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CONTINENTAL SELLIN G PRICES; AUSTRIA Wi 15l BELGIUM F- JS , BENMARR Rr FRANCE Fr 3.0; GERMANY DM 1.0; ITALY L SM; NETHERLANDS FI 1.0; NORWAY Hr 3.5; PORTUGAL tx Ml SFAIN Pta 40; SWEDEN Kr 3.15; SWITZERLAND Fr 2J; EIRE 15p 


SI MM ARY 


GENERAL 


Israel 

tightens 

border 

security 


BUSINESS 




Equities 

gain, 

dollar 

weaker 




to 


currency 






BY GUY DE JQNQUiERES and JONATHAN CARR: Bremen, July 


back at peak 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


w A DECISION' to press ahead merits, led by West Germany and tion on the exchange markets. 

gr/Vf w, th the study of plans for an France, appear resolved to try to Though the exact margins of 

_ ' • A y J CttJVd. ambitious European monetary put the system in operation bv currency fluctuations permitted 

L^Al/e|iyi ■' m T system, designed to end violent early next year, even if the UK have yet to be decided, the inten- 

B W *> . , «»n , eney fluctuations and pro- is not prepared to participate. Don is that ihe exchange rate 

* t-TJUITlEs were lifted hy umu? closer economic and mane- There are some doubts ahoui disciplines would be at least as 
Thorn Electrical's trading state- tar» integration in the EEC. Italy's ability to play a full part strict as those observed now by 

Israel tightened securin' along *ncnt and proposed Eurodollar w;,ft approved today by Heads of initially, because of her economic members of the currency 

IK border with Lebanon vest or- ' the nine Common Market difficulties. “snaked.” which would remain 

j ■ ..... .. f lOVemillPTltjt. Th* tinioruhlo . i intrant until fhp now ei/clom ramp 


day and waited to see whether 
•“jria would heed Us warnings 
lot to crush embattled Christian 
‘orces in Beirut. 

Official* described the new 
-ecuriiy measures as precautions 
ic.;in.it a possible Palestinian 
tll.ick through Uni led Nations 
me-, in southern Lebanon. 

Vpart from sporadic sniper 
ire. Beinu remained cairn 
Ostcrday. fiut ihe continued 
^ hreat to resign by Lebanese 
^resident Elias Sarkis has raised 
.-’ears of renewed fighting in the 
•ounljry. Back Page 

dissident trial 

Anatoly Shcharansky. imprisoned 
tewish dissident whose fale has 


FT Industrisl 
Ordinary index 


[ o' comments. The tinierable agreed today intact until the new system came 

The scheme aims 10 subject all calls on EEC Finance Ministers into effect. 

currencies lo tight to launch a detailed study of the At present members of the 


-MUUtMBM* 

Igiwsaa 


— laoL-rnw, migwI-— 
— I wjg w f— 
JLJLV 1 978" 
3 4 5 


sUiniiai joint fund of as much in a final decision on the e\aci -7- .. 
as ^50 bn, created through pool- shape of the sysien? at the end - counine * J 1 ® 1 ^f ,on ®' 

mg up to 20 per cent of national of October. 0 mg t0 the snake would he allowed 

Suld and dollar reserves. EEC heads of Government ' %i<ter ° ,a . rsm * °{ fluctuation 

Though Mr. James Callaghan would then formally eSdoSTthe ro,md Ce "i ra ‘ rates for 3 

put his name to the agreement, scheme when the v met* in tem P° rarj J ' enod - 
he apparently did so with some Brussels on December 3 and 4 It is also envisaged that 
reluctance. It is understood that an d declare whether thev were countries wiih strong economic 
Britain sought unsuccessfully to prepared to participate in it In links to the EEC — such as Aus- 
prevent publication of the principle ihe aim i«!to set un the tria and Switzerland — could 
lengthy final communique which sv stem on Januarv'l hecome associate members of 

nets out the main elements of ' . . „ A the new svsicm. 

the proposed system. , Ai l * d '» ed • ll present .he „ 

While insisting that he sup- hearl pf the s - vslera would be a The official communique 
ported the objective of Greater European currency unit similar stresses that countries partici- 

n ik.-> DniinnAiifi Tinii ^ r noHnu tn Inn TiPU' crctoiYi niiict 


•rumpled world-wide concern l,,an ‘ ^ ^ 3ft * share index European currency stability. Mr. 10 . l . h £ European Unit of Account^ Pa^ng in the new system must 
nri in to even lion bv pS'I closed 3.5 up at 455.6. Callaghan said ii would take vhMrh « a b»ket of all EEC the” 

• ent * more Ilian teclinical currency currencies. It would be used as exchange-rate policies toward 


.liter, goes mi trial nn Mnnda\ 


si 9715 Its frade-weichlcd resources from rich to poor Central Banks of U.S. dollars and deposit purt of their purchase. 
\TmS SWOOn '■ ‘j si e *" muniries gold equal perhaps to 20 per cent perhaps 20 per cent, in exchange 

•A •* index remained at 61.6. Tllc xj nc have agreed to of their combined reserves, now for European currency units. 

Vicctncs from Scotland Yard's m r-llTS rnntinnerf rcenverv study whvs of strengthening ihe worth about S130bn. while those filing dollars should 

nil -terrorist branch detained a ‘ r«vprnm..«i ecnnnmies or ihe less prosperous In addition, they would deposit receive a similar fraction against 

o.m m j London house and £ 0MU f. * . T t EEC countries as part of the their own national currencies up the units. 

'■ized a suitcase containing arms ^ cnnnes «naex rose i to mt-ral! currency stabilisation lo a similar value. These would While a substantial part of the 
md ammunition. The raid plan. But most EEC Govern- be the main means of inlerven- proposed centra! fund would pre- 


md ammunition. The raid A®- 7 *- 
n I lowed police inquiries into m 
n alleged anarchist cell m • , 
onrion. quiet 


•uniably be set aside for direct AVERAGE living standards in 
exchange market in ter venUon, it u r j la j n arc now al ^eir highest 
would also be authorised to issue leV£ , for three jusl sh0 rt 

medium-lenn credits But these . f ^ ^ ln lale 197 J 4 . 
would be made available only ifj 

borrowers met certain condi- j l*eal personal disposable 
tions. as is the case for drawings 1 income — the best measure of 
on the International Monetary 1 , I* vin 5 standards — has risen 
Fund at present. sharply since early last summer 

While several other EEC Gov- [ and between October and March 
emments appear to have reser- * a s 11 T’ cr **m higher than in 
vations about the form of the previous six months, 
currency plan proposed, these This is shuwn by figures for 
appear mostly io concern the Gross Domestic Froduct and 
technical details of the system j personal income published 
rather than its principle. 1 yesterday by ihe Central 

But the impression here is Statistical Office, 
that Britain's hesitations stem The rise in living standards 
from far more deeply-rooted resulted from the combination 
causes, and a number of partici- nf an accelerated growth of earn- 
pants at this meeting are clearly j n gs. large tax cuts and a slower 
sceptical about whether these rate of price inflation after 
will permit the UK to join in the j earlier pay restraint and last 
system. year's appreciation nf sterling. 

Mr. Roy Jenkins. President of | The liming of the lax cuts 
the European Commission, said j and rebates distorted the 
that it would be a great pity for | quarterly trend so that real 
Britain and the Community if I disposable incomes fell Fraction- 
the UK stayed out. ! ally (by less than ' per cent) 

Mr. Callaghan, declined to fore- 1 between the final three months 
cast when Britain might be ready j of last year and the first quarter 
io take part j of 19TS. 

He said that the scheme pub-i 

lished today was not satisfactory' t 

because it dealt only with] ^0111111110(1 

“monetary techniques,” and; 

more must be done to ensure However, the January-March 
that it did not have a deflaUonary I fi3 ure of *l0.57bn. at 1970 prices, 
impact on the weaker EEC j seasonally adjusted, was nearly 
economies. 3 per cent higher than a year 

Herr Helmut Schmidt, the earlier. The peak figure was 
West German Chancellor, who £10.74bo aL the end o£ 1974. 

„ The recovery is expected to 

Continued on Back Pa 0 e haye cont j nUec j during the early 

Editorial comment. Page 14 summer, as delayed pay increases 


have come through. The CBI has 
estimated that living standards 
in the secund quarter may have 
been more than S per cent higher 
than a year ago. 

A further boost will be pro- 
vided as the rerun i Budget tax 
cuts arc implemented. 

The rale of improvement is 
expected to slow down later in 
the year, though, as price infla- 
tion edges up again. 

The official figures, by defini- 
tion. only present ail .mrra.'P 
picture and the individual po.-l- 
tion depends bulb on the limin; 
and extent nf pay rises. 

The distortions In the trend 
produced by the tax cuts are 
also reflected in tile level nf 
personal savings. 

The percentage of disposable 
income which was saved fell 
back during the first three 
months of this year to 14.1 per 
cent from the artificially high 
level of 16.2 per cent at the end 
or last year. The average fur 
1977 was 14.4 per cent. 

This also reflected Lite delayed 
response of households lo their 
higher disposable incomes. Con- 
sumer spending increased by 
iboul 2 per cent in real terms in 
the first quarter compared with 
the previous three months. 

The improvement was con- 
centrated in a limited number 
or areas. The volume of spend- 
ing on durable goods rose by 
about 12 per cent while that on 
wines and spirits, tobacco, fuel 
and light was also buoyant. 


• GOLD r«sc SI; In S1R4J in 
quiet trading. 


Hess plea 

\n .iH-pariy n!c.i ih.it Britain 
bould lake unil.itrral acltun lo 


• WALL STREET rinsed 3.2» 
Up nl 81?-4ti. 

• NIGERIA t<« to raise a Slhn 


fit Rudolf Hess. R4. from Eurocurrency Km from inter- 
Lrrlin’v- Sp.in.iau prison, was national banka. Us >ev»nd within 
elected by ih»- Gnvrnum'nl m a year. Back Page 


>»e Ciiniinons. 

rtartina wins 


Air France places orders 
for four B-1Q Airbuses 


Provisions by Hamhros against 
shipping loans may be £2Qm 


• rilf 1 WILLY, the iT'.Sm fund 
wins management group will br taken 

v«. ever by » umi trust snb:»dpr 

01 Au»«ny Gihhs. the uicrch.vm 

•r beating Chns b - ,B ‘‘ n> ' 


:cih pule Martina Nni.-atilova 
VVimhicdmt's new woman 
bamp'on. alter beating C’hns 
"ven 2 — fi. H— 4. 7—5 in a 


• BANK LOANS Jo lb* 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

| AIR FRANCE yesterday joined This is regarded hy Airbus the need to meet the delivery 
the glowing list or European Industrie as an adequate base dates of late 19S2 and early 1983 
f-i«.il«|.urlincs to plate orders for the. on which lo launch the new twin- now beinf agreed with the air- 




Snriioc fmtnri •COM. BOARD m«> neen ueiivui-jr n. «w. jtu.mw. H > •— ‘ U ““ 1U “ West German officials closely. 

sonieb rounu -J ranted further loans m £34in by orders would probably come Government approvals will be nneenied with the aerospace! 

in- ti.irticH „f inur oflicuiU of ill,.* European Oal and Steel later. forthcoming. industry are taking the batch of I 

Abe! Mu.*»irew:t’s United i.nniuiunily for buying under- Iberia, (he Spanish airline, has The B-I0 iaunch is based on orders for the B-10 as the most! 

nri.-.in (".umi! have been fotuul Sinumi nl.mt and cquiiuncnl. 3 aid that it is ncgoDating with t j, e existing partners in Airbus positive eridence yet that the 1 
.! Ji.ii'iftu* yiMv.^. The four, who Airbus Industrie, the European Industrie undertaking all the aircraft has a good chance of : 

i--ii*l'carcd :wn weeks ago on a a i • j consortium building the aircraft, vork on the aircraft. They commercial success. I 

’■•<■■■■■ »h«lMU »«r C irvsier bid Sf Alr^fcj I ' ,,1 ' re ' mclude Ae>n»paUale or France. & p, t .„ lly welcome are the 

1 , .. “ r Bu,*wh C elher these .-111 he wteh To duta 0f ? 

to end Strike MO. or the earher and W B8 er Sin and S-fS;. ”iiri.d 

/an raided . STRIK1Nt; he, ,„ 0 TT.W ggfffgS,.- Holland - » ilSfjhg «SJ ^ 

.sr .-ss ?,««•!!;, asg'n Wff ^ 

Sod £100.000 in cash ami vain- lonn.rrmv to decide whether to line. . governmental mnm. 

S’lrs frnm 1'nsl Office van un rriurn in work after talk- with Thus, Airbus Industrie, within I l nc ^ ' e r rs , IDns ?. Despite the politically highly - 

lie Shannon Airourt jndnstnal <>mn lovers, muons .md the 24 hours of Announcing the go- lh L Ai r^ U5 L °P_ P^nate^siib- charged atmosphere in which Mr. 


FFr 500m (abou*. £5Sm). with Industrie is understood to have .\drian Dicks writes from Bonn- 
been delivery starling in 1983. Further been privately assured that those Wesl German officials closely 


.; .lul'iOiv yc.ivi*.-. The four, who 

i-- mixta mi inn weeks ago on a « , 

:-.{.T r«l*-ron in .i KhudeSIJ aar I lin 
oar. ii.nt >hm through the * 

-I to ei 

1 an raided a STRIK , 

mu*d r.uder*-’ sn.itened »!lf< **ni> h.-vc ha 
'* De Boers industrial diamonds a a srnibly 
Sod £190,000 in cash and vain- lonmrrmv 
J'lrs frnm .i 1’nsl Office van on return in 
!>»• Shannon Airport industrial employer*. 
P'-iatr, i '«». Glare. Police hciieie tlnvernmer 
lie IR.A nias be involved Back Pam* 


B : 10s or the earlier ana Digger schmitt and VFW-Fokken. Both are reearded 

2o0-scat B-2s or B-4s is not y et Fokker*VFV r of Holland and “ ie air, - r;,fL . . are 

clear. Alitalia nf Italy is al.-o JmwL. as having high economic and, 


BY CHRISTINE MOIR 

HAMBROS B.ANK has made 
substantial specific prqr 
visions '—which could amount 
to more than £20m— against its 
loans lo two tronbled Norwe- 
gian shipping groups, Keksten 
and Waage. 

The bank declared (he 
existence or these provisions 
in a statement accompanying 
yesterday’s preliminary figures 
for the year to March, hut did 
not quantify them. 

The bulk of the provibions 
has been made largely by 
transfers from internal 
resen es, so only the -tip of 
them shows in the declared 
profits. Even there, though, 
despile an otherwise ” highly 
successful year” in banking, 
the effect has been to reduce 
post-tax profits by £l.lm. 

The true extent of the pro- 
visions can be gauged by refer- 
ence to two other known facts. 


These are that the provisions 
are based on the -present day- 
values of tankers — now esti- 
mated to be worth only 40 per 
cent of their book values in 
1976— and thaf fhey arc «er? 
much larger than the £9m 
write downs which Hambros 
made against its Reksten loans 
Id 1976. 

Unlike the 1976 write-offs 


Results, Page 16 
Lex, Back Page 

t which Hambros had to make 
In return for guarantees from 
the Norwegian authorities on 
the inlerest on the remaining 
loans), yesterday's moves in- 
volved only provisions. 

In a statement in Oslo yes- 
terday. Mr. Haakon Nygaanl. 
managing director of the 
Norwegian guarantee institute 


for shipping, said: "There Is 
no question of Hambros Bank 
writing down its claims on 
Keksten just at present." 

Mr. Nygaanl would not com- 
ment on whether this meant. 
Hambros had refused to make 
any further write downs or 
bad not been asked to make 
them. 

The negotiations are stilt 
continuing, but there are some 
signs of progress. The Nor- 
wegian Press thinks that they 
will he concluded within the 
next few weeks. 


£ in New York 


— | July 7 

i 

Prerirw 

i 


Spot > St .£?*&. ?77$ | 51.EA|0-SSTf 
In'rmib ■ 0.56-0. jl . I ' O.40-0.5S rM,R9 
3 rr»nUis ! 1.24-1. IPdis ' 1.2u-Li6 >1 1 £9 
12 rn'.nlhv I o.tVLfl.gu Hta ' 4.13-4.7(1 >>i<. 


•mve-nr.Ul on n:.v diffen-miate. ahead Tor the B-10. has collected contractor basis, .s not included .fames Callaghan President 
tack ?*■■.* ' preliminary orders and options in Ihe work-sbanng plans for the Giscard d Estaing and Chancellor 

for 35 aircraft (including 10 firm B-10- Helmut Schmidt are thought to 


OFFER FllbN M&G 


• p\Y MV-VRDS nf over 12 per and 15 on option from Lufthansa 
ccrii for local autlmriiy chief and six from Swissair i. 


laiHjand to stav • T\Y AWARDS nf nvor per 
iaC,e ° a * - * cm i fur local autlmriiy chief 

IV M.i»lr<id is In remain rxecutnes will be re.-cnb'd by 


r 35 aircraft (including 10 firm B- 10 - Helmut bchmidt are thought to 

id 15 on option from Lufthansa Any work for this country on have been discussing aerospace 
id six from Swissair I. the new jet is contingent on a at the EEC summit in Bremen, 

To these can be added the I'K Government decision to the Germans are insistent that 


'.iaijv is in ip.imn executives will be resculcd by lo these can bo added me i-a uovernujvm uccindd id me “"Z 

: -Sp.| 1 .,na-cr o' Wi- Srnitand i,,|i o.-.ir the \ At. tiO tentative option on 25 aircraft lejntn Airbus lndustne and commercial financial and indus- 

-McmCh !• % rru \ r Erne oh.rro.anh .swarned Page 4 from Eastern Air Lines of the make a substantial cash invest- trial cm dm o ns must be met 

•bulker sai.i i Lr itaht iftar a ch * l,n,wn US., making a total of 70 air- ment in the venture. before they will give n the green 

^ a,u u '* 1 - • - — This tioie-scale is dictated by light. 



r^B-hour- inquest mlu Smtlands ^ jjteEL UNIONS will fi^bi J«iyl cra ^- 


f'urld " Cun performance. A 
lotion tn remove Sir. Marleod 

[om ihe |WM was defeated. British Steel presents plans jor -'Vriu'l ■ T • _ _ _ 

kma ge charge 5 t« S ei c ° n Philips to recommend prices 

ana Mi mull, daughter «»f ihe niTirB .....wc- 

aline Priuie Minister, and -Tolin • WHITE p^^^rcJ eCplre' * Y ELINOR GOODMAN. CONSUMER AFFAIRS CORRESPONDENT 

rrJrem'indcrt on uncnnditinnSi ni'Mir* 1 end of this month will t^E HOUSEHOLD appliance sell ai nearer what the division used “ minimum ai 

ni it ftaw -srrerr char-ed with probably be published in me division of Philips Industries is describes as its new “going prices” as a way of 

i using crind mi 1 damage to ihr week beginning July 24 ^ck to re-introduce a form of retail- price.' round ihe ban 


move to close the Glcngarnock 
work-; tn Strathclyde •' hvn 
British Steel presents plan* for 
ihe plant to a TUG committee on 
Monday Page 4 


[ana Mi mull, daughter «»f the 
gultc&e I'riHio Minister, and -Fulin 


advertised 
jf getting 


a iusing cruuinai itaiuaue io inr 

>*u»o of Common* floor. af1«*r and Page 1 1 
i incident in which manure 
•smIvs wore ihruv u from the nnuDnmrt 
sbltc gallery GOMPANItS 


?4ppeal fails 

•/AJ.iti'd'fl and Nlink'ion 


price maintenance on goods in- Jn some caseSi ^ese will be 25 J hesi “tatamn advertised 
eluding dishwashers and re fn- per cent or more beiow recom- p . nc f £ esp v . the r f™ ai *“ bJe 
aerators. mended prices similarities between the bar- 

It is bringing in a two-tier „ ' . „ . gains " offered in different shops, 

pricing structure with a base »hnps< win op aituwed to a jj of ^jiicb claim big savings on 


' ■ ;- , ‘ or**1» hr.nn-dawac^l by ;« inn 
~--kc during an operation 


triofiv r.».ic to 1244m 

■ SriCTIj » ■ ^ ;4jx months lu end of !■ cbnury. 

tarsaret Trudeau, cstianc.'d Revenue was up £3m m tl3-«4n>- 
ir ijf the (kmadun Prune Page 16 and Lex 
lu. trior, has accrpted a leatliiis p.vNnsjs GROUP pre-sax 
<" hL * sho ‘ 111 trJFSTnl .STdUied to 

bVl Brimdcs urn..;, A urn!l» 

’■■■>• ■ ‘ rieniw bita.n^sman tn . , 1|lf p aCl . if, 

hr !,*^.« — thetr third victim in pl ' ,ul 
nn- davy. « TKNNECO '-'0 prncrnl 

..icy drive: % Si.' I ei! their five- it> fl95m bul (■»/ HiH c " 1,n V| K# 
i. !>!uck.idi' ai crusMngs into Alonght -mil ,, vn - 

alter Guirnimcni if- cIwmiihmI' fl r,,l, P- ^ 5f„ n ..id 
iim-,1 i.i v:.n.’H eonirmviMal rinnc 1 r;i f/‘ ( ‘ Pa n P ' ifi 

1(>llJ , ilNl .., (imrrninem i>pp«>mon. 


T" ,s The Office of Fair Trading has 
! ,J he already said that it is worried 
:e - about this practice in other 
ms to sectors. Tbe problem In starting 
com- any clamp-down is that it is often 
ig the difficult to prove that supplies 
how have been withheld from 
reach retailers sqedficaby because they 
'* have cut their prices too much. 


_ p dl> T a PROFIT'' of the recommended retail prices when terms, was vague about how have been withheld from 

T Rprn ", lin'Up Philips did jast year. it hoped it would be able to reach retailers speoficaUy because they 

Miincoy rniNc The household appliance divi- agreement “by negotiation.'" have cut their prices too much. 

ru * c “AT- .II h’ 'nf KebruaO'- 8ioa wil1 B ,ve retailers a list of The Resale Prices Act 1975. Last year, the whole Philips 

>ix nionuis io eno ui ^ notional recommended retail banned most forms of retail group decided to stop-reconi- 

Ri' venue was up -joi o - . ■ prices. ?t does not seem to ex- price maintenance but traders in mendinc retail prices on its con- 


** an “ L**x pect traders io sell at this price several retail sectors, such as sumcr goods. It fell that recom- 

LENNONN GROUP pre-sax but retailers will he expected to 'photographic equipment, have Continued qd Back Page 


, CHIEF PRICE CHARGES YESTERDAY 

1 i I’m era in iHr*i« hiiIpv olhcrui'-o lube 


inrtiiviicdi 

.i . msKS 

• iVA.-hwj !»ipp ■SI .^T95; r 

--1m*Iici| 12 pc ‘13-17 

""jf. ■■ pd.) i44i t 

"I -.uUrn'r iH. P.) T2II ! - 

: I.* vy Infoi 2."fl 

V. _ ; .R I* lilies 1 2>.A\ -r 

• iiv an - 

■< .-e-in- kina 2fl : - “ 

; i.'iiihrM* I'K ” 

f. J-j Mi: r.lci-iur 

< '‘‘f \V.irccri.’r ... l‘*i 

; :h.,n, Fieri . . !'•?*- 

1 1 irl.i-l ->nup 7“ 


RP 

Shell Tranri'ort 
Ltulhnr Grp. 

S;ibin:< 

T.ir.i Exploration 


G-f-S 4- « 
S-.2 - 1° 
354 - » 
3S2 - 
BS + S _ 
925 + 12a 


CONTENTS OF TODAY’S ISSUE 


Overseas news .... 2 

Leader nage 

. 14. 

Wall St roe! 

18 ‘ 

Home news — general r..... 3 

UK Companies 16 & 17 

Foreign Exchanges 

21 

—labour 4 

Mining 

. . 6 

Farming, raw materials ... 

19 

AHs pas* 12.13 

!n(T. Companies ? 

. . 19 

UK stark market 

22 


FEATURES 




Phase Four of incomes 

Yachting: Round Britain 

.. 9 

Princely fortunes in 


policy 14 

Wimbledon round-up ... 

.. 9 

Australia 

2 

.Tour operators' jet las cure 15 

Preview of British Open 

.. 9 

World stock markets first 


hunrance: Surprise holiday 

Cruising the Caribbean 

.. lfl 

halves compared 

5 

Mckane 6 

Train travel in America 

.. 10 

Collecting vintage cars 

13 


FALLS 

VR Kletfimnie J 1 .'.' ^ 

Fertlenun iH.l 

Gordon ami Gnifh _ 

HK Slianuh-d Bnknc __ 

ffK l.u.rf _ 

N arrnM .. 

Warri'ii Plani*. ■ ■ “”i .. 
i i«ni |\7i-.f., U'n-.'i -«b 'rj . 
Pr R^rv Din • • • " 


Acwtotsacati a 

BrMw 13 

* Cwtsi-s k 

Chew U 

CmniNwH Panic _ IB 

eemwnlc Dlvv 15 

bunaiaiMK CnMe n 

- Pina nee & Family . 5 

FY-Acuiaples liuilcc* 4 & ZZ 

Cardentng . . U 

Cotf . . V 

..Httr (« Sgenif ft 11 

Insurance . ... 6 

JLwwr* U 


Ln 2A 

Man « the Week ., M 

Maurins U 

ProRte Table 4 

Pi-wertf •• 8 

BnCtafl 18 

Saleroom . . 3 

Share laformaUan . 24-25 

SE Weak's Dealings 26-21 

Tennis . . . ... 9 

Travel .... U 

rV anrf Ratfle 12 

Unit Trans ... 15 

Wemhcr . . 36 


Weekend Brief . .. 
Week In Lon. & HY 

Yachting 

Yoor Savings & Inv. 

Base Lending Rates 
BailAng Sue. Rate* 
Local Authy. Band* 
UK Convertibles ... . 


i Trusts ... 23 AMHUAL STATEMENTS 

ithcr . . 34 tplhavcn Brewcro W 

For Intest Share Inner phone Of •?•#»» 


LMBdns Croup _.... 
Llndnstrtes 

OFFER FOR SALE 

Chieftain Hlsh 

crescm T*h,o 

f ruaBastn Bend .. 

M jk C America 
j « P High Income 
Special 

fConuneat f«bb if>i 

Arbiittnai cilb 


M&G AMERICAN & GENERAL FUND 

The U.S. slock market is currently more Ibon 5G 
points, as measured by the Dow Jones index, above 
its three-year low reached on February 28th 1978. 
Although American share prices could decline again 
in the short term, I hey continue to offer outslantfing 
value, whether measured in terms of earrings, yield or 
assets, and this, therdore, seems lo be a good time to 
take a stake in the world's dominant economy. 

The MSG American S General Fund is designed lo 
invesl in a wide range of American secunlieo. wild 
marimum long-lerm growth as Ihe mam ubieriivr. 
frrvpsfmenf h partMlfy ffirough barA-to-to.* loan 
facilities in order lo reduce Uie etleds of Ihe dollar 
premium The esliira led gross current yield for Income 
units is ili6% at Ihe buying pnee ol 52 ta on 5lh 
July, 1978. 

Unit Trusts are a long-term investment and not suit- 
able (or money rial you may need al short nodee 

The pnee oi umisand Ihe income from ihem may go 

down as well as up. 

Prices and yields appear in ihe FT datly. An rmlial 
charge o( 3i% is included in the price, an annual 
charge ol i% plus VAT is deduded from Ihe Fund's 
gross income. Distributions lor Income units ate 
made on 20(h September and 70ih Match net of basic 
rale lax and are rein vested (or Accumulalion units lo 
increase Ihe value ol Ihe units. The nexl distribution 
daletornewinvesfor5 will be 20th September, 1978 You 
can buy or sell units on any business day. Contracts 
lor purchases or sales wil be due (or settlement 2 or 2 
weeks later. 11% commission is payable lo aci (edited 
agenis Trustee: Lloyds flank Limited. The Fund is a 
wder- range iecu i ily and i s a ut ho r ised by I he Sw relary 
o*SlaielorTiade. 

MAG is a member ol Ihe UmiTiusf Association. 

TWO WAYS TO INVEST 

As an alternative, or in atkfilion lo mvesling a capital . 
sum, you can siart a Regular Monthly Saving Plan 
through a Trie assurance poficy for as Ettfe as £12 a 
month. Ttou are normally entitled lo daim tax rede I at 
current rates ol £17 for each £100 paid. 

On a £20 Plan, lax relief al presenl rates can bnnp 
o'nwn youi net monthly cosl lo only £16 60. with which 
you buy units usually worth considerably more Reg- 
ular investment of Hus type also means that you un 
take advantage of the inevitable fluctuations in the 
price Of units through Pound Cost Averaging, which 
gives you a positive arithmetical advantage, because 
your regular investment buys more units when Ihe 
pnee is low and fewer when i! is high. You also gel life 
cover of al teas! 180 times your monthly payment 
throughout Ihe period if your age at entry is 54 or 
under. An dement of fife cover is also provided (or 
hi|herages,aplo75. 

ff you cash in Or slop your payments during the first 
four years there is a penalty, and Ihe tax authorities 
require us to make a deduction, so you should not con- 
sider Ihe Plan for less lhan live years Rl".'. to 94% 
Idnemtmg on your sterling age) is w veiled. e»c*pj in 
the first two years when an additional 20 per ccm is 
tela.ned to meei setting up eipensr. 

MAG a member nt the l.ite Ottices' Assnr Mlion. 
Tjli-><»h*i nm Atmumr in iruitnh cl lot fl-midi - t>l ii-“mf. 


S* >* m&G has good claims to be heard, for 

■ nfilita .American & General Trust has been 

K one of the best performers in the 

fl seder over the past three years. ^^9 

| ® eciOTD financialtimess:.-i-3 I 

V“ IBI1 1 TTO WAYS TO INVEST | 

■ To- M&G CROUP LTD THREE QUAY5. TOWER HILL . LOUDON EC3R 6BQ. * 
■TELEPHONE; 01-626 4568 This section lo be completed by aH applicants. I 

n 

I SUWAMS 

I [y* II ADDRESS " 

I i 1 ■ 

L , I 

g I ROST COPE l90j| AG 530713 l|l 

I I Complete this section lo make a Capita 

■.-I II iTJ-’ t 1 i. Jfi investment (mmlmuni E1.D00). Do not 
Send any money. • A ..cutset "ole will ue cent to you stainj cv.ii. Ii-. a nu:l; 

_ you owe and Uh 'l.cmont ddk'.Yiwr ccrlilute Will It-llcr.w vl:v#!l, • 

* PLEASE INVEST ft } in ACCUMULATION. INCOME units 


i PLEASE INVEST [t } in ACCUMULATION. INCOME units 

| (delete as appii'.aPte or Accumulalion umls will be issued) ol the M&G 
_ American & GciWdi f urd al Ihe price ruling Dn i«VPlot fins 
| dpphcatioR. 

I I UkIhc 1M | dm r rj«u: out-ifle Hie Uniimi r.ingUv.n Un- Ouim>> Idandv, 
ine i- tool Mjt l- CiMail n ->nd I am noi amumug me umls y* :h-.- uommee cJ any 
mun rnidi-M - ill" '-l r !»i— jiTenacnts. ill you urr unjN>.' !u luic 'hi 
g ®Warauori i-j® < h.i U .s jppi- Lhrjugh a ban 1 or s!o:kDw*crj 


iTo- M&G CROUP LTD THREE QUAY5. TOWER HILL. LOUDON EC3R 6PQ. 
"TELEPHONE; 01-626 4588 This section lo be completed by aH applicants 

g SURNAME 

| [l«|iADL»RE^ 

t r ; — 

i I ROST COPE ! Wh AG 530713 I 


I SJGhAlURE 

■ LilufJ i 

IttlSH TO SAVE IT 


Comptete this section it you wish Io make a Regular 
Monthly Saving I mini mum £12 a month i. 

r “I each month in ihe M&G Amcri'ji. &' 


: GeneraiFund. 

f enclose my cheque for the first monthly payment, made payable lo 


" i enclose my cheque ior me msi mommy payment, maoe payamc n 
| M&G Trust ( Assurance! Untiled. 

I ;nj| -i>.- mur-’V'i*- ir. t , .'-..votiin: n r . .. lu j-.j rt’i: '■ 

I JV.WW -I-.* uni.i ii- , .il'.-iT-v p . cl jr\ii ..vsi 

B 0611 

| OCCUPfll ION U " f»"ta 

_ N*IMI. AW AonPI ••• 0 1 ysijoi fi'*. I'M' Mi'iin-.-iwun.-niQ, 


Ai c Y ’Tu an mhli.-y MAC Plan hulQcrtlns H& 

g !' i’.u ut'n/ ‘ c^av!-.-i u?ic* a’lc'f ii ai»j r' t r p.’-- m. 

" DWjiMibh MRTI -i . uik '.Iij' It iw het 1 1 1 my heiici I ■« .ipj'Ui ?*ut t:*-e I; ria g 

■ OBt-ta: ihdl | luvi. 1 j j j.-. ,• .e; . Jis. Jin c» bw if jTi -f. l!iif l -b 

I J "Y liaardcu-, -.pen: , & aur-uiU. llal I Or encap; in a ,-j| v'-Cil arc lii-j 

m MsuMftrtn icsaHii: bi!i all's?- am* Hu * M Wiptfial vu mir lie kj-tr.vlitm-die-TcW 

■ ihmco ftu m«r .'H l«t nni-iMfciatiriu iuiu?n>.'p :hr ol l fc s 

1’i'PTCdi II vihj dii- -_i a-. •j’’i b in-. 1-jhr.anM. cl any pdniuL'i fflynvuon.vcu 

■ UBtlMe i|, Idiluii- 1 : <u rvy alto J Ik MhM. paydU-, 

■ PWT H l ifftn mat any 0ft laijnw nude by uv .n r{j»ec--.5-i ?,y, (hij 

■ bidopjI Aid Lr,:i^ -di.fi oi liur -frt'JO bs'rssi m-anj BUS Tnj-.: i^bciarceUM. 

■ flrn I ha I ktB «xpdi ih-itca; , .4niiTyl0in'Clpvl'Cy.ldpsiIop>j'.*.-iiyl-jrthtr 

■ -ini.tin:dip.-n 'ne msc-iny muy -cauiis- 

■ '-‘.wi-wise'-iicpe*--. Vrr ■: .-.b-'-'^s .-.itqvcy 


g MliNAliun: 

gnwii 

'tcT'.'lpfi'H m Tnpi.r.- 


Nr. r»--f 





2 


Financial Times Saturday July 8 3978 


OVERSEAS NEWS 


U.S.i 




worsens as 
ores improve 


BY JUREK MARTIN, US. EDITOR 


WASHINGTON. July 7. 


THE CARTER Administration's for Improvement on prices over 2.6 per cent in May. 
hopes of early relief from iofla- the balance of the year, predict* But, given the climate of the 
tionary pressures were in? that in the next six months times the Administration would 


Cyprus row Princely fortunes 

starts over 


policy for 
federation 


in Australia 


by DON UP5COMBE, PERTH CORRESPONDENT 


to* ; Mr. Tassos Papadopoulos. the chief all 


disappointed today when it was the c ust of living would go up have been happier if 
announced that wholesale prices at an annual rate of only 5 per promised improvement 
ruse last month by 0.7 per cent, cent, half that of the year to shown up now, after the 
the same rate as' in May. date. larly bad returns of 

This rather took the gloss off The June figures for wholesale Ma J- . (the policy on Cyprus a« fomu 

the simultaneous disclosure this prices did not presage an The employment statistics I j^ted by the 
morning that unemployment had immediate turn for the better, showed that over 700.000 more; Makarios, our 

fa Hen quite sharply in June, to -p^e gj per cent overall rise in Americans were in work In June 
5.< per cent of the labour force. the p r ivju cer price Index for than in May. while the jobless 
This compares with the 6.1 per f-{ n j s hed Gnods Was underpinned ranks shrank by 400.000. Teen- 
cant rate that had prevailed in jj V a j i p er c* D t advance in the age unemployment was reduced 
the previous four months and is scc ir»r. This was actually from 16.5 to 14.2 percent, while 
the lowest level in nearly four more than double the 0.5 per the rate for adult men dropped 
J' ears - cent food increase in May. and to 3.9 from 42 per cent. 

However, unemployment is w hile it implies something under a question mark remains over 
now perceived here as a much double digit inflation, it is clearly h ow f ar the improvement In 
less significant problem than t00 hi-b for comfort. unemployment can last, given 

tester day Simoon “wheo^n There was some abatement in the more modest growth projec- 
\S te SSJ of the the non-rood sector, which went tions now in store for the 

Administration's mid-year budget up by 0.6 per cent, compared economy. It is generally assumed 
iJES mT Chlrtes Scimltw w'‘b O.S and 1.0 per cent respec- that if the economy expands in 
chairman ^of The Council of tively m the two previous real terms by anything under 4 
Economic Advisers, lowered the months. per cent per annum, unemploy- 

projected end-of-the-year jobless Moreover, the parallel index meat will not be cut. .As it cur- 
rate to 5.S per cent f higher than covering goods at an Inters rently stands the Administration 
last month's level 1 hut revised mediate stage of processing Uhat is reckoning on just a fracUon 
upwards the forecast increase in is. further away from reaching over 4 per cent over the next lb 
• showed a sharp months, while many private 


.PRINCE LEONARD isn’t one of ingenuity of Prince Leonard 
A row has broken out between. beautiful people like Prince working from the royal seat of 
President Spyros Kyprianou and Rainier. Neither" does he lauch N&lfl. 


Red-necked farm 



consumer prices fr.r the full year the consumer) she - r- . - ... 

io 7.2 per cent. 2.7 per cent drop in rbe food economists have come up with 

Mr. Schultze held out the hope component, which had risen by lower forecasts. 

Car industry has record June 


NEW YORK, July 7. 



French Socialists meetj 

The French Socialist party will 
this weekend hold crucial policy ( 
meetings which may bring moves 
to oust the veteran parly leader,! 


BY STEWART FLEMING 

SALES OF U.S. manufactured since then each month has shown Inflationary psychology, with 
cars last month hit record levels a steady erosion. consumers soi°S out and buying 

for .Tune and sales in the first Earlier predictions that JJurt in advance of further price m- 
six months of the year reached might be the best month for U.S. creases. The strong second 
their highest levels since the domestic car sales were not ful- quarter sales are also attributed 

1974 oil crisis filled, however. Although sales of in part to a recovery from the 

Ana ?»sts are predicting that in domestically built cars rose 3.3 weak first quarter, 

spite of some slowdown In the per ^ent to 949.849 units com- Nevertheless an analysis by 

second half of the year the pared with a year acn. the figure Schroder Naess and Thomas sug- _ _ 

indusirv’s sales volume will is well below the 971.034 units gests that consumers are n ®wJ jit Francois Mitterrand afteTthe I 

increase this vear for the fourth sold in May 1971. spending an extraordinary 6.5 Left’s General Election defeat last 

consecutive vear. Combined sales of U.S. built per cent of disposable income on 

However ‘«al^ of imported cars and imports in June rose cars. They have been borrowing 
cars which have been hit bv 1.9 oer cent to 1.136.800— sug- a high proportion of the cost and 

pV’ce increases as a result of the getting that even with some stretching out debt repayments 

dollar's weakness, continued tn slowdown in the second half, to three years in order to main- 
nnke up a declining share of the total volume in 1978 will be tain purchases. 

US market Sale* of imported above the 11.17m units sold in The car industry itself is not 

cars | 9 «t month rntallert IST.onn. 1977. Ford Motor is predicting forecasting a collapse of sales in | . 

dnnm 4S ner cent on the same sales this vear of 11.2m units the second half and disagrees j controversial extradition of Left- 

inonWi iicr vear and General Motors Tl.Bra. with economists who do. How- 1 wing lawyer Klaus Croissant to 

The imnnrt. share "f the U.S. The continued strength of car ever production schedules for, West Germany, Reuter reports 

market Minimi in !*.5 per cent sales has been one of the sur- the third quarter, as the Indus- 1 Jjjj p *™s The Council of Mate 

in Time, compared with 17.6 per prising features of the U.S. try moves into i a new model f irder 

cent a year ago. T n January economy in the second quarter year, indicate that the > n ?“ s,r > i «ronsly criticised esiSSSy £ 

imnnrt* held n 20 R per cent of this year. There has been does not want to see a build-up j tl]e f^nch Masistrate? Union 

share of the U.S. market, bus some concern that it reflects an of stocks. 


boys with 
dubbed 
ibout 
faded 
Prince 

late President : former. Leonard and family posed for 

correspondent ! Manv would dispute that word photographs. None of them, 

reports from Nicosia. j •* former." After all. he still lcast °(, aJ1 P nuce hintself. 

In a recent speech. Mr. !works the same lS.SOO-acre allow-ed the character to 

Papadopoulos. who has not been • p CQ pertv 320 dustv miles north s,, p. Gradually tne tourists 

on very good terms wish Mr. : Qf p^jjj runa j n ? 7.000 sheep slarted to come. At the end of 

S&= S outback P»« &£ 

"Makarios proposals" for a ! But Prince Len and Princess timet there ih m 

bi-regional federation had ri*u! Shirt, his wife and mother of Lnno whn snmi an i 

been withdrawn hut would not say ■ their three sons f Postmaster YSin r^hnuf^nU? 1 ?n 

whether Mr Kyprianou stuck by General Ian. Foreign Minister *2? vLsit 1 1 d 

them as the Greek Cypnots , Wayne, and Treasurer Richard) Two Australian 

negotiating position. • havp mad® a faimnal® lwo western Australian 

f '2?iJ artist, commissioned to paint 

Italy presidential poll 

s? w £“ phoenix ' Hutl River " 3mp 1 

^ nnn^°r« “S'** ^‘iS Australian wheat-rowers luauE 

repreWnlativc! Slg Anton* ^ d n e n cIaration 

Ginlitti, now a member of the : ° n 

EEC’s esecutive committee, on |h "> r hTpp straight into his one good eye pnnee's message, not tne Pruuu "vip »* acuui.i 

^ ssjTur- te — in ssffj.. 7* , 

Oiaanber of D^uliesana reswoaal inlrm Three years ago when the Subseauentlv. he announced Air. Caslcy has proved him- 

government* nave been trymg to 
choose a repLacemf 
Giovanni Leone, 
from the largely 

over allegations «v<muu. mi *«-■».=/ wuu»ucicu ■> n«i- ■**•»' - - * — — — - ,, , . — — . ..... . i , . - 

initial voting yesteniav for the ■ ingly newsworthy bit of aonsense called for an end to this soap opening a casino. them back inionia pnnci, .m 

various candidate^. 424 escrow 1 that everyone would forget box opera." Mr. Malcolm Fraser. Politicians these days arc less a decision uni jkely to ‘■tvii* n-t 

abstained and 88 cast Wank 'within a few weeks. But they Australia's Prime .Minister, wrote willing 1« throw fuel on Rutt nf m«s reputation ns the 1 ner 

bailots.. I failed to make allowance for the huffily to Prince Leonard that River's fire of publicity. The with the Midas touch. 


The Prince 


'the Commonwealth Government Prince's headlines ihis yivir ha*’, 
does nut recugnise the Hull come from one night .is quejt •• 
after j°‘ nCd 016 lea towels, heraldic River Province. Any such asser- Her Majesty, when be w.-s cjuI-.'i 



March, Reuter reports from Paris. 

Croissant extradition 

France's leading constitutional 
body ruled yesterday that the. 

Government acted legally in TOKYO. July 

November with its speedy and! JAPAN' TODAY' agreed to 

grant Vietnam low interest 


Japanese 
loan for 
Vietnam 
signed 


Portuguese oil 
refinery to 
open on time 

By Our Own Correspondent 

LISBON. July 7. 

PORTUGAL'S tlm-tonne Sines 
oil refinery complex on the west 
coast will open on schedule at 
the beginning of September, 
according In Sr. Carlos Melancia. r 
the Industry Minister. 

During a \isit to t 
yesterday the Minister said that 
in spite of heavy storm damage 
earlier this year, which destroyed 
one of the protective harbour 
piers, the refinery would go oo 
stream as planned, at 61 per cent 
of us capacity. 

The present Lisbon refinery 
will clo-‘e ai the same time, but 
the personnel will be retrained 
to avoid unemployment. 
Petrogal. ihc Slate-owned oil 
company in charge o[ Sines, 
hopes to sol! some of the refined 
In -products and save it has 
orders vorili »3m ihis year. 

The Minister is •■optimistic" 
regarding the outcome of on- 
shore oil prospecting now in 
progress by international com- 
panies T!ih onshore search 
follow.-, j 10-year attempt by 
Portugal io mid offshore oil. 


Canada bans development 
in Yukon pending study 


BY VICTOR MACKIE 


OTTAWA, July 7. 


SIR. HUGH FAULKNER, the beef prices and will also study 
Canadian Northern Affairs fresh vegetables and fruit as 
Minister, announced today that well as coffee and tea. 
future resource development in The Government wants a re- 
the northern third of the Yukon port within three months. In- 
will he prohibited while the formation supplied by com 


Durinc a i wi'Yo'the projert| Government decides how to keep panles will be kept confidential 
i! inicrer eaid that the area as .« wilderness. - ^ k « .• 

He said the Government had There have been allegations 
decided to freeze all further in parliament that some food 
development in the 38.700 sn km companies have been taking 
region, stopping new oil and gas undue advantage of recent In- 
exploration and mineral claims, creases in beef prices. Farm 
Existing mineral claims and oil spokesmen claim the increased 
and gas activity, described income they are getting for beef 
bv Faulkner as “ modest." would ' s not as high as the rises in 
Dot be affected. supermarket prices. 

The development freeze will 
be accompanied by a study of Australian deficit 
ways to manage and preserve the 

Canta w 4 u n s S U ;’ ! AS3 i d -5, t the flnsn- 

!l d ' Ife hl ? re tr cW y^r ended June 30 from 

rhe northern half of the Yukon. .^2. 7 4 bn Jn t he previous fiscal 

parts of the Northw est Territories year, Reuter reports From Can* 
and north-eastern AJaska. berra. Mr. John Howard, the 

Q Canad3s Anti-In nation Federal Treasurer, said the deficit 
Board is to cany out a three- was ASl.I2bn higher than the 
months' study of the profit mar- August, 1977 Budget estimate, 
gins of large fnod retailing and 

processing firms. Tanan trade hndv 

The study was announced by „ P“™ . uoa J 

the board to-day. following a re- Toshio Jvornoto, Japanese 
quest from JI. Jean Chretien. International Trade and Industry 
the Finance Minister. The Mtmster. said the Cabinet has 
Government has -come under established a body at vice-mim- 
severe criticism in parliament s t€l ™‘ ,eVFl t0 implement a 
over ‘oaring food prices, decision to accelerate surplus- 

especially for beef and fresh t r ™ nn ) ,n 7 ^ e i J5,ires ; f ir Reut f r 
ve^eiablcs reports from Tokyo. Mr. Komoto 

The board will conduct the ® 
study in co-operation w-ilb the ^mn« 


Lorry blockade 

A blockade mounted by lorry 
dri'ers proie-ling jgainsl 
AunItLip mad lax** appeared to 
be rullapiing ye-trrday a-s 
hundred? oi lor:*ie-< mmed acro-s? 
borders «hu; rw ii>r days. Reuler 
rpnori-.-d fro m\ ien:ia. Bui while 
dri-.ers jbjn*.I*jned th^ir prolcst 
action at some ke> bolder cro’-«- 
tnui. uihcr> maintained ihe 
blockade. 


lure departments, 
asked specifically 


It has been 
to examine 


taken last April and on June 23. 


At the 

extradition order 
criticised, especial!. 
the French Magistrates' Union 
president Andre Braunschweig,! 
who declared the case had been' 
marked by a lack of respect for; 
judicial authority. 

Contracts queried 

Senator William Proxmire said 
he wants the Senate Armed Ser- 
vices Committee to holu hearings! 
on the Navy's proposed se; dementi 
of ship budding contracts with 
General Dynamics and Litton ' 
Industries, after both companies 
filed claims with the Navy for 
more money for additional costs. 
Reuter reports from Washington. 

Fukuda for Paris 

Mr. Tnkeo Fukuda, the Japanese 
Prime Minister will meet the 
French Premier, M. Raymond 
Barre in Paris on July 15 before 
attending the Bonn summit con 
ference on July 16-17, according 
to the Foreign Ministry, Reuter 
writes from Tokyo. The Prime 
Minister will be joined in Europe 
by the External Economic Affairs 
.Minister Mr. Nobuhiko Ushiba, 
who is attending multilateral 
trade talks in Geneva before the 
summit. 

Philippines economy 

The Philippine Central Bank 
has reported an improvement in 
the nation's economic perform- 
ance during the first half of the 
year, says an AP-DJ despatch from 
Manila. The improvement was due 
to herter “world demand outlook 
and the adoption of domestic 
policy measures intended to 
accelerate the momentum of 
stable non-infiationary growth," 
the central bank raid. 

Belgian strike off 

Employees, at the Belgian 
National Bank and at five other 
public credit institutions decided 
to suspend a week-long strike and 
resume work yesterday, Reuter 
reports from Bnisi>els. 


loans totalling \T0bn (S49J2m), 
the Foreign Ministry an- 
nounced- 

An agreement was signed in 
Tokyo by Vietnam's Vice 
Foreign Minister Phan Hien 
and his Japanese counterpart 
and his Japanese counterpart 
Keisukc Arita Reuter reports. 

The total amount will be 
repayable over 30 years _ In- 
cluding a 10-year grace period, 
at an annnal interest rate of 
2.75 per cent. 

Vietnam will use the loans 
to buy a wide range of poods 
including chemicals, textiles, 
machinery and cement, the 
Foreign Ministry said. 

According to ministry 
officials, Mr. Hien said the aid 
paved the way for long-term 
economic co-operation between 
the two nations. 

Robert Wood to Tokyo 
writes: that Mr. Hien has told 
Japanese officials that Vietnam 
does not object to the security 
treaty between Japan and the 
United States or to the Assort- 
tion of Southeast Asian nations 
(Asean). Hanoi has previously 
previously opposed the treaty 
and Asean as possible sources 
of agression. 

Mr. Hien stated yesterday 
that Vietnam was ready to 
open talks with Asean — a 
grouping which includes 
Thailand, Indonesia, the Philip- 
pines. Singapore and Malaysia. 
The Association was created to 
establish a zone of peace in 
Southeast Asia. 

He stressed that Vietnam 
bad an independent foreign 
policy and denied that her 
entrance into the Snviei-led 
Council for Motual Economic 
Co-operation (Comeron) meant 
that she was allying herself 
wilb Moscow. The Vice-Minister 
also denied that the Soviet 
Union was building a missile 
base iu Vietnam. 

The Japanese who are 
rapidly building up trade and 
aid relations with Vietnam, 
j see themselves as mediators 
j between the Vietnamese and 
I other Southeast Asian nations 


e 


French unions agree 
Civil Service wages 

BY ROBERT MAUTHNEft PARIS. July 7. 

THE FIRST important wage on the new system of minimum 
agreement of 1978, affecting some guaranteed annual incomes. 

4ra Civil Service employees, has which is destined to replace the 
. . . , * . . 9 monthly minimum wage. It is 

been approved by the majority of confidently expected that, by the 
the trade unions concerned. e nd of this month, the number 
Though the two biq Left-wing 0 f these agreements will have 
unions, the Communist-led CGT, risen to more than 20. 
and the Socialist-orientated What is encouraging, as far 
CFDT. have withheld their as the Government is concerned, 
approval, they will doubtless i 5 that the Civil Service unions 
accept the agreement in practice, have basically accepted Prime 
as they have done in previous Minister Raymond Barre's 
years when they have refused to wages policy. The new agree- 
sign wage contracts with the ment provides only for the 
Government. maintenance of purchasing 

The speedy conclusion of Civil power at its present level for 
Service wage negotiations should the hulk of Civil Sen-ants, with 
help to improve the industrial the exception of the lowest-paid 
relations climate, which has been categories, who have been i 
bedevilled by strikes in the public granted a real increase of 4 per; ihal , stah ‘ expenditure 


California 
reduces 
state 

expenditur 

SACRAMENTO, California. 

July 7. 

CALIFORNIA’S fax revolt 
struck Imnie today ulien 
Governor Jerry Broun vetoed 
pay rises for stale einpl«ji‘«‘s 
and approved vut> in abortion 
funds before signing what h* 
called an austere and lean 

state budget. 

After working through tin* 
night to find ways of saving 
money, Mr. Broun lod.i> 
signed a bud gel totalling 
514.7bn — larger than many 
national budgets but represent- 
ing the first linn* in 17 


sector, in the military arsenals cent 
and at the state-owned Renault The only other concession of 
motor plants. any substance made by the 

In the private sector, some IS Government is that wages will 
agreements involving about be adjusted for inflation every 
1.7m workers, have been con- quarter, a more frequent re- 
eluded over the past few weeks alignment than in 1977. 


Malaysia poll test today 

BY WONG SULONG KUALA LUMPUR, July 7. 

MALAY'SLVS Prime Minister, the Prime Minister, who still has 
Dtuuk Hussein Ona, will seek a to go before his own United 
mandate at the polls tomorrow Malays' National Organisation, 
confident that his National Front the dominant partner in the 
Coalition will be returned with National Front, for confirmation 
a comfortable majority, but the as the party's president, 
real test is whether his Govern- The National Front is expected 
ment will be returned with a to have an easy sweep in East 
two-thirds majority in the Malaysia and the east coast 
Federal Parliament. states of peninsular Malaysia, 

Failure to win a two-thirds but it is facing a strong threat 
majority, necessary to amend the from the opposition Party Islam 
Federal constitution, would be and the Chinese-based Demo- 
considered a severe setback to cratic Action party in tbe west 


has been reduced. 

The cuts, which also blorkni 
welfare grant incre-anes, came 
exactly a month afti-r 
California, the most populous 
U.S. state, voted lo cut soar- 
ing property taxes by S7!>n 
and started u tax revolt which 
is expected to sweep across 
much of the country in Hus 
Congressional and stale elec- 
tion year. The budget cuts are 
a big political gamble for Mr. 
Brown, who Is likely to 
challenge President Carter for 
the Presidency In 19Sfl if he 
can retain the Governorship 
of California in elections ibis 
November. 

The state senate sent Mr. 
Broun a drastically trimmed 
budget totally $15.3bn late la»t . 
night. Mr. Brown cut the 
budget still further, partly by 
vetoing a proposal for a 2-5 ' 
per cent cost of living increase 
for the thousands of stale 
employees. 


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Wags 

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UNIT TRUSTS 

Member of The Unit Trust Associaccc. 
No* applicable to Eure- 



W. German politician faces fight 


BY ADRIAN DICKS 


BONN. July 7. 


HERR HANS FILBINGER. the hut has strenuously defended Similar feelings have been ex 
Christian Democrat fCDU) State himself, partly ou grounds of pressed privately by many CDU 
Premier of Raden-Wuerttem- having had to act under orders, politicians, while even Herr 
herg. appears to be facing an and partly as having used his Filbinger's defenders feel he has 
uphill fight for his personal powers to save fives. He has. served his own cause badly Hv 
reputation and for hts political however, also pleaded a faulty appearing insensitive to the 
survival against charges as so- memory' about some of his implications of the case and by 
dated with his wartime career, activities. riposting with libel actions 

In spite of a declaration of Herr Kobl's statement today against his accusers instead of 
support today from the CDU’s supporting Herr Ftibinger. and making some sort of public con- 
national leader in Bonn, Herr publicly accepting his explana- fession. 

Helmut Kohl, there were in- tions. has been slow in coming Tbe consideration that must 
creasing signs of unease at Herr and may not altogether stiH sus- now weigh heavily on the party 
Ftibinger remaining in office pictons that it has been made is. however, whether he will 
within his own party, as well as reluctantly. More liberal ele- seriously damage CDU chances 
open calls from the Social ments in the CDU heartily dis- in forthcoming stale elections. 
Democratic opposition in the like Herr Filbinger's brand of The party has high hopes of cao- 
statc for him to step down. conservatism, and the State Party tunng power in Hes^o. yet the 
Insisting reoeatedlv that he chairman in Bremen. Herr Uwe CDU leader there. Herr’ Alfred 
has no intention of y resigning ” olwes ' has openl * v called on Drp ^cc. is also a Right-winger 
Herr Filhinger announced today him to re 31 * 0 - who could b e hurt at tbe polls 

that he is returning from hoti- 

day in Switzerland to discuss 
once mnre with the Badon- 
tVuerttemberg state CDU in 
Stuttgart tomorrow the death 
sentences he banded out to at 
least five deserters while serv- 


Dutch payments in deficit 


BY CHARLES BATCHELOR 


AMSTERDAM, July 7. 

ing as a naval staff judge in HOLLAND'S balance of pay- visibles was FI 875m compared 
Norway in 1943-45. Tn one case ments position worsened in the with FJ 45m in both the pre- 
the sailor concerned was first quarter of 1978. The cur- ceding quarter and the same 
executed, while the other sen- rent account on a transactions fas quarter of J977. Invisible trade 
iences have been described as opposed to cash) basis moved showed a deficit of FJ 145m com- 
“ phantoms" by Herr Filblnger. into a deficit of FI 1.02bn (S457mj pared with surpluses of FI 685m 
as the deserters were known to from a surplus nf FI 840m in the and FI 445m. 
he in neutral Swedish territory, preceding quarter and a surplus The worsening of the visible 
Broad details of the Baden* of_FI "I60ra in the first quarter of trade figures reflects the prnb- 
Wuerttemberg leader's war-time according to seasonal | e mj o-f the firm guilder and high 

career have been on the public adjusted figures from the costs facing Dutch exporters. Tbe 
record for some years, but have Finance Ministry. deficit cm Invisibles' was due to 

been highlighted by the political The visible trade accnunr higher spending bv Dutch 
playwright. Herr Rolf Hochhuth. moved even further into deficit toun^b abroad, 'a significantly 
and by several investigative wniie invisibles showed a deficit lower result from transit trade 
masazme reports Herr Fil- for the fir*f *irrre since the and ? decline tn receipts from 
b;oger has not denied the facts, autumn of 1975. The deficit oo transfer? from aoroad. 



EVERY PORTFOLIO SHOULD HAVE A STAKEIN JAPAN 


1. Over the last fifteen years Japan has 
had the fastest rate of growth of the major 
industrialised countries. This trend is expected 
tocontinua 

2. Of the major industrialised country 
Japan invests the highest proportion of its Gross 
National Product in plant and equipment 


Crescent's investment managers have 
extensive experience of investing in Japan and 
areadwwledged to be among the leading 
groups in the United Kingdom h thisfieid 

The Fund's objective is longterm capital 
appreciation. Investment policy will be to 


3. Japan is politically stable, with industry concentrate on the major growth companies in 


Japan. Investment is made by purchasing 
investment currency and by utilising foreign 
currency borrowing facilities. The estimated 
gross starting yield is 1.34% p,a. 


and government cooperating to an extent 
unknown in the V\fest 

4. The Japanese people are highly 
educated, hard working and financially 
conservative. 

5. Inflation and interest rates are low and 
the currency is strong. 

6. In terms of market capitalisation .Tokyo 
is the second largest stock market in the world. 

Units to the value of over £2m have been sold since June 12th 1978 


Please remember that an investment 
in a unit trust should be regarded as long term 
The price of units and the income from 
them may go down as well as up. 


Apolications and cheques will be 
acknow ledged and certifies ies will be 
sent to you within 23 day 5 or the ctaje 
oi life otter. 

•-Ms mav be bought and sold or. v.y 
r.om ol working da/ Po>tr«nt tor i ni’ s ’ 
soW will be rrnde within 10 working days 
ci recaot of your renounced ©ytifica*. 


APPmONAl INFORMATION] 

in mc-ii leading newspapers. Commission distrfoLrtEOii wS be on i5uh October 1979. 
will be paid to recognised agents. 

An initial charge of 5*' j is inducted in 
the offer prica a hal f-yrarty charge of 
3/» of lotus VAT.} for Managers' and 
Trustee's wranses is deducted from the 
trust s assets. 

An annual distribution of net incorce 


Unit pr.ces and yieM *’. ill be putfisn&j cLaily wiR be mode on 15th October, the first 


The trust is a "wide? -range" invest- 
menfdurhonsedbythe Secretary of 
State lor Trade. 

Trustee: The Royal Bank of Scotland 
Limited 

Manners: Cresce nt Unit Trust 
Marugas timited (A member ol the 
Unit Trust Association}. 


To: Crescent Unit Trust Managers Limited, 

J MehiKe Crescent. Edinburgh EH?. "JR. Tel: 031-226 493] 
(RKtstfred ft. ScKtind wo. a 1J69. Revered address as above! 

1/VJfe wish to invests in Crescent Tokyo Fund units 

at the offer encs on the dateof your recant of this 
application, (minimum mitieJ investment £1,000)- 

|A'£_endase a cheque for this amount payable tn Crescent 
Unit Trust Managers Limited. 

[Eioo:cAPirr>L5PiL^Ei 

Surname: Mr/hlrs/'Miss 


l VfededarethatlaiTV'weare not resident outside theU.K. 
or ether Scheduled "femtones noracqu* mg the units as the 
nonwieefs] of any personfs j resident outside these Territories. 

Sgia&jeft): 

(if there are joint applicants e3ch must sgi and attach names 

and addresses separately.) 


.Ctete_ 


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It you would like distributions of income to be reinvested 
pteasebekhere. □ 


FullFersnameiS::. 


Address:. 



CRESCENT 
TOKYO FUND 


«T 1.-3 


•' •- \ 


f t 





HOME NEWS 


1 r \ : 
\ . » . 


Tories go for 


tax avoidance 


BY RICHARD EVANS, COBBY EDITOR 


Ferranti, 
Plessey 
in link 
talks 

BY MAX WILKINSON 


THE mmwiiw . BY MAX WILKINSON 

ERNMENT could be Bolb parties feel that there! 
in ii'fuDie during debates on the are grave constitutional dangers ' CHANCE of uniting the semi-i 
Finance Bill next week ovpr pro- 10 any hack-dating of legislation.! conductor inieresrs of Plessey! 
puNols lo introduce resirosoective * n a statement yesterday. Mr. : Ferranti, possibly with the 

l , *."isl<uion against tax avoidance John Fardoe, liberal economic ! help , of the National Enterprise [ 
schemes. spokesman, attacked the Tones j Board, are being discussed with ; 

Min,.,.,, . for compromising. “This is!' u,e Government. j 

avn.rtLn-l 1* 3 artificial because they know 1 that a future; Tbe Department of Industry is 

cpmmnfhh- schemes dealing in Conservative government mi s ht . anxious to reach some outline! 
Snltlr , U> futures T 7 be acted want to use retrospective leaisla- 1 agreement with the companies i 
r io"c r c*trospectjveiy to April tion itself." he claimed. ; before announcing its support ! 

i w P e ? the schemes were But retrospective legislation • scheme far the industry at thei 
nrst launched. always undermined the rule or! end of this month. j 

Following a tied vote on the lav ?. *hicb required that the 1 Support or foOm-fSOm is being 
issue during ihe committee stage, citizen must be ahle to know that i planned lo help the companies ; 
Ennservatives have now tabled a "hat tbe law was at the time be meet the huge research, produc-, 
compromise amendment to the confronted it. and aiso know that ^ j on a nd marketing costs of ] 
report stage, next week, pro- would not be changed retro- ; developing the next generation l 
posing to limit the back-dating to ^Pcclively. Mr. Pardoe argued. ; D f micro-electronic circuits. ! 
November ’’S 1977 when The kev question will he • „ 

Treasury Ministers first warned whether the Tories decide io. However, the Department does | 
that legislation might have to he chan 3 e tactics and support the I "«t want to hand out money to, 
introduced Liberals’ uncompromising amend- the industry unless it can he , 

ment in order to defeat thp sure that a co-ordinated strategy 
siJinrr Ll r e u K 2* e c f. rlai !} Government, If they do not the for the of the UK industry 

WFou„P. f .^ r V En T 0 , ch Po "' G, ‘ 3,111 Government will win because of w,n result- 
nmnAvon" ^i!i* er have a divided opposition. I Earlier this year, it was hoped 

u the J e 3tSlation The Teport stage .on the ! that informal co-operation be- 
.” n J 3 * 5 ® . effec ! from Finance BUI is to he debated in! tween Ferranti and Plessey 
1 j last. „ ® n w'as the Commons on Tuesday, I would he sufficient, but doubts 



Private 
loans 
likely 
to drop 


Gas conversion 
trial successful 

BY DAYID FISHLOCK, SCIENCE EDITOR 


announced in the Budget 


Wednesday and Thursday. 


Spending estimates 
rise by £1.85bn 


BY RICHARD EVANS, LOBBY EDITOR 


have been, expressed more re- 
[ ce fitly about whether a support) 
1 scheme could be successful with- 1 
} nut centralised management of] 
l the whole effort. 

I I 

! Public funds 

‘ Since neither Ferranti nor 
Plessey generates enough profit 
I from integrated circuit sales to 
jfinance Ihe fauge investments 
! now' being considered, it seems 


Mr. Edward Heath, president of the European Community 
Youth Orchestra, with ’cellist Vivien Lebnn. 15. and Sir Peter 
Yanneck, Lord Mayor of London, at the Mansion House 
yesterday, when the orchestra's summer programme was 
announced. 

Hansard reports 
for Burmah case 

BY IVOR OWEN, PARLIAMENTARY STAFF 


CRITICAL EXPERIMENTS in which Conoco proposes to. design 

to J I converting an American coal to the big demonstration plant. 

fll* ATI j substitute natural gas by a tech- Conoi-os plan depended 

U.J. v |J I nique developed by British Gas crucially upon the. success of the 

I has proved highly successful, say latest series of tests at Westfield, 
■v MiruAn blanofn 1 the U.S. sponsor^ of the demon- since these were designed Jo 

BT MICHAEL DLANITtri j stratum carried out in Scotland, show whether ihe particular 

BANK LENDING to the private j Gas production rates from the. troublesome local coal could he 
[sector may have to be cut signifi- i U.S. coal had exceeded the processed satisfactorily by the 
Icantly as a result of The re- ' design conditions needed for the gasifier. 

| imposition of the so-caled corset ; demonstration plant his coin- 1 * ,e cuai in (lue.stmn. nigh In 
foDtroIsonihcbaDks.it is argued I panv was proposing 10 build in sulphur, is also known as "high- 
•in the latest financial survey : pastern Ohio, said Mr. William cak,n ^ . and tends to clog up 
published by the Barclays Bank 1 Carter, vice-president of Conoco most kinds of gasifier, 
economic intelligence unii. Cnal Development Corporation. “^t -”f- * -arier says no 

The new restrictive measures. J jf lhe demon, tratinn project ine chaiucal nr processing prc.b- 
the bank says, imply hardly any 'goes ahead— a final decision is ? nd 

further growth in the money, n0( expected for another 20 lh ® lMt rjj n ® nried Wl1 - 1 ^ 
supply between now and the . mo mh.<^— it will involve a plant «- ai,,fier m excel,ent condl ‘ 
autumn. Unless the authoriUes • expected to cost S200m-Sfl00m lo vis,!.-- u, . ,u» »r 

are able to make substantial . we funded inintlv bv Conoco and w i er « hi> r P re * ei, W nf 
sales of public sector debt, this I U.S. Denarinient of Energv, h, ?h le\elb wf suiohur proved a 
will bring a squeeze on lending. ( u r iti<h Gas will narlicipate in P r °hlem. B trapped, and 

■‘ Given tbe underlying strength ; jj,e design or the gasifier ‘Xn^ohJre*’ ‘ Ut ,he 

of advances demand, a tightening , . tha ta ._ ,h„ atroospriei e. ... 

in conditions for borrowers is ; lfi . ri ‘ 1 . 1 t r „ ntre . r , '^ r - barter said that if all 

likelv " |\Se.sifield De\elopment Centre or known reserves of ihe Pittsburg 

Examining Die recent unward i ®, ri,sh , * asr “tnnth. 970 ions Mo. g L . oa i used in the lest run 
trend in lending the bank finds i°^ coa * ^ ro>n Pittsburgh were con- were converted to S\‘G. they 
hit the CTOW-t'h has faSt ve f ,ed ,mo 20 ™ cub,c „ r r <f ,f T of «»ultl provide the U.S. with a 

reflected a genuine mcrea« in substitute n a hum I gas fSNC.i. 20-year supply uf gas. Current 

lhe underlving demand At tbe hearr of the conversion proved and recoverable U.S. 

Tbe unwinding of lending made pr n «ss is a reactor known as the reserves of natural gas add up to 
merely as a precaution against gasifier " around only a 12-year supply. 

the reintroduction of controls is 

therefore unlikely -to provide a 

substantial depressing effect on Tp T7 1 1 _ 

EEC approves loans 

says. “ demand for advances from ■*“ 

the personal and service sectors g* TT% 1 

is likely to continue strongly as f /\ ** g n R HAOFfl 

real incomes continue to rise lVrJ. V_^Cr<fl.JL JllUill 1JL 
under the influence of the widen- 
ing gap between the rates of ur»rvcr»Ki 

increase in earnings and prices." BT RUT riODSON 

nr«-uri n ‘h FURTHER European Goa! and Coal and the longer-term Plan 

' J 1 Steel Community loans to lhe 2»00. which is designed to 

? e L5 S _ r iV ale ? b i National Coal Board totalling raise Britain's coal oulput to 


EEC approves loans 
for Coal Board 


BY ROY HODSON 


■ " u " uc, “6 luujiutnu, jw | . . , . j isauuniu L02I soara loiaiiing 

] likely that the taxpayer W 'H [STATEMENTS IN the Commons Mr. Eric Yarley, then Energj' r ^«f r * £5 * m have been approved by 


THE GOVERNMENT i? seeking is the reason for an additional j have" to produce most” of the j arV^to^be^submitted'^s^vidence sVcreTarv " 0,7,1 j ing from tbe manufacturing 

Parliamentary authority for estimate of £190m. and f 321m is I £25m,£30m capital needed. !» tf e H& Court when 5 The netiiinn also referred m At present, however, the | 

^"MioSsr a.sissi.*!-- ^ ~ .sa-S 


But the estimates, additional further ^165m on the defence ! activities or the two companies |« aV e formal approval for the- its case. 

!•» forecasts published with the vote, and fSom^ is required for appears a likely solution. (appropriate officials or the House Mr. Varlcv said on January 15 
Budaet. are within the public the Governments special employ- Su( . h a j oint venIMre u - 0H | d I lo attend the court hearing. 1975 that some modification of 
!> pending plans announced in the nient measures announced in , ndepender ,i 0 f js^B’s plan^ As requested in a petition the arrangements might be 
January IVhite Paper and in the January and March. , lo up a new semi-conductor ; presented by Mr. Reginald needed. Later in January ihcre 


***K i»u«u iut- uiiiiuutiui uig ,1,-. Fp ( - j.. Rmssplc 

sector. At present, however, the ,Ue ^ » n,sselB - 
bank feels that this is unlikelv The money is to be used la 
to materialise until late in 1978 he, P U 1 * hoard purchase under- 

ur early in 1979. ground plant and equipment 

and will be paid as purchases 

\t are made. The loan terms will 

[X^pilTL 7 mnVPC vary according to market con- 

tv-tt mu r Vi? riit ions at the lime or each 

j transaction. 

to conscryc a ^ ,oan ,o <><« hoard 

towards the cost of developing 
o^rv/vlrn ,he £500m coalfield complex at 

HSU StOCKS Sc|h - V ’ Yorkshire, was approved 

by the EEC in May. 

By Ivor Owen, Parliamentary Staff Spending by the NCB is now 


t» i« aisA inHananHpnt nf talks ^ in S® in the .Commons on January The BP shares are wrlh I 7 M ! Spending by u» NCB Is now 

L r a ,i> 8 • 13 1975 - M ' hen the agreement approaching 1500m more than FURTHER UNILATERAL but) running al well over HOOm a 

' „f. n 1 L ne hV5i I l e „ ra L.ii , if C ',hf Tig under which the Bank undertook the price the Bank paid for them non -discriminatory conservation, year as Ihe projects sanctioned 

V.l iik : t0 provide temporary financial in the depressed market condi- measures are being prepared by) under ihe 10-year Plan for 

a> abtllIt a support for Burruab against the lions of early 1975. Burmah- is £ he Government. Mr. John! 

roup, j joint venture. security of ihe company's 20 per suing the Bank for the. return of Silfcin, Minister of Agriculture 


£l.S5bn. 


Foal and the luiigcr-term Plan 
21100, which is designed in 
raise Britain’s coal output tn 
abuut 1 70ut tonnes a year hy 
the end of the century, gets 
under way. 

The board is expected to 
approve shortly a new round 
or investment totalling about 
£200m Tor a number of colliery 
projects designed to start pro- 
ducing coal hy the mid-1980s. 
These schemes include a 
“super pit" in South Wales, 
an undersea mine lu Scotland 
and Ihe resumption of working 
In an abandoned colliery. 

With such capital projects 
in prospect Ihe Coal Board 
may be returning (o the Euro- 
pean Coal and Sleel Com- 
munify Tur yet more financial 
backing. 


■aT,! 11 * ,ar S ps!t increase is nearly has completed and abandoned Hv jButh these plans concern the cent shareholding in 
-OoOm .nr general support for exploration well 56/26-2 in the j mass production of standard I Petroleum was annou 
industry, split between the Fastnet Basin of the Irish sector ; circuits used throughout ibei • 


British Steel Corporation 0 f t h e Celtic Sei south of Bantrv. J wor irf. 
I £4S9m1 and BL f formerly M »i 


Nigeria to end UK 
double tax pact 


speeding plans announced in the ntent measures announced ^ , n depecdent of the NEB's plan 1 As requesied in a petition the arrangements might be IU tUll3Cl VC 1® J"?. *" undersea mine iu Scotland 

January White Paper and in the January and March. . !os?tupa ncwsemi-conduclor ! presented by Mr. Reginald needed. Later in January ihcre .. . . 1 and the resumption of working 

April Budget, and are consistent company to make standard com- ; Maudlins tCon.. Chipping vyre important changes and the fioii cIapI/C Sht ^°WL?Mrp e ^ a «°^raiPrf lu an abandoned colliery. 

with the «..overnmeol s current I outer memory circuits for thCjBarneti they will produce tbe Bank bought Burmah’s holding llMl olUUIXo Selby, Yorkshire, was approi ed With such capital projects 

v-^h limits. gp abandons lEVrld market Hansard report of the proceed- of BP shares for £179m. Bv Ivor Owen P arl lame ntarv Staff b - v lhe EEC ln “*7- In prospecl. Ihe Coal Board 

In addition. £495m is required Tt is also independent of talks I in J s in lhe -Commons on January The BP shares are worth ^ ' " ^ S *^ Spending by the NCB is now niaybereliirningtotheEuro- 

to meet pa v and price increases f r ; 0 l L h i .hi V«.nl e ra?Pi»rrr?n 19 ' 5 - when ,he agreement approaching 1500m more than FURTHER UNILATERAL but) running at well over HOOm a peau Coal and Sleel Com- 

nm provided for in lhe main tTI3l WCU ' ', h _ lcn , l _ he h a»i^ ra ! LohnS n « under which the Bank undertook lhe price the Bank paid for them non -discriminatory conservation, year as Ihe projects sanctioned m unity for yet more financial 

estimates, bringing the total to DI> , rT , iro 2- P-siwiS Vh*. 1 iiw to provide temporary financial in the depressed market condi- measures are being prepared by) under tbe 10-year Plan for -backing, 

rtishn DnnsinB BRITISH PETR0LEU11T. ^ :^P^..^ reb,ld ’ about a UK support for Burmah against the tions of carlv 1975. Burmah- is the Government. Mr. John 

" L. ", .. le for the Aran/BP group.] joint venture. security of the company’s 20 per suing the Bank for the. return of Silkin, Minister of Agriculture ’ 

T rsert IBCP f*™J!„!L ea lS has completed and abandoned it- Both these plans concern the cent shareholding in British the share, at their original sale and Fisheries, told the Commons • j 'B T TT7‘ 

j . ,nr ceneral support for exploration well 56/26-2jn the I mass production of standard Petroleum was announced by price pin * dividends. yesterday. He was defending his f^l fir SY|*1 0 AV|f| 8 |4 

industry, split between the Fastnet Basin of the Inspector 'circuits used throughout thej recent consultations with Nor- 1 ^ *3l Ifl Lt* Cllll 1. J I\ 

British Steel Corporation of the Celtic Sea south of Bantrv. [ world. | * * • wegian ministers about the vaas# ^ 

The drilling rig. Sedco 703. »i Ferranti's and Plessey's opera- 1 Minimum rfn«i>)nn#lo depleti^ of filing stocks in the . 

inrrpaao fnr ttw» RSC fnHows the Romg to the porcupine trough off. tion would concentrate on! I t i 1 HI T¥lll FT! | 5F H fj H |*f|S ^ u ^ ? e- .' ., . fl/Yll ill A TkA 

ih/ni in 7hI h £»™ C i>< lonSem lhe west C03St of lrelan,t where special circuits designed for a 1 Will OtaiXUdi UJ He denied that his talks In, QQ|I|||P TJjV ||Qf*r 

change in the form of longterm . } . ^ Eron n’iB second particular customer nr ^rouo nf ! £ 1 • 1 Oslo could be construed as an. 

Sflecua weti this year in \ wJ.er depth Customers- ^ i lOf SUlD CF6WS 3^00(1 «« -°- f R5« a «®? loward j 

while that for KL reuects a . j ta et on block! , . .. ; oAlAjk/ ^ “ T Britain s EEC partners, and BY DAVID FREUD 

chnnae in the form and pha»- I. One major unresolved question by PAUL TAYLOR rejected a suggestion by Mr.! 

ins but not the total of Govern- - is whether ihe NEB is prepared r* w ». iam.uk Molm Peyton. ihe Shadow j NIGERIA HAS given notice ination is in accordance with the 

ment financing. Parliamentary The Aran/BP group comprises ; to Jnve«i in two separatp senu-’. THE j- ir.st miernaiional cr.n- ihe *peed with which thev will Minister, ihat lhe> might have ; that ii will terminate iu present terms nf the UK-Nigenan 
approval for thi* was given on British Petroleum , * fonduttor operations at the same , ven)lon ikying down minimum he introduced. the effect or pulling back aidouble taxation agreement with arrangement, which dales from 

I 0 ’, .... . Aran Enp - r 5-'. »> p [ cil U,ne ' standards for training, certifica- Thc-.e dist-uvsions reflected the seUle,nenl fm Jl revised common' lhe UK at the end of the finan- 1947. 

The higher rate of child benefit resources 5 per cent and Saga , ion an d duties of ship’s crev.,- njlan V e in lMC’O belween lhe fisheries policy. trial year. The arrangeinenl win cease io 

p.ij able from November this year Ireland *.5 per cen . was signed in London yesterday developed and developing CONSEQUENCES . The move comes Ihree weeks have effect in the UK from April 

— -e T nvn * 0 amid h0pc ^ xW t X c ? u '? b ^s ' n nations but Mr. C. P. Srivastava. . Nlr - Siikin stres>ed that be badiafter the Nigerian Government's fi, 197s. f (ir income-tax and from 

__ - XUVUtfl operation hy the end of 19 M JMiQs se cretarv-3eneral. insisted 1 nf,t r,irma, '7 ne Sotiated with lhe, announcement that it intended to .Lmuarv 1. 3979. fur corporation 

O* - f/v« ^ ‘ j The convention, decided by veslerdav that' although there (Norwegian ministers, but joined | ahoiish all bilateral lax agree- tax. 

>IY ill fllN I fl II Kritl^h delegates from 72 nations had heen compromises the con-! ,n a comprehensive review of ments inherited from colonial it is hoped in London that a 

i^JUloU at a conference organised vcntion was “pragmatic and consequences For the con- times. replacement arrangement, will 

1 4.1 ”= v ' 9 ,,' me r -C-ovemmemal -workable " and that standards i servation and management of fhe Nigerian nutice nf term- he negotiated in due course, 

irxi 1 7t ir j patherware Rlantl . , ?^.? on f ullatl v e orgamsa- had not been watered down tol^ stocks of conti ? um_ g _a_bsence 

fi llrl ^/iQGTArC! Uon (LMCO 1 is seen as plugging any substailtial degree. 'of agreement in the EEC on a : 

it #111 j V 1 49.j3Ld i3 T.rrv nnrf.wnrth • ,he lasf major gap in interna- Th j_ k f aP in- imco I revised common fisheries policy. TTl"i C • 

-‘-▼-■-•♦•GF By Terry Docfaworth ; tional uiarme safety legislation. eneoura-e Mniber "nations to I 1° an>' event, he could not see iPmPC Pllt Hv 

TOYOTA, the Japanese car com-! .. The regulations contained in p U uhe contention into operStion ■ L '°^ p « ral,on J>e*we«n XXUIIllaJ lvIIlvaLIIl Uj 
pany, has expanded its parts the convention fall short of nuickly as nossible j Britain and Norway — the major . « . . j 1 

buvin« in Britain to include minimum standards already in 'coastal states of the North Sea— h AVOTArQlf rV*nilrtlAC 

Ser for its Celica XX luxury operation in many Western ..^^equJmof ££ crews" as to conservation in what was UU VerCldll ItOUDieS 
model nations but they are seen by ;P ”2. s “ p , j WS , probably one of the most valu-l RV IV kiTr>k,. u , ..v. umucTDiti cr.ee 

, ! IMCO. the UN’s marine body, as II ° ot atte, ?»P l *° ,a - v d °T n able fishing areas in the world] BY LYNT °N McLAIN. INDUSTRIAL STAFF 
- Tlie le^ier is mode K ^[an important step forward for ni minium manning levels. Th*s I should sei back a settlement TECHNICAL and labour troubles Buteventhisliirtechnicalprob- 
r,mT- m i rine safet >' M ,ML0S " eVl major : . within the EEC have aagin hit hovercraft flights lews the day after starting cross- 

com esi n e four tb Brms n cum The “ Convention on Standards la - sKl j “If anyhing T would nave 'between Dover and France as Channel trips on Wednesday. 

IKK ., SU i! P J.L T ,?‘ Tnuniqg. Certification and Ihoughr il might promote it." be C n J ^Lnnoi UI L! British Rail .-aid there had heen 


ment financing. Parliamentary TTie . A » SS to L" . fn T s pa , ra ,lT sen,, ‘ • THE FIRST imernaiional cr.n- ihe -peed with wt 

approval for thl* was given on British Petroleum fin conductor operations at the same , venlI0n living down mintmum he introduced. 

Muil 10. Aran Energy Si p*r nt sceptor u »ne. -standards for training, certifica- Thc ,e ducu^inm 


The higher rate of child benefit resources 7.5 per cent and Saga 
p.ij ,»hU* from November this year Ireland 7.5 per cent. 

Six records for 
Old Masters 


Toyota buys 

British 

Ieatherware 

By Terry Do da worth 



i\ could or in nations but Mr. C. P. Srivastava.. »r. Siwtiti sire^ed that be had, after the Nigerian imvcrninem * fl. 1979. for income-tax and from 
end of J9SJ J Mi '0> secreiarv-general. insisted 1 nfl1 formally negotiated with the. announcement that it intended to January 1. 3979. fur corporation 
1. decided by yesterday that' although there i Norwegian ministers, but joined | ahoiish ail bilateral lax agree- tax. 

72 nations had heen compromises the con-!' n a comprehensive review of ments inherited from colonial it is hoped in London that a 
ce organised vemion was “pragmatic and t ^ e c9 n-se ^ ue ? CCs r ° r con ' times. replacement arrangement, will 

-tioveramental workable" and that standards i servation and management of The Nigerian notice of term- he negotiated in due course, 
mve Organisa- had not been watered down t0 j fish stocks of continuing absence 

en as plugging anv substantial degree. !° f agreement in the EEC on a : * 

ap m interna- ^, h r „ <k _ ow , Mrn } _| revised common fisheries policy, ttb-w p • 

CD- legislation. encode member “nations tol * n an >‘ OOlldaV fCrOGS Cllt fa V 

.contained in pu t the convention into operation 'A h ->. L ?? p 2?i.“ n . L fae ! we J en Aluuua J ^Ul UJ 


provides a range of headlamps, j Wa tcbkevpig for Seaiarere ” lavs 
Kangol seat bells and Courlaulds: down mandatory minimum 
i fabrics. ! reouirements for shin’s nffirpi-s 


1 cross-Channel 


went on. L,w "" a -blow-out” in one nf the 48 

Mr. Silkin forcefully rebutted ’2£ pr ? „£? su,n,n ^ r P 1 ' 3 *’"- rubber air cushion skirls, 

assertions made in Ihe European i This has been repaired and the 


The Carraci that fetched a record £260.000. 


\N EXTREMELY successful sale the position of London as cexrtre . 

'/ .11(4 Mu^lrr iiumiinnc at of the international art narkeL 

T oreduced * total of About hair the lots sold y ester- THE OBSERVER newspaper. 

r-. '-i ’j 0 n J,, r 140 inis and six day came fruin abroad. threatened with closure only six o U 

Hr-t & d SZS , SSis: ITT" 1 ’ 7 ' 1 

i - • i» * ■ »n i fr i ^ Dmch^ai list 1 sack is the only perfect example lion - f ;lie paper tor one wefil . 

11 ~!-k i-wp‘ Thp Tirovinus record of a white porcelain **0P-iThe ultimatum revealed the lUCWG 

\ in t 'Gide. *1 JlC pf . in atmoar an the market _ ^or | unf1f»rlvtnp tnnshness nr ihA ^8 NEWS 


«... «... v»».„-... |(I0Vn mandatory minimum i 1 Mr. Silkin rorcefullv rebutted 1 “YT T Z? k--- ruooer air cushion skirls, 

seat fabrics. .requirements for ship’s officers BrOCKnOUSf? assertions made in lhe European j T?f r ' S? 1 ?, SL?" n Thh h »* been repaired and the 

A mission of Japanese cnm-;and includes .special provisions Parliament ihat discrimination hcivercrdfj f a ^* en '' e ^ era H I « operating nor mail v. carry* 

ponent buyers visited Britain a : for the training of tanker crews. pmQlirA was involved in the unilateral ra , an ' 1 * t . h 1 ,r “ nl . r , „ L ‘ . ing 400 passensers and 45 cars, 

.little over a year ago and since l Anoiher section of the conven- UVJUlt ! cunservation measures a ] readv | vapicily available for hunk incs. A unofficial strike nr land- 

then British component sales tuition deals with procedures for THE COMPANY which thei imposed by Brtain. ‘ 'wvf -I 10 *. . rai ‘ ina ahp;ld - based maintenance en‘'ineer<i has 

Japan have expanded slowly, (controlling and enforcing the Brock house group has said it He emphasised: “ Tnn-.ii. 1 rl,,- ' n hau said grounded the BR Seasiieed Super 

though only enough lo make 3. new rcgi: la linns. inieml- to close is Brock bo use measures were the start and not I The new French Serfs in N-lOO A craft. Some 50 *en si nee r s' want 

• minor impression on the trade i Throughout the conference, the n:i;.deoankl, not Frock house lhe end of the nati'inal conferva • rrati is the only one ..f ihree pay pari iv with nualified marine 
gap fmm Japanese oar sales m|main area of debate has been Engineering, as reported on tion measures I believe we must British Rail-French Rail hover- engineer officers aboard BR Sna- 
the UJx. ‘ over the range of regulations and June 26. ' engage in.” • craft now operating from Dover, link ferries. 

Arco looks forward to endless months of Sundays 



OBSERVER 


M-nl for sale by the 


Thornton 


At present The Sunday Time*! 
^ « v takes about Ihree in four times 

Jhe vylume of this type of 

The Observer has a high pro- 
portion of lhe less lucrative 
swwtaj 2 ini; iTi :*p public appointments, which sufi’er 

* particularly at a time of general 

economic stringenev. 

NEWS ANALYSIS BY MAX WILKINSON But all (be indices of fioan- 

. _ cial performance — in winch the 

rr io nave while sales nave continued lo showed a 2o per cent improve- the volume of advertising ’* ias oilmen are taking a slern and 

Richfield rise. . ment on the previous year, and 20 per cent, below 1S72 levels, detailed interest— depend ulii- 

thai their in spile of those improve- has shown a further healthy AH the Sunday newspapers had malelj on the elusive genius re- 

ienl. men I-. The Observer is losing growth of 45 per cent, in tbe suffered from the same trends, qtiired to produce a pancr that 

Bradshaw, about il-lm a year. However, first half of 1978. but The Observer hud come off neoole - want io read. 


BY MAX WILKINSON 


■ j( r B rild . larae increase in the editorial Every graph, therefore, Observer, therefore, is whether The question remains whether 

s disniaved budget (perhaps £500.000 last showed the oilmen a pleasantly and at what rate the recovery the oil money and the new 
main lift" at year) >* part of the general plan upward trend. However, The will continue. talent can biend with the radical 


t uini.isi iiifnit-r. iwu'.iu • ^ Oriental connections was at also in 

?;!. ^ dcr * Christie* south M-I 


also involved an important stock- Board T 5 optimism 


iffiees in St Andrews io build I up the paper’s prestige O^erver would be in very A five-year plan outlined in idiosyncratic traditions of 

and readership. serious trouble if thw had not Colorado envisages that the paper * he P“» er J° back readers 

’s optimism is based For evidence that the strategy was w»B he breaking even again in *C° 1 “V The S V. n ^ a -’ Tlm ^ S- Many 


breaking even again 


papers performance. sels agreed in Colorado a year Similarly, total advertising to the rescue in November 1976. One of the main planks of this niCn ‘ t,Iue can answer. 

The Observer's management ago would have been met. revenue last year was £7Jlra a therefore, the paper’s fortunes plan must be to increase The — — 

presented a series of detailed The management alsn pointed 22 per centincrease on tbe figure were at a very low ebb. Observer’s slice of the private Fi„ lt ,« w h«* ^ 

reports about the paper's pros- to the fact that the cover price for 19-h. Readership was only 80 per companies’ section of clasrified *;*'»i 

pects and its performance during has been increased substantially claimed advertising in 1977 cent nf tbe 1972 figure, while advertising. m <."’ *?•- « m. 


which only time can answer. 




Financial Times Saturday July 8 1978 ;j\ 


LABOUR NEWS 


Steel unions prepare for 
fight against closures 


BY PAULINE CLARK, LABOUR STAFF 


Xurth-.iQiptoQ*bire are already 
new.' Its future' depends on Panins a resisiance campaign 


STEEL UNION leaders are pre- that with an 18 per cent, level of the workforce to accept se'-er* 
paring for what could rum out to imenipJo.' nieni already m the ance pay. at id the case* of East 
be the biggest confrontation yet region, compared with 4 percent Moors and Ebbw Vale, 
with Briish Steel Corporation in the Shelton community. the BSC bas yet to disclose -vhicb 
over expected plans to close the social problem must he cracked will be the next major cutbacks 
Gleugaruock steelworks m otherwise there is no w ay we can on its list. 

Strathclyde. accept closure.” Steelworker? at Coro? in 

Detailed proposals for the 

future of the works are to be „ W1 . Wl . 

presented on Monday to the TUC ti]e introduction of an electric again ' t aa * P ,ans 10 t:ut J0bs 

steel industries committee. furnace at Hunterston and ^ere. 
which has recently been stung by r.nrern meat's White Paoer at Uith some 6 * ow Uiodght 
BSC moves ,o ™. severol “J M?"h ™5 of, ‘,n >o be o. r.sk oo. of e m.el U.500 

thousand jobs at Shelton. imm ediatr prospect of invest- local uaion leaders have formed 

Staffordshire, and Elision rn the _, AT , t in Hunterston a •P®® 1 * action committee to 

V.'est Midlands, without meeting . " _ .. . force BSC to make a public com- 

unions - demands for further C'.*n- Ta^ dpiivick review o* the initiueiu on Lbe future of the 
sultation. industry put the date for closure plant. 

The Iron and Steel Trades Con- at nnt earlier than January 1. Mr. John Cowling, a national 
federation, the industry's biesjest IPSO, depending on the Hunter- executive member of the ISTC 
manual workers” ' union, ston electric arc. said : “The isue is a simple one. 

eniphnMscd yesterday that there The plant, which includes a We fear lbe Meelmaking plant 
would be tough resistance to any steel-making facility and rolling at Corby is to be closed down 
proposals to close Glengamo''k. mills making rails and flats for soon because of the mounting 
It said the unions were par- shipbuilding, also contributes a losses, and that only the tube- 
tlcularly concerned about the j ar g e share of the BSC'S Scottish making ^ divisions will be 
"immense” social prnhlems division losses of £S5m. ro»ai««>ri " 


social 

which would arise from the 
possible loss of 1.100 jobs in an 
isolated area where there was no 
alt“rnative emDloyment. 

The economics of the argu- 
ment for closing Glenoarnock 
were not the same as those in 
the case of Shelton and Bilstnn. 


The confederation will argue sible only by the willingness o 


retained.' 

P*ns ^rbrin 5 Cia steel 
from other sources.- **If this is 
to be the ease then outside steel 
will be blacked. If 6.000 of our 
members are to lose their jobs 
Ihen we want plenty of warning. 
We don’t want a BiLston puliod 
on us." 


the rows over both Shelton and 
Bilston. have been underlining 
the co-operation they have given 
so far in ESC’s national pro- 
gramme for cutbacks. 

But this has been made pcs- 


Journalists 
on agency 
call truce 


Council chiefs’ rises 
anger NALGO 


APPOINTMENTS 


Plessey 

Group 

changes 


Industrial sectors show big 
variations in performance 


at 


The PLESsEV company 
announced that Mr. Ronald Clark 
has been appointed manugin 
director of its electronic 
components division in succession 
to Mr. Maurice St. Alban De>. 
Mr. Clark lias previously held a 
number of senior appointments' 
with English Electric. AEI and 
GEC- The appointment ^ 
Mr. Eley to devote more time io 
his denary chairmanship of 
Plessey Engineering to undertake 
special duties in Italy as a director 
of Plessey Italia SpA and Plessey 
SpA. aad to carry out his receni 
appointment as a director o 
Plessey Hydraulics International. 
Mr. Eley continues his relation 
ship with the electronic 

components division as a non 
executive director of it-* 
constituent companies. I- 
intended ui the near future 
establish new headquarters for 
the division at Kembrey Street- 
Swindon. 

■* 


THE OVERALL Sat performance of industrial companies with 
years ending during the winter month*- <li?wui>«» a consider- 
able variation in the fortunes of the t arums sectors. 

Averaging out rhe results of 376 industrial com pa me? 
snows Lhat trading profits’ rose by a mere H.2 per item while 
return on capital was sialic at l~.3 per cent compared with 
17.2 per cent a year earlier. 

However, there was a wide sulf between the best per- 
formers tofF.cc equipment and motor distributors) and the 
worst (radio and TV and motor- and components) 

The 34.6 per cent increase in unitor distributor'’ trariinc 
profits and the fc«ui*-poinl improvement in return on assets 
during The period further confirms the increasing improvement 
of the sector's performance, which n»w looks like producing 
a record year for the industry. 

At the other end of the scale, electronics «hnwe>1 a r»* j>**r 
cent fail tn return on assets and a 13.4 per cent drop tn trading 


profits. Indeed the whole consumer field, both durables and 
non-dura him. was I eel mg the pinch during the winter. This 
ha* begun to change since the spring, hnwevrr. 

Because ol the necessarily small sample** in mdmduai 
sectors, the overall performance can be strongly affected by 
the results of a single company. The machine tools sector, for 
instance. showed an 18.3 per cent increase in trading profits 
and a corresponding improvement of 2.2 per tentage points in 
return on capital. 

With only .-even companies represented, turnover, the SO 
per cent increase in profits declared by .Tames Neill had a 
distorting influence. 

Oit«’ generally encouragin': sign was the “3 per com 
increase m rash liuw ammis industrials overall. It is signifi- 
,. an t. th«ui!h. that this was a lower increase than reported 
jurim: last suiumer ami that uct current assets overall have 
increased by only ]4 per cent. 


TREND OF INDUSTRIAL PROFITS 

ANALYSIS OF 481 COMPANIES 


Mr. C R. Thompson has joined 
the main Board of NORTHERN 
ENGINEERING ' INDUSTRIES, 
initially on a non-executive basis 
but with a view to taking full-time 
executive control of NET opera- 
tions in international marketing. 
He will head a new management | 
company which will employ sellin: 
and marketing resources ihrough- 


ISnVVTRT 


>« ff. 

ten. ' 


T.Tl.rg Prrlli» 
.1. [lTHUJ 


D-f-r- I rn . 

L In 


P-D 1*1 

p+*ai« 


re* 


F-smrJ ■' -r 
•''•llWlrr 
OiTuiMtJi 


R-. 


o-rt nir|<imiii 




■ Si . 

«ban£+ 


Nr * C *P ,UI n = Xrr Contin* 

luhr -™ Employe Cap “ >H fi. 


8LIUJI.NG. 


MAIHtlAL; 


36 


442 747 8 -IDS 32b 172.8 281.369.9 I tb.704.6 153.990.8 - 36.0 49.366.0 - 23.4 =06.820.4 1,032.788.1. 18.9 , 643.070? 
'-40L7B7!! <284.477.2. ,245.856-2- 122.509-1) , U2,166.8i i4D.364.9i >171.691.8- -.1,721.726.6' (16 .5; ,482,247 4» 


out the world in support of NEI (cox exacting a 

o & “ ■ _i i -V 1 I'riVfcN-ni •- 


manufacturing sectors in the L'n 
and overseas. 


tONsTBLLTJy.V 


23 


296 323 t *21.1 196.133.2 171.295.4 32,416.1 , 84,000.2 
,2 111 744.5- > 195.968.5- ,117.895.0- - 65,976.4? . - 6 1.061.7- 


-3 7 6 10.920.8 1 - 30.0 130.033.4 
; .9,033.41 1 >98.769.7- 


984.007.6 

>860.863.3- 


19.0 
• 18.1; 


ELElUIKALs 

EX KLECTRX. ETC. 


91.538.1 

-85.110.8- 


-7.6 


68.549.7 

•62.462.9' 


56.905.0 
■ 50,305. 1 ■ 


25.644.6 I 24,102.0 + 35.0 12.718.4 + 10.2 
'25.117.11 1 ( 17.853.3) {10.636-4; , 


33,680.0 
- 28.403.6- 


452,027.2 
(4 12.489.2) 


15.3 

(16.1) 


ENGIN EER! 


BY ALAN PIKE, LABOUR CORRESPONDENT 

SERVICES of the Press Assucu-j „ 

tioo the national news agencv.lA PAY AWARD for local “exceed the Government guide 
were returning to normal last: authority chief executives would lines by a sizeable amount 
night after the National Umon ! cause widespread danger and order to achieve it. 

There will be widespread 


In 


of Journalists chapel loffice' resentment" among other groups 
branch) committee suspended | of town ball staff, the National 
for a week a policy of “ with- and Local Government Officers 
drawal of co-operation and good- 1 Ai^vUtion said yesterday, 
will” it has been operating ini 1 -’A L<jO last month accepted a 
support of a pa a- claim j P tr veni award on behalf or 

Management and chapel repre-i ' uc f' Sovommenl staff, 
sematives agreed to a week 1 1 B “ l . f 5a,d ^ un,u , n yesterday 

chief executives and other chief 


truce to enable talks to go on. i „ ... 

T . . . „ v i officers would be recenmg an 

The journalists action hj *» P*'f' ! award worth U.5 or U per cent 

SSins i ~ the 994 p,?r ? enl ^ ‘312 

spurung , Paaae Une s U pp| e , nenl a „,j baek- 


ticularly affected the 
racing and other 


wit fa- 


will be 

anger that the lower-paid wbite- 
cullar workers in local govern 
toeni bate not received equal 
treatment." During three months 
of negotiations there had been 
discussions about “hundredths 
and thousandths of a per cent 
in order to adhere rigidly to pay 
policy . 

“The employers* double stan 
bards have caused considerable 
resentment among NALGO mem 
hers. Less than a year ago the 


An examination of the 


services 'dating of any Increment 

The NLJ National Newspapers! held because of pay poiic- 
Industrial Council decided yes- j Mr. Mike Blick. chairman of employers stated that they "would 
terdai to hold a meeting next | ft* NALGO local yu\ernment give equality of treatment to all 
Thursday of fathers of chapel < committee, said that the union local Govern men l staff, 
toffice branch chairmen) from kupported the chier officers’ 
national newspaper offices^ in ! settlemuni 

cow d °Vu‘ dilcuss e the r Press vSi! ban " ,ain | ain Million id offieers. manual workers, teachers 

^ Press .Afco- iae salary league. But it was srg- and administrative and clerical 
elation dispute nsficant lhat the local authority staff shows this to be so much 

The journalists have been employers had been prepared to hot air,” said Mr. Biick. 
operating sanctions for two 

weeks, they want pay parity with; , ' 1 " ” 

Print -row delays annual meeting 

rejected the demand as being! ONE OF - Britain’s biggest The aewunts were due to 
nu side the Governments pay - engineering companies has had ou * %-eslerday to -rive the ^rouu' 
guidelines. It has offered a 10 to postpone its annual share- Q^,n “ t V° ” ^ 

per cent increase and agreed to; holders meeting because of S ’^° slockho,tlers the required 
a manacHiien; njiiAultancy i industrial action at a printing tiree weeks reading time before 
studying the possibility of a .'company. the original July is date Tor tbe 

productivity deal ; a go-slow hy compositors at meeting. 

The journalists’ claim would i Metcalfe Cooper, of London. With the dispute onlv just 
wria 1 - 1 ®?J" crease on °f i which is printing the annual over, however, the accounts will 

about £..000. One of their main' report and accounts of John not now be posted until late 
concerns, they say. is lest low | Brown has forced the directors to next week, 
pay should effect the calibre of! call off the meeting until early The company has re-arranged 
PA recruits. in September. its meeting on September 4. 


F.T.-ACTUARIES SHARE INDICES 

QUARTERLY VALUATION 


The market capitalisation of the sub-sections of the F.T.-Actuaries 
shares indices as at June 30. 1978, expressed below in millions of pounds and 
as a percentage of the All-Share Index. Similar figures arc also provided for 
the two preceding quarters. 


EQUITY GROUPS 

& SUB-SECTIONS 

*Tlt)ir"4 1 B Pir^nin^w* 4?rmr? rumour «r 


Mar*?) 

opiraii-iin.-D 

!l- a i 

■lua«.-C- WiS 
-t-r.. 


t'APITAL GOODS GROL'P M72i 
■Building Materials iL’.Si 
Contracting and Cunsiructir-n (1'7) 
Electricals (15) 

Engineering Cr-ntrucinrs r 14 • 
Mechanical Engineering i7“- 
Metal? and Metal Forming HS> 


8.581 7 
1.51 1 l 
36J J 
2 i£» 9 
-7j.q 
2 J lc.5 
1 06- 9 


CON'S UMF.R GOODS 
l DURABLE) GROUP (52) 

L(. Electronic?. Radio and TV 
Household Grinds (IL'i 
.Motors and Distributors (25i 


2 496 4 
1 So6 0 
aoe 7 
OiJI 7 


21 


CONSOIEK GOODS 
(NON-DURABLE) GROUP (174) 
22 Breweries it-li 
S3 IVines and Spirit (fit 
V4 Laleriuinmeai and Catering (17) 
?5 Food ?l:<nu>'acturiug i'Jli . . 
16 Food Retailinc M5» 

3a Newspapers. Publishing (1C; ... 

33 ; Packaging and Paper iloi 

34 Stores (C9i 

35 'Textiles (25 i 


23.45?. 3 
1.632 0 
774 2 
1239.2 
2.451. 3 
940.8 
569.7 
8o7 6 
4.200.9 
944.4 


’) 


38 Tobacco (3) 

»7 .Toys and Games 
41 | OTHER GROUPS <9? 

4g iChemicala (19) 

*3 Pharmaceutical Products (7j 

44 Office Equipment ifi) 

45 Shipping (IOi 

4S Miscellaneous 155' 

*9 INDUSTRIAL GROUP (495) 
si Oils f5> 


l. 


?39.0 
93.7 
6 959.1 
3 182 0 
1.842.2 
604.2 
568.7 
2.761.8 
35.497.5 
6.305. 1 


1 

"fail 

. '!>•:■* i 
lU"f»2 ' 

Marbw 

l raid tel i-nii.-n 
: 1M ni 

! Uii-.-h 31 1955 
.-ni i 

4l» 

IOd?< 

11 ■ lei 
Mpluii-atko 

‘.t al 

34. I-JJ? 
lifir. , 

1 

* 

1 

j «b«r* 

* mum 

IS 36 

6 182 9 

IS 09 

8.467. i 

15.03 

S 70 

1.449 3 

' 2.67 

1 1.533.4 

l 2.72 

1 59 

807.5 

1.49 

; 859.7 

1 1.52 

3.99 

2 108 2 

3 B9 

2 245.4 

3.99 

0 85 

454 4 

U.80 

382.9 

; 068 

4 .12 

? 27J *, 

4 19 

2.549.5 

i 4.17. 

■ 1 95 

l l'JP.0 

2.05 

1.096.6 

! 1.99 

4 4? 

2 599 8 

4 42 

2 512 5 

I 

! 4.46 

2 45 

! 340.9 

2 47 

j 2.408.2 

i z.ao 

Q a7 

?04 B 

: 0 as 

221.3 

! 0.59 

. 1 eS 

854 I 

; i.97 

1 

885.0 

1 

j 1.57 

i 

27 FT 1 

15 145 9 

■27.93 

19.720.1 

■ 27.91 

2.92 

1.644.3 

. 3.05 

| 1.695.5 

5.01 

. 1.39 

777.8 

! 1.43 . 

! 81S.0 

1 1.45 

2.22 ■ 

>220.8 

2.26 ] 

j 1.144.7 

■ 2.03 

4.39 . 

2.538.9 

4.32 I 

2.557.5 

- 4. SI 

• 1.69 i 

887.7 

■ 1.64 ' 

1.020.1 

' 1.81 

; 1.02 i 

494.8 

' 0.91 j 

530.4 

1 0.94 

1.55 . 

B2o.2 

1 52 ! 

848.5 

; 1.61 

; * -52 . 

4.239.1 

: 7.82 j 

4.457.1 

7.91 

! 1.69 1 

939.4 

1 1.73 i 

940.3 

1 1.67 

! 511 i 

1691.1 

: s .12 ■ 

1.647 1 

1 2.92 

IOI?' 

87 4 

0.16 1 

86.1 

1 0.13 

16.04 ' 

P.flOT.l 

15.69 

8 8a 11.6 

15.72 


5 70 
3.30 
1.06 
1.02 
4.94 
63.54 
11.45 


2.928. 1 
1 783.0 
588.6 
588.5 
2.619.9 
54 233.3 
6.027 9 


5.40 
5.29 
1.09 
t oe 

4.8J 
55 15 
1 1.12 


3.008.2 
1.909.6 

567.2 

650.5 

2.715.4 

55.360.5 

6.305.3 


5.34 

339 

1.01 

1.16 

4.S2 

63.12 

11.19 


59 500 SHARE INDEX 


A 1.892.6 


14.99 40.261.3 


74.25 


41.855.8 


74.31 


ei .FINANCIAL GROUP UUO) 
sz Banks it$ • ... 

63 | Discount Houses (IOi ... 

Hire Purchase (5i 
6* -Insurance (Life) (ID) ... 
Insurance (Composite) i7) 
insurance iBroker^i HO) 
Merciiant Banks (14/ 

69 Property (31; 

70 .Miscellaneous (7) 


71 Investment Trusts i50> 
&: "Mining Finance ( 4 i 
<•} Overseas Traders (jftt 


99 .ALL-SHARE INDEX (B7S) 


9.075. 1 

- 16.24 

0.465.2 

17.46 ■ 

9.773.2 

17.38 

2.454.2 

i 4-59 

2.569.5 

4.7® , 

2.561.6 

' 4.96 

125.6 

' 0.23 - 

120.1 

1 0.22 

141.3 

! 0.25 

185.1 

1 0.33 

196.7 

' 0.36 . 

218 1 

: 0.38 

952.8 

! 1.71 ! 

1.026.3 

! 1.39 i 

1.035.5 

1.84 

2.296.2 

; 4.11 ; 

2.459.5 

a .34 ! 

2.611.2 

! 4.64 

767.9 

! 1.37 ' 

772.0 

1 l.®2 1 

787.2 

J 1-34 

364.2 

( 0 65 • 

561.0 

' 0.67 1 

306.8 

' 0.69 

1 537.2 

j 2.75 

1.570.3 

! 2.90 ; 

1.658.4 

i 2.94 

30 1.9 

0.70 

389.8 

0.72 

407.1 

0.72 

i.648.8 

4.74 

2.392.9 

• 4.41 ' 

8.634.2 

I 4.68 

1 C4? 6 

1 87 ! 

1.006.4 

1.86$ 

944.1 

1.68 

l.ior. 2 

?.|A 

1.097 j 

S.02 

1 1 10.0 

1 157 

5S.86S.3 

100 

54 222 9 

IOO . 

56.323.5 

too 


When Mr. T. Lewis, general 
manager (personnel and admini- 
stration!. PEARL ASSURANCE 
COMPANY, retires at the end oflsiACBl.sE roots 
this year, it is intended that Mr. 

Nisei Proddow, at present 
company secretarj'. will succeed 
him. Mr. R- Fearn. currently 


68 


864.660.7 
BIS. 246.4 * 3.3 


>21.000.3. -18.3 
.17.756.8- 


16.773.4 
'l 3.777.8- 


14.191.0 

,11.208.9) 


5.703.8 

'6.985.2, 


8.310.3 

(5,089.01 


+ 63.31 2,503.8 
,1.897.8) 


31.9: 


9.212.1 

(6.357.01 


94.14S..9 

i88.517.5-. 


17.8 ; 
1 15.61 , 


53.281,9 
3 1.443.9 


IIISL. CAPUA!. 


c.nous 


8D.371.4 

>80.411.6- 


65.688.1 

>67,027.1- 


56,960.6 

iB7.S22.4- 


27,692.6 

(28.720.5- 


26.107.6 >1.9 
(2S.722.5i 


8.852.1 

7.586.3' 


16.7 29.908.6 
>-29.634.9) 


372.868.3 

(37L726.3) 


17,8 : 190.055 4 
(18.0- 87.81 1.8 


deputy secretary, wfl] then become roiAI CAPITAL is l 


secretary. Mr. Lewis will continue | 
on the Board, hut as a i 
non-cxecutive director. 


GOODS 


1.756.641.4 

'1.616.027.1- 


T 8. 7 1.367.180.51.162.978.1 485,622.4 630.128.3 31.4 185.933-4 ^ 23.9 79 1.586 J2 ft 063. 784.4 ; 17.0 3.024.481 r 

1.244.6K.7, <1-030.166.2 -519,763.2; ■. 479. 690. 6 -148.501.'- (652.679. 0M7.40 1.304.7:; (16.8. 1(2, 614.711 h. 


d.ti/TSU.V li. s 

RADIO £ 


51.727.7 -15 4 40,410.9 37.430.6 14.759.9 22^23.6 

,61.158.5- ,49.479.2- >44,122.5) 19.560.6- . .25.230.7 


-4.3' 


b.286.2 

,5.073.4) 


,.23-B 26.578.3 
>■29,200.6! 


214.815.7 18.8 

(205.656.8 24.3 


110.029 7 
(95.746.7 


Dr. Derek H. Pringle, manasm? 
director of NUCLEAR ENTER- 
PRISES fan EMI company! has 
been appointed a member or the 
Board of the RADIOCHE^IICAL 
CENTRE. Amersham. Dr. Pringle 
also serves on the National Radio- 
logical Protection Board. 

* 

Mr. Antony Skinner has been 
appointed executive director of 
the INTERNATIONAL COUNCIL 
OF MARINE INDUSTRY ASSO- 
CIATIONS. ICO.MLA exists, in 
promote boating as an inter- 
national recreational activity and 
represents 13 boating association? 
throughout the world. Mr. Skinner 
is based at the TCOMTA head- 
quarters at M'ey bridge, Surrey. 


aoisLRULU GUUU? 16 


45.946.0 

-48.089.3, 


-8.6 34.896.2 - 31.195.0 15.660.3 15.381.3 —14 9 

l38.602.3i; 135,027.7)- r 16.666.7- . il8.085.9- 


6.890.9 

,6.249.61 


16L391.5 

120.181.9) 


218,207.9 j 16.0 1 130.897 >> 
,306.926.4) . ,18.7)1, IQ 8, 24 2.7 1 


MOlDICs A 

COMM-JNE'-’s 


146.324.0 -11.8 103.780.3 
L 65.875.3) 125.617.1, 


70.669.5 

■91.919.4., 


29.508.6 ! 28.21 1.3 
5 1.4 18.7; : (£6.715.1- 


-5.6 


9.486.2 

9.295.7-. 


2.0 


61. 600.9 
(62.828.9) 


883,340.6 

(843,210.8V 


118: 336,30-1 A 
(14.6) |,,310. 16D.R, 


‘•lUtt.’l! 

dis i in an u;;» 


13 71.153.7 -34.6 56,829.6 42.515.0 17.468.8 - 24.367.1 

52.B6a.4i 38.293.2) ,'38.213.0, -14.325.8) (13.178.8 


6.340.' 
-4.787 1 


-32.4; 31.092.2 . 979,281.1 • 20.0 94 802' 

1 -17,806.2> 1(236.597 8-:- 16.2) | ,(,9.239 7 


TOTAL COMStTJCER 
DURABLES 


40 


513.151.4 ,—4.5 
327.989.4. 


, 234,917.0 18 1.6 10.1 77.597.6 1 90.083.5 
'249, 89 1.8-109. 283.4 >102, 17 1.9) ,81.208.5. 


-10.9 28.004.0 - 10.21 137.662.7 1,594,645.3 1 14 7 -6716Q4J) 
25.406 3- 130,017. &)'{1.489.S9l.fl 1 ' (16.8) i5p8.590 li 


mib'VEIilEs 


5.598.0 

3.146.0, 


- 8.0 


3.134.0 

,2.967.0, 


5.067.0 

.2.906-0) 


1.619^ 
1 1.550.0) 


1,447.5 
• 1,356.0) 


-6.7 


589.0 
■ 524.0> 


12.4! 


1.011.5 

(919,0; 


12,531.0 

(11.194.0) 


DIsttLLtltlt? 


\ v : v K- 


1.276.0 

■971.0) 


31.4 


980.0 

■709.0- 


73 1.0 
,430.0- 


295.0 

,246.0) 


436.0 

tl84.0> 


-157 0 


163.0 

-145.0) 


-12.4! 


rt'-ULLs i >. CLJIfcK- 5 76.433.1 -28.4 60.991.6 

69.B4B.7- '44,719.2'. 


42.092.2 

.26,451.3- 


15.197^1 ■ 27.369.2 
-13,645.0) I (11,474.8) 


497.0 , 4.368.0 . 22.5 

(2X4.0) (5,484.0< (12.9) 

'.IS*.* 8.873.4 , * 14.61^3 2^64 7. 3 .~451J241.8 , la.5 
;7. 749.6) i (17.556.fii 1 (389,956.8! ill.Si 


LFIrl i(l 


111.165.2 

-86.549.2’ 


-29.9 69.289.5 
<62.736.1, 


57.415.1 
41. 194.9) 


27.420.1 : 
,22.479.0) 


29.065 7 
(1&30B.&- 


-58.B 


7.109.1 

-5.L49.4) 


<+-38.li 62,409.1 | 345,022.6 20.1 

> , -447.48.1) (310.710.8) (17.0- 



FuOL> 

'lA.M.TAv ILK, 


12 


629.783.1:- 2.3 
>616.677.7 


528.169.0 '473.797.7 
320,022.6) ,470.099. 5- 


226.168.8 232.967.3 
236,498.7) -306.152.3 


• 15.6 56.790.0 - J- 10.7' 073,067.9 ' 2,415.900.0; 31 9 1,109.787 5 
30.406.0)' i246.624.4i ; 2.107.43SA- (24.7) .927.462 6 


Mr. Robert Edwards ha? been 
appointed to the Board of SEA 
GRAM DISTILLERS as director of 
bulk producf sale* He will be 
concentrating on bulk rum sales 
as well a* continuing, for the time 
beinq. the management of the 
company's Speke planL 
. ★ 

• HOGG ROBLXSON \-GROLT 
announce that Mr. J. P. S.' Riddell 
has been appointed director in 
charge of aroup marketing and 
devclonment and will be respon- 
sible for co-ordinating all of the 
group's marketing and new busi- 
ness development. Mr. C J. S. 
Price has been appointed manac- 
lna director of the Credit 
Insurance Association. 


f«.».*d i;ti MUM. 


16.562.0 -8.0 
■ 18.010.5) , 


12,506.7 U.S58.0 4.443.6 .. 6,700.9 

>14.248.5) 13,352.8- j (7,324^1 , (6.944.9- 


-12.: 


2,243.9 | * 40.0 
-1.603.4) 


7.368.7 

■'5.521.2) 


70,371.7 17 5 

(49,232.0) j (28.9) 


15,139 5 
113,141 7- 


NbHvPAI'bllv.lMj 

I'taLlsHKIte' 


19 , 124,144.9 -17.2 101.128.3 
rlOS.936.31. i85.917.4- 


86.698.8 
<72. 109.0) 


42.494.1 j 41.122.5 
1 3 7,82 2.71 1 (31,264.8- 


- 31.6 11.622.4 H4.3' 48,908.8 ( 476,997.2 ; 31-2 ; 120.9381) 
110.168.6" : (38,23 1.4) i, 428.728.4) | (80.0) ^4.640 1- 


PACKAItIND AAD 

I'AI'LN 


91.153.8 1-6 7 
(85,460.2) 


1 66.433.6 
! i67.0B7.5- 


55,515.9 

,46,910.5) 


21,014.8 32.078.5 

(Z3.5B9.8J 1 121.754.0- 


r 47.5- 10.686.0 30.4 44,226.7 ■ 365.911.3 ! 18.2 ,180.234.4 

. ,8.877.9! ' j (34,940.4) (330,389.3) j (17.4) ‘>183.405.21 


STOKES 


9 ‘ 145.974.0 -16.3: 127.899.8 - 116.576.1 61,937.0 | 53.465.0 
<125.499.91 108.228.7, ,94.953.2) (51,266.91 1 '43.35 1.7i 


-r22.8 25.113.8 --8.1 , 43,996.7 710,643.4 ' 18.0 1179,488.8 

(23.236.2)' , (32.739.7) | (597,900.2) | (18.1) i-. 113.989. Sr 


LL'JI tflMr \.M) 

FUUI'VEAi: 


26 62.728.4 -13.1' 50,429.6 : 44,a63.4 : 18.450.6 ; 25.J30.1 -48.7- 6.64E.5 

155.459.31 ' ,45.839. 8) (36.l3B.5l- (18.607. 1) , (16,999. «T^ .(5,078.6) 


••rB.l 


! 2 B. 889.7 \ 224,441.8 ! 33.fi 
I (20,281.0) j (202.697 71 ' {32.3) 


! 118,125.0 
194,775.7) 


ILSIILk-j 


13 


46.900.0 

>40.511.8) 


16.3 36.256.1 . 24.167.2 , 5,578.7 | 17.972.5 
. >27.872.6, (16.962.4) (10.304.8, ! i5.632.7i 


-219.1: 5.038.0 U 29.7 28,067 Jl 261,798.6 ; 14.4 ! 120.098.7 
. [3.875.81 i - .13.830.5) ! (240,701.11 , (11-5) [94.897 7. 


IF'BAFt i » 


204.206.0 

,200.432.9' 


1.9 -171.135.0 129.119.0; 27,945.0 100.860.0 57. 1 39.973.0 •+ 11.7' 92,455.0 ! 1.322,033.0 | 13.9 , 386.704.0 


;:16B 1 098.0) (129.568.0V (65,008.01 1 (64. !95.0> 


,■35.706.0' 


• i58.274.0l .1,119.801.0.. (16.0) 1.326,737 0) 


u«\- a;*d i.i ah ts 


5.821.4 

,5.075.01- 


4.245.8 

i4.212.4i 


3.657.9 : 
(3.627.2/ i 


1.030.3 
■ 1.968.4) 


2.631.9 

,1.652.9- 


-58.6 


477.2 

,427.4' 


m.r 


9.475.7 
1 1.864.51 


17.287.7 , 24.8 . 7,224.4 
(16.255.7i i (30.9) I 18,297 1- 


roiAI U0S6UILER 113 '1,318,946.3; ; 1,232.398.3 1.047.359.1 450.565.3 avi.o.s.i 

ttON-OORABLE 1.40 i. 077. S ;| T BA < 1. 152.68? J)ii953. 705. 1.- ,489. 1 10.6' 427.461.3 


571.375.1 -33.7 178.511.3 • 
(153.027.8) 


16.7 671.691 3 6.668.438.1 
(516.b44.7).i5.809.8B*.6- 


18.5 2.208.781.1 
<19.51 -1.807.019.*) 


LANCASTER UNIVERSITY ‘-Hh.UiC.vL- 
announces the appointment of Dr. 

David Tweed ic. to a visiting chair office euLipuem 
accounting, tenable in the 


18 


1.268. 114.6 -9-2 i 890,035.8 ! 751.355.4 301.540.* ' 4 10.427.8f 83.2' 128. 171.4? - X9.3' 560.572.8 . 6.051.067.6 17.6 1.948,097.1 

3.6) (326,786.01 ,539.669.81 .11 1. 172.0': 1 476.984.0-‘.'4.724.828. I> (17.41 .(l.S 


I1.IU.B74.D1 ; 


,, 823.326.4'), 698, lOO.i 


.939.nc.li 


International Centre for Research 
in Accounting, He is technical 
director of the Institute of 
Chartered Accountants of Scot- 
land and Is resident Id Edinburgh. 
He will visit Lancaster periodic- 
ally, whenever convenient and 
consistent with his commitments 


220,004.2 i 
(166,664.011 


-37.7; 205.685.8 , 166.702.9 : 76.570.8 
(141,703.9) (106.467,0', (56.124.0, 


95.578.0 

-S6.617.el 


68.8' 17,947.6 I- 13.4 92.315.1 . 848,165.6 I 24.2 ; 183.236 .M 
: (15.820.6)' [57.191.31 . r606.545.71 ; ,17.6) 1,182.344 H 


the resources for study and 


in ICRA seminars. 

4- 

Wesrwick. technical 
The Institute of 


Mr. C 
director 


and Wales, has accepted the offer 
of a senior research fellowship at 
the LONDON SCHOOL OF 
ECONOMICS and will resign from 
the Institute in September. He 
will bn succeeded by Mr. R. G. 
U'iUotL the present secretary of 
the Parliamentary and Law Com- 
mittee. 


New Treasury 

w* 

Press Secretary 


MR. PETER DAVIES has been 
appointed Press Secretary and 
head of the information division 
of the Treasury. He takes over 
from Mr. Peter Dixon y n July 24 
Mr. Dixon is being promoted to 

an Under-Secretary id the 
Treasury. 

Mr. Davies. 5t. has a BSc from 
tbe London School of Economics 
nd has worked as a journalist 
on the News Chronicle and The 
Time*. For the Iasi three years 
be has heen an Assistant Secre- 
tary in the Treasury responsible 
for taxation policy 
■* 

Mr. Godfrey Bland ha? been 
appointed managing director pf 
PENTQS GARDEN STORE, the 
retail division or Pemos Garden 
and Leisure Products Group. Mr. 
Bland was previously marketing 
rector of the Dorn ay Foods 
Division, a subsidiary of Mars. 

* 

Mr. Graham Perry hag been 
appointed joint zruun manazins 
director of the LONDON EXPORT 
CORPORATION GROL'P of com- 
panies. 


i-uipei.v 

6 

I 194.796.0 1 +2.8 1 126.793.6 

1 109,416.0) !i 127.266.7) 

77,131.6 

(78.622.4, 

12,145.8 64.423.5 

(31,169.91 ,45,829.61 

1-40.6 19.383.0- +13.8, 104.950.2; 1.423,238.71 8.9 , -8.995 5 
| (17.103.2'; j i 83. 297. 2) !■ 1. 365.248.5'! (9-3) ! (56.415.0, 

11 1st. 1 MU arl RIAL .. 

41 

i 488.112.1 
1(420. 893. 5 

1 + I 6 . 0 I 386.380.9 
.-;329.314.0) 

317.122.7 
-262. 8l0.5i 

149.086.8 • 146.635.7 
(136.666.l--.108.427.il 

-35.2! 50,263.4 >29.2* 188,875.9 2,076.127.01 18.6 1645.827.1 
-38.904.5) 1 .153. 009 .2 ',.<1. 082.1 34.9'. (17.51 492.960 4) 


376 



■*■31.11 606.216J) — 18.9 a. 547. 654^,25.725.466.71 17.3 18,674.120.1 
,-•510.015.7) (2.068.022.9' (23.479 ,83fi. '17.21 ..7.611,283.4) 

INDUSIRIALS 

[-3,273,041.0 

(4,Q48,fi4B.2i ,.3.3M, IBS.*/ 1.680, 78 1.7- - i.5MAUA 

i/I 4- 

5 

4^34.433.7 + 13.0 3.978.220.7 3,665.760.0- 2. 664.037.1' 902.329.0 
■4,013.227.3,; '-'3.S27.7S0.O) (3.271.012. 1) (2.504, 528.0'-, .672, 028.41 

-34.3: 173.903.0 -r 12.6' 1,379. 678^110, 096. 030.8] 39.4 [3.659.646.1 
M54.444.H- (999.322.3);i9.526.46i.3'| (37.0, .,'5.B8>.613.C, 

UA.'tka 

5 

.1.1 19.888 J 
■939.930.0 

+ 19.1 961.294.0 ' 877.068.0 466,166.0 396,884.0 
■ 798.527.0>(730.861.0-;(385.020.0i (521.334.0i 

"83.5 84,460.0 i- 17.8; 466.310.0 >4.838,722.0 19.9 [2.C45.36I3 
! (72.095.0); 1 (385 ,296. O' 1 (4. 23 1.447.0) (18.91 '>1.711. (£2.0) 

UlsC-Ol'M HOI sifts. 
UtkL’tfAM HAVKsff. 

1 

35.687.0 

-13.717.0. 

- 1*S# 

1- - 1 

.... 

-4.871.0 

.■-31.678.0- 

-B4B.J - - , - 33.180.0* - ■ 4.512.0 

1-1 1 — 1 J i51.551.01* »-* «— 3.542.0) 

HllJfc Ml. ki. H (sk 








• 19,145.5. 

.<18.509.8, 

<B-909.ll 

\4.734.9i 1 (4.157.2) 

,2.057.3' i ,2.470 1V >108. 457. SS <L7T, ' ,4 b'290.0> 

lXTLItiX .1 

2 

200.788.0 

'147.468.0 

-36.3. 

‘"-0 

, — t 

[105.726.0 
<-1 -81.361.0) 

■^29.9 07.782.0.'+ 11 8 - 2.068.055.0 .71.431.0 

i33.728.0l , - ,2.723.718.0 ,-) , 36.791.0) 

(>»LlLSM.b ttlO-KtKS 

6 

.146.418.0 

126.996.0 

- 15.3; 124.524.0 
,106.555.0) 

105.396.ol 52.702.0; 47,996.0 
i85.654.0j; (44.399.0) , (38.210.0)' 

+ 25.6 13.716.0 ' + 13-21 54.186.0 527.961.0 j 23.6 60.814 0 

• 12.114.0r 1 1 44.018 .0 ■'(429,404.0) ! ,24 .0>' <74.823 0 • 

IM'LsIUt.M UlCslS 

61 

09.709.5 
• 78.024.7, 

r 13.8 88.659.3 
,77.852-2) 

71.553.5 

>60.140.1, 

27.275.0 ' 42.480.0 , 
(23.240.3) 35.075. 1». 

-21 1: *0.012.2 -- 19 7> 8.LB4.6 -1.670.018.7 1 5.3 J 31.260.2 
<33.418 6 > 1 <1.891.8- !, 1.456.6*8.7/ i5 3' 1. 10.804.6. 

eKL-etun 

11 

103,399.4 
■ 120.347.8 

-14.1 100.641.2. 20.079.1 i 
'.116.93 1.5V, (20.53B.0i ! 

7.536.5 j 6.079.1 j 
■6.377. L> | \9, 15B.71 

-33.6 6.287.9 !+ 14.41 1.224.7 1.336.484.1 ! 7 5 .-.-8.380 9 

>5.498.4) , 5.5584 ,606.640 5, >19.6. 1 ,-7.417 O, 

MlSU KI.\.\.\CIAI. 

3 

- 8 . 110.0 
'9.547-0, 

-15.1 7.375.6 
- ,8.747.6. 

866.5 ! 

-2,008.9' 

2.S30.8 -1.655.3' 

•912.7' — 2.871JI>: 

+ 42.3 405.9 ’-12.0! - 1.655.1 51.276.1 ; 14.4 • 20.733.6 

• (3b0.6) -,-2.752.4-. >74.270.8., ; ,11.8i; (7,881.5- 

lUlAj, tin AJU.1A1. 

9 L 

1.723.37 1.7,- 18.4 1.305.022.4 1 . 03 J. 37 1.77552.455.4. S97.978.3 
-1.45S.97d.0i .> 1.127. 122 J>>903.774.3);(464.884.0- ,454,803^-. 

-31.3 184,956.2 + 16.1:550,795.7 (11.530,174.6. 11.3 12.105.645.9 
<.159.87 1.9)- <436.479.4' ,(9, 672. 130 M (11.7} [[l.fiTMK h 

it BdUi? 

3 

6.715.0 

iS.635.3i 

T 19.2 6.444.0 1 
! (4.58 68; { 

S. 186.0 
,4.357.1, I 

1.773.7 • 3.412.2 > 

, 1.923.5) • ,2.413.6) > 

+ 41 4- 1.263.9 ; + 19.B, 3,180.2 ; 21.468.1 1 25.4 [ 8.592.3 
; (1,054.9) ! 1 (2,161.4) ■ (22,450.5) ! (20.4) 1 (6.477.6, 

1 1 .( 

1 

101.5 

■49.8| 

- Id5.fi 98.8 

1 (47.4, 

98.8 

(47.4) , 

36.0 62.8 

'I 8 .I 1 (29.4) 

-lli.fi, *7 0 -B4.1; 15J9 1.013.8 9.7 Q0.S 

• ,30.5j 1-1.21 1 (1.001.2) (4 7i (60.1) 

1 IN 

2 

5.271.1 

13.366.01 

-S 6 . 6 ' 4.874.7 1 

1 ( 2 . 886 . 0 ) j 

4.B74.7 , 
( 2 . 886 . 0 ) > 

1.071.2 3.03B.8 . 

>858.5, ,1,581-0) 

-92.2' 583.9 +1.7 2.799.2 10.178.5 [ 47.0 . 8,063-1 

' (574.2i (1,442.3) ; (10.115.61 , >28.51 ' (7.047.8) 

•tlribi.L.lAbUl? 

UIMN-. 

1 

327.2 

•369.1, 

-114 299.5 

,343.3, ' 

283.5 
• 355.1- > 

102.2 - 181.3 

.141.5. 1 193-7 < 

-6.4 133.7 -5.0 . 51.1 2,712.3 : 11.0 -497.6 

>127 3.) -69.4) (2,963.41 ! ( 11 . 6 . ■ 3fl5.fr 

■»\ 1 1 £ 5 nb - 

2 

3.887.1 

,2.736.0, 

1-42-1 3.648.8 

'2.495.3, • 

3.B71.B 
,2.278.6- . 

1,836.0 j 1.686.0 
-1.195.0. , .1.083.5' 

r56S 524.4 ' - 33. B- 1.326.0 J8.806JS , 19.4, 3,016 0 

■395.9. . .807.6, ' >(17.457.T. ! .14.51 | 1 1.834.4) 

fuiai. 

CUN UO 01 TIES 

9 

16.299.9 , 
-12.154.2 

-54.1, 14.365.6 . 
>10.358.8- ! 

14.014.8 . 
>9.884. 21 . 

4.869.1 8.080.1 , 

>4,136.6) 1 (5.301.2, 

-58.1 2.652.9 +17.0: 7.378.4 , 54,168.2 1 26.5 1 18.070.3 
'•'2.182.8) ! (4.479.9) > (53.988.11 ! (19.2) ■ (Iff. 065. Jl 


NOTES ON COMPILATION OF THE TABLE 


uiuier ihp Cum- 


in 


Mr. David J. Andrew?, a partner 
Clifforri-Tumer. aikI chairman 
of the International Bar Associa- 
tion Committee on Lav/ Office 
Management and Technology, has 
been appointed chairman of the 
SOCIETY FOR COMPUTERS -AND 
LAW on the retirement of Jlr. 
.Ulan Woods. 

* 

-Mr Geoffrey Belle ridge 


The eliMil'.-.-E-jon !oJo-'i -,-13«9l< :tu; ‘Jirorauu-jn rsauxed 
c» Iftt liuiituie ana la„-ui(» cl Aauan-ss Ac:. IMS 

■vtl-di hu bt-.-n dd opted 0> me d:ucF 

ISsduins*.- D*ib uIQluI Lsi uol - rw« orofltf aefor* lr.:er«s» And 

Col. I (»-, iTdWi« ttrabi^ ulus V. l ? T d , 11 

m«Q( jftd orlier nernu! income pruperu ’ s . ,v] Vl°' r M 

betoRRuia io to> unancJal j«r wincred. ,5“^ mrn!^iiv' ? ^n!''. m l ! x/ J, 1? l0l i l m nr<> -S IO ?.r 
The nsurr strud, before ebarnm *'* ‘■“* fce of 

4cDre>.-)aniiti. Iimr and oU>cr idle real. 

C. rectors' cmolura^nia oud o'.lier Uliu-. 

■aomull^ ■Jioim an tnc proar ned luw 

accounL Uvtluded are oil -i jeauocaj or i Col ' aiv« Prs tes Profit Vmi ir -a 
non-i cL-umii^ items »u-:l< aj for tiamplv ' nai DrollLi, aitvt «il tncludiiiit 

eupunJ ltoHi-j unless rne um.-r anse ia debenuirc anu luan mtrr-isi hut belorr 
£hc ordinary iramaaLtou u‘ bmonefs deauctina laidLion pruii.-ouii juo mjiiurn.- 

Ijer:a ,. ic-Ju'J.na l3:cr!313 - 

merOuMi DiiiiP* riw^uun.' -louses C-->1 I ;ruua<> <,!!! -vrpuf-i* taxation 
inscran.e e- ,1 -lupcir.w ---mpdrues arr including Dominion colnmal and rnreisu 


, Batdta uu ncure Ue tliowa bncHUS' 
of dun-iliai'k-sure ,*>ee .I'onKuuut cart,- 
icraohi 


rf.ludis aaju-iimenit r»l*iiTU! t? pr?-*» Co! * conir-rurM fhe w*t n*« **» ott*} 
»«n. emolored. Tbu u m« loul of ne: Brrt 

■ .ol s 9'e-i me net prod;* accruir.s or, assebs— tixcluduu liUaoBlbla-i Mich o 

equits uaiiJifJiJ aliw nt.-cEine— tuodw III — plus iiirroni a?sett lew eiwrent 

lUnorto 1 mtercsu UabUlru-a. except ban* overdraft*. 

J-.VU prior cbarae^-jiiniajui SUM Mg- . - 1 or merchan- bonk. .n4 ***** 
uicms. civ . and Preference. iUi idendg nausea a mors n-xUsu flsur* to buoio w 
“ J ri (bo balance-fbeer roul 

Provision* for snd *mploj«» cal » repxoenu Uk* m rerur" "• 

jouswns fun-i. wtar# ihi? u a capital employed crH. : as a pnceKM* 

■undard annual charue aKJin.f oei 0 f ■_ (l | , nrovidoa id indleariwi "f 

r«\eaue ‘ average proriubdib. 

• .■•I n w’(* mi) ill® ner ,o.i K dm. , __ . _ . . , . 

d-, 1.1 ui, cquu: - jpiiel » Elrfudm* tii’irhan: h*nka. AHetvA 

> ul ; ia 'he eaciial penerated internally Opuses, insurances, efc. 
mt-r a year's imdinc Far uie ouriwye , i 1 No (icnres wven 
•■( ..onipiirlMn equiry ramlnas PIUS deprr. : Col. Ill nef current af*M* ara arrCvA 
in-inn less >;quiu- dividends is ffw- ret-uc- • at by rbe fir action of eurrUH liabjaao* 


vxenipied trom aj?i,as..ls Ute lull iijbitif). a:, a flttur; in* ormtsinns bm ru.®a niethod of rompunna tht* flmr® wid or«n-non trom current iumx 


Laboratories 
plan by Fisons 


Highlands and Islands 
£1.5m factories plan 


Hotel planned 
for Orkney 


FINANCIAL TIMES REPORTER 


ANOTHER IT .(in: will be spent 
■ ■ . . by F iso □!,- agroeheiiucal division' 

«TB*Avrw rmroitw" ^ “V- «? E 1 i ' k " during the next two j ears on new ; 

maricn ^rtnr^-ri^-r * 35 laboratoriei fnr ilo applications. THE Hlghtiands and Islands Dp- square feet lo be allocated mainly i by a consortium of Orkney 

formulations and re-proparations: velopnient Board is tu invest in rhe smaller towns.. \ Shetland businessmen who 1 

Mr «; u n - m ^i. K --„ departments. , £1.5m in creating an additional 

Mr. S. Homcastle has been &4.000 square feel of factory 


A NEW 60-bed hotel with 
facilities For conferences and 
functions is planned for Orkney 

and 

j-aueiiHciu uuuuiwiueii wnu bate 

Factories of 6, OOP square feel j concluded negotiations to buy a 
are planned at Fort William, property in Kirkwall, 
area over the oesi Wick, Alness, Naim and Rothe-I The Orkney Islands Council 
sa;. Two of the smaller units will i yesterday approved a loan , fnr 
caiule. union di&trici officer ai development and scientific ser-’ The scheme involves two types be built at Krikwall aod indi- the venture. The building, onr# 
Haverhill or rhe Transport and v >ws capacity at Cbesterford : of building- advance facinries uf ndual units are planned at Ulla- 1 u mill, was used for Army billet.? 
General Workers* Union, succeeds Pari research starion. Saffron - 0.000 square feel for some of *hs pool, Kyteakm (Skvei Gran inurn- J during the Second World War 
H Ray. <?f thu? union, who W’aiden. E;?~ex. and in testing area'? laraer pomiUtion cenires on-Soe v - Lochgilpuead, BaUach- j and la rer became an egg packing 
hu relinquished hi* uejmJbership stations around the world, land advance workshops of 2,000 uhsh u dTain. I station. 


* 

Horncabtle lias been 
appointed to the AGRICULTURAL 


This Is in addition to a £4-3nr 
programme announced id -May! 


TRAINJNG' bOARD far" the" period programme announced id May J space in Its 
ending March 31. 1960. Mr. Horn- l9i 1 ** d o u Die the basic research, [ three years. 







t 

li 


The F.nuneia: T;me? sacs below the tahfe .if s-Ampany orofii? and ba! a nco-»hwt analysis. Thi« enrerv the rwults f;«?h th« 
arecedmg year's comparison in brackets* of 4S1 couipanicp whose .iocount _>f*ar endnd in the period between October la. 1P7T. and 
January 14" 1B7S. which published their reports up to the end of May. 1975 (Figures In iTOO.i 


520.605 7 
-379.456 11 


(28,674 1 
144.021 7i 


693.875.4 582.056.9. 225.460.7; 334.057.2 ' T 2B.6 100.551.6 - 27.5 582.031.7 1 4.227.951.31 16.4 l.786.10;o 
660.992.21 (547.51 8. 6- 1 270.654 .9 W257. 707. 3- ' 78.981-3) - 3 17. 822.0V- 3.946.07 1J, <16.7) il.BfB.OMn 


’ f/lil 

-•li a 


■ 



V bi 


Financial Times Saturday July 8 1978 


THE WEEK IN THE MARKETS 



N o demand for equities 


S ™®panies which have yet to before the end of 3970 and has 

after an npeninTday ^hen h" are seen his Profits rise from 

Min. zyj* _™ en bar - not going to be so happy. £47.000 to £828,000 over the last 


fewest level forbore ThiSf paym * nts ar ® ? ased ; a . rbi ' five y ears - In the current year 

after there was S - Ther t the market eapitalisa- he i s forecasting profits of £ljm 

i» stimulate Tnv Jmem ^ “ mpany “ ^ hopes ° Ter the longer “ m 


especially after the miners had 
P»i in a claim for a 40 per cent 
increase. The decision by 
\\ E p not to seek a substantial 
dividend increase came as a 
further blow on Thursday and 
the account closed on a very 
quiet note. 


LONDON 

ONLOOKER 


MS 


to open at least three new shops 
t totalling 100,000 square feefl 
per annum. In addition, it is 
intended that dividends will 
move in line with profits during 
1979-80 so shareholders should 
be able to benefit irom the early 
growth period. 

At tbe issue price of 55p the 


Swan 


on song 


the sir months up to February 6 * C “J 1 wh l? 

1974. That's fine for Swan 15 . c °? ,tortaW,r ab ? ve *. he 



Trading volume slips back 


of 30p per share or more 


For Swan Hunter share- Hunte *> which happened to be 
holders, the agreement is one ^P^sed at about £16im dur- ra * h * r h ?oh e^Siaiiy tjnee the 

?a*r? liqui^tion^of^the 1 easting S^^tuTfSn for a giip ?£££?££** ma, ? etat the decision to- choose modera- per cent and Standard a 40 per 

E 2 rs 

«'ih alnn^ wSh s “ rpl " s ! he £■“*. so veil and political climate GEC is a big only made employer^ improve 

continuino 5 s „_s ■ ^mv Cartier, himself, intends to enough fish for other companies the existing benefit levels, but 

shouM hannpn in ih^f’ J^ 118 ISSUe hold on to his 52 per cent stake to follow and a substantial it stimulated manual employees' 

At present! the This week saw the announce- for the * or ? seeable future which dividend increase would upset interest in pensions,, 

hare net cash of ^? U £iuS? « raent of another new issufe from Is a S° od sisn. government plans at a time Rising house prices since the 

J50n ner share nii.7«. ,1.7 rhe Robert Fleming stable— . r , "’hen h is trying tu persuade turn of tbe year have given 

- - P ’ p nA asse . ts Cartiers Superfoods. It will GEC dividend the unions to moderate their 'individual life business a shot 

nkAkoki.. i~ _ ...ii... r* ti'eao ffomonrTc An inlViriiiincv t v* tlu> arm L &*IK1 G has S6CD 

jump in premiums 

“ V - “» s ° me of that b"n; rtllh, su£ lhn especially after the whether^there 'has^beeV'subtie n^Tad'stVada^'ale'Sr cem 

rise. Life companies need new 

- 01 , ca * cu a ^ n ® J 10w tbe the High Street price war is hit- *h Ve f? l ?5 nt • .. 1,mjtatl0 2i? on meantime sharholders have to business to rise at least in line 

Z% T"e new SnTswan «Vtff SS - JnEi". a^L^esTaT a£? “ ran,ent with a •“> «■*» * ■«« Presage 

Hunter ^up. ^he presTnt T <?™ -OJainsbu-J. „ , . TuZeViroT^t ,7*17* g«™ a mere 26 fZL 

market price of 140p looks a Cju j t,er ’ f0 ““ d "' ,eft in a year when profits were 17 eDL JJJJL v irwSf Hke nro^i 

reasonable compromise for the Mry “** qualified as a per cent higher at £325.3m. year f-^ Ures °° k hke pr ?S d ‘ 

time being. butcher in 1964 at the age of Whatever happens to official 7 ~ 55J, w??? 

c . ^ ... 18. After working m the dividend restraint after Tul v Life figures ?ru ’ a . Itbough weak ,n **5 mar- 

Swan Hunter must be tickled butchery trade in Devon for the directors said thev intpnded’ w ^ ia j-i • ♦, ^ e,; ^ so saw a 44 P* r ^se 

pmk with this week’s agree- four years he returned to bis £ kSTta uS wffi ^ohase S k"® r° U }f in individual business having 

ment on compensation for the native Kent, borrowed £500 to three fn^eaS of lO ner cent CastJe ' ’ J- e 7 l f f changed the remuneration basis 

nationalisation of its shipbuild- buy a van, and set up a flourish- SET. 2SK “ self wwger. m Uie role of chief sales of its field staff ^ ^ 

, na business. A price of £15m_ i ng door-to^loor bp.rt.ery round. SSSSnln" taSS « *on re P rese "> a ’ a '". Eor ,he ™ «'« ' 


GEC dividend 

Z™ b \2l^ o0 Z r Jr* T 'SStJTttdX 

? SSEST* "r s r.? hundred S£, ZL&Xl ^ policy of its own accord, or on mort^c . 


tftS ffWjSKSK funds wh P |— fd ’EM , " toW - Y6t ■b* 


emphasis on premium. 


no difference— lnnke hie cw k- 7 TTU,,JU «*»»«= Social Security Pensions Act, THE TOP PERFORMING SECTORS 

cenerous considerino “ho. hw liver looked S ^ ,ei 1975 - which berame law UIbier IN FOUR WEEKS raoM Jy. NE * 

hannnn.ori tho . nas 1 i00K ea Dacic. WTule shareholders might have her tenure of office as Secretary 

S "i ldustT y i “ 4» e Today aged 32. he has 11 expected past anomalies to be of State ^for^ siSl SerriST h?s Newipapen. Publishing 

last j ear or two. But some of the shops with another five open in S corrected as soon as possible, prorided a ^narS fo?‘ 

— ^ industry this year according to Discount Houses 


MARKET HIGHLIGHTS OF THE WEEK 



Y’day 

Price 

Week 
Change an 

High 
• 1978 

Low 

1978 


Ind. Ord. Index 

455.6 

- S3. 

497J 

4334 

Persisting uncertainties 

Bassett (Geo.) 

119 

-15 

157 

119 

Disappointing preliminary results 

British Dredging 

41 

+ 5 

41 

21 


Bulmer (H.P.) 

120 

-10 

157 

1144 


Carpets International 

564 

+ 8 

56* 

394 


De Beers Dfd. 

376 

-20 

412 

285 

Profit-taking after recent rise 

Econa 

91 

+ 19 

94 

S3 

Agreed bid from Newman-Tonks 

Eucalyptus Pulp 

57 

- 8 

70 

55 

Disappointing annual results 

Guthrie 

362 

+44 

362 

211 

Perisiting merger speculation 

Hende rson-Kenton 

90 

+ 8 

90 

63 

Good preliminary results 

HK Land 

1864 

+ 94 

193 

87 

Domestic market trend 

OH Exploration 

210 

-20 

306 

178 

Withdrawal of spec, support 

Shaw Carpets 

38 

+ 7 

38 

20 

Pleasing annual figures 

Southern Pacific Petroleum 

225 

• +30 

300 

50 

Govt, drops resources tax plans 

Stewart Plastics 

152 

+ 12 

153 

108 

Speculative demand 

Swan Hunter 

140 

+ 13 

157 

125 

Nat. compensation terms 

Thermal Syndicate 

95 

-19 

137 

95 

Interim profits setback 

Yosper 

170 

+ 10 

181 

135 

On Swan Hunter nat- terms 


Change 
+S.8 
+1.2 
+0.6 
+ 0A 

the half-year's new business Stores +0.1 

figures from Prudential, Legal Toys and Games —02 

and General and Standard Life THE WORST PERFORMERS 


— the big three in pensions. All-Share Index 

The Pro reports a jump of 70 SSS£ nment ’ Caterin * 
per cent in new annual g^eries 
premiums on its UK pensions Tobaccos 
business, L and G a rise of 55 Shipping 


—3.1 
- 6 .0 
-6J> 
- 6.1 
-6*4 
-7.9 


cm 


1000 


900b 


800 


700 


600 


500 



1974 


1975 


1976 


1977 


1978 


u SELL IN May and go away ” 
is an old adage of the London 
Stock Exchange which investors 
on Wall Street might have been 
well advised to heed this year. 

Those investors who rolled 
with market from its February 
low on the Dow Jones index of 
742.12 to its June 6 high of 
866.51 have spent the past four 
weeks coasting back to the pits- 
As the July 4 Independence Day 
weekend unfolded the question 
on investors minds was could 
the market hold up above the 
800 level at which point it would 
only have surrendered half of 
its spring advance. 

So far tbe averages have 
shown enough resilience to pre- 
vent widespread despondency signs of institutions starting to under some pressure an the 
gaining a firm grip. Neverthe- dump big blocks of stock on foreign exchange markets, there 
less the volume of trading after the market again. is the uncertainty of this 

the record levels achieved in Indeed big institutional fund month's ecunomic summit in the 
the spring quarter has slumped managers can draw some com- wings and interest rates arc 

fort from the overall share price showing no signs of peaking. 

— trends in the spring. Thus while Moreover the administration has 

the Daw Jones average in the conceded that inflation this year 
second quarter rose 8.13 per cent will be about 1 percentage point 
and the Standard and Poors 500 worse than it bad previously 
index 7.08 per cent some of the forecast at 7.2 per cent, 
shares of leading companies in 
which institutions have heavy 
holdings performed much better. 

International Business 

to a degree which scarcely sug- Machines for example rose 
gests that investors are about 9.2 per cent. Eastman Kodak one 
to shake off their gloom and of the worst performing of the 
send share prices soaring again, former glamour slocks rose 26.3 
Through April and May daily P er cm- Sehlumberger was up 
trading on the New York Stock 24.7 per cent jind Proctor and 
Exchange averaged around 35m 1 . Gamble up 16.7 per cent. In per- 


NEW YORK 

JOHN WYLES 


s on average been no more and Playboy, some of which 
than 25m shares. On Monday doubled. But in terms of in- 
trading sank to only 11.56m creased value of market capital- 
shares — the longer the July 4 isation, rises in shares Jike IBM 
weekend the better dealers arc far from significant. IBM's 
seemed to be indicating. rise for example increased 

The optimists on Wall Street its market capitalisation to 
__e saying that while the mar- $3JJbn. JResorts capitalisation 
ket has retreated in June the rose $125m. 
spring rally was at least a But if the performance of the 
psychological turning point To major stocks will help to 
the extent that it reminded - in- support the market it is already 
vestors that share prices can clear that perhaps the most 
go up as well as down and just investors can hope for in coming 
as quickly that is surely true, weeks is a modest rally. 
Moreover so far there are no The dollar is once again 


Wtbitm Publication* 
Wemrn Bros. 


_52_ 

116 


+ 8 


52 


231 Bid hopes pcriiit desp i te denial 


+ 19 


116 


56 


Increased offer from Glossop 


On the bright side 


THROW OFF your hairshirt — growth prospects. The cult of in the election. And South 
glamour is back. This is the the equity has by no means Africa, which is not on our 
message that the stock markets « turn «? with all its earlier Mile .has risen about 14 per 
of the world have been sending strength, but the stones of its cent. Its stock market seems to 
oui since sDrinu death are now seen to have he coming more insulated as 

— Ti lt! wor ]d index as cal- ieea greatly exaggerated. every nervous overseas investor 

’ eulated bv Capital International This story does not hold good who ever invested there must 

-- rr'L’h 1 r-sE r«“js!irts rr? ° u \r 

sideways u™«. And — >o„ S er ,o 8 et over the b^^^u.^n^^ndon^e,,. 

A most intriguing market. 


WORLD WIDE 

JAME5 BARTHOLOMEW 


which also falls into the “politi- 
cal” category, is that of Spain. 
It has been engaged in the most 
spectacular nose-dive for the 
past few years but in March it 
started to show spirited signs of 
resistance. The Central Bank 


the new upward trend is 
characterised by the glamour 
stocks and stock markets which 
have been under a cloud for so 
long. 

The Top performing market is 
Hong Kong, re-establishing its 
positiun as a “ warrant on the 
world." Singapore and Japan ml trauma and are still going ^ Mid w have been behind this 
arc other top performers; So through the kind of economic and the question now is whether 
last year's pre-occupanon with anguish which w_e know all too ^ ^stance can be followed 
yield has pone by the board, well in the UK. The stock As the yield is 9.6 

These throe high-growth areas markets of these countries are p pr jmd Spain is one of 
an* amongst the lowest yi elders still back in the recovery P“? se the fastest growing economies in 
at 3.9. 2.7 and 2.2 per cent and hairshirts are still the order jj; ur0 p e jt may be worth taking 
respectively. of lhe da y- ... a small gamble on It. 

The top performing sector The main case in point is For tbe first six mont h s 0 f 

worldwide is that erstwhile Italy, which David Fuller of ^ ye3If the British inter- 

qrnwth industry, airlines, with Chart Analysis considers to oe na tional investor could not fail 
a rise nf 26 per cent. Trailing at the same sort of stage _as t0 we n i as i on o ^ be in- 

m its wake are other darlings Britain at the close of 1974. Tne vested direct Even if, by some 

nf the late 60s and early 70s, market there has already risen unhappy eccentricity, he chose 

ho.nlih and personal can*, con- 17 per cent this year to to put all his fortune into 

>i ruction and real estate and fourth in our league table. And Norway — which fell 11 per cent 
bidding companies. that master wizard of bull — he will have been saved by 

ThijT new- development sug- markets. Mr. Alan Whittome the rise in the investment cur- 
... Ms "iimt the traumatic effect of the IMF. has been over there rency premium which has gone 
,Viiu* 1973 nil crisis is at last to work his magic spell. Since from 32 to 53 per cent. And 
hein" played °ut- The major Italy is still 72 per cent off its if the 3 per cent fall in the 
r.-.jnoniies have cume through all-time high, one could be Swiss market has failed to 
i hr soviTr recession while their forgiven for thinking that it please,, the one-tenth apprecia- 
shvii" markets have been still has a -lot of upside tion of the Swiss Franc has 
through boar markets followed potential. provided consolation, 

i r "verv But now these Completely different kinds of But portfolios which were put 
ni-irkets appear tn have gone markets arc those which are into Hong Kong have jumped 
... _ { U nlier stage of conli- dominated by politics. The 24 37 per cent and 21 per cent in 
rirm-e and are finallv willing to per rent rise by France this th e test month alone. The 
, vend the next few divi- year is obviously a reflection nf fashion for glamour is catching 
,-ments to longer term the victory by the centre-right on. 


Monday .. 
Tuesday ., 
Wednesday 
Thursday 
Friday 

.... S12.S9 

Ind. Daj 

. . . Sll.i.79 
... 807.17 

.... 812-40 

— liJIG 
t Hoi. 
-7.10 
+ 1.38 

+5.29 

U.K. 

INDICES 

Average 

July 

June 

June 

week to 

7 

30 

23 

FINANCIAL TIMES 



Govt. Secs. 

69.39 

69.18 

69.67 

Fixed Interest 

71.27 

71.23 

71.97 

In dust. Ord. 

454.2 

456.5 

459.0 

Gold Mines 

159.3 

159JS 

1623 

Dealings mkd. 

4.346 

■4.309 

4.728 

FT ACTUARIES 



Capital Gds. 

208.49 

207.93 

210.81 

Consumer 




(Durable) 

191.47 

19123 

195.53 

Cons. (Non- 




Durable) 

195.53 

19522 

197.47 

Ind. Group 

203.98 

203.93 

206.48 

500-Share 

226.68 

226.76 

229.05 

Financial Gp. 

15526 

156.64 

159.95 

All-Share 

208.62 

208.70 

211.40 

Red. Debs. 

56.71 

5729 

5736 


I 


mSa 


m 


‘PC 


dend pay 


HONUf.O'ilf 
37-0 '•iNi,AW-F 

rFft?; 

33 2 , F 


343 




WORLD STOCK MARKETS 

PBrcenta^ ohiage since Jan 1.1878 


IfrS 



MS 

13-2 

— 








- 

■- 



- - •“ 



WOflLO 
j CANADA 

' BELGIUM 

NETHERLANDS 

AUSTRALIA 

GERMANY 


o 



°: a i< 

.USA I 
AUSTRIA 

SPAIN 

(HiNMARtC 
UlflTEO KINGDOM 

<i SWnZERLANO 


SIMM ON* 


Save & Prosper High Return Unit Trust aims to provide investors 
with a high immediate income. At 5th July 1978 the estimated gross 
starting yield was £8.66% p.a. The fund also offers good prospects of 
income and capital growth in the long term. 


“■SfcBSttS- 


With the improvement in economic 
activity in 1978, corporate profitability is 
likely to improve and this could well be 
reflected in further dividend increases. 

The fund is currently invested in U.K, 

.in 


Past performance 


High Return Unit Trust was launched in 
1964 and has increased its distributions year 
by year, last year’s distribution being more 
than three times the amount £aid in the 
fund’s first complete year. This record is all 
the more impressive as much of the time some 
form of dividend restraint has applied. 



Furthermore, from the launch of the 
fund to 5th July 1978 the offer price of units in 


the fund has increased by 178%, compared 
with a 100% increase in the F.T. Actuaries 
All-Share Index over the same period. 

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

An investment in the fund should be 
regarded as a long-term one. 

Investment prospects 

Income prospects will be deter min ed in 
part by whether or not dividend restraint 
continues after the end of July. If it does not, 
tbe fund will benefit from a number of 
companies being able to increase 
significantly their dividends. Even if 
restraint does continue, we are confident 
that High Return’s excellent income record 
will be maintained. 

In recent weeks share prices have 
shown some stability and although this 
could be unsettled if a General Election 
occurs in October, we believe that over the 
longer term the increased level of economic 
activity will provide a favourable background 
for equity investment. 


Britain^ largest tmittnistgrotQi 

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 

£875 million for 700,000 investors. 


Current 


gross yield 


How to invest 


To make a lump-sum investment, please 
complete and return the coupon below, 
together with your cheque, either directly or 
through 3 r our bank, stockbroker, solicitor, 
accountant or qualified insurance broker. 
The minimum investment is £250 or £50 for 
subsequent purchases. 

We will acknowledge your application 
and will allocate units to you to the full 
value of your remittance at the offer price 
ruling on receipt of your application. We will 
normally despatch a certificate within 14 
days. 

On 5th July 1978 the offer price of units 
was 69. 4p, giving an estimated gross starting 
yield of £8.66% p.a. 

If you require any further information, 
about the fund please consult your 
professional adviser, or contact our 
Customer Services Department at 4 Great 
St. Helens, London EC3P 3EP, telephone 
01-554 8899. Advisers requiring further 
details should contact Save & Prosper 
Services on 01-S31 7601. 


GENERAL INFORMATION 

Trust aim. The aim i& to provide 3 portfolio to 

achieve a hi-h income from suxrlca aad shares. M 

Units on easy to buy. Units may normally be Loosht ■ 
and aoU on any working day. However, in escwUonal J 
circumstances the Managers reserve the ripit 10 tusiraadi ■ 
prico quotations pending ibcir revaluation. Current puces . ■ 
am quoted in Uae leading newfpapers. 5 

And to sen. The Managers will normally buy tocU units, ■ 
from reffibtered holders, firc of commission. “** ■ 
than the Wd price enlmlflial on the day JV3W injunctions mt 
an received, in accordance with a formula approved ■ 
by the Department of Trade. They may also be solo back | 
through an authorised agent who is entitled to cnaq» 
conmurcioc. Payment is normally made within seven ■ 
days of oar tecei ring renoun ced c er ti fl caiefrl. §4 

Safeguards.' 

State for Tr 

the Trustee — , 

Scotland who holds the title to the trust's investments on 
Hobfllf nrihn nnithnlriur g. 

Charges, 
service c] 

adjustment — — ™ » a ^- -r 

this, commission of (ulus VAT where applicable) 
will be paid 1 to banks, stockbrokers, splimton. 
accountants and qualified insurance hrok«* Oa 
applications bearing their stamp. In adaiUou. » 
half-yearly charge, out of which Managers* ogKfa sea ana 
Trustees" fees an met, is deducted from the trust s? 


Application for a lump-sum purchase of 

HIGH RETURN UNIT TRUST 

To: Save & Prosper Securities Limited, 4 Great St. Helens, London EC3P 3EP. Tel: 01-554 8899, 
Registered in England No. 788728. Registered office as above. 


! wish to invest 


This chaise is currently IB. Tip per £100 po 

VAT it payable maWeg a iwt "! deduction of atap 

per £100. 

Income. Dfebribotions of set income C£« 9“ 

38«h February and afth Auirost each year. Tbase can be 
reinvested in further un it s if you wish. 

Managers. Sat 1 * At Prosper Securities Limited fit 
member of tbe Unit Trust AssoctatianJ. 4 Gr«« s*. 
Helens. London EC3P3EP. 


(minimum £250, or £50 for existing unitholders) in 
Save & Prosper High Return Unit Trust I enclose a 
cheque for this amount made payable to Save & Prosper 
Securities Limited. 

.Surname 

(Ml/Mg/MiSS) 

BLOCK. LETTERS PLEASE - * 

Flat namafil 

Addles* 



I declare that 1 am over IB and am not resident outside the UR or 
other Scheduled Territories and that F am not acquiring tho above 
units as the nominee of any person outside these Territories. If you 
are uneble to make this residential declaration it should be deleted 
and the form lodged through your UK bank, stockbroker or solicitor. 
This offer is not available to residents of the RepubOe of Ireland. 

Signature 


Data 

Emthg High Return Unit 

Tiwtunhhotaeis 
please tick hem. 

If you would like dbtt&utions 
ot income to be reinvested irt 

rurttaurtuptaSBtfckhtfft. 

ffyou would nkedeMls of 
otif Share Exchange Plan 
please tick here. ■ 




lVE & PROSPER GR 






6 


TOranri^'Ttmes Saturday July }[ 


FINANCE AND THE FAMILY 





Adverse possession 


BY OUR LEGAL STAFF 


No' legal responsibility can be 
accepted by tile Financial Times 
for the answers given in these 
columns. All Inquiries will be 
answer erf by post as soon as 
possible. 


My soa bought his house 10 
years ago. Some years before 
the previous owner had taken 
over a strip alongside the 
garden and fenced it When 
can he be sure if this piece of 
land Is his property? What if 
the owner were to tarn up? 

The period of limitation under 
Section 4 o.: the Limitation Act 
1939 is 12 years. Provided the 
possession of the “squatter" is 
adverse to the true owner, as 
your son’s and his predecessor's 
appear to have been, the true 
owner's titlu will have been ex- 
tinguished i under Section lfi of 
the Act) wire the combined 
total of continuous adverse pos- 
session reached 12 years. 


advisable to take this claim 
to court? 

On the facts which you state 
there would . appear to be a 
vahd claim by the daughter. 
We cannot say whether it is 
worth pursuing the claim with- 
out knowing the value dif the 
property. If the estate is not 
greater than £15,000 a claim 
may be pursued in the County 
Court and the cost of doing this 
would not be unduly high. 


would be granted, however, 
only in special circumstances. 

3 — It is possible that permis- 
sion would sot be granted, 
otherwise there would be no 
point in requiring permission. 

4 — Normally, overseas funds 
can be transferred if permission 
has been given for them to be 
retained. 


5— Overseas funds are' liable 
to both Income and capital gains 
tax. ' 


Return from 
abroad 


6— An external account can be 
kept if fed from external 


.sources. 


Valid claim 


for furniture 


Parents died in 1947 leaving 
goods and chattels to their 
only daughter. She and her 
unmarried brother continued 
to live In the family home 
until 19G0 when she IcfL He 
died last year. The lady 
lodged a claim against her 
brother’s estate for the 
furniture and personal family 
items. The executor has 
refused to comply. For proof 
of her claim the wills or her 
parents can be produced, also 
two witnesses who knew the 
family home and know that 
the furniture was in her 
brother’s possession until his 
death. Would you consider it 


A British citizen ret u rn s to work 
in the UK after living abroad 
for eight years; 1 — Is he 
entitled to keep his overseas 
capital (accumulated during 
those years) Where It is? 

2 — Does Bank of England 
permission have to be obtained, 
and if so. how? 3 — Is there any 
possibility of permission not 
being granted? 4 — Can -Hie 

overseas funds subsequently 
be transferred at will from one 
overseas investment to another? 
5 — Arc the overseas funds liable 
to UK capital gains tax and 
income tax? 6— Can a U.K. 
external bank account be 
retained? 

7 — Is there a publication which 
answers these and similar 
questions? 

1 and 2 — Bank of -England 
permission has to be obtained, 
either direct or, probably 
simpler, via your bank to retain 
investments abroad. Permission 


7 — No. The practice of 
exchange control can only be 
determined by the bank. 


Registering a 
transfer 


I try to transfer shares to my 
family on a do-it-yourself basis, 
but have had difficulties .with 
registrars, who require an 
agent’s stamp for exchange 
control reasons. Ibis involves 
me both in trouble and expense. 
Can I not somehow make them 
register the transfer ? 

We agree that it is the doty of 
a company to register a transfer 
of shares which is properly 
executed and stamped. If you 
were to offer a statutory dedara- 
tio nas to the Exchange Control 
position with the transfer, you 
would be in a position’ to compel 
registration. - . ’ • 


The house of a bankrupt 


Due to III health, l was made 
bankrupt last year. I have a 
wire and fonr children. As 
soon as I was bankrupted, 
pressure was. and is. being 
applied for me to soli my house 
and now my building society 
will not accept my payments 
and have issued an eviction 
order. My hearing is six weeks 
ahead, what can I do? Does 
the eviction by the creditors 
trustee rest on the hearing? 

I can, K think, pay off the '* 
bank and the building society, 
by means of a loan to be made 
to my wife, thus enabling. her 
to own the house outrir.ht. Can 
this he done? Does the trnstee 
act for the creditors only and 


can we ask for a new trustee? 

Do I have a right to a copy of 
the statement of affairs? 

You do not need to yield to the 
pressure which is being put on 
you to leave your house if it is 
the family home, provided that 
you can make .a realistic offer 
to pay arrears of money due 
on the building society mort- 
gage and instalments as they 
become due. You cannot be 
evicted without a Court Order, 
and the court has a discretion 
to adjourn the case to enable 
you to pay off arrears. You 
should attend at the court hear- 
1 qs and explain what you have 
paid and what you have 
tendered, and show what you 


can now pay. The creditors, as 
opposed to the building society, 
will not normally be able to 
evict you unless it is shown that 
you are maintaining too extrava- 
gant a home. The trustee does 
act primarily for the creditors. 
You should consult a solicitor 
who is - on the Legal- Advice 
panel if you wish to consider 
methods of paying off the -mort- 
gage loans through a third 
party. You are entitled to a 
copy of the statement of affairs, 
but cannot require the appoint- 
ment of a new trustee as of 
right As to obtaining an 
adjournment of any proceedings 
we can only repeat our advice 
to consult a solicitor. 


SUPPOSE YOU£ax* travelling 
on - the continent with your 
family in your own car which 
is .laden also with personal be- 
longings for holiday use. You 
leave your ear properly locked 
while you all have a meal and 
on your return you find that 
it has been broken into, with 
cameras and. other portable 
iteins stolen. When you get 
home you put In a claim under 
your holiday travel policy for 
the cost of replacements, this 
cost, being well within that 
policy’s financial limits for lug- 
gage and personal possessions. 
Some days later you get a letter 
from insurers accepting your 
claim in principle- hut referring 
you to a policy condition in 

tWfce -tenys:--- 

...“If at the time the claim 
aJ4se& .-.thine is any other 
insurance covering the same 
risk or any part thereof the 
Company shall not be liable to 
■contribute more than its ratable 
proportion of the expenses 
costs loss or damage. . 

Insurer's letter' goes on to 
say something on these lines — 
Have you a motor policy or 
any other insurance covering 
this loss and, if . so, ha\ r e you 
claimed for this loss under such 
policy ? . If not will you now 
please do so. so that we can 
each pay our own' share of your 
claim.” 

This kind of Iqtter brings the 
return traveller face to face 
with one of the fundamental 
legal principles of insurance — 
that where there are two or 


Surprise 


il 



more policies of indemnity 
covering the same person and 
the same risk then the policy- 
holder cannot decide which in- 
surer shall meet his claim — he 
must put that claim to both or 
all of them. 


• There is no argument that 
Insurers are completely right 
in emphasising the established 
law by speciSc policy condition 
and., then applying it appro- 
priately _to daims that are 
made: but it comes as a nasty 
shock to the returned traveller 
to be told to claim for part of 
the loss on las motor policy— 
because in so claiming be faces 
the loss of part or whole of bis 
no claims discount on his motor 
policy at next renewal — the 
precise amount .depending on 
his motor policy terms and his 
current NCD entitlement. There 
is no. escape from this situation 
except that tf the policyholder 
wants to keep his motor NOD 
he may have to agree to a pro- 
portionate settlement of his 
loss with his travel insurers, 
proportionate to the amount of 
their financial responsibility 
had he presented his claim to 
both insurers. 

Keeping with the holiday 
travel policy, there is, in all 
holiday packages, a section 
which provides personal 
accident cover. This section 
promises the payment of pre- 


determined' amounts for death, 
for particular kinds or injury, 
and for total disab l e m ent. 
Insurers' liability to pay the 
promised -amounts is unaffected 
by the traveller’s holding of 
other persons! accident cover 


INSURANCE 


JOHN PHILIP 


whether with other insurers or 
even with the same company. 

The same however is not 
true of the medical expenses 
cover provided in holiday in- 
surances: such cover is pro- 
vided on an indemnity basis, 
with insurers paying out on 
production of the bills and 
accounts that the policyholder 
has incurred. So the principle 
of contribution applies to 
medical expenses claims and 
this can be important, for often 
some medical expenses cover 
is provided under annual 
personal accident and disable- 
ment policies while limited 
cover is afforded under most 

comprehensive ’’ motor 

policies. And that, brings the 
claimant back to the NCD 
problem. 

There is one possible excep- 
tion to the rule or non-contribu- 


tion between " benefit " policies 
— ah exception which does not 
depend on underlying legal 
principle but on specific policy 
conditions. The holder of a nnn- 
canceMable permanent health 
insurance will almost certainly 
have a clause in his policy limit- 
ing insurers' obligation to pay 
to a specified percentage of his 
own average pre-disablement 
earnings: the specified percent- 
age is often in the range of 68 
per cent to 75 per cent In 
determining, their liability; 
insurers take into account other 
PHI and disablement benefits 
due to the policyholder and 
perhaps even benefit payable 
under the state run NH1 
scheme. So the- policyholder 
claiming personal . accident 
benefit under his. travel insur- 
ance and getting that in full, 
may find that that payment 
diminishes the . amount that 
would be otherwise due under 
his PHI policy. 

With indemnity policies it is 
straightforward enough for 
policyholder and insurers to 
agree that two or more policies 
cover the same risk and there- 
fore in principle must con- 
tribute. But unless the con- 
tributing policies have virtually 
identical terms and financial 
limits' so that each pays 50 per 
cent of the loss, it is often less 


easy for insurers to decide how 
much each should pay. There 
are a number' of contribution 
rules established by -insurers, 
some tested in the courts, which 
apply where different policy 
financial limits operate. 

Suppose you have had a £100 
camera stolen from your car. 

If your travel policy provides 
1500 worth of cover and has no 
single . article limit you can 
without any other insurant, 
recover £100 from your travel 
insurance. If your cumprehrn- 
Sive car! policy provides £50 
Worth of cover and you hove no 
other insurance you. can ask 
your motor Insurers to pay £50 
if you are prcparotUo prejudice 
ynur NCD, -But i£ ynn have tn 
•claim ' on T' both insurances, 
should. each insurer, pay £50, 
or should the travel insurers 
pay, ten times the amount that 
the motor insurers pay (because 
that is the difference in the 
amount or financial limit) . or 
should there be some other 
apportionment? 

Fortunately most of the time 
arguments oyer the precise 
amount . of each insurer’s 
liability need not concern the S' 
claimant — it is only where for 
NCD reasons he may wish to , ,‘iiSl 
avoid involving his motor • i s 
insurance that h'e need bo con- * 
corned with . such apportion- 
ment. The principles that guide 
insurers in arranging appor- 
tionments:.. I will discuss on 
another oeca&ioh. 


New test 


for party 


politicians 


WHO would think of judging 
the expediency of a machine's 
composition before examining 
and ascertaining its purpose?” 
That question, asked by a 19th 
century thinker, was meant to 
be derisory. But it can be 
answered perfectly seriously 
with the words: this country’s 
educational policy-makers. 

-Just 21 months ago. when 
the Prime Minister made his 
controversial speech in Oxford, 
it seemed that’ things were 
changing. “The goals of our 
education are to equip children 
to the best of their ability for 
a lively* constructive place in 
society and also to fit them to 
do . a job of work," Mr. 
Callaghan said. - 
Although- questionable and 
loosely, worded, the sentence 
was a definition of purpose. 
And it was spoken- with the 
ring of a party-leader who bas 


decided that education might 
for once be a vote-unnning 
issue.' 

Since then Mrs. Shirley 
Williams and her junior 
Ministers at the Department of 
Education and Science have 
made some commendable 
efforts, and numerous educators 
have semantically agreed with 
Mr. Callaghan’s stated goals. 
But the Government has failed 
to get them accepted where it 
counts — in changes to the basic 
design of the educational 
machine. 

With the political parties now 
composing the educational 
chapters of the election mani- 
festoes. it is not hard to predict 
the results of this failure. It is 
the swift return of education, 
politically, to the negative 
status of a vote-losing issue. 

The corollary is that it will 
be treated defensively in the 
manifestoes, once more figuring 
as a subsidiary auction of 
promises to increase “oppor- 
tunities.” with little if any 
account- of who or what might 
be expected to benefit from 
them; and bow. 

A pointer to whether or not 
the electorate is again to be 


treated to this empty, though 
expensive, sham - will be the 
main parties’ reaction to the 
report, expected next week, of 
the committee under Sir James 
Waddell on a new 16-plus 
examination. 

The Waddell inquiry was 
evidently born of the need for 
compromise ■ between the 
teachers^ unions' wish for a 
single exam system to replace 
GCE Ordinary levels and the 


EDUCATION 


MICHAEL DIXON 


Certificate of Secondary Educa- 
tion. and the Education Depart- 
ment’s unwillingness to accept 
the consequent "dog’s break- 
fast” proposals dished up by 
the 77-member Schools Council 
two years ago. With fewer 
cooks, the Waddell Committee 
must produce recommendations 
which look more appetising. 
But I doubt that they will prove 
nutritious. 


While entailing a single 16- 
plus “system,”, the proposals 
can be relied upon to include 
the setting of different ques- 
tions and even whole papers for 
more and for less academically 
able candidates. So the depres- 
sing process of committing 
children early to preparation 
for either the higher or the 
lower level will certainly 
continue. 

Worse, I do not expect the 
report to countenance that the 
replacement exam should be 
capable of being passed or 
failed. Instead; as in Ordinary 
levels and CSE already, the 
candidates will merely ' "be 
graded high or low. 

“Abolishing failure” in this 
way, much as Stalin- abolished 
malaria in "Russia, removes the 
duty to diagnose and -treat its 
cause. ' So the educational pro-' 
fession will be under no added 
pressure to develop . different 
kinds of challenging study for. 
the majority crf-children, whose 
Intelligences are of other than 
academic type. The schools 
will just go on temporising with 
the less-cognitive intelligences 
by making the standard brand 


of academic study easy for 
them. 

But for most of us, beyond 
the acquisition of the skills of 
the. Three Rs, the only point of 
academic study Is to develop 
intellectual - ' rigour by over- 
coming the difficulties of exact- 
ing subjects. So current prac- 
tice, which is almost sure to he 
confirmed by the Waddell 
Report, bills down to put tine, 
millions of . children . through 11 
years ,■ . largely . . -pointless 

schooling and then awarding 
them ! certificates - signifying 
nothing. 

By endorsing this yet acain, 
the political parties would show 
that they, too, are content to 
tinker with the educational 
machine regardless of its 
purpose. Which brings us back 
to the 19th century thinker, 
who also wrote : " Be clever 
enough to start out from had 
principles, and you cannot fail 
to be rightfully entitled to the 
bad consequences.” 

I hope that will serve as a 
warning to the Conservatives 
on simple grounds of common 
sense. To Labour it should 
have an added cogency. It was 
written by Kart Marx. 




A question of capital 


THERE IS nothing like a reces- 
sion to induce prolonged bnuts 
or introspection. For the last 
three years the mining industry 
seems t« have been putting itself 
on. and taking itself off, a 
psychiatrist’s couch. As the 
industry’s worries have been 
exposed, one complaint has 
been constant. 


It is what Mr. Ronald Fraser, 
the chairman of Hudson Bay 
Mining and Smelting, last year 
called “the erosion of industry’s 
ability to generate capital.” thus 
forcing it, at least partly, to 
3handnn a traditional reliance 
on self-financing. 


This has had a number of 
jffects: a greater readiness to 


MINING 

PAUL CHEESER1GHT 


expand a facility rather than 
sock a new one. a search for 
joint ventures when major now 
preiecls arc in view, an inclina- 
tion tn buy out another com- 
pany rather than start a fre.^i 
niino and a tendency to consider 
small operations where develop- 
moot costs are low and returns 
arc qttick. 

This week there have been 
a numher. of developments 
reflecting those new trends, 
involving three of the four 
majnr London mining finance 
houses — Consolidated Gold 
Fields. Charter Consolidated 
and Rio Tintn-Zinc. 

Gold Fields bas made its 
development strategy clear. It 
is concentrated on Europe and 
North America. Its main 
activity in the V.S. is Azcoit, 
the steel group, but its mining 
hopes, funded from London, are 
based on Gold Fields Mining 
Corporation. 

Over the next two years the 
group’s capital expenditure on 
mining in North America will 
reach 850m Much of 

this will go on the development 
of a coal property in Tennessee 
fnr which long-term sales con- 
tracts are being sought, but 
some $l5m will be spent on 
precious metals and energy 
developments. 

The group has been searching 
for mineral deposits which are 
not particularly appealing to 
U.S. majors. It has found two 
which are being developed and 
one which Mr. David Lloyd- 
Jacob, the chairman, said "was 
looking half-way like a mine." 
This last is a silver deposit in 
Texas 

But in Canada, in the Val 
d’Or area of Quebec, it has 
opened up the old O’Brien gold 


mine and installed a plant which 
will handle a modest .400-500 
tons of ore a day. Production 
starts this month and should 
generate an operating profit- this 
year, although its contribution 
to the group’s total revenue will 
not be immediately significant 
The .financial calculations for 
bringing the mine back to pro- 
duction' after a lapse of about 
20 years have been based on a 
bullion price of $130 an ounce. 
So it is' -off to a good start. 
Although the market has been 
quiet, yesterday’s price was 
$184,125. 

Meanwhile, in New Mexico, 
on the -top of hill at Ortiz, 
GFMC has a potential opencast 
god mine with ore reserves of 
about 7ro tons and an operating 
life of perhaps eight eyars. At 
the moment it is working on a 
heap leaching recovery process, 
and if its test work is satisfac- 
torily concluded, the mine could 
come on stream in May, 1979. 

Adopting another approach to 
the generation of fresh earn- 
ings. Charter, through its 46.3 
per cent owned Beralt Tin and 
Wolfram, is buying a wolfram 
operation in Portugal, Mines de 
Borralha, which is French- 
registered. 

Beralt is paying £1.8m over 
a period of 17 months for 
Borralha, which will come under 
the control of its 80.55 per cent 
operating unit in Portgual. 
Borralha has a mine some 300 
miles from Beralt’s operation in 
Panasquiera. but it also has a 
ferro-tungsten. plant. 

This plant would have been 
very - attractive to Beralt, which 
has been' looking into the pos- 
sibilities of establishing one of 
its own without coming to any 


firm conclusion about It And 
the extra mining production 
capacity of Borralha. is not to 
be scorned. - • 


Last year Borralha had a net 
profit bf FFr 3.5m (£417,300) 
on an output of 226 tonnes of 
wolfram concentrates, but it has 
a development . progr a mme 
which should bring output tip' 
to 360 tonnes a year by -1980. 
For Its part. Beralt last, year 
produced 1,287 tonnes, its 
lowest ' amount for several 
years. 

Beralt will be financing the 
purchase from reserves already 
in Portugal. Its last annual re- 
port showed that at the end of 
1977 it had short-term deposits 
and cash in the bank of £6.9m. 


products of easting operations 
which are currently sent over- 
seas for 'somebody else to add 
value/ " 

• Hampton Gold Mining Areas 
iy expanding, its UK coal 
interests' by Che purchase of 
Walter .a private machinery 
company based in Yorkshire. 
Ihe value of the deal is about 
£2.7m and payment is in - cash 
and shares. Hampton is predict- 
ing dividend payments of 3.5p 
net for the year to next March 
and is paying 2jp for the year 
to last March. The group is 
withdrawing from the Torring- 
ton. wolfram .venture in 
Australia. 


The third example of expan- 
sion in the straitened circum- 
stances of recession comes from 
Conzinc Riotinto of Australia, 
which is 72.6 per cent owned 
by RTZ. CRA’s lead and zinc 
unit is Australian Mining and 
Smelting and it has unveiled 
an investment programme of 
A$11.0m (£6.76b) to upgrade 
its processing facilities at Port 
Pine and Newcastle. 

The investment comes at a 
time when the metal markets 
are depressed and follows 
warnings given in May by Sir 
Rod Carnegie, the CRA chair- 
man, that lead and zinc activi- 
ties this, year might end in a 
loss. Under these circum- 
stances. there is little induce- 
ment to look for wholly new 
capacity. 

The object of the investment 
at AM and S is therefore to 
produce higher quality lead, 
which will be achieved by- put- 
ting in a plant to extract 
bismuth, and to process by- 


• The international rough 
gem diamond market Is return- 
ing to normality and the De 
Been Central Selling Organisa- 
tion Is reducing its surcharge to 
10 per cent for the • sale in 
London next week. It was 15 
per cent last month and has 
gradually lowered from a peak 
40 per cent levied in Mart*!' 


• Consolidated African Mines, 
the South African base metals 
producer which pioneered the 
export of iron ore to Japam 
has applied to the courts for 
liquidation. Its last balance 
sheet for the year to June 1977 
showed long-term debt of ft3.5m 
(£2.14m) . and net current 
liabilities of R3.7m. 


• Imperial Oil, the Canadian 
group which is . 70 per cent 
owned by Exxon Corporation 
has applied to the Alberta 
authorities for permits to de- 
velop a coal mine at Judy 
Creek. Development work 
could start in 1982 with 'a view 
to production at an annual rate 
of 2.5m tons beginning in 1985. 




i/i / 



Still a higher return 
on jour ca ’ 


Iron ore stockpiles owned by Hanwroley Iron of the RTZ group at Port Dampier in Western Australia. 
The Japanese steel miltf have been warning Australian producers that their requirements are reduced. 
They are seeking more flexlb It supply contract*. 


Ever since they were first issued. 
Abbey National Bondshares have 
been highly recommended to the 
investor who can put money aside 
for 2 or 3 years. 

The latest issue of 2 year and 3 year 
Bondshares pay respectively 7.20% and 
7.70% annually. (The equivalent of 
10.75% and 11.49% when income tax is 
paid at a basic rate of 33%.) 

While these rates can vary they 
will always pay 0.5% more than the 
share account rate for two year bonds 
and 1.0% more for three year bonds. 

Making them an ideal investment 
opportunity. Yet they still offer the 
investor real Building Society security. 
These days that’s a very reassuring 
thing. 


The minimum investment is £500, 
themaximum £15,000 (£30,000 for 
joint accounts). 

Call in at your Abbey 
branch or fill in the 
coupon for more 
details. 


WITH 



h i 


ABBEY NAT IONAL 




To: Dept BS, The Abbey National Buildii^Soael^ 
Abbey House, Baker Street, London NWl 6XL. 


NAME: 


ADDRESS: 


Bondshares. Please send me details. 

■Iam. Interested In the fbU range of savings schemes 
Abbey National ofien Pleas? send medetails.^ - Fra 1 




b 




• V. 





T^nandal Times Saturday July 8 1978 


YOUR SAVINGS AND INVESTMENTS 



ONCE UPON a time — well, a 
mailer of some 15 years ago. to 
rather more precise — a 
hrishr young man came down 
from Cambridge all set to make 
uiN way m the world. In 
wosnition of the Tact that he 
had reached the age of 
discretion, his father dipped 
into the family coffers to 
provide him with some capital, 
mi the belief that the boy would 
new the gift as a responsibility, 
uhu'h. indeed, he did. "I 
■suppose I was something of a 
socialist in those days,” he says. 

I thought that the money 
•night to be put into something 
productive.’' So he hired the 
very best investment advice — 
a particularly blue-blooded firm 

nf stockbrokers— and put it into 

stocks and shares. 

This is a true story, but not, 
unfortunately, a story with a 
happy ending. Indeed, when I 
met the man himself the other 
evening, and the talk turned 
in investment, he proved to be 
very, very unhappy indeed. He 


but not wealthy ?llMliliSSPW 


took it ill that the market value 
nf his investments should only 
recently have reverted to the 
level of the mid-1960s, and that 
there was very little to 
compensate him for the fall in 
the purchasing power of money 
in the meantime. He took it ill 
that .such gains as he had made 


INVESTMENT 

ADRIENNE GLEESON 


should leave him liable to tax, 
when in all probability they 
were not real gains at all. 

But what, above all, was gall 
and wormwood to him. was the 
fact that the “ productive ” use 
to which his money had been 
put had turned out to be so very' 
much less rewarding than the 
frippery objets d’art which had 
engaged the dilettante interest 
of his friends. 

It is a view shared by a multi- 


tude of others. Yet equities have 
advantages which very few of 
the M real n assets which enjoy 
investment fashion from time to 
time can match. For a start, 
they provide a Teturn of sorts 
’-it may be a negative return, 
by the time that the Inland 
Revenue has had its slice, but 
it‘s cash flow just the same. In 
the second place they are 
readily marketable, and at a 
price which can be determined 
with reasonable precision by 
even a tyro at the game. Holding 
what might— or might not — turn 
out to be a high-priced master- 
piece is all veTy well in a small 
way: but iT doesn't provide 
much of a basis for financial 
planning. 

And finally, a holding of 
stocks and shares can be 
extremely lucrative. Equities, 
in particular, may not be the 
universal specific against the 
effects of inflation that they 
were once considered to be, but 
anyone with good timing can 
still make a very great deal of 
money out of them. 



Home, sweet home 


The cost of rescue 


IF YOU have taken out a life 
policy in the past- four years — 
that is since, the beginning of 
1975 — then it is to be hoped 
you are prepared to help fellow 
policyholders less fortunate 
than yourselves. For the latest 
report of the Policyholders 
Protection Board shows that it 
wit! be making another levy on 


ASSURANCE 

ERIC SHORT 


ymir premiums in the near 
future. 

The Board was set up to 
making interim payments to the 
Policyholders Protection Act 
1975. which guarantees that 
investors with failed insurance 
companies will receive at least 
90 per cent nf the benefits to 
which they are entitled under 
l heir contracts. The money 
required is found from a levy 
nn premium income for con- 
tract!? taken nut in 1976 or later. 
Life and non-life business are 
dealt with separately. 

The Board is at present 
making interim payments to the 
policy holders of Capital Annui- 
ti»*v Up to last May, such 


investors were getting 70 per 
cent of what they were entitled 
to. Now they are getting 90 pei 
cent But the Board has to 
make up the 20 per cent differ 
ence between -what was and 
what is now being paid, in 
lump sum payment at a cost of 
£500.000. It has already used 
up all the money raised from 
the previous levy, and has been 
running its operations on an 
overdraft. The accounts show 
that it was £150.000 in the red 
at end-March. In addition, the 
Board expects to pay out £ 1.25m 
next month in . respect of 
guarantees made over Fidelity 
Life. 

Some of this money, at least 
may be recovered, at some date 
will into the future, but mean 
while the Board needs cash 
and it is plain that once its 
precise requirements are known 
it will he making a second levy 
The first— i per cent nr 
premium income — was made in 
Aliens! 1976. Although the 
sums involved may seem huge, 
the levy represents only a 
minute percentage of your 
premium. It seems a small 
■price to pay for the security of 
the industry- Unless, that is. 
you hold the view — as The 
Scottish life companies still do 
—that ihe finanre should have 
come from general taxation. 


Nation Life story 


MKWWHILE. WHAT is the 
p’lMiiim for policyholders in 
Vision Life — the life company 
•vhcre ihe horse had bolted 
i»‘i'nro the Policyholders Prntec- 
li.Mi Act shut the door? It is 
now well over a year since 
liquidator Mr. Gerry Weiss, of 
• .irk Gully, made a payment. 
The laiest news is not very 
•■livery, since he has no fnurth 
t»a\ meat in view at the moment. 
He i« still engaged in selling 
ulf :he remaining assets and — 
mu unexpectedly— the task is 
iu-HVioi difficult. He hopes to 
•In Mim<*iliiii^ before the end of 
Miv year, hut whether or not 


he can depends very much on 
what happens in between. It 
doesn't make financial sense lo 
make a distribution of under 
lOp in the pound, sn it is simply 
a* question of whether he will 
have accumulated enough cash 
to make this payment. 

Even if payment is made, it 
will not be the end of the story. 
There are no plans for bringing 
the liquidation to an end. A 
number of properties will take 
time to sell, and there is still 
ihp question of how much can 
be recovered from the liquida- 
tion of the International Credit 
Bank of Geneva. 


MAKE MONEY 

—WITH A PHONE CALL 

Every day winy people make money i imply by > phone call lo ■ 
itnc k. broker You could be able lo bur or fell twek* and fharei in* 
ute money more shrewdly than BriUin'i other two million investor*. 

HOW IS THIS POSSIBLE ! 

Srtnply throuCh a unique 12 -week home courie. 

The Art of Investment. *ritler» by preletsional ifwwtor*. 
fiotkbroken and accountants. Step by step they show you 
how to make money. 

NO RISK— 4t costs you nothing 
unless you arc satisfied. 

Even Without previous know-how— even with ■ capital 
as low a: £100 — you could be profitably dealing «n stocks 
and shares in 12 weeks' fine 

Send today for FREE dettrh without obligafon. 

RELIANCE SCHOOL OF INVESTMENT 
FREEPOST 100 
London SW3 2BR 



"... and please accept this watch 

and the bill for the VAT. . 

Taxing 
time 

IT IS perhaps an indication of 
ihe state of Britain today, that 
a judge in all his panoply, with 
counsel and attendant minions, 
should have assembled in 
London recently to debate the 
question: should a company 
which presents its employees 
with gifts to mark their long 
and honourable service, be 
liable to VAT? But so it was 
and the answer which emerged 
from Mr. Justice Neill in the 
Lhancery Division last week was 
yes, it should. 

Mr. Justice Neill held that 
The gift of the occasional gold 
watch or carriage dock by RHM 
Bakeries (Northern), to em 
plnyees who had put in 25 
years with the company, being 
“ proper steps taken - - to 
promote good industrial rela 
tions could not be considered 
as being done otherwise than in 
the course of the company's 
business. And since Ihe said 
gold watch nr carriage clock (a 
gift worth more than £10. lo be 
precise) was supplied in the 
course of the company's busi- 
ness. the company was liable to 
VAT. 

The cased hinged on the ques 
rion of whether ihe occasional 
gold watch, or carnage clock, or 
whatever, is an emolument — like 
wages and salaries: or whether 
if is a taxable gift. For Inland 
Revenue purposes (as distinct 
from those of the Commissioners 
of Customs and Excise — who 
supervise the working of VAT), 
anything which an employee re- 
ceives from his employer is lax 
able. 

We therefore have a curious 
position in that the recipient of 
a gold watch (or carriage clock) 
is technically liable to income 
tax .'on the gift (though 
exempted by an extra statutory 
concession, provided the article 
in question is of “ reasonable 
cost.” and that the employee in 
question has put in not less than 
20 years with the company), 
while the donor is liable to 
VAT Is it worth it? 


IF YOU were to put yourself 
to the trouble of adding up ibe 
column of figures on the right, 
you would discover that the 
grand total was very little less 
than £8,500. That, give or take 
the odd appliance or tin of 
caviare, is roughly what it 
would cost you to replace the 
contents of the average, agree- 
able. three-bedroomed suburban 
home. 

To replace them, that is. with 
their like — not the cutlery from 
Woolworths and the third band 
easy chairs which is all you 
might be able to afford if you 
had to start from scratch, nor 
the extravaganzas from Heals 
or Habitat which you might 
choose if someone else's bank 
balance were there to take the 
strain. These are average prices 
for furniture and personal 
effects of a reasonable quality 
and quantity: the sort of prices 
you would probably have to pay 
if your home were gutted by 
fire or flood or other devasta- 
tion. 

Or maybe not: maybe you 
live in a completely different 
style. That’s why we’ve left you 
a column empty, to make your 
own cursory valuation In a brief 
perambulation after breakfast. 
Almost certainly you’ll find that 
on a replacement ensr basis, the 


contents of your hopse are 
worth a lot more than you 

think. 

This is what the insurance 
companies have been telling 
their customers, with increasing 
frequency, over recent months. 
And you don't want to wait 
until you have had a fire or a 
flood to take notice. If you 
have nccasion to claim, you 
certainly won’t get more than 
the sum insured — and that won't 
take -you far. if your contents 
are a write-off and their replace- 
ment value has doubled in the 
period since you took out' your 
contract 

Most people appreciate the 
value of index linking, but 
though the overall value of the 
sum insured may rise with an 
index linked contract, the insur- 
ance company wilt still take 
wear and tear into account. 
Since you will almost certainly 
want to replace goods that have 
been destroyed with something 
new, it makes sense to go for a 
replacement cost type of insur- 
ance — like that offered by 
Commercial Union at a cost 
roughly 50 per cent, higher than 
that for the conventional type. 

One final word on cost It is 
most definitely worth while to 
shop around. 


COUNTING THE COST OF THE CONTENTS 
YOUR HOME 
Hall, stairway and landing: 

Carpels £200 

Pictures, lamps, ornaments £50 

Curtains £50 

Sitting room : 

Sofa £250 

Two easy chairs £201) 

Bookshelves/units £300 

Occasional tables, stools, lamps £51) 

Curtains, carpets £300 

Books, pictures, plants, ornaments ... £300 

Colour television £4ffo 

Stereo unit £350 


Dining room 

Table and chairs £40(1 

Side board /dresser £130 

Curtains, carpet £300 

Pic-lures. lamps £5(1 

Table linen, glass, cutlery £200 

Kitchen 

Kitchen units £400 

Carpel £30 

Washing machine £150 

Spin dryer £70 

Cooker £150 

Fridge £70 

Other kiteben equipment £120 

Crockery, pots, pans £60 

Implements £ 20 

Food and drink £60 

Bathroom 

Cnrtains and carpet £100 

Lamps and mirrors ..■: £20 

Laundry storage, contents of airing 

cupboard £50 

Bedroom 1 

Double bed £230 

Wardrobes, dressing tables £400 

Curtains and earpet £25(1 

Pictures, lamps, mirrors £50 

Bed linen and coverings £70 

Clothing, shoes for I wo adults £900 

Toiletries, cosmetics £50 


Bedroom 2 

Two single beds .... 

Wardrobes, working space, etc.' 

Cortains and earpet 

Pictures and lamps 

Clothing, shoes for two children 
Games, toys, study materials ...... 

Record player, radio 


£220 

£350 

£150 

£30 

£300 

£50 

£50 


Bedroom 3 

Couch 

Curtains and earpet 

Desks, files, lypewriter 
Lamps, books 


£90 
£100 
£150 
. £50 


Light from 
Solar 


THE DEVELOPMENT of unit- 
linked life assurance, and the 
linking of regular savings for 
unit trusts with a life assur- 
ance con tract, has meant that 
insurance brokers are now being 
approached by clients for 
investment advice. Many 
brokers have no! been trained 
to give iL, nor have they 
acquired much expertise. 

The linked life companies 
and certain unit trust groups 
are endeavouring to meet 
brokers’ requirements in this 
respect, by issuin'* regular 
guides to professional advisers 
in which they sei out their 
current views on the invest- 
ment siiuatinn, both in the UK 
and overseas. But Solar Life, 
the linked life arm of Sun 
Life Assurance, has joined the 
ranks of the select few groups 
that arrange for face-to-face 
meetings with such advisers. 

One recent meeting was very 
instructive. not so much 
what the Solar investment 
manager had to say — though 
they are enthusiastic about 
investment abroad, particularly 
in Ihe Far East — hut for what 
the advisers themselves had lo 
say afrerwards. 

Front the gathering h was 
apparent that Ihe advisers fall 
into two distinct groups. On 
one hand there are those who 
are primarily investment men. 
using life assurance as a useful 
vehicle of strategy for their 
clients. Their questions probed 
deeply into what Solar was 
doing, and which way it would 
be moving. The others were 
straightforward insurance 
brokers, to whom this area 
appeared to he very much 
ii n chartered waters. Many of 
them, when asked by clients 
whether in go for an equity, 
properly nr fixed-interest rund. 
really do not know which 
recommendation to make. 



over 

2YEARS 



over 

3YEARS 


. -:± 


Kev Exempt Fund tops the tables 


of managed pension funds 




The lu-v Exempt Fund has beaten its 
riv;il> 4i\ vr ihe |w«i llww years, thanks lo 
1 hr expertise of Key Fund Managers, part of 
till Kt*> mtI niiuanii investment leant. This is 
v] K , wit in a survey uf over 50 equity managed 
pension luiuls. published in SAVINGS 
.\l.\KKl.T. April/ June 11*78. 

Krj, Exempt Fund is just one ol ihe ways 
pension anti charily funds can takead vantage 
oi Kevser Ullmnnn investment skills. 

Key Fund Managers also run a .range of 
funds for the private investor. ■ 

11 ymi would like more in lormat ion 3bout 

Key Exempt, or any of die other Key Funds, 


please return ihe coupon or telephone Peter Campbell 
mi 01-606 7070. 

I miri UuraMfc Lid^5 Milk Street, ~~ "H 

J Loiidon ECJY SlL-lvL OlaSuti 7071). ' , 

| □ P|,m him-' l'-» vdetalk of the Key Exempt Fund. I 

| D 1 miuld hLo details of theuHitfKtyHindsk J 

I Name — — — — i 


PlTi'-wn Fund nr Ch-uiiy. 
Addu-cs . — 


| f.'.roci :■ o« mo 0*1 T|U *t *vc:-’.3 n, 
| iwi 


Keyset Ullmaim 



Vj-Jee l.jiunal I 
VA.-ailiiTiblcr Bui.* Lid. | 


Announcing 

The British National 

FRAMLINGTON 

A Limited Offer 



British National, the life insurance company associated 
with Framlington Unit Management since inception, invites 
applications for a new single-premium investment bond 
(inked to the outstandingly successful Framlington Capital 
Trust. The offer is limited to a total of £1 million, and 
subscriptions may range from £1,000 lo £40.000 per investor 
There is no extra initial charge and units will be credited 
at the published offer price. The Bond incorporates a number 
ol special lea lures making it particularly attractive to higher- 
rate taxpayers and to parents wishing to make investments on 
behalf of their children. A substantial life assurance benefit is 
included at minimal cost while the superb performance of 
the Framlington Capital Trust makes this Limited Offer 
worthy of serious consideration by every investor seeking 
security with substantial prospects of capital growth. 

British National and Framlington 

British National Life Insurance Society Limited, 
originally established in 1922. is a whollv-on ned subsidiary of 
F ramlingtbn Holdings Limited, part of the London Merchant 
Securities Group of Companies. The Life Fund stands at 
Eb.500.tKXi, with an annual premium income in 1^77 of 
£000.000. and there are 8.000 policyholders 

Framlington Unit Management Limned |Fl s M)was 
stabilised in 1967 as a Unit Trust Management company, 
and not*, manages four authorised unit trusts 

The two companies enjoy a verv close association 
doting from ihe formation of FUM. and there are more than 
2.000 British National police-holders whose policies are 
direct Iv linked lo the Framlington Capital Tru.-L 
Successful Investment Management 

While there are several important ariri mi~r dependent 
i a dors which contribute to successful investment 
management, sutlius the amount of capital jt aii.ible. 
investment spread and intimate knowledge or iti- tor* 
nvolvixl the ultimate criterion oi success i»su.st.'.'fieda.*id. 
cons blent peri emu nee 

l ramlin^ron Capital Trust, managed bv I L-M. 
demonstrates ju>t such a proven record or >uM.e.slul 
investment penormante anti management. 7 he i acts speak 
1 or theniselx c*-. 

1 he lune 1978 edition oi Monti'-' Management 
compares the performance ot over J0U diiterent L mt Trusts 
and show v the results that would have been •ichw.-'d had 
M.UUO been invested in the Trusts rive years ago. and at more 
recent dates. 

The toll owinc table illu-trates these result-' and 
measures the jHrrto/mance of the Framlington Capital Trust 
against the Unitholder (average Unit Trust i and F.i AIFShare 
Indices. 


Following Your Bond's Progress 

You will be told on receipt of vour premium how many 
units in the Framlington Capital Trust have been allocated lo 
your policy. The price or the units is calculated weekly and 
the up-dated figure is published in most leading newspapers. 
A report rev lewing th'* progress of the Trust w ili Lie sent lo you 
each tear, and this will include a .statement setting out die 
total numbered units which have accumulated 
Growth Potential 

It is important to remember that the value of units can 
go down as well as up. and since the underlving lrusl is 
designed as a medium-to long-term investment, fluctuations 
in the price of the units are inevitable' The ultimate pruc«-eds 
will also be at fee ted by any encashment of the investment 
which the Bondholder mav have made, whether on a regular 
basis or otherwise 

By way of illustration, (he'tables below show the 
growth which would be achieved for an initial investment of 
£T.<XM if the unit values together with reinvested income 
were to rise each year bv7‘/j V 10% or 12%. assuming that 
no withdrawals had been made. 


• 

Period of Years 

Growth Rate 
■ of7'/i% 

Growth Rate 
of 10% 

Growth Rale 
of 12% 

After 5 years 

£1.340 

£1.514 

L 1.057 

10 wars 

LI .037 

12.-135 

12.020 

ISvoars 

£2.781 

£3.027 

£5.145 

20 '-ears 

£5.003 

Sr.32-1 

Jo.fioS 

25 > cars 

15.732 

£10.155 

1 15.°50 


The value of the Units will be Liken at the bid price at 
the next valuation alter receipt oi vour instructions, and you 
w ili then receive a cheque, usually- v> ithm a t«v dav> In 
exceptional circumstances theiociKv reserve right to 
deler file cashing m ni units lor up to one month. 

lnve-ror> should note that Ihe amount ot ra«h tor 
wbch a Bond nwv be surrendered is not guaranteed 
Furthermore, m common with most medium to long-term 
investments, early termination will alincoi certainly result in 
a refund of rather less than the original imeslmen!. 

The Costs of Subscribing 

On receipt ol vour thequ*-. the ivhok* oi ihe Mngf*' 
premium will be applied to purchase units in Framlington 
Capital Trust at ihe oiler puce L«irh month British National 
makes a management charge equw a lent to 1 .'-: u o oi ihe bid 
value of the unil>. but ihe whole of the net income tart, a i.y,J 
is re-invested to pro* ide vou y\ ith further units as explained 
above. 

On withdrawal, surrenderor death, units are reali-ed 
at the bid price A deduction in respect of Capital * lams Tax, 
to which British National mav be liable, will be made in all 
such cases. 

However. British National may not actually need lo 
sell the units, ami ihe i.ix liability would thus hi- del erred. Ii is 
expected that in practice a loner deduction will hie made rer 
Capital Cl in., I.w but the right w resen ► d to charge the mil 
amount ol lay -In -uld cm urnsLuo war n 


Investors s/iou.V/ note ittol w Inle these rates ui grow ih are 
enure I) rea.'/sfic. li iey are not guaranteed. 


The Life Assurance Benefits 

1 he British National Framliqglon Bond is technically a 
"single premium whole lire assurance contract 1 he sum 
payable at death is related to the bid value ol Iht unit* at 
death and the Bond holder's age at dejlh as show n in the 
following table. 

In certain cases it mav be necessary tor the 
prospective investor to be medically examined. 

A deduction will be made in respect ot any Capital 
Gams i or which the Society mav be liable. 


British Nalmnal Franilinglun Bond 

APPLICATION FORM 

Name m lull Ini- .««-ured Mt .Mis Mi 


I oil addle?* 


Daleoi birth:. 


Years Since 
£1,000 
Invested 

Framlington 
Capital Trust 
Value Now 

Unitholder 

Index 

Value Now 

F.T. All-Share 
Index 

\ alue Now 

5 years 

£1942 

£1100 

£1235 

4 years 

£2844 

£1529 

£1759 

3 years 

£2570 

£1364 

£1536 

2 years 

£1838 

£1184 

£1219 

I year 

£1401 

£1115 

£l09o 


Framlington Capital Trnst 

The objective of this Trust, which is the largest 
managed by FUM Limited, ts to achieve the greatest possible 
capital appreciation commensurate with the payment of a 
y ield to unitholders roughly in line with the- industrial 
aierjge. Since its launch on January 31st 1969. fr.imlington 
Capital Trust has out-peri ormed ihe All-Share index by an 
average of 7.8% per annum compound. 

What the Bond Offers 

The Bond is a single-premium We assurance contract 
linked to the Framlington Capital Trust. 

h w-ilf appeal particularly to higher-rate taxpayers who 
wish lo defer part of their tax liability until such time as their 
income qlaces them »n a lower rax bracket — for example, on 
retirement It is also a convenient vehicle tor (he investment 
of money given bv parents to miant children whose income 
would normally be aggregated w ilh then own. 

The taxation ireatment oi the proceeds of the Bond is 
complex and can vary dramatically w ith the level ot the 
Bondholder's income in the tax year in which the Bond is 
surrendeied It the tax liabilities are to be minimised (or even 
eliminated entirely) proper prorossionjl advice should be 
sought at the time surrender is contemplated. 

How il Works 

Bondholders' money- is used to purchase units of the 
Framlington Capnal Trust, which invests in v artous sectors of 
the British Stork Market 

Every- six months the Trust distributes accumulated 
income lo ib unitholders The payments applicable to 
Bondholders policies will be re-invested in further units on 
then behah Thus, the tote! number ol un:i> attached to their 
policies con be expected lo increase regular!). 


Age last birthday 
at Death 

Death Benefit (expressed as a 
percentage oi the value of the 
Units before deduction of CGTi 

30 or Ires 

250',. 


225* if 


J75 £ r 


J40ft 

4o-50 

i2or* 

51-55 

3I2*o 

5o-6G 

308% 

ol-o5 

104 To 

66-70 

302 Hi 

71 and over 

101*4 


Detaib of .:iw illness ot lire assured requiring 
investigation by doctor or hospital. 


Drawing Income from The Bond 

Whilst in many cases II** sole reason for investment in 
the British National Framlington Bond is long-term capital 
appreciation, some investors may also wish lo receive income 
irom their investment T his can be achieved bv operating a 
special withdrawal facility under which units caw Ik 
encashed at intervals to provide cash sums or pre-arranged 
a mou nb on which neither Income Tax nor Capital Cains Tax 
is pdV jble bv the Bondholder. 

The percentage ol units withdrawn will depend upon 
individual investors' requirements. 5% ot the purchase price 
is the maximum which may normally be withdrawn in any Tax 
Tear without incurring am tax liabilities There is no 
.maximum withdrawal, but investors should recognise that 
excessively heavy- withdrawals mav incur tax liabilities, and 
tha t anv withdrawal greater than the equivalent net income 
receivable Irom each holding of units effectively means a 
sale Of capital. 

The only restriction on this facility is that each 
withdrawal must be 1 or a minimum of EW. No charge is made 
for the use of this facility and withdrawals may be made 
Halt-yearly or Annually- 
Cashing In Your Investment 

You may surrender your Bond at any time for cash, 
either totally or partiallv. simplv by notifying the Society in 
the form prescribed provided that the minimum cash value lo 
be taken on partial surrender is not less than fc50. and the 
residual value of the Bond is not less than £5UU. 


I 
I 
I 
I 
I 
K 
I 
1 

I Investment required (minimum £ I.inm.m L_ 
I Name and address o' In e assured ?■ dor. ; or 


Height 


..Weight 


.of life assured 


Present state of health of lire assured: 

I declare that ihestalemenb made above are (rue ami 
complete and that no material information has been 
withheld and jyree that this proposal 'hall lorm the basis 
oi the central i wiLh British National Lite Insurance 
Society Limned, 

Signature of life to be assured: 

Date oi dpplic aliort 


Send to; 

British National Life Insurance Society Ltd. 
Toriington House. Torringion Drive, 
Loughton. t'sex. 



BRITISH NATIONAL 
LIFE INSURANCE 
SOCIETY LIMITED 
















Financial Times. Saturday July S 197S 


An incentive for management .... 

Corporate ownership of one of the famous Loch Rannoch 
Highland Lodges can be of benefit to yon, your company 
and your colleagues. It is a worry free investment that 
can pay huge 'dividends in motivational terms whilst at the 
same urne increasing in value! 

Loch Rannoch, in the Scottish Hi5h lands, boasts Britain's 
.first multi-ownership development 25 superb holiday lodges 
constructed and furnished in the most luxurious manner 
possible. Set on the banks of beautiful Loch Rannoch, and 
overlooked by some of the most attractive scenery to be’ 
found in Scotland, the lodges are ideal for directors, 
executives and others working under pressure to snatch a 
relaxing and refreshing holiday. They're also ideal for 
convalescence, ultra-private meetings, customer hospitality, 
incentive schemes for customers and staff or for sporting 
holidays. 

What's more, there’s no large capita! investment Instead 
of buying the lodges, companies are a hie to purchase the 
rights in perpetuity to use their lodges for specified weeks 

in each year. This unique scheme — a first in Britain — of 
which the custodian trustee is a Scottish clearing Bank 
minimises the capita! investment. 

■The lodges themselves are superbly equipped and include 
every luxury, -they sleep from two to eight people. Our 
larger lodges have 3 bedrooms, 3 bathrooms, their own 
Sauna and sleep up to eight people not to mention an 
fS.OOO walk-round kitchen fitted with every device, right 
down to an electric ice crusher. 

We can obtain stalking and fishing rights where required - 
and the facilities of our luxury Loch Rannoch Hotel nearby 
are also open to Lodge owners. (The restaurant, is rapidly 
gaining a deserved reputation for the excellence of its 
menu.) Plans are in hand to add a squash court and other 
facilities to the Hotel. 

If r/our company is seeking a tax free incentive for Its 
directors and management, or merely looking for a quiet 
hideaway for private meetings, you could not do better than 
to consider Loch Rannoch *s Highland Lodges. A high 
season week for ever costs around £4.950, whilst one in, 
for example, November, is as low as £700. 

For more details, and a copy of our colour brochure, please 
contact Multi-Otcnership and Hotel * Ltd.. 6, Half Moon 
Street, London, W1Y 7RA. (01-629 2731 — 24 hour service ). 




SUNFOLD, near HORSHAM 

AmitfJI unspoilt countryside with views 
Billinflshurst 4 miles. Horsham 6 miles. 
Guildford 1. miles 

160 ACHE FARM with superb single 
Storey residence ■ in lovely. position. 
3 mam beds.. 2 baths., study J 4th bed..- 
33 K. « 30 rt. open plan living room, 
kitchen with breakfast area, oil C.H., 
double garage. Guest or StaR cottage 
adloimng. G acres of secluded gardens 
and grounds. 2 groups ol l»rm build- 
ings. and lao acres ot pasture. O iters 
in-ltcd as a whole or with less land 
■> preferred. 

Guildford Office. 44 High 5t. Tel. 
■0441) 60565 or Horsham Me*. 4 
Sooth Si. Tel. 10403) 69268. 


WOKING— SURREY 

Within a private gated estate ewactiy 
a mile's level walk, Iron* Town and 
Station * Waterloo 25 mins.). 

IDEAL FOR ENTERTAINING. Fine 
quality built family house with suoerb 
rooms. Scope far division n separate 
unit required. 5 beds., 2 dress, rms.. 
2 bath*.. S' attic rms.. lovely hall. 3 
large receps.. study playroom, etc.. 
C.H.. 2 garages, and 1 > 4 acres ot 
garden with tennis lawn. £90.000 
.ireenold. 

Tel. 


Guildford OMce. 44 High St. 
•0483) GOS65. 



E SAVILLS 3 


WEST SUSSEX 


423 ACRES 


The Chichester Plain 
Chichester 5 miles. London 71 0 miles 

A first class commercial arable farm all 
Grade 1 and 2 

LOT 1 Park Farm . . . about 285 acres. 

Modern Farmhouse and 2 cottages. Extensive Modern and 
Traditional farm buildings. 

LOT 2 Morells Farm . . . about 137 acres. 

Cottage Range of Modern and Traditional farm buildings. 

LOT 3 Butterlecs Farmhouse . . . about 1 acre. 

For Sale in lots or as a whole by tender on 
10th August, 1978. 

SAY1LLS. 20 Grosvcnor Hill, Berkeley Square, London W.l. 
Tel: 01-499 8644. 


JAMES HARRIS AND SON. CHARTERED SURVEYORS 
Winchester 

HAMPSHIRE— THE ITCHEN VALLEY 

AVINGTON — near WINCHESTER 
An Outstanding Agricultural .Investment 
THE AVINGTON MANOR FARMS AND ESTATE 
over 1130 ACRES 
Sublect to the Agricultural Tenancy 
FOR SALE BY PRIVATE TREATY 

Chartered Surveyor*: Mnuv J«mn Harris 4 Son. Jawry Chambers, Winchester, 
Hampshire. Winchester <0962) 2355. 60139. 

Solicitors: May. May A MeiTtmans. 12 South Square. Grays Inn. London 
01-40S S646. 


FRANCE 
COTE D’AZUR 
near 

GAGNES SI R MER 
DOMAIN E DU RAOU 
Small blocks of fiats in beauti- 
ful park with swimming pool 
— -Tennis cnurl — Bowling area 
— etc. . . . Sludip-lluts — three- 
room fiats — equipped kitchens 
. . . Some fiats already 
available, 
information From: 

CEGI 

6. avenue dcs Phnctfens 
0K3OO Nice, France 
Tel: <93) SO.07.22 


Own your own 
Holiday Home? 


Bored wish the same place every year! 
For jute £55 enrol in the R.C.J. 
register of over 22.000 propernes in 
145 different Holiday resorts and 
holiday worldwide. Flu* ! !. With 
R.C.l. lotting your property your 
holiday could cost under £20. Let 
R.C.l. make your property work for 
you. For fuff Information contort 
Membership Services, Pesort Con. 
domimums International ( IJK I Limited. 
N.E.M. Home. 24. Worple Road. 
London SWI9 4DD. Tel: 01-947 2345. 


FRANCE Office of Notary LAGARDE 

F.367W CHATILLON s/ INDUE — Tel: (.»4) 38.70.39 

EXCEPTIONAL INVESTMENT 

Following (he withdrawal of a partner, sale of 

VERY FINE POPLAR PLANTATION 

situated in the heart of Touraine near to the castles 
Very good property, along the river ladce .. . 
Good fishing on 1 km long 
For information and offer: 

Etude du Notaire LA GARDE — F.36700 CHATILLON 
S/lNDRE — France 


ESTABLISHED CHALET PARK 
REQUIRED 
FOR INVESTMENT 

Advertiser prepared to agree terms now for completion in 
autumn. 

Full details to Box T.4911, Financial Times, 10, Cannon Street 
EC4P 4R\ , 


PROPERTY 


The great Atlantic price divide 


BY JOE REN NISON 

TWO WELL-KNOWN American Outside the banquet-sized a master bedroom and the the market for the first time, 5 - /.-jC 
statesmen have just put luxury- dining room a large deck is handsome "Governor’s Wing” and the agents claim they arc r« * ' 
class houses on the market, “nhlevered high over the sea- with its octagonal bed-sitting among the most expensive flats £ • /. ->i* J 
— ... _ -a * at 1 swept rocks. The master bed- room, dressing room and bath m London, although nor on - 

Former Vice-President Nelson room aIsQ ^ Qn (n a cn 5U ite. In the lower storey pounds sterling per square foot. | 

Rockefeller is selling “The j ar g e deck and a number of are living rooms, card room, Gloucester House, 149,^ Old 

Anchorage * on Mount Desert other bedrooms and guest two guest suites and butler’s Park Lane is an imposing, listed, 

Island, off the rocky coast of rooms have either balconies or bedroom and bath: above there neo-classioal building, with a 
Maine, which overlooks the sea decks. From the circular is a well equipped kitchen, staff faience exterior and was built 

and offshore islands and yet is observation tower There are sitting room, sewing room and in 190/ Until last summer 

ana oitsnore lsianas ana yet is ]ofty vif?ws Qf ^ ^ 0 - acn?s of cook’s bedroom with tiled hath- when PL Prnperlics purchased 

only 55 minutes by private jet i an£ j sca p et [ grounds, the heated room. The whole house has oil- it. and began its conversion and 
from New Yoifc. saltwater swimming pool and fired hot air heating and on the modernisation. the six-floor 

The Averel Harriman country the magnificent New England upper storey the windows of building had lain vacant since 
retreat is set in 57 acres of seascape. the main rooms are glazed with 1969. , 

grounds, of which seven acres The ex-Vice-President has Thermnpane. Each of the five apartments 

are landscaped lawns and decided to sell the house "For S795.000 the buyer of and penthouse with uieir 

gardens, on the York Town because , he can visit it so Birch-rove will be able.” com- beautifully proportioned 

Heights, Chester County, arid it seldom. “ He hasn’t spent more ra ents Edward Cave, “to enjoy panelled moms, fine moulomRS 
lies only 45 minutes by car from than a weekend a year here for luxury country living and f nd cornices, occupy the entire 
mid-town Manhattan. the last 20 years,” explains privacy and ver be only a 45- length, 136 ft 141. So metres) 

"The Anchorage” was built Edward Cave, “but a staff of minute car drive from New J? , f* wilI _, n fn _ qqq 
in 1939 under Mr. Rockefeller’s four caretakers have always y 0 rk Cirv.” Each ’ ea HI,I t , 

personal supervision: he paced kept the place in shape. The Now these are very expensive - vears - 0v * I ? ers . ■*!,«!£ 

off the grounds and instructed estates of members of the Ford houses. But when you consider ments wlU ^ na ' e 
the architect as to which of all family, and of other Rocke- that there are nearly 52 tn the " ews over c * re *" Park, and 
the magnificent surrounding fellers, are close to this million £. the prices for such sumptuous *h ose on rhe lop Boor* be 

views he wanted to enjoy from dollar house which how aw\its properties strike me as being a bie to see Hyde Park and 

each room. As Edward Cave, annther equally rich owner. quite modest, compared to what glimpse Buckingham Palace 

Chairman of Sotheby Realty With the 15-room “ Birch- has been paid for similar stuff Gardens. v„t, H . n „ ani » •4« 1 . r .i, 1 m»is! instructions ihov had uhiwn th« 

Corporation which is selling grove,” York Town Heights, in this country over the past The second floor show flat. ?“* Id ' n n 5 ’ ,?"? ’-It fhn Motl-n house to a iumber nf £™«)er 
both properties, points out: New York, the buyer will get- few years. 5.300 sq ft (500 sq metres) the *« “ ns, i" Wllh ™ f"’ ^‘“ sc p'l.huni ?v™, 

“This house could not now be in addition to - — — -*■ — — P° ,ltan pn,,re nn The la,est U ' P English and oversea., 

built in this splendid right-over- 1957-built 
the-sea position as — quite apart grounds — a 
from the astronomical costs — lawn, greenhouses, 

coastal zone regulations today pool with three-bed roomed 1 $1,719,500) to spare, a 

forbid building closer than guest house, and a 1971-built penthouse in Old 

Of the 21 rooms of the House both centrally heated and air roof, six bedrooms, four bath- ^Prince ^iptemat^or ^ntei> closed ‘j ircUlt , pax | el * wi!1 - undoubtedly, bo used hv 

i^nificent “ S?* mounted on an inside wall. One marker onlookers 



The cantilevered “deck" patio at “The Anchorage,” on 
the Maine coast: 


larce ri, a e»™ aiuniuienia unm uui uc aveunvu 10 accept inis 

Park Lane VZLSTSSSa front dAor cai1 ?trccncri b - v and ihc agents a/e Mill 

75 feet from the water. gardener’s cottage which is with a swimming pool on the potential buyer whether he be Sj-JrfEnt ° f * offt ' rina lht ’ P r,, P erl - v - This *alo 

hntR rpntrallv hoalaA anH air risrtf civ horlmnmc fmir halh- _ j. _» . CIO.nBu LITL-Ull IOIlMM 




(including eight family bed- conditioned. rooms and four magnificent “ ‘‘‘‘P’ moumea on an msine w«i‘i- L»ne market onlookers as a ham- 

rooms and seven staff rooms) In the two-storey grey painted panelled reception rooms, is . ,-hrtcpn hv 7arpn« rbi of l u C rt * ts ls u " n ^ C ^ ° ffer meter for the state uf the up- 

the most dramatic is the fan- clapboard " Birchgrovc “ the looking for a buyer. iniorinr ’ rino a . not ^ er 1S subject In negnlia- market property situation, 

shaped double level living room, windows of the library, sun Recently, the penthouse and f . . f" ^ on at P rP - s V I l L J ‘'in( ascnls: Although it is generally 

through the floor to ceiling, room and dining room look on five other apartments, which ” .. v**. ® arD "; Hampton and Sons. R. Arlington accepted lhat this end of the 

windows of which there are to fascinating tree-top views will be ready to occupy early ® n s™ve<i ana polished, is usea Street, London. '*1. Ay Ion niarket has now gone raihnr 

fabulous sea views. and, on this upper floor too. are in the New Year, came on to ' or the top ofthedniing table Hooper. A I her marie House. fi at> it seems that for tin* nchr 

made by CiocchetO, the Italian Albemarle Street. \VI. product, there are still many 

w / 11- ^ Compare tne size (and large potential buyers around, ii 

Much of the pannelling and grounds) and prices of ihnx* interesting tn note that the 
many of the a friezes in this two American properties with PVI1 ectcd Middle Fasiem m 
beautiful building are ortgina-I. what is being asked for su ]g ancp this Sllinnie r i„ buv 
Although damaged, the builders what Is a modest mansion in English hpmes is not hapoen- 
have lovingly restored them to London’s St. John’s Wood. This jnR al t jj e m< rtiicnl with ajiv 
their former splendour. The area has recently seen some th j n „ thl , expected vnUirm* 
show flat’s drawing and family spectacular prices paid for its n f \\r lt h [he rehgimi'v 

rooms which together measure high-quality bricks Slid mortar, festival of Ramadain the 
20 ft x 62 ft f6.l metres x 18.9 Brian Lack and Partners of St. w hole month of August, it is 
metres) are painted in deep and John's Wood High Street are going tn be a very slinrt selling 
pale buttermilk, with the friezes selling No. -IS Avenue Road, a season to this r selection of 
and motifs picked out in gold, substantial five-hi»d. -five-bath buyers, if indeed, there is going 
The cinnamon silk velvet outer period house with a 57-year f 0 be one at all. However, it 
curtains are bordered with lease to run. is now clearly apparent that 

French braid. The inner cur- The owner of this house is the upper end nf ihe market 
tains are of pale yellow Thai from Ireland and was planning is not entirely suppm-ted hy 
silk. The apartments are double to take up residence with his Middle Eastern purchasers and 
glazed throughout, and each has family in England. After a most many English and European 
an entirely new and indepen- extravagant refurbishment, he jbuyers arc in the market for 
dent hot water and central changed his mind about moving this type of housing. It remains 
heating installation. Telex in and, unexpectedly, Instructed to be seen whether this 
facilities will also be available, the agents to sell the house as particular vendor’s decision not 
Particular attention has been quickly as possible. Within to accept his first offer will be 
The south facade of “ Birchgrove," Yorktown Heights, New York. paid to the security of the 43 hours of receiving his formal justified. 

ESTATES AND FARMS: INVESTMENTS: SHOOTING: 
COUNTRY PROPERTY. OVERSEAS PROPERTY: LAND 




By Direction of Charles Clore 

THE STYPE ESTATE 

Wiltshire/Berkshire Border 

Hungerlnra .? miles 




An Important Residential, Sporting and Agricultural Estate 

Main house, annexe, garage block, swimming pool and lake. 
Secondary house. 41 other houses and cottages. Stud Farm with 22 boxes. 
Dairy and arable farm with unit to milk over 500. 

About 645 acres of woodland. Exceptional pheasant shoot. 

IN ALL ABOUT 2.060 ACRES 

For sale by auction al 2.30p.m. on 25th Jnly 1978 at Elcot Park Hotel, Kjnthury, 
nr. Newbury (unless previously sold) (68504/CF) 

Knight Frank& Rutley 

20 Hanover Square London W1R OAH 
Telephone 01-629 8171 Telex 265384 



B 



Jackson-Stops & Staff 

:14 CURZON STREET LONDON Wl 01 199-(i291 


NORTH WALES 

Cbester 18 miles, Liverpool 30 miles, Manchester 58 miles 

One of the finest residential agricultural and sporting 
estates in the north west 

BOD1DRIS ESTATE, LLANDEGLA, CLWYD 
$a perh Tudor mansion, modem farauieads. 
modernised coiukcs. woodlands and land 
Well established pheasant shoot and Rrouse moors. 

ABOUT 3,658 ACRES IN ALL 

For sale by auicion in lots on a dam to be announced 
unless previously gold as s whole ornate)* 

Further dcialis apply; 

JACKSON-STOPS & STAFF, CHESTER. TEL: (0244) 28361. 


QUEEN'S GATE MEWS 
S.W.7 

FREEHOLD SPACIOUS FAMILY MEWS 
HOUSE IN QUIET COURTYARD 
17ft. Reception Room, Cloakroom, 
■'.irehen. Garage. 2 Double Bedi.. I 
Single Bed., Shower-room /«*c. Sath- 
reom/wc. Recently redecorated 
ehmuchout. £74.000 to include fixtures 
and fittings. 

Ring 01-373 4483 Weekend 
or 07-634 8468 extn. 26 
Office hours 


SUHKtY — KfciBATE 

TO LET 

Select residential potman. Detaehad 
family house 3/4 reception rooms, 
kitchen, comenratory. Principal bed- 
room with en su>cc bathroom. 3-4 
further bedrooms, bathroom. Gang* 
and parRlng space. Gas central hcat- 
■"g. Secluded gardens about J acre, 
with part-rime gardenar and dometue 
help currently employed. To be let 
furnished lor one year (possibly 
longer) from mid August. 

Rene £250 per calendar month includ- 
ing r*us. flea T. 4df4. flnonelof 
Timet, 10, Cannon Street. iSY, 


FOR SALE BT PRIVATE TREATY 

NORTH YORKSHIRE/ 

TEESSIDE BORDER 



An outstanding Country Manor House 
of immense character set in its own 
rolling, well- wooded grounds of 16.87 
acres or thereabouts. Including 
paddoeki of 9.16 acres. The residence 
itself includes 4 main reception rooms, 
plus kitchen and usual ancillary roams. 
7 first floor double bedrooms. 4 bath- 
rooms. 5 secondary bedrooms. 37ft 
games room, together with garaging 
for several cars. 3-bcd roomed self- 
contained chauffeur's flat, stable block 
and numerous outbuildings. Only half- 
mile w«t of AI9 and 12 miles east 
of Al. 

Teeuide 12 miles 
Northallerton 1 miles 
York 35 mile s 
Thirtk f2 miles 

Offers In the region ot £130, AGO 
invited 

Fuff MrTtai/en from 5 0 >r Ayenti 

BOULTON ft COOPER LTD. 
12. High Perergata. York*. Tel. 27777 


GEORGE MAWER 

S. CO. 

Chartered Surveyors, Auctioneers, Land and Estate Aaents 


By direction of Sir John Eastwood 

North Yorkshire 
(10 miles south from York) 

The Important Freehold Agricultural & Sporting Estate 
known as 

THE THICKET PRIORY ESTATE 

together with 

Blackwoods Farm, Langwith and Elvington, Nr. York 
EXTENDING IN ALL TO ABOUT 

3254 ACRES 

comprising 


With VACANT POSSESSION 

The Well Equipped Modern Farming Unit with 
2 Large Dairy 8- Livestock Units 
Comprehensive Buildings together with 

VEGETABLE PROCESSING FACTORY 

and 

COLD STORE (capacity 2,000 tons plus) 

(erected 1975) 
extending to about 

2462 ACRES 

(including 150 acres Woodlands) 

Live and deadstock at valuation if required 

For sale as a whole or in lots 


SUBJECT TO 
TENANCIES 

7 Tenanted Farms 
16Dweliings extending 
to about 

791 ACRES 

let and producing about 
£17,71 7 per annum. 


Particulars and plans from 5 ole Agents:- 

GEORGE MAWER & CO. 

Market Place, Market Rasen (Tot. 3303} Lines. 


MSS RUTH JONES 
is proud to announce 
che availability of 
FOUR SUPERB FLATS 
or MAISONETTES 
in the restored 
GREATWOOD MANSION 

each with joint rights over 
700 yards 

FRONTAGE FAL ESTUARY 
and GREATWOOD QUAY 

Each 2 Bedrms.. Garage, some with 
2 Bachrms,. Mains elec., mains water 
anti ci pm cml. oil ctl. hrg. proposed. 
Setting of beautiful secluded grounds, 
eropical shrubs. In course of construc- 
tion — anticipated prices £35,000 co 
£65.000 par unic. finalised. EARLY 
CONSIDERATION ADVISED. 

RUTH JONES FJ.VJt., 

8, A rw roach Street. 

FALMOUTH 
Tel. (0326) 313444 


SCOTLAND 

GLEHLYON PERTHSHIRE 

Edinburgh S 2 milei Perth 42 rule* 

A Beautifully Situated Sporting and HHI Farming Estate 
Extending to about 3*220 Acres 
Small Mansion House 4 Reception, 5 Bedrooms, 

2 Bathrooms. Oil Central 
■ Heating, Staff quarters 
4y Miles on River Lyon 6J fish 
Salmon Fishing 600 Breeding Ewes 

Stalking 22 Stags 29 Hinds 41 brace 

Hill Farming Enterprise grouse 

Dedicated Woodland 200 Acres 

For Sale ** a Whole or m Four Lon 

Apply: HBLL4NGRAM, Chartered Surveyors ft Estate Agwti, 
Dum, fsla Road, Perth. 0738 21121. 

(24 hour answering f ary ice) 


Fox S> 


H 


BUILDING LAN'S 
HARTS CLOSE. TEIGNMOUTH 
Valuable pared ol X.7 acres al Free- 
hold Building Lana. Outline Planning 
Permission lor 29 Units. in full* 
dercloned area, low Reserve, 
for Sale n. Auci.pn (unless sold pre* 
riouslrl Frida* jul* 28tn 1978 
11 w.ninrrhm Street. Teton mouth 
Tnl; (( 1621:71 an* 


BELGRAVIA. 5-W.l — Private Residence; 
Embassy. 21 Rooms, a Bathrooms, In 
need ol modernisation. 93 year Lease 
Ground Bent £250 P.A. FiKe 
£ 295 , 000 . No oners. Td: 01-370 
2910. 

ISLE OF WIGHT. Superb plot overlbg. 5th. 
Coast. Outline p.d. bungalow. 15 Castle 
Court. West Vontnor. oilers over £4.750. 
J. Savage, 52, Huddleston Ra.. Mlliom. 

. Cumbria. . 

! Mayfair, W.l. One ol tne low remaining 
traditional houses, excellent position, 
basement, ground and 4 under Doors, 
about 3.000 sq. rt. in preens Ol reno- 
vation. 72 era. lease. L275.000. write 
Boa T.491 3. Financial Times. 10. Can- 
non Street. EC4P 4BY. 

Near Malaga — >, Acre plots sa.oao. 
Good-class Esiata in MIK. Agent- Mr. 
Boulton, westbtirv >03731 82-2402. 

N.W.11— Sell contained lurn.shed ground- 
floor flat 1 ' bedroom. 2 livino rooms 
kitchen, bathroom; s»rag B heating. To 


let >or 1 vear. Suit married couple. 
01-433 6146. 

AUCHlt HARDER. SCOTLAND |2 mlnuirs 
lrom ttmoii* GteneagtU Ogrt Course)— 
First two a.'S ant. do lav lied bouses of 
small cm lusl vp development nearing 
completion. Prices c<mcto*i 10 no 
around 52S.000. Details tram Fleming 
Tlmdrr Buildings iSepHanoi Ltd.. 2.1 
Aucmnloch Road. Lonale. Glasgow Goo 
SET »Ttf. 041-776 1181. ‘2,' 

PHEASANT SHOOTING — NORFOLK. 4 
Guns to Lot lor 1978.79 Season 8 Days 
shooting iFDoavs A Sarurdavtl Nov-Ja". 
Eknctied tom) 200 Pmubtrs dot riv. 
Strutt 6 Parser, 13 HHI Street. London 
W1X BOL. Tel: 01-629 7282. 

BIRB* INGHAM— -Suocrtoiy apooinlcd Tudor 
.Stpl- Residence to let furnuhod two 
years to Comnany lor Eeecutive nr simi- 
lar, Low Rental. Write Geo- Fisher 
6 Son. 20-24 High Street. Harttona. 
Birmingham BI7 9NF. 





Financial Times Saturday July 8 1978 

SPORT 


9 


Putting for the 


THE OPEN CHAMPIONSHIP 
is similar to the other three 
major events in that it i 8 50 
much more a test of character 
than any of the week-by.weefc 
tournaments played on either 
side of the Atlantic. But when 
H is played at St. Andrews. I 

eli eve that putting becomes 
more of a factor on the huge 
doubfe greens than is this 
department of the game when it 
is staged at the other links 
currently on the rota. So cur- 
rent form is well worth 
examining, when one is looking 
fur a short-list to provide a 
Meiy winner over the Old 
i.onrse next week. 

In 1970, for instance, few 
would have argued that the 
winner. Jack Nicklaus, after 
perhaps the most poignant of all 
finishes in the modem era. has 
been the best putrer of this, if 
not all time. This statement 
might produce a storm of pro- 
test from those who can see no 
further than Bobby Locke or 
Bob Charles as the only two 
possible contenders for that 
title. But for me Nicklaus has 
holed more putts when he needs 
desperately to do so than any- 
one in my lifetime. Doug 
Sanders, NTcklaus's play-off 
vretim at St. Andrews on that 
occasion, could never have 
heen described as a classic 
striker of the ball with a swing 
so short that some wag was 
clever enough to say he could 
use it in a telephone booth 
without breaking the glass on 
either side. 

South African Harold 
Henning, who finished tied for 
third place on that memorable 
occasion, alongside Lee Trevino, 
could arguably never have made 
a good living, had lie not been 
such a fantastic putter. In all 
fairness, his swing was hardly 
a thing of beauty. Those who 
believe that major tides are 
lost rather than won would 
probably cite Trevino's per- 
formance that fateful Saturday 
as a case in point, as the over- 
night leader three-putted his 
wav to despair and a score of 
77. the worst round of any 
player in -the top dozen. 

The previous two SL Andrews 
winners, Peter Thompson 
11955) and Locke (1937) were, 
like Nicklaus, capable of holing 
more pulls when they were 
most needed than all of their 
contemporaries put together. 
When rite immortal Sam Snead 
won there in 1946, he was not 
the tortured wreck on the 
greens who now, in his 67th 



year. stlH swings the club like 
Poetry, in motion, but putts 
badly sidewinder style, like the 
local blacksmith. Tied for 
second place in Snead's 
championship far from 
coincidentally was Locke, who 
could nor manage a place in the 
top ten in the two years that 
followed, before he recorded his 
first victory at Sandwich In 
1949. 

So what is the current form? 
I have been fortunate to have 
witnessed from a television 
tower Andy Bean’s three 
victories in the past five weeks 
-in Charlotte, Memphis, and 

GOLF 

BEN WRIGHT 


Chicago. One could easily dis- 
parage lore first two, in that 
they were recorded on dreadful 
golf courses that put a premium 
on length rather thfui finesse, 
as if they bad been designed 
expressly with Bean In mind. 
But this charming, gentle giant 
won in Chicago at Butter 
National Goif Club on Mon- 
day. a course that is rated by 
many as the toughest in 
America. It is certainly the 
meanest, trickiest encountered 
on .the professional tour. In 
between Memphis and the 
Western Open in Chicago, Bean 
finished ond-y sixth in the U.S. 
Open on a Cherry Hilts course 
whose par defied even the 
champion, Andy North, largely 
because Bean failed utterly to 
cope with either or bnth the 
waterstrewn 17-th and 18th holes 
every day. 

Bean combines awesome 
power and the magical touch 
around the greens with which 
so many huge men are blessed. 
Some might consider h im a risky 
bet because of. has Jack of inter- 
national travel experience. But 
now that the 25 -year-old has 
tamed a once explosive, 
destructive temper, Bean is as 
unflappable as aqyone in world 
class, which he has certainly 
proved himself recently to be. 

Tom Watson finished along- 
side Bean in the US. Open and 
also tied for sixth place in 
defence of his Western Open 
title. While not quite at his 
best, that best is good enough 
to ensure a further worthy title 



WIMBLEDON HAS a brand new A * ' * . . | V f a champion. taking the next two 

and worthy women's champion. /a /Tf 1 C* m K rf games as Miss Evert's play 

Against ihe odds, against the . AjL tvE/MM, Iftif £./£ K . f £&£££»* began to lose its accuracy and 

seedings and against a 2 — 4 O zest. She came within a point 

deficit in the third set Martina . - , _ . , , . , . of snatching a 5 — 1 lead before 

Navratilova, the 21 year .old ^ ht ™ n - J h * ** 80 endeared exchanges were a good deal not force the breakthrough she mss ^ w!licd but a t that 
Czech exile — “the girl from her ff f to the cr » wd her a “ d shorter as the needed to get on terms, though changeover Miss Evert buried 

• nowhere” — battled 'mag- fP 01 *"? Sestures, once oveirul- American broke back at once she was stretching Martina with her £ace jn her lowel for alm0Sl 
fcVrV nificently to defeat Chris Evert ,n f “J m f smaQ had then captured the Czech some devastating drop shots. a minute contemplating the task 

' ‘ twice the previous winner of the out her opponent s shot. girl’s service again m the sixth The Czech had to save three f3cinR her 

title 2 — 6 , 6 — 4 . 7 — 5 Tn one hour "« k very difficult to * 


42 minutes Chris twice in a row " she Mid 

She takes home to her Dallas afte ™^L"5 Ut r . v be,iev fi in T 
residence the first prize of “7^ ^ r oit-.hout the match. I 
£17.500 but she takes with her a dosing 

too the knowledge that she now J J^ lch * the only th, . ng 

deservedly ranks with Miss that ma ters, I was ableto raise 

Even herself at the very pin- f el ° f ra - v *«* 
nacle of the women's game. She ^nd faltered 

had beaten the 23 year old 


beat garner 


had 

break points to protect her 


Seizing her chance Martina 


Once more in the second set lead but when the girls had been gened out tu love to make it 

> n action for a shade over an 5 — 5 , matched the American's 

hour it was set-all and once serve thanks to three forehand 
again everything to play for. errors and another on the baek- 
Maintaining the sequence hand and when she served for 
Martina broke serve in the first the match in the next game she 
game of that final set but did pol was just as dominant, ending it 

have lung to relish her lead, with a firm backhand volley 
Miss Evert finally capitalised on 


TENNIS 

JOHN BARRETT 


Jack Nicklaus 


The 


defence at St Andrews. 

only thing that disturbs me is notoriaus 
Watson's new-found frailty, th - 7A 

rSrSSiWhim ‘ Were ° n “ "°‘»S out 

a form all ta to him. f rom Plymouth to race round 

Trevino lost to a monstrous the British Isles. Every yacht 
40-foot putt at the first play-off w ]j| be crewed by just two 


Racing around Britain 


hole in Memphis that Be'an was people. Ahead of them will be * roth , er ** sta S le - c ? upleSl /p 1 * 

intending only to “lag" close nearly 2 000 miles' of uncertain h anded Transatlantic Race, are rigours of lon 0 distance racing 

m the cup. He destroyed him- weather cold water and ohvsical D0W anwQg ^ W0lM 8 class,cs - m the “"fines of a small boat, uueis. aiiracis au t-m.ruii.us r ■*-* " — v 
with P a seven at the oar thf ifov enriosSi 3111 are ocean races with In two of the three previous diversity or entrants, whose sole Johnston ut 

fim hole in the final racing yacht. a difference. Traditional Round Britains, crews have common characteristic is a love 

1 of the U.S: Open, and ^ ocean racing has in recent years of sailing at sea. This years «• 


to the cup. 
self 
four 

fintehecMoint twelfth" ^Trerino The fourth Observer/Royal become increasingly sterile, 
fhen tied foJ ££d in Us d™ R j> und Bri ? in Boats are built to a formula 

fence of the Canacian Open >^ ed a rule- They all 

title, largely because he took * t *£ mg ^ne ^ te nd to t be same sort of 

six at the fourteenth hole and ISi!: ** ™ *.» shape ' ^ ey 3,1 0081 very Iarge 

still finished only two strokes S.nS St nSSl L 5 sums ** money * and when they 
adrift of winner Rn.cp T.iettJce. have finished their racing 

directions). The smaLlest boat ~,rpem thpv haw 


The spirit uf this race, and the 
wide variety of challenges ii 
offers, attracts au enormnus 


Andrews than at Augusta. 


j.mm u ,..w U ...w W . - The new women's doubles are 

American in another marvellous . ^ /'■B'ratilnvaS hopes of Martina broke Everts serve in her third break point to pull Australians Kerry Reid and 
three.sette,. w hen they last met her hands on the golden the opening game only to be level at 2—2 by courtesy of two Wendy Turnbull, who had not 

13 days previously in the saIver . which the women's broken in turn. By now however badly bungled Navratilova over- reached a Wimbledon final 
Colgate International final it champion traditionally thrusts s he was getting more of her heads. Bigger disaster was tn before. They recovered from a 
Eastbourne but Miss Evert held aloft in triumph seemed remote first serves into court and she follow but this time Miss nervous start and -survived two 
an impressive 20—5 lead in 6rst set - wh _‘ ch ^ l06t coolly overcame that horren- Navratilova could not blame match points in the second-set 
their career records. RURUtes as Miss Evert sub- dous tennis rarity, an air shoL herself. She was broken by two tie-break, before winning 4 — 6 . 

After serving badly and going mltt . . r weaker backhand to when she leapt to put away a stunning service returns and an 9 — S. 6—3 against Mima 
through the first set in what she unremitting pressure. smash in the swirling wind. .unreachable cross coon back- Jausovec (Yugoslavia) and her 

later described as “a kind of Miss Navratilova had broken Miss Evert was again broken hand. Romanian partner. Virginia 

daze" Miss Navratilova ' pulled through in the first game after and though she allowed no fur- The true champions are those Ruzici, who arc holders of the 
her game together and held her an opening rally which went to ther liberties with her sene who can come back from such German. Italian and French 
temperament un a 14 strokes, but the succeeding for the rest of that set she could depths and Martina proved such doubles titles. 

American newspaper publisher 
Phil Weld; Three Legs of Mann, 
a 53-ft trimaran owned by Nick 
Kcig: and Great Britain IV 
another 53-ft trimaran sailed by 
Chay BJyth. 

First monohull: Robin Knox- 
ill be trying tu 
huge Great Britain 
Knox-Jolinston has won the 
entry includes a police sergeant l as l Round Briiains and is 
from Exeter. Britain's r* ie mosr experienced seaman in 
Ambassador to Washington — the race. But GB II is a vast 
** I'm doing it for spiritual and hulk to manage and will not 
intellectual renewal.” says Peter enjoy light weather. 

Jay — and a 23-year-old girl who Under 35 feet muttihulls: 
has already crossed the Atlantic A Cappella designed and built 
twice, and whose boss has told by American boat builder Wally 

from Jan of 
» of the little 
trimarans 
>ell in the last 

monohulls: A 
between Fred Dova- 
First multihull to cross the stnn in Kurrewa and Beat 
line: The race here will .he Guettinger in Petit Suisse. Both 
between Rogue Wave, at 60 ft skippers were among the crew 
the largest multihull in the of ADC Accutrac in the last 
race, owned by a retired Whitbread race. 


YACHTING 

DAVID PALMER 


racing . „ 
as much fa,,en 



the baby trimarans are boats man is entered. Those under strain split up and 

that Took tike tittle more than n, is particular race provides spend their 48 hours P ointed, y 

For once— oh! the heresy— I rac j ng dinghies with a couple a special test all of its own. For “P**- T* 108 ® getting on well 

sec Nicolaus as a place beL 0 f floats attached. U p t0 a two people, dive into the nearest -warm bar 

. ,.,. e I 5, ■ . j n ’ an . ^ The Round Britain Race, and includina a few brave married together. .. 

major title. SL Andrews mighty : - : 

him. Hale Irwin, tied 


inspire 

for fourth in both the U.S. and 
Western Opens, appears to be 
another good each-way bet. as 
il^es Ray Floyd, seventh in our 
Colgate PGA, 12th in Denver, 
and fifth in Toronto. Garv 
Player is someone to whom 
form does not apply, since, in 
his case, it is all in the mind. 
My last two names are British, 
Brian Barnes and Nick Faldo, 
but more in forlorn hope than 
realistic conviction. 


CONTRACTS AND TENDERS 


COMPANY NOTICE 


Arab International Bank 
Cairo, Egypt. 


Invitation for 

Pre-qualification 

for General Contractors. 


The A.L B» Center is an 
Esyptun Pubfic Law 43 Project 
created by Arab International 
Bank. The Project is located near 
Uk; center of Cairo -md consists of| 
one 750-room hotel, one 20-si ozy 
office budding and two 32-story 
apartment btukSnss aQ inter- 
connected by a 5-story mixed use 
building. The gross area is ap- 
proximately 245. U00 square , 
meters of reinforced concrete 
construction. 

The contractors who are 
quahfied nil) be expected to sub- 
mit u firm price lender for the 
structural elements, and general 
conditions for the entire project 
and submit a percentage fee for 
the acceptance of assignment by 
the owner of subcontract ore for 
the entire project. Site excava- 
11 . m work and the installation of 
piling has cintmenccd. Structural 
drawings and specifications are 
complete. The remainder of the 
l L>nst ruction documents win be 
comfdeted by mid 1976. 

Prospective general con- 
irdciore pre-qualification lender 
must contain the foHo\ving: 

1. Certified year-end financial 
staiisiiom and a current 
applicable balance sheet. 

2. A synopsis of pwwrmel of 
the association Including cur- 
ritiita vitae of Lite lop officers. 

3. NamcSi Wios. experience in 
construction m general and 
e xperienco in the Middle 
East of senior staff who are 
currently in your employ and 
who wiD be asagned to the 
pr<tjccL 

4. Number and titles of senior 
i.iaff people who win be ob- 
tained from other sources 
and the sources thereof. 

5. Company experience in the 
Middle East, if any. including 
specifically the number. t>T»e 


and size of successfully com- 
pleted projects and year 
can^deted. 

6. Number of high rise buikSngs 
completed worldwide lo^ 
getber with a brief descrip- 
tion of aL least four m^jor 
buikbngs. 

7. Number and description of 
projects of comparable size 
successfully completed and 
year completed. 

8. List of efients for whom pre- 
vious projects of similar size 
have been successfully com- 
pleted with tlie name and 
title of representatives 
who can be contacted as 

references. 

9. His Lory of bonding rela tims 
on similar sized projects for 
the past 5-7 years. 

10. Sources of construction 
materials and the number and 
types of equipment for the 
concrete structure. 
Pre-qualification tenders will be 
received uo later than July 16, 
197b by: 

Arab International Bank 
r i Mr. ft'. B. Luster 
50 Gomorhia Street 
Caro, Egypt 
Phone: 935744 
Telex: 9-2079 

Drawings may be renewed at the 
faSowiQg places: 

Gerald D. Bines Interests 
2100 Post Oak 'Enver 
Houston, Texas 77055 
U.SA 

Phone: 713/621-8000 
Telex: 910/881-5468 
G.D. HINES HOU 

Skidmore. OwingS& Merrill/ 
ABNassar 

22 Hussein Rostom Street 
Dokki, Caro, Egypt . 


EDUCATIONAL 


TO SPEAK FREHCH Ir 

S^TITiVSk VnANCAIS FTGS „ 

•clerr, (IG-Vlllrfrancbc^ur ^er - Tel. <931 


THE SCOTTISH 
AGRICULTURAL SECURITIES 
CORPORATION UMITED 
14% Debenture Stock, 1993 

Notice n he/ct,y (i*en cIncx the 
REGISTERS of ths CORPORATION S 
»ko*t mentioned Debenture Stosfc will 
be CLOSED for TRANSFER end 
REGISTRATION from 18 th to 3 1 it 
July, 1978 both den inclusive. 

R/ Order of the Boerd. 

H. J. KtTurlt, Secretary- 
48 Palmerston Piece. 

Edinburch EH 12 SBR. 

Rth July. 1978. 


ART GALLERIES 


ROV MII.nSGALI.I-RY 


THE 

[VICTORIAN IDEAL 

jAn Exhibition of Victorian Paintings] 
Until 2Sth July 

f 6 Dote firmer St .lamcs’t London SW1 
Gallery Hour*.: Monday to Friday 1U-6 


CLUBS 


SVC. tag. Regent Street. 734 OS57. A la 
1 Carte or All-In Menu. Three Spectacular 
Finer S<ww* 10.4S, 12.43 ana 145 ana 
mule of Joftnny Hawke* worth A Friend*. 


.96 GOLDERS GREEN ROAD, 
NW11. 

64/6/S CAMDEN HIGH ST., 
NW1. 

. 114 RYE LANE, PECKHAM. 

Plut other freehold Lou mci. block 
of Fleet at 8/ IQ Frognel Gerdeiw, 
HampMeed. Auction of F/hold invett- 
menu offer mg excel lent capital firowch 

1 1 tuitions. July 17th 1978 at London 
Auction Nan. 

HARMAN HEALY 1> CO. 

14. Roger Sc.. WC1. 01-405 3501 


CHERTSEY— SURRET 

HIGH YIELD LEASEHOLD SHOP 
INVESTMENT FOR SALE 

PRICE £25,000 

EDWARD SYMMONS & PTRS. 

56-62 Wilton Road. 

London. S.W.I. 

Telephone: 01-834 8454 


CLASSIFIED 

ADVERTISEMENT 

RATES 


• 


tropic 


Per 

(xdumu 


ImC 

cm. 


r 

£ 

Commerria] & industrial 

Propprts 

4.M 

HIM 

Residential Properly 

2.W 

600 

Appointments 

t.'J) 

. 14-00 

Business te Investment 



ODpommUlL^, Corporailoa 

Loans, production 

- Capacity. Businesses 



Vor Salc/Waoied 

5.23 

18-00 

Education. Motors 

Contracts & Tcndirrs. 

Personal. CanJcnin* 

4^5 

DO 

Hotels and Travel 

5.73 

10.00 

Book Publishers 

— 

7.00 


Piturfew pofklMS available 
(Min bn am size 40 celemn ent*} 

F] 50 par stogie column cm utnJ 
Ft»r Jnrtluy dirtuUc irrllc U<: . 

Clarified Advertisement 
Manager, 

Financial Time*!. 

10, Cannon Street. EC4P 4JSY. 


Chieftain 

High Income Trust 


Since frs Launch The UKs 
Best Performing High IncomeTrust 



ESTIMATE!') 
CURRENT CROSS 
YIELD 


FIXED PRICE OFFER CLOSES ON 14THJULY1978 


Chieftain High Income Unit Trust arms to bring you 
immediate high income combined with prospects of good 
capital growth. 

Since the launch of the Trust in September 1 976, the 
offer price of units has increased by 71.2%. In the same 
period, the FT. Ordinary Share Index has risen by 27.8%. 
During this time, the Trust has out-performed all other 
LL1C authorised high yieldmg unit trusts. 

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

NXe believe that, in the long term, the potential for 
growth of both income and capital will give you a signifi- 
cantly better total return than a fixed interest investment 
such as"a gilt-edged security or a fixed capital investment 
such as a building society . 

Although you can sell your units at any time, unit 
trusts should not be regarded as a short-term speculative 
investment, and we would like to emphasise that the price 
of units, and the income from than, can go down as well 
as up. 


WhyAUnitTrust? 


The problem associated with stocks and shares for 
the individual investor is, of course, that be rarely has 
enough capital to spread his risk, and sufficient infor- 
mation to choose with confidence.This is particularly true 
for those seeking a high income. 

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

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


monitor the progress of these companies very carefully— 
as the Trusts performance to date dearly shows. 

The financial situation of .the country has improved 
considerably over the last two years. As North Sea oil 
has begun to make a positive contribution to the balance 
of payments, sterling has strengthened, company profits 
have improved, and inflation has been reduced to single 
figures. 

Nevertheless share prices are still at historically low 
levels relative to company earnings. 

However, Chieftain's managers believe that in the 
long term die wealth generated try North Sea oil will 
continue to play a considerable part in the recovery of the 
U.K!s economy from what is still a very depressed level 
of activity. 

This should provide ample scope for improvements m 
company profits and business confidence; and in turn this 
will allow further increases in the value of shares and of 
Chieftain High Income Units, and of the income they 
provide. 

Share Exchange Scheme 

If you wish to realise a part of your portfolio and 
invest in Chieftain High IncomeTrust, the Managers can 
arrange to sell your present shares for you, and will 
absorb aQ the usual expenses of the transaction. This can 
give you a worthwhile saving. The minimum purchase 
through the Share Exchange Plan is £500. Tick the bos 
in the coupon for full details. 

\biiR Reassurance 

Chieftain Trust Managers Ltd. was established in 
September 1976, Its four trusts, dealing in overseas as wefl 


as U.K. markets, have already attracted funds worth 
about £9 million. This exceptional rate of growth has owed 
much to the considerable support Chieftain has received 
from stockbrokers and investment advisers. 

TheTrusteeof Chieftain High IncomeTrust is Midland 
Bank Trust Company The main duties of the Trustee arc 
to hold the title to the Trusts investments, and to check 
that all purchases made by- the Trust are in accordance 
with theTrustdeed; to ensure that the income is distributed 
to the unitholders properly,- and to approve advertising 
and literature. 

Tax Advantages 

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

The 1978 finance Bill proposes that unit trusts will 
pay tax on capital gains at the privileged rate of only 10%. 

When you sell ufetsitispnDposedthatyouwill receive 
a tax credit of 10% against Capital GamsTax.The Managers 
interpret this to mean that on unit trusts you should have 
no tax to pay on profits up to £3.000 on sales in any one 
yeai; and your maximum liability is limited to 20% of your 
gala On sales before 5th April 1979 the tax credit wifl be 
even higher if the proposals become law: 

Closing Date 

Until 14th July units will be available at a fixed price 
of 42. 8p each. Your application wiD not be acknowledged, 
but you will receive a certificate by 25th August 1978. 

Fill in the coupon, or talk to your financial advfcer 
without delay 

General fN formation 

The offer will close if the underlying price of unit* 
should differ from the fixed price by more than 2 1 e'.'o. 
After 14th July 1978 units will be available at the daily 
quoted price and yield published m most newspapers. 

Chieftain High Income Units were first offered on 
6th September 1976 at 25p each. 

There is an initial management dwge of 5% nxJuded 
in the price of units-There is also an annual charge of 3 s 10 ® 
(plus VAT 1 which has heen allowed for tn the quoted yield. 

The Managers will pay the standard rates of commis- 
sion to recognised professional advisers, who are invited 
to ring 0 1 -283 3933 for further details ofHigh Income and 
other Chieftain trusts. 

Income is paid net of income tax. but this can be 
reclaimed by non -taxpayers. 

Distributions arid a report cm the fund are made 
half-yearly on 31st May and 30th November. Units bought 
now first qualify for distribution on 30th November 197S. 

This offer is not applicable to Eire. 

The Managers of the Trust are Chieftain Trust 
Managers Ltd, Chieftain House, 1 1 New Street, London 
EC2M 4TP.TeIcphone 01-2S3 2631 

The Directors of Chieftain Trust Managers Ltd. are 
E L Potts, MA (Chairman); R. J. D. Eats. Ma. MBA; 
J. D. Gillen, B5c.; L H. A Hazed, F.C.15.; ALE KTod. 



CHEFIAIN 

TRUST M A N A C E R S LIMIT E D 


Investment Prospects 


The funds of Chieftain High Income ’Erst are 
invested in high yielding stocks and shares. Our policy is 
that by for the greater part of the Trust's fends are 
invested in high yielding ordinary shares. Holdings of 
preference shares will not exceed 20?x More than tins 
would, we believe, restrict opportunities for growth. 

In o r der to minimise risk, the portfolio it spread over 
about WO- ILK. companies. Our investment managers 


Application Form 

Far in the coupon and send it now ta Chieftain Tim Managers 
Untied, Gnfuis Home, 1 1 New Street, London EC2M 4TR 

L'Xlfc vrodd like to buy Qneftain High bean* Ursa to die 
vdueofs at41Speadi. 

(Maunum initial bjdbg £2501 

I'ytk erdosc a remittance payable to Onefbn That 

Managers Unwed. 

Tickbox.- 

j I If you worn maximum fTcrwib by automatic re-inve st m ent of 
net income. 

1 1 11 yva want to know how to buy Chtdtain High Income Units 


l , 'KfcdcdaretbatIam We are aw IS and not resident ootfeJe 
the UK. or Scheduled Territories aid that 1 am we are nut 
acquiring the units as nommeeta) of any pereenfs). resident 
die UK. or Scheduled Territories. (If you are unable to sign 
this declaration it should be deleted and your apfteation lodged 
through an authorised depository; 


SURNAME (Ml MK&'M&JL. 
FBSr MMEiP N FULL— 
AEDRcaS 


S-'CNATUREs. 


I f— j on e regular nanthb 1 fewt- (If there arc joint applicants a: 1 im-i sign and attach name and 

I — I .l;-c«woddiHied«aikafw5hi>feExdMtisenaa address**, ^artnciy.* iStyc! ofiwur a. above Reed N 0 .74Mfe' 









■ 10 


Financial Times Saturday July s 1H7S 


MOTORING 





Aii improved Princess 


BY STUART MARSHALL 


BUSINESS' EXECUTIVES and to rest and replaced by an over- pulled; and was overrun might 
family motorists looking For a head camshaft, short-stroke four have been acceptable in an old 
high specification car. at a cylinder of modern design. It car hut was uoforgiveable in 
sensible price.- . These are the comes in two sizes, 1.7 and a new. one. . 
buyers BL Cars have in mind 2 litre?. The Princess 2200 con- It gives -me .no pleasure to 
fur the Princess 2, launched tinues t" have the six-cylinder say so, but I think any Audi, 
earlier this week. overhead camshaft engine based Renault 20TS or Saab 99 owner 

Will their hopes be fulfilled on the Austin Maxi's four lempted to have a Princess as 
— or clashed? At the moment, cylinder. his next car would have turned 

it is an open question, though ' ot |, er changes are in the down for transmission rough- 

5*** j s - C W 1 A h _ e main cosmetic though detailed ne * s L al °“f; 

make serviein 


pricing of the new car is keen. ]nudiHcat i lins make servicing . The ride is §° od < though no 
The 2000HL with power- g , , cr aIld the Princes3 2 has ” etter the and 

assisted steering I have been - T -_ in i r „. Tun ow-n^ c„ nar the steel belted tyres now used 


driving fur the past week costs ^aniinaW safety H la« wind- instead of the textile belted 
£4.2S7. Three comparable ie new Rovers kind do "« thump over cat’s 

imports are si! dearer. The the new Rovers. eyes or drain corers 

Audi Avant hatchback has a Compared vritfa old 18 Inside, the Princess is most 
smaller engine and no power i' tre en ~ me - ^ new -"^ tre P ro ' attractive. The carpet, cloth 
steering but costs £4.995. The d “£« ■ J- P^ r cent more power uphnlstery. plastic fascia and 
Renault 20T5. also a hatchback. '93 hbn against 82) and it shows headlining or my lest car were 
has power steering and costs' 10 hu,h raster standing-start a jj ca refullv colour matched 
£4.960, which.- includes electric acceleration and ease of over- 
windows -and Wntralised Jock- taking. In second and third j y* , 

inc. And the price of a Saab gears 59 niph and 70mph are K^fulU SUTCty 
9QGL fourwloor without power routinely usable iF you arc 
steering is £4.575. hurrying. At 70 mph on the 

Even more fmpnrtant tcimost motorway the Princess 2 is 
people than initial cost is pleasantly quiet but my car had 
reliability and the first Princess a disagreeable exhaust reson- 
earned an indifferent reputation, anee at 75-80 mph that would 
BL Cars admit this but say they j iav « made a long nntorotUC 
hove been through the car with journey less than relaxing, 
a fine-tooth comb. With the Fuel consumption is better, 
hugs removed, the Princess 2 is The 200HL will show the driver 
4 -better quality car that should W h 0 thinks speed limits are 
-serve its- owner more reliably, there to be observed, not 
A few days lest driving is no broken, a little over 30 mug in 


A restraint system for 
children loo old for strapping 
into car safety scats but too 
young for grown-up seat belts 
is being introduced by Brit ax. 
just in time for those long 
holiday journeys. PI ay safe is 
a cunningly shaped slab of 
expanded polystyrene that fits 
over the legs of 4-10 year-olds 
and allows them to be safely 
anchored by a normal rear 


substitute for a year of owner- average use, compared with the seat lap strap. Playsafe has 


ship. It villi be many months 1800’s 29-30 mpg. 
before one knows ir BL Cars’ Nj ce though it i« to have a 
confidence that they have sorted new engine, what the Princess 
out the Princess's problems is really wants is a better trahs- 
ju stifled. mission. I did quite a lot of 

The ni3ih difference between driving in town where the 
‘the original Princess of 1975 and gritty gearshift and difficulty nf 
'the new one is a change of engaging first gear at a stand- 
•engine. The old 1.8 litre long still soon became irritating. In 
stroke, overhead valve four slow moving traffic, the noise 
cylinder inherited from the from the gearbox and final 
1 S 00 has been laid drive as the engine alternately 


sold in France and Germany 
for some time, where it has 
won the approval of consumer 
organisations. From Boots. 
Halfords, Woolwortfas and 
motor accessory* shops in a 
few days time, it will cost 
from £14, complete with lap 
strap and fitting kit.- It takes 
between 30 minutes and an 
hour to fix into the car and 
is. of coarse. BS1 approved. 


iron 


the West 


only one way to 


verse — that the lull benefit: 
of such a trip can be appre- 
ciated. 

Beforehand. ' I had de- 
liberately decided only an an 
outline route, sorting out the 
detailed bookings as 1 went 
along. My faith in the U.S. 
travel industry was justified 
and I had practically no prob- 
lems finding a room, enabling 
me to follow whatever whims 
1 liked. 

So after mv day's visit to 


arrive in. Dodge City— at dawn fiad awakened 


_ pre- 

cm .the Atchison, Topeka and , doi!S | v - dormant interest in the 
Santa Fe railroad from Chicago wild West. I went on to explore 
junking for action. Bur there. 50me 0 f 0 j d nold-and silver 

is not much call for deputies' mining ghost towns in the fnoi- 
nowadays. .and the rlrive-m hilh of Rockies? m 

bank, nn Gunsraoke Avenue not Colorado. After finally aban- 
£ar from Wyatt Earp Boulevard. d nninj* train for plane in Cali- 

looked as secure as any m The fornn — because of a shortage 



Am Irak's San Francisco Zephyr snaking through the Emigrant Gap between Reno and 

Sacramento. 



Henry Fonda, and was talking border 
about alfalfa prices. Still, the j n contrast 


to Dodge. which 


large hoarding on 


skilful re-creation of the old ^ a thriving small wheat and 


TRAVEL 


PETER RIDDELL 


1870s Front Street was enouyn C att!e town. Tombstone exists 
to sustain many Wild West on iy as a museum and rcrori-t 
fantasies and create a ta>tc for (jp 0t j n T fr e middle of the desert 
more of the same — which I — a few streets almost exactly 

satisfied during a coast- to-coast a « thev were in the heydays of ' . ■ 

journey in May across the L'.S. the 1880s mining boom. There 

by train. is the old Birdcage Theatre with Boulevard in Los Angeles, pro- 


Wiishire partraents with reclining cbuirs an overnight flight. But Am Irak 
convertible into beds and a lava- does offer a Rail Fa is {nr 

torj* and basin. These facilities about £100 for 14 days ami 
bau idled much of the seediness roughly £135 tor 21 rla\*. This 
of long-distance travel and I permits unlimited iraud .n 
could relax easily, apart from ordinal*}* coach suction* ami ii 
one nistlu when my berth was i> possible lo upgrade m 
over the wheel?. roomette* ur .sleeping cars. 

The food was reasonable m «»» and planes seem io 

if somewhat res- l,ave the puli since hoik* oi the 


always the upportunity to chat , 

in iniin»i> r:*rs which have a tuurisls and most nf the 


P a — 


distances 
regarded 

American Iyuil0 iBMit m .. - — 

the "mad ’dogs^and^ Enclish- t,J e son? "She was only a bird in The Loved One." 
men " class. But the 3 . 5 DiVmi!e in a gilded-cage.' But above all A ,„ a; „ . 

trip undoubtedly provided the “ ler0 
best chance of Understand mg. *- orral 
and accepting, all the familiar 
claims about both the vastmfss u-.. me 

and internal contrasts uf 'he over' the Denver to Oakland-provided a observation car which offers a »«: eventual pruning ,,r i! , 

U 'f' . . graves: "Here lies Lester Moore. Peaceful respite. This avoided good view and variety, though it ° r U , *’ v ; . 

My east-west trip was spread ^ QUr s| from a qq, .\ 0 Le.s. the tiredness of driving such C ould be ratiier hot. But the “rap' 1 -- 
nver about 10 days, out of a no m0 rc." I° n ? distances and the strain trains were frequently very sec ‘ ,on - has 'he roll mg 

three-week holiday. It was in _ h ‘ of . hese . Q _ w and repetition of constant plane alow, often barely 50 or 60 miles cowboy country of louihein 

four main stages — starting from no ,^ t hln ihe^nenu fli S hts * Theie •*« time -to an hour because of the poor Wyoming and the bcauiiiid 

no less nizarre man ine cinema . . * mountains and winding Hack uf 



V* 


New York, up via New Haven 
to Boston: then across south of 
the Great Lakes to Chicago: 


versions* a brief n* r iod of zander round some of the places track, and the services were up “wunains * ina,n ? J™ ul - 
w/»Kh! hel l‘r» i Jn/ >,"cl vfotence «*•« "» *«>» » •» «■ t. ■■ b-..r or In l.lc »rr,vln,. ■ - 

. . t .. jTotica - nrairi-'< wa? followed by the arrival nf minute slops. Moreov.-r. Shi* railroad is not ‘j OU ruev but "lin u> • 

^)Mi**' , r ^ a '*" and order and rp^pecta- The transcontinental scr- necessarily ilio cheapest method Yn „ ai .. ^.. j, ' 

^ then with the appearance vices an- operated by the of travel in the U.S. nowaday. Ma,K * Ulk J0U tjn ' 


up to Cheyenne and Laramie 
and across via Reno to Oakland 
and San Francisco. Th- train 
names themselves have a 
romantic redolence absent 
from British intercity — " Tilt ; 
Patriot." ** The Lake Shore ) 
Limited," “The San Franc) sc : 
Zephyr," and “The Southwest 
Limited." 

Tbis may read like a parody, 
of Tom Stoppard's brilliant . 
New-Found-Land interlude in 
his play *’ Dirty -Linen " with 
its breathless monologue about' 
train journey .across the 
U.S.’ . . .■* the mournful howl i 
of the Silver Chief. . . surging 
through the night.** But it is j 
only' by the almost paive sus-; 
pension, of . European- sophistl 


The transcontinental scr- 
ices art* operated by the 

of the western movie there was nationalised Arntrak company Greyhound or Continental Trail- - 

the realisation of tiie commer- and the trains were, on the ways buses and overnight or 30 Your wmamui c: amih* z»js. Brmi-m 

dal possibilities. whole, extremely comfortable, day in advance air fares can 

But apart from tiie Wild West. The coach Euctions have seats often cost less than a lung- iiu. s^urc*.- TbU» c*U. 


Around 

the 



To this cultural mix. Holland It certainly was a change Hnd Mount Pel ee that engulfed the 
America have added a transient had only one drawback. A high now-rebuiJi town ol St. Pam., 
extra, for their ships are proportion of Americans seem St. Thomas was the place for 

manned by Dutch and Greek to travel tor one reason: to shop, duty-free bargains, ami for the 

officers, but a predominantly Thus, an inordinate amount of beaciK's of blessedly im- 
Indonesian crew. Their vheeri- organised shore-excursion lime developed neighbouring St. 
ness amply makes up Tor the was devoted to the acquisition John. 

occasional lack of polish. of the most extraordinary col- These L .y. Virgin Islands 

Life on board was exceed- lection of useless objects, while uere bought by Uu* American-, 
ingly pleasant You could eat— hisiorical monuments were f r0 m the Danes in JD17 and 

and eat well — pretty well the given short shrift. Rather late still show signs ul their past 

clock round, as I fear some m the cruise. I bemoaned the ownership. But for Miccr 
people did. Certainly you could fact to the Shore Excursion impact, the f rush atingly brief 
fill every second of your waking office on board, who assured me visits to .Cartagena and Caracas 
hours: keep fit, dancing and that. providing passengers topped.my ifsr. Jn both 


«V> 


* irk* * **ick+*ickick*1rk 

, J TAKE TIME OFF l» J 

Dieppe, Boulogne 
La Touquet J 



^ i THETHR0B ° f . a -rklrsifs ss* 

sion. talks and advice, deck advance, small parties of non* their Spaiiishnes>. ami 


on deck beneath the Caribbean 
stars, the tansy scent of a 


new 

Centre 


■k Individual Holidays 

* TIME OFF LTD. 

T 2a CtMstsrCloM. Chaster St.,. 
T London. S.W.1. 01 -235 8070 

7f .J f J f .3 f. S f J f.3fJfif. ifJ f y »»»»»> 


intheheartof 
tne City of London. 

; For people who expect the best 
but don’t want to go too far for it 


YOU CAN TEST-DRIVE ONE, BUY ONE, 
LEASE ONE, FINANCE ONE, EXPORT ONE 
ANDEVENSELLONE. 


SUMMER HOLIDAYS AND TOURS STILL 
AVAILABLE. Amw.l*i Estpr'-as Travel 
Service Mill can Si you In tn a tvide 
aHectton of holloar* available Uilv sura 
mrr. As travel aaints Jtn» most tour 
cocrators v*c can neW you hnd a«on>- 
modatlon a! the resort ' 3l «our ciciec. 
Call us. or visit in at 52. Carnon si.. 
London. EC4. P.-wne C*l-Z*8 2&71. 

AIR PARE CONFUSION ? Suth tmshless- 
nwrf and holiday trave'iers arc uncer- 
tain of the multitude ol confusMa air 
lares, m existence todav. Call on us 
■ lot some expert advice on Ihs racst 
appropriate tore lor r our next- lotirnev 
It -won’t cost you anv raoje. Ara*r--*i 
Entraw Trawl Sorvicc- 52, Cannon 5i.. 
LOflfforr EC*.- Pton* os -248 2671. 

IRELAND CAR HOLIDAYS in castles and 
country houses. Gaelic Tmie. 2i Chester 
Close. London. SW1X 7BQ. 01-255 B511 



harbour, our 
sleek ship looming 

iff "jMiPta'diS brief the ,l.iL ead. Thonn.s rtieea for .he IMqr 

unmistakably Dutch corner of idvlhc ’ h " eather " as contributed to a vivid jigsaw cruise (16 days ex-UK) ore I rat»- 

the world. It was Curacao, one For me the cruise also intro- of memorie s* Haiti was poor but M* 7 ®®. (average 18 o(fi9o0) 

of nine ports of call on Holland du «i a new Dhenomenon how «*‘»™ful.- with Port-au-Prince’s according to cabm. including 

America's IW.y . Yccricn a Bri>i*b acceff “n ^ S «n. 'ST NVmLf%Mln^T£d??IlK 

cruise out of Miami, once a friends and acauaintancos \s m * P robabl > fhe m0at lasting J>»nonar Airlines ann a nii.!ii m 

fortnight throughout last one of the few Eironeans and im P r ^ ion * Wide beaches and ^'en-day cruises either 

winter. ' voird rot>k formations the Vecmlam. or sistcmlup 

Until this cruise. I had not was ”uife rSar^abS tiie characterised windswept Aruba. » r . vn,M f 

fully realised how much these number of times I was accosted Curacao spelt huge oil refineries ****** ” tla " J” 1 

islands still reflect tiic past by .total sUangers who had ! nd . Dutc . h nua.ntness, and here ^e J;* ■ aiffeitnl 

juggling of European power “heard my accent" (and it j sk'PPed the shore excursion of Ports of call. 


HOTELS 


politics and culture, super- would have been too churlish lo {? r th .f of P° tter!l1 


. . . ~ , l 1 '* “*"“““ *'* rhrnuph iti narmu <trvv>t s (nJormaUon: Hanand 

imposed on that of the Caribs argue that point), ail dying to [r. US *V. lta . n T"j W atre .B“. cmi»es. sl HaymariMi, . l«hIi 

i ... . . ... ' . . Sniivv r.rpnarla harl a mvnfii . ni n.k.. p..iuu.. 


Fun her Mermaihin: Hstlend America 
Im 5W1T 


•HARROGATE. 

(©UlBman Hotel 


BRITAIN'S MOST DISTrBOUISHZD 
CONFERENCE HOTEL 
a a Conlerenw Sccrefiry n . r* 
W T tl. H ABROGATE 50405 J 
TU naans 1Hpk * 3 »i mira Svilvs 
Pinny Canlvravsa 300 « Pilvata Rami .75 

Bavqau DlBiag JtO Oc Badffct OnUliaai 
3 HvtUnraiits + J1 J.IV.U11 p.«. 
fc. TEIEF 57822 OLD SWAN HAROGAT m 
'NOn.cif Britain * s FRES TICS HO TEL S ■# 


[and the poor, tab Arnta know „ I were famlllir with fiSTL£S?l B ,, Si5 1 TS ^^TeZ^uSTSS 
v AXtinPiiwhaH rlialr particularly favourite „ __ Dn ,, . “. * as dw W1X MR; Nnunlu Anwrica Use. 


they had already extinguished, tlielr particularly favourite . . . , 4 . . . . — 

I And African influence — of corner of Britain. Most were strange suddenly to be^ driving 

course, though that, too, is U.S. citizens, with a substantial on tIle a S a,n * m. Gnmenor street. louIhi wix ohu: 

unlikely to have come without minority of Canadians, four of Martinique was unmistakably "ynx* - Sl * 

the sbaming facts of the slave whom shared by table most French, famed for Napoleon's 

trade., enjoyably. Josephine and the eruption of -SYLVIE NICKELS 



FOREIGN HOTELS 


The first flush is over 


SWITZERLAND. AROSA. Hotel Viluna. 
TX. 74? JJ. Summer mountain noliaayv. 
indoor and open-air swimming oooi 4 
tenntv courts. 


PERSONAL 



entre 


220-226 Bishopsgate, London EC2M4JS. 

Tel: 01-247 0940/5/ 6. Near Liverpool St. Station. 

The Cooper Car Company Limited. 


VIVITAR LENSES 


Cameru. Huh Guns. EuUrssr* *nd 
Photo Aaesioney. Unrivalled iioeki. 
the belt prieas at the world * largest, 
ipecialtit. 

EURO FOTO CENTRE 


HiB*> Road, Cowley. 

Uxbridge. Middx. 
Wcic Drayton 4B224. 


Mertc.-es-Berc Dea’?" 

CLOVER LEAF CARS 


CHRIS HOMBERSTONE LTD. 


260E W123. Sahara vcllow. 

:otv«>:co doth. C-wmdows. E-njol, 
tinted, radle-cait. 10.000 miles 
only £10.799 . 

290 107s. Blue, oarehment cloth. 
■C* jimnsi, manual . . £4..19S 

Tricph ?nc Da'" d Ja -r 
CGiHAr.;ifCa67i)2?a ; 


Oner a Dcnonai sorrier oi coach 
hullOing. deignin';, foilviin-j and 
locating vehiclcj iq mce: individual 
rcqulrcmcnfj. Wc alio oiler a 
SPecidliit naris service lor name and 
capon, including the supply or con- 
version components HJtc Uie Range 
Rover 4 -door lit. Wo'ulng 104562 > 
7 1645 60289. Tetex BS96S2. 


ART GALLERIES 


ACH1M MPCLLER CALLER Y. 3. Gros- 
I venor Slree:. Ofl Bond Strict. W \. Tcl.s 
493 7611- Selection ol nilcen oalr.tinos 
1 a . nd , 2 9 th CENTURY 

■ MASTERS. Modigliani, teger Branuc. 
, Mondrian Ernst. Mlro. Klee, Pkuso j.d. 
1 through July. 


BLOND FINE ART LTD.. 33, SacL villa 
street w.1. 01-437 1230. Bernard 

Men.mi V — Paint Inga. Gouache*. Until 
15th July, Weekdays 10-6 o.m. 5ats. 
10-1 om. 


CANON - CAMERAS 
and accessories. Unrivalled 
stocks, the best prices or the 
World's largest specialist. 

EURO FOTO CENTRE 
High Road. Cowley. Uxbridge, 
Middx. West Drayton 48224. 


MOTORING 

ADVERTISING 

appears I'lpri 
SATliUllAY 
Fnr' funHer 

eoutact: 
SIMON till K.s 
0I-2W 4112 


CARS 

WANTED 


We i>:*** iiiim'i. 1 lijju juys; ;gi* 
sui> uuibe ur luudcl 
Tel 0 1 -'JT 4 ftiaf 
n:mi*: axi» - L,\m;r! 

;u::. e!l Ud > w u 


Bg OWSE 4 BARRY. 19, Cork Si.. W.l. ■ T -- 

Roolr, Philipaan — . Women Owe^rd . nw (Oi .LAtesl ■ Catalogue 


fTPCWKiTeiS 

grneiMU sia atw mcrac | 

■■LATOa 

■NGMACHlI 

! DICTATING MACHINES & PHOTOCOPIERS 




period is now over or rapidly 
coming to a close, 
weather m Auyust and Septem- 
ber should be both warm and 


FEW PLANTS grow steadily and used up, but certainly by is a matter of rather nice economical time to trim ever- / 

from spring until late autumn mid-August this kind of feeding timing determined by the state green hedges and topiary 

and. in particular, both trees for growth and green colour of growth rather than by the specimens. If they are dipped 

and shrubs have marked periods must cease. calendar, since these things now they are unlikely to mare 

of rapid growth followed by A« er .i,_. __ v f. ir +h«»r vary according to district and a great deal of further growth 

taSsr.-'-sr?™ md-iEs “!’o'.w an L s; «* « -» 

SfS, Zl c.™ *F ",1 ,“b S at rtosphric ami potash m The rijht moment is v.t, e „ groomm* will be reared 
raoidlv ,;l,ec * 1 growth and toughen the tile new side shouts, which um “ nexr > Mr - 
If P the tl,rf . in readiness for the winter, lengthening since Roses can be pruned in July- 

Special autumn lawn feeds May or even earlier, cease lo August because they flower 

correctly blended and ready for look sort and. more or less mainly on new growth and U«c 

vvi;t there may" be ' Tenew ed u * e are P rc P ar e d by several of g re€n and begin to get brown production of tins will ne 

" the big chemical fertiliser and quite firm, particularly at encouraged if it has not put to 

manufacturers and should be the base. That is the signal to compete with old stems cany- 

used in moderate quantity set busy with the secateurs, ing faded flowers and maybe 

cutting back most of these side hips as well, which are very 

— shoots to 7 or 8 cms. or four hungry things. Most species, 

well-developed leaves from the as well as old-fashioned ruses 
base if you prefer to calculate and ramblers, flower only once 
that way. To cut much harder each year and the old flowering 
than that, in the French Loretta stems can be cut out as soon 
manner, requires a lot more as they cease to be decorative, 
accuracy in riming and, if mis- unless they are being cultivated 
timed, can easily lead to a lot far hips as well us blooms, 
of late growth. Lighter pruning 


S 


growth then, but this is by no 
means always so desirable as it 
might seem. Late growth is 
likely to be only semi- 
mature f ripened 'would be the 
gardener's term) by November 
and. in this condition, it is more 
likely to be damaged by wet 
and cold weather during the 
winter. 

Ail this can have a consider- 
able bearing on the feeding and 


GARDENING 


ARTHUR HEUYER 


pruning of plants. Whereas in . . , . oi wie growui. ugmer prumns Modern bedding roses flower 

the vegetable garden one may * ccn ™ ,n - to makers mstnic- is less effective in strengthening i n successive flushes as rapidly 

be using liquid feeds or tl0ns and not an ounce more - and ripening the lower buds as new g row th can be produced 

quantities of sulphate oF In many places this is about SL'lt rJI" e b° d”’ file a ° d thiS Ca ° *** haslenod qw**« 


Mon -F a. 10.OO-5.00. Sjt. T 0-00- 12.30 ' ? MSW AND DSHD OFFICE MACHINES 

. o* lunoa. 


CMANDRE GALLERY. S-6 Co. k St. Wl ■ 

^b.'c J v. t . .. ,n 3 Paliumn bv , 
GREGOPl FINK. Mon -FFi 10-5 30 . 
5J1i 1 0- ! 


W 


* CO- 1 ANTIQUES 1 LTD . 
"Mill Chilli- Fjrm 1)4 N V.‘ I Te 1 . 01- 

jrs i??j cxmihition of CHirrjN. 

r.v-.£ FUFNiiunf i.-. ti.i, o; e . 

>* 3 B-'P.' 1 ' foil, Snni.:r;,r,. fclj- . 

r ’> >» 9.J0-S.30. 



well 

small ••■uui ihi l'^ 4 w» fikipiiDLt ui mi mnuj pia^c? u|ig |g flIUULIL f rt a n inf i* . - . 

ammonia or nitrate of soda to the right time to commence the SfJoSinB Ii./ 0,11 DUaS 1116 3 ,ot of oirt the 

squeeze a few* more weeks nf summer pruning of apples. ° S 1 fadad . flowers some stem, 

growth out of many late pears, sweet cherries, red and Wany s P rin S and early certainly enough to get hack to 
summer 
garden 
cease nr 

sulphate . . .... 

ashes, both of' which assist the keep trees and bushes to arti- ott * or frora - stems made **>* other P*.*nL repay generous 

process of ripening. Even with ficial shapes and usually well previous year. So it is the new feeding continued well into 

lawns there will soon be need below natural sbc. One can growth that is all Important August, 

for care. Feeding with high lake advantage of the summer and mi,sf he stained and the Twq other kinds or pruning 

nitrogen fertiliser con continue lull to remove a . lot of older 3 rowTh - including .Nlems M hich should be carried out 



for a few mor" veek< provided superfluous growth without have just borne flowers. 


— now. arc the removal nf 

rherr :> suffii-icm rainfall or immediately encouraging a lot H ,aT van be removed completely. unwa uf e j suckers and uf *11 

Stdequat,- faciFiti*'-* for vatenng of new growth which i« so The present lull in growth .shoots appearing on Hie main 

in ensure that it is all disrobed uilen the result o i pruning, ll also makes ibis a good and stems of standard tree#. 









ifHJ - 


i* m * 



Tlnancia] Times Saturday July S 197S 

HOW TO SPEND IT 

On the tote 


11 


by Lucia van der Post 


i&L'te ‘ £ : v *r 'v 

Tic 

•fc**efi3' r 

sEMsafess# 


r^? D o Uh ° kn ° HS me WC| L knows that 
, t» ° ftCn - ,0 bC Seen unen cuinbered with 
1™* ramer ** «n»re or less squalid 
epemling upon how long I've had It Travel- 

"“f, 1 ® a . Qri f ™n anywhere I am always 
icted with a fear that 1 may he stuck with- 
out something i 0 read (this seems to run in 
the funny and we alt S o on holiday with about 

CO abom| C w?th and 20 i° oks apiecc) Md *> I 
Stero 2 h h m ° Unds of reudiDs n,attcr - 
.U ^H be ““V 1 * - ’ W|,B te be *nd 
unable P ara P h “nali a from wbieh 1 seem 
unable (o separate myself. 

„nrnmll? ve °^ rvcd *hat the problem is not 

K5I h T - slrecls are M awash with 
Sn«!mh b ^ rT V ,nR ' l0men <the Odd man so 
fhan?K h< wd 1°°^ distinct,v out Of place) and 
nllly „!£“ ° n f l V h * obiects *" b * wiled 
fish o nerd . 3 plastlc ba « (for example, wet 
2° eK > lunches, etc.), usually a bi K cam- 
an of some fabric or natural material like 


leather would look not only much more chic 
but would bo sturdier as well. 

S© this week I've been looking at the sort 
@1 carry-all which might solve the problem but 
would look a lot more attractive in the process. 

• He have discovered some really beautiful bags 
at prices starting at about £7J5 (if anybody is 
reluctant to pay that, then I suggest one of 
those finely-made baskets from the East which 
are very pretty indeed) and going up to 
luxurious leather models at £33.00. . 

I haven't quite decided which model to buy 
for myself, but almost all of them solve the 
practical side of the dilemma— the amount I'm 
willing to pay will in the end be the crucial 
factor. Besides solving my own problem, 
most of these bags would be the perfect travel- 
ling accompanimeut — most of them would hold 
all those essentials, like toothbrush, toiletries, 
paperback, change of underwear, from which 
I now refuse to be parted lest mv luggage falls 
to follow the same route as 1 do. 



Very luxurious, very chic holdall, described 
as a “parachute" bag and made from softest 
jnlined cowhide. 1 liked it best in donkey 
brown (this is the most practical colour since 
the essence of these, bags is that they should 
travel well), but it's also available in tan. 
chestnut or honey. It can be worn in Lhe 
way il is drawn but to allow more space the 
tmi sides unbuckle to let lhe sides down and 
form a large square bag. It is 17! Inches 
wide. It costs £53 and is made by Mulberry’ 
Bags. Kind it in The Mulberry Shop (in the 
basement or Jap) of 14 South Molton Street. 
London H'l. 




Lovely, soft pale boat-shaped leather bag. lined 
with corduroy. It only comes in pale beige, 
so this bag would require slightly more care 
when in use than some of the others. It is 
vary capacious: you could lit masses of paper- 
backs. newspapers, cheque-books and even a 
sponge-bag fur an overnight stay inside it as 
well. It measures 17 inches at its widest point 
but is also quite deep: II 1 inches deep at the 
narrowest point. !t seems to me exceptional 
value at £28.59 (80p p + p) as for your money 
you do got an awful lot or leather and it 
looks so good. Available from Harvey Nichols, 
Knightsb ridge. London SW1. 


Mulberry Bags, you may have noticed, is one of the most 
up-to-date or modern baggage companies. It was one of the 
first to provide those lovely quitted satchel bags and it came 
□p with some of the most desirable carry-alls. Mulberry Bags 
describes this bag as a “ drop ” bag and it is made of natural 
herringbone canvas trimmed with tan saddle leather. There 
is an optional shoulder strap, which is detachable. It is 
very capacious — more than large enough to cope with an 
overnight stay anywhere. To give you some idea of size, 
it Is 18 inches deep by 19 Inches wide. A good selection or 
Mulberry bags can be found at Marcus Price. of Newcastle. 
Lucinda Byre of Liverpool. Penny -Lee of IVilmslow and 
Jigsaw of Grimsby. In London, this carry -all can be found 
at Henry's of 185 Brompton Road, SW3, and 149 New Bond 
Street, Wl. It costs £49.95. 



This is perhaps the least capacious of all the 
has* we saw. out It does have a levels, smart 
summery look ti> it. since it is made of cheer- 
ful red straw ((hough you could also buy it 
in black nr rust). Trimmed with fabric, it has 
three different compartments .and measures 
IS inches across. 14 inches deep. £111.50 <35p 
p 4- p) from Hurrods of Kniglitsbridge, London 
HI. 



This barrel-shaped Italian bag has a slightly 
different character from all the others: it is 
made from floral printed canvas so it looks 
feminine and summery. The print, in apricot/ 
pink/grecn on cream, is ravishing I y pfetty. 
It. ion. could double as an overnight bag. It 
measures 16 inches wide. 13 Inches high and 
9! inches from front to back. The canvas Is 
trimmed with light tan leather. £39.50 (80p 
p + p) from Haney Niehols of Knightsbrldge. 



Another hugely spacious bag. This has a 
rather young- and informal air about it. an 
atmosphere of casual elegance that I particu- 
larly like. -It would be a wonderful present for 
a you ns girl who has to travel a lot and cer- 
tainly has more than enoneb space for a week- 
end avvav — some might even he able to use it 
for a week away. In cream pure cotton canvas. 
H is made exacilv like a, rucksack, except that 
if is much more finely finished. It has shoulder 
strans which can be used or detached at will. 
Without the shoulder straps von carrv ft J»v ils 
handle. Besides cream, it «»tiio S in khnki. 
heiee and den>m/«kt blue, pso.og rcfl a p + p), 
from Harvey Nichols of Knightsbrldge. 

D/am' *7- i-v 1b* H'llrrlrr 



This is one of the most capacious and most striking of all the 
large bags .we saw and it is also the least expensive. It can 
be bought in a crochet cotton as well « plain colours like 
black, cream, brown, red or maroon for £7.95, 50p p + p). 

The bag in our photograph is made from a very striking 
quilted Eastern -style cotton print — it is particularly nice in 
rust, black and beige, but it also comes in reddish-blue prints. 
The bandies are made of cane and the bag costs £8.95 (50p 
p + p). It can be bought from all branches of Monsoon — 
there are branches at 53 Beauchamp Place. London SH’3 (the 
address Tor orders by mall) as well as Knlbam Road. South 
Molton Street. Thackeray Street, Kensinston Square W8. 
Hampstead. Kensington Church Street, Oxford. Guildford and 

Salisbury. 

Clothes Troin the Wallis Autumn Collection, in the shops in August. 

. J'xUUis ftii (taw X<I,I. (.!»>■ $ 



?ia idi/is 



are/r 



Il'-LY brings plenty of peas, beans, peppers, courgettes, tomatoes 
and other salad vegetables. It is also the peak of the non-fruit 
s ,, avo n (and we were told to expect bumper crops this year). »o^ 

Ii should prove a busy time for those who like (o make the»r own 
Jains or to bottle or freeze summer fruits for wittier eating. 

FRinssKE DE VEAU by enriching the veal with 

1 lhart- Elizabeth David s butler and sharpens its tlavmir 
opinion lhal blanquette tie veau with plenty ** lemon Jiw* 
.an be an anaemic and riis- seems t«» produce «* r h "ier 
inm.miin" d sh Bui ibis looking and tasting result? rban 
., \„rvii»n ' which starts are possible using lhe l racli- 
fnca.-.-ec icn.«i. *bnii nuival boilin S method. Moreover, 

f using- only one content" P«t 
makes thi* method simpler — 
and minimises washing up 
For six people you need 2 !bs 
boned weight of lean shoulder, 
leg or pie veal cut into large 
cubes. Melt 2 ozs butter In a 
flame-proof casserole over low 
heat. Add the meat and turn 
it until well coated with butter 
— the veal should just ln5C ns 
pink colour but it should »°t 
hi* browned. , . 

Lit the veal and a<Jtl 

vegel ,ib|ps l« the eWTiile: , n 
celery cut into b.tf chunks, i lo 



SUGGESTED MENUS 

Curried eggs with 

salad 

Mozzarella, tomato and 

cress and black olives 

basil salad 

Fricassee de veau 


Cucumber pork 

Raspberry' brulee 


Kofigrdd 


SWISS 

FABRIC 

SALE 

FIXE DRESS FABRICS 

B7 Baku Street, W.l. 
0! *35 5876 


carrots very thinly sliced, and 
18 whole peeled shallots, tin 
early summer when shallots are 
Dot available j have successfully 
used the bulbous fai heads of 
salad unions instead.) 

When the vegetables have 
softened a little, stir in about 
five tablespoons flour, blend in 
a seam j pint well flavoured 
And gelatinous chicken or veal 
Stock and a good two tablespoons 
of lemon juice. 

. Cook, . stirring continuously, 
until simmering point is 
reached. Return the meat to 
the dish, add a generous 
reason in;.’ of .sail and pepper: 
covet and conk at the gentler 
simmer lor about 59 minutes. 
This can be done on top of the 


stove or in a low oven— about 
30U degrees F gas mark 2— 
whichever is most convenient. 
Then stir *a .* lb button mu.>h- 
ronm- and s lb broad bean 1 ; 
(shelled weight ». Bring back 
to simmering point, cover again 
and continue cooking for 
30 minutes or until tbe 
ingredient* are quite tender. 

Carefully blend in a liaison 
made with two egg yolks and 
3-4 fluid ounces thick cream. 
Check seasoning arid turn on to 
a warm serving dish. Garnish 
with plenty Of coarsely-chopped 
parsley and mangle; of fried 
bread. 

RODGROD 

This rlasfic Sr-anriinxvian 
pudding has the fruitiest of 


fruit flavours. It is very quickly 
made and a blessing far those 
who love red currants and 
raspberries but can't stand the 
pips. 

To #prve four-six. put I lb 
redcurrants and 4 lb raspberries 
fur J Jb of each fruit if you 
prefer) into a pan with about 
six tablespoons cold water. Cook 
over genile heat until mushy 
then rub through a sieve. 
Measure the juice and return 
a!l hut two lablespuons to the 
cleaned mil pan. 

Add -sx-eigltt oz caster sugar 
to the pan. stir over gentle heat 
until dissolved; then bring lo 
the boil. Blend arrowroot with 
the reserved juice allowing one 
teaspoon arrowroot for every 
seven fl oz of measured juice. 
Gradually stir ibe • arrowroot 
into the pan; bring back to the 
boil and simmer, for one-two 
minutes until dear. Pour into 
individual small bowls, cool, 
cover and chill very throughly. 
Top with softly whipped cream 
just .before- serving and 
accompany with luiles or other 
small biicuils, . 


Remember, remember 


SOUVENIRS have long been 
the bane of must shoppers' 
lives! Trying to find some- 
thing that combines being a 
happy reminder of plates 
visited, with a degree of 
charm, usefulness and a. sense 
of value for money seems an 
almost impossible task. The 
National Trust has done a 
great deal in this direction in 


■jp.vT^ rTjy.divT “f*z‘ .’<■ 


lhal there seems (n he some 
firm, guiding hand behind alt 
ii dues and almost everything 
uu sale at National Trust 
properties really does seem 
appropriate, useful and fairly 
priced. 

The Design Centre has danc 
a lot to improve lhe standard 
by its (almost) annual 
exhibition devoted to the best 
of souvenirs — it started 


several years ago with a small 
selection but the exhibition 
has become bigger and better 
with time. This year there will 
not be an exhibition as so 
mucii was done last year for 
the Jubilee. For those who 
want to find some attractive 
small presents to remind 
foreign friends and .visitors 
of Britain, here are Just a Few 
of some the best I could find. 



.ABOVE: Rose era rid or Pottery in Liskeard. 
Cornwall, has produced a simple, inexpensive, 
very traditional-looking butterdish which 
seems to me to make an excellent souvenir. 
The simple round day-coloured pols have 
glazed linings; the lids are just of clay. There 
is a range of traditional butler-mould patterns 
on the lid*— -thistle, wbeatsheaf and so on — 
and the butterdishes come in three sizes, ju*t 
over two inches, jusi over three inches, and 
nearly four inches in diameter. The smallest 
size is £1420 (p+p 35p), tbe middle £1.70 (p + p 
50p) and the largest is £1.80 (60p p + p). All 
from Peter Knight of Esher. Surrey, or 
Bcaeonsfield, Bucks (that is the address). 

BOTTOM: These candles are some of the most 
attractive Tie ever seen. The candles them- 
selves are made from high-quality paraffin wax, 
smoke-free and with a wick you' don't have to 
-trim, and they are embellished with very fine 
black and while drawings of historical build- 
ings, together with a small summing-up of the 
building's history. The boxes are white 
and. for easy Identification, carry a black and 
white line drawing of the building featured on 
the candle. The buildings to choose from are 
SL Paul's, Tower Bridge. Tower or London or 
the Houses of Parliament. Each candle has 
about 50 hours of burning time and is 4 inches 
high. £2.50 each (p + p 48pj from Peter Knight 
of Esher, Surrey, or Beaconsfield, Bucks. 



.ABOVE: Although this year happens to be the 
900th anniversary of the Tower of London, this 
mug which fealures the tower, would make a 
splendid present Tor a child or foreign visitor 
at any time. Just one of Denby Tableware's 
series of stoneware mugs featuring historic 
buildings (the others show Hampton Court, St. 
Paul's Cathedral and Horse Guards). The 
buildings are illustrated in pen -and ink and 
each mug costs £2.45 from major department 
stores and china shops, including Lawless of 
Regent Street. 



Fabric 
fever 

LAST week f pointed out that 
for those who need some' holiday 
clothes to wear in a Mediter- 
ranean hotspuL the current 
summer weather in Britain 
doesn’t warrant much of an 
outlay as the chances of wearing 
any of it back home seem rather 
thin. For those w'ho can sew. 
much the best way to get 
together a holiday wardrobe is 
la take advantage of the summer 
sales and the marvellous bar- 
gains that are offered, particu,- 
Iariy in the fabric field. Look f?r 
the Easy Sew patterns if you're 
not inclined to spend much lime 
over the sewing, and you’ll be 
amazed at how little time they 
lake, and how little skill beyond 
the basic one of sewing a 
straight ish seam— now that the 
loose-fitting look is in. clothes no 
longer have in fit the way they 
once did. 

Here are some of the best 
bargains in fsbrir that are on 
offer in London. Your own local 
stores are bound lo offer One 
selections, too. 

John Lewis, Oxford Street 
(which vou may he interested to 
know was started in 1864 by a 
Mr.. John Lewis as a shop seliinc 
fabrics and haberdashery) has 
the biggest fabric department in 
Europe. Their fabric sales are 
always first slopping-off points 
for home sewing enthusiasts. 
Their sale begins on July 13 and 
among the materials to look out 
for is printed floral cotton (90 
ems wide) at 69p per metre, poly- 
cotton lawn (112 ems wide) at 
79p, cotton lawn, floral and geo- 
metric (90 ems wide) at 99p and 
printed poly-cotton voile (112 ems 
wide) at 99p uer meire. 

The rest of rhe stores in the 
John Lewis croup star! their 
sates ihe same week and you 
should enquire at your nearest 



Vanina wool at £5.00 a metre on the left and Tana lawn at £1.90 
metre from Liberty's sale. 


store for similar bargain;. 

Liberty 1 of Regent Street 
star led its sole on July 6 and 
they are a mecca for lovers of 
Liberty lawn. Tana Lawn, 
normally £3.15 a metre, is down 
to £1 JW>. whilst Country Cotton 
I very nice. too. but a slightly 
heavier weiehl) is down from 
£*2.25 In £1.20 a metre. A large 
selection of dress lengths will 
also be on sale at less than half 
price— for instance 4 metre 
lengiiis will he £6.00 instead of 
£12.60, 21 metre lengths will be 
£3.75 instead or £7.53. Imperfect 
Liberty print silk will he £2.50 
a metre, whilst peried costs 
£4.50. Crepe ds chine is an ex- 
ceptionally Un-t-ly and luxurious 
material and Liberty's will have 
some printed silk crept do chine 
for £5.5U. reduced from £12.50 a 
metre. Look out. too. for Yaruna 
wool down to £5.00 a metre. 

Fine Dress Fabrics, 87 Baker 
Street. London Vl r l specialises in 
wool and cotton fabrics from 
Switzerland whj ch the owner 
buys In bulk and Is able to sell 
at remarkably low prices — light- 
weight wool is from £4225 a yard 
(54 ins wide), whereas in other 
Simps it is frequently £S a yard 
and more. There are mer lOti 
different rolls uf pure 

cotton Jersey — prim*, 

senmerrics. florals and border 
designs, all 54 wide, ai! £4.25 


a yard. They also have fine Swiss 
cotton voile which is £5.50 a yard 
(54 ins wide) which elsewhere 
would be about £10 a yard 

Jacob Gordon. jy'Soulii Molton 
Street. Wl is a small shop 

crammed with rolls of fabric at 
bargain prices. They specialise in 
selling clearing lou, from model 
fashion houses and the tweeds, 
cottons, silks, synthetics and 
men's suiting fabrics are all well 
below retail prices. 

The sale is on now and will 
continue until about mid-July. 
Their existing fabric bargains are 
selling at even lower prices 
Some examples are: 36 ins pure 
Swiss cotton Voile prints for £2 
a yard I £6 before). 36 inch 
printed pure silks nov* £3 (£8 
normally i. 

There's al-so pure silk plain 
crepe de chine (36 ins wide), 
down to £3-30 or £6.50 ri 43 ma 
wide. One or the best bargains of 
all is their pure lightweight 
printed wool, 36 ins and 45 ins 
a yard, down to £1.50 a yard 
(norma+ly about £8 a yard). On 
Saturdays Jacob Gordon is open 
until 6 pm. 

L^ura .Vshlr.y shops nhpre are 
ten which sell fabrics) haven't as 
yet released details of tho:r s*ie 
hm they are a fine source of in- 
e.vpenshe rire« weight cotton 
fabrics — they eo*i £| * meire, id 
many colours and patterns. 




financial Times Saturday J»U* S 1978 


ARTS 


Shakespeare 
in Canada 


B. A. YOUNG 


nea*ofl. The setting; hr Robin ■ 

. Fraser Paye has a quasi-raarble 
platfonn downstage, with a 
THEATRE fallen oak drooping poetically 

I ntM mCi n ver , he back oF the sl£ge. The 

R « Yoiiwr exiled court drewes a* if «lll at - 

b. a. t ung court. The comic lines, which 

seemed to me more comic than 
1 have ever known them, 'are 
■■• •tv , .. „ , • delivered with the intimate 

Two of the seasons opemne Ul , ihat suits this theatre. \ 

Shakespeare productions at never heard the play sound so 
Srratiord, Ontario s big Festival fresb; even the setpieces for 
Stage are ouisiandmg; one is Jaque5 and - Touchstone are 
a lame giant; and one will do g ra ;pe<j newly out of the air. 

. nobody any harm. - ajj jhe world’s a stage," Brian . 

The Winter's Tale, directed by Bedford observes loudly in the 

Robin Phillips with Peter Moss, middle of a conversation. There 

begins in a Sicilia that has is an apprehensive bush; oh God. 
moved south a little from the the old boy's off again. Then the 
Icelandic fastnesses of the RSC. seven ages come out as if each 
I would place tieontes's court at line held a new, spontaneous 
■ St. Petersburg if it were not that thought 

* his wife was daughter of the Maggie Smith's Rosalind, >et- 
Empress of Russia. The jrtmo- ting a standard I never expect 1 

• sphere suggests Edwardian to see exceeded, is for once as 
-times, and. Brian Bedford's comic as romantic. In a sky-blue 

admirably - conceived Loonies dress with a matching hat like a 
looks much like the last Tsar, feathered UFO. she looks like a 
He might have escaped into the Gainsborough portrait, but once 
--play from Strindberg; the play jn her boy's kit she gives herself 
- has been rescued from the world over to mischief. More than any 
of romantic legend it usually player I know, she can invest a 
. inhabits and its personalities simple line with unexpected 
made as solid as Hamlet’s, even overtones, “He calls us baek ! " 
the bear that eats Antigonus she cries to Domini Blythe's 
(seen brieflly. erect under a pretty Celia u Orlando begins to 
spot) and rbe diplomatic mission leave after his uncommonly 
to the Delbpic oracle. (Leon tea athletic wrestling, and the words 
gives each of them a medal on are a scene in themselves. 

. their return, so sure he is of Orlando, the young Canadian 
ddtente. l actor Jack Wetherali, has gauged 

This raises a problem for the precisely the blend of inborn 
Bohemian scenes with their song de Boys courtesy and unschooled 
and dance; but it is treated like simplicity — a .blend in which his 
the song and dance in Miss Julie, impenitent Toronto accent heips, 
as an actual folk celebration, though 1 insist that "forest" is 
Autolycus's music, which might n 0t a muoosyilable. The array 

be by FrimJ or Romberg, has too u f sma n. pretty parts, from M aoo ;- cmin. i* 

Iheatncal a quality for this, dukes tu country copulatives, " agR,e in 

though. are. as always in this company. 

Mr. Bedford leaves an Immense admirably done. Bernard Hop- 
pause between Hermione’s “ He'll kins is a "genuinely funny Touch- into one another. The fenclble 



The Venice Biennale 


9 

/< 

[J 


ART 


WILLIAM PACKER 


Maggie Smith in " As You Like It ' 


slay, my lord" and his reply, stone, not an easy thing to be. thanes have -too romantic a 
“At my request he would not.” The whole thing is magical. The quality for me; I couldn't help 
This is where the poisun of director, once again, is Robin thinking of Beau Geste. Macduff, 
jealousy first errupLs. it leaves Phillips. the trumpet-tong ued Stephen 

its mark for ever, sixteen years Mr. Phillips shares direction of Russell, is allowed some buck- 
laier. still only, in early middle Macbeth with Eric Steiner. It shoe lines about Scotland after 
aqe, his beard is grizzled and he has a curiously dreamlike Malcolm has invited us to see 
•shuffles like an old man. Margot quality: the outlines are blurred, him crowned at Scone (which 
Dionne, tall and dignified, plays as in a Turner water-colour, they alt pronounce to rhyme with 
Hermione: she wears the sash Three very dramatic witches tone rather than tune) — lose 

of a noble order at her trial, (two of them male) lurk on the majeste if ever. 1 heard it. 

Bui all Hernuones have to stage as the house-lights come Malcolm (Jack Wetherali again) 
compete with ihe dominating up. but before they speak they, is possibly meant to be a weak- 
presence of Paulina, and Martha and we. are given a subliminal ling; • he looks a blond young 

.Henry gives this 'part a dazzling ly glance at a spotlit Alacheth. Are hero, but we have already seen 

intelligent performance, matur- the directors with me in :ny how he follows Duncan around 
mg into a determined old WASP theory that Macbeth, and prob- with a sycophantic smile after 
lad>. bowed of b3ck but erect of ably his wile, bad arranged this he has been made Prince of Cuni- 
purpose: l don't know why this meeting on the heath in berland.' He is very- brisk with 
actress is not world-famous, advance? There is no sign of Macduff in the English scene. 
Siewart Arnott and Marti Mara- it later; next time Macbeth meets all the same., 
den are the handsome young the Sisters their encounter is Macbeth is given by Douglas 
Florizel and Perdita. and I must brief and cursory. All the Rain with occasional outbursts 
find room for a word for the same. Macbeth and the witches of nobility, but mostly as if he 
singular honesty of William are close companions: they even wore not much concerned with 
Needles's Camillo, uprightness come to his banquet. his fate. He rattles through the 

gleaming through his round The production, martially cos- lines that start “If twere done 
gold-rimmed spectacles. turned by Daphne Dare in black when 'tis done" as if not quite 

Romaoce is restored in .4s You and silver, is closely compYessed, sure of their meaning. (Nor am 
Like It. retained from last with scenes as it were sliding I.) He asks " Is this a dagger 


that I see? “ when he clearly 
sees nothing. Lady Macbeth— 
Maggie Smith, hollow-cheeked. 
bLack-wigqed, .black-dressed like 
a Charles Addams lady — is 
clearly in _ charge from trie 
moment she' renounces her femi- 
nine qualities. This is a doc. 
angry performance with two 
especial high paints, her break- 
down in tears- after the banquet 
and her magnificent sleepwalk- 
ing scene. 

The Merry Wires of Windsor 
is directed by Peter Moss, 
who is to run ^the newly- 
reopened Third St3ge, Stratford's 
Cottesloe. and has been director 
of the Phoenix, Leicester's 
Cottesloe. . So I was surprised 
at such an ordinary production.. 
I have to say that this is not my' 
favourite play, though the Strat-: 
ford audience liked it well [ 
enough. William Hutt, of course, 1 
can take Falstaff in his stride;; 
he brings a touch of knigfatiiness ; 
to the part, even at the nadir of! 
humiliation that is sometimes i 
left out. , ! 


After several hectic and some- 
times confused days of press 
view, vern Usage and reception, 
of ' wine under the trees here 
and “It should all he ready to 
see tomorrow" there, the 
Biennale d'Arte of 1978. the 39th 
of these peculiar, useful and 
highly enjoya ble _ jamborees, 
opened last weekend in the 
pavilions of the Giardinl di 
Gastello, and at two or three 
places elsewhere In Venice. And 
yet, a certain curiosity and even 
excitement at occasional excel- 
lence amid the muddle notwith- 
standing. the genera] feeling was 
that this is a quiet and unremark- 
able Biennale, breaking no new 
ground, setting no new trends: 
which ts far from saying that 
the exercise was not worthwhile. 

We happen to be living 
through a period of reflection 
and consolidation tn the visual 
arts, rather than one of adven- 
ture, which is no bad thing after 
so many yeans of experiment and 
innovation: and. If the work of 
artists everywhere catches the 
spirit of introspection, of analysis 
and reassessment, it is tight that 
an international event as 
important as the Biennale should 
he affected by it too, if only in 
part, and unconsciously at that 

For the irony to savour is that 
the Biennale would still like to 
think itself, and is thought of at 
large, as the natural resort not 
only of the best and brightest.- 
but of the very latest thing. 
Around the turn of the decade 
political demonstration and 
actual intervention nearly 
destroyed rhe Biennale 
altogether, for juvenile marxist 
orthodoxy held that it was but an 
instrument of capitalism, rbe Art 
it showed corrupt in con- 
sequence: reforms were promised, 
and in 1976 were implemented 
after the Biennale had been to 
Jail as it were, and missed one 
turn. The prizes, with their aura 
of competition and seeking after 
prestige, were abolished, and the 
principle of an overall theme 
embraced. 



Mark Boyle hanging his work in the British Pavilion 


That first time the given theme 
was "Environment. Participation, 
Cultural Structures." which 
really could be taken to mean 
what you wanted it to mem. and 
generally was. Now it has been 
rejigged into “From Nature to 
Art/From Art to Nature." which 
gives everyone even more scope. 
It is oo accident that the better 
work is to be found in the 
pavilions of those countries 
whose commissioners have not 
been over-scrupulous in their 
reading of it. The American 


exhibition, for example, Is per- 
haps the most distinguished of 
all, the pavilion shared by two 
artists, one the under-shown 
rather than under-rated painter, 
Richard . Diebenkorn, whose 
works may well have come dowo 
by direct descent from his large, 
deceptively simple landscapes of 
some 20 years ago but are un- 
questionably abstract now; the 
other the photographer. Harry 
Callahan, who simply points his 
camera at people and landscape. 
Both are fine artists and deserve 
the prominence that Venice 
gives them: but such a choice, 
with its unspoken but neverthe- 
less somewhat casuistical 
justification, does suggest that 
any future theme should be 
something more than empty- 
jargon. 

Other countries have done well 
by showing strong artists who 
happen . to fit the bill instead 
of striving after particular signi- 
ficance. The Germans admittedly 
are showing an indifferent 
abstract painter in their aide 
aisles, again an evasive choice, 
but have given over the large 
central gallery of their imposing 
pavilion to a single sculpture by 
Ulrich Riickriem. whose work 
has always been interesting, and 
often extremely impressive. Here 
be shows a large, roughly rectan- 
gular block of stone, of about 
waist height, that has been 
shivered into quarters. and pulled, 
apart to make a narrow cruci-' 


form gap, oach block sliced 
through horizontally and the top 
slice quartered again, these parts 
replaced, their state described 
only by the wandering cracks in 
the surface: an empty and futile 
exercise by The sound of It — but 
the reality is quite otherwise, a 
simple massive presence, beauti- 
ful and enigmatic. 

The British Council has 
devoted our pavilion, the most 
elegant of them all. to the work 
of Mark Boyle, whose signature, 
it must be said, covers the work 
of hi* family of collaborators, 
that of his wife Joan Hills in 
particular. Boyle had a major 
show at the Serpentine three 
years ago. and this one. too, is 
retrospective, the earliest of the 
reliefs dating back to the mid- 
s baits, some of the photographic 
and documentary pieces also 
from that time; hut the empha- 
sis is firmly on the more recent 
work, the very latest, the Sar- 
dinian pieces, filling the main, 
the entrance, room. And though 
for ten years or so the work has 
moved more in terms of technical 
refinement than creative develop- 
ment. and the convoluted strate- 
gies used to avoid certain 
decisions seem sometimes arch 
and unconvincing, these extra- 
ordinary reliefs are certainly 
striking, sometimes astonishing, 
tours de force for all that. 

His main subject has been 
what he calls his Journey to the 
Surface of the Earth, the sites 
chosen is nearly at randum as 


possible: a few square yards. It 
may be of kerb nr cobblestone or 
rock-face, reproduced wsth an 
absolute fidelity. A Certain 

smoke-screen surrounds the tech- 
nical means, anti the iuientiun 
is dressed up as serious 
scientific rescjrch, anthropo- 
logical, ecoiugu-ai nr geo- 
graphical; but really our atten- 
tion is simply redirected tu tin- 
qualities of surface and mutter 
that we have never conMrtere,-} 
a quite this way heinre. Thjj 
this should he effected throng, 
the agency of these beautiful 
Images ts to confirm their st.-uu-s 
j<i works of art they luvc not 
been shown to belter achania-p. 

So we move gently downhill to 
the rest of the Biennale, tindine 
some work that is desperate, or 
sad. or merely inept, but ir 
would be wrong to suggest that 
most or It Is le« than i-oinpe?ent. 
or without interest. Australia, 
showing here for ihe first cnre 
in a generation. Is represented 
by an excellent mo of sculpt orr.. 
Ken Unswnr/h's slung and 
propped arrangements of large 
pebbles particularly seductive; 
but ha and tho others, John 
Davies and Robert Uwen. are 
swimming very much In the 
mainstream nf current sculpture, 
close to the landscape and 
natural materials and forces. 
As much is true of the elegantly 
minimal statement made Jointly 
by the three Danes, Brbggef, 
lfeinsen and MWler. 

The more openly agricultural, 
ecological or physiological the 
work becomes in its pre-nccupv 
tions. the more avant-garde it 
might appear to hi- — and con- 
fronted by the dock of sheep 
tended by Menashe Kadishni;«n 
in the Israeli pavilion, by the 
fresh fish smoking in the ret-J 
hut built by the Dutch, hy Rt.y 
Adzack's dehydrations to the 
French show, hy the A list run 
Amulf Rainer's grotesque 
posturings, or hy the put hi- in: 
anti-climax of the Italian hull 
being put through its mechanical 
paces, one dues experience .> 
frisson . of sorts os one's 
prejudices are tested: but even 
such enterprises as these arc now 
the projected commonplaces nf 
the brighter, r»r more deeper.' te 
degree show. There is no true 
avaot^arde today. nnlv a 
multiplicity of aliern.i lives, ivilh 
quality the principal cnicrioa. 
The Biennale's value tics in 
setting so many of them out 

The main Italian contribution, 
housed in the central pavilion, is 
a large critical survey Df the art 
of this century rhat is meant to - 
dilate upon the theme in 
general; but its rationale is weak 
and tendentious where it is not 
obscure. But it does brine 
together, a great variety of major 
works, from Mondrian and 
Brancusi to de Kooning and 
Francis Bacon, which ^'justifica- 
tion in itself. 

The Venice Biennale continue! 
until October 13. v 




f Indicates programme in 
black and white. 


BBC l 


7.15-8.30 am Open Unnersuy 

• » Ultra High Frequency only). 

9.00 Ragtime. 9.13 The Flashing 
Blade- 9.40 Goober and the Ghost 
' hasers tcartoom. 10.00 Rockrace. 
+I0.23 " Down Memory Lane.” 
J 1-30 "The Painted Hills," starring 
« -ass re. 12.40 pm Tom and Jerry. 
J2.58 Weather. 

1.35 Wimbledon Grandstand: The 
Men's Singles, the Ladies' 
Doubles, and the Mixed 
Doubles Finals: commentaries 
including US Finals to 
remember— ■ look .back. 

5.45 News. 

5.35 Sport 'Regional News. 

6.00 Wonder Woman. 

6.45 Saturday Night at the 
Movie 1 ;: *' Crossplnr," star- 
ring Roger Moore. 

5.20 Seaside Special. 

9.1(1 Kojak. 

10.00 News. 

III.IU .Sailor. 

10.10 The Expert. 

• 11.30 Siuart Burrows Sing* 

ballads, songs, operetta. 
Grand opera. 

AH Regions as RBC-I except at 
the following times: — 

Wales — 10.40-n.r.O pin Athletics: 
The 19TS Welsh Games ihigh- 
lighrs from Cwmbran Stadium). 

12.00 News and Weather for 
Wales. 

Scotland — 12.00 News and 
Wrai her for Scotland. 

Northern Ireland — 5.55-6.00 pm 


Northern Ireland News and Sport 

12.00 News and Weather for 
Northern Ireland. 

BBC 2 

7.40-8.30 am and 8.35-2.45 pm 
Open University. 

540 Saturday Cinema: “Jamba.” 
starring Doris Day, Jimmy 
Durante and Martha Raye. 

5.30 Tennis— the dosing stages 
of play on the final day.' 

745 News and Sport. 

7.50 Network. 

840 Royal Heritage. 

9.20 Llangollen 78. 

9.50 Wimbledon highlights. 

10.50 News on 2. 

+10.55 Monster Double BUI: 
" Murders In the Rue 
Morgue.” starring Bela 
Lugosi, and al +1155 “The 
■Man • who could Cheat 
.Death,” starring Anton 
Diffring and Hazel Court. 

LONDON 


i News. 

> Celebrity Squares. 

) Happy Days, 
i Sale of the- Century, 
i The Life and Times otf 
Grizzly Adams. 

"Our Man Flint." starring 
James Coburn and Lee J. 
Cobb. 

1 News. 

The South Bank Show: 
Ingmar Bergnwn at 60. 
Look Here. 

The Entertainers; Mac and 
Katie Kissoon.. 

Close— William Blake poem 
read by James Coyie. 

IB A Regions as London 
l at the following times: — 

ANGLIA 


»X5 Saturday Matinee: “ Now You See 
Ii. Now You Don't.” 0.00 pm ■■ Alvaret 
Kelly." starring William Hohfee and 
Richard WJdmark. 11X0 The world of 
Mberace. 12 Jo am The .Mttlnigbl Film: 

isn't H Shocking? ” 

HTV 

0X5 am Old Bouse. New Home. 10X5 
Batman. mo space 1999. 1X20 pm 

Within These Walls. 

HTV Cymru /Wales — As HTV General 
Service except: 5X5 pm Canoonume. 
5-30-4.D0 Sion A Sian. 

SCOTTISH 


9X0 am Talking Bikes 9X5 SeJC ‘.he 
L-ureehaun. UJ5 The Btonic W-itnan. 
6.00 pm Phyllis. UX9 Si reels ot San 
Francisco. 12 JM am Late Call. 


SOUTHERN 


1X20 pm The World of Libera te. 12X0 
Soul hern News. 


9J» am. Undersea World, of Captain 
Nemo 9X0 The next week Show. JUXO pm 
The Si reels or San Francisco. 12Xt At 
Ihet End of ihe Hay. 


TYNE TEES 


8.30 am' The Saturday Banana. 
8.55 Sesame Street. 9.45 The 
Saturday Banana, part 2. 10.15 

The Monkee.9. lfl.43 The Satur- 
day Banana, part 3. 11.30 Tartan. 
1240 pm World uf Sport: 12. ."5 
Inrernaiiuiuil Sports Special 
til Cyclintt — Tour de France 
plus The European Supcrstnx 
Team Final from Ipswich, 
Suffolk, and Australian Pools 
. Check; 1.13 News from ITX; 

1.20 The 1TV Seven — 1.50. 
2.00. 2.30 and 3.05 Racing 
from Haydock. 1.45. 2.15 and 

2.35 from Sandown; 3.15 
International Sports Special 
i2) BP Custom Car World Hot 
Rod Championship: 4.00 
Wrestling; 4.55 Results 
Service. 


ATV 

9.BS air The -Stupe .of Things. 9 JO 
Srsumu Street. 10X0 The ATY Saturday 
Morning Picture Show: Norman Wisdom 
starring in '■ Pn^a For Time " followed 
hy the super serial. “ Mysicry Mend." 
5X5 pm Professor Beil bazar. 5X0 Celo- 
hn:y Squares. 6X5 Sale of the Century 
6.45 The Life and Times of Onzriy Adams. 
8.30 The Law Centre. 9X0 Soap. tlXX5 
Hhos; Sfnry "Cry at ihe Cat," mam eg 
Sebastian Cabol. 

BORDER 

U.15 pm Barena. 

CHANNEL 


9X0 am Lyn's Look-In. 9X5 Space 1999. 
10X5 Cartoon Time 10X5 Lni’g Look-In. 
X0J5 Saturday Morning Film: *■ Speed- 
way," starring Elni Prcsl-y and Nancy 
Sinatra. .12X5. pm Lyn's Look-In. 6-00 
La venue and Shirley. UXO Whhln These 
Walls. 12X0 am Epilogue. 

■ ULSTER 


U.1Z pm PiifSn’a Plan «c-e UXO The 
Lau Centre. 12X0 am N-»s and Weather 
tn French. 

GRAMPIAN 


ML*# am .Saturday Morning Movie: 
" Things To Come.- starring Raymond 
Massey. Cedric Mardwicke,, Margaret! a 
au and Ralph Richardson UXO Sesame 
SrreeL 10X2 pm Sports Results. 1X20 
Conroe Hamilton JV. 

WESTWARD 

9X5 am Talking Blk.es. 16X5 The 
Beetles, lo.ao Look and Sec. IX 30 Gus 
Honerbun s Birthdays. 11X5 Code "R". 
UXO pm The Law Centre. 12XD pm 
Fatih /or Life. 


YORKSHIRE 


9X0 am Talking. Bikes 9X5 Scene on 
Saturday including Birthday Greetings and- 
Cutr Car. U.05 The White Stone. 10.30 
S*aamv S're.ft. UXO Space 19W. U.20 pm 
Police Woman. 1215 am Reflections. 

GRANADA 


4X0 am Talk nut Bikes. 9X5 Mystery 
Island. 18.15 The ij- nr- Machine. UXO 
Code R. 11XQ pm Quincy. 


9 JO am fv-sanie Street. 10.29 Paul. 


RADIO 1 

(5) Stereophonic broadcast 
(VHF) Very Htph Frequency 
I Medium Wave only 
5.00 am As Radio 2. 8.06 Ed Stevrarr 
tilth Junior Choice <5i, including 1X2 


Cross-Channel Motoring InfarmaUon. U-M 
Adrian Juste. UM Paul Camhacctni. 
1X1 Rock On *Si. 230 Alan Freeman 
«S. 5X1 Robbie Vincem with soul and 

disco music >S>. 6X0 In Concert iS». 
7J0-2.B2 am As Radio 2 ■ 

RADIO 2 1,500m and VHF 

5.00 am News Stannary 5.02 Tom 
Eduards with The Early Show «Si in- 
cluding 0-05 Racing Bulletin. LD6 As 
Radio l 10.02 Tony Brandon tSL 12X12 pm 
Two's Bee. X02 Offbeat with Braden iSi 
1X0-7.00 Snon on Wimbledon Tennis 
Championships: Finals ot the Mens 
Singles, the Ladies' Doubles and (hr 
Mixed Doubles: Racing from Sandown 
Park 1 1,30. 2.50 1 : plus results from oilier 
meeting?, with a classified check at 3.40i: 
Cricket >1.30. 3W. 5.50' New- “Zealand 
Touring Team v Middlesex, plus news or 
other matches: News of Cycling-the Tnur 
de France. 6.05 Cross-Channel Motoring 
Information. 74B Dess O'Ctutnor F.nier- 
tajns. 7X0 Sports Desk. 7X5 Radio - 
Top Tunes <5i. 8.00 More Melodies For 
You concert, pan 1 (S>. 8.40 David 

Jacobs chooses music. 9.00 Concert, 
part 2. 18.02 Saturday NTghr tilth the 

BBC Radio Orchestra «S>. 11.02 Spans 
Desk. 1X06 Peter Wheeler with Tlw Liiie 
Show <S> Including 12X0 News. 2X6- 
2X2 am News Summary. 

RADIO 3 464m, Stereo &VHF 

27X5 am Weather. 8-00 News. LB 
Anhade 'S>. 9.00 News. 9X5 Record 

Renew iS>. 10X5 Stereo Release of 
mium- hy Sor. Lwn «S>. 11X5 Newcastle 
Festival Concert, pan 1 iS». 12X0 pm 
Interval Reading. 12X5 Concert, pan 3L 
1X0 News. 1.05 What the Papers Said 
alter ihe Outbreak nf Die First World 
War. L15 Aeolian Siring Quartet >St. 
2.15 Man of Aruon: Roy Shaw chooses 
records i St. 3X5 Music of the Masters 
<S> 5.00 Jazz Record Requests <St. 5X0 

Critics' Fnrum. U) " La Boh e me." from 
Glyndehounie. opera b> four Acts, music 
by Puccini. Act* I and 2 tSi. 7J25 
Personal View hy (Rillip Reyna kin. 7X5 
The Exotic Sound of . . . Ih* Irish Fiddle 
on records >S>. TJB The Music of Ral- 
hroafce (illustrated lift by Harold 
TrusrntM. 0.40 La Boheme from 
Glyndebourne. acts ) and 4 ■ S >. 9.45 

Northern Slnfonla Orchestra »S>. 10X5 
Sounds Interesting <S>. 11X5 News. . 

11X0-11X5 Tonight's Schubert Songs iS>. 


Radio 5 VHF Mly-4X04X0 am Open 

University. 


RADIO 4 

434m, 330m, 283m and VHF 
6X0. am News. 6X2 Faming Today. 
6X0 Yours Faithfully. 6X5 Weather, pro- 
gramme news. 7.00 News. 7X0 On Your 
Farm 7X0 -Today's Papers 7.45 Yours 
Faithfully. 7.55 It's A Bargain. 7X5 
Weather, programme notes. 8.08 News. 
*x» Sport on 1. 8X5 Yesterday in Parlia- 
ment. 9X0 News, 9X5 International 
.Assignment. 9X0 The Week In West- 
minster. 9X5 News Stand. 10.15 Dally 
Service. 10 XO Pick of the Week. 11-28 
Time for Verse. UJO Science Now. 
12X0 New*. 12X2 pm Away From Tl AIL 
12.27 The News Quiz «St. 12X5 Weather, 
programme news. 1X0 News. 1X5 Any. 
Quest Ions? 2X8 War and Peace. 

New*. 3.05 Doea He Take SOnarT 5-M 


Music of the Masters (as Radio 3t. 5X0 
Kaleidoscope Encore. 5X0 Week 
Ending . . . iS«. 5-55 Weather, ora- 
gramme news. 6X0 New*. 6.15 Desert 
Island Discs. ' .4X0 Stop the Week wtlb 
Robert Robinson 7X0 These You Have 
Loved «SL IL25 Today tn Synod frvpon 
on proceedings at the General Synod of 
the Church of England ». 8JO Saturdav- 
Ntebl Theatre «£t. ' 9X8 Wearhrr. . 10.80 
News. 10X5 A Word in Eduew ays. UXO 
Lighten our Darkness. 11X5 News. 


CHESS SOLUTIONS 
Solution to Posit lan. No. 223 
<b) is correct. After exchang- 
ing rooks. Black can play 
N-Q3-QN4. threaten the weak 
QNP. eventually occupy QBB.with 


a knight and then run the QRr 
with good winning chances. 
Sniejkal chose (a) 1 . ; . N-Bfi; 

2 NxN. PxN when White did nut 
fall Tor :t BxBP ? RvB; 4 RxB. 
Q-Q5 but played thu stronger 

3 RxP ! Now 3 .. . BxR: 4 BsB, 
with mate threats to KN7, is 
dangerous. Black tried instead 
3 . . . N-Q5 but 4 RnR ch."QxR: 
5 QxRP won a second pawn and 
eventually the game Tor White. 

Solution to Problem No. 223 
1 P-Q4. If I ... PxF: 2 Q-N4. 
Kx either N: 3 Q-K7 or 3 Q-Kl. 
If 1 . . . P-B5; 2 Q-Q2 and 3 Q-Q3. 


.Jft . 
“*■ ' \ 









WEEKEND CHOICE 


SATURDAY; Weather permit- 
ting. the Wimbledon finals are 
on BBC l’s Grandstand which 
starts at 1.00. and if you are 
really besotted then you can 
stay with It for 61 hours by 
switching to BBC2 at 5.30. 

Later BBC2 takes a brief look 
at the Eisteddfod in Llangollen 
78, and London viewers have a 
rare chance to hear television 
discuss its ow'n coverage nf 


■ m r. 


David Warner in “ Clouds of Glory 1 


Northern Ireland In Look Here 
at 11.15. 

SUNDAY: ATV* Golden Gaia 
marking the 50th anniversary 
of equal voting rights features 
108 all-feraaie acts which says 
little for equality. But the most 
eagerly awaited programme of 
the weekend (and the week) is 
Granada's Clouds Of Glory in 
which the talents of Ken 
Bussell. Melvyn Bragg, Norman 
Swallow, David Warner and 
Felicity Kendall are enmhined 
in the telling of the story of 
William and Dorothy Words- 
worth. . — CD. 


ENTERTAINMENT 

GUIDE 


[ THEATRES ! THEATRES J 

ALDWYCH. 616 6404. Into. ffM 5111. I COM ROY. 01-35D 2576 < 

r ROYAL SHAKESPEARE COMPANY in) c <r » limlti-U until July 16.! 


THEATRES 


THEATRES 


THEATRES 


THEATRES 

thcatri upstairs. 


C C — Tn«e ntCJtrts ACCW4 C*rt4tn erertif 
t,r4* OY lelc»t''3cw or »l t<a» 


rawriolrc full* »ir rontfitlomM 
ToP'BKi Uondjv 7.30. 

COR IOL ANUS 


ALEC McCOWEN'S 
5T. MARK'S GOSPEL 
'An unpirallel^d tour de forte " S. Ttmei 


I! Ihaymarket. 930 msi. Era*. 8-00. «■<» YJSie-nr-r a t TUI m Raymond rEvuuar. cc. 01-734 1593 . pSJTe wVtm om,, arc 1 * 2 shj 

,6 'i Wed. 2 JO. Sat 4.30 and 1.00. PROSPEC T. A T TW OtB VIC A: 7 p.m.. 9 p.m.. It p.nt. looctit SuraJ 5™?% S’ 1 ??* W * d ' nestt -l mi. S m Pe?S. 

-Ii4i.- L B -5S^ ,F T , 5:S THE LA^Y^wefr POR° BURNf NO T»i U iraw*| 0 « .ffi 1 , IRISH EYES ^*ND ENGLISH TSARS 1; 20 J,T ; * S ^ AC 


CINEMAS 


OPERA ft BALLET 


"an rtwiune •*! Irue theatrical BtorY.'' Tu*»- lo Sal. .it B.O. Sun at a so. Hoi 
S. r>nt«l. with. Slr'rttdbcr j's THE DANCE' Mon. Sealt £1.35 £2 35 £2.50. j 


COU9EUM. Credit or*. 01-340 5259 

Rritmtion, 01-936 Jlfci 
. NURtYEV FESTIVAL 

Evot. 7.30 Mats San a: 2 30 wnih 
LONDON r ESTIVAL BALLET. Todi/ 
S'dUDinp Bea'il» N.*ij wort with DUTCH 
NATIONAL BALLET, lenin available nni 

-«et4 onli. Muie.rv 1.1B oai'f.e av ever' 

performan ce- _ _ 

COVENT GARDEN. CC. ’ 240 1066 

■ Gardencharec credit .ardv 236 ri90 3i 
THE ROYAL OPERA 
Tpnlpht. We® ar.d Frl neat at 7.JO - 
fillMs 61 Melnaitd*. Mon. and 

• Thuf, next as 7.00 Norma 'Lavlrgen 

reolacet CralS-. 65 Amnni veal* avail 

• »w all peiei Iroin to a.n on da, 

. pert 


Of DEATH «n*vT pe-Y 13 JulvJ. RSC 
I ilvi at THE WAREHOUSE 'see unde- W) 


£3 00. Latecomer* nor admitted. 


: . ays- *■*& “ s - ,0 v ^: \ 

ALMOST FREE. 4ES 6224. L uncut. mo* I NOW *^f| SECOND^ YEAR , 

. " One Off 1 av Bob W.l-on. Tuev -5 ju — - 


” Masn.ncent " Times. i I, nrdiuiiMr tn ,r *= run, «. vr 

HARRY ANDREWS 1 Todav 2 30 anS t7o rullv *lr -c pud -troned 

EL^ANOa* P ^° T "' ln "" T MVOfl I 'twelfth NIGMT SI* SENSATIONAL YEA R 

"■ISON* PEACOCK | ‘ An ^ ROYAL COURT. Dt -730 1745. Air cpnd. 

and IRENE HANDL In | •« Evenfno* 8. Sat. 8 30. 

A FAMILY i “ S FLYING BLIND 

A new play by RONALD HARWOOD : Rrtunll julv 12, ti ,4 U« three BerN OtH Marrlsor's " Savage fared-" F. Times. 
EH reeled Oy CASPER WREOE . . . JSHgi-dHiL ... T J . . jSLiSESLJSSl: I "AUDACIOUS COMEDY." TIitms. 

'■A nehly uiisfyitiB Plav. eould hll , OPEN AIR. Resens's Park. Tel. 486 243! I " “ ' ' . . _ — 

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THE FESTIVAL OF EROTICA 
Fully air-conditioned 
Ztn SENSATIONAL YEAR 


SIX OF ONE 


>15 pm Suns 3.00 and 5 00 pm. No HALF-A-DOZEN LAUGHS A MINUTE I 


bv Nigel Baldwin. 


ABC 1 A 2 SHAFTESBURY AW. B3S 
8861. Sep Peru. ALL SEATS BV. BLE 
1: aOOT; A SPACE ODYSSEY lUi 7Pmm 
Rim. Wk. and Suit. 2-2S. 7 55. Lake »now 


I VAUDEVILLE, a 36 9988. CC Evv 8X0. 
Mat. Tim. Z.45. 5«. 5 and B. 
Dinah SHERIDAN. Duffle GRAY 
A MURDER IS ANNOUNCED 


Tonight 11.05 _ 

] 81LTTIS IXI. Wk. and Sun.: S 00. 5-15: 
8.35. Late Uiow Tonight 11.20. . 


CAMDEN PLAZA .dPn. Cnmde" Tnwn 
Tottel BBS 244.1 Tay-jn.% ALLON- 
SANFAN iAAl .8r the rhrvcrcr * 
PADAE FADflOMi, 2 50. 4.45 6 


1M1. ‘Re-enter Agatha with ana: nor who- PADROtwE', .50. 4. a 5 UJ 

diHinll hit. Agatha Chnaiie is stalking the J 9.O0T 1 1 7 5 - - 


ALMOST FREE. 4 65 SZ24. Evening* Kurt; 


SECOND HILARIOUS YEAR 
"VERY FUNNY Sun. Tel 


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I Evgs 7*5. Maes. Wed-. Thur i Sat. 2.30 Moodar-Thuridav Evenings 8 00. Friday fiendishly ingenious murder myMenos." . 7irr^ nh ,_. r ourI Tube: 536 03K 
' with RULA LENSKA. IAN 7ALI3T. 5 30 and 6.45. SaUirdays S tW and B.OO. *— •— «-- - iownnsn, >o»r^ no , w: 


KING'S ROAD THEATRE. J52 7*88 : ELIZABETH ESTSNSEN. DAVID WE5TON 1 London's crtfiCS vote BILLY DANIELS in 


: «• — - ■■ T" 1 I -Mon. to Thur. 9.0. Frl.. Sal. 7 30. 9.30. j smni nan of osstiht i 

c,°,"X' Tuet?Sat jM?m N, iiSSt ■ O^URY LANE. 01-836 8108. Every' THE ROCKY HORROR SHOW . Lunchtime Mon. Tues A Frl. 1 1 5 KEMP9 ; 

: TU 541 8 00 ,,m ' N0 high! 8.0D Mailree Wed and Sat. 3XP i DON'T DREAM IT. SEE IT? [ JIG With Chris Harris. Tomor. at 8.0.1 

1 . A CHORUS LINE , — — — 1 ' - : - ! 


Shaw's MAN OF DesTINY 


. A CHORUS LINE 1 

rarr devastating, iovouj. astonishing ; 
Stunner." Sunday Times. 


GLYMDEBOURKK FESTIVAL OPERA. 
Until Aub 7 with tne London Phil- 
harmonic Orchestra. Tpnlgm Mon and 
Frl. nevl »1 6.15 La Bahama. Tomor. 

‘Toe ar>d Thur. nevr af 5 30 Cosl fan 
UftM. Possible return* nnlr. Bo. off.rr 
Ghrnd-rtxser'r'n Lrwe. 6 Susser .027 3 
• 1L411J NB The currvin 'or Cool will 
isse at 5 30 share Ther« v no possi- 
bility of admittance ter laircomera. 


; AMBASSADORS. 01 -856 1171. ! Munner -- ^nd«rT)me, 

' NlghU, at 8 00. MartneeS Tues. 3 a*. I Hunner. S unday Timet. 

Saturday 5 and fl 1 

I PATRICK CARGILL and TONY AM HOLT , °UCHES5. 3 36 8243 Moo. to Thur*. 

I In SLEUTH ! Evemngs a QO Fn.. Sat. 6.15 and BXO. 

t The World Famous ThHIler OHI CALCUTTA I 

| #• ANTHONY SHAFFER nudllr n Hunning.” Oa«y Tel. 

| "Seeing Ihe olar again % -n fact an l Bfh Senutlonal Year, 

j utter and idfai Jor." Punch Seal prices i 


£2.00 to t* 00. D.nner and Top-pnee . DUKE Of YORK’S. 01-838 5132. 

-■ 50 f Evenings a oo. Mat. Wed.. Sat 3 00. 


LONDON PALLADIUM. CC. 01-437 7373. 
NOW UNTIL AUGUST 19 
Mon.. Tun. Thuri. and Fn. at B. 
Wed. and Sail, ar 6 10 and S.SO. 
THE TWO RONNIES 
In a Spectacular Comedr Revue 
Two extra performances 
Sundar July 16 at 5.00 A 8.00. 
Book now on hot-line 4 27 2KS. 


PALACE. CC. 01.437 6834 j 

Mon.-Thurt. 8 0. Frl.. A Sal. 6 A 8.40. 

_ JEgUS CHRIST 5UPERSTAR SAl 

Or Tim Rice and Andrew L>ovd Webber. I 


BUBBLING BROWN 5UGAR 

Best Muncal of 1*977 I 

Bookings accented. Malor credit cards. 
Special reduced rates for matinees (fori 
limited Period only). ; 


Felix Barker. Evening News. 
AIR-CONDITIONED THEATRE. 


VICTORIA PALACE. 

Book Now 828 4735-6. BS4 1317. 

STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

Evenings 7.30. Mats Wed. and Sat. 2.45 


Tottenham Court Rd Tube;. 6 36 Oil? 
3. Bruw Lee GAME OF DEATH «' 
Pros 2.00 4 .15. 6.30. 8.45. Lafe S"»w 


a.' Srau Disney's HERBIE GOES TO' 
MONTE CARLO iUi. Children naif p»Ke 
Prog*. 1.30. 3.40. 5 5S. fl.05. Late 
Show 10.30 THE GODFATHER PART 11 
fXj. 

3. Alan Bales. John Hurt THE SHOUT 


PHOENIX. 01-036 2734. Evenings B.15 
Friday and Saturday B OO and B.4D 
"TIM BROOKE TAYLOR. GRAEME 


SAVOY THEATRE. 0I-B36 MBS \ 3? Alan Bales. John Hurt THE SHOUT 

TOM CONTI in J WAREHOUSE. Dpnmar Theatre. Covent ' (A A I Progs. 2.30 4. 35. S.40. 8. 4 ^ 

whose LIFE is IT anyway t | Garden. 836 6800. Royal Shakospeore Lire show ii pm. 

„ . _ vvlfH JANB ASHER I Company. Ton't 7.30 David RBdMn'S 4. RrChard Burton THE MEDUSA TOUCH 

“A MOMENTOUS PLAT. I URGE YOU Th« 5<m of UgM. “-A ITIomBh." E. , <A). Progs. 1.10. 3.JS. 6.00. 6.23. Hie 


GARDEN" "maire"’ us , iauBh””'D i « . _ _ T *i SEE <T " Gdn. . standard. All seals £1.80. Student Stand- 

THE UNVARNI^Io YRIITO 1 "- »" I ■« "■<»• Fn ' 1 by £1. 


show 10.50 on. 


_ THE UNVARNISHED TRUTH 
.The Hit Ccmedv bv RDYCE RYTON. 


SHAFTESBURY- 


APOLLO. 01 4 17 2663. Evenings 8 oo 

Mail. TTiur*. 3 OO Sat 5 00 and 6.00 
DONALD Sift DEN 


L.mli«a Season, must end" AuOU« 26! LYRIC THEATRE. 01-437 36BA. Eva B.O. | SflXf. •* , S 0 -1' SjnBav H SHEER 


"i*UCHT. WHr I THOUGHT I WOULD Shaftesbury A -e WC2 ,Hf 0 h Holbom enoi' 


036 SSB6. WESTMINSTER. 


1 Actor nt ihe Yenr ■ 


JOHN GIELGUD 
In Julian MilcheU'i 
HALF-LIFE 


SADLER '4 WELLS THEATRE. Rosehenr 
Are EC1 8J7 1«72 Until July 22. 
ties 7 30. M*!< Sal 2 30 
NIKOLAIS DANCE THEATRE 

Today mj: Tempinc Guignot. Triad. 

Tonlons A Tnur. Tr pie Duel from Grotto 
Sir*. Triad. Mon and Weo. Gjignol 
stick Fiourgi. S'jile from San.Tum. Tlw. 
Tr.ple Duet, irom Grotto. Gallery, Stv*. 
'■ Sheer wliardrv ... an enperlence n*J 
to be m’iieo.' £ Mew* " Utiertr utter'. r 
beaunful " -Tr-ad' Giurp. an. July 31- 
AlH. 26 MARCEL MARCEAU. 


"IS SUPERB' NeW 
SHUT YOUR EVES AND 
THINK OF ENGLAND 

'unnv - TlmM 


"9 Standard.) A NATIONAL THEATRE PRODUCTION | 


■'BrittianlJv Mitfv 


no one inouid i 


Mat. Thur*. 3.0 S>>. S.q and 8.30 

COLIN BLAKELY In 
FILUMENA 

by Eduardo de FiMippo 
Dl reeled bv FRANCO ZEFFIRELLI 


§■ Standard- "GLORIOUS 
CONTINUOUS LAUGHTER." Time*. 


Tonight BO. JOHN REARDON In 
KISMET 


bmm It" Harold Hobson i Drama i Instant’ “TOTAL TRIUMPH." E* News. “AN 
eredli Card reiervafioiis. Dmrer and | EVENT TO TREASURE." 0. Mir. "MAY 


Too ortce Seats £7.00 


| ARTS THEATRE. 5TO „ pjvr QI-B3B 213a. | FORTUNE. 83. Thur*. S ; — | - R.p^i'rTnT^um^ "T^uren. 

! -H.lartau* D ' R I7e u' inA Yi 1 Muriel Paviow as MISS MARPLt In ■ MAY FAIR. 629 30’S. 1*M. 8. Sat. 8.30 j ¥»“' SU C Awa^d ana^ S.WE T V A«ard 
! fn' V h :„^ TlRUK. ; AGATHA. CHRISTIE'S \ *nd B SO. Wed. Mat at 3. Sr ' JW'iv J,o rnunmn ijc n®' 

i MonB ■> * J nid J_. a . J Q Friday and I MURDER AT THE VICARAGE 1 WELSH NATIONAL THEATRE CO. 1 

00 J rd 91 S Third Great Year. 1 UNDfR^IU WMD PRINCE EDWARD. CC • Formerly Casino 

i *ol“ li* Wfd ■ THEATRE. CC. 01-836 4601.:— ! Mm *1 •Sd B “ 

and Sa,. 6X0 and B -S .Buffet f«* \ * ^',^7^' W^i GeVma S j^ 30 ! MCRMAIE.. .^fl-^se P^aurant 248 by T .m Rkr : and* Andrew Llovd Webber 
ELVIS MICHAEL KITCHEN j “ EVElJv fl MOD° Rov * *' enth David E W ev. El*rn e Pi. s , and Jo* 

^ h i 3 ?wjbw i . ^ b 

“le 00 wau"H«l "BEi ftKl'Tl id* M : SSSK-TOSf PRODUCTION '■ D XC T E e L r i ^ S. ANdVe j 6e J L SD0 -«? d 8 ^ 


IT FILL THE LYRIC FOR A HUNDRED 
YEARS." Sunda, Time! 


PICCADILLY. 4 37 4506. Credit card bkg*. 
836 1971-3 9X0 am-8.30 pm. 

Evgs 7 30 Sal. 4.30 and 8. Wed. mat*. 3 
Revil Shakespeare Company in 
THE OUTRAGEOUS ADULT COMEDY 
Bv Feler NlChOl* 

PRIVATES ON PARADE 
"Rterpjring triumph '■ } Evprcn. 

BEST COMEDY OF THE YEAR 
S*. Sid. Award and SWET Award. 
FULLY AlP-CONOfTIONED 


Thl* musical ha* everylhlng." S Mir. 
Mat Tdv. 3 0 All Mats £X. LZ. Cl. 
C rad 1 1 Card Bookings 836 G5B7. 

LAST TWO PERFORMANCES 


SENTENCED TO LIFE 
“ MUGGERIDGE'S trenchant humour 
THORNHILL'S dramatic art." 0 Tel 


CURZON. Cursor. Street W.l. 499 373; 

D1-B34 0283. . i Fully Air CofidlHOnrd Com Tort I DERSU 


U2ALA iUi. In 70 nim lEnghsh suh- 
t(lln). A Him bv AKIRA KURDS AW® 
■A MASTERPIECE. " Tne Times. “MASTER 


" IntHUrty Human, caring drama." Y. Post j WORK "The Observer "SPECTACULAS 
“Tremendous Impact. NOW. "I was ?P''.ENTgRE*' Sunday Times 'veBt 
y ■ 1 - y — BEAUTIFUL." The Guardian. "HAUNT- 


fhgrply moved." J. C. T rewin. 


T«..Mao, Wed.,XXD._Sa,A 4X0. | 


SMArnLSBURY. CC 01-B3B 6596 ! H45LJ1L 0 _^ U, : , C _ Z i j daily afi'.oo'inot Sun i i OO and 9.00. 

Shaftesbury Ave WC2 -High HoUjom end) .WHITEHALL. 01-930 6692-7765 ; — ; . , .V_ V, ,~.T iTr^a 0 ,;7T7- 

From July |4 for a Special Summer Evg<- B.30. Frf. and Sat. B 45 and 9 00 ; LEICESTER SQUARE THEATRE. 930 5-S-- 
Season A New Production of J Paul Raymond presents the SeflWPbnaJ ■ R-chard Burton. R oger Moore R.vlijrd 
GODS PELL J Se* Revue 0 f th e Centtirv i Wffrf* Kruger m THE W)LP 

Seats -or £!•£$ DEEP THROAT I GEESE lAAt. Sep. erogt Wl 1.00. J 30- 

Beet inlliM. mu, t \ «n ! . _ wttr "™g«T i a in 3 3a ? as Lafe stiaw* Wen* 


— j daily al 2.00 mot Sum 5 00 and 9.00 


p RJ N GE EDWARD. CC ■Formerly ClSlnoi i SHAW THEATRE 


-THEATRES 


ADDLPMI THEATRE. CC. 01-634 7611. 
Eva* 7.70. Mai*. Tliury 3 0. Sal. 4 0. 
.IRENI IRENE IRENE 

THB BEST MUSICAL 
of T976. 1977 and 197B ! 

IRENE IRENE IRENE 

" LONDON'S BEST NIGHT OUT." 
Sunday. People. 

' CREDIT CARD BOOKINGS 834 7411 


Season A New Production el 
GODS PELL 

„ Seats -or L1-CS 

Bon avalliMe seal! al 12 SO >: hour 
before ihow from the Bov Ofhce. 


elvis ' I Michael kitchen 

i nfecfoui appeal. iig, foot-stamping and . ^ HAROLD PINTER'5 

heart-ipumning ’■ Obirntr, Seats U QQ. THE HOMECOMING 

*8X0 Half-hdur before show be« avail- . *?*XANT — A TAUT AND 


01.437 6877. Monday-Fridav evgs. s DO 
Mai Thur. 3 00 Sat. 5.30 and 8 >0, 
EVITA 

by Tim Rice and Andiew Llovd Webber, 
with David Etjeu. Elaine Paige and Jmj 
AcHana Directed by Harold Prince. 
Please note from July 22 5«. Pert*, will 


01-388 1394, 


riui KivinoiKi prcivnis irre ymui'vnii . — - --- — uin n 

Se* Revue of the Century i wi i oa Tjo 

DEEP THROAT 1 GEESK^lAAi. Sep. prop* v*k l.OO. J 

7. * _ * 6 10. Sun 3.30. 7 4S Lafe show* Wemi 

WINDMILL THEATRE. CC 01-437 6312.; Thur* Fr.* Jim Sal*. J 1 45 p m. S»al- 

Twlce Nighilv B.OO and 10 00. I mav *m- bonLrd In ad.ance lur B.io 


Last Perl. Tonight J 30 
I'M TALKING ABOUT JERUSALEM 
bv ARNOLD WFSKEfl 
If* Quality 1* undim inlshcd. ' S. Time*. 
"A funerfatlvc cast " Punch. 

Low Price* Easy Parkins. 


Sunday* 6 00 and 9 00. 

PAUL RAYMOND presents 
RIF OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 


prog. Mon.-Fri. and all pr^gj Sj|. ami 
Sun 


ODEON HAYMARKET. 930 7739-2?''': 


i lne Fonda. Vunesia Redgrave In a fr-d 
innemann film JULIA Ai hep pf<«' 


" Take* to unprecedented limits o'hat If oiy. Z 30 mol Sun.i 5.45 8 45 Femur** 


permissible cn bur stage " Evg. New* 
3rd GREAT YEAR 


Oly. 2 46 (not Sun ) 6.00 9.00. All *ef«* 
bkole ft thratrn. 


ALBCRY. 434 3E7B Crodlt card bkg* 
Twiari-1 fihvn 8.30 am. Partv 


TW1071-'! ffpm 8.30 am. Party Rales, 
MOP* Til**. Wpd- and Fr* ?X5 pm 
TtiiJrs and 5i* 4.30 and S 00. 

" A THOUSAND TIMES WELCOME IS 
. LIONEL BART'S 
OLIVER ! 

MIRACULOUS MUSICAL " no. Time*, 
with ROY HUDD and JOAN TURNER, 
"CONSIOIR YOURSELF LUCKY TO BE 
ASLl TO SCI VC AGAIN" DW. Mirror. 


! BEST MUSICAL OF THE YEAR 

! EVENING STANDARD AWARD 

Cambridge, sse bosb. Mon to Thun. 
B.OO, 'Friday- Saturday 5-45 and B 3D 
IPI TOMB I 

EvxlHng BUtk African MuHnl. 
"•Paryed with »arl«y " di* Mirror. 
Seat prices LZ.D0-E5 50 
THIRD.. GREAT YE»P 
Dlnnrr and loo-nricc seal £8.73 Ine 


Gdn. "MOT TO- E '« 3 ' <# -TlM&««| ^ 


STRAND. 01-836 2660. Evenlngt a oo 3rd GREAT YEAR bkble S f theatr e. 

Mjt - ‘ n,Ul li Q ;J ! S?i S i l 'va<ai. i,,d B 3 ° WYNDHAM'J 01-836 2038 Credit Ou* ODEON.. LEICESTER SOUARE. 930 8 

H WEW BRffBH BltBS M6 1071-3 from B 30 a m. Mon- {CLOSE ENCOUNTERS OF THE THIRD 

I Thur. 8- Frl. »nd Sat. 3.1S and 8J0. KIND fAi. Sep Dram. Div. Door* open 

"ENORMOUSLY RICH 1X5. 4. IS. 7 4S. Late show Frl. and Cat 


GLOBE THEATRE. 


•01-437 1502. 


MISS THIS PLAY." S. Time* 


! *® L NATIONAL THE ATRt 928 2252 j 'olitZI&fto'UN? iSi*" 

41 AS E AweU , BSn5uJi T 5i OW J* _ *-}*'** f< »S" aMBgl;..Ttt4au US Mt! CREDIT CARD BOOKING MB 0048 

ALAN AYCKBOURN'S Nnv CortiMv 7.30 The Coantrv Wife by William • — ^-2- 

I TEN TIMES TABLE Wycherley. Mon. 7 Brand more early ' QUEEN'S THEATRE. CC. 0I-7U 1166. 

i — tH‘* /?“?* 5* haonlei: laughter- Kart' 1 *»9*. 8.0. Wed. 3.00. sat. 5 00. 8.30. 

makor tn Landon. O Tel. "An Irresla- LYTTELTON iprogcenlum ifaget' Toft. ANTHONY QUAYLE 

riblf en/orable evening." Sundar Tima j and M«i. 7.JS Plenty a new plav bv I FAITH BROOK. MICHAEL ALDRIDGE 


BROADWAY COMEDY MUSICAL 
I LOVE MY WIFE 
ftirrlng ROBIN ASKWITH 

Directed bv GENE SAKS 


THE WORLD'S GREATEST 
LAUGHTER MAKER 
GOOD SEATS E4X0-E1.00. 


I CHICHESTER 

I Today *t- 2 00. Jul* 13 


OLIVIER (ggen lueel; Today Z.45 and'. CREDIT CARD BOOKING 938 0848 J Matin. 

7.30 The Country WHe by William • — — I 

Wr«hgriey. Mon. 7 Brand tuple early ) QUEEN'S THEATRE. CC. 0I-7U 1166. 


ST. MARTIN'S. CC. 836 1443. Evp* 8.00 


"ENORMOUSLY RICH 
VERY FUNNY," Evening News. 
Mary O'Malley's tmaih hit eemedv 
ONCE A CATHOLIC 


Poor* Open 11, IS pm. All *ejN bkhln 
ODEON. MARBLE ARCH. 723 20U-7 


fl ** T SSJ- ^ • * 5. Saturta y* 5 and 8. 
AGATHA CHRISTIE'S 


AGATHA CHRISTIE'S 
THE MOUSETRAP . 
WORLD'S LONGEST-EVER RUN 
ZBlh YEAR. 


0243 81JI2 

»1 7 00 THE: GREENWICH THEATRE. 


| David . Hare. i 

. . COTTESLOE iWnall aurfllprlumi: Tgn'1 and! 

7TSS- 1 Mon. B American Buffalo bv David Mamet I 


i INCONSTANT «UPL«^Utt Pr£ T'A£ J 3^1^ R VWMTK Sf? SS 

I importance. OMAH * “WKK “irSTfcfl 


and RACHEL KEMPMN 
In Alan Bennett's 

THE OLD COUNTRY 


TALK or THE TOWN. CC. 734 5081.; Ben Jenson'* 

8 00 Dining Dancing <|ars ooen 7.15.. I BARTHOLOMEW FAIR 


•tadteme «*«dv an «« *« raliglwi." CLOSE ENCOUNTCM OP THE THIRB 
nsjiy Tiologrjnii KINO IA< Sw. prooi, Mon.- Frf Dflor^ 

- MAKES YOU SHAKE WITH 2 .\\ 7 - 3 “. ^ "5, ^ 

, Aiu-urep 11 Cnjriiun ■ B5. 4 15 i.«3. Late snow rri. and *at 

LAUGHTER - Guard an. . <W1 ,, (5 „ m . m|l 

OUNG VIC- 01-92B 6363. 


YOUNG VIC- 


irp* 1 Pla* and Players London Cr:tlr» Award 


BEST FLAY OF THE YEAR 
WraeWd bv CLIFFORD WILLIAMS 


9 30 Super Revue. 
RARZLE DAZZLE 
and av >1 dm. 

UM R BALES BEL PARAGUAY 


E. 0 *. 7.45 1 N 0 Perl. Men. -tem.* “A 
riproarlnc orod union." Sun Time*. 


! PRINCE CHARLES. LelC. So. 437 8181.' 
MEL BROOKS 


HIGH ANXIETY lAI 

Sep- Perl*. Div.. line. Sun. 1 2.43. B.iS. 


round Vic Festival until July 23. Phone 1 9.00 Lie Show FH and 
Bax Office lor lealM- 1 Seats 8 kbit. L* d Bar, 








3 



arts/leisure 


Enlightened selves 


Anyone who feels, as 1 dn, that 
ve suffer nou'adu\ s from a glut 
of autobiography, that seti- 
exposure has added a new terror 
to living, and that confession is 
the curse of the publishing class 
musi have mixed reelings about 
the iiian who triggered the ur- 

5T nl - vearii a S°. Jean-Jaeques 
Huusseau. Radio has been eon- 
snenlioiisly celebrating the hi- 
rentenary or his . death in a 
couple or admirably informative 
programmes this week. Rousseau 
was the writer who finally 
scotched the idea that the self 
was hateful; Freud merely added 
a few pedantic- footnotes. 

Rousseau was over 50 when 
he published his Confessiotix 
Hannmg ihat although he was no 
heller than other people at 
least he was different. But was 

he? When wc read the hook we 

feH that we are his brother, his 
Twin almost; he seems somehow 
,M articulaie with miraculous 
ease our weaknesses, our shy- 
nesses, our failures to seize 
opportunities when they occur, 
our nne-lime innnccn.ce. our 
slighting by a hostile world. As 
°ne of the contributors ro 
Voltaire and Rousseau (Radio 3. 
duly 1) iput it. the ConfemrioTLs 
is one of those books that has 
the same relevance now as when 
it was written. 

I hope therefore I' do not 
sound ungrateful when I say that 
with the Cou/cssions to , draw 
upon John Hope Mason had a 
comparatively easy task in put- 
ting Together a radio portrait uf 
Jean-Jacques. A Man in All the 
Truth of Mature (Radio 3, July 
His main problem was what 
from such a wealth of material 
to leave out: and his next prob- 
lem was to prevent the show 
from becoming simply a mono- 
tngiie by Timothy West as 
Rousseau. He avoided this by 
breaking into Rousseau's text 
wiib some comments on it of bis 
nwn. spnken by Nigel Anthony 
as narrator, and some iterjec- 
tions by Voltaire (Fred Bryant) 
and Boswell (Andrew Branch). 
In the dialogue with Bozzy who 
visited Rousseau in Switzerland 
the feature had a transitory 
touch oF real animation. 

Wc al^n heard from TMrfcse 
(Hilda K rise m an), the servant- 
girl who bore Rousseau fl\e 
children, all of whom he sent 
av\a> to the foundling's hospital, 
claiming in after-years to have 
suffered great remorse for his 
abdication of paternal responsi- 
bility. The programme was 


RADIO 

ANTHONY CURTIS 


punctuated by snatches of 
Rousseau's music. For many 
years he earned his living as 'a 
music copyist and although with 
the exception of one operetta. 
Le Derm du riltapc. his music 
has been forgotten it sounded 
pleasant enough. During one of 
his periods of disfavour in Paris 
be spent a year in England at 
the invitation of his fried and 
admirer Hume. Eventually the-.’ 
quarrelled but it was here ihat 
he planned the Confessions “an 
enterprise without precedent. 1 

w;«nl io show my fellow-raen a 
man in al! the truth of nature 
and that man will be me . . . “ 

Rousseau died in the summer 
of 1 < <S at almost the same time 
as Voltaire. We have already 
heard one excellent programme 
about Voltaire by Maurice Cran- 
ston in May but on Saturday we 
had the two great rivals con- 
sidered together by John Pick- 
ford in a programme originally 
broadcast in the World Service 
and well worth rebroadcast in a. 
Voltaire and "Rousseau: Men of 
the enlightenment.- This included 
contributions from the bit* 
academic names In French 
studies. Cobb. Johnson, Hump- 
son, Weightman. attempting to 
put the two giants into some sort 
uf contemporary perspective. 

Richard Cobb had some 


animadversions on Rousseau's] 
notion or the general will, see-’ 
ing it as the source of modem 
totalitarian tyranny; anyone 
who does not conform to Ihe 
general will is on unperson and 
may be sent to a psychiatric 
hospital or otherwise disposed 
of. For Cobb It is the 
Vol-taiiean legacy of question- 
ing .the general will and the 
powers of institutions that is our 
marn residue! benefit of the 
F ren ch enki gh tenm em. 

John Weightman pointed out 
how “the flight from social 
complexity to would-be pastoral 
simplicity " which is the drive 
beih-iod so many popular move- 
ments today derives directly 
from Rousseau. It is Jean-Jaqueii 
who is the patron saint of I 
ecology, conservation, flower- 
power. survival kits, friends of 
the earth, and other advocates of 
a return to Nature. I 

Some of these groups repre- 
sent powerful forces both in 
This country and in the United _ 

Stales. How they operate and — — — __ 

make their voices heard was the / m / fmg/* Wffrm Mg A 
subject of Over Here, Over X T \Jr m f m f'l'f' I 
There, a promising new weekly 
transatlantic series on Wedfles- 

day mornings (Radio 4, Juh- 5). . ** ore in * orro * >“ “Sfr 
conducted by Bill Breckon in t ha * 10 be recorded mat the 
London and Pat Rowe in New ! ^gb -price No rma at Covent 
York. Prominent protesters of J Garden on Thursday was a feeble 
both nations were interviewed ! business, redeemed only by 
and exchanged views across the Grace Bumbry's Adalgisa and. to 
wires. Apparently the best way I some extent" by the conducting 
to stop a motorway being built I of Jesus Loper-Cobos. The tie- 
through your village is to go to mendous title-role is a magnet 



STAMPS 

JAMES MACKAY 


Montserrat Caballe and Grace Bumbry 


Norma at Covent Garden 


OPERA 

RONALD CRICHTON 


Lavirgen appeared as Pollicme. 
the intruding Roman. Though he 
sang with determination and 
vigorous phrasing the voice, 
naturally rough in timbre, lost 
power as the evening went on. 

David Ward made Norma’s 
father, the Archdruid Oroveso. 
such a nice, handsome old fellow 


TV RATINGS 
W/E iuly 2 


UK TOP 30: Viewers (m> 
X. Lffo Begins at Forty (Yorks. J 

2. News M Tea (Wed.) (ITH) 

3. Winner Takes All (Yorks.) .. .. 

4. Coronal Ion Street (Wed.) (Gran.) 

5. Cromreads (Thors.) IATV) 

i Coronation Street (Mm.) (Gran.) 

7. Charlie's Aagek CITV) 

7. Emmertfale Farm (Thurs.) 

(Yorks.) 

9. The Dark Secret of Harvest 

Home (ITV) - 

U. Whodunnit? (Thames) 

11. Crossroads (ToosO CATV) 

12. Crossroads (Frl.) CATV) 

13. Relatively Secsmbe (Thames) ... 

14. Crossroads (Wed.) (ATV) 

15. That's Life (BBC) .- 


U. Emmertfele Farm (Tees.) | circulation in the 'twenties Will and loses him to a younger rival ‘V" th -v Viv> u mirth wm-p well 

- srs. -skt-s “lass aese mas 

s ffSrJ'KSj SSL., "r s^™»g- 

ivorks.) ........ U.IS i ninety, with the word ‘■ Nonna looked for the most part merely Coven t. Garden Chorus, but their 

2o. Hornets Nest (BBC) lO.&j on her lips. still unable to reLon- lethargic. war-cries were almost as dim as 

Figures comuiied br Audits of area. ciie. herself to the fact that she, , Grace Bumbry wa s new to the their greeting to the rising moon. 

C S££ SS^enrao- '"singera^ha'd n?t ™ ,c A , d h al8,Sa ' 0nce a len " The orchestral playing on the 

,J1CTAJK completely*' vanquished SJ roTe! *ln7VZi!£X *£ '*** 

u.s. top ten (NoUsen Ratings) * . . . _ . overcome, ana rortunatei) in fone( j. Mr. Loper-Cobos did not 

1. Gram (CBS) T^ e . present incumbent is time for the beautiful first duet always wait for the diva but he 

2. one Day at a nme (drama) Montserrat Caballe, no strangen between the two priestesses, icept the music moving and 

«c*s> xa to the part but on this occasion Miss Bumbry sang with lively bound it firmlv The production 

3. M.A.S-H. (tomrty) (cbs) si .2 in poor voice. One or two of her intelligence and appreciation. 0 f Charles Hamilton is not one 

4. Thrae't Cumwiity (comedy) (ABC) 50JI fabulous soft high notes, an shaping her phrases elegantly, 0 f t hf S house's major achieve- 

s. Alice (drama) (CBS) . . . . 24.2 occasional majestic phrase or sounding, not just sketching in. ments The Roman security 

t mS’ibs ex P ressive P iece of shading could the notes. She looked well. It f orces with their tinsel Iv spears 

« ! arc» III not obscure ^ fa® 1 that most will be interestina to hear her as and furtive movements just 

i switch (cSf^* tAKJ Si oF Mrae - -Caballe's singing was Norma ito Josephine Veasey's about sum up what many people 

u.' Laverno & sMriey (cMnedy) ™ strained, uneven in tonal quality Adalgisa) for the last three still find ridiculous in grand 

(abc) . . ... ir.: and sadly unreliable in in-tana- performances. In place of the opera. At least nobody — audibly 

a Nuiiicn Raung is not ■ numerical touL tion. Given vocalism of the kind indisposed Charles Craig, Pedro — dropped anything. 



BRIDGE 

E. P. C COTTER 


MY TWO HANDS today from 
rubber bridge are “bread-and- 
butter '' hands, but they 
illustrate the world of differ- 
ence that one pip may make. 
Let us look first at this: 

N. 

♦ K 10 9 2 
UQ9 
C' K 8 5 
+.764 


W. 

♦ 65 
10 6 5 2 
>,1973 
+ K Q J 


E. 

♦ 84 
K J 8 
O 10 4 2 
+ A 10 S 3 2 




The Sultan of Oman’s 192? Packard Phaeton, in silver £19.000-£23,000 in Christie's sale of Collector’s Can 
E rey with scarlet trim on body and wheels, was at the National Motor Museum, Beaulieu. Hams, 
rescued from a rubbish dump in Muscat, and restored on Tuesday, which is on view tomorrow and Monday, 
to it* former glory. It is estimated to fetch between 


Motoring nostalgia 


THE EARLY motorist knew ox- 
ai-’Jy whai in* warned from his 
.Mi. a writer m Tlu* UoiiHiry 
rhino' . I Mils insisting : 

■Tin* business uf (he station 
,-ar is i»» bring ib« owners and 
• Mi-- ln^uaL'e home, to 1 vldi 
f ■ u 1 1 and pravihiotiA. to run 
i:i‘s, m icti-li the ducior. 
a : 1 1 i ‘»\ a -ji^hl slreleli lo carry 
:is muu-rs to neighbouring 
!.iii2,-(.‘S :ii all weatlicra tu din- 
n.-r» ami panics ami r-hootb. It 
will du some electioneering 

work itiwugh noi tor the anti- 
niuioi'ing candidate), and womd 
mi-u> in manj cases io go to the 
mcei. afld se spare tiie owner's 
hu liter " 

Aiii.ii-iia.1ns of uld cars can 
vet- Uuw many ancient inelurs 
fi if i ■* ih'cmi spared to dme 
.timi her day by going along tu 
:ii»- \aiiimal Mulur Aluseuni. 
IkmiiIh’H. Hampshire luuiurrow 
;::ul Monday. 10 am-6.30 pin. 
1 lie sc arc the view-days Fur the 
uoUei.ioiV Cars" salt* on Tuvs- 
,lay by Clu Mica in association 
wiih Lord Montagu. Admission 
by caialogue. £2.50. which 
iiii-liuU'S entrance for two lu the 
uews and auction, plus a visit 
u> Hie Palace house, gardens, 
abbey ruins, and museum. Ur 
v.iu can contact Robert M. 
iiruoks. ClHisiics Automobile 
Di-pail incut. S3 Old Broniplon 
RuhiI. Smilli Kensington. MVi, 
[. j; ill-, 181 21131- fur a catalogue 
which is well worth having any- 
v. ;j \ , a splendidly illustrated 
cl-. *.;ij mentation of transport 
...mpilcd by Mr. Brooks. 
Michael FtatUrk and Michael 
SedgcWick. 

The lots include a 1775 
Portuguese fraqsliRiiii, claimed 
.is the oldest carriage in the 
world, a Vicionaft baker's van, 
a 1920 Leyland fire engine with 
,,nly 600 miles on the clock. 
v.-imous \ image motor cyeJo. 
and two rate 11131 4-ltlrft 
Bcntlpys, the only known sur- 


vivors with YP-series engines. 

1 saw one uf the siar items 
of the sale when it was on dis- 
play at the National Motor 
Museum recently. A superbly 
flashy seven-passeiigi-r 1039 
Packard 640 loiircr along 
■■Bonnie and Clyde'* lines, n was 
originally shipped by ilhuw lo 
Oman, oil-rich country in the 
Arabian Gulf, by the present 
Sulian's grandfather. Timur hin 
Fan-el. who bought it Tor £1.375. 

With loss than J.000 mi lei on 
the cluck, it broke down, and 
was abandoned for 30 ^years 
before discovered in 1971, A 
disreputable hulk half-buried in 
ihe sand of a scrapyard in Mus- 
cat. 

Now after four years' meticu- 
lous and painstaking wurk it is 
a glittering silver grey creature 
with scarlet trim on body and 
wheels complementing red 
Upholstery and gleaming while 
walled tyres and huod, and an 


COLLECTING 


JANET MARSH 


estimated price tag uf £19.000- 
£>3.000. (The full ease history 
of the restoration was given by 
Peter Hancox in W£t-rt!» and 
YniiQfic magazine oE July last 
year). 

Only a few of the cars in the 
sale are non-runners,' but if you 
want to do. your own thing, there 
lb u 1831 Rolls-Royce 20/33 hp 
(u-u-duur Sportsman‘s fixed head 
coupe, with coacliwork by 
Mancunian William Arnold. 
Although mechanicaliy com- 
plete, the rear wings are dented, 
the bool-lid is in poor condition, 
the frabrie lop and hub caps 
have been painted over, ana 
whatever happened to the iron 
passenger scat? • 

This one could set you bac5s 


some £2 ,800- £4,000. while a 
snappy-Iooking two-tnne 1934 
Lagonda 4J-litre pillarless saloon 
which needs the full mechanical 
treatment is estimated to fetch 
£i.900-£3,000. (Most of the 
specialist car clubs have a 
register of spare parts, and the 
Museum also has a . restoration 
workshop with a bead-blasting 
machine which considerably cuts 
down tbe time to clean old 
parts). 

A 1928 Rolls-Royce Twenty 
Four-Five seater tourer was for 
many years dismissed by con- 
noisseurs of the marque as 
“staid- and undistinguished,” 
but now it’s coming into its 
awn. particularly as although 
2.940 cars - were built between 
1922 and 1&29, original tourers 
are hard to find. This one was 
in good running order when it 
was jacked up in its owner's 
garage five years ago. and in 
ea&e you are disappointed that 
a mo to meter (those necessary 
devices of the 1920s which kept 
drivers informed of the tem- 
perature of their radiators), 
replaces the “Spirit or Ecstasy’* 
on the radiator cap, the owner 
lias the original lady safely, and 
she will be sold with the car. 

Motoring accessory enthusi- 
asts should read an interesting 
new book Car Mascots— An 
Enthusiast's Guide, by Giuseppe 
di Siri&nano and David 
Sulsberger (Macdonald and 
Jane's £5.75) which also con- 
tains useful background infor- 
mation on motoring history. 

1 The 1903 Oidsmubile 5 hp 
Curved Dash Runabout is the 
oldest working car on offer, 
and as it has competed in every 
London to Brighton Veteran 
Car Run between 1949 and 197S, 
there i& no reason why it should 
not make tbe grade again in 
this year's November 5 event, 
particularly as its tyres, lubes, 
battery and radiator are new. 
The tiller steering, candle 
side lamps, fire extinguisher 
and bulb horn are still intact. 


S. 

♦ A Q J 7 3 

'•743 

■> A Q 6 

* 8 5 

South dealt at a love score 
and opened the bidding with 
one spade, which caused North 
a slight problem. He had a 
balanced hand, but with 12 good 
points and four trumps he felt 
he was too strong for a double 
raise, so he bid four spades, and 
all passed. 

West led Hie dub' King and 
followed with the Queen. East 
overtook — it was just possible 
that his partner had started 
with a doublcton — and returned 
the nine, which South ruffed 
high, and trumps were drawn m 
two round.*,. 

Al this point an ‘inexperienced 


player with eight tricks— fire 
trumps and three diamonds— in 
4he bag, might lead a heart and 
finesse the Queen on the table. 
This would lose to East's King, 
and with no way to avoid 
another heart loser South would 
end up enw short of his contract.- 

On this occasion, however, the 
declarer was a first class player, 
and he could see the lights nf 
Dover. The Ace, Queen, nine 
make-up of dummy's heart suit 
pointed the way to an elimina- 
tion and endplay on East. 

With trumps drawn and no 
dub left in dummy or his own 
hand. South proceeded to 
eliminate diamonds by cashing 
King. Queen, and Ace. The 
stage was set for the throw-in. 
Leading a low 'heart. South 
played the nine from tbe table. 
East won with his Knave, and 
could choose between giving a 
ruff discard by a diamond 
return, or leading mlo the beaxt 
tenaee. 

Let us turn to the second 
example: 

N. 

♦ K 5 
V J 7 5 4 
€■ A Q 8 


♦ 8 6 4 2 


W. 

♦ Ifi 9 6 4 2 
TPS 

in 9 7 3 

♦ IU 3 


E. 

♦ Q J 8 3 

f? 2 

*> K J 4 

♦ A K Q 9 5 


♦ A 7 

♦ A K Q 10 6 3 
v B 5 2 

♦ J 7 


CHESS 

LEONARD BARDEN 


RECENT international results 
indicate that the rapid English 

advance of lale 1977 has slowed 
down considerably. 

.Miles's successes gave him a 
real chance to eslaoiish himself 
as ine leading .Western challen- 
ger to Karpov: bul in the Iasi 
few months that rule has passed 
to Holland's youpg grandmaster 
Jan Timman. 

Neither grandmaster shone at 
Lone Pise, bul while Miles's 
result this spring at Las Palmas 
was about average for him, Tira- 
mau has just scored another 
major success a: Nikshich. Yugo- 
slavia. 

A title challenge in 1981 is a 
long way off, and whoever suc- 
ceeds has to overcome the 
hurdles of zonal and interzonal 
tournaments and candidates 
matches. But Timman does 
possess two considerable assets. 

First, Holland is the best 
country for a professional chess 
master outride Eastern Europe, 
with generous government ^od 
industrial support, good 
organisers, an appreciative pub- 
lic and wide media coverage. 

Second. Tiraman has a calm 
temperament coupled with out- 
standing ability as an analyst and 
researcher in theory; thus he is a 
tougher competitor than Meckjng 
of Brazil or Hubner of West 
Germany who used to be thought 
Karpov's likely rivals from the 
West, while bis work away from 
tbe board is superior to Miles. 

While: Jan Tiraman (Nether- 
lands). Black: Anatoly Karpov. 


i USSR*. Opening 1 Queen's 
tiainbii Declined (Bugojnu 1978 1. 

The opening moves were 1 
P-QB4. P-K3; 2 X-QB3, P-Q4 
i Karpov usually goes into the 
Xirozo-lndian by 2 ...Y-KB3: 3 
P-Q4, B-N5 but probably wanted 
to avoid both Timman’s favourite 
4 B-X5 and playing a variation 
which could provide useful data 
Tor Korchnoi); 3 P-Q-L B-K2; 4 
PxP. PxP: 5 B-B4, N-KB37 

Natural, bul already a mistake. 
Correct is 5...P-QJB3; g P-K3, 
B-KJ34 and If 7 P-KN'4. B-K3 
followed by P-QB4 opening up 
the cenire. 

6 P-K3. 0-0;. 7 Q-B2, P-B3; 8 
B-Q3, R-Kl: 9 N-B3. QX-Q2: 10 
O-U-O. X-Bl: 11 P-KR3. B-K3 (this 
line favours White even when he 
has a tempo less by playing 
B-KX5 and then B-KB4J; 13 K-Nl. 
R-Bi: 13 -V-KN5, P-N4: 14 B-KS, 
P-KR3: 15 NxB, NxN; 16 P-KN4, 
N'-Q'J: 17 P-KR4, P-N5: 18 N-K2, 
B\P (looks risky, but is the best' 
practical chance against White's 
atlacki: 19 P-&L P-QB4; 20 B-R6, 
B-K2 rtf N*B: 21 QPxN, K-B2; 22 
B-B4. R-Q2; 23 B-j\5>; 21 BxR. 
QxB: 22 VN3 (22 P-B5. N-N4 
give* Black counlerplay), P*B3: 
23 RxP! N'3»-Bl (if PxR; 24 Q-X6 
ch wins quickly); 24 £».Rg t p-Ba; 

25 X-B5. F^B: 28 BPxP. Q-B3V 
(a harder tiaht i« Q.R31 27 qr.ri, 
QxP chi: 27 QR.Ri. \-K.\3; 28 
N-Q6 (quicker is 28 N'xP!). N(2)- 
Bl: 29 NxR. QxK; 30 R-R5, Q-B3; 
31 Q-B5. 1 

31...P-R4J 32 P-K6, QxP: 33 
QxF- P-K®: 34 R*QBL P-B6: 35 
PxP, PxP: 28 RxP, QxQ; 37 RxQ. 
X-K3: ss K-B2, K-B2: 39 R-QR5, 
X-X4; 40 R-B8, N-K5; 41 RxP, 
N-B3; 42 R;R7» N-Q4; 43 RxX! 
KxK: 44 P K4, N-.YS chj 45 K-X3, 
B-Bl; 46 K-N7, Resigns (X-Q6; 
47 P-R4 and White will soon 
queen). 

Csom v Smejba!. Kiel 1975. 
A grandmaster mlsjudgment in 


East dealt and bid one club. 
South said two hearts, and 
North's raise to four hearts con- 
cluded the auction. West led 
the club ten, East cashed Queen 
and Are, a third club was 
ruffed high by South, and 
trumps were drawn in two 
rounds. 

There were ni.ne tricks on 
top, and if tbe diamond finesse 
worked, the contract was safe. 
This time South was an average 
performer, but he was not naive 
enough to expect the finesse to 
be right. Then the idea of an 
endplay came to him. Crossing 
to the spade King, he ruffed 
dummy's last club, cashed the 
Ace of spades, and led a 
diamond, intending to play 
dummy's eight. But West threw 
a spanner into the works by- 
playing his nine. Now the 
Queen finesse had to be tried, 
but East won, and the contract 
failed. 

The declarer was right to try 
an endplay, but he chose the 
wrong suit — Ace. Queen, eight 
is not good enough. After draw- 
ing trumps, South must cash 
Ace and King of spades, and 
then lead dummy's last club, 
discarding a diamond from 
hand. Now East n, really end- 
played. and. cannot avoid giving 
declarer the lenth trick. Once 
again he has the choice between 
giving a ruff discard and lead- 
ing into dummy's major tenaee. 


POSITION No. 223 
BUCK ff3nrai) 


IT IS almost 11 years since 
Stanley Gibbons launched a 
modest little paperback . at 
three shillings entitled Collect 
British Stamps. Now, 21 editions 
later it is a much more sub- 
stantial volume retailing at 95p 
which— allowing for a decade 
of inflation — is remarkably good 
value. The secret in keeping 
the price down for a book which 
is illustrated entirely in colour 
is the high print run. Over 
lira copies of CBS. as it is 
affectionately known, have been 

sold since September 1967 and 
a new edition appears every six 
months. Given the fact that 
there are allegedly 3m serious 
stamp collectors In Britain alone 
it surprises me that it is still a 
relatively small minority that 
consider the trifling sum of less 
than a pound an essential out- 
lay. in a hobby where prices 
continue to move so rapidly. 

Gibbons itself publishes cata- 
logues which are infinitely more 
detailed, but CBS has the merit 
of containing the very latest 
market prices and some of these 
show marked increases since the 
lasr edition was published in 
November, 1977. The Postal 
Union Congress pound of 1929. 
for example, is now £500 unused 
from £475, while the George VI 
high values of 1939-48 are all 
well up— the half-crown brown 
unused has leaped from £50 to 
£145, the ten shillings dark from 
£100 lo £150 and the £1 brown 
from £13 to £40. Even the 
much-abused Silver Wedding 
pound has almost doubled and 
now stands at £38. 

Among the earlier issues 
prices have simply gone through 
ithe roof, reflecting my own 
observations at auctions in 
recent months where dealers 
and collectors have simply 
ignored the Gibbons prices and 
bid on regardless. It is not so 
long ago that one expected to be 
able to buy at a discount off the 
Gibbons' quote. The latest CBS 
quotes a price of £800 for the 
Edward VII £1 unused, but at 
least one dealer is currently 
advertising to bun this stamp, 
unmounted mint, for £S75! 

A sign of the times is the 
Inclusion of a list of the PHQ 
cards as an appendix. These 


picture cards, reproducing 
stamps since 1973. are issued by 
thc Post Office and have become 
all ihe rage within the past two 
years, with the result that some 
of the earliest issues— retailed 
a( a few pence — have now risen 
to £30 each or more, putting 
them on par with the great 
classic postcards of Kirchner 
and Mucha. Gibbons very 
sensibly have not attempted to 
price these cards and state quile 
firmly that they do not supply 
them. 

Gibbons has also published a 
fourth edition of its Specialised 
Stamps Catalogue, Vol. 2. 

It covers the reigns of the 
four kings, Edward VII to 
George VI (1902-19521. Four 
years have elapsed since the 
third edition and during that 
period we have >een ihe 
ordinary- run uf the mill 

material increa-c hy 15(1 per 
cent on average. It was in 
be expected that ihe more 
specialist material would have 
performed just as well if not 
better, given ihe esoteric nature 
of such things as die proofs, 
colour trials and even Georgian 
stamp booklets. 

Again, the auction realisa- 
tions have given plenty nf 
indication that the pricing in 
the " four kings '* catalogue 
would have to be drastically 
overhauled, and inevitably there 
have been some startling 
increases. Georgian booklets 
have trebled in price right 
across the board, with some 
individual gems rising even 
higher. Quite frankly, they will 
go very much higher yet before 
they level off. Given the 
tremendous popularity of 
modern booklets and the con- 
stantly growing demand for the 
earlier ones the amount of 
material available is ludicrously 
small. Booklets of the 1920s 
and 1930s were largely ignored 
at the time and it is only within 
the past decade that iheir 
immense scope has been 
realised. 

A valuable addition lo this 
volume is the" section dealing 
with coil stamps, while the 
chapter on “ specimen ” over- 
prints has been entirely revised. 
Edwardian essays, proofs and 
colour trials have been sub- 
stantially rewritten io light of 
new archival material, but the 
prices of these ancillary items 
have now gone into orbit— a 
price range of £800-£ 1,400 being 
about average now for material 
which was a tenner in 1968. At 
£5.50 f«r 328 pages packed with 
detailed information unavailable 
aoywhere else, the ** four kings ” 
catalogue is an absolute must 
for the collector of British 
middle issues. 



WHITE (ttmen) 

Ibis diagram settled first prize 
in the tournament. Black (to 
move i has to decide between 
(a) N-B6 and fb) RxR. Which 
is better,, and how should the 
stronger move be followed up? 
Grandmaster Stnejkal, ranked 
in the world top 30 failed to 
solve this puzzle. 

PROBLEM No. 223 

BLAGK( 3 men) ' 


8 King Street; Tel: 01-839 90S* 

Stjatness ffe ,V SgH Tclex*«2* 

London I lk 2)|| Telegrams 

SWfftfZC \fe Mi OflUSTIART 

EXPERIENCE AND EXPERTISE ... 348 




Ctnueuu /^ifile. Vintage 1SU6 

THE MOST EXPENSIVE WINE IN THE WORLD 
The association between Christie's and Lafite is a long- 
standing one. ‘Fine Claret' featured in James Christie's 
very first sale on December 6tb. 1766. Lafite itself made 
its first appearance io the saleroom on February 8th. 17SS 
and was, in fact, the first vineyard lo be mentioned by 
name— described as Chateau Lafete (sic) — in a Christie’s 
catalogue. It has appeared with unfailing regularity in 
wine sales ever since, commanding the highest esteem, 
with prices lo match. 

On September 29th. 1977 a single bottle of Lafite 1S06— the 
oldest authenticated vintage of fine claret tu nave appeared 
at auction in recent years— sold for £8.300. a world record 
price for any standard-size bottle. An identical buttle, from 
another private cellar, insured for £10.000. will be on view 
at tbe World. Wine Fair in Bristol from Wednesday. July 
19th to Monday, July 31sl with olher old bottles and 
artefacts. All aspects of buying and selling wine, and a free 
valuation service, will be offered to visitors to Stand S6 ar 
the World Wine Fair or from:— 

Christie's Wine Department, 8 King Street, Sti James’s, 
London SWIY 6QT. Tel: <0I) S39 9060. 



SET OF TWELVE BE.MT1FLL 
THAI TEMPLE RUBBING PRINTS 
OX HAND-MADE RICE PAPER 

Limned numbiT or Uh.-5f vodi.ciors’ 
Hems are available at XSJitiO Mr sl*i 
from; 

Nut An LM.. 4 LilUe Parti G^rd-rn*. 
Enri'jld. jllddle&ur. 61-3irj u<9-. 
Write or telephone (gr illustrated 
brmdwr* 


ART GALLERIES 


WH!TE< 7 mm) 

White mates in three moves 
at latest, against any defence 
(by F. Giegold. Stern 197SI. 

Solutions Page 12 


FINE STAMPS 

AN ALTERNATIVE 
INVESTMENT 

For fully deseriplirc broehuro 
write to : — 

U. H. FINE STAMP 

INVESTMENT SERVICE 
(FT.) 

9 Christmas Steps 
BRISTOL BS1 5BS 
Telephone: 0272 20442 


EXHIBITIONS 




14 


Financial- Times Saturday July S 1978 


FINANCIALTIMES 

BRACKEN* BOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Flnutimo, London PS4. Telex; 386341/2, 8S389? 
Telephone: Ot-248 8000 


Saturday July 8 197S 


Stabilising 
currencies 

YESTERDAY’S agreement by tish government has ample rea- 
the heads of government meet- son for caution. The UK 

ing in Bremen, to launch an economy is siruL-tually weak 
intensive study of ways of with more than its share of old 
stabilising currencies in Europe, fashioned or declining indus 
marks a major effort to improve tries, and its inflation rate re- 
economic relations between the mains, despite the striking 
members of the European Com- improvement over the past 
m unity. No trading country' in couple of years, considerably 
the world has much reason to be and stubbornly higher than that 
satisfied with the currency in West Germany. If a new cur 
fluctuations which have resulted rency scheme is to work durably 
frum the disintegration of the without the constant danger that 
Breton Woods system, aod the the weaker currencies will be 
disadvantages of floating are forced to drop out, ways must 
especially sharp for countries be found of strengthening the 
which do a very high proportion weak economies, and of bringing 
of their trade with each other. If about a convergence of Euro 
the governments can set up a pean inflation rates, by methods 
currency stabilisation scheme which are politically and socl- 
which not merely takes account ally acceptable. 


of the fact that some of the 
national economies are weak 
and others are strong, but also 
helps to bring about a converg- 
ence between them, they will 
have taken a major 
forward. 


Principle 


It would be a great pity, how 
ever, if reasonable , doubts and 
anxieties were to be used by 
British negotiators as a cloak 
for the instinctive scepticism 
step a fonut a Community approach 
which has sometimes seemed to 
form attitudes in some White- 
hall departments. For one 
_ , . . , , . thing, there is no reason to 

Indeed, it is possible, that the suppose that the UK does nr will 
heads of government would have benefit from floating rates: for 
taken a decision of principle to another, the choice - may well be 
set up a new scheme, had it not between joining in and staying 
been for the reservations of Mr. ou t. and staying out may well be 
James Callaghan, the British j ess satisfactory than joining in 
Prime Minister. A number of 1 in- _jf the terms are right 

S^"l e l e KT en ^ ha I e b f en ^‘f Moreover, it is evident that 

nnw^nL^rf thorn^ the Community governments are 

f T inai r . fl ^ r3is " giving much greater weight to 
tere and the EEC Monetary Com- the pro biem of economic diverg- 

ee > 50 r* ,lll V «■« than t] *y ™ when the 

J” 1 “ f n f'i needs , ° be Community snake was first 
done on the details .as wen as a foni i ed of which on , a 

S n , dral f of bargaining on Deutschemark zone is now left. 

“S™* of f eassur ing and ^ Gern]an argumenU lhat 

atreo.Aenm. Die »aker coun- greater currency stability would 
tries, it is already clear that - 


by itself prove economically 


. i ^ , vv *WtlJ Ml u i t CLUilUlUil.dHj' 

the question is not one of pnn- help£u] t0 n needs t0 be taken 

ciple whether there should be a seriously 

new currency stabilisation 

scheme, but how it can. he made 

to work. Pooling 

Mr. Callaghan’s foot-dragging But the brief for the Finance 
is widely attributed to his de- Ministers specifically instructs 
sire not to offend that substan* them to look at ways of helping 
tial proportion of the Labour the weaker economies, and it is 
Party which is hostile to the worth remembering that in this 
European Community, and category come not raerelv Bri- 
especialiy to anything which tain and Italy, but also to' some 
smacks of a diminution of extent France: All of them were 
national sovereignty. Since forced out of the snake, and all 
opinion polls also show that the have powerful reasons for Want- 
Common Market is pretty uu- ing to ensure that this time the 
popular with the British public, arrangements will make due pro- 
ne is assumed to be particularly vision for the problem of 
anxious not to be seen to be economic divergence, 
committed to any currency The seriousness with which 
arrangement ahead of this this problem is being considered 
autumn’s expected general elec- i s indicated in part by the pro- 
t,on - posal that the participating cen- 

But while it must be obvious tral banks should within two 
that parly political considera- years pool one-fifth of their gold 
tions have played some part in and dollar reserves, 
his thinking on this issue, it is But the principle of reserve 
not clear how far the natural pooling is more important than 
chauvinism of the left wing of the precise amount of money 
the Labour Parry is supported which is pooled. For it would 
by the professional advice Mr. imp’y that the participating gov- 
Callaghan is receiving from the ernraents have recognised that 
Treasury and the Bank of they must take a major step in 
England. treating their national economic 

On objective grounds, the Bri- problems as common problems. 



Union leaders at the centre of the pay policy debate (left to right) : Mr. Terry Duffy of the Engineers, Mr. Joe Uormley of the Mine work ere. TG\%U general secretary Mr. Moss Eians 

and Mr. David Basnett of the Municipal Workers. 

Callaghan’s Phase Four gamble 


BY CHRISTIAN TYLER, Labour Editor 


T HE DIALOG LtE between 
the trade unions and the 
Labour Government has 
become curiously static and 
obscure. As the political tem- 
perature rises with the approach 
of what everyone now assumes 
will be an autumn election, so 
the language uf the TUC-Labour 
Party alliance— especially about 
the future, of pay bargaining— 
has taken refuge in secrecy and 
amhiguity- 

It is only outside Congress 
House, at places like the miners’ 
delegate conference this week, 
that the debate can really be 
heard. What the miners decide 
matters. For the critics of free 
collective bargaining they stand 
as proof of why the system is 
neither just nor tenable and for 
the critics of union power the 
miners' strikes of 1972 and 1974 
are still fresh and potent 
symbols. 

When the miners this week 
decided to lodge a claim for a 
new top basic wage uf £110 a 
week — a 40 per cent increase — 
and to fight “ the extension of 
the social contract into Phase 
Four,” they were not playing 
with wards. Their message to 
the Government is quite plain: 
•* We will support you this time 
as before, but we warn you that 
you may lose the election if you 
seek to deprive us and others nf 
our main role: to negotiate 
freely for our members.” 

Trade union 
moderates 

Mr. Joe Gormley. president 
of the National Union of Mine- 
workers, is by any reckoning a 
trade union moderate. As- it 
happens, he does not believe in 
incomes policies although his 
general secretary, Mr. Lawrence 
Daly, does. Closely involved In 
the running of the 1970 election 
as a member of the Labour 
Party Executive. Mr. Gormley is 
now anxious that Labour will 
be beaten. again and for similar 
reasons. As he said this week, 
it was Mrs. Barbara Castle’s 
proposals for union legislation 
In Place of Strife” that 
embittered the activists and 


party workers. ' This, time, he 
believes, it is 8 constant harping 
on wage norms and guidelines. 
It is not so much that the 
guidelines are too harsh — for 
many workers the £6 flat rale 
increase of 1975-76 and the 10 
per cent oE the now-expiring 
Phase Three were . handsome 
increases. It is the fact that 
they were decrees from on high. 

Mr. Gormley said privately 
this week that free bargaining 
was the only thing that 
distinguished a British trade 
union leader from an East 
European one. The clear impli- 
cation is that, stripped of his 
role, the British union leader is 
left as a State apparatchik in a 
free market society. 

Those who disagree with Mr. 
Gormley’s analysis— and they 
are probably a majority of the 
TTKTs inner circle — are well 
aware of the dangers both tu 
the Labour Government and to 
their own credibility as trade 
union leaders. But. like so 
many yachtsmen in a high wind, 
they are having to lean over 
backwards to stop the boat 
capsizing. 

That is why Mr. Len Murray. 
TUC General Secretary, is en- 
deavouring to lead the unions 
into an “understanding” with 
Ministers about pay in the next 
round, but not of course, any- 
thing that smacks of a deal with 
figures on pieces of paper. It 
is why. for instance. Mr. 
Murray has reacted so sharply 
to the Boyle renort oroposing 
huge pay rises for state indus- 
try chairmen, judges and 
generals. It also explains why 
he rejects any talk of monitor- 
in'! bodies or Parliamentary 
select committees to institu- 
tionalise central pay planning. 
Thus the " good understand- 
ing." a phrase that could mean 
anything from a firm embrace 
to an uneasv truce, is the basis 
of the TUC-Labour Party 
liaison committee’s new draft 
of the social contract which 
will be topped, and tailed two 
days before the TUC General 
Council meets on July 26 and 
a week before Phase Three dies. 

The truth is that there is not 
much meat left on the social 


contract bone. The Trade 
Union and Labour Relations 
Act, the Employment Protection 
Act and the Health and Safety 
at Work Act have all been on 
the statute book for several 
years. The only big plum left, 
industrial democracy, must 
await the outcome of the elec- 
tion. 

Unemployment 

level 

Furthermore, in spite of tax 
cuts in the April Budget the 
TUC has gat only half the 
economic stimulus it wants and 
unemployment is at a level that 
would once have been thought 
politically disastrous. The 
latest union demand, for a 
general cut in the working 
week to 35 or at least 3 8 hours, 
has apparently been coolly 
received. 

Where the Government has 
helped the delicate process of 
rapprochement is by refusing so 
far to quote in public any figure 
for its Phase Four pay controls. 
A 7 per cent limit on earnings, 
perhaps split 5 per cent ail 
round with 2 per cent to deal 
with wage anomalies. Is gener- 
ally assumed to be the target Tf 
it had been declared during the 
summer season of union confer- 
ences that finishes with, the 
National Union or Railwavmen 
in Llandudno next week, it 
would certainly have been re- 
ceived with contempt That is 
not to say, applying the Gormley 
theory, that something like 7 
per cent would not be accept- 
able if it emerged from negoti- 
ations with individual 
employers. 

For his part Miu James 
Callaghan seems well aware that 
the TUC dare not come out of 
its. corner despite the prodding 
of unions like the miners. The 
TUG General Council has 
knuckled under to Phase Three 
in spite of all protestations that 
its policy is for “an orderly 
return to free collective bargain- 
ing.” The Prime Minister is now 
in the position of beins able to 
say that Phase Four will happen 


whether the unions like it or 
not as he did to the Confedera- 
tion of Shipbuilding and 
Engineering Unions last week. 

His calculation like that of 
many in the TUC hierarchy, is 
the opposite of Mr. Gormley’s. 
The activists may shout their 
protests and may refuse to turn 
out and ring doorbells. But the 
rank and file will vote for a 
counter-inflation strategy which 
further damps down their wage 
ambitions. It is an assessment 
much (ike that of the Conserva- 
tives about tiie balance of union 
power, ignore the militants at 
the top. ignore the frustrated 
union officials in the middle, 
and appeal directly to the 
silent mass of the 111m on the 
shop floor or in the office. 

A senior Minister — not a 
right-winger — privately 
explained the calculation 
recently. He estimated that the 
two ends of the union move- 
ment were broadly in agree- 
ment. The problem was the 
shop stewards, whose livelihood 
depends on local bargaining and 
for whom the memory of. the 
1975 inflation Is secondary to 
today's pay grievance. ’ His 
answer to the problem was to 
re-create and re-define the role 
of the shop steward by extend- 
ing worker participation. 

Conservative 

split 

Mr. Callaghan’s greatest ally, 
of course, is Mrs. Thatcher. 
Without the split in the Con- 
servative Party things could be 
much stickier. As it is, the 
efforts of her Shadow Employ- 
ment Secretary, Mr. James 
Prior, to hammer, home the 
official conciliatory, line (no 
abolition of the closed shop, no 
big changes in the Employment - 
Protection Act) can be passed 
over by the unions so long as 
monetarist economics and the 
free enterprise industrial 
policy of Mrs. Thatcher and Sir 
Keith Joseph lurk in the back- 
ground. • 

Nor has Mr. Prior been helped 
by the leaking of internal 


Keenest party 
workers 

Ih one sense the acLual shape 


reports neighing up the fire lion of wage controls one can 
power of unions in a future count the General and 
collision with Government and Municipal Workers, ilic local 
the scope for denationalisation government officers, wimp 
of strategic industries like coal workers, possibly the 
and steel. In many cases the Electricians and probably the 
unions genuinely do not know Engineers who despite a 
what tlie official Tory policy is; vigorous resolution from their 
but in the run-up to a General policy-making national com- 
Election they are little inclined mjt-tec is now controlled by a 
to find out. As far as the ngtH-wing executive, 
activists are concerned Labour's 
economic strategy may be ail 
wrong, but a Conservative 
victory would be an outright 
disaster. 

The TUC s dilemma is tD try 
and maintain the social cnntract 
(under whatever name) for- of Phase Four-— what the guidu- 
mally continuing union-Govern- Nne figure is, how floxibly 
ment agreement on the broad applied, and what exemptions 
lines of economic management, are continued— seems unimpurt- 
without at the same time anL What matters is whether 
appearing to connive at hardline the Government has read aright 
wage policies. For most trade by gambling on tire reaction of 
union members the social con- its keenest party workers in the 
tract is seen as a simple bargain trade union movement, if it 
— favourable legislation in does get back in office, the 
return for co-operation on question wilt be whether it can 
wages. The efforts of Mr. David maintain the mood and 
Basnett, this year's TUC chair- momentum of Phase Three so 
man, and others to draw>a firm that it runs quietly into Phase 
distinction between a bargain on Four in spite of a string uf 
pay and joint discussions of the special cases— the firemen,, 

economy only underline the policemen and university 
point. teachers among them — who 

This year’s TUC Congress in have already boon promised 
Brighton, falling perhaps only very substantial pay rises in the 
weeks before an election, will next round, 
therefore be looking for a 0ne need look n0 f ur uier 
formula that reconciles the than thc str ,k e of 350 Chrysler 
two strands of the argument toolmakers in Coventry, whose 
Every effort will be made to get claim for improved wage differ- 
a resounding Yes to a Labour entials landed in the lap uf 
victory and a muffled No to the Government Ministers yealcr- 
present Government's policies, day, to see that a policy of 

The miners hove -put their general containment is always 
hardline resolution on -the social “ n< * er s *? op 

contract and Phase Four on to floor - In Phase . Tbr , ee t "" Ion 
thc Congress agenda. They membew appear large y to have 

e*™ ar #, js s“i r .rus: 

pi i,. a Twi'fcim's quarters. .But promises made 

c ... act' u nd er pressure that things will 

possibly ofthe big Civil Service be sonetfout « next time” ran- 

unions and local government no t — as the firemen showed at 
workers* as wen as traditional beginning of the year — gn 
opponents of the social contract on for ever undelivered. There 
like train drivers of ASLEF and will be more firemen, more tun!- 
other small craft unions. makers after polling day. whirh- 

Among those who seem ever political parly is there in 
bound to go for a subtler rejec- receive them. 


Letters to the Editor 

Workers 


From Miss A. Tucfe 

Sir. — 1 would like to present 
anolher view to what I consider 
Jij be the very biased opinion of 
.1. R. Walker i.Iul> 5i uu the sub- 
ject of students and managerial 
niaieri.il. 

1 totally disagree uuh the 
sweeping 'siati-menl lhat those 
who apply for Uniiersiiy only do 
Nfi because they wu-h to "piil'iilT" 
work for a few tears - . Having 
recently graduated myself — not I 
hope causing mo to l>e biased in 
the other directiun. but at least 
enabling me to give an account 
of what actually goes on at 
University — 1 can *afcl> say that 
the majority of students work 
very hard while they are there 
and spend a great deal of their 
spare time in the final year (if 
not previous years as well* in 
finding out about and applying 
for jobs. They arc neither work 
shy or indulging in merelv 
“ casual study" as Mr. Walker 
suggests. 

1 do agree, however, that by no 
means arc managerial and other 
positions uf responsibility and 
intelligence only suitable for 
those with the highest academic 
qualifications. T also realise the 
importance of practical qualifica- 
tions and experience, particu- 
larly in such an economic 
atmosphere as ours at present. 
But having come across con- 
siderable prejudice while attend- 
ing interviews, simply for being 
a graduate. I would like to pre- 
vent the inode of thought which 
previously assumed a degree was 
the one and only criterion for a- 
top position and was obviously 
biased, lu one which is equally 
one sided — that if you are a 
graduate you must be totally 
removed from the norld of work, 
i Miss » Allene Tuck. 

23. Fairlatcn .lrcHue, 

Cfibu'iVfc. W4. 


refusal to fly fuels such as kero- 
sene into the airstrips at Lukla 
and Sbangboche. A change of 
policy on the part of the airline 
would greatly ease the problem 
in the Khumbu region. 

R. G. Lassen. 

121. Barnstoch. 

Bret ion, Peterborough. 


Bargaining 


Fluff! .Ur E. 1.3 nil mers 

Sir. — Once again with an air uf 
false innocence the unions are 
claiming lhat all they want is 
to be able in negotiate freely 
without Government inter- 
ference. 

Very well then. let them nego- 
tiate freely in a free labour mar- 
ket. That means no closed shop, 
no artificial demarcations and 
overmanning. It means no 
unemployment benefit, no 
earnings- related benefit. no 
redundancy payments and no 
social benefits to strikers' fami- 
lies. It also means no economic 
management to artificially raise 
the level of employment, nor 
special scheme* to create jobs. 

Obviously, this is not the sort 
of freedom the unions have in 
m»nd. The freedom they want is 
to be able to hold the com- 
munity to ransom; while the 
idiot community obligingly 
assists by providing all the 
aforementionad helpful aids, to 
wage bargaining power. 

E. B. Chalmers. 

20. Moorgate EC2, 


qualify for inclusion under the nuclear weapons first — not only should not seek to abolish that the verb can move eijher up or 
grant scheme since, although not against non-nuclear states, consumer protection but be down, surely the use of this 
waste beat is recovered, the waste but not against nuclear-weapon should accept the fact that com- word only in the “increase” or 
heat is not returned through the states either. petition can still exist within the “ addition ” meaning cannot be 

boiler system. This appears to us One of the main reasons realms of qualification. This justified. There are other words 
a totally illogical, arbitrary and advanced -by China when it was the fallacy in Professor in common use which are 
nonsensical distinction, since accuses the two nuclear super- Mvddeiton's contentions. equally suspect. such as 

whether the heal is saved in the powers of hypocrisy in their arms Professor Myddeiton asks “trauma" and “viable, 
builer by using less fuel to control postures has been — and where my anti-freedom argument While verbal culture cannot 
generate steam or oytside the probably still is — their unwilling- ends? It is not an anti-freedom be everyone’s lot, it is not un 
boiler by reducing the steam ness to make such an uncondi- argument since the Freedom still reasonable to expect that corn- 
requirement on a piece of equip- tiona] no-flrst-use - declaration, exists. I would ask where Pro- menlators in any field should not 
ment, it does nol alter the Fact That the British and French Fessor Mvddeiton's argument ..only have some expertise in their 
that energy is being conserved, should retain a conditional right ends? Shall we press for un- chosen subject, but should also 
We feel it invidious discrimina- °f first use. if attacked by thc qualified persons to be allowed have some proficiency in the 
tion lhat the purchaser of a feed Soviet Union, the Chinese have to practise medicine in competi- order and use of words, and pot 
water economiser should be also long accepted- lion with qualified GPs? They have to resort with sickening 

eligible For a grant when the Elizabeth Young. would probably accept lower pay- frequency to the current phrase 

purchaser of a waste heat uoit WO, Baysicaler Rond. W2. nient than qualified doctors and of the month. 

should not be. — the health service could solve its G. B. Reid. ■ 

While one is aware that civil present problems this way. How 33. Forest Cardens, 

servants are anxious not to throw (JllStOmerS about increasing the number of 

money away, we do feel on this v illiterate teachers in our child- Sefftirftsfttrc. 

occasion their parsimoni- is being . . ren's schools? How about em- 

carried a little too far Sir.— Not oniv do 

A. L Stirling. 

Adelphi Iron Works. '* 

Sal/ord, Manchester. 


Sir. — Not only do foreigners ploying unqualified architects to . 

not want our goods neither do desigQ and supervise the con- Nationalisation 
we (Samuel Brittain, June 29). structions of large public build- _ .. r 

Could it be that people ines? Perhaps we should let f rmn ivir. G. Burpnes 

threatened with legislation from loose on our mads some lorry _ ^Eol in ® 

this Government, and that drivers who have not passed the Ca J? e ant * "ireiess (June 28) is 

other place, regarding conditions driving test. quite extraordinaiyr in that no 

ir- c under which goods and services One could extend Professor ™ennon ts made of the man who 

F £1? Tv ,,,-.. Pe,uri “ . are supplied are growing more Myddelton’s arguments ad infi- real, y “P tile company. 

.. , 1 There is a suggestion resentful at the continuing nitum. Some savings in costs * ale ® lr Edward 

that interest should become erosion of their position as could no doubt be effected. Pre- W j>shaw. 


Interest 


statutorily payable on accounts customer or consumer, 
not paid within one month, or r Kendall 
such period as may be pro- ^ Pool Farm Rmd 

^ SOOdTo? ^«.° f ""°‘ Ce -*“■** Cre ™ Binningham. 
This can he a double-edged 


sumably in Professor MvddeJ- nationalisation of this 

ton's view it would not matter company appears to have been 
that we should run the risks of founded largely on jealousy. Who 
numbers of air crashes by un- £ nows to what heights it would 
qualified airline pilots, people £ ave , rlse “ .(together with the 
dying through lack of proper bosses salaries) if left, as Sir 
diagnosis of diseases, public Edward wished, in the private 
buildings falling down on top of 5, ec l? r 'o 
people, illiterate children leaving V; v, - 


Exchange 


Firewood 

From Mr. J7. Lassen 
Sir,— Having recently returned 
from trekking in the Khumbu 
region, I would like to comment 
briefly on the heavy firewood 
demands from mountaineering 
expeditions and trekkors. It U 
worth noting that such demands 
are heavier than necessary given 
Ruya! Nepal Airlines' persistent 


From Uie Sales Director. 

Sir James Fanner Norton and CO- 

Sir. — With reference to your 
article on energy saving in" the 
1 exilic Industry on June 14. as 
one of the manufacturers or a 
heat exchange unit (in fact, the 
very one on which Thc Shirley 
institute carried out thc tests 
mentioned in your article), we 
have been pursuing through the 
Department of Industry the 
allocation of grants under the 
new energy conservation scheme 
announced In the House Of 
Commons the day before your 
article was published. 

You can imagine our con- 
sternation on learning from the 
Department of Industry that the 
application of a heal exchanger 
on to effluent water does not 


weapon as it might eneourage Onnlifip/ifin ft c 
customers, who could not other- 
wise obtain finance, having ex- From Mr. A. Roper 

hausted bank and other facilities. Sir.— i notice that Professor schools and~heavv‘aoo < ds‘ vehicles l. 1 - Heath Street 

to look upon their suppliers as Myddeiton '(July 5) is asking mounting the pavement Hampstead, N\V3. 

a ih SO t Ur t e °r W T 0rk ; ng , c ?P , [ al ’ where my “anti-freedom argu- Alan D. Roper. 

fK be,t ,K l r a r. ate of interest higher ment” ends and he is quoting Court Chambers. 


L ha - n i--l haC ch a r ? eable . in ordinary further examples which I do not 3. Victoria Street, 
banking or commercial circles, consider to be analogous to the St. Albaiw. Herts 


S. W. Penwill. 

Z5S, Fetxhurch Street, EC3. 


Superpowers 


From Elizabeth Young 
Sir, — In your leading article 
“Arras Control edges ahead” 


consumer protection afforded by 
tbe control of solicitors which U> 
exerclsed in the public interest 
with regard to ability, compul- 
sory insurance and expulsion for 
professional misconduct. 


Words 


Nippy 

Fwm Mr. S. Lester 
Sir. — Mr. Paul Goldsack of 
Jane's World Railways (July 8 
page 6» appears to be unuware 


From Mr. C. Reid 

Sir.— Your recent correspond- of the story of the tortoise and 

_ . ence raises some very important th e hare. IF the Shinbansen 

Of course the public should be points regarding the spoken word bullet train covert the 108 miles 

, „ . Free f<> select which books they but these explore barely the tip between Nagoya and Stzouka in 

(July 3) you suggest that China read- elect a Government of of the Iceberg which is over- SB minutes at an average speed 
is “lagging behind" the United their choice, and choose which shadowing the purity of the 103.7 mph it obviously runs out 
States, tbe United Kingdom and religion they wish. Likewise, language. I can quote several of steam six miles short of its 
tiie Soviet Union in clarifying its the public should be free to examples such as “ this moment destination. British Rail on the 
intentions over the use of choose whichever qualified soli- (or point) in time," “having said other hand, plodding along at 
nuclear weapons. This is not so: citor they wish to act for them, that ...” repeated use of the 103J2 mph cab at least be relied 

the others arft-^-only slowly — fol- The basis of my arguments is word " obviously,” and so an ad u P«o to reach the station. No 

lowing Chinas lead. Every not that choice should he elim- nauseum. My beie noire is doubt the six-mile daily jog 
Chinese nuclear test explosion inaied but that in view of Jhe "escalate," used by all the top explains the superior physical 
has been followed by an uncondi- substantial consumer protection people in politics and Industry fitness of Japanese businessmen 
tional Government statement afforded by qualifications and right down the chain of authority StuaVt Lester, 
that china would never use control. Professor Myddeiton to the shop floor. As the noun of IS, Forlis Green. 2. 


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i-'r^r 

V V^ 

SS’^? Y THi . S time next year a ix 
v '^I'-aming new Boeing jets may 
*. ,»e winding Their way to and fro 
'•'■-* ■-f n the Mediterranean sunshine 
. '.denies fr-un Britain, the result 
; r an impressive scramble going 
Y "j£ n 31 moment in the UK 
* • uir "Plating business. After 
ears uf having too many air- 
,-r ral, ‘ 3 situation which pro- 
^'ki'ri an outbreak of price war-- 
t,lp industry is now suffer- 
frpm 3 Sfeat shortage and is 
^iTricii that this could become 
^ scat famine by the early J980s. 
i so happens, has the 

fi to fir the bill — the popular 
workhorse of the air— a £6m 
with spares) bundle of 
pliability that la the backbone 
t much of the western world's 
lcduun-haul air routes. 

So far this year Zntasun, a 
rge privately-owned group, has 
.nnounced a firm order for 
hrec 737s and the Great 
ni versa! Stores subsidiary, 
Global, has let it be known a 
■mrlar order is likely. Both 
roups .should have their jets in 
prviee by next summer. At the 
amp time the Association of 
ndependent Tour Operators, an 
nrtustry self-help organisation 
■f smaller companies, is en- 
leavouring to set up a bulk 
juying scheme which would 
noble it tn encourage an estab- 
islied airline to buy jets to fly 
tITO passengers — although in 
hat case BAC One Elevens 
iay be the chosen vehicle. 

Re-equipment 

‘'U'si ;i ;r; x The big three tpur operators, 

* “ hnm.mn, which owns Britannia 
W i Li r v .irways. Cosmos, with Monarch 
i the same fold, and British 
.irvvays which has its own tours 
(vision, arc all facing decisions 
n reequipment. the problem in 
to case of BA being com- 
ounded by political cunsidera- 
•m-i. 

For an industry which was 
cpiitedly on its knees only a 
imple of years ago thanks to 
ie economic malaise which had 
ecply wounded UK discretion- 


BY ARTHUR SANPL.ES 


ary spending, this rush of In- 
vestment seems * remarkable 
turnabout, but there is more to 
it than just a revival- In traffic. 

Britain's .package tour indus- 
try rose steadily in the lato 
1960s tn a peak of nearly 5m 
holidaymakers in" A973. The 
crash came a year later 
when the industry shed 
around 20 per cent of its busi- 
ness in volume terms. And 
although business has yet to 
recover from this collapse, 1978 
should sec a peak. — over the 
previous two years — of more 
than 4m inclusive tour cus- 
tomers leaving British shores. 

The immediate problem over 
aircraft goes back to the effects 
of the 1973-74 difficulties when 
the country's charter airlines 
had a great deal of spare 
capacity lying around on airport 
tarmacs. A modem jet is an 
expensive thing to keep and the 
airlines were quick to find 
alternative work for their air- 
craft and. in some cases, to get 
rid of some of them altogether. 
The alternative work has often 
taken the form of leasing the 
aircraft to foreign operators 
who are bringing in overseas 
customers for Britain’s own 
blossoming tourist business. 

As long ago as last winter 
airlines like Dan Air, Laker and 
British Airways — the backbone 
of the free market airline 
charter business — were point- 
ing out that they could not risk 
massive investment In new 
equipment on the basis of & 
few months’ optimism and, until 
the market was seen to be 
reriving on a long term basis, 
there was likely to be a shortage 
of jets for the tour companies. 

This provoked a great stir 
in the industry as word got 
around that in the peak seasons 
it would be difficult for anyone 
to put on extra flights and there- 
fore early bookings would be 
essentia! to ensure that people 
got the holidays of their choice. 
There was indeed a rush of 
bookings in January and early 
February — enough. to encourage 
the ever optimistic tour men 
to believe that boom times were 
here again. Some of tlie steam 


.• '■ • J'-': n" : :VvW- i- J '' • - .. 

' w .' » -.-vV: v* r*dSo : 'j :<■:* r' •*' , 



A Britannia Airways Boeing 737 jet at Palma airport, 'Majorca. Britannia, a Thomson Organisation subsidiary, has a largo 
fleet of 737s, the jet which Great Universal Stores is considering buying tor Its Global Tours subsidiary. Another British 

tour major, Intasun, has Just ordered, three 737s at a cost of £!Sm. 


has gone out of That rush but 
it still looks like being a profit- 
able year for the tour business. 
An indication of the way things 
have changed is that last July 
the newspapers were full of 
advertisements offering low cost 
flights from the major operators. 
This year such offers are still 
around, but nothing like so 
many as a year ago. The seats 
which then carried cut-rate pas- 
sengers are now occupied by 
full-fare paying, and much more 
profitable, tour customers. 

The tour companies are now 
looking a little further ahead 
and wondering what will happen 
if the recovery in business con- 
tinues even on its present gentle 
scale. The answer is, of course, 
that more aircraft will be 
needed. 

What makes the position more 
acute is that not only is busi- 
ness rising but the British 
medium haul charter fleet is 
growing older. As noise and 
pollution regulations tighten up 
around the world many of the 
aircraft now in use will have 
tn he heavily modified or sold 
to countries which will have less 
stringent requirements- In the 


early 19S0s. Tn some cases the 
modifications needed to reduce 
noise have the unfortunate 
effect of either increasing fuel 
consumption or reducing pas- 
senger loads — neither of them 
particularly desirable in these 
days of high oil prices. 

The needs of both the airline 
and tour companies in the holi- 
day charter business are specific 
and most companies are not 
interested in subh aircraft as 
the DC 10. European Airbus or 
the TriStar. These jets are 
simply too big. 

A tour operator wants an 
aircraft which is able to fly at 
least four legs of 1,500 mrles 
every day, and possibly six 
in peak season. An aircraft 
built fur somewhat longer dis- 
tances may not be Suitable for 
such intensive use on shortish 
runs. Those that are have too 
many seats. Most tour com- 
panies do not like the thought 
of having to fill a 400-seater 
aircraft every time they fly to 
Ibiza or Rimini. They would 
much prefer to use more. If 
smaller, jets because of the 
operating flexibility they would 


give them. If the only tours 
which operated were those 
which could fill 400 seats a 
large number of destinations 
would be instantly struck from 
the brochures. 

""Until recently, apart from the 
big three (Thomson, BA and 
Cosmos) must companies have 
been willing to see the airlines 
take the investment risk 
involved in finding suitable jets. 
Now, however, they see the 
shortage of such aircraft as a 
real threat to growth in the 
future and are being tempted 
into vertical integration. 

The situation has been high- 
lighted by the arrival on the 
British market of two major 
foreign organisations. the 
Scandinavian tour operators 
Tjaereborg and Vingresor. 
Tjaereborg has heen in the 
UK for a year now, with some 
success, and Vingresor opens 
its marketing doors next winter. 
Both are organisations of some 
commercial muscle. Indeed, 
Vingresor is a wholly owned 
subsidiary of Scandinavia’s SAS. 

It would not be surprising if 
these two carried more than 


100.000 Britons to holiday 
destinations next year and 
perhaps 250,000 between them 
in three years’ time. This is still 
only 5 per cent of the -likely 
UK market then.- but it does 
mean that these well-heeled out- 
siders would be competing tor 
the best aircraft seats against 
UK domestic companies. It is 
one of the rules of the airline 
charter game that aircraft must 
be owned by the nation 
generating the traffic or by the 
nation receiving them. Thus 
UK flights to Spain must be 
in British or Spanish jets. 

Those medium-sized tour com- 
panies which have 'ambitions 
for considerable growth do not 
wish to be held back by cut- 
throat competition for a small 
pool of charter seats. That is 
wiiy both Ihlasun and Global 
have been seeking to take out 
insurance by buying their own 
aircraft. In neither case would 
tbe purchase of three aircraft 
■be enough to fill their whode 
programme, 'but -the central of 
a small airline does mean that 
tiie tour operator has a useful 
base from winch to work. 


fetasun has already said that 
it wiH be using only half the 
seats on the jets it intends pur- 
chasing with Japanese-Ajmerican 
financmg help. The rest will be 
sold on the open market “mow 
that margins in the charter 

business are reaching. interest- 
ing levels," as Iniasun’s chief 
executive puts it. 

It remains to be seen 
whether the diversification into 
aircraft ownership will . be 

followed by a sim-ilar exp-ansi tyn 

into hotels. Some hotels -are 

already owned by tour cmra- 
jpanies, or leased for such a long 
■time as t» make them virtu aliy 
owned. Thomson an particular 
is a large-scale hotel operator. 

The hotel industry in the 
Mediterranean at the moment 
is In very much the same 
position as the airlines were 
a couple of years ago — the 
supply is greater than the 
demand. This, however, may 
change as the upswing continues 
not only in Britain but also in 
Europe. There are signs that 
British Airways, for example, 
might be tempted into operating 
more hotels of a package tour 
nature, adding to its "present 
array of business-oriented 
properties. 

The disadvantage of invest- 
ments in both airlines and 
hotels is that they reduce one of 
the major attractions of tour 
operating — the low capital 
investment required. Tour run- 
ning is largely a question of 
expertise and although many of 
the companies involved produce 
apparently pitiful returns on 
turnover, the return on invest- 
ment is substantial. Ownership, 
and even long-term contracts, 
can change this position. 

However, tlie travel business 
is one which is attracting wide- 
spread attention at the moment 
and a higher price for getting 
into the game does not seem to 
be acting as nmch of a 
deterrent. The result is likely to 
be a fiercely fought advertising 
war next summer and for a few 
summers after — and a gradual 
end to the heavily discounted 
sale of charter seats which have 
been dumped on the open mar- 


ket That at least will be a 
crumb of comfort to the 
scheduled airlines. 

Once again the major ex- 
ternal factor likely to be of 
concern to the tour operators 
is The tradine environment in 
Spain. While it was Spanish 
politics which provoked fur- 
rowed brows in The early *7h$. 
today -the worry is over its 
economic stability. Spain still 
acrounts for rather more than 3 
quarter of total UK holiday- 
making abroad and, alrhough 
the proportion of the total mar- 
ket has been failin'; in recent 
years, it is still the dominant 
destination. If independent 
holiday trips are removed from 
the total Spain is even more 
significant. 

Rising prices 

The worry over Sp-tin is in- 
flation. Although There have 
been a series of devaluations, 
costs in Spain are rising 
rapidly and eroding its position 
as a “cheap" country for 
foreign visitors. The question 
has been underlined by a series 
of pay disputes involving hoi el 
workers. It now seem.? that 
hotel prices will rise dr. mi a ide- 
ally for the summer of next 
year and the net effect is likely 
to be an even further erosion 
of Spain’s share of the inclu- 
sive tour market from Britain. 

The benefit of this loss is 
likely to be very widely spread. 
No one country has anything 
like enough bed capacity to 
take up a large amount of 
Spanish slack, but Greece i* 
■heavering away at the problem, 
haring doubled its share of UK 
business in the past six years, 
though it is still less than 10 per 
cent. 

Clearly, however, the British 
tour operators do not feel that 
their problems in Spain are 
going to be Insuperable. Their 
continued confidence means 
that investment interest in tour 
operating and travel agencies 
is likely to be sustained. And 
that is probably regarded as 
good news by Boeing in Seattle. 



inion 



Sues 

:: not every day that a militant 
ide union spends about 
:«5.000 of if.? members' money 
. buy a luxury country house 
rsignt out of the pages of 
iiimtry Life. 

But such a house, set in a 28 
■re*, of parkland with raagnifl- 
iii view *• of i he rolling Lineoln- 
i'.\? cuu«tr>>idi\ is exactly 
:i:i{ Bn Jain V» biggest teachers 
mon-tlie National Union of 
••ariiers — has just bought. The 
of the exercise, however, 
ii oi to provide relaxing week- 
».K Tor battered teachers or 
ivd trade muun officiate. 

In- iead jhc union has virtually 
.■i n forced into the move by 
ie wealth of employment legis- 

it u»xi that has been put on the 

aiute book in recent years. 
..-■mueally, having pressed for 
ich progressive labour laws as 
uj Employment Protection Act. 
ie Sox Discrimination and 
c qua I Pay Acts, and the Health 
ggfud Safely at Work Act, the 
' ?-a.io unions have found them- 
g£ c l\es in the somewhat em- 
{§ I*.,: rapine position of lacking 
vxm-riise in making sure the 
s .ire fully implemented. 
C.mtpanies and employers nrjT- 
m--.ii urns, however, have not 
ecu ^0 siow off The mark — thus 
ade union negotiators have 
Hind themselves at a distinct 
i. advantage round the bargaln- 
l" l able. 

The NUT. one of the more 
rtmrcssive unions, derided it 
,s vi Ml to Train its lay officials 
n ihc workings t>£ the new legis- 
• i ii m as well as educate them 
n >hc various negotiating pro* 
rd tires with local authorities. 
I U . union has several hundred 
■ranches and the scope for 
i .lining members is vast. The 
mroduclinn of Health and 
a Toly representatives at work 
.,iit this year will also create 
need lor special training. 

But while a few other unions 
,avp also recognised the need 
nr i raining— and are acquiring 
mall training centres — tile NUT 
;<vid,-d to go one stage further. 


It decided to buy a country 
house large enough to accomo- 
date not only its own training 
and education needs but also to 
run as a commercial operation 
and take on conferences and 
training courses for other 
unions, companies, and local 
authorities. 

This decision led it to become 
interested in Stoke Rochford 
Hall, six miles from Grantham 
in Lincolnshire. The Hall was 
being used as a college of .edu- 
cation but because of ' tlie 
Government's cut-back in public 
expenditure — ironically..^ policy 
that the NUT has rigorously 
opposed — it was forced to 
close. The last students are 
just completing their training 
to heroine teachers and the 
NUT will start its own courses 
from October. 

But a« the Hall was a college 
the union lias bought nor only 
an ijut.slanding Victorian lunnt 
but al.M» purpose-built accom- 
modation and facilities for use 
as a training centre. Thus the 
residential accommodation for 
10U people is set away from the 
main Hall in purpose built 
buildings with each bedroom 
having its own wash basin. 

Inside the Hall itself there 
are 25 teaching or seminar 
rooms, laboratories, lecture 
balls, and dosed circuit tele- 
vision. There is also room for 
a 500-seat conference to be held. 
Outride, there arc sports 
facilities including a swimming 
pool, tennis courts, and 
gymnasium. 

Such luxury is a far cry fmm 
the traditional cioth-cap image 
of the trade union movement. 
But if the trend gains popularity 
■perhaps The unions will replace 
Ihe Arabs as the inherilnrs— - 
and saviours — of Britain's 
country estates. 

Bali 

games 

Careless wanderers who miss 
their way among the crowds 
at Wimbledon today and some- 
how pass the uniformed atten- 
dants at discreet gateways 
behind courts 12 and 14 will 
find themselves in a different 
world. Far removed from the 
roar of the Centre Court crowds 
and the hustle of the concourse 
is an area where the main 
sounds are the tinkle of 
Champagne glasses and the 
muted tones of large-sctwn 
colour television sets. This is 


♦ . • ve ; - ?■ **rrs 
k<'. ■ : .»:</£• J- .' : 

Wi ; 

r&m - • : 



the world of private entertain- 
ment 

In marquees proudly labelled 
with the names of ICI, BL (still 
British Leyland to most of us;, 
Commercial Union and Thomas 
Cook these organisations will 
today be entertaining the cream 
of their customers — offering 
salmon lunches and centre court 
tickets to cement a business 
relationship. . 

The marquees are now an 



’ WhuMedon: private view 


essential part of modem 
Wimbledon finance. More than 
30 .companies are involved this 
year, with names such as Hertz, 

Stagram, BP and Barclays Bank „ . , 

neatly signposted along with Kl!QCKin& 


Stoke Rockford Hall. 

Colgate, IBM and Wilkinson 
Match, with ICI and Commercial 
Union vying for prize of the 
biggest showing and BL offering 
one of the more modest 
presences. 

Between the two an average 
sized marquee costs around 
f 30,000 for the two weeks of the 
tournament. Fo£ that the com- 
pany gets a very pleasantly laid 
out tent decorated m corporate 
colours. Included in the deal 
are more than two dozen 
tickets, some for the centre 
court and some for No. 1 court 
for each of the days of play. 
Not included is food: the hosts 
choose from three basic menus, 
and liquid refreshment. Most 
of the host companies also hire 
one or two colour television 
sets, and video recorders to play 
back the most important 
matches. The arrangements can, 
of course, vary, 

Tbe companies to which I 
spoke thought It a splendid 
deal, “ cheaper than taking each 
of your guests to lunch individu- 
ally and more effective,” said 
one gleeful marketing man. The 
trouble is that the shrewd con- 
tact can judge his status with 
his hosts by the day of the week 
on which he has been invited. 
I managed an afternoon early 
last week, hut have actually met 
people who rank a finals Satur- 
day ticket Statusindeed. 


Economic Diaiy 


copy 



MiPAV— Mr. Anthony Wedswond 
Hjun. tinon;y Secretary, is among 
jilmUt*. at Fabian Society con- 
..■mice nn -l Xnrlh Sc«t Oil! Iw 
Nilicy 0;»imn?-." al 31, Wellington 
•trcvl. WC2. 

il M»AY— linnsh Slccl Corpora- 
».»n men;;»sc , i prices uf mast 
•i i;itf.;rd products by about S per 
viu. „ 

Hi in DAY — European tcntrai 
r..i»J.crs begin two-day monthly 
:ner tines. Baric. National Union 
nr Railway men’s annual confer- 
ence ojwns Llandudno (until 
tuly i4>. Trial due to bcr.in at 
uid" Halley of Mr. Graham Barton, 
former Leyland employee, in 
riiirii-fund ” Idler case. Finan- 
rjr.i Times ‘City University two- 
v. rck course on Financial 
Munagemcr! for the Xon- 
1 in.> mi-mI Evecutivo opens at Citv 
tv.vrrMtv St. John Street, ECU 
V. "loy-.iio price index (Junr. 


provision ati. Appropriation 

account of industrial and commer- 
cial companies (first quarter!. 
TUESDAY— Second preliminary 
hearing or Tribunal oT Inquiry 
into Crown Agents’ losses 0,1 
secondary banking and property 
activities (public hearing begins 
on September 11). House ot 
Lords Select Committee destine 
with legislation to counteract Aran 
boycott meets European Commis- 
sion members in Brussels. Central 
Government financial transactions, 
including borrowing requu^ment 
(.Tune). London clearing banks 
monthly statement: and vh 
banks’ eligible liabilities, resene 
assets, reserve ratios 3nd specia 
deposits (mid-June), Provisional 
Retire* of vehicle production 

WEDNESDAY— 1 TUC Economic 
Committee meets. Beception b 
Mr. Denis Healey. Chancellor M 


the Exchequer, at 11. Downing 
Street, SW1, to mark 100th 
edition of ** Economic Progress 
Report." Final report of Royal 
Commission nn Gambling. India 
holds sixth of seven fortnightly 
gold auctions. 

THURSDAY — By- elections in 
Labour-held seats at Penisione 
and Moss Side. White Fish 
Authority annual report. Index 
of industrial production (Mav, 
provisional). 

FRIDAY — Verdict expected at 
Glasgow Sheriff Court in case of 

Sir Hugh Fraser, deputy-chairman 

of Scottish and Universal invest- 
ments. and four others, charged 
with offences under the Companies 
Act. Retail price index (June). 
Balance of payments figures 
(June). ■ Building Societies’ 
receipts and loans (June). Usable 
6tee! .production (June), 


Mr. Dee W. Hock, president of 
the Visa International credit 
card organisation, has been 
going to town this week. On 
Thursday he announced from 
h>s California headquarters 
plans to introduce a new 
travellers* cheque service under 
the. Visa banner and its blue, 
white and gold colours. 

The idea was received with 
something less than overwhelm- 
ing enthusiasm by Visa’s UK 
member, Barclays Bank, which 
already has its own travellers’ 
cheque service. But Mr. Hock, 
while agreeing that the proposal 
might sot go ahead if it failed 
to meet a strong enough 
response, made his own 
enthusiasm for the idea quite 
plain. 


In a Press announcement of 
uncommon length, he also made 
quite clear who his main target 
was. Obviously, the biggest 
competitor in travellers 
cheques is going to be American 
Express, which holds about .60 
per cent of the business. But 
it was the arch-rival Master 
Charge organisation that Mr. 
Hock was gunning for. 

He had already had a go at 
this, target earlier in the week, 
-in a release of unusual 
stridency setting- out Visa’s 
claim to have overtaken Master 
Charge in the international 
credit card market. A few 
sample quotes will indicate the 
tone. 

“In 1970." Mr. Hock said. 
“Visa had only 40 per cent of 
the bank card market and 
Master Charge enjoyed 60 per 
cent Master Charge is losing 
its share of the market at an 
accelerating rate. Now that 
most banks are offering both 
cards, it is dear that they and 
their customers prefer Visa.’ 

He returned to the battle on 
Thursday. It evidently rankled 
that Master Charge had beaten 
Visa to the draw by announcing 
plans for a dollar travellers’ 
cheque under its own name last 
month. Mr. Hock, though; was 
openly and sharply critical of 
the formula proposed by the 
New York-based Interbaok, the 
owners of Master Charge. 

In almost every way, he 
suggested, the Visa plan was 
superior. It would enjoy the 
advantage of the. world-wide 
common name adopted by the 
Visa members, but without 
involving (tie expense of having 
to set up a separate company 
to issue (he new cheques. 
Members who decided to join 
in would nut have to provide 
any loans ur guarantees to Visa 
and would suffer no penalties 
if they decided later to with- 
draw. And the cheques could 
be made available in any 
number of currencies. 

Mr. Hock was dearly looking 
forward to the battle in the 
market place- 

Contributors: 

David Churchill 
Arthur Sandies 
Michael Blanden 



T arget announces a new Fund to invest primarily in stocks considered to be 
in "Special Situations”.The ajm of the Fund will be to provide capital 
growth, with rising income an important but secondary consideration. 


What is a "Special Situation"? 

. The term is usually applied by 
investment managers to a share which 
they believe is affected temporarily by 
special factors, or has potential not 
adequately reflected in the current 
market price. Examples include : 

-vr Recovery situations 
-f Bid situations 

-H- Market situations (i-9- where the 
share price is temporarily depressed 
by a large sale) 

■— Asset situations (i.e. where the 
asset value is far in excess of the 
market capitalisation). 

Selection of Situations 

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

■Sr smaller public companies — with a 
market capitalisation of £1 m to£1 0m. 
7 “ shares with a dividend not less than 
twice covered by latest earnings., 
"Special Situations" will not 
necessarily be confined to U.K. 
investments although the overseas 
content is unlikely to exceed 20%. 
Investment Management 
Target and its investment managers, 
Dawnay, Day & Co., Ltd are both part 
of a merchant banking group which 
participates directly in the management 
of industrial and commercial companies 
and has long experience of investment 
in smaller public companies and other 
"Special Situation" stocks. The invest- 
ment managers will also encourage 
regional stockbrokers- to contribute 
their specialised local knowledge in 
selecting suitable investments. 

Your investment 
Target recommends that because of 
the above average risks but greater 


potential rewards of special situations, 
this Fund is suitable for only a part 'of 
your capital. The -wide spread of 
investments in the Fund will help to 
reduce these risks: 

Your investment should be regarded 
as long term. 

Income 

As a result of the reorganisation of the 
portfolio the yield is anticipated to rise 
to 7% over the next year to eighteen 
months, a level which for higher rate 
and basic rate taxpayers will assist in 
maintaining a worthwhile investment 1 
' return. The estimated gross annual yield 
is currently 4 V Automatic reinvestment 
of income facilities are available. 

Special 1 % Discount 

For investors taking up this offer, 
there is a special introductory discount 
offer. £1 01 for every £1 00 received will 
be invested at 20;7.p untii the close of 
business on 14_th July, 1978. This 
discount will be borne by the Managers. 

You should bear in mind that the 
price of units and the income from them 
can go down as well as up. 

Monthly Income Payments 
If you have £2,000 or more to invest. 
Target can offer a well balanced port- 
folio of 6 unittrusts yielding an average 
gross income of approximately 8% p.a. 
which will provide an income- payment 

every month. For further details, tick the 
box in the form below. 

Share Exchange Scheme 

Target offers a convenient and cost 
efficient scheme whereby quoted shares 
which you hold may be exchanged 
advantageously for units in Target 
Special Situations Fund. Details on 
request. 


Th* Fund, foraierty Coyna Gro w th Fond. 
wm mconsihirtnd wish iha approval of 
unilhoi 3c rs on 1 9ih Juno, 19 73. 
APPLICATIONS and cheques will nor be 
dci nowj.fjgad but certificates will be sent 
v.-nh,n 41 days of the eloe n or lb a otter. 
'lOU WAV SEU. YOUR UNITS at any nm« 
ar a p..cc net less than that calculated by 
Popi.lmf.nl of Trade ngulaiiont. Payment 
will lie made within 10 diyv of mceipt of 
the rmouriCCrd ccrtiffcati, Thu price of units 
and ms yield ms quoted daily in me National 
PrsiS. AN INITIAL CHARGE ol 5S la 


Includad la flio nft pika of ur.iu. Tia 
Managers will pay commission of 1 jS to 
qualified agents. THE MANAGERS ie'-r<e 
the iignt so close iha ofici before :m» cats 
stfititti IF Iha oiler prise varies hy more -I-so 
2JV Afrei iha close at the ollsr uniir oilf L-> 
available at tlie daily piKo. tNCO.V.E le-j 
tav ai basic tate will be di&uibmrd on ii! 1 .: 
March and 30th September, unit bo'mut 
now will quel 1 1 ,- lor iha pay m<n : c.» 
S«ptenit«.-r. 1978. An enniu| thainc c-| 

.o! the value o> the Fund plus VA.7. -s 
deducted Horn the giois income ol thr Fund. 


MANAGERS: Target True: Managed 
Limited t’A Member of flio Linl: Trust 
Association) 


DIRECTORS 



A.C. 3. Cn-'n:clic.-; e.BT. 3. Clc ,v- .M.R.S.; 
E. P. -I* r. P.f a.; h. Pir.iisan, MA,; 

M. E.C-. Punct ■ M. 1 ., 


Telephone : 01 - uOiJ 7*23 


OFFER OF UNITS AT Z0.7p EACH UNTIL 14th JULY 1378 

Current estimated gross annua! yield 4.1 1 S 4 

TARGET TRUST MANAGE RS LIMITED, DEPT T.O., TARGET HOUSE, BATEHOUSE ROAD, AYLESBURY, SUCK^tP-fjEEf 

tn --r* l « a L?P < ><*»l Situations Fund I/Wa declare ;hct I am-Ve aro not widen! ouloida the Etnoduted 

unite at 20 ,?p per unit imlnimum ‘ r — .. 

Initial holding £300) and enclose ■ 


l/Wnwtjh 
to Invest 


• . — HHUtiMiwiwiiiy LwUUJ BITO HIIG 

- cheque made peyatriaio Target Trust Managers Lid. 

Until tatter natt* reinvest at Income In further units, feefe* ■ tfnor/epu'rtdf^ 

t3) PUAffi“wilTC IN BLOCK LETTERS— THE Cmma^X%i PBEwfa R9H7 HS : FCfIi. 

Nsmafi) in full (Mr, Mrs* Misa) 

Addr«a ~ ~ ~ - 


'rf r*^r« are? cc'jr:;s?j 

FT& 7 


Plan let m» haws dauils of Target's Monthly Inarms Schema p Share Exchange s- 

F r t?ff W’Sd lii finjUnc Un ec — * 


- unnor maiiager^ritin me fargetGr.a^ 











1« 


FLriartdrat'lTmef' Sattflrtfcry M f K 'TUTS 


COMPANY NEWS + COMMENT 


Sotheby f 2.4m so 
far: pref scrip 


at 11.23m against 


Thorn tops £110m— plans dividend boost 

f — — — _ _ UiC Ull cwiut 3 OIC .mu uou»l( 

made up of are penned by the Sotheby by way of capitalisation -of re* 
in respect or j^p^e Bemri Group for Lhc senes, 2.723,000 new 9j per cent 


TOGE1HER WITH heiier than ex- 
pected profits. Thorn Electrical 
industries announces plans for a 
U.H.£23m Eurobond issue and is 
taking the opportunity to -giie 
shareholders a per cent, boost 


DIVIDENDS ANNOUNCED 


news and closed 
hiaher at SfiSp. 


the day 2Sp 


S2 per cent compared with a 


Hambriis 

Lennons 

SUITS 




Date 

Corre- 

Total 

Total 

Current 

of sponding 

for 

lasL 

payment 

payment 

div. 

year 

year 

int. 

1 

♦Aug. 25 

I 

— . 

3 

inL 

1.56 

Aue. 244 

1.42 

2J6 

2.12 


3.2f 

— 

1.1)2 

4Ji7 

1.1)2 


nil 



0 46 

0.4' 

051 


'5.85 

— 

— 

B.ftl 

S.61 


1JS 

Aug. 26 

1.12 

1.67 

1.4ft 


5 

Aug. 26 

2.87 

7.26 

4 8ft 

inL 

25.1)5 

Aug 31 

22.65 

46.5 

45.75 


11.33 

Get 24 

nil 

(1.33 

' ml 


0.93 



O.Si 

1.28 

1.16 

ini. 

3 

Aug. 31 

— 

— S 

— 


REVENUE up rrom. £LU.A2m to earnings 
£13. (Mm and " pre-ta.\ earnings £9-W.(H». 

ahead at £2-44ni against £ L94ra xhc directors are also issuing 
£2*.ftm — - ■ ‘ ‘ • 

£lH.7m 

Mock relief and mo mbs ended February 2S, 197S. £i cumulative preference shares 

allowances on fixed asneri and As stated in the June 19n olTer un the basis of one new prefer- 


nruaaiv Minnar io iasi ah 

IK division-: improved hut there Warner H outlays 

was a downturn overseas. Lhc by 

The issue is being made. to re- Dividends fhown pence per share net except where otherwisi 
finance port of the group's non- * Equivalent after allowing for scrip issue, “tin 


differences. 


1974-77 


un 

Lm 

Etieraa) iunxrv»-r 

l.ii91 9 

vrj ■» 

Home 

XV- 8 

Kd'-i 

u-.eraea' _ ... 



Ll-ss inf-rnal 

I»»D 

K.9 

Tradins Drain 

’ll'. 3 

191.3 

DeoretUliau 

ftfl 

?:9 

TV sets on rental 

r<i.= 


Fixed a»« . 

"n.9 

1 7 i 

Fn^nvriC rti«r*j>s 


G 4 

Prpffc before ax 

110J 

191.0 

Taxation 

y.s 

■W.B 

'.i-f prodt 

.i s_« 


Mmoriiles swJ oref. dirs. 

«.« 

1 s 

.Mirihmab'.p 10 urCmarr ... 

a* 4 

43 4 

Exiraord iruni* 

.1 

fi.1 

I'inluiary rtivrdewls 

!(.« 


R.-i nrnHi 

.-.1 l» 

40.7 


increase 


i show a | t , s f urt her proposed that 
compared shareholders will receive prefer- 


£1 23.94m. the directors say. • of 2.3750p for each ordinary now 
This year's sales wilt include held. 

£IS.457.0uo rrom the recently com- This, when added to the total 
pie ted sale of the Hirsch collet- ordinary dividends for this year, 
lion. ' gives an aggregate of tO.S773p. 

'Hie directors are declaring an equivalent to a gross dividend 


♦ Ft a non ansa lion eons 
turner Elecironits. 


;.o023p making S.juiSp— This represents an increase or 

equivalent ta the 12.S!)p gross 27.il per cent over Hie I2.69p 
twit: go»- forecast in the prospeeius. ordinary dividend payments fore- 

Tax charge in the half year is casL 
£1.190! UE99S.IW0J leaving net See Lex 


F.Tujinwring 


*CA 

jk.n 

to.* 

U.1 

:av* 


hi 

;s.2 


I.M 
9~. f. 


for the foreign subsidiaries. It 
will take the form nf converiibl** 

"Forced -UI £»».™ previously. Provld- resulu of Thorn L. g htin 3 ,re no* 

subsidiary. Thorn International ma for tax and minorities, etc. the rerlectine ihe benefits of the ,; B rj =U tiu.‘r .ievtromrs 

Finance BV balance attributable to ordinary in veal mem programme in high DonxrAic appuaai/cs .. 

In connection with the L-sue holders comes through at £34*01 technology light sources The 

and io assist in its marketins. ^am.-l iflUn .giving earnmgs market for light ma producLs in 

the sroup obtained Treasure per- per 2ap share or AOp tSfi.tpi. " ,e *- K showed Ml** impro\e- g V(rttU campiaiM: 

mission for an increase in the The directors point out that the ment but exports showed con- i.gnsunier electronics 

dividend level ‘on K iLSJS accounting treatment nf AW A- sidcrable growth Industrial n°~ .pan™* 

under w riling of the i-sue. Sub- Thorn Consumer Products ran disruption, however, caused a ■ 

jeci io this rorsdiiion Lhe directors Australian company in which the serious toss of pro bin. Total 

iniend io declare a second in- aroun has a 30 per cent interest! The overseas results reflect the p T J? a f ri n?- ,,, !har-« ' ' 

terim dividend of ftp prior to has been altered. Because oT a intense competition in consumer r!um hrfwx »« 

.lulv 31 when current dividend changed relationship with other electronics and lighting. Overseas 

legislation expires. This pajment Thorn subsidiaries it is now con- television rental offshoota arc for' 'the yrar'io Ma'^hliTdroppmg investment ' gains and eslra- 

v»ou!d take ihe years iota I up to sidered appropriate to include in progressing and should become m _ 1 , JTA from £345m to £4.9km Extra- ordinary items are shown to be 


Hambros profit reduced 
y by shipping provisions 

THE MERCHANT banking and are believed to he " realistic in 
i;^' general business activities ai all the circumstances and at 
loi.q Hambros produced an Si percent present day values.' 

Gross cash flow totalled £ItJ2.i>'n decline in net operating profits Earnings per 2.»y share before 


U *.4 
s i 
110.3 



positively to retain Electronics. AWA-Tborn incurred a “ c r. cajS ". In “and. since this will still be covered -4.J factors, together with a gradual 

possible increase a loss. totalled I4t.ini, very c.o«e to last t3 mes The final is 5.S4K73p net increase in world trade, will in 

and to launch new De-mite Various diffiultieq the years figure Ot S4z,bm. Dbt thn rnral tn a Mm- >Iim> limo netnra lh« 


per cent it -ouid be inionro- lined to trade 
priale to declare a further an d where 

dividend' nut nf the small addi- market shares and to launch new Despite various diffluities the year* n£- ure , ot -■* Z -S rn - DUI raising the total to 9.60923p com- due lime restore the necessary 

tional sum which would become products. chairman believes that reasonable v.ilhm that total overseas net nor- parM j with S.dliiSii. balance of supply and demand, 

available. The better UK figures refiect results will be achieved by the increased by £3. 9m «h!je The key element in the down- .. h . .. 

Eslernal turnover passed the capital investment in the factories group in the current year. UK net borrowings decreased by Jurn in the majn business areas. • ' - 1 

£lbn mark far the first time in ta improve efficiency and to con- The tax charge include.- full £i.Sm- as has been expected far the past ' V " ‘ ° ■ l "" uu,f .™ 

1977-7S and at £I.09bn compares lain costs of tuatiufacture. Tire provision for deferred tax of See Lex fortnight ou the basis of the news "•‘•norcM : is co-operating 

on Hrnnbros* Norwegian shipping toaether with the other major 
loans, is the need to make pro- creditors of the relevant corn- 
vision against these loans. pan les. have not been concluded. 

The directors said yesterday , In other respects the directors 

that they have taken the view [ ee ! that the merchant banking 

that - substantial specific proii- business has had a highly success- 

A FURTHER decline in Usable tax charge consisted uholely of Hunting Associated Industries Profit was up from £133,323 to sions should be made against fulyear. The group has continued 

earnings in the second six months ACT which has been treated as and Hunting Gibson have been £211,29G on the back o 

at Lennons Group lert the total irrecoverable as there is no dealt with as follows — For up to increase in turnover to 

for the year to April \. HV7S. down liability to mainstream corpora- 2.300 shares— in full, Trom 2.300 stated earning iw>r sharp were innVr 7*^ri'es 'the v r hav* also nrinein.il as«neiale< Berkeley 

?! C r P ^f?- Wirh -? ^ l J on H U,x - Th^comparaUve figure to ^300 share^SM shares, over h| gg“ FESFt'&fig ISKaT *£$5 Se J5?.- ' SuS Pro^rtySmpanyanJ 

£l.b3m for the previous oj wceka. has been restated. . f-iiiO shares, about * of applica- recov ery basis a nr*t final These provisions are the reason Hambro Lire Assurance both 

, ®- v - "' ,en I' 10 ^urplus The company's wines and spirits non- . dividend of 3Jlp per 23p for the reduced figures from bank- increased their coalnbulion to 

was *8 1.923 lower at £,40.ho3. the trade remains buoyant and proht- Genera applications have been sharp lakes lhe tola} [0 in „ nd roup operations. They earnings, 

directors said that the refills had ability on food is increasms and aealt unit on Hie following basis ( j. 0 i53iip> per share ‘‘O aer cent 

been distorted by additional getting back to normal levels, the —From 200 to l.UOO shares— 200 more t h an the forecast of 3 5u 

interest charges amounting lo directors say. .shares, over LOGO shares— about ma[lc al the time of thc ^jne.fo^ 

its kJ Ol application. pialne lum ; n r\ 


Lennons Group finishes £163,000 lower 

£‘33,3^ ro our 'XorweSan'' shipping "Joans' to develop new activities, many of 
While these provisions have been theun overseas, which it is believed 
to _4.ii m. made largely by transfer from will benefit future years. The two 
m 7 ton 'h*-r»«— 4 VKI «h-4re« n-p*- «««*««- v*e share were inner reserves 

sh ‘ <res — — > ‘ ro , s 'J arcs - ®. ,er higher at ILIJp (7.9p) and on a affpr’ed profits 
'r lUfl sh ar e !l about * of applica- recov ery basis a nr*t final These provisi 


194.303. relating to fore. ard buy- The Gourd has continued 


in« of "'nes and spirits for the n r bU vi n , thc r ree holds of Ren ounceable letters of accept- 
Christmas trading. ,.h am ancc. togeiher with balance of 

They now say that Hie outlook 
for the current year is more 


SVhV" 8 S "Jy' illOiiw,' ^Vh,™ YpjrtfiM.' an? 

v^s rent reSew,- Effl “ ?' "S -on, * .onth, =, 


four rights issue in December. 

After a half-time rise in profit 
to J3S-U00 | £39.000) the directors 
pointed out that results for the 


encouraging ai management 
accounts show enhanced food 
margins which will lead io greater • Comment 

a nnrfn^n?o e ftf°!h» After C, S hl J ' earS ° f COnSBCUtivC 
deni of tnc pcrfominnCG of th0 nrnuth nrofits nt the 

>" d s P idts -ub^idl-rfs. ?."o!,p a fe S per can! 

Financially the group has never down on sides 12 per cent ahead, 
been stronger. Liquidity has been Like its competitors thc company 
considerably improved and the has clearlv suffered in the High 
first repayment, or £200.000 has street price war but It has not 
been made on the £Im medium be en ab jc to increase sales suffi- 
term loan from National West- ciently .to offset the damage to _ 

nunsler Bank. margins— on the food side these * pi.-tjthfr rio in .vrnfite ann 

A net final dividend or lJJ45sSp fell a full point at the gross level. '? L ““ Tri jl 

per IOp raises the total for the The current year, however, has men's 5? ManimT by^UnuSd K 6 ft! £111^11 
• vear _ . J° « inssimum permitted apparently ; «?en some improve- 1?;,^ A WUVlliail 


SUITS makes £6.34m 
and pays 5p final 


Profit up 
at UK ’ 
Property 



1977- 

1916-77 

Group ronvucr 

4.SS7.U00 

S 976.DJD 

■ ip.-ramis profii 

S0.7J4 


Int “Teal 

K'.lji 

101.973 

e re- lax profk 

ZLU2S4 

133.323 

Tiix 

Ch.liu 

lU.Ild 

Net profii 


I*-: 177 

Cxiraordlnart debiu .. 

Viril 

9M97 

Available 

173 185 


nivMunds 

7A"Ji 


Relaiaed 

O.Mj 

12.934 



ceeded those for the first half. 

isis-tt' TURNOVER, profits and dividends appointing but steps have been 
d .t d d of Scottish and Universal Invest- taken to rationalise this company's 
■.TJ2W meats for the year ended April t, trading. 

ioilsra l'JTS are all in line with estimates Thc whisky division traded in 
133.123 made in May by the three SUrTS volume terms nt a satisfactory 
i“ directors opposing the bid from level but the progress in this area 
Lonrho. has been difficult due to continuing 

The results show turnover up 13 market conditions, the directors 
1,.1-e per cent to £69.7Bm, pre-tax profits say. 

t:,8S * ahead 44 per cent to £6.34m. and Results in Engineering hare 
the final dividend is ap per share been been helped by better 
making 7^Gp compared with 4.S9p trading conditions together with 
previously. a contribution to profits from the 

In the document sent to share- acquisition of Sportworks in 
holders outlining their opposition, November 1977 while soft drinks 
Sir. H. \V. Laughland, chief have shown a satisfactory return 
executive and .Mr. J. B. Anderson to profitability, 
and Mr. H. Cowan, two directors, The textile sector have benefited 
estiiuaied turnover up 19 per cent in the period under review as a 
to £69 .53m and profits before tax result of the disposal of fixed 
of £6^3m against £4.4m, and felt assets following a fire in July 1977. 
these results would justify a final The improvement in underlying 


THE DEPRESSED lei el of sales dividend of 5p. profitability at the associated 


— uum^ this period off-liebnses. SgS 1 * r ^ s -j ff l ^ u rii v Zl! Wofl/'lf 

non there was a 2S per cent so me of which were converted utllUl 

decline from £1.1 Ira to £<.*i.o22 r ro m uneconomical food Mores, pa>raeDI 

from food. ro c e from 6S to Wfl. Meanwhile, " ai . 0-I34p m 

Even so, the group maintained the balance sheet is looking much _ ' v * e ” reporting the sharp seen Ui the first six months al In the April offer document from company has continued and there 

its share of the shrinking food healthier. Last year borrowings r * co \® ry t0 ®- Fertleman and Sons, furniture Lonrho, shareholders were to be is a satisfactory order book, 

market at lhe expense of lower amounted to SS percent of share- manufacturer, persisted into the offered a second interim dividend ¥T7 

margins, and is now in a position holders funds but with stocks ? h ® re 5H“i st £.? r bo SJ “™5£,!2 IJf 00 * 1 * 1 L or the 10 of n0 ‘ nlore 4p net The WitHIPf 

to take advantage of thc more down £3.am the overdraft has Hl e s *. co " d hair and expected March SI, 1978, thc group shows Lonrho offer has now lapsed ▼▼ «X JLlVl 

favourable trading conditions dropped from £2tm to £lm Cash he mn less than those a fall front a pre-tax profit of following - - - 


referral 



man. points out. 


Holidays 

AS ANTICIPATED in November 


'SSSnff'p.!' ar Jlr™ i?r U,. b«j. hp-Mln, 0|._ fnjj! dlvt- 


Retained profits has hoeri re- on a p. e of just over 6 and yield weaP are shown at 1 
staled to comply with the latest 82 per cent S «m > nnn t moo . 

minorities of ’ £13,000 ’(£53,00o'> ®S2f“® s per U ?n thefr^e port, 0 with 5 the* 1977^$ t0 March 31 « 197S . with taxable 

■ * • - _ nnnnTnn _ ■■ M diinM PO*)4 AOS 9n 


accounting recommendations. As 
a result £U9Sm was transferred 
lo members equity. 

.Mr, Lennon has waived all but 
a nominal 0.1p on his personal 
holding of 2.01m shares. 

Urr-TS 1976-77 
: wfcs. 


•S jlilj 

Pretax profit 

Tat 

Net prom 
Inicnm dividend 
i >nal <livt(leiKl 
R-i.ilned 


32wki. 
t 

M.II 7 .SLM 5 S.. 103 . IIS 


Hunting 

allotments 


The basis of allotment in con- 

U4U.M6 luuu ncclion with the offer for sale of 
up 44t iSjjtta 2.7m ordinary shares at 83p per 
'“•Stb share in Hunting Petroleum Ser- 

■iril'nii -jKiiTsj vices was announced yesterday by 
.'sm hi -tjo'ero merrhant hunkers Robert Flent- 


.65n fi.C4pl. dend leaving net total for the The status quo on the SUTra board achieved by Warner Holidays in 

fl 03,000) and period at OJWBp (0^123p) per 20p ' v °“ ld remain and .Mr. «. «. Row- ^ sec „nd six months of the year 

(£53,000) share. Lasl-time earnings 

iiSsMO^asS 1 ™^ 1 “ ,0UntS “ ‘^“"h 0Ut “ .e^a'uywhTBBMrt wJ-rnhW. -P from £234JB« to 

7i’' pv.ranrflinarv u- A ' th0, i gb - 0V *P ea * sales were that due to taxon an ED 19 basis, £31.6,11.0 taking the full-time total 

£o4o,000 (£7.000) is retained. slderable decline. Positive action improvement in net earnings per w ' ,>5r<i6 - • 

has however been taken to reduce s b are which rose to 15 94p against Gross revenue for the 12 months 

overheads in line with this lower a resta ted 15.S4p. The estimated reached £7J5m (£6.59m)_ and. 

demand. earnings per share were shown at after 'tax of £249.951 (£lo6.000). 


Christy Bros. 
60% higher 


At halftime the surplus dropped ltj.otp ri5.S3p). 
to £21,163 (£146.383). "" ‘ ~ ' ' 

tors said then that 
an extremely low 


earnings per IOp share were up 


383 ).• The direc- Printing, publishing and book- from 3.77p to 4.SIp. The net total 
at there had been selling profits rose 23 per cent dividend is stepped up to 122773p 
f level of demand largely due to improved profit- <l.l3fipJ with a final of 0.927op. 



<£lS2,4:;ui anti the net balance employees of Hunting Petroleum electrical engineering group, for tionately greater than in turn- 
emerged al £l^!9m i.£I.46m). The and existing shareholders of the year lo .March 31. 1978. over. 


Results due next week 




Tenneco gets the 
‘all clear’ 

Tenneco can now: proceed with dust rial logic behind the offer i: 
it. £11 3m bid for full .control of irrefutable and points out th.i 
Albright and Wilson— the UK's the offer price represents II! 
second largest chemical company limes the average of .Npoom-r 
—havin’' successfully overcome post tax earnings ( ignoring e\ 
the hurdles of possible trade union change adjustments) Tor lb las 
and Government opposition. five financial years and 12.9 time: 

The l\S. industrial smug 1ST V»« Can ’‘" S ' 

told yesterday that its offer will *»»' ie3r 
not be referred lo the Monopolies 

Commission and that the neces- 11r |J r 

sary exchange control consents MOOlOYfl HOttS 
have been granted. ^ 

This follows the assurances t — fnrmc 

given by Tenneco on future em- ip IV 

sss 1 .. .i h r.”s ra ss cr »>- i “r h ,5 “ j: 

been sought bj both the Govern- f . ustun , aj .j c Munufscturins. Hu 


ment and lhe trade unions repre- hv ln npr'shar. 

H*niina ihe Alhriuht workers. [ ur ^SL f <■ ^. P v T A k 7 £* 

The General and Municipal* “ " r I de " d T k > u «d 11 J 

Viw rkC h? L ^ arj: h St The company has also acvepifi 

Albrtshl said yesterday that tt h panel's ruling ih:tl »t shoul* 

s? vntsuj: *' “s* iis 


d'F.au Consultants 
the acceptance 


for 

of 


sevurin 

ceriar 


assurances. 

Tenneco — the J9ih largest customa'-w^sharehaldings. 

hiddin ^195 Mr - ^lichael Uampeil, cbairm.ii 
bidduu 19ap a snare for the 30.- of xinuloya. , wiU iliai tlie nor. 
P f r 5S 1 * ■'*hrighl it does not pa y men t Q r the fee would no 
3 0 , ?l’ .. -• !■_ r affect the 1.4m shares acquire- 

he bacbtlR Of the trough Gras d'Eau — representin' 
board and Tenneco .said a ;, fi p er make in Customagir 
yesterday that it now intended Meanwhile, rustomagics “ind* 
Posting , * l! * o ffff r document to p^n^pn,-* directors said last nigh 
shareholders "on or around ftj a , lhey had unsuccessrull 

...... attempted to persuade Mool.iv 

-ieslerday Albright shares rose JO cxt H eild ils bld for a furlhc 

3p to ISop. seven days following the Panel' 

ruling thai (he offer should b 

(SilVnvIk' SPI-I I K increased by Ip. 

SAIN Lit t tv ortLLo Lustumasies advisers said ilia 

OUT LOGIC they would make a further slaie 1 

The fornn, ^er do^em ^ 
been despatched to the share- recar H s arcentances 
holders or Spooner Indira tries by yiooloya disclosed in ns forma 
Sa^vtk. The chairman of handv tk 0 ff er documenL last mumh that i 
writes that the offer of SOp cash afireed lo pa y t;ras d’Eau. 
per share to presents a premium j erscy consultancy company, 
of 23 per cent above the Redman fce f or MCU rmg the transfer o 
Hecnan offer and Jr per cent 1.4m shares from certain Custn 
above thc middle market quota- magic shareholders including fou 
tion for the Spooner urdiuary members of the Terry family, 
shares on the day before Hie first Together with those accept 
announcement of Redman anccs. Moolnya claimed thar i 
Hecnati's offer. cunlrols 47 per cent uf th 

He is convinced that the in- Cusiomagic equity. 

Talbex deal strengthens 
links with Artoc 

The link.-, between Artoc Hold* whose interests include packagin: 
mgs. thc Bahamas- based merchant and toiletry', bought .lame 
bank viith strong Middle East Warren, insurance brokers, 
connections, and Talbex Group Artoc's other UK acquisition, 
have been strengthened consider- include a 23 per cent t,takc 11 
ably through a deal worth Hoskins and Horton, niedica 
£927.000 by which Talbex has equipment suppliers, but Talber 
agreed lo acquire A. P. Skelton is Artoc's main vehicle for espan 
(if and G> from Artoc. sion in this country. 

Thc purchase price— condi- H is also announced that Mr 

tional on Talber .shareholders' Roser Pinnington. a formei 

approval— is £500,000 cash and the deputy managing director o- 

allotment nr 2.25m new Talbex Jonas W nod head and bat is. ha- 
shares nr 5p each to Artoc. The h ren appointed tn lhe board 01 

aggregate consideration of Talbex. Mr. Pinnington is also a 

£927.DU0" Is based on Talbcx s former cluef cxecui vc or Uanr 
middle market quotation of Wp G«wrs in the UK, 1RW lulu and 
on July 6. Gun-TRW (South Africa). 

Thc key to the deal is the share 


issue which will give Artoc 9 per 
cent of Talbex. But clients of 
Artoc (WoBaCo Trust and the 
Iranian Investment Co) already 


HOUSE OF FRASER 
PAYS £2. 8M FOR 
WELSH STORES 


hold around 24 per cent, which HOUSE OF FRASER has acquired 
*® SW per rent Uavid Evans and Company 
after thc share issue. (Swansea) for about £2J»m. 

So Artoc's direct and indirect The consideration has been 
control of Talbex increases to just satisfied by thc issue of 2,113,20? 
over 30 per cenL Because this ordinary shares (1.7 per cent of 
would trigger off a bid. Artoc is the present Ordinary capital). Of 
reducing Its clients’ holdings by the consideration, 843,194 share* — 
130.64S shares. have been sold on behalf of those 

At the same lime Talbex Evans holders who wished tu ■ 
strengthens its capital base, which receive cash, 
puts it in a hotter position to make Evans operates two retail * 
other acquisitions in the UK — a department stores in South Wj|p« 
stated Objective or Artoc’s. ll also with a turnover of i'fi.4nt for the 
gives it Skelton, a light engineer- ye ar ended January 28. 1978. 'lhe 
iog company in the UK. which, main store is at Swansea and the 
w'lth its overseas connections, other store is in Cwmbran. Fraser 
strengthens Talhex's export intends to continue and develop 
potential- lhe business. 

Discretionary clients af Artoc 
and the directors of Talbex who 
are also directors of Artoc haie BTR IN U.S. 
u nde rtaken not to vote at the yet another UK aquisition in 
extraordinary meeting on July Ji. the U.S. appears to be an the 
which is being held to seek cards with SAW Industries— 
approTOl for the acquisition. a subsidiary of thc BTR— cur<_ 

At March 31, 1978, net tangible rently Involved in take-over' 
assets Of Skelton were £753.943: talks with Lindsay Wire Wearii 
turnover for 1977/7S was £2.7ra of Cleveland, 
and pre-tax profits £308.074. The Negotiations are thought to b<i 
directors forecast an improvement at an advanced stage with Lind- 
in the current year. say. which manufactures paper 

Talbex directors believe tint mill wire cloth and forming 
opportunities exist for further fabrics, and a stalrmeni r* 
expansion in thc fish) engineering expected to be made later next 
sector. Earlier this year Talbex. week. 


Sc'Crat major cnminmie* are row over dual pricing \utb thr extent by its high yield (11.4 per benefit nf the American 
due to report result* next week. EEC and the withdrawal nf cemi and the company's altitude connection could be access to the 
Final figures arc expected from Johnnie Walker rrom the UK. to dividend policy will be closely V.S. military and auation market 
Wilkinson .Match and thc much attention has been focu-ed watched. Last year it elected to which will mean a boost for 
Distillers Company — two groups on the possible loss oT market pass on the bulk of the allowed Wilkinson's safety and protection 
involved in controversial events share. Tt is well to remember, increase in the interim dividend, division. 

in recent months. Preliminary’ however, that only 3m of the 33m Analysts are divided on whether Estimates of H P Bulmer's 


Two novelties for 
investors to consider 


There are two novelties for Framiingron’s Capital Trust.... 
)u)d-be investors Lo consider This apart, the week tees the 

Bulmcr and the Imperial Group buyers— a mere' 8 per cent of the exercise or announce a steady ''nexi^WednMdiv "vary this weekend. The first is a public reappearance of some old favour- 

while Henry WtgfaJI and United lota). More important is lhe interim. deoenriin® on the cared e nee given offer of units in brand nevv Des: the high income funds. Save 

Gas Industries J with finals on apparent growth in the US interim profiLs al Wilkinson lo a market rumour concerning Government Securities Trust and Prosper is offering US High 

.Monday and Thursday respec- (despite a price war in some -Match were up by a fifth and the its North American venture. J»unch«l by Arbulhnot in the Return Unit Trust on an initial 

lively) and the Macphorson states) and the potential in South compam- has already said that Analysts acceptin'* the rumour Channel Islands. Not that the yield or S.60 per cent (minimum 

Group 1 interims on Tuesday) are American markets. second-hair growth will be ur ihat lhe U.S. marketins operation ldea *» r , a Sjit-edged fund offshore investment £250 >. while Chieftain's 

among thc smaller cumpanics to Advance warning of an interim roughly the same order. Forecasts has proved very expensive in the JS , novel, there are any number High Income Trnsr is also on offer 

watch. pre-tax profit fall in lhc current of the first figures since Wilkinson short-term are going for a pre-tax uT them, catering 10 the needs at an estimated current gross yield 

•Host analysts have prepared year relative lo the same period effectively came under U.S. figure (excluding the already , overseas residents who like of 9.64 per cent. The portfolio 

two estimates for the Distillers’ last lime has been given by the control are therefore largely announced £I.25m exceptional the level of British interest rates, of the latter (minimum mvest- 

prelmiuiary figures, due on Imperial Group and accepted by grouped in the £14m-£15m range item) of JE2m compared with last ' vh p ac J 5 unusual is 10 see such ment accepted: £250) contains 

Thursday. A question mark hangs the market. The consensus among (f 12.3m 1. The controversial deal year’s record of £3.9m. Those a funcl Promoted on the main- some fixed interest shares, which 

over lhe treatment of United analysis points to a figure of w ith Allegheny Ludlum has that discount the rumour suggest land - where r ° r technical reasons explains why the yield is rather 

(iiaas where the company has a £55n\ compared with £67.4m. Poor somewhat overshadowed the a figure of £2.4m. The latter most offshore managers are sev- the better. 

SO per ccm stake, ln the pa-t trading conditions in the food company's recent trading perfor- figure implies an improvement in erei - v inhibited tn their adver- However, the overseas Hinds 
prolita ha\c been Taken below the sector and the tobacco industry munce. The group is still the second half of t he vear <£l.‘2m Yemeni. which have made much ot ihe 

-------- - ' ■* investment running this year are 

not entirely neglected. Crescent 
fund managers — who have formid- 
able experience in the Far East 

. , „ in their investment trust capacity 

tribution from United Glass is areas in ihe second half. The operation however, was met in excise duty introduced by lhe Jersey can acquire. The great —have launched a new Tokyo 

likely to be about £5m. Since the share price is supported 10 some lhc first half. Meanwhile, the Government in 1976. advantages to investing in a gilt- Fund (minimum investment 

edged fund offshore arc as fol- n.ooot to take advantage of the 

lows: firstly, taxation on the strong economic growth and 

fund itseir is minimal tin con- strong slock markets in that parr 

trast lo lhe situation on the Q f The world. 

mainland, where fixed interest The M and G Group remains 
foods are effectively double raithfui to thc U.S. market, 

taxed); and secondly, the divi- Despite the recent Tall in share 

•lends are paid gross. Arbuthnot pr j ce s there, this week investors 

l ^ e , * ncon ?® are offered units in ius American 

??JiJ S i„!,u.i? C m!!S V . h ri,nt, « W,U General The fond is 

Jield, initially, more than 12 per i nlen ded to provide capital 
cent per annum. But a word of 11 • F 

warning lo those to whom the 



Canipanr 

CIKM. dividends 

AJMciatcd Lcisvrr . . .. 

Br.tisft Bbiidnix and Efisruc. Appl.iuices 

finiish Or.'dsnu ... 

Runner *H. H. • 

<’iM# Kiunnurnna Group ... 

I.HlV l|»K» .. . 

1 .ti. induMTijU . .. 

I'nMfl lloiiw 

Picjiin MoidmRfl . 

Ujujf liiu>iin#r.t Trj:i 

tiunioud Stilus Company 

n,stiij<*rv ... . 

W1101 Gtouu of Pcierborooao 

r..n p. Hottlirus 

Mo:! 4 s Group 

•Uitsons Bourne End 

I. Lilian* •Jam - s* 

Macdonald 'lamn Dusnilcry 

Marling Indus) n< t 

May and ftaisctl 

M-fdK.l bonurv 

v m-rjuir tin-cTtmi'n'.i 

\nnon -IV. E. > >Ho]dinsA' 

n 'i and As£ui-iai>>d liDritit-iu Truai .. 

B .liners Int.i^n 

R.vSoiin* lm«;nu:wna’ . ... 

Si fi-MXM Ijiunars' 1 v. orw^i,’ rj 


Anuounce- 

Dn idend ■ p 

.» 

nii-nt 

l-asi year Thn M’-ar 

due 

1:il 

KmjJ 

ini. 

WpdneMjay 

f l 

t jiiry 

1.9 

Thurolar 

1 4 

i i-.ri 

1.1 

Mondai 

07 

Nil 

Nil 

Wo<ln**oda>' 

— 


4.4-r 

MumJjo 

I 

1 Gil 

1.498 

MonQrtt 


0 idiifi 


Thursday 

0 457; 

0 6^40 

0^1 

Monda> 

1 n 

2.02714 

1.1 

Tbur.-dav 

1.1 :;3 

1.7x75 

1.1.15 

Mondij 

I.-'OS 

1.4255 

1 2 > 

Tlmrnliv 

11.773* 

0.3063 

O.Tall 

Thuftdjy 

2.0123 

4.40259 

2.693 

Vndinr 

MG 

1.67 

Nil 

Wrdneaday 

1-1* 

1 U4« 

l.W 

Wednesday 

0.39573 

SL25B35 

0.953 

v.>dn ?sddy 

Nil 

Nil 

S:S 

Aionday 

2.4 

42»> 

2.R5 

Monday 

2.S 

3HS 

K n 

Tuesday 

f>. 47335 

0.46S27 

0 3 

’.lor.day 

l)*i 

1.97146 

0.9U3! 

Tlronsdny 

n.i3 

U.S 7 1 

1j7 

Tuesda* 

i •* 

2 Oil 

r 3 

WVUnefcJaj- 

u ..0r:9 

.ft,; 1 ! 

n.TC'ir 

Monday 

il.iatiV, 

1 76iii 

0.5771 

Tuesday 

11 I23e2 

l* 14717 

<1 17066 

1 


1 ' -i'l 

1/ 77 

Mi<taday 

0.45 

0.":* 

0.2* 


AniMiune*- 

nn:u» 


Dividend ip‘* 

T-asi year Thi^ 'ear 
Ini. 


0.5 

l Ji 
0.99 
O.i 

1.51515 

1.1 

.-.0 


Company 

Srmoads Ergoieenng 

Tejfunrd Jersey 

Untied BnUsb SecufiUeJ 

tallied Gas Industries 

\ tou'o Gruup 

Wallis I astuon . ... . 

Watson CR Kcl\*n- . 

Henry Wtgtyi! and Sons 

W'lieinson Match . 

Wood >S. W.t Group 

Wrsaluoo >E.» 

INTERIM DIVIOENOS— 

Wonsvr Kmcw^ertna 

Oitcitrjside Properties 

UeuOurei and Panoer 

Ui'twral Consolidated Investment Trust 

Ciara Olowr 

tmpvnal Group 

Jacksons M and H. B.’' 

Ma.-pbcrson < Donald » Group 

Nr«| and Spencer 

Waison and Philip 

Wvarra Croup 

Vu.\ CaUu 

•Oiv-voda *"0"4i net p*nc» per share, and adiuKod for aw nt«r\en.na s.-no 
)•«:• -Tnial dividend forecast ai time of ri*m« uuue was dOp. 
gecoiid lEiiiruii of forecast flnaJ of 2.jp. I Second intemn. 


due 

Im. 

final 

. ... Thursuar 

O.T.o 

0*2383 

.... Tuesday 

Nil 

Mil 

Tuesday 

1.0 

2.9753 

. .. Thursday 

0X125 

2.473 

. .. 1 rida> 

0 3 ;:. 

I.n 

. T'nday 

1..V&46 

2217273 

.. Tuesday 

1 0 

1.13*1 

.. Monday 

— 

4 H25 

Tuesday 

5.7ji«S 

4 .92643 

■ Wednesday 

1.5075 

2.29916 

Tuesday 

— 

1.0t>3 

Wednesday 

e.u 

1.0227 

—.. Wednesday 

n.isjj 

1. 1225 

. ... Pnday 

025 

0.575 

... Tuesday 

1.2 

2.33 _ 

Moudw 



.. .. Thursday 

2.23 

S.1I 

.. Tuesday 

0.4K25 

U. 30 123 

.... Tuesday 

02)438 

1.63135 

.. . ruenday 

0.3125 

UH 

.. . Thursday 

0.76308 

1.50738 

Monday 

0.408 

0.9 

.. Vnday 

US 

0.7E7 


growth by inventing in a wide 

idea of'^uch income is appealing range of American s ecu rides, and 

It will not grow . U shoulft t CLTwiSS 

form more than a part of a port- ■ ^ Target Trust Managers 

folio constructed for income ^ °f c 7w 3 ,ta ; j Sp « :ial s ‘*“> faon s 
Tlic second novelty is a new fond— the old Coyne Growth 
single premium li re-assurance £L nd " ,th lL * Portfolio revnamped. 
bond, brouffht om by British T* 1 ® new investment aim is to 
National -Life Assurance and one concftotrate on asset and take- 
of the most respected names in over situations, recovery _ stocks 
the investment business, Fram- and shares with high dividend 
lington fund managers. The new cover. The yield is 4 per cent 
y.r.i vnu hon< ^ — "‘hich will be hmted to a Jrress, so this fond will oniy in- 
-.‘include* total subscription of £Im— will link terest investors i-eekieg capital 
premium payments 10 units in appreoaaoo. 


Fluidrive accepts £5.5m , j 
offer from AE 

A week after rejecting a £5m KG for Newey Group ba? been, 
share bid from Thomas Tilling, accepted in respect nf 1.547.313.; 
the directors of Flaidrive ordinary shares. S4.1 per cent nf... 
Engineering have agreed to those shares subject lo the offer.'-' 
recommend a £5.5m share and Prym holds or has acceptance* 
cash offer from Associated for S8 per cent of the ordinary 
Engineering. - shares. The offer is now uncandi* 

The latest offer is three AE tional arid remains open, 
shares for every four Fluidrive 

shares which values the company . ivrvriJCD ntcpnc Al 
at Sip a share m yesterday \ AE ANOTHER DISPOSAL, 
dosing price of lGSp. or SOp a RY REED 
share ca«h. The rejected offer was i n a 12.8m deal Reed Inter-, 
five Tiffing shore:, for eiery eight national has agreed to sell its 
Fluidrive shares which, at yesier- Coated Specialities subsidiary lo 
day's dosing price of llop, values Bund Pulp and Paper. This 
Fluidrive at 72p. , pushes up the total cash raised by' 

AE directors said that as part R 0 ed through disposals in lhe last 
of an on going review- of folure 12 months or so to above £4im. 
product and market developments qij, e programme of disposals is 
lhey had decided some tune ago part of lhe Rroun - b slate d inten- 
that the power traiKmisson 1 field tion la put ils raain stream busi- 
was worth investigation. Fluidrive ness on a raore sccure financial 
was one of the companies on their footine, lo reduce the company 1 * 

Irat because it represented an debt to e q Uity rat i 0i 
excellent base on which lo build a ... lh „ h _.. n ho _,, 

co mprehe revive product range. 5 n^irttJSSv 

W'lth access to AE’s market in n ei * . r ' oss ma k ,n ™ or activities 
ZSJSg and Si l*'™* ^°up's mainstream - 

Coated Specialities, with net 
AF m assets valu ™ at fl - m ' fallsi ftUO 

itt^butft wMdiu^irtnuSpS lhc latter wfesory. Pre-tax profits 

£ r i3M.0ro ar " AP "' “ am0U " lrf 
. .. - . _ Buiui said that U\e acquisition \ 

will expand it* range of laminated 
self adhesive materials for the 


about profits for the second half 
than they were at the time of the 
Interim statement rather than a 

i“' graphicarts' FndusUT- 

tors added ctiat it was t-netr 

inten lion, subject (0 legislation, 
to Uft total dividend payment -to 
SJS gross, an increase or 15 per 
cent 


VVETTERN REJECTS . 

The H'cttern family n mam-' 

^ .i- .w . laining its stiff opposition fo the V 

Oudimng the reasons for the hi(t fr ft orn w . 4. C | 0hS0p fnr 

acceptance recommendation. Flrn- wettem Brothers— in which the 
drive s managing director, Mr. f am i]y has a near 50 per cent 
R. 31. Miles said (hat it was thc stake. 

better deal for shareholders. “The Yesterday, thc Wettem Board 
chairman gave . seven specific rejected Giossop’s latest offer ot 
reasons for rejecting Tilling a jjop a share — increased from 95p 
bJd,” he sa4d, “Associated —which values the company at V 
Engineering have got five of the just over £2m. To date the Wettem \, 
seven right and the other (wo family and su porters controlling ' ' 

half righL’ 1 a 53 per cent interest have' - 

successfully blocked G lasso n. The 
Wertern Board is alyo adnsme 
ISEVVEY GROUP other Sharebolders not to accept 

The bid! by Wiltiam Pom-Werke the bid. 



y» 









Hries Saturday July 8 ^978 ' 

Hr^ SUMMARY of THE WEEK’S COMPANY NEWS 

Take-over bids and mercers mpnt fee of £38.625. designed to secure acceptance uf certain PRELIMINARY RESULTS 

■ SJUI O _ Customaeic shareholders holding 1.4m shares out of an issued 


uii\c-u ycf mus ana meraers ment fee of £38.625. designed to secure acceptance uf certain 

1 “ Ul ° - Customagic shareholders holding 1.4m shares out of an issued 

Newman Tonka has emerged as the mvsterv suhor of Econa. l ? taJ of 5 ~ 5m * should not be paid. It also ordered that Mooloya 

IT, Si"? “rV'T* "SUMS * il, “ e in “ sl1 * r>isine i,s aBer ln *** 

4m htd* ™' 2p fallow,n * announcement of bid talks. The ^ hare ‘ 

^l b ln F PnSeS . Dlne Nwinan shares plus £4.35 In cash for 

v,. e " r “*u sbares - The proposed merger has been given _ Value of Price Value Final 

he Otessing of \he Econa directors who have nledved aecentances Company bid per Market before of bid ActV.ee 

n rcspeit uf their ^harehrtirfinnr «#■ a D ° na ' e ^ ed£e<1 aCCCPranCeS bid for share** price** bid tiro s)** Bidder date 


Company 


Pre-tax profit 
Year to (£000) 


Earnings* Dividends* 
per share fp) per share (p) 


n respect uf their shareholdings of 6 per eenr. 

.{ t ,, A new dlver!? ifi^ and publicly quoted plantations company 

lilt net worth nf ...:n _ ' ■ j# _ 


I'miVin T fnrth nf about f2m wil > come to the market if plans AibHebt& Wilson 
•latps are dls? WPCk be ? r fruit * The Robinow family and asso- BridgSUier tSl 
. f, rc draw,,, S together various plantation interests In Right- 
. n V'j , J m{: nnw has been 3 Private company. Rightwise ftjjl£522 

;i fnr Dou " di Holdings. Gadek Indonesia, and Arbour Court taSJSSfS.B.) 

,([jl n\ l . menia while Uadek Indonesia at the same time will offer Econa 
til f >.r. ,n lh ° H. 3,9 P° r ceilt oF Sampang Java which it does not H n “ r ! re giiff. 

K r|j K ■ - ad > T hc Robinow family and associates already control uSlfijif- 6 "** 

- r ’Ciind: and Hadek Indonesia but not Arbour Court Investments. Malaysian Ests. 

(irand Metropolitan is making an agreed bid for Alnwick „ . . 

' 1 ' : . . erv ’ " h,dl despite its name is a distributor of a wide range 5SJbffiwA A ' ,> 
■i vunes. beers and spirits. Grand Metropolitan is offering £23.25 Hcnsfaalt (\v!) 
ash for each ordinary share and £l for each preference share investment Trust 
•f the unquoted company. KCA^nd 

The board of Spooner Industries is opposing the 80p a share Leslie & Godwin 
ash offer from Sandvtk which countered an earlier bid of 65p Lond. Anst.lnvs. 
rum Rodman Heenan. Shareholders are advised to take no action iriv-rTOoi 
nd await the board's detailed reasons why it considers Sandvflk’s Trust 
ffer inadequate. MHn Masters 

In the face of stiff opposition from the Wetiem family and ^tta 

«nnates which control a 53 per cent stake. W. and J. Giossop Spoowiad*. 
as stepped up its offer for the ordinary shares of Writ era Bros. Spooner lads, 
rom 95 p to 120p a share. Giossop, however, is not altering the kltts (London) 
prms «>f its S5p a share offer for the preference stock. TYiSt gtout> 

Manchester Garages, one of the country's leading Ford Printers 
ealers. and Oliver Rlx, Its BL counterpart, could announce a Turner Mftg. 
lerger within the next 10 days. Talks between the two companies u£iirir , cLL ro *' 
re well advanced and the deal has already been cleared by both 
ord and BL. • at? mh nir* 


Value of Price Value 

bid per Market before of bid 
share** price** bid (£ro’s)** 

Prices la pence iwtecc mw r wi i t MtcaM. 


Bidder 


Assoc, Newspprs. Mar. 31 

Final Bam berg ers Mar. 31 

ActV.ee Bassett (04 Mar. 31 
date Blackman & Cnrd. Jan. 31 


195*5 

183 

12S 

6.6* 

8 

I* 

55* 

65 

56 

20* 

21 

1»* 

132* 

123 

90 

«4* 

91 

72 

73 

82 

35 

84 

SH'S 

S2 

955 

114 

90 

210* 

205 

155 

20* 

23 

18 

SO* 

23 

21 

268 

258 

253 

29* 

27 

28 

125* 

118 

116 

132i* 

139 

123 

21* 

25 

19 

200* . 

198 

163 

825 

79 

82 

65* 

66 

53 

SO* 

86 

77 

200* 

200 

170 

US- 

66 

55 

345* 

141 

124 

120* 

116 

58 


55 

48 


B rattan) Miller 
Braith waite 
Brickhse- Dudley 
Bristol Pos 1 


Mar. 31 15.461 r 12,013) 23.0 (18.9) 5.775 (5.207) 

Mar. 31 1.380 (1380) 6-3 t8.8) 3.232 fSBfl 4) 

Mar. 31 3.020 (3,050 > 20.1 (22.5) 5.B67 (5.1301 

Jan. 31 163L t JO-3 j£ 2.0L (0.7)§ Nil (1.375) 


115.04 Tenoeeo — Bristol ”o® 1 
0397 Sagesl SA 12-7 Rurtonwood Brv 
Armstrong Caledonian 

1.82 Equipment — Celeslioo 
1.05 Mooloya lms. — Coimore UY. 
3153 Cargill — Cropper (J.) 

3.91 Newman-Tonks — Dally Mail Trust 
5.03 Thos. Tilling 14/7 Downing (G. H.) 
5 J7 Assoc. Eng. — Ellenroad 


Mar. 31 1.090 ( 8721 

Mar. 31 1.020 (1.820) 
Mar. 31 2,020 (1,580) 
Mar. 31 1.760 (IJHO) 


■7 Burtonwood Brw, Mar. 25 1,540 (1,300) 


Mar. 25 
Apr. 1 
Mar. 31 
Apr. 1 
Mar. 31 


468 (345) 

1.190 (1.090) 
191 (235) 

3S0 '44; 

2.980 (2,660) 


5 J7 ASSOC. Eng. 

Harrisons 
115.79 Crosfieid 
Cement- 

5.65 Roadstonq 
0.50 Bovbourne 
0.75 Petford 


Mar. 31 1.720 (1.89U) 


Barclays Bank/ 


KUlM(B-) , 
13/7 English Card 
Eucalyptus 
— Ex lei 
— Giles (F.) 
7/7 GEC 


Apr. 8 
Mar. 31 

Apr. 1 
Dec. 31 


129 (203) 

247 ( 155 ) 

2.760 (2,860 1 
1,350 (2.150) 


Greene King 


84.21 P.OJP.F. 12/7 Hendersn. Ken to i 
7.7 Mr. T. Ward . — ‘ KJeen-e*Ze 

2431 Frank B. HaD — Kin (a KeUas Rbr. 
11.45 Colonial Mutual Lees (John J.V 

Lire 12/7 Loud. Mid. lndls. 

Ascbbebn Secs. & Mansfield Brew. 
052 W. & A. SA Zog — MarshaDs (HTax) 
4J23 HQlesbog AB — Mercury Secs. 

Mitchell Cotta Monk (A.) 

12S Group . — Moorgate Mere 

2.7a Redman Heenan — PeglerHattersIcy 
3.39 Sandvik — Rediffusion 

Industrial Rexmore 

0.78 Equity — Ropnor 

Rout ledge 

2.78 8tanvestlnv. — Scottish t Newest 
14.50 Dana Corp- 17.7 Shaw Carpets 
2.02 W. J. Gloasop — Smith (David S.) 
2-38 Newman Inda. 19/7 Sound Diffusion 


Mar. 31 2,100 (1,760) 11.4 
Dec. 31 1.040 (6S7) 9.9 

Mar. 31 325,300 (273, 300) 28.3 
Apr. 30 4.250 (3,600) 20.6 


(7.4) 1.5972(1.4298) 
133.6) 7.748 ( 3.846) 

1 5.0) 2X5 (2.112) 
(10.41 6.37 ( 5.759) 

114.4) 3.404 13.095) 
(41 .5) 3.623 (3244) 

(3.5) 0.75 (0.429) 

(5.9) 2.396 (2.173) 

(2.4) 1.5 10.75) 

(172) 12.7811(11.559) 
(41.3) 11.433(10.376> 

(6.4) 2.155 (2.155) 

< 3 . 4 ) 2.13 ( 1 . 5 ) 

(22.0) 2.98 (2.62) 

133.9)’ 4.25 (3.0) 


12/7 , Hendersn. Kenton Mar. 31 1,430 11.410) 


— ‘KJeen-e-Ze Mar. 31 493 (429) 9.4 

— Kluta KeUas Rbr. Mar. 31 478 ( 496 ) 4.7 

I Lees (Jbbn J.V Mar.31 133 (113) 7.2 

12/7 Lond. SUd. India. Mar.31 1.910 0.580) 15.6 

Sc Mansfield Brew. Mar.31 1,589 (1,225 ) 30.5 

f- MarshaUs (HTax) .Mar.31 2J60 (1.850 ) 34.5 

— MerenrySecs. Mr. 31 10,770f 111, 7101 1 19-0 

Monk (A.) Mar.31 2.730 (2,280) 10.9 

— Moorgate Mere. Mar.31 205 (123)f 1.3 

n — Pegler Hatterslpy Apr. 1 12^80(18.160) 26.1 

— Rediffnsion MarAl 17,430(16.470 ) 7.7 

Rexmore Mar. 3) 890 ( 970 1 9-5 

— Ropnor Mar.31 2,370 (2,800 ) 7.4 

Routledge . Mar.31 361 (311 ) 1 72 

— Scottish fc Newest!. Apr. 30 35X0(35,110) 10.0 

1 7/7 Shaw Carpets Apr. 30 699 (229) 3.8 


4.1 (6.4) 

5.7 1 3.4 ) 

16.5 (22.01 
273 (33.9) 
11.4 (10JJ) 

9.0 (6.7) 

28.3 (20B) 

20.6 (17.9) 
12.0 (16.S) 


S trend Riley 

* All cash offer, t Cash alternative, t Partial bid. I For capital Tesco 


Apr. 30 1,310 (1X0) 

Dec. 31 560 (478) 

Mar.31 480 (XI) 

Feb25 28,560(30.190) 
Mar.31 458 (273) 


(7.4) 4.3 

(5.5) 3.5 

(5.7) 2.1 

(14.5) 4.8 
(252) 7.5 

(24.5) 5 8 
(20.3) 3.7, 

(S.5> 3.5 
(Q.91t nil 
(41 .5 > 7.6 

(7.7) 4.7 
(11.1) 42. 

(8.5) 2.1 
(12.9) 4.0 

(93) 3.4 

(1.5) 2.5 
(12^) 2.6 

1 8.3) 12 
(5.4) 1.5 

(4.7) 1.61 
( 7_2 ) 3.0 


2.15 (1.5) 

2.d8 (2.62) 

4.25 (5.0) 

5.415 (4.898) 
1.554 (1.412) 
4.3811 (3,622) 
7.256 ( 6.503) 
3.685 (3-35) 
4.32 (3X8) 

3.5 (2.925) 

2.1 n.90S) 


4.808 ( 4.305) 

7.5 1 6.5 1 

5 84 (5-22S) 

3.728 ( 3.38S) 
3.508 ( 3.177) 
nil (nil) 
7.685 ( 6-881) 
4.791 (429) 
4-25 (3X2) 

2.131 <1.908) 

4.05 ( 3.67) 
3.409 13-099) 

2.5 ( 0.875) 
2.663 (2.404) 
3.216 (1.0S9) 

1.5 (1.0) 

1.63 (1.459) 

3.022 (2.707) 


u, lu ou _ * All cast) offer. T uash alternative, i raraai bid. s tor capital Tesco feb25 38,560(30.190) 5.4 ( 4.7) 1.63 (1.453) 

The Takeover Panel announced on Thursday that certain not already held, f Combined market capitalisation. |1 Date on which TerAbrmdvro Mar.31 458 (279 ) 6.8 (7.2) 3.022 (2.707) 

•atures of Moolova InveshnenK' hid Fnr r««tAma<>rie oAiisritiitA » scheme is expected to become operative. ** Based on 6-7/78. Waddiugton<JA Apr. 2 2.780 (3^70) 39.6 (27.7V 1151 (6.454) 

serirm,^ hrVarh rS ft At «u*P«ilon. tt Estimated. $5 Shares and cash. II Based Wellman Bagrg. Mar.31 1,553 (1,409) 6.7 ( 5.7) 2.396 (2.145) 

senoua breach of the Takeover Code. It ordered a procure- on 7/7/78. Wflkms&Hjtcneli Apr. l 64 i'52l>L i «■ o.ijL 025 (0.1) 


INTERIM STATEMENTS 


Company to 

Alxudra. Discern* June 30 
Barr IA. G.) Apr. 29 
Bath and Portland Apr. 30 
Birmingham Pallet Apr. 30 
Braid Mar. 31 

Brentnall Beard Mar.31 
Glanfield Apr. 2 

Gough Cooper Mar. 31 
Granada Apr. 15 

Habit Eng. Mar.31 

Independent News June 30 
Lincroft Kflgonr Mar. 31 
Parker ( Fredk.) Mar. 31 
Thermal Syndicate Apr. 30 
Winterbottom May 31 


*440 

495 

2.050 

121 
S39 
233 
15L 
285 
16X6 
SO 
1,360 
424 
3.140 
202 
■ 219 


0) 

per share ip) 

(260) 

4.5 

(4.5) 

(219) 

075 

(0.67) 

(1,860) 

1.6 

(1.5) 

(93) 

2.0 

11.5) 

(401 1 

0.478 

(0.433) 

(564) 

0.572 

(0.531) 

18) 


(—1 

(579) 

1.98 

1 1.95) 

(11,624) 

J.171 

1 1.0G5) 

(50) 

0„55 

(0.4944.)) 

(818) 

4.W3 

(2.437) 

(365 1 

1.5 

(l*2i 

(2.300) 

2.475 

(2.475) 

(551) 

2ft 

1 3.l)i 

(185) 

2.0 

(1.6) 


(Figures in parentheses are for corresponding period.) 
Dividends shown net except wbere otherwise stated. 

•Adjusted for any intervening scrip issue. tNet profit figures. 
X 18-month period. $ 16 month period, f Includes interim and 
second interim, proposed final Is 1.162P. II Includes bonus of 0.335p 
payable providing legal right to do so exists after July 31. L Loss.' 


Offers for sale, placings and introductions 

Birmingham District Council: £50m floating rate stock 19S3-S5 at 
£99.40 per cent. 

Rights Issue 

Dartmouth Investments: One-for-three at 15p. 


Scrip Issue 


Henderson Kenton: One £1 10 per cent preference foT Hr* 
ordinary. 


John Brown sees growth slowdown 


ToothiU picking up after £120,000 loss 


PART FROM the machine tool 
vd plastics machinery interests 
e recovery process at John 
rown and Company is now com- 
rte. So. as long as the existing 
it of group activities remains 
ibsl.intially unchanged, holders 
ould not expect further annual 
•ofit growth of the order 
.1 -Uicvcd in 1977-78 when pre-tax 
C i 1 * If Her*" j um P*‘ d from JClO.SSm to 

In his annual statement in 
1 * l vance of the Tull accounts Lord 

yerronway. who is lo retire from 
c chair on July 28. says that 
.•re will be further profit in- 

h. isos o\er the years but at a 
ore conventional rate. Develop- 
-■nt uf cxiriins or related ranges 

products will enhance this 
ocvNs. a.« would l he purchase of 
ni piemen la r.s hutinesses. 

For the current year machine 
ils and plastics machinery 
teiesis a:<- likc!> lo remain dull 
lile John Frown Engineering 
•cs a sales challenge to secure 
substantial number of orders 
- k.-.£ iurhir.es for delivery 
fore the end of the current 
sr. "Even so. (he current year 
.mi «d not disappoint slock- 

i. lers." sialeR the chairman. 
.?«»nimenting on the past year’s 

• ;u!ts he reports that JBE had 
. . . v.*ry pntlixaWe .year but 

-nusp of unusually high output 
rMond of 48 turbines were 
u'>M > r *.s profit should be re- 
as exceptional. .TBE's 
rrent year will be pond but 
< exceptional Its year started 
li « much shorter order book 
.1 i Mihstanlnl volume of new 


orders are needed to inert 
targets. 

Constructors John Brown had 
* good year with a high level of 
activity. Work in hand is lower 
than a year ago but prospects for 
new orders are good. Competition 
is fierce but CJB remains in a 
good position and should again 
(his year be a main contributor 
to group profits. • ' • 

With the contribution from the 
newly acquired Boalloy, profits of 
Craven Tasker should be excel- 
lent. while at Markham and Com- 
pany the order book, is good. 
Firth Brown Tools is still finding 
market conditions difficult and 
John Brown Plastics Machinery 
still has a long way to so before 
a satisfactory performance is 
achieved 

The chairman points out that 
net bank borrowings of I9.3m at 
the start of the year have been 
eliminated and at the year end 
there w*s a net cash surplus of 
JEl.~t.2m. The group is. however, 
vulnerable to substantial swings 
in its cash position. 

Ihe improved cash position and 
prospects for future profits have 
justified a more liberal approach 
to capital expenditure, and 
various modernisation of ex- 
pansion schemes are being 
planned. Acquisitions apart »l is 
planned tu spend some £l-'rp. on 
capital assets in the current 
year. 

The accounts will include a 
supplementary statement prepared 
in accordance with the Hyde 
guidelines on inflation account- 
ing 


BELHAVEN 

hare been brewing beer 
Jot over 500 years 

★ 

REPORT and ACCOUNTS FOR 
LAST YEARTR0M — 
BELHAVEN HOUSE, 67 WALTON RD., 
MOLESEY. SURREY. 


Lord Aberconway (who is to 
become president of the com- 
pany) will be succeeded by Mr. 
John Mayfaew- Sand ers as chair- 
man. Sir Eric Mensforth is re- 
linquishing the position of 
deputy chairman. 

The full accounts have been de- 
layed. by industrial action at the 
printers and this has required a 
postponement of the annual 
meeting to September 4. 

Buoyant new 
business for 
Standard Life 

Buoyant new business in both 
the life and pension sectors is 
reported Tor the first half of its 
financial year, ending November 
15. by Standard Life Assurance, 
the largest lire company in 
Scotland. 

New annual premiums rose by 
50 per cent to £7.9m compared 
with £5.3m in the corresponding 
period last year. Premiums on 
contracts related to house 
mortgages were 56 per cent higher 
at 14m, premiums on self- 
employed pensions nearly doubled 
to £0.95m. while premium on 
executive pension arrangements 
were 150 per cent up at £Im. 

New annual premiums for group 
pension business in the UK rose 
by 38 per cent to £7.3m from 
£5.3m and croup life business by 
75 per cent to 11.3m. The company 
also report that single premium 
.business is well up during the 
period. 

AB Electronic 
redundancies 

AB Electronic Products, the com- 
ponents manufacturer with sales 
last year of £17m, is to axe an 
| unspecified number of jobs at its 
i main Abercynon factory in 
1 Glamorgan, following the merger 
of the switch and controls 
divisions. 

“No Qgures will be announced 
! until discussions with trade unions 


* 


Lindustries 

INDUSTRIAL HOLDING COMPANY WITH INTERESTS IN THE U.K. 

AND OVERSEAS MAINLY IN ENGINEERING, POLYMERS AND TEXTILES. 


have been completed, and the 
possible contribution of the tem- 
porary employment subsidy estab- 
lished," said Mr. Harry Kroch, AB 
deputy chairman and managing 
director, last night AB employs 
over 2.000. 

The two divisions are merging 
in the light of depressed demand 
in AB's consumer electronics 
division, which makes hi-fi equip- 
ment audio systems and visual 
games. 

“Certain- of -our older products 
are also being superseded by new 
technologies," added Mr. Kroch. 

He said that tbe group's other 
activities, which include marine 
and mining equipment manu- 
facturing. machine tools and 
medical electronics, were operating 
at unchanged levels. 

The (hick-film microcircuit divi- 
sion was expanding to meet 
demand. 

AB’s interim profits to last 
December were halved at £154.000 
on the previous year, reflecting a 
strike at the start of the year, a ad 
the loss of the regional employ- 
ment premium, which cost the 
company £116,000 in tbe six month. 

George Wills 
hopes to boost 
dividend 

Subject to the Government's 
limitation on dividends per- 
mitting. George Wills and Sons 
(Holdings) intended to double 
the present level of distribution 
during the next 12 months, the 
-chairman. Mr. Jack Reynolds, told 
the annual meeting. 

This year (here had been a 
temporary setback in profita- 
bility in the international com- 
modity section, and the year's 
group profit was forecast at not 
less than £750,000. On that basis 
the increased dividend would be 
covered 2.5 times. “ The situation 
would be reviewed at the earliest 
possible opportunity, '• Mr. 
Reynolds said. 

In the year 1977, tbe group 
doubled its profit to £986.000, ana 
lifted the dividend from l-3915p 
to 3 .5542 p net 




AFTER CREDITING temporary 
employment subsidy of £164,160 
R. W. ToothJLL furniture manufac- 
turer, reduced its taxable loss 
from £149.605 to £119.186 for the 
-year to Marcb 31, 1978, 

Tbe directors say that the level 
of loss before temporary employ- 
ment subsidy has so far in the 
current year been sharply 
reduced- and they are now aiming 
lo operate at a profit this year. 
However,- while the volume of 
trading remains sluggish it would 
be Imprudent to suggest any sig- 
nificant level of profit in the short 
term. They remain optimistic 
about the longer term. 

To conserve resources, as last 
year, there is no dividend. The 
loss per 25p share for the year 
under review is given at 7.05p 
(9.66p). 

Invoice sale; for the 12 months 
fell from £2Sm to £2.16m exclud- 
ing VAT and the pre-tax loss was 
struck after depreciation of 
£84,779 f £93 .599). There was a 
tax credit of £69.792 f£S2,0I8) 
leaving llie net deficit at £49.394 
(£67,5S7). 

REED LNTL. 

Champness Cowper preceded 


Price Waterhouse as auditors of 
Reed International, not Hill 
Vellacott as reported in a survey- 
in the issue of July 6. 

Hancock pleads 
for investment 
in Australia 

AUSTRALIA HAS ASTbn worth 
of new projects ready to go if 
they can be freed from Govern- 
ment “ strangulation ” so as to 
attract capital, according to Mr. 
Lang Hancock, the Australian 
entrepreneur who discovered the 
mammoth Hamersley iron ore field 
in the Pilbara region. 

Speaking in London yesterday, 
lie roundly and characteristically 
attacked the Canberra Govern- 
ment as be appealed for what he 
called ** a favourable climate 
attractive to risk capital." par- 
ticularly from the UK and Japan, 
writes Steve Thompson. 

But he could offer no firm in- 
formation about the possibilities 
of a start to development at bis 
own company’s Maraud oo iron ore 


deposit In Western Australia. 

Mr. Hancock pleaded for the 
mining of the country's massive 
uranium deposits “ with oat delay." 
In fact the recent actions of Mr. 
Malcolm Fraser’s Government 
suggests that it too sbares this 
. view. 

He welcomed tbe Government’s 
decision to drop - its plans for a 
resource tax on profits from oil 
and uranuim mining but pointed 
out that there were still many 
“ harmful restrictions " to creating 
a climate attractive to risk 
capital. Mr. Hancock advocated 
the abolition of the Foreign In- 
vestment Review Board and . the 
dropping of restrictions on the 
amount of foreign ownership of 
raw resource ventures. 

In a final shot he argued that 
mining is the basis of all civilisa- 
tion and must not be molested by 
environmental considerations. 

SENA SUGAR 
ACCOUNTS DELAY 

The much troubled Sena Sugar 
Estates reports that owing to the 
shortage of accounting staff on its 
estates in Africa, coupled with 


the problems of arranging an 
audit, shortage of machine 
accounting spares and “ software," 
the results for 1977 are not ex- 
pected to be available for release 
until later in the year. 

Braid sticks 
to its earlier 
optimistic view 

The reported fall fn taxable 
profit at Braid Group for the first 
six months of the current year is 
not seen in any way as represent- 
ing a trend, says Mr. D. C- Bam- 
ford, the chairman, and he stands 
by the cautious optimism he' 
expressed in February. 

Vauxhall sales are once again 
rising and with the exception of 
vans, the shortage of which is 
disturbing, the company now has 
the stocks to support its marketing 
effort. 

On sales of £13.Slm (£l2.11m) 
profit for the half year to March 
3L 1978, slipped to £339,246 
(£401,382) 


SECURITIES TRUST LTD. 

(incorporated in Jersey) 


m ■/ 






Income Shares and Capital Shares 

Arbuthnot Securities have formed this a dividend, a scrip issue of Capital Shares (at 

new company, registered in J ersey, to invest in the relevant issue price) of value equal to the 

T T -. 3 T 7 T_ S ^ a T '_1_ O ^ J ■ ■ 1 1- ■ 1 t 


Group Results forthe financialyear ended 1 April 1978 



1978 

£000 

1977 

£000 


Per25p 
ordinary share 

1978 

1977 


Turnover 

88,403 

78,964 

*12% 

Earnings 

24.7p 

23.1 p 

-h 7% 

Exports 

14,698 

14,470 

+ 2% 

Dividend 

9.0p 

4.4p 

4*185% 

Profit before tax 
Profit after tax 

6,919 

4,859 

6,605 

4,547 

+ 5% 

+ 7% 

Dividend cover 

2.7 

5.3 

— 49% 

Assets employed 

40,672 

38,976 

-r 4% 

Asset value 

179.2p 

168.7p 

+ 6% 


The Annual General Meeting will be held at The Dorchester, Park Lane, London W1 on 28 July 1 978. 


United Kingdom and Irish Government 
Securities^ 

The Company’s only tax liability 
will be the Jersey Corporation Tax 3 currently a 
fixed annual charge of £300. 

This will result in the company having a 
tax. free income and its income shares will 
1 provide investors with an estimated gross 
! jdeld in excess of 12%. The dividend will be 
paid without deduction of tax*. . 

Holders of Capital Shares^ available to 


gross dividend paid on the Income Shares. This 
facility will enable investors to build up their 
capital without the uncertainties inherent in 
equity investment. ' 

Investment policy will aim to achieve a 
steady level of income while giving a degree of 
security to capital values. 

After the initial offer (which closes on 21st 
July 1978), Shares can be bought and sold each 
Monday in a similar way to units in a Unit 
Trust, at prices based on the underlying net 


> 

Engineering Heaters and air conditioners for motor 
vo hie: os equipment for military and off-highway vehicles, bulk 
handling equipment tor the mining industry, metal forming 
equipment brewing equipment electrical elements and 
heaters, ollice equipm ent 

Pofvmer Rubber gaskets, rings, hose pipes, anti-pollution 
booms, tpong* sheeting, mouldings, wet suit mateimj rubber 
bands, plastic Uea, plastic pourers and dispensers, medical and 
surgical products. 


Tfixtilfi 

Natural and synthetic threads, twines and braids; yams, ropes; 
narrowfabrics. - 


overseas residents only,* will receive, instead of asset value. 

Copies of the Prospectus and Application form can be obtained by telephoning 01-256 5281 or from thc following: 


Sales : £37,763,000 -f-1 9% 
Profits : £3,1 65,000 -f 41 % 

Sales : £1 6,492,000 +1 1 % 
Profits: £646,000—27% 


Safes: £20,703,000 +5% 
Profits: £1,985,000—9% 


XL 


Investment Advisers Secretaries 

Arthbuthnot Securities Ltd., Standard Chartered Trust 
37 Queen Street, Company (Cl.) Limited, 

London EC4R iBY P.O. Box 2S4, Rutland House, 

Pitt Street, Charing Cross, 
St. Helier, Jersey, C.I. 


Brokers 

Cazenove & Co., 

12 Tokenhouse Yard, 
London EC2R 7AN 


Overseas Sales: £13,445,000 +6% . Avyw, 

Fish nets, ropes and twines, marine hardware, threads, canvas p rofHs; £1 f2 39,000 -f 3% 

row Revert Mrf Atemntt cm te 


Directors: gir Trevor Dawson, Bt, ' Chairman) M. G- Barrett, D. Sr. Clair Morgan, J. 5. Clark, A.C.A., A.C-I.S., R. W. Masters, A.I.B. 

please send me a copy of the Prospectus and Application Form for shares in Arbutbkot Government Securities 
Trust Limited. 


m 


Signature...—.*. Name. 

% 

Address.. ■■"•••|||,| t|M|Mk4)aaiaaaa . 


ARBUTHNOT^^cd Ig33 , 

GOVERNMENT SECURITIES TRUST LIMITED ■ m 



IS 


Financial Times Saturday July S 197S 







Wall St. up 5 on inflation news 


INVESTMENT DOLLAR Continuing investor worry Teuco Canada pul on *2 lo Mfl}' OSLO— Industrials and Banking 

PREliil'M about another round uf inone- — n has a one-third stake in the steadier, Insurances and Shippings 

92.60 to II — H0J% ( 1121 %) tar. tightening by Ibe Federal wells. Husky Oil climbed $33 10 quiet. 

Effective $1.8733 — 31; (523^,) Reserve was not allayed by the $43i MILAN— Mixed in raMv active 

A DECIDEDLY' BETTER tendency re port j-Mtentay of a S7D0m rise _^ h i an l_? < L^“ da J 0St _ S i 1° trading. Financials ail firmer. 


developed on Wall Street yester- 
day. buoyed by cncourainns news 
on the fight against inflation. 

The Dow Jones Industrial Aver, 
age moved up 5.20 to SI2.4A. 
reducing its loss on the holiday 
shortened week tn 
XYSE All Common 
553.54, rose 34 penis on rhe day 


in rhe Basic Money stock, even 
though the increase was less 
than vxpectcd. 

British Pert-oleum, up So at 
Sl.13. headed the active list. 


Bonds' lower in quieter trading. 
VIENNA— Market drifted lower, 
with Breweries losing ground. 

HONK KONG — Slightly easier 
on active profit-taking, aithuush 


S29i on Kaiser Resources, off Si 
Lo S14f. plan lo offer $32 J a .share. 

PARIS— Firm in active trading 
in initial favourable reaction lo 

. report frn mBremen on plans /nr 

(, pjnlin also were active and European currency stability. Con- 
fi.4D. The advanced S2j to 544 4 . Johnson tinned low level of Call Money Institutional demand near close 

Index, at a „rt juliuson rose si 4 lo SSI J. also encouraged market. alemmcd the decline. 

. ... ... . . Chrysler Picked u „ Si tn SIOI BRUSSELS— Mixed to mostly TOKYO— Sharply higher led by 

but was still .jJ cents down on _ ; hp Departmen' nr Transport- higher in quiet trading. ” Populars " and Blue Chios with 

the week, while rises led falls hy |j nn found Chrysler s Omni and In Foreign .slock-'. IK and Market Average risin» -»S is to 

a two-io-one majority. But trad- Hoirzcm tars safe. Dutch little changed. Germans new post-war high h" in 

ins volume decreased I.4Jra Alma slipped $3 to $4tlj on steady. Canadians and French f a j r j y active tradioc Volume 

shares to 23.4$m. price increases on some rose. l : S. mixed lo mostly lower, 4450 m ( 4 uom> shares. * 

The Labour Department aluminium products. Reynolds tiotd Mines fell. Buying spread over wide front 

reported June Wholesale Prices Metals, up SI to £S81. also AMSTERDAM— Firmer, follow- on dollar's recovery a-ainai yen. 

rose 0.7 per cent., the same as announced an increase in some ing higher dollar. nith active buying *i»v major 

in May. easing upward pressure product prices. State Loans quietly mixed. Japanese Investment Trusts 

on Future Consumer Prices. Colonial Stores gained StJ to Switzerland— Generally higher Export-orieniated issues rose on 

The Labor Department also MSt— » t* hoard rejected a bid by in quiet trading. Gams exceeded revived buying. Foods, Textiles 

said unemployment fell in June Cat enlists Grand Union unit at losses 49 - 10 ^ 2 1. and Stores also moved up on a 

to 5.7 per cent of the workforce . ,rrDic»\i ™ ,, ■ ,, , Banks. Chemicals and lnsur- recovery in personal spending. 

isra 1 SuTSf £*<£!& ™ ? « si .syssrsrs 

stfisss 'fArx profi " sk " t - 


concerned about unemployment. 


FRIDAY’S ACTIVE STOCKS 

■'uanse 



S:n.-t-v 

l'li).in|| 

ilTi 


irailvf 


da.i 

Br" P~irel--urii 

WVl» 

1 ii 


Abb»:i l.art. 

.'IS iVA 

■H 

— | 

Rnrer «;roup 

_'M inn 



Jta'.vt on Pu'.n* 


15, 


ri*v Pe:re!,;ura .. 

. SST tinn 

n 


I'ninn i.'/M* 

Tt» ■pO '1 

,>i 


True, 

h!fl "+S 

■J'.j 

- 1 

Aitn*r T*J A T - -.. 

5C +*l 

.» 

-t 

Heuhlom 

if; i.w 

:« 


S ara Ro<^)urt 

1+0. 1 UU 

— 1 

- 1 


Banks gained up to 


volume leader, jumped 54 5 to 5152 mainly on foreign demand. Trad 
— il is looking for Atlantic Cily ing was lively, 
real conic in build a hotel casino. Leading Chemicals 
Resorts International “A" added changed, buf Electricals 
S2J mi 3X4 

CANADA — Further sains were 
scored >eslerda>, when the 
'forerun Composite Index put on 
3.7 in 1 125.fi with advances in 11 
of ils 14 component groups. 

The Oil and Gas Index advanced 
20.5 10 1 .448.8. Pacific Petroleum 
rnse Si in SSSJ on news of its four moderate 
West Pembina oil finds, and lower. 


JOHANNESBURG— Gold shares 
mixed in quiet dealing-. .Mining 
little Financials also quiet and moved 
gained unison with Producers. 

AUSTRALIA — Mixed, with most 
interest in Minings, 

JPa neon (mental kist 20 cents 10 
ASI4JS0. Utah were nff 3 cents 
to 3.05 on its continuing iabmir 
Mark Foreign Loans dispute. 

In Coals. Coal and Allied eased 


ground. 

DM 2 AO. 

Public Authority Ronds shed 
up to 40 pfennigs. despite 
DM 22.7m worth of Bundesbank 
purchases, 
mixed. 


COPENHAGEN — Mixed In 5 cents to 4.45 after Thursday's 
dealings. Shippings sharp gain on bid rumours. 

Thiess dipped 10 cents to 4.40. 


NEW YORK 

J*i:r 


July 

6 


«l.«eb 


July 

7 


July 

ft 


Kiosk 


Jill v 
7 ' 


J. 1 I.V 

ft 


Sits* 


July 


JuItJ 

6 [ Mine* 


Julv 


(hjajU LcL«. .. 
Vi'irNt . 

u:ai 

A:. I’rulniw 

Is** 

v;»a. Lh-i i.n~. . 
Wleplrany P--» t: 
Vllif-i (crnra-ai.. 

\ii:e»i bticr* 

kri.-fl'Ia+nftfre- 

VMA.X 

Vr»r:s<l« Hr»».... 


J 2 

UU.* 

a9" 
27 . 
tfiit 
40”a 

17-i 

1*8 

35" 

sa 

43;* 

3i=« 

27!, 


ilk 
£ 0 * 
39* 
27:, 
£ 6 * 
4V-. 
17 U 

17-S 

36 

23* 

33: t 

33* 

27ij 


ujrntng 

tPl' Int'n'itwuU. 

• l 'non 

, l.nvken Vil 
: « nrxn lie nertMr± 
■ t urn nun* Kugme. 

1 i.uttna Wright 


SB 
47* 
27* 
25 W 
31‘< 
371, 
16* 


a'4i, 

464, 

27* 

as 

31U 

37U 

16* 


| John Xunlla...' 
I Imidwii Johnson, 


V -Uf-r. 

V :;:uO .. 

12‘S 

l*-8 

Vn'C, 

HrajjiJ*.. 

50 

50 


Krt«tlLS*;. 

47 . -j ■ 

46" 

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42 

411, 

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< VtUOlki' 

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28-s 

\u +■. 

|IM. lei.. 

ifc* 

32i, 

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453* 

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27 

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| nuu. ' 

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IlMeiv 

. IJel Vtioie. 

• Ummiu 

r [lenUpiv Inter ... 
1 IhKrmi ftiisun. 

! (luuui-tbli-luuirk 

J I)u4«|Ji>inr 

I lligita Lump 

Disney 1 Hall'.. 

j IhirerLieiio 

■ Ibm ,:|iprih«i. 

I Unco ... 

j lirwer. 

I l»iij»>ni 

I I Unit* lndutLru** 

! bjj.c Pu-Jier 

; heu Vn-lum . 

! kjumuin kodak., 
i bat. in 


Aintr. Mt.iei . .. 
\nier. Ie!. & Je.. 

VrAtieV ’ 

V UK 

\.UP 

Vm|A-v . . 

\ Dehor Hoeaiag. 

VnhetMT U.ue±i.. 

Arran* SUel 

V.!»..\ 

A-Asuen. • ni 


5B-: 

oil, 

17*i 

o2J « 

14 

29:, 

2.3, 

29 m 
2LU 
17 


27ag 

433, 

3 1 is 

26 V, 

iO&i 

243, 

lbln 

234, 

151, 

46'* 

411, 

41U 

24 

Zoij 

451, 
1125, 
3 CM, 
253, 
1»V* 
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«6ij 


27Jj 

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31 in 
263, 

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24J, 

IS!} 
251, 
■.4*5 
453, 
403, 
4U? 
24 1 , 
26J, 

43 

111 *, 
AU', 
241 j 
12 
52 
36U 


Jofm-tira t 'oiiri ni , 

| Jill UamilMair',. 

! K. M«l I'orp 

; K»iM*rAJuiu,Bs'm' 
• Kn*n liMutiTW. 
i Kuei itwl - i 

; k«y ; 

i Knnwoti 

i VUtino.. 

j kkt,1<* Wnlier.. „• 

K"iral*etlv t'lrrk.,1 
Kxppen*; 

krmil ... . | 

Kw^ser I'o ; 

Imwriv Ttf.hn..' 

I« vi Miausa .; 

LititivUir.Food..., 


30ls 

811* 

253, 

324* 

243, 

30lj 

a 

24 

124i 

2X?« 

431, 

632, 

44ij 

»2*a 

461, 

»3. n 

A2'a 

AS 


Shi, 1 


297, 

601, 

26 

32U 

2*3, 

50i« 

2 

83i, 

12 :, 

22^, 

4XS, 

53J, 

443* 

2 X>: 

451 , 

32s, 

o2'* 

32', 

261, 


i HeTkin... u 

RtjtwWl* MtWOm; 

' R*rorJ«l« R. J, 

1 Ri-hVfl Sfeit*ll,. 
. Howell Inter .. 
i Rubra A Hkm 


471, 
28i, 
553* 
8 b:, 
32’, 
32. B 


47 1, 
28 U 

6 j»g 

25 

Sir, 

aZtg 


J WchM worth 

I Wrir 

• 

I 7j>]«la 

1 irailli Rwiv* ■■ 

J I I'm,’ * « Mh: 


34 

5833 

31 

17-, 

32!, 

I3: a 

29sg 

2li] 

89U 

211 , 

164s 


Indices 


X.Y.S.B. ALL COJUCOX 


1 -- . n .aits 
JJ.tir T -to'r S 


NEW YORK -DOW JOKES 


Juir 

b 


Jiii\ 


Huth I L^-w UujU i !.* 


ln.iu.rm .. BIZ.4B ,07.17 805.79 812.8; 818. -S o2l.b'4 Mi.il 

■ <e •?> 

R-irMbadf' 8iM9 B7.W 87.20 87.22 87.34 87.60. ir-.Bfi 
• i4.1* 

Trfn.p mi... 218.25 216.50 2IB.S0 218.82 218.6b 218.62 .'sl.ob 

' M" 'll 

Vnntiv. 105.55 105.07 105.28 105.5a 104.84 104.80 110.8* 

o. Ii 


742.12 


B7 IS — 


1051.70 41.22 

111 !&.. i.- t <c\ 


'jT.Il 

102.44 

[82.21 


J7S.8, 

.'.«*■ 

161.52 

i .>4«n! 


15.24 
■ / 32) 
I0.S1 


Tndioe to , 

xXO-nl 


25.480 24,870 25,750 11.580 18. IDO 2f.5» - 


* Ha-.i-.iii ln>iex .-i.aitgcl imm August 24 

Ind. <ltt. vielri % 

June M 

Jiuie Cj , 

Juue 16 ; ■ 

Year agu appruix.! 

5.71 

5.68 

5.58 

4.83 


STAK’D ARB AND POORS 




; -1 11 I 5 - ; Jiifr 

7 ■ ^ 

> 1 

Jnlr July J 
0 0 . 

■me June 

l?i 8 

Sinre t iMUf-iUl'n 

Hi^h * L 1 . 1 v 

! High ; Nt» 

:tadusirisl« 104.76 104.03 

itomp&sne 34.M 94.12 

104.02 104.87 1DB.U 106.67 

94.27 9S.08 96.be 95.5/ 

1 10.99 86.62 

iK bi . i3,o> 
100.62 83.30 

•*> 61 1 *6 ‘3i 

134.64 3.62 

ill li7e> ioOti 0 C 1 
I2S.H6 4.40 
til I'loi <1 ti.a 2 i 


Julva 

luiu , 

Juuc _t 

tear *^u <*|j|<lv«.i 

Ind. t*ir. yield % 

S.18 

5.11 1 

5.07 

4.42 

Inrt. P. K Kan.. 

8.93 

9.04 

9.11 

10.14 

Lnnc Ui>rl. Huml yield 

8.62 

8.S7 

8.52 

7.60 


Jnlr July July Jnlr 

7 4 0 ' 

bi.W 65.00 bf.00 66.46 

! ! . . 

MOST REAL 

rrarted 1.889 

1.S86 1.864 

Higtr 

tr.M 

Jliiv 

7' ' 

. Kise* 

L, "‘ Falls 

as */ Ln 

SI«ha 

• ™ al New Low,. 

964 

451 

454 

1? 

59 ' 369 

855 1.119 

455 376 

15 19 

43 39 

/- 

. 

6' . b" i' • 

Higu 


Inrtii<tn*l 
( V-mbmert 

110.98 

189.78 

180.12 178.31 179.82 
laS. 18, 188.73 IBs. 1 1- 

ISb.Bb iLjAi . 
lart.OO (e 6) 

lULrtl ■ le.-Bi 
I7S.S2 r.*f i- 

TOROS TO Lonji»j'ift- 

IIZ5.E 

I1Z1.9 1I1B.B 1.123.6- 

IMrJJilo.ei : 

1 

JOHASS£SRUK(j < 

!••. d 

4 

224.9 j 

232.1 222.6 1 <ai ’ 

1 

»i. .-14, t 

1B3.D *2C »1 

in > 

243.3 ! 

41.3 240.8 

243.3 lirtl 

194.9 '• * 

■ July Pre- 

. 1378 

1978 

' July 1 Pre- 

: 191? 137? 

7 Hijcn 

l/.w 

7 viuua 

. H.gn l/iw 


Australia £■ 


96.4b 


Denmark’ 93.4 J 


iTi' 63.1* 


GernuLnyi"! 
Holland iWi 


83.2 


Italy 
Japan i 
Singapore 


i:i 62.51 


484.6U 

001+>4 

441.19 


fli-fa'l 

ll 3> 

9i.il 

WI.1+ 

Bl'.4i 

96.00 

lKi"DI 

Ifc&l 

9K li 

&4.30 


l3 l. 

te.2i 

K.4 

J 1 .* 2 

47.5 



ti ii 

794.6 

1 127 

709.4 


1 to-i-i 

• IV a. 

82.7 

o7.u 

iif.O 


i9h-. 

<4.4, 

dS2.67 

632.67 

33o.44 


.13- 1 1 

its !i 

62.46 

b4.24 1 

tu.4o 


.'*•» .-; 

ftU.lv 

42L94 

423.13 

004 ,U4 


■ 1 11 

i4. 10) 

3m.Pi 

353.67 

2rtv.O 


•rt ii 

■ 1 fil 


Spain 

Sweden 


it 
uii.74 


lit* 104.25 ' 1UA54 . IlD.to 
i -9?. 

ir> 579.90 577.93 337.9? 

■ct» 

Switcnrl'd!’ 291.1 290J »r.40 ?iv ».0 
■ a?** * 2c* 


Indices and base dates tail base caljM 
7U0 except NYSE AO Com man — 50 
Standards and Poors — to and Tornn: 
sen-i ooo. tbe last named based on 1975 
t ExjJuding bonds. 3 400 Industrials 
i 400 Inds.. 40 UuiitiM. 40 Finance and 
20 Transpen. «5» Sydney All Ord 
* * Beialan SE 31 '12'BJ. i--' CoocnbMen 
SE I t'S *-fi Paris Bourse 'Ml 
Comnienbank Dec., 1953. '4vi .\nucer. 
dam. Industrial 1979. «•••» Hame Sene 

Bank 31- 7. M. * f.l ) Milan «•! -is. >a • Tokyo 
New SE l-T. 09. (hi Straits Tine* 19M. 
k i Closed. *rf* Madrid SR M 1 !! 77 
>»* Stockholm Indosirial iM-.iO. ij* Swiss 
Bank Coro. •»> Unavailable 


F.T. CROSSWORD PUZZLE No. 3.713 

A prize of £i i rill be giren to each of the senders of the first 
tiiree correct solutions opened. Solutions must he r evened by 
next Thursdag. marked Crossword in the top left-hand corner of 
die envelope, and addressed fo the Financial Times. 10. Camion 
Street. London. EC4P 4BY. Winners and solution -will be given 
next Saiurdug 


Same . 
Address 



ACROSS 

1 Paints blues on the tideway 
to. 7l 

10 Anli-ritsi direction can he a 
bore 1 3. 4) 

11 Please make key bo> study 
l7 » 

12 Deny > may be wanting « 5 1 

13 Beast lakes a long rime to 
arrange cheap sea travel tSi 

15 Further protection for man 
in field (3. 5) 

16 A qualified chemist Him 
current . . . t-4 


S 


Home countries combined 
over rough sea order fai 
Weapon for- team member 
(4-31 

Accused's reply to bill for 
computer 1 13j 

Neath might be somewhat 
depleted (5. Si 
14 Oil producer retiring makes 
a fair attraction (7. 3» 

17 Diamond set off in November 
(K> 

19 Bird t«i accept without 
question t7» 


9 


I* . . . expense taken care nf by -* leaving tone quarter i lo 


the way i4) 

20 Work vale might mount firii 
1 5. 3) 

22 Plant grown m a tin like this 
(St 

24 It's sticky about wrongdoing 
«5l 

26 Greek capital lets in deadly 
tree 1 7 1 

27 Stabiliser on hoard returning 
sailor left after all c 7 ) 

28 Prize awarded l» mad was 
easily first (3. J. l. Si 

DOWN 

2 Trouble intended we bear to 
cause afilicluin t7« 

3 Reguliirfv regarded as cmn- 
monpla*-p in. :ti 

4 With which In abm.il a horse? 
t4 i 

.» Undemanding line* from 
*;w itrlicd-un wrilcr (5. 5i 


lake over a theatre 8 ■ ) 

23 Tree may lie hlack white or 
north fa i 

25 One hand-leader is joining a 
bird (4) 

SOLUTION TO PUZZLE 
No. 3.712 


SOLUTION AND WINNERS 
OF PUZZLE No. 3,707 
Following arc the winners of 
lasL Saturday's prize puzzle: 


Miss L. Marr, 6 . Cliff Parade 
*' A.” Hunstanton, Norfolk. 

Mr. E. Massey. La Fcrrne 
de la Fonlatne, Grouvillc, 
Jersey, C.I. 

Mr*. K. A Siephen*i»n. I'.ruiik. 
Mj-Chrep Rallutv Prnruenadc. 
Ramsey, l.-Ie of Man. 



RACING 


BY DOMINIC WIGAN 


Stradavinsky’s class 
can land Eclipse 


STRADAVINSKY, least expert- Two others who seem sure to 
eoced in to-day's 10-runner run well at attractive odds are 
Eclipse field and almost certainly Balmerino. a dose third behind 
the most progressive, strikes me Moncontour and Dunfermline in 
as the likeliest to collect the Joe tbe Hardwick Stakes, in which 
Coral prize. % he put up a far more eocourag- 

Strada vinsky, a Nijinsky colt ing performance than when 
bidding to follow up ArUius's traijing home a listless second 
outstanding performance of a behind Crow in the Coronation 
year ago for Vincent O'Brien and Cup, and Radetzky, easy winner 
LesTer Piggott, may well have put of the Queen Anne Stakes, 
up an unusually fine perform- Radetzky, back in training 
ance when making only his through lack of patronage 
second racecourse appearance at following a book nf eight mares 
Royal Ascot three weeks ago. this spring, can be certain of 
For Stradavinsky’s conqueror tremendous initial backing when 
in the Kine Edward Vll Stakes, he returns to stud if he can win 
lie de Bourbon (rated by the far- here. 

from-over-optimistic Fulke John- Ryao Price, whose tough five- 
son Houuhtnn sufficiently good to year-old Jellaby is another whose 
take a hand in the King George chance cannot be dismissed in 

the Eclipse, introduces a likely 


SAN DOWN 
J.45— Kaunitz** 

2.15 — Silver Steel 
2.33 — Stradaviuaky 1 -** 
3.30 — Boden’s Ride* 
4.00 — Royal Orbit 
4-30— Red Johnnie 


first-time scorer in Boden’s Ride. 
Mr. Harry Demetriou's colt goes 
for the Paddock Maiden Stakes. 


SINGAPORE 


seem* on his Ascot running to 


bi- 


Shirley Heights at Newmarket. 


who is improving all Hie time, 
fret sure that lie de Bourb 


are in the same category. 
If, 3 s seems more than 


looking but still somewhat 


more pounds since Ascot, the 
colt's class may carry him 
through in a particularly open- 
looking race today. 


■ 1,004 ■ 


SPAIN * 

July i 

Vsiuid 

cTKfl EUPao . . 

Siioui All, ni ico 
■I, ntv rientraJ ... 

Ian- 1 » Kxitrlor 

liaruu fitfiK-rjl . . 
Kanco tlranada 1 1 090 

C4DI.-.1 Hispano .. . 
n,am lo.H. Cal • I .Ml 
li. I ml. M-diu-rraueo 
luaiu Popular 
Catutf Salflaiuior H’oU 
Kan, ii I rquijo ' l.UUU . . 

fiaiito Vi*ta>J 

Kaii-.u y .» rasurano .... 
Haukuniun 

Panus Andatucra 

RalKin.4 tV lima 

t.lC 

Dr„,du« • 
Iwinbarul .... 

R, t. Arananesa* 

Espaiio'a J-.iiif 

Ex pi. (tin Tmto 

E-'utsa ilD0fl< 

Fpnosa ‘l.OOOi 

rial. Prvcadas . .. . 
i.trapo Velazquez 
HMroU 


I4M> 


Per cent 
121 
304 
2 « 

312 

268 

284 

15» 

236 

172 

208 

250 

40S 

254 

243 

272 

153 

205 

28 

12 

287 

78 

54 JS 
102 
82.75 

66 

73 
78 
165 
78 St 


+ X 
+ * 
+ 1 
+ 6 

+ 4 


+ J 
-eio 


-r 5 

+ 4 

+ 8 


July 7 

9 

July 7 

» 





Burin 

0.67 

.StraitaTrad'g 

: 5.E0BJ 

R.ui-tMu.1 C. i.- 

l.*J 

Times Plih. 


H-MirtetuLHbd' 


Berftjtrt: 5.22X0 

I'unk-p 

‘20 

t . Ko^ineer*' 1.P6 

K*u' 

3.54 

,f. 'Jr's Bk .. 

?.0« 

Pra«er Neav+ 


n k* me 

5.*i0 

Raw Par... 

l.MS 

Trai-t.ir 

a.iii 

Hume Ind.... 

1.91 

VheDiiiAl -- ■ 

a.W 

lni.-Ji..-a)je 

2.16 

"ulin Jacks. 

, 1.4J 

Janliiie 

— 

Rubber* 


.VI *lai‘ Kre» . 

rt <)j 

;Hstu Lmtane 

^:01 

Malay L-emi. 

2.K5 

Utii m!(.. batale. 4.u4 

Wei. Bx Sing: 

2..M ad'keuipa* j 3.80*0 

lUil.TIL 

F.i* 



f'an Kiea'iriL.-' 

Z.’’* 



Ifui.liiu.n 1 *». 

:;.in 

Tins 


(.'••I liman 

s fi4 

■Austral. A*n.| 


Mil'Ll 


llei juutai... 

i 3 

rtilne IJarlir.. 

3.1- 

-knnipai ■■■■■ 


t nM Murage 


kui-liai | 

;1.40 

SiraiuMriua 

230 

.I+>« er Perak. 

•2.10 

!‘ll*lts'lilll(f 


I’rtaling Tin. 

tf=. 91 

(14iPi Ltd 


"uprsaneCp.. 

2.00 

• 


*1 uugLaliKar. 

— 

Ibertnero 


85 2S 

+ 0J5 

Olarr* 


... U9 

— 

Papderaa Ueunulas 

13 

+ 1 

Pctroliber 


.. . 122 

— 

Petrol eoa 


.. .. 203 

— 

Sarrto Panalera .. . 

. . 57 

- Ml 

Sniace 


52 50 

— 

.Sdse/lsa 


... . 124 

— 

Tclefonlra 


n 

— 

Torra* HasTench ... 

. . 47 

+ 1 

Tubauex 


. . 100JQ 

- 0.2S 

L-nitra Elec. 


. .. W JO 

+ 0.75 

BRAZIL 






“ 1 t> 

fill- ^ n r 1 111/ fi" 1 


■IiiIt fi 


M'T 


— Lin . 


+ 5 
- 1 


- L2S 

- 1 


A.-6-IW •II*. . 

Hmu-iit'' Kni/il.. 
Han,— Itau 

MijiwmUP 
Ijib- Airi-r. nl-.. 

Pttmhra.- PP . . 

Pirelli 

SiU I ( ruz IIP .. 

fmp HU 

t Hi* flrv-^ PI 


i.oa 

2.01 

1.48 

2.13 

2.3, 

3.23 

l.Sil 

2.87 

5.35 

1.30 


-0.li3 1.12 I'-.H 

-0.010.17 =.45 
... 0.37 6.i ( 
t ana J.08J.75 
+U.0V J.a^v.02 
t U.07 0.14 4.02 
+ 0.U6 J.16 ID. 5^ 
-r0.04 0.248.01 
—0.06 0,25,4.67 
•~S.au 0.10.5.84 




- L50 


Turnover : Crl2S.9m. Valorae SS.am. 
Source : Rio de Janeiro SE. 


NOTES: Overseas prices exclude S ireminm. Belgian dividends are after 
iiltMu.ldraa (ax. 

A TTMW denotn. unless mlirrwtse Mated. V Ptas_300 denom unless otherwise 
stated. A Kr.IM drnoiu. unlesu, nlherwise staled. 4> FTi Joo denom. unless 
other?-'] -<£ alateiL T Yen so demiin. unles* otherwise stated, g Price at time nf 
'UaptHi-onn. n I-lurms. o S-hillian:. »* i.'entj. <i Dividend after pendum rishts 
and nr w-rip issue, t- Per share, f Srancs. pCrn-s dtv. h Assumed dividend 
ruler s-tiii and fur ngni« i-'-rae. e .vtur ln< -at lairs, tn tpjt tee. ,t {-'rancs- 

rarliidirts l nila-r rtw p Nnm n share spin. * luv. slid jtWii exclude Kpcuia! 

; indiunud di- n i nofSu-Ml iradiiu. i Minnnts IwiWers onlj. a Merjser 

niidins ’vi.«i Bid. » Trgiti-H .seller j Astoim-’d \r F.x nshu. art Ev 

dividend, at- Ex scrip i*sue. ra Ex all. a Inienro wnvt increased.- 


1«-'1V . _ 

\-nianiMii! 

lr*.. Uu-nireM. . 
Kill- llaia Hr*'. 

8 VI 

\i«- • 

\<-.n I'li.lvti „ 
lla.L If,- l.'lft ... 

Hun* i nine. -a. . 
tiali »evs 1 1-. > .Y. 
Hsr*rr *»:! . . .. 
Ihntr Travenui. 

henlrs-e F.r.l 

l!e>'Uiuliu:*FnNt.n 
Keil 4 Hup*: I 

Ueflitix 

Keofun tv-M -IT 
Keiolenem Meei. 
ba-'U i v. k*r... 

B<nniig._ 

K-««e I'jundt 

IS vilen 

Ht.q; Warner. 

bnaiff Ik..- 

Hrss<-sn-A' 

Uruiol liven 


»4i, 

33 

48>p 

291, 

V 

a*ii 

64 i a 

25 !* 

221 ; 

36J, 

27 

43 

US 

183, 

38', 

22 is 
18', 
5239 
25:* 
281, 
28=s 

13 
14:, 
46 U 


13.-, 

32: 2 

481, 

20 

9 

24 
53 s, 

25 ^ 
ZZ>a 
45lj 

27U 

.. 42i, 
25 
361, 
Z8-a 
47ia 
3*4 

• 22 H 
185, 
52 
25U 
28 i, 
28 
12 --* 
141, 
36 


i K.n.4'i 

j hi P«»i N'nr. Gat 

j bun 

i Kineriun filer mi-, 
j bme rv AirlVtghl 

I Km h»it 

j K.31.1 

| Kogi-I hunt 

Kamil! 

[ Ktlivl 

! Kanviiilit 1 snirn 
' Ke>l. lh>|M. Mm» 

1 Him,, ne Tine . . . 

I F*i. \w. BiMliia. 

J HIhvi Van 

jfllulkiile . ... 

Kliu-iitii l^nii er.. . 
i Pliiur 


*4* 
15. g 
aO'a 
35'a 
2a»* 
37 ' 

aia, 

Su.a 

211 , 

44'j 
30 
a6t, 
13T S 
26., 
201 ; 
Zt l, 
30 1* 
a6i. 


I jJIKW lirnup.. ..1 
i Ulh'iKlyi 
| IJTtun IlliflHT.. . 

| livklitiil Auvrll* 
' tan* nisi- Indue. 

| Luos U)nn<l Tad. 
LuUlahthS Unrt.. 

1 Lui-nn' 

Lin ky Mites • 

I l.'ke V'uuntt'nn. 

} MbcUiIIsr ... • 

V«cx U. H 

{ Mila, Hanoi er. 

23a, Haw.. 

PB.-C JUraUM-n »*H- • 
tfarine Hullsnd. 
\Unbali Pield .... 


241* 

Ibi, 

30l a 

AS 


•4 
21 
30 Tg 
211 , 
431, 
284, 
a5i« 
13-*, 
V 81; 
19- 1 
kS=A 
29 a 
36 '3 


02V 
4«. # 
* 1 
22 1# 
1«-'* 
18 -3 
21 J, 

aa;* 

I6’r 

78r 

ms 

41 

a4i* 

six 

42U 

J«s 8 

21S, 


32is 
4 Bm 
iOi* 

X Hr 
191; 
IBli 
ill, 
38'; 
1 = 4* 
"Ip 

10TJ 

40>, 

34*, 

Sim 

42:* 

141} 

31*. 


| Xotal Unleh ' 

1 KTK 

I Kiim« Lufie.- 

' k»i 1 «--v»tem. 
Salraar Slum.. 
"H. Jot Uinenu*« 
m. Ueil« Hsper.. 
■Minu fr In- In.. 
mm Intent.- .... 
-evun Inrtn 

Vhu/ Hirwinj;..' 
?M hiunilwrsri .. ■ 

n'M . 

’ianKi tVl-er 

-‘•■••lil Writ - • 
Sciiildernuah i ap 


£94 

147e 

12 

22 

3B<ag 

i4sa 

27 

34 S* 
S»8 
fa 

121* 
8«i, 
17. * 

19-4 

7-8 


59 b 
i4»* 
II * 
22 
39 
k4<* 
26. b 
34l a 
8*8 
B'S 
12is 
B2si 
171* 
16% 
19i* 
7 -b 


CANADA 


; k.wj* 

F-irn Motor . .. . 

[ PiiiuniiKl Mi l... 

I li-llfiri. 

| Fnmli'in Mint. .. 
1 Kree|«wi Mineral 

j Knieliaiil 

1 Faque In. 1 n 


23 .* 
46S, 
ZO-'A 
3b. 8 
9'1 
24S* 
28 -* 
lO** 


23 1 , 

45.; 

20 >4 

36U 

9!» 

24>, 

28 1 3 
lOxg 


I G..4.F ' 

1 I'ltUDHI 

1 lien, Amer. Int... 

'G.a.f.A 


Bnt. Pef. ADK .. 
bwt'tniT 

Brun^wu* 

Hwitiu Kne 

Hu.f.vs tlfKa.... 
HuritngiufiMtui. 
Uunraif'lu 

L,inp>*!l S«ip . 

tinuliin Pti-iiie 
1 . 10,1 Nan< 1 o:pn.. 

iJorna; i.m 

1 amerAUeaera.’ 

< vur Hin to,' ... 
Caterpillar Tract* 

i.B4 1 

Urtne-Mfl uruu... 
LenLral 41 S.W .... 


lbJ* 
33 m 
14J, 
17 -a 
6 >4 
371; 
72-, 
331* 
lOln 
111 * 
27a, 
12 
Ms* 

56 >* 
&B»8 
41 
Lbl; 


151, 
38m 
14i, 
18 
6*4 
37 
723* 
33 
16 U 
lUa-l 
Z7u 
11>I 
17*4 
55-4 

40-4 

IDS* 


I, kii. 1 all.* 

iien. Hi tuunuT.. 
lien. Kleflru-,... 

ii on. KiH-if ., 

(icm-rai Mill* 

IfHiieml Mmw.. 
lien. Hiii*. L‘iil... 

(•on. Mf-nai 

i.fii. lei. Kicct... 

lien. ‘Ivre. 



beuiyiat Pacific.- 
i.eit.i on 


13 

42:, 

!»- 1 1 . 

27m ■ 
16*, : 

71 ! I . 

5Uj* 1 
32i, 
SO'* , 
68i, | 
lbi, | 
30 ■ 

afa»s ; 

26 Ij 
6 

26l« .' 
56ix [ 


13 

42S| 

10 

S!7„ 

16-. 

72sa 

50 

3H, 

29s a 

SOU 

19 

307* 

285* 
25 i a 
s;* 
251. 
86i a 


Mav nepr.Mnm: 

Ul A 

VI.-IVrm.-il. . . . 
Mi- lii-niie'l UfHJR' 
Vlrlinin- Hi. . ... 

Urm.nei 

>1 CIV A 

Mel rill 1.4 nrp. .. 

UeMi Perroleiim. 
HUM. . 

Minn UlocAMlfi 

M.4.I. 

Mununifh 

Miirsaii J.P ' 

Mi 4. un-mi 

Hurpbt Oil 

.Valnjrr. 

'am. t'hemittii..- 
Aatiutnii Can......; 


231* 
50 
241* 
=3>, 
22-4 
401, 
66.a 
18 
33 
*9 
35 . b 
el 

aoi, 

44J* 

45:* 

38-4 

2=1* 

29', 

18 


231* 

49 

«SJ* 

32;. 

>2's 

42., 

opi- 

17 s , 

32.0 

38;* 

OS I* 

eOi* 

90 

441* 

46 

371* 

25 

295* 

17n 


•m I i«Lnim. .. 

■neagrant 

-vnrleili.it 

>«ara lluetnsik. .. 

>K1H I» 

Mietl Ol> 

•ihe'i Imnupnn . 

Signal , 

Uiiinme 4 \rrp 

-timp’iiii.v Hal 

>KSer • 

"-uutii Kbne. 

Suuinia 

--nil |i.l< i»m 

-MiuiiiiiemCai.lMi:- 

Mauheen ('■' 

Mlin.Vnr Km.. 
'■■iHliew I'aadlli-. 
>w4hernBail»nr 


27la 

S- 

a.2ti 

3a', 

3lH 

4-1 

461* 

3753 

13 

sou 

85t, 

2J« 

293* 

fcv*2 

lr- 

as.* 

5i 

48m 


27<b 

Cjl4 

14-* 

22'; 

.-5 

51»4 

40-1, 

-ta^ 

!6-7 

13 

19 -a 

» s 4 

a >a 
29 1 * 
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15 v* 
36 
alia 
4B5* 


Vhidhl Paper,. .. 
'g'ln— faK r ... 
'l.-nnA'iinuUliiiii 
Algi-nua tHrel ... 

'.IvU.c 

HniiLut MiKllies . 
Hank Nut* -*n«iip 
Ham- KrvHirm-.. 
ilf-l: Te.ri^i.-nr . 
Huai alln I Dii 


I HPt anada . 

His-eau 

Hrince. .. 
I'n-aii t'.-iier. 
t'snalk-e Mina* .. 
1 a run I, t.'rnmnl.. 
I nmuln 'IV l,n 
Can.lmp PL .i.rae- 

Lan 0 . 1 t Indimi 
I an, (Mriti*. . 

I I'aii IViik lut. 

1 an. Niitarr OH . 

('Slllil]> Il'KeCle 
I'auur AaliMA/ 


ertainwert 

(.extua.Airerair. 

loseJianbaiiau 
Cuemit-al Hk. M 
LDeMlcsb P-'n-i. 

1 lieuie By, tern.. 
«JKw»Rr» Ut i.lve . • 

1 busier 

L : oerajYiu 

I ioc. Hllacivin.. 

•. irUi>n 

Line Mint.. 
Ciiy In r«H -tw .. 

Lucft Lola 

Colgsw fti.ni.. . 
Colli os A; Lilian.. 


SOU 
365* 
3u-* 
38U 
23--* 
29-a 
53 
105, 
as* 
295* 
23 
49 1 j 
IS1 2 
413* 
2014 
Ilia 


191* 
35". 3 
3UI* 
38 ^ 
23-' 
291* 
ass* 
lUs, 
4I-. 
29J* 
23I| 
49 1 2 
15 

415s 

20 ?* 

Ill- 


1 tfiiietie : 

j iiiHfinen B. f..„; 
" liivlytaH 1 Tiie.... 

G-iukl • 

lirsi-e W. K,„„ .. 
fit. Allan Par Thu 
tin. Xrnth tn>n r ' 

tiiii.VhiiD.t " 

••in' 4 Western.; 

».iuti Oil ' 

Haiiburtup 

Hanna Mining.. 
Hnnjiciiiej>e«-,... 

Hama 1 orpn 

Hslnt H. J 

UeuUiaia 


28*8 : 
2a i 2 
IW 4 . 
£9a« . 
28 s* : 

6*a | 
25»i ' 
13 

141* i 
£3 
fall, 
325, ■ 
16>a 
55U . 
40 
L.6 


281* 

225. 

16,* 

20 

2&S* 

b^, 

24v, 

loi* 

14 

23<s 

b2.g 

32S* 

lb 

B4S8 

39V* 

26 


Columbia l>«» 
Cuiuta'-ia Pirt.— 
C oiw. I ssL n .01 Am 
«.HlU"U*t4oil fins. 
C-mbustion Ku... 
v'm'w'ihlitiM.n. 
Cin'a'UiOil JKdL 
l onnn. Satellite. 
Cirarpuierrcjescei 

Cmifl Lite Ini- 

1 L. orai 1 ... . 

< np,K«liwPU .'.V. 
4. iMIMd f 0.-13 . . 

(v.na-d \ar. lia*^ 
1 oo-uaier Pi.^er- 
1-JDliilMUal *»ru 
conixaeatai id'.. 

I '-.-a li neural Tele 
lonii-d Kara... . 
Cooper Indua .... 


281* 
19U 1 
lbia ' 
39 

155* I 
£71* 1 


28 

1BT S 

lei- 

38 i a 
I5i| 
27 


Hewle Packard... | 

Holiday lam j 

Uiirauuke j 

Honey well ; 

Hoover : 

Ho-p-Lorp. .Liner 
Houston .Vm.kv' 
HnaiiPp.AiC&ib 
Huuna |E.P.'_...' 
I.t. Iniluscries...: 

IN A • 

In^vraou Kami...; 

Iniaint bte« 

Insuw. I 


8H 2 

17-4 

94ig 
561, 
115, 
32 1* 
241* 
lu&ft 
15 
26 
41s* 
b4i* 
05s* 
IS 


an, 

17.-4 

35 L 4 

55 
115, 
32>* 
245* 
lu»a 
1 &<* 
25s a 
4 II 3 
52 5, 
o5;* 
15 


Yal.UiHillvfa.. ..I 
N*l Nerviee Iml. - 
National Steel. 

Nal-mai 

NCK 1 

Nei+unelmp.. 
New Katfiaud SI.- 
Nei» Enelnn.l'lel, 
Niagara Mobawk, 
Niagara Share...’ 
VI- IndiutriM . 

Nort.il em 

N.wih Nat. lias . : 
\ 1 tin. Stain-. Pwr 
Nthneat Airline-. 
NtiiweM Kaneorp 

.Nortiin bUn.ni 

iie-ideau> Petrol 
HjuryMaiber... 

l*h:u EdlKni 

Ulin i 


215* 

15T. 

3ui, 

421* 

51.-* 

17S* 

22 

531* 

14 

1UI* 

185* 

24^4 

40,8 
XbU 
27 
24 
181* 
21 
54 5, 
lbi 4 
14 


21i« 
155. 
30 
41 *i 
52 
171* 
21* 
33U 
14 
105* 
1B: 4 
24t 3 
39,8 
251a 
26>* 
23-4 
lbi, 

*a-*« 

54-, 

lbi* 

14 


I'renwaa Ship, ..I 
iiivena Lurnwg .- 

1 live ns Ilutou 

P*.-ul>-(iaa ! 

PScirii- Ligating .j 
Pan Pirr. A LU..J 
ISin Aui W.eii Air- 
Parker Hannifin.j 
PnUode I DU.,...! 
Pen. Pa. 1 L_. 
lVnnvJ.|L.«. ...I 

I'caaiunl 1 

Peoples Drug I 

Pa -plenties J 

I’efjiicc- 1 


i^4 

295, 

*Ua 

19.* 

21 s* 

n- 

231* 

24 

20r* 

afil* 

27-4 

1U5* 

34.* 

za« 


23,* 

29i 3 

atN:* 

23-« 

19-s 

21-, 

6>g 

Sc 3 1* 

2 IA 

aOig 

36 

271* 

IO:* 

34-8 

28,g 


^.-ulhlalHf 

si'.a'i lUnrlurn.. 

bperrv Hull’ll 

■-perry Knii-l . .. . 

-■Illlll 

Mamlani Hraiwt-. 
Si.l.l'ill alil.-mia 
-hi. I'M Indiana.. 

Nl-I. I H| (ihai 

*-teiiir t'heDinailh. 
-Horlins I>nie M ■■ 

-ligWaltr 

*-i/n to 

-umlMrand 

.^niiei 

I whnienlor 

rektnmix 

I ele.lv nr 

telex 

lenem 


27 
25-4 
17 
41 
345* 
27 
38 J* 
“6 s * 

30 
40', 
l=M 

BI'S 

«ui« 
441 J 

31 
I2U 
*0 ia 

102 

4-4 

305* 


27-4 

,b 

171* 

405, 

33-, 

26 '3 

3S'>i 

>t6,g 

29', 
•WJI* 
13'- 
60 -8 
40.fi 
43 »4 
30 s* 
Xl-B 
40.1* 

lOO's 
4 s * 
30'* 


rhieltain 
t nrnini— 

• '•■nr. Heilmt-t. . 

lfinitlUH.| tian. 

I .—Oka liewsuve- 

I'li-lain 

I nmi lh-tfi. . . 

! t>.,nn-fi Mine- . ■ 
ihitu Mine*.. . 

I'ime t'eiii.ieiim 

IMniinhm ttndgv 

Ik^utar 

Liuiaail 

KaMiil'iir '»■»*• 
Find Bit.* Can . 


I'awn Pelniteumi 

Teia-i 

ieMUguIi 

Icm Kaatem . .. 
!>>*» Iruii'ni . . 
I'ruu 1 >11 A Inu.. 
Inu« I lilitire... , 
I nnm 1 1 1 ». . . .. 

I ilium UirnH. . .. 
li uikcn 

fane 

1 nuuncn-T. 

I'niiei-... - 

I'rarti. I ni>-a 

1 nin-aii Inrr'a, 

I ran.t M'orln Alt. 

Train* era 

in C.im lanital..; 


10', 
23.' 
18 
40 
80 
28,* 
-St 5 * 
40V 
2M, 
47,|i 
34.* 
14.* 
195, 
fi4i, 
25 i 3 
29i: 
35 
lbig 


10 1 * 

231 a 

lbi-, 

40 1* 

V85, 

285* 

20 '8 

401c 

281* 

48* 

a4i* 

14.4 

lb-‘* 

443* 

254 

291' 

35 

195a 


(Lrflalar 

l.iaill ' rl'nkinre 
< i ill! Oil Canada.. 

--id.Can.. 

HoUIDget 

Home *iii -A'.. . 
RukIbw Hav Vln* 
Htam.n h*,t .... 
HlirtarinOil A lav 

I.A.C 

I mad— 

imperial UU 

Inuci 


Zl? 

217 

IBM < 

260.5 

2S8£ 

40l* 

3B" 

Inn. Kiacmir, 

fc4 

za i. 

io-.« 

10 " 

Inti. Hawteter...! 

o5 

AS 

o5. s 

f5 i4 

Inti. Mini- i.ihenL 

06 1 * 

35" 

20 

19.8 

Inti. Umtnnst-..- 

fcOJ, 

uu" 

23 li 

£6 

llUL' 

1 5 is 


Z4>4 

24" 

luti. Paper 

391, 

39 

it 

0814 

Ipfi ; 


03" 

Z3'4 

23i« 

InL Kevli Set • 

11 

IOJ 4 

28.g 

291, 

tin. lei . 4 'lei....: 

3U5* 

50" 

^6>4 


Inrem ! 


1014 

15i, 

Ii-wa Beet 

AS 

343, 

32 

JIM 1 

11 Inrenutiutui)' 

1 1 !, 

IX" 

54 V, 

543* ' 

Jim Mailer. , 

28 'S 

B0ij 


Peruln Elmer.... 

Pet 

Plilc-T • 

Pheip, U«im....' 
PtulAitalphta Ele.! 

Philip Al orris 

Phillips Petru’m.j 

Pilsbury 

Pitney tt.iwe*....! 

Pin»irtu 

Pleasev Ltd AUK. 


22-. b 

52 

32-4 

295, 

5 »l* 

66 U 

3l<s 

404 

da's 

2213 

164 


234 
62 
o2lj 
«4 
t.se 
6558 
B 3 la* 
39-4 
ZoU 
22'- 
lbtg 


r.K.w 

50lh Ceniurr Fm 
i.a.i. . .. 

I \ UCH 

I til ■ 

I -niiem 1 

Litiietet N V 

I nnm baiK»ni.. ’• 
I u ii - a l orl-nir.. | 
t niun fiminierre- 

t ninn uni niiL. - 

L uloli Pacific .... ; 


35 ij 

37-, 

20.-4 

23.* 

20 

*74 

64;* 

& 6j* 


471* 

43i : 


361* 

384 

25.4 

2358 

20 

084 

65i- 

Znfaa 

365* 

47'* 

43 


Polaroid • 

Put. .mar Klee. ..." 
PHI* lndiwlrie*..J 
P meter fHmuile .1 
Pm- !-ervo Kiert.i 

Puliraan ! 

Pmex • 

•Quaker Hats... . * 
lupin Aiuennan.) 
Kavtbeoa.... u . .. , 

KCA | 

k>rii h l|cSieel... 1 
Eestini lntl. -A' - 


39k 

155* 

23>v 

85i- 

52 
17 
2 3:s 
9i, 
47;* 
265* 
9V t 
83ifi 


37., 

164 

*55, 

fc5i- 

2> 1 - 

32 

17 

231 - 

05* 

464 

265* 

2£'.ft 

81>, 


I’nlrny*. J 

Loited U rands....: 

Ham.-uru.. u ... " 
US fiypsum-. ... ! 

l.» ;rh«-e 

I S Me*' , 

LS leL-bOt'lugie*.. 

I Vfnduunes - 

Virginia 6let-l... • 

Walgreen , 

'Varner -Coinran. . 
'Vamer-lauui.ert .' 
Wnte- Man'meni i 
"eft. . .J 

Wf-tmi baii-iHi-: 
We-iem \. A ran 
U extern I nkn . 

" e^UD-thie Mie*.-; 


4.-4 


£ 8,4 

25 

*3'* 

2 6 l S 

41'a 

191* 

14b* 

24 i* 

45 'a 

2B5* 

L3\- 

2 ts* 

3C. J 

87 1 e 

an, 


i 1 ' 

284, 

25 

25 L* 

26 
*14 
18; a 
14" 
24" 
42" 
2b 
*3t* 
2fal* 
3S« 
27" 
16" 
214 


I Oita I 

Inland Nat. I.,* . 
In* V v l'i|< Ijiv. 
kuMr Nrx-uri-t-i, 

lAurt Fin. Corp.. 

Laitrtaa l mu. 'H'.- 

U. mill'll Hliw.it 
VUt-irv Ftniub'ii 

VI- -t mire 

M«*t Litpii... 
MiaiuiaiuMatrR- 
'urarhlB Mines... 
Noivetl Energ'-- 
Nlhn. 'InSfini . 
Numai Uii Alia,) 
0*5. wood Petrl'n. 
PaemrCiippar II.! 


• 

i "eterlmeuser.... 

I Wtill i|e-n| 1 

1 Wluietoo. Inrt... 

I U-tliumi Co. 

W iKoastn fil«ct._.. 


26 : 6 
15 
.2 
22 
It 4 
28! S 


25 
25 
*l-fl 
21 ;* 
17 V, 

2 b 4 


IVi-ifi*- Peirxieiiin. 
Pan. Can. Pet’ni. 

Paniu- 

People- Uei< e 
IWTtnA tin. 
Plai-rrlicveint-nir 
Ponet CiM-pural n! 

1'ive 

IjuMe -ilurertai- 

KangefT'H 

Kee .1 shaw 

ttir. .Vlgi.ni 

Koyai Hk.iit i,o 

Koval Trust i 

tkvvt r»- K'-i-iree; 

swfniii. 

Sbel. lanaaia ... 
9bemitTV,3liner-' 
Merten- O. «... 
sini(iM.n .. . , ! 

-teei ih tana. i« : 
sleep K.s-Jfc 1 1 mi.. 

I’exaiM t ana-i* . • 
lon.nlr.ii.Kii.Hk. 1 

Iran t*uPi|a-Ln 
Tran- M.niiu 1 >|r : 
trirer ... 

I imeti*.. . .. 

I. tit. -i-n» VI inr. 
"aikei Hnam. . 
"r>rti*ii Tran- 

" cion f. s». 


18" 

IB" 

d" 

3" 

52'-, 

b3" 

J 6 *« 

184 . 

M'» 

14" 

- /- :* 

19-<4 

»?«•-* 

•’ 0 *' 

7.1 V t 

... 

7.04 1 

lai* 

>3 

*•* 

6 . 0 C 

50* 

2 « t 

■ u'» 

SLl| 

1*1 

43 

42 


21 

2 l"l 

4 85 

4.v: 

*6 , 

f‘-4 

51 

31 

IS/ 

is-. 

IRL, 

la -4 

1 + 2 j 

t+ zc 

aB 

J7-, 

15 

14., 

iO'i 

1 U*, 

11*4 

1 L 

27-', 

ZR 

**.■* 

2 U>« 

IB" 

IB', 

w * 

19'.; 

80 

;9 

*.80 

4.0? 

10 l; ! 

1U'| 

20 

19 

. 6*1 

z? 

!t 8 <« 

2-1 >, 

17 f, - 

17<. 

0 t- 

5-i 

.12-3 

in, 

9 

9 

VZ 

* 1 4 . 

fa7:j 

h7 

B 2 U 

62 

toot* 

34*. 

17s* 

1 1 'l 

14" 

14 V. 

9. 

2 1 

74** 

V4., 

Z»l, 

as, 

■ 2 ‘, 

13 1) 

+*» i* . 

47 ., 

S 

ft - 

a7 

07i. 

41>, : 

4|*i 

l*'i 

l«>. 

tcZ-n 

22 

44 

4.+ ‘, 

lv ’ll 

191 

Mi 

ad 

lb 

10 ', 

17:, . 

17'i 

1 1 *■ 

1 1 . 

1 1 

10 v. 

15 

15 

• 4ij 

14^, 

t " ; 

Bt| 

4.05 

4 0 

19 1 

lbi, 

I 1 -; 

111 

i2 , 

ZS 

0 7 '* 

0 / 

0.50 

a ft? 

+ 6 

231 , 

1 - *4 

i=*» 

an, ' 

air. 

■a ; 

AS* 

4.20 • 

4.1. 

z.utl : 

2 . 0 J 

.B>» 

7 • , 

3-'j 

3a" 

ie»t 

10 . - 


i'»i E 


t Bur t Art-ea. 1 Traded. 
I New Mock. 



5F»*:T|r 


GERMANY ♦ 


July « 


Price i + or 
L>m. , — . 


Dls.YKI. 

% i % 


.vtii n a -ei .1 

AlHanr 'enneb... 475.5 td-rU.6 31.2 3.3 

BMW 848B - 1 28.1k, 6.6 

HA&F I3I.0iG -0.5 lB.re! 7.1 


PARIS 


July T 


Price 

Ft-. 


t- nr Dir.'YM. 
- Fw. % 


Keuie-t* ' 

\ 1 rmt 1 e Uccmi'iVi 

Air Lu|ua' | 

AuutUt'De. 


745 1 -QM l 41? 0.6 
372.0 —5.5 21.1a. a.7 
311 t« ' lbJji 5.5 

24 - 14 ,tf.26! 5.0 

Ksier 133.5 b, fd.r 18.75 7.U clL 500a *17 la. b' 2.B 

Uavri-Hyu. 201 -*-2 28. 12 4.8 ; umivgiiet ) 899 -2 J 42 . 4.7 


AUSTRALIA 


i TOKYO t 


Jnlr 7 


18 | 2.8 


tatver-' ereio-t-k.. 321.5 T 2 0 

LihalDi.Nnl.srt- 163 — 1 — 

UummeryrtanL — 233.5' ^-0.5 26.68. 5.7 

Cunt nummL 77.5+0.5' — •' — 

Daimler be iml 503.5H -2.0 28.121 4.6 

Degu+w 253 +1 17 1 3.3 

Uemajl Inau T 4 14 4.5 

Ileuce-Iie Barn.... 506.9 a. ,- 1.9 28.12> 4.6 
Dre-daer Hank....' a44 +2 28.12; 5.7 

183B-7 9.36| 2-5 

204.5. 1 0.5 ! 12 I M.b 

123.5 +0.7 14.U4* 6.7 

28 rt + 1 lie. 721 6.6 
1,8.4 -l 0.5 luJ&i 7.3 
44.6 +0.3 , 4 4.5 
134 0+2.9 9.561 W 
145.5 +2.5 14.04, 1 4.8 

517.o» - 1.0 23.44- 0.7 

. 226.5 b +1.5 18.72' 4.1 


OyckeriMiff Zemt.' 

OuletK-ffnime ' 

Hapag Lloyd 

Harpen<tr 

Hne-UM 

H.wsi-n ; 

Hurteu 

kail uni sau.. 
kan.ia- 11 . 
KauThei. . 


Kinkier DM luC.; »1.D -Q.5 | -!- 
k'HD 183.5 * -1 1.5 18.76| 5.1 


krupp • 94 —3 

Liuile ! 263 +7 ' 85 ; 4.7 

Lunenliran lit'.... 1.410 ; (B 1 8.9 

Lufthansa ■ 103.2* +0.2 , 9.56| 4.5 

MAN ' 206 +1 12-2.9 

Ma lines mura ; 169.8 *4- 1.5 17. IS' 5.4 

Metallffee I 227.0 + 15 10 

Uuni.'hener Kuckl 561 | + 1 IS ! 1.6 

NeokermaoD I 140.2+2.7' — ' — 

123.3+2.8 — - 

lcB.O +0.2 25 6.6 
269* +4 ,28.12-0 2 

291.0 -0.8 lb - 2.6 
247.8—0.2 2k3t b.3 
117.3 +u.5 17.18: 7.0 
177* + 1 14 4.0 

VKHA 188.7 1 + 1.7 18 4.9 

V+rtlnsA -R'MLbk, 292 ' + 2 18 3.1 

Ywlkaoageu ; 221,0 + 3.9 25 0.7 


Preussag DM ICO* 
K belli West. Lik'.I 

-ckering.— | 

lemmas. 

u>i ZueUer . .. ... 

(fa.vueo A.lt • 

'a'rta 


BRUSSELS/ LUXEMBOURG 


July 7 


Price 

Fr*. 


1 ni*.' ' 

+ or ; krt.'YM. 
— • N«i • ■* 


\rOe.l 2.330 

hf.-Brx 1.530 

iiekert -H“ 2.010 

:.H.K. Ceinenl.... 1.110 

',-jcUnii • 470 

KBS- 2.240 

Kimniht' 6.540 

/abnftiie Nil 2.685 

li.H.Inn.v Rm 2.210 

ravaen 1.300 

Uc.in.ken 2.350 

intem*ni 1.760 


4.7 

5.7 
9.1 


7.4 

ti.b 

0.4 


rtrwlieuank .6,770 

U Kn>x e belge.j0.750 

Pan Holding '2,020 

Petp -nil* 3.690 

x-c Gen Hajjqne.. 2,980 
sut- ber Be:ginueiLS4U 

vrfiiw 3.135 „. m 

» -2.395 ‘ + 15 AJIllj 8.B 

iTaetnen k ++ 2.560 - !+ IS -170 : 6.7 

CB.: .*! 018 i - 

'nilin.it 10) 714 .— 10 50 ; 6.0 

ieiue Mimiagne L44Q 1 + 30 1 — ; — 


+ lu 1 - 
.-5 1 72 

'—10 illt. 

—24 100 
r 18 — 

-10 .177 

440 

170 

5 L5u | b.b 
'+2 86 n.H 

+ *J !l7o 7.4 
1-5 ,148 I 8.1 

1-40 49U :'4.3 
-+ lBOtSJn 5.8 

3.1 

■ + 10 '174 4.7 

- + 30 '20o I 6.9 
.+ 15 !14U I 7.3 
.. 215 , 6.9 


ti.-.N. Garvu M .,.j 546 | 40.&- 7.4 

t-krieirar .<1,600 .'+25 75 4.i 

: 352 | t 5 31.5 8.9 

1 ..I.T. A-uate- *1. .45 1 *7hJ»i 7-0 

Cieuanc*ue._ j 324.0 +-3.5 ' in 3.7 

limb Uat-iei . ..! 415.5 ■* 12.5 11 . 21 : 2.7 
Lnsiii Cmh rr\+l 127 1+5 IB ; 9.S 

urea Ml Li-n I ‘70-5 +2.2 — , — 

Ourner } 758 . + 3 n6-76. 4.4 

Ft. Prtruie. 108 * +3 '14.10:10.3 

Gwi- IXtadencaiej 186.3 8.7s ; 4.3 

‘®«» - 57.1. +0.5 I o.V IU.0 

-Ja--quee Uorw Ifc9.9|+S.l — ; — 

L* large ' It 9 .31 + 6.0 -1*.77 8.8 

l+'Orra-w ; 810 +*5 ls..-7 a.O 

Unitandf l.t3J +30 :3 b.7b 2.2 

Uat .n» Phenix.. 485. —, 39. 8.2 

Uirnc+ui •*H‘‘ l.fc. 7 (+7 32.55' 2.6 

-Uue< Hennetaev . 500.0 +4.8 li.v 2.1 

M«m ine* Ib3 2j r 2.7 ; 3 : 1.9 

Pnrtlaa. lbfa.ft — 2.8 , 1 . s ls.0 

Pei+uney e3 *-l 1 7.o- 9.0 

Pera>f i-lti -aiii. ... 258 Ol-t 1B.Z- 7.a- 2.9 

3/2.4 +2.4 17.25 4.7 
B17.tt +u.l 1 I — 
419.5j +J4.5 30 ! 6.4 
318 -8 ! 30 ; 0.7 
100.0-0.8 1 a 9.0 
142.2) +2.5 1 1 «j» 10.3 

1.630; j 3M 2-o 

'467.51 + 3.5 10.51 9.6 
720«:+j Bb.B 3.0 
211.9 + '5.0 lb. Ih 7.2 
44.01+2.4 - : _ 


kC'MILiic cent 1 

Au- train... . 




\wit«ii Kxn'oratinn 

tinpui PHm'Mim... 

A + 1 *. Mineral*. .. . 


A -N.l 

Ai"i'm»M 


Ulueiletai ln,i 


BH south 

uCUM United Brwttv..,. 

c.-l. Co-et 

C«KfSt> 

Cuckbicn Cement .. 


Pwigent-ClLmeu.. 

Pcvlaiu ' 

dauiM ’ll* hmqu*.; 
Kniuuie. 

ie.lr j lilH'iie Pi mien .. i 

* ' n.iii/aiD 

kir K-esigno 

ue/ , 

leieme-raiuque.... 
lOi-inmD'Brtn.'l.' 
U1IM- 


STOCKHOLM 


Jnlv 7 


Price > +"■* : Dir. jY - 
krone | — I kr. 1 % 


Container <Sli 

L.0UZHII- K tot 1111 

CiW+ID Aitf I mi* 

Dun I np Uuli-er ill 1 .... 

EfttUK 

tiliier-nmltu 

bJi. Indu-tne. 

Den, Propertr Inn* 

da rue/' lev 

di marr 

IL I Australia 


lenniog- lisiiftne- 

IMiM I /land 

Leonard Oil 


Niutv.'la* tniemaX Kraal.. 


ADA AlHhrJUi... 
AHa Ln+ri- Uiaraul 

asKA (KrJfri | 

Vila 1 iipe/i 1 krXh'i 

Milleruil.'..^ I 

M-Uk" 

i^an'-i I 

eiim>>« ; 

b'leiii'Itik'H'.Ji i-ou' 
tnwnii "S’ ikmCij 

K>ieii+ -H- 

■Pai^rsia 

■ frangm iirec! ( 

Han-Heeiriiikm.. . 

MaraN.ai 

Mu rich Uiim-tis. 

ranuvu A.ii_ 1 

T.h.T. -M- Krs....l 
sh*n-l Knskilila.. ' 
IVn-urlk *B‘ krOdf 

C-1>ielu>.is i 

V'diw iKr. bOi ; 


215 '+1 
1 2 +1 
'81 i+1 
126 .+ 1 
65* —1 
115 1—5 
197 ,-1 

4.9 ' 

142 +1 

141 ' 


B.b 


-4.C 

| a i.c 

B b.b 

! 6 4.4 

• 4 f 3.* 

I /I . 3.5 

; 5.7k . > 
10 • 4.4 


6.0 

5. 


300 1 a 

97 • j 1 

54.0 + 0.3: — 
345 i + 2 j J 6 


+ .4 
4.* 
2.7 
4.1 


lu+ 

2 : 

258 —2 

o+.O —0.5 

155 • 

70.6 + 2.5 

7 • 

68.0 + 0J 


8 


4.7 

6.0 


S.fal 2.2 
4.6 : 7.u 

s : 5.3 

5 : 7.3 


Oil Search 


F'li'iieer Lumtala 

ib-ckiti A O Joann i 

ii, ■ . r>ieigh .....) 

> nil rt land Uiiiuig.. j 

Kapuira' iiin 

1 until <81 ■ 

IVsItiHI,.. ( 

IVemrm Mtninu i3ni+ul> 1 

Irtfumnnll- 1 

AMSTERDAM ’ 


1 ■ 

1 + 

July 7 

•Prura. 

+ nr 

I *iV. !'*<*'* 

A list. 4 


Yen 



t 

1 O .04 

+1.81 


332 


14 

13 

2. ■- 
1. 

fO.aS 

Lan.ra 

470 


1. Td.lQ 


Csiii.i 

707 

-14 

25 

1: 

■ TI35 

+U.IB 

■. hi non 

450 

4 52 

20 


tO 79 

~8.Uk 

List N twain PniH 547 

-4 

18 

1.* 

i 71.10 


+ 11.1 t’hr* 

541 

T 1 

15 

!.• 

.[ tl.24 


Hifa* hi 

255 

■*■4 

12 

2.- 

.: tI.63 

+L«k 

Hiioila Mitura^.. 

575 

+ 2 

1H 

I.* 

tl+ 5 
tl 4o 



1.230 


35 

12 

1.* 

2! 


C. li.-ih. 

236 

4-2 




-20 










.+-Q-0 1 

j.A.l. ... . : 

2.630 

-20 



tl. 8 

kanwi hlecf Pn 

1.190 

+ 10 

10 

4.. 

1 1.25 

-8.1*1 

kiimstso 

3cS 

+2 

id 

e: 

., t7.26 

H. 4 

ki'ieo-Ccna ic . . 

4.200 

-30 

15 

35 

2 . 

0.* 

. ;i 20 


UatMiRlnta lira.. 

7bl 

+ 1U 

20 

1 .. 

■| ii.75 

1 

UitMiij|«hl Hank. 

278 


10 

i.j 

ta.o 

' -8.1-4 

Hiisuliikhi Heart 

125 


12 

4.1 

: +2.99 


.Uiti-jj tu sin (V.irp. 

430 

+ 5 

13 

1.1 

tl.Ma 


ViliMii A lk^. . .. 

321 

-2 

14 

2 .: 

.! ra.io 


Vtiunkrtshi 

bl5 


20 

1 1 

ta.vo 

!--. s 

N||.|MI Deu+I.... 

1.530 


15 

0.1 

+2-50 

+8.04 

Nip W>n >blnpaiL 

V 10 

-15 

12 

ai 

+ 1.-0 


Nissan M.-tiU 

7c B 

* I 

16 

1.1 

.1 +I.n6 

'+u.- 

I*ii'lirrl .... 

1.660 

♦ 20 

4B 

1 .: 

.! :o.9d 

-0.«I 

van i •• filed rut, . 

361 

+ 12 

12 

a.. 

1 12.25 


rekiaiu Prelart... 

B05 

+ 30 

30 


+2.48 


?ilmeiiin 

1.230 

-10 

20 

0.1 

+ 1.3® 


••ny 

1.700 

*- lo 

40 

1 .: 

td.10 
.! +0.73 

, +2.a2 


I'akfki* t.hernu-a 

419 

+ 2 

15 

1.1 







• +1.15 


Inkiu’.WariDe.. .. 

489 


11 

Tl 

.1 11.17 

- 0.01 

Itikio Kieut Pow’i 

1.110 


a 

3.1 

1.1 

3.+ - 

.! tJJiB 



-0.0 1 

li'kyii khi'aura.. 

142 

157 

919 

* 2 

+ 8 . 
-4 

10 

10 

30 

.: Tl.72 

li'V.'is Hi4><r.. . 

1- 

J +2.30 
.10.03 
+L28 

n. 1 

,*-0.12 

Source IMiWtc Secunt+ee. Tokyo 

VIENNA 

J +0.13 
: to.37 

July 7 

Brice 

* 

« 

+ UI 

Ull. 

% 

1 Ul 
% 


ti.-z 

:z.90 
id. /O 

tOJfl 
*0.35 
11.63 
tO.B-’ 
r 1.65- 
tl.52 


-u. S 


H-i. 1 
•+B.I S 
:+•. i 
-0. 2 
+ •.« 


July 7 


Price 

Fla. 


Die. t+1. 
t % 


Cre>litan>Mi 1 

patomkimi 

-e-rt* 

reuilienr 

-teir Daiunei-.... 
Veil Macne-H. ... 


342 

268 

605 

0O 

201 

235 


+ 1 
I 

+ 3 


10 

9i 

38 


2.1 
; 3-i 
! 7.1 


8, 

10 


4.C 

4.S 


8.8 


SWITZERLAND • 


Jiriv 7 


Pnne i + rtr: Olv. Till, 
Pr«. - — 1 » . % 


Aluminium l 1.240 

Hto.*.*' 1.635 

lieu 'jeittyiFt.UJi 1.106 

tin. Part. Cert. 835 

li». Keg 587 

renit <- 11111 * .... 2. 16S 

tiirt-tiiis'art 1.735 

++xr ili*irge>. ' 695 


.—5 

'tS 


- 10 
f-4 
-10 
-5 
+ 5 


8 

1U 

22 

22 

22 

16 

10 

6 


Hoffman Pr Certs. - 72.250)— 250 550 


Do. (email) 7.175 

aten'nod 6. ........ [3, 900 

■Je-oKrll iFr. tOOi. L435 
Nestle fPr. LOOi...J3,495 

Do. Keg. iS. 330 

DeiitfauuU. 7F.^W;3,575 
1*110111 5IP(P ItiOl] 288 
SMukss |FrdJu0i....'3,9O0 
D 11 . Part Cert, J 482 
XJilnJlrr * l PlOOt 300 
•liter l-iiFr. lUUj, 352 
iaa*ir tPJsOl...! 814 
mr-i Pnk. t'.L'J'J. 375 
Ri»F?2rf)... 4.773 
ninn J>an3t 0,045 


GO 

hflo 

-3 

IB 


1-65 

21 


3.2 

i.U 

2.0 

4./ 

3.8 

3.7 

U.v 

5.6 
O.B 1 
0.8 

2.7 


COPENHAGEN * 


July 7 


I Price' 1 + or ~j Olr.lY/d. 
krr-ner ; — - * . 


AmleiBbanaen 

Henn'ier W „.| 

I tan. ke Bank 

Ka-tA-tati C.< 

Finaiubanken 1 

llitynnrr 1 

K.ir. I**pir ; 

Hamlei»rtajik 

li.N'th'n B.iKieC- 

Ai.r.I kilw ' 

niieiartriR 

Hrinihm], ......... 

PtovmsliuiL ' 

Soph. Bereokrtaeo. 
auperma 


134 :... 1 

434 i + 1 ; 

lZZil 

1B4U —I* . 
129 U +l v i 
370 ! 

77 -1 : 


2b3 

1U41* —1* , 

78 —1'* , 

129 , 

1564 

405 : 

180 1 — i. 


11 

15 

12 

12 

13 

12 


8.2 

3.5 

9.8 

7.3 

10.2 

3.2 


8.9 

4.1 

6.2 


— I - 

- 8.5 
U 8.1 
12 - 3.0 
12 6.7 


MILAN 


21 1 l.a 

ittf.&j 2.6 


-ran noa.or v.a 

+ 10 >n 06 . 7 l 3.8 


-2 
+ ia 
i-s 

-6 
+ 2 


18 

15 

26 

26 

12 

14 


- - 10 

10 

40 

+ 15 20 


8.2 
1,6 
2 .» 
4.0 

4.0 

4.3 
2.7 

2.1 

3.3 


July 1 


Price 

+ or IDtr. iTld.t 

Ur® 


\ Un * 


AN IC 

Butajri 

Fuz 

I hi. Pri* 

Fi snider ,„u, 
lulra-ment —... 
lialihJer., 

Medi,w«nab-. u . 
UuntedlHm ........ 

'Hiretn Prtv 


180 i 8.2 
iso; 9.9 


466 +7 
1.818xri-5 

I. 5 19i.-i + 4 
128.78)+ 7.M) 

II. 630!- ISO 

245 1 + 5 _ 

33.160 .1.260! 3.6 

155.00'+ 4 J5i — ‘ — 
981.0-8.5 ' - : -. 


6 O 0 ! 8.2 


AD4IIU iPl.lUl i 

AL+u 1 FLBDi I 

Aigeiu HnfciFi.KU 

AM k' li'i.Ln ' 

'Dirdaiil 

dueotvrt 

HiikaWtet-miPiUil 
Huh™ Tenenhie' 
blacnerV (Fi.Un.i 
Kan la N .V . Bearer! 
Kuril Cum T-4» Knot 
(iirf8mcm.lratFiD;; 
Id cin «4 en I Ft.Mi.., 
HoOfSKvena 1 PI Jut.; 
Hunter D.fKI. lutli ■ 
K.UM. 1 KI.UA 1 .. - 
Inc UiilIeriLfOi.... 
Naanleu iKl.lU)....| 
Nel-NeiHiis.iFJiy. 
.\«rtCM.lRL,K|JU.. 

AclMiri Hk.-KI^CL 

Oi.viKl. fl'i : 

V an OramnM 

riuhoett in. an.; 
inttiii* tfii. 
KjnSchVwtfl.MOi! 

KiJ«ViiiF1.M>l 

Kolirto-i (FI. 00}..., 
KwenboFi. oO'.... 
Ko ra ID u tdlt Pi 31^ 

5 Urenburg.. ’ 


JOHANNESBURG 

MINES 

Joly 7 

.Mutio American rorno. .. 
Curler Consolidated . , 
"TJTT rr - - l Eus* DnefonienJ 

104.5 +0 6 ,28 8.4 ■ mch i.rp 

— 0-4 - • Harmony 

364.8 +0.1 23. b 6.4 I Kinross 

81 7 a j. 6.1 1 Kloof 

75.5 25.6, S.e 1 Rtutenborg PUtimun ... 

94.5 ♦ 1.5 , 26 ! 5.5 I St. Helena 

119.5 +2.0 82a : 7.0 1 3ooi)ieaal 

71.5 —0.5 ■ 2o 1 7.3 ! Cold Fields SA . 

Unran Corporation 


De Kef in Deferred 
BlyvooniitxK-ht 
East Rand Pty ... 
Free Stale CrtuJd 
President Rrand .. 
Prefudmi Siern .. 

SturooreiQ 

Wetkom 

We«t Driefoniein 


2o | 7. 

278.0 aVAl 2.0 

131.8 37.6) 5.7 

68.7—0.1 ;94.tJ 5.0 
37.5. 1 20l 5.3 

100.1- .— 0.2 » 14 -3.5 

33.3 ! - • - 

24.01 + u 4 - 12 4.8 

154.2- 2.8 8 5.2 

47.5-43.1 10 ' 8 0 
QQ ft ri't • 1 1 W *’" wrn Moldings 

195.8 + 1.5! 02 5.6 

151.5 -1.1, 36 . 4.7 
140.5—0.5' 8.5.7 

58.3+1.1 - - 

26.5 +0.4: 17 : 6.5 
81.8 + 1.8 - - 

171.8 -0.4 tafit 1 7.4 
131.8+0.3 

123.0 mj. 1 *9.3 3.8 

131.9 +0.4 8.1 

237 1 20 < 8.4 

156.0;- 1.3 1 A' lit 4.0 


Rand 
i.TB 
3.i0 
U.iS 
I.K0 
A «R 
* SO 
9.113 
I S3 
♦15.30 
S.3S 
rs.so 

4 w 

« T3 

5 60 
4 M 

2SM 
♦I6.0P 
IJ.M 
4 >S 
14 xn 
ns ri 

M Alt 
14 09 


+or- 

+o.« 


+ 9 . 1 K 
-** 
+ a.« 
- OJI 
-d.« 
-*J ( 


■*■•*:«* 

-BK.-j}.* 

‘-8.M 


+ A2f 

-*.« 
- il.O' 
-O.Bt 
+0J! 

-e.« 


Wertbn'du. . Buk! 


130 +2 


403.8) +3.8 I 83 


0.6 

7.0 

1.2 

4.0 


ISA> 


OSLO 


Pirelli A fo. ......j 1.854 -1 

Pi-elli ?SB | 968 i-0 


iivb tnm.. 10.700 + 100 44 1 2.1 J ^ni* Tiara** 750 


130 7.0 
60 8-3 


Jnly 7 

Price j +ar 
krnnor | — 

“Dir. 

% 

w. 

% 

Baqgen Bus. 

03 1 

0 

9.8 

Hnrragaatd 

65.0 +0.5 


— 


106.5 

11 

9.4 

Cwnoi....i 

320 +5 

30 

9.5 

-krertitlruBfin 

105.0 +0.8 

11 

10.8 

Sor+k TTrtmkr.BP, 

181 +2 

12 

5.3 > 

St/xebtand 

84.00 + 0 76 

7 ; 10,81 


INDUSTRIALS 

VECI 

AJiKlo-Atner Indu+trial 

Barluu- H 001 I 

CYA Inv«ylnunlH , 

Curne Puuuivp 

□« H*er* Industrial 

j Krigiira roniralldaled Inr 

EdBars Siorrs 

KtvrHi**dy SA 

Federate Volk *be leu aids 
R rejHcnnan* Si ore* . 
Guardian Assurance 

Kuletu 

LTA 

McCarthy Rod way 

Nods aide 

OK BWRAM • 

Premier All Iliac 

Pretoria Cement 

FTotea Routines 

Kami Mines Properties 
Rembrandt Group . . 

SAPPI ; - .. 

C. It. Smith Sugar ... 

SA Pfewaripfi 

Vnisee 


ii) j.; 

-a.U 

+.IS 

-DM 

1 75 
1." 

1 LO.JO 
• :.2i» 
-It I'll 
ll m 

1 re 

+ rw 

C.++ 

* 1)0 

-eja 

1.S0 

-0.83 

3 IS 
O.M 

+ 88* 

2.m 

-«.« 

7.50 

+8.05 

ifl.m 
t.1 35 
I.M 

-0.01 

3.10 

3.S5 

•1 ¥ t5 

3 12 

+ P 8ft 

.1.10 

- n*» 

I.M 

rl.« 

IIS 

~00* 


Srtorfties Rand 5liiv.ll.fi9i 
(Discount of 39.56%) 


*'ri 







n;- v 



Jinaqcial Tim.es Satunday, .July's . J 07 S 



, 19 


Board 

ca NAQa changes at 
Swedish 
pulp group 

William Dullforce 



STOCKHOLM, July 7. 
ME CHANGES in the top 
anageinenl 0 f NCB called for 
'• IjuUi the Swedish Government 
. id the company's bankers were 
reeled at an extraordinary 
jnnral meeting yesterday. Mr. 
unnar Hedlund retired as 
lainuan and chief executive, 
' it remains on the Board. 

He is replaced, in the chaiman- 
iip by Mr. Sven Lindquist, the 
anaciny director of the Co- 
icrative Banks, while Mr 
unnar Enginan. a director of 
ora hupparbergi will serve as 
imaging director for six months 
i an effort to put NCB back on 
s feet. 

The accounts of the hard- 
. ''‘Jrsed pulp and paper company 
hich belongs to the north 

* vedi»h forest owners, have not 
. ‘en closed lor IS months. But 

r. Anders Unde, the assistant 
lief executive, said the pre-tax 
<is for the period would come 

• it at about SKr 525m ( SI 15m) 

> a turnover of some SKr 3.5bn. 

-• The losses had been made by 
e parent company, which bad 
*en badly hit by the fall in 
tip prices. Its subsidiaries, on 
a: other hand, had broken even. 
NCB had debts of around 
\r I.5bn. Mr. Linde said. He 
>pcd the. SKr 400m loan from 
f state, an increase of some 
<r 2(Mlm in thr share capital 
id further borrowing of 
\r 150m-SKr 200m would see 
e company through its present 
isis. 

Mr. Ensman. ihe temporary 
anaeins director, stated that ihe 


Portugal tapping Euroloan ^°’ s Hong 
market for further $300m 


BY JOHN EYANS 

As the latest stage in its bor- firmed yesterday. earlier plan lo raise up to STOOnii 

^!3L, pr#B W me *5 !r c J n ^ r ' j credit is being fully un- via such loans because of some! 
????«» capital markets, rorlu- derwritten among these six reluctance in The international i 
gal has reacned agreement with banks. While it will be syndi- banking community to extendi 
a group of aix major banks to cated generally in the inter- Turds to the country. 1 

raise a S300oi Euromarket loan, national markets, the Portu- 
The new credit bears the same guese monetarv authorities have 
lerms— a seven-year- maturity partly achieved one of their aims 
and margin of 1 per CGQt. over to jtt a large degree of part lei- 
interbank rates— as the S150m pation from U.S. banks in this 

latest financing. 

The proceeds, along with the 
earlier $Z50m operation which 
was managed by Westdeutsehe 
Landesbank and Commerzbank. 

help meet Portugal’s target of 

- . - . at least S500m of international 

Banque Rationale de Paris, bank Joans to help restructure .. . 

Chase Manhattan Ltd, Drestjher its short-term foreign debt and government financing was set in 

Bank. Industrial Bank of Japan stimulate investment. motion by the recent agreement 

and Manufacturer? HanoVer Ltd., Some bankers claim Thai with the International Honetary 

raonetary officials in Lisbon con- Portugal has bad to curtail an Fund for a $70m standby credit.' 


Kong links 
approved 
by meeting 

By Anthony Rowley 


loan which has just been com- 
pleted for the Republic among 
l a group of predominantly Euro- 
pean banks. 

The mandate for this latest 
loan has been awarded'. on : an 
equal basis to Amex Bank Ltd., 


For some banks, such reluct- 
ance Is based more in Portugal's 
decision to raise Eurodollar 
finance at the relatively low, 
margin oF 1 per cent than .□ view; 
that the republic represents a 
poor leading risk. 

The Euromarket financing 
target ofa round $500m comes on 
top of the' OECD funding pro- 
gramme of S750m for Portugal. 
In turn', this sovemment-to- 


Barlow Rand 
issue success 


By Richard Rolfe 
JOHANNESBURG, July 7. 
BARLOW RAND, South Africa's 
largest industrial group, obtained 
95.6 per cent acceptances for its 
recent rights issue of preferred 
ordinary shares. 

The preferred ordinary were 
offered at 370c when the ordi- 
naries stood at 345c. Since the 
original terms were struck, the 
ordinary shares have ri*en to 
417c. in line with the general 


Esmil having talks with 
Stork Werkspoor 


using of two factories, which suspended two weeks ago because 
id already been announced, the talks.^ With oet assets of 
.»u*tl not be enough to restore > over Rllm. il Is one of the larg- 
CB to p roll tfibl lily. 


BY CHARLES BATCHELOR AMSTERDAM. July 

ESMIL, THE environmental lech- Talks are still going on turned at: 
no logy division of the Dutch- expanding, through Esmil, I 
German . steelmaker, Estel Hoogovens 41 per cent share ini 
Hoescb-Hoogovens, has begun the water treatment plant inanu- 
talks with Stork Werkspoor facrurer Macblnefabriek W. 

Water, part of the VMF-Storlt Hubert en Co to a 100 oer cent 
Engineering group, aimed ;.t controL 

possible co-operation. Both firms Esmil also recently acquired 
manufacture water . treatment Piecon Consulting Engineers, a 
machinery including purification firm also specialising In waier 
- _ .plant for drinking and industrial treatment olnnL Esmil has a 25 

strength of local industrials. The I supplies and effluent treatment per cent stake in the large U.S. 
preferred ordinary shares were j Co-operation would strer # then environmental Technology group. 
44(sr today. • their international operations. Enviroiech Corp. 

* -* * Esmil said. A downturn in orders, panicu- 

Meanwhile, the listed trading Esmil has turnover of FI 150m larly from abroad, has plunged 
group Metje and Ziegler,' which I (367ml and is a fast-expanding VMF-Stork into heavy losses 
Operates chleflv in South West I part nf the loss-making steel which are ex oected to continue in ! 
Africa (Namibia), announced! group’s diversifications division, the current year, 
that it had relected an approach 
from Barlow Rand to acquire its 
sharp capital. 

Metje and Ziegler shares were 


est trading concerns in SWA/ 
Namibia, with interests In distri- 



- butfng timber, building materials 
and cars and trucks. Barlow 
Rand also has extensive interests 
in the territory, centred on the 
old S Wacom - group, which are 
largely complementary to Metje 
and Ziegler. The combined 
group, had negotiations suc- 
ceeded. would have been by Tar 
the largest traders in SWA/ 
Namibia. However, the approach 
was rejected by Metje and 
Ziegler's controlling share- 
holders. the Caoe Town-based 
Behnsen family. 

Commodity OFFER 37.7 
Trust BIO 35.8 

Double OFFER 80.0 

Option Trust BID 75.0 

a t* IB Comraodity & Gewral 
Managamant Co Ltd 
>HWtl 8 St Goorgo’s Stroot 
DoubIas file of Man 
gWgj Tel: 0624 4882 . 

WARDGATE COMMODITY 

FUND 

at 30th lane. 1V7B. £10.36. £10.78 
WCf MANAGERS LIMITED 

P.O. Box 73, 

5t. Heller. Jertey . 

0534 20591/3 N 

N*xt deallnffi 3 1 sc July. 1979. 


AMEV $4m property bid 

BY OUR OWN CORRESPONDENT 

AMSTERDAM, Jqly 7. 

AMEV, the Dutch insurance Meanwhile. Hollandse Con- 
group, said its “Utrecht” insur- struct ic Groep (HCG) of Leiden. | 
ancc subsidiary will make a said it has acquired the ships’ 1 
FI 10m iS4.5m) offer for the anchor and chain activities of the 
entire capital nf the agricultural Koninklijkn Nederlandsche 

properly group Dordrocbtsche Grofsmederij. 
LandhouwortdememiuB.. j-icc, a division of ihe largest 

Discussions on the bid condi- Dutch construction company 
tinns arc continuing and if they Hollandsche Beton. will acquire! 
end in agreement “Utrecht” will the man ufacruring and sales 
offer 2.000 per cent or FI .20,000 riRhls , an d equipment while most 
for Dordrechsche s 50U shares and of ih e workforce will also be 
F112.50t) for each of .the six transferred The activities being! 
founder’s certificates. - acquired represent turnover 

AMEN, which is expanding its 0 f F[7m. (S3.1in). 
non-insurance activities in 

Europe, as well as its insurance 

activities in the li.S.. already has 

investments in agricultural pro- A m f ac hnnrl nffprimr 
periy. Expectations of a reduced A® 185 DO “ a Onermg 
rate of growth from life insur- INSURANCE group Arafas plans 
ance and from Investment income to Issue FIs 75m of seven-year 
have prompted .the company lo debentures at par. Coupon will ! 
diversify. • be 7J per cent. i 


DONG KON'G. July 7. 
RESOLUTIONS enabling Sir 
-James Goldsmith's General 
Oriental Company to precede 

with Its' planned acquisition of 
Argyll Securities (Holdings) 

and with related transactions 
were passed at an extraordi- 
nary meeting here today. 

Only around 30 shareholders 
attended the meeting and the 
resolutions, relating to the 
Argyle acquisition and to the 
necessary increases in capital 
to permit this and the acqui- 
sition, or a block of shares In 
Generate Occideutulc, were 
passed in a matter of minutes 
without -any questions being ■ 
raised. - 

A statement issued by Gen- 
eral .Oriental following Die 
meeting said: •* Resolutions 
approving the acquisition (by 
General Oriental) or Argyle 
Securities (Holdings) ana of 
86.&UU .GO shares were duly 
passed. The conditions to 
which these atniuisftioi.s- were 
subject, ' have now been ful- 
filled subject lu listing being 
granted Tor ihe 83.25m and 
the 10 . 75m new shares or 
Ccneral Oriental being issued 
as consideration.” 

Sir James who has been in 
Hong Kong this week bos again 
denied that ihe deal Involving 
-General Oriental and Argyle 
will ultimate!) result in effec- 
tive control uf GO, his Paris- 
based holding company, being 
exercised from here rather 
than from France. 

He said that 51 per cent of 
GO would, be cum rolled wilbiu 
France even though Generate 
Oriental? has said it may ac- 
quire further GO shares' in' 
future lo addition to the 31.3 
per cent of GO which Its sub- 
sidiary, ■ Argyl?. will control 
directly and indirectly follow- 
ing llie deals.. This minimum 
51- per cent. French holding 
includes, botmer. Sir James' 
own 7.85 per cent bolding via 
Trocadero, a French invest- 
ment holding company. 

Sir James also spoke of 
plans to buosi Sino-French 
trade through ihe vehicle of 
General Oriental and iff his 
plans to ghe GO's Banque 
d' Affaire subsidiary, Banque 
Occidental? pour 1'Lndustrie 
el le Commerce (BOIC), a con- 
nected trade-financing role. 


Grand Union rejected 
by Colonial Stores 


DIRECTORS OF Colonial Stores 
voted unanimously to reject a 
proposal lo acquire Colonial al 
830 per share made by Grand 
Union Corporation, which is 
owned by Cavenbam Lid. of the 
UK. itself controlled by Generals 
Occidentale SA of France. 

Mr. Ernest F. Boyce, the chair- 
man of Colonial Stores, said 
“after reviewing the proposal 
with our financial adviser. 
Merrill Lynch, White .Weld 
Capital Markets Group and our 
legal counsel, the board or 
directors has concluded that,, for 
a variety of reasons, the offer 
by Grand Union is not in the 
best interest': of the stockholders 
of the company and their 
company.” 

He had been informed that 
ihe FTC is undertaking an 


investigation of the legality of 

the proposed transaction. 

“The board has been advised 
by our counsel that a combina- 
tion of our company with Grand 
Union would raise serious ques- 
tions under the antitrust laws.” 

The company bus filed law- 
suits against Grand Union alleg- 
ing violations of Federal and. 
State securities Ijw». These pro- 
ceedings have been filed in U.S.. 
Districl Court Northern District 
of Georgia Atlantic Division in 
Uic superior court of Fulton 
Counry Georgia and with the 

State Corporation Commission of 
Virginia where Colonial Stores 
is incorporated. 

Agencies 

* ★ * 

McDONNELL DOUGLAS Cor- 
poration said that it has no plans 


ATLANTA. July 7. 
lu counter ihe offer by Northern 
Telecom for Data 100. Reuter 
reports from Su Louis. 

McDonnell Douglas had 
reached an agreement in prin- 
ciple to acquire Data 10(1 Tor 
*17-50 a share in cash for each 
Data 100 share or ^referred sun-K 
convertible in McDonnell Douglas 
common having a value of S20.50. 

Northern Telecom said late yes. 
ter day ihat ii plans to make a 

lender offer of S20 a share for ail 

outstanding Dam 100 shares it 
does not own. Ii already has 

some 31 per cent of the common 

stock. 

McDonnell Douglas said, how- 
ever. that il continues lo have 
an interest “ in significant 
acquisitions in Lbe_ computer 
terminals, industry.:* . . 


Republic NY in factor purchase 

NEW YORK. July 

REPUBLIC NE\V YORK Corpora- about S107m, comprised of Ibe be pari nf ;< nian fur the 
don. the holding cvnipunt for division's net investment in fan- rest uk hiring uf ihe debt ami 
Republic National Bank of New tored receivables and advances preferred Muck uf .lames Tmcnit 
York, and Taicott National Cor- to clients, together with 87 in fur and Taken N.iiiunal. the >jriu.--‘ 
poralion have signed a letter or the division's fixed and utber ture uf which lia-. not u*l keen 
intent concerning the proposed assets. determined, hi addition' (u Midi 

acquisition by Republic of the Republic New York Corpora- approval a* will be required fur 
assets and business of James tion had previously announced the sale and restructuring. U»s* 
Talcotl’s (adoring division for delivering a proooied teller of transaction is subject io the 

intent to Taicuit on -June 30. approval «f ih? hoards uf lit** 
1978. several companies and the 

The proposed transaction '■.vlli preparation and execution i»r 
; definitive agreement*. 


cash. James Talcoll is a 
sidiary of Talcott National. 
The purchase price will 


sub- 


be 


Zapata cancels contract 

' : HOUSTON. July 7. 

ZAPATA CORPORATION- -has profit for the rest or Its fiscal asseTs"of "ahoui "s3bn "il ls "an 
agreed with the U.S. Maritime 197S despite the loss Trom. the affiliate or Trade -Development 
Administration and Newport cancellation. Ban | : Holdings. Luxembourg 

AP-DJ 


During 1977. Talent t fartured 
receivables aggregating 8752m. 
Talcotl's factoring " division 
operates through offices in New 
York and Los Angeles. 

Republic National Bank ha- 


News Shipbuilding lo tfis- AP-DJ 
continue construction of an 
ultra-large crude carrier being 
buiit for Zapata at Newport 
News. Virginia. 

Cancellation of the carrier, a 
390.000 dwi tanker uriginaih 
scheduled for completion in 
1979 at a cost of about SI50ni. 
will require the- company to pro- 
vide for an estimated pre-tax 
non-operating loss of ' about 
SI2.5m in Its current fiscal year. 

The company said that, when 
it contracted for the ship's con- 
struction. prospects for the 
world tanker market and for 
U.S. Hag shipping were expected 
to have improved significantly 
by Hie time of the vessel’s com- 
pletion. But the company said 
no such improvement has taken 
place and that ao unprecedented 
slump in the world tanker- mar- 
ket is projected to last well 
into the 1980s. 

Zapata expects to report a net 


THE OUTLOOK FOR 
COMMODITY FUTURES 

This monthly investment bulletin gives our view of the 
likely future performance of the principal commodities. 
Send for your free copy now or telephone 01-248 781 1 
for a talk with one of our dealing staff. 

To- Cometeo Commodities Limited. Bridge House. 181 Queen 
Victoria Street. London EC4A 4AD I would tike to receive your 
monthly investment bulletin "Thr Outlook for Commodny Futures'* 

Mr "Mrs 'Miss : 

Address 


Postcode 


The Commodity Brokers 


LG. Index Limited 01-351 3466. September Coffee 1314-1327 

29 Lamont Road, London SW10 OHS 

l- Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 


CQMMODITIES/Review of the week 

Forecasts help boost zinc 


BY OUR COMMODITIES STAFF 

•RECASTS OK a better Tuture 
r flic zinc market from the 
ti-niat tonal Lead and Zinc 
tidy Group this week, coupled 
Ih’a price increase announce- 
.•nt from :< leading U.S. pro- 
,-i*r helped sustain zinc prices 
ihe Lundun Metal Exchange. 
Values suffered a little early 
« ter day, however, un the 
lactation of :i 2,000-tonnc 
crease in LME's official ware- 
use stuck s, hut they recovered 
n*r 

Cash zinc gained a tonne 
sti a rday, closing at ISQS.ia. 
15 a tonne higher than last 
•ek. The three months quota- 
m was also £1-25 higher un the 
\ :i nd £12 up on the week at 
18.75 a tonne. 

The study group concluded 
at the zinc market was showing 
•ns *'f recovery with consuinp- 
■ It rltiiiq fasier than expected, 
orld demand was forecast to 
;e 3.5 per cent this year to 
fm tonnes, but output was un- 
:cly io exceed 4-2m tonnes. On 
uiv.-.d;i>. Asatcu. one uf the 
v, U S. producers, raised its 
ice 1.5 cent.s a pound to 30 5c. 
Earlier in the week Capper 
.ys. Britain’s only tin smelter. 
Ted Hie force majeure declar- 
m which had Nlupped deliveries 
iv lined mclaL and purchases 
CMiufiit rates. Smelter workers 
d yime hack to wurk but the 
;puie remained unsettled. 
Immediate impact on the L«1E 
ii. ilcpTYos prices. Standard 
i r'i»ed i hr week £25 a tonne 
W ii at l'ii.545 a tonne. Three 
., n ii,x nirial hrt £12.50 a tonne. 

jmiiu at £t5,4«2.3. 





jgB.frt Jty ftr WasrJgg 4 


• In the eopper market cash 
wlrebars gained £2.50 a tonne 
on the week, closing at £690. A 
bis selling order on Thursday 
prompted the biggest price move- 
ment of the week but most of 
those losses were made good 
yesterday when Comes opened 
stronger than expected In New 
York. 

The Lnmlon sugar market 
had another depressing week, 
although there was a recovery 
j'esterday. Following a Hip to 
£S9 a tonne on Thursday, the 
London daily price for raw sugar 
gained £2 yesterday to close ;<r 
£ 91 — sttll £3 a tonne tower than 
u week earlier. The main depress- 
ing fHCtor was the continued 
delay in the U.S. Congress hold- 
ing up legislation which 'Would 
permit the U.S. to sign the Inter- 
national Sugar Agreement. 

Coffee prices fell eharplj as 
continued mild weather in Brazil 


dispelled fears of a damaging 
frost this year. 

The fall hud been encouraged 
by news that Brazil had cut its 
minimum export price and export 
tax for coffee. London traders 
pointed out that the reduction in 
the export minimum also reduced 
the discounts applied -to most 
Brazilian coffee exports and 
therefore actually made Brazilian 
coffee dearer overseas. The 
speculators, who have adopted a 
bearish market view in recent 
weeks, seem to have ignored this 
fact 

September coffee fell £36 yes- 
terday to end the week £155 
lower on balance at £1.320.5 
tonne, only £12.5 above April's 
20 -month low. 

Cocoa futures prices also 
moved lower though the fall was 
interrupted on Thursday morning 
when the publication of a report 
by UN experts of a serious 
drought in Ghana boosted values 
briefly; , The market quickly 
resumed its downward path when 
-Ghanaian sources confirmed that 
the weather there had been un- 
usually wet recently. Market 
sources said the UN report must 
have been “outdated.” Septem- 
ber cocoa rose £2 to £1.706 . a 
tonne yesterday but was still 
£100 JS down on the week. 

This week's decline may have 
reflected growing despondency 
over cocoa consumption. Dealers 
said yesterday rhe UK second 
quarter grindings were expected 
to be almost 10 per cent beUw 
last year's. West Germany’s 
could be up to 5 per cent lower 
while Ihe U.S. figure is likely to 
be down hy a fifth. 


WEEKLY PRICE CHANGES 


1*12 


|lftr 

ivrliliiii: 

unie-a 

"Mini 


•uii’a* 

I iril 

' wcet 


Year 1 

ago j ' t** 


rial* : 



t Marin r.l.i... SIU^-W 
l til --•in Vl.-KH 

■r MmUtftH.f'S* SS.3W-HI 


_ I £*41 ! XUU : 

„ _ 51.0x140 • Sl.Uab i 

' - C.Ut' : SI.**.- f JBl**- 
*76.0 52 .700-760 M.41£^i 52.1* 


pp«r 

lit Wr 


I’-AJ 

CM* 

Xi04.il 

Sii'i.l*.*: 

Cillt.lti 


■ ttars, 

.«•;. I»-. !»•>. 

.Ii i 

I'm... • 

i»i n j 

li| 1‘inli : 

■•mills ; 

•trf 

v'Murlml.M J.lb. Jl.Tfl.Ed 
ituiuiu i* - r iu. ...> Xi-Ji 
-•* Mfrt* 1 * |» - ^ Il'i'-f 
h-UiuvrsWI!*.*. 81‘X-W 

irr |rt<« ! •y*P 

rminlfi* of.. ' 2R..5i’p 

Jf'-L-f. 

month* ' ™.4iS.a 


! 

ii.a * 

+VA' i 

^.2f ; 
lO.Tb . 
+2.2o ; 
'w.u ; 

- O.L*P 

-S.C 

'-ii.V 


■lira in i.r.MIUV 

i 

in-mihi ' 

*.»1UTI* 

mns . . 

' 

. ll*C I uli'W il ' 

.... • 1 *".«*• 
1 


SJA2.M 

KNHr.il 

X*K.7-> 




-11.6 

*ir..o 


0M i J«IS^ 
XiW.7fa : £7*L7B < KGM. 7b 
X7J2.21' . £7MA • WW 

£7«0.iti £79S^ ! *bl4.» 
M42J7M lilvttQV ■ 
HtS ' EiW.76 i 

'jas-.* 

; .C2.e*6 
. 

' £ 135.0 
; tutu 

St.vj.c- 


C5,lo*i 

Stf.lX 

1W.B 

SSM'hKi 

3K.ap 
Cf. 7IO 
JO.W6 


£ 2.6P6 
$1^15 
; Ck 
£*>.* 

",5l 22“ 

• 39.7sr! apt« 

; .w.nap' 2i«.3p 
! !>.*#> | ilS.fei*.'' 

; £S. 187.6 B6.7I7J1 


SttK’W StVJ.6 1 
1^07 ! 

C5I6.S ,4^48^ : 

S700 ! 5CA1 , SasO 


f V« Vi* 
O.uii ’ Xm.I 


*|Ff 




£4I*;.ih C3**.- 


; lAte* 

I pn«s 
Imot tonne I 
! imlMa week j 
’ rttted i 


,HsH 


STw 

Igu 


I9TC 


High 1 a jw 


Wheat . | 

So, 1 Kpd SK'U*- iSLffi 
An. Hand ! , . 



Buy. MilMnKinr^ ctvfrt fiujG 

SpiON 

1>K+ 

Pewifr. Whiii-..- , 

Him* 

Oils ■ .. , 

iHuL-ouni’miii*'*™' 

GrouAdnut 5> 

Cniiiis..— | 

tVim Malayan. 


I 

■—3.75 * Kih 


+03 ! JC03.73 


£33.5 . £XiJ> 


CbStH 

55.103 

uioeo 

£3*6 

S610 


Seeds 

Utf>r»l Phiiiuiiiiim*:, 

Ch>,-»iita&- (C.e-.V. ■ 

Other 

CentaudictM 

ahlpniwii*..- 1 

rt« *w P« -v 

l’+irt«*FHiurwBei“-. 

L’w too Itn(p\ 

I1&N. tin •win 

Jme UAHW LIunH* 

Uubtvr tup--. 

si n* 

!il«: N**. it-. 

'iium . ni 
taiH'Fi Xu. i 
i niunl'.iy* Will- - 
dfcttB 1 kil(?- 
W.«i!i " a " Wait-. 


S460 


J 

I- j 

1-10.0 1 

P 3 SI 

r 

!— LB.oi 

.'+ 8.0 1 


£4,00 
S 2,27b 
52.225 

N*0 
£612 * 
£393 


i £91.3 i 

I «(te i 

1 jtoJXD; 

j »wai 

S2.«t| 


£PL5 

£95 

£9,300 

S2.G&J 

SL97o 


5722 5652. 
£7hi £dH? 
£505 ££36 

mi 5495 


9 SB ■ | 5485 ;■ S3HL& 
5BJ7.33 1 5313 1 5254 


£1.770 
£1.706 
£1^«U 
10.46a. 
£636 ' 


i. 


. 19.0j 
1-TOOuSi 
l-II6.Cs 
l-aio I 


£3.110 (£2.153 
E2.73i50lE2.-mb, 

£2^77.5 <£L9m5 


5530/40 ' 
£91 
£U2 
134n 

_-Jp nit.. 


.—3.0 ! 

■'-WL- 

>3.0 


70.85a. 

L*7o0 

6417 

48.£&p 

5hX> 

£1(3 

ax 


£1311 

£1.4a&s 

CLJOb 
BlJfiw. 
£605 

5437 

! ar 

5btfo >Sd2ij 
£114 : 1E0 
£1(3 
I2i t . 
42 


[72.7&J- • 
l £150 I 

5400 
5&.7&P 
£1 Oj 


s:m 

lQjjj 


383pVl!«* 267p!;;U> 


* tfldUHtcd. * M>ia..i»sl. * Sladada."-* 7, 


MARKET REPORTS 

BASE METALS 


Maize: U.S.* Trench July IDv.00. Aug. COVENT CARDEN — (Price* n sicrliua 
99.W. Sum. 100.50 transhlpmeni East per padkafii- except where oshenrtse 
,n nurn. i nuR .r Coast. S. African White Sepl. 73.00 «■!«» i— Imported Produce; Orangi 


SILVER 



COPPER— Margin ell y 

npvnjns /airly sieadr 
£711 on forecasic on 
hDiute slocks fom-ard 

C707 after liehi IiouWanon. In the afler- a . ,;a^32aei 

noon, hov'ever. a strong Comes npemns “ 
prompted a fresh rise and forward 
touched £710 before- Utronc al £797 on 
rh..- laie ktru. leaving pnees marslaally 
higher on she week. Turnover; 34,000 
tonnes. 


-ILVKi: 1 tliiiiiou '+ uri Ltl.b. !+ vt Xov. 

:»-r 1 using ; — clone — Jen. 
tr..\ mi. prec<ns • i Mar. 

... , U«v 



COPPEIJ 


a.m. 

urn ■* 


— UwCi' 


Granny Smith S.Su 

Stunner Pippins 9.00-0.30, 

>0-15 Granny Smith S.OO. Crofions 9.30: S. 
+ 0.15 African: Granny Smith S.OIW^O. White- 
's- 0.16 winter Pearmain 7j/0. SUrkln* Delicious 
+ 0.15 S jO-B.50. Golden DeUdous S.S0-D.IW. Yorks 
+■0.15 B. 20-9. 60: Chilean: Granny Smiili 7.00-7.70: 

. New Zealand: Stunner Flppms IthI 6.30, 


■ ■ ■ i l-w uCdiiinx. jiumicr rippiUh jo«y o>— o, 

"• *+"»■ &L-.4 20O.25p -1.35 CSO.OSp + 1.5 Bnslncss_ done— Wheat: Sew. 83-3-33.4.7. 775 9.20, Granny SmjUb 8X0; fullao: Komr 

— cm- -in )■(•.. ZB7.25p — 1.B5 2B6.9 p+l.l Sov. Jan. 59.00 only. Uarch Beauty per pound o.lt, Golden Delicious 


£ £ . £ £ 

Wire bare ! _ 

L«ib ' 687.5-5 — 5.5 689.5-90.5 +5 

5 <nuiitfa%_. 707 .5 — 5 703^-9.5 +2.75 
^MM’ni'nt- 683 —5.5 — _.... 

Cathodes.' 

Uu.li 683.5-4 —4 6B5-B +4.26 

i luomhB.. 702.5-5.& -0.25 704.5-6 + 5.5 

■eetil'ni'uL o84 — 4 — 

L'.^. 61111.. — ..... *66.5-68 


kni'Hitii*.. 295.b5p -1X5 
lim -hi hr. 31Z.3Sp -1.46 - 


COCOA 

Prices eiidrtl nwsdy hither. 


L\H.« 


I.-iunia-r 

Ue»c 


+ ui 


Hu;ina* 

Done 


01.70 ouly, Mar nil. Sales: £ [ Lois. (UWM7..Jonatbana o;i4. Puars-victonan 
Barley: Sc pi. Th-85 only. Nov. hl.4o41.65, 40-Jb Josephines 13.50. Winter XYIis U.50. 
Jan. S4.25-84.30. March M-00 only. May Peaches— Spanish: Trays 2-39-3.on: Italian 
nil. Safes: 29 lois. 11 trays 2.DO-3.SO: French: 1.60-3.00, 

HGCA— Location ex-farm spot nricee. Nectarines— Spanish: L56-4.50. Crap 
Other milling wheat— unquoted. Pud Israeli: Pcrlrne 4.00: Cyprus: Cardinal 
barley— Lancashire 61.10. 5.00-5^50. Plums— Spanish; 5 kilos Gaviora 

The UK moneury coelBdenr for the 2.40-3.30. Santa Rosa 3.00-3.00. Bnrbanks 
veek bcelnnlnc Jnty 10 wiU decrease u 1. 60-3.40: icaiiun: Florentfas 3u-lt< 3.40. 
1JJ70. Apricots — SpatUBh: 5 kilos 2. 30-2. SO. 

EEC DAILY IMPORT LEVIES— The Ba«aaa»-^amalcam -Per potind 0.13, 


.. . NiOL.'Uo''t — - — — — 

Amalgamated Metal Tradlna reported Jure - 1715 JL28A —24 X 1750.0-1700. following EKC leriea and premiums are Avoj^as-^-Katnn Pnenc 14/34*. 3.00-5 40: 

that In the monuns ihrti.- tnoathi wire- ^cui 1705.0-417-0 i + zJo i 77S6.0- 1680. effective for July S In nulls of accuant S. African; Fnerte 3.10-3,30. Capsicums— 

bars traded at £700.5. 05. 06.3. 09. 07. 075. L»ec...:. 1 H6.0-87 £ j + 4JI llTOb.O-1505. a tonne. In order current levy Plus Aon., pmaj/Fwacn- Per 5 kilos 2^0-3.00. 



, cenis per pound 1— Dally Price July 6: tomer than hybrid for aoedlngi— 80.00: door 0.08. Cacimriwrs— Per tray 13.'34s 

TIN— Barely changed. Forward sun- j— c . ,]4« in,, indicator prices July 7: rest nit 1 80.33: rest oJI». Eurinrlaai— O.SO-IJO. • Mushrooms— Per pound Oil, 

danL. metal opened .a round £6.4£0 and ar«raae 140.44 039217 1; 32-day Ail nU rail oUi. MLUtt— TB.M: rest nil Aw«l«— Per pound* Brantleys u.lW.30 

moved un iid £ 6.470 followm* trade boyJns average f:7.69 >137.39). iis.M: rest nm. Grain wrahum— S4J7: Tomaaoes— Per 13-ib Engiish 2.of-2.70, 

aaalnst physical sales. In ihe afternoon rcst D 1I >84^7; rest nil*. Greens — Per crate, Kent 1.00. Cabbage 

a weaker dollar and renewed physical CftFFFF Flonr levies— TGieat or miied wheal and l-SO. Celery— Per IS/las 3XM.30. Sirow- 

demand _sau- the price Me airesh to dose Wal 4-«- .. flonr— 137.07 tbame>. Rye Hour— berries— Per 4- lb 0.15-0.20. Can l ilia wers— 

at £6.495. Stocha are expected io show Rcdiustas opened lower DSL reports, and 136,77 >samc>. Per 12 Lincoln ™ 0-2. 60- Broad Beans— 

a Diodi-ST mmag anri mi the wrok pricca nqui^non the market dosed at the _w T . , « T Mrr . , r ' Per P 0011 ^ oos - Pe»«— Per pound 0.13-0.14. 

hardly changed. Turnover: 2^263 tonnes, lower on balance. Yet overall ^OYARFAN MEAL Cberrfa*— Per . pound Slack 0-64. While 

e.niT" — jf+or meadlness was due » a degree of roaster „ V X 0-=5- Gooseberries— Per pound. 0.33B.S4. 


TIN 


Offlelm : — ; L'nn&lew : — Interest at the low levels. 


Gnui* f -■ *■ t • p 

Guli 1 6540-00 —20 &&4O-&0 *85 

1 uioarbfc-. 5480-SS ,— SO 6490-500 4-15 

aettlem't. 6550 — 20. — 

Standard: 7 

Cash ! 6540-50 6540-50 +25 

S 11 ion Lbs.j 6460-70 '—30 •' 6470-5 + IO 

seiMcni't.. 6550 1 — 

<tnit> Rj :M690 1— 11 : 


COPt'KE 


Ye-tema.v’i 


+ or 


g [«r loone 1 


JUauncw 

Ikme 


The market opened an c h a n g e d In thin Courgettes— Per pound 0.23. Bcetroet— 
volume and rose but lack of follow- per 26-lb 2.M. Carrots— Per 30- lb 2720- 
rhrongfa and some profit taking prompted 3.40. 

bs a diBaopolnttnc Chicago opening UlAAf Ul I'l’ITlhUC 
caused a fail with losses from 10P m £1.00 , tt UUL JrLI iUIvto 
reports SNW Commodities. 


jlV-ieHey. 4- or j 1 burioeui 

Glow I — I Done 


Juiv 1345-1350—75.011410-1542 

repuniber.. 1320-132 56.0; 1368- 1AE8- 

Nornmher... 1255 1258;— 25.01 1Z9 7- 1JM : • f 

Jinuurv 1215-1224' — 26.5' 1255-1122 . ■^SPSP!:; 

iL>n?ii.'. 1150-1160:— 55.01 121iM1G:i Augutt MZIl 80-20.8! + O.M.]21.BhSO.» 


LONDON— The market was dull and 
featureless, Ruche reports. 

Pence per kflo. 


Auauslian 
Greasy Wooll 


Sen Yni't " - 663-50 +3i m*v 1 130-1 ISO 1 — 7.5 1 1115-1151 u-lfiier...-.. : 121.00.21.S' + 0.8fijl2l.70-f1.00 

” Moraine: Standard cash £B3 Go 7 S3. Jmr-I!””!.' 1 100-1110-2 J 1130-llffi |le-emi«r....:il7.J*-10.O +O.W110.M-10.M 


Xeeierd'jitH- or 

Muticew 

Clone | — 

Done 


Morning: Standard cash £0330. 
three mod!lU £0.460. E. 50. 35, 60. High 
. — -.u « Kerb; Siandard ~ 


Grade tci6h £0 jM. 40. 
three months £6.470. 

Standard three monihs 

Standard three months £5,470. SO. M. Oi. ArabicaL MJN (IST.OOi: unwashed 
03- • Arablcw l<w.S" __*1*SJ101: other mild 


ue-emier.... 1 u.s J-IB.11 +u.w i io.iu-iB.ini IW8 0 _n 9K 

« 5 tezsS»iu u” 

Apro-. 120.602.^5^0.60, - 1 Hoi* n^eti 1 


w. nera; aiannara Sales: 3.334 '3.S601 lou of S tonnes- J nBf , lal J j-MJ'tOXJ 122.50 

,CI Indicator prices for July 6 iL'.S. 4,^1^ 'iSliuMS 6 ‘ + - 

SUGAR 


LEAD — Gained ground although fradmE Arabicas 14?.i’ *150.421: Robustas 133.50 
'as subdued. T*oroard melal moved f 134.501. D»il>\ averaue 14L17 <113 .46;. 


llaceiuber... 245.0-45.0 

Manrh 2 48.0-4 BJI 

-«•> 247.0-50.0 1+1.5 

July 2(8.0 M.O +2.0 

OeU4«r 246.0-60.0 +0.5 [ 

Dec. .....jMB.n.&fco | ! 

Salesr 0 1O1 lots of 15. SM ka 



loones. 


■ &k3Z-k Mma - bBSlllCS5 which found only scattered offerings scale- 3305-332 j. 11. March 337.0^37.5. K7.+ 

■ '■Xer'’ B.tn."". + re* “7“* np and by midday the market was somo 3S6.3. n. May 3*1.6-363.0, 352,04152.6. 2a, 

LK.VD Official - 1 — 1 CnotSclg' ' — VTTRDPff :o ° n° lms aIWTe Kd* le^eH, reports Jniy 300.5-387.0, 3CT.0S8S.3. 12. Oct- 3®"- 

1 XV JDCJV > C. CzarnllrowL Later, however, currency 370.0. niL nlL Dec. 37L5w4JL nil. od- 

X £ K £ EASIER oDcniiw on the London physical f * ewr » stlmulaieil heavier selling which Total sales, 57. 


Qwh. ........ 301.9-2 — ! 402.5- 3 -1.7B marfeet. Little Interest throughout the wu1d - hf hhwrtwtf. “*» «* *ho 

"■ " dosing niilet Lmrts and Peat' we,re foot by the dose. 

reported a Malayafu godovn price of 228 ^ugar ' I I 

(2311 cenu a kilo WOrf. Prei- )Yc*tewlAy , f] Previous | £n*in«i 

j 1 C-omra. Close ! CIom ! Dtmo 

Cnno. I 


iinuntht^ 1 311-.5 ,—2,5! 312^-3 +2 
TetL’irn'oi' 502 —2 : — 

U.p. ?in»i.i — M-A& 


I Ununese 
1 dune 


alumina: cash £302-5. 02, three months I 

£213, U.5. tt. Kerb: three months *3 u. 5. .V».i Ywi'niaj ‘ Hrertom 

Aflc-rnoon: three months £212. LL3. Kerb: 1LD> ci*»v clow 

three months £312 a 13, 3+3. [■ 

ZINC— Higher again and around Hi up 1 

on the Week despite expectations of a rue . • r. M .. 

io warehouse stocki. Forward metal Au R- — iHS'fJ'ff 5 4-1 ! 

opened 


GRIMSBY FISH— Supply fair nd 
demand gaud. Prices per stone at Ship's 
side (unprocessed): Shelf cod £4.0u-£l3i. 
codhnas r2.6O-n.2e-. large luddock £4.40- 
£4.70, medium haddock £3^0-f4.00. small 
haddock £2X0-050; medium nlaire £5-60- 
£8-20, bon small plaice £4,90*£4 .bA; skumed 


at Oir oa tut ore-maitoE and rose sop, - M,M - 

to C39 before W«ina to £335J ID the ***-»*■ 56.30-M.j5; 57.10-57. | 0 ; 67^5-50^0 Mar.:.. 103J!041fiJffi|t04.8WM.M 106JM-O6.W 


S2.M-MJ10 “edlmn'aio: lemon 

«M ! S8.Bfr9a.7B! B2JB-S8.10 a8.5frS2.00 

!>&■„... i U5.BO-S5.70i 94.9M4.70! 9BJfr94.7G 

llareb . HiajB-fl8.MnOi:M-fl1.B5|108.BMt J5 


rare mshm 10 gum id tne or hbv .:.. lua^u-on^Di iu4.su-iw.eui iutu»-u6.ira 

morning rwss. copper’s reoivery 58.50-53-55( U.BMS.S5; 5S.M-S0 .M aus 108.26-M.5l) l07.6frfl3.0ffl 108 .7MB.55 

helped sentiment and forward zinc moved Apr-lut 6o.,o-eOJ8j B1.10-El.2fi, 80.66-60^0 O Ill .50-12.251 1 1 1.B5-1 1.60 112.75 

up in ckwc at £313 on the late kerb. Jiv-seje Bfl. 5-«.K| 62.80-62^0 62.8M2.20 ~ saieg-'i raa'i’XSli’lota'of'aO'tomia — 

Xurnuver: 5,00 limSc-s. (M-ilc- t.H.B5-M.» 14^5-64.60, 64^0-64.00 JIT 



; 3D6.5-.7 — I 5D8.89 ,f!,K . Physical centa per pound fob and stowed Caribbean 

- -35 SPW M-.jd^J*. Aug. S.75p (Bill; port, pricus for July 4: Dally fl.M (6.68 j; 


13-day average 6.03 (6J7). 


(GAFTAJ— The 


MEAT/VEGETABLES 


Utter, ^t^ «»!*•- 


SHITHFIELD — Ho carcase meal prices 


■until hn_i 616.5-7 -L57S U8S-9 flJS 
'niHii... 307 — * - . Sept. 56p ijfij-. 

Prm.Vcr1 _ — — - M - 3l _ ' — • fJR A F\S 

Morning: cash £58*. mid-July £396.5; 
three months £317. UL3. Kurb: three LONDON FUTURES 
months CUfij, 17J. Afrenwoa: three market opened 19 low 

months Cl£. 1S.3. 19. Kerb: ihrw* rery utm tradlna »» 

monihs CIS. 18. — 

- * Cents per pound. ♦ Oo nrevreas 
offleui clot* ’ 1M per ueul. 

COTTON 

LIVERPOOL— Sput and shiwucii sales importei 

aawtmted IO 337 tnaaes. bhns'hg tht lulaj per c.-m Jui>- »*«• Jtug. K.j 0 Tllburr- number*; mi It t rw-r ,-„nr >n.nci> nri,«- 

for the wrek to 330. agates; 3.0*8 sc an. L.S. Dari- Nortlu-ffl Sprina Xo. 2 M per f*5o”-0d»- numtoro do^7 »r 

reports F. W TaucroaR. Fair srad-ss rent July S3.73. am. KX7S «nL a-.er^ - nria- S ?+s™ Smm 

in Eonit .tmvnea;i '.sue ' varieties bronxhi iranshmnicm East C««, , u.s. Hard — Cattk- e ftumlK«; duti-n 16.3* per rein 
P moderate. oStafct. avthobsb users i*cn- Winter p-dmari' UMBWte. Australian arerast* nrlct 7‘ flu ° f-Ii.TD-- Sheen 

!0 TOttf4le fla ,oruarri numlwMlov-n 33.3*i« «BL Uicrise nrlce 

avcmuiu East Co-si. Be- 1 - nnu ‘ ! >S unenoted. 14Llp 1 --s.6j. 



3L— Spur asdshipmesf aales imported— W tettJ Cuns ». , Wi ^’SSffSte'nS?*. +r5rvh5S 

ssrtflaurs. bVaste^dK. tnlal per c.-m Jui> add Aug. K.30 Tilbury, nutjhmifn hi m-r ivnr. 


FINANCIAL TllHeS 

July 7 I July y Ulontb agti Xoarago 


ggfi.Ot 1 ? *8.9 4: 1 46.33 j > *45.08 
l Bara: - inly 1, lP52al«j 

REUTER’S 

7iily 67Jul76'|Uonth a®:| Yeu.-aiio 


xj V« 

its 


145 3. g; 1466.0 |. 15 23.0 * 1S33.0 
(Base: September is. ibstsim) 

DOW JONES 

Sz ! *?*■ I J F TB “ 


*1 


"Yew 


^..i3B6J7|i56.46 5& 7.80364. 4 8 
K»:341-6iji34U4i3 50. 14*346. 70 


spot . 
rtmim:341.i 


1 Average 1034-23-26=100* 

MOODY'S 

— 'F Jnly | j niy , SlvutU*' 3i«M 

Moody’* 17 | 6 j aw «i- 

-pie OinratUT'9 16.5,018.0! 9n o^ 873 J 
lOrcetnber 31. iS3t=inoi ’ 


U.S. IVlarkets 


Coffee firm 
as metals 
leap ahead 

NEW YORK.' July 7. 
METALS ro*.’ basically one 10 short- 
covering rMeoring concern over the Middia 
Easi crisis and the weaker U.S. dollar. 
Cocoa anticipated bearish ennd figure* 
Bnd that held a muei market in check. 
Sugar after attempting u second success- 
ful advance faded on lack of inter rat. 
Collet- rallied on j cold u'eather- report 
in Bridal axtrUmtcd to Thiroywo® Mc- 
Kinnon. Baebo reports. ‘ 

Coen— July 1-11.63 <143.3*1, Sept. 137.65 
'lTT-SO'i. Dec. 134JM. March iai.30. May 
L2S.M. July 1CT.I0. Scdl 133.10, Dec. 1S3.:0 
setUemcnls. Sales: 650. 

■Coffee— ■■ C" coniroct: July 151.40. 
151.50 Iiaom Sepv. lC6J0-136.Ia'ri34JE.. 
Dec. lTT-jfl. March 11S.OO. May 113.30- 
117.00, July 113.00. Sept. U0.SO-U3.00. Dec. 
109.00-113.00. Safes: 6*3 iota. 

■Cooper— July 60.00 fttjgl eo .40 

f 59.60*. Sept. 61.00. Dec. 63.30, Jan. n.40. 
March M.40. May 63.40. July 66.40. Scpi. 
07.40. Di-c. SS-’W. Jan. 69.20, March Te.30, 
May 71J0 setUezuoniii. Sales: 4.000 lots. 

Cotton— No. 3: July 5G "7-56,42 iS6.3ni, 
Oct. 39.OIL59.Oj i39..7A. Dec. KL92-60.W. 
March 62.40-63.43. May 63.50-S3.10. July 
M.30-64.T0. Oct. 64^3-64.75, Dcci bid. 
Sales: 2.350 I 01 *. 

•Gold— July 1S3.40 UK. Mi. aug; 156-70 
(UttJOi. Sept. l&LIO, Oct. 1S9.70. DC.-. 
IK^O. Feb. 195.30. April 195.40, Jane 
20L3O. Aug. 304 .Al. Ocl 207X0. D«. 211.00. 
Kch. 214J2M, April 217.40 seilicmenis. Sales: 
6.Gt)o lots. 

tLard — Chicago loose 2J.M isamc*. Mf 
prlmu steam 24.50 traded <24.73 aukefli. 
tMairo— July 244i-2441 <247*. Sept. J4S- 


fiPlatinoDi— viuly 241.30 ( 2.7A.W1, Oct. 

244.30- 246.01 <343.30 ■. Jan. 246.0D-2'*S.6li. 

April 25I.J0-231.iUi. Jnly 234.90-255 JO. Od. 
25S.4fl-256.60, JM. SC.OO-362JO. SalcS: 
1^77 lots. 

Silver— July 322 30 1 519.30*. Aug. 326.:« 
522 Wi, Sept. .VJft.OO. Dec. 541.70, Jan. 
543.70. March 552.00. .May 562JU. July 
57L30. Scpr. 580.30. Dl-l. 3RIW. ->Jn. 
503.40. March 607 . 711 , May 617.10 sttik- 
Bieni* ■ Saks. 6.900 lots. Handy and 
Harman .spat bullion 521.50 1319.20*. 

Soyabeans— J id r 6JW137 niDfl.*. Aug. 
6M44193 i<*32! *. Sept. M3. Xov. IS-17. Jan. 
22. March 625. .May GEi.u&s. July 6.14 
iSoyabcan Meal— Julr 176.00-175.90 
<115.40 >. AUB. 174.75-1 14.90 ttTS.Mi. SvM.. 
171.Sb-172.50. del. 171.35-171^9. Dw. 

155.30- I6S.M. Jan. ISS jfl-l«9.U0. Match 
170. 00-1 70 Jill, Hay 173. W. July 171.10- 
K.OO. 

Soyabean Oil— .Inly 26.10-26.15 1 35.73 1 , 
AUg. 25.15-25.20 <24.92*. Sow. 24.10-24.1 j. 
Oct. 23.15-23.lu, Dec. 22.2u-22“ J. Jnn. 
22.00. March 21X5-21.90, May 2LJ3. July 
21.55-21. Ml. 

Sugar— No. 11: Sc.pl. S.BS-S.70 <6.09*. 
Oct. OjjMJsJ <9.701, Jan. 7.M.7.40. March 
54-7,33. May 7.70-7.75. July iJb-T.BO. 
Sept. S.tO-F.OB. Ocl £—6. Salts. 2.100 low. 

Tin— 560. 50-507.00 nom >5.06.00 uom.i. 

■"Wheat— July 5244 iOC5i*. Sept. 32Pr- 
329 (32»>). Dee. 335-3543. March 337. May 
333 :. July 324-. 

UnX.NrPEG, July 7. 1+Rye-July 102-Ofl 
asked 1102X0*. del- 102210 asked ilO2>0 
asked*. N'ov. 102.W bid. Dec. 101231 asked. 
May 102.40 paired. 

HBarley— July T3.1& 1 73.39 buti. Oct. 
74.9U asked <75.00 >. Dcf. 74JO asked. 
March 75. lu asked, May 75.30 bid. 

SSPIaxsecd— July 253.H0 bid. ‘saniei. 
Oet. 23>.50 bid <25SJ0 asked-. N’OV. 23SX0 
asked, Dl-C. 236.30, Ujy 242.30 asked. 

"Wheai— SCWRS 13.3 per rent prtuein 
content elf 51. Lawrence 153.99 1 164.471. 

All rents per pound -ex-warehouse- . 
unless otherwise staled. * is per troy 
ounce— ion ounce loss, v Chicago loose 
54 per 1M lbs— Depi- of As. prices pre- 
vious day. Prime steam fob. NY bulk 
tank car*, r Cenis pr 56 lb bushel ex- 
aruhonsc. i.ww trashel lots. 2 5s per 
troy ounce lor 5<l or units of OT.S p»-r 
cent purity delivered NT. * Cenis 1 rtr 
troy ounce ry-warehouse. ■* New -■ B ” 
contracl in fis a short ion Tor bulk <u!s 
!<W short tous d*‘iiver*.d f.o.b cart 
CbicJKO. Tuleuo. bi. Louis and .Mien . 
iN-nr^ per 69 lb bushel in 'lore 
Cents per 24 lb bushel - *: C.cnlv u-r- 
l!i bushel cx-uareh&usi if Cciila pit 
lb bushel ry-warehw.n.-, l.ooo bUiUei 
lots. V. ill pvr loone. 



"Financial Times Saturday July 81978 


BRITISH FUNDS (6751 i *£ VaS**?" M? "* M! “ ’» Z9:! » h h r 


2 :PC Ann*. 19': 

3 pe British Transpan 1978-80 62 " 1B ® 

’< '« '» : t •«, 

2-.pt Cora. Stk. 20 >»® >i '2 
apt Cora. Ln. 3Uiffl -'s 

3 : PC Conversion Ln. 34 >t® 4» 

5 pc Exclmuer Ln. 99.02 96'< 

1> :pc Excncaucr Ln. 104->. -.O 

3 pc Etenwiuer Sts. in I flfi-'i-s '. 
Jpc Exchequer Stk. 1933 79-V® <-■» U ^ 

8 '.pc Exchequer Stk. 92 1 3 
U-jPC Exchequer Stk. 39'*® 9D'i« 


I British EleCtriOty 3 "pc OM. Stk. 1976-79 
95-4 0®« 4l*pe cirri, sifa 1974 . 7 a 45 -, 

{ , ^ t 'l^'4 G *' *** CuS ‘ *»- 1990-95 44W 

' "SR &WTW?'* 0,S “ b «■ 

Norther" Ireland 6 ' 31 c Excites. 91 ,fii7) 

| ape fledompaon Sik. igae-gg 43j ls o m 

'!■ CORPORATIONS (50) -• I 

, FBEt OF STAMP Dull I 


This week’s SE dealings 

' Friday, July 7 4 . 24 S Wednesday. July 5 4^78 

! Thursday, July & 4.195 Tuesday, July 4 ■' - 4^90 


1 London Pavilion TO0JjS-7» 


1 Prniac nidos. flflo) S? S (4'7>. tO.Spee 


iBSPiv'.'WSf.diTw « 


Proprietor* 0 < Mxv'x Whirl f 59 * J J 
Prunncixl UiiMinn jSni 1W 


The list below records all yesterday'* marfcmss and tho the bun marlcins* during the week (rf aw snare not dealt in yesterday. The latter can be drsnnsalsbcd ny 

date (In pnmn th cica)- 

rhe number el deaRiHB marked in each ucdm renews rhe lunu- at the case*, and the list came*. ttwnK®«, be nsnrdai u a complete wore of 


E 3 -.® <!« J , 0 I. I„ 3 !, 4 11,9 
IL-jpc Excneouer stk. lui - 
12 -jpc Exchequer Sit. 96 ':t® 102 
12 .pc Exchequer Stk. ia2'l|»0 lO 
■Vi 51 - 64(11 

1 3pc Exchequer Stic. 1 Ci3':Q 'iin '.1 
S-.pe r truing Ln, 93i'-» 1 
E -PC Funding Ln. G5J«® '• '< ' 


‘'odSS? , 6, J 8 CSD! - 64 '« IS.'7>. 

ii -- '*■■»** *■ 

.Aw l aunty Council Bt-pcSrfc. 96 ‘.m »« e — 5n , **,<*». 

BdMVel Cw’JJ IZLiPCStk. Ipy Bd.i l937 

i 2lW.i!*“- (,M « &£c'e* vl S3B!S?w ,c,lw 13KRfl - 

; Bclrnst C>tv Council feiineSO. 334 Wigan Coro. SocRd. 21 •. >*>7i 

’Birm^ham Core. 7 ^ 1 x 4 ^ 80 -« 14 7). SHORT DATED BUNDS 

.r.. n ?piSSfcm 9 D^ (3 ,T’ FREE OF STAMP DUTY 


1 Hugs marked in each kcbm tattavn rbe name ol the 
kc denoted shares are O tolly paid *04 dot tally 
lemnlm are anted in pounds and fractions ol pounds 
in oi uence. 

es the prices at winch bargain* done by member* d 
have been recorded In The Suck Exrtuaqc Daily 
i are net obliged te mark bargains, cream in special 


, : <6 7i jQoxhor Otto (*USS) 19-.® -6 7> 

case*, and the list came*. ttwnK®™* be resarda* as a cnmpicte record or ,nn 1 -oucens Moat Houses .so) in • 

prices at wh*cr busUiass has been done. Bargains are recorded m the Otftclal MPi f.nrwtu ro^C cnnys. -0*103 jw g , Quiyk -H. and J.l HO pi 39. lOm 

Ust on » 205 nan. any. but later itmucmib can be Included in the tallowing MK £'«■■ ^ ‘ I « ‘ fa71 

day's Officwt Let- No mdtcauwi ts available as u wbetner a bargain rcprewms Macar ui y4 phxrmxceutiexU t2om 39® 6 I n.r.o. iio n ) 6fi 

a ule n> purchase by members, ot the bbMK. MarltMss are not necessartty ib-7> , ! Rar.at t'ccuomcs i2Sb> sis* va c 

hr order ol cxccntmo, and only anc rargain bi any anc sesurllv at any one 1 Mcbnde _ iB-' iM idd»e\p"» .a y. • .a» ...7. -..2 ? .... 

prkc '» recorded. j *SSTa Wi '* : ZSfSutttSm '-J. 0 * 1 1 2 


Exoiiaju-T. + Baruains dom* 

SMalumi: sue— ^Mexican: B 


Uie prices at which bargains dam by mwnMf* ol { a sale o» purchase by members 0 » the uaWK. fUrbMgs arc «t necessarily \ lb . 7 , . «atai Uccvomti i2So> 202 ® Nb 6 

re been rerorded In The Suck Exmamw Daily hr order m caecatnm. and only anc rargain bi any anc securllv at any m \ Mcbnde tg^tMjjdtfggJ* {J 4 .«.»■• A. Vaiiwgg is 

re not obliged to mark bargains. ere« u tpecial ! Ptke » recorded. j SaSSJBSff^Wi “mLn. ‘£:* : BittA^SSSTW l-®" 11 

«s. ABxr^iim. -mm.- wiilror between uu-.ine 1.5 ri. -h Sxrsaihs done arevnms dri? * Barux'iis do<«- n-nh miinbeh; of a reWisnis-Nl Sfovfi : MxciurUnc Cp- tCiahtnum i_spi 1 Rvmv Teutircs 9 1 . *) 

Iorp lor nrlatrtl n*HVM» nr no buying ■■- " M-M.iNSraI 1 ans S 8 -SBahJ.HMfl! tC-SCaludian; sHK-SIluibi Kudk: U-SJaiBaitJliI SMa- | J' , H .. I=3p . jj 15 .T 1 _ .. 1 RaSS' CMginfiattan' liSoi 2 JO® i G ; 

s SNZ— S.Vuw Zriuiand: 35 — BSmsasorci SUS— si m't-rt SU!— RW«: Indian ; "J?* pm* b.os « 23 pi S 2 au low: u-.pjpr. aBi BocPt. ul»- 51*1 

' Ln 3S >6 7«_. i_d7. j6.-7i. IOspclu. _-7--r 7 : ta!71 


Sac Treasury Ln. FB-'n® >i-9 '• 

S-iiK Treasury Ln. 79ii ® 'liQ >J0 •« '« 


•ar, 


S joc Treasury Ln. 79>i ® '■:« ‘JO •« 'x «: ; fipnburgn iCltyV~ too' riyi ’ 1 1 9 101 .95 '6.7 1 

s. : ne Treasury Ln. 1900-82 91-V- 2 1 | ClasSOw Coro. bMpSik. 90*-a i jn^ffon?' Hrrrril 9 fiini . 3-71 

i "ifes a vwt* - - - i i » TO* ’ 

9« Treasury Ln. 1994 79® >s :<«; , ?S.i 4 tV'i ^ " “ 3BC ^ I p.mnr pnAltns r.Rt 


■ 1 931 1 Allied- colloids Cn. napi 72 * n- 70 s: Ca».cww 
! Allied Insulators iZSpi To 2 (6 nca ■ Cwreoiii 
1 I 2 ?pl 72 13 7l Or.'esnon 

i Allied Plant Go. HOn) IL Coli c Hi 

I Allied Retailors (IDpi 264 6 Cemcrit-i 

j Allied Suppliers GpeUnacd.Ln. 6 j - ■*'. Central 5 
B'.pcUnvd.Ln, 50 * CcrtMl I 

! Allied Textile Cos. H 5 P i t«s- >6.7i , ,-S • * 

Almmr Nlngs. tSni 66- S:- i fc.-.^ai 1i 

ilb4 gj t'F'l' Soft Drinks HDp't 131 'S-T- : rSISnS^ 

Amal. Indus. 7nc«. 42 ;S 7- : rCi!5f W- i 

7 , lAmaj- Mottl Cpn. 330 >6 T> • 

' Amal. Power Erig’g. i25 0 . iss i3T 
101 .932 ■ Amber Dav Hltfos. ilQpj 33!-® <67* ^'.aeOfl 
lAmfrrion SlrthrNrt- n 7 JinW-ai 


Ce.'csnon industries 5c 31 
Coli c Haven >5si 17 

Centertt-Rqadstone Hutd-rqs %5 p> 81® ‘ 
Central 5hecrv.-ccd >5 d> 62 : 2 
Central Manofacturtnc Trading >1 Cpi 57V 
. .£ I eneca %1 -6 T» 

Crr. jai Wacnn 97 1 ; 

Caintberjbn <Zi>n’ m : 

Chamber-Lain Pb.ms -lOni 43 

. Oijiuji Wares ilC? 1 21® 

Oiiore? GrMD 25m. 1C6 7 9 S 

. _ 7 ':aeaa. 6 b -S ur 


; U»s.Ln. 126 A 7> 

Gib Dons i&tanleyi <25di 171 


Mann to, -nun Spclu. o2:® 


. R.ltni r*. iJravrllCTs' ildpl 66 
IRrab^-l; tlOril 79® 0 : 9'i fl 


3:;pe Treasury Ln. 1934-B6 37U® -« k 

S 'PC Tretiury Ln. 77® i. > 

9nc Treasury Ln. 1994 790 «: ="n 


PUBLIC BOARDS ( 18 > 


1 01 ?>>- . Ar £ C rsan Slrthdrcfe ( 25 m 114 8 7 “5°“ “ tatsrrJtieoa! 1 1 Opi 1 06 7 3 9 

* «§ 3 »“ Cbu^ . 2 tta, lie? 19 17 BpcLn. 6 

Anglo -Amerlrar 1 Asphalt > 250 | =* -5 7 < C hT,— J, .? e if c V£' s 6 ," 

: 16 71 I ^S3? U *7 A S^. ■** 1 3 ' a -° 9 OSS"® Mart 20? V: 4 «7> 

) I Arcoloctrlc 'Hlaos.i r5p> -3 .4 7* s{ a *^L Blc ^ ip 4 ^ui? SB \ T5 _ 5 !A 71 _ 

_ ; Arcnson lA.I [Nidus 1 rift-». K2 BO Sen (HMSS-I <50 d] > 6 : 5 

7 16 7 f.; Ariel Indus. iJwia- CI*Ort. Srvh [So- 1 B' : f 4!71 

a -KQb. Artlnqtem Motor Hirin’ t 2 a*o» 123 'JT - 1 Inds. 920 <S 71 

2 . . *3 / ■ 1 Artnlf nan dh.nl-. Tff"*.-! 4 ?"!— *■. Clbard's Dairies A f25n1 40 (&:7> 


Cla* (Richard} ;25ol 74 S 13.71 1 

Clayton. Sen [Hides.) (SOuJ 76: 5 
Cl Wort. Srvn C5ol IB': Ut7\ 

, c:mord (Oia'Ms) mcu. 920 (6 71 
Cl hard’s Dairies A /25n) 40 I6;7) . 1 

C oalns. Chemical Prods. (25p) 66® >4; 

6 

: Coates Bros. [2$P> 67. A (2 SdJ 630|i,;® ! 


Clvnwcd i2Sdi 93>:® 
»2. bscLn. 661 : _ 

Gnome Photo. [I Dot 39 


2 •. a 4 t 7 TkpcDo t rB,, i Me Shank* Gs. rjsm 67 6 ; “hard's Dairies A f 2 Sol 40 t 6 / 7 > ' Cno^ie Phoio. HOit 39 4 B *3 7 ) 

*1 9 '.KDb M'd Ea “‘ OT - ‘100161 ; Chamlcal Prods. ( 25 p) 66 ® <e» c-HcRierB 1 A .1 i 2 Soj. 66 

r -rn 1 auirnh nnS^ • Ash “*>d *-«v i 25 ol 1 2 s® 8 .Gommc Koldiuqs l 25 bi .,63 4 

10UPCD “- 80 -* 1 - Ash Srilnninq r 2 So) 42 ® : Coates Bros. [ 25 p> 67 . A ( 2 SdJ 630 ,.;® . Cordon iL.I HOn) 33 I t-* 71 

. liorir. m 3 ASdro-Nichalas 5 LdcPT 420 .& 7 - 4 US g (S 1 ?! Gough Bros. Ord i 20 n» 47 6 

r pcL . 02 . 14pc Awcialed Blscul t Mamrta^njTgrsl' 20 a ; 7 SO Coals Paubs ' 25 o> 70 ':® 69>;0 •; 70 . ! 5 ^^. SWn 

'.PC 96-5 7 . ftrF 7 *- **" ,20p » 76 - “**"■ S9 ' : ii»- “ 6 -oeLn. 50 ® 1 ; 8 SS!S enf “a 

5 BC 28 . 16 '. t 2 pc ! Ascoelared Book Pufeiich» .in,- 52 a ' k n - . 1 Grand _ Met. Ord. * 5 qpi J®* -tj 


tO'.DCLn. . . . . . j 

Mas«y-*ciqin«n nnv 6^5 \a.7i 
* Maitnrwi iiwi.ur0‘ >2'aci 14a 
: May Ha'.sel' Vpl 59 lb 71 
i Maynards « 2 Sd) 122 

ik ?i ( Mears- Bras. <25 p* 20 

r n I Meat Trade Supcliers .26D' B4Q 

r “• i" ti V'dis 5n' I 6 'a rt-7« 

3 I MelOdV M'llS (250l 900 16 7« 


R.-dlxnft (25oi 133>.® 2 bPCDb. 19BH- 

. 57 ® 16 7 1 

Red-nan Hfrinan •"Urttt f1Dp» ■.? •- 
I Reed (Austin. Gp «25P> 91 (4 7i 
| R-ed Executive *50- 58 ‘.s 9: ( 6 .-?i 
II red mternfl. I 2 R® 5® 7 k 6 '.ncl 
1963-110 76® (6 7. Do 1957-02 66 
7'dKOb. 1937-92 h9'. (J 7.. t 


Assoc j area Book Publishers -200.' 22B 


■erai , i restf:". R «:«or a | t. 1 4 : 75 i- u'ie^rTciiy) TarSc Vigaii ioz a >btY\ 22 '‘ 2 - 7 ? ' 5 “ lnes BCSl Jt ' Cm - 5BcDb - ftggffigg ^'^rpb* CoSf^ , 'DV 7 kerufn 1 > Pearee Int, 

xsurv* 5(>. 74-. .6-7, \ <3 ‘ 71 ' S ^' N ■re 1 ,«. EI „. 5eol« 6 - : PC HI (3 7,. . 'fR ^3’ 11^ ‘ HWi 

!ik. 'is H. "i 973*BD'“SSt: 1 S , fk 7. rB ‘ 9 '‘ pcCo " 1 ' Ro ’siji'&fra ****■ s =^ 1C =® jEELM-ms* >m®. 22 2®_i « 


20 -SQ 'rC -■■ 

3oc Treasury 
3oe Tritai. 5 : 
3 ec Treas. SI 
\. U 


I Sahara Carp. 5kt0cRri. 1 1386-83* 64 »« 


I 6iy)c 34 f6 7) 

! Scottish Agricul. Corp. 7i 
( lOUpcDb. 7B : ; <4 7l 

j CO 3 DI 0 W\ r EALTH 

REGISTERED AND INSC 


. Tr 7**- 5 J(. 1991 95 t • 5 4'i l cBor.l 12'atKLRri. >19841 100 l 6 DC 1976-79 B4 - 4 |47> ' Amina Grp. - 

(’« Tr«! cti. taut sji a • -. . Sunsirli'd Cgrp. 5‘-:DcRd. 1 1979-31 1 Bb'Jns | . „r.r,Tv- . . Averrt -25pi 

1 Trers' VW - 1990 103® ffl \ Surrey Cc 6oeRd. -1978-801 91 -5.-7i j COMMONWEALTH CORPS. ( — ) Aron Rubber 

I4BC -Treas. S-.l:. 1932 10<1*i.® *, «>.* 1 Tiunton COf* 1 TreRf. (1979-£°. 9 3 i5 7.t Sl A(nc» -Republic Ot. 9'iPt 9«i; «3.Ti Ayrshire Met 

Qnr Trea^ Cav Sik 1QRQ OfiUi.ib >. »•». i Tvno Wear ll ■ ZpcRd. (19361 97. I2pcl 

,. \ 7 G-. 5,w ' 1980 90 * '* Rd. .|« OP.K £ 50 pdi . 1986 . 4 8 « s ® FOREIGN STOCKS (81 b*t iqh. ia 


Ayrshire Metsi Products i 2 Sp' *5 


.. -.* 7 'G\ ' • Rd. '!« SSB'.Oi; £ 50 pdl . 1986 . 48 «j« FOREIGN STOCKS ( 8 ) 

Variable Rate r. e«. Stk. .98. .3.6-, 78 DO , Wa^ CCrt., BJ-reRd. ,.^-79^ 97^ COUPONS l-AYABLk IN LONDON 

V £?' F Rj,te Trc «' Ss,( - ,9BZ -S-aiBSoci; Vtas. Brum. Coro. S : : peRd. .1977-79. 94*. {gt^Ti (3/71. 

Soc Reora. Gold Ln. 1913 120 < 6 . 7 J. 


BAT I nds. iZSpi 300 3 293 301 299r. 
Did. <2Spl 252:® 6:® p 42 < 3 6>- > 

B?CC fSOOl 116 13® 170 17 16 74 6p: 


Morn* Blakev Walloaoers *2Spi nO ■& 71. . Rnriwr Hinq* a -25n; 37 :® 

A [2Sul sn® i6‘7’ 1 Rrixoill HMn. (So> 17 

Morrison (Wm 1 78 7 15 7, _ . 9-n»«i i(!->n Rnum. noo* So -4 7. 

Mdu Bros Deri <ZOp) 11b®. New Ord. i Ponorfr't (ZOD) 41 *b'7i 


Haroreavck Grp . 20 ol 55 ® 16 , 71 


i20») 115 *4 7) 
Mas* Eng (2Sp/ 65 
M3»* iR > HOP! II®. 


Prince opens £lm 
reclamation plant 

A £lin plant built by Siabkw. a build in.-’ purposes, and several 


3 DC Hukuang Rlys. Ln. 1911 17 r6.7) 
Greek 6 DC Public Works Ln. 1928 56 . 

Hungarian 7,-pcStle.Bil*. 1924 50 
Iceland (Govt, of; 6'-pcStig 23-ad 65® 5 
Ireland [Rep- of) 95*pc 91-96 81® 

Japan BpcSdg.Ln. 63-3C 58 

Ruiuin 4>;DcLn. 1909 £A 

San Paulo 7<:pcS;l9.BdS, <956 72 <4 7) 

Iceland ''■ , i'3ub'-:i 8 1 :o:L*' 73 

FOREIGN CORPS. ( — l 


Ontario Quebec Rlr. SoePerm.Db. 40!; Bambers store* I10P) 75® 16 
•4 71 <IOp> 79® 

FOREIGN RAILWAYS ( 2 ) B»nk°Bndqi° Grs^Sp. 2 - .4 7 


5SP ,9 ’' ,2ncft ISSWS? ^' 4 «n. cm .rip- .53® 4® 

SSMt^STv." ,57 ‘- ’« -- 

“fo'Vf 001 TIT'*® IT. New .20PI 9«.-®iSSSSR (1 df ,, ftu S ft , 7 7 l ' 4 ' 71 
ui“ I Newbold Burton Holnmos *25oi 50 '57 

"53. 4,1 w -* Jnd Son » lAdriiesionej HOot 1 Newman Ine- '25n. 77 • 

“C 1 : kf auim lit Tnrl-i ■ HQft. fl.h w ihi?l 


I Ro’hminc lii»n| R »12 '-pi 50 1 
1 Benirk MOd) 125® 

, 6 i R^wntree Mackiniash . SOpl 390® B9® 

,b '- : I Roman Hotel* i25b» ISO 49 
14 71 j Pn»jl Worr^ter ,25nl IM 9ecLn 117 

w 1 J l6*T) 

'.A*. IPowo Grp *25 p> JJ 3 I6.7« 

71 t Pnh»TDi4 i25o. JT 6 II' ncLn. 71® 

R.Hihy Portbm Cement i?9ni 7(1'-® t >• 
I Jg'i* Pl0, 'Non-Viol iSel .19'; Bn 

9pcPl. 9D(- ^ Ruv-i-ii Brothers iPJridinaroni t25et B 
s', { Rv»n (E.) HkH». i5oi in-® 


Dale Electric (10p) 151 2 
, 7a.i Ird*. -SUbi* US 6‘7l 
Dartmouth Invesu. -5p> 1BU. New Orq. 
--• 3 * 4 i - •; 4 ; • 47 J 
' Davie* Metcahc (10oi 22 (S-Ti 
Danes Newman 125p) 131 2B (4-7) 

, — •»• a*.(*r» i2~oi 91 1 . 


Nawman Tori* .2S.pl s9® 8® t> (b-7l 


I satf-'h T imhrr (TOm 35® 

-Saga Holld.lv* i20pl 143 
l S*l"VHir> ■>* i25n> 1910 2® 2 93 5 
I 7 .1 6*rlKD&. 64 lit V. BdcLu. 6 
I 13-71 

■ Sale Tlrnry (25n) 253 M>7l 
Samuel >H ) A i7Sn> 297 6 


Ciuii n lu a it. Iiiuuauidi W4aie AttCUlDtS are beilLS made to- HANKS iUTi ;Barr Wallace Arnold Trust A No: 

Ip a rock-Like substance for land incorporate the material with I Aioemene Bank Ncaeriana >fi 1001 tss'e^S* dwiV'itop* m 3 e 
reclamation was formally opened domestic rubbish, also for land; A ',^ Harw and BMS 290 lSl71 ! • ;l 
by the Prince of Wales yesterday fillms. ! Allied Irish Bunks *Isp' ibz • 6 i_ 7 i safwri son* <250 si>; f 6 7 i 

ot Thurrock. Essex. These developments ore par-i^ e « i 2 5 i : Ui 

The plant is able to handle tfcularly important environ- i A STOts ai 2 a 7 ®' fio^'s'T ^ ! i^tion CuVt 7 .^. ies . 37 . 

over [0 per cent of the kinds of mentalfv. because ihev mean that, same America com. >%usi .57251 i 8 N:®| 8 eattie uames- a :R|A*tq.* - 2 so> 
waste produced by factories, land cavities can be'atled with- HSx rn , iS!imi K ioK£*Vli 7 ?s-Ti I ■» >cfH.f uSi 8 h.mi%. 52 *s 1 
SSfJy J c ' d :. « r cyanide-based out risk of either sinkage or lS 5 S S? Rq«., | SSKSS = < 

fluids and those containing heavy contamination over the veers. < A '*) sso: , . eocLn. 771 * bijoclh 79 tZ a - : 

mplalc cur-h *c iKsnii* Tk. ia Bank pi Now Scotiu >C*li 14'*-* . I f SncLn. 247 , 57 - 


nepwartn Ceramic Hiocs. (2 Sp) 83*i 41 . in;. i2&pi 2 S 0 Samuel *H 1 A i7Sn> 297 8 

H^nwort, »J.1 and Son flOpI 56. ?pcAPT. Nlchol* . *.N 1 i2Li>) 167 [6 71 1 Sjhiut ispn nim Service >200* 93 

■ 4 9 . -•»■ ... Nortrp* '-SO' SB 7'. 7 7‘jncLn. BI® \ tonw i.l C) rlOo) 29 

Herbert 1 All red) 7>.PcDb. 61 Norlolk C.ioitul <5 d. 36 5 : S^noere. Grp i75pl 8D® 79 'r-7». 3< 

Herpn Motor Grp. iZSpi 126 (4;7) ’ ! Nprn 14 r.il Elec. Holdlm* I20 bi 43 15-71 , Pt. jg rei7l 7 '.-pcPi 50'; '6.-7J 

Hn*talr (25 p 1 100 T. New iZSpi 101 = | North Brii.vh Sieci Grp iHoldtno*! i26p) I Ssciiu* Cordon ij.) Grp. . I0o> 24':® 
•617) 1 33 . 6.71 

Hewdcn-SlMrt Plum ilOpi S7‘: 6>'! ,6'TllNdrfii ,M.f 1 1 »Onl 20 14.71 SgvpV Hotel «inpl 77® 7 i6-7> 


«Q 2. ■ Denre-ij Stxnp (50dl 148 
:ocLfl : DM-rlfron flOpi 17 (3 7- 


Hai-'rn lArthu') end Sons i25p 1 Gi« Z® * 

Hellas Grn. -So, 60.-7 59 ^°° i ‘ 6 71 I 

tiom H BI * »*r! LL" 1 *. ® 542 S“V4P D»j Grtaffi. M'j <6.-7i ; 

C MSS? fflri ’SSL^rs .2S») 71 OStf. ‘ 2&D ‘ 110 1 


Security Services i25pi ill I61T1. Oi 
<25pi 11 12 10- A (N.V.i r25p) 114 
New A (N.V.I (2 SO) 14 11 10 


reception tanks in which acid and • 


T .a££& i,U maximum capacity, aikaline fluids are mixed to iciSir Discount Hid,*. . 200 . 72 4 '6i7),!p^' s %; 1 B l2 1g , 1Pa s 9 
of 400,000 tons a year, is expected provide a neutral solution. ! cU&tai 5 b» b k of Australia (Lon. Reg.j 7 ^do hsb. 54 ^ .4 7 , 

to he reached tn two or three Solids are emulsified and pre- j G ‘£^ , 2 5o , 172 7g rifn ,T 

treated separately, then fed back 1 wgn • Antomr. hi 5SSy B 3.V iiSTs *&. 


talkie H*«l rspi 10® 

Olplonw Invests C25o 1 168 (6*7) 
□neons Photo ‘IOdi 126 9 


I ; Ham? Counh« .2Brt 71 ^s'l M4C,,ln<1 ,1D Mmcotirl JSglM# A «« V, , 

16 7 ' A “.susTVo. SUSSA"*® O'ta" 'S 0 **' 91 ) 3 .4 7*. New (ZOO) 93 I S 9 , g l MLa!*74 ‘ * 3 * = ® * ' 

16. 7 Lac H 5ST ,a5B ’ 3070 ' 6}7> - A ' 25,n “ 5 ® g;Lf.«V(U 0 p? , 4| 0 .4 5 7r’ A r5p , j Iff™ m ft 5 " 

Itobklnsens Hldos. (SOPI 101 16.-7) s r tas 4 67 A USp <2 5 ri 39 - Ntri t 25 *" f 

» Srak?n1 and ,a Hofton^ 2 0Pl V® 7;,pct« ^“o- oi. “l"' ” ShaPc.metS (1<tal 37«, B 

.. _. 00. as I67J __ SSS 0 fl5f offl ■ * Ml?) BPCLri. « 


Datacm fti?i 0 lMls. al |1(hi® 93 New (IOpi HoSie^or Fiw (25a) 1)4 S 5. 6pcln. °!!if a l jPr? n l2S,,, 30 2 f4 ' 7 ’ BocUl ' ihemdd'^wisi^Drill^bSNl 6 74 pSwj. « 
Itartnai/smhh Hldgs. 7pcPt. 40 (6*7) Haver inghJmjferp 3 i2Spi 75 N «G7i. Do. USo> feS lj S 4 5heman iSamuell.tlOp). 13 


Haveiinghfm Grp i25p 
Rest. vtg. 7S (6 7) 


Shiloh Salnners USn) 34 
Sldlaw InduM. (50 p» «M 


cement manufacture by Tunnel, agents to pFOduce the solidifying 
Later, it is hoped to use it for slurry. 


r , w . 1 , I^V^S^/ ?* 8 52 - 7,iBCU,,S8C - Slcllm. 7 l Cbnrra^ 12 

r aroese traw prs tn lann low*. <^.Bsas^ i, sUi < e». K 

X ax urac u a vricx a tu lailU s:=^ uns «-L" ** * g&niJsS"' -^fes paz;: B3S , ttT4S» 

£ m L * Cl 1 il v u It. &.«. nuais. »•. sw* «, 

rich in \hartnnrl I Nut.^nal Co-nmiixui Banking Grp- 63 7^ S^pc 2 ndDb. 47=!. BocDb. 7«L [6 7i. ! 64 - .& 7. 137 

11MI III one 11 all u I sssss B7 (5 °' « 

| 3 n 5 . gjj Wiinni 5 33 ^ 7 «Pf. 19 . B-Vnc Blundelt-Permoglare Hides. « 25 p> 68 ® niiDOri ' 25 oi 69 3 

BY OUR ABERDEEN CORRESPONDENT: | !« e^ST Ur. I gEfiSS:''" '' 

SHETLAND FISH processors Factories uith kipper process -1 pfSWpf.r™ ,2SW ,s * 6 ,s *'■ 9 "“ KS!i."?S , M n, H, 4 dSf l lii *.?' Sj ‘ ' S W.“j JJ 

whose 12 factories are working mg units have suflrered sddi-ifJfs^ScER. ?"s e C C 3 1 oot SB? 400 7 3981 ““ 1 * 79 ^ '“ft^pajwK.Ln *Sst 04 ' - p- F 

at half capacity because of a tionally from the closure of the 1 7r $% Dw - Bark '» r -' ^s.si.so- £ru .Thonusi sons isop, as® 4 ® > 

lank Ilf lnn-i I K-i*s<iioh • fleh hvvp West Of Scotland herring grounds ! !' r / , ' n 7 15 Baufion William. -Group. (IOpi 17 ® 161 ; : Caws . 10 p) 141 , 147 , 

lack ul local Ij-LdUgn, nsn nave . h • Wtatnut rsopi 69 Bourne Hollingsworth ( 25 p. las 5 < 67 i . tMl , 5 up> 136 * 3 b. 4.02 


, . I Strtic GarnMn Hldjn. (25W 175 
Sksmsipn Hunter J 'Op) 59® 9 
. 7 , Slqnodr 7ncLn. US h C3-71 
' silentnlaht Hldos. (K>P» l00 t 6 »^ „ 
5lmon Engln. »2SP) 220. SUieDb. 72 
<3»7) 

SirtUr (25®) 69 (6 7). 7lsPcPf. 48 (3*7' 
■■jwvn. BOO Grp. (250) B4<): 3'i 2>3 3. B’sPCLr- 

,83 ' 9B i SkclAlev K25P) 109 1 *- ,N«w rT.P.l C£l 
(i | no® 9 I? B'!. New ( 25 PI 16 17 1 ®. 
TpCLn | 17!; pm tS/7' 


I 3 5- Warrants 33. 7ucPf. 39. B-Voc I BlundtH-PermoglMc Hides. (25 p> 68® n.ioori >25oi 69 3 

i ^ • s .* 1 — . » _‘ 6 ' 7 '. 1 .. * ■ .. i Duranlw? Fnlvniatl 


IlKlKk Johnscn 1250) 164 16 T> 


Rsyal Bank of Canaria *%2i 23L*v® : a® I Soardman >K. O., Intnl. '5P' 13 


I Pcppiiw Motor "IOp 1 t 0 '«® 10 '• 
j Psntland Industries (IOpi 20 a 5 ' 7 » 

-» B. ..n, ! Fc f- tos nop, TO® _ 

**• BVepeDb I Pneidn-Elmcr B 5 - 5 T» 

j Perry (Harold, Motor* ( 2 bp| 103 ( 6 .' 7 i 
. • NOW < 25 pl 104 ® 

■iPcLn 63'i;p„ hOJ , Hidings ,10 d> 2ZDffl 1® ,6 7) 

• Petrocoti Grouo nita 62 3 i 5 7 i 
V_. . Philip** Lamp* ifi.lOi 5 US 11 .B 2 


-Smart (J-7 (Contractors) Cl Opt »<a n--7> 
[Sm'tn Niephw Assoc. UOp) 67 'j. BpcLi 

! Smah* 'dw[iI S- hHlriovi ( 20 P> 103 
Smith <W. H.i Son iHIds*.' a SOpJ 144.* 
. 3 4 (5)7 r. B (1O0\ 26 i3(7'. 4<;pc0e». 6 
1 ,3*7i. ShpcUiuec-Ln. 3BU (6i71 
i Smith Whitworth (5 p‘ 13 

I Smith Inds. >30 pi 1*2 . . 

.- Smurtit iJe8.'rson' Grp. (25 pI 196 l3'7 
1 Sobranlc [Hldn*.! (IOpi 24 <6*71 


lack uf local ly-ca ugh; fish 
I'uncludcd arrangements 
experimental landings 


and may. as has happened before, i wmtruK I2W ' BS 
lor be forced to import Canadian! BREWERIES ( 137 ) Bd 4 wthi»fP«"H 

by herring. • A ' 1 . |Cd ^ rm 3 £, r| ™ ( 2 sd) bio bo:® bo i 2 enby Leslie 


nluivinian >K O. intnl isdi is j Duraplpe InterrKlonal f25pi U9 20 (30,> ' 29 t4,7> ' Da> A I PMMIn} Patents 25ni 18 <5 7>. 7i;pcPl |S„it n, 5 I «tfB ,rf 27 ' fV? 

Boardhian ‘K. O. 1 mini. »&pi ■ JS — . I Ourtnn-Fnr^ha** rtrn rysni d7i. Ft it; ?1 IZUOJ It ID #3 I AX c 7» JOin'C if 

Birfvcoic mini. f25pi 57 '6 7' 47 " * 8 71 InMWC© A npir 2 S"ji =ji iS7> 1 Phin?* Timber .25o> 1S.\ .S7i SolheOy P*rkc 8ernc 

jSS^TOg F ^^ 0 . B ^?- M gl^ J- , .™ d jTl2s!f 5 i 6 ,6 7?' 7 W V A fil®*'"-""" 13 A ' T0B ’ Sphere Construct Id 

IS cT'zsai mL’tViH.' V«U“- MStttS h 'i-ffis> n - 7 6,;: 7 '- 7',“ 1".^, 

Ln. 79*’ <4-7>. 7'ipcUnscc.Ln. 65t® 4 ; E F Imperial Foods 66? G P Jfi 4 y, ' 5o 63 7 9 ;P ' F1 - Spencer Gear* (Htas: 

BortMv.ee iTkomasi Sons (50p. 4® ' •*»«rtal ft® «5rt 74 ,;® 4® S 6. rScartorenioM -25o, 84 2 

Boulton (William. 'Group. (IO 01 17® 16i- ■ 2.C. Cases ■ lOp) 14J, c4-7, *Mor"i * r 5!& 73 -b (S7) Pleasqrama >5p. 681 .. t|i. .571 

Bourne Hollinoswortn tJ§p, 103 5 (6 71 ' j t* 41 *Sup' 136 * 3 5. 4.025ptPr. 46 l'a.iScLp’. bTi- £ # BocLn' S 70i" ’ *' “ 7 pl «* c '' < y 5 i 0p, rjK 7; ?o l 8I ^-',’ : ? 8 90 M ’’ Splrak-Sareo Ena. <25 

Bowater Cpn. 1800 SO 3 2. S:^>cP>. 42<s ,*0 7i. BIpcLn. 19SI 92 - 1 1. go: 2 Inca A li,, ' ^ "R 0 -"- 70 - Bij. 7'jpcgb. 60'; I3l#i Spooner Inds. >2501 8 

_,4-7i. , pc Unsec Ln. SO-:® | 6-M.f. «H[«to.i (25p) 100® Inoall Iniusf nnm 54 m Squibb Cpn. (SU«i E 


arke Barnet Grp. (25p1 297 
Constructions (Hldgs.i 'So' 


Bdvfthpnw. Hldos. « 10 pi 50 " i 67 
Braby Leslie rfOpi 94 ® 


! “SR.'Sb^"’ and 'Witney UOp) inmal SerelVw ‘r2°5p) 73®(6.'7l 

I East Midlann Allien P»u «?4n. oc. ic.n ■ !"!®r - *=i tv . 1 HU. Grp (20p) 101; 


PcMv Peck ,10W> 9 f3.'7 


Sparrow fG. VV.i Sons BhPCUnsecLn, 27 
SPear ij. W.i « 6 oi 200; 

,4 71. 9 .PCPI. Spentef . Gears (Hidg.u iSbI 15 

- bpiUera (25pi 39® fl'.* 9 S. 6 ocPf 47- 

91 M 2 16-71. 7 pc Deb. 82'! 3U *3iTi. 7t<PcDet 

® 8 90 89 <i SDlrax-Sarco Eno. i25n' 153 
Spooner inds. <25o> 85 
Squibb Cpn. (SU5i £26'. (6171 
Staffordshire Pottcrle* (Hlriqs-i «25nl 14* 


Pol vmark International .IOpi 49';® (6,Ti stafksr Intnl. (25PI a (6'71. B^pcUnsw 
Portal) Mendin'!* IZSpi 210 Ln. 34 i3<7l 

Porter CMdbom >20pi 105 >57, Stag Furniture Hides (3Spi 107 16 7, 

Portsmouth Sunderland Newspapers (2 So, * iReol Oran. IlOpi 30':® 

62 (171 Stanley 'A. G.i Hides. (Spl 124 (6/7l 

Ponair -25n, 10® (6,» Status Discount iIOd' 174 (6/7i 


Powell Ouffryn .SOpi 184® i® 3. 6>rpeDb. Ktavelev inds. 265® 

64 . _ I atead Simpson A (2Soi 36 


; Preedy lAKredi Sons (Z5pi 82 I Sted Bra*. HI 

Pres* IWJ (Spl S3® 4 . 6-:PCLn. G7MO SWIv (25pl 1 


Steel Bro*. Hide,*. 7 pcUn*cc.Ln. 54 (J .-7 
Sweetly ( 25 pi 187 ® 4 . 7 ocUnsec.Ln. 110 1 


(67i 

■C.E.G. (25p) 22'. 3 (3 71 
wks (Wllm.) (25a) 27 (6 7] 


Jackson (J. H. B.) (So) 27 >t 
J amaica Sugar Ests. ( 2 SP) 11 12 'y tH;j 


two aneuanu noais are ranaing nnetiunu mri f2Snj si fem antpr ae rirri , 1 ST, ZT r?^V^ '* roun 

fi?h in Aberdeen. There is also adequate catches, said Mr. Harry ciarv i Matthew).' sans midqs.) (Zbdj 134 British DredijAq « 25 oi 41 *\ 
.1 general squeeze on North Sea Gray, secretary of the Shetland | ai«pcDb. 8 b<r ca/d. io.^lp -^ rac *- “ 4 - 

grounds from I raw let's unable 10 Fish Merchants Association,,- eo: fs/n - 5 r ! t i , 5 f. , *aion ( 25 D i i* 15 


fish Icelandic or Faroese waters, yesterday. 


OavofiMRs- Brewery (HMg*.> (Z5p) B3® "L'l 1 * 1 !,” 0 " 1 ?. St °r«* <2Sp-. 177® 80® 80 )6i? V IB*™ 1 '* 5 
oSnLl (J. A.) (25pl 180 6?* Vain s,;Bc0tl - 59 S 7 ’- EriBl-na Cl- t.i 


SpcPI. 41 1 4 7 ». i (4,7» a James (John, Grp. (25pj 43's i6 7) 

^ , n I ?«. 'f ,2So ' %• !6(7) James [Maurice) 1 adust. (20o> 1H a ® 

'0p« , SJjJ* and Everard (25pi 88 '4J7, Jamesons Chocolates OOP) 73® 

iUits«.ln. 83-. J Ellis and Goldstem (Holdings) (Sp) 241* Jinks Cattcll (25ol 76 «7) 

? rtttaiYf’puill!*®!*/*? R< * hll J* f2s P’ 65 Jcrome e (S H / t |H , |’cKis?| S (2Sy a 43 (4 71 

> (IOpi 62. Newt ElnvIcV- Hopper (5 p). New Ord. (5o) Jessups (Hldos.) UOp) 37 'a 

I .* Johnson Firth Brown (25p) 63. lOpcLn. 

,tjL o* o I |lv* t {Wlmbledoni (2Soi 166 ,6/7) 39U (37). llocLn. 77': (37) 

2SD1 98 9 100 Empire Stores (Bradford! IZSpi 155 Johnson Gnj Cleaners (29*) 87 
. - Enalon Plastics <25 di 46 (3/71 Johnson Marthev 4280 9® 7® 32. 5':pc 

■1ST* an. on Eertav Services and Electronics (IOpi Dta. 57-'.® (6-7) 


. Johnson- Rich* rris (H. R.1 "TI-S (25ni 92 
Sons DVcilingtonl (5pi Jones (A. A.i Shrpman '25o* 134® 

, „ Jones (Edwardi iConlraCtorS, "IOdi 9 


INVESTORS! 


accelerate to 
Saturdays 
motoring page 


Greene » 
Guinness 


76% GAIN 

Here's how it's done! 

The following table is a comprehensive, non-selecrive trsc of the 
results of rccenc “ sell " recommendations made on the high flier’s 
share list, just one of the many valuable features included in each 
month's Private Investor’s Letter: 

HIGH FLIERS’ SHARE LIST: PAST PROFITS TAKEN 1 ' 


1 3(71 ' 3 4 Br-Il'sh Norrtiroo (SOni -- .c--. : E Dlcore Holdings (Spi 16 i- 1 5ij I3.'7i j Kalamaaoo HOo, 29(«® 

& ; Sis?"»-jas* «■ &**&\5srGn r rr . vzrr nziip) 


'“ Dl 73 16 7> B,;BeLn } B 5i!S"i.“ OB 52' 'ST'.. 'TDCLn;.^^ 1 PlIlD „ Sp , gg* 5 


Hill Thomsan 69 «3-71 ■ 
jniernatlonal Dlst G'ukOA 73 ><® 
Invrrgondon (25pl IOC (4 71 
Irish Dirt (25p! 1520 SO® 
Macallan-denllvet iUSp> 3100 >| 
Macdonald Martin A (50 d> 444 

Vansfteld 262 4 'BI 7' 

Marston Thompson Evcrshml [25i 
Morlanri 5 bcPI 40 Y6/7) 

Scottish Newcastle (20 pi 64:-o 
U 2 5’aPcDta. 76 bpcDb. 66L 
Db 81 -V 6-\PCDb. 68--,: J,: 

Seagram 18), re 71 
South AITlcan Brews. <R0 20i 7 
7pcPT. (HI 1 46® 

Tomatin (2Sp, 112 (517) 


British 5 loam Specialties , 20 d, 87 *3(7 
British 5ugar f50ni 114® 1; ;p TI 


European Ferrle* r25pi 124'.- 4 5 
Eurotherm International >10p> 164® fE'7, 
En Industries (25p> B9(- i6.'7l 


102 (6'7i 

I Keimlnn Motor Group (2501 ”2®. 5>;PC 

I W. 39 '5.-7I 
Kent GncDb. 62 '* f3-7» 



P.14.C. ,25b) 67 <4171 


Share 

Fox's Biscuits 

L. Lipton & Co - 

London & Overseas Freighters 

Parker Timber 

H. Brammor & Co 

Grindtay* Bank 

William Boulton Group 

Pork Farms 

Necpsend 

Talbcx 


% Capital gain 
+ 95 % 

■+■ 32°5 
- 29 % 

+ 79 % 
re 7 S% 
-(- 137 % 
re 22 o 
-• 

- - 26 °-; 

^ 19 » s 


(Samuel) 4 '-tv. do. 44 ( 37 ) 


Fashion General invest, (So) 116 161 D 


Younp Brewery A (50 d) 175 (6^) 

CANALS AND DOCKS ( 3 > 

Bristol Channel Ship Repalm rtOp] 

t 4 r 7 t 

Manchester Ship Canal 2)8. 1st3^u 
Dh* CRC9-1 24’:. APClttMLDbS. (I 


S,pcDb. 73 (5(7). TncLn. 53'" T 7\oe _ „ _ I LCP Hlrins- 'iSol 90 

Ln 5B<- F-M.C- <2 Sd 1 67 <4171 ) >HC Intnl. .IOpi 36^® <r 

Brooke Tool Enqln. ( Hides. J I25P) 33 (6-7). f-M-. Con stru ction,- 1 25 pj l 4 .5,7) 1 LVVT (Hldps.. A i25o) 119® «I71 

New (iSol . _ Fa rhawn Lawso n (2 5p) 55': S ; laribroke Grouo HO 01 178 9 7. warranto 

Brown Jackson (ZOp) 134 I6J7) F, eS> ’ Bh « ,f2.?* tn, ?Ar -^Ed) 6 B-a 70 | 911 - 2l% BpcLn. 63 ‘4-"7, 

Brown Taws* (25pk95 (5.7) -■f'Ji- "■ 205 , Ladies Pride Outerwear '20o» 55 5 

Brown Boverl Kent t2Sn) 49ta p5™H^Pi5t5Sr > 1 SoJ . Lalng tjohni Son (Z5oi 175 i6-7i. A 

Brawn Bros. Carp. riDvi 22^. S-zucLn. I Ejectronlu *2 Op) 292 >4/*) , 25o 174<B 

63 (3(7) ■ . Fashion Genera! IriTCSL (So) 116 16 , 7) ,,*2 Grouo (2 Spi 79 BQ't. New r2SB‘. 

Brown (John) 378® 80 76. SNpcLn. 42 | Intei-nnUonal A >10oi 2? (4(7) L 7g; g. BpcLn. SB i6(7J 

(6*7) <7 001 ZB 3D '6/71 , eiiu. i?Cni "VO 

Brownlee M5 p> 59. 5pePf. fCIO) 3*S (617) . Frwcr'J- H.) (Nldes.l "290) 129 LanSt-rt HoWarth Grouo -TOdi 40® 1 

Bmntons (Musselburqh) (25o) 102 (4-7, I rS?fil..r IC . fc ro > ^ B i4n ?.? 1 in 5 L*wOr 1 c Industrie* ,Hlriqs.l "EOPi IDS ®. 6 

Rrvant Hide*. (2Sp) 46® 5U® BW SO i '?S3} -?? 15,7 5. 7 i : peW. 52® (67» SijocSndW. 40 

BDlpln. (A. F.) 150) =5 6 (3.7). A N.V. ’• 1 147". S‘jOcDb. 581.® 16 T 1 . OncOb. 

■ So) 25® ' File Forge (3SDI 50 (5171 66L 

riulmer Lomjt (HldPS.) (20oi 53 1; (47. ciH2 la ^J A K_ R -? ™ Laorenen Seo« <25o> 101 4 'S.Tl 

Buittl Puta Paper (25ol 182® 52f,» Art , . D T^; l 0 D KS t L» SB, J 5 ,° '? SP .. Lawrence (Walter, i25o> §9 '6 7' _ _ 

Bt'tco Dean (ISpl 69 71 (47). 6UocPt. . , J'* f 50o. 36B 70 4.2ac1slPt. 44 Load Industries Group iSOfli 139 8- 7oc 


63*i 4; (6, '71 _ 
Borndene Inv. (5pt 16® 


,4/7) 

Fisher ,A.) <5ol 13:.-® 16)71 


[50a) mg" wmts. ^or A N^.V. 1*1 fiV) "J Flight Refuel I lni| tHitfss.) i25i) 1490 J Lwrh iWililami fBulld^rs* i20pi 81 W-7i 


Average capital £ain~ on profits 


- Dealing costs are excluded, as are dividends, etc., accruing. 

Based on this performance. The Private Investor's Letter is indisput- 
ably worth many times its modest annua) subscription for its share 
recommendations alone. In fact it is far more than a list of share 
tips: it is a comprehensive, succinct, reliable juide for the serious 
(and would be serious) private investor 

For details of a FREE TRIAL offer, write or telephone now. 

[ Toi The Private investors Letter. Dept. TPQ. 

® 13 . Golden Square. London, W.I. 

■ Please send me by return ptm details of the FREE TRIAL offer for 
I The Private Investors Letter. 

| Capitals Please 

I Name 


Mersey Docks and Harbour 22 1 ;® ( 6 f 7 i. aS sSkiSS isuiSn 7 iitrinh Flnidrlw Enqlneertw! f 20 pj 820 l'i® 2 Le*d 5 District Dyers Finisher* ( 2 Soi 64 
S-CPCDb. 41 AOto 1 * 71 . 5 S.pd%. 731 : V*" fi T^iSSSdB/iS^iVa , * C,StDb ' ’'S 6 3 ( 5-71 L l l |' h : ®"l 5 rB,t3 3 N ” ,So ’ 

Milford Docks 80 r n Fooarty /E.) Y 2 Sp) 120 ■ M.Hs ( 25 P* 17 <S 71 

mmn-Dmi O— II Folkes ij.l He(o .Sol 26 ':. Non Volina Leisure Caravan Parks MOdi 130 

COMMERCIAL ( 2 ^ 03 | _ _ Ul . __ , , I 5 p) 27 ® 6 7 ( 6 / 7 ). 7 i; 0 cLn. 103 ( 6 / 7 ) Lennnns Group HOgi 31 30 !»S 

C.GJ.B. Hlrigs. (IQp) 23 u 4 Pootwoar Invests. , 25 ol 57 ( 5 / 7 ) LTD Group (IOdi 235 ® 


AJS.H, ,25p) 100® 2 (6<7) 

AJ. Elertrenie i25uj 116® 17 (6(7) 
AO Intonutienai 74 iS-7' 


C.C5.S. Hldge- (10 d) 23 u 4 Pootwaar Invests. iZSdI 57 i5'7) Leo Group iIOdi 235® 

C.H. Indost. (1001 331* intornaUoiial Caortal GptLn. 79i.- '- M ri*y Predurr, (5pi 77':® 9 

Cablctarm Grn. (5 p) 75® 6 f3«7) Letraser rmernad. (IOpi 117 8. New 

Cadburv SOiwmtok (25o 1 49',i« SI* 50 Kormliwter (10p) 135 (4J7) ’1«m 11SJ 1*7' _ 

*j, 3',-OClstPr. 39i: (47). flprt-n. 73L® Forte Hid os. 6.1 Dh. 64 ij <4.(71 Lew «pi / •« (S 7>. New (So* 2 i4 r 1 om 

L .. Fortnom Mason 7ocPf. 489 (6X7) L 27'*,„ 4" hn> SpelitPf. 40 fS-7i. 7pcPf. 

Ciffyns i50fJ 113® 13 Forward Teehnoloa* (50 d) 124 , S1 - ,4 ;7i. s n . 


AO Intomatienal 74 1571 Caffyns (50*1 113® 13 Forward TeehnolOO» »50u) 124 l. s1 - ,7 V , M 

' sooj 205 '**■ aaapww^Su B ,zsdi ,6s s - 6 ^ p ’- 

Aanoraor, Ores. -IOpi 67: : . 4^5pc«. CWthrn7 lZSl ” 1264 4: =® l jS ! ^^ r ^ ,a |?}. 74 ’BSSSM 

Aben^n? S con*tru«l^n (2£p) 88 CamreiT mSSnUT CZOpi SI o^msA'' '6.71 uSKrly Non"' V ^Or^So Stp» 140^ 

Abcrthaw Bristol Channel Port. Coment Canadian Owieas Packaqtao Industries Rrancjs Inds. (25o) Tp 1 ie-7) 9 BnrPr “ftinii ig 7% B ‘ fZS “’ 14D l5- ' 


•25m 146 -4(71 


VUS4 05 »S7» 


a *S!? w £ '23 d' 81® 80 78. BocPtlyXny.Ln. Caiminn fWJ '2Sni 59® 61 
72; »6.7) r *« Industries CSpl 119® 

| Adda International (ton) 43i» 4 Caplan Prcnhj Group 'IOpi 97 ffr-7i 

Advance Laundries UOp) 24 i- .4(7) rsoocr-Ne'll rtOnl 77'-:® SI® gij 
Ariwest <25 o‘- 260 (BIT! " Caravan* (M*ro»Hanal *20 t>i 704 -57* 

Alrrcan takes 268 >6?7i Carle** Capri Leonard .IOpi 14 2*-- Z 3 


I Advance Laundries UOp) 54 
A4w“5t <25a‘. 260 (GIT) 

Capitals Please | SlraV.s^st 2 ^ n’^siVi. 


Fr-emans (London SW91 i?Sa) 306 
Frc-nr*! «| cr Hldgs- ’2501 32 - 3 

Frledland Doggarl Grp- C15 p) 96 (37> 


IT'S FOR PEOPLE IN A HURRY- 
SO WHY WAIT? 

New cars, road tests, 
maintenance checks, 
by Stuart Marshall - every 
Saturday. 

Advertisement rate: 

£14.00 per single column centimetre. 

Contact Simon Hicks at the 
Financial Times, Bracken House, 

10 Cannon Street, London EC4P 4BY 
Tel: 01-248 5115 

FINANCIAL TIMES 

ONSATURDAY- 
THE RRSTOF THE SUNDAYS 


FINANCE FOR INDUSTRY TERM DEPOSITS 


Warrants 9 I Carlton indi«trirt ,2Sp. 19? (3?i 

Carpet* imemauanai rsoo 56 1 :® 8 


- , GEC-EMott- Automation 6’ 2 pc Do. 77 


LipP" (Hldoj.1 (IOPI 17.’ 1571 - 

li 'Shall miPl Company rep, 35 4 6 13171 

t!nr 7 ^V l fn&. , r , fe 5 rS , up 67 .i , o^ l so. I ’ Dcposils of £ 1 , 000 -£ 25.000 accepted for fixed terms oF .’MO 

W*frirS? 3 \Vi:^pcPid. 44 ® J lnle ™” p 8 .L d a~* haif-yearly. Ratos for deposits 

.ffi- 7 '. spcPf. 37 ( 57 i " received not later than 21 . (. 78 . 

Llnfnoa Hinas. (26ai 136 9, N*w (25p. T a «w.- 1-i-r.u m 1 J. fi A 7 R *1 Ifl 


129. 12prUns«.Ln. 102® 1 »r 2 


j-ears. Interest paid gross, half-yearly. Ratos for deposits 
received not later than 21 . 7 . 78 . 

Terms (years) 3 4 5 fl .7 $ 9 ;o 

(nicrest % 103 11 11 } 111 1 IJ 12 } 12 * 

Rates for larger amounts on request. Deposits to and further 
information from The Chief Cashier. Finance for Industry 
Limited. SI Waterloo Road. London SE 1 8 XP fOl-ffi-S pi-S; 
Ext. 177 ). Cheques payable to “Bank of. England, u/c FF 1 ." 
FFi is the holding company for 10 FC and FC 1 . 




i-A r i! 

w- - 


Financial Times Saturday July 8 1978 

— w "s ^ h,,e or,,, ua ° j 77 io, « ,cw - 

pninff intn, 24 u»/#. ai*eL«i. q4 14J/I 

Sofii fii«QcOti. %&u '•crnarai UOpi 20 ■*« «l7> 

nr'^ r^n 5 ' 1 ’ 1 <S2l 1 4’.^ ann ^i..ow ihidBl.i .ism 

£*£!«£££. *^ W - *»' ta™' V,r,0nt HW " U,UJ * 2 * « 


INSURANCE (1 

-T ' 1 UbB) 9B5 

. * SDCLji. B/. luptkn. 13B4 
w "[cimall »Nrg 1HIHV.1 tit 
- rl^?" nie 0kl> ' iSpi lob® «® 


Uw *-Bijd raoBi37t2® ij, London O'saas Freighter! (JBaj 26h 6 rtfT V ft 

i'SSll. lJ SSi F sS5‘ LyI * * i »* 0B ,i, 0 »2Spi til U7 i. A (MB) 4U 1 * 

‘■SrftisTi ** S P Centres IHldOl ■ MOpl 107® I6(7« AmerKMi MWIMI C22'i» 1U126W •. 

i shop Praocrtv „ c _. «« Ocean Transport TracUnD i25dj 105'i® Ammun T«. and Tel C4R',oi Jia 

uSJumT HIM*. t2^>iaL‘ 2 't 5 oiL 8 ?«'u 37 J J 4 - Atlantic Richfield L40'-® " 

IA/T? ° >184, 191, 184 *» Peninsular Or tout »( 3pePtd. 37’;. .010. Central Pacific Miner*/* 610® 

V?Vcr23pi 117 IG 1G. iKi„u,nk rn GO *. S 4':. S'epCDb. 87 Ij t6.7) CIN- Gtagy 7inxCon» £fi9>-0 

ffiibniK.tn. 61. Sp«UhMtLJ, M as ' »•*«•" Smith I50n; 68* <6(71. A (50m Con^merj Caa £12>,0 

Miner £«*. <25ni 26^ “'-‘■n- « 33 Confine Rio Tlnto 232® 

MttrOtsoman Rly. Surplus Land* 6’inthr Runclman (Walter) CSd) 72 3 Elrra Cor on lZ>rOCCon*. £J; ■,* 

ME. DO. Bill. ’iS Stag Line 114® Hamerilcy Higgs 202 

MldJivtt White Hidss. tlopi JB4 4# Turnbull Scott Shipping iao (4-7) Hong Kong and Kowloon Wharf 4200 

BaE^jTTfft tBf7 ‘ WATERWORKS (4) kW £?S,® “ 6 ‘* 

wtT ' 3 - 5BC ,,mlv ^ 

Uns«.i-J* upt Colno Valkrv Wtr. 4 &5 dc tfmlv £i a nci 6*%* Mimwal* 4b 

R fl Bl* n PrPpertY Truit C5p) 5 V Rd PI. 67 "v* Zealand Fpr«I Product! 1B0 

4(7) ° 0 *" l2SP ’ 74 ,,4 ' 7,, A <z5bi East Anglian wtr. 7pcRd.Pt. H9B3J 11® Nielson «A. C.» £22® 
t* 0 * 1 uw*. .. '*® '* Oikbnotw Secs. 161 

5*®^ B'.'Pt Ln. 50i* .3 7 1 East Surrev J.SKPt. 30* (67). 4JSpc PhlUo Morris tAu*Li 630 

gush *»4 CrP- U5p. Hi <57r 6 ”’ 74 <?7) 4«DC. 27* <6 71 Sab 1 "* 59 

IrMn^h P M r » ,a?l? 79 ,' 5 , East WoreeslcreWrc 3.5nt 371= , 5p*r«o EwHtn. 32 

Wo A , . ,, y Esso* 3 ESpcPr. 73'- (4 7). 4.2ocPt. 67 Sun Hungen See*. 42 1 4 


Itene l?5oi 1 >2 1 3 7' »eslingno U M> Br**r and Signal (2Spi 48 

memo* Lnomeerlng iSoi ]• » westunu Aircran i7apj 4«® 4>)Q t, 4. 

/UncLn. b4 1 ib,Vi 

T— U V •> ciiHord i«,. l u Op) 25 t*i7J 

.. "i* 1 ' 1 " <(im iopj a7 o tji/J 

cc <1 Dm 26 .3>7i Hnatnngs u&p) 40 (G,7i 

C'OUB .Iflr 1A.I. L tit— 1« rtnoaou I2ap| o7® i6i7i 

li7; ^ 1 1 ’tpcL". ..nuaiay s-.k^on (So ; ,6^. 

;™‘ ,dJ ® S« 3® 2* 5 6 3 5i "ftuScrgri'^isilE) ‘111’' \t*n 

108 70 59 7. B'.prPf 52 ZZ'V BPCLtl. alia 

« ! 1 ® **£• ’afis w j , » ,,n ® n »f vvm. inloga.i <i 21 gl 34 <e« 

f -I Loods" ’’Spi £9 ifi, 7l wmitingion tug. .35m 67 «Si7i 

«ul' Etlgc :2Dpi 82® wntinonn t.et tHIrfsO ImI l/»; <6.73 

• nr Wood row t25p) 354® 2 t6T71 ^"SWiale rmingi uuo) 137 C5.7J 

c v'i troi« I IQpi to 1 yj -11 l M «PnN bon 1 asp) 227® d ib;7> 

Ljlcrnn .251*1 131 2 »»iUU.ns Construct litre! 25® I6i7) 

cfwlen A noi.rig iSbi 34 (6.7) "Wina ie«P« Dtupe2niUb. 74(j 14.7J 

*2Sni ill 3 JL (6-7) « nfcei (James! u&di 61 11.71 

,s/7> ‘no «mn ” uVn) so 48 14 7 , 

rn-Caniulati* tJSen 57 »».ia.u»nn Maicn i>se ui 6u Got. Iuk 

«o More* iMUti. i5p. 4SI-* t- 3 4h «*»- «■» ” 

'utwjcj sou (Hlggi.) i25pj ss 

* ^h(Asl*e* ilDri 63 i. (J7i «»nuiOI*Bruuacn trl|dg>.i uaol M'r® 'i 5 

Jmrs Plywood Mnt. :2Sp. 33® r8J7) .* 31> I M. lo 7. ** ^ 3 5- 

7 T.itmt Veneer <5p, 8 &7t W.l»n Broj. t20pi iaij® 


B,- i® ant* Signal (25pi »b j-o'fion dna Mancnuter Au. isp) taa 9 js st-«* 1| > n American 
U A.rerait 123P) 34® 31)0 4ij ti 4. Lonoun Un|: CB Inr i2QP. 159® »fif 7 i JZ S*sPcDb. 24 
/UDCLn. 63«1 lb./, Mat mew* wTionUon rtidii faSo. inn Scot'.'wi Cent. Inye* 

•*«.'"«(* i«,. l tlOp) 25 l«.7J 10/1. ?i4KLn^ ,4 7i “ B 160 GColl'ah Mercantile l 

SasS£L«* , »<-l A « fl.? IJ /J K2" 1 "»s.*2uw 1B20 4S 


Ml, L ' n h0d lnv. T «. cap. tlOp, towd CRyJ^PPenlct , 10o i 32A, fig, BTKWjSi S'lWl ™ CheJnn J3® ■ 

tvki.Xi American invest <50pi to u lDpcLn 156 M 100,, ® POfttmOMti lOpcDb. 93'.* (317) £•“» g" 1 * * 14 W* 

SijPcDb. 24 " 09 hm e.«fc CanWHslon and it: e /,c Rickmjnjworth * uvbrldge 4.9ocPI. 70 Wsitfield Mineralt 

cotj.an Cent. Inyeat. tf5p- 75 l67l (67 1 IbpeLn? 224 d .67,' Tn ' (I5p * 226 5tafb 4.9 pc Clats B 49 rflTi. 4.2« Wooflalde Pett. 7l 

Cotl'ah Mercantile inven. <26pi 1 00 (3.71 sini« (Bernard) 1 1 west to ,,, PI; 65® (6i7t 

A »m 1JU ii,7i O W.7L sunlCT (Mrnarw IMC4, Tst. (2Sp, 2,2 Sunberlind * S. Shields 3 Jpc 36 (4(7) Jl| 


■2pc Woodside Pet*. 7i® 


“London A I Ft eg J wS^fTAmSft if T,a 'TflS' “ Prop* le Trus| SOl 2 s?. 6 iVT** 

0 (rteg.) 128 13.7 J 6ui617) 4 P ‘ 29 ,6l7,m 3 ' 1KDo - Wamfprd ImmK. (20 p) Z7 2^ Uf7i 


yZHS * 3i> ,Sl " 13 *® 42 39 42: HK “IgSTbo M'lGrn* 3 148: ,6m - 

RCTugp a.. .E-, is n SpCDfti 196S-60 90 16/7) 

"n'B'sms?^*® 1 "* 87 * 40 * T “- l ” p) 

r--/ u y ^4 2 Scnftlstl OnrariA ln«i i?Cm fii ioi. 


RUBBER (5R) 


Sunderland B> 5. Shields Upc 36 14(7) JL^LV 5 

Alliance Oil Pen. 1 S® 

SPECIAL LIST |S <£«, mi. 

Business done in securities quoted Bounty °! l rv ta fe’*i 1 i^ 9® 
in the Monthly Supplement. * 

Euroumon £39 1,® 

JULY 7 f3) Hill Samuel 'S.A.j 460 

H union's Bar Mrvfl. Smllg. Lljll.*® »i»# 
Bulgarian 4';pcGoldBd*. 1907 £9. 4bpc Inland Natural Gas US1 9.6s® 


in the Monthly Supplement, 


GotdBds. 1909 £9 


I ni.anv* ana Mitchell l2ap) at) 48 <4 7i Sm Life Am. Society (Spi si® 
in m” Maien l»t ul 6i) Gut. 1 ups Will.* fjuer >25pj 242 

*v H i* "eg, ge> Sou (HlOBi-t i 2 Sd! 55 . INVKSTIIIISNT TRUSTS (205) 

««iiinoi*aruu ul :n irlidg*.! uapl b4>i® 'a 5. Inyut. L250I 50 I4».'i 

JEST-m 1 **". ab K °- 7 ' Aberoeett Trust u25pi 1341® 5. 4p< 

Wtlypn Broj. [20pi 3B>j® ^4 tal.i 


Secono Alliance Tct )2Sp) 190® Cheraoneae IF.M.S ) EH* (lOni 4G (5^1 JUI*\ 6 (3) 

■nr .2& f S?^?, '"*■ 7 “* 12503 B7 * mn "- M0D) R acecdur« Co. t, 370® 

Shires lnv. iSOp) 132 t3!7) Do?iMWnde Bhbr. Em no,. ,] SaritoB tCIty oO 5PCkn. 1909 £7 


fcV.'SLn e *B- l [ , Sf J ^?i?f ‘260' 30 B 10 "•‘nn Inau*. fa del 43 l?7i J 

J E cL !I - 6 * ;S *6|7). 5pCLn. 94 *"w ana Playti* Proas. ilUPi 31 

5?Sa,r^!!rV.'. , fi5L li...‘ S _ 7 ,*„,. '26PJ 50,0 1* ,6.7) 


W.Y5f i r i, a^' a ' i, .,l b AMfoeen Trust u25pi 1341® s'. 4peP1. Siocknolders" In*. Tst. i25») 92 3 14(7) 

Bro >- t20pi 3B>j® tal.i Technoiapy Iny. Tic. .Z5oi 93 1 * i5'7i 

101 1 ; ■ •)!“«»■ I-5PI 136 >3i7j. 'IPI 84® temple bar In.. *IM. Taipi Bl 

WMion^yaiton Eni d.^LP,' IT S <617, ^nremorton Sceu '« 0ro " lft Tat '“»> l ^i,® 15 17 14 ^ ^13 

mill?*? |UWf «' >4*01 /b® * 5 t6!7j Alliance Truit taapi 231® iO. 4l,ncP>. T..rwintortoni T«. U5p) 69® 


□oriuiunde fibbr. Em. doe) 62 ifi7 1 
ISM 1 1 72 (6,7 1 

Grand Cenrrel '"*• Hldg*. (loo) 9': 

Guthrw CBJB. 347* 5® (« 71, B GO 56 

50 5 7 2 45 9t,D(Ln. 68: (E/7) 
Harriwn* Malaysian Ests (lop) J14® ise 


SantoB (City oO 5»cLn. 1909 £7 


Alliance Trut'iaapi 221® iO. 4i,ncP>. T..rLdntortoni T«. U5p) 69® 30®"- 

i;s ' 6 ' • >■ 4 ■- pc Ob. 32 lb,7i . lor Iny. T». Cap. C25PJ 106 Klnui Keflis 

.il', Dm !» l!, B 0w T,/ ‘h-' 7 '- Cap - T «"*-0ceanie (sl ,2ppj 167 (4(7) Kua“ Lumrw 

ViS“ 181® 20 BO tribune Iny. Tst. (2 pb] 75® *i® 7 6 ,, 5 i x (677) 

A 42- r “ : fc,7 , . f “ M aSm ** l5m - a '»P> Tnpiovest Inc. (5t>p) &2V Cap. Jodu RDbr 

‘P' /l C .. ... * _12»S® I6l7l__ . ■ nnara. <umil 


te Products IIOpI 15EO 60 SSS3 ion H-bnBSPbrtJ (bP, 45 TS77 ' ""' 'ggf “ IS ' 7*^ j 4S1 * 

"Sins F. H.l (Spi 221) .6-71 ^ !«■ M ,6.71 A.iplo-Scottlsh i25p)43i-« (bl-. 

■^Ln 25 ^^ 5 l6:7 ’- ^‘^.SB.*. S2-J2S nijr iSSTtA) 1 ^ 8 C.p.?sW8 16 4'9b 

vlfts HDD. 45® !6"7). A (top. 40® 5S: *617 < ‘ ,aSpl ,,a0 ® 16,7 *■ 5oc 

r' : ^r,2T U “.. **'««* •M’** » Atlanta 4 *baiuniare ana Chle.ao Pea.asa, 


ArT| orlt4n Secs. l25o, lOI'i® 2*;®. Trust Union i25p) 100 (4 7) 

! 4KO*. faB,] I5,7i. 4pcLn. 92l Trustees Corp. (2Sp) IJOij 

a ng I d- international Invast. io» 42>) Tyneside lnv. Tn. {25 p1 111 12. 


Hlghiandf Lowtanp* Berhad (SM0.50) 131® 

Klnta Keflu Rhbr. Esii. nop) 83® J® 
Kuala Lumnor Kepons Berhad lfM1> BO 
2 4 3 IBI7> 

Lendu RDbr Ests. i5o) 33 (617; 

London Sumatra Plants, nop) 160 16*7) 
Maledle ,ny. MOm 68 1, (3 
Malakefl Berhad (SMI, 7B 


JULY 5 (Nil) 
JULY 4 (Nil) 
JULY 3 (2) 

Peru iCtty oO 5P«Ln. 1914 £6 

RULE 163 (1) (e) 


4ijpcLn. M(Jlr River Rbbr. iiOpj jbi- ,4.7, 


Magnum Ex. 45 

Malheson ln«. 7'<QcCn*. (ih 

Pa la bora U5S S 50® 

Pa neon, mental £14 
Peva Oil 9® 

Rand Leases 11 
Reel Oil 11® 

Smllh (Howard) 360 
Stelux Mlg. 48 
Swire Props. 66 
Timor Oil 5*.-® 

Wool worth A ust. ISO 


Afrikander Lease) 260 
Australian Oil Gas 4 8 
Beach Peis. 50® 1® 
CGR US* 3.47® 

Cota Cola £14Jk:« 

Coles (G. J.) 193 
Comako 245 


mrnationai invast. tool 42h Tyneside lnv. Tn. <25a) 111 12. 4>iocLn. u7.„ oiwir Rbhr iinA Raraninc maricoH In wnpitios comako 24$ 

lb//, . Asset i2Spi 132 (Si'7, 88';® Jf«!55*r5!S«ff (F M £ 1 Phi. „ **?VAr ,nS m3rK . *«urin«! Qow chemical BpC I1SH2'B6) USS 99'<® 

A.ipio-Scottish i25pi 43i*« (6,7. United British Secs. Tn. <25oi 131® 30 EMSIX? HIcMs fiBni ■ tt xi^ 10p 2,K Which 8 re quoted Or listed 1111 BJ1 Enaelnard Mineral* £17-4® 

es Cap. ISO*,' 3> 8 is 9i, United Slates Deb. Corp. I25p) 96 D^Shi.^iSr (So) ss. 77 !. i D Jf Ln - ,13: nvorcoas Stnpfc Frrhanw Kramat Tin 54 

<«PI tbi7i. 5P4 v»ig Resource* Tn. (25o) bb..*® 9'a® ?,^r?Mra Roor.^s CB-TI Overseas Stock Exchange. M a a'net K Melals 22 

bammore and Chicago Peg.osa, T «« ■«- T «- w *™' ISK™' ».k® R^r?' JS.' : t 'ft 7 J eg 70 July 7 PTe^'pm'IjsfTr"* 27S * 

Assets (25pi 91*,:® 90® W.nieraoiioin Tsi. (2Sp) 197 i5(7) '£72, Bh hr f... .... Research, Cottrell USS 22® 


:er Kemsley and Mlllboum (Hldps-i vy£e(i 0 „- , , - I Opr bS V",?I e tnl «BO peg.osa, KAn “ ,nw * " rn “- Svnaei Bahru Rbbr. Esu.-tioni 69 

sgs^j^^aaL-a js a?: B? b. su "° e ' K r" n Rb ^ E * is 60 

herd Carpels (H.du , . 25ol , t fW , T^L ^r’ ^ ^ — ' 50 °‘ ^ (5 7) 9 ^ «* 

8 TSJishftT hil2a. ,3 "JpL 55 ^"r“; ri Pat?.T , .su" P ; s S U54 e 4BcDtl Z8, » UNIT TRUSTS (7) A^Sm 171 

5 =» *5SSfiW5ff & ?4.-® 5 4 m 1* ^ — - 519 l5 ' 7 * 

,6 7) ■-*— * «■— **» ^ "wr -&.SM jsv* ,,0B, IBe - ,19 - TO a^Ba&j°Mtss?n 

" eile ? Go - ,5b - 56 "srwr ■ “ ob ' /u - 7 “- m.- a §: ssw-raiLc Ana » ,» 0 


' lOp, ba iiVir, “ 54 ,4(7i Surmri Bahru Rbbr. Em. ciDn» Bg 70 

Atianiie Assets I25oi 91 *,:« go® Winierootlom Tst. (2Sp) 197 i5<7) Dhh , ... 

Atlas ■iJSSScSSfal 57. 5 pcP 1. ,n »2 ■»« J»U JMI- * '=S»> Sun0el K, ' ,n Rbbr ' E *' S t,0rt 60 

an 14//I (3 7). BpcDo. 67 <4i7l „ 

Austrauan and (ntetnal.onal sBOp. 98 ' Tst 3 79^i 15 7) ’ ^ 

?Ss48.t l>COt * =ai * UNIT TRUSTS (7) aS 

SSR^SS tfS'.JL : 9 fii ,4,7, M s, an i?; AMrwin Gtn - F “« ,nc - 51 - 9 ,5f7 ’ 


suss Wfi® 

■ r iF> ??? ;J l,i .ii: 7 ' "! *£&• .Srr 0 " Sewc “ 10peW - l50 »' a.™" 'S.V sop/ 7 ^ >6(7 


Brmsn American and General I25ni 40 h I 63.1 Accum. 67.3 '37> 


5pn.n. [ <4 7) 


M. ana G. General Tst- Fund Inc. 164 . 177 ,6>7> 


S ungel Krlan Rbbr. Ests (I0n) 60 Amur. Tel. Tel SUh59>:» 

Amool Pen. 73': 

TEA 133 Anglo Alona Cement B'jpc £75® 

Anglo Uld. 209 IB 

Assam FronWer Tea Hides- 300 (4 ,7, Barymm 51 

Assam Investments 6mPf. 50 tarfi Bougainville Conner 115 

Baraoon Tea Hldgs. '25 pi 121 i5^, Bow Valiev inos. £22>: 

Blantyre Tea HIdgs Boo ,5,7s Calgary Power C27 Ml 

Camellia investments UOpi 30a 16, 7> Can-Tvre A £17 

Empire Plantations and Investment* (IO01 Cheung Kong 171® 

28 (4 '7 1 EZ Inos. 232 

Jpkei TeJ H'dgs. 350 i5;7i Eastman Kodak »US5i's» 

Lunuva (Ceytom Tea and Rubber Estates Exxon Corp. *11544® 


Magnet Metals 22 
Mutual Lite C it Irens 275« 
PTE Con. US* 14 • 

Research Cottrell US* 22® 
PoIiiko 6>;pcP1. £15 
Sabina ind*. 59 
5cherr(t IndS. £13U® 

5c under Diiovest 640:® 2: 
Siemens £117 
Trt Contlnvnial £14J 
Vukcn Con* 161® 

Zenith Had'd US* 14k 


GRA Prop, Trim 13k 13 12 6 
Irish Press 120 
jersey Electric, iv Tut In 194 Dc 
Kenmare Oil E,el. 32 1 
Mining lnv. Corn. 34 1; 4 31* 

Nationwide Leisure 6 

North Sea Asms 825 

Oldham Brewery 67 

Petroleum Royalties of Ireland 210 

Southern Newspapers 230 29 

PM PA Insurance 35 

Wvnnsiay Props. 32$ 

JULY 9 

Aran Energy 120 IS 

British Uralne 8 

Clairmace 35 

Clyde Petroleum 120 16 

Fuller Smith anp Tunter A 269 

Guernsey Gas Light 320 

Jersey Electricity A BO 

Kapera Investment ! US 0.70 

Ken ware Oil Cxpltn 35 

Lc Rvhes Stores 505 

Norton VII, lee* 2 

Pctrlm. Royalties at Ireland 200 
51. Pineras Housing Society 2 ;ocLn. £1 3tj 
per cent 

Severn Valiev Railway 90 

JULY 5 

Cambridge Instrument !-*« 

Cedar Holdings 15’; 15 
Central Eau lumen, B 340 
Grtnoon TruSi 11pcSuh.Uns.Ln. 1976*51 
CSD 

Mld-SutHM Water 4‘:PCRd.Pf. (1956 or 
Ahnr) £8 2 

Moron 'George) S.SpeCum.Pf. 33 
NMW Computer* 163 
Naionwide Leisure 6>: 

N.iMonwloc Leisure New 6 ! - 
Portlmeuth Water 4',pePd.Db. 1979 £90 if 

Quern si. Wercnoule iHniemgsi 4 3 
Twmlock IZpcUns.Ln. 1976-99 £75*. 5 
Urogale InvestmeM* 79 

JULY 4 

Buenos Ayres tacroze Tramways SocStlg. 

Mtg.Db. £30 
Darling Fund kAS!) IE0 
Daiosweila him*. 29 B 
Evcnon F.C. £115 
Grampian Television 38 
Grenada Grp 109 

Jerscv New Waterworks 9';PcMtg.D8. 
1PB2-K4 £88 

Jersey New WatTworlrt 12':DeDb. £97 
Vlkine Oil 110'* 

Whitley Bay Entertainments 10B 7 

JULY 3 

Arbour Court lnv* 11<> 11 
Barden Hill Grp 182 

Beaver Grp. aocUnv-Ln. ,980 L82 Ok 

Cxlrd lOunaerl 5 nr Cum PI. 20 

Conlster Trust 1 20 

Martini, alp .Ralpnl 250 

Star OWShpre Service* HO k 


Haw Par Bros 51 


McLeod Russel 222. d.ZpcPt. 42 i4(7). Heinz <H. J.) *UJ.40i«:® 


M. and G. High Income Fund Inc- 9Bt® 6ocP(. 42 
102.3® Ruo Estates Hldos. I7 5pi 1*0 |6,7' 

SpcPt. M. and G. Midland General Tst. Accum. Single Hldos. nopi 25>; '3 7' 

274.2® Warren Plantations Hldns. (25 di 229 

M. and G. Recovery Fund Inc. BO' a ® Western Daoars Tea Hieg*. 173 4 >4,7) 
■6.7). Accum. 82 4 U 7) 


V M UrIC, , n T, U r ' 6DCLn ' 100 "ropeny General ,„«*«. 7u ‘.Wl ^ ^ ^ ^ ™' FUn “ 

ner iwf'wd V.i^lOoV d'JL'sic.a tlOol as., lv7i * i B .V. ,2Sbj 7S 14,7 *” Bi.rOcUnsec.Ln. MINKS 


ner IW. and E.I UOpi il .5 71 bussleod (IOdI 45I) (J.7) * 73 (■jiV'i ' v.wwt.w. 

nn Lerp. I25p. 76 15 7 t ontai.nia Ariow Hides. U5P1 IS 16 C«l.'dun,an Tst (25pi 80 i6.Ti 

ons (Contraclors* . I Dpi 27® (6 7) *- n *rMrnouse uroup u5p) 5i® 8 7. 6‘jpe Cardinal lnv Did 'ZSpi 107 (5:7l. 6 IK 

Lit. 1 59*1-95 67® Unset. U 8b i*;7* 

M C ™“P (25p) 66® G'i 6 5. 7>*pcPf, ^Aucrdcen Land Association cGOp, Cnrlioi lnv. i2Spj I »0« ,5,7). 4i;pcUn*c£. 

S Grcup <25p) 89® 7 9 B 90 7i.ne f. D I. lntn J a ". . Hpiamgs (10PJ Z1 (4.7) r ini. ;25pi 63b 16 7* 

6B'r c Si 7 •. lOUpcDb. BS'i 6 i.dcl5t ua,, » Mail General Trust tGOp) 310 5 Cnarler Tst. Agency ,25p> 55® 

• '• C617I *■"' lb'/)* .A (pup) 303 S 14. 7). SpcPl. — « -ml. Tsl. -inc.Sns. i*.oJ< 28 '« 


O IniCrnstionat l35p> 136® (6,7) 
rmn Industries <250> 9B 


■ 5UP) 17 liiri c«v Foreign lnv. izsoi 70 t6i7i 

Daigety 275® 2 4. 4.85pcP(. SI ij ». la.erhcuse lnv. i£od: 70 ') .4'7, 

bpCLn. 1982 BS 4'1 (3.7) UUton lnv. UOpi 7® l6.7i 


MINES 

Aostrallan (9) 

Hampton Gold Mining Areas <5pi 132® 
MIM HldbS. iSAO.50' 199 201 13 7< 
North Broken Hill Hldgs. CSAO.SOi 123® 
2 20 

Paruiga Mining Expl. .5 pi 39 ':® 6u 6 
Western Mining iSAO.SOi 146: 5 

Miscellaneous (44) 


TELEGRAPHS (1) 

Bermuda Telephone Co. 77 


Horn Kong Land 193i;t® 

Hutchison Whampoa. 117® 15l 15 
Ini Mining Lid. 6 
Jarame Matneson 284 92 
Jaraine Secs. 182® 

Kullm Malaysia 561;® .5':® 6 
Metal Ex. 26': 1* 

New World 40 
Nicholas Int 76 
Northern Mining 109® B 4 
North We* i Mining 25® 

Oil Search 12® 13>. 


RULE 163 (2) (a) 


TRAMWAYS (-) 5l,Sea«” IZSU'." 

Anglo- Argentine Tr.ms dpcSrODb. 80 (6'7) £“}% ^"rurt.on 411, 

Rorenlo £44 I; 

SHIPPING (40) Sabina Inds. 66: 

1 ' Sania Fe Ini. SU52B^r® 

BrfL Comwtth 5hlppng iSOp) 275 6 7 8 4 Semiring Plough £2S:« 

<fi:7i Selangor Coconuts 113 

Caledonia In*. (25oi 240® Southern Pacific Pels. 208 

Common- Bros. >50 di ,15 1471 Svniei Corp. £24 ; a® 

Fisher (James, Sons 12 5ol 160 i4/7> Swire Padhc A l£2htt S 6 7 fli, 

Furness W'thv 31 K® Tjl Cheuno SUS0.40b® 32lyn 

Craig Shipping 142 <4,7i Tasmlnex 65 

Hall Bros. 70. A JS. 5pcPI. TBS Thles* Hldgs 253 
Hunilno Glbscwi 110 II Wheelock Marden A 61 60'r 


Th Conllnenral £14} RULE 163 (3) 

Yukon Cons 162® _ „ _ _ 

zenith Rad-rn uss 14k Bargains marked Tor approved 

_ com pa nips: piiRaRPtf snldy in 

J, - L ' J mineral exploration. 

Armex g 

Avon Prods. £44'.® JI1IV R 

Coming Glass £46 •: JUI.T b 

Pnwyr Cnn. Canada Ell >, CCP Nor , h 5., Ajl40C 750 

■ Mas Instrument* ws 1 ! 011 350 

SiCbrns OM an d G«i 1UK1 339 

RULE 163 (2) (a) JULY s 

Applications granted for specific sietwn* o.i ana g*» ,uki sso 
bargains in securilics not listed JUI y 4 

on any Stock Exchange. s|eMni Q|| anB Gag ^ U- k.j 338 4 2 0 28 

JnIy 7 JULY S 

A E2000 *" d L "" V T ' n "" GreUnd “ 0 DBV CCP North Sea Associated 77S 
Accrv HDfrK 1 0DD Clutt OH 350 25 

Anon' Villa FC £17 1. E17 Srebens Oil and Gas (UK* 339 B 7 6 4 t 

Birmingham Cllv FC 300 

Channel Hotels Prorw. 21 . J1_?NE 30 

Clairmace 35 

Clyde Petroleum 120 Slebens OH and Gas (UK) 339 8 7 6 4 2 

Eidrldae^ Pone A .184 5 4 0 48 

Ferani" 4B0p 70 25 ,8u Pcrmtaxvm nf Die S(pc): Ejrhmam 

G*"eral Cevlon 6>; lUttnirill 


All England Lawn Tennis Ground £50 Db*. 

. £2000 

Assoc. Hotels 100 p 
A ston Villa FC £17U u 7 
Birniingnim Clw FC 300 1 

Channel Hotels Props. 21 . 

Clairmace 35 

Clyde Petroleum 120 1 

Eidrldge Pope A .184 

Exchrn 23 ! 

Feranil 4B0p 70 25 

General Cevlon 61; ! 


7PCP1. fiT^onatF.E^^on 'lBp, ^S&j) 
,-ch ■ , Op > TIB 17 ,5/71 ? « **• 9'recSubord.Ln. 19B2-97 13> ; ® ^~- r 

8t * Dravton 1 ' 


Ersitine House liwestineats 12 So) 39>: 


Cross, rlars i2Spl 74 3 ,5;7i 

G-.-c.I.H Lpn. (k 3 pi 61-:® 
Derby Tst. Inc.shs. 223 ,6(7 1 
Dsmimr.n Grn. >25pi 1BBO 


Drayton Commercial lnv. i25pi 123 (6(7). 7 & i4<7 


El Ora Mining Expl. UOpi 56 *3.7i 
Geevor Tin Mines >2 Spi 130 (6,7i 
Gooeng Consud. <25 pi 290 i6.7i 
Kamunting Tin Dredging Bernad tSMD.SOi 




Malayan Tin Dredging Bernao i5M1> 410 

i3:7i 

Northgate L>ni i$cn 365 (4.7< 

RID T,nio-Zip< fR eg. i 212 IB 13 15 14. 
Br. |250< 218. Attorn. <25P> 205;. 


Currency, Money and Gold Markets 


•nrl Guarantee iHoldlnasi (5p, 20 

rri Nnw^naonrS i2Sdl 33R 


sr.Vni hr M«idinnl (Ml. Inyest. T«. of Jersey 182 (3i7i 

.3 %p^\ DP, J ?KJ 0 B n 3 ^S # 7, cle4W ‘ p,OBS - 5U,,e,,, 

■rd W.re'ciVouP '2501 63 K "m£a s^s"' iiop) ,S 25 l (47l 

.’'"™ l**|ern.itlon>l HOP) IS 1 M, 14 Lloyds Md sidttlil ,20pi 86 S 
*' iisiu 4 ■* London and Associated Invesa. Tst. (1 

,f , " n u,J^ r '-JP"/ -V-'f-Tl, London 7 aiki European Grp. (IQpi 2B1» 

f-vm 2* .‘vn tii-lf? Manson Finance Til (20pi 43 16.7, 

1 J'l'Bo l .O^'l .T*: Mills and Allen Inti. (50pi 175 6 7. 

nr Pmnutts tWaUsendi I25pi 139® 6® p, yq,. ' 

*T- w ,Pp ' ,V* ... . Moorgate Mercantile Hides. MOpi 10 (J 

ch Grp :po> I’B Paramoc (IOp) 121,® 

>fi *2Snl 175® 68 p.-K pi Me invrus. (10 d) 31 (4-7i 


E'recDb. 76i*® (6:71. B^pcLn. 75k iS 7) ““‘V™ '^ome .smi SJ*: io.'7, Silnl Piran iZSoi 50 

10>:ptLn. 91 1 : ® ,6 7,. llocLn. 92'; I6i7). 5 <>cW n -, 4 9. ,,, t Selection Tsl. >250' 410® 10 8 6 

1 1 ‘iXLn 94 c3/7l • r Eflinnurgh American Asieti (2SP* 127 b ci| vcr fninM 46 HA 

ntl. invent. t«* nf f»m 1 S3 IS.^I Edinburgh Invest. Trust Did- 2230 South Crofrv (10 p> 55 


I London' and European Grp. UOpi 2Bk 9 p**« ? U l' e ? J«t!* l -oSS P 4B 11 Rhodesian (9) 

I MuKd 'SSESe W USS! 175*6 7 7 1st ^nvwr^Spi^a ’,sl 7. ^ 7 Botswana RST .Pu2.19 -6,7. 

1 M W , -ol? A, “ * ■ ' 501 " 175 6 7 • 1st First Guernsey Secs. 115 16 (4.'7i Globe Phoenix Gold Mining I121 jbi 63 60 

p“,± , i"„W, "if, " ,,S,7, ,feV'"'«"'T7fV.-7 T r , »Jl!S , . , .i MTD *iM.bbu,.i -IS. « 

p?i;.dSrt' FMcS-^jiki ML 7 f«». F Kf,'jr l75 ° i ,63 ® 3 - ( ’ 4 ' 71 


IV— Y— Z 


•I. i"5p* too ,371 Sime Darby f 

uimgrnn tjohm i2Spi 195 i6'7l. BpcPf. Smith Bros. 
’•<P , _ Sterling Cred 

1 r Pvlleries HOP 1 24 1371 Stock Exchan, 

r* Departmental Stores Nen.V. A C20p) Un'sec Grp. 

Utd. Dominie 

ham Si ringer ilOpi 41®. 6'«pcPI, 47 5® 5'f 'a! 7 


rragiorni rmdnudi urn u« ■ F . r bi 10 .-,*- 

Ship Mortage Finance BpcDb. 6St® use F ®ndfnies? cU 

sime Darby Hldgs. UOpi 109® 9 10 nlneral* cnmmS 

Smith Bros. I2SPI 59 h __ _ • S£2^! fSET* 


S mith Bros. 12501 S9 h ■ 

(erting Credit Grp. (IOp* 28 (37) j 
Stock Exchange 7’(PcMt.Db. 51 ij 
Un'sec Grp. (R0.20i 66': 16.71 
Did- Dominions Tat. (2Sol 35 6 7 5** 8, 


Fundlnvesi Cap. (25pi 57>: 6 iV7t Roan Consltd. Mines B 'K4 

GT Japan Invest, (25p, 144® 5 51 Tanganvika Concessions 

g eneral Commercial larcsl. ,2aoi 143 9pcPi. iB0p> 85 
ene.-Jl Consd. Invest. :2M>) 82ij® 16171 wankie Colliery .50pi 35': 


Hi if.Op' 1,5 '4'7i 
fn Inrlii?.. HldPS. '25«, 1201® 

•r , Alfred) Son IIOpI 10® 11 10 
*"r and Homrr >5p) 12A(« 
or iThomasi i5pi 13® I&/7* 

P.pri Manulacliirpr, 30 <5'7i 
• i fi'hinn C-rp ,10p* 90 >6;7) 

.1 ."Uf GrliMone !2Sp) 85 
.i Hirthv tlOp. 33 <5 7* 

1 ilhQS W.I <25ol 66® 6 7h 7. 
•PcLn. 79®. T'-ocLn. 711* 


(io?. M diS!S;V?a» , li£Sf .si?* 96>?'ov7i a*|o Amor'can Con,, s. Ainca ,Ro.io) ofTemi were 'allotted Next week appear" to be Water than anUei- 6LB - 
e«em se ecro »«- ■ g^-t, 'h&Sfc ' 5Vi A"gio Amer .c^n.Gpid *« .,) j i6s. c £300 m will be on offer replacing p C Te d. In the interbank market, Fonvard sterling showed a 

v Y uT e K CTo WaV^ S ■ ■: ZmSZffpX lot;® 98.)® gr r tech7«^^, 0> 30 8 9 6 i us 3. 95 a similar ammintomatnm.^ secured call loans opened at 9 0| 

r 4 o /ci . .. .Lcre.iiam hpu« E»t*te j25p; 57® Bracken «R0 90) iuso.90 i3;7i ' . Da ? to da>- credit appeared to per cent and rose to 9J-10 per cent three-month discount against the n 

imperial can.ineSJ^LvL c.o. lnn ™ n l2So3 Ow,ons be in short supply and the on news of a shortage. Most of dollar narrowing to l.lRc from GOLD 

4. ^ 6ucLn. 175® ,6.7). 7pcLn. lls 2 Guardian inv„t. rasp) 7g c ,% 0 7 " i,t,on s » nd,Mle ,R0 •‘ S, 75 4 ‘- “ authorities gave assistance by the day’s business was seen at L 200 - 

,4 '* , •' lg l ^SSIi.l?!?5B?^9S , 4«,e 3-:. suoc Bsaaa«a ft «)^%7i 9 r s ." P? r cent bu » . ra *« firmed _ The US. dollar traded steadily 


g f :>al turasv ,250) 156 
neral Invohiors i25p) 102 
General S.OR’lh iJSp) 87 . 

GUoow Sto. k holder) i25p) 99 
Glondevon Invest. ,25p) 94.^1 


Rnodesian 1I6I01 15'j ,5 7i 

Roan Con s lid. Mines B <K4, S3: .6,7i 

Tanganyika Concessions <50pi 1 p 6 4t 5. 

9 pc Pi. iB0p> 85 
Wankie Colliery .Mb' 35'.* 

Zambia Caooer invests. (SB09.24, 14 V® 
U 14 <67. 

South African (28) ! 

Anglo-American Coat *ku.50i 5S2 '4(73 I 
Anglo American Cora. S. Alrtca iRO.10) 


UK MONEY MARKET CXCHANfiES AND GOLD 

ilnl Piran ,25oi 50 „ , . . . ... • . . 

election tsi. rzso, 4to® io 8 6 7 a * Conditions m yesterdays against most currencies. In terms 

a utn^cr otry Vi o o > 4 fs * Kill fQTD C 0G foreign exchange market were of J* dollar .the Swiss Trane rose 

^ernamtacon-td. Bemad ISM0.50, id 1C 1 XSVS . generaUy quiet ahead of ™ L ^ 

weekend and the volume of *5“* th l„” cst nil V er, 5^- ma ^ 
KuciYipcc cfavpri nt jj Inwpr IpvpI from DM w.0G6«i |0 

Bank of England Miaimnan buying a small amount of t h rou£ hnut ye ^\erUnK opened at DM 20572 i* The Japanese yen 

I.—Iimr r 3 ip Its m*r went Treasury bills and small numbers jnafion.1 crso and eased cliehtlv to - was also finner at Y202.50 com- 

of ■ loca ' auU,ority b . ,l,s - , Total 'JSStiSfon . SffhSraiS P?r ed «J ,h Y203 r M °"J h r day ,- 

(smee June 8. 1978) assistance was termed as doUar However during the after- Usin S Morgan Guaranty figured. 

Hie Treasury bill rate rose h'y moderate. 'Hie market was faced noon, positions were reversed and dollar’s trade weighted 

0.0043 per cent to 9.2769 per cent banks bringing forward run jjjp pound came back to touch M - P s5 CI »lf ,0 v4 on j . nr, -1! 

at' yesterday’s lender and the mini- down balances and a large net si .8740-1.8750 before dosing at 7 ® Te ® LIU* r W wndened to t.6 

mum accepted bid was £S7 . 6S{ take-up of Treasury bills. 815730-15740. a rise of 60 points pe £J£ n LI per . „ 

against 197.68 last week. Bids at Tu e over3 n picture was again av£,r Thursday’s close. Against 'if™?**]* "" ^“" ce J 1, M r u 1 

that level were met as to about rat h er Sear aid although other ma J° r currencies, sterling * B t0 C,0Se 

190 per cent The JsdOm bill, imc'al iSSc. « ecknol" "bowel little chime end flie B.iik ■( S183S-1S*). 

tendered and allotted attracted 1 ^ ledged to have fallen short, the of England a calculation .of its 

bids of 5608.63m and all bills shortage left in the system weighted index remained at , 

nfFererf -were ‘allntteri NexT week 61. 6. 


Yorkgrren Invests. HOgt 16 
Yule Catto UOo) 81 i5r7i 

GAS (6) 


Hxmbrov lnve« 
Hill .Philip, iJ! 


!.d .Phjllo) 05DI ,75® 4 , )0 3':. 5 '«oc Doorniomem Gota RI) 285 «4F1 

jgj£g^is.) 7 ? „ . .*s f . 74 (v^ |“| SffSgySUVrHi!: 


THE POUND. SPOT 


at the close to around 10 per cent, but closed somewhat weaker 


ptfustrU! . Gc ne ra 1. 2 5 D) 51. 'vPcDh. E«t R»hd Golo ' UranTon, iRO.SOI 386:- 

M 5 iViUP'ur? •-•nepo- 98 • 9 east Rand Proprleunr .Kli SU53-25 i3(7i 0.1 ,- 

Elands rand Gold 'R0.20! 1951. (6J7) B, . uk „ , 

mUlV I . 


LOCAL AUTHORITY BOND TABLE 


!HI^!^." , T? uc . cc V i r Fr«*"sta*.c Gcduid TR0.50).Vl.630 14(71 

Investment Trust l25p.' 257'; a rr,.- MnB Qrn |R21 17*«® 

JUrerfL 4b"'a t **3*7T ,IJ ” {a5p) M ® 1h ‘ Goni Fields Pmv. 1R0 02 J. 63 .67> 

Jrrdlnc japan «25 p) ,51® 50'*® g'dM *Fields Pntv *R0.D2'-i 63 (6(7, 

J«e Inros, Tnisr Incorne TIOpi 44 5 Grujualand Ex Din F.n. .R0.051 eUMM i(«7t tar 

Sno C S r S °0p? ^ O ' 7, CEgHWW* PT ^' ,RD ' 2S ’ 96, »* n,. 


Authority 

fftfl«*pbi'ttc number in 
parentheses) 

arking (01-.SB2 4n00)' 

.irking iOt-592 4300) 

.irnsley Metro. (1)226 2(13232) 

nows Icy |03I 34S6333) 

iw|i’ (021113 5131) 

o, via* (02013 3131) 

crihrirlge (0I-47R 3020) 

hiiriwk 1 0373 3122) ..... 

hurrock i0;i75 5122) 


Annual 

gross Interest Minimum Life of 
interest payable «um bond 


OTHER MARKETS 


ttlifnwert Benson S>pcDh. 42 


Harmony Gc^d Mmi. »R0 S0i JUS4.-18 


r.S. S ; 7' i 1 .8678-1.8758 3.B7I0-1.B6BD | * 

C'anailixr F| B I; 2-BSBB-S. 1080 jZ.1065-2. ID75 J'*lv 7 

SuiMw ! 4 4.1<f4.17* j 4.IB 4.16 — . ■ 

Beicwn Fr.: 51? 68.55-80.911 ! 60.69-SD.70 A^enrm* Pr*n 1.483- 


fi.*h, Bill lion u, iim{ } 

ni,n-v>l | J 

Onwr S18i5*-»4 ISliSi-IM 

<i|®nin s .._ ;JIb3U l-:« .SliJ l?IJ 

SInrnInL' fixing jShS *5 .51-5.45 

i'£36.i.3i ..eju.DSO, 

Alfemnon fixing.... 1 5 1-5.9& |S1>!.76 

■-,£58.374, (£97.852i 


1.406 I 791.03-793. IB] Aubi rui....: ' 27i< 3B ' 4 

-1.6340! 0.071 3-0.0734' RelBlum.._ I 61-63^ 


Xnief Kate *'»•"«* Olor™.! 
_ ■ ~ ' “ fWiM Pninv 


89 '471 | j'7) gx Cap 

Lqjdpa Lomond Invest. Trun i25pi 70 Messina iTramvaali Dvipmt. (RO.SOi 84® 2 
. >3-7) New cent. Witwsnrsrsnd Areas iRO 501 

London Provincial Trust i75p> 112 11 ij 132 '6<7i 

London StrMhclvde Trust 25 p' 42': 16*7 > Pres.dert Brand Gold Mug. IRO.SOI pS720 

London Invest. Trust >5oi 2 'j ‘17 1 Rand Mines Props. ,R1> ,33 '3-7) 

London Merchant Securities '25 pi 84 -® Rustenburg Platnm. Hides. iRD.,0) 83® 

3® 4H_S'». Cxottxl -2Sp> 86® 3 ,bI7» 

London Prudential invest. Trust r25p* 74': st. Helena Gold «R1* o866 (5 7* 

London Trust Dfd. i25 o, ,92': 16 7i. boc Serttrusz Beoerlc rRO.lOi 207 (S^l _ 

Ln. noti ® 12 - South African Land Exoln. iRO.351 50 Fmancl!1] franc 61J841.-«t 

M an® G Second Dual Trust Capital <4pi >5 7, ... ... I 

19 Soutnvaal Hldgs. iR0.5Di 481 <6(71 I 

Mercantile Invest. Trust -25p" 38 'j i- snl"*-iteln Gold |R0.50< 288>:® 93© 77 
■67i. 5 pcPT. 40® I« 7 I. d'jPCDb 75 !S7i 

Merchants Trust r2«pi 73®. 4'tocPt. 35': UC lnv. |RH 230® 30 


EeUlan ram Is for convenible francs. 


Rale fiJrca for ArseminA Is free rite. 


LONDON MONEY RATES 


I Monks Invest. Trusi ,2*bi 51*: 

Montagu Boston Invcv Trust tlOol 55 4 
■6i71. Warrants S3 i5 71 
' Mookiva Investment 60 >4 71 


Union Con. (R06><i 268 

Vaal Reefs Expln. iRO.SO) SUS17.50O 
17 “« U |E,71 

venterspou Gold (Rli 210 _ 

i>l.-fonteln Gold iRC.SOi J5 (3 71 


mvesimrnr do i4 / 1 I ■ 

New Throqmorion Trust iZSd* 17J.®. Caro j •"*n'l«ru:sbult Metal Hldgs. rRO.OZh) 57 


( ertificaie Interhnnk | Authnrltv 
-i definviip j deni-nitv 


IksI nVie*, Aoth.J Finance 


np.p-'liatiie 

rmrrds 


Hill IMF 

[leprvlte 


Peivwit* <lein.it 


Warrants 16>*« <t® 


’ 'Ikon, Gold HT0.501 271 (617) I - . V 

Western Areas Gold Mining |R1, SU52.01 ?''‘V- imtel-.. — 


BUILDING SOCIETY RATES 



Deposit 
Bate 
6.45 T 

Share 
Ace ms. 
7.70% 

Sub’pn 

Shares 

7.95% 


fi.45% 

6.70% 

7.95% 

.nglia Hastings & Thanet ... 

6.45% 

6.45% 

6.70% 

6.70% 

7.95% 

7.95% 

fftradfnrri and Bmglcy 

6.45% 

6.45% 

8.70% 

6.70% 

7.P5% 

755% 


6.45% 

6.70% 

7JS% 


6.45% 

6.70% 

7.95% 


8.45% 

6.70% 

7.95% 


6.45% 

7.25% 

835% 


5.00% 

• 5.60% 

6.75% 


645% 

670% 

7J15% 

:hi>ltcnh.im & Gloucester... 

B.45% 

6.45% 

6.70% 

7 05% 

7-95% 

8.25% 


G 70% 

7.00% 

7.95% 


845% 

6.70 % 

7.95% 


6.45% 

6.70% 

S.70% 


6.45% 

6.70% 

7.20% 


6.45% 

6.70% 

7.95% 


6.45% 

6-95% 

7.20% 


6.43% 

6.70% 

7.05% 


6.45% 

6.70% 

7J*% 

Irai'i** of Oak & Enfield ... 

8.45% 

6.70% 

6.95% 

7.20% 

8.45% 

lii.hleisili'ld i Bradford ... 

.r.iminglDii Spa 

,it«*ds Permanent 

6.45% 

6.53% 

0.45% 

6.45% 

6.70% 

6J»% 

0.711% 

6.70% 

7.95% 

8.95% 

7.95% 

7.95% 


fi 43% 

670% 

8.15% 

nildnn Gnldhawk 

645% 

6.55% 

8.!>5% 
ft. 80% 

S.20% 

7.95% 


045% 

fi.70% 

7.95% 


650% 

7.50% 

w- . 

v.Minn.il Counties 

6.70% 

6 45% 

7.00% 

6.7P-S 

8.00% 

7.93% 

iVwca.sili* Permanent 

6.12% 

7 25% 

b:.o% 

7.50% 

8.00% 


B.45% 

6.70% 

r.05% 


6 45% 

6.70% 

SJ0% 


525% 

5.50% 

6.75% 


6 75% 

7.25% 

— 


B.45% 

6-70% 

7.95% 

^riiicinalu.v Ruildg. Society 
l-ogre-wive 

6.45% 

6.70% 

8.45% 

6.70% 

6.95% 

7J!0% 

7.9.i% 

7.93% 

8.45% 


6.45% 

6.70% 

7.95% 


0.45% 

8.70% 

7.95% 


6.43% 

7.00% 

S.75% 

Pnwn amt Counts 

6.45% 

6.45% 

6.70% *10-00% 
6.70% 7.93% 


•Term Shares 

7.71) "n 3 yrs, 2 yrs. 

7.70% 3 yvs., 750% 2 yrs. t 6.0S% I yr. 
7.70°n 3-4 yre.. 7J0% 2 its.. 6.05% 1 yr. 
7.70% 3 yrs., 750% 2 yriL. 6.95% ! yr. 
7.70% 3 yrs, 750% 2 yrs., mm. £200 

6.95% 3 months’ notice 

7.70% 3 yrs, 7.20% 2 yrs.. min. £500 

7.70% 3 yrs, 7.20% 2 yrs. 

— • 5.80% over £5,000 
7.45% min. £500 6 months’ notice 
7.70% 3 yrs„ 7.20% 2 yrs. (£500-£l 5.000) 
fi.30% 3 yrs„ min. £5.000 

7.92% 3 yrs. lncremeni share — min. £500 
7.70% 3 yrs. min., 7^0% 3 mths.' notice 
7.95% 3 yrs., 6^5% 2 yrs. 

— up to 7.2% 3 months’ notice 
7.70% lyrs.,7.20% 2yrs..min.£500-£15.000 
7.65*7, mouths'- notice, £1,000 min. 
7.70% 3 yrs, 7.20% 2 yrs. 

7.70% 3 yrs^ 720% 3 months' noiice 
7.95% S ynu 7J0% 2, yrs., SJ»0% i yr. 
7.70% 6 months 
7.70% 3 yrs., 720% 2 yrs. 

7.53% 2 yK., 825% 1 yr. 

7.70% 3 yrft, 7J0% 2 yrs., min. £1.000 
7.70% 3 yrs., 7J20% 2 yrs., 6.95% 6 mihs. 
7JiO% 3 yrs H 7.30% 2 yrs., min. £1.000 

7.55% 2 yrs„ min. £2,000 

7.70% 3 JTS.V 720% 2 yrs., min. £250 

7.4a% 3 months, min. £1.000 
7.70% 3-4 j’ is, 7^0% 2 yrs.. rain. £500 
S.00% 3 yrs., 7-20% 2 yrs. 

7.70% 3 yrs., 7.20% 2 yn., mm. £100 
7.70% 3 yrs.. 7.45% 2 yrs, min. £500 
6.50% 3 yrs., 6.00 % 2 j-kl, mm. £500 

7.70% 3 yrs., 7.45% i-yrly.. 6.93% 3 mlhs. 
7.20% 2 yrs,, minimum £500 
7.95% 3yrs. 1 '7.70%2yrs H 7.45%3m ths.net. 
7.65% 3 mths. nou 5.70% to limited cos. 
7.70% 3-4 yrs» 7J0% 2 yrs, 

7.70% 3yrs., 7^0%2yrs., 6.93% 3mih&.not. 
5.05% 3 yrs, 7.75% 2 yrs.. 7.50% 1 yr 
7.70% 3 i ,re -* ”>20% 2 yrs. +Max £250 
7.20% 2 yr*-. 7.70% 3 yrs. 


'■ .-«Tern D“ep Lev*,* |R2I DB05® 

Western Hldgs. iRO.Si SUS23*. 15(7) 

ntwalrrsrand 1 Nl^i| 2 (R^25< 47 (6(7) fwn mruilh*...- ®ft-SS 4 0 m- 9{£ — * lL.jJ.0Sa lDIg 10S* — 01j 9U-94 101; 

ZandPin Geld (Rli 3US2.60 i6(7) lliree monlh-.; 9«-9fi 97 e -io fl7 B -10 IOJb-siSb lOLs-IUi* IOI4 Slg 9»1-Bw 9M-97* lOsu U.S. dOlUr IJ1S23 

West African (3) su m.^tii- — iLit-icsg lo-ioi* io>«-a*> loig-ioia — — — 10-10,4 , io^j ^■hni'i'L.' — ?/«w 

OT i hH j;£ kMM SS!3lll8t as 1M. s.% ii«. ■ = = =. = = ttgFLzSS 

ESftjrjPUt' Mines I12„P> g® £S1 — • -.■■■■■— = iSlLll = = z = = ^ 

Diamond (14) Local auihw'tv »ad finance houses seven days* notice, others seTen days’ fixed. Lonper-icrm Vocal authority mongage French franc 5-56154 

Anglo-American lnv. Tst. tRD.50) 40>i® ■« rale nomlnaliF (hree years llf-lll per ceni; foiir years Ui-12i ocr cent: five years 1‘il-lU wr cent. ® Bank Dili rales in (able Lira 1D56.99 

_i6i 7>. 6PCPI. (R2| 55® ___ are buylne ra'e Mr prime paper. Buxine rales for four-mooth bunk bills H B»j2 per ceni: faur-raomb trade bills 1M aer ccm. Yen 252.873 


1 itx.r- ur — 

7 das*- notice.., — 

i»ne mwiLb— 97 j. 9S 4 
rwnmniiih*... 
l’iiree moo! h- .! 9 15 -9(i 


97 B -10 

10-1014 


Six month- . lt-14-luii It l 4 . 10 3* 10-1014 

[ .\/ne month- lCft-10|% 10Sg ]0l£ — 

hue yen, • 105g IOI4 lOlg-lOBa 10U-1O1 e 

l'*ii — — 10(0-11 


20)6-978 
lt> Jg-BSg 
10ig-*Jg 
10U-9i» 

10Ta-9J2 

10W-10,'* 


01* -10 

10-1014 

IOIb-IOS* 

1014-lull 

lOlg-lOla 

11 

111 * 


TTWhory 

Bill* $ 

Hlijjihlp | 
Hxnk 
Bill* ® 

9>V9'f 
® U-9-ft 

i i i 2lf®i i i i 
£** 


10.45 10.60 
B.2S 8.40 
3.80390 
1560 1590 
380 390 
4.05-4.30 

10.05 10. Z0 
79 93 

1.435- 1.465 
3J5-3.45 

l.ae 's i.aa 

34-36 


r'me Trade 
Pills® 


•fameaii.-nllv j ' J 

Krnjiemin.1 — |sl3D-1?3 1*188$, I-B* 

iifinii-IO!i : .tlul inji 
Nen- S,-n-enpiKTi0.....|S54)»-iB54 'S5*i Btj 
I.CiSi-JbJ, l.iat-i-SOit 

• Hit ;8h5J V8j 

„ \£S8i ZS.'i .£ZBi-2bi| 

Gtilil Coins | 
imenixilnnxlir 

Knmerran.1 .....J51891-M1J 5188- IPO 

£101-102) ;(£1IHH-I01f!- 

Aew Sovereigns. ISM-56 '. c :>!j-o<f 

i£26i-2»ii i,Ki-V S,Ji 

LH-1 i>ov erel(rn«.„...S53J(Si5S4 SaSji6J 
•£2bi->(j‘i £2BM.xi) 

Sal kxQiev 5276-2794 S27B4-k7B 

MJ has lex,.... S 141-146 I5M0 Ufi 

— 5101 If S '599-104 


CURRENCY RATES 

Special European 
Drawing Unit of 
Rights Account 

E 0.665007 0.688786 ~ 


i6i 7>. 6ocPf. (R2) 55® are buyloR M'e for prime paper. Buying rates for rour-monrta bunk bills H KSj2 per ceni: fmir-momb trade bills iBf per ccm. Yen . 252.873 

C SE sl ?!sr?i Co ‘ B “ l,,on, * lB M,n * ,RZ> Approxiniaie Felling rales for one-monih Treasury bills Slp,-9S Per eeni: rwo-momb per ceni: and three -month Norwodari krona ”.! 6.75571 

be Beers Comd. Mines Dfd. (Reg.) «RO. 05) per c' , ni- Approximate selUns rale for one-monib bank bills 91 per ceni: and iwo-monM 9 U|g per cent: and Pmwiu V7.11U 

379® 70 9 E 8 7 4 It. (Brj (RO.OS) ihree-momh 9i PCT cent. One-month trade bills 10E per cent: two-month 10! per cent: and also ihrec- month l« pgr cent. Sweilish krona 5.83156 


Finance Hon** Base Rates (published by the Finance Houses Association! 10 per ceni from July 1. 1978. Clearing Bank Swiss Trane 
Deposit Raids 'for small sums ai seven dan' nonce 1 6J 7 per cent. Clearing Bank Base Rates for lending 10 per cent. 

Treasury Bills: Avenge tender rales of discount 9.2769 per cent. 


CW 6 ni5£’con»d. Minn Dfd. (Reg.) (R0.05) £32**52 w'Uns^raie for one-montb b 

379® 70 9 E 8 7 4 It. (Brj (RO.OS) ihree-momh 9; per cent. One-month trade bills 10! per cm: 
4600 Finance House Base Rates (published by the Finance House 

nrr tioox Deposit Rates 'for small sums ai seven dan' norice 1 H-7 p 

UAL, li-asj Treasury Bills: Avenge tender rales of discount 9.2769 per cent 

AtlOCk Pet (2 OP) 88 (6 7) 

British- Bon»o Pel. SynU- 11 Op) 154 (67) 

British Pet 826® 20^ 3® 6 32 29 8 31 

LcS’Sft P 3 ^) t6 ' 3 - 9Be2ndP, ‘ 7,I:I - EURO-CURRENCY INTEREST RATES* 

Burmun Oil 551® 7 9 8. 7l4SCPf. 460. 

7 i;pcLn. 64'.. B'.'PcLn. SS ! : 1 

Century Oils Grp. (IOpi 60® (6.7). . Litnadlmn 

cnarterhall rsp) 22'* (6 7) July 7 Merita® fwixr U.S. Unllar 1 

Esso Pet. aisnclHDb TOO. BpcistDb. 90»s ‘ — 

KCA Ininl. (25 p) 27': 5 7 (j! . .. ... e ei. ti.jii. it. ja 

London aM ScottiUi Mfnne Dll (25 p) 138® W™* Wnn..™ 7 

5. Oil prod. (lOuJ 310®. 14ocLn, 102'; I (lays none*:. ID-JOls 7-d 77 B 0i| 

Jf« (8 7) Month lOlf lOJg 8's BJ< 

^ IS « ’* - &£:■ jiJii' 4 KK 

Roval Dutch Pet SussS'm £ABh One w..„ H7a 12aa 9^-9^ 


U.S. Dollar | Dutch Guilder I 


W. German 
Mark 


Jf« (8 7) 

Oil Emin. (IO01 210 

Premii^ Core. O') fields (5p) 15® 14® 

Roval Dutch Pet SUS59‘m LASh 
Shell Transuor! Trapo .’Sp) 54 6® 3® 2® 
9:® 5 8 7 50 45: 52 46. Ocd. (Br.i 
t2So) 553 2. 7pc2mfPt 56 u ;5 7, 


9 914 
lU-lQIs 

101* 107x 

lOlS'lZU 
115*18 
1 lTa- IZae 


French Franc 

99U 
9i« 9i 2 
9'g 9), 
95fl B7| 

10T* 11 


9 11 

10>s 1 Ha 
U 12 
1114-1854 
I21» Jai* 
J3I* 141* 


Jepaneu* Yen 


l5e 35* . 
21? 3(4 
27® a 1 * 

3iJ4ra 


Texaco me. Sns. cao. (CUSE.25) !9-i«» S.7MJ8 per t'eni: one year S.05-9.B6 per cent 


The folkprlTis nominal rates were Quoted lor London doUar eertiHcales of deposit: One month 8.83-8.U per rent: ihree months 8.38-8.40 per cent: Six months 


Texaco Intern!. Fin. Can. a irecStg. Dilr. 

Cnv.Gia.Ln. 56'i 
TricontroJ i2Sp) tS6® g 


Long-ienn Eurodollar deposits: (wo years 95K-95]* per cent: three rears B5|«-B7 m per ceni; four yearn B7t*.gg It per cent: Bve yearn Bi-Si per cent. "Rales are 
nominal cloxtns rates. 


Ultramer (25pi 242 4 its. Mew (2 Sd) Short-lerm Hies an call for sterling, W. doHaru and Canadian dollars: two days’ notice Tor guilders and Swiss francs. Asian rales are closing rates in 
, 243 7. 7BcenvPfd. 142 Singapore. 

PROPERTY (107)' ~~ 

UJL CONVERTIBLE STOCKS 7/Z/78 dots STREAM fnter/mioiwf 

Aimasamated Stares (£pj S'; lfii7J 
Aquls Securitln ,So 1 1Qi : 

"?a'b.ss r,,i - ,6m - 1 1 1 1 1 1 ch»p(+> 


• Rale* nannally variable In line artth ch.ni»> in ordinary share rales. 


Avenue Close iZOoi 72 

Bampion HlOgs. S'apcDD. 65'< <4171 

Bank and Commercial Htags. no pi 2h 

Kellway HUBS I25PJ 540 „ , ^ . . 

Berkeley Hamuro Propen* i2So) 1080 B Nkme SHQ{[efienptiClIl 

Billon (Percy) *25D) 1G3>: (6'7) ~ " 

British Land i25pi 33 2 - » i; 2. ISpcOta. n „ 

106 W V- i 2 klh. 130 is/7) Alcan Aluminium 9pc Cv. SD-94 

Capital ana Coonsres Property «25oS 48:® — — — 

&-‘<!y“ rTarlts 10 iUb-3 0I ** *“• 9 ‘‘ ocLn ‘ Associated Paper 9ipc Cv. 85-90 

Carrington In*, <Moi 93 2 I31TI. 6ocW. Z rT-_i^nA m— r> nr- 

4B 13m Bank of Ireland lOpc Cv. Bl-96 

Central and Dbt. Prop. 6-»pcLn. 79 i5(7). - - — 

CenmwinLia?.Esaies (20oi 63';® i6i7) Brilish Land 12pc Cv. 2002 
ai Bw oihfe“^asD)' ^ 7> EpglLsh Pr operty fljp c Cv. B8-0,' 

Cam pea Hldgs. '20 p> 10B i6i7j * - — — 

^Sr , ExS , cTiD0) 0B i , 7 D S S JfSJ. English Property 12pc Cv. 00-05 
Cwn-7 fna Dissr rtt°rrt»o> °84: 2 * 1 Hanson TrusiSSpc Cv. 88-93 

Oaeian HWf*- '25p) 90 — — — i 

tiSSffVLXSFmiSFAZ 3 « 4 3 ;. Hcwden-Stuari JPC Cv. 1995 

6';BCLn. 02. tZBCLn. B7 _ __ 

Estates and Go. invests 20 pi 30 PentOS lapC ’*■*• 1 «W 

Estates Proper:* lauest. iZSoi 90 — — — — 

%£*<&> ^ 25 7«” z'lv U.'7) Slough Edtaie-liOpc Cv. 87-9D 

Great Portland iSBsl Z7B a ~ g__ _ , ■ ■ — 

Green iR.i iiooi sso Towr, Kein-''*eJ 8 P® Cv. 1981 

Hales i26D) 680 7 — * ' ■ — : — 

USS B ';,^ “a®. g^gcLn. 13, Wilkinson MatchJOpc.Cv. 83-98 
taMSSih rt H*4« a, *So» 7 27® mm* ‘ oi yy 

.aganvaie Esi. riOoi 7i;sp emtt of the COuvrmble mi 

Land inwesiort (2Soi 38 i ’871 This income, rrprrosetl la peace, u su 

L 1oM^nn ‘i!?- i47i 3 bL,JVS converwon dale >« «nriin. I 

MV.Db.°1 978-63 8 ao tst,. 7ire« 1 mm“ j win-eriiWe. W!* 1 ) c 

Ob iggi-9B S3® i6 7i. 6"<neUni« Ln ' expressed SB P'F w “' w lw value Pi 
» 7 . M s'xpcU' wpL^'isfl 6o-° 6 ®!*« ! nwter,y,ni! pouiri ' + “ “ tadleiMOB 
UnsK.Ln. 118. 1 6»cUniec.Ln, *138 i 1 ^* — ■■■■■ ■ 




Con- 


"1 


Size Current 

version 

Slat 

Bed. 1 

Name and description 

(£m.) price Terms* 

dates 

yield 

yield JC 


J’remiumf 


Income 


Cheap(+) 

Dear(—)<> 


Bank of Ireland ip pe Cv. 91-96 
British Land I2 pc Cv. 2002 
b'DRllsh Property 6jp c Cv. 98-03 
English Property 12pc Cv. PQ-05 
Hanson Tru-^t *»jpc Cv. 88-9 3 
Hcwdcn-Siuarl 7pc Cv. 1995 
Pentos laps Cv. 1985 
Slough EdWW* lOpc Cv. 87-90 
Tozcr, Ke msley 8pc Cv . 1981 
Wilkinson Match lOpc Cv. 83*98 


S.D5 146-00 
1.40 105.00 

8J22 174.00 

7.71 131.00 


0.07 270,00 

1.06 140.00 

5.50 159,00 


Kanget Equ.S Conr.f Diff.^ Current 


-10 to 2 5,1 4.5 

- S lo -1 10.9 9.5 

17 io 30 0.0 92.9 

-11 to 11 S.3 3.1 

24 TO J 02 30.8 48.7 
i io i2 s!i flX 
-IS to -7 9^ 

- 7 io 36 42J 4Z2 

7 1 0 16 36.7 53.1 

5 tn 83 7J2 7.5 

29 JO 40 27.7 37J2 



22 


Financial Times Saturday July S 1978 


STOCK EXCHANGE REPORT 


Thom delights and lifts flagging equity market 

Share index closes 3.5 up at 455.6— Gilts extend recovery 


Account Dealing Dates 
Option 


Monday. Business in the longs was vrU not be referred to the countered occasional buying dearer at 132p. after- ISSp. to H3 for a two-day improvement 

often of little signified nee, con- Monopolies Commission left interest and pur on tf to 348p. Buyers showed interest in Royal of .1. 

sitting of switching operations, At bright and Wilson up 3 at lS6p. movements in the Engineering Worcester which put on 5 to 135p. Shippings rarely moved from 

"First Declare- Last Account both attempted and actual. Elsewhere, in thin trading. ICi leaders rarely exceeded a penny but the annual loss and omission me overnight levels, but Lots 

Dealings tions Dealings 
Jun-26 July 6 July 
July 10 July 20 July 
July 24 Aug. 3 Aug. 

* Mow time ” dealings may take place ,n trte - investment currency Welch 3 to 193p. 

rnn )J0 i.m. tut business Mrs earlier. 

Industrial shares were driftin, 
idly to the end of an Account, 
described by many brokers as 



9*21“ 5. and fresh scattered inlets! waS previous da?s ” ndns° wh?ch fa* 



in Traded Options 


Hambros rally further 


one of the quietest on record, ((j.fij.jl j_ 
when Thom Electrical’s prelimin- . .. 

ary tradiQ? statement gave a ig^n,^ considerably yesterday, 
much-needed injection of cheer, contracts: amounted to 279 com- 
AnnuaJ profits well in excess of pared with 612 on Thursday, 
market estimates pleased, but it Grand Metropolitan and ICL 
was the sharp increase in divi- which recorded 89 and 60 trades 

*-■ au r d by 

because of a proposed Sfliun Euro- 
dollar loan issue 
most delight. Thom made imuiedi 
ate response and closed with a Hanibiw rallied afresh to ]6Sp, 

ffain nf 9K at *t3Kn up 8- and held at that level foliow- 

gam Of 28 at 33SP. in M „ pub|ication of the annua , 

Other equity leaders shook off results and the company's state- 
eariier lethargy and. helped by regarding provisions made 

*r . . . . acainst its Norwegian shipping 

interest for the Account begin- Elsewhere in the Banking 

ning on Monday, ended at the sw; tor. leading issues were in- 
day's highest The FT 30-shjre elined tinner with Barclays. 30Sp, 
index regained an initial smaH and LJnvds. 255 p. both improving 
loss, ires little changed at the 3. Hong Kong and Shanghai a 

7 a sond market of late, ran pack v 

2 pen calculation and. reflecting ;iaSp W hi!e Australia and New 
the la-te-afternoon developments. Zealand were quoted ex rights at 
closed a net 3.5 firmer at 455.fi: 27Sp. with the new shores at 26p 
this represented a loss on the premium. 

week of 5.2 but one of only 9.7 Among Insurances, the en- 
on the Account. mu me ins new life business 

figures from Prudential and Legal. 
Specialist attention continued an( j General prompted a slightly 


- .- ■ , . _ Press mention stimulated occa- 

! *®'«.JL 0 . niers on f aclor was 06a ® 2 sional demand For jewellery issues. p ‘ 


Time Products improving 3 to 162p 



Syndicate eased 2 more flop Tor Guthrie continued to feature 

.... . v J ..... a fa ;* of 19 smce thc 111111001 KC ' Plantations, rising 17 to 303p for 

Although trade showed a sught menr. a nse on the week ai 44 on aj 

Motors and Distributors closed combination of London and Far 
without much alteration follow Eastern demand. Warren Planta- 
ins an uneventful trade. Lj on Mors, however, declined 10 to 
and Lyon edged forward a penny 228 p on nervousness ahead nf the 
tn 7Dp in response to Press com- annual meeting expected shortly, 
mem, while’ further considers- _ , . .. 

tinn of the interim figures left Kslly ID Anslx aliail S 
Braid If harder at 394p. Kwik-FiL ... . . mnur - fh - 

a recent speculative favourite. After drrftin,, for ™° at °Lr\ e 

closed marginally easier at alp: a 8y , °V- in8 to lack °f “jterest. 
it was announced yesterday that Austrahanb s^ed a ^ood ralb 
Midland Montague Industrial k.VJwI’I? the* 

Finance had disposed of its entire [’itf™'?'’ bu - m “ Xor 1110 
holding of approximately fi.ism Z. , . 
shares. 

Initially a couple of 


FINANCIAL TIMES STOCK INDICES 

f jnly - r July - ,' inly V J,ii T " JulV Jpw i Vt 

- ! r; s . & ■ « > *» ; •) 


r. W « nM n M » I «•.«■"«*? 69.02: W.30.; 89.80 89.02, M«! 

rixuii Interest 71.91* 71.28 1 70.98 71.SS, 71.4T 71.48, 6B.07 

Imtu-iirWu OnUoary.... 4M.6j 4S2.1 4M.0. *M.l. 48B.1 460.D, 443.7 

Gobi MIom. j 1H75! 16B.S lBl 2 : 

UiH.Uiv.yieM. J B.BB BB4 ; 5M - 

BniHmgs.YWu.iM*-! I7.W! 17.7a 17.7*, 17-69, 

f.-K UmIo inrvrt) \ 7.6+! 7.49. 7.50 7.61: 

I Inline* muted i 4.M* 4.195. 4.570 4.890* 3.BI7 4.3I4 t 4.994 

Bqulir tnmorer Cm - | *>.91; 57 81; 47.97, 48.55, 54.95] 61.42 

feu. iv tanorti* Cote J - 12 W l lM* 12. Mi 15.502 

M a» dSLT. 11 am 4E B. .Noon i 432.4. 1 pm «13. 

• ■* ran 4'2..'E 3 PIU 433.6. - 

Latest Index D1-2M 8026. 

• Basod on 55- »r cent corporation ras. * Nil = 

BlSlS tW tiovt. Set's. 13 Id is. FJaed hu. 1K& lnd. Ont 1 7 38. Cidd 
Mints li 5. JL «S Aitlvlir July ’Dec, IMS. ‘ 


158.4-' 

5.78' 

17JJ4, 1 

7.88 


168.9 
5.76 ; 
17.46; 
7.blj 


II 1.0 
B.23 
15 84 
9.18 


HIGHS AND LOWS 

I9ia >im“o I'lwipIbUiia 


S.E. ACTIVITY 


Utsli 


[«B 


Biph 


f. 


tim-L #***■■ 


rixc-i *i»i.... 


78.58 * 68.79 1 127.4 I 49.18 
l-V'tl 1 ili.W ' O’lV'ij) • <5*1 »b) 
81.27 j 70.73 j 15a4 ‘ 50.53 
fll'li ; iH*i i3,l'7bi 

lod. <jm I 497.3 , 433.4 • 549.2 ; 49.4 

. lfi.il ; fi'S] (l4,M.Tili iaftWW] 
I tnli! Mine*.' 168.8 , 130.5 I 442.3 j 43.5 

1 ffl/iv i (brll ! <2£*.-76nEG,'10.7h 


Jure 


— U*J1> 

(illbujpil.... 145. J 

... 


J..lv 

fi 


140.2 


A « ‘ m~r 


tlMiunww. 


' 143.4 

140.4 

29.7 

445 

96.7 

95.3 

■ >49.7 

146.4 

. 149.9 

150.fi 

: 43.6 

35.0 

98.9 

99 2 


RISES AND FALLS 


next 


in thc after-hours 

Brftbb Fond* 

Corporations. Dam. and ForeJsn Bond* 

.. lodonrUls 

Talk that a statement regarding Fluoctei u4 Pr«». 

progress at the .\shton iOamond oih 

pence venture is imminent saw Northern - 


?“' er i!!L S .. , ? a,i , P _ r _°®. < ,_^i ,ng a I ter Mining rally from 106p to close 2 


Yesterday 

On thc wet 

Up 

Down 

Same 

Up 

Down 

Saa 

70 

— 

3 

LSI 

121 

10 

ft 

4 

U 

at 

■A 

33 

2J7 

277 

LOSS 

Lifts 


AH 

14ft 

J7 

IN 

539 

M 

LM 

ft 

7 

21 

a 

52 

9 

S 

3 

21 

■ a 

3 ft 

ft 

V 

ft7 

41 

JA5 

227 

21- 

ft 

S 

22 

,, 

n 

V 

581 

ota 

hSM 

2052 

2J22 

7AL 


NEW HIGHS AND LOWS FOR 1978 


die recent speculative rise, cheaper on balance at IlOp. Con- r«ab 
Thomson rallied on Press com- z ine Rtotinto. the major partner ■■ 
ment and closed a ”8^3 up at ^ venture, held steady at 
278p. Elsewhere. Cordon and 234p. 

Cotdi met small selling in a re- Base -metal producers were tup ioih> N ing Mcortiio quoted ,n the , „ oveiis*a5 tbaolrs hi 

stneted market and shed S to mixe d with Western Mining !^Eil2\^ ! t^, ar v F|VT ,v 5 lfe . 

©p. but Tndant attracted a few moving ahead in late trading to * Bcnan, Cm, ^nnnV 

buyers and hrmed 4 to 70p. ciose ^ higher al 147p but HIM NEW HIGBh (45) ESTth*. K«u7 e 5S5 , ' £< 

Properties saw an rmprovenient Holdings remaining depressed at buildings isi mines i 2> 

in trade with selected stocks 19fip, a fall or 2. HeiiSl Ef d9 ' n * Howmonam R. vu. AyWMl um r-run* 

ending the account on a firm note. In Uraniums, Panrontinental chemicals m 

Land Securities added 2 to 204p were finally J cheaper at £13. Aiangut a wmon 
and METC a penny to USp. after 1121. orapery and stores is) 

United Kingdom Property Coals weakened with Thless 

in res do n se Holdings and Utah Alining A us- 2unurTertn« 
results and tbe tralla both around 10 oS at 25Sp 


Samuel iH. 1 A' 
Time Rroaucts 


ELECTRICALS 12 

o-i. tiR n Pm d enlist *■“ " ,U,B **■ » «-«■“«' *« “ X! “I cnarraan s cautiousiv optimistic and 375p respectively. " eiwov Servitw m.k. Electric 

fortnight of 90 on rumours which , c ’ 1SOp> ^ Kruoem,5U ’ rose 2 ito2op. Ameng the dull uon. W. J. Fyke, at 43p. recovered remarbs. Hong Kong issues In contract. South African . engineering.!) 
included talk of merger possibil- spots, Court (Formsheis) A, Mp, .2 of the previous day s fall of ■> retreaTed on profit-takinc. with Golds and Financials passed FUridr, * e 1Mnllw , 1AL - , s , 

ities. Other Plantations moved up Following TTiursday's weakness and Liberty. both nrtn which followed news that a sub- HK Land easing 6j to IWIn and another quiet sessioit despite the awmoiai t c.B^Hoidunn 

nn the back of the movement, nn the results. Scottish and markets of late, ran back 3 and 9 stanbai shareholding had been Swire Properties a penny to Gap. 51.30 recovery In the bullion price Diploma iiwntmcnts 

but profit-taking clipped the Newcastle opened easier at B3p respectively. Still on the pretax sold at 30p. In Supermarket to 51S4.I23 per ounce for a week's T ■ 'K SU * ANCB ■« 

recent rises among Hong Kong foilowinz Press comment before loss for the 16-month period, Lennon* eased to 30p on the dis- gain of 75 cents. T rtl 

stocks. being briskly, traded and closing Blackman and Conrad gave up a appointing profits beFore rallying U11S Dener Losses in Golds, however, were 0 *ie» rrmnw PAPEKS 1 

a shade better on the day at 64p. penny further to I7p. on revived speculative interest After recent dullness British rarely substantial and heavy- textiles isi 

British Funds were not left out Greene King rose 6 to 263p in and closing only a penny easier petroleum picked up 10 to 832p weights showed falls ranging to Tor * y 

of the picture. Hardening views belated response to the results. Thom sUTDlise on toe da r al Hottla and for a net , 0 H SS of lg on , he vieek * as in Free State Gednld. £164. trusts .i6» 

that domestic interest rates had h. p m Bulnier revived with a gain * Caterers were notable only for a similarly Shell rallied 9 to Vaal Reefs. £14. while lower- c«Ysecntj«in Mo<ik*u^.. 

reached a short-term peak. w7nch of s to joop, sun 10 ofir on the Thorn Electrical moved back rise of 2i to lOStp in Grand for a j 0 ' ss - on t j, e j onger priced Issues fell by up to II as |T? ^ SSSEh im* 

echoed simitar thoughts Trorn lvee j { a head nr flip preliminary into tbe limelight in EHectricals. Metropolitan following Press oeriad Roval Dutch «ave uo 11 Durban Deep, 2I0p, and Stil- Genera' Fund* scot. usd. in*, 
the other side of l*e Atlantic resu]ts which ■ are due cn rising 28 to pp in active trading comment to Z A3 on dollar “ premhxm fo “ te,n ’ which declined 7 to 279 p. %g2£ imtM tmSSMK 

about levels there, encouraged Wednesday. on tbe substantially increased influences Among South African Finan- jarcin.; jmn him Pir 

ligbt support which extended dividend which accompanied the cials, De Beers fell to 374p before Lain? v*e»» m, eretam u-sicwni 

Thursday’s recovery. Hopes about Buddings were easier for better-than -expected preliminary GR Holdings lUniT) . ® vei ^ C u K T i' ad ® rs bad an easier rallying to close 5 lower on 

the June trade figures, due i-ext -after a small trade J. Jarv^ G EC shrugged aside the , , * * J ^ ^ ? ias renting trading news, balance at 37«p— a week's decline 

week, also helped sentiment and shed 3 to 16 »p on lack of support. day>s ^ppo^Qnent Inchned easler at rhe st^ j am cs Finlay lost_6 )o 367p for a of 2n — in front of the Central 


NEW LOWS (2fi> 

BANKS (2) 

KIMniwort Beima Fraser An'Oarlw 

BUILDINGS .31 

Goiiflh Coopw Travis & Arnold 

Mar A Hassell 

CHEMICALS Il» 

Ciba G<eqv S'ipcCv. S2-9S 

DRAPERY AND STORES .7) 
DtvOfti Photo Llncron Knlgcur 

ENGINEERING IS) 

Allen i£ ] Oaltour Oanks Goivt-rion 

Bailer iC. H.i Llovd <F. H.i 

Bristol Channel 

FOODS HI 

BoSMIt iG.) 

INDUSTRIALS •*' 

FertlemamB.) Tncrnia. Syndicate 

GR HK3S*> UKO loti. 

MOTORS ill 

Assoc. Ena 

NEWSPAPERS i!) 

Gorrion A Gotch 

SHIPPING i4J 

Bunting Gibson P * Q De>d. 

Lvhr Shloolnp Rune, man ,W ) 

OVERSEAS TRADERS (!) 

Lonrho 

MINES it) 

East Rand Cans. 


OPTIONS 



DEALING DATES Geo. Wimpey. English Propcrl 

First Last Last For Lonrho, Pauls , and White 

Deal- Deal- Dectara- Settle- Energy Services Northern Mi 

ings logs tion meitt ing. Queen's Moat Hou>e». Brill* 

‘ ~ ‘ Gmhri 

ant 


gains of the same amount in the Dredging added a penny more to and Electric. 7 higher GR Holdings featured with a jump 

early trade. 41p for a sain of 3 on the week a| 190p ' ^ Electronic, however, of 35 to 550p in ‘ , *" 

. Wettern Brothers held a llep. UP pr0V ided a late dull feature at capital proposals 

■ 19 on the week, following the imp down 7, on news of possible suits prompted a v. - — i.m>c muw ».vw umouiiuu, mu, upnnauvu mmeu nnaiyt w „ — . , . „ r „ , . 

interest at both ends of the Board's decision to oppose the rec j U ndancies due to the depressed IlOp in Scottish and Universal, and Jersey External Preferrefi, close 125 firmer at 903p owing to For nite. indwotiraF see enti of “Jriinged tn i GEC, ConKolUUtv 

r iar Tvl and d ««V®fo-o , /fii increased, 120p. offer from OU (| 00 | K f acmK t ^e consumer elec- while demand for the new lfilp, put on 3 and 4 respectively. Canadian buying while interest Miure Information Service Plantation Warrants and Lai 

for. Treasury 3 : per cent^jniTH/fti w and j. Gionsop. tronlcs industry Account starting next Monday Pretaball Slcomi continued firmly from the same source lifted Stocks favoured for the oil broke Warrants. A short-date 


Wl'I 


and Treasury 3 per cent 1982, both 
of which will he quoted clean nn 


News that Tenneco’s I93n offer Apart from Tubes, which en- left Hay's Wharf a similar amount in Financials, rising two points Sabina S to 6Sp. 


were : GEC, Swire Pacific A, call was transacted in Guthrie. 


ACTIVE STOCKS 

ON THE WEEK— 


Denomina- 

No. 

of 

Closin 

Slock 

tion 

marks price ( 

ICI 

£1 

ST 

3H2 

BP 

£1 

S4 

8/(2 

She>l Transport... 

25p 

32 

554 

BATfi Defd 

2Sp 

4S 

255 

GEC 

25p 

45 

203 

Barclays Bank ... 

n 

41 

308 

Guthrie Corp. ... 

£1 

41 

3fi2 

Grand Met 

50p 

40 

103] 

HK& Slianshai Bk. 

HKJS2.50 35 

338 

Burma h Oil 

£1 

33 

.->0 

Bcecham 

25p 

32 

645 

Roots 

25p 

32 

138 • 

Mark*; k Spencer 

25p 

32 

143 

P ft O Defd 

£1 

32 

85 

Kank On; 

25p 

30 

234 


Change 
on week 

- 9 

- 8 
+ 2 
— 15 

- 3 

- 4 
+44 

- i 

+ 17 

- 3 
+ 5 
-10 

- 3 

- 5 

- 4 


1978 

high 

JWH 

8!*2 

5Sfi 

2I»fi 

27S 

S3S 

362 

M7J 

347 

72 

673 

23! 

140 

IIS 

26S 


1978 

low 

323 

720 

484 

227 

233 

29fi 

211 

S7 

203 

42 

5S3 

IS4 

133 

64 

226 


YESTERDAY- 


NO. 


Denomina- 

Of 

Closing 

Clianae 

1978 

1978 

Stock 

lion 

marks price (p) 

on day 

high 

low 

Gulhne Corp. ... 

£1 

a 

362 

+ 17 

362 

211 

ICI 

n 

9 

362 

+ l 

396 

328 

BATs Defd 

23p 

8 

253 

— 5 

296 

227 

Barclays Bank ... 

£1 

8 

30S 

H 3 

358 

296 

UDT 

25p 

S 

til 

+ 2 

48 

32 

Fhudrive 

20p 

7 

S3 

+ l 

S3 ■ 

32 

C.EC 

25p 

7 

263 

+ 6 

278 

233 

Prudential Assnce. 

5p 

7 

141 

+ 2 

173 

137 

She+1 Transport./ 

25p 

7 

554 

+ 9 

586 

484 

BP 

£1 

6 

832 

+ 10 

892 

730 

Grand Met. 

50 p 

6 

103 J 

+ 2J 

U7J 

87 

GUS -A” 

25 p 

6 

266 

- 4 

312 

256 

Raval Elect 

25 p 

6 

249 

+ 4 

254 

19fi 

Royal Insurance . 

25p 

6 

343 

— 

425 

343 

Trust Houses Forte 

25p 

6 

212 

— 

224 

lofi 


Tfic a bore fisi oj active slocks is based on the number of trarpairu 
recorded peKterdoy m the Official List aiui "inter Rule 103(1) (e) and 
rvpTthiiiceti to-day in Stock tZ.echunge deulni{ m : 


A.B.MT. Bank 10 % 

Allied lris.li Bjnks Ltd. 10 % 
American Express Bk. 10 % 


BASE LENDING RATES 

Hambros Bank 10 % 

Hill Samuel 810 % 

C. Hoare & Co tlO ?b 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 

Key5ur Ullmann 10 % 

Knowsley & Co. Ltd.... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward illanson & Co. 11 
Midland Bank 10 % 



10 

% 

A P Bank Ltd 

10 

% 

Henry Ansbacher 

10 

,r n 

Banco de Bilbao 

10 

% 

Bank of Credit oc Cmee. 

10 

% 

Bank of Cyprus 

10 

% 

Bank of N.S.W 

1« 

tr 

Banque Beige Lid. ... 

10 

% 

• ilu Rhone 

1U 

% 

Barclays Bank 

10 

% 

Barnett Christie Ltd.... 

11 

% 


Samuel Montagu 


10 


Bremar Holdings Ltd. 11 'u 
Bril. Bank of Mid. East 10 % 

I Brown Shipley 10 % 

Canada Pcrm't. Trust 10 
Capita! C 4 C Fin. Ltd. 10 % 

Cayzer Ltd 10 ‘7, 

Cedar Holdings 10*% 

i Charterhouse Japfael... H> % 

Choularwns 10 

C. E. Coates 11 % 

Consolidated Credits... 10 ^ 
Co-operative Baok ...“lO "n 
Connthian Securities... 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 '7» 

Duncan Lawrie 10 % 

Eagil Trust 10 % 

English Transcont. ... 11 % 
First Nat. Fin. Corpn. 12 % 
Firsi Nat. Secs. Ltd. ... 12 

I Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 

Hrindla^s Bank +10 ,J f» 

■ Guinness Mahon 10 % 


l Morgan Grenfell 10 % 

National Westminster 10 "Ti 
Norwich General Trust 10 % 
P. S. ReFson & Co. ... 10 % 

Rossniinster Ltd. 10 % 

Royal Bk. Canada Trust 10 % 
Si-hlesinger Limited ... 10 % 

E. S. Schwab 111% 

Security Trust CoJAd. 11 % 

Sheuley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bax^k 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank or Kuwait 10 
Whlteaway Laidiaw ... 10i% 

Williams & Glyn's 10 

Yorkshire Bank 10 % 

I Members or tb* Accenting houses 
Conunitu.-i». 

7-4ay UL-postts 7*,, 1 -month deposits 

"-Hay d,’Dosiw on Finns of £19.900 
and under «'•%. up to ts.ow TJi. 
and our c.'J.uua tj .. 

•’■all di-DOMfs over flOW r.. 

DvHiund d’jposliM t'.'y 


LONDON TRADED OPTIONS 


J'li.i 


U.-UAW 


Jitnuarv 




* |••n•ln(r , 

L'/orlnp 


l" ii'ine. 


t-quHt- 

llpflnn 

l-ri.* 

• .4lfi 

Vo.. 

■4 hi 

Vc*L 

••ff«i . 

Vo-. 

•1 

l*F 

7.*i0 

. 82 

1 

(103 



123 ; 

_ 

830,, 

i.l* 

800 

1 32 

_ 

62 

— 

87 

— 


HP 

UbO 

S 



.-z. 


9 

3 


IIP 

900 

'* 


17 

— 

s8 

3 


* i-m. t ntim 

140 

1 3 


9 


i4 

— 

14 Xl. 

* urn. Lm,-n* loO 

‘l 


4 

— 

7 

— 



IbO 

* 16 

2 

24 


'/7 

— 

174| 

(itmi 

1 ISO 

! 

2 

10 

- 

!6 



Cuiirtouhl' 

100 

: i4*i 



IB 


■It 1 



114-, 

(.V<iirTj|iii,(. 

110 

1 6 

1 

12 

— 

14k 

_ 

- 

l.vuniLUolfl 

120 

! 


6 

2 

81* • 

— 



150 


a 

.-1* 

6 

6k 1 

— . 


tiki; 

230 

41 

a 

47 

5 

f 4 l 

— 

J60p 

liKti 

240 

i at 

13 

32 

13 

40 | 

. _ 


tl KL" 

260 

5 

s 

17 

20 

i8 

— 

- 

*» El- 

280 

I 1 

- 

9 

— 

18 | 




Grand 74«. 

100 

4 

45 

9*0 

5 

■ 3k I 



103 P 

(■rand Us. 

110 


— 

Sis 

1 

9 i 

_ 

lira mi Mm. 

120 

U 

- 

2*4 

15 

5i« ; 

22 


Ill 

550 

34 

-w 

43 

13 

48 I 

10. 

161p 

1*1 

3b0 

71? 

2 

1«>I 


27 


ICI 

590 

I 


7k 

19 

*7 | 




111 

420 

U 


2':- 

16 

9 



(mix* S«!». 

180 

25 

4 

.-8*1 

— 


5 

2C3p 

(^in-l ?>*«». 

200 

5>p 

— 

121] 

3 

17*0 

10 

tim 1 

220 

s» 


- k 


8 k 

5 


Mark* A ■>[,. 

1ZO 

24 

2 

• eA -j 

- 

co ! 


]43,i 

Morki K sn. 

140 

4** 

— 

Ilk 

— • 

16 | 



MmiLs A Sjj. 

IbO 


— 

4 

— 

8*2 1 



Slirtl 

600 

52 

5 

65 

_ 

1 7 



;boi- 

The,* 

550 

7*2 

6 

*9 

— 

45 1 



bOO 



10 

5 

.0 ' 

5 


1 ■•*» - 



93 


125 


63 



RECENT ISSUES 


EQUITIES 


Jmuo l5 5^;£ =5 
Pn« 4| = 


lflTO 


Stock 


u> 

-.54 


Hi^b J low 


J?fJ. \l\ liilvalis 

.5- : - i Hi**?-" 


i r 

>311 O 

■c 

^3 

8nim>ii tti.ti.i 

85 I 


| F.P. 

1 a 7 

1 ~ 

V 

ML* 

Bunilrtni 

1 luimi— 

166 1 ...... 

i* 1 

'•2.-4i S\ 
4.2X1 1 4.0 


8.0, 43 


FIXED INTEREST STOCKS 



Luw 


wat I 

UP 


a- 4 * 


KUs'BirralOirliam far ReAeS5~% 

_«Ul % -_^i*> 19W-3S l<j|. 


9918 

ie 


£I07 S | JtlW«l&rt Anglia Waier 7% Kcl. P rvt. I9i5 *£105«i 

U.WJ. , lul,. Ina-lMIutiil^jini LDitCumPmrilOUu* 

U&Sjj 4uas|Sdinburc;b <City nl) Vai. Khi« 1WJ. dBJjl 


• • . FJ*. 138/7 , Ah ; HHp :.\liied Leaihw^ Piw r 88p I .. 

J - f 50 t aXiV I SOli |‘^nirl t !■« K<- . I — f noin| + 

£99.4 P.P. - I —• ~ • - - 

p.p. 7/B ; 

! rlO I — 1 
lUOp: K.P. J 16/8 i 
tllUU F.P. — 

>l£ 7.5i F.Pt4b.7 
It [£25 £5 8 

« ■ i f.p. ;2ir? 

• • i P.P. 121/7 
109 i F.P. ,21 ‘7 
99V F.P. j - 

roairttiQ lac* io| 

^99 leu* 7 
HOiiiCbu | l 9 
£98i» v;*5 I 15<9 


«51»J V7i« K-ea Witer Ked. Prvi. IMS " J 9812, 

®kl SSIfflFuirviow B*t-. i.l 233. ^ u 

*Al I 97p ‘JB Uo'diojp 1% Pret sHJi ..... 

U»ii .lOUsp! Uiuer IP.l II^ Prut ilOlip;— I 

10ui ; io-i iua, mwl R* IIJ Prei iobi 1 

laii flS^'ndinnVM.Kaieiteit.iaa ■ 991,1 

H*e| 8 I !.»jrtien-i-uii-ieii IStt Kel. la: l 1 81a!+*» 

tu+ri / Isoulll. I.VIHT-hIh l;it, „....| Olg' + I* 

*11*1 >iai|lvau-.t “-■• I5t I 4 '*- _... | 48I2I+I4 

| -J4 I Wen Kent Wntre 12% l»rt-. I-'S- I 24l3j'+lj 


“RIGHTS” OFFERS 



if 1 

LOU--I 

Ucnunc. 

Date 

1 

19751 | 


- ] C>q«iii£ - 
1 Price 

1 P- 

If ! 

Ugtb | Lun 1 

tilOCM 

SAS.76 Ml 1 — — ■ 2btl|||| 2fiDDlil4>Z..... • Jtfinni 


43 

^8 

215 


F.P. | 7.71 lb/81 0 b ' 54 [irttisb tar Pn*Iu.ita 

Nn 18/7; 18/8| *'pnil5lipn,| Brooks T'w Bn- 

. 3 1 * 1 — • — .24Jpmi 4pm,D»rtnioutb lora 

14* j; N*i , — • — dl2poi;31spm;6>»«tck-Hufii«r 

o4 F.P. 7/7* 18»b:104 9S H-rtu e ii« 

M* 1 14/7. 4/b lopni] ipmjHoniyA 

M 4 7 J 2tt7i424i>iii|c8epniitikniau tl. 4 G.j. ...... 

14/7, 4/8i -ipm, l4pni|helvh !nte«sit» 

— I 24 pm kpui.Orveji. 


108 

29 

lall 

25 

9a 

95 

96 

95 

96 


; SI 
. Si* 

, F.r. 

I ■>' 
*'■ 

| Si. 

; si 


' 7; 7l smrijlinMff 
17/7 25f8i ^*pm 13imi 

■ 17/7 1 25/U| Mipm I6i,m 

| 17/7; 25,'b| 2b|mi 12pm. 

I tin 25,8. i4pm 12pm! 


■jkrlchl,, >...., .... 

.wurlcnrli rouu.. . , 
U 11 . A. ,\ V... 
•jecurlt) ocrrii^.., 
0.,. A. K V... 


? 1 

fiispm — 4* 

2lfli.ni 

96 

lOptu! . . . 

41 • 

14pm,-t 

2l«*, iu 1 

108. ]-l 

19, .m- .. . 

n-.m' ...... 

12.ir>,_ | 
12i*o-!_ t 


Renunciation rimt usnalli lost <1a> tor itnallns ftoc or stamp dun. n Piunm 
Das«n nn praepccroi/ ngntnue. 0 ASaumed divulrnrl and yield u horerafi dlVMmd 
cover based on previous year's eoraingn- r Dividend ana yield based on prosneutus 
nr otbei nltlHai estimates lor 18/9 i/Gma 1 Pieores murtwi 1 lUtver ,n,i«. 
lor conversion nt shares dot now ranking for dividend or ranklna only Itor resuictoa 
■iii'idcnas « Pin villa pntv ro public tu Pence unless Mlturwiae indn-aied 5 lasuwi 
6 * leader. I| Offered 10 holders of Ordinary share* as u ni®rs ** (ssmut 
by uay of eapuallsaUnn. t* RTimraino tenoor price. S3 Refntrodnced. m Issued 
m connection wlib reorganisation menjer or t* Re-Over ui! Inrrrakicooo. 1 Iwmrtt 
ro tarmer PreterwiiT holders. ■ Ailomiw letiers lOr fally-Daidi. • Provisional 
| or partly -paid aliounooi tenure. * Wim warranu. 


FT-ACTU ARIES SHARE INDICES 

TTiese indices are the jeint compilation of the Financial Times, the Institute of Actuaries and the Faculty of Actuaries 


EQUITY 

GROUPS 

and 

sitr-sections 

PiKura In parantliar. »ho* 
number of rtorlu per aecUon. 

Fri M July 7, 1978 

in/mri 

(AVil 

July 

S 

Tii*k 

July 

4 

\WM 

1 

Ye.<r 

»KO 

la.ln 

No. 

Itey'n 

(V - .* 

s 

EsL 

Fjntaa 

Vb-iP. 

«'nrp 
In if. 

lima 

l*IY. 

)i*iis 

(ACT 

«JP. 

EM. 

VE 

RMlo 

iNeti 

I'nrn. 

T«a% 

Index 

No. 

Index 

No. 

Index 

No. 

index 

No. 

Index 

No. 


njLI J l /.I rfl-.i! l J)i.JI 

208 66 

+0.5 

18.19 

562 

7.63 

207.62 

20728 

208 64 

210.25 

180.48 



185.26 

E9 

1893 

5.90 

7.45 

185.28 

155.14 

185 63 

186.65 

149 90 



33i:94 

B9 

E22 

4 14 

6.92 

33211 

333.17 

336.04 

337.61 

245 05 



45X61 

E2U 

1533 

4.11 

9.31 

443.63 

444.45 

45250 

456.50 

358.68 

5 


31X99 

+0.6 

19.23 

6.54 

6.92 

31005 

307.14 

308 62 

310.46 

25676 

6 


15732 



19.26 

6.42 

ESS 

167 J1 

166.15 

166 34 

.167.70 

16343 

8 


157.95 

+01 

18.15 

8.92 

7.51 

157.85 

158.08 

15803 

159.79 

148.90 


■ (■Jr 1 :n 1 1 j .•■Ml 











11 

iflSSta^6ea 

193.15 

+16 

17.72 

5.01 

7.93 

199.14 

189 71 

191.14 

193.23 

16995 

12 


229 60 

+32 

15.97 

377 

8.83 

22238 

221.72 

224.47 

226.66 

19632 

13 


174.17 

-0 2 

16.77 

6.48 

8.24 

174.55 

17415 

173.34 

173 11 

16258 

14 

. ^* 1 1 / u -iii 1 j v 

120.31 

-03 

20.62 

6.57 

6.81 

120.73 

120.74 

12132 

12299 

108.83 


VaMt - 1 : ' 1 ■ ■ ‘ ’ 











21 

Jl ] ^ 

195.32 

+03 

16.49 

6.12 

8.23 

194.87 

19486 

19528 

19730 

164.36 

-VJ 


215.78 

+03 

15.81 

630 

9.00 

21526 

216.42 

217.66 

2202Z 

174.04 

23 


251.68 

+0.9 

16.07 

5.72 

9.44 

24939 

248.18 

248 70 

25032 

185.98 

* 24 


244.85 

+1.0 

16.07 

7.09 

9.10 

24241 

24244 

244.30 

242.03 

20836 

K 


189.79 

-03 

19.91 

5.86 

6.64 

190.45 

190.01 

190.00 

19X62 

17030 

36 


19951 

+03 

14.71 

5.09 

9.39 

tSEl 

198.43 

397.93 

19938 

170.47 

32 


39639 

+0.8 

10.08 

3.16 

14.16 

39330 

396.42 

3S138 

EZ3 

300.43 

33 

n ff I* l-lirJ 

130.29 

+03 

20.16 

8.14 

6.55 

BBEl 

130.40 

130.89 

13X26 

12030 

34 


17732 


11.89 

4.99 

1233 

17724 

177.01 


180.56 

14269 

35 

Texti les (25i ________ 

170.19 

+0.6 

19.43 

8.14 

6.69 

169.16 

169.41 

167.91 

169.67 

165.47 



234.79 

^.05 

2337 

7.97 





pm 

20130 

37 


106.67 

H1F1 

19.06 

5.85 

6.41 

10739 

106.73 


10735 

98.47 

41 


190.67 

+0.1 

16.83 

5.99 

7.78 

Em 

190.76 


192.48 

178.95 

42 


27237 

+0.4 

18.18 

6.41 

7.47 

27134 

273.30 

27336 

275.98 

254.61 

43 


252.21 

— 

11.46 

4.06 

10.86 

25215 

25241 

25179 

25X89 

KE3 

44 

45 


127.07 

397.47 

Si 

18.85 

18.23 

5.11 

7.70 

6.28 

12723 

12731 

12731 

fV-f.)! 

97.95 

48167 

a 1,6 

1 WUff 1 # MSJPBlW 

196.85 

„ 

18.21 

666 

732 

196.91 

19627 

-197 06 

198.78 

173.56 

4 49 

INIHSTHlALGHfiCT 1436) 




wm 

EE3 

t-tifc-J 


FTTT! 


BSEll 

51 

Oils 1 5) 


nfi 


KPH 

ES3 


firm 



E253I 

59 

300 SHARE INDEX 

IxjAva 

tin 

RT71 

WW 

ESQ 



E2S3 

*'*jl 

F^ll 

61 

lakAk!4M)f*l:9H(i|-K-:=W 

155.67 

+0 5 



■IW 



154.83 

154.47 

154.74 

156 58 


82 

Banksfffl . 

177.10 



6 33 





178.47 


63 


200.11 

-0.1 

m 

8.64 


20031 

197.65 

19739 

200.79 

17730 

*■ 64 


139.45 

+2.1 

fvirP 

5.68 

FTTrl 

136.65 

13767 

13666 

138.74 

13268 

65 


128.13 

EIj 

B 

7.11 



12608 

126.74 

12639 

128.06 


66 


118.23 

-0.1 

E9 

7.21 



11834 

11887 

118.90 

12084 


. 67 


324.91 

+09 

14.49 

4.82 

9.89 

32213 


320.43 

3Z331 

295.74 

68 


7633 

+05 



6.36 

■ 

75.97 

7534 

75.65 

7638 

65.91 

t» 



+05 

3.63 

331 

47.45 

223.86 

223.40 

22333 

22529 

186.71 

70 


105.49 

+05 

24.07 

7.92 

5.41 

104.92 

10536 

10535 

EL3JI 

9X07 

71 






30.66 

311 n 



2D834 

170.47 

81 


97.43 

+0.4 

18.11 

7.14 

6.72 

97.05 

97.71 

97.71 

98.45 

87.73 

91 



+0.1 

16.99 

6.92 

7.23 

30836 

306.67 

FgEJ, 

307.91 

26830 

99| 



+0.5 

■ 

ESU 

— 

207.83 

207.96 

208.45 

209.94 

186.94 


Highs and Lows Index 


1978 


Hich 


Low 


215.67 03/61 
197.86' 16/II 
351 55 17.6) 

4M.54 tfrri) 
323.76 flS5t 
176.29 1 13, 61 
17L55 .12 51 


199.85 
23596 
184 33 

127.42 

207.45 

24157 

265.10 

269.17 

203.38 

223.22 

396.42 
136.84 

197.95 
19190 
26118 
208.64 
200.29 
287.77 

262.96 
139.21 
483.01 
209.16 


<16 61 
*61) 
l9'l) 
(13'6) 

02/51 

18/51 

<5/5* 

(Wi 

l6/l> 

16 I 1 

1ST) 

(16'6l 

(6/1* 

•12*5* 

il8/5i 

(31/5) 

( 1 / 6 ) 

oat) 

m> 

125/5) 

(6/1*1 

t60) 


212.76 055) 


50137 07/5) 


23659 05/5) 


178.96 
204 56 
228.33 
17055 
15159 
143.46 
35181 
85.22 
25529 
11057 


f6/l» 
(23/1 1 
14/1) 

02 a* 

(bfll 

(6Q) 

(18/51 

(6*1> 

120111 

(9/l» 


21555 

10256 

319.45 


06/6) 

04/6) 

(16/5) 


218.52 i!55) 


188.95 
16650 
289.35 
404 47 
27085 
14987 
154.22 

17363 

209.01 

16054 

104.68 

179.46 

204.04 

229.85 

219.62 

17537 

17653 

26959 

U9.ll 

165.17 

160185 

214.88 

93.79 

173.D8 

238.69 
223.41 
117.48 
396.09 
17847 


(23) 

(3i3i 

(6'3l 

l23l 

(6.3) 
12/31 

cun 

03* 

(33) 

(6/31 

123* 

(2'3* 
(27,2* 
(i'll 
(23* 
(27-2) 
(3, -D 
(2/3 1 
05/21 
123* 
i2/3t 
|1S«» 
(27.2* 

C3?3i 

(2/3) 

(33i 

(3.3) 
(60) 
(3'3> 


186.02 (2/3) 


41788 (2131 


205.42 i2J3l 


15385 
17158 
18520 
136.52 
124.97 
118 23 
30120 
7X00 
210.03 
99.61 


(27/2) 

(27/2* 

03'41 

il7'4) 

(17/4) 

C7|7* 

(6/2l 

(27/2) 

(14,41 

(27'2> 


176.48 

8559 

262.26 


(6/3* 

(6/3) 

i2/3) 


19115 (23* 


Sun »* 

Compilation 
High I Low 


228.03 (14.-9/77* 
233.84 (15/721 
38953 09*5/72* 

483.69 1 21/ 10/77' 
33222 (13/9, -77) 
187 45 04.-9,77* 

177.41 (27/4,72) 

227,78 i21i4-72> 

261.72 (21/10-77i 
26322 <4/5.72) 
170 59 05/1 '69* 

22608 06/872* 
28187 .2801.72. 

265.10 i5 V78) 
329.99 11112(721 
21463 (2100/77) 
24441 .27,10771 

396.42 .5,778) 
14421 04-9.771 
20459 06/8-72. 

235.72 07/1-67* 
339.16 (2/872 1 

135.72 1 16/1/70* 

213.70 04.*9;77> 

295.10 (14/9/77* 
262.96 i6.X78i 
246.06 « 1,9/72* 
53968 08577) 
258.83 (Z-572i 


22212 (21/10771 


543.20 (15/9,77* 


24852 04/9/77* 


241.41 
28852 
29313 
433.74 
194.46 
16X72 
37153 
27857 
357 40 
30318 


01/472* 

(20/7721 

(2'572) 

f4-'572i 

05/3.-721 

*60077* 

(15/9.77. 

11*5721 

(9/1173. 

I18-5/72J 


245.79 (25/473 
175 90 (28/4/69* 
319.45 06/5,78. 


228.18 (15,72i 


50 71031274: 
44 27 01/12741 
71.48 . 2 1274) 
84 71 *25/6/62) 

64.39 12175) 
45.43 (6/1.75) 

49.65 (60.75* 

38 39 (6,1,75) 

42 85 1 1302.74- 

63.92 (17-1274 
19 91 *6/175* 

61.41 03/1274 
6947 03/12.-74 
7888 1130274 
54.83 (9175* 
59.67 01.1274 
5425 (110274 
55.08 .6,-1751 

43 46 16/1.75) 
5263 *6X75* 

62.66 (11/1274 
94.34 .13/6-62) 

20.92 i6/175i 
58.63 (60 75) 
71.20 0/1274) 

228.41 (3.-3781 , 
4534 1 2/1751 
90.80 (29/6/62) 

60.39 (6.7.75) 


59.01 (13,-1274 


8723 (29/5-63* 


63.49 0302/7 4 
5588 .13,1274 
6244 02/127-r 
81.40 00/1274 
38.83 01-12/74 
44.88 12-175* 
43.96 *131274 
65.86 0602 741 
3121 (7/175* 
56.01 (20/4/65) 
33.29 07 1274: 


71 63 1 13/12, 74] 

66 31 *30/9.741. 
97.37 *6,175* 


6192 03-1274 


FIXED INTEREST PRICE INDICES 


British Government 

FTi.. 

July 

7 

Day'j* 

chance 

■s 

xd adi 
To-day 

*d adj. 

1873 
to dale 

1 

Under 5 years 

104.47 

44)37 


473 

2 


11364 

441.44 


5.95 

3 

Over 15 years 

119-80 

+0J7 

H 

7.02 

4 

Irredeemables 

12329 

+0.70 


724 

5 

AU stocks. . 

11230 

+035 


S.83 


FIXED INTEREST 
YIELDS 

Br. tinvt. Av. Gross Bed. 


Low 

Coupons 


5 jean.. 

15 years.. 
25 years. 


Medium 

Coupons 


5 years.. 
15 years- 
23 years.., 


High 

Coupons 


5 year?.., 
15 yew*.- 
23 years- 


irredeemables . 


FrI.. 

July 

7 


890 

U.05 

1176 


1163 

12.27 

1234 


1179 

1275 

1303 


1191 


Thun>. 

July 

6 


895 

1111 

1183 


1175 

12J0 

1234 


1186 

1279 

13.06 


1190 


Year 

Jfio 

1 approx i. 


769 

11.48 

1247 


10 so 

1232 

1294 


1136 

13.48 

13.66 


1265 


\ 


1P78 


Hn*h* 


f/iwx 


9 05 .6/6l 
1132 *5.6) 
1L96 (5/6* 


1191 (4(7) 
12.53 (5-6) 
1265 16 - 6 ) 


1196 (5.7i 
1301 (5>6) 
13.43 (5/6) 


12J5 (28(6) 


7 05 iS/li 
912 (31* 
9 74 *31* 


9.30 *31) 
1018 (3 1> 
10.34 (30) 


9.67 iJ.li 
11.13 (31* 
1126 *31. 


9.80 (3-D- 



1 

j Kri. July 7 

Index ' Yield 
No, % 

! 1 : 

J Tbur.j Wei), 't lie*. Mihu- Frt. j Tliur. 
July - T uly July July j Jn no 1 June 
« 1 5 ! i o r 50 1 29 

nwl. iw J 1978 ‘ CviiipiUiti*iu 

June agi) | — 

28 apimixi High* Luu« ! Ui^ba Loint 

6 20-yr. Red. Dob. ft loans (15) . K.H <TiS89iK.S4 u.m -bs.S 7 «7.iti - 57 .il 16/.19 

16 llavestment Trust Prefs- 116) ...31.6* *3.70 *51.65 B 1.62 51.06 61.06 l&I.Ol 51.28 

17 Com), and ladl. Profs. (30) ...70.14 '13.19 ! 7 B.m 7034 1 70.65- l?o.4u 170,58 ] 70.69 

57.26 64. IB 1 
6I.S8 fel.65 
(70.62 iSB.IO 1 

84.67 (25; 1) , 
! 37.71(11(1) 1 
78.80 rilfll 

56.47 (4*7) 113.43 (2j;10'Vb) i d 7.0 1 *j,-(.iW 

51.01*30,8) 114.41 (1.4.U-64I 54.46 *4.12, 1 4) 

69.85 (K:Si 114.96 (7,10/ii.h 147.67 |t>-l_; ti) 


Section or Crooji 

Base Date 

Base Value 

Section or Group 

Base Due 

Base Value 

PhomKioeuiical Praducta 

wum 

26L7I 

Fond Retail inq 

29/12767 

UU3 

Other Groans 

31/12/74 

I3.7S 

Insurance Brokers 

29/12/67 

96.67 

Overseas Traders 

31 mm 

lIHUB 

Mining Finance 

29712/37 

UMJU 

EnfliMorins Contractors 

31,12/71 

153.S4 

All Other 

10/4/32 

moa 

Mechanics! Eugteeoriu 

n.'U'Ti 

153*1 




Wines and Spirits 

ui m 

m.tb 

T Redemption sdeld. A 

new list of the cumbuenu 

Toys and Games 

161/70 

135.72 

Is available from the Publishers. Tbe Financial rimes. 

Office Equipment 

161/70 

128.20 

Bracken House. Cannon 

Street. London. Eta, price 

industrial Group 

3112/70 

128^0 

rip, hr post 22p. A fortnMitiy record 

of or™«j and 

Miscellaneous Financial 

31/I2/7B 

128.H 

mb«aioR indices, dividend vTdds and earnings Honres 

Food Manufacturing 

29,12/67 

114,13 

since 1962, with quarterly .Mfbs aad 

lows of the 


IndlGK. Is ebUlHble (Win FT Business Enterprises,' 
M Bo# Cook, London, ECV ai UB per enpy. 

CONSTITUENT CHANGES: 30-mar Rcdeemabte 
Dobe ntures aad Loans Index; Dobcnbams 6i par ***** 
Lb ~ Fondgn aad Cetonial Investment Trust 41 per twd. 
Dcb» ICL ft per rout. MOMS, Tr»« Houes Forte « 
per cam 1st Mon. Deb-. 1985-90, and Land Securh^ 
ft per ccm 1st Mort. Deb., 1WMJ, tam ben, replaced 
by CoErtaaUU V. per cbm Ln.. Hasiemen; Estates 101 
Per com DctL. Imperial Chenlcal indnstrics 51 per 
cent Ln_ Trafalgar Home 91 per cent Ln., and Unilever 
73 per cent Ln. . 








































































































































Financ i al Times Saturda y July 8 1978 

INSURANCE, PROPERTY, 


AUTHORISED UNIT TRUSTS 

Abbey Unit TsU, Mgrs. Ltd. (a) Gartmore Fnad Managers' V laKgl Perpetual Unit Trust MngmLV la) 


V Life Assurance Cft. Lid 
rtul * Churrjij n rd. EC4. pi."* 


72-80. Ggiehauxe Rd . <WIe*burv. (COfl SWl 2. St Mao’ A*«- 3 \ BUR. 


OFFSHORE AND 
OVERSEAS FUNDS 


» Fund ii 7 

v A«-v> ... 10 3 

M > l'.| J4B6 

n > r 154 7 

• i»p t-iiml ... gflS 
rf'Wv Fund UO* 

>*» I- inn! J2X i _ _ 

ITiNMiti — 17a 4 igjj — C i. Uquitv FW.. .lios's 111 61 ::::"! _ £i.* l 11 K ?7 1, !jM4n.|l«5 Mb g .... - 

£*l«ntlre. S3 6 n ? ~ ». L Gill Fund M9.1 314 H .... _ >ma!li o« Fd 87.1 417 — 

. .... 1565 3«7 ■■ “ O Ulnll Fund h.16.4 12*9 — VjhiK.li.rrFd__.B3 97 4 -0* — 

M.inm-.id .. 17* b lejg Z'" Z « «- Pply. Fund — jibb 301.51 | _ E^Jnc. Fd 855 911 -0.8 - 

. F 'K , i i. r . \ 127 3 lS*l ■■ — Growth * SCC. Life Ass. SOC. Ltd.? For Eart Fd^ZZ!' I0Z6 1U 3 +M — 

■1 Imi \.. r V;. imI 1151 ' — Jiandhauk ScTaTp.iUM ^137.*] !"" [ Z * or wich Union Insurance Group 

' at J,l '> *. V. leal Inn norma ltfueidxy R - 4 5..4uprr Fd | 17.80* 1 4 — ” 1 Box4, Norwich NRt 3NG. 0603201 

n.v Life Assurance Co. Ltd. ' *■»?*■ Exchange m«i|^ Z 


01 "«9m Sr."*? 1 , Porlfo,io Ufe *“■ c - <«■» NPI Pensions Management Ltd. 

I I "Y 7 311171 “^^rcbSt-.&TIPaHH. 01-fiZ 

- MSSfeln, « J “ I = 

.... - Gresham Life Ass. Soc. Ltd. v . _ ."TV. 


• AbbeyCapItol 01.7 33.71 -0.1 

Abbey Inronc 381- 403 -01 

Ltd. Abbey 2nv.Ti4.Fd . 35 0 30 J +0 2 

01-62342W Abbcj-CnuTs* — 438 .45.5 -0.2 


434 ir'AmericanTrt... 677 
545 BnlifhT.tl r\m -I54.Z 


4 25 Commodity Share. 150.5 172.73 -0J 


rnn^noupm,..^ *““4 1 - “ " W« F J J^TN^dpabSs A^l l7 AUied H *“ hrt Group? (a) <g> 

Gresham Life Ass Soc- Ltd. v , llambn»H»e.. Ilutrnii Brentwood. Emm. 

2 Prince or WalraR? B^uth. 0=02 Tina. Z f 3land *“■ <*. IU.K.) Ud-? OI-588 2*1 or Brcnh^od.rtttTT, 21143. 
G |.r,nh Fund 1458 18141 1 _Z^ Maitland Hmire.smilhend SSI 2JS 07DZ62K5 Saline** Fund* 


,.34flfd -0 
M3U0 


012*3531 461liriRL. Herd cyan Themes 


0.10 Ppciu4lCp.Gi3u_.l34 1 -« »i • , Artm |] 1I|# t Securities (C_L) Limited King & Shaxson Mgrs. 

2 74 nccaollly Unit T. Mgrs. Ltd.® IOhd) p.o. Be, sh. sl Helier. .terser. osh 72177 1 i^arincCiow.si Hcrier.JereMMC«Ht75l7« 

1*7 Wants'!* H«*.,5BALr,n«lpnW»UEC2 8380001 tap. TsL iJ«-rery>_Hlb.» 120 OJ I 4.17 Valley Hue. Si rrtrr Port. GTnsy. vOWl> 2*708 

n <7 E«ra lnrom# 2B 2 30.21-0.21 9.90 Ne\i dvalinc dale Jiilv 18. 1 Thnmjt .Sirrcl. Douclas, Li 1 ill i0C24'48SO 

SouUi'ojrd 365 393 . . 5*0 EiM *lnUT»Li«T>. I1I8J3 125«.....4 A00 1.1I1 Fundi ierw.-lB 92 B95o4 _....) IZW 

Capital Fund 411 44 On -02 *2 0 Neal sub. July 20. fiitiTrujiil n.M 10s 1 lOb 7aj ,_J IT CO 

f 13 InL Ems.* .Asaetc. S47 «7.«c ... 19* Anstmliao QeleetiAn W o»t Fnd. buemaej 933 9J6j 12.08 

1 W Pmair bond. „3J5 »2 -0J qs4l AnRiranan i-e ecuon Fund .NV . i„«i. ««*. jimt t*l 

Aecurnllr. Fund ... 58.7 62 8 -0? 3b2 Ma riel iipponunlliei. r o I ri«h VOUHS * FinAMwIinc. 11844 34 MI J 

td. Teehnnlocy Fund- 53S 57 1-02 360 '’u'Jiw-aile. 127. Kent Si.. MUney. . Kirfllnll 1S5 92 lB5Sli J 


4201 J 330 


Kiwi Key Ine. Plan. M2 5 

>m«!l 1 o a Fd B7.1 

Teehnnliipv Fd 923 

E*tr- Inc. Fd. 853 

Amor Iran Fd M.5 

bar Earl Fd 107.5 


1454 — 

417 — 

97 * -0« — 

911 -0.8 — 

3017 — 

1133 +0.4 — 




1 humnclonSA Vi l ' nTTZamw 5 oyaJ PAchanite.ECJJ. 0 130 7 107 

-» l-.l Are _ 178 9 «B2l ^ Pwprny Bond* -_P7M lMJfl I _ 

vj.!" 1 l.’T 1118 1451."^ ^ Hambro Life Assurance Limited P 

V JiiV'.t \rm 105 4 u2 » — 7i*1d rartlJne.Ul11AaB.Wl 01^80 0*1 

lF ..-.:i«4 liSi - FiaedlntDep 125.4 132.« ....... - 

. IVni.i Arr Jioz 231? — f«*P«rty 1523 178.9 _ 

>iv 0 ,w._ 173 j jo, 9 ' “ ~ Manaceri Cap^„... 1375 J441 ~... — 

l«'ii !v n \re. 1292 i«S ~ Manigrd Are .1598 5781 -.... — 

nVnhitMr jlis iff? ' — D»pr»«a lilt ■ U4 3 — 

Fen Ai r . ' 1234 ~ CillErtsed 123.5 1303 _ 

Inr IVn.Acr 147? 207! ~ Araenean Acc. 95.1 101! _... _ 

207 ^ — Pco.F I.Drp.Cap__ 127.7 1343 — 

A Life Assurance Ltd® Pen.lJ-L'epArc.-.. m.l 1S7C — — 

Pen. Prop. Cait__. 202.4 2136 — 

Una Alma Rd .Relaw Rebate 401QL Pen. Prop Ar? 2614 7751 — 


J374I ~ Norwich Union Insurance Group 

* '1 ZIZ| — P* • Boa 4. Norwich NRt 3NG. 0603 5230 

Jtanuced Fund 0081 2190U0.3J — . 

*** Equity Fund »M 7 3481-03 — 

012837107 Poverty FUnd.._ 1241 1355+0 5 — 

U43| J — Fued Ini Fund 150 7 158.6+0.7 — 

e limiod U JVp..»ilFuiui 1058 11U „.. — 

* Limited V ..or. Unit June 19> 1 2081 .... n - 


„ Phoenix Assurance Co. Ltd. 


Allied 1*1 : 153 4 67 W _... 

BnL loda Fund HI 54 4 -0 . 

c.rt h. A lac. 15 7. 3824 -0. 

Elect. 0 lad. Dev 123 34.5 

Allied capital 544 743 .. 

Hambro rusd 100 7 107 7a -0J 

Hambro Ace. Fd. 2143 122.4] -0J 

lucerne Panda GOV«tt (JohnlV 

S^l^l“p53 21 a -OH 241 _ ^-^I'KSdoyJulyV 

Pacific Fund lab 4 44M-og 201 Giievewn Management Co. Ltd. 

Wfla'Sa 58CirahamSLEC21'2W5. PU5W 

E*empt4i— p5.7 1008j -03j 1.09 Barrinstim July 5... 1204 B 21031 

SpedaUat Fuadm (Accum- UniUi - 217 5 2274 " 

5maller.ro.'* Fd._. 135.0 J75wl +0.1 4.0 B’TrgH.Yd.July 6.171 9 130 0 ..... 

ZndSndr.Qj-sFd. 03 45^ -0.1 513 rAmjm-UniLii 197b 2070 _ 

Re«o\ery Sit* 813 88 W . . 614 End*avJaly4 M23 2117 

Met Min. &Cdty.— 4J.S -0 1 53J lAccuBl. bniUi_ — g09 7 2142 .. .. 

■Verneac Eaminar. 5S 5 54 4d -0.1 4 71 Craehsir. Jubr 1 — g2 1 47 3a -L2 

Expt, Smir. Co's * 217.4 228^-0 2 524 (Aecum. Umt3 , . r ...»J4 101 0 -L2 

- Ln.4Brsl». July 5... 58.6 717* 

Anderson- Unit Trust Managers Ltd. iamiul U nltn — 172 1 753 


422 Ertra Inrome Tn .. Z33 +51 j.nj a j, 

i t iF»rE*>4-Tni.L^ J7 4 «] 2 13 7 

HlghlncomeTM ... 575 51 9 . B3 

Inrome Fund 715 7fc 9 +0 1 bS 

In.*. .Vtcneiea - — 1334 3430a -0 OS 3.! 
InU F«emptFd 831 40 6 -01 61 

liilntl.T»l.vAcc.).. .133 0 3531 -0.J LZ 

IS Gibbs (Antony) Unit TsL Mgs. Ltd. 

530 23. lUcenlleld St. EC2M 7NU - 01S884I1 
513 iaiA.«l. Income* — |4l 4 445 _[ a 41 

458 r«,A.C.Crowthn -57.7 40i3 J 4« 

524 lajA.C.KarEa+l-.-fel 272^ .ZJ 031 

Dealinn -Tuea. ItW'ed. 


7b 9 +0 1 b« Sm * ,u 3 rd » * 

«Xoasl 3.» r^r u .. n l:;r- 


IrL Ems.A As*eL+. 44 7 47.4c ... 

1 „ PmetrFnnd. 3)5 36 2 -0J 

Arcumltr-Fund ... B.7 628 -0? 

td. Teehrrlocy Fund- 53 S 57 1-02 

jmi • Far EflAl Fd 27 6 246a 

Amei-iran Fund £3.0 248^ ..*._ 

2® Practical Invest. Co. LuLp lyHc) 


ivevi iiruiinK IlHIP Jim 10. * • ii' , ”W I'liro, lAltlklUJ. 8.* ' i*l IlMuV' 

EOitlAInUTfLiCli. |U88 125S1 J A00 Gill FundiJerte+i-|B92 B95a4 _....| IZ00 

Nexl aub. Ju|i- 20 CiUTruxtil n.M ■_ 154 1 106 7 d I 12 CO 

Australian Selection Fund NV . ,»!! -~l 

Sf a Ad iTpiKinunliic* r o I rl< h Youns fc F lrl i Mwimc. ‘[18 49 19681 _J — 

raiahiSL? 9 ' T 1 rualaa |l85.93 lW5l] — ,1 — 


?|g v u S s h r^ l= :-. K 7‘ ^i^^ er i j - KireUnl ' 

170 N« Awi Value July 6 KIrinwort Benson limited 

Bank of America International S.A. so. Fenrhurrh s« . 
njvM Xi Boulevard Rov-al. lAixemhnurc CJ.D. Eunniyyf. Ijjx. F. [ 3,055 I 


—I — 4-. p i. Kina William SU. EC4C4HR. ■ 01-CM887S 2nd Sndr. Os's Fd_ 


Manavi-H . . 131 B 
-.Mill 'If ..„ no 3 

• brt.. . ioSO 
. F»>mt> Fd . 107 0 
-.J-iwd Ini ...403 

...97.2 
.MfiLJ^n.Fd 95.7 

• ,*f»!APen.-B- 97.4 


S \\t 


AND l 


piun l96A 102.0) 

w Life Assurance 

Vbridee Road, W.12. 01 

5.P d.i'p.Unl. . M2.9 87 7t 

kFdsfu n [„..Eoi ifiar 

*cd Fd. Eq _. 116 7 120 a ri , —... 

«rfFJ_FJ.|lll.4 114 b| —0.7] - 

lays Life Assor. Co. Ltd. Waca*©d iipita — 

lid.. M 01JM0544 SSSSJ^iSriSc' 

avbondi’ 1A3 128 — Money Unit*. 

V--J 172.1 l ia.P -OJ — ho n e y Sene* 

deed 109.4 11S2 +oj _ FAxedlnt-Ser. A 

Wb 1»4 0 109.5 _ Pn*. Menaced Can.. 

s*d Uba 1123 +0.1 — -Pna. Managed AccL 

!_ *8.7 103.9 ..... — Piu.tl1nd.Oap 

VosAcenm. . jb.o in.1 ..... — - Pn*. Cleed. Are!. 

73 3 98.1 — Pena. Equity Cap. 

52 — Pen*. Equity Ace. 

■ilial — .... — 922 97 J — PbxFad InLCap 

■ 7 P"*- A«. - ICdA 105.9 — Pny Fid ToLAce 

dtlal 1974 1026 — Pen*. Prop. Cap 

, * Current unit ralue July 10. Pena. Prop! Ace. 

live Life Amur. Co. Ltd.f Imperial Life Ass. Co. of Canada 

mtiard».,ECX 01-823 1288 Jmpirtil House. CnUdfanL 71253 

Horse July 1J 127.67 I [ _ GrtFdJulyT 1703 - 7581 +0Jf — 

HU Life Assurance Col ^ F4iu, ^T& J ^ ~ 

si h '^ pj, z tena^izzEi iSlfl = 

FaUulyB J* —* ^$££±$8 

ion AEBorance Ltd.? Irish Life Assurance Co. Ltd. 

npw Vy .WrablcvHASONB 01-9028878 11. Finsbury Square. EC2. 01/1288213 

■aSsEis§ =Jta =• bssmb:=« * 


Pen. Man. Cap. — ... 2016 

Pen Moo. Arc 2S9.7 

Pen. Gilt Ed*. Cap.. 12 11 
Pen. mil Ed c. Ace.. 1273 

Pen. R S. Cap—: 1243 

Pen. RS. Ace.. Mi.8 

Pen. DAF. Cop. II 

Pen. D/VJF. Ace n 


2734 _ 

127 i .... _ 

134J - 

130.7 -... — 

MU — 


Wealth Amu 1110.0 11581 .:. 1 — 

F >> Ph. Aas I 77.4 J —J — 

Eb-r.PhEqR. h»J S0.o( „4 — 

Prop. Equity & Life Ass. Co_V 

U.4. Crawford Street. WIH 2AS. 01/880857 
R Silk Prop. Bd.._.| U2 4 | ,.,..1 — 

Pc- Equity Bd 715 _.... — 

Flex Money Bd | 149.0 J | — 

Property Growth Assor. Co. Ltd.V 
Lenn House. Croydon. CRB ILU 01/a00606 


"• ~ S^srSK5**5gi ,, *’'m» "Ti5 Si^SiSSjiSlSIKS H T« 

ssiK®— si S3=i « R;r.v; j ztu“i‘“ h si 1 &tstets=’%« a je-' 

01-588 5«» y. : . ■ IJf . c ua» Bn ^- ° r Lndn. & S. America lid. KBimi Fund sc.cn 33 

3 JH U ^ ‘ X ^’ V 4ir«, Queen Vi. Iona St Fc*. 01 (MS3I3 KHJiipna Fund SDS35.49 

’l;*- 1 LO S2.Rlshopaeate.ECZ. 01-247 8S33 Alexander Fund IST1M 75 - I -J — K 3 1 ■ S. <lnih. Fd- SPSn.77 

*• rmlifir Units {821 87.91 -0.11 321 Net awl value June £8. Sicnol Rermurta — SUM, 75 

Ltd. Htgb Income jlM5 1X6.5} +0.1] 737 „ _ ,, M -Umfnnd* iUM* 1BS5 !99lji 

nunun «,_«,■ .» . . . - , ..... . Banqne Bruxelles Lambert .-KB net as London paving agci 

478 P°rtf®llb Mngrs. Ltd-y laVbKCl o R ue . ]> ] b Regenre B ?0uu Hnusrls . i-..-.- Fk , rn 1I/T M 

— ■ in Hoi born Ram. EC IN 2NH 01-TOC22 RenU Fund LF |1B8S 1446] -1| 775 eK * It--*.! U/T MgTH. 

...J *28 FTudentiil _.|1203 128.01 ■— J Barclays Unicorn Jnt. (Ch. lit.) Ltd. r.o r-i!».sl Hel.er, Jersey. 

— ?;« Qnilter Management Co. Ltd.y rci»nn«(V^«.lWiw.j w gate 

1.65 The Stic. Exchange. RC2N 1HP. 0I/004IT7 fi gWgjgy "BP-Mn . , , , 

-H IS SLuadrauiiJea Fd 1992 102 31 I 4 98 uS'hSMRSr^EwBi j« Lloyds International Mgnuj 

-L2 +95 Quadrant lnctune_ |1Z2.1 125.M — ~J E27 -SubjrcL lo'fee and mihholdinB U*e* T Rue du Rhnur. PO Box 179. 1211 

:::::: 4.27 ReJIanre Unit Mgrs. Lid.? . Barclays Unicorn Int. il. o. Man) Ltd. iHS^iSu'kSSl SS 

era. IHL Reliance HseJ Tunhridee Wells. K7. 089222371 IThoma* ./L. Doudns. T o3L 0624 Wi6 


20. Fenrhurrh Si . 5X3 01^33 8000 

Eunnvyyt. Ijii. F. I 1.065 J I 3.29 

C.urnwvlnr 64Z 68 D 401 

Do \rcum. 79J 83.9 4 0B 

KR FirF.m FJ Jl'SlJ.55 121 

KHl nil Fund SGX11 33 103 

KK Jafriia Fund SUN35.49 0 70 

KR i-K.vlwth.Fd. SrSI1.77 — ... 0.76 

Sicnol Rermuda SUM.7S ^.... 189 

•Unifond* ilijji 1885 1990] 854 

_ *KB nn as La rid cut paving ageata only. 


Recovery Sit* SU 

Met Mln.ACdty... W2 
■Verna c Eanung*. 55 5 
Ex pi. Smir. Co's -.0)217.4 


Property Fond. 

Property Fund (At. 

i p— — n a c t*r> i - i i Agricultural Fund. 

| — ran. D-A-F. Cop. — I UX0 | I — Aenc. FundtAi 

I — Pen.DAJ.Acc — I 1035 I 1 — Abbey Nal. Fund 

h — Hearts of Oak Benefit Society Abbey*. L fd .Ai 

IO-17. Txriatock Place. WCIBOSSI 01-3375020 rilAl" 

01-7*99111 Heart* of Oak J36J 388j 1 — Equity Fund 

—.4 — Hill Samuel U£e Amur. Ud.y 

+il4 ~ NLATwr^ AikHscombeRd^Cioy. 01^364355 Mom^- F und (At 
>0.71 — 


162.M ..... — 

107.0 — 

168 *-05 _ 

97^ -03 — 

1273 -"-T Z 


813 = 


PT'C 1 . 


n> 


182-5 
180 9 

761.9 

756.4 
1541 
153 9 

56 8 -04! — 

656 - -02 — 

1554 
1658 

0*04 +02 

1297 + 042 

1132 

1213 +0 1 

1213 +01 

1*3* .....* 

1433 

Prop Growth Pnwtona * AnnaiUea L VL 


138 Fcncluirrh St E(3M BAA 8Z3B231 Guardian Royal Ex. Volt MgTS. Ltd+ Reliance Hse, Tunbridge Well*. hX 089222*71 1 Thomas SL. Douglas. To3L 0624 Wid 

Anderson U.T. (486 52JJ \ 4.40 Rpyal Exchange. KCnPM>\-. . oi^swvit Opportunity Fd_ _ 164.7 5921 .... I 5*4 Unicorn Ap*L JSaL.ISS 7 57 lM 

a i + .. - - + ... laciCuardMUTit -B6 7 89tt— 011 *51 Senordc T. f Arr.i— 141 8 4471+D2| 574 Do. AuaLMm 33 5 352 -.-• 170 

Anabacber Unit MgmL Co. Ltd. ias>Guareiu ^ p».7 av Bf -0.1| 4*1 seklordeT.Ine „ . pOJ 43 5]+DJ 574 I -o Grtr. Pacific- 6J0 67.7 -— - 

i Mrikiw ci oidCiAnti Henderson nomnistratlbnf (diHcH£) _ . . __ . . . lw Inti Incomr..^ 3^0* 019 140 

Inc. Monthly Fuad .066.8 175.0] 4 983 FtemierUT Admin- 5 Rayleigh Road Hutton. U *h n cm' Manx Mu t^l'~ 25 B ^ 1*0 

BrcnlwtXJd, Essex. 0277^17238 3*-«. Kennedy bL.MancbeMer 0612388321 »■ Manx Mutual -.pau 27.H *-**» 

Arbathnot Securities Ltd. <»Kc) t g_ FHin ds Ridgefield lot irr WO 1040(8 .....J 2 77 Bisbopsgate Commodity Ser. Ltd. 

r. Queen St London BC4R1 BY 01 2363281 Cap. Growth Ine — Hi 6 44S+0.1I 361 *»dpefieJd Innmie.|9l0 97.DaJ . — ( 10.71 pi) Box42.D.wdla*.I.nM. -0824.33011 

Extra Inci>meFd„. 004.1 1X2 01 +031 1! J6 Cap. RrowUi Acr — KZ3 . 45 M+0J 361 Bothschild Asset Manaeement ut) ARMAVJum-3 .lll'KJdi CM) ... J — 

Hleh Inc. Fund _^5 43.9+0^1 947 .nrorne* A-«_-Ki 34.5} 630 -- 


JS83 ::d 


Acttiannl Furut 
fjl l-cdeed Fund 
Clll-Edecd Fd (A) 
♦Retire Annuity 
♦i mined. Ann ty 


r v ! # Currenl unit valuo July io‘ Pena. Prop! Ace. 

live Life Ass nr. Co. Ltd.y Imperial Life Ass. Ci 

rnbard St., EC3. 01-S23 1288 Impenal House. Guildford. 

: Horse July 1| J77.67 I I _ GrtFdJulyT 1703 - 

«U Ufc Asmtance C+. nLA Sin&, a 


01/800806 Inc. Monthly Fuad. {155.0 175.0] 4 7.83 Premier t/TAd mi 5 F 

Brentwood, Essex. 

""" _ Arbulhnot Securities Ltd. (aKc| j- *_ Funds 

— r. Queen London EC4R 1BY 01 2363281 Cap. Growth Ine — Hi 6 

- Extra Income Fd_. 1104.1 1X2 +031 1136 Cap. DrowUi Acc..^[^3 

> •• — Hlch luc. Fund 405 43.6 +0 1 947 Income* A*a*U_..pi.9 

~ « Accum. UniUi.. . 54 4 586 .... 947 Rich bKMM Fundi 

-07 — IM*% Wdrwf.lita.j54 4 514 ... 4 47 Hixhlncomo 59.1 

“07 — Preference Fund. _ 23 9 25Ja .. 1294 Cabot Extra Ine. — 154.6 

— lAreum Units) 173 401n >0.1 12.94 Srctar Fuwda 

■•iSi — Capital Fund 146 20.1 .... — ' Financial * rrU— 154 0 

+0+ — Commodity Fund- 60 7 65 J 523 OH * Nat. Re* —127.0 

■+ 0 -*- +“ (Accum. Ilnllsl 173 93 7 ...... 5 23 iBiersatfonal 

, — 1 1P% wdrwI.U.i 53 1 57.1 523 i j bo[ZZZ__— B7 0 

+0} — Fin.* Prop -Fd. 16.7 HI ... 316 laiernSouaTZZpj 6 

+0.1 — iliaals Fund 37-5 2 J" l2 \ ? 2 WridNKlde July 7„|73A 

— Growth Fund — . — . 133 35 fa ..... Z41 Z___ IS4 V 

1 Ltd. rAceum. Units) 408 43Ja .... 291 }?Sl 


Z 


OfArcum. Units) — . 54 4 
iMj% W drwf.Ula.j 54 4 
Preference Fund.- 23 9 

I Accum Units) 173 

Capital Fuad. — — 146 
Commodity Fund _ 40 7 

(Accum. tinltsi 173 

110% wrtrwi.U.i 53 1 

Fi«L*Prop-Fd. — _ 16.7 

Giants Fund 573 

■ Accum. Ilnitsl 44 0 

Growth Fund 333 

rAccum. Unit*i__ 408 
Smaller Co'* Fd ... 163 
Eastern* InU. Fd. . 246 
l6*s.Vrdrwl.Ut».v 210 

Foreign Fd 87.1 

N. Amer. & lnt. Fd.BUJ 


4 47 Huihlneomo 159.1 

12 94 Cabot Extra Ine. .... |54.6 


523 Oil* Nat. Rea |27.( 

f O iBteraattaaal 

JD fjbnt. g7 I 

Iniereatfoonl p3 ( 

*25 Wrld-Wlde July 7 |73.i 

, 2? Overweac FUd* 

S-;: Austral Ian — p«1 


373*1 z::| 

9271-03] 


«= 


Australian—— 34 9 

European 39J 

Far East 77 9 

North Anver. 38 4 

NAm.GTX*Julj«.„ 147.4 

CabotAmerSm.Co. |502 


812 N.f. Equity Fond. 1165 4 175 91 3 08 fingipallv issued al *Slo and •■ELOOL 

9» KC. Eno.' ResT< 1M0 115 9 +01 2.62 Rririee ManaFemenf I M 

N.f. Income Fund.. 143 J 152 8 +0 4 6 98 triage management Ltd. 

MOB N.C. Inti. Kd. 1 luc. 1 89.3 95 0 +0.? L77 P.«'. Box .V*. Grand Cayman. Cayman Is. 

NC.Infl rd (Am893 95.0 + 0i! 177 Kbashi June30..._.| Y1S.S69 I | - 

MX'. Smllr Coys Kd] 151.1 IM.it +0 lj 4.64 L.PO Ilaix 5W>. I long Kong 1 

2.71 Rothschild & Lowndes Mgmt. <a) N |p pon>d July s,- ^iwsa^ wiad . — J ( 

iw 0t -® 6 5^ Britannia Tsi. Mngmt. (CD VUL 

,+. P^i« ^ de^?,?g'x,li 17 30 Bath St, SL Metier. Jcr+ey. 0534 73 


. . .. 140 M & G Group 

-~ _ Three fjuayv Tmrir Hill EC3R 6HQ OIJCG 4988 
nan AlinnlU Julv 4 — ..[JIT5B1 3991 „J — 

"L2 §io . Aust Ex July S JI-S2J2 lih 

1.40 ,Jn ld Ex. July 5 Sl'59 15 Hal _ 

."fd Island- 124.1 nil) 1 93 JB 

- LW - (Accum t’niui 175.4 186.7} J 9335 

0824-23811 

... J — Samuel Montagu Ldn. Agfa. 

Tnt lH.DIdB10BdSL.ECi. 01-3888444 

/li. rm A radio FvL June 30. FF4735 5133 I 266 

>1X00. Japf cat June 30 -... 803135 l£53 1.04 

■ 1 IT Grp June 28 iUntiiS UJ» J 198 

nan Is. 117Jrr«i-vJunc3R. £5 07 53*1 1 0.75 

I mJnyu'sJuneZl. UU3 12.7*4 -..-1 — 


1 266 

—.I 1.04 

J 198 

1 0.75 


.. .1023 0 1320] | 334 

15. Nest dealing July 17. 


+ 0+i 177 K'bashi June 30 | Y15.S69 ] I - iiimP»i««u.iuui 1XJ5, - 

*° 4 W NipJii5(d X j3y'5" 0 5fsiia ,: »jjd J 087 Murray. Johnstone (Inv. Adviserl 

“• W* Ex-Stork Spill. 163. Hope SX Glasgow, C2. 0*1-221 SS 

Britannia TsL Mngmt. (CI) Ltd. 'Hct+si Fd 1 sj-SKn j .1 - 

July 17^ 30 Bath Sr, SC Helier. Jersey, 0KM 15114 Kuml ‘ ^ nd -.^ A ’ v M * — ^ ~ 

o i+,„, Strrllag ttenomlnatcd F*. .. . . 


222. Bubopogale. ECi 
Prov. Managed Fd. IU31 

Prov. CashFd 104.9 

Gill Fund 20 1153 

Property Fund 95.9 

Equity Fund 470 

Fxd.lni.FuDd 94-2 


1193 — 

1103 — 

122.6 +0J. ~ 
101.0 — 

103.0 — 

993 — 


yM ■ 

ng July 10. 


irty Units £10 13 

v PurJTExec.. Ul 17 
R*vnd Excc . 03 33 
Kf Exrc.Tinit £1298 

vh Bond 111 2 

vA.-1-um 171 

■rlj Art um. .„ £32 73 
Accum. 1377 

qvv.ly 903 

r.-periv 104.7 

landed 963 

«ep«vsil 96.9 

■It . - SC 4 

q Pens '4cc 97 6 
ro iVmv.vr 1083 
■fed Pen-- Arc 98 6 
Dcr- Pens< ACC 968 
:n( I'Pns.'Aee C8 7 

SI (• 37 5 

S-LF.2 26 5 


1182 -0 01 _ 
14.11 .....1 _ 
1374 .... — 

117 7 — 


961 — 

1HI.E — 

1811 ..... -1 

1B2J — 

915 .... _ 

980 -0.1 ~ 
114 6 — 


Exempt. Man Fd ._ I301J 

Prop. Mod. July 1 llSOO 

Prop Mod.Gth. P97.7 

King & StiaxBon Ltd. 
52, Comhill.ECa. 


73.5} -2i 
231.5 -3.i 

8 = 


a ....... iimwui rwRi mj jj tr ..... A llrfn ]ifl n td a w ai fit i ta rricc vii wum u. nen oeaimi; juiv 17. — 

sr»-sr? c 'rss,‘ _ asss sj - is sSSer-=si Ii« »i»..MiT n .ni«uiLM SKit'.isr-'Tigo™*-.-... 

S! : a."cS -k I! = = STSW-aciii® r-J 53 BSfflrtfcfe' “ J #3 

5SI : »«'* ***■ “*■* SI S3 ®JPSSiSSS5. w * s .rf(m 

Prop F+n+ LS j SJ ” 317. High Holborn, WT1V7NL 014310233. ( b) British Trust 1442 13*31 538 tAceam. Uuitsi, J952 X«l 3 386 InUHehlnUTst... -kunw u3. 

W&'STte.Hft S-5 E z ntr^y inii ll^ SJ l%*V*T>LC*n.Fd.Mg n .Lt± BroiSa^ T«\ 1£'5£Sy! 

Bldg, s oc Cap. ut— 1203 ■— — Barclays Unicorn Ltd. (aHglftc) ibiMmMU>r&*c. j?i ”] 'Z 5W Stre * t ' n7 ] po. Bo* 563. st. Hciter. jerwy 053* 

Provincial Life Assurance Co. Ltd. Umcs>rnHfi.252RotiiIordBd.n 0]534 5544 dwlacomeTnirt— 2S4 27.2 8.06 income Fd. {707 7«.b| | 755 Sl'rttni Bond Fd . |UB 06 1031] —--I 

232.Buboiacate.ECi 01=470533 Unicom America- IK. 7 35.8-0.1 U7 S l J4* - Q1 f 2 Fricm ot June 3t>. Next dealing July 14. Butterfield Management Co. Ltf 

aSKi W‘ J3jd z g»jp=Zj ! igiSSfg) 30^-1 .33 SaveAPT^Gigmp 

F*d.inLFuDd 94J2 ~ t£1 H71 ^ i Ftolld MaB, ^ re <*Hg> Save & Proper Securities Ltd £^ p Ca ^ Inl f ri,af, ? Dai &A - 

^ ^ Do. 500 715 773 +0.1. 6.18 knike> ao MRmA *^ u *" 37 nit NMre-ltainf. LovpaiMurt. 

Prudential Pensions Limited* &?C5S , i Kr“" Sf tS 79 M ♦uTu* J.*^ 000 " r-Pfui lnt. Fund... | iWBjfl. -4 

Hoi horn Bar*. EC1 N 2NH. 01-WJSB223 nS ~ C3 MO !Z 639 KwEgui§*Cen “* 70 tl 480 rW\ Wl fill 3 ^In?i all Charterhouse Japhet 


J0a Boulevard Royal. Jjirrmbourg 
1.00 NAV June 23 1 JUS10.73 | | — 

U Negit Ltd. 


. Bank of Bermuda BldlM, Hamlllon. Brmda. . 
9.0 NAV June 30 _l£535 — 1+tUH] — * 


32.9] 

<a.« 

89 A 

3*0i| 


s n OKer Exempt Fd. 1148 3 
3 i Keylncome Fond.. 77 0 


01-0067070. i.i fwiMti Funds 

nf^Z" !« •" 4 

63.1 Z1 12 27 InerexalaB Ineoam Fund 


Z:j — Reliance Mutual 
Tunbridge Wells. XeoL 
014235433 R* 1 - Prop. Bda._ — | 


Do.WldwIdf! Tat _ 1*8.4 523^ -t 

082+ 22-71 BlaUn Fd lnc_ — [60 5 HiS -C 
] _ DO- Accum. : 1698 72J| -c 

-_r Baring Brothers & Co. LfaLV 


Pens. F± July 7 [Sj 70.8] +o3j — Prov. Managed Fd. (JJ32 • 119i — Do Au*t intZZ~ PJ 643 c -os !m fnt*n w falfet oave * ranper on 

Managed FuDd‘l 1 ^ d P ° r % 1 S+IU| - GihJrnu^O IrZ ml +£U Z J«9 109 3 Zo 1 687 13. ChriMogher Street. EC2. 01-20730 ^TStohU 

gxed lnt Fi — £.0 mj+flj - E®?£sr i --K i&9 = tz 1 JnleLlav.FVnd _|83 9 907d| ] L70 0^4^^ 

§W£2£zzK mMazdRl ^Izrdz «{ a “• "iSS-T^ save A Prospers* 

Irish Life Assurance Co. Ltd. Prudential Pensions Limited^. 8 SI — IS 790^+03^^6 Fbo * j _, 

II. Finsbury Square, EC2. 01-0288253 Holhurn Bor*. EC1N2NH. 01-WJSB223 nSnUSSra” ”i So Z" 22 JCra*qui5*C«n 664 70 6 iso ?Wf** Bl? 

Bluechp. July 7 (69.9 73« -2-H 430 Eauit. Fd. June31_]£2439 25^ J — -Du. Prf. A'ns. Tm. . 133.7 J408I 5.23 jKer pt Fd _. 148 3 1577 bjl fci.VcSSihZZl'Sg 

Hanased Fund Ea.O 2»8i -3.7 — F.d. InL June 21 E*!zt 1887] _..J — Price* at June 3dN ext nub. day Jn ly 31 5^ l2 c 2?TJr ,, S?' 2 2 n ,?* - — ,5 S . i_. JO ILJ r-^-i 

a«m«.M«A Fd.._M13 106- W — Prop. F. June 21 £25>B »38^ ZZ| — Do. Recover* 1413 4471+0 1 5 85 S ? ,2?-! " m -x , J lacmt 

Prep. Mod. July 1 — IlSO.O 1894 — — _ , Do. Tru.tee Fund... 107.7 1164^-0.1 538 Key Small Co* Fd.. 95 1 1011| +0J3 683 High-Yield ]5LS 

Prop Mcd.Gth. — [197.7 2»1] — .J — Reliance Mutual Do.widwid«T*t_ 48.4 szi^-ob 2.25 Kelnwort Benson Unit ManagersV High income Fund* 

Elng & Shaxson Ltd. Tunbridge Wetls.KeuL 088822271 — Sf H ^ “2 } In 50.FenehnrcbSt.EC3. 01^238000 HlKh Return 1644 

KLCornh.ll.ECa. 01-0235433 Rrl.Prop.Bdx 1 19S.4 I 1 — Do - A '~*- ^ ^ 1 “ *MWtWlK..«f 923) I 509 ^ 

Bond Fd. Exempt, P03.4I6 im.«UU 1( - Rothschild Asset Management B*rtn& Brothers & Co. Lld-V (aKx) HI? Iw i«6 

Govt-s^^^SSf^^i _• «E-th«n.u^lopdt».E^ ™ “?S BfflSS3Rt.T - "sS z::l i w ^^ t ^s£ST ,4L6 

Langham Life AxsuraJSco. Ltd. »** — » - ^^ZZZI^i S| ZZ| 4 Ak ^ ^ 

LangharaHa.HolmbrookDr.NW4. 0J-2a3S21i Royal Insurance Group Nort sub dflT Jnlj ’ ^ jnjl 5 

plBn -(“‘» wfZ9 ’ — ■( — Hail Place. LixerpooL 06I374422 Bisbopsgate Progressive Mgmt. Co.f L*cinU*GiZFd':|«9 rafl-H v" htWRuda 

v^p > ,s^’m^ Fdfey Sil ZZ| z ^T^Sblrid Fd._|i3i0 139.6] .— J — 9. Bishopscate. ECi oiOBOflON Lawson Secs. Lid. fla)fcj * £°Z^ dlty Bl 

Legal ts General (Unit Assor.) Ltd. 8*« * Prosper Groupf 4 " IjSi a Mo^ H 37. Owm-sSt. Loodoa ec4riby. m^3«s28i r«anciisi5i — 1702 

Klnenrood House. iOogiwtXKt, Tad worth. *• ^t-Si-Hrlen-a. Lndn.. KQP 3EP. 01^548888 B/Tati-[atJuiieZ7_fi723 183.6] .....J 214 

- ‘ ^ ^Eh^b Heath 53436 BaL Inv Fd |I26,7 134J1 +0JJ - utett».>Jmie27._*»J 202-9 .—1 2JM 

SSs.!ZT-. Property Fd.- Il53.4 lSa - Next rob. day -July lL=jfuly 4. 


D62 3SM-B4I 
252 27 O] +0i| 

67 4 72.4] _Z 


386 UnlvsI.STM ISUS5J7 5«l+fl.07I — »“"* « Bermuda Bldg*, Hamlllon. Brmda 

386 laLHith IrU-Tu uu ...I 9.0 NAV June 3D l£535 — I+0JDM — 

taiue July 7. Nrri dealing July 10. 

Brown Shipley Tst. Co. (Jersey) Ltd. Phoenix International ' 

?vr P.O. Box 563. SL Heller. Jersey. 053474777. FO Bor 77. St. Peter Pnrt, Guernsey. 

755 Sterling Bond Fd’. |UB 0b 1033] -11230 lutcr-Itollar FUwUlS230 2-«] J] — 

14. Butterfield Management Co. Ltd. 

r.o. Box 196. Hamilton. Bermuda. Quest Fund Mu grant. (Jersey) Ltd. 

Buttreaa Equity — 12-36 2+M J 194 P O. Box 1R4. St Helier. Jersey. 0834274- 

ButtreMlaroBM... |1«7 2.04] .... J 585 O u «tBtlg.Fvd tnt-l Cl 1 | _ 

Prices at May 12. Next sub. day July in. Quest lad. Son I Si'Sl [ | _ 

Capital International S.A. Quc^t InU. Rd — | susi | _....| — 

37 me Notro-lramc. Luxembiux*. ' PntW al Jul 7 Ne * 1 dcaUng July 12. 

317 9^**f‘ IIn * ; F “ nd ' ;l «’S1786, J — J - Richmond Life Ass. Ltd. 

4 15 Charterhonse Japhet 48. Athol srom Dnurlaj. loj* 0824239; 

1.99 I. Paternoster Row. EC4. 01-2483899 ,* rrbe Si U vr Trust 1106 2 108.71 -0 51 — 


Quest Fund Mn grant. (Jersey) Ltd. • 
144 PO.Box 1M. St Helier, Jersey. 083427441 
585 QuextKtlg.Fvd InL. I £1 1 ......| — 

la Quest I art. -Son SI'Kl [..— I — 

Quest InU. Rd | SUS1 | _....( — 

Price* nt July 6. Nexl dcaUng July 12. 


Adlrcpn 

553] 734 


013238000 High Return 1644 

I c na Income K21 


6931 +0 11 
452] +0.1] 


a DM31* 33 18] +020 5.< 

ba — rocajo 52.91 +0J» 5.; 

I MD270 34J0 +D20 5 I 

DM2199 2310 +0JM SI 

urFund 5l'r2.U 30 — ... — 

o 3D539.72 072 24 


“ LanCbam 'A' P)an_(638 671] J — New Ha!! Place. Liverpool 061277442 

:::::: ~ ^^fc-rdlSj* W~~] z ^raishi.i d F«i_p3M muu- 

:::::: - Legal A- General (Unit Assor.) Ltd. Save & Prosper Groupf 

— — Kinetwood House. iOagswtxKt. ladworth. *■ V*^ a ^! en ‘*- F 31 *.??; “■*?* "■ 

...... — ci— «iV"i-m£rir n__i. u.-tk cuu RaL Inv FA 1(96.7 luilxd 


Fondl* JDM2I99 2310*0-20 

6931 -Oil 8 62 Emperor Fund._-.Gu-a.91 sHl _....( 

452] +0.1] 9.07 H taps no ..|tU53M2 cq | 

Clive Investments (Jersey) Ltd. 
4.47| -DJ| 534 P.O. Box 320. SL Halter. Jew. 0534 

„ (TiveGIItFd. lC.I.).I9 99 18 031 | 


“ Richmond Life Ass. Ltd. 

48. Athol Street. Dnugla*. LD3t 002423914 

3090 itlTbe Silver Trust 106 2 108.71-0 51 — 

5.44 Richmond Road D7. 1733 182 « +L1J 1089 

5.10 Bo PtxtlnumBd 121 0 1273| ... 1 — 

5 B0 Be. Gold Bd 103 6 109.ll +OJM _ . 

5 63 Do. Em 9702 Bd ... 169.2 17Bl| +0.9| lie* 

280 Rothschild Asset Management (Ci)' 
PO.Bov58.St Julians CLGucmscy. 0481 3S331 


8.71-0 5] — 

2 4 +LU 1089 
73 ... 1 _ 

9.1 +0JM — . 

ai +o.q( no 


Current nine July #' "* cSffiritS° U 

tal Life AssnranceV . 

tnnllnuM-. Chapel .UhWton 0002 28911 02°”^?™ 


I ipvl I'li .. 

nakrrhiv Fd I 


| — Fixed Initial 

I — Do. Accum. 

Inn Initial. 

Do. Accum _ 

E 52181 Menaced LnlUa 

Do. Accum 

_ Property initial 

_ DO Accum 13009 1063] .—.J — 

Legal * General il>alt PtndHf) Ltd. 

Exempt Cash InlL ..196.4 10151 — 

— Do Accum. mo 103a — 

_ ... Exempt Cqty. InlL.. |l2L9 128-fl ..... — 

Co. ltd. Do. Accum. 1123.9 3303^ ..... — 

Exempt Fixed Inii.UOf 6 US 5 — 

014S49SS4. Do. Accum. 1134 117JI — 

I Exempt MngtHnlLUif 9 I2L3 .... — 

~ Do Accum fi218 1283] — 

■] Exempt Prop. InlL . 96.4 Ulisi ..... — 

■ ' I *” lie Accum — ne.O 10331 — 


rterhoase Magna Gp.V ite ASSm 

■cquerv Sq. Vlxbrtdge UB8 INE 52181 Manaced InlDa 

■vvFnerr.v 36.6 5867 — Do. Ac cum. ... 

5i>’nry . 29 4 310...... — ftupenylDiUal 

M.m.Kcd 37 6 39 6 — poAceum..__. 

<■■■ Fquili..... 34.2 36 0 — Legal A General it 

* DM bn- .. 1536 • ...... — Exempt Cash InlL .. 

a Min . .am . 150.6 — Do Accum. ._ — 

of Westminster Assor. Co. ltd. r^ e AccuS^l!_ l !!!l!! 
■.-.1-1 Mouse. f> whvtehnne Road. Exempt Fixed Inn. 

i"n* J1D2JA. 01-C349SM. Accnirv. 

1'r-r- l-'und 1605 6361 — Exempt MngtL InlL 

. bi mi ...1 Ji7L7 im g ::::.: z 

vr-un.1 . . .. 15=1 0 HI.... — lniL - 

,l>7« l and. . 173 9 T7 7l .... — ** Ac f unL 

• * "»•**•! J27J] .. . — Legal A Genera 

\ Vun.1 “toy 173 a 40 '* Z 11. Queen Victoria f 
M., t ap -.. “’.I 123 3 j 

Mi.f.l . jl217 Ua.ll — NertMfc 

Money ('d|( V«6 7 49 « — Life Assor. C-o. 

M.uii-v Acc .. J4S5 510) — „ 

F'luilvfTjp . (52 9 55.61 ... — 39-4. New Bond 5L. 

_ Wu,.v Vv r B 9 57 t| -6 1 - I-ACDPUnll*...— . .| 


lurgb Heath 53456 BbL Inv. Fd 126.7 134J +0J — 

jmi _ Property Fd.* 153.4 1624 — 

HBJ _... — ’ Gill Fd.. 119,4 125 7 +0.7 — 

1213 ...... — PcpoiltFdt 1233 129. J — 

125.8+0.1 — Comp Pena Fdf. 2012 2113 — 

3214 +0.7 — Equity PrnaFd 178.0 187.9 -0.6 — 

1241 +0.7 — Prop ('cna Fd.* 2222 234.6 — 

1013 -0.7 — Gill Pen*. Fd. 92.7 97 * +0.4 — 

10LR —0.8 — Depot J*engFd T 988 184.1J — 

121_« +0.3 — -Price* on Jnly 4. 

lZj3+02 — . tWeekly dealings. 


933) +0.21 
ii4a+o.fl 
793] -oi] 

75 M -oil 

*33 


0534 3738 L O.C.Eq Fr June 3d. 522 

(TiveGIItFd. )C.I.).I9 99 18 031 | 11 08 O.CJnc Fd. July3_ 152 6 

3J4 Clive Gill Fd.(Jsy.t [9.98 10MI I 11.00 O .C rmi.Fdt.. HO 

8.73 r nrn Kill Inr JfZnrmcnni t*j O.C.SluCoFdJ u30-_ 145 9 

L27 ionmiu I«L iMfroseyi Ud. o r. cotmnodiiy* ... m 8 

P.O. Bov 157. SL Peter Port Guenaer O.C. Dlr.Cnradly t , [525.B1 

4 06 lntnl.Man.Fd. J164.0 1783] J — -Price on June 31. Ne 

!B0 Delta Gronp tPncc* on July T. Ncj 

3 - 27 p.o. Box 3012 Nassau. Babamax. Royal Trust (CH Fd 

Della im^ July 5 — |*m D80j 1 — P O. Box 194. Royal Tst. H 

Dentscher Investment-Trust RT.lnfL Fd HUS9J 


Schroder Life Groap¥ 
Enterprl-e House. Portsmouth. 


0. Bishopric. EC2 01«86380 Lawson Secs. Ltd. FlaMcj ^3-otl iS 

3:5 f T ^Ta^i OD » ,, 6 EC4R « Y i 75 4-oil 317 PO .*« S5. p n««.. bmv. 

’SSSttFJks ild Im 8. zz :S ^“^4 «-_« 226 SS^isELu 

Next rab. day "July lL**Jnly 4. S? ~ & Select locmne 5u| +01 733 fSSS£SSSt 

Bridge Fund Managero¥(aHc) Scotbite Securittes Ltd-t 

TtlngWUIfam SL. EUR0AR 01-6234*1 »S -J Ml m-u... -- 

American * GmU^|342 2621 L45 — High Yield _ 

Income*, . +. 49 12 535 &.M •^lAfcusi. Unitsi — iw+7.® mxi -j.* aajo ■ ■ ■ ■ PO Rnv mtiio navjih Pal 

Capital fact 35.6 57 9 324 Dc^L *Mdv -Tu«. trWed. *lVun. -PH. Scot. Ex. Cf h-f U339 245 01 [ 2.21 ajAV^UA ^ 

DtxAcc-1 M3 *L1 ...;.. 3» tfnl x, General TvndaM v nn M Se0LEx.Yld.-4 1160 7 i«3d] 7 60 — -IWSK-. 

Exmnprt 13L0 1*0.0 5J2 V** 1 * „ ; dal1 F and 7 ,. . Price* nt June 31 Next sub. dar July J2 Emson & Dudley TsLR 

Intern U. Inct 167 173.—. 3 81 1 A Canyngc Road. BrutoL 027232241 P 0 Box 73. SL Helier Jersey 

Do Aec-t 114 193 _.... 3.41 Dis. June 14 [57 8 6131 ..._.| 526 Schlesioger Trust Mngrs. IM. (a) fzl ^ 


5531 294 

1623 . . . 7.21 ' 

. 130-0.06 133 

O.C.SmCoFdJn30_|i«5 9 1552 325 

OC. Commodity ... IM 6 143.1 ..... 4 51 

O.C.Dlr.Ovmrilyt. B25.B0 27«]-033| 0 73 

-Price on June 30. Next dealing July 31. 
fPncc* on July 7. Next dealing July 21- 

Boyal Trust (CD Fd. MgL Ltd. 

P O. Box 194. Royal Tat. Hms, Jersey. 0534274*1 
RT.lnfL Fd.. _ — pi's? 35 9M J...J 300 


Postfach 2685 Biebergasac A10 GOOD Frankfurt. H.T. Inti |J*>- 1 Fit . 


— j aiS Scotblta B70 40.61-021 3.98 InL Renteafonds-.iiHMn TUQ-flJ 

49S — Loj U38 Scmyi^lr S-i • IK Dreyfus Intercontinental Inv. 

MR -LSI 1L58 ”^- 07 ! P.O. Box fCni2 Nmn Bahamas 


ScoL Ex. Gtb-9 1233 9 245 01 ... 

SeoLEx.Yld.-0 160.7 1683WI .. 

Price* at June 28. Next sub. day . 


Coo centra |t>M26« 2Uq+fL2M — 

3.98 Int Rentenfonds DM6478 7I^-€20| — 

JH Dreyfus Intercontinental Inv. Fd. 
_ P.O. Box rt3712 Nassau. Bahamas. 

NAV July 4. IJUSR2 15U] I — 

12 Emson & Dudley TsLKgLfrsy.Ltd. 


Pncej at Juac 15. Next dealing 


aling July . 


Save & Prosper International 

Decline ta 

37 Broad SL.SL Heller, Jersey 037 
I'A Dollar ^memlnatcd Fond* 

Dir Fxd. InL- 19 18 9.73 af ..... 


Equity June 27 
Equity 2 Jolt 4_ 
Equity 3 July 4 
Fixed Ini July 4 
F txcd1nL3 July 4 

lnt. Ut Jul* 4 

K A 5 Gilt July 4 
K*5c.Ju)>4 


SJzi z 

341.“ 1 


Do Aec.t AL4 196] .1 3.41 Dis.Junel4 [578 41N ..._.| 526 Mthiesinger imgs BL 

Dealing -Tue*. tWcd JTbiirx. Pricex JuIt 4.A0- lArrum. Unilxl [724 76.61 [ 526 I40.SouihSuneL Dorking. 

Britannia Trust Management (a) (g) AdxninitratioS^LId. aS G^^ZZ." 81 “ 

3 J^ 0 ^S l k B L ulIdtni1 ’ r^ SL '^ ,, ‘ jDn ^8 &,r - +7 71 

insure «i iZ fgg SET- ISS SHtSil lit Income KO. 


093420501 InternaL Gr *t 


, Knuilv W . ]54 4 57 7| -0 )| - 

7.1 '-uavnlly closed In new Investment 


Do. Accum...— _.. >96.0 103-2t ] — Managed July*. 

Legal & General Prop. Fd. Mgrs. Ltd gSK 

II. Queen Victoria SL.EC4N4TP O1-S4B0G7B l-mpcm Ju)y4. 
L&GPrjxFd.JclyS 196 5 102 71 _ — | — Property 3 Julj-4. 

Next Mb. day Auoat L BS fV CpB Jul 

Life Assor. C-o. of Pennsylvania 
30-42 New Bond SL. El? ORQ. 01 -403*385 MnPnAccB July 4 

1-ACOPUnlts. 1987 1036] 1 . _ Fvi WJMUB. 

Lloyds BIl Unit Tst Mngrs. Ltd- l^v^c^pi: 


0LG23E98 1*PH> Pen. Act. B 
■17 7 98 Mbney Pen. Cap. B 
7* Money Pea 

i Overx«u4 


-nt, mux _ 1 solo 1 .. 1 - TT -Zi_i i ’“n.TT, , n _ ro _ p 

....... . * , ■ 71. Lombard SL.EC3. 01^23 ESS Pen. Acc. B_ 

(if «) fit minster Asanr. Sot LW- Exempt... J98.7 103 J] .~L.\? 798 

•t.. n« oi4»4 swa 4 Lloj-dj Life Araaraace / Ow*4aa4 

“3 - ::l - .il - 

■racrrial Union Group OpL5rrup.4u)ys... 1240 not — POBox8fC.Fdmb 

",ca. i i , ndemh. , it&-s. ««i» SH z JeSWB&'s: 
V’ii). , rfL , -| frS SSite'A'fcteH Sir = BiSSiSiV: 

federation life Insurance Co. London indemnity & Gjtl. ins. Co. Ltd. 

• sir «n L.tnv . feXT A I11F- J 01^ ^2420282 lS-'J). The Forburj. Readu* 5635*. 1 ' 


3 Loudon Wall Buildings, London Wall. 
London EC2MGQL 01 £380478 

Assets 169.6 74 -02J 

Capital Aer 505 54.4 ..... 

Comm * Ind — —.545 587 ..... 

Commodity 780 63.9 +02 

Domestic 365 39J 

Exempt 113.! 119.1 -03 

Extra ^ Income 385 4LS .... 

Far East SO Ml -OJ 2.91 

Financial Sec* Mi 652u -0 1 4J9 

Gold ft General. 882 94.7a -1.1 303 

Growth 76.8 82>n +0.2 4 11 

lae.* Growth 70.8 76.J 758 

lnt'l Growth 63 9 68* +03 

InvaLTsLSbsre*- 45.6 49.1a +03 

Mlner xln . . 36 2 38.9 — Oi 

Nat. High Inc — 79.7 85i +03 

New Issue HO 36 6 . .. 

North American .. 281 30.2a -01 

Professional *908 506 0^ +0 7 

P roper t y Share* — 128 Ul . .. 

Shield 44 2 4T6 +0.1 

Status Change 294 32-2 

Unix Energy PL6 34.0] -OJ 


Eurobond Holdings N.V. 

2t.d I”. J 1.66 Haodelskade 34, Willemstad. Curacao 


127 jq | 300 ftfrEastera 


InL— 9 18 9.73 

Gr-t 7.08 71 

rrn*t ^ ... 44 42 43 1 

nerlcan-x. 3.70 4t 

14.15 15.‘ 


7«>nh American -1 . 3.70 

Sepro*t ...... |14.1S 

SferUng-deiiarainBicd Funds 


Exempt MU. Ldr* 
Extra Inc TaL 


Z1 480 Lloyds Bk. Unit TsL Mngrs. LtfLF (a) Inc. 10s wdrwi 


J!? Do. lAreum.) 661 

Do.'Aceum.i...__ 63.9 

Third ilnco me j 79 8 

Do.'AccumA 109 0 

Z-f* Fourth l E x I n c .l 572 

Do 'Aceum.i . 652 


L K. Crth. Accum. 
UR.Grth.PiiL f 


Scottish Widows' Gronp Unir Energy pi.6 34.(4 -Do] 263 iacclih. Unite ■ 

- PO Box 802, Edinburgh eh 18 9BU. tm-8558000 The British Life Office Ltd.* (a) iv?S?&-V — 

- fiS-ndS.'7-Bfl 1 ?Sil 1 - Reliance Ha*-. Tnnlwidie Wells. KL 0882 22271 ftSXdMp !\ZZ 

Z iSJ'cS'hjSfs m'9 iD3 ij Z BL British lale [4*4 5X21+43) 578 lAfnm Vmlvi ... 

ExUlAceJnne-F "Eik4 _ HL Bala need - Cs6 «S ....J 5.66 Compound growth. 

StimS- jJliVt mo _ BL Dtr ideud* .E.7 446] .. □ 927 L«n-.crsion i.rowth 


ExUiArrJnae2l_ 
ExUtlnc Jnne21 .. 


lV-JS* 1 — Reliance HsO. T^inlwidfe Wells. EL 088222 

3 97 9 1D31 Z BL British Liln [48.4 5121+03) 

-r Sfc4 1923 "“ " Z EL Balanced" U56 485 ,...J 

«' - mg 1387 _ Bis Dividend* . |«.7 44 6| .. J 

I3a' Sol SSl — -Price* July 3- Next dealing July 12. 


t-. Fund .. 157 6 

w.'-l Fuhil . 177 7 
'•v i-.l .. . 175 4 

l fs-it Hnol 7? 6 
. .1 Uni .1 l"n 72 6 
i'M<ii.l l>n 
I UK 1’rii . 


cr«." IVuMnn. [ 1394 ( . 

ilt ill Insurance Co. 1 2d. 

.vr nil 111 KvS i 


Honey Manager. . J32 8 

M.M Flexible |292j- 

Fixed Ini ercxL .. |33 4 

The London & Man 

The Leas. Folkestone. Ni 


Brown Shipley & Co. Lld-F . (Accum. Umm — -gsb 

ND8W pounder. 01«08S» SSM^TZI S 4 
BS Units June27 _B09 D Z25.R ™..J 514 r,|n Yield _ 81.7 
Do. (Arc) June 27. [259 6 28ji| -Z] 534 farrum i.=nits-._Z 1052 

Ocvenle Tmsls faltgi _ FarEa'.tem 602 

Financial __l33l 353) 423 <.Vcum IniL-i 66.0 

General UB 191 3.93 Funuel Inv Tst» 61.0 

Growth Accum. *40 4*7 4 86 lArrum. Umtsi — 74.7 

Growth Income — 351 372 416 General 1622 

High Income — _ 28 7 333 .... 9 76 lAcrumL nils' 252.4 

I TU 203 22 t +0.1 319 High Inrnr- 97.5 

' - Ml 2S4i4 -01 428 vAccum l lt/L-ii.___ 1W 0 

Oversees US 203d 320 Japan lnc-me_ — 1643 

Performance 564 6) 0 -0 J 450 (Accum. Uaibi_.. 1653 

Recovery 203 222a 5.94 Magnum 206.9 

Exrapc Juna 12 _ — p7.9 603m 4 81 LAccum L nl»i gg.4 

Canada Ufc Unit Tst. Mngn. LtfLF • AcTDm. V’Ditsi 12734 

MH^Fon^fcr.HdrU. P ^Slia S^V Di uZZ 763 

Pnlnc.DlsL K.4 343 +4LU 7.96 cZriai UOS 

Do. Inc Accum.— 1*23 4*3 7.96 S553S i£.».ZZ|Ss 

Capel (James) Hngt LtiLf Specialised Funds 

100 CHS Broad SL. EC2N LBQ 01-088 8010 r,~ V, “ - BS? ? 

m 53 H 3-S aSSiSSS’izCji 

«ice» OD JOiy a. Next ae»itf>< Jwy IS. (Accum Uni if » _p77.1 


S-3 * 02 5 Rett*««r * DepJ . Gonog-by-Sca. 

« TSSSSjmx nstoip** 

-02 ttfflsa=z:Sl 546u — o!i 5-5 bSSSS? 

:?:1 5 ol M-2 f.i i 1 % -?53^.?SCL. 

+0 1 4 18 S ;™?n 1?5? sS wK. Crth. Accum. 

15] — ig > 

to i 36? 00 f,ec * m -' — - M2 70 3J . — 835 J. Henry Schroder Wagg 

-at 334 Lloyd's Life l nit TsL Mngn. Ltd. iao.Cheapside.ECJL 
+03 844 72-®). Gatehouse R<L Aylesbury. C2969MI Opi:al Jnly4__-riDLI 105. 

-oi iS ~ l 420 ln^j u -.y-4-iz:Si m 

*0 1 433 MAG GronpV (yMCKz) I Accum. Units) 269.7 Z7 

■ V, 2.97 Three Quayv. Toner IU1L FOR GBQ OtSfl 4U8 General July S BOA 83. 

+a - 1 l * See also block Exchange Dealings. irSSSiV.ilif+n — ^ 

518 Amen ran 45 8 52 D -01 199 tnrope Juoe29 _ , »3 3 

-Oij 2.63 IACCLUI. Units' *98 53 0 -0.1 1.99 IM. ,, 

l« fa) Ao-'raiarijo 546 583+0.1 1*2 il 

W iAcvum.Un:kx- »5 591 +0.1 1 8Z -n ^ jS^h lA™ ?t 

•35’S SSSrtS.. — .K £? :!:! if ,.S 

H is fST.’Ssai B’ 'St is. is *"“MJ 

Fuly 12. Conversion Inc — 629 66 5 -02 8 67 28 SL Andrews Sq.. Edinburgh 

Dividend 113.4 12198 +01 812 IncomaUnits 1*83 5 


28.4 1.66 Haodelskade at, Willems (ad. Curacao ScrUne-denanlnalcd Funds 

“J 5“ ^4Wi AgeotmlnieL I4C6r«jph*rSt,ECa. Channel Capital* .{223.8 235 H -1J 

g? Td. 81447 Wt*. Ww] M19448. Channel Islands* _p9 6 147 M +0.: 

M-5 NAV per sb. JnJOl ROMS .... Cornmnd Ill9.7 126]J -li 

F. A a Mgmt. Lid. Inv. Adviser* Stnxwd— luo.7 ll7.l] 

-gj ^^cnPouumeyHIU.ECtROBA. JYtc« on^.uly^. ^July ^ Jul 

29 2 +iji - tS5 - n — - 1 -:--L SdUcsinger International Mng 

240ri 1260 Flde,lty ■* mt - * flrs - *Ma.) ^d. 41. La M0UeSL.SL Helier, jerso- 053 

26 7 234 P.o. Box 870. Hamilton. Bermuda. SAIL... 178 831 +1 

Z8.7 ..... 262 Fldeli^v Am. Asa I SLIRZ4.67 I | — . SAW S0.83 088 +08] 

226 .... 538 Fidelity InL Fund .. [ SUS2129 -IU^ — Gill Kd 225 22 7 +03 

U.K-Grth-WsL 185 14.9 511 Fidelity Pae. Fd 5US4753 1 ... J - InU Frt.Jcraej-. — 103 100 . ... 

J Hrorv9dimrf»ririx*An> IJ4V Fidelity Wr]dFd_| 5US1432 |-«iH - IninlFd.Umhrg.^ 510.55 11 11 -Offi 

J. Henry aenroder Wagg A Co. Ltd.v Fidelity MemL Research (Jersey) LLL "Far East Fund - 98 103 . — 

120. Cheaps! de, ECJL 01-2403434 Uierscy)^ LUL -Next sub. day July li 

SKSS]?‘“fe| fM- IS ™ SctoverElfeO^p 

SSiEffi ::::: 5:S SSSJKSfc Sg M m 

General July 5 W0.6 83.9id «... 3.73 Series D lAmAasll U6 9f.nl | | — InteruxUoaa! Funds 


—13) 267 

:S I i 28 ' 

...71 ilw 


Pncca on -July 4. —July 5. —July 8. 
{Weekly Dealings. 

Schlesinger International MngL Ltd. 
41 La MolteSLSL Helier, jerscj-. 053473568. 
S AI I [78 8M +1| 8.73 - 


_ SUS24.67 J — , S A.O.I 50.83 088 +001 5 V 

SUS2129 I-0J.9] _ Gill Kd 225 22 7 +BJ 12 L 

_. 5US4753 1 ...J — Inti FiV Jersey 101 100 . ... 341 

_ 5US2432 -0iH - Inlnl Fd.Lxrahrg.„ S10K 1111-0.0? _ 


3.73 First Viking Commodity Trusts 
t. St vVorgc's SL. Douglas. I.o M. 
tSL 0BZ4 4^2 Ldn. Arlx r-unhar A Co.. Ltd.. 


Schroder Life Gronp 

Enterprise Home. Portsmouth. 07052773 
Jntcroxtioual Funds 

EEquity 1185 1260) 

S Equity 1208 137.rf | __ 

£ Fixed Interest.^- 1362 144*......] _ 

S Fixed Interest 124.8 111 4] J __ 


53. Pail Mall, London SW17SJK . 01KJ07RS7 tMaBaged~.ZZZ.li24 9 


538 Fst. Vie I'm TsL ....D5 ■ ■ 
Fit Vk. Dbl.Cip.TR -|758 


managed — 

180 


- - 


54 ] +01) - Solar Die Assurance Limited «. v. 

0 8 . . J — 10. 12 Ely Place London E C IN 6TT 012422005 

3 *1 ' I ~ Solar MnnaxedS... 1125 7 13241+821 — 5 s UoiU June 27 _ FM9 0 


Solar Managed S 
London A Manchester Ass. Gp.V soi*rp«p«t> s 
FblkcaloiM. KcnL 0303 57333 ^ 5 


J — Cup Growth Fund.. 

I — *m'\ F.xcmpt FA 

I — OFvpmrt Prep FW 

©E-rrl Inv TiJ.Fd 

*_ Flexible Fund— ... 

0 less 54 10 | nx Trust Flind— ... 


Fch June lli. p335 | ] — Property Fund | 

Jim. if. o| :::::] r « * « G ~«r*„. 


SHorv>*hS 

Solar Inti. S. .. 
Solar Managed P 
Solar Property- P 
Solar Equity?. .. 
Solar Fxd InL P 
Solar Cash P 
Solar InlL P 


120 7] +0.4 
D>6.1 


Three Quays. Tiwver Hill EC3R 6BQ fll-836 439 
Per*. I’ennion— -1226.9 — I +1 9| — 


lit A Commerce I DUB ranee rvrs. I’enaion— -K26.9 

c.-nl SL . London W I R 5F"E. d 1-1397081 IVfii IVp,«il« 118 1 

«”"■ ™ - •■“• “4 _.i - MBBPzr. #t 

mi Life Assurance Co. Ltd.f Family ai-M—. — UU 


BS Unit* June 27 _|209 0 
Do (Arc) June 27. [259 6 
Occenle Tnuu (al txi 

Financtnl — ,133 1 

General IBS 

Growth Accum. — *4 0 
Growth I ncunw — 151 
High Income _ . 28 7 

ITU 208 

Index 233 

Overcees 18 8 

, Performance—... 56.4 

| Recovery 208 

[ ExrapL Juna 12 p7 9 


01-8008530 

3=1 li! 


372 ...... 

313 

22C +0.1 
25 4a -0.1 
20 Jn ... 
611 -OJ 



996 

lews 

+8M 

705 


99 6 

10* I 

+0f 

679 

.-i .1 im 

909 

1MJ 

+04 

— 


976 

102 7 

+n>; 



97 b 

U2.7 

+ 05 

5.00 


973 

102* 

+ 0 i 

— 


957 

1007 

♦o : 



55 7 

1007 

+0 I 

area 


95 2 

wo r 

+0 1 





103 i 

+!J 




IMS 

+ 1 ■ 

535 

r-- rt im: 

W7 9 

1030 

+ 15 

— 


7 E Managed Rd — . 

Prouertf ltd— . . «S8 

- Ex Yield Fd Bd* .]78 9 
Ret-uvcry FiL Rd 1 . ItU 
Aiu+riran Fd. Bd -.152 S 
Japan Fd Bd ' . ...(565 


1114 -0.4 — 

108 7 . — 

144 2 +0 7 — 

166 8 ... — 

83 3 — 

645 ... . — 

552 — 

59 5 . . 


meet on -July S. —July 6. —July 

Merchant Investors Assurance 


Snn Alliance Fund Mangmt. Ltd. EarapcJimal 
Sun AJUanceHoupe. Horsham. 040304141 

Exp.PdInUunel4 |Ct50-M 160.001 1 — 

InL Bn. July 4 C14J0 ] 4 — 2-8 High SL.P 

Sun Alliance Linked life Ins. Ltd. D« n G«r^ 
Sun Alliance House, Horsham 0403 64141 Do Ine. Dist. 

Equity Fuad 1154 mS +0JI — Do.int Accra 

FixidliwcrexlFtl ... 104.7 1103 +08 — r<M] (Inn 

Prorerty Fund.. 108.9 U4 7^ . .. — , 

International Fd . 107 7 U3«]-1.Z — 100 Old Broad 

D+ pewit Fund 96 8 10L9I — Capllni 

Managed Fund 1082 113.*] -0 j] — Income 

Sun Life of Canada (UJL) Ltd. „ “ ’ 


25L1 +02 812 

5L4n +0.1 325 

S26 +02 325 

•7 0 859 

1265 ... 

64 1 +0 8 X 98 

70 3 +0 9 198 

65 6 +01 4.66 


805 +0.3 
176.0* ...... 

2730 

103.8 -01 


nan (Accum. 1 1232 1276 22« an • Schroder Life Gronp' 

“ SSWS!c=» >«! = IS tSSMSSd SS »= awe. 

C88 General July5 BOA 83.9a «... J.73 Series D lAm. Aas )1 C16.9M | | — lalenuUanal Funds 

■Anum Unitii .. — 1M7 1MB 3 73 First Viking Commodity Trusts ^Equity 118 5 226 « — - 

199 « Accum UnlUl_„._ 33 4 355 229 IFIxed littcresL.„ 1362 1448...... — 

in -PrnfcCharFdJnra 166.7 17U 4.48 TrLIv^., , 4 r «', SS™ SFlxcd IntereiJ — 104.8 1114 — 

i n ‘SpecEx. Jnly 4 246.7 2543 396 W-Pb l Mail. Lond<wSWl75JK oi «07ra7 EManagcd 129.9 1381 — 

is "Reccrrery )uly4 1813 186.1 551 ESiiAS^Ifer-S! ”3 - US SHanafed.—- 116.6 124.0. — — 

Jq -For tax exempt fund* only FsLVk.Dbl.Op.TH-1758 . BO.Ort] . — | 180 

H3 Scottish Equitable Fnd. Mgrs. Ltd.? J- Henry Schroder Wagg A Co. Ltd. 

8 67 88 SL Andrews Sq., Edinburgh 031-5580101 f’ ^UWSj^ J taj.C7icafrtidc.EC2. P1-WB-S000 

802 Income Unit. 1483 51.41 1 5^ i^L,t 1 — 1 Cheap SJulr« SWOIW -0M 235 

■ 12 Accum. Unite 155.1 58 N I 525 rree World Fund Ltd. Traialear Ma> 31 ... SUSU9.41 — . 

325 Dealing day Wednesday Butterfield Bldg, Hamilton. Bermuda- Asian Fd June 23... tUSUM 1L7S ._.. 293 

Uv Sebag Unit Tst. Managers Ltd* O) LtuF* ‘ ' “ Wdfe. ii»» ' 7 J3 o.« 

8 59 ro Box si 1. Bcktbry Hse.. ECA 01-2385000 G-A. Management Ltd. „ 

1 98 Sc bag 'Tapital Fd. _ 132 1 3381-821 374 Part Hie, 16 Finsbury Cirrus, London EC2. SenLrv Assurance International Ud. 

I« SebPK Income Fd...ft9.7 JLl| +O.4] 8.46 Tal. 01-828 S13J TLX: 886100 P . 0 . Box Xfi. Hamilton 5. Bermuda 

4.66 Security Selection Ltd. itM .. .. 1 216 "^cedFuad™. uujaiWQ 19«( __.] - 

IS lM6.LmcoltfslnnFvetdt.WCi 01^310836-9 Anchor Gill Edge 9.(53+0051 1322 o, Vr,+AliT,A*+ 14. 


J. Henry Schroder Wagg A. Co. Ltd. 
120.Cheapsidr.ECZ PI-5884000' 

Cheap SJulr* SUS1145 -DM 253 

Tralalxar Ma> 31 SUSU9.41 ..... , 

Asian Fd JuqeM... RiSUM 1275..... 293 

Darting Fnd. VUB3 - 194-0.01 53D- 

Japan Fd June 23.. {1*5689 7*1* 034 


P. Bor 51 122 R «‘ :ov ' | 7 — 76* 

_nTi « « l Accum. L diLm ~ 70.9 

S 2SAS5u=B 

7 -f6 ijESSm Uni a.. 2023 


Sefag income Fd...rM.7 31.l] +0.*] 8.46 Td. 01-828 8I5J. TLX: 886iuu P.O. Box 333. Hamilton 5. Bermuda 

+03 4.66 Security Selection Ltd. JfirtSrB 1 vSw^TllWJI IBM .. .. 216 Managed Fuad [JUSITWI 19«0f _„.) _ 

IS lM9.LmcoltfslnnFvetds.WC2. 01-831 6Q3A9 Anchor GiU Edge » E9 '54 9.61ri +005 1322 sinprr 8c Friedlandrr ldn Aecntu 

••«¥ .55 UnvlGUiTxiAcr 124 1 257J I 230 AachorinLFTf — n*S457 485* ... 236 +****8“* “ rTieoianoer Ldn. Agents 

“Si 22 UnriCthTtilne &8 22 44' — ( 2 JO Anchor In Jsy.TM. 2k7 28.8 +0i 271 20, Cannon SL. ECA 01-2480048 

~ H Stewart Unit 1W. Manage Ltd. la) -Z SI MfezIT^T^ SS 

:y IS 0312183271 g¥£^^^Lj^-o« i p ?S, g 5S , L” a r aa !~ t u ^ n4m 

-ai ?:j| SBScaatzifa Sj 7 ! :d i* r 6^ l ^Jt=z & *a SS S^S^JSltSSr%M 31 

|| SSS-SSS-oS ™ ” l “ SSSSJStSfe “*■ i&mt ^.vest f Jersey) Ltd. fa) 

M It ^M »== m 5S3=I £8 sSSSttJiS 

-0 4 42, Daailns tFrL *Wed. gRSMj—jS-g 

Uft Ltd. Japan Fd lsra8 _... 0.60 "P-DtdexTsL [0262 12581+805] — . 

N. American Trt..„ [5K11 MS ntid 330 TSK Unit Trust Manirm IC.1.1 ltd 


...,| 216 
*005] 1322 


Sun Alliance Rind MngL Ltd. 


Prices od July 5. Next flealinj July 12 


• JIn» 1-1 VT..I96 6 

In* ■ ■! Incin 96 6 
-1 1.1. .I11. .. 107 3 


- 1 » -I In.-m 107 3 
cv I-'*! !+• . . 9b 3 

I'n leilli. 96 0 
K.i Inrn. . .986 

.1. 1»H Im .'-V.. 159 6 


loiw'rii *■« 12S. High Street Croydon 

103 01 -ilj — Prepcri,'. . 15 

JOlbj+05 - Property Dm* M 

101 M +0 5 12 15 r. qu, i- c? 

132 « -0 5 “ Lquitv Pens. 36 

101 3* o-s ~ ih jssaafar.- 

SS ®fr= S 

1 N.vnaflrd Peni 

'a. Ltd. ,nl1 Equity-— — to 


U1AHCS171 2,3. ACOekspurSL,SWlY8BI£ 

.n 11 _ MaplaLLGith. I 1922 

*01 Z Maple U. Maned.-. 3521 

sl z «WMd sas 


mi ->— < G.T. Asia Fd_ 

031-2283271 a.T. Asia FterllnC- 
G.T. Bond Fund , 

67.9| J 1.4Z G.T Dollar Pd. 

73 il 1 — G.T.PaciflcFd 

545] — 1 — Gartmnre Inves 


SUS7.07 

3US14.80 


Gartmnre Invest- Ltd. ldn- Agts. 


040104141 iptL Bond Fund.Z 
C ar t — w tnseatMi 

-UJ( pn Ks,, ry 


01-8305400 carliol Unit Fd. Mgrs. Ltd-V faKc) 5* i. ~ g” - ~~ 1 5M si. Cmham su ecs. 

] — Mllbarn House. Newcastle- upoo-TTne 21163 ManuLife MiMgement Ltd. Target Commodity. |»4 

1 Carliol 166 9 69.41 I era SL ueorge s » ay. Stevenage. 04385810! Target Financial — [580 

.Zl — Do. Acram. Units -.(Sil 826] ZZ] 42D CrowlhUnm... — 1» 4 53.0] +0J| 433 

0.71 1 


Carliol (66.9 

Do. Accum. Unlts—l80.1 

Do. High Yield.. — Ml 2 <3.71 _ 

Do. Accum. Ituts. |513 534 — 

Next dealing date July 72 


Sfljd 


Target Ufe Astmnmro Co LUL “ ^Ki^dat. #T 

b55£ H0W * Aff&Zbm Charities Ofliriri Invest. Fd* 

9g5| I — 77 London Wall. EC3N IDE 01- 

5213 [• — Income June 30 11324 — 1 — 


821 'Mayflower Management Co. Ltd. JSSfA^uSlu 5, 


121 14.' 18 Gresham S(.EC2V7AU. 

Incoojc June JO — J3077 113. 
General June 'JO — ]H5 73. 


rget Gilt Fund 


u? Ga rtnuw e tnxestUMnt MngL Ltd. 

P.O BOX 32 Douglas. IoM. 002133911 

GartmorelntL Inc. 01.9 224] I 1LOO 

toaiiaes: 0296 SMI IntLGrtbRE* . 70J>j 1 300 - — 

39.IJ 382 Bwbro Pacific Fond MgmL Ltd. Tokyo Pacific Holdings N.V. 

638 -3.5 4.46 2110, Connaught Centro. Hong Kong Zntlmis Management Co. N.V- Cancan. 

M6H +33 621 Par East July! D» X3JM .. .1 — NAV per share June 30 SUS5B.4L 

213.5 6.73 Japan Fund jSU58.lt g«+0Jl| — 

fgl 4^,5 Ig Hambro* (Guernsey) UdJ Tokyo Pacific ffldgs. (Seaboard) N.1 

29/ -0.1 5.03 Hambro Fund Mgrs. (CLL) Ltd. lnllais Management Co. N.V, Curacao. 

3-S -g-3 P.D. Box 86.0b ernsey ««) 3KB1 NAV per nbare June 30 IUG432B 

33J +0.2 3-S SUS^Lt \ I/O T y tM,a11 Gn5n P 

J°LBqmcy as Z'.'Y 2M **■ «« Bamllton S. Bermuda. 24780 

isai liS InL Svgs. -A’ SUSBfSoz id 830 Overseas July 5 F»U5Uk 121ri I 6.5 


I TSB Unit Trust Managers (C.I.) Ltd. 

Bagatelle Rd,SL Saviour, Jersey. 0534734S4 

(M34S9II Jersey Fund— H6.D 484j J 4.98. 

“T ^0 Guernsey Fund _ .|iE 8 *8^.-4 * % 

| 3 nn Prices on July 5. Next sub. day July 1Z 


13.41 I 803 Target Growth. 

Charities Official Invest. Fd* General Jone» _]698 73^ — l M> 

77 London Wall. EON IDE 01-5881215 Mercury Fund Managers Ltd. DoReJnv. Calls 

Income June 9) ip?-4 — I 1 6.70 30. Gresham 3L EC2P2EB. 01-800 45S3 Tgc Pr JulyS 

Accum.June20—. ,|2S31 — I— Merc. Gen. July 5— P829 194.6). | 468 TgLlne 

OUiwuth. Only available to Reg. Chanties, acc. UiAJuivi pL5 2527] [ ua TgL PreL 

Ckarterboose Japbetv Mert-.lntJulj 5 — [64.9 6J.M _.. 256 Trl Special Sits. 

L Paternoster Row. EC-L 01-2483860 Mera^UurwusiZBa.l 223’S "!”J 4J6 Target Tst- Mgrs. (Scotland) (agh) Henderson Baring Fi 

CJ. Intenvatl— _ 123 0 24 6] ] 1.98 Acem Uts Jure®- (2555 266.1J 1 456 10, Aibol CreacenL Edin. 3. O3I-22086C1/2 P.O. Box N4723, Nassau. Ba 

Accum. Units £72 ZX« ZZI 196 Midland Bank Group Target Am»rEaillel26.7 28.701-051 136 Japan Fd. I5USU6 

* T 34i| -—I 7.71 JinlL TrnsI Manauen Ltd.W (a I Target •nilsUe--_.n|8h m5| .5.99 Prices on July 6. Neal tie 

Extra Income Fd._.|S8.1 


sailer Insurance Co. Ltd. 

•iit.v |l(ni«i».Tivwrrn .ECU tilJGPWSl ‘ - -Z * . 1J 

1T..P luiv 4 170 4 0041 . ..| - NEL Pensions Ltd. 

. . .IMIJ|,.J million Court Dorking. Surrey. 

,ic Mar Insur/Midland Ass. Ncl| , x ^ t . ap pa 1 

,rr.|.liwrtli'M.W2 01.588121- Nclcv Fq Ac-vuov -1108 5 1 

Mi.) Uniu. ]50 6 5251+0.4] 6 24 Nelrx Money Cap. | 

ti 1 f & law L»fr Ass. Soc. Lrd.P %£!*■»' Gihuic cap (476 


, Oi.iii R- ml. IPpli Wyvuinlie D4W 33377 Nelrx ‘ 'J Bj | nc ; ' rc 



109 5 

115 2 

-o : 


106 4 

ilTD 



•07 2 

1121 

*Qi 



104 3 


• i i <1 

109 0 

114 71 

*01 


701 

•za 

108 5 

114 3 

61 8 

65 S 

655 

69 0 


HI 

48 6 

51 1 

17 & 

501 

43 & 

5! 1 


— Man. Fund Inc. 

— Man. Fond Acc 

— Prop. Fd. lac. 

— Prop. Fd. Acc. 

Propr Fd. Ine. , 

„„ Fixed lnt Fd. Inc 
5831 Dep.Fd.Acc. Inc 

— KeLFUn Ac. Pen 

— RetPlanCapJ»eit 

— BeLPIaaXLm. Arc 

— ReLPfanMan.C^p 

— GUtPeu. Ace. 

— ■ GlKPemCnp. 


105.4 — 

100.4 — 

76 6 —0.6 — 

63 3 -05 — 

130 7 — 

120.1 

1355 — 


Inlnl. Bond SUi 

si5 IKi 


_ NelMxd Kd W «l , »« I ■ 

_ Next Suh day Jul» 25 

FW Kir— Court Property tee under 
__ 8 m b> child Asset Management 


in'J [ CJ. Euro. Fin 

1MM '“'I Aecum. Units 

CJ. Fd. Inr. Tat 

Trana international life Ins. Co. Ltd. Aec, 2^^ n i l i= 
2Brwm Bldgs.. EC41NV. 01+4056487 y 

Tulip Invest Fd J139.3 146.7( 1 — Chieftain Tr 

Tulip Han gd._Fd„ {UO ? U6.7j I - llNewSLECSJ 


312 -0J L73 

335 +0.2 3 63 

1614 443 

30 7 ...... 850 

1484 U20 

20.7 4.11 


Tokyo Pacific Holdings N.V. 

Zntlmis Management Co. N.V- Gonna. 

NAV per share June 30 STiS50.il. 

Tokyo Pacific Hldgs. (Seaboard) N.V. 

lntlmis Management Co. N.V- Curacao. 

NAV per Mure June SO 6USU2B 


[bllpImmsLFd (139.3 146.7J | — Chieftain TTUSt M 

afciisrqz : 

*an.fVitrd.A«..|lMJ m3 

Evident Life Ancnrance Co. LhL9 Baric React. ‘Tit pi.. 


Man.PBn.n.Ace. > p245 ULO] j - 
Trident Life Assurance Co. Ltd.9 
Resriade House, Gloucester 049238 

MBaaged. nzifl 128 H — 

GtdMfid 1452 1537 — 

Property 144.4 1571 .... — 

Bpjity'Amerlcan— S2.6 .875 -02 — 

UXEquittFund- 103.1 1092 +04 — 

Hl*h Ytdd_^_ 136.1 — 

GULEdgM 119 8 126 9 ...,_ — 

Money—. 122.9 1293 — 

Interaatteul 995 105.4 -0J — 

Fiscal..- — 1741 131.4 — 

Growth Cap. 1210 129.0 — 

Growth Acc. ,125.7 1331 — 

1185 — 

123.5 - — — 

101.4 ...... - 

1129 — 

1197 — 

U47 — 

37.5 - 


— 4/S L,nit Trnsl Ltd.* (a) 

*3 3 4 0 Cntirtwoed H'>ii«*. Silver Street, Head. 

292 ZZ 326 Sheffield. SURD. Tel: 0742 

^ , 33.8] . 3.76 Coaxtnoditj - A'ien..[702 75?] “-t 

Price July 5 Next dealing* July 12. DmAccum. — M.9 ^17 1 -OJ 

Chieftain Trust Managers LbLWaKg) do. AcmlnZZZ — 4Z-i -0 3 

llNewSLECS3l4TP. 01088 X8S2 5 £ P aS£s=Z “j ^ 

American hjyatJ 242 -Oi! L« ' 5Y1 Hi 

Hl£h income-— _p9J_ _ S3 96* Z 582 62.1 ^.1 


“ 41^1 h 

0231 -0 J| 101 


InL Svg*. "A' SUSHI'S! 02 l(d 850 Overteas JulyS rjl'SUi 

InL Svg*. *B’ JUSisL'SlM lig I 230 t Accum. Units) . pVS! S2 

Prices on July 5. Next dealing July 12- It Way InL June 22 . If WHS 
Henderson Baring Fund Mgrs! Ltd. gNe wS L.SLH«Uer.Jeiyy 
P.O. Box N4723. Nassau. Bahamas 


TeL 074270842 Trades Union Unit Tst. ManagersV 


os-ai-iMi 1021 Hiu^amnd & Co. (Gnernsevl Ltd. Jersey Fd Jui y s_.ji9i2 
, Managers? 8 LeFebvre St, Peter Port Guernsey. Ci Gm’t^^djilyt'" M6.2 
01-08 Nil GuernrayTxL ^1442 1543, ... I 3.68 ffiJSsiSfc S« 

5L3J .._..| 536 Hill Samuel Overseas Fund vietoryHouae.nougiaa.ic 

Secs. Co.? 37. Run Notre- Dame. Luxembourg Managed June 3L_| 129 4 

asford 024551661 , . . J 10 ®** _ lu *l-0IC| — 1JM x_,-i M nnnnt 


Do. Aeeum. P 

Income — — F 

Do. Accum. — P 


IntoraiOenaITrt_ktl2«8 2*1\ +8 1 313 f+jj+rn-m^naT ~~~ 

Ltd.? Baric Raaree. ltapi.4 28.4| +di] 4.40 -ZZK5 153-01 Z£ Buckm. . 

045238541 Confederation Funds TOgt. Ltd.? (» g^JSS”— pi “I -02 ,AccDBL Umt *' 

“ SOChancery Lfdw.WCTAlHE Q 1-242 0282 Eoitlfy Ekcmpi* — 100-J 1063 5.96 

~ ’ Growth Fund 140.9 42.91 J 4.42 Do. Accum.* lHM.9 1063 S-96 JbuabW.Jolvj 

” — wrowwi-uBo *0 mu* *pricex at June 30. Next derilag July 3L fAccum.UniUl 

+5t Z Cosmopolitan Fnnd Managers. Minster Fund Managers Ltd. SSSiSSJuSi 

— 3a PontStreet, London SW1XSEJ. 01. 2 085 25 . MlnsterHse.. Arthur Marlboro July* 

— Cotmopoln.GUv.Fd. 1172 183,-03, 4.96 01-03 1050. 

ri)3 Z Crescent u«Ut Tst. Mgrs. Ltd. (aKS) SSSJJ&’mZKa ^ rj to v ^ J 4 

Z ^ hy l B 1 MLa. Unit Trust Mgenmt. Ltd. vISK-diJiffs 

— — §2.‘totora*?L h ~SI iw Old (Junen street. SWIM MG. 01-8307333. (Acram. UnluJ 

E z cS^r^Zlli pz| *S S«iiS U uiuTSrt 5®^ 

. — — Cras Tckyo P4.9 25.71 +oij U3 I5.CopUiall Ave.ZCZRTBU. 01-8004803 Do. Aecunx |7JJ 77. 

“3=83 TyAdai1 w 

— JE, Momfleld SL, EC2K .AL 01 -8384483 Ulrtu A] BlueO-ip -gif 4S3 -0.1^ 6.99 18. Canynge Road. Bristol 

~ Dux Income 1U0J) 1703,-031 335 Motu«lHigbY]d...|573 6LS] .....J 8.90 inromeJulyS |93-2 UOJ 

Rr.m«te»M».F.w. _ ass-^lz: Si ^ 

Old Jewry. EC2 01-0062187 W.SLA^rawSqua^EdiBhmyh 081-8888151 (A Suiil Units) — 170.6 179; 

0SS232241 Great wincheator^QtB 19i] — m, 63* S™* — RE* 555^- — ExemptJuly5 167.8 U3J 

j - aa=, ds m fiadaasassfcgi g?i 

._.. — Emm * Dudley Tst Mngmnt Ltd. iAeeum.Unltai-.-l ^W.6 lBJ] .„...] 3.71 , Accum Unlfal 2658 279J 

-- Z 20. Arlington sl. &w.L 014887551 National Provldectitav. Mngts. Ltd.? *9* ia! 

:::::: — 6maonDudle,T«..Hfc3 113I-.4 ^ 0I ^l^SSkCbnjSy5ZlM8 Mi 

ZZ Z E?0itas Secs. Ltd. (a) (g) (A«um. Uuijui* ""^4 "Zl a.js ~ if!! w& 

~ z s»wro^n.„ ^.---fsssgjr-la adiSfflwre 

’ _ *831-831 416 — pile®* on Jun* ™. Hnxl deaiio* July 27. Capital Growth 


23 Jl W0. Wood Street ECi 01-6288011 

iS -03 |_g TUUTJonel ,486 5U, __.J 536 

411 -qj 3Z3 Transatlantic and Gen. Secs. Co.? 

01-89 New London Rd. CbeImrionl<l245S16Sl 

546 +0 1 659 Barbican July fi. tTl-7 76.2*3 5.75 

62.1 +0.1 639 IA«m.IWIal--_ 


Ovenrai July 5 GUKLU LTlri . — 6.00 

(Accum. Unite) BLSI5Z J93 J ~ 

3- Wav InL June 22. Ir>Z615 275] J _ 

2 New SL.SL Heller. Jersey 0534 37331/S 

TCFSL. JuJ> 6 H77S 835f 6.«r 

„ __ , (Accum. Shares) U2 00 12.90] — 

J ,, •— -J Amertcan JulyC — ELD B7.D, 2. DO 

doallng dole July 12. (Accum iharet) BIO 87 DJ ™ — . 

JenwyFd July S_ 1913 ?02g 730 

INonJ Acc. L'l*.l 270.5 2R7.M ^ 

Gill Fund July 5 106.2 1082] 1139 

i Accum. Shares' 1373 1393] — 

Victory Ho uae. DoucUb. Ide af Man. 0824 24111.- 
Hauagod June 23L_ |1294 1364, _ 


4 40 Do Accum F 

(at High Yield fi 


99tt BarbXxptJnneS 
7 ra Buckm. July 6 
5 86 (Accum. Unit*) 


EUROPEAN OPTIONS EXCHANGE 


P27.50 
fid - 
FSl'.aO : 
?M 
J50 
SCO 
M2.50 
V3S 
F»7 M 

visa- 

K1A0 

F170 

F1RC 

KH00 

(SJO 

F109 P0 

P27 M 
S40 
Pl+D • 
riM 
F140 : 

fill) 1 

P120 

F130 



7. SO 

6.10 

87 

) B 





25 

. 2.60 , 




10 

! 2.90 : 



_ 

23 

. 1.50 1 


1 

St* 

— 

i - ! 

>1.70 

7 

15.20 

— 

j - i 


16 

4.60 

— 



8 

1.50 

SC 

j 2.70 




1 

; ; 


10 

6.60 

1 

! 6 

*n. 

13 \ 0.90 

So*. I 

is 

j 2.60 ; 
?(*. i 


= ! 

1 

[ 180 ' 


5.00 I’ZP.SO 
5.60 
2 

_ 352 

— S56X 

4.50 FS5-30 
5”0 


F99-60 

FZ6.40 


•Piss-M 


Fwrt-» — iral 131.6 

Growth Cap. 121a 129.0 

Growth Acc. ,125.7 1331 

Pens.Mngd.capb— 111.9 3J«3 

Pent. Mnad. Arc... 1163 123.5 

Pam.GtdDep.Cap.. 1823 101.4 — ! 

PenoGtd Den. Acc.. 106 6 U29 

Pmi.PF4y.C5p. 1130 U97 

Pea* ply. Act U7.7 1247 

TJJL-Bood J55 375 

'TrdL □ L Bond ...(966 — .| 

*Cuh value for £100 premium 

Tyndall Assnnnce/Pensions? 
IL CottyngD Road. Bristol. 057 

£W0*JulyB I 1233 , J 


• 59 (Accum. unit*! 

to 6 Cumbld.JoIvS 
- et (Accum. UaiU) 

Glen. July 4 

(Accum Unltti 
Marlboro July* 
(Accum. Unite).. 
an.Gwth. July 


n03 (Accum. unmi- 
Van-HyJuly*.—. 
VintT(*July5 


,i?5a tnT St Sydney. AusL U.tB. Food Krsmm BB38 „ I 

1 4 91 Javelin Equity TsL.[SA2.65 23h0 I — pram™ 1 


ji-E-T. Managers (Jersey) Ltd. 


United Stales Tst. ZntL Adr. Co. 


129m -0 ll 626 I PO Box IM, Royal TSL Hse.. Jereeyu53< 27*41 14. Rue Aldnnger. Luxembourg. - 


156.0 -DJ 626 Jersey Extra L TsL, [17A0 185.0, | — 

Z fS A* « 3one 30. Next sub. day July 3L 

564 489 JanUne Fleming dfc Co. Ltd. 

725 — «.§9 4«ih Floor, Coquau^rt Centre, Bout Kong 


U5L Drt. lov. Fnd. ,.| 5US10J6 l+Otnj 0.97 
Net asset July S 


53.4 

60.9 

51.7 

635 

74.1 

44.5 — 
46 2 ...... 

623 I 

73.1 . ..j 
67* -0 3 
772 -02 


2-76 Jardioe Erin-Tri — SHK25436 

3.7b JardlneJ-pn.Fd.-_j SHK33L15 

JtrdineSEA JUSUJK 

JardlaoFlemJnt — 3HE9.70 

J-67 JnU Pacific Seen. ,jjRl£LL« 

NAV June 15. ■EquivsJnnt . 
Nexl sub. June 30. 


S. G. Warburg & Co. Ltd, 
aO.CrashoiuSlirei.BCa 

Cnv.Bd JulyO SUS956 

IM En JC'- Ini. July# — 5 US 17 30 

GrELlFd June 30.. SUS7.08 

1 — MnrcEbdFdJoli-S- IUSUJ7 UM 


ItarcSbdFd July 5, 


Nexl sab: JunYso ^ Wartmrg InvesL MngL Jrsy. Ltd. 

— 1 IS x«Kl« Hogv, Jcney Ut. T™ 

*5 P0 Box 9a.SLHeUur. Jersey.. (E wlOI-GOSTOTOi CUTUd. Jun»23Z£l2.rr 1330 I Ij ’ — 

■03] 8 72 Fonseltx PrtMB UH 2.60 KeUIsTsL JUotl6.IOZ17 1147 — 

Bondselex fHD8M 1301 — TKTJuneB BvnaSJ — 

Keysejexlnn 16.79 7.6* ..... — TUT Lid. June 8 — £lfl.b8 1096 ' — 

027232341 Keyuelex Europe- £3B9 4.4JJ 3.74 _ . „ 

1 850 Japan Gth Fuod UKCD7 jjjd — World Wide Growth ManagemetKtd 

H Taa SZrjiKiSSi” “ 1». Boulevard Royal. LurembounL 

— A46 Ce»LAM«sC*i»„„ 03428 +a03 w n rfa_ia. raa mtaraxia a I-ii/uJ .. 


TYTJuneB KI.YU57 

TMT Lid. Junes — |£lH.b8 


World Wide Growth Management^ 
10a. Boulevard Royal. Luxembourg. 
Worldwide Gib FdJSU515M 6 MBS] — 


SSfitZ S* ZJZ CLWl«bar(m5^3 ^ 459 g| “. 

Bond July 6 U4 6 — Emm * Dodler Tst MngbuL Ltd. «**«■■ Vnltsl- -1149.6 1B^ .„...] 

SSaMW* - U77 ■- z 2®. Arlington st, &w.L «*■ 7651 National Pr?'2 d !2LS v - “"*»• 1 

3-Wwpe^ulvA" 14M :::::: - Emaon Dudley T«..|665 715, — \ 380 48. Gracrahurcb .suEOPSHB 01^2 

&JgS: W2 ZZ Z Editas Secs. Ltd. (a) (B (Accum. Unitef - 36. | J 

Do.tou1jyJuIyj 257.0 ...... - 41 BUhojwgate,EC2 M-SaSBSl S.S 

Dq T»rop. Ju^aZl 866 Z JltHLuat* ^4.9 485,-02] 416 .-prieeq on iu°« ™- ^wt dea»pi( JolyVl. 

Vanbrugh Life Amranro « *£**** 3“* ^ * W 

Be&Z K Sj % E ESSSSvSSiS “JEL-. SsaSp £ 3 

CM^nSzZZ^t i»!+«.3 z cSbiTit. — ZT.Sra rel Z‘J s« ySfraiSTFdzE'i 7^ ^0.1 

Vtabrngh Pension. UmUed SESSSiaCzB* -1 EL* .iSKl 


. — AM 

:z:J sm 


NOTES 


r-Haini ra.^, i>u 1 

EqohyFd 223 0 234.8 -85 — 

DjtnL Fund 999 105.2-0.4 — 

^sed Intent Fd..— 164 9 1736 -89 — 

PwputyPd 14L7 144 2 .... — 

CMhFawt — — -jllW mi] 48.ll — 

Vanbrugh Pension. Umiled 


« -43 Maddox SL.Ldu.WlR8LA 01-48941 

«4t»«4d« [965 1007, +QJ1| - 

&■>& 97 7 102.91 —0 1 - 

ftwlnlerast— _ 953 100* +0.« — 

Pri>pert»-^ -197.0 lOZj .....J - 

Guaranteed see Tni. Base Raiea' table. 

Wellaro Insurance Co. Ltd.? 


The Leaa. Folkestone: XenL 030337333 10. Fins! 

“WynmkerFd— ] 3024 , | +- GT.Cat 

For mix— hmdj, plrOse refer to Tbc London h Do. Acc 
Manchester Group. G.T. Inc. 

Windsor Life Assor. Co. Lid. c,TJ«p 

Royrt Albert Hie, Sheet 5L, Windsor 88144 

gasSSSterf’ »«”]=] = ««■ 
ss J- = ti- 

nag.l8t.GrowUt-.jUk4 288.9, _ZJ — ABayte 


cqouy * Law un. it. a.? laAOACjn) ■ -'ZZi Extra inc.Grtrato_p6A 39. 

m jtQO „ AmerehaaRd, High Wycombe. MWS3T7 ^AUOnal WesGMWferVfa) Do.Acntm. .--,[S6 43 

01-4804923 t cx a 6751— 0.11 453 181. CMiptMt. BOVjSBU. B 1-806 6080. Ffaanclal Priiy.— 15.1 16. 

^ T ^ ^ -** Capita) (Accum.) — S*-J 68.91-05] 454 Do.Acccm — -- ““ 

“5-5 — FnunlingtoB Unit MgL Ltd. (a) Extra t« Jg.* *ai -o.i . a ,04 High inc. Priority 

”25 “ ^ZZ.!Zv^ cy-in +nt mLamm FiBanclfll »«* -0.2 5 56 International 

-09 — M. Ireland Yard. EC4B 3DrL 01-2488071 Growth 1 st -R3-2 90 0x5-0.4 5J2 Special Sits. - 

. ... — Americeu [4&2 512] _.... U» Income 375 6.78 .. — . . 

4d.ll — Capital TsL Q17A 388 SSolloiSTM -Ki 78 to ^0.1 5S7 TSB Unit Ttu«s (y) 

l — Eg* “’M Jg L'ulierxel Fd idi...- pOi Hi) -0 25* 2i,Ctanuy Way.An*»er.HBirta. 

™ “SLSd 18 jjg-aBat— s 

;dz AZIZS'™ ^ S 3 SI sn il’HSrZlt I 

-■■■i — Friend* Prov. Utx - [41 0 43 M -0.il 4J9 FW New Coort MtBd MlQSCen Lid. TSB Scottish-,. 8LZ 06- 

a* tabi*. Do. Accum ..-.192 9 565] -85] . 09 see Rothschild Asset Management tbiDo.Aerum. J87.0 921 

t G-T. Unit Managers Lid.? Norwich Union Insurance Group <M Ulster Bank? (al 


iScS 0o not ipetudo S premium, except where Indicated *. and are la pence unless otberalM 

tS'Jj — Thk IwUcateo- tlelda 96 (shown In last column 1 allow for all buyln* expenses, a Ottered prices 
?t?3 — ' 9,65 indude al] expenses b To-daVj nnccs e Yield based on offer price, d Estimalcd. B Ti+day 1 * 
iri-a — g*.. opening price. 6' Dlotrlbuuoa free of U.K- taxes, p Poriodlr premium Itmirn nee plans a Single 
1 P'S! 1 * 1 ® iariiranee. x Ottered pnee Includes all expenses except acenta eomadulon. 

_ _ .... I oncrad price includes alt expense* il bought through manWtera. z Previous dn+’a price. 

85.71 ^..J 653 4 Nel of tax on realised capital aaipx unites tnrttcated by t * Guernsey gross g Suspended. 

■7.S ......I — 4 Yield before Jersey las t Ex-subdivision. 


HI -0.1 
35.9s -0.2 
H Ox -0.4 

37 J 

78 to -0.1 
64 J -04 


85.7 6A3 

875 — 

395 -IU 10.15 

83 8 — 

16.1 +8 2 558 

195 +05 — 
64J -0.1 8 08 

32.4 -05 2.94 

335 *02 527 


46.1 -02 
59.0 -02 
60.7 ...... 

635 .... 

■64 —85 
925 -03 


G-T. Unit Managers lid.? 


0383 37333] 10. FlnriraryClreu* EC2J4 7DD 


G.T. Inc. FA 
G.T. UJ tc Gen 
G.T. Japan A Gea .. 

g lL PnsExJ'd 1138.7 

T.Jutl Ftaid 
G.T. Foot 

& & A. Trust M) <g) 
& BayMgb Bd. Bnntwood 
G.6A ]3U 


0Z333S281 
Mi] 1 5.47 


» OI«Sra PO.BoT4.Ner*ich.XRiaNG. 080322200 WwiBRStiM, Belfxst. 0ZB3S281 

-Lffl 3.60 GrnqpTg. Fd— - _ 1”47 H25]-[I5| 539 rb>Ul«er Growth ._p5.9 384] 5.47 

S l* ?JS , ^nlt Trust Account ft Mgmt. Ltd. 

■43 3^0 ^ScrarthFS^SU ^ 2191 ““B*" St EC4R BAR 01-8234831 

UL4 0.90 ” ” rg "~ Bt S-3 J 5s Triers H«e. FuiuL_|148.0 156.0ri 4 B1 

1372} 420 S3 f2 WietorGrtb.FSd._692 30.7^ “1 459 

5-S ffflS&TEZlBH Ss Do. Accum. &35 3S-d| — J 459 

3*a( — m —1 s 23 Wleler Growth Fund 

Pehcaa Ln»» Ltd. (ggx) Eng wimaa sl ec*rbak 01-8234051 

(0271)22(300 81 Fountain Si. 08I-238S885 Income Unite Ml 30.71 J 459 

3UI j U0 PaUeaa Utlte ; |KJ - M3] +8J] gji Ac aim. Unit* [BJ 335] -ZJ 459 


insurance ease rates 

t . Property Growth 101% 

t Vanbrugh Guaranteed 9-50% 

t Address shown und---r insurance and prmrry Rnnd Tab!* 

CORAL INDEX: Close 451-458 

OLIVE INVESTMENTS LIMITED 
1 Royal Exchange Aye.. London EC3V 3LU - Tel: 01-283 1101 
Index Guide as at 4tb Jnly. 1978 (Rase 100 at 14.1.77) 

Clive Fixed Interest Capital 12S.05 

Clive Fixed Interest income 114.14 


t* W'+J 




Financial Times Saturday July 8 1978 
FOOD, GROCERIES— Cont. 


FT SHARE INFORMATION SERVICE 


IBS \ 

Hish Low ! 


Managers of 
Commercial Property 


Knight Finank&Rutley 


BONDS & RAILS— Cont. 


H78 

Ltor 


BRITISH FUNDS 


88 82% {Ireland TW'Bl-SS 

91 79 Do^ipCSI EI6 

373 265 Japan-4pc 'IOAa_ 

87 68% Do6pcKW8_ 

wo FeniAHJpc 

T 7ffl 75p StLLSjpclSflL_. 

W 594% rurin fee 1391 

DM91 DMSl Turin®®? M8i 
97 94 Uruguay* sk 


BANES & HP— Continued 

S j I . |+ «ri Dh- I <YTd[ 

\**\ Stock | Price ! - j >i frVrfGisI • 


83%rf +% 
3H- +% 
365td 

Md 

140 

75p*d 


6 2L05 4. 

3 216 2 

6% 8 67 

i 952 4 

6% 10.70 
3% 380 J 


1978 ' 

High j Stock Frier 

,735 172 XaLSft \n-ISAI. 230 

81 66 Nat Own flip H 

1 298 250 ’«t Rot £1 255 

445 ISO Schrtdersil™. 400 
255 190 SKwrabeMCIl. 215 
92 70 Smith St 4nb _ 76s 


CHEMICALS, PLASTICS— Cont 

1978 | I 1+ ori Dhr 1 |VH| 

Ifitf Low | Suck j Price I - I Net fCvrf Gr’af P/f 


toy., t> i 341 6 J396 328 |IapCl«.i! — 

♦1 t2.63 a6i 3*4 56 J 49 | ;i%! In 3*-K i : — 

+3 LLCT 4 2j 6.3 53; 77 i s2 Lai. Flair.l . _ 


1155 - Mi -|M7 B 


U-S- S & DM prices exclude inv. $ premium 


1978 

High Low 


Mil* 


“Shorts” (lives np to Five Tears -if? | 

99% 9e%J&ch.5ps^-78rt 99* 505 9.« “* “■ I 

105% 10H Treasure: m*.’ TBS-. 101.1 U* 7 J 71 ! J 3% ASA 

97 945 rrcasaryjtKTW;.. „ 95^ +% 314 6.87 60% 60% AMF5%Com-. , 8T^ 

9F S 95»; B«rtnc4iipc7«9 .. 95% +% 4.43 7 84 31 22 AmaxSI 

1047, 94% Treasure HfepcTS*-- 100 +.C 10 50 1041 12 21% An*fiKtnEaprew. 

96% 94% a«tn<:J%pc7R7.i._- 95% +<; 3.65 672 33% n \jner.ltedic.M.. 

103% 96,1 Treasure fee ISBOa 96ft + £ 928 U.04 15% 969p Asareolnc 

102Ji 97% TrcaiurrsCpc „ 9% -*-;i 9.74 U ?? »i 18% Safer Intnl.Cwp.Sl . 

95=3 92% TiwbuaBscTT®... 93% 3.74 a.16 19% 11% Barnes GnkWL. 

96% 93% Fundto^pcT&ac. 93% a-% 559 8 76 32% 22 BendJXCwp. E._ 

110% 103i Exchequer 73pc 10TO 303%+% 12 55 31.17 »% 13 Beth.Steri&.._ 

106% 494j TreasuiylUipclSRlS. lOOAd +% U4J 11 22 11% 625p BnmjTcFer.cieb. 

41% B3% Treasun-3%pc ISiML 89%+% 3.92 8 10 13% B57p Brunswick cinTm.l 

101% 95% Treasury Kpc lSTO.. %? +% 10 12 1139 65 4lf BurtOUSta Curp. 55 

97’ 91% Ewh&ijpclMl 93 +A 8.57 11.11 48 30% CBSfiA 1_. 


AMERICANS 


99% 9e% lEicii5p0^-T8n 

105% 101 Treason- 1 iljpr 79K _ 
97 94% Treason tarTO- - 

97% 95% B«1nc«£r 74-79 .. 
104V, 94% Treasure tVSsKiait.. 
96=; 94% E3winc3i2pCTR7.l._- 

103% 96 A Treasure 9pc lv*604i 

102 5J 97% Treasury £B;pc '8W+ „ 
95% 92% Treasure SjpcTTBO... 
96% 93% Fund:D£5%peT8#K- 
110% 103i Exchequer I3po I0TO 


::::. 

SU 

100 U 

95% +t? 

96# + ,£ 

9# + ;4 

93% +-j 

+h 


f+ ari THv, 
| — | Ctb« 


aSLkellsfeKOB-j £21% I— <7 SIM — 3 7j — 153 

60 |Wintnisl20p — j 6Q |3.03 | - | 7.01 - 15 

Hire Purchase, etc. 205 


Gross [CiT| 
Kir | - 




4.43 7 84 31 

<1Q 50 1041 12 
3.65 6.72 33% 

928 1104 15% 


915- B3% Treasun-3%pc !97ML 89%+% 

101% 95% TreasunrKpc 1S8L^_ 96,? +% 

97,1 91% Evch &%pc 1S81 93 +,} 

100% 94% EicliSUjpc 1931 95%«d +,' 

87 l -l 85% EMh.3pclSai 86% 

97,', 953, Treai. Variable 81 jf_ 95% 

Ill 102%Didi.l2%pcl9!11g 102 ‘,5 +% 

99% 91% Tre3*B%fK--8MCi:-_ 92%d +% 

86% 62% Treasure 3pc TO 83% +>, 

lir e 106% Treajiui'HpcTO 106% 

Wr 94J, TYeas.tanableTCK.. 94%.... 

96% 89% TreasuirSUpc It 90.1 +% 

10ft 91% Esclftpc m — . 91*} +A 

■M% 91 % Esch. V.pr ISC A 91 iS + S 

96 ■; 89% Evfl *pc 1933 90% +% 

35*4 79S Earinp.-75a 79%+% 

11+4 lQ0i;!Tte3MitT I2p: ISfRit . 101 *, +% 

Five to Fifteen Years 

ICOij 89% [Trtaii'r.OtorTO 90%rt +% 

45 43 Each. lop. - £W£45 prl 43%.... 
895; BDJj Fur.rtin: ftlilti. 81>«jd +% 

96% 86% Treason 5-:pc 'HMfii . 87iirf +% 

87% 77% FuivL-nsf.iwr 8687“. 79 +% 

89*3 79% tar'tV'Jiffli;. 80 %hI +% 


8.87 11.11 48 


41 ^ iBioruyghs Cure. 
30% fcKSl» 


95%wl[+Z 9.97 U3J «6 aC fCJ>r.P,„ 


J.« ,8.13 4P, 32% Calerpiflari. 

10.21 | 10.84 27> 4 17% <W>nnnJl25. 

.163 22 13*b ChesebrouuhSl 

.1.26 11 765p ChmlerSf?4 

854 21% 13% Citicofp S4 

1.66 14 733p City Inv SIS. „ . 
146 25 14% Da.Cnt.Fri BSi. 


102#+% 12.39 11-63 22 
92%rd+% 9 23 11.26 11 
8$% +1, 361 854 211 

1C6% +,1 1312 13.66 14 
... 1031 1146 25 


90 A +% 915 11.37 1B% 12*4 k'olccte-P SL 

91*}|+4 10.08 1174 31% 29% CnUInds.Sl.. 


6 60% TraroT»Vt3pc 7888 

75% 64% Trei'iir.-jacF^W 


9l(l+JS 10 08 1177 26 1^7 Cont UlmoaSlO _ 

90S +% 972 11.64 25% 17 TonLCiiSS 

79% +% 377 8.41 28 20% CrewriZell.S.. .. 

101', +% 1LS5 1162 47% 20% ruUw-HMimer*S 

It Yean 32% 22 Eaton Crp.svs>:>__ 

“ * ear f „„ 26% 17% E-mark 

90%d +% 1020 1176 « 28 1 , Eworif 

43% .. .. 10.74 1175 22% 670p nrerJone Tire ;i 

81%jd +% 6 72 9 8< m? 4 12% Fir«J iTlucaso 

87i;d +% 971 10 88 32% 20% nuorCorp 5% _ 

79 +% 8j6 10« «% 26% FordMutwS: 

80Vri +5 9 60 1107 25% CATS 

%2 l j +js 4.81 ,872 44% 29% CenEI«USt3; — 
bo's 


1 J's rw-4 i one oo-'a -+ 'i /.n# 

115% 101% Treiiun LWp._ 103 %«3 +% 1W7 1243 48 
89% 77% Tiwuiy^aTSfitt — 79%+% 10.49 11=9 141 

106% 92V; Treasure )lW 1395 _. 95«4 +% 12J7 12.55 224 

75'; 63% FunJincS-’jpc'BTJI^- _ 65% +% 8-97 11.06 521 

sure 12W TO- 


2U J2H 341a 1 15% plilletreSl — 1 

2-57 1243 48 28 HnneyweU SI S0_. 


75'; 63% FuihiincSJjpc-BTJIJt. 65% +3* 
112T; 93% Treasure- I2%pc TO- 100%ni +% 
96% 35% fejasure iOpc 1992 — 88% +% 

1 13 | 98% Eith 12%pc^C 101% +% 

Over Fifteen Years 

110% 96% [Treasur- iSjpcTBB- 96%xd +% 

72% 60^4 Fumiinsep; iP933J ... 62% +% 

120% 1041, T re as are- 13%pc !983h{ 107% +% 

128 ^ 112% Treasure- Wj k 115% +% 

114ii w?% Ewh ll'jrc 1S£K 102% +% 

89"; 76% Treasure 79% +% 

106% 93 Treasure: lL*nc To 94-%i(i +% 

51% 45% Gas 3pc 90!o 44i 4 +% 

95 B2% E«b. tWspc IMS B4ijHl +1, 

314% Q 8% Treasure L2%po "ftktt 1C1% +% 

90V; 76% Treasure 9pc SC TO- 791- +% 

13 H j 114!; Treasure l5,pc ‘Sfitt... 118 +% 

117% 101*. EutwquerlSijpcTO 105 +% 
50 42% Rev1emrlMn3pc iWt-Sil 

II514 lOO^i Treasure U^pcTO ... 

H6 E- oneouer Kfepc IW7 


rTO— 79% +% lg.49 11 39 141, 750p Hutton EF 

«»«_. Via +% 1237 12.S5 224fg 171 LBM Corn 5S 

,|E H-gS 52% 34 to!*r*>U-fiS2 

JD* 735p InLS-steuts6i.Vm.5I 
c 1992— ~ 88% +% 11-84 LJ8 976p 7Q5p [. U. Internationalii 

SC--- — 101% +% 12162 12.69 18 Kaiser AI.Pj 


ilU 60 1 reaiur. s-jpc fo-TO 

13 i- 116% Tress I^iprTO . _. 
«6'4 43V; Ev h IV !««.- 
90': 77% Treasure 9- pc I99<^ . 

q,i. a-?:. irA.~- -wij 


43% +% 
,02i?d +% 
89% +% 

77% +% 
61% +% 
121% + v 

96% +% 
7BV K -% 

86 1 b +% 


Sa'j 83% T rear uii 10l;pc lift*— 86% +% 

4J% 34% Fundm.-.^jv PEM.M . 35%nJ +% 

B0 r l 671- Trcar ure 3r<. 68>; +% 

5 j'T -17 if Treasure ^ J>. 'JS-I3S. 48% +J< 

7c% 62'; Treasure 7%pe T2- !5tt 63'.;«o +% 

45 4JI; Lv fc.i2p. 13-17i£4.'w t 44^; +% 

Undated 


37% BDv - 
60% 5*o — 

27 -% SI. 75 
287 g -% Sl.M - 
22 -% 30.- - 

11% . . 40e - 

22%u -% 64, _ 

17 . . Wc - 
30%id -% S3 23 - 

Misd SI 00 - 

lOijsli 4Dc - 

li 70c - 

58% id -% 51.00 - 
42% . .. KL40 - 
38 ~,bI -% S2.50 - 

447o SI 80 - 

24%d 52.20 - 

19% -% 94c - 

370p +3 SI 00 _ 
lW:t6 ... SI 06 — 
12% -% 5100 - 

20'; -% S2 - 

16% -V; 3LQQ - 
29*-»a S3. 15 - 

22:-*-% 5132 - 
20 1* +% 5148 - 
25% +% SI 90 - 
461; 45148 _ 

2°v S225 - 

25d -% SI 84 _ 
35%. . . S7.20 - 

li%flj -% si in _ 

16%d -% SI 00 - 
29%d - 51.20 - 
37i; . .. S3J0 - 
Z2»,d -l; S2 50 - 
40l?wJ -t; S220 _ 

23% SI 50 - 

441; .. . SL90 - 
12% -V SO 68 — 
209 -1% 511 52 - 
42% -% 53 00 - 
21% .... 25c - 

921p -8 90c - 

24% -% 51.60 - 
27%d +% 52.08 — 
35% -% 52.20 — 
143 4 ~% 76c - 

16% -% hSl.06 - 

19xd 51.04 _ 

25% -h 15c _ 
28%aJ -1 51.00 - 

16 -% 38c - 

20% -% 90c - 

455p -25 - - 

. 25% -'-2 M1.M - 
16 — % 60c — 

33rt -1 SI 12 - 


- 26|m 

— — : 53 


Vi rvrll.TnlM 

4*60 2 6} 3 

0b4 14 7114. 

$4 05 16 4.7 4. 
1.23 29 78 6 

rt2.69 « 8.9 p 
■J.05 - 7.3 if 
2.50 * 8 4 4 

4.41 60 32 5 

284 « 4u A 


-1 dl tsT « 

-2 t9 39 2.2 
369 50 


... . t(17 26 1213 1 9 
.... 7141 - 7 - 

hdO 75 7.5 15 13 

>1 ^74 JS 65 8 
.... dl 84 5.1 18 7 
..154 » 97 « 

-A *J!50 4> 56 t 

+3 1U66 04 2J !H 

tl~w his 44 a 

-2 5 72 2.7 13 ib 

. . tl30 52 5.0 4 
*2 (16.02 3 3 47 8 
.. 3.38 27 78 7 

+1 1.35 2.4 7.1 ( 

1.54 3.5 6 7 6 

....3 52 69 >6 6 

tlJ14 1.7 11S 6 

4581 15102 8 

+1? 165 3.1 5.6 8 

. ... »3.l 21 8.1 8 

-2 h269 32 53 8 
ifl 2.^ 6.2 8 


"0% (C<-nrnl«4pc ... . 

24'j Warl*wu.a»nrt7 

“3 , 'JC’ '^-c n[ %'■ — . 

23% Trwsu" Cjx-fiO .... 


31%d +% 12 55 - 

30 +% 11.81 - 

34.% +! a 10 47 - 

24% +t 6 12.72 - 

20% +% 1229 _ 

20% +ij 12 70 - 


1 28 18 KAirerAI.Pj. 24% 51.60 — 

32 20 Man/ Han. U5S73) 27%d +% S208 — 

41% 26% MonoatrpiV^SEJ 35% -% S2.20 — 

17% 12 Norton Sinn Inr St. 14* 4 ~% 76c - 

18% 13% 0wens-UL5112> Wfe -% hS1.06 - 

21% 14% QuakerOaUliSSa. 19»d 51.04 _ 

27% 15% ReJiaoceSOin 25% -% 15c _ 

30% 16% Rep N.Y. Corp. 55 - 28%rf -1 51.00 - 

17% 11 H«iwrdS5 16 -% 38c — 

22’, 14% Rlrhdsa-MrrliJl% 20* a -% 90c - 

576p 255p SauliRF.'SL 455p -25 - - 

2J% lBiJ SheU'lUJI . 25% -% hSl.60 - 

19% 11% SinferiSlflv 16 -% 60c — 

36*4 22% .Spem-RandJOSO. 33rt -1 SI 12 - 

33V, IBS, Tfov1ncSl%_„ 29i z -% SI 80 - 

27% 18% Tenneco 24% .... S2.00 — 

161 131 r*i UJ^.Ld ^.kS195 150 -2 10”^- 

975p 505p TefWt)P.l : S8)]5j_ 820 p +14 - - 

22 16^ Te(acuS6iS 19 -U 52 CO - 

40 22% Time Inc. 32% -% 5130 - 

13% 865r. TrausamMicaSL— lid . 80c — 

38J, 21% i;«L Tech IIS _ 33%d -% S2.00 - 

24% 17% l'S Seel £1 21 +% 51 60 - 

17 ll'i Vt.wlwnrths S3-,.. . 15zd . ..SIM — 

M 28% XcncC-rp Si ... 42i-d $2 00 - 

q 75p 3S5n X'-nii”. Irv. 10c .... 67flp -55 7%v — 

W 10-g Zapata Curp. 23c. . 13*;«ii - % s30c — 

S.E. List Premium 5l% r > ihasnl on USS1.R7I5 per £> 
Coniensioo factor 0i»582 (D.65Sli 


CANADIANS 


19% ■.d-Lt2.>: 20% +% 12# 

19% jlrea-ure i%pc -I 20% |+ij |l2 70 

INTERNATIONAL BANK 

82% |5pc Slock ~-62 | 83% |+% | 5.98 

CORPORATION LOANS 


_ 16A 10 \ BLMor.trea] SL 

_ 'l(pp 10,1 F.V Nwa Scot _ . 

_ 425 30*4 Fell l anatfa Sii. 

_ 22% 12 KoeVallejn 

12% 825p Brasranfl 

'21,1 14 Canlmp Bk. SZ 

14i a 955p CaararificS . _ 

9 98 37% 30‘j Do 4oc tab. CIPO. 

21% 16% iSullOilCan.D 

63Dp 315p flaffherSd.Caoil- 

261; I6f KullinserSa 

11 u 16,1 H% HudiOnV Bay 

Ji-SS 32% 24% HwJB Oil <5.52.;... 


„ ^ 32% 24% Hod F Oil G. £!•;.- 

If-Sf 14J, lit, imperial OU 11 

15i« 945p Into 

795p 585p InLNaLUasSl 

gS3 HPj 610p Massey FergH 

3&2 23% 21% Pacific Pel SI 

TI M 74p 50p Place 'las SI 1 

2f 13 Rio Alcoa 

~m 24'* 14*. 1 Royal BJuCan EL- 
52 »U 134 SeamunCaCSl- 


LOANS 

Public Board and Ind. 


641; 5B; ,\_t:c ML 5 pc W3 
®0% 80% Alcan :«;pc 83^1 — 

33% 28% lletVVtr.opc-B 1 

1?9 107 ISMC.SpcISE 

95% AS Do withoul Warrants- 


Financial 


60% 8Z7 1339 

81 12.96 33.40 

Z&1 4 10.82 1231 

128 7J3 - 

HP; +% 1031 1330 


107% 101 FFinpclWl 101%rt 12.81 1238 

110 102 lh. HpeTO 104% 13.83 1310 

114V; 102% [*, Hw jo 104% 13.47 12.95 

85 79>; UTi:S;pcDeh.*WC. 81% 6.90 1130 

mu In., ~ Ir*. 'Dl at t£i o*rt TI 7K 


81% 73% [n> S^-rif. 'HI4H 

9? 84% IV. lufpa ,^La»;. 

°9% 90% Ik>. ilw L : ii,Iji. 8S. . 
lOli; Iki tj'4pcl'ns.Uv 
71% 62% Ik-7i,prAIieh 89-StL.. 
71% 62 r»o 7%pe X [ib 31-W - 

84% 73% iMftwA" 8I-S4 

81% 70% DnaNpcLn-TOT 


113.47 12.95 
6.90 11 30 


8 27 3175 
121® 13" 
1272 13™ 
13.41 13“ 
1160 13. 
11.86 
1247 


I 70% iLwHNpcLaTOT 1 72 | )13.00 | 13.60 

(100 

FOREIGN BONDS & RAILS 


Hicb Low 


+ or Ihr n M. 
— (mss Yield 


17 tnlofamsaRly 

33 Lm 5pr FTef 

98 Chilean Mixed 

550 ijcrmin Ync 4%pc 
46 ■■rcc*. 7|ic Ayi 
4d tS'npi lull tn — 
40 Ik>4]K M:\ed ."iaS... 
42 Hun:24.\ss. .. 

6% Ireland i>.pc -{04% 


FINANCIAL TIMES 

6R.1CKEN HOUSE, 10. CANNO.V STREET. LONDON EC4P 4BV 
Tflex: Editorial 88KH1/2. 883897. Adverilsnornis: 885033. Telegrams: Finantimo. London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Birming ham , 

Liverpool and Manchester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

AiRtiordam PO &'■< L2M. .IrruteMamC, 
Tclux iai71 Tel. o5.i 
Bmninrham H"uw. *'c«tn;c Road. 

Telex TJWi'in Tel- (KI-VS4 DEC: 

Bonn: rn.-(s6.ius 1 1 104 HcuswUee 2-10. 

Telex UhliKMU Tel 210U33 
Brussel'. :lfi Rue Lhjcali- 
Telex ^tao Tel SlS-OKf? 

Cain. P»» Bi-x 204a 
Tel: 838M0 

I>u I ill 11 R KUrevilluim Square. 

Telc.\ S414 Tel. 78532! 

EHinbnrdr 37 Ihmt-'v Street 
Telex: 71:484 Tel U3I ihi 41=0 
FrtmkJ'irt Im S.K'Vv.enlAser va. 

Telex- 4I«Kt Tel. .VUTJU 
JohantHfphurt*. P.O. Bes 2128 
Tote-: «4<U57 Tel: 8RH-7j4.'< 

L^hnu (Tara da Alecna 58-ID, Lisbon 2, 
Telex Tel- MZ 5«W 

Midrlit- EscronecUn 32. Madrid 3. 

Tel- 441 triT-J 


ADVERTISEMENT OFFICES 

Birminchanv r,eor;c Home, lieorue Road. 

Telex 33BB5rt Tel- ICMM 0B22 
Eriiu6ur-;h: ~ iTcoree Street. 

Telex 7-J4S4 Tel: 031-228 4139 
Fmufcfurt lin Saeli.-enlacer 13. 

Telex IRK3 Tel. SfiftK; 

LmK: Perawm-rn House. The Head row, 
T*-|. ova 4Tr]pf.n 


SUBSCRIPTIONS 

obtainable frore pc 




SIonrhcHier Queen's House. Queen Street 
Tcle.x 886813 Tel: 061^34 Sail 
MpsOjw Sadovo-SamotechnayB 12-24. Apt 33. 

Telex 7000 Tel: 294 3746 
New Voric 75 Rockefeller Plata. N.Y. IOO IS. 

Telex 8633.1 Tel: <2UJ) 5+1 4625 
Paris .% Rue du Sentier. Tnu02. 

Telex 220044 Tel: 238 37.43 
Him (Ic Janeiro: Avenlda Pres. Var;a* 418-10. 

Tel: 253 4848 

R"me: Via della Alercede 55. 

Telex 81(132 Tel: 878 3314 

Si"i xholiru i- o Svenxk.1 D.i^fladet, Roalarabsvageu 7. 

TeK-x ITfflB TeL- 50 SO 88 
Tehran: PO Box 1M67S. 

Telex 2UM34 Tel: 682B98 
Tolj-o: 8th Hoor. Nihon Kels»i .Shimbun 
Buddinc. I'ft-S Otemachi Chooda-bu. 

Telex J ZJIW Tel: 241 2320 
Wash in cron: 2nd Flour. 1325 EL Street. 

N.W. Washington DC. 20004 
Telex 44022S Tel: (202 ■ 347 8878 


Mnnchesler Queen's House. Queen Street. 

Telex 668813 Tel: 061-834 SMI 
New York: 75 Rockefeller Plara N.Y. IUQIB 
Telex 423025 Tel: >212. 489 KIQU 
Pans: 36 Hue du Sentier. 7S0U2. 

Telex 221*144 Tel: 236S64V 
Tok>o. Kuaahara Builriina 1-6-10 I'chikanda, 
Chi>oda-ku. Telex J 27104 Tel 2PS 4uSi 


Hhrt.bM.lIU wr,r!rtwiHe "r nn rc;ulur subKnpUon trem 


bubicnpu-Jn Department. Financial Times. Lundon 





























































































































197S 

Blffc Lnr 


Thnes Saturday July 8 1878 . 

INDUSTRIALS— Continued 


5S 


ff 

* 

41 

U5 

3R 

67 

•71 

149 

JW 

•99 

173 

31% 

235 

119 

117 

•47I- 

£i H»5 
3o: 
387 
25 


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2*1 
3 

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■ 42 
31. 

11 B 

34 

£ia > 4 

.98 

43 

. *73 

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119 
49 ‘ 
56 
70 
170 
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80 
ibG 
24% 

4«:i; 

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38* 

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■ 92 
178 

70 

••• 22 

103 

• 70 

14S 
■• 15 

63 
100 

79 
228 

24 
49 

US 

54 

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L *6 

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15% 
320 

104 

64 

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£132 

8 t 

55 
36 
14 

71 

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52 
M 
£94 
90 
10 ° 
20 i; 
92 


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1133 
102 
235 
57 
93 
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24 
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68 

163 

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18 
88 
60 

105 

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73 
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296 

17 

33 
134 

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£56% 
220 
20 
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1*3 

1140 


flock 

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flay (Nmawi jjy 
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ft*w-C5tyafc>_ 

tonatt'hfcZlaJ 

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pohnsoaOurs.^ 
ii.ibnmn lflhv £j 
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lMcClPeryL'A_ 

1 “ ‘“TSWliW. 

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+ «ft 


Price I J 


InA. 

sS $ ± S3 


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25 

26 

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27 

46 

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190 &alnTljnr>- 

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75 Sanders Grp 

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£43 SchiumlwiwrSI 

65 Sniiiw 

55 SeotHenuUe. 
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76 m 56 SecuncOT'tR 
U' ; 57 Pa-A'N-v- 
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67 L*. ‘.VN-V 

;y o9 SnareaO'areajp 

°4 i5> weho Gnnwm 

74 Silenhnrhf lip- 
45 4l) '•ilbi«»ClIrYSp_: 

21 17 Sih'nhonw’.Op. 

01 70 MWpStMHSj'A - 

■ m .\b Skeichk;- J 

7i 571- SnulKuXci*!i Kip 
-h L'9‘ '■iraih'.-lwfc Wp. 
4S F.ilieLTO-rup— 

78 Sjows*:— .... 

!]44 SuhtfhyPfl 

j °S rosmM'fJ W tjip. 

|204 Spear, JW , 

ll.a -Staffs. P>0-‘--— 
_ "J I L*‘70 Uo^.t-T.-JJL 

?] 7 SLjjnlnl 

14 93 JStasPumluTC.- 

(le.5 st«tlev 

73 Melon HKSl| 

. :■* StrriiK !mi 
fin | 57 SlocUaU-.. — 
SnnehiH Hides ■ 
samncnF.iltH. 
SpilirHSien Wp. 

! -'5 ■ **•»!:- 

1 '-‘aif ■daKbSS 1 

t<i K«v,Tf.'ilicflOc 
1 93 iMiMcr — . 

| 1-1 halhi-ro — - 
i *:i-. rr. :.\V to — 

: of. na-rtrjiy.-nct - 
T*i. Titi.e* >o Ip. 

; n, i'd Hilt* :m'._ 
IliI'in.T Sto — 

] i7" { T*JAc.':U 

lira-:. L'n 11551 - 
I ■— 

jTpiai'%>. , '. ,, ip 5p 
Lieitiw JT*:rbrA *r«.il- 
Tiir>v*r 1 "«■ «S* 


:8 


OS 


£51« 

6.1 

:66 


jr.v»w» . — 

r''..,v~. ir-'n.-*'' - 

(l il'P [ 

I ’ruin 'I 


49 

14*' 


57 / 

If 

V 

;n 


i’s 

ih 

l -»6 . . . 

.jLJOi'llViNVn:?- 
I *'3 Il 'iJ Cujxf 
jl n'iCiMe' it*’'!- 
jl iiii.ir.i: !ec 

)l astirrtEe- 
Y3>.r . 

- 

Viv.:.c,:i*Z"P- 

'» R;l'V'tt !l»?- 
! 22 (U;.i5»i“ , >l* !'V 
I’A-.a-.'-JInr :*p- 
[Ujieni’rdSp — 
!"j W.-t-'Mii'. - - 

48 lUr-jjnRa Vfi- 
;i;e {an.dt-A.rt. 1 . .. > 
I s7 Utr-.in. tporr! lllp 




M 




6 B 

Ml « 
zjlioa 
2 W 1 DA 


“1 


-1 


+ 1 ? 


.Mil 


5 35(15.8 
5.7 75 


h3.02 

Q 6 c 


«24 
F650 
1.62 
066 

42? !j.d 


J 50 85 
135 21 
225 
, 4.5 52 
■6.0 6.4 

6.0 51 

5.0 45 

I QZ5%|29L9f ilil “ 


-1 


+2 


B 




+i 


-3 


in | 


^ i 72 


11 


-» 


1-2 


-2 


\-h 


M 


+1 


1-1 


-1 

-1 


(+2 


.4 (lii, jtt i-2 r'kCnf 
■A- ■ ! ?«'. hv>9 V. H h si. 


I 1 3 
j 5 

57 jl 1 * 
114 <1.87 


iLlt'DJtKAlIiisI 

'v.r.m Chllvli H..| 
W'.-i(een<!t5ife>— j 
'Ah - !*-i<* fifb" -I 
- -| 

Wi!<uv.91ilrf;e!l ■ 
(WiK‘nM 1 chCI.| 

rm, ncf:»’n».- 

M*! iiasa.! - 

• - 

Wa'len IH* 
, f b J .- Jlsirii livh '■ ip , 

1 >4 ra.KmUuniiil, 

• :*» ’HjmdiJr'fc.’S 
; <* (Vroui.AriE'JliT 1 
! 8 ? iWnMliali.. 

( 441* '-!• - 


nl 


_2 


16.75 

013AW 

1624 

ffi 5 

155 

7.26 
258 
125 
125 
135 
135 
d2.40 

ts -21 

84 01 

3.27 
rtl2 
351 
15.41 
d2.43 
17 25 
386 
212 
h8.25 
215 
L87 

. f-' 55 
091°.; 
+3.24 
4.8 
651 
Q54c 
127 
257 
db.O 
078 
1 .W 
92 « 

mtr* 

4C 


HL26 

t5J6 

OSLK 

3.19 

tlT.5 

072 

88 

548, 

<1275 

12 M 

1ST 

♦3.63 

0.18 

rt0.43 

2.14 

095 

tl.M 

i5J 

hl.JO 

80.9 

Ql/5 

|M215| 

h^35| 

:cn59 

4535 

d4 4 
13.40 


L^10.4 (6.5) 
•* 32 61 


3.8 


7 0(104 
6.7111.9 


f3K ~ 


4<d 5Jj 


1 *H 


5.7 


24 


21110.61 


INSURANCE 


m , 

EOgb Lorn | 


BGwrinifiC.T.i. 
Srenloail 3d. lOp j 

En tannic ip 

f.'onbiaedAniSL 

Cocsi Union 

EaffJoStar 

BUtGdbTKp 
EittMUKKCnr.J 
EqailjriLaw5p. 
Gen Accident— 
GuanUufloya!. 
iiambro Life.... 
BMth(UEI20p. 

*178(147 aoftdmfAJlOp. 
[«al4Gen.V- 
Ltt.&CdnLlOp 
te,4HaiL5B 
Ltota Dotted^ 
MSHwWr. 20 p. 
ISaetadC&aGp., 
Uaiu(CbntJ2^>- 
PeariSp — ZL 

Pteeim— 

ftOrtderf-A*-. 

■ DaTB" 

?K&nt3d5p 

■ >5p: 



SmtAlineeSL. 

Sun Life 5p 

Mik@lir.EIHl 
r»de!nd«im»y 
„QJ 5 , TravelenEiO— 
1247 raflis faber 


Price 

98 

32 

156 

£15 

140 

133 

■23 

£116 


|+ «ri Mr 
I - I Net 


rw 

riT Gr s P/E 


146 

196 

206 

305 

257 

180 

161 

LI 

130 

158 

160 

155 

58 


128 

128 

141 

134 


$ 

936 

375 

£ 2 ai» 

252 



2.99 

53 



1.28 

3< 


+2 

V.lft 


89 


t'ftLa 


>P 


7.6? 


8.3 


6.i5 

— 

70 

+1 



HP 


6.69 




8 .ia 





ill 17 



76 

+5 

280 


W 

+5 

4 83 

5] 

?.fi 

*2 

Tb A 

31 

4.7 

+2 

t /0 

2 .? 

66 

+1 

577 

- 

5.9 

+1 

♦(14 47 

2.3 

5.7 

+2 

tbdff 

- 

76 


hi.77 

M 

3.7 

+2 

9.19 

2 .] 

8.7 

333 

43 

77 


5.62 

25 

95 


12J9 


8.7 


1035 


61 


8.17 



9,7 


B.17 



9,7 

+2 

669 



71 


hi 


92 

+3 

W 

V? 

li 

+2 

4.05 

2.5 

61 

-4 

2019 


6 Q 


13.47 


57 

-2 

+5 

Iff 


0.5 

73 

+% 

U. 1 L 68 


33 


9.0 

2L4( 5.4j 


328 
39 
39 
46 
223 
£179 
£150 
£ 1 M 
?1 
257 
94 
74 
9.71132 


10.6 

8.3 

an 

Ml 

4 

6 S 


7.7 


115 


MOTORS, AIRCRAFT TRADES 
Mtotars isA Cycles 


I BiSOp 

, Genius. Units- 
’ Lotus Car !0p 

5b Reliant Btr.Sp-, 

j 6 Sa Rd3t%ceffl«_ 
(762 VulwKrtO | 


23 





235 

45 

11 

-2 

-1 

Q34c 

L7 

8.2 



M516 

2A 

86 

aiij 


Q12%l 


6 J 4 


Mil 

18.7} 


Commercial Vehicles 


82 EELF.lWagsJ— 

49 FodansfSOpi 

8 PeaklsretUIfip 

57l 2 Ptaxtm 

55 ‘fyortMferJQp. 


100 

-1 

h217 

sa 

55 



5.7 

9 



29 

86 

+1 

+K3.9 

37 

57 


d2_14 

55 


CompoiwBts 


lAfcbay Panels— 54 
bbfiow Stream- B5 

Automotiie 82 

, BbendBns.— 6 lx 
, Brown Bros. 30pu 24 

il£14 DansOcrp £2Z* 

052 PotyMn-.. 210 

% nwMwnSttT mb 

Eh BramStmlb lOn. 10t, 

37 MW*ffidg8.:Cp_ Six 

240 Lncaslnds.£i 294 

31% Sutra GrnaplBp. 53 

95 rmaerJHR. 141 

55 Rllniot Breeden. 65 

VbafiKadnj 8Ho 

Zaritb , A , 5Qp 90 

Garages and Distributors 

g BSSSSzl 1 1,35 

no 

3fl. [bsq 

;( |ss|+iLy : 

4u jBriLCar. 


1977 

High Low 


PROPERTY— Continued 

-1 


134 

30 

50 

220 

44ij 

Wj 

125 

46 

33 

347 

no 

130 

315 

156 

a. 

87 

77 

121 - 

96 

113 

43 

12? 

£174 

270 

228 

71 

70 

17 

116 

24 

282 

1® 

292 

2® 

19 

371* 


1280 

25 . 

3?lj (Jerror: Imesl. 


34 

190 

£145 

fJ25 

£125 

37 

172 

77 

, *5 

104 

105 
14 

145 

,W 

Bjl 

6B 

280 

77 

gp 

3 

8 

74 

59 

89 

72 

97 

, 32ij 

1100 

,£J40 

tl6 

170 


82 

Il8 

fe40 

ffi 

111 

16. 

30 


Stack 

I.TJTPriTfriV— 
inleieuutwin ii>p 


Laudlnvei 

Land S 2 ?i 50p_ 
I>j aiprCm al 
Ds©iWluay.E.| 
DnKPiCnni/BS 
OjwUnda’D-. 
Ilend WseaSr.. 
UmPrih'Sr.plOp 

Ida Stop Prop. 

LgrimHdts.20p 

UarierEstaesI 

lUeloera&lQp- 
3fc Kay Sees. ap. 4 
S5dlmr> ■4c. Kip-I 
Mmn4n(*w iy.— 
MuARwa&J.I 

.Voh4n. 

Peachey 

Prep.Hjtifi.ilnv. 
Pmfnr.iFin.riJ 
P^pp Pert'ship— 1 
PropiBev/A'- 
top. Sec- In? ftp - 
RigianPropSp. 

Hegalian 

Regional Prop— 
Do. 'A' 


Rink & TospUmj 
Samuel Frops — 
Sr't.Mitrop.SOp 
Secor^Ol-VlOp. 

goocb&t. r - 

Do iffCCcnm.TO 
ax«dtCoriversn_ 
SuafeyfBiInv— . 
31b SwirePropertics 
56 TDwn I'entre . __ 
lib TijwaiCltylOp- 
“ TfcBWPntl 

UJtProneity_ 

Ltd. Real Prop - 
Warner Estate—, 
KErnfpmtav.2#nJ 

WtthfJasiSp— 
W'miniter PZOp. 
TOnKtauEsts— 


Price 


Mi 

Vef 


inji 

CirltfsIWE 


308 


HA 

10 

OR 

1422 

31 

- 1 -. 

KU 


05 


33ri 


16" 

11 

7'- 


36 

*1 

ThO 67 

12 

it 

46 1 

704 


9 3? 

15 

3 e 

25.0 

U60 

*7 

Q f .r F «, 

57 

[■3 7 


i.136 

-1 

QW**™ 

57 

14 7 



£139 

-2 

0!(l°o 

5i 

fit 



38 


10 

0; 

4 f 

m; 

?S7 


ffif 

?{ 

3( 

16 7 

90 


?6 

1 i 

477 

Ml 


7300 

08 

7 A 

79t 

m 


t? 28 

75 

?4 

2L0 

118 

+1 

ti 7 

15 

2.2 

360 

25 


6— 



31b 

43 


7T0 


74 

<6 

22U 

ft 


tic 

i 3 

L« 

36.6 

732 

rJ 

Tt 

59 

110 

-1 

\Yii2i 

li 

■<1 

767 

46 


70 

O.d 

b(r 

4719 

76 


12.00 


41, 


283 

+1 

654 

17 

3.6, 

35.3 

110 


flf 

0.6 

5? 

(36J 

lllnl 


ib 

74 

408 

2E3ri 

+3 

516 

2.F 

34.4 

137 


fLJffl 

— 

21 



Wj 



w 


_ 


72 


__ 




74 


Rl.O 

15 

20 

(M2) 

61 

112 


n, 

15 

77 

« 

ism 

ilB9) 

79 

102 

-1 

+1 

ss 

Oft 

12 

2.1 

<m% 

45.6 

32) z 


«.7J 

15 

R<] 

98 

110 


7,37 

LS 

31 

26.6 

£356 


Q10% 

M.0 

114 

fb.fl 


226 


2.4 

1 9 

47 2 

209 


395 

_ 

79 


65 

58 

-1 

B* 

ll 

3.8 

22 

6 

53.0 

11*2 


(MIL 

_ 



no 


T365 

14 

5J 

20.9 

20 

250 


033 

517 

L 

Ti 


177 



1,6 

3? 

107 

275 


695 

L2 

3.5 

3L3 

16 


hd0A8 

25 

45 

13.6 

17)7 

_ T r 









37 


L27 

1-5 

5 2 

19.9 


SHIPBUILDERS, REPAIRERS 


75 

157 

181 

295 


64 

125 

135 

[260 


Hnti»rnLSto. 66 1-1 
S*an Bunter £1- 140 1-1 

Vosrar 170 

VamnrSOp— _ 265 


6.86 
455 
-10 1 74.61 



SHIPPING 


7®JJ 


[B<L&CimSte. 
tOauuon Bros. Swi. 
■FlstoOi 


252 
112 
112 
206 
113 
33 

25 

109 • 

1200 

[105 

84 [P.&O. DeftLli— 
67 BtrardonSm.9]p 

33 rpo.'A'SOs 

71 Rn.-iamai(Wj_ 


, Furness ratiiy£I 
OtertmcCttHLOJ 

Clawteg.Li20p. 

jLaaOSeaa-FtS-l 
Lrie Shipping — 
i^an.Liirrs20p_ 
MerkyDL Dm Is 

IMiHord Docks £L 

feean Transport 

lr> S.C iWH ft 


276a 

■113 

156 

219 
113 

33 

27 

109 

220 
m 

79 

35 

70 
33 

71 


3 


-3 


9.26 

581 

1.53 

In 

dlB5 


4.90 

530 

2.68 

B.Z5 

654 

fl64 

Il64 

U6 




4.ri 


3 

23 

* 

25 

19 

3.9 

3.9 

22 


6i 


5.11 

11-1 

n.ri 


17.3 


7.7 


5.1 

7.7|l|7l 
Ml 55 

8314.1 


483 


35(16.1 
1.0 


rsls) 

3.7 
4L 2 


SHOES AND LEATHER 



i& 2 

<&2 


19 [rrrsmnp ~| 
84 CaffeasMp— 
2913 Cahnarelnvx. , 

35 CowteflOSp 

74 ^Gadtrq. 

39 Dutton FfantawJ 

50 • Gates (F.GJ , 

29 GlanEeldLawr- 
21 Banter InvLiqp. 
92 HuoaltCJ- 
74b Hartwells-. 

U2 BedysZOn. , 
88 BeroniarGrpk.l 

£128 Do. 10W Cm 1 I 

72 Hint(C8Brie)_| 
31 Jessujsr 
65 Ednuot 
64b LexSerriceGns. 
4B Looks* 

a 2 teteioUto- 

5 1 , Nefam David ro. 
Pennine Mir. wp 
ParntfElMbs.— 

ReyaridiWJ.^I 
Six (Oliver) 5p_ 
Tate of Leeds— 
WadbanStr.Np. 
Western Wc — 




i-i 


« 9 V! 

25(105 7.4 
24 92 7 A 
3.7 8.0 35 
42 5.4 55 
23 7.1 9.4 

22 9.6 12 

23 85 7.7 

U 

8.7 ^ 
8.9 C3.6) 

iflfj 


32(11.0 .... 
3J\ 3.9 124| 
tzuAisji 

mi 

2U 9.0 


~ 7? 1+1 


h269 

U5 

♦052. 

0.63 


—.220 


t lAllebonelto?— 
EocthOntnTj— 

Footwear 1m.— 

Garner Scotblair 

[h ianw'y I 

ESSsasSEp- 

K Shoes 

Lambert BUl?)d-J 
NeoboW&BnrtnJ 
OhertGrA 1 — 
l Ptorfobu — 
Stead & Sin 'A'- 
Stwn/i Fisher. 
Stjio Shoes 

laa&J 

Weanalflp 


S’ 

51 
95 
43 
89 
61 
41 
50 
46 

52 
37 
55 
59X2 
30b 
77 
Mia 


+1 


W 


iSSi 

S 

7227 

3J7 

280 

157 

277 

213 

» 

hUfi 

M3.96 

L31 


20t_75f, 


123 

10.4 

7.2 

5.7 
83 
55 

!1L7 

85 

6.2 
8J 
9.1 

1L7 

45 

55 

7.8 
8 1 


IS 

52 

45 

35 

7.9 
42 
55 

5.9 
95 
4.4 

Is 

10.7 

6.9 
4.0 
75 


SOUTH AFRICANS 


n si 

89 21 _ 


■* 82 


NEWSPAPERS, PUBLISHERS 

Is 


AR.BookP.T0p_ 
BPUrndafW- 
BeonBiTjftcn— 
lRbcki\&Ci— 

CallindWiUianL. 
Da?A'. 

M#K^]-A50p- 

t E l Anted -.v 

n&Gctcb. 

Counties- 
'QcacpaideDt*— 
L'pooi D.Pajt50p_ 
Marshall CavJOp 
KraitaL 


Peaisao Laafiiuan _ 
1 Pyramid Kb — 
RoutledgeilLP. 
134 5tarpeiwNj — 

155 Thomson 

306 I’td Newspapers 
23x> Webster* Puo.5p 
35b [WUsonBros.aOp- 


-3 


-1 


+1 


581 

802 

287 

237 

d4.90 

6.42 

458 

4.68 

129 

,3.63. 

B264 

45 

1 

ttL9 

5.99 

d245 

4.05 , 

td3J5 

1.97 ’ 

13.98 

154 

240 


i 


29j 5.41 72 

u & 


AbereoraBOJO-. 

AastoAat!a.Bl 

Ana.TnslDd.50c 

EdwnrtalOc 

(MdFlds.P.3>2C 

Grtnms'A'SDc— 

HalatfsCpn-HL. 

OS Bazaars 50c- 

PniaroseJOcts- 

Bb Intefom XSk 

SA.Bmn.20c— 

rjgerOatsBl— 

Gaistc— 


TEXTILES 

(Allied fertile— 1 148 |+2 
1 Atkins BzT» — - 
fceshslUMto — 
:B«kman.\.10p- 

BladwoodKart 

BowlSt.FBh.10p 
Bright Uotaj 
]BriETayG.T>5 
[BnlKnlofon 
[foiL Mohair- 
remiaierL'Bhab-l 
jCairdfDnnfieei- 

| Can« 0iM. 



5.01 5.4 


7-1 


PAPER, PRINTING 
ADVERTISING 


?5 £461 


i Abwc Paper 

! Do S'jpc Ccar— 
l Ault *Wi harp, - 
L . Bemrn&e. — 

BriL Printing, — 

i BninnincGrci— 

I fk'SeSnc-vl 
i Bcd 4 Pulp— 

i Capsealsap 

, CausteniSirJ.i— 

> dajEnan Bai ?0pJ 
i QayiPjchanJ, _ 

> cuwtirroa :o? 
l Cutter Guard — 

: 

l East Lancs. Fpr- 
I Eacaimiw— 
FtnyfteklOp— 
FAnlas Holdings. 

I GecrsCnrs lOp- 
Harrison A Sons. 

at 5 * Erewi.t£. , 

64 ImeretkGrp 5°?— I 
! Lir.P 0 sZ 1 T. 7 W 
McvonpuidalTil— 

Melody Mills 

Mills 4 UlcnSrtp 
More OFcrr. top 
E23-X OsiKyiMSS. - 
24 Wives P Slill»P 
45 CMerPnutCrt-- 
87 Saalr^uiSuicSi-l 
78 Snath ilhidlOOp. 
64 SmurittUeSlsru. 
65J’ Traasparor.l rpr. 
JR Tndant Group— 
J9 IdwWjl’MrJib-l 

30 WjeetJiwup&ip- 
96 W.widiicion iJ.L 
12 b Wat*r*nKhs— . — 
11 Kvaa (Ffiiw- 1 " - 


-2 


, 761 62 
f9.S c , 
8 7| 78 

, 93 
26jm|4i,| 

93 u 


3J 


3.92 , 

327 

200 

7.00 

K3.C 
420 , 

486 1 
9.70 
'tl424 
29 
20 
1340 
tt}l*Wr 
'225 
248 
T413 
266 
734 
4.94 

# 

U 14 
3.85 


?4 




r, nr 


i Aliduundwt tty 
i Allaall LtiChi, 

1 taH!E0Srtf>:' ,lS 
I Apev Pri'i'-j'-b 
Aqui* Sit.i .'p - 
I Areiuir Cl'vraip 

. RorJiiC'Hn lib* 

[ RKmtrmnr frops 
' Riverf H’i'V- 

ij BcIlwyHIdi.- — 

, Berkeley Hjaa-TD. 
Bittontren-y — 

I Pradisvrdl’r^ - 
X; BnLAiuanioP— 

I British Land 

1 Do Epi'i'ffi.3>s: 

I BnstraEflate- 
b Cap A Connin’; 

, Do.Warranu-- 
-4 fimFjisGtwt'-t? 
i Camn/wnlm ‘'T 
Cntronncial "b 
, JV» Ctop ap - - 
rbcsterTield-- 
I rhuwnSecs..-- 
i nmtrhh'rj Est - 

b I’iti Oifien- - — 
Clarke Nickoli 4 - 
I? Cratro! Sees (OP 
Don Ekdranjc Kb 

fatySt* 

. Catr&DirL Wp- 
DacjaniTOoiS;-' 
bltHirw Estates 10p- 

rwitnEtiKi 10p- 
EnfiftnuaJl 1 — 

1 DoffsKLnv-- 
Dp.lSeCn'--— 
Ests-lAfien?- 
BS&isGen.a'P' 
Ests.PWp Inv— 
EvaujLwd.'-^ 
FairowE4ts.tt*P- 

Gifeate Kta. 

GlanfleldStoct-- 
Gt pKlUndaOp- 
Grwnirv'iOp--- 
Gr«ncoafSp - 

'22 ffilft! 

kBSBtl 


PROPERTY 

l+i 


-■( ! - - - - 


+i. 


’-il 


hl.BS 

d386 


4 f * 

453 
1.72 
1.96 
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20 
m 
to .79 

♦296 
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3.09 
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1.0 

tLOl 
d230 


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26, 


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7.2 A 5 
65 7.4 

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7.9 * , 
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93 92 
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10.6 7.7 
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55 1 I 3 

112 92 
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HielaTgF*t9)p. 
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»brbn«ms«4? 
Martin i.Vi3>p 

MDlertF.lillpi— 

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Notts. Mac/S — 
Nova Jcmey20p_ 
PertJand 'A' — 

Pickles (W.li Co. 

Do/A'NVMp- 
HKJ.10 ?l. 
RadlevFasiuocs 
Reediwai — ^ 
Rehanee Enii2Ep-J 
Richards lOp — 

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ShwiirpelsMp-! 

ai!oh Sjrjmci-5. 
SJ.fcwln*30p- 
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rncoiille lOp— 
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357 
288 , 

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246 

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15 

165 

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3.75 

272 

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3.25 

182 

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8.7 4.4 

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4.4 3.4 

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1 52121 

125 62 
1121 

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126 
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93 5.9 

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55 
24 

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10.4 29 


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94 


TNT. TRUSTS— Continued 


m 

iTififa L09 


151 

97 

76 

60 

255 

821; 

74 

89 

300 

no 

125 

120 

ICS 

114 

66 

140 

550 

55b 

111 

87 

102 

6 &X; 


9 

m 

77 
245 
203 
112 
Mg 

79 

30 

44*2 

65 

224 

164 

193 

134 
146 

43 

195 

65 

228 

64 

135 
229 
in>a 

90 

ft 

110 

IK 

W 

ID 

m 

92 
95b 
166 

51 

39 

£9 

1441* 

148* 

86 

156 

135 

106 

93 
113 
101 
95*2 

91 
74 
70 
114b 
68 
76 

105b 

IT 1 

65 
65 
82 
93 
39 

187 

78 
76 

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St 

146 

86 

278 

152 

150 

167 

248 

49 

51 

S& 

92 
44 


040 

Etz 

|i§ 


m 


63 


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"3 

66 

56 

214 

581; 

56 

75 

194 

90 

.102 

100 

87 

44 

A 

4 2 

ft 

& 


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Brunner 1m .. 
Brytourt .Vm 
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jCalenqnnln 1 . 
paledoniicTi,: 
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(.ar.br:;-.- .-.a.rte.T 
[O.-.cll i ia; ; |np 
1 an 1 Fireiss 
Cawl.'liNa! _ 

Tr> • i fl” 

Carnin.il Dfd 

Carlijl in; 

Cedar Inv 

Chiinl Ifilr.cCl 

Da Cap 

Charier Trust 

Sty ii Cum. Inc. 

DaCap.,£ji 

City i For 1m . . 

Q&ilctemn. 
QtydOjdord.— 
761a □BveriioaseSCp. 

6b niftonlnvalOpL 
5 P 2 CWeidalelaiT^ 
57 Da'S" — — _ 
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Csattejiflibd 
OrotwemiUDimiJ 
Oes’utJajanaip 
CroKtrtara___ 
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36b DanaedncKKta) 
% Do iCap.-lOp- 
56 DebentiiroCwp. 
Derby 7a Iw.D 
D0.Cap5(b.._ 
ipommimiiGea. 
[Drayiort Corn'd.. 
Do. Tons. 

DaFarEssteni 

, Da Premier 

iDualreri lac. 50p 
Do. Capital £ 1 - 
DundeeiLon _ 
86 b Edinburgh Aa. Trtl 
|194 Etfialnv Df £l_ 
96 b nectra ter TsL . 

60 QecUitfen. 

74 Ent A ImtmslL 
EagiNV.7nj.'t.. I 
Ens.tSaH.lr.--_ 
Ehuig'Cons“ £ 1 . 
Do wsTdato.. 

Bjaitylnr.Sip. . 
59 Estate Dunes — 
37 F-iCEtiroLniiL 
70 Family Inv Trt... 
76b First San. Am... 

130 Foreign t Col 

37 FD.£.T.(Iu>. 25,. 
35b Ptandi crest inc. . 

49 Do. Can. 

C.T. Japan 

Gen.£ Cmma'cL. 
Gen-Cansotdtd.- 
Geuerul Funds— 
Do. Con v. iOp_. 
Ceabi-ertora.— 
GeaSzrcish...- 
GsLStlildp.IS-at 
OMfOwShar*—, 
Gfenderoslnv.- 

Da*£!'_ 

60b GlKircuiT 3 »Inv.. 

56 Pn 'ffOri 

Globe Inv 

Gorett Europe „ 

Gunge Trust. 

GLN'onh’n luv— 
Greenfriarlar. 
Graham Iav_^_ 
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69b GH 3 raianInv.Tr 

78 Harabros. 

BarrrosInv.lOn. 
HSII<Kiilip)_l. 
Hume H3<£. H A"_ 

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[700 D 0 . 1 F, 

42V Industrial iGen. 

J&i Interns!! inv 

PL07 lnr. in Success — 
62b Inrestars'Cap.-, 
p. 7 # KilTesSlLTslLxp.J 
1103 lardine Japan _T 
70b tedmeSee.HFS5_ 
Jersey ErL PL lp 
228 Jersey Gen.£l_ 
41b locHoldin fc 
44 3w a Inv lnc.!9p 


97 

m 

f 

68 


[160 

69 

68 


Price | - 

150 
94«d 
75 
63b 
236m 
61 
77 
82 


300 

109 

122 

118 

107 

112 

64 

136 

540 

% 

W 

70 

99 

66b 

80 

T 

80 

77 

240 

193 

112 

184 

73 

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62 

220 


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342 

43 

387 

63 

212 

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224 

109 

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88 

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106 

125 

205 

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47 nJ 
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144 
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156 
115 
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88 
113 
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BATInth.— 

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DuuhilliA.'lOp- 

Imperial 

Rfflfesssm 

SeroseuHn-iniJ 


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8.72 
5.65 


?jgr 


'J3> 6.H 53 

53j 3.9] 7.0 
2.M11J 55 

9 -3 MB 2-7 
2 9) 7.3 7.4 


24,1| 
34^6,1 


2- 4 

5PS.2 
18.6 


TRUSTS, FINANCE, LAND 

Investment Trusts 


ls\ 


5L0 

ia .1 

24.9 

18.8 

(ill 


Aberdeen Inn-- 
Aberdeen Trart. 

. Ailsa 1m - 

Alliance Inv 

AllianceTrust. 
AltifimalK 5(h) 
Dn Capital SOp. 
Atnfciwlcvlnfi- 

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AcclivScor lav.> 
.AStimedeslnfi. 
Do Cap.5£m — 
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Atlanta 3aj't lOp. 
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Bankera'lnr.^. 
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Eisbop'pa'.eTst. ' 
Bwnera'Shr. IDp 
BtelFtoadCrJl I 

Brartllm- CrSl_ ! 

SreraarTsi— — 
Bndzewiier — 
Brit Am. &Ol_ 
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M 


2.35 

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+132 

300 

7.!fl 

830 

042 

4.5 


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135 U\ AU316 


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taeratanzInr.SOpJ 
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87*» taw Debenture- 
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33 jLeda lnr, IneJ2p 

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teVaJl'Htetlnv.. 
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11 /m.tI^nnox— 
SmtLtv.lOp _ 
Jim. i Lomond _ 
pB.c Montrose 

[Ltc Prudential 

[Lt. & S’ dyde 

Loft-TO-DfiL— 
Lowland Inv 

. Dj.Cap.10p 1 

lln 5 id. D Mllac.llto 

UUn-tEmSOp. 
tfeldnunlnv—. 
pereantitefnT— 
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ttteri Boston 10p 
r DaWrris.£L_ 
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ttkn^atelnv 

|?to>rstdeTnL‘i_ 
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59 

63 

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34id 

174 

76 

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146 

82 

258 

152 

148 

161 

242 

47 

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132 

92 

42 

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pniircGo^lngir 


139 

70 

114 

83 
25 ui 
72 

185 

111 

75 

42 

194 

50 

194 

105 

84 
20 
22 
44 

39 
74 
52 
55 
32 
62 

83 
94 

830 

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16 

40 
216 

94 

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54 

57 

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70 

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169 

136 

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183 

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158 

143 

38b 

104 

115 
148b 
102b 
142 

IP 

98 

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88 

84 
157 
425 
132 

110 

156 

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76 

106 
167 

76 

63 

127 

102 

131 

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58 
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89 

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303 

198 

89 

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165 

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5.15. 

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8.45 

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5.5 

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360 

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3.9 

3.35 

2.5 

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74.07 
33 
3.8 

7167 

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6.40 

35 

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13.43 

7.75 
45 

4.7 
0.9 

6.7 
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6.75 
5.0 

135 

3.8 
26 

245 

6.77 
531 
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3,75 

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262 

290 

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330 

68 

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27 

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330 

23 
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73.07 

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134 


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625 . 


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4.18 

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3J6 

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220 

t567 

TL79 

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246 
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♦278 

75.3 

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2.6 
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438 


4.95 

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4.39 

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94 

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0.75 
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9.9 1521 

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6.6 225 
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4.0 362 

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262 


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311 

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319 


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n.9; 


124 


FINANCE, LAND— Continued 


197 s 

Htgfr low 


30 

34 

11 

52 

179 

20 

12Q 

SO 

23 

19b 

30 

99 

127 

74 

74 

£12b 

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390 

14 

33 

224 

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lib 

131 

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28 

57 

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17 

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147 

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68 


Stack 
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ftv«riwntwi._. 
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Lon. JterchanL- 
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atn.Pac.KKOc 
Stje:Fin.SFlM. 
Trans JDLTdtbJ 
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WcstoCEnpIaad. 
VuleCaUoiOp — 


Price 

22 

27 
1C 
52 

179 

18 

115 

72 

22 

17UHI 

28 
85 

120 

67b 

47 

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3 § 

A 

STB 

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100 

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& 

78 


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166 


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05 


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3.46 


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6.81 

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3.02 

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Ti 

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4.7 

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22 

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116 


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112-7 


1-71 3.4 


3.5 


Z2.fi 

5.7 
4 
32 

10.4 

* 

10.6 

12J 

8.7 
[39.4 

72 

162 



Planning and 
Compensation 


Knight Frank &Rutley 


W.3 

105 


2.7IZ0J 


OILS 


96 

164 

892 

7 lt 


66 

65 

42 


S&2UE51 


mb 

63 

30 

£26b 

450 

144 

26 

36 

190 

awti 

415 

26 

30b 

19 

£26% 

Si 

620 

586 

69 

444 

£64 

186 

Z76 

161 

190 

190 

77 


7 !8 

49 

21 

.£12% 

350 

IU4 

Jl 

[134 

£100 

284 

13 

17B 


Attoci20p . 

fflrit Borneo 10p. 

(EriLPetroTm.il 
Do-FiPf.U— 
BcnnahCI ... - 
Do*lJ!J13B_ 


Cenniiy-lOp— — 
CharteHiiCSp- 
CieFr PamlraB- 
ttCluffffiJD — 
ttdyde Petrol £1 
EadeasimrSOe-. 
ECA 


■P| 

p5% 

1484 

UT^ 
226 ■ 

£55 

130 

182 

120 

186 

86 

57 


tefehSeatlJ 75tf 


JLASSSO 
flASHOiraiHl-ffl 
LASMO-Opj'MpJ 
UJacnel Metals lOrl] 
pTacpL’.hp— 
Premier ConR 5pf 


£14%pUngerOil. 


JejnoIdsP.v.Ic. 
feyl Dutch F120_ 
Sceptre Res. — 
Mu.Refi. 

R PtSJ— 
wrjLlLl. 
VaCto. 

3l 

t 

jDo.ipeCw.Cl _ 
(Weeks Nat Met* 
Do.PfiOrd.ifc 
WoortwdeASOc.- 


90 

152 

*fsa 
59 . 


61 

nh 

120 

.136 , 
£1C23;J 

310 * 

£ 

560 

554 

%i d 

£56 

166 

|2<©aac| 

143 

185 

IBS 

70 


-2 

+10 


+1 


3 


+2 


+% 


-1 


6.74 

22.10 

36%| 

)QWK 

2.63 

QULte 

100 

402 

QI4«i 


221 


QMS M 


7941 

Q15-V 


13 
4 2 
510.9 


6.6 


3-ri 




a 


a 

13.91 

,d&ll 

7.5 

L2 

L3 

06 

eli? 


133 


14.6 

90 


5.9 

563 

10. 

11.4 


2^298 


53 


15.1 

8.2 


OVERSEAS TRADERS 


270 

111 

140 

73 

46 

390 

136 

£66 

525 

90 

445 

30 

19 

78 

49 

275 

107 

235 

225 

54 

111 

215 

60 

£94 

73 

72. 


1224 

60 

96 

45 

,=5b 

Bg 

(£49 

325 

66 

350 

a 

9 

57 

Mt 

220 

68 

tin 

[l65 

27 

IS 

175 

. 40 
(£87 
41 
41 


African Lakes _ 

AiuLAgnc.5tto_ 

BerisfcnitS &W.<. 
MtortTHsia?p 

BousteadiWpi— 

FinlByiJas.i5tlp- 
GiUtDutfuj 
GLNlhn.£10_ .. 
R’ris'ns.Cins.fl. 
Bottmm;i8.}. 
InchcapeEl _ 
larks Itm 

Jamaica Sugar — 

Lmirho 

MllcheUams— 
Nigerinn EeC-£l 
Ocean Wtos-SOp, 
Pat'iou. ZocL fflpJ 
Da-A'N.'VlOp.? 
Sanger Ui. 1 10p-, 
SenaSncar50p~ 
fiSime Darby Ita 
Steel Brm: — 
Inzer Ktms.3 
Do.Spc Cw. ‘ 
to. City Kero. 1 
Do. 19pcLnJ 


270 

111 

339 

45 

45b 

367 

238k 

tfiSz 

463d 

84 

403 

Z7 

12 

57 

41 

245 

89d 

173 

170 

30 

6 

312 

215 

55 

£93 

64 

64 


+3 


-12 

-1 


-2 


+4 


h332 

L50 

05.0 

H436 

4.26 

05.0 

20.66 

635 

3.4 

15.2 

2.88 

m 

hi 75 
63 

, 3.10 , 

r3!n 

0.4 


19.01 2ffl 27 


1^ 


Ll 
4 l 6 
Ll 
« 

32| 5 J 


£9 

73 

13 


3 3\ 

4-41 

lin 

liffl 


t 472 
5.2 
<6.2: 

. 

6 .2| * 




17.4 


17)12.6 

8.4 
4.9 
6.7 

6.ffl 


24( 

8.9 

fB.7 

lffl 


9.0 
76 
98 
43 

i£fi 

15 : 

6 

8.0 
3.0 
29 
5.4 

268 

7J 

(W) 

Tb 


1978 

Efleh Low 


RUBBERS AND SISALS 

+ trj Mr. | ]T1d 
- I Net | Or) Gris 


101 

102 

17 

59 

305 

49 

41% 

12% 

362 

115 

135 

84 

59b 

163 

53 

54 
79 
82 


75 AnglD-Indonert! — 
65 Bertem Cons. 19p— 
21b BudiAfrita 1 _ 

31 Bradwail I Op. 

(165 CasUefleidlOp— 
26 Cboamese lup — 
23% Cccs. Plants lOp — 

S Grand Central 10p_ 

Gnthnefl 

‘65 Hsmam 5 Wy.Erf.Wp-l 
56l 2 Highlands M5Dc_L 
41b XcalaKepon^USL 

29 nSnlimJEOe 

69 Ldn. Sumatra lOp- 

56 MalaJroffJd 

30b Muar River lOp— 
55 naacdioaH]dj(s.lOp 
37 Sunset KnanlOpu- 


Prtee 

95 

102 

16 

59 

260d 

4612 

411, 

10l z 

362 

•135 

131 

84 

57 

IfiOd 

79tt 

79 

78 


-1-2 


+2 




+17 

+1 



TEAS 

India and Bangladesh 


240 

385 

123 

28 

350 

365 

245 

420 

26 

249 

172 


175 

■280 

104 

& 

732 

iao 

370 

22 

181 

138 


AsraaDooersEl — 
Assam FTwmerEL 

.Affiamfnra.il 

En^fre Plants IOpl 
iokai £1 


Lohe bourne £J — - 
McLeod Russel £1- 
Moran £1 


ISSngla Hides. IOp- 

® arm PI ants. — 
. iHiamawi fl 


240 

305 

120 

28 

345 

355 

225 

370 

25 

227 Hi 
171 


+1 


-11 


69.51 1 5.4 6.0 
]16.25| 4.9 11 

3.7 8.8 
L610.7 

H 8 

27 91 
4.9 

32113 
4.9 9.8 

4.7 (LO 


b 

7.0 


U35 

I5.QB 

m 

10 


Sri Lanka 


210 )123 [LumnaEL 


-I 180 J 1 55 | L5) 451 


Africa 


610 

185 


[B?anfyrc£I> 
lift uo Estates. 


610 

180 


..—(50.0 
-5 13J> 


12.4 


11-40 
[244 
* £294 
I 73>z 


RUNES 
CENTRAL RAND 


[Durban Deep R3_ 
— East Rand fVp.fU. 

£36i 2 £29>«toandfom'aEStR:. 
173 j 78*3 [West Rand R1 


210 -111 — 
279 -7 
£34 -h 
U3rf -1 


J d ^ 


EASTERN RAND 


93 

33 

364 

152 

391 

» 

780 

63 


S 2 

271 

35 

52 

37 

31 

517 

31 


Bracken 90c 

East Dacca F. I 

EJLG.O. RO50 

■IroohieiaOc. 

Kinross Rl_ 

LedietHc— „ — 
Uanerale R05D — 
S..AIricanLd35c- 
VlakfonteinSOc — 
WlnkelhaakRO — 
WlL Nigel 25c 


73 

28) z 

381 

94td 

364 

43b 

65w 

51 

772 

48b 


-i 

-2 

+2 

-b 


15 205 
12 - 
- 75 
181Z9 
18 5.6 
12 41 
LO 59.7 

M32.8 
L7 72 


FAR WEST RAND 


445 

£10% 

% 

332 

778 

226 

153 

G41 2 : 

539 

06 

127 

336 

L14b 

229 

£22b 

241 

836 

Z3B 


Eg 

& 

589 

163 

J* 

(890 

408 

432 

419 

206 

£11 

123 

£16% 

152 

589 

163 


BhroorS— , 

Buffet 

Deelkraal WJ20. 
Doorufonleic El _ 

(East DrieJtl 

EJandiandGldMc-l 

HshurcRl 

lHartebeest R1 . 
.rOootiJjIdRl- 

ILihaconRl 

ISciuthvaal 30c— 
StifroideinoOa-.— 
fMl Reels Sic. 
•VnlenpfeiRL _ 
W.DneRl- 
Western Areas RI . 

jWeslt-m Deep RJ .. 
|4afldp«fU.„. 



O.F & 


282 

306 
26J 

307 


1161 

525 


LfflJpl: 


4 W2C.2 


Finance, land, etc. 




12.33 , 

1087 


10 


1+1 


,12 9i; ^LSppSeraSp 

.102 82 iSnthZftf^al 

170 140 lSrib*stf_ 


62123.8 1= 
4.SB25 27 


i - - -'4 3 si 3^. 203 

1+1 J485 1 LOJ 45)342, 


j>jTnrr5iujthan, 

Arrawr TsL IQpJ 
. Au-.r"truB.2fa_i 
: E-is-niaAnw.' 

L Ciuddc-lw 

naiieapeOpSl 
C'unetbouKGp 
* Ip - 

DalcctjU 

. Piw'% — . 
ttLo: -. 

s-iir* IS>ro 

vi tv Strong Mp 

£nnn? House.- 

JV.Li3(tSlfck,„. 

5p.| 

!f £; .-3c4fiei«j 
•rSiiwei lad Wp; 

!bnsl_ 


215 
. »a 

44 

15) 2 

IBrt 

145 

58id 

02% 

273 

40 

27 

14 

56 

40 . 
14 b 

aft 

18*1 


-1 


200 


cfeje 

taro 

qsi. 

til 76, 
tlO 


471 


is.: 


22.1 

26.5 

|276 

669 
b7 5 
255 
4L6 
372 

|2L0 

219 

1223 


6.9 

108 

t 

fl.9- 

7.8 

181 

86 


2 lj rillO.9 

? 3 U , a a, 

19 ! I I s ? '3 


dO 99 
172 j 
112 ! 
dO 49 
494 

- 1 - 1 - i- 


95 

£17% 

121 

413 

134 

£1% 

789 

897 

199 

302 

£l?b 


1 75 
£11% 

59 
1579 
66 
750 
582 
|703 
,144 

190 [Welkomitt 

£13b[WHoi(liii£s50c 


Free Slate Dev, jfle 
FiCeduWMe 

F-S&wplaasiU- 

iHfinmmvoOc. — 

LoraiaeRl 

Pres. Brurwi 50c 

tore* SernaOc— . 

SLHeieaaRl 

l-Risel... 


80 

06% 

85 

364 

891 

692 

860 

186 

275 

09 


4 

que 

t&Sflc 

-8 

* 

-3 

ft 

-8 

-2 

tyiibe 

-3 

-% 

tQ35c 


lfl 82^ 


FINANCE 


600 

740 

£17--, 

800 

150 

2W 

25 

£17% 

£B% 

£J4J, 

195 
35 

196 
122 
£31% 

58 
436 
223 

59 
£15 
?40 
292 

64 


^24 

1246 

£14% 

621 

119 

lb3 

17 

[D4 

£10% 

CIO 

,238 

22 

126 

, 95 
860 

. 50 
1375 
1161 


! Ar,fiAmC<al5nc.. 
AastoAmer Jfte _ 

B rnGoldRl . 
aI5Uc. 

rCous. 

iold fields- 
ladCoalflp 
vrB-^IpnUfC 

{GokUMtUs&A.SeJ 

UeTwrcConsRl-. 

]Middle'-' r itEc„„ 

IMiewrp 12^p 

UiDorwJBOi.40- 
|New Wit 50c 


182 

(238 

40 


Patino NVFI&i— 
Rand London 15c^ 
Selection Trust— 

Semrurt itte 

I 29 Sifoemlnw2bp„ 
pi TraaLConsLdSl- 

UC Invest Rl 

Union i.’twpafilSc 
v<jgeis2«t.-._ 



DIAMOND AND PLATINUM 


lies 


X.t IC&J 

£11% {925 
74 ! 54 
98 ! 70 


AatufrAtuln. .Uic 
|0 - .cnr'Fssa!eFltKlC- 

rw Beers DI. 5c 

Do 40pcPf R5_- 
Lvoenbur? I" f. — 
|P.AFXllit 


£40 

87 

376 

aim 

65 

83 


§L5c Jjj 
iiQ^zer 14,' 


4.0 

4.9 

8J 

10.9 


MINES— Continued 
CENTRAL AFRICAN 

1-1 s 



15 
132 
125 
820 
245 

72 

140 

40 

220 

39 

A 

16 
178 

50 

£14% 

40 
538 
300 
160 

70 


10 

M 

, 63 
150 
Q48 
45 
81 
10 

"B 

Vi 

^30 

750 

1310 

50 

84 

35 


AUSTRALIAN 


(AcnexSc. 


fe?risrillerf5Twa. 

BH South SOc 

Central Parific 

CouncRittintaiUc. 

GJIKalpoorlieSL 

Hamptn Areas 3p_ 
MetaLEx.50cJ_- 
IMiit Hides. 50c _ 
Mount Ls-eu 25c _ 

Newmetal inc 

Norths Hi 1150c 
Nth. Kalpnli— . 
OakhridJclAI 

Panhe topper 

PanconlliK. - . 
ParinsaMftEtSp _ 
Peio-wall«mi5<v. 
tooulhern Pacific . . 
(WnlR. Minimi 50r. 
|WUtn Creek 20c . .. 


13 

U7 

111 

525 

234 

46 

133 

27b 

196 

24 

4b 

321 

13 

161 

46 

£13 

37 

516 

225 

147 

60 


rw 
Cir We 



-1 

-2 

-50 


-2 


QSe 

qioT 

g1 

Q6c 

tQUc 


QISc 

iQte 


M 43 


22| 27 

zol 7.1 


17) 28 


■U 

43 


IS 


30 

385 

60 

295 

145 

10 

295 

165 

93 

11 

77 
510 
410 

73 

62 

225 

61 

61 

220 

315 

228 

78 
100 
100 
225 


24 
(240 
45 
200 
111 
Bb 
220 
1130 
78 
10 
, 68 
m 
(280 
40 
50 
165 
49 
47 
140 
1230 

"3 

85 

.74 

(148 


Anal Nigeria.. .. 
AjcrHitamSM. - 

BeraltTin 

BcnurKai SMI _ 

jGeerar 

(Gold ft Rase I3j>. 
'fiupensCons.. — 

mnckwfl- 

Idrri lOp 

UanUr lUje . . . 

KamuitinsSMoiiO. 

Killinehill 

|>tal^yr&lfiim;$3U J 

PenRlaJen I0p 

iPrtalHiitSM) 

paint hero- 

5oolhICinta$SKl5ii 
iShn Malayan SMI _ 
Sanpei BesiSMI. _ 
ISipremeCorp. SMI 
(Tatuona 15 d_ . _. 
(lon^kih HrbrSMl 
jTroiioh|ML_ 


TINS 


25 

385 

53 

295 

130 

9b 

295 

160 

85 

10 

77 
490 
410 

73 

61 

225 

49 

57 

210 

315 

225»d 

78 
92 
92 

225 



COPPER 

100 | 70' trteuinaROifi [ 83 {-3 |iQ30c| L9J 

MISCELLANEOUS 


61 

17 

300 

465 

234 

90 

02 

,'45 

iao 


3 i 

220 

[164 

17M 

[120 


BmTmia. 


Buzins Mines lTi®. 

Com. Sfurch. 10c 

North gate CS1 

RT Z 


53binaInds.CSl_ 

Tara Expfn. SI 

Tefcdr Mineral IOpJ 
Taken Cons. CS1_ 


53 

14 

260 

415 

216 

68 

925 

43 

169 


+30 

+2 

+8 

+125 


»30ei 

9 S 


133 

Q7e 


u 


2.6 J 
28 6.7 


4.7 

2D 


NOTES 


Oakn MterTOr ludlcaM. prices and net AvUmb axe la 
pence and dc mmii natlwis are Up. Ejlimtnl prlee/earniiipa 
■atlas aid cetera are bated an taint annual reports aod accents 
■ad. where pocMftde. are updated on half -yearly Bgurea. WEs are 
catenlated on the basis et net dtetribatlea; bracketed Kcnree 
Indicate IB per cent nr Bore dirterenen U calculated on -nU” 
dtatritmtlan. Cover* are baaed an ■■ maximum " dfauitatba. 
YteMs are based on middle prices, are cren- adjinted to ACT of 
H per cent and aDow for value of declared dlatrtbuttees and 
rights. Securities with denorai nations other than aterUng an 
Wted iMiultv of the investment dollar premium 

Stcribug denominated securittes mtucb incloda h mila grt 
dollar premium. 

“Tap" Slock. 

Highs and Lows marked Una bare been adjusted Co allow 
lor rights issues for rash. 

Interim-dace increased or resumed. 

Interim since reduced, passed or deferred. 

7t Tax-free la non-residents an application. 

0 Figures or report awaited, 
tf Unlisted security. 

Price at time ol utspetudon. 

Indicated dividend after pending scrip nadter rigbht faoMc 
cover relates to previous dividends or *i»e«itt 
* Merger bid or reotganisation in progreu- 
4 Not comparable. 

Same interim: reduced final andtor reduced mrnlngp 
indicated. 

Forecast dividend; cover on earnings updated bp Isteet 
interim statement 

Cm er allows lor convervinn of shares out now reaUag far 
dividend' or rankfnc only lor restricted dividend. 

Cover does no: aline- lor shares which may also rank twr 
dividend at a future date. No P'S ratio usually provided. 
V Excluding a final dividend declaration. 

+ Regional price. 

No par value. 

■ Tax free, h Figures based on prospectus or o2er official 
estimate, c Cents, d Dividend rale paid or payable on part 

01 capital; corer based on dividend on full capital, 
e Redemption yield, f Flat yield, g Assumed dividend and 
yield h Assumed dividend and yield after scrip issue. 

1 Payment from capital sources, k Kenya. fl> Interim hichcr 
Ibin previous total, u Rights Issue pending q Earning* 
based oc prellmi nary figures, a Dividend and yield exclude a 
special paymsnL 1 Indicated dtvideod; cover relates to 
previous dividend. P'S ratro based on latest annual 
earnings, u Forecast dividend.- cover ha«ed on preriou^yearta 
CEjuing*. * Tax Iron up u» 30p in the C. w Yield allowa for 
currency cUosr. y DiridcDd and yield based on merger terms, 
z Dividend and yield Inetude a Fpeclai payment: Covet do oa not 
apply to special payment. A Net dividend and yield, at 
PWeresce dividend passed or deferred. C Canadian. E loua 
price. F Dividend and yield bared on prosperta* or other 
official estimates for 197B4ia« G Assumed dMdeed and yield 
niter pending scrip and, or rights issue. If Dividend and yield 
based on prospectus nr other official estimates for 
1D78.73. K Figaros based on prospectus or other official 
estimates for 1078. M Dividend and yield based an pnqndaz 
or other official estimates for IB 78, n Dividend and yield 
based on FPMpectus or other official estimates for UH*. F 
Figures based on prospectus or other official estimates for 
IB7B-78. Q Gnus. T Figures assumed. Z Dividend total to 
dale, ft Yield bared on assumption Treasury SID Rate stays 
unchanged until maturity of slock. 

Abbreviations: a ex dividend, a ex scrip Issue; r ex rights; a ex 
all, if ex capital diEUibuuoa. ■ 


“ Recent Issues ” and “ Rights ” Page 22 


This service is available to every Co m p any dealt hi on 
Stock Exchanges tbnmghoaf the United Kingdom (torn 
fee of £480 per annum [Or each security 


REGIONAL MARKETS 

The following i£ a selection of London quotations of shares 
preriously listed only tn regional markets. Prices Of Irish 
issues, most of which arc not officially listed in London, 
ore as quoted on the Irish erchanqe. 

Shelf. Refrohir.t. | 52 I I 

SiudalliWsn.)....) 103 ( ...... ) 


Albany Inv.aip 
A^h Spinning . 

Berta m 

Bdg-wir. Est. sop 
Clover Croft. 
Craift* RjowEI 
Dyson i B. A.iA 
EUisftMcHdy. 
Evervd ... 

Fife f orge 

Tlnla? PVtB.5pM, 
GraigShip.£1.J 
liigsoP:- Drew .. 
10.M Stm.£l..- 

Holf.lo-. i25p. 
JTlhr tnildser.tb 
Feurre'C H.i. .. 
Peel Mill*. 
Shedlieid Bnck 


23 

41 

21 

267 

26 

475 

38 

61 

171; 

58 

23% 

140 

73 

150 

260 

55 

165 

20 

45 


Unidare. 


96 


IRISH 

Qmv.as.'ao-asi ew, 

Alliance Gas 70 

Am OH 337 

Carroll 0*4.) ■ 

Clonda]Jdn»._ 
Luncrete Prods.. 

Helton r HJd £80 

Ins Cnrp _| 

Irish Ropes 

Jacob 

Sunbeam.— 

TJ 1 .G.. 


130 

40 

148 

130 

63 

30 

175 

90 


OPTIONS 

3~month Call Rates 


Industrials 

A. Brew..— 

A. P. Cement _ 

B. S.R. , 

Babcock — _| 
BercIa;-sBank- 
Beechnnt— 
Boots Drug — , 

Bowaters 

aA.T 

British Ostygcu 
Broun ij.i., — I 
Burton *A*. — | 
Cadburvs 
Courtaulds..^; 

DebenftaiBS— 
Distiller?.. _ 
Dunlop — . — 
EbjJe dtar.. 


Gen. Accident 
Gen. Electric. 
Glaxo 

Grand Me: .. 
~ US A 
Guardian ■ 

' K.N 

Hawker Sidd 
House al Frc*cr 


I.C.I. 



Ladbroke_._J 
Legal ft Gen. . 
Lex Service „ 
Llnj'dx Banlc — 

“Lots"—, 1 

London Brick. 

Lonrho j 

Lucas lads..... 
Lyons (J.), 

■■Slams" 

Strict * Spner 
Midland Bank 

N.E.I 

NaL M'ei Ran?-- 
Do Warrant!.! 
Pi O Did. ... 
Plnwj . . 

R.BM 

Rankles 'A'. 
Keedlntnl . „ 
SpiIIers. — 
Tesw ...... 

Thorn ..... 

TrusiHousea.1 


tube Invest _| 

Unilever— 

Ltd. Drapery_; 

Vickers. 

Woolwurths 

Property 

Brit Land , 

C^-CounUe^j 


btrenropean , 

Land Secs. 

.\fEPC. 


Samuel ___ 
Tbwn ft City | 

Oil* 

ant PWrolema_. 
Hurmah Oil 
Charter hall „ 

Shell 

Ultramar 


Mines 

Charter Cons-.i *2 
'-fns. Gold ..... 14 
RjoT. 2mc | ib 


A sclerMvn r . 
London Sljc, 


! *?p::oni traded ;s 5:1 en on tho 
ilack Eschdnge Report paj» 











- FahisTOsser' 


B ifirework ■*?:. 
T% Displays a 


wUmmllthSt- 


* w, 



X ' !#:> 


Offices 






Hampton & Sons 


* ■ AV r-LAyJS ■ ANY UCl v-RiS ■ AMWItfflO- 


Talaptofws. STD 0722 20211. 


r.-; 


^Saturday July 8 lj978 


I 


01-236 7831 


MEN OF THE WEEK 


Top 


pay 

for top 
people 


BY JOHN ELLIOTT 


THE • PRIME MINISTER’S 
announcement early this week 
that the Government was 
authorising pay rises of 70 to 
100 per cent for nationalised 
industry chairmen and board 
members — involving some in- 
creases oE up to £21.000 a year 
— marked the successful climax 



BY OUT'toREJGN 5TAF* 


MR. ANATOLY SHCHARANSKY Minister, in Geneva next week, Mr. Shdraransfo; 30, a com- 
the imprisoned Jewish dissident for another round of Strategic purer expert^ ha^ Deen accused 
whose tat e-aa s prompted world- Arms Limitation talks. m the Soviet ftess of providing 

Z£'£3Sr«%L i Z t ‘ZZ sxe** K2K£Sa± u * °ES 


T^mv « vvUiiLLCU, itu. . 1 r*r 

Carter, goeg on trial in Mow *• former principal Ualson be- HgmfJSgB*. » «fn*a 


Carter 


on : Monday -on d,Tr«r« nf'"hish tweeo j€wi to “d democratic j 

trpason ^ S Of nigh dissidents and the Western specifically 

Press, could be sentenced to Tass saw ?v..J|tie Foreign 
The U ;S, yesterday voiced death. Ministry wfiffl b&B$ regular brief- 

senous concern at the decision. Tass Soviet news ^enc* togs tor eom^tents on the 


ITS 


fairness of the triaL . * ••»»•««* — w A . 

. foreign journalists. The note me “W- 

Officials gud the trials of Mr. said the trial would begin at T* 1 ® Soviet _ 

Shcharans^and Mr .Alexander 10 am in a people's wurUn the described Mr.' A 

Ginaburg. >whieh is due to start Proletary district. tried unsuccess 

the same nay could well .sour . .. . . to Israel as a j* 

the atmosphere at the renewed Tass said that the specific « . . V» 

— ^ *»«««*, ,_ negotiations Th«*v were accusation against Mr. Shchar- *® r ' v« wu 

of the first collective campaign j ?^, ed wh^the trials ejected who has been held virtu- M /- Ginzburg, ^faces charges 

ever waged by some of those i r or soine time now should have aUy to com muni cad o for 16 “f , sn*n-SovieC,i.£agitation in 

involved I been £ StTschSledon m ° nth * ^Moscow's Lefortovo ^tag- sorest of Moscow. 

People earning up to £25,000 the eve of the Geneva talks. p ™°°’ be espionage. 5 ° f ** 

or more a year are not the most! »*, is.™**, v. ...... * T* 1 ® «■?» highlight the un- dussident committee which 


Uneasy 


TIffi LEX COLUMN 


• . 


calm 
falls on 
Beirut 


GEG ftesitat* but 



•-ir - 





:l|l 


BY DAVID L£NNON 


has already! 

nsky. who 
to emigrate 
j-tor.” 

ransky and ! 


Mr. Gy nm - Vance. U.S. Secre- precedentedly thorough Soviet .sought to 


libplw rwruiis for irart* union . r ceV . ‘ piwMWMiuruiy morougn soviet aungiM. u 

of £ ta > “ du J * r - crackdown oo dissent and the observance 


style operations, and even now 
the chairmen and board mem- 
bers would probably prefer to 
believe that it was not their 
collective representation but the 
self-evident justice of their case, 
and the individual influence they 
can wield in the corridors of 
‘Whitehall and Westminster, that 
won them the day. 

In fact the success was due to 
a number of factors and the 
result was that, along with other 
top-level public servants in the 
armed forces, judiciary, and 
Civil Service, they successfully 
persuaded a Labour Prime Min- 
ister. a a politically inconvenient 
time, to recognise their plight. 

Their problem, partly caused 
by pay recommendations made 
for them in 1974 being shelved 
by the Government, is that they 
have dropped seriously behind 
the salary levels of their counter- 
parts in private industry where 
oh airmen of tap companies on 
about £40,000 to £90,000 a year 
nr more are earning between two 
and four times the £20,000 to 
£20.000 present range of main 
nationalised industry salaries. 


Evidence 


v-TJjf ’ at which a formula was’ agreed cabled to a meeting to-morrow to is 

L*L l £ in n? 1 - e I which may settle the men’s claim hear details of new company pro- b: 


Andrei Gromyko. Soviet Foreign tension in U.S:-Soviet relations. Accords. 


monitor Soviet 
o£. Settle Helsinki 



strikers vote 
tomorrow on offer 


BY OUR LABOUR STAFF 


'Vi 


TEL AVIV, July 7. 
ISRAEL TODAY watched with 

satisfaction the calm, however 
uneasy, which descended on 
Beirut after the warnings from 
Jerusalem that it would not 
stand idly by while Syrian 
troops destroyed the Christian 
militia in Lebanon. 

Israel has reinforced its 
troops on the northern border, 
but no major intervention is 
being' contemplated. - ■ 

The Syrian action against 
the Christian forces in Lebanon 
will be discussed by the 
Cabinet on Sunday. It Is ex- 
pected that the Government 
wiU empower the Army to take 
whatever steps are necessary 
to restrain the Syrians, with- 
out provoking a direct conflict. 

The belief here is that warn- 
ings given yesterday by Air. 
Ezer Weizman, Defence Minis- 
ter, Major-General Shi o mo 
Gazit. Bead of Military Intelli- 
gence, and Dr. Elihabn ben- 
EEssar, Director-General or the 
Prime Minister's Office, had a 
pacifying effect. 

The flight of Kflr jets over 
Beirut yesterday was a demon- 
stration of how seriously Israel 
views the latest flevelopmepts 
on its northern frontier. 


A late rally yesterday after 
Thorn’s dividend surprise cut 
tiie. week’s decline- on the FT 
30£hare' Index to under 6 
points, but the market has con- • 
tinued to drift in very quiet 
, trading for most of the five days. 
This is typical of a period when 
I an upturn in the economy is 
leafing to increased financial # 
pressures: the latest figures* 
show a relatively buoyant gross 
domestic product and a decHhgi 
Lrvg savings ratio for therfirtt. 

I quarter. But the 
I market now looks a tittle ram 
healthy after its recent beut ^f.V 
| indigestion. . .- .. 


•• ■■ami'-'.T. 


Thom 



Reinforcements 


Who is right about dividends? 

Only a day.- after- the. -mighty _. 

GEC. the •giVtt’fr ' wia-fa- Psland wafer thin margins. Thorn 
standard ' bearer ^ (currently reckons that in Europe at least, tenth 
sitting on £6lVm ; ;of cash) its recent rationalisation moves <0*-'—' 
meekly ft could should enable it to break even, asi 

I not reco mmen d ^ “ sudden and if n °t do better in the current 
drastic increase 17 in its dividend, year, which should not be too# 

Thorn ISecfr&caL-has popped up difficult since. 60 per cent of i ,l! 
with a weil^brn device to boost TV output goes to its own rent 
its dividend by 72 per cedt. It outlets. - . - 

is following Beecham. and Boots Fortunately, the TV .rented 
land issuing a convertible Euro- business continues to prosper', . .. 

bond The' amount raised, $25m, both here in the UK, flEhere :, speabJe. disconrit on 


STRIKING toolmakers who have recommendation to tomorrow's convener, said yesterday that be 
S? ,te a ?-^ hr ^ £ler ' ar J a ® s J einb,y In m f T etifl 8 of the 350 meo. thought U unit keli that the pro- 

the Midlands will decide tomor- However, Chrysler’s factory at posatiT would be adapted, 
row whether to return to work. Linwood, Scotland, appears un- Mr. Peter Me 

At . a meeting yesterday i ikel - v t° Production be- director of S 

between employers, unions and f0 , r , e the nuddle of August after warned yesterdaj§£that a strike 
the Government, ministers made t*** 5 yesterday failed to resolve by 640 press opienators at the. 
it clear that the toolmakers ^ 'separate week-long strike by Pressed Steel Fisher Swindon: 
could not be made a special case 530 P 310 * shop workers. factory could be &e “last straw 

under the 10 per cent guidelines. The plant will dose on Thurs- which breaks the camel's back.” 

But the meeting with Mr Alan da *' ni S bt for annual three- He said that August was ex- 
Wiiliams. Industry Minister, and week-summer holiday and. follow- pected to be the. ‘best month for 
Mr. Harold Walker, Employment * n S failure yesterday of five many years and It . was essential.' wedxSdto 
Minister, was followed by talks h ° u ™ of ta,ks arranged by the that BL should take 25 per cent . 
between Mr. George Lacy, Advisory, Conciliation and Arbi- of the market if ft was to avoid i 
managing director of° Chrysler ^ration Service, shop stewards be- agonising decisions to reduce the 
UK, and Mr. Terry Duffy, presi- lieve th ere is little chance of a workforce - .v . 
dent-elect of the Amalgamated settlement before then. The Swindon' dispute, over the 

Union of Engineering Workers. Paint shop workers are being stacking of reject body panels. 


certain to lead to lay-offs at 


Temit of the Government's Top 
Salaries j Review Body which, 
under the chairmanship of Lord 
Boyle, the former Tory Minister, 
also covers the lop forces' 
oflicers, judges, and civil 
servants. 

It received evidence and 
research information, before it 
presented its latest report to the 
Prime Minister last month, from 
more than 150 individuals ranging 
from top judges to a Marshal of 
the Royal Air Force. Civil Service 
union leaders, board chairmen, 
and Government Ministry perma- 
nent secretaries. 

But in order to win, those 
Involved had to persuade not only 
the Boyle Review Body to report 
in their favour, but also the 
Prime Minister and his colleagues 
to pay up. Formal and Informal 
political and personal pressures 
therefore came into play. 

Top civil' servants belong to 
two long established unions 
which have recently affiliated to 
the TUC (the First Division 
Association and the Institution 
of Professional Civil Servants); 
but the individual permanent 
secretaries also pack their own 
personal punch. Judges and 
generals have no official central 
collective voice, although the 
Lord Chancellor's Department is 
said to be adept at showing why 
barristers' high fees necessitate 


BL production plants supplied 


for. improved differentials. posals for determining tempera- by the factory next week. 

- The company has agreed to tores in hot areas of the shop. Mr. McGrath sai&that workers' 
open negotiations with the tool- The .dispute is over manage- reluctance to acceft change was 
makers ,-pn a self-financing ment attempts to speed up pro- the main reason for BL's falling 
productivity deal as soon as they duction by cutting rest breaks in productivity. Employees had 
return M work. This will be these areas. more to gain from co-operating 

considered by shop stewards this Mr. James Livingstone, Trans- with improved productivity than 
morning and they will make a port and General Workers’ Union trying to resist iL 


Continued from Page 1 

Philips 


mended retail prices had become 
meaningless because most 
retailers were selling, way below 
them and that claims like M £10 
off recommended price" helped 
nobody. 

Tbe major appliance division, 
however, has decided to reverse 
this decision ahead of the rest of 
the group because all its major 
competitors have continued to 
recommend prices. This meant 
that retailers -were able to quote 
large notional savings on other 
manufacturers' goods. 

The division is also concerned 
about fierce price-cutting. This 
has .been intensified in recent 
years by the emergence of dis- 
count -/chains and the entry oF 
supermarket groups into the 
durables market, and has 


put 

independent specialist shops at a 

rises for judges, and the Chiefs | disadvMtage. 

_ e ji . r »..fr l. ...... ' Wr nfUI Si 


of the Defence Staff have their 
own unique authority. 

But it was those in the nationa- 
lised industry' who for the first 
time were flexing some collective 
muscle, through two organisa- 
tions. First there was the 
Association of Members of State 
Industry Boards which was set 
up to funnel frustration when 
the 1974 rises were not paid. It 
claims 100 members (out of 150 
so) in nationalised and 


Mr. Ron Seers, the division's 
sales director, said yesterday 
that, as manufacturers with, a 
“real and genuine interest ” 'in 
the progress nf the industry, the 
company could not condone the 
formula of selling just on price. 
The division did not wish to be 
associated with this type of 
strategy. 


Nigeria to raise 
$lbn Euroloan 


BY MARY CAMPBELL 


NIGERIA IS to raise a Slbn of Finance, to a group consisting 
Eurocurrency loan from interna- of Dresdner Bank; . National 
tional banks, her second within Hums ter Bank; Chase Man- 

a vear The funds will bo h . artan Ltd -: Citicorp Interna- 

tewSF'thTkpJSS proSS. ta Mldfij 1 d F B a 'i lt ChJC,, ° Ltd - : “ d 

the third national d^opment Soriana have 


plan. 


. ... . .. lS advised by First Boston 

A Nigerian negotiating team tEurope) throughout the nego- 
has been in London for 10 days tiations. 

to clinch the deal after negotia- The terms of the loan include 
tions in Lagos. a margin over inter-bank rates' 

The mandate to arrange the of 1 per cent for the first four! 


Reports that Syria had rein- 
forced Its forces deployed along 
manasine ' Golan Heights caused little 

Conroonents! ' concern here. Israel Is confident 
Components., ^ . Jg strength is so 

overwhelming that President 
Hafez al Assad would not risk 
any confrontation. 

Ihsan HIjazi reports from 
Beirut: Since Israel’s show of 
strength no serious fighting or 
shelling has occurred since 
iy night. 

visitors to the east- 
ern quarters of Beirut were 
able, to witness the devasta- 
tion of the past few days and 
also found the Christian 
fighters not only defiant to- 
wards the Syrians but also 
elated over the support re- 
ceived from the Israelis. 

Pha lan gist militiamen talked 
openly about partition and 
plans fo establish a Christian 
State !u the areas controlled 
by them — with Israel! assis- 
tance if necessary. 

Our Foreifn Staff writes: 
despite the de facto ceasefire 
in force since Wednesday 
morning, the U.S. Administra- 
tion regards the situation in 
the Lebanon with grave con- 
cern. 

Through diplomatic diannels 
It was trying to persuade 
Syria to stop Us troops from 
further attacks on the Chris- 
tian forces and Israel to keep 
out of the conflict. 

The State Department is also 
concerned that the- fighting In 
the Lebanon conid jeopardise 
the CJ5. Administration’s 
efforts tt bring about resump- 
tion of direct peace negotia- 
tions between Egypt and 
IsraeL • -■ 


[is equivalent to less than 5 per the group is increasing Its ojjifr'..,Pg t wi^-th bf 'some £67m. 

lets by S per cent per anottttfifa8»W,^reantijne, is almost 


The slse of the tot 
write-offs is a matter f 
: guesswork, ; but .estimates mi 
. start at £20m and work upwar 
from there- The references 
present-day values, show 
Hambros Is ready for the wor 
in some cases at least. Why u 
disclose the figure? Apart 
a general banker ly in cl mat i 
towards." secrecy, it would 
unwise to show too many car 
face up during am Oslo puk 
game which has not yet finish* 

Accounting being the wel 
and wonderful technique tlr 
it. is, Hambros is now able 
show overall net profits whi 
—thanks to same equity po 
folio profits and one or ti 
. extraordinary items, notably t 
Hambro^ Canada disposal— a 
actual&tip: from £8m to alnu 
the dividend is 
er. The shippi 
scarcely be brush 
ver, for the lass 
part of the inn 
wiH apply balan 
ts to the banl 
wtft. The share pn 
Bp yesterday to 16E 
and a market capita 
tti6uof £41m still represent* 
disclos • 

r 

9 P 


if 

P ' 

or , 
«y u 

^jiii 


been 


cept of shareholders funds and _ 

is clearly not going to transform and in Europe where the.growtlfr cebfc y 
Thorn's financial structure. But rate is more like 20 
the Treasury has nodded it So; helped by ah i m p ro Sotbeby ’s 
Through and Thom show?, no formance on the domefitiragigfe^ 

sign of being ashamed at pacing, ance and lighting sidfl!ij&»ra4?. ... “f'tos no secret 

on some of its cash to share- reasonably confident -1 steStitfie- value ^ ^iL ten 

holders. v current year. Ar3S^f ; 6ie st^mnent as an ^indicator ,v. * • '• 

Of course it is at pains to shares now yield s/Br rent ? erf ?S nan “ 1 0T * e l e * r ‘ B 
P-t ouTV this dirfdendfeed 3) ,*» 

window dressing manoeuvre— it tunes. ’Z 1 "" ' ' quarter at £2.4m, with revenu 

prefers to caU it an “exploratory / ' : . .. boosted almost 30 per cent 

exercise” It has between f£0m HambrOS / £13.0m. ' These figures do n 

and £50m of short-term foreign years ivo fitembros Bank include any of the commissio 

currency boreowings. wto^ it ^iSJTiSfSsSS of £9m from the r^ord-breaking £18* 
wants to refinance, and -Jk-. on , in< , t ita?NbrwBgian shipping Von Hirsch sale last month, ai 
the look-out for a majg'^pij ^ whMr^S^then said to it seems a safe bet that grhj}?;''; 

5“ ac^uiMtipn (upw^g ^ a “crisis of fees from this alone w.ll n u 

£a0m, say). It intends to be^k un precede^d severity in the have been far short of 


for more money at some; 
i and this issue will help it 
name known. 


shipping industry.” . This year interim profit figure. 


Hambros has made a much The most significant featu: 

:, i-. biggSr provision than that, bat of yesterday’s announcement-, 

As for the results themselves, fai-$om disclosing -it, the bank the effective 28 per cent dt 1 
they are well up to .ibrpecta- Hal taken frill advantage of the dend increase, and the plan t 
tions. Pre-tax profits/are 83 accounting privileges open to channel part of this through ... . , . , , 
per cent higher ar £1 10.3m banks. Thus it has drawn on a capitalisation issue of 9| pf*' ' ‘ 
although if Thorp' 'had .not substantial part- of its secret cent ^Cumulative Preferent 
altered its accounting treatment inner ‘ reserves generally Shares. The preference shai 
for the Australian affiliate, reckoned to be quite large by scheme is being devised for th 
AWA-Thorn, ypeh has swung merchant - banking standards, usual reason — to allow exisrir 
sharply into tiife- Ted, the profit and put at over £30m by some shareholders to cash in pal 
growth would have bdfen halved — and has also absorbed specific of their holdings without relit 
to around 4 per cent Mean- provisions set up last' year, quishing any control. In th 
while, attributable profits are Moreover it has charged some case of Sotheby’s, directors wi 
some 51 per cent lower after a of the losses against -banking be selling a part of their pn„ . . 

once-andrfor-all £8m extra- profits .for the year, which at ference .entitlement, represeti' - : ; - 
ordlnary item covering the the halfway stage were heavily ing IS per cent of the full issm 
rationalisation costs in Thorn's boosted by gilt-edged 'Sjuns to This move comes only a yes 
troubled consumer electronics give a total “well above” the after -the controlling shan 
operations. corresponding level, but by the holders raised £5 An from tb 

The problems here are well end of the year were over £lm public when Sotheby’s came t 
known — chronic overcapacity lower at £5.17m net of tax. ', the stock market. 


Weather 


loan was awarded "yesterday by years rising to 1J per cent for! RATHF » roOL some rain. 
W-y- ^ Secret .5 ry . for toe last four, slightly higher than I 


UK TODAY 


Finance at the Nigerian Ministry on the last loan. 


Thorn allowed to boost 
dividend by 72% 


BY MARGARET REID 


THORN Electrical industries, the convertible into shares. Include 
lighting, television sets and Beecham and Babcock and Wil- 
In an attempt to stabilise the [domestic appliances group, is be- TOX - 
market and give both sides ofiinE allowed hv thi» Trawiiru tn Thorn’s Issue of S25tn convert- 
the industry reasonable margins-!-^ wLl w ™ ™ ib I« guaranteed bonds 1988, be- 


S-uS Slate bSaSdra^^e ^ dividend by 72 per ^ 

most of its strength from the i “ flojng Prices " to the trade for «“ • *" with a i cash- subsidiary. Thorn InteniatiODal 


rlectrieitv and eas industries i Implementation by the end off raisin g S25m (£13.4m) Issue of Finance BV, is designed to re- 
J1TSS7 members on the Foil ! August. .... ! convertible. Eurobonds. finance -part of the Sip’s £50m 

To maintain competitiveness.} The move follows Last week's or so of short-term- overseas 
he said, the division would be; news that Boots was making a borrowings. The proceeds wiil 
prepared to accept a “ deviation S30m (£16m) convertible bond also provide more working capital 
of 2.5 per cenr below the figures J issue, with which it coupled the for the foreign subsidiaries, 
suggested." This would become promise of an aimost doubled The announcement about the 
the minimum advertised price- j dividend. Other companies which much increased dividend and pre- 
rr,i . IJ *- have been permitted in the past tax profits up S.2 per cent to 

year to raise their dividends by £U0.3m. was well received In 
much more thkn the usual 10 per the stock market, where Thorn’s 
cent limit, in order to give added shares jumped 2Sp to 338p. 
attraction to a Eurobond issue .Results, Page 16 


Office and airways bnards 
but Jew, if any. on the steel or 
railways boards. Run from 
Merseyside by a retired regional 
electricity chairman. Mr. Denis 
Dudds. it has yet to gain formal 
recognition from the Government 
although its leaders have met 
Lord Peart, the Lord. Privy Seal. 


Action 


This action would bring stability 
I and realistic margins, he hoped. 

The question of recommended 
retail prices has worried the 
Department of Prices and the 
Office of Fair Trading tor some 
itime. The OFT published pro- 
The other organisation is older i posals recently which would 
and' more influential. It dates 1 prevent_ retailers making price 
from the late 1960s when Lord comparisons with recommended 
Rnbens, then Coal Board chair- P r,ces but w o«ld allow manufac- 
man. founded a lunching club for hirers to gg on recommending 
fellow chairmen of the seven I them as a guide to the trade. 

main nationalised 'industries. ' ■ 

Called the Nationalised Indus-' 

tries' Chairmen's Group it now 
has some 20 members and has 
developed its own small bureau- 
cracy and specialist sections deal- 


ing with specific issues. It 
received recognition from Harold 
Wilson when he was Prime Minis- 
ter in 1975 and a dozen chairmen 
have meetings about twice a year] 


Continued from Page 

EEC 


chaired the Bremen- meeting 
emphasised that the new scheme 
way not- hostile to the dollar. 


White Paper likely soon 
on Phase Four guidelines 


BY OUR LABOUR CORRESPONDENT 


A GOVERNMENT White Paper apply strictly in Its role as public 
on pay guidelines after Phase sector employer. 

Three of its' pay policy expires The White Paper will come 
at the end of this montb is prob- at about the same time as the 


London, S£., Cent. S. England, 
E. Anglia, Midlands, Channel Is. 

Rain at first- Max. 16C (61F). 
East, Cent. N., NJL England 
Outbreaks of rain- Wind N.W, 
gales in exposed places. Max. 
14C-16C (57F-61F). 

S.W. England, Wales 
Rain early, scattered showers 
later. Max. 16C (61F). 

N.W. England, Isle of Man, S.W. 
Scotland, Glasgow, Argyll, N. 
Ireland 

Showers, perhaps bright inter- 
vals later. Max. 15C (59F). 
Bordet Edinburgh, Dundee, 
Aberdeen, Cent. Highlands, 
Moray Firth, N.E„ N.W. Scot- 
land, Orkney, Shetland 
Outbreaks of rain. Wind N.W., 
gales in exposed places. Max. 
10C-14C (50F-57F). 


BUSINE5S CENTRES 


Monday, July 24. 
The Prime 


Minister is committee consider the final ! 




Y'day 


* Y’day 


Mid-day 


Mid-day 



*C 

■F 


■c 

*F 

Amurdm. 

R 

' 12 

54 

Madrid 

S 21 

70 

AttaeoE 

S 

33 

91 

Mancfrstr. 

C 14 

57 

Rahratn 

S 

35 ~SS 1 Melbourne 

F 9 

' 48 

Barcelona 

S 

3 

70 ] 

Milan 

F 23 

78 

Belfast 

c 

13 

sal 

Montreal 

C 2 * 

79 

Belgrade 

F 

21 

70 

Moscow 

F 21 

7 D 

Berlin 

C 

15 

59 . 

Mtmlch 

C M 

37 

Rli m 1 

c 

18 

n 

Newcastle 

C 16 

61 

Bristol 

F 

18 

84 1 

New Drihl 

S 30 . 

88 

Brussels 

R 

13 

59 , 

New Tortt 

S 27 

SI 

Bud attest 

C 

IB 

Ml 

Oslo 

Th 11 - 34 

B. Aires 

c 

12 

Mi 

Paris 

C 15 

SB 

Cairo 

s 

41 1 B 7 

Perth 

S » 

61 

Cardiff 

F 

15 

59 

Prague 

C 16 

81 

CUcago 

C 

36 

7 B 

Reykjavik 

R 11 

S 3 

Cologne 

R 

12 

54 

Rio de J'o S 26 

80 > 

Copahasa. TD 

12 

54 

Rome 

F 23 

13 

DubUD 

C 

14 

57 

Sinaaoore 

c. as 

83 

Edlnburth 

c 

IB 

61 

Stockholm 

P IB 

86 

Frankfurt 

c 

u 

57 iStrasbrg. 
jo [Sydney 

C 16 

81 

neiwva 

c 

13 

F 12 

54 

Class erw 

c 

13 

55 Tel Aviv 

S 28 

82 

Helsinki 

c 

16 

61 1 Tokyo 
S 9 |Toromo 

C .15 

» 

H. Kong 

s 

M 

S 28 . 

S 3 

JoHrarg 

s 

16 

si i Vienna 

r. w 

66 

Lisbon 

5 

3 D. 

MiWnmv 

P 18 

64 

London 

F 

19 

ulzortch 

C 13 

ao 

Ltutembrg. 

C 

11 

52 ‘ 




Indeed, he said that both he 


■ scheduled to meet Confederation draft of their new policy docu-! 


HOLIDAY RESORTS 


with the Chancellor of the Ex-i an d president Giscard d’Estaing 


chequer. Its present leaders are 
Sir Peter Parker of British Rail 
and Sir Denis Rooke of British 
Gas and it was a meeting some 
of them had with Mr. Callaghan 
after Christmas that evidently, 
persuaded the Prime Minister 
that action had to be taken .qvter 
their salaries Their evidence 
also influenced the Boyle findings 
and the Impact of their public 
and - . private pronouncements. 


of France had spoken to Presi- 
dent Carter in the past few 
weeks; and that he had given 
the plan his pdllttcal endorse- 
ment. 

It Is envisaged that the cur- 
rency arrangements proposed 
would ruo for an initial period 
of two years,, during which the 
proposed central fund would 
apparently be managed on an in- 
Herpovernment basts. 


meSna that.flollectively. they have J. Thereafter it would be wm- 
a thieved what individually would -sohdatcu into a European Mooe- 
have been beyond their grasp, j tary Fund. 


of British Industry leaders on ment, Into the 80s: An Agree- 
July 19 and they will report back ™ent. This, which acknowledges 
to their council later the same to general terms the need for 
day. Another meeting between continuing some form of broad 
the Government and TUC is understanding on pay between 
likely at about the same tw, the Government and unions, 
although Ministers appreciate T* 11 {orm toe basis of the TUC 
that there can be no prospect of 6© n eral council's report to Con- 
the trades union movement’s for- gr SS?.? n P° I5cy . 
mally endorsing any pay norm . While there can be no en- 
ter the next 12 mouths. dorsement of a specific pay norm 

Consequently the Government the^overn- 

has tittle option but to proceed in in a probable election year 
the same style as last year, and Jf P £?*? inount ,n , toe thinking 
will name a single-figure earn-- many . leaders., 
ings rarget which it will then ' Callaghan's gamble. Page 14 


AiaccXr 
Algiers 
BUrritS 
HUdqxHl 
Bordeaux 
Boulogne 
Cash Idol. 
Cape To. 
Corfu 


C 19 W 
F M 7a 
F IS !t 
C M 91 
C 17 63 
F 14 57 
S 2S 72 
C 19 66 
S 9 SI 


Dubrovnik c 22 72 
Florence C 28 K 
Funchal s 21 70 
Gibraltar F 23 73 
Guernsey s 14 57 
Innsbruck R 14 57 
Invernm c - 13 55 
is. of Man C 12 54 
Istanbul S n a! 

Je THCJT R 15 59 
S — Sunny. F— Fair. C— Cloudy. R— Rain: 

Tb— Thunderstorm. 


Las Pima. F 25 77 j 
Locarno F .34 75 ; 


Uxor 

Majorca 

Mtiaea 

Matt* 

Nairobi . 

Najrte* • 

Nice 

Nkoela 

Oporto 

Rhodes 

Salzburg 

Tamler 

Tenerife 

Tonis 

Valencia 

Venice ' 


S 41 IN 
S 25 77 
S 23 77 
S 27 SI 
C 18 
C 21 72 
S a 70 
S 35 95 
S 23 73 
S 30 66 
C ]4 57 
S 27 81 
S 25 37 
F 25 77 
S 23 73 
C. » 66 





^#4 con 


GROUP LIMITED 

Prbf it Statement 


Salas 

Group Profit Before Taxation - ;V - 

United KingdomTaxation - 

Group Profit After Taxation 
fmerim-Dividendof 0.422fi0p net par share 
Lbss Dividends Waived 


52 Weak 
Period Ende4l 

1st April 
T978 
£ 

£64,117^324 


, 53 Week ' bp. 
PeHod Ended 
2nd April 
*1977 i 
£ 

£58J0S,118 


1^32^96 

193,491 


1,645,614 

182^30 


£1,289^205 


106,889 

8,434 


£1,463.184 


95,699 

(0.37836pnet) 
98,395 7,605 


88,094 


Recommended Final Dividend of 1 £4588p 
net per share 


315,122 


281,861 
(1.11 572p net) 


Less Dividends Waived 


25,107 


29QJH5 20J376 


261,785 


£388*410 


£349,879 


Extracts from the Statement of the Chairman, Mr . D*P. Lennon: 

G roup profitis £1 .482J596 f or the52wask period. ■ 

Wines and spirits profitrosafrom £539332to £685,1 94jn inctaase of 27%. 

Food profit declined 1 c £797,522 due to unprecedented competition in fits food trade. 
Directors propose the maximum final dividend permitted of1JZ4588p net per share. 


A/ 

A 


-X- 


4\ 


V 

4\ 


Wines and spirits trade remains buoyant and profitability on food sfde is oettina back to 
normal levels. 




Shortly to open 1 00th off-licence. Group expanded into Cumbria and consolidated 
operation in Birmingham. 


V 


Group hasa numbw of Interesting proposhJonswfuchcouW^signrficanfiyto 
profitability 1 ' . _ • \ 




Hnandaflyihe Gfouphasnevsarbeen efionger. 


TheAnnusI General Meetiiigwfllba held et 12 noon op Frideyfth*26tHofAuguaL 197ft at 

The Abbots Well Hotel, Chester. Cbpiesofthe Report frAccaimtaWin be aVeilabialromV 
The Secretary, Lennons Group Limited, Coiporation Street St Helens; Merseyside, WA9TLD. 


nvalHtered at thi:' Poat .Offlt*. Pruned by Sti'ti&iittoFi.'Presrlor 'and cntt tadw£ . 
•w Jbe Fmaneial Tun««rU4/BnckM Hqum; Caiwm Strict, tkfplon, «C4P 4ayi. 
v ^ t e Ibr nturadalTIf^a^ifi., ; 





• . - :.*=C • •