ 1 '*' Benn Bros: J % 

$ 1 Black (Peter) + j 

Carlton Inds. - - T - 2W •+ -* 
Cuiter Guard Bridge 22 + 2 

Fundinvest Cap- J ^ 

j Hall Engineering }"< + $ n - 

Macdonald Marua A 410 + 40 

Morgan Bdwards J.'* 

Newey 82 *+ * 


Photo-Me Inti 

Northern ^fining 
Northgate Bxpln- 


275 4- 70 
... H2 -r 7 
... 415 + 20 


FALLS 

Exchequer 12pc loss...., 

- l £65 pdA *•»»!. 

Hawker Siddeley ...... 

Hillards 23o 

Johnson-Rlchards 

fjjgg 

.London & European 26 

Lonrho "j 

.Smart (J.) 

Turner .& NewaB ‘ • ' 

Igp d®» 

Siebens (UK) 

Free State Geduld ...Jio! 


•Overseas news 2 

Home news— general 3, 4 & 22 

— labour 4 

. Mining * 


Why Mobutu needs a 

, Western safety nel 14 

’The America’s Cup; A 
EZm gamble 15 


Arts page 12 

Leader page 14 

UK companies 16&17 

Inti, companies 19&21 


FEATURES 

The hunt for Nazi war 

criminals 2 

Fashion: swimwear and 
beach wear 10 


ApflBtaUncntft 

■rtfse 

Chess 

Collecting - 

Crossword Panic ... 
Economic Diary . 
Entertainment Cuiifa 
■ Finance & Fanifly 
- FT-aauarlcs indlcH 

Cardening 

Coir 

. How la Spcnil 1* - 

Insurance 

tetters ....... 

-Car - 


Mu of tfee Week ... 28 

Maturing > 

Pajwtuclo ............ M 

Prowrty 13 

Racing 2D 

Share Inftrmauon M & 27 
SE Week’s Dealings 22 St 23 

Tasarton 6 

Travel W 

TV and Radio 12 

Unit Trusts 35 

Woetfiw 28 

Weekend Briefs 35 


Week in New York 
and London . . 

Your Savings s> inv. 

OFFERS FOR SALE 
Britannia Double 
Hod oc Bonds . . . 

M & C Recovery .. 
Midland Drayton 

America 

S. » P. U.S. Growth 
Schlosinser Extra 
Schroder Overseas 
Tyndad Maximum 
(Comment Page 17) 


Wall Street 

Farming, raw materials 

Foreign exchanges 

UK stock market 


Property: half-year- review 

on home prices 13 

HK -.tuck exchanges: merger 
meets opposition 19 

INTERIM STATEMENT 
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Accumulation MnKs Trust Fund fa deducted from the 

If youchcxMe tbess. net income Is Trust's cross Income, 

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A MIDLAND BANK GROUP UNIT TRUST 







OVERSEAS NEWS 


BY PAUL BETTS 


THE CRESCENDO of arrests of artistic director of the Rome successfully tried to make It to urgent amendments in the exist- fiscal police force, the Guardia di 



Italian Left claims ‘vendetta’ against opera officials 


Moreover, the policy of popu- 


KOWE, June £ . 

Nonetheless, one of the big; 


- JlSuai ponce icrce. INC UUAI u-ia ui mvtcv'w, la*'* ^ ™ ; tin 1*11 1 

leading Italian opera officials in Opera House, sig. ^oa^nothc iaVTi u?r* unreal, snc f^sevUl'^diSg SSdof % o^nhas ffafetfi 


fte last 48 hours is expected to Jf^lo^ofthe Academy of Santa of the bel canto, as 

be only the overture of an un- Cecilia. Sig- Francesco Sicilian!, bureaucratic blundering and toned be was only enforcin 
savoury scandal with wide-rang- -j^e arrests have hit most of the questionable political man 

ing and melodramatic political country's major opera houses and oeuvres. 

repercussions. seriously threaten the current After a uigcuuk vu. UQ m -j u.. . . -■ — Th „ , 

Italy's Left-wing forces, includ- season. - artistic director of La Scala, Sig- some LTObn, or £40m, froui T wing 

Ing the Communists and tbe Sig. Tomasi, who was one of Carlo Maria Badini. the Italian government. 


«“ as 25 muae,i T°S JLTSer^: S; 


• SSi s « r« 


and sance of sorts, appears to have as one musical critic remarked. 


Socialists, sharply condemned to- the first to be arrested, was pro- Opera Managers Association , Th echarg^ reportedly in cl ud e ^reactionary beerr the main^target of this the "judicial , authority would 


day the decision of a Rome visional!* released late ‘last night fiercely attached the current legi*- allegations of J/pay-offs ” a“d raunicipalltira - . MEticaTattack. ~ have '"best followed ' Figaros’ 

magistrate to charge some 40 by the Rome Magistrate, Sig- lati on f orb iddjng opera houses in illegal capital transfers abroad, forces on the nghr of the r g . . tlmel there is warning to the eloping couple 

opera directors and musical Nino Fico. Italy to hire singers through Some performers 'claimed they GhmmDemntlMrtj and tire ot 

agents with alleged corruption The left-wing parties and lead- agents. had to pay money to agents and nep-fasclst MSI P^t- ha g g ' t fec too gar-her of Sevfilfrr-'" zitti. zitti, 

in the selection of performers. ing cultural circles here claim Clearly, they claim, it is impns- to artistic directors id be able a S?5l?nate ~ and perform ere^^amly 1 foreigners piano, piano, senza far- tanto 

Among those charged are lead- that the arrests were in part sible to keep up with inter- to perform in certain theatres. attempts to Wiuwni • JJ2 fre naid bv StateSlhsMlsed baSano S — and kept 

Ing personaUties of the Italian motivated by the “vendetta" of national standards without going What has. caused a particular modernise 2 e , h- °E£!iSL aad “JJ Onuses* Stale *?° s Dr |Sje. - 

musical establishment, like the some performers who have un- through agents. They called for hullabaloo are charges that Italy s musical life ot the country. pen b . . ._*? 


a lower 


U.S. embassy 
in Moscow 
stumbles on 
bugging post 


MOSCOW, June 2. 
U.S. SECURITY men burst in on 
a Russian inside a secret elec- 
tronic listening post after crawl- 
ing down a tunnel discovered 
under their Moscow embassy, 
informed sources said to-day. 

The startled technician was 
seated in front of a bank of con- 
soles and tied when the Ameri- 
cans entered, they said. Details 
of the dramatic encounter 
emerged after a Washington 
announcement last night that the 
United Stales had protested to 
the Soviet Union over bugging 
of the embassy. 

Official spokesmen in Washing- 
ton and at the embassy here said 
that bugging devices were found 
in ihe building earlier this week. 
But details provided by various 
sources indicated that the alleged 
Soviet eavesdropping operation 
was one oi tbe most extensive 
ever uncovered by a Western 
embassy here. 

The Stale Department dis- 
closure was made after U.S. dip- 
lomats learned that word c>f the 
find bad reached an American 
correspondent in Moscow. 

Official reluctance to say more 
about the affair was apparently 
due to concern about its impact 
on relations between the two 
countries, which are already 
strained over Soviet intervention 
in Africa and its disregard for 
human rights. Washington and 
Moscow are also at a critical 
phase in the negotiation of a new 
treaty limiting strategic arms. 

One American diplomat told a 
reporter informally that the 
Russians could easily suspect a 
deliberate American leak 
designed to embarrass them at a 
time when the two countries are 
exchanging constant criticisms of 
each other. 

The suurces said tbe tunnel 
led from the bottom of an old 
chimney shaft in the U.S. mis- 
sion's south wing to a nearby 
Soviet office and apartment build- 
ing Some of the bugging equip- 
ment. which included a dish- 
shaped receiving and trans- 
mitting device, was found inside 
tbe shaft. So was an aerial with 
wires leading from it into tbe 
wing s embassy staff apartments. 

one informant said the dis- 
covery was made after a routine 
security check of a fifth-floor 
apartment revealed a wire 


SPANISH BANK’S ADMINISTRATION TAKEN OVER 



nee for depositors 


BY ROBERT GRAHAM 


MADRID, Jane 2. 


IN A SURPRISE move Spain’s 
second largest bank. Banesto, 
to-day took over the administra- 
tion of the medium-sized Banca 
Coca, controlled by tbe Coca 
family. At the same time 
Banesto issued a statement 
guaranteeing the money of all 
Coca's depositors and clients. 

The decision was taken yes- 
terday as a result or a series 
of top-level meetings between 
the two banks, and with the 
approval of the Bank of Spain. 

It comes only a week before 
the formal merger between (he 
two hanks, announced last 
December, is due to take place. 


According to Banesto, the 
takeover of the administration 
and guaranteeing of deposits of 
Coo is distinct from the legal 
aspects of tbe merger. 

Banesto is understood to 
have been obliged to take this 
action because of evidence of a 
withdrawal of deposits from 
Banco Coca- in recent days. The 
withdrawal appeared to be 
related to revelations that in- 
spectors from the Ministry of 
Finance were investigating 
property deals in Malaga by 
companies with which Banco 
Coca is allegedly involved, and 
further the publicity following 
the charging of three men with 
alleged breach of foreign ex- 


change regulations Involving 
Pta 651m (S&lm). 

One of the men charged, Sr. 
Enrique Mlnarro Montoya, was 
until recently a senior board 
member of Banca Coca. 

Banca Coca on Wednesday 
issued a statement denying any 
involvement In breaching ex- 
change control regulations and 
insisted that the various Inves- 
tigations being carried out on 
its activity were solely designed 
to finalise its proposed merger 
with Banesto. 

Banking sources say it is too 
soon to speculate on how 
Banesto’s action will affect the 
nature of its merger with Coca. 
Under the terms of the merger 


already approved by the share- 
holders of the two banks, tbe 
Coca family will become the 
largest single shareholder with 
approximately 8 per cent, of 
Banesto’s equity. Sr. Ignacio 
Coca is also due to become 
vice-chai rman. 

Banesto in March had total 
deposits of Pta 518bn. and Coca 
deposits of Pta 72bn. The 
merger would make Banesto 
once again the leading Spanish 
bank In deposit terms- — a posi- 
tion that was wrested from it 
by its rival Banco Central last 
December when tbe latter 
merged with another family 
bank. Banco Iberico. Central 
now has deposits of Pta 555b n. 



ess 

?e!ow 1m 


BY ADRIAN DICKS 


BONN, June 2. 


UNEMPLOYMENT in West Ger- 
many fell below 1m during May 
for the first time since last Octo- 
ber. The number of people out of 
work fell by 87,432 to 912,997, 


While much of the drop in un- 
employment is clearly seasonal, 
tbe sharp decline in short-time 
working is above all the resuit of 


while the unemployment rate ^ return to normal during May 
declined from 4.4 per cent in following from the disruption 
April lo 4 per cent. It was 4.2 caused all over Germany by the 
P e r cept in May 19f /. strikes and lock-outs in the 

Publication of the May unem- Baden-WuerTtemberg engineer- 
ploymenl figures coincided with iog industry pay dispute 
that of revised figures for in- The revised* March order 
dustnal new orders in March, figures were in part due to in- 
showing that there was a rise of elusion of several large export 
4 per cent rather than of 0.5 per orders, by comparison with 
cent as originally reported. Dur- which new export orders in 
ms April, according to prelimin- April were down by 5 per cent, 
ary figures, new orders rose by a Domestic orders in April, how- 
further 0.5 per cent. ever, showed a 3 per cent 

The West German Government increase, while the two months 
expressed its satisfaction at the Jiarch/April showed an overall 
unemployment figures. Dr. Arinin rise ia new orders of 2 per cent 
uruenwald, the official economic from January/Februarv. 
spokesman. Doted that the num- While it remains difficult to 
ber of people unemployed in draw firm conclusions from the 
May was the lowest for the indicators about the real 
month m four years, as was also directors of the West German 
the number of people on short- economy, the President of the 
time — -235.300 compared to Bundesbank, Dr. Utmar 
297,700 in April Emminger. expressed confidence 

Another heartening feature of yesterday that growth of at least 
the May figures, he said, was the 3 per cent can still be attained 
10 per cent, drop in the number this year, and added that an 
of young people out of work. annual rate of as much as 4 per 
Nonetheless, the Government cent might even be reached in 
is not claiming any fundamen- the second half. 


Two Renault plants 
occupied by strikers 


BY DAVID CURRY 


PARIS. June 2- 


A SERIES of strikes over tbe past workers in the plant could be 
few days, both union-organised threatened. The unions are try- 
and wildcat, has broken the ing to spread the strike through 
atmosphere of Industrial peace the plant but the company claims 
which has reigned in France that they are not having much 
since tbe March general election, success. 

Although the strike action bas There is also likely to be 
so far been scattered, and there mounting trouble in the Vosges 
is no unity behind the demands, textile region where the threat 
it indicates that the Government to employment caused by the 
is likely to face increasing diffi- problems of the Boussac group 
culty in winning union acquies- bas already provoked a series of 
cence In Us policy of wage strikes and demonstrations, 
restraint The CFDT union has now 

The main trouble at the issued a general call for tbe 
moment is the State-owned occupation of any plant which is 
Renault car concern — the tradi- threatened by closure during the 
tiona! weathercock of French interim regime of the court- 
industrial relations. A rwrtion of appointed managers, 
the 8.000 workers at tbe Cleon There is spasmodic difficulties 
plant near Rouen have occupied over manning levels among the 
the factory. The company claims Paris regional transport net- 
tbat only a few hundred workers work's bus drivers while yester- 
are involved, whereas some day the two main unions at tbe 
reports speak of 5,000 workers State-owned electricity authority, 
taking part the CGT and the CFDT. staged 

They are claiming a FFr 3.000 a walk-out. claiming that tbe 
minimum monthly wage, a 40- Government’s plans to recapture 
hour week, a fifth week’s paid heat lost from power stations for 
annual holiday, and retirement district heating and to generate 
at 60. The company says the electricity threatened the State’s 
strike has come just as it is monopoly over power generation, 
opening negotiations with the The spate of strikes comes as 
unions on improving working the two sides of industry are due 
conditions and on introducing a to begin this year’s round of wage 
clear career structure designed negotiations within the frame- 


Israeli 

Government 
split over 
Jordan role 


By David Lennon 

TEL AVIV, June 2. 

THE ISRAELI Government Is 
divided over the next stage in 
the Middle East peace negotia- 
tions, and in particular Ube role 
which may be offered to Jordan 
in the future of the West Bank. 

These divisions array emerge 
more sharply when the Cabinet 
meets on Sunday to discuss pos- 
sible changes in Israel’s proposal 
of limited self- rule for the Pales- 
tinians on tite West Bank and in 
the Gaza Strap. 

Mr. Moshe Dayan, the Foreign 
Minister, will propose offering 
Jordan a role in the implemen- 
tation and supervision of the 
administrative autonomy during 
the first five years and in 
determining subsequent arrange- 
ments. 

But it is understood that Mr. 
Menabem Begin, the . Prime 
Minister, whose health is again 
causing concern, is opposed to 
spelling out in detail tbe future 
role of Jordan on the West Bank. 
He Savours offering only general 
formulations without gn airing any 
specific commitments regarding 
the fate of the occupied territory 
after the first five years of seif 
rule. 

'Ihe Cabinet ds split" into -three 
camps: those who .bock Mr. 
Begin's position; those who 
believe Israel should make more 
concessions on the West Bank; 
and those who believe the Prime 
Minister was too generous in bis 
peace plan. 

Tbe second largest coaMtikm 
partner, the Democratic Move- 
ment for Change (DMC), this 
week served notice that it may 
quit the Government if ..it does 
not adopt a more flexible policy 
in the peace negotiations. How- 
ever the DMC is itself divided 
over this issue 

There was considerable sur- 
prise here today when Mr. 
Simcha Erlich, the Finance 
Minister, who is considered 
dove, said that he would not 
support Mr. Dayan's proposal. 
The leader of the Liberal Partv 
said he believed the bulk of the 
Cabinet would hack the line of 
the Prime Minister. 

But it is expected that 


No decision 
on Pakistan 
debt 

reschedule 


improve 
in U.S. 


BY jUREK MARTIN 


The Aid to Pakistan consortium 
today failed to agree on re- 
scheduling Pakistani debts, which 
faB due a month from now. 
Although the 11-country donor 
group agreed on a level of assis- 
tance for the next fiscal year “weB 
above” its 1977-78 commitment, 
Pakistan is still left - with the 
problem of between 5250m. . and 
5300m, due for repayment on July 
1, half of it owed to the con 
sortium members, David White 
writes from Paris. In the past 
four years, Pakistan has : received 
debt relief totalling 5050m. 

Aid planned by the consortium 
members is understood., to be 
increasing by somewhat . more 
than last year’s 5 per cent. Oh 
the basis of the 1975-76 aid 
package of about 5700m, this 
would bring the total to some- 
where in the region of $S00m for 
the next 12 months. Pakistan is 
believed to have been 
between 5890m and 5900m. 


Zaire to protest over 
^hospitality to enemies? 


tal improvement in the employ- The most recent surrey of J to guarantee regular improve- work of the Government’s i n .,_w - 

-K-;— <, »uc i he^d oMhe Kprtni^ii 1 Munich- 1 mC nt in the position of the incomes policy. This seeks to ; SSi’VKr 

behind a radiator. Security men It - ° f non ‘r , ^| ,t, c.il Federal ba^ed -Ifo institute, earned out ) manual worker. limit increases to what is 

traced the wire and found the|„^ 00 H5 0ffice * * a,d ,ba .t *' 3 ? eT }- *n April,, reports that most com- ; Renault also has trouble at its adequate to cover tbe higher cost 

couragmg as the decline is, it p3ni*s felt the climate had not I Flirts plant west of Paris, where of living. With this in mind the 

D0 P r °*p ecl cyclical worsened, while export pros-j about half the 600 workers in Government has just imposed a 

^L pr0 !^ en « i m “ st v,ew r ? e p ects w * re viewed a little more the heavy press shop have occu- 3 per cent pay rise on the Civil 

economic outlook rather sceptic- favourably desmte the currency I ni bh tv... »o Mn , nfl nc.t B r«r 

ally.” 


tunnel. 

A different account came from 
another source who said the old 
chimney shaft was found by 
chance during refurbishing work. 
The chimney runs up an outside 
wall where the eight-storey em- 
bassy wing adjoins a Soviet 
apartment block. It was this 
neighbouring building that 
boused the listening post, the 
sources said. 

The south wing, with the 
embassy’s scientific section and 
apartments for secretaries and 
other junior staff, is not as sensi- 
tive as other parts of the 
building. 

But U.S. officials were under- 
stood to be worried that the 
equipment was used to monitor 
the central part of the embassy, 
where its political and military 
sections are situated. 

The U.S. mission has been in- 
volved in several bussing scares 
since the Second World War, 
including reports two years ago 
citing supposed radiation de- 
tected in the building. 

Reuter 


rather sceptic- favourably despite the currency I pied the premises. The company Service to compensate for infla- 
turouieuce of toe early spriDg. i says the jobs of the 20,000 tion so far this year. 


S. African exiles 'being 
trained as terrorists’ 


BY QUENTIN PEEL 


JOHANNESBURG. Juoe 2- 


SF.CURITY POLICE in South Mozambique. Tanzania and 
/..'rica believe about 4,000 black Libya. His statement follows 
exiles are undergoing “terrorist earlier reports that 300 people 
training" in other African are in detention in South Africa 
countries. According to reports for security offences. They will 
here, a large number of “ alleged be charsed jp 57 forthcoming 
terrorists" have been captured trials under the security- and 
while returning to South Africa terrorism laws. 

“armed with Communist In an interview with the Rand 
weapons." Daily Mail. Brigadier Zietsman 

The estimates were revealed burned the upsurge on the mass 
today by Brigadier C. F. ex rid’ v of black re fusees follow- 
Zietsman. chief of the security 


Franco-Chad units inflict 
severe damage on rebels 


BY OUR OWN CORRESPONDENT 


PARIS, June 2. 


UP TO 500 French combat Froliiujt, which is back by 
troops, along with 1.200 to 1.500 Libya, controls tbe northern half 
soldiers of the Chad army, have of the country, and it is thought 
taken part in battles over the that the battle was provoked by 
last few days against rebel a Frolinat attempt to break 
Frolinat forces in the central through the rough defensive line, 
African state of Chad. sealing off the capital from the 

Reports reaching Paris suggest rebel-held area, 
that the Franco-Chad force. it is reported that the French 
backed by French Jaguar ground lost one Jaguar aircraft in the 
support aircraft, have inflicted fighting. No casually figures on 
severe damage and may have the Government sfde have sn far 


noli*-** who said rrsinm-i was S 7U ,el ° r }? t ? } wiped out an 500 to LOOO-strong emerged, though over recent 

bring • carried o„. in Angola. til»“ or ^ ' rrattna ' ! ° m *" Urc r ' sion of the F ™ th *"■ ?f°« w 



THE INTERNATIONAL ART FAIR, 


Swiss Industries Fair Basel, from 10 a. m. to 8 p.m., 
admission SFr. Z-, after 5 p.m. SFr. 5,- 


he claimed. 


Security in 


Lebanon under 
consideration 


By lhsan Hijazi 


BEIRUT. June 2. 
PRESIDENT Elias Sarkis and his 
Government are working on new 
security measures in which a 
restructured Lebanese army will 
play a main role. The measures 
were discussed with Mr. Hafez 
Assad, the Syrian President, at 
the Syrian-Lebanese summit 
meeting holding the Syrian 
coastal town of Lattakia this 
week. 

The purpose is to reassert ihe 
powers of the Lebanese Govern- 
ment and to prepare Ihe country 
for the eventual withdrawal of 
ihe mainly Syrian Arab peace- 
keeping force. A renewed man- 
date of the force will expire in 
six months’ time. The force, to 
which Syria rnn tributes 30,000 
men. came here IS montbs ago 
at \.w cnl of tile nvii war. 

The old Lebanese army dis- 
integrated during the strife. A 
core of a new army was rebuilt 
^fieT President Sarkis was 
elected a year and a half ago. 
The. new army now totals about 

5.000 men, naif of whom are 
ntemaerr in the " Litani 
Brigade*’ which i< standing by 
ror *««-:ir.:y duly m eouthera 
Lebanon. 


All, some 450 ktu north-east of to have lost six men. killed by 
the capital. NTIjamena. Frolinat action. 


the DMC and Mr. Ezer Weizman, 
tbe Defence Minister, will press 
for a significant change in the 
Israeli position in an attempt to 
revive the peace negotiations 
with Egypt. These ministers are 
also anxious to avoid any worsen- 
ing of the confrontation with 
America which feels that Israel 
bas not offered enough in 
response to President Sadat's 
peace initiatives six months ago. 

It is because of this that Mr. 
Dayan evolved his new approach 
which would give Jordan a 
greater say in the future of the 
West Bank which Israel captured 
from Jordan in 1967. He 
apparently sees this as essentia] 
to placate the Americans and the 
best way of keeping the Palestine 
Liberation Organisation out of 
the picture. 

Mr. Begin has been confined to 
his bed for the past week 
because of general fatigue and a 
high temperature. 

Renter reports from Jerusa- 
lem: Six people were killed and 
20 wounded today when a bomb 
blast wrecked a crowded bus in 
a Jerusalem suburb. A police 
investigator said the explosion 
was apparently the work of 
Palestinian guerrillas. 


Zaire President Mobutu yester- 
day ordered his Foreign Ministry 
to protest to Belgium over facul- 
ties offered to “toe enemies of 
Zaire ** by Belgian radio and tele- 
vision. Reuter reports -from 
Lnbumbashi. President Mobutu 
also told the Zaire news agency 
AZAP his country would protest 
over the hospitality enjoyed in 
Belgium by these “ enemies.” 
Meanwhile, in Brussels, Belgian 
officials declined 'comment on 
President Mobutu’s allegations. At 
a news conference, M. Claude 
Cheysson, EEC aid commissioner, 
said toe dependence of Zairian 
mines ona “ fantastic ” number 
of European technicians was an 
Indictment of tbe training policies 
of local and foreign, companies in 
that country. • 


Japanese filing fine 

A Soviet; co^rt has fined toe 350- 
ton Japanese fishing boat NItto 
Maru 1.45$n roubles (52m) Tor 
having more edible shellfish on 
board than was recorded in its 
logbook, the Japanese Fishery 
Agency said yesterday, . Reuter 
reports from Tokyo. It said the 
Foreign Ministry was seeking an 
explanation from .the Soviet 
Government on :tbe .slz£- of the 
fine, toe biggest levied by a Soviet 
court on a Japanese fishing boat 


Swiss buy dollars v 

The Swiss National -Bank, which 
in toe- period from the start ' of 
April until mid-May sold dollars 
worth SwPr 780m on toe market, 
has resumed support purchases of 
the dollar. John Wicks writes 
from Zurich. In the last week' -of 
May,, the bank’s foreign exchange 
market interventions plus UJS. 
Treasury repayments of Swiss 
franc Treasury bonds exceeded 
obligatory conversions Into dollars 
of proceeds from foreign borrow? 
logs. This increased currency re- 
serves of the National Bank hy 
SwFr 190.4m over the week to 
SwFr lfl-Oobn. 


Danish party moves 

Danish Prime Minister Anker 
Joetgensen said yesterday that he 
is in touch with parties to the 
right of "bis Social Democratic 
Party with a view to the possible 
formation of a. more broadly- 
based government, Hilary Barnes 
writes from Copenhagen. He was 
commenting on Danish radio - on 
his decision to take over tbe post 
of foreign minister temporarily 
at the end of this month. The 
present Government is a Social 
Democratic minority government. 
The parties he is in touch with 
are toe Radicals, Liberals. Con- 
servatives, Centre Democrats and 
the.OMristian People’s Party. - 


•Washington, June £ . 

THE PRICE of food .rose mud' 
less sharply- at the wholesaii' 
level in may compared with fl* 
preceding months, according tr 
Govemment statistics ..celeasa . 
today. ' . -. •.■■■■ 

At the wime time, , there was V 
slight increase. tti the nnemplov 
ment rale— by (LI per cent to W . 
per cent last month— as toe jot 1 ' 
market continued to expand, wit 
a further 500,000 added to 
labour force. - . 

Tbe inflation statistics at ieastl 
represent slightly more enwrur 
ing news than that received 
tbe retail front earlier' this weefcT 
The Producer Price Index Tot-v-' 
finished goods, successor to the ' 
old wholesale price index; rose 
by 0-7 per cent in the monlb, 
appreciably less than the L3 per 
cent increase recorded in April; 

The consumer food component - ' 
only went up by 05- per cent, well - 
tender April’s .. .' UB per - cent 
advance and toe smallest monthly 
rise so- far this year- ... 

The Administration has been 
hoping for.: some relief from die- 

food sector, though it still expects 
the' consumer . price returns for 
May to be little,' if any, better ' 
than April’s Q-9 per cent increase. 

However in May fresh froiL 
vegetables, pigs,’ : sugar' and 
poultry all -cost . less, with some ■ ' 
individual commodities, such as . 
lettuce, dropping sharply a - ' 
price- Beef prices, a : source of 
particular 'concern at' present' - 
continued to rise. “ - "- - . 

7 Non-food, sectors continued ' to : 
show substantial Increases'.' The - 
consumer durables index went 
up by 12 . per cent in the moaUi 
which,' while less than half/ the. 

April advance,, is -a large rise fcy 
any standards. Overall, the non- 
! food index increased by (18 per. 

•cent 

h "With inflation - now the 1 ' 
dominant economic concern. theT>£* ;;,: ' 
unemployment figures are attract 
ing touch less attention. The. 
slight rise in ;the jobless rate in?- 
May is -not.' entirely tmexpeted, .- 
since the decline in unemploy- - 
ment over the first part of this- 
year lias in fact been faster than" 
toe Administration had expected. 

The Labour Department re- -. 
ported today that toe rise in the 
labour force in. May meant that-, 
it bad' now exceeded 100m for; ‘ : 
the' first time:/ 

-Then, were few major changes";" 

in.the j»incfpal. democratic and 

sexual classes. The unemploy- 


ment rate for adult males re- 
mained . at 42 per cent, while 
that' for adult women rose to &3 
per cent from dB per cent There 
was another' small fair in toe 
overall rate of teenage unemploy/ 
meat, to lfifi per cent from Ififl 
per cent in the previous month, 
but more. black .teenagers (38.4 
per emit) were out of work. 




Citibank raises 
prime rates 


By Dvrid Lasceffits ’ 

; - . NEW: YORK, June 2. 
CITIBANK, New. York’s largest 
batik, finally fell in line with toe 
recent rise. in. prime rates today 
by increasing its rate by i pet 
-cent to 8i per pent.. 

The move. came exactly a week 
after other- major US. banks in- 
creased their rate. Citibank uses 
itjrown fornmlato assess interest 
rates, and it claimed earlier that 
conditions last week did not 
justify .an increase thou. ' 

The whole banking community . 
has now responded to toe 
tighter credit conditions imposed 
by the Federal Reserve Board . 

Mr. William Miller,' toe 
Fed Chairman, - conceded in. 

speech yesterday that the 
Fed’s actions had poshed 
up short-term interest rates. Bet - 
be - claimed that long-term 
interest rates, which are more- 
sensitive to .inflationary/ 
pressures, had risen".. 



THE HUNT FOR NAZI WAR CRIMINALS 


A photographic trail in Brazil 


BY DIANA SMITH IN RIO DE JANEIRO 


GUSTAV FRANZ WAGNER, 67. 
alleged to be a member of the 
SS and former deputy com- 
mandant of Sobibor concentra- 
tion camp In Poland during the 
Second World War. is being held 
by Brazilian federal police and 
awaiting extradition. 

Amoo?. the charges against 
Gustav Wagner, who has long 
been sought especially by Simon 
Wiesenthal. the Austrian hunter 
of Nazi war criminals, is responsi' 
ol I it y* for the deaths nf more 
than 250.000 Jews at Sohibor. 

Simon Wiesembal also claims 
that Wagner executed thousands 
of German lunatic asylum 
patients or mental defectives as 
part of the plan tn create an 
untainted Aryan race. 

Gustav Wagner’s I'omtnandtng 
officer at Subibor. Paul Stand, 
was arrested in Brazil in 1967. 
where he was working for Volks- 
wagen. eN tradi ted to West 
Germany and tried. At ton news 
conference Gustav Wagner gave 
this week, he admitted consider- 
ing giving himself up at that 
time but was advised against it. 

Using nis own name. Gustav 
Wagner has been Jirtn? in Brazil 
since 1950. He entered toe 


country with a visa from the 
Brazilian legation in Beirut. 
Since then, be has twice renewed 
his residence permit, working as 
a mechanic or bricklayer. 

His presence here was revealed 
by accident. On April 23. 
Brazilian police dogged by 


Israel yesterday formally 
requested Brazil to extradite 
Gustav Wagner. The West 
German embassy in Rio de 
Janeiro has already handed 
the Brazilian Foreign Ministry 
a copy of a warrant for his 
arrest, and asked for priority 
to be given to extradition 
proceedings. 

An interest in his extradi- 
tion has also beeu expressed 
by Austria, where Gustav 
Wagner was bora, and Poland, 
where he served iu the SS. 
They have not lodged official 
requests. 


reporters from the Rio de Janeiro 
newspaper Jomal do Brasil, 
raided a gathering of elderly 
Nazis who mer at a small resort 
hotel to celebrate Hitler’s birth- 


day. 

The participants were photo- 
graphed. Several weeks later the 
photograph of one of them, a 
slightly-built dark-haired middle- 
aged man. was categorically 
identified by Simon Wiesenthai 
in Vienna as Gustav Franz 
Wagner, of Sobibor. 

Immediately Brazilian police 
and Press began to hunt Wagner. 
Last Tuesday he gave himself up 
at a Sao Paulo police station. 
Surprisingly, the white-haired 
powerfully-built matu who Iden- 
tified 'himself as Gustav Franz 
Wagner, bore no' resemblance 
whatever to the photograph iden- 
tified by Wiesenthai. However, 
his particulars allegedly matched 
those of the ex-doputy comman- 
dant of Sobibor. 

AH week, as Wagner’s every 
move and word has been 
recorded by Lhe. media, many 
observers have been reminded of 
Hanna Arendt’s phrase "ordi- 
nary men do not know that all 
things are possible.” 

The highlight of Gustav 
Wagner’s media exposure was a 
televised confrontation wltih one 
of toe few survivors .of Sobibor, 


Stanislav Szmajzaer, now 
naturalised Brazilian, who' claims 
to have escaped death because 
Wagner helped him after , he 
agreed to work for to'e Germans. 

He worked as . a jeweHer mafe 
ing rings and other tokens from 
the. possessions or, according to 
other Jews, the teeto SHkogs of 
those who died. 

The- encounter was ' startling: 
The' two men relived events at 
Sobibor speaking in Portugese, 
not their native tongue, to tones 
that were almost bantering as if 
they were supporters of different 
football teams, arguing ifceir 
respective merits. 

Gustav Wagner's arrest 'has 
again, spotlighted Larin America 
as, a haven for. leaders and ser- 
vants. of- Nazi Germany. ’ THp 
West' German authorities 
thanked Brazil for its prompt 
acUph in this case. 

If . the Jomal do Brasil cam.- 
paigtL':«gainst -the presence of 
members of the Siler regime, 
not! only in Braal hut. also to 
Ar gen t i na and Paraguay main- 
tains .its present, furious pace, 
further -developments' - can - be 
expected. 





. Count voiir lucky stars- 
you’ve found a 5-star hotel, 
right in the centre of - 
. charming old Amsterdam. 
The Amsterdam Marriott, 

. : in all 400 rooms, - 

individual air-condiffoning, 
minibar and coloor-TV 
(wrihfree irv^room movies!) — 
. ,24'hourroom service, 
plus tvto popular resfau-' 
rants and a lively lounge. 
Ultimate in comfort and . 
convenience. You’ll thank - 
your lucky stars you .. . 

■found us. . 


G Amsterdam 

Harriott. 


StacSrauderskade 2f. 

.. Amsterdam, Hotlanctr • 

, Phone; 020 •635151," '• 

.Tele* 15087. ;. ' . 

' London Sales Office .* ^ 

. - 01^4938692. 

. .' Ofcaflyourlbc^I -r.Vi. 
*• SapranaSdhal office * • “ - 
















,il 


****|)l - ~ : “O 

> 1 ** KENNETH GOODING 

0 I I Cr?W®’ Him contests 
V7 |i\ flt.’tfce UK Scotch whisky mar-. 

V HfB- ^ la® ended, in victory for 
Re ^HAK the , PoWicIy-quotcd, but 
^7amDy- controlled Macdonald 

. Group atm 

. ■••'-£ ,. " J i its_ Hi ghl a nd Queen brand, 

. ; ' The prize was the richi u> 

P.J1 ~ ->■ * > tpI?c L, V *i ‘ 69 J ^ 0Ue of 058 

M?Tl ? 7 favoured brands within ihe 

-■ ■ r. k -Biss Gh&rrington group. 

S’- '■*'•£ ■ ^The- group had dropped Tat 

• th*» ■®9» : • a Distillers Company 

-J ir.r-?.- brand, as its price bad risen 
i - s ^ .» bottle, because of the 

cp-- - . A ; company s- problems with the 
V7.* ConuBOtf-Mhrket Commission. 

g|^- Building societies 
$3-5 add 388 brandies 

€uriah[y :r -r BY- JOHN BRENNAN 
lucre 






Most of Britain’s Scotch 
whisky brand, owners are 
believed J.o have fought for 
the contract to -gain Immediate 
access to the JfMMMF or so out- 
lets owned by the group. . 

Vat 69 has been selling more 
than. 250,090 cases (uf Vi 
bottles) a year with Bas*i 
Charrington’s backing, and if 
Highland Queen caa pick up a 
substantial part of these sales 
it Hill give Macdonald Martin 
a hig boosl. 

However, there is no doubt 
that the deal was won by 
offering the group 'cry 
favourable prfee terms. 


BY. JOHN BRENNAN 


Bass Charringion will con- 
tinue u> promote in its pubs 
the CraiU’s Standfast brand, 
distributed in the UK hy a 
consortium company in which 
the group has a 30 per cent 
shureholding. 

Jn Ihe "free” fnon-hrewer- 
ownedj iradc. Highland Qm-i-n 
will bp the one brand ihe 
group will promote in England 
and Wales. 

Previously the brand has 
b(«en handled hy /he wine and 
spirit subsidiary of 11. P. 
Bulmer, bettor known for its 
ciders. 


Homes cash 
unspent 
by councils 

financial Time; Reporter 


iS. , , 




#.■ fw 



ers plan 


Br PAUL TAYLOR, INDUSTRIAL STAFF 


■ i'. 

Cf. ’<& . Avi.- J 


■- 'S 


M P i 


mmm 




f &k&uSF&r* *• ,olal “ s -“s 

°B frj " r5S?»- . U>. its annual survey of build- Nationwide bus 3U9 branches. ^ofTlu^faci I 

s«l*--r. w ing society -branch offices, sur- Leeds Permanent 264 and Wool. h J h {* h " ,Veunrsi houiin- 

=COF-. :!r; _-;i-:>, veyors Hillier Parker May and wich 220. ■ ‘ stocU nf Hnv r.'.Ifcn l? xhlvK 

to h* v.J;t Ttowden. the -.surveyors show Hillier Parker notes that the JJ® Jv J five houwiYs stifi 
Apr*!*? t that although ihe number, or growth of societies’ ' branohe* | offidiuv classified as unfi 

JWevcr in W ? * societies declined from 576 in outpaces growth iu any other;” JJ- J 5 d /-nvprnmJ! ! 

tab'..; \ I; 3966 to 364 in 1976. the number area of the retail property mar-;®JJ™ inR 10 d t.o\ernincnl| 

trv V.' j °3 branches has increased by ket. ■ ! M r * 'i finp< , n i f i ihn .Vnu.m tii 

_ '•«t « isn ■ tn arm . «v, t. t>i» nvn^nemn i .. ■ vir - J‘ , nes InHI 1UC WiiUUnjf I 


THE London School of Econ- 
omics yesterday received more 
than £2m. from two Japanese 
companies. Sunlory and 
Toyota, to set up an inter- 
national research centre for 
economics and related 

subjects. 

After accepting the formal 
trust deed signed hy repre- 
sentatives of the I wo compan- 
ies Professor Half Dahremlorf 
J director of the LSE described 
! the occasion as opening "a 
I new chapter in the history of 
the LSE." 


The ceremony was aluuded 
by Sir. Tatlav Kaio. the Japan- 
ese Ambassador. Mr. Kei/o 
Saji, chairman and president 
lit Sunlory . (In* i{rinks ■. , nm- 
pany. and l.»r. Shoichirn 
Toyoda. lire - president of 
Toyou- 

The centre, wbirb the 
brainchild of Professor Michio 
iilorishiina. professor »t econ- 
omics at the bf., is to open 
this au i imui and will under- 
take research in in ihe Japan- 
ese economy am( carry out 


Ail.hr; .lift iml 

comparative studies of Japan 
and the economies uT other 
countries including the UK 
and EEC member*. 

Money for the centre has 
cutnc officially through the 
Japan Foundation- the Japan- 
ese equivalent of the British 
Council, with equal contribu- 
tions from the two companies. 

Pictured nboic ai the cere- 
mony are tlef; in right): Sir 
Huw Wlvldon. chairman of the 
Four! of fio'e>-norN or LSE. 
!>r. Toy oit.i. Mr. Saji, and 
Professor Dahremlorf. 


A ROLLlA'fi nrogrjtuine fur 
large-scale elect nfi cation of 
Bi/fjsh Ratl\s mam lines is 
likely to he i« i. , nin mended hy a 
British R.m and Transport 
Department v.'/.rkiny party 

The ttoriunc party, under the 
imnt chairmanship of Mr. David 
Bo wick a British Rail vice- 
chairman. and Mr. John Palmer. 

Under-Secretary fnr Railways m 

the Dcpartmem nf Transport. If 
due m huic? its first formal incet- 
ina later ihi- month. 

U t.s understood from prelimi- 
nary meetings that the working 
party favours some form of 
rolling programme for elect rifiva- 
1 lion, probably based on sugges- 
tion* made by Mr. William 
Rodgers. Troo-nort Secretary, in 
a di.;cu.*»w<n paper published Iasi 
week. 

He sU23e*tc(i that large-*cale 
electrificalinn could create jobs 
and save Too.ouo tonnes of fuel 
oil a year while helping •» n*e 
Britain‘> nrejenl and future sur- 
plus of genvrming eapacin 

Briijin lies well down the 


/nttfrniitiunal ? t ?b|»» for r*i!va* 

elpfirifica'ion with only 2.341 
mfle.s nr 21 per cent nf route 
mileage electrified 

Eioctrificatum has i ft ken place 
or a selective and piecemeal 
basis Mr. Budget? suegesb n 
throe-stage accumulating prn- 
granum.- cuvorin^ I” years. 

The firrt siage. called Situaiibn 
A. would raise the electrified 
route mileage hy 37U nules tn 
alioitr 2.700 miles with infra- 
slrucinrc capital costs of £60m 
This would complete the Inter-' 
City elements already included 
in Grilish Bail’s current len? 
term investment forecvisl. 

The- second stage.- Situation- B. 
would increase electrified track 
milt-aee io 4.lft0 miles ai a co-t 
i#f fii.'Om and would electrify 
pnin:u'\ main -routes. 

Stage Ihree. Siniaimn C. v.nultl 
incrca-i. electrified track by 2.070 
miles l.i 5.300 miles at a cost- nf 
L'52»m. and result in tb>' elect ri- 
rteali'Hi of nearlv all the 
remainder of lnter-Cm rnmes. 


the current 
1976-77. Welsh 
also failed to 
their bousing. 


Britain ‘leads world’ in research 
into energy from ocean waves 


; UK fuel-saver may 
! be made overseas 


i •* t-ei ( ojukuil, sura wuuiwioi c#quit- autfuuweu uy me ui*»* l T y,„ Mini«ior ytinhiilBrl Iho 

n. •«:, able- societies led -the branch banks each of which run ^neb U™ al i t0 foca atuho rules 

l,vh,r.>.. : - ffBuiAlm of several thousand ^ arning l t0 lwe wl th cish nmlls. 
tonzx'Xi 0:«i' more than 40., new offices each, offices- ■ • • I( made mattfr5 very dlfficlllt 

I fit. - r.~ • for the Secretary of State for 




iarit 

iT'-“ 


NCR to make 200. redundant 


It made matters very difficult 
for the Secretary of State for 
Wales in his arguments with the 
Treasury over the size of the 
housing budget for Wales. 


BY OUR DUNDEE -CORRESPONDENT : 


hi* :r :,Ul said yesterday. It is understood supplier in Europe of those com- TELEPHONE, telex, and loie- 
Vtirr.;;-.. r.r:-:- - -V that about "200 jobs could be lost- puters which were in the com- gram services to Australia, the 

e L_: -' -;L The compahy at present employs pany’s mainstream products and Far EasL the Middle East. 

!tl U i. • • 1.000 in Dundee. At one time, the which provided a large share of Africa and India will be 

ir f; payroll was 7,000. ..." . : the plant’s total output. Also restricted for about eight hours 

id r: '"..I/.' ; Mr. R. G.- MacDonald, general unaffected by the .revision in from 11 am tomorrow because 
Sts: -Sr- " manager of the Dundee division, plans were various . data ter- uf maintenance work ai the Post 

o*.,,' , said yesterday that plans to pro-, mitials which the Dundee plant Office's satellite earth station at ] 

«e 2 - - duce at Dundee a series of micro-, manufactured. . Oponhiliy Down, 


| FINANCIAL TIMES REPORTER 

I BRITAIN IS •' way abe.td " in the 
[research and development of 
systems for generating power 
from ocean waves, accord- 
ing to Mr. CJive Grove-Pa liner, 
programme manager responsible 
for wave energy at the Govcrn- 
i ment’s energy technology support 
unit at Harwell. 

The current official hudset for 
research into these devices— it 
was f 68,000 when research began 
in 1974 — is about £2. 5m. or about 
a third of all the funds available 
for work on so-called renewable 
energy sources. They include 
solar systems, tidal barrages, 
wind machines, and organic 
energy conversion projdis. 

Most observers expect this 
budget to be significant^ 
increased soon, rellecting sus- 


tained enrhususni among senior 
energy official? and Government 
Ministers for the development of 
alternatives o., uudejr and fossil 
fuej. 

A few eel;. ag<i Mr. Alex 
Eadie. Under-Secretary uf State 
for Enere>. said wave power was 

not just a boffins' pipedream " 
when he attended ihe first 3 ea 
trials of Sir Christopher 
Cockerell’s < nerg:- raft, one of 
four devkc? being m vest igi led 
with financial support from the 
Department uf Energy. 

This week Mr. Stephen Sailer 
showed at tlii- Universiiy of 
Edinburgh a new and enlarged 
wave tank in a £100.000 labora- 
tory special I \ designed to lest 
the Saltet " duck "—a sj 'Stem of 
oscillFtinu vanes, regarded hy 
some as the front pjnner for a 


» jrf>de energy tecbnolpey. 

The ne - *' tank .jan model tnree 
dimeniional waves on a 1/50 
scale, simulating the effects of a 
real sea on aira;.> of “duck" 
moored off-shore. These will con- 
vert the wave energy into 
hydraulic energy which will be 
used to drive Pelton wheel 
turbines. 

Mr. Sailer, who gave evidence 
ai the Winds', ale uuiuirj in 
support of alternative energy 
I'M'-sibi lutes, said he believed 
ih.it. if prized correctly, wave 
device, could produce electricity 
at a cost of roughly £1.000 per 
installed kilowatt in four or five 
years. This is generally con- 
sidered to be the break-even 
figure for any system in compete 
with existing methods uf pro- 
ducing ?nd power. 


BY SUE CAMERON 

-\ BHjTISH m.-pnnn. said !« bf 
capable of eu King motor luci 
e os i s i.y 25 per ceiti is likely i" 
iif nianufai'i ui'ed overseas 
because of the lack »f interest 
shown in it by UK companies 
Dr. Alan Williams, a mech- 
anical engineering researcher 
from Cardiff said yesterday he 
negotiating manufacturing licen- 
sing rights for his petrol-saving 
device with a French c’oncern. 
The deal, which would give the 
French manufacturing rights fur 
the whole of Europe including 
the UK. almost certainly would go 
through unless British concerns 
! started taking a real interest in 
the device. 

i Dr. Williams and Mr. Ken 
Plea as his step-brother, also a 
mechanical engineer, took nut a 
provisional patent on their device 
[—known as a ea recon economiser 
— in 1977 and sub-enn traded pm- 
duction of it began last week in 
Wales. Nearly -‘.000 a week are 
being manufactured and 3 000 a 
month will b» exported to 
Scandinavia 


Jlr Wiilia.il* ?a vs ;ha; sbm.it 
"I! •>cr tent "f in* petrol used 
in motor engines escapes down 
live •••a l! oi the carburettor and 
is lo-i Hi.- ■’«.•>> nuini.*t:r stops the 
petrol escaping, collects it. re- 
v.ipuu rises ii and pushes it 
direct!;- back intu the induction 
manifold 

Tests of \nc device at the 
University of Wales have shown 
it can bring about a mean 
saving of 25 per cent of petrol. 

Negotiations are under way to 
gram licensing rights for produc- 
tion or the economiser in Austra- 
lia and South Africa. 

U 5. companies have shown 
intercM in a. Dr. Williams said 
reaction m Friiain had been 
extremely >luw. 

"I v.ouid like to grani licens- 
ing right* to ,i UK organisation 
and have the economiser manu- 
factured in Waics." he said. 
•• Bui all Hie permit* who have 
approached us in the UK have 
asked for mure test*— even 
though ii has iie»n icsted hy the 
University of Wale* 



•p- ; 




sjas 


,vr 




, ft Iwn4i PWllin*4iPWiB^».' -- 'V * * - - • 

HM. Sheikh Hamad bin Khalifa aUThani distributes prizes during 
celebrations marking Education Day 

'Education is one of the cornerstones of Qatar’s far-sighted 
development policy. Per capita expenditure on education is . 

• . . among the highest in the world, with the 1978 Budget 
allocation being QR 485.1 million (£693 million). 

All Qatari students are given grants and assistance by 
the State, while every inhabitant of the peninsula is entitled 
‘7 to free schbolmg without restriction by nationality, age, sex 
*: or abiKty. The statistics show some remaricable develop- 
ments. In a country whose total population is just over 
-. 200,000, 33,888 are currently attending school, 1 6,316 of 

; 7 them ’girisj compared with the 1956 figure of 1,388, all 

- . Qatar participates in the Supreme Council for Higher 
; ‘ u ■ Education, set up in April 1977 in Mecca by the Education 
: •' Minfeters of the Arab Gulf States. It is also associated with 
the Gtilf Bureau of Education, based in Riyadh, and the 
• • new Gulf Educational Research Centre, which will operate 
.- from Kuwait. Curricula follow those laid down by the 
Cultural Agreement of the League of Arab States, with 
minor adaptations to the particular requirements of Qatar. 

In general, teaching content is geared to the require- 
ments of the country's development programme. Pure and • 
agricultural sciences are taught from primary stage, and the 

new mathematics at intermediary and secondary stages. As 

well as general secondary schools, the Secondary Com- 
merdal School provides athree-year course for boys in 
;. office sjriils and routines, the Doha Technical School gives 
• a wide range of technical training, and a number of teacher 
training institutes for toys and girls supply primary school 
-teachers. Secondary school attendance increased from 9 1 1 
in 1970/71 to 3,280 in 1976/77. School towns who com- 
plete satisfactorily receive a General Secondary School 

' Certificate or its technical equivalent. . 

Up m now, the country has been heavily dependent 



HP! 

.. V-. 

I i;* lA . 

V>4'*' - 

■iHr 


HM. the Emir Sheikh Khalifa bin Hamad al-Thani 


on non-Qatari teachers, which is contrary To the State's 
poEcy of Qatarization. With this in mind, holders of the 
Primary Stage Teaching Diploma have had their basic sal- 
aries increased, and newly introduced tliree-yearin-service 
courses enable them to upgrade their qualification to the 
Diploma of Qualified Teacher. The University runs evening 
courses for intermediary and secondary school teachers 
which last eighteen months, and qualify the participants for 
a General Diploma of Education, besides offering the pos- 
- sibility of further study abroad. 

The first 117 graduates of the University of Qatar, 79 
of them women, received their degrees last year, and 81 
teachers were awarded diplomas. Enrolment in the academic 
year 1977/78 was 925, of whom nearly two-thirds were 
women. A self-contained campus is under consrruciion at 
an estimated cost of QR 740 million (over £105 million). 
The State Library, with its magnificent collection of rare 
manuscripts and books, will eventually be relocated there. 

The University is open to any Arab student whose 
father is resident In Qatar, and provides scholarships to 
Arab-speaking students from friendly countries as fax afield 
as Ghana and Tanzania. Arabic is the medium of instruc- 
tion, though the English Department provides courses for all 
faculties. The American credit-hour system is used. 

In the academic year 1976/77 902 students were sent 
abroad on scholarships, compared with 209 in 1970/71. 
They are scattered over 15 countries in the Arab World, 
Asia, Europe and North America, with the majority in 
Egypt, Lebanon and the USA. 

Adult education receives a great deal of emphasis, 
hardly surprising given the swift pace of development in 
Qatar in the last few years. Government employees can 
attend three-year evening courses leading to better jobs, and 
by mid-1977 over 2,000 attended. A number of specialized 


Faculty of Education Building , University of Qatar 


institutions exist: the Regional Training Centre, set up with 
the help of the ILO in 1970, whose courses now conform 
with the London Institute's City and Guilds; the Ministry of 
Education’s Training and Career Development Department, 
which trains Qatari civil servants for up-grading and to 
replace expatriates; the Management Institute, providing a 
two-year in-service course for Qatari employees in admin- 
istrative posts; and the Foreign Language Institute, provid- 
ing free tuition with the latest techniques in a number of 
languages, including Arabic for foreigners. 

In 1977 over 2,000 women enrolled in the newly 
established adult literacy courses inaugurated at purpose- 
built centres. 720 men were already attending similar 
courses. 

A number of private schools also exist, catering mainly 
for the children of expatriates. 

Qatar provides its youth with a highly advanced 
educational system in schools built to the latest internation- 
al specifications and housing the most modem equipment 
and teaching aids. The ratio of pupils to teachers is 23 :1, on 
a par with the most advanced nations. Enormous strides 
have been made in the last few years. The importance 
attached to education was again emphasized earlier this year 
by His Highness the Heir Apparent and Defence Minister 
Sheikh Hamad bin Khalifa al-Thani on the 17th anniversary 
of the National Day of Education, and its role is clearly- 
stated in the State’s provisional Constitution, which calls 
for ‘the promotion and guarantee of education as a means 
to expand culture and as the pillar of progress and the well- 
being of society’. 

For further details contact: Press and Publications Department, 

Ministry of Information, P.O. Box 5147, Doha.. Qatar. 
Ihili? Tele P hone: 32154 0/4 (5 lines) Telex: 4552 QPRESS DH 



v ; _ r ■ r 1 ' 



HOME NEWS 


into offshore 
design market 

BY RAY DAfTER, ENERGY CORRESPONDENT 


Financial Times Saturday 

labour I 


TANZANIA’S EXPULSION OF LONRHO 

‘Tiny’ Rowland faces 
an African storm 


Oxford Fellow to settle^ 
Post Office hours claim 


BY CHRISTIAN TYLER. LABOUR EDITOR 


MBont has been The Union of . Post 

worth of equipment h Workers said 


MADrADcr BEin THE GOVERNMENT has called worth of equipment — Workers said iMt-wetfrir toST' 

dt MAKuARtf REID in a leading industrial relations dB !p?| ed ' G v r nmeni’s announce- want the same : 

-isis. 'stkSs?^ w- port of Btira “* 

r storms which raenr (a large shareholder) had The report on the group two week by Post Office engineers. Blackpool which- on-Ttewowr* by 

3 around this insisted on Arab management— years ago by Department of Lord McCarthy, a fellow of due to debate the campaign ™* course nave- to 


TANZANIA'S DECISION Jo Lonrho s latest annual report Mozambique port of Betra and worki 

expel Lonrho is just the latest staled that the Kuwait Govern- Umtali. a J5-lwur woru 

tin the series of storms which raenr (a large shareholder) had The report on the group two week by Post Office engineers. 
I have blown up around this insisted on Arab management^- years ago by Department of Lord McCarthy, a fellow 


BRITISH STEEL Corporation's Mr. Waterstone hinted yeeter- turbulent history. frDU1 Tanzania follows a shift Heath’s reference to the com- Industry Secretary, to conduct a three deal wiihin the 10 per ceil i- faa?e 

on platform building subsidiary day that further international L , the sp0 Uisbt has over recent years In the relative pany as the “unacceptable face special review of - the dispute . gu i de Unes for July \ Mr. J limit, or adriOTedihy^SES 
Redpath Dorman Long has set links might be made to broaden te n ded to be more on the British balance of the group's interest* of capitalism "-had some re- after the breakdown of negoua- ^- ar , ey ls due to address the con- i :•/ 

UP fl a r n I W compan - v t wllh ^ re "£ h botl1 1116 n . ,ajn “ m P an > 5 . exper- activities of Lonrho. with such in Africa, Britain, Europe and niaiks to make about sanctions, uons. ference tomorrow. a- schemes. 

rff?hnr' S 'H aS e1«n ler lhe l!Se and ,lie ?- ot ‘ fn - Usi1 geD ' Jl* v elopments as its bid. now elsewhere, with the proportion in In one passage the inspector industrial action since last It also comes at a i tun* when ' neerin g u^oa has rejectdtf . > 

offshore design marker. graphic market* For instance,. under scrutiny b y the Monopolies Britain rising strongly. said: We do not accept the October after a conference deci- unions arc backing demands for V tsv/L? ' '>:■ 

Kedp3Ul ° ffsbore opened oppor- Commiasion , for Scottish and While in 1975, East and Central company s submission that sj 0 n or the Port Office Engineer- a cut in the 40-bo ur standard ^ 

t h^new cSmoanv ^Ftednath tumties for _ the P arent company Universal Investments. the Africa accounted for £21Sm of ^ £ dt H be f n abl * 10 io§ Union has meant that 65.000 week for manual workers as a „ f ^ d .j,M I 

Offshore n«io n TssSriaf^wLs in boLh the French aQd American wh i s ky and newspapers concern. Lonrho’s JE606m of turnover, with control the Rhodesian opera- t waiting for telephone way of creating jobs. The Gov- reference p 

25SS; e Uddms tT'fma ° ffshore ^ho_ _ _ has _ also been Britain. Europe and certain other J™ connections in th! country? 3.000 emnenf is aware that any con- Ite u» 


already bidding for 


HSRJf ™ 3 "; L0Wel1 J °“ Sl0D - ; when it took over Brentford TiVtle^ changed '^Tm' ““while “ We accept, however, that 

in Fifn 1 w’ 11 will also draw on research i Nvlons for £9.Sm in 1976 with Bntain accounted for as mu rh a' thcre is nothing in the sanc- 

Lnd— ^ vTrk iSfh mnnon? of facilities at the French Institute) a Government loan of £4.9m. SJ-m and Europe and certain | (ions legislation which requires 

uounTs of Petroleum. “The cost of deve- But the Tanzanian move again 0[her ar a eas . for £97ro lonrho to divest itself of its 

P Redpath Dorman Long's part- loping on our own with this kind j focuses attention on the interests Lonrho activities in Tanzania ^ b ° dB fj* a P assets, 

ne’-s in the new venture a re the of back-up would be prohibitive, " of Lonrho in Africa, where the onij . make up a |j mited part 0 f At another point, the Inspectors 

offshore diigner. ^weH Jnh^ Mr. Waterstone said" I™*#* ^LSTSE 1 Z!°l££! : “ STSL u 


in LOP cuuiilij, o.uuu eminent is TT»rivr»rtHo 3 -« £_L : - 

London. Equipment cession to Post Office e^necre Uons 

■ i v£& i ajs^a: ..sag 

men’s . j NALGO 


offshore designers Lowell Johns- *«r. v*aicr*iuns *ara. i 

ton and Associates of Tulsa, He said De Groot would bej 
Oklahoma — responsible for associated with the venture 


lies and where its links with 


Rhodesia were the subject of 
venture ; cr j t j ca j CQmrT ie n t Si jn 1970, in th«> 


desicn of the Brent A and Auk although, for tax and other rea-: DBparmient of Trade Inspectors' 
production platforms in the sons, tne nature of the links nri Jl- Tbat re n 0 ii is exrensivelv 


More Home News, 
on Page 22 


the evidence available to us it 
is our opinion that Mr. Rowland 
was at the times indicated more 
■■losely involved in matters relat- 
ing to the financing and in conse- 
quence the development of the 
Inyati and Shamrocke ' copper 


Firemen’s 
42-hour 
week talks 
adjourned 


denies ‘sellout’ 

BY PAULINE CLARK, LABOUR STAFF 




production platforms in the sons tne nature of the Jinks had Jbat t js exTensive! y OH Page 22 ing to the financing and in conse- J • MR. GEOFFREY DRAIN, one Of 

North Sea— and Technip-Geopro- not been decided. Redpath 0«-| referred iu in vesterday's Tan- quence the development of the StfllflflTTIPn ‘ the top sLx TUC negotiators, ■ 

deletion of Paris, the field deve- shores nominal capital is put at ■ zan j an statement! " Inyati and Shamrocke' copper v - denied yesterday that any “sell-- 

loRinent offshoot of the French £100.000. Oolv three weeks ago. Bntish the group's African business, bui mines in Rhodesia than was out" was contemplated in rerent 

institute of Petroleum Mr Waterstone said that the (Fraud Squad officers asked th** "list of its interests there consistent with the terms of LK B Gamert ,a ^ ts wit ^ Ministers_about.whst 

* Redpath Offshore marks a new venture enabled the main ; Lonrho to release certain docu- shows that motor distribution sanctions legislation." Dy ” ; khould follow Phase Three of the 

further development in the company to offer for the first !menls relating to matters involv- and textiles are important Statements by Lonrho after- 1 current pay policy. 

widening interests of Redpath time a complete design and fafari-J ins alleged sanction-; busting. Its concern with Africa, how- wards strenuously contested the NEGOTIATIONS BETWEEN He. said this speculation -was 

Dorman Long. In April rbe com- catiun package. The new coni-) The Tanzanian action is the ever, has continued strongly and findings in the report, which are employers and fire service union “wholly false” and misconceived. 

p;iny joined the Dutch De Groat puny would be separate, however j second setback the conglomerate it has within the last year W so now referred to in the Tanzanian officials on detailed proposals For Mr. Drain, general secretary 

undertaking to operate the — its designed platforms might 'has suffered in ihe past couple brought an action against lead- slalement. implementing a shorter working of the National ana. lAca? 

Jletiri! yard under the naiue well be built in vards other than j of years in Africa, where Mr. mg nil companies in connection In the concluding sentence, the week were adjourned last night Government Officers Association, 

Redpath De Groot Caledonian. Methil. 1 Rowland has long reputedly been wi*5i alleged oil supplies la Inspectors said: “We believe with both sides still a long -way was Fending off a militant motion- ■ 

1 close to a number or black Rhodesia. -• that Mr. Rowland has a great apart. The talks will be resumed at the anions special town halt. 

leaders. It was alleged on Lonrho's deal to offer Lonrho and Us next Friday. workers' pay conference 

In May last year, the group hehalf in a High Court hearing shareholders but his achieve- TjwI uuthnritioc hnwovpr are London. Scottish delegates haa 


J MR. GEOFFREY DRAIN, one. Of 
Pfl the top six TUC negotiators, 

. ‘ denied yesterday that any “sell- 
out” was contemplated in recent 
talks with Ministers about .'what 
; Should follow Phase Three of the 
1 current pay policy. 

BETWEEN i He said this speculation was 


Redpath De Groot Caledonian. Methil. 


Whitehall spending 
rose at year-end 

BY PETER RIDDELL. ECONOMICS CORRESPONDENT 


! was dropped as manager of the earlier this year that the oil merits will be all the greater if hpinj , arivisprf fn^farr recruit! ur sed outright confrontation 
j hia Kenann sugar project In the companies had broken a I M2 he will allow his enthusiasms to ___? nf (ha "dth the. .Government in current-., 

Sudan, which it had pioneered, agreement to supply Rhodesia operate within- the ordinary r«r th*. inH-nriur PW negotiations. . - 


. ^uuiiii. w in v ii it ii»iu ^luiiciricu. a^i cvujcjii iu 9iip|.'iy cuiwma upui wiiuiif uie uruiiiary ■ . c _ DO J A J p intrnrfup — ■ - 

I against a background of soaring with oii exclusively through processes of company manage- »f„„ „« « iS *h« Delegates, rejected by a hefty -; 

(costs and financing problems. Lonrho's pipeline between the ment." t,0 . D ® f ™ me card vote majority (350.5W votes. 

existing -HMlOUr weeK. - ** the mntinn to ifftmre 


PUBLIC SECTOR borrowing * 1 - " * ■ ■ ■ '■■■ 

figures for the firer three months PUBLIC SECTOR BORROWING 
of this year tentatively confirm REQUIREMENT 

evidence of a pick-up in Govern- 
ment expenditure towards the £m _ 

end of the 1277-7S financial year. 7975.74 10 583 

'."The rise in spending does not 1974.77 8.582 

appear .to have been any greater ,« 77 7tt e cza 

than expected: yesterday's Cen- _ 

tral Statistical Office figures 1977-78 1st 1.571 

show the public sector borrow- ", 2nd 924 

ing requirement for 1977-78 to 3rd 1.10S 

have been £5.5Sbn. or £133m less 4th 1,974 

than the provisional estimate — : r - 

made in the Budget report. Seasonally adjusted, constrained to 
■ The *m«LJ difference apparently financial year totals 

ft.'jEanLSii" ini“.£ *«» °»« 

inents. r ' u 

• The figures highlight the rise 

in public sector borrowing The figures do not provide 
during 1977-7S. The total for the clear evidence uf what hus been 
January- to - March quarter of happening to local authority bor- 


Cm 

1975-76 

10 583 

1976-77 

8^82 

1977-78 

5J76 

J 977-78 1st 

1.571 _ 

2nd 

926 

3rd 

1,105 

4th 

1,974 | 


Tory attack 
planned on 
Wales Bill 


By Robin Reeves. 
Welsn Correspondent 


Beware of Labour’s 
silver lining— Howe 


BY PHILIP RAWSTORNE 


exiauiig w * <luur wm- - l0 187.71!) the motion to ignore 

Mr. Brian Rusbridge. secre- the Government's 10* per-cent, 
tarv of the employers side, eaid pay guidelines: in current, wage ' 

□ Fter the talks that this was done negotiations. 
as a sign of “good intent We About 445.000 ' town half ': 

are embarked nn.a course that workers are due. for settlement’ . ........ 

will lead ui tn an agreement” on July L... Their acceptance to Hfi-Bnun ad dressing yesterday's 
The employers are still insist- 1 Ihe Phase Three guidelines -is - meeting. • 

ing on a three-shift system I'a^eo.aa a crucial, last hurille for-, ^ 
raiher than the existing two. Ihe Govommentin tbe. currait 
vhich , he Fir, Bribes UnloaLw^ round. • ; 

has maintained must be kept. The Glasgow District : Branch. SvSLieni not. to c^rentarte 
Thcre are also disagrements submitted the motion which only on wages when determio- 



- .-s- . . • 

r-as-” ■■ . 
•- 

£** • 


.'#» 


! SIR GEOFFREY HOWE. Con- self-restraint in wage bargaining, on fire cover planning including referred tn joinf trade? .union jng how toward off Inflation . 
A kry eleinent in the Govern- j^ervative shadow Chancellor. la>t question the emphasis on job manning standards, use of. appli* and. Government . proposals- to The .delegates, .who : rejected 


csJvCr: 


-. . -Government s interference'- in . — 


are . \q~rt 70 TT ' — ' 1C71 “ ment's Welsh devolution night warned the country not to protection at the cost of job ances, holiday and duty cover. Impose permanent oontrai on the Glasgow tnotioh after being " 

row- the re-organisation 0' Welsh be misled by the Labour Govern- creation, and the rigid insistence Mr. Terry Parry, the. union’s wage bargaining in the -public warned by the union's excitlva’. *5 

l t0 • f"? .,fr local government • by . the ment's economic “silver lininq." on closed shops. general secretary, said the two: sector. Mr. Drain said that a that it won id r inevitably involve ' t 

i sss i'ilS proposed Cardiff assembly— is j Twelve months from now, Mr. Enoch Powell, in a speech sides were still a long way great bogey " had been, reared radustriai‘ action, . condemned ~r- 

Qa , e - _ yiriually certain to be deleted prices would be rising again, the at Eastbourne last night said a P“rt- ... . .. I 1 on a flimsy basis. . ; . fSovernment .interference- in . — \*__ 

SM«inaiiv adiu«(«d constrained «> fron ) Wales- Bill tn the economy near stagnatibn and the that ihe fear of domination by ' Tbe employers have;, watered It; had to be recognised that- wage bargaining hr- tire public **! 

seasonally aoywceo, comcrainea to Lords Ei ton , Conservative fail unemployment ended, he trade union power was among the down their proposals on non-fire the Government would take a Sector" and its" nse. o£»the' group £1 

J Tinancui yea .oon spokesman On Welsh affairs, said j told a Tory meeting in Kirtling- in»»st divisive and spurious of the fishting duties which they say. view oh paj.- ' prospects and- as an economic regulator. 

r ' J_ Source: Central Statistical Office in Cardiff yesterday. ton. Oxford. country's unreal conflicts. must be increased to make more _ ' ' », . . ; 

' ‘ ' 1 - He repea'Pd the nlcdae of Mr- “The fundamental problems Trade union power was a cost-effective use of firemen's* , “ : •• ” ~ vF': : r ; — _ ;Tfr?rtKi" 

rise Franas Pym, chief Opposition rema j n J0 be tackled. Nothing myth created by governments Ui n e - TTl .JLLZa. ._1 J- J. ,{• - ^7 ' - 

.'ing The figures do not provide Sj”™ “ devolution, that ■ Labour’s record suggests that and political parties. ' * XlOSlJlt3l ClCClHGIflDS : ' 

the clear evidence uf what tins been A tvPn success * n ® n " * the' have begun «o understand ’It is dangerous because the 7*-*^ •* ., . ?«!*■ 

of hsonenin 0 to local suthuritv bor-‘ wnpra elect mn. a Consenatiu w hat needs 10 ho done." ' dividing line between Imaginary ^ _ X TTI-^. _■! ' _ -ft 

5tnd row in a. which rose from f720m i A Labour Government with a power and real power is a narrow Thov are no lonaer suasestina TO ■lTIPPi' Fill S) IS Afl T15F V ..... 


financial year totals • ■ 
Source: Central Statistical Office 


£1.97hn. on a seasonally adjusted rowing, which rose from £720m|^r , J rtpMnliiHon* olan« 'would ■ •. ,n * r *' 
financial year hasie. wa> fS70m in the first half of I977-7S ta . 5? *“ ?’i! n™n2S ;ms, l or, '". w ? , l d . 


higher than in the previous £40m in the second six month s. ; referendum-provided the W a,cs 


proposed . a ^reat deai worse. 


only make things one 


an<i real power is a narrow Thov are n0 , on3er suggesting 
. . and because different ex tr a work cooking and some 


thre« months. This masked a reduction in 

The Central Statistical Office burrowing from central Govern- 


! Bill i'3s on the statute hook. 


sections of the community are types of cleaning. Mr. Rusbridge BY PAUUNE CLARK. • 

eneonraged to fear and^conse- s^id firemen would not be asked *: ‘ * •: ' ' ; 1 ■'ft?:': 7 : :• -p:r -• 

ly hale one another to do anything incompatible UNION LEADERS representing .breach of the. lOLper .ce'At'Tfay .. 

Pnv:i*u..whn in the Fehru- with their recognised skills. about 6,000 hospital electrieianS; guideilnes. T the eTertricIahs-plan' 

'K r ^ ? b srSs.iss sn»?3S 

ISthniTi- -vas not the r?3 ! for ,nerea,in 3 | - v slck voter, in The next General L^Have been raised clatm. .. . , ; , electricians and ! plum bens.? is 

hadv to do it * ' Election 10 support anti-Market . . The Electrical and Plumbing expected ^ close some hospitals- 

liiA Cardiff bod^ would be T i h h j ritl ? h . ?euple . 4l ^ ul . ri n '? 1 candidates or any party. Trades Union gained backing for . including possibly, some oF.-ibe 

.. Ji e ° 0 °> W . 0U, “ “®ne lulled into I orpor by Labours Mr Cyri Smith. Liberal MP for *o the November date, provid- 1 industrial action over a six-month 'Junior leachifce hosoftals. 

“hydroscopic.’ Having drawn « brjef pr ^| PCIion bonm. Rochdaie. said in a BRC radio ing negotiations with the unions S tot pari?y AdS^ unfii.’s 

much power as pos* We 'front' \ Conservatne Govern mem interview yesLerday that Mr. can be resolved successfully. i elStriSil S^ctorsatasprcml natiS'naroffic^^Sp^ibSr: - . 
further do w r er aV'th- exMnse*of ^ 3 J'ashan r had told Mr. ^David Some union regions are also delegate conference in London the health service, dewrWtbe ;■ 


Hospital eleGtricians A, 
to meet Emials on pay 


.*r 

* 


me central .Mansticai umce narrowing trora central vovern- r j K i fnn wHUp there . .' j 

suggests that there may have meat by councils and increased mth* Jwlew If na ! l0n * ,Ral i #n and ,r '. r . ,c ^ *Kr>£ r '? rlL ' w ^'V ne 

been some erratic movements in lending by them from the money S? government f {Se widespread ] S i/s« 'oDonmTn°itv equa ,l> and ary Election advised 

recent quarters, notably on local market in anticipation of a rise the I f °r. 


“For a vote fur Mr. Callaahan encouraged to fear and conse- 4id firemen would not be a 
is a vote fur Mr. Bonn: fur more quently hale one another.*' to do anything incompa 

nalionaliKation and for le*s M- PnivelJ. .who in ihe Fehru- with their recognised skills 


authority borrowing. 


in intercut rates. 


Electric vehicle studies 
; may be funded by EEC 

BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 



force® 

.fend 


a J^o< cou ld work with rhe r rude unions. Callaghan ^ad told m 7.“ David Some union /eg! on s are also SSSSS? i iS? 

, further power at expense of Sir , ;i > Ilfrre , « aid . Bnr „ W0llM steel, the Liberal leader, that lm pressing Tor industrial artinn. in- PestfJdav London, we ^neaitn service umriMff we 

! tSk OT*hl°lo bewrieT»"ulbv1 :h ;; v f J" f ' ue5tlon some of lheir d,rt nnl expect tn win an overall unsu^re'sstiti ^ ' AlUmugh the Government has. claim as- “ discrind$doty : Snd 

;^tSSV''Vvie^bod I “U-ich^'^id has. .0 po op urome & nWJ ° r,ty 41 ^ emP, ° }CTS ! peered the claim as being tVirofalr." .: 

.would con'ider the implication/ 51 * 

for the UK as a vhule. The' 


STRONG INDICATIONS that the because the orsanisation of the; , h , , ' )r , d .7 P b 

EEC will be prepared to fund industry is rudimentary outs idpj^ SKSSto oikir 

devp^praent work on electric tn | he Commission - s backing . 

vehicles ha'e been given to the wb j cb j s coming through the! C - m “ 4 11 

newly - established European industry department under’ oWISS HI l3lKS 
Electric Vehicle .Association. . .Viscount Etienne Davtgnnn. _ 

Mr. John Woods, chairman of would also help the European qii toy rillpc 
the UK's Electric Vehicle Associ- producers to face up to the com-; 

Ution. which has been the main petitive challenge coming from | DISCUSSIONS have been held 
force' in establishing the Euro- other part, of the wnrld - , between officiais -if the UK wild 

pean organisation, said yester- Investment in electric vehicle [Swiss governments aboui a new 
dav that the Commission would producllnn ha> received much; double-taxation , cunvcntion. 
probably back suitable research more central nuvemmenl support • Tlic convent ion will Cover the 
projects for companies or groups in both Japan and the U.S. than i estates of deceased persons, in- 
of companies. in Europe, and motor companies' heriiances and gifts to replace 

The Conuuission has already jn these two countries are also 1 the death duties convention 
had a significant role in helping putting move funds into thi« area j signed in 1956. Further dlscus- 
tb establish the European man u- than their European counter- ’ «mn« will take place m Switzer- 
facturers' association, partly parts. J land. 


£83m board mill scheme opens 

AN £83m EXPANSION project -lust as important was the faci 
which Will treble ihe capacity ,lw * - 1 ** Government was pre- 


O’Brien looks 
likely to win 


1 rejectefd the claim as. being in unfair. - .‘1^ v 5S22^jiej v 

| Bank dispute continues a 

J WORKERS a dispute at the to talk io the hen-«nf(ni''Woi^ii¥ : ^ ‘ 

! Bank of England's note-printing and persuade tb«n, to jCKru'^ ^'. 1 " 

> works in Lougbton. Essex, will A"-' union, s^oshtan saidlfot^’ -- 



His opponent was Mr. Barry ' terday. They expect management closed, shop. 1. J."-'' r -.'. 


industry. 


payments. 


Brewery bonus restored 


9 NEWS ANALYSIS — DR. RUPERT’S EMPIRE 

Success behind a smoke screen 


The campaign was marked h> Dicweiy uui 
illegations of financial impro- 1 V 

irinfy against the union's i By Philip Bauctt, Labour Staff 

eaders. ! 

A report from a firm of sol ici- ALLIED BREWERIES will 




BY RICHARD LAMBERT AND ANDREW TAYLOR 

THE NEWS that Rothmans Inrer- Dr. Rupert claims that the tax of R97.Sm (£62ini and pre- Rothmans market *h»re m the "the Canadian ’ tobacco interests 
national is poised to acquire for Rembrandt Group is the fourth clous little else. UK has jumped from around fi v.-nuld be a logical extension to 

cash a substantial holding in a largest cigarette manufacturer For example there i s no per cent to well over 10 per cent, tile business of the Rothmans 

sister company. Rothmans of Pall in the world, but he is mure mention at ail of Rothmans in But like virtually all Hit- International Group and opera- 

Mall Canada, means a rare than a tobacco baron. t | 1P document nr uf anv other major tobacco companies round tional advantages are envisaged. 

Pimrful Rembrandt is also amon- the subsidiary. Unlike Anglo' Amen- the world, the group has been The mle rests in beer. wine, 
ni «or!d s ten largest hrewprv and can - for example. Rembrandt. nil «"d would represent for 


A report from a firm of solici- ALLIED BREWERIES will The- payments - were. ; ..«tbMew2 . 
nrs into financial transactions resume : .productivity bonuses uf Iasi mn ntty vwhph ~ Aa-: - •- >.• = r-- 

me! the sale nf the union's i'B.SU a week for 1.100 workers said there had tijeenr oDtjfel:';, :-.C .. 

^remises in Rlackfriars Road, at the Ansel Is brewery in Aston improvement tn . productivity - 

London, will he considered by Cross. Butorngham, from Mop- justify ihe^ money- • 

Natsnpa's governing council day. An agreement was reached a man- -yytpppri , 

Idunne the delegate conference yesterday with the Transport between : September ' 

in Eastbourne in a week's lime, and .General Workers* Union. of the stoppage. >' 


national is poised to acquire for Rembrandt Group is the fourth clous little else, 
cash a substantial holding in a largest cigarette manufacturer For example, there is no 
sister company. Rothmans uF PaU in the world, but he is mure mention at ail of Rothmans in 
Mal1 , h ™ h^rilln^ for ^ Un 3 tohacco harf,n - the document, or uf any other 

one^of the world'-s most powerful Rembrandt is also among the ca^^fur^'eximnfe Al RemhraniIt' 
and. secretive indusirta'.Ms— Dr. \ vn ^! di ' largest brewery and “J n’ iir B .hI <n,nh 
Anton Rupert, who heads the dwtiHerfc has major Afrikaner ""J* r „ SI e r°^„ 3 l? n f .*?' B . 
multinational Rembrandt Croup min«ng interests, and last year Afnean Companies Urn dues 
™ South .ATrica. acquired a ‘JO per cent stake Jn no , , giv ? any dHla,ls of Its foreign 

- Dr. Rupert organised the forma- volksfcas. South Africa's third JD,eresls - 

tioa.of Rothmans International in largest bank. Rupert interests * n s Pitv of { h ,s - Rothmans 
1972, when his substantial Euro- also have a significant holding International is one of the most 
pean tobacco businesses were tiie large U.S. conglomerate, important Parts of tite Rupert 
joined together around Carreras Liggett and Myers. empire, and is an extremely sue- 


Mersey urged to boost image 




BY RHYS DAVID. NORTHERN CORRESPONDENT 


... 7_ j 


A MERSEYSIDE • barter fur if aid to this sector were The figures shbWed theuuinS?r^ 
indusirial relatiun» aimed at extended'- generously as to of working days lost “rt-flffitewoV”- . 
improving ihe area's reputation manufacturing indubtry. parts oF the CQU ntry. 7 \'^ ■ 

with potential investors is .one far- as .Merseyside's image* 1 .- "Even a flier, adjustzfien ‘ ■' 


industrial r«l 

0 A-r anr i m the event what e’ r*- — — •— 1 improving Ihe areas reputation 

In spite of this. Rothmans nroniise, m be a substantial ® c,a dl versification. with potential investors is one 

International is one of the most a l „, I1 i_s.i„ n ° in r-»nada iv nut successful, the bid will pru 0 f a scries uf recummenduliuns 


disc nave a significant holding inienrauonai is one 01 me mo»i ai=qilis , tlojl j n Canaria is not successiui. me mo win pru or a scries uf recommendauuns i s , concerned, the report bv P. Ai Info 
in the large U.S. conglomerate, important parts of the Rupert „ 0 j n g l0 c h an qc its product pru- v,dc a n J , “J ur extension or Ruth- i n a report by consultants for the Management Consu Hams says the indi 
Liggett and Myers. erapire» an d is an extremely sue- a jj j ba ^ dramatically. mans International $ tobacco Department of Industry. arm's remits! ion for onor indue, rho . 


of the UK. 


The most successful .Afrikaner 


cessful company. 


mans International's 
interests inio North 


‘ His interests now eontml SO t r auwsaarui .-uriKai 

per cent, of the votes in Roth- ffigTa? S* o) MTjSSTSia/ 5? pfobieW "*'«? nt. 


r .ih 01 3 sones 1 ul racuinnienaauun'j is imncerned,. the report by- P. A. Iirtb aceounU the-’''sti^k | ^p5? Q ® i r ^ 
inMom i? a l ' <? l ,f, rt by consultants for the Management Consultants says the industries (ike the. ddWWi mh®?*. 1 .- 
. j “ Department of Lndustn-. area's reputation For. poor indus- .the motor. industrv'apd'sitipfe4|?'-'.' ; 

nihin-ins *^ hc hturiy was commissioned trial relations is now firmly cstab- ”ig ' m- seme' breaS. 


... Proa« I0 ; k . dive in '^VnTS’ »»" •* ^n,d.e„ Ro.hm.n, la5 ‘,- nV. nankin, ““T- SK ISawS 5SK3S!» 

-«« Pall ..““ l ! Canada, pre. .£ .. '■?»««»!!!!• !!S «!» nf 


which in the year just ended a lecturer hecsn hi* ing— brought about by the way ness' ^ rovidum the bulk of the . Hotfi mans king size It will ar , 

could have earned profits of ,1 ® the company was put togel her m Remainder S a 150 lurn Rothmans into the un- lht 

about £75m before tax. he bwin ? sn-: ! 1972-have been a source of JJ addUiun the Canadian croup d, f pu,ed na,! . sh,p of Dr ‘ Ruper, s lar 

i,Uc " SIS r business in Jnhan?rabcra His C0PMr " lo the slock market. hu [ a patchf financhii record l °V* ccw * mp,re - l 

r- n«ri?>n pcr **??• °if liDk '5> with Rothmans started in ln lhe ,asl few > ears - how ' with erratic swings in proflts in However. U Is clear Uiai dis- 10 

B .° r , " ia t ns v, wl, l ph 1948 when he won a concession ® vcr - Pr ofi , ts havc moved ahead recent years. One of the big cumiod* are still at a relatively air 

£ ™ aner tas to manufacture several „ r impressively, and Rothmans has problems has been in brewing in eariy stage, and it could be vid 

„ , Rothmans' cigarette brands. heyn °ne of the major bcnefici : the U.S. several' munlh-, before they arc thi 

, Rothmans is Lana da *. second ancs nf EEC-led changes in UK The company has nn>v ex- completed. The banks advising 1 

niggcst tobacco nu.tincss— -behind Punished inruriuatinn freim tohacco lax traded itself from the trouble- Rothmans in the deal. Rothschild wa 

nT "'f^L 11 a - ?• "f - 5 p ? r Rviubnindi gnes few clue>> as lu These changes have given a some Carling National Breweries and Orlun. are going to have lo fol 

1 fci,v in .' , ® r in | u Keefe how the group has progressed big boost to tile price competj- by celling its interest lo— guess come up with a formula which ext 
wnn arewcnoi* in ^.anada <ind Ire- from this modest base 10 its uveness nf king-sized cigarettes who — another Rupert company nui oniv satisfies tbc Rupert the 

i?na»..m3einer wmi .i)vv>tmeni» preseni sire The must recent comparer! with the smaller In yesterday'® preliminary interests but also those of the I 

iq Aine pronuciiun f.nd on and report and accnuniv just 16 brands Dunns the transmission jonouncement uf lb 1 " latest bid *.ub'ii*nM»l public sbareholdlngE avi 

operations. pagea jung- sbuws profits before 10 as EEC-styie tax structure, discussions, Rothmans said that in the company, inc 


ness providing the bulk of the a]sn lurn pnthmuifs into the Tin .'jf *l eru:ra ^ ed ' hul dlar productivity, deliberate over- .°f the- Merseyside eronofiff 

mmainder. also lurn Rothinuns into the un- ihe effort will have to come very mannias. demarcation and i a rt thoueh ■ never tllcplir ra tCcov 


V - -- remiinirr. disnuted naShin Sr Dr Runerrs ^ he will to vome very manning, demarcation and lack though- never. likely M recover® .; J.<v 

1972— have been a source uf i n addiiiun ihe Canadian sroup £?£“!„„ 5?*S. ,p ° f D Rupe . rt s largely Troni wuhln. or flexibility. former tmpart3nce,-lsVln"3i^ ; -i:v^-^ 

concern to the stock market. , las a pa i chv financial record lB “ cco tmpiri - ti urgus a new specific approach The Merseyside Industrial rela- nr •avge-scale mddermsrtion. ' 

ln lhe last few years, how- i V ith erratic swings in proflts in However. i> i» clear Dial dis- 10 aUracttng industry to the area. ii un s charter— possibly drawinE ^ report - '-r'.'V 3V :' 

ever, profits have moved ahead reC ent years. One uf the big vussion.-, are still at a relatively aimed ai trying to isolate indi- in locally the CBI and the TUC— A eontihuine 

impressively, and Rothmans has problems has been in brewing in early stage, and it could be vidual products and companies would in part aim to express the noQ-oi] .irafflcls 

he»*n one of the major bcnefici : the U S. several' months before they arc that might do well. joint determination of unions and labour force^ too is -espected^- 

aries nf EEC-led changes in UK The company nmv ex- completed. The banks advising The alternative approach — management, to stop any such fall by 5 ber cent ftp m-lP SK '* 
tobacco tax traded itself Trom the trouble- Rothmans in the deal. Rothschild waiting fur inquiries and then abuses and to work within agreed An eartvst»rt nn 








Times . Saturday June 3 1978 


aim 


siorj 

«■* W »*, 
•anie 

lar.*»j ie ' 
W "* sb<J*-- 

‘“•:r.o . vfc- 
«* 

or s.-- ,*.!'• 

The p 

1-j a hi 4 -„£*? 

i.-> ‘ e J^ : 

a;’* -7,'J. '£»• 
. an, i V 

u* ra-n- . 

-»-rt ’''•^••CiW . 

r/:r k . 


DEALERS drifted back -with Comparing the performance after initial enthusiasm had 
xeluemw/to .the Stodc Market^wftbthp-Jast' quarter of 197? pushed the price at one time 
on ftxesda? aftw th^sun^soaked tfiere- was an increased contri- to around I30p 
holiday - week-end, and by yes- button hi 1978 from BPs U.S. The management was clearly 
terday they ^nust have been, interests, pins-: some trading out to convey that Reed s iar°c 


wonder! ng . whether . their diii- . 
genee was worthwhile. Equity 
husjnes5.*has'beeii at r a: vtiy low ' 
revel; ana ;the -30-Share Index 
has drifted^; by' just under a, 
point Over the four trading days. ’. 
The gilt-edged pitches continue" " 
to be much aaor.e gloomy, more-, 
over, • and;., the Government • 


LONDON 

ONLOOKER 


problems were in hand and it 
bolstered this impression . by 
stating that the reduced divi- 
dend of 8p for 1977-78 (against 
13p last time) would be repeated 
for the current year. The chair 
man -added that the pruning 
and re-organisation of Reed’s 
Canadian interests — measures 


n -: . . ■ . „ — — . , . — uit.aouiwa 

iS-et * "has hit new-.jffllprbvementtin oil operations which cost the company £23m 

lows on wee days out of jh most European countries, last year — were takiny effect and 
tour. The politicians,- at least. These gains - were, to some that this area was now moving 
have been taking p; week off, extent, offset by lower proceeds steadily back towards pi’ofit. 
and the City continues to fear from North Sea oil and in- Seed’s main problem remains 
a long, hot and f uncomfortable -creased -losses in. France. debt — an unfortunate quantity 

summer while- the ' Government' • Qn balance .there seems to of it in strong currencies, 
plors its election strategy and have been a ;slight improvement _ 

Ignores financial disciplines. in the underlying trading posi- Swttft HlliltCr 


jo-shake k In an optimistic mood 

- INDEX ,. 

■ - whatever the figures 

A THREE-DAY holiday week- Though slocks will not plum- researchers say that U.S. 

end appears to have been just met neither are they yet ready Treasury data reveal that 

— what the New York Stock to make another substantial foreign buying started to climb 
Exchange needed to shake off leap, says Guldman Sachs. This in March when net purchases 
some of the worries which is because there are still too of U.S. stocks by overseas in- 
1 weighed down the market last many uncertainties about the vestors totalled 8492m, which 
S week. liming and extent of the next was the highest monthly total 

9 Trading volume, averaging downturn in ihe business cycle, since the S585nr of March 1976. 

J 26ni-27xn shares a day, has been the base rate o£ inflation is too Some 65 per cent of the pur- 

substantially' lighter than of high. Government tax policy chases were made by Euro- 
M late but the general tone of deters equity ownership and the peans with the UK (?194m) 

fi optimism, about stocks remains value of the dollar is too diffi- aod We< Germany ($52m) in 

and was hot the slightest bit cult to compute. the cockpit. Curiously. Middle 

S B iraS M .:''.- Lac m m I W fc i « s h a j; en jj V the publication on Goldman, as this column East oil exporting countries, 

several months at Northern shares will have to Wednesday of April’s consumer noted last «c-ck, is recommend- which have dominated foreign 

shareholders will reaeb around n$p for a placing in? institutional clients to cut purchases in 19/6 and 19n. did 

f details uf bow to be on. Otherwise the cash back the equity holdings by 5 not step up then- buying. The 


-44 -reed 4#H- 

INTERNATIONAL 


It could bo several months at Northern shares will have to 
least before shareholders will reach around n$p for a placing 
be given full details uf how to be cm. otherwise the cash 
much cash will be taken out alternative would be the more 


ler 

t’ 


Mr unimpressive 

British Petroleums 
quarter net income of 


ir/? -* io , r ! Swan Hunter this week re- of the business for distribution attractive Oder. Northern’s 

„ , *c.l4" M but it i. ihouahi Out red. 2p better 

Svsts^nwSs of tnU ™ are 1° have to wait Tor approaching £3Um-or around at 91p. 

of £S0.6m analysts esnmaiK ot run year |he h distribution it nro- 1«>P a share— currently avail- „ .... , 

^ ® « er h «L £a ?? ni ’ mised in its last annual report, able for distribution even before Building VCSUltS 


NEW YORK 

JOHN WYL£S 


compared with .£144 £ri . failed -IS ™ ™ 'ire baSed on » mised >"«* l»*t annual report, able Tor distribution even before BUUuMg rBSUitS 
to impress the market which Vonfribution from the The «™P is apparently plan- ^king into account the co.npcn- This ne . lV , from M ar 1 

OTMS?f S« Stalls r ms io , pu ; ,w r e ?; sal,on due * «*■ ^ ** a ^ u ziss^rsssi : 5Vd T^’*^rv'fi 

the release of tire results. But up r f Tj >5 ? (>ri the r Nor J b . ?"* and lowed' ° by ^ distribution "to Northern' S shares ireic'roofiii'-t iiki an dr lie it-cond Piice figure? showing an annual casting and newspapers, drugs sources were 45 7 per 

™ mi. the move., towards break-even, cash currently in the balance placing of Northern Foods' chants, wa* not particularly en- and inan< mharm anri airiinps. April than in March whi 


per cent and in common with SlA says that UK purchases 
many other brokerage houses reflected nut only the renewed 
is stressing that this is a mar- strength of the dollar but also 
ket for stocks which means any the weakening in the pound 
stock at the right price rather ami the abolition of the swap 
than any price for the right penalty for the investment 
stock. Industry groups now be- dollar premium. Total trans- 
ing most commonly recommen- actions, that is gross purchases 
tied include beverages, broad- and gross sales, ^by foreign 
casting and newspapers, drugs sources were 45.i per cent 
and hospital supplies, office higher in March than in Febru- 
.-•nitinmpn. n-tsii tradp sai'in.'s ary. !)5.9 per cent higher in 


closed nn Thnrcda«r btc« the move .towards break-even, -- — . **■ placing ui iwrintrin i «w= w..- 

a eain Of Tuek profits by the sheet plus the compensation shares became clear when the couraglng. Tne upturn in the 


placing 



a gain of only 2p on the day. t uu , ^1- 5 ” 

The price continued to weaken flnal quar ? er - of tIub year> 


due from the nationalisation of group published it c - interim building industry is In sight but 
its shipbuilding interests last results this week. It appears it is taking longer than amici- 
year. Shareholders would then that the Samworth family, paled to materialise. 




° n r»£- d i y an ^ rftwed at 868p. Problems 3 -ear. Shareholders would then that the Samworth family, paled to materialise. was lower than the most alaraim - - 

fir ? t -^ u ? rt ® r Sfiwre °f B ■ get a distribution of shares in which will be entitled to a tutiil Of the two. UBM has been had ^peered. The news had. buyers of U.S. stocks and the M d 

fSftfitH-™ at the lower end. of. _Sharehqlders ln Reed Inter- the continuing business in- 0 r Sm Northern shares on com- especially hard hit by the pro- an -^ ay - d ‘ s ““ n l ed by th ® hrst P^Jnunarj' report on the Tuesda ; 
a.range of estimates by leadmg national could draw some com- terests. pleti 0 ti 0 f the Pork Farms take- longed building recession. It market wh j ch J J« ,ded l ? a ' ert ? xlent of foreign purchases has Wedn „ c 

city analysts. The principal fort from the preliminary results The group which announced over will prohablv only be reckons that volume has ,ls a ? d add , *; 4i to Ihe 

differences arose because of announced on Thursday. Al- its interim results this week is holding on to around ‘ 3m. dropped back bv 40 pt . r Jones Industrial Average. Such 

difficulties in establishing- ah though the evidence, of the now sayimz that these plans According to Mr. David Sam- cent since the boom days behaviour tends to strengthen 

underlying profits trend: BP's group’s problems- was there in will have to be postponed. Swan worth, chairman of Pork Farms, of the early 1970s. Though ? orae ana! >'«* eviction that 

accounting systems are ex- full measure : extraordinary Hunter and its financial ad- the decision whether io accept it is nuiianc a subs tan- j n P r ® sen t market c >t - ie the 

tremely complex. Also, there. 1 osses of. £4Lam compounded by risers Samuel Montagu and NF's cash alternative instead of tiai iinorovement in the first 'Rdustrial average reached its 

had been some over estimation an exchange loss of £30m— the S. G. Warburg said: ’’That it the other 5m. shares will depend three months of its current year. ,0 " ,n February and that. 


volume 
by 40 


Some investors were disposed and loans, tobacco and airlines. April than in March while net 
lo take some comrort from the Much credit for the market purchases in April were ut.l 
double digit pace since the figure rally which began on April 12 P el " ceni ^ l Sher than in March, 
was lower than the most alarmist has been given to foreign 
had expected. The news had. buyers of U.S. stocks and the M . close 

an.vway. been discounted by the first preliminary report on the ”J , e n s ^ a y B34 20 

market which decided to avert extent of foreign purchases has Wednesday MoidT 4 6.41 

its eyes and add ti.-fl to the Dow been produced bv the Securi- Thursday 1 840.70 -i-o.Q9 

p t . r Jones Industrial Average. Such ties Industry Association. SL\ Friday 847.54 + 6.84 

ia„ behaviour tends to strengthen 

same analysts conviction that 1 


February 


changes have bn results. 


the week to I24p and this was business have been resolved.” count, this would mean that the ness is doing better. But its Austria I's low of • 42 in February 

expansion into plastic extrusion *' U P r0,)a - )1 - V , not ^visited 



MARKET HIGHUGHTS OF THE WEEK 


i aitdn'ssa« 

miftiii,:. 

-r- 1 •• •■:£• • 

01 or h .- 


l ird. Ord. <nd«X c .. :i 
Ej;chequcr 91pc J 82 A 
Allied CoUo iidt . • •• . 
Capper-NeiU 
Cornercroft • • , , • 
Eatt Drie. 










Change on 

Week .. 
-0.4 
• :-.ii 

■ 

•>+- 4 
+',8., ■ 

-F4o: 
25. 


U.K. INDICES 


Average 
week to 


— which depends on the home ? rst ^causc the recovery of the 
improvement and the do-U-yoi>r- last few weeks has almost cer- 
self market ha, not responded hcl P ed P^suade investors 

— • as well a, had been hoped and tl,at investment is not a 

May Whereas Marlev had been ex- W street and secondly 

IP nM .«{nw that housing starts in * e s P eed o! recovery was 



Pentos . 

Property Partnerships 


Siebens (UK) 


Whiteley (B. S. & Vf.) 


V/igfal! (H.) 


Overshadowe d b y 2nd line shares 

Interest rate doubts FINANCIAL TI MES 

Renewed b uyi ng interes t Govt. Secs. 69.83 70 J I 7T.03 

Good result s/ record order book s pj^d Interest 71 M 7K95 72^6 

Bid from Armstrong Equipment | n dust. Ord. 4762 473.4 479.7 

Hopes of increased d iv. g ofd Mir1( , s TS4 4 1S3 9 fST.T 

Bid from Thos. Tilling 


Demand in thin market. 


Bid approach 


Results due next week 


Speculative demand 


R esults due soon 


Chairman's encouraging statem’nt. ! Ind. Group 2 1 1.25 209.39 21 13 9 
Speculative demand 1 500-Sharc 234.81 233.11 235 .16 


Profit-taking after spec rise j Financial Gp. 164.47 164.79 168.04 


Annual loss, no final div. All-Share 216.13 214.87 7X1 SA 


Speculative interest iRed. Debs. 5732 57.40 57.80 


calendar 1978 would" rise from such that many investors with 
* FINANCIAL TIMES last year’s depressed 267,000 to *«*« «sb positions were left 

- ~"r_ T I MES -- eios,, to 30 Q 000 it is no longer S tand,n S and are now waiting 

- govt- gee. 69J83 , W1_JHI s0 confident Both Marley a^nd for a Period of retrenchment in 

- Rx ed Interest 7 1^4 71.95 72^ t TBM will benefit substantially order t0 climb a b °a rd - 

. I ndust. Ord. 4 762 473. 4 4 79.7 when the upturn comes. 

. Gold Mines 154.4 153.9 1ST.1 


Dealings mkd. 4,686 4,979 5.516 


H4--F 


■DOW JONES INDEX+r 
=1 Industrial Avei-age^zST 


FT ACTUARIES 


C ytalSd, «■ 211.,. am 
— — — Consumer 

Profit-taking (Durable) 195.84 193.79 197.10 

Demand in thin market r 0 -, s ( Nnn- 

Durable) 202.80 20U1 204,93 


llnd. Group 211.25 209J9 21139 


500-Sharc 234.81 233.11 235.16 


:• W. * 

i, • t* 

ru>' ■ 

n- ••• - 
\£. . : r -; 
j 

*ci: . ' '-■» : 

:f*C7 V:- . - 

r :i ■ : ' ?: y 


ntin ues 



Schroder 
Overseas 
An d 


Schroder 




>?To doable UK investors to share }n the growth of major overseas Scfevdrr We Gimp. The Sr hinder Life G iwip. abo wholly tweed by 




economies -such as the Un lied States of America. Germany and Japan: economies which Sf i ,I S? crs timicu.coinou o( Schroder We ^uronec Limiied and its 

, . n.*jn T.s. m.nv.i .n .. i.i.i. , ,f r. ...tnir . < nr.... n, in ih> .mi wholly owned subsidiiry Schroder reiuioni Lirniwd.ejch providing servilcs 

havep/oved ibemscJvcs capable of sustained growth id lhepasL „ different «cuw» ofiho UKiife » .ur-iuc midei . 

: ■ . , The loUlassehofihe Schroder LilcGroup nwif>jnie»mri now approaching 

WHY IS NOW \ GOOD TIME TO INVEST? We believe there is considerable Scope and fjO mniian amlilic sums assured in roree exceed II6U million, 

potendarfor capital growth ibrough invesunent in shares of leading companies ibroughoul the Operuwn otibe Faad. The Fund h divided mm uniis. » nuh^rc mvibnwd at 
world. Intoany cases, equity prices do not fully reflect the undedy tog sucngihoriheir the .relevant offer ihigheri price. Umuin the Fundee ■uo.umijUuion-unjK 

111 j H J This means (bar the income fnci uT Us jirhcliic j.surjnct- t’umpjnvraiei jnd 

Tespecuve eco n omies. n a of ihe manHgi me ni charge mauioauiidllyaccumuljud wiih mi he Fund 

: _ ■ ' • • an d so soesioincrcjse i he i-ahicofy our um is. Schroder Life publishes ^ 

XvhYTHESCH ROPER OVERSEAS FUHP? The Schroder Overseas Fun □ will' bemanagedby rroon each >«r an ihe p royress ai' its Fu nth. of* h ich i ou wi u be >cni u copy. 
JJieniy Schroder Wag* & Col Umiled. oneof Britain's biggest, longest esUblishcd and most Checktag ihe wlotafymirBwd.ThB Fund b normally valued weekend ihe 

Schroder Waggl, mvescnCTUexpmemx. bath alhome and overseas, has been budl up aRI n, u(e a.yo U winbeabieioculailale ibvjueoiany umeby nuilUplylngihc 
over raanj' years and is reinforced byastrongneavorkofintefnabonai amnecnoaiicnrooer current hid «to«-eri price hyUrenunibernfumis. 

When's investment experts use world-wide com m unications systems, backed by large research s»iicMn*Fadiiir. Schrader Overscis Bonds jncotputa''; a valuable DdJiiv 
departzneats, loiespabreast of in vestment mariceb throughout the world. enabling ymiro swtrfi your invenmem mioBnvoit,»r Schroder Fund then 

ucj«ui , u„ hnldine enmnanv orthe available for Uw purpo je. This facility, for which the rets a small cluiRe, may 

. .... Sdiroder Whgg re a subsidiary of Schrodp Lnmted. the noiotng compaw oi me be MCTcjiC( , ai any uratt ^ ^ frequently as you wish. FuU details vdl be 

Schroder Qrpupaod a public companywhose shares arc listed .on _ine London stocs Exchange, on W4un i. 

Tb e Schroder Group' isjn international organisation with itl terests covering 4 wide UfcAswruncr. In addition to the investineiil a nractrons. Schroder Overwas 

ra rwte of financial services in some 18 dilTerent countries, including the United Slates or Bonds provide vahiabje bfc assurance protection. Should you die the amount 

and pension fitnds. The investmenifiinds managed by the companies in the Schroder Group *-c next birthday • - j - — • 

are in excess of £ 2 , 000 , 000 JWO. , atdMe afdwb: _3B_ 40 50 _ irD_ 

_ _ .. , 1. ,. . , . u . £1350 h^t £1350 £1315 

INVESTMENT OBJECTIVE AND WyQL Tha Fund Managers la Airpri l cy. u>« 

iroder Overseas fbutt to he, invested throughout the world, with the lempnasre being placed coma-ponds to that Hot j male ibur y cm s younger. 

on the achievement oflongrterm capital growth. However; when considered to oc appropriate, T»**d»n- Alt ihe income rrom investment* ofthc Fund is subject totavatUic 
the 'Fund Vianaeers will be prepared to place ali or part of ibe assets of the Fund on deposit, Jifc asunnee compuny raws. Tax payable on sains realised within the Fond W 

in nrri^rtn^vt innmii^t (he can ha I value of the Fund- met by the Fund.^ The pnee of units allows for the prospective liability to tux 

IB OfdertoaMl. to prqtepiure capital vaioem UK rona either tlircdlvorinilirecltv m unrealised gains in the Fund: the present ptaetka is to make an allowuru* 

' Ttw Fund nuyim^mdayovertoasextoflymarKet-diUti^uifcaiyor inuirwtty . a{ m e-half die normal me. 

through appropriate investment vehicles managed by overseas associates ot tne rnnti Fcn^nslT*x.Wben you invest in j Schroder Overseas Bond tod will hare no 

Ma navfitt. Wlhlliese Wide powrasofinvestmeni, the Fund Managers can use their experience personal liability lor bask rale lax OI capital earns lax 4i JOE tunc. You pav 
and knowledge of oveneas eauity muriiws to bcstadtanttiEe. No-one can guarantee the noTtfeherrotc ias or investment income surdu^eon reuWtoled iacomc 

ana utowieoge i oi avow* wtui y »« *,wn us well us up, and an ofihcFund. no msticr how ht?h you; income nuybe. 

performance, of a Fund of this M»- ^ e Inn, , - rtn invcslmenL Hawevec Certain provistans of the Finance M 197 5 are of part icwlar importance lo 

invesimenlolthre nature should be regarded as a naedlUto to long-twrntm ® 9 “ ne n H0 CTe *i iu5herrau:iaTT«ycr..|nveH«jmmayno«withdiawSrtoriH»iroriainul 

Schrodors art unusua)Jy'*ell-oqtiip ped to make the moslofanj" iiwestm eiirsi tuation . invesi meni each y«c for j maximum of 30 ymn, completely free oT tax at tho 

Initial I v the Fund Managers intend IO invest up to 75% orthe Fund in United Stiles luncoTwlthdiuvul. Amounts in cxce.wors-.imay be Withdrawn, but ihe 

marttts- which are ciureoUy very buoyant- about 15% inJapan, and the remainder in 



Since mid-April share prices on Wall 
Street have staged a sharp recovery. 
Whether this upturn in the market 
represents a brief rally only, or whether it 
heralds the beginning of a sustained bull 
market is difficult to determine at this time. 
Even so, it is our firm belief that the market 
is now towards the lower end of its present 
cycle and that, even if the consolidation seen 
in recent days continues, the scope for capital 
gains is substantial in the medium term. 

Although there are still a number of major 
problems within the U.S. economy, these have 
been largely discounted in the present level of 
share prices, and many shares are still selling at 
comparatively low levels in relation to _ 
companies’ underlying assets and earnings. 

We therefore believe that Wall Street continues 
to be in a position to record an impressive 
performance. Furthermore, we believe that 
Save & Prosper United States Growth Fund with 
its portfolio carefully selected from the growing 
areas of American industry is a particularly 
attractive way to invest in the U.S. market. 

United States Growth Fuad 

U.S. Growth Fund was launched in 1964 
and is now valued at over £33 million. 

By investing in the fund you can obtain a far 
wider spread of investment than you could 
readily obtain on your own behalf, as well as 
benefiting from Save & Prosper’s long 
experience of the U.S. market and currency 
management. 


higher rate uvpoyen. lnveMarc may now withdraw 5%or ih-ir orininal 
inveil meni each yen. for a nuxtuiun) trf 20 yea rv, complete ly free oT tax at tho 
lullC Of withdrawal. Amounts in exiXMOrS*. may be withdrawn, but ihe 
cvvEtt nuy be liable lu higher rale uxattd the investment income surcharge. 
Any profit oo frnaf/yiasftiirt! your Bond, or on- I’aur death, i\ liable ro hisher 
other m arkots. *- • • ' _ . r . '• . we tax and irivc«im:ni!ii«imc surcharge, ifyou are then table lo las at more 

:AH investments wlllbef-tlirecfly orifluirecny-m tne equates Oi ICJU I S wut emp ijun itio hasie rare Any jmuunia already received, under the Withdrawal PUn, 

comsaniis in lire markets concerned. Investment will be partly through Inc medium Cl ami on partial unrrendcLwil! be lakcninta.ia-oum in detsroiinmr thi* lubiliiy 

fWH,n ciuTCTcyloanSlcililitt, in order lo njdowUie efTeciof die dollar premium. 

HOWTOJ2SSS£^ r 0 a 0OO'n vc3 li flt * 1, '^. cw '. F,)n ^;^^^?® r 1 )^^y[^^^^ ! i^3 n< * - 

ia a. single premium life assurance policy rsaued by SciWWj nft dilfereitce between the Oflcraml bid prices oflheurtiUtlrmuudiu?x,of the 

Simply complete the application form below ana send it to usw tui > - no otfor pnctl cover adminHirjiion expenses, ns well ns thecasi of Me assurance 

«a.imn « required. Proviiled that these items reach US NOTLATERTrlAiV ^ UUN ON covet Schroder Life nuy. at iis direreiiou. inotise rhcannuul nw«ds<ment 

1MUNE tf 78, your premium will be invested at the initial trait offer p nee of 100 peace. elmse m the ruiure in a rate not ex^wding per unnum of the «tUic of the Fund. 

’Riercaftetpiemiiiins will beinvejied attheapprtprtiie offer price. “ . JM ,, 

' IKs adverusemeoLis basedon the Company^ mlerpreiaUon of present tiu- and Inlaid Revenue praence. 

. The jkouww oWiis intcrpietation is not guinnlced, and the Cdmpany cannot accept responsibilitytjierel^^^ 

— —■ ■■■■ application form mm n on mm 

- " To: SdtrodeiLffe Assurance Umite^FREEPOST, Portsmouth, Hampshire POl 1BR 

invaSw^orowsSialaSSf wiUuorte^ but I deriarc that the ansvrers enmaned in this Applkaiion 

ttewc .^«K(«r^fDr minor aitaroisreuuirinsasinple are mie and complete. I rente that this Applieaiion 

iSSilSSSSSSSS^ (BLOCRLEITESEASin Q Q j 

Surname — — - — Arc yonln eood physical and mental health snd free Signature. . - - 

trure the eDecii, of any previous ilbess or auideitl'! 

Full Fist Named ri:S NO Date .. — — 

• . IfNlTpleascftivedeiMisona i~| . — | 

Adrfff TT — - sepaWeskceL . [I 7V olMr fa PM audible » 

... icjidenUoltire. 


Since the launch, the fund’s offer price 
has increased by 114%. This compares with a 


rise of 25% in the Standard & Poors Composite 
Index (151% when adjusted for exchange rates 
and investment currency fluctuations). As can 
be seen from these figures, changes in 
exchange rates and in the investment currency 
premium can affect the value of your invest- 
ment as much as stock market fluctuations. 

An investment in this fund should be i 
regarded as a long-term one. ^ 

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

About Save & Prosper 

Save & Prosper Group was founded in 
1934 and in addition to being Britain’s 
largest unit trust group is a major force in 
the life assurance, pensions and annuities 
field. 

At 1st January 1978 the Group 
managed £675 million on behalf of more 
than 700,000 investors. 


How to invest 

To make a lump-sum purchase, please 
complete and return the coupon below together 
with your cheque. You will be allocated units 
to the full value of your remittance at the offer 
price ruling on receipt of your application. 

The minim um initial investment is £250. On 
1st June 197S the offer price of units was 80.4p 
giving an estimated gross yield of £0.85% p.a. 

fi you require any further information on 
the fund, we suggest you consult y our 
professional adviser, or contact our Customer 
Services Department at the address given in 
the coupon below. 

Advisers requiring further details should 
contact Save & Prosper Services on 01-831 7601. 


^ ^ ooti toe 1978. tmiUxriTl * anribuicd lo my ^ 


GENERAL INFORMATION 

Trtua abn. Tbe aim ia lo promde a portfolio Invested 
in ihe b hares of US camiuuJej. Income is not a 
consideration in mauuuanfi ihe land. 

Units mo easy io buy. Unit* may normally be 
wnght nod sold nn any working day. However, in 
cxcoptiotinl circumstances the Manager* r&serve the 

right to buspend price quotations pending- their 
revaluation. 

,\nd to sell. The Managers will normally buy back 
units, Irani registered holders, free of commission, at 
jitft less than the bid price calculated on the day your 
instructions ore received, in accordance with a 
formula approved by the Department or Trade. They 
may alsq be sold back through en authorised agent 
who is entitled to charge commission. Payment ja 
normally nude within seven days of odr recti ring 
ren oancai certificate ( 3 ). 

Safeguards. Ibe crust is authorised by the Secretary 
of State for Trade, and is a "adder-ranee’ investment 
under the Trustee Investments Act. ldfll. The Trustee 
is Rank of Scotland who holds the tide to the trust's 
investments on behalf of the unitholders.' 

Charges. The oOln- price currently includes an initial 
wrvace charge not esoeedinff a%. and a rouodln; 


B Application fora lump-sum purchase of 

! US GROWTH FUND UNITS 



Schroder Life Group 


BrgUercd OfiSeftti® Onmwirfc. L«dan 6PS- RrgirtinTd Mumbcr.TttiW Eosjaad. 



.-'olid ions, accountants and qualified insurance 
broken on applications bearing their stamp. In 
aiiuitron. u half-yearly charge, out of which Managers' 
expenses and Trustees' fees are are, is deducted Iram 
ihe trust's 080613.11118 chore* is currently I9.75p por 
—100 on which 8 % VAT is payable mairinf. a total 
d-sluctlon of BOSSp per 5100. 

Income. DisuibuCions of net income are mode on 
tiih April each rear. There can be reinvested in 
furthar units if you wish, 

Managers. &ace & Prospa 1 Securiries Lmn'terl fa 
rortnoer ot the Unit Trur-t iMsodauont. 4 Great Sl. 
HekiOb, London EC3P SEP. 


Save * Prosper Saourltlaa LJrntnd, 4 Great St Helens. London EC3P SEP. Tel.: Ot-554 8B9B. 

Reglnarad In England No. 789728. Roabteted office as a»ove- 

To auiaiasa units pism Complete and return tuts fonv, either difacfiv <w Through yeui hank, podebrokn, soBdh* eee<W«iMoi 
trualiRsd tnsuiancD biok«, logelhrt wtih your rtmiunu. We will acknowledge rtteiBl ol vour aoolicailon and leimttsnM ana w«i 
normally desMieh a cflrtllkit* loi ilia untt* within 14 days. ChMuos should made payable 10 "Save & Pioapai Secunues Umtieir 
TUB offw is not available to rwtdents ol Ida RepuUte a! Iieiand. fftweff amount n/temitlancel 

PleaaehauetoBMUniudSiBtaiGnwthFuiKlDnnatQihevakjeof | C _ I eatoilatedatthaoflarpilea 

lufing on rec&ipi ofttih tppOcaiion. {MMmum lnldal purehsia £50 lor subseouBni ouichwes.) A lamioanca la wiciosad. 

tAi/Ma/Mm* Agent'; Su.t p 

FuU Nanais) 

BLOCK CAPITALS PLEASE 

Address _ 


{ declare that I am over 1 8 and am no* rerirfant raWda lha UK or oihM Scheduled feirrtorias and tbit I am nor acquiring (ha above 
units as tho nominee of any penan resident outside these Territories, (if you aw unaDIa to make this lesidentlal dada cation « shoo la 
be deleted and thalprai ledgad throng ti youi UK bank, stockbroker or so*uutot) 

Si gnature Dale 

Edsting United States Growth Fund unltholOere please dek hero. Q ^FarOKieeUwQnly 

II you woirin like dintritentona of Inuma 10 bo reinvested In fuithsr I I 1 423/FT/l £ER 39 EB& 

Bir«s pusse Uck her*. I j | vujriji j ragBWBBm ft. 



II von woufcl Hke deuHs of the Share Eachange Fhn please lick hrift. 























. Financial rTtn&es- 


FINANCE AND THE FAMILY 




Covenant to daughter 


DISCUSSING home contente T| T . SiT'etedSeT 

san-arssi Not so 'Simple :-i'ssft , gfasB§. 

would you . rather face, an ' extra on Hit} basic 

increase in the rate of prenuum . . " ' “New for CM Stivers 

that you pay (perhaps in the insurers fc pay proportionately costs cannot yet be quantified b^- widelv sokLnow-'foPinS 
order of 20 per cent to 25 per on any claim if at the time of biit some of the published com- -7S?. ,«hd .fedividiiri”*!^ 

nn a ’substantial fiZCeas lha 1 ncc fho cnim inciiTwT Vtnac monte flCCOZUDSHYillK 


BY OUR LEGAL STAFF 


covenanted 


daughter £350 a year until 
her education finished, which 
it did last July. She married 
the previous July and her 
husband is in regular 

employment The Revenue you describe wiH Satisfy the 14, who live with my ex-wife under sect 
baS 5Te W b«fc rate^Xcause requiremen * to faU within who has re-married. By Court and c 

£SST = SSiffSSK.1 

S ? syrsss? « r ,s r nrted * r-z™ 

husband s. Are they correct ? ^ acCTUITt by yo ur ^ fence- {rom these V^ents. Additfon- 

From what you say. section 36 f or th S o that any question of the children have incomes s»Qttl& 
(2) of the Finance Act 1976 the account's not having been of about £350 pjl eaciu being *»■«****' 
entitles your daughter to a operated as a joint account may Interest on money which I A gable of 


pay my cheques and withdraw cash. 


Children’s income to “3 ^ 

to apply for pr.bate.give^ tert, howoreTtten^ei income LX Sm, Sut oit rf '"S.ltw R I ,“I «« S I™ poid. : 

1 a1ld tOX X «" > «“•* «. -X SMta^S? JW?Ln. mid by i™ dS. 

■ .... ' , . ta) your own or (b) their step- pocket}? This question is per- national ones who try to avoid extra. losses due to the firemens. TOMntig" • 

Wo think that the acrount which I haoe two ohildreii aged 12 and father . & „ ^ m may be , g^, th eoreti< . ’me,, than real handling pereonaiinsurances, strike and then the hard winter. 

you describe wiH Satisfy the 14, who live with my ex-wife ^der section 437 of the Income because premium increases and but the smaller provincial and Both have provided increased been, sufficient to coyer’ daim* 

requirements to fall within the who has re-married. By Court and Corporation Taxes Act 1970. excesses . are underwriting lughr street ; £frns---that modern -pressure fortbe rating changes, —,5^. ; . . 

category of a genuine joint order, 1 pay maintenance of measures which insurers are house contracts are now far.;too in pride and cover; on ^domestic . Manyhold the Mew that de- 

account. However, it would be £624' p.a. for each child but no ^ more likely to use in combina- -complicated and moreover ‘far buildings so long predicted but spjte index lihldng,.- which gives 

wise to take e precaution of ^ j deducted at source T7isfurhfllU*0 {vOtfl ti° n rather than in the too expensive to sell a» tthe still not implemented. insurers*.' as -well as poJieyhold- I 

having some cheques drawn on Mvments. Addition- alternative. On the contents side insurers -s protection ifaiist ihflatC 


insurers, if is 'not in 

fact absorbed -lif their rating 
structure, Es usually S-tbe-range 
of 10 per cent to 2b I*r.^et!it 
extra on' the basie pr^e. 7 7 . 


that you pay (pemaps in ine insurers to pay proportionately costs cannot yet ob qu«iuuBw ^ ^ 

order of 20 per cent to 25 per on any claim If at the time of biit some of the published com- ■ _ . 


allowances etc Tf th-lr funds cent) on a substantial excess the loss the sum insured does ments accompanying ™ ajrpr . h »ve now' -bemin 
siiowaaces etc H^the.r funos „ B would not eoopte with the fan value companies’ Irit auarter non. VS5u}1SL 5K JSBt* 


repayment of tax suffered on b e scotched, 
her income of the year 1976-77, 
since it did not exceed £735 (and 


A gable of my house abuts a 


she was married during that EV .™ flm nil# ft 
year;. She should give notice I** j/iiiZM' 


year;. She should give notice ** 

of appeal against the refusal of , _ 

her claim, as soon as reasonably Q&afflSt fCtlCC 
possible. ® J 

If she has any further diffi- My neighbour piles up earth 
culty. she may like to write to against ray fence, despite my 
us direct. A copy of for protests. What legal remedies 
verbatim extract from) the tax have I? 


Invest for them. This interest is g e | d and in inclement weather 
subjected to tax at source. Can y, e ra ttle therein often shelter 
you advise wbat is the tax against the wall, banging it and 
position for the children and ^3,0^^ ^es and, at night, 
whether it is possible to make darting Wm j a 
a repayment claim for the tax ^nedy ? 


so deducted? 

We cannot answer 
without knowing ■ 
the children's im 


Most major Insurers charge 
12} pence per cent for buildings ... 

cover and 20 pence to 25 pence IN' 

per cent for contents insurance: 
these rates are for the best risks 
and. you pay a lot more if you ■ 

have a thatched or cedar roof mw 
or a flat In the North West 
postal district of London. But. ordinary 
it is possible to pay lower C ry is fou 


INSURANCE 


JOHN .PHILIP 


On the contents side insurers era protection jdgaihst inflation, * ■ 
make most of their payments that the prdvUfon. qf NVw for 
on fire - and the ft . -claims. Iodi- old' Cover as'-'c»Btrasfed' With". .- " 
vidual companies' experience the indemnity .-type lmariniee 1 . 
must vary considerably but (where a deprecf4ti6n'is‘tkk«i : _ ' . 

most reckon to spend up to SO into ' account) demands .some. 
per cent of their claims, outgo thing hi the rg^ipn .of dottle ' 
under these two headings: it is the norxbal. rate 1 — 50. pedra^pep! : y :: ;. - 
significant that at the present cent as-opposed To'- 25.\i»er-cehL ? ’> ' ■ 
time threequarters of this Incidentally, lodkin^ aoW I jt '- ' 


You may have a claim In j prices tiian these and a new lower 


inspector's letter will be helti- ? ‘ . . Provided that no part of their stones is not contributed to oy pian-^its out many if these brokers are right and.™ the wail that urban and , rate of -.cbuwJ.' 'r" : 

if he stic£ to his refusal ^Us your neighbour is not funds originated teven in- want of Teprar of the wall. We ot ^ frWlg tha4 th e modern there is a real demand for suburban policyholders^ wU sca rceiy otfmririse. . ^ I . 7 - v .- 

and states his precise grounds. enti fled to use your fence as a directly) from either (a) your- think that you would not have household package provides, cheaper basic household cover soon have to pay a lot; more for - So perhaps X shcrdld eqC^dtiL y. ■ 

retaining fence for his soil, or self or (b) their mother or their any basis on which to claim but still affords basic material then NEM should- attract a deal th e n: contents insuraqcqvLtiiafi a xemlnder ^/what-4ndehinjty' V:- r ': 

to damage your fence. You stepfather, then income tax re- dajna Qr injunction damage cover, fire, theft and so of business! and other insurers ^ e y do now< - means on a contents (dateti lt' 

the would have a cause of action payment claims can be sulv disturbance «f nrniniers on - at rates well below current may well introduce similar'' One of the features of many does not' "mean; ^ so-maiqf* : y 1- 

LUUjnng ints against him in trespass and m mitted on each child's behalf for the ^sturbance of occup^rs economy contracts. ' modern contents polides'is the^people ttifab imnldrnMi' i 1 ''-; 

nuisance and could apply to the for the balance of personal of the house. * wit* th.. down provision of “New for Old oritrlnal '-inixcih«.ii^'W^«;^ 


premium 


County Court for an injunction. 
However, you will bear in mind 


Do I conclude from your re- that the cost of applying to the 


marks under Recouping 
Premium (April 22) that it Is 
regarded as part of the £40.000 
one ma> now transfer abroad 
on emigration and not in 
addition to it? Does the £40.000 
have to be taken nut within a 
prescribed period? Does it have 
to go to the country where one 
is living? 

Reclaim o£ the investment cur- 


Cnurt may be disproportionate 
to the amount involved in the 
dispute. 


An advisable will 


Non-deductible 


cost 


1 have had my bouse retiled to 
an unsatisfactory standard. If 


My will leaves my estate 
(£70,000) in trust to my wife 
for life and then to my two 
chidren. (a) Is this advisable 
in the light of CTT ? (b) Do 
you advise a division of my 
assets 50/50 between my wife 
and myself ? (c) If so, I 
shall transfer the non-matri- 


rpmium in thp niiriim j mj<ui uouniri uic juuutuaui- wuiasu uui mui viuc 

sfances we described wnuld w e d, the -ec-Kary wort t. put monitU propertj- (£20.000) from will help jttu decide 


Q rf eht ourselves, could we 

imply us.ng part nf the emigra. from ^ monevs due 

tion allowance. The allowance ,, . ' 


myself to my wife as a gift. 
What will the stamp duty be ? 


for the dfetiirhatir* «f nrmmiers on - at re-tes well below current may well introduce similar'' One of the features ofmany does not meap* ^so'maiqfi: y-v - 
. . . market prices. economy contracts. modern contents policies is the peo Ede lii ink, insures taking the Cl - . 

ot me nouse. . . With the sun blaring down prevision, of "New for OId or igi na l."purshasffpfi^m5M 

W1 ’“ he ^OTiarging 8 these last few days many 1 Cover”: individual companies ; :deduc.tioHfor w^and^^‘aiidV;:< :i ', ' ' 

. pence per cent for buildings, 15 p^pjg must have thankfully - : prectice - varies but this cover then paying. acsmalT simf-whirh" •- •- . 

1L *11 pence per cent for contents, but dismissed from their minds the is normally provided for furni- .has no* relation ^ . 

fj/ff W/177 before you rush to buy I must an d floods of the last few' ture - .and other consumer^ placement- cdst-Quitei-:,^ the. copi.T-. .' 

^ rr www add that insurers have set a mon ths. But all the evidence durables with a low .rate; o£ .tfary*, the. stariang p^it.jc^ jtt. : i . 

' . . . . minimum premium of £10 for coming from the main house depreciation, for a given period demnity. ». current replacement-- 

(b; A division of assets witn provision of either build- insurers is that on the domestic from date of purchase and per;’ cost of an article of ennfiai:: -7 
your wife is advisable. It may in((?s or contents cover. You buildings front there was a haps for a maximum of five, qaalityi from this awt- J^nran.;'.^ . ' 

01 a }, a 2”"®?“ pr ?P? r ‘ should also note two main res- tremendous surge in the num- years. ."* : make-deduCtioaTbr^wear^aiKl ■'>'-! .- 

tions other than 50/50 could oe trictionsiyou have to pay the ber of claims notified in the Prom the policyholder’s point ^tear paying' reg%a tq: 

more useful trns^ would de- first £25 of each olaim and you first quarter of The year, by. of view this cover has been. and. and use. of the xrtide lost or - 

pend on your wife 5 assets ana ba ve to accept an under- about 50 per cent or more, still is an excellent buy because.. destroyed: 

age, and on the ultimate desu- i nsurance clause which entities What this involves in claims the extra premium required .by.- tha.-resnlting amounts . j'.-J'. : 

nation of assets. Sample sums - 7 . 1 . • 

woiked out with other fractions . - r-. T 


be transferred over a period U"* P?cc Ut at Mothe r eoptraetor and what do I slate on form 


““ ‘ *'“‘7 would have charged for doing 

attd need no be taken to a par- It we decide not 

ticular country. . 


Genuine joint 


account 


to have further defects 
remedied until such time as 
they cause trouble, could we 
deduct the notional cost of the 
work required ? 


19 in place of the words 
“ for the consideration of 
£...**? <d) What would be 
required In written form to 
establish words of severance, 
In order that my. wife could 
become a tenant in common 


You have stressed recently that 
joint accounts must be 
genuinely operated by both 
joint owners in order to avoid 
having to apply for probate. 

My wife and I both earn and 
each pays moneys into a joint 
account for housekeeping 
purposes, but I write all the 


You can do the work and deduct 30 **y will pass her share 
the cost of the materials, but * n . t * ie property to the 
not your own labour (or sue for children ? 


(c) Stamp duty will be based 
on the current value and must 
be adjudicated. If the value is 
below £20.000 and a certificate 
of value at that sum given in 
the transfer no stamp duty will 
be payable. The words to be 
substituted are: “In considera- 
tion of the natural love and 
affection of the transferor for 
the transferee.” 

(d) . . . “ to hold the same as 
tenants in common in equal 


the balance;. But you should In the absence of full details s* 13 ™ in equity- 

not wait too long to act. as your of your fiscal position we can 

claim may be difficult to estab- only advise in very general , 

lish at a later date. After six terms. However: No /**?' . #,e *b° ns '“ l ' , ty 

years (without acknowledg- (a) The formula used in your £"**,7 IZl L rhM 

ment> both your claim and the present will is unlikely to be co i u „ n5 A „ (n qSr«et will be 

builder’s claim for the price will advantageous in present dr- answered by post as soon as 

be barred. cumstances. possible 



£&&£&■ f® • Km- - 



IP* 1 1 



■R: n ■mil' U-;* , r ' .. - V ' 

m : *bw& 


mV 5 *?,*, mi 

: ; W: 


mi : ■ 1 

- •• • '.tv >.!*• ' -.A.-4. 





W\ 1 y * v | I ONE OF the Inland Revenues for the hospital related to emer- : nor that he might be railed on, cbuTd.: ’ not;, therefore be 

S WiWtdPWtT in T f 1 /?/! C/lff • strictest rules is that travelling gency cases. The hospital would or might volunteer, to give ‘‘tiecessary,"' 

If Ilf TfUKs I M/W y U C ll/J I//I expenses from home to office telephone him at home. He. advice on the telephone. Lord .^..^ptheivliiter, case Lord 1 •<£> * 

-*■ cannot be “ deducted.” This would generally give instruc-- Wilberforce said th.ht^ ^there are^ ^ Reid npprbvSl^ln' the House of ; /C?e : 

THE DRY season is about to stance of political develop- This is hardly surprising in mining industry. It is a factor ^ht\y odd jargon stems- from Uom , on A 1 tetaphonc to the ^ ^ 

start in the Northern Territory ments. view of the problems he listed: which has made investment [tie concept embodied in the tax hospital staff, for “stance to ?^; tiadeariier dead^L Lord Keids 

of Australia. The floods follow- But there is another point weak demand for asbestos and policy/ more cautious and will JK!2 nB to ^^SE! J22XL th ‘ \r pa ^ e ,?] c jl commepts- are aTways worthr-of Ml 

in S the heavy rain of the wet Now that the Bills have passed, chrome ore. overcapacity in the retard general recovery when J °S or over (£8,500 from open turn. 3 set ^erever they are,theyjM may attaitionl-He was: quite dear 

season seep away, the rivers the attitude to companies solely international ferro-alloy indus- the ^trains of recession ease. In Apnl 6 19i9 if the Finance ; Bill off to the hospital by raf. wor fcinfir • hmirs • and -vive intpnd.^ tiiat- jtj . 

cease flowing. Over the coming dependent on uranium like try and the low level or capital Canada, at least recovery looks sun/ives) which makes liable p - -- th t instructions ™ -**■***„ J u3 t‘_any.^tiipl wee be enfftiedto I iSulCORlUl 

months it is the Australian Gov- Pancontlnental is changing, work which is affecting indus- as it it is some years away. fo ta . x * n reimbursements to an to the Commissioners was that instructions -ad^ce before deduct .. travelling ^ expenses be- 


to 



months it is the Australian Gov- Pancontlnental is changing, work which is affecting indus- as It it is some years away. 


ernment’s hope that construe- Investment is becoming more trial subsidiaries. 


r. Mervyn Upham, the presi- 1 ® rn P|°y®* ,n respect of expenses 


vi univm ^ iav-pv. uiiO'L -viuwiuv vmw.iv.-i 'c — • * v * r- - — l u ifiwirfni? in J l * 

tion will start at the rich ura- closely linked to potential earn- He is no doubt finding some ddnt of the Mining Association "f nas ucurrea in ano al ™ut 
nium deposits of the region. ings than to airy aspirations compensation in the movements of Canada, told the annual meet- einp '°y e r 5 t DU5l " es s- 1S 
_ and projections. of the gold price, which this jng in Ottawa that there will be f?en entitled to deduct travel- 


The hope this week began to 
cliange into reality when the 


It is a natural development 


Parliament in Canberra passed nnw 


anguished 


package of six bills setting 


Australian dchale on whether 


week climbed S5.50 to $185,375 -two or three more difficult years. m g expenses necessarily in- 
an ounce. The rise in the price It would be in the early to c ur red. and other expenses - 
over 1977 helped the results mid-1980s that the bettor times incurred wholly exclusively and 
and the market . has since would come. necessarily in the performance 


TAXATION 


DAVID WAIN MAN 


- I -Cl- 4 V%viu 0 tlflflillTVI ' WOTIrt'-lte r L..,!J L_ dUU LUC UIOIIN^L . IKU) dUlLU • 

out the- conditions for the deve- “ . A B P if? remained firm. But all is not For all that, he was encouraged °fh ls duties 


lopment of an Australian ura- d , eVeIope ^ “ l ? l ! a 

mum raining industry. *!? 

has been waged — and it has 

Arguably it was the most lasted since the early 1970s — 
important event in the 1978 Australia's competitors in the 
Australian mining calendar, the 


well in thp cnld industry. by the underlying strength for home to office rule is answered roe teiepnone, .men op.. It was therefore necessary 

Mr. de Villiers urged both the a broad range of minerals, strict, but there have been tax- his responsibility for the patient his .claim ■ succeeded. His car that whoever, was appointed 

State and the industry to Demand was not increasing in payers who have proved in the began as soon as he received a iouroey became travel in the. -should- Incur travelling, 

examine the high rate of pro- all cases at the high rates of a courts that all rules must have telephone call from the hospital, performance of his duties which expenses, 

dnetion coins. He alluded to decade ago. but the fundamental exceptions. In this area we all such questions of fact are had already commenced. .. The Dos^ihllitv that Dr Owen 

the possibility of a decline in strength was evident. want to be exceptional, so let decided by the Commissioners. But it must be underrtood -njtvi htc n«*r»iee 


dep A rl Jif e ; ^i **^^ ^* bis and his other place 
mean that they have more than of woric.. What he said dis- 

one working place.-. - . . • Anguished Dr. Owen’s case was 
It is this ; concept of two that ; there was a part-time 

working places that is .at the employment, and that it was 

heart of the. matter. If Dr. .impossible -for- the employer to. 
Owen was a hospital employee fill the post otherwise than by 
engaged in the duties of bis appointin g: , a maw with commit- 

hospital appointment when he ments which he would not give 

answered the telephone, then up. it was therefore necessary 


m\n 
at C 


at IV: 


most significant step taken on — 

uranium since Mr. Justice Fox. Tn 

aimosl exactly a year ago. pro- MBN9NG ?il 

duced a framework in which the iwaBiwiB^sa ^ 

Government could proceed with PAUL CHEESERIGHT th 

uranium mining while caring „ 

for the special interests which L 

would be affected by it. a8fe n«i m il VIMEM V I’l lmMmxtmtUU 

But there was one thing miss- international uranium market !£, 
ing the legislative struc- have been expanding as quickly mi 

ture— -and that was the power to ^ they can. 


bucii quesuons or racr are - 13ie Dossibllitv that Dr. Owen 

the possibility of a decline in strength was evident. want to be exceptional, so let decided by the Commissioners. But it must be undertood/ <Mu i f » ^yp. ff i«n( n j his nractice 

the number of mines able to If there is one section of the us take a close look at one who if the case is appealed to the that for this to -be the position jrcsheuanf ttr'-mi arid Tire 
produce gold profitably, “Pns- industry which has been un- has shown the way. High Court or beyond, the facts it is an absolute requirement Harerfnrdwwrt- was -only a 

sihle unemployment resulting affected by the general gloom. A Dr. -Owen (another one), already found by the Commis- that the employer accepts that theoretical mier the reaHty of 

from the closure oF mines and it is diamonds. This week De had a part time employment in sioners are sacrosanct, and not he has engaged .an employee t Ha cHtHstinn - xJni tbat-hH «ra- 

the decrease in foreign Beers Consolidated announced the late 1960s with a hospital subject to judicial .review who “works” at and JJ -fhT husk .>hSt he" 

exchange earnings are particu- that it would spend R39m in Haverfordwest, although he (except in the unlikely event home. It is' ala) a requirement 

larly important.’’ he stated. (£24.8m) on a scheme to treat lived 15 miles away in Fish- that the Courts consider a par- that this be " necessary If the «i 

: — _* » — .1 - — guard, and it was in the latter finriino- cn n«rvDi-» that cmninvar hoc t-u/n nncnMa guard and be paia expenses O 1 . 




establish 


It was a warning of trouble the accumulated dumps at four guard, and it was in the latter ticular finding so perverse that employer has two possible u p vJinW’mT Mve 

to enme. Productivity has of its Kimberley mines. town that he was mainly occu- no right thinking Commissioner candidates for the vacancy, one 1 , ' ■ - wotuq 1 . 001 Jz?: - 

declined and in 1977 the gold This will extend the life of pied — he was in general could have reached it on the local and one distant, and the ^° n ,r£ Cted l 0 ** ^ L° t! T fl!i mt 

mines adminstered by General the mines to about 20 years. The practice there. evidence before him). * local one is entirely able to per- - a « waj im»osMq«tp 

Mining had overall costs of idea is to use the more exact When he claimed his travel- When Lord Wilberforce heard form all the relevant duties on ?PP9 l ° tee wnQ-VrasrreeToa’Y. 




vo id 1^1 151 1 d UI JIII II 11 1 export ' " “ — — — — • ■ — ....WM MW.U tr.iwviiwAvv * * *** uiv a^ibtauii uuuco uu inMti'rinif 1 U!.-H mmPnM 

authority, along the same lines Further evidence of this came R2l8.56m i£I38.29m; compared recovery techniques which have ling expenses to Haverfordwest Dr. Owen's case in the Court of the employers premises, that of traveumg expei»«o. 

no .i-.-Z .. - t, . in the annual reoort of General with R166.29m in the nrrvinns develnnod over thn la«rf tpn and back, and had his claim Anneal he amantoH that tho iteair chuuw it- -Loro Reid saia so- 


as the Canadian Atomic Energy in _ the annual report of General with R166.29m in the previous developed over the last ten and back, and had his claim Appeal, he 

Board. Mr. Dung Anthony the Minins * ^ Snut h African year. years to find diamonds in the rejected, he appealed to the travelling ex 

Deputy Prime AlTnister iumneH m in'ng finance house built on The costs phenomenon is not waste which has built up since General Commissioners of ible. He sai 


Deputy Prime Minister, jumped .. .. . . . 

over the "ap when he told Afr,kaner financial interests, peculiar to the South African the turn of the century. 
Parliament 0 that he would , f ? enpral Hinms is clearly on 
exercise control over sales eon. *. e verge of bringing a new 

tfaejs deposit in Namibia (South West ^ — 

' - „ . . J Africa) to production. 

The Bills have not passed .. ... T , 

through without a struggle. The . W- . . d ® Villiers, the 
states have been anxious to pre- ^nairman. stated that at the 

seree their rights and tricky ^ an S^r Heinrich deposit near 


ana back, and had his claim Appeal, he accepted that the itself shows- that it -is- -not - 

rejected, he appealed to the travelling expenses were deduct- “necessary that the distent The notf-deductiWlity ; lnnne. 

General Commissioners of ible. He said that it would not candidate be engaged. The work to office -expenses xtfll xffinate 3 

Income Tax. He proved in have been sufficient had Dr. at home, and the travelling from one -of the. Revenue’s, strictest ; 

front of them that all his duties Owen merely been on standby, home, -by- that distant employee rules. •• . 


The Bills have not passed 
through without a struggle. The 


[Management 
l Sen ices & Other! 


Gold & 


constitutional issues have been Swakopmund a prospecting 
raised. This was reflected by * ia ® been excavated 

Mr. Anthony when he said he ~ ore ^ or a P*lot 

would not proceed with Icgisla- ... » ,s P art of th ® P ro * 
tion on the export authority j pss t0 determine the optimum 
until there had been consulta- parameters for a future 

tions with the states. reenvery plant.” Meanwhile, 

,, . 4 . ^ . .. marketing and financing investi- 

Given all the speculation ga tions continue, 
about the future of the uranium General Mining produces 
mining companies, it is a little about 26 per cc?t of South 
o, a ii4,l he .. ma, 'ti et Africa's uranium and its mines 


Financial 


reaction to Parliament’s action account for about 18 per cent 

nac hoar) at noct 1 1 1 Launem TV,.-* - .. 4 


has been at best lukewarm. The of the national gold outout. 

expunat, on probably hes m the Those two minerals provffi 
technical state of the market 14.5 per cent of Die groups 

For more than a fortnight attributable income last year, a 
there was a heady boom in slightly smaller portion than in 
prices and the spirit of the 1 ®'®- 

Poseidon days of 1969-71 seemed But *tie breadth nf its 
pervasive. This continued into interests has widened since it 
the first half of this week. f°°k a controlling interest In 
After that there was a pause U nf °n Corporation. Its tentacles 
as the market consolidated and stretch into the corners of the 
investors in some of the more African economy and it 

speculative issues took their n '\ w second only to Anglo 
profits. American among the major 

This latter period started just bouse, mtni " S finanM 

as the Australian Parliament Despite this, the group’s enn- 

i£ e thp S m \ S fid,:nce about rcsu,ts for I97S 
through, and. in the event, m muted. Mr. dc Villiers wonld 
the technical factors governing go no further than saying that 
the market s movements proved they ’’ should once again “be 
more important than the sub- satisfactory.” 



Platinuml 


APPOINTMENTS 


Commerce & 
Indus! r> 


Mineral >liningj 
& Benefication 


[Management 
[Services & Other 


Gold & 
Iraniumi 


Financial 



Platinum! 


Commerce & 
Industry 


Mineral M inlng] 
& Benefication 




for a rapidly growing and respected Financial Plaiming rsaid Assnrance BroKng cocq>any. wiicL is 
backed by a publicly quoted group. Two Associate Dirictors art to be appedmed m toridon and 
Manchester res pecti vely. ;i: . . . - ' ; a f - • 


• the key role is to build business in tax 
with, significant means — usually thro ugh 
will also be involved. 


ling and riutigation arrangements and to advise iodividtrtk 
professional advisees. The direction of a. team in. the-ixgion. 


• top quality sales and m a nagem ent experience in the Ijfeand Pennons market is ess ^^F 

to contribute to the development ofsophisticated proposals in this and associated financial fidds,- 

bre aking new ground, and employing the highest ethical standards of practice. 


-sometimes : 


• EEMUNEKAnoN negotiable into five figures, with profits participation, and a Service Agreement; 


"Write in. complete confidence 
to A. Lon gland as adviser to the company. 


TYZACK & PARTNERS LTD 

MANAGEMENT CONSUtEANTS 

JO HAUUUC STREET • , lONDON TOf. .6Dj; 
f’) r-VTAnm-rre . 


22 CHARLOTTE SQUARE • 'EMfOTORCK' EH2 ' JJDK 










.*■ Ojj "V- 

»» U! S 

u*$£ 

1 the « C; 

^ii^A 

^alg-J Pofc. 

2<5S 

wo rr.w.. " ■>» 




Easing the heartache 








** cont-s.;'* . - ■ '■'•■> - • -‘ 7 ' 

J* typ‘ a ;«! THE BEST'!-.LAib": plins’/flften 
§° . *slfay — and few occasions 

lJ ^enj, ' fs ; j 1 * 9 J e « cr Panned than:- your 

- - r? gion ft • da ughtcr > 3 wedding. _' j. 

; r j . So with th? marriage season 
lS ed ( a swing, you' may; &e 

ly, t r 1 S*. interested to hear ' that there 

V -lew i D ? al ways of safeguarding-against; 

I sh* . 00515 of last-mi nute cancella- 

ij. !! on ' ®!fot. mind you. if. one of’ 
df' n H ;q *U “* e Partners suddenly gets cold 
lud«« n!r} " you ca * 1 it off because 

any ^ - vou think you've made a terrible. 
‘ lV:t * a ? mistake,, yoti won't just : find 

Z * . w « N’Ev. yourself unpopular-somebody, 

^ervi* 9 at. least, will have to looL whal 
* f- ^ oould be a very hefty. hill. What. 
of v-h at irA hapP^us, however, if the bride 
Cf, ntc*n?: ,, breaks her leg .of the brfde- 
•° an . aj r., sr 90 m , in eager anticipation of 
itisuror* iv. ‘ the. great day., bursts his 
base prj^ appendix? Tlie hall has been 
‘ wear and ^ hooked, invitations ' are printed 
a smaji <11:* and possibly sent out, caterers 
iop lo" r,i 5 ' ^ ave been lined up, and wedding 
>st. Qj.;. ^ clothes may : .even have been 
arrjjr ' \ ^ hired. How do -you get your- 
irrent P • 1 m0ne - v hack so you don’t have 
anvUf* t0 fork out twice! once the 
*C'P '■ !t injured- party returns to good 
health. 

taL ’’V The most comprehenshre pack- 
,; ard tofi age available, underwritten by 
^icle V Guardian Royal ' Exchange. 

™ ’-hey ^ ' 

■mount . - 


ffiXM a 

■H 


@ss 

mm 

iM 


ffl 



covers evetythfng from the first — . - 

. marriage preparations to the j ^ Sy j 

last day of p honeymoon. The fJaMOB& WiO C2£ GROW JQ$ts 

against ar number -nf risks. \ fflftfl& t bft p£ia If ] /}/}]••• J 
Wedding costs up to £500 will v 
he paid if ' the bride or groom. 

Their parents or “ “ near- rela- ■ 
lives" "(this means brothers and . 
sisters ). a re sufficiently seriously 
■injured so as , to. postpone the 
• happy recession. - ■■ >: . 

.Thrown, in with the same 
premium ; you. get r protection, 
again. ui^to £500, against damage 
-'to wedding presents and loss nf 
weddihg ' and/or! 1 engagement 

- rings. . Incidentally, it’s no good 
"if kSucst drops his gift en route 
' to the chujeb— -so make sure 

you .hand «ver' -that' valuable 
set of Waterford glasses before 
{.they break. , Then, there's com- 
pensation if something happens sured up to £500 while medical costs” against the sickness or 
■_t.o.. the_j wedding, snaps— up to expenses of up .lo £500 per death of bride and groom, For 

person will also be paid, the privilege, you will pay 1 
... Thoughts of macabre accidents per cent uf the total insured 

seldom spring lo mind when sum. On top of that, you can 
•INSURANCE marriage is being considered add cover fur other specified 
L .... . . \ ■ hut lh e policy also takes into participants, such - as brides- 

TIM DlCKSoii" _ account death la £5,000 Jump maids, best man, page or grand- 
sum in the case of the husband mother. 

- > ' • ~ ' ■ ' _ (£1,000 in the case of the wife). The extra premium depends 

loss of a limb or eye (same on the age and health of the 
• < • figures! and disablement (£20 individual and can vary from * 

£25 for loss or “destruction” a week for the husband, £10 for per cent for a small child to U 
of official • -photographs or the wife). per cent, for an ageing grand- 

negatives. HirdJy enough to Another, less comprehensive parenL Adam Brothers says 
pay for a reconstruction, with and lillle-known policy has been the policy is only taken up once 
full supporting past, -of -'what, available for 20 years from a or twice a month. The firm 
after all. is a day-most of us firm of sub-contract brokers does not deal direct with the 
hope will only happen once! Adam Brothers. Underwritten public so contact your local 
What's really, "impressive by a Lloyds syndicate rates broker for further advice. Suine 
about this policy,' however, is here are usually negotiable and other insurers — Sun Alliance, 
that coye/extendxto the honey- there are no limits lo the for example, are prepared to 
moon— ;there; may, of course be amount of cover which can be consider indivtduv ca»es and 
a moral in. that! Personal. money taken out. The basic policy will will quote you premiums on 
and luggage, for example, is in- insure all "unrecoverable request. 


r\ • , LOCAL AUTHORITIES and the 

jf J tZS IJ OylJlfZ Inland Revenue are both much 
•* d ;maligned oryanisaiinns, but the 
! first at least can offer a reason- 
0/1 /? IP . able return on a cash investment. 

»Slj/ IfltJ j And investors can look upon 
^ : such an Investment as virtually 

SMALL FUNDS perforin better; as sound as .a gilt stock, 
than large ones. Uni! Trusts pro- ' Investment in local authori- 
vide the investment expertise ties can be channelled through 
necessary to outperform the ' one of several ways, but basic- 
market. lncum? fund* do better, ally investments break down in- 
than capital funds. Last year's : to two bread areas. These are 
losers are this year's winners. . stocks and bonds which are 
These are some of the guides pu i {quoted on the Stock Exchange 
forward for choosing a particular | or direct investments with an 
unit trust Tur yo»r equity invest- : authority which are not negot- 
iant. And they have no basis 1 table, and wiih very few cxcep- 
in fact according to an article 1 tinns lock the holder in for the 
in the latest issue of Manage- j duration nf the bonds, 
ment Dei-inon oritten bv' Each Wednesday, a list is puh- 
Midiacl Finh. a lecturer in ! lished of autlionties which have 
accounting at Stirling U nicer- placed bonds on the stock mar- 
sity. i ket. Most of these have a life n{ 

To understand Tulle his 1 01,0 > car - Uiough each week a 

article on unit I rn*t performance sniaiiering .»f hands np m five 
you need to hold an honours tfe-'- vears 3 r, -‘ included. There are 

5 ree in mathematical statistics. ■ evw a few variab,e nl * b,,nds ' 

But his firai coni«*nin-.n is iiui the ' AU the issues share common 
usual form »f league lahles f ur cuupuns for the various lengihs 
performance, based solely on the : u* life. For example, ihis week 
past returns i> sourious. because ; n ne year bonds were placed with 
it docs noi take into account | a coupon of 9; per 'ent, while a 
risk. He then develops 2 highly few three year issues were 
sophisticated method of offered at 1U percent, 
measuring performance mcor- 1 For lhe investor, the aavan- 

; tage of these issues is that they 
1 can be bought and sold in the 
— ! stuck market at will. Though 

I it is worth noting that most of 
UNIT TRUSTS ! them are relatively small issues 
W W j— amounts of £250.000 and 
£RIC SHORT I £500.000 are common — which 

means that dealing may prove 
^ ^ ! difficult 

I The other quoted vehicle for 


INSURANCE 


TIM DICKSON 


UNIT TRUSTS 


ERIC SHORT 


Changing jobs 



-Vi 


MOST. INDIVIDUALS are still 
quite apathetic about their 
ultimate-pension, rights^ despite 
all the. publicity over the, new' 
State, -pension scheme, except 
wReii : it_ ; . comes to .changing, 
jobs, v . Then invariably they- 
think, they know ..their rights i 
and want their money back. - It 
usually comes as . a . shock, .to' 
find out that the Government, 
has been passing legislation der 
signed to stop them haying re- 
funds when ... they' .. . -change 


employers.: Such is the desire 
to get . their hands <Hf money 
: paid into The pension vseheme 
that : arrangements sre ' being 
made, ; : Whereby 1 employees re- 
sign on a Friday night, get a 
•refund, and are fenOTiployed on 
Mon daylho mfn g. . • Tlie. Revenue 
has- expressed disapproval of 
such, ' practices : and " has 
. threatened i»tali atiorr.'. ,• : 

. It eomes as even more of a 
Shocks ait retirement .■'.to / dis- 
cover that tme ;has .‘Iost con- 

■ ' L - V?' ; - -yi'v-! ■*£.; ■ 


siderable pension rights on 
change of jobs compared with 
staying put and the Govern- 
ment and Trade Unions do not 
think this is right at all. They 
consider that an empJoyee 
should get the same pension 
irrespective of how many jobs 
he has in a working life. It 
has asked the Occupational 
Pensions Board to look into this 
question, and the Board, being 
a democratic organisation, is 
seeking the views of indi- 
viduals as w’ell as employers 
and the pensions industry. 

You may think this move 
superflous in that it is self 


evident that all individuals will 
want full transferability ot 
pension rights on change of 
job. But the cost may mean 
giving up the right to refunds 
altogether — you cannot have 
your cake and eat it. But the 
OPB is discovering, not for the 
first time, that there is very 
little published information on 
current pension scheme prac- 
tice /id so if would like to hear 
from you. If you feel strongly 
on the subject then write lo the 
Report Secretary, Occi*pational 
Pensions Board, 16 Creese 
Street, London W1P 1PB by 
October 31. 197S. 



• atl;£3ar&tie J s 

On Tuesday/ fith. Jun/ at 12 noon 

- Cfcistie^R^teB City Wine Sale 
fieayer Hall 

Including: /majpr ribeks. of -..Claret, Burgundy, and Hock; 
miscellaneous bin-endsi.’Sherry, Rbpne, Loi>e and -Table Wines. 
A- tasting; W- be held' at Beaver Hall from 10 ajn. to 12 noon 
- on the day of the sale. 

Full details ' from:; -"Michael: Broadbent, M.W., Alan 
; Taylor-BestelJ,’ or Duncan McEuen 


€hrlstie 7 s: Wine Auctioneers since 1766 

• v : . ‘ The Wine Department 

'V'8 King Street, St James's. London SW1Y 6QT. 

' . a>lephone 01-S39 9060. Telex 916429. 

i'r'. • Cables: Christian London SW1. 


- V HANDSOME MAHOGANY 

HORSE SHOE TABLE 

OF FJNE QUALITY TOGETHER 
WITH 20 MAHOGANY CHAIRS 



length afoutsr 
CM»di xo'tM ... 

ID" 


Width ap«i 
mo4 ZD* 4" ' ’ 




■~ T Further -details froms— 

. JAMB YOUNG OF BANCHORY 

40/ Sfc Swithhi Street, Aberdeen 
' ««« ABERDEEN 3220ST _ 


Lichograph at Frince’s Street, tamourgh 
by Samuel Swarbreck, published in 1839. 
Illustrated catalogue sent on request £1. 


FOR sale by tender 

DEVELOPMENT SITE ’ 

. Suitable for Industrial or 
Warehousing purposes 

fronting 

Chancellor Lane, 

Ardwick, Manchester 

Within a short distance of 
the Fairfield Street junction 

site’ AREA: 5,200 SQ. YDS. or thereabouts 


pirating risk an>.l analyses per- : 
fonuance over ih<? Hi >ears to; 
end 1975. 

He concludes ihat there is nu . 
siatisticul evidence ut jnj super- 
ior or inferior performance by ' 
the unir trust inrtu-tr.^. Unit truM 
managers could not correctly 
time the market, that i« ju liquid 
when a downturn was imminent 
and thus a strategy of buy and 
hold is best. There is nn evi - 1 
dence that si 2 e ur Fund in-: 
fluenced performance or that- 
there are different perform- i 
antes between different types of i 
funds — overseas and specialist' 
funds were excluded. • 

Mr. Firth has certainly j 
questioned the time honoured ‘ 
methods of selecting funds 3nd | 
measuring perf«»rmajice. The j 
unit trust industry needs to- 
answer his findings, especially 
his final one that possibly some! 
attention should be paid to unit 
trust advertising and that claims 
of superior investment perform- 
ance are being made on spurious j 
grounds. 

7 , 


THE RISE in the general level 
nf interest rales, which has 
been reflected in a T. point 
increase in the cost of over- 
drafts since Die Budget, has now- 
begun io work through lo the 
rales being charged by (he 
hanks on their personal loans. 
These loans, for fixed periods 
and a i fixed rates, are widely 
used as a method of unsecured 
consumer finance, and the 
charges made ore changed a 
•mod deal less frequently than 
the base rates for overdraft 
lending. 

The last round nf changes was 
spread over several months, 
with National Westminster, for 

PERSONAL LOAN RATES 


4 >- r » 
- S "• 




! 

Rat 

old new 

Tru 

old 

.V 

new 

Barclays 

— 

— 

14.93 

— 

Lloyds 

n 

81 

14.7 

16.7 

j Midland 


81 

14.7 

16.7 

1 NatWest 

n 

81 

14.7 

16.7 

1 • For o two-veer 

loon. 




GUARANTEED 
INVESTMENT BOND 



Council 

yields 

enticing 

INVESTMENTS 

TERRY GARRETT 


authorities is the “corporation 
market." This is made up of 
the larger Local Authority 
issues which are made at irre- 
gular intervals and are normally 
offered to (be public by an offer 
for sale. 

Some typical stocks, where 
marketability is good, were 
suggested to me by brokers 
Phillips and Drew. For high 
rate lax payers the Corporation 
of London 51 per cent stock 
dated November 1979 might 
appeal. This offers a running 
yield of 5.6 per cent and a 
redemption yield of 10.3 per 
cent. A short dated high coupon 
investment can be found in 
Lincoln’s 13 per cent slock 
dated 1980. There the running 
yield is 12( per cent — the slock 
stands above par — and the 
redemption return is 11 per 
cent. 

Investors can buy very small 


Personal 

loans 

example, bringing its rates down 
last October, the Co-op Bank 
cutting its loan rate to 14 per 
cent in December and Lloyds 
coming down only in late 
•January. Until the latest in- 
creases spread throughout the 
system, therefore, there is for 
the time being a fairly wide 
spread of rates being offered by 
different banks. 

The changes have also again 
presented the problems which 
are regularly associated with 
(he distinctions which need to 
be drawn between two ways iff 
describing the interest rate 
charged. National West- 
minster. the firsi lo move up 
this time, announced the change 
in terms of a l per cent rise in 
the flat rate of interest charged 
on personal loans from 71 per 
cent to 8s per cent. 

This is the rate which is 


sums of stock through a bank 
or a stockbroker— as little as 
£100 if they wish — but 
obviously there is a point where 
dealing costs become prohibi- 
tive. 

Direct investment In an 
authority normally takes one of 
two forms, either replying to 
advertisements or for large 
organised investors direct deal- 
ing through the money market. 

Many authorities advertise in 
the Press. The popular Sunday 
papers carry a fair number of 
advertisements asking for 
money, and the Financial 'limes 
carries a block selecting a few 
authorities every week. 

The rales and dates of the 
bonds vary', and investors should 
shop around to get the best deal. 
Sometimes two authorities can 
bp offering on the same day 
bonds of identical duration with 
different rates. 

The Loans Bureau is a good 
line of attack, for they can 
supply a comprehensive list of 
local authorities wanting money 
and what they are prepared to 
offer. Tlvffr phone number is 
01-828 7S55. 

But with tii is type of invest- 
ment there is no secondary 
market so investors must be 
prepared to leave their invest- 
ment alone for the life of the 
bond. 

For larger investors, and here 
we are really talking of a deal 
of at least £50.000. investment 
through one of the money 
brokers or money sides of the 
large stockbrokers is the 
obvious answer. 


charged on the initial amount 
of the loan: hut it is not the 
true cost. Because the loan :s 
repaid in instalment over u< 
life, ihe average amount of 
burrow in” outstanding is 
around half the initial loan, 
and the true interest rate 
nearly double Die A;u rate. 

For a rwu-year period, ihe 
most popular. NarWest'* now 
St per cent flat rate is equiva- 
lent to a true interest rale nf 
16.7 per cent, a rise iff 2 per 
cent from the previous level. 

Both Midland and Lloyds 
made similar changes to Nat- 
West. But in line with the 
emphasis of the consumer credit, 
legislation, they both quoted 
only the true rate equivalents. 

Barclays, which has not so far 
favoured the upward trend, is 
the one which stands out. This 
bank not only quotes in terms 
of a true rate, but also uses a 
ci uistant rale. At present. Bar- 
clays is charging at a rate of 
14.93 per cent, which was re- 
duced from 16.65 per cent last 
November. 

MICHAEL BLANDEN 




270 

IiQL I\ ALI-NT TO 12 - 69 <>/o RA.GROSS 


-V V 


P.A.TAX PAID 
(FOR FOUR YEARS) 



CLUBS 


Chartered Surveyors. 

79, Mosley Street, Manchester M2 3LP 
061-228 6411 


WALWORTH, S.E.17 

59,293 sq. ft. 

FREEHOLD 

INDUSTRIAL PREMISES 

4- Extensive cold storage 
^ Excellent covered yard and loading 
facilities 

4- Oil fired heating 
^ Good canteen facilities 

APPLY SOLE AGENTS 


clive lewis 
s partners 


Tel: 01-499 1001'- 


Your Benefits 

At the eDti of each year during the 
term of the police we shall allocate to 
vour Rind a guaranteed bonus of £85 
for each £1 ,000 of your investment. 

^ on may either :- 

1. take each bonus in cash as it tails 
due. The bonuses will be pa cable free of 
basic rate tax, the lirst 'payment being 
made one year after the day we receive 

■\ our investment and the final payment 
at the end of 4 years, when we shall also 
return your investment in full 

or 

2. leave your bonuses with us to 
accumulate at die same rate of interest. 
We shall then return to you at the end. 
of 4 years €1 ,386 for each £1,000 you 
have invested. . 

What if I need to 
cash in early? 

T o maintain, this high guaranteed rate 
or interest we have to keep your money 
fully invested throughout the 4 year 
term. If you need your money before 
the maturity date the Company will 
quote a special surrender value. 

*Your Tax'Position 

If you pay at the basic rate (33%) 
throughout the term of your Bond you 
should not be liable to any tax on the 
Bond whether you cake your 
ouaranteed bonuses in cash ar the end of 
everv year or leave them to accumulate 
until the end of the 4 years. 

if you pay higher rates of tax at any 
time during the term of the Bond, there 
may be an immediate tax liability upon 
part of any bonuses cash ed-in at yearly 
intervals and a further tax liability at the 
end of the 4 years. If you leave your 
bonuses to accumulate throughout the 
investment period there may be a tax 
liability at maturity. The basis of 
assessment is complicated, but the 
Company will be happy to provide 
details. Alternatively you may prefer to 
consult your broker or financial adviser. 

Despice this potential tax liability 
higher rate taxpayers should still find the 
Bond is a competitive means of 
obtaining a guaranteed investment 
return. There is no personal liability to 
Capital Gains Tax. 


Investment for 
Income or Growth 

To take advantage of recent 
increases in interest rates we 
offer you a new bond which 
guarantees 8'j”« per annum 
free of tax over a period of 4 
years providing you are under 
SO and are a basic rate taxpayer. 

This is equivalent to 12.69% 
per annum gross (assuming 
35% tax) and the bond, which 
is a single premium endowment 
assurance,, provides a s um 
assured equal to your single 
premium and is payable at the 
end of 4 years or on previous 
death, together with any 
bonuses you have not taken 
in cash. 

We can only offer this bond 
whilst interest rates are high 
and on a strictly limited basis. 

If you want to secure a good 
income we advise youto act 
now. 


The Company 

Hod\:e Lite Assurance founded in 
r J PP and wirh as-cts of over t'n million, 
id u holh -owned subsidiary ot 
StundarJ Chartered Bank Limited 
which i ; Britain’s largest independent: 
inrernuriotul Bank with 1,500 offices in 
some spity countries and assets in excess 
of L'.I.t'OO million. 

What should I do 
now? 

Simplv complete the application torm 
and send it with your cheque (minimum 
L | ,000 - maximum £50,000) either to 
“Hod--e Life - ’ or to your insurance 
broker or financial adviser. If you wish 
io cash-in bonuses .it the end of each 
■ year please tick the box provided in the 
application form. 

Your Bond will commence on die day 
we receive your cheque and the 

completed application form. We shall 
issue your Bond policy document 
short iv afterwards. 

This advertisement is based on our 
understanding of present Low and 
Inland Revenue practice. 

This offer is strictly limited and we 
reserve the right to withdraw it at any 
time. 


/* 

» 34,8 


r Tft: Hodge LH ■ Assurance Company Limited, Threadneedle House, 
34, Bishopsgate, London. EC2N 4AH. 

APPLICATION FOR A HODGE GUARANTEED INVESTMENT BOND 


\ 

3)6 ^ 


Surname (Mr. Mrs. Miss* 

Address — - - - 

Date of ftinh - 

□ Please lick if you wish lo cash-in bonuses as they aiise. 


.(Maximum age fit finny 80) 


I wish to invest E, (minimum i 1 . 000 : maximum £50,000) in a Hodge Guaranteed 

Investment Bond and I enclose a cheque forthfe amount made payable lo Hodge Life Aseurancv Company 
- Limited. 1 am a resident ot the United Kingdom end over ISyearsor age. I understand that this application will 
form lbs basis oi the contract between me and Hodge Life Assurance Company Limited 
If you have elected to cash-in your bonuses as they arise plaase complete the following section 


Name of Bsnlc 

Address 

Account No. . 

Bonuses will be credited automatically to your 
account aachyaar. 

Signature of Proposer and Ufa to be Assumed. 




B Hodge Assurance 

,i v-.. 

+ S: • ‘j.-.! O Cvrif 

\'o.742£3CFtv4lnncl 

Otlir.e. 31 , Windsor Pl.lte. Cardiff. ■ 

. This offer i‘. nornvo.Iobli-to ^os:rt«.-rrs of Fire. 

Th« Ccn-.p*jjv r'eiervcs'th* nol.tto withdraw 
this ollemiouy tunr 


















s 


MOTORING/GOLF 



Home pride of the Ryder Cup 




An elegant Italian 


BY STUART MARSHALL 


CHARLOTTE, NORTH CAROLINA, June 2. . 

HOW STRANGE is was that calendar, .particularly in outcome of the matches. '< For world’s least , desirtble 

just 24 hours after the most America, where we have never instance, if the shy and like- somes’ partner! Discussions will mercial move on «>il, 

C5TMT1 st>rry M. we dto. Cuta* did happen rto tebe 

sek-sste: ssjs ss g,-a SsSSlSS- 

nounced. allowing Europeans to * Royal Bfcrtatele in 1969. recently redesigned by. Nick- . / . 

Play on our team to strengthen ^ ^ memtu^We occasion, _ ■ ^ piopfe must To have ^ny. ichance of doing 

Tf fha n.. «■ v«. , the destfaratdon of the trophy simply go in there and insist 501 Passiooatdy. believe that 

“ ?eU?fn ****** on the .test singles pn| - - , - X end of the fburballs " e ha £L t0 e^the tel* ft 

Britain. Ireland P a^Vumoe maitch involving Jack Nickteus GOLF which have become such : a the; whole worW of golf, forget . 

ted itaEF ihiSLJSa hv and then Open champion Jacklin . oek| . . Sus facet of the fixture in **»** pnde-^uch of It that 

virtue of their positions in the as beanie down to the final putt B&i WR,G recent years and most often Jf™ ft* 

order of merit m on the 18th green. No one is ■ ■■ ■ the graveyard of our hopes. Res t <> f the World. But just 

the announcement * three Hkefly to forget Nichteus’S peer-- MMiMMi In bringing them into the J® ^_ u WeSS^^^SSS 
Spaniards. Save Ballesteros. less gesture m ctmcednng that . ■ -- "series m the first place it- woo JWttht 

Jose Maria Canizares, and putt of no less than three feet laus, he would be playing on hoped that with more points at JJJJ' rJJ A WiSfSJl 
Antonio Garrldo would be in to prevent the possibility of a American soil for the first time, stake we might have a better ;{J“ ™.- t her and>S^7« ' 

the team to challenge the for-once epdc team encounter Nor can I Ignore the fact that chance. But someone on our ^ 

Americans next year for the turning on tshe single stroke in poor Garrido was totally aver-, side -of the .table at the; time JJ™ s-V* tT jSS?* 

trophy they have retained since question. awed by his first experience of misfit have pointed out . that “ • “ y , - 


Play on our team to strengthen ^ numoraib ] e occasion, 

£L*--s j - Z2E?i!r*f£: xz 

■ eSSS involving Jack NUtaui 

had selected -themselves by a «? t ^en Open champion Jadtlrn 

tffc* virtue of their positions in the as tt came down -to the final pupt 

order of merit on the day of 18th green. No one is 

the announcement three hM» forget Nichlaus’S peer- 

Spaniards. Seve Balle.steros. les5 gesture in ctmcediing that 


GOLF 


BS4 WRIGHT 


week with right hand drive. The sion gives a notably flat nde you take up all the available So the Ryder Cup matches, as letdown, a patriotically stub- holes cut _ points were at stake' jar .the petty jealousy rules the minds - 

time has been well spent The with minimal roll on fast cor- options of metallic paint ^ ^ Samuel Ryder, a goLf- bom refusal to accept the in- Of course, Ballesteros Is afraid first time, instead of the-originai of so many of our professional 

few roughnesses apparent in the ners. Rough roads are effectively (£221), hide upholsteiy f£34^) fanatic and seed merchant from evitable until it actually hap- of nothing and nobody and he idea of four .foursomes and jolf ers. But automatic^ seiectiba 

cars I drove in the summer of flattened out and there is no and air conditioning St Albans envisioned them, are pens. Unfortunately, I cannot will obviously be a tremendous, eight singles,, the Americans by qualification Is- dangerous In 

76 have been eliminated. The more than a mild grumble From To those who might protest dead, and good riddance -to imagine the changes announced asset to us.. But, conversely, if . won in Atlanta by no : less than that proven' match-players of 

Gamma is now an elegant the steel-belted tyres on coarse that it sounds like a lot of them Usually werP the this week ma king any signifi- he had one of his really wild 23 points to 9. superiour courage .could be left 

though very roomy executive- surfaces money for a four-cylinder raast embarrassing evetws in the cant difference to the future days, he could become the . To stretch the matches to an on the si delines. _ 


class saloon in the Lancia tradi- Excellent power steering is motor car, I would make two 
tion of sporting luxury. standard. So is a manual five- points. The Lotus Elite with 

Top speed 16 a little over 120 speed transmission (though an Bn in-line four-cylinder is more 
mph and the noise level low automatic is promised for the than £4.000 dearer; and. except 
enough to make cruising enjoy- future). The brakes are all-disc. f or a funny exhaust beat if you 
able at 100 mph-plus— where the the tinted windows are electric- try to accelerate in top gear 
law allows, of course. ally operated in all four doors, from 20 mph. you would hardly 

Tlie engine is a 2|-Htre flat- There is an electrically adjust- suspect that the Gamma was 
four cylinder which, on the face able outside mirror and other not a six-cylinder car. 
of it, is a curious choice for so goodies include electronic igni- The harder you work the 
up-market a car. Lancia say tion. halogen headlamps with engine, the smoother it gets. It 
they tried a straight-six and automatic realignment accord- j s not s jj e nt at higher speeds, 
their traditional narrow-angle ing to load, a quartz clock and ), ut growl is muted and 


-JR m- -g O . • 7 .1 ’ J • • bqpus the. gravel very effectively long distances for -sale .thibugh 

{A/BswMT'S 1 fr 1/91 S* 5% /IT f||/3 f/)H rcduc& the growth of seeding shops and garten centres the - 

Iw/LUl Vff 1 1 til IfltZ 11/ U - weeds though, of course, it has price may not difFer ^^ 

a vm. ** m T no effect on perennial weeds from that otiwled peat , 

’ . . - ’ • -already present in the soiL Deep Peat is likely ? .to remain the • 

EVERY NATURAL soil grows greatly improving the appear- afford to mulch so generously digging was invented largely as most-popular mulchihg material 

its own patina of fertility. It is ance of the garden. even if they .could flpd a a jnethod 0 f getting rid of-such because of its ready availabflitr 

formed on the surface from the Mulches can be of many farmer willing to part with so wee ds and it remains the most arid well-tested qualities. Either 
accumulated debris of the materials from rich manure to “«ch manure. No wonder,- 1 ^effective-way of doing it though «dge or- moss peat’ can be med 
and it is to be seen most sterUe gravel. All have a Umught th*t the roses In .^- ^ being increasingly; cbal- T, u t my preference % - for 

clearly in woodland where it common purpose in protecting Reflents Park are amoi^^he y ei ^a e f[. by modern hetbicides. coarsely milled - moss peat' : 

V6 but they took up too much an oil level indicator which does not "interfere wfth Vcar be .“™ ral the soil beneath and the roots nXhw lii^that it wouKe P araquat * diquat ?° d because it lasts wfll and is a 

room and so a space-saving makes redundant that messy entertainment when cruising on thpll that in iL Mulches Sr^Ee ifTev did nJt ™rand d * c “ eo,L - • -insulator.; 'Peat has 

“bosermotor" it had to be. Why survival from the early days of motorway. any kind tend t0 eveD out the flo^r^ exceedfo^ natgrow Wlfl - There are many other possible little useful chemical content ! 

“boxermotor"? Because it works motoring, the dipstick. L^cia have also introduced tect® ^ T^P^ture and "inisrure ^fewTeeSlater I was at trials for mulching and tb feed plants and needs tube 

the Pininfarina bodied ^ m OU nta!S side s a nd op?n Actions in the soil, making ^ ^ B T n g 0 , Se SfliS -*»deiierB are continnaBy, backed up- ^Ji - fertiliser. 


formed on the surface from the Mulches can be of many 


“boxermotor”? Because it works motoring, the dipstick. 


2 /.«.// Tummo version of the Gamma. £ 0wns the surface skin exists 

5\Xs(JL(JLv arm ryamftM ** is a P rert y car * but IIS two- an( 3 the strongest point in the 

•r door coupe body is shorter, case those gardeners who 

THE DEAREST place in Britain easy pouring into any filler lower and less roomy by far oppose digging is that it des- 

to buy petrol is on the motor- aperture. They are on sale at than the saloon. For tall troys at a stroke what narure 

way. From the primp, it is most accessory shops or through people* at any rate, it has a ^as taken untold aeons of time 
around 5p more than at the the AA. Mine, still in its card- less comfortable driving posi- t o create, 

average cut-price station. But if board box, goes into the boot of *™ n ani ^* at £9.186, it costs Good gardeners know this by 

you run out on the motorway all the cars I test drive, £2.000 mare. instinct and seek to redress the 

and have to phone for help, you I have never seen the point of Performance is virtually the damage they have caused 


GARDENING 


ARTHUR HELLYER 


the opening of the Hillier gardeners are contmnaUy. backed up' ’’with '. fertiliser.- 
Arboretum near Rnmsey which experimenting with new ones; particularly one that is rich Jn 
has just been given to the m fashion at .the i moment nitrogen which will -be required ' 
Hampshire County Council-- by j® or l P ulv e ri »e| 1 by- -the bacteria ^apd fungi 

Mr. Harold Hillier who created bark- This has been popular ror which' decay the peat 
it. In front of his house, which a l6j1 / tJ "? e / n Mjr own fevonrite' mulching 

adjoins the arboretum, he has our. forests begin to ..be i felled-!- Rectal, is ^spenL: mushroom . 
made a series of island beds, undoubtedly becc^ie c ^ IH p 0 | rt but thaf is : because I 

mainly for alpines. small herba- ^ 1< ^ aSingly available. hete^.y ve - jj-^. . a ..j^j-ge -. inushroam - 
ceous plants and an extensive. Opinions as to its ments dl ^f : farm from which I can obtain,- 
coliection of dwarf conifers, and :Md P«*®bly tea few airr can haxidle ata high i y 


auu nave iu piiviiu twi J ■* »»»*»»- uvvu uiv pvim iu a mj uauja^c uicjr uqtc V 2i uotu . . . , | vvwwviivi* -.-uAiviu, hofnro a frill vnA imrvir x ’ k4U uouuig at * a. * 

may find yourself paying ten carrying a torch in a car when same though I thought it made through deep cultivation by re- jf 1 * ss c01d m w,nter a ° , le ^ these are all thickly mulched oelor ® a "”. an ^ 1 ? pw ^' competitive- pHce.' It is Ioveiy 

times the normal price to get a there is a much better power more wind noise. Strangely, placing the humus which they l,K - t0 dry out severely m pea gra^ i -- nai assessment can oe maae. : t0 .-. handle' and though 

— summer. Even sand will do this p er h 9nc mnet : nniPiwtc On the credit, side are lone • • . . 


tial assessment can be made. '. 
On the credit , side are long 


gallon brought out, as a number source— the cigarette lighter the fuel consumption is mar- have dispersed. This they may summer. r,ven sanu wm aouiis p er h a ps most - gardeners On the credit side Breiong Warden ers are Constantly warn- 
o£ unlucky (or improvident) socket. Two plug-in lamps I have pinally worse (an average 24 J25 do bv working in heavy dress- t>ut fluny materials, suen as would not consider this a mulch Rfe and considerable efficiency in e -about the chalk -it 

motorists discovered over the tried recently are the Over- mpg - for the enupd compared ings of organic matter, manure j] eat “l® 1 co / npost ’ . are .. ta / at all since it is solely mineral, ir suppressing weeds. On the so far (and I have 

holiday weekend. lander fluorescent tube and the with 27 mpg for the saloon) maybe, if they can get it, or P ett ? r .. insulators ana it is and unavailable mineral at that, debit side there is the suspicion usin® ft for vears) I can 

if m »iroc oanUk +„ Britax Quartz Fire. The Over- and the tank holds one gallon home made compost, peat or insulation that this aspect of ^ ^at it contributes nothing that, like sawdust the avails-' ® effects' even on 

lander runs for hours without less (13 against 14 gallons), whatever comes most readily to mulching is mainly about. directly to the fertility of the .hility , of nitrogen may be ^orfodendrons -■ . . - 

flattening the battery and would For me. touring would be hand. The end product may Enrichment is the other soiL But the way In which redueed considerably for a time - _ ^cihitiHeji are leaf 

carlt oda vw i tha bufl tin reserve be useful for as rather 8 rander in the sa,oon well be a soil far richer than purpose of mulching and here plants thrive in these beds Ant. that .Pj* 1 ** . “ ay mould, grass mowings and 

tank* But keenteB neSoT wel1 £or changing a at than m the Gran Turismn. fhat with which they started there is an enormous difference indicates that the gravel cover- hmreased. which could be good 

otd on^gallmfon 8 canis ant to night And the Quartz Fire pr0 ‘ Pil,infarina coach work notwith- but in the race to improve soil' in the potential of different ing does contribute to their for- -some _ plants and not ftar _a^ ’teli Ky «Wlc wste 

he d srnelfv and mav L unsafe duces a beam you P racti cally standing. fertility it is wise to remember materials. I walked through wellbeing by protecting . the others- There is also the ques- siwh as ^od^. lather dust or 

Using a dImSc rantelner iThoS *** over ' Lancia plan to bring in about that the most important area is Queen Mary’s Rose Garden in soil, keeping it cool and moist^og ,of, cost which ran vary spent hop^ N^r is a good 

Ule2l flSd Vere da^eernus b ^ This mini-searchlight costs UOO Gammas in the next year, the uppermost inch or so and Regents Park a few weeks ago in summer and improving to the local time to spread new mulches and 

g an ery oangerou . ab(mt £n I{ is rather like a goo of them the four-door the method most likely to be when the leaves were just burst- face drainage in winter so that. ava5&tjpty t>f the product. If top uprfjd ones_buthefore doing 
Bell Products of Harpenden car auxiliary light with a built-in Berlina saloons. They should economical of time and material ing out and envied the generous soil bacteria and fungi can get .Bark can be purchased in bulk so make rertam that the sou 

make their Ready-Can in one- handle. The lens cover doubles be in great demand, not least is mulching. It - is nature's dressing of farmyard manure, on with their useful work of from*, fairly near at hand it can is nicely moist Mulches spread 

and two-gallon sires. Both have as a stand and there is a hook, from satisfied owners of the method speeded up a million 'several inches thick, that had manufacturing those chemicals well be the cheapest of all on dry soil can effectively keep 
totally leak-proof caps and their which comes in useful if you Beta 2000 who now want to times and it can be highly bene- just been spread over the beds, which plants must have if they mulching materials but if it has out summer rain and so make 

own vented filler nozzles for need both hands free. trade-up. ficial to plants as well as Few home gardeners could are to grow successfully. As a to be bagged, and transported tt^evendfier.. , . 


CHESS 


games even against the strongest 
clubs in the major cities. 


LEONARD BARDEN 


This week's game is an echo 
of that . tour; it took place in 
London on September IS. and 
Capa made a normal score for 
him of .36 wins, two draws and 
two losses. 


CAPABLANCA, world champion 
from 1921 to 1927, was the finest 
simultaneous player of his day 
and probably of all time. His 
strengths included total recall of 
all moves of every game, and an 
instant appreciation of position. 

In more recent times the most 
successful simul/players — among 
them Flohr. Smyslov and Karpov 
— have mostly been, like Capa, 
grandmasters with a preference 
for strategic chess and endings. 
This is not only an economic 
style for simultaneous play, but 
means that the opponents in an 
exhibition are forced into areas 
of the game where they are not- 
ably weak. 

Capa's simul record, fully 
documented in David Hooper's 
The Unfenotm Cnpnblanra (Bats- 
ford. £3,95) includes a selection 
of the best games from the 
Cuban champion's numerous 
European and American tours. 
His 1919 British lour, aL the 
height of his fame and strength, 
was one of the most successful: 
the exhibitions almost all took 
place over around 40 hoards but 
he never lost more than three 


The venue was the Gambit 
Chess. Rooms, in the now de- 
molished Budge Row off Cannon 
Street close to the Financial 
Times office, and that in itself 
deserves comment. The Gambit 
was for decades a focal point of 
London chess activity. Though 
best known for its lunch time 
play, it also provided a venue 
for major events such as the 
Anglo-Soviet radio match of 
1946 and it ran a Saturday even- 
ing tournament at ten seconds a 
move which gave many young 
players their first taste oF com- 
petition against the strongest ex- 
perts in London. 

It was no accident that the 
closing and demolition of the 
Gambit in the early 1950s was 
followed by a decade of stagna- 
tion in London chess with few 
new talents emerging until the 
growth in recent years of the 
weekend congresses. Apart from 
St. Bride’s Institute, the head- 
quarters of the London League, 
where there are severe limita- 
tions on space and no Sunday 
play. London still lacks a regular 
centre for evening and weekend 
chess and for running small 


national and international tour- 
naments. 

The contrast is marked with 
the celebrated Manhattan Chess 
Club in New York, the Chess 
House in Stockholm, and the 
central facilities provided as a 
matter of course in major cities 
throughout Eastern Europe. 

Many of its customers grum- 
bled at the Gambit's frayed 
Edwardian ambiance, but its 
presence to-day. or a substitute 
provided by a sympathetic busi- 
ness house, would be a major 
advance for Britisb chess. 


POSITION No. 218 

BLiCK(12mai) 


t!i 


: A m 


But hack to Capahlanca and 
1919; the game below was sent 
to me by Maurice Fox. then a 
ynung engineering student who 
later emigrated to Canaria where 
he won the national title eight 
times. Several decades later he 
completed a rare double when 
he heat Fischer, then a rising 
young master, at the 1956 
Canadian Open. 

Few can boast beating the two 
best-known chessplayers of all 
time, even when one game is a 
simul: the select list of those 
who defeated both Capahlanca 
and Fischer in one-tn-one play 
is Eliskases. Euwe, Keres and 
Reshevsky. 

As for the game, it is a remark- 
able contrast between Capa’s total 
sun»-'- ■» in the opening and 

Black’s imaginative middle game 
tactics. By move 16. White is a 
pawn up with a fine position; 


and that fact evidently led to POSITION No. 218 
some underestimation of the m gnKf-fPmani 

opponent Simply 17 <W) would m r-. - .-i ?' T 14 jaii t? 

-leave Black little for his pawn: 2 - J c B 

castling long, the champion * "X? Tf 1 

found his own king a target i 

White: J. R. Capahlanca. J.vj M. { tt ^ 

Black: M. Fox. Opening- Vienna - Ml. M. 

(London 1919). ■■ f M ^ 

.1 P-K4, P-K4; 2 N-QB3, B-B4; HjT H 1 1 XT ^ 

3 B-B4. P-Q3: 4 P-Q3, N-KB3; ' I O p-i 

5 B-KN5. N-B3? (safer 6 ... . 3 £7; ^- 4 V ^ ^ 

P-KR3; 7 B-R4, P-B3); 6 N-Q5. f.-.; 'M- & tn 

B-K3: 7 P-QB3, BxN; 8 BxB, (W); -tt ■* ^ at 

9 Q-B3. Q-K2; 10 N-K2, N-Ql; G 

13 N-N.1. N-K3: 12 N-R5. O-QI: 7^ ^ ^ 

13 N-R6 ch. K-Rl; 14 QBxN, PxB: x i^ R K* 

15 NxP ch. RxN; 16 BxN. R-N2; ^ ffurre f 10 Pa=H 

17 P-KR4? Q-K2; 18 B-N3, P-B3: wmictumen; 

19 04)-0? P-OR4: 20 P-QR3. P-N4; Stein v. Moiseev. USSR 1970. 
21 P-Q4. PxP: 22 PxP, B-N3; 23 The late grandmaster Stein 
P-R5. P-R5; 24 B-R2, R-Kl; 25 (White, to move) naturally saw 
P-R6. R-N4: 26 R-R4. P-QB4: 27 the combination I R-Q7,. QxR;i 
PxP. RxP ch: 28 K-Nl, R(1)-QB1; 2 NxP ch. hut after a hard look 
29 R-N4. P-B4! tthe counter- at the position he decided not 
attack comes just as White is to play it Was he right? 


BRIDGE 


E. P. C. ’COTTER 


fcLB hlB M q I 

WH1TEU2 men) 

Stein v. Moiseev, USSR 1970. 


Maths 

and 

minds 


The psychologist however. At game all South hid one 
asks- himself: Why has -‘East club; and tebid three no trumps 
been kind enough 1 , to give me ..nver-V "North’s one diamond, 
this chance? -Didn't he hear. “West led -the heart two. South; 
me give a double 1 jump, in won East’s Knave with the 
diamonds? Then the light King, and then' ran the ten of 
dawns. . East has given him -a diamonds. „ Now, as declarer, 
losing option in diamonds, . how .would you continue? 
because he knows ^that the - you' can’t risk another 
hearts are breaking. So he wins diajnond finesse.- as East may 
with tiie King plays a heart to well ^ heId np ^ Ring, and 

A «- f^ ffs a hea fL -“d dummy has no entry. So you 
makes ms slam. cash your two top spades, to 

That is bow the original see what happens. On the 
declarer should have reasoned, second lead East drops the 
but in actual- play he fell, for Queen. If you are playing rub- 
the -losing option, and . went ber bridge, your problems are 
down; 'which proves that we 411 over, as your ' contract is cer- 


have feet of day. 


preparing to play Q-N3 and R-N8 
ch. If now 30 PXP, Q-B3 (threat 
R-B71: 31 Q-N3, QxP ch wins); 
30 R-N7. Q-R5! (threatens QxRP 
and Q or R-BS ch); 31 Q-K3. 
R-Q4! 32 R-QB1 (hoping for 
BxQ? 33 RxR ch), R-Q8! 33 RxR. 
BxQ; 34 PxB. QxRP; 35 R-Q7. 
QxP; 36 PxP. P-N5! (the win 
could still, be difficult but for 
th(5 fresh tactical coup); 37 PxP, 
P-RR; 38 PxP, Q-K5 ch: 39 K-Rl, 
Q-K4 cb: 40 Resigns (40 K-Nl. 
QxP ch and QxR). A very pretty 
game. 


PROBLEM No. 218 


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White mates in two moves, 
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Fenner, Bromley). 

Solutions Page 12 


FACTORIES AND 
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IN HIS new book. The Finer 
Arts of Bridge f Faber £5.50), 
Victor Mollo takes the reader 
away from the conventional 
treatment of technical know- 
how to the more nebulous 
realm of .psychology and 
imagination. . You will certainly 
enjoy the hands, and you will 
certainly learn from them. 

Let us examine this hand 
from a rubber in which all the 
players were experts: 

N 

• KQ 30 
^AQ875 
OA985 

*Q 

W E • 

♦32 *654 

OJI06 r?K94 

OQJ2 043 

+ J10 987 +KG532 

.S' 

♦ A J 9 8 7 
S>32 

O K 10 7 B 
+ A4 


W 

*762- 

9 Q 1082 
0 862 
+ Q 10 3 


N 

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0.76 

o A n J 7 
*762 . 

E - 
* Q 10 5 
OJ53 
OK543 
+ JS4 

s 

♦A K3 
OAK94 - 

0109 . 

* A K 9 5 


tain: But suppose you are play- 
ing in a pairs event — what is 
your plan? 

-,,WeH; with an entry. to dummy 
assured, : you try another 
diamond finesse. It loses, and 
East returns a heart which you 
win with the Ace. Would you 
not now take the marked spade 
finesse; expecting to gather in 
11 tricks? You could not settle 
for one overtrick if every other 
declarer was . making two. 

And that is what the origi- 
nal declarer did. ' But East 
turned up with the ten, and 


Overtrieks, which are so yalu- now South was.- cut- off from 
able at duplicate, can be used dummy's assets, and could not 
as bait by. the- shrewd psycholo- make' even nine tricks. -. 
gist to, _ lure 1 tiie opponent' to -"Wasn't that a ., sup eri) piece 
destruction. ' of deception, by East? ' ' 


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At a Inve score North dealt 
and opened the bidding with 
one heart. South said one spade, 
and North rebid two diamonds. 
South now jumped to four 
diamonds. Nnrth bid four 
spades, and South pushed on 
with a cue-bid of five clubs. 
Hoping for further information. 
North said five hearts, hut 
South could only . say Eve 
spades, which North raised to 
six spades. 

The club Knave was won in 
.hand, a dub was ruffed; and 
trumps were drawn in three 
rounds. The declarer continued 
•with a heart, finessing the 
Queen, which lost to the King, 
and East returned the four of 
diamonds. What should South 
play? 

The mathematician has no 
problem— he. plays for split 
honours in. diamonds, preferring 
the ndds-nn chance' to the odd* 
against chance of the 3-3 break 
in hearts. 


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In the swim 




BY LUCIA VAN OCR POST 


•t'.viL’f':.. I .-. 


Mykonos 


A choice of islands 


IF YOU really want to look 
coTTtme u fan £ on the beaches 
this summer there are several 
looks that are currently very 
fashionable. One-piece swimsuits 
have come back in a bis way. 
All of you who remember the 
early films of Esther Williams 
and Betty Grable and the days 
when swimsuits really bad 
glamour will give a nostalgic 
welcome to a range of very 
glamorous one-piece swimsuits 
recently brought out by Straw- 
berry Studio— these have all the 
authentic film-starrish insignia. 
Some have ruchlng down the 
centre, most have cut-away 
thighs, some are strapless with 



- 'W*: 

%!/■:< r, 1 * 


ISLANDS, it seems, have a for stays of several days. Rankin particularly important to choose ^ e d ^ a “^ cl ^ t ^ a b, 3^ 1 “ ( JJ 

pretty general appeal, even Kuhn are among island the right one at the right sea- JJJ" a ® Just one 811011 “ 

though about all they have in specialists on a global basis, and son- If you want a happy cul- if ^, u f M i a btt tbeatrl- 

common is that they are bits of I have always given their tours tural mix of European ca i f 0 r you, then racing swim- 

land surrounded by water. You brochure top marks for a very (French), African, Indian and suits, in particular the very 

would be hard put,’ for example, fair summary of climate and Chinese, with beaches galore elegant ones made by Speedo, . ... . 

to find much other similarity other honesty of detail. For and some lovely scenery, then axe equally popular at the tte pweoest 

between Tobago and Iceland or example: “ beaches . . .are the Mauritius is likely to appeal— “f feeling about them J^ehwear »ets ammd. Made 

Mauritius and the Isle of Man. island's proudest possession” providing you don't need a lot hS£i P £17 7^3 

Perhaps There is one other but there are ” some lot of soph located sen-ices or ^ Jerewdai wraparound ' dress (£43^0). 

' characteristic that most of them pretty unexciting landscapes " llfe - For that— -as long bijdni . These have become yet Made by LaetLtla of France, 

. share : a kind of cosiness arising t Antigua); or “a lush tropical as y° u ai ^ not on a kffht budget smaller, with the two main pieces they are sold by Harrods and 

from limited confines, which mountain with its feet in the — y°u will do much better in often being connected by little there Is a wide choice of 

means you don't really need to Caribbean ” but “ not for the trim ,ittie Bermuda, remember- pieces of string or beads.. colours, 

burn up too much energy in trend setter " (Grenada). Multi- ing that it is much further north 
rushing about centre Island holidays are than most people think and has 

That said, even ignoring a climate far more akin to the 


i 7 jr ! ¥ 'V : 

k ifli' -■£' it • 

ff V jp.jl' Jfs *?>V. 

VJfY • 


rushing about 

That said, even ignoring 
Greenland, islands can be pretty 
big. Iceland is a case in point, 
and it happens to be one of my 
favourites, partly because I like 
that kind of beginning/end-of- 
the-world scenery, and partly 
because of the pockets of 
sophistication that the Ice- 


TRAVEL 


SYLVIE NICKELS 


Med than the Caribbean. Con- 
servationists will approve of it, 
too: only a few nasty, smelly 
motor cars (and none for hire), 
though watch out for visitors 
wobbling about on rented 
mopeds; and new strict legisla- 
tion protects all corals, sea 


■■ ,y.» 


landers have superimposed on amon g £h e jr special features, as turtles, marine mammals and a 
to it. Corsica is another favourite are bargain offers of three variety of molluscs in the area, 
of mine for some of the same weete for the price of two in a When it comes to costs, it is 
reasons f rugged unrorapromis- num ber of centres. • well worth doing a little hoiue- 

Ing scenery>, though here In Euro pe, Exchange Travel work on the seasonal variations 
softened by a fabulous variety have recen tiv added Sicily to applicable to particular islands 
of vegetation and balmy coastal meir i ong .es'tablished arrange- in the long haul category. In 
areas, not to mention a kinder ments , n Maltat Gozo Cyprus Mauritius, for example, seasonal 
d ™ ate - ^ and the almost-island of Gib- variations are relatively small 

If you just nke Muds tor raltar ^ tJiese ^ two-centre and year-round costs for two 
their own sake, you could do holidays aim at lowing con- weeks with half board in a good 
much worse than take a cruise aspects of one * sland hotel and return flight start at 

in the appropriate part of the (such as ^ coast and mountain around £550-£600. In Bermuda, 
world. A recent one of mine by resorts 0 f Cyprus) or sister av « ra ^ e mini mums range from 
Holland America Line in the islandE (su a, as the Maltese around f500 >n low season 
Caribbean featured seven capi1ai combined with the to frnm £600 in 1:116 kieh- 111 the ■ 
Islands out of nine ports of call, quieter tempo of neighbouring Caribbean, off-season minimums 
more of which in the near Gozo) -ybe permutations are ma ? be lower ' but in high 
future. Next autumn. P and O’s numerous, but the Cyprus com- season can roar overnight 
Island Princess is offering some bination ranges from £283-£308 faround mid-December) to £650 
pretty exotic South Sea island- ex-London for two weeks with or 50 and more. To make it 
hopping between Los Angeles half board, according to season even , t more complicated, some 
-and Sydney (33 nights from Th e ca nary glands is another Caribbean bot cls vary their 
£2.122. 56 nights from £2.865, area to provide popular two- pnces mucb less than others or 
including return flight from island combinations, sometimes w !“ har ® spec,al arrangements 
London). Nearer home. Sun extending to embrace Madeira— w,tb * tour °P erato f- So it 
Line's 3-, 4- and 7-day cruises a particularly good warm- really does pay t0 look carefuU y 
concentrate on Crete and other weather pairing when you bear rather bon ? g ! l **■ J 

Greek islands of all sizes in in mind the lushness of the F t m f a ! y ;. a word about glands 
the £250-£350 range, with flight latter and. say. the moon-Iike that 0 fal1 , ?. toa different 

from London and half board in qualities of Lanzarote. As an calegorj — “ ttle off - sh ore pockets 



^sagssB^. 




m 


i 


I tShfeSfiSlS^^' * 

Wflll 





■' # - 'Mm W&. 

£■ 




Left: Jersea of Sweden h one of the best 
beacbwear labels to Imrit ptrt for- 'What I like 
about the company Is that It produces 
co-ordinated collections so that you can usually 
find a top that goes over a swhnmxiL Ji sundress 
to slip on over a bUdnL This year there Is a 
particularly attractive collection Of pale blue 
and pink beaehwear, aU In cbtton/poly ester 
velvet or cotton jersey, Sketched here Is a 
tiny bikini with string ties (£LL40) and a. 
matching long-sleeved, blonson T-shirt (£14^0). 
If you want a complete beach holiday wardrobe 
yon could also bny matching one-piece swim- 
suits, a sundress, shorts ^nd a halter top, all 
at very reasonable prices. The following shops 


have a good selection of Jersea -beachwear^L 
Harrods, Ditictos and - -Jones,.. 

Katherine BraJsey of Bimrlirghani, Ye^sg 
Ideas, Ashbpnrne^ Derbyshire . ' and ftiimi 
Cooper of- WllmsIow. ' ' - ; 

Above: AndOjer^exanipIe, though thht jthndTa 
very sophisticated oue, of the, 
beacbwear V; Jersea of Sweden.; 
Diagonals, for ohvkms reasons, thiS set- coin- 
p rises a bikini (£1X40), . a wra p-aroundTskirt 
(£17^0) and a djellabir (on the^i«^l'4h)c 
£27.70. This set, only available in. Wack;-and 
.white, Is made from a polyester fairit--'AU 
enquiries for Jersea of Sw’eden stcjckljds saoqid 
be addressed' to: Idnrey 'Fashion^}. 3044 
Langham Streetr Ldndpn, W:L . . 


PAPERBACKS 


ANTHONY CURTIS 


I do wish it had been I and not cousin who slops ab'oiit - in a Anyone who knows Mr. Capote-, can have all the tea dings. o£ -his 
Mr. Capote who described dressing-gown all day, blowing only from Breakfast at Tiffany's own poems that he recorded on 
Marilyn Monroe thus: " , . .the smoke rings from his dimpled and In Cold Blood, by which a splendid two-disc album from 
rhythmic writhing of restless peach-bloom face. In fliis man, time he himself had become a - Caedmon- Dpton Thomas Read- 
poundage wriggling for room in- clearly a homosexual, irrupting^part of the literary establish- tng His Complete Recorded 
side roomless d 6 colleta.ee . . . ” Into the boy's conscmusness, Mr7 inent, should find them fascinat- Poetry (TC 2014); it contains 


Athpn< tr, mqlfo nn th* ft, u -.Tr 7 “ f f of protected nature that vou can , „ imrm 1 nave oeen acquainting my- uapote snowea lor tne nrsr.ume ing. ... ja4i,- T -roein jn.uccooer,- 

week where armiieahie U island group, the Azores too can wa] p k ^ f ew hours with self with the two early novels- his remarkable git for fixing a. Another' caravan that con- “The HuncHadc in ttie Ihrk* 

Tnevitablv ^hore eicur«lnn R IISJiLJESI 7 ^ nary a bar or a bingo hall in “THE D0GS BAR K- bul on which Mr. Capote’s reputa- character in his reader’s mind. tinu«i ‘.to trundle along _very and many- offier favwirit» His 


Inevitably, shore excursions requirement from the torrid 
only give very limited time in tropical to the highland bleak, 
any place, and you might prefer If you are confining yourself 
combining two or more islands to one island, it is obviouslv 


HOTELS 


day. The colonies of sea birds earl Y work. All writers should both these little caravans are Here one aunt is. nice and the anniversary his publishers have forms. Her vofce dqes not have 

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clinging to the cliff tops made woric above their desks. Mr. they were first issued as paper- book describes how the boy, of his Terse aS -.a paperback, but.it is well under control anid - 

wondrnus assaults on the senses. Capote has often been accused backs in the 1960s. The latter the nice- aunt, the black servant Dylan Thonias The' Poems. edited crystal :dear. You can hearber 

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memories that money can't buy. sibility. of a Barrie-like love of Broadway play. They are set in treat to a tree-house in the it indudes everything except Welsh background, Bryan Wal* 

Some addresses: Holland the Peter Pans of this world the legendaty Deep South where woods and form there what we Under Milk Wood. It has even ters on a disc from Argo; Lofer 

America Line. 5G Haymarket, both male and female, of what Mr. Capote himself was raised; should be tempted to call an got one poem that is hotjn the Than Laugkarne (ZSW 578), 

London SW1Y 4RZ: P & O used to be called high camp, the lush landscape and. eccentric alternative society to that of the hardback edition of 1971:' this is : This 1 is a : wdl-*rranged- pro< 



[Cruises, Beaufort House. SL He- once described a tea-party adults, white and black, who establishment in the town where one of those pub poems- that gramme made ' up of the two 
Botolpb Street London EC3A given for Mae West in New people it are seen through the they live. Mr. Capote is at his Pan! Ferris talks about in his poets’own work.sonieof Dylan's 


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7DX; Rankin Kuhn, 19 Queen York, "Dame Edith Sitwell was eye 6 of a bright parentless, lost most Barrie-like in this tale, biography published last' year, a including a lengthy, jiucy chunk 
Street, Mayfair, London WLX invitel to pour - - - " One can small boy. In the first book he also at his most sensuously evoc- poem untitled, which has only, of Milk . Wood and also some 

8 AL; Exchange Travel, Parker imagine the gay shrieks at the journeys alone to the singular ative. The comparison I should recently come to llgbt It is reflections in prose by Aenmwy 

Road, Hastings, East Sussex idea of such a confrontation household of some cousins in prefer would he with Forrest Thomas in his bawdy mood. ... on what it felt like to. go. bade 

TN34 3UB. which never, alas, occurred, search of his father. What he Reid; like his both these books Incidentally there axe a great to Langharne and find heridld 

Your week-end E: Antria 26.90, Bdaiom The accusations have a great finds instead are parent-substi- recapture the intensity, the many recordings of bis work home had become a museum ,dnd 
5~S* sSn^ML^swScriMffx °* ^ orce beb * n d them yet tutes in the form of a female savour of a boyhood much of available. A full list would take the place swarming wJtfi.VRil' 
in. source: Thomas cook. ’ ' how well Mr. Capote can write! black servant and an older male which is spent out of doors, up rather a lot of space but you' grizns from America.' vV- 


fable lounge or in the exclusive 
restaurant Each guest room has 
its individual decor. 


CHILDREN'S 

HOLIDAYS 


COMPANY 

NOTICES 


TRAVEL 


CHILDREN’S 

ADVENTURE 

HOLIDAYS 

’eyoor ctiDdren Um> thrill of 

-GX. MULTI-ACTIVITY 

HOLIDAY and Jeavo every, 
thins to us. A rc groups 7-9s 


ASHLEY COURTENAY 


for colour brochure. Also 
separate brochures for 18-30% 
Family Holidays and Schools. 
POL YOUNG ADVENTURE, 
, Station St.. RoM-oc-Wyr, 
HR9 7 AH ff»W)42Il orew. * 
w/e’s FoovImpb (043 277) 535. 


RECOMMENDED HOTELS i personal 


THE SCOTTISH 
AGRICULTURAL SECURITIES 
CORPORATION LIMITED 


6% Debenture Stock, 1978/81 
Nock* ii hereby fi.cn chat che 
REGI5TER5 of che CORPORATION’S 
above mentioned will be 

CLOSED for TRANSFER and REGIS- 
TRATION from tvth to 30th Jonei 
1978. bodi dayt inclusive. 

By Order of the Board, 

H. J. McTuck, Secretary, 

4b. Palmer, con Place. 

Edinburgh. EH tl 5BR. 

3rd June, J978. 


SHOPS AND 
OFFICES 


LONDON HOUSES 
AND FLATS 


FOR SALE BY TENDER 
7th JULY, 1978 


391 HARROW ROAD, 


W.9 

Valuable Freehold Shop Property 
In buay trading position 
Shop Floor area about 1.300 so. ft. 
Basement Storage about 490 iq. ft. 


Spacious Upper Part 
Parti cul an. condition! of aofe and 
form of tender front vendor's agmnt! 
FRANK SWAIN 
26 NOTTtNG HILL GATE 
LONDON W11 3HY - 01-727 4433 


AH are good value for money as costs continue to rise. The new I watch this space.— ii 


POWERCRAFT 


ATCH THIS SPACE — ii vau sec an ao in 
tnc press or on pasters, cinema or direct 
msll that does no! conform to iha British 
Code oi Advertising Practice let us Pnow 
and we'll look Into It. For a coov ol 
the code write lo us. The Advertising 
Standards Authority Ltd.. 15-17 Pido- 
mount Street. London WC1E 7 AW. 


197S Edition of "Let’s Halt Awhile in Great Britain" personally 
describes over 1,200 hotels. Here is a most rewarding gift and 
a mine of information for your holidays, honeymoon, mini-weekend 
breaks, or business conference. £3.75 from book stores or direct 
from the Author, 16 (D) Little London, Chichester, Sussex, plus 
66 p postage in UJL 

ALDEBURGH, Suffolk Nr. PENZANCE, Cornwall 

UPLANDS HOTEL Mellow and imxMnrtMd. LESCEAYE CLIFF HOTEL PRAA SANDS. 

Hit wtntlDal draw Va the cu isine and the AA---RAC. OverlDoVlng sm and landv SWITZERLAND ardu 

cellar knowledge of the^re*d«nt ownera. heoch. Llceraed. ErceiKrit Cublne. Pihe TXJ^MZSumm^SKwnSR'hSiiJSSJ' 

5? r tonS5r "T?l“24aO V ' *“ lMSn- LOUr,M and Bedrooms. Tel: 073 676 2325. In^Jr Li' 

or »nflor. re.. * 420 . PORTSCATHO, S. Cornwall tcn, * , coum ' 

CHESTER-LE-STRKET, 

S.°ML?r Ur Ss I ?L t ,3,h eentnrv Cwt,. 

«,i i ldeal ,or ** ,l » ** ,i,a ho||d *vs. Ten 206 . 


FOREIGN HOTE-LS 


Owner of new 60 ft. 
Hatteras Motor Yacht 


situated in Florida would like 
to exchange for one month of 
year for similar yacht in 
.South of France. M. Carding, 
Hewitts. Stafford Street, 
Wolverhampton. 


WHETSTONE 


N.20 

EXCELLENT MODERN OFFICE 
BUILDING TO LET 
6,670 SQ. FT. 

Central heating, lift, car parking. 


prestige entrance 
TAYLOR ROSE 
01-492 1607 Ref. NJF 


All bedrooms with private bath, radio and _ 

TV. Gourmet restaurant. Elizabethan SIDMOUTH, Devon 


Banoaon held most even Inal In Ihe Karon's westcliff mq'tEJL a unit. . .. ■ 
Hall. T*. ,CheSter-le-Strc«t BB5326. Alf^S'^?! *fcr. ^W,V. n JSSS; 



UNUSUAL OPPORTUNITY 
FOR PROFITABLE 
FURNISHED LETTING 

Immtdliii . possenion offered of 4 
modemiidd ftats (4 & 5 roorai, k & b) 
in imposing block within 5 mim. 
Marble Arch to be fold in one parcel 
on basis of 2 B -year leases with low 
outgoings. Price for qiikk sale 
£110.000. Johnson A Pyeraft, 
01-731 llll. 


OVERSEAS 

PROPERTY 


FRANCE 
COTE D’AZURE 
near 

CAGNES SUR MER 
DOMAINE DU BAOU 
Small blocks of flats in beauti- 
ful park with swimming pool 
— Tennis court — Bowling area 
— etc. . . . Studio-flats— three- 
room fiats — equipped kitchens 
Some flats already 
available. 

Information from: 

CEGI 

6, avenue des Phoc€ena 
06300 Nice, France . 
.Tel: (93) S0.07.22 


Heated swimming pool. Close to saitdv 
beach and golf. Tel: 3252. 


MULLTON, S. Cornwall and Te,: 3=sa - 

POLURRIAN hotel-*. Haopv. informal. WESTONBIRT, Nr. TetbiiTV. Glos. 

cGs* wj^ in t - aw ,, 'iffl SLsr* %' w, , s^'l!fn c !5^ l,, ho,,,,,y - wrn * 


ISLANDS IN THE SUN 

MADEIRA, PORTO SANTO and the AZORES 

All set in the blue waters 
oF the Atlantic. 

For the ditferent island holiday, 
contact the specialists 
SUNTOURS OF WITNEY 
Corn Street Wltitcy, Oxon 
Tel: Witney 10993) 4511/2364/5566 


DISCOVER THE 
MAGIC OF SARDINIA 

Hotels: 

5HARDANA from £152 

RESIDENCE PARK from CIU 

ROMAZZINO . from E305 

InciDdo* 7 nutbiB full ftnanl, direct 
Humu from Cam-ick. Free Coiour 
Bn>Aure from- 

MAGIC OF SARDINIA (Dent- FT), 
iso. QtLswick Btffti Road. London. W.4 
Tel.: 01JS5 7451 

ATOL 1014 BCD ABTA 4240S 


RONNIE RON ALOE'S HOTEL. Guerns— 
Tel: 0481 3BB59. Heated Mai 
nutting, bam. dancing. famllVVurtM 


ACTIVITY 

HOLIDAYS 


WALKING WEEKENDS. Ml. U October. 
The Pennine Wav start, here. S'anKroh 
Hotel. Edeld. Shomeid S3D 22A “ 

Mom valley 043 S 70462, Full board 
from £55. Free broclwre. " 



SKibg Street; 
SrJaxncA - I 
London j 

sw asp: \ 


B1DWELLS 


TrumpingionRoad Cambridge CB22LD 


chartered surveyors 


Telephone: Trumpington (022-021) 3391 Telex: 817658 


ESTATES AND 
FARMS 




HlttMn 2 milei Le tcJnvortb 3 m Ifet 
THE 

GREAT WYM0KDLEY 
ESTATE 

Principal Residence 
7 Cottages 
3 Sets Farm Premises 
880 ACRES PRODUCTIVE 
ARABLE FARM LAND 
For Sale By Auction As a Whole 
or In Lots 

(if not sold beforehand) 
With Vacant Possession 

(except cottage occupations) 


SUFFOLK 

Sudbury II ntJfei Nrwmnrkrt 16 mile i 


mwim i j ii i 


347 ACRES 

FIRST CLASS RESIDENTIAL ARABLE FARMING UNIT 
comprising 

LOT 1 Fine 17th Century Hall with commanding views 
over countryside. 3 reception room I, 5 bedrooms, 
I Acre mature garden. 

LOT 2 346 Acres arable farm with farmbuiidings. 

FOR SALE BY AUCTION AS A WHOLE OR IN LOTS ON 
WEDNESDAY 12th JULY 1978 
(unless sold privately beforehand) 


HAMPSHIRE 

4t t he louthsrn end of the 
Candower Volley 
THE SEVERALS ESTATE 

Swarratan. Near Alnttfard 
A Fine Period Country -Residence 
4 Reception. Domestic Office*. 6 Bed- 
rooms, 2 Bathrooms, Self Contained 
Flax. Greenhouses. Garden Scores, 
Outbuildings 

3 ODTTAGQ — 47 ACRES 
GOOD FARM BUILDINGS 
For Solo by Auction 
(unless previously privately) 

As > vWi or 4F Memory In 
throe lots. 

I2tii July. 197a at 3 p.m. 
Particulars from, lame* Harris & Sen. 

Chartered Surveyors 
Winchester. Hampshire fTel.r 2JS51 


PROPERTY 

ADVERTISEMENTS 

also appear today 
on page 13 


rati 

olDh 


TeT:W-*3 990® 

Tdat&GO) 

\ Tek^nmas 

1 CHRISTIART 




EXPERIENCE AND EXPERTISE i 


. — 'Nv *:i5iry- 


iili.i.., R'Jj'i.wnmrT 
















Tv. 
















"Saturday' .tune 3 1378 


IT 


by Lucia van der Post 



SHADES OF DISTINCTION 





;my 




[••EFT: The company of Christian 
{ ,J j° r has' Just launched a 
scries of very glamorous 
sunglasses all. for those who 
iihe (heir status symbols fu be 
recognised, with a discreet CD 
on (he side of the frame. The 
lenses arc graduated (so as 
not to hide beautiful eyes 
completely) and arc made nf 
scratch and impact resistant 
resin material. There are six 
lovely styles all of which come 
In a choice of six different 
colours. £29.95 each they can 
he bought from Christian Dior 
-London, 9, Conduit Street, 
London Wl. Harrods and good 
opticians throughout the 
country*. 

RIGHT: Mary Quant has just 
designed a range or sunglasses 
for Polaroid and all of her 

designs carry her distinctive 
little daisy symbol somewhere 
on the frame. There are five 
different styles, two- metal, 
three In pJasric and they all 
cost £12.95. Find them 
In Selfridges, John Lewis 
and other John Lewis 
partnership stores. 

Dehen hams and Bools. 


Set a summer table 


trmig£>.7w L ^ 

shire and 4 
thocEh this k 

; r [ae 
SHeiJen. fj, 

WOILS. lijjjl 

« wnp-irocni i 
to>>. ;he ri®/" 
.ilahie in bUdi 
ulvcVier faijju, 

rftr stockinsjfc 
•y Fashions, ) 

iV.l. 

"-T- 

:'n: Ti 
tv.O-::?.' 
C.’ ; ::cr. T*.;c:a: 
i-o so*’ 
• .*i r* 

"* ‘T'.'-.S iz fe 
Avici?. -z iizr. 
o:'::er flours 
y r.it 
ini n: 

is mas 

- vo ?(■ £o* s? 
V 

o'.! ..r.Jc: nr. 

-T *- 

•;. jrc Sr- 

.!:*> :*c-3 Ar-i 
7 w.-..-a:r*S£rj 

li' S3 3 £■* 

: :W “ *• 

- J £ 

V — 

■“V- "■'.’IV • 

% ‘ ' .V*. -- vr; 


I THHV1C summer tables should v 
look quite different from winter 
ones. Just as, by the time' sum- 
mer comes round. I’ve got so 
tired of my .winter 'clothes I can 
hardly -bear talfok at' them, let 
alone put them oh,- so I like 


to change the look of the whole 
table to be more in keeping with 
{hopefully V Adi . -lazy, summer 
day*. . Idwrater I lend to aim 
for' a - rattier rustic, farmhouse 
look tor Jamilyv^egls. and for 
guests or evening dhihprs a mure 


•sophisticated, distinctly indoor j 
look When summer conies f 
think in terms nf flower?, birds) 
and other outdoor things. For. 
those who like Jo change I heir ; 
china from time to lime here arej 
lhrec new designs from some of; 
our big tableware companies. j 


mdM 


A dharming new- collection <of plates has just 
been launched by Royal. -Boulton. There is" 
one plate for. each sign of the' zodiac (the 
quicker among you- will immediately realise 
that that makes Ki ln all) and 1 thiiik it would 
he rather fun to have one for each member 
of the family. 

■ ■■■ Each plate, each sign of the zodiac, has. 
Hr . own coloured, design, featuring Kale 
Greenaway’s -well ; known -and. -.wen loved 
smocked "and suit-bonneted, children- In some 
picturesque garden ’ setting or other. Every 
design incorporates some aspect of the sign 
so that,. Tor, instance, on. the Llbr* plate 
(photographed here) the two children are 






Cool numbers 


sifting on a sec-saw- to symbolise the sign of 
r the 'scales. The border of the plate not only 
has some charming and delicate sprigs or 
wild; dowers, it is also embossed with a 
chain .-.or dancing children holding hands 
iWbich- completely encircles the plate. 

On the reverse side of each plalc Kate 
‘ Greenaway*!, original calendar of events for 
the month -is reproduced. AH these are taken 
from. . . Kale Greenaway’s original 18S4 
Almanack. The plates are attract ivelv boxed 
and would mike a lovely present. They cost 
£8.95 each and\are available from branclu-s of 
Lafrleys and Royal Doulton rooms In major 
stores. ;; 


ONE OF the most attractive 
aspects of summer io my view 
is the clink of ice in glasses Full 
uf cooling • summer drinks. 
Because our hoi weather is so 
'sporadic and so uncertain most 
I of us don't have the truly 
(formidable array uT equipment 
needed for moling drinks that 
is to be found in hotter climates. 


ft is. for instance, almost 
impossible to track down a really 
attractive ice-bucket. Few 
people seem to have fridges with 
a continuous ice-making facility 
— almost a standard feature on 
most American fridges— and also 
the range of summer drinks we 
proffer- to our friends, or 
refresh ourselves with at the end 
of the day. is pitifully small. 



wmmamrr ^ 



V’ % 


Until I heard , a fascinating 
^ programme on the radio and 
read a piece In Weekend Brief on 
the subject of Epping Forest I 
had no idea that the forest was 
currently celebrating 100 years of 
being under the care of the Cor- 
poral ion of London nor had I 
any idea of quite what a fasci- 
nating place It still is. Those 
who are Interested in the anoi- 
\crsary might like to know that 
ihe Epping Forest Cenlenary 
Trust, with the approval of the 
Corporation of London, commis- 
sioned Aurutn Designs io pro- 
duce a parcel-gilt silver goblet 
to celebrate the anniversary. 

Though usually I am raiher 
against the issue of limited edi- 
tions . since I Trel that it 1« 
often an artificial device for 
raising the price of au object 
without necessarily improiing Its 
intrinsic beautv at all. in this 


though admittedly in Pimms we 
have one of the most refreshing 
of all summer concoctions. 1 
hope to track down more 
genuinely useful hot weather 
survival equipment in the tout- 
ing weeks but in tbe meantime 
here are three ideas, some 
inexpensive, one very expensive, 
to add a little lustre to the 
summer da;*s. 


particular case I feel the goblet 
is sufficiently fine and may in- 
terest enough people for It to 
be worth mentioning. 

The goblet Itself is 61 inches 
high and is made from solid 
hallmarked silver weighing 13 
ounces. I like the shape of the 
goblet and find the embellish- 
ment near the base very appro- 
priate to the theme— -and it is 
exquisitely done. Through 
oxidised silver foliage a sculpted 
deer, overlaid with gold, can be 
seen. 

Only 300 goblets will be made 
In all: each will, of course, be 
numbered on its base and 
accompanied by an authenticat- 
ing certificate. The price of 
each goblet is £246 and it can 
be bought by post from The 
Epping Forest Centenary Trust. 
The Warren, Loughton, Essex, 
1G10 4RW. 


WHEN I was very young, sun- 
glasses were strictly for filmstars 
or Mafia chieftains.' Anybody else 
caught wearing them looked 
miscast. On the odd occasion 
when J had a, stye or con- 
junctivitis and wore them as 
camouflage they always brought 
forth some flippant comment. 
Nowadays, of course, they're 
almost as common an accessory 
as shoes or handbags. Almost 
everybody 1 know has at least 
one pair, most people have two 
or three. 

However, whereas once ft was 
a simple matter to decide which 
pair you wanted — you either 
needed prescription sunglasses, 
in which ease you went to you r 
optician, or you bought the shape 
you liked best — nowadays there 
are so many new developments 

that it's difficult to weigh the 
advantages of one against 
another. 

To sian at the beginning — do 
you need sunglasses at all? The 
answer is that strictly speaking 
you probably don't. Most healthy 
eyes are able to make all the 
necessary adjustments to sun- 
light; however many people have 
discovered that they feel much 
more comfortable wearing them, 
their eyes seem less tired, they 
don’t have to screw them lip and 
they are often useful camouflage 
if very tired. I like to wear them 
tn keep the du<t out of my eyes 
in very windy weather. 

Which ?. in its report on sun- 
glasses last June, found that 
almost all sunglasses from the 
very cheap upwards were 
efficient ai keeping oul enouch 
dare to slop vou screwing up 
your eyes. Equally, all the 
lenses they ie»ied t including the 
very cheapest plain plastic onesi 
were efficient at cutting down 
ultra-violet rays whereas with 
infra-red rays (Which can harm 
the eyes, though there is seldom 
enough in Britain to create much 
of a problem i glass lenses were 
distinctly better than plastic, 
while mirror lenses were best of 
all. 

Everybody 1 spoke to wished 
to emphasise that it is vital that 
sunglasses should not be worn 
in certain conditions — chief! v 
when driving at night /the new 
Highway Code. too. stresses this i 
or in poor visibility. 

Of The main types of sun- 
glasses on sale, ordinary plastic 
ones are the cheapest. These 
can be an added strain on the 
eyes iT there is any distortion 
and a good way to find out if 
they are any good is bv holding 
tbe glasses out at arm’s length. 

Look through each lens in 
turn, aiming at a vertical object 
like a window or doorpost. 
RotaLe the lens slightly and you 
will find that if the lens is of 
acceptable quality, the vertical 
image you are looking at will 
remain still, ff it seenis to move 
or alter shape, the quality is 
poor. 

Flawed lenses mean that the 
eyes have to work harder to 
compensate for the blurred 
image so that your eyes may end 
up feeling more ljred than if 
you weren’t wearing them. 

Both glass and plastic can pro- 
vide good lenses — on the whole 


plastic ones are light, but scratch 
more readily. They also lend 
themselves to more exciting 
shapes and are more impact- 
resistant than ordinary glass 
ones (though toughened glass, of 
course, is also impact-resistant), 

Polaroid lenses were first in- 
vented in America / where else?) 
in the 1930s and the)' offered a 
genuine innovation in that they 
contained a core which filtered 
the light so that glare was 
eliminated. Until the early 1970s 
the sunglass market was almost 
entirely dominated by polarised 
lenses. In the mid 1970s some 
very fashion-conscious firms with 
very aggressive marketing 
policies began to make a big 
impact on the sunglass market 
(anybody who ever watches tele- 
vision must have noticed some 
very stylish advertising). 

Nonetheless. even though 
Polaroid's own patent on the 
polarising process has run out. 

polarised tenses still account for 

about 50 per cent of all sales. 

Polaroid themselves still sell 
more sunglasses than any other 
company in this country and are 
trying hard jo combine the good- 
quality image they've developed 
over the >ear? with a high- 
fashion approach. They have just 
launched a series of very attrac- 
ts e frames designed for them 
by Mary Quant tone of them is 
photographed near lefn. 

Phcitochromutic lenses have 
recently become all the rage — 
these are lenses that darken and 
lighten automatically according 
Jo ihe amount or sunlight. The 
early models used to darken rela- 
tively quickly when worn in the 
sunlight but took quite a long 
time to lighten again on going 
inside — this could occasionally be 
quite dangerous (for instance, 
when driving and suddenly enter- 
ing a dark tunnel). However. 
Ibis year’s latest development is 
the Reactolite Rapide lenses and 
these react very much more 
quickly to changing light condi- 
tions. The lenses are nude from 
a special aluminium orthophos- 
phate glass and one of the best 
brand-names to look out for is 
Pilkington’s Concorde glasses — 
ihe.se are priced between £12,50 
and £13.75 and come in a good 
range of fashionable shapes and 
colours. 

Anybody needing to have pre- 
scription sunglasses made up 
should choose photochromatic 
lenses hecause this means they 
can be worn all the time — they 
will be quite clear on winter days 
and obediently dark when the 
sun comes out. 

Many people like to have 
“graduated" glasses — that is. 
ones that are clearer at tbe 
bottom so that beautiful eyes are 
not hidden ! 

Anybody wanting to buy sun- 
glasses this summer and wanting 
to know more about the do s and 
don'ts of the matter could send 
a self-addressed stamped 
envelope to the Optical Infor- 
mation Council. Walter House. 
41S-422 Strand. London, WC2R 
OPB and they will be sent their 
free fact sheet. 

Photographed here are two of 
the newest shapes to he 
launched this year. 



MINTON CRYSTAL 
CORONATION 
ANNIVERSARY GOBLET 

;V :4-fme English 'Crystal v ' 
Limited Edition of 7501 : 
e?tcIu_sivcto Pcter Jone^ :Vf- 
i~ ; - of Wakefield. : r " • 







. .... :?*.v . 

“ "" •- 7 * : 


These collectors' pieces are unfortuiiately 
rather expensive tor all 'but the very rich to 
lash out OJa. Most of us perhaps could afford 
one or even two hut lovely though they arc 
and much though they would, enhance any 
summer table; at £22.95 . each they would 
need to be treated with, the utmost care. How- 
ever 'these, plates really are for the con- 
no issear — they are * all embellished with 
facsimiles of water colours done by John 
James ... Audubon, .. a . famous American 
exponent of the art of -painting birds, who 
lived from 1.785= to T85L The originals used 
bv Worcester -Royal Porcelain are owned by 
the New York Historical Society and 


Worcester Royal Porcelain have been given 
the sole rights io reproduce these designs on 
china. 

For the moment there are eight plates, 
each of which haEs a coloured facsimile of an 
Audubon watercolour in the centre. Each 
border is decorated with foliage or greenery 
that enhances and supports ibe central sub- 
ject. Each plate is 163 inches In diaineter_and 
each will be issued in limited editions of 5,000 
copies- The two latest additions to tbe range 
are phoiographed above — the tree sparrow 
is on the left, the grey kingbird oh the right. 
Each plale costs £224)5 and they are available 
from Royal Worcester Spode rooms and good 
class china departments. 




* * -■ 1 v;.'- 


r " V 





wmm 


$ 

■:V . 





W ^' ' ■ ' 

.fe. *#■ 

v VK : ‘ ' - • •'•vl'v'Iv &A 





: m 

'. ' 'Vi 1 



iSSU 


m 


18® 


^ V • • • 

v-s-sa 


--if s->rftl<a( 




This set' of earthenware tableware by 

Palfssv* sums up eveTythinS summery for 
ft i delicately embellished wttl* a h 

summer hedgerow flowers : honeysuckle is 
the main- plant used but. there tyako ram 
namdaT clover and violas all strewn ahoul 
the plate rather as a child migW strew them 


. < . ..'•‘i .’V* . .. 


on the k lichen table. The set is extremely 
reasonably priced: the 10-inch plate is £1.60, 
the '5-inch plate Is £1.06 while Ihe coffee pot 
is £5.55 and the. cup and 'ancer 11.40. It is 
available now from Royal Worcester Spode 
rooms and good class china and • tableware 
departments and stores, 


A For drinks on the terrace 
| * wbat could be more practical 
j than Ibis rather elegant pitcher 
■with its removable central 
cylinder into which you can place 
Ice-cubes to cool but not dilute 
your summer drinks. The pitcher 
Itself Is made from glass with 
silver-plated trimmings, bolds 
3.3 pints of liquid and Is 11} 
inches high. Wbat 1 like about 
the pitcher is Utat without the 
central cylinder it can he used, 
(equally attractively as, for in- 
! stance, a coffee jug. The pitcher 
J is quite widely available in re- 
f tail stores but it can be bought 
j more cheaply by mail order from 
L BowJefi ( Despatching). P.D. 
Box 28. Ashlon-nmier-T.vne. 
Lancs., where the price, postage 
ipald. Is £13.95, 


l 

i A. t 





The Corona lion of Her Majesty Queen Elizabeth II 
took place on June 2nd 1953 and, to commemorate this historic 
occasion, Minton, have commissioned leading artisLsand craftsmen to 
create a strictly limited edition of 750 goblets worthy of the occasion. 
Hand-made m full lead crystal, to {Jive the unique brilliance and ‘ring; 
these splendid vessels stand 7" tatl with a 3V' bowl in the traditional 
bucket shape. Hie air-twist stem is of (he balusler lype, incorporating 
a series of minor knobs. The front is inscribcd-Twenly fifth 
Anniversary, of Coronation of KM. Queen Elizabeth ff J978”and the 
reverse depicts Westminster Abbey and reads “1953 Coronation 1978.* 
r - 


® Pieter Jones ChinatMail Order] LJd (Dept 2) 
RO.Bos IQ, Wakeueld \VF1 3 AS. 


A Summer is a popular time for 
weddings and though most 
caterers still proffer those open 
eup-*haped champagne glasses 
I vrry much prefer to 
drink my champagne from 
taller glasses, like these 
from the .Swedish firm of Orre- 
tors. Particularly fine glasses, 
they are rather too expensive in 
buy en masse for large weddings, 
but for smaller ceiehraiions at 
home ihej? are Just the thing. 


Made from fine crystal with Just 
a hint of a slight ripple effect 
on the main body of glass, these 
arc called Helena and are sold, 
boxed in pairs, for £12.60. They 
are a\aitable from Harrods and 
Liberty in London: C. Howarih 
of Oundic, Leslie ('reasey of 
Knchworih, The Friar's House. 
Cambridge and Hendry necnr or 
Edinburgh. You ean write m 
Orrefors UK. Cambridge Science 
Park, Hilton Road, Cambridge 
for a list of stockists. 


■ t 

Please send me. . . ..Minton Crystal Coronation Anniversary Goblets j 
I at £39.50 each. I enclose cheqne/P-O. made out to Peter Jones China { 
, (Mail Order) Ltd, or debit my Access/Bar claycard Acc. . 

j No — fnrttu>ciimr>f . 

1 Name — . 1 

1 Address - 1 


1 If I am not satisfied wit h my purchase I understand that 
this can be returned within 14 days of receipt and that my 
| money will be refunded- Delivery will commence in 6 weeks- S® 
^All prices include VAT. Registered in England 7S351 8. flu 


t l" . V.-'i 1 - 




12 




■ Financiat Times - ; .;?■ 


ARTS 


Things French 


It docs not often happen in 
England that within the space 
of a few days one has the oppor- 
tunity of seeing or hearing plays 
by Racine. Marivaux, Cocteau 
and a bicentenary programme 
about Voltaire but such recently 
has been my fortunate fate. This 
little festival or French drama 
has happened to me quite for- 
tuitously. I went to Chichester 
to see John Bowen's English 
version of L'Heureux Stratagems 
and then to the Old Vic to see 
Jean Marais io Les Parents 
Terribles after which I heard 
' Britannicus in an English trans- 
lation on Radio 4 (May 118) and 
Maurice Cranston's feature about 
Voltaire (Radio 4, May 31). 

Reactions to these per- 
formances have convinced me 
that if politically we are now 
Europeans, theatrically we re- 
main Britons. Both at Chiches- 
ter and at the Old Vic one sensed 
immense resistance to something - 
which was fascinating and en- 


pick on odd lines and Dr. 


Capricorn 


*3 




Capricorn, a chamber group or violin (Monica HugeetO afld i 
Edmunds' ^“nsUtiS fuaain^ ^ and accomplished pl»m pianist (Julian Dawson-Lyelll 
the complex tensions of ihe work have organised most of the was not always steadfastly inaln- 
— Debussy and Ravel chamber tained, and both players tended ! 

music (the most notable ahsen- to dwell on the sonorities rather- 
tees being the string quartets of than pushing them firmly j 
each) Into two recitals at the forward. The account of the first . 
Wigmore . Hall. At the. first, oo Debussy Clarinet Rhapsody by [ 
Thursday, the choice of seven Anthony Lamb and Mr. Dawson- 1 
works gave enjoyment, and Lyell suffered from intermit- ■ 
allowed much rewarding com- tently . misty outlines — Mr. I 
parison, the result of which Was Lamb's melting soft tone was { 
to direct one more than ever pleasing, but .there was too much I 
towards the differences between Q f it. Ravel’s immensely difficult, 
the two composers rather Uian to violin-cello sonata taxed the ; 
their similarities. .Such things as sustaining powers of Miss 
Debussy's invention of fluid. Huggett and Timothy Mason to 
□pen forms and Ravel's masLery the utmost. 

The concert also found place 

for the two Ravel chamber song 


RADIO 

ANTHONY CURTIS 


tertaining even if i> did not con- 
vince one that all the problems 
had been solved. But since ray 
brief here is radio let iue con- 
centrate on Brjlanuicus; this was 
broadcast in a version by John 
Edmunds who faced even craver 
problems than Mr. Bowen bad 
done with Marivaux. 


very well. The night before we 
heard Dr. Edmunds talking 
about the play- and a. few nights 
later Hallam Tennyson played 
some recordings of the Com£die 
Francaisc doing -it their way. 

Their way is not our way and 
what sounds grandiloquent in 
French sounds 'often merely 
petulant in English. Michael 
Cochrane was Nero in 
Christopher Venning’s radio pro- 
duction and managed best at 
moments of high passion: Honor 
Blackman croakily fearsome as 
his mother also seemed some- 
what hampered by the medium. 
In the more sympathetic role* 
of Brilannicus and Junia, David 
Horovitch and Rosalind Shanks 
had an easier task which they 
discharged sensitively. 

The best thing about this pro- 
duction was ihe general atmos- 
phere of palace intrigue with the 
footsteps of the courtiers and 
their attendants echoing in the 
distance, the sense of lethal 
claustrophobia surrounding the 
young Emperor, suggested by Lhe I 
producer. 

It is typical of the way BBC 
Radio works that the week Radio 
4 was celebrating the bicentenary 
of the death of Voltaire with an 
hour's feature going concisely 
hut thoroughly into all the main 
aspects of his life and thought. 
Radio 3 should be giving us a 
play by Racine and not one by 
Voltaire. Inferior as Voltaire's 
dramas are to Racine's, surely 
one would have been worth hear- 
ing in this week of all weeks? 


MUSIC 


MAX LOPPERT 


cycles, the Chansons madtSctuwes 
in the first half and the Train 
Poems de Stiphane Mallamic in 
the second. In each part the 
effect of Jennifer Smith's im- 
pecably clear and poised singing) 
was to throw a beam of light on 
of cleanly “closed” -ones: the the surrounding stylistic im- 
very different cut of their maturity.. Miss Smith's soprano 
melodies; the quite remarkably is not a warm instrument, but it 
dissimilar applications of instru- moves from note to note with a! 
mental timbre^-tbe concert directness and a lack of fuss very I 
highlighted these and other con- different from the mush in gs and ] 
i irasls, in a profitable way and moonings of most young English \ 
I to the greater glory of both. singeFS in this music. This is • 
I But if the recital also high- not fo suggest a lack of colour 
lighted a common factor uniting and emotional vitality in her per- 
both composers, it was perhaps formances — the plav'on the line 
less by intention than by deFault or Miss Smith's ravishing] v pre-i 
The instrumental music of both cise and forward French enuncia- 
is extremely difficult, not to play, tion infuses colour and warmth 
but to get right. Although the into the music, and with un- 
players of Capricorn are all common taste and sophistication, 
accomplished and sensitive (But why the dipped delivery 
musicians, their combinations of the 'word “Nahandove 
seldom added up to wholly idio- Is there - a pleasure richer, or 


mo T rc e of V a ' leilure afan a " ,r re a t uS ' ine 3? US ?L V L a i^i° n xlLi°I L?£j£ e French lan 3 ua 8 e properlyf 


matic interpretation. In the open- today rarer, than that of hear- 


example, the balance between sung? 



Contrasting couples at Battersea Town Hail; 

Ian Berrf in Zoom 


photograph 


Zoom homes in 


Jorge Bolet 


There really is no way with 
Racine in English: either you try 
: io write a new play altogether 
“after’’ the original, as Tony 
Harrison did with Phedre at the 
-National Theatre, transposing it 
to British India with some suc- 
cess. or like Dr. Edmunds you 
grapple knowledgeably with the 
■text tryiDg to produce a close 
approximation to the meaning of 
:the words in some kind of speak- 
able English verse. What 
tends to get lost is nor so much 
the sense as the tone. Thus when 
Agrippina protests that she is not 
going to keep her mouth shut For 
fear of angering her own son, 
the French has "e’est trop 
respecter I’otivrage de mes 
mains " and the English. “ I 
won't kneel lo my own handi- 
work." It is very easy though to 


Paavo Berglund and 
Bournemouth Symphony 


the effect oE seemliness in this con- 
were certo must be an illusion, but 


also in attendance at the Albert Bolet contrived It devotedly. Had i produced by photographers in the »»,e dust have both an artistic 
Halt on Thursday night, but they the Bournemouth Symphony j main, with the occasional diver- 
did not make their presence accompanied ' him as delicately [ S jon into other graphic arts — a 
much felt. Mr. Bolet whose solo and precisely as he did them, in 


with Nigel Anthony speaking the 
lecturer's tboushts and Charles 
Cray his quotations from 
Voltaire hut it was a brilliant 
one. Professor Cranston shares 
with A. J. P. Taylor the knack 
of being able to put his points 
across to the ordinary - listener j 
pungently yet without pedantry. 

He also has a refreshingly Euro- 
pean outlook (currently. 1 
gather, he is on detachment 

from LSE in Florence) and- .. . . . 

there were some interestin'* 1 Piano recitals here have made the appropriate places, it would 
discussions of Voltaire's relations; a great impression, was not have been altogether a memor- 
with his English contemporaries: expected to give anything less able performance. Sadly, matters 
and in particular the different I than a sterling account of Liszt s tell out differently, erratic 
view he held on the nature of! E-flat Concerto, and he did not orchestral balance blurred 
the universe from his friends disappoint us. There were a few several parts of the work, and in 
Pone and Bolingbroke. magisterial wrong notes, but in most of the Allegro marziale Mr. 

The programme went inio his' bis hands the rhetoric always Bcrglund’s beat hovered ner- 
relations with the Swiss during I sounded aristocratic, and the vously' about the right place, 
his sojourn at Ferney and it , , figuration was pure silver. By without quite locating it. 
shattered several popular myth*ithe metronome his tempi would The orchestra and its. conduc- 
showing how Voltaire combined ! count as restrained, but the power tor may have had insufficient 
scepticism with belief in God I and rounded clarity of his touch time to settle themselves into 

projected a grand sweep which the special circumstances or the 
carried the music aloft. . - Albert Hall. They began the 

Bolet revealed limpid depths concert with two pieces from 
in the quasi Adagio. From which Smetana’s Ma Viast cycle a Jack- 
tbe recitatives rose like rocky lustre Vltava and a Surfed — that 
challenges. He allowed nothing impassioned celebration or 
in sound like mere flourishes— female revenge — too limp to 
he found a constructive sense carry even theatrical conviction 
for the slightest passages. An 


Britain has had to wait eight 
years for Zoom,; the French 
magazine which celebrates the 
best of ‘photography. ";Now the 
first edition in English is avail 


is a group of photographs by the 
American Burton Holmes, taken 
during the Russian Japanese 
War of 1904-05 which could claim 
to be among the first work of the 


The Old Country 


Alan Bennett' vi'ctuallynaflyotcs -*he feeling disappear^ for -Duff. 

all - hu first' act In the Old : scrupulously: iporttayed byyfcoth 
Country (atlhe 4ae«W » ihe 


SSg - concealment of the fiqial 1 character. ^J;WOuld # «em 
play's location, 'and- the hero s as: much , so at v I“ t0 ^ a 
StuaUoaJ m on -a second, visit, as m -the stage, ffowl* ; 

w the- .answers ;to these is eased back.info-r^lify.. 


yoir Know 


riddles from the start.- you are - me play %rea»y.. does ; creep 
throw? back much More, on the along- when-it^uts jno secrets to 
ttM*o-Line quality ofthe-pkiy. 1 impart, -The basic exposition fills 
found the sensation . that . the. all. the first .act by.-itself, exposed , 


whole thing is a skilful exercise piecemeal! rather ^hab developei 
Difyibg- me.. A'-, bint of -devdopixiqiit.:..eqihea 


Betjemanish --WOW «»***. *n 


ia/parody kept worrying" 

=. klary; /With bis. Betjeman.^ *33^*® xnji, ute fim 

middie-class landmarks. ay Hymns. rwfv -eav TOmur- cisT 
[Af and M and Lyons. teashops- ,^ , ^ a ^^^°g« Sjj 

Ipuff. the -power-hungry/ mteflec- Sr S^Sai ‘ 
rV..,*- « fimor -iir pverv. cut--: •" esl rT- ■ . .^urere, . only 




tUraj. pie-and. -a secret weakness.', 
these - serve, .-.the function - of „ 3*25? - 2£ 


THEATRE 


B. A. YOUNG 


■admirable men,: jyajere f -are two 
. wives, ‘ excellency observed. 
-Hilary’s Bron, resigned- tb‘ exile 
and to being 60/ ds movingly 
! played by Rachei^Hempsoa as a 
typical English spouse, devoted to 
. housekeeping, eyenjn a RussUn 
dacha, and U* her-. husband, even 

- . if. he is a traitoT.. Duff’s Verooica, 
^ all smart sophi^icatros;' Is a 

- sp l endid 'crea tic i by FWth Brook, 
ventriloquists’ dummies through glinting -withVsubtieties nnder 
whom Mr, Bennett transmits bis . the pol'isheisdcfacat^SeevTor ip. 
acute .ability to reproduce the -stance, her contra Ited embarrass- 
various, speech-patterns, ahd hient- when her husband expatiates 
thought-patterns, of the British. . ss his-Mithusiasm'for the "youngr : 
At ."first, where he bias ! some! \ There ... Is - a'.' third wife;: too, 
longlsh . establishing speeches, Eric's -Olga, but nbe is given JTtGe 
Anthony Quayle, the new. HiLary,". function,- and^T t^nk- her plara 
seeuis conscious of this qualify ' in- the play would he made 
in his lines; .later playing against clearer if Joan Hemingway -gave 


Michael Aldridge,' the new- Duff, her_some;le!s9;Et^hsli venwe^;' , 

Stoppard-Previn at the Mermaid 


The Mermaid Theatre's .next, conducted by Michael Lanfcester. 
production will be the : first .- . This : werit' feceived a -single 
theatrical presentation of aPiece coneert -perfonnaace ’ at- jthe 
} for Actors and Orchestra by Tom'-Royal Festival Ball-, with 


able, with plans to produce it six photo-reporter. Scenes of Japan- 1 Stoppard and Andr^ Previn London -Symphony Orchestra, 
(imes a year. American and ese officers watching the entitled Ererp Good Boy last July.' ' ■?.•„ . 

German variations are also scuttling of the Russian fleet in } Deseroes Fauovr. directed by Previews will be at? - and 
planned. Pon Arthur, and a group of ‘Trevor Nunn, designed by Ralph pm off June l3r 


Zoom conveys images, images Cossack horsemen riding through 


and how his quietist view, that 
the only saFe and sensible thing 
in life is quietly to cultivate your 
garden, is difficult to reconcile 
with a career spent espousing 
unpopular causes and annoying 
people in positions of power. The 
dilemma he exemplified still 
remains. 


and historical fascination. 
Inevitably, with 


GRAPHICS 


so much 
translation work essential, the 
short texts or interviews which j 


Koltai and lighting 
Sutton, with the 
Theatre Chamber 


by Peter -Presd*- night is on- Wednesday. 
Mermaid June 14, at ?.3Q..-ptn thereafter 
Orchestra ; twice nightly 7.30 and 9JL5. 


ANTONY THORNCROFT 


THEATRES THIS - WEEK - - AND NEXT = 

a company Se 'photoSaphr'and i MALVERN— You Never Con Tell/t^aVers’s-supetb - Srcej^tS.flome 
the captions leave much to be j Detightfulproduction of Simw'x;Mst^ngM^Bcel97^ 

lightweight comedy by the Abbey; Standing and; Peggy laount' for 


captions 

desired. In a most pathetic picture 
of a Russian priest blessing the 
dead on the battlefield the clericjj 


forthcoming issue has features on . „ f . 

Japanese match-box covers and '- 01 T 1 8- But fortunately zoom is 
Spanish orange wrappings. It mam b r photographs, 
could all be rather precious and The stars of the first edition 


pretentious, but the variety of are undoubtedly Art .Kane, whose 


Theatre. Dublin. Reviewed Wed;!; HYani Finlay- and -Dandy WchoHS 
nesday. the- principal , ones. Reviewed 

is described as The Pope, and ' 0LD v! C _ The Turkish Clogs. 

the- writing -generally is hard | veiling Turkish musical that ; -is 'Monday^ the Regent's 'Park^ ^Opcn 

not Turkish delight; Reviewed Air Theatre opens. yitfr.-Af Mid- 
Wednesday. ' “ - - stifftwier ' Nights tyeam? 

Robert .WiJson. maieS rhis first - 


•••• |j. •: 


photographers' portfolios in each work is not so burdened with 
issue ensures lhat for every contrived images as to hide Its 
collection of dull, dated or real power, and Ian : Berry a 
deluding photographs there is British photographer- who is the 
another set which hits the eyes, complete antithesis, producing 
In the first British issue Tor grey pictures of English scenes, 
example (which includes work heavy with class consciousness 
, previously seen in the French and contrast. Both portfolios axe 
DAVID MURRAY Zoom, plus new material) there the work of artists. 


i ROUND HOUSE-— English appearance' Royal . p ■ 


•Native British musical that Is no. court.; Tuesday. JUbdrt Finney 
kind of delight either.. Reviewed j$- Macbeth for., the National at 
Wedncsday/Thursd.ay. the .Olivia. Wednesday, Gloria 

OPEN SPACE— The Ball Game. afkSSliJ 

but too full of absurdities. Da ^- d g udkt ^ s -^e .Sons - of 

Light from-The: Other; Place to 
Ben- the Warehouse. • ' - - 




Reviewed Wednesday/Thursday. 
LYTTELTON — Plunder. 


TV Radio 


f Indicates programme 
iu black and white 


BBC 1 


7.15-8.30 a.m. Open University. 
9.05 Play board. 9.20 The Flash- 
ing Blade. 9.45 Calling Young 
Film-makers 10.00 Arlott and 
Trueman on Cricket. 10.23 Cartoon 
Time (Daffy Duck and Bugs 
Bunny. 10.40 Trooping the Colour. 
12.13 p.m. Weather. 12.15 Cricket: 
First Test, Comhill Insurance 
Test Series: England v. Pakistan. 
1.30 Grandstand: Racing from 
Kempton Park <1.35, 2.40, 
3.10): Worid Cup Highlights 
<1.50) Argentina v. Hungary; 
Cricket: First Test (2.10, 
3.50) EnglanU v. Pakistan: 
Athletics <2.50. 4.45): The 
Philips Southern Counties 
Championships: Show Jump- 
ing (3.20) The Embassy 
Trophy: Rugby League 

Sevens (3.35, 4.15) The Em- 
basy Sevens Trophy; 5.00 
Final Score including racing 
results and cricket score- 
boa rd. 

5.10 News. 

5.20 Spori Regional News. 

5.25 World Cup Grandstand: 
Sweden v. Brazil and Spain 
v. Austria (highlights). 

7.35 The Val Doonican Music 
Show. 

8.20 World Cup Grandstand. Scot- 
land v. Peru and Iran v. 
Holland (highlights). 

11.00 News. 

11.10 Saturday Night at the Mill. 

All Regions as BBC-1 except at 

the ro I owing limes: 

WALES— 12.00 News and 
IVealher for Wales. 

SCOTLAND — 2.50-3.10 pm and 


4.45-5.00 (During Grandstand) 
Athletics: The Royal Bank National 
Senior Athletics Championships. 
8.20-10.30 World Cup: Peru v. 
Scotland" (Scottish commentary). 
12.00 News and Weather for Scot- 
land. 

NORTHERN IRELAND— SJ0- 
5.25 p.m. Northern Ireland News 
and Sport. 12.00 News and 
Weather for Northern Ireland. 


dianapolis 500 plus The U.S. 
Motor Cycle Jumping Cham- 


pionship from ’ Charlotte, 


BBC 2 


7.40 a.m.-2.20 p.m.: Open Uni- 
versity. 

2.20 Open University Congrega- 
tion at Alexandra Palace. 

3.55 Tiie Money Programme. 

4.30 Cricket: First Test: England 
v. Pakistan. 

6.35 News and Sport. 

6.45 Trooping the Colour (high- 
lights). 

7.35 Royal Heritage. 

8.35 News on 2. 

8.40 Gregory Peck in “The Snows 
of Killimanjaro.” 

10JJ0 1 Scottish Playbill. 

11.00 Cricket: First Test: ( high- 
lights. 

1U5 iH*A*S*H. 

1 12.00 Midnight Movie: Gregory 

Peck in “The Guofighter.’* 
BBC-2 Wales only— 6.45-7A5 p.m. 

Eisteddfod yr urdd c final report). 

LONDON 


North Carolina: 4.00 Wrestl- 
ing: 4.55 Results Service. 

5.05 News. 

5.15 World Cup 78: Spain v. 
Austria. 

7.45 Sale of the Century. 

8.15 World Cup 78: Peru v. Scot- 
land. 

11.00 News. 

11.15 The Adult Movie: “Psycho- 
mania." starring George 
Sanders. 

12.50 a.m. Close— Xanthi Gardener 
reads a poem by Angelene 
. Peterson. 

All IBA Regions as London ex- 
cept at the following times:— 


HTV 

i.ra *.m. Lull? Lion Hum*r. 4.15 
Buihl Vour Own Boat. 10.15 Barman. 
U.M Space 1989. U.15 p.m. Wclluo TJuse 
Walls. 

MTV Cymru /Wales- As. HTV ocihrai 
SirvHc cxrcn: 7.4S4J5 p.m. EialerMIod 
CencdUeUiol Vr Crdd 1D75. 

SCOTTISH 

I.BS a.m. Buna Your Cr»n Boat. 9 JO 
Scan The Leprechaun. 10.15 Batman. 
11.39 Cartoon Time U.ao The Bionic 
Woman. 105 p.m. Laic Call, llffl Tbc 
London Rtfck and Roll Show. 


Frteaian iSi. S.M Rohhic Vincenf *Si. 
0J0 In CuiKvd iS> AS .Radio ‘ 1 . 
9J0 As V1IF. U.I5-34J2 a.m. A- Radio 
VHF Radios l and 2— S.D0 a.m. With 
Radio i 9.06 Wnh Radio 1. 10.00 Wun 
Radio 3. 1J0 p.m. Wuh Radio l. 7 JO 
i* "*- ftm-n ■» b.M HRr (ni) rn^>im>:it 

FesUval of Lijsln Music iS> icontinucd 
lf.i l i(»rt n : . -.J. BJ 0 Icii.tvjI talk. 

a cs - r » r - * M.03 s,t ur .i , v 

Nishi «irh the BBC Radio Orchestra /S'. 
LU» Sports Desk UJ5-242 a.m. With 
Radio i. 


1.05 A Varteiy or Variations »S».- 1-dO 
Mozart's Musk^Jor MecfcuilMt Onuui 
i.?i. 245 M«r "of Action <Si 345 Musk- 
of the Masters '5). 5.00 Jazz Record 
Kcnurtils (S'. 5 j 45 UrlRtai' toruni. M0 
With M W. 


SOUTHERN 


ANGLIA 

949 a on. Undersea World Of Captain 
Nemo. 9A0 The Close Encounters Com- 
petition. 1140 Star Maidens. UM Stars 
nn Tee. 11.15 p.m. Richie ErouXeiman, 
Private Eye. 1245 At The End Of The 
Day. 

ATV 

4J5 aon. Muchet. Fife and Drum 940 
SHsauu. 1 Sireet. 10-30 ATV Saturday 
Momlna Picture- The Three Worlds 
of tiudker " and the Super Serial 
*• Mysiery Island." 1145 p.m. Ghost 
Story. 

BORDER 


1139 . a.m. Weekend followed hy 
Re annul v.i-athcr Fun.-t.aii. U.40 code P. 
H15 P-m- Rieble Brockelman Pniaie 
Eye 12 . 15 a.m. .Southern News. 

TYNE TEES 

9.01 a-m. Lyn s Look-In. 9.05 The Mad 
Do* Gaos Meets Roin-n Fred and 
RatsKuts. 4.35 Cartoon Time. 9A5 I.yn's 
Look-In. td-53 Saiurday Mornms Film: 
" Nothin*: but Trouble." starring Sian 
Laurel and OJncr Hardy. 1440 Lyn s 
Look-In. 11.30 Spice 1989. 1248 p.m. 

Lyn's Look-In. U45 "Thr Dt-*il'< 
Dauchtcr." starrma Shelley Winicrs. arid 
Joseph Cottcn. 12.40 a.m Epilogue. 


ULSTER 


10.M a.m. Saturday Murnina Movn.: 
•' Lone John Silver." starring Robert 
Newton and Rod TijJnr 11.30 Sesame 
Street. 1115 p.m. Sports Results. 1149 
Police Woman. 


WESTWARD 


8.59 a.m. Sesame Street. 9.45 
Hall our Show. 10.15 The Mon- 
kees. 10.45 Our Show. 11 A0 
Spencer’s Pilots. 

12 AO p.oi. World or Sport: 12.35 
World Cup 78; 12.55 Inter- 
national Sporls Special (1) 
The World Target Diving 
Championship, from Port 
Lauderdale, Florida; 1.15 
News from IT.N: 1.20 The 
ITV Seven— 1 AO. 2.00. 2A0 
and 3.00 from Ayr; 1.45, 2.15 
and 2.45 from Thisk: 3.10 
International Sports Special 
(2) Motor Racing — The In- 


4.B5 a.m. Build Vour Odd Boat. 4JM 
Kantas'iv Voyage. 9JB Morning Film 
-- The Million Pound Note." UJfl The 
Count of Monte Criiui. 12.99 The Beach- 
combers. 1115 P-m. The OuLstdeni. 

CHANNEL 


12.18 P.m. Puffin’s Plamcc U45 The 
Mystery Thriller; " Runted." 


GRAMPIAN 


4.9Q a.m. Survival. 9.2s Thu Beaik-S- 
940 Saturday Momiug Feature Film 
■- Prince Valiant."" ftarnne Rotn-rt 
Wjgner. Janet Leigh and James Mawm- 
1130 Gus Houeybuo'i. Binhdart 11-35 
Wand of Adventure tills p.m. The 
Mystery Thriller- " Hurt.-d." starring 
Dirk Bogarde.' 12AS a.m. Faith For Lite- 

YORKSHIRE 


RADIO 2 1-SOOm and VHF 

5.00 a.m. Hews Summary. 5.02 Tom 
td wards -S' with The Early Show. 
>» eluding 84)3 Racing BuUctin. BJHi As 
Radio 1 10.02 Tooy Brandon iSi. 

Ii02 p.m. Two's Beit. 14B Punch Lille. 
iJfl-5.55 Sonn On -J: World Cun Special 
iinn. 2 30. 3. no. S.Mt. Cnckei: First 
Test <1 3U. ; Jl). 3.00, 4 00. 3 Mi England v 
P'l-islef iliis *vv,s of the M'iVUcsct % 
Kent: Racing from Kempton Park 0 43. 
2.12. 2.43. with a i-Iaasified check at 
nn.: Cyellnu *1.;*. 2.ll0. a.:tOi The 2 1st 
Milk Raw; Tennis >1.39, 2 JO. 3.IW. 5.00* 
Freni h l‘pi-li Championships: News uf 
ructiy union, nrnror cycling, motor raeuu. 
cnl( and show Jumninc. 4.03 Cross- 
Channel Motoring Information. 4.04 

F'lrni” 7g Tip !»■« a '"■•ni” KiLS'"i'ss 

s.iys Eric Morccambc. 7 JO Sports Desk. 
7J2 f:U<: Inlemutlilliul Kcbllvai o) Light 
Music 'Si Terry Woman's Music Xiehi. 
part I 8.30 World Cup -Spcdal. 10 35 

Mg||t WHk The PRC Hi.tl.i 

Orchestra «S> ijolns VHF>. 11.02 Spons 
□e»k. 11 . 1 5 Peter Wheeler *S i with Tin 
tjiie show. Including 12.00 Nous 2.00- 
2.02 a.m. Nchs- Summary. 


RADIO 4 

434m. 330m, 285m and VHF 
4.10 a-m. News. *42 Fanning Today. 
440 Vours Faithfully. 4J5 weather; 
programme o*t»s. T.OO Nows. 740 On 
Your Farm. 7.40 Today's Papers. 7A5 
Yours Faithfully. 7 JO It's A Barnaln. 
7.55 Weather: programme news. 9,00 
N-.-ws. 840 Sport on 4 ' 9JS Today's 

Papers. 9 J)0 News; 9.85 international 
.Asshorawm. 9J0 Talking Politics. 9J5 
News ■ Stand. 1045 Dotty Service. 1CJ0 
Pick of the VVi-ek. 1Q35 Trooping the 
Colour. 12.15 p.m. Away From It All. 
1245 The News Oulr iS>. 12-H Weather: 
mwnmmo U8 News 1-15 Any 

Questions? 2.00 War and Peace. 3-00 
New*. 3.05 Diii'ii Ui: Take Sugar? 335 
Music uf ihe Masters 5.80 Kaleidoscope 
Encore. 5 JO Week Ending . . . i5». 5J5 


WeaUter: -programme news: 6 JO News. 
WiC^iert hriaod Dlscs' fcSO Stop the; 
Wcdkrydth Ruben .Robinson. 7J0.1 These 
You Have Loved'(S>. 9J8 Saturday-Night. ■ 
Theatre. 9JB. Weather. UUO News. 1045. 
The Age 01 Tlperctia Ur. UJS Llghien 
Our Darkness U45 News. 


Capital -Radio , 


_ d 95ifi VHF 

4J0 4.nh Kidty •Jtfiy'S'. Breakfast Show 
fSi. 'OJO CaWtal- Countdown - wtttt--fWer 




rVoanc ,i^;. .12-00 Kenny Esmce- 'iSi 

i. AOi 


BBC Radio London 

206m and 94 J VHF 
5.00 a-m. Aa Radio 2. 732 Cood Fish-. 
Idr. 8 JO News: weather, traffic, shopping, 
sports news. -945 The London Gardener. 
330 David -Kramer with Saturday- Seme- 
UJ9 The Robbie. VlBcertt. Saturday Show; 
ZOO p.m. Bob Powel with London Coun- 
try. 4.30 Mariorie BUbow wuh dose Dp. 
5.90 Gmuellne. amCTose: Am Radio 2- 


Z00 P4n. AOcnioon Dehght' w«h Dwicait 
Johnson tSi. - SJO' Joan. Sheutmrt Permn 
to Person /St. *W Cre*- Edward's Son! 
Spectncn iSi:. . .^JO. Ntcky^ Borael 
Mummy's. Chart -<SL -TIM Mike AllCTla. 
Amrrrcan “Dream <SV.' 1ZI0 .Mike ADch'f 
Hackseat. Bougte (Si. ;2J0 a-m.. Ian 
D.ndsoiTB Night -Flight (SI. . . 



1 

itehil 


9.2S a.m. Scene on Saiurday. including 
Birthday Cracilmu and Cufr Car. 10.08 
CapialD Scarlei and the Mrsierons. 1940 
Taraan.. 11-29 I'ndenea Adventure* of 
Capism Nemo. 11.30 Spare 1999. 
U.15 P.m. Richie Brat-kleman. 12.15 a.m. 
Refl«(.-I10U5. 


GRANADA 


94# u, SMame Street. X8J5 Paul. 
1055 Cartooutimel ' 1140 Saturday 
Matinee:- Duns McClure In "Death 
Race.- U.15 p.m. The Late Film: Peter. 
Sellers Ip “There's A Girl In My Soup. 1 ' 


9.00 a.m.- Early Musical (!istnini>-nifi 
9JS The Adventures or Muhammad Ah. 
950 Saturday Scene Action Adventure 
"•Taman's Three Chalijnses '■ 1140 

Extraordinary 12-00 Run. .foe. Run. 
1L15 p.m. " Scream OI The Molt." 
. iiarnug Clini Walker. 

RADIO 1 247m 

(5) Stereophonic broadcast 
550 ajit. As Radio 2. a.Wi Ed Sic war I 
■ S> with Junior Choice mi/ludioc SJ2 
Cross -Channel Moioring informaiio/i. 
1O.0O Adrian Jusie 1250 Paul viarabacvinl 
1JI p.m. Rfudt On is.. 240 Alan 


RADIO 3 4Wni, Stereo* VHF 

755 a.m. WVaihcr. 9.DD Ni-ns 8.05 
Anb.-iit'- 'Si 940 ;«cws. 9.1B Record 
Retii-u iS*. 10.15 Stereo Pi-Imw of mu-.ii. 
hj E-jrtr.-r iS>. 1145 Cri'.kei- First Test 
England i PaMtlan. 145 1 00 

Call ihe Ccmm.'iiiatiin,. 2.00 Lunchtime 
■kvn-borrd 4.00 " The Made Flute." 
opera m two Acts musk by Moran. 
Ac* l ‘S>. 755 The Garden in .linn: 
■ talk hy Hugh Johnson'. 8.15 " The 
Magic Huti ." Act ? *Si 955 Islam in 
the Mndi rn Wnrlrt 1150 intcrpr.iatiuns 
■in Ife'OrJ «S». 11.9Q s . 11.45-1150 
■\ti J Tonight's Schubert Sans on record 
« 19'til i 

VHP — too a.m. Open t'nlversiiv. 8.00 
With M.W U45 BourncDiouib Sinloni'-tta 
■■uiwtl. pari I Moran. Walton iSi. 
1Z15 p.m. Inii'rvjl Reading. 12-20 Cvn- 
KTl. pari 2: Haydn. Hespiuhi. 1.00 News 



London Broadcasting 1 

26Im and 97:3 VHF 
5-00 a.m. Moratns Mule. 6-08 AM: 
Weekend news, reviews, feararcs. bpotjs. 
10.00 Jehytaonc with Tbereac Birch. U0 
p.m. Saturday Sport. 4JH After Six— with 
Ian Gilchrist. 4.30 Hugh amt You with 
Hugh williams- 750 Gert Mala— music; 
Information. Interviews in Hiadnctani. 9.00 . 
Sararday Mhstc. 9.00 Nlghduu wuh- Alsn 
Nln. LOO aim. Night Extra with Hush 
Williams. 


■ ' . GHE^S SOLirnei^ . v 
Sblatiqo to Position Nq. 218 
.. No— Stein , saw 1 R-Q7i R-RS. 
ch, 2 B-KBl,'QxN.hut. missed the 
follow-up 8 -R'xB- cbl K-TU (KiR; 
4 B-R6 eh aad:5 QxQ): 4 RxP ch, 
KxR; 5 NxP-ch and wins. * 
Solution to Prtfijfem Ne r 218 
£ R-QS {threats 2 K-K5 and 
2 N-B3). PxR; 2 Q-K7, or Uf BxR;- 
2 Q-N1, at If NxR;:2 QxP. or if. 
KxR; 2 P-B7, or if P-BT; 2>N2. 




I feo. 




WEEKEND CHOICE 


Wild West truths an BBC-2 


SATURDAY: -Soccier lovers will 
have no trouble filling the daj, 
but those -of us who watched the 
predtatable fiasco taking up the 
two main channels for most qf 
Thursday night and now want to 
wateb anything but soccer are 
offered a pretty thin choice. 
Briefly it’s Gregory Peck and 
royalty: Peek in The Snows or 
Kilimanjaro and The Ganfigbter 
(both BBC2) and royalty in 
Trooping The Colour. tBBCl 
morning and BBC? evening) 
which looks good on the box, 
offering a variety of vantage 
points which no one on the spot 
can achieve: and the repeat of 
Royal Heritage (BRC2) which 


tells of thie.Henrys fironj Sir How 
Wh el don’s vantage point; at. the 
start of a splendid seines about 
-the amassing of royal -riches." 
SUNDAY: JTjp) .-'JSleuin*/.' 'recently 
appointed • editor" ot- SUa. Alive 
tells ‘"the' -troth ’ v about .the Wild _ 
West in The. World. About, li* 
(BBC2); and The Othpr Side .Of 
The Mountaji^ looking back 23 
years to the conquest" of Everest;' 
gains special: point from’ lasty 
week’s ascent .without, ^oxygen-' 
ITV starts ye t another power/ 
sex/money. . s eri ai- from -th e-book 
in " Bust -- '’Sellers - 1 based . on 
Arthur Halley’s Wheels. 

'■ A good- weekend for going 
out— C.D, 


*F , " ■■■ 
*1 


ire 



















ENTERTAINMENT 

GUIDE 


OPERA & BALLET 


I SADLER'S WELLS THEATRE. Rosebery 
A»e.. EC1. 837 167Z. Last Peris 

BALLET TNTERNACIONAL DE CARACAS 
I TcwJjiy at 2.30: Shadows. Weewis. 

I Scriabin. The Ri»er. Tonight at 7.30 
1 The Moon ano the Children lc Possessed. 

I Our Waltzes, Ariel. Rodin Mis En Vie. 
i From Mon. next io June 17 CONG 
I SWAN. Music and dancers from Ball. 


COLISEUM. Credd cards 01-230 5250 
Rescrranons 01-936 3161. Unlit 5ai. 

•wsl Evgs. 7.30. Mats. Weds. & Sits. 

Jl 3 ' STUTTGART BALLET 
Today unit. A evening* Flore Der Fail 
Hamlet Acauiem. Mon.. Tub. 5 Wed- 
Mat. Innere Not. New MaCMiUnn Bal- 
let. Sonn 01 Ihe Earth. Wed. c*e 
innerc Not; New MacM.iiian Billet. 
Rcouiem. Thur. A fn.. Ehb Tide Carmen 
96 balcony seats always ataillblr from 
10 a.m. day ol o«rt. 


THEATRES 


ASTORIA THEATRE. Charing X Rd riylth 
fully licensed Restaurant) 01-73d 4201 
Nearest tube Tottenham Court Pd Mon - 
Thurs. 3.00 o.m Fn. A Sal. 6.00 & 0.45 
Instant credit card booking 
ELVI5 

- infectious, aneea'ir.g loot-stomping and 
heart-thdmO'nq." Observer 
ELVIS 

Seal prices 11.50-LS SO. S>nner-top-price 


GARRICK THEATRE. CC 01-836 -1601. 
4<BS. SO. Mai Wrt. 3.0 In. 5.30. 340 
TFMOTH V WEST. GEMMA JONE5 
MICHAEL KITCHEN 
in HAROLD PINTER'S 
THE HOMECOMING 

"BRILLIANT — A TAUT AND EXCEL- 
LENTLY ACTED PRODUCTION.” D Tel. 
■ AN INEXHAUSTIBLE RICH WORK.” 
Gdn. ” NOT TO BE MISSED.” Times 


AOCLPHI THEATRE. CC. 01-336 7611. 
Evgs. 7.30. Mats. Tnuij. 3.0. Sau. 4.0. 
IRENE 

THE BEST MUSICAL 
of 1976. 1977 and 1973 
IRENE 

"LONDON'S BES1 NIGHT OUT." 
Sunday People. 

ALREADY SEEN BV OVER ONE 
MILLION HAPPS THEATREGOERS 
CREDIT CARD BOOKINGS 336 7611 


seat E3.SO. Halt-hour be lore show any , ^ ln _. Tur.'ror 

available top-Srice lichen £2 50 Mon.- , J M -EATRE. 

Thurs and Fr.. 6 00 pm. perform, only £18*: 9 15 .WML. 3.0. 


Thurs ano Fr.. 6 00 pm. perform, only 
BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 


COVENT GARDEN. CC. 240 1066. 
(Garde ncfiargc credit cards 036 6903.1 
THE ROYAL OPERA 


and Tri. nevt 7.30. Rigoictto. Wed. nest 
6.00: Tristan und Isolde. Thur. ne>l 
7 30 FasltaR- 65 Amphi' seats avail, 
for all peris, from IO a.m. on day ol 
oerf. 

COVENT GARDEN SUNDAY CONCERTS 
Tomorrow a; a.OO LUCIANO 
PAVAROTTI. All seat* sold. 

THE ROYAL BALLET 
CHANGE OF PROGRAMME JULY T97B 
The Royal Opera House regrets that pre- 
g ram me changes have had 10 be made to 
accommodate recent plans for Ihe tele- 
vision companies Involved in the trans- 
mission to ihe United States o' me 
programme 0 " July 22nd 
The previously announced performances 
have nii, to be altered and me revised 
programme (or the week or July 7 7 Is 
as (allows 

MONDAY 17 JULY! FOUR SCHUMANN 
PIECES- THE FIREBIRDTHE CONCERT. 
TUESDAY IS JULY: NORMA 
WEDNESDAY 19 JULY; ANASTASIA. 
THURSDAY 20 JULY: ANASTASIA. 
FRIDAY 21 JULY: NORMA. 
SATURDAY 22 JULY: TV Performance 
I matinee and evening! FOUR SCHUMANN 
PIECES f replaces Flrptumi DIVERTISSE- 
MENTS ' ELITE SYNCOPATIONS. 
Unfortunately these changes nave caused 
a delay in the return of postal applica- 
tions and PERSONAL TELEPHONE BOOK- 
INGS FOR JULY BALLET PERFORMAN- 
CES WILL NOT NOW OPEN UNTIL 
JULY 1. 

Priority allocation lor the move perfor- 
mances will be given to postal applications 
*lreae« received. 

The Roval Ooerj House greallv regrets 
these changes ana any Inconvenience 
caused 


ALBERY. B36 3E70. Party Rates. Credit 
card blrgs. 036 1971-2 from B.30 a m.- 
8.30 p m. Mon.. Tucs.. Wed. and Fr> 
7 45 pm. Thurs. and S.it 4 30 and 3.00. 
'■ A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 

MIRACULOUS MUSICAL." F.n. Times 
OLIVER 

with ROY HU DO and JOAN TURNER 
" CONSIDER YOURSELF LUCKY TO BE 
ABLE TOO 5EE IT AGAIN.” Dally Mirror 


CAMBRIDGE. 836 6056 Mon. Io Thurs i 
8 OO. Fnoay. Saturday S 45 and 9.30 1 
IPI TOMII | 

Exciting Black African Musical 

“ The g<r1s ire beautiful bare and 1 
Bouncing.” S. Mirror. 

THIRD GREAT YEAR | 

Dinner ano soo-once seal £3 75 met 


01-437 1592 
Sal 6.0. 3 40. 
PAUL EDDINGTON. JULIA McKENZIE 
BENJAMIN WHIT ROW in 
ALAN AYCKBOURN'S New Comedy 
_ TEN TIMES TABLE . 

"This must oe • ine naoo.es: laughter- 
maker in London." D Tel " An Irreslsr- 
■blv en lovable evening. ' Sunday Times 


MERMAID 240 7E5E. Restaurant 
24B 2835. Wednesday lo Saturday B 30 
Maimer- Wed. hri and Sal. at S.45. 
TOM CONTI JANE ASHER 
WHOSE LIFE IS IT ANYWAY? 
Evciy Mon and Tucs al B.15 p.m. 
Alec McCowen's 
ST. MARK'5 GOSPEL 
(Suns al 7 3D p.m all scats said. I 
Prev June 13 Opens June 14 
Subs 7 30 ana 3 IS. 

EVERY GOOD BOY DESERVES FAVOUR 
A Piece lor Actors and Orchestra 
bv TOM STOPPARD and ANDRE PREVIN 
Seals £4 £3. £2. 


CHICHESTER. 0243 *1312 

Todar »» 1 00. June 6 al 7 OO 
THE INCONSTANT COUPLE 
Tonight. June 5 A 7 at 7.00 
A WOMAN OF NO IMPORTANCE 


GREENWICH THEATRE. 6SS 7755 

Evenings 7.30. Mars 5als. 2.30 
THE ACHURCH LETTERS 
A play by Dan Taylor. 

“ Sura Kesle'man Is superb as Achurch 
. . . Julian Curry is a splendid Shaw.” FT. 


HALF MOON THEATRE. 430 6465-483 
4196. 

WE CAN'T PAY! WE WON’T PAY! 
23 Miy-17 June ai 8 p.m. 


I NATIONAL THEATRE. 928 2253- 

■ OLIVIER lapen stage.- Today 2 45 & 

: 7.30. Man. 7.30 (red. or prevs.l MAC- 

. BETH. 

I LYTTELTON 'proscenium Hagcc Today 
1 3 & 7 45. Mon. 7.45 PLUNDER bv Ben 

Travers. 

COTTLESLOE (small auditorium?: Ton'f 
1 and Mon. 8 LOST WORLDS by Wilson 

■ Jonn Haire 

i Many cv cel lent cheap seats all three 
theatres dav of perl. Car park. Restiu- 
I rant 928 2033 Credit card bkgs. 928 
I 3052 Air conditioning. 


PRINCE EDWARD CC 01-437 6877 

feed price nrovs. Juno 12. 13 and 2C at 
8.0 June 17 5.30 end 8 30 Opens 

June 21. 

EVITA 


PRINCE OF WALES. CC 01-930 B6BT. 
Monday to Friday at 8 a.m. Saturdays 
at 5.30 And B.45. 

LONDON AND BROADWAY'S 
COMEDY MUSICAL HIT I 
I LOVE MY WIFE „ 
starring ROBIN ASK WITH , 

■ ALL JUST GOOD CLtAN FUN." 
Dally Express. 

CREDIT CARD SOUK I NOS 930 .0847. 


SHAlV THEATRE. 

Last Perl. Tomont 740. 
ROOTS 

Arnold Weskers Classic. 

** Still sura the heart." D.-Tct. 
. Low prices. Easy Parking. 


01-388 1394- , WINDMILL THEATRE. CC..0T-437 E3(i 


Twice Nightlt 850 and .10-0?- 
Open Soudan 6.00 and a. DO. 
PAUL RAYMOND pn-jMnts 

- - RIP OFT-. -- ' ' 


C 'j» s. 
•»*, — 


STRAND, 01-836- 2660. Eve nrnflj -6.00. 
MaL Thurs. 3.00. Saturdays 5.30 & 640. 
. NO SEX PLEASE — . 

WE'RE BRITISH 

..the -world's greatest - 

■ LAUGHTER MAKER 
. . GOOD SEATS £4.D0-£t.5D. 


QUEEN'S THEATRE; CC 01-744 . 1166. 
Eras. 8.00. Wed. 3.00. Sat. 5.0 * B 30 

ANimJNT QUA r Lb 
FAITH. BROOKo MICHAEL ALDRIDGE 


and RACHEL JCEMPSON 


928 7616. 


ALDWTCH. B36 6404. Into. 836 5332. 
• FULLY AIR-CONDITIONEOl 
ROYAL SHAKESPEARE COMPANY in 
repertoire. Tonight 7.SO 
CORIOLANUS 

” The strongest, clearest jnd most con- 
sistent ShaLospearc I have seen anyvihcre 
lor veers - S. Times With trgm 1 3 jum: 
Strindbergs THE DANCE OF DEATH. 
R5C also al THE WAREHOUSE isec under 
Wi and at PKcadHIr Thea're m Peter 
Nichols ' PRIVATES ON PARADE. 
ALMOST FREE. 485 6224. DISTANT 
ENCOUNTERS bv Brian W. Afp-ss. Tues- 
Sat. 1.15 pm Suns. 3.90 6 500 pm. 
No Show Mondays. 


COMEDY- 01-930 2578 

Evgs. B.OO. Thur. 3 00. Sat. 5.30. 8 30. 

MOIRA LISTER.. TONY BRITTON. 
Margaret COURTENAY. Oermot WALSH 
The Hit Comedy Thriller 
MURDER AMONG FRIENDS 
" Blackmail, armed rdbherv. non Die Muff 
and murder.” Times " A oood deal of 
lun.” Evening News. 


HAYMARKET. 


01-930 9332 Eras 8-00 
Mala. Weds. 2.30. Sal. 4.30 and B.OO. 

INI 


INGRID BERGMAN 
WENDY KILLER 
DEREK DORIS FRANCES 

GODFREY HARE CUKA 


CRITERION. Credit Cards 930 3216. 
Evemnos 8.0 Sat., 5. 30. 8.30. Thurs. 3.0 
NOW IN ITS SECOND YEAR 
LESLIE PHILLIPS 
In SIX OF ONE 
"VERY FUNNY.' San Tel. 
SECOND HILARIOUS YEAR. 


WATERS OF THE MOON 
*' Congratulations on complete capacity 
and record maKing show. Must unfor- 
tunately finish on July I si owing lo 
commitments ol M.ss Bergman and Dame 
Wendv Hiller " 


1 OLD VIC. 

May 29-J.ine 3 
INTERNATIONAL SEASON 
The international Turkish Players In 
The Turkish Clogs bv Nccali CumalL A 
mus.cAi cameo* In English, based on a 
Turkish classic Today at 2 10 6 7 30. 
PROSPECT AT THE OLD VIC. 

A Week ol Sunday* June 11-17 
Isla Blair. Julian Glover. Harold Inno- 
ctnt Dnretc Jacobi. John Rowe Pi-uncLa 


... ALAN BENNE . . 

THE OLD COUNI RY 
BEST PLAY OF THE YEAR 
Plays and Players London Grind* Award 
Directed BY CLIFFORD WILLIAMS 


STRATFORD-UPON-AVON. - Roy kl Sbake- 
soeart Theatre (0789 22711. Tickets 
1 rn mediately available lor R5C in THE 
TAMING OF THE SHREW June 14. li 
unit-): 29 tmat). THE TEMPEST June 
12. 13. 13 25 ^ Recorded booking info. 


10789 691911. 


THE EROTIC EXPERIENCE OF TW' 
ERA 


_ . MODERN _ , _ 

Takes Uf unprecedented- limltF uNHI 
- permissible on - our xtaoe.” in. NeRf. 
■Ypsf may_ drink gnd jntokd HI the -7 . 


-t 


Audllorluol- 


WYNDHAM-S. 01-836 35Z3. .Credit Cart 


fhm. 036 1 07 T - 2 'from B-Sp-a.m; » 

S4D pjrv MoB.-Thuyt-8. . Fri^and SB- 

'■?' ^ENOHhio&tt WOJt : . • . . 


, VERY FUNNY-"* E«3niiia News; 

Mary 0>faltey-* smash-hll -Cbmedyr. -- 

- mr£Md rafiawt? 1 ; 

- ■ LAUGHTER. "Guard la it 


RAYMOND REVUEBAR. CC 01-734 1593 
Al 7 pm. 1 p.m . 11 p.m. (open Sunday > 
PAUL RAYMOND presents 
THE FESTIVAL OF 
EROTICA 

Fully Air.Corditidneo. You • ma* drink 
and smoke In me auditorium, 


: ST. MARTIN'S. CC. 836- 1443. Erak 0.00. n 

THE MOUSETRAP • 

WORLD S LONGEST RUN . 

; 26th YEAR 


REGENT THEATRE. 637 9863 

Eras- B 30. Fri, and Sat 7.D an d 9.0. 
■■E'egaM. good humoured engaging.” Gdn 
THE CLUB 
-'A new musical 
'■Caustic ana Comic.” Times. 

" Shaw- score?' in songs.' 1 D. ref; 


TALK OF THE TOWN. -CC. ‘734. *051. 
8.00 Dining.. Dancing iBara oocn 7.151. 
9.3 0 s oger Revue ' 

-- ' - -RAmG DAZZLE 
and- at 11 o4ii. 

FRANKIE STEVENS 

From Monday - • 

VOS' REALES DEL PARAQUAT 


Smith of Smiths. 


GLYNDEBOURNL FESTIVAL OPERA. 
Until Aug 7 with the London Phil- 
harmonic Orchestra Tonight. Mon . Wed 
and Fri at 5 30' Die Zsuberflotr 
Tomorrow. Tue. and Thur at S 30' Don 

Giovanri Possible lefvrns only Ron 
office Glvndrhaurm- Lewes. E, Sussex. 
(0273 BU411.J 


AMBASSADORS. 01-836 i171. 

Nightly al 8 00. Mai. Wed. 2 45. 
Saturdays 5 DO and B.OO 
PATRICK CARGILL and TONY ANHOLT 
In SLEUTH 

The World-famous Thriller 
by ANTHONY SHAFFER 
' seeing the play again is -n fact an 
uiter and total lov " Punch Seat Prices 
£■200 to £4.4(1. Dinner and Too-Pr.ce 
Seat £7.50. 


DRURY LANE. 01-830 8108. Every 
night 8.00 Matinee Wed. and Sat. 3.00. 1 
A CHORUS LINE I 

” A rare, devastating, lovous. astonishing j 
stunner.” Sunday Times. • 


HER MAJESTY'S. CC. Ot-930 6606. 
Evenings B.OO Mats. Wed 5 SaL 3.00. 
BRUCE FORSYTH 
in LESLIE BRICUSSE and 

ANTHONY NEWLEY'S 

TRAVELLING MUSIC SHOW 
wiin DerpV Grimms 
, , Directed Oy BURT SHEVELOVE 
'll is Packed to bursting point with 
the Personality and sneer energy ol Bruce 

Fnrtvfh '■ Chr Fvnrae.E Tk. «w4ioiiea 


A the PoeL 


OPEN AIR REGENT’S PARK. Tel 486 
24 31, A MIDSUMMER NIGHT'S DREAM 
Red. Price Prrvs. Today al 2. JO B. 7 45. 
rtst Night Mon.}. Eras. 7.45 Mats 
Wad.. Thur. & 5al. 2.30 with RULA 
LENSKA. IAN TALBOT. ELIZABETH 
ESTEN5EN. DAVID WESTON HELEN 
WEIR. ANTHONY SHARP. 


WELCOME t 6*IHE CLUB.” l.N. 


Scales. TlmothV WesL Timothy West at I ■'Linda rnoraon . a revelation.” ribiea. 
Sydney Smith 1 
The Grand Tour 
Dere* Jacobi as Byron 
The Lunatic. The Later 


Foriyth." Sun. Express: ” The audience j 
cheered.” Sunday Telegraph. | 


DUCHESS. 836 824 3 Men. to Thun. 1 — — - 1,T 1 

Evenings 8 00. Fri.. Sat. 6.IS and 9.00 ! KING'S ROAD THEATRE. 


OH! CALCUTTA! 

*- Tbo Nudity Is sTunfiiiw.-- Dally Tei. 
8th 5ensaUonil Year. 


APOLLO. 01-437 2663. Evenings a.OD 
Mats. Thurs 3 00. Saf 5 00 and B.OO. 
DONALD SINDEN 

Actor or Ihe Year Er Standard 
•• IS SUPERB ' N.g.W 
SHUT YOUR EYES AND 
THINK OF ENGLAND 

•"Wicfcedlv funny.” Time*. 


DUKE OP YORK'S. 01-816 5122 

Evenings 8.00 Mat. Wed- Sat. 3 00. 
JOHN GIELGUD 
in Jpltan Mitchell's 
HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
•• Brilliantly witty ... no one should 
mhi It.” Harold Hebton (Drama). Instant 
credit card reteryatkm* Dinner and 
top-price seat £7 00. 


Mon. to Thurs. 0.0. Fri.. Sal. 7.50, gljoi 
THE ROCKY- HORROR SHOW 
„NOW IN ITS Sin ROCKING YEAR 
THE GREAT ROCK ‘N* ROLL MUSICAL 


PHOENIX. 01-836 2294. teenlngs 8 15. 
Friday and Saturday 6.00 and B 40. 
"TIM BROOKE TAYLOR. GRAEME 


ROYALTY. Credit Cards 01-405 8004 
Monday- Thursday evening B.OO. Friday 
5.30 rand 8 45. Saturdays 3.00 and 8.00. 
London cm >cv vote 
BILLY DANIELS ill' 
BUBBLING BROWN SUGAR 
Best Musical of 1B77 
Bookings accented. Major credit cards. 
Special reduced rate tor matinees *or a 
. limited period only. 


VAUDEVILLE. ^838 9988. CC. EMI.' 8.00. 

, Mat. Toes. 2 45 , Sat. 5- and B. 

-D' nab j SHE R ID AW. Ddkle GRAY- I 
Eleanor SUMMER MELD James GROUrl 
A MURDBB IS aMNOUNCIO . 

THE. NEWEST WHODUNNIT 

by AGATHA CHRISTIE 
*' Re-enter Agatha with another who. 
duortt bit. ' Agatha 'Cbr line is stalfclpg the 
West tod vet again with another of her 
fiemhshlv Mtiriosi murder rtntrlis.'' 

- ■ Fell* barker Evenftio- N ew- - 
AIR-CONDITIONED THEATRE. . • • 


ROYAL COURT.. 730 1T4S. .'.Last pert. 

Ton-t at ■ 9 00. 1 

THE GLAD HAND ( 

RaentN'miw'-n un'-'n "unT".: 1 b» Snoo Wilson. World Premiere. | 

THE ^IN VARNISHED Ttotm | “ Brilliant comic, wnimg.-- -.mes i 


VICTORIA PALACE. 

Book NOW. ■ 828 4735-6. 


34 1317. 


Eras. 


HAL . 

_ ANNIE . . . 

,7.80. Mats. Wed, and Sat Z.OS. 


- CINEMAS -V - 

ABC ,1- A 2s 5haJsp-.Uury Are. 8 38 .1* BT. 
^ PerfsT AlX'SEAtS *K8LZ'-V ' 

1. GRAY LADY DOWN (AJ. WlL- lM 
Sun. - 2 . 0 a UK -Ua..-- 

2 . THEJGDODByE GIRL CAJi. WV^and 

Sum J.OO. 5.10. 8.10. 


CAMDEN . PLAZA. . (Opp.- XtmdgtM- 
Tuber 485 • 24i3 .BrMi«e Fcmey J" 
Let Enfanty du phonf (AA 1 . 3.0S. S-Of?- 


7J0.. B OS TT4KJ. 


CLASSIC T. 2. S'. 4. Oxford Street % 
- Tmobflm Court 'IW. vW«t W?OHS 
' is'-AUa Bjt«, ■ smomi r we-' - - 
SJOOT <AA^r^m.-2 AHA *** 

5^5. . . Ckre Show - If- ^ 

Sl .OffikN-Hiwi grav:lAs 

fAJ, PrihK. 170, 3J5. 6.a5. a2 

t-show -If Pin.'. . ■ ■■ > _ . 

: 3EJ .VW It Olsnavi 'JUNGLE -BOOK 
*0«4 T <ui. . PriWV; * 
3A5. 6-OD. A .20. Lata 
■ AND 

MCL. German, Dwiogue- 
Ai BemstficKi's igA 1 
2 . 3 a 520. -8. tsZxaw 
TSOO Pan T (XJ.™ . ■_ 



jBoi 'lLVO P* 1 


ARTS THEATRE. 01-136 2132. 

TDM 5TOPPARD-5 , 

DIRTY LINEN 

H.l*r.*i.« . w .f ” Sunday Ti"i« I 
Mandxv to Tnu-Ulw ? JO F»iMv and 
Saturday a! 7.0 and 9.15. j 


FORTUNE. 836 2238. Era:. B.OO Thur. 3. 
Sal. S 00 and 8.0 O. 

Mu'ir’ Pavlow *% MISS MARPLES In 
AGATHA CHRISTIES 
MURDER AT THE VICARAGI 
Third G<e«t Year. 


LONDON PALLADIUM. CC. 01-437 7375. 
Mon. Tucs.. Thurs. ana Fri. at 8. Weds, 
and Sats. a 1 . 6.10 and a. so. 

THE TWO RONNITS 
In a Spectacular Comedy Heme. 
ALSO SPECIAL SUNDAY PERP5. 
TOMORROW AT S.O and 8.0. 

Bov Office Ooen Tomorrow at 12 noon 
for the Sunday Peris at 5 & 8. And 
on Sundays June 25 ano July 16. Special 


Boohing Hotlin e 01.437 20 55 
lyric” THEATRE. cc. oTTc 37 sane 
Ev. 8.0. Maj._T«ura. 3.0._5ri 50 * 6.30 


. Jl 1 . 1 Comedy by ROYCE RYTON ! SAVOY THEATRE. 01-B36 8888 

"LAUGH WHY I THOUGHT I WOULD I Opening June 13 TOM cr 

HAVE DIED ■■ Sunday Imcs. "SHEER * _ 

DELIGHT” E. Standard "GLORIOUS 
CONTINUOUS LAUGHTER." |.nn 


JOAN PLOWRIGHT 
COL'N BLAKELY 

FILUMENA 


PICCADILLY. 437 450S. Credit card bLOl 
836 1071-3 B SO a.m -8.30 p.m 

Ergs. B sat 4 45 5 8 15. Wert mat. !. 

Roval Shakeware Company in 
THE OUTRAGEOUS AOULT COMEDY 
by Peter lUicnnfy 
PRIVATES ON PARADE 
"Biwnarwa ir-iimpn ” 5 Exnreil. 

BEST COMEDY OF THE TEAR 
£v. Sid. Awa.rf ang SWT Aeie-rt 
Pir-ajr iioie- from 5 June peri limct I ~ __ 

will M Men -Fn 7 70 Sat 4 SO and ; THEATRE UPSTAIRS. 
8pm W-o Maf 11 J 
FULLY AIR CONDITIONED 


WHOSE LIP* IS IT ANYWAY? 
with -JANE ASHER 
" A • MOMENTOUS PLAY 1-URGfi YOU 
_ TO SEC IT." Gdn. 

Evgy at 8-0- Fri and Sat 5 4S tnd 8.45 


SHAFTESBURY. CC. 838 6596 

SnaWnburv Av* WC2 iHigh Holborn end' 
E>at at 8.00. Milt- Tmi. A Sat- 3 00 
JOHN REARDON and JOAN DlENER in 
KISMET 

" A SMASH HIT THIS MUSICAL HAS 
EVERYTHING '• S. M-rror. 

CREDIT CARD BOOKINGS S36 6597. 


r'yeni iwi ’7.30 p.m * 3 ° 2 5 J 4 ' 

1978 YOUNG WRITERS FESTIVAL 


WAREHOUSE- _ 

GlrdW.--MJ H(B. Royal ' Statkesfieare 
CamBaPYTpMGHTJTM Orrid.RudkUYi 
THY -SONS OF LIGHT. Sheer Poetic 
1 /*-. -Guardian. All - — 


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energy," .Guardian. _ah Lean si.ee-. 
AdtJflK Aldwycb. student Standby £1 



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TRENCHANT HUMOUR ' D. TBI 

** SHARPLY TOPICAL." F f, n 
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LAST-WEEK m this eolunrii-..'- 
June .FTel^ -. mentioned - tiie r 
; Kobert T^ra ! Hirsch ' CollectiotL’ 
which 7 . isVto : be-tiispersed jjyv 
Sotheby'sinaseriespfsalgfibe-- 

- tween r t^: ; 2&tfc - sad the 27 th.' 
of June.jMs jw^ until June 
S, there; is a Chance to see £ 

; selection of vm Hirisch’s-choicrat 

•. treasures lit an exhibition at the • . . — r.n- 
Royal Academy. , in some cases ’ Kfrv 
the.-works of an are -grouped f%£ 
exactly as they, were in bis home V^v. . _ 

^and treasure house> in the Engel- 

gasse^u Eaiel. , ^ .... -. , *•*;+£*? 

-■■ J-Bfeathtaking as ire the in- 
dmdaat items/ what emerees ' i, 

-most stxikingly from the exhibi- C " - “ \ , -ty 1 ; 

tion and theMour handsome ^ .. ' ' 

- volumes I of the sale catalogue The Mmjb Bumri Madallien attributed to Godefroid de Claire of 

'(9BLIing ; ai -£40 : the «etv ie the Anjei Representing. Operatio (Charity) from the Spandrels of 

6^ the ^i.Uector him- • ' . - ; ; • «*» Stavelot ReaWe. Circa USB. pan 

. self. 'It .is; impossible not to , . .''4.'. 

'sense that 1 Vo u Hirsch was a nad visi tea tae factory,. with his Hennitage. The enamel raedal- 
man of ; -ehbrmous charm and Jsarina, in 1913. lion form a reiable, illusiraled 

- humanity as well T of SS - Hirsch was thus already a here, is attributed to the same 
•exqirisite and hiJhivN^SLt^J distinctly rich young man. when supreme liith century artists, 

educated his -interest was turned in the tlodefroid de Claire and came 
taste, ^nd this -is confirmed by direction of art .and collecting from the Sigmaringen collet- 

- everyone who knew him or by friendship with the. newly Hon. “ " 

visited his collections. (Beliei’- appointed- director. of the Frank- Whatever he bought however 
ing that people should come to furt Sta^Iiches Kunstinstiret. — mediaeval works of art. old, 
art, and not art to people. _ ?{, ^dmj^rator^Von hirsch masler paintings and drawings J 

dehtb id \1s S hnm C0I h e ^ StU " remained in- Frankfurt until j m P r ®ssionists or the 20th cen- 
but was 1933 when political, events ^ry works acquired after his 
reiucxantxo send his treasures caused - him lo remove to marriage to the sculptress 
to exhibitions outside. Basel.) Switzerland. The price of per- Martha Dreyfus-Koch — he still 
■ As - a r collector, von Hirsch iaission to;.pniigr?ite with his exercised the same rigorous and 
enjoyed the two inestimable ad- e .otire collection was the dona- personal taste, 
vantages of time and money. ^ Qn ' Cranach’s T}ie Judpe- Hirsch clearly admired in art 
^Vhen- he died last November °/ -Poris .to the German — ancient or modern — the un- 
b e was 94; and had begun col- nat ^ on - { P? ct .^* was mannered, the human, charm, 
lectmg 80 years earUer when H to the^Kunsi- None of ^ he works at the Ata- 

brother together uyBasel. demy is ever aggressive in sub 

started the collection of French hj s friends say that his acute J' e ci or technique. Everything is 
and German first editions which business.sense never influenced superb of its kind, whether a 
remained one of his great loves, his coWerting:- be always bought Byzantine ivory or a Seurat 
His first art purchases were for ipve, and not investment sketch, 
made in 3907i when be bought (though with ,ai. connoisseur’s you detect areas of special 
Toulouse Lautrec’s La Rousse au in i er *^t- He clearly liked to find 

Carac o BloK and Pjcaao's Scene fo/fe^Iued mllectim of in uncb.rMterl.Ui- 

5lan l ards dls- mefUaei-alandrenaiBsance works - Sn °" 

eermng buys for a beginner. of mgjf WfeU been ^ i' Les Patmeurs a Longchamps") 

The Picasso was bought in collector’s inability to let pass whlch regarded as ‘cette 
Hirsch s native Frankfurt; and the opportunities^ :of several ^P re de la nature,” Lautree a 
because it had left France so exceptional, sales' in the late romantic and quite untheatrical 
•soon after. being painted (about twenties and early thirties. In portrait ("La Rousse") or a 
1901) this wonderful, sombre those ■ years "the. Tlohenzollern- comical dachshund, Bonnard an 
painting of shabby, people in a Sigmaringen.. : collections, the irresistible sketch of three 
dark Paris street has remained schoo, 5 ir ls skipping on their 

Slteie^othoCsiheXlofSt. * a - v >“«e. He also seams to 
recorded until now. . - - Blaise - by the rulers of Bruns- have ^joyed . seeing painters 

Even in 1907, of course, fine wick) and' several ^ other famous copying other roasters: Van 
first editions and Lautrec oils collections came oif. the market. Gogh interprets Millet's "La 
were not -exactly ineipensiveL' while the^Soviet -eovemment Grande Bergftre assise” and 
von Hirsch had gone, into his sold off a group jot treasures Cezanne a Ruhens nude; Dela- 
uncles leather house; as a from fhe Hermitages y : - croix, Ingres. Gezannes and 

youngster, and proved himself 

so good a businessman that he 

built up international fame for anniila or bracelet.thqugbt U »v . 

the firm. He'acqtiiredliis-" von from the imperial- regalia of a ?« e j 0 on Fuseli is revealed m 
after the .Grand Duke of Hesse, Barbarossa, came “' from . the hiS drawing of "Learning. 


:i*b icacner nouse: as a rrom tne aermitage; y.- croix. Ingres. Gerannes and 

It Up international fame for armiUa or bracelet. thought to be bel . n ‘ ^ tbe P. 301 . f 


State of play 
at half year 


■ ' '• — 


BY JOE RENNISON 

WITH MIDST.IMMER coming up 
soon and rumours of unending 
boom finally scotched (I hope) 
it is interesting to note what a 
couple of agents think abuut 
how the market has performed 
in the first half uf the year. One 
is in a fairly restricted area nn 
the smith coast, the other has 
□fiices in many parts of the 
country— but The message seems 
to be the same. First the 
thoughts of .Tacksnn and Jackson 
who operate nut of the New 
Forest area. 

Nimeen seven iy-ej£]?t began 
with bitter weather, a shortage 
of houses, a surplus «r buyers 
and ample mortgage funds. It 
was with this background that 
they witnessed a transforma- 
tion from a buyers* to a sellers’ 
market, and with this an inevit- 
able increase in house prices. 

The values have risen in the 
past five months by an average 
of 15 per cent and. whilst they 
cannot see this dramatic rise 
continuing, they still expect 
there io be a further rise of at 
least 5 per cent over the year 
as a whole. They are forecast- 
ing that over 197S it is likely 
i hat there will be at lea?t a 
20 per cent increase in values 
nf most of the properties in 
the New Fnre-t area. 

The Government having 
placed a restriction on lending 
by building societies has 
caused an obvious blowing 
down in the time it Jakes fur 
certain sales to proceed through 
t«i contract srage. and this has 
resulted in the building up of 
chain sales. 

The type nf properly in 
demand at the momenr includes 
4/5 hedroomed family houses 
anywhere in the New Forest 
hetween £50.000 and £75.000. 
Terraced houses and bungalows 
are also popular close to village 
and town centres. Properties 
overlooking the Lyraington 
River or the Solent continue 
to he keenly in demand. 

Valuations have not been easy 
over the past five months, and 
it .is now more the rule than 
the exception that properties 
are selling for the prices being 
asked, except in the few cases 
where prices have been wildly 
out of line. There have in con- 
sequence been a number of 
auction sales so far this year, 
but the majority of property 
still seems to be sold in the New 
Forest by private treaty. The 


vendors are also beginning to 
realise the advantages uf a sole 
agency, whereby they appoint 
one agent entirely responsible 
for the disposal, advertising, 
handling and negotiating for 
their property. This can avoid 
confusion as between agents and 
clients and. in the long run. sole 
agencies do in their opinion 
benefit buih the vendor and 
purchaser. 

Wilhin the pan month there 

has been a considerable increase 
in the number of properties 
coming unio the market in the 
New Forest. Vendors perhaps 
feel that after ihe long winter 
now is ihe time to sell, and 
especially if house prices are 
not going to rise quite so drama- 
tically during the second half 
of the year as they did in the 
first half. 

The possibility of an autumn 
election still remains and, 
should we be going to the polls 
in October, it is bound to have 
a temporary holding effect on 
the market until the result is 
known. 

Jaeksnn-Stnps and Staff, who 
have many u Rices aruund the 
country, take a philosophical 
approach to the whole situation 
but basically remain well away 
from the bullish stance taken by 
sunie agents. They say that 
it is i merest ing to contrast 
the reasons behind the recent 
upsurge .in house prices, as 
compared with the boom of the 
early 19?ns. which came about 
almost entirely as a result of ihc 
steady increase over the . pre- 
ceding four m five years of 
people's purchasing power, in 
an almost static house market. 

Since the rapid decline in 
values of late 1973 and 1974, 
which brought grey hairs to 
many a crown, at the frightening 
escalation nf interest charges, 
where two properties were 
owned, often for -lengthy 
periods, vendors have been 
extremely wary of purchasing 
an alternative property, until 
the sale of their present house 
was well under way. This trend 
was, however, completely re- 
versed in iaie autumn of 1977 
and has accelerated so much in 
recent months, to the extent that 
hardly anyone has bpen pre- 
pared to seriously offer their 
own property until an alterna- 
tive had been secured. They 
consider that this unwelcome, 
though understandable trend. 



has had a major effect in the 
upsurge nf property values, by 
creating a totally artificial 
shortage. 

Without exception, their 
offices throughout the regions, 
while extremely active, report 
a picture of depressingly little 
choice of property on the mar- 
ket for the time uf year, which 
has naturally led to an un- 
healthy and over exuberant 
rush after anything st all 
attractive that comes on to the 
market 

A marked upsurge in the 
number of auctions is evident 
and. indeed, it is a bold agent 
ihat wells a properly in advance 
of an advertised auction, when 
results are achieved like that 
or their London office, when a 
property known as Avon tiot- 
tage, near Salisbury. Wiltshire, 
a I6th century house with 
frontage to a river, with six 
bedrooms and three bathrooms, 
which was expected to realise 
£70.000 and for which a figure 
or £95.000 was paid. In Cumbria, 
the Lorton Pork Estate, 
comprising a Georgian style 
country hnuse. in need of 
extensive repair and having a 
tenanted cottage attached and 
some 27 2cres of parkland, 
realised £117.000: a figure 
nearly double the anticipated 
reserve price. A more modest 
property in Cheshire, compris- 
ing an attractive period farm- 
house in three-quarters of an 
acre, but requiring complete 
renovation, which had failed to 
sell at auction last summer, was 
re-offered this spring, haring 
suffered a severe battering from 
the elements and vandals this 
winter, at offers in excess of 
£15,000. Such was the demand 
that over 12 offers were 
received the first week and it 
was sold for around £25.000; 
emphasising the trend towards 
modernising and restoring 
older houses. 

Reports from their West 
country. East Anglian and 
Cotswold offices underline the 
ever buoyant market for coun- 
try houses with land, but there 


are a few signs that as more 
properties have come on to the 
market since Easter, the price 
increases have steadied and 
over-priced second rate houses 
are finding a slower market very 
different from the 1970s boom, 
where literally anything sold. 
In the £30.000 to £35.000 range 
the Government instigated 
mortgage famine has had a 
marked effect: more especially 
in their nonhem offices, where 
a recently renovated four- 
hedroomed farmhouse with two 
and a-half acres failed to 
achieve a single bid at a recent 
auction, although three buyers 
in tiie room expressed keen 
interest afterwards at a figure 
in excess of the reserve, pro- 
vided a delayed completion date 
could be accommodated. 

The market in properties in 
the coastal regions of the coun- 
try seems unahated. The house 
with a boathouse in South 
Devon achieved towards £60.000. 
while a bid in excess of that 
figure was paid for a 17th cen- 
tury house in 'eight acres, near 
Conway. North Wales, and on 
the south-west coast of Scotland, 
near Kircudbrightshire. a 
development of high quality 
luxury, Norwegian style log 
houses, which were originally 
on offer at fiu.000 are now sell- 
ing for £17.5oO: a particularly 
good investment in a little over 
three years. 

The buoyant market is not 
confined only to older country 
houses and, despite the high 
cost of new building, both our 
Midlands and North-West offices 
report unprecedented demand 
for one off individual four bed- 
roomed houses on quarter to 
half acre plots, at prices up to 
£45,000 and at a recent auction 
in the Wirral Peninsula, twelve 
miles from Liverpool, a quarter 
acre single building plot 
realised the staggering figure of 
£19,500. 

There are. they feel, darker 
clouds on the horizon, in the 
form of rising interest rates and 
increasing speculation of a 
General Election, a certain 
dampner on any property 


Strutt and Parker, acting OB 
behalf of trustees, have been 
Instructed to sell this very 
fine Georgian former rectory 
near W no db ridge (n Suffolk. 

It comprises hall, 4 reception 
rooms, kitchen, utility room. 

5 principal bedrooms and 2 
bathrooms with 4 further bed* 
rooms and bathroom and oil- 
fired central heating. Further 
land and also a modernised 
3-bedroomed cottage might be 
available if required. -Offers 
arotmd £75,000 are being 
invited for the freehold. 
Street and Parker. 11. Museum 
Street, Ipswich, Suffolk. 

market, which reluctant vendors 
would do well to heed. We have 
no doubt that a lot of the 
apparent hysteria experienced 
in recent weeks would disappear 
if more vendors were prepared 
to put their properties on to the 
market before they had pur- 
chased an alternative, this in- 
creasing the pool of available 
houses and helping to stabilize 
prices in their own interests. 

Turning to the agricultural 
market, the steady increase in 
prices of top class farms con- 
tinues unabated, with many 
European buyers coming into 
Lhe market, reflecting that, 
even at £2.000 per acre, British 
land is cheap, in comparison to 
most other EEC countries, but 
expensive as it may appear 
when contemplating the pur- 
chase of a farm, it must not be 
overlooked that the price per 
acre indicated, often includes 
substantial capitalisation by 
way of farm buildings and in- 
variably. a sizeable house, 
representing many hundreds 
pounds per acre of the sals 
price. 

In conclusion, they refer to 
their end of year report for 
1977. when they predicted an 
uncertain market in the spring 
nf 1978, hut felt that prices 
should hold up and continue to 
rise steadily, if the usual spring 
influx of properties on to the 
market had taken place, these 
predictions might well have 
proved more accurate than what 
has in fact taken place. 

Rapidly escalating property 
prices help no-one for. in the 
end. it is all relative and what 
really counts is the ability to 
buy and sell in the same market 
conditions: in other words, 
one is contemplating a purchas^ 
it is wise to contemplate a salt 
at the same time. 

It is to be hoped that as 
more properties come on to the 
market, prices will tend to 
stabilise and may rise more 
steadily and we would be 
relieved of both the words 
"boom” and "gazump” and 
the inevitable resultant crasli 
when It aJl comes to an end. 


rib 


r ' ‘e*-: 




North Essex 


• 990/Acres 

' The Halstead Estate J 

Freehold agricultural Investment comprising 3 farms 
and other land totalling 901 acres /and good commercial 
woodland ' yielding £14,000 "per annum. ■ Rent Reviews 
at Michaelmas 1978. •• ' ... ’ , 

' For sale by private treaty- as V whole or In 2 lots 

SAVILLS. 8 West Stockwell ;Street, • Colchester, Tel: 
(0206) 47041, and 136 London Road, Chelmsford, Tel: 
(0245) 69311. Solicitors: Farrer & Co., 66 Lincoln's 
Inn. Fields, London WC2A 3133, Tel:; 01-405 8432. 


Lincolnshire 


600 Acres 


Sleo/ord 4_ miles, Boston 13 miles, Lincoln 19 miles 

An outstend ing commercial arable farm with excellent 
modern' buildings. - 3 cottages, gramstore for 1,600 tons, 
new implement/general purpose shed, traditional range 
"of buildings, .potential: building' land, sporting righis. 
With vacant possession except .'where; 'otherwise staled. 

Tender as- a whole or In lots; on 28th June 1978 

SAVILLS, 20 Grasvenor Hill," London W1X 0HQ, Tel: 
01-499 8644, and- Springhill- House* Springhili, Lincoln. 
Tel: (0522) 34691. . . 7.' 


Royal Deeside--Aberdeenshire 

Banchorif 8 miles, Aberdeen 11 miles 

; . " The Upper Dram Fishings 

One 'of. the River Dee|s most famous spring beats 
renowned' for' its attractive' and easily fished water. 
3.3 miles North Bank ; with ,7 named pools. 14-year 
average— 144 Salmon. . Modern- Gbilll®’s cottage. River- 
side Fishing “Lodge." 

SAVILLS. London Office. Tel: 01499 5644. 

J, T. SUTHERI^AND & 'CO., Bank, oi Scotland Buildings, 
Brechin. Angus: Tel: (03502) -2187. 


Sutherlarid^-Strath Brora , . 

Brora IS miles f Inverness 200 miles 

Ideal family sporting retreat with superb shooting lodge- 
3 reception rooms, utility room, S bedrooms, 4Jba.tbroonris. 
Garaging for 4 cars. Seaside -pavilion; Sporting HJgnts 
over 2,500 acres: Offers in excess of £55,000. 


SAVILLS, 20 Grosvenor Hill. London WIX 0HQ. 

Tel: 01499 8644. - 


JOHN D. WOOD 




TRURO 12 Miles 


FALMOUTH 5 Miles 


A COMPACT RESIDENTIAL DAIRY FARM 
HIGHER TREGARNE FARM, MAWNAN SMITH, 
FALMOUTH, SOUTH CORNWALL 
ATTRACTIVE STONE BUILT FARMHOUSE 

3 Racepuoa. 3‘< Bedrooms. Eneanve Farm Bail dines Uk-IuOing Cow 
Kennels for SB. Gascoigne Slurry Store. 5, 10 Herringbone Parlour. Silage 
Clamp. Barns and Traditional Buildings. In all about Ho acres. 
Offer* invited tor the Freehold with Vacant Possession upon Completion 
..JOINT AGENTS... 

JOHN D. WOOD. 23 Berkeioy Square Office Htef. RHPi 
STRATTON A HOLBOROW, The Estate Office. Charlestown, SL Austell. 
Cornwall, PL3S 3NJ. Tel: 07U 40K2 


TRILEY COURT, ABERGAVENNY 

NEWPORT AND M.4 MOTORWAY 9 MILES 

2 Halls. 3 Rec. Rooms Cloaks. Modern Domestic Offices. 
9 Bedrooms. 4 Bathrooms. Planning Consent for subdivision 
applied for Two Separate Flats. 

Magnificent Situation with glorious Views to Skirrid 
. Mountain 

Stabling and Looseboxes with 12 Acres. Further Land and 
Lake available. 

PRICE £65,090 

Freehold with Possession on 1st September, 1978 

JOINT AGENTS 

j. STRAKER CHADWICK & SONS. Martei Sl. Oi*mbeT*. Abergavenny. 
Gweni. NP7 SSD 'Tel: M.3 3»2i j 
JOHN D. WOOD. Berkeley Square Office iRef JM’Bi 
23 BERKELEY SQUARE. LONDON, W.l. DI429 9050 



HERTFORDSHIRE 

Bishop* Kortlord 12 m.loi. London JB mrlw. 
a lira: class aoricullural estate 

THE ANSTEY HALL ESTATE 

nr. Buntlnglord. 

A most a d oca! Ing principal residence with 3 retention roorri. 6 bed reams. 
2 dressing roams. 3 bathrooms Grounds including moated castle site, 
swimming pool, staff collage and hat. 

Manager’s house and 10 staff houses. First rate commercial farm Buildings. 
Excellent grade 2 arable land. 

ABOUT 690 ACRES 

£79 ha.> 

With vacanr possession (subject to cottage occupancies) 

Auction as a whole or In lots (unless previously sold) 

THURSDAY. JUNE 29 
at Bishops Storttord. 

Solicitors: Trower. Still and Keeling. 5 New 5ouare. Lincoln's Inn. London 
WC2A 3RP. 

Auctioneers: Jackson- Stops and Sus. London Oihce. Tel. 01-499 6291. 

COUNTY OF HEREFORD & WORCESTER 

6 miles Ledbury. M.5Q 11 miles. 

A Fine Late 18th Century Property Listed as Grade li 

A- present occupied as a Secondary School, but eoualiv suitable ‘or 
institutional use or reversion to a country residence, together vy.th 
aporo»lma:clv 11 acres of attraeil»c narden* and ground*, including a lake, 
frontage to the Rner Frame and an Interesting Stable Block. 

For sale by Pr.nte Treaty. ReI . RvyR 

Joint Agents Bernard Thorpe & Partners. Worcester 'Tel. 28366'. 
Jackson- Stops & SUIT. Cirencester iOZ3S1 S33J. 


Geering ^Colyer 


SUSSEX— KENT BORDER 

Robertsbridpe 4 miles. Etchinphayn Station If miles 
< Charing Cross 80 mins.) 

A FINE PERIOD MANOR HOUSE IN 
SUPERB UNSPOILT RURAL POSITION 
WITH FAR REACHING VIEWS 

Entrance hall: cloakroom: 3 reception rooms; kitchen; 
utility room; 6 main bedrooms and 3 bathrooms: Self- 
contained Fiat Oast Building. Garage Block. Loose 
Boxes. Barn-Stores. Outstanding Gardens and 
Grounds with heated Swimming Pool, Lake. Deer 
Park, Woodlands, Paddocks. About 48-acres (20 ha). 

AUCTION IN JULY (unless previously sold). 

Cottages and further land available if required. 

Apply: 

GEERING & COLYER 
Heathtield (Tel. 4455). 


9 branches throughout Kent and, Sussex; 


Humberts 


Chartered Surveyors 

Formerly 
Humbert. Flint. 
Rawlence* Squarsy 


» • . 


j •: t*v 




„r" 1 I 


FINN 


dSONS 


18, Cattle Market. 
■ Sandwich, Kent 
Tel. 2147/3505 


EAST KENT 
Nr. Dover 224 acres 

rjmse^^wl A AJg> LE o/^u Mnp'' “ 

cottage occupancies). - 

. AUCTION’ 28t hr JULY "(ubless previously^ b r P nv *« 

EAST KENT 

Nr. Herne Bay 440 acres 

HIGHLY PRODUCTIVE F j^ n J’SSd'StS 

° ! ^ “r* 140 ACRES ' 

InrT^ prl^.tr^ 


HANTS/SURREY BORDERS 490 ACRES 

W/tfun 1 hour of centra of London. 

EXCELLENT COMMERCIAL AGRICULTURAL UNIT 
IN BEAUTIFUL COUNTRYSIDE 

FIst-*l*H mbit ind ttoclc firm with tour tuprrb coeugn. two of 
which hive been recantly doiwtructtil to i very h^h itirriird. Modern 
livestock building* ind grain storage facilities. - Compact unit of land 
in ring fence with good aesra roads and water supplies. For Salt 
By Private Treaty- 

Details: 8 Roflestone' Street, Salisbury (0722) 27274. 

HAMPSHIRE, BRAMSHOTT, HEAR LIPHDOK 

Hoilcmera 5 ml/ci. Waterloo 55. n)fm. 

A SUPERB MANOR HOUSE DATING FROM THE Xlllth 
CENTURY 

m a fine rurel atrting on the edge of a delightful village Medieval 
Banqueting Hall. dlmng room, drawing room, ttudv/brealclatt loom, 
(arm House kitchen, utility room, lour bedroom*, two bathioomt. Doub.e 
garage (potential itiff Bat over). Gardena and Paddock about fix 
acret.- Freehold in the region of £100.000. 

Detaifs: 6 Lincoln’s Inn Fields, WC2. Tel: 01-242 3121. 


BEACHFRONT PROPERTY 
BARBADOS— CARIBBEAN 

Prime hotel or apartment site — 7 acres, 1,000 
feet superb beachfrontage, all utilities, zoned 275 
resort units. Fine location. 

Contact: — 

Property Consultants Ltd. 

P.O. Box 697 C, BARBADOS, West Indies 


If you wish to buy — sell — rent or have 

REAL ESTATE 

managed in the 

PRINCIPALITY OF MONACO 

Write to: 

AGED! 

26 bis 8d Princess Charlotte, Monte-Carlo 
Principality oF Monaco 
Tel. (93 ) 50 66 00 — Telex 479 417 MC . 
Documentation sent free on request 


NORTH OXFORDSHIRE 

Ojr/ord 16 miles Banbury 10 miles 

REST HILL, OVER WORTON 
A FINE RESIDENTIAL AND AGRICULTURAL ESTATE 
Cotswold Home with 3 reception rooms. S bedrooms. 

5 bathrooms. Modern Domestic Offices. Staff Flat. 

Heated Swimming Pool. Tennis Court. 

Stabling for 11. 3 Cottages. Rest Hill Farm with 

modern farmhouse and 200 cow dairy unit. 

In all 267 acres with Vacant Possession. 

FOR SALE BY AUCTION i unless sold privately) on 14tb July 
as a whole or in 5 Lots. 


Joint Si'/f -I certs 

JOHN CLCCC & CO.. Church Street, Chesham. Bucks. 
LANE FOX & PARTNERS. Middleton Chancy. Banbury. 


(Tel: D2405 d711) 
<Tci: 0245 areas). 


USA— VIRGINIA 

Orapax, containing 670 acres, on the banks of the beautiful 
James River, -located in the lovely rolling countryside between 
Charlottesville and Richmond. 375 acres of fertile farmland, 
predominantly well suited for tillage, 4 lakes and 3 residences. 
Outstanding vistas from high ground overlooking the James 
River valley. Access to major highways, with excellent front- 
age on two State roads. $S50/acre. Brochure available on 
this and other similar farms and estates. 

FRANK HARDY, INC., REALTORS 

Farm & Estate Brokers Internationa! 

413 Park Street, Charlottesville, Virginia 22901 U.S.A. 



LONDON • EDINBURGH - CANTERBURY - CHELMSFORD ■ CHESHIRE ■ GRANTHAM 
r HARROGATE ■ IPSWICH -LEWES -SALISBURY • SOUTHEND 


SUSSEX— LEWES 

A GOOD ARABLE AND STOCK FARM 

7 BctJroomcd Georgian Farmhouse. 4 Cottages 
Central Rang? Bwldlncs. Weil rarmud productive land 
AhOUl Ami Doudand and 2W Acres Er do Wand 

ABOUT 567 ACRES (229ha) 

Wilt] Pull Vacant Possession 
For Sale t»y Auction As A Whole or. in lots 
i unless srenoiislj sold i 

Lewes Office, Farm Agency Department, 20V High Street, 
Tel. 07916 5411 (Ref. 6AA1285) 


London Office: 13 Hill Street wx 8DL Tel: 01-629 7282 


BEAULIEU, HAMPSHIRE 

A moat interesting late 17th century country house just beyond the village 
High Street. Seven bedrooms, four bathrooms, two principal reception rooms, 
stud/- garden room, kitchen and full domestic offices, oil-fired central heating, 
garaging for three ears. Matured and private grounds of just over one acre, 
with outlook to the oast over the Beaulieu River. 

for »le hr nubile miction In early July unless previously sold by private treaty. 


JACKSON 

& JACKSON 


The House on the Quay, 
Lymington, Hampshire 
Telephone: 0590 75025 


BKOADSTairs. Luxuriously fitted Marine 
Residence on me Kent Coast. • Fine 
seafront position. Newly designed to 
g.ve separate accommodation for family 
an d guests, two Elliabetn Ann kitchens, 
three luxury bathrooms with gold Plated 
fittings, six bedrooms fitted wardrobes 
and units, three large reception rooms. 
Sun lounge, hall, study, cloakroom and 
W.C Gas central heating. Carpeted and 
furnished to high standard. Heated 
swimming, pool. Garage tor two cars 
and earning SMCes Laid Out garden. 
Freehold. £125.000. complete with 
furnishings and egulpment. Details from 
A- J- Tanum A Co., 0843 6W79. 


EAST SUSSEX— A period country house 
with beautiful gardens of one acre. 
3 miles Ashdown Forest. 7- miles ol 
Tunbridge Wells. 4/5 Beds.. 2 Bath- 
rooms. Cloakroom, * Pec option Rooms. 
Kiitncn Breakiast Room Annexe with 
UtJiity.'VYprireeiM and 2 further rooms. 
Oil-fired central nesting Garaging for 3 ■ 
cars. Beautiful gardens ol about one 
acre. Many interesting features. Auction 
191b July T97S. or orivately before- 
hand. Apply St. John Smith A Son, 
The Bioadway, Crowborough, Sussex- 
Tea. 2833. 

FAMILY HOUSE. Sand erst rwd. 4 bedrooms, 
lining Sitting room n?' 4" « 13 10’f. 
sun oariour etc. Garden. Tei. Eastbourne 
(0323) 37&2B. 


BELGIUM 

Kapelfenbos (15 km from 
Antwerp) 

LUXURIOUS MODERN VILLA 

5pacious private apartments, 
assembly ■'room, staff-lodge,' 
guest-rooms, play or working 
space, sauna, tennis, garage- 
Splendidly la id-out garden wirh 
ponds. The situation and out- 
line ensure a strict privacy. 
Detoi f t Iron. 

“ IMMO E 3 * 

Tu mh outs e baa n 254 
B-2230 SCHILDE 
Tel. (9 a-m.-l p.m.): 

(31) 83 14 08 or (31) 83 52 02 



55 km east of Brussels 
18th CENTURY CASTLE 

Splendid 20 Ha park, 1 Ha lake, 
Buildings (castle, lodge, green- 
houses & chapel) and private 
apartments up-kept to a prime 
condition. 18 bedrooms and 5 
bathrooms. 

Detail] from: 

“IMMO E 3” 
Tumhoutsebaan 254 
B r 2230 SCHILDE 
Tel. (9 a-m.-l p.m.): 

(31) 83 16 08 or (31) 83 52 02 


i 

i ACCOMMODATION AVAILABLE Isr tet- 
Tf"0. Edinburgh. Attractive. *ullv 
furnished flat. Lounge, dming room. 2 
bedroom*, modern fitted kitchen, taib- 
towm. Telephone, central hearmo. 
Mur city centre but In quiet, pleasant 
turtAundlngs A«ail£0ie now to end 
SOOfcmber. including festival Teleohont? 
Out-667 2908. evenings. 7 till 10 - 


1 5ERVICE APARTMENTS. The Ivory He 
A special London apartment in each 
Venetian setting. Beautifully lurtu 
and serviced. Available irom i m 

SffW""" “ so p - w - TelMI 

COSTA BLANCA. Luxury furnished a: 
mens, time share ownership from £. 
Details from Dept, ft g. Bi 
Developments, 4 Wcvside Close. By" 
Surrev. KT14 7 OF. Tel. Byfleei 42 










14 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Finanlimo, London PS4. Telex: S86M1/2, 883897 
Telephone: 01-248 8000 


Saturday June 3 197S 




Western 




^FBANCQUr 





BY MARK WEBSTER IN KINSHASA 


V. 


KAMINA 


UK AND U.S. markets were mended by the Association 
closed on Monday. U.S. banks either this month or next 


on Tuesday: it has been a short The National Institute of Eeo- 

week and a quiet one. In "“"'i' Research 

t nnrir. .u j . . . , usually devotes more space in 

London the demand for gi t- jl& Review t0 Lncoraes policy 

edged has again been held t j, an to monetary affairs. This 
down by the feeling — even week's issue contains little refer- 
stronger since the return to a ence to incomes policy but a 
Minimum Lending Rate ad- monetary section which con- 
ministra lively fixed by the dudes that the Government will 
Treasury and the Bank — that be able to meet its target for 
the Government's targets for growth of the money supply 
the public sector borrowing re- without too much difficulty. The 
quirement and the growth of ma rkets were probably less im- 
the money supply will be diffi- pressed by this conclusion than 
to reconcile with one an- j, y two conditions attached 
other. Either the Chancellors to it _ ^at short-term interest 
commitment to strict control of rates win rise stiH Surther and 

H-t nr t0 A that domestic credit expansion 
»n d he T^noreri 5 « ^ is y ear wUl be considerably 
argument runs, or interest h 5 l1 " than , *f. fi ? ure » 


interest 


rates will have' to move still Government is committed, 
higher. 

Whichever alternative is 1979 outlook 
clmsen as the more likely, there _ . .. .. 

seems to be little case for rush- d,ff * rence between the 

in- immediately into gills, even S rowtil ol the ™ oney su PP |y ail . d 
though yields on long-dated don,e 1 s,,c c J redlt expansion Is 
stock have now risen above 13 l^gcly made up of movement 
per cent. The dilemma would ° n the fo y e, S n exchange market, 
be false if there were any pros- 'J ust “lb* ™ ne F *upp»y 
pect of the Chancellor announc- fasier tban in ' eDded whlle h f t * 
ing curs in public expenditure P ona >' fro ™ 
to at least offset the post- »* t ' ie ° fficial serves, so i 
Budget curs in direct taxation. «» «*** ™f p r J c ° “j^j! 
but there is no sign of this. e ^ 

With the probability growing “ w 'g wl £*JS 

of an autumn election, indeed. K'ULt imLw 

the markets seem to have dis- ®L D £ E 


... , growth. The reserve fell again 

missed this idea for the ume jjj, m(mlh ^ugh by cons Tder- 

There have been turn new at,l - v *“ 1 A , P V‘* ™* 

ST^n-then C toll'n. T.? U “° 10 support tta!! exchange' 
to strengthen the feelin^ that _♦ .......j „racnnf ia,-ai 


f e Lr nt L ‘ “; rate at around its present level 

9 naffc h ThP firlt — 3 policy which is being main- 

Teached a peak The first (of tJl j ne{ j __ and might have been 
obvious pre-election irnpnr- w but for X weakness of 
tancel is the outlook for mort- ^ dollar cauSed b the lalest 
gage rates the second the fore- u s trade and pric ‘ e stalistics . 
casts of the National Institute. Monetary ques ti 0 ns apart, the 

latest National Institute fore- 
Mortuase rates cast is undoubtedly gloomy. It 

7 . _ . . , foresees a short-lived recovery 


Mortgage rates 


The net inflow of funds into 


in output this year as a result 


t he building societies has fallen 0 j higher consumer spending 
sharply during the past few and ca pjtal investment, followed 
months. They have cushioned by a sharp deceleration in 
this fall to some extent by draw- growth during 1979, Becom- 
ing on reserves (which implies panied by a renewal of two- 
largc* net sales of gilt-edged In figure inflation and a gradual 
contrast to large purchases last rise in unemployment. The 
yean but will have to make scope for unilateral action to 
their deposit rates more com- offset this trend, moreover, is 
petitive if they are to continue described as small — principally 
lending at the same pace. It because it would reduce the 
seemed possible that the Govern- prospective payments surplus, 
ment, which asked them to P usb down tbe sterling 
restrict the size of their total exchange rate and exacerbate 
munsaae lending when it inflationary trends. The : econo- 
appeared that house prices m J c °>! 1, ° ok . idr tke UK - in 
micht rise sharply, would dis- ' IT, 1 )?’ EJSSXl 

I'/mr-iTo 4 Imm r r . m # _ i_ ■ _ ■ fllSflt 3 f tllC JUll £#00170/1110 

niarw'mntipv ia f lonri * Summit measures to 

more monej to lend. At this stimulat e growth and trade. 

weeks meeting [of a committee This week - 5 faiIure by the 

made up or Goiernment and Economic Policv Committee of 

building society officials, how- the OECD to accept a set of 

ever, no objection seems to have forecasts and proposals put for- 

been made to a rise in rates, ward by its officials is not an 

which may now’ well be recom- altogether promising augury. 


T HE swift and dramatic 
intervention of French 
paratroops in Zaire's 
Shaba province two weeks ago 
did more than just protect 
European civilians and invest- 
ment: it served yet again to save 
the political neck oE one of 
Africa's greatest survivors, the 
country's President for the past 
13 years, Mobutu Sese Seko. 

For the second time in just 
over a year it required a foreign 
power to defend the territorial 
integrity of the second biggest 
country on the continent with 
its 25m people. That Zaire was 
unable to defend itself against 
i rebel force of about 2,000 says 
something about the ungovern- 
ability of the vast country and 
i lot about the state of its 
Government. 

There is no doubt that the 
war in Shaba further weakened 
the position of President 
Mobutu both politically and 
economically. But as the meet- 
ing of Western powers in Paris 
on Monday will show, he is not 
without powerful friends 
abroad. 

The Paris meeting will 
examine fresh ways of propping 
up the crippled Zaire economy 
and will also look at the 
country's security problems. 
But some countries, notably 
Britain, are known to have 
strong reservations about one 
idea currently being floated — 
that of Western support for the 
stationing in Shaba of a 
permanent foreign force drawn 
From African countries (such as 
Senegal and the Ivory Coast) 
which take a staunchly anti- 
communist line. 

The West has already made it 
clear that it is not prepared to 
provide permanent combat 
troops itself for Zaire and it is 
only a matter of tune, probably 
one to three months, before the 
French and Belgians pull out 
But President Carter, speak- 
ing at the Nato Summit 
in Washington, underlined 
Western determination to stop 
the spread of Communist 
influence in Africa, and given 
Western aid, President Mobutu 
promises to remain a bulwark 
against Soviet and Cuban expan- 
sion in the continent. 

It was this consideration, as 
well as humanitarian ones, 
which prompted the French and 
Belgians to drive the rag-tag 
rebel army out of the mining 
town of Kolwezi. But not before 
the rebels had delivered a 
deadening blow to Zaire’s 
economic solar plexus. At first 
it seems surprising that the 
rebels could have done so much 
damage so easily, but a numher 
of factors were working in their 
favour. 

First of all they were among 
friends. The force which 
crossed into Zaire had its roots 
in the misleadingly named 
Gendarmerie, a paramilitary 
force formed by Moise Tshorabe 
when he declared the then 
province of Katanga (now 


Shaba) Independent in 1960. 
Some 6-8,000 of them were 
driven out of the country into 
neighbouring Angola when the 
secession was crushed and they 
have remained a thorn in 
Mobutu's side ever . since he 
came to power in a bloodless 
coup in 1965. 

Psychological 


victory 


The rebels were therefore of 
the same Lunda and Baluba 
tribes which inhabit Shaba. In 
many places they were wel- 
comed by the population as 
conquering heroes and even 
some of the Zairean army 
threw in its lot with them. 
Without foreign intervention, 
there is no doubt they could 
have stayed as long as they 
liked. But there was no need 
for them to stay any longer — 
they bad already achieved a 




In the face of a well-armed 
and, to begin with, well dis- 
ciplined force, the Zairean 
army melted into the bush. De- 
moralised by irregular pay, 
poor training and successive 
purges to stamp out opposition 
to the Government, it had no 
heart for a fight and left the 
European population as. well as 
the Zaireans to' the mercy of 
the rebels. 

And the rebels will be back. 
Intelligence reports and satel- 
lite pictures suggest a fairly 
sizeable force may still be in 
Shaba preparing for another 
strike. 

There is a very' real panic 
atmosphere in the regional 
capital of Lubumbashi. It would 
not take much Jto put the entire 
white population of the town 
to flight and many are already 
leaving. If the whites went, 
the economy would break 
down. 

The West obviously does not 


resist interference in the murky 
world of Zaire's finance. How- 
ever, .the West is riot only, trying' 
to prop up President Mobutu, it 
is also anxious to get - Zaire 
back onto a r sound economic 
footing to recoup si«me of the 
$2bn to $3btr the country Owes 
in both official and. commercial; 
loans. . • • : 

One question Western nations 
must be asking themselves is 
whether, after the Shaba 
debacle, Mobutu is really still 
in control: He certainly thinks 
so. or he wouldn’t feel comfort- 
able leaving the country for a 
long trip around Europe -and 
Africa now, while the country 
is in such a mess. And. on his 
tour he will not have failed to 
point out to fellow heads of 
state that throughout the week- 
long Shaba fighting there was 
not a hint of a sympathetic 
uprising elsewhere in Zaire... 

The lack, of sympathetic un- 
rest is not just the ' result of 


\ S b alb a 
MUTSHAreHA V , ■ 


LU8UMBASHI 


ANGOLA 


LUSAKA^ 




111 

pH 




mere -fact that Zaire is 'drawn, said \ dffdomat: B lit.'th 
on a map gives an artificial im- won’t put up . wi th- it f ore ver.^.-- 
pression of nationhood which-. Is ' Solving Zaire'S -; economic ', 
still hot widely fedi on ■ 4fae' problems, wouli ' ; h'aye; been - an.-- - - 
ground. . appropriate, task, fdr., Hercules. 

Not that the President takes They dwarf-thdse-of ^uiaby dther ' 
any chances. Since he came : to '-less developed .counBriesj . yet .- 
power he has pursued an active they were, born; of tbp.country’s - 
poHcy of suppression of opposi- very prosperity during " the 
feion, both real or imagined. The boom- in copper prices durigg. : 
civilian population As waAobed 1973andl974..- - - ... .- 

by Abe secret police ot the lt was^t this time that 2aim 
National Documentation Centre “began - .to -borrow-' very heavily, 
(CND) and in the army (here without anyone, calcakitingauitily . 
is a parallel hierarchy to the too .late how . deep- the country — 
military command which owes getting - into debt- ■ 

its; allegiance directly .to' • - To i-this; was , added- ’ generkl" ' 
Mobutu. . economic lnefiroeney; nbrab^y in : - 

There have been 7 numerous the., agricul tural 'sector:; .Zaire, 
purges An the army, especially once self- sufficient in food pro- - 
after last- year’s fighting' in duction, now has a -food import . . 
Shaba. In March -this year the WU of $300m>a year. The econ- 
Pres ideal .ignored international °™J.^ as ^ ecome completely lop- 
appeals for clemency'., and s ? d 5 d *.- - — - 

executed 33 people, including • c ?£* wf '■ CQBalt:-accoonted 
nine army officers, for allegedly f or SO pef cenh bf export earn- 
plotting a coup. mgs just before, copper- prices 

Observers say Mobutu holds When_ the. fail; cam*, 

the country 

rors, string and bits of chewing 1 n ^ -u-^- 

guin." But whatever Westerir £- e revenue in .3973. Meanwhile,: 
reservations about the man and debt .■ servicing: rapon -Jias ; 
his policies, there -1 is no onfe. " 

obvious alternative to him be- r •: 

cause he has taken-- pains — 

make sure there is hone. Pro- .••*' V.' ' ’ 

mising newcomers. to the politi-..,. . a - ;4:.; s -.|.. 

cal scene are. eased; out before:' ... : v 

they can form a power base of .\'K -v-, ..'5 e 

their own. . Aa autidpated newilmm^of % 

:The President continues to ywnm; fmm k consortiuhtW^ 
hold the reins, though the horse led . by GitlbAnJCwi^^a®. 





President Mobutu at the Elysee Palace earlier this year with President Giscard d’Estaing: 
Monday's meeting of the Western powers in Paris will look at new ways of propping up 

Zaire's economy. 


thing which could finally over- implemented, hut therhls littie v , — 
throw him is - the economy. v likelihood of the TMF packige ! 

- Most- of the people are_ not being put into effect in’the near . - >4 
against the President But there future. - ' 3 - ; » 


major psychological victory by 
driving the white population 
from Kolwezi. White technical 
expertise puts the iron in the 
country's otherwise anaemic 
economic bloodstream. 

Western strategists believe 
the rebels intended to mount 
a hit-and-run raid. They were 
not simply ageing exiles hun- 
gering for their homeland, most 
of them were young men well 
steeped in the ideology of their 
adopted country. Though there 
is do conclusive evidence of 
Cuban participation in the in- 
cursion, there is little doubt the 
rebels were Cuban trained and 
their aim was not simply the in- 
dependence of Shaba, but the 
overthrow of Mobutu and the 
end of the Congo’s pro-Western 
stance. 


want that to happen and the 
U.S., Belgium and France, in 
particular, will be looking at 
ways of reassuring the whites 
and containing, if not defeating, 
the rebels. 

However, the idea of a 
Western-supported pan-African 
force presents immense pro- 
blems. To whom would it be 
responsible? What would be 
the definition of its-task? 

Whatever the West decides, 
either as regards the economy 
or Zaire’s security, it will lay 
down tough conditions to Presi- 
dent Mobutu over the running 
of bis country. 

President Mobutu has shown 
a public willingness to put his 
country under the tutelage of 
the International Monetary 
Fund but is said in private to 


Mobuto's brutal repressing of 
dissent but also of the purely 
physical communications prob- 
lem in Zaire. One thousand 
miles from Kolwezi, the people 
of Kinshasa bad to depend for 
their news on the Government- 
controlled media. Foreign 
papers and news magazines 
were carefully vetted before 
going an sale. 

There is no doubt that 
Mobutu is intensely unpopular 
in many parts of the country. 
But he can count on the frag- 
mented nature of his opposition, 
divided as it always is along 
tribal and ideological lines. 
Among the 250 tribes of Zaire 
with their many languages and 
different cultures there is no 
common cause stronger than 
their mutual antagonism. The 


e*i uiKy are going ’io go around 5 per cent -a year in' \ • 
said an unusually outspoken 1976 and The 'same pesst- . 
taxi driver- And there are per- j^stic ■■ forecasts . j were, being- -■« - 
sisfeni^ food shortages. . . . ^ j t made; for 1978 even: before ihe ‘ - 
In March. --flour .“was ra sfcprt gofcting : ; 6xnke^_dut T Foreign 1. . ■" 
supply in ^Kinshasa and bread; ^gjjnhge : ’is desperately 'Short ' ■ ' 

shops in the city were ;empty. mM' win get^even mdre scarce,., 'rr. 
In country areas, flour. has been now. that the. mines, which 


food, is now the equivalent of If. the West were to provide ' :i - 1 ' : 
a rural worker’s monthly .wage both military ahd economic aid 
and the sacks, just-eneugh to-ahd lay flown strict guidelines : :*2f L. . 
feed a family Tor a monthrare on how- tb; -rim . the economyf. ' li : 

getting smaller. In . the country President Mojmtn would be able - ' .• 

a -jar of caterpillars., finds • a to coun{. himself .secure for as .t-s. ' 
ready buyer. . • * longas he.wanted to .stay. But . ...... 


come- mostly trom people 
stomachs. "Iti incredible wha 
they have been putting up with,' 


was not.boria.to rule 'Zaire? 


Letters to the Editor 

Good life ' ry „ 


From Mr. H. .)/. F. Mnllert 

Sir. — 1 read with interest Mr. 
.1. Smith's leuer iMay 31). his 
second on rht- financial advan- 
tages of opiinc out and taking 
up whai he describes as the 
“ good life." 

Ir seems that this has so far 
invuived collecting unemploy- 
ment benefit, lax and pension 
rebates, and a profit on amateur 
< private) improvement of a Vic- 
torian properly. Ahead fur Mr. 
Smith and his common law wife 
lie larger, but a.< yet unrealised, 
profits from further development 
in much more expensive property 
fields; and even further on the 
horizon, dealing in- the export of 
antiques, and writing books 
about them, mainly in order to 
be able to set off huge expenses 
against nebulous future earnings. 

It may be too late for Mr. 
Smith, if he really exists, which 
does not worry me much, but in 
case your readers should be 
tempted to adopt a similar 
course u tittle amateur advice ; n 
ihe opposite direction seems 
timely. 

Starling backwards, it is very 
difficult to make a living out of 
writing, even about antiques. 
You haven't only to write, you 
have to find a publisher. Tax 
men, as writers and publishers 
are aware (and as a bit of each, 
in a small but. at least regularly 
profitable way. I should know) are 
resistant even to justified ex- 
penses against earnings. Over- 
seas holidays spent on sunny 
beaches, allegedly researching, 
arc just not bn. 

I am also reasonably convinced 
that trading in antiques is very 
risky and needs a fair amount of 
c.ipilal, not tu say expertise. 
Developing properties privately 
owned on the assumption that 
prices always go up and that 
buyers and sellers are always 
around to suit your plans is one 
of the quickest ways to bank- 
ruptcy the statisticians know. If 
ever I read a phrase portending 
doom it was Mr. Smith's analysis 
to the effect that “at an annual 
compound interest rate oF in 
per cent the house could be sold 
for £ 100.000 in five years' time. 
The return is thus £10.000 a year 
tax free . . . and the investment 
is safe.” My father bought a 
house aFter the First World War 
and it didn’t reach the purchase 
price again until the mid-fifties. 

Mr. Smith would do a lot belter 


to try to get his old job back, 
even to marry his common law 
wife in case Ihe tax situation 
ever makes it worth her white to 
leave him and shack up with 
some more expert property 
developer (and there aren't 
many of those, either, as the last 
slump showed). He could even 
develop, in due course, a sensa- 
tion of leading the “ good life ” 
by making a contribution, 
through work and lax, to a 
society with many faults (who 
more aware of it than one of 
the self-employed.') but also 
many advantages. It can he 
great simply to feel that you 
aren't a parasite. 

H. M. F. Mallet t. 

26. Chapel Street, 

Bradford. 

Values 

From Mr. D. Af. Toft. 

Sir. — We are told that money 
is not wealth bui a claim on 
wealth. Quite so. but the whole 
problem of money is that the 
State has appropriated to itself 
the monopoly rights of produc- 
ing what its subjects are obliged 
to accept as legal tender. This 
might work if governments could 
be trusted not to tamper with the 
purchasing power of these 
claims by recklessly increasing 
the supply of "claim units " thus 
defrauding their creditors and 
towering the value of the means 
of exchange. The virtue of gold 
is that it acts as an automatic 
and universal regulator of the 
value of “claim units” and 
therefore acts as a constraint on 
governments and is abhorred by 
them for this reason. Because an 
increasins number of people no 
longer have any confidence in 
the ultimate managers of their 
wealth they are turning to gold 
which will establish itself as an 
authentic parallel - system of 
exchange. 

D. M. Toft. 

Warren, Cameron and Company, 
Church Houffc. 

Godaiming, Surrey. 


Gold hoard 


From Dr. Geoffrey Middleton. 

Sir.— Mr. G. E. Lee (May 25) 
calls distrust of the present 
international monetary system an 
“ obsession ” and . suggests' that 
permission to buy gold "as a 

commodity” would satisfy those 
who arc alarmed at having to 
hold paper money. It is not just 


a question of what people hoard 
— that can be done in gold now 
in most of western Europe— but 
of how to make investment in 
industry a safe monetary proposi- 
tion. At the moment the lender 
of paper money, be it dollars, 
pounds or anything else, is invit- 
ing a certain long-term loss, 
the “financially incompetent " 
governments of the world, who 
both manage the currencies and 
do most of the borrowing, are 
really pursuing a policy of 
clandestine confiscation. It is the 
steadily growing realisation of 
this that is now producing the 
greatest slump the world has ever 
known. 

The only two remedies Tor this, 
as the late Jacques Rueff pointed 
out back in 19T2. are the re- 
establishment of a gold standard 
or succumbing to totalitarianism. 
The attitude of the United States 
monetary authorities has always 
been ” I’m alright. Jacques ! *’ 
and to let the world's currencies 
co hang. Merely sneering at gold 
is not going to save the dojiar. 
and France's greatest economist 
happened to be right When the 
day of reckoning arrives there 
will be an avalanche of panic 
liquidation of credit and every- 
one will find, to their horror, 
that paper money, has become of 
very little value. Then, in 
desperation, dictatorship may 
well prevail, and Lenin fand 
Keynes) will have won the day. . 
Geoffrey Middleton. 

Blue Moon, 

1S67 Gluticrcs-nur-OHon, 

Vaud, Switzerland. 

Money control 

From Mr. Malcolm Roberts 

Sir. — The current impasse 
between the financial institutions 
and the government rests on 
the government's Canute -like 
posture over monetary control. 
Bank tending to the private 
sector and overseas has grown by 
£1.7bn during the last three 
months, in sharp contrast with 
the fall of £ 0 . 2 bn during the 
same period last year. On 
present policies 'it is highly un- 
likely that the £ 6 bn DCE limit 
can be met: indeed it would 
require the entire increase in 
institutional cash flow to be 
devoted to new gilt issues. 

In order to break the deadlock 
a much firmer commitment to 
monetary control is required. 
Everyone knows that the bank- 
ing system has moved to cushion 
itself against the imposition of 


the corset — this is now a dead 
duck. But the banks' reserve 
asset base is uncomfortably high 
even though money has moved 
oul of the country, and it is 
now up to the authorities to act 
on this ha.se. A 2 per cent cal! 
for special deposits would take 
£850m out of hanks’ liquidity 
and should quickly lead to a 
reduction in new lending. 

This in itself is necessary at 
a time of strong growth in real 
income*!, but more important 
than this direct consequence will 
be the impact on sentiment in 
the gilt market and the begin- 
ning. at long last, of the 
government's funding pro- 
gramme this year. 

Malcolm Roberts. 

Laing and Cruickshank. 

The Stock Exchange. EC2. 

Insurance 

From Mr. Peter R. James 

Sir. — The decision given in the 
court action Woolcott v. Sun 
Alliance and London Insurance 
should cause grave concern over 
the present agency agreements 
that presently exist between 
most major insurance com- 
panies and building societies. 

The plaintiff in the action 
owned and insured a property 
for £30.000 through bis building 
society in conjunction with his 
mortgage. The present state of 
affairs for the majority of build- 
ing society borrowers. The 
Uourt held that what was at 
issue was. in fact, two separate 
insurance interests, ibe building 
society interest (the amount of 
the debt). Ihe consumer interest 
(the amount available to (he con- 
sumer after repayment of the 
Building Society debt). As a 
result of this contention, it was 
found to be acceptable for the 
insurance company io pay out 
the building society interest and 
refuse the -consumer indemnity 
under the policy, in this instance 
for non disclosure of a material 
fact. 

Now the rights and wrongs of 
this case have already been 
decided, however, arising from 
it is the question that should 
concern us all. "how far ean 
the consumers* interest be preju- 
diced and how valid are the 
reasons given for so doing?” 

Under the present insurance 
company - building society 
arrangement, there is no evi- 
dence in writing for any indi- 
vidual contract of insurance. 
There is no proposal form com- 


pleted giving as is usual the I'd be a bounder to deride 

information that a prudent This bid to bolster Postie's pride. 

underwriter needs to know be- He sbould be dressed to play 

fore assuming an insurance risk. the part 

This does not. of course, remove Possessed of clobber pressed and 

the obligation of disclosing this smart, 

information on the part of the Resplendent in a welt-cut suit 

consumer, it simply means he With cute accessories to boot, 

musi disclose thi'? information to ^ budding rose In his lapel, 

■ "“TO con, P3ny s ?® cnt .' A subtle smell of rare Chanel 
j-e.. the building society, without And footwear fashioned to 
being asked. This, of course, has compete 
■tanuJUJ conuiaiiuns; ii assumes with beetle-crushers on the beat 

l „ e f ,r“r r 1S AH this they’re welcome to. and 

aware nf the questions the pru- 

And all the public now implore 

overt S|g«fioo > -,h^ r .he%om- TD a "" S fiaal ^->™ ad 

fisxa'iirsti sis; * ■* a *— » 

Fo e S'\..^ e f Try r ILiFed **£»* “' s aalii “‘ f “ aa 
knowledge shown by the average . T , ^ aiJ e _ ch a ft erT ,oo n 
person in all insurance matters, (ir-vi 
The latter is in fact far from w ® d *"* Wlth wara ? 
the case. Household Insurance . 

has become far more complicated A c f l ®?P er s ^ am P on Chnstmas 
in recent years, especially with 

the advent of subsidence and ^^ich postmen, out of hand, 
landslip cover, in addition to /T , 

which, the worsening claims earQ P rofits ’ we . 

experience in the household _ suspect). , 
insurance accounts uf most though it s nice to see our 
insurance companies is docu- _ P? SI . , _ . 

merited fact this has caused some Delivered by this well-groomed 
companies to insist on a supple- 

mentary proposal form, in j£_ sults salubrious and smart, 
addition to the normal docu- The wearers ought to take to 
ment as more information, not heart 

less is required on the property That some -day postmen wonM. 
at risk. . be needed 

The foregoing should . confirm If public pleas remain unheeded 
all potential building society Bernard Campion, 
borrowers to limit the property 34 , Treveneague Garderut, 
insurance with the building jfanadon, Plymouth, 
society to the amount betng lent. 

and to insure their own interest 

with much belter regard to their . 

own interest through their own %^Otnag€ 

insurance connections. «... ~ __ 

P R James. * rom MTm Dauiti G - Thomas. 

James, Hart Insurance Brokers Sir. — The real reason for the 

Hucclecote. comparative failure of The 

102 Insley Gardens. Franklin Mint and many British 

Hucclecote, Gltxucs. Mints (David Lascelles, Col- 


uiauiam-i; iuiiuuluuuo. rru 

P R Jauics. * rom ^' r - ^ouia G. Tnomas. 

James, Hart Insurance Brokers Sir. — The real reason for the 

Hucclecote. comparative failure of The 

102 Tnsley Gardens. Franklin Mint and many British 

Hucclecote Gltxucs. Mints (David Lascelles, Col- 

lectibles (May 27) Is that the 
■ designers of their commera lives 

do not know their craft. Many 

Postman 9 s knock fretwork. "^ nB " ^ 1 

From itfr. Bernard Campion Unfortunately, .the Royal Mint 

Sir.— A bright and lightweight 5 lt tte better, one has only to 
uniform, look at our Present coinage. 

For wearing when the weather’s If the designers would study 
warm the Georgian and Victorian Corn- 

Will soon be modelled in the... memorative Medals they might 
streets be Inspired anew. Until they are, 

By those we pay for postal feats, or new designers found, collcc- 
In short, another pleasing shock tors will, rightly, refuse to buy 
Will punctuate the postman's their productions. ' 
knock, David U. Thomas. 

As wc behold our mailman cool 24 Hcntherlea Road. 

Advancing through the vestibule. Bournemouth^ 


. When ypifte retired you wa at security ' 
without worry and micertamty^ For investors 
like you 3 Tyndall offer their Maximum ; v ; 
Income Bonds.-..-'- • ^.v 

For example at age 60 you could get %% 
per annum after basic rate tax in two ; ‘ . . .7; 7 ' 
payments pa: year for 10 years . For higfcer age 
groups the rate cari'be as much as &|%. Then 
you get your capital back in full, ItV V ' . 7 ^? : 
amrpletely simple and stiai^tforward.V ' 
■Once the Bond^fea^ir, yotir income. - 


. - You canmvest£iOda 
IfthzskzzuU 
: you.haveaa 
needsagobd rrauoje-] 

Freepost cauponnow 
telephaneLondon 01-242 9367 a \BristbI 
_32241 3 or EdinbUrgh(03y225 1168i - ■ 


TyxtdaO. Pcmffam Ixd, FREEPOST, 


Income 







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gamble on an impossible dream 


I , -r by STUART ALEXANDER 

^^ineqt t ^ '^Sj.pir^pg^ ^osg Pending Sands Has- and yet no British boat has ever ling company funds than any expressed about the man chosen. 

saU.boit to ■.KffiyJBjr auntie to toe Cots- -won more thaii two of the best- other pair in Britain. A dynamic Ian Hewlett, on the grounds 
■“* long L^speci&3aUy, de- pil a. ptniday^niternopn. of-seven series. And on an duo indeed. that he has not been in the 

dgned: to' ;; ’;- 'feie.Bj^tafir has' ah enviable embarrassingly large number of So the financial side is being mainstream of designing large 

! petfonhanc^-* ,-M .-.will ; : .sucmbs in the oc casions the Americans have handled professionally and an winning yachts. 

; abdut 'fSpSWr^jrtiis-'-. .another iCup^ways ' sailed Won .*** a straight four-to-nil international public relations However, Mr. Boyden pointed 

l £i,D 0 fr fht 'ext^^ iTi adiiman various margin. firm is there to back it up. The out that 1 2-metre design has 

t I ■ would hirig ttr.sDeiid-’abnot • events - dud. dinghies. This time, however, there one-man crusade has giveaway reached its opt, nmm point, and 

I i75<v are lewpMtons Who should be enough careful crew 10 business-like approach. m Ian How letts favour are seven 

I * l *” . IfltX ' UfiT ■ CVGZV AAnii ■ ^-2... av _ i ^ » . ■ _ . . T* Sc nnu* a wtnimefpial ec lafull voSrc Of DlSVino hPrtimrf u'irVt 


VVn 

.1M 


SAILED OVER 24-3 MILES OLYMPIC COURSE 


season._. T ..-_ ; _;^=.^ ; ... - ^ or 12- tuniiy for them to practise as a sporting enterprise. In 12-metre design in the water 

-inpstjijteciftle-" .wHi'-ffl^Vr-gacing-' -kkr -American against other “twelves" t 0 the outline of the scheme it ,s tanks nd iund tunnels of 
seem ai fear^iL waste’ <xf a v&y wateri-v^A- l£*mfitre- boat is ensure they are raced-tuned emphasised that yachting is an- Southamp q niversity. 
ris3**g2E£Zl^Ximti?-a' ^ Anterior* and «t ^i.teur 5 p„ r t and that the crew Much more important will 

^ - about^65 “feet lonz ™k-, ^ . . , will be amateur. However, probably be the problem of 

comparative .-tam U.k a pretty /While the Americans have w hen the challenge was first producing a perfect suit of sails, 

Minimal' budget V. 'V "SaeS^'V ‘ A- for sorae 111116 been , able to use explained to the British public and undoubtedly this is some- 

■ So - the -announcement -this ‘ •■". - •* .•’ /;.>• a more accommodating tax sys- Mr. Boyden said that he ex- thing that will exercise the 

week; that British Industry and ^ te “ encourage sponsorship, . pected employers to cast a minds of the committee con- 

the general 1 V . I/ITIV tHCKS and Swedes relied heavily benevolent eye on the time §iderably. Other equipment such 

askedto sbnnsor -. J:' ■ „ ' ? n Volvo toT toeir 1977 chal ‘ demands made on crew-men as mast, spars and rigging, deck 

and radne'nf T '‘ 7MaiQ y °f fhr$®er«re- dmlr Icnge, Britain has hitherto w hom they employ. If not, he gear and electronics are weU 
to vtake*nart ' b *® n *° N^P 011 *! wa y s depended on rich indi- sa jd, he thought that there within the capability of a British 

America' Cup serfK- - to. 'Jttift . to : beaten by viduals to dig deeply into their would be companies who would yacht equipment industry as 


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RHODE ISLAND 




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r DIAGRAM OF RACE 


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mat. .. D asked to' smnein* nuc'mnwiiM* - ' ’ ’ on volvo ineir cnai- demands made on crew-men as mast, spars and rigging, deck uirtunmni ur n«Lc ^ .y 

1 wi!h an d ractne'nf T '‘ 7MaT1 y °f <*al- Icnge, Britain has hitherto w hom they employ. If not, he gear and electronics are well "A.\ r/‘ 

Zi iT p- f| ^- to- beentoNewport always depended on rich indi- sa jd, he Thought that there within the capability of a British //>* • ‘'^v 4f~ *//* 

uld v.,. America'^ Cun vtKa before o . to bea ten by viduals to dig deeply into their WO uld be companies who would yacht equipment industry as // A*4 

ta^k f 2 *' tune- of nearly £2irr win no ^ and seasoned own pockets. be able to make arrangements highly tuned as any of its world / ’Va \ ' 

hoV r . :? r %Vhav^ cdused -'raKed evebrow^ of ‘ at ® y Our last challenge in 1964 was to. ensure that crew would have competitors. ' x a i A \ 

ed'/.^s everywhere, particularly those — b®e? subjected : to severe financed by Mr. Tony Boyden, good jobs on their return. To add a little gilt to the t 3 

m 0 r of .'a few committee members Psychological, pjfttfsures both on who is now chairman of the That seems to be as delicate gingerbread. Southern Tele- \ 

n'” '/ on leading chariiie^ '-- 1 - aI ?^ on^tELe^watey^and the British Industry 1500 Club.- a dividing line as possible vision proposes to sponsor a sriaruS am! ^ 

onr i- ■ --« . .rBritish .cohtifigpht Site ; already Although he has underwritten between professional and series of 12-nietre yacht races x \ fll .. 

a' pn '-^i a. that ^rftp.- I rn r ?L aily bud^tedboOtforii travelling the purchase of the first boat amateur status. However every- in the summer of 1979 to which ^3/ ctakt «?=^=?r.ni*pr 

. BrittcTi 1 r e ' war . games’ v^Kpert , .and a from Joyce Marine at Gosport, one is aware that there are the French, Swedes and even — - 1111 1 1 uv 

■;j s time S fajt ij^ nff -**'^ g Paraaent : 30f -dirty tricks *' he obviously hopes that this professionals in yacht racing — Australians have been invited. 

’row Ye^ ^!°“ e to take the battle; of the minds time enough money will be put staff of sailmakers and boat It is not clear how successful Although two years may seem three years after .their last The 1977 series co 

le h 0 i de ^ “ meil ?® n into the American camp. . up by industry to keep his per- builders are most prominent — the idea will be. but the pro- a long time, the first boat will attempt and able to benefit from approaching SlOn,. In 

. c -‘>-p th» fi' 1 er th sonai contribution within and before the war. when most spect of 12-metre racing in not be in the water until next the experience they have so ex- could easily rise at le 

mto aeij.' *. in p 0 W*at be ; beaten . ^ reasonable bounds. yacht racing was truly a rich British waters again is a stirring January or February. That pensively acquired. The same is cent. The "impossible 

36 sdded fore the bjt encruated 1 daeaer than ^ MUinxr ' The r ®cruitment of .Sir John gentleman’s sport, professional one. leaves only 15 months at best true of the French and the playing with such 

Scier,-. „ I? ™ tUo-Oattie begins. sauin^ Methven> director general of crews were the order nf the Even taking into account all before shipping out to Newport Australians— and all the other tovs. of competing so I 




a?3r^-?r. nwrr 


how successful Although two years may seem three years after .their last The 1977 series cost a total 
ie, but the pro- a long time, the first boat will attempt and able to benefit from approaching SlOn,. In 1980 this 

etre racing in not be in the water uati! next the experience they have so ex- could easily rise at least 50 per 

gain is a stirring January or February. That pensively acquired. The same is cent. The “impossible dream” nf 
loaves only 15 months at best true of the French and the playing with such expensive 

into account all before shipping out to Newport Australians — and all the other toy's, of competing so fiercely, of 


pnrrnrflrt rtatfi^thari ' The recruitment of .Sir John gentleman’s sport, professional one. 

Methven, director general of crews were the order nf the Even taking i 


» - , lenge -is theS pursuit of an to sether. . . .'_% v !y. t i a i men j n British industry is With the most experienced Ladbroke's. who will take a wants is donated a second boat approach run: early and sub- The tasli of Mr - Boyden, 3nd 

0ja t aci-.j “impossible dream” though The cup/ formerly . the almost unrivalled. men from the British Olympic bet on most things, is reluctant "-ill be built for launching in stantial cash flow, "unhindered his very able committee, is now 

; 01 es Wru surprisingly it adds that it also Hundred;Guiiiea Cup, has never 0 n Mr Bovden’s other flank yachting scene involved, the t o quote any odds at such long the year of the series. building of the first boat, good t,J turn fervour into hard cash. 

:/ ‘°9?erj. feels, the- challenge is “almost been wohSty' anyone hut the is Sir p frte r Vanneck, Lord fitne ^ aQd competence of the range, but privately the Ameri- To put that into full racing weather when it is launched to Whether the inducement of the 

/ ;h - - f 2l! ff exotic. *!■ . , Am eri dans!: -The -name of the Mayor of London a 1500 Club crew should not be a problem C2ns would probably enter the order and run trial races against allow the maximum number of use 3 campaign symbol. 

^ There will be" no doubt in -trophy 'Ilia*;' 'phanged' because it vice-president and, of course. and lhe promised 100-day work- f raxne at five-to-one’ on at this the first boat would leave the days on the water, and freedmn articles written for use by local 

s0 rTi e,i lhaa most people’s zninds, : both' in >’ a A first^wonby a yacht named ano ther yachtsman’ That takes up in New P° rt ahead of the stage. And the best odds given schedule very pressed, and from major gear failures. Any- newspapers. advertisements 

p/bS.Mea* and- out of yacht racing, that Araerirafm a race round the care of both industry and the elimination scries should mean by one knowledgeable yachting ■’twelves" being delicate crca- thing like a large hiccough naming contributors' names, 

ratia the project truly qualifies for Isle Wight in 1851. The 129 city and involves the support that 1110 best a PP roach P ro ‘ man after the announcement tures they cannot be sailed in would reduce significantly the and offers of a free limited 

rarnatitaiij. the adjective exotic, and has years to 1980 will have seen 23 of the two men who. between 8™“^® W <D be followed. was two-to-one against the Bri- all weathers. prospect of success, for there edition colour print at the end 

about *s much relevance: to challenges- some of the’ niost them, probably make more As for the design of the boat, tish boat ever making the final In contrast the Suedes will irilJ be little spare time in will be enough remains to be 

i everyday sailing as a rocket famous: from ^the British, Isles, speeches to more men control- or boats, some doubts have been series. be going back to Newport only which to catch up. seen. 


momic 

ckage 


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. force 





. * r? There are several claimants to '• 
\ : the title of originator .of mass 

' charter flight tonfiM, and one 

of- them - is Vladimir Raitz. 

7.7 : Since the coBapre of Horizon ; 
1 • " Holidays a few years. ago ltaitz 

' has kept a .lowish profile but 
5 / ;; nQW is bouheing back with some. 

^" V 1 vigour.' Even the old Horizon 
__ _ name glitters again- since- that 

■‘j-’ 1 ’ / brawny- quoted, one-time offshoot ^ 
of _the -former Raitz, empire, - 
T . . r Horizon Midlands,:, has been • 
gradually -'shedding the second 
v half of its hame. 

: - Raitz.is hot involved iiii Hori- ! 

;_V ’its. zon Midlands in. ainy - way, his 
V ;r r a venu e of touristic venture "e y.er- 
i/"---/ the past couple of years has 
/ been MedalUah:’ .Holidays, :.a 

Malta based - operatiob offering 



AsMcv A&htcoo d 


Raitz) new vintages 


wid 

ety? 


j - ■ < r; . i 
:^' k - 


holidays to V that Mediterrimeaii but Raitz is clearly determined carats of diamonds, mostly of Settlements Foundation to get Bob Strath, operations manager 
islani-Medailloh-has apparently to -stick- to it. At the moment industrial quality and therefore the whole thing off the ground, of the British Hovercraft Cor- 
prospered " and Raitz completed he 7 , and his team are busy test- not as . prized as gem stones. But what happened to Habitat? poration and not involved in the 
his come-back to. the establish- wg out tfie tours and the hotels Still,: the sheer volume is ^ yearSf and mm j ons of dispute. ’ .. ; 

ment fold at the. turn of the year himself is just oacK.rpughly the equivalent of wort js, later the foundation has We were promised “fresh 

whexr he- wils voted onto the from PortugaL -I suppose these Angola s total yearly produc- not yet got a home, altough one conditions, a northerly breeze 
Tour : Operating Coranuttee : of nHgnt be -.called dry runs. .tion before the civil war. is promised in Nairobi and a 1 to li metre swell in 

toe Assodatioh ; bf British Travel f-’ ,V' ; In fact, the discovery of Habitat has no executive mid-Channel." As the craft slid 
Agents; Always -a popular: figure :| ^ b - Premier Rose— named incident- director. The Secretary General backwards off the ramp at 

in the trade' Raitz once- agaiu LOW ... ally after the South African lady 0 f the UN has still to appoint Dover, the first sensation was of 

walks its corridors, of power. ..... . ' .- who will mark it up and decided 0 ne. and it has no money for a draft , of 3111 up one . s tr ? us . er 

In about three wee;kS: time ' V . .how it will be cut— is a 75th its task of improving the world’s leES.Thislaterpaled intoinsig- 

will see public evidence of Jhe will' . .. .’ :birthday present. Mining life-style. World governments nificance as staunch British ana 

next rstage of the; Raitz^saga.^ ^ hm * - lv in the operations started -in 1903, are supposed to pledge money Belgian stomachs coped with 

Towards the end. of the -month ;; me th e although De Beers did hot gain to the foundation, but up to wav ” t 'J lce ^ slze of rhose 

I the- first copies r:o£ Raitt’.a ^new news /rom time to ^“® ^ contro i until 1917. end January this year there was P rediCled ’ k t .. 

.corpoxate, Wochure shpuld . bft jrooy a *»ut tte premier Dur itig toe 1930s, a lean time only $1.56m pledged for the Those promiw* about mid- 

th. *ST. of which only J360.000 Channel ennditions were 
tive title of Alcolhdays. Raitz tnat it is not very mine was dosed down and when bad been paid up. remembered with some dismay 

5 Dr. Mosta.a ^oih, head of ^ *5.’“ tf"- g 

* SSSiSSi-SrtiSdrflA iadhe? ^Niarchos. the Taylor-Burton and litres of water had to be pumped UNEP (the U.N. Environment ner hour aSd waves 

1 SSttSSSh now the PremiS Rose of 353.9 out of its 189 metres depto. The Programme) who is caretaking ; ^ ZS£ 

to various deStoaflbna'r. this caral^but dividends have been mine was. and is, a huge hole in the Habitat Foundation * over S ft htoh 

LS “wS? hi h vibe. ud far between. the.groua'd. Nairobi pending toe appoint- 0V6r 8 " nign ’ . . 

notables" andbob viveursas last year Mr Harry Oppen- Now a new life is about to m ®“t of an executive director Ste war des ms, so me who had 

3 Cyril Ray, Jflan Hall and’ David, ijeuher chairman of De stmt. There have been negotia- and an admistration, said a beer i with £ 

VnniSnTnriwn . lAvisill? i SOd eimer, ^ ... . . u as tlons with tiie" South African target of $50m was a minimum inception in 1988, served drinks j 


with British Rail Seaspeed’s SUNDAY— National Union of l?rt i - fcT * < rktn5r> ‘njnpr tralia. arrives in U.K. for five days 
new Super 4 hovercraft, the Public Employees conference — JLlUlRIUlll L/ldl j of talks. Indian Prime Minister 
largest in the world. Technically Mr. Alan Fisher, general seere- lowed by Downing Street talks. “ 3 ^. s at Dov/ning Street, 

the 300-ton craft has performed lar 3 r ' s P ea ^ s on wages policy, EEC Foreign Ministers meet in UK balance of payments l ist q.tr>. 
well, reaching over 70 miles an Alexandra Palace. London. Luxembourg. U.K. banks’ eligible Monthly meeting of National 
hour in test 6 : hut a disDute in- MONDAY — Mr. Merlyn Rees, liabilities, reserve assets, reserve Economic Deielopment Council, 
vnivinr 18 niintc nvpr a ’nav Home Secretary, opens Inter- ratios and special deposits (raid- THURSDAY— Vehicle production 
riqimftw nari i v with fin? Sealink national Professional Security May). London clearing banks' provisional figures (May). 

mlVLf thaovaff Association conference. Wembley monthly statement (mid-May ). FU1DA\ — Building Societies 
le .,f y ca P lBint * means tne cran conference Centre. Mr. David Hire purchase and other instal- meet to discuss interest rates. Mr. 
will not carry paying passengers Ennals. Social Services Secretary, meat credit business (April). Malcolm Fraser talks with Mr. 
until July. at Royal College of Nursing con- Housing starts and completions James Callaghan. Company Hquld- 

In spite of this hitch some ference, Harrogate. f April). Mr. Eric Varley opens ity survey (1st qtr>, Central 

days ‘ago a group of journalists TUESDAY — Parliament re- Vickers factory. Newcastle upon Government financial trans- 
and sianificantiv ennineers assembles after the Spring Hoii- Tvne. Retail sales (April final i. actions (including borrowing re- 
from the °Bel°ium Marine Trans- da y- Mr. ilorarji Desai, Indian WEDNESDAY- — House of Cora- quirementi (May), 
nnrt Mithnritv slid across the Priine Minister, arrives in the UK raons begins two-day debate on SATURDAY - Mrs. Margaret 
tn DstPnd for three-day visit— lunch with foreign affairs. Mr. Malcolm Thatcher at Conservative Parry in 
Channa from Dover to ustend, Fore j gn Association fol- Fraser, Prime Minister of Aus- Wales conference. Llandudno, 

ostensibly, on a joy ride, f or - 

BR and the British Hovercraft 

Corporation, the ride had a vital ■ ' -- • - 

commercial aspect The real 
purpose was to carry-out test 
moorings in the heart of Ostend 
harbour. The data from the 
tests will aid a Belgian evalua- 
tion of the craft. Success could 
lead to orders for two £15m 
craft. 

Would-be passengers, whose 

STSmv "Frankly there's not 

pened to the landlubbers when ‘ ^ r 

SHI" a single reason why we 

Our pilot for the day was Mr. ■' m B ■ -BQ inua dr 

advertise m Radso 


1 C-* '- ,s 


Pepneraorn advising J and rdasoiidated which has tions with the South African larger di m was a minimum inrepuon .» «». 

possibly escorting Ttoars._-Raitz -^ e cont^uing interest con^ Government on- leases and the “ n ' ^e ? older ^ !SS53S*SRN4 

will, be;: running. . tnps to the fessed ^ premier had no.t way ha Sj been opened to extract tnbutions for 1978-1981. . the oio ^ unsu rettmea 

Rhine, Tuscany, - the /Loire, ^ a ', dividend' -on deferred diamonds from as deep as 800 The permanent home Is hav- l "f co ^t^ns were so 
■ Jerez, Oportp,. : BmKg&r ^ fhares for 50 years and that toettes; u plans tc » mine be- ing to wait till a huge combined i 0 “| h , ° E Ut ^ ^ few drinks even 


-eff- 

SfPf 

- .!■* 

' . n rf. 

- :n;^ ■ 

* 

•’.-M 

. It" 


mime, j, uswujji ^ — : paid a -CtiViaena oc — — — --- ^ lnnp a»o conditions were so 

Jerez, Oporto... Rioia . and,. of g hares for 50 years and that metres; as plans to mine be- mg to wait till a huge combined h ° Eu t few drinks even 
course; .Champagne, Bordeaux p^fgj ence dividends were 19 neath a bed of waste some SO building for UNEP and Habitat ” u ® h ’ _ nst J Super 4aurvived 
and Burgundy.' : - ; ' - - metres thick come to fruition, is built m Nairobi. A temporary 

> I think* there is ; a great .. This should see Premier pro- home has been provided in the swell. Stomachs and drinks 

during , well into the next Nairobi, but nobody has moved ™ e , a , n l as ,n ^ fastest 
century. in yet. hotel lifts. 


*; - .v,r£5 and ■ Burgundy." " .- ; ■ ■ ; - • . '* ■ ■ * ... 

1 >1 think* there ls ; a great 

e.. . T> . future,..- -for the . specialist.; 

• “ operator,” says Raitz in his new 

, Co vent - Garden ■: headquarters.^, 

7 .:d- With ;. giant5 . plains :. , fl» 
numbers game Raitz is looking . 
for parties -of 20-30 people a 
*32- ' y timer: for hits: trips. - “f could 
s SP * I? ' • bave chosen stamp collectiiig or; 
' , r ,-i ■ anything, .but I .happen ’ to . like 

>-*■” wine/anyway the areas involved 

. / n ;s^ are beautiful.". Already; Raitz 

i is 'plotting., whisky tours :for 

* V foreign"/ visitors, vodka trip? to 

j ; Moscow, and-, talking/ about. 

■'*0 Cm ^ launching a iwine club/as an 

- aUifld/operation. : , 

Initially his ;toors are likely 
. to have to be done through an 
intermediary . ageiit_ since the 
- AlcoholMays* ■ATOI*’ (Air- Tour 
j Operators Licence) application 
is only now; in the process .of 
4 . flling;. Among the hodi^ which 
_ vet .these^ applications is the 

Pt/lflU : Tohr -Operators Council of . 

. ABtVon-whicfi.Twdy Raitz sits, 

so he will have the odd duty to 








-pppenharmer: bright future 


SZE- ■ in yet. * *>tel 

What environmentalists are .. f «S 2 if,® S"? JK £ 

I U Q wondering is why spend mil- thi”? inv 

LIT 6 lions creating a new UN n ” n “J es from Dover, the joy 

• • environment • agency when a r 7f| e 

fitvIP huge work ing environment ab !j relieved when Bob Strath 

91J16 agency, UNEP, is already in said we would then folIow the 

. exktencp with a tnn mananpr coast o\er sandbanks and 

TWO YEARS ago almost exactly ^ d a spec TJ.^ t ct^ P ^ shallow water. White-water 
■world environmentalists held a • ’ racing followed, with the entire 

huge warmhearted conference in Could not tbe money be horizon seething with foam, as 
Vancouver called Habitat and better .spent, they say, advising the crafl accelerated for Ostend 

Human settlements. Almost all and helping poor nations how t0 ^ g rce t e d 0 n the local beach 

the : nations attended. The. to clear their slums and improve awe struck locals. 

Canadians, proud, that Habitat rural life styles? ’ 

should be held in Vancouver, But the UN machinery is wlrraft enmna 
spent millions on it . grinding slowly on. An executive ^usualiy rough S But whS 
Improving ttie habitat of the dmrtc of Habitat wiU be p^tentW 

world’s people, especially those a P po i?j5 d ’ , and be w 111 . oc ^ p £ rise in the use by Belgium of 
of the third world was the theme, f? offi . ce wito mi expensive staff ^ new hoverport at Dover 

Shantytowns had to go. rural ®J, ra - ost „ ne 5f , door aJlotb fJ[ West are at stake, the show 

land - was to be made more.envirraimental manager with simp] y had to go on. 

..habitable to stem toe great trek another expensive staff, two simpiy 80 otL 
iaht future ..to the cities to make more y eafs ' ancouver. . 

8 . shantytowns. Environmentalist L«0IltriDUt0rs; 

mfc^ e " e ed a hIVS Swell ■ Arthur Sandies, 

excess ■ ja an _j n which she said the. ## ■ Paul Cheeseriffht. 


Frank. \brain!.on. Retail MafK-lino Manager, 
W. H. Smith & Son Limned. ‘ 


That was the riposte Frank Abramson gave us when we recently popped the 
question: 

Why do W. H. Smith advertise in Radio Times? 

However he went on in a more encouraging vein: 

“Obviously, to any retailer, the sheer numbers of people his advertising reaches 
is important When you’ve over 350 outlets it’s vital. 

“So we’re influenced, of course, by your 10.7 million 
audience. 

“We’re after, to use the jargon, your C2DE readers as well 
asyourABCl’s. 

“After all, everyone’s a potential customer to us. 

I A H . “That’s why we go out of our way to carpet our shops. 

light them attractively, make them a browser’s home from 
home. 

“And hopefully you’ve noticed how our staff are friendly 
1ST r but professional They know their products. And they also 
V know when to help you and when to leave you alone. 

‘'Also," he added, having a dig, “as you never tire of telling 
us, you’ve more ABC1 readers than any other magazine or newspaper. 

“What’s more” he went on, ticking off his fingers, “the highest proportion (22 n c* 

I think) of your readers is in the 15-24 age group, which is an important part of our 
target group. 

“Do you want me to go on?" he said, looking at his watch. 

Please, we replied. 

“Okayfhe muttered “Most of our .customers are women. But men are, naturally, 
also important So, indeed, are children. 

“We’re nothing if not a family shop. Andyou’re nothing if not a family magazine. 

“Also you give people plenty of time to see and conside"r our ads (what’s your 
phrase; you stay in the home nine days including two shopping weekends?). 

“Furthermore, the fact you publish" thirteen regional editions gives us flexibility. 

“FinallyJ’fte said (stressing the word) as well as newspapers ana magazines, 
we’re largely in books and records, the reading and listen ing market, if you like. 

“Andy he added, standing up "so are you. Which means your editorial is in 
sympathy with our ads.. 

Door knob in hand, he summed up: 

“You £ive us the numbers, you give us the nine day stay in the home, (you give us 
grey hairs with your copy dates, but they’re shorter’than most magazines), you give 
us regional flexibility 

“In short, you give us what we want 

“Besides which,’’ he called from the lift, “you're always a prime recommendation 
from our advertising agency, D’Arcy-MacManus & Masius Limited. 

“And when one of the leading agencies in the country speaks, we listen." 


• ' leAvh the room while, --his: ;Jn arrears This was, as. ^ conference called Home of 

request ls discussed- -• J-ha put it, “grossLv excessne. Wtm in which she sa jd toe . 

brSo^Raitz " But toe mine is too big to world needed 47m bouses a year, iff 2 If 

v bas chbsen ^: ^uitable-title ^ , ^ Year after V Vancouver decided to press This week should have seen the 

j..- ills trips. vAIcoholidays to some uifior^ ro nroduced' around 2m toead! with a Habitat and Human start of cross-Channel services 
- .i^has a f aihtly- tipsy ring .aqo.ut it year, u aa. F«“- 




Contributors; 

Arthur Sandies, 

Paul Cheeseright, 
John Worrall 
and Lynton Maclean 



This advertisement is one of an occasional series nf case histories from Radio Times, 
For further information contactHeadof Advertisement Department. BBC Publications, 
• 55 Marylebone High Street, London WIM 4.\. A. Telephone; 01-580 5577. 










16 


COMPANY NEWS + COMMENT 


Carlton Industries climbs to over £10m 


[ 


BIOS AND DEALS 


PROGRESS WAS maintained by 
Carlton Industries in the year to 
March 31, 1978, with taxable earn- 
ings advancing from £7.SLm to a 
record £ 10.38m on sales or £94. 02m 

against 177.92m. 

The group, which currently is _ 
the subject of a bid from the Barrow Milu. 
Hawker Siddeley Group, at half- Carlton Lnd. 
time reported profit ahead to Century Oils 
£4. 42m f£322ui) with aU three Colter Guard 


DIVIDENDS ANNOUNCED 


belter performance and order Hlghams - 
books substantially ■ higher than Scottish 
at the beginning of the year. The J- Smart 


Current 

Date Corre- 
of spending: 

Total 

for 

Total 

last 

payment 

payment 

div. 

year 

year 

.InL 3.64 

— 

3.64 

— 

S.67 

S.47 

July 28 

3.4 

5.47 

4.9 

2.08 

Aug. 5 

1.89 

2.63 

2J9 


— 

1 

1 

1 

1.59t 

— 

J.4S 

2.29 

2.08j 

2.31 

Aug. 7 

'2.05 

3.01 

2.75 

1.4 

June 20 

1.25 

— 

3.45 

.int. 0.55 

June 25 

0.49* 

— 

1.82* 


copper fell persistently during the 
year, while the strengthening 

pound nullified efforts to expand 

exports of the company's ingots. 


Century 
Oils reaches 
£1.15m 


directors expected the full-year Dividends shown pence per share net except where otherwise stated. .ALTHOUGH SECOND half pre-tax 
resulMo reflect this upward trend. • Equivalent after allowing for scrip issue. fOn capital profit advanced from £636.106 to 

Century Oils 


Lead acid battery activities for increased by rights and/or acquisition issues, t For 10 months, 
the year contributed £7.41 m - ■ 


(£5. 34m) to trading profit whisky 
£2. Sim <£l.S4m) and housebuild- „ . . . 

ing £i.3m f£l.26mi. while other company are all denominated in 


activities including interests and 
overheads of the holding company 
cost n.)3m (£629.0001. 

Stated earnings per 25p share 
based on the actual tax charge 
amounted to 26.1p (20.6pj and a 
net final dividend of 3.47p lifts 
the total to a maximum permitted 
5.47p i4.9p) as forecast. 


Japanese 

Y2.32bn. 


yen and now 


1 


197S 

1977 



£000 

iuflfl 


Sifcfl 

M.na 

77S11 


Tradiiu prufiis barieries . 

r.wr 

3jsr 

1 

hbuhv 

1 SOS 

i.r» 

J 

fiousvbuildins 

1.3M 

urn 


oilier aciirines* 

i.ra 



Pre-tax uroUt 

10.383 

7.BOT 


orofii 

T 7::-t 

j.053 

- 

To minorities 

709 

569 


Eeiraord i-redits . 

PH 

-1*4 

j 

Aiiribuub:- 

7 93k) 

a.jon 

■ 

Pr.-Ierencc dividend . .. 

,;j 

::7 


"rdinary dividends 

1 449 

7 -JM 


P'lained 

6.Wfi 



* l^Jss Including in lores 

and 

over- 


Stag Line 
sees full 
year profit 


First half earnings are shown 
total as down from 8-21p to 3Jip per 
20p share and the Interim divi- 
dend is maintained at 3.04p net , 

— Iasi year's final was 5.03p paid a £210.000 drop in midway profit 
from profits of £904,000. ’ “ ' *"-* " 


£718.134. Century 'Oils Group 
ended the year to March 31. 1978 
down at £1.153.134 compared with 
a peak £1.301.106 last time. Turn 
over improved from 117.34m to 
£20J6ra. 

In November, when announcing 


WITH THE surpluses arising on 


Problems affecting the group's 
bakery business con tinned during 
the period and it suffered sub- 
stantial losses. Preparation of the 
rationalisation programme is now 
proceeding, the directors stale. 

Also, trading losses of the 
animal feed business were greater 
than bad been anticipated. 

Bait-:, ear 


Mr. Nicholas J. Robinson, the 


is* expected that results for the full 


beads. * Extraordinary debit. 

Meanwhile, Hawker Siddeley ’s uhich_ was stranded 
formal offer for a 52 per cent. " " 


Kidder Stag was sold on May 
20. 1978. at a surplus over book 


a storm 

on Lake Michigan, was declared a 



1977-7S 

1978-77 


£ 

£ 

Turnover 

.. fl.KM.ljf 

S M.7.116 

Tndint prod: 

.. IV3 793 

611 499 

Intcrc-M ua:- a tile 

119.IB7 

101.618 

ProHt before tax . 

214013 

50M» 

Tax 

SO. ■-■92 

I6U.KIS 

Ner pros i 

133.SC1 

34*i.'S» 

Extraurd. dobi 1 

— 

■1 9-y 

prel. dividend 

.180 

2Sll 

Available 

.. 102. UJ 

33B.93D 


the directors said they were seek 
ing to make up for this shortfall 
during the second half, but full 
year profit would also he influ 
enced by the national economy 
and industrial conditions during 
the coming months. - 
The full year result was struck 
after interest of £237,324 
(£201.651). Tax took £236.947 
(£207.600) and extraordinary 
£6.927 (£35.000), leaving 


debits 


Earnings are given as 10.77p 


total Ls raised from 


stake in Carlton, in which London coni promised total loss on May 19 
.Merchant Securities holds 79 per and recoveries from underwriters 


cent., has been posted to share 
holders. 

A I65p per share offer is in in- 


will show a surplus, over book 
value, of some £650,000. he adds. 
The aroup's new ship. 28.300 


ally being put to minority share- dwi bulkcarrier. Beconia. was 
holders but LMS has agreed to delivered on May 23. and taking 


make up any shortfall. As part 
of the deal Hawker will sell Us 


advantage of tbe recent firmness 
in the freight market the ship 


Crompton Parkinson battery busi- ha* been fixed for a short_ time 
ness to Carlton for £4m cash. 


Downiebrae 
at £0.35m 
& rising 


Dividends absorb £228.142 
i £207.885) giving a retained profit 
of £681.118 (£830.621). 


• comment 


charter period at a rate oT hire 

which will cover running costs. D°wnieibra_e Holdings w 

bid for the oulsianding Carlton And make a small contribution -- - - „ — — - — 

shares in 1981. to be based on towards depreciation and interest *-**•"' . previous ju and preparing submissions for i he 

the orice nf l65p per share and charges slood at I4Mra Monooolies Commission hearing 

- '■ against tw- k,/ 


Century’s pre-tax profit was down 
at the halfway mark and although 
some of the balance was redressed 
by year end the final result is 
more than If) per cent below that 
of the previous year. Century 
claims that the biggest factor in 
. . the downturn is the amount or 

ere higher jj me management was required 
compared with { 0 devote to fending off BP's bid 


Pre-tax profils for 1977 of 


adjusted for Orlmn’s perform- Mr. Robinson says that on — ,in - l n addition, the group had to 

ancc over the next three years. May s the Government announced At midway, when announcing contend with the very fiat trad 

ln the document. Sir. Leon that under certain circumstances profit of £218.01)0 (£102,000), the ins experienced in the UK market 
Roydon. chairman, and Mr. B. M. it would be prepared lo consider directors said the company was Margins were improving in the 
Bonfield. manazine director, ad- a limited extension of guarantees v.ell placed to take full advantage second half and the improvement 
vise shareholders not to accept given on shipbuilding loans made of an improvement in tbe manu- has continued into the current 
the first offer. under the Industry Act 1972. As faciuring activity although it was year. Also effort is being directed 

Begonia is being so financed. Lhe clear Lhat it would be well into towards extending activities out- 
• Comment chairman says that directors have ]97S before real benefits would side the U.K. and to widening 

The outstanding feature nf decided lo apply lor a three-year begin to accrue. the range of products currently 

Carlton industries rp-u.lis il lhe moratorium on the loan capital. They now report that manage- available on the home market 
lead acid bat terv oertermpn™- A * reported on May 16 the ment accounts for first four The shares closed unchanged a» 
this nrnfiiV rnL m Lr company incurred a loss of months of the current year show 57p giving a p>e of 5.1 and 

l rZ nf *157.361 for the half-year to a useful advance over the same yield of 7.3 per cenL 

cent With modernisation of Aprjl 30 . in7S . compared with a period in 1977 although -here is 

Plant and additional capacity. pi0 fit or £537.034 before a tax Jun no cvidence of any improve 

volume growth especially on the credi i of £81,828 (£279,238 Sent £ the ecinomy which woid 

give grounds for optimism, parti 


heavy duly battery tide— is more charge), 
than a quarter higher. Mean- 
while, exports to the U,S.. con- 
tinental Europe and the Eastern 
bloc are picking up. Elsewhere, 
improving whisky demand will 
boost Invergorden while increased 
housing starts will give a further 
lift to Comben. This could put 
the company on target for profits 
of £l4m in the current year. The 
shares closed 9p higher at 202p. 


Barrow 
Milling well 


down so far 

giving a P't or 1.8 on a low tax pair.-PAY nrnfifu or Rarrnw Mill- 
AS"* - v l lu DabfbKbS? flour 


cularly as all the company's 
trading is of necessity short term. 

After tax of £143.116 (£103.613) 
stated yearly earnings are 2.89p 
( 3.4Sp ) per lOp share. A final 
dividend of 1.59p makes the total 
payment 2.29 p (2.0Sp) net. 

Deferred tax has been reduced 
by an amount not expected to be 


J. Smart 
may finish 
on £1.26m 


WITH JUST under two months of 
its current year to run the direc 


payable in the foreseeable future, tors of J. Smart and Company 
the directors say. Comparisons (Contractors) are forecasting a 
ar ® restated. possible slowdown in taxable 

nhvioiKiv ' Mile Company. Dublin-ba^ed Hour . The Downiebrae division earnings from the record 

Lent. _uowo(to». at this level m iu e r. bottler and soft drink increased its order intake very £i,?J2,072 for 1976-77 to not less 

manufacturer, more than halved substantially in the second part than £1.255.00 for the period 


shareholders will 


SoZL Si ,ob. fr ?"* S a "f eP rrom 10 *214.113 for the of last year, but production was end imf July 31. 1978, 

V l9 ? 1, ' h 1 en Ha ‘'i er half year to March 4. 1978. and severely curtailed by a national 


has undertaken to make armtiicr was Iar g elyattrihutabl4 toashaVp strike affect ing' “the supply of 

offer based on the increase in setback in performance or sub- oxygen, which eventually stopped Hnn« nrorailin* K P th? huffir» 

Carlton •= profits over the next sidiar.v. Boland s bakery and profiling for a period of almost ark-; ™ a J th? 

three years. animal fced businesses. three weeks. p msent fime a nd ^ the " 

In addition, a delay in granting The recently acquired R D. weather conditions durir 
Increases in flour prices caused a .McNeil finished the year extremely past winter, they explain, 

sharp fall in flour milling profits well and profits were greater t i Trading profit is likely 

in the second three months of the forecast, the directors add. It ivs £1,179,000 (£1.717,148) and 


Crescent 
Investment 


Japan 


the severe 
during the 


to be 

... profit 

period, and the directors say that recently obtained a number of on sale of investments eta better 
the outcome Tor the rest of the large orders, a notable one being at £76,000 (£4.924). 

Crescent Japan Investment year will depend largely on the bulkhead doors for the now The net interim dividend is 

Trust has borrowed VI bn for prompt approval of price in- famous Polish ships, which will raised to 0.33p (equivalent 0.495p) 

five years From a UK bank and creases for flour and bread and ensure full production for some and the Board intends to pay a 

deposited £2.43m with the bank lhe co-operation of all concerned months -ahead. maximum permitted final or 

as security Tor the loan. in the group's bakery ratiooali- The Chalmers division continued 1.447547 compared with 

The reciprocal loans of the sation. to be depressed as the price of adjusted 1.320952p last time. 


an 


Results due next week 


The group of companies due to full year, against £38. 7m last lime. Harrisons and Crosfield. which lhe group's milk and food division 
report figures next week ranges About half the company's dlvid- is making a bid for Harrisons following the strong second half 

ss’ttWWiiSSfhias £Lj n r , ..Er m “ rr ° m ime5 '- »— «»■ ««.* 


Greycoat to merge 
with Chaddesley 


BY JOHN BRENNAN, PROPERTY CORRESPONDENT. 


AGREED MERGER terms whether they should retain their 
announced last night for the investment in Chaddesley rather 
quoted property and investment than accept the cash offer/' 
company Chaddesley Investments Chaddesley’s shares were ~ sus- 
will bring the former Sterling pended in May at lSp. 

Land directors Mr. Stuart Lipton Apart from the usual condition 
and Mr. Geoffrey Wilson back to that the offer is not referred to 
the stock market. the Monopolies Commission, the 

Mr. Lipton and Mr. Wilson's proposals are only dependent 
private Greycoat Estates group— upon Greycoat's team ending up 
which is an equity partner in a with more- than 50 per cent of 
number of major property Chaddesley's. capital. After taking 
developments with .Standard Life up the Capi shares, and adding 
Assurance including the £30 ra- the shares issued for ftaefr corn- 
plus Cutler Street development in pany, the Greycoat directors will 
the City of London— has reached hold 68 per cent of the combined 
agreement on the ■ terms of a company. .. 
merger with Chaddesley. They propose to ask for an 

Chaddesley plans to purchase immediate restoration - of -Chad- 
the capital of Greycoat for 3.42m desley's stock exchange- lisiln_ 
of its own shares. 'At the same following an EGM to sanction the 
time the Greycoat directors have Greycoat acquisition. ' 
reached agreement lo acquire Apart from occasional share 
l.42m or - Chaddesiey’s shares, 38 price rises on takeover rumours 
per cent from Chaddesley's major Chaddesley has- passed -a fairly 
shareholder, the French group, uneventful stock market career 
Capi SA Compagnie auxiliaire pour since its .flotation in 1961 and in 
i'industrie. for 16}p a share. To 1976 Capi made an unsuccessful 
comply with the Takeover Code bid for the company. It hokLn 
Greycoat's directors will extend primarily shop properties gener- 
this offer to the remaining share- ating . annual rental income of 
holders. £600,000, supporting net assets of 

But the offer document will 1 l_3p a share. The group re- 
advise Chaddesley holders. “ to ported a pre-tax loss of £17,500 in 
give careful consideration as lo 1977. . . 


Financial Times 

Cutter Guard atf0.ffl s 
alter 




' , ..-irj-rfTT and erratic remain confidfiht_.tbat .ihG tgmj/.- 

and-MflU- *t vHIl 


BAT buying wholesaler 
from A.B. Foods 


BY EUNOR GOODMAN, CONSUMER AFFAIR5. CORRESPONDENT 


BAT Industries is addins to its Last year it had a turnover of 
interest in the food wholesaling around £60m as against Alliances 
business. Its wholesale subsidiary, £l00m. 

Kearley and Tonge. is to buy the The deal with the AlQance. 
Alliance wholesale food company which is subject to contract, will 
Trom Associated British Foods, give BATs a toe-bold in the 
The deal, which means lhat ABF voluntary group sector, which has 
is withdrawing from wholesale been the subject of much take- 
food distribution, will more than over activity over the last few- 
double BATs food wholesale years. The Alliance group is part 
turnover. The combined com- of the ABF- voluntary chain and 
panies will have a turnover of services about 1,000 retailers from 
around £200m this year. The 'six depots. 
exact price, which will be paid in But BATs main interest in 
cash, still has to be agreed, but Alliance seems to be its delivered 
it is understood that the deal is wholesale trade to caterers and Us 
relatively small compared to some cash and carry business. Alliance 
of the other recent takeovers in has a national network of distri- 
the food wholesaling industry. bution depots for supply' caters 
BATs bought into the food and is part of Nationwide Food 
wholesaling sector when it Distributors. the -' national 
acquired Internationa) Stores in umbrella cash and carry organisa- 
1972. Kearley and Tonge, which tion which also' - Includes the 
way a subsidiary of International, Gailaher cash and carry organisa- 
was well established in the cater- tion. 'Warriners. -The deal win 


ing business and has since strengthen BATs novel 
expanded into cash and carries, ticularly in the North of 


par- 

ti. 


Hepworth pulls out of 
Richards Tiles merger 


Hepworth Ceramic is pulling bitter note. They were “ sur- 
out of its proposed merger with prised and disappointed** at tie 
H. and R. Johnsnn-RJchards Tiles, reference as Hepworth does not 
for good. With its original offer manufacture ceramic tiles. They 
having technically lapsed as a "till believe that a merger would 
result of the referral to the have been of benefit to beta sets 
Monopolies Commission. Hepworth of shareholders, 
claim-* that there would be no More importantly, Hepworth 
commercial sense in wailing nut repeals the warning that the 
the long period before the investi- British tile industry is being 
gatinn would be completed. increasingly hit by imports from 

The news sent Johnson 
shares down a further 


ated. increasingly mr ay imparts Irani 

„ cheap manufacturing areas such 

as Italy and Spain. A delay of 
up to 12 months white the 


Monopolies Colston Sported 
D (Kl“ and a new bid 'was assembled 

announced Us intervention. *, 0U ld only have favoured greater 

Yesterday's statement from penetration by foreign competi 
Hep worth's Board sounded a tors, Hepworth believes. 


markets in ^ 0 £^^rindustry. in restoring adequate 
iSS^^VcSut SSk to group operations. 

BrW»e P Holdings fell from Earnings per. 23p 

Sraooo to' £308.000 for the year <jowir from SAD'fo JgSp'anS^tS' 

S”torch 31 f l9J8,altoou|hMC^ dfvidend is 

^ •comment v: : . ■ 

half figures of £70,000 twnparea a Mtbac fc w ith Pr%-|ai; i ■ 

with £201,000 and said that « depressed by abput ■. 

unlikely that second half pront C onditions 'ln -the -paper-n^^f 4 ': .. - 
would match the corTesponaing ^ conversion markets.. ®*, j . 
period of 2076-77. proved, extremely . difficult^ date' . A: ■' 

la spite of the trading dimcul 0 j some ^quality : 

ties, the gorup’s cash flow under Considerable pressmai«tfa - 

improved considerably, and net nature of the tradg^fc/ ,r ■* 

bank - borrowings were reduoea rcjuifed.. in-^ ^bighfir than. 'extScHuri - 
after meeting capital expenditure earn n]gs in ■ th e^ seco^id - ■- 
in excess of £1®- 


„ these do hot offset the nau-N^ 

“'em thirds decline in the first- i"..- 
M.Bio is.iiB company, reports : -an :'improyM 

1.338 »«agh ffow and lower net. bank-- : 
borrowings after znaati^re^ff? ->: <■ 
SS expenditure" of- more, 

M 3 That seems to be the only briebt - '- 
*3ia note at present.- because- autHsir * ' ~ 
^conditions V" 

nil improvement' while - 

2 730 a.i 33 to be derived from' recenl-’a^t; - ■ 

KiBfl rorwami 2-981 s.-^o merits "will - not be: 'seeif. ai-th,* vr * 

The year was one or transition immediate future, * Tbe -.shars*- - 
for the group, and directors say rose 2p yesterday . 

they are encouraged by -tbe pro- the yield is 7^ per, cenC jsdv^r 
grass made so far. And they 3.8. times. . If 


Turnover 

Tradmc prnft* 
DeprenaPnn 
Traduw orofll — 

Interest 

Profit bolero (K 

TSL* 

Ner oroftt 

Dhrjdeiw) 

Beiatoed 

Brought fnrwaro 
Carried forwaod 


1.164 

SOS 

833 

147 

501 

2H 

238 

75 

211 


Highams rises 26% to 

record £1.16m 


SECOND HALF profit "up from resouras * came to. - 

£585 077 to £658.738 enabled pared with £lL28m .as at/Gctoher ' *“-' 

absorbing £18U13 (£1(35,596). 31. 1977 and net 4tiKt [-Talue^. 

reach a record £1.164.739 pre-tax share is shown at H5.1p. 
fhr^the year to April 1. 1978, a 134.7p mcluding tije-inyMfc^l 7 . - ' . . 
rise of some 26.3 per cent over the currency ' premium o J.; 
fig ure of £922.077 for the previous ^15Ap>. - . ‘ 


53 weeks. Sales were up 20.6 per 
cent to £24.78m. ■ 

The directors say that during 
the year expenditure on fixed 
assets of over £Jni. has been in- 
curred. „ , „ _ , 

Stated earnings are B.lp (i.62p) 
per 25p share, while a final divi- 
dend of 2.S11P lirts the total Tor 
the vear from 2.73p to 3.011 p net, 
absorbing £181,313 (£165,596) 


H. Denny 
slumps in 
first half 






- - •. -an i ■- " r_ 


1^13 (£160.596). On turnover .ahead fromai&w 

Profit was riruck after lower to £l2-25m . p«-tari. '* ‘ 


interest of E1M70 (£274,957), but* Henry Denny amt SonA:* sb6#‘v 
subject to tax of £616.ifii diary oF^E.- WT. Dehny .fHaldbffiHT^ ' ' 
(£463.322) giving nei ^ surpIus^ ^ slumped • •-from ; £36445^V®>> '- 
ahead from £158,735 to £347,972. . £198.757 for the., half*, 

April 1, 1978. . :•;* ' : • 

The directors said. 
annualreport-tbat'ffiey. were-ttet 
* optimistic that the. current jearifc 
- vresui ts would- f match- tho \nxort. 

£775.000 achieved In' the 1976#: 'k/*\ ^ 
ycarl ■.•*- i . - 

First- bnttf tax ' *^iiKes 1* SitiQUlfiK' :l '' 

.- compared with' £188,06(1. and. 


Knitting 
problems 
hit Levex 


were -profits “juiroigvotMr ttarif, 


After announcing a profit at from trading' 
midway, a reversal in the second amount .retained U B*.-, 
half mainly due to the .continuing (£147,252)...'' 
problems at its knitting division, 
meant that Levex finished 1977 


with a pre-tax- loss of £19.845, 
compared with a £265.867 - deficit 
for the previous 16 months, 
which was after extraordinary 
expenditure of £261,340. 

Following farther losses -that 
have been incurred by the knit- 
ting sector this year, steps have 
been taken to place this division 


De Vere set r 


P..* 


'i. 


for more 


acquisitions , ^ f L 


With its - high . degree - jsfhf 


into liquidation, say the directors. liquidity and minimal : 


uquiuamiii, » »v wit«.vvvio> Il^UIUiLJ OUU iiii nm i n . ui^ivpvi 

Turnover for the year amounted ings De Vere Hotels and '-yofE-N.^ ’ .* 
to £3.26m (£3.32m) and there is tauranti is well placed to yeedia# 1 ] 
no lax charge (same). Again no hs expansion through the 1 

dividend is to be paid— the last tion of sakable oatering and,?i‘W 
payment was lJ25p in respect of businesses. 'Also.* .as^a .resutt-m, -! 
J971-72. ’ recent” Budget proposes to, gewt' . . 

At 'halfway., when profit of capital allowances for the eih^. aKil:: 3 

£60,000 (£36,000) was reported, sion of- existing hotels, the. drafr- - 

the directors expressed confidence tors are re-examinin g: ; -.r 1 —* 


H & C satellites meet 


BY JAMES BARTHOLOMEW 


Noble 

McLeod 


Charter Consolidated. Beside, houses 


these tuo companies, final figures 


expected to report a substantial 
gain and brewing and distribution 


are expend from De L. Rue, fij."™ L"'™ “."..‘brllit dRfdMd'; SeSeVe'Sck bv'sebj," Tim- 8>-n -w-nij .na cnnw.-QF 
Harrisons and Crosfield and the d ?5L. f !2! . br " , .'r. d .^ 1 dends “pf .which h“ > nrofli ™ u[d show further improvement 

690 Group while Grand Meiro 


paiiton and Hansun Trusi are due 
to provide interim statements. 


• . JiT r . .. . . rpnnripri a nrnfii vouio snow luriner improvement. 

into the accounts until they are o 7S? jgJ, Currency raclors are likely to 

actually received so the return on ot against ».«m. bui lurmcr nrA nic 


actually received so the return on 
some big Investments, although P ro sross 


could be reported in 


l “ UILCIIIII siaieiiiems. declared before tht vear -end v ill genera! merchanting and manu- Li"'~a t ~Y"Z? 


influence wines and spirits profits 
while betting and gaming should 


ssssxjsraa. 

vision Services ( interim. Tuesday ! 
and Guthrie Corporation (finals. 
Thursday!. 

Metal Box has already indicated 
that 1977-78 profits due 
Monday, will be down on 
previous year's 


as well 

as expected, larcelv due to the 
collapse of the asbestos market in 
the third quarter. A rise in gold 
income, however, should help 
compensate for this. Meanwhile 
there may he write-offs in 


expecting 

the figures to benefit from (he 
almost inevitable conversion of its 
loan slock. In addition, lower 
average UK rales on floating rale 
debt could be a Further significant 
.Machine tool manufacturer, the positive influence on the interest 
600 Group could show some mod- charge. The market, therefore, is 


creased investment income arising 
largely from the special dividends 
declared by the "Three Sisters” 
in connection with the formation 
of HME. 


£57 8iii \nalvs(5 Bolswana and thcn? is still a cloud est growth when it reports its looking for interim pre-tax profits 
are generaiJv expecting no more han S‘J)S over the Cleveland final figures on Thursday. This of £41m to £43m against £27Jm. 
than £51ni-£.V2m, though one K Potash venture S^rrlm 0 thp'^inL^rfc "fii Ha,f ,ime Scores nr Hanson 

going as high as £54m. Most of Despite excellent progress in "i 5 „ ’ ^ e . * , e _, p . K ' UI ? ,n Trust are alwavs difficult to 

the damage was done in the first the first six months— taxable [h e machine t°o is irmcist ry since est i malei b ui forecasts of the 
six months when MB turned in profits rose from £8.4 m to £ll.9m inc oesmnmg or isn. a _ mini 01 i nter j m profits due on Wednesday 
only £23 2m— there is linie hot*e — De La Rue is unlikely to repeat " r °up turnover comes rrom the are pjuj-f, j n jj ne UJlh ] a5t year ’ s 
of much more m the second last year’s strong second-half machine tools division and the jjo.ini. The company is heavilv 
half. Admittedly (he 1976-77 growth. There arc signs that the [j rs t “P tUi " n ,J s ex P ec J e “ involved in lhe U.S. and more 
October jo March period was contribution from security print- he sustained in ine second hair than two-thirds or turnover comes 
exceptional but in the year just ing may have lailed off after That bright note, however, could from this sourL . e Hvgrade has 
ended, labour problems continued three years of very rapid expan- , btf dimmed oy a oouniurn in the cop^pued ( as i year's second half 

. — - order doo* i, SStaSSJC'jKStSS a, -'"' lh a " d -' hi sh -" t in 


to accompany teething troubles sion. though the 

with new equipment at the com- understood to be healthy, conunuea to uc anecira uyj severe mjx away from , he lra ditjonal 
pany's Glasgow and Westhough- Currency fluctuations may* also be world-widedepression in the steel mea( business has improved what 
tnn drinks canning plants. Overall negative in their impact, notably industry. This division cnuld. in were very ,j sht marS j n c Caris- 
the contribution from UK devaluations in Brazil and particular, suffer stock losses from brook should also do better as a 
packaging could fall from £34 m to Colombia. Meanwhile analysts scrap Accordingly, the market resu j t 0 f some economic upturn 
under £30m pre-tax. Overseas, a are agreed that the graphics side estimates that pre-tax profits in ^ us but tfte performanre 
poor South African performance, will produce substantially more could he anywhere from around Seacoast is expected to 
partly due lo the bad fishing this time, though estimates here 19'“/" = ,eve » of AlO.bm. to disappoint. Harsh weather in the 

season, has probably been offset vary from £2m to £3m, against Gulf of Mexico has reduced fish 

by better results in South East I0.6m. There is talk of a Market estimates of Grand volume, lowering ihe saleable oil 
Asia and Nigeria. Better weather lucrative new printing contract Metropolitan's interim due on product. Meanwhile the Srsr 
this summer and improved con- for the current year and with new’ Thursday have been revised profits from Interstate in the 
sumer demand should see .MB equipment being installed at upwards recently in line with industrial services division 
over the £60m mark in the current Dc La Rue’s big Gateshead plant, better than expected earnings should show through, though 

year. the long-term future looks bright, from those divisions influenced by financing charges will be offset 

Results at Charter Consolidated Forecasts for the year just ended consumer spending trends, against these. For the full year 
are due on Tuesday and estimates — the results are due on Tuesday Analysts are looking, in particular. Hanson should make £28rn-£27ni 


vary from £45m to £47ni for Lhe —range from £26ni-£27m. 


lo markedly higher earnings from t£24.4m». 



Aunnunce- 

Uividend 

1 n *" 




Annnume- 



Company 

ment 

Lasi 

vear 

Thu year 

Company 



nie 01 

Last 




due 

In;. 










PINAL DIVIDENDS 





Ron Group 







Airfluvv StTeamlin^ 

Thursdav 


3 1 






Nil 



.\ndorson.V Rubb- r Company 

. Wednesday 


n.991 

o.s 

L'KO Inu- manorial 




2.47 



A run lace shanks Croup 

. Thursday 

1.JW 

JJl'ia 

l.W 





P i 


9.6 

Atkins Brothers Mlosirryi 

,. Tuesday 


- 414 






3.U 



Bankers' Investment Trust , 

Thursday 

i.pt 

I..T 

l.Diiat 

Westbririt Productv 



Wednesday 

j '< 



Bishop's Stores 

,. Friday 


1.217: 









Brovin Shipley Holding* - . • • 

. Thursday 











Ruiddeys Brewery 

. Thursday 

ft .i 

1 . 12 s 









earless Gape! and Leonard 

. Tuesday 

0 ..- 4 ; 

>i.4 91 

0.-I69 

Archcmedes Investment Trust . 




! S3 



CJtartpr Ctnuvilidaicd 


2 m 

4.632 

3.097? . 





1.3 



LraU and Rose 

. Monday 


19 . 3 a; 

2.1 

Camel Radlovislon Services .. 




1 (176 



Cullen s Stores 


1 3-hi 


1 32'ci 








De La Rue Company ... 

. Tuesday 

1 Itkj 

3.2B9 

3.361 f 

Grand Metrooo'Jran 




1.6 



Dundoiuan 

. Thursday 


0.936 

in 

Hanson Trnst ... . . .. 







Eva Industries 



?. m 2 

1.9 

Hickson and V.Vtch • Holdings' 



Thursday 

1 -I 



.tames K inlay nnd t.« 


2.i i 

3.11 

5 346* 








Forrmim and Mason 

. Thursday 

3o 

17 1 


McCorqnodale and Co 



Wednesday 

4 V 



Geers Gro^s 

. Friday 



U.S1S 





1 7 



cuthri Corporauou 

Thorsday 


6 11 

6.0 








Harnsous aod Crosslie.d - 

V\ ednesday 











.t and W. Henderson -Holdings- ... 

. Tuesday 

- Roj 

ti 3>di 


INTERIM FIGURES ONLV 







J.-neyn Investment Com pane 

. Tuesday 


1.3M 









Land Secunites Innsrinetu Trusi 

. Tuesday 

2.5 

-;-m 









Letith tnier.fis 

. Thursday 

0 ■Hw 

0.511; 









Thomas Lovker •HoIJ.ok*- 

. t- ndav 


•'..*75 

P.4jt 

* Dividends shown net pence pri 

1 share and adjusted (or an-. 

■ lniervening strip 

Metal Box 




0.713* 




nee ana Oe'eioomcn' Investment Trust .. 

. Wednesday 


11 1.’ 

— 

interim m lieu nf final. S Im-.'ndr* 

dot 

:nu rim of 0 

?o. * Invlud. v third interim 

rarfcland T. stil H«tdina». 



1 ■iJA; 

T.UMr 

nf O.jp. ia 1 Third interim nf 

M 5p 


JlK >ud<-4 


inrnrim 01 

\v , ilium Reed and $"«* • . 


! , 1 

:. 77 

\ Hi 

ti Hjp. ntueennd interim nr 

OHftp 

a trendy paid id 

■ Includes 


inicnm of j 

Scotcroa 




B o4** 

4.445 paid during Unx 13- month 

period. 






The Stock Exchange appears to Sumatra shareholders, 
have changed its line over G rossa rt, adviser to 
whether satellites of theHarrisons Russell and associated with 
and Crosfield group should have Rothschild and Sipef SA in 
eeneral meetings before accepting attempting to take over London 
bids by H and C for their holdings Sumatra earlier this year, pro- 
in other companies in the group, posed an amendment to the main 
The Stock Exchange requested resolution. A representative pro- 
meetings. held yesterday, of four posed that London Sumatra 
H and C satellites w*ho have should onlv accept H and C's offer 
shares in Harrisons Malaysian for its KME shares if the offer 
Estates which H and C is goes unconditional. The amend- 
rurrenily bidding for. But the ment was rejected on a show or 
Stock Exchange stopped short of hands and again when a poll was 
insisting that H and C should taken. 

abstain from voting at the meet- The other meetings, of Caslle- 
incs. And since H and C has field (Klaogh and Hong Kong 
substantial slakes in all these (Selangor) Rubber and Kuala 
companies, all of -them voted at Selangor Rubber, went through 
(heir EG M's yesterday to accept without a hitch. 

H and C's offer. 

Earlier this year, the Stock jvj/’) ppORF 
Exchange did not insist on 

general meetings of the satellites The proposed .merger between 
at all when H and C bid for Harrisons and Crosfield and 
Harcros Investment Trust. Harrisons Malaysian Estates is not 

At yesterday's EGM s. H and C to be referred lo the Monopolies 
only ran into trouble with London Commission. 


lhat the second half would show deferred several years ago - J ‘ 

a continuance of the favourable cause of the slate of the national 
trend and. said it Was their economy, to increase the Kae.OTH..-. 
intention to pay a dividend when scope of several of its.hdteTB. Jffc - — 1 


fuli-year results were known. 


Mid-term rise 
for General 
Stockholders 


Leopold Muller, the ahainn^J.,«:c; > . 
tells members.: -iV^t* :r- 

A return to: a: more staHe-pncM ~ 
ing- policy, with the bud £0 thfi-ttiferJiS - 
of inflation, -provides, a njttjlj.. v 
promising outlook than has -beeh'.'j 
seen for several years for th*: 
group. Trading prospects^/ or 
current year' are encouraging 


current year' are encouraging 
should result in ' a 
advance, ; be say&: 

G ross income of General Stock' Taxable profit for 1977: was ±1 
holders Investment Trnst for the P«®k £L52m f£r.l5m) on turnover 
half year ended April 30, 1978 rose of £16.09m (£13J32m) and 
from £185,778 to £226.961. After dividend is raised to,465Sp r; 
expenses and interest or £24,093 (4^025p) .per 2^) ,aiar*7-»i. 
against £23,468 and tax £75.921 reported AprS 28. - ; ' j] 

compared with £64,523 and pre- At year-end, bank balm 
ference dividends £24,543 (same) ca 5 h showed an increasr tc ■. 
the amount attributable came out ^4a8^50 (£577^87).- Included in.-, 
ahead from £73344 to £102,404. F ofit was £354563 income frott^ 

Tbe company* paid a single investment properties 
interim dividend Tor the 1976/77 . The group operates. 16 netett ,1^. ; 
year, of 1.7p net per I2tp share ,0 England and sut 
from an attributable balance of re ?, au f? nls >, . _ 

£132,456. . Meeting. Conn a URbtRouinB,Wti 

During the half year the Trust on 28 at noon. . .wv* Jl - 
increasingly invested in smaller 
companies on both sides 0! the wtTTTcr cv - 
Atlantic, and directors say this "tuicLci 



policy wii go further. They are Profits from B. S. and Jt, - . 
confident that prospects for WblteJeyV Indian associates WJ-1 
growth in these companies will year were “somewhat restriettd* .( 


make them rewarding long term but that division was not 
investments. a loss as stated in yesterday*.?, 

As at April. 30 tola! net comment on the results. 


<•* — . . 




Investment trust situations 


BY CHRISTINE MOiR 


1978t and -net tangible «witS-j9(4, 
£3fim. . ■: *. -f - .*. * 

Under' ' the "de'al^^wWrti^fte* 
docuraenr say?( wilf cost'tbe* -gmW.q 

Blackwood Horton and Sons 
(Holdings) announces that the' ' wh& 


BLACKWOOD 
MORTON SALE - 
FALLS THROUGH 




K 


The market was .settling down Although the proposed rcduc- ^Sorted on Awrfi 3 bv its J- “ ac ? lilK ' ,l i ; Si S ^ 
yesterday ter a long wait before Mon. In rate to JO per cent as far g£flE "SrtHw B&fcSoS of^HoWiS's eSSTSBSiJ?®^ V 

as investment trusts are con- Mortoa and Son (Canada), of Us beinf off^red 
cerncd. is not yet in force (the l-mii. huildines. machmerv and .r . 


the name of the bidder and the as 
terms are revealed in the case 

&nM m Tn,sl s« b*-.- ^rwsssi-a;? 

Meanwhile, at the other end of analysts are 


„ jigJit- ordipapE^Ij: ; ' 

land, buildings, machinery and shares - of the hew company 


„ , , h i ^s l ^ra’a?ready°taking 1 fr in?o j 

evaluating ITC, net SSWnifeESIfttS"^ 


announced for the merger or two asset value 
small trusts, both of which are Under the 


sary finance. 

bein® advised— wirh fhn rim unu * r « ,B H ew .. rate ,,rc ' s -Arrangements have now been 
DCm - a ° med me 22 Capital Gains Tax liability per made for these assets to be 


Lauri/ Mfitban^and Co brokers share would drop From last year's re-offered for sale. 
The bidder is Manchester and **P around 14p. On this basis. NO PROBE 


Metropolitan Investment Trnst. a I™ 5 . 1 h , av * , est,m 1 «ed 


prri-ate trust termed in 1973 ,T £*" rt a3Sels at between 260p 
which has not traded and which and - 6jp - 


inis an 
£2m. 


issued share capital of 


For the majority of ITC’s share- 
holders (most of whom have only 


It is offering one of its own small holdings) the proposals in 
shares for three shares of Man- 


JMEI COMPLETES 
BALDWIN AND 
FRANCIS BUY . 

'■Niirlhern F.DEinpvnW 


SAMUEL OSBORN 
ACCEPTS AURORA 
The directors of Samuel Osbo?® * 
• ' have bowed to the hie vitaM ej W; 
as already Indicated, 'have. radj? 
mended shareholders to aedepr® 
offer from Aurora, 

-. tbeir ownholdings tk£P epneen^j; 
they are. - accepting ;• 
inww . alternative. ' * •* 


Chester and London fnvestment 
Trust which has iota I assets 






£260.000, amounting lo just under personal tax liability arising from ioa comprises tm wrShnSaSm tunity to feme**., 

SaroS' ft " e ^ 0 London 5 ^e acceptance of a cash offer. UJ&ASh SSr S >!hiS r“ the USU^ !?5d!id 

Far as the Investment Trust 'gLSLF* ^ iVEI “^,! Cve/ ' 

L-muri/ nnvr resources. ■ ... suggesting a xolat .-pre-tax 

KUNICK BUYS Pre-tax profit of Baldwin for the for the -year id September ® ^5- *l 

KATINA FASHIONS year lo- January 3 1978 has been or so. .*' ; '. ' * l 

.. . warranted at not less than ■ thw Despite-: his ■ aecepUncaj:.^/; 

Kunlck Holdings, the London- rL77m for year 1976-77. Northern Aurora’s bid Mr. Bernard- Cot^ 

based fashionwear manufacturer Engineering and Baldwin recom>- Osborn’s chairman. - --- - 

and wholesaler, is acquiring the mend , an offer for the 75,000 emphasises thar-he “can *9rt? 

C!i ?n l a Ba W'^ n Preference shares of 65p material , benefit tufring "^ ' 

In a formal statement last night per 'share. - merging : the- — — 

the company said “conditional - ■ ........ 

contracts had been exchanged for MARCHWIEL - r .. .. - 

the acquisition by Hunick or „ ■ . : ■ --Iv 1 - -Vy-V.- - 

Katina Fashions which haa In turn _ McAT- PAULS & WFHTE 

and 

As?» re cate net orofits of ,umcrs ouxiin- * — ■ — -* s - *^- 

Ag^regare nee proms of IQ g • the iapitaJ reorganisation 


Corporation is concerned Lhe mai- 
ler or paramount interest to lhe 
sector is the basis on which the 
offer — if there is one — will be 
made. 

The precedent established in 
last year's bids for British Invest- 
ment Trust and Edinburgh and 
Dundee suggests that a success- 
ful offer is likely to be based on 
net asset value — or a marginal 
discount thereto — after allowing 




r . -iwo- . u. _ . 


rtainc Ta* liahtlitio* wauna rasnioos wmcD naa in turn _ -T3T rTw, : ra ij 
for Capital uains lax uaointies. eou i red eaoital nf Monou prae : family's construction . c.»n- 

lhe Dollar premium surrender L^donandSattersSh^Com Panyjesterday sen tout inofficial Pauls 
«osi and prior cha rges London and Chattere 5h uj Com- document t0 shareholders ontiin- -ffleted - - 

The Dollar premium Is no Ppnj- Aggregate net profits of j n e' the capital reorea — 

lonsjcr a part of the equation and 1 plans "which will amon: 
in ITC's case prior charges are ncriod rrom December I, 19,5 to things provide the como-j) 

relatively iniignificanl. This May .a. 1977. amounted 10 £49J23S. freedom from dividend t 


relatively in-jignificanl. This way a i» n. amounted 10 «9J3B. freeSom from divided P T^r a irTt current marfc^" 

leaves only the Capital Gains Tax atier deducting ! all charges except foFwo years. 1 P^ an? wStel - " 

liability 10 lake into account in tax and excluding extraordinary Tbeh^document reveals that iS wJSld va 3^ ' 

arriving ai ihe price, and there is Hems. Mardwiel Holdings and its sub- a bout 13^047 • 

currently a reduction »n ihe rate At yesterdays suspended sidiaries had £6m of uns«:ar£ -• '*• * ' ' 

nf CGT ^...1 firm proposal in ihe hunick share Price of 5J P . ihe loans _:and overdrafts rcnSle nwSmfcTE *- • ■ - 

do a . values Katin, at £,3.**. wifti^q years, on. WrT'g, .. 




Finance Bill.- 


i 










toe 3 j 

-o-s,' 





„ C- ..W. -j- *: • - ••- . - ..i. 

'•• -'•;= • -^ ■ ‘&y.j ■ ■ • •" ' ' • • 

' .W* .V : .. V;"- •--• .■"-„■••■•• •" ' • 


17 


3 ^ n * tha ^ 




■ v.-> 



ient **¥.-.-/- 

ter 


ws.-*«a £500 to 

in tE ttt gvestr® ;fliis ; >ust/ Save and 

J***feft iny^.VlSS&AtS 15 3 

i^Hely 7-V the mjontyZftf tfais week’s -offers Growth An? 

Q *e qJS are based^ tandr 

^ e rab! e 7 ’?^ oversedsj -i ttnds f . with siAjng ‘ „ - ,- 

tUre nr AmencHir, contents. to* -. Ih* M and G CrcRip flus uwfe 




--- ■ ui —. -.--T— k— 

e ^n s . a r«L, ^ investors ,- -fimiested -• in fonner'la.« yesu-. . .The _aims at 
-rid j„. ai1 k £0 ios r ' overseas Vhase to decide^ investing hi bA, companies that 
s ft-- "fft y whether-: to ptit their &g gg j n . niT » t»ye ' fallen - on hard times but 
• of ^liV basket— ihe . .,* - OS; . : £arfc et — or V'h^nhe chan ees r>T recovery are 
“ ' ‘ 1 - * nn * This fund is shoving a S 

* 'rise so far this year. 


Iq ha i& whether to spread. iLundnc other ®®P^ - 

ft? overseas eonitb**- Thi >per cent 



%to 


stances dictate: ' .. :.i N'\.;a: straight 'forward .! high income 

c k j aa ^v“ the newly launched fond, invested entirely- in high 
Schroder Overseas Fond -is to pro- yielding equities Tor growth . in 
nd^.'myesrors -with an inter- both income and capital, with the 
n ™» na * the -.initial initial yield 9.5L per cent gross, 

m'frmrirlf kmw^« 3 ' -. But a -' Investors who Ike their income 

Japanese payments and capital xspavment 

manaeero rM «■ L k “ r ^ Wen both . .Hodge 

switch ^ into any Assurance and the Tyndall. Group 
o erjeas .equity market. Invest-, are -offering Guaranteed income 



o> oners investors, who get 

enchanted , with the overseas age~ from *7fc per" cenTto'si per 
market the opportunity to move cent. . ; 

into, other .-funds without suffering Finally, for those Investors who 
JennV a B? ' prefer the security of building 

V The MWJtend Drayton Inter- society and traditional - with- 
• national Unit- Trust also holds to profits endowment as., investment 

:QS In the twilosophy that the managers, media, the Royal Insurance and 

1 should more funds. . around the Brirannia - . Building - Society have 

|_ I p world to -maximise - growth. at combined to offer The Britannia 

naif present . two-thirds - is in North Double Investment Wa □ under 

America . with, the : rest spread which a lump- sum-: Is invested 

M?r aiiCM- around the world. Minim am out- with- Britannia -and used to pay 

r. :,r-.i' a -“ ll2: lay. is only £200. The London monthly premfums on a 10 year 
*nv and w^Wall International Fund from The with profits 1 “policy with Royal. 

. M. Tyndall "Group -also, hold to this At the end of 10 years, the in- 

Sr.jrrj ' .^investment strategy, but such is. vestor receives what is left in the 
or -- e the confidence in the managers’ Building Society account plus the 
,‘S — -*a '.outlook for the U.S. that the maturity, process of life contract 
rcc o r <! t whole of the fund is now in U.S. Safe a^ houses. 

'ori tlLj • ’ 

tn.jt th<? cirp 
u u matts ■‘•j, 

-h:fied :3 


■ :f ‘M 
■'•‘th illjfiyjj. 

ar:j. s? 0 v 
• o- su. 

rc-:c :^«3 * 


Vere set 

more 

lisitions 

”r- :,=T5 

V itp llnieii a 




.r v ^ 1 

• - r- ? •' 

• • ' .■? q 



Cutter 

Guard Bridge 
Holdings ltd 


. Preliminary Results; for the Year ended : 
3ist Bftueii, ifly ^ L 


-i-H - ’ 


- -‘‘y- P i-.' 4 : 

;r v : - 1978 
£-00.0 : 

, - : TjK?7 ' 

: 

-Turnoyer , ' . • 

• >20,010 

TTuSp; 

Profit before tax .. 

508 

.-"..603 

^Profit after tax A 

•286 

■■ M, 

Dividend per share 

l.Op 

.--i£p 

Earnings pier, share . / 

: - 3.83p >•< 

' ;-3^0P ' 

'J 


The second half of the year flowed a hettet than 
expected increase in pre-tax profit compared ^vith the 
first half-year. . . . .’•(*_ ..;. . / 

...I.- The group achieved an improvement in; its’ cash flow 
J, resulting in a reduction in net bahk- borrowings after 
r- • •• vk " . ' ' ‘ ' meeting capital expenditure in excess of £Im. 


r-i- ’* 




lit PORTFOLIO 

hits ,m:w HIGH 


» i n 

- p. 


WHILE the FT 'huieJtjtteTf continues to move sideways, second and 
third line stocks are; hitting 1 new highs in many, instances. Through- 
' : "out the past few. months, INVESTOkS REyiEW, the.City's fortnightly 
• 5 •’ -magazine-, has stuck.. to a policy of .tipping; only medium" and small 
companies, a -policy, that has taken its Trailing Portfolio to a new 

■ : : all-time peak. Ot hep- recommendations in the paper have also done 

well: the two traded- options recommended last issue for instance 
doubled in price initfte jhree or four days followirig publication date. 
This is- the Kind of performance yeadiers of INVESTORS REVIEW and 
the weekly. IR MARKET LETTER (for whom Barker and Dobson have 
i ? doubled in eight months. Sharna Ware has put on 150% in a y* ar - 
.o.i and 5 o«hern. Pacific -Petroleum 30% in two weeks) have come to 
.expect. 

" "An Iff all, a joint subscription to both magazine and letter — costing 

■ just £ 20 . a year— is the kind of vafue' that’s hard to beat. 

INVESTORS REVIEW 

■ v established mi 

V ORDER FORM: Please send me Combined subscription 1 year 
.: . Investors .. Review^ _ for- I year. - £20. post paid. .-. . 

£9 post paid. - 'Overseas rates available, on 

r : >*' IR Market. letter £15 - post " demand. 

' paid. - ■ 


Address '• 


FT /8 


To IN YESTORS REVJEW. 100 Fleet Street. London.,EC-4 
>iS aII^- .'J: : — 

■ ' . 1 ~ ■ 1 - 


M 


:T .'.r+ 


s ^ 

Jp^ 


^ m T l 

iSl 1 **" 1 •• 


I. SMART & CO. 

V : • (CONTRA CTORS} LTD. 

Interim Statement 

At a Board Meeting on' 1st . June. 
declaredtan Interim Dividend per share of 0.55p nett ,0^95pi 
due payable on 26th June. 19 iS. In respect 0 cna. nf the 

31 st July, 1978. Members bolding ap pr ox^^b 50% of 
shares have waived 1 their Tight to this Interim Dividend. 

• . ;* is estimated that for 

a0 ^ Pr0fit 
c— 

conditioas.-prevailing in t^ indu^ at- the pre^en^^r 

the severe weather conditions during the pan ’ ... 

.Subject qnfr the Fi?ai 
recommend ta the Shareholders, J-P '"f.-* , 197 s be 1.447547 

pence nett - (1.32095- r i„ t i nns The" Board is conscious 

ntissible under the enn-ent wsUictions The Boara 

that in recent years 

cost of- living °L! be :i Co ^® Q f t S ^e Board’s Intention to give 
should the opportunity arise, it u ; the a -with these 

consideration- -to the question of me 

-factors iu'tnihd: •"-. 1 - ' . 


SUMMARY OF THE WEEK’S COMPANY NEWS 


following an announcement on Thursday that the company had 
received an approach from an unnamed source. 


Take-over bids and mergers 

Guest Keen and Nettl efolds conceded defeat iu its effort to 
gain control- of Sachs by wilbdrawing an application lo the 
German Economics Minister to reverse the decision of the 
West German Supreme Court which blocked the deal. 

Thomas Tilling. has made a surprise £5m bid for Fluldrlve, 
the Miildlesex-ba&ed hydraulic coupling group. The offer 
comprises five Tilling shares for every’ eight Fluidnve. Although 
the Board of Fluidnve has yet to respond, the bid’s success is 
likely to hinge on the reaction of the institutional shareholders 
who speak foi around 27 per cent of the equitj’. 

The three-munth manoeuvring for control of the British 
School of Motoring with its captive new driver car buyer market 
ended with the announcement by Singer and Friedlandcr that 
Mr. Anthony Jacobs and associates will pay £7 cash a share for 
the capital of the companies that control BSM. 

In a surprise move. Armstrong Equipment acquired a near 
34 per cenl slake in Cornercroft from two groups and announced 
a full-scale bid for the Coventry engineering group in which 
intermittent Bnardroom/shareholder rows have been occurring 
since isro. Shareholders are being offered 65p a share in cash. 

Mitchell Cutts Group has now reached agreement on an offer 
lo buy out the 22.99 per cent minority shareholding which it 
dues nnt already own in its subsidiary Mitchell Cotts Transport. 

The share-exchange offer lerms of two Mitchell Cotts Group 
shares for each share in Transport are considered fair and 
reasonable by MCT’s directors who have accepted the hid in 
respect of their own shareholdings. 

The minority shareholders of Edworks. the South African 
footwear group, are being offered 145 cents a share by the 
controlling Dodo family. The bid was foreshadowed two and a 
half weeks ago when the shares were suspended at S5 cents 
per share. 

An agreed takeover for Newey Group is being made by 
William Prym-Werke, of West Germany, which already holds 
some 25 per cent of the Newey capital. The 65 p cash per share 
offer is conditional on the directors of Newey and certain other 

nf the equity. The Board of Newey arc recommending the offer Offers for sale, placings and introductions 

and feel sure that the necessary undertakings will be forthcoming. 

Within two years, Kelloek Holdings expects to regain a full 
quotation for its shares if plans to take over Belgravc Assets 
are successful. Kelloek. which is bidding for the 50 per cent 
of Belgrave it does not already own. has now sent out the formal 
offer documents outlining the complex bid terms. 

A bid is in the offing for Investment Trust Corporation 


PRELIMINARY RESULTS 


Company 
bid for 

Value of 
bid per Market 
share** price** 

Price 

before 

bid 

Value 
of bid 
(£m'sj*‘ 

Final 
Acc't'ce 
Bidder date 

Prien In pence ualos etfacnvlfc indicated. 

Albright i U iison 

165-S 

163 

123 

97.34 

Teuneco — 

Capital & County 
Laundries 

iso-* 

1421 

97 

1.57 

Johnson Group 
Cleaners — 

Carding Group 

20 - 

20 

20 

4.64 

Unigate — 

Carlton. Inds. 

liio* 

193 

170 

44 7 

Hwkr. Siddeley — 

Contercroft 

65* 

65 

56 

1 62 

Armstrong 

Customaglc 

20 * 

22 

104 

1.05 

Equipment — 
Mooloya Invs. — 

Fluidrive Eng. 

73i 

76 

on 

5.07 

Thos. Tilling — 

Harrisons 
Malaysian Eats. 

90 

SS 

90 

109.69 Harrisons 

Heashall <\\.» 

20 " 

27 

IS 

0 50 

Bovbourne 14. '6 

Hensbail f\4.) 

3d* 

27 

21 

0.75 

Petford — 

KCAlntL 

■jn* 

26 

28 


.Mr. T. Ward — 

Kingside Inv. 

fifl; 

56 

56! 

5.44 

Jove Inv. — 

Lund. A ust In vs. 

146-* 

134 

123 

10.97 

Colonial Mutual 
Life' 15/6 

Load. & Liverpool 
Trust 

21 * 

26 

29 

0.32 

Ascbbeim Secs. & 
W. & A. SA Zug — 

Marler Estates 

25* 

30 

21 

OSS 

Blade Invs. — 

Ml In Masters 
Mitchell Colts 

2 oO" 

197 

163 

4.23 

llillesfaog AB 14 6 
Mitcbell Colts 

Transport 

S45 

81 

82 

1.29 

Group — 

Newey Group 

65- 

aa 

53 

1.39 

IVm. Prym- 
Werke — 

Osborn IS.) 

97! 


97 

772 

A nrora — 

Pork Farms 

67H;' 

643 

467 

22.S5 


RKT Textiles 

St. Kitts (London) 

ati* 

92 

72tt 

7S.64 

Boht. Kitchen 
Taylor — 

SuRar 

2 Wi- 

196 

17(1 

0.78 

Industl. Equirv — 

Turner Mflg. 

M3* 

J37 

124 

2450 

Dana Carp- — 

Walker Sons & 

Co. (UK) 

<MI 

85 

.34 

0.40 

Anglo-Indonesian 
Plants 5 6 

Wetiern Bros. 

95* 

97 

SS 

1 60 


Wheatsheaf Dist. 


193 

168 

31 43 

Lin food 6/6 

Young Austen 
Young 

S3" 

S3 

66 

34 

Trafalgar 

House — 

* All ca*h off® 

'■ Cash alternative. 

i Partial 

bid. s For capital 

not already held. 

i Combrn 

ed market capitalisation. Date on which 

scheme is expected to become 

operaci 

ive. ■« 

'Based on 1 6 78. 

tt At suspension. 
2-6/78. 

tstmiated. 

§§ Shares and 

cash. r ' Based on 


Company 


Year to 


Pre-tax profit 
(£ 000 ) 


Earnings' 
per share ipt 


Dividends* 
per share (pt 


Alida Packaging 

Mar. 31 

722 

(662) 

16.9 

(1S.7) 


(5.659) 

Berkeley Hambro 

Dec- 3C 

1,073 

1675) 

41) 

(Nil) 

3/22 

12.61) 

Percy Bilton 

Dec. 31 

5,740 

1 5.2HM 

0.2 

($.3) 

C.177 

i 0-531 

John Brig hr 

Aur. 1 

506 

(1^33) 

3.3 

(o.Hi 


12.421 

Copper Neill 

.Mar. 31 

5.230 

(4JJ00) 

20 0 

1 14.1 > 

2.651 

(1.902.1 

Chapman (Balhm. 

alar. 23 

.143 

(371) 

12 .$ 

(13.73) 

3.924 

(3.924) 

Churcbbury Ests. 

Mar. 31 

276 

1232) 

$.2 

(2.7) 

4 6.1 

(4.1S4 1 

Coalite & Cfacm. 

Mar. 31 

16,319 1 

110,215) 

13 1 

($.*» 

2.7$ 

(1.S25) 

Com ben Group 

Dec. 31 

1,300 

0 . 260 ) 

2.S 

(2.4) 

1 7 

(1.45) 

John Croivther 

Dec. 31 

25SL ( 126 )L 

Ml 

(Mil 

0.65 

(0.591 

Alfred Danbfli 

Max. 31 

9,6511 

19^20) 

51.2 

(51.11 

$.717 

(T.SSi ) 

EMAP 

Apr. 1 

1.821 

(1.06S) 

1 S .1 

1,13.3) 

3.605 

(2.SS5I 

Gougb Bros. 

Jan. 28 

213 

(305) 

6 ^ 

(54) 

2.S 

I2.S) 

Grant Bros. 

Jan. 2S 

111 

( 147 1 

3.1 

14^1 

C-isSJ 

(D.S82) 

Invergordon 

Mar. 31 

2^00 

tl.MOi 

12 4 

(7.0 1 

2234 

( 2 . 022 ) 

Leaderflush 

Dee. 31 

120 

(lo5iL 

62 

(Mill 

(1.33 

(Nil) 

>Ionnt view Ests. 

Mar. 31 

95S 

(792) 

9 2 

lS.1) 

3 324 

( 1.796) 

Normand Elec. 

Feb. 25 

1,040 

(4101 

i.O 

(3.3 1 

2 426 

(2.554) 

Nonvest Holst 

Mar. 31 

5,174 

(3,515) 

nq 5 

1 14.7 » 

6.S75 

(0425) 

Polly Peck 

Mar. 19 

29 

(39) 

0.5 

( 0.5 1 

Nil 

•Nil) 

H. Samuel 

Jan. 31 

10,400 

(9,020) 

34.7 

(25.4) 

ln.o 

(7.5) ’ 

Sanders 

Feb. 2S 

1,630 

(2.4401 

S« 

(33.31 

5.S 

(5.S) 

Simons & Co. 

Sept. 30 

■it 

: nn.riT 

Nil 

( 1 5.1 1 

Nil 

(3.0). 

Alex. Stephens 

Mar. 31 

R 2 

I4491L 

l> 

■ (Nil* 

0.06 

(Nil) 

Twinluck 

Mar. 3 

639 

(157)L 

1.4 

i\ ! i!i 

Nil 

(Nil) 

UB3I Group 

Feb. 2S 

3.100 

1 2.690 > 

5.2 

1 4.7 ) 

4.3 

(4 2'» 

\4arnford invs. 

Dec. 23 

1.654 

(1.536 j 

ft. 7 

(7.9 i 


M S5fi) 

M hiteley i BS & \\ 

) Mar. 31 

242L I 207 l 

Nil 

(].!»» 

Nil 

( 0.5 1 

Young's, Breuery 

Mar. 31 

1,540 

11.491) 

71 4 

ill 1 ) 

3 ITS 

(2.S9) 


INTERIM STATEMENTS 


Company 


Half-year 

10 


Pre-lax profit 
(£UfiOi 


Interim dividends* 
per share (pi 


C D. Bramall: Placing of 2.333.UOO Ordinary 25p shares at 
Tap each. 


Scrip Issues 


Barclays Inti- 

Mar. 31 

61,100 

( 55.600 1 



I—) 

Carr's Milling 

Mar. 4 

456li 

i37Uia 

0.96 

IO.SS '1 

Joseph Causton 

Mar. 31 

2 SR 

(23 1 L 

Nil 

(Nil) 

Charterhouse 

Mar. 31 

4.470 

( 3.575 1 

1.45 

il.lSl 

T. Cowie 

Mar. 31 

700 

(510) 

0.726 

I 0 .G 6 ) 

Dubllier 

Mar. 26 

465 

( 3ft7 » 

0.532 

(0 464) 

Edinburgh & Genl. 

Dec. 31 

91 

(57« 

Nil 

t«.«5) 

IO.M Enterprises 

Apr. 30 

14L 

HSiL 

— 

( — i 

Kelsey Inds. 

Mar. 31 

7S2 

(!ISl ) 

1 25 

»1.25) 

( : 1 

Lonrho 

Mar. 31 

42,109 

(39.000) 

»' 

Marlev 

Apr. 30 

7,535 

(6.75(5 1 

'l 0 

1 1 . 0 > 

M & G Group 

Mar. 31 

1.050 

(430) 

1.512 

1 1.375) 

Northern Foods 

Mar. 31 

10.S70 

1 7.03$ » 

T 5 

(0.714) 

Oliver Rlx 

Mar. 31 

153 

t IS 

Nil 

(Nil j 

Pleasurama 

Mar. 31 

4SJ 

(34Si 

0.75 

(0 75) 

K. J. Riley 

Jan. 31 

■■■jO 

! — 1 

1.0 

( — i 

Sidlau - Inds. 

Mar. 31 

111 

(560) 

1.5 

4l-5l 

Su.-an Hunter 

Dec. 31 

1,14$ 

(2.S37. 

SO 

( 3.0 i 

Whnipln. & Dud k'\ 

Mar. 31 

3,064 

1 2.6U3 1 

2.0 

1 1.7.) 


Blue Bird Confectionary Holdings: Five-for-four. 

Young and Co’s. Brewery: One preference for six ordinary. 


1 Figures m parentheses ore Tor irorrcspondins period.! 
Dividends shown net except where otherwise stated. 
"Adjusted for any intervening scrip issue, t For one yean 
i For 15 months. ^Normally declared in Auzust. r For ‘26 weeks, 
a For 27 weeks, b Not given. L Loss. 


LAKE VIEW 
INVESTMENT TRUST, 
LIMITED 

Managers— JOHN GOVETT & CO. LTD. 

Five-year summary of results 


Year ended Per Share Per Share 

31st March Earnings Dividend 

1974 l,69p l.S5p 

1075 l.TTp 1.50p 

1976 * 1.77p J.65p 

1977 2.37P 2.10p 

1973 2-fifip 3.40p 


Per Share 
Asset Value 
including 
100% Dollar 
Premium 
69.9p 
75.0p 

■ 100 . 6 p 

106.3p 

msp 


Total Net Resources £58,829,193 
Y U.K. 67.3%. North America 19.4%. Japan 10.5% 

Points from Mr. C. Alan McLintock’s review 

— Earnings per share show a rise of over 12 per cent, to 
2 . 66 p out of which we are recommending dividends totalling 
2.4p, compared with 2.1p in the previous year. The manage- 
ment remains committed, so far -as circumstances will allow, 
to a continuing increase both in earnings and dividends. 

— The future course of currencies is most uncertain, which 
underlines the need for all investment portfolios to have the 
international flavour which is provided by many investment 
trusts. At present we find the outlopk. for overseas markets 
relatively attractive and we hope to exploit them profitably 
in the current year. 

— The world economic outlook remains overlaid with doubts 
about the extent and timing of recovery as well as continued 
threats of protectionism in the face of risinjj unemployment. 
At home we shall doubtless be faced with" 3 General Election 
and all its accompanying uncertainty. Despite the sombre 
background, we believe our managers will continue to give 
a good account of themselves for the benefit of shareholders. 


Scot. National nears 
£lm in first half 


On gross revenue ahead from 
£1.3m to £1.45m Scottish National 
Trust Company improved revenue 
before tax by £83.392 to £996.287 
for the six months to .March 31. 
1978. With net assets up from 
£53.05m to £5S.7t>m the value per 
25p share reached lS 6 p. against 
174n. at halftime. 

The net interim dividend is 
raised to T.4p (1.23p). Last year 
a final of 2 . 2 p was paid from 
record revenue of £ 2 . 02 m 
Tax for the half-year took 
£360.470 (£345 0401 leaving the net 
balance at £635,317 1 £567.853 1. 

Half-year 



1977-73 

1976-“ 


£ 

£ 

Grrt.«» revenue 

t.434.488 

1.300.(25 

Franked 

firs.r«a 

7fi*.*« 

Un fra meed ^ 

S7S.8S3 

S3rj!S3 

ManaeemenL . eicoeiuM 

95.M0 

Si.907 

Debeu'.ure Interest . . 

3T.--.W) 

57.000 

f.uan in lore it 

.lOT.S’l 


Revenue hetiire tax . 

996^87 

912.995 

T.-.i 

rwuT-o 

W5.IM0 

N'.-f revenue 

6S5.917 

5S7.953 

Prer. dividend 

r.i ,M)n 

31.300 

.wailahio 

M4.r.i7 

nraitts 

fn-erifn dividend . .. . 

«..»* 

395.175 

Leaving 

191,721 

141.160 


Matthews 

Wrightson 

The London market problems 
which necessitated the large bad 
debt provision by Stewart 
Wrightson. have been brought 
under control as far as the group 
is concerned, Mr. E. J. Gordon 
Henry, (he chairman of Matthews 
Wrightson, said at the annual 
meeting. 

Discussions are continuing with 
the Norwegian consortium over 
the involvement in ship operating 
but it may be some time before 
they produce results. Meanwhile 



Union, Limited. 

Total Assets at 31st March, 1978 £34 million. 


CwKimer Comutw 
Capua! Goods Durables rcon Durables 

IMS as’i 15 9S 


Chw.-i.-ii' Oils Gibers Fi*e(! Irtersji 
5J’. 7.9<i 7JiS 22% 



Uh59.:s 


Aart|i«-m^3 
- lc-ef. 


Alston 
. 38* 

fer£«t-m 
Oita Countries 
. 5.W 




o 

•B 


£ 

s 



Net Assets per Ordinary Share 


149 

142 

148 

163 


ioo 






i 


1972' 

,»7$ 

| 197?- 

i9?§' 


FT.-A.AII Share Index 


100 


•■356*' 


156 

■a?;?-] -is 


127 


19/2 


' | l64i6 ,j:~.& 6 £ 

! : y ' 
1976 f 1977 


147 

*205.3' 


1578 


Price per Share 



160 

120 

131 

143 

100 

■:;;85p\* s 


7Sp.-f 

w. ; 





Retail Price Index 

275 

300 



236 

I75.8. v 




m ifi.:.- 




13! 


s 

■■ 

100 

\83.6 






• 





.i^ 

' }?tr 



Gross Dividends per Share 


258 





214 

■*s*; 


169 



120 




«. .. f *• 

^ * 4- 

, .’ 3, * V \ w 



' r &fc: 


: 07, - 

i97g 


FT.-AAII Share Dividends 
(Inde/.fd) 


100 




■j56& - -B12- j ffife-j-ffifr {• m 

A member of theTouche,Remiiant Management Group. 

Total funds under management exceed £700 million. 

Copies of the Report and Accounts can b« obtained from the Secretly of The Truat Union, Ltd., 
Wiucheitar House, 77 London Wall, Loudon EC2N lBH. 


all payment*? due under the exist 
ing contracts have been received 
to date, the chairman said. 

“Trading results for the early 
months of this year show no 
trends which diminish our ennfid 
ence in the future of the Group 
and its developing management 
structure,” he concluded. 

Lake View sees 
growth at 
moderate levels 

Leaving aside the once-for-all 
consequences which might follow 
the lifting of dividend restraints 
it is more prudent to expect n 
growth rate at Lake View Invest- 
ment Trust comparable with that 
seen in 1977-78 than the cxcep 
tional advance achieved the year 
before, Mr. Alan .McLintock, the 
chairman, advises members. 

As known taxable revenue for 
1976-77 jumped £0.43m to £I. 6 Sm 
while for the past 12 months ii 
was up only £0.1biu at £I.S$m. 

The future course of currencies 
is most uncertain uhich under- 
lines the need for all investment 
portfolios to have international 
flavour. At present the directors 
find the outlook for overseas 
markets relatively attractive and 
they hope to exploit them profit 
ably in the current year, the chair 
man says. 

The management remains com 
milted, so far as circumstances 
will allow, to a continuing in 
crease in both earnings and dhi 
dends. It will not, on balance 
sacrifice immediate income to 
capital prospects but the in 
’ herently sound quality of the com 
pany’s portfolio must be main 
tained and is the best assurance 
of the continuing growth of 
income the directors seek, he com- 
ments. 

Total Income for the year to 
March 31, 1978, reached £2.31 m 
t£2.19m) and the net dividend was 
lifted to 2.4p (2.1pi per 23p share 
— as reported on April 26. 

Total net resources rose by 
11.1 per cent during the year to 
£5S.S3m and net asset value 
emerged at 120 op dOU.Sp) at year 
end. Listed investments in the 
British market were higher at 
£36.Sm (£2S.Sm) whereas those 
overseas showed a small decline 
lo £19.08m ( £20.49 m‘i due to some 
sales, poor performance of Wall 
Street and the weakness of the 
dollar against sterling. 

Chown cuts . 
halftime loss 

With turnover down at £233.810 
against £447,862, Chown Securities 
reduced its pre-tax deficit from 
£265,541 to £164,778 for the half- 
year to December 31, 1977. For 
all the previous year, a loss of 
£ 686,000 was incurred. 

The result comprised net rental 
income of £67,635 |£79,8S3). sub- 
ject to net expenditure of £76,616 
1 197.333) and interest of £133.797 
(£248,089). No tax is payable 
(samel. 

After a' surplus of £114,804 
(£136,870) on revaluation of pro- 
perty now realised transferred 
from capital reserve, a deficit of 
£39.248 (£36.774 surplus) over 
book value on disposal of pro- 
perty, and a £50.000 (nil) ourpitis 
on exchange of loau slock, the 
loss for the period emerged as 
£39 222 (£91,897). 

The directors stale group 
borrowings have been . greatly 
reduced bv sales of properties and 
the Board's endeavours in this 
direction have been assisted bv 
more favourable market condi- 
tions. 

Again no interim dividend is 
to be paid— -the last payments 
amounted to 1.4065p net in respect 
Of 197S-74. 


UBM GROUP 

Profits of the UBM Group 
recovered ' from £2.69m to IS.Bm 
in the year ended February 2S. 
197S, Due lo a typographical 
error the comparative figure v.a* 
given at JS.lm In yesterday’s 
report. 


Invest in 



stake in the world’s richest 
economy. 

$An opportunity to invest when 
US shares are still cheap. 

Many shrewd investors see the good sense of 
having a part of their investment in the US now. 

Tyndall believe that US shares today still 
stand at attractively low prices and that the 
economic facts justify further substantial rises. 
Economic Strength 

On such fundamentals as profits, dividends and 
assets, American shares are now cheaper than 
■they have been for a long time. Yet the US 
economic indicators are strongly favourable, 
with an inflation rate of 6.7% last year and a rise 
in GNP of 5 % in real terms. Corporate profits 
top continue to grow at a sustained pace. 

This is why Tyndall believe that now could be 
a good time for investors to put some of their- 
money into America. 

Benefit from Tyndall experience 
Investors can now benefit from a unit trust 
managed by Tyndall, the London Wall 
International Fund, which is now invested 
exclusively in American shares. The Tyndall 
Group have extensive experience in .American 
investment from their substantial overseas 
involvement over the past 10 years. 

The portfolio of investments concentrates on 
those leading U S shares which Tyndall believe . 
are now especially undervalued. For your 
information the estimated gross commencing 
yield on 3rdMay 197S was 2.15% and the olfer 
price 33.0p. 

You can invest from £500 upwards in the 
London Wall International Fund. For further 
information, including a statement of 
investments, please complete the coupon below 
or telephone Tyndall at London 01-242 9367, 
Bristol (0272) 3224 1, or Edinburgh (03 1) 225 116S. 



London Wall International Fund 


The Tyndall Group, 

18 Canynge Road, Bristol BS99 7UA. 

Please send me inlormadon on the London Wall 
International Fund. 

Name 

Address. — 


JVbf in Eirt A member of the Unit Trust Association 

Ffp - ?. ,*LVT 


APOLLO 

Edited by Denys Sutton 

The world’s leading magazine 
Arts and Antiques 

Published Monthly price £2.00 Annual Subscription £25.00 (inland) 
Oversew Subscription £28.00 USA Si Canada Air Assisted S56 
Apollo 'Magazine, Bracken House* 10 Cannon Street, London, 
EC4P 4Bf Tel: 01-248 8000. 



■‘-I 


.a 






iirts. 


Leonard Mather 
CBE 


John Pile 
Knight 


James Akerman 
CBE 


Terry Beckett 
Knight 


Arnold Robinson 
CBE 


John Cockney 
Knight 


Gerald Kaufman 
Privy Councillor 


Barrie Heath - 
JCnigftt . 


Geoffrey Hawkings 

Knight " 




RECOGNITION OF business Mr. AmM H ® nr » Chllver. Vito- Mr. J. R. Christie, lalclv Drputy Master CBE Mr. L. R- Plncott. lately managing Mr. C. a. Cay, ehalrman. St. CuUiberfS Mr. J. O- cemsnU - sh”e ami North - 

arrt ih- rivii Chancellor Craufield Insdiuie of Tert- aiul Com pirall* r. Roval Mini Mr. J. C. Akarman. nunaslns director. director. Esso Petroleum Company. Lo-opcrative AasodaHan. . committee « Bristol ■. Transport * . General and Municipal 

science, the arL ann me Lull nwu-u-. Mr. p. T E. England. Deputy Secretary. Milliard. For services to. eipon. Mr. D - RWiwds. architect. Hoberc Mr. H. L. G. Gibson, general president. Workers Union. ,H^.in.ciraii.in Mr. R. M. Lanrc. adb-ftetOf-;, 

Service features prominently in Mr . Jfl hn Stafford crlpps. larcly chair- Mml5ir> of Dtlenc.-. Mr. C. M. C. Anon. Bew.-rnl manager. Matthew Jolmson-Maratialliiml Partners. National Union of Hosiery and Knitwear Mr. P. R. Cbcffinfc sales aanuniiiranuu Mr _ F c. t-«"a»"!Sa 

Ihc Birthday Honours, in which man. Loiitiirisld..- Cnmmlsiion. Hr. J. a. Ford, Cndei- decreiarj. Cmeni Carden Market Ainhorn>. Mr. G. B. Richard son, seen! ary to tne workers. nianast-r. Tlmmis Television. reporting, the Proas &sei 

acknowledgement is also made To Mr. John Graham Cuckncy, chairman. S.-OIHM! iilRw. _ Mr. William Alwyn, composer deieflaua and rtlef wecutive of Uie Mr.. Richard Cwjlden, actor and broad-. Mr. B. Collins. editor, intcrnaooiiai . M | M Andrea; Lynch. V'Fdf 

Lnd '3F8s am “ f “ ri “" u " »— — — tsnsrsar v,^^S^€r nnt, °” ™'"- -. *-*•«««. r?. , 3 u k v 

an «. l ,.- .. n-imnrl fn.ir La*’ **■>-" Mr. W. F. P. Hesclilitc, depuij private PnteiL L° IT, RcMeeh cnuScil 4 & W bunixalion Research A£«h1atlou. ^nwh AitIcuUumI and honin' SeiOot). John he Ur .. ' . . 

iSSKiiK -s“e •z'tszr ^ ™ LJ. &*■ — ■*— — - a bSS* 

27 Knichts Bachelor C names _ Mr. Denis Follows, i-luimian. Rnnib Min>»rr> ul Defcnre. Criurai Elccuicny CMiunma Board. Mr. E. C- Rnbython, dctmlv rfiu»T Royal Exchange Assurance. . . Bri'fsh aiuidonldrrs Aarrou. .iSJuphniJ Di . ?P -.V*®!* “S? , , Acroap Jct 


and the law. 


Six Life Peers a re named, four ^lr r rrt(ritk „*». c yrnu, cSSTZ -SEX *’ fc “' ' wwn,wr - "SETT °SSL 


Privy Councillors appointed and Barman Oil ■'•wiiFtny. ' Hr. P. J. Hudson. Deputy 

■’7 Kni"hts Bachelor (names Mr. Deni* Fallows, duimun. Rnn*b Mmi»rr> ur Defcnre. 
taken front Overseas Lists are «*“■* *"*■”*-■ *»'»“ » m,. Frod Jones, d,p.u>- 


separately specified!. The follow- Mr.' Francis Geoffrey Hawkings. Phair 


Ci-mnii Etectilciiy Ccai-miiiR Mr. E. C- Rnbython. deputy Hi, of •«»« Exchajige Aasnnnco. . . J» .rSSm. ' waUCutonSnA. ..'.-,7; “ 

Mr. E. T. Bo Oiler . dirc-t-ior mineral. cxeeuUtv. aircraft group. BnUsh Aero- Mr. A. E; b. Harman, general manager, - uo - x««.i™m..i»i Mr T. 4. McCw. 

Rwal Njuonal limuutc fnr ihr Blind- space. Kor services id eipon. Agricultural MurutauQ Corporation. Mr. E. E. Davies. ^cBle^ue^ suwley manager, Pyc TVT. 


isr«&u.n !nd«d«_pn»ii.i -Sj--. ; sssji~~~ »*“ *5s£i' srsrsrs. 


fiTW^.~i h 5r^r B ,n ^-■aa^nsssss S^fafas: 

tswas ST^s.. ss 

MlH Marwirei Susan Ryder -Mn. sin- of .lamlirldce. ."r- J?-*" Pv-puiy }-rr-.-iar>. ^bipwrwlits. BiacksmiUu and Simciural ell uo Edueation. AioiUlc Energy AUlhorify . . ■ WyTistrumcncs. tfy. . ■ 

rtwshir-. murnl. r and snual unrlcr. Mr. Frederick Alfred Laker, chairman 'l 1 •’'v-rwaii Dt-.cloonii-m. Wtukcrs. - Mr. A. O. Wadey. l»Mjr rtmirofler nf Mr. 4. K. Jamlsn, director, A ns Couo- Mr - *■ '■? 'SiinhufMUm' and Mr. Martin Piieri. VorSiS^^ : • 

vi|,- Rvdi. r f-oiiiidJiioii (or ih*. Sick and and nunaainu director l.ak-r Aim-ays Mr - R - a - Roper. Chief l.and Ri uisirar. Mr. D. Davios. Board nv.nibrr. Finance. CdmiuonucallJi Development ell of Northern Ireland -.tory. - Cojifi-deration «f ^ P iss,icva, ion ‘ Foot fait-' : - L>? . 

Disabled or aU Aic Groups. Mr. William d'Auvergne May cock, Mr. Alan Thompson. Depuiy Secretary. NauunaJ Coal Board. Corpora Lion. Mr. D. H. L. Jomphrey. sales dirrdlOT, ■™Jj M * rt iw fnwrw. mallaB1 , r Mr n. s. Ramom : iwi^fc’ : £SEairXi5' ’ : 

riirociur Blood Products Laboratory D'’Dariuicnl of Evliuailon and Sci-'iue Mr. P. F. Dtroy. tUrc-cior 1-i-rraiiii. k <s Melon W»m*. singt-r. Hordman Croup. For services to • esuort. ' c ■*!' rwrest. seni r • i — „...., — .■» < . • 

BAR0H5 Lif.-r tnsiiuuc. Mr. Francis Walley. Kmlnr-Svcretary. I'm-ral mauag-ir Compuier Systems Mr. w. H. Webstar. For services 10 Mr. 4. 4. JewUx. msuuuuoR dirocwr.- Btovkhous 

Mr William 4ohn a lease. i»i»iy Mr. Henry Roderick Moore, chairman. Dinannum of thi Em ironmnii, Crimp Fur xurvicvs lo rxpon sport. Foolprtni Tool*. For ■ sorvfoc* to export , 

'■onii-rn ir.-iund ufli"cr Irish Conitrss Nonh East Thames Rcmunal Hcalib Mr. 4amos Webb. L'nifL-r-Srvrciarr. Mr. R. G. Dmhle. chairman. Black and Mr. H. A. Whiuo/f. fairly president, Mr. 4. Cow, secretary, Scoitisb Rugby : M 

of Trade Lfiions. Authority.. Board of Inland Revenue.' EdsniKton. For services 10 expuri. Engineering Employers 1 Fcdcrauoo. Union. , r - 

Sir Roheri Srocklc Hunter, Vice- Mr. Po*er Parker, chairman. Einush Mr. D. V. GauKcr. dirccior -gene ral. Mr. C. H. -Lawrence, director.- James -.2«® r *„ 1 

i.hrfucL-llor and Principal. Lm versus u* R— 'way t Board. ORDER OF ST. MICHAEL ANB Federation of CivU EOBlnevnng Comrai- QBE Purdey and Sobs. . wnl 


Miss Lucinda Prfdr4^fnNr;-J 


•-\\t •air-- 


S imperial Chenilcal Mr. 4. PanrsM. raft*. Anea4tk(to&-‘sf' ' ■ 
Car law CEnginewe »: • 'For- -aerrts?^ * - 

Edwards, works di reel nr. export- . • >■ -y-; 

. Hl» HHw PMrtd, 

awmaiit general eevre- canoeing- L: , ' 


Mr. C. L. Forrest, viunr mill manager. Mr. D. R. Ramaejr; -«ethait §S 
rdckhoiur Dlstm-t Steel. loMUuUon at fin naxUtpa^czi 


Mr. E roust Jones -Parry, cxccunve 


ST. GEORGE . .. ... 

^'sir Va'ul RcWy, lately director. Dcsun diroiior. lutciriaiional Su^ar Organisation. GCMC Profcuor D. C. Hague, member. Price mublc. me. Dorelopmvm CorparaUoa lor Wales.' rale’ amfTSe RpHn^rles’ nn'firrtr rrrmrniini : 

Council Prermor mmu P.mr . prcsldcni. Sir Maurice OldHc Id, lately Fore I B u and Cnmimssmu. Mr. J. C. Asher, administrative dirre- Mr. Joe Loa. band-1 ca dc-r. ■ P'abluw Wharf. Tale and LTle ReUMrifiS. 

Sir Edwin Rodney Smith, lai-lj prest- Nl,wnaI Uibrary of Wales 1P69-.T. For Common;. i-alUi Oflicc 'Diplomatic LiMi. Mr. I. T. Kenderaui. chaimuo. M:ntal «or and secretary. British Ship Research: Mr. H. F. Lowe, priucipai. Price Com- l " Hanweil, wo as . 

dent. Roval College ol Surawns. services io Welsh scholarship. Sir Sccwoosagur Ramgaolam. Prime iluulib Foundauon. Assoclalion. minion. — «!,,«. nr, ri sh mT , w iWfa.Li 

Mr. Raymond William Peenocic. depuly Minister of Mjuriims -Overseas Lisi*. Mr. Hammood luces, wru.-r. Mr. F. G. Bailey, chairman. F. Bailey Mr. J. Macfcay. chairman and mamylnk. , „- °- M- Br, ^ sb 

.. , KoV«^i l -e S . P o t clUn L ' a ,ndU5,J,eS ' CMC Mr n SS^^T'JS^- “a/T' JTKJSSL. For «r- and chief Ptestics R^frS^i^ 


Mr. Dennis ArundeU. For services to Mr- M. Lewis, director and chief exetu- 


. ' Mr. Norman GRTord. For services. to Me. W. F. Rktofl., genera-- 
-^cncficL. . TnBleo Savings Bank fifjtahiai 

Mr. F. A. Hale, deputy tdanautrr. Cumbria \-'f~ 




Mr. Hammond Inccs, wnii-r. 
Min Glenda Jackson, actress. 
Mr. Lewis K coiner, pianist. 


Sir Robert Edgar Mosarry, Vue- u,_~ m ol( , .vm»‘i u* ucvi>iuihiiciii. t ->- 

Chancellor. Chancery Dniiion. High Coun unlrersire «T nladinS' ' Professor A. ,W. Woodnff. nvik-onK eiaUon. 

«f -luslicc. .... . Professor of Clinical Tropical _Mvtflcln« ; Mr. 


PRIVY COUNCILLORS chairman Imperial Chemical Industries. Ml» Glenda Jackson, acircss. an-1 Sou. For services lo Joumaltan. director. Hugh Mackay and Co. For ser- „ director and chief PbsNes 

Mr. Gerald Bereanf Kaufman. M.nlsrer ^ nev?™,' pii. CMC Mr - ^ KCTUWr - P»*uis«. Mr. A. T. Bard., c-bairman. Hereford, vice* io export. e £iut aJ?' ISTwaSSmS ^ to^SauSnal hb. F 

of Siaic Dcparrmi m of Industry. rmun*™™* P *' chairn,jn - Mr. R. C. Griffiths. Under-Secretary. Mr. T. H. Kcrnohon director. Enamccr- shire Small Industries Conuuuiee Coun- Mr. R. H. Mac William. For services in F^^rvVrvs in ^xuurr ^ intaager British 

— Edgar Mcsamr. Vue- am v- Ministry of Overseas Development. tne Employers' Northern Ireland Asso- cil for Small indosirlcs in Rural Areas, the Insiitutlon of Mining and UeUDurg?." Jicr ^ 1X8 w ^-'-c 1* 

nrery Div ision. High Coun r ™ KT Welk-onK ciaUon. Mr- T. P. Bsriow. cousultani. Rolls- Mr. D. B. Marshall, chairman. D. B.. 

ChnnreM^ unit orator neddlnc Pmrwior of Cluneal Tropical Medicine. Mr. C. S. King, director. Pr.vtuci Royre Motors. For servk^s to export. Marshall iNenbrldsci. 

unsian Hoyle. Minister of -J^LT.-T vva^-ai ^ London Scfiool of Hygiene and Tropical Engineering. Leylaad Cars Group. Bnilsh Mr. H. C. Black, dlrecror. Aircraft Mr. G. M. Menztes. rtiaimuu.' North 

•lit of Health and Social M r r oben TriiM m imcinc dire, tor M ^ K ‘ ni- - > .. . Lerland. Proiecis Drparnnent. Alnrerthtei-u British Steel Group. For nehrlces. lb 

GEC-M»?«m EiSuKs For servh« . Pr ^ es50 C, **" A,k j"“- »««'»■ «£, Mr. H. M. Lan Sl duurniau. Food and Division, civil Ariaiion Authority. export 

h. M meter or State. Privy ,1^™- rDf Emerlrui Prorewnr nf Jnnsurudi-nct- and Drink Jluchinery Sector Working Parly Mr. 4. D. Bradshaw, chairman of Mr. W. T.. C Millar, mauagius director.'! 

I ''ernitjonal Law, Gmivrsiiy of Man- Mr. T. R. S. Lyon, chairman. Smaller executive council. Amalgamated Union of Nonnalair-Garrcn. For services to; 


Mr. Roland D unsian Moyle. Minister i 
State, Department of Health and Sorii 
Security. 

Mr, John Smith. M inciter of Stale. Pnv 
Council nmce. 


COMPANION OF HONOUR 0RDER 0P ™ E MTH 

„" p - «'■ t-wriinc. Alrey. SeiBod Permanent 

Mmisicr of Papua .'e;; i.uin»a «GverV:is s-'<T' , ;arj Tre.isurv. 


KNIGHTS n.-ni L'ndw-Soi.rcLary of Suio. banm 

Professor Kenneth John Wilson Alex- ... 

andcr. chairniaii. Highlands and Wands Mr. John Alexander Atkinson. Second 
Di-flopmcni Board Permanent Secretary. Dcpanmect of 

Mr. John Jacob Asfor. uha/nuan. Asn- and Social Security. 


kmonrui Pnjrniisnr or Jurisprudence and Drink Machinery Sector Working Parii Mr. J. D. Bradshaw, chairman of Mr. W. T. L Miller, managuis director.'! 

! '• I’m itj on a I Law, Gmix-rsiiy of Man- Mr. T. R. S. Lyon, chairman. Smaller executive council. Amalgamated Union of Nonnalair-GarrctL For services to; 

cnrtsicr. Fur si.r.ieci >0 inu-rojitiunal low. firms Council. Confederal Ion or British Engineering Workers export. - ' y t‘ • 

Dnvm ...rrno .... nBn ED Industry. Mr. j. o. Chcrrbioton, asriculmral Mr. John Ncwcomhe. For services to SvSfc-4£>r 

ROYAL VICTORIAN ORDER Hr. W. A. McCahon, presldcni. Lister corrcspouderu. Financial Tuuts. sport. - -!• ’ 

KCvO Farmers' Union. Mr. A. W. Clift, manaulng dire<:ior, S. Mr. J. P. M. O' Connor, lately director. 

Sir Hugh Maxwell Casson. president. Mrs. J. Macintosh, chairman. Soamsh and A. Clift • Birmingham i. InsMiute of Practitioners In Advortising. - 

P‘" ■’’‘V Consumer Council. Mr. A. I_ Cnibeck. For services to sport Mr. R. 5. Odd, deputy chairman, 

Mr. William Alan Wood, Second Cro-.m Mr. L. C. Mather,, chairman. United In ibe North East. Lansing Bajmoll. For seertrev 10 export. 

Ea.uit CommiasicuiLT. Dominions “Vusl Mr. D. F. Cnoner. rilrerror or pnrL-haslns Mrs. Fay Pasnell. managing diredor, 

Mr. Raymond Mays. For services to and BUPPlIes. British Gas Corporation. Conference Services. - For services lo 
cvo mmur racing. Nr. 4. Cordrey, manager, personnel export. 


" Mr ' Robert Temoie Arminmo P,^mu. slr H “ 5h Mi ™ cl1 Caxsoit. presidenf. Mrs. J. Macimosh, chairman. Scottish and A. Cliff • Birmingham i. 
n.-m " 1'ndi-r-Soi reLarv of v, aI p l, p----' • 1 - oiv Consumer Council. Mr. A. 1_ Cslbtck. For Services 

rim.'- Ln * ” Ur> of B Nr. William Alan Wood. Second Crown Mr. L. C. Mather,, chairman. Untied In ibe North East. 

Mr .ixhn AirxamW Aik menu c.,.. nn a Ea.aic Comroissitmcr. Dominions "YusL Mr. D. F. Ctrouer. dlrecror of pu 


cnuu-ni Ri-ailrrh CnuniAl Mr. Henry Peier Rowe. DC, First Alr Narshal Sir Maurice Heath. Gentle- Mr. E. A. Moore, chairman. Wheat- development. LHilcwooda. Nr. Horry Parkin, rtlrenor. porsomwf 

PnlfosSr Gwrie Grenfcll-Baines For Parliamentary Counsel. b ' ,h?r 10 lh,f Quren- sheaf D^iribntion and Trading. Mr. H..Cetiam. chairman, this Kendal and Bociaf pdUcy. . Sheffield Division, ■ 

fcrTSsin .rrimSciure L " rd RuB «rt Revill. treasurer and prl- Mr. C. P. Mortar, chairman Unit Con- HnldlngK. . Brn>sh Siwl Cnroorstion.. 

Mr. Terence Norman Beckett, chairman CB vale s *c ftf,ar »' l« *<! “* Edinburgh, strucdon Company. Mr. 0. B. Craig, vlce-presidem. Bniisb Mr. H. D. Peake. For services to 



and managing director. Ford Mo'or Mr. W. E. BelL Permanent Pecre’ary 
Cmnany. Di-nartm-ni of Finanec. Northern Ireland. 


Mr. J. J. Mur del I, chairman and man- Fumlug Federation. municipal engineering, 

aging director. James H. Dennis and Co. Mr. F. W. V. Dale, Joint managing Mr. J. C. Peterson. . For services to 


Mr. William James Bryden. lately Mr. w. R. G. Bell. Undersecretary! Dr ' Conraul1 5waB ' Y ork Herald of Arms. Mr. J. A. 5. Heave, a director and director. Town and Country Building Sport particularly in VTalriL 


Shrnff Principal Of the Lothian and Deoartmcni nf Industry. 


general manager, the Mercantile and Society. 


Mr. Eric Wallers Cheadle. chairman nf advisor. Depanment of Health and Social 
Goiin-.-il and pasi prosuli-m Primers' Sti-uniy. 


Mr. J. A. G. Carmichael, chief medical ORDER OF THE BRITISH EMPIRE General Reinsurance Company. 


Mr. M. A. J>oc«ck. member, Busincs* 


Capta'n Nigel Dixon, director and secre- Sludiue Board. CotmcU - for N'aUotuI 


□BE Mr. Trevor Hmut, artistic director, lary. Royal National Lircboat Insiliution. Academic Awards. 

Miss Sheila Patricia Violet Sherlock Rnyal Shakespeare Company. Mr. P. V. Ellis, director. Worldwide Mr. Terence PodesUL Far services 10 


Charitable Corporal Ion. For servicer, to Mr. J. S. C assets, director. Manpower (Mrs. James), Professor of Medicine. Mr. N. S. Paul, diredor. the Press Marketing Group. International Com- Honker. 


the newspaper industry 


ServlPM Commission. 


Royal Free Hospital School of Medicine Council. 


pilfers Far services ia export 



Now, the Britannia Building Society and Royal Insurance Company 
come together to bring you the double benefits of a high-return investment plan 
with the added security of substantial life assurance cover. 


The Britannia ‘Double Investment’ Plan. 


This plan, which i« open to investors 
between the ages nf 20 and 55 next birthday with 
a minimum investment capital of £*1.200. 
(maximum £15 .(hj 0-£30.000 fur joint accounts) 
combines the advantages of a Britannia 
Investment Account with those of a RoyaJ 
Insurance ’with-profits” Endowment Assurance. 
The plan is for a 10 year investment term, with the 
Endowment Assurance premiums being met 
from the lump sum deposited with the Britannia. 

On maturity this plan will yield: 
d) The sum remaining in the special investment 
account after payment of the Endowment 
Assurance premiums, lii) A maturity bonus « »f £> 
per £100 invested, (iiii The sum assured under 
Ihc Endowment Assurance plus bonuses accrued. 


Example based on matured plan for n male life agedoo 
> ears next birthday i Original Investment S6.Ul.mi. 


From the Britannia 

Ai nount reruaining in building soci^rv' account ... 

Mvunty bonus 

From the Koval 

1 iiiarantevd >un; aaiur'-d 

K -nniated boiuuej 

E-tiirMie-l 'Ti’ta! 


... 2-:t‘>7 
... 180 


Tax Liability. 

Under current legislation, all benefits 
resulting from the plan, either on maturity or in 
die event of earlier death, will be free from both 
income tax and capital gains tax liability. 


... 5-378 
... 3.(101 
... 10.956 


Hi., i jr. 

i- it- — 1 *^ . ■; n."-Tf i ■- " -*n "h. s-^v-tir - - ..-...-I > .M...I 1 M- - ii> - p.T*n'i..iii 

'"•Mfii nir'.i.|Mtl*. 

It;.' -• »-• *i'l ■ ••.'.■ ••.•-.-nT.i.v :V .-jrr ici-.'tni: : i>. 

• ■: h"-.n . :^l r in - . - .1 -.;i.iii:..|. «-,-!«• -u-.i.-- J.;- rf.ir<t 

|rt w -1.-I- -i-l . ... ;m»: k....u— I’.l 

■•.il.--J.il- <*■. iUitj- ;ci i>> l-'r.l liv'd - - l-in.- 



/ % ^ 


\lu 


Special Options. 

Under the provisions contained within the 
plan you may if desired, effect subsequent 
policies without eridence of health for the 
purpose of: 

fi) Mortgage repa>7nent by the Endowment 
Assurance metlmd. 

(ii) A further 10 years Endowment Assurance 
with pn ,fits for Ihe same sum assured on die 
same life. Both the options are subject to limits 
and conditions current at date of application. 

For farther information, contact your local 
Britannia branch office. Or return the coupon. 




t, raiti. 





HI l Mm 

Britannlo 

Building Society 

Always there to hdp. 


Name 

Address. 


Please send me more infonniiii'in mi the Britannia ‘Douhie Investment' Plan 


Please post to: Britannia Building Society Dept- D. I., Leek Head Office, BO- Box 20, Newton House. Leek, Staffs STL3 5RG. 




Mr, D. G. F. Rowllnson. regtonal rtlrfic- 
■ mr Northern Region. Tiatlanal Bus Corn- 
pony. 

Mr. H. A. Ray. nanonitl adcretarv. Pood 
Drink TobacctiT Agriinlr lire Group. Trans- 
pon anrf Gr-neral Worker^’ Unton. 

Mr. P- . M, Raynos. director-general. 
Uivrpciol Cution .Aswiciation - 

Mr. G- B. Rehl. director. Thus, and 
Jas. Harrison. '. -L 

Mr. A. A- Rosy, president. ORlJvy BcittOfl 
and Mather. 

Mr. F. L. Sage, official receiver. Depart- 
mem of Trade. 

Mr. R. H. Settle, overseas nrolecu 
director. Dynamics Group.' BrlUsh Aeffr 
span?. For services , to export. 

Mr. D. R; Sharp, director.- advisory 
division. Cement and Concrete Association. 

Mr. A. H. Staler, managing rtlrrctpr. 
Tate and Lyle Engineering. For wruecs 
to export. 

Mr. C. F, Tannic) iffe. pntnlcr. 

Mr. R. T. Turner, iflarkeiliu! exivutire. 
Civil Eturinos. RoUxJROycc. For wr su.es 
to export. 

Mr. S. J. West director and chief 
eWi.utlve. Emnni'orinR Employ urg' fWrtf 
or England! Association. 



Freddie Laker (Knight >, top! Glenda Jacksod (CB£) 
bottom left, and Trevor NmuL fGBE). ;i - 

v V ‘ '• && 'z-~ 


Mr. A. B. Anders an. ahloyard maiug«r. 

Ferguson Brothers (Ron Glasgow i. Mr. Mlchool Hazelwood. For services Mr. J. F. THIy. • tortmlca I flunaidtf.^ 

Mr. R. J. R. Armwremg. chief enKineor to water ski ing. - SulaiiarlM Ssst^ Dtvlata.- 

idTtiamlcai. Dovriy Roiol. diptaln M. j. Higgins, lately Cbm-' Teleplmnes- "and^ ^^CaMesT . .‘'-'■VSlj"' 

i 5?S? wp l » i,rt, ' |p 'J’wtonr Captain, sir WUJiafli Reardoo Mr. Homm ttollm ; W, 

jtiuleraior division. MEL Equipment smith Unes. Swindon Town tmnftnU 

Company. Ml» Jessie HlnchlHTe. vmUnist. " Mk.j. c^B *SaSLg£*' 

Mr. R. Bailor, executive chairman. Major S. C. Holmes, chief Commandant, cellar tbm linnet 

Lancashire United Transport. C.lu of London SlSl Coigtah.darT 4^^. 

Fonh U mdniUi,n * dwvc,or ' " r - "j W i Blrmlngtah?" 

! T J. Baroer. lafete rralonnl ^ C«?«ier«. For SCrviCCIT M 


* b'.'r-, • ; , 


Mr. 3. Berger, lately regional secretary. Luca* Aerospace. Far services to csporL Mf i'c w. 'T.. 

^S, B SS,, u h „ rimu "" - ^ JT- “■ "■»»«- "fTLSSt- 


Mr. J. H. Bionic, group pcrsonu.-l Mr. E. V. Hughes, rbwonal srcreiara Na^rJ!’ K a 1 » V s?^b er ri^ :r ^ X " S ^‘ 
m 1?*SL Johni'lNans. dlvts.ouai orcam^r. AJUed TradM “ d ' * « Wt?2rtrioteU jpin» 


Mr. 5t. Jonn Biuns. dlvlsiouai orcjms-.r. Techolcum. 

Amalyamaied Union of ErwuicL-ruia Mr. Thomas Reavcuey. For servici-s 
j Workers. .Unawnr Rugby League. 


ing * ret I or. Hrockitouse. : ' ' --_! 
(O Mr. P. . Wortbtagtoa; JBeueraJ^f] 
Md'anai Fedehifim-. «f Ftsft-' 


-l: 


STOCK EXCHANGE BUSINESS IN MAY 




Turnover at lO-month ® 




BY GEOFFREY FOSTER 




ECOiNTOMTG unceriaintiea con- 
tinued to curb investment 
interest in May. Subsequently 
Stock Exchange turnover con- 
tracted for the fourth consecu- 
tive month to reach ilg lowest 
since last July despite the fact 
that there was one more trading 
day than in April. 

Business in alt sfcuriUes fell 
n.6bn.. or nearly 14 per cent., lo 
Hi0.05bn. This compares with the 
>ear's high of El-t.Tbn in Januart 
and JasJ September's all-unie 
peak of £22.4bn. 

The FT Slock Exc)iunge tnrn- 
fiver index for all securities fell 
from 357.0 in April to 30S.1. Last 
> ear’s average was 442. K. 

A sharp fall in gilt-edged 
business, particularly in short- 
dated securities, was the main 
reason for the fresh decline. 

Trade in all British Govern- 
ment Securities fell £SS0m. u» 
I'SJhn. and the number of 
bargains was ; 3,174 fewer at 
5S.623. Business m the shorLx Ml 
lw a subslantiMl £1.44hn (11 

£4.1 bn. the lowest monthly' total 
since last Julv. ■ 

The avernce valur per hargain 
in gilts decreased £60,187 to 


£1S3;990. The turnover index for 
British Government securities 
tell from 3S2.2 in April lo 345.S. 
This compares with . last 
September’s all-time high of 
* 44.0 . and the J8T7 average of 
4iS.S. 

.Gilt-edged prices drifted 
throughout May tb touch new 
I97S-lows on increasing concern 
about the economic outlook and 
the Government's handling of 
money', supply- Disappointing 
UK- tra^e- figures for April and 
a gloomy CBI survey- were other 
depressants 

Institutional investors showed 
a marked reluctance to buv 
gilt-edged because of the upward 
pressures on interest rates. The 
FT Government Securities index 
reflected - the mood . by fat line 
from 7L28 at the end.- of April 
to a\ 197S ' low of 69.92 before 
iodine the month aDei l.Ja down 

at 70.13. ' . -. -•: 

Business' - in ordinary shares’- 
iienefiled from fhc lack of invest- 
ment infer.esl in. British Funds.. 
May turnover -in equity shares 
rose £300m on the. month to 
£1.7hn.* This is the .-highest since , 
last October's £t.9hn. .'. 

The number of equity dears 


rose .54.380 on . thft.'^odlOp.; 
368.981 . aiid. the . averagej^fe-. 
per bargain increased 
£4.660 ; The ET equity- fiSneyeF 
index for . orduiary ’sharesjScS : 
306^ in May- -coooiiMEef^^w"- 
250^ in April the .•lSTTrilS' 
490.0 aud that yectcls 
average of 299.9.“ ’ ! - 
Equity Prices made jJrofEPgS- 

in thin fradrae'cdndiribiW hrffi^ 
with buyers finding tbe^ipiBW 
short of stock/ ; 






■■Jg.-;- ■ '=• 


ffcJS. 31 




<Sa - ^ 


. Despite . the general 
economic picture add 




disappoinlihg trading stafenie^^ 
from leading comp 80 tek-“‘«ilsk . 
included Bowafer. Coats 
-Marks and Spencer 
the FT 30 share index'fweTro®. ; 


i'^.y 
" • - • 


4h5-7 at the eod gf-JkprUih-W^ 

4S8.3 on Mav befdre-^toSt© \ 

the fnonttr-L3.1 points higb«>T*®^ ; 
balance at 478 JtT" “ rr-^-- : 


Gold shares. reflectihpf-'ygiAW k! 
jump in the price of gold 
m -May. ranted frttrd tbe^rfOTg? 
month’s depressed leve.ls^ ypP“ ! 
stemme'd from ' *Ke ■'-U.S/'T ® 'J 
sury’s decision 

ounces of sold a 'month' ''-.fPifS'-j 
least six months. The. FT;WW“ . 

.. i a • fife 


least six months. Tfie. ^ 

Mines index rose 

the month to 156.1.- .- -x r - ; 






Category 


British Government and British 
Government Guaranteed 
Short Dated (having fire years 
or less to rim) 

Others 

Irish Government 

Short Dated (having five years 

or less to run) 

Others 

U.K. Local Authority 
Overseas Government 
Provincial and Municipal 
Fixed Interest Stock 
Preference and Preferred 
Ordinary Shares 
Ordinary Shares 
TOTAL- (Categories 1-8) 


Valde-df aH- 
purdwses 
amfsales 
. £rri ' 


- % Number 
' of of 

total bargains - 


Average 

value 
per d*jr' 
£m . 


Average 

: v 

bargain -f. P 




40.7 21242 

30.6 36^81 


38U 

3S3.9 

l-jap* 


J 8 & 9 * -- v-UgS ;. < r ’ 
12*720-. ' . . -5\v • 


28JSSL tjs *w • 


iitj 

•Y71W 

iofiSSA 


37,497 
368.987 
483,13 1 




















■ - -■•'.■ - . : - ■ 

- •-. • - ; ; . ; .•. wL s-!-‘' ! . - * '{ ■ ■ :„• j'f ■. 1 1 - ...•“■■ 



'vrT.; •." 


-.i 


Sir Pj «i»? : ' 
fi *>" 

-■•iL‘ _- - “ -■Cra?* . 

■ ^ -ss 

W ') I -*M- ' • 

•ft. 

M ‘^«e. , 3 . “• : 

■ 

?, ^i- 

n..- v 'J*r.e_ - - * 




**e*„ .' 

• * .. V> 

•'ft 


■ft .' 

®' Parrel,. . " ■" 

“’■ : 

5 "•■ 


■crior.. , 

;:■*,- 3 " : Jr-. 

‘ lr K 


1 p taco(i , 

’ 

' P «*«. f 

w^- r -? i, ' 

' - L :-- 

»w:liff Pi l ,* a «r 

:«■•?■■ i »i.. L ' T Bi' 

■ 

•*- tr g--. . ._• 


Dhc . r i»._ * ■ 

,J ‘ • 


"T Ivjr-.i.! 40 ? •• 
■„* J 5^. 

■„ Slew-rn^-t - 
* 1 " 1 ^ 







Antxiafi^eport and Asoourits 


SumiTiariserf statement Qfthe Chairman, 

PartsertobepraserrtBd at theArinual Gero 

Meeting of tire Company In Singapore 
— on17th.Jun^1978 


•.-'•■ ;>'r? 

RESULTS ' 

?£IPS t ?L*2r5sy% r ^ swas mifliofi were 7%^h«*d of last 

ntfuion 



Genarai Meeting Mid on lOh- *fly, 1977 a 
Oonuajssuo of onaslock unit forwary three units herd by Stock- 
t he wasagproveti, in creasing the issued capital of 


Cii»«—.j , "JT-r H'ruiui nviunn«uny»iii.ica 

cHwslon made an increased ^orrtrftwlon u> profits 



SSKSS« **??* . 

«n?iI^ , ^ Bxtend I ad rneat P^cesstofl factory Is expected to con- 
22^ ISWE82!" ^ saJe ® to export and domastic rriarkats. The 


yi_; ~ . — 'v wiyuu wiu uwinraui* iimhwh. i mu 

toe tu ring divlslons-showed further lm- 
iia 


^ ompeUr 

Trie ice man utacturi; -■— r - - ■■ v * ■■ ' ■■ - 


con- 


w“ cl ! ,nn « “ ,l1 bakery sections of; the business 
trrurea to make a steady contribution to G roup profits. 

Tbennh^u.Mh .. NEW DEVELOPMENTS 
foconfomiwnh Malaysia s New Economic Policy the Reset phase of 

ir?c!J»?,!h K5 ”? n of ^ ha Malaysian operations Is under consideration. 

cr8ani ptont In partnership with local interests Is ex- 
“n’ttwnca operations at Ute end otMay. - 

- 

Y? n,u . re *" New Zealand commenced Wfth a 50% 
2J#LS££? T,l ?lE? Uon i n Wetiington Cold Storage T-tcL. aid a further 
F** B ( P^i? ri ' 0 ' t ^ is modem refrigerated warehouse Isplaimed. 
EifcSSlPTC? expand the export business, aired Ing office has 
■rfflim l l" Hongkong -and a aubskltaiy company Cathay 
p " pw+ “ .,h ho- h — . . _ -- u.K. A number of local Jofrrt 


r. . j " 1 i isniyrwiiy -<u<u > 

FowJs Ltd- .has been formed ,n the U.K.' A number ol 
venture p rejects are currently u nder review In West Asia. 


I r 2L f i* s «R 8 u d ** u ? associated with the development otnew projects 
ana the high cost of our continuing -rebtacement end modernisation 
programme tend to restrain profits In the short loon but should pro- 
jnde^a stronger base from which to sostain the future progress of 


u _; h ^ DIRECTORATE 

M.V. Outa becomes Deputy Chairman and General -Tan Sri Ibrahim 

bin Ismail was appointed to the Board. - . . 


... MANAGEMENT ■ 

Tan Yam Pin and HJ. Barton were appointed Director and General 
Manager of Cold Storage (Singapore) Pts. Ud. and Cold Storage 
(MalaysteJSda.Bhd, respectively^ 


SALIENT FIGURES FROM THE ACCOUNTS 
YEAR ENDED 31ST JANUARY, 1978 


. ^'Turnover 

Group:Pr©flttoeror8TaxaUon 
.• j. Depreciation torysar . I 
i ; Dividends (net) Interim and 
pr^jbsedflnai - : 


1878 ' 1977 “ 

193500.000. 180500U100 
• 21,426,000 ^21,648,000 
'-5;827,000 5568JM0 


^12^000 .7^12^009 


A copy of the Company’s annual reportrand accounts fsiavaflable 
npon request to Tfo Secretary. Coto-Storage Holdings Ltd- Empire 
Ddtigsing^por»4; : •' j .. -r * 


AustrqBaii Agents^ OS. 


itUfrCuPfst W . 

" 1 ’ ia,Eastdnap,LindimEC3M1A& 






"m Mm BETTER TOMORROWS ! 


f^^OQd^peppTq; ixt ^flieU otted KJflgdtoni 6afi^frora : i?n)i 


, . . — . — WIV .._ 'ely 

^l^yilng^-lin^TIPLE SCLEROSlSr-fbe cau se an y cure of. 
idl er^-^slin .TJhkndv^l4H^I^ .US^SRING THEM RELIEF 

i; hope";' - 


.lurk^th 

■ li&E: 


,T r 


: xteed your douatioxi to ewjSle'tia- to continue our worje 
t^$r; : f6e>;CARE and WELFArM^OF MULTIPLE SCLEROSIS 
sufferers add t& -continue our commitments to- £nfl the cause 
and cure of - MULTIPLE SCLEROSIS through MEDICAL 
RESEARCH. ...--/ 



Please help— Send a donation today to: 


Room FJ. ; - 
itltiple -S 


;: a r . Multiple -Sclerosis Society of GJ8. and NX 
• 4 Tachbiwk • Street, 

London SW1 1SJ 


h to 


M&G RECOVERY FUND 

FROM £12 A MONTH 


IHde^r acsbaed br finad ywaafists and 
nwsM advisers, IB& Beowy Fwd,*- 
b, ended 1977 as 


yrarregriariaffisfnienlBiiysnioreiHflswhenlheprice 

b low and feainihH His high Kou aha get life cow 


owfte breyear ®d « jrearjoWs.lt te z 
poSqrrfb^testa«rfcoB|»»ies Mhm 
ta8»M»Btadf«nK. Ifa^eUtesecMpajes 
recreec ted flnqEt rproass e4 [a&i Isefco--. 
boa i'i bs beaalifc to hring ^ reianls onr 
ftejeas lo Recwery FWinestas. 

’nanect pefcy for# He n ffia mm, m jw 
' are Btnofcf csGM b doe tai aid M aneat njss 
«JW**£l»jf*Ona.Effl.ftaiJMcjg 


_.. r fB 54 orundecflneleiieBt 

cfltecoief isabopravided for Keherages. 191 loEi. 

. ffywcasifthordDpyourfBy^ 
.fejeapfiere is a fKnaOjg and tbetax atdfnnies 
lajarejistD ode a dedndim, so jon should not . 
ctmaderlhe FbeMbr Jess Dan fiveyeis, 81% to 9ft ' 


rttoed to neet seffimp etpensei After brojeere, 
amount imsted »i. 


tteBlofe, the arooent iivKled yrf, in nod esses, 

repreai note Bm lOW'uf tte net amoort jon pay 

j&rtarcSetisHenmtoarqiBit. 


. (M|f|WUK WU WM MII^WHU J ... 

to only £16"% wto wfeh you boy ®& north 


. hrestore shookl reganJ mfl Inris as sjpn&tora 
imestnEnt and notaotole lor naef needed at shM 
uofice. 



f £ [^BtsattrafteWMfecovwyFfl^^Q^ 

1 \ I. ■-. ■■« -HU 


van* ' 
tarc^*' 


faiaaf iKrffficati6»bfaccefrfaflcebasbeenissuEd- — ; 


Mrtve- — 



M pees . . 

1.90 1 TR 53061 5 1 


MltOFBHIH 

■jWEJWMMKlFm 







;i.« 5 


.|A speewn of flie POflcJf fonn is swilablB 00J#penj t . 


14 



THE M&6 GROUP 


\ •.■ 


s.**\ 

•j/ 11 


K%; : 

Wnw‘is-:.--r -tv.-t. ;cr.r. r.' 


ernational company news 


hong KONG STOCK EXCHANGES 


Merger meets opposition 


BY ANTHONY ROWLEY IN HONG KONG 



V; v. ; 



' . ■ 

. .-tx 



• • ■ ■ ri -V ■ 


. ' ^ -i 


FROM AN overseas point of of merger, will not be tie only 
view, the moves gaining pace to problem faced by the executive 
merge the four existing stock committee (to he formed from 
exchanges here— the Far East, the working party) which will 
the Hong K6ng, the Earn Ngan have the job of running the 
and _ the Kovifloon — into one united exchange. 

“ United Stock Exchange ” must Another headache will he flnd- 
appear sensible and tidy. The Ing suitable premises for the new 
internal politics are formidable, body to operate from. Officials 
however. here admit that there is no 

There would have been more building in the Colony capable 
than four exchanges had not 0 f providing the 20,000 to 25,000 
securities legislation been square feet of space that would 
brought in around the time of be needed for the four exchanges 
the great Hong Kong stock- to operate on one floor. As a 
market boom in 1972-73 banning compromise, th e new evchange 
the formation of further cx- might have to operate from two 
changes. A fifth exchange was floors, initially at least, 
about to open when the ban There are in fact plans in 
came in, as stockbrokers, com- existence already for the Far 
modity brokers, lawyers, accoun- East and Kowloon exchanges to 
tants and all and sundry bought share trading floors as a first 
seats. step towards closer union, and 

S ossibly full merger. The Kam 
r gan and Hong Kong arc expcc- 
rersuasion ted to follow suit, so that within 

Since then the Government has 

sought to reverse the trend and S h 6 

to persuade the four exchanges , h - 

to merge into one “ voluntarily.” a If ue »h? at f]2S 

Mr. Philip Haddon-Cave. {he P ar p al mer £ ei \, °* four 

Financial Secretary, has hinted f e f r ec ^ V ®'LnnfLrtnn 

that if persuasion fails he might ““Jf “ “ * " 

Iciri^latp “for r marnT^v 1 needs to SO, psrticulsrl} if th^ 

legislate for a marriage. initial links develop into full 

Even so, several of pie mergers. Given inter-exchange 
exchanges have been dragging ^ which exists here 
their feet heavily although wrth alread ^ and unifled trading and 

“«« "“S* listing rules, planned for this 

J?®®' for union seturtg closer year f our w m jj e as one any . 

they have come under increasing way ; the brokers argue, 
pressure from the official Brokers are also cynical about 
Securities Commission here to the cost benefits which Mr. 
produce a merger scheme. Haddon-Cave has pointed to in 

Earlier this month, the justification of his pressure for a 
exchanges produced the form if merger. The more wealthy 
not the substance of a merger, exchanges, such as the Hong 
The working parly on unification, Kong which derives a great deal 
set up at official behest and com- 0 f income from investments, 
prising two representatives from foresee a substantial leakage of 
each of the four exchanges, capital from the system in the 
agreed that a new holding cum- event of existing exchanges 
pany be set up to effect the liquidating after the formation of 
merger and that the four .exist- t he new one. and thus high costs 
ing exchanges become Its initial for those brokers who choose to 
subscribers. This holding com- become members of the new 
pany is expected to be registered exchange. 

soon. Th e assumption is that many of 

This " Hongkong United Stock those who bought seats on the 
Exchange” as it is being pro- stock exchanges in the boom five 
vision ally termed, will subsume years agn — they included lawyers 
the Federation of Stock and accountants who got in 
Exchanges, the chairman of before the 1974 securities ordi- 
which (currency Mr. Peter Chan, nance banned such people from 
head of the Kowloon Stock membership — would opt out. 
Exchange) will become the chair- Market turnover has slumped to 
man of lihe new holding company, levels where no members are 
Thereafter the chairmanship is thought to have made a profit 
intended to rotate among the last year, and nnce-lucrative new- 
exchanges although some of them issue activity, including private 
may choose to lic^uidate -if and placements, has largely dried up. 
when the united exchange is The projection of a better 
formed it may not be possible to image abroad for the Hong Kong 
fulfill this plan. stock market as a whole, which 

Reconciling the existing power Mr. Haddon-Cave foresaw result- 
groups and loyalties within the ing from the merger is not some- 
present four exchanges, most of thing which impresses the brolc- 
which seem opposed to the idea ing community, here overmuch. 


Neither Is the supposed ability of 
foreign institutional investors to 
monitor prices more closely on 
one exchange instead of on four. 

Most of the overseas invest- 
ment in the Hong Kong stock- 
market nowadays comes from the 
overseas Chinese in south-east 
Asia, with London probably 
being the second most important 
source and. Switzerland the third. 
There is some U.S. investment 
and Japanese portfolio invest- 
ment here is said to be on the 
point of revival. 

A good deal of this investment 
is channelled through the bigger 
brokers and the banks, who deal 
Through all four exchanges here, 
anyway, the leading stocks being 
quoted on all of them. It is 
argued that, with inter-exchange 
trading in operation since last 
August, prices are rarely far 
apart. Common listing require- 
ments, which are being intro- 
duced regardless of whether the 
exchanges all merge, may 
impress disclosure-conscious U.S. 
institutions but they will hardly 
sway Chinese or even Japanese 
investors, brokers argue. 

One official argument which 
looks incontrovertible, however, 
is that common iisrinc and trad- 
ing rules (covering settlement 
and delivery) would be easier to 
police through one exchange 
rather than four, and that this 
would enhance the credibility of 
the Hong Knng market with out 
siders. 


Commission rates 


The exchanges are thought to 
oppose being merged into one 
on the grounds that it v.’ill end 
their ability to compete on com 
mission rates around the national 
level — currently 0.5 per cent on 
equities except in the case 
banks, for which it is 0.25 per 
cent. The banks, it is said, like 
to play off the exchanges against 
each other on commission rates 
The Securities Commission, how 
ever, says that in the end it will 
tolerate “ competition among 
brokers, not among exchanges 
and on service rather than com 
mission rates.” 

Even so. there are some real 
doubts about whether the 
Government will succeed in get- 
ting the merger implemented by 
19S0 and whether, if it came to 
the point, the Government would 
overcome its traditional reluc- 
tance to interfere in the private 
sector and legislate for a merger 
A test may be Mr. Hadden 
Cave's success or otherwise 
getting his controversial amend 
ment proposing taxing of banks' 
offshore profits through the 
Legislative Council here in July 


Stakes changing in Proton Chemical 


BY LEO GONZAGA 




.= v.-i-. 

" MANILA, June 2. 


MAJORITY OWNERSHIP of 
Proton Chemical Industries, 
which Is undertaking a coconut- 
based chemical manufacturing 
project, has changed from 
Filipino hands to Japanese. Until 
recently Proton was a 60-40 joint 
venture between Coco Chemical 
Philippines and two Japanese 
partners, New Japan Chemicals 
Company and Toyo Mcnka 
Kaisha. 


Proton is setting up a proces- 
sing complex consisting of a 
methyl ester plant and an alkonoi 
apjde plant in Atimonan Town, 
Quezon Province, on the Pacific 
side of the main Philippine 
island -of . Luzon; Both plants will 
utilise coconut as their main 
processing material. 

The impending Japanese take- 
over of majority ownership of 
Proton will be the second de- ■ 



An 


TRAVIS & ARNOLD 
LIMITED 


National distributors of timber, building materials, 
plumbing and central heating equipment to the 
construction and allied trades. 


Extracts from the Chairman's statement year ended 
December 31 st 1 977. 


Profits before tax for the year were £3,794,000 against £4,232,000 
the previousyear. 

This year it has been decided to follow recommendations of 
the Accounting Standards Committee Exposure Draft 19. 

As a result net tangible assets for ordinary and deferred 
ordinary shares have increased to £16,336,000, equivalent to 
£2.1 5 pence per share. 

Profit marginsfor general building and plumbing materials 
came under pressure as a result of the continued low level of 
activity in the construction trade. During the year private 
housing starts fell by thirteen per cent and public sector starts 
by over twenty, per cent Prices of softwood, plywoods and 
wallboards fell sharply in the second half and we felt it prudent 
to reduce the value of certain timber stock holdings atthe 
yearend. 

The indications are that the sustained period of lower 
Interest rates and high levels of lending by the Building 
Societies are leading now to a revival of confidence by house 
builders and that the rest of the year will show an Improvement 
in building activity. 

£. R. Travis April 1978 


Copies of the Report and Accounts ere available on request from 
The Secretary. Travis &. Arnold Ltd,, St James Road, Northampton. 


Filipisation in tbe corporate 
scene in recent weeks. Earlier, 
foreigners took over control of 
Diabort Products Philippines 
Incorporated from Filipinos. 

Diabort, a manufacturer of 
diamond drill bits, used to be a 
subsidiary' of the copper pro 
ducer. Lepanto Consolidated 
Mining Company. Diamant Board 
S.A of Belgium bought 17 per 
cent of Lepanto's 51 per cent 
holding in Diabort as. well as the 
ten per cent combined Diabort 
holdings of two other Filipino 
stockholders. Marble craft Incor- 
porated and P. D. Ocampo — 
making a total of 27 per cent 
Proton, which is registered 
with the government's Board of 
Investments (BOIj as a preferred 
pioneer enterprise, informed BOI 
the other day that the two 
Japanese partners have raised 
their equity in the company from 
•M) to 51 per cent and that Coco 
Chemicals, the former majority 
owner of Proton, has just 
become a minority joint venture 
participant 
The reaction of the govern- 
ment is not yet clear as this 
point There is no ceiling on 
foreign investments in preferred 
pioneer enterprises. But such 
ao enterprise, where non- 
nationals own more than 40 per 
cent of the total equity, is 
required to “ Filipinise,” or 
bring down foreign ownership 
to the prescribed ceiling within 
a certain period. 


Earlier moves 


The Filipino equity in Diabort 
was thus reduced to Lepanto's 
34 per cent while the foreign 
equity was expanded to 66 per 
cent, made up of the 27 per cent 
recent acquisition by Diamant 
and the existing 39 per cent held 
by its Australian-based sub- 
sidiary, Boart Pty Limited. The 
majority ownership change took 
place without Board of Invest- 
ments approval, since the area 
of activity involved is not 
covered by the 60 per cent 
minimum nationality require- 
ment 



Extracts from the statement of the Chairman, Mr. W. L. Sims OBE, on the 
accounts for 1977 adopted at the Annual General Meeting held on the 2nd June 1978. 

* Export sales increased by 42% to £9,057,000. 

* Machine Tool Division increased its turnover by 63% in 1977 and 
continues to expand its business in 1978. 

* Major setback experienced in 1977 trading activities in France, but 
remedial steps which have been taken will overcome the difficulties. 

* Revenue reserves now stand at £8,797,000. 


Group turnover 

Profit before taxation 

Net profit after taxation. 

1977 

£000 

19,991 

1,755 

1,230 

1976 

£000 

15,831 

1,735 

1,511 


Pence Per Share. 

Earnings before taxation 

36.56 

36.26 

Earnings after taxation 

25.62 

31.47 

Dividends 

5.86 

5.3 

Transfers lo reserves 

19.76 

25.17 


WADK1N LTD.. WOODWORKING MACHINERY & MACHINE TOOLS, 
GREEN LANE WORKS, LEICESTER LE5 4PF 


Sears 




Limited 


Results forthe year ended 31 st January, 1 978 



1977/78 

1976/77 


£m 

£m 

Turnover 

981 

793 




Trading profits 

74.7 

54.0 

Group profits before taxation 

65.5 

42.5 

Group profits after taxation 

28.9 

14.4 

Proposed dividend 

11.6 

10.4 

Added to reserves 

13.1 

6.0 

1 

• . 

•- *r| 


Tumover-at £981 m was 23.7% up on 1 976/77. 


Profits before tax rose from £4Z5m to £65.5m, an increase of 54.2%. 


Earnings pershare 6.2p (3.6p). 


Dividend increased from 231 pto 2.58p pershare. 


A revaluation of the group's properties shows a surplus of £155m. 


A one-for-one scrip issue is proposed. 


Extracts from the Chairman's Statement 

It gives me great pleasure to pay tribute to Sir Charles Clore who retired at the 
end of Jast year after serving as Chairman of your Company for 25 years. From 
a group which had about 8,000 employees, gross assets of £1 0 million, turnover 
of £10 million and profits before tax of £1 million, it has now become an inter- 
national group with over 60,000 employees, gross assets of £750 million, turn- 
over of £981 million and profits before tax of £65 million. It is an achievement 
which must be almost unique in the modem business world. 

1 amvery pleased that Sir Charles has agreed to remain a director of your Company 
and will continue to involve himself with our affairs, primarily those overseas, 
which will be of Immense help to us in our expansion programme. 

We continue to invest in each of our activities and have confidence in the future, 1 
based on our inherent strengths of assets, liquidity and manpower. 

It is your Board's intention to continue our present policies of consolidation and 
expansion of our businesses, enlarging them where possible, particularly in 
Europe and North America. ; 

The Sears group is primarily engaged in the retailing and services Industries. If 
the U.K. economy improves, we should benefit in all aspects of our businesses 
ancU look forward to an increased group profit in the current year. 

LEONARD SAINER 


Copies of the 1977/78 Annual Report and Accountsmaybe obtained from 
'Tire Secretary, 40 Puke Street, London W1 M 6AN. 



9 


Why all equities? 



Schlesingcrs* Extra Income Trust is a trustee 
investment and offers one of the highest returns 
currently available from a unit trust invested only in 
ordinary shares. 

Whilst the managers could obtain a still higher 
yield by including some fixed interest investments, 
such investments cannot increase their dividends and 
also have less potential for capital growth. The all- 
equity portfolio of the Sehlesingcr Extra Income 
Trust, by contrast, maximises the potential for growth 
of income and capital. 


Quarterly dividends 


The tabic shows the approximate level of income 
(net of 34° 0 basic rate tax) you would expect to receive 
every 3 months based on the current estimated gross 
yield of y.r> on the fixed olfcr price of 3 Up xd. 

Payments arc made on March 12, June 12, Sept 12 
and Dec J 2, starting September J97S for new investors. 


A current opportunity 


By careful selection or sound stocks including 
attractive recovery situations and well-researched 
regional equities, Schlesingers provide a particularly 
high equity-based yield. 

However the growing relative attraction of 
ordinary shares with very high yields suggest that 

such yields may not be available to new investors 
indefinitely. 

Indeed, many investors have Tecognised the 
urgency of securing this opportunity by placing over 
£9m in the fund since its inception in May 1977. 

Over this period. -the unit price has risen 24% and the 
FT Actuaries All-share Index 17%. 

We therefore recommend immediate investment 
at the current, high rate of return to gain the potential 
of capital appreciation. Your investment should be 
regarded as long-term. 




£5000 

£4K0 

£79 

£2500 

£240 ! 

£39 

£1000 

£96 

£15 

£500 

£48 

£7 


A fixed price offer 

Units arc on offer at the fixed price oHl J!p xd. 
for investments received by June 14. 

The offer will close before June 14 if the actual 
offer price varies by more than 2^% from tbe fixed 
price. In this event units will be available at the price 
then ruling. 

Remember that the price of units, and the income 
from them, may go down as well as up. 


Schlesingers’ P1MS service 

Minimum investment in the fund is £500. 
Investors of £2.500 or more will receive the Schlesmger 
Personal Investment Management Service! PI MS) 
which includes regular investment reports and 
invitations to meet the investment managers. 


General Information 

To lntesi. m* ihr rouuoapmidtd. Arpllcailoas will beackurotedsed 
and wc b ill KOd you j dcmled hrocluuc ai i he same time. Certificates 
will bC uni oulUurinc July. Unlit u III lie av-allahlc after Uie Offer 
cl«n si the prlcr auuieit In the «i ally mew. The ndtrimuin Inttumem b 
du hand b £ 500 - The I'm Priw an 4 i*H 3 re puMlrheh daily inlet iUde 
neaifurere. To Sail units, rlrjiplvrcium 5 our ccnliiraie appropriately 
endorsed ■ in ihe hack ■ pa> ineni It rum tally made 11 It hln 7 djyt. of our 
rccciunc ibc renounced tcntlimc. CommkiWp of li'.'i wiljbe paid lo 
rei-oKimcd accnu- Utarpc An tmti.d charge of Is Included In Uie 
Oiler price. A charsr ai an annual me of J". irlus VATiol ihc value of 
the Fund K de dueled from post Income I nu-ardt administrain c 
earense*. Tmsiew! Midland UaatTrt'il Co. LIJ- Auditor* [real. 

Marti IcL. Mitchell -t 1 V 1 . Manaecrt: h.'hlmneer Trull Managers Ltd. 

IV Hanover Suuare. London, . I. Recoicred in £a£land. No. 

Men then of the Lull T ran Association. This offer is cot available 10 
residents of tbe Republic of Ireland. 



To: SchlcsingcrTmst Managers Ltd., 

140 South Sum, Dorking, Surrey. 

Werkcml uotl Eivning AnsjphnneTe!. Dorking [0306] 5644 1 



I wish f 0 invest 

(minimum iiOUi 


I declare that ! nm no I resident outside the Scheduled 
Tcrriiories and dial I am not acquirniE die units us a nominee 
Of any person rctitk-m outside the Terri lories, tl T you are 
unable to make ihis declaration, it should be deleted and this 
application form should then be lodged through your U JC. 
bank, stockbroker or solicitor 1 . Minors cannot be registered, 
but accounts designated u uh their initials u ill be accepted. 


in the Sehlesingcr Ertra Income Trust at the Juted price of 
31.1p.\d. 


I wish to hare my dividends re-invested 


fi I would like further information, including 
details of Share Exchange 


Surname 

first names— 
Address— 


.(block letters please) 
(InfuII) 


A cheque is enclosed In remittance, made payable ro 
Midland Bank Limited. 


























2*33 




markets + latest prices 



Up 6.84 on inflation hopes 


CVnuDf' Glut....' 66 i b 
CPU Jo6'u‘rioo»l 49>a 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK, June 2. 


HIGHER LEVELS developed ud 
W all Street today, reflecting hope 

that the worst ncv.s on inflation 
may already be out. 

The Dow Jones industrial Aver- 
age moved up li.M to S47.5T, 
making: a rise oE 15. So on the holi- 
day shortened week. The NYSE 
All Common Index, at $55.03, rose 
44 cents on the day and 80 cents 
on the week, while gains led 
losses by H3U-10-53S. Trading 
volume expanded 3.11m shares to 
31-S6ra. 

U.S. unemployment rose to a 
seasonally adjusted 6.1 per cent 
in May from 6.0 per cent in April, 
ihe labour department said, while 
UJ5. Wholesale Prices rose 0.7 per 
cent in Slay, well below April's 1.3 
per cent. 

A surprise fai ion SIbn m the 
U.S. Money -Supply reported laLe 
yesterday by Lhe Fed, made it 


FRIDAY’5 ACTIVE STOCKS 

Chant;? 


Rehanep Group .. 

Sl0'.+s 
ira-Ji d 
.*01. 00*1 

Clasma 

price 

Mi 

a nwnc.i n lui r rs . 

■TSL'.WW 

■5* 

Firsr Mississippi.. 

.170 4im 

1*1 

Mallei 

.'^W.whi 

IDE 

Fannie Ma<- 

.•’..•I 91-11 

!1j 

• libra liar 1 □ ‘.al. 

■JiS.JUO 

li 

snulbb 

.1SQ -irt' 

mi 

Xquihcrn Cor.ipanr 

1TJ .fc«' 

lht 

1 londa Pu . Lnht 

■J32.WW 

-7i 

Mandard Brands. 

7*9.+m 

-It 


likely that the Fed would not take 
any credit tightening action unul 
after its mid-Time Open Market 
Committee meeting, analysts said. 

Xerox climbed 914 10 3531. 

UAL added SI at S2U in heavy 
trading. Its United Airlines unit 
reported a till? per cent jump in 
May traffic. - American Airlines 
put on Si 10 S12J, Della Sli to 
$46: and Northwest Sli to $29 f. 

Reliance Croup pained 2j to 
334 1 — i.Ilm of its 1978 Warrants 
were exrcised through yesterday. 

Scfalumberger advanced $4} to 
S80j. Smithkline $3J to 574. Studc- 
baker-Worlliington S2| to -$«». 
Northrop $1i to $36. Gearhart- 
Owen S3 to S52, and Cutler- 
Hammer S3 to f56. 

The American SE Market Value 
Index ruse 0-81 to 145.01, making 
a rise of 1.31 on the week. Volume 
picked up to 3.76m t3.35m) shares. 

But volume leader Resorts Inler- 
nutkuial slipped SI? to S33;. 
Iroquois Brands added SJ at $19i 
ir expects a 3450.000 extra- 
ordinary gain in the second 
quarter 


OTHER MARKETS 


TOKYO — Slightly higher, 
despite late profit-taking. Volume 
280m (430m > shares. 


Machine Tools rose in anticipa- 
tion of good business this year. 

Export Orientated share*; 
generally lower, reflecting recent 
yen appreciation at homo and 
abroad. 

GERMANY — Prices rose on 

Institutional interest. 

But Steels were up lo 80 pfen- 
nigs lower, while leading Chemi- 
cals steady. 

Public Authority Bonds mainly 
steady. Regulating Authorities 
bought a nominal DM 1.2m worth 
of stock. Mark Foreign Loans 
little changed. 

CANADA — Higher and more 
active conditions also developed 
in Canada, where the Toronto 
Composite Index put on 3.5 to 
1132.3. 

The Metals and Minerals Index 
rose 2.7 to 992.4. Oil and Gas 
6.1 to 1350.2. Banks 1.97 to 175J8 
and Papers 0J2 to 115.60. Utilities 
eased 0.22 iu 73.61. 

PARIS — Lower in active trading 
undermined by continuing labour 
troubles at Renault factories Fit ns 
and Cleon, and also by i point 
rise in Call Money to 7j per cent. 

Almost all sectors fell with 
some shares initially being set 
limit down. 

SWTTZERLAJVD— S lig h t iy high- 
er in generally light trading. 

Buying interest centred again 


on Sourer Bearer, following rum- 
ours of a possible takeover by 
the OerUkon-Bnehrie. 

Leading Banks neglected. In- 
surances mixed. 

Domestic and Foreign Bonds 
steady in moderate activity. 

Dollar stocks steady in moder- 
ate turnover, Dutch and French 
shares edged lower, Germans 
quietly irregular. 

AUSTRALIA — Mixed trends. 

Uraniums fell on Federal 
Government’s plans for tight con- 
trol of sales and a delay in 
setting up of Marketing Authority. 

BRUSSELS — .Mostly lower in 
lively trading. 

UK, U.S. and Dutch stocks little 
changed, Germans and Canadians 
row, French lower. Gold Mines 
steady. 

MILAN— -Easier in thin trading, 
with tight money policies depress- 
in a market sentiment 

Bonds moved within narrow 
limits, while Treasury Bills met 
strong demand. 

SPAIN — Slight recovery in most 
sectors. Cros rose 2 to 67. 

AMSTERDAM — Generally lower 
in light trading. 

State Loans higher. 

US LO— Bankings quiet. Insur- 
ances steady. Industrials and 
Shippings easy. 


Indices 


3LY.8.E. ALLCOKMOH 


Rises andTails 

'Trios 2; June T K».r 31 


NEW YORK— now jokes 


! ’ .riJ I e-mreeom pilar rr 

June 1 June . Slur May | May j Way [ — — - — ' — 1 . I ~ 

2 1 Si I 50 . 36 | !=> 1 Hlgn j Low | Hjru j Law 


June ' June • Sin? 

? ; 3 31 

H?vj 

aO | 

H+jU 

1 Low 

5£.03 ; 54.59' 64.51 

64.30- 

55.69 

l 49.67 

! ! 


(11.61 

, (to 'oi 


Iituea traded......' 1,889 


M.U9 ..■ 

Falla • 

Unrbcnced ..... 

Xfftr flicrti. 

Sr<rLoe) i 


1,8951 1.891 
71l! 928 

7511 546 

451 : 417 

B& 67 
52' 44 


MONTREAL 


lnduatrial... 047.54 0*0.70 040.61' 8J4.W G31.SS- B56.4 (• 658.57 ) 70.12 \ 1051.70; 41.22 

1 , | i Li, a; 1 36/2) |?U.ll73i p.1'5£t 

R‘m“ Bn'df*. 67.56 67.56 88.01. Be. 14 68.16 8B.7i| 80.66 ' 97.96 J — i - 

, l4.1» • -l.'Sl J 

Transport... K2S.04 I3*.50 2Z5.95 224.05.2:5.711 224.14 231.58 '.198.51 278.88 18.21 

1 i ; r9)ll ' (iSfiSli I (e-iO 

l nltiien .... -06.05 18B.7S 105. SI 104.87 104.57 104.86 110.98 102.84 165.52; 10.58 

1 .» 2 i dEftf K?j 

. ' • | 

Trvimr si.i. 

, . 51.060 2S.75D 2e.08O 21.040 2I.«10 2fi.4;D| - - . - - 


June Jane - May I Mnv 

£ I 1 j 51 ! SO 


laiiu.*tr!al 

Lmnbuiol 


1ST.55; 100-95] jeOSbj I80.9i 185.81 (23 ■$) j 162.20 (J6,2l 


•Jmnbuiwl , 190.8? 1S0.45- 190.2E| 190.07| 182.86 125/61 \ 170.G2 taO.'lt 
TORONTO CorapoMt*; 1 153.sf 1128.8] 1128.6j 112S-2J 1156 J iffifSf) i 898.2150.1) 


JOHAHKESBURG ! 

Gold ; 242.8 ! 212.0 ( (el 212.4 218.7(1/21 

Industrie It , 226. ij 226. 0 ■ <c) } 226.0; 226.1 £,6i 


185.0 SEDA) 
134.3 (k oi 


'Raeia or Judea cb*aa+l *rom Augml £> 


June i P 


t'rn- 1372 ■ 15474 
lima | Ui^ti . La.’-ir 


I June ! Pre- | 1973 \ I97U 
2 1 > ions I H(i;b i Lon - 


Aliy 26 ' May 15 I May 1 

l O.l. dir. rie'iJ % ! " — 

5.59 5.48 | 5.51 


Mey 12 ( Tear ago lapproi., 

5.51 « 4.87 


STANDARD AND F00R5 


June i June Mar ] May | May j May j- 


jmes Lorn puac a 


! ol . 5u j S3 


Riph ! Low [ Hii{b j Low 


: Industrial!' 105.45 107.60 107.5 l t 107.08! 106.78 107.85; 110.51 | 99.62 I 154.6*1 5.62 

j 1 /IV': i I ir/Si j(U/l.'73j (50'6:3Zi 

‘/..tmoo-ite 98. I* 97.56 97.24 36.E6. 96.5BI 8G.8a! 39.60 I 86.80 126.66 | 4.40 

• ! (17, ci ! .6;o) 11/1/731. fl76/o£) 


Australia;* > 
Belgium ■ 
Denmark l“ 
Franco 
Germany in- 1 
Holland liiV 


497.71 495.92 1 =01.03 ! 

* iij;?i | 

93.78 i 93.70 i 101.16 I 

, ; <»P>> I 

> W.a , aa.ss I 92.13 ! 

I : <3. Ii : 


C32 j,71.1 • 71.3 
; (*>,$) 


Spain ur 103.93 ; I05AS < 110.7 1: i H-ijSS 
(S.ni «llw< 

Sweden («• 369.41 1 3ra^« 1 397.96 \ o^ji 
, < »5.-6> ' Lid) 

Swltserl’dl. -33.S |£S8.7 523.7 S,HS> 
, ] 1 14,2, ; Co,4i 


Hong Kontji 
IUilv CJ* 



Mm 31 

May 17 ; 

Mat* Id 

1 Yearas" iapprnx.1 

In.l. dir. rield y 

5.01 

4.85 | 

5.04 

4.51 

Ind. PE Rat 10 

9.29 

9.53 

9.16 

10.0 z 

U>ng God. ik-Dii ritl-l 

8 51 

8.42 

8.43 

7.67 


Japan ■«:/ 
Singapore : 


733.9 783.3 912./ | 
1 ! l! j.?> 

£9.1 : iSJ ■ r*,3 ! 

i ! >li}> 

479.89 , J77A5 i79JLa ! 

i -Re. ; 
6165 1 62.92 . 

! 1 

4W.1A 403.61 ;Uo.H 

I .-|v|'J 

317.64 1 ; 313.S3 

« 1 6- 


iDdiCi/s and base dates Ull base values 
100 -xccot NYSE All Common — 50 
Standards aad Poors — 10 and Teronto 
200-1.000- die Jafa named based on I975j. 
t Exdndlns bonds. S400 lndnsaials. 
! 400 lndls.. 40 Utilities. <0 Finance and 
20 Transport. ill) Sydney All Old. 
»!‘l Belgian SE P1G2/63. C“l Cnoenbuen 
SE 1M'73. 7«t» Parts Bourse 19SL 

C.) Cormnerriwnk' Dec^ 1533. ({;> .Vmster 
dam. Induartol 1970. 15 m Hang Seng 

Bank SJ, 7.84. >lli|> NliiaD 2/1/73. faiTotvo 
New SE 4 L‘6S. i I* i St rails Times 19M. 
(.-.aowd. .<11 Madrid SE 3V12'77. 

■ci Siockbolm Inlusirial 1/1/3). Swiss 
Ban): Coro. 1m Unavailable. 


Abbott Tab* 

.V,iiin*wiffr«ph ... 
Aetm Lite A Can 

Air 1’rodoeu 

.Vim- 

A Lean Alum In turn 
Aleve. - I 

All-s;. Ludlum.J 
Allegheny Bowed 
Allied Chemical J 

Allied Stores ! 

Allis Obalmera^.i 

AMAX .! 

Aoieiada Mess | 

A him*. Airline*... | 

Auier. 

A mcr. Broadcast! 

Amer. Uau. j 

Amer.CyaoaiaM 

Amer. EV«-. I’u* 

.truer. Sipms... 
A aier.Hoiuc 1* n-J < 
Amer. 5tedJML..| 
Amer. Moron.... 
Amer. Jit.fi as.. | 
A'nar. Staodonl.l 

Aiiilt. Strim [ 

Amer. TeL Jt Tel.; 

Vmeiek.. _i 

a sir ■ 

AMP _ 

Ampex | 

Auvbor HryAang.i 
Aaheusor Busch.- 

ArmcudtMl | 

.4.S.A 

Aomen Oil ...... 

isuL-a ' 

Ashland Oil - 

All. Kiehrield..^.] 
Auto Lhla Pru.:..i 
* VC .-j 

/LVCtK. 

A^on I'ruducts...: 
Bale Gas Elen... 
Bank America 

Bankers Tr.M.Y.; 

Barter Oil • 

Bn-vtorTravonol... 

Beatrice Pool 

Be>;t(-nDickenw>nl 

Bell A Howell 

Hwiix I 

Bcngnei Cuds -II 1 
BeUileUem irteel. 
Black A Decker .a 

Bueine ‘ 

Boise Cascade 1 

l>irden: 

Airs Watticr ■ 

Bmniff Inu.,,., 

drawam - A’ 1 

Brurol Mv err* 

Hnr. Pet. At) It... 1 
Brttkway Ulau..l 

Urunswiub | 

Utwyrus Erie ) 

Buk>va Watch ..... 
Burlington Arhn 1 

tiuirr^n-hs ; 

Uajupl-eU (kiup— | 

r. ana- lian PsclIUT 

Lannl kandolph..! 

Carnal km j 

Carrier k General] 
Carter Hanley.... 
CaLertiiliarTraeU; 

CBS I 

Cviauese Corpn 
Central ic S.W„., 

Ccruumeod. 1 

Cessna Aircraft... 
Oliatd Manhattan 
Chemical lifc.NY 
Cbesebc^hPond.. 
i:be»ieSystcm.„ 
Cliicaco Bridge... 

ChnirnaUoy^ 

Chrysler. 

I'lnenima. — 

tine. Uihcran.-.i 

Cuicnrp _....! 

l_'i ties Service^., 
Oily invomtDK — I 

cu* com..— ; 

uV'l^ato Palm — ; 
(.vllino AJknian..| 


Crane— Sola 

Crocker Aak— 265& 
Crown Zellerbach! 337g 
Cummins h'ngiBM 394s 
Curtis* Wriglit_| 17T 6 

Dana,.... .... 281a 

Lhrb Industries..' 434a 

Deere 30tg 

Dol JVIonia...— j 259) 

Delloua „l 121) 

Denlsply tnt«r..-,j B5U 
Detroit 'Edison...: lGIp 
Diamond Sfaamrfel 261; 
Uleiapti.me— .j 15*3 
Dibits Equip,—- 1 49’c 
Dimjey ( Wsiti— -.1 41i) 
Dover Curnn ......j 46 * 

Dow Chemical....! 25>a 

Urn — ’ 287a 

Drest-er. i 44 

Du Pont — 1 116 U 

Dymo Industries 30 1 ) 
Ihulo Picher— ; 22 1 a 

East Alt lines. lb*B 

Eastman Kodak..' 5612 

Ha ii in 40 

E. fi.ifi t 27 

El Paso Nat. Gas] 17 

Kltra - | 35 

Emerson Electric; 36 4 
E mety Aa r Pr*! 5 hli 237g 



[degas Groan— _ 

Lilly (BU)—.. 

Litton Indust 

LockbeedAircr'ft 
Lone Star lads... 


Band Patch 

Eli - 

itus&LOE*— 
Byder tiyetem — 
Saleway Stores— 
Sr. Joe Minerals. 
St. Begu* Paper— 
Santa Fo lods-— 
Saul Invest——. 
Suon lads..— .. 
Scbllta Btsartajc- 
SchJainbonsee— 

SQM 

Scott ftpBT—. 
Soovil Mirp— . . — 
Sue Dnader— ■■ 



sesa 

167 B 
1250 
203* 

4048 
277fl 

5£®a I Abltibi Paper, 
9 ol| 1 ■ * 

6 



tam* JbIiacLLUL 
Louisiana Land .J 

Lubriaol — 

Lucky Stores [ 

L'ke Y* unn at /v m 

MimMIUam- 

MacylCH. 

Mtra. Hanover— 

Mnpco — 

Mjusthon OiJ aw . 
Marina Midland. 
Mambali Field -.1 


Emliart . — •; 37 !g 


1LM.I ' 


Ea gi-l hard — ; 234) 


Sea Gon tamers— - 

Seofpwn ... 

SearleiG.D.t- — 
Sears Koehuck— 

BEDCD — — 

Shell Oil 1 

Shell Transport... 

Signal | 


Signal 

Siznode Carp.— J 
■SI mpl to IV Pat — | 


E-maik .—....I 30 Is 

Enm ] 464) 

Fni re hi Id Camera 335) 

: Fed. Dept- e'oi-ea! 374* 
Eirestone Tire....: 135 b 
l-'st. A)L Btnrlcm.; 29 

fieri Van ; 825* 

Pliutkote _i 251a 

Florida Power....; 294) 

ttuor. 377g 


287s 

ZS>2 

42 

42i« 

25lg 

24m 

37, a 

581s 

19iz 

10iu 

39*. 

39lft 

4i e 

41* 

25 

241-j 

193* 

19J* 

501s 

50 

29 7g 

29*j 

29*t 

291ft 

3Q4( 

30 >9 

13 sa 

13>* 

14/9 

147ft 

3612 

36 


P.M.C— ; 

Fold Mulor. 

Porenjijsr. Alck....: 

Koxliom 

Frau kl in Mint....; 
Freeport Minera:' 

Fruednuif. 

Kaqua Inds. — . 


244* , 25 
49 la 4948 
2U4s 30 
377a 3758 

10 la ! 95* 

33 ! 225* 

3Ua ! 314a 
llh l 1U 3 


May Dear. Stores 

MCA 

McDermott. 

McDonnell Poag. 
McGrow Bill-- 
Meaorsx 

Merck 

Alerri II Lynch 

Mesa Petrol sum.. 
Mfiftt..-. 

\Hwn \l Irt^ A- XTtji 

Mobil Uorp„„ 

Mon«ani«t.i— .... 
Mocgntt J J’...— _ 

Motorola- 

Murphy OIL....— 

Nsbtsoo. 

Nakjo Cbemkad... 
National Can~— | 


Simplicity Pal — | 

Singer 

Smith Kline- 

Solluon -~~— 

Soutiidowa 

SonUKirn Cal. 2d 
Sou then Co...— 

Slim. Nat. Ues 

Southern Paeifir. 

South emRallwayi 


GJ.K. : 

(ranneu i 

Gen. -Amer. lot... 

U.A.T-L 

tren. Cat'le. J 

Ginl D.vnaniiea. .. 
Gen-Klecincs— 
(ictieral Eoo-Ib .... 1 
General Mills.....; 
General Motors— i 
Gen. Pub. Uni....; 

Gen. Signar— ; 

Gun. Tel. Elm... 

Gen. Tyre.— , 

lirnHco 

Uejrzia Pacific... 
Getty OIL • : 

Gillette ; 

(icvllKh B. F ] 

Gorilvear Tin-. .. ; 

Gould' J 

Grace IV. 1L j 

Ur. Allan Lfclea 
Grt. North Iron- 

Greyhound. 1 

G uli A IVntera. .1 

Gull Oil -i 

UriiiMutoa 

Hahq& Mining—. 
Hanuachieger. — 
Harris Corpo— ... 

Heine H. J. ... 

Heublein— — 


Nat. DJ*LLUora...-t 
Nat. Service lad. ■ 
National Steel — 

Malonuk. — 

NOR 

Neptune Imp. 

New England El- 

New England Tel 
Niagara Moitawk 
Niagara Shore. — 
,V. L. indastnee. 
NorfolkAWestem 
North Not. Gea.. 


Sooth land.. 

sVl Bans bore*. 
Sperry Hatch.... 

Sperry ltond 

Squib 

Standard Bnmda. 
Std.OUCMlfowk 
Scd.Uil Indiana- 
Sid. OH Ohio—. 
SianlE Chemical. 
Sterling Drug... 
atudebaker.....— 

Sun Co. — 

Sundeband...— 

Syntax — 

Veotmlcolor 

Tofetwilv . 

Teledyne — 

Telex.- 

Tenecn. — — 




28 1 ■ 

. 267a 
19 
4214 
301a 

27 ij 

-4288 
B01g 
I S27 B 
429s 
15*8 
6658 
•4Ha 
4458 

287s 
.113* 

10M a f Hndwnay Mng 
65g 
315, 


nortn iw. ua»-..| 
Ntlin Bute* Pwii 

Nilio.-aML iV i.linMl 


Nthweat Airline* 
\ tirwebt Ba ncorj 
Nonun Simon. ... 
Occidental Petrol 
Ugilvy Mather — 

Ohio Kdiaon 

OUu 4 


F.T. CROSSWORD PUZZLE No. 3,683 RACING 


.\ prize of £-i u til be gicen to cudt of the senders of the first 
three rorrccc solutions opened. Solutions must be received ba 
next Thursday, marked Crnssirord in ihe lap left-hand corner of 
the envelope, uml addressed to the Financial Times. 10. Cannon 
Street. Lontlon, LC4P 4BY. Winners and solution icill be given 
next Saturday. 


BY DOMINIC WICAN 


.Varae - 
Address 


Kempton centenary 
programme 


, Columbia Ga*.....| 
C-'liimhiw Picr....| 
i_-iui.lnbCo.oLVm- 
Couibnitioo EugJ 
ComhufU-in Kq...| 
C'inVih Kdi«on 
Cniiru'tbOilJiei 
i C«-irri.'*«iellil'-..; 
■.'(•mpulvrSdence, 
Conn. Lite Ins....; 

Uuiirac— 

Cun. Edison K.i. 
LV-uw.il l'ovd*..—. 
i.Viubol Not. G*«.. 
C<mrutner Power 
Continental Grp. 
CoatinenlalDII... 
Contineuial Tele. 
Control Data..— .> 
Cuc-purlndiM ! 


Hewlett Packard.] 

HolKhty Inns— j 

Homestake ...' 

Honeywell 1 

Hoover ..... j 

Hoap.Corp^Virrer.j 
Houston Nat.Ga.Ti 
HunLtPh. A) Cbm; 
Hut tan lEJ-'.i— .. 
i.C. Induntrien—j 

LVA • 

tugenolt Rend....; 

I Inland hteei : 

j losiluo | 

I lntcreontEnergyl 

IBM — j S 

Inti. Flavours....! 
Intt. Harvester...! 


Overseas Ob lp« I 

Uwotu Corning .J 
Owens Illinois.... 

Pacilk: Gas. . 

Pad he Lighting. 
Pac. Pwr. A Lt... 
PtaAmWciHAit 
Runer Hannifin. 
Peabody Int..—. 

Pen. Pw. A Lt 

Polity J. C.. ...... 

Pan nantl .......— 

Peoples Drug 

Peoples Gaa? 

Pepelco..——.. 


Tesoro FenxUeam, 
Texaco...—.^ 

Ttexaagiilf... 

Terns lostjn— — 
TexaaON & G«a„ 
Teona C till tie* — 
Time Inc. 

Tinea Minor.— 

Ximtoen 

Trann... — 

Tranam erica- 

T tmmyi 

TzanaUnion..-.. . 
Iran-way Intrtt 
tnm« World Air. 

Travellers 

Tn Cortnentoin. 




liu {tepee!*Ori^_ 

2158 
IBlg 

315* 

SOtg 

296a 
Sit, 

57-ia 
1678 
•181, 

■361* 

. 2612 I UoimtalitStataBJ 3.70 

-20 .1 WnBtii.i« ^Hnw -[ 27Sn 

. 361a “ 

W, 


T.K. IV. J 39 

LOth (Jen tuty Fui 33 tj 

U^kJl 29 ’ 

UARGO J 241a 

CGI kJ 20 - 

COP J Sl . - 

Unllever _...) 371* 

Unilever SOT a 

Colon ilaiux-rn j 141* 

Union Carbide— J 396a 
Union Commerce) ?6e . 
Union OilCaiif.J 501* 
Union Phctfie^.4 48 


Perkin Blmer.— . 

Pet 

Pfizer. 

Phelp* Dodge—.. 
Philadelphia Hie. 

PhilipMorria. 

PhUUpaPefioTm .1 

PUabnry j 

Pitney Bow w.—.j 

Pittsum- 

Pleasey Ud ADli! 


lull. Mln-cCbemi 
LutL Jlultii'oo.lO 


lutLMulUrooilvJ 

ln«i j 

Inti. Paper j 

IPlr I 

, InL Medifier— 
; Int. TeL t Tel—.| 

I own Beef. | 

IU IniernatioaaL 
JUn Walter. | 


Polarw id — 

Potomac Klee— 
PI’Ct Industries- 
Procter Gamble- 
Put* servo Elect.. 

Pullman — , 

Pares.,,....—.] 

Quaker Oats. i 

Rapid American..] 
Hayf.hmn— — 1 

I BCA. i 

I Uenuliltr tib-ei—i 


Uniroyal.-..-.-.. 
United Brands-. . 
Uti Bancorp.-..:— 
ITS Gypaom _ - 

L'Dahoe. 

US steel 

U. TechnoioglG"- 
LTV luduatrieBi... 
Virginia Elect-.. 

Walgreen- — 

Warner- Oommn. 
Wanuw-. Jjh m iimri . 
Waste-Mon'meni 

Wella-Facgo- , 

Western Bancor pi 
Weauru N. Ametl 

-Western Union i 

WeaUnghaeBlcct; 


Weanun.. — 
Weyerfaeeuier.- 


White Con. Ind. 

WilliamCo. 

Wiaramrin Elect 


fi.ltyhsfi 




26 Sa 
2458 
23U 

2214-1 - - . m .«9 

091 a TBld. t Asked. STredefl. IKW 
, 27fle. 1. ■?«*. 



KEaiPIQVS CENTENARY celc- 
ti ration day pro^rauime looks spi 
to attract a deservedly lame 
crowd to the Sunbury course 
today. 

The jackpot supported pro- 
graiume has several fascinating 
contests including the trainers' 
centenary celebration invitation 


KEMPTON 


1.43 — .-VII at Sea 

2.15 — Shapina 

2.45 — Asbbro Laddo 

2.15 — Gusty's. Gift 

2.45— Scbueppesbirc Lad*’* 

4.15 — Persian Do hi*' 

4.15— Mtal Season* 

AYR 

2.00 — Snckburn 

4.00 — JlarMnn 

THJRSK 

1.15 — Touchboy 
2.13 — Ludslonr 

2.45— Ribeliaro 


ACROSS 

Sun^ # band leader "els 
everybody t*> notice ifi » 

.300 yard drive maybe at a 
wild yuess t4. 4» 

Tears away scratching ifi. 3i 
Eo.-s use I til al the Ime-oul (5l 
LMtle Welsh boy's platform 
1 4 » 

Thames area rvcusni sable 
from Barkin" ( L 2. 4i 
Li'iuidjted injury at univer- 
sity to. 2« 

One of twu fnr example 
returns with darting pain (6i 
Pass on advice about pools 
entry {til 

Happy with what's inside i.7» 
Nut designed to keep off 
former workhouse (6. 4i 
Foot runner in snow has brief 
mile to glide along f4» 

Maybe Poe’s a fabulous writer 
«5» 

Having an effee; <tn a work- 
niun 1 9 1 

Thankful lo be taken mer at 
work tS» 

idiot chap has lo Ur».-.*o f 6 ) 


Unusual vrher: not keeping 
lime (3-4) 

Steady, she - - -• Quaker (4. G1 
Fishing port nothing tn add 
to greeting 1 5 • 

Easter break fur saint t*) 

So pigs tnay talk'.’ (6i 
First ~rruit from the garden 
brings a hmip to the throat 
1 5. 51 

Flair for classics received at 
one's peril (3. 4 ) 

Rush to impress editor — and 
to the point tS» 

Line that has to be drawn 
somewhere (3-4) 

Astonishing example of chap 
from southern Ireland'.' (6i 
Cake found in city den (til 
Ropy material for making 
sails (51 

A bird for the bar C4» 
SOLUTION TO PUZZLE 
NO. :i,fiS2 


race in which Guy Hanvcod. Pat 
Fohan. Fred WinJet’. Pat Taffe. 
Ian Balding and Barry Hills al] 
have mounts. 

1 am prepared lo take a chance 
with the ex-Irish Silly Season 
four-year-old Vital Season. This 
gelding trained by Herbert 
Blagrave won u competitive 
maiden c\ent a: Wexford last 
year and by all aw-jms he is 
ready to do himself and rider Ian 
Balding full justice. 

The best race from lhe belting 
point of view is the S.H. Hyde 
Founders two-year-old stakes. In 
this race Svhweppeshire Lad 
should become the first juvenile 
to win four races this year iu 
Britain. 

Trainer. Michael Sloute has 
made no secret of the fact that 
Schv/eppeshire Lad needs a fast 
surface to show himself at hia 
peak, and with ground conditions 
ideal for bim it will be 
disappointing if he cannot out- 


pace his t*o opponents Fedibus 
and Nocturnal Boy. 

Although Pedibus. a bay colt 
by Saulingo did well to defeat 
Native Jewel by It lengths at Ayr 
in his only race, after disputing 
the lead throughout, I believe 
forecast hackers may do best to 
rely on Nocturnal Bnv. 

This 17.500-guineas yearling 
purchase, a half-brother by > 
Realm to the Irish 1.000 Guineas 
winner Nocturnal Spree, has 
been working extremely well and 
it seems significant that trainer 
Neville Callaghan has opted for 
this event, in preference to 
several alternatives. 

Although Lester Ticgntt has 
"nted for the recent Newmarket 
winner. Double Form in Lhe 
«vcn-fur longs Heron Slakes I 
ml end siding v/ilh that extremely 
speedy sprinter, Persian Bold, 
who. despite not quite getting the 
irjp. finished 5ih behind Rowland 
Gardens in ihe 2.000 Guineas. 
Pcrsiaa Bold is another who will 
be in bis element on the fast 
ground. 


GERMANY ♦ 


.vfcU- 82.Zj-i'2.5 

Alllftii* Vrnicfa...; 468.5 +1.5 

BMW 237 1 + 1 

BASK - 139.8,-0.1 

Haver. ' 139.81+0.2 

Haver. Hrpfl. — 273 SI +3 
Unver.Ver'-linbk.;302.0»] + 5.B 

CiDalnr.Xe<LTrrtM 165 j 

CortirnwGirik '230.5x1-,+ 2.6 17 . a.o 

CootGuiunu.—.. 75.5—0.5 — j — 

Daimler Ben/. ' 304.0 -0.5 28.121 4.6 

Dcvinrea 250ifl,-2 17 I 3.4 

Dtrcas ■ 157.0j+3 14 [.4.5 

■ a. . la hA£ a I C C 60 111 J R 


Dei 1 rtvho 296.8 xd 4-5-6 28.12] 4.8 


Dre~.JnerB.Lit—.! 234JnJi+ 1.6 28.1216.1 

Dy..-kerhrtftZeml. : 149.6;— 1.0 9.38 3.1 
Gulebalfn Ling—..! J95.5J + 2.5 12 3-1 


115 1—2 12 |6.2|lrnatal 68.6—2 5.718.3 Cartton Dot led Brewery.- 

28tLO._ 9 3.1 J Jncoues Bond _... 116-4 —I— C.Jf.Cnlch. u - 

138.2-0.4 18.76i 6.5 Lh rarce 191.5—6.6 16.7T, 8.7 C3KRU) ... 

47.0 —0.4 4 4.2 L’Drcal 750 -29 15.97 B.l Obi. GoldS elda Am. I 

125 i rl 9.36! 3.3 U«ranrt 1.660 -78 36.75 2.2 UogUinerlSlj J 

141 (♦a 9 ( 3.2 1 Mai.v>iM Pbenix.. 990 —36 39.3| 4.0 Ucadoc iUofiMrt ..I 

315.0 -6.6 122.44 3.8 Mtcbelin ■*H" 1.405 -30 32.551 X-»LLVwaln Anatralm 

218 |*3 | Id./Zj 4.4 Sloec Hraneesy... 488 —21 12.18 2.6 f Dunk^ Robber lFl> J 

94 1—3 l - | - :.... 158.W-6n 3 1.9 EMMI*-™™: 1 


SINGAPORE 


Guieboffnting. 195-5] -f-2.5 \ 12 1-9-1 

H*r» , i. r Lloxvl 1 115 I — 2 12 I 6.2 

Um-Mfoer..'... ! 2884)- 9 | 3.1 , 

Hoeelivt ' 138.2 —0.4 18.76 6.51 Gitarce I 

Horeeh 47.0-0.4 4 4.2 | L’Orciil I 

Hi.ncn 125 i r\ 9.361 3.3 

Kali unri Sal/ .... I 141 |*2 9 3.2 

K.,r>t-.it 1 313.0 *6.6 |2S. 44 3.8 

Kauil, ,11,.. 218 ,*3 ,W./Z 4.4 

Mio.-kin.-rOMICO,.: 94 .—3 | — — .Uimlincx 

KHiJ | 176.21+0.2 18.761 5.3 IVtlta# 

Krui-it. ; 94 J+l | — 1 — I'evtuiffy 

LiDle j 235.5 l +0.3 ! 16 j 3.4 Kermri-Klcatti ^ 

Unouhnm I0U.. > 1,450m I 25 O.B j I'rtujreiX-Citruen 

LmUuiu-a 110.5 <9.36! 4.2 j IVvInIr 

MA.N 102.5 12 1 5.3 1 H*diu Tahniqne 

Maune%iuaiiu.. / 158.5, *0.7 :17.1Bj 5.4 ' 8««0iH0 

207.8 + 1.8 | 10 i 2.4 ' Ubcw I\nileno~ 




6.5 Aoiuk 

6.6 Allied 

2.7 Ampol 
6-2 Ampot 
7.3 Amuc 


Curio 

Dai Nippon Prini 
Kni Photo 


2'? ; Assoc. Pnlp Paper Si.—.- 1 
R 'n I Ataoo. Con. lnduatnea....J 


I - — » nma# 

Hitachi .... 
.- 4 Hcnda-Mol 


,2.1 
20 I.SJK- 
18 f L7 

16 LI,; ^ 


18 2A - 
18 JA.-: 

35 IB - - S' - 


, q i Auat. PoandaEton invest-. 
2-7 AWr-r 


5.7] 8.3 
,6JT, 8.7 


o"^ Audimco. 

AmL. Oil A Qua 

, q Blue Metal Ind. 

. n ' 7 Bonxalori lie Copper. 

* i Broken HHI Proprietary .. 

8.3 Curtton United Brewery, „ 

— C. J. LWce„^ 

8.7 CSKfSl) 


488 1—21 12.8j 2.6 j Dioilop Robber 

ler DM IC0..r 94 ;-3 l - I - M.-Hinev i 58.01-6 ^ 3 | 1.9 SSSft!!™™.. ... J 

! 176.21 + 0.2118.7615.3 I'ailtaa 169.9I+U.4 18,»12.5 KktarSmth ! 

J 94 ]*1 ! — j — t'evbuwy 93.5—2.4 7.5 8.1 K.Z. Industries ..; 1 

235.5' + 0.3 ! 16 ,3.4 Kermri-Kloiitl .... 268 -11 7.5 id.8 Gen. Property Trurt 

h«.. 100i.. ! 1.450m I 25 0.8 IVuww-Uftroen.. 368 -10.1 I7J5 4.7 Hanw«E?Z....?^nZ'..IJ 

,u-« 110.5 1 9.36; 4.2 j llnclHln 213 -19 — — ! Huoker * ~ 7 !“. ! ! 

182.5 14 ; 3.3 ; 2*410 Technique., 456 —17 27 5.9 [ | C | Ao »milla I 

sneuu : 158.5, *0.7 -17. IBj 5.4 663 l— 9 B7 4.9 , inwrCoppM- 1 


4 Hmda-Uotoa*,:. ■ 

; tiouue Pood 

«*lu.Ixob.>.^4 ; 221 

._i= Ito.Yotario._ 1.320 

tL45 +IUH j-w, 655 

12-5S J.AkL. 2.650 

tO.49 KanwHflecLFw. 1.140 

« tfemalaa 849 • 

S Rotate 279 +1 15 Z.7‘ J*-.: 

KytJtoCeranric-. 3.620 1—10 35 Ofir-.: P-;- 

01 Mateushlla Ind— 715 -6 20 14 r _ . 

oi MJ teubuhl Bank ^ 278 10 M/.- 

. ilttmWahl Heavy • 128 12 48 - L - ; ?- 

“ Uitaubtahi Uorp» -4gl -9 IB IJ) C i • •;> 

“ MJteuI A Co. 326 -1 14- 2.1 !.\v. ; 

Z Mlcrolso»hl:;.__ 586 +8 20 1*"- . 

WlKippra, lienao — 1^60 -10 18 0.8 : .. 

— Wlppm ShJnnoD.. "701 —5 12 M; , 

•* ftraninMotoca.— . 788 +- 16 10 '• _ r '. .. 


}+l | 13 I 2.7 ‘ 
1—10 35 08^.: 


JojI Mi teubintil Bank 
lifj UttanMahl Heav 


653 1-9 
96.21-4 


i/^Oj 4.7 j Hanwraley J. 

a g ( 9 4 1 — i 

i awl S ni Jearan S* InOnttrwa— — 


IS a£ | MU-ubtofal Uorp.. - 421 -9 

ritai* MJteuia Co. 326 -1 

' " Z J*iW>lso»bl:;.__ 586 +8 

*•“ HO-WlKlppon lteMo — 1.360 -II 

♦J-60 I Nippon ShJnpan.. 701 —5 

I ^tsrenMotora— . 788 — 

XU.93 j — . Potw ; 1,750 

Brectrte— .] 246 ' 

!H2 wia«lPn»b > 081 +3 

3b ‘*rido ll.07o -31 

W 1*0.15 aoajr 1 1,770 +11 

I — *< Oxabo Marine..... 237 

£•2® fakada Ctwmeat. 383 +4 


;. 48 i-14* - k ' 

'12 24? ' 


307.8- + 1.8 ; 10 i ZA ; JemmiRK IndnaCriea 1 

MuncbcucrKucfc. 530 |+5 | 18 ! 1.7 ' }• Gobaln . . * ..... ■ (lhfldi I 

Neckwtittuo 128.6| T 2.6 - 1 - iAwwciwJ _. LSbB p7Z 39 2.4 L^urii OiL, 

Kreuwww; DM 100. 114.5 + 1.0 1 — 1 — ! T*** 280 —2 |5.bt 9.1 i Merai# JEsplotnrioo..— ..J 

UlieiuWttUhlccL. 188.01+0.2 1 25 I 6.7 I Toiemecatuque™. 745 _]— 15_ .25^ j-j [ mv j 


Industrials 

Bov IS 

ll.iu'.tea.l > 
B.iusunilBi»-i 1 
i'unlMi- 

t-r.. 

Krawr >an- 

ha'« Par I 

Hun!-.* lutl... | 

I ui.-li'.-ai'C ' 

Jrtldlllv 

Malay Rrt « . 
lla'uy i.enl. 
3lul. lu'atv 
lln.Us.Siu£i 
i.'v'-CInruBW; 
Pan bleitric.J 
ilcinniw Co.; 

K^bman • 

abell j 

Stmc DarLy..j 
tolO Stiirajje.i 
BlraltsC'tAani! 
3 lt»ob Time* 
Woi Lrrt ....■' 


^ .72 15 '.■» tra iKTrad Vi 
C.12 l'isnM I'uK J 

iLlo _ _ EL-rfawi] 

.’.15 'C. lia^rueer- 
t.-.10ia L-. «.*■ Uk..j 

I.vt il nu;li>r 

1.77 jClu-n’i.+I i 

L.<.+ U'ilim Ih.'Ils-I 
■J.i a w .Rubbers I 
a. 19 • Uh I <1 1.11,1 BJ1K 
-‘U ,'1>iirP;.EvuiIk 
-- : Ken: lau ....... 

2.8SBI 

7.. T ,.'vU 

l+l iTini 
1+J7 Aur.’ral. Am. 
S.SW ,Uer,uniai__. 
7— -0 | Karu par 

2.51 [Kthti.-ivl 
2.26 Hook. 

aJIshlPeulms Tla 
S.50 I'supretnc Cp_ 

TnnpInhHar. 


SN’hennj; I 262 28.121 5.4 1 UtooiTOn Brandi. 

3icinefti» 283.8; +0.5 16 I 2.8 I Urinor 1 

SuJ Zudier. 240.5, — 1.5 2fi.66i 5.5 

n.v«ui A.G 118.8 -U.2 17.18 7.2 [ STOCKHOLM 

tana 17 1.81— 0.2 14 4.1! 

VKBA 105.8i + 0.2 12 5.7 1 . | 

VcreLitot West Bk 286«d 18 5.2 1 June 2 


1,568 r-72 
i 280 —2 
746 -15 
190.5-6.9 
24 1—0.6 


V'KBA 

VcreiitoA West Bk 


J nc« 1 + or I Div.iXi 


V.. lkavsacp- 1 2 09.8 * 1.1 1 25 

BRUSSELS/LUXEMBOURG 


I { Div. 

I + or J Fra. VhL 
- het * 


AHA AblKxJ/A— 206 id 

AlfalnrallHKrtO 155 

.VSUAiKr.WL-... 83.54+0.5 
Atlas CopcnlKrCt IZSvl —1 

Billeru,! 83 

t*jtor» 11 Sol ... 

Car\lo..~ 185 mt1 + 2 

Lrilulnea 226xq 

blcct'lux ‘B 1 (KbO 152m 


Mall 

S5 

, 5 rij+a .5 


is ior qn ' _ „ Lenumm....— .. moio+ 1 

tV|. Bti"'Li^'h!";.l!600 r+10 72 4.6 P I 

Uek«i"B" ;i.95J UlO 116 5.9 Brlcsaoti B (krtt* 138 |*2 

U.8.K. Cement....: 1.1 52 r> - 16 100 8.5 EmcUo'-B'' 267 — Z 

(-".■•VenJ I 425 — 15 — — Pncerria ............ 92m +2 

BBKo !8,220m 177 6.0 C ranges (tree) 47.0+1 

fcJBL-tT3.itiel— . ..J6.35J f— 40 1430 6.8 Buniile-banken... 342a +2 

Fabruiue Nat.. .2,660 .170 8.4 Marabou...-. 100HI-5 

U.B. Inno-fim I2.U15 L. JltSO 7.4 Uo Cfch Domato.. 64 +1 


£-7 Lennanl Qi] 

S-35-i UetatoJB*fSra*ioo 

lllS a!a UU1 Hoidta^s 

U.1& B.O jiyer hrop+iDni 

Npips.. , ........ 

Nicholas tnternarionsl 

North broken H’dinira 

nr " " 1 Otter fcxpkmirion..— 

Piooeer Concrete 

ttaadtcAOtlnian..._ I 

c I H. C.SMsh 

? ® “ southland Minify. 

10 64 

in a a ' v «*«rn Minlint (SO cents' 
6.3 q a WoolworUra — — 

4 6 AMSTERDAM 


I LDKL. — |2,02 J 1+30 

.^.1 lill i-— 1 

-6JT1 j lisklo Marine 490 +1 

-•— ! loklo BiecS Paw* r 1,050 |+10 


881 + 1 - » W';','.'' 

11.070 —SO # 

1,770 1+10 40 JL1 • , • ' 

,...) 237 | - 11 A3 '• / 

383 +4 16 ■ >. 


♦a'fn Wtyo llanyo^.^. 316 

OAyo Bh!benra_ 145 

tl.72 | lbn£r.„... 146 

I? - ?? “ “ Voyntn. MoC«r 970 


+30 j so 1 u.7“’ 
r-t 

+1 11 w 

^■10 81A2.-K 

V. 11U»:*"W 

—8 10 IT* ^ 

10 1 * A-r » 

— 0 * 80 1 LO . . . 


j Source Nihho Eecarttiek, Tokjo 

VIENNA 


6.5 2.6 
& ! 3.7 


5 l 6.0 
b 4.9 
4 4.8 
,v4 3.0 

10 5.4 


tL57 f-IIJBn | 
12.83 l-OJSSi 


10.73 j-OJIl ' 




JLfll CrednanstaU...... 342 I -' — 

— Peri moose 362 -j. 

-0.01 oeterta 591 +2 

-4.01 Sempertt. 93 (;«_ 

C>1 riWyr Dalmlw„ 190 j+l 
4LB1 Veit Mattnerit. - 241 {—2 


_ 10 89 


0> AT . 

14 I 38 

‘ " ' - f» ,J ! e 


ri.U. Iruw»-Bni_„. 2.U15 

Uevaen .^J 1,31 JaS+ IJ 

Uob>.«en 1 2, 2.5 & 1—20 

lnienom- „._;i,75S |+ 10 

KredlMbuk ,_...4.670 ( + 20 


— 15 — — Pacerris ............ 92 1 

.177 8.0 CisugtslirNl— . 47J 

— 40 1430 6.8 Baznllrebanken... 342 j 

170 8.4 Marabou...-. IGOi 

160 7.4 MoOchDomsta. 64 

+ 1J 85 6.0 skndvUt A.B—_. 244 
—20 170 7.6 M-k-.P. «H* K m—. 63i 
+ 10 142 8.1 Skanrt LoskUdo... 168 


—lie; 3.0 

+ 2 4 4,3 • 

+ 1.5 1 — — Jnne2 

+2 I 16 4.7 * 

-5 a a.o AboM (pi.aag 

+ 1 | — — Aks»(FL2Q) f 


DOWN 

1 Second purl of Irclnnd lo give 
way 1 4. 4 1 

2 Place number of nouenlity 
(3. 61 

3 First-class part of Bible is nor 
uncommon (4* 


HBREianssia aBBaas 
a q b 0 n a m 
RQEaansn nn0E3SB 
n a m a m b m a 
E3SBBQ BH@aBBEH0 
® n □ 
qgteihbh aaraasHB 

3 b ei a a .0 

HBaaaoa nmuoxmm 

a a n n q a 

BSHB53QSBE ' SEBS0 

h ei a-Q'0 n 0 0 
ssEEiEiB EsnnaniGja 
a b h - a a m s 
HEBBa&aa nnn E3H n 


A •>: jnJ 
lij'it... 3 [ILji 


SOLUTION AND WINNERS 
OF PUZZLE No. 3.678 

Followi nc arc ihe winners of 
last Saturday's prize puzzle: 

Mrs. M. 'E. Peerless. 75. Duke 
Hoad Avenue, Hove, East 
Sussex. 

Mrs. M. A. SpurrcH. is. Mount 
rieasam. RuisJip^ Middx. 

Mrs. •' I Stj-atnn. f'. Whiles 
t.auc. Kosinzlund, LovtestofL 
Suffolk. 




Iij-i.-.i .Waiii'o •i.uiiu. 

Laiit-'j Ci’nirj! 

n.mc-1 Es»i-n-.r 

R.nii i.lc-n.-rjl 

firc::jdJ • i 00<J - 
Bj I ti -tJblm 

nmir» tad. cji. 'i.ww' 
P.. Ind iledirerrani-n . 
Kjncti PnpuUr . . . . 
Eam-ii Sjmaniicr ■'J.'.U' 
Kjn-T" Urnuiju .1.000- : 

e.jnr-. Vir-.-jvj 

Hanoi* Zjrajuzan.i 
Bantiuflimi 

Uj-ju-. Andaluc.a 

k V." UiArt 

CIC . . 

l»ra»;i.»-*s 

Iini*-bd0if 

K t. \tas'-n»-*av . .. 

R-OJC'- a Zin 

F.tpl. •«•-• T n:-* 

F 1 'I.1M' 

. -J-+ 

Cjf. 

r.ru&«i V--tjjq-je: ■*•*)• 


Hidrnli 

Mv-rducro 

ola'ra 

PaprWron Beuo.dn 

ri-;if*.libcr 

(•— >r-Jo. ' 

.G'ri-i p+nalcra 

Sm.»c-: 

.1 

T«.W**Mca 

T.-tra' Ho-t«rncu 
T'ltatfCA . . 

fm.-o El' C 


21 + L7S 

83 — - 

1Z4 — 4 

72 — 

130 — 

ZU30 + T.5 
*1 — 

SO — 

12s — 

SO - 0.7S 

MO — 

1OT - 0.25 

75.7 - OJ 


+ 20 1266 I 3.7 Tandntilc *BM 
aS2H 5.8 Uddefaolm^^ 


Gi Bnrrie BeiE«..'o,52D aS2B! 5.8 0: 

Pen Hnkllne „.|2.t60 ! |*SL!lal 3.a Vnion tKr. 60) — [ 7l 

IVlroitm 3.8o0 ....174! 4.5 

Sue t:+n lGn^ue.,,2.990 * 5 jZLH | 6.8 COPENHAGEN* 

*«•' ficn I5rli*li|ut*Z.9SJ 140 ( 7.3 _ 

s-lliui .3.120 • !Z 16 | 6.9 ! "Kric 

T'»-*ny -2.460 .—20 .VZ10 8.6 June 2 ■ 1 Kroa 

fiB'itwi bleci.... -2.746 T 20 jl70 i 6.1 ! 

t'L'li j 948 |—20 1 — | — AmJcl«'mnkeo ....! 13! 

l : u Miu. il-IO, 756 


244 +4 5.76 8.4 Aljpsnj Bnk (FI3G8 

asm 4.5 6.6 AMBV(PUQ) 

168 ...... B 6.3 Amrubanfc IPl^O)' 

75 +1 8 6.7 BijenlBon 1 

51 — 1 u— — Boko West' in (FIOi 

70as — 3 8 8.6 HurtmnXetteKrie 


1OS.0) «81 

30.61-0^ - 

567.5} — LO ASS 
818 +0.7 Ae4 
74. & — 0.6 83 

89.0 26 

118M -8c 

72iW-2.S 2f 


: % % 
... *21 SA 


* «3 
26 ] 7J2 { 


'Pricn 1 + or rfiI777Yl.l *»u6BK«riwg'W. 
Kroanr ». * UeinckonfFIJaF)..! 


Amlcl-ujonken ....I 135 — 1 


Vieiilv MoiiIhkdc.' 1.51 J 4J * — i — 

SWITZERLAND « 


6.6 1 llnmi'w Vr„....,j 480 


BRAZIL 


! I’rire i + i.r J Tffv.; Vm. 

I (.niz 1 — Uni-i f 


!*«.-« l+w| Div.i V 
Fra. I — 7. 1 


Lkunke IlBnl>......[ 1221a I 13 

bii-it A-nmJ 169xi +2S* 12 

Kiiiq n - ' banbcn. 1241* or Y i* | U 

For. lJ.via.wier.... I 351 1 , 12 


A-^'ln 1 

h411-T-1.il. Hn.-li.. 

Hi I1.T> ■ Iiih 

I<ri;:.t M n|" 
Lit- ton--. 1 II'..' 

I' I*. .. 

I'lTHUi 

r-'irw l --J2 '.'I 1 .... 

I'r.i. e+ 


102 .-U.csia.iu 

2.26 -u.DiJ.17 

1.25!.... J.lb 
2.18 '— Ll.i2-J.li! 1 

3.30 .. . . ' J.2L 

3.0 -O.02u.lt.’ ' 

1.75 u.16 - 

3.10 j.23 

10.10 -0.3ft ,.db 

1.30 . . . .1 + 


Div.i VI. I . l-'or. l>S|4r 

7, . □ HnilillesiMiik 

fi.N’ih'nHaKrtCfi 

„ , X**l«l Kabel 

. b . i-± GJirfai-rih 

ItJ I 3.0 frivaitniik 

22 , 2.2 HrmuntaDk.. 


3.7 1 T-hiM-ri,™ 

ib 6.8! 

Id 3.di 

5;®! MILAN 


If . Ik. ■ IJ 1.30 . . , .IJ 

Vni cr D7 ~w. Shareii *S &m. 

Rn> dr Jan-irn SK. 


6 b I 0.1 
iO \ 2.b 


NOTES : Ovirrsca^ Drier* exclude S premium. Belgian dn -rt.-nds are aflor 
lxltbhoIdJr.t; (ax. 

4 DMio d-; mir. iiiiL%s oUi«r.iT?e :.u:*:L V p,j s.MJ d-.-nvm- nnl.'^s oiicn- 1"-- 
4, Kr.loti (jenutn. unlw;. oih*r>*ise <?ai..d. o f-rs-.o'W dunutn. unto 1 !. 
nUhir+lse »D!i!il. * Wn 34 dunt-m. uni,*>x oih-.-nr.st- k ;a:- d s Prn>.- .it tuiiv *■! 
ausucuj;or. >t t l» Sclii'.Uxutv. ' i>ug. ./ n>vidviid altor D-mllng risln*. 

atid or sens lssu.-. - Per jharc. ITran:?. ■; Cros< Jir. * umvd dnidciid 

surer srnp amt'or trshui t«u.r. «f Aft.-r Ideal taxus. n t.,* fr»- . « Franca, 

inrtudirs I'nilji- dit. o\uni uMiar-.* ypii'.. r»:r. arsd c=Uude se-r-^-isl 
S+Ttnear. t lLd;ca:cd rtn. n Unc-Rtaol trad.nc. : ?lifniri:>* ho'd- r-. om>- uil'.Tjer 
prwl*ns. " r Bid. •' Traded. : SaLcr Assured. v r fc.t rjsuis. id Ei 

4Imde»L v Ei ktji imje. xa El alL * laisnin since icaeasefi. 


Aiuinmtun: 1.275 ,*10 } 6 "--3 t Ullvtgl'rth..... 

UH<;*.V ; 1.665 ,-rlO ID | 3.0 Prt\-aibank 

^ ilaxt,n^v> I'i.iiii; 1.1 15tt— 15 ! 22 , 2.2 j Hmwnstank 

I«n. Idl'd. Cen... aas.xr.... &Z +.b;ra, r a,. Ik-reti<iwn.! 388 1 + 1 

l »i*nii * c uin<N:-.... 2.118 .‘ID , lb 6.8! 

l-.nviii.*AU 1.650 ! + lo Id i.Di 

Fi-’li.-i ■••v'Hae,., 650 id a 6.9 j 141) Ak| 

H..fTn.«n FH.Vn-. 75.250 - 250, 3PD O.'i 

Dm. ..‘7.675 a fib i 0.1 

liil“r:on.i U 6.600 —25 \ 20 ! 2.D June 2 

I «-l ni'il I ,l'r. IlVi .1.4DD • ! 21 1.5 — 

\mie ifr. iD/i ... 6.37oaJ' i-t’U.i 2,a A .\ i C ........... 

t.V>. llvi: 2.1 /0« — 5 : i+.l 4,0 ' U'iiu*i 

IHrriiknnM.iK.JM.'' iS15 t+ 5 ; 15 l.fijl'MI 

I'll ci II el I* •K.IOO’ 272 *1 ,15 a.Sl lln. I'nv 

'•ii i-.i' .Kr. Al .. 5.175 *65 2b l.B , Kiit.uii-t 

Lm.. I’STtiOn.* tBJM+5 *o . 2.7 1 luicciiiput 

T? hiii.ii*rt.l*t IC": B7S —20 12 ' 4.4 } iiai-nter 

>111+ t Is iF.lw.' 642 «a * 5 14 4.1 I Mt/TtoUiam ' 

il-r. KGi. SJitt. + S 10 4.2 j Mnniedivm ........ i 

o« ivs Hunk i F.I'X 6'i O in • ID 2.7 i • ilivrM I Pnr ■ 


743*1— >2 a 

12aij ( 12 

270 + 2 12 

Z44j«J —ig 12 

7B — 1 2 12 

129 - 

13b la I I 11 


16 10.4 
12 6.4 


JOHANNESBURG . j _ ^ 

Prioo rf- or] DtvJTkL MIMES ■ '.. - f*J' 

Jane 2 Pi*.. — % % sms- 7- , • Band. ■ .JMM-.ii ' 

AMffup-i los-cr^ri^ asirtSSU : £lz -35. . 

AlswniB^fnSn Sa7l5 -LO A SSJ &6 iSLP rtefmHefal — w 

«spK s ^ IB™jE EEE B ' -s- 

IssssBasw 

■•Bass*: asasIssitt&SSSi , - 

Uooit"vcii*lFlJrOj; 35.01— 1.0 1 — '— Prestdent Brand 13.10 -A* ' ' 

Hunter LM 1:1. ICO, | 26.5j— J.6 i 12 I 4 A Prvridest Stem „ }IL» .• 

174.7. — 5.8 — ! — StflftHtteln ASS l-iU+t . ' . 

46Sjg^5 26 1 8J tvest Dnefometn — .. -0765 K s 

— 34.2,— 0.6 12.6) 3.7 Western Holdtaxs 3W ' ' ' 

Vat-VexllirajFtioj HL2,+a2 48 \ 4.3- Western Bees X 9V •*. 

NedCred Bk/FT^ol 67.6a '+ 4.0 21 7.3 TlT^.x. t " ' • ‘ / iv« 

AedMulBkcKi^iU 187 1.6 29 B.9 IffDUSJ RIALS . - 


» UeinckOnfFI^Pl- .! 

llooipivcu*lFl.20>! 

8.1 Hunter D4PI.IOO, 

5.1 h.LM. tFLIOOi...! 
u.e Iul. Uuller<U^i..i 

7.1 j Aurtlen 


10.7 j Aed 1G-1 Bk 137.6,— L6 1 22 | 5.9 "HJuattuAL* • 

S5 iSSUss: msssrz.’S 


I i5 2 a V«n Ooua««o..„i 148 J +6 18 5.6 " *S 

' ~ 4) 5 uhloSvStPtia la ' 61 7 4 txrfo Ftwuxx sm 

I 11 feSmirtdn I lto&olla'fi A2&B Ts Bcet » todasrrial WJ» 

[ l . : *■! SlSS*;- - -® IS C^lcutcd tev. 

I x **' s KuoenUi (M. 26>i...l 121. Bid + 0.1 1 14 ! 

! IMgmlUutehrFiJM uB.W-03 166.fi 8.5 JS 

l2=S5SSsr^«S}'+* «J’«|S!S!LraS»!S?;JS 


-SL1S* J .+ < 


7 - 


+«5-r+ : 

> 5 Jl 5 fi£T\ •;.• 
+i»5; ' 


^ III n.1 Ifni*/ 1C' - : 275 —21 

>•11 -e 1 • is 1 K, l-XV 642 m * 5 
rnivalrihr. xGi. 866U. + 5 
an imi Hunk 1 F . I'X S'i Ob'. . 
on in F—'aOi. 4.700 1*5 
l limn Bonk 5.010 to 1-5 


1’II.J 2.3 1 A.MC 06 , - - 1 

i->b.? 4.0 1 U-t'luti 1 462 — 4 1 — . — [ — 

15 i.3{t"iM l.aaavi-— 7 1 130' a.2, OSLO 

15 a.Sl tin. I'nv 1,517*.-— 9 • Inti- 9.9 I 

2b l.B, Kut-.hli-i 94.75' — . _ 

*0 . 2.7 i Iraicoiiiput —! 12.1111+91 ' 200. 1.7 Jiuin2 


WesUM , >Ju.KanL. 408,0. 33 


OK Bazaars ! 

Premier MUUnk -.. — 

! Preraria Ccmcnr 


3-j-lrA Ini' IO,lZ&sr — 150' 44 


2 o . 2.7 1 Iraicoinput _•! 12.1111+91 ' 200. 1.7 Jiuin2 

12 ' 4.4 j liai-i.ier | 174.50 -4,26: — 1 — I 1 1 '.. | HrtCO . ? 

14 ' 4.1 Mid I- -Glare 66.100'— aoOM.KOOi 3.6 biaieii tGub..._.' • 94.0—0.5 • B. 1 Saw? HOWtttRS — - . l-« ' V;’*! . 

10 4.2 j. yarned- <on 149.25-2 ! - ' - UoA#»t4.„;.;.%J 69 ' _ ; -■ (SAPPL. C \'i 

t-J 2.7 iiliveMlPnr :1.06a. r+14l — — L'heditbBillr ' - 108.0 ill a »i C. G. 8nUUl.'SU&6r* '•.•• 

40 2.1 Pirelli A Co 2.100 -5 j 130, 6.2 K<vmH3»..'_ 233.6 Mi—' 7.5i 20 '■ 8.6 •‘‘SA BnrwcrK*^ ^ }^--%SSeS~ ' 

20 3.3 Pimlli Sje 970 j—B 80> 8.3 I04.S|-0.5 1 11 . Ki.6 1 UBW-.-v — - . 

44:2.1 SauiVIsnnre.....' 701.50 —4. fifi; — _ Nnra&HvrlKikrDdli ■ 190 -*-4 -1Z ■-S.tJ'r - - SPCOrftCS Rand OSSS-W;;.' -v j3f- 

1 ! LJ 3.131 a ,b.<[ ; ^iscoimt of ’ 

J . j • "•'v-4*S! 


■ Pi ne > + ut 
I.Kronw, — 


. ; ProicA- Holdtasa IS"' 'c ' ' 

a. : Rand Mines Properties — , ‘.Tf* • c ^.- 


: Kcmluasdt Crottp — .„ 
Her co . 























-v. 




«£?& 


1 %A 





__ _._. ..«««:.;. •-■. 






21 


r 5T <T'' 7 ^ 

i i . r% , \ 


-a.-.-." ^in-di^wv.i . j ■” 


MIONAL FINANCIAL AND COMPANY NEWS 


r-; .- t T t .- T,* -. 

Vl-^ •rf-’. • - - j: w »•** 


* ” ‘ i" ^ '^1*^ 

. T'’' f • ^ 


3Kr; 


F- : -T ” »'’• * ■' -' ^ ‘ 


siss; 

33 ? 

nfi; 







tgfSr 

safs 

he.. ”". 


-•I, 


loi: 


tail for 3978 

- . .. - .. . ,be» to suffer 

L ♦ f com sever** JWT,s*.«Hnpetitlon On 
&>:, Europe. • ' . 

Iioases*totaifeaScli99m (S6m> 

V after - the transfer. of ; Sch 23m 
: from-.- reserves,':, an increase of 
: 5 from the Sch 
2a.y , • TSw^recaHS^in .1976, when the 
na£ i \ company made a sligbrrecovery 
iSi ;: . ..Turnoyer .-win up; slightly at 
bT: ; f Sch 5.3htt.,vtoc3 pared : . .with Sch 
.*.<6 -Sbo;' -with.. a “rise at: $nmp -level 
; -Of around3per,qent fe Sch S^bn. 

v-~::;- K controlled &y 

***:.;_ S ii.CredrtenstaTt ^BankTerein. Aus- 

iaS 1 ^ -«r , t 

tiiij i ■ of sales,-. ft began to suffer about 
J*utei :; J : three^years; ago from reduced 
jjfrr — I : dernapd caused by the switch to 

a*!*?* sii’liradials : and - speed 1 limits. Jn- 
..... * ?«, j j crease^'-; ' imports - also "- hit 
a I SempfiHrs, business- ' 


•£««*. 

S°H- 

'**>**- 


? -'‘Misifc, 

tcrCia,. 


15i 


;r'i - 


^•an-t*' 

Liaa.^ . 

y.Cta. 


"i*.V,. ' 


.. . . 

is; at 

-ss* ; 

3fi-. ■ 

a*;r 

!(i 1 * 


No payment 


Byjohn, Wider 


2URIcK,“June 2. 


'*« *£u 1 THE - J J S ADING Swiss construe- 




’Ml*!.. 
■J'e Eat. 

•''■as.-f... 

"•fclVSI 

vrrj!._”‘ 

Z>(a(*ifc 
.•'lUift... 
VMf‘ - _ 

l(W:i.... 
J u i 'jj., 
i _ 

‘WreX 


i9i -ItJpu- cbrhpanyr .Losinger AG, of 
recommends I an omission 
£, ; ; of dividend, far 1977. .. This fo[- 
tlows-a ciit.ih dividend per share 
jj i r to SwFr 25 last year, after distri- 


S'MbutiOh Of *.SwFr 40 for 1975 arid 
i^l’SwFr 60 for 1974. Net profits, 
k, i 'which bad > dropped -from .SwFr 


•’ -'0 1 2.55m- iU: 1975 : to SwFr 505,000 in 


18.': 


1976 for the ’ parent undertakinj?. 


K^-!e”TT 

- l'«'a 


jj; a?iD ivr. cne pare 
£5;! declined' further to 1 - only SwFr 
57k. *39.618, 

Ip • Group turnover was almost at 
i £ ■1«76: levels, however/ . reaching 
3o ..SwFr 4P0m-f SwFr 496m), though 
x* ‘this was still the -lowest level in 
“ « .the . past five year#. .- However, 
1 ‘the ^foreign sJ%ue ' of turnover 
5^* attained- a record -SwFr 185m 


b?n.£_. 
r. s 

nTisp^i; 

JrrcTrrCr 


ZJZ ;withlir this,totaL 






to sell shipping 
as losses mount 


™*f*0 : : STOCKHOLM, June 2. 

^t he- S wedish steel, he hoped the ioss would be Kr500m over the next three 
!l eavi1 ? reduced this year and years, chairman Mr. P. Soltoeft 
annua) that Uie company could well re- told the annual meeting yester- 
^ ■ e *!? to profit In 1979. day. Overall profit this year is 

„ r ?. UrinR 1977 Granges disposed expected ta be '‘considerably 
ca^rin-^tYiT^rrin^S ^ vu *1 ^ j “»imng and steel operations Improved " in comparison to 

*^ e semi-state owned steel 1977, providing tbe current 
c ^ m , pany SSAB, closed down its foreign exchange value of tbe 
? offshore engmeenng operations krone is maintained. 
Sn^S 8 ^**^ back Ji® c,vi] engineering Fertiliser sales had been ” par- 

t0 opera . tIon «. The closure of the ticularlv good ** this spring and 
^ sb'ppmg division will mean re- {he group expected that the 
w out ^the qj^tiom. ... -dundancy for about 400 crew, and seC ond half of the year would 
For 1977 the /group** losses “ m c 50 administrative jobs at a | S0 see favourable sales on 
have amounted to -Rr 891m on u,e company s headquarters. home and foreign markets. In 
turoovBr of .Kr which gives * * * 1977 Superfos made pre-tax 

acctmralaxed:<'lb»‘Of Kr lbn DANISH chemicals group profits of KrlOTm on sales of 
(S2l5m> f pr-. the paat two years. Superfos plans domestic and Kr2.9SbiL 
But, Mr. Abrahaznsson said that foreign Investments totalling Reuter 


Hansa- 
dividend to 
be axed 





:4js. t 
0.96 f 
Z-t j , 

S,l 

lii 1 

J?.: 

5l’i s 
is-i : 
t'--, 

ar. 

Ur . 

es 


The First Viking 
Commodity Trusts 


ConmMHfity 0FF^ 39.8 
Trust BID 37.8 



Qpuble . 0 FFER 84.0 

Option Trast BID" 79;0 


Commodity ft General - 
ANafleiMntCiitta^--- 
8St Gedrse's Street J 
. Douglas IsFe of Man . 

,.T.1^2448*2C;, : . .. 


by Gay Hawtin - 

FRANKFOR3P, June. 2. 
BREMEN-based shipping line, 
Deutsche ■ Dampfschifffahrts- 
GeseUschaft 7 Hama 7. to-day re- 
ported that it had been hard hit 
by the heavy VovM'Capaelty. in 

the world shipping- inarket last 
year and would^be^-liassing its 
dividend— for thefiorCtime since 
1956. 

Both the charter market and 
line services/, iwere severely 
affected. Freight ■ rates were 
pushed heavily downwards, said 
thegroup’s.TeporL / •' 

While news of the group's poor 
tratUng performance Came as no 
surprise, the management’s state- 
ment - gave shareholders . few 
crumbs' of .cbnitorL No-Signs of 
an end to the state, of surplus in 
the market could- be, seem-it said. 
There was major improvement in 
the transport sector. in sight 
The' year was “ thoroughly un- 
saUsfactoty." Good results from 
subsidiaries, including ship sales, 
had- served . to offset a- 3DM33m 
loss from the shipping' taisiness. 

.Net profits' slumped "from the 
previous year’s DMftSm to just 
DM37,400. Overall sales increased 
slightly frbnt DM475.6ro to 
DBi50&6m lS243m.T. -/ .Capital 
investment -increased from. DM 
143.3m to . DM245Anf : *; while{ 
depredation rose - from DM40.7m 
to DM44.9m. - - •. '. /‘Si.' : 


Rapid growth in Swiss 
foreign bank assets 


BY JOHN WICKS 


ZURICH, June 2. 


THE expansion of the Euro- called the “relative stagnation” 
money, market has taken place of foreign banking activities in 
in financial centres like London Switzerland to restrictive 

™ L r m ?r e raU,er B,an in r/urr;? q ui^et t! t : o ?n s ire a 5!f B 

Switzerland in recent years to restrictions on international 
judge by the rapid groyrtl 1 of banking by the Swiss authorities 
*;Z5f/2 n , ^ assets. This was an( j the difficulty to obtain work 

stated by Dr. Enc Gasser, chair- permits for foreigners, 
man _ of the Association of The combined assets of foreign 
Foreign Banks in Switzerland, at banks in Switzerland reached 
a Zurich Press conference. S nmc SwFr 36.7bn in 1977, a rise 
Gasser added that all signs 0 f 7.3 per cent over the previous 


Dollar slide 
underpins 
bond revival 


in Germany 


pointed to a continuation of this 
pattern. 

in the past five years the share 
of foreign-controlled banks and 
foreign banks' ‘branches in 
Switzerland has stabilised at 


year. There is a much greater 
relative importance of fiduciary 
husincss, however. some 
SwFr 25.1bn of last year’s total 
Swiss fiduciary business of 
SwFr 58bn having been 


■ WAfiOGAlZ COMMQDny V. 

• . . FUND -//y • 

3!n M iy . 1*78 £11.1 ,60 J . 

. WCT MANAGERS LIMITED 

P-O. Box 73 . 


Sc.“ Hflier. . |«rt«y 
5*1/3 


05M 2051 
# Nt*t dealinfi 30th Joo«. 1 97^8,- 


about 10 per cent of the coun- accounted for by foreign banks, 
try’s total bank assets. The Profitability of foreign banks 
number of foreign banks, includ- in Switzerland was “ generally 
ing branches, has also remained satisfactory ” In 1977. Gasser told 
almost unchanged at rather journalists. though profit 
below one hundred. prospects for the current year 

Gasser attributed what he were less certain. 


Pan Malaysia Cement setback 


BY WONG SULONG 


KUALA LUMPUR. June 2. 


ANOTHER bad year for Pan fixed - government controlled 
Malaysia Cement Works has price for cement, 
ended with profits falling by 27 The only bright spot came from 
per cent to 3.23m ringgits. The its shipping and trading associ- 
group is cutting its dividend— ate Twincem, which increased 
for the year ended March — to profits by 18 per cent to 3.1m 
15 per cent from 17 per cent ringgits. 

The parent company derives * * ■*■ 

most of its income from dlvi- Ganda, a Malaysian group of 
dends of associates, whose profits companies. with oil palm 
fell by 20 per cent to 23.9m interests in Perak State, has 
ringgits of which PMCWs share secured loans and credit facili- 
fell by the same percentage to ties totalling 22.4m ringgits from 
9.65m ringgits. The company’s five Malaysian banks. The loans 
operations In Singapore were hit would be used to finance the 
by dversupply. as well as higher building of an' oil palm refinery, 
costs for clinker, while the and to repay loans which the 
Malaysian business was hit by group had earlier borrowed at 
hi&ier production costs, and a higher rates of interest 


By Jeffrey Brown 

WITH this week’s consumer 
price statistics putting double 
figure inflation rates in rhe U.S. 
beyond doubt, international 
money has been flooding back 
into the hard currency centres 
of Europe. In the domestic 
bond market in West Germany 
this has been reflected in some 
very sbarp price movements over 

the past few days, notably among 
longer maturities with ten year 
bonds rising by more than two 
points on average. 

The Bundesbank has been re- 
versing earlier support policy 
and selling substantial amounts 
of stock— in the first two days of 
the week central bank purchases 
totalled DM 178m but subsequent 
sales have swamped this figure 
— and dealers are once again 
beginning to speculate on the 
possibility of a revival of the new 
issue market. Mucb depends on 
the success or otherwise of this 
week’s tender in Kassenobliga- 
tiooen (three and four year 
paper which raised DM l.Tbn 
when last issued in March) which 
closed for subscription at noon 

yesterday. 

Beyond this, a DM 700m issue 
by tbe Federal Railways (Bun- 
desb&hn) which was first 
mooted at the end of April could 
now shortly appear, and a num- 
ber of local Government 
borrowers are known to be wait- 
ing eagerly m the wings. 
Bavaria and the Saarland be- 
tween them could shortly tap 
tbe market for around DM 650m. 

Foreign exchange considera- 
tions remain the market’s over- 
riding influence, however, and 
not all dealers are entirely 
sanguine about the chances of 
a “firen consolidation" at the 
present level. Tbe dollar has 
shed something like 2 per cent 
against tbe Deutsche Mark since 
Monday last and clearly the 
foreagn exchange situation is 
very fluid. 

At the same time, there is a 
danger, as things stand, that any 
rush to float new paper will get 
out of hand. The backlog of 
borrowers built up in recent 
weeks could quickly unsettle 
what is still a relatively fragile 
new. found market confidence. 

Meantime, the oversupply posi- 
tion in tbe market for foreign 
denominated Deutsche Mark 
bonds is getting close to equali- 
brium. A decision on whether 
or not to reopen this market to 
borrowers 1* likely to be taken 
next Wednesday: this market has 
been closed to new issues for 
almost a raODth. 


Flick in $100m. deal 


BY JOHN WYLES 


NEW YORK, June 3- 


WEST GERMANY’S Flick Group 
has added to the rising tide of 
foreign investment in ihe U.S. 
by purchasing for SlOOm in cash 
some 4j35m of convertible 
preference stock of United States 
Filter Corporation, a leading 
engineering supplier for the 
eitergy industries. 

Tbe new preference stock is 
convertible into the New York- 
based company's common shares 
on a one-for-one basis and 
amounts to about 34.5 per cent 
of U.S. Filter’s total voting stock. 

Three Flick representatives 
will be joining the U5. Filter 
Board immediately with a fourth 
to be added later. 

The Flick Group is one of West 
Germany's leading privately- 
owned companies which in 1975 
disposed of a 29 per cent stake in 
Daimler Benz lor S975m. Its 
decision to commit some of the 
proceeds to direct investment in 
the U.S. adds to a stream of in- 
vestments made this ’-ear by 
West German companies. Accord- 
ing to a recent survey. West 
German and UK companies 
accounted for 39 of the 81 direct 
investments in U.S. manufactur- 
ing in tbe first quarter of this 
year. 

Mr. Raymond Rich, chairman 
and chief executive of U.S. 
Filler, said today that the deal 
with the Flick Group "sub- 


stantially enhances the com- 
pany's financial resources by 
increasing the total stockholders 
equity to about S250m." He 
added that U.S. Filter would now 
be in a good position to achieve 
its growth objectives. 

The company's first quarter 
results this year were hit by 
delays in implementing several 
pipeline and energy projects 
which would have been pur- 
chases of its air and water pol- 
lution control equipment. At 
11 cents a share, earnings were 
only one-third of last year’s first 
quarter. For 1977 as a whole, 
U.S. Filter returned a net profit 
of $13.9m on sales of $423.7m. 

However, the company’s pros- 
pects have been improved by its 
recent tender offer which raised 
its stake in Filtrol, a leading pro- 
ducer of catalysis, from 50.7 per 
cent to around 84 per cent. 
Filtrol had net profits in 1977 of 
S6.1m on sales of S$9m. 

Adrian Diets writes Jrom Bonn: 
A spokesman for the Flick 
group in Duesseldorf this eve- 
ning described U.S. Filters as 
one of the most progressive and 
technologically advanced engin- 
eering companies in the world. 
Some of its interests in tbe fields 
of services to the energy 
industry, chemicals, water treat- 
ment and purification and pollu- 


CBS response to suit 


BY DAVID LASCEU.ES 


NEW YORK, June 2, 


COLUMBIA BROADCASTING 
System, one of the country’s lar- 
gest broadcasting and publish- 
ing companies, has been charged 
by the Justice Department with 
violating anti-trust laws through 
its acquisition last year of a 
large paperback publisher. 

In a suit filed yesterday, the 
Justice Department, wants CBS 
to divest itself of Fawcett Publi- 
cations on the grounds that the 
acquisition eliminated competi- 
tion between the two companies 
in the highly competitive mass 
publications market 

CBS already owned Popular 
Library Books, the 11th largest 
mass market publisher which has 
sales of $10m, when It bought 
Fawcett last year for $50m. Faw- 
cett then ranked fifth in tbe 
market with sales of $37m, and 
brought CBS total market share 
to about 12 per cent 

CBS reacted sharply to the 
suit, saying that it was both 
unjustified and surprising in 
view of tbe fact that tbe Justice 
Department bad been notified of 
the proposed acquisition long be- 
fore it went through, and had 
said it bad no objection. 
FIRST MISSISSIPPI Corporation 
said it cannot explain why its 
stock price has risen on the 
NYSE, reports AP-DJ from 
Jackson. 

"There’s nothing,’? said Mr. 
James Lange, secretary and 
treasurer of the company. 

Mr. Lange said the company 


has an interest in a gas prospect 
in South Louisiana and there 
has been activity in that area 
by other companies. However, 
First Mississippi’s prospect hasn't 
shown any results and “I cer- 
tainly wouldn't say that was the 
cause” of the stock activity. 


tion control would be comple-. 
mentary to those of the Flick 
companies. 

With a turnover of DM 7^bn 
in 1976. Flick's principal interests 
are in the foundries and mech- 
anical engineering industries, 
chemicals, paper and board, and 
plant construction. Its major 
subsidiaries in West Germany are 
Buderus/Krauss Maffei, Feld- 
muehle and Dynamit-Nobel. 

Flick’s U.S. Filters deal is its 
second large investment in a 
major American company. Jn the 
autumn of 1975 it acquired 12 
per cent of W. R. Grace, the 
chemicals group, to become tbe 
biggest single shareholder. 

The DM 2bn which Flick re- 
ceived from the sale o* its 29 
per cent stake in Daimler-Benz 

in early 1975 must be reinvested 
by the end of this year in pro- 
jects approved by the West Ger- 
man Ministry of Economics, if 
Flick is to avoid paying capital 
gains tax on it. 

Including its move into U.S. 
Filters and its recent acquisition 
of 75 per cent of Versicherungs 
Holding der Deutschen Industrie, 
which in turn owns 51 per cent 
of the Gerling insurance group. 
Flick now appears to have in- 
vested rather more than 
DM 750m in purposes which 
would qualify for a tax break. 

Despite speculation in Ger 
many that Flick is in a hurry to 
find further acquisitions for’ the 
DM 1-1 J2bn cash which it is still 
believed to have in band, the 
privately - controlled group's' 
spokesman emphasised tbis eve- 
ning that it remains primarily 
interested in finding attractive 
prospects with promise for the- 
future. " No one is forcing us, . 
and we do not feel under 
pressure of time." the Flick 
spokesman told the Financial 
Times. 


DID YOU MISS 
THE BOAT? 


COPPER prices have. risen over £150 in the last three months 
with many forecasters now suggesting £1,000 by the year 
end. 


While this must remain no more than a possibility one thing 
is certain — commodity price movements will continue to 
present excellent opportunities to the well-informed futures 
trader prepared to -take the high risks which undoubtedly 
exist. 

The first step is to secure the services of a reliable broker, 
one who is prepared to make firm but reasoned price 
predictions at all times. C.C.S.T. is that broker and whether 
you wish to open an account or simply receive the next two 
issues of our weekly Market Report free of charge, please 
phone 01-480 6841 or write to: 


CC.SX Commodities Ltd 


f ( » i Walsingham House, 35 Seething Lane, 


London EC3N4AH. 


A“.S!. : aiatr. ; 


'J' -V- 

t.l 


J..T 3 


- •{. 


v 


--*3 


COMMODITIES/Review of the week 

Strike lifts London lead 


:i5 

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irsi 

= '.4 

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> *.jij 

t.WJ 

2"* 


- .j 

-5 


BY OUR COMMODITIES STAFF " 

' ; 5 I^EAD PRICES > advanced strongly only those in the market who had 
s>o = the London Metal Exchange Jiieen counting; on a 70 per cent 
-D -Jrfs' week: Tbe ^ first’, surge reducdoiu 

- ■riff»nrrod. ! !nn rPhnrsiisv Jeftfer .news*. ^ Three monthit:- cornier " wire- 


eppper 7 wire- 
on the week 


.•» C-- 


■4J". 
; •--> 


,3 


.JS 


| W J 


- 1 

_.=0 

-13 


493 

i ^ 1 

i-!* 1 


i~0 




-. - - - s 


*■5 1 


>RG 

*‘I* £S 


,.r bccuried-’on Thnr^ s Three, jnontby 

"J. eif a^strike at^the Amai;’ie&neries:,iiarsJclosed.'£8 up 

—’ -,n the - , .'at £797.75. ' Cash metal rose’ £7.75 

* The stoppage followed; the ex- to ^8450 ® tobne. Gash cathodes 
■; of !tSe' ; dnuu^i ■ labour./ 01 * £8 to -£771 A) and three" 

contract witifout a ’ hew one to' ®oo^b_ s ' - increased £8.50 to 

ir >epUce it ThViciWjianYprodu(^ *790-75. .. 

?ll5,d00" tons of- lead concentrate improvement in the 

^ast yeajL-and- 30-000 tons re- ’Eastern price and forecasts of 
■ilned metal ; - * sizeable : fall in LME ware- 

i- UJS. co nsum ptUur of refined bouse stocks helped boost tin 
r ead. is L5m .tons a year,. . ™Iuds yesterday. Cash standard 
s The rise was also . faeBesd’ ^ ™ e * al S^ned _£I60_ a tonne, 
finuiiburs of unrest elsewhere. . A closing at £6,695 -t£ 157.50 higher. 
Stoppage et St Joe-Zinc increased pax & week ago. Three months 
'"ears that the - trouble would tin closed at £6,582.50, £160 up 
LpreatL: Officials *t SC ; Joe.; Lead ou.the week.' • 

‘iiad.Gomincosaid yestecday,4iow- - - .; 

j; iver, that there ; were - ho frost fears 
< problems. -' 1 - ■ ' . • • .’.-v 

: J: Three mohSK' lead closed at Earlier in the week silver 
SE339J50 a tonne, £23.75‘ up on the prices hit- new ■ records, with Uie 
" C#eek. Cash; metal seined £21875 three months quotation breaching 
-* jW the week, closing at £329 JO level for the first 

- ?t6bne ’•-= tune on Wednesday and continu- 

- 2inc prices also rose^broadly in lug up to.306.95p. The position 
line . with the jncreaies in Ie«L.. ended the. week slightly easier 
Three ••mnrahi; - m^al- closed at -at : .305 .65p an ounce. 

... -£349.50 i tonae'-yesferday-ra gain Cash silver did not quite maKe 
V" ; of ; £16-25 bn the (fey-end £19.75 the , £3 mark, peaking at 299.75p 
- Jon the week: Cash zinc ended the-and -closing yesterday lO.Sp up on 
.‘-week £20J25 tip - at £339.50 a toqne. . the week at 29835p. M 

■' £ Activity in the Copper market Coffee dominated, the soft 
. '.'appeared $o slacken off after re- ' commodity markets this week, as 
j rent 'troubles .in -Zaire. 7 Traders prices- ..rose . on persistent 
: ^claimed that- the market -was Brazilian: frost fears, realised on 
“ digesttaS. , ’"TecentVevettfe when Thursday night when there was 
prices fell on Thursday. ... . ..'a. frost The September position 
The fonnaV anno uncement that responded with a £117.5 advance 

’Zaire was to vlertlorce ’' es, =^ ay I .S5 m , 8 ° D 

and ciit copper shipments by half week to. £236 _ ai - 

until ; foriher^nofice: stiz^rised ..The frqst. which hit the main 


-i 


coffee ‘ state . of Parafifi, is 
believed not to have damaged 
the crop; but coming so early 
itt'-the season -it produced near- 
panic ' reactions on world 
markets.”. - 1 

Brazil’s 1978 coffee crop is cur- 
rently estimated at about 17m 
bags (60 kilos each), after a cut 
of 2m bags in the estimate 
because of a severe drought. If 
the frost does any damage it will 
he- to the 1979 cron which is 
flowering at the moment. 

Early in the week the marker 
waq boosted by the right supply 
situation bn the Wav position. 
Which expired on Tuesday. This 
was due to an unusually laree 
uncovered, position, which was 
maintained right up until the 
final afternoon of trading. 

Cocoa prices moved lower on 
Tuesday and Wednesday, hut 
steadied on Thursday as atten- 
tion .wa9 .distracted by the sharp 
rise 4n coffee. The market rallied 
briefly yesterday morning, bnt 
buying dried up as signs of pro- 
.diicqr selling emerged. 

By the end of the day Septem- 
ber cocoa was auoted at £1,645.5 
a tonne, down £15 on the day and 
£7t on the week. 

. Txi Abidjan, Ivory Coast a 
meeting of the Cocoa Producers’ 
Alliance decided to seek renego- 
tiation of .the existine inter- 
national Cocoa ' Agreement 
reports' Reuter. 

The present agreement expires 
next October, but one of its 
articles provides for new pro- 
posals to be made for its exten- 
sion or renegotiation. . 


MARKET REPORTS 

BASE METALS 


SILVER 

Silver was fixed 3.5p an ounce talcber 


CRAINS 

IMPORTED — Wheat; CWRS No. I 13% 


for spot delivery in the London bullion per cent June 195.73. Tilbury. U.S. Dar* 
market yesterday, at rtSS Sap. U.S. wnc Nonhem Sprint No. 2 14 per com Jone 
euutvalenu of tbe fixing levels Here: OS.75. July PS.25. August £89.75. tranship- 

COPPER— Strong In active trading on spot 543c. up 4.9c: three-month 554-5r. mem Easi Coast. 

the London Metal Exchange. Forward up 4.6c: sis -month 564.3c, op 4.1r. and Maize: U.S. /French June £105.-5. July 
metal rose 10 £786 on the nre-markel. " U-month 5M.«c. up 4.4c. Tbe metal £105 50. August £101.50. transhipment East 
reflecting uncertainty over Uie situation opened ai 285.29BP '540-541 ic) and closed Coast: South ATncan White June-July 
in Zaire coupled with expectations of a at 300-301D i547j-54Sc». £91 50 Glasgow: South African Yellow 

further fall tn warehouse nocks Profit- — . — June-July £&l.a0 Glasgow. 

taking, then pushed the price down to I u |, „ 

£790.5, but It recovered strongly In the S1L ' hR : [+ or | L-M-®- ft- n 

afternoon in line with the Comex opening - I’ cr 1 ” J ' 51D " — — 


Lares 20 kilos 3.40-4.00. 15 kilos 3.50-4.00: 
Jaffa: Valencia Lates 3.95-4.40; Moroccan: 
3.0M50: Californian: 3 .30-4.20; S- African: 
Navels 3J5-4.25; Spanla Valencia LM«s 
3.30-3.60. Ortanlques— Jamaican: 5.50-6.00. 

English produce: Potatoes — Per 56-lb. 
Wbite/Red 2.40-2.50. Lettuce— Per 12 1.40- 
1-60. Cob 2-20-2.40. Beetroot— Per 28-lb 
3.50. Carrots — Per bag 0.60-1.00. Onions— 
Per 56-lb 2.60-3.00. Mubarh-Per lb. 
outdoor 0.05. Cucumbers — Per tray 12/24* 
1.80-2.60. Mu brooms— Per lb 0-20-0.30. 


U.S. Markets 


to touch f?99 before dosing on the late 
kerb at £795, a rise on the week of about 

£8. TurnoTer: 20,700 tonnes. 

|+«1 


tmrv nc | {tricing 


COPPSH! 




WlrrtajB 

Cash T74-.5 . . 

J'mraiUnJ 793. 6-4, +4. B 
Seul'm'ntj 774.S 1+6 
Cathodes-1 

Caata. 1 766.5-74B.2Bl 

3mnntha..| 7B6-S +4.6 
Setxl'm'nt. 767 l+B 
DJ. Smc.l — 


p.iu. 

Unoffloial 


It+or 


Spnt • 29B.56p 1+5.5 

? mamba.. ' 3U5.65p +5.45j 
6mnnthi.. 1 313.4p j+I.B 
IZmonths. , 332p +4.1 


nr WHEAT 


BARLEY 


SUGAR 


300.7 5p +5.2 


31'mli 

Yestenlay’al + or jYesteiday'* 
el'+e J — J ck*v 

+ OT 

e+pt. 

36.60 

o.20| 

30.95 

+0.05 

Not. 

83.90 

1— o.ib! 

33.60 

+0.10 

Jan. 

91.60 

—0.1s; 

86.25 

+ 0.05 

.Mur. 

94.25 

ErJ 

B8.70 

+ 0.OB 


778-9 

797.5-8 


LME— Turnover 199 i72> lots of 10.000 . ~T~Z I'T 

j+10.7 02s. Morning: Three months 305 S. 306. ^ B j 15l ~ 5 A « p i,' £ 7 t? t5 w 

1+9.6 6J. 6.2. 6.1 6. Kerbs: Three months ® “ 0 '®' 90 ' Ja c n *. _ M * rch 

306.5. 6.7. 6.8, 6.7. ATtemeoo: Three M ^ a 1 : »0 1 ore. B art cv : 

I months :06.7. 7.4. 74, 7.8. 308.2. 8.5. 8.2. s * Wl 51.00-60.75. Nov. 83.65-6340. Jan. 


771-2 +-10.2*8. 74. 8. 8 1. Kerbs: Three mooths 208, 


790.6-1 +9.5 7.9. 7.8. 


86.36-S6.25. March 86.70-83 65. May 91.10- 
91.05. Sales: 95 lots. 

HCCA— Location ex-farm spot prices 
for Jane 2. Foed wheat: Lancashire 

_ v £97.00. Food barley: Kent £81.60. Lanca- 

Amalgamated Metal Trading reported . S fj|rc £W 30. 

that tn tbe morning cash wlre btrs traded The build-up oi nearby cocoa ta Brazil M.K. monetary co-efEoeat for the wee* 
E77?5. ihree monihs rrn 81. in o, cnnuriur4 ) influence sentiment and prices irotn June 5 will remain unchanged. 


LONDON DAILY PRICE (raw sugar) 
£105.50 (£102.501 a tonne elf for lune-Jnly 
shipment. White ragar dally price was 
fixed at £111.00 ( £110.001. 

The maifcei opened around kerb levels, 
but prices eased later after reports of 
a selling tender on Monday in Colombia. 
C. Czamlkow reported. The decline 
accelerated during the afternoon, follow- 
Ing easier New Turk quotations, and 
losses of no to £2 were recorded. 

Some short-covering on a day trade 
basis lifted prices about 50 coitus at 
the close, however. 


•66.5-68 : ...... 


COCOA 


Sugar 

Prof. 

Yesterday's 

Provtau* 

Bnslnen 

Com in. 

Clow 

Clow 

Done 

Conn. 



P 


92.5, 92, 93.5, 93. Cathodes: three rrll as buyers retreated. GDI and Duffhs 

iTSi, d Kerbs: nireuars, cash reooned. 

£77A5. three months £79+. 9«. 95. 95.5. _ . _ . _ 

95. Afternoon: Wire bars, three months Yesterday's +or Business 

£796.5. 96. 9A5. 97, 97.5. 98. 37 S. . COCOA Clam J — Dane 

Cathodes, three months £79L Kerb: Wire- 1 

bars, three months £798.5, 98, 97. 98. 95. No^O’tntr't 

94.5. 94. 95. July 1 660.545.0 — 17.0 1725.0-1678 


WEEKLY PRICE CHANGES 




CatOA 


prices. 

Cb'gB 

per tonne 

AO* 

nolens 

vredt 

vtated 




;STR |ALS ;: ; 


,. £680 ' 

!fZ^76/4a0l 


Ketaia 

Al iirmnlnm — 

Free Market e.l.i .. 
inttpumy <99^1— , 

^ree Jiarit«t(W.6W 

i ptthsDo.^rto^ : ~: 

CsshCathdrleB^™ 

S mooth Do. 

Gold pero*..-.L— 

Lari 
3 monlhi 

Jidtol .ir»..L...,-;..'i 
■Free Mart et cJLf-Ib^ 
■nsttadm per or. 

F«b Harfcet pw «t-. 
Quicksilver 

S llrer per frit. ■;•' - h . S98^6p 
moufeha'per del. 

.Bn cash. 

<i months^- 


1 * 778 ' & +7 «? l 

£787,75 + 34 

£771.6 + 8-J 
...£790.75.^ 84 


. -£630 
510*0/50 
- . £8.150 
— ' 152.700-750 


1+200 


£767.25 
£m75 
£767£S 
£778. b: ( 

- 9 *cv^.«-r 81*1.878 

£329.5 '•+2£.8?[5 £335JS 


1+25-75 


£339^' 

2,566 
5l.a5f2,0^' — 
£128- * ■ ’ * 


+LS 


1978 


Tear 

ago 


£33* J5 
- £3,160 
62.07-J^ 
£97 
£89.86 


fflgb' Low 


£880 
.81.026 
£1 .ter- , 

S2,*12J| 


£680 

89955 

SASfA 

82.136 


Tfoiftim .(22.0*]b-j-| 

Zjnr t*th — .f 

" * months.-...,- 
Froducess-.-.., 


Grains. 

Barley 

Boma Furore*— 

«»ito 


££. 


+1 OJi 
+1L1 
+1674 


£&6S2-fij+160i) 


8130/36 
£38515' 
£3*9.5: , 
5650/800^ 


-i - 

. £83,6. 


-100 

+20.25 

+19.75 


;+2 j' 


8120, 

26* 




8178/86 
£307.6 
£316.75 
5700 . 


£78' 

■£8U5 


£86.76- 


£7785 

£788.75 

£7735 

£7935 

8i4d.Sffi 

£364.75 

£2566 

32.0 

£1205 

£13^5- 

1 1325- 
298.75P 
.30&96p 
£8.606 


£612 
£684.75 
£6025 
, £6I*.7& 
it S166J26 

&x\*5Z 

£25*6 

£86 

£865 

(1265 
Zfiop - 
£635p 
£ 6 . 


(17E.6 

£323.6 

£83356 


£87.75 


£106.*% 


(HO 


'. t- . 

£70.06. 


£865 


I latest 
jwfces 
; per. tonirt 
unleu 

«4M) ' 


[Ch’gft 

on 

week 


£86:75 

t 


Wheat 

JCo. 1 Bed6prmg. 

Atn. Hard 

Whiter — . . 

|En«. liilimg (new 

^ncea 

UlOVM — —tVJ 

Pa^^r. White.— j 
(Mb r 

CocouPtiPhiUp'fm} 

Groundnut &&- — 

Lotecd, Crude.— 

Palm Malayan— 


Seeds 

Uopiu(PWiipptpes).; 

jJovahflen* 


£4500 

83550 

(1.975 


t— 05 


f— 50.0 
“26.0 


£386 

8«13 


B4fi6 


:+M 


\-Z JO 




— 

Year 

19 

78 



• 

High 

LOW 

£85 

£9M 

£83 J) 

£66.4 

£9Lh 

£9U 

£83 

£102 

£93 

. 

£*.60tf 

£4,600 

s£8Z6 

83^00 

SZ.850 

gz^oo 

12,450 

tisnti 

gm 

*7S? 


£620 

£753 

£587 

£423 

£385 

£366 ■ 


8640 

$493 

8478.5 

5460 

$372.= 

■ J 

5313 

$234 


Other 

Commodities 
Cocoedhipineow— 
Via 2nd pte 
CoffeeFHtuies J uly 

C+Hxon Index-.—! 
Pee. Ctvopui ----" 

JutetJAbWCank 

Biibberlctlo 

da so Pfi»ri 

dim 1 No. si. 

JUXBJ- (»«■?—»— ■ 
Tapio* No. I.-— *“■ 
t iquoJtty) kHo— 

(plain) kilo 

Wonlfnpaf**? Warp. 


£11743 

£1.645.5 

£1.838 

70£6b. 

£845 

67£5p 

£183 

S630/40 

t‘106J 

£17d 

SSlpVtlh 


L-7i6 

J-71.0 

(+238.01 

-0.3 

+40.0 


+0£5 


+45 


i+LQ 


£2918 

£2624^6 

£2.890.76 

74.8e. 

£780 

: 

49Ap 
£203 
(SCO ' 
£120 
£190 
250(1 
IMp- 
283p kilo 


£2.153 
|£ 2.082.51 
Cu«25 
[71.46 c.- 
£750 
S490 
67Jp 
£190 

£114 
£180 
160v 
98 P 


£1,511 
£1.455.? 
£UOd 
61.J6c. 
£606 
8437 
46 jp 
£177 
(627 
£94 - 
£172 
127 p 

B2p 


TIN— Higher, owing to the rise tn the sfept I645.IMB.0 —16.911689.0-44.0 

Penang price, which s rumpled shon- Dec 1626.0-27.0 — 1B.U j 1680.0-25.0 

covering and fresh baying, and expecta- March 1610.D-1B.O 14i 1 16443-10.0 

tions of a large fall In warehouse stocks. Slay 1&96J-1802 — 10.Bil621.0- 1600 

The rightness or nearby supplies widened July 1S86.0-99J) I— 9.0 1I6OO.D-I6BO 

the backwardation to £150 at one pomL dept- I57O.HO.0 10.0ilB90J)-80.0 

Forward standard metal opened at £8.500 
and gained throughout in close st the 
day’s high of £6.800 on the late kerb. 


Sales; 3.448 (5.363) lots of 3 >onnes. 
International Cocoa Organisation (U.S. 


EEC DAILY IMPORT LEVIES and 
premiums effective today in order current 
levy plus July. August and Sept, premiums 
<wnh previous to brackets!, all In units 
of accouni per tonne j: Common wheat— 
62.83. 0 34. 0-34 , 0.17 (82.83. rest nU>. 
Durum wheat— 1*7.55. rest nil (126.88, rest 
1.3oi. Rye — 78ii7, rest nil tsamei. Barley 
—73.60. res: nil (72.98. rest mil. Oats— 
79.63. rest nil (78.17. rest oil). Matte 
her (ban hybrid for seeding}— 71.20. 
rest off (70.02, rest nil). MUIel— 80.81. 
rest ml <SL82, rest nil). Grain sorghum— 
80.81. rest nil (80.13, rest nil). Also for 
flours: Wheat or mixed wheat and 
158.48 (128.15). Rye— 122.48 022.46). 


Aug...,. 

Oct 

Dee 

March -| 
May.... 

Aug 

Oot 


109.23JI6.ra 

1 11.76- 06.25 

1 14.76- 12.B0 

122.76- 20.76 

126.45- 24.00 

128.46- 27.00 
131.45-50.00 


rbL-nn hio of sirt nJS tL 1 cents per pound)— Dally price Jam 1: DTTDDCD 

° f £3fl0 ' Tmn ' 132.69 H33.S4I. Indicator prices June 2: RUBBER 
over: tonnes. __ nu s « in n mm am: 

r- 


TIN 


a.m. 

Official 


Grade £ 

Csifi. |67 10*20 

3 mnntbB.tebaO-90 


Sotriem't. 

Standard 

Cash 

3 months. 
Sou lent' t. 
dtrslU K_ 
New York 


6780 


6700-10 

6580-90 

6710 

181672 


£ 

+ 176! 
+ 146 
+ 176 


16-day average 13SJJ 

pjt. It+or average 141.32 (142J3I. 
Unofficial! — 


033 A0): 23-day 


£ e 

6695-719+ IE6 
B59O-6O0 + 1*0 


+ 1726690 


i-7oj+160 


STEADIER opening on the London 
physical market. Good interest through- 
out the day, closing firm. Lewis and 
Peat reported that tbe Malaysian market 
was 227 (223) cents a kg (nominal buyer. 
Robusias advanced sharply reaching June), 
new highs agaiD In active morning trading, 


COFFEE 


£ per twins 

107.40- 87.60i1O8.8OJI6.76 

110.2S-lD.B0.10ejlMn.tb 

1 18.40- 15.50112.50-12.55 
1121.60-21.90 120.50-20.40 

124. 40- 24. SO! 125 .20-23. 55 

1127.40- 27^0:126.46-26.60 

_ _ 130.00-50.75|T28^fi-28J0 

Sales: 3.264 (130H lots of 50 tonnes. 

Tate and Lyle ex-refinery price for 
granulated basis white set gar was £242.40 
(same 1 a tonne for home trade and 
£165.50 (082.50) for export. 

Internatlsnal Sugar Agreement: Prices 
for June 1. U.S. cents per pound fob and 
stowed Caribbean port— Daily 7.50 ( 7.48): 
15-day average 7.29 (same:. 

HONG KONG— Sasar Futures: Prices 
gained 20 to 40 points over the week In 
routine trading. Yesterday's dosing prices, 
in cents per pound, were: July unnuoted- 
7.60, Sept. 7.98-8.05, Oct. Jan- 

8.40-8.65, March 8.99-9.01. May 9.15-9.17. 
Week’s high-low: Oct. 9.21-7.90, March 
8.77-8.70. May 8.94. Turnover 51 (2Si lots. 


Drexel Burnham reported. In the after- 
noon. further gains were registered before 
+ IBS 6580-3 + 159 Boavy dealer profit-taking paused a quick 

+ 176 reversal. The market then consolidated 

+ 22 — and values at the close were £97- £123 

higher on the day. 


No.1 

R.S.S 


July — 


Morning: Standard, cash £6,680, £8.710, 
three months £6 ,360. 54. 45, 50, 55. M. 
85, 70, 75, Kerb: Standard, three months 
£8.570, 75, 80. Afternoon: Standard, -cash 
£8.700. three months £6.580. 85. 00. 90, 85. 


£6, BOO. £8,596. 90, OS. £6.000. 


; Yesterday’* , 
COFTEB j Cl0# ® 

+ or 

Buntneaa 

Done 

l£ per tonne 


July ! 193B-193*'+m.tli 

September..; 1838-18dO+117j| 

2000-1830 

1890-1725 


Yest'rday’i 

close 


Previous 

Close 


Business 

done 


WOOL FUTURES 


7. so 


LONDON— Dull and featureless. Barite 
reports. 

(Pence per knot 


67.50-S7.SK 58.40-56^0 67X0 


Aug. | 58.M-&8.H 57.15-67^0' - 


Australian pCeaKnd'yaj-f. or] 
Greasy Wool] Close — 


<JM-De 


Apr- J: 


E0. 20-80, 25 6B.86-68.90; 60.50-58.80 
61.60-81.4ffi 63.80- &8. 66: 61.4049.80 
62.25-62.5* 60.90-B1.IH: 62.30-80.96 


Oct-Drej 64.46-84.SK 6 5-25- 63 JO' 84.66-63.50 


the strike at Amax and news of -a similar j, aimrr : 1732-1740+n8.S< 

situation at St Joe Minerals. Forward 1 1695-1700 +11 4i) 


metal rose strongly to. dose at £387 on Mr _ 

the laet kerb, reflecting, chartist buying. j u u. 


.j 1653- 1670;'+ 116.R 


This left the price more than £23 blither 
on the week. Turnover: 5,475 tonnes. 


JulV 1600-1645. +87.5 


1785-1626 Sales: 395 (33J> loi* trf 15 tonnes and 
1735-1685 6 (8) lots Of 5 tonnes. 


1695-1560 Physical dosing prices ! buyers) were: 
1695-1665 Spot St^Sp < 56.25 1; July 5S.5 (SS.4); 
• August 57p 1 56.0). 


July- 

Gctot+r — ^.| 

December- 

March 

May 

July— ....... 

October 

December - 


B28.WO.O 
EiB. 0-40.0 
[233.0-40.0 
(245. 0-48 J1 
.0-48.0 
(24B.0-4B.6 
B47.0-50-B 
B48.0-62.il 


+4.0 


Bunineu 

Done 


1+1 w 



SOYABEAN MEAL 


Cub - 

S rannthi.. 
Seu'lm'nt 
U.S. ripor . 


Sales: 8.605 (6J63),lots of 5 tonnes. 

. ICO Indicator prices for June 1: (U.S. 

per Th* market opened 70p higher on a teeb- 

Arahicas deal reaction foltouing tbe sharp drew on 

+ 16 I'i 6T M 1 Rnhn^ UBU Thursday. However, continued long 

-it* Arablcas 1«4B» 1172.00), RobUSRS 146.50 i) qul( ]a[jon depressed prices which closed 

showing losses of 50p. SNW Commodities 


r ,6J *143.001. Dally average 160.5B (167.5«». 


. 31-53 - . — . 

.. was poor considering the large volume on 

Morning: Three months £233, 32*5, 33, Rnonst*s Drexel Burnham reported. 

34. 34.5. Kerb: THree months £334.3. 33. order buyer, flellerTchanga. 

Afternoon: Three morrtiK £338. 7.5. 7, ^Mmessr Jun.’ 'II 00*17 80. -►e 73, £11 00- 
8. 8.5, 40. 30, 8.6. 8, 8.5^ Kerb: Three ag.mj; ^WL 200.66-202-00. +B.T7. 200-85- 


monthi £339. 8.5, 9, 7, 8. 7. 


reported. 


YestcstUy. + or j Husinm 
C'luM ] — | Done 

June J 

August 1 

fipenrnne 1 

128.03-27.6 + 0.99 127.30 2B.BB 
127.50-27.3 + 0.20 ' 1 2 B. 7 0-26.30 


Sales: NU (samel lots of 1.500 kg. 
SYDNEY GREASY On order buyer, 
seller, business, sales*— Micros Contract: 
July 3413. 344.5, 344.5043.5, 19: OcL 348.8. 

347.0. 345^-348.0. 8: Dec. 350.8. 351.0. 

350-9-350-3, 8; March 3 S4J. 334-5, 354.5- 

354.1. 40! May 357.4. 357.3. 357.5^57-3. 38: 

July 359.7. 360.0. 3M.MS8.B. 2S: OCL 3«2J, 
382.4. 382.5-382^. 14; Dec. 364.0. 386.6. 

385.0-3654, 1. Total sales: 155 lota. 


FINANCIAL TIMES 


fresh buying and chartist demand. For- £f 
ward metal ended at £346 on the late 17351*0. 

kerb after touching a high of £3S0. Prices lMs “ 

have risen by abom £20 over (he w«+k , -i fiAtT 

during which a small decline in ware- fOTfON 
house stocks Is zepected. Turnover. 6,350 1 * 

tonnes. COTTOK— LhrerpoaL 


graded: June 183.00r Fthruit)' 126.0M8.5 + 1-85: - 

+g-00. untraded. Sales: 25 (28) April.- 128.&0-29-5.+0.25' — 

Juno 127.00-36.0 + 1.80' — 


Salea: 160 (228; lots or 100 tonnes. 


Z1XG 


Cash 


S'meat 


a.m. 

Official 

+ m 

p.m. 

Unofficial 

t+Or 

£ 

333.54 

+10 

£ 

339-40 

+16 

(343. 5-. 75+10. 5 

349-50 

+16.2 

• 334 

|+10 

_ 


— 


29 



MEAT/VEGETABLES 


No spot or ship- 
ment sales were recorded, leaving the 
total tar Ihe weak at 4S3 tonnes against meat commission— A verage fatstoefc 
1,114 tonnes the previous week. Little Prices at representative markets on 
inquiry' was encountered and static con- J “ ne 2: GB cattle 69.60p per kg Iw 

di lions prevailed. P. w. Tanersall '-L4St. UK sheep 150.6p per kg ext 

reported. Minor Interest was shown In 1 — ‘-6 1 - CB pigs 59.5p per kg lw 

some North and South American varieties.' C 2.7J. England and Wales — Cattle 

unB - n-nMG rmim. f minK ouraI)er3 bp B7J per cent, average price 

HONG KDNC-^mm Ftrnne*. ^ Prices nmo ( -n_ U) . Shocp QP w>8 ^ Cent, 


June k | June 1 

Month ago 

Xear ago 

252.46 1260.34 

242.88 

263.52 

(Base: July I, 1053=100) 

REUTER’S 

June 8 June 1 

Month ago 

Year ago 

1618.1 1508.6 

1456.6 

1630.0 


DOW JONES 


Dnw | 
Jone> ! 

June - 

£ 

Jane 

1 

Month 

AGO I 

Year 

ago 

spot .... 
Future* 

366.06 

354.68 

355.741 

35fi.74| 

364.42 

350.46: 

421.20 

387.3/ 


Morning: Three months £34L 42. 4L5. 130 potat, over the week ^ 

42, 42 j. 43. 43.5. 48.75, 43 A. Kerb: Three ta routine tradlM. 1 VMwtlay s dosing ^ B vera*e M.5p (-2.71. Scotland— 


MOODY’S 


IS81olcth)%S7pkitn 



l unquoted. ' • Moahud; . o Modagaacar* 


months £344, 44.5. AftOhOOlti Three ta JJJuod. Cattle down 19.1 per cent average SS.Tfip 

months £S4S, 7.5. 7. 7,5. S, 9. 8A B. 57.65-5T.75. OcL WHOM. Dec. 805560.K. <—0.351; Sheep down 57.7 per cent. 

SO. 49. 9.5. Kerb; Three mouths £349.3. March 61.20-utHraoted. May unqnoted. average 142 .Sd (-7.31. 

9. 8.5. & 7. 8. Wett-i MlMr: July 58A647.58. D*C. CO VENT GARDEN (prices ta sterling 

“Gems der pound, t On previous il.5M0.8S. Marcn e.M-rtJO. Turnover: per package unless staled)— Imported 

official dose. 1 8M per picUL 114 (3S0> lota- produce: Oranges— Cyprlou Yalanda 


Moody'* 

June 

2 

Jane 

.1 I 

Moui h 
■ten 

Year 

n»p' 

598.2 

Spip Cnnj i 

922.8927. el 

905.6 


Grains and 
precious 
metals fall 


NEW YORK, Juno 5. 
PRECIOUS METALS dosed sharply 
lower on aggressive speculative selling. 
Bacbe reported. Copper was lower on 
Commission House celling. Grains 
finished sharply lower In scattered selling 
on good weather forecast for the week- 
end and fears of a bearish Leslie report. 
Coffee ended limit-up bid in pools, on 
fears of cold weather tn Brazil 
Cocoa — July 131.00 (132.95). Sept. 128.06 

■ 126.95). Dec. 124-50. March 122.55. May 

126.50. July 119.00, Sept. 117.60. Sales: 
656 lots. 

Coffee—" C ” Contract: July 191.50-182 J5 
<174.73 •. Sept. 173.52 bid 1188.321. Dec. 
16C.00 bid, March 161.50 bid, May 157.50 
bid, July 157.13 bid. Sept. 152.75 bid. 
Sales: 317 lots. 

Copper— June 63.89 (64.90), July 6450 
(65.401. Aug. 65.10, SepL 65.80. Dec. 67.20. 
Jan. 67.70, March 6S.70. May 69.70. July 
70.70, Sept. 71.70, Dec. 73.20. Jan. 73.7D. 
March 74.79. Sales: 9,000 lots. 

Cotton— No. 2: July 58.05-58.15 (38.03). 
Oct. 60.65 161.171. Dec. B3.)5-6255. March- 
63.27, May 64.00-64.05, July 65.0065.25, 
OcL 65.15-65.40. Sales: 9.650 bales. 

•Cold — Jane 182.70 (194.00), July 183.70 
I1S5J0), Aug. 195.20, OCL 188.00, Dec. 
190.98. Feb. 163 SO, April 196.70, June 
190.80, Aag. 202.90, OcL 206.80, Dec. 
303.90. Feb. 212.00, April 215.18. gales: 

8.000 lots. 

fLard— Chicago loose 22.75 non), (un- 
available!. NY prime steam 2A25 asked 
isanie nom.l. 

TMalre— July 201-260! (2654), Sept. 251 f- 
2614 (2664 1. Dec. 2634-2644. March 270, 
May 273. July 2744. 

5 platinum— July 243-20-344.00 (251.70), 

Oct. 244.20 ( 234 — 6). Jan. 945.70. April 

247.00. July 249 JO-249. 5Q. Oct. 251.4^251.60, 
Jan. 253.70-253.00. Sales: 3,169 lots. 

n Stiver— June 53] .SO (542.00). July 535.00 
(545231). Aug. 53S.70. Sept. 542.40. Dec. 
554.40, Jan. 559.50. March 566.60, May 
575.60, July 584.50. Sept. 593.60. Dee. 
607.20, Jan. 611.60. March 621.50. Sales: 

22.000 lots. Handy and Harman soot 
bullion 517.10 (533.30). 

Soya beast — July 7024 asked (7324). Aug. 
894 J- 684J asked (7241,. SepL G884 asked, 
Nov. 846-644. Jan. 64M50, Man* 656-6584, 
May 657. July 635. 

fl Soya be an Meal — July 1 75. 00- 174. 30 
(182.20), Aug. 174.50-175.00 082 JO), Sept. 
175.50-174.56, OcL 171.80-172.00. Dec. 170.00- 

160.50, Jan. 189.50-166.70, March 171.50- 

172.00. May 173.50, Jriy 173.50-174.50. 
Soyabean Oil— July 27.35-27.35 asked 

(28.35). Aug. 26.82 asked (97 .82), Sept. 
26.13 asked. Oct. 25.25 asked. Dec. 34J8 
asked. Jan. 24.05. March 23 AS, May 23.60, - 
Jub' 23.35. 

Sugar— No. It: July 7.85-7.66 iT.74t. Sept. 
7.S9 (7J7). Oct. 8.04, Jan. 8.40-S.60, Mart* 
S-S3-S.&4, May 8.99, July 9.17, SepL 9.28, 
Oct. 9.33. Sales: 5,675 lota. 

Tin — 518-561 asked (540-550). 

"Wheat— July 323-324 (3284). SepL 325- 
3281 (330). Dec. 3304-3311. March 330 i. 
May 3281. July' 823. 

WINNIPEG. June 2. tIRye— July 
bid HO7.50 bid I, Oct. 105.40 asked 1 107.50 
bid). Nov. 105.70 asked. Dec. 105.00 bid. 

TTOati — July 82.50 (S3.00), OcL 7S.80 
bid 179.50.1, Dec. 77.30 bill. March 79.00 
noui. 

KBartey-^Juiy 79J0 (60 .00 bid), ocl 
7S.S0 bid 1 60^0 asked), Dec. 7S.60 bid, 
March 79.50 asked. 

SSPIaxsccd— July 289.00 bid (270.50 bid), 
Ocl. 265.50 <269.50 bidi. Nov. 264.00 asked, 
Dec. 262.50 bid. 

SJWheat— CWHS 13.5 per cent protein 
content in store St Lawrence 164.63 

■ 166.10). 

AS cents per pound ex-warehouse 
unless otherwise stated. * Is per troy 
ounces— 100 ounce lots, t Chicago loose 
fs per 100 lbs— DepL of Ag. prices pre- 
vious day. Prime steam fob. NY bulk 
Unk cars, t Cents per 58 lb bushel ex- 
war chouse. 5.000 boslKl lots. } gn per 
troy ounce for 50 ox units of B9J per 
rent purity delivered NY. f Cents per 
troy ounce cx- ware house. || New B " 
contract in la a abort ion for bulk lots 
of 100 short tons delivered f.o.h. cars. 
Chicago. Toledo. 5L Louis and Alton. 

“ Cents per 69 lb bushel In store, 
tt Cents per 24 lb bushel, il Cents per 
4S lb bushel ex-warebouse. SS Cents 
56 lb busbcl cx-warehnnse, 1,000 
lots. SO SC per. tonne. 






"i- ■ 


- az&vm* ^ v- ■ : 


- /r . sL-risvsr- — 









3Fiiianclal{^es 5:1 

Incannttoml --'*** ':' *' -{S3 b‘^n& *•; ' = 

fflpcLn . ,125® 4J(?i ‘ •-’ • _ . ' . - _ ' ■-', : M oU ier c ce : « Off - 1<KWr--Z.58 —.-.'^T: - ' ■'.T. (ft-. 

swftKj£V , « i ^ T «apamJS*BJS?? *s i 

■JOpcPf. I»»* *1155, Td« il/W . • ■■ '. -= v- . 


Benn rejects 


This week’s SE dealings 


criticism from 
oil industry 


Friday. June 2 4 .»* I Wednesday. Mar 31 JgJ I t - ~ : 

Thursday, June 1 «3I j Tuesday, May 30 **« I 1Wda >> *** K . ^ 

Tbo list below recenta oil ncurtu't mart row »> ah . the lame markings fte wok of .e *« •" *““*■« Tb. Merc- be Mmbhi Ur- 
ibe Sato fin parentheses). - . _ _. • • __-_^_.i — ' ' — - 

Tho number nf tfoaiisgs morfcwl In each xttian laUihfr Jbc name if * nr£w at’wbldh bwtnen’bos been tfou. Bargains are recorded hi the Official 

section. Unless ottiarwsc deooietl ** ,ar ^*p. a j EM ® r ° *l y List u to ? t c p m. only, bat later transactions can be bdwM to the fOHewna 

raid. Stock Exchange Marines ere oudlsd m pounds and fracttoiu or pounds dJ?J pffieltu Lhit?Nolmltat2Mi^ Is mOafafc^ to whether a> birsato represents 

or In pence and fractions sT penca. . _ . _ . . B or parebase by members of the while. MbtWoss are MU necessarily 

i* T s~r££jn£ gjsrzs ';*zt r r!Lx:r'°"- “" “ b ™‘* *■ m •*■ - -•■— 

un.i.i . ■ . - u_k^. . .ri ahiioAd to mark • haroalnc. timi. i- n«da price is recorueo. 


-W« Friday, May 2« i ........ 

4,575 TJmriday, May 25 ......... .:.— . 


&u 5 rao>“44 6 . 


gw ®n 4 WV / • 

j2Kft32^ ! &rt *» 7 jgp BSS&’ W.|*r - s ^ir b-: 

| 1 S & SX * (—■» •» a ®. J j fff f * t1 m . 1 - 15 ® 8 S *^ r : tone ' ' 


. ; .;n^o^-p- r £ ?*- c - ^ \ <• ; 

National Carton Wng •■(Kba :• ' j 7- ; 

. wound CZ5 p> 44* tx •• , -.•' ; 7- •-; r ‘ 


1 paid. Stock Exchange Marines ore «nRsd in pounds and Fractions of pounds 


Johnson Firth , Brown isw/.. 

1 Ope Liu 89% iJljjl , 7 

Johnson Cloanm-iZjWl SM 7 


or in pence and fractions oT pence. 

Tho fist below gives the prices at which bargains done by members 
The Stock Exchange have boen record od In The Stock Exchange Dally 
Official List. Members are not cbllged to mark bargains, except In special 


FINANCIAL TIME5 REPORTER 


assr -vaara lws 7 s ^ ar ^. sisxg*z 


MR. ANTHONY Wedgwood by that time we will be able to 
Bena. Energy Secretary, yesler- produce oil from coal.” 


n.. innpp a Bargains doiiL for drlovcd delivery or “ do bnylnA-fn." s. 
JMaiayaa: SHe— SMcxican: SNZ— .Vew Zealand; SS— SSlngapore; IDS— aUnltrf 


Stales: IW1— BWest Indian. 


?t«> 


BRITISH FUNDS («») 


BANKS (I6U) 

Alexanders DIk aunts 232:® 


Berlsiord (5. and W.< iZSoi 134 3 6 2 Duport tZSpJ 75<:« 4 . . IOpcCjiv Xn. L17'i 


Kmium'fA.) C5pi 10% IlfgJ 

Knott. Mljl Hides- JlOwlB® llw . . normern nwos I.sri h» nw%- T-fe— a.; '■ . - 
Kode hitnt- USnt 1 33 C11B' jr . E-2SoeUnx-i.n., J07% ' ■ . *•- - 

K wlk- Fit <TV«sExhsuM(> Hides, f1«»ia z •* Norton (W. E. fHjrfB*:] 3*% \ i r ,■ . f . - 
Kwllf SM Discount (lOpl 82 Some SecrHJer CIObJ- .- ...V >. . '• 

_ t-M - ‘ - - - : : • .:***!&:■ u .;; • 


^ . . . . .- - - (Berwick Timpo i2Sp) 50i7>P 

day rojecicd criticisms from Mr. Benn. w*o was visiting ithe \vgt *55^ ^ nMwl , 97S . ao gKTS^SSTB« a: Sg5 300® «.*■ SSu&3 flso.^VI'Vi.e*. 


18 (30.3] . 

Dorxplpe intenttl. 1 25 pi 115 (If 87- 
□Utton-Forsluiw Croup (25pl 49 1 B*f- 


NortMrn. • Znglneerloo. led. . 

; 13® 12*i# 12.1.1. 8JSo3t ; V s 

• |%PCUtia.Ln.- -881, :.(3irC*73icl^^; . ; '• . 


trtJ*; ...... . - .. _ iv.-jy.i.- 

Northern Foods- (25p». 92* 90«- t- jj-s'- ” 

. S-2Sodms.Ln..JJ»7%--:', VVT^' - - 


3 5pc 

TkncU. 


tsr sastaiwfeJSSi" « «»'■■ 

LRC Inul. CIOPI 38>i* 7 ■!»_ . 

sub. 101 ij 2': 


Ladles Pride Ouiorwcgr t2£P> S2Js 1 ij 


7PcUac.Ln.- 73 (1<B) 

Nuidln -Peacock. H.opi~ tyr . 
Nu-Swift Industries (5PJ 24>z 


O.K. narxars (1929r tR050)V3M DMf-- v>>' 
I tomi Whson* <HW0S.J (20p) , ■ 


1-Lake Elliot (25 pi 52%® 

Lane (Percy] Qro. Cl jfoi 58 CTO-S 1 . 


Mr. Benn said it was only It was important to have a pro- gV:,- 
through the corporation that the gramme of energy conservation 9 2^, E * cl i , v ,, u slotk ,9BZ * 3 ' 1 ' 


public would receive tbe benefits so oil would still be available 9 'it*:'’ Exchequer s<«* t 9B2 a 2 ‘- f: |J yilcr 2Bfi (I)8J 

of North Sea oil. The corpora- in the 1990s. when extra demand g!?pt Excneouer stu. isot 94 «h. s'-: Manhattan corp. 

tion bad been created to protect would push up prices. io'i.pc E.cneouer su 1995.87® z »-® — . 


Brown Shipley HldBs. 223® fl 61 I Blusblrp Confectionery Hldqi. (25 p’> 1<0 2 t Eastern Produce (Holdings] (50 p) 101 2 

3® '.® Can. Imperial Bank ol Conimerct MC2i i Blundell- Permoglaze Hldgs. <25ni 65<:® (TIG) ... 

20'ib:®. Sub warrants lor l. o' 1 "™i 'i® fUGl Eastwood (J. 8.1 (Sp) 89® 8>i*'S. 

O 20.- 44® 4 : Boardman («. O.) iwtnl. f5pi 13 Econa (I9p] 68 

Cater Ryder 28E (UGJ Bodrcate Intnl. i25oi 61 I Edwards I Lou Is c.) Sons (Manchester! (Spj 

S'.; Chase MantutUn Corn. *'US2.S0» Blue Clrcla Industi'ies 246:® 3 6 5. 9pc ' 10'-®r (.1(61 

2iwW _JUS31 x® . Dh. 73% „ Edworks (1938) A Ord. (R0.10) 76 


Lanorte Industries (HldBS.l <50P» !«». o? 

Lmimce Scott (25pl 1 17® U-g* • 

Lead Industries Grp. (50e> 156. 8 ^ 

LearferflMb iHIdBS..' OOP] t8»i : -17. 161 

Le 7 BM l *£iwafSI (2501 42 (303’ 

Lehotf 15. J (Pobdi €1 OPi 52® SO _ 

Lee (Arthur! and Son* «1 2J(p* 25l«®r 
Lee Cooper Grp. '25yi 133 .• _ -F 


Le B«* (Edwarti (2So) 421303’ . ... Oxley Printing 

MiM ® 1 WW - . «&£*£ 

tSd^ssr D e Sfect a *w”ii- .imb. 

(25PJ €1 2 - ■■ _ . ^auis Wntio s/. 

Leigh Interests '5pl 171* 30.2 Pawson (W. L- 

Leisure Caravan Park* (IOpJ 125 (38.5) p alfc unn5M 
Lrnnons Grp. (IOpi 34 - - Tea non -lioljgn 

Lesney Products tSpi 7M 9- Pearson (5.)-(I 

■ Letraset IntnL tlOpl 135 4 7..N0". f I PW Peg|*SHhner»*v (230) 

156® 11 '61 Pennine -Motor jlOp]^®. 

Levex rsoi 1*® I. [ Pentlaitd (TOp2_ 2(Hi-7S 


i -,r,‘ ■ . 

:U«r iHkte[«.), ULSpj TKHt 1-1 ^ • ■: 

Sons 125P> : <2® -TyT-.f*:.:.:. ' 


PHWIWI * JV 1 U f •» • 

Paterson- ZodioiHS 7bPCPf-..5® r . . 

-Tauis WnfU <2SpV U) J . • ■ - ■ 

Pawson (W. t-J Sod VSpJ 42h (39NUi 1 “• -* 
Peak nwoSuients -IICw 8: (Stfiir^ l=v 
Pearson -Longman %25p)-- i9S (lf8>‘ •• ■ 

Pearson (S.i- (ZJp) VZIA:-: ■■•v Lvi.4 ’ 


Gas plan objectors can 
see consultant’s report 


[S'ipe Funding Ln. 1978-60 94* 3* » 4 H °nvkang "^Shanghai inking 
iu.- inKy.SDJ 2B0v sn 60; GO 

1 5 VK Funding Ln. T9B7-gi 64>.® h.® ':® JMMj iViiE? W \,!i ld, SJ£ 0 

3?l 4 3-‘« kev?rr (J II man Hide*. (2Sol 51':' 


(3015). 7pcCnv.Uns.Ln. 84 iW6) 


Enalon Plastics (25P> 50 i 30 ;'Si 


j Levex rsoi 14® - — :. T Pentlaitd iTOrt 20S-7»i; -'ar r . 

i Levrix (Johni 5ocPf. 59® A09 ■ - . nd> •; - + pencos lTOp}..9p» -S0-.SO 88 -- iJTc: 

Low® (Johni Partnership SPCPf. 400 - perry .«-> .MMn.-t25jct>.' 2034^2® CT*i: 


6P-" Funding Ln. 1993 62':® 1 ’a 1 *i# *s K'"'"wort Benson Lonsdale 


K 190 (i 6» l ow !? , ‘V Be . . H KS*-. ^S P> S1 ® 2 * ; ,1,6> Energy Sarrlees Electronics HOP) 12®- V 

(2SDI 51'-® 1 5 S^S; ii^Dh 05 Enqlxed U. E.I (Welllngtom <5pl 29 iSlfil 

orudale *25ot 102 Inds. A i25pl 60 L-®. UpcDb. 95 English Ovcrseaa invests. 'Idol 1(H) 30 . 

■_ an irnm English CMna ClaVS <25p< .81® BO 1- 11, 


a '.-pc. Funding LOW. 1985-87 7BL® U Lloyds Bank 2BOt* 79® 7 81 73 80 75. j GrounVspj'd^'/’sO/S? 8 ' M ' S ’ 

! 3 8 ;PC F Ending Slk. 1999-2004 i*«M 37® Mercury' Serurlries i25m 113 BwSSSVloud 1 ^ MtS* Ll32?Wto. ,1 | , 2Sp> 950 

'1J6) __ 


Midland Bank SBO'h 4h 60 55 7 S 10‘iPC 


I j.*pe Funding 5tk 19E2-&4 B4'|-;® 1® Ln. 83'.® 4'.. fl 6l. 7<-DcLn. B7iP 6': 7': Brvmncr (25p> 51® HI61 


O'Joc' Truasur y Ln* 1995-93 61 >4® 60 
Hi- 1 60 -n : * -» 


Enqllsh Elec. 51-pcDb. 1979.84 77l*t 

<1-61 . SpcCUi. 74'ia 4 (-1581. Tpcnu. 69 
Enth 1 25 p> 84® (1 61 

Esperanaa Trade Transport 135® 

<l*» __ 1 


11 Dl. op— Ln. nw 2 ™ nun un. 

Ley - * Foundries and Eng OSpI * 5* ^tSOJS) ' . 
Liberty Ex CaPtn. (25 pi 184®. New (25u1 philips Finance 
^ifi-wgoj EX Captn. USBM85 .nui^.M-1 
. '1.6.- 9-SPCPt .Ml B. . ■ . • Jg»Si M T \Sj 


Liden 'iHIdns.)- (1 Oo] 20'1® . , ^ 

L.llev (F.J.CI (2SPI 75® ;. 4 4® .4®., 


79',' V>3 

AV UNDERTAKLVCi was given The group had asked the court 5 i? c T ' oS 1 S m 5 eaSo .«® b 
nn behalf of Mr. Eruce Millan. to prohibit Mr. Miilan n final ^ , 


Minster Ass -15 <25 b 1 sn® hi- Brent Chemicals Inti. New tiuoi Tuswpm ' ‘ ,. E . ea „« c, 

"aswVS. C 4 mmerd *' Ban ’ ,,n9 SraUP B ^fl Q m 61 Dud ' C ’ ' 10B> “’** ’ W ® luronean F^riM “sp. ”oU i« ’ =0 i, 

“• ,SSS :"."A'‘ I’Wjrsrwjr.BT 7-». tsaramavs 1 « , „ u .«* *.,« wvr. 

61® C-VptUnMC.Ln. 95 (31 5». 9 DC Bnddori-Gundry iHIdU.l i20o) 55^ i30IS} Eva Industs. 12 Sd> M's - 

Unsec Ln. 76'. .1 61 Bridht ij.l Group (2sp) 32:® i,® 1116]. =*cr Read* fHIdq*.' <25Bi 1S1* 1 50 %. 

Royal Bank of Canada iSC2> 22'i.t® SpcUns.Ln. 62® 1 1 !fi> Ewed Hides. (25pl 16 1. (304> - 


Uncnrit KllOour Grp. «Sf*:-S7'l <?0.;5» . . 1 
Lindsay and ' Williams (25p» -axi j 

L industries (25P) 137* '1- : SpcW. 37® 1 £ ~ 


35 MJ&11.95 * 
Phoenix Timber 
Ptiatax -(London! 
Piccadllfv 3 heat 


pass. . - . . - » 

Tlrnher t ( 25P7 W8.«.'(3irs) -"--t -i 
IL ondonl i25p). 37- tlf6 » ■ .'a - : 

fy Theatre- 5Z5n> . ISSOt-UIB]- - I .- 
twjj* a - jii apitfg- -, -i ■ ’ 


SL-oilish Secretary in The- Court dccWoo until be had made .vail- ft ,9a? ' 90 c.mni B „\i* .so 5 , ISSTi^XJ 


6S 70 66 72. Warrants dial 7 7pcPt. Brldon (2 Sd 1 1030 7® Eurottierm Intnl. New itubi 148® B 9 7 

61® C-'.pcUniec.Ln. 95**51 5». 9 PC BndPon-Gundry iHIdB*.! (20P> SSJ, iMIS) Eva ^dusts. 1250’ 69J| 

Unsec Ln. 76'. .1 61 Bridht ij.l Group (2Sp) 32:® 11/6]. =*cr Readv fHIdq*.' »25Bl 1S1 * 1 50 %. 

Royal Bank pf Canada iSC2' 22V:« BpcUns.Ln. 62® »1 |G> i w ^ ecl L 5i lW *' .i5. 5 ?’y i?. L'i {30 * ‘ 

Schraders 403 <31 51 Br.gray (.roup ■ 3pi di® il.Bi Evode Hides. <20pl 35>i 6>a 

Secombe Marsha H and Campion 212 ■ 30 5) British Aluminium, 5B0® ilf 61 Ewer 1G.1 riOp* 33ij® 

Smith St. Aubvn 'Hlroc.1- -25 d 1 f2 iSO'Si British- American Tobacco SpcPI. 401 tl/61. Excallbur JeweHTr (5p» 16»». (30 5). 

Standard Chart-red Bank 395® <00 380: 7PC U ns. Lit. 77 1 1/6) Tl.SncW. 115 (30/Si • • 

403. 13 ; :ocUnje.:.Ln losi.il 61 British American Tobacco Invs. lO'.-PcUnj. Exchange Televaph <fHdgg.l. GtSpt 104® 


report on passible hazards from ' 


consultant commissioned byj®« Treasury Ln. 1 992-96 tt *« s® '«* 


ra Tn?«"^F,\Tn.r.« , .;ii | C „ Shell. They also wanted a reason- 9 ‘.^Treasury V* 1999 et> ** . aii, c 

TuC ObjeCtOrS will also have LI lr »L- mslerial 1 2pc Treasury Ln. 19t.S 102'*® ' *'* 4/.1 

Ihr minor! uni tv nf niakino 9ub- able time to Consider the material ,5*5* Treaiur, Ln. 1933 97>...i® •«:». 198 

ine opporiunn> 01 numn„ suo- j make representations i02va 3^1.® 97>j.-i® tosu j Ln. 

missions on tho report before ” l zurx. Treasury Ln. 1992 104-^8 5* 4»:C Am a I 

Mr. Millan makes his final deci- Lord Dunpark said it was very T 2kpc Treasury Ln. 1995 99’.® *4® >«® ■. Bax* 
siun. He has given provisional unfortunate the whole matter of Tre „ u „ tn igg? iotl.® g ,® ”b 

approval to the plans. radio waves did not come up at iooma -i*:® t* u ai.e 

in view of the undertakings the the time of the public inquiry. lo. ism I’ta’i 1 ® ' 

judge Lord Dunpark dismissed a If Mr. Millan continue dnot to isoac iriasurv L ' 9 I, 1 5 '-i «" A z n'i £ p ![ ,a 
petition by Abcrdnur and Dalgety allow the other parties 10 see '?ir2« t‘? ? f 4 <Ii rY i'i. i: „ Twin 

Bay joint action group seeking an the report there was ? very real 2 ^TrVMlVJ^t 1 ! J l ‘ 1975 20 9 : *334 

interim interdict against the danger of having his decision jf« T-cMonr sA‘1979 94*.® 51, «® 4i Buim 


BREWERIES (142) 
Allied Breweries i25p» Fi 8 '• 7 
4/.DI-DS. 1 979-83 72 L A. 


British American Tobacco )nvs. Exchange Telearaoh rHUgg.1. (2Spl. 104® 

Ln. B«5®. 9i;pcCnv.Uns.Ln. 161 4115) s® 4 5 <1 6» 

British Car Auction Gro. <10p) 48 'a engirded Metal <25pi 68® 7 
British Dredging ‘25pi S6 F.M.C. <25pi.S7® . • • 

Brit- Elect. Tract. Did. i 25 p> 107':® 5 p.p.A. Constnmlart Gro. f25ol 15<: (i/SI 
6 7' „ Fairbalrn Lawson i25pl SB's® 7 &ii 

British Enkalon (25oj 14® _ _ _ Fair dough Corrstr Uttlon Gro. (26o> 72.lt 

British Home Storas :2Spi 194 3 B 5 - - - 


-aa-pcln. 110«13® S 2HI«« 5® Cowell Dutlryji (EOp) »TS« - • • - 

London and. Northern Gro. f25p] 26 j® a® Pr^, rwrUlamlL- Son C5fi]^24i;t*-y * ■ — ■ — 


Farms ;rit 


7'. S* 91- British Home aioro “ 

su^-Db' Urifis w *?. i L a..2 0p < !j J iJiu 1 . 


Fainiew Estates (IOpi 114 I1JS1 
Parnell Electronics /20m 276 


I' London* BrKk ,2 ®PV.T£J ; /p*-i «sn 

t Lonffton Transport Hid pi. <25 p* 59 


Fr«* CwnirtipJL Son;cW’2 **&*%'& ^r- " 
Prestige Gro. Q5pT -iSl '. ' il;.- . 


a 1979-83 73u A fj l. r>- Db orm*" Leriimo win. - rirnen tiectronKS '<ugi 4-/o 

1984.89 69'.. TUpcDb. 68'.®. 7 '.pc 39^;°'., ff.5, I ^"4 -"I Bolldlng USBI . 421*. 


Riss Charrmglan 7>*DcUns.Ln. 59" 35 
Prihamn f25oi 45;® 4® 5 
B-tl (Arthur) Song (5 Qdi 250 


Uns-Ln. 60 '^6 


Lit, 1221; t1.'6> __ 

Lyon and Lyon 1 2501 75 


.... _ _ - I File For 04 I25pi 50-1- (31151 

BriUsh Shoe Con. 5 JrPcZndPr. 45* 5 I Fr n dUv (Andrew RJ Gro. (2Soi 2Bt (1/6) 


ai MO V: JXLA 48 «1-5I. .... 

. fcupcLn. 58'] 7t Ct;6l - -• 

MFI Furniture Centro (1 Op) '81 80 Q „ ' - >; n V .'^l~ --l 

M.K. Electric Hldgs. (25p) 18T. 7iaPcLo. Moat Hojjies (^^i 

sSi- misi • . ••. - wa jM. 1 ,- J ^ -wp.-.CK^pj 

MeClMro L'Am/eGrpOSpl 14® (V*- : ^^ Hectr Jcs OsSrw 
1. cC. rtuodalc 270® '1.6'- - ’ ■ SSlPfi£? hj £5. 5S, 


. ye nina.- laapj. 1 ur<C ' •- _ . - 

Pye of Cambridge 5‘xpcPT. > 39 it| BIT ‘-s > 

- k« (w- . j;j cjoj; 40 ■ a vj®- — 


I 1 1.61. 7ocUns.Lii. 60 


Ffn— Art Development* ‘5ol 4fl® 8 


Miaislcr. 


later overturned. 


S iieens ' Moot Houses' (5prV36 . 
Hick -fM' - j > -Grp. -. Ctaopr^s 


ioe Treasury 5tk- 1982 03i'io® v i» '• T i« ^ Burronwaod ’Fprshawsl 725") 147 131151 j 

. 1, r 1 Lon"on Brewery Dfd "35nl EQ® II El 1 BrltMins <»p. 

J ;DC^ Treasury Stk 1977-80 IRea.i 93'a® Clfrk^'MAirhewi Sons ;Mdgsi 25pi ’30 I S^^Graup 5 Klp 7O 7 0 


*rtch Lovell (20ol 65® 7 k 4 F Si 5 
“"t-'I" CV»'S W»"-)s (25oi 53 . 

Fh-ht neftielllmi Hides.) >2 ?di 130 J1/8» 


Open-cast mines plan 
‘would be appalling’ 


BY ANDREW WILSON GRASMERE 


I b-cCcraaodaie 270® H. 61 - - - ■ Rotfe^- Fashions Textiles CSSrt SVr- -JfV: ' 

MSSSt .SrSo^hSror usii Z03®. S-250C = .ft .48^L, Bpc2BdW. S2* n>6). LlSSj-.; 


MatfBOUl Grp fMfMlWlRffll lUnkj HpVl t rowinyu. IMig ^9 J • ■ • 

Mill/Son-Demry /25p) 49 50 (1-8i ^ -SHSE* - - 


54® rsi: 


Malliuon- Denny (25p) 49 50 n«i • rowmaiin-pouaro 

Mfro^ent Agencv%nd Music 

<31 IS) -- ... • Hjwcnpe <r- h.) Indus. CZ 


Manortsfiev Garages il Op) 54® ■ 

Minders (H!dgs.) Li.fo' 85'^® 3 8 
Manganese Bronxe NW55 ^3 pI * 
Maple (Hidgs.i '10 p» 18 Wi, N 


I Ratncrs <J( 
JUvheck M 




'^rin^n' '■' , * ,,rv Stk 1973 100 2i - C * 00 - 19 Invergorc-on D STiMers rHIdgs.. T5n) 101 Brxont 'Hldgs^^aSol 'sls * 3*' 


r— •— rwai- '■’■-I 110 

, II ,nH Ulrv— (2*"t “A-. 


THE EFFECT in n beautiful in the county by ISO per cent. )•-«: i 

area on the Cumbria-Nurth- It also derided to go ahead S ' : 
umbcrland border nr suggested with preparing a minerals plan }]j-.j£ I 
open-cast coal working would be for the county outlining what iy."5c ; 
appalling. Cumbria's economic- locations it would accept nr 1 2I* ’ T r 
development and planning com- object to in any fuLuic pro- ,^ Bt ' , 7 7 
nn lice heard yesterday. pusals. lsSc Tr 


nntlee heard yesterday. 

Councillor Albert Hutchinson 
was speaking after attending Daap piininciian U Y'I? ! * "*“* TroiSur> s,k ' 1981 96 ' s '® 

a public meeting at Haltun. xAtti Lallipaigll 3 : oc war Ln. ao*..® '♦.»?* >.-• % *».» ’« 

I«e Gate where residents 1 n *2.* I. p n ;i ei«.' 3 IW'gm. s«k. igre-79 95-® 

unanimously opposed proposals Dy OrtllSll Kail c- v 5 ? sv /•.« g,p. sm . 974-7« »..* 

0PM« T?. . eS VOUCHERS uSerm 3 2p ott the .-j,. «... 

S ™aj » ™u bll™ P"« P' n ' °„ r ( <1 "“ s 1 5 , n . b i" r ?„ r N IV- V'","" —yj.-v 

promoted ns of *' great scenic jj ** launched bv Travel lers-Fare s'^oc 1?77®ao icrl :ii' s j 78 

^uty.~ MtSw«SSra?S lOn&Sttr SJk ,9aJ - 

*‘The effect of the proposals Monday, to promote the use of 3 31 Rtd r??RP0R\TI0NS* (37)° 2 ' ! 

on the environment could be London's main-line station bars. ] London C'v.ntv 2‘-pc 1920 17'.. 3r- 1920 

tiemendous, said Councillor Leaflets with tbe vouchers will • 97 . 7 : ; ” 


Marrh wield 
Marks Sne 


Marl Inn 'fifdust* 5 ittfpi 2 Mr. 3«i 'V-.V. R«:(ffusl6f» :25p) 92® 1 .1?V ‘ t!^.t 'ii?'- \r • \ 

Marshall IT.. Oxwl.v. H»h«b IntM. H0w 56 6 - 

* 5 . . - -L . Rwrtf (AusUnl - Gro. Qaii."#l - r 


British *Oaa^ fi 


ift vs ”" %■ \\\°2 Tor -, 61 Sr " a ? •:? ja ; 50pl PWlIrto . \ iv . n ibi ; 

Tre^uy Stk. Cm. 1980 97 .Q ’ , XTne* 8 ^- n" J^T^ir V 1S 4'„c Butlln's S'.-pcDb. F7-. * ■ " Gapo" RJl&i'ff’il'Si '• 

BiM T — s "- t981 ~ ,s - T - Vn EbVj ^ c- D . 

%\‘ v ~ „ c . «■,. . o ,=. a lasuTtsflia .®-" f - 

mv 1 "- “*• s , k - ” re - 7 s “ iu -. 1 :.!, !?: aar * 2 & a * A . «. . Er ’- S *” € 

(-,.{’ fV ^-.oc Old. Srk ! 974-79 95 kit 'A*'- 9«.:WP 66: v«i. _3 ;0CP». J.0I«® _ : ® 9pcLn. 70:®. 1/8) t »S6. 7 1 i.aPC 100®. * _*< •_ : 


,,„ r Butlln’s 6'.-pcDb. F7-. 

'-9-^ C— D 


CBS Inc. Shi. 'VU52.501 43 .31.51 


Garton Eng. (10a! 67 (1>'6i 

Gates (Frank G.i (25p. 55® (1.6) • 

Gcller (A. 8 J.l .20p) 38i { M .6) 

Gqn. Elec. Cp. (US 12 -30] 42-VK tl-6i. • j 
Gen. Elec. Co. i25p. 260® 58 60 4 S9- T 


H l :*i>o-i|— , in. 2nnQ-os “n* *11 

i- C Gtd. Stk. 1990-9S 441*81 ’1nrU« Lr.. 9D-9R 140 |1 «S| -.- 

[ Wh thread |rv«*i r-i. >2Foi b Sk •’'«) 


161 Calfyns "EOol 124 >31:51 
Ca.rd >Dun"erl .29 b) IS 
fi Camford Cnameripg <10oi ( 


jj, I, r, <, Wh thread |rv«)t Tn, >2Foi “Sk .vsi Camford Enomerirs *1 Obi 66': 

North (ri Scotland Hvdro-Elec Board. Nor-h Your.g '^d C>. > a-***-* nor IBS j | Campari (20P' 1234. 8 <20 b) 112® 
cl Scnla.-Id Elec. 4oc Gid. Stk- 197T-78 C \N 4 LS & DOrivS ( 71 . Camrev 'Hidgs.i '20o> 70® 

99i» -l-G*. 3 -pt 1977-30 90'* (315] (..v.viLno i»iri i\r> (>i Canning >W • (2Sni 60® 60 

Northern Ireland Toe Er.chMuer Stk 1982- Manchester Ship Canal zn «1/6 J. G'.pc-^iw lodustr.os J-'.pcDh 71 i- *. > 15. 

1984 76*. <3t,‘5> L)h 93'?® Caplin Proftlc Grp. IIOo. 103 1 

3 sc Redemotlon S'k. 1926-96 43'<® 2's Mersey Ooekn H.’rtioor Ccmh. Unl»* 18; . Caopcr-Nc II (1001 76:-® S't 5 


G* sterner Hidgs. A Ord. 03 p) 200. iopc 
Ln. 127 il'tfi --• 


MarohalH »Hali»aai i25p> 97-- . - - 
Marshall's UnlversaT i2Spi 152 (30/51 
l Martin-Black C5 bi 55®. *o. • . _ 

Martin the Newsagent C25p) 25t 50 

ti;6i . 

Matthews (B.l OSpi !S2;fS1l5) 

May Hassell <2Spi 89 - _■ - 

Meiudv Mills ’ifspK 89* «{|'> . 

'9ptPf. T04-U® 5® 4® .- _ 


2 (KSl.r 7iipdJis.Lii. -1896-2001 SC® ; W I". 
rf€i. iopcOdi:ui. 7ti® 

R«ed . Publish lag HBtoi. 8tjpcD6.^;.70fe r - 
(1.'6). AijpcUnsJjr. ST: 


G.bbans Dudley *25 bi 78^® 

Gibbons (Stanley i Int. (2fip. 1710 3 2 


Glbhx * Dandy Ord. (IOpi .30* <1,6 l 
N.V. A Ord. HOP) 26S 0/6) 

G.aves Gp. .25pi 87® 

C l » Duflus Gp. (25pl 233® I - • 

-G.ltspur.10Bi S3® 2i.-® 2 
Gaao Gp. 6-ePC LB. (SOpi 27®. 


Midland In 


I .43 2tj. _ 


tiemenaous, said Lounclllor Leaflets with tbe vouchers will ^ >.o k .f .Tb / 9 7w 

Hutchinson. be distributed at 13 stations. The 67 ® & 0 c gs. 4 .i«». hi.E 

The commit ice decided lo take campaign, supported by Press cw- cr London 5 ’*p C 92 -. e-.pc 1975.78 
whatever steps they could to in- and poster advertising, repre- ‘U-o tV'pi An'e’ 82 B2 '* 1,61 
ftuence the decisions of Ibe board sents the first major effort to sell GraV.er l nndnn 5 ,p- 1970-92 ■ 4>. 


3'-prDb 1974-84 61'®. S'.pcDi. 1 C»p*sals .5o> 44 Gaao Cp. e-'ape^LB. (SOpi 27®. 

1979-89 39’.® 3' pcDb 371;*. S '.nc ' r»r>vj.ns Ihlnt. .70m -66 7 Gla*o Hld9S. (SOpi 585® 5 2 X . 7iipc 

9? I 2 ' : ,31,S) - 41. 6’jpcDb. • C»rl"5S Caoel and Leonard (T0o‘ 35? S _Ln . 1 23?; i. 27 4 3’; 

44< :® I 6® Giossop :w. and J.l C25p> 61 60 

COSniERn^I (2SIS> Carbon Industries lOncPf 75 '30.51 Glrnwrt ^>Spi IDSijJ® 10. SpcCnv.Unc. 


Mlller^.l tTBrtltap) (TOpl 46 131 W .. 
Miller tS.) HldBi. '10p> .11 (OT.'Si 
Mining SubpIIM. d Opt 77 • - • 

Mitchell Cotts Group <25p) 42®. 4 r 4PC2nd 


COM31EROAL (2,815) 
A — R 


1 6® 

! Carlton Industries lOocPf 75 ' 
Carpels Intnl. >503' 55 4'- (1.6. 


Mining Supplies, i 


Richer®* 

HkMfthWKT 

BpeUna-Ln. 
* Cnyjbb. 131 


sSWiy. 


A. A H. (25o) 100® 100 

A. B. Electronic Prdts Gp • Z5p> 125 

AGB Research .10p. 90 a 


| Carr ijohn. -Don caster . (2Sni 43* (16- Goldral Xh.i FoucorB (25 pi 47® <1,'6> 
i Carrington v.vciia 250. 3^*1 q x SncPI. 1 So 1 ""! 4 "ISBS t25o; 68 70 


mmbieU Cotes Transport <25pl BO* 75*® nSbMwnMniiomaa) (25p)^W 
Mitchell Somers (Xflp. 66 — — 


ri..— w.. 


Carrington Vivciia 25o. 35?i 9 fl BncPI. 1 “Omm* Hidgs i25o’ 58 70 f 

60' >31 S.. S.tpcLn. 60 fJCSi. . Goodman Bros Sfockman 'Sol- 1 1 < (3d Si , 

Carr's Milling Industries f230i 47 ( 1 61 G 2? < 1 ?S.« r - T ,VS Rull, ?« r 1Gc - Bn**'"' 4pe 


including a possible alterins of more beer to London commuters. 7 “g 6 9 t?- a I “'la .. 9 ‘m s’ 9 80 i ? 9 oc Airan»» Bra® s- .i , OD°) ,, 'fil™ c ® 10 

the county’s draft structure plan Real ale is proving such a success I^ai ioo.'«. iz-.-m igsi 104 i«*3';:. Ajercom inv. iro 301 es-. 

and to state their lack of sup- that it is now available ai 40 AMr&B 1 coV° 6 « 6z>.® tofN* v bi'V 


Hastings .tom 41 

Caters 'liar Tractor 44'. 131 S> 

Cattle': (Hidgs.i IOpi 34 (30 .*-- 
Causlon -Sir Joseph, and Sons C5p1 20 
.16. 


port for proposals to increase the station bars throughout the “i-S? ,i«r fp a r ;V!-» » a VJ , * 7f f- Ad«nc* ,, La , u , ndri.f 5 .'foi « 


-fir I Gramplen Hidgs. (25p i 60* 1 59 'l E> 

Cavcnham 7»cPf 47 (SO Si. lOw.Pf. 95* | Television NV A MDpI 36® 


Pf. 301;® (1.6. 

Gordon Gotcti HIS33- (25p1 84* C.6) 
Gordon (Luis ■ Gro. 710 m 2fi 
Gough Conner >2001 75 >j '30 Si 
Gramplen Hidgs. t25p) EO* 1 59 ’1 E! 


Mirentii Mraio (»¥■» w • - • ■ • l,- t-nt, y|i 

Mole iM-] and Son '"20p) 32 (30 51 . ; Rpctewaro Gp OSW 430® 

Mol. ns i25p) 125 31 ' . • . Rofte-RoVCe_ Moters Hldo*. (2983 ; 

MsfiLJA? -V- -a, .^(i»ii4«;(3ifB). > 


MonsurtV -."Ai Boww HWgfc'C2S®> 4*4 (31161. A-«S^| 

EtipeGtd-Ln. 50. SpeStlg. Drtar Comr. -49®. •• ",','1® ami' ■ • \T' 


level of opencast coal extraction country, British Rail says. 


M 5] 

Bath 1 1 tope 96': 

Ballast 6 '»pc 69', «1'6) 


Adwnt Gn. (25p. 258® .l ui' 


Bjroilngham Corp 8pc 90*4 (1 6L 9Upc Ak W N .V. Ord .F120~> £1C 


ia?"lnWoS^i r" S ° ra - 257 ,J0;5 ' cS^rSf and ShS^SSd'tf.. M«“ ■ S': 
Airnv ind. I20D. 53 ;®_3 2 r-rural Manufarriwlno in<1 Trininn C>a 


4?m 3 5 4l« ( 9JftPcL.li, 7Q fh 69i- " l obe Granaoj Grp. A (25®* “04® 4 3 
Ln. 72'- (SO'S! Met f 5°W h ,s 14 16 

Cawi/ay Industrial Hidgs, (25m 30® I6'!.14*_ 18':. SBcPf. 37 (30 5). ('•« 


Gt.P(rGtda.iL 50. SpcSHg. Defer 
GldXn 1211’ '20 r . : 

MencrofT ncmaing m.iisi »25p) 56 
Monument Securities rtOo] SU 
Margin Crucible (25pi 106® -10® S 


: I- b,- 


Rotaprint CtOpi f8 =^*’r • V 

Rothmans Intel- Bjlt2^PJ 5S®_7. » . . 


Pf . 47 no .- si . 
Uns-Ln. 77 


SOcW. 37 (30 5). S'. o< 
B!tecUns.Ln. 9S>4 . IOpc 


APPOINTMENTS 


B'.ghton C:rn. 6'.pc 96': 

Bristol 13VPC 104-: .1.6. 

Camden Corp. 6: ; pc 97'm® M.6 
Cardiff C.C. 11 sc 94 '-® .1 61 
Cardiff Corp. 85 .1 S' 

Coventry Corp. boc ga'-*i.. H 6) 


Changes at Don 
International 


Albr.ghl 8 Wilson <25n' iai« i,® boa 1 
bo 1 1{ 2 

Alcan Aluminium 9oc 1 56 9 
Alexanders Hidgs. (5pi 20 
Alginate Ind. >25p> 260 130,5' 

Alida Packaging Gp. (lap. 92')® 1 
A/Icbone ft Sons *10o> 17 ■ 30 5> 


Morgan crunpie izspi iom*-io® p ° Vir* . gv.^. • • 

Morgen Edwards fflOp) 47'-«-6® 9® 9- „ Rotoric (WP»..1M4jD5®r ■ 

•srvrr asK 56 nvs '- Mar asissr . asr ’ v .” « g ., - 

Morrison tMTn.t . Supermarkets nop] .77® (50 p) 4 IQ® s -• Spd -S/ gjL..- 

6 ri 61.. New OOP) 76 (l«i Tloyeo Grp. . (2 Sp| 38 *• , • - ;jgr. 

■ ■ “ . ■ . * . . - ■ . .. . -’. T .- A -* y - 


rhambcrlain Ph.'oos .10 p> 441- .31 5 


Change Wares flOo. 22 (31 5i I rlOoi 5t 

Channel Tunnel Investments iE"i SO (31 5. 5!^*!!?. el g- “'ItSgU r-.£!.. t 


Groenbank Industrial Hidgs. OOP) 48 6 
’31 .'51 .. - 


EUROPEAN OPTIONS EXCHANGE 


Green’s Eranomlser GroiiD f 25oi 65. 


July 1 un. 4Bu- 

, OprW ! Prtoo | Clow ' V -I CK»e . Vol. pCtew ^ j l cJOww: 


Ml J3 4 6 C ! B A|' ( N,ek0,,s C00n,h ' :2S| ” 70 STv' SZi" No^'t' 9 r™ 111 ID. -61 

i Ki^SiepFVl ^,^f 5 «-'«p.72 1 .3V5L New (2Sp. MWn^^llSE? »«S 102® S 

Clavton, Son 1500) 73® 5® Ha/lam. 5'e-gh Cestpn flop. 27-s® M'S] 

Engineering iZSp. c ,i Bfl rd and 5nc!l «5p> 20 u.’iSJf.w 1 nildoa 1 rlOoi IB'- A 

« fi— , Clifford •■Charles 1 Inds. 95 (Tl'6) (]unes> IHIdgs.J (10 p) 1 B . rj. 


DON INTERNATIONAL, Man- as senior director. Postal Services. I ilr, 1 . 5 r . 5 - :a S , } 00 1* 1 5l 


6DC ”\*Eir S5SVS 


Amber Day Holdinai H0o. 40 (1/6i 


Chester, a Cape Industries com- He wUl succeed Mr. Kenneth rTSi C3rB ' 2 ’ ;,,t iau 130 5 ’- • }K "’v 1 AgSSm! h ^iM , nclwA 1 125*. 


CHIIord's Dairies A (-250. 36 ^ , n ...... — n -c. 

Procls - <25e> 744 ** 2 Kr.nl^ u 4^0 5 4', 

rn»4>s RrK. F7.5B1 st «• A rasai Hanson TsL QM 146® 3 2. 6':peUnsec. 


H>ima *1 Oo) fio 

H’lct->d (James) (Hidgs.) DOp) 1B>: ri, 
1315) 


Ln. BS 

Hardy Co. (Furnishers) A (roscM. rtg.i 


(25p) 27 ':t »i; n«) 

Hargreaves Gro lid (20p) 58 

Harris Sholdon Group (25p) 56 ij# 7 

Harris fPMHp) (Hidgs.) (20p) 68 (30/5) 

Harrison Sons (250) 61 

Hor risen (T C.i (25e) 119 (>6,1 


also assume responsibility for the Appointed 3 director of SMITH SSSSSSm 1 iSKh’im® ., 6 , 
co-ordination of for ward planning BROS., stockbrokers, is Mr. Swanvia gi.pi 95 - .31 3. 

and original nnuinninni valau fnr Ui^.n<il Uw.l. Tarnewoe loupe ?S'4 


Harrisons Crash e/d 0450® £4*4 
Hartwells Group (2So> 9B® 7® 8 6 
Hawker SMdelcv Group I25p) 219® 18 
IE 14 15. 7'4DcDh. 67/; i1'6> 


and original equipment sales for Michael Heath, 
the Cape Automotive and £ngin- + 

eering Division. Mr. Harold Evans has relired 

* Trom Uie Board of regalia s-pecia- 

Capt Douglas Buckley is being J * sls TDYE & CWIPA.W. 
appointed commodore of the BP . . . 

TANKER Company Fleet in sue- of THE 

cession Jn Commodore Alan G .5?*.' 

Davies who will be retiring in Aj^URANCE SOL- 

july. IETY is Mr. C. K. R. Nimncley. 


Aih Spinn.rwi .25o> 44 

Asoro- N.'cholai S'.orPf. 43<;® <i s 

Assoc .Biscuit Mnftrs. l23nl 83® E 


Come Radlovlslon <5p< 126 (30 5) 
CompAlr I25pi 94><® 




Walsall Corp. S'lPC 9u-‘. 

SHORT Oey'EQ BONDS 
■ « - . OF STAMP DUTY 

K 7,7a ,0 ° I ‘54th 

L^SPJ- ' 9' 7 '~8 100'..® 

S'. ,DC 55 i - 5 CB - 1 >110/76 99'|.. 

7 'ipcld*. Red. in-US 98/ 1-.-® J* 


1 A*wc British Erg. ■ 

. Pf. 331 

j Asscc. BriHrh Fooas 
S'-.PlLn. 21 ’j® 7':a 

A«soc. Dairies /25 p* 

! .16. 


Corncrcrod (20pi 65# 5 
Cosalt I25P) 84 (1161 


Hondortofl ij. w.) (Hidgs.) (25p) iSBtt 
MljOwaon iP c.) Group A Non-Vtg nop. 


30® 31; .1,6. 
(Add Intone. (IOpi 


(2Sp) 88 1 j 8 I 


dustry has re-a| 
lowing to the B 
SHIPBUILDERS: 
national industr: 
GMWU: Mr. A. 


ATT 
ATT - 

.vrr 
Cltkmrp 
1 Cfhoarp . 
K. Ku.Uk 
K. KnJaV 
F.-K.aUk 
K,K»ltli 
Ex Mm, 
Evaiin ' 
Exxon 
UV 
i GV 
RK 
IBM 
IBM 
]«M 

U 

Sears 

S**lt» 

Uffwwia 

Atjttiina* 

AldenietM* 

Algemejm 

Anrft> 

Anion 
An.iv) ' 
SU1 ' 
K1*M 
K Lit 
RU1 
KLM ' 
IsLU 
Stwlied' 
Sat -Veri 
Rat Tied 
Philip. 
Philips . 
Ptatlipa 


; S55 j. 

; 5“'1 


;6i* i - 
IT* ; - 
U ! — 
4Sff - 
• *«. -— 
16*8 -rr- 
lllj — ' 
6i* ia 


in* .10 
27 B 20 


8240 8H4 

9260 6i» t * 

8260 j 16g | 17 

S20 I st* - 
M 5 in | - 
630 I U . * -- 
FASO I 29-SO 1 — 
F340 19.50 . 1 - 

;psbo 11.00 
) P360 6.50 f — 


( r obu b.ou — 

I F70 j 6.10 — 

i F73 . I 3.30 — 


S- 65, j 

. 

: *1« 

•Hg. 

16 U. 

r 114- 

. . 7Jg 

- 

. 7 U 

*11 

is 

41, 

' 1* 
B58, 

T, \ 

■ 61* ( 

-SSb 

30 .s 8 
2 LOO 

ni.oo: 

8JJO 


x r - 

■ -S.- 
. >. 7 B 

54 * 

- .-*% 

-IJM 

T-Px. 

V W 

!S 

:'f * 

li« 

as. - 
IBM 
B3 b^ 

1' e-‘ 




• * w " - :A 

- 

iSSSfqj 


:-rr' 

: =“ : -j - ->**•' ' -si 




n . , n ' 


P79 3.30 j - 

PBJ iJOi — . 

F160 32.00 ; 35 
FL70 15.50 15 

P180 12.00 } 70 
PI 90 8 JO ) 40 

FHOO -7J0 .93 

PS 30 . 7.50 I 4 

4 FIDO 1 13.00 1 - 


8. I). 

ft-'t). Shell 
Jfc D. Shell 

L'nilcTBT 

Unilever 
L'nHever - 


in" director of Scott Liihcow- Martin : an d corporate linancial 
1 KS2L.® w.VSL-i advisor Mr. Jonathan Stone. 


Mr. L. Gregory, national officer of 
the EETPU: Mr. T. Mclver. man- 
aeing director nf Swan Hunter 


Mr. R. J- Simpson has been 


Group; Mr. C. H. Parker, chairman ’uni'ni^ 0f DRAKE “'aTo^i's" W 3 , L- W V” % 1 2*"*’ 0 *5 ?* is' * 

and managing director of John G. ^ .?A 2 rn,,p 3*?' K ‘ S ‘" S '' 5 ^ laffi? ibV o* S ' 


^ nca Jf - u a ^ QcomP K ^ v: antJ Mr ; compan y ^ alS0 sroup JSSiffiWk'Jir N ‘ 

IV. Richardson, chairman and company seer ei r>. Port p* London Au-.hy. 3^ por, at Lon a 


SSSBSlii'SES. iSiw'Jre Yn Mr. lWer Kent has been ap- GOVTS. (2) 

part-time appointments whose Cwiwn rn ”m"wv direC, ,° r ° f 

term ended in May. hTEliMER CO. tUM upon leaving t*'5i. S':pc 0977-so) 92'i® (usi. 

1 * J Gulness Morison International. ?gsS , f iV, 1 '> 8 i 2 c . 8 3 't 1 VJ ' 

, „ where he was international direc- no 5., 7 dc 11919.8* 90'-a 'ri.F> 

K - “ePueaux and .nr. k. j. t nr 0 f su i es a ncJ marketing. (1977-321 79--« (ao/si 

P. Wykmans have resigned from * V>« l i2 d r -- S '*^ ,k ti97B-asi at':®. 


.n. „?u. as - '50 5' I Ault W.DOTO Un «jsn> 3b; (31 .-51 CrWtaiaie .n.PSil .OW J 

ipi4neDh. 20': .31.5.. 14i 4SC ob. 10B'4 Aurora Kings. .25o> 89® 91 Cullen's Store* <20»> 109® (1 IS). A Nc 

. . . I Amt.n iE.i .London. >253. 32 OOSrf I Vig Ovrt. >20 b. 106 >31 Si 

F siJ5i C » ,0 . r «4 , !^!!’ MrY ISP**-.) 101'- 2*i. Auvi.n >F.> iLcvton. 10p. 1 1 I 19: (1 6. . I tJ(£ ar 4* jlOo) 244 (1/B. 

1*° - . Automated Seeur-t- .Hidns. IOpi 01® 79|tuti:r Guard Bridge Hidgs. «25w 1B':1 Hiltons Fwtwear (20Pi 94® (1/6i 

S:. **!*»• 6 ‘.pc BO->:® •,:« I Automotive Prods >Z5p. 146® .1 6> 1 19; , ' " 

MctraBOilMn Wtr. Board MeL Water 3 dt , Anna Go. >5P> 35 I Cummins Engine Co. 1 00 

•Vi*?. ,: S - 3 « B is® *15.. 5 .-PC B? I Avery, <2Spl 168 M 6. , Curry, -25 p) 203 ( 30 5) 

- r. . Avon Rubber 1B6 5 C.iMomaolC Manlg (IOPI 22 . F3051 


Crown House (25 b) si':® «'■*" niaiiland Electronics Group (20pi 39 

Cr«tala1e ‘Hidgs-) •5o) 29 , :® l < 9 Hill and Smith t25pi 66® 8® 

Cullen's 5tarro (20 b> 109® I1|6). A Non- H b 'C-i’rirjal of Briatnl 108 ll.'Sl. 6pcPf. 
VlO Ord. >20p> 10B >31 si 37 i3i;S> 


937.50 0.70 ! 34 

F 120 8 J 0 : ^ - 

F 130 . 1 . 30-1 ’ 7 
P 14 U 0.30 I : — ' 

F1U EJO — ■ - 

K120 i- - _ 

PlBOl — S ’ _ 


t 3.30 
j 1.B0 
1 30 JO | 
izaLoo I 
{ 19 JO | 

13.00 J 
•• 13.00 l 

; ioao f 

14.80 

6.00 

. 3-80 

4.80 ' 
2.50 
1J0 . 
. 10.00 . 


30.00 

24.00 

17.00 

10.00 
8.50 
5.40 
B.30‘ 

35.00 

29.00 

24.00 
13.BO 
17.00- 


.TWi: 


P357.30J 


PIB 


i 


*.9176.80-] 


> _ ■ . FsTtao # < 


5.00 

2.80 

7.80 

2J0 

-OJ» 


BO ' } ->y- j 

s i M 


•- .% :• e w 


Hinton (AmoBI- and Sons ilpai 82 (31 5) 
(1'6| F ‘ n * neC 8d *® 5 ®' tOPCLn. 123® 
Hogg-iig (S > >J5p. 87 6 8 (1.6) 12ptLn. 
HoMw /Arthur, and Son, (25p< 64 (3&51 


1HHE 




P. Wykmans have resigned from 
the Board or THOMAS WITTER 
AND COMPANY. 


M2 YEARS 


1»90 BO-:® 

BPS Indiri- (SOW 231® 309 23. 7'jocLn. 
t 30:® 5 


Dg Vere Hotel, and Restaurant, (2So) I (5n) gg 


Hoskln, and Horton (20 pi 166® (i 6» 


Dobcn*iam, >25e) 90 89 911 )Wt Hmm Of Fraser (25pi 1«3 5 4. B'.pcLn. 


Mr. E. O'. F. 
appointed a di 
OUSTBXES. He 
Vary. 


Mr. David Montagu has been + S5-'ire 

Mr - IL Sa»s®n has joined IRAN «■?*'•»» « 
HDX IN\^ST3re\T TRUST. OVERSEAS INVESTMENT BANK Ba”«l> f 
„ T „ T as an as/sistant managins director, -t'oj'*® ,. 

n Mr. Sasson was previously with ciwi 

Mitchell and Mr. A. W. Houston Citibank. ic i inmi 

have been appoint ed non-e::een- | ’?*'*, '• 

live directors of BRITTAINS, spe- BEL LNDUSTRU3S. shelving and » ' I 1 
cial paper maker. s/orase equipment manufacturer, ourara'®. 

_ ... Conslemn, has made Mr. R. ,90'.>o -c 

Secretary of Male for Horan and Mr. J. p. p. Tyicr V«i, h 
Trade has appointed Capt. Erfc executive directors. sc . . r- 

Lowdcn as a part-lime member ■*• B0 - j® 'S-i 

rvRiTTV* C -D TL AVL V nCt ^ ^ L,TH " The Secretary nr State for Mown,™ 
,n suc J :ess ' 0 " to Droop Prices and Consumer Protection 
Capt. Sir Douglas Bader, has appointed Mr. B. S. Jeuda. c*«ad.an p, 

n .. , Mr. J. Daly and Air. T. S'haplev s«r.m a r 

Da , v,d . ««Or. currency as members of the CENTRAL cilkS l'oV 
director, London Postal Region. TRANSPORT CONSULTATIVE 
is to move lo Postal Headquarters COMMITTEE miul July 31, 1950. J 


Meniorearo 5otLn. >AKd.> 2a 


Bank Bridge Gro. (So) 30 


1— J — K 


IMI (25c. SB® 90 71; B 7. 7>4JKLn. 65’, 
(30,’5I. SpcLn. 67® >1)6> 

Ibitack JonnuHi (25n> 173® 
lllinqworti.. Mami DOp) 32® (1;6). A 
(20p. 30 (30lS> 


V Ic could ecuify .be do t>e — on the T okyo stocit mir ket.^ 

TSe".; General' - manager ’ ®f -Japan's; tea ding inwKment 
forecasts char the Nikkei — DoW . Jbho , liidek ItTlokj®'* ' 
wiH- rise to around' three Chines, its current . level hy 
you Would tike a part of thh -growth;' biic ~feef.;tht , 'in6ej;jfrf.^T 
.authoritative, advice'' on-. how v 'when\ and v where' : to-. iiw sff 
. this exciting . marker, you oeed a- subicrfpiion > tb^ the; 

Investor'i Letter, the comprehensive', suceihct. .guide Ijpc^ffiLy 
private ’investor. Each issue -contains a. special- feature. on"th*'; 
Tokyo and New York. mince cs. ' • -.- r \' : 'V ;-Tv ~\k 

For details -of a FREE TRIAL-' offer. -write. «i«w‘. tpf'f/ 

. , The Private InvertoCs Letirr. D cptu JPN .- ; 

-- - • . 73. Golden Sqaare.-Leadoa',' W.1* L ‘ 

Or phone Ol-W? 7337 ( 24-hod r answering servfceyr >■ 


^ 

i;K" 


Sc - - r-|. Fin. 1 0'aDcStig.BiJ*. 

CB'jffi '6.1* 

FOREIGN CORPS . (U 

Moscow 4'-!i>cLn 1912 (3: 


i® imperial Chemical Industries 390:® 90® 

2Sp) 92 BBS 9® 6 3 90 84 S 7 71 4; 8 3: 9. 
® SpePI. 441- (t<6>. 5>.pcun 4B'«® I, .6 1- 

61 7. 7'40 CLji. 659 J>. SpcLn ; 631,01 

7ocCnv. . a®, 5'i® U 6'jl -i»J 5 IO'ibcLii. n»i- 

t 6) ,l 105 r, f31/Si d S,0raw s,n,Dl V CB0-2S1 

( : iani se« Imperial Group r2Spl B1® 78 '2® u gn 
(ion) 96® 7 5, : 9 7lj 4petB , 4 9.^.9^™ 

SI 'a (1/6). 7.5peLn. 56. lO.SPCLn. BO 1 : 



'i®“(6i, 0i ' "^SMb-Ws. 1068 91 ?™ a'rffo S1 P ,3Srt * ' i-n.i9B6.9i 200 i 199 7i fit! ‘ «“««■« «W storage ana Sono/y (po^si 

S 88 ' j ® ’• e'.'ii F,n ,9aa usgK . ^,-^ 0 ? i 92 ° B .’i t 1 , ,30S| ^.- rt ' B ^ WaiSsa^hw ss ® 

Mtecow^5S G l N 9i?S? Si - ll) tS&HBSl .1 s^IU 1 4 .° S ,% 6 5 0 2 1 (30, 20,® 1® 20, tfiME 

* UK^ RAILWAYS ^ ’’ 6 ' ewL - “V* 

m > i « v«" lff a » l * 2 .. f iS ,,, iS «.. s , k . ,« s . M . 2 , •" 2 E « W (%, Busln ~ ,sussj 

r S V 5 !r ,, £ te r J iSJK& C«?rp I25 b> 67 >16. i^h 6 ,’.l tAllreei (IOp, 365 .nternamma. Steod^t. EN«t« S.^eUi- 

Centiai Lopdcw 1 Vew) dp Aisd. 39:i,b. B>*t>»o*rt CuiKiffte Mithii*ci-> (T0»» 4(1 ! Dunlap Holdings /Mpl T4i-» 3® 6® 3 fnterilatloiul Stores O'WCLlt. 52 ISO'S)' 
FORITirv Bine 5 ISO'S' - S'tneDh 64'> ,31,5). ToiDb. 63 (31lS>. T'mLn. 99, >30:3) 

, ' R--ULie. B>m >I 3 d> r J Bprln r>2. international TelephaiM Telearatrt .31151 1 

Antstaaaiu «Ch.|>> Bolivia By. 5 ikW. S?® I Ben tails (iQp) 34 (30.5) Ouplt Internil. (5<K) 14® 13:» 2*--, (1|fi) • 


. FINANCE FGR INDUSTRY ^RM fflEPOSn^r ' 

deposits of £ 1 . 00 G -£ 25,000 accepted for fixed tetmd :^ 
3 » trs . .Interest paid gross , ’ half-y earfyi -’ Ha teff - f or - 

vAflidflvan fiAt -1 **1 op tVn«k O Q 70 ■'* : 


re uot 1 aler than . 9 . 6 . 78 . 
Terms ( years ) 3 . 4 . - S '. 

Interest % 105 U- 111 




7 . S-.O'.i 

ii i : ■ ? 


UK RAILWAYS 


j u ‘ a, ..r euBa * CJn^dun Pjhcxft-: HC51 I3‘i# <1 «>. 7'epcPf. Bell CjoadJ Com. Shs. Clc. fCS251 J 0*rn f ord Ellwtt ITpoDft.Stk. T^l 

nd Mr. T. Shaplev s« r ' n A ,1C10, »usb 6 o 13051. 4«Db.J tsos" • 1 ! <’ici 

Of thp ITVTB \ i .. _ | Bemrov* Corp /25 b' t>7 »i bi Dunhiil (Al/rcai (IOpi 3SS 

r- f iv-c c ^. ‘Jli Vr Cpnlial Lordew 'Nwl Dip Attd. 39 :);b. I B«ro'o.(t Cunccnl* M,(.hincr> (!0®» 4|l J Dunlap Haldlngi (SOpi 7*i-» 

CONSl'LTATTV E mirirviMnc (30'5> ■ 6'>iw0h 64", ,31.Si. “ocDb. 


Rates for larger -am hunts on reqaesi 
information from The Chief - Cashier. Finarieft., 

T.hwitwl 91 W«tA»W I1..4 T . a.- IWW 'flifflLl: 


UBtfSfc 81 . WaterkKh Road .- London ' sEl ; SXI *^ 
ExT -" 177 J . Cheques payable 

PPI -K thg holding rnmn awv Fan* Trgrt w r- 


^ e-holding cqinpaiiy.for ICFG fmd 








WM?:' 


** 3 1 9 , 

IJZ*. b i 

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■■ ■:. '• . : •.. . ■ 

Z&rer^jt-yiZ •-.-:- ' • 

i «■-*■■.••.••/ .- . N ji , - - - ? 


tijBisvrts — — • 


23 


,L«^Sfc t Sa D &?r'E 


.. <^.'2*.60'r«ajc 
1S14T ._ -"' 


_ &«•&»•&>*•< 

> s : ‘ r <n«M^ab 



v .ScWm^ . 
seneS-v' t*, ■: '£.. 


St. * a j.’Ji, .Scott. R6 


afc-SE 



TiiWot . 


Tn^t Hqui* 


WtiLgj 4 '* J {S0 bJ '2M* 40 30 


,“«*■ tw jnSTfJ Nm. ttoo^so <usi 
urrmCoroaSoffeff (3WS)' / 


I 

Ti 
Ti 

VUBji:^tW OS»» 71*40.701* SB .70 


rUDs: Gti>...<23f» 89 8 7 ■ >*.- lOUocOti, 
MH04. «2M. feVpcUu+n. 2002*07 * 6 ± 
, lift] 

UKO iDtfith-czSnl '.tso 


VSMZ •ggw.u.n^OTO] 


utter reasM so 


sgSfiStr-Jgv&x &. - «, •; 

5*«ScUn^Mt. *1-96 sjf^.-S^eUog.Li.. 


0 gS.®£& 5 ,V,%iV’ 0 •”•' -«* 




io: j£' JtiJtl ll QPl *3 ,1/6). . 

“* •|S8jfc'*S3 , Vrfcffi» 


^ ■ •, •* . _ . ... . 

■ 'J1 HJli?) '^1 *5* 1 Qn • 

ssv**! & t 

----- - *■* -■ 5 ' n - rtfc «rw^p5^ioprisV 


74i>etla*. 


Swr 


6 7 i|5 MTdQp{2WK77? 

*«- fr? oVioc 


'\3»i t- .- 
.*0 6 
Us B9 - 5 


*»';*£* 




nflw N«pftfw . Auocd. Mnm 00 . -.«* ‘ 

ra» & ft, iffl&Jbiw ■* 


<SD,,, 'S0 V *» 
, ! °P) Si 1 -j* SMWwri«USt«5. <50pi 7«7; .Ti.Brf*. mil' 
J «* ^ nfei- "“*■ 73 ®‘ 

♦te*** 1 *- s* ~ >flss£E5^??y y-.?«o> n 


Dtp, is*, try 


‘9 C A: « ^.ISBffi^llff^O^y S & ,20o, «. 

. ’7Sdi <i. ’r Sound OHTustoti v5oi . 46 ' • “ pl 2B= 5 


. -R, r aounq im,raon \00J.4fi • . 

Vij£ £ *v «'-»■» «* 

«ia S ia ’ist, “ ■■■■••• 

4E8 ■> 


, Speor JaefcMA: ,«ni. raspi tw; m n.,.. 
i Soar W j i2So, W raws. 



. SmHtrtJ 2 >fi»Tr Mi’lioV 3S n«.. ... - 

iVWfe %!X3£%SS$g! «»-«»■ 

}2** ">■ 


-102 

l! S® 1 l.?Bs S tinlo y .jOL. "gj7<ji«*giT ' < Sn 1*^1 n~ poiS,. 


«!Osi 27 1 Sratta Di«counr (too, .ISO ri.'Si 
i a 1 DS-. Suvelov Indirsts. 244-2 ■ 

■25i>' 161 S.fW SlmMoJ A rasoi 36» 

«r I 2 s 0 M .*ft r te'S l 9P' l7 «*.*« 

n] Sent ,ui Ln« 700 -fT/Bi 

“ Grs^ 3^'t "SSPjy a«> fiVoeOb. 601, 


S4:« (IfS). 9 pc 


Ha 


— - . SoBCLn. 45 ti 

.llA. 7 VkUw.U>. SO W-S8*tX* *4-9 >4 

UnltW Carriers (10rt 69 
UnHKf:£tw-M*rcftM*mea> ss - 
UaHad Boolneertoo tadysn. vlOo) 390 
Unwttf {^s (Musts.- 1250) 66 

a UaHM GJaij i7.l4pcCb^74t< **- 

nHM OvTr'SSao 60 51JS). 

: • m-~ . -.ag-'.- .- ; 

United 1 - : SctanH<c 'HldgiL; CSo) 269 


U-ltM Soriflft and tomf Orp.. »th>) 2« 

M "tSr **■•■—'■ — ' -- — 


United Win- cm. 12 SoJ Sf 131 151 

-UMChrsm* Took,.. -{TOoJ »3 12i< 

6a_^303J.- DM. Ora. 69 

^-'w. a&1 '47, ■£■?&&■ : SUKCwr.PI. 

Vioiofia Cn:.j2s- 7 -tv* 


v«t« storf: cnC iujpyis :.ai si 

Vlbraolaar Mhm. rniifJ ' 




KKari .171 4. 5ocCanw«. 9r> -<30rS). 

6MUu.tii. BSO.0 "‘L..'L 


V»rs HOprZl _2 cT iJ'FSi. >pePf. 42 


Vlr.tan „ Jt J lw 

vtn-Tt*. '20 dj 41 »w _ 

Vosptr <25o) .rtS« a -8 - 


*200) tOZU.7- .' 

»W-5 


w— Y^-Z ,-; 


WaMiwun: ijono) izsii 218 . 


Widhara^SsrlrMiK «W».4S0' 

'■ 22^:1 r«> 


Walkw Staff . HMao. 

"^J**** - * Jome*) GofdsmltO- . Silvorsmirn* 

■ mhj B3Q •■*■*' 


W ani* Ja salop Grp. tll^l, ELS 


£**■5 iS? 5 - W.) *25o) 1 QU 7tr . 

76i*« 3. 


W J rd Jf ft “« <25t» 
t^r nfSi 


10*MK 

£"2”£ , *rwd1^Tld»t W 2T»i0 b® 2» a 
Wartns SnuiH (HMos./o25o* 99 
Wama Wriaa* Rowland rI0o) S2b® 
W«rn«- HstldoVS^tlOp) 39- (31. -Si A 36 


War wick E ogineafliiff I lffwaotl i2Qp> 28 b 
,i5p> -M 2 ' 11;6) 


, whan ft 5t*tnban3 Gp. 7lOp) jfiu 

• aei ?r ... SterilM Ind. a*3P*- 24 6‘ 


Stocktake HldaL 'aSp» 1 63 8 73^^5® , 

StMdard . (HldDS.7 A Non V. -Ord f23 p) 

! Stone- Platt Ind. CSol 1 19i*® 26 
Q r__s StoBim. * ./*m t B7 


h?4s:Vo£. 


>2Sa; :?o 
‘0=1 65 


Stylo. Shoes <2SpK 57 

Sumner (Francis) rNIdBS.I'frOffl- lAta 
Sum rle Clothes f30w 26® oi« 

“ d. -cjOpj 54 

i/6> 



Svkrs (Hanrv> Q5o> 95 i30/s) 


St «i .S»iune izso> 110 i3o>sl 


tCe'jsai: "T-l*r-V 

.* -Jr j Tact iJOpi 29 - 
n. :« 5 Talhe,c Cp. _(5pT 

F7.U- -*►, ■*•«?») ’ -T" ■" . ; 

Jcsc* ti «;*' TanOK IfiOpr .160. 59. - £ 

:erv Tate.* Cal* 172 86 9 73. . 


84* pc . Ln. 68*i 


lOrrS * Off 9 .73. - 6izoe pf . 35®. 

ra® ' ~ .-BbbC-L*- 61 UOit.'Si. IS pc Ln. lOliSp 
*a: ocj- -5* 5* Tate ot. Leeds (2 Sd>-75 6 r»/6* • “ 

L ' T K%9£**‘ ,W ■ a5P> 37B ® ««.-.7*dW 

itCr* L- . ..? prP- <10p> 10 1301 S] 

: Via J “5 I«T»J«»R liSp) ,136. 

•. V- • ‘- r? -• Terefuiion A “ “- 


uflon A Non' V.’ (Spt . 33 



1 Car,van * CWpi'aM# 3 If t® 
“ * ; Si_S 1; Thom Electrical Industries (Uni- -liiie 
cC-V l»fs.^oree 2 {PW) fntol^B© life) 5pcL,r -.* 7: 

S ■’‘Time Products 


*40 

» . . . ...nr nwi«.u (1DP)150 • ••- . . •;■ 

'2aS nK"i Tioxlile Group 1 H;pcLn. 8B U ' 

Sr-' ??*?.! Tltaflhur Jute .- Factory. Spcpr 21 -V- >,-.• 
•s i -Tomkins (FH) (So»- 240 I!;*'-..:.,, - 

• !3e •= ’l Tomlrlnsons- Carnets-' l25n, -.-M'.-'n -rvniei 



.V.v 

? .5 to '■ 


1 18 Vl|6). New 

Weanyell iSp) 22bO 3 2 •* 

W egste rs Pubnentans Op) 42 
^^9*0®** *250) 4101 13119} • 

.: 

v Wg® HWffa. iJfpT 2». 1 Ne4: (f.oJ Op) 

2* : 4. New (So>:-50'-4**0 - .. 

Engineortna. (25») .46 (1/6) 
!K2i B'VS*** » Sanaa (%> 24 no) 
JK«iKSs Boart MIBs fjndf «6 (31iB> 
LuuSU^®*?* Brake Shrnal -c2Sp) 30 
rtSI’i'’ 0 - Airerait U3pJ 48 6. 6pcDb. 
1 69*,: ,;. 7V.pcto.-fe5 (1/8) 


Wffatiiom jZ5a> 4D oi«3 

COPl 243 .(30/6) 


Whatman Hamff-vJiaS «£ 

.Restaurant* -OOp) 340 (30/5) 


Wheeler'* .... 

Whessoe (23 p) 74**« 5 
^ LSOpJ -193 2 - 

Wh«« !T.r3i«D^81b 


fT.yJS.JKDb. sib . .:.. 

Whmrnoham rtIWBRj. 52 4 

WmlesaN : Wttlna*.- (20 b) 2100 160 11® 



91*4 - 

Williams j- oop) 17®. (1/-W- '*••. ■ 
WHIam* aohn) Cardiff (Uoi 49- ’■ ’ . 
Wihnot-BrMden asm 730. ■ Z0 pcP(..(2Spi 

3® *3© > . U' 

Wilson -Bras, aop) 44 3.. TXbpcLn. 55:. 
Wilson (ConnoHy) (25a) -1330- - 

wimoor (Georam-aspi 7^-. 

Wolseler* Husnu 05 p I 196, L"' 
Woistenholme Vreaae Powders 025n> 2 OS© 


0MB* 


Wood (Arthur) 5«n 35 (1465^'" 

MTCfeU 


Wood- Haff Truer C2Sp) 94 3"C1«, 
Wood L «S. W.1 a Op) 39 
Wood house Rlxson 


Woolworth if/. J«J asp) "66® b-.fe 7 
Wormaids... Walker, Atkinson- OSp) 13*j 


I 39 40 .130 5) 

* 2ffl v3£ - 1 - ' , - 


Xarox Corp. (JffiM) ai (ilfe^j' 


York Trailer fifed) 66® . - 

ChendcalS t25*> 97b*- 


Yorkshire 

Ln.- 126 (31,5) 

Yooohal Carnets Cfep) 34 - 


12bpc 


^teb 27 SS 51o??; 4l *" Db 89 

BSSg Mw 

(jUji* l,h <»#l«*BrnuoH Mbrt (JA11 186 

i!S5?_ '"*«Ftment Trust (2&p, 110 i3).-Si 
,n,W4tm " ,,t, <2Sp> 420 (1/61 
,s,,, 27 '* ««, 

F (1???' aBd '"BWjA, Trust (10 p) 17 

!««*»" 14«Ln. 1 04 ' ip® » M ® 
wntNatlonal Finance Com. nop, 2® >3® 
investment >2Sai 12u (30151 
SJ* Durrant and Murray Grp up isp, 23 
Gr2htI2 l ? vritm ®r t Trust (Z5PI 61 • 

tes? ISf t&fVff : 90 m 

'Bb Comm. Finance Coro. SijpcDB. 
*2 (30:5, 6kpcDb. 76 (30/51. T'.oc 
A P*b. J989-92 66 130*5). 10'«peLn. 


,910 (1(B) 

llOp) 1B0 


Kwahu ..„ L 

jf«"B4 Secs. (50a) 24 HO 
Uoydi and Scottish rzoo) 88 
London an« Assoc. Invest. T*t. (IOpi 6*; 

Eurooean Gra. (10 pi 28. 




Uootlon . 

10'jpeLn 

W...4 «w c .group 1 Hides.) (So) 1250 5 
M ''h jnd Allen Intnl. (SM) 1501. Cum. 
Rd. IitPt. 1984 >50p> 681,® 9 7Q (V6) 

M tuS!** Mweantlie Hidge. (io«i 10 

Park P lace Imetts. HOm 3i 

•Ywrtdent Financial Group (25p) Sfi 4 

machine 40 
Sinw Dam Hldn. <10pi 7a® 8. lOpcLn. 
22 CUP 


Lake View lw. Tit. (ZSpI 86® b® 3H B 
Law Ocoenturc Corp. I2ap) 102 
~*-i inuesu Trust Cap. op) 24*j 51:6) 
uc.nO on and GartmarC (POP' 60 (48 5' 
Lonoan and Liverpool Trust (IOdi 26 
E3UJ5) 

bOndon and Lomond JSp) ii« 

London- and Provincial Trust (250) 1050 

*» (1. 6) 

London and Strathclyde Trust i25o) 41 >1 
(30i5, 

tendon Investment Trust 15 bi 3 (SliSi 

hOnoon Mercnani Secs. (2fio> 56® 

LOMO" Prudential dSpi 71's tso 5), 
London .Trust Old. i25o) 189 (30 51. 6 pc 


104.*j« 55, ,t,g, 

■1 Trust me. Sns. Mom 191. 


Smrm Bros. (25p) 57® 

“ Tst (28 Bl 37 8*2. 16PC 


United Dominions 

Ln. 124 


a n Dieman's Land (25 b} 375: 
■son Finance (25o, 45 'SOiSi 


West o( England T« (2Sn) 55® 

Wesrrri Setectton and Oevel. (20 pi 241 
V (31/5, 


GAS (S) 


Imperial Continental Gas 382. 3 
Ln. 180 (31/5). 7pcLn. igs 


5. 60c 


INSURANCE (172) 


Bmerln^ <C. T.1 (25e) 1070 5. lOMLn. 150 


(SO. 5. 

Bremnal Beard (Hldgs.) flop) 42® (t'6> 

Britannic Assurance (Sp) 168® 8 
Conuiwelai Umon Auur/mce I25 p) 149 
7 B si 45. SpcPf. 4 3 U® I.® h 
Eaffle Star (2Sni 137>a® S'i® 6 9 5 
Ennta Finance (U.K.i 9 dcLh. 122 t31.S) 
touhv and Law Life (Sp) 164® 4 
General Accident Fire L»ie (25o) 2169 ,6 

Guardian Royal Eachanee (25o) 222 20 
1 18. 7pcP(. 60 (1(6). 7pcLn, 61b 
Heath (C. E.) i 20 dj 270® 2® 70 
HOBO Robinson Grp. (25o) 180 1 
Howann (Alex.) Grp. (10p) 161. New 

4:0 14 1S - 12h 12 1 1 '* 15 is 

Legal and General (5p) 160® 380 99 6 7 
Leslie Godwin iHIdos.) iIOpi lot 
London Manchester iSp) 140® 

London United Invests. (20o) 173 
Matthews Wrlghtsnn Hldgs, (20p) 170 
Mlnet Hldot. i20dI 188 9 91 P 
Moran (C.1 i20n) 59 b (1/6* 

Pearl -(Sp) 24 0® 2® 2 40 
Phoenix (25 dJ 250 48 
Prudential >5n) 153® 2® 3 2 1 50 


Rerwje jSp> 144® 2 1 


-._. (ZSpJ 351® 57 60 55 6 
Sedg^wkfc Forbes Hldgs. -ion 39S® 30 

Slenhouse Hldgs. (2501 97® 

Sun Alliance London 523:® jg® 22 20. 

B-joeLn. 72 L 130/ S) 

San Lite (5p) 1Q1 

WKMs Faber i29o> 2829 *.« 5 


INVESTMENT TRUSTS (199) 


Aberdeen Tst. <2Sp) 138 7b. 4pcPf. 32 
Aiisa Inv. T«. I25pi 105b 


Alliance Im, 12 jp) 91® cl (6) 


216 b® 159 180. 4bPc 


Alliance Tit _. 

Db. 32 131/5) 

Alt) fund Cap. Shv I50P) 171® 

Ambrose Inv. Tst. Income Shs. (25p) 58 b® 
(1/6). Cap. Shs. (25 d) 59b- 


A'meriean Tst. 'i2Spi 42 b® io 

‘ " . Con. (ZSo) 97b. 


(25n) 


And /a American Secs 
4pcDb. 68 b 130/5) 

Anglo- Inter national Asset sits 

Anglo -Scottish Inv. Tst. i25n) 420(1/6) 
Archimedes Inv. Tsl. Can. Shs. (SOP) 34® 

Ashdown Inv. Tst. 1250) 122 >3115). 4Lpc 


Cnv.Uns.Ln. B3 «30|5) 

t5p) 89 b (1/6) 


Atlantic Assets (2Sp> . . 

Atlas Electric Gen. i25n) 58. 


SpcPt. 40 


Australian Inti. Tst. (SOo) 95: >j»x 
~ - ‘ " ,l/« 


Bankart* Inv. Tst. <2Sn] 54 ij 
Berry Tst. (25 p) 57 b (1/6) 
Blshopsgate Tst. (2 Sd) 160 1 30151 


Border Slim, stock hldrs. (90p) 272 <30151 
“ l 1250) 37 


British American Gets 

British Assets asn) 74 b 5. 


140 M/6) 
British Indi 


fcjff 61 


nv.Ln. 


.ndvst, Gen. Did. i25n) 98® (1)6). 

6 bpcCnv.U ns. Ln. 106b <1(61 
British Inv. Tst. «2Sp1 159® 

Broddsfbne Inv. Tst. (20p) 149 
CSC inv Tst. l2Spi 75. 6 bncLn. 72 
Caledonian Tst. (25 pi 77*3 - , _ 

Canadian and Fore®n Inv. Tst. (25o* 

ids;® *«:• 

capital and National Tsr. i25p* 1200 b® 
Cardinal Inv. Tst. Did. (25 pi 103 (31/S) 


Carliol Inv. Tst. (25P1 HO® 
Cedar Inv. Tfct. t25pi 


63b® *116* 

Channel Islands and inter. In*. Tst. Inc. 
132b (30 5) 

Charter Trust and Agency '25 p> 53® 


City and Cml. In*. TSL CaOtttl 105 
Cltv and Foreign Invest. (Z5n1 79 


letters Grogp* «p) 57 (30/5)^,“;*- 


1 : ELECTRIC * POWER, ;•.* 

■scan A;tn.ff>.)11Jl w .01lS}-;*^ 

■ FINANCIAL trusts , <7S); 

Amer ican Ex ones l5U 50.60 1 29U,"(31/S) 
Armottr Trust. HOP) *1 - (1/6J 0;-. ' ~ * 

Australian Agricultural (SA0-sdVfe7®. <1 .6V 
BtahAPsgate Property and Gend^l , Invest: 


IS: b 17 . t - - 

Charterhoose Crinuo ,{2Sp?.'650 fetf 6 ;7 
C ° m, 78* * FM^nclere ,-oe " 


Corinthian.. Noidfiins fioni 1 
General Tibi 


Dally Mall and- General 

til 6). -- 


19 Iff 




>) 283; (1/6). 




/ 


Dominion* and' "General Tst. i25p)' 185 b 
Drayton Commercial Inv. (2 Spi 126. 
Drayton"’ Cons ltd. (25ffi 142.. 7bPcLn. 

Dranon *Fur* Eastern Tst. (25p. 38 (SOfSi 
Drayton Premier Invest. Tst. i25pi 191 

foualvest Inc. (50pf 61 b®" (TfeC 'Cap. 1 98 

emnDunjIF-Amer. Assess Tat. '25p> 126® 

Edinburgh ,/nvesl. •T**-_ 1 fJ f ^: 1 2,6 .‘»0 JA 23 
Elec.-. Gen. Ihvest. i25p) 71 lb 1 (31 ;5* 
English. I ntn). Tsl (25P) 86 b 
English New Yprk Tsl (25pi 71 b 3 
English Scottish I nvestors U5P) 70 0/6 '- 
B (25 PI SB 0/6'- 6‘XPcDh. 67.130/51 


LOCAL AUTHORITY BOND TABLE 


.. < : Antliorily. V 

(telephone number m 
parentheses) •• 


An&ual - • •• . 

■ gross Interest 'Minimum Life of 
Interest payable sum bond 


Baritiftg (01-592 4500) ,..._. 
Barking -( 01-592-4509) :/..av.. 


Barnsley. Me^ {£236^203232). 


Knows ley ( 05i 54865Soj 
Oxford * (fleas: 4P8H) 

Poole (02013,5151) 

Poole .{02013 5151) 
Redbridge^ (01-478 3020) ....... 

Thurrock (0375 -5122> .......... 

Thurrock (0375 .5122) 
Worthing (0903 -Still) ' 
v Wrekm:.(0952' .505051) 

Wrekln {0932T 5(fe051) _ 


% 

10| 

11 } 

Ur, 

ili 

:lo* 

10 } 

ioi 

10| 

li 

ni 

91 

u 

10} 


.1 i 


}-year 

i-year 
i-ymi- 
' i-year- 
>year 
-i-year 
i-year- 
i-year 
i-year 
i-year 
■f-pear. 
yearly 
i-year 


■ £ . 

1,000 
-5JJOO 
• 250 
LOOO 
’-• 5,000 
.. 500 
500 
200 
; 300 

300 
• 500 
1,000 
ijm 


Year 

4- 6 
•4-6 
-5-7 

5- 7 

5- 7 
5 

6- 7 
5-7 

4 
5-8 
- 2 

5 

- 3 


Cltv and Inin!. Tsl (25»i'iao b 
Claverhotise Inv. TsL >50P> 80 b 
Clvdesdale Inv. i2So* 76 
CoJon®! Securities Tsl Did. (25P) 233 

Continental end industrial Tit. (2Spi 194® 

Crescent Japan Inv. TSL (50p| 160b 


M apd G Dual 
Lap. (1 Dpi i.iob 
M and G Second DUM Trust Cap, (4«) 
20*4 

Mercantile Invest. Trust (2Sn) 38b 
Merchant* Trust CZ&oJ 70® 1 l; 
MetroocHuan Trust dbncPt. 37 1; U (Mi’S) 
Midland Trust (25Pi 74 (30. 5 1 
Monks Invest. Trust (2Soi 48*4 8 
Montagu Beaton (lop) 29. Wrrnls, to 
suh. sfi C3UJS) 

Mootave Invest, so i30 S) 

Moor gate Invests. (25p) 82 
■■oorsMa- Trust 9ocDo. 67® 

New Throgmorton Trust Inc. Shi. (25m 
19*4 18b (31 /Si. Cap.ln. 92® (i/fi) 
Nineteen Twenty-Elont (25P) 210 11/6) 
North Atlantic Securities 7';pcl.n. 104 

uw 

Nonhero Amcrlcon i25p) 93b 4 iSOrSI 
Northern Securities <25p) 102 )31/5> 

°if H ofS? C ?1 W ?1, B l f iiD> 58,:e 7 '« « 1 «- 

Peatiana <25a/ 120 
Provincial Cities »Z5p) 25 (1/6) 

Aathurn (25p) 122b- 5pePl. 39*40 i-o 
River and Mercantile (25o) 167 
3"K Plate Odd. 125P) 137'; 131/S) 
R °5s? '.**sY*> I Nominee! I <FI.S) t US 7.3 01® 

B5» il/62 

Rollnco N.V, Br. Ifl.50) SU586b 131(5). 
Wawant SO (31/S/. Ord. Sub.Shs. (Reg. 
NaL Pro*. Bank) (Nominees) (FI.S) 4S4 


Romney <2Sn)_ 88 


Rosedlamond Caoiul (25pl 71 
Retnscnild jsOp) lam-. iJotR. si (D6). 


fibncLn. ids 

'<5o) 118 ,30/5) 


St. Andrew 

Save ana Prosper Capital H0o) 50® 
Scortlsn American (SOo) 860 9 8'- 7 5 
Scottish Continental iZSp) 73® 

Scottish Mercantile 7bncPI. 5Bb® 

Sea tt bn Eastern i25p) J33b 7 b a'.-pcPf. 
35'* 1 1 / 63 

Scottish . Investment Tsl (25o) 95':® a b. 
S.SncPtd. 40 <i/6) 

Scottish Mortgage and T«. (25pi no*- 
Scottisn National Tst. i25p> 13a 
SURIsh Northern Investment Tst, (25p) 

95 4 b (l/6> 

Scottish Ontario Investment (25 d> 135 

Scottish United Investors I25p) 72® 3'- 4b 
Scottish Western Investment (2Sm 92b 
cl (6). 8 Ord. .2Sni 87 C30/5i 

Second Alliance Tst. i25n) 182 (116) 
Second Great Northern Invest. Tst. (25o> 

Securities Tst, of Scotland (25pi 179(j® 

Sa'j© 2 

Shires Investment (SOo* 132 il/6) 
Sbewel, European Investment Tst. (lOp) 

Sphefe Investment Tst. (25 oj 106® 
Sterling Tst. (2Sp) 168®. 5 dcPT. 39® 
Stockholders Invest. Tsl. Spcfff. 390 
Techno! oar Invesiment Tst (2So) 92® 
Temple Bar Investment Tsl. i25ol 92ij® 
2 0/61 

Throg morion Secured Growth Tst. Cee.Ln. 

96 l (1/6* 

Throgmoton Tst. (2501 69 b (1/61. BbPC 

Unwc.Ln. 1 06 <1-61 


Trans-Oceanlc Tst. 1250) 164 
Tribune Invest. Tst. (25P) 61 


- - 63 b (30/51 

Triolevest Inc ShL ISOol 61 <1/6). Do. 

Cap.Shs. 136® |1'6. 

Trust Union iSSpi 98 <1/6) 

Trustees Con. f2 5o) 129':® 8 Il,6l. GbDC 
DB. 64b (1'fi) 

Tyneside Invest. Tst. (25P* 110 
Unlied British Secs. Tst. »2So* 122':® 3 

U "a2 d c3o?sr ,nd °* n ' Tst ' Cpn ' * 25d1 

United Stares DeO. Con. CSol 93'- Snc 
Unsec. Ln. 95b® ft?6> 

United States Tst. Invest. Fnd. (SUS1) 835 
(30/51 

Viking Resources Tst. i25ol B9t® 91® 

&&*?**“' Bea 1,wctt - T>t 
w «*n Invest. Co. i25p) «4i T 9 f25ol 80',. 
3';pePt. 28',® n,6). a'rocPt. 36b® ni6>. 
BocConrsn Db. 69', (l ’Bl 
Yeoman Invest. T«. >2Spi 160® <1>6) 
Young Comoanl-s Invest. Tst. 72. Wrrnts. 
to sub. (or Ord. 13 


UNIT TRUSTS (2) 

M U mu s°; fi®T“" aen - Tund tncom * 

“WIS High Income Fund Income Units 

I OS. 7 D 

M (l*6? G Accumulation Units 150® 

^167^®" Trust Fund Income Units 


MINES 

Australian (11) 


MIM Hldgs. itAO SO' 206 
New Guinea Goldheld* rJAOJSl 140 
North ^Broken Hill Hides. (SA0.50) 120® 

Norm Katovrii isao.sOi 15® 

Pnrlnga Mining ExnloraUon (5o) 38® 6® 

Western Mining (SA0.50I 126® 30 4 3 2 


Coimun- rt. Alee* in* 9 pet rt Dh. 75 (1 'S5, 
SrrLn 4fi* 

Compco Hides. 1203) 1100 11:6) 
country a no New Town Prom. (10p) 23.- 
2. . 7PCL". 70 
Da elan HIDQS. '25Pi 93® 4 
Dam ESU1H llOo) 18® ; (16) 

Dor'H*S» n •"* l, °PJ 53 (31 iS) 

English ProDerty Corn. (SOo 4 SO 4 b S. 

Si-otLP. luO 98 (3o.'Si 
Estates »"fl Agency Hides. 3i-pcPf. 35 b® 
rl >8’ 

Estates -and General Inv. OQb) 200 
EMates P inwrtr l"v i2Sd, 9i 
E vant oi Leeds i25pj ioo 
G reat Portland Estates iJOpi 2949 (l.fej 
Green IH.) Properties ilopi aoi- 130/S; 
Greencoat Properties <5p) 7-® 

Halm P-ope*ties (Z5n) 49 n-&, 
Hammrrsp" Pron. ana Im. Tst. A (Z5p) 
573 130/S) 

Haslemare Estsirn iIOdi 241 40 
IntereurOpaan Property Hldgs. 1IO01 32':® 
■ ij 3 

Kernings Estates BpcistDo 70<,® ri.Ei 
Land lnra??2. MSbj 4^ .30 5) 


Land_S*c^r»tms (som 209® io® 9 7 b 8. 


gpcDb. 71':® (1/BI. B'-pcLn.' 66 :® 7. 
S'ipcLn. 161® 3 1 1.51. fii.pCLn. 

14*20. tODCLn. 140 (3015) ^ 

Law Land (20pi 41 1*® 

Lewis uonm _9bocDb. 7S' ; 1 30/51 
London Shoo Progeny i2Spi 61 .1.61 
Lvntpn HI89J- WOpi 112 (61 1> 

M ilSsJ 25PJ 1Z5 ° 5 3: ' ^peLn. 94 
Mldhurst White Hldm. (ioo) 44 (1|6> 
Mountvlew Estates (5 di *7 : 

Mueklow (A. and J ) (2Sp) 122 
Peaeaev Prooeriy (25 pj 79® 80 7Bb 

Property Hldp. and In*. Tst. (25 p)'300 

Property Partnership (2Sn) 11a ri-6) 
Raglan Property Tsi, ispi S’.o S (v 6» 
Regional Properties >25n) 7B® 5'a:® be®. 
A (2aP> Oub 

Reflehle Properties (25 P , 44® 

Rush and Tomoklns Gro. i25pi 1111, 
Samuel Properties (ZSdi 80 
Sconlih Metropolitan Prooercv iZOpi 
107® 10® 7 

Second CUV Properties .'(Qp, (16) 

Slough E mies (%5 p> uai.® is 
Sur g (Great Britain > Hldgs. 6pcDb. 6 lb® 

Stock Conversion and In*. T«. 12501 2S0 
Sun lev (Bernard) Inv. Tst. (25 pT 2Z0 
(31.'S» 

Town and City Properties 'IOdi 12 ' 4® 13® 
U l2b 13 12': 

Town Centre Securities r2Spi 57:® i.;® 
Tratrord Park Estates '2Se> 101 (31. Si 
United Kingdom Prooert* (25 di 191. .so Si 
United Rea, Prooert, tm, (Jspi 249® 
iveBh Uoieohi i5o> te 
Wertmlnst er Property Grp. (Jo P i 1 o® 

Win toe Estates i2Sp< 36': ri 61 

RUBBER (23) 

AmjltLlndonmlaii Corpcvarions i25p) 

Brachial I (F. M. S.t Rubber Ests. CIOol 50 

Chersonese >F. M. S.j Ests. n«. (iOdI 42 
Consolldaied Plantations (10pi 371, 6b 

□unhsp Plants. 6ocPf. 45 

Grand Central invest. Hldgs. (ton) 9 

Guthne Coron. 322® t8 19 20. 3.92500 
Pf. 441, (3DS> ^ 

Harrlsom g ^ ,l £!** n t**»- OOpi 86»i»c 

H tifr lM/ C30%?* Low,i, ' d * »ertiad (Ma SO -50) 
Hbiyrood Rubber £15 (1 fit 
inch. Kenneth Kafang Bobber non) 101® 
litra Rubber Plants. rlOoi 66 ii«, 

London Sumatra Plants IO01 14s® 
Malakoh Berhad (Ma SI > 91 t3o 51 
Muir River Rubber flOpi 48 g 131.51 
Plantation Hldgs non) 70 
Surnel. Krian Rubber Estate C10p> 75 


Ampo, Pets. 69 
Anglo Unites 152 
Assoc. Minerals 90 
B. H Soutn 97 
Bougainville Ctnoer 128® 8 
Sow Valiev £20', 

Commonwealth ind. Gases 208 

ConzJnc Rio Tmto Australia 225S I 

E.Z. IndS. 202 

Electrolux B Rts. 6 

Falcohbrrdf e Nickel L 1 ?'tCQ 

Haw Par 360 

Herald Weetrlr Tunes SOO 

Hutchison Whampoa SI i*® SOL. 1 b 

Jerome Matneson ZZ6o 

Jardlne Securities IIS® 

Lennard Oil Z7® 

1 Math son Fund EllW 
I Metal Eh 34 
Mid East Minerals 44 
Minnesota Mining 5UJ.S4la* 

Mount Lyell 35 
NLT Com £13'} 

New Metal 41, 

Nor and a A £19 > 4 *o 

Northern Mining JOSO 30 2 7 16 4 
NyNa Coro. 38 
Oil Seacn 12® 

Pacific Copper 49® a 

Pancont 1 nental £13 *b 

Rothmans iPall Mall) Australia 237 


91 


130/S) 


SHIPPING ("5) 


<31 IS. 


Brit, and Cmnwltn, Shipping iSOp) 280 S 
( 1 / 6 ) 

Caledonia Invests. (ZSp> 235 
Common Bros fSopi 130 
Furness. With* 260 1I161 
Gra la Shipping 14S (3i>5> 

Hunting Gibson (43 tH6% 

Isle ot Man Steam Packet 1490 
London and Overseas Freighters (2 So 
36b® 6 

Lyle Snipping A Non-V. Ord. r25n) 107 
Ocean Transport and Trading izsol 1240 
3*, 4 Z (, 

Peninsular and Oriental Steam Navigation 
D*d. Slk. 93',® 4® 3b 3 2i- 
Reardon Smith Line (SOo) 90.' A Non-V. 

(SOo) 39 
5U0 Line 103 


TEA (9) 

Assam-Dooars Hldgs 6ocPf. 70 
Assam Frontier Hlogs. 303 
Assam Invests 11 8® 

Camellfl Invests. HOP) 250® 

Smplrt Plantations Invests. rlOp) 27 
^okai Hldgs. 303 il>B> 


3 ng bourne Hldgs. 327 9 2 tt/6) 


McLeod Rassei 6ocw as iSQ.'Si 
’ZS o) 


Warren Plantations Hldgs. >2Se> 217 
Western Dooars Hldgs. 147 '31/5). 60c PI. 

Williamson Hldgs. GocPI. SO 


Miscellaneous (76) 

AMAX 8pcSubd.DbL due 1/1/86 (SU5100) 


Crossfriars Tst. (25oi 89 (31/S) 
Debenture Coro. (2, r 


£71 (30/5* 

Aver Hitam Tm Dredging Malaysia Ber. 

had (SMal 1 S4S 
Burma (i7i:oi 150 


Charter Conid. (25m 136® 8® 5 4 
■IB 


Consd. Gold Fields (2S0i 1737® 80® 79® 


^547 6 5 6 9. 8UPCUns.Ln 68 (1 J5) 


Estate Dtrtie* invesL TsL. 3Q0.3 298 

flainU ' " ‘ 


.~~1lr Invest: (iSp* 90 (1*1 
First Scottish Amer. Tst. (2Soi BBb (30/Si. 

Foriripn Colonial InvesL T«t. (25o» 158® 
fit- 7(, 7 6 

'Fundi nvest Cap. '25p* 56*t0 
GT Japan Invest. .I*L. I2SP> 1 1 1 < J1 (S' _ 
Gen. Cotnlld. InvSL Tst. l25p* B2 (30*5* 
SkrilFunds Inv. TlL (2501 148b® 
General 1 n * l><s , - 5 2501 103 

General Scottish Tit f25t») 89b • 

General Stack holder* Inv. Ts t £‘* 0 S,V; 
Giasoow Stockholders Tst- P25or 95b® b 
Cl 16 ■ . _ 

Gtgndevon Inv. 7*t (ZSo) 921, (STS' 
Gienmurrav inv. T*t. i25p» 68 b Ili6> 
Globe Inv. Tsl.(2Sp 1 109b 10 7t. 4pcDh. 

C8 7b (31/S). SijncLn. 87 
Gcmtt turopc^n -Tit. l25pi W 7 S»i 
Trust SoePf. 39 , . ,« 

Gredt Northern Im. T*t. (25m 99 «1 W 

Group/ Investor* B3ol H e„»v an 

Guardian " Inv. Tst. (25ol 77. SpePf. 40 

jarBugjKsjfay&i 

iShL^ss. 7 ^ «- - 

Warront* to D sub*crlbe^»r Ord 54 U 

jsssss > vrtK.iys , s^. 7 ‘w « 
!^ar,urv£K,r?.f%-s. 


.cardajwrsh-jEt 

Jersey Ext 




Mng. FKDln. II On) 59b 131. *5) 
Gnevor Tin r25p» *30 
Malayan Tin Dredging (Ml Berhad 
(SMI ■ 398 S (31)5* 

Rio Tlirto-ZInc Coro. i25o) 225® 6S® 5 
8 5b 6 4 7. Ord. (25 d) 235 (31 Si 
Arcumal-otina Ord. 123o) 200® J® 5. 
3.325ocAPf. 38b® li®. 6bpcU ns.Ln. 61b 


Saint Plran 25o) 55 (1/6) 

“It. (25o) 414 12 


_ lection T*t 

Seltrust invests IOO (1/6) 

C'lvrrmlnes (2b«>) 55® 5 7 Ml6l 
Sooth Crafty (IO07 55 7 
Southnrn Malayan Tin Dredging (SMI) 310 
130/5) 

Trn-oh Mine* Malaysia Berhad (SMAt) 

2« 


Rhodesian (17) 

Botswana RST IPU2) 260 102- 
MTD fMangulal 'ZSp} *7 13015* 


Mineral* and Resources Cora. 5801.401 

17B® St '1.16) • _ 

Nchanga Cons. Conner Mines SbpePf. UCZ) 

Roan Cons. Mine* (K4) 830 70: 
Tanganviica Concecstens (SOo) 171® 65® 
7® 4® E 4 5 1 . 

Zambia Copper Invests. (SBOO-24) 16® 
Ij® 16 


South African (44) 


Anglo-American Coal (R0.10) 296 5 
Anglo American Gold Inv. iRlI SUS21 
,3UiS) • 

Bishopsgate Plantlnum lRD.101 86® 


TELEGRAPH & TELEPHONES 

Great Northern Telegraph i Denmark* IBr.i 
63 (1)B> 


WATERWORKS (6) 


East Anglian S 85oc 80b 1 (31/5). 71. DC 
Db. 64 (30*5* 

East Surrev 3. SoePf. 35 r31is>. 42pcPf. 
fiH-0 d/6). 7pcDb. 1990-92 60b /l/SI 
Essex Water 3.5ncCons. 36 n/6). 3-SbC 
Pf. 37 »1(S). 4. 2 dc Pf. 69 1 1/6). 7pc 

Db. 19B7-B9 67’.:® 

Hartlepool Wtr. 3 Spc Max. 35® l1/6> 
Mid Kent 3. Spc 37 
Mid Southern 3.5»c 80 (l.fel 
Portsmouth 3. Snc 33'.® (1/6) 

S. Staffordshire J.Soc 35b® 

Sunderiard and S. Shields 2. Spc 28 fl/6) 
4Jpe 64 


SPECIAL UST 


Business dose in securities In the 
Monthly Snpplement 


JUNE 2 (Nil I 
JUNE 1 (Nil) 
MAT 3i (Nil) 
MAY 30 (Nil) 


RULE 163 (I) (e) 


Bargains marked (n securities 
which are quoted or listed on an 
overseas Stock Exchange. 


JUNE 2 


Agrlco Eag'e 3650 
Air L'o 


L'ou'dc FF309® 


Btfvoorultzlelit Gold Mining (ROJJS) 3320 
3U54.15® . 

Bracken Mine* (R0.901 66 
Biyvoru/Uicnt Qoio Mining iRO.lSi 332® 
□urban Roodeport Deep (Rl) 5US3.00 

Eut f Drteronte«n Gold Mining (Rl) P.760® 
East Rand Con. llOp) 17b ... .... 

East Rand Proprietary Mine* (Rl) 
SU53.5Z'a 

Eland strand Gold Mining (ROJO) 194. 

New iRO^Oi Ibb pm (31/5) 

Elsburg Gold Mining ,R1( 11 SO. 

Free State Development & Inv. Corp. 

IR0.50I SUS1 (31/51 ■ 

Free. State Geduld Mines (ROJOi SU519>. 
130/S) 


Gen. Mining' Finance Corp. (R21_15i| (3115) 
Ids 


5. Africa (R0.25) P1300® 
Mgg- (RO.SO) SUS3.85® 


5J 


;J JO 
5 


" 


i-: 03 



_ . "Deposit -Share 

'■ ’■ •••• Rate.-' A cents. 

> Abbey ; NatJonaT ;"S0% ; / Sj80% 

Alliance , 5-25% 5 50% 

Anglia - . 5^5%- , 5.50% 

. Birmingham . 5^5% ' •5.50% -. 

' Bradford And Bihgley .-...S- ; 5-25% ' ' 5.50% 
Bristol ^ JOKiW/eat,: ..a. . ^ 

:■ Bristol 'Ecanohjii-.^-L.i.. 

■' Britannia . -.1 — 

v Burnley ; .. ... .. . 

C5anfiff 
1 j; Catholic 

v Chelsea •.> 

v Cheltenham and .Gloucester 
: OtJ2fefis'\Begency . 


*".1* 1 


T »ii’- ->S 

' W J 

ie« fi :: 't=- 




C'5> 



BUILDING SOCIETY RATES 


Stib'pn •_ • ... 

Shares , .- •••»-.' *Term Shares 

•0,75% -6.50% 3yrs^ 6.00% 2-yrs. 

•6.75% ; 6-50% 3-iyrs., 6.00%-2 yrs.,5.75% lyr. 

6^0% 3^yrs,, 6.00% 2 yrs., 5.75% I yr. 
6.50% 3 yrsi, 6.00% 2 yrs., 5.75% l yr. 
6.50% yyrsL, 6.00% 2 yrs., xnin, £500 


• 5.25% ■ - 5.50%. 
. 555% . - :5S0% 
-5-25% . 5-50% 


-.‘•City of London 

[f Coventry Economic. 

■i Coventry JProrideat , 

/■I Dirttos^re ' 

:i-. ...■ J- i • 


.5^5% 

5.75% 

5.00% 

5J15% 

W5% 

525% 

5-50% 

5^5% 

5J25% 

5-25% 


5.50% 
6^0% 
■5 60% 
5.50% 
5.50% 
5A0% 
5^0% 
5.50% 
5.50% 

■5.50% 

c rznnr 



; 6.75% - 
'6.75% 

, 6.75% 

. 6.75%- 
6.75% 
-6.75% 
6.75% 

- 7.30%. 
6.75% 
6.75% 
6.75% 
7^0% 
-6.75%- 
6-7p% 
.7*0% 
,6.T5% 

6J3% 

'6jB0% 

6-75% 


5.75% 3 months' notice 

6.50% 3 yrsf, -6.00% 2 yrs., min. 1500 

6.50% 3 *.00% 2 yrs. _ 


Jllakings : -an'd‘3aimi?t; .. . - 5 d.w%, j 

Heart of Edglandz -Uw.-.:, ^525%, . . 5.^%., 

Hearts of- Oak & Afield a* • ;5^5%. '. o.io% 72*% 


' Hendon 

: Huddersfield * Bradford ... 
Leammgtop Spa '-V...v.l.— ... 


.' ’Leeds' Permanent: 
Leicester 

Liverpool .‘.l-.J .m 
London' Goldhawfc. 
Melton Mowbray 


•5.50% 

535% 

5^5% 

*J5% 

535% 

535% 

535% 

5-35% 


, Mid^iires_ 
MqmiBgton 




5.50% 

5.60% 

550% 

5.50%: 

5:50% 

5.75% 

5.60% 

550% 


6.75% 
‘7.38% 
. 6.75% 
6.75%’ 
6^5% 
;7.oo% 
•6.75% 
6.75% 


— • 550% over £5,000 ; . 

6j25% 6 months' notice, min imam £500 
6^0% 3 yrs..' 6.00% 2 yrs. (£500-£15.000) 
. 7.05% 3 yrs^ over £5,000 

6.72% 3 yrs, minimum £500 

6.50% 3 yrs.. 6% lyr. min. 3 mths. notice 

6.75% 3= yrs. 

— • yp io 6% 3 months* notice 
050% SyrjL, 6% 2 yrs^ min. £500-£15.000 
6.45% 3 mths.’- notice, minimum £LOOO 
6.50% 3 yri, 6.00% 2 yrs. 

6.50% 3 yr^, 6.00% 1J yrs-, £250-M5,000 
650% 3 yrs, 6.00% 3 months* notice 
6.75% 3 yrs., 650% 2 yrs., 6.25% l yr. 
630% 6 months' notice, minimum £2.000 
6.50% 3 yrs., 6.00% 2 yrs,. £100-05,000 
6*5% 2 yrs, . 

6.50% 3 yrsC, A00% 2 jrrs., min. £1.000 
6^0% 3 yrs, 6,00% 2 yrs., 5.75% 6 mths 
6.60% 3 yrs.; 6.10% 2 yrs-, mia - fLOOO 


6.35% 2 yrA, min. £2,000 

6.50% 3: yrs., 6.00% 2 yes. min. £250 


f- National' Counties . — • 

Nationwide 

Newcj^Ie Permanent' - 
New Cross ....... w. 

Northern Hock; 

Norwich.^ — • 

1 PaBtey. 


&20% V 6-20% 
-5.50% . 5.80% 
-5 35% 5.50% 
^.00%'- 550% 

650% 6.73% 

5i5% 5-50% 

5^5% 5J0% 

535 % 5.50% 


'.A75% 
v 650% 


6^5% 3 months ‘ 

6.50% 3-4 yrs^ min. £500, 6.00% 2 yrs. 
6^0% 3 ycC 6.50% 2 yrs. 


PeckhaxmMumi 


6.75% 

7.00% 

6.75% 


6.50% 3 yrs, 6J)0% 2 yrs., min. £100 
6.25% 2 'yrs, minimum £500 
6.50% 3 yrs., A00% 2 yrs^ min. £500 


n-whraaw • -. 5^5% 5 50% 

wndvdff!S3®.-’*!W»: igS-'- S 


6.75% 

6.75% 

6.75% 

7^5% 


L Property,Owh.ers 7-^^“ IS? ’ 530% ‘ 5.75%. 

|.Pg}dnaal ; v—v;;-;;. s ; 5.50% 6.75% 

Susses Mhtual - : -5.50% *10.00% 

525% .* "5.50% .6-75% _ _ . , 

line : with changes in ordinary share rates. 


Vovm^ahd-Country 
i Woolwich 

"'•: v " ♦ >’ Rates normally variable in 


6.50% 3 yti,- 6.00% 2 yrs.3.75% 3 mths. 
6.00% 2 yrs^. minimum £500 
6.65% 3 yrs. 8.4% 2yrs.,6J5% Smths. not. 
8.40% 3 mths-TiOL m 4 *Q% to Jirnitd. cos. 
t50% 3-4 yrs„ 6-00% 2 yrs. 

6.50% 3 -yrs., 6-00% 2 yrs. 

635% 3 yts.j 635% 2 yrs^ 6.25% l yr. 
6.50% 3 yrs^ 6.00% 2 yrs. + Max. £250 
6.00% 2 yrs^' 650% 3 yrs. / 


Gold Flel 

tim 

Harmony Gob) 

0295 

Hsrtcooustfomnn Gold Mng. (Rl) P1304® 
Johannesburg Cons. Inv. (R2) £T2T« is 
fl/Bl 

Kiooi Gold- Mng. iRD 530 (31/5) 

Leslie Gold Minas (R0.6S> SUS0J521® 
0.52 b;® 

LlbJrton Gold Mng. (R1> SUS7 
Loralne Gold Mines (Rl) 80 (31/51 
Lydanburg Platinum tRD.IZb) 65 6 <1/6) 
Messina (Transvaa)i Dev. (RO.SO) 98 
Middle Wltwaiertrana ffVasnm Ar#«s) 
010.251 182® 

President Brand Gold Mng. (RO.SO) SUS1 1 b 
(31 [5/ 

Pr^^Srevn Gold Mng. (R0.50) p705® 

Rand London Coiren. <R0.15i 52® (1/6) 

Rand Mine* Props. iRD 104 (30/S) 
Ran^o nt aln ^EttL^jGokl Mg. Wffwaforarand 

Rustenburg Platinum Hldgs. (R0.1O) 83 5 4 
SL Helena Gold Mines (Rli 7B3p (30,5) 
Sentrast Beoerk (Ro.ioj 208 (ao/S) 
Soathvaai Hldgs. iRO.SOl SUS5.70 (31/5) 
S CMlS* n GWd <R0 - 50 ' 4US2JD 

C®"*- L,, *ti and Exploration (Rli 


£13.65 
UC /nrratmenn (Ri , 212 
Union Corporation (R0.6U1 2S4 60 

v “ l 25nu¥iW?S,!3? M,nlno tR0 - S0 ' 

Venieraosi Gold Mining (Rl) 222 (1/6) 
V^Pristrulsbun Metal Hloga. <R0.02b' 58 


Gold Mining (Rij 


130/5 

West Drlefontein 
SU527 1] 

Wejaarn Areas Gold Mng. (Rl) susz.20® 

0174 

Western Hldgs. (RO.SO) P1707 
Wjukelhaak Mines (Rli -646 (30/Si 
WltwatersraM Nigel tROJS) 43 (31/5) 
Zandpan Gala Mining (Rl) 199 (31/5) 


West African (!) 


Amalagmmated Tin M0 p] 25 
Blilehl 1 1 Dpi 6 (1161 
Gotti Base Metal (JZ' : p> 10 tIOIS) 
Jantar <12bP) 10b (1/6) 


Diamond (14) 

A nolo- American . (R0 SOi ' 361,0 
DcBeers_ ,tU[» _11. __Dld (RO.DS) 


3470 5 


<8r.) (R0.05) 415 

OIL (166) 

Attack Petroleum <2 On) 78 
BriL-Bomuo Petrotaum 5ynd. (lOp) 1580 


8 7 


British Petroleum 884® 75;® 70® 81® 
3® 80:0 64i B® 70 68 76 2 64 6 
5pt 75 4 68t 60 6. BpcistW. 69® 
7bi. 9pc2napf. 77b® 8. 6peDb. 88 -L 
8 ■ 30(5 > 

Burmafi OH 670 8 5 6 7. 7UocPf. 47/j®. 
BpcW. 52 b® 50* (1/6). 7hPCLn. 64. 
8'yjeLn. 60 U® 

Century Dili LlOpl 57 b « I/O 
Charter hill I5«J 24b 4 3 b 130/5) 

Conoco 71-pcLn. 63*1? U? 


Duckham ^Aleaanaer) 7pcDb._64 


S. Sijoc 
PtTjtDb. 


Esso Petroleum 5>jpc1stDb. 99 
IstOb. 80 'si® 1*1® d.'fii. 

89l«> 

XCA rntnl. (25p* 25 4b (1/6) 

London Scottish Marine oil OSW 160; 

14pcLn. -103U (31/5* 

OH Exploration llOo) 242 


Premier Cons. OiHigltit (Sp) 173, 1 8 
Shelf Transport Trading <2£ 



So) 562® 80 
S7 63 4 58 5 6 60 53 62. Br. <25p) 
562* 58. S\’pc1stPt. 45 b «0/5). 7pc 
2ndW. 600 59':! 

Tesoro Pet auso.16>*i S75 ■ 

Texaco IntnI. Kin. aVpcLn. 57*, 8 flife) 
Trlcenlrol (25pi 181® 3* 2 77. 7peUi. 
190 

Ultramar (2Spi 281® 77® 90 3. 7pcPfd. 
157 (31/5) 

PROPERTY (115) 

A Hied London Props. iIOpi 55*a 
Amal. 5iores iSp> 9'aO 
Aairfs Secs. (5 pi JD'a 20 (30/S) 

Avenue Close (20p, 72® 

Bk. Commercial Hldgs. (10 p' 2*j 3- 
Barranaullla Invests. 7UpC1StDb. 54 -»! 4«t 
Beaumont Props, i25pi 86:® u:®. BocLn. 
57;® (1/8) 

arilway ,Hla«. (25p< S2b 
Berkeley Hamoro Proo. i25p> 107 12 
Bllton IP.) (ZSP' 1630 
Bradford Prop. Tst. I2 Sp» 222 «30/5* 
British Land (25pi 31 's 2. iSpelsiDb. 
1 07 b 

Brlxion Bst. <25p, 103 (l.fe) 

Cauftal Counties Prop. <2 Spi 54b® 2‘, 3. 

BUPdsfDe. 81 (6(1). 94tpcLn. 72 (31>Si 
Carding Go. I5 p) 200 
Centra* Dlst. Prop. 6(.ncLn. 79b (30/Si 
Centro* Inrlal Ests. ,20 pi 67?,® 8® U Ml 
Chesterfield Proas.' i25 P ) 300® 

Chown Sacs. (23 p) 12® 12 0/6) 


GOLD MARKET 


Senering JU.S.1J7U 

Klem 5 U. 5.70 


Smith 

Southern Pacific Pets. 228 
Sparg £*. 35 
Swire Props. SI 
Thieaa Hldgs. 222 
Timor on 6 

WheelMk Maroen A 43 -s© 35. 

Whim Creek 5So 

Woooslde Pets. 69 

Wool worth IF. W.) Com. fcJ5': 


B3A^S 


u 


JUNE 1 


ARC indasrs. ioo 
Australian Oil and Gas SI 2 
Beaen Pecs. 46 
Bcrluntai Tin 2BSO 
Bridge 011 99 

British Controlled Oil Arias 14® 

Central Pacihc Minerals 740® 700 
□ unlop RuBbar Australia 125 

Endeavour SnourtM 19-.; 18 -a 

Gold Mines ri Kaigronie 540 
Jer-nlngs (A. V.i 120 
Kullm Malaysia 49 •» SOO :> 

Lagan (John) Conv. A SlS’is® 

Lena Lease Coran. 241® 

Mvers Emporium 155 

Oakbrldpe Secs. 160 1 

Ontario Hvoro 8 :oe 1985 SUS96 b H 

Phillips Pets. VjSMI;® 

P/oneer Concrete 1 38 
Reno/os Meiai C25». 

5c udder Duovest 675 
Sieign 'H. C.) 68 
Swire Paelftc Aril 
Ta.sno Marine EDR 029 
Tn Continental £1 5' is 
Vaurgas 40® 

Walgreen £18*® 

Weeks Natural Resources 160 


MAY 31 


Alliance OK De*ris. 21® 
Ampol Pets. 71: 

Argo investments 1 35 
Assocd. Manganese £16-'*® 
BASF SUS6S>.® 

B. H. South 99® 


Saver SUS65*,® 

Beach Pets. d5 
Bow Valiev inns. £20 
CKm Grigr apcConv. EBZ^ie® Hia®. SUpg 
C onv. £91 

Coniine RiQtmto Australia 2380 
Eurunton SU549I-;® 

Exxon Caron. SU546V 
Florida Gas £24 1 4 : 

Hong Kong Land 135 
jard>ne Maincian 227 
Lafarge FF149 
Lehman Corpn. 550:® 

Marra Deveis. B'« 

Merck £46 'a 
Mount Lyell 38® 

New Metal Mines 5b l< 

Oi, Sesrcn I3i,® 12 
Pahing Sons 63® 

Psko Waliacnd 507® 5 
RIB Algom tUS23:a L 
Selcasi 35® 

Southern Pacific Pels. 2850 45 
Steoo Rock and Iron 170® 

Tara Ex £i 1 
Thless HldCt. 222 5 


Westmex 7b:® 8® 
Whim Creek 72® 65* i® 


MAY 30 


Acmex Holdings 16 
Afrikanticr lease* 204® 

Air Products £2 2 -'it® 

Allance Oil Deveis 2U,0 20 1?® 1U0 

American Tel. anti Tel £49*00 

Bank ri New south Wiles iAu». Rag.i 545 

Carlton United Brews. 2050 

Castlemame Perkins 3320 

Central Pacific Mlnucrati 780® . 

Cioa Gelgv 7UocConv. £92 _ 

Contlnc Rio Tints Australia 236® 

Duff Deveis. 54 

E.2. Inausrrles 202 

Haw Par 38',:® 9:9 

H ighwald Steel 90 4 

Jaoan Fund Inc. (US9>, 

Latcc Invest. ID 1 :# 

Magnet Metals 21® 7 . 

Mid East Minerals 44® 2b® SS 49 S3 
New Zealand Forest Products *68® 

Ocean Resources 25 

Drier Expitn. 36 40 1 

Perkin Elmer SUS22“i.O £17 
Procter and Gambia £68'*! 
seoco tzsv _ _ 

Thomas Narlonwide Transorit 100® 

Westfield Minerals 830 99 

Wool worth Hides. Oro. 192. A Ord. 19Z 


RULE 163 (2) (a) 

Applications granted for specific 
bargains in securities not listed 
on any Stock Exchange. 
JUNE 2 


All England Lawn Tennis £50 Deb £3.924 
Ann Street Brew. 51 D 500 
Aran Energy HO 108 
Arbour Court Invests. 10 
Burroush (James) 107 
Clairmace 33 
Clyde Pet. 126 
G.R.A. Prop. Trust 12 la 12 
Gibbs Mew A 420 
Jersey Elect. 7ecLn. £93 
Jersey New Waterworks 3pe Cum.3rdPf. 
IOO 

Jersey New Waterworks Cum. 3bpc2nd 
Pf 120. 3JiDCCum3rdPI. 130. 5 PC 

Cum.Pf. 175. SpcCum.JpcPI. 175. 9*:pc 
Db. £88 

Kathleen invest. 1 Australia 1 185 190 
Queen 5 tree t Warehouse 3 p 


JUNE! 


Aston Villa FC £16 ; 

B. Ayrat Lacroae Tramwys. speCons. Inc. 
DB. £11; 

Camnmdge instrument 1': 

Eastbourne Waterworks 43 _ 

Ecclesiastical insurance 4pcCum.Pl. .30 
Kotmaiie Valiev Eats. SpcCum.Pf, 20 
Muting Invescmcnt 29 
Manunajiuu Tea Esrare 7 
Queens Park Rangers FC 5peR«ti-Cu(n.Pf. 
22 21 

Southern Newspapers 220 218_ 

Seuthsea Clarencg Esolanaoo Pier 580. 

6pcCum.pt. 52 

West Hampshire Water A B45 


MAY 31 


Castieton Brewery 1 85 
Clairmace 34 

Com. Elect- Pro*. 8- -aires 1 
Wm. Dawson Hlogs. 46 45 k 
Dotoswclla Hldgs. 29 
Eastbourne Waterworks 2-8pelrred.Pf. 125 
Farestra Pulp and Paper 1 3 
Fuller Smitn ana Turner A 250 
Gibbs Mew 415 


Le Riches Stores 523 520 
Oldham Brewery 70. 


... SpcUnhLn. £60 

Portsmouth Water 4pcPerp-Db. £27 
Tea Corporation g 8 b 
Teiheotie Ragalis imr. 7 _ 

3M United Kingdom 43pcCum.Pf. 57b 
571, 


MAY 30 


Cedar Holdings 10 

Darling Fund 5A1.71 150 d 

Gadek (Indonesia) 45 

Grampian Television 35 

Grendon Trust 1 IneSub Uns.Ln. £51 £50 

Ken mare OH Exploration 37 30 

Ma&scr Waterford iron 6 pCCun.Pt. 25 

Mid-Kent Water SpePerp.Db. £19 

NMW Computers 158 

Oldham Estates 126 125 

Pet rim. Royalties Ireland 185 

Plymouth Hotel SpcCum.Pf. 10 

St. Pancras Housing Soc. Conv.Ln. £12 

Viking 011 145 


RULE 163 (3) 

Bargains marked Tor approved 
companies engaged solely 

mineral exploration. 


in 


Oufl on 410 

Slebem 450 


JUNE 1 


MAT 31 


Sleeens Dll and Gas 4S6 432 430 426 
422 420 416 414 412 410 


MAY 30 


CCP North Sea 862 
Cluffoll 425 

Sleoens Oil and Gas 446 442 440 438 


may 26 


CCP North Sea 862 b 

Sleoens HJKi 452. 446 444 442 440 
433 436 433 

1 By permission cl Uic Stock Exchange 

Council 1 


MONEY 



Rise in bill rate 


Bank of England Minimum tendered and allotted attracted an excess of Government dis* 

Lending Rate S per cent bids of £6S6.39m. and all bills bursements over revenue pay- 

(since May 12, 1978) offered were allotted. ments to the Exchequer. On the 

The Treasury bill rate rose by Next week £300m will be on other hand there was a slight rise 
0.2903 per cent to 8.7728 per cent offer replacing a similar number in the note circulation, 
at yesterday's tender, which of maturities. Discount houses paid up to 7f 

would have produced a rise of Day-to-day credit was in good per cent for secured call loans, 
4 per cent in Bank of England supply in general, although enn- and closing balances were taken 
Minimum Lending Rate under the ditions tended to remain patchy, at 6-7 i per cent, 
old market related formula. The authorities sold a small In the Interbank market over- 

Under the present system MLR amount of Treasury bills to the night loans opened at 7$ -Si per 

remains at 9 per cent however, discount houses, but this was cent and traded at a general level 

The minimum accepted bid was probably not enough to absorb of 7L7| per cent, ;but- touched 

£97.79, compared with £97.88$, and the full surplus. 8-8} per 'cent before lunch; Rates 

bids at that level were met as to Banks brought forward the finished at around 4-6 per cent, 

about 8 per cent, compared with expected surplus balances, and - Rates in. -the table below are 

92 per cent. The £400m bills the market was also helped by nominal in some cases, ' 



1 fJterlinff j 


I Local "j 

[Local Anrh. 

Pina nra 


1 DlRirocmt I I 

Blicibla 


JuneS 

, Certificate ! 

j Interbank ' 

i Authority ! 

negmiable 

Bouve 

ComrffOT 

market ' 

Treasury 

■Bank 

FineTrade 

137c 

1 ot dcfoklte , 


I depcslta j 

| hODlls 

Pepositt 

Depnalta 

deposit 

B1II5® 

Bills » 

Bllll® 

Overnight 



4-8 U 

I 





85,^5* 

6-71* 

— 

— 

— 

i days nol n-e. 

! — 

— 

8u-B5b i 

— 

— 

- 

— 

— 

— 

— 

7 days or 


— , 

— 

— 

— ! 

— 

— 

— 

— 

— i 



S7 S 8)« 

ess-ess 

— 

8l«-9 

83 4 , 

7,*-7J« 

— 

— 

— 

One month... 


87B-914 

85a-87 8 

fiSs-9 

91g-9i a 

9ie 

O-8I4 

8 J 2-8 A 

BA 

9S« 

IVn momb-... 

1 9re-9-A 

914-91S 


9l*-83« 

9^-954 


am-aij 


9U*Su 

95* 

Hiree raoothf 

1 95 B 9*7 

9A.-914 

B-flio 

Oi P ^I, 

958-978 

— 

85$-3 5 4 


9 S 4 

ilx month- 

lOrirBi* 

10,» -10 Jfi 

9U Bit 

9i;-9 

lOtn-101* 

— 

— 


9*1-078 

10 . 

Nine month*. • 

10»1-10! # 

lOsa-lOSfl 


10 * a 91* 

loS* 

— - 

— 

— 

— 

f 

one yea ■ 

1 wn yean- 

lose 10^ 

105fi.l01 8 

954-10S8 

1 lOSfi-11 : 

10 14 -flit 

11 

_ 






Local a nth on Lies and finance bouses seven dan' notice, others seven days’ fixed. Long-term local authority monsase rate 
nominally three years 111-111 per cent: lour years .12-12* tier cent: live years I27i6-121 per cent. • Bank bill rates In table are 
buying rales for prime paper. Buying rates for four-month ban bin 9?i6-9) per cent: four-month trade bills S L 'n-M Per rent.' 

• Approximate selling rates for one-month Treasury bills ft|-S7iG' per cent: rum-month 89)6-1,1 per ran,: and three-month SB-6»ir 
per ran,. Approximate selling rate for one-month bank bills SI per cem: and tu-o-mcmtfa Slliv-S! per cent: and tbire-mamb 
9-9, is per cenC. One-month trade bills 9i per renl; two-month 84 per rant: and also three-month 94 per cent. 

Finance Houses- Base Rates 'published by the Finance Houses Association' F? per rem from 'June X. X97S. Clearing Bank 
Deposit Rales «for small sums at seven days' nonce 6 per cent. Clear In a Bank Base Ratos lor lending 8 per cent. Treasury 
Bills: Average tender rates of discount 8.772B per cent. 


EXCHANGES AND BULLION 


FOREIGN EXCHANGES 


The dollar finished around its and may have received some 
weakest level of the day against support from the Bank of 
most other major currencies England. It opened at S1.S215- 
yesterday, but showed signs of 1.8225, and fell to $1.8206-1.8210 
recovering later in New York, during the morning. but 
possibly with the help of inter- recovered to $LS265-1.8275 by 


SwFr 1.8810 against the Swiss 35 points on the day- 
franc, compared with SwFr 1.8920 Sterling's trade-weig 


Gold Bolllon. 
i« tine <ninre>[ 

flora. — 

Opening........ 

Morning fix’s 


AJtern’n fix's 


Zone 8 


Zone i 


5189-18534 
5184-18434 
5184.5) 
i£101 07Bi 
5184.7a 
l£ 10 l,305j 


5183-18334 

818334 -1841s 

5183.85 

(£100.016) 

18183.0 

[(£100.109) 


UoM Coin I 

Hnmranenil.v.! 


iiiiura— iito'i.i •« 

Krugerrand.. S 190- It 
|£ 104** 
.V'wJiov’guf.. 85314 -C 

!(£K9i4 ’ 


IBS 


. 51* 
'£*9 14 - 311,4 
L'ld Sov’n(n!.|£56ls 38ig 
l(£51-aSi 


.5188-190 
'(£103-104) 
18821* -54ia 
! (£29-50 1 


356, 1 FBI* 
;<£&l-32' 


9ie8 190 


Gold Coins j 

1 Internal 'lly ) 

Kruiterrann .J5190 192 

ji£1.4M 5]i :(£1 l3-1u 4) 
XewSav'rcm 552*4 S4S 4 552l s -54lj 
'(£i9-30. 

Old ek>y’rgn»|556lg oBig 

V£31i2. 

580 Eagle* 


KC29-3U. 
!$56i*-£81a 
i£a 1-4 2 1 
1827713-2801* 


CURRENCY RATES 

Ipecia 


Dratnne 

Rights 


sterling 

Uti. dollar 

Janadum — • 
Atwu-ia rail — 
deunu) iranc 
L)aai*h krone 

Ueu«l)ein'rk 

i/uich RUI'd** 
/rend) iranc. 
Italian /Ira.— 
lapnn*«e yrn. 
Nnrvty krone 
ipain pe*e*«- 
wed nil krone 
wire Irnm.-... 


Jane 2 


0.670:60 

Ue2479 

L36932 

18.a535 

39.9833 

0.88616 

2-5491 

2.73134 

5^1995 

1067.18 

271.903 

6.59978 

96.0530 

6.65449 

2-31240 


European 
Unit ot 
A ccount 

Jnn" 2 


U.67S077 

1.23311 

1.37482 

18.4665 

4u.&648 

6.93339 

2.56938 

2.7.290 

5.66352 

1064 00 

272.526 

6.64436 

98.6155 

5.69214 

2.82646 


with DM 2.0902} on Thursday. 


The U.S. currency’s trade- 




Bank 

Bat* 

8> 

Mar fee 

Bares 

June E 

I*ay'. 

Spread 

Close 

»«r Tork... 

Montreal.... 

Amvtpniam 

tlmiral 

L'-opcnbaceO 

Kranklurt... 

7 

*«8 

4 

61* 

a 

5 
ia 

1.6200- ). (375 
2.U5Z5-I.1 580 
4.L&i-4.0Bs 

5 -.40-50.65 
10.25i-lu.2E* 
a. 70 5.81* 
82.G5-r3.5d 

1.8226-1.8236 
2.6570-2.0580 
4.06-4.07 
69.46-69.55 
10.24* -1(1.25* 
1-79-5.80 
f2.80.-s5. ID 
14B.B5-Hb.B6 
1,672* 1,675* 
9.B2*8.B5* . 
8.55* -6.56*' 
8.4l*^.42{ 

Maiirid 

8 

146 80-146.15 
l.bfli- 1.:76* 
4.SU .84* 
8.34^—8.38 
8.4W.45* 


111* 

7 

s,* 

7 

,)»lo> 

l J ane 

•'■IcktiQlm.... 


5ia 



Zurii-h 

1 

5.42-5.45 

5.42*^.454 


the 12-month widened to 5.62* 


York, widened to 5.91 per cent cents frorn 5 . 17 * cents. 


Frankfurt close June 1— 3.SlJ-3-32i. 
Ziinch close— 3.451 -3.46}. 


from 5.72 per cent. Its index, on ~to“ M85-185J. fiS ^ 9 D 7 T Uhle ‘T* 


°L E C o p - land ®^ ures * feU 10 influenced by the weaker dollar, 
iroro bJ.a. although trading was generally 

Sterling also had a softer tone, quiet.. 


OTHER MARKETS 


EXCHANGE CROSS-RATES 


June 2 

rpt«kiurt |.\rw }nr» fan* 

hli|- 

1,11)1 Ion 

4m i’ii'id 1 Zurich 


- i3.07’6 0305 4--.40 « 

6. *8 39 

L 00 '» 

94.9026-36 1 10 66-fiO 


47 97 99 | - ! 21.79-61 

4.0575 '-63f 

L8226 8236 

4a.TB 82 2 95 50 


2-9M302 |4.MCfi-S946l . - 

14.'«2&^** 

-.46-6 5765 

2(6.1161 £42.9-43.4 


16.66 1 53.14-69 [ 7.10 IS 

- 

59.6(2-67 

14.60 ■ 4 . 17.: 9 56 

(nrtilon.. 

J.73 0 1 L 225-56 [ 

69.46-56 

- 

4.06 07 5.(2* -43i 

Lmst-lam.. 

107.145 105 '.*.5512-57 1 .915 6fi6 

S.>426 76 

a.074i 9V 

116 385-455 

S-nrU-h 

*.5282 467' 1.880^32 ; 0.949J 0306.75^ J824| 5.4319-65 

34.1163 £6£ 


I I 2«m Betea 

Argentina. 1.425-1,427 \ Arpentlna.il 600- 1400. 

Australia. 'I.600& l.?i$7 Austria 27-26£ 

Brazil 51.89 52.69 Belcium ... 684-81 '. 

FiniRDil. .^i 7. 0-I.i-1l2|Bra7,l 57-42 

(rrMLt- |S7.4 18 tS.084"-'ana.ia j2.05-5.Ii6 

U'jnn Kcau' o.C&i-a.Sli iL’enniarb..! 10.25-40 

Iran I IwS-lsJ iFranre. 8.JO-B.45 

Kuwait | ti.4B8-0.EDS Germany .J 6. 76-3.kD 


Maiav'aia...!4.SE lD-4.i71o! Italy ..".!!!!!( IE60- 1610 


3 


66-72 


N. ZmiiK,' 


• ill. 7900- 1, 0B3i-ld|an J 400-115 

i»- 6.15-6.JI INvtlien’nJ 4.06-4.90 


Si nirafore .14.2420 -4.S6D0'NMro ay l9.85-IO.D5 


UAL S ,n Toron(r-= 111.90 94 L’-a Haitian ■entb. 

Canadian 8 in .\c* Vraii=><9J0 32 ram-. P.S. 4 In Milan 8&L90-365.S0. 
Sterling in Milan 1699.30-60. 


S. .Dnca.-.j 1.5721- 1,6876 Tortu^ai... 

U.S.- | -tiffin 

Catuuta 1 Swiu' la ml| 

L-SI jU.S j 

l',9. ranLr.j 88.46-89.48 |Vujrnslaviaj 


77.86 
145^ 1485 : 

6.48-5.53 

iLts-i.aa*^ 

54-57 


Rate given for Argentina Is a free rate, 


EURO-CURRENCY INTEREST RATES 


June 2 

; ifen&iiiau 

aiernoj: ; 

U.\ IhlllBI 

Lilli, h 

1 1 u ■ Mien- 

*ninr 

IV Opitjuui 
mark 

1 silion term 

10 >4 10 5« - 7 8 

>5s 

*78 5>B 

1 Hi 


i iUr- notice 

101< 105« i 7 8 

•3s _5a 

4 7fi 51fi 

Hr 13a 

4>8 -SR 

Month 

101*- 1 7g 1 8 Sfi c7* 

75s 7 i b 

97 b 5ifi 


SJfi 1 ? 

1 hree inontti-. 


7ir oi« 

47,1)8 

1<4 1 Sfi 

5 Sfi ‘.l* 

Six rnonih-.... 

Uifi ,15s! iSfi • ?4 

e Sfi , 5a 

51, it* 



tine Year. 

18 12)8 '• fe,* 8 ia 

bi*^ 

“lj 5 » 4 

IS Iff 

5s* 3?4 


FORWARD RATES 


,.ine inroiin | Three mantiis 


.Men Tm-h. J.ti7-0.37.-.pn> ll.3S-l.25 c.pm 
Mi'iiin.ii .'.'40 '.30''. I'm .Ll.33. 1.23c. pm 
Am-t'itam 8l4-)>4 -i-m ]6l» . 1* y. |*m 
Itrii'-ei ....3 ? .pm 80-65 ■. pm - 
(.Vip*nhgn.'3lc-5<4 nrv ■„« '91* -111* oran-lla 


Kraiixturl U.56 1»8 (d pra 
Li-tmn |2 j- 1D3 i-.rtis 


<Ifi-6ag (jf pni 
l J-o.0c.dis 
1 50 23 J c. dia 
7-11 'ire His 
4 6. nre tilt 
2' 4 IS* r. pm 


Euro-Frcnch dep^J-h rates: tvrn-day 10-10* per cent; seven-day 0*-9( per cent: Marfriri .... ; »5- 115 <iis 

one-month 95]*-99|6 per mi; threo-monih 99 u-90m per cent; six-mnmh 10-10* per Mnan ) 1-4 Hra Hii 

ewi; one-year W-IOJ per cent. Ovo 24.irerii» 

Lnnjt-terra Eurodollar deposits: tvro years 8 u is-SL ( m per cent; three years SJ-8 Pans 1 . pm . par 

per cent: Mur years 6 i*i»-0>m per rant:_ Bve years 9-9* per cent. ra'ckboroi ] rapm-li -.»eH '3 i 2 -11e ore pm J 

The foUtiwlas nominal rates were cnnicrt for London dollar certlficaws of deposit; Vienna ....-J -4-3 ith. um b '■« cm pm . 

one-month 7.S0-7.70 per rant ihree-mooib 7.85-7.95 per rent; m-mflDth SJO-S.30 por Zurich l-sig.r U -. r,m i8!«.7Sb c. nra 

cent: one-year S. 10-839 per eenL — 

Short-term rates ore call for sterling. Q.S. dollars and Canadian dollars: two Slx-momh forward dollar 2. 70-2. 80c pm, ' 
days* notice for guilders and Swiss francs. iz-mmnh 5 70-5. 35c pm. 















UJL CONVERTIBLE STOCKS 2/6/78 






(fata STflWM JnfgrnatiotMl 


Size 

(£m.) 

Current 

price 


Con- 

i 

Flat 

yield 

Bed. 

yield 

| Premiumf 

Income 

Cheap(+) 

Dear(-)^ 

Name and description 

Terras* 

dates 

Current 

Range* 

Equ.§ 

Conv.J 

Difftf 

Current" " 

Alcan Aluminium Spc Cv. 89-94 9.05 

158.00 

100.0 

76-80 

5.8 

33 







Associated Paper flipe Cv. 85-90 

1.40 

118.00 

200.0 

76-79 

8J 

6.9’ 

-7.1 

-10 to 1 

5.0 

9.1 

33 

+10.3 

Bank of Ireland lOpc Cv. 91-96 1 

5^2 

171.00 

47.6 

77-79 

5.9 

. 3^ 

- 2.9 

- 9 io -2 

10.7 

9.4 

- 05 

+ 23 

British Land 12pc Cv. 2002 

7.71 

333.00 

■3333 

80-97 

9.1 

88 

20.9 

14 io 30 

0.0 

91.8 

83.5 

+62.6 

fibglish Property 6|pcCv. 98-03 S.84 

98.00 

234.0 

76-79 

6.7 

6.7 

- 6.9 

-11 10 11 

S3 

3.1 

- 4.9 

+ 2.1 

English Property l2pc Cr 00-05 15^1 

88.00 

150.0 

76-84- 

13.8 

13^ 

30.4 

24 to 102 

30.2 

48.2 

26.6 

- 3.7 ' 

Hanson Trust Ripe Cv. 88-93 4.51 

87.50 

57.1 

76-SO 

7.5 

8.1 

4.9 

1 to 10 

11.3 

8.9 

-2.9 

. - 7 A 

Hewden-Stuart 7pc Cv. 1995 0.07 : 

270.00 

470.4 

75-79 

2.6 


-10.3 

-17 to -7 

9.1 

6.7 

- 0^ 

+ 9.5 

Pentos 15pc Cv. 1985 

1.06 

140.00 

166.7 

76-S2 

11.2 

8^ 

- 8.7 

- 9 to 36 

42.2 

49.2 

4.5 

+13.2 

Slough Estates lOpc Cv. 87-90 5.50 

164.00 

125.0 

7S-S7 

6.3 

2.5 

9.3 

7 10 14 

36.3 

57.5 

143 

+ 4.8 

Tozer. Kemsiey 8pc Cv. 3981 J 

r.38 

91.00 

353.9 

74-79 

aa 

113 

3.8 

4 10 38 

7 X 

7.4 

0.3 

— 3.5 

Wilkinson Match lOpc Cv. S3-98 11.10 

92.00 

40.0 

76-83 

10.8 

10.9 

33.7 

29 to 40 

27.4 

36.$ 

13.7 

-20.0 


■Humber of Ordinary shares tmo which £100 nominal of convcrtibir nock is convertible, t The extra cost oi investment In i.onvertible expressed as per ram. of the - 
cost of the etrulty In iho convertible siodi 1 ThrreranonUi ranee. I income on number of Ordinary shares tmo which a DO n-unina] or convertible mode ts convertible : 
This income, expremed in genre, is summed from present ume unol income on Ordinary shares Is jaeaier than income on fiM nominal of convertible or the final 
conversion dale whichever Js earlier. Income Is assumed io grow at 10 per cent! per annum and - is ■ present valued at 12 ner ranr. per annum, fl Income on- £100 « 


convertible Income u summed until conversion and present valued a* 12 par cent. 'per annum. r>This Is income of il» convertible less income of ihe underlying equtrr 
expressed as P« cml of the value of thr under brine equity. C. The difference berwran the premium and income difference expressed aa dot ceni ai the value 5 " 
underlying coolly. .+ Is aa indication of relative cheapness. - is an indication of relative dearness. ■ ' -. 01 ■ 







I 

I 


I 

I 


i 

i 


I 

I 

I 

] 

i 


24 


Financial TinleS: Satttr^sy , JMfe •• '. /^jm< 


STOCK EXCHANGE REPORT 


Gilts react afresh and equity leaders drift lower 

Share index 2.7 lower at 475 . 5 — BP on offer again 


Account Dealing Dates 
Option 

"First Declare- Last Account 
Dealings tlons Dealings Day 
May 15 May 35 May 26 Jun. 7 
May 30 Jun. 8 Jun. 9 Jun. 20 
Jun. 12 Jun. 22 Jun.23 July 4 

■ " New time " dealing* may take place 
from 9.30 a.m. tn business days earlier. 

Stock markets were looking 
rather jaded as the week drew to 
a close yesterday. Recent dullness 
in the Gilt-edged sector became 
more pronounced against the 
background of the continuing 
deadlock between the institutions 
and the authorities over the 
money supply. Scattered offerings 
were sufficient to push the longer 
maturities down by $ before hear 
covering left final quotations ' 
off on balance; tbe shorts also 
finished" above the worst with 
losses ranging to J. The Govern- 
ment Securities index fell 0.54 to 
a fresh 1978 low of 69.36. making 
a loss of 0.74 over Uie last four 
trading days. 

The equity leaders were not 
helped by the reaction in Gilts. 
A leading broker's bearish circu- 
lar on tbe outlook for the UK 
economy also tended to dampen 
enthusiasm and light selling took 
the FT 30-sbare index down 4.6 
to its lowest of the day at 11 am. 
Prices, however, recovered a little 
and the index ended 2.7 off on 
balance at 475.5. 

Secondary issues followed in the 
wake of the leaders — falls were 
In a majority over rises by nearly 
2-1 in FT-qubted Industrials— 'but 
a number of useful rises were 
recorded following favourable 
trading statements, while hid 
situations, both rumoured and 
actual, also produced the occa- 
sional bright spot. Official mark- 
ings of 4,I)9S compared with 4-S31 
on Thursday and 5,508 a week 
ago. 


largest volume with 53 contracts 
done. 52 of which took place in 
the newly-created July 280 series. 
Land Securities followed with 44 
and 40 were done in Marks and 
Spencer. 

Buyer's began to show interest 
in the investment currency pre- 
mium at the lower levels and. 
after moving between extremes of 
105i and 104{ "per cent in good 
two-way trading, the premium 
closed at the former level, a frac- 
tion higher on the . day. Yester- 
day's conversion factor was 
0.6958 10.6880). - 


Electrical, 32 tip. Normand. at 4Sp. 
gave up half of the previous day’s 


Banks easier 


Gilts down again 


The rise in Treasury Bill rates 
coupled with continuing worries 
over the Jack of any initiative 
from the authorities over the 
money supply made for marked 
weakness in the Gilt-edged sector 
yesterday. Selling was fairly 
modest, but the market was vul- 
nerable in the prevailing thin con- 
ditions and prices were quick to 
react to the smallest of offerings. 
Long-dated stocks fell away quite 
sharply to record falls extending 
3 before staging a small rally 
which left final quota dons with 
losses on the day ranging to I. 
It was a similar story in the shorts 
which closed with falls to around 
J. The announcement of the gold 
and currency reserve figures for 
May and the estimated Public 
Sector Borrowing Requirement 
for the first quarter of 1978 
appeared to have little Impact on 
sentiment. 

Just two days after recording 
the second heaviest traded total 
of 90S, dealings in London 
Traded Options yesterday fell 
away to a mediocre 277 contracts. 
This is only 7 above the lowest 
total of 270 recorded on April 26. 
Yesterday. GEC registered the 


Lethargic conditions prevailed 
in tiie Banking sector, as the 
major clearer® drifted gently 
lower on lack of support. Barclays 
and Midland both closed 3 
cheaper at 330p and 360p respec- 
tively and NatWest ended a 
similar amount lower at 270p. 
Lloyds closed a couple of pence 
off at 2S0p, after 278n. Australian 
issues were mixed. Bank of New 
South Wales hardened 7 to 552p 
but Commercial Bank of Australia 
lost as much to 2fl8p. Revived 
fears of higher interest rates 
unsettled Hire Purchases and 
Lloyds and Scottish softened 3 to 
SSn. 

Proceedings in Distilleries were 
dominated by the performance of 
McDonald Martin A whicb jump 
40 to 410p in a thin market on a 
report that Bass Chanington will 
distribute the company's Highland 
Cream brand throughout its 
branches; BC dosed 3 cheaper at 
165p, but Tomatin closed a like 
amount up at 116p with the help 
of Press comment 

Lethargic Buildings drifted low- 
er but demand developed for 
John Latng A which put an 5 to 
J68p. In secondary issues, special 
situations were responsible for 
the occasional adverse reaction. 
J. Smart closed 7 lower at 48p 
after sharply reduced first-half 
returns and the accompanying 
profits forecast, while Johnson- 
Richards Tiles fell 7 to 94p on 
the announcement that Hepwortb 
Ceramic is not to proceed with 
its offer after tbe decision to refer 
the proposed merger to the Mono- 
polies Commission. UBM remained 
dull after the results and eased 
21 more to 69$p, but further buy- 
ing prompted a rise of 21 in JJS. 
Holdings to a 197S peak of 75p. 
In contrast, housebuilders Barrett 
Developments eased 3 to llOp on 
higher mortgage rate fears. 

Initially 4 easier, ICI picked up 
in late dealings to close just a 
penny lower on balance at 389p. 
Ftsons cheapened 3 to 360p after 
35Sp. Coalite and Chemical shed 
3 more to 72p after Thursday's 

results and Cariess Capel eased 2 
to 35p in front of Tuesday's 
figures. 


rise of 4 which followed the re- 
cord results. 

Stores had the occasional small 
fall. Martin the Newsagent 
shaded 3 to 248p in front of Mon- 
day’s interim statement, while 
Marks and Spencer, 145p, and 
Hnthereare, 16(h). lost 2 apiece. 
Dealings in Kunlck Holdings were 
suspended yesterday at 5}-p at the 
company’s request following 
acquisitions. Shoes had an isolated 
feature in Hiltons Footwear 
which advanced 4 to a 1978 peak 
of 9Sp. 

With the exception of Tubes, 
which edged forward 2 Co 3S4p, 


gills, the miscellaneous Industrial 
leaders drifted gently lower m 
thin trading conditions to end the 
week on a dull note. Beecham, 
653p, and Turner and Ncwall. 
177p, lost 4 apiece, while Rank 
Organisation shed 5 to 255p and 
Unilever lost 0 to 514. Ahead of 
Monday's preliminary results, 
Metal Box softened 2 to 302 p. Else- 
where, Newey Group rose 7 to 62p 
in response to the overnight offer 
from German concern William 
Pryrn-Werke and Carlton Indus- 
tries, currently in receipt of a 
cash bid of 165p per share from 
Hawker Siddeley, gained 9 to a 
1978 peak of 2G2p following the 
better- than-expected annual re- 


After a dull start, Properties 
steadied and were sometimes 
fractionally better by the close. 
Land Securities picked up to end 
a couple of pence to the good at 
2Llp. Eisewhere, selective buying 
left Great Portland 6 higher at 
302p and Country and New Town 
2 up at 25p. Further speculative 
interest left Property Partner- 
ships 5 dearer at 120p, an appre- 
ciation of 30 on the week. On the 
other hand. 


South African Industrial issues 
drifted lower on investment dollar 
premium . influences. Aberann, 
90p, and Tiger Oats, 54p, both 
eased 5. 

A firm market of late, on buy-, 
ing in anticipation of next Thurs- 
day's annual results, Guthrie --en-, 
countered light prtfit-taking-;and : 
cheapened 2 to 32Qp. 


Australians quieter 


BP down 



Electricals dull 


Electricals drifted gently lower 
in idle trading. Philips’ Lamp 
stood out at 935p, down 20p. while 
losses of around 6 were recorded 
in Decca A, 43Sp, and Thorn 


the Engineering majors contri- 
buted to the dull trend. Hawker 
lost 4 to 216p and Vickers softened 
a penny to I75p. after 173p. Else- 
where. Hall Engineering became 
a notable firm feature, rising 6 to 
107-p, after llOp, following country 
buying. Down /brae hardened a 
penny to 34p in response to the 
results and GOO Group closed a 
like amount better at S3p ahead 
of next Thursday's preliminary 
figures. Anglo-Swiss picked up 
3 at 4 Op, while Improvements of 
a couple of pence were seen in 
Baker Perkins, 95p, and Burgess 
Products, 44p. Capper-Neilf. at 
76p, held on to the previous day's 
gain of 5 that followed the good 
results and reports of record 
order books. 

Still reflecting seasonal in- 
fluences. Alpine Soft Drinks rose 
6 to 136p for a two-day gain of 
12 in Foods. Morgan Edwards 
rose 4 td a 1978 peak of 51p on 
renewed speculative interest, 
while Bluebird Confectionery 
picked up a like amount at 170p 
on the capital proposals. In 
Supermarkets, Hillards, at 233p, 
gave up 10 of the recent good 
advance. 


Newey up on bid 

Reflecting a sharp reaction in 


suits. Peter Black at 143p, re- 
corded a Press-Inspired improve- 
ment of 6 and Photo-Me revived 
with a rise of 10 to 275p, while 
Securicor were firm again, the 
Ordinary rising 2 afresh to 118p 
and the N/V 4 to H6p. Sale 
Tllney put on 4 at'272p and Elson 
and Robbins hardened 2 to 98p: 
the latter's first half figures are 
due next Tuesday. Profit-taking 
after the previous day’s gain of 
10, prompted a reaction of 8 to 
332p in De La Rue; the pre- 
liminary figures are expected next 
Tuesday. 

Noteworthy movements were 
few and far between in a lack- 
lustre Motors and Distributors 
section. Brown Bros, were on offer 
at 25 fp. down lj, while Reliant 
eased a shade to lfljp and Rolls- 
Royce 2 to 95p. 

Investment demand lifted Asso- 
ciated Book Publishers 7 to 192 p, 
while Benn Bros, added S to 72p 
on buying in a thin market. 
Thomson. 245p, held a small im- 
provement after recent dullness 
on reports downgrading North Sea 
oil prospects. In quietly traded 
Pa per /Printings, Cutter Guard 
Bridge gained 2 to 22p on the 
better-than-expected results and 
the Board’s confident statement, 
while Saatcbl finned 5 to 152p 


Oils -remained depressed follow- 
ing Thursday's first quarter state- 
ment from British Petroleum, the 
shares of which were further un- 
settled by rumours of an immi- 
nent bearish circular and. the 
price reacted to lower British 
Petroleum 10 to SB8p. In sym- 
pathy, Shell eased 4 to 56Gp- 
Burmah shed 2 to 67p ahead of 
next week's AGM and Ultramar 
cheapened 4 to 274p. Elsewhere, 
Siebens UK met renewed profit- 
taking and retreated IS more to 
380p, a fall of 57 on the week in 
contrast to the previous week’s 
speculative advance of 55. . 

Lonrho featured late. losing 4 
to a 1978 low of 64p on the 
announcement by the Tanzanian 
High Commission in London tbat 
the company must divest itself of 
its Ta nzani an interests within the 
next three months by selling them 
to the Tanzanian National 
Development Corporation. Ocean 
Wilsons, at 103p. gave up 4 of the 
previous day’s gain of 7; the pre- 
liminary figures are expected on 
June 12. 

Although closing with wide- 
spread and often substantial gains. 
Investment Trusts attracted only 
a small business. Investment Trust 
Corporation hardened slightly to 
24Gp following Thursday's late 
jump of 42 on the bid approach, 
while rises of 5 were seen in 
Fund invest Capital, 59p, and Aus- 
tralia and International, 95p. Man- 
chester and London edgetl forward 
a penny a 22 p on the bid from 
Metropolitan Investment, while 
Crescent Japan finished 2 better 
at 160p on the company's financing 
arrangements. Numerous gains of 
between 3 and 6 included British 
Investment, 4 better at 163p, and 
City and Commercial Capital, 5 
higher at 106p. Financial had con- 
trasting movements in Fashion 
and General. 4 to tbe good at 120p, 
and London European Group, a 
like amount lower at 26p follow- 
ing the recent good speculative 
advance. 

Shippings put on another good 
showing, closing firmly after a 
reasonable trade. Furness Withy 
finished 3 harder at 26Sp, while 
British and Commonwealth. 287p, 
and Hunting Gibson, 150p, put on 
4 and 6 respectively. 

Levex came on offer at 12-). 
down a penny, on the report of 
continuing losses. Other dull 
Textiles included Conrtanlds, 2 
easier at 123 p, and Dawson Inter- 
national, 4 off at I31p. Sldlaw, 
however, rallied 2 to 93p on 
further consideration of the 
interim report. 


Activity In the Australians sec- 
tion of minin g markets was much 
quieter than of late.. 

The members of the Ashton 
diamond consortium continued to 
attract speculative activity, with 
Northern .'Mining recovering 
modestly to- close 5 better on the 
day at 112 p, although still 20 down 
on the week, while Courinc Rio- 
ttnto were finally unchanged on 
balance at 230p— 14 lower over 
the longer period The London- 
registered "Tanks'’ eased. a peony 
more to 185p mainly reflecting the 
lower profits and reduced ' final 
dividend announced on Thursday,. 

Australian ‘base-metal miners 
opened showing modest losses re- 
flecting the overall downturn in 
overnight Sydney and Melbourne 
markets. But prices tended .to 
pick up in the 'after-hours’: trade 
as arbitrage birring became 
evident, MIDI Holdings rallied 
from 204 p initially to close,- a 
penny cheaper on balance -at 2{JSo, 
while Western Mining were Enajly 
the same amount easier at--124p, 
after 121p. 

On the. other hand. the. more 
speculative issues opened slightly 
firmer -and remained 'steady 
throughout the day. 

Uranium, generally closed a 
fraction easier on the day and 
the week despite Wednesday’s 
news that the Federal Parliament 
had passed six Bills backing the 
Australian Government’s decision 
to resume the mining and. export 
of uranium. 

In contrast with Australians^ 
South African Golds were 1 sub- 
dued throughout the week despite 
the strength of tbe bullion .price, 
which was finally $2 higher, at'. 
8185275 per ounce yesterday and . 
85.50 better over . the . longer 
period. 

The Gold Mines index, 2.5 off at 
152.7 yesterday, was barely 
changed on the week. 

South African Financials moved 
similarly to Golds. Anglo Ameri- 
can and De Beers, both 4 lower, 
closed at 29Sp and- 346 p respec- 
tively; the former's . 15-month 
figures are expected early next 
week. 

London-domiciled --- -Financials 
were quietly firm. RTZ ended un? 
altered yesterday at-228p but still 
6 better on the week -reflecting 
the recent gains - in- base-metal 
prices. ' " 

Elsewhere, Northgatc advanced 
20 more to a 1978 high of‘415p 
on consideration of the company's - 
holding in Anglo United wh$$* 
although unchanged yesterday ht 
163p, showed a rise on the week 
of 30. 


financial times stockindices 

T 


Government- dec* 
fixed. iDtmit.... 1 

InitiutrliU OnHnwy.- 

Gold Mine*.....— ..— 

OnL Sty- TWd 


Kat-flingfl.ri WfcthillK") 

t*/B Haifa (veilfl)..... 

Dealings mu-fe«d 

Hqutty turnover £m.. 

Equity bargain* lofi-! 


Tone 

2 


69.36 
71.55 
475.5 
102.7. 
. 6.56 
16.17] 
B.27j 
4.990 


'Jane 
• 1 . ‘ 


69.80 

71.70 
479.2 
. 163.2! 
5.03 
16.43 
6.18 
4,331 
68.53; 



sfiy 


69.821 70. lO) 7(L47 
71.76! 71199 
4763 


14074: 14.1 



mu 


. fe f 

5-S& -.'6*3 ~ •' 


\ iS&tL | ?'■ ' ; t 

V • - 


7.99 

44479 r>».6toV|-' : T<‘-- :> ''’ 


10 am«7SJ. 11 am eit 
. 3 pm 4743. 

lamt kuHot — .. 

* Sued on. 31 per. cent corporation {ax. 
Baals -100 Govt. Secs. lSCO/M. Fixed • Utt.1928.' 
M-inw. 12/9/55. SB Activity July-Dee. 1M2. 


HIGHS AMP LOWS 


li ,t,NU=Mi. j L& J* S 

L'- fad. OitL- 1/rmZrcM '• f' 

4*. ; 

S.E.: flg nftlT vl 't .V 7. 



l«8 



High 

, Low 

Hljjtj.. 

'.lew . 

Govt. ««£»... 

78.58 

(i/D 

E9.S5- 

®8) 

137.4 

iaiim 

49.18 

(3/1/76) 

Fixed lnt — 

61.87 

71.35- 

160.4 

60J53 

(Will 

(2/6) 

(a/U»7) 

(3/1/76) 

lad. Ord..~. 

497.3 

itiiL) 

453.4 

649 J8-- 

unarm 

- 49.4 
G6J6/KH 

Gold Mines. 

[ 158.6 

130.3 

449.3 

43J5 

I o=/i' : 

• W/SJ J 

r£26'76l 

(26il0l7D 


Jtn»4 




i-GUtf 

tnid , 

SpeouiafcivȣJ 
%talsi. 




'-4jWi 


4 

5-day A.gry ^ 


GIlt^K 

Indue 



wasa.** 




>** • 






NEW HIGHS AliP LOWS FOR l 97 a 


Tho following securities floated In tbe 
Share Information Service ..jflswrtav. 
attained new Hfghs and Lows for 1973. 

NEW HIGHS (121) 

BRITISH FUNDS (1). 

BANKS t7l . 

BEERS 151 . ’ 

‘ gUILP WGS i S) 

DRAPERY & STORES «" - - 

ELECTRICALS l3l . . . •_ • 

- - ENGINEERING |1U . _ 

' • ' FOODS {Al 

HOTELS I3> 

. INDUSTRIALS easy. 

MOTORS tzi. • 

: NEWSPAPERS Bt 

PROPERTY (31 
SHIPPING (II ■ ■ 

-- SHOES (11 s 
TEXTILES (51- 
TOBACCOS 111 - 
TRUSTS (32> ‘ 

"OVERSEAS TRADERS. (11 . - T 

RUBBERS 111 
MINES 1 3] 


Exrheq. bXidc 108 V 

Excheo. 9tPC E9S1. . 

Exeneq. Sue 1981'. ‘ -Rerfemo. Sec 
ExclMRrlZlipc 1B8.l-Tnas..13toc : 5i?^-.-f r S’ -■ 


lem? ? il: 



Exchen. BJ*oc T9B3 ~ Treaa: V* -* 

Ex che q. 3oc .19B5 ' Jwid: P 1 ; - 

.Tress.- V2pc 1885 ;. Treea.- 8pc. Ta Sa Tv : P f- 
Fu nd. “ SJ*pc fPH - TreaSi f ^ 

V- 1 ' 


True. 6>zPC ’84-8 G < T res*. 7.JrtcM2-T5 
Fund. BbPC -8S-B7. - CbMots. 4nc „ 

Trans.- Zbc- *7B-88 ■ -War. Loan Syae-.-t-/.-- -P r 
T nas. 5pc SB~9B . -r-TMas.-3iK~ > 6er>e*t^ r.i> 
Trrs*. m»oc '87-90 COnSoH; 2>ic -- - - , j ' 
Fund. SSiK-'87-sn '■ ITus.- 2hpc ' 

COBPORATION LOANS V i. 

B'ham. 9Upc T9-8T. L sooL- 3(rpc.B*»r ■ ' 

GLC 1Z»mc 1982 ' - - 


Ira rand 


NEW LOWS (68) 


Gulf Oil Can. 


BRITISH 
Trui. lOi-pc 1978 
Tress. Ili-pc 1979 
Tress. lOi-oe 1979 
Trwas. 9’’OC 19R0 
' Excited. I30C 198D 
Tress. IHjBc 1981 
Tress; S^apc 1981 


FUNDS 154) 

Fund. Boc 1993 • . 

Treas. 13 line 1993 
Tress. . VA*JPC 1994 
Treav 9DC 199* 
Treas. 12 k 199S 
Gss 3 DC ‘90-95 •" 

Treas. 121. pc 1995 . 
Tress. 9PC ‘92-95 


! 2 hue 1982 Nrope. 9>*c 23SJ&.V T' ** 

FOREIGN BONDS /I L j ^■■'5 >- 
liid 9^K ’91^96 .... - 

CAItADI AN5J1) : -il ?■ ^ , 

‘ • banks' tari 1' 

IQ Vixr^ 93-08 ‘ '■ " 

lExmNG 1*> - 

i 


Midland .Bank , „ 

ENGINEERING 
Dsn In Cswtnon.. 

i. 6001 Him 

Cararam loti. . ...'i /.? ~ 


: j 




Lonrho 


' OVERSEAS TRADERS Jt» 


•Sit 




DEALING DATES •; in Prennei: .Consolidated.;: 

First Last Last For Reed International,- BeHtal 

Deal- Deal- Declxra- Settle* Bxcwery, 'Bhnnah GH; 7 

Ings lugs lion 1 meat Property, BP, Dartmouth Ihve 

May 23 Jun. 6 Aug. 17 Augl'30 ments,' Giltspur, NatWest ; * 

Jun. 7 Jun. 20 .Aug. 31 Sep-H rants, ahd Darie«';juid‘I^ “ 

Jun. 20 July 4 Sep- 14 Sep- 2S WhlTe 1 doubles wetfe ai. 

For rate indications see end-of~ln. Fre mi etr Consol idate t 

Share Information Service .' Burmah DU, _ ConsoIIdafctl-vaOd a ny ' T 
. Money was given for the ca0 Fields and.. Reardon : a ^ y 

* ■■■■- ' ■ ■ ■ . j. &x 

■ ■■ ■ - •.-r.-.'vr-f . 


RISES AND- FALLS 


-J.y 


British Funds ; — 

Co mors Hons. Dem. and Farefeir Bonds 

Industrials 

Financial and Property 

Oils - 

Plantations — 

Mines 

Recent issues 


L - Yesterday^ 

Up* Down Same- 


2 

. » 

4 


,294- 

1 

M 

. 40 * 



208 

SM. 

• 960- 

■ X4Q8-JLS27". 

m 

74 

247 

- .555-. 

.331?; 

‘ 2 

- 20 

' . 12 • v. 

22 

- as-:- 

5. 

6 

: • 

a 

- 26 

T 

T» 

,45" >' 

-.130 

lit-., 

3 

■T" 

- ■ 

-. . . i3 



■Onlhe-Sk-- 

.- IIP/ -DOHA Srtrfr® 


TsUls 


I IM • •• "K HIIH.I.'kI.NU.i 


427 (M IM a 


zxa utr. 



ACTIVE STOCKS 


YESTERDAY- 


NO. 


Den om in a- of Closing Change 
Slock tion marks price (p) on day 


1978 

high 


1978 

low 


BP 

ICI 

Howdcn (A.) ‘New’ 
Shell Transport... 
Barclays Bank ... 
Grd.' Metropolitan 

GKN 

Thorn Elect. 

BATs Defd 

Bowater 

GEC 

Lucas Inds 

NatWest 

Reed IntL 

RTZ 


fl 

£1 


12 

11 


Nil/pd. 9 
25p 


868 
3S9 
12pm 


■10 

- I 

- 2 


892 
396 
14pm 


720 
328 
9pm 


n 

5 Op 
£1 
25P 
25p 
ft 
2-5p 
£1 
£1 
£1 
25p 


9 

560 

- 4 

586 

484 

8 

330 

- 3 

358 

296 

S 

115 

— 1 

117* 

. 87 

8 

201 

— 

286 

255 

7 

326 

- 6 

392 

326 

6 

290 

- 3 

296 

227 

6 

191 

- 1 

205 

163 

6 

260 

- 3 

27S 

233 

6 

313 

+ 2 

318 

240 

6 

270 

- 3 

298 

254 

6 

124 

— 

143 

102 

6 

223 

— 

228 

164 


The abn re list of active stocks is based cm the number of bargains 
recorded yesterday in the Official List and under Rule 163(1) (e) and 
reproduced today in Stock Exchange d eatings. 


ON THE WEEK- 


no. 


De no min a- 

of 

Closing 

Change 

1978 

I97S 

Stock 

Lion marks price (p) 

on week 

hi£h 

low 

BP 

£1 

52 

868 

-12 

S92 

720 

ICI 

£1 

51 

3S9 

- 1 

396 

328 

Barclays Bank ... 

£1 

44 

330 

— 5 

038 

296 

BATs Defd 

25p 

41 

290 


296 

227 

Shell Transport.. 

25 p 

40 

560 

+ 7 

586 

484 

Grd. Metropolitan 

50p 

36 

115 

+ 3i 

117* 

87 

Reed Inti 

£1 

34 

124 

+ S 

143 

102 

GEC 

25p 

32 

260 

+ 4 

278 

233 

Ho'.vden (A.) 'New* 

Nil/pd. 

31 

12 pm 

+ 3 

14 pm 

9pm 

Distillers 

50 p 

27 

182 

+ 2 

187 

163 

Beecham 

25p 

26 

653 

— 5 

678 

583 

Commercial Union 

23p 

23 

147 

+ 1 

159 

138 

Burmah Oil 

£1 

22 

67 

— 5 

72 

42 

English Property 

50p 

22 

46 

— 2 

51 

27 

Royal Insurance... 

23p 

22 

357 

+ 2 

425 

346 


BASE LENDING RATES 

A.B.N. Bank 9 % ■Hill Samuel 5 9 % 

Allied Irish Banks Ltd. 9 % C..Hoare & Co f 9 % 

American Express Bk. 9 Julian S. Hodge 10 % 

Amro Bank 9 % Hongkong & Shanghai 9 % 

A P Bank Ltd 9 % Industrial Bk. of Scot. 9 % 

Henry Ansbacher 9 <7, Keyser Ullmann 9 % 

Banco de Bilbao 9 Si Knows ley & Co. Ltd — ll{Si 

Bank of Credit & Cmce. 9 % Lloyds Bank 9 ^ 

Bank of Cyprus 9 % London Mercantile ... 9 % 

Bank of N.S.W 9 % Edward Mnnson & Co. lOi 1 ^ 

Banque Beige Ltd. 9 S» Midland Bank 9 % 

Banque du Rhone 9iSi ■ Samuel Montagu 9% 

Barclays Bank . ....... jj % ■ Morgan Grenfell 9 *>& 

Barnett Christie Ltd... 9*£ National. Westminster 9 % 

Bremar Holdings Ltd- 10 % Norwich General Trust 9 % 

Bnt. Bank of Mid. East 9 % p . s. Refson & Co. ... 9 % 

l Brown Shipley 9 % Rossminster Accept’cs 9 % 

Canada Perm't. Trust 9 % Royal Bk. Canada Trust 9 % 

Capitol C tc C Fin. Ltd. 9 % Schlesinger Limited ... 9 % 

Cayzer Ltd 9 % E. S. Schwab 10i% 

Cedar Holdings Security Trust Co. Ltd. 10‘ % 

I Charterhouse Japhet ... 9 % Shenley Trust 11 % 

Choulanons 9 % Standard Chartered ... 9 % 

C. E. Coates 10 % Trade Dev. Bank 9 ^ 

Consolidated Credits... 9 % Trustee Savings Bank 9 % 

Co-operative Bank * 9 Twentieth Century Bk. 10 

Corinthian Securities... 9 % United Bank of Kuwait 9 

Credit Lyonnais 9 % Whitcaway Laidlaw ... 91% 

The Cyprus Popular Bk. 9% Williams & Glyn's 9 % 

Duncan LavCrie 1i 9 % Yorkshire Bank 9 % 

Eagil Trust 9 ■ M.-mhvrs o( Uiv Ac-.I liung Uoufi-.-s 

English TransconL ... 10 % oanunniee. 

First London Secs H % ■ iiciiomis s-.. i -momh dcwsiis 

First Nat. Fin. Corpn. 11 % s -' v - 

First Nat. Secs. Ltd. ... 11 % T " r 

. . . n n- aml ulW,r n ' UD l«* 000 fi!'o 

[Antony Gibbs 9 and over 

Greyhound Guaranty... 9 % r oi* dv(M-li< u-.r riwii «t-. 

Grindlays Bank 3 y "n i Demand acnr-’iii *»«-. 

I Guinness Mahon 9 % c ai*i j Prt . s , 0 5 , 4rlias Ijrf 

[Hatnbros Bank 9 % scenmiu- 


LONDON TRADED OPTIONS 


July 


•Jenifer 


January 


Option 

Ex’rcisa 

pnee 

Cloning 

offer 

Vol. 

Clodnji 

offer 

Vol 

Ulosinc 

offer 

Vol. 

Hqulty 

dose 

BP 

750 

mm 

5 

143 



165 


869p 

HP 

800 

la 

1 

104 

1 

125 



H 

BP 

850 

44 

2 

66 

8 

92 




BP 

900 

17 

8 

40 

3 

63 

2 


Lom. Union 

140 

13 

— 

19 

— 

21 

— 

148p 

Com. Union 

160 

3i« 

«— 

9 

— 

12 la 

— 

„ 

Cmw. lin'd 

160 

21 

— 

30 

7 

341 2 

— 

177 p 

CODb. (inld 

180 

9 

2 

17ia 

7 

23 

9 


Court* u Ida 

100 

25 

— 

28 


29 it 

6 

123p 

Court au Ids 

110 

17 

5 

20 1; 

— 

211; 

— 

if 

C-uurtauMs 

120 

■ Tw 


131; 

I 

16 

— , 

tl 

CiHirtaulds 

130 

5 

5 

8‘a 

— 

11 

— 


UBU 

230 

48 

— 

52 

— 

571; 

— 

260p 

f i BC 

240 

27 

— 

37 

— 

44 la 

1 

lf 

r.F.c 

260 

13 

— 

231j 

— 

31 

— 

lf 

GEC 

280 

4is 

62 

14 

— 

22 

— . 

llGp 

timnil Mrt. 

10U 

191; 

— 

21i 3 

— 

24 



Grand Met. 

110 

10 

10 

14 Is 

— 

171a 

7 

M 

Grand Met. 

ISO 

54 

6 

10 

2 

13 




ICI 

330 

68 

— 

73 

6 

741; 

3 

387p 

ICI 

360 

38 

— 

43 

12 

63 

5 


ici 

390 

15 

6 

2312 

3 

33ta 


tl 

Uud -ices. 

180 

33 

4 

35 


39 

2 

Slip 

Land Secs. 

200 

14ia 

13 

20ia 

2 

26 

4 


Land Ben... 

220 

4ij 

17 

11 


15i z 

2 


Madia L Sp 

120 

2B 

5 

31 

— 

33 

3 

146 p 

itarKB ,t op. 

140 

10 >s 

20 

16 i a 

3 

201: 

4 


Msrkn ± op. 

160 

3 

5 

a 

— 

11 

_ 


Shell 

600 

72 

— 

94 

3 

102 ; 

— , 

669p 

Shell 

550 

29 

— 

S3 


64 



f 

Shell 

600 

10 

4 

24 

- 

37 1 

3 


Jotplb 



169 


58 

1 

50 



RECENT ISSUES 


EQUITIES 


1978 


!|- J- g J 

j — , Hlgta j Low 


Price i- 

pi r 


Stock 


feJ. \!i Is 

u H+r! t- 1 


5 * 


Jl 


100 F.P. | W 163 M2 iBurothemi 150 , + 2 '*2.64i«.ffl 


S.7' 


1T5 


FIXED INTEREST STOCKS 


= Z 

! 1? 

!i=ii ww 

—•Ml 

\<i 

Hiiili i Low 



-too ; f.p.: — 


lJOp! V'.P. illOv ' 


,22;9 


£98 ElO 
I > 1 1 r . P. ‘ - 

1t£97.b5 £10 28:7 
*-* Ms - 
L99 £50 :25/B 

• • F.P. - 

— F.P. 9,6 
100|» - 33,6 

• * F.F. 

EIO*J F.P. 26,6 
EMlj . 1« 

•• F.P. 


ti>4 
IM[. 
10U‘ 
it i-: 
«>i 

tot 

Iu>3l. I 
VK < 

101 . 
10 

16 6.101 1* i 1 


_ I 


Vmtr, fc.sfirt-,7 Ini Flo. ViruiLile 

lOiiii'lruiHM.T «t».* I4I;S Snrl Cum. Prel 

1 1*'.; Barni't 12;\ Rnl. 1W7 

IOJ|> !ilr-ll« » i '.Kill. mm. ««.,!. 'Jin I'rei. ... 

MiK'wj W,trr 7-* K»l. Pm. 1^63 

% l in-efc .itaiat. ij; -.w- 

•>jJl(ii*«i»i-h 'Lr-n. K»-t. l>fl, 

9i Lihcrt.r A C<v 9.?i, Prf 

la - i'l-nriK» ij.i j; luii.. Prvl 

'»?!.• IHtHI.' it Cum. PH 

•M IjuU-tiB.A 4.i 1% PH 

lr- ' Im iH lb^ lur. I ui. Ln. I IM 

s lime J. Hw ICi, K5l. 

I0lt 1 'Ap«-' 


.‘*09 S* 1 ... 
.jl07* r . ... 
. 10 1 9 ! ... 
. 102i.‘ ... 

i.l 10>4‘ ... 

. 26 . .. 

J 47ia .. 

J 99 b- ... 
.1104^ ... 
.1 98pi ... 

99 • 

96 -1 

.! Sij! ... 
iJl 


“RIGHTS” OFFERS 


u-'ie r 

l .T , . w l If 


i Lull? i 
, Utaiuu, . 
Dau- 


HIC* 1 1 tjrv 


Sl-jck 


20p | .\ii 

3b F.P. 
C.S24 Ni. 
20p Ml 
70i. Xil 
1(3.05 Ml 
84 [ Ml 
/■J , F.P. 
Ill 
f.P. 
I.P. 
F.P. 


; 13.s: 7/7 
i a a .-a: 25/b, 


9i6| 7/7i 


145 

»4a 

3J 

152 

20i 


1ST pm’ 

» I 

bl|.m I 
iEpm 1 

3£(iin| 

— ; — I ISl'ini 
26.5' 2o/6 Ida ' 

— i — 1 lH-ln- 
410 

a4 ; 
Iw, - 

' l|JK 


la-s 
16'5 
s e 


23,6 
9'o : 
13, -f 
17 7. 


[Wpoil Brent Cbcinieals 

M iwiiwn nv«i->i Kern 

.-i-'inii ['.'itruullBii lrai>enai Hnfc.. 
55t mu Central Uanufeernnoc... 

nolwon Purk tiule 

1"i«n F.tan>Kn«n>l l»vM Mlinuc 

tOpi" 

9* 'Itl-t ,»|. ' ,n • 

t|“ii Fl.>,»ri*n 

ikblj le««'lirve Mi Hint.-".. . 

4--4 *'ii|.'a 

|e., fimifl.V \|-K«II 

•Von. <*f .... 


L'li«lli|tl-(- •- 
Pn.t; I — 
p ; 


166pm— 1 

as | 

44|im. + 1 
38r lm " *3 
88tin« 

aoim., 1 

15i>ni. 

96 -2 

12|.u» - 2 
410 +S 
54 

179 -5 

41] «i" — >3 


Kwnutivurmn 4als uSi'flb la*' -ia> »ei ifur o' iUitid ftmy. 5 Kr»ure* 

tunwn ni' mosui-ctuF enimme. -j A'tnmen 'iivineiHi amt yield. u e’.ir^cavt rtnwienl 
cover IHM on previmi'. war's mrmiK9 r Divulenrt aim i-leln nusen an urauweiii! 
or o-'h-i nITiciai *wimar"S 'or 19>9 o Cross i »■ - cures aiimndi I Cover •inw- 
lor ciDVeruon at btmrcS not nibv ranKinu lof fllvirteitfl or rankinc uni* for rcSUrKSMl 

Oivid-ml-- H.i.-ii'J un« In in, I, I it. *' r V-IWV Ii«i1. — I othi-rwij,- inucaieil T Im""**’ 
iv iijnriiir. Otfereo ip hnll^rn ni (iriiiurv iiurw ^ r, ri hr? “ ** iwiwi 

•V wav of caoiiaii^irinn. " Minimum tcntvr once. (8 ReimnMucml. ri lssu«i 
m cnniwrnnp »fh raurcanigannn meruer or iave.nvi»r i;.r iniMiirtKm. “t lFWi“rt 
id tonifi Preterenct noim.i?. | tlwmciti letirrs (or fuliy-pudi. • Provuuuul 
or partir-Mld aLotment tellers. * WUh wirruu. 


FT-ACTUARIES SHARE INDICES 


. ai 

'T-fifr or la-- v 

-■ 'J. 

These indices are the joint compilation of the Financial .Times, ^ *tte tt -UU9fartei.jtf Actnaries and the Faeiilty of 

'-gpcw- 


EQUITY 

GROUPS 

and 

SUB-SECTIONS 


71*™ . tu i i w b uBjui w am 
nmnbnr of ■toebapor MCtks. 


49 


51 


59 


70 


CAPITAL GOODS G71) 

Building Materials (28) 

Conlnrtta*. Carindn MU-1 
Hectricals(15) 

fiigiiieaineOoriractoisfiO. 

Mechmlcal Rignmwring 

Metals and Het3tF«niBg 07)— | 

CONSUMSK GOODS 

(DURABLES (SO 

UHectwnlcaBirijoTYPa. 
Household Goods (12) 

MotORBBd Dutiil)atoaB3)- 

CONSUMBR GOODS 
(NONDURABLE) (139 | 

Breweries (14) 

Wines and Spirits (ft) | 

Btetanoott, Catering (I7L 

Food Manufacturing &Z) 

Food Retailing (15) 

Nmfsjwjwi, MfiriibigtSL 
Padcaging and Paper (15) 
Stares (38), 


Textiles (S): 

Tobaccos (3). 

Toys and Games (S)_ 

OTHER GROUTS (87). 

Chemical (19)- 


PteimceidicalBmdBctBfi). 

Office Equipment (6)- ... ^ 
Shipping (10) - 

mscellmeousgB) — 


lND0BIMAI.<a»UF(4B) 


Oils (5)- 


5N SOARS INDEX. 


FINANCIAL GR0CT(ia8) A 

BanksCS) 

Discount Houses (10) 

Hire Purchase (5), 


Insurance (Life) (10) j 

Insurance (Composite) (7)~ 

Insurance Brokea GO) 

Merchant Banks (14) — 
Property CD) 


MisceUaneoB8(7) 


Investment Trusts (50) 207 AO 

Wning Finance (4) 100.77 

Overseas Traders (19) 313.99 


Fri., June 2, 1978 


Index 


Nol 


21406 

190.15 

344B1 

45055 

31958 

174.45 

16425 


195.89 

223.99 

177.48 

125X0. 


202.78 
23459 
259.92 
26127 
194m 
20050 
36723 
13022 
188-33 
18157 

257.79 
108.02 
19927 
285.07 
260.16 
134.98 
43239 
204.73 


211.16 


494.08 


23450 


16426 

189.90 

19858 

14356 

13753 

324.48 

329.01 

8128 

236m 


10756 


SO ALLflBABEIKnEZWn). 21621 


525 


-05 

—05 

-0.4 

-05 

-02 

-0.4 

-05 


-0.7 

-15 


-05 


-05 

-15 

-05 

-05 

-15 

-05 

+05 

-0.4 

-05 

-05 

-0.7 

-05 

-05 

-03 

-05 

-15 

+05 

-0.7 


-05 


-0.9 


-05 


-0.7 

-0.9 

-02 

-23 

-05 

-12 

-0.9 

—02 

+03 

+0.4 


+2.0 

-02 

-0.9 


-05 


EnL 


dtexji 
Co 
Tb 


1754 

18.05 

1950 

1521 

18.46 

1838 

1736 


17.04 

1529 

1621 

1952 


15.79 

1453 

1556 

13.49 
20.00 
1455 

10.75 
19.78 
1159 
1726 
2L44 
1959 
1623 

17.49 
1138 

17.75 
1935 
16.71 


1638 


14.94 


16.16 


24.92 

13.68 


14.17 


290 

2422 


325 

1651 

1555 


Gran 

Dir, 

HM% 

(ACT 

ASH 


550 

5.70 

3.96 

3.94 

6.46 

6.09 

854 


457 

3.77 

635 

627 


5.77 

5.77 
554 
653 
5.70 
5.00 
337 
8.09 
451 
752 
726 

5.78 
5.72 
622 
3.94 
451 
728 
6.33 


556 


4.00 


5.40 


557 

558 
858 
5.73 
6.61 
655 
4.76 
650 
354 
739 


4.77 

653 

658 


5.47 


Eat. 

P/E 

Ratio 

(Net) 

Corp. 

TnS% 


7.97 

7.92 

7.40 

931 

734 

7.42 

756 


826 

922 

8.47 

7.11 


853 

9.90 

.9.75 

10J3 

652 

956 

1332 

725 

1255 

751 

554 

658 

825 

7.76 

10.98 

657 

629 

&12 


831 


726 


823 


658 


1053 


1020 


6632 

5.71 


30 m 

734 

7.82 


TfanxaJ 
June 
1 


Index 

No.' 


21532 

19136 

34632 

45431 

32034 

17558 

16555 


19726 

23139 

177.47 

125.45 


204.07 

23722 

26121 

262.47 

19651 

2QL9B 

36539 

13128 

18120 

18327 

2S958 

10838 

20029 

285.97 

26L4Z 

13703 

43122 

20627 


212.40 


49BL72 


Wed. 

May 

31 


Index 


No. 


214.70 

19059 

342.63 

455.62 

31824 

173.98 

16522 


195.94 

22926 

17632 

325.04 


203.47 
Z36J3 

258.48 
26061 


195 JO 
20061 


37120 

13L79 

18122 


18326 


25049 

10854 

20021 


286.40 

262.79 

136.72 

43085 


204.95 


21156 


496.45 


Toes. 

May 

30 


Index 

No. 


21196 

189.66 

33952 

444.48 

314.95 

17223 

163.73 


19428 

22752 

17623 

12455 


20090 
23437 
254.76 
25559 
193 JZ 
19751 
364.85 
13055 


17850 

10055 

25534 

10826 


198.91 

283.471 

25018 

13727 

42125 

204.55 


20957 


49357 


23309 



10087 

31659 


21724 


FrL 

May 

as 


Tear 


Index 

NO^ 


717.52 


19031 

340.91 

445.47 

317J1 

17217 

126450 


19439 

22720 

37052 

10420 


20194 

238521 


257.49 

2S4JL 

19129 

19727 

37L79 

33002 


17956 

18557 

2S503 


10851 

19955 

28&12 


26067 

23756 

432571 

20450 


Index 


Not 


I8L22 


150.44 

25035 

34959 

25932 

16454 

15170 


16654| 

18556 


16355 

1IL98 


16954 

17825 

19320 

21439 

17633 

17159 

29154 

12018 

iej7 

17055 

22225 


198.48 

180841 

25222 


21038 


49tS 


as 


16359| 

1 19083 

,20037 

145.43 

13721 

[124041 

3Z737 

100081 

2601 

30602 


20921 

■9044 

&353 


23525 


■000 

10140 

52L49 

177.01 


38133 


50518 


207.40 


137.72 

15191 

16356 


12658 

30758 

XU-74 

289.74 

6951 

18932 

9040 


■37157 

9651 

-28L41 


38021 


Highs and Lows: Tmiav 




>'■ ) 


1978 


Ho«h 


21532 

19756 

35075 

46454 

323.76 

17558 

17155 


.m 

- IM) 
«1) 

am 

0ft) 

02/5) 


19078 05/5) 
235.% (6/1) 
38433 C9/1) 

1270S 05/5) 


20705 

24257! 

265.10 

26917 

20338 

22322. 

39L43 

335.99 

197.95 

19L90, 

26L38* 

10064 

20029! 

286.40 

262.% 

13951 

483101 

20916 


am 

m 

m 

(6/D 

(60) 

m 

07/5) 

m 

<WD 

02/5) 

am 

<m 

0/6) 

(31S) 

(6/1) 

<25® 

(60)' 


In 


18095 (2/3) 
16630 (3® 

28935' (6® 
404.47 .-(2/3)- 
27095 (6/» 

34957- 1(2/3) 
15452 (27/9 


m 
9m m 

ft/3) 

1.68 (20) 


232J6 am 


50331- 02/51 


23659-05/5) 


170% 

20456 

22535 

17055 

35139 

143.46 

35L81 

852Z 

25559 

mxr 


(6/D 

cm 

. (40) 
0203 

m 

WD 

am 

wu 

COO) 


20915 

10087 

319.45 


C7/5> 

, (WH 
sm. 


21852 .05/5) 


( 20 ) 

(27/2) 

K...m 

21952 (20) 

17537 XPO) 
33053 .00) 
26959 im 

usj 3» as® 

165J7> (20) 
160L85 . (20) 
21458 05/2} 
■ %T9 (23(2) 
17308 (3/3) 

Tsm ..am 

228.41 (30) 

U7.48 am 
39054 07/4) 

178.47 ' am 


186J2 am 


417.98 am 


205.42 - (207 


153J35 

17158 

38550 

13652 

124.97 

12025 

30120 

7100 

-21003 

9951 


176.48 

’*8539 

26256 


CZ7® 

C27© 

cam 

07/4) 

07/4) 

C4® 

-.ft® 

<27® 

OW) 

sm. 


am 

am 

JM. 


19115 (20) 


“ • Q)AipQatloD 


22803(140/77) 

mm-wm- 

38933 QS/5/72) 
48359(21/10/77) 
33222-03/9/77) 
18745 04/9/77J 

377.0.(27/402) 


227 JO (21/4/72) 

26U2 mriorm 

26322 (4/5/72) 
1705905/309) 


1 22^08 060/72) 

2BLB7C8/U/7D 
26510. &5ljm 
32999 02/12/72}] 
21453 (2200/77)1 
244007/10(77)- 

39143 07/5/78) 

14421 04/9/77)1 
[20439 06/8/72) 
23572 07/D67) 
33906(2/8/75 
135.72 06/1/70) 

1 21370 04/9/77) 

295JD04/W77) 
1262.% ft/1/78) 
24608- 0/9/72) 

53958(18/5/77) 

25&83 cisna I 


22ZJ2 <zmarm 


54350 05/9/77) 


24832 (14/9/771 ] 


24L41 03/4/12} 

28832 00/7/72) 

29303 C/5/729 

C3J4 (4/5/72) 

194.46Q50/72) 

16L72 ft/10/77) 

37L53 099777)| 

27837 GJ5/7D 
357.40(9/13/73) 
30308 08/5/72) 



245J9C5W2) 

37580 (28/4/69) 
31945 06/5/78) 1 


IsSfffflMl 

6244 02^ 

8L40O#tt% 

3«83 Q1B3M: 

imStmSf: 

3La (Wfl*-. 
560X(W«|V 
332903m S 


22808 00/79. 


FIXED INTEKEST PUCE INDICES 


British Government 

TW. 

Jims 

2 

Day's 

ehu&M 

xd arfj. 
Today 

xd mU. 

1918 
to date 

1 



-bib 

— 

3.% 

2 


11403 

-057 

— 

257 

4 

^ryjwnuililM - 

12308 

-L4ff 


630 

5 



-0.41 


4J0 


FUtHu INTEKEST 
YIEUJS 

Br. Govt At. Onss Bed. 


Low 5 ytprs~ 

Coupon isyeaxi^ 

25 yeara.- 


Biedhtm Syent 
Coupon lSyeara- 
25 


High 5 years.. 

Coupon 15 years.. 
SSyenra.- 


IrredeeauUesi. 


Fri. 

June 

• 2 


8.90 

1L2X 

3L83 


3149 

1241 

3256 


ZL73 

3281 

1332 


.3182 


Thurd 

June 

. 1 . 


3308 

3X70 


3137 

1231 

224ET 


Tua 

X282 

1324 


na 


- Year 
(•OTWxJ 


;70S 

1109. 

12» 


3805 

3306 

1261 


1KM 
3306 
■ 1327 


3235 


'663i:OOfl£? 

f737ftfigS.j 


0.90 CU9 
3121 (2ft) 

nil am 


am am' 

oa i am 
■um am 


33J5 am 

3293 05) 

1332 <2® 


nm am . 




938 0Wi:| 
lBJi -0® \ i 
J0J4 JS/D— -r. 


-.uran^.i 

• trat 


*• 


4J8 


IFrtilay JnncS, , - I , | , ' ’ 

1 TJiiir.i Wol. !Tii«.. | Fri. ThiirJirrf. 

I XT i V S“ ! J T l-”T v i “*/ i ^ | | & 


Tum, 

M-y 

2S 


,'V« r J 

J B£U 

aifirpt! 


Store 

CAnpDaUut- - 


HijfUs 


bua-s 


»5 SO-yr. Bed. DcV. A Loans (15». 

15 | In vestment Trust Prof*. 115) 

17 Co ml. and IndL Prefs. (20) 


.Bijttu 


Low 


Svcihn er Croup 
PbamiacciiUcal Products 
Other Creeps 
Overseas Traders 

Eoshwerlng Contractors 
Hcduilcnl Englnming 
WhiH and 5 pIHU 
Toys and Camw 
amce Equipment 


Base Date 
3flil2 m 
31/12/78 
31/12/74 
3113/71 
31 .*12 '71 
lfc.TTO 
U‘l T« 

wun 


IM? *161 6/JS fitJA 36.61 ‘ 53.67 «23/t) . 57^7(2^1 , USAS fiii/liMai l 

M-S? .15.44 1 SLd 1 -&I.7S 51. <6 .51.70 fir.75 I&X.82 5 1*28 ‘ S7.71 fU/I) i fi L62 l JliLAl fRifldiL ^34.45 i ' 

. /I.67 |IL96 H.M .71.78 I7t.7fl 7?4a ;fl,83.7LgQ.68^ 7B.80 78,60 ill/li : 60^3 j 1 14.38- > 47.0? ' 


Base Value 
2U.77 
U.7S 

moo 

153 JM 
153 JM 
111.76 
135.72 
Jja.29 


Section er Croup 
ltd us trial Croup 
NlscdUncotn Fhunclari 
Faed Manulaciurina 
Feed ft Mailing 
Imttrepce Brehm 
Mining Finance 
All OHKr 

T Redemption yield.- A' 


Bane D». 

nttam 
worn 
. vtfanvr . 

2WU/OT 

. JB.'CC 
n«W «*» of 


vaiee 
QS.20 
UCM 
-UU) 

11411 
46AT 

10800 . - 
censtjimatP ■ ! 10 


Is mnabte .tnm ttm PubUsbers. The FIMPf^ ’ 

Bracfcen House, Carmo* Suxol, Ltwdoa. ECI' 

J3to. for p«4 2Zp. A .fortnlshUy wewt af 
«**ecU*a Indkesi dtvfdojtd yields »atf 


she® 1*2. wftB namrif .We hr and+Jm* 

L twflees. ly oMateabto. Xrani . FT - ttpsleaM 
"* Wt . Cawt,' 










T“ 























































































































'• ' . • \ J - •'•„ ■;' t ; .'■' '•_ 


*XxiyX: ; - 
f^^J^XXTX ■ •• ;v.t .*;’ 



25 


property, 

BONDS 


= ,:. MM ..M 

H 1 9* 

■m^DS 73: . USl .-, -. 

»-■*# -■■•• 

mi ..:, _ 

«u, yn w i p y pomninq TM y ) ^ 


7fi7fl\5 — -v»-*u aun- v«. 11 

I .. Jf^^fWIHfcue.Somheod&sjajji 07Di*inV3S 
“ Plpn.JWJ HL0I . I 

_ ftmallopViKd.... im.i lot J -nil _ 

— - inc. ftl lau l86.5f+o3 — 

Growth it Sec/lJfo Ass. Soc. Ltd.* FjEgStFd ..'.'.. 7. ini 

M3M*28i Sm I QS£S% l - "teV Jgj 


Sfcfflfefcr: 

Gi-Ppty, Fuad - 



n^fi.W,ra« J ."777 . **p«>**»k«l. ..p6z ioi3| i - 

I - tf«3 I ' Nor wich Union Insurance Group 
CLfcS.So^P4.4T^7|54 . 7] “ PORra 4. Norwich NHI3XU W®S 

GuanUmn Ro^i Exchange 


Co. Ltd. 

0147Z50S& ®«J»lRrchuj*e.K.C» 

|83 


pras 


"*«£«-: IN. 


W.W-‘ 
aEfflgssK 

■SnAUAc^iUU*. 



Managed Fund 
Equity Fund . _ 0400 

01-3*3 Tier H^PfrtyFund .... 

PnoeTOrBoqdk •" ISM* ... .J _ - 

Hambro Life Assurance Limited V Nor - UnirMayia . 
7aapta«j **,L«rio«ws. 


OM3BKOO 
»M -1. . 

© Jiil 

..posa . nor 
2066 


- fbewnaVDte 024.4 


«*i!i 
nj| 


^rjife^*rarar | ce Ltd,* • f^nKOT^EK* ' ESSl \.l 

Holrarojflini Pen. Prop. Ca&^lTjZQTft'- - : 2UJ 11. 








Gilt] 

American Arc. 
F«^XDepX*p,_i 


+03 — 




__ cut Ed*. CWl. 
ftn. Gilt Edr. Act .' 
£WB.S.S£_ 

■ g“-BjLAee. ,■ 

Jtt-DAF.Cfcftll 

Pw.DjLF.Att™ 



OMSOOtti Phoenix Assurance Co. i^i. 

* 4-5. Kins William Su EC4P4HR *J1 ATflBRTH 

- Sa 1 IL Afls 1JUT4 11? 

- J?. Y S 1 A». _..( 77 7 

Eb r PtaEqE. 7S1 78. 


-ji*i <nw 

a ...i 5 


Prop. Equity & Life Ass. Cu.Y 

1 IS. Crawfcnl Street, W1H2AK. a ] -MM 0*67 
n.&JkProp Bd.._.l 17B.B I | _ 

ffiffigaH JW Hr: 

Property Growth Auur. Co. Ltd.Y 


U»o HQiue.Cnvdaa.CAii ILL- 

(Fund ] 

j'rundyAi. 
i cultural Fund 


Aknc. FuadiAi.—.. 
Aobi 


ibey N« Fund . 
AhSjey Net Fd.tAJ 
Tnvectmcnt Fuad— 


.... Hwits nt.O»k:Befirfa'S#deiy , 

• ,_ j _ HaartJofOak — <-{34 * - . 3051 +0.11 — Equrfy Fund la) ... . 


„ 1S3l 

• isef 1 A*sur. Co. X-td. 

.iSa-ioi 

ib| 

m3 




3*51 *0.11 _ 

mil Samuel, Life Amur. Ltd* JgngFnnd”- 
,_ j _ ^^Tw^ArbOKotbbe Bit. &a». 01-6804335 Actuarial PwhL' J 

•— • ■•— •* -** Cilt^deedFund 


■e 

nc l'A* 

^ '^82 - ^-J2=rf 

'■ 

82- Be 

*3-87 
1**3 
86-99 

: -a?.jo 

•87.91 



«-•-« aaesaat. 


W86 


Riga . _ 

*• ' ’^Cmsaot mtt xalueJune i ‘ 
Co. LWLY 


HwUEedSerteaA^Ivrx. 
Managed SerlaiC .RIO 
.Honey t-nita ^.[US,* 




Pm.M«na*«i cii£:E*y 

Pom Equity 





pHl 


rac7i- 


01-628 1288 


Pm^uUnlATC— . Mi 

Pens. Prop. Cap M5_l 

Ptoa.PropLAee__.pM. 

Imperial U£e Asa. Co.-ttf Canada 



OHecIrp Annuity.— 
elnunad Amity. ... 




7S7 7 


1534 
UU 
675 
67J 
IMA 
1M2 
1395 
138.B 
1122 
120 D 
1200 
lai? 
1435 


(it dun 0006 
t3^| 


11 
*10 8 
♦ 10.4 
*1 1 
-1J 


-20 
-Z0 
*02 
*02 
• LD 
-0.4 
-0.4 
*25 


Prap. Growth Pandana a Annul tin ud. 
AU^JXto At. Uta.|12B.9 13551 *!.« - 

VAHWeatiiarCan . “ 

9Iov. Fd. Utl ,r. 


WZ.o„_ 128.3+1 3 - 


S£? :::• 

?ffl s 

IOOlC 
1002 
1004 


Petukm Fd-Uu...- 
Coov. Pans. Fd. .... 
CBV. Pn*. Can. CL 
Man, Pcu.Fi] 


Man. Pens. Cy. UL 


Prop. Pens _ 

PropJ’cns.Cap Uts., 

Bdax Soc Ten. Cl] 

Blot Soc. Cap. TJt 


1370 
124 7 
1452 
132.2 
143 9 
U2]B 
1450 
232.4 
1300 
120.1 


:Mf 

+]4j 

-0.7 

*ta 

*D.6( 

*1.3 

+0.3 

*0.3 

*oif 


Provincial Life Assurance Co. LuL 


OT'W* som a ; ; £« B “""** re Aonirottce Co. 

I . Na °I4»*i 1 | *qWJatiardJnmfl, - »3 | .. ,j - 


Imperial Hoaaie. GaUdbetL 
Giewth FtUuueZ.. 

PeujLFtl. J mie 2. 

Dnll 


z 


712S5 attBlBbop#®a**.C.C2 


"iiil:---.”! rwiaoi *""TOnTT iho- - - Equity PBnd..~-_»S»-- UMIM. 
T,cn n-«B8B7B ^g Assar ancc Co. Ltd. 


LApfc-M 


cu 


Rati.%.- 


SecnreCap. Fd. 
Equity Fund.. 



Pm*. ManajEcd Fd 


JBcdFd 

Pxm. Cash Fd. .. - 
Gill Fund 2a... 


SggfT* * 


iind 


1132 

1045 

1135 


197.9 


114 31 
110.1 
1195 
100 5 
1032 
100.4 


-10} - 


Crtcn 



13.711 


^ BirtBdVEgnr/Pntt. 02.96 
VERS LAS TBinii. DaooaltBUMl. 045 

OS . _ 

rA crgr p.— 07.43 — 

Jig*- 

lodJMpecMr____ lmst -. . w53 

r S3 • M 



!+ojb1 — 


+<un 


117 

+1 





nip ; nalinna] i ^Siqr5.^mefAcc ms 

• mSlfflsaSS “ 

ld .. !! ai ^ iiffc Assurances , 
.uu“ir> tier: j^vsUtan Hoqaa. Clupel AshWImi 
01" f Qcsitr ^eyiiiTtot.r cL-^-' 

Oil. C.on«!^ St,n, ^? InrJr,t - 
nj Koardot t^^tmlwaBe Ma^na CplT 

__l 8, Cheques Sq^Hatarldte CBS 1NE 


Fid. Sol Fund. (953 
Prudential Pensions Limited** 

Holbom Bars. ECLN ZNH. 01-W5B222 

014C88233 EqotLFd May 17—|CH.D7 25051 I _ 

450 F*d InL M«yJ7. .. 08.74 S *3 . I _ 
Prop. P.UsylT . . .[£2545 2524 .. .1 - 


OBK 35271 
I - 


1 1, Plnitaxy Sonant BC2. 

|sSsJsi-z® 

Pra^xo<Lcu?.!l^i SSl^ ::: j — Reliance Mutual 
King & ShaotflBD. lid. . .. TunfarldsaWellsKenL 

52.CamhlO.EC3. • OMZ35433 R * LPr °P Bd,L - - < J, » l I ■ 

gand — y : '-r r “ Sotlischild Asset Management 

GortL See Baf— -M b 125511 ,; . J — SL IMUtlns Lane, London. Ef*4 01-0304336 

Langhan^Life Assurance Co. ttd. ■« - 

Iiatbuflh. BMmtadoh Pr. WW4. 01-203 asit _ , . 

Lanaham'A’naiL-MJ 05 ,....1 — Royal Insurance Group 
SP^JSSFi-— — .. Naw Han Place, ljverpooL • 051227 443= 
Wbp (SI9 -Mbo.H^« . . wS--4 — Rqra] Shield Fd ... (1331 1400].. .( 

ZSiZEP SZS3LZL *• * ■»** 


I LS 


,^ g~ss sa 

Ihitlaa. Manasad.. 302 402 

dirtluo- Equity __ IM 3*J 

damn Bid. Sack- 1240 
KafnaHamced.— 15*0 


mso 

Cato Initial —1451 

.. Do. ACCTMO. — |4U 

Fiyrffy 7«Wat . . . 

000228511 SfcJfSS-Jr '&??■ 

imk .1 | - Fuoad nd a al ,. ..... 1 1 30 

tm 2‘- I •■" "J — - 'Do. Aocum. i_. 115.9 

fk» li+ia. - ■■ ■ *5.4 

■ Manajetflnmat ~ 135.7 

521». DojEw.- 117.7 


FtettUd;. 


DaXceum.— 

iaddftGenanl (Untt 

— *v* - ■ j2XtitttCH&iiilLH|9fih0 

On Weatmlnater Amur. Go, Ltd. Ea^FtwidiaL^H 


Honao. B Whitataorae Road, 
ROUA. • - ■ QT-6B4 



DaActuB.. 


“SSafifeSP.- 


Ni 



HaathSStoA *■■ GLSLHelen'a, Lndn_ EC3P3EP. 01-554 8880 
BaLlnv.Fd 

W/ 4 ’ 


Deposit Fdt 

“ ,Fd. 

Fd 

. Fd* 

GlltPenc. Pd. 

DepoaJPena. Fd.t— }40 .0 


^XTTWgTvir 


I [■ 






\ •TTT^B^tTTTT 1 







El£ 




tWecJOy dealings! 

Schroder Life GroupY 

Gnierprise Boum, Pnnsmouth. 

Equity May 16. ... [ Z272 

Equity 2 


1770327733 


Equity 3 May 30 017.9 

Fpwdlnn&ySO-t 


Fired tut May 30. 


134L3 
uu 

latlStSlwSS’”': 13SJ2 

a --a- ■ ■■ err- , — ■ K 4c S Gilt May 20 ML* 

__i- En3nptPtOp.inlL.HfcJ -1. lOUiU^J — KfcSSc. May30_ _ 1190 

DaAcenm..__._^|»73, •. WULivrL— Used. Fix. MayJ0_ 130.1 

^ - *: Legal dtGencnd Prop. F^^&roXtd 

. . ^ Honey 3May 30— U6-9 
44. — Deposit May 30 1133 


Property MgpSO (1544 


limits- | 

a<y, of Weaterimrter Aasur. See. fid. 
1 01-68* MM 


3. . .It. queen VtffnrisBr.EOiNYgP^ 

77T5 i ~~f _ ' L4cGPrp.Fd.Vm-2_OOej . 28L7I 

— •. " ;• • ' Head auhTday Jons L 

^ ;-Tj C VI* Aoatir. Co. of PennayWinli 1 gggfcgg 

fi£3 .._ j _■ . '. 58-42 New Bond St- WlTQBq. . 81-4888388 BSFn-Vcc3Hay80. 13*5 

g73J-S|}- ~ .. XACORUnta- ]4M 10SS| — 'Hn Ja-CpJMayM. »7J 

w -? ^_rr ~LnwagTMt. vng^. mjarwr" ^ 

| ... :.|- ™ . VLldutbardS^^O: . . Ojlfe 1288 FUcLXMJPiLAcca_ 9U0 

Bc«npt ...-... > .. u; WfcJ MUI/-.4 *10 52:IS'2!??r *i2 
SUin 4* lifih'Aosurance / ■. w in 

30. CWten.SC^BCSA «MX S VooeyPcn. Arc. B.. (9530 


Ir^ TT-l*. 6W 9 . 12X41- J • 30. COnoo_St, SC2 

Topcrty DnltB.. — P45 ^3 


2275 

1241 

141.5 

1513 

M2J 

1444 

226.0 

137J 

15*6 

1123 

mi 

119.4 
162.7 
1601 
1263 
1373 
2003 
~ 246.7 ' 
9*40 
49.10 
10U 
10X30 
10020 
10030) 


'acuity of ^ s nnmtUI Union Croup 


tHdteiX l, txpdeahsfi.se* 
^rdnAe«>UuM3._r Mi* 


1242W 

1236 13*2 

-.3uael_ I3U. 13*0 

iS“™ !0 SE^fe:lSS 

.H _0»L.S2K^JUMl-fl213 127 JJ 


“ .. Scottish Widows' Group 

— PO Box TOO. Edinburgh EH1GSBU. 031-6556000 


— InaJJy^erlesl; — IM5J 

— inv.Pty.S»Ts“s2 — 149.9 

— in*. Cato Jane *—(473 


>W5 Index Jsmfoderation- Ufr I nsurance Co. . 

O.Qwnc«7yl«ne. WCSA1ER. 01-2*2(082 

jE qnitrFund. IptSLt 

Managed Fund — 11771 

*tsonainm.Ftf-_|72jfc 
£ei louto Pen. Fund— 

. .^tced InL Foil F\L| 

CtC^to^Fen-gaT 
High j ¥n»S^liL P Tiri!| 


London I ndemnit y A GuL Ins. Co. 


IBfiOt't&e Fortwry^lUadbi* 9BB51 L 


10 SM +03? 
1052 +0 J 

102.7 +01 
144.0 — Oi* 
140.4 -l3 

264.7 +1M 


2273 

19*4 

MM.-. 

138.6 

374.0 




. Mfd Pen. June] — (264.7 
— Solar life Assurance Limited 
-J ~ MViZHy Place London EC JN BTT. 012412905 


— The Candni & Manchester Ass. GpuY soar Manage d a _ 

— ' TbeLeaa. poDowtooe. KenL ^ 


zs.a 

JIM (25*12 
89 J3 r.?5^ 
fiiY ■.TLitfT'- 
1LT 03^77) 
87. « '"- 4 ’ cr ' 


hraUn inanxmice Co. Ltd. 
. r .Comlifll.EC3L 
iap. FrtLHay 15— 


.. . r A Commerce Insurance 
-^»0^wa!l!3qS^1^70Bl 


CaiLQtuwttuhiDd^ 

f WWn pi. XTOp-ffuJ . 

tfxfitbv. TUL Fttf- 
- - - +nHM9ain . fi^SwePtod-~,.r 

j® . — -<— - ••Pr tH i mtr r tnid . .. 

18, •.U78(3 <**OUp¥ 

Ibxee. Quays. TbeeBU EC* 0BO 0148 4668 


TOA 

+0^ 

. . 132.0 

+0.4 

:. M6 

+0J 

347.4 

-0J 

. U*7 

-02 

» 333.0 - 

-03 

J- *2.4 

+02 


1260 

1105 

16*0 


Solar FhLIdLS 113. D 

Solar CaahS™. 940 

Solar lnU.S.,„_„ 443 
Solar Managed P_ 125 J 
SoUrPropertoP— 1103 

Solar Equity?. 1605 

Solar PhdJzo. P 13*6 

SolargghP™ j 990 


Solar 1 


132.71 


U4H-1.QI 


V993 


-OH - 


11* ( -0.8 — 

106X — 

1055 +02 — 
132.4 -06 — 
1163 .-.. ^ 

1690 -LC - 
UBO — *9 - 

l#5i .. . - 

1 «3 +02l - 


PeoJetolini**”— E 


_JUM ... - 


m 


^Tan. life Assurance CO. LULY 


k r *» ggassas; 



ItZLomaXiil, Rood* 

MamBedBd.^ - ' 

^SSS5 wUBd>-}88* 

HecOtery Fd. Bd_* _ 

AiwricanFd. 

Japan Fd-Bd-’ -bl5 543] 

^ • •• 'Srfces on Hgy 3r, '-Jun* i..-**June 2. 

— -. merchant Investors Assurance 

■ Jg; 1C gfa Street. Croydon. ' 01«BP171 

3-; - Prtqmny, - I— v 


+L4I - 


11X2 . 

107.0 . , 

1425 +0.6} — 
1610 . 

0*9 . 

663 


-H 


?L« 117 

M2i 

MJ9 

W72 »17 i^ 7 '. 


LJH - r 

PJ.f' 



■V) / 



3i ■* t 

y vn 

J'l ^ 


J'f'' 


5»V.a 



■iTTHI 





ii] 


+03S 




^rhiarirr Laoumh ce Co- Ltd.---'- ; ' • >M. 

OJAWBO^ Ind. Managed . 

l^dr>roe?M»y3»^7.* 7S3(::.._t : . JJEL Pe np o n s Ltd. 

ei«w swr.iaWlondto^.a« i; .^.^ 

, . . Ncl<» Mouoy Cap. ,.w3 . , .645 

aiksyc. Uir SJ 

_ . 52.4 

-J • ■ 503 

Per New Canon. Piwpcety *m> 
BathacUM AnO Man ase—wl 


Sun Alliance ■ Pnnd MsngxnL Ud. 
Sun Alliance Bouse. Honbam 040364141 
ExpJdJnt May 10. 1048.90 15650) ...J - 
IntBuHay 30 1 1350 (.....] — 

Sun Alliance Linked Life Ins. Lid. 

Sun Alliance Bouae. Mprahun 0403 04141 

Equity Fund,. MAI 12031-1.0} - 

FhcadlnterastFd.-. 31 7 ■ 107.1] -0.5* 

Propeny Fond, — 10*2 113 

International RL- 1030 100 

DapaattPand 963 131 , 

ManaxedFund 106 0 1116] -0.8) 

Son Life of Canada OJ.IL) Ltd. 
'2.*4.Coekspar9LSWlYSBB 01KI05400 

MttpleLtGrth 1 1990 | +11 

Maplo LfMaoed... 1325 

Maple IX. Kmy. 123.0 

Penal PnAl [ 1*9.4 

Target life Assurance Co. Ltd. 

TUEM. Boons. Gatehouse Rd.. Aylesbury. 

Bucks. Aylesbury [02001 3041 

Mih. Fund Inc. [1010 106.91 

Man. Fond Aec___|USJ 1225] 

Prop- Fd, Inc. (1063 m3 

136.0 


Prop. PA Act 


Prop. Fil. Inv. .-(107.0 


jflll M*ed M. FA Inc 


1061 


54-6 . % I ^Ttevadn«rillq^VEC2. • V / ' 

35.72 j ^sgiaAad. Unbs JljSlt r - .-'53.7 

13- Tv .Aigt. - r+eieatioi me Arc _ 

K 13 1.1 f-' Rood, High WyctOTbe. O404333T7 NeJaiGtfclncCap.. 


it Fd 




D«p. Fd. Aec. Inc — W5 
Rrf. Plan Ac. Pen. - [714 


HpPen-.. 
BcLPwmMiin Act— 
RetPSnManXap.. 

GatFqn-Acc. - 

OUtPteuCap. ■ 


591 

125.4 

1157 

130.0 

1232 


112.2 . 
1040 . 
-773 -05j 
642 -04| 
132.7 .... 

122.4 

1373 .... 
130.1 


• -.X ■ 'X 7 ’> ; ’ - •- f- • 

®i* J...'” • • .: 

b.3 '£~M : Z'Xxy.:. A-rX'X ■-:-••••"■ ■ 

n' 9 : 1: "•*. :r:- J ; ^ '• 


61.72 L ■ ■■ 

nsrXi%\^;X 

■■■ ■■■“-— - 


i|iS^ffiI:]ACTH0RrFY 


•/» 


■}. : - 



% Ev^rySaturday the'T’lnancial Tiriies publishes 
f: a tabfe-^iying- details <)f Local Authority Bonds 
■ ' ■ on ; offer to the public. - / , 


}For further. details please ring 
' : 01-248 8000 Extn 266 



Transln (cruati anal Life Ins. Co. Ltd. 

= Bream Bldgs. BC41NV. 01A0MMS7| 

Tulip Invest. Fd.- [140 7 14823 ..-.) - 

Tulip Man Kd. Fd- -U122 1U3 - 

VUn. Bead Fd [115 .6 mil - 

Man-Pea. Fd Cap. .[118 .9 : 12SX ...I — 
Man. Perk Fd Aee. .(125.9 1323|....( - 

Trident Life Assurance Co. Lid. V 

He nsla ^e Houao, G1 ml coster - MtCMM] 

M an a ged — .. B22.1 1293) 

GwLMscL JM54 


_ JAtnerlcwj_ 850 
^^P^lOfcO 

GtltEdpcd Max 

Hooey.. 


1122.4 


IntPT TIlTiM.l Ml 4 

Fiscal 123.0 

Growth Cap..™. — 124.J 

Growth Acc 127.7 

Pena. JHbgd. Cap. _ 123.0 
Peas, lined. Ace.— lg.J 
Feas.CtdSep.Cap.. 10X9 

_ ~ jAccLi l^F * 

Puns.7Mr.&p.-_ 112.9 
?«n-P^ACc— __ U73 


TrdLBond 


M8X 


334.1 .... 

1563 ._.. 

90J .... , 
1123 -4).9| — 
1453 
127 J 
1215 . 

1073 . 

' 132.4 . 

13X4 . 

1353 . 

X19J . 

1243 , 

107.4 . 

112X . 

U16 . 

1242 . 

371 . 


TrdL.GL Bond ...... J97.B . 

■Cash ndue lor £100 premius 

Tyndall Asruran cr/Pe nsiOnsY 

toad, Bristol 0=3=32841 

3-WSyluncJ 

epjhyJuwi... — 

Bond June 1 

Property June l — 

Deposit Jqnel 

3-way Pen. May 18- 


0'HHjBV.JUOOi l _ 
Un-Pniw 


Do 


■WJunel- 
June 1-... 


122.7 


. 1645 1 


163.1 

... 

104.3 j 


127.0 - 

MOl . 

14*2 ! 


74.7 j 

■i. 

. 169.6 

iM111 

2630 


1740 


*5.4 



Da Prop. Hay 2.__. 

Vanbrugh life Assurance 

41^43 Maddn SL. Ids. W1R SLA. 


01-4884823 


Q442 
2296 

44.4 

Fixed Intent Fd — 162.4 
Fd. 139 7 


1513 — 0.71 
241.7 -*zq 

105J -oa 

17L0 -0.4] 
147J 
12*3 


Stand pi*0 

Vanbrugh Pensions Limited 
4M3HBddoxSt H Lda.WlR8LA 01-4004823 
Managed—. LWi : IMJI-fl: 


‘Ltmdandi 


Guaranteed see '!» .Base Hates' ubte. 
Wettare lnsurance Co. LttLY 
TheLea* Folkestone. Kent- - 030351333 

Moneymaker Fd | 1025 I . . J — 

Foratbw funds, please refer to Toe L 
. Manchester Group 

Windsor iff* Assur. Co. Ltd. 

1 tUghStreeJ.Wndaor. Windsor «144 

ute ijv. Plans—— " 

FutumAasd-StWa) 

Pww«AwL6thft>: 

Met Mtd. Ftoap- 
nax. Iny. Growth— 


Ihubor. Wind* 

£Cl 


- ‘Hi* 


AUTHORISED UNIT TRUSTS 


Abbey t’nil Tsi.. Mgri. Lid. tai . Gartmorr Fund Manaoera Y ta«g) Prrpciual Unit Trust Mngmt.Y faa 


'.3!XI0. ■I.deh’ianc ltd . 5ylcubur] 
Abbey CapHvI [326 
Abbiylnewn’. -Ml 
Abbey Inv. TM Fd .1354 
Abbey Gtiit-TiJ pSX 


.*!licd Hambro GroupY tarfcl 
llufnbri' Hse , lluUoti. {ttcniUiiiaH, Fjtr-wv. 
Ul 5» w Rrrntwuad '0277. 21 1438 

Buis nerd land* 


mewr-wi s.suwwp a*® ei^aohi- 

uAwfimiTl 128 6 

British Tsi i Arc i 
gigBwillOSfaur 

.ji Far East. Trust 
HIBblnnw*” 5 ' 

Income Fund 
1,,-t a«»ci«- 
mil -Eieiopt hrt 
itUnll.TH-iAcc.i 


-03 «05 i ii An 

41^ -0 3 5 64 Brito 
37 S -Cl£ 4X7 Cemt 
sB 2 -0 b| 3 42 Ul Fa 


55.0 
,156 J 
31 7 
S67 

BSx 


0I2HS3..11 4HllurtSl Slenlu.- ofiT> jjne: 0I812C8G8 

FpHUidGp Git. 1398 427) .. 1 352 

Piccadilly Unit T. .Mgr*. Ud-Y «3«b) 
Wards if Use. Mu I nndan Well EL'2 S9'J801 


»t4t I 018 rp 
593-0 a 3« 

>7 aid -jo :o Pk 
«T l -n 2| 0.95 Wai 


Extra Income .. 


■MIk-iI lit 
Brit Inds. Fund ■ 
Urrti X Inc . .. 
KlcrL * lad Dm- 1 
Allied L'apltal.. 


Allied Capital.. 
Ibunbro FH»d — — 

Hambro Acc Fd 
Idwk Faedr 
U nth Yield Fd 


64 71 -an 

66 60 -0 7 
383 -0 3 
354 -03 
762 -06 
1112 m -09 
1265 -L3 


6321 +0 Ij 6 36 

ilbsJ "nV Si? SSdicKw .. 

uS V-2 ?-23 < abit.ll Fund 

S3 d -M i S ' IU t- n 6* * 'sse*' 

„ Pmniic Ptand 

Gibbs I Antony l Unit Tsi. Mgs. Lid u-curaiu i-'und . 
33. Blarabciii SL. t£G2M 1. 1^4111 Fuc0 

ix) AG Incvme*- (410 44 OJ i 82 0 JJ^aarund.. 

mi A.G. Gfowthrt [39 1 42 ft ' 5 00 Amer,ci “ 

(ajA.0. FarEJM". 12X8 345] 

Denllnfi "Tun- *rUed. 


U) pli Income. 
AHX 


Eq Inc 
1 me rest tona l Kinds 
Internal tonal. . . 125J 
Sect of .America 153 3 
Pacific Fiind . — 139 1 
tSproWlM Sands 


74,( . . 
691 -0 
416 -0 


80S 

661 

697 


=7 U -0 II 
57 Id -01 
419) -0.2 


.Smaller Ca'i Fd - p5 2 

' I..W3S 


Mbmlr Co'nFd. 
Recovery Sita.. 

Met. Min Airdty 
Overseaa EarntaBS-l! 
ExpL Smlr. I'ci's.j 


37 .-0 1 

46 J +0.1 
90 64 — 0.7i 
430 -03 
62 6 -0 6 
2261 +0? 


Anderson Unit Trust Managers Ltd. 

ISBPenehurch St EC3MQAA 
Andexton I'T ..(48.50 SX10| 


i 45 
561 
548 
5.08 
455 
512 

AM Go veil fjohn IV 

T7.LwidonW4lJ.Ei-" 
b'hJdr. JuneX- [134 7 
Do Are net Lull [162 b 

Next dcMiiifc j j 

Grieveson Blanasemcnt Co. Lid. 

MHumbaroSi.. Ef2P2r»:; u|«K 

Ramnotwi May ill 
lAtfdUDi bub).. . . 

B’tPf^LYdJuM 1 

l /nniTt CnDI 

ERdeav 3«ay30... 
t Accuhl Lmtsj 
dmehsir.Junea 
t Accum. Urntsi . 

Ljt tBrsls. Mil Ul 
Accun L'niu 


319 

341 


41.0 

439 

-0J 

466 

49 9n 

-04 

470 

5 03 

—02 

373 

400 

-03 

62.0 

663 

-03 

57b 

6! BO 

-SJ 

27 1 

290 

-02. 


56 7d 

•1 


940 
4.70 
387 
2«7 
347 
3 1C 
4.06 
100 
190 


2X1 
2 01 
23* 


050 Practical Invest. In. Ltd.Y ivhci 

44. Rlnonr.burvSq K Cl A SLA t>l4r.i3PJ 

Prameai Ho -5i . 1147 0 15* 2! . | 421 

in fjwvcn 3CCUH1 fniw [207 W 22081 . J 4X1 

W20it[ - 3 ft 2g Provincial life Inv. Co. Lld.Y 

W W 202 2=2. BihlloptKiMB. fc.1 i UI34:«33 

PrullfieKnit* .. IBIS S76| -061 319 
iUflb i:B5cj-04| 


Hign IncoRit.- 


7 39 


464 

314 

5.46 
532 
4 47 

550 


7042 3IJ9 


221 4 23i a 

17t 1 18*3 

207 S 2121 

1791 1872 


1E.S W 9 
953 99 8 

-0 4 

3? 1029 
701 731 

-0* 

72 6 75 7 



430 
4 30 
7 BS 
70S 


HoIbornitera.ECtNSNH 0 MOT. 0=2 

Pnxtenli.il [125 0 1KS(-05| ■»« 

177 Quilter Management Co. Ltd.Y 

177 The SU Evchunge. EL2N HIT 01 flftnm 
7 76 Quadrant 'Ten. Kd 1104 8 JDBll . I 423 

276 Quadra m Income [124 1 i28 0| j 7 85 

.412 Reliance Unit Mgrs. Ud.Y 
UUFzij Guardian Rov^J Ev. Vnil Mprs. Ltd HclianceHro.Tunbndge-Aellj K * »B=22K1 

I 443 Rojul Eacbsnee. El?PJU>n 01*08801] Dpponundy Fd .165 4 6991 .. J 5 

aslGusrdhlllTsL [893 92 5( -OS] 435 SeWordrT.iAee 


“““'"S' 

.165 4 

1 U22 
. no 


**4i 

Ansbachcr Unit Mgmt. Co. Ltd. AtoTniBirotio^.'^cMi S****™”- ~ ! ° 0 ^ 41 

I Noble SL. HSV71A. ul ^f^ W Admin . 5 RsvI.mc:. Road, H IS 0 2 *™**?*?"™ 

L'.K. Fuads 

Cap. Growth l,ne |42 5 


555 

553 


OVERSEAS FUNDS 


Arhuthuoi Securities tc.X.i Umited 
1*0 Ha:. an, Si Heller. i^rMD' OSMTSlTT 
l*xp Tsi Ovneyi ,}U5 0 Xl9 0rtl I ^20 
Ne« X«ali|w dale June 7 
EjsUdwi.TxL.Li,. (ilia 121.D| .... | 310 
Ncu sub luce 8. 

Australian Selection Fund NV 

Market ilptHutiUUlie* r ■■ IH-ih Yr.unc 6 ' 

Ouifivrniie. 127, Kent St Sjdnei 

US11 Sharer. ( Si: SIS 1-0021 •- 

Bank of America International S.A. 

35 Boulevard Rir-al. Lr; *. etc hdi n; Gil 
WMiawu Inrcmw JB'iJUrs ULH[*a76| 651 
Pruts ai June 1. %»■■.* -.uh. dxp June 7. 

Bok. of Lrnln. & S. .America Lid. 
•Ulgk. Queen Viciurm St LC4- 
.vJesftnderFund (SL'mi .. J — . 


King & Stuxson Mgro. 

1 Ciuinnc Cro». St Helicr. Jersey '0534 '77741 
VaUej- Hsc. St. P«cr Port. «Jmjy. l04Sl] 2470B 
I Ttinmas Street. Docclas, I O-M i0824i4eM 
Gilt Fund 1 Jersey I..H24 926j ....I 12.00 

LiItTnudil.ciALi... 1037 lOMd [ U<» 

Gilt FatL Gnanuey}£9 71 
tmL nmt. secs. in. 

First Sterling;. JIM J7 
Kirst Ind 153 63 


12.00 


18 

1#S 


229 ::.::| 

9.72] . ...] 

ill ...i r 


Kir in wort Benson Limited 
20. Fenchurch St. ECS 


Net asset value June 

Banque Bruxelles Lambert 

Rue De la Reccnrc h 1000 Brussel* 
RemaFund LF 1184s 1.9o2| -4| 787 

Barclays Unicorn InL (Ch, Is.) Ltd. 
1. Chari rjrOriw. W Heller. JUT 053473741 
overseas Income . (oao 510} -0. 

Unlcktllor Trust Ut^nn U< 

Unlbetid Trust. pI.fV0(f U* 

“Subject 10 tee and wiihhaldlna tue< 

Barclays Unicorn Inc. (1. 0. Man) Ltd. 


EurinvcsL Lux. P 
Guernsey Inc. . 

Co Aeown. 

KBFsrEBSiF*.. . 

01 830 2313 gSSpfey; 

KB.C5.Gwth.Fd.. 


SiRtet Bermuda _ 
‘LnifondsiPfiTi. 


Its 1 S3.q 
SUSlOiC 
SUS1L32 
SUS30J9 
5US1X40U 
, SUS4JS7 
19.20 192(H 


01 “4=39009 
33= 


4J7 

4.17 

13= 

203 

033 

079 

164 


KH act on LondeD paying a^CdU mdy. 


Lloyds Bk. tC.I.J VIT Mjcrs. 

P.0 Hex IBS. St Heller. Jersey. ' 0534 =7351 
Lloyds TsL n sew.. [5S-S 5ft4} ..j 239 

Next dealing date June 15. 


Inc. Monthly l-W |1620 172.0) | 8.60 

Arbuthnot Securities lid. laMci 

37. Queen SL bondon EL'4it 1BV 


OCT?"?^ POBox418.3*40.Kmuie&'Si.MaBcherier 

U-.. -1. Si M1 j;,; JC21 


EnIi-b Income Fd 
Huh Inc. Fund .... 
OtAccum. Units'. . 
r»ia% Wdrval.Utx 
Frol ere nee Fund.. 

(Anm. llmlsj 

Capital Fund 


Commodity FUnd „ 
1. Units; 


(Scrum . .. 
H0%Wdrvd. _ . . 

Flit 4c Prop Fd .... 
GL.lnI .1 Pnod . ... 

IAccuri Unlui... 
Growth Fund .. 
lAcrum. 11 nils j 
K mallerCo'sFd . .(27.4 
Easium tt Inti . Kd. 

<e> Wdrwl Uu.1. . 
Foreign I'd. 


1056 

113 w 


41.4 

55.0 

446 

601 


558 

60 1 


25. 4 

27 4 


37.7 

406 


1*0 

195 


5*4 

60 9a 


n.3 

KT.Hk 


495 



170 

18.6 


349 

430 

-OJ 

461 

499 

-00 

333 

362 

-o.s 

995 

*21 

-05 

Z7.4 

295a 

-02 

24.1 

265 


189 

206 


52 9 
EM6 

911 

33.0al 



1L23 

9.07 

907 

9.07 

12.12 

12.12 


Incomnft Axwta i 

High Income Fund* 


45 31 -04 
45 5 -03 
344 -01 


1030*5 
«0a| 


272 

1049 


Hijhl aamc . ■ 


562 

5.62 

5.62 

3 OS 
2B2 
2.B2 
2.95 
295 

4 41 
1.49 
149 
IM 
100 


.Extra Inc ... (55 9 
Srcxer Fund* 
FmaanalftlTU 123 4 
OllJcNaL Bcs .. .127 2 
IntcnaUtawl 

Cabot.-- 

IdtermstJonsI 
Wrtd WldeJuneS. 
(limro Pond* 


>6d| -0 
I'M -Q 


Ridseiieldlnt UT.I* 

Ridfidltrld Iae> one. 1630 99 

6.23 Rothschild Asset Management (gi 

TX^O.GatebooMRd-AjInbury. (£965341 
175.2 -0.1 
119 j] -tt4 


8* ^ WMK 


25 4M -0.U 
29 ft -Oil 


4JI 

194 


147.6 


wan 

|ai4 

aonai .. B1 4 
deJuneS. .(752 


Mac>-07| 283 


ncy 1 

S C Income Fond, j . 
N.C. Inti Kd. Une. <89.0 
N\C l3U.Fd.iAcc.439 0 
N C Smllr Coy* F6H535 



g3 1: 94 


-0 51 


Australian 

Kuropean 

FarOklt 

North Amer.. .. 

N Am.GrM.Maim.. 


ii 

392 

1205 


37 4| -15 3L 
40 7* -ON 


732 -01 
4L« -0 l 
125 -0 4 


_ 12SJ 

CabotAmerAn.Ce. |S0J S3 lj *6.1 
Hill Samuel Unit Tst. Mgrs.t la) 


163 Rothschild & Lowndes MgmE. (al 

*37 SL SwlthUK Lane. Ldn. Ero. m^CflATJA 

, », New Cl Exempt.. .|U220 12901 ( 3 VI 

Price on May 16. New dealing June 15 

309 Rowan Unit Trust Mngt. Ltd.VU) 


Archway Unit Tst. Mrs. LltLV lade) 43 Beech S^ECSPSLX 


1 ju American June! .. 
GecuntlesMaySO 
High 91eJd June 1 


31T. Hlgti Holbom. WC1V7NL ni4«U«233. (374 


Archway Fund... )82A 87.94 I 588 

Pncca at June 1 Next sob. day June 8. 


1 jfl Dollar Trust.. .. 
biCaptral.Tnut 


Barclays Unicorn Ltd. (atmiYU. 1 ) 

U nienrn Ho. Sffl Romford Rd. K7 01^346544 


ihi Financial Tru*L ha 5 


lliucorn America 33.6 
Do. Allot. Ace ._ 70 5 
Do. Auot Inc. ...55.9 

Da CapItBl 65.9 

Do. Exempt TaL ..1092 
Do Extn Income 27.9 

Do. Financial - . 59 J 

Do 500 *25 

Do General 312 

Do Growth Act 40 B 

Do IncoBieTjL M4 

Do. Prf. -Vas. Tat .157 2 



121 

167 

1.67 

440 

6.12 


1148 7 


014288011 > Accum Units I . 
lS4in-Jl SJ7 Merlin Stay ai . 

324 lAecum. Inltai 


774 
29 8 


271 

,5*2 


tbl Income Trnst 

1 bl Security Trust . 

(biHttoVtelilTaL 129.1 

InteLY Uilg> 

15. Chnstopber street. KC2 
Intel. 1m'. Fund . . fB5 1 


400 -02! 
83 J -a.i 
319 -oi 
965 
213= -04} 
55 9 -0 4 
3E2d] -02] 


bury 6q .ECS. 

01-006 1006 

675 

162.0 

703 

1720 

; -20 

0.97 

440 

545 

57 


758 

768 

80 9 


758 

77 B 

817 


401 

950 

998 


401 


. Royal Tst. Can. Fd. M^rs. Ltd. 
4 70 34. Jermyn Street,? W I. HUE 


«29>E3C 

756 .Capital Fd (685 7231.. [ 3 61 

521 Income FtL [72.9 769| .. .1 722 

8.06 Prices at May =1 Next dealing June 15. 

Save & Prosper Group 
01-247 12 AD 4 Great Sl Helen*. London EC7P SEP - 
9551 ] 620 08-73 Queen SL. Edichurg': EH2 ANX 


5-3 Key Fund managers Lid. (aRg) DeaLnss to; rn-ss* osbs or ten-zao 7351 
23. Milk si , Ecsv 8JE. oi-flM7<7To. Save & Prosper Securities Ltd-V 


Price* at May 30 Next sub. day June .90 
Do Recovery... . W24 45g-01[ 5.56 

Do Trustee Fund- 112.7 121 S -OM 5.09 

Dn Wldwlde Trurt 49 0 53.U -0.J 159 

K’tsUn.Kd.Itx-... 6*8 66 4) -0.N 4 81 

Do Accum. [71.9 74.91 -0 5) 4 81 



Key Energy In. Kd. 


137 International Fund* 

4.75 Capitol .. 

*48 rru.. . 

*25 trail-. Growth 
»■£ inaculuK lamw Fond 

Kleinwort Reason Unit MaaajwrsV 

20. Fenchnreh Si ,F,Q 01-S38COO H lgh Return -..[65 9 


Key Income Fund.. [78 6 
Key Fixed InL Fd ‘ 

Key Small Co'oKd. 


735 

835 

-1.1 

638 

73 1 

-0.8 

(J84 9 
785 

134 1 
»6d 

-0J 

6C4 

6*3 

939 

99 9) 

+00 


57 21 -0 S 7 27 


Baring Brothers & Co. Lld.Y faKsi 


KJEL Unit Fd. Inc 
6K.B. UnltFdJlc. 
KJB.Fd.Iny.TsM 


m m 


5 06 income . . 

438 l K - Faod> 


|U Y 

|4£8 


70 8j — 0,*| 

*6 ol -oil 


8.18 

B.74 


8* 1 eadcnhaU Sl. E.C 3 oi-'«2W> L A C Unit Trust ManaRcmeat Ltd-Y ' W ' 1 


.itratton Tst 0678 

P08 2 


Do Accum. 


175 1 
2171 


Next sub day June A 


420 

420 


succor Fn mfi 

0,-3 *®2! 1 KCtoTB* 81 - Edinburgh EH22JG 031-2203811 ilSH 


The Stock Ecbange. EC2N I H P 

J-ACLdc. Fd ..11365 140 fi +0.41 

_ . L4cC Unit Gen Fd |9b.O 99.3-051 

Bishop scale Progressive Mgzot. Co.Y Lawson Sees. Ltd. Vfalici 
V. Biabopngale, E.C2. 01-Saefi28C 

B'lmePr.— Maya- (1M.9 197 Oof .. I 3.90 
Acc.Un.<-Maya..h292 234 U I 3.90 

B'gatrlm May 31- -{173 7 W4M J 1 24 

(Accum.) May 31 Jl916 203 sj 1 124 

Next sub. day 'June 13. "June A. 

BridKe Fuad ManogersYiiwci JfejSBfc J' 

King Will 1 mo SL. EC4RBAR 01-034951 --High Yield 


_ Ptandsfzi 

01-568 2808 Enropo 

7 65 Jfgan 

2.24 — — 


4*3} -03} 4 81 


ftRnw. Material* 

At Aecum. Unitai — 


‘Growth Fund 

■(Accum. Unit*! — 


- nGm and Warrant. 
^American 


American* Gc.-Lt..p4.4 

Income* 1499 

Capital Inc.T (35 J 

Do. sect pa 9 

Exempt! . - . . _,.[i36 

Inieratl. Ine-t [ISA 

Do Acc-T 1 172 . .... 

Dealing Toes TWed fThnra. Price* May 3031 
June 1/2. 


2*2 +021 
543a 
37.6 
41.4 
145.0 
166 
1*1 


1.44 

*59 

326 

326 

552 

166 

3.66 


**iAceum. Dnltai .. 


[380 
<26 
54.9 
599 
36.4 
Z3 7 
246 
472 
66 ? 


4251 -LI 
47.4 -32] 
597 
652 

39J . _ 
2*1 - 02 } 
272 -dll 
53-9 
728 


637 Financial Secs. 

*27 ni |^.wiwim^Fw Fund* 
Z49 


249 

1.90 


Select Internal . 
Select Income . 



®|® Scotbits Securities Ltd.V 

ScotbiL. (3*3 411 

in go Scupield 1496 535 

Scotshares., |5&2 


ScoL Ex. Gtb'fc 

Scot Ex. Yld. 



Deal. JtMon. *Tues. rr^ed. Thun —Fn 
Legal & General Tyndall FundV 

1* Canynge Road. Bristol 027222341 Prices at M«y 24. Next sub. day June 14 

.. .] ii? Schlesjfiger Trust Mngrs. Ltd. (aNzi 
Next sub da> June 14 ilncorporatlng Trident Trust* 1 


Britannia Trust Management (a> ig) 


London Wall Rulldlngs, London Wail. 


London EC2M5QL 

Asset* _[71 8 

Capitol Act-. 512 

Commftlnd ....... 5*1 

Commodity 76.7 

Domestic.. 373 


Exempt.. -[10*4 

Extra Income t 


MS 

For East 195 

Financial Sees 632 

Gold ft General B.9 

Growth 7*4 

Inc. Sl Growth 736 

Inn Growth 58.6 

InvesLlhLStauiea- 455 

Minerals 356 

Nat. High Inc- ■— 773- 

New Issue 353 

North American 292 

Profeotionid M77 

Property Shares _ 133 
Shield.-. *5 j6 

iTJUtpflT 3tL& 

Unlv Energy P23 


01-438 0478JD479 
7731 -061 


Leonine Administration Ltd. 

2. Dohe SL, London WJM 8JP. 

Leo Dirt- 174.0 

Leo Aocum. - ..[814 


M0. South Street. Dorking. 

121.9 


(0308188441 




01-4885091 aSgS55!?;“:::'.iz75 


55JJ 

6*4 

825x1 


«_2x$ -0.4] 


1142a 

423 

2L0 

6*0a 

92.4a 

DMs 

7*60 

633a! 

49# 

.3*5 

832 

386 

3L4n 

5235 

143 

492 

336 

343 


-05 

-0.7 

- 0.6 


+13| 

-0A 

-05 

-*g 


12-5 

-02 

-0.7 

-05 


-36 

-01 

—05 


-0-4| 


5.04 Exempt High Yld- 255 
462 Exempt MkL Ldrs— 25.4 
559 Lloyd# Bk. Unit Tst. Mngr* Ltd-Y (a) 

-J » wfflS>^u S ^ Da by ' S ^ Inc. 10% WdrwL P05 


509 

461 

728 

934 

3.44 

454 

321 

409 

7M 


First (BalBcdj.— 
Do. (Accum.).. 


8oeahd(Cfc&).. 
cumj- 


DaiAtdsu 

Third (Income) 

Do. (Accum). 

Fourth (BStlncJ— . . 
Do.(Aeccm) 


150.0 

618 

512 

£■4.4 

SL7 

1116 

5*5 

666 


53.7*5 -051 
73.1 -10 
55.0b -05 
692 —0.6 

no -10 

1202 -L3 
6298 -03 
716 —0.4 


01-8231288 IntriL Growth— ...... 


445 Inv. Tsl Units (25.1 

4.45 Market Leaders .— S.8 

320 ‘NU Yield’ W3 

320 Prof, ft Gilt Tnirt— «J) 

627 Property Shares Q5.9 

627 Special SI t. Tst &2 

7.95 ILK. Grth. AorarnUu 
7.95 U.KGrth.DlsL.--pA9 


HM 



IS 0,6 T**- Mn * rs ^ j- Hemy Schroder Wagg A Co. Ltd-Y 


338 72-80, GatehouaBlMUAyleahuty. 02885041 120. Cbeaj 

524 Equity Accum 2_p5«2 16*4| .. ..) 423 

M & G GroupY (yMcHz) 

422 Throe Quays. Tower EUL EC3R 8BQ 01820 4588 


5rie,ECJ 


262 

443 

462 

254 


Sec al*o Slock Exchange Dcalin 


(Accum. 1 

Income May 30 
■Accum. Unltxw... 


The British Life Office LftLY (ai 
Reliance Hae^Ttanbridge Wells, J5X. 0882 22271 
BLBridahUle,.....|496 3251-03 568 

BL Balanced* _l«56 *90} f 36 J 

BL Dividend* M22 4521 ... i 960 

•Prloea M«y 3L Next dealing June 7. 


9 


2*4 ( 


Brown Shipley & Co. Ltd.? 
Mngrs; Founder* CL. EC2 " 

BS Untt* May 30 (213.7 

Do. (Acc.) May 30__i26*4 
Oceanic Truata la) 

, Ha 4 

General— lull 

Growth Accum (455 

Growth Income.. 

High Income 1293 

lixto T— ZT.ZIHT . p< b 


American — 

(Accum Units)— 

Australaaiaa 

(Accum Unlrsi— 

CofmpQillw . ...- 

(Accum. Unltsi— IHL8 
Compound Growth. 1056 
Cotneraion Gnwtl H7 
Conversion Inc. S2J 

Dividend 117.7 

lAncum Unltsi 2232 

European — .... 192 

„ (Accum. Units! 996 

01-0008500 Extra Yield. 14.4 

(Aocum Unilsi 132.9 

Far Eastern 53.0 


.._.[ 522 
J 522 


Oversea*— f 

Porformonee 

Recovery — 

ExmpL April 10.... | 


3*5 —021 
1*9 -02 
483 —03 
314 -03 

3 Lt 

ZL6 +0.4 
2*1 -03 

202 

620a -0.4 
23.0a -02 


427 

3.90 

482 

462 

969 

368 

435 

334 

459 

S6S 

440 


f Accum Unit.* 
Fund of Inv. 
(Accum. Unite 
General 


(Accum Unite 1 
High Income .. 

(Accum. Unite 1 

Japan Tnnpmft _ IASjI 

(Accum. Units’ 144*7 

Idapiim -___ Mi ? 

l Accum Unltsi 250.9 

Midland 1676 

(Accum Unite!—. 2775 


Can ada Life Unit Tst. Mngrs. Ltd-Y ihtcovery.— 

2* High St. Poctms Bar. Herts. P.BarS112= jUSSSoSHVZZ U22 

'■k Jf3 ”S4| *JJ (Accum. Umtsi 255.9 

J -0-3 434 special — U06 

3 35 0m -da 7.75 lAccum Unite) — 2022 

5 4M| — 03( 7.75 

Capel (James i Mngt. Ltd-Y 


Can. Gen Dlst 
Do. Geo. Accum—. 

Do. Inc. CHrt 

Do. Inc. Accum. ... 


0-31 




IIlI 


543 -0.1 
555 -0.1 
565 -02 
50.7 -05 
8*9 - 0.6 
. 1135 +03 
655 -00 
666 +02 
125.3c +02 
2375 +05 

52.4 

. 530 

89.9 +02 
1202 + 0.2 
5*4 -1-8 
6U -12 
645a +02 
786 +02 
1827 +03 
2790 +05 
13*2 +0.4 
1793 +0.6 
1555a -02 
1576 -02 
2155 +02 
26*9 +02 
1785a +0.4 
2956 +15 
864 +06 
875 +0.4 
185.7 +0.7 
2776 +12 
1716 +0.7 
21551 +001 


General May 21 — - 
. Units) — 


allng *. 

-021 1 69 (Accum Ui 

XM Europe June I._.... 
U»5 (Accum Uni is), 

165 *P«»ACharFdiipE5 
409 *ft?*cJEx.MM.'10.... 
4.09 Recovery^ Stny io|. 


.7 

^ .9 
ias.7 
2706 
826 
102.0 
306 
336 
168.0 
23*6 
0836 


1045a 

16fc3 

192.4 

2800 

8*2 

1066 

325c 

35.9 

1732 

2435 

1896 


360 

2.70 


For tax. exempt land* only 


01-2403434 
251 

111 

6.78 
*73 
352 
352 
221 
221 
464 
3.71 
524 


B6S 


[14*0 

0813 


154.fi +041 
29*fi +I.U 


Sfcdallaed Fund* 

Trustee _ - 

JOOOld Broad SL.EONIBq 01-588 «10 Sfer Ml 

Capital JM6 90JJ .„.J 422 Charild. Mav 30 — 0445 24*71 

,I «2S*" - G-— ;P*i , ' JP* t Accum Unftai- — 2793 181 fi 

Prices <m May 17 Next deaUng June 7. Pens, Ex. Mar30._.[l3J2 


b» Scottish EqnitghJe Fad. Mgrs. LULV 
7.70 28SL Andrews Sq.. Edinburgh OB1-S38B101 

7.70 Income UnUs. ja?.8 53.0J . 1 520 

335 Accum. Units |5*9 60 j j 520 

3 J5 Dealing d ay Wedncadny. 

1*29 _ 

869 Sebafi Unit Tst. Managers Ltd-Y (a) 
PO Box 511, Bcklhry.Hse-.ECA- 01-2365000 
fit Sebag Capital FtL..tt32 34 71-021 361 
Sebag Income FtL. ^5 327] .. J 

SM Security Selection Ltd. 

■ 40 15-10, Lincoln's Inn Field*. WC2. 01-831803*0 
UnvlGthT«A«_g42 2561 ...[ 250 

1_23 UnvlCthTrtlnc—PLO 22Jb4 ..J 250 

37? Stewart Unit Tst. Managers Ltd. <ai 

569 43. Charlotte Sq_ Edinburgh. 031-2333271 

*■76 rsemrt -\mericaa Fund 
4X5 Standard Units. —1*44 6*91 

J2j Accum Unha [M6 7451 

J-Sj Withdrawal Units |S16 55 1] 

U* -Stewart British Capital Fond 

427 Standard 1133.0 1445) 

4.17 Accum Uulia DS24 2*5.o( 

Dealing tFri. -Wed. 


141 


450 

4J0 


14051 


Carl tel Unit Fd. Mgrs. Ltd-Y (aMc) Manulife Management Ltd. 


*42 


Milbura House. Newcastle-upon-Tyne 31 IBS SL George’s ■ y W. Stevenage. 

Carliol [680 I 

Do Accum. Units _}813 840) \ 

Do! High Yield KU 436rf . _..( 

Do. Accum Units.. B15 53.71 — 4 

Next dealing date June 14. 

Charities Official Invest. Fd4> 

77 London Wall. EC2N 1DB. 01-0881816 

income Usy 18 035JZ — | I 660 

Accum May Id [S65 —.)...( — 

lUniuth. Only available to Rex. Choritlea. 


658 Sun Alliance Fund Mngt. Ltd. 

Sun Alliance H*e„ Horsham 040364141 

7JB ExnXg.T*LMaylO.K204.2 Z150J ..I 4.40 
WTheFamUyFd-. -1955 1013! -lloj 357 

562 Target Tst- Mngrs. Ltd.Y (aXg) 

31, Gresham 5L.EC2 Dealings: 0208 S04J 


O43B5B101 Targe* commodity. 

462 Growth Unit* (52.4 ».4j +0.9) 368 Target F1nyctal-_ 

*n Mayflower Management Co. Ltd. T«!SI£ U k2y5r: 

*42 14/ IB Gresham SL.ECZV7AU. 01-6088000 #Do- Arc. Unit*.—. 

aasassar** ^3 .:■] ss 

Mercury Fund Managers Ltd. Dq^S^Unlu 7.1(30.7 

30, Grcehani SL. EC3P2EB. 01-0004589 I"*?* U? 1 '. 0®-- 6 


Charterhouse Japhetf 

Piiernosmr Bow. EC4. 

CJ Imernat'I 03 h 

Accum. Untt* 77. B 

CJ Income J4.0 

CJ. Euro. Pin__ 262 

Accum. Unite SO a 

CJ. Fd. Inv Tst -_.. 266 

Accum Units -.130 8 

Plica May 31. 


Here. Gen. Msy 31 ..[162-2 
Acc. Uts. May 31 —.067 
MercJnL May 31 — 163.4 


Accra. Uts May31 - )6*3 
4ay2S.^ P 


252 
296 
3*2 
28.0 
324 
286 

. - 32fi 
Next dealing 


HertExLMayaS^- C14.1 22S.IS 

M 0I-M83SW Accum Uts. Apr 57.12555 2U.l| 

200 Midland Bank Croup 
774 Unit Trust Managers LttLV (a) 
Courtwood House, silver Street. Head. 


2* 

*Sx TgL ProL (156 

Coyne Growth FtL 



June 


468 

42* 

362 

382 


19.0 20. 

Target Tst. Mgrs. (Scotland) (aKb) 

19. Athol Crescent. Edin. 3. 031-6298821(2 

Target Amcr£agle|275 2961 -02| 150 

Target Thistle WJ 43301-03 5.71 

Extra Income Fd - 595 Mfi -o3 1063 


7. 


Sheffield. SI 33J>. 
Commodity* <3en..|636 
Do. Accum 
Growth... 

Do Accum 
Capital.— 


Tel- 0742 7PB42 


735 
.. 36 6 
... 395 
_ 27.7 
.... 2»6 

516 

... 585 
_. 470 
. . 500 
..615 
— 6*1 
■ .. 103.6 
1036 


68.7xf —0.4 


si ^3 


?9A| +0J 


3L9 

2 $ 


50 W -05 


546 

655 

693 

1095 

1093 


+06 

- 0.2 

-06 


-05 


+-« 


Trades Union Unit Tst. Managers 9 


r lr 

5fc5 100. Wood Street ECi 

3:46 TLHTJimei (50.1 

3® Transatlantic and Gen. Secs. Co.Y 
3.43 01-S0 New London Rd OielnKJord 0245 51 SSI 


01-828831) 
S3 4] +1.21 550 


Barbican June 1 ....176.9 
5+ lAccum L’nUa.1 [116 0 


S»rh-Kxpt May31 (853 
2-S.Buciou. June 1 [ 


796 

*|6 (Accum. Units) .... . 9*6 

*■36 CoieilW June 2. 1256 

(Accum. Uni uj 1516 

SA9 CumJd. May 31 515 

lAccum Unit*; .. (565. 


Glen May 30 H3.0 

ii m ur.lisi H 


Chieftain Trust Managers Lid. Y( a. HR) 

New SL EtStM 4TP. 01-2832832 Do. Amun. . 

American— Iiu23 4 2561 . J 1.59 Incouio. — 

High Income 140.7 43* -0.U 9*5 Do. Accum . 

International TsL-.kxl24 6 2*M -02 364 Iniernarlonal 

Basic Rmnrce Tstf263 265} -63 446 Da Accum 

High Yield 

Confederation Funds MgL Ltd.Y la) Da. Accum 
to Chancery Lane, WC3A 1H£ 01-3*20282 

Growth Fund — 141-3 43.4] ( 439 l May al. Next dealing June 30. 

u^ers. Minuter Food Managers Ud. , M 

3a P»nt Street. London KWUC BBJ. 01-Z338S25. Minster H»e.. .vrtburSL.E.C.A 01023 UK*) Mari boro May il". 58J> 

Conoopoln.Gth.Fd.117.9 190( ( 481 Muter May ft)- -B5J 37.7) .. .1 J.47 tArcum Unlui. .." 577 

. ^ „ ... , Exempt May2i- -S*7 947J .... [ 54* Van-G«lh.Mliy30 - 49.1 

Crescent Unit Tst Mgrs. Ltd. UHg) jtla unit Trust MgemnL hUL - - S3 

4 MelulUci-ra.. Edinburgh 3. old Queen StreeLSWlHWG. 010007333. Vuig^eeftaySf ” 44.4 

l« MLA Units -(396 413) . ) 436 lAccum UniU-i ... 451 

J-n Mutual Unit Trust ManagersV (aKgl J2SSI cSuagT. “ nil 

M 15. Copthali Avc.. EC2R7BU. 01-0064803 Wick Dl. Junes. 665 

Discretionary Unit Fond Managers Mutual s«. Piu* -H-J 54 .u-06[ &ai Do.Aceum. — 7*o 

Mutual lae T«. [674 ag* Tyndall Managers Ltd.Y 

595) -O.z] 874 18. Canynco Ftoad. Bristol. 


Creacent Growth _ [ 
Gres. luenutT _ ..t 
Cres. High- Dial ■— r*36 
Cres.Ra*erm, 


83 4? 

1K0| 

1605 

54Jri 

5*13 

m 

605 

Si 

75-1 

47B 

47.8 

695(3 

79N 


+0.4] 
+0 4| 


562 

542 

433 

457 

457 

559 

559 

703 

7.03 

S6B 

569 

*51 

251 

S5S 

353 

857 

654 

654 

534 

534 

*44 

1.44 


1 Thomas Su Deugla*. J 
UnicomAu5LEgt 
Do AusLMtn... . { 
Da.Gru Pocillc — 

Do Inti Income . . , 

Do. 1. erf MphTsI — } 

Do Manx Muiual .. 


MC44656 K302.W 


Lloyds Intcrnnlioiul Mgmct. S.A. 

7 Rue riu Rhone. PO Box ITS. 12)1 Genets 11 
Lloyds la. Gmwih ISFUIS 3SSM . .( 168 


*49 



Bishopcgate CnmmodlQr Ser. Ltd. 

P.U Box 42. IXHigioj. l.o \1 

ARMAC-Mwa. jh'OTs nnj - .1 - 

C.\\RH0*'31ay 2 . P-DCS 1.06W ..[ - 

COL(NT“Kay2. .10537 1*791 . .| 231 

Oil anally Issued at *510 and "CUXL 

Bridge Management Lid. 

PO Box SO* Grand Cnvman. Cayman 1 a 
N' baahi June2 I >15538 1 -4| — 

GP.O Box 383. Hoag Kong 
Nippon Fd May.U IIL’SU.72 U«( ... | 0.76 
Ex-^lccL SpUL 

Britannia Tst. Mngmt. (CL Ltd. 

30BUhSL.SL Heller. Jer-x.-y. 053*73114 


M & G Group 

Three Quojn. Tower Kill ECJR KBQ. 01-826 UV 
Atlantic Hay 30 — UCS2.77 3 031 

AuSL Et. Slay 31 EUS269 2£» .. .. 

Gold Ex. Msy 31 Ul'59 62 1BJ7 ._ 

Island . fl2*>4 13*5 

1178 7 1902 +01 


06iM*239l 1 LAccum Lnitsi ... 

Samuel Montagu Ldn. Agts. 

1 14. Old Broad SL.E.C2. I 

Apollo Fd. Mav3I - ISF47B0 

Jaufest May 31 ram® 

IlTUrp. May 31 .....pCSUUJ 
117 Jersey May IT_ 


9J31 

93.31 


lJTJnyO-s Uay 24 - (£12.18 


£5.12 



Sterllag Dcnamlneted Fds 
tthlr 


Murray. Johnstone (Inv. Adviscri 

163. Hope SL, 0 lass'’’”'. H. 041 .221 *1X1 

-HopoSLFd . .1 SUS3265 I.. I — 

'Murray Fund - SUSU6S 1 .1 — 

•NAV May 31. 


rtrowihlnveM . 

Intal.Fd 

Jcrsev Energy Tsl . 
U nival STrt Slg . . 
HlghlnLStlg.Tsf 


33 2 
73 0 
1382 
*£223 


35. a +0.i 
7*91 
149.41 

m 

U5 Dollar Damlmnl Kd*. 

UnivsLSTst BT. 15.23 JJfi-rODJj — 

InL High int. Trt - -t — Sl'SLBfi J 90C 
Value June 2. Neat dealing June S 
•Initial oiler closed May 3L Next dealing date Phoenix International 


Negit S-A. J 

10a Boulevard Royal. Luaembo'jra • 

NAV May 28 | SV5UL26 ] .. [ — „ 

Negit Lid. 

Banc of Bermuda Blrig>, Hamilran. Bnuda. 
NAV May 10... |£4.7J - 1 . ..( — 


ro Box TT. St Peter Port. Guernsey. 


2511-0 D3 — 
Property Growth Overseas Ltd. 


V S. Dollar Fund... | 5USS589 “ 


Juno 12. 

Brown Shipley Tst. Co. (Jersey) Ltd. inwr-5oiiar Fund7|S253 
P.O. Box SB* Sl He! ler. Jersey 0S3474TT7. 

StorUm; Bond Fd. .(£9 96 9.991 .. | 12JH 

Butterfield Management Co. Ltd. 

P.O Em 109. Hamilton, Bermuda. 

Buttress Equity . ...1253 255} . ... | 176 

Buttress Income (2 03 L9fi] .... | 738 

Prices at May a Next sub. day June 12. 

Capital International S-v 
37 rue Notre- Dame, Luxembourg. 

L'apliallnL Fund... | SUS16.86 | .... 1 — 

Charterhouse Japhet 

01-2483808 
556 
523 
6.02 
558 


iGtb'SlM 


28 Irish Town. Gibrolur 

l ; S. Dollar Fund ...| St 

Sterling Fund. | 023 77 

Richmond Life An. Ltd. 

48. Athol Street. Douglas. I.O.W. 682423814 
,41 -0-51 — 

3067 


it-TtK SilcerTnuL' 
Richmond Bond 97. 
Do Platinum Bd. ... 

fo.Gnld Bd. 

Do. Em 07iC2 Bd .. 


113 6 
1i»T i 
>128.6 
IMk« 
<1640 




I. Paternoster Row. EC4 

Adlropa..-.- ... 

AtUverlM 

Kondak — 

Fondia ....... 

Emperor Fund. 

Htepano. ... 

Clive Investments (Jersey) Ltd. 

P.O. Box 320. SL Heller. Jersey. 0934373(11. 
nlue Gilt Fd-iCJ. 1.19.90 9 911 .. I 13.08 

CUvvGUtFdiJsy.i (987 909( . . [11.00 

Coro hill Ins. (Gnernseyj Ltd. 

P O Box 157, SL Peter Port. Guernsey 
Irani. Mon. Fd |1680 1B30| | — _ 

Delta Group 

P.O. Box 3012. Nassau, Bahamas. 

Delta Inr. May 30. |S17S L84( .._.4 — 

Dentscbcr Investment-Trust 

Postfaeh 2089 BlobcrKa.wfl-I0C00OFranWiirt. 

Conceotra PiM19I3 XLS8j+0.1Df — 

Ira. Re me irfa rate _[DU41J0 TlJ^-OJOl — 

Dreyfus Intercontinental Inv. Fd. 
PO. Box N3T12. Nassau. Bahamas. 

NAV June 1 ISVSMU lJ6t| | _ 

Smsou & Dudley Tst.MgtJr37.Ltd. 
P.O Bra 7* Sl Heller. Jerw-y 
E-DJ.CT. ... -11376 124 6) . [3.00 

F. & C- Mgmt. Ltd. (nv. Advisers 
1-2, Laurence Pountney HUL EC4R 0BA. 

01-823 «®0 

Cent Fd May 24 . .| SUSS 62 ( .. I — 

Fidelity Mgmt. & Res. (Bdaj Ltd. 
P.O Box 870. Hamilton- Bermuda. 

Fidelity Am. Art. 5US2552 I ... J — 
Fidelity InL Fund.. SUSZL68 -0.X5) — 

Fidelity Fee. Fd SUS44.8Z T- 

Fidelity Wrld Fd — | SUSM61 (+003 - 
Fidelity MgmL Research (Jersey) Ltd. 
Waterloo Hse.. Don St. SLHclier.Jeraer. 

0534 27501 

SorleaAdranL) I 53.71 [+0051 — 

Soriea B (PacUlci. . £7.41 11- 

Series D (AnuAs * .A 0766 [ . \ — 

First Vtldng Canunodity Trusts 

8. Sl George's Sl. Douglax. I.ohL 
0834 41382. Ldr. A gu. Dunbar h Co. Lid. 

33. Pall Hall. London SW175JI1. 


Rclhschild Asset Management (C.I.t 
P OJEox M. Sl Julians CL Gueruaey. 0481 28331 


n..:Eq.Fr. Kay 30.. 
O.C Inc Fd. Jane l_ 
Ci C.lnU.Fd.t 


ISS6 

047.1 155.91 
KL27 15 
0465 IB, 

1320 140. 

. . ... .{9250? 27.4c 

Price or May 3L Next dealtng June H. 
'Price on Aujr 22. Next dealing Juno 7. 


r„ ii C.lnU.Fd.T 

o C5tnCnl'd3(y31.. 


O.C. Commodi^ — 

O C. Mr Comdty.r 


2 77 
7.51“ 
L31 
365 . 

458 


Royal Trust (CD Fd. Mgt Ltd. 

P n. Box 104. Rural Trt. Hse.. Jersey. 0534 ZT441 

R.T IntT Fd. ®S9fil 4J9rf .. .. I 3 00 

RT Ini'l. IJsy.1 Fd..|91 9 m| . .. | 361 

Prices at May If. Next dealing June 13. 


Save A Prosper International 
□ealinn to: 

37 Broad SL.SL Heller, leraev 0634-30501 
U.9 Dollar-deoaninaied Fundi 


DlrFwU nt-Majai . »53 

lucrnat. Gr*C *72 

Far Eastern M - -- 3751 
North Americans? . 3.71 

Srpro-t WISD5! 


10.) 01 
767 
4056 
402 
Wt 


691 


StciUnaftiMnilmial Funds 
Channel Capitol*, t 


110 

maKK*! »"hannel Islambd _(K6.4 
C5340OSKI Commad. June 1 ... .1645 _ 

Sl Fixed June 1 ...llU.4 11*1 

Pncca on -May 30, —May 31. —“June 1. 
* Weekly Dealings. 


Schlesinger International Mngt. LtrL 
41, La MoneSL.5L Heller, Joron-. 0S34’i^S8. 


S-A.1J- 
SJV-O-L. . 


GIltFd 

Inti. Fd. Jersey — 
Iatnl.FdXxmhrg... 
■Far East Fund 



•Next sub. day June 


Schroder Life Group 
Enterprise House, ftortemouth. 
International 
£Equity__ 


070327733* 


1235 

1290 

143.7 

13X5 

3361 

120.0 


Frt VIk. CSt Trt -.070 
FrtVk.DbLOp.Tn ..[790 


39 


I - 


Fleming Japan Fund 5 -A. 

37. rue Nocre-Dame. Luxembourg 

FUng. June I -I SUS4*«6 I 

Free World Fund Ud. 

Butterfield Bldg- Hamilton. Bermuda 

NAV April 23 1 $125173 89 | ..( — 

G.T. Management Ltd. 

Park Hue., 18 Ftasbmy Circa*. London ECS. 
Tel: 01-038 8131. TLX: 880100 


rmoresi... 

5 Fixed ImercaL—f 

EMaramed — — L 

njpsOTtsrr SMatioged 1 

2 JO 

J. Henry Schroder Wagg & Co. Ltd. 
120.Cheapslde.EC6. 01-5864000 


160 


Cheap S June 1_ 
Traulgar April 30- 


Astan Fd. May I3_. 


DarllncFud. BA106 


SUS1X.63 
5US134.0G 
7rSM9t 1554* 


DarllocF 
Japan Fd 


June 1 _.BU5642 


V 


1+0-01} 


6*9 


360 

560 

0J5 


London Arena lor 
■sAlnJ 


Anchor '3'XJnla bcSM4 

Anchor Gilt Edge ... |£9.65 

Anchor Ira. Fd f 

Anchor In. Jay . TK . t 
Berry PBcFU. 


C.T. A*U F<L_7_-. . . 
G.T. Asia Sterling— k 
G.T. Bond Fund — [ 

G.T. Dollar Fd. I 

G.T-PacUlcFd. | 


104 


0.95 


uni 

97l|-oaH 13 03 

0 2*71 +05} +92 

SUS4L99 
2579 
J4 . 16 
69 1X0 . 

SUSZ2.45 [+003 
SUS7.I0 +0.08} 
5USJZ72 1-009 
Gartmore Invest. Ltd. Ldn. Agts. 

2. SC llip Axo. Loudon. EC3 0 1-283 3131 

Gartmore Fond SbigL (Fkr Eaoti Lift 
1503 Hutchlscu HatlO Harcoun Rd. H.Konc 
HKftPto.U.TsL— BHK212B iUH+fl - 

Japan Fd.-— Biam Mc 

N. Aicericjuj TjL ntS3M55 1157a 
IniL Bond Fund fAStO 1BJ7M 


Sentry .Assurance Internet (oral Ltd.' 

PO Box 32* Hamilton 2, Bermuda 
Managed Fund [SUSUSSB LB0( j — 

Singer A Friediander Ldn. Agent* 

20. Cannon St-. EC4 01-2*80648' 

Dekaloiute - IDHM8I »2W . [ 6.08 

5US35.00 ] .. 


Tokyo TaL Apr. 28L. | 


1.77 


^ stronghold Management Limited 

- ” P O. Box 31* SL Holier, Jersey 0534-71400 


106 

507 

0.70 

1.21 


ComsnodltyTnjK-IVZ.96 97 [Sl ... J — 


Surinvest (Jersey) Ltd. Ixl ' 

Queens Hue. Don. Rd. SL Belief. Jpy 0S342T34A 
American Ind. Trt. K863 B-4O)-O0S — 

CriPperTnut— - —K12-03 12-311 +0M — 

Jap Index Trt. - till 14 lU7|-01h — » 


q jm T^® Unit Trust Managers (C.L) Ltd. ■ 


Gartuiorr lunjionu J8ngL 
PO BOX 32. Douglas., IcM. 
Iiuenuitlonfll Inc. _ 1210 22.- 

Do. Growth |65J 


nflatSBHl 
2431 JUffl 
695] +3.5| 4.0 


Bagatelle Rd.SL Saviour. Jersey 0S34 73404 

Jersey Fund 1464 4U„ | 492' 

CnonweyFund ...|46 4 4*3 | * 92 

Prices on May 3L Next nib. day Jura- 7. 


Hambro Pacific Fund Mgmt. Ltd. 

2110. Connaught Centro. Hoag Kong 
Far East Hay 31 — ISHX1U7 UUj .. .1 - 

Japan Fund . ' BUS*9S 7^1 I - 
Hambros < Guernsey V Ltd J 
Hambro Fund Mgrs. (C.I.t Lid. 
p.o. Bo* w. Guernsey (HSi-asai Tyndall Group 


Tokyo Pacific Holdings N.V. 
Ixiumu Management Co N.V., Curacao. 
NAV per thane Hay 20. SU 540.02 


Tokyo Pacific Bldgs. (Seaboard) N'.T. 
luticila Management Co N V., Curacao. 

NAV por gharc May 20- SUS35.72. 



3.90 
a 4o 
250 
850 
250 


CJ. Fund 
ItSaL Bond SU! 

InL Svga. -a" SU, 

Int Svg( -B' scsSxss . _ 

Prices on May 31 Nat dealing June T 
Header* on Baring Fund Mgrs. Lid. 
PO Box N47B.NB4.iau. Bahama-. 

Japan Fd. 
ces on 


(Accum. Unitsi— . - 
3-WayInLMay 18— 
? New .SL.5L Belter. 
TOF SLJune 1 — 

1 Accum. Shoreti 

American June 1 — 
iHiewTT 1 . 1 Accum shares! 


P.O. Bra 1258 H radium S, Benuado. 2-7789 
Overseas May 31.. gLSllS 121] . .]. 6 00 

a 


Hill-Samuel & Co. (Gnernscy) Ltd. 

LeFebvre Sl. Peter Port Gnenue?'. CI 
Guernsey Trt... . |M07 159.J«( -I 2| 350 

Hill Samuel Overseas Fund S.A. 

37. Rue Notre-Diune. Luzembouru 

PUS4J7 nsy+o0il — 


Gilt Fund May 31 . _ 
lAccum. Shares) .. 



iiM" 


05343TZ3U3 
6.00 


200 


Victory House. DaUj^ertlale (d_Manu 0024M111. 


Managed May la. 


13501 


I - 


Utd. Intnl. Mngmot. 1C.I.1 Ud. 
14. Mulcauer Street SL Helicr. Jeraey. 


International Pacific Inv. Mngt- Ltd. ’’ IP Fund .. . isusnn mug l ai* 


PO Box R237. 5* Pitt Sl Sydney. Amt-i. 
arolin Equity Trt [SZ.09 219| | — 

J-E-T. Managers (Jersey) Lid. 

PO Box 104. Royal Trt Hit.. Jereevtnftt 27441 
eney ExtrnL T« ..JUO0 ' 170.0| ( — 

.As at April 2* Next sub. day May 31. 

Jardioe Fleming & Co. Ltd. 

4*3th Floor. Connaught Centre. Hon* Kons 


United States TsL Inti. Adv. Co. 
14. Rne Aldrlncer. Luxembourg. 

USTpLlni Fnd. j SC510.65 | 4 I 

Net aaitct June ). 


Jardlne Esin. Tst . 
JardlneJ'gtLFd.*.. 
JordincSllA.- 
Jardlne Firm. InL - 
NAV Uay 28 


SHK24Q.99 
SHE31*M 
*003.40 
IK906 J 
! valent stiseaio 


3.00 

000 

L30 


S. G. Warburg A Co. Ltd. 
30, Grentum Street. Ed 

Cm-. 

Enraf 

Gr.f 
Uygur 


01^004.155 


m-M.Frt. Junes J SUSY 45 1+0 031 - 

ner<7 InL June 2 I SUS1*9Z -O.OT| — 
r.St-5Fd. Apr.31 ..! SUS709 I. - 
IrEur Mny3l . ..p03S 1047J | — 


N'est sub May 31 
Keyselex Mngt, Jersey Ltd. 


PO Box B8. St He! ler. Jeraey. iFne 01 toOTOW. 


22. Blomfleld sl. EC2M tal 


Mutual Blue Chip... 
U>iK Income -(1619 1730«4 J 561 Mutual HighVld... 


F. Winchester Fund Mngt Ltd. National ana commercial ?aS2£ S 

Old Jewry, Ed 0100821*7 31- Sl. Andrew Square, EdUibnrgfc 081 550 0151 Capital May 31-1.'. 


Greet Wine heater : 
GLWmch'er 1T1 


I«T: [184 20 JJ : I 

*ras|l9.7 2151 .... ( 


608 

456 


Income May 31 

lAccum. Units' 


Emson A Dudley Tst Mngnuit, Ltd. 

ArllnfitOB St.. S.W. 1 . 

Em»n Dudley Tjt-1648 


057 
21 * 

JSQ3 128 

. fl516 15ft: 

Di-fig?**] National Provident Inv. Mugrs. LttLV -vwun. umw . . . 
6971 .... 4 300 ■'4*Cr»c«hur 1 h S» .K3P3HH 0I«Q43W 


Capl May31 
1. unite 1 


600 lAccum. Viutsi - 
*00 Exempt April 31- 
3 47 (Accum Unitei . . 
* 47 CSinynsc May 31 . ... 


N.PJ, utfa.L n Tai 


Equities Secs. Ltd. (a> (gi 
413lShtip8S*».»2: 01-C862851 5TP1 Otan Tiusl - 

Proercamve ]66J 690a( -0 4} 4 08 lAccum. Unrtsj^ . 


Equity * Law Un. Tr. M.Y (aKbKc 


P o 47 

9. 

16 131 

L9 mo:., 

Nnd dealing Jane SO. 
"Price* an Mas 1 17. Alert deal ins Uay 31 


AmenhMifcL, Hi£h wycombc. WM 33377 National We stmin gterffa) 


Boultr ft Law. . . 166.4 M.fi -0.71 *13 

Framlingtoc Unit Mjn. Ltd. (a> 


181. Cheapside. EC2V ffiU. 01008 8080. 


J52 ScoL Cap May 3!.. 
•00 (Accucl Unitai—.,. 
|6g Scat Inc. M*y3i.... 
London Wall Group 
Capital Growth 
Do Accum .... „ 
Extra Inc Growth. 


1005 
1806 
1250 
174.4 
1076 
152 0 
98.3 
122.6 
044* 
1272-2 

[166.4 

P62.0 


Ireland Yard. EC48 5DH. 

W6 SO 

1 tal Tst 


0186 


Income Tsl 11046 


InL Growth FdL 


Do, 


Accum. ...—.-.fill 6 


10*4 


Capital (Acnun..< — W-6 
Extra Inc. .. — B5 

.. nannnnu *Filf r 1 ^|J 11 ■ » “ 

01248887! y wwtblnv Ml 

Income .... .... 35 9 
Portfolio Inr Fd .... U.t 
Universal Fdjd* }584 



Do. Accum . . ..[435 


705d -04 
7*4 -03 
3*2 -02 
954 -U 
386 -06 
72.7s -0.9 
62.7a -0.2 


*66 Financial FT"n>- _ 


7 70 Do Accum. ..... [19.3 


5JJ High luc. Priority 
304 Iniernational 
651 Special Site. 

|U TSB Unit Trusts lyi 



Offra 32241 
*06 


806 

4.13 

453 

7.99 

7.99 

500 

5.80 

*38 

SIB 

364 

524 

300 


323 

84.1 

377 


163 


p07 

1306 


582 


880! -03 - . 
B9.9 -03 - 
405 -06 1014 
4*7 -0.1 
175 +0.1 
212 . . 

67.8 -05 
33.0 -04 
367 ... 


483 


7.98 

267 

498 


NEL Trust Managers LULY (aKg) 


Friends* FrovdL Unit Tr. Mgrs.Y 
Ptxiuun End. Dorttn*. 0306 5055 Neirtor Hlgn Inc. 


MUlon Court Dorian*, Surrey 
Nelitar -■ gU 643} 


21. Ohantry Way. Andover. Hanls. (128482188 

Dealing* 10 0264 03432J 


(Friends Prov. Ut*..k20 
.Accvro. >(543 


Do, 


*i»^a 


S3.6| — *l| 


468 

46* 


Por New Coflrt Fund Managers Ltd 
see Rothschild Amt Management 


Mil ibiTSB Genera] ...MB 
4.04 it» Do. A ccum.... _ 560 
7-to Ihl TSB Inranc..— 59A 


G.T. Unit Managers Ltd.Y 
1* Flnstsury Cirrus BCStt TDD 


010288131 


G.T.l 


«U 

M 


Cap. Inc 

Da Am 

Ine.Fd.Un UA6 

U^ftGen.^.. 1434 
G.T. Japan ft Gen- 2723 

— PenitEx-Fd. 1J2.9 

IdIT Fund 112.2 
Four Yri?Fd.„. 53.3 


era. 


C.T. 


G.T. 


lSJj +2^ 3.S Ptmrl Tnist Managers Ltd. wtgjfcf ■ 1375 


17*9 +Ui 
1525 +ffffl 
28*6 +lfi 
1395 
1195 4151 
56.6a 


(hi Do. Accum 626 

TSBScuttuth „®13 

. ■ w ■ (hi Do Accum . |87 1 

Norwich Union Insurance Group lb; vha ^ " 

P.a BOX* NorwiriLNRi 3NG 00032220U V . 

UroupTst. Fd- P444 3625! -2.0| . 4.98 w »ri ng Street. BellML 



(123235331 
40 J( -CUM 566 


700 

3.10 

140 

400 

250 

760 


01-4038441 Trust Account & MgmL Ltd. 


2S2Hiffb Holbom. U ’C l V7EB 
Peer! Growth Fd. -tg.Y 24 71-0 2 
Accum Units _ . — 276 29.31 -05 

FBarllnc-. — JJi 335+0* 

Pearl Unit Tst — 3793-05 

(Accum- Unite)-- }®-5 49.0| -D.4| . 

* A. Trust (aVgXxi Pelican I'fiiM Admin. lid. (glixl u n ^ wiuiun sl EC 4 R oar 

Rayleigh Rd.Brobframd f SFT)Z mm 81 Fountain SL, Hanchaatar . Ml -338 MBS Inrran. L'nJu m » • 
A —1326 -M4»l-*3 AB PsdteaoUnU*, HU *90) -OJJ UH Aocum. Unite 1Z-P40 


4 94 7UnaWtmamSi.EC4JieAR 
4.94 FHanKae Fund -[1490 
602 WMer Grth. Fnd... B9J 
507 Do Accum ..... .[340 
5.07 wieler Growth Fund 


01-0334031 

I 452 

.... 4J6 

—.1 4J6 


010334051 
456 

4Ja 


Fotuclrs. ..._ (FriUTl 

Bvodseleh (FriJllio 

Keyselexlnn.. -. U*40 
Keyselex Europe .J 
Japan Glh. Fund . .. 
Koysnlex Japan .. 

Cent AstctiCap.... 


£3 89 


LSI 
13 JS 
716 
4J7 
336 

£13365 


| 290 


“■0 451 
1-0.021 


Warburg Invest. ItbigL Jrsy. Ltd. 

1 CharlnfiCroM.Sl.Hclicr.Js) CI 0584 72741. 

CMFLtd.Mm'a6_ 1WS2B 1ZM - 

•’MTUd. May 2S.... 0258 W.?! ... — 

Metals Trt Kay 18.. 0108 12171 .. — 

TMTMay 11 .... R^102« UJOJ . ... — 

TMTUiLMay 11.. K10J7 10.6*1 — 


378 


World Wide Growth ManafltMDenttfc 
10a. BoUleeard Rtq-aL LuwMnhour? 
Worldwide Glh FdJ 5L : 514S9 (-Olfi — 


NOTES 


Prices do not icclnde 3 premium except where Indicated t. and are in pence uni cm otherwiro 
indicated Yields 91 uhown in last column 1 allow tor all buying expen&cxa Oacnod prices 


Offered price 

y Offered price include* all expenses if bradht threu, 
V Act nf tax on realised eapiial ftenv* unless indicated 
♦ Yield before Jersey tax t ' 


macafiero. x Previous day’s pnea. 
‘ 1 Guero ' M J 

iridon 


>. 4 Guernsey cross, t Suspended. 
Ex“*ubdii 


I.C. Index Limitd 01-351 34£ti. .September Coffee 1832-1846 

29 Lament Road, Loudwu SW10 OHS. 

1. Tax-free trading on commodity futures. 

2. The commodity future market fo rthi* smaller investor. 


CLIVE INVESTMENTS LIMITED 
I Rnyal Exchange Ave.. London EC3V 3LU. Tei : 01-2S3 1101. 
iudex Guide as at 23rd Mai, I9TS (Base 100 al 14.1.7?) 
Clive Fixed Interest Capil-ti ... 127.67 

Fix e( j jniere^t Income 113.51 


Clive 


CORAL IX HE;: Close 472477 


INSURANCE BASE RATES 

t Trojipriy’ Growth 

t Vannriish Oita ran r*.cd 9 % 

* Addr - ^ v.nv r. .ir.rl+r In«iTanf* and Pr!'0f.-’y Tjb-? 


&&k r - X ■■ 









































































































































































"SattinSay. Jmie 3 1378'* 




insurance 


** WS?|we| tejTL*! Stock .|pH W | 1, J T jg 

iCT>_} 105 


PROPERTY— Continued 


INV. TRUSTS-Continned FINANCE, LAND-Continued 


& af. Jg* U 1 P< 1 P RSffifc 

zl* *%' 3J 10.9 U« «! cSSrftoa: 

S> ~~ « 7.4 AS 159 138 

Mf.’ 7 ’.TT ISM* 7 L2 ±122 M* 132 EagloSter 

Taj-* j’’ $ 10 J *- 24 16% EdaiGcoisv !9j 

%p ?-9 am oa op ehm i’kkqw._ 

T M ' &L Z-? » H2 i5S gfriMljwSp. 

135 -5" « 9i 53 250 ZOO Gns-Acrideni_ 

323 * TiPS- f 8.1 A 262 206 Gainiim Royal 

% “iu MR 1 0 7j»l£o 3|5 263 . HambroUfc!L 

t&- M534 3.4 8.9} U 292 240 Bralh(CEj2fIp 

oqi ^ 4.7 t H3 163 Hogg Robinson, 

31ft 2 AJ1 — - a!fl — '178 347. Howden(A.).lQjL 

3M £ 2.0 } IP 343- LenI*G«.Sp„ 

X ?.C 3.4 SlJKffi les.4Gthra.ifc 



IKK 

Rich Loir 


|* or nil- J |rj*l . 
Price i - • >n tCvr.WuWE 


TS» ! 


of Dir I irHI . UTS 1 
.Vt lOfrMnl EA low 


230 2.95 a 

« * 


Guidiaa Royal 
Bara bro Ltfe_ 
HestbiC£j2Qp 
Hogg Robinson. 
HowdentUJta. 

MSS*-!*" 

Let.4GdwB.10p 


afe Li" llit » if? &*S5 


n« L "S" ii;-.. ■»/.! /.V Xia wo ibg 

“% Qfl-H - 4.9 _ 215 265 

£2® ■—- +7.42 5.4 3.9 4.8 2M 152 

2J8 3.6 35.1 ■» 47 

“5^2 ...... 51.88 1* ill 7 a 260 220 

77+1 mi lj 8J 105 29Z 236 
am 2 Z.7 S3 6.8 132 120 

4g a Tj2.47 2.7 B.I 5.6 UZ 120 

25" 5S 0 - 5 - 13 i 173 337 

5ft 2 98ft- f 15 * 146 125 

" to UIUIU «5 346 

r AM Bill 


J*wWr.20p 

SHW&SOp. 

mfomiaop 


3^ A 1 146 125 . HefoaeSp. 

346 . BontJ. 


Provident “A"- 

Dol“B"_ 

PrndraUol5p. ] 151 

SjFort»cs 3 Jp.| 395 


on t ■— “ — ' Hi:' »» ■ owjrorecjjm 

all ^ J® U 6.6 5.7 107 - 94 . Henhouse 

30 •— “«238 4.9 43 6.9 606- 31 . Sun Affiance £L 

g Zft&L 2-7112 A2 lffl -93 SunUfe5p 

93 ft? 5 S* W M 957 679 T*ri»K*ED8 

99 1 3?L XI 5.4 3.7 17g 155 rradelndenmit) 

nra ---■ fi-5 8 2.3 73 92 £30% £17% TravdereSStM- 

«5*4 — 15.9 2JH 24HKJV 303 b® Wi Hi* Faber _ 


O0»4 159 

72 182 

?7 . t4J6 


2.4 (262> 303 
82 83 
£>.8 8.0 ' , 


^ E gg S ?■? H MOTORS, AD 

,2 --feS 53 Z-Zf Mnf (ire 


* = g 8 38 -■ Mate 

SO 1 5 m H li 3 ?- 8 W 57 Loss® Carl Op 

50 IV 2.9 9.9 J40t 10% 5J* ReUantMtr.5p_ 

X - d 5 J i 5 S? 20 - 6 97 iS, BtibAqrelltk. 

::.::: «1 iJ IS 1, “ »* WS®— 

■■— J9o_ ?J.53 ♦ • - jCmnmet 

+ii" - _ _° l 9 120 1 *2: lEUF.fHWjp.U 

^ 3 9°S !, ^ h ■& h.-psaSs; 


rLUf. 

F.ujtalfio 

1 13"-j il-ctn: ITA- :Cr?v 
30 I 23 Lor.. Ean <3.T 
>59 [ “3 lLrs.Merh3nt 
’P6 I 134 !*.! i'J.H.'i:* 5p 
35 i?ix.«!i< , i:»s.:o? 

linr. ;RP.'?P 
920 

14 jNJLCiS's.iZiip 
M iVippocFiStj- 
Pa^nftelj?. 
Paris Place lor. 
PearKSiS iSt>? 
Prc:b':-S.Fr£aD 
i]enrte!0p 
3aK.&Mcrr ‘A 
5£ rfepc: Arj... 
5n;-J:Bpj5 — 
Slh.-.PanHS50c 
53Kr:n.!.TlW 
iltT&lp 
it fin 5elci.’C.20pL 
Wen <vf England. 
V2ltC2.np:0p-_| 


l* «J div : |rw[ 
Prtre « - | Net |rTr]Crt|PIE 

13’i - - - 

M - - _~ 

31 Tl« 4J 8.0 43 

10 — — - 

36 1; - — - — 

17 fO.94 31 8.4 5.4 

10S WJOr 3.0 7.7 5J 

73 ...... LQ 100 JJ 72 

19 L65 1 3 13.2 9.0 

171-1 0.3 * 27 4 

26 -4 05 4.7 2.9 9.8 


97 

12S .. .. 

72 -n 

49 -1 

£11 

16 . ... 

315 

14 

30 +r 

zis 

£58*a -ij 
10>3 -I4 
103 f2 

£50 

56 ..— 
8%j( ...._ 

£47% +% 
00% +% 

26 

56 

68 ..... 


fO.94 31 8.4 5.4 
bOilfir 3.0 7.7 55 
LQ 100 2 1 75 
L65 1 3 13.2 9.0 

0.3 6 2 7 4 

05 4.7 2.9 9.8 

t!25 4.2 1.514.1 
3.46 3 7 J.2 9.0 

068 2.4 14 42.0 

£5.98 1.1 ; 7.4 

gsii6 ^ 6.6 - 

13 0.7 UJ 17.2 


3.6 5.0 6.7 
35 4.B 9.1 

- 5.1 - 
LO p.9 215 
L7 4J20J 

- 8.5 - 
23133 5.9 

- - 43 

12 12.5 117 

3.7 3.710.9 

3.8 31 8J 


Mrt 20 A LL7 * 77 [57** L 

■37 .- gL58 is 65 33 73 1 55 [Vert Trailer lDp 

60 +1 W3.46 3.7 8.9 3.4 

™ 23 8.0 63 C® 1 

170 . — 10.89 15 9.7 4.9 w 4ft 

58 t214 39 5.6> 5 2 S- m 

n 1.80 13124jO02j “ H 

u VV I'S 93 6 2 4.6 i|s 109 

68 +1 3.84 ^ 8.6 * 14A an 

137a h!46 « 1.6 118 S 56 

IS . 025 — 25 -jt jm. 

62 +h 254 3.7 4U3ckar 

64 ..... JC j.9 4 75 4 Ml 152 

95 1 +2 d2-70 A5 43 5.4 on 73 

73d .._. t5.61 17115 4.9 131 «.. 

“5 1556 1310.910.4 11 S'. 

M db0.92 22 5812J « Su 

,45 -1 d249 4.7 8.4 33 318 KtT 

M :”:J« ■ ”iS ”3' ™*TS*V*<**>U* 

002 Q7W 25 173 - tS, k 

— ; t436 AO 5.6 6.7 ril£ » 

i 4 i 2 SF- J^ioj * 7 m J 87 

.hmmii-v ± w 1 h a h ■ 

56 +1 2J2 5.4 53 3.9 95 j 63 (Adieu Cifcfcon— 


InresiilOp 

TraiierlOp! 

Cos 


6.74 13 6.6 14.8 

22.10 4.2 3.9 9.4 
5.6‘ i SB 5 12J — 

QBIjfe _ eiT; - 

tZ43 IS oi ?5 

60.4 

Q:41L- 19 7 8 9.9 

LM 85 LI 1^6 

01 » D6 * 

Q14?I - ,il.i — 


Zll 3 0 1 3 34.6 


QL’Tft 2.4 6 0 7.4 

15.7~” 45 ^2 57 
4 9% U02 12.4 — 

Q4%% - n.9 -■ 

152 5.8 11 16.4 

— - - 9.1 

7% 245 65 — 

Q15V ~ 5.7 Z 


S TRADERS 



__ . - 5 ffl 3 . 9 / 95 63 (AdiDuCibfcan— 

197 KS .68 4.8 4.41 751 21 ^ AlexamteSpu. 

80 -1 fT356 2.4 6.41' 9.77 98 -72 AppleyardCip._ 

£121-1 05% 19.8 14.2 — | *134 110 AifingUn Motor. 

8 % - - -|M5f 43 34% BSG-laLIQp 

106 -2 528 2.8 75l 75.1 44^ 35% Braid Gnxrp ip . 

49 -2 242 3A 751 52 49 40 Brit Car AnclOp 

• 34 c2L06 2.7 9a 55L^ J9 OG.S3.lDp 

M — ^ _ Il31 84 eaTfSTOSOp- 

67- -% 1.00 09 23(i77.4ll 44 . 2SJ% CohnoreInss._ 

120 JL 5.18 2.4 65T82 .45 3 S Dowte(t»5p 

50 33 27103}* 95“ 74 Daris Godfrey _ 

48 132 0.8 4-247.61 80 68 Panult— 

£79 04% 11.9 £5 j] — 1 51% 39 amw Ftostow. 

A ::::: 1$ iJ il H LB Sf tSBRs: 

g i'B7£ 

89 l;.... 4.02 26 63} 661104 72 BtxtweilJ 

112 6.00 31 83 63 P3 113 Ben]js20p 132 

182 td33 Z9 52pM|U«> W - Beumlittap.. 114 

20 2.2 0.5 16.71 mil I £173 £32B Do.l0pcCnr._ 

25 157 13 9501.91 95' 72 Hnrat(Ouries)_ 

...... 09% — muf--f-46 31 leunipslOp- — 

...... 4118 3.7 64 63} 84 65 EamngMfrZI 

95a -1 h3.02 35 44 9ltfWa 64% LaSoyfceGip.. 

•n Q6c 25 14.7j2.0t W 48 Uotara 

t£i4 Ts tMM V 2 

-2 «22 34 53 &7 10 5% Nel^n David*. 

81 * 162 * . 6 3 * 7 4 Pennine Jttr.iDp 

+35^0.66 S3 5J 45 2M 144 
...... 479 3J> 73 a H»t |6 MrtttMJIfe. 

+5 015% 223 flttB — [ 45% 15 BrynoHiWJ.5p 


h332 19.0 
Q35c 11 
B4.13 4.7 
6.2 LI 
150 « 

g654 7.0 
S.71 * 

322% 2.4 
«2LB8 3.8 
426 23 

tlS.O 32 
ZD.66 63 


2.0 26 
14 37.9 1 
1 4.7 4.5 
,17.8 <73! 
6.3 « 

1 2.9 6.4 


23 15 J 3.2i 
17 12.3 1581 
« 8.3 A 

i 35 3.7 3.6 
7.5 6.6 3.0 
75 67 3.0 
13 t 5.7 

33 14 U6 
4 4 4.7 7.0 
I * 8.2 * 

102 ffl.S - 
110 17 82 
312 (2.7 — 


AND SISALS 


i+ art Dtv. TU 
- | Net CNr Gf s 


T -r Sa 35 

- asff 1 

+5“ Q15%2J 


254 I 241 43 
35 15| 5.9 


69 L™ 451 2^9.9 93 ft . 4% RraflWmjSp- 

15 ...„. E— ' — I — ' 353 76 « TUeafUwris—. 

36 iPT ? — hl4 _ 46 33 WadtumStulOp., 

■■ +10 t3.96 22 7.7 95 68 WeitmlBt^- 


202 5 

fii i 
00.0 2 
0JB4 « 
558 3 

149 .4 

a40 * 

mo I 

4143 7. 




f4.84 51 
W3.91 Zt 
1254 - 

528 4J 
t!94 4.( 
+194 « 


639 91 

72.04 46 

t6.75 22 
K3J5S 19 
1024 35 
+085 3.0 


g« 3.8 

+1921 17 
258 f 2.4 
125 p03 
125 Roj 
20 I 6.4 
200 6.4 

<52.49 7.7 
+558 3.9 

327-1 U 
dl2 | -26 
XKL.J.53 
+426 19 
02431 28 
17251 29 
386 |10 
236 2.V 

b825 j 4.4 
215 63 


*324 0.9 
-45 35 

651 «.9 

Q54a 11 

P -B 
. 6 . 0 . * 
0.78 * : 

114. is 

•4.0 
1055 17 




5J *95 
- 58 

55 186 
(49) 234 
M 151s 
73 W 
4 M5 
» 116 
81 54 
52 1% 
7.7 20 
49 94 
75 91 
&9> 90 



Stewart 

Wrightson 

International 
Insurance Brokers 
for USA & Canada 


C.U& 1 Camor^e Steet Ws\ 

Lcpdc-i '• k: O- ? 

“■uSt Teler n znc 0:-52375'1 sKfV: 



1978 

HUh In 


MINES— Continued 
CENTRAL AFRICAN. 

1 .1 !+ eri Div. , 

1 Stock 1 Price j - | Net 


Fid- 

CwGf* 


210 1155 Fslwn Riffle: 185 Q50c 

24 15 Rhod'nCorp-l^jp. 16- 056 

80 52 RoanCon&fH.^.*. 80 — 

175 122 Tanganyika 50p__ 165 -1 10.00 

90 78 Dt> Pref.BOp 90 ...... 09% 

41 32 Wankie Col. Rh J _ 36 tOW* 

16% 10 Zam.Cpr.SB DO_ 1&1 3 — 


4 J A0 
16.4 8.0 


15 10 

!?2 64 

101 63 

245 148 
72 48 

138 81 

40 10 

215 125 
39 ID 

12l 7$ 

JP £ 

4B 30 
034(750 
36 12 

510 310 
136 84- 

70 35 


AUSTRALIAN 


Annex H5c 

Brojainr.UefOTiwj 

BHS<Mlh50c 

Cicaxjr Welmiii Me. 
G.lLKalgiwriieSi. 
Rampin Area$5p_ 

ttUkEx.9k. ... 
ILLMHidri 50c „ 
Mount L>ell Sc __ 

NeamcUi 10c 

North B HillSuc . 

Nih. KaJgurh 

rukhndgeSAl . . 
Patificttippe: - _ 

PacwntlSx . 

Tarings Mt£xip.. . 
Polo-Wa! nerd Me 
We*in Mining j?c_ 
Whim Creek 3)e.._ 


15 . ._ 
- 127 -2 
94 >1 

230 .. 

53 .. . 

132 

341; -1% 
208 -1 

36 

5% 

119 -3 

15 -% 
159 -i 

47 

£13% -% 
35 -I 
505 -5 
124 - -1 
60 


30 24 

360 240 
60 45 

290 200 
145 111 
10 8 % 
290 220 
165 130 
93 78 

11 10 
73 68 

480 450 
400 280 
70 40 

62 50 

210 165 


TINS 

AmaL Nigeria 26 

.\>erUitamSMl 350 .. 

BerzJlTin 55 .. 

Benur.UiSMl 280 - 

Geenv 137 .. 

Gold & Base 12%p_ 10 .. 

GoprasCcc*. 290 

Hongkong 165 

IcLislOp 88 

JanlarlSsp 11 .. 

K3nmr.one5MD.50. 68 

SDinclu]! 480 .. 

Malar Dredging SSB. 390 - 


.... *151 16 14 6 

JVCiT: 0.9 t 

3.75 4.4 10.8 

-5 iQUOc « l 
.. .. h4Jl 3.4 5.0 

lij M 7« 


APahang___ 
FengkaJen lOp. 


.... ZQUie 0.7 4.9 
. .. Q125 « 26.0 
5 t<N5c 0 8 5.2 
.... »3.75t 05 £ 

.'... 65 13 16.1 


205 140 
305 230 
208 134 
75 55 

100 85 

10O 74 

220 148 


100 | 70 


17 9 

300 220 
415 245 
228 164 
46ij 30 
£12 750 
45 43 

167 120 


5 Petal) ng ISO 210 ...i.. tQ80c 16 8.7 

19 Saint Firm — — 54 ....- gl.49 4 A 5.6 

17 South Crafty 10 b _ 56 ....... MJ3 1511.2 

10 South HntaSMOiO 200 ..... t0775e 14 8.4 


SihnMalajMSMl. 300 

Stracei Besi 5M1 206 

Supreme Cnrp SKI 75 

Tanjong lap 92 

TengkabHrt.r.Sr % 

Ironoh SMI 210 


....... MJ3 1511.2 

...'._ tQ775c 14 8.4 
..... UJliUc 11 9 4 

-IZQUc — 2.9 

b5 0.810.7 

...... Q5A82% 1612.7 

ZQBBc 16 9.0 


COPPER 

iMessinaROffl | 98 (-2 {+Q30c[ 19} £ 

MISCELLANEOUS 


Bnnaa.tDnes I7tj>. 
CMtiSIniclL lOc— 

N'ortheaie CS1 

R.TZ 

Sabuu inds.CSI.__ 
raraExphLSl. — 
TehidyU neral* lOp. 
Yukon Cons. CSl 


15 -1 — 

235 -5 Q30c 
415 +20 - 

228 ..:... 9J 
36 -3 — 

£12 +% — 
43 -2 133 
167 .i.. Q7c 


NOTES 


ft Si r newspaper 

43 7 2 ' - 

Z4 * 172 130 
■5.7 Co 196 165 
ii 7J 55 46 

5 2 - * 72 . 55 

5.2 9.4 M 70 
6A * 122 105- 
65 | 152 123 
10A (fe 152. 123 

32 TO 347’ 265 

^* 3.1 95 67 

8J0 5.4 « *. 

9.4 6.4 ,W & 

AJ 63 135 115 

33 (93) HI 122 

8Z 3$ 59 46i 2 

'8A 72 278 228 

a 

5.2 33 278 155 
■«0 W 362' 306 
12.0 — 432 23% 

M AO 47 35lg 
61 63 

SB':-.. PAPER, 


.*3 ^ 67% 46 Asaoc. Paper — 63ld 
T, ,T, £125 £92 Da8%pcConv._ £125 
1*1 St 36% 29 AoUfcWiborg- 36 

*79 72 62 £ 

5- 7 75 55 41 Bnt. Printing 52 

tin 3 * 71 • 55 BrannlngGro — « 
s 2 Xu «■ 54 Do Rein c. VIA- 64 

on xi n uo 93 BonxIPuip 97nl 

^^-$ 48 39 Cap*e»LOp_ 44 

5*2 i 3 25 15 CauslooiSrrJ.L. 19 

Zl,}* 82 ' 65 Chapman 3aL50p- 
J?Z 76 '46 OavlBiehanii— 

63 50 ColfeiD'MnlOp 

■+{:« 22 18 Colter Gnani — . 

Mlf &■ 17 '• Delyn S0p 

Vi H 129. Ill DBG 

« ff 55 43 East Lane. Ppr. 

« 3 8 gSfe= 

iM ft U7 103 FlnlnaHoldingL 
inn *4 -51- 40. Geers Gropl Dp - 
CO lo 68 61 Harmon & Sons. 

■KiK £2S% 06% IPG Mias—- 
|- 7 1^| 81 64 iaveresk Grp Wp- 

H 217 168 L.6P. Poster Spp 
inc Ja 272 220 MrCorqnodaleCU 
JttATf- 9 91 68 MdodyACIls—— 

!0| ,5-1 1% 110 Miils&AUcnSto 

2- 1 ^ 110 76 MoreOTerr-lDp 

3- 3 5-2 £427, £23% OeihyAM K — 

1 \ 4i ' 24 fflSraP.MiUMp 

3.8 6 J a 45 . Chdey print Grp~ 

152 87 SulehilDp 

■J 94 78 SndthfDndlfflp. 

7-2 6.0 210 164 Smur&|fJeHsn-i_ 

51 4.7 76 65% &smspar®tPpr. 

11-7 .7.9 65 « Tndant Group— 

71 13.1 55 49 Uth er Walker 10p- 

4.7 45 '4B 30 Wace Group 30p_ 

9.9 .* 230-' 206 WarMngtoa U- 1 — 

^ *12 n 2 - 

3] il PKOl 

6.6 41 

4JJZL0 56 


208 49.51 5.9 6.9 

305 hlfi.25 4.9 8.1 

1 18 7.0 3.7 9.0 

27 „.-... 4198 16 11.1 

305 41100 33 6.0 

325 ...•._ 410.00 63 4.7 

233 -2 tl3.5 27 8.8 

385 ...... 1SD8 4.9 5.9 

24l a ._... 4FL72 3 2 1U 

218 ...... P13.0 3.6 9.0 

169 9.0 4.^ &1| 

^anka - 

| 180 53 I 15} 4.6 


540 j. 50.0 * 114.0 

ire [ 133 * [113 


244 -3 — ~ — 

283 -3 tQ5c 16.4 $ 

£34 -% 0350c 23 6.1 

118 -5 013c 67 6.6 


66 -2t2i+Q25c 15 226 
25 -% tV 20c 12 - 
354 -4 K25c - 4.2 
104 -3 019c 18 10.9 
346 -8 tv34c 18 5.9 
« -1% W3c 12 45 
94ij -1 Q46c Li 29.1 

55 -% Q25c 24 272 
622 -II t3i86c 17 83 
46+4 — _ _ 


Unlen etfaenriM Indfeated. price* and net dvWeoda are la 
pence and ttM—wiMrimi* are ZSp. Eedmated PTfce/eanlnge 
ratio* and cerera ere baaed on latest email report* and iceeantt 
and. where possible, are updated on half-reuip tlgurea. P/Ea are 
calculated on (be basil of net datribatton: bwketed figure*. 
Indicate 10 par cent, or more dif ference if calculated on -air* 
dtstribotion. Cor cm are baaed an "maxliaanr iMatri but to n. 
Yields are based no middle prices, are gruel, adjusted to ACT of 
34 per cenL and allow far mine of d ecl a r ed dfnributiaas and 
Hgbts. Seraritlcs with dcaomlaatlana ocher tb»* Hcrfiaf are 
quoted lodutn of the tnestnient dollar preadmn. 

& Slerling denominotod securities which include Investment 
dollar premium. 

• "Tap" Stock 

* Highs and Low* marked thus have been adjnsted to allow 
for rights issues lor cash. 

+ Interim since increased or resumed, 
t Interim since reduced, passed or deferred. 
tt Tax- tree to non-residents on appli ca t io n. 

4 Figures nr report awaited 
t+ Unlisted security. 

» Prise at tune of suspension. 

? Indicated dividend after pending «mp andcr right* issuer- 
cover relates to previous dividend or forecast. 

*'■ Free of Stamp Duty 

♦ Merger bid or reorganisation in progress. 

4 Not comparable. 

4 Same interim: reduced final andor reduced caraincs- 
Indlcated. 

6 Forecast dividend; cover on earning* updated by latest 
Interim statement 

: Cover allow* far conversion of shores not now ranking for: 

dividends or ranking only for restricted dividend 
t Oner does not allow for shares which may also rank for- 
dividend at a future data. No P'E ratio usually provided. 
9 Excluding a final dividend declaration. 

+ Regional price. 

II No par value 

a Tax free h Figures based on prospectus or other official 
estimate e Cents, d Dividend rale paid or payable on part ‘ 
of capital, cover based on dividend on h<U capital, 
e Redemption yield, f Flat yield. K Assumed dividend and . 
yield, h Assumed dividend and yield after scrip issue. 

1 Payment from capital sources, k Kenya, m Interim higher 
than previous total, n Kigkta issue pending q Earnings, 
based on preliminary figures. r Australian currency, 
s Dividend and yield exclude a special payment t Indicated 
dividend: cover relates to previous dividend. P’E ratio based . 
nn latest annual earnings, n Forecast dividend, cover based - 
on precious year's earnings. • Tex free np to 30p in Ihe L 
w Yield allows for currency clause, y Dividend and yield ' 
base-1 on merger terms, x Dividend and yield include e 
special payment: Cover does not apply to special payment.' 
A Net dividend and yield. 0 Preference dividend pxssed or 
deferred. C Canadian. D Cover and P)E ratio exclude profits 
of ILK. aerospace subsidiaries E issue price. F Dividend 
and yield based an prospectus or other official estimates for 
1977-78. I? Assumed dividend and sieJd alter pending scrip 
andor rights Issue. H Dividend and yield ha ffd on 
prospectus or other official estimates for 1078-77 R Figure* 
based on prospectus or other official estimate* for 1978 - 
■V Dividend and yield based on prospectus or other official - 
estimates lor 1078. N Dividend sad yield based on prospectus 
or other official estimates for IP78 P Dividend and yield 
based on prospectus or other official estimates lor I07T 
Q Grass. T Figures assumed. V No significant Co r poration 
Tax parable. £ Dividend total 10 dale, tf held based on- 
assumption Treasury Bill Rale stays unchanged uadi maturity 
of stock. 

Abbreviation*- rfex dividend: m ex scrip Issue. «r ex rights: a ex 
all; 1 S er capital dJstrlbntion. 

“ Recent Issnes " and ‘* Rights " Page 24 . 

This service Is available to ever? Company dealt In w 
Stock Exchanges throngboDt the United Kingdom tor a 
fee of £408 per annum for each security 


|j REGIONAL MARKETS 

48 The following is a selection of London quotations of shares 
2 0 previously fisted onlv in recional markets. Prices of Irish 
I7 issues, moat of which are not officially listed m London. 
5 4 are as quoted on the Irish exchange. 

L3 Albany In«.20p| 23 | .. | Sbeff. Refrehmi | S2‘ J j 

. . Sindall (Wm.u.i 85 


LU 7.8 Ash Spinning ... 45 

2Ji 4.6 Bertam...... . « 2 

24) 63 Bdg'wtr. Esl. 5up 270 
i_ef 6.4 clover cron—, a 
1 Craifi & Rose £1 420 
Dyson iR- A.1 A. 37 



37 . .. 

63 .... 

57 d ... 

if .::: 

24 ... 

150 +5 

82 ..- 
150 .... 
265 ..- 
54 ... 
158 *3 
20 .... 
46d .... 


Conv.p^m-aa. ew% 

Alliance Gas 73 .... 

Arnott 346 +4 

Carroll fP.J.1 — 90 .... 

CTondalkin^-™. 98 .... 
Coucrete Prods.. 133 .... 

Helton andgs.) 41 .... 

Ins. Corp 148 ..... 

Irish Ropes 138 1 

Jacob. 68 ...... J 

Sunbeam 34 ....] 

TJILG 173 -2 


Unidare 


OPTIONS 

3-month Call Rates 

Indastiiala T.C.T 20 Tube Invest. 30 

» rmw ... 6% ■‘Imps"— ........ 6 Unilever 35 

a! P! C ement- Vt 20 Ufd. Draper?. 7% 

hsr. 9 Inveresk™™... 8 Vickers — lp 

Bafe- U KCA ......... 3 Wool«-erti»„ 5 

Bareiavs Burt. ^5 Ladbroke— 1< _ 

BewhMn— ■ 35 Legal L Gen. „ M Property 

Boots Dmg... If L Brit- Land 3% 

Bo waters 16 Lloyds Bank ._ 22 Cap. Counties. 4% 

BJk-T.—.. ..—.I - 24 Lois 4 g_p e 

British Chcvgen 6 L^don Brick 5 Jntrenropcia 4 
Brown 1J.1 — » Lonrho ._.. 5 i^ndSecs.™ 16 

Burton 'A'. — p Luc winds. — 25 MEPC 12 

Cadbury*— - * .VK 5 "®.-' 4® Peachey 3 

Coorwulfis..-. 10 i---- J. Samud Props.. 9 

ggSm”- 15 Sidfaf/Kni 25 

SS 5 Sw~ » SffcaGE S ?'■ , 

e5lI 14 Do. Warrants 10 |nt-Pem.lmraj- 45 

Gen. Accident 17 P&ODfd 8 Burmah Oil — 5 

Gen. Electric. 18 Plessey. 8 Cha«ernnli._ J 

Steko. 40 R.H.M. 5 Shell 2R 

Grand Mel—. 9 RnnkOrg.-A - - 18 uluramar — „. 20 

GoanUsa 18 Splllepj 3. 3U»» 

r.K-N 22 Tesco 4 Charter Cons, i 12 I 

HawbefSid* 1 -- ?? J f,0 ™g-- ?? Cons. Gold. j 14 j 

House of Fraser. 12 Trust Houses^ 15 Rio T. Zinc 1£ j 

A rejection of Options traded is given on tho 
London Stock £xchaqge Report page 



% 











































































































28 



FINANCIAL TIMES 


•hfflt for Uw job -Gm- 23m 

Cowaa. bl« of Vfight. TbL Com 7111 Trine 88448. 


Saturday June 3 1978 




STRATHSPEY j 

100%' Highland Malt Whisky M $ 
h u TogaidiiE:Suas . ^ f 
'w . TJrMisneacnd: y"' i 

•N __ AK 


MAN OF THE WEEK 


Retailers 
of the 
middle 


ground 


BY ELINOR GOODMAN 


HE 15. tn be charitably, around 
55. He wears a plain shin and 
a raiher baggy suit and looks as 
if he would be at home oil a 
houiing green. A man who 
prides himself on being a blunt 
speaker, he is probably an active 
member of bis trade union and 
can quote Lbe rule hook chapter 
and verso. H»* has no conven- 
tional commercial experience 
but believes he has a right to 
participate in business. 

His female counterpart is 
about the same age. Her whole 
appearance is eminently sensible. 
Not for her hlue rinses or 
flowery ha Is. She is a busy 
person who long ago learned 
that women have more to do in 
life than rear children. 

Both arc rather earnest with 
a <el of beliefs lo which they 
are deeply committed. They are 
proud of their working class 
origins. Even though they own 
a car — and quite possibly a 
colour television — they can 
remember the time when money 
was short and when people had 
to look lu something other than 
the Stale when limes were hard. 
A punchy verbal onslaught on 
capitalism will get them clapping 
appreciatively but they are 
suspicious of long haired intellec 
dials too. Theirs is a rather 
conservative form of radicalism 

They are Ihe active members 
nf Britain's 206 retail co-operative 
societies as seen this week in 
Scarborough, dutifully deserting 
ihe hcach for the windowless 
Futurist theatre. It is these 
people who are delegated each 
year In represent the 10.6m 
co-operative members who ulti- 
mately own the Co-op. Britain’s 
largest retailer, milkman, farmer 
and undertaker. 


Sacred 


No angle person is in charge 
of the Co-op. The movement has 
more than its share of chief 
executives and chairmen but. 
just as the Co-op itself is com- 
posed of over 200 autonomous 
societies, control is vested in 
many hands. The delegates arc 
only typical of the minority of 
members who participate in elec- 
tions. But it is the active mem- 
bers who appoint the manage- 
ment and exert the power 
enshrined in the constitution. To 
them the constitution is almost 
sacred. 

They are both the Co-op’s 
greatest asset? and its greatest 
handicap. The Co-op would have 
ni> reason for existing without 
them for it is they who ensure 
that ihe Co-np is noi just 
another chain fichlinc rhe High 
Street war. They are the 
embodiment of thai middle 
emu no' which the Co-np occupies 
somewhere between slate owner- 
ship and private enterprise. 

At Congress they repeatedly 
remind each other of the move- 
ments social purpose— a phrase 
of a 1. Tins i mystical importr.nce 
which encompasses everything 
from financing children’s groups, 
likely the woodcraft folk and 
adult education, to the move- 
ment’s fundamental purpose of 
fighting private enterprise and 
ensurinc that the members get 
the benefit nf mutual trading. 

Some nf these characteristics 
may he admirable hut they do 
pot nwke it easy for professional 
managers trying lo fight a High 
Street war which leaves lillle 
room for conscience. The profes- 
sional management has become 
increasingly strong over the 
>oar<. Em grand schemes, such 
as ihr much discussed plan to 
reduce ihe number nf societies 
tn *J6. are. for the most pari, 
ignored once delegates have left 
ihe almost evangelical almn- 
sphere of congress and gone 
hack lo the territorial patches 
which they cuard jealously. 


Agonising 

To he fair, some societies, like 
N'nrmid. hare done very well in 
commercial terms and have been 
in the fnrefronl of retailing 
development hut others, like 
London, have had in sell asset* 
u> reduce their losses. And. in 
JP77. after three years in which 
the mnremeni had managed lo 
reverse the long decline in its 
fnrtune?. its market share edged 
down again lo 7 per cent. 

Delegates at Congress were 
only ton well aware of the 
dilemmas posed by the High 
Street war. They have been 
agonising for years over how 
best to preserve the democratic 
structure in the kind of larger 
societies needed to raise the 
necessary finance for larger new 
stores. Ahead lie all sorts of 
thorny problems such as 
whether the Co-op has a duty to 
keep open its smaller, unprofit- 
able shops for the benefit of 
less mobile members. 

Blit, at the end of Congress, 
when all the delegates linked 
arms tn sing Auld Lang Syne, all 
talks nf grand regional plans and 
■ ut-ihrnai competition seemed tn 
heion? lo another world. 


Callaghan warning 
on Africa peace 


BY REGINALD DALE 


NEW YORK,' June 2. 


MR JAMES CALLAGHAN, the 
Prime Minister, today called on 
African countries to speak out 
against outside interference in 
their affairs before it was too- 
late. 

Ln a strong attack on Soviet 
and Cuban intervention in 
Africa, he tDld the United 
Nations he was not content to 
see the continent “ misused by 
a new imperialism ” or become 
a new hreeding ground for East- 
West discord. 

Mr. Callaghan, addressing the 
special General Assembly session 
on disarmament, urged African 
countries to stand up for the 
principles of non-interference 
and Ihe peaceful settlement or 
disputes. If they did not. they 
would find themselves caugbt up 
in an arms race. “ with growing 
instability for their countries 
and increasing danger of wars." 

Before proceeding with longer 
tenn disarmament efforts, all 
countries should start immedi- 
ately by restraining the use of 
their armed forces, he said. 

*' Countries will not renounce 
the further buildup of military 
power — still less will they take 
the first sie,ps to reductions in 
armaments — if they see others, 
whether directly or by proxy, 
using existing military force as 
an instrument of foreign policy 
tu seire advantage wherever 
they can." 

He supported an American pro- 
posal for the creation of a per- 
manent UN standby peacekeep- 
ing force and called on the 


special session to launch a study 
on ways of restricting the growth 
of conventional weapons through- 
out the world. 

One approach would be to 
tackle the problem regionally 
and rnultilate rally with the in- 
volvement on an equal footing 
of both suppliers and recipients. 

Mr. Callaghan called for 
changes in the chairmanship 
system at the Geneva disarma- 
ment conference under which 
only the U.S. and the Soviet 
Union are entitled to take the 
chair. He urged France and 
China, which have boycotted the 
Geneva talks at least partly in 
prutest at this superpower 
monopoly, to take up their seats 
at the conference. 


Realistic 


The UK would be prepared to 
join other nuclear powers in far- 
reaching and permanent assur- 
ances not to use nuclear weapons 
against non-nuclear states. It 
wnuld also support the establish- 
ment of further zones free of 
nuclear weapons where all states 
concerned agreed. 

General and complete dis- 
armament could not be an 
immediate objective. But there 
were areas in which real pro- 
gress could be made in a short 
but realistic time scale. 

The UK was ready to put 
forward new proposals in the 
Geneva negotiations on a treaty- 
banning all nuclear testing to 
open the way for speeding pro- 
gress on the outstanding issues. 


An international system of, 
seismic stations would be | 
needed to verify the agreement. 

Preparations should now start 
for a further round of strategic 
arms limitation talks, between 
Moscow and Washington f SALT 
III), which should aim to reduce 
significantly the numbers of 
strategic systems and restrict 
their development and refine- 
iuenL Ways must also be fnuod 
(a restrain nuclear armouries in 
Europe. 

Mr. Callaghan called for multi- 
lateral negotiations in Geneva on 
a pact banning the use of 
chemical weapons, and a success- 
ful conclusion to the Vienna 
negotiations aimed at reducing 
force levels in Central Europe. 

To aid disarmament negotia- 
tions all countries should pub- 
lish complete defence budget 
figures, he said. Britain was pre- 
pared to take part in a pilot 
scheme to try out a new UN 
system of budgetary measuring 
and reporting. 

He supported plans for a 
second special session on dis- 
armament in 19SL '* to call us ail 
to account for what we can 
achieve between this special } 
session and the next." 

Mr. C. A. van der KJaauw, the 
Dutch Foreign Minister, pro- 
posed the establishment of 
an International Disarmament 
Organisation to. deal with verifi- 
cation and implementation of 
present and future disarmament 
treaties, particularly those ban- 
ning c he mica L weapons and 
nuclear testings. 


Rothmans 
to extend 
Canada 
links 


By Stuart Alexander 


Angry Carter denies 
freeze on SALT talks 


BY DAVID BELL 


WASHINGTON. June 2. 


PRESIDENT CARTER took the 
highly unusual step this morning 
of summoning news reporters tn 
his office and angrily describing 
" tola Hy- inaccurate" a report 
that his Administration had 
’’ frozen " talks with the Soviet 
Union on strategic arms limita- 
tion (SALT;. 

The report, in today’s Wash- 
ington Post, raised fresh ques- 
tions about American policy 
towards the Soviet Union follow- 
inn the deep divisions in the 
Administration that were 
reflected both publicly and 
privately during this week's 
NATO summit here.' 

The Washington Post report 
said the Administration bad 
deliberately adopted a new and 
much tougher line in the SALT 
negotiations, partly because <if 
Soviet and Cuban activities in 
Africa and partly because it did 
not want to sign a new treaty 
until after ihe November Con- 
gressional elections. 

The net effect of the new U.S. 
efusal to make any further con- 
cessions in rhe arms talks — dis- 
closed earlier In Dr. Zbigniew 
Brzezinski, the natumal security 
adviser — had hcen "effectively 
to freeze" the arms negotiations 


indefinitely, the report said. 

Mr. Carter, pointing to a copy 
of the paper as he spoke, said 
the story was wrong and that " it 
damages our country and it 
damages my credibility." 

The Administration had never 
even considered freezing the 
arms talks hut wanted a new 
treaty “without delay because 
of political considerations," he 
said. 

Mr. Jody Powell, the Presi- 
dent's Pres? secretary, told 
reporters that the Administra- 
tion's policy was unchanged and 
that "events in Africa have not 
in any way affected our negotiat- 
ing position over SALT." But he 
acknowledged that recent Soviet 
actions in Africa and elsewhere 
had " affected the general tone 
of U.S.-So«iet relations and the 
political climate in the United 
Slates." 

He said it was true that the 
Administration as part of the 
negotiating process, had made it 
clear to the Russians that it was 
now up to them u> make conces- 
sions on the remaining obstacles 
in the way of a new strategic 
arms agreement. 

** It i* imnortant not to confuse 
tough negotiating with some sort 


of decision to freeze the talks or 
to slow down or to mark time.” 
he said. 

Yet if some rsch confusion 
now exists, this must in part be 
the Administration’s responsi- 
bility. Last Sunday Dr. Brze- 
zinski came vary close to making 
a link between SALT and the 
Soviet and Cuban "adventurism" 
in Africa— in one of the toughest 
statements about U.S.-Soviet 
relation.? made in recent years. 

At this week’s NATO meeting 
Mr. Carter also used strong lan- 
guage to warn the Soviet Union 
about its African policy. 

Mr. Powell said, however, that 
this language did' not signify a 
real change in U S. policy, cer- 
tainly as regards the SALT talks. 
This, in turn, raises doubts about 
its real meaning and about the 
President's own attitude. 

In the face of these doubts, 
and in the abr-nce of any really 
agreed Administration policy, it 
might make sn«ie sense to “go 
slow ’’ un SALT ?n that it dnes 
not become an issue in the mid- 
term elections. But any sugges- 
tion lhat this might be~ in 
Administration minds was 
“ flatly incorrict " Mr. Powell 
said. 


ROTHMANS International, 
the UK tobacco group, is 
poised to lake an S5.6 per cerft 
stake in Rothmans of Pall Mall 
Canada, with which it is al- 
ready linked through the ex- 
tensive business interests of 
Dr. Anton Rupert, the South 
African industrialist. 

Talks are still going on 
about the deal, thought to be 
worth over £40m and could taae 
some time to complete. 

Rothmans International’s 
wholly-owned West German 
subsidiary, Martin BrioJunann, 
would buy all the issued share 
capital of a specially-formed 
Canadian company holding 85.6 
per cent of the Canadian Roth- 
mans. 

The shares are now held by 
Rupert interests, which also, 
own 43.77 per cent of the shares 
in Rothmans International. The 
acquisition would be for cash, 
with Brinkmann the chosen 
purchaser because of the 
strength of the Deutschmark. 


Brewers 


Rothmans of Pall Mall Can- 
ada is the second biggest 
manufacturer and distributor 
of tobacco products in Canada, 
standing behind British Ameri- 
can- Tobacco, with 28 per cent 
of the cigarette market 
J! also owns 50.1 per cent of 
brewers Carling O'Keefe. Car- 
ling controls a major wine 
producer and has interests In 
oil and gas. It has about 5,000 
employees in Canada. 

ln the financial year to March 
31, 1978. it turned in net pro- 
fits. after all extraordinary 
items, of Can .$24.4 7m (£l2m) 
on sales of Cam$780m. 

“The Canadian tobacco in- 
terests would be -a logical 
extension lo the business of 
the Rothmans International 
gorup and operational advan- 
tages, particularly in terms of 
marketing, are envisaged," 
Rothmans International said 
yesterday: “The interests in 
beer, wine, oil, and gas would 
represent for Rothmans Inter- 
national and Brinkmann a 
measure of beneficial diversifi- 
cation.” 


THE LEX COLUMN 




r..-,* - Y &**£**? 


•7 • p'r" 





Interests 


The deal further tidies np 
the world-wide tobacco Inter- 
est? or Rothmans and gives it 
operating subsidiaries in Hol- 
land, Germany, Australia, New 
Zealand and Malaysia, as well 
as Canada. 

While it has increased sales 
in the UK, from just over 6 
per cent, to slightly under II 
per cent of the market, domes- 
tic profits have always been 
thin. In contrast ils exports 
have been very successful and 
the company Ls highly profit- 
able in the Middle East and the 
WeM Indies. 


. News analysis. Page 4 


New surge in coffee prices 


‘Continued from Page 1 

Tanzania 


BY RICHARD MOONEY 


COFFEE PRICES on the London 
futures market leapt nearly £200 
u tonne at one stage yesterday 
in response to news that there 
was frost in Parana. Brazil's 
main coffee gruwing state, on 
Thursday night. 

11 is believed no damage was 
done, but one London trader said 
it was “ very , very frightening ” 
that there should be frost in 
Brazil’s coffee area so early io 
the season. 

This is the first frost since 
1975 lo hit Brazil’s coffee 
growers, who normally produce 
more than 3H per cent of the 
world crop. 

The 1975 frost was Ihe worst 
on record, culling the country’s 
coffee output by three-quarters. 
Coffee traders have since been 
hyper-sensitive to the possibility 
of major frost damage. 

This week’s outbreak is the 
earliest frost in memory, and as 
such t$ being taken very 
seriously. It will he mid-August 


before the 1979 crop can be 
considered safe. 

Frost affects the flowers which 
should produce the following 
year’s crop. In very bad cases 
it can destroy the trees This 
was the case in 1975 and the 
crop has still not fully recovered. 

ft is not possible to estimate 
the rise in prices which a serious 
Brazilian frost would cause, but 
any significant advance could do 
irreparable damage tn the world 
coffee market. Conservative 
estimates put ihe cut in con- 
sumption caused by the tenfold 
rise in raw coffee bean prices 
after the 1975 frost at 15 dcl* 
cent. 

Some recovery has taken place 
as a result or the recent retail 
price fall hut world consumption 
is still though! to he about 10 per 
cent, below pre-1975 levels. 

July delivery coffee on the 
London futures market reached 
£2,000 a tonne yesterday but 
slipped to finish £120 up on the 


day at £1.938.5 a tonne. The rise i 
on the week was £247.5. Yes ter- 1 
day’s rise was the steepest since i 
last summer and took the price: 
to the highest level since last! 
autumn. > 

Nestle. Britain's biggest coffee 
company, said yesterday that it 
had no plans lo increase the 
price of its instant coffees. But 
it warned that it might have to 
reassess the situation once the 
Brazilian frost period was over. 

" We are moving into a critical 
period in Brazil. We must hope 
that there is no repetition of 
I he disastrous frost nr 1975 which 
sent coffee prices spiralling for 
i wo year?." 

General Foods, which pro- 
duces Maxwell House and Birds, 
said: “The nex! eight tn ten j 
weeks will be very critical, but . 
sn far we have no plans to! 
increase prices, ft wnuld he very, 
premature tn think about that | 
now." 


consistent with the policies and 
aspirations of the particular 
countries." 

The Tanzanian complaints 
related to " incidents which 
occured many years ago and 
were reported on in the Depart- 
ment of Trade report of March, 
1976." 

This was not the first time that 
Tanzania had purported to ex- 
propriate Lonrbo’s asets. In 1966, 
Central Line Sisal Estates was 
nationalised, and compensation 
has not yet been paid, although 
at the time ‘prompt fair and 
adequate compensation’ was 
promised." 

The company, tiiererore, wel- 
comed the statement that a fair 
price would be paid, for assets 
appropriated now “ and insists 
that on this occasion payment is 
duly made." 

AM the companies referred to 
in the Tanzanian statement were 
either publicly quoted in East 
Africa or subsidiaries of public 
companies quoted in East Africa. 


This week's sunshine and 
high temperatures were 
reminiscent of the summer, of 
1976. But other, less pleasant 
memories of that period have 
been evoked by the recent 
failure of the authorities to 
respond to the overshooting of 
the monetary targets. And on 
Thursday the . Government’s 
monetary sums were once again 
assessed as failing to add up, 
this time not by one of the 
City's monetarists but by the 
Keynesian economists of the 
National Institute for Economic 
and Social Research. 

In its quarterly review, the 
Institute forecast that domestic 
credit expansion in the financial 
year 197S-79 will reach £7-9bu, 
well over the £6bn ceiling which. 
Mr.' Healey agreed .with the IMF 
only some ten days ago. More 
over the Institute estimated 
that inflation will be back to 10 
per cent by the end of the year, 
compared with the Treasury’s. 7 
per cent prediction, and was. 
quite gloomy about . general 
economic prospects for 1979. *. 

Against this background the 
investment' institutions have 
continued to fight shy of gilt- 
edged. making this the most 
serious episode of confrontation 
in the Government bond market 
for two years. Both long-term; 
and short-term interest rates 
have been edging higher: the 
Friday MLR formula abolished 
last month would have indicated 
a rate of 91 per cent after 
yesterday’s Treasury bill tender 
fthough it is relevant to point 
out that had the formula been 
still valid the' discount houses 
would probably have tendered 
rather differently). 

Equities continue to show 
relative strength against gilts, 
however, with the 30-Share 
Index only marginally lower 
this week. At around 475 the 
Index is close to the centre of 
a range within which it has been 
trading sideways for the past six 
months. 


The large society ‘want to 7 ^ 


Index fell 2.7 



dictates an eariy rise ifr. Invest- 
ment an d mortgage .Tatte erifc 

though/ it is hot as -pressing.^ 
some . societies would -iiiav&j&f™ 
believed i 




Rothmanslrifc J r 

Less . than - a! year;' ago,. 
mans Intem^p^ paki 

claimed ! ' -a" '• .target; of - •Ach’itifc^ P 
■two-fifths of its’ profits frtnh iu^ 
tobacco interdsts.fir the spa«rMr-! . . 
five years. — Yeaterday^'h^gh’, V 
- flounced that it wa^'cboHn^E^.^'r'‘ 
ing a substantial cksh blifcn^V;'.. 
controlling interest " is Caniw^'v.'"' 

. second biggest tobacco com pfo fc^ 

. Rothmans of. Pall Mall Ca ^ 

• (RPMC). Since, boffcbusln 

fiigher. mortgage rates, tends to are controlled: ia;ede 'WJy - 
beclouded by po4itdoai<^cton« ahotber. j^' tfie^Sooth'-Y ' ' 
it Js : easy to lose sigtei of the interests of - DnAntoir 
financial pressures that stre.,noiW the bidderls motives ' atej 
butidang tip for higher, rates.. At to he subject toV&oSe exa: 
present a mortgage rate 0 L .&5 tion..by.-*ts substantial ‘OOdjjL' 
percent for 25-year money Books independent shareha 
cheap •. when -compared • .wkh , deal comes _oiL \ 
yields -of dose to 13 per cent, on / Such _a deal;' could certal^y 
Goyermveuit stocks. he convenient for .the "Unpeg 

However, these are 
•key influences on. mortgage jafahg 
rates. The best indicator is ' * 

the three month local authority - ~ 

deposit ra te. ; When Jhe .grossed;' ; ’ 

toP- building society share - 


Uia 






rate, the building ; 


perleece a heaHhj cub inflow. „,£,*** imd' woiild reflUf-' 
Late last year ae gap widmed 

at one nme to 5 percentage S&aw' otta 

"orS. American - Sitl- 
Siperfiates®;^ 


tramps: 


a month. Since then money- — • 

market rates have soared, and : ; 

L* a * anff ; are. reported to have beer . - 


the grossed up share rate of S.3 contem p lat ^ a deaJ 

nnt>. Mint ic nnu amunil Iliroo. ' 


Building societies 

This time next week- we 
should know whether the 41m 
borrowers from Britain’s build- 
ing societies are going to have 
to pay more for their money 
and whether the silent army 
of 16m.-odd investors are going 
to receive a higher return. The 
builddng societies are a conser- 
vative bunch — between 1939 
and 1977 they only changed the 
mortgage rate by around 20 
times — so they may decide to 
sit it out for another mouth to 
see where interest rates settle 
down. 

Since any discussion about 


iterview 


per cent is now around three’ 

quarters of a point below the Pabst Brewms. . 

local authority rate... Conse- - But it -is-, not, a tail ■ dear hovi ^ 
quently the inflows are . now : 1 K with RPMC jj ( 53 

tailing off t sharply. In April fit in with' the' UK; cOmpanA^. ... 
rather more than £300m was; stated .objectives. Tobacco •!_ . 

taken inf in May receipts prbl> accounted '£6r4he great buf%Y> : . : - ; 
ably fell by more than £100ih ofRpMCs earn mgs In receHg. . . 
and /in June and July they years, .and although the prppBfefe . ... 
could be as low as :£I0(hn a tkh has: been reduced ^ 

month'- if btuldin£r society rates sale, of .a lossmiakiTig brewEagjk: 
stay out of line: business,- it stiU makes up .j 

Fortunately the societies are the compaiqr’sprofits-j 
still -flush ’with funds; Their ^.belps to ciplam-the lowly. r 
liquidity ratio .is historically on the' Canadian stodc i» 
high and they can ran this down; -*-& P^bf idst ; over jJ-otf; 
for some months without much “*•**-’ - b*?<c 

trouble. Assuming inflows - of m.line.v^Rothmaai.j^. 

£l00m a. month, ‘ loan' .'repay- • ow ®. rating. •; - r . 

ments’ of £300m,- and 'Interest : • Based on the ctirfent maA^J 
credited of another £100m - a price; the : Rupert holding^ 5;-. - . •]_ 
month they 'shdn fd ~ s fill be able: RPMC is worth* -about 
to lend around £750in a month bid op this stale' would tHvggl 
by -reducing their liquidity . by a substantial part of: -RathmSSrJ tE$f 
£250m a month, say. . . "v firepower for. future diveisifl^ 5 . 

However, they are unlikely to. tipor-and would surely reqplw: r; \ . 
sh iiack and allow tbeir 'edm- the Approval of .’ Jndetiendey>*.J'. .- 
petitive. position to be eroded, shareholders. V-Vy^Sci'.; 


3fe 


Weather 


Japanese promise curb on cars 


BY OUR INDUSTRIAL AND FOREIGN STAFF 


JAPANESE car makers have 
promised Itacir Government to 
tighten curbs on shipment? of 
curs and small commercial 
vehicles to the UK after a 
request from the Ministry 
of International Trade and 
Industry. 

The Ministry has asked the 
industry to take further restrain- 
ing measures because shipments 
during the first four months of 
the year have reached about 50 
per cent of last year's total, in 
sniti* of a pledge to the British 
Government that they will be 
kept to last vear’i level. Up to 
April they totalled 59.900 cars 
and 122100 lorries. 

According to the Japanese 
Auiumobik- Manufacturers Asso- 
ciation in Tokyo, ihe restraint in 
exports will become more effec- 
tive later tn the year. 

These deieiopmeuts come 


after yet another period nf 
rapid export growth by the 
Japanese motor industry, which 
pushed up overseas car sales by 
22 per cent, in the first three 
months of this year to 832.000 
vehicles. 

In the face of mounting inter- 
national. anxiety about this rate 
of growth. Mr. Takas hi Ishihaxa. 
president of Nissan, predicted 
yesterday that ils worldwide 
vehicles exports would fall four 
per cent from the 480.000 unit.? 
recorded in 1977. 

He insisted lhat the eumpuny 
will not export more cars to 
Britain m I97S than it did last 
year. 

Mr. Tshihara's statement con-* 
Jlicts to some extent with -sug- 
gestions in Britain that shipments 
from Nissan, which makes the 
Datfiin range of cars, will be cui 
to about SO per ceot of last yaar s 


level. Indeed, with a number of 
new Japanese companies coming 
into the UK market recently, it 
wnuld seem that the larger 
groups will have tn give up 
some of their quota of vehicles 
to allow the smaller companies 
sufficient stocks. 


Nissan's view of (he overall 
downturn in its exports later this 
year seems to have been coloured 
by the depressing impact the 
revaluation of the yen has had 
on sales in the U.S. In addition, 
tiie Japanese car market itself 
is improving, after, a great deal 
of international pressure Tor 
stimulation of home demand. 


The Nissan president said that 
the company sold 121.422 Daman 
passenger cars in the U.S. in 
the first four month? OF this 
year, a negligible rise qf 0.4 per 
cent over the same period m 


1977. "This is proof that our 
exports to the U.S. are not 
increasing." 

61 Nissan is looking at sites 
for its first car manufacturing 
plant in the U.S. Mr. Ishihara 
said that a dozen Nissan officials 
are in America for a survey 
which he called a forward step 
in Nissan's strategy to begin 
manufacturing in the U.S. 

Mr. Ishihara added that Nissan 
expects a 12 per cent boost in 
domestic car sales this year. He 
predicted lhat on the basis of 
this recovery in the home mar- 
ket .noticeable since March, the 
car company cun hope to record 
gross sales of Y2.350bn in fiscal 
1978 and earn ordinary income 
nf Y135bn for the year, com- 
pared with Y2.246bn and Y138bn 
for the fiscal year ended last 
March and announced earlier 
this week. 


UK TODAY 

DRY and sunny in most districts. 
London,. Midlands, 

Cent. Northern England, 
Glasgow, Cent. Highlands 
Dry. sunny spells. Max 2’ 9n 
tSlF i. 

S.E„ Cent. Southern. E. and N.E. 
England, Anglia, Channel Is-, 
Borders, Edinburgh, Dundee, 
Aberdeen, Moray Firth, N.E. 
Scotland 
Dry, sunny spells, cooler near 
coast. Max. 27C (S1F>. 

S.W., N.W. England, Wales, Lake 
DisL, S.W„ N.W. Scotland, 
Argyll 

'Dry. sunny spells inland. Max. 
22C (73F). 

Orkney, Shetland 
Dry. bright or sunny intervals. 
Max. 20C (68FL 

Isle of Man, N. Ireland 
Dry. sunny periods. Max. 22G 
t72F). 

Outlook: Dry and sunny at first. 
Thundery showers later. 




BUSINESS CENTRES 




Y'day 

I 


Y'day 


mid any 


nud -day 



“C 

•I- 



•c 

*F 

Mi-xndna. 

F 

25 

77 

iLiucnib'R' 

' S 

20 

70 

.^msidin. 

fi 

24 

73 

Madrid 

s 

2G 


AtlU'iiR 

F 

20 

79 

Manehstr. 

F 

20 

*» 

Babrjtn 

.5 

:u 

S-l 

Melbourne 

s 

in 


Barcelona 

S 

21 

7U 

Milan 

s 

2K 

78 

BoJror 

h 

■23 

•n 

i Manor al 

C 

23 

73 

Br-lii.tt 


17 

S3 


c 

s 

40 

Be Icra lie 

S 

2H 

7T, 

Munich 

s 

2.1 

73 

Berlin 

.? 

?« 

fi-jl 

Newrawle 

s 

21 

7a 

RrmBhm. 

s 


T2 

New York 

s 

22 

71 

Bristol 

F 

23 

73 


s 

X 

79 

-Brussels 

F 

25 

77 ( 


V 



Budapest 

S 

ii 


Perth 

c 

I? 

Hfl 

B. Aires 

c 

14 

37 1 

Praxuc 

Si 

28 

79 

Cairo 

.? 


82 

Reykjavik 

F 



CardilT 

fi 

VI 

84l 


c 

'24 


Clueaco 

s 

18 

113 

Rome 

h 

23 


Coloftnc 

F 

■x 

7B 

S Inna pore 

S 

Jl 


Coonham. 

.? 

20 

78 

Stock ho bn 

S 

ia 


Dublin 

C 

Hi 

fit 

Strasbrg. 

F 



Edinburgh 

S 

22 

72 

■Sydney 

B 

is 

Ufi! 

Frankfort 

s 

as 

K 

Tehran 

S 

21 


Geneva 

.? 

22 

72 

Tel Aviv 

s 

2+ 

73, 

G Ue<bow 

F 

2d 

01 


c 



Helsinki 

S 

ia 

ill 

Toronto 

c 

2.1 


H. Rons 

s 

2« 

7S 

Vienna 

s 



Jo'burB 

s 

2fl 

82 

Warsaw 

F 

24 


LlatMo 

s 

27 

III 

Zurich 

s 

23 

73 1 

London 

a 

24 

73 






HOLIDAY RESORTS 


AJaccia 

s 

21 

70 

Jersey 

y 



Aisle rs 

s 

23 

71 

Cos Pltna. 

s 



Biarritz 

a 

27 

81 

Locarno- 

s 

24 

73 

Blackpool 

s 

17 

63 

BfaJorva 

s 

23 

73 

Bordeaux 

s 

Sli 

n 

Malaga 

.? 

23’ 

72 

Buuloeue 

F 

21 

70 

MaUa 

s 

34 


Cusablnca. 

F 

23 

73 

Nairobi 

s 



Cape Town 

3 

10 

60 

Naples 

R 

■Hi 


Corf ir 

V 


77 ! Nice 

F 

*•1 


Dnbrovnlk 

F 

27 


Nicosia 

S 



Karo 

s 

24 


Oporto 

.? 

24 


Florence 

s 

20 

0k 

Rhodes 

s 



Funchal 

c 

20 

ffl'Salzburo 

«a 


77 

Utbraltar 

c 

21 

WtiTMUlvr 

s 

24 


Gucnibey 

K 

19 

OB.Tcnerlfe 

F 



lrraiibruck 

n 

ii 

TTlTunl* 

S 



InverrKfifi 

F 


73; Valencia 

s 



Isle Of Man r 

in 


s 



Istanbul 

5 

20- 

661 





S — Sunny. 

r- 

-Fair. 

C—Ctmriy. 

H— Tlaln 


lax paid income, 
capital growth, shbuld : be the aim 
investors- 


4. 


ms 


you may not be adueyifig thjs. 


! and personal advisory service oi’er ^aife ia yy 
excess of £20,000,000. • • .-.-•••• -y : . • jy ’• >; ^ 
Regardless oL your age or lax poadoit 1 We?C; 
believe ye . can. -improve yourv fmaadal 
prospects.^ ’ ^ 

Gur advisory- services are impartial af ' 

readily available. ' 7 -v -iT' 

If you have.^ELOjQQO or more to mvest and-) 


’f V. 


f: & 1 




you, complete and post tbe 


without obligatipiLTpjQAK^. ' ««■ appucablew " ;S;' ^ . ■ 


Jose 



u > rr 


THE INVESTMENT ADVISERS 


3a PONT STREETjLONDON SWTS 9EJ.^ S 
’ * «tf ia iwdfa aBtfMaMaerwo»i(waa.'-. ' • 1-. -i-'.-iA " v 


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