Skip to main content

Full text of "Financial Times , 1978, UK, English"

See other formats


No.' -27,581 



Saturday June 10 1978 



Weldxppsft 85' W777.-IeI«x: 36153 ~~ { * - ' NETHERLANDS FU.O: MOR WAT Kr.3.5: PORTUGAL iKjOl 

^CONTINENTAL SELLING PRICS, AUSTRIA StfuJS? RaWUH F r.lS; PEN HARK KrJJ; FRANCE ^.3.0; O ERMAMT Otn.fi; HALT . 

Welcome in the City for Governmenfs package 


,. 3 . Ss PORTUGAL ^ SPAIN -*■ 5WEDEN Er ^ SWITZERLAND Fr.2.0; JSg 


Bank 

Base Rates 


MONTHLY MORTGAGE 
REPAYMENTS 


Baja- Rub *r. 
BtffffMit Bales , 


AHJJkSOHDJFMAB 

1977 1976 



8J5% 

9-75% 

LOAN 

£ 

£ 

£5,000 

40.75 

45.05 

£8,500 

69.28 

7639 

£10.000 

8130 

90.10 

£12£0D 

101 .88 

112.63 

£15,000 

122J5 

135.15 


1 

, BUILDING 

1 SOCTETIKS 

l MORTGAGE 

j ILVXE 

UM V 

Ji MO : _ 

. — ' — 

bI-t-jE 


A n I - 

_ • SSNKO 


It 



1976 

1977 1978 


Liberals 
may back 


censure 

By Rupert Cornwell, 
Lobby Staff 


• vv , 

r " 


• • GILTS showed fresft -Strength 

in coni foxing response to the 
-9 5 ra*,ir. p V-- • latest monetary ^ meashxes, with 

“S::g Israel yesterday staged a deva- iong S and J shorts' showing . tiscs 

r stating raid on’. a Palestinian 0 f up to L. Government Sccu- 

r ‘base on the South Lebanon rities Index put on. °- 58 t0 
v-V-, : •••■-■ coasts i The 150-strong force 70.26 — a rise of ■ WTO on the 

-,\ V ;;-«Epnned "into the Dahr AI-Borj WCC fc. ' *•» .vN.'. 

ns: - UjoettBP' -from, rubber boats and TiA(im _. ,»,*««? over- 

- helicopters, destroying boats, ® EQUITIES 

si'-., SSSSchers and hnUdings. shadowed, 

conflicting reports i» Gilts. FT ‘ 

.... n : hi on^tho^httiber of -casualties afrer closed 2.44 down at «66-» Sb 

: '''■ ■’■ p 4 j! • ihe.- two-hour , battle. Israel. ' \ 

TTt -> - chimed" 'that .at .leasts seven 480{ ~ ssnA T EH l ■ ' 

'-'•■w-ste ...•- Taiestinians- and two Israelis ■ " ; • - sSh -' 

msr, .'•••.■; died- iijt -the -attack on the base, JS; I . 

i -i';. -: -vfcldr-ft- believed: was to be used K- 

for air assault oh Israeli civilian 475'*^ sJ—r 
1- • . • .targets.'’. '’. 

•’ ‘. i^The Palestinians said that eight J — i-r — ,. r{\. 

. ibEaelis^ five guerrillas and nine — •- tl ' 

s'Lia^’ Lebanese civilians died in the ~TT T 

i > Police storm jail SuSflS^I ±J 

J ‘ *•': 'a.-;' -police found a young prisoner , 1 -^r ; | ^ 

,r • . .._ : . & abbed 10 death and several biiomByMcv&iwrS' 

r ."- ; ' .others seriously hurt when they — i -tapA«cuis£ — 1 

■.■j- -V. ?- i - stormed Madrid's- . maximum | \ — 1 

, - V : . security jail to restore order, n iNFl97ff" 1 

- . ■ '-after riots by pnsoners protest-- 450' ™ ro 7 T « y 

' - iag a^ainst conditions. ^ 


Bank base rates up 
as gilts boom 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

j v tv a -anticiDatiOD of a sizcsblp iu - 
RAkNKS and building societies 10 per cent announced rr^ase in wage costs tbis year 

fn^d^elirrnt/rest nws. f 0 \“ k E !n n d2s™ "boSwer S^Tgi-n & ^%™ aUer 

i es,e L d 5.J. n ' e !L°°, Se "2 now^wiilhave to poy at leaal 11 /^L° S re moo.mon of 


$372m for 
Union Bank 

BY NICHOLAS COLCHESTER 

tTANnARD pharTEHED, the National Bank and the Com* 

lav"e British ’ multi-national inercial and Farmers National 
b’t has amn Sd » buy Book. Standard also made a 
Uidon Bancorp the sis tb largest spectator but abonise atlcrnp. 
bMk taSuffrnSffmSHSminw buy..Bank of Califorma lot 
the British banking sector’s most SI 0m lust over a year ^ 


TIIE LIBERALS are actively , hfi Er iti S h banking sector’s most S130m just over a year ago 
considering voting with the cosl iv venture* into North Union Bank, with ^ets _ o 
Conservatives on Wednesdays America SCl far. . . S4-7bn. was the lu»i 

Onunsllion censure motion to , dpal an- bank in California of substantial 

" Ifa 


Nortii Union Eank. with assets of 
S4.7bn, was the last remaining 
*1 -m- bank in California of substantial 


Government’s credit squeeze, uuw «... i.a. B A Moreover, tne reimpus.uuii m. 

si sTekSe^rffo Vgstt«s%" t syss sspi.snSfe 


Moreover, the reimposiuon 


marRBL auu uicic f nr p . . Th« h-mkc arp 

Sa Brokera°estimated that more £e e, oarers took a djkcring " SISTi^^ 
ihnn fibn of oilt-edeed stock had line on the rates the. I > n hear ^jo deposits since thev art. 

been sold since the announce- — aU above the liniiLs set out by the 

ment of the measures on Thurs- Edi torial Comment and Price Bank ot tns'andnn Thursday 
day lunchtime. This is a major £ ^ Bu d ge t errors. Page 14 Most w> to 

sLjESf - JTSiJS ^ ^ aw?* JWK - ^ 

the growth of the money supply 


■ill above the limits set out by the 
Bank of England nn Thursday. 

Most »'f the clearer* . in the 
next w*-*ek or two are likely to 
reaffirm guidance to braneh 


:i:r;cor 


ZSJrJsX S 5 SSS M J?: 


SaSS 

ar^ , ssass?fiSBS ; s:.was. js ss "srssL’s » Silfe ” m '" ,he 

aydessssy®-^ *,Zh .aw 


‘"«iVlon by NatWcs. and lhe 

short tap is expeexeu. to run um Lloyds runs against the normal a ” ^ me allowance is 

early next week. pattern since the banks w »e additional current 

points Building societies increased pas t.have tended to widen mat- maa ‘rtennsits this fact. 
1 Index mortgage rates by li points to ^ ns t0 maintain profitability ™ e(I with tiie heavy sales of 
depre- 9i P er « nt aD & when interest rates are falling £*"J“ ed stoc i ; j n t he last two 

sr ^ fcs^lK.’SMS'iS 

U . s SEr - SI rrjp»srs — - ^ 


- crviUarisheld . .. p ^ 

,i- •' ,. t "> Security ' forces. ,have detained. cen ^* • ^ 

about 200 civilians in a round-ua STREE^eto^d off ^ 

- -of suspected rebel . synipathisejp «sfi 85953.' 

j - - • ' • in Zaire’s Shaba province, accord- 2-«> « - ^ 

•• -r,' fog. to reports from Kinshasa. EUROPEAN steel^odwers 
’ ^ " ’ - - . . • approved in P^ciP 1 ^}^- .. 

• :: ri Flats flf© t ^ • Commission proposal whin- . 

. r* Ksr j : > 

■c woman died - were - ^sorgM SPENDING from the Consoli- 
ised " and reluctsmt-io. take risks. ^ Fund— themiain component . 

- V;:. a Spanish couple also died in GoV ernmepf expenditure--. 

’ ' ...V • the fire. - • rose IS per £ent in April Md 

; ; . Wife plea fails G b ver nment ‘forecasts. Page 4 L 

• ?' ;Mr.- Rodney F^rr. failed 1 in . a - pjjj^cE GHARLE5 opened a a 

new High -Con A bid. i development at Gatwick J 


'SUfiSS*' SZBT&** a concern S about profitability ib 


inc — ... . iianoarn L-.idricreu. p.-Hfomta ooeratinn V.UU 

party’s 13 MP» wlH SPt,,ed decision “the most -important . set _ int0 union 

only early next week, after a devtlopmcm since the Standard in assets, i. ^ 

meeting between Mr. Alan Bank and the Chartered B. 31 ^ o 0t i. { ar f,eat hank in the U S 
Bciih. Liberal Chief Whip, and J0ine£l forces just over eight 30 T t l' n ^ e . : l l S „ or " u e ,,, 1 . 
Mr. Michael Cos. his Govern- J vears ag0 ." i, will raise the on s mui ih more a c. .u 
ment opposite number. Their p loport i Dll 0 f the bank’s business a b r r anehet' -pre- 

vote will in part depend on f n Nort h America from five to ^ “P ?he Lo? 4ns? 5 
wbrtber Ihe issue is treated « ar o„nd =5 per cent: : I? e T- “hureaf tbe NaTS 

on ^° r ,j «h CCC iihPrais side The two managements have Bank of North America, acquired. 

should the Liberals ^ provis j Cina ny agreed that Stan- b NatWest has 141 branches 
with the Tories. Mr. Keaiey s dard win pay S33 in cash for each jth j four-fifths of Union's 
salary— if not his ftitnre as lInion share . This compares with assets 

Chancellor — wilt depend on jnc lbe p r j cc on tb e New York Stock Standard has assists nf $15bn 
various nationalist par.ies, Exc h ad ge before the announce- and ^ gpo branches across the 
who will also make up uw «r m<;nt of g 14 -. and ^ equivalent wor!d The union Bank has had 
minds shortly before me to .,q t j mes Union’s earnings in a poor pro gt record uf late 

dehaie. , _ 11977. Last night Union shares in re fl ecl i n r, j n part the provisions 

Whether or not i he Govern- ^ ew York closed at S26. it was forced to make for losses 

ment makes the issue one oi transaction still depends in the real estate and construe- 

confidence l.es become wrt of jne miludeofthe U.S. resula- tion business. Both sides .are 
the iana-ninninft j® 1 * 1 * ' . ® . tori authorities and on the final looking for improved earning 
nenes between the Goicrn . f brith boards. The this year. Standard is eager to 

ment and the Lfoerats o\er de^ involves complete examina- fund its dollar lending with 
Bndget stratcav. rhts leu *» . litigation involving the Union Bank’s dollar deposits and 

month tn detenu on inv £ bank, which caused its last notes that Union’s advances cur- 
Finance Bill whieh cost t acc0 unts to he qualified. rently account for only 53 per 

Exchequer over ®*™" 1 - . standard has been homing in cen t of its deposits. 

There i« no disguUma ine CaUfornia for more than a Standard’s share price moved 
fury of Mr. David Si^l. decade. The Chartered Bank up by 5p on the news to close 
Liberal leader, and his coi- founded a ba nk there in 1951 last night at 410p. 
leagues over wfcat they see as ^ chartered Bank of Br!tiah banks in the U.S. 

Mr. Healey’s arroaant fondnet, London witb five bra ncbes. This Briu „ , q 

culminating 5nhu abrupt con- ^ since sanded to 32 through evslck Page 

version to hierber national wo acquisitions — the Liberty Lex Back ra*. 

iasurance contributions. 

Mr. John Pardoe. Liberal ~ - 

economics spokesman, whose Q 

: ErSSra.B Lloyds charges nse 

Chancellor been prepared to «/ 

5^t?TiS3S."RS BY DAVID FREUD ■ 

ase would have been unneces- . yesterday will rise from 9p to 12t p an item, 

sary- ... • LLUxDS yestera ^ thn , 1E ,L the cbar&c for Cashpomi 


mSagers about restraining lend- ^ fo defeats on the 
the oersonal sector and Finance Bill vhirh cost t 
c companies. Ev*-hequrr over 

ianks will have to reduce Tb ere i«= no duguWna ine 
LnteresT-liearinc eligible f U r>' of Mr. David St^i. tb 


Lloyds charges rise 


BY DAYID FREUD 


iot all societies jy fo rce ^add itiema ^ lax cuts into 

the Finance Bill. 

MICHAEL CASSELL BUILDING CORRESPONDENT SS 

TNG Society R--W ^ fiSfiS *5SStSS“S «' V sSSS., TJlS- 



e piea tans Government forecasts, rage** bUILBTNG Society believed represented a halt me tailing icv«» 

SF&r«dW«: •FBLVCECHABLESo^o a3lnute d S pJ»o n ?o Lfie Totco, ^ US 

sclerosis f 100m development at Gatwick J?!!? interest rate Increases. reviews. ■ was reIeuSed .yesterday suggested 


: ;;sSf»*iSsS SSSSHEFs Sto^aS S‘S% S& 


SHng the .Dport 6y “| to S 5 ‘ P« cenL Imgft r»J «««“ "ES. S3S.,' IsSS 'in April 

: ■';^:^hopi bus crash f&F&& SS t SSSuSSJ ?S!SS r&H™ 

- — 3®«3 “*-* for “« r 5S!^_y ! a!5!si 


“SO wooW *“ ve bMn , nvn - TRANK ’ yesterday will rise from Sp to lfilp on Item. 

"Meanwhile senior Cabinet {; e ' came u, e fim of the cleartas 

ats "Tie v ss ss2-.g r jsrs *^^SSb^nio- 

measnre* taken by the Chan- „ less than twe . nonte c ^ e e nt c S n n u ,0 f r re? of ch«sS 

cellor aud pinning the b lame a f Ter publication of a Price Com- ha ^ been cban ged from an aver- 
for them squarel> on the Co mission report which said that - balance of £150 to a mini- 
se natives and their decisionto ^ charges by the banks for g D f flQ0 for tbe half-year 
force additional lax cnls into handling and cheques were “ u r ^ d ° £ xlw 
the Finance Bill. “not excessive" Thp' charges relief rate, by 

© Sir Geoffrey Howe, shadow Natiooal Westminster is likely which those’ not qualifying for 
Chancellor, told Welsh uo t0 foUow Lloyds’ lead next week, free banking have charges 
sen alive* a futu though Barclays and Midland are re duced in proportion to the 
Government would su “ s ^ l ‘ not ex pected to make increases average sum in their current 

frrss Mfct.. com . stew s.i p 

ffSBwjap “S 5S5S 

— r™«.»in w o l f u & ^ S S > 

ilSth j S ! f-from JQt^cent^^ ; drops below the £ 100 

,1 X I 6 -W orders and direct debit payments minimum. 


df»t | 
1 month . 
mnnl Its j 


SI. 8280-8290 

0. tS-O.f® 'li»« 

1. eii-l.SCi ,ti-= 


IS mooll.w i fi^O-S.lO.llA 


St.-30O.8ESO 
O.TOO.fO .11 ■> 

I S-i. 1.86-1 ia 
R.60 e.rOaiA 




r-Vrcttfogbam General -jaospiu** vais wtu - , So ci e ties Association met yw*«- v— , — ' first gin-e October It was coimnneu 

llteMinloito qverturnjf £?ustoal action. S in London to debate the rate Ktoe “ n “ w °^ 0 oxne that the restrictions on building 

ffScareered- down an Ml^em-page 4 p^vious day’s policy conmrittee 19*6- rise immediately and society-lending, imposed m April 

gSaneut None were wriOi^Jy ^ ^ggggm employers^nn-, rebommendation that^e cost of 1 ° ^ 111 to S ejdsUn g borrowers wnen its 

’ ' •• •••^dedSat the existing twwtorft ^me toms should rise by 14 adjusted in the next nf«ng house .prices w*» « «^| 


-for firemen.' ■ ...;1 ’The recommendation »«« u«u ~~ “7" 'structure would rising less qmcKiy ana u.j | . « 
A^^Sday^fter Page 4 S^meTrSn^ 0? fending levekSn bo und ertaken. 

v ^ :^:^day-rito_>e, ,An> s irreGIILARITIES have Economic package, which been confined to 1 per The current monthly lending 


“l^.v 1C to ^servi^ K^eSti and that ^stors’ .will oe 1 peak will be phased out 

hOilday . .. gSJ®.' jeSin. thus . givjK Lies should increase by li per * st0Wi chairman of The societies and the Goverri^ 

demanding a new inipctas to talks on bringmg ma^ , h«i been the association, said he hoped quickly^ ^id that a 




N 

m 

m 


sggsSfl 
“aS&a?* 


t '^hiT^vrnrv • • R/rP* Mr;. Jobn;--rsigs»- reveaieu be forfr tzr ■ Rnr*» BuL cent, but for rnursuay 5 

iwill a- forgery • ' :• " xeW 

’ Shoe shop price curb 

‘ : .v.. MOP GOODMAN. CONSUMER AffAtRS CORRESPONDENT 


' 10 idiom during the third quar- 

-Hie higher building society ter. 


rged 



'the, late- bmionaire-. 


Briefly ... 


Back Page 


r™rth«'^fK COMPANIES 


~ ^ The Schlcsinger Special Situations I rust 

• : by EUNOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT ^ U atiSS!^ 

tHE p ric e commission yesterday It nJldfogs Mffl SdSff -a^Sjng ‘ ' 

recommended a cut in shoe re- “Tf. for .?n per ce or to the commission's figures the Since its launch in November 1977, the offer 

tailers’ gross margins. av,rage shoe chain did - would I nricc of units has risen 1 6.8 " „ whilst the increase 


companies . v; 5X JS jssr^dd is sts. ^ «s”5 

TieaV at ^Gullfihril to-fiay. a FAntVIEW ESTATES CO. t! m0 re slov>ly tMs autumn titan ing rts compettuve streagth is thjs situaUon gross margins 

-mev« Stole fine, priceless £3.to Mold ofterwise.be fte^. ^ mmft^as ri efficient JTul^eiftohe cestr.cted.to the 

statues, from the anemnt ciy ShSture^ock^OOO/aOQS at par. ^ St-mon'th inquiry of retailers to increased by more than 2 per 

PompeiL near. Naples. debenture stiK* -wu/ offered u made mi eignim^^ distribu . ^ margins it said British be cut by o per cent 

Man was jailed for life in Belfast ^jcdwl * ^hree ordinary;. -SljjSa notspecify a time limit Shoe should be encouraged to Er j t j S h shoe would have to 

^riSurdefmga manu^«tah^ «ockfor jWgg^ Borough GcSSment accepts the adopt a more >U«m market- cm iw „ marginf byl -per 

tion for 'a pubbe house homning Tynes cent o rtinnii ss t 0 n , s proposals It will ing policy- The tiireat of a refer t t0 ^ per cen t The com- 

ii which two died.,- . . • SSTIw per ceSt. SSTto decidS bow long they en ce. to puny said yesterday this ; would 

. - Ai , n DeoD ie were taken , to i“” a * fi P < cWld aPPly- nussiou diouW be removed. l nQt affect its net profits m turn- 

when fire broke out ^i- Pa 8 e 16 : '£■ ~j«Hnission found that The commission proposed that over would increase next year, 

hospital whe THOMAS W. WARD mgdo ■ ^he . co . njn f rom October no retail chain other shoe retailers were Mill 

Grp™ H° stc ^ _ . g9 ^ (fsjjgm) pre-tax profitrm shoe ch^ s. Corporation, had with ten or more branches cons jdering the report yesterday 

, TwiTtf-S. senators face an in to March 3 Lot hyBnti^ ShwCjfp^^ The should be ^owed to make a bu , lf British Shoe cutits raar- 

tenee Senate ^° b ^ e f r £? 3 ncUl turnover of £119^3m (£l-3-96m) ver? high 8 for higher grow Profit margin than 114 others would have to follow 

^ ** 16 „ aBKER ^ ^companies wfileb in- • ^ * 

^n'ofter^ride^was killed on the frofi^ » ^ " ' — 

.IStftSrX C0UBe - ^ 3ffl- CONTENTS OF TO-DAY’S ISSUE 


higher gross profit margin than g , ns others would have to follow ! 

in. - News Analysis, Page 4 


Another — December 18.77, 

Isle of Man TT course - the m0 ntts t0 „ ^ i oss in thn 

• fourth this week. i*> months. Turnover 


• fourth this week. ag® 1115 * V months. ’ 

‘women are still barred. * - — — 




■r 3^' ' 




CHIEF PRICE CHAMfiES YESTERDAY ^ + Sl 

indicated) Dnion Discount J 5 

mSES ■ Ward (T --*y j 50 + 10... 

lilacs j. Wood and Sons ” *-<> + R; 

.^Treasury SiPC ^ ^ J f Woodward (H.) 92 + 8 : 

, {Treasury l4Jpc^4-^l + J . Attock oil ^ + 8 

,*i Treasury J * Trieentrol ...«••• ^48 + 7- 

t tr 55 Ji.. 

| j-*.. -g = | . 

BrownJJphn) + 13 rye Holdings 40 - 4;^, 

;S*5F£*"&iP- « tl jg -1; : 

. johnsomRichards .... 5 . TTK0 international ... _ 4 ,- 

• Lyons (J-» j- s Rurmah Ou -■--■:■■■■*■ 00 —-i ■ 

. Kew Equipment «-— ^ J. 3 . ^ishopsgate Platinum S2 __ j.- . . 

r Pennine Motor- - --.— t i-. . 3 ...Randfontein. — 225 — 2ty 


Overseas news. — — 

Home news — general ^ ^ 

Weew in London and New 
York 


The price of the Budget 


NY .City finances: 

Back from the brink... lo 


Arts page J- 

Leader page ■* 

U.K. Companies 16-J7 

World Markets 1 5 

features 

Burmese refugees in 
Bangladesh 2 

Education: How to get to 

Camllridge . — — : * 

FT-Sotheby art review 1^ 


jiill. Companies 

Farming, taw materials 
Money and Exchanges .. 
U.K. stock market 


Insurance: 

index-linked household 

policies 6 

Golf: U.S. Open previewed 9 
Travel for disabled 10 


^bright' ^dWilson-150 * 4_ 

. .. johnson-Richards ... + 5 

Lyons (J-) 15 + « 

,-. . N’ew Equipment - « + . s - 


Bridge — *’ 

• QcM 

Collealiw 

Cnowertl eun» — 

Economic Diary 

Education - ■■■■■-■-■ 

Enter tH nment Cuwc 

Finance >■ F** 1 * 
FT-Acmvitf InolM* 

Cardefling 

Golf 

How to SpeiMl U ..— . 


iMnmacs A 

Loners « 

Man of’tta" "w«* ... » 

Hturing- ’ 

. Property “ 

Share JalormaUen ... W-25 
5E Week's DeallflW 3t^ 

Trawl - - “ 

TV and Rndle iv- 

Unit Trusts — 23 


Wnuber 

Week-end Brief 

Vftur Savinuc & mv. 

OFFER FOR SALE 
Artuihnot America 
Henderson America 
Lawson High Yield 
London Wall Brtra 
M e> Q School FMS 
Schlesmger Special 
SCtlrOdw Inv- Man. 


Targot Amer. Eagle 7 

{Comment Page 16) 
INTERIM STATEMENT 
Thus. w. Ward .... « 

.ANNUAL STATEMENTS 

Coates Bros 12 

Cl Inti. Iiw 21 

Base .Leading Rates 32 

Bids. Soc. Rales . ■ 21 

Local Au thy. Bonds 21 

U.K. Convertibles .. 


Since its launch in November 1977, the offer 
price of units has risen 1 6.8 whilst the increase 
in the FTA All-share Index was only 4.5 ... 

Of course, this short term performance does not 
necessarily ghc a guide to future results. 

Investment growth opportunity 

The mam areas of investment will be: 

Asset situations -companies whoisC asseis are _ 
under-utilised or under-valued and ihu*. not renecicd 
jn ihe market valuation. 

Recovers- stocks - c.-mpanici w hose siockmarkct 
ruling has overrcjcicd u* disappomung results or a 
dilbeuli background. 

Hinb Bela stocks - those stocks » hich have n ■ 
liich price volaii!it> icl.iiue to the overall market and 
ihii* oiler the possibility ol lurtperlorming u risiiig ; 
market f at the risk of tailing more in a markei setback). 

High Yield stocks - where there tlie polCnlial 
of a rc-raiing. 

Stocks with potential for exceptional dividend 
orowlh - Mw-ksuith high dividend cover which should 
benciii liom liie possible removal ol dividend 
restraint. , . 

The investments v. ill bv carefully selected al ler 


To: Schlcsingcr Trust Managers Lid., 

140 South Street. Dorking, Surrey. 

I wish to invest \~Z 

(nun. £500) ■ 

in the Schiesineer Special Situations Trust 
at ihe price ruling on receipt ot my cheque. 

I wish to know more about titc Schlcinger 
Special Situations Trust and see liw latest 
PI MS report. 


drawing on Sehlesingers’ own research and on the 
Apeualist research knowledge ot many London and 
Regional stock brokcr%. 

Schlesingers’ recommendation 

Special Miuations often involve a greater element 
of rri’k than theniarkei average. Aecordingi;.. 
Sehlcvinucrs recommend ihiti investors p[a«. on . . 

“ r , ,-,f iheir capital in ihe lund. This 
be r^rficJ tons-erm 
Distributions will be made on IMh Ma> and J - Jj 1 
November. The estimated gross yield on ihe '-urr^nt 

t .lTcr price of pi> 2.59 "... 

Remember ihat the price of units and the income 
from them ma> go down as well os up. 

Schlesingers PIMS service 

s . h 

?P \isiwHivH in Judes regular inveMmcni : report* and 
in'iiaiioiis [..meet the investment imnaga.,. 

" ‘ r-' r « - * ^! k . P 1 ’ |111C0 , ifi m«m 7 dJ ‘ • 

cnJ »:v.J ''B y . UipiffCki An inili.il CUjrisg, . «■ 

Jnv-l'lJvJ in I"i J W81 J „ JcJiiklcJ L-r.v. 

, M . ..I Irii 1 1 ,. r | j- p..iJ M !CL..:iibea 

S;-^' * ujnt i him Coni Pair L»J \udlwr»: Vca!. 
artni-.t Msnaaeiv: S.hlv-inpw Iwi 
T.Iji’*’.' • ;Va“ r 5^. sTssujr,. L-nJ-n W.l. «•«..««! ... 

M --*7 L' J -. rr; | ClnN r -O! me L m< Tn... IMS 

iwr jvatwi’te u>«»aL"B »i ir.c Rcputi.. vi 


^^® t ™rT^nTniresideni ouiside ihc'SilicdultJ 
I dcclaieth Ji ■ a " j Jffl ncn acqu.rmc iheuinij J.a iwminei 
Tcrriio.-ifiJ- -"" , puts ij e ihe Termor ici. i It jou jk 
ofan> r e, *®JV , l. s Jrcl jr ation. u *houU bv JL-liiid and 'hi* 
jpjble M should then be lodged ilirouyli >..ur L.k. 
Applieaucn iorm s ( yunars cannot be res.asn.-4. 
bjnk - %2 £ SipSS *1* Ujeir inuuli «.H be ^ 


baiaccouAK arw £ 

Surname — 

First names — — 
Address 


lBLOCr.UTTEPJrU*SE» 

i In full) 


a loini ■PPfwti” * must ri «?> 


■ ■ New nquiFWiu-. - -li -f- 3 djisnop^o®^ — f34i “ 

v- . r Pennine Motor- tfi =. 4. g .. ..Randfontetn — 025 

• V- 'tSaatchi and Saatchi... 16a. J=| venterspost " 

-“'5ecuricor 


For latest Share Index ’phone 01-245 S»^_ 









OVERSEAS NEWS 


get 


Australian calls for 
more open EEC 
markets rejected 


s,MW i s ,,,e, I markets rejected 

THE INDIA consortium of aid 

living countries and agencies BY MARGARET VAN HATTEM BRUSSELS, June 9. 

K ln'rlian GoTerDSsta.Sl THE EEC COMMISSION today nature °£ his comments repre. 


■■ - ■ 

Sudan devalues currency by effective 2d% ^ 

BY JAMES BUXTCN IN LONDON AND ALAFt DARBY IN KHARTOUM " \‘ - ||\^ 

SUDAN FACING a ‘serious new rule which produce* an pound tm the ground* that it was dent Jaafar Mohammed Nim&in- It iev£IB£. to be aMn. ivbetber i t 

balance-of-payments crisis, has effective rate of about S2.Q0 to politically impossible. It has. of SudM/e^raed . { yesterday the customers or the Bank ■ <£ J/lf 

devalued its currency bv an the Sudanese pound, or a devalu- however, been introducing other from a visit to the Arabian penrn- Sudan willtake responsibility 'far L? ■ 

effecUve 20 ner cent. * The ation of 20 per cent. measures, including a tightening solar aimed at investigating the the extra local currency needed SIP 

measure which' took effect at The devaluation comes at a of financial controls and a reduc- possibility of an Arab summit to buy the foreign exchange at " 
midnight on Thursday, may clear time i when Sudan is finding it ttonk J development ' .S’ 


fl re-year*'* plan' * and *" Vledgcd rejected Austrian demands for seats something of a climbdown u ' ThV^ffiJS^iSSnl^StV'has ^change “shortage. ° inga total of S2Wm f rom the IMF prepared to offer Sudan up to See rateof $2.00 to theVud^S'e 

about S200m more in grants early assurances of greater aacess by the Australians. been adjusted from S2J8S to the The balance of payments defi- both in a standby credit and a STOOtn in balance - of payments pound us still considerably above 

and loans this 'ear. ** ^ , ma . r J e 4 ts - saying these David Housego adds: In a Sudanes J e poundto S2 50. a de- cit figure of S55m at the end of Witteveen facility. support provided Sudan accepted both the black market- nfrSS* 

Tola! aid conuniimcnts made could onb be taken up in the strongly-worded statement in valuat j 0IL about 13 per cent, the nine months to March this Devaluation will make the thenar’s austerity terms. - the rate ofEeretf to expatriate 

at Hie consortium's two-day multilateral trade negotiations in London, today, Mr. Mjgcolm Hl3wevei% ttxe Government year understates the real post- ne ed for balance of payments The mam souree of concent Sudanese for remitting forS 

meeting at the World Bank's < - ,e J2 e ' , .... , . . . ... f,r a ® e , r ' the Australian rnme f onner iy operated a subsidy on tion since only imports paid for assistance all the more pressing for British exporters to Sudan is currency. :Sudan is alsa to'cQn.'- 

niiii'j's here are put at between M . r - v r ‘ incoming foreign exchange trans- are recorded. Sudan has built up because it will increase ihe price likely to he the fate of sums vert its earnings from cbttonV 
S2.2bn and $2.3 bn for the 1978- M m t&te r f o r Spec i a 1 actions aDd a® tax on outgoing a large backlog of unpaid loan 0 f essential commodities such as owed in foreign exchange by about S2J50 without the £SQ10. 

I97D financial vear. In real senlatioo* said after his talks muni ty as completely unsatls- ygnsactions of iiS75 dot cent instalments, imports not paid for foo^ and fuel, and reduce export Sudanese customers for goods incentive. : .i. 

tereistS" is roughly the same with the ^numss.on^that he had f a ^ y - SS the ? previ?i, S P effecKe and overdrafts abroad by the earnings in Sudanese pou*d already toUverea^It Is jieUeved • Sudan, now., faces a wUtiwlW'. 


now. faces a politically 


Japan, the World Bank, the Mr. banana s fiS n k„ an exchange rate subsidv/tax of Sudan has hitherto resisted dollars anyway. having been paid into &e banks cause of the balance of payS^a 

»!F^nd^the UN development j g raj sel is^oj. er^ the ^two^days t be toSit?- ol £S 0.10 on hi 1 transacUons at the IMF pressure to devalue the It may be significant that Presi- at the old rate of exchange.. problems^** available. 


Federal Government to sue - 


programme. 

Members gave full backing 
for the Government's strategy, 
especially ihe shift of resources 
into rural areas, rmphasis on 
snail industry and the new 
vosaniary population control 
programme, being set up on 


tiaiion during which the Aus- her commercial and trading 
tralians have tried unsuccess- policies with the Community, 
fully to obtain guarantees from Mr. Fraser did not spell out 
the Commission of greater access what be meant by this threat — 
for Australian beeF. sheep meat which is in line with Australia's 
and fruit, and of less competition continuing onslaught on EEC 
on third country markets from policies. But earlier he said j 


Ih '“nm-im-c Cm 'heavily subsidised EEC agricul- the Community had almost corn- 
ihr nun* of the previous Gov- ; . * nlaTO Airrfrali.in 


c-nn^- rs conTpulsorv steriilsa-' tural exports. plete access .to the Australian 

n, nrii»ni 0n PU i0r ' SIcr ,L The talks began following a market for its industrial pro- 
•hiv 1 (h^ir willing joint statement last year by Mr. ducts, whereas the European 
*' ; n Sfltifail thl Sow nr !Ro - v Jenkins, the Commission market was virtually closed to a 
«£ iSSJSUS aDd Mr - Malcolm Wide range of Australia’s agricui- 

. .‘ k ^. p ! 1 Fraser, the Australian Prime tural exports, 

in ind.a s foreign exchange Minjstei . f rPC ognisuie the need Mr. Fraser was speaking after 
v ‘ ?iwiH for co-ordinaUon in certain talks with Mr. Callaghan at 

,• £.S iSS ihhJS bilateral problems. Downing Street. He is also to 

rf dSu Bl anJ d '?is Mr - Garland made no specific visit France and Germany as 

fo v.i •’■rain stock* ana i s ||f retaliation, merely say- part of his campaign to obtain 

L ^ nnn ^hn ^hv ^ilrhnr \ in s t ha t unless the EEC adopted during next month's multilateral 
mvre ihan So.obn by higher * n^nHutinni! in Rbtipvk tho 


rli« high level of holh India's 
food grain stocks and ils 


Pis: 


“ frnn, Kn (more realistic poUcies Australia trade negotiations in Geneva the 

, 0^1. pmninvPri i.. th7 would be forced to review its concessions on agricultural pro- 
" U tbe ! import policies. The Australian ducts that Australia has failed to 
,u^nie tas.. Cabinet would discuss the matter get from the EEC. 

, Ji:p es , fi'll next week, he added. He beUeved that Britain had 

about lb months of imports i Thoustl Mr . Garland is a junior been helpful in arguing 
a.'fr popping ; to I the J' minisief. and therefore not in a Australia's case in the Com- 
icni of two month* iraporis pos j t j on t0 initiate threats, it is inunity, as had some other 
immediately after the 19 i 3 oil 3enera |j y felt that the unspecific members, including Italy. 



Huang Hua 
attacks 
Soviet role 
in Europe 

By Our Own Correspondent 
THE HAGUE, June 9. 


Exxon for oil over-pricing 


irm of two month*' imports 
immediately after the 1973 oil 
erisis. While I he current level 
is not seen as unduly high, 
in the Jicht of India's need*. 
! Sic growth plan may mcau 
that rcsenes slip hack to five 
or six months' import cover. 

Tfuwever, the consortium 
supported the Indian Govern- 
r.i?ni’s moves to liberalise im- 
uor.'s. 


JaiDauese 


Life expectancy ‘at limit’ 


BY JOHN WICKS 


ZURICH, June 9. 


Chairman Hua Kuo Feng 

Divisions 
in Chinese 
army elite 

By Colina MacOougall 


• m BY JOHN WYLES -TfEW '.YQRK, Jime. 8. 

IH Europe THE FEDER.\L GOVEItNMENT culties in identifying purchasers Energy Administration. At that 

is suing Exxon Corporation, the of - the oil. time; the confpany claims Jt was. ' 

By Our Own Correspondent wor ld's largest petroleum pro- Exxon said today the' Depart- «stahUshed-that ; opwatQrs'.cfluldi : 

THE HAGUE, June 9. ducing company, for S183m men t was responding to the suit ? , i ; ffl ' -which; 

CHINESE Farad cn Minister Mr whlch St ^^sediy gained by the company filed two months SSf 1 } cpnld be- 

S n InTw U a°£ GlvSri cised overpricing some of its oil be- ago challenging the Depart- open ^-.a D 'i 

MrtS^hS t we en 1973 and 1976. menfs interpretation of the re- f5 at S e ^,?« uld b ^?, 0 “e latitude; 

Soviet intervention in Aaru. a out mii«iHnnc in applying new oil prices 

warned that Europe is the focus The suit, filed by the. Depart- S^aaons. The case against Exxon is the ' 

of conflict between the two super- ment of Energy in a Washington Exxon has pointed out that the result . of an anditine drive 
powers. DC district court yesterday, took pricing policy at its .Hawkins launched by the. Department 

He was sneaking at a news Exxon by surprise since it Field was thoroughly investi- which aims jo conduct " inteiisi- 

conference during a four-day expected the Departoent to pur- gated by the Energy Depart- fied- audits-” of 33- other l area bit 

visit to Holland. He arrived sue the case through admimstra- meat's predecessor, the Federal companies, 

from Zaire on Thursday and dies tiw channels. .. 

to Turkey on Sunday. Mr. 0. L. Luper, a senior vice* -j-* 

Commenting on his talks with president of the company, ■ OIKirP^HTl^ll H An : 

Mr. Christoph van der Klaauw, strenuously denied the charges V-'VgJLB.£j,A. TtMJ. 11 X V“ >-* yAjf' 

the Dutch Foreign Minister. Mr. today which first emerged _ six BY DAVID BELL . WASHINGTON. June -9 \ilz Li 

Hua said both sides were of the months ago in a probable viola- - " ' Ji* 

view that Europe was the focus tion” notice issued against THE CHAIRMEN of both the tious be'tween Congress an^ the 
of contention between the two Exxon. House and the Senate Banking Federal Reserve, for years to r 

superpowers. Most of the Soviet «jn, Department’s move is Committees have fired the first come." Relations between Mr.-"' 

Union’s armed forces were de- aoaaPe ntiv hased on the retro- s1l0t in what could develop into Miller and Sen. Proxmite are 


; j 

t p*: 


BY DAVID BELL 


dems 

stlma 


thf TIPPF'R limit nt ii f a pxn^ctancv mav alsr* bt» nh^rvpd n. T in ... _ superpowers. Most of the Soviet Thp DeDartaieiit's move is Committees have fired the first come. 1 " Relations between Mr. w 
I^nectancv P may have been among hSh?r aae -rouSs THE a divided, at Union’s armed forces were de- aq pa^ntly bSed on the retro- s * ot in what could devcl °P “ to a °d Sen. Proxmire are 

reached" in a “iXnber ” hfiS- sS&a bSim Durand, Xch fare- Europe The Soviet ^8re application of rules it « JSffr the^dy somewha^stremMpartJy 

trialised countries, according to casts that life expectancy will ^ nn H ^ V 010 " .^ ad r * he c * lief adopted last September. These Reserve Board, and because of Mr, Millers tight 

studv nrenared hv Swiss incresse in d? veto Din ° countries e ^ ™ ^ pouncs ha* emerged threat to Western Europe- covered the standards to he met Cmigress. money policy and partly because 

Reinsurance P Companv. of XSes SiedSreratiSnof {™ ! w ? »S a i? r mUiUiy con- The Soviet Union pre ached £' t Sk£ * SSwrtf- Md “?<L At *“ * ** desire -Mr. Promire thought he should 

Zurich. Further medical pro- life expectancy in industrialised f 'S^onf^pnS? hv d ' tenre * disarmament and con- 0 j| under a two-tier price system t.ifi^hv^nSr^'hank? 

gress, it is claimed, will lead countries to "civilisation cUiation hut this was only being introduced in the U.S. after the ^ISS« ba 5SLlS Ul J£ # 3 °L, in J?® £ ? m plac ®-; •' . 

only to insignificant improve- diseases,’’ including those relat- Chairman* Fpn^' don - tn divide and isolate tie large increases in the world price 

mpnrs ina to nnllution and to road unairman Hua Ruo-Fen.s. rnuntrie>; of Europe so that it nf nil in lati* 1973 Fed. wants to pay. interest in by the end of the. month, a plan 

iu< t? r _: . ... ' ana 10 roaa were scrutmisine the crucial ™“iJ .JLIE ^ of 011 in iate „ order to prevent more hanks to make itself more attractive to - 

The Department of Energy leaving the system. Mr. William member banks. It will 'prestint 


merits. mg to pollution, and to road were spr..tini s in« *1,1 countries or Europe so tnat it 

average 3 lif^expertancy— while ^J** 1 ^*' comparison of life issue ® o£ modernisation, the Sr! HuasXd ° nC * JP" Department ofEne^y leaving the' system. Mr. William member banks7lt'wlU : presut£ 
differing . fram. . wubut. to expectaocy rate, M Mco»trt« S,L ffffiSL, ™1* «“f Soviet eypa'nsion in tile Middle SSgL l H , S; 


to go 00 ' 


TOKYO, June 9. 


to have declined. 

Mortality of younger 


Siuupa «iuu penuu* suuweu tx »rp nc , it_ j j « ■ , 

age {HfS^a S&SSTtala F J5BE Je»rVhi» a*r-STK .nreon^ea^'Hen^^ «»Vt;r..«t^r“patronM 

j® WW 0«»een. S «». b “ ck . ■£: ■“ '■ SSSTSSSj’SZSf !SS* 


Hawkins Field in Wood County,' But Sea vrilliam Proxmire two legislators said, this "would 


j VP.l.VS EC0N0.1ZIC Planning groups has “greatly increased" expectancy between the sexes mar ket de a s IacK Western Europe. The realisation 

Agency to said f as ot re- SS2g&£ S5WT& ’SajnSB importance i^aSS! J^ATS!«LK'SS:ISFjS 

I &ing* dS£« nf Tig women’o* t£’e STVS-SS Sfi'i. «• J®™""* “y all three «*««'*'* 


The Department is seeking, to. that if the Fed tried .to pay raise prpfpund auestloas- about 
tve the money paid into the- interest!.,. without Congress', . per- the continued Independence of 


for bank fraud 

By David Satter 

MOSCOW. June 9. 


EEC closes 
zip fastener 
prices probe 

By Guy de jonquieres. 


age groups. lea di“ B Chinese statesmen, strong China to cope with the 
'Chairman Hua. vice-chairman Soviet threat. China was in 
Yeb Cbien^Yine and vice-chair- favour of Europe establishing a 
man Teng Hsiao-pine. partnership wtth the U.S. on an 

Chairman Hua Rave as much equal footing to develop a 
prominence to the need for dialogue with Third World 
modernisation as he did to countries. Mr. Hua said, 
political work. Turning to .Africa, Mr. Hua 


‘Dying U.S. merchant 
fleet must be rescued 


BY IAN HARGREAVES 


PIREUS, June .9. 


Progress with 

Skylab 

manoeuvres 

HOUSTON. TEXAS, June 9. 


JJIILCN pruut? The conference discussed a said China congratulated the WARNING of the possibility that operators in 1976 represented a AMERICAN scientists today com- 

- _ M . "P° r f o* V» Director of the Zaire people and army on their » a major act ivitv of the Ameri- substantial portion of the UJ. Pleted successful manoeuvres 

By Guy de Jonqmeres. Army s political department. Wei victory. This was made possible can domestic economy " may die. balance of payments deficit with the Skylab^space station 

Common Market Correspondent KUo-Cbing. which defined the by support from countries inside sen xor United States Congress- which was at the root of the and said that if another test 

m Tlfl tacLr Fnr fna omi v i r- ra Ain Tinrl AiitcinA I’m i no ci i n. ■ ■ #- n . __ji : . j i w* 4- nn ,n bian «> 


not improved and some indus- aecumog acveio^o.c.u oi me ux uie suae age eroops- 

tries are still suffering from 

its monthly report said the I Nine Russians I EEC closes 

Government will continue lo # . . 

amprisoaed zip fastener - 

to stable expansion. "«• ^ f or ban}; fraud prices probe 

It particularly welcomed - c aM . or 

the 2.-I per cent rise in real By Da d Mtt .... By Guy de jonquieres, 

aross national product in Ihe _ MOSCOW. June 9. Common Market Correspondent 

first quarter, adding that the A TWO-YEAR investigation into 

ir.j;;i»s and industrial produc- ** lim rouble (more than ^2m) BRUS5ELS t June 9. 

lion index, which fell 0.5 per bank frand in the south Russian THE EEC Commission has 

vent in April, is likely to in- city of Krasnodar has ended decided to close its far-reacbiDg 

crease by 2.3 per cent in May. with the conviction of nine investigation into alleged price 

The production index is swindlers lo 15-year labour camp fixing and abuses of dominant 

exported lo increase by 2.0 sentences. positions in the European zip 

per vent in the second quarter The report of the sentences, fastener market It is satisfied _ _ ________ _ 

of 197S, down from 2.9 per and of the swindle, was carried that the alleged violations of does not conflict with ideology, to accords on economic and teebni- 1010 . a one-aay conrerence ^ j> n - ^ course there word d the possibility of it brealtipg upf 

cent in the first quarter, but in a recent issue of the news- competition laws have ended. devote 'sufficient aftentio.n to cal co-operation under which orgamsea as part of toe be Ipjeislatiozu and Jail i&g to earttu 

up from 1.5 per cent in the paper Sovetskaya Rojsiya, which The investigation was launched military training, to work hard China is providing an interest- Fosidoma shipping exhibition Toda/s conference also saw - One manoeuvre today -Wned J 

fourth quarter of 1977, ii said, recounted how members of the following a complaint by and live plainly, and to;set .up free loan to Zaire. a reversal ot the decline ot f ar yi er exchanges between Greelrthe space Station's solar panels® 

The main reason for the pro- gang who worked at the local Yoshida Kogyo KK (YKK) of an examination sy«t«*m and en- Reuter adds from Peking: “e American merchant navy s hj powners an j London undei^ completely towards the 'siixi, pro«^ 

duct ion rise has been larger branch of the state bank and a Japan, the world's largest zip force discipline strictly. . China launched a further attack was . essential tor reasons .Of wr jtets over the question of addi- Tiding', the waft with -obtimum^ 
Government spending, while factory run by the Soviet Asso- fastener manufacturer, and Several important factors tonight on Hanoi's treatment of national economy ana security, tional premiums on cargo insur- power for Its cbimnunirationsr 

demand for consumer durable ciation for the Blind routinely covered the activities of more empreed. One was that dissen- Chinese nationals in Vietnam, In the first nine months Of last a nee for vessels over 15 years bf and other Systems^ officials atf 

goods has also been increasing obtained generous bank pay- than 40 companies with aggret sion continues within the irmy announced a partial cancellation year, the Lf.S. fleet had carried age under certain flags. the Johnson ' Space* £ehtre here^ 

and electric power generating rnents foT goods the factory gate sales of about £130m. leadership. The party's control is of its aid programmes and only 4.6 per cent of the country's Meaiiwhile, a severe blow was said- • • ^ & 

and other non-manufacturing never produced. It focused, in particular, on the evidently not comniete and the rejected a Vietnamese call for seaborne trade and ■ matters had tj e iivered here today to Scandi- The Nationral^i^mutfia' and^ 

Industries have been gradu- The Soviet Press publishes relations between Imperial Metal main task seems still to criticise talks on the problem. been made worse by . recent nav ian hoDes oE establfshinn a Sna cp 'A' dim niktratinn ( NAS A 1^ 

riilv t-xpandiag capital outlays, little about Soviet crime but Industries tlMfl of Britain and the Gang of Four ?nd Lin ,Tiao,_ However, diplomatic observers bankruptcies among U.S. ship- ^^1 { r ei<iht ratp«Tnp nrieinaiiv. qbvlahfs 

It said. fragmentary -evidence indicates the German-Swiss group, Heil- chairman Mao's disgraced late felt the tone of tonight’s state- Ping companies. - Jarge oil tank ere from thetr":vou!3. ^biiS 

Eofli wholesale and con- that petty thievery aud minor mann. which until their recent heir. * merit by the Foreign Ministry in These signs heralded “the P hT-nnli£liir- donrpwif 


city of Krasnodar has ended decided to close its far-reacbiDg hi iities. It covered six points: the respect for Zaire's sovereignty US -registered merchant ships, strengthening the merchant fleet SkyJab, which has been orb it- 
with the conviction of rune investigation into alleged price need to continue the struggle and territorial integrity. * ’ T . „ . remained and tiiat cargo pre- ing the earth' in a dormant state 

pu-inriUrc- in iH-VPir oVini 7 »- naivi n n..: 1 _ 1 ^ r j* . . ■ a n nn !„/4 4 .L* Jtj. — a /- _e L»_ * n I .nnDrPWTYl.TTl .Iflrin fVTllTTinV • . . , . . « . k ■ . . 


space station 


iuduslrics have been gradu- 
::Uv expanding capital outlays. 
It said. 

Both wholesale and con- 


sumer prices have becu stable, swindles organised by handfuls merger were the two biggest zip Another 


if added. 
Reuter 


swiuoie* ursauux-u oy uauuuus merger were me iwo oiggesi zip Auoiner point was inai me retun^ was more moaeraie man aeatn 01 a major activity or toe Talk? *ptwppn c^ndinavian 

of co-operating individuals are fastener manufacturers in the armv leadership leaves much to previous comments carried in American domestic economy" chinrv™Lr? who nrnSSS ♦!0 


rampant. 


be desired. 


SURIViESE REFUGEES IN BANGLADESH 


one problem with another 


rnent oji Greek participation, i/wAictTAt mmi&co :<»n» v 

without whom the plan has no aw mo.iwimwi u.S: .M tocmimwi ssuLMli-. 
chance of success. 


BY SIMON HENDERSON, RECENTLY IN DACCA 


THE 150.000 Muslim refugees the country's socialist economic 
nyw sitting in squalid camps near plan can be methodically imple- 
the border with Burma in the meated." 

««. v ry south-eastern corner of Viewed from the banks of the 
Bangladesh represent both a local Naf river which forms the border 
and regional problem. In all for its last 50 miles before it 
likelihood they are a mere van- reaches the Bay of Bengal, the 
guard of what amounts to the Burmese explanation sounds 
expulsion hy Burma of the very weak: The refugees walk in 
Muslim majority of about 1.7m, groups up from ihe river, possess- 
in the Arukan state bordering ing only what they can carry, no 
Bangladesh. It is the greatest more than pots and pans and 
display in the region during small tin boxes containing minor 
modern Limes of force to settle treasures. From amongst these 
ihe problems created by tensions they will produce on request ihe 
between tribal groups and central faded document that indicates 
qnvernnient. that they have right to Burmese 

' With eight significant ethnic J 1 ?iL te ! F 1 ^ 

minorities comprising more than 5 J- Lh,™. - p 7 n , 

a ^ pHh£ s \ y ; £ss -S 

i> shared hy most other countries f 0 n 0W ers. tjrced camp 


India 


the coming of the refugees is a 
result of the backfiring of Dacca’s j 
attempts to look after the Muslims 
in Western Burma, which devel- 
oped when Bangladesh was still 


reviuus coniwen is cameo in American aomesac economy chin owners who nronn<a»d the tnK^FV^' ' 

I be Cb.npse Press on the l8S u?. 1 and the S6bn paid <0 foreign flag ^• m0 a ths P ag J. and the Srfb W^': : 

three largest Greek tanker Reuter . 

. „ , owners, \ended without agree- . . \ •; 

B rnont oji Greek participation, i<«AKctAt twi^ mMi&ea o»n» ■ 

umcn bovernment 111 “ 

proposes tougher 
austerity package 


BY CHARLES BATCHELOR 


AMSTERDAM. May 9. 


crnamlV 


Bijr of fieogoi 


| HMDAUY 

BURMA* 


East Pakistan, before 1971. The nfE RESTRICTrVE package years are the reduction in the 

Mujahid movement in the due tQ be unve ^ e ^ the share of incomes in national 

was sup " Dutch Government next week is earnings 80 per cent from 

ported cianaesuneij. likely to be tougher than that present levels of more than 

During a treason irial in Ran- envisaged by the previous Per cent and the bringing of 
goon last year in which four Cabinet. In ao apparent attempt price rises for Dutch goods below 
people were sentenced to death, to prepare his listeners for a those of Holland’s competitors, 
three of the accused as well as tough dose of restraint Mr. This must be achieved by 
the public prosecutor mentioned Frans Andriessen. the Finance beeping increases in taxes and 
the name of a Colonel Amin. Ihe Minister, warned that the pain- social security payments down to 
Bangladesh military a it ache in fui effects of the measures would 3 minimum. This does not mean 
Rangoon. Apparently, though that he felt long before any economic there will be no increase in 
is not clear since reporting of the improvement occurs. public sector spending but the 

trial was had. Col. Amin was said Thn , . _ f ' totals for the period up to 1981 

to have exceeded his brief of must he several billion guilders 

keeping an eye on Muslims In the JJ Snouo«3 h nI3 S^show lower than was earlier thought 
Arakan state. -Whether he was f** TE? vvSSh Po^Ie. 

actually encouraging secession, or J~ D JS2 • Two major Dutch banks have 


"I fJt'WiKiu, W1UUI ummOTi as P nfr. Mn j wcwhhi. Prnnnmv arc pusn wnrto thin V . J * ■ 7 

shared h>‘ most other countries %SSSHn. cnEorced camp G et in they wiU deteriorate very handing out Libyan-supplied ® as tifought iS yS Mr 

m snuih East Asm in one form 1 wtlo S3V (hfl „ sharply. weapons as commonly rumoured ih^^a nn „it' l* 1 ® political and international 

m- .mother, including Bangladesh. thG f 0re ‘ er i hL,^ n „ a ^ is also not clear. In any event, be rvtotnia ® nanci al worlds to senior posi- 

One result of the present influx JfJlT d , , Bangiadesh wants the refugees was quietly sent back to Dacca. t ‘ on ?- The Centra le Rabobank yes- 


strains a 'SuSR ^ ® = VSSZg^^SSSS settlement ^SS M ^ 

h^k rCC ^' P 1, D ?h cca'fV^1S refugees talks of hundreds ^of W Ra ngefon ^^mphatiMlfy P ,aLns ' Som ® 8 r . oups - encouraged considerable iLp^oveme^nts must B °d!I tarn berg 42 wtil 

« isr^rhrtisL b< ^ 

SffSSKT a ^(reduced to 4 percent of national ment Board from January, 

officially see the problems repre- iu cross the border in March, those whose Papers were ijjcor- add stl1 ' retl . ulre ® re S p ! ar income from the forecast level decision to resign as a Labour 

seffled here in such terms, most have come across in the r6Cl or w i, 0 were troublemakers sor . tje5 ..^ , tb ^ BaD Slf»dosh police Q f 5.3 per cent, on a cash basis, member of the Lower House of 
Bangladesh considers the Muslim last six weeks. heinc sought out bv the Burmese and army l ? contro1 ti- for 197S. It will try lo maintain Parliament has clearly displeased 


'• - J. Henry Schroder Wagg & Co. Limited., is one of “ 
Bzitairis largest and most respected Merchant Banks. Our 
experience and skills m worid stockmarkets are such 
that many leading companies andinstitutions entrust us 
with fee investment of substantial s ums of money on 
t&eir behalf. 

Private investors can also benefitfrom our esp^lise 
by investing in our Unit Trusts. There are four Funds: 

.. SCHRODER CAPH&L FUND. 

I nvestm ent objective-capital growth . : 

, . SCHRODER INCOME FUND. 

• I nvestm ent o bjecti ve-income growth, 

SCHRODER EUROPE FUND. 

/ Investm ent objective — to participate in the steady 
of weE-managedEuropean economies. 

2 SCHRODER GENHiairPUND. 

- " - Investment objective— a balanced fund seeking 

' income and capital growth 

•’ about having Schroder Wagg manage your - .. 

investznaiKRplease write tcrMiM-Smia, Schroder Wagg Unit 'Busts, 

48 St Maitin'a Lane, London. WCZN 4 EJ ac telephone: 01-240 3434 . 


Sdi 


culinn. Burmese diplomats claim road do not appear much worse does not want to assimilate them, among the tribesmen of the hill (S14.00G) a year and. as far as JB73, made clear in a letter to 

that their Government is “only than those of local villagers who but informed observers believe tracts, in sufficient numbers to possible, of the middle income the Tonner Minister that be 

cam'ing out a census enforcing also have no proper sanitation that they will eventually be squash any adverse, reaction, groups. should have waited longer before 

ihe Immigration Act and the and lack good drinking water, settled in the Chittagong hill would be the stablest solution to The corner-stones of Govern- moving from a Cabinet position 

Foreign Registration Act so that But when the monsoons really tracts. The observers believe that the problem. ment policy over the next few into private banking- 


m 


L 


r 





'^ S>S ^ i ■■ :■:£■ ■‘/j r . 1 ■;' ^*\\ -v. ••_*;. ." 

>\::l§jgl| 


:. , ^’V; V » *‘: ■- ;*t •: . «■ 




home news 


Bank official convicted sir Monty seeks bipartisan 

Of icfllar premium plot policy on State industries 

-T RY MICHAEL LAFFER.TY 


■ * v r - ■ • x •: 


* ^ 

JF 1&\* 

tS; 1 ^ 

a. *s. 


111 


.ais 

4lf 

iacs fcJ^i 

*..?**« 5- 
'u“ Of *, *V 

*?»*& 

' e: *4f 


>ue 


‘“W Y3® - 

- ■£> 

^ -I# ■ 

-a rj*r: ~ ■ 

sr-a**! 

*7* It >■ 
’•'f t*; 

,i S 

■ ■: --.or? 

•: • iraSz* 
■-- 1 


®T TEWIY OODSWOR 7 H 

BIU^^ i^ifLAND ii- )^ g 
for new groiipi-itatfqnarters. to 
“fflfcto. take the j?laqe of Its 
offices- m .ldaryiebone . Road and 
Piccadilly.'..' - ' 

The. proposedl m6ve~foUows 
wyen '--month* ia£ which ify, 
-££» Bd^ardes, British Ley- 
tana’s' m c&atnnajj^ J has - tub the 
Motor group from r a‘ small -suite 
of offices in Jfjtffield House, 
Piccadilly. , 

■ He established himself in ; this 
building, well - away from : the 
former headquarters in . Mary le- 
bone, -to distance himself;, from 
the policies -of the former man 
agesiecL . . ../ .. ■■> • ... 

There is . -nor doiibr .that, this 
approach -was resented’ by some 
of the established . Leyland 
executives, but . the Edwardes 
team ^believe that- it ..helped to 
establish the. principle 'that 
radical changes would be pushed 
through.- - - ••• 

With the- main lines of the 
new head office organisation, now 
established, ,-. however, " ‘ Mr, 
Edwardes ;■ is bringing together 
his own staff with- what -is left 
of the Mary leb one personnel. 

-The effect of the .reorganisa- 
tion is that - Leylanfl’s manning 
in London will fall from more 
than .600 to 1 ' about ^300. 

British Leyland- intends to sell’ 
the lease of the Marylebone Road 
office, known as Leyland -House. 
But with a rent review ' due 
within a year or. so, the receipts 
are expected to be modesL 


HNANOAL TMES REPORTER 

INQUIRIES .;- which.- Started 
more than two-.years ago into a 
suspected dollar premium pint 
ih- the City' ended > at the Did 
Saltey yesterday with the con- 
viction. of Mr. Jchn . Martin 
Wales, .'42,. a suspended Bank 
of England >offielafc on . con- 
spiracy charges,'.:. ; >•- 

- The . investigations were 
started-by th^ Treasury tot early 
1976 and were later taken fiver 
by Scotland Yard apd’ City Fraud 
Squad offi cersh* If d -by DeL-Supl. 
David Harnes -and Dfit-Insp. Pat 
Connolly. . 

Mr. Wales of Hiznt Mead Close, 
Chislohurst, was accused of con- 
spiring with various other people 
between 1975 and 1976. to' obtain 
money. d1$honestix . from 
authorised dealers in investment 
currency. . • ■': 

' He joined the Bank of Eng- 
land in 1957 .after'' his national 
service and was. moved in 1965 
to the Exchange Control Depart- 
ment, where he became, a super- 
intendent signatory at ’£8,840 a 


M. BY MICHAEL LAFFERTY 

nr AN . outspoken attack on down the leaked Ridley report. Accountants annual conference 

Government handling of the He said that neither of the main at Brighton, was particularly 

nationalised industries, Sir Montv political parties would ever bring critical of Ministers' absolute 

year. He- was suspended shortly purely on routine bank business Finniston yesterday called for a about any significant degree of rights to interfere in tbeindus- 

before his arrest in 1976. without any knowledge of their bipartisan political policy on de-nationalisation. . tries they sponsored. “If we can 

The Bank of England will intentions. nationalisation and the appoint- Indeed there was ample evi- have a bipartisan policy on 


receive a report on the case, in But the jury, alter being out ment of an Ombudsman to keep deuce that the same corporation Ulster or foreign policy, we 
which the Crown claimed' that for nearly eight hours at the the peace between public sector as bedevilled nationalised Indus- ought to have it for nationaiisa* 
a group of people hoped to make end of a tvM-monlh trial, found managers and Government tries was now hampering the tiott," he said, 
more than- £lm by seeking dollar him guilty by a 10—2 majority Ministers: private sector. So he believed The Select Committee struc- 

Premium rebates on fictitious on both charges. Sir Monty, former BriTish the nation would have to make ture of the House of Commons 

securities... Sentence will be postponed Steel Corporation chairman, cited the public sector work. showed that politicians could 

Bogus letters were alleged to until later this mouth. Solid- recent senior Conservative But Sir Monty, who was speak- come to some consensus on great 
have been provided by two tors for Mr. Wales indicated last shadow Ministers' efforts to play ing at tire English Chartered political issues. 

solicitors' firms to corroborate night that they were consider- 

the claims. Mr. Wales was ing an appeal against the 

Londoners 5 chance to reduce 

scheme. manton on the Wolds, Notts.. 

of conspiracy and forgery, and _ # . 

Routine £ ; $s- ffia their mortsa2e Davments 

But one of the group was a false information under the UIVU IUU1 jJttjmVUia 

Scotland Yard informant and Exchange Control Act. 

the project was “nipped in the They will consider their ver- BY MICHAEL CASSELL, BUILDING CORRESPONDENT 

bud " before any money could diets on the two remaining . ^ . . ... ,, . 

be obtained, counsel said. defendants, Mr.' John Robson, 57, MORTGAGE rates could be Societies' Association. a month less, rne GLL win oe 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


Put-through 5 broker named 


r, , are expected to be modesL 

amFel . — — 

S3; ' Polaroii 

' BY DAVID WALKER 

A- ^ , .. . ‘ ; • 

POLAROID'S Polavision instant 
• .-z-rr movie system is moviiig 'out of 
t*i • ‘j. r.r the U.S. on to the world" marisei 

* r 'T :'.'^.Seen in Europe for . .the .first 

'? , r thh e at 411 international • Press 

;» ' ..-V . ^launch in Monte Carlo over the 

^ . “ x .' r epast two days, the system makes 
f - public debut this side of 

. ..’-the Atlantic at Photofcnia. the 

. . ,-big Cologne photographic, trade 

r . "fadr.; in mid r September. . . .... 
i T- -It should. . be -in the shops by 
-- -. . Christmas and in Britain-- it is. 
■t-Jilrs expected to. sell at- a fraction 
r .. t >; ■; --runder £400. 

,v ?:«: •-=-■ ■ Pokviaion was unveiled- at a' 

: -7 -''“typically carnfval-Hke .Polardd 
.* annual meeting in April- last 

Progress £ 


STOCKBROKER 1 Russell JColin- 
Jones, whose body was -found at 
the foot of Beacby Head an 
March, has been named as “the 
man principally responsible for 
a number of puHhrough deals ” 
which have been investigated by 
the Stock Exchange. 

The Stock Exchange ConnciV 
said yesterday, that: ; it had -com- 
I pieted a preRra ihary;: iiivestiga- 
itiori into dealings rra.'the shares 


be obtained counsel said. defendants, Mr.'John Robson, 57, MORTGAGE rates could: be Societies' Association. a month, less. The GLC will be 

Mr. Wales denied that he was a commodity trader, of Hutton, coming down for many . Lon- A scheme has been worked out -writing to all eligible home 

involved In the plot and Essex, and Mr. Reginald Atkins, doners. in . spite of yesterday's In co-operation with the Abbey owners getting out the offer, 

explained that he met with three 50. a company director, of Soli- announcement of more expen- National Building Society and ^ . ■ Wat .i„ r , v -, r » P 

of the alleged conspirators hull, Warwicks, on Monday. sive home loans. will be considered by two GLC feD ™ ar> ; tne waaonwiae 

The. Greater London Council committees next month. Mr. Building Society said it intended 

is proposing to adopt a scheme George Tremlett, leader of the to lend about £Sm a month to 

under which about 5.000 families council's housing policy commit- people wishing to make home 
■m ^ ' -m f living in the London area will tee, said: “This is possibly the improvements and to people 

|jr»pl-||7 |%viaI7A1 | i nnwh Aft be able to change their GLC most important breakthrough yet wanting to replace their fixed- 

[>JII ill illvKI ildtiflt ,11 mortgage — costing a fixed rate in the relationships between the rate local authority mortgages 

c!y m Qf u ^ cent __f or a 9j per qLc and the building societies." with ordmary repayment mort- 

, cent loan at the new rate recom- Under the proposals, a £9,000 gages at rates recommended by 

or nine companies and had that it has uncovered prima mended - bv toe Building home loan will cost about £10 the Association. 

passed its findings to the Depart- facie evidence that false markets ' - — — - 

ment of Trade, the City police were promoted in the shares of . 

and the Unit Trust Association, these companies at various times "1%. M ** Z M _ _ J _ T iiAQr TC8PAC 

The companies involved arc: “by a number of persons out- VI 3.CllinG 1 OOl OrOCFS FISC -LiULdS 
Amalgamated Distilled Pro- side the Stock Exchange." iTxwvaniiv W W com'fiAnc f n ' Q ] 

ducts, Adda International, BPM Mr. Colin-Jones is named as gy KENNETH GOODING INDUSTRIAL CORRESPONDENT MUtllUilj Uldi 

Holdings. Bucknall Trust. Con- the person “principally respons- 

solidated Plantations^ Knott Mill, ible For dealings which appear DEMAND fur machine tools early part of 197S. according to financial nmcs Reporter 

Swan Ryan International, U.U. to have been contrived with the from the home market remained Department of Industry statistics, two COMPANIES in the Lucas 

Textiles and Wearwell. purpose of affecting the prices buoyant but the intake of export By the end of February' the in- industries "motor components 


Machine tool orders rise 

BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 


Lucas faces 
sanctions trial 

Financial Times Reporter 


The Stock Exchange claims of these securities.” 


'orders was falling during the dustrv 


£&2m. worth 


group are to 


for trial at 


year, and vvent -on test-marketing 
in California in October^ before 
going national in tfie-TJ:S.. 

It consists of a'-tightweight. 
conventional-Iooking^tSderiL an 
8mm film cassette;' in^ ’a play- 
back viewer similar portable 
television., with a l2'iri%:screeru 
The hardware isvia^ade for 
Polaroid by Euihig; d#«Aastria. 
one of Europe's biggjjsE ‘-manu- 
facturers of photogra^pr%iuip- 
menti. with the .film cawtie'made 
by. Polaroid- itself in tHBeU’.S. ■ 
The Calif omia test laS^eh was 
not without .problemsjmAfter 
three mouthy the adagSistog 
approach •" <:nndetwent 
changes' because of its feUare^tb 
make an impact Bijrt. ; '"now, 


orders on the books. 3 per cent Aylesbury Crown Court on i 

• up on the previous tnree months changes of breaking Rhodesian 

"MV j a 1 4 and 33 per cent bette r tban at sanctions 

: nawmll the world s a screen 

maintain the industry into the CAV. a Lucas susbidiary manu- 
autumn" factunng diesel and fuel mjec- 

Th e statistics, published .in tion systems face 13 charges' 

according to Dr. Richard Young, and projectors sold last year, above £100." declares one major Trade and Industry magazine JJJJPjy*”* rhe Cuv 

President of Polaroid's interna- almost all of them imported. UK dealer chain. yesterday are in line with the under section 5- (2) of toe cus- 

donal division, the company is With a silent morie camera Polaroid has been working on recent forecast the l . s 111311 £,xc, - e , 

“very pleased" with the way available at upwards of £30 to adding sound to its system but European machine tool makers — The charges allege breach of 

sales are going, though it remai os £40— against a likefv £130 for it is said to be up to two years including . those from toe UK-- the. Rhodesia United Nations i 

silent on actual market size. the Polavision camera alone away. Nonetheless Polaroid that orders should increase by Sanctions Order (No. 2), 1968, 

The launch costs outside the though it cannot be used claims that the lack of sound about / per cent in the first half and concern events alleged to; 

U.S.. Dr. Young said, in Monte separately from ibe viewer— and should not deter potential of this year compared with the have taken place between Feb- j 

Carlo, “will be in millions of projectors available at much the customers: it will be focusing its same period of 197/. ruary, 1975, and June, 19/6. 

pounds." About 40 percent of same price, the instant movie advertising on the simplicity of In tbe three months to the Aylesbury magistrates have, 
Polaroid’s business is outside toe will be relatively expensive. the system and the absence of end of Feornary, new orders also committed three individuals 1 

U.S. and Dr. Young expects Likewise the film cassette at a any need for elaborate arrange- £ rom *he home niarket rose on similar charges. Mr. John 
Polavision overseas sales to probable £6.50 for 2 mins 40 ments for viewing the film, hope- • P« cent to £S0m. This was Edmund Maund, CAV commer- 
reach at least the same propor- seconds of playing time compares fully creating a new market. partly offset by a 10 per cent cial manager, faces two charges, 
tion within, two to three vears. with about £4 for normal Super- At the same time, it sees con- fall In orders from overseas Mr. Thomas Graham Lock,, direc- 
In the UK, Polavision will eight movie film lasting three siderable commercial and scien- Compared with a year earlier, tor and general manager of 
come on. to a market for cine minutes. - . tifle applications for Polavision. the inflow of orders from the Lucas Services Overseas, faces 

equipment which has- long been The system’s lack of sound These, are already beginning to home market was 40 per cent one charge, and Mr. D3Vid James 
relatively depressed, with about could, also be a. disadvantage, be an, Important market in the higher but new export business West, a Lucas Service Overseas, 
130HMO 8mm and 16mm cameras « Silent cine is all but dead U.S. fell by 22 per cent area manager, faces four charges. 


re already beginning to home market was 40 per cent one charge, and Mr. David James 
nportaat market in the higher but new export business West, a Lucas Service Overseas 


area manager, faces four charges. 


Dockland 

fish 

market 

backed 


By John Brennan, 

Property Correspondent 

PLANS to move London’s 
Billingsgate fish niarket to a 
new £6m market complex in 
Dockland have been agreed by 
the Greater London Council's 
Central Area Planning Com- 
mittee. 

The committee’s approval of 
the move to a 13-acre site off 
West India Dock Road in Poplar 
follows agreement to the plans 
by toe London borough of Tower 
Hamlets and the Docklands joint 
action committee. The transfer 
will now depend upon toe 
decision of the Secretary o£ 
State for the Environment, Mr. 
Peter Shore. 

Zt is expected that toe move 
I from the 100-year-old Billings- 
gate market in Lower Thames 
Street will be financed by the 
Government through grants to 
Tower Hamlets, with a propor- 
tion of the cost being paid by 
I the capital's market authority, 
the City of London Corporation. 


Approval for 
nuclear waste 
contract 

By David Fishlock, Science Editor 

THE GOVERNMENT has 
approved a £10m contract for 
reprocessing spent nuclear fuel 
at Windscaie, on similar terms — 
including a 40 per cent down- 
payment — to those of the £500m 
contract with Japan signed by 
British Nuclear Fuels last month. 

The contract, now awaiting sig- 
nature. is understood to be with 
Holland for 34 tonnes of spent 
fuel from its Dodeward light- 
water reactor. 

Mr. Anthony Wedgwood Benn, 
Secretary for Energy, who visited 
the Windscaie factory in Cum- 
bria yesterday, said that as a 
result of the Parker inquiry into 
the company’s reprocessing 
plans and the subsequent 
endorsement of the report by 
Parliament, it had been possible 
for him to approve the contract 
"overnight." 

British Nuclear Fuels is seek- 
ing additional contract totalling 
about 400 tonnes of spent fuel 
during the 19S0s, in order to fill 
the remaining capacity of its 
planned new facility at Wind- 




tit*- '' - 




“■ ■ -' . .. 



ecnon 

14 tapestry of everyday lij 





x y 1 

- • -m m 

' mu 


; VXPJf. 

* * - 






'. i 


|.* * 'V>. v 

f ■ 


Qataris relaxing in Doha 'sMontezah 


■give a true^picture of life as it is lived by ;thc people of a 
country. This private side — the flip sids—.has a. mystiqna. 
Mrti/nilnriv whFrft the less Well dbcunieirted coun- 









trie s like Qatar axe concerned but tne trutfLiS tnat on-auty 
Qitaxis spend theirleisure.hours in pretty inuch the same 
■way as their opposite numbers anywhere else , watching 
television^ talking and entertaining their young. 

• The traditional family structure has held its own in the 
face of the changing values of . a new society. Although most 
children say they prefer fried chicken to mother’s cooking 
and a film jike ‘Star Wars’ to a lecture on their cultural 
heritage, Qatari cluldreh are not only taught the principles 
of life in an Islamic society hut are expected to practise 
them as wel In addition, the values of a traditional bedouin 
past and its special culture in prose and poem, are an eyery 

day Nowadays most go to school - tbeboys wearing the 
white thaub’ which has. to be hitched up for a game of 
football. The girls, dark hair neatly plaited, make a more 
■ colourful picture in their long blue djesses. ChiWren are 
given a good ah round education winch rndudes the study 

s’chool, theMMstry of ii&miatioiLhas done 
much of the spade work to encouiagetheyoung, bom light 
1 years Iromthe tents of their grandfathns, to leam about 
the past. A favourite television drama sen^on bedouin 
life (some of it fUmed in Qatar) drewa record numberof 


JJM. The Emir, Sheikh Khalifa bin Hamad al-Tkam, at a function vth (left) the Heir 
Apparent and Defence Minister HM. Sheikh Hamad bin Khalifa al-Thani. 

viewers while another, locally produced and directed, is 
given over to old men, reminiscing and giving their views on 
modem life gently nudged on by a local young presenter. In • 
their own show once a week the children do their own thing 
singing, reciting and dancing traditional dances. These, of 
course, are performed often offscreen in arid out of the 
home. 

Now that families have put down roots, arts previously 
impractical in a society on the move are being given a 
chance to flourish. The young Qatari artists, encouraged 
by the Department of Culture and the Arts, a newer off- 
shoot of the Ministry, held their own exhibition recently of 
the formative arts in the gallery of the Qatar National 
Museum, and the Qatar Theatre group is being established 
along professional lines. 

The museum, incidentally, forms a complex, including 
an aquarium, of beautifully restored traditional style 
buildings standing whitewashed and serene in the sun along' 
side, a lagoon where antique dhows are moored. Once the 
boyhood home of H.H. The Emir, She&h Khalifa bin _ 
Hamad al-Thani, it offers all the children in Qatar and their 
parents a living picture of the State’s life. It’s an interesting 
place, alive and well thought out — with excellent aircondit- 
ioning -which Is always a bonus in the long hot summer. You 
. can savour there the traditional atmosphere of the Majlis 
(traditional Arab sittingroom) and remember that nothing 
will ever replace the art of conversation as a way of passing 
the time. « 



ks&vxL'l' .jins 'mmtmy/.... - • ■ - - 







Football is the most popular sport m Qatar. 


Qut of doors, spending a night under the stars eating 
roasted sheep round a camp fire will recreate the desert 
life for children while the very lucky ones 1 may enjoy a 
longer hunting trip and" a chance to practise Qatar's national 
sport, falconry. Most families have to be content with a 
weekly picnic to the desert where the sun glints on car 
bonnets parked under the flat topped thorn trees. 

In Qatar there are plenty of open spaces for football 
and the most promising players are trained professionally. 
Qatar fields its own international team and hosts matches 
in the new stadium built for the 29*76 Gulf Games. There’s 
horse and camel racing top. The racecourse at Rayyan is 
professionally run to a high standard. Next year there is to 
be showjumping in the hew arena. 

Finally there’s the sea and here the wheel has come full 
circle because lie sea is Qatar’s first love. The harvest of 
the sea in peads and fish used to provide a living and even 
now peari. diving is done — as a challenge- Many Qataris 
own boats ranging from ageing dhows to smart cabin 
cruisers and sailing and fishing in the quixotic Gulf waters 
provid e relaxation and a respite from the heat. 

So the tapestry of every day-life in Qatar is woven with 
the colours of the sea and sand and reflects a peace and 
tranquillity typical of its desert people. 


For further details contact: Press and Publications Department, 
Ministry of Information, P.O. Box 5147, Doha, Qatar 
Telephone: 321540/4 (5 lines) TeJes: 4552 QPRESS DH 



I- 


i . v . 




\ 


Th^aciii TtinSS 


HOME NEWS 


LABOUR NEWS 



to close 
15 sales 
depots 


Britain to seek 
EEC action on 
Soviet shipping 

BY IVOR OWEN, PARLIAMENTARY STAFF 


PHILIPS INDUSTRIES yesterday 
announced the closure in 
September of its wholesale net- 
work, Allied Electrical Distribu- 
tors. Three hundred people em- 
ployed at 15 depots in England, 
Scotland and Wales will be made 
redundant. 

Philips said that AED, a 
wholly-owned subsidiary, had 
traded at a loss for several years 
while efforts to Improve viability 
had failed. 

Three AED directors were 
negotiating to buy four depots — 
at Coltvyn Bay. Shrewsbury. 
Birmingham and Newcastle, 
Staffs. This could save about 100 
jobs. The new company intended* 
to continue using AED's name. 

AED. which distributes con- 
sumer goods and industrial com- 
ponents to dealers, handles 
between 5 per cent and 10 per 
cent of Philips' sales in Britain. 
It iost more than £lm. last year 
on a turnover of just over £20m. 

Most of Philip’s sales arc made 
direct to national chains or to 
other wholesalers. AED's main 
problem appears to be tbat it was 
dispersed too widely for the 
volume of business it built up. 
Margins in the electrical whole- 
saling business are very small 
and competition from smaller re- 
tailers is tough. 

• Pye of Cambridge is to trans- 
fer some activities of Pye Ether 
from Stevenage. Herts, to Pye 
Unicam. Cambridge, in order to 
reverse continuing losses. The 
Ether Stevenage factory will be 
closed by April 1979. 


Rail business 
to Edinburgh 
up 10 per cent 

By Lynton McLain, Industrial Staff 

BRITISH RAIL has reported a 
10 per cent increase in 
passengers between Edinburgh 
and London since the introduc- 
tion on May 8 of its 125 mph 
High Speed Train (HST). 

This compares with a 3 per 
cent average annual growth in 
Inter-City traffic and an expected 
rise of between 14 per cent and 
28 per cent forecast by BR as a 
result of the introduction of the 
HST on the Eastern Region. 

BR Scotland said the figure 
of 10 per cent for one month, 
if maintained over a full year, 
would more than double British 
Rail's passenger traffic from 
Edinburgh to London. 


BRITAIN' is to make a new 
attempt to secure concerted 
action by the EEC to counter 
Russia’s attempt to corner a 
bigger share of world shipping 
through subsidised rate cutting. 

Mr. Stanley Clinton Davis. 
Under-Secretary for Trade, told 
the Commons yesterday that on 
Monday the EEC Council of 
Transport Ministers will be 
asked to take decisions which 
will lead to a community moni- 
toring system. 

He 'said this would be designed 
to obtain and record informa- 
tion on all maritime practices 
deemed to be detrimental to the 
shipping interests of member 
States whatever their source. 

The council would also be 
asked to decide on tbe Joint 
application bv member States, 
using their national powers, of 
measures to counter identified 
threats. 

This would be accompanied by 
a “ specific decision ” immedi- 
ately bringing the monitoring 
system into effect vis-a-vis the 
liner shipping activities of the 
Soviet merchant fleet 

He stressed the Government’s 
belief that the Soviet Union- 
now engaging in "predatory rate 
cutting " — would be concerned 
to arrive at an agreement if the 
EEC showed itself to be united 
and resolute. 


The Minister promised that 
Britain would look sympathetic- 
ally at any proposals made by 
other EEC countries to extend 
the monitoring system to include 
other 'maritime practices such as 
flags of convenience, which could 
be deemed detrimental to mem- 
ber states. 

But the immediate focus of 
community concern should be 
the Soviet maritime threat, both 
actual and potential. 

Mr. Clinton Davis, said: “ I 
believe tbat inaction now could 
well result in this threat being 
extended to the bulk trades 
since we are convinced that there 
is an avowed Soviet intent to 
build up their sbippinc behind a 
curtain of preference and 
subsidy.” 

The Government estimated that 
Russia would have a container 
capacity of 30.000 units In 1981 
of which at least 19.000 units 
would be used on international 
trade routes. 

“This sector of shipping will 
have the largest growth rate and 
represents tbe major competitive 
threat to Western liner opera- 
tors.” 

The largest potential threat 
was tbe Trans-Siberian land 
bridge. There was strong evi- 
dence that Russia was seeking 
to attract cargoes by offering 
rate advantages of 40 to 50 per 
cent on some goods. 




gas 

found near Blackpool 


BY RAY DAFTER, ENERGY CORRESPONDENT 

NATURAL GAS /ha* been dis- 
covered seven ' miles offshore 
from Blackpool, the Lancashire 
resort. 

So far, British Gas Corpora- 
tion has confirmed only that 
traces have been encountered 
but tests could show that this is 
an important discovery. 

The gas was found by the 
chartered drilling rig. Offshore 
Mercury which, on a clear day. is 
just visible from Blackpool 
Promenade. 

The well, drilled on block 
120/9, was the closest to shore of 
all the holes drilled by British 
Gas in the Irish Sea. 

If the test is successful it could 
prompt a wave of exploration in 
that area. It is thought that tbe 
gas is contained in a separate 
structure from British Gas's sig- 
nificant Mo recam he Field. 

Morccambe is contained in a 
complex geological zone which 
has not been fully evaluated. 

However, industry . reports sug- 
yes» that the field could contain 
between 3 trillion (million 



million) and 5 trillion cubic 
feet. This would mean that the 
Morecambe reserves would be 
the equivalent of perhaps a fifth 
of all the gas remaining in tbe 
UK North Sea fields under 
development. 

Tbe corporation would not 
indicate whether its next Irish 


Sea well would be drilled on the. 
Morecambe structure or in block 
110/9 dose io the latest hole.. 

Morecambe has to be declared 
a commercial discovery. How- 
ever, iT Is possible tbar British 
Gas will decide to begin exploit- 
ing the field early in tbe 1980s 
when. . according to Wood 
Mackenzie, stockbrokers, the 
combined production from com- 
mercial fields on the North Sea 
wQl begin to decline. 

On this basis. Morecambe gas 
could help to maintain supplies 
until further North Sea discov- 
eries are tapped, possibly via a 
gas-gathering system. 

Morecambe is regarded by tbe 
Government and the corporation 
as a particularly important field. 
It is 100 per cent State-owned 
and thus can be exploited when 
and bow British Gas likes. 

' It is tbe first gas field to' be 
found on tbe western side of tbe 
UK, which means that its sup- 
plies will help to balance British 
Gas Corporation's national distri. 
buuon system. 


British Steel cuts more staff 
to match plant closures 


Pvm attacks ‘threat’ 
of Welsh devolution 

BY ROBIN REEVES IN LLANDUDNO 


THE GOVERNMENTS devolu- 
tion proposals are a direct threat 
to the livelihood of Wales. Mr. 
Francis Pym. Chief Opposition 
spokesman on devolution, told 
,the Welsh Conservative's confer- 
l ence in Llandudno, yesterday. . 

I Delivering a fierce attack on 
devolution. Mr. Pym suggested it 
would halt the "natural and 
continuous economic, develop- 
ment of North Wales with the 
North West of England and the 
West Midlands. 

" My fear in that it will 
actually harm the government 
of Wales. It will lead to confu- 
sion and. worse still, it will lead 
to constant disagreement be- 
tween Wales and England. The 
harmony we have cultivated for 
so mauy generations will be in- 
i terupted." 

! Mr. Pym accused the Govern- 
ment of being "rattled” by the 
1 modest success of Plaid Cymru. 


in tabling its Welsh devolution 
plans. But the Bill's teal pur- 
pose was to preserve Labour 
rule in Wales at any cost “Thai 
is despicable in itself and a 
perverted basis on which to 
embark on a programme of con- 
stitutional innovation " he said. 

Reminding his audience that 
Welsh MPs. given a Wales 
Assembly, would' continue to 
vote- on matters . concerning 
England for which they would 
not be able to vote in Wales. 
Mr. Pym argued tbat this would 
create for the first time, conflict 
within the UK on the basis of 
nationality. 

The Conservatives thought it 
likely the people of Wales would 
reject the devolution measures 
But if tbe Wales Bill became an 
Act and a general election inter- 
vened. a returned Conservative 
Government would still hold the 
proposed devolution referendum 
and be guided by the result 


Spending from fund up 18% 


BY ROY HODSON 

j TOP SCIENTIFIC posts in the 
British Steel Corporation are 
being axed and . the Battersea 
laboralory. in London, where 
170 scientists, engineers and 
assistant* work, is to be closed. 
M'iny of the research and do- 
% •.*Sup men I staff will become re- 
dundant. ■' ‘ " m . 

News of the closure was given 
in the unions yesterday, ju^t a 
week after British Steel proposed 
i he closure of Us Gower Street 
! offices in Central London, where 
‘ 400 staff are employed. 

• Sir Charles’ VilUers. BSC chair- 
j man. has ordered cuts in white- 
collar jobs to match steelworks 
closures. More than 15.000 steel- 
working jobs "have been 
abolished by British. St eel in the 
pa-i year and ihenf^s a prospect 
of a further l s 590 redundancies 
when- Iron- and steel-making ends 
at Shelton. Stoke-on-Trent, sonn 
The axe will fall too on staff 
jobs in tbe six divisional head- 
quarters oF the corDoratinn in 
England. Scotland and’Wales, as 
the drive continues to slim down 
the British Steel workforce. 

Closure of the Battersea 
laboratories is pari of a scheme - 
tu cut research and development ' 
to match the needs’ of reduced 
capital Invest mem. Plans for 
bringing British Steel hack into 
profit by the early 1980s include 
slashing capital spending on 
steel planu/from £lbn a- year 
to esotjm a/year. 

Need for research and 


development has been reduced Redundancy payments . for 
because British Steel, is now scientists and office workers in 
producing smaller tonnages due London W |I1 not include the sort 

l0 MMU°.2 Seers to be sums ^ , bave 

displaced from Battersea include P 31C ^ 2° 50Me redundant steel- 
85 graduates. workers. 


Cornwall Tin may buy 
Wheal Jane in package 


BY DAVID FREUD 

THE MAIN component nf 
Government spending — from the 
consolidated fund— rose IS per 
cent in April and May compared 
with tbe same -period a year ago. 

The increase was roughly in 
line with the Budget forecast 
of an increase of 17 per cent 
for the 1978-79 financial year. 

Expenditure from the fund 
rose £1.3bn to £8.2bn in April/ 


May compared with the same two 
months last year. But at this 
early stage it is not possible to 
extrapolate safely from the trend, 
especially as the figures are not 
seasonally adjusted. 

Tbe central government bor- 
rowing requirement is especially 
affected by seasonal variations, 
because on tbe revenue side of 
the equation the bulk of the 
Budget tax cuts have not yet 
worked through. 


The raw figures show that the 
borrowing requirement rose -'0.9 
per cent to £2bn in April/May. 
compared with a Budget forecast 
for the whole of the year of a 
44.4 per cent increase on the out- 
turn for 1977-7S. 

The figures show that while the 
nationalised industries have been 
borrowing more, local authori- 
ties have cut the amount bor- 
rowed from the national loans 
fund. • 


BY PAUL CHEESERIGHT . 
CORNWALL TIN AND MINING, 
representing U.S.. Canadian and 
Swiss financial ' interests, has 
emerged as potential rescuer of 
Wheal Jane-' the. tin mine, near 
Truro owned^-.by Consolidated 
Gold Fields. ... 

This gives- i'J bizarre ‘ twiSL to 
a lengthy series of discussions 
between mining companies and 
the Government on the future 
of Wheal Jane, closure of which 
was first announced by Gold 
Fields on April 26. 

Cornwall Tin is the owner of 
the Mount Wellington mine, 
which faces Wheal Jane across 
the Carn on Valley. It was the 
decision to close Mount Welling- 
ton that precipilaled Gold 
Fields' decision to . withdraw 
from Wheal June.-, . 

The two mines are closely 
linked because if the pumps stop 


working at one. the danger of 
flooding increases at the other. 

The Department of Industry 
confirmed yesterday that it . was 
negotiating with Cornwall. Tin 
about future operation of Wheal 
Jane. 

This signifies that the company 
has managed, to work out with 
the Government a financial pack- 
age which will provide for pur- 
chase and development of Wheal 
Jane and involve use of public 
funds. 

Responding to Parliamentary 
and trade union pressure, the 
Government- -has been increaiF 
ingly anxious to find som 
method of keeping at least Wbe 
J3ne open. About 800 peopfe 
found work at Mount Wellington 
and Wheal Jane, which are in an 
area where the unemployment 
rate is double the national aver- 
age-. 


Q NEWS ANALYSIS— FOOTWEAR DISTRIBUTION 

Stepping up the competition 

BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 




The Grootvlei Proprietary Mines Limited 
Marievale Consolidated Mines Limited 

DECLARATION OF DIVIDENDS AND REDUCTION OF CAPITAL 

1 Dividends have been declared payable to members registered in the books of the 
undermentioned companies at the close of business on 30th June, 1978. 

2 A reduction of capital of IS cents per share which is subject to confirmation by 
the Court will be made to chose members of Marievale Consolidated Mines Limited 
registered at the close of business on 30th June. 1978. 

3 The dividends are payable in South African currency. Members with payment addresses 
in southern Africa will be paid from the Registered Office and tbe warrants wifi 
be drawn in South African currency. Members with payment addresses elsewhere 
will be paid from the London Transfer Office and warrants will be drawn in United 
Kingdom currency; the date for determining the rate of exchange at which South 
AFrican currency will be converted into United Kingdom currency will be 1 1th July. 
?97B. Such members may however elect to be paid in South African currency, 
provided that any such request is received at either the Registered Office or the 
London Transfer Office on or before 30th June. 1978. Warrants will be posted 
from the Registered Office and London Transfer Office on or about 3rd August, 1978. 

4 The return of Capital is payable in South African currency. Members with payment 
addresses in southern Africa wiJf be paid from the Registered Office and the warrants 
will be drawn in South African currency. Members with payment addresses elsewhere 
will be paid from rhe London Transfer Office and the payment of the return, of 
capital will, subject to the approval of the South African exchange control authorities, 
be made in Uniced States of America currency. The date for determining the rate 
of exchange at which South African currency wilt be converted into Uniced States 
of America currency will be 11th July 1978. Warrants will be posted from the 
Registered Office and London Transfer Office on or about 3rd August, 1978. The 
return of capital will be paid in accordance with existing dividend mandates jnless 
the company is notified otherwise by 30th June. 1978. 

5 The registers of members of the companies will be closed from 3rd to 7th July, 1978. 
both days inclusive. 

6 Payment will be made subject to conditions which can be inspected at the Registered 
Office or London Transfer Office of the companies. 

7 From ilch April, 1978. payment for gold production at the official price plus 
premium on market sales distributed monthly was replaced by payment at the 
market price. The non-recurring balancing payments resulting from the changeover 
have resulted in increased revenue which will not be repeated. 



Capital Reduction 

Dividend 

Company 

per share/unit 

per share/ unit 

(each of which is incorporated 

of stock 

of stock 

in the Republic of South Africa} 

fS.A. currency^ 

(S.A. currency } 

The Grootvlei Proprietary Mines Limited 

— 

16 cents 

Marievale Consolidated Mines Limited 

25 cents 

32 cents 


London Transfer Office: 
Granby Registration Services. 
Granby House. 

95 Southwark Street, 

London. SE1 OJA. 


per pro UNION CORPORATION (U.K.) LIMITED. 

London Secretaries, 
L. W. Humphries. 

Princes House. 
95 Gresham Street. 
London. EC2V 785. 
9th June, 1978. 


WHEN THE Price Commission 
was asked to look at footwear dis- 
tribution eight months ago it was 
generally assumed this would be 
a way of getting at the British 
Shoe Corporation without' upse~ 
ting those Government depart- 
ments which had the job- of 
lookiBg after Britain's troubled 
shoe industry. 

In the event tbe commission's 
report, published yesterday, 
gives tbe corporation, a subsidi- 
ary of Sears Holdings, tbe green 
fight for expansion. 

The corporation will have to 
reduce its margins, along with 
tbe other High Street chains, but 
it will no longer be inhibited 
from exploiting its market 
dominance by the possibility of a 
reference to the Monopolies Com- 
mission . 

With about 20 per cent of tbe 
retail market and six High Street 
chains. British Shoe has long 
been a possible target for a 
Monopolies Commission refer- 
ence if it grew any further. 

The assurance tbat the com- 
pany will not be bothered by a 
Monopolies Commission refer- 
ence as . long as it grows intern- 
ally. rather than by aquisition, is 
implicit in the commission’s 
report 

Far from not wanting British 
Shoe Corporation to expand, the 
Price Commission would like the 
corporation to make life tougher 
for its competitors. The commis- 
sion seems to feel some of them 
have been able to operate on 
such high margins only because 
British Shoe Corporation has 
been doing so. 

The report takes the commis- 
sion into the main stream Of 
High Street retailing for the first 
time. Tbe recommendations are 
among the strongest the new 
commission has issued. 

Framed in a highly convoluted 
way so as to catch all the big 


chains, they peg shoe retailers' 
gross margins to. at best, last 
year's level. Where gross mar- 
gins have increased since 1975, 
they will be restricted to the 
1975 level or 2 per eenl below 
the 1977 level, whichever is the 
greatest 

The restrictions will bo tailored 
to individual companies and will 
only directly affect retailers with 
ten or more branches The com- 
mission has not suggested any 
time limit on Ibe restriction, it 
will be up to tbe Prices Secretary 
to set a liniii if he accepts the 
report. 

In the case of British Shoe, 
the recommendations mean it 
would have ta trim its gross 
margins by 1.2 per cent to about 
46 per cent. Tbe reduction 
would probably nut mean any 
price cuts— except possibly in 
the form of promotional ones. 

The commission has based its 
recommendations on a' number 
of findings. Its figures showed 
that gross margins earned by 
footwear specialists were high 
in comparison to must other 
retailers. ' 

Isolation 

The average gross margin 
made by a shoe retailer in 1977 
was 42.8 per cent as against 
about 39 per cent for all other 
retailers. 

In isolation, this might not 
have worried’ the Commission 
too much. What appears to have 
concerned it was the big increase 
in footwear gross margins over 
time. Between 1961 and 1971, 
average gross margins on foot- 
wear rose 37 per cent. 

The trend was particularly 
noticeable amons footwear 
multiple shops, defined for the 
purpose of this report as shops 
with 10 or more outlets. 

The increase seems to have 


slowed down in the past three 
years but in 1977 multiple foot- 
wear chains were stiil trading on 
average of 46.9 per cent. This 
compared with 34.6 per cent for 
the average independent shop. 
(Independents are, in some cases, 
buying from wholesalers which 
also have to make a profit). 

In 2977 British Shoe's gross 
margin of 47.2 per cent was 
slightly less than in 1976. One 
of ils multiple competitors was 
trading at a margin of 53.3 per 
cent. 

The commission considered 
the industry's arguments that 
high gross margins were needed 
because of the low stock turn 
and tiie risks involved in selling 
high fashioD merchandise. 

But it concluded that the 
increase in gro'ss margins was 
oot justified by any change in 
the rate of stock turn. The stock- 
turn in retail footwear had 
remained virtually unaltered at 
about 2.6 per cent in the ten 
years to 1971. Margins had 
increased 37 per cenL 

The commission accepted trade 
arguments that in some senses 
shoe retailing is competitive. 
Customers use good shoe leather 
walking from shop to shop 
before choosing shoes. But the 
existence of manufacturers’ 
recommended retail prices on 
branded shoes meant price com- 
petition was relatively limited. 

The commission’s main objec- 
tion to British Shoe seems to be 
tbat it has not been fighting bard 
enough to exploit its position 
both as a major buyer of shoes 
and as a major retailer. It 
gives tbe corporation top marlcs 

for efficiency. 

But in the commission's view 
the corporation, trading at such 
high gross -margins, has allowed 
less efficient competitors to trade 
at similar levels. 




concession 
on work 

BY NICK GARNETT, LABOUR STAFF 



TALKS on proposals io 
Institute a 42-honr week for 
firemen took a significant step 
forward yesterday when the 
employers conceded tbat the 
two-shift system within the fire 
service could remain. : 

Employers’ Insistence .that a 
redaction in hours had. to be 
accompanied by tbe introduc- 
tion of a three-shift, pattern 
has been one . of the major 
stumbling blocks to the -talks’ 
progress. 

The Fir« Brigades' Union 
said after the talks that it 
represented a “ substantial 
change” in the' employefs’- 
position. 

The employers’. . . were 
adamant, however, that the. 
offer of maintaining the exist- 
ing shift pattern was cohdi-’ 
ttonal on union acceptance of a 
broad package of measures. - 

Two of the most important 
elements of the package are 
greater flexibility in working 
routines, particularly non-fixe- 
fightiag duties, together with a 
commitment from the union on 
discussions towards a new dis- 


putes procedure for the servta 
-aimed partly at restrict* 
opportunities for local indnZ 
trial ’action.- . 

Firemen are also thought tk' 
be concerned; at proposals' 
introduce stronger manage- 
ment powers ■ on maun lie 
changes at local leveL T 75 " • 

■The employers said they stHl 
believed a three-shift pattern 
was better for the service and 
were not prepared to keep the 
two-shift offer if the union 

tried to whittle away the pack- 
age. 

The union, which Is due to 
meet employers again on Wed- 
nesday, said there were still • 
some “Yrentehtions” Jssads bat 
were pleased at assurances that 
there would be no redundan- 
cies of fire service personnel 
or ancillary, .staff. 

Local ' authorities bar* 
already been advised to begin 
recruitment towards the levels 
required for a 42 hour- week. 

They : are committed to 
impIementSnftilie .shorter hours 

In November providing talks 
with the Fire Brigades Ualon 
■ are successful. - s' 


Electricians’ dispute 
threatens hospitals 

BY PAUUNE CLARK. LABOUR STAFF 

HOSPITAL ELECTRICIANS in- to make several major teaching 
volyed in a pay clash with the hospitals targets for action. With- 
Government have embarked on a drawal of labour is expected to 
countrywide series of local union cause closures in some hospitals 
meetings to decide which hospi- Mr. "Peter Adams, national 
tals will be the chief targets in a officer in the EPTU, said' jester- 
programme fo selective industrial /day- that the Goverantetot had 
action. offered nothing- to justify- ending 

Plans- for industrial -action the. dispute. But. communication 
from July 19 were given tbe, go lines remained open and he still 
ahead by union leaders yester- hoped a solution could be found 
day after talks with Mr r David before the date for action. 
Ennals. Health Minister, and Mr. The union claims , that the 
Albert Booth. Employment Secre- Government has gone back on an 
tary, failed to solve the dispute/ agreement reached in 1973 in 
’ The EJertrical and Plurnbfi]>' r * tu ?^ 1 * *°-* Uow a pay rise which 

Trades unSom vhSf repS '%£E 

5,000 electricians -and L500 electrical contract- 

HospltaTgiactrlclans y «ue 

iSospital believed td°b* the. b£ their demands for what it says 

.wbuld amount to an .18 per cent 
Sfftrot w? 1 *’ amon ®. pdy'iiicrease in breach of Gbvera- 

The first tutf ... - 'menf'guidelines. 

Frenchay. and Southmead hos- Th problem centres on the 
pita Is in’ the Avon Area Health failure of many area health 
Authority were expected to be authorities to introduce incentive 
affected, while meetings of union schemes to enable hospital elec- 
branch members in the London, tricians to earn as much as those 
region on Monday were expected in private industry. 

Coal Board prepares for 
pit rescue men’s strike 




m BANK OF SCOTLAND 

BASE RATE 

The Bank of Scotland intimates that as from 12th JUNE 
197S, and until further notice, its Base Rate will be increased- 
from 9% per annum to 10% PER ANNUM. 

LONDON OFFICES— -DEPOSITS 

The rate of interest on sums lodged for a minimum period of 7 days will he 7 % per 
annum, also with effect from 12th June, 1978. 


BY OUR LABOUR STAFF . 

COAL BOARD officials yesterday 
drew up contingency plans aimed 
at avoiding a halt to production 
from the Yorkshire coalfield if 
36 pit ..rescue workers cany out. 
their threat to strike on Monday. 

But Yorkshire miners' leaders 
are seeking legal opinion on the 
Board’s plans for providing 
emergency cover. 

Mr. Arthur Scargtll, Yorkshire 
president, said that engineers 
employed by the miners' union 
were not satisfied that full cover 
could be provided. 

The - Yorkshire group . -from 
rescue- .stations at Doncaster, 
Rotherham .and Wakefield . have 
rejected a package deal giving, 
them more than £20 extra a week 
despite the decision of the 
executive of the National Union 
of Mineworkers tn accept -a pay 
and conditions regrading offer 
for tbe country’s pit rescue 
workers. ~ 

Mr. Joe Gormley, NUM presi- 
dent. said yesterday the group 
were “ oat on their own." The 
rescue workers, be said, were 


now “at the top of the wages 
tree" and were overwhelmingly 
outnumbered in a 21 to 3 vote 
to accept the new deal. 

Tbe Coal Board in Doncaster 
said: “ We are surprised and dis- 
appointed.. It is a genuine 
attempt to correct anomalies 
and deficiencies in the whole 
range of wages and conditions.'’ 

Mr. Tom King. Conservative 
Opposition Energy spokesman, 
has written to Mr. Tony Bean, 
Energy Secretary, to express 
concern at. his. proposal to give 
unions the' right . t6 veto pit 
closures. 

Mr_ King jsaii bp : believed -the 
plan could . cause “absolute 
chaos/* ,*'lt is not the role of 
unions to be saddled with tbe 
ultimate responsibility. That is 
the -jtib of management working 
through the proper consultation 

procedures.” "• 

• Over 3,000 foremen and 
supervisors at Ford's Dagenham 
plant who ’.went on ..strike this 
week in a protest against shop 
floor violence, will return tn 
work on Monday. 



AC AS defends its role 

BY ALAN PIKE. LABOUR CORRESPONDENT 


IF THE Advisory; Conciliation 
and Arbitration Service acted 
on ly on a vote of members 
involved when making recogni- 
tion recommendations It would 
be reduced' from an industrial 
relations body to a ballotting 
agency. Mr. Henry Brooke-, tor 
ACAS, told the High Court 
yesterday. 

The UK Association of Pro- 
fessional Engineers is asking the 
court to declare void an ACAS 
report which failed to. recom- 
mend recognition for the union 
at At* E-AHan, a Bedford 
engineering firm. - - 

Mr. Brooke told Mr. Justice 
May that the case provided the. 
first opportunity for the court . 


to pass judgment on the form of 
an ACAS report, which was 
written by industrial relations 
officers for an industrial.- rela- 
tions audience. If the court was 
satisfied that the complaint 
against ACAS was vdtiibut 
foundation it. should say-so io. 
clear terms, since an " Issue of- 
confidence ” involving ACASV 
relationship with all -anions 
coming to it for help was Taised- ; 
.....The UKAPE case, said Mr.;- 
Brooke, had been an intensely . 
difficult one and ACAS officers 
had tackled it with patience, 
humanity and tact. 

,The hearing will continue on 
Monday. 


ts L . 


Bid to reverse pay vote 

BY NICK GARNETT, LABOUR STAFF 



LAY DELEGATES in the Trans- 
port and General Workers' Union 
construction section will almost 
certainly be asked to reconsider 
their rejection of an employers 1 
pay offer which has resulted :n 
the threat of strike action and 
put the industry's national nego- 
tiating machinery Into question. 

Mr- George Henderson, the 
union's construction- section 
national secretary is expected to 
request next week that the execu- 
tive sanction a recalled meeting 
of the joint industry committees 
who Jay delegates narrowly 
voted 13 to II to reject the offer. 

The Transport and General, 

which has been planning strikes 

•• V 


on a regional basis, has been put 
into & difficult position* - 
. Thelay delegates voted against . 
the advice of their negotiator* . 
but .since then the majority of 
the union’s regions have said 
they are unwilling to take indns- 
trial; action. ■ : 

At the same time, the bi-annual 
conference -of the Union' of Con- 
struction, Allied Trades. *0“ 
Technicians; the largest onlofl 
covered .by the negotiations 
strongly reaffirmed this 
tbeir negotiators' ^acceptaw* 
the offer which, affects f 00 * 0 ”"*’ 
building workers and. is utJe 
ran from Jane 26. ' - *•. 














SaliErday . JunevlO 1978 


the week in the markets 


■ nuairaojin 

MINIMUM 
LENDING RATE. 

Mkt-lMtaHU I 


BRITS” I i 

-ssrfV 

waisnws 1 


ithad beW'Se^n^ to^sbmuJat.e port- for - those shales : is not dividend controls wnne uie 

inve^nient fj firnanrf ,'. The! Gov- influenced 7?by ^ anything as future of wage rates, is still in ^ 

^rmnervt paji^atge consusted of .a .rational as, aaia pyai d trend, in the melting pot ‘ 
return <)f the " corset” a jump interest rates. .: Ie . t . ep ntr ?k* end * 

mMIAWi^^«Bda 2i - The ^ectofti^ty wihnig Lh W °S SSrtiaL dividend fll 

off increases by (hose companies 

sunance ctmlT3bwtaMls,>designed Snns *e- J^newed^lonttem wanti t0 establish a new pay . 

to.' reduce. public sector borrow- confidence 4n_ : property sham out Je * el whne they earn Divi- 
ing requirement- ; by £500m in ability to outperform the rest dend restraint has been with us 1« 

the current: financial year. \. of the" equity wnritot^on a two- for nine Qut of toe last 12 years 

Stpce the; MBtSutions have: to three-yeiir. t^Cw .- • w#® the next Government might 

be^ -h$gbly“ liiqujd for some though La»d;-S^cnr^Mr ?®p°n be temptec j t0 re-establish a 
time now, pendnig -this; soft :of of *3 lIS controls. 

1. I ; TVirtfnlin .WATtb Af PAntTAlc 


Institutional buyers 
out in force 




■W- 


L I I l I i ll .1 * ■ « 

J f I * ■ J JASBH 

1976 


* T1 ■ > ■ V 11 T 

1977 _ 


VtVtVt'k 

1978 


WALL STREET came to work 
on Monday morning with some 
trepidation -because many of its 
technical analysts had pored 
over their charts and conclu- 
ded that June would probably 
not be a month during which 
the market would continue the 
process of “bursting out all 
over" which began in mid- 

*This wag a pleasing prospect 
to the many institutional fund 
managers whose scepticism 




?d * be a. flarop'.'in- the money supply — — . .V - — 

.in, .'tbe period tp "the ' early 

V- - LONDON 

V So the gilt market has been. '' inavorat •' 

iifh •„ . spared : the it-ppj. go i- monetary . • ON tP^* • 

a 5aij tflV- policy .that' seems idkelyup to • ' ■J^r^ = ^r =1 

?*•.*'<« c the 'nest election and: demand 
” «sw . flowed' into. the rijarkk, rlt was ' . . • : t~' ' ,f j£ -Vi-.- .„i 

estimated tfiat- some- £400m of recovery of the-pbysical pro- 
stock' W- sold" bn -Thursday perty market )■«£& question. 
J * with birth -the long : and short And with the 

»« n e c.+v v'u-r. *Vvo' anneal or s^Sbr' projections 


uu wicu ww. :xiwu w irnwoi -- xz-z- . — a .i,np mona^pre whose scepuejouj 

bearing eligible ^UabUKies In traditional coms^^ roVltI „ 9hflV p"so" oer cent on a par with last years £35.4m ? bou tthe economic outlook and 

next few‘montiiB'i!t'was- geber- *D» n t slnfe ^ ten n meat could count . on Ll ^. eral slightly above pre _ 1a ^ analysts estimate longer L„i ra isru about the short term 

ally/espected tbat/tihere/wnnld Jn ^ lt values^- ^9®^ term support on this point Feelings ?em pVofits will g0 higher. In KSre ^the stock market had 

be a. drop in ■ the m oney supply ■ — — — - r are that rt could as long as^ the h f . Dr n S oects have the meantime the rejection end kept uieir hands in their 


a5ai »ta\ 
ert vs^ 


LONDON 

onlooker: 


LUU, “ ““ Ul T- — , 7.. nf AihTiPht's Dre-tav. analysis esnnuie longer _-„imisin about the snorr ivrm 

support on this point Feelings J^sely term profits will go higher. In f^ure of the stock market had 

are that it could as long as the lu*ble«lof borrowings. « ntime lhe Reject ion and £ e * bands in their 

controls were wrapped up in a. Albnghts prospects na ossib ii ity 0 f Monopolies „S ets whe n all around them 

S3 d its salvage opeTS Commission _ reference has af one time in late 

3 ] S”-— - — - - -MWsffss 


Sow ^ jones 


MARKET HIGHLIGHTS OF THE WEEK 


wum goto ~tJie long : ana snon a«u 

taps / activate cl. . Such was the appeal ° r .!SS. nt ^ U Dhirn in i n d Ord index 
level of demaniUhatit cameas showing a M£ig^t .ypturn in ^d . _ Ord. . Inde x 
— (W.t .U.:i ororerty company S , Govt. Secs. In do 




tap expired yesterday, mprmiig. tuJ ^ bf the decide, the security Airflow Streamlines ! 05 _ 

This; was soon -regjJaced by an ^ rental-based - revenue in Albright and Wilson ]50_ 

issufi"of-JElbn 12 per cent stock comparison wit& the ^uncertain Associated Book Publishers 240 

and sance this was only £lb paid 0U ti 0 (* for in dq?tra^ company Bramal (c D } “ 97 

it - was favourably -received and pro fits is beKhming'td-^reassert 



it - was favourably -received and pro fits is beKhming'td-^reassert 

the, -^ili. market fimsbed the.f^jf as goiS snpnort, for the * ™H* 2 !*™ ^ 

— — - week on a very strong note. shares at this level/. 1 ; Charter Con s. 1. 

Rut -while the gilt: market _ r’^ . Churchbury Estates 25 5 

was banking on a quick drop Jp&O projection^- ’• Elion and Robbins 90 _ 

in interest rates there .was less . Q . piablems Grovebeil 4 2 

, , . ssfss^^ as Sb s- 

LtalS — ly^Sbimr Tntfn- !«« Hkk “" " d 

^ sive manufacturing' sector and ■ « Vk^ear^Tbough the Office and Electronic 1J6 

the Financial Times Industrial. the Spooner Inds. J* 

Ordinary Share Index fell ■”* Oko international 148 

laSt C0Uple of mates accordingly; ^^sitw*! ushcr-Walker 6 2 

w Vg: ' day? . tTadin8, .■■■■'■■ . . painted is not one tba^nduly Wc8ten| Min ing L 4 !_ 

IS ^ Property secto r • Wood and ^ 55 — 

ErTV"ij,i^ Equally higher" interest rates The curent six m|g|g b ave . ^ 

U7-n% and property shares do not mix obviously paled ; in ;^^ arison . 

: well.- But the market has long, ^th the buoyantlft^^^ 

«==; been anticipating further twists 1977 although the, do ££ & £* s victory 

of the Chancellor's - tighter interim pre-tax prefitoeould be 

: 2 : credit policy, and the package around a third of _ n _ J J i ^ a j S r t ®cf?Aid This week 

. J : = was tieateB ^ ^welcome: but thE 1977 first me soru end Itorteld TWs wee* 


u hvjc: 


Change on 
Week 
- 8.6 
+ 0.9 0 
+ 19 
-12 
+48 
+ 76t 
+ i 
+ 8 
+ 18 
- 8 
+ 14 

+ u 
+22 
-15 

+13 

+23 
-13 
+ 11 
+24 
+ 14 


Restrict ive mo n etary measures 
Ec onomic package welcomed 

Re suitf/capital proposals 

Tehneco 'i bid may be ref, to MX. 
Invest ment demand/thin market 

"Succe ssful debut 

~[ H f i- ^ e d final dividend 

Good 1977 resu lts 

Persistent small buying 

Disa ppointing results 

Speculative demand 

Incr eased final dividend 

Press comment 

Int- profits setback 

Speculative demand 

Bid from Redman Heenan 

Di sappointing results •_ 

Re newed interest /thin market 

Rich cop per values at Benambra 
Bid approach from Newman Inds. 


Kept uieir uaiius I l l l III III 1 1 i ill ■ n 1 " 1 1 1 1 1 1 ' 1 ' 1 1 1 ' 1 1 1 " *- Tana. I 

pockets when all around them I SOO 11 "!^ iflTS 19*76 1977' 19?SJ 

seemed at one time 10 lai® • 

April to be buying stocks. ^f^tb^dav^the^m’ Sto'ck rates which lay behind the mar- 

Mutual Fund ash to asset '^ we Tits third ket gains of last Fndav^and 

ratio actually increased from - ■ f t ra Hinp Hav on record. Monday. Up to no\v imesto s 

S Vr cent to 9.9 per rent “fgTm traded have been uncharacteristically 

between the end of March and Bu t th s.6 8 sanguine about the r,se ln sh ^ 

the end of April and although m in °Vhe Dow Jones term interests rates wh ch has 

the insUtutions were heavy , Avera-e because a formed the backcloth to the tur- 

traders last month the number ^ b 2 °3 0 pm proved rent rally. But 

which actually increased the ?Pun profit-taking. not survive another Federal 

ratio nf common stocks in their xrresisu ^ Reserve inspired boost to short 

portfolios was by no means - ' rates. 

vast. vnD i/ The institutional activity 

Unfortunately for the fund NEW YWICIV centred this week on the tradi- 


tOn placing price. 


S3T nf SEE- stocLTn their I rresisUble tc prebt-taumu. b00st t0 shor: 

portfolios was by no means - ' rates. 

vast. ^ VADlf Thc institutional activity 

Unfortunately for the fund NEW YOKA centred this week on the tradi- 
managers, they do face a sort tional glamour stocks which 

of Day of Judgment on June 30 JOHN WYLES have been out of favour for a 

when the current quarterly ' couple of years. IBM. Xerox. 

reporting period closes. Those 0 pSM— Polaroid. Johnsou and Johnson 
who have not increased their . .. _ r . Pr t a in have all been in demand. So 

holdings of Common Stocks Th ,s M '^s® lf tbe rt fact also have Californian savmss 
during the first significant lack of co “JJ®“ ce . 1 ‘ n p a and loan associations which are 
market rally since early 19-6 ih&t the market 1 ss e J thought likely to do well out of 
may have some explaining to steady ' climb- and the analy ^ landmark “taxpayers 

do and as a result many money ^ tl I , 0 „ noe “ to revolt" in that state on Tburs- 
managers were hoping for a dip look is too unceriaun when voters eliminated 

™ the market so they could J ustlfy i n ‘^Imc^wTs §7bn a year of property taxes. 

dimb aboard. . , f ? r nfl S7 k S, f latest On Wall Street this was thought 

However, the market refused stren ° the , I Jl t ! v , pub iished likely to substantially boost 
to be so accommodating and money supply fi^urei, pub d demand for home mortgage 

Monday’s 16J29 surge in the yesterday. money and therefore the profit- 

Dow Jones Industrial Average These showed a . nea ^. rec „, ability of those who provide it. 

cent a tremor through the $4.2bn increase m the Ml c|ose Chailge 

« Herd "—Wall Street’s favour- measure of currency in circula- Moflday 363.83 + 1 *- 29 

s 3J 


. . -, m creiui poucy T tuio u«r arouna a uiiiw. ml 

was tyeated as' Unwelcome; but the 1977 ~ first half^^i 
not -unexpected, news. Sector year's total may «|||ew 
ajsfcS’ss leaders ended !the week. a few £23m-£24ia against 'ja g g 
; pence lighter. But there- was year.. 
i-ixrZz. no repetition of the . traditional ■ The aii fo sts 
>- crisis of confidence that attends ^ seasonal nature^^p 

n . ' — +—rrr* bosiiiess;- which . cou^§ 

THE TOP PERFORMING SECTORS this time-fxom an uptsg 

i-’T-?::vs IN -FOUR WEEKS FROM MAY 11 non-shipping 

... . i... 4/ riBBsc tion and housing, in paB 

•T: Minins- Finance *' *. * ^^S'have improved.- Moreov 

’ ^ ChemiJlT^^ : . ..: - +™ European and air transpc 

Property sion, llie femes, road A 

Toys and Games . and integrated tranjpo 

- - - Mechanical Engineering +J-S continuing to do weli/rn 

• ' * Household Goods +14 . business is producin 

• THE WORST PERFORMERS j^its and Boviaf is 

- 1 " All-Share Index 2vl better. But, oveijU. thi 

. .. .. Brewenes ejected to be b^&rshadc 

stores _5.9 the. recession ii^orld si 

]rK||E5M04'. ;: Dm&nd&strom, 

™ Hire Purchase TWo.: r.itv/and Indus 


around a tmra oi '7"^;. m.. 

but +k« 1077' "firct the sons and Crosfield. This week 

cor lo H and C's offer for Harrison 

few *£m£. -laiSt’lK' ‘iMt Malaysian Estates went uncondi- 
ictv £23m^24nx against mam,. and ^ p relimill ary 

nnal year ‘' - - ^ - 5»&-. results were just above the 

^ • The analysts baveSgg*^ to company > s own forecast. So the 
- ;the seasonal nature, <gg||p. u* winter and Spring campaigns 
— -r business;- which cou^^^ have ended j n complete success 
ORS this time from an upt^^P w jth Malayalam plantations and 
y jl non-shipping sectors, ^^fetruq- H arcros investment Trust as 
,™ tion and housing, in paNwauar, well as hme consolidated under 
+8 jS 'have improved. Moreovae,?g« H - d c . g gomjoi. 

'STS M fc“fonw^ n M^ 

SSA-swrua s? fc be c 

-°- 9 -Rut overJG these a T e are pakicularly tough m nego- 

-K expected^to’be owsbadowed by Uati^Terms? And what is to 

-55 the recession i^Trld shipping. beromo Tof ^nd^Somonv . 

Efi Dividend Restraint 





m 




Banks ^ ^ • T T?-;. H and t successfully fended 

iftf ,nlurance ?I- okeri ^ V - ' _r} iffKfraint off the IfcLead-Sipef bid but 

I TPS lOI < CompoB,t *> . ..H Dmaena resirami ^ has n ; not obtained legal 

11 L Hire Purchase Thfi City/ and industry are OTntroL \ 

a-,; It a — " . . - : ”T--' anxiciusto. establish the Govern- _ .. . • 

mw a substantial increase in money menfs - intentions when Albright Struggle 

CT!ts - . . Sfon xSTl If conteols 'Teimec^s £97m offer for the 

Xt. may be that theipereased a^era >• W first shares it does not already own 

: t' i resilience... of pro^rty companies in Albright and Wilson was 

:.er P anies to short-and S Stablish their rejected by both the Albright 

• : term inter^ rates bas finaby ^B ^ »ee HoweV er . board- and company employees 


Trust 


- V ' restructuring, programmes argument among Hill Samuel, issued a statement 

* i$he past few years come to Ministers as to the merits claiming the bid is ‘inadequate 

• -.end thecircleof highly interest senwri trol. Some are. and falls short, by arobstan- 

' v \-r^ensitrcO- stocks has. contracted nf dividend concro_. tial -margin, of the level at 

1 which an offer, if made, could 


DON'T READ 



role 


’ ... unless you want: to make m°ne y - 

■ We Peter Whitfield and Bob Tanner, startf ng 

=5-: w -,th£75each— have made fTullions in shares 

<■ (Clubman's Qub, Orme Developments, etc.). 

Kti" We are now joining ; fo^ with Peter Welham 

‘ (Questor Of The Daily. Telegraph) to produce 

5 f0 

‘ Leirftieywin- ^gi've positive adviee oirtuds and new 
. •••’• ^ SuesAndkeep a keen eye on shareholders nghts. 

1 i^Hktinouished list of contributors will include 

ack^lowledgedexpefts on *// aspects of investment 
Ensure that yow receive the first issue {Sept 4-tn 
«j g78) FREE by completing the coupon (below). 

* ' +•* L , ■■■■■■■ 

: 'C»^k 5^' ss::Sv!,b ' 

: ;l-k- -sss^SBSSKS SSSS. 

1 978, completely FREE. . ; - . _ ■„ 

■: .vr 

and I will not owe you one-penny. 

. BLOCK CAPmliPtlASS ^ " ' ' '' :■ ^ '' Bank Ltd . 


be.'- recommended to stock- 
holders." The Board did not. 
however, slam the door on the 
possibility' ‘of a higher, 
negotiated bid. 

The unions voiced their oppo- 
sition early in the week and on 
Thursday a' delegation visited 
the Office of Fair Trading to 
Huge :it 'to refer the bid to the 
Monopolies Commission. The 
IpfeT is looking 'into the case 
'Snd ! is expected to make its 
.recommendation known within 
the next ten days. 

. ■■ Tenneco first took an interest 
in Albright when it acquired a 
TO per cent stake through the 
market in 1969. When Albright 
got dhto difficulties in the early 
1970s following its decision to 
locate, a major parr of its pnv 
duption in Newfoundland 
Tenneco stepped forward and 
; provided a £l7;5m loan in the 
; form of convertible loan stock. 

Tenneco exercised its major 
v conversion rights in December, 
. 1974 and took its stake m 
Albright to the existing level 
- of '49^ per cent It stopped short 

■ of a complete conversion that 

■ wodld have given It a holding 


Experienced Management 

Investments in Cabot American Sm^l^^ ' 
Companies Trust ard managed by Henderson 
Administration, an investment mmg™ . 


stockbrokers, bankersann 

Contacts are paruculariy strong in regional ernes 

■where many of themore exdting mvestmenr 

OP SSS“^^tiinhBSb«L««Bblkh e d 
in the City for 40 years and manages funds 
approadiHigjC^dom. 

American Opportunity . 

vtsssssssss&Sgis- 

sssssasaSK^* 

violent swings of the previous d^ade-^^, 
current uncertainties, including President Uarter'S 
policies, have been resolved, we expect thattiie 
market will continue its upward momentumand the 
dollar return K* being one of the world s more 
stable currencies. 

Prospects for smaller companies 

Current economic conditions permit smaller^ 
companies intheU.S. to invest and expand with, 
greater confidence than over the last few yeat^- And 
rTT.. - 7-. T— « Y^nerrTol An^racehas fallen 


We offer over thirty premium currency. I 

r \ • of the premium at pn 

vears OI iVlUCrlCaU is Sigrrificantly the grt 

«/ • _ _ the estimated starting 

investment e xperience. -^.% Vememtot 

*** should be regarded a: 

* At present we believe g0 ^ a “S 
that American shares are 

To- Buy Units 

attractivel y priced. 

, - - 10 £ 4.5 mllion. yo o 

* Andthat smaller 

_ * rdVoi* r cith voicrramnance 

companies oner professional advisor. 

a promising alterative 

conventional Addmoiidai 

US portf olios. 

published Jflily i n Iwdiop 

^ Launched at 5 op each, 

units are now available 

at the offer price at sssssssss 

- first nstribuoon tm amis 

563 P each* ■ 


premium currency. In view of the high level 
of the premium at present the loan proportion 
is significantly the greater. In these encumstmices 

the estimated starring gross yield on the lrust 

Hease remember that any unit trust investment 
should be regarded as longterm. . 

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


Since ihclirst public offer of units on April 24th 
Cabot American Smaller Compaiues f 

to £4. S triton. 90" o of thc fund ^utvest^ 
ofto shares. To iaeestm at ike fixed offer price ot 
s6'.3p, sanplv return the application form below together 
zcithvoier raninance eitfier freer, ^hr^ighyour 
professional advisor. 1 Jus offer closes on Wtdntsday, 
zistjimc. or earlier at the Managers discretion. 

Additional Information 

^^SSSSSSSS* SSssSSSHiSfe of 

Snli fticcsMi | iyijdd.|ro ^vselUinits, endorso your 

published dflily m leadraS ccn ifi calc jnd Mid it ip thi 

CommiMionof riji iora^l^bf nSdcwi^in Term 

Ha#- Sssa 

S 2 Sa 


Kcci^tctcdNo. Sj62^3 Ensland. 
A member ol" the Unit Tru-jt 

AiSiKiilHnn. 


„vV 0 # 


To — — • 
Address.. 


*** Please psytb^ -Uoyds Bank Ltd.. ® research 

- ■ ^ v^S^^ on,h8S ™ eda ” 

^ Name w — 

Address.'-.^-^- 1 -*.'-*- “““ j : ’"' _ fts 


[U.K. INDICES 


Average June June May 

week to » 2 26 

HNANCIAL TIMES 

Govt Sea. WJ5 70-31 

Fixed Interest 71 J8 71-64 7TJ5 

Induit. Ord- i(riJ 

Gold Mines 157,1 ^5 4 .4 153.9 

Dealings mkd. 4,735 4AM 4,979 

M^autaui 

C S 198.14 195^4 193.7? 

C g£ &F 201.4S 203L&Q 2D1JI 
kdTGroup - 210J1 Til 2S 2 09J9 
Pinjctorp 23h&8~23 4^1 233.71 
Financial Gp. 1«iT 164.47 1&4J9 
illihare ” 21534 216.13 214^Z 
. Red. Debs. 57.03 57 31 57.40 


^Dto'gwpdMhwbeaM 

against the trend whilst maior companies operating 
in basic industries arc still labounng^oe 11 ® 53 . 

favourable condition^. 

Moreover, fund managers of American .. 

instimtionsv who dominate the movements of the. 
stock market are paying increasing a^enuon to die 
urospects of the smaller companies at a time when 
SaS of the major stocks continue to 
Stockbrokers, also, are responding : to ^ ^ .by 

sponsoring a f« wider range of compares than 

hitherto. 

Cabot American ■■ 

Smaller Companies Trust • ^ 

In the belief that real opportunities 

^mings growth potential from a smaller market 

Ca rS^?rfolioraatains a widespread 
coveriMmany sectors of the market. It ronnasts 
with the more conventional U.S. ^^^ tfbhos 
in that there is a careful selection ot smaii«_ ^ 
companies which show particularly good prospects 

“Sr^SSfsSS'S'CompBn^Tjw 
hoS 75%of the securities through dollar, loan 

accoumas wefi as making investments with, 


To: Henderson Unit Trust Management Limited, DeaKng Dept., 
5 Rayleigh Road, Hutton, Brentwood, Essex CM13 lAA. 
Telephone enquiries 01-5883622. 


, . _;.u — K.i*. units in Cabot American Smaller Companies 

ES fisc^Tpricc of 5«jp ™t (raimmuTniniml.nvesm.rec 
r,ooo units). 

available at thc daily quoted price. 

■ Surname: Mr./Mrs./Mhs ““ 

aJ^xscwrrALsr LEASH 77 

rb ristian or First Name(s) : •• 

Address: — * 

Dace: ~ 


SHARE 
EXCHANGE 
SCHEME 
Our Share Exchange 
Scheme provides a 
favourable opportunity 
to switch into this pn it 
Trust. For derails please 
tiik box or telephone 
Geoffrey Shitoofe ■ — . 
oi-s’S8 3622. I — I 


ThucfferisnuarcdLAku. - 
rdiJentt 0 / Ou Kcpubhcef Ireluiiit. 


Henderson 

Unit Trust Manag ement 


ma/6 


1 llllllpiiiii unit trust " 1 






6 






FINANCE AND THE FAMILY 



Discretionary trust tax 


BY OUR LEGAL STAFF 


No legqi responsibility ** 
Accepted by the Financial Times 
for the answers given in these 
columns. Ail inquiries wi,{ be 
answered by port as soon as 
possible. 


I set up a discretionary trust 
in 1971 far my daughter, now 
14J years aid, to finish when 
she is 23. Do I have to do 
anything before 1980 in this 
case, to minimise capital 
transfer tax? What sort of lax 
income or capital gains am I 
likely to have to pay over the 
10-year period? 

Presumably you have cheeked 
lhat the 1971 settlement fulfils 
the conditions set out in para- 
graph 15 of schedule 5 to the 
Finance Act 1975 <as amended 
by section 106 of the Finance 
Act 1976 ». so as to qualify for 
relief from CTT. 


Income arising from gifts 
made to y»*ur daughter would 
be taxable as part of your own 
income, under section 437 of 
the Income and Corporation 
Taxes Act 1970 (as amended by 
section 16 “f the Finance Act 
1971). a- would distributions by 
rhe trustees. Income arising to 
the truslees will be taxable at 
the flat rate of 49 per cent (at 
present j, under section 16 uf 
the Finance Act 1973. 

Capita! gains arising tn your 
daughter will be subject to CGT 
at the rates proposed in clause 
35 -if the Finance Bill (as pub- 
lished on April 20): First £1.0U0 


at nil; Next £4,000 at 15 per 
cent; Next £4,500 at 50 per 
cent: Remainder at 30 per cent. 
Capital gains arising to the 
trustees ( including the gain 
deemed to arise on your 
daughter's 23rd birthday, under 
section 25(3) of the Finance 
Act 1965) will be subject lo 
COT at the flat rate of 30 per 
cent. 

Ydu are likely to find it a 
false economy to try to dispense 
with professional guidance. No 
doubt the solicitor who acted 
for you in setting up the trust 
in 1971 would be best placed to 
advise you in detail. 


A fault in 
a new house 


Defeating 
knock for knock 


■S 


My car, which was nearly 
new. was recently damaged 
In an accident in which the 
other driver admitted it was 
his fault. My insurance 
company will not exchange 
the damaged car for a new one. 
If I were to trade it in at 
a later date, would I have 
any claim on the company 
for the difference hetween 
the trade-in price and the 
price 1 would have obtained 
had the car not been involved 
in an accident? 

My company has a knack 
for knock agreement with 
the other company concerned 
and this seems to work much 
tn my disadvantage. 1 
suffered bruises and am put 
to the trmihle of claiming 
the first £25 I am requirrd 
to pay under my contract 
from the other party's insur- 
ance. What do yon think 
it best t« do under such 
circumstances as these? 

We ihink that you would not 
lie able to claim on your insur- 
ance for the notional tor 
actual) depreciation in value 
arising from the fact that the 
car would he a repaired car 
rather than one which had 
n*-vcr been damaged. 

A knock for knock agreement 
can certainly work to the dis- 
advantage of a wholly innocent 
insured. IF that innocence can 
he clearly established the better 
course is not tn claim on your 
insurance but to make the 
whole daim on the party who 
is at fault. However, if you 


do claim on your insurer you 
may nperf to seek against the 
other driver both the excess 
and the l"as of your no-claiius 
bonus. 


undertaking to repay the .sum 
paid to him or her in the event 
of the daughter nr her estate 
making a claim for iL 


I bought a house last year from 
a development company. There 
has been trouble with down 
draught which has damaged 
the decorations among other 
things. The developers have 
not actually refused to do 
anything about it but they say 
there is no certain cure. Is 
there anything further f can do? 
If your house purchase included 
a KHBC certificate you should 
notify in writing the company 
or person named as the vendor 
an your certificate and agree- 
ment and require them, or fail- 
ing them the NHBC, to rectify 
the fault. Otherwise there is 
no recourse. 


An intestate's 


estate 

A widow died intestate. Ilpr 
only child, a daughter, cannot 
he traced, hut the daughter's 
children can. After expenses, 
there is £200 left. What 
should be dune with it? 
Although vim du mu si are 
what aitcirpis have been made 
i»» trace the daughter, or when 
she was la -t heard uf. (he sum 
is so small that it would be 
improvident in apply to die 
court, ever, the County Conn. 
The best course is in distribute 
the sum equally anion the 
daughter's rhildrcn taking from 
each of them an indemnity and 


An appeal 
out of time 


I was given wrong advice by 
a barrister, subsequently 
admitted, as to when an 
appeal against a wrong decision 
of a chairman, on an industrial 
tribunal could be lodged. 
Owing to the time limit for 
appeals, this may cause me 
to lust- a lot of money. What 
can I do? 

You can apply for leave to 
appeal out of time, stating that 
the misleading advice led tn 
y.uir failure to appeal in time. 
If you arc unsuccessful, you may 
seek to refer the mailer to the 
Council on Tribunals. 


A day out 
for children 


Purely for the fun of doing so, 
I sometimes take my 
neighbour's young children for 
a day out at my own expense. 
Should an accident occur, could 
the children's parents claim 
against me ? 

A claim certainly could arise, 
depending on the actual circum- 
stances of any accident. Insur- 
ance against personal injury 
liability is inexpensive and 
strongly advisable. Many com- 
prehensive household policies 
include such insurance auto- 
matically. 


Indexation 


... tiH? S 
-0^ 



Nuisance in Scottish Law 


Four large dogs who are rarely 
exercised are kept in the 
small garden next to mine, 
with the result that the smell 
is such that sitting outside is 
impossible and even inside 
with (he windows shut, it can 
be very unpleasant in the 
kitchen and living room. For 
I he tenants of council property 
there are certain rules 
regarding the keeping of pets, 
disposing of rubbish etc. Do 
any such rules apply to owner 
occupied property in Scotland? 
Have I any remedy? 

In our opinion the behaviour of 
your neighbours m connection 
with their doss is so offensive 


lhat it amounts to what is known 
in Scottish Law as "a nuisance.” 
The remedy that the offended 
person has is to raise proceed- 
ings in Court for interdict 
against the perpetrators of the 
nuisance ordaining the Court io 
pronounce an order terminating 
1L 

There is abundant case law 
dealing with the iaw of nuisance 
and it has been clearly held by 
ihe Courts that even the normal 
and familiar use by a neighbour 
of his own property may amount 
in law to a nuisance which can 
be terminated by interdict. 
Your neighbour’s behaviour in 
keeping dogs may well fall into 


this category as. whilst it is a 
legitimate and normal use of 
their property, carried to 
extremes it becomes none the 
less a legal wrong. 

We might also add that some 
titles under which property 
held in Scotland regulate the 
use of the property for keen- 
ing pets. This would only be 
likely to be found in a compara 
tively new housing development 
and if your neighbour’ 
property is an older one — i 
would be most unlikely that 
such a prohibition would be 
incorporated. 

However, it might hr well 
worth having your Solicitor 
check the title deeds and also 
advise you in more detail about 
the possibility of raising Court 
action. 


THIS WEEK has seen the 
publication in Money Which ? of 
the Consumers’ Association's 
latest report on house buildings 
insurance. This report is very 
much an up-dating exercise and 
there is nothing exceptional, 
nothing trenchant, in the com- 
mentary on the wares of some 
60 company insurers and of 
Lloyds’ Underwriters. 

On two pages of the report 
there are listed the prinicpal 
features of these wares, in tabu- 
lar form, and it is surprising to 
see that less than half of the 
insurers providing information 
for Consumers' Association, are 
offering their policyholders 
index linking. However, ail the 
major companies are in. the 
racks of the index linkers and 
so it is likely that around three 
out of every four home policy- 
holders can enjoy index linking 
if they so wish. 

Presumably those insurers not 
yet offering index linking have 
either not enough business to 
justify the step or have not yet 
solved the computer problems 
posed by the need to alter at 
renewal, both sums insured and 
premiums, by percentages that 
vary from month to month. 

Insurers use two indices, one 
for buildings, one for contents 
— and a month by month review 
of these indices shows that at 
any particular moment one can 
be ahead of the other, though 
in the longer term they move 
hroadly in step. On the build- 
ings side most insurers use the 
Housing Cost Index prepared 
each month by the Royal 
Institution of Chartered Sur- 
veyors which is published in the 
magazine Building: incidentally 
subscribers to Money _ Which ? 
can keep an eye on this index 
! as its movement each quarter is 
1 recorded therein. 

The contents index most 
commonly used is the Durable 


Household Goods section of the- 
general Index of Retail Prices. 
The movement of this index is 
recorded in the Department of 
Employment Gazette which is 
published once a month by 
HMSO. 

Index linking Is good both for 
policyholder and insurer so long 
as the sum insured, be it on 


INSURANCE 

JOHN PHILIP 


New friends, old interests 


TO PARAPHRASE that 
favoured A" level aphorism 
about foreign policy, the mining 
industry has no permanent 
friends only permanent 
interests. And one of those in- 
terest's is the desire lo invest 
when it wants and how il wants. 

A year or so ago. Mr. Malcolm 
Fraser, the Prime Minister of 
Australia, was nnt exactly a 
friend. The industry was none 
ton happy about his handling of 
the economy, thinking it inde- 
cisive. But now he is at least 
an acquaintance who can be 
greeted with a cheery wave. 

His Government has indeed 
changed the economic atmos- 
phere in Australia — inflation is 
slowing, interest rates are Inwcr. 
Last week his Government 

received parliamentary 

approval for uranium develop- 
ment Bills, and this week it has 
introduced mors relaxed guide- 
lines yn foreign investment. 

The. object is to attract more 
capital, so the Government is 
making less rigid its demands 
for 51 per vent Australian 
equity in mineral projects. 
Where a company has 2a per 
vent Australian ownership and 
commits itself towards working 
for 5l per cent, it will he 
treated as Ausiralian and per- 
mitted lo go ahead with new 
ventures. 

Takeovers by overseas groups 
would still he subject to the 
Foreign Investment Review 
Board and uranium develop- 
ments must still have 75 per 
cent Australian equity. Never- 
theless there is a new degree 
nf flexibility in the attitude to 
foreign capital, and this is pre- 
cisely what Rio Tinto-Zinc, 
which owns 72.6 per cent nf 
Conzinc Rintintn of Australia, 
has been seeking. 

Tn market terms, the guide- 
lines can help to consolidate 
the recent rise in prices. While 
the rally has been fitful this 
week, the undertone has been 
firm. 

The star has nut been a 
diamond hopeful like Northern 
Mining, but one, of the majors. 
Western Mining Corporation, 
still troubled by the recession 
on the nickel market. The 
reason was an announcement, 
■with its joint venturer, EP 
Minerals, of more very encour- 
aging assays from the foa*c 
metals prospect at Benambra in 
Victoria. 

In the latest diamond drill 
hole there were copper values 
nf 9.9 per cent, twice as good 
as those found in an earlier 
hole. These are early days and 
there is another two years of 
drilling to be done before it is 
known whether there is a small 
orebody or a large one. nr 
indeed nothing of commercial 
significance at all. 


But there is a cheery 
optimism ahuui llic project 
which is reflected in (he WMC 
price. It closed yesterday at 
148p for a rise on the week of 
24 p. Indeed, optimism has been 
catching. It has spread Ibis 
week out of the Ausiralian 
sector to Charier Consolidated, 
the London arm «.i Anglo 
American uf South Africa. 

Charter's price lias been up 
around its high for the year, 
dosing yesterday at 144j>. The 
reason has heen its annual 
figures for the year tn last 
March. And at one level, they 
look good. It is in the extra- 
ordinary items that the ghosts 
of the past still rise to haunt the 
group. 


PAUL CHEESERIGHT 


At the pretax level, all is 
serene. The prolii was £43m 
against £38.7ni helped hv a 
£2.47m rise in investment in- 
come after it had received a 
special interim Imm Anglo 
American, where it has a direct 
stake of 6 pec cent, and higher 
dividends from Anamint. where 
the stake is 10 per cent. Anamint 
makes a large portion of its 
money from an interest in De 
Beers. 

Net profits were £2S.7m com- 
pared with a re-staied £22. 59m 
in the 1976-77 year and the 
group was able to pay (be maxi- 
mum permitted dividend. The 
total payments for the year are 
8.3p net, after 7.5p the previous 
year. 


But the extraordinary items 
were £ 21 . 66m, more than double 
those of 1976-77. Cleveland 


Potash is still losing money and 
up to another £2Uni will be in- 
jected this year by Charter and 
its partner. Imperial Chemical 
Industries. Production is still 
only 40 per cent of capacity. 
The provision is £7.5m. 

The swings and roundabouts 
of currency movements caused 
a deficit of £8.2m while a further 
£6m has been provided against 
the group’s investment in 
Botswana RST. which runs 
another Joss-maker, the Selehi- 
Pikwe nickel and copper pro- 
ject. 

One of the major share- 
holders in Botswana RST is 
Charter’s parent, Anglo Ameri- 
can, and it made a provision 
nf R23.lm (£l4.6m) to write off 
its investment, in addition to 
providing during 1977 a total of 
R 10.36m against its slake in the 
suspended Tcnke-Fungurume 
cupper veniure in Zaire. 

Anglo has been changing ils 
financial year end lu March, so 
its latest figures cover 15 
months, when the net profit 
was R24I.7in (£lo2.9mj after 
R89.2m in the 12 months to 
Doccmher 1H76. Its final divi- 
dend was 25 cents <15.8p). mak- 
ing a tutai distribution for the 
15 months of 45.25 cents, 
against 33 cents ip 1976. 

The different lengths of the 
financial periods make compari- 
sons invalid, especially as the 
latest 15 months embraces two 
March quarters — the time of the 
year when Anglo's dividend 
revenue is highest. And there 
is another factor. Anglo has 
absorhed Rand Selection, an 
investment house in the group, 
thus appreciably widening its 
portfolio. 

But there is no doubt that 
Anglo has been doing well in 
the areas where it is strongest. 
Gold and uranium aci'ount for 
over a third of its investment 
income. Uranium prices have 


remained- strong, while the bul- 
lion price started 1977 at under 
$135 an ounce and had climbed 
to $183 by the end o£ last 
March. 

,-Since then the group will have 
had little cause for complaint 
about gold. Although the price 
did sag to under $170 near the 
end of April, it has since 
recovered and yesterday closed 
at 181.625 an ounce after 
climbing above $1S5 at one stage 
last week. 

- The gold mining companies 
can draw some encouragement 
from the latest International 
Monetary Fund auction where 
the average price was $183.09 
on the 470.000 ounces sold after 
bids had been received for 
1.07m ounces. 

Pressure on their costs 
remains a constant preoceupa 
tion. so there has been some 
relief that the Chamber of 
Mines was able tn hold a wage 
award down to 6 per cent for 
white employees. The award is 
close to the Chamber's opening 
offer of 4 per cent, and repre- 
sents a considerable victory. 
The Council of Mining Unions 
had demanded 17 per cent. 

Meanwhile the London gold 
share market has been quiet but 
generally firm, although Band 
fontein. the Johannesburg Con 
sotidsited Investment producer 
and a Favoured high-priced stock, 
weakened yesterday after its 
interim dividend announcement. 

It declared 200 cents (U?8.3p). 
and while this was 50 cents more 
than last year’s interim, it com- 
pared badly with market fore 
casts of between 275 cents and 
300 cents. 

The producer, which declared 
more than the forecasts was 
Hartohecstfontcln nf the Anglo- 
vaal group. Its final was 175 
cents, hringing its 1977-78 dis- 
tribution In 250 cents against 135 
cents during the previous year. 



buildings or contents, is ade- 
quate at the start of the insur- 
ance year. If it is not, then 
index linking does not protect 
either party against under 
insurance, so that insurers can 
still lose out an premium and 
the policyholder in the event of 
loss can be short of cover.' 

Moreover, even when, the 
initial sum insured is as ade- 
quate as may be. the policy- 
holder must remember tb 
increase his sum insured to 
accommodate any mid-term 
change of risk, say on the con- 
tents on the acquisition of 
expensive new appliances and 
furniture. Indexation cannot 
take any account of change of 
risk not notified to insurers and 
on the acquisition of new 
property the policyholder must 
arrange a new’ sum insured to 
which the index can be attached. 

Particularly last year most' of 
the major companies mounted 
substantial campaigns to per- 
suade policyholders both to. in- 
crease sums insured and to 
index link those sums. Of those 
policyholders given the oppor- 
tunity. it seems that between 
SO per cent and 90 per cent 
have gone over to index linking, 


which speaks volumes for the 
common sense of the majority- 
in their acceptance of the best 
way yet to keep cover as far as 
possible in step with inflation. 

But indexation- does produce 
its own. problems because the 
indices used are averages, 
hybrids, produced on a national 
basis. Particularly in the build- , 
ing sphere there are local -varia- 
tions both above and below the 
national figure.. * 

Insurers recognise these 
variations but hold that it is not 
administratively possible to pro- 
vide cover and renewals related 
precisely to local conditions. 

So the -index-linked b uildings 
policyholder must remember 
that his sum insured, is still the 
maximum amount insurers pay. 
in the event of total destruction 
aud that if local costs happen to 
be above the national average' 
he may still, despite indexation, 
have to dip into his own funds 
to a small extent. 

The Durable Household 
Goods section of the RPI is an 
average of the movement of 
prices for three groups of goods 
— furniture, floor coverings and 
soft furnishings — radio, TV -and 
other household appliances— 
pottery, glassware ' and hard- 
ware. As at April 18, the date 
used for the D b£- E’s May 
review this particular section 
of the index had moved up by 
10 per cent over the last 12 
months. Other sections of "the 
RPI, which insurers dp not use, 
deal with, such items as cloth- 
ing and footwear, fuel and 
light, transport and miscel- 
laneous goods, and as of mid? 
April none of these sections, 
other than the section dealing 
with services, were showing 
more than a 10 per cent 
increase in the 12 months. 

Many insurers nowadays offer 
policyholders the opportunity 


of insuring, within their hom* 
contents policies, jewellery m 
other valuables against “an 
risks”: this facility - 
insurers* administrative costs 
because only one policy jg 
issued, but can provide the io, 
cautious index linked policy, 
holder with, an unwelcome sqn 
prise when he makes a claim. 
This is because the .prices of 
jewellery and valuables do not 
necessarily move in step with, 
either the Durable Household 
Goods section or any other 
section of the RPL 


Anyone with something 
special in the way of posses- 
sums, a collector perhaps, gets 
some protection from indexa- 
tion against price movements, 
but he most regularly review 
his various sums insured for 
adequacy having regard tn 
market, price movements of 
those special items in which he 
is interested. 

With valuables, collections 
and. so on, as with other 
property, it is standard practice 
for insurers to agree a parti-' 
cular' sum . insured per item or . 
collection and this, subject to 
any indexation is the monetary 
limit during the year .beyond 
which insurers; will, not pay in 
the event .of total loss or- 
destruction. 

. It is therefore prudent for the 
index linked policyholder insur- 
ing such special possessions, to' 
fix sums insured with sufficient 
headroom to accommodate the 
likely movement of market 
values based on his past experi- 
ence — and if he is " short on 
experience to get expert advice 
Of course he may find that he 
is able to" rely fairly substanti- 
ally oh RPI. indexation— if sc 
all well and good. But it is 
foolish to rely in ignorance and 
to be short of cover when the 
loss occurs. • 


To keep that certain smile 


AT THE TENDER age of 12 I 
had the nerves in two top front 
teeth cut by an impatient and 
clumsy dentist; and the teeth 
themselves preceded to fan to 
bits. Many years and several 
sets of plastic NH5 replacements 
later. I have just had the dam- 
age to this and the surround- 
ing area expensively put right. 
Four caps and two bridges, por- 
celain on a gold base for 
Strength cost £550; and it came 
out of my own pocket. (You try 
asking for that sort of work- 
manship on the National 
Health). I have subsequently 
developed an unnerving habit 
of slipping on stairs, and total 
strangers an unnerving habit of 
putting elbows in my face in 
crowded places. So last week I 
decided lhat my pristine canines 
and pre-molars had better be 
insured. 

For all tbeir familairity with 
pianists' fingers and actresses’ 
legs, the idea provoked hilarity, 
initially, at Lloyds’. But let us 
give the much maligned mem- 
bers of that institution their 
due. For all their inability to 
settle their multi-million pound 
external squabbles, they can, at 
a price, insure anything. My 
teeth presented no problem. 

In fact Lloyds' brokers Bur- 
goyne, Alford and Co. make 
something of a speciality of it, 
insuring teeth. Not, kindly note, 
just “dental appliances.” which 


is the polite way of talking 
about the false variety. They 
will also arrange insurance 
against the cost of replacing 
your very own munchers, should, 
they be damaged to the detri- 
ment of your appearance by. 
‘■external and visible means” — ' 
which is to say, in an accident. 


DENTISTRY 


ADRIENNE GLEESON 


Mind you. your munchers need 
to be in good order in the first 
place— the brokers require a 
certificate from your dentist to 
that effect. 

And you won’t get very much 
sympathy, or any money, if our 
teeth — your own. or those 
dazzling examples of the dental 
art with which they have been 
replaced — fall to bits beneath 
the normal pressures of wear 
and tear and gradual deteriora- 
tion, or the entirely abnormal 
pressures of war or radio- 
activity. That apart, however, 
the only exclusion clause to 
either contract concerns faulty 
workmanship (in the case of the 
artificial variety), or dental 
error during the course of treat- 
ment. 

It has to be said that 
the underwriters with whom 



broke i 


Burgoyne Alford place this 
business are hardly laying them- 
selves open to risk on a gargan- 
tuan. scale. For they set a 
maximum., on the sum against 
which you may obtain cover-?-. 
£2,000: for those who wish, to 
insure existing "dentai appli- 
ances,” and a mere £60.0 — or 
£50 a tooth— for those who have 
full complement of their own 
and wish to insure against the 
risk of losing it. That is to say, 
you don’t get anything for the 
teeth in excess of a dozen 
broken; and what you do get 
(within that number) is not 
likely to cover the full cost of 
replacement — not, at any rate, 
replacement in porcelain and 
gold. ’ 


Still, the most you can pa. 
on insuring your existing teetl. 
under this policy is £12 a yea 
for the full £600 (£2 per cen 
per annum, with a minimum o 
£4). .If it’s "dental appliances’ 
you are insuring, then it wil 
cost you £5 per cent per annur 
(with a minimum of £4). 


You should bear in mine 
however, that the cost of work 
man ship and raw materials i 
likely to rise with the years, s- 
that the sum insured needs t 
be increased from time to time 
Index-linked teeth are, as yel 
an unknown, quantity. For ms 
self, I am wondering just hoi 
much my dentist will charge to 
an annual valuation. . . . 


How to get into Cambridge 


EDUCATION 

MICHAEL DIXON 


THE CAMBRIDGE UNIVERSITY ENTRANCE STAKES 1977 

(AJJ figures show the percentage of -people accepted out of total applicants in each category) 


(A) Best bets in choice of family background: 


THE UNIVERSITY of Cam- MEN 

bridge is clearly a good place Parental occupation 

to have come from. The other Professional and technical 47.1 

day, for instance, Z met a 21- Administrators and managers : 46.3 


starting ° T ' nUI averi,gc 

44.0 


forward to a £4.500 _ 

salary in Shell's personnel Manual and agricultural 
department. Other non-mannal 40.3. 


WOMEN 

Parental occupation - ■ 

Professional and technical 32-' 

Overall average .28/ 

Administrators and managers 2Jti 

:©ther non-manual .v. . 25J 

Manual and agric ultur al ; 24-ti 



. Cambridge also seems to (B) bets io choice of schools to go to: 
be the hardest university to get 
into. 


So, since some entry men 
routes are easier than others, I Type of secondary education to Advanced .level 7 
have used the latest admission _ . _ . - _. a . 

statistics to compile the adjacent Independent : — - 

** ambitious child's guide to Direct SK *r t 

Cambridge entrance.” Overall average 45.1 


If you can. be bnm a boy. Scottish and Irish . 42.1 

Either way. be born into the State-maintained England and Wales ... 40.0 

professional and technical class Further education colleges 24.1 

(which in 1971 constituted 9 per Other and overseas .. 22.6 

cent, of the parent-aged populo- 


WOJfflEN ■' . 

Type of secondary education to Ad 

“Direct grant” 

Independent 

Overall average 

State-maintained England and Wales .. 

Scottish and Irish 

Other aud- overseas : 

Furttae reeducation colleges' 



tion). or at least to administra- <C) Best bets in ehoiee of subjects to. apply for: 
tive or managerial parents (7 
per cent). 


MEN 


Otherwise, your chance would University subject 

be only one-sixth as great if Classics 

your family was manual or agri- Theology 

cultural working (21 per cent). Modern languages 

If its occupation was other non- Mathematics/ physics 

manual work, your chance would Oriental studies - ...‘ 

be only one-twelfth as great. Mathematics 

Since parents in the top two Music - 

groups arc increasingly likely Law 

to lie graduates themselves. Natural sciences 

university education may History 

effectively soon be hereditary. English 

Best choice of schools is plain. Ov eraJ , average ” 

Acceptance rales seem to be . 

falling with time in the State Geography 

sector, and rising among inrte- Engineering 

pendents and “direct grants” Economics 

most of which are now becoming Archaeology and anthropology 

independent Architecture 

Oddly enough, the two best- Philosophy • 

bet subjects for either sex seem Medical sciences 31.9 

to be associated with indepen- Veterinary medicine 28.6 

dent schooling, too. m , ■ 


77.6 

58.6 

56.8 

55.2 

55.0 

55.0 
463 

46.1 

45.5 
'45.4 

45.3 
45J 

45.5 

43.7 

43.6 

33.9 

36.0 . 

35.0 


WOMEN 

University subject 

Classics ; 

Philosophy' 

Math em a tics/pbysi cs ....... 

Geography 

Archaeology and anthropology 

Engineering 

History 

Mathematics 

Oriental studies 

Natural science^ : 

Economics ...: 

Architecture 

.Overall average 

Modem 'languages • 

Medical sciences 

Theology ' 

Xaw 

English . 7 .'.'; 

Veterinary medicine 

Music .......... 


58.1 

m 

4(M 

25J 

34J 

33 -' 


32J 


3U 

30.i 

29.* 


... TM 
.. 26:6 
^ 26.0 
_ . 23 0 
.. 22,0 
.. W* 



J.„ 


k 


ji 

> 



*•.’ '• ; (S&l 




i. JLV- _ 


'■* ■r.a p o > 

. - 1 *2 


*s- 


<% L ' 

. 

** **. 

Si 

5 tf 5 sl 


YOUR SAVINGS AND INVESTMENTS 




^ 4 cf now tor income 


nh - % 


, * a ? aj: 

. -«e * ; 
. ■ 

u:p,-. .'•' \ 


7'^ 

1,1 sit*. J; 

*“"•? 

■ -, rj *v 

* ' 1 *■! "id » ' 


**u tn.: 

■'■ ’ 'Tit ■ l " 


srjfo*,. 

1 

;,! 3'. ; ; 

> “ilf!; 

'■ . r ■• r - : Pif (; 

.■’ ■ - : -f- 

4 - " ‘ *■**.!* 

■“ Hlj V \±rp ^ 

r-v 7-1:7 

M, ‘ .■■**■ 

r ■ I'.’fXil-, 
■~ ri h 

"w/ 3 -as*. 

"1 I T:; 


^MEREST/ JRATES are stand. '; 
U’ing.at.-itieir highest; levels .for : 
i;V:^htfrTyjeax.^ So L the- advice .©ven r 
earfier bn.- tfeat investors think- 
' >:lng offiuyiag'arianouity^ should . 
v rwalt, has been profitable for 
them.'" The lumbers . of inves- 
'.- ^t6rs‘ : 'buying ;ainuitles -tends To . 
. .:.b'e .liinited;: >hut -jfiany more 
. -* people -iwW'are' ■ seK-employed.. 
s'.LiPdF wfcoAare .reaching-.itetire- 
iCinisnfcv mays not "realise that 
v - similar donMderatibiis apply to 
7>lhem:' -They; 1 -too, should watch 
;L 'in.tejest rates Jn order to maxi- 
^;ntise-.tfieir pensions,: -_-v 7 

.* The -basic: method of .provid- 
]ng~ a - self-emplbyed; pension, 

. whatever .thd fotm . ixj/ which it 
v. is ; dressed-up,-. : is-- simply 1 to 
! .accumulate a fund from invest- 
_ inent of the. contributions, and 
use. The suim so- accumulated ’ to 
- purchase azi^ annuity , at the time 
of ... retirement. . The contracts 
contain a . guaranteed set of 
V -minimum- annuity ’ : rates;' hut 
. current rates are ..far . higher 
^ than' the underlying guarantee. 

• . ; With annuity rates fluctuating 

. .with changing interest rates, the 
-self-employed will get a higher 


pension 1 ppr libit of the under- 
lying fund. when . interest rates 
are high than when they are 
low, - For example, an investor 
with Scottfsti Llffi, retiring now 
at 85 and having paid IS years’ 
premiums- Of £100, joould expect 
to xecetye £546.^. P-a^ whereas 
one retiring .throe months ago 
atjthe sime age, having paid the 
gflmo premiums and received 


PENSIONS 

' eiuc short 


the same" Bondses -'.could have 

expected to receive -£521.76 p.a. 
And once it has been taken, the 
size of'tbe. pehfflos will not 
change.. • 

The self-employed have con- 
siderable^ flexibility over the 

time at which they take their 
pension. Unlike people who are 
employedi-'they 1 can cash in 
their contracts and start draw- 
ing their pensions, while still 
working. Also,- many of them 


have a period during which 
they can choose the time of 
their departure from their 
business, unlike most employed 
persons who have to stop work 
on a given day. They should 
use this flexibility to maximum 
advantage. 

If interest rates are low, but 
expected to rise, then it would 
pay to defer retirement. Con- 
versely if rates are high it may 
well pay to cash-in early. Life 
companies are now introducing 
a facility whereby investors can 
cash-in part of their contract, so 
someone needing a part at least 
of his pension could cash-in 
such a part at one point and the , 
rest later when , conditions were 
more favourable. 

Life companies cannot really 
be expected to advise Investors 
on their timing. The advice 
should come from the in- 
dividual’s personal adviser — 
insurance broker, accountant 
or solicitor. The article below 
deals with the growing role of 
insurance brokers in. giving in- 
■ vestment advice. This could be 
. another service to the self- 
i employed. 


DISMAL THOUGH the week’s 
news may have been for those 
of us who need to borrow, for 
those with money to lend it has 
been very good indeed. Every- 
thing is running in favour of 
those who want to invest their 
capital for income. And they 
should take advantage of these 
circumstances. Now. 

How they should take advan- 
tage of them is, however, a 
rather more difficult matter. As 
the table indicates, if you want 
income above all else the best 
way to achieve it — now and 
always — -is by taking out an 
annuity. But though the return 
is high— higher than it appears, 
because part of it is tax free, 
too — it does mean that the 
investor and his (or her) heirs 
must abandon all claim tD the 
capital so committed. So what 
do you do if you are not pre- 
’ pared to make the sacrifice? 

Well, you could go into gilts. 
Of those shown in the table — all 


qE which are on the National 
Savings Stock Register, which 
means that they can be obtained 
a t a xninmum cost in terms of : 
commission, anu that the in- 
come will conic to you gross — 
the two long-dated stocks offer 
a better return than can be 
obtained, with commensurate 
safely, anywhere else. But there 
are two drawbacks to be faced 
in buying them. 

The first is obvous enough: 
that both art* priced above their 
par value. That means that if 
you hold them to maturity you 
will gut back less, in the way of 
nominal capital, -than you put 
in in. the first place. But given 
that you will enjoy a very high 
income in the meantime, that 
should not bother you unduly. 

The second drawback is more 
serious. The income arising on 
investment in a gilt will be 
Static. And even though, with 
this latest package of govern- 


mental measures, we appear 
to have weathered an economic ; 
crisis again it cannot be 
assumed that prices will be static 
too. If you assume that- infla- 
tion will be runnin gat an aver- 
age of 10 per cent per annum 
through the next decade, the 
£1,320 a year you can look for 
now from a £10,000 investment 
in Treasury 151 per cent i® 96 - 
will be worth only just over 
£400 in present-day terms by 
1988. 

Moral: you need an income 
that will not only keep you now. 
but will rise in future. There 
are two ways of achieving that. 
On the one hand you can keep 
your options open by limiting 
: the duration of your invest- 
ment. Under normal circwn- 
! stances, if you wanted to take 
i that course you would have to 
i accept a sizeable penaltyin terms 
i of income, but at the moment 
- that is not the case. You should 


put your money 'into a three 
year term share with a building 
society, or even better, a two 
year negotiable local authority 
bond, at well over 11 per cent 


The risk you take with this 
course is that interest rates will 
be much lower by the time this 
investment matures: and when 
you come to reinvest the pro- 
ceeds you will have to content 
yourself with a lower income. 
Much better, really, to put the 
money into something where 
you can be reasonably certain 
that, though the income may 
start ofi at a relatively low level, 
it will increase: and that means 
equities. The high income funds 
-—Gartmore is on the point of 
launching another at just over 
9 per cent— may be less attrac- 
tive than gilts in terms of imme- 
diate income: but for anyone 
looking for income over the 
longer term they should prove 

a considerably better buy. 


for income seekers 

% return 
(grow) 

Gil tt- 

Treausry 10j% 1979 
Treasury 9j% 1981 10.1 _ 

Exchequer 121% 1992 _ 

Treasury K\% 19»i 13.Z 

Treasury 151% 1998 

Local authority "yearlings" 

One year 10-^ . 

Two years U-38 

Three years 11-7* _ 

FF1 

Three years 1°-^ _ 

Five years _ 

Ten years 1L50 

Building societiesf 

Share accounts 10-1 5t 

Three year term 

; High income bondst 8-50 

. High income fundsf 8-9.00§ 

. British Savings Bonds 8 -S0 

■ Annuities (for example) 

. Scottish Life: 

male aged <5: jjjj 

! ♦Thursday’s prices. tRates vary. 

JTax paid. §AH equity fundi. 



individualist’s brew 


LIFE ASSURANCE broking is 1\T \ l rt 

now expanding into the field of 
investment advice. This is the ^ * ’V' : : - 

conclusion to be drawn from 

figures presented by Towry |<f/| 

Law,, the Windsor-based insur- Tf Jar 

anee brokers. For the first time J . 

they have given a breakdown of r ' ; • 

their new business pattern by J* 7m 

commission. The table is MjaT *3 

sbown below. and the company v . 7 

figUreS at fessionals. It therefore seeks out- 
regular intervals. - • - rfde adviee m regular con- 

- Over one-third of its business wlt>n( _ bash5f -.-using stoch- 
— single premium bonds and bn)kers Hoare. Govett for unit 
unit trusts— is pure investment. advice and ipaying a fee 

The life assurance, broking fQr ^ ser¥ice . Various officials 
business involved 'minimal. Towry Law talk to- investment 

And other major life brokers mana p ers Q f the -life companies 
are reporting a similar pattern which ' it deads.' And the 
of business. -But how well ^ My ^ ^ de d4®sth-.brokers’ 
equipped are ^brokers to £ rw c jrnii ars from Wfe' companies, 
investment advice? And should j and stnaH/^tting out 
such, business be. confined to 7 thinking ■at®*- current 
specialists, and left alone hy . • *_ _ t scen l.p, •. . 

the small high street broker? . 4?^ ■L-w’s^nfeer to the 


specialists, and left alone hy S^tment scen 
the small high street broker? . 'Law’s 





tne small mgn sireei . oruKerr . Towr y Law’s-li^wer to the 
These are two questions fae- qnest j on 0 f remuneration is that 
ing life asiirance brokers at a clients- cannot 'reasonably be 
time when tiiey:4r© trying to ebaxged a fee for?%fi service at 
show the public; tiiat brokers it is difficnltlo justify 

have at least a‘ minimum . 61 ex- . 

O'ertisC and experience. ^Axi even ... '7.- • . '' % of 

more pertinent question is how all new 

. brokers should -tie remunerated bu*»n«« 

_for providing an investment.ad- singie premiihn 2S 

vice -service.: . : WhqW life ■ ' J 

"'Towry Law has' thought: long , 10 

aaa hard on all. three qiiesttontj. .»Sg3j ) jyJlSgv'. Id 
As to. the expert) se, i t tias taken Rexible endowment -S 

the assurance life 8 

0'perateV^n r :lnve^me^^aq^^ <^H^ ichooHee* piay%/ , _» 
department."' staffed -By:-. pro- J Ait other types of , 13 


charging a fee when the advice 
is to do nothing. Towry Law | 
believes that life companies, in- ; 
stead, should consider remuner- 
ating the broker, but other 
brokers are not so inhibited on 
this subject 

The Life and Pensions 
department of J. B. Minet has 
just launched a financial plan- 
ning service for clients, and 
has no qualms about charging 
an annual fee (and additional 
charges for some services). 
Some small financial planners 
offering an investment service 
and 1 putting people into 
life assurance bonds charge a 
fee quite unabashed. We have 
written several times on switeh- 
i ing funds to maximise returns, 
and who else can advise clients 
' but the insurance brokers? 

The brokers are adamant on 
one point. Their advice is non- 
i discretionary: that is, they will 
c give advice but the client has 
: to accept responsibility for 
: taking it. and he is always free 
r to reject it 

The question of whether the 
small high street broker, with- 
out investment training, should 
* be in this field is a contentious 

one. Surely such brokers should 

make use of life company circu- 
lars, but surely, too. they should 
inform the client that they are 
not experts. It may be un- 
realistic to hope for that, but 
it would be the honest course. 


VS 

mm 


W— ' a-.- 


Ril 




9 

IfeiTSl 


TF YOU brew your own beer.were. until relatively recently, 
why not cash in on the current only four known pubs in the 
craving for real ale? UK brewing their own concoc- 

r , mA i. dtme ;♦ The big tion for strictly local consump- 
hrSJ^are dome it And tion. Two are in Shropshire, 
there is no reason why you. one is in the West Midlands 
with a bit of money to buy the village of Dudley, and the ^otoer 
equipment, should not blaze a is tucked away in the Cormsh 
trial with your very own brand, community of Helston. 

Obviously it is a help if there * 

is some sort of outlet at hand 

and you do not have to rely O'/’anutf"** CAI O 
nn a few thirsty friends to pro- UUINui 2IULU 

vide some return on your i ^.„ fr _ VI 

invesiment. So it is no surprise TIMOTHY DICKSON 

to learn that virtually all the 

commercial “one-man bands" in 
the brewing industry are either 

publicans or restaurateurs. This picture, however, now 


This picture, however, now 


The 20th Laird of Traquair: brewing 


■ J «'"Vi 





Stockbrokers tie up gilt bond 


*■ SMALL IS BEAUTIFUL.'' The 
government has been ; converted 
to .this view,; at! .-least in respect - 
of small businesses. - And stocky 
brokers are' how showing signs 
of the same conversion. Where 
before they might, have actively 
discouraged the s ni allef investor 
if only by pointing but -how ex- 
pensive dealing costs are — ttiey 
are now trying much more posi- 
tively to cope with .his require- 
ments. ’ - • '• • •; 

In order to minimise -the im- 
pact ^ -of dealing costs, some finns 
of stockbrokers tia!ve for years 
operated in-house unit trusts, in- 
to which' their smaller equity 
clients were .encouraged to put 
their money. But the ^vehicle 
has never been a vailabledor gilt- 
edged investment. The problems 


encountered /by Target in re- edgem. investment management 
spec* of unique, authorised without having to face heavy 
Stodged funThave iUustrated dealiiS, charges. But there are 
fov? penalising the tax pro-tax advantages as well, applic- 
visionfra'ating to this form- of able to^life assurance 
Sv^nent are. Investing compared with direct invest- 
■rtiTnueh a life assurance com- merit. 

nany’s gilt bond is. however, *'. Th*e fund only’ pays 3' i P er 

completely different proposition: cent on income, less expenses, 
the tax disincentives don’t exikt and has the benefit of dealing ui 
SocSutera Keinp^ee have larger lines of stock. Clients 
noWtiilMnmivimtageof the fact seeking income tii.en can use 

Z^ercUefts" 

The brokers have linked up 5 per cent tax is defi ^*7 
^ Lloyd’s Life to run an “'m-: ever, there are some drawback 
house ” gilt fund. This is simply applicable to pit bonds in 
a ^lt fund in the name of^general; On eventual cash-m. the 

Lion’s Life, but with the in-. investor is subject to higher rate 
vesSent management com-\tax on gains, whereas if he had 
oletely in the hands of Kemp- invested directly in low coupon 
Gee. Thus the brokers’ smaller. pits, his ultimate capital gains] 
: clients - will. receive their gUt-yWould be tax free. ■ 



I say “virtually” because the see ms to have changed dramatic- 
20th Laird of Traquair a jiy. The 1978 CAMRA year 
fits no easy category, and indeed, t, 0 ok now lists at least ten pubs 
best exemplifies the individuals- and restaurants where beer is 
tic spirit of a commercial brewed either on or exclusively 
sector which until recently was for ^ premises where it is 
almost completely dominated drunk. Take the John Thompson 
by the big beer barons. For f or example, in the Derby- 
about 10 years now Peter Max- shiTe viu a g e ol Melbourne, 
well Stuart, owner of the oldest where brewing of JT Special 
inhabited eastle in Scotland, ^ nQ p^gg f 0r guessing what 
has been producing what he initia j 6 stan d for) began on 
claims is the strongest brew in j nb ii ee Day i as t vear. John 
the UK. Traquair House Ale, now seUs ab out 36 

and Traquair Naturally Condi- gallons of ^ own beer a week, 

accident” after™ he^discovered deluding a lager at 34p a pint 
three old copper 18th-century By contrast, there is Eliza 
fermenting vessels hiding Lewis, 71-year-old proprietor of 
under generations of debris in the All Nations at Telford, 
a forgotten outhouse. Shropshire., She uses a recipe 

These vessels, says the canny developed by her father well 
laird, impart that little bit of before the First World War 
“je ne sais quoi” to his beer, and at -3p a pint she sells 330 
and together with clear spring gallons a week. Dnnkers. she 
water, malted barley, hops and claims, come from near and far 
veast from the nearby Belhaven and. boosted by visitors to the 
brewery, provide an undoubted nearby museum, trade has 
recipe for success. picked up significantly m 

Peter Maxwell Stuart may be past two or three ><.ars. 
one of the more colourful and R ea l Ale hysteria is not the 
ambitious of the private only catalyst in this mini 
brewers, but he is by no means revival of “brewing your own ” 
alone. In the past two to three for sale to third parties. Quite 
years, in fact, there has been a dearly, it provides a lifestyle 
remarkable growth in the nura- most of the new partidpants 
her of tiny beer entrepreneurs, enjoy. There are even some 
According to CAMRA (the commercial factors. With the 
Campaign for Real Ale) there increasing cost of a pint, the 


small operator with no advertis- 
ing, distribution, and admini- 
strative costs can quite possibly 
undercut one of the large 1 
brewers and still make a profit. ' 
There are problems, of course. , 
After acquiring all the equip- ' 
ment, one of the biggest could 
come in the form of a local 1 
Customs and Excise official. If 
you are going to brew for sale, 
first of all you will have to apply 
for a brewing licence under 
section 127 of the 1952 Customs 
and Excise Act. Armed with this , 
(which costs £16». you then have 
to comply with the Beer Regu- 
lations of the same year. There 
are nine parts to these, consist- 
ing of no less than 72 separate 
, and highly technical regulations 
which relate to matters such as 
! the brewing process, storage 
arrangements and measurement 
. facilities. In the process of work- 
1 ing your way through these 
1 you’ll learn about Mach tonnes, 

‘ drawback (or spilt beer), and 
: discover that the Excise officer 
[ collects his duty at the Wort 
^ stage (which, for the uniniti- 
1 ated, is prior to fermentation). 

! Duty, incidentally, is calculated 
* by measuring the ale’s strength 
; or specific gravity. Regular in- 
' spections of your premises will 
1 be made, and you are required 
f to notify the Customs and Excise 
!, officer 24 hours in advance of 
e any brew. He is entitled to make 
1 spot checks during this period. 

\ You may also have difficulty 
0 producing a beer which has 
? uniform characteristics — so 
r your customers may start to 
e complain. And at the end of 
s the day, although you may he 
e making a fairly high percent- 
age profit on each pint, with a 
e limited volume potential you 
ii may not feel you're getting a 
decent return. But if setting 
e up your own brewery should not 
e be taken lightly, don’t be put off 
:s by the professionals or the 
e Customs and Excise man. You 
e can always take heart from the 
,e 20th Laird of Traquair. . . . 


Pictures: Briush Tmcrlst AuOmnlu 


TO I 


<rC 





1ST 

E 5tA ' t= ' 



uf.iTX' " 


fl- ' 




£ 2,500 ORMOt 


* r be BO" 1 J 

Send for details of the 

M &G Share Exchange WW 
Plan by completing the 

r Tu: M&(1 Cip'Up.Thiet.*Qujys>.T'»A«. , r HiIL. . . . £66] "1 

I Linidnn EC:tR6BQ. Telephone: 4 £*»■.• :■ | 

1 Please send me full det ails of your Shage Exchange Plan, j 

^ j 1 iaimwtM ■ 

B JHHT4AV0 — * _ 

m - 11 ■■ • • 1 



EAGLE 


Highlighting the best performing unittrusts in the vano^ specialist 
sub-sections in 1977 the Investors Chronicle 14th April, 1978 stated . 

. .Target American Eagle, very much against the trend . . . 

rose 15.5% in the North American section . 

Over the same period the Dow Jones Industrial Average fell 17%. 

inJuIy1977we announced to unitholders shall continue to use our discretion in this 




IFiE 


Taxed 


ICE 


I SuI afrplkablf I 
tnEirr. ‘ 


Members of thv. I 
Unit Tni&t A sso d ati.m i ■ 

■BRSB I 


|i r 1 530616*8 


The DoublePliis Bond is anew . 
investment ff dm City of\^tniinstcr 

Assurance, specifically deagned to 




capttal growth for higher rate tax 
payers. It caabe cashed m at any 

Investing capital to produceincome 
can be quitea problem nowadays lfyoute 
ahigher-rate tax payee. . _ 

Obviouslythereis.nopomtchw^ 
aschanewfaich could costyoutj) to 98% 

ofyourincomein payments to^elnl^ 

Revenue. Nor is it .sensible to choose an 
investment whidi ^ves you no freedom 

of action for years ahead. .. . . 

To help you invest ybnr moneyvnsei). 


Qty or^estminster Assurance has 
developed theDouble Hus Bond. This 
guarantees you annual income of 5% of 
your initial investment with no immediate 

tax liability At the same time you benefit 

froma system of Annual Guaranteed' 

Bonuseswhkhwillincreasethevalueof 

your original investment so as to provide, 

funds towardsanye^ . 

Tax liability ■ _ ' 

As with ah Gty of^festminsier 
AssuranceinvestmentSj flexibility 's an 
i m p 0 rtant^lorandyou can cash inyour - 
Rond at any time without penalty 

Askyourinsurancebroker for more 
informatioilohthe Double Hus Bond. 


NEW-MM SC 
FEEBONDS 

For full details of how 
M&G can help you meet 
the cost of your child’s ; 
education, please t 

complete the . X 

coupon below. ■ 





our intention to increase the American 
content but we held off- because of the 
weakness of Wall Street and the dollar. 
The correctness of this decision is reflect- 
ed in the performance compared with 
funds invested wholly or substantially in 

America overthe pastyear. 

During 1978 we have increased the U.S. 
content from 48% to 75%, taking advant- 
age of the lower share prices and also 
because we felt that the period of relative 
strength of the pound against the dollar 
was at an end. It is our intention to increase 
the U.S. content still further but timing 
remains of the utmost importance and we 


respect. 

The aim of the Fund is to achieve longer 
term capital appreciation and we believe 
that the case for investing a part of your 
tapital in North America with such an aim 
in mind is now verv strong. Share prices, 
in terms of the established yardsticks are 
historically cheap. U.S. inflation rates are 
lowin global terms and America is after all 
the largest and most advanced economy 

in the world. 

Remember the price of units and the in- 
come from them can go down as well as up. 

Your investment should be regarded as 
long term. 


A*PLiCATlOUS«*d GhMws will wl be 
BllrAt IMT'0 l*il cnliliUln will 3* MIU 
uuiihiii 43 da .1 ol ihe cloie o! tnc oner. 
>OUMAY SELL YOUP UNITS al aw lime al a 
oiicvKU'cn ShBlCAkuHledJBv 
Gwoartmcn: o< Trade f^ulaf.onr. PaviWMt will 
be miic wMiin lOddvs ri recoiplo! W* 
renounced ceilifinlr. Tne mcr.ol unlK and 
u>i| i ore cuoSed tfjilr in the rJalionaJ new- 
INITIAL CHARGE o' £% is included in lh* 
wie price otuml*. The Managers will uey 
tommiMloti olli^lo quatifnaJ agents. . 


THE managers mfon-e ire nghl !o eU«j • - h » 
ortf r Dctoie tne dale niaieo o-io* ■ ' "Vl ?' 1 ' 
tu ite avia bv mme mar. rt %■ * l| w 
me after units will be available »l we oausr 
pripe. 

INCOME lass lav at Ihs basic ral" 5® . 

dl3iiibut9d on 3ist JuW each wj An annual 
ctwiuo ollKotlhe value d F ' j y ,l= ^ 
V-A.T.MsdMudcdtrom ihe grass luom 
at Ihe Fund. 


Target Trust Manngen 
(5. cniar-'l' L, a. tf mumber el the U««lTniK 

ASMjr.nlion> 

DirUterr A.?.‘.V.Simon. T.D.. F.C.A., 
iCnainru'o, E. 6.3. CH-AOI M B.t., 

A. V. . FM'i-r, C.A., B. K. MeCuih, 

I . G. Samcson. J ■' . 
j. Ta/lnr, .M A.,iZ.A.. 
j. vVtnltDn.M.A.. 6.':ora., C.A. 
Toleahcna; 7523. 


pale price otuml*. The Manage;! wiiirey ' - . 

cammisalonolllTiloQuatirioiaBcnts.. TRUSTEfi! ClydasdaloPankLimllM 

OFFER OF UNITS AT 30 - 4 p EACH UNTIL 16th JUNE 1978 

current estimated gross annual yield 1‘ 25 * _ _ 


TAR6ET TRUST MANAGERS (SCOTLAND) LTD.tDapLT.O.J.TARGETHOUSE.SATEHOUSE ROAO.ATLESBURY, BUCKS HP19 Jeo- 

. .. i ... ... ... mttalrla Ihe .^rhflriulnd 


f ... 

FWiNi-.S-S. 



_ . ASBnWNSURA^GRCU>CO«W 

S^House, 56 Lradentell Street, LondonEC3A2BJ. 



I/We wish I “ “ in Targel American Eaglo Fund unite 

to invest £ al 30. «p nor unit (minnnum initial 

I hoia.no £300) and enclose a chujua 

qiade pays bid io TargptT rust Managers (Scotland} Lid. 


I/We declare that I acj/we are "et rr-sidem outside the Scheduled 
Termoi.es and lum /we arc natacquuwglhcun.K as We rc.min«(s) 
ot anv prreonh) resident outUdo these K-Mloiles.Th.is oflei is not 
avaiitfore io residents el tha Republic ol Ireland. This ofJei closei 

on me iblbJuns 


Sig natu i e [s) ■ - -- 

P 

N«me(s} m lull (Mr n Mrs., Miss). 
Address 


_ n.i., .inml gpfFejGts mus/s/n and jiLsch na/rrfs an* addresses * epviklft 

"pLMSI WMU IK BLOCK DEK1IHCAH Bill B: PREPARED PHJM TWS Ml*H. 


Please let me have details ot Target's monthly savings schimes Q Share O change Schema C D* vou J al 5.^ 

Eagle units? YES/NO. Hegiderrt h Er, gland No. i EC4A E °‘ 


.Total Funds.; under mnnocieniem ; h ■ i h j.t a di p»r G'r U.U ;> D ^ dJ— L 





Financial Times Saturday June 10 .1978 


wmz/i 


PER 


Acres 


HIM 


K1 


A superb portfolio of high quality blackland farms 
for sale by tender as a whole or in S lots from 
130 acres to 1,030 acres 

TENDER DATE ISth JULY 1978' 

Also available nearby 127.000 sq- ft- of agricultural 
buildings at present housing grass drier 

S.WILLS, SpringhiM House. Spring Hill, Lincoln. 

Tel: 10522) 34691 

and 20 Gross cnor Jlill, London. 3V1X 0HQ. Tel: 01499 8644 




Ins back to 







BY JOE RENN1SON 


A prime site fur development with long road and 
river frontages extending in all to 


30 ACRES 


FOR SALE BY AUCTION 

i unless previously soldi 

S. WILLS, 136 London Road. Chelmsford. Tel: (0245) 69311 
FAULKNERS. 49 Hij-li Street. Rings Langley. Tel: (40) 68166 


SAY ILLS, 70 GROSVENOR IlILL, LONDON WlX OHQ. 
TEL: 01499 8644 




BEDFORDSHIRE-/ 
BUCKINGHAMSHIRE BORDERS 

L'-Jicinn 46 in Hoi /Mir June lion 13 > — 1 i mile ? ) 
F.lrich lei Station 6 mile." < cm-tioh 44 wins. J 


IN THE mini-boora that has 
just passed — a boom that was 
by no means universal but con- 
fined to rises in, for the most 
part, the higher priced proper- 
ties, nowhere saw more spec- 
tacular asking prices than St. 
John's Wood and its environs. 
Prices are now falling back but 
it cannot be denied that there 
were quite a few people cashing 
in on the publicity about a new 
1972 style boom. One of the 
local companies. Brian Lack and 
Company of Sr. John's Wood 
High Street, gives Us reflections 
on why it happened and why it 
has come back to normal. Mr. 
Charles Edmundson of the firm 
begins by reflecting on the joys 
of living in the area. 

One of the main reasons that 
people chose to live around St. 
John's Wood is the proximity 
to excellent shopping. Local 
centres like Hampstead Village 
and St. John's Wood High. 
Street still nffer expensive, but 
convenient shopping facilities. 
Many people prefer to make 
use of Brent Cross for repeat 
bulk retail purchases. The West 
End is still popular with over- 
seas visitors but many shoppers 
cannot face the travelling and 
sheer mass of crowds. 

Local open spaces like Hamp- 
stead Heath and Regents Park 
tno. contribute lo the popularity 
of the area. The London Zoo 
is always a favourite outing for 
children, and Lord's Cricket 
Ground is hard to beat for a 
quiet afternoon on a summer's 
day for many local people. 

The property market is a 
cyclical business. Values fluc- 
tuate but in past years. The per- 
formance of property values in 


Hampstead and St- John's Wood 
have stood the test of bad limes 
well. Its main strength must 
point to its geographical loca- 
tion, as well as the historical 
popularity for the home market 
purchasers matched against the 
influx of overseas purchasers, 
who have not been slow to 
appreciate the qualities of the 
general area. What does the 
future hold in the short and 
long terms? In the short term, 
there must, surely, be a reaction 
to the huge rise in values in the 
area. And the future? 

The general belief is that this 
will take the form of stabilisa- 
tion for a period of some nine 
months. The increase in Mini- 
mum lending rate and the fall- 
ing investments, going into 
building societies will, no doubt, 
cause some sales resistance in 
the short term. There are many 
properties currently for sale 
that are optimistically priced 
and these will not easily be 
saleable in the next few months. 
In the longer term, there is 
every indication that values will 
continue to rise. The cost of 
rebuilding many properties is 
still more than the present value 
and, in time, this must correct 
itself. There is every confidence 
that buying a home in this 
area will prove an excellent 
investment. 

The most marked change that 
they have noted in the past 12 
months has, undoubtedly, come 
from the demand for family 
housing. In general terms, 
St. John's Wood represents a 
high density residential area 
but, in real terms, there arc 
relatively few family houses for 
single unit occupation in the 


whole area. The demand for 
these houses comes not only 
from the family unit expanding 
out of a fiat but also from 
potential buyers wishing to cut 
their travelling time and costs 
by moving in from within a 
30-miJe radius of London. 

There has also been strong 
demand for upmarket family 
housing from overseas pur- 
chasers wishing to settle — after 
ail, England still offers a stable 
platform in which to bring up 
and educate a family — at least 
in relative terms compared with 
the current hot spots in the 
world. Overseas companies too 
have been in the market for 
this type of unit, to house key 
staff for their UK operations 
and many American con- 
glomerates connected to the 
North Sea oil operation are 
among tho.se Lacks have dealt 
with recently. Flats in luxury 
modern blocks like those along 
Prince Albert Road continue to 
appeal to the Middle Eastern 
buyers. In their part of the 
world. building materials 
deteriorate under the climatic 
‘conditions at a much faster rate 
than in our climate and. there- 
fore. many of them are not keen 
to purchase in the older blocks 
whose life-span, they believe, 
will be limited to less than 50 
years. 

In the home market, flats in 
the larger blocks are often sold 
as part of “break-up" projects. 
This means that vrhere the flats 
have been previously let, 
usually unfurnished, the tenants 
can be offered the chance to 
buy their flats at largely dis- 
counted prices and those flats 
which are vacant are offered for 


sale modernised or unmo dem- 
ised. Several substantial public 
quoted property coxnpanies-have 
been in this kind of operation 
on blocks in the best parts of' 
SL John's Wood. . _• 

Flats in conversions, too, 
seem very popular. Certain 
purchasers prefer the idea of 
living in a smaller block of 
units of say, four to eight flats, 
rather than the impersonal feel 
of larger blocks. It is also true 
that in conversions outgoings 
are generally lower but the 
business of making communal 
repairs to the property is often 
left to the tenants to arrange 
themselves, rather than the 
managing agents. who, 
obviously, have to liaise with all 
the tenants to run the larger 
blocks. ■ 


Sfe»^frii;iT:ia^'Ssg 
• mm-** w mm Si i 



' S A 4 y ® : ; A • ?!' f* ’ - &/K 


The Priority Court, Pevensey 


est 


They who hanker after being 
a landlord on a larger scale 
— and who - have more than' 
a few pounds to spare — might 
consider investing in these 
two properties — ancient and 
modern, it Is up to you. In 
most towns a 15th century 
bote) would be a landmark. 
The Priory Court at Pevensey 
Is a junior partner in the 
antiquity stakes compared to 
its neighbour - Pevensey 
Castle. 1.700 years old and an 
ancient monument when Wil- 
liam the Conqueror landed 
in Pevensey in 1066. The 
castle has the additional 
oddity of being a castle within 
a castle: when . William 




imu 


A SPLENDID WILLIAMS AND MARY HOUSE IN 
DELIGHTFULLY CLASSICAL GROUNDS OF 
ABOUT 11) ACRES 


MAi:: HOUSE: Hall. 4 gracing reception rooms, usual 
d«ir)i* ; tic ohices. 4 principal bertrnoms. dressing mom. 4 
secondary i,'.-dr».om«, 5 hMhninms. Full central healing. 
Basement with laundry room, stores & cellarage 





sailt 


For those who fancy a life 
on the water and seek accom- 
modation at a much cheaper 
rate than the equivalent on 
land the following might do. 
The house boat “Esperance'’ 
moored at Cheyne V/aJk. is 
for sale at £11,500. Built 
on a steel hull, the boat has 
an excellent mooring, allow- 
ing views on three sides (over 
the Thames) from the saloon 
and a large bedroom. There 
Is also a shower room and 
galley. The weekly outgoings 
including an annual lease v:i 
the mooring, rates and cer- 
vices amount to Jill*. Agents: 
John German Ralph Pay. 


A$ I mentioned above the so- 
called boom was rather limited 
in it* scope, most of the rises 
happening m the South-East 
and among higher priced pro- 
perties. Even there, as the St. 
John's Wood situation shows it 
has cooled off. The action yes- 
terday by the Building Societies' 
Association in putting up the 
lending rate by li per cent to 
9 ? per cent should finally put 
paid to the remaining vestiges 
of boom talk. But I wonder. It 
is quite remarkable how quickly 
boom fever is to catch an and 
how long it takes for ft to he 
finally laid to rest. After the 
last property boom it took well 
over a year. Even aEter the 
market ceased to rise in the 
autumn of 1973. after a fairly 
hectic two years, people were 
still taking the same attitude 
almost twelve months later. 
People wiU simply not accept 
that tfi*> good times have come 
io an end. Yesterday's rise in 
rhe worirasfc rate may well not 
be the last this year. That and 
a combination of freeze and 
scueeze presaged by the Chan- 
cellor's moves nn Thursday 
rhould I hope make this the last 
time that boom need be men- 
tioned in this column for a long 
lime to come. 


arrived lie decided to build 
his citadel Inside the existing 
walls. 

The castle view -is part of 
the goodwill Brodie Marshall 
are selling with the Priory 
Court at an all-in price for. 
the freehold of £125,000. 
Situated 65 miles from Dover 
and 15 from Newbaven the 
bote) has no problems filling, 
its 15 bedrooms, all famished 
with period, pieces. For the 
traveller who wants more 
than the view there is a 
seven-day week restaurant. 


Brodie Marshall and Co. 
are also offering the Round 
- House i- .Hotel fcn one. of the 
best areas of. Bournemouth 
for sale at an asking price 
of Elm on behalf of the 
owners, Joseph Alnatt 
Centres, who specialise In 
owning and operating educa- 
tional centres for school 
children throughout the South 
of England and in Wales. 

The hotel was, built some 
eight years ago and comprises 
.102 bedrooms on the top 
three floors, each with its own 
private bathroom, a third 
floor range of. public rooms, 
conference and functions 
suites qnd an integral ear 
park on the lower floors. 
Brodie’s. chairman James 
Nairn opines: “ Normally 
the '..seasonal'' nature of most 
South Coast hotels will tend 
to put off an intending 
purchaser but in this case 
the exceptional combination 
of modern purpose-built 
premises and _a year-round 
trade-make the Round House 
a .natural — and quite unique 
In Bournemouth Itself.” 

Furth e'r Information: Brodie 
Marshall and Co., 66, Bolsover 
. Street, W.L 


? r / 
S i t 1 J 





& 
% 


The Round House Bournemouth 




THE L’lNG RiiOM WING with THE L<>X«; R0»'»M (16 x 64 ), 
EXTENSIVE COACl! HOUSE. OUTBUILDINGS, 

rndduck n-cr 3 ACRES Oct'. V.'affed formal and vegetable 
wardens and further grounds extend ing to aimiu 5 Acres. 








!■'< iR SALE BY AUCTION. VED v ESD*Y. 19th JULY. U«7S 
COUNTRY HOUSE DEPARTMENT. WOOLLLRTON HOUSE. 
M ENJXiVEB. DWKS.. ILL; 0295 622i!35. 


INVESTMENTS: SHOOTING; 
OVERSEAS PROPERTY: 


3 TP 3^* -5* 


IDWELLS 


Trumpington Road Cambridge CB2 2LD , ’ 


chartered surveyors 


Telephone: Trumpington (022-021)3391 Tglex:317553 


CHARTERED SURV'TORS • CHARTERED LAND AGENTS 


On the inziTivcitonx of Tlid Hon. Dot id iVall-Cum 

HERTFORDSHIRE 

IVeUcnn and A i< M i 3 miles. Luton and Ml S miles, 
Wclii'jii Garden C,i<; and I ruin strcicea into London 
1 1 Jit ii arc' ti’twi End » j miles 

EARLY GEORGIAN MANOR HOUSE 

3 main reception mumj, ballroom, domestic quarter.? 
and staff rooms. 9 principal bedrooms, li principal 
bathrooms. ?• self-contained flats. 

Approx. in.fittQ sq. ft. 

Stable block with further fiat, paraffin?, larse garden 
wilh many mature trees. 

Extending in nil U* 14J acres. 

Also available': 

70 ACRES PARKLAND ADJOINING - 
5'J ACRES MATURE WOOD 

Private Treaty ______ 


Cheyn"ys Ledge. Ash well. Baldoch, Herts. Ash well (046-274) 2481 
also at: Collin^ham. Nt-tts: Din. Norfolk and Woodstock. Oxon. 


Hit eAin 2 miles letchworth J miles 

THE 


SUFFOLK 

Sudbury II miles Ne»»/nQrfcet IS miles 

TRIICKiTTS HSU MBM, iiMTSi 



E3TAia 


347 ACRES 

FIRST CLASS RESIDENTIAL ARABLE FARMING UNIT 


Principal Residence 
7 Cottages 
3 Sots Farm Premises 
833 ACRES PRODUCTIVE 
ARABLE FARM LAND 
For Sale By Auction As a Whole 
or in Lots 

(if not sold beforehand) 
With Vacant Possession 
I except cottage occupations) 


comprising 

LOT 1 Fine 17th Century Hall with commandin' vie/., 
over countryside. 3 reception rooms. S bedrooms. 
I Acre mature garden. 

LOT 2 346 Acres arable farm with farmboildin^s. 

FOR SALE BY AUCTION AS A WHOLE OR IN LOTS ON 
WEDNESDAY 12th JULY 1976 
( unless sold privately beforehand) 


tag. sr. Marys roao. 

MARKET HARaOROUGH. 
LEICESTERSHIRE. 

Tel. 10858) 2467 4630 
and 41 Warwick. Coventry 
and Downton 


SID dLL.3 Trumpington Road CambridgeCB2 2LD 


chartered surveyors Telephone: Trumpington (022-021)3391 


HERTFORDSHIRE 

liitchm it miles Lerciueortii 0 miles 

THE GREAT WYMONDLEY ESTATE 
S79 ACRES WITH VACANT POSSESSION 



K1MBOLTON CAMBRIDGESHIRE 

AJ S miles, London 64 miles 

A FLYE PERIOD HOUSE WITH MAGNIFICENT VIEWS 

LUXURIOUSLY FINISHED • - 


Entrance Hall, 3 Reception Rooms, 6 Bedrooms, 4 Bathrooms, Staff Flat 
Attractive Gardens, Grounds and Paddock 


In all about 

12 ACRES 

For Sale by Private Treaty 

Details from: Glut ions, 74 Grosvenor Street, London WX. Tel: 01491 2768 



Lot t 465 Acres 1065 Tons com store and 3 cottages 
L«i 2 s Aw s Accommodation land 
Liu ” >n Acres Accommodation land 
L«u 4 VU Acres Accommodation land 
Lui 5 1^7 Acres Accommodation Inn d 
L«»i 6 47 Acres 'J Collages and Farmbuildings with 100 
tun iirain store 

Lm 7 77 Acres Fjrnihous«;. buildings with LOO ion "nun 
store, and cottage 
Loi Kfl.jnAcrc Vacant Cottage 


FOR SALE BY AUCTION AS A WHOLE OR IN LOTS 
ON TUESDAY 25th JULY 197S 

(if not sold beforehand) 

WITH VACANT POSSESSION 

(except cottage occupations) 


FRANCE 

COTE D’AZUR — (VAR) 

□v>n?r «nh«( to *all b<*vtifal 
protcncai iBiidoncc. «tonc built with 
larjo »o*er and bell— Imitj roam 6S 
sq. rr . — 3 roomi — kitchen— bathroom 
—1 toilio— cloakroom — lumbar roam 

rukt'c collar — auibuildmj in 1 3. ODD 

M . m. (1st groundi~riding track 
around prepjrt, — lanci 3 m. w>d<— 
gorgcoui anirancc. lin«] with 12 m. 
high poolar; and 9 Uijjs si-a.-; 
lamps, opcntna on io Saint Tropaz 
turniibci /rich icncuhurnl 
coolv— 35 C* tt«ijr vt'~ jhidy 

11105 — waver aK-C Incur — rail - 

pho n a — Price: Fr,. 1 SO. 000 — write in 
French il P015.6N to; 

Mi. F. f 1 - TQPPBLLI — 2? rue Ttr>odoro 

dc Ban»i"' OblDQ UICE 

I FRANCS/. 


IStrutt&ParkerJrl 


PHEASANT SHOOTING 
SUSSEX 

1 full gun and I half gun to 
let for 197S/79 Season 
tg days shooting (II Satur- 
days l Monday ). Expected 
buy for season on past records 
1.500 Pbwiiants. 

Full Gun 11.130 + VAT 
i Gun i'575 -i- VAT. 
Please apply to: — 
JIHH. IS Hill .Street, London 
W1X SDL, To); 01-629 72?2 


Situated midway between Northampton and Leicester extending to 73 ( aerel 
including two let farms producing £10,124 per annum with rent raeiiloni 
due (979. Two fine centrally heated farm houses having 4 and _ 6 bedrooms, 
Four cocugcs. Exreruive traditional Isrm buildings. The land is a medium 
to heavy loam capaole of producing high yields. 28 acres in hand being mainly 

mature hardwoods. 

FOR SALE BY PRIVATE TREATY AS A WHOLE 
Full particulars From ifte sale agents as above 


Should this cap happen lo fit you. you would he well advised 
to fLv your sights on real properly, in which 90% uf ail existing 
millionaires achieved their fortunes. AH the signs indicate 
the i nun in? nee of anothi-r properly boom: rising house prices, 
failing investments yields. * Jity institutions buying farmland. 
To keep ahead of the herd in this fast-moving market you 
need to study the Property Letier. which gels to the very 
heart of the properly business with down-to earth, pungent 
articles providing vr.u with information, ideas and unusual 
approaches that you won't get anywhere else. The Property 
Letter could just possibly l»e a better investment for you 
than the property market itself! For details of a FREE TRIAL 
OFFER, write to: 

THE PROPERTY LETTER, Dept 1LJ, 

13 Golden Square. Loudon. Wl 
or phone 01-597 7337 CM-hour answering service) 


LAND AGENTS ESTATE AGENTS AUCTIONEERS AND VALUERS 


FRANCE 
COTE D'AZUR 


near 

CAGNES SUR MER 
DOMAINS DU BAOU 


Small blocks of Hats in beauti- 
ful park with swimming pool 
— Tennis cuurt — Bowling area 
— etc. . . . Studio-flats — three- 
room Hats — equipped kitchens 
. . . Some flats already 
available. 

Information from: 

CEGI 

6, avenue des Phoceens 
06300 Nice, France 
Tel: (93) 80.07.22 


WELSH BORDER 

In most attractive rural area. 
Superb & Interesting 
Agricultural Investment 

FREEHOLD FARM— 310 ACRES 

Submntiai Farmhouse, Building! S 
LAKE with excellent TROUT FISHING, 
Let on Agricultural Tenancy at O.QOE) 

p.a. Price L 150 . 000 . R«f. HRL. 

Det-liN; — 

RUSSELL, BALDWIN & BRIGHT, 
Leofttiwer (Tel: 412 3). Hertfordshire 


U.S. PROPERTY 
INVESTMENTS 

5.000 ACRES. TIMBER.— 
VIRGINIA S300 per acre. 
ATLANTIC CITY 
(adjacent to) 

900 acres land SHOO per acre 
“THE HAMPTONS” 
Long Island 2,000 ft prime 
ocean frontage. 
Shopping centres. Florida 
ranches, NY City properties 
FL. MARC ANTONIO 
440 EAST 76st 
NYG NY 10021. 

212-628 5668/London — 

B lakes Hotel 01-370 6701. 


WE5T KENT 

TOTS HILL, NR. 5EVENOAK5. 
AGRICULTURAL AND 
WOODLAND 


Herefordshire / Worcestershire/ Shropshire 
Borders 

Wilton L-aiy at ihr nurf er uf nmbnrr HWK Luiilcu- and l/'orairtswr 

515 ACRES UN FIVE LOTS) OF 
EXCELLENT PASTURE AND ARABLE LAND 

all <MK fit uirli 

Varaiii si<cn uprm conipl«-i:on «f purdiass 


Au^DnDfcr!: 


FOR SALE BY AUCTION 

Su!>ji i;i iu C-ndiiimi:: and io oritir i.ilo 
ID FIVE, (.'ITS. il.- :c Mb. i«. J7 ill III 1« acro« 
AT ih'- Pnrirulhs Halt Ludlow 
ON MONDAY. 10th JULY. 1973 AT 3 tun. 


McCartney, morris & barker, 
LUDLOW. Tel. 2251. 

Vrndflrs SnlMinrs- Erwous. Owltr * Carpniacl. 
io Lincoln s li>n l-iclti^. Londun W C.J Tel. 01-242 !Hfi3 


5 & 7 SALISBURY STREET, 
FORDINGBRIDGJ. HANTS. 

Tel: (0425) 52)21 

For Auction 10th July 

9 APPLE TREE CLOSE. 
REDLYNCH. SALISBURY 

Indiiiduady dnigned proporcy bulk 
in 1975 w,rb views towards raicvrn 
slopes of the Avon Valley. 3 Beds., 
2 bathi.. Lrving/Dinlng room, etc. 
Central heating, i acre. etc. 

WHEELERS COTTAGE, 
ALOERHOLT. 
FOROINGBRIDGE 
Situated amidst open farmland on 
edge of Cranbame Chase- 4 beds.. 
2 bashs:. ' 2 res., etc., good out- 
buildings and garden of i acre. 

HOMELEA, BUSSFORD, 
FOROINGBRfDGE 


Family house of pleading design. Ideal 
for riding, and hunting in New Forest: 
2 rcc.i study,' 5 beds., etc., garden 
and paddock ' of 21 acres. 


§£ King & Chasemore 


Period Cottage for modernisa- 
tion in lovely Downland village. 
Pulborough station 8 .uiles. 
4 Bedrooms, 2 Reception. 
fCicchen, Score Room, ^ Acre. 

FOR SALE BY AUCTION 
5TH JULY, 1978 

(Unless previously soldi Details:— 

Pulbo rough Office (07982) 2081 




in all 240 acres 
50 ACRES OF PASTURE 
with pwsHiloa 
7l ACRES OF LET LAND 
together with 110 Acres of Woodland 
to hand. 

BT AUCTION in 13 LOT5 
12th July. 1978 
TAYLOR A TESTER, 

3 High Street, Edenbridge, Kent, 
Tel: 0732 862434. 


FOR SALE 

APTS. So/So West U.S.A. 

$14,000 average par unit. Realistic Terms. 
Good Return. Also Sale Net Lease Backs S%. 



R- E. TURK, Es<(.. 134 So. Livingston Avenue, 
Livingston, New Jersey 07039 — U-S.A. 


Chofeibttiy Cum St. Leonards, 
Buckinghamshire — Residential _ 
and. Agricultural Estate,. . 


328 ACRES 


Lot 1—306 acres' and buildings. 
Lot 2 — Period farmhouse and 18 . 
acres., •' ■ . 

Lot 3 — Cottages and 4 acres. 

FOR SALE BY AUCTION 
As - a whole' or in 3 Iocs 
on Friday I4di July, 1978 
(unless idM previously} - 
Partita tori from: 

HAMNETT RAFFETY 


30, High Street, High Wycombe 
Bucks. Trf, 0494 21234 


FREEHOLD HOSTEL 

RESIDENTIAL TRAINING CENTRE 

St. George ’r Sauare, London. S.W.l 
Orertaotlne-tne River and Gardens' 
30 LARGE ROOMS.. Full central heat, 
.mg... -PRICE: £225.000. 
Adjoining Hoatel- also ^available it 
, . ' ■ -required. 

13. Old':Bro«tpwn Road/. London SW 7 
. •‘.RUCK &. RUCK 
Tel: <jr.584 3721 (!0 lines) 












































au 

■V*?! 


l 

bp iuir V fc ' 

: 

special^ 
!peraQ W ’ 

Nt ft,?;', 
in 

;■* *</• 

l ' <*n tft 
'^hwithV' • 
«*•*, • - 
mihlw ,5 ■ ' 

and tj 9 * 

an in te^ 
^airman i 

r “4 

‘ naJnre ^ . 

T a » ■ 
"U in ^ 
i,na ‘ w®^ ■ 
n , Pnnw«ifi 

J ; d “ ywwit, 
tiie Roond^ 

and (mu* ^ 
inaih ilsfU; ' 

nlonnatioftijw 
A CoittoBfe, 


*• 1 _ , <na< wnnderfal form of Pdlmfiri the 

' j . w - definite premium is placed ou has only baTSve^Su^leserted him. f^Sf to 

A fffS V/l le f ! has”n € to t3l add ^HTSmb went without a major chamij ton- so^e^n^sS^g™^^ 0 ” w i m sach 

/IffM *3 1/ has a silken touch around the ship ,2 ?w 2?2 m the US price’ Firstly, this lovable, tinetion here for la . con3 ® C1 ^ 

Sens for such a big fellow. ■* Erful has geared weeks and the arrival * Se*e 

W # # as has Tom Weiskopf, who has Open in June, lw • ^ w&ole 1978 programme to- Ballesteros. 

JL g-% g~\ /| /I f< wqn this lucrative event no less that period o heating wards winning this champion- Americans are notoriously 

§ [f t* OtltlS than three times in its 11-year Andrews j n x ®'° Jav-off for ship to set the Beal on his isolationist in. their attitude to 

HI*, history, and also taken away ^ n ^ de c ^Vons£p by a comeback iter major surgery anything that takes piece mr- 

from Quail Hollow more than ^ ^ ajier the for the fusion of spinal discs side this vast continent, wffl* 

[ twice as much money as his smgle sttoke, /- ^ without exception we why the current World Cup 

S*n/MYt€FP nearest rival in that period, pair had tied at^a. scepti „ believed would finish MCMr competition rates only 

t/tf ll&ll iZ V Ray Floyd, winner there in No one in ^idtiaus is him as a force in world class passing mention by the medna 

1975. who is himself hardly a. would suggest _ gotf. Secondly, his three here g ut Ballesteros, judging 

, liro _ short hitter. — recent second place finishes and by s [2e of the gallery that 

MEMPHIS. Term., Fn y. ^ ^ fc as Nicklaus runaway victory in the initial bis opening 68 in the 

JACK NXCKLAU5 has been udden ] y been overlooked in - aai c Colonial National Invitational Thomas Memphis 

automatically Installed as of his over bearingly uULi have revealed hfin to be aDso- dassic here at Colonial Country 

favourite in every major „ uCCeS5ful start tD t h e 1978 _ E|(1 wr!GH t lutely ready, physically ana aub> appeaTS t o have captured 

championship for so long J* and the fact that he was mentally. Thirdly, m ost gt J° a focal hearts for both his looks 

is interesting to hear that the t0 Pal mer at cherry — —BmiiriiiMi jufiBM regard Trevino as me and his bu Il-ata-gate courage so 

odds makers in Las Vegas have ^ m m i960? finest manipulator of tne goii rej p ini scent 0 f the old Palmer, 

discarded him in favour « jjJJ i mportant evidence . h ball since Ben Hogan. J3uc Arnold himself no t only led 

Lee Trevino in next weeks \. oareiltly i s that Nicklaus last a spent force m major cnam ^ exag gerated slide through ^ Kemper dlir ] ng the third 






ESH1KE 


. :M : V^pf v ; • - • _ odds makers in Las Vegas nave ^ ^ ia i960? 11 finest manipulator ot xne reipinisC e Q t 0 f the old Palmer. 

4 ~ YfTf /3 Cfl/l if /If If ff f'WfO C discarded him in favour of ^ important evidence r .. - np cham . baii since Ben Hogan, tine Arnold himself not only led 

'-xSr- tMA't I f Lee Trevino in next apparentiy is that Nicklaus last a spent forc * “ ^ exaperated sbde th™^ the Kemper during the third 

'i -/:' .." ':: .-j r' ■ •’ r. /^f : " I ;r ' . tJ.S. Open Championship. The ^ u.S. Open at Pebble pionships. The fa ^-i? 0 tx, n n the ball has ^ een _ JVj J a l en llp round last Saturday until 

'-• i - 'r- premier American event returns Bdl ln 1972 but more has decided toconcentra n obrious iy his own for dropping strokes to par at three 

;/BY: STUART MARSHALL • ' •;;o / • fofte scene ofAmold Palmers ®“^ cantl y t haS not won any them, while otherwise nmuug avoiding a damages hook. of°^e = past four holes, but 

*: ' • ; i-. - - solitary triumph in it at Cheriy ft b e acknowledged four major down his career to Now, Trevino, who scored 68 proud ]y announced he had never 

: - ' ■. • •• ^ ■ _ — • are three or five- Hills Country Club in Denver; o u. 5 . PGA on both his ijS more here yesterday, has even added ^ ven ^ bail better in his 

• WHATS m A NAME? Quit. r.r »r ijsmftat.oiK i»t EL ST mmfW Colorado, in 1960. on a goH for a, e 4th time Ufe makes Mm almost mom ^ al)ility t0 move the ball m clreer ^ a i as .isnot 

'-A. ; fat-.-f9r'a--ear..2haker l :b.cKau3e know at .a.^anceyis. a Fia t be- door o^five^need course set over a mile hl^J at p^estone Country Club, dangerous, rather than K ■ thig way from ^ght to left. nrobJem, as we all know, 

thename. given to ^ new model cause ^^h^l-areavzdlable^the which places a far] greater pre- a Akron 0hio in Augus t, 1975. Nicklaus basprovedpe ps ^ he felt he ™ ^ one reacts berter to 

has to be internationally accept- I thought X. detected^ hint of ^ ^ has five- mium on finesse than length— "Mentally the South Course better than anjone ever ttmt d reviousJy to lus ®^ osphere and encouragement 

- able.' Not alt of them are. . VW Passat .fnuMhe ^r quar- W and 6^ The /5 thank goodne « S Firestone has heen Nicklaus’s be does not have to keep «m annoury particularly in the ^OlmeT. and he wiU hardiy 

b -Consider the Rolls-Royce that ter and of -the 'Renault 5 from speeds “ t *J“j5j rt tMnsm i sstolL I have no wish to . dl5pa ”f? happiest of all hunting grounds penng to mantaii lu® « minds of his rivals he has now lack ; ne j n either as he 

•;.®ucceeded .-the Silver Cloud III: the front /Bur .tiie overall effect 2 edb v”^n the awesome talents of my good » PP won well over a pitch of become an even greater player ^ week “ th e scene 

. If was to have Tweh bailed the is of Tte « «pp^ Whjijj friend Andy Bean who won the q ^ ^ acres _ if any othero have ^er^hieved ^ ^ question mar k that SoSw his Neatest triumph- 

■ SiWr Misti - ASl'-The brochures modern tftT-theypomt of being for the time oemg oui riai wiu K _„ er open last Sunday »n Brim evidence is that except during one magirai concerns the ot pernaps rna «i« “T 

SoJuprmfed .lightly yet bigb Iy Fiat al50 SUe. North Carolina wtlb '„"ce really wbeni.hasaUcc^e mgeth b-gs . ^ ot - ^ e"1 

Sisv-SrCs graggjg l-- — ^ JT- - ^ - - -■ - gs * am*%i 

=fssa»ss 3 ms- 4» ssss- * asrjss -n® =4=-ss S 


nble-:-. sound. Fiat . England mould- the other parts will be retained, 

agonised over their parent com- . JP*.* baj* another one just as they are in the VW Golfs 
; pan^s choice but finely deaded ^ ^^ nofflberplate diesel engine 

to go along With it. - So the first serv s ^ Apart from being shapely, the 


CHESS 

LEONARD BARDEN 


whim was unveuea .-j ta |i w «hstand. * mpn wjuu "*•**•■■ — 

Show'last April and will reach . damage, in fuel consumption. In fifth gear 

"Britain early next year, will be impStsVFuti says it is a proper overdnvetiiatreduces ■Him 1 1 hum 

s 5 ■&&&&?& srsfjf?. ssagjs fi| 

week/l can't^thitXnyname. # .*&&& among " e £ o^^n fifth-TS wtional players apa. 

however unfortunate, is going ■ se gmei^|>tiyers. Fiat jjstw _m Btitmo grandmasters who c 

:to harm its prospects. It has raakes it dear «. ; nre demand- spee^ are S« mph the European circuit 


BaaA«ss.5» BfeTf •Sr.-sB Ewsfaws 

Jf-5W aT/'m- N13 or ■phone «« 

31 ^,- N R^k Q Sd sets in first Though .most people POSITION NO. S19 PR0 !. 1 ^ i™ “ 


Kiunos Douy uai> "" — ir^„vr r v p p h- a° NxB. QxB"? nere, u« h“"“ uu “ . ‘ nl . 

wind resistance which helps 31 Th e f’ atfl i blunder. Black (and gets in first. J ^Slack has 

how' last April and witi reach ^^“^'thouf damage. In fuel consumption. In fifth gear White, tool overlooked that after can at taek on more 

ritain early next year, will be hca ^f er impacts; “Fiat says it is a proper overd ,y ive 1 5 ia J l ^ d ““ t . th . r2 00 n 32...Q-B7 ch!; 33 K-Rl, JJxCE 34 h ^ n c one Q ^ ide fi i e . 

illed the Ritmo here, too. on/vncvh-iiistuta replace the engine revs by 17. pfi f c,,r ^ HALF-WAY through ttie £ 2 , . ch? Black has QxB an P41N4 (improving on a 

HVrtSr Sea “ couple- of “Cher^moo^^^ve pVnel compared with fourtt, e ear-aU ^ utty Sartt G™d Pm. ® “ ra „e of how b«kword cep- U j-.P-QNl W™ Parian- 


however unfortunate, IS going se gmei^|myers. mat “rRTrnDhVthe Ritino grandmasters who compete on J£ ch> K -N3 when Black is a pawn ^’ W V-KN4 N-N3; IS PxRP. 

:to harm its prospects. It has raakes it dear^^re demand- speeds ore S< p (Xh ^ Europ ean circuit. gt down but has very strong Q-side ^p- ^ q_ni. K-R2: 20 PxP ch. 

••• *■**> <*an tthrf^re ^^^tlSi^^fed m^nimal Driving the cars on roads quality at the top Is 39 B-36. Resigns. If R-Kl; SJ ll f_ h br, 2 , 1 “?s blocks de 4° QBP 

More cars pf;aii4. Jttoa^e pw. Reliab^^PJl . ranging from broken-surfaced by this pair of games . pla ^ ed ^ Rdj-B7 leads^tn mate. < _ SSjSthSte has no ^Q-slde tines 
\ sold in Europear twintrie^ th_an : Servians \ *^S5trawi lanes to semi-flooded autostrada, within three weeks of ^each o^m : .. White; G s B o tte rill. Black mean h t he ^Q White’s 

- any . other except for Italy and MechanicaS^^^e K1 “n° hecume clear that Fiat by two old rivals. The comments A j_ whiteley. Opening ■ ^nrnirrKSeS ranidly): 19 


— ■ 

IE 

I 

k. 





n 




ELftCKdl men) 


PROBLEM NO. 219 
BLACK (3 men) 


; . more cars tuus. prn_-c, 

sold in European ^ countries than Servicing are- TO g 
: an y other except for Italy and Mechariica3s|| 
: =J 'Spain, whece the best sellers are breaks little. /^ 
tittle smaller due to iow wages engines— a cheg 
O juKL:sky-hagh petrol prices.; - and 1, 5 0° 

~'" v researchers reckon. that, •cylinders. vntfr® 

A. Jby lthe 1 - early. 19S0s more -thauj'head, camsha^= 
•:.^e European -car in four ydll J® v f 

be- . la* the, “ C ” category, - and : Fiat 128 umt. T 
- they intend- that eight in every 6S^nd J5 hors 
. 100 of them -w^JUtoos . ?**"£ *** 



! WH1TE(10 men) WHITE (4 men) 

Rosell v. Keene. Aarhus 1977. white mates in three moves at 
Grandmaster Keene (Black, to aea inst any defence (by 

move) «apa^up.butaPP»- t7 


?*f5* r; wl™. 79. whieb I - A 3. whtteley. ***)$& ^ J S&’Sg I S St*™*™ % S. Kmsb'ov, USSR Cb„, 1941) 

archers reckon/lhat <vlmders^wim^^^. n trie d first, there was as tittle G s BotteriU. Opening: Modem ^SPajv RB-K 3 N-B3: 7 Q-Q2, K-Nl: 25 RxB ch and BxP cn e next ^ moves were so — 

|y leSOs more t^an.^^ ^ha^^^^^^^ mechanical> road or wind in- Benoni (Blackpool Open 1978). 7^.°f R-Nl; 9 0-0-0. ^jids to mate): ^ R-R6 g»^KB2. that White's game Solutions Page 12 

■an -car in f »«r^-^ 1 ^ M !5?53EdSiver 60, duced noise as you would expect The opening moves were 1 P- M^' 3 . \ 0 p.^, p .kR 4; 11 B-RB ^ R-R« ch. o 7 BxP! collapsed almost at once. How 

- C'V category,- and :Fmt 128 jn a car costill g £6, 000-plus. The Q4. N-KB3; 2 *SP&-JiiL£ iui if P-QN4; 12 P-KN4! and B-R6. P J % . «4 0-N5 did nlav continue? ■■- 

;tttS^^S«fiSas KTSS 13 — — — 

rsnmtss 1 

Other tha,n the.Xiyft., have no di^culty .. . Wf a and '. 1(mg whedbase suggested for tiie knight at QB4, §T H « 1 

it.i s their first Pfew-reg. • •• / i»a..ih be Only the ge*r- is DO t very good). B . H «jr A fl • ^ 1 

f'. 1 1 -• - i ' / —— T~ :, t a let-down, being as 8 jj-B4, 0-0; 9 B-N5, P-KR3; ■ K “ m 4 

' ■ * ' ! - UL . ‘ ~ wgue and rubbery as the other 1Q pjq 3> ll F-K3. B-R3: fl ^ JE& H lliCS \ 

rilU ! CARS* - controls were precise. 12 P-R4, BxN; 13 fl fl MBB _y ^ 

— K - jL^— — ^jrhe Ritmo 60 With four-speed 14 0 -0. Q-B2; 15 P-R3. fl fl §3) -»-*****. O 1 

we niy c^rhox I tried later was not Q-Q3 (more precise witiU-®-. H . _ fl BaS 1T^ ’ 0 

10 J,'StnCln,rt Rd.. S.W.9. - i 1 '■ 1 lira' -a ®iiJ h S 28 7 wisls i Rxi^KN^riL^^tJ !■■ f^i%#ri^5sdlal© Bapk B i OQS 1 


So Of them Will he.JRitaos. .. -pveiy g the suspension smothered any P-Q3; 6 N-w. 

FoVKaL ihe Rtimo_marks a..intaare c^ed Ihe^^bU. w „ ad rou g hness and the handling 1 B-N2 (7 . . . QN-Q2 and if 8 N ^ 

complete break ^th_ styling . ! ^‘^enltr i?iW&embeiA was « s good as the wide track N-N3 Black S plan S to exchange • 
tradition. -Other than the. XL/ft^ have no difpculty WJg*. - -Aand long wheelbase suggested for £ e knight at QB4, tf • 

ennm car, it _is their fiTst now- mg-- . • / 1 -V would be. Only the ge^ b Ut this is not very good). fl 

- . •■ 1 - •••'/■ toift was a let-down, being as g N _B4 f o-O; 9 B-N5, P-KR3; fl- 

■r .. • • . • i-L- ' f " %gue and rubbery as the other 10 B _ R4f p. N3 , H F-K3. B-R3; ■ 

MOTOR CARS' J : . • controls were precise. 12 P-R4, BxN; ‘ 13 iBxB P-QR3 H 

WlVlV^ - - r: — -—fa— — r^he Ritmo 60 with four-speed 14 0 ^). Q-B2: 15 P-R3. B-IO. 18 fl 

wants#, we o»v *"d»-. t 42‘-. vfSrbnx I tried later was not Q-Q3 (more precise w to- n . 

- SW ' 9 ' , '."--e Bonded like; a Fiat-128 wrth J| KR.BlT*P-KN4 fl I 

BSssgssSI z ■ ■ t3f K-r-, 2^3^ g'f&'ssa- 20 I 

|ia|XLQ.VER ^ _ ^t-PT-v Piat say the old 128 will A ’ typical Benoni situation. fl 


| CABS - WAT 


Rfl -I fertg^bealets- I ; •/£ . ; ' ^MOTORING 
BflXLOVER LEAF CAR5 | ^ /AVERT1SIN6 . 

»'• Jf - ..-. v.s -l’ ■ '? ! annMr« eVGITV ' 


Clydesdale Bank 


2 M EW TH; -IVrtl .Mid.;'r«a; 
' bamboo' doth. auto, pas- 
Radio -cassette one- owner 
JBO SH. 1V70. . WW.i btae.parelt- 
Mint w. «Crto.j«*. ,E. rorf. low 
mileage. -Ml. Iiteory - £3^»5 
TetephoneDairidJacbts :v 
. r-.ruukr^(fg5g71)2294 , ^ 


7 appears every 

SATURDAY ^ 

For further details r 
contact: . 

SIMON HICKS .v 
01-248 5115 . 


Newcastle upon Tyne 

Magnificent 
renovated City 

j Centre office 


•. Fiat say the old 128 will A ’ typical Benoni situation, 
carry on for some time to come where -white has two bishops and 
though, eventually the Ritmo more space, while Black's active 
must replace it. Prices have piece s give him counterplayv 

pi^.« wa 3 

SHJg’fci. 50 ,thg £3 '°°° “ l 1 4 mP Q-Ni F QR-N? °qS)):~ 25 


more likely division. 

I cashed the Ace and followed 
with tbe nine. As you can see, 
if I had run the nine, I would 
have made the slam, but I 
played dummy's King. This 
wins if the suit breaks 3-3 or 
if East holds the doubleton 
Queen or Knave, which is the 
percentage play. But I went 

down. *. ' , 

Two hands later' — we now haa 
a part score of 60 — Z was the 
dealer: 


With effect from 12th June 1978 
Base Rate will be 
changed from 9% to 10% p-a. 


self-contained | 

car parking. 

Unique opportunity to acquire -a 

Sold property in the cornmerc.al ? 

centre of Newcastle upon Tyne. . 
t4.000 sq. ft- net *n.. 

Renaissance style buildmg wi 

. basement car parking. A^so 
avaiiable pn lease. 

Writ* orteleptione: - -j. - Director, ;;i 
■&SSS?iSiSSif5s (Pr^rties) LTD. ' 

S-House Pomoland R^d, ;; ; 

NewcastJe upon Tyne NE5 3Dr. 


BRIDGE 

E. P. C. COTTER 


IN A RECENT session of play, 
une rubber produced two hands 
which I thought very interest- 
ing, so I pass them on to you. 
This was the first: 

' n! 

•'.♦A 4 

r ' OK10S64 

OQ7 
+ AJ95 



J/7,lireai 


^&«7HemtettaStreet 


-• ca Qveen^» Road, •-? -.“ 

Telephone; 0225-W**}' 3 


‘•gj^&mKHAMj 


W. E. 

* 107 2 * K965 - 

t? Q J 5 3 ^ 72 

O.T1095 08632 

+ 62 +1083 

S. 

♦ Q J 8 3 
OA9 

0 AK4 

♦ K Q 7 4 

: My partner in the North seat - 
dealt at love all and opened the 
bidding with one heart. My bejrt v 
response Is three clubs. North P 
will raise to four clubs I then c 
bid four diamonds, and bid six c 
clubs after' North cue-bids his i 
spade Ace. The club slam is I 

^Unfortunately, the bidding ' 

did not proceed on the lines * 
T have suggested, and I found f 
myself in a contract of six no 
. .trumpSi which is clearly inferior 
to six clubs. West led the 
diamond Knave, and I took 
stock. The position of the spade 1 
King was of paramount im- 1 
portance.' Unless East had it 
. there was no real chance of 

making 12 Hicks. ; • 

So winning the diamond lead 
with dummy’s Queen, I at once 
returned the four of spades. If ■ 
East rises with_ his King,' all 
problems are at an end but 
East was faMeeing enough to 
follow with the five. When my 
Queen held the trick, I had two 
chances for my contract If 
East had. started with ; only 
three spades to the King, I 
could force out his King with 
a low card. bn the- third- lead, 

• arid-! so set up my Knave. 

But 1 felt that be ; had sta rted 
with four spades, and turned to 
s - my . second chance, that of 
ma king four tricks in hearts. A 

• 3-3 break will give me four 
tricks but of course, 4-2 is the 


N. 

♦ K 8 3 
V 10 8 5 
0 Q9742 ■ 

+ A4 

W. E. 

• Q10 62 4J74- 

A J 6 4 CQ72 

O— OK10S63 

+ J 10753 +K8 

S. 

. * A 9 5 
<3>K93 
OAJ5 

+Q9 62 

X decided to open the bidding 
with a normal one club, my 
partner replied with one - 
diamond, and my one no trump 
concluded the auction. West 
led the five of clubs, dummy 
played low, the King won, and 
East returned the eight, which 
was won by the Ace. A diamond 
from the table allowed me to 
finesse the Knave In hand, and 
west showed out discarding the 
two of spades. 

Prospects were far from 
bright However, West’s spade 
discard gave me an idea. If I 
could strip West of spades, I 
could catch him in an endplay 
by putting him on lead with 

a club. . _ . 

With this in mind, I. ducked 
; a spade in both hands. West 
■ ;wod, and continued with the 
[ Knave of clubs, which was 
t taken by my Queen. I played 
, a spade to the King and 
r returned a spade to my Ace. 

> happy to see both opponents 
f following suit. ' The ehdplay 
T was on. I threw . West in 
I with the nine of clubs. After 
i making two tricks in the suit, 

[ he had to lead a heart, setting 
’ up the King for my seventh 
a trick. 

o We sometimes make three no 

if trumps on a combined 23 points, 

A. -but on this hand of 23 points 
|r 1. had to struggle for the odd 
e trick- 


Clydesdale Bank Limited 
announces that 
with effect from 
10th June 1978 
its Base Rate for lending is 
? being increased from 9% 
to 10% per annum. 




Co-operative Bank 

With effect from 

10th June, 1978 
the following rates will apply 

Rasa Rate Chang e 

From 9% to 10% P-a. 

Also : 

7 Day Deposit Accounts 7% p.a. 

.1 Month Deposit Accounts 7£% 


’torksh’are Bank Limited 1 

Reg. Office: 2 Infirmary Street | 

a2t 

The Royal Bank 

of Scotland 


INTEREST RATES 

The Royal Bank of Scotland 
Limited announces that with 
effect from 12th June 1978 
its Base Rate for lending 
is being increased from 

9 per cent, per annum to 

10 per cent, per annum. 

The maximum rate of interest 
allowed on Deposits lodged for a 
minim um period of seven ' days* or 
subject to seven days notice o 
withdrawal at-the London Offices 
of the Bank will be increased to 
7 per cent per annum. 









TRAVEL 




" "■ V " ! *4^. */.' 



Tuscany 


ALTHOUGH I have visited 
Naples several times and sur- 
vived the experience, and in 
spite of that spectacular setting 
in the shadow of Vesuvius and 
facing out towards that bay of 
rare beauty, it is not one of my 
own favourite Italian cities. 
And, if we separate Home off 
into a class of its own, my feet 
tend towards Tuscany. 

Although I know Florence 
fairly well and always return 
there with a sense of anticipa- 
tion. I still find the sheer wealth 
of art treasures somewhat over- 
whelming, even on a third or 
fourth visit, and for this reason 
feel more at ease in Siena. 

Siena stands at a focal point, 
rising above the rich and varied 
Tuscan countryside where, 
among the stately eyprusses, the 
finest Chianti is produced from 
what looks to the layman's eyes 
an unyielding and stony soil. 
The oily has also zealously pre- 
served the traditions of the past 
which reach their climax when, 
on July 2 and August 16, the 
various eautrade, districts 
formed from the original guilds 
with names like “Eagle” and 
"Porcupine," compete in the 
annual Palio as horse and rider 
gailop frenziedly around the 
great and strangely lopsided 



PAUL MARTIN 


main square, the Piazza del 
Campo. 

In common with nearly every 
major art city in Europe, Siena 
is seen at its best during the 
brilliance of an eariy spring or 
when, in autumn, the heart of 
tiie summer sun is past and the 
coaches, disgorging the day- 
visitors, have vanished. 

This is a city of churches and 
fountains with the incompar- 
ably beautiful Pinturicchio 
frescoes at the Piccolomini 
library in the cathedral and, in 
the adjacent museum, the 
imaginatively lit and well dis- 
played collection o£ works by 
Duccio. 

Jtalviaggi quotes £172 for 
bed-and-breakfast and seven 


The statue of Neptune in the Piazza della Sign aria, Florence. 

nights stay at the Hotel Alitalia, under their ItalPak 
Toscana. Air travel is via Pisa scheme, quote £132.50 by 
and includes 2 * hours car hire scheduled air for two nights 
which enables you to see some- with private facEfities at the 
thing of the surrounding Jolly Hotel President. Pegasus, 
countryside. using the same hotel, charge 

I think that readers of this £H5 for a three-night stay, 
column are more likely to visit Bologna moved more quickly 
Milan as Italy’s principal busi- than Milan in banning the car 
ness centre. Until two or three *nd creating a pedestrian zone 
years ago I had often passed around the Piazza Nettuno ami 
through it but never stayed the Piazza Maggie re, two of the 
there. Milan certainly provides noblest civic squares to be seen 
a f ull quota of extraordinary anywhere in Europe. 
contrasts and the volatile, Bologna has a quite remark- 
voluble Milanese becomes a able built-in logo with its twin 
fairly frenetic character at the towers, the higher one, rising to 
wheel of a car. reviving over 300 ft called the Asinelll, 
memories of the long-vanished and the lower one, La 

MiHe Miglia at every inter- Garisenda, which suffered an 
section. ‘ architectural decapitation a few 

All the more credit to the city (luiPafo z a/ 2 » 

authorities who have bamshed RwM 'smH, London win sad.' .ot 
the car from that lovely central If omoT^ciirn! 
square in front of the vast and an Resent street. London, wx itahriaasi, 
ornate cathedral where the K ( e ^oSS? e " 2 i* S ESu 

series of elaborately decorated court Garden*. London sws otr. 
pinnacles, piercing towards the Yog , WMi(ca d Z Austria ».<w, Begun* 
heavtns are owned with a ££ iFulTZ 

Statue Of the Maponna. Scarce: Ttomas Cook. 


TRAVEL 


THE ITALIAN 
CITIES 

In addition to Rome. Florence 
and Venice our booklet lists 
many of the smaller Italian 
towns — Siena. Assisi and 
Verona to mention only three. 

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

Only the scheduled airline 
sen. ices are used and our sug- 
gestions may be amended to 
fit your exact requirements. 
May we send you details? 

HAYES & JARVIS 
< TRAVEL) LTD., 

6. Harris! Street, Belgravia, 
London. S.WX 
Tel: 01-2iS 4060 or 6675 


DISCOVER THE 
MAGIC OF SARDINIA 

Hotels: 

SHARD AM A from 051 

RESIDENCE PARK tram £263 

ROMAZZINO Irt>m 005 

Includes 7 mehi? fuH board, direct 
Qi&nu from Gaiwivk- Free Colour 
Brochure from: 

MAGIC OF SARDINIA iDcot. FTi, 
190. Chiswick HUh Road. London, W.4 
Tol.: 01-993 74il 

ATOL 1014 RCO ABTA 424B3 


RONNIE RONALDES HOTEL. Gucrrwer. 
;« ri 0?8i 380 S3. Heated Pool. tennis, 
putting, bars, dancing, family suites. 


CHILDREN'S 

HOLIDAYS 


CHILDREN’S 

ADVENTURE 

HOLIDAYS 

Give your children the thrill or 
a P.G.L. MULTI-ACTIVITY 
HOLIDAY and le,ii« every- 
thing, <° ir»-Actf croups 7-9s. 
5M2». 1 3- 17a. Write «>r phone 
f.ir colour brochure. AKo 
separate brochures Ii>r IR-JOs, 
Family Holidays and Schools. 
TGL YOUNG ADVENTURE. 
4li* Stntiaa St— Jlos-on-lVjf. 
HR97AH (0989)4211 nr«se.& 
“'e'j Fawn hope (043 277i 535., 


HOTELS 


^——HARROGATE— ^ 

©l&Stuan lotcl 

BRITAIN'S MOST DISTIB 6UISKED 
COHTEREJfCE HOTEL 
a a Conference Secretary B »/- - 
w Tel: HARROGATE 504951 "AV. 
ISO Rihb 12lpb 3 or mm Saiin 
Pinery CBufwea£»388 -fr 4 Pri.au Beene 1 75 

Btrqnfl Dicing 300 *■ Bufijei Oseisteu. 

3 Resneraets * It ». « l tell y-s. 

I TELEX 57922 OLDS WAN HAROGAT - m 
^One at Britain* PRESTIGE HOTELS 9* 


FOREIGN HOTELS 


SWITZERLAND, A ROSA. Hotel Vatuna. 
TX. 74232. Summer mountain holidays. 
Indoor and ooen-air swimming pool. 4 
tennis courts. 


EDUCATIONAL 


ROSEHILL INTERNATIONAL 
SCHOOL 

CH-9000 St Gallen, Switzerland 

Well-established co-ed u cation al school. College preparatory 
programme with Advanced Placement Official Test Centre 
for American CEEB, Oxford GCE and Royal Society ,of 
Arts Examination Board. Commercial Studies. Small 
classes. Holiday language courses July and August. 

Write for details to the Dean of Admissions 


CLASSIFIED ADVERTISEMENT RATES 

; ' single 


Commercial and Industrial Property 

per 

line 

£ ■ ■ 

4.50 

column 

cm. 

£ 

14.00 

Residential Property 

2.00 

8.00 

Appointments 

4.50 . 

14.00 

Business Sc Investment Opportunities. 
Corporation Loans, Production Capacity, 
Businesses for Sale/Wanted 

5.25 

16.00 

Education, Motors, Contracts & Tenders, 
Personal, Gardening 

4.25 

33.00 

Hotels and Travel 

2.75 

10.00 

Book Publishers 

— 

7.00 


Premium positions available 
(Minimum size 40 column cms.) 

£1,50 per single Column cm. extra 
For further details irrite to: 

Classified Advertisement Manager, 
Financial Times, 10, Cannon Street, EC4P 4BY. 


YACHTS AND 
POWERCRAFT 





MILLIONAIRES 
MEETING PLACE 
Mystere by 
JCL MARINE 
of Norfolk. 

Thb outstanding, one owner. 43ft. 
craft has hardly been used since new 

3 1 is now. offered at a saving of 
8,000 on- equivalent new price.- 
Two Luxurious double cabins, large 
saloon, shower /w.c. cabin, fully equip- 
ped galley, teak decks, crew quarters, 
etc. Twin turbocharged diesels giving 
up to 27 knots. An outstanding craft 
for business or pleasure. Delivery and 
moorings arranged anywhere in the 
world. 5 year marine mortgages 
available. Derails from: — 

- G. J. Arnold, 

Bnmdall Gardens Yacht Station, 
Inndall, Norwich, Norfolk, 
England. Tel: 0603-714141 
Telex: 97206 


PERSONAL 


CANON CAMERAS 

and accessories. Unrivalled 
stocks, the best prices at the 
World's largest specialist 
EURO FOTO CENTRE, 
High Road, Cowley, Uxbridge, 
Middx. West Drayton 48224; 


cruise in the mediterranean. 
Luxury yacht available tor charter. S2K. 
Fleur de Lys. Two couples (n comfort. 
Reasonable charges. Details from 07646- 


2 §l” 


SUPERB GLASS AND CRYSTAL lor the 
Directors’ Dining Room Is on gleaming 
display- at The General Trading Company, 
a hand-picked selection o« all that Is 
b^st In modern deslnn as well as the 
finest traditional suites. Write tor our 
general c-atakjgne to JKiG. The General 
Trading Company. 144 Sloanc Street, 
S Soane Square. London SW1X SSL- 


EDUCATIONAL 


LEARN GERMAN IN GERMANY! Fnemd- 
-soraehen-imtitut MAWRIZKl -Intensive 
courses — during the Holiday, period also. 
Please request prospectus. Wilhelm 
Bluin-Strasse 1-2-14 D-6900 HEIDEL- 

BERG.. 


COMPANY 

NOTICES 


PROVINCE OF 
NOVA SCOTIA 
FF. 100,000.000 
7 ±% LOAN 1972-1987 

Redemptions due on 15 July. 1976, 
for Which FF. 3.000.000 .—<S provided 
have been made entirely by purchases 
In the market. Alter is July. 1978. 
FF^S. 00 0,000- at the loan will 
remain In Issue. 

Financial Agent 

BANOUE DE PARIS ET DCS PAY- • 
BAS POUR LE GRAND-DUCHE DE 
LUXEMBOURG 


. FOR SALE 
VALUABLE SHOP & 
OFRCE PROPERTY 

Lot at £4.710 p.a. Additional income 
in excess of £3.000 for upper Heart 
anticipated. The recently refurbished 
. premises are si mated m one of the 
main stepping areas in one of the 
largest North East Coast resorts. 
Write Sox T.4903, Financial Timas. 
10, Cannon Street, EC4P 4BY. 


AN- INDOMITABLE . SPIRIT 
alone Is not enough when your 
eyesight is poor, your sense of 
balance badly impaired, and 
your dietetic requirements com- 
plex. Thus, the past few 
journeys of my favourite elderly 
relative were only made pos- 
sible by a network of facilities 
in two major airports. It was 
the airlines that told me about 
them (in this case Swissair and 
British - Airways)^ and I was 
impressed, . not. v ptfly by the 
practicality ; rOf the“ assistance 
f wheelchair,.' -escort* plane, 
pre-Boarding, special' diet), but 
the kindness and caring which 
went with .it, minimising the 
inevitable anxiety,, of the 
journey. That was a few years 
ago, and my mother's needs 
were far' fewer than many other 
handicapped- -- travellers. But 
facilities were more limited 
then and not nearly , so well 
publicised. / - 7 

One important lesson I hare 
learned from handicapped rela- 
tives and friends is that there 
is no difference between the 
disabled^- and^ the able-bodied 
when . it ' ednira^tbrvariety of 
tastes. ah4.te»BerWHeiit. 

Group arrangements for suf- 
ferers from any particular afflic- 
tion may be marvellous for the 
sociably inclined but. however 
excellent will be of little benefit 
to the less gegarious. Others 
will welcome the opportunity to 
enjoy new horizons and activi- 
ties with those sharing similar 


Needsund 

aids 


ANYONE PHYSICALLY handi- 
capped and neeldng a satisfac- 
tory/ holiday; •- faces • problems. 
But hoteliers - also 1 have ■ to 
decide whethief it is viable to 
take handicapped guests, and 
how to provide facilities. 

It is estimated by the English 
Tourist Board, that, including 
accompanying friends and 
relatives, the disabled holiday 
market constitutes 3m people. 
Alfred Morris MP Minister For 
The Disabled has said:. “This 
is a case where good) ethics and 
good business go hand in 
hand.," ‘ 

There are the f undam ental 
facilities needed such as re- 
served signposted parking space, 
as dose to the entrance as pos- 
sible; a level flat entrance or a 
signposted ramp at a side 
entrance; easily operated, front 
entrance doors: lifts large 
enough for a wheelchair, with 
accessible controls; space to 
manoeuvre wheelchairs in bed- 
rooms; space to manoeuvre 
wheelchairs in bathrooms with 
support rails near bathtubs and 
lavatories;, a shower with seat 
handgrips' and thermostat: and 
space to, manoeuvre wheelchairs 
in dining ' room. 


life. 


Access Week has focused attention on the problems of the. disable^, in '$*** '; 

Svtvie Nickels looks at the position when it eomesyto travel. ^A : i fqv enmifle r the Mm. 

J ; . ; ; • ' /. ..Tourist AuthflrityV BrifdR-- 

.J * -- - - Tioluretnols {35p L Both keep 

The world on wheels \ ; SSRSSS? 

So what the dis* Committee- The British Airports Far more specific is ihe AA’s - d ^? a ^ I ?? s ’ J or access 

just aa the able- Aui4mrxty in conjunction with Guide far the Dtsobledadpor-f^f^^r^e .daahled. are 
□ js choice. the Joint Committee on Mobility free to members) .which ^ ^ 5 at * 

Hack viahlY for the Disabled has produced more detail on types of doors,. are covered. 

Puffin rrpofii « series of free leaflets on each numbers of steps, .ayailabflily Wide 

e aeneral source of in onr Sports inchiding of -ground floor -bedrooms,'etc.^ - ******* of 

plans of each passenger term- But the best I have seen ifctiie - : Watea for 

mat Responsibility for the considerable ■ nectUur -:. '-^ ‘la?-’ ■ 
af , Til , al . Hniirifnio l£- aciKties is shared between the RADAR’s HoUdevs lor the Adize^:. RADAR, 25, 

annually revised baa and the airline you use. Physically HancBeupped. IritmgtimerStt^Xipiidon WIN SAB* 

and it inadvisable to cbedc the establishments . ‘ throughout AHtine Users’^ Committee, 43-59 
lrihed by the Kdfal arrangements available through Britain, giving door widths for Kingsway, Xonaon WC2B 6 TE- 

^ 0*5 airlines before rialang entrances, lifts and bathfnO^ Authority. 2 " 

f RADAR), costing 75p from & ^ thare in many cases, as well .as. radl- Buckingham Gate, London 

is no diarge. eating those accepting epileptics, SWUE 6 JL; English Tourist 

A new edition of A Guide to incontinents, guide dogs and Board, ^ CrDsmior^ t?ard^ 

providing special diets. . ' . London SWTRF : Auh^ 


limitations, 
abled need, 
bodied do, is choice. 

The 

admirable general source 
formation for travelers 
every conceivable kind 
physical handicap is 
annually revised Holidays 


75p from 

W. H. Smith's. It’s a 
volume of facts about voluntary 
and oommereial organisations of 
all kinds, activity holidays, ac- 
commodation, general advice on 
holiday . organisation, transport 
and Insurance. It ends with 
notes on accommodation and 
sources of further information 
for over thirty foreign countries. 
Another recent and generously 


British Bail: a handbook-jor ifce 
disabled person should be avail- 
able by the end of the year from. 
RADAR, giving facilities in' 
several hundred rail 


Assbriatidiv 


Both the 'Weigh andScoftish mobile 
Tourist Boards have produced 
helpful, puhlicatiom. Wales’.; _ 2 BA;_ WalesVTpOT 
stations’ TXsxfbled Visitors Guide (35p-) . I3e ndaff t y ; 
and in has.40pages-of spe( 3 a 3 faeflities; rSeottisfa Tourist.‘';Board i 



throughout Britain, ... 

trains, as well as indicating . Scotland’s Bolides with Care Ravdsbm -Terrace, - - 

concessions and reductions of '(free) has 60 pages packed ’EHt ; - 3EU;- British 

, . iol various kinds. Cost wBf he vrith information or rdevant Authority, 64,:St James’ Stre«it 

factual pMcahonisTheDirec- SOp . . organisations, • puffications* • hmAOn , SWIA INTj -Ueu^ 

tory for the Disabled by Ann when it comes to accammo- eccommodatibn.-traii^Jort . and^Burean.for Edneatio^ VMtS 

dation, a variety of organSja- - is : niudb^to be commeiSed. IT s : and. Exchanges. Dorsef- 
tions (such as tiie English supplemented by a free fl&page St3reet,-Ii0ndon WlHiFN-Petet 1 
Tourist Board and regional leaflet listing accommodation ljfe^ Marchant TriESt, - Cofeton ' 
tourist boards) and hotel groups with facilities for the?disabledJ JBassett r Hoase, Colston Ba&ettv 
(such as Trust Houses Forte). -r, /It fr also certainly wortii find^ ;'.NotfrBgham j: : NCa|l'.t3FEf? : iiW. 
publish guides for tiie general >ing out what else tiie tourist - CalvertiTrast Afrenturoerirfre/ 
will get useful guidance from a public in which a symbol indi- hoards have to offer in mOTe iittie Chb^wai^ ^nd^'Skld^ 
free leaflet Core in the Air pre- cates those establishments suit- specialist fields! There. - are the da#y. ; Keswddc^ - fr 

pared by the Airline Users* able for handicapped persons. ' Scottish Tourist - vTtofid’i.^QD.'.;' - ' v - : 


the Disabled by Aim 
Dambo rough and Derek Kin- 
rade (paperback edition; £A25) 
— a handbook of information 
and opportunities for disabled 
people. 

Handicapped travellers by air 



■- • . 




The English Tourist Board 
publication Providing For Dis- 
abled Visitors clearly specifies 
the necessary adaptations to 
make a hotel convenient for dis- 
abled visitors. The board con- 
tributes to the capital cost of 
tourism facilities in industrial 
development areas by a grant 
or loan or a combination of both, 
up to a nuTimnm of SO per cent 
of the capital cost of a project 
Financial aid is - also given to 
hotels by COSERA (The Council 
For Small Industry in Rural 
Areas). 

The obstacle to holidays for 
the handicapped are lack of 
confidence and/or lack of 
money. Many people .auto- 
matically think they can not 
take a holiday. They dread to 
contemplate the difficulties. 


• . ■QartOoiu^ ivaasrtoiti^iSb^ 

However with careful ptannfng with information about- climate.- PeOPle T regmring aXotJlf caro. 
these difficulties can be sur- and tell if a resort is hilly, but-need ; hotidays- most^ and get 1 
mounted. Even financial help is far- facilities it ' is Bfest - to iXteh thet need. day arid • 
available. Local social services approach the dlsabili.ti.eis organ- night/ attention; -whids is 
can give aH or part of the cost isatinns overseas equivalent -expensive. ^ ^ Although - local 
of holidays, and some help RADAR. Scandinavia T .. and authorities under The Chroni- 
towards bringing your own France are good places for dis-. tally Sick and Disabled Persons 
escort Voluntary organisations abled travellers. They have Act of. 3970 may provide all or 
may give grants towards such organisations who publish part of the cost of -handicapped 
holidays. Every effort is made guides. You r^caff - use tiieir haKdays; : tiiey^ tend_ tp_ give 
to provide tills discreetly. ■ fiticirmation .tO i.frayel inde- holidays to the Less disabled. 

„ • - pendently or specify the hotels’ This allows more holidays to 
approved by these publications, more people because the money 
iSmSS wten booking a package tour.. /. gowfruiher oalthe lower cost 
. r Althou^i package tour opera- bptidays. .... 

2Se ^ J toT ^ dh* : Jk>t 'run spedatised - However, there, are . special 
f 0 r v thedisable< some, homes.,, A porpose built one in 
SSftbdS indndiDg ThiRhson; and Blue Netley. near Spiithamptoh. even 
Car3 ’ ^ c 4 ® 5 ™ whether indi- ta&es responauts (people so.dis- 
^ vidual hotels are smtable. You abled: as .;. to -need . support 

ing accommodation too. can ask their . information, systems, such as iron lungs). 

For motoring, The^ Disabled department? nr a good travel This' rentra js owned hy. the 
Drives Assoeiatioii»>tind "the agent cah ^id ont all you need borough J of - Lambeth and a. 
Disabled Drivers Motoring Club to know. Tt is v a matter.of Bod- 1 cfiarity calied Refresh, 
are very helpful organisations, ing one ...who : ^fUy/tafce^ VHKe'' •^‘7 ■ ■ :i'; -uemdv m a ra 
F oreign tourist -offices^ help trouble- . ^ .-.iO.'J -y.-.x'.--- v.;- - T ‘ 


Question 
of timing 


THE PREDICTABLE success- of 
last year’s Silver Jubilee stamps 
had an equaly" predictable 
sequel — a repeat performance 
to mark the 25th anniversary of 
the Coronation. 1 suspect that 
the British Post Office had their 
eye on this from. the very outset 
and it was. significant that they 
resisted the -temptation to use 
Coronation motifs in the series 
of stamps issued for the Jubilee. 
British stamps these days are 
a soft sell and the PO could 
afford to ignore the complaints 
that the designs were dull and 
reminiscent of the George- V 
Jubilee stamps of 1935. 

By keeping the Jubilee series 
in a low key the PO has pulled 
a master stroke and reserved 
the pomp and pageantry quite 
rightfully for . the Coronation 
anniversary set which went on 
sale last week. 

The stamps were designed by 
Jeffery Matthews, whose pre- 


vious work includes the Silver 
Wedding stamps of 1972. The 
four stamps feature the Gold 
State Coach, the St Edward’s 
Crown, the Orb and the Imperial 
State Crown— four items which 
trace the Coronation ceremony 
from the drive to Westminster 
Abbey through to the return 
procession when the Queen 
wore the Imperial State Crown. 

Coronation Day 1953 was the 
theme of the omnibus series 
produced by the Crown Agents 
for their principals and while 
each set of three stamps was 
an entity in itself, they com- 
bined to tell in great detail the 
story of the Coronation. Having 
shot their bolt so magnificently 
one wondered how the Crown 
Agents could follow this with a 
series devoted to the Coronation 
anniversary, avoiding repetition. 

The answer is quite brilliant 
in concept The present omni- 
bus series has concentrated on 
a single aspect of the Corona- 
tion— the array of Queen’s 
Beasts that decorated the 
approach to Westminster Abbey. 
Each of the 20 participating 
countries is issuing a triptych 
comprising a stamp featuring 
one of these traditional royal 
beasts, a stamp with a full-face 


portrait of the Queen by peter 
Grugeon, and a stamp depicting 
a local beast 

Clive Abbott and Jennifer 
Toombs shared the honours in 
designin g the series and uni- 
formity has been imparted by 
rendering the beasts in heraldic 
style in simulated stonework- 

The stamps have been issued 
in small sheets composed of 
two triptychs separated by . a 
horizontal gutter bearing a 
silhouette of the Coronation 


STAMPS 

JAMES MACKAY 


procession and a piece of text 
describing the royal and local 
beasts. There is a number of 
errors in these gutter texts and 
it will be interesting to see 
whether tiie Crown Agents rush 
out some corrected' versions. 
The moral here is purchase the 
complete sbeetlets at the 
earliest opportunity to be on 
tiie safe side. 


Quite a few Commonweaifii. 
countries are .issuing stamps 
with the. .Crown Agepts 
omnibus series.; Hong Kong has 
produced .two stamps which are 
clearly derived from the 1954 
definitive' series which, in turn, 
maintained tiie ' classic .sim- 
pHoity of. the definitive design 
which had; been irir iise since ' 

1862. ■ 

The Me of Man has released 
a 25p stamp showing the Queen*-, 
wearing the' imperial State 
Crown and holding the Orb and 
Sceptre. Brunei is issuing three 
stamps this - month depicting 
the moment of crowning .by. 
the Archbishop of Canterbnry,- 
the Queen wearing the Imperial 

State Grown, and , the Golden . . - - • - • V ••• * n„ n ' * 

Coach departing, from the 

Abbey. Though New Zealand ii ' 

ignoring the Coronation anni- oMfae three -stamps m 

versary, its dependency, the tim bottom row. ■ > . _ 

Tokelau Islands, are issuing, a On the same analogy as the 
set of four stamps on June 28 Crown Agents* issues; the lower- 
showing the; entrance to West- stamps feature -the -Imperial 
minster Abbey, the Coronation .State- Crown, flanked by the 
Chair, the Coronation Regalia- Lion. of England and a stone 
and a portrait of Her Majesty.' ‘carving of Tongaroa,. the most 

Last Tuesday the Coo k . important god -in ^Polyaesian 
Islands issuedjwo sbeetlets eon-, mythology, . The statue, inct- 
taining four stamps in detiomi- dentally, is now preserved in 
nations of 50c and 70c. The top: the Ethnographical Department 
tow of each sheetlet contains a of the British Museum. 



Blossom 

watcher 


IT HA S BEEN such a wonder- 
ful spring; for blossom that one 
wonders whether the standard 
can really be maintained all 
summer. Before considering the 
prospects I would be interested 
to know whether other gar- 
deners have bad a similar ex- 
perience to mine with cherry 
and apple blossom these part 
few weeks. For years I have 
been complaining that cherries, 
ornamental or fruiting, were no 
longer worth growing in quiet 
country - gardens where birds 
lived undisturbed and stripped 
the trees of all their buds long 
before they were due to open. 
Latterly they have attacked the 
apple blossom as well and- only 
a few weeks ago I watched from 
my window a pair of bullfinches 
systematically working the trees. 
** There,” I said to myself, “.goes 
ail hope of a crop for- 1978.’* " 
I could not have been more 
wrong. The orchard has been 
dripping with bloom for weeks, 
more beautiful than I can ever 
remember it, and old cherry 


trees, which I had intended to 
grub out, have also been loaded 
'with blossom for the first time 
in 15 years. Have the birds 
suddenly changed their habits, 
as they certainly appeared to 
do when they first started to 
attack? I scarcely dare to believe 
that this is so but maybe some 
bird expert can give me the 
true answer. 

The prospects for summer 
certainly look good. Roses are 
growing strongly, I have not 
yet seen any sign of the green- 
files, except under glass, and 
very little black spot The early 
flowering species and their hy- 
brids are already making a fine 
show and in one sheltered gar- 
den I have seen Penelope in 
bloom. Here, also, was that 
.lovely Asiatic species Sosa pri- 
mula with ferny leaves made up 
of many small leaflets and pale 
primrose flowers.. It is seldom 
seen except in specialist collec- 
tions, Z cannot think why for it 
is more beautiful than the popu- 
lar Canary Bird and consider- 
ably less demanding of space. 

Double Yellow Banksian Is 
another rose I have seen flower- 
ing well this past week in 
several gardens. It is unques- 
tionably a little tender, but is a 


rose that might be touch more 
freely planted against ' sunny 
walls in town gardens where it 
would benefit from the margin- 
ally higher winter temperatures. 

Another foretaste of summer 
comes from Kolkicitzia amabUis 
a relation of the weigelas, 
more elegant in habit and 
more delicate in flower . than 
any of that useful but slightly 
stodgy race. The stems are 
thin and arching, the flowers 
small, pink with a touch of 
yellow at the heart of each. 


GARDENING 

ARTHUR HEATER 


excels in bloom, the flowers isr.P. deUrcayi a Chinese species 
fuller and more saucer shaped, outstandin^y'ricfrita scent end 
geranium purple rather than a- particularly distinctive in a 
slightly washy mauve. • : - Tariety . named " calves cens 

-^* ^wliid 3 r faas viDleti calyces to set 

Both *xe -$iTutx. caprfj* ihe-.^^ : . 

growing eaght or tune feet in * . " . . 

year which can be . very : useful ; A P«t fxom'r^^hydraiigeM 
when one is to-Ar-tomy - only ? . shrubs - that can 

doubly satisfactory - ziivheir . they 

will stand gutte:hatdvprttol^^^gfw^^:.«aleas. do 
with impunity. 
long lived,:but both aTe rea 


for tiie fully 





■V 


American gardeners,- who love 
it dearly, long ago christened 
it the . “ beauty, bush ” with 
their . usual happy knack . of 
coining just the' right name- 

Both Abutilon uittfoUum and 
the very fine hybrid from it 
named A. suntense are flower- 
ing well and can be expected 
to continue for many weeks. 
A. vttifolium has tiie ' better 
foliage, pleasantly clothed in 
soft grey down, bat A. suntense 

.J 





. tender-. . 

The summer shrubs'T: iodk ‘ ysleties. of S-itoocropfe^ia one 
forward, to most . eagerly; Are cah'expect’;goilS'banks"of bloom 
the mock, oranges. “ Common,’'' thrbugbbpt 'the . later - summer 
1 suppose, the more, snobbish -and: wen - on into the autumn- 
gardeners will retort and;" so' jj There is,, of coarse, always the 
some of them; ate, bnt none the risk .that tiie terminal buds of 
worse for that Still, if one the- EL mdcrophylla ~ varieties . 
dislikes, growing- tilings - that will bfr destroyed by spring 
can be seep in every other frosts. 'That will affect the 
garden, .there are mode flowering of some but - hot of 
orang es that are now anything all since there are.vuletic^^ ' 
but common: r How 1 many ; as Vicomtesse Generale do 
gardens, -for example, can show Vibraye whfch are. relatively 
Philadelpfrus mlcrophyUus unaffected - by such* damage and . 
which has . the -smallert but also are table. to flower etjaally well-/ • 
the most numerous and : rldri; from". - buds , -lower - dpwn- the- 
scented' flowers in . it family, stems, ‘ which ito seldom 
noted for. botii . qualities. ' One damaged. Incidebtaliy Ylbrere > 
bush~WUl fill a sizeable garden is 'one of the best of- a 2 L ; . 
with its sweetness and, since it hydrangeas -tq give true blue ’c 
makes cpdte a small bush, it flowers, ■' The ^purity of ' 
is ideal tor 'the newporicet size. biear&'^cted'iS'-sdil,^ 
gardens. JSwar iess vreU.loioWn'- - : 

. .vS * v-'-vy.-^ 

:y - .- '. • ,. ; ; ; -/ ■“••.7, 5; r 













Ffrracnttal Times Saturday June 10 1978 


11 


l! 


HOW TO SPEND IT 


by Lucia van der Post 


ON THE SHELF 


I SUPPOSE there must be some houses 
where there Is enough shelving, where there 
aren't piles of books In corners, or where 
everything has a home. If there are. I haven’t 
come across them. Certainly, in our house 
the boohs pile up In every' room and more 
shelving is the commodity we always need. 

There is a great deal of shelving on the 
market at the moment. There are the kinds 
of systems that you can hay in bits and 
pieces, starting with a small amount and 
adding to as and when the household begins 
to expand. If this is the system that 
appeals to yon try to make sure you buy 


a brand that Is likely to b? manufactured 
for years to come 'and that it is stocked 
by a local store — nothing is more infuriating 
than finding yon can no longer buy the 
pieces yon need to add on to that supposedly 
flexible system or that you have to make an 
arduous journey to find and collect it. 

Though there are very grand, exquisitely 
finished flexible systems, suitable for the 
grandest of drawing-rooms, those that I have 
chosen to feature this week are more suitable 
for studies, teenage rooms, nurseries, 
spare- rooms or rather infor mal sitting-rooms. 






■ . • .. , 


LEFT: Heal’s of 196 Tottenham Court Road, 
London. WL bas opened a new department 
which rejoices In the name of Buzz. The 
brainchild of the youngest Heal In the 
business. Mr. Oliver at 29, and a young 
woman buyer called Jacqui Smith, It alms 
to appeal to the young married age group — 
they hope it Is young In feeling, simple, 
unpretentious, down-to-earth and natural. 

One of the best things on offer in the 
department is' this range of simple, versa- 
tile, practical shelving. Made from un- 
finished deal, which of course you eau 
stain or paint as yon wish, the basics of the 
kit come from Holland. The system 
depends upon four different sizes of 
uprights and two different widths of 
shelves. These can be put together in the 
combinations that most suit by using Joint 
brackets (25p each) and X- braces (£1.50 
each-. . The uprights start at £4.60 each 
t for the 300 by 900 mm size) and go on up 
lo £8.85 each (400 by 2100 mm size). The 
shelves cost either £3.95 each (300 by 900 
mm) or £5.25 each (400 by 900 mm). 

V« you can see from the picture the com- 
binations can be varied to provide simple 
book shelving or desk surfaces. It is 
exclusive to Heal's new Buzz department 
and because it is ready-boxed there should 
lie no delay over orders or re-ordering. 


ABOVE: Readers may remember that early 
last autumn Sterling Koncraft launched a. 
few simple shelving ideas in kit 't oVms. 
Following the success of this initial venture 
into the shelving field, they have now 
launched a complete system which gives a 
larger expanse of storage. 

All the shelves are of pine, whereas the 
uprights and - feet are in hardwood, finished 
to give a slight bamboo effect Though the 
kit has to be pat together by the customer 
no glue Is involved — a simple method of 
screws helps to fix the various parts 
together. There are also wall-plates which 
can be bought as an optional extra if the 
unite need to be fixed to walls. Though 
the units are not meant to be completely 
finished and can be stained or sealed (with 
Ronseal Hardglaze) if -you wish, the finish 
is certainly quite attractive enough for use 
in spare rooms, children's rooms and so on. 

The system consists of five basic units, of 
which the smallest gives display . shelves 
41 ins high, 56 ins wide and 12 ins deep 
for £38.63. The largest unit has a 9 ft run 
of shelves 18 ins deep and 70 ins high for 
£111.68. Needless to say the combination 
of units possible is enormous. 

The units are available only from Sterling 


RoncrXTt direct and won't be on sale In any* 
shops. 'For a full-colour brochure, which 
gives all measurements and prices send a 
S.A.E. to: . Dept Ronshelving, Sterling 
Roncrafts, Sterling-Win Uuop House, 
Surbiton, Surrey KT6 4FEL 


TOP RIGHT:' An exquisitely simple and 
.finely finished collection of shelves, based 
on the very old idea of the ladder, can be 
seen photographed above. The design is 
called- simply La Scala If it has foar shelies 
as above, or La Scale tta if it has three. The 
shelving is by the Italian firm of Zanoita 
from an idea by Haddalena de Padova and 
both designs consist of a demountable shelf 
ladder with uprights and either three or 
four shelves, all made from solid European 
fir. The four-shelf version is 71 ins high, 
39J ins wide, the shelves are Si Ins deep, 
and it has a depth from the' wall of 271 ins 
at floor level. The three-shelf version is 
55 ins high, 391 ins wide, 8} ins deep and is 
23} ins deep from the wall at floor leveL 

The fonraheif version Is . £118.60, the, 
three-shelf (me is £164.40 (excluding VATU 
Both are available extensively from Aram. 
Designs of 3. Kean Street, Covent Garden, 
London, WC2.. ' 




Sclt..h..limming 


SUMMERS will be delighted to 
learn that Schweppes have just 
brought out a slimline shandy 
which should go some of the way 
to quenching thirst without add- 
ing inches. It is very slightly 
alcoholic and has only 18.4 
calories per can compared with 
the more normal 85 calories per 
shandy. We all thought it a 
little on ihe sweet side when 
drunk luke-warm (but what 
summer drink, even white wine, 
could pass that test?) but found 
it refreshing when really cold. 
1 like it because it gives me the 
illusion that I'm having a proper 
drink and, if 1 were able. I could 
drink four cans of It before I'd 
had the same amount of calories 
as are to be found in one glass 
of white wine. It costs about 
13p, depending upon where you 
buy it. You can find it in Wool- 
worths, International Stores. 
Tesco. Safeways. Cullens, Boots. 
Augustus Barnett and many 
other outlets. 


Bargain bake 


\ ' ' ' QUICHE ' LOR&AINE ' . : 

% 

• /■ 

“-.-I — - J -— m— ■ Til • . • • v ‘, 


ANYBODY who has a freezer 
will know how quickly one runs 
out of attractive dishes. 1 tend 
to freeze food in the container 
that I will either reheat it in or 
serve it in, as this way is not only- 
easier but often, as in the case 
of quicbes and fruit tarts, the 
only way, if the table is not to be 
marred by serving food in tin- 
foil. The average freezer owner 
therefore finds that she needs a 
great many more sucb dishes and 
a range from France, called 
Arcopal. seems to me to be a 
boon. 

Made from smoky glass the 
dishes are so exceedingly in 
expensive that it becomes prac- 
tical to have plenty and then to 
use them for freezing purposes 
Left wc have pictured 
just one or a package of two flan 
dishes— they each measure 7} ins 
across, one has a recipe for 
Quiche Lorraine, the other for 
Lemon Meringue Pie. reproduced 
on the bottom and the two 
together cost £1.99. Also in the 
range is a souffle disb for £1.50, 
an oval baking dish for £1.99, 
large enough to take a gratin 
dauphinoise or a lasagne, as well 
as a five pint casserole fur £2.50. 
The range is simple, attractive, 
eminently useful and can be 
found in major branches of 
La ttle woods. 






] 


Lots of sunshine plus generous waterings by patient gardeners 
means fast-ripening fruit and vegetables — so there should 
be plenty of reasonably priced produce of prime quality 
to choose from this month. Fine weather is good for fishermen 
too and June is a time when crab, prawns, mackerel 
and other fish found round British coasts are 
often at their best. 


SUGGESTED JUNE MENUS: 
Courgettes a la Grccque 
Carried seafood salad 
Three fruit eassata 


Globe artichokes 
Dressed crab 

Riz a IT mpera trice with compote of cherries 


aie?r 


DRESSED CRAB 






Really fresh crab is a great 
treat It is time-consuming to 
boil and dress it yourself, but 
very rewarding as the end-result 
is so superior to shop-prepared 
versions. Choosing a live, 
healthy crab and cooking and 
eating it Lhe same day ensures 
freshness; being prepared to 
spend more time than the fish- 
monger will on picking the body 
section means you get more 
meat for your money; and, last 
but not least, you are in control 
of the sort of seasoning and Lhe 
amount of padding, if a ay, to go 
into the dressing (most fish- 
mongers seem to use malt 
vinegar and vast quantities of 
breadcrumbs). 

I abhor malt vinegar — except 
for making chutneys — and am 
against the inclusion of bread- 
crumbs when dressing crab. 
Even a few crumbs seem to de- 
tract from the fine shellfish 
flavour and texture. Besides, if 
you have picked the bones really 
thoroughly. there will be 
enough erabmear to pile up hizii 
m the shell, so there's no need 
or room for extra bulk. 

Simply seasoning the crab- 
meat makes for delicious re- 
sults. and do this as soon as (he 
crab has cooled after boiling. 


CURRIED SEAFOOD SALAD 


Freshly boiled crab is also 
excellent in mixed salads. Use 
jt with other shellfish such as 
mussels and/or scallops or 
prawns — depending on what is 
freshest and within your budget 
—and mix with freshly poached 
fish. The inclusion of as little 
as 25 per cent shellfish can 
bring a touch of luxury to a fish 
lalad. Equal quantities of fish 


and shellfish seems the ideal. 
Using much more than ,W per 
cent shellfish is an unnecessary 
extravagance I think: the firm 
texture of. say. rock salmon ur 

— better still— smoked haddock 
makes a good foil for sweet 
flavoured shellfish. 

I find that a curried 
mayonnaise sauce is more re- 
freshing than *n ordinary 


mayonnaise. To make enough 
to serve eight or more, soften 
n finely diced onion in a little 
oil with two tablespoons of 
curry spices. Add half-pint 
liquor reserved from poaching 
the fish and boil until reduced 
by half, When cold, strain and 
blend the curry-flavoured liquid 
into one pint of mayonnaise. 

Mix the prepared shellfish 
and fish with a few cashew nuts, 


Mix the brown meat with a 
little mustard, a few drops of 
olive oil and a good grinding 
of salt and black pepper: 
moisten the while meat with a 
spoonful or two of vinaigrette 
tur mayonnaise i plus salt and 
pepper. Lay the cleaned crab 
shell on a bed of parsley. Pack 
the white meat down the sides 
of the shell and mound the 
brown meat down the centre. 
Mark the dividing lines be- 
tween white and brown with 
liny sprigs of parsley but 
forget about mimosa egg yolk 
garnishes, fancy pipings of 
coloured mayonnaise and other 
trimmings of that ilk. A plainly 
dressed crab both looks and 
tastes better than one which 
has been fussed and mussed 
about. 

But having said all that, 
bread, mayonnaise and eggs do 
go well with crab and it makes 
-ense in full the richness nf 
dres.-fd crab !>v accompanying 
it with plenty ,if good brown 
bread, uosaited butter and a 
salad — preferably cucumber or 
a mixture of cucumber and 
watercress. And. if you are 
catering fur particularly copious 
appetites, also bring to the 
table a dish of hard-boiled 
eggs and a bowl of mayonnaise. 


some chunks of celery, and crisp 
green eating apple. Coat the 
mixture with some of the sauce 

and pile onto a bed of cold rice 
(which has been dressed with 
vinaigrette and mixed with 
plenty of fresh chopped parsley, 
dill, and chives i. Serve the 
remaining sauce in a jug and 
accompany the dish with an 
undressed salad of lettuce 
hearts. 


All made 
by hand 


DID you know that you could, if 
you were prepared to wait and 
could afford it, have a camera 
made by hand?- Or do you know 
that you could order a letter- 
cage and have it made, exactly 
to the size and shape you 
require? Would you know where 
to find a sword-maker, a sword- 
stick maker, a stained-glass 
window maker or a saddler? No? 
Well, then' Handmade in’ London 
is the book for you. Written by 
Andrew Lawson, published by 
Cassell (£8.95) it is not only a 
mine of this sort of practical 
information but through it you 
can gain a feeling for the hidden 
parts of London, the small work- 
shops and ateliers, the people 
who still earn their living with 
their hands and whose way of life 
has survived, the years. 

Though I have long been 
interested in what I call the 
entrepreneurial craftsman, the 
man who risks his all because, he 
wants to spend his life creating 
and making. Andrew Lawson has 
still managed to find people and 
crafts l didn't know existed. 

Take cameras. I had no idea 
that the Gandolfi brothers were 
still making mahogany and brass 
rameras or the sort that were 
used long before today's minia- 
ture cameras were thought of. 
Nor did I dream that such things 
might be so sought after. 

There is, should you want a 
Gandolfi camera, a two year wait- 
ing list, and most on the list are 
those who really know about 
cameras. 

Though hand-made cameras 
were the most esoteric items as 
far as I was concerned, there 
are many other crafts that are, 
surprisingly, still alive and 
flourishing. In the census of 1971 
no fewer than 16,900 “unclassi- 
fied" craftsmen were notified in 
the Greater London area — Includ- 



A photograph from Andrew Lawson’s book, Handmade -fa London, of Stephen Gottlieb, the lute maker. 


ing a teapot-handle maker of of more immediate use—the of the rich mix that makes Lon- these craftsmen for less tangible ; 

Hackney, a lute-maker, a musical- silver-engraver, the furniture- don what it is and if they, should -j..,-.,- , Ha wt t e 

box restorer, a vellum-maker in maker, the riding-breeches tailor be allowed to wither through lack ■ “7 1116 D ° 0K smmM have ; 

Brentford, a candle-maker in and so on. All these people of support many priceless ^iHs. some “l n S to offer. You will be ; 

Battersea and a barrow-maker in provide invaluable services and will be dost — probably forever. . . surprised and amazed at the : 

Covent Garden. . ' ■. matchless standards Whether you ueed^somethlnK of skills in London and . 

Though the descriptions of the Many people feel that crafts *1 “' 0Q ^eeo.'scraeuung ^ h b t emoted int« ’ 

more esoteric crafts and crafts- are superfluous bat one has only don . e (like a new top ■ * int ° : 

men gave me most delight per- to read this book to understand hat, or a musical. box- restored, or commissiamiig one .or two oF • 
haps other people will be more what an invaluable role they a piece of glass engrayed.) -or when .'you really want to 

interested in those likely to be play. They are an essential part whether you are interested in find a special present. 



can cost less in London than 
anywhere else In the world 

For more than sixty years the best of the handmade Oriental carpet output has been sent 
to the London Bonded Warehouses, prior to its world wide cfistrSxitkJn. 

My brokerage arrangements enable you to choose your individual mg or carpet, antique 
or modem, from the amazing range - at prices which astonish and defpght even my Persian 
ctents! 

In September *74 Lucia van der Post wrote in the Financial Times: “A carpet bought 
through CaroCr^wiB work out at about half the price it would be In the shops", adding In a 
more recent article: "... she is sun independent broket and can introduce you directly to any 
of the importers of these rugs. She takes a straight commission ... so small she asks me not 

to mention it for fear of offendng the wholesalers... Caroline has made it her business to 

stud* the market, toknawgood quality from bad andto recognise the tricks of the trade. This 
kind of knowledge is vital to make sure you get the best possible value". 

To make an appointment or for more information. Inducing copies of both the FT articles 
please telephone or write to: 

CAROLINE BOSLY 

01-7227608 

13 Princess Road, Regent’s Park, London NW1 






-H- :■ 


A 



7; T' \ 


r. ■ ? 




Y 


.-,*v 


.1 







12 


Financial Times Saturday- Ip. :197§ 


: -z ■’&£■•+'■ 



Radio puls ihe plays of the 
world before nur very ears with 
case, almost too much ease, t 
felt this while listening to Jan 
Cotterell's production of She 
Stoops to Conquer (Radio 4, June 
5>_ He had done a very bland 
anti stylish job with the full 
works in the form of some music 
for strings by Michael Steer, 
Garrick's prologue bewailing the 
death of sentimental comedy 
spoken by Anthony New lands, 
and at least two epilogues spoken 
or sung by female members of 
the cast. As a piece of radio 
drama in the classic mould you 
could not fault it. 

The old couple. Mr. and Mrs. 
Hardcastle (Leslie Sands and 
Elizabeth Spriggs i were the very 
soul of i-us'ic gullibility, and 
;Judi Dench, at her liveliest, cut 
through Kate Haracaslle's lines 
like i* buzz-saw. chips flying 
everywhere, j perfect contrast to 
the more honeyed tones of Sarah 
Bade! as the olher nubile young 


E5A33Q 

ANTHONY CURTIS 


woman. Michael Williams and 
Peter Wickham as their lovers 
sounded gdilant and arrogant by 
turns, just -.vhat Dr. Goldsmith 
ordered. Quite why it wa» neces- 
sary on radio to go to the Royal 
Ballet for a Tony Lumpkin in 
the person of Wayne Sleep was 
never explained: but he knows 
how to 'split vowels with the best 
of them and cerla'nly the fun 
never flagged while he was in 
the draw lit g-room or the ale- 
house. I would love to see him 
dance the role some time, choreo- 
graphed by Ashton? 

Why ihvn. does one have nag- 
ging doubts a bmil the success 
of the production? Well, it's a 
long play, nearly two hours of 
jollity, aort it v,a* taken non-stop 
which e\er. in the comfort of 
one's own borne is too long. I 
could have done with a ten- 
nunuie break in concentration, 
but that Is a minor noint: there 
is a deeper one stcsnm*r.g from 
the different way comedy works 
on radio and in the thealre. 
Comedy I.* a conspiracy; there 
is always someone who is eon- 
n ! ng and someone vhn is 7<?tliru 
conned. The more skilful the 
comedy. Hie greater the combin- 
ations and permutation*. Among 
the ennspiroirrs are the mem- 
bers oF the audienc"; laughter *s 
their pledge to unhold the con- 
spiracy. A chap iolf’ng in un 
armvhair with a pa’r of binaural 
headphones is » conspirator at 
one remove. Thus the radio 
producer somehow has got »o 
involve the listener d'-ec'ly in 
the comedy, a more difficult task 


than creating suspense for a 
thriller or sustaining curiosity 
about a drama of social realism. 
1 enjoyed the Goldsmith, but I 
did feet remote from the fun. 

Over the past couple of Sun- 
days on Radio 2 we have been 
hearing a lot about that arch- 
conspirator of stand-up comedy. 
Mas Miller, in a two-part profile 
by John East called inevitably 
The Cheeky Chappie. So often 
nostalgic programmes of this 
sort suffer from a dearth of live 
material by the principal figure. 
Max’s heyday on the halls, the 
[ate 1930s and 1940s. was not a 
time when the value of sound 
archive was fully appreciated, 
and a lot r,r good stuff was 
scrubbed. However. Mas seems 
to have been lucky, and there 
were some n'entlful helpings of 
him at work in various theatres 
rattling off hi* patter, going into 
bis songs. His technique was 
based oh an elaborate wooing 
of the audience, pretending to 
take them tr.to his confidence. 

The programme, narrated by 
Mr. East, revealed his touch 
childhood and his apprenticeship 
as a light comedian until he 
emerged, bedecked in his cele- 
brated white nil by and froek- 
<suit as the nia-'ter of the double- 
m p anm2. From the moment he 
came on he could somehow in- 
stouato an hilarious double cn- 
ten'tre into everything he said. 

We heard glowing tributes 
from fellovr-P r ofes»Sc«nalg like 
P.nv Demon, Sandy Powell and 
Billy Gray: zi.-o Jean Kent, who 
had" to ■ yUe him the feed-linos 

in (he wartime revue Apple 
Sauce It would have been in- 
terestin'; to have had a little 
more about his private person- 



Unit 1 plus forty 


Max Miller, a -drawing by Trog in 
“ The Max Miller Blue Book " 
compiled by Barry Took (Robson 
Books. 95p) 

atlty, which was very different 
from. the. highly geared extra- 
version of his stage presence. 
At the height of his fame- he 
once proudly showed his salary 
cheque for the week to a fellow 
artist who had worked with him 
when he was getting £4: it was 
for £1,025. 

Afternoon Theatre has a pre- 
dominantly feminine audience 
ahd la at a" time when . I am 
usually unable to listen. However 
I did hear a recording of Some- 
body Else’s Smile a play by 
Elizabeth Kay (Radio 4, June 9.) 
and- was glad I caught It. The 
characters are patients and staff 
in a home for elderly women, 
some disturbed* and others in- 
capacitated. They are all in- 
volved in each others* lives and 
in a performance of The Wizard 
of Oz they are rehearsing as a 
therapeutic Christmas panto, It 
sounds almost unbearable but 
author, all-woman cast, and pro- 
ducer. Cherry Cookson, managed 
to wring some quite subtle 
comedy out of it. This time I did 
feel involved. 


Unit 1 was formed in 1933 by a 
group of advanced artists and 
architects with a view to identify- 
ing and acting upon a common 
purpose, in the face of the 
general and active indifference 
to theic work. Together they 
covered, a wide range of activity, 
from the elegant abstraction and 
near-figuration of Nicholson. Hep- 
worth ana ~ Moore, to the figura- 
tive surrealism of Tristram Hil- 
lier, and the bizarre fantasies of 
Edward Burra. And in between 
were Wadsworth’s amorphous 
abstractions, and the surrealist 
landscapes and compositions of 
Paul Nash and John Armstrong. 

A group exhibition was put on 
at the Mayor, Gallery, then as it is 
once more, after many years in 
exile, in Cork Street and u pro- 
vincial tout; arranged. By the 
time that tour had ended, as is 
•the way with such' things. Unit 
1 had disintegrated, the internal 
differences. In preoccupation and 
attitude, too fundamental to 
bold together such various and 

notoriously strong personalities. 

But. in its brief span. Unit 1 
made its mark: .the philistine 
press, national and local, held 
open season;- the- nutdic declared 
itself myStifibdj^-afca^the artists 
survived, rTStfe jS&tt^ stepping 
stones of lherr: fljs&d. -Selves to 
higher things.' ' -. J-y.:.' ‘ 

It was an excellent idea to 
try to reconstruct! the group, as 
it showed itself in those middle 
thirties; but the -exercise proved 
surprisingly . difficult; .‘much of 
the work un traceable, some 
unavailable in museum collec- 
tions. Only about a third of this 


show, to be seen at the Ports- 
mouth Art Gallery as part of the 
Portsmouth Festival, therefore, 
is the actual work. It has been 
filled out admirably, however, 
with work scrupulously of the 
period, and each artist is pro- 
perly represented. 

Naturally there are few sur- 
prises, for almost all of them 
now enjoy at least a certain 
reputation, Moore. Nicholson, 
Hepworth and Nash very much 
so, while Armstrong, Wadsworth 
and Burra have all been com- 
prehensively revived In recent 
years. Only John Bigge remains 
entirely obscure, and the work 
here does not suggest any par- 
ticular injustice in that But 
Tristram Hiliier is a surprise, 
and these early paintings do 
indicate that a broader view of 
him would be useful, putting his 
more familiar later starkly sun- 
lit landscapes into their true 
context. And there are the two 
architects, Wells Coates and 
Colin Lucas, whom it is interest- 


ART 

WILLIAM PACKER 


mg to see were so closely and 
creatively involved with the ccfc» 
temporary visual avant-garde. 

The exhibition is still rather 
small: but it succeeds neverthe- 
less, in giving us an authentic 
whiff of the period, a sense of 
the collective situation in which 



Voyages of the Moon, by Paul Nash 


a strong- min ded and embattled another tour has’ prpydEt impos- 
group was working away, * on a . sible to arrange; : and v JJpit 1 
small' scale perhaps, but pushing must disband again, I; suppose 
ahead. The only pity is that for ever, an July 9. • ' 


THEATRES TK8S WEEK 


Falstaff 


by Elizabeth Forbes 


ROYAL COURT — l Was Silting 
cm my Polio. Robert Wilson in a 
«maJI example of his character- 
istic “ performance art ", either 
fascinating or boring according 
to taste. Reviewed Tuesday/ 
Wednesday. 

OLIVIER — Macbeth. Albert 
Finney as Macbeth. Dorothy 
Tutin us his spouse, in a disap- 
pointing production. Reviewed 
W ednesd ay/Thursday. 

KING’S HEAD — The Feather- 
stone Finer. Comic melodrama 
ineptly aimed at the pub-enter- 
tainment scene. Reviewed 
Thursday/F riday. 

PHOENIX. Leicester— Inanely 
jokey sociological punk jamboree 
poking fun at familiar targets. 
Reviewed Friday. 

WAREHOUSE — The Sons of 
Light. Portentous sociological 
parable with some real poetry 
lurking among fhe longueurs, 
and well produced. Reviewed 
Friday. 

On Honda v. the third '-art of 
:he Wesker Trilogy. I’m Talking 
about Jerusalem, opens at the 
Shaw. At tbe Old Vic. The 


Lunatic. The Lover and the Poet, 
one of Prospect’s enjoyable 
anthologies. And out at Wat- 
ford, ' screen actress Gloria 
Grab a me stars in Rain, the play 
about Maugham’s Sadie Thomp- 
son. 

tVTio.sc Life Is It Aittfican? the 
Mermaid's success about 
euthanasia, transfers to the 
Savoy on Tuesday, making way 
at the Mermaid for Tom 
S t o p pa rd’s Every Good Bon 
Deserves Favour on Wednesday, 
with 13 musicians taking the 
place of the LSO in the original 
production. At Greenwich on 
Wednesday, homage to Miss 
Horniroan continues with The 
Golden Cradle — five short Irish 
plays highlighting the foundation 
of the Abbey Theatre in Dublin, 
with Siobban McKenna and TP 
McKenna. 

On Thursday, the Royal 
Shakespeare Company opens a 
new production of Strindberg’s 
The Dance of Death at the 
Atdwych; and on Friday, a new 
play by David Edgar. Jail Diary 
of Albie Sachs, at the Warehouse. 


Georg Solti returned to Coven t 
Garden on Thursday to conduct 
the revival of the Zeffirelli pro- 
duction of FaUrtajf. Sir Georg's 
reading of . Verdi's miraculous 
score is relaxed and genial. If 
he does not seek for dark under- 
currents beneath the dazzling 
surface, he searches for — and 
finds— the warm humanity with 
which the triumvirate of 
Shakespeare, Boito and Verdi 
severally endowed their comedy. 
He does not hurry the music 
along either: there is time for 
much glorious orchestral detail 
to emerge, and there is also lime 
for the singers to fill and shape 
their phrases. A little sparkle 
may get lost en route, but the 
gain in depth and texture and 
sheer ' good humour is 
incalculable. 

Falstaff, as so often before in 
this production, is sung by 
Geraint Evans. This series of 
performances will apparently be 
bis last assumptions of the role. 
In excellent' voice. Sir Geraint is 
-especially-'- well suited to this 
particular view of the opera. His 
expansive.^ gen erousrh parted 


characterisation — like Cherubino 
in another piece be is in love 
with all women — matches the 
golden afternoon light which is 
distilled by Georg Solti’s con- 
ducting. There are niaDy magical 
moments conjured up by the two 
artists together; "Mondo iadro." 
at the beginning of the first 
scene of the third act is perhaps 
the most magical of alL 
Pilar Lorengar’s Alice is 
another smiling, sunny portrait. 
Quite without the bossiness that 
afflicts many Mistress Fords, she 
rules her household with the 
softest of velvet gloves on the 
most flexible of ivory hands. Miss 
Lorengar sings the part with 
similar good temper and creamy 
tone. Just occasionally one might 
prefer a more brilliant edge to 
the voice, in particular in the 
ensembles. Ford is splendidly 
and strongly sung by Richard 
Stiiwell. whose Jealousy mono- 
logue is tinged with bitterness 
and real pain, but not with 
despair. Marta Szirmay makes 
a fine Mistress Quickly; her 
fruity tones, used to magnificent 
effect in the scene with Falstaff 


at the Garter Inn, can lighten 
and fine down to accommodate 
the quickest music or the fastest 
patter. 

As Meg. Gillian Knight con- 
tributes sturdily to the quartet 
of women's voices — the role will 
be sung by Anne Howells at later 
performances. Norma Bur- 
rowes. a direct and youthfd! 
Nannetta, floats her fairy song 
skilfully in the last scene. 
Hyland Davies, as Fenton, is 
understandably much enamoured 


of her and sings with convincing 
and lyrical ardour. The. three 
comics-^ John Lanigan as Doctor 
Caius. Michael Langdon ’ as 
Pistol and Paul Crook as 
Bardolpb — are allowed to act far 
. too broadly in the first scene: the 
.original direction of- this scene 
was never subtle,, and -business 
has accrued over the years like 
barnacles oh a ship's hull. 
Otherwise Ande Andersen has 
rehearsed the production 
smoothly. - - 1 . 


TV ratings 

w/e June 4 


U.K. TOP 20 Homes Viewing <i 

1 n Park A venae Part 5 (ITV) ... 

2 News at Ten Tubs. (IT*) . .. 

2 TV Park Avenue Part 3 (I TV) ... 
4 TV Park Avenue Pan 3 (I TV) . . 

4 This Is Your Life (Thames) 

6 Thunderball (ITV) 

6 News (Wed.) «TNJ 

8 Coronation Street Wed. (GRAN.) 

9 Wheels (ITV) (BBC) .. 

10 That’s Life (SBC) 

U Benny Hill (THAMES) 


a) 32 Stanley and Hutch (BBC) 11 .C 

U. 9 Q B News Pri. (BBO U-Sfl 

13.45 MW Park Avenue Part 2 (ITV) ... 11.16 

U , 45 25 Crossroads (Wed.) (ATV) 18-93 

jqjg lb T9 Pork Avenue Part 4 (ITV) ... . 10-80 
12 BQ U World Cop 1978 Frame v. Italy 

• <»TV) 10.80 

22 J 50 10 Peru V. Scotland (SBC) 18.75 

11-50 » Porridge CBBC3 ... . - ..... 10.85 
]] 60 *JCoronailon Street CMtwj (GRAM.) 19.55 
1155 Piggies roapilcd- by Audit of CrtwJ 


RONALD CRICHTON 


The Aldeburgh "Ffe-stival 
opened ou ; Thursday " at the 
Snape : Mailings -with Britten’s 
Dentil- in Venice in the f amiii 3 r 
but well cared-for.. production cf 
Colin Graham for the Engu^ 
Music Theatre Ensemble. How 
much better it Is -at the. Mailings 
than at Covent Garden. John 
Piper’s - -Venetian projections 
glow . more .brightly bis .near- 
monochrome architectural wings 
seem . less lonely; . Ashton's 
choreography for’ the beach 
games that 'assume transcendent 

importance in the confused 
mind of. the writer . Asehenbath 
now proceed- both more, point- 
folly and with a surer flow, 
Britton’s grasping- of Gamelaog 
textures into his- score for these 
scenes more .fruitfully organic. 

If Only the good dancers were 
more , like children, less Uke tall 
young. Anglo-Saxon ballet school 
products; if only Craig Wright 
who dances the boy Tadzm 
■weren't taller than hi s stage 
mother Deanne Bergsaa- and 
nearly ns- tall as the Aschenbach 
of Sir Peter Pears.. Mr. Wright 
glows with holiday -health,' moves 
with modest mastery, and gives 
increasingly the impression that 
he. needs the friendship of, the 
strange old .gentleman more than 
the-- other . Way '. round— of 
mystery, : or. ambiguity*' .• or 
beckoning into unknown worlds 
of -experience there is hardly a 
sign. . 

In the multiple rifle of the 
Traveller John Sbirley-Quirk is 
as ever reliably versatile -though 
this. string of black cameos really 
.needs' a sharper sense of: carica- 
ture and-at times (In the episode 
of ‘ the .' strolling players 'for 
example), .a streak of blatant 
vulgarity, missing- from Mr. 
Shirley-Qiiirk’s armoury. Among 
the large number of tiny roles, 
the Travel -Bureau clerk of Peter 
Savidge stands out. The -various 
fruit - and flower sellers and 
gondoliers whose sad cries and 
calls' float through the score now 
sound less indomitably. English. 

B ritain (or the Joint Industrie! Committee 
lor ■ Television ' Advertising Research 
(JictaR). - - • 

’ Vi TOP TEH (Hotel ratings) 

1 Happy Birthday Bob (comedy) 

. (NBC) S7.1 

7 Threes Company (comedy) (ABC) . 28.4 

3 Qflincy (drama) (MHO 24.5 

4 Barbara Waters (Interviews) 

(ABO - =8-7 

5 Carin', coon try (comedy) (ABC) 22 A 
ft Rockford FBes (drama) (NBO ... 22.1 
7 Top Secret <mo*M (NBC) .... . . 22.8 

B Laverne and Sbirtey (comedy) 

(ABC) 21.2 

ft.lncredlblf Host (drama) (CSS) ... WJ 
HI Protect UFO (drama) , (NBC) - .10-3 



tlndismies programme in 

hbek end v.biUr 

BBC \ 

7.1.7-S.3A am Open Uni»’er«ly. 
9-10 Piay hoard. 9.25 The Flashing 
■Blade. 9.45 Galling Young Film- 
Makers. 10.00 Arlott and True- 
man on Cricket. 10.23 " Dr. Who 
and the Daleks." Marring Peler 
Cushing and Roy Castle. 1 11.45 
Charlie Chaplin in "The Immi- 
grant.” 12.15 pr.t Bugs Bunny. 
12.28 Weather. 

12.30 Grandstand: Motor Spnrl 
(12.351 Thu Scottish Rally; 
Hunter Trials (1.00) The 
Abbey Life Championship of 
Great Britain; Racing from 
Hay dock Park (lio, 1.55. 
225. 2.55/: Athletics (2.10. 
2.40. 3.30) Great Britain v. 
German Democratic Republic: 
Water Ski-iny 1 3.10 1 The Old 
Spice International; World 
Cup Report i4.40»; 5.00 Final 
Score including cricket score- 
board and raring results. 

5.!A (Yens. 

5.20 Sport/ Regional News. 

-' 3.25 World Cup Grandstand: 
Hungary v. France. 

7.40 The Good Lire (BBC pri7e- 
u-inning artists and shows). 

• 8315 World Cup Grandstand: 

’ 1 uni.sia v. tt\ Germany and 

Mexico v. Poland. France 
v. Hungary (10.35) high- 
lights. 

'11.00 News. 

; U.10 Saturday Night ai the Mill. 


.All Regions as BBC 1 except at 
the following times:— 

Wales— 12.00 News and Weather 
for Wales. 

Scotland — 12.00 News and 

Weather for Scotland. 

Northern Ireland— 559-555 pm 
Northern Ireland News and Sport. 
12.00 News and Weather for 
Northern Ireland. 

BBC 2 

7.40 aru -2.4 5 pm Open University. 
3.00 pm Saturday Cinema: 

“Yolanda and the Thief.” 
starring Fred Astaire. 

4.45 The Money Programme: 

The New Squirearchy. 

550 Marilyn Monroe in “The 
Prince and the Showgirl ” 
also starring Laurence 

Olivier. 

755 News and Sport. 
f7.40 Marilyn Monroe in “The 
Misfits,” also starring Clark 
Gable and Montgomery 
Clift 

9.40 Royal Heritage, part 2: The 
Tudors. 

10.40 Welsh Triple Bill. 

11.10 M*A*S*H. 

JI55 Midnight iWoiie: “The 
Halls of Montezuma” star- 
ring Richard Widmark. 

LONDON. 

8.50 am Sesame Street. 9.45 
Half Our Show. 10.15 The 
Monkeex. 10.45 Our Show (part 
2). 11.30 Spencer's Pilots. 

12-30 pm World of Sport: 1255 
World Cup ’78: 12.55 Interna- 
tional Sports Special (1) 
European Acrobatics Cham- 
pionships from Riga, USSR; 
1.15 News from ITN; 150 The 
ITV Six— 150, 2.00 and 255 
from Catterick; 1.45, 2.20 and 


2.55 from Epsom; 3.10 Inter- 
national Sports Special (2) 
Professional Boxing — Ken 
Norton v- Larry Holmes from 
Caesar's Palace, Las Vegas: 
4.00 Wrestling; 4.45 Results 
Service. 

5.05 News from ITN.. 

5.15 The Life and Times of 
Grizzly Adams. 

6.10 Celebrity Squares. 

6.55 The Incredible Hulk. . . 

8.30 World Cup '78 — -Mexico v. 
Poland and highlights from 
the France v. Hungary 
match. 

10J5 News. 

10.45 World Cup *78— Italy V. 
Argentina. 

150 am Close — Music by Beet- 
hoven and a painting by 
Rembrandt 

All IRA Regions as London 
except at the following times: — ... 

ANGLIA 

9.35 a.m. Undersea World of Captain 
Nemo UJ0 star Maidens. 12-00 stars on 
■ce. 1J0 a-m. At the End of the Day. 

ATV 

9.05 a.m. Musket Fife and Drum. VJB 
Sesame Street. 10-30 ATV Satttrdar Mpm- 
ma Picture Show inriudlos ’* Africa— 
Texas Style " and The Super Serial 
Mystery Island. 5-15 The SU Million 
Dollar Man. 

CHANNEL 

12.18 p.m. Puffin's Plan ice. L 2 S a-m. 
Weather. 

GRANADA 

9 J0 a-m. Sesame Street 10-25 Paul. 
10.55 Saturday Matinee: “ Thunderbirds 
Are Go/' 

HTV 

9.00 a.m. Rabbit Transit. 905 Old House. 
New Borne. 10-15 Batman. 2L30 Space 
1999. 

HTV CYMRU /WALES— As HTV General 
Service except:— ftJD p.tn- Camomime. 
oJSftJS Sion A Stan. 


SOUTHERN 

1130 a-m. Weekend followed by Regional 
Weather Forecast. Code fL 

westward . 

9 JO a.m. Survival. 9.25 The EmUm. 
two Saturday Mom In* Feature Film: 
" The Silver Fleet.” 11J0 Gus Hom-ybun's 
Birthdays. 11J5 Island of Adventure, 

1- ZS a-m. Faith for Life. 

YORKSHIRE 

9.00 ajn. Early Musical Instruments. 
9.25 The Adventures of Mubammad AIL 
930 Saturday Scene Action Adventure: 
■' Tartan and the Valley of Gold.” UJ 8 
Extraordinary. 12.00 Run. Joe. Run. 

RADIO 1 * 7m 

(S) Stereophonic broadcast 

5.00 ami. As Radio S, 8.0ft Roy North 
wllb Junior Choice «S» includtn*' 832 
cross-Channel Motoring information. U.D 0 
Adrian Juste. 12.03 Paul Gambaccini. 131 
Rock On iSi. 230 Alan Freeman fSi. 
531 Robbie Vincent with soul and ^dtsco 
music 'Si. ft-RI Id Concert 'Si. 730 As 
Radio ! tt.02r2.82 a.m. As VHP. * 

VHF Radios 1 and 2—5.00 a.m. 3 With 
Radio 2. 841ft With Radio I. lflJ^WIlb 
Radio 2- 138 p.m. With Radio 1 . \ 730 
With Radio 2 . U4J2 Peter Wheekr-vM 
The Late Sfiow <SI Ireiudina 12.80 flfews. 

2- 00-24)2 a-m. With Radio 2 . 

RADIO 2 LSOOm and VBF 

533 ajn. News Summary. 5.02 'Tom 
Edwards with The Early Show? iSi 
la eluding 8.03 Racing' Bulletin. B.tt As 
Radio l. 10-02 Tooy Brandon ■J «Si. 
124)2 p.m. Two's Best <Si. 1.02 Pnnch.Line. 
130-535 Sport oo 2: World Cup Special 
■ 1.30, 2.00, 5.00) Preview or lumonow's 
Scotland v. Holland match: Racing trom 
Epsom (1.40. 3.30 pins results Crom other 
mceUnM with a classlfled check at 3.40 1: 
Athletics 1 1.30. 2.00. 3.00, a.UOi Sri lain V. 
East Germany: Tennis <1.30. 2.00. 2.00, 
5.00) French Championships: Cricket iL30. 
5.00. 3.00, 5.90. 5.45 » The Pakistan Touraut 
Team v, Hampshire, Dews of the 
Schweppes Championship— Derbyshire v. 
Glamorgan: Cycling 'Ufl. 12o. 3.30) The. 
2 lsr Udk Race plus Dews of Minor Sport. 
ft 4U Cross gibanm-l Motoruie inlormatloa. 
44M Europe 78. 7-02 It’s A Funny Business 
says Roy Castle. 730 Sports Desk. . 732 
BBC International Festival ol Light 
Music iSi: An Evening in Vienna, pftrt 1. 
830 Talk by Steve Roce. 8J0 Concert, 


pari 2. UM2 Saturday Night with the BBC 
Radio Orchestra (S). 1 LB 2 World Clip 
Special: Italy r. Argentina lndudtns Sports 
Desk and lido News. US amt. Join 
\HF. 2 . 00 - 2.02 News Summary. 

RADIO 3 464m, stereo & VHF 

S Medinm Wave only 

1735 a.«n. Weather. 84)0 News. 8415 
Aubade iS>. 9.00 News. 9415 Record 
Review (S>. 1035 Siereo Release iSi. 

1035 Berkeley and Ravel concert (Si. 
11-20 BBC Symphiiny Orchestra: Berlioz 
i Si. 130 p.m. News. 14)5 What The 
Papers Said a Her [be Declaration of 
American Independence. 1776. 130 

Schubert chamber music t twice rr /Si. 2 35 
Man of Action: The Rev. Paul Oestrelcher 
chooses records iS>. 335 Music of the 
Masters (Si. 5.00 Aldeburgh Festival 1973 
“ Death In Venice." opera in two Acts, 
music by Britten, Act l (S». ft30 Personal 
View by Theodore Zeldin. ft35 AJdebnrch 
Festival: •• Death to Venice." Act S (Sr 
8.10 Critics’ Forum. 9.00 AlKan piano 
recital (Si. 935 Islam in the Modem 
World 1035 Sounds interest! ms (S'. 1135 
News. U. 03-11.45 To-nudu's Schubert Song 
on record I19?7i. 

Radio 3 VHF only— 6 . 0 O-S. 0 Q a.m. Open 
University. 


CHESS SOLUTIONS 
Solution to Position No. 219 
1 . . . BxPr 2 QxKP (2 QxB, 
QxQ ch; 3 KxQ. RxB with a won 
t'fidyamei, mol PxQ; 3 

RxQ); 3 Q-N3, B-Rl; 4 QR-K1, 
Q-Q2 and White resigned- The 
long diagonal threat Q-B3 or 
Q-N5 ch is decisive. 

1 . _ QxP ch? is a mistake; 
2 QxQ. BxQ; 3 B-N4! attacking 
two pieces. 

Solution (o Problem No. 219 
1 Q-KR7. If I . . . N-Bfi; 2 Q-iVI 
ch. NxQ; 3 N-B2, or if PN8(Q>: 
2 N-B4 ch. Q-R7; 3 Q-KR1. or if 
P-N81N); 2 Q-QN7, NxN; 3 RxN. 
or if K-R/; 2 QxN, P-N8(Q); 3 
Q-vQ- 


RADIO 4 


/programme otwt. bJO News. *35 Desert 
■ island Duck. *30 Stop The Week with 
434m, 330m, 235m and VHP Robert Robthstm 738 'These You Have 
.. 72. „ , Loved IS). BJO Saturday-Nl*hT Theatre. 

, a-m. Ne«>. ft32 Farming TWay. « weather. 104» News. 1835 The A*e 
630 Yours Faithfully. 635 Weather: Ptt»- 0 r operetta: •‘The land ol SmDes." by 
sramme newa 7 JO Nowx 730 On Your Franz Lehar fS>. U4» Lls&ten Our Dart- 
Farm. 7 JO To-day's Papers. 7J5 Yours m-Bs. 2135 News,. 

Faith tolly. 730 U's A Bargain. 735 t»Df PoiIIa Tnnrlnn 

Weather: presramme news. LOO Neks. KaiUO LvODOOll . : 

830 Sport on 4. 8.0 Yesterday In ParUa- 206m and 94J VHF 

meat. 9.00 News. 94B International S .00 a.m. As Radio 2. 732 Good Fkahlna- 
Asagament. 930 The Week In Westminster 8.00 News: weather, traffic, shopping. 
535 Newsstand. 1035 Dally Service. 1330 worts news. 835. The London Gardener. 
Pick of the Week, tt-20 Time tar Verse. 830 David. Kramer with Saturday Scene. 
1130 Science Sow. 12.00 News. 12-02 p.m. n.30 The Babble Vincent Saturday Show. 
Away From It AIL 1237 The News Quiz 24 M pJ n- Bob Powel with London Country. 

iS-. 1235 Weather; programme news. d30 Marjorie Blftow -with Close Up. 54B 

L 00 News. 135 Any Questions? 24U War Close: AS Radio 2- 

Trto'sSSr? » {M of^^ra Londoa Broatosting : . 

i as Radio 3>. 54W Kaleidoscope Encore. .. . 261m and VHF 

530 Week Ending . . . tS). 535 Weather. 530 a-ra. Morning Music. , 6.00 AJL: 


nffih Dickie Arbner, 1830 Jelly boo.- with 
There se Blreh. iJM pm. Saturday- Sport. 
MB' Alter StMrtdi lan GOdtrist. 630 
Hugh k Yon with Hugh WIBiams. 7.00 
Gee! Mala— manic, information. Interviews 
In BtetanaiiL 830 Saturday Music. 930 
NUhtlme with Alan Min. MO un. Night 
Extra wkh' Hngb WBUams. 

Capital Radio . 

IMmaad 95JI VHF 
- 64M sum- Kerry Jeby s Breakfast Show 
(Si. 9.00 Catdtal Countdown wkh Peter 
Yarns IS*.' 124» 'Kerajy Evrretl »S'. 

230 pj». Afternoon .Delight with Duncan 
Johnson (S>. 533 Joan Sbenton's Person 
to Person XJ5>. 630 Greg. Edwards's Soul 
Spectrum tax. 94* Nicky Homo's 
Mummy's Chert fSi. 1130 Mike Alten'a 
American Dream (SI. 1230 Mike Allen's 
Backseat Boogie (S>. . 24» a-m. Peter 
Young'S Night Flight (S>. 


WEEKEND CHOICE 


An extended edition of The 
Good Life, with Penelope Keith, 
Richard Briers, Felicity Kendal 
and Paul Eddington provides a 
tittle homebrewed seasoning in 
an evening otherwise made up 
of films and football. This 
special edition of the BBC-TV 
comedy series was recorded in 
front of the QueeQ and Prince 
Philip and concerns the efforts 
of our hero lo keep fit. 

This is probably a better bet 
than the second of two Marilyn 
Monroe films being shown on 
BBC 2 with which it dashes. 
The Misfits, but the first of this 
duo is well worth the time. 
Monroe gives of her best with 
Laurence Olivier in the comedy. 
The Prince and the Showgirl. 


Apart from The Good life only 
BBC 2 prevents this from being 
a good nig&t ’to spend at the 
Pub. 

Sunday offers the prospect of 
the Jast .rites over Scotland's 
bid for the World Cup, miracles 
can happen but it is probably 
better to steel ourselves for 
another orgy of knife twisting 
on the part of assembled experts 
in various parts of the globe... 

The BBC 2 alternative is an 
innocent enough suapence fitaa. 
Gambit with Michael Caine and 
Shirley MacLaine. The Devil’s 
Crown (BBC 2 10.30) will come 
as a ' pleasant, upturn to ' the 
rwgibt’s viewing as the series 
moves off to the Crusades with 
Richard L A.S. 



Penelope Keith 


. £KTER?ASWH3EiOT 

CC~-Thei? theatres JCCeol CCriA n credit 
. cards b» tctconon* or ai the box oR.ec. 

OPERA & BALLET 

COLISEUM Carol 01-240 5753. 

Ptaervali-jns 01-826 5161. 

57UTTGART BAUlf , 

Last dirts. lc.oav at 2 j, ,.,j Ebb Tidc.i 
Carmen. SO Balran, seals al/ra.s avail- 1 

■ able Irr.iT, io n-.. el# c , pcr |, j u -o |j t ,‘ 

73. LOAiOOM FESTIVAL EAUn. June 13 
IS i 6 Lei Svtd.iidss. <2rt.enlr.g i new oro- 

dac;ion>. Seheheraxatte. 


4LDWYCH. 836 tr404 Irlo. 836 5332. 
Tncairt 'Mi* air tond'i.ion. RsVAl 
SHAKESPEARE COMPANY .n rescrto're. 
Tooar 3 .0 a Y.JO COP 1 C: ANUS 1 The 
strongest clearest and most consistent 
Snakesteare I nave seen anywhere lor 
years. ' s. Times. With. From 13 June 
S'.rlr.dht-9'S 7HE DANCE OF OEAT s. 
RSC also at THE WAREHOUSE isee 
under W ■ and al The Piccadilly rnealre 
in P<*:cr Nichols's PRIVATES on 
PARADE. 


COVENT GARDEN. CC. 240 1066. 

• lOird-.-uciiern.- -.r^s: 1 . caras 690 Ji. 

THE ROYAL OPERA 
Tenijhi 7 Z1. htadanu But.crllv. Mon. 
r.’»: 6.90 Tnslan und Isolde. Tu»i. 8. 
fr> 7 23. Felslall. Thijr. 7 SO. Rigolc.lo. 
ih.raus rtBlaces D»Jrjt »/. 65 Amphi' seats 
avail, (or .ill peris. Iron, 10 a.m. on day 
ol perl. Noie. Personal-Tel. bkos. tor 
July Ballet opens July 1 8 not June 1. 


GLYNOEBCURNE FESTIVAL OPERA. 
Unlll Aul. 7 i*i(ii Ui; Lemon Pnnnar- 
mon.c Orchestra. Ton.Qht. Wed A Fri. 
nc»t at 5.30 Don Gtaramr t. 1 dinar. & 
TTiur. neat at S 30 Die Zauborflole. 
Possible returns only Box Office Glynde- 
boume Lewes. E. Sussex. (0273 81241 H 


SADLERS WELLS THEATRE. Rosebery 
A vc. ECl. 837 I67T. Until 17 June. 
GONG SAWAN 

Musi; and dances from Ball, Eves 7.30. 
Sal MaL 5 . 2.30. " The e'Perience nnr 

ip be missed.'' Guardian i u ne 19 to 
July 1 FIESTA DE ESPANA. 


THEATRES 

A DELPHI THEATRE. CC. DI-B3S 7S1 1 . 
Ergs. 7-30. Mats Thurs. 3-D. Mb. 4.0. 
IRENE 

THE BEST MUSICAL 
OF 197S. 1577 and 1978 
IRENE 

■■ LONDON'S BEST NIGHT PUT.” 
Sunday People. 

ALREADY SEEN BY OVER ONE 

■ MILLION HAPPY THEATREGOERS. 

■ CHEOIT CARD BOOKINGS B36 7611 


ALBERY 836 3B76. Party Raws. Crroit 
card okos. 856 1971.2 from 8 30 a m.- 

?3! ttlft aS'&L^o an? 8*00 
:- A ^ 
MIRACULOUS MUSICAL.- Fin. Times. 
OLIVER 

with ROY HUGO and JOAN TURNER 

CONSIDER YOURSELF LUCKY TO BE 
^ELE TO SEE IT AGAIN." Daily Mirror. 


ALMOST FREE. 405 6224 " One Off 

dv Bob W’l son. T lies ■ Sat t is p.m.. 
Suns. 3 .00 & 5.00 p.m. No show Mans. 


AM8A7-SADORS. . 01 -836 1711 

felphtlv at B.OO. Mat Wed 2.45. 
PATkICK CARGILL ana TONY ANHCrLT 
in SLEUTH 

»he World-lamous Thriller 
jv ANTHONY SHAFFER 
•' Seeing u»e play again is in tact an 
utter and inti) ioy • Punch. Seat Prices 
— OO to £4.40. Dinner and Top-Price 
Seat £7.50. 


01-437 2663. Evenings 8 . 00 . 
Mats, thurs. 3.00. Sat S >10 and B.00 
DONALD StNDEN 
' Actor at the year." ev. Standard- 
' IS SUPERB." N.a.W- 
SHUT YOUR EYES AND 
THINK OF ENGLAND 
" Wickedly *unny " Times. 


M STOPPARD'S 
DIRTY LINEN 
" Hilarious . . see il" Sunday Times 
Monday to Thursday B.3Q. Friday and 
Saturday at 7.00 and 9.1 S. 


ASTORIA THEATRE. Charing X Rd. (with 
fully licensed Restaurant). 01-734 4291 
Nearest tube Tdttennam LQurt Pd. Mon.. 
Thurs. 8.00 B.m Frl. A 5at 6 OO & 8.45 
instant crc^^^rarfl booking. 

" Inlectious- appealing, loot- stomping anp 
heart- thum Observer. 

Seal prices £> 50- £5 50 Dinner-too-pnee 
sc* I Cn.SD. Hilf-heur bdnre show any 
avallapin ton-nrlec tickets £2 SO. Man.. 
Thurs and Frl 6 OO P m orriorm only 
BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 


CAMBRIDGE. 836 60 S 6 Mon tb Thurs. 
B.OO. Friday. Ssturdav. s 45 ana a 30 
IPI TOM 3 1 

Exciting Stack African Musical. 

" The -Iris are beautllul bare and 
bouniirg." 5 Mirror 
THIRD GREAT YEAR 
Dinner and ioo-pnco seat £8.75 'net. 


CHfCH ESTER. 


0243 81 31 H. 


WOMAN OF NO IMPORTANCE. Tb- 
ninht. iune 12 and 14 at 7.Qo. THE 
INCONSISTENT COUPLE. 


COMEDY THEATRE. 


01-930 2578. 


For a ltd. engagement June 20 to July l£ 
ALEC McCOWEN's 
ST. MARX'S GOSPEL 
■ An unparalleled tour de torce. - ' 5 . Tmj 
Tucs. to 5a t. at B OO. Sun. at 4.30. 
No Ms. Mondays. Tickets. £i.2S to £3. 


COMEDY. 01-930 2570. Evenings 8 . 0 . 
Mot Thurs 3 0 Sar 5 30 and fi.30. 
MOIRA LISTER. TONY ORITTON 

' “TURTEF ~ 


Margaret COURTENEY. Dermot WALSH 
THE HIT COMEDY THRILLER 
MURDER AMONG FRIENDS 
" Blackmail armed robbery, douote bluff 
and murder." Times. '* A good deal ot 
tun." Even.ng News. 


CRITERION. Credit Cards- 930 3216. 

“ “ * ‘ ... 5..30i _8.30 Thurs 3.0 


■VERY FUNNY." Sun Tet. 
• SECOND HILARIOUS VEAR 


DPURY LANE. 01-836 8108. Every 

night 8 OO Matinn wed and Sar. 3.0a. 

- A CHORUS LINE 
" A rare devastating, loyous astonishing 
stunner." Sunday Times. 


DUCHESS. _ 836 8243. Mon. to Thu'S. 
Evenings 8.00. Fri.. Sat. 6.1 S and 9.00. 
OH! CALCUTTA! 

■ The Nudity Is stunning " Daily Tel 
8th Sensational rear. 


C'lKE OF YORK'S. 01-836 5122. 

Evenings 8.00. Mar. Wed- SaL 3.00. 
JOHN GIELQGUD 
in Julian Mitchell's 
HALF-LIFE 

^..NAJ'ONAL THEATRE PRODUCTION 
Brilliantly witty ... no ene should 
miss it. Harold Hobson ( Drama 1. Instant 
credit card reservations. Dinner and 
top -price seat £7.00. 


FORTUNE. 836 2238. Ed. B.OO. Thurs. 3. 
SaL 5.00 and 8.00. 

Muriel Pavtow as Miss MARPLE m 
AGATHA CHRISTIE’S 
MURDER AT THE VICARAGE 
Third Great Year 


GARRICK THEATRE. CC. 01-836 64u4. 
Ens. 8.0 Mat. Wed. 3.0. Sat. 5 30. 8.30 
TIMOTHY WEST. GEMMA JONES. 
MICHAEL KITCHEN 
•h HAROLD PINTER'S 
THE HOMECOMING 

“BRILLIANT A TAUT AND IXCBL- 

LENTLY ACTED PRODUCTION." D Tel. 
" AN INEXHAUSTIBLY. RICH WORK " 
Gdn. '■ NOT TO BE MISSED." Times. 


GLOBE THEATRE. 01-437 1 592. 

Eees. B.15 Wed 3.0. SaL 6.0 8 40. 

PAUL EDDINGTON JULIA McKENZIE 

BENJAMIN WH I TROW in 
ALAN AYCKBOURN'S hew ComcdY 
TEN TIMES TABLE 

" This must oc the ruppiest laugnter- 
maker in London,” D. Tel. 11 Aa rresisi- 
ibly enljvable evenings." Sunday Times. 


GREENWICH THEATRE. B38 7733. 

Evenings 7.30 Mats. Sat*. 2.30 
THE A CHURCH LETTERS 
A play by tlon lavtor 
“ Sura Keatclman is superb u Achurch 
. . . Julian Curry is a selend'd Shaw." FT. 
From June 13 THE GOLDEN CRADLE. 
Plays by Yeats Synge **d Lady Cresorv. 


HAYMARKET. 930 9832. 

Ev*. 8. Wed. 4.30. SaL 4 30. A 
INGRID BERGMAN 
WENDY HILLER 

OEREK DORIS FRANC'S 

GOOFREY HARE CUKA 

WATERS OF THE MOON 
Must dehnitely close jgiy 1 Box office 
now open tor our new production.- Pv* 
Juiv 4 and 5 at B.O. Opens July 6 at 7.0. 

paul Scofield 
HARRY ANDREWS 
ELEANOR TREVOR 

BRON PEACOCK 

and IRENE HANDL >J) 

A FAMILY 


HER MAJESTY'S. CC. 01.930 660b. 
Evenings e.aa Mats Wed. A Sat 3.00. 
BRUCE FORSYTH 
In LE5LIE BRICU5SE and 
ANTHONY NEWLEY‘5 
TRAVELLING MUSIC SHOW 
with Derek Griffiths 
Directed by BURT SHEVELOVE 
" It is packed . to bursting point with 
the personality and sfteor energy of Bruce 
Forsyth." Sun. Express. ” The audience 
Cheered." Sunday Telegraph. 


NATIONAL THEATRE. , 928 2252. 

OLIVIER 1 open stat/c' Teb'l. A Mon. 7 
■ note early start! BRAND by Ibsen In a 
version by Geoffrey Hill. iTomgnt ore- 
ceded at 5 p.m. by BRAND FORUM, 
Irw to ticket homers, with Christopher 
Morahan. Inga-Stina Ewbonk. Margaret 
Ford. Robert Stephens ! 

LYTTELTON iprosccnium stage): Today 3 
& 7.45 PLENTY a new play by David 
Haro. Mon. 7.45 Pfoodcr. 

COTTE5LOE ismall auditorium)' Today 
2.45 3 8. Last QertS. ol DON JUAN 
COMES BACK FROM THE WAR by 
Horvath, trans. Or Christopher Hampton. 
Mon. 8 JewsiArabs iworkshoot 
Many erceilem cheap seats all 2 theatres 
day 01 peri. Car park Restaurant 928 
2033. Credit card Megs. 928 3052. 

Air Conditioning. 


KING'S ROAD THEATRE. 352 7488. 
Mon. to Thurs. 9.0. f»L. SaL 7.30. 930: 
THE ROCKY ' HORROR SHOW 
NOW IN ITS 5th ROCKING YEAR 
THE GREAT ROCK *N* ROLL MUSICAL 


LONDON PALLADIUM. CC. 01-437 7373. 
Mon.. Tucs . Thurs. and frl. at 8. Wed. 
and Sats.'at 6.10 and 8. SO 
THE TWO RONNIES. 

i n ^M* r suWp H E V F t. „ 

tSSBT SSWS lv o , i5-$ S M 


lYRIC THEATRE. CC. 01-437 S6BS 
Ev. 8.0. Mat. Thurs. 3.0. Sat. s.O & 8.30 
JOAN PLOWRIGHT 
COLIN BLAKELY 
F1LUMENA 


MAY FAIR. 


CC. 


BENJAMIN FRANKLIN 
by Steve J Spears 

"compassionate tunny. Fiercely eloauent 
Play. Gd". "Hilarious." E S»d. ••Wiefccdtv 
amusing." E. News. "Spellbind ing." ou. 


Fn. and Sat at 5 as Last wees 

iQM CONTI JANE ASHER 

WHOSE LIFE 13 IT ANYWAY 
Transfer to 5a*oy June 13 
Alee MeCoerer s 
ST. MARK? GOSPEL 
•Sun. at 7.30 D m all seats soldi 
P rev. June IS. Opens June 14 
_ Suns. 7 30 and 9.15 

EVERY GOOD BOY DESERVES FAVOUR 
A Piece tor Actors and Orchestra 
by TO M STOPPARD & ANDRE PREVIN 
Seats 14. £3. £2. 


OLD VIC 928 7616. 

Mar 29- June 3. 

INTERNATIONAL SEASON 
The international Turkish Players In 
The Turkish CLogt bv Netati Cumalt. A 
musical comedy I" English based on a 
Turkish classic. Today at 2.10 4 7.30. 
PROSPECT AT THE OLD VIC 
A W-ek ol Sundays June 11-17. 
tsla Blair. Julian Glover. Harold Innocent. 
Derek Jacobi. John Rowe. Prunella Scales 
Timothy West. Timothy West as Svdnev 
Smith in Smith Of Smiths. 

The Grand Tour 

Derek Jacobi as Bvren In 

The Lunatic. The Laver A The PocL 


A MIDSUMMER NIGHT'S DREAM 
Evas. 7.45. Mats. Wed.. Thurs. & Sal. 
2.30 with RULA IEH«K'A IAIN TALBOT 
ELIZABETH ESTENSEN. . DAVID 
WESJON HELEN WEIR. ANTHONY 
SHARP 


PRINCE EDWARD. CC. 0l-«37 6877. 
Red. n-ne arers. June 12. 13 and «... at 
8.0. June 17 S-SO and 8 JO- Opens 
June 3 1 . 

EVfTA 


QUEEN'S THEATRE. CC. Cl -734 1166. 
tigs- B.00. Wed. 3.00. Sat. S.00. 8.30. 
ANTHONY QUAYLE 
FAITH BROOK MICHAEL ALDRIDGE 
and RACHEL KEMPSON 
in Alan Bennett's 
THE OLD COUNTRY 
BEST PLAY OF THE YEAR 
Plays ana Players London Critics Award. 
Directed bv CLIFFORD WILLIAMS. 


RAYMOND REVUEBAR. CC. 01-734 1 S93 
At 7 pm, 9 p.m_ 1 1 p.m. (open Suns.) 
PAUL RAYMOND presents 
THE FESTIVAL OF 
EROTICA 

FuJIyai r-condi Hon^d g ^ p 


21st SENSATIONAL 


REGEN7 THEATRE. 


637 9863 


Eros. 8 JO. Frl and Sat. 7.0 and 9.0. 
Elegsm. good humeurea engaging." Gdi 
_ THE CLUB 
A New Musical. 

"caustic and Comic." Times. 

.. . " '"“re scores In songs," O. Tel. 
■•Linda.' horsen . a revalatlon." Time* 
"WELCOME TO THE CLUB." E.N. 


ST. MARTIN'S. CC. 836 T44J. Evs. 8 00. 
Matinee 5 and.e, 

THE MOUSETRAP 
WORLD'S LONGEST RUN 
26th YEAR 


fALK OF THE TOWN CC. 734 5051- 
8.0D Dining. Oaucmg (Bars open .7.15). 

£i2zL 5 r&A22S? - 

and at 1 1 p.m. 

LOS REALES PEL PARAGUAY 


PHOENIX. 01.836 2294. Evenlnps £ 15 
Friday and Saturday b.00 and 8 40. 

“TIM BROOKE TAYLOR GRAEME 
GARDEN makes uy laugh " D. Mali in 
THE UNVARNISHED TRUTH 
The Hit C anted v hv ROYCE RYTON 
• LAUGH WHY t THOUGHT I WOULD 
. H4VF DIED Sunday Times " SHEER 
DELIGHT." E. Standard " GLOR OUS 
, CONTINUOUS LAUGHTER.' Time^ 


Ricr-SDILLY. 437 4SP6. Cred't Tirtf n*g* 
836 1971.3. 8.30 a m -8 30 D m. 
Evgs. 7.30 Sai 4 30 a. 8. w«d mats. 3 Q 
Roval Shakeseeare Company in 
THE OUTRnGEriUs AD"LT COMEDY 
by Peter Nichols 
PRIVATES ON PARADE 
"Riproariitg triumfth " S. tv press. 


Ey 


S est comedy of the year 

d. Award and S.W.E.T. Award. 
FULLY AIR-CONDITIONEO. 


PRINCE OF WALES. CC. 01-930 8681. 
Mandav to Friday at B p m. Saturdays 
at 5.30 and 8.45. 

LONDON AND BROADWAY'S 
COMEDY MUSICAL HIT 
t LOVE MY WIFE 
Starring ROBIN ASK WITH 
-ALL JUST GOOD CLEAN FUN.' 
DallY Express 

CREDIT CARD BOOKINGS. S3C 0847. 


ROYALTY Credit Cards. 01-405 8004 
Monnav-Thursdav evenings B.OO. Friday 
3.30 and 8 45. Saturdays 3.00 and 8.00. 
^ and on critics vote 
BILLY DANIELS in 
BUBBLING BROWN SUGAR 
Best Musical ot 1977 
Bookings accepted. Major Credit cards. 

' uced rate lor matinees for a 


"11 


united period only. 


ROYAL COURT. 730 1745. Law 2 Peril. 
Tonight at 7 & 9.30 Lucinda Childs. 
Rotor Wilson In I WAS SITTING ON I 
PATIO THIS GUY APrkAHCU 
THOUGHT I WAS DAw.uun--.inb: 
Previews from 14 June Firing Blind by 
Bill Morrison. 


01-836 8BBB. 
CONTI in 


SAVOY THEATRE. 

Opening June 13 TOM 

WHOSE LIFE IS IT ANYWAY? 

with JANE ASHER 

"A MOMENTOUS PLAY l URGE YOU 
O SES IT." Gdn. 

Evi at Be. Fn ino Sat. 5 45 and 8 45. 


SHAFTESBURY. CC a 36 659E. 

ShaneUiurr Are WC2 (High Hal bam «nd) 
EVS -t ’.00. Mai Tues^ and Sat. 3 00. 
JOHN REARDON »rd |£>AN DIENE N In 
KISMET 


CREDIT 'ARD BOOKINGS 838 BS97 


SHAW THEATRE. 01-388 1 394. 

Pr»v 5 . Tonight 7 30 ALL SEATS £J. 
Oaens Mon. at 7.GO. Subs. Eva. 7.30. 
I'M TALKING ABOUT JERUSALEM 
by ARNOLD WESKER 


STRAND. 01-835 £600. Evenings 0,00. 
Mat. Thurs. 3.0. Saturdays 5-30 and 8.30 

N we^re afemlri 

THE WORLD'S GREATEST 


_ 'LAUGHTER MAKER 
GOOD 5 EATS £4.0D-£i .50. 


VAUDEVILLE. 836 9988. CC. E«S. 8.00. 
Mai Tue*. 2.45 Sat. 5 and S. 

„ Dinah SHERIDAN. OulCle GRAY 
Eleanor SUMMER HELD, James GROUT 
A MURDER'S ANNOUNCED 
THE NEWEST WHODUNNIT 
„ by AGATHA .CHRISTIE 

• Rt-tntri Agauia with anotaer- who- 
dunnit hit. Agatha Christie is Stalking die 
West End vet again witn another off nor 
nendithly Ingenious murder mYSterles.'" 
Felix Barker, Evening. News. . 
AlR-COwUlMONco THEATRE 


VICTORIA PALACE, 1 
Book now. - 823 4735-61 83* -1317. 

STRATFORD JOHNS 
-SHEILA HANCOCK 

: ANNIE . .- , 

Eras. 7 jo. Mats. Wed, and -Sat. 2.45. 


WAREHOUSE. Don mar Thretre. ‘ Corent 
Carden. B36 6808. Royal. Shakespeare 
Company. Ton't. 7 Jo Oavld Rudkin's 
THE SONS OP LIGHT. " Sheer poetic 
energy.;' Guardian. All seats £i.80. 
AQy. bkgs. AWwych. Student standby £1. 


WESTMINSTER. 01-83* 0283 

sentenced to Lira 
By MUGGERIDGE end THORNHill . 
■'TRENCHANT HUMOUR" D. Telegraph. 
"SHARPLY TOPICAL." Financial rimes. 

“ Tremendous Impact-" NoW. 

Era. 7-45. MaL WedL 3.00. sat. 4.30 


Whitehall Qi-93o 6602 - 7765 . 

E vs. 8-30. Frl. and Sat. 6 . 4 s and 9-00 
Paul Raymond presents the Sensat-onal 
Se* Revue of. the. Century - • 

IMHP THROAT 

Due to overwhelming piiolic . demand 
Muon emended. 


WINDMILL THEATRE- CC. 01.437 6312. 
Twice NlOhtlv B.OO and 10.00 
Sundays 6.00 and 8.00. 

Paul Raymond presents - 

RIP OFF • • 

THE EROTIC EXPERIENCE OF THE ■' 
_ MODERN ERA 

" Takes to unsrocedeotod limits what a 
Mnmssibig on our stage." Eng News 
. 3rd GREAT YEAR ' 


WYNDHAM-S.. 01-838 3028. Credit Card 
SlkW. 836 1071-2 from 830 a.m to 
8.30 g.m. MoiL-Thurs. B. Frl. and' sat. 


" ENC^fcKlt^. l 9 ‘R?CH 
klkiV M ■ y. - 


. VERY FUNNY." . Emfon . News. - 
Mare OJgteTX gn^hfi c comedy 

"Supremo comedy on ten mid reliolon. 
• Daily Telegraph'. 

** MAKES YOU Shake WITH • . ' 
LAUGHTER," Guardian. • 


YOUNG -VfC (near Old Vtcl. 928 6363. 
Pre«s. from June 1 5- Eves. 7.ts. Ben 
Johnson's BARTHOLOMEW FAIR. 


. CINEMAS 

ABC- 1 6r ' 2 SriAFItSBURY AVE. S36 
8861- Sep. Peris. ALL SEATS BKBLE. 
1. _Gr»y Lady Dmva JAJ W k. & Swi- 
.2-00. 5 JO. BJO. (Iasi S days) 2, The 
upodbys Girl IA) Wk. & Sun. 2.00. 5-10. 
■ 8. KJ. ■ 


CAMDEN PLAZA (Opp. Camden Town) 
Tube). 4BS 2443. Brigitte Fossey in 
L<» Enfants do Placard CAA). 3.05 S-00. 

l£2r n "^ MUST 


CL^IC .1.-2, 3. «. Oxford Street lOpA 
Tottenham Coibt Rd. tube). 836 0310. 
J- AUn .Bates, Susannah York. THE 
-• l !£ UT , ,*S- * JO- 4-35. -6.40, 

BJ5. I Late jbow 1 1 - pjp.j . 

2-THE GODFATHER PART II (X). Progs.. 
J.OO. 6- 50. f eature 3-25. 7.15 Utc show 
I • j&iJft-rotAfi CHAIM SAW MASSACRE 


Ofcnc Vs . JUNGLE BOOK" fUJ. 
BOBCAT (U>. Progs. UO. 3.45,. 
6.00. 8-50.; Late Show 11 pjb. Warren 
Beatty; Julie Christie SHAMPOO OO- 
4. BcrtoOKa ■» ! 900 Pa«. i ix). proas. 
2.15 5.18. B;15. Late show 11.15 Taoo 
Part 2 ot). 


CU R2PN , Cureon -Stteet. w.1. 499 3737. 

MOM AFFAIRE OO. (EnglMh 
sub-miesl. Progs, at ijso mot Sunj.- 
3jASi . 6.10 and 8-30. - LAST 5 DAYS. 
Rally air candKioned -comfort. 


LEICESTER SQUARE THEATRE 930 8252. 
COMING HOME DO. SeB, progs. Mon.. 
Sat. r JO.. 4 AS. 8.10. Sun- 3-S0. 74S. 
Late show Fri. A Sat. HAS. p.m.- Seats 
may be booked id advance lor 8.10 
prog. Mon-— Frl. 4 all progs. Sat, & San. 
No tale show booking. 


OBION. Haymarkeb -'930 - 2738-2771.1 
Jane- Fonda Vanessa . Redgrave in a 
Fred Zlnnemann aim JUUA iAi. Sea. 
progs- Of*. 2-30.- S.4S. BAS. Features 
Db. .245. 6-00. 9.00. All aeata bkblo. 
at theatre. 


ODEON. Leicester Sasare. 930 fltH. 
. CLOSE-' ENCOUNTERS OF THE 

_ - , THIRD KIND (AJ - - 

Sap. progs, dlv. Doors open TjQ 5. - 4.TS. 
745. L3W Show Fri. a «t Sat. Dow* mw 
11.18 pm. -All seals mar be booted. - 


DDEOH. Marble Arch. -' 723 2011-2 

„ • - THE -BETSY-- IX) - 

Sep. -progs. Mon .-Sat: H3&.4A3.-8.13-. 
-Sun. 3JS0. 7.30- Law show frl. and Sat. 
11 45 -o m. All : 


pert.-. MtArSit.. 


seats bkble: except- i-M 


PRINCE QfARtgS-.-LBlg-iSq; 437.8T81- 
ME! fiPOOKS Htc« AWclSTYaA). Sffi-: 

Dlv -1-ir 5,tr r-7 4fc- 6.»5; ^»-Oo- . 
Lai*. STOW MOt'J, J1.4S-- SMK 
abtc AiccHjcd , Bar.: • r r 







^8 


- ■ ■ - £%.*&r ■■: -.-' 




al' Times Saturday June 10 1978T 


S'le 



?*>lt 


. -<j jjsir 



r *fc, 


BY. JUNE FIELD 


-is 




' * . -'*& 


->0 ; ? J 

/'■ 

Cur » W 


tali, :<• 


s.: 

" ■ ci ? Vi 

«v* 


-. EXCELLENT, definitive books 
for specialist ‘ collectors'; ’ con- ' 
V-tinu^ 'to appear, and in . spite of 
their -' -cost, '.will undoubtedly 
prove to be .aa attractive invest- 
ment, combining: as 'they t 3 o, 

- scholarly attributes with, visual 
appeal. : 

The .magnificent-. catalogue 
nusorinfi of the. graphic work 
of the prolific artist George 
Rouault - (1871-1958) is avail- 
able in this, country from 
■today.- Rouault. Oeuvre Graci • 
. (Editions . Andre :. Sauret, 
Monaco), by Francois Chapon 
:in collaboration with the 


- -W'.ayj' 

-JS £ 




, r 

■n. 

‘•“3 Bl;r 


«**. 


If. 

rt % 


<C3; 


- r.i ^ g . 

r* *■ *£ 

pja'.fn - 

-'-■ c! g£ 


collaboration with the . 
artist’s daughter .. Isabella' 
Rouault, and Olivier Nouaill^ 
Rouault, is a superlative pro- 
duction, with text in French, 
English and German. 

There is a wealth of corre- 
spondence quoted, some of 
Which reveals the ' love-hate 
relationship that must often 
exist between artist ■ and art 
dealer.. ;in 19t7‘ Rouault wrote 
to Ambroise" VoIIard. , dealer, 
publisher and author:- “In a 
nutshell, I think that you are 
one of those rare men, and this 
is not flattery, who understands 
that an artist needs to be given 



opinion on the gold setting. He noticed a minute 
^^fnonogram stamped on the reverse and identified 


“Musician Clown". by Georges Rouault (1871-1958). in an 
exhibition organised by Richard Nathanson which opens today until 
June 23 srtTheFine Art Society. 148 New Bond Street, W.l. 


$msg3 msmsi sis 


n. jjv 
r-r. 


C'.cr- <,! C 


Tj» 7?y. 


-:u 


*rto -as 


-AE ■ 




-v. as 1 : 

rii 'Stij 

'i '-'*1 •!' 


» SMB'S. Tfi ^^first^dLcussed Potter. Books « do., Free, 

destroy all tbe -copper plates some two ye»« » * h H ff C °™?^jjmo n i 5 i„ be shown 
for Ub.u. 1 shall give the whole produced thel f , mlDa . th _ ? n i, n Nash Studio 

thing up , l shall deface them researched ^ Memorial Exhibition at the New 

(VoSd> ethology Rehear- ^odicalsill^tt^by Bntish urafton Gsll^ry.^i.^OW^on^ 

SET SSTM^aSSSS 

Rot (1896) was finally published bro °S b * .°-“ e ® 0 ? con- Street. Wl; where Potter Books 

in 1932.) - , “ cell S t KSSwimok and have organised an exhibition. 

The circus ‘. held a special . sitoaMe “British Bonk Illustrators 

appeal- for Rouault bom in a. a J t ' ‘ matched .Since 1900.” on now until June 

poor, quarter of Paris. the son of of the way the 17. This includes original water- 

a cabinetmaker. The artist felt up ordinal colours and drawings from some 

that, for ail their gaudy attire works * 30 illustrators, including Nash, 

circus performers led a life of together ^’ 1 f ! h h ,J§^fl eTav i n o S at prices from £15-£50U. 
infinite sadness, writing to the such as wood bl0< J^ p F . £ d ' Dr carl Hernroarch s The An 
author-Edouard Schurd in 1905: dust wrappers anii^er p a ^ ^ European Silversmith 
‘•We are all more or less ephemera. ' ' 


!->*' J J 
tj- b“. 


*2 

1! 


clowns, it is life that makes us --- -- - 

wear a spangled coat ...” ' ■ * e,r . ^ r ^ t Th p ’ 
Putting flesh on the words is imprint of The Pen 

an evocative exhibitfoh of 14 vt Nasb . 

■Rnu suit’s oil paintings which jllustrator. oy ae 
oS tOday 'tmS j^- 28 ^ Lewis;- with ^ detail 
iSie Fine Art Society, 148, New graphy by p . “ 

Bond Street, LendOb.W.l. . The 
paintings, which come direc fly . Mr. Lewis boo ¥ 


N^thev feive ^tiublished 1430-1830 (2 volumes. £S0 

Now. they Bernet), which 


is 


HUDllSDcu • - 

ider - the Sotheby Parke Bernet), which 
Press is being published on Monday. 
xer ns is beautifully presented and 
• John -extraordinarily readable for. a 
*biblio- highly academic work. And -as 
leas* the author, one-time Curator of 
“ coratlve Arts in the Swedish 
:in.' the h%tionaim«scum ‘ in Stockholm, 




paintings, which come oirecny «*-• Rcanolds plains, it is primarily a book 

?“m the toily end beer tbe mould.' °( 0* ^ ” ol l ypes 0 , silver, which ere 

studio stamp. include The Ciotcn Slone.* ^ m read an anaWd and illustrated with 

With The Biff Brum, Sod Clown, Jandle. 1 ® e ^ to f the illus , t be Abest available examples 

and Solitary Pierrot. The exhi- authoritative aua> u8#3 . wnvThis Vnakes it an indispensable 
bition has been .organised by ■. 1 owSore than 40 books aid t* collectors who above all 

Richard Nathanson. consultant between need fc know the shapes of p 

in Impressionist and 20th- ai 1 vane Dew - • need to knD w the shapes o 
century aru who will send a 1»19 ^ f Pot ter pieces as well as the historical 

catalogue listing and book de- . It can « RAswell. LoxhiU, and cultural circumstances 
tails for large sae. (On display. Books, . c„ rrp .. f' or £14-50 • which gave rise to various 
So is a -ropy -of the limited object*, plus the uses to which 

!eaflel 


it as the mark of Fortunato Pio Castellani, an Italian 
goldsmith who set a fashion in the middle of the 
19th century for 'Etruscan 5 jewellery. The brooch 

subsequently sold for £600. 

At Sotheby’s no less detailed attention is given to 

the other processes of sale - the transportation, 
insurance, cataloguing, advertising and ultimate 

auctioning. 

That is why we sell twice as much as any other 
auctioneer. 


• • 


*l£ 


vl 

t ' 

ip. 





FOUNDED W4 



... ' e^iuUv P arkf RFRNET & CO 14-35 NEW BOND STREET, LONDON W1 A 2.AA 
.-SOTHEBY l AKKt DE,K.iNti « - a utntttio i OMDON TELEX • LONDON 2 44 3 4 
TELEPHONE: (01) 493 8080 - TELEGRAMS: ABINITIO, LUMJU1N- -—==== 



A detailed examination 
of a work of art is often 
required in order to 
establish- the name of the 
artist or maker. The 
Sotheby coin expert who 
was shown the Greek 
silver stater in this brooch 
asked our jewellery 
director to give an 



Tricking the exports 


ART GALLERIES 


ROY MILES 




> ; * 

- -:V 


o5-’. - ;Zli. 

r*L+*' 


>*~L ' : «- 


* \ / 


'i r -:\ - 
" • " ! w > 


l,\K 


3 ! ‘ - 
',‘C. 7 


iit*. ! " 


, 1 ! 


fr IS ifTTING that 8 -splendid 
new:- mbppgraph on Chinese 
export porcelain* should .appear 
under: the imprint -of Sotb * by ‘ 
Parke Bernet. - for as,, the 
auttoc David. Howard and 
John'’ Ayers, point -ouC . : yiKe 
wlrei.-jd lobg disregarded by 
“ seriou^':- collectors, have been 

rediscovered- Jn .■ , year ! 
lively .through . the sctiviues of 
dealers and auction-houses sell- 
ina to sin ever-expanding g™uP 
o"f.; ii,- the main. " private 

collectors- • 

O^ie ; authors .have. -chosen- to. 
base the Uliistrations for their 
fwo^VplUHie study oil the .mo^t 

important -of th ^. e - h^^the 
collections formed - by -toe 
Americans Raft and Mildred 
Mottahedeh. The- size -and range 

of tbis particular, assemblage 

are extraordinary and are the 
result of. pearly, half, a century, 
of^edicated search: However, 
the major market in such w : 
is hardlv more than a decade 
old and 'far more pieces appear 
regularly .through deriera 
salerooms today than was the 
when the Mottah^ 

began their collection. Th^*- 
fore, the new collector, who may 

weU find biibself ^ 

often amused by the .» ot j 
T> ipres illustrated in tnese 

5SS-. 

sufficient -funds,. to_ assemble 
«ood collection: for - himself. 
Chinese, export : PO«eUra was 
produced . In . . vast quantities 

rfar^flowTotheniar^to^ 

rtSMtSfiSa. 

a new I collector wrtfi s^ c1 ^ 
dedication and Io v ® °L_ 

Importance to _tfie one Uli^ 

subject still much 

volumes are 

■ Spfl?Ss 

llSi^Uhen 'aesthetic, opinion 
S'Ae view that the true 


nf rhinpse ceramic derive from the great variety of 

Mies- . °” „ e „ ^ "m? inwards. If they had any 

1D nmri Consider the following common factor it must have 

gggif : tSSsfss r h^d pi ssjTTrtSnhd, 

«re of a" refinement acceptable advent 

_ . . ■ . ••"“results are delightful, with the 

?. charm of 17th century dclft- 
• ware: the .subjects range in 
■ degrees of explicitness, and in- 
* ■ elude a handsome punch-bowl 
i/-. (catalogue number 36S1 upon 
-’v which • there is depicted - a 
veritable orgy. On many of the 
pieces, the quality of the decora 

... l ,1 « am 


THE 

VICTORIAN 
IDEAL 


,\n LvhihiiMH 01 Vidmiin Fiiminp 
..ipco* lU.tA'a.Ol. WeJo«Jay Hlh June 


b Pulfc SireciM Jimc’s. Loofan sVl 
Gjllcra Hour- Marvin io>ruby lo-ft 



ual ME 5HUCT GALLERIES^ 1S8 Slojnc 
s s? W f. Modern Pamt(n B l. icuioturw 
Ind sraptwcs trr Inierciilna lntern*tlonal 

Snlsn. wida or b/w. Tu«.jn 

10 .D 0 -S- 00 . Sals. 113. 00-1. OO 


ENGLISH BOOK ILLUSTRATION since 
1«00 500 original drawings lor sale. 

pSr.Si-BoSfcs at National Book League. 
TAIbcnSrle St* Wl. till 1 7 th jane. 10-6. 
Sal. 10-1. • • . _ 


ART MARKET 

FT/SOTHEBY REVIEW . 


□avid 


'a private collection of Dutch 
j Continental PainthBi to. 


and cominemai ™ n ;™» JT- rj-h 0 "//*? 
lor sale from June 14th ^ Z4th as a 
whole and iherealter « lndl*iilu*l Items. 
Catalogues lyailaOlc. Exhibited at 26. 
London End. Bdsconrteld, Bucks. M94G 
2242. 



ROY’- MILES, 6. Duke Street. St. James's. 
SWI. VICTORIAN PAINTINGS AND 
1. >. .i.ftfoc u.riu,, In Prldx, 10 


SWI. VICTQKIAM ramimua 
OLD MASTERS. Mondavi to frldav 10 
io 5. 


AG NEW GALLERY- 43. Old Bond St.. 
Wl 01-629 SITS. MASTER PAINT- 
INGS- uotfl 2B JUlV.. Mon.-Frl; 9.30- 
5.30.. Thurs. until 7. 


.... ’ . V -Pieces, Hie Hiia.iv ( 

; ' nrhtces and at the lowest. ti 0 n. although colourful and 
orovided rice-bowls “ for always lively, is somewhat 
peasants/’ Rice-bowls -.for. crude: on others, however, such 
wA^niR. Leach and ihe. many as .the superb tea-bowl and 
S-ho agree with him wolhd saucer (catalogue number 360>, 
« e ue^re most frequently tbe tbe qua iity of the porc^ain 
miresL and yet most noble. ;ep bddy is 0 f the highest standard 
-SSSor is- of Oriental ceram« and is decorated with nch, 
arf 55, while princes, with one. t ^ ick cname Is delicately applied, 
important exception in --JH. Such examples as ! this niust be 

,S century, are. not ^ numbered with the finest prev 
for their ability to discern^frue jfticts of the Kang Hsi and 
greatness in ceramic arL^nd^d Chjen Lung periods. _ 
the" word u refinement m #& ; . Many of the sources in Euro- 
context of .'Chinese export P°.™«: t pean engravings have been dis- 
lam is' unfortunate. since r .--it CQV ered and it is also known 
seSns.'to be. used too oftflit.^s. thatsom< » European. artists were 
a synonym f°r elaborateness- m. coram ;„j onP rt to devi?n decora- 
deepration:' . " ■ - ^ tinns f«r Chinee exnort norce- 

What ' becomes inimedialely..^^^ ^ nP mjph m'nor painter 
^i>a extraordinary Prnnk. who was 


BROWSE A DARBY, is. Cofk W.l. 
FQRAIN. Mon.-Fn. 10.00-5.30. 5*1. 

10.00-12.30. 


THACKERAY GALLERY 
5t.i Kensington Sn.. W.®. 01-937 98B3. 

BEN LEVENE until Z June. 


DUGLL GALLERIES. Fine British and 
French MODERN PAINTINGS and 
Modern BrltUh MARiTIME PICTURES. 

40.- .Albemarle Street. Pic cadilly, w.i. 


GILBERT PARR GALLERY. 2B5 King'S 
Roid Chelae"? s5«. NORAH GLOVER 
—RECENT PAINTINGS. Until June 24. 
Onen Tucs-Sat. 9.30-5J0^ 


FRENCH P^NTINCS.. DRAWINGS AND 

SCULPTURE. Until 7 July.. Mon.-Frl. 
10.S. • 


EXHIBITIONS 


Wfifll '.oecuiuca - ■ 

apparent' is ihe extraordinary CornHis prnnk. who was 
wealth ' of decorative rootifs J wm . cciftnprl hv lhe nuirh 


as iiKSjw '° Admbslon 
£1 .^0 including Il1ustr»t*cl hii^tfbook. 


Until 24 June 1978 


11.00 a ; m. until 7.30 p.m. 
Closed Sunday. - 


ANTIQUES 

FAIR 


Admission £1.50 

including illustrated handbook. 


Grosvenor House, 

Park Lane, London W1A 3AA. 
Telephone: 01-499 6363. 



Mortwncr House. Sole. June 22. 



wealth of decorative m<*£. ^ m ^!nned bv m ™ 
chosen by the makers r.nmoapv m l»«J to 

porcelains, which were trim* which coni? -b* 

dot only for export to EgW „ thP basis for decora*' on 
but also to India, Ihe .< of all Sl , c h porcelain as will be 


. but also to India, w « of aU such porcelain as win ne 

land. Near East ordered from time to tunc in 

cas. Services wore the Indies, with all their 

■with the coats-of-arm& of co i ours proi 


with the coats^of-arms “LS; colours properly put in. blue as 

Beads and- Mexican i well as ^ ]t an d other colours. 

S£e are pieces bearing !Masomc = _ m..*-- The 


&«>« Pieces bearing ^ ta Aiiou. fashions" The 
arms and emblems Pieces vrtin. authors of the presen 

-mythological subjects., mnnnPTAti h have produced what 

■* - • • « nighiam C 


m^o» derivrtt monogTaph have produced dhjt 

themes and sub ^f“, s The must be the most complete 
"oure account to date of this e.usme 


rtSng-'"dowu of s “ ur ^ ch ' ^Tc fiauTe who, were it dot 
which famUy-s .ari ms ^ f6r , he fortuitous accident of 
nTTtit C0Pl6“ /-Mil ti^nnn hf»A.n chosen to deslsn 


. copied b ‘ P hav ing been chosen to desim 

one of Ih^^^bi/toriMl de- decoration for Chinese porce- 
entertainmg) art : - b, “° t ye ^ ]ain f would, no doubt, have sunk 
tective. games oi rec d ' 6u ht- into tntal obscurity; as it is. he 


tective games of rec^ ^ ^ t nt al obc C urity: as it is. he 

and. one. which n vear g>to Remains a fiflure of cousider- 


CLUBS 


Carte' or ' AH-fn- MgiiuV Three SMCMeular 
Floor Shorrt 10.45. 12 AS ® 1 wSLnS? 
music of joiwny HiwLts-orUi. & FrlentU- 


m 

W& 


I twentieth antiquarian 
book fair- europa hotel 

OPEN DAILY II AM TO 8 PM 

•ANTIQUARIAN BOOKSELLERS' ASSOCIATION 
llNTERNATlOXAL: FOUNDED IM6 
LOP.D CLARK OM.CH KCg'WBX CHIN THL FAIP .AT HAM ON D lUNf 


Mortimer House, a painted 70^0 doll’s house, ^rtUife 

■5 U " remarkable because, not only 

do all the n, "®S? n nl do C o Sdltion. TuT^hcir^ anginal owner 
remain Jn excellc doll familv and servants who' 

r n M. h M 

grandmother moiirnins her Niior . ^ UQcle eagr ' osse d ia 

Th^SIs f “nd°.ho French cSef coarrclling with the cook. 



nF »kr. (ii-i'’inal furniture remains, but most dates 
Some of. the ’ cpnturv with a few pieces as late 

fro ?lJJ e — K of orange tinplate tables and 
Su»Ty obsolete mmlature eou.pment. 



and one wflic ’ years- to remains a - . 

be played for many . a ble importance to students of 

come. . . . 1 ciihiectsAthe ceramic history.. _ 

Of the, pictoml sunjec -David Howard and John 

author’s temonk. T^^oe ^ chim tor the n West 

classification of theme ^ of '.Sotheby Parke Bernet, 19.S, 2: 

S-S ae" ' MPPtai-r-' ***■ 


Edited by. Denys Sutttn 


The World’s leading 
magazine of 
Arts and Antiques 


Published Monthly price £2.00 
Overseas Subscription £28.00 
Annual Subscription £25.00 (inland) 
USA & Canada Air Assisted 556 


Apollo Magazine, Bracken House, 
10, Cannon Street. London EC4P 4&Y. 
Tel: 01-248 8000. 


a... ... •> n „i -iUo includes a number of 
The sale, on June -- - P- Onuses For further 

other 19th and -Oth centu . contact Mrs. Olivia 

Information concerning this - R ‘ n i pl ^ 0 s3 0 ld Brompton 

i^uidSnV7MTV”i4H12>L. 


Buying 


antiques*. 


The highly factual and helpful 
annual investment issue is me 
most important issue of ® n * 
tain's best monthly aptHjues 
magazine. Now available at 
75p, £6.95 for eleven issues 

or write for details. Dniy 
from: 


Anliijue Collcciors' T.lub, 
Woodbridgc. Suffolk. 


FINE STAMPS 

AN ALTERNATIVE 
INVESTMENT 


For full/ JcKrlptiM broshure 
write to . - — • 


U. H. FINE STAMP 
INVESTMENT SERVICE 
(F.T.) 

9 Christmas Steps 
BRISTOL BS1 5BS 
Telephone: 0272 20442 








FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON ECU* 4RT 
Telegrams: Finantimo, London PS4. Telex: 8*8841/2, 883897 
Telephone: 01-248 8000 

Saturday June 10 19"S 

The far side 
of the hill 


The price of the 


errors 


ieZr 


i4a 


12Z\ 


-S.per£-^x 


BUILDING 
SOCIETIES - 
MORTGAGE- 
RATE 

* . 


£ AGAINST 
THETMLLAB 


By PETER RIDDELL, Economics Correspondent 


ONCE AGAIN, the Grand Old 
Duke of York has been sent out 
on manoeuvres: and as on 
every previous occasion, having 
marched his troops up to the 
top of the hill, he can be 
expected in due course to 
march them down again. In the 
eyes of the authorities, the City 
has had its pound of flesh; in 
the eyes of the City. the. authori- 
ties have at last, and reluc- 
tantly, taken the action which 
was always necessary to pre- 
vent an excessive Government 
borrowing requirement from 
causing an explosion in the 
money supply. Prospects for 
growth, investment and profits 
are measurably worse, as has 
been recognised in the equity 
market: prospects for inflation, 
monetary control, the balance 
of payments and sterling have 
improved, and the gilts market 
has spent a day and a half 
celebrating the fact. 

Small cuts 

The question is, of course, 
how much real change has been 
achieved. The squeeze announ- 
ced on Thursday, however dra- 
matic its results in the market, 
is quite a mild one by the stan- 
dards of the past. The one point 
rise in interest rates will, on 
past form, be reversed before 
long: indeed the market ex- 
pects that the first of what is 
usually a long 6eries of small 
cuts in the lending rate can be 
expected in a matter of days, 
or at most a few weeks. The 
corset restriction ou the banks 
appears a tight one. since it 
involved quite a sharp reduction 
in their books by the autumn: 
but there has been so much 
deep breathing — in the form of 
artificial inflation of liabilities 
and assets — during the months 
while the writing has been vis- 
ible on the wall that the corset 
is probably not too uncomfort- 
able a fit. 

The prospective fiscal balance 
is much where it was on Budget 
day. Indeed, by far the most 
important change since then has 
been the previous rise in in- 
terest rates, both short and 
long, and a further cut in per- 
sonal tax, financed by a tax on 
employment. Growth can be ex- 
pected to continue: the sharp 
rise in investment expected for 
this year will be little abated, 
though prospects for 1979 must 
now be decidedly flat. 

It is worth considering why 
the Government has chosen 
this obviously damaging way to 
conduct policy. The monetary 
difficulties posed by the Budget 
are clearly more severe than 
ihe Government expected. Lend- 
ing rates were raised by one 
point on the day: a four point 
rise has proved necessary. The 
adjustment of gilts yields has 


been slow and reluctant In 
one sense, though, electoral 
considerations have favoured 
monetary discipline. Because of 
the well known habit of the 
Duke, the Cabinet has been 
persuaded to act earlier than 
it has in previous crises — partly, 
no doubt, in the hope that the 
counter-march will have gone 
tar enough by polling day to 
enable the whole episode to be 
brushed off as a little local 
difficulty in the City. 

The new surcharge on em- 
ployment is a different matter. 
This particular shift in the tax 
burden, however objectionable 
it may seem to a detached 
observer, is official Liberal 
policy, and has appeared from 
the start as a path of least 
political resistance if the Oppo- 
sition should enlarge the 
Chancellor's tax cuts. Its effect 
on the man in the street will 
be slow enough to please 
electoral planners. 

However, the Chancellor's 
motives may not have been en- 
tirely a matter of cynical calcu- 
lation. There is one cause which 
both he and the Prime Minister 
hold very dear, though it may 
appear a lost cause to others: 
to cajole the unions into a 
rational degree of restraint in 
the coming wage round. The 
motives are partly political and! 
partly economic. 

The desire to win union sup-! 
port was clear from the design, 
of the Budget: It may help to | 
account for the risks run withj 
the borrowing requirement,! 
and must certainly have rein-i 
forced Mr. Healey’s inclination 
to charge any Opposition tax 
cuts against the corporate sec- 
tor. What remains to be seen 
is whether anything real has 
been bought at this considerable 
cost in investment and growth. 

Wage moderation 

The Chancellor and the Prime 
Minister clearly hope that their 
measures, coupled with reduced 
inflation and higher real in- 
comes. and with the very strong 
desire of the union leaders to 
help Labour electoraliy. mean 
that the chances of wage moder- 
ation are now as good as can be 
contrived. If the unions can de- 
liver. then the inflation prospect 
will be further improved, and 
the financial markets will be in 
good heart; they are not, as 
experience has shown again and 
again, politically motivated- In- 
vestors who fancy the Govern- 
ment's chances of achieving 
something real on wages will 
probably regard present gilts 
yields as generous. Companies, 
on the other hand, face the bill 
for the present measures, and 
equities are only likely to re- 
cover on solid proof that Gov- 
ernment policies are achieving 
their objective. 


T HE LATEST package of 
monetary and fiscal mea- 
sures and the associated 
rise in mortgage and bank 
interest rates announced yester- 
day has been blamed on almost 
everyone. Among the- alleged 
culprits are the Government for 
economic mismanagement, the 
Opposition for irresponsible 
amendments to the Financial 
Bill and diehard monetarists in 
the City for creating a ramp 
to force up interest rates; only 
Mr. Ally MacLeod of the Tartan 
Terrors has so far escaped 
blame, probably because of 
evident ineffectiveness. 

There is a little in each of 
the charges but the Government 
must take most of the respon- 
sibility. The main. reason why 
Mr. Healey has to introduce 
what amounts to a mini -budget 
— his 14th in 51 months accord- 
ing to assiduous counters — is 
that his main spring Budget of 
only eight weeks ago failed to 
carry conviction with the mar- 
ket. And as Mr. Healey has 
ruefully remarked several 
times, one of the main lessons 
he has learnt is that *' there are 
fairly strict limits within which 
it is possible to withstand mar- 
ket pressures.” 

The problem was that the 
market — reinforced by the 
views of the growing band of 
brokers r analysts — did not 
believe that the Government's 
fiscal and monetary policies 
were compatible. Mr. Healey 
announced what was seen as a 
modest fiscal stimulus of £2bn 
in 1978-79- . This raised the 
amount the public sector would 
have to borrow to £8.54bn, 
nearly £3bn higher than the out- 
come for the last financial year. 
At the same time, the Chancel- 
lor attempted to deal with City 
worries by announcing a tighter 
monetary target for 1978-79 — a 
reduction in the rate of increase 
in the broadly defined money 
supply from a range of 9 to 13 
per cent to between 8 and 12 
per cent. And in order to de- 
monstrate the seriousness of his 
commitment to maintaining a 
tight rein on the monetary 
aggregates. Mr. Healey raised 
Minimum Lending Rate by a 
full percentage point to 71 per 
cent. 

The fiscal stimulus was imme- 
diately criticised as too large; 
indeed the tax cuts were bigger 
than had been suggested by 
some of Mr. Healey's own 
Treasury officials. The main 
objection in the City was that 
the high level of public sector 
borrowing could not be made 
consistent with the tighter 
monetary target unless further 
restrictive measures were intro- 
duced. But any squeeze would 
have to be on the private sector 
whose demand for bank finance 
was expected to rise as the rate 
of economic activity picked up. 

Market confidence in the Gov- 
ernment and the Budget arith- 
metic was further undermined 
by some clumsy remarks by 


ministers only the day after the 
Budget about 'the .possibility of 
a further stimulus later in the 
year. These suggestions were 
immediately played down but 
the damage had -been done. 

The Government’s defeat on 
the Finance Bill committee 
stage, adding about £5 00m to 
public sector borrowing in 
1978-79, did not help either. The 
Government promised to intro- 
duce any necessary offsetting 
measures at . the Commons 
report stage and reiterated its 
commitment to a borrowing 
and domestic, credit ceiling in 
a letter to the International 
Monetary Fund towards the end 
of May. But the Government 
did not take specific action, and 
the authorities’ response was 
limited to allowing a further 
rise in MLR— Tip to 9 per cent 
compared with 6} per cent 
before the Budget. These rises 
in MLR appeared to be ineffec- 
tive. however. 

The final twist was provided 
by the economic indicators 
which confirmed, that the 
money supply had been rising 
at well above the permitted 
rate during the last financial 


insurance companies and pen- 
sion funds to buy stock only 
compounded the money supply 
problem, 'nils is because a large 
part of the public sector’s deficit 
has to be funded through sales 
of gilt-edged stocks outside the 
banking' sector to ensure that 
the monetary target is met 

The recent impasse has high- 
lighted yet again the feast-and- 
famine nature of the authori- 
ties' current methods of funding. 
Reliance Is placed on a hull 
market in gilt-edged prices and 
falling interest rates in. order 
to sell stock, and .funding be- 
comes very difficult when 
expectations change. This pro- 
duces both sharp variations in 
sales of gilt-edged stock and in 
interest rates. 

Faced by tbis dilemma, the 
Treasury and the Bank of 
England had a lengthy debate 
about whether to change the 
present funding system and 
about what mis of fiscal and 
monetary measures were neces- 
sary to get the market moving 
again. The response was on tra- 
ditional lines and was intended 
to deal with both the fiscal and 
monetary worries. The fear was 


* STERLING — i 

J Dec. "071 =109 “ 

, Trade-weighted index ... 

■ from Smithsonian cental rites, 
against 20 other currencies “ 


BANK OF n 
ENGLAND -wl 

• MINIMUM ■^1 
LENDING 
RATE 


sowu: Bank of Cngfand 


1977 



ployers' national insurance stir- The price and cash flow effects, to 15 . per cent . This 3s the 
charge merely offsets the loss of of the- higher surcha r ge do price, of the Budget errors 
revenue from tbe income tax . partially offset each other. .The. package as a whole could 
cuts in the current financial 'Moreover the move wiB also be .regarded as overkill, at least 
year. - erode the competitive position in terms of monetary policy, 

Indeed, the fact that tbe Gov- 0 f- British goods in overseas andmany City analysts regard 
eminent has done no more than markets. This is because unlike short-term interest rates as on 
offset the Finance Bill defeats Value Added Tax the surchaxge the high 'side for the state of 
has led to criticism from those is charged on expoite-aixuL not the economy. .But the official 
who believe that the original imports and operates just like view is. that the higher interest 
borrowing, requirement projeo- a rise on. other wage costs. . Sir rates .were necessary to. get the 
tion was too high in the first John Metbven, tbe .CBTs gilt-edged market . moving, 
place. The authorities have effec- director-general^ estimated the Indeed the Pleasures appear to 
tively sought to make their box’- net unfavourable effect bn the . have passed the initial test as 
rowing and monetary targets .balance of .payments ‘ could ■ be sales. bf^ gilt-edged stock since 
compatible by squeezing the pri- £ 3 O 0 m. a year, , though ' Thursday luhfetime have been 

vate sector through Hie other indirect results- of 4 he very large., These sales coupled 
monetary aspects of the package .package could reduce -the *ith .the. adjustment of bank 
— raising MLR by another point - lTT | pa c t . deposits necessary to comply 

to 10 per cent and reintroducing an economic point of fee. corset limltis'are likely 

the so-called corset controls, or ^etv ms ggpeot 0 f the package mean that the money supply 
supplementary special deposits H chort-suS^ and reduces the next month 

scheme as it is known, on Hie bopes rt sustained recovery in «■««;. - 


hanks. 


investment 


economic 


If this success, .can . be maln- 


Behind the technicalities ^ fita'iEXSE ***** tiren there W be scope 

corset will force the banks to for reducing JflLR . later in the 

reduce their interest bear^gde- ^^ eas( f n5 P smnmen indeed the. bait of a 

posits if they are to avoid pay- i^t^r7“f‘ "rr “ late reduction, is one .of . the 

mg penalties. This restriction is ^ main inducements to buy gilt- 

somewhat tighter than wbeu ^ ' edged stock n6w. - But. ^ubts 

last imposed between Novem- or alcohol, .the. mam-tin rejrpajj^jjotabJy. a^oul the con- 

ber 1976 and August 1977 and favourable^ price and employ- tinning .size, of .the borrowing 
will mean that the hanks will mBBt are daKHrect and ig^uiremenr and about the pros- 

have to curb their lending, ^ ane . weU a£tcr any Ocstober p^ts for inflation aiter the end 
which has recently been showing “fiction. . " - - of Phase Three ' of, the - ■ pay 

signs of picking-up. The maun The Govermnent has notbeen poiii^r.'in Jaiy. ', 
impact is likely to be felt by able to avoid lopleasaobmedd- - -There :, , ft ;=be 

the personal sector, especially cine for the personal sector, freg& rafaiibg Biptorsi botfa -okffie 
as the clearer* and their con* however, sauce the further rise, mpnelatyand fiscal side, rilling 
sumer credit offshoots • have in MLR led yesterday to a 1$ 'outany Mud bf^ July package. 
recently been competing acti- percentage points rise in-_ the Lalmok- What€wer 

vely to increase their advances building society mortgage rate Jemfei^eS' riyrar' ihe 'severi-BB&on 
here. to 9}. per cent and a. one point -wnr^nir in Bonn in a 

The hanks have already made rise in -the clearing baates' haseVq yjy ^ Vttrito; *nA fee exp&ta- 
it dear that they wfll give rates to 10 per .cent. Thus not any agreement on 

manufacturing industry priority only wall both overdrafts and action.to.bobk growth wJU make 
in their lending — in line with mortgages be more difficult to iftfle difference Jo the -UK’s 
a direction from the Bank of obtain than a few months ago shortterm' prospects. Never- 
Engknd issued at the time of bat they will also-be appreciably feetess, the Government dearly 


, : . Ire 

if 


Mr. Healey : failed to carry conviction. 


year. Meanwhile, the current 
account of the balance of pay- 
ments had moved sharply, and 
probably erratically, into deficit 
in the first three months of this 
year, and the partly consequent 
fall in sterling revived concern 
about a rise in the rate of price 
inflation towards the ead of 
1978. 

The result of this combina- 
tion of market scepticism. 
Government mishandling and 
unfavourable economic news 
was that sales of gilt-edged stock 
by the Government Broker were 
at a very low level. The reluct- 
ance of institutions such as 


that any delay might lead to 
renewed pressure on sterling, 
which has been relatively quiet 
in the last five weeks after the 
heavy outflows of the previous 
month. 

The measures were presented 
as a policy correction intended 
to bring public sector borrowing 
down to the originally projected 
level of about £8fbn and to deal 
with the Finance Bill defeats. 
The package achieves this— at 
least in the very limited sense 
that the Treasury’s original 
Budget judgment of how the 
economy is developing has not 
changed and the rise in the em~ 


the Budget Thos is just as wett more expensive. : ” sees political ' ’advamtaees - an 

since the fiscal; part of the pack-- bgyfog'maflg' an adjustment m?w 

age — the rise in the employers’ £ T < 'V \ rafter than later, perhaps after 

national insurance surcharge — JLIllCrCSt laic .' /Vi" steriing .crisis in, . July or 
will strain industry's cash flow - L - ^ *-• ; '‘^September. "V" ' 

just when there is a rising/ lllO.VfilIlP.pfj> ' Tfte Tugh level of public bor- 
demand for money to finance ‘ • • r ’ rowing and fee earlier monetary 

higher .investment and the rise A one point rise in the mort- stance would probably have 
in physical stocks associated SaSfi rate had anyway Tteen^farced a crisis at some time, 
with a pick-up in economic expected to announced yes- “3^, ^ existing methods of 
activity. The full year revenue te ^dfiy ^d Thursday's P ac Mg e .setikig gilt-edged stock have 
effect of the higher surcharge only raised tne increase bj---» aggravated the problem and pro- 

is about £L 5 bn compared with * duced a similar kind of funding 

£ 520 m in a full year for tbe * + rise ^ clearing bank oase ^5 ^ octurred in - 1976 . So 

income-tax reliefs pushed mnnpv the apparent temporary resolu- 

througfa the Finance BiR com- SZI tion of the impasse with ctmven- 

laas *L term ^ 

pact js clearly restroctive. base lendine rates ^ 31 Ber reduce the pressures, notably 

f ^ ST* Etb>Ck ? centre in tte Sst couple from wrtWn parts \ 

the higher surcharge; on sts of months ^ the result is that «** «“* the City, for changes 
calculations the result wdR be even f or a top-quality industrial “ the way gilt-edged stock is 
the eventual loss of 100,000 jobs company interest payments will «> w — example, regular 
•— on the conventional forecast- be at least 11 per cent on an auctions or sales by tender — 
iog arithmetic — and a rise in overdraft - and a personal ens- to avoid soich a diet of feast and 
retail prices of 1$ per cent tomer is likely to .be paying tip -famine. 


Interest rate 
movements 


Letters to the Editor 

Pension funds Raises 


From the Director-General, 
Royal Institute of Public 
Administration. 

Sir. — What an exciting spring 
it is! in Argentina the World 
Cup: in Britain the latest match 
between the Chancellor of the 
Exchequer and the pension fund 
harons over the rates of interest 
jo be paid on s°vcrmnent storks. 
The worst that tan be Fall the 
nation from Ibe Buenos Aires 
result is a passing hangover, 
through much-needed consolation 
over-indulged. For many 
Britons, however, the present 
contest in the London money 
markets could have much more 
significant consequences. 

The Chancellor believes that 
there would be general advantage 
in keeping interest rates as low 
as possible. The pension fund 
barons feel themselves duty 
bound to force these up as high 
as they can. Success to the 
barons wiij mean higher borrow- 
ing costs for trade and industry 
and dearer mortgages for home 
buyers. The marginal long-term 
benefits secured for the minority 
of the nation's citizens who are 
in Tunded pension schemes will 
thus he hought at the cost of 
discouragement to industrial in- 
vestment. from which the nation 
as 3 whole will presently suffer. 
The pension fund members them- 
selves who are home buyers, nr 
hope to be. will have higher 
charges to meet from their 
weekly or monthly pay packets — 
for which they are hardly likely 
to thank those who are supposed 
to be acting in their best 
interests. 

Unfortunately there is no 
Hampden Park in which those 
who benefit from low interest 
rates — the captain of industry, 
the home buyer and the man in 
search of a job — can gather to 
cheer on the Chancellor and his 
strikers, tbe Governor of the 
Bank of England and the Govern- 
ment Broker, to new and un- 
remitting efforts. Moreover, the 
absence of physical spectacle in 
the money market match 
deprives it of the television 
coverage its importance so 
manifestly deserves. An excep- 
tionally heavy responsibility thus 
rests upon the Wilson Committee 
to take a hard took at Britain's 
employer-based sysiem of retire- 
ment pensions, with its plethora 
uf pension funds, and to consider 


if its growth has been one of the 
causes of Britain’s recent 
economic decline. 

The Chancellor himself could 
improve his prospects of victory, 
in future seasons, by no longer 
lolerating the funding of. the 
pensions liabilities of 2.6m em- 
ployees in local government and 
tbe nationalised industries. He 
more than anyone else is helping 
to create enormous funds that 
will almost certainly never be 
used to any significant extent 
and are constituted so as to be 
beyond public control or in- 
fluence. This year they will grow 
by £2bn. much of which will 
come from Exchequer revenues, 
directly or indirectly. By switch- 
ing the pensions schemes con- 
cerned to the pay-as-you-go 
method of financing, and using 
the investment income from the 
funds already accumulated, tbe 
Chancellor would appreciably 
reduce the public sector borrow- 
ing requirement and so be less 
at the barons’ mercy. 

At the behest of the Expendi- 
ture and Public Accounts Com- 
mittees the Treasury should now 
be reviewing tbe need to main- 
tain pension funds for local 
government officers and nation- 
alised industry employees. The 
Wilson Committee could usefully 
inquire about the progress the 
Treasury is making in this task 
and the considerations in regard 
to it that seem to them to be 
paramount. In this way the 
committee would ensure that a 
major problem of public finance 
was subjected to proper public 
scrutiny and debate. 

Raymond Nottage. 

Hamilton Housei 
Mabledon Place. WG1. 


Solar energy 


From. Mr. Thomas A. Weis 

Sir, — Now that Sun Day has 
passed in tbe United States with 
hardly a reflected gleam In this 
country, may I suggest to 
Government and industry that a 
practical step be taken to put our 
foot on the first rung of the 
ladder to the popular use of 
solar energy. 

Anyone interested in the instal- 
lation of solar water beating must 
be bewildered by tbe abundance 
of available systems. This is not 
due to the cussedness of manu- 
facturers but to the great number 
of conflicting requirements, such 
as high efficiency, low cost. 


durability, ease of installation, intervening days were not work- readers because the substantive charge their fees according to a 
integration with existing heating ing days and therefore there was law governing conveyancing, the set scale relating to the value 
systems, reliability of controls, no delay. way in which conveyancing is of the property but their fees are 

simplicity, etc. Each system on The fact is that the present practised and the system of always related to the work which 

the market favours a few postal system is becoming charging fees in Scotland and has actually to be done in a par- 

particular facets, resulting in increasingly inefficient, pricing England/Wales, are entirely ticular case, 

diversity of designs, low volumes itself out of business. More and different For all the above reasons, we 

of production and hence high more firms are sending their par- May I illustrate what I mean ? are urging that local law societies 

costs. cols by carriers and have ceased \v e are all of us aware of the should examine urgently the 

A reduction in costs would sending out circulars. Birthday vendor of, let us say, a £1S,000 feasibility of setting up Solicitors 

result in shorter pay-back time and Christmas cards and holiday house in an urban area where Property Centres within their 

and greater sales- One feels that postcards are diminishing. Tele- houses are in demand, who respective areas, 

there must be a compromise grams have practically disap- places that property with an S. P. Best, 

solution which would merit peared. And while stamp duty estate agent. The estate agent 29. Church Road, 

universal support lead to mass- has ended on cheques, it can cost prepares particulars of it and Tunbridge Wells. 

production and become The 16p in poundage to send postal advise on value if asked. 

British Solar Heater. orders to the value of £1.50. He puts a picture of the property 

Let the Department of' Energy In short, the Post Office is now - 1Q hi s window. Within a short JVlUJUlgement 
request manufacturers to submit inefficient, undependable and too time the house-owner finds a r .. _ 

their designs, let them appoint expensive. It should no longer be number of would-be purchasers f f vrrv wi 

a committee of academics and a monopoly. calling upon him, having been . ,„‘ r ’ , ,“r.® ®‘. pr °fi e ? 5 

industrialists to adjudicate and E. M. Walker, given duplicated particulars by {Jf 1 c .^f5!L!i y 

find tbe most suitable one for Scudamore. tbe estate agent, and the vendor *“®P t , man ag e ®mit, uutortun- 

thls country, and let that be Letchworth, Herts. agrees direct with one of the tDD of whom obtain 

rewarded by a substantial prize. would-be purchasers, subject to tiie,r PofttJons as a result of 

Let the Department of Industry lint air contract, to sell at a price which by panels 

support the initiation of manu- is acceptable to them both. That nn 

facture and distribution, and From Mr. D. A. Trigtoell. bouse has. in effect, with the °* er y®* 1 * £f a “ 0D 

finally let the Department of the Sir, — I find Malcolm Roberts assistance of the vendor (and occasions that the ex- 

Environment offer installation argument (June 5) about “Money only minimal assistance from the of those who sir on 

grants to householders. Thus the Control" curious and curiously estate agent) “sold itself." but su ch Boards is at tunes limited. 
North Sea revenues could make old-fashioned. the vendor must pay to the ^nestioo is raised as to 

a substantial contribution to the Still there it is. I know from estate agent a fee of often 2 per w &*t“ e r ft e y ^re at to make a 
future comfort of the nation. ray own writing experience that cent to 3 per cent of the sale constructive judgment on.omers. 
Thomas A. Weis. propositions about the way to price, namely, £300 to £450. “ would seem to me that the 

OddUinds Leys. Herons GhylL, control, or belter still leave contrast the above with the SS^qtaJJSj* cStwJrdly ^ en- 
llckfield, Sussex. alone, the money supply. same vendor going to a JL 

%****?*!' centre in SKTJffSHM'wS 

Postmen did g i^, f CO r U n try ,u nd assume tije by virtue of their past perform- 

From Mr. E. M. Walker h^' “V® lh . e h prWat ® above 5 °In W th/ succeMfuL* 1 ?? 11 actuaHy* 6 doing 

Sir, — Congratulations to your 4 se '- t0r should grow and be seen payable by the vendor to the Se ifh in hand lit who De? 
reader, Mr. Bernard Campion, on t0 § r ° w ,f we ? re £ “?*ge »“.* Solicitors' Property Centre for haps do oin sWue at SSnCrn 
his inspired poem (Postman's real Increase in the GNP, this i n e g e ct bringing about a sale insofar as the Armed Services 
Knock, June 3). As I was actually year, next year or even some- would be only £10. The only are Toncernei oneoSfv nS to 
reading it. an apparition time. . further expense which would be a* Mont- 

appeared at my door wearing a A corset, as the actress said to likely to arise in addition to that ”^iL. suhl Wlnuate and 
soiled striped T-shirt and very the bishop, is an artificial con- fee would be the preparation of Harris to mllwTii rhl 
baggy and dusty trousers. It- was straint on recalcitrant curvfs— the particulars and a photograph Sawricks who eventualiv have 
the postman! but it can never be. as Mr. of fee property both of which S “SnS 0 *, 

As a teenager, I worked in lie Roberts claims, a dead duck. would be deposited by the Sef? ^ resolve 

Post Office in a market town and D. A Trigwell. vendor's solicitor at fee ‘“mt-mue*. 

there the postmen land tele- 47. Richfield Road, Solicitors’ Property Centre so . 

graph boys) were daily paraded Bushey Heath. Herts. that they could be made avail- 

before the head postman and woe able to would-be purchasers. LjaT tsuoim, aam. 

betide any whose uniform was Many clients could take their 1 

□ot spotless and whose buttons xari/iMt: own photograph and supply to Slnm^thlnff firim 

and boots did not gleam. From the Chairman their solicitor sufficient details to * -J -F 

Those were the days of penny British Leoai Association. put “ tbe Particulars of Sale. From Mr. R. H. M. Kefsep 



London to Dallas-Fort Worth non-stop. Daily. 

Brand’s colourful 747 takes off daily from London 
Gatwick at 1L45 am to Dallas-Fort Worth, arriving at 
3.05 pm. Arrival time accommodates connecting 
Braniff Hights to major cities throughout the Big 
Country and Mexico. For example: 


Post Office in a market town and D. A Trigwell. vendor's solicitor at the c “™ cumes - 

there the postmen land tele- 47. Richfield Road, Solicitors’ Property Centre so . 

graph boys) were daily paraded Bushey Heath. Herts. that they could be made avail- f 

before the head postman and woe able to would-be purchasers. “ tnwaoiff7l » ° am - 

betide any whose uniform was cnloe Many clients could take their 1 

□ot spotless and whose buttons outea own photograph and supply to Slnm^thlnff Hvhv 

and boots did not gleam. From the Chairman their solicitor sufficient details to * J v 

Those were the days of penny British Legal Association. P ut in the Particulars of Sale. From Mr. R. H. M. Kefsep 

postage when a letter posted sir— Mav 1 reolv to the letter As r have Made clear else- Sir.— I refer to a serious 

before 8 p.m. was sure to be , M ’ 23 , from fee Secretary of wh ere. it is especially in the sort printing error in . your article 
delivered next day almost any- +h e Law Society of Scotland * ° r circumstances mentioned entitled “Trawletr Strike Averted 
where in the United Kingdom. Mr K W Pritchard makes the above (which are a daily occur- at Aberdeen " (May 27). 

Recently 1 posted a letter on a pa rtonable mistake of assuming £ ei ?. c ® in man y Places), that the You statelier ali^ that u The 
Friday at midday to an address _ v icj Solicitors Property Centres Aberdeen trawler strike set for 

in this town, n w, s delivered {„ s„hcUors ? Prepenv Central '*™!d come into their own in Ml W kippers and motes 

imd-mormng on tbe following Dri il ‘ ZZ 7 ith e hnw England and Wales. In those rir- . . . ■ This should quite clearly 
Tuesday. When l complained the? o%rate in sSSialld That ^instances the maximum savings read “ by kippers and skates. . . .” 
the local Postmaster said that w , s not my maiT , concern am j could be achieved for the vendor. R. H. M. Kelsey.- 
second-class mail is expected to woul{ j n0 * helpful to vour Solicitors in England Wales do 3401. Connaught Centre, 
take three days, that two of the vs nof solicitors in Scotland, Hong Kong. ■ - 








1 7 BT . : Cg* ySj-S, V- ^ V.-; ?. •. - v'*.— ....-i' - 

r?8 ^ v ~- 


...... .. 


r-Jaiae *0 197 S- 


rs 

NEW YORK CITY FINANCES: BY JOHN WYLES IN NEW YORK 




l \U 

h 






imss* • 

** ^ 

•«ter, a ..N • 

i;;„- ’ *‘<v 

.-£? MfL 
>5s.t 

« rate-. * \ . 

i c» £:[ 

*m *v, .:■'!• . 

^ £:t 

*S*d; 

rj.l ... . i ' 

--Tie i*,£[ 

**«'** to I 

su aw‘. KU 

^rv ;p i 

^aig; ■ 

‘•ic 3*5 £>] 

*-» tf % 1 

?p * ni«j bf«-; 
«U iii er 

td lf:C by •',; 
i -i ">n? i-: . 

■-"S v.! ba- ; 

V)v: 

•> 3:.3U*. 'jj(. 

! - i j he V-rrx- 1 

a 12 - j-.r 

:s " : » : 3£ 
:.reo .: 15* o 


- -iiirt 
tuj pea; 


... JBMflr- : THINGS distinguish the success i of . the so-called unkindly the Senator's creden- 
'.New York from, other major Californian taxpayers revolt, it tials 10 lecture on thrift since 
cities of the -world &nd ©he of '.cRabo*' 'S e taken fbr granted that he has seen fit to spend money 
'the ‘ least reWarkpW w * t!ie Senate. wiD;flli a begging on a hair transplant and face 
- • / bowl held out by. a city whose lift. But Senator Proxmire has 

cunp^ noasfc^ . -The sounds name has become a byword, read the national mood and 
ot ' London are gome'wbai misleading by now. emerged, in this debate at least, 

■ alike to - any 1 hut .the - trained for freewheeling public spend- as the spokesman for the many 
■&ar;- : but New York' vibrates to ing. "’f m 'S '.. miilions of Americans who 

;-\thV /crash u off thousands of car In 1975 many. Senators voted believe that expenditure shall 
V ^suspensions" ^ wheels bump iot a- programme of short-term not- exceed income and who . 

'■ ^er/s&^/S the world’s most government loans for.New York abominate the idea of govern- . 

' i u ‘ on the assurance that within ment handouts. 

wSeTySi. the city would Mr . Pr0 xmire says he is i 
^ r lheir. . existence to fhe^ city s <jimb out of the mire of exces- worried that further help for : 

. .virtual bankruptcy m 1975 and' sive -debt and phoney account- New York will encourage other 
J ihe consequent breadlineexist- ing and emerge as. a model of L .jties to be as irresponsible 

- ence. It has forced New York fiscal integrity. . Yet now, many g sca j|y as New York was until 
- ; : - to schedule a 200-year- replace- Senators, grprable- a mere 20 1975 “because they would know 

O ^ment . cycle' -for- streets - which days before-? these-. ■* short-term they could always come to Unde 
: .most other cities would try 'to loans expire, the city has come Sam for j ong term bail out." 

- renew every 20 to 45 years. back, -asking- -the - Federal • ' PpnYTt , iPP a? k S «»,- 

. - For all anyone can tell the ^S^eani^The *»t the New York banks and 

replacement cycle may be {® r ano ? 1€r -jJS-i. J nill 5 pension funds, some of the 

- - stretChed tO.^KM) years -unless the v^^UaWe Sr loans granted richest in the country whose 

-.- :.U.S : Congress agrees te provide S loana have to a great extent 

• long term guarantees which M late ** - . * '/ k ept the city going since early 

. ' -would enable the city to raise ig75 t continue their lending 

money. for capital .spending. The ' .. \ ' efforts without federal guavan- 

. . issue has been argued spiritedly oYlHDOJtlC v • tecs? He produced a calcula- 

this week / before the- Senate « - . ’ lion which indicated that if the 

banking committee - many, of The argument 'in the Senate banks and insurance companies 

- : whose members are disposed to banking committee, which will returned to their 1975 levels of 

turn a deaf ear to what Gov- continue for two days next week, investment in the city’s debt. menXs t b a t have been made in public markets, 

ernor Hugh Carey of New York revolved around which then some $2.3bn of long term New York in lhc past three If the federal 




Urban decay: President Carter inspects burned out booses 
in the Bronx, May 1977. 


responsibilities. The invest- eredibiluy ic. 


aw with the recovers- pi™- " M « ! sever " i ““ 1n ttle 
insistence of the Carter, city s se. nces. , ^ 

Administration the board has The chances are that the ong 
been given another 20 years of suffering New Yorker mU be 
life. In the same bill passed by asked to take yet more nasty 
the New Yurk State legislature, medicine berore the situation 
MAC’s borrowing powers were improves. With the guarantees, 
stepped up from ?5.8bn to nearly biu without the short-term loan 
S9bn. programme, the city will almost 

Mr. Rohatvn would give the certainly be struggling against 
city a "B plus" f® r progress cash flow problems which could 
made in the last three' years. ma ke it struggle to pay era- 
“ There were no numbers worth payees’ wages in some weeks, 
a damn in 1U75. so everybody The $l3.4bn budget for the 
was sailing uff into the jm* fi sca i year beginning next Jtriy 
known. Now you have numbers drs W g 5450m from the capital 
which are reasonably good, so budget for operating expendi- 
you begin to have a data base lure — a legacy from former 
which is credible,” he said. “ In jjgj.g 0 f accounting gunmicks. 
1975 my guess is that New York Ma y 0 r Edward Koch, elected 
had a budget deficit of $2bn- j as .j. November on a platform. 
$2tbn on a true accounting 0 £ restoring fiscal integrity, is 

basis, and to-day it is somewhat comm jtted to eliminating this 

less than Slbn a year. The work- pracUce b y 19S2. Unless the 
force is 60.000 smaller than it revenue b kse improves drama- 
was — you have a workforce ^ ca ]j y b e may only be able to 
which saw its rate of in - s ' 0 at expense of a 

crease slow down Jo 3-3 5 per funher (j eier i 0 ration of services 
cent a year since 19T5. provided for a population which 

“You had S6bn of debt due is S j gn ificantly poorer and less 

in 12 months without a market se j f su ffi C ienl than it was 15 

at all: that has all been re- years ag0 . welfare payments. 

• financed on the basis of 13-14 £or cxam pi e> have increased 

return to the crisis three years ago has said years at an average rate of from gxgom in 1960 to Sfl.IBbn 

he believed it would be impos- maybe s per cent, which is jn 1{J?5 The Clly has {0 contri- 

guaraniees sible for the city to make a preny good. - butB about 5300m a year 



State described on Wednesday course is more likely to ensure rund6 WDU ld be available over g have been niade through were e\er vailed, payments debt The ^market, be said. towards this bill, 

as -the din and thunder of a that New York regains its accept- the next four years. In addition. the Munici pai Assistance Cor- made on Uenalf of New York . ean». ^ tQ see sevcra i -jy r J n 4-c Though re- J nt J> 

collapsing city.’’ By contrast abiUty in '; the- pubUc debt a , trades un i 0 n pension funds poration (MAC), which was set would be deducted from normal *“ - n enU jnely balanced 0013 markets is obviously an jmpor 

the House of Representatives, markets. Such was: the shock were t0 continue to hold city JJ p lQ manage Uic city's debt federal -rams to the city. The >« “ M . . taxes an d ant lf t oal ’ r f e c I s i"“d D n 

where - the interests of uroan whe n these markets were closed debt equivalent to 35 per cent of JJ d l0 raise whatever was pus- plan is contingent upon com- - ■ the Lazard \ w-p ti^nrae e-rtent a health must surely depend 

America are more heavily repre- t0 New York in 1975 when the assets they would be pro- ^ ble MAC has a lien on cer- mitments to invest from local Mr. Felix Robatyn, the L^za a yol , d u have to some exte t artracung sufficient jobs as well 

seated than, in the Senate, on city was suffocating under ^ing $2.6bn, he said. tain state and city taxes which banks, pension funds, and sav- ^reres investment banker, who rath tenuous ibul ^none tjetej as p^pte and a cuvjties creating 

Thursday voted heavily in si04hn of debt, that the power , , cpna- fimrf debt service and ings institutions. Banks and as chairman of th . working reljdonsh p wealth in order to widen its - 

favour of the Carter Administra- t0 se u its own securities to An- tn 5°VrMment th°s would %id satisfy the responsibilities of insurance companies have con- performed d ”i banks and laboun No one in the base . During the 1960’s thousands 

tfon's-'-vlan to -provide up to ance capital heeds, besides the f ?. r s^rgument this woum y s - institutions. ditibnally agreed to invest Slbn scheduling the utys debt, dis raeantime has been out nn the of poorlv educated lramigrants 

sss wmm ss sssi 
rir “ ssiis - = =£« 

viewed by the bankers as a funds needed over he next fo ® 1 ren)ent be raise d The board was set up Yo rkers have enjoyed living ing its way until this process of 

it years while allowing the city *^V^ lhllii invest- 1975 as a watchdog with powers f(jrc J e which has dec ii ne is not merely arrested 

nificantly reduced by but radically reversed. 


r.i :i- 




Iran# 

eri^ 

ns in 

a’s 

itry 






1 


amount would be earmarked for The view that New 


duiuuiu wuiuu cwuiiumu iui -j.ne view unu reauirement over 

loans from the city and State W puid be best' served by being 
pension funds, the. rest for other Cl rt loose from the federal purse y 
lenders. Those shares are sure strings is . being most 
to be challenged .and could very enthusiastically propagated by 


.easily change. . £“3232* tfEWi f»'"e “af >«*• ^ 'SS*$%££ STS iS > Police 

But at the end of a week committee. fan d“S Uon of. .1^ ^ hou«.k«_»pin3 and “^“oeodme. ahouid it con- been 


aeis£ =tss ggsSSSs SirfSas a 



demanded." "-The ':6k. reckons total market of less than £300m toS^osswhere to date around their branches. 

thT the mena -that offers in the UK alone. The com- s b ^_ deficit SLx weeks ago the Royal 

and rhea produces a panics, the_ musicians, the * in fh p UK over the Academy launched a drive to 


Grounds for 
concern 


Problem: Define . a ciip 


the UK sub- culate. collections i_ of : painting. "JSi™- ehoortn* 

and hanging pictures, lots of 
nAnnip seem to suffer from the 

San7the=shops^ 

taking a Fronting the assault is EMI Fortunately, other countries “ ulplure opening an exhibition senior executive admitted to me 

cautkms uaUl man Robert Abrahams who, as have been more favourabie for ^ P illustrated , vhat business that he goes through an^uish 

P !!f fSJE'SSiSd «*airmari of the Copyright Hoffman-La Roche. for the hold- ™ raa ke life brighter, even deciding about putting up 

gests that^ -if axe offended As( . ociation o£ the British j n g company reported a profit^ Mlnifiter Lord Donaldson a calendar." 

‘•you could try- taking them to phonographic Industry, has the of some £20m (SFr 72m) for roany boar drooms as The favourite picture 

Court.” task of putting the case to the t he same year. This tells us aesthe tically - awful." boardroomsseems tobea Rera- 

The raipdd-rise.i$ coffee prices nothing, of course, about an . brandt reproduction entitled 

over the past cbppte of years Abrahams, a cheery and arti- Hoffman-La Bochejs overall . The Banque du _ * MasteTS 0 j t he Cloth Guild It 

has provoked thdtiuh'to less mlkte arguer of the cause, is trading result for 19 ' 6 ( ? mc t e r ^. e ll t & . fl.p Goodwill shows a group of 1°^“? 

expensive produrt^which now ick t o point out that the group (in the best SWiss trad - t jJ e ^ec?aiises seventeenth-century Dutch busi- 

oent.of i 0S s es are often British (the tion) does not publish consoh- A*, ben ice. jJJJJ nessmen grouped around a table. 

eS: The s0Bgs and the musicians) while dated accounts. ^ eveo^ng uo „ T look ag ^ ar g 

are- Shapes are often foreign. “.It c . Hetutoi „ a . r ..the, ; UK having cash flow problems’ 


.1 . account for about 

. of catering coffee sue 

coffee. Answers please to' the problems, of .4 
Ministry-- 'of. Agriculture; and further confused, 

Fisheries within two weeks,, or the tradition of 
another .-edicti from on high, is being assumed to 
likely to set :ihe . pattern 'for ^ , it; Vi 

years to come. . Anyone with a usua y y contai nufg figs, 
simplistic approach to wu end of the year the UK, may G 
exercise might suggest that 1 new coffee Regulations, 5 

cup Of coffee consists of water faut Qtu w] ^ it is between you It 


the tapes, are often tpreipi._Vi. ^ business world. 

pdf .Coffee idling done but we are gearing apparen t from a little scrutiny Its director, Carol; 


iaive .chicory hurselves up." that underlying trade has not she has found tiiot pi j a P d . Contributors I 

nese Coffee \ Similarly concerned about the really been as had as. the like to AShur SandieS 

By the impact of home recording the dlrectors ’ report suggests. By scapes around them at ATUlUr oanuiea, 

^ sans some Ume ago tried .a f#r the lar g e5 t part of the year s Reproductions of Canelet to s. M ic h ae l Lafferty, 

r rent levy on equipment. no i ess than £14J!m— Turners and GainsnoroUchs are Marie f'hnqtif? 

X appamSy Sad no effect paper exchange popular, bu t modern art is often and Mark UlllStie. 


Economic Diary 


TODAY - Prime Minister attends Mr. Harold Ljw n.1 ® r 

K Gala « e,d - S.S SLff WSSjgj* 

C SSS£ WEDNESDA^-H^e . of Com 

L^ndudno. mons debates economic package- 

MONDAY — European Central Balance of payments 

Bankers annual meeting opens, account and overseas trade figure 
Basle. Strike threat by Yorkshire iMay). OECD 
mineworkers One-day strike by two-day session opens. Paris, rut. 
British Leyland toolmakers. Whole- economic committee m e ets Presi- 
^le price index Cttay-prov). Re- de nt of Romania at Do»nta« 
tail sales (May— prov). EEC Trans- street. National Land Fund Ex 
port Council meets, Luxembourg, penditure Committee report 
European Parliament in session, THURSDAY — Bank of England 
Strasbourg. Mr. Malcolm Fraser, quarterly bulletin. UK banks 
Australian Prime Mmisteriin talks assets and liabilities and the 
with Mrs: Margaret Thatcher money stock f mid-May). London 
before leaving U.K. for Pans. doI1ar an d sterling certificates of 
TUESDAY — Mr. Denis Healey, deposit t mid-May). Index of mdus- 
Chancellor of the Exchequer, tria j production (April— prov). 
•speaks at NALGO conference. Mr. mutXY — Retail prices index 
Gordon Richardson, Bank of (May , usable steel production 
England Governor, addresses , May j 

Sw? 1 Banka "Berne*. 3 ^Building SATURDAY — Prime Minister at 
Societies receipts and loans (May). Labour Party rally. Brecon. 


and- coffee, with .whatever^— and his team losses where^the Swiss fmc 


whlt^nbrs and swreetenters ?e.^h^;w^ = ^ 

customer- may choose to ad f -SfSL SSI which, would either make home ducts is largely financed are 

Unfortunately such, a belief is the MJitiftxy. ... re cording little cheaper than converted into sterling, 

a long way. from -fact and the . buyibg pre-recorded tapes, or Central t o the issue is what 

flurry of: coffee additives and | n « - would. make sure that some of shoul d be the ” transfer prices 

substitutes which are currently III <• -v .the blank tape revenue went R(Jche products for godds 

on sale has- driven Whitehall . - into the record business upon inJ p 0r ted from Switzerland. For 

to. tighten up the rules - futd. look. 5J1III ■ . which it relies for .material. . 1970, for example, Roche Pro- 

fo'r public- comment o _ . g recoinia e n aed The record men’s complaints duct ^ revealed to the Commi^ 

• Over the past few months- the touch of puce to-any have hot gone ■ nnpottced. Ger- si0I1 mat the net cost of the 

catering industry has switched , cl £ eks ^ese man-based chemicals ^ant active ingredients from tee 

heavily to brews which, indude ^usic centre." The BASF' is . naWiiimg to group was ^ vSium I 

a measure of things other -than W are m ^ the interests’ defences with its UK Lib num and £922 for valium, 

coffee— notably chicory and-fig. 22T ^ui hi^e protagonist being Henry PatDn- To this the Monopolies Com- 1 

The manufacturers clearly label EJgh mus j C centres are son. Fattinson reckons any tax mission commented. We were 

their products with the contents. n°t “ewro^fway of replaying to be unfair since blank tapes infor med that the act! 1 e 
!_ -« aV!. lUAivmetinn 1C rfl rp 1 ! V ■me new VU a U J Vl . A fftr N>COTdlll& flFSt ;»i0«<orllpntQ . . . C3D. be pur- 

Italian 


vanous 


!»:««# laSStaS"' » 1*4 for recording first lngre dlent s . 

naksed on to the .'consumer, music, onen g nlavar all words and putting Christmas c hased from 
Thus General Foods, makers of t raS£torise y d box: parties on record as much as manufacturers for about £9 and 

Brim, a product which includes ^ sood ^news.to.the anything else and anyway he m respectively per kilogram, 
“natural grain -extract ^ as Ljr d maribS, but in fact this reckons that stnee cassette subsequent to the Monopolies 
as coffee beans are able : tc 1 say. ^^T d “ ar r e evolut i 0 n is one records became popular lP sales Comnlissioil ' s 1973 report Roche 
•• . . . looks, ^ whiS is -blowing up right in the have risen, not A free found itself in dispute 

every bit as good^ face of the record business. Interview with Patti nson has wUh the fnjand Revenues new; 
selling ' instant coffee on the c n excited are many of thfi been winged off to Britain s transfer pricing unit. As a 
market . • • you f. - cUStome [I mmnanies that official protests' local radio stations for inclusion result an amoUQ t of £l.9m was 

won’t notice to ha?e been Sade to the Depart- in magazine shows— on tape of paid over in the form of a tax 

quality. But ment bfTttSi "nd the industry course. settlement in 1975. 

coffee, costs, you get h *■ ** 

But it seems that this matter 

certainly w - ^ r» r m> k e tiohal levy to be placed on^e Ritter is far from cleared up as 

NesUe tNescore): and Broqke saJe ofbjankrecordmg cassettes. D I UCI another note to the 197b 

Bond both ^ and. if possible, on accoums indicates: “There is a 


like to explain, 
a change in our service 

charges for personal 

current accounts. 


And when 


contentious matter at issue 






uuuu ' — j 21 X 1 ( 1 . il Mvoj 

products, and Brooke . themselves. 

had enormous success in r«teu- dU5tr ^ sa: _ . 

This 


«K ttanquilliser busies ^"nd^venue wh^b 

sensitive" at the 
» is talk of -the DoT 

IKd'UiC- • • mUIUCUL M4Vii w l-j «i“ 9 . - 

periods 

Coffee Time a reasonable fulfill- re taix price of a blank cassette, ducts is to Trjr 


- ment,' 


yiaiMv LRjavmvi - rr* j thA 

'^^^.•.^52 7 'Se problem^ - JjJjW ^uWaational, CitV 




ice ixuiius-u j — . — z.:- r .. nffifial 

vague.The Food Southey a reusing- iffneur red anet loss ^“ trad ‘ STROLLERS in the sun along 

esri^t® tiie U^during lS/fi^o^ no the city’s LeadenhaH Street 


states that .any 




This is almost 


ffoi^ 



Mhtcu Mtotvod 


Robert 


Ablins: kn.wing:th. 


pause 10 stare in the windows 
of the Banque du Rhone — not 

'to learn the latest exchange 
rates* but to see the art display. 
John Cloughessy, London man- 
ager of the Swiss-based bank, 
believes he is starting some- 
thing new by treating passers-by 
to a constantly-chapging display 
of paintings. "It began when we 
were wondering what to do to 
mark Jubilee Year” says 
Cloughessy. "So we put some 
framed Turner reproductions in 
the window, showing views of 
Switzerland. They wc-re a ten-i- 
fie success — people kept coming 
in off the street to ask where 
they could buy them.' 

The Banque Uu Rhone now 
changes its pavement-view dis- 
play eveiy month, varying the 

- artistic diet between traditional 
and modern. It is currently 
showing lino-cuts of London 
scenes by the contemporary 
artist, Rupert Shephard. Such 
bonds between the arts and 
Mammon are far more usual 
on the Continent and in Sean- 

- dinavia, where many banks cir- 


dispensers, we can reduce the charge tor each 
cash withdrawal by this method to l -P 
a saving of 5p.The system is operated by 
a Cashpoint card which current account 
customers can obtain free. 

If you do have to pay charges, we will 
reduce diem by the value ot any credit 
balances on vour current account upo 
point where tire charge is cancelled. This 
rplipf nn rhnr^es will be calculated at 1 /0 

&*X£&SS%S8S&> “sdfeSSSSSta 

rhe end of the halt-year, will be 


In the past, as long as you kept an ui’erage 
of £150 or more in a Lloyds Bank personal 
current 1 account, no service dirges were 
made. In hiture, your account will be t Ktfc 
OF CHARGE, however much it is used, 
provided a minimum balance 0 + £100 is 
maintained throughout the Bank s halt-year 
charging period. 

If the balance falls below £100 during this 
charge for each cheque, standing 


of9p. All credit items are tree. 

But because Lloyds Bank has Cashpoint, 
a national network of electronic cash 


25p or less, at 
cancelled. 



Lloyds Bank 


Lloyds Bank Limited 


June 1978 







COMPANY NEWS + COMMENT 


Thos. Ward up 42.4% to £4.7m first half 


Streeters declines 
to £786,000 


Fifcancfel Titnes Saturday . ^ 

ISSUE NEWS AND COMMENT 


THE DIRECTORS of Thns, W. 
Ward, the heavy yngueerng group, 
report half-year March 31. 1978. 
pre-tax profits ahead by 42.4 per 
cent from £3.29m to 1-MMm on 
reduced turnover of £ 1 19.33m 


DIVIDENDS ANNOUNCED 


Current 


and say l ? a i Bishop's Stores ... 2nd int. 1.38 
second-half profits arc expected Kbk ■tint i 48 

lo exceed those of the first-half. 1 L J*! 

Profit for the 1976/77 yror fell * afrdal ? ?■** 


from a peak of £8.34in to n.Glm. p?"" mduktrial Vnt n 1“ t Si T — 7 ff Ql*rilTlfr Loss per lOp share ls showm as Tax * sis Shareholders wiU be .entitled to 

First-half basic eaminas per 2o P ^ ,Da,,e ^ ^.! nd U ™ mt J’i. £ i ss 0=3 o or UlllSi 2.9Sp /lJ.TBp earnings). while a To minorities - •» ^ £1 of debent ure_ stock for every 

Share are Shown a & 4.up <2 Jip 1 and p Mrs , G . ross { ‘} *5**® I* 3 “ S3 final dividend of 0S6p cffccUvely Makim; - ^ three ordinary shares held. 

7.3p for the 197B77 year, and 4jp £H"- J. pss _t Jv* fllPIlC In raises the total for the year to g"E" l - h * ta,s ..“"I - ."” iw ?758 The Issue Is the latest move in 

<2.Sp) and fi.9p fully diluted. The ?£? 2j> _* « lllx llS IH c, ] e maximum perm it fed l.«MSp i0 n the company's progressive shift' 

interim dividend is stepped up to Marievah* Cons 53- All 4 22 40 (I.o2fl03p) net. adjusted fora diiiurcnce? *tc^mp^w<iprovi= 0 «^ towards property investment and 

J.65p net compared with 12!1875p Streeters - JJJ July 11 O.80 1.69 1.53 PA «w : for.lwi «cnp lMiwn interim „a axuaSuTi CraUi. Z Profl* -a way f rom housebuilding and Die 

—last year's final was 2JW3r. Thos. W. Ward int. I.h5 — 1.21 — 4.08 + M / XJT| dividend for 1978 will be con- 0 "““ v chancing of its debt profile. 

An analysis or turnover and Dividends shown pence per share net except where otherwise stated. w v * ‘ side red in November. 41007711716171 Viben Fail-view came to “the 

SasrSs^SsHi sHBS* BK&SNT'sb 

tag £ m, ssure m 

1 £17 38mi and’ £028m > no 12m r nut higher at £784,000 against management changes announced impact is increasing this year and develop an industrial property 

motor vehicle distribution £31. 4»in , . . _ £431,000 after a £229.000 write- j n the interim statement, an exten- the wet weather early this year side. M „ ArtllA 

1 £27. 75m 1 and £1 02m t£0 8mr though the rate 0/ increase in T^ n WFV1 T7 , A/ > J down, last Lane, of property deal- s j V e reappraisal was made of has not helped. The 'problems at An increase of £570,000 per 

and industrial services £13 79m working capital is not expected irt ||J Jl r*Hn in? stocks, and a lower Interest current claims outstanding and home have been compounded by annum has taken place In the. 

(£12 Sim and £0.B8m i£0 4?jn)‘ the to be maintained in the second ■“-*■ charge of £110,000 compared with future liabilities on the Jeddah more difficult trading conditions contracted rent roll since last 

appropriate proportion of as'soci- half of the year. . 1 £228,000. contracts and it became clear that m Saudi Arabia. There a mora- October lifting the figure to 


Date 

Corre- 

To Lai 

Total 

Of ! 

sponding 

for 

last 

payment 

div. 

year 

year 

July 12 

1-24 

2.59 

2.34 

July 28 

1.34 

— 

3.57 

July 25 

0.74 

L 16 

1.04 

July 21 

2.92 

0.66 

3.57 

July 31 

1 

— 

1 

July 20 

1.53 

2.53 

2.26 

AUg. 4 

3 

— 

1119 

July 14 

0.38 

— J 

0.7S 

Aug. 4 

22 

— 

4ti 

July 11 

0.85* 

1.69 

1.53* 

— 

1.22 

— 

AOS 


^ A1 _„ 13.85% debeni 

‘nVCT Wrt It INCLUDING AN exceptional the company is confident of sccur* 

■ II 1 1 g§ I I £344.000 surplus last time, taxable in g further contracts. • • - # - 

profit Of Streeters of God aiming 771 e bad weather daring the •tm/wm Li 011*171 fWWT 
, , fell from a peak £1,14:1,000 to first £ew months of -1978 has not TrilTll }§ 1 1 V 1C W 

this investment has been cut from £786.000 for 1977. oo lower UK hf | p g d construction activities in 11 vIU JL %***■ » *V TT . 
30 per cent to 19 per cent. __ turnover of £10.52m against the XJK. they say. However, pro- 

rmSt&SS. ** 2 f*-nS, ££ *r itatam. . v i£i U, ;^'*"S5S! ^2”.l5J2l£ . ^ 


W. 




vear Ior lIie previous year wnen a vision lor the loss ot a aauoi 

234 dividend of 3.575p was paid from Arabian associate (£140.000 profit I. 


V 5l h?.n prove satisfactory. ISJBS per cent first mortgage The issue fits m whh the change ' 

the?e^-a?T turiuouiS^^om ^ a ' ws awl debenture stock 2000-2003 at par. In. the company'sjmage which in 

ITM OOQ surolilTm a deficT of twimwct- wu 5 am by way of a rights issue to three yeps .time, could see it 

fibn'ooo p Exceptional nrofiit — ,*« onEnary holders. completely oat, of -housebuilding. 

iS per 10p share is shown as ^ S ^5 Shareholders wiU be entitled to 

2.9Sp m.TGp earnings) while a r« miooriiik*'" •» « of debenture^stock for every Jf 0 ““ecao£ of lSdwST» 

5ftJS«. , T3BSi. , iPS Hi? ras-’&afe !5i^BTSSSWTSK=S££t , S5 

tarc-.—.o-.:— 


IZ £160,949 taxable profits. 

iDI 

» Carding 
I" turns in 
!; £0.78m 


?r,,- 




1 £17 38m > and £0.28m f£0.12mi; 

motor vehicle distribution £31.49in . . - . • 

l £27. 75m 1 and £t.02m t£0.8m); though l hr ra le ol jnenase m 
and industrial services £13.79ra working capital is not expected 
(£12.8m) and £0.B8m i£0.47m); the L° ,, be , »" a,nia '" ed m the MCOnd 
appropriate proportion of associ- ha ‘ r ? r tfie __ «i 

ares turnover and profits being Balance sheet as at 31. 

included. compared with September 30, 


Farm Feed 
turnround: 
pays 0.66p 


Tyneside 

offering 


la j services il-5 rym wwul|l « . — J ■ ■ ■ ■■■ ■ ■ v m.. m M ovv>n W , UK". I ^ cun cm «.i«uxns> wuwwiiuiiu, nonitr jidvc wen Lwuijjuuiiuvvi ,,4 “ . t — *-• . up* 

J £0 ii«m ii0 47in)- ihe to be maimained in the second charge of £110,000 coo^red with future liabUities on the Jeddah more difficult trading conditions contracted rent roll since last cf A/ilr 

proportion of as'soci- half of the y® ar - j • f23S.0M- contracts and it became clear that in Saudi Arabia. There a mora- October tiffing the I ^ ur ® ^ , At /. U! I' Cll 

?r and profits being Balance sheet as at March 31. tfirrirOllIlCll At halfway, pre-tax "profit was Streeters Saudi Arabia would , oriura on alI construction work £L72m. -Hils represente ainnit 

compared w "h HU 111 \/U.IlUa ahead from £347,000 to £343.000. suffer a substantial loss m baudi in Jeddah, together -with a rise 1.8® sq-, ft- of industrial and The Metropolitan Borough ot . 

During the half year there was J 9 "- 'hoivs hxerf asseis down /’/’ Stated earnings per op share are Arabia in 19n. in contractural overheads, commerc al space— 90 per cent South Tyneside is issuing £7m of 

a severe cut back in volume de- tron J lo and TI5IVS1 II almost doubled at 1.64p |0.87p> Prospects n Saudi Arabia are resu i ted , n 40 pe r cent owmed mdustxial. 12J- per cent RedeemaWe- Stock 

five n vs of jerap. the directors as**^ at a„ainsr JLIil. j ^ vF«vrvj|# and [|, ere is no dividend in view nrncl h unproved, they add. Trading gtreeters Saudi Arabia incurring recently prop«ty 1986 at £89- per .cent, payable, 

state But the construction *»0.9*m. ^ * * oftbe offer for the company by ?n the difficult Jeddah contracts J substantial loss . However, the m common with housebmJd- ^ to£10 perY^t on a^Uretion ' 

division benefited from beder ^ A REL.OVER\ in the second naif luj^oiA formal dnmmpnrq in re- been stabilised and a better ctfri?irirtn has iznorovedz the was supported by short terrn. «,iu> a p £aq ntr een# nn 

v. ini it condilioas than last year. • COTTiment has enabled Farm Feed Holdings .^ufvS?!, hav^^w been trend is now evident. Work has SSIton of its ^0 diffilSt debt. Last summer short term JJg- ^baiS' to 

Further substantial tosses were Lower interest charges have put i° produce pre-tax profits of ^ ^ offer does not commenced on a £10m contract in j eddab contracts has stabilised borrowings of over 122m. was split August 23 • 

incurred from Thomas Smith and 3 «ioIs on pre-tax profits at Thos. £124.082 and recommend a d.vi- be^e uncondUional a max mum and .the company is f JJ * wk h« slirted on a new evenly between housebuJdmg and- Au^ust sj ■ ... . -• . w 

Sons 1 Rodleyj prior to disposal, fc'&rd Jhich rose 42 .per cent of'?^ (O^p) oetTiU be furlher ^ VAn^^S inB^dh. But as 




and from Marshall Richards m the first ^»x months; the over- the interim, for the year ended 
Barer., [ht-y add. w i" a rf haS W-d wUhJ,h. ^K .il'e'^r.,. f o U r ».n.h. T U r.^ ,nd 

MS7-M ISTK7T 1976-77 proceeds Of warns extensive cu r re ni year managemem wc ^ split h to; 


able work. 


Turnover 

Half Yvar 
lon-rn i9Tif.yj 
l'nmt rooo 

Y.ar 

1976-77 

i'000 

119 5.141 

123.959 

2«.rjo 

*«raup 

li* 7” 

11J 

£:o.7i:i 

*«a-- nimpjnles 

i; rtj 

1 1 .0.”) 

-'2.(107 

Dr-or'-'riailoii 

1 -M 

1.271 


Tradi/u; profit 

4.473 

fi.htt* 

6.-161 

Shar-- of Ais->.s. . . 

I.W:( 

I.KH4 

:: 170 

loicnfl 

1 4x_- 

:.lHll 

S.S24 

Profit bp fore tax 

4WS 

3,291 

7.U9 

TjKAti'tn .. . 

; ui 

1 

■T.«4 

K- l profit 

: :LM 

1.4K.'I 

3.TVS 

Frnm tninorltii'« 

10 

17 

19 

Kura or.} ..n-'iitn 

<*<w 

.11 

51 

M.iklna 


1 44; 

3.s:a-i 

Oivld-’-nds 

VA 

«:a 

1 119 

hi'ialn.'il 

♦ nihil®. 

2.914 

>13 

1.716 


trading profit remains 
motor division ^ jncr . 


of ihe current year managemem were s-pm as to. motor cnvi^mn 
accounts show a trading profit in £9-04m (£7.26m) and £D.n3m 
excess of the total figure t £0.oin > : property division £0.49m 


in £9.04aT ff7.26m, and £0n3ni tractors from the Far East, hut levels, the prospect of a nmrtoft- S of £75m havb 

re c£0.om>; properDr div^on £0.49m wlth the recent substantial recovery seems dim - At 28p b-en anraneed in three trandiefi ?.^ri=L SSL 


meed Trom just under one-third satisfactory, and that an interim (£0.38ra). 

1973-7H to 14 per cent in uie dividend will be restored. Turnover in the motor division 

tt six months this time. Scrap 1977- 7S isrer? increased significantiy, (he direc- 


the addition 
■is range »t 


s( ruction side where cemeni sales Taxaiion 


12*. W2 uo.rn consequence, profit margins were 
3fl.4flR 26.iv>fl reduced. 


: „ F « l l franr^j'i ns r V * ' s' ' for ' “a » proved since December when the satisfactory' contributions to nnn „ nm 

crisis expenses 'and profits ark- new Ketton dry cement kiln When reporting a first-half loss profits and. It was not necessary LOMJR interest of £47o, 000 to - 

on d^ioxals and dosSrcs came on stream. At 76p the of £35.600 (including £9.000 profit to make a further writedown of in« J 1 

announced to dale th^ directors shares, taking full year profits of on land sale) the directors property dealing stocks. F?nm nV mnnft 

announced to date, tne aireciors ^ a prospectivc p/e stressed that the investment in By careful disposals, the deal- ^" ro „ u " d ta f v ro “ 1 V°If i'2°! 

‘ Prfrt of the rash raised has of SJ and yield an above average Triphos (Northern i continued to ing stocks at March 31, .1978 were g» a pre- to proht of £98^00 at 

already been invested in stock. 9.2 per cent. cause grave concern. Recently reduced by £388,000 to £l,52o,000. 1978 

Including £245.000 (£169.000) 

-w— . • -m Mis a j • jW profit on asset disposal the profit 

Francis Parker pront at nine months 

JL the lack of investment income 

TURNuVER i»F Francis Parker amounted to £13.3m. To reduce and an extraordinary credit this from £92.253 to £73JIS and at Ihe p.JjJdJn? 3 ^ period!' 000 ^ ^ c0rre5 ' 

fnr the nine months to December this, the company has been selling time of £18,009. nine months stage stood at H \j r g j \ a ronson. chairman, 

31. 1977. was £l.7JWm compared residential land and group The directors say no provision £134,000. reports that the steady improve- 

with £23.6111 for all the previous borrowings are now down to has been made for deferred tax r h j t { years was 

-vear and ihe group turned in pro- £10m which with the drop in re aring to stock appreciation » e ll maimained aid S-7 JK 

tax profit-: of £34.u00 for the ml crest rates. has reduced relief for 19i i-i«. g nTnTA1*n ihe second half should compare 

perind against a loss of £l.41m charges by £0.8ni to £1 ini for the E;<r ?' n ^5) r anri^the ^Lfriend V^2IllIOFfl favourably with those of pre- 
last rime. nine months. Further land sales a.> 4.4p (3p) and the dividend vjous vcars F 0r th e ( as i f U |( v ear 

Mr. R. K. Francis, the chairman, might reduce borrowings to lolal is stepped up front t.039p a profit of £269 000 was reported, 

says the results are m line with around £6m in the curreni year to I.18p net. with a final of QhpQ(| 8 h 3 ir turnover rose to 

expectations and the Provisional hut this will still be very fcgh Rctamed ^ profit emerged M ItflU „SS (/^rnf anS operating 

irading hgures for the first compared with shareholders at £-0#,603 t-U9,0al). • 1 profit moved ahead to £601.000 

quarter of 1978. traditionally the funds of £3.08m TTlIflWdV (£873.000). Rental income added 

most dillicult part nf the year in pany dependent on the dejiressed 11MRU. TT €\ J £31000 (£35 000) while °toup 

the construction industry, indicate construction industry. At the g^A nnv'rsr nrnr.ts nf ramtord overheads ' took n 40 000 

virtually a hieak-cven situation trading level, however things do IrgAK ESmS ne rose from £70Su00 Sfff 000? 

after interest not look as gloomy. Parker has VJ VV1 0 Fngmwnng rose . from ^Ub.uou R ^ anv has 

He says that a comparison divested itself of its residential March 31 1978 and the directors realised an additional £590.000 

between the 12 month periods, to development interests and is now . I' tufr.K , L™" from sale of nontradin'’ E£s 

March, J977. and lo March. 1978. concentrating on aggregate and VXFUSvS say that the results are in line *™n sale ot non^ n-aain^ a««s. 

shows an iniprovcincnt In trading light-weight block production. with expectations. They add that If Harrin-av \rcna site for 

performance of some £l.5m pre- mainly in the south east where -a 1 Ihe outlook for the resi ° r th e The”ourchaser has also 

tax. Further improvement is private house starts arc on the 11 f|PH di current year - fis ^ e " a V Kt S ronveSanied I S fiirthe? 

envisaged, provided interest rates upturn. Annualised, trading pro- UllUUUlgCU year, is encouraging. Profit Tor *JJ. nie J ol excewJine some 

do not continue to increase aigni- sh0 w a 70 per cent upturn to ° the 1976-77 year was a record ■gg u "J ln n °' Jet any ‘S 

ficamly above present rates. fl.Tm and at least EJm looks j.\ UNE with the January. 1978. £l^2m. nina benefit which he may achieve 

The company has changed Us possible for the next. 12 months, indication of profit not less than Turnover for the period was over ° the nesl five years TTiis 

year end dale from March 31 to At 13p the market capitalisation is £280.000 for 1H77, Geers Cross, the ahead from £12.1 tm to IHJISm sa(e which in n0 wa ;. a|Tecls lhe 

December 31. E3-3m. advertising agency and consulting and net profit emerged as £S-«.0t)O pronublc H arr i TOa * y stadium 

Again there is no dividend, the concern, reports a pre-tax surplus against £623,000 after lax of greyhound operation was re- 

]:i *t f t: ms a °- 3 f* net P«y®ent for little changed at £281,000. against £123.000 compared with £fo.000. d UCO d the ouistanding balance' of 

r r r, m -a £279.000 last time. The interim dividend payment is lhc | nan from „ t .nsion fund 

remTetTnroducU^^uS FaiTdalC Turnover advanced from £8.62m lifted from LMp to 1.4Sp net per Although the Bookmakers' 

anri^ ‘ 4vd-^ ^interest iS P ^!din- to £9 94 m. compared with a fare- ^are. Afternoon Greyhound Service will 

developer? piumbing^ind heatinc?’ AYfiamic fft - 2? THFCTFRFIF1 II 


has been made have held up and margins j®' ^!SIS5fS7 debit ' £& W - Bo ^ l> ro P ert - v ^vision* made 


UAam with t he recent substantial recovery seems aim.- m fop ^ anramfied in three tranches K 

■ 000l: increase in the availability of suit- yesterday, the market capitalisa- _fi ov £i^^ r anee 13J per cent 

icome able V0 rk within the kingdom, t.on is £l.Sm. To? 20 to ^ ye are; HaSros. 10. 

°‘ 3bn Tears, at 3 per cent over bpiW- jjSSSrtSE 

W. GRA «aps benefits • S|£f.^ &&&&$ 

as a to the £r-m rs under negotiation. Brokers to - Che issue are fie 

” re of lower interest . . .... 

VI illtvl ViyC Covers for the debenture are # com file fit 

capital 1.47 times and income v . .. . 

LOWER interest of £475.000 com- cordial and GRA expects to con- i.® times. . . Shop S- SSSUfi MouiC gp 


satisfactory contributions 


to a pre-tax profit of £98.000 at son 


Camford 

ahead 

midway 


monlhs to April 30, 1978. 

Including £245.000 (£169.000) 

profit on asset disposal the profit 
was £343.000 (E9S.OOO). 

The lower interest helped offset 
the lack of investment income 
which gave £343,000 in tile corres- 
ponding period. 

Mr. E. J. Aaronson. chairman, 
reports that the steady improve- 
ment of the last two years was 
well maimained and says that 
ihe second half should compare 




i f? 

m un * 


jPettord 


Peak £2.4m 

by Thos. 

* 

Locker 


TETl ^e is underwritten by - 

stockbrokers Greene and Co. ft 

was made clear yesterday that the rent 

up their entitlement. • . tOTedemptioh and Tjme and Wear 

• rnmmpnt • Is^ jneiding J2 : 2fl per cent Exatffy 

comment . . how. good the response wifi be' 

fairview >s really breaking the depends upon the market between 
Ice with this issue. A rights offer, now. and ..next Tuesday' evening. 


UNIT TRUSTS 


uou'ySL For\X, fS'l ,'SS 

• f r L?,r •i.r.ssLs? r ;s rie fn Miaii^ttr-Jas! 
SST n,S 8m a , ,ea a d nd lo °S^ jswra BgTrtUETt 


Getting the best dpt 


rC : 

fTT: 



r • : ’ --t 


■'V-ty.. 

ife 

If^V 



a _ \JvVlh Engineering rose from £708.000 (£176,000). £li-om against £lj.69m. ■ „ .. , ■: . ^ - ; 1^ 

to £952.000 for the half year to Since March 8 the company has In November, when announcing HeoderwmY: Cabot' * Ajnericaa -Triist^thol^^er^read / Jlfi6li^-' 

"* /'■'N March 3L 1978 and the directors realised an additional £590.000 first-half profits of JEl.lm (EO.SSm), Smaller Companies Trust lauh- net rather wider-r-t^: asset rftua- - 

1 I T fnCC[ say that the results are in line from sale of non-trading assets, the directors forecast that the ched just sfrVweeks ago in -the tions.reeoVeiyjstpcksi: an&ttoifra B 

' a VJl W jt h expectations. They add that Ch^f among these was the sale second-half figure would show an first flush -of . -enthusiasm lor Wall with; a hig^ degree of vblatih ty as. , EL 

rc ' ^ _ the outlook for the rest or the ortheHarringay Arena site for improvement over that reported. Street, has done ^weU for its initial, well' as ma; - ... 

» unchansed “A”bj ssa^f ?“ r ‘=; r m ssur ■*** w «i 

£ UlltUaU S Z -|«MT yJ . record i^rUpm X- A^idSd o P f Sp o« ^ SKOrlttg.-tWi »«lj «.« 

« IN UNE with the January. 1978. llJBm. ^benefit whfch he U achicv" «*»• the lota! payment from Se[ aTtS ahSd -of - the ' : - 

indication of profit not less than £ ?r„ * 5 * ?!4rS over the nest ,ivp years. This , ln . '' lth a ." receipt of funds. The offer ^ ^prlce iiirtfiSlo is^U? 40 ' "=» 

is £280.000 for IH77, Geers Gross, he ahead ( ^‘Wi £l2.1#m t to IH.fijm sa(e which in n[1 way afrects lhe additional 0.00 r5p to be paid of lfae how ls 12.0 per cent JEEF& nreSJlnre 






respect 


December 31. E3-1rn. advertising agency and consulting and net profit emerged as £827.000 p ro j\ (a |,| e Harringa’y Stadium should -^CT be reduced. 

Again there i< no dividend, the concern, reports a pre-tax surplus against £623,000 after tax of c rev hound operation was re- 1977-7 s 

Inst h-ina a O.ap net payment for -- lj ttle changed at £281,000. against £123.000 compared with £83.000. duced the ouisiandin" halance'of M01 ' 

™il t ,a - r * r* • * l £279.000 last time. The interim dividend payment is thc | nan from „ t .nsioa fund I‘ ,rn,, ' v r r • 1T ^so 

sS»?S£!tS 2 S Fa,rdale .TBsrsss ».- k sns - 4 

expands to rSSMV-aVR! CHESTHanELD SSW W-.MtS s 

^ _ lno. of Richard K. Manoff Inc. Following vpsterday’s dividend her 31. 19r8. the relationship Diviri?n4 333 

T1.HI..VW 13JK aw £480-502 The directors report that new announcement, the directors or Wlth EAG " eontmucs to be most Retained M3 

Trjrimi profii i.jm i.«i business growth has been Chesterfield Properties now state 

M • , •• ‘-J *. 5 ^? Following first-bair profits of dramatic and turnover is expected that a second interim dividend of 

llXrXr ... m "« £166.090 against £137.412. Fairdalc £ increase to well over £30m in 2.24op will be Ponnpfc mChAfSncrC 

Kora-rV d«rhns"' . ya TCXt Vtf S iq-ft^hLkd Sm M07 S60 After tax of. £170,000 (£163.000) rate being reduced to 33 per cent KCpOttS tO IflGCilllgS 

i«*iim !••-*•< .... io8 1.734 ? ry “?■ i®'®' a ti®&d from £407,860 nel profit for L977 was slightly an amount or Q.03403n will be 

t,uv >- Lo £4hj).o02 pre-tax. Turnmer im- d(jwn ffom £il6i00 o t0 £m.000. added to the first 1978 interim j TVeTT?T 

m rnmmpnt 10 £o - 6om com P ared w,t h Ag f 0recasti a final dividend nf dividend. If dividend restraint is f xOOfi lOr |S1 Fii 

© COmmenl £4.76m. 2.71036p net makes the maximum abolished a third interim divi- VI WU tiVUI w AwA J. ~ A— iA 

Francis Parker's millstone has The result was after interest permitted total of 2.52536p d end of l.755p w;ll be paid, which 

been ils high level nf short-term charges of £1.054 i£313l, but <2.261pi per lOp share. wifi ho the last dividend in respect The order imake for Northern sales had been high althougl 

borrowings, which last year before lux of £216,754 (£221.8401 At midway, profii wa* down of 1977. Engineering Industries for thc struction operations were se’ 


Fairdale 
expands to 
£480,502 


d HhSn ff ilriw^whff Si ^ cent ; being in preference 

IBM. i»»7 Kre l.«V “oSh Dow ggg: 

301 JB1 i I!f r u£ The yield is 11. per cent stoss and 


© comment 

Francis Parker’; 


Reports to meetings 

Good start for NEI 


expands to chesterfield SM sSSrlE: I ■ 

n.. iSi*-.7 Inc. of Richard K. Manoff Inc. Following vesterday’s dividend October 31. 19iS. uie relationship Dividend aio toaintaineQ through tlucK and . income this week, through its 

Turnover vTs £480,502 The directors report that new announcement the directors of wtth BAGS continues to be most R*.™* ms S » ZFShtol *-«* • 

Tr-dinA PM6I 1.3M IJK« business growth has been Chesterfield Properties now state i < m ? rowth Units - He/e the managers 

fn'w J . . I.JJ 3JW Following first-bair profits of dramatic and turnover is expected that a second interim dividend of Sfu a fall ^ is 0^7 wS ^ ave da pr0Vldmg l n 

vXrXr -V ... \ "% £166.090 against £l37,4i-f Fairda.c «o increase to well over £30m in 2.245p will be P^.n respect ^ p i, A mjaA « n c rc Hender^t 

Kv'ira^m ' dvhus ' . Se'rivS^helld from £407860 ^-Mter tax of £170,000 i £163.000) rate being reduced to 33 per cent RCpOTlS tO HI ©© tingS oMhe 1 new money to irSreas^Tte ^ Nevertheless the 

iMimu I..*c . .. 108 1.734 ? ry r f^- }^' 8, ah f* d f 0 "' net profit for 1977 was slightly an amount or Q.03403n will be ab^CriDM? fund offers a gross yield of 10 per 

to £480.002 pre-tax. Turnover im- dfjwn ' ffom £mm t0 £m .ooo. added to the first 1978 interim ^ ^ J XTT7T WASivl cent. . 

© comment ITSm 10 compared With As forecasti a ]lj]a , dividend of dividend. If dividend restraint is (xOOU 81211 IOF JN liii S^VriMnisThS ^?e fuSd ' This week M & G Is pointing out 

© commenx £4.76m. l.71036p net makes the maximum abolished a third interim dm- OAM-A A AVA J. ^ AJA mi Ze rash in the advantages Of. its. Sba» . 

Francis Parker’s millstone has The result was after interest permitted total or 2.52536p dend of l.7.i3p wll be paid, which reserve for ’buying should Wall Exchange Plain . ‘ Under (Sis w 

been its high Iciel nf shnrt-terni charges of £1.054 i£515). bul (2.201pi per lOp share. will hf the last dividend in respect The order intake for Northern sales had been high although con- g troe t E0 through’ a period -of investors can switch into unite 

borrowings, which last year before lux of £216,754 (£221.840 1 At midw-ay, profii wa* down of 1977. Engineering Industries for thc struction operations were severely profit-taking - advantageous terras’. The 7 group; • 

first quarter or 1978 was encourag- hampered by the weather early on. v unj^'cation. is that they, has a number of funds'- tinder ." 
ing. parricularly in its expori However, the industry was still in (,-fc e managers of the two’ management; - covering a wide ’■ 
B3l -B 4.*% J... content. Sir James W’oodeson, the the doldrums and the .Board saw orher American funds on offer investment spectrum. 

iC©SiJlXS 0116 06X1 W66li chairman, said at the first annual little prospect of a raiurn to the , b}s wee> i l __Tai«et’s American Private education is expensive 

■ uwmiw w* w meeting yesterday. Preliminary level of activity of the early E ag | c , and Arbuthnot’s North and likely to- remain so. yet the 

... t profit estimates for the first seventies Hence, it had pursued American Fund, believe that the demand for places in public 

A fair sprinkling of sectors 12 months will be lower than Iasi statement at the half-way stage, better figures because of the quarier ^jested Dial the com- a policy of broadening the base ot us still has plenty of longer-term schools continues unabated, 

provide key roulis in the week year. For the first half, analysts brokers do not see much improve- reduction in start up coste from p;inv was on target. A further activities. potent aL Target S predontinanS M & G is offering parents a free 

sas uS*?2i.ite“3£ sss.& 'Z zsh •& *ss iK«w phB es,ab ' shed srav- iear - ,977 - SSE SI H sz? *ss$ £t h&*& 

s lisn - ^jsssz ^ '”srs,ns . a, ^ a.agt^^rs'isia s^' i s^ ,, sfeMS[’’ 

Hlkington Brothers and mcrehuni monlhs In the UK. sugar refining to other merchant banks which so estimates are in the £i9m-CBm SS'mL SriteU ^he Sf/usS liable wpitef 

bank Hill Samuel and in lerims profits have been adversely far this year have mostly reported range, against fli.lm previously ""J*** 11 an ,n| crim wouto be paid as soon |ie?with the smaller Leadir?c^*me?daant ^^ankers 

rrom Engll>h China Clays and affected by thecosts of retionaJJsa- remmebljr good _ rebuffs. The A price freew, m Ireland held ^ould cvunle ‘the jbrtnro at as practicable W the «. net ions ££?%**?» UeS W1 “ tte smaUer if alS 


r* ^ r 


mu. purinuiany in u* wi«« < uw muiuu/ »» niu {ike the" managers of ‘the two -managementi ■ covering a wme 

content. Sir James Woodeson, the the doldrums and the .Board saw orher American funds on offer investment spectrum. 

S8f©SUlTS Cl LI 6 next Wc6K chairman, said at the first annual title prospect of a return to the JbJs wee^Taiget’s American Private education is expensive 

■ T*. vwwai ’ a -— F " meeiing yesterday. Preliminary level of activity of the early Eagle, and Arbuthnot’s North and likely to- remain so. yet the 

... . , „ . . .. . ,, . . profit estimates for the first seventies Hence, it had pursued American Fund, believe that the demand for places -in public 

A fair sprinkling of sectors 12 months will be lower than Iasi statement at the half-way stage, better figures becausp of the quarier m dicaled that the com- a policy of broadening the base of us still has plenty of longer-term schools continues unabated, 

provide koy ru»uli.-i in the week year. For the first hair, analysts brokers do not see much improve- reduction in start up costs from p;inv was on target. A further activities. potent aL Target is predontinanS M & G is offering parents a free 

sas jnitjz sus z zsh •& *ss phB K,ab " shed sra-ir - ar - «■..*»<* -*..»».*»« SSSsa sz? 

IMIkington Bremers and merchuni months In the UK. sugar refining to other merchant banks which so estimates are in the £l9m-£22m on ETmI befievP SS?CTovS] ^xlr ^he S SusS liable wpitef 

bank Hill Samuel and imerims profits have been adversely far this year have mostly reported range, against £U.\m previously 3I ? ‘"A*?™*™''}, longer te™ lief JiS the smaler I^adk^me^nt Cnkers. 


Arthur t.loinne-,s. 


lion and by the surplus of EEC banking side, which still 
sugarbeet. Also, shipping activities, substantial capital base. 


,-ults. The A price freeze in' Ireland held ^ould counter the .slackness at as practicable. If the restrictions 'wiser term lies with the smaller Leading merchant bankers, 
still lacks a back profits last v e ar. but there home. The )9n volume of ex- continued, the Board would again companies. • ^ 

se. is likely has been an improvement this cun sider whether any action ^ m ^L« XtC "r JZ a . l ^J ,0II j n Si s ^JJjJ| 


casualty of price war 

THE ‘'High Street price war” has wilf be able to Increase its bu si- 
taken its toll ;on pre-tax profits ness-tiuring tile current year. 


profits or only £«.im i£3s.9ml. industry has meant that prices in renovators. Overseas trading has "'Rh interims on Wednesday, of which £3 52m was in the UK. 10 to much reduced margins. • . ,. • " , 

Taic and Lyle, beset by problems ihe clay division have been been mixed with Canada expected Thursday brings the Chloride Last year at this time a total nf . ™; s . ® to fiate were nnurfigd with reduced con- i,« if aa „ 

•ji Manbrc and Garion and poor pegged, while severe winter to show some improvement. South Group and International Timber £5S5m was on hand: so the ^nLOuragm„ and results for the | r jbutions from all companies in bwn-Jncreased by-£Im -to £3m 


S S. ir- 

v _ «■’ f 

! 

‘'iiVIXT 

' j*. 



Annvtmw 


Dividend , 

!Ot‘ 


Announce- 


DlWdcnd 

1 p»* 

(.'■inn-jiijr 

ni-.-nt 

Last year 

This year 

Company 

meni 

Last year 

This vear 


dun 

lot. 

Final 

Int. 


dim 

Int. 

Final 

Im. 

FINAL DIVIDENDS 





Trldaot Group Printrr* ... 

Wednesday 

1.4 

1.692 1 

1 4 

Alltati -.- fn». -Mil. via t.untpjay 

... WpdrK-sday 

O.WS 

1.623 

0.93 

Triple X Foundries Group 

. Thursday 

1.409 

2.7*11 


Mll-rt B'-lalU'fs 

... W'-docBdar 

1.0 

e.Ofri 

2.9 

Valor Company 

. Monday 

0.«8 

1.246 

0 7U- 1 

Mnine Soil Drinks 

Thursday 

1.1 

2.254 

■t «t 

Warwick Etuuncetmc Investments 

. Monday 

1.0 

1.292 

n.s-3 

\riv-t InouxLrir.s 

... Monday 

0.73 

I.ILi 

0.SK6t 

West Bromwich Sprint: company 

Monday 

(1.24 

fl.fiW 

0.2M 

Vsvj-'tji-a Btin&h 1 ooJs 

. Monday 

1.712 

i.var 

0.796 

WC1 - 

Monday 

1.3 

1.7 

2.0 

vHmi-.o Bfpw.ry ‘.roup 

... Thursday 



Nil 

— 

Who way Watson Itotdjncs 

. Wedd'-adar 


0.519 


•ViUsh i_io*-ni#iuBr;>pb TtnOM 

.. Wodnt-sday 

— 

I..H1 

— 

Jonas VJncMlbrod and Sons 

Friday 

1.099 

2J15 


British T^r Fri»1u--i5 

... Tuesday 

0.17.1 

1.443 

0.3 






-••rowolov and 'Jo 

.. Tuesday 

0.3 

1.352 

o.r.24t 

INTERIM DIVIDENDS 





.41! yna 

... Km1a> 

1.7 

4.05 

2.0 

R and W. Eensford 

. Thursday 

1.75 

2.773 


'blond'' Urnup 


1.2 

3.4.12 f 

1.34 

Rluemol Bros 

. Thursday 

1.3 

2-17 


orkKodct- • MnlrtJniJsi 

.. Wodn.-sday 

0.S13 

5.5S4 

0.«3f 

Castlcfield 'Klanat Rubber Estate 

Thursday 

0.5 

2.S 


.•nuiiivms St4twn.-ry . .. 

. Wodo.-sday 

0.7 

I.M 

D.a 

Ooropair 


1.3 

2.123 


. ■mniiy jn-J Wt-«- T >>u-» I’ropirttrs . . .. 


— 

0.«5 


Corn EidUfutc Company 





■ommlon and •.vti.-r:ii Tn.si 

... Thorada? 

1.3 

S.23 

1.3 

Dundee and London lavesuncat Trust 

. Thursday 

o.s 



Intrin4i»», |n». sMii'-m Comimn* 

., Thursday 

1.23 

1 516 

1.4 

Emtl'sh China Clays . ... 

• Thursday 

1.73 

1.6M 


-vraason ludusiriul iii.ldiiws 

. Friday 

2.1 

3.32.9 

7 J 

Flcxello Caalors and Wheels 

• Wednesday 

1.05 

1.714 


IEI lni.*rnatioiul .... 

... Tuoaday 

1.306 

2.409 

1.436 

Arthur Oumnv^a Son and 

Friday 

2.1S 

4.629 


t. H. tioldro- l-nu.tinrd and Sun 

Wtdn.'Sday 

0.6 

l.« 

O.S# 

KlUmahail t Rubber' Development 

. Thursday 

1.3S 

10.17 


;rcai Honlond iTstjus 

... Tuesday 

1.0 

2.946 

1.0 

Nouincdatn Brick Company - 

. Wednesday 

•1.HJ 




t.in»ri-avv» kiroua • 

Ilclu-ait <ni1 Job i.rouo 

lilt Sar»uvl -iruul* ... . 

nit-rnanpual TiniK-r Corporiiion 

•obnson MjiiK-? unit Cu. 

Villwm u-i-ch iBuilij. ro 
,<>nrtoo anil 0 -vra.is I'rriBln.Ts 

••van Wilsons • IlolBlnuo' 

•arrlsh >J. T.. . , ... 

Pui-rson and Sons 

\«kri1a««ers:ii-y 

mvtoctnn Broitu-rs .... 
lysu — 


Thuniduy 

Thursday 

Monday 

Thursday 

Tuc4d»> 

Thursday 

W.-diu-sday 

Monday 

Tocyday 

Thursday 

Tuesday 

Friday 

Monday 


■myor’K and m-vcrsi.jnary Invest. CTm. Monday 


Raeburn lovestmvot Trusi Friday 

Record RWxway Tocadaj- 

Saatcbt and SaatctU Compton .. Thursday 

United Slates and General Tniai Corpn. tvedneaday 

Westland Alrcrall Wednesday 


INTERIM FIGURES ONLY 

Dupre imemsuonal 

Lananvalc Emc ... .... 

Hoary Nartlngtun 

Tale and Lyle - 

Tnmklnstms Carpels 
United Guarantee illoldinss* 


Thursday 

Monday 

Friday 

Thunsrlay 

Tuesday 

Thursday 


lotu-n-w'ns Foods 
k> ichlvy 


Wedpntdjrjf 

TueadAy 


* Dividends shown nrt pence pr r share and adjust'd fnr any inirtvrnin; srnp 
issue, t includes compcnsaUng dividend due lo ebanste in las rale, i Second inicnm 
in lieu ot uoaL 



The company remained very ^STSI'pJSSl to ’Si" from' ‘STl m toSwiTta ihTyZr . strength ties in 

some 6 very ^SbSfa, overseas cauttonsli optimSriew of pro ® to Februoty- 25.-1978. The second; 

SJtTacte and piitSS S n^cts. if only because of the half of the year produced a Joss. outstandings 

hopcruMhoi one of these at least efiminatiou of some of the heavy for at the interim stage an. f 2 o m by cu?rE>5.f 3 5£f C * nt 

would be successful to replace ‘«ses incurred In some areas in advance from £0Ara to XLOUn-gJg- fS^by^he^cS^ = 

Dia- Dork^vvhi ch°w as^ o w vin- ’ FEB International — Mr. Gordon An aJialysli or yearly turnover. Jffl.Per cent growth 

towards comnletion " Fi«,her said irade during the early and profit shows. (£000s omitted): ' J tturewly stand 

So far thhs year, overall profits although showing an reteJI £54,591 and £403: cash and' at ^ ain - ' -‘ 

were roughly in line with 1977. ‘ucrease over Uie corresponding carry £24,570 ana £61; Wholesale During the year, the bank was 

I. J. Dewhirst Mr. A. J Dew- Period of 1977, was at a lower . £32,343 and £333. In addition the gnawed trustee status. 

hirst said the group was on course * han ^ ad been anticipated, parent company produced a ;TIw romp any -fe owned as to 

for its first half sales target ol T .* lls .. was *}?.. in . main to surplus of £5.0W- ■ 75 per cent by United Dominions 

£7m sales tan increase of about conditions, aid affected Tax took £68,000 (£63,900) for Trust- i*ad ' 25 pec cent by Irish 

fUmi and profits were expected buddings merchanting d.was«ms net profits of £0.73m (£2.04m) and Lifer • cear. ay irian 

to exceed £375.000 (£505,000). more than the chemical side. stated earnings -of 14.14p (3947p) - - - 1- : 

Present indications were reason- While margins were si ill under per 25p share. The net second 

ably encouraging and he was con- Pressure, he saw no reason why Interim dividend is 157ff4p for * IN BRIEF- . .. . 

fident of further growth. the years resuHs should not be total payment of 2i»76n r2:3S55p), : 

George Wlmpey— Mr. R. B. m ime wit* 1977. . costing £132,000 (£118,000 ). ' fS 2S!LJ2 J , 0F ‘ :H * r ' 

Smith said a s there was evidence Uuvermgham Group— Mr. G . H. *• - / . - - - > 

that the Middle East would not Christopher Needier reported that _ T _ V ’ '•'!'• eurroai^ Workina 

continue to provide work at the profits to d3te were In line with T TTYT Trplflful capital, increased - by X9i*E 

present high level, ihe Board was budget and in excess or those A uuauu decreasei. Meodne. ioo ow Knud sire«. • • 

actively pursuing opportunities foe the previous year. He antici- UDT Jrelaud announces pre-tax-'- • 

for expansion elsrwhere. especially paled the year's results would profits up by £0.43m to. n.05m’ sn ^*9^. ,CHT ’-R0 , -0 , **CS-4iesijlis for 

in North America and .Africa. For vhow an Improvement On 1977, for the year ended Ma.rch ~ai 1973 T^Tn! 0 IffljTWW ed AprU 

some years the Middle Ea*t has barrfns unforeseen problems. The directors say that with ff! 

been one of Wimpcy’s mam areas A circular will shortly be going many uncertainties it is difficult wo«. a»m »uuhmi iobswFcca. 

of activity abroad. >o 5-ha reholders giving more to predict the Suture, but with the 3tter deifr^ciation. atsimooem 

In ihe U.K., thc group made a delays of ,Lhe rVmerican .present Government policy of job “J?' S2 T1 %v , 2L ■“ r W;4 ,s! S‘ 

good start to 1978. Private house acquisition. creation, they led ,iiie company /Manchestcr * June 2r . 

■ ’ ’ ' " 






* 197 ® ; ' : 


* 7 ’'J'.' ■ ?. 

; -: v viv t.'i- ; 


.*» Wei? -Hu 

*,5fi ih^ 
.;*3yp*S! 

-.&*S8 

iide 


^tock 

. >l ", a! ’ s 


Jl-I 1 Vs 

,- . . 1 ‘ ut' - - 1 K."" 

i*i p c . 

1 •'•: , 


-« ‘ " r '? e t» .. 


: «.?■$* 
'•■ ^ ;»■*& r * 

'i r%f> - * 

i“V ■ 
, «, 

>■':. -• Mi. JV 


‘t* 1 * i««w w- 

"• ; !*» .. 
;' f '. 

' J J'-'C ’!>■ 
• “• • “ *- *i 

■*” *.!im : \*l rJ,‘ 


Hit 


■ - |rr; : *'?>>. 

n •— • ■ ■.*:• 
■; ’.i:: 


I v as..- S .: : 


• ■ ■’■■ ‘ • 




» war 


3H ,l t 


4 ^nes Saturfey June 10 1978 



to 


SUMMARY OF THE WEEK’S 

TakMver bids and mergers we- ’SsSsSa^,®. 


*T f *1JL CHB5SBUGWT, . 

ANACONDA, 1 the- US. copper pro- 
ducer width ar. new pert of the 
Atlantic Richfield «roup, wiH not 
tendw Its 2ft . per- tent stake in 
rwtpleaitfcn Consolidated Copper 
to HndscBi Bay Mining aadStnelt- 
mg .«m amorco, it' was 
announced -far, New York. jester* 
<by r 

_ fiodbay and ilinorco, two Anrio 
Anwriero/of- South Africa units. 
jaritoan‘- the; week stated they 
ptoposed .ta make a cash tender 
.offer for the equity in' Inspiration 
they do not already own. . Their- 
present stake is 40 per cent 
acquired in 1975 at a price of$37 
a share. - 

.■Ihe tender offer is- 533 a share, 

putting, a value -of Wfen (£37.4inY 
on . the total . of the shares they 
wish to buy. Anaconda had 
earlier rejected an offer, of $3Q a 
share- for its stake. 

■ Hudbay. and Minorco have not 
been-, deterred by this second 

refusal. -They stated in' Toronto 
that, thp- offer -would proceed and 
that St will not be conditional on 
any minimum -number of shares 
beihg'tendered: 

Minorco shares dosed at I90p 
•fl the London market yesterday. 

mawevale pays 
HIGH INTERIM 

Leaving market predictions far 
behind, MarievaJe, the South 
African gold producer with only 
a limited life remaining, yesterday 
declared an interim dividend of 
32 cents- (20.2p) for the year to 
December. The interim last year 
was 22 cents and the final 
24 cents. 

As expected Marievale Is 


BIDS AND DEALS 


making a ■ capital - reduction of 
25 Cents on its shares of 50 cents 
par value:- • - 
Grooftdef, another Union Cor- 
poration company,- declared an 
interim of IS cents (10-lp), but 
this was broadly in line with ex- 
pectations. In the 1977 financial 
year, its Interim was 5 cents and 
it- made a capital repayment of 
the same , amount Its 1977 final 
was 14 cent*. . 

HIGHER OUTPUT 
AT AYER HITAM 

Tin concentrate production at 
Ayer Hi tana, the Malaysian pro- 
ducer, rose last month . to 22» 
tonnes, despite the dosure of the 
No. I dredge for nearly a fort- 
night as routine repairs were 
carried out; according to the latest 
output figures from the Uprtaysla 
Mining Corporation. - 
But after U months of the 
current financial year, production 


came to 1,536 tonnes, compared 
with 4,033 tonnes in the previous 
year. The, sharp' disparity is 
because low-grade ground is 
being mined. ' 

Comparative output figures for 
the group are given in the 


Aoksn 

Ayi-r HJiam ..._ 

’Bertnmai ... 

Kamuotms J:. 

Xnnut 

Koala Ram obj- i 
Lower Perak ..... 

Malayan 

SlhB. KiRU Coos.. 
Stbn. Malayan ... 
Sonsd Best 
TouaJtaJj Hrtor. 
Trooob Mines _ 


Hay 

Aurir 

Marcb 

raimM 

tonnes 

tonnes 

IU 

Ml 

IC 

>25# 

17B 

99 

w 

35C 

445 

3S , 

S4 

34 

33 

32 

24 

a.- 

3#‘ 

23 

■ *i 

» 

29 

13T- . 

131 

236 

151- 

13®. 

149 

1» 

139 

1E0 

T <t- 

148 

169 

. ta ■ 

34 

3) 

320 

2M 

nr 


Henshall directors 
back Petford 


BTR, the British engineering group, is buying a 32 per cent 
stake at $30 per share in Worcester Controls Corporation, the 
U.S. valve concern which owns Worcester Controls of the U.K.. 
and will bid for the rest of the shares at the same price. The 
bid values the Worcester group at $4Sm (£2$hn). The offer 
has not received the support of the three Norris brothers, who 
run tile British company and believe that a higher offer could 
be obtained. 

The Office of Fair Trading, which is currently considering 
whether to recommend referral of the 29.95 per cent Saint Pinin 
stake in A. Monk to the Monopolies Commission, will not be 
bound by its decision on the stake if it comes to a full bid. The 
OFT could decide not to recommend referral of the stake but 
then change its mind if Saint Piran attempted to establish greater 
or complete control. 

William Prym-Werke has received irrevocable acceptances 
of 18.7 per cent of the Newey Group equity and is duly proceeding 
with its 65p a share offer for the remainder on the terms and 
conditions already announced. 

Harrisons and Crosfield’s offer for Harrisons Malaysian 
Estates has gone unconditional. H. and C. had received a 31.9 per 
cent level of acceptances at the first closing date on Monday 
afternoon, bringing the total owned by the group up to around 
the 60 per cent mark. The level of acceptances is likely to suit 
H. and C. admirably because a high proportion of non-acceptors 
are Far-Eastern holders and if HME retains a large Malaysian 
following then the company will be some way towards satisfying 
that Government's Malaysianisation programme. 

Spooner Industries, the Yorkshire-based plastics and textiles 
machinery company, has rejected the £2-4m cash bid from 
Redman Heenan on grounds of inadequacy. Spooner Industries' 
shares rose sharply to 77 p, a premium of 12 on the 85p a share 
cash terms offered by RH. 

The Board of RCA International has told its suitor, Mr. 
Travis Ward, that it is "unable fully to assess the value of his 
approach ” for the time being: The reason for the indecision, 
according to KCA, is that an earlier deal with Mr. Ward has not 
yet been completed. 

Newman Industries intends to make an -offer to acquire the 
outstanding shares of Wood and Sons (Holdings) on the basis 
of around 47 ip a share. 

Lex Service Group has agreed to purchase some 2m ordinary 
shares in United Carriers from a group of investment funds. 
Payment will be satisfied by the issue of 1,010,550 ordinary shares 
of Lex plus £858,967 in cash. Lex views its increased United 
Carriers stake as a trade investment 

Ibstock Johnson, the Leicestershire brick maker, which has 
been expanding into Holland and Belgium over the past year, 
has made its first move into the U.S. with the £5m purchase 
of Marion Brick, a subsidiary of Medusa Corporation of Ohio. 


Bidder 


. Final- 

Acc't’ee 

date 


PRELIMINARY ^stolts 


Pricey in pence unless otherwise indicated. 


Affuight A Wilson 
Capital & Couni j 
fo undries 
Carding Group 
Coriton tods. 
Comercroft 

Customable 
Flui drive Eng. 
Harrisons 
Malaysian Esls. 
HeushaU (W.j 
Henshflll (W.) 
KCAtoU. 

Ringside Inv. 

Lontf.Aust. In vs. 

Loud. & Liverpool 
Trust 

Marier Estates 
MUo Master: 
Mitchell Colts 
Transport 

Newey Group 

Osborn (S.) 

Pork Farms 
RKT Textile* 

Spooner Inds. 

St, Kitts (London) 
Sugar 

Turner M Fig. 
Wettera Bros. 


scheme is expected to become operative. *• Based on 8/6/7$. 
ft At' suspension, ft Estimated. §£ Shares and cash. T 1 ; Based on 
9/6/76. . , . 

Offers for sale, piacings and introductions 

City of Edinburgh: £25m of Variable Rate stock 1983 at £100 
per cent. 

Thames Plywood Manufacturers: Placing of Jm shares at 34p each. 


IB5*S 

14G 

323 

97^4 

Tenneeo . . — 

150* 

142 i 

97 

1.37 

Johnson Group 
Cleaners . .. — . 

20* 

20 

20 

4.64 

Uni gale — 

185* 

201 

17ft 

•W " 

Hwkr. Siddeley — 

65* 

65 

56 

1.62 

Armstrong 
Equipment — 

2(1* 

2!i 

)91 

1.05 

Mooloya Jnvs. — 

73; 

7!) 

55 

5.07 

Thos. Tilling — 

974 

95 

90 

118.71 Hamsuns 

Crostield — 

20* 

27 

IS 

0.50 

Bovbourne 14/6 

SO* 

27 

21 

0.75 

Petford — 

Ur. T. Ward — 

•>t|* 

244 

2S 

7.7 

61 

56 

56* 

5.49 

Jove Inv. 19/6 

150*- 

134 

123 

1127 

Colonial Mutual 

Life 12/7 

21* . 

22 

19 

0.52 

Asebheim Secs. & 
W.&A.SA ZUff— 

25* 

23 

21 

O^S 

Blade Invs. — 

200* 

T97 

163 

4.23 

Hilleshog AB 14/6 

84$ 

SO 

S2 

1.29 

MircheH Cotts 

Group — 

65* 

62 

55 . 

1.59 

Wm. Prym- 
Werke — 

J024§ 

99 

97 

S.I5 

Aurora - 15/6 

6S75§ 

642 

467 

23.12 

Nlhrn. Foods — ‘ 

06 n 

S3 

72t f 

.78.64 

Ront. KJtciien 

Taylor . — . 

65* 

77 

53“ 

2.4 

Redman Heenan — 

200* 

196 

170 

0.79 

Industl. Equity — ■' 

143* 

135 

124 

. 14.50 

Dana Corp. — ' 

93' 

9" 

58 

1.60 

W. J. Glossop — 

t Cash alternative. % 

Partial 

bid. § For capital 


Pre-tax profit Et 
Company • Year to (£000) • per ; 

Airflow S'liues Feb-23 910 (936) 25.2 

Anderson's Rbr. . Alar^Si - 306> (72) 5.S 

Armitage Shanks Apr.l 2,479 (2,301) 6.4 

Atkin's Hosiery Mar. 31 6S2 (509) 12.9 

Brown Shipley Mar. 31 1^10d (1.0«0)d 21.5 
Buckley’s Brewery Apr. l 842 (779) 4,S 

Carless Capel Mar. 31 2.030 (2,950) 3-6 

Charter Consd. Mar. 31 43.087 <38,73 1) 24.3 

Chesterfield Props. Dec~31 1-.7S5 (1,543) S.S 

Craig & Rose Bec:31 : 252 (228) 129.7 

Cullen's Stores Feb. 28 ' 234- ' (297) 11^ 

Dartmouth Invs. Mir' 31 ‘ 506 (256) 4.9 

De la Rue Mar. 31 2^310 (24,440) 54.5 

Dundouian Mar. 31 527 (268)' 5.3 

Elec. Rentals Mar. 31 13,703 (10.442) 16.1 
Eva Industries Mar. 31 8.010 (2.420) 21.6 
James Finlay Dec.31 15>S00 (11,500) 61.5 
Guthrie Corpn. Dec.3l 19,681 113266) 31.9 
Harrisons & Cfield Dec. 31 23.347 (23,169) 50.2 
J.&W. Henderson Mar. 31 S53a (1^00)b 25.1 
Land S-curities Mar. 31 26^10 (21.580). 78 
Leigh Interests Mar. 31 861 (589) 7.4 

Macanie Dec.31 200 (275) 2.5 

Meta) Box Mar. 31 55,777 (3S.0S6) 64.9 

Parkland Textile Mar-3 -1,290 (1.140) 23.5 

RowtonHottis Dec. 31 950 ( 690V 9.6 

600 Group Mar. 31 XUU (10,028) 11.6 

Scotcros Mar. 31 G30 (1.1S0) 5.1 

Snmrle Clothes Apr. 1 203 (93) 3.6 

Times Veneer Decl SI ' 153 (170) 2.8 

Trier us Dec.'Sl 631 (500) 12.3 

UKO Inti. Mar. 31 3.343 (4.165) 20.1 

Wedgwood Apr.l 8^30 (7.730 1 351! 

West brick Prods. Mar. 31 331 (20G) Nil 


Earnings* Dividends* 
per share (P) per share (p) 

25.2 (17.2) 4.91 (4.451) 

5.S (4.2) 1.352 0.403) 

6.4 (7.3 1 4.3 <4.231 


(17.2) 

(4.2) 
(7.3 1 

(9.4) 
(18.7) 

1 4.5) 

(5.5) 
(ISA) 

(6.9) 

(101.7) 

(13.3) 

(2.6) 

(36.9) 

(3.0) 
(13.1) 

(20.4) 

(54.9) 

(13.5) 

(49.5) 

( 21 . 6 ) 
(6.7) 

(7.1) 

(2.5) 
(61.0) 

(17.4) 

(7.3) 
(10.3) 

(9.2) 
( 1 - 6 ) 
( 1 . 1 ) 

(9.6) 
(24.0) 

(37.5) 
(4.5) 


3.673 13.2S9) 
9.264 (S.36S) 
1.7SS (1.625) 
0.921 (0.825) 
12.378 111. 435) 
C (3.621) 

23.97 (21.48) 
4.32 (4.5) 
0.S1 (0.73) 

9.9 (6.51S) 

2.13 (1.94) 

5.0 (2.393) 
-U (3.64) 
6.545 (3.908) 

15.0 (10.0) 

2I.7SU1.50S) 
S.271 (9HS3) 
5.31 (4.804) 

3.63 (0.976) 
1.975 (1.791) 
W.S661 13.425) 
3.176 (2.869) 
6207 (5.609) 
4.(JS (o.tiS) 

3 ’76 (2.903) 

1.5 (1^5) 

0.41 (0.376) 

2.225 ( 2.023) 

5.5 (SO) 

7.4S (6.7) 

1.5 ( 2.924) 


INTERIM STATEMENTS 


Rights issues 


Brooke Tool Engineering (Holdings): Three-for-five at 2Sp each. 
City of Dublin Bank: One-for-four at 33p each. 

Secoricor Group: One ordinary and one “A” for 35 at 95p each. 
Secoricor Croup (preference): 1.35 ordinary and 1.35 “A” shares 
for 10 ai 95p each. 

Security Services: One ordinary and one “A” for six at 95p each. 

Scrip Issues 

Airflow Streamlines: One preference for five ordinary. 
Dundouian; One-for-rwo. 

Hickson and Welch (Holdings): Two-for-one. 

James Finlay and Co.: One-for-rwo. 

Triefus and Co.: Ooe-for-five. 


Company 

Half-year 

to 

Pre-tax profit 
(£000) 

Interim dividends* 
per share (p) 

Bertrams 

Apr- 2 

75L 

(SDL 

Nil 

(Nil) 

Bond St. Fabrics 

Mar. 31 

248 

(1511 

0.75 

(075) 

Brooke Tool 

Mar. 31 

121 

(52) 

1.1 

<— ) 

Borco Dean 

Mar. 31 

720 

(505) 

1.675 

(1.5) 

Comet Services 

Mar. 4 

4^43t 

(3,098)1; 

1.311 

(1.076) 

Com pro 

Dublin Bank 

Sept. 25 

39 

(24) 

Nil 

(Nil) 

Mar. 31 

289 

(154) 

1.0$ 

(0.873)5 

Elson &- Robbins 

Max. 31 

940 

(760) 

1.352 

(1-1) 

Grand Metrop. 

Mar.3 1 

43.155 

(27,160) 

1.75 

(1.6) 

Hanson Trust 

Mar. 31 

11,400 

(11.200) 

3.025 

(2.75) 

Hickson & Welch 

Mar. 31 

3,740 

l'4,S8o) 

1.33 

(1^11 

Martin Newsagent 

Apr. 2 

1.886 

(1,609) 

2.S3S 

(2.189) 

McCoroQOdale 

Mar, 31 

2,270 

(1,730) 

5.75 

(4.5) 

RobL Kitchen Tylr. Mar. 31 
RKT Textiles Mar. 31 

United Spring Mar. 31 

581 

579 

676 

(117) 

(399) 

(278) 

2.955 

0.55 

(— ) 

(1.583) 

(0.5) 


(Figures in parentheses are for corresponding period.) 
Dividends shown net unless otherwise stated. 

•Adjusted for any intervening scrip issue, f For 27 weeks, t For 
26 weeks. § Gross, a For 12 months. bFor 15 months. c4p if 
dividend restraint is lifted. If not 2J245p at current tax rates or 
2-27&P at 33 per cent ACT. d Net. LLoss. 


Shareholders of W. HenshaO 
and Sons (Addtestone) were 
bombarded with three separate 
circulars yesterday. 

First tbey received the official 
offer , document from Petford— 
which is bidding 30p a share — 
reaffirming that even if its offer 
fails it intends to stay put as a 
minority shareholder. 

At that stage Petford had 7 per 
cent of ~the shares but within 
hours came the second .document. 


This was from HensftaU’s Board 
saying that it-, was joining 
Petford’s camp as iar as its 20^ 
per cent holdings a w concerned. 

Finally, Bovbonnw the private 
company which acquired 50 per 
cent of HenshalFs .- shares from 
three holdings and then made an 
offer of 20p to remaining share- 
holders, announced that it wants 
to have six of . ft^ /own men 
appointed to Henshiifs; Board, It 
has called for an metraordinary 


meeting of shareholders to con- 
sider the. appointments and warns 
that it intends to support the addi- 
tions to the Board with the utmost 
strength. 

Meantime, Henshall’s Board says 
simply that Bovbourne's offer is 
insufficient and backs up the claim 
with figures for the year to March, 
1978, which also suggest that 
Petford's offer is not over- 
generous. 

Pre-tax profits are said to be 
£244,568, more than two and a 
half times the previous year's 
£92.449. on turnover up from 


£2.1m to £2.65m. Earnings per 
share are 4.3p on which basis 
Petford is offering an exit p/e 
of 7 and Bovbourne is offering 
4.7. The dividend has been 
trebled to Ip per share (0325p). 

The company has also taken the 
opportunity to revalue its pro- 
perties and net asset value is 
now said to be 47.2p a share. 

LINDSAY & WILLIAMS 

Lindsay and Williams has been 
notified by Security Growth that 
it has voting control over 178.000 
ordinary shares (17.11 per cent). 


MILLAR & 

BEATTY 

The cash offer by Hardy and 
Co. (Furnishers) for the prefer- 
ence shares in its Irish subsidiary, 
Millar and Beatty, not already 
owned has gone unconditional. 
The offer will remain open. 

As at June S. acceptances of 
the offer had been received in 
respect of 1.S01 shares which, to- 
gether with the 1,043 owned by 
Hardy on May 4, represent .47.4. 
per cent of the capital.-- . < 
Hardy has received represents- 


PAID QUARTERLY 



TSB BASE RATE 

With effect from the close of business 
on Friday 9th June 

and until further notice TSB Base Rate 
will be 10% per annum. 


TRUSTEE SAVINGS BANKS 

Central Board, 

P.O. Box 33, 3 Copthall Avenue, London EC2P 2 AB. 


1% DISCOUNT ON £2,000 OR OVER 


By way of ac/difional unite. 

mrr 


APPLICATION FORM 


TO Lawson Secunfics Lid FREEPOST, Edinburgh EH20DB (no eianp required) 
or Tel :C31r22S 3914 (5 1 Ines + 24-hour Ansaphane Service) 

I enclose ■ remittance peyobie tt LawaonSocuriUes LJralwd !d t>e*»vesi«l of . 

Lawson Hqn Yield Fund Not applicable to Bra. 

£ •' ~ - ~ WWytt ■ - ForocamiMion units mark TO 

fV-7ril - Bor share exchaneettetab please marie ‘JC a 

- 1 Royal Insurance Savings Ban (mm.£l0pjTL) details □ 

irwe declare tnaf 1 ainWare riot rewdenroureWa the scheduled 
acquiring inese umis os the nomineeis) ot any person (s) resWent oubwethe 
(Ttnwe Stable to mateihrsdeclamtion should apply thrauqn thalr BanLer. ao^ t«r oK« o r 
SoficrtorlnthaUJtJ. (Art jotfttappIsEanismusrslgriandanochJuH nameaanfl Jctcresses) 

Signature ^ : — . - « — . ■— — — — — 

Names in fuP- — i — — ■ '- ■■■ — ■ — 1 — 

(Mr.-Mrs/MissyTiUe) 

Address ■ — — ■ - ' * 


„ -■ re wre. w ■ mw wm aw m m mm HYFT1(VS/7fl 

THOS. W. WARD 
LIMITED 

SUMMARY OF-GROUP INTERIM RESULTS— UNAUDITED 

“ Half Year to Half Yearto ■ Year to 

31st Mar. 78 3istMar;77 3DthSept.77 

*- > Ainnn 


The Coates Group [O 
of Companies l<ra 

Sir Richard Meyjes reports 



1977 

1976 

Turnover 

£S2.142m 

£75.329m 

Group Profit before tax 

£ 8.844m 

■ £ 8.846m 

Earnings per Share 

8.91p 

3.72p 

Dividends (net) per Share 

2.3248 8p 

2.0815Ip 


£'000 

Turnover - ; 119^34 iza.aba 

Trading Profit - W» 5 -292 11.533 

Profit before taxation • 4,686 - 3,291 7,609 

Profit after taxation 

and minorities - 2,364 .. .1,480 3.8W 

Extraordinary 

t profit/(loss) 996 (33) 

Basic earnings 73p 

per share p 

Pre-tax profit increased by42% 

^ Interim dividend Increased from 4.875% to 6.6% 

^-.Profit in second : .half is. expected to exceed that ot 
first half- j ' - - 

Registered office: Afbiqn Works, Sheffield $4 7UL 

: Word Centenary 

v: i8/8‘i97a 


£'000 
123.959 
5,292 
- 3,291 


£‘000 

242,720 

11.533 

7,609 


1977 was a disappointing year in trading terms ■with a substantial 
slowing down in the -second half, being partly a reflection of sluggish 
world-wide market conditions; partly the result of the strengthening of 
sterling; and partly the change of status of our Indian Company. 

These special factors adversely affected comparative Group pretax 
profits in 1977 by about £1.2m. 

Tonnage throughput was maintained or increased in all the TJ.IC. based 
divisions and our U.3L factories were all able to operate at a satisfactory 
level. • . 

Despite the continuing world-wide recession and a perceptible increase 
in competitive pressure in all our main markets, the steady development 
of our international operations continued. 

There has been a relatively small increase of £l.Sm in working capital 
requirements during the year and due to maintenance of right control 
on working capital there has been an overall increase of £L7m in.net 
liquid funds to £5.9m. 

We have not yet needed to draw on the £3.5m loan negotiated last year 
hut it is probable that drawings will be made in 197S as our sizeable 
capital expenditure programme gathers momentum. 

The outlook for 1978 is not promising but our Group is financially sound 
with good management resources, strong technological capability and a 
wide geographical spread. Thus it is well placed to withstand. current 
economic and competitive pressures and to move forward strongly if 
and when the ^orld economic climate improves. Meanwhile, we are 
steadily pursuing our investment and development plam»> many of which 
hold out strong promise for the longer term. 

Coates Brothers & Company Ltd 
Head Office: Easton Street, London, WClX 0DP 


(ions on behalf of certain pre- 
ference holders about the offer, 
but after careful consideration 
i has decided not to increase it 

r. BLADE/MARLER 

f Blade Investments hopes that 
'* shareholders of Dlarler Estates 
. will reject its offer of 25p per 

* share. The bid was necessary 
™ under the City Takeover Panel 
^ rules because Blade agreed to buy 
' 62 per cent of Marier. Blade 

* intends to maintain the Stock 

• Exchange quotation of Marier and 
‘ reduce its stake to between 30 

and 40 per cent. 

An _ up-to-date valuation of 
MarlePs property shows that 
shareholders' funds are worth 
23.7p per share. But the shares 
have recently stood in the stock 
market at above the offer price 
uf 25p per share. 

The board of Marier makes no 
recommendation to shareholders' 
on whether to take the offer, 
except to advise them to consult 
their professional advisers. 

WIMPEVBID 

Wimoey Property Holdings, a 
subsidiary of George Wirupey. is 
offering to pay £1 ,54m for a com- 
pany which has a land bank in 
excess of 100 acres. 

The company is South Coast 
Land Society, a residential house 
builder. Its board, which con- 
trols 30 per cent of the shares. 
nnd which has alreadv accepted 
Wimpey's offer, is forecasting 
pre-tax profits of not less than 
£90.000 for the v-ear to the end 
of June, after directors' fees of 
not more Shan £14.000. 

Terms of the offer are £130 in 
cash for every £1 share. 

ELSWICK-HOPPER 

• Following Elswich - Hopper's 
acquisition of the Falcon Group 
in January, the balance of the 
consideration has now been paid. 

Further consideration com- 
prised £270.000 which was paid 
as to £180.000 in cash and £90,000 
satisfied by the allotment of 
517,539 ordinary shares. As a 
result total consideration paid for 
the acquisition amounted to 
£030,000. 

Mr. E. A. Clements, director, 
has notified the Board that as a 
result of this further allotment 
of shares his holding has been 
increased to 1.906,427 shares (S.7 
per cent). 

FIFE FORGE 

Fife Forge has acquired 26.59 
per cent of V/. L. Byers. Sunder- 
land. suppliers of anchors and 
ancillary equipment, for £73,122. 
satisfied .by £53.493 cash and the 
issue at 50p of 3925S ordinary 
shares. 

Draft profit and loss account of 
Byers for ihe 10 months ended 
December 31. 1977. showed net 
assets of £363.737 and profit before 
tas of £102.454. 

The majority shareholding _ of 
73.41 per cent in Byers is owned 
by T. S. Forster and Sons, a 
whofly owned subsidiary of Fife 
Forge. 

LAfC EXTENSION 

Colonial Mutual Life Assurance 
Society has extended Its offer for 
London Australia Investment 
from June 15 to July 12. 

Acceptances have been received 
in respect of 6.4S9.D20 shares lS6.5 
per cent). 

LLOYDS & SCOTTISH 

Lloyds and Scottish has acquired 
the capitals of Scottish Discount 
and Systems Consultants not 
already owned. Consideration was 
£492.614 satisfied by 310.746 Ordi- 
nary shares and £215,299 cashl 

SHARE STAKES 

S. Pearson and Son: M. J. Hare, 
director, has disposed of 10,060 
shares. 

Canadian and Foreign Invest- 
ment Trust: Kuwait Investment 
Office has dispased of its interest 
of 66 5.000 shares (9.95 per cent). 
London and Manchester Assurance 
Company has interest in 340,000 
shares (5.0f) per cent). 

Greens Economiser Group: Sun 
Allir.nvp and iondon Assurance 
hold 475.000 (5.734 per cent) — 
prc iousl v 5.191 per cent. 

Electronic Rentals Group: 
.R. K. Black, director, sold 25.000 
shares yesterdav at 126p. . 

Unread: C. H. Edwards, direc- 
tor. on May 24. snld -16.250 shares 
and £384 convertible loan stock. 

Benlox Holding^: Trustees of 
the J. A. Olney Settlement have 
disposed of 10.000 shares. Hold- 
ing now 100,000 shares (8.9 pet 
cent). 


WORCESTER 
CONTROLS 
ACCEPTS BTR 

The • board ■ of Worcester Con- 
trols - Cbrp, • the Boston-based 
manufacturer of industrial con- 
trol equipment, has decided to 
accept a takeover bid by BTR, 
worth $30 per share in cash. The 
company also confirms that execu- 
tives and shareholders owning 
about 32 per cent of the stock had 
agreed to the sale. 

It said that the. acquisition, if 
approved, would be completed in 
late summer or early autumn. 

DAVY IN BRAZIL 

Davy International has acquired 
35 per cent of the- capital of Ser* 
tep SA Engenharia e Montagem of 
Rio de Janeiro, in Brazil. Davy’s 
subscription of about lm raises 
Sertep’s capital .to £2.9m. 


Sertep is a diversified Brazilian 
engineering and construction 
company and this investment will 
allow J3avy to Increase its par- 
ticipation in the growing market 
in Brazil for industrial process 
plants. 

DORADA PULLS OUT 

The offers by Dorada Holdings 
for Mansion House Finance and 
Taurus Vehicle Leasing have been 
allowed to lapse. 

NO PROBES 

The Secretary of State for 
Prices and Consumer Protection 
has decided not to refer the fol- 
lowing proposed mergers to the 
monopolies and mergers commis- 
sion: Clifford Dairies and County 
Dairies Group; Hilleshog AB and 
Miln Marsters Group. 


LondonWall 

Extra Income 
GrowthUnits 


Estimated Current 
Gross Yield (7.6.7S)- 


Capinl Growth of income units 
• since launch in February 1976 


10 % 61 . 2 % 

London Wall Extra Income Growth Units offer you a - 
high income from an investment in carefully chosen high 
yielding equities with a small proportion of fixed interest 
stocks. 

The aim is to produce nor only a high income but ad ’ 
increasing income over the years coupled with capital 
growtht And this has certainly beeiiachievcd since 
February 1976 when the trust was launched. New 
investors in this unictrusr get an estimated gross 
commencing yield of 10%. In addition since the 
launch, the offer price of die units has risen by no less . 
than 61.2% compared with a rise of 1 8.32% in the FT 
• Industrial Ordinary Index over the same period. 

Investors have therefore fared much better than they 
would have done in any fixed interest investment. 

London Wall Extra Income Growth Trust is a unit 
trust in the Tyndall Group which currently manages 
over £200 million on behalf of some 80,000 investors. 

You can invest in this trust for as little as £500. 

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

You should regard your investment as long term. 
Important details 

Units, toUcH are dealt in daily, *riH bo All umi tot jo- retch* lho> . 

*JJoa»K*l at ttkcaScr price prcvaiHog dfc’ntttjluni'.iuiol UXJI tltc ta K'ro'cmctl 

«hen}aurcotnplcUKl»pplicat>oaBC Z aif niiVil’JiUiiiaadilLl.'Vs.ani^.r.liivcstuci 

i-eceivci The o&r price oi‘ the units on mil rc^avotheir &rst JiMributicaj m 

• . ?U»JnDeJ9T8jras^L5p.t , nirpriasand 1 iHNcmte-r i»7>. 

yickk Ore quoted In roo*t aabonnl daily An uli'ul iruJUfiCTWi! ai iry’L ^ a 

oem. papers- T k . mhininm jn\ i-»lau-nr. iiidu Jcii iiuhc I'liyfctfi prW.-ol lli-- un:l--. A 
is £SOCL ’ lulfycwl' Jurcj.ii ' Ihi.j l'\, plu.VA.T-) 

Td invest, fiHin the couptill ortalL to 1 ' Jhl » daluf icU lH>m U ‘1 nut'* 

vunr financial adviser. Appllenriotis will tnujinv. , 

. he iickiUNvicdaed nod vuur certificate t : juiIi-i-i >:« Ser-eiary 

■ sent within 35 days. uf ' iu'cI’-' In.K ^nJilwum-. .>ie.i-nrtcr 

If Vial nf-.h iu &dl jonrimj; . ibe . ranilc" in- cJnicM uiiJa lie 1 rm.ee 

ManaserswiJlnurdjnseir'keivaiih.-l'idprkp,,' 'tawmcni ..w i-t-l. v . 

cn any itolisgtisr. " ill ru^rntafly l^ 1 «■ l| * ScliUw ■ uflPtfl if 

- nL-Jcniifain MffndavvM itoc m^nri , ’Ll , -* ur nr to,- jn * I *!%*- Jll :hc‘l iy-i exit and 

rs)>«uK£j tertibeaic.' nnw im-nri u ;i iK- mi:ihvl.ki L\-b.ilu 

APPLICATION FOR UNITS 

Applkadijm ihiiuld be .-.a: w 

The Tyndall Group, IS Canvngc Road, Bristol BS99 7VA. 

I ' : !:.riiUKd X>. 7P3JI H.Iiiig /JArtJ 


’ ticjjAr.dX.’. 7P- j/J. 

_ , T'T* ■ 1 ftrinraanaith 

1 LondonWall Extra Income Growth Units 

at (beefier nicere&iEcfl ^dayjTOrtceh'eihe.ufplfcau-m. Miniimmi InveJaKalfjUO, 
OKjnes iboold beStepiyabls w Tin lyidOi Grt-jp. Oummsaoncf JSiapgysble lo 
Keognacriagenis. 

Surname . 

I Mr, Mrs, Mitt or tirie) 

ChratjinXamre ■ 

fmfulll 

Full address 


' an nx&jjinii)’ tit <w-. j; i/v ivmiu ®3' pa** r oiJaj larCffta. 


Sigiatutc 

“ h pelt ore isaL'r to .■ rin ■ J.-.i'iii JT.v» ■ if j aU n dci.leJ jJ tlu: 

jimn AvfeM lliMieU ^ e.vit. p . ,,.h ul.ut. < 

Olfcr bit a'-ujfabfc ^ Kudoiu ofiii: Kcpuvlt U 


KriO/6j7Ul9G 


| ATyndall GroupUnitTrust j 

| Member of ihe Unit Tnist^ocidiiot^ J 









Iff • 

i; s : ; : >S^- *?::: f^lr&iV;*? . #f ?s ; *?*i?’i ! i *■ ■■ '■ vfiVi'^. r/ -•''-••*•• 


WORLD 


Easier tendency on Wall St. 



Financial Tiines Saturda^ 


*>**' ■. «*.' -p gv.'- . ^ ■_> - 

me;ip^78; 





tune! 

Uw 


Jon# t June 
9 B 


L'-yrnin* Gl»«- .... 
CPC iHt’B’etoQf 


INYflSTPSNT DOLLAR 
rRMIUM 

S2.60 to £—113% (Ull%> 
Effective 81.8288—49;% (48J%) 
A\ EASIER TENDENCY prevailed 
in reduced trad ins on Wall Street 
yesterday. ro flee liny some prom- 
ts king and the “explosive" expan- 
sion in the U.S. money .supply. 
Some investors fear the burst in 
the Money Supply will force the 
Federal Reserve Board to lighten 
credit policy further, hurting the 
economy. 

The Dow Jones Industrial Aver- 
age shed 2.Sfi to 8-19.23, reducing 
its rise on the week to 1 1.B9. while 
the NYSE All Common Index, at 
S56.08. lost 12 cents on the day 
hut was still un 81.05 on the week. 
Losses led gains by 739 to 6S3, 
while the trading volume fell 
6.91m shares to 32.47m. 

Union Bancorp spurted ahead 
11» to S26— Standard Chartered 
Bank of Britain agreed in 
principle to buy Union for S3 3 a 

FRIDAY'S ACTIVE STOCKS 

Change 

Stock'- i-'lH-lnc i >ii 
IT jdi-d price day 

Fannie Ma* i-n.900 JSf -M 

Si-iin rap--i- . . .'■ivimo isi —i* 
Ma' ! fJ-H'prstltS'>ti . "ifts.ljfin 1! — t 

.inrhiir .lBiaf# -SI — I 

Sanihn". Rc-l-mranis V91 WVO 2 111 -t 

Se.ir- K«i-hm-|r . . "75 Inin ;i -i 

EA-tern Sir I me* . JW !*• I'.‘l -*-l 

W'lurn .Mr Lmc- 21! no" i’i -*• 4 

Pccrc v inrun ini +1 

Rihii.r l'nri'..i j IS. too tsj -I 


share, or about $372m. 

Cutler-Hamniec dipped Sl| to 

S55J — if If* 1 , ” e firsr round in a 
bid for Court aid in stopping 
Tyco Labs, from buying more 
Culfer shares. 

PET eased S; to 853t but 
Hardee's Food System added SJ 
at *!■:"; — PET recommended 
holders reject IC. Industries' bid. 

Todd Shipyards were lifted S4i 
to S27. Chesapeake of Virginia 531 
to £W‘. Albany International S21 
to S335 and Scott Paper SI} lo 
SIR;. 

Teledync rose «2 to SI] 51 and 
Chmoiafiy American S2J to S22j. 
THE AMERICAN SE Market Value 
Index pul on another 0.25 to 
14D.35. making a rise of 3.74 on the 
w'eck. Volume eased to 4.65m 
(5.69m > shares. 

Worcester Controls picked up 
S{ to 829} — it approved a merger 
with Britain's RTR. 

CANADA — Stock markets were 
mixed in moderately attire trad- 
ins yesterday, when the Toronto 
Composite Index shed 2.4 to 
1143.1. 

The Metal* and Minerals Index 
lost 3.0 Jo 977 4. Utilities 0.75 to 
173.02 and Banks 2.26 to 27S.32. 
but Golds pul on 1.6 to 1370.5. 
Oil and C:a* rose 2.0 to 1394.2 and 
Papers firmed fl -02 to 116.68. 

AUSTRALIA-— Stronger with 

eainv jninm; leading Industrials 
and Mining* 


Western Mining rose 13 cents 
to AS1.56 on its copper strike 
announcement earlier this week. 

Overseas stocks improved on 
further assessment of Govern- 
ment's foreign investment rale 
changes. 

Central Pacific moved up AJ1-10 
to A 87.20 and Southern Pacific 
28 cents to A 52.60 on news three 
oil companies are interested in 
joining the Randle oil shale de- 
posits development. 

PARIS — Narrowly mixed in 
quiet trading. 

Electricals. Chemicals and 
Stores slightly easier. 

Golds fell on bullion price, Ger- 
mans well-maintained, U.S. stocks 
mixed. 

TOKYO— Below the best after 
late profit taking. Volume 320m 
(310m) shares. 

JOHANNESBURG— Gold shares 
quietly easier, following lower 
bullion trend and lower than 
expected JCl Group gold divi- 
dends. 

Mining Financials weaker. 
Platinums rose on producer price 
increase. 

SWITZERLAND — Steady in 
light trading. 

Leading Banks and Financials 
mixed. Insurances Little changed. 
Industrials mixed. 

Domestic and Foreign Bonds 
generally slightly higher in quiet 
dealings. 

HONG KONG — Sharply higher 


K.Y.S.K. ALL COMMON 


NEW YORK —DOW JOKES 


j.iiuL June . June ( June i June : June 

■1 r 7 . n I 0 


• i?tn'-ee<>nipiin(‘ri 
l*)«r i Hu:h ! Liw. 


■B« i> Inivs lmn”t-.l ir-iin .tiiuii-l 't- 1 


Id-I. -Ilf. t If lit i. 


STANDARD AND POORS 


.1 hup June 1 June June • June: June 
■1 e . 7 1 - : • 


Yen i h*9i •4p| , rn'(.i 


{-*i- <. nns|tfter'n 

I. ! M'O* >•*« ■ Hiyli i In* 


Jlml.i-inii ./llO.SZ H0.J7 110.75 H0.aMlfl.5n I0«.4* Hurt ■ a.iA 

■ .ei i h -s» .11.1 ioi i au/h.-^ki 

•/.omioHte SS.SJ 100.21 100. 75 100.32 99.98. fl.M. 1AM sb. 'O ) 125. JS 1 4.40 
( 1 1* I; ■ »• •I.h-.v.i 

I Jim® 7 Mu il ‘ U" l< Yea- *!»•■ >n|<|iri>s.> 
ln.1. .lie. Tirfil i l 4.86 T’.Ol 4.3*J 4.63 


in 1*. 

f: uxii" 

9.51 

>f.6a +.51 : 

IO.UJ 

D-iii: (■ 

■ >»l. ra-tni 1 lr--l 

e.43 

L. 3 1 ; O.+ t- r 

7 65 


Address 



ACROSS 

1 Shell has an awkward custom- 
er (4,4 » 

5 Abandoned guml- stranded in 
aircrafl before morning (B» 

111 A:r:raFl blown up by diehard 
colonel (5 1 

11 Only um* tenth of produce 
goes to this sinn? id,*)) 

12 ill-imp that could he sent 
reeling (9) 

13 Tree fend in well-placed 
arboreluru < 5 1 

14 Drawback to Carmen’s rest- 
ing place (4,2i 

15 Another pie sold as plunder 
(7) 

18 Frenchman wrongly ■ con- 
demned for tampering with 
fur dyes (7> 

20 Month poem takes to turn 
into ordinary language (6| 

22 Church official found in tree 
15) 

24 Risk coming In river (9) 

25 Coach For iruinins travellers 
taking courses io consump- 
tion tfi.3) 

26 Poor player endlessly needing 
religious teacher «5i 

27 Play-acior taking mother's 
part? (61 

28 Wine store for the Spanish 
in Bordeaux iS» 

DOWN 

1 A man's drink reaching the 
tongue (6 1 

2 Drops measurer in getting 
strange urge again »4.5> 

3 Paris has money abroad 
1 7.2.6 » 


4 Drop off when losing 6 — 0 
(3.4) 

6 Restrain oneself in direction 
of PT (8.7) 

7 Turf out of southern polling 
district (5) 

8 Ferocious beast for chap to 
put through its paces f Si 

9 Listen to a pussyfoot getting 
close ( 6 1 

16 One or three say it’s a strange 
pain-killer (3.6> 

17 A divine finish by upper class 
Frenchman to appendix (8) 

19 Way article on church takes 
driver’s position of course 
(61 

20 Cover I’d arrange to separate 
(7) 

21 One caught in small depart- 
ment during show (6) 

23 Dug for gold when -upset by 
overall material (5) 

Sol u lion to puzzle No. 3,688 


Rfinnaanar^ soaa a 
b a is a c! m m a 
CJEIHHG HHEnn0P]E2G 
a a s -CT' ra-'tf n m 
HHnnHrangaa aaara 

-Q i-:0 0’rS 0- 13 

HGasams 

F5 E3 yTa H m -H 

m nEciaasABKnaaHE 
n a ej g g -h 
asEg G^inF3aiannB0 
H H- HI 0 K C5 B 
HBEHBHBQB E3OB0E 

b a an as b a 

EEFiEE SE1BBC9ISBSS 


SOLUTION AND WINNERS OF 
PUZZLE No. 3.683 

Following are the winners of 
last Saturday's prize puzzle: 

Mr. E. M. R. Brown, 56 Wych- 
wood Avenue. Knowle, Solihull. 
West Mud lands. 

MLiss M. Everett. Lyndon 
House. 35 London Road, Hert- 
ford SG13 7LG. 

Mr. 2, W. Slater, 45 Oakwood 
.Hill, Louchton, Essex. 


[SQaaSB -v HBHESEHEj 

aid d n m a 

sEnnnEEQQ bbbbe 
]!S S r & v®r-.p]:c 0 > g 5 


|C5PJfflC0Ef2|si!annB0 
155-ViS^® 

-iEBEHDQi BEHQSnQ 

ptci 

SBraf5aH!3QE5I~- BClOCj 
3 n .-. E E- Q- - E -f3 .■ E 

□EHHE . EEEEHHBQS 
D Cl PI E- E D B JZ 
lElMEnERl HHEEans 


in large volume, with substantial 
orders from London investors. 

BRUSSELS L ower in quiet 
trading. 

FN rose Frs 110 to Frs 2800 — 
it will start U.S. arms production 
next. year. Cocke rill up Frs 16 
to. Frs 4S4 following. its steel wire 
agreement with EsteL 

GERMANY — Generally steady- 

following some lively trading. 

Leading Banks and Stores 
firmer. 


SINGAPORE 


Zsdostml* 

UotIs. 

tioustmd Co. 
BouffieeJ Bbd 
Uuntop. 

h'tao 

fmaer Nesve 

Han Par 

Hume lad 

loclmpe^-. 

Jardiae. 

Miday Brew. 
Malay Cemi. 
Atal. rc*«uw 
Mei.Bf.sinK 
Ov'sCUin.Bk 
l^ui Kleanr. 
KoUtioon Lo. 

K'.nhBian 

Mieli 

dime DaHiy.. 
L<t)d aloniKC. 
si tails au* nij 
atratu l'uue» 
l«. 1.1.1 :... 


StmluXnd'Kj C^Oal 
Tima. Put.. 

. tier bad I 3-U 
U. BngiDeerrj 1.63 
ti.OrVBfc.. 3.0 

Wearae. 2.^5 

Tracror I 4.12x1 

Cbemioai t4.30 
Willm Jac5*.' Jl.40 
Rabbqrt, i 
BafuLintan?' tl.71 
IhmJ’jiMatBieS 3.58 
[kempu .] — 


Thu 

Suauxl. <m. 

beiTtmtsl tc.06 

lyujifar 

;Kuch*i tl.03 

't^ner Peial*. 
l‘et»Un C TJn. ,.x«0 
iu[<reme«.'v..| 
|r«nckahH»i.| -- 


Risasaad -ails 

i June Si June 5 June 7 




j 


j I97R 

9 1 

1 ’g"' 

‘Vi 

’""‘j 

I Hmii 

| Dw 

l 66.08 

bS.2Q 

1 

56.1 1* 
1 

66.1a 

56.S0 

1S.61 

48.6/ 

(biSi 


j June v June 5 June t 

l’>»uei iradeil 1.89& 1.918 1.924 

Ithea 683, 877 726 

t»le 739 - 600 . 801 

t'm-hiin.'e.i 475 436 i 397 

New High« — : 185 98 

New Lows — I 17 , 38 


X0RTREAL 


Induainai. Bb?.:5 8*2.05 861.92 168.5 (' 8Bi 8! 8«t.54 6«AI . 1^03^70 

H'meBndi- Br.50 87.79 B7.a8' 67.81 88.05 67.14- W.fcS S7J r — . ~ 

. J, f I I I 

Tnin«p"rt... 250.7? 251.50 I 231.30 251. 55 733.55 325.0*. 3M.« Im.»I j jgJJJ , \ 

L'niine- 106.55 107.10* 106.34 1D6.66 I06.5S 136.09 110.18 IM.B* ! jM-W ’ jtg* 

' '' J2.470 59.580 55.050 51.970 59.580' 41.860 — ■ — ( — j — 


June I June | June j June ■ 

9 j 6 l 7 | ► j Hiaii 

1 n<1u*tHal 183.61' 1B«.45i 1B3.65 1B6.c4i 164.45-5-1-1 

Onnlwnaf 193.01 184 .00 136.4* 1*3.40! 184.00(3#) 

> i- j • — 

TORONTO linnjeniiel 1145.1| 1145.5 1143.4 1l44.o! 1145.6 St-j 

; j u — : 

J OHAS N ESBD RG i l ; 

U»i.l |215.5 215.6; 214.1 . 210.6 I 211.7 U/21 

ln.l.i-in«i ' 225.5 225.1, 224-5 i 225.(1 I 225.1 ■£*> 


21 J. 7 (1/21 

rayj&6> 


Uf2. *S ■ 16:21 
) 70.62 .AVI. 


183.U '"JO * i 
194. >lf ii 


June j Pm- i 1978 i 1976 
9 : vino* . High j Low 


Australia^ i 4*. 6 06 

• I 

Belgium <o> 95.66 _ 
Denmrk i**» tS.87 j 
Franco 50 4 ! 
Germany*— i 73 'A 
Holland «M) 67-0 ■ 
Bong Komr & 

Ilalv ilfl i f 3.44 
Japan 4ttj,i 
Singapore 313.59 


4«4.eO tdixo; 

i A', ft 
96.52 J 101.16 
• 06i . 
I 96.19 98.13. 

i ; (9,n I 

7il£ ! 71.2 ; 

l LHJOl : 

791.6 ! 312.7 , 

, s iin-*>i ! 

■ fcf.fi . 7.0 ' 

I . -9 • 

&c bja 5i7.')4 
9»i i 
6U.45 -..o ' 

CL.M 
411.04 -4K-.il 
' (1*4) 
310.77 i\-:Sr 


F.T. CROSSWORD PUZZLE No. 3,689 

A pri;e o/ £o trill be given to each oj the senders oj die first 
three correct solutions opened. Solutions must be received by 
next Thursday, marked Crossword in the top left-hnnrf corner of 
the envelope, and addressed lo tile Financial Timor, 10. Cannon 
Street. London. EC4P 4BY. Winners and solution will be given 
next Saturday. 


RACING 


June Pra | 1973 : !?7 V 
9 nous j Ri*rh i Low 


latum irf>; 104.92 104.66. j UV./c 

I Wioi <17/3i 

Sweden •«'. — 1 367.56 1 sa.l 4 

! I I (3/tn ' i5 1) 

Switzerl'd'f' 292.7 2&E^ 3Q4J : .19.0 
I | j fU/2i ; .2.141 

In<H«s and base dues (all base vuues 
100 except NYSE AH Common — 50 
Standards and Poors — IB and Tarnnie 
.100-1.000. ibe last named based on 1975>. 
r Excluding bonds. ' 1 400 lodusirials 
< 400 Inds.. 40 U till DCS. 40 Finance and 
20 Transport- <71 Sydney -.All Cud. 
t"i Belgian SE 3t 'li-‘63. (■■, Copenftapeo 
SE 1/1-73. i ♦+ ■ Paris Bourse 1941. 
i^ii Commerzbank Dec.. 1853. ({Ji Ams(--r. 
ilam. Indusinal 1870. t ,r > Hans 'k-tui 
Bank 31 '7 '04. M|||i Milan 1*W73. ■*>• Tokyo 
Veu* SE 4, 1.-08. <b> Sfraiu Ttmvs 1S*5- 
i.-iCkwed. id i Madrid SE “0 12 “ 
<ri Stockholm Industrial 1/1,38. >)■ Swiss 
Bank Corp <a» Unavailable. 


BY DOMINIC WIGAN 


Dancing Maid set 
to take the Oaks 


Abbott [*hi ...... 

Addrsmerapb _. 
Aetna lofei Csss 

Air Products- 

AliW.. — — — 

AlemoAIntaUiiuni 

Alcoa- 

.tiles. Ludinm... 
/Ulecbeny Power 
Allied L'hemkal- 

Allied Jitores 

AUis Cbaltners... 
AM AX 

Amuadi Hess 

.Amer. Airlines... 
Amor. Brand*.—, 
Atner. BroadcsJt 

Amec. Can. 

Ampr.Cyammid 
Amor. Klee- Pow 
Amor. Krprasr... 
Amev.HooieProd 
Amor. MaltCBl— 
Araer. Motors— 
imjr. Nat. Da*.. 
Amer. titan, turd. 
Amer. Stonsr — . 
Amor.Te*. ATei. 

Anietek- 

AJIF 

AMP 

Ampes 

Anchor Hocldnu. 
Anbeuaar Uuaifa. 
Arnu»6teel...... 

AJLA. — 

Vamm Oil i 

Asanr/ _,„..../ 

.\stdaui1 Oil 

Act. KubtieM. l 

A mo Data Pro-..' 

AVC- 

Anv 1 

Avon 1‘ndm-t* — i 
Hall Oas Eiei-t....j 
Hank America. ... 
Hankers Tr. N.Y.' 
.HuterOif. I 

HaaierTmveuol.. 
Ueain.-e Fi«-i 

tfe.-Ionlii. -teaw'iil 

lieu S. Hoirel)-.-' 

rtemlix 

Heu^uet (Axu -B" 
Hcibiebem Si«i.- 
Hliv-k A Oei-ker 

Hueinj: ’> 

duise Caecsile..,..- 

Borlen. ' 

But-!* Warner 

dmuitr lot— ' 

Hntaoaa ‘V 

Hnstui Myers 

Brit. Pet. AUK. ..I 
Bovk way lilas- J 

Hnjn-rwu.-k- ! 

Bm-yni- brie j 

Hu '0 VS Waluli ...J 
Burlington Ntboj 
Uurroujtba 
L‘ainpi«n rkMip...l 
t-«na>lL>n Pscii'n- 1 
cans' Randolph..! 

csrnatluD * 

carnecA (Jeoersi; 
.'■tier Ha« 
csierphiar'tnvul 

c to 1 

Jeiaueae Corpu ..J 

Central A 

^'ertamVeed 1 

c'nttua Altera (t,..i 
-base Manhattan! 
clieniui Bk.\V| 
Cbe«et>rgh PofH»..| 
Cbesaiedystem.-; 
■_h Bridge...' 
Cbrotnalluy........ 

i,brj>ier : 

Cinerama....: 1 

Cm,.-. Milai-roo...! 

CKicti ry_ 

Cilie* &ervioe.....| 
,-uv tnve-*in*. ..j 

cV-.je CvM. — ; 

vvigaitf hum,.,.J 
uuiliiiv Aikman-i 

.-«tumiitsC>4i i 

.'utumlna Pun... ■ 

^.,ni.liirO.'."IAin 

•.oiii/nisli-,11 Eii-j., 
cvruiiiiglU'U bq.— 
Cm'a'lb E>iiao,i 
.-um'w'ib Of l Kel 
•.oram.siaieliae.., 
Coni vu tcri m enee; 
Coon. Lne Ida...., 

Celt, toiaoa N.V.! 

Umsol Fc*.«* 

Consol Nat. Gas..! 
Consumer Power' 
•JoniLaentai Grji-l 
ContiaentaiUil...; 
Continental Tele.: 
Control l lata. .....i 

-Coper Indus * 


Crane— — ~ — — I 

Crocker Nat 

Crown ZeJJertseb 
Cum min 5 Engine 
Csruw Wrlgln...! 

liana- 

Dart lOilustriw... 

Deere-...- 1 1 

Del Dome- 

Del Inna. 

Ueotaply luier..., 
Detroit Edison...i' 
D ■ mooriSbam rk i 
Dictaphone. .j 
Iheita Equip-,. ^ ] 

Disney tWa.ll). ; 

Dover Corpn | 

Dow Chemical ' 

Dm vo — — ; 

D reuser 

Du Pont.. ...i i 

Dymo industries; 

Eagle Plcber 

East Airltaea 1 

Eastman Kodak J 
Eaton 1 

K. G. * G 

El Paso Nat. Craa 

Kltra 

Emerson Kiecrrie 
bmeryAJrFr'tebi 

hmbari 

K.M.L. 

Enfcelhanl — 

Esmark...— 

Ethyl - 

Exxon ..... ..j 

Patn.-U)ld Camera) 
Fed. Dept, btoetj 
Firestone Tire—.: 
Ph. Net. Boston -| 

r leai Van ! ‘ 

Filnuuae — : 

Khiruia Power— 
Fluor. 


> 26 1 253, 

; 49 U 49» 3 
' 22i(« : 215, 

: 3936 3Bi, 
1056 10U 

, 227a 221j 

■32 - 52 

. 1218 • 121ft 


F. JJ.C ‘ 26 

Ford Motur 49 U 

Furemusi 221ft 

Kcnthnni 39se 

Ftankiin Mint.—. 1056 
Freeport Miners', 227a 

Frueltaul 32 

Faqua l ml- — • 121 b 

GAJ ; 13 >e 

Ganiien. 43 >2 

lireo. Adi er. lor... ! 9>s 

G. A.T.A 287b 

Gen. Cable. — 1 175a 

(leu. Dynamic*-.! 63 'a 

Uea. Elect rk* : 521ft 

General Fouls....] 32 

General Mills : 32 

General Motors...! 6Us 
Gen. Pub. Ifli... 18U 

Gen. Signal ■ 32 

Gen. Tel. Kie<t.-; 29 

Gen. Tyre ; 273a 

tieneci.- : 7 

Georgia Pacific..., 274? 
Getty Oil.... ■■! 166 D 

Gillette 2912 

"JoodrVh 15. F ■ ZEtft 

Goulyear Tire. ... 17 >a 

Gould 1 305s 

GraceW.lt. i 274, 

Gt. Allan Pa 7 on 7ij 
lift. North inm.-! 23 

Greyhound. 13 k! 
UuU A Weizem..' 15k! 

Uuli l>1. 24 

Uatiburton .... 66ag 

Hannii Mining.... 345* 
Unrniai-hieger. .... 165ft 

H amt Corpa ) 60 

Heinz B. J. ......' 36 t 8 

Ueubieln— 285% 

He» left Packard 835, 

Uiatday luii* 19)ft 

Home-take - 345% 

HantjywtP' 583 b 

Hoover— , Hi, 

U'r|.l'urp.iiNe ■ 34 «, 
HoiHl'fi Nal.Gs- 271, 
HiiitliPli.AjCliiri. 115, 

Hutton ih.F.1 17 Jo 

l.C. Iruiu-me- ... 26ij 

INA 421; 

lu^elMi" ltmiri 6H; 

in laud 9tee< ] 393s 

I rr-lico. 16*2 

Interu.nt hnent* ■ 714 

IBM ;269 

Inti. Flavours 25ij 

luiL Harvester...' 37 1* 
liiri. M in A Clirml 387 b 
IdU. Multitools. J 2BSg 

Ibeu.; __J 173ft 

IntL Paper — 42U 

IPG 36ia 

lut, Kectirier..—.: 13J, 
Int. Tm. k Tel—. 32 1« 

invent lta 

low-abed : 357 a ' 

. IC International.: 115a 
‘Jim Walter 33J, , 


Joints Mod vine... 
Johnson Johnson 
Johnson Control, . 
JqyManubKOir’g 
hL Mart Corp— ... 

■ Kaiser A luminfm 
Kaiser Industries 

Kaiser Steel.- 

-Kay 

kenncroiL-.. 

Kerr McGee—.... 
Kid tie Walter— 
Kimberly Cent - 

Hopper* 

kntL. - 

MUEerfo........ 

Lease way Trans. . 
Levi Strauss—.-. 
Libby OwJ-Qod... 

Lalgeet Group — . 

Lilly (Kli) 

Litton I DU ust.... 
LockbeedAliur'tt 
Lento Etar-lnrts— 
Look loisiKt Ltd. 

. Louisiana Land-. 

Lubrlad 

LoekV SUms.-- 
L*Ke yunerCwn 

Ua^Miuao 

Maqy tL H. 

Muv Hanr.ver ... 

M-.pco — 

Marathon Oti 

Marine Muitaibi. 
Marshall Field ■ 

May Dept. Store*) 

MCA j 

MeDernjott— ...; 
JL-Doniieii Doug.) 
U <intw HIH.... ..I 

Memorex I 

Men-k ■ 

Merrill Ds-neb.....l 
Mesa Pettuieum- 

MOM :J 

Minn Jl'ngA Mip 
MvJmi Corp....— ... 

.U onian to.- - 

Morgan J.P.— • -j- 

Motorola J - 

Murpbl Oil — 

Nvlilseo— - 

Naw.i Cbemioai- 
Natkuui Can — ..j 

Net. DiMtliers.,- 
Sat. Service Ind; 
.\al|.x»i Steel—. 

N atoms* — . ' 

. NCK . 

Neptune imp. 

New England Elo 

New England Tel 
N'ingara ilohavk 
Ncaaorw Sbaie. ... 
S. L. Inmnuies. 
NorioikSWealern 
North Nat. Ge»... 
•NUin plates Ptsr 
Atbwesi Airlinea . 
.Mb weel Ban -art' 
Norton Simon. ... 
Ojc-idtsita. Petrol 
Uglify Mather... 
Ohio Edison...— .'. 
oun ... 

Overseas shi pa... . 

0 wen* Omiiiir - 
Owen* (tittMis.— 

Pamt) Gas. 

Po-dtic Unhung . 
Pa . Pwr. A _Lr... 
PanAmWnrltvAir 
Parker Honnlan : 
Paatody Jnt-,.-. 
Pen. Pw. A U„ 

Penny J. C . 

Pennzotl 

Peoples, Drug 

Peoples Go* 

Pcjotcn. 

Perkin Elmer...- 
Pet 

1 direr 

Fl.eip* IA>igC 

Pbiia.ic<|-bia Kle. 

Pm up Mi inis'. 

PhiUlpsPetrnl'm 

I'lMnny ...... 

Pinicx toues • 

Putsmn 

t'lessev U.iAUk|- 

Poiarald • 

Pot u mac Kiev-—. 
PPG InJudtite. 
ppj«et Gamble. . 
Pub-erre 6«l. 
Pullman .......... J 

Purer 

(J (taker Oat> 

Kapi-i Amerioai- 

KaytheoD ..... 

KCA 

Sepubto Steel.... 


KevM) 

Ueyndd* HcOlft 
BeynobisR-J — 1 ‘ 
Klch'sw MerrslL i 

BocfnrnU Inl«r-4 3 

Kohm 8 H11W— 

ttoral Dutch J I 

UTU . 

Kuss Lc«s — 

Byriftr System—. 
dafewav Store*... 
El Joe .UiaenaiB. 
St. Boris Pkoar-. ' 
Santa Fe Inds^— . 

Saul Invest 

Saxon Inds — ...... 

Schlitr Brewing- 
Seblamtmtee — 

SUM— 

Scott Paper——:. 

Sfiwil Mrs . 

Sne Duoder— — 

SeaOtmtainera— J 

Seagram ( 

SearkaCG J)J 

SearvKoebocfc— J 

SEDCQ J 

Shell Oil A ■ 

Snel 1 7Van»port..J . 

Signal — J 

Sigmate Corp. J - 

simplicity Pat— J 

Singer 

■irmth Kiine..—!' 

doliUtd ....] 

Souum»wu j — I 
Southern Uu. Bdl 

Soutbern Co.. T 

7tbn. Nat. 
southern PaciJh J- . 
Southemfiailwayl 

South bust..— .. 
s’w’t Eaaebare*. 

S perry Uuteh.... 
sparry Unnri.,1'.; .' 

squib'. 

stxn>tan1 Hbois t*. 
sUl.U iiUai it ora is 
suLOu ItsUans.. 
sui. Oil Dbto— . 
tiaud Cuemwa . 
sterung Drug.... 
stuJetaaher— . 
sunCcs 

sutsmarifi- 

Svntex — 

feci in ton w. 

Eektromx — 

le<»ivDe 1 

infix 

i'eneco- — .- 

Tomro Petroleum 

l'exBCu ; -.. 

Texa^tult... 

run Inat.m--. . 
texas OH & Gas.. 
1‘etcas Utilities— 

Lime Inc. 

times Mirror-.... 

Hmken ......... 

trane— .. - 

t'ntnsmertea 

1 rausco .... 

tnus Union 

Tran- wav lnb*r> 
Iran* W.wMAii. 

Itxvellera ... 

InOotmentaiu. 

r.inv. 

AAli ueniuty b’>ix 

U.A.L 

UAKGO 

GUI 

liOP..„ — 

u at lever. — ■ 

Unuevei N V ' 
Lin koi bancorp— 

Uuicd Carbine 

u a um Uemmeitt 
Union Oli Cadi .. . 
Union Pacific— 

Uninjyal— 
u.uitiftl Bra/ui*..- 
us Mancurvi— ... 

USUvjMira.- 

us Shoe 

US Steei-....: — 

U. Icchliniiftrie* - 
UV indiwtnes.... 

• uyln 1 n Elect-,. 

Wtlervcn 

•Varner- Cnftunn ■ 

iVamer-IeDileri . , 
VV*aterMan'menr . 

vVwis-FaiTo 

tVaucoi Ban rap 
WeaMn>iN.Ame> •! 
weatem Ufnnn„. 
W-wtlngbw Wect . 1 


BO 1 Woohscrtb— — . 

325e 


5m=| ,3011 


H»g.r 108* 


Hudson DllA&*f 


123* I 15 


BOB* 

Bfe.nl Um. 


33 

33 

4 

4 

33 - 
334 

Trust ..... 

X9lft 

194 


WftBTO'.'O.— - 
Weyerhaeuser — . 

Whinjwi 

White Um. Ind... 

VVI Lora l 

‘Whcotuda M.: 


271ft 2.75ft 

25 1 247ft 
257 8 235 b 

23ift 237ft 
l»tft 196ft 
28 28 


IN SPITE or the poor record 
of recent French challengers, it 
is difficult to understand why 
Dancing Maid is freely available 
at 7—2 for today's 200tfi renewal 
of the Oaks. 

Alec Head’s Lypbard filly has 
won both her races this season 
in emphatic style, with her best 
performance in the Poule d’Essai 
dc Pouliches at Longchamp. In 
that event — France’s 1.000 
Guineas— rDancing Maid was 
never tackled, and ran out a five 
lengths winner from Fruhling- 
stag. 

Although it is difficult to ascer> 
tain the value of that form. It 

EPSOM 

1.45 — Icenl Star 
2.20 — Collapse* ** 

2.55 — Dancing Maid** 

3.30 — Tarenzo 
4.05 — House Guard 
4JS5 — Pathfinder* 

seems probable that the quality 
of the Poule Essai de 
Pouliches field at least matched 
that of our own apparently sub- 
standard 1 .000 Guineas. For this 
reason I have no hesitation in 
going for Dancing Maid, whose 
rider. Freddie Head, a former 
French champion jockey, should 
have no problem in this handy- 
sized 15-runner field. 

ff there to be a surprise, I 
believe it will be created by 
Spring in Deepsea, who was 
clearly already feeling the effects 
of a virus when so disappointing 
in the Tote Free Handicap. 
Trainer Luca Cumani does not 
rate her quite in the same class 
as last year’s runner-up to Dun- 
fermline, Freeze the Secret: but 
then she might not have to be, 


SPAIN V 

June 9 

1 AsDnd 

Banco Bilbao 
Banco Atlanuco 'l.QQOi 

Banco CVnireJ 

Banco Exterior . . .. 
Banco General 
Banco Granada tl.0QO> 
Banco Kispa&o 
Banco Ind. Cal. ft.OOOi 
B Ind. Mi-diirTTaoeo 
Banco Popular ... . 

. Banco Santander 'iiOi 
Banco UrqujJo il.OOQi . 

banco Vlzcara 

Banco Zaraaozano 

Bankunion 

Banus Andalucia 

Babcock Wiloox 

CIC 

I Drajudos 

LnmobanJf 

1 Arasnnetao 

Espanola Zinc 

Expl. Rio Tinio 

Fecsa 1 1,1)00 1 

Kenosa 11. no*) 

Gal. Prcciadoa .... 
Gram Vefaqucz i400i 


Per cent. 

US -+2 

316 - 2 

23S 4-4 

3m — 

268 — 

2S8 — 

155 — 

220 — 

193 — 

209 — 

an — 

418 — 

264 — 

2 «* — 

256 - Z 

153 — 

ZU> — 

29 — 

76 - 2 

297 - 1 

S4 - 5 

59 — 

102 — 

98.75 - OS 

75.75 4- BJS 

75 — 

82 +3 

US — 


to give him an overdue first | GERMANY ♦ 
classic success. 

The Queen, who owned Dun- 
fermline, has Tartan Pimpernel 
running for her this time, but I 
do not expect this filly or another 
improving three-year-old in her 
ownership. Alma, among the 
runners for the Hermes Stakes, 
to prove quite up to obliging this 
afternoon. 

Alina, who carries S st 9 lb in 
the valuable one-mile 110 yards 
Hermes Stakes, seems unlikely 
to be good enough to concede 
five lbs to Henry Candy's recent 
Salisbury winner, the Busted 
chestnut. Collapse. 

Thirty-five minutes before the 
Hermes Stakes, that mueb- 
respected Epsom trainer. Staff 
Ingfaara, is remembered with a 
si.v«furlong event for two-year- 
olds carrying his name. Here I 
intend taking a chance with the 
Newmarket challenger, Iceni 
Star, a respectable seventh of 16 
behind Mixed Applause on her 
local course recently. This filly, 
ridden by Paul Cook, one of the 
most underrated jockeys now rid- 
ing, is taken to win at the chief 
expense of the Dragonara Palace 
colt. Kingsbere. The latter ran 
on strongly to win a 19-runncr 
event at York on his only previ- 
ous appearance. 

Mr. Daniel Wildenstein. . who 
was clearly surprised with rhe 
ease with which his good colt 
Crow brushed aside the 
challenge of Batmerino in 
Thursday's Coronation Cup, 
could have more to be pleased 
about after the Asbstead Stakes. 

Here his Bold Lad tU.S.) colt 
Pathfinder can increase his 
stallion value with a win over 
Gaugin. 

Pathfinder is a half-brother to 
Pawneese, one of Epsom's best 
postwar Oaks winners. 


Hldrola - 86.7S + 2.75 

.ItKTdncro 883 + BS 

niarri 131 — 

Papalcras TteurwSas ... 88 — 

PHrvilhvr 127 — 

PMrolcos 2113 - L5 

Sami) Papalera 59,25 + B25 

Smacr 50 +1 

SusofiSfl 12S — 

Telefonica .. .... • 88J — 0-25 

Torras Hostcnch ... 99 — 1 

Tubacex 10825 — 02S 

Union Elec 74.75 + fl.TS 


AUSTRALIA 


TOKYO 1 



| Price j + nr Dix. Tiii. 
June 9 F 1 - 5 . i — 1 Fra.j % 


■win* 4* 738.0— 1.9 1 41 j - 0.6 

Alnquetkii iV 1 598.5 21.15, 5.4 

\i. LhiiiM 302 1+0.9 18.5 5.5 

AquiUine 518 : + 28 ;2G.2& 6.X 

i*l L 520 I- 2 .15-96.2.7 

ckwiiaue 870 , + 16 43 4.8 

iL.S.X.GervI- 560 14 | 40.61 7.2 


1+ or 

Aunt-S I — 


870 , + 16 43 j 4.8 

560 —14 | 40.6' 7.2 


- (laminui !-... 1.610 '+33 1 75 (4.6 


C.G JL..„ - 370 i—l 131.5, 8.5 

C.1.1 A. ate 1.126 i— 20 ;78-60i 6.8 

Lie Eoaenlie 3Z3 1-4 13 3.7 

L.!<ut> Modtei 411.2-5.3 1 11.25 2.7 

L.'-iedit Com Fr’.-f 121.5—1.0 1 12 9.8 
i-^en-ot Loire..-. 79.1 , + O.ti — — 

L) urn fez 779 I — 5 I 7.5 0.9 

fi. Vetpo'e- 137 1+2.1 ll4.10 10.3 

Gen. Oi 1 renw • 200.0, + IJ.5J 8-25 4.1 

1 mem' 69 + 3.5 5.7 8.3 

1 'cquea Morei -118 —1 — ' — ' 

Lhh >ee 195 —2 18.77 8.6 

LOiM 757 -6 18.97 2.1 


1 mein' 69 + 3.5 5.7 8.3 

1 <caue* Morei -118 —1 — : — ' 

LiM.ee 195 —2 18.77 8.6 

UOtM 757 -6 15.57 2.1 

L«r.thl 11.674 -16 3B.75 2J2 

Pbonis. ; 1.043 + 23 39.8 3.8 

Micbedn **b” 11.425 +18 32.58 2.2 

tluet Benneat-i 490 —1 12.6 2.6 

iluulnifx 255 —2 3 ! IJB 

tMrtbat 163.5 —1.6 119.95 12.2 

Fechtae> 92.7 + 1-2 1 7.5 8.1 

t-ero»i}-llk»ni 269.6+1.5 7,5 2.0 

Feuiceai-Liitoen- 373.9 +9.3 ; 17.26 4.6 

F,«latn..._ 218.8+6.8 -j — 

Radio Technique. 435 — 5 , -27 J 6.2 

itelimte 569 ' 27 4.7 

Itbune Vouluu.' 100.5 — 0.2 I 9 I 9.0 

11 . Gobatn 152 + 1 [14.65 9.6 

?kta Kiaanttnui .... L575 +25 39 2.3 

sue* ! 263 +0.5 I 25.6; 9.7 

tiueniiMauique-..| 745 i 25.6' 3.4 

ifi m..u . rural' , 195 * 2.5 15.(6, 7.8 

l-tiav ! 23.8J— 0.2i — I — 


BRAZIL 


Price | Cor t IJitJYK 

L nu I — 1 Cnijf + 


AceriraOP 1.00 j-OJHjo.12 

Miw iu dron ... 2,18 1 +- 1 . 1; .1/ 


Banoo Itau 

BeLjfn MUielrtt Ol 


1.25 | -'-.37 

8.22 + .■ 1 .v.b 


tnv Amo'. OF.. I a.B 1 +0.10; .*■ 
Hetronrv PV 3.12 +0. t r .12 


Vire,n 1.68 .16 

*'• o.-7 + .2 .Hi 

UnlpPR. 6.3 * f — 0.10 /. 25 

_J‘ '- 27 '+ ■ 1! * 

Vbl.“Cr.ii2.8m“Share» SLTru. 
Source: Rio de Janeiro SB. 


HOTES: Overseas prices exclude $ cremiura. Belgian dividends are alter 
wlthboldmc las. 

4 D fid 3d denom. unless oihertflse staled. J Ptas.509 denoro. unless attendee 
srai'.-d. + Kr.100 denom. unless otborwlse st.ired. 4> Frt_5oo denom. unless 
otbrrvrlpe staled. r , Yen SO denom. unless otbervlao stated. S Pncv al lime oF 
suspension, u Ftortim. b Scftilllngb. c Cents, d Dividend anor prodrac rlefltx 
#nd or scrip Issue, e Per sbarr. / Francs, g Gro^s dlv. *i. h Assumed dividend 
after ftcrlp and /or rushts Issue, fe Aflur local taxes, m 'v tax free, n Francs, 
■ncludinit Unilae div. p Mom. a Share splil. a DiV- and yield exclude special 
payment. ( Indicated dlv. u Unofficial trading. V Minority Holders Only, u Merger 
eendme. “Asked. ’ Bid I Traded, t Seiler- ; Assumed, xr Ex ntllls. xd 8x 
diYiduuL. it Ex scrip issue, u Ex AIL A Interim since increased. 


B.) 90 031 + 5 



BJ8 +9.U 


Securities Rand 
(Discount of- 3&S29o> - 


















































10 ijw 4 S^- 


--w — :•-. . -•* 






3sme 10 1978 


IS. 


iMER 




— a NATIONAL FINAttriAi AND COMPANY NEWS 





- Vi 
.-Si* 

.« Jji 1 ?.' 

*t : S'i-i 

*'5 






Da 


— 


a l«*. 

Sr 


Apf." 

v S" 

* a R..* 

54 lur 

*/si... . 

«<*+ 


f «n, 

.. 


f'-if 

’ “ l -»B. 


tt'l 

£ I’ 

2rJ.a 

A:\ 

* } 
Sfc . - 
16^ 1» 
kS * 

* j 

Ui'3. 
ig.fc 
lost 
if t 

Ur- : V 

Isi * 

!W 

J 

in. 

“e.i . i 

Sv 

<5 '.* 

r • 


■ .BY: WUMH-(HWC«Cf 

THE STAn&0\V3& EKbank. 
Sweden's.:. ’Jbnujf; ^amanercial 
bank, ImproTOcTeanilces by 33 
per: -cent to. Kr. 180m ($39.lm) 
dn^nrtbr first four iaontia cf 
tlUSr;y^J^Jfv®^SweaisJx dis- 
cgh?* rate remains at -7 per cent 
and' -tfce-. Kksbank. tfce central 
bank;-; does: not. "tighten credit 
palfcjr feather. :KCbanit. expects 
profits foi; 1B7B as a'Vhole to fall 
within the %Kr 65(W80m bracket, 
- 2$$ff .per 4 cent ; higfier s than, in 
2&V.Z.-, , : .‘ r; >•■' . 1 

-'-■ Tj^ SSlper cent profit climb in 
tae.first'four mofitti wai partly 
a recovery: from, the Relatively. 
: poox -performance in. the corres 
pending period oFlaatjrekr, When 
crefitt .restrictions. were at their 
imoS- stringent. Butihe- swifter 
growth ihthevdhxine of -business, 
the'Tower. ' discount rate, a . re- 
organisation o£ the bank's place- 
ments -and a decline in the 
interest . rate paid . on - special 
degpsitii J2ave also played a part. 


STOCKHOLM, Jone 9. 

-In contrast, to developments 
over the past two years, the profit 
growth in the first four months 
came wholly -on the domestic 
front; and not from the expan- 
sion of foreign:- business. . The 
balance sheet total increased by 
15 per cent compared with 8 per 
cent : d arias the first four months 
of 1977. : ; - 

■Deposits rose by^-ll per cent, 
but PKbank> share. of total bank 
deposits dropped, .a . percentage 
point to ,‘21.4 per cent because 
deposit growth wits strongest in 
the business - sector,’ where the 
bank is weakest.^ Lending, in- 
creased by 17 per cant -- 

Net interest income rose "by 26 
per cent to Kr 'dUm; while com- 
missions on domestic business 
put on 33 per -teat to Kr 52m. 

Commissions' "froth foreign busi- 
ness dropped *^46 per. cent to 
Kr 11m. Total income was up 22 
per cent to Kr 484m, while costs 
grew by. 19 per cent to Kr 153ra. 


FN plans U.S. arms plant 


*? i 

u-\r - 

■ -W ij‘ t 

- » \ 

• •• ■ :=■' ; 

*15 

«**;■ 

» v ( ; S 

; <■ . t 

3^ i 

. i ' '?■ : 

'trr- ft l 

" - ,k j:'. 1 

“V. '■ * . • re . . 

■ s*.y*r-- T tf m ; 


BELGIAN small arms "maker- 
Pibrique National© Herstal (FN) 
.plans to start producing machine 
guns and small arms in the U2S. 
next year a .move which it 
regards as essential in view of. a 
Washington ruling, that "half the 
value of all - arms' i contracts 
granted by the .Government must 
-consist of U^.-made products. 

FN, which last year took control 
of the Browning non-military 
firearms- company, of thg U.S., Is 
negotiating to buy a factory in 
South Carolina-, and intends to 
have some 300 people employed 
there by 1980, • . .■ ■- ... ■ 

•It ' hopes t& -attract new 
machine gun orders from the 
U.S, : Government and is also 
completing', "deliveries on an 
order wbn. two years : ago foe 
10,000 -machine: guns 'from the 
UB. army for luse on -tank and 
armoured troop carriers. 

The- contract- ruling : was 


LIEGE,' June 9. 

brought in after that order was 
obtained, and .FN says “ it is. 
therefore, vital.for us to open up 
our own production in the U.S. 
which wi/1 also improve our 
knowledge of . sub-contracting 
there/* .-■•'• 

The company, Europe's largest 
maker of smal!' arms, already 
has a factory in California 
producing golf dubs.. Talks on 
ibe new arms plant "should be 
completed in a -few- months. 
Reuter' 


Profits up 
at CGE 


■.-JpSr.. » 

■r-. TTi-T 


i 

:r 2 

h ; 

l. ; 
1 


:.i ..v — . 

wi » 1 ; 

■ • 

1 i . 

■ • m .\ . 

; "iii I 

i“i 2 

% •. : 

, N ■ 

j -. 3 - ii 

i i 


l r. *. .I- . _ - i » a. 

.f il T -. p- ^ 
• 

5 ! : Wi I'-NS"- 


The First Viking | 
Commodify Trusts I 

Commoc 

fnist 

Double 

Optioiil 

lity . OFFER 39.7 

BID 37.7 

OFFER mo : 
frust BID 78.0 

-Commodrty & Ganoral . 
Mua'damant-Cii ttii • 

:8 st:6ffi»m«?*-®it0t : 

• DoiiBlasisia otl^in." ;• 2 
; ThI: (J624A692 ‘" 

JfL 


PARIS, June 9. 

CGE, the major French electrical 
and electronic group, reports an 
increase of 30 per cent .in con- 
solidated earnings for 1977 and 
expects a further ‘^substantial" 
improvement this year- ii 
Consolidated earnings rose to 
_ Frs390.1m ' (S84mV from 

FFrs303m in 197ff roiT52le5 of 
FFrs32.7bn, up froth . F^s27.6bn. 
Group orders' at the Jeod- bf 1977 
stood at FFrs35.9bn. compared to 
FFis3l.lbn a year 'earlier. 

In tbe first" quarter- :of 1978, 
the- group emerged with net 


r lsi.troua aL Luo,qw‘Vi_«iuiiM 

1977, Turnover iqz = iwe wiolt? 

of ihis is forecast^.it; around 

- - 


Agencies 


. WARDffaTE COMM 
FOND 
K 3iit Kay. 197S tIU 
WCF MANAGERS L»5| 
P.O. Box 73 » 
*r- --St> HcOer,- feney 

0534 X05V1/3 

Next' (Willngr WtE June 



CSR hits at 
Australian 
investment 
guidelines 

By jfamec Forth 

SYDNEY, June 9. 

CSR. the major industrial and 
mining group, today made public 
its opposition to the Australian 
Government's proposed changes 
in its foreign investment guide- 
lines, revelled yesterday. The 
chief- executive of CSR. Mr. 
R. G. Jackson, said that certain 
matters needed to be watched 
carefully If the guidelines were 
to produce tbe intended results. 

The Government’s - proposals 
represented a serious departure 
from the objective of retaining 
50 per cent Australian equity 
in new' mineral projects, be 

argued. 

“The commitment to natural- 
isation does not seem to be en- 
forceable. Tbe time frame to be 
allowed is apparently open 
ended." 

He suggested that instead of 
naturalising current foreign- 
owned operations, companies 
could set up “pup " companies 
and naturalise only oew projects. 
Mr. Jackson maintained that tbis 
would make nonsense of the 
whole concept of naturalisation. 
He also suggested that the 
Government’s statement was not 
clear enough regarding company 
takeovers by companies granted 
honorary Australian status. 

It remained a major concern 
that the changes would permit 
a flood of foreign takeovers of 
smaller and weaker Australian 
owned r esource companies . 

Branch profits 
to be taxed 

Financial Times Reporter 
FOREIGN COMPANIES with 
branch offices in Australia are 
to be taxed an extra 5 per cent 
on taxable profits in addition 
to tbe 46 per cent company tax 
from this fiscal year, ending 
June 30. Mr. John Howard, the 
Treasurer, has announced in Can- 
berra. The move was fore- 
shadowed in the Financial Times 
last Friday. 

Mr. Howard said that there 
was a lack of balance in the 
tax system between foreign 
companies with subsidiaries here 
and those with branch offices. 
Subsidiaries pay 15 per cent 
withholding tax on dividends re- 
mitted overseas whereas branch 
offices are exempt 
Non-resident life assurance 
, companies, however, will be 
i excluded as the additional tax 
on these profits will be borne 
by local policy holders. 

The branch office tax will not 
apply for the whole of the cur- 
rent. 1977-78. fiscal year. but for 
the period from November 4. 
2977. to June 30, 1978. ' 


BRITISH BANKS IN THE US 


Banking freedoms a major attraction 


BY DAVID LASCHAES IN NEW YORK 


“THE British are coming" Is 
how the U.S. Press headlined 
last montb’3 announcement of 
National Westminster Bank's 
plan- to buy the National Bank 
of North America for $3Q0m. 
The excitement was due to the 
fact that only a few weeks before 
the Hong Kong and Shanghai 
Bank (which was loosely termed 
here as a " British colonial 
bank") had agreed to take 
control of Marine Midland, one 
of the major New York banks, 
for. some $260zn. 

Yet now, only four weeks later 
another British bank, has- 
appeared on the scene with an- 

—ms 

the 


acquisition that; in money terns 


at least, outstfips 
previous offers. 

Standard Chartered’s decision 
to buy Union Bank in California 


f„r $372m makes It the fourth 
major British bank to have 
moved the UE. banking 
scene by means of an outright 
purchase (the fifth if Hong Kong 
Shanghai is included) in the last 
five years. In addition. Midland 
Bank has made an appearance 
here, but as a member of the 
EBIC group which owns Euro- 
pean-Arnerican Bank. 

Combined, these purchases 
make the British banks by far 
the most prominent foreign 
banking presence in the U.S., 
though the Germans. Dutch and 
Japanese are also beginning to 
make a mark. 

There are several reasons why 
European and other basks from 
industrially advanced countries 
should be taking such bold 
strides into this market 


One is that local banks do not 
have the market entirely tied 
up. U.S. banking laws are such 
that domestic banks are tightly 
restricted in their operations, 
particularly insofar as inter-state 
banking is concerned- No bank 
may operate branches in more 


provide wider-ranging services. 

Other reasons drawing in 
foreign banks include the 
apparent low cost — in historical 
terms— of UB. assets. The de- 
cline of the dollar has been cited 
by British banks as gn important 
consideration in their decisions 


MAJOR Ui ACQUISITIONS BY BRITISH BANKS 

1973 Barclays — 1st National Bank of Westchester 

1974 Uoyds — 1st Western Bank and Trust 

1978 National Westminster — National Bank of North America 

Standard Chartered— Union Bank 


Railways DM 750m loan 


BT JEFFREY BROWN 

THE West German Federal 
Railways (Bundesbahn) is to tap 
the Frankfurt domestic bond 
market for DM 750m (5375m) 
through the issue of a 10-year 
bond at 99- Coupon has been 
set at 6 per cent. 

The bond will be tbe first to be 
issued for some two months 
following a period of market ui£ 
heaval due largely to unsettled 
foreign exchange markets. The 
Bundesbank continued to pro- 
vide modest support for tno 
market yesterday. 3nd at the 
close the three tranches of tbe 
most recent state backed loan — 
which took coupons for long 
term money down to 5J per cent 
—were still standing at a dis- 
count. 

However, the Bundesbahn 
offering has been much more 
realistically priced, and dealers 
were expecting little difficulty in 
its placing. 

Credit Suisse 

CREDIT SUISSE has agreed with 
the tax department of the Can- 
ton of Ticino to pay SwFr 22.9ra 
in back taxes and Cantonal stamp 
duty on behalf of Teson Finanz- 


anstalt, writes John Wicks from 
Zurich. - - 

The payment consists of some 
SwFr 19m for outstanding direct 
taxes, including interest and 
fines, plus Cantonal stamp duty 
of about SwFr 3.9m. 

Texon was last April named as 
the company through which 
SwFr 2.2bn of clients’ funds were 
improperly channelled from the 
Chiasso branch of Credit Suisse. 
ChiaSO is situated in tbe Canton 
of Ticino, whore criminal Investi- 
gations continue into tbe Texon 
affair. 

Sleigh purchase 

H C. ‘ Slciqh bas purchased 
Executive Air Services Ply by 
the issue nf l.Q3m 50 cent par 
shares, valued at 74.95 cents 
each, to the vendors. Reuter 
reports from Melbourne. - The 
company engages in aviation 
engineering, sales, charter and 
localised passenger services. 

Sleigh said the purchase" wilt 
complement and considerably 
expand its current aviation" 
activities through its Forrestair 
division and the issue lifts 
Sleigh's paid capital to 7615m 
shares from 75.12m. 


than one state (in some states 
they are even restricted to a 
single branch)* and within each 
state there 3re extra regulations 
governing the way they do 
business. 

These regulations, however, do 
not apply to foreign banks. Tbis 
means that while Bank of 
America, the country’s largest 
bank, is confined to its home 
state of California, Barclays 
Bank is permitted to — and does — 
operate in both California and 
New York. In other words, 
foreign banks have a strong com- 
petitive advantage over domestic 
banks, enabling them to draw 
on a wider source of funds, and 


to buy. These banks have also 
been keen to develop their inflow 
of dollars, and the acquisition of 
a ready-made branch network 
in a U.S. state is probably one of 
the speediest and least compli- 
cated ways of doing it 
Not that deals are easy to 
strike. In most recent cases there 
have been special reasons why 
the UB. bank concerned was 
prepared to be taken over. At 
Marine Midland it was a short- 
age of capital, in National Bank 
of North America’s ease it was 
the desire of its owner CIT, a 
diversified concern, to rid itself 
of a bank and thereby escape the 
constrictions of tbe bank laws 


which were hampering its other 
operations. Even Standard £&*:- 
tered’s success Today Was pre- 
ceded some years ago by its 
failure to buy Bank of California. 

Foreign banks eyeing the U.S. 
market have also to consider the 
possibility — however remote it 
may currently seem— of a 
change in U.S. banking laws 
which could work to their disad- 
vantage. 

The growing foreign presence 
here has not passed without com- 
ment, much of it unfavourable. 
The latest issue of Bank Stock 
quarterly, published by Scha- 
piros, the broking firm which 
specialises in bank securities, 
complains of the unequal oppor- 
tunities facing banks in the "U.S- 
citing specifically the recent 
acquisitions by Hongkong and 
Shanghai and NatWest. 

Banking legislation currently 
being examined by Congress is 
unlikely to curtail tbe present 
activities of foreign banks in 
the U.S. However, it is not clear 
bow new legislation would treat 
new entrants from abroad, as 
opposed to those who are already 
here. Tims there could be pres- 
sures on outsiders to get in 
sooner rather than later. 



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 -2-48 781 1 
for a talk with one of our dealing staff . 

To: Cometco Commodities Limited. Bridge House. 181 Queen 
Victoria Street. London EC4A4AD I woUc lil revive vour 
monthly ewwimew bulbim “The Outiwfor Commodity Futures’ 

Mr Mrs Miss — FT^'Z 

Address — — - 


Postcode 


The Commodity Brokers 



Barclays Bank Limited and 
Barclays Bank International Limited 

announce that with effect from the dose of 
business on 12th June, 1978, their Base 
Rate will be increased from 9% to 10% per 

annum. 

The basic interest rate for deposits will 
be increased from 6% to 7% per annum. 

The new rate applies also to Barclays Bank Trust Company Limited 



Reg. Office: 54 Lombard Street, ECjP 3 AH Rep. Wi 4SS39, 9:0880 and n»*ifrr. 


COMMODITIES/Review/of the ^eek 

Coffee dips as frost 


ease 


- i 


£**-■’ 


’ -i: ; 

• , - 


BY OUR COMMODITIES STAFF 

COFFEE PRICES: Tin the London; 
futures.) market fell back. this, 
week as fears of frost damage to 
the: 1978-79 Brazilian crop eased.- . 
The September price, which wqs ‘ 
boosted yesterday morning when 
the Brazflfan weather ofB.ee- 
issued. ^ new frost warning cover- 
ing’ the - next 48 hours, fell', back 
in the "afternoon" io end the week 
£72.5 lower" at £L766.5 a tonne. — 
Last. ' week’s - frost scare 
continued to make- for a neryous 
market: early this- week and Sep- 
tember coffee climbed to- a peak" 
of. £1.952.5 on Monday. But heavy 
proflttakihg.- trimmed .the, price . 
by £260 before : further specula-. . 
tive buying became- "apparent. 

The Brazilian "weatSKr’. office 


E200r 


bow*— 


• LM 

COFFEE 

; 2tfffismox nmiKs 



'Dec Jon Feb Mir AjvMay Jn» 

197T ‘ 1978 


JA 


already been restored to 
greater rale than before the inva- 
sion of the Shaba province. 

\* Dealers greeted these optimis 
• tic rpeorts with some sceptism 
Ho.wever, after tbe recent surge 
in prices it was considered that 
•the market was overbought, and 
. some . heavy speculative profit- 
.. taking selling was unleashed. - 
'This was sufficient to counter- 
act news of a cutback in deli- 
jveries from the Ho smelter in 
Peru, because of labour troubles, 
and a further fall in warehouse 
stocks. -’ Cash wirebars closed 
last night £28.7 down on the 
week at £749.75 a tonne. 
i ;Tbe setback in copper also 

-lowered lead prices, despite a 

- . lifted its frost warning on 'Wed-s . : . ' "eutbaefc in deliveries from the 

* nesdav : nhsht although it- Mad and : quickly ran out of steam fioss smelter in Missouri, jointly 
- r ’■ - that a^-fiew told “front- was loom- when Ghana, and N3geria began ; owned by Am ax and Homestake 

r ink on the BrazilAJruguay selling ’at the higher levels. ^nltig. because of a strike 

r border But the office said yes-. Dealer sentiment appears fairly- zinc values fell sharply- The 
; terday there was a risk of frost in - “ bearish" 1 at the moment and .decline was accelerated yester- 
'• - the' coffee-*rowmg area over tbe many are forecasting further, day when National Zinc of the 
i h weelffi^fhT forecast : for. falla- 1 ... . • . -W45._ announced that ft was 

;% Pararaai. the main, coffee state,.. ..September cocoa ended the* rescinding its went domestic 

•i‘ : -K.ior^rv weatter with failing, week £&5 lower on balance at pnee increase from 29 to 32 

’ HwraSrM - ‘ * £1,637 a tonne following a £21_ cents a lb. The company claimed 

>:■: : ^Washington, meanwhile, fall yesterday. other U.S. producers, who 

-i : the W. Department of Agricul- Sugar prices were boosted, had announced a rise to 31 

JJL w forecast the;. 1978-79 towards .the end of last week cents, were not actually imple- 

: r: wid rffffee crop at 74.6m’ bags :by signs o’f U.S buying interest - mentmg the increase. Cash zinc 
(60 kilos. each), nine per cent, up But as-no actual purchases have l^t £7.75 yesterday to close at 
- on this^easbn’s estimate. Brazil yer resulted, prices have sllpped- SSlt S a tonne, £22 down on the 
, is expected?© turn in about 20m back to their previous levels. : jweek. . . 

■j bags (2Jm up on this season)- The London daily raw sugar Meanwhile. AJti. and S. 

provided there i^ tio-major frost" price ended the week £3.5 down (Europe), the main supplier to 
- i damage during " tbe next .two on balance at £102 a tonne, . the UK market, announced 
^ months • -:= Copper prices lost ground on- yesterday it was raising its 

Tncoa • Prices- were " Httle the London Metal Exchange this , official European producer price 
changed after a relatively. feature?, week. following reports that proyfrom $$75 ta?600 a tonne. This 
— - - - . Auction at tbe Kolwezi mines In - is m line with increases by some 


MARKET REPORTS 

BASE METALS 


SILVER 


Tbe UK monetary coefficient for the 
week Irom June 12 will r emain un- 
Silver was Ssed t<Sn an owice lower Nn , vu 

for soot delivery In the London bullion “j 

market yesterday at 388 2p. U.S. cent *J*L5*J? ccSr Jo» 

equivalents of the fixing levels were: 87 J!5 

spot 526.1c. down *Jc: thrno-month ^ aWSS 

525 4o. down 4.0c: slx-monrh 545.6c. down J™* t ,n lZ 

COPPER— Barely dungad on the Lon- «Jc: and 12-mooih 567.8c. down 4-c. The fft mmuteT" f 

tsvsnu' ! i i r- JS. S 3 SS 5 S 

owl ns io a la* of rnilow-ihrooBh. Tbe 
price rallied to £772 on the momlnc kerb 
but a lower open ing on Comes caused It 
to fall away to £7BS In the afternaan. 

^covered ta^fVn's ^lk« ’ ?88.2 l. 288.45p r-1.66 live for Saturday Jnne ni in order current 

start forward meUl. tveowed -2.55 296. 15 p ^2.15 lrvy_ pins July August and Sept-mher 


WOOL FUTURES 

LONDON— The martlet closed a shade 
higher on nears. Badu Halsey Smart 
reported. 

(Pence per M)o> 


An»1niliHU ll'estenl'jb. + «.r| Bicinew 
(■MuvWuVj. Cl'«e I — ) Uiu» 


SII.VFTK 

per 

ir.i.v ••*. 

Buuu-d ! 
Rxific | 
pricing 1 

i 

L.M.E. ' 
chwe | 

+ _' r 







June-Jnty St .50 Oascow sellers: Kenya 
grade three on quoted 
Barley: Unquoted. 

EEC IMPORT LEVIES Premiums effec- 




on the late kerb and moved even rurther . „ _ 

ahead In after-hours* 'mdinc; where the diii'OIh,,. Sli4.46p. — 2.7' — 

quotation «s around ps. A feature of 2 1 33 L6 P l-5> - ' '-TS 

trading was the heavy borrowing of ca«h - ~ w »« > at-86.Se. nil. nfl. ml .86.19. nil. nu 

metal which boosted turnover to C.125 
tonnes. 


prvntiBRis imetMo In bnclrctr* all w 
units of account per 'onne. i ommon 
S5. nil. nil. nil 186.1 

LME— Turnover fifi <S35i lots of 10.000 Durum Wheat— 7 W. 49 nfl. nfl. nil 


COPPER 


Wirebars) 

Lash 

1 nv.utha- 
Settl'm'ut 
Cathodes 

Cash ... 

S monrbs.. 


n.m. 

Official 


r+ ^ 


749-.S '-.5 
770 -.5 .5 
749.5 —.5 


Sottl'm*ntj 74< 
C.S. StntJ — 


743-4 -—.76; 

784-.5 j 

744 J— r.B- 


p . m _ 

Unofflcial 


749 A 60 
770 1.8 


ozs. Monuntr. Three months 296.T G.f. 

‘ 6.5 6 6. 6.7. 6.6. 6.7. 6.4, 6.3, 6.4- Kerb: 

l-fur Three foontha 296-8. 6.T. B£. 8.7. After- 

noon: Three momhis 596. 6.1, 6.2. «.l. 

— Kerb: Three month® 296 2. 6.4. 6^ 296. 


_ !5 COCOA 

I— .5 Despite modest scale-down consumer 
j bujirc. condlrtoos remained quiet through 


iio. in. ml nil. r.lli. Rye— 60.83. nil. nil. 
nil 180.13. nil. nil. Dili. 


RUBBER 


743-4 +1 

764.55 +1.25 


*66.6-68 


out Med ay. Gin aad Duffus reported. 


FIRM opening on the London physical 
market. Little Interest at higher levels, 
dosing uncertain. Lewis and Pear 
reported a Malayslen god own price of 
233 <227"i cents a kilo fbuyer. Junet. 


tXll/l »A 

YMtarUay'- 

. .Clow ] 

+ ° r ' 

Buirntn 

L'one 

A'oJH.-tntr'tj. 

July ,1089.0-81.0 

—23.75 

1690.0-75.0 


No. I 
HAS 


Previous Yest'rlar s| 
clore i Close 


busJnea 

done 


KJH6.H 1 58.55-59.70! 53.10 

Aug 60.00-60. IO’, 59 50 58.451 rO.lU 

l -)«??•'*-«•» I'gg’+SH J)y-6epr 60.1MD.13. 63.40-58.42 60.60-38.40 

e lUy.— 116W.O.M.O —3-0 1506.0-80.0 Oct-Decj at.9'K2 00 81.S0-6l.3Sl 02.70-61.50 

mnillB in;, io, <— wmigou: wueuart. Julr :Ia75.0-80.0 +11.6:1676.0-70.0 Jfcn . Ur 62 95- i 5 10! 62 55-52.40: 55 70 6IL90 

mrec tnonihfl £770. ,71. Kerb: Wirebars. 6ept hs6S.0-75.0 +5.0 11686.0 Apr^jntf 65.06-54. W 55.4M5.5tl, 44.35-t4.00 

three mouths £771 A 71. 7U. Z M S (LCgi mn of 3 tonnes. — Jly-Sepc, 66.03 66.10 t4.60-M.B5 1 65.75 6>. 10 

TIM— Modestly firmer. Forward metal internal) eoal Cocoa Qraanisation lU.S Occ-L>ec| l6^0-b6^5. t6.73-u5.8Q'i BE .25-61. 20 

feU to £6.580 on the early pre-market cents per Pound— Daily price June S: Jan-. Mar) 67.30 57.43! 6B.80-6f.M) 67.65 t7.6D 


at £743. three months £770. S3, 695. 70.- Hoc ....1808.5-03-5 —13.0. 16lS.fc.05.il 

83*. 70.5. cathodes, cash £74X5, three Jdaieh H T5M.O-34.0 !— 5.5 ;i BOB. 0-88.0 

months £7M. *4A kerb: Wirebars. three 
months £772. 73, 72. Afrernoon: Wirebars, 


owtnc to j&oasOmi* » rise in ware- lto.sS H3M4). Hull cai or prices June 0: 
house stocks boo despite a strong rise in ic^jay average U4.62 (L35.il i : 22-<lay 
tbe Penang market. However, this trend average 137-20 (137 97 1 
was reversed as good Commission House a 
and trade buying pushed the price up to rnTTTC 
£8.640. at which level Ir stayed through- LUrJrUD 

out the day. Prices have risen about „ 

IS5 to £60 .over the week. Turnover 2.435 ’beforo 

_ ~ the weekend^ Drosel Burnham Lambert The market opened 30p op in thin 

or| _ p.m. )t+or reported. Dealers said .that further frost volume. Values traded within a narrow 

” warnings frotn BrazU uvre the cause of range whh waie short covering. Book 

the carb- panic bur as the day progressed squaring at the late session helped tbe 

£ Sellers became more .'ggrcssve and the market to close ou a steady tone. SNW 

+15 market slipped tower gradually, suggest- Commodities reported. 

(+30 ing a rc-appralsaj of the weather reports. 


tonnes. 


TIN 


Sales: 13 full) lots of five tonnes. 822 
i 2 B 8 i lota of 15 tonnes. 

Physical dosing prices (buyers) were: 
Spot 5&75p 157.75); July 57.75p (57JJ5j; 
AUg. 5)>-25p (57.75). 

SOYABEAN MEAL 


a.m. 

Official 


High Grade x 


S months. 
SeRlem't J 
Standard 

Cash 

5 months. 


16760 63 
6650-60 
.6760 

6710-Zfr 

6630-5 




l«ss week. Tbe price- Auction at Kol wezi 


a tonne Zaire was being- resumed much other producers; but so far 
s fuelled faster than expected. Indeed, it; Continental smelters are; keep- 


rallied to narly — ,. -- _ . 

mid-Week hut the iise was fueUeS faster than expected. - - . , . . . 

mainly by speculative- - buying was claimed -that output had ing their prices at $550. 


WEEKLY PRICE CHANGES 


SottiMii’t. o720 
ritAiti K J :S1700 
New York! — " 


pmi. 

I CnofOcUll 


1+12.5 6720-40 
+ 40 (6660-60 
+ 10 

+52^( 6710-20 [+26 
+ 45 6636-40+30 

+ 36 
+.26 


At the dose values were lust off the 
lows £20 dawn- on the day. 


Latest 
. prices 
per tonne 
nnlnm 

stated ' 


. jl" 


1978 



Mat&la . 

ALumnxlarn . s. M I Ltw 

ProBiUrketc-iJ.J 810B0/3O 
; dntirnoity.(«m..Li;W» , 
Fret M»Ekffl(W5si?2.S7WS0i 

? TYltbs Do. Do 

Cult Cathodss...."— 

5 month' Do.i...~™ 

Gold p^roe.Vi 
Lead Gash f ......■+ 

3 months 

m. 

, Pree Market c,-Ktlb. 

PUrinum per.oz. . 

Ffea3EukeCj»r(ft<| £133.3 

■QulBksnvBr '(MIM4i A127-32 
kiivef-perog,— — 

3 months per**-- 


i 


£RJ0 i £S« j "I. tsso 

- I 5W30/40 ] f 1.026 ! 83*6 

- £2.1 bO I £Wfc"J 

_- '^2,700-7Sffl |2,4iM 52,156 


£740.75 i-28.75j £740^ 
£770.76 j — 27.0 SJ&JS 
£7833 +-28J £750.0 
£764.76 t-StJi 
-’$181^26.-3-76 
£311.6 Mm 
£32L76 UU.76 
2*666 - 1 — 
JLSOfiaK-tf.OC 

li.fi 


Wolfram GSL04R),}. 

Zinc cash . 

3 months. 

ProdUGeisl-^-*" 
grains ^ . . 

Barton BBC.... 

Harofl Futures — 

Maizs , 

pMjahSb. 3 XeUorr\ 
(American)) 


-1035 
(-9.66 
IB .’#+26.0 


S130/35 
£31715 
£3Z7A , 


£82.8 - (—0,8 


£10U 


[—100 

-2S0 


VkSS 


£74&76 , 
$140,626 
£303 
£310.89 
. £3,160 

£87 
£87 JS 
5116/26 l*13Z£ 


£778^5 { £818 
£788.75 ! £824.16 
£773.6 - £8®J> 
£783.5- £814.75 


SltW^S 
£364.» 
£380^6 
£2,606 
S £.0 
£1205 
£138J 


S166J26 

£2MLK« 

£2.666 

81J<> 

£96 

£96.4 


SfA£p 
260.5u ■ 

rEBjSEfT 


&BJ5p 

S».85f 

£6.76751 


SSr^aarsiam 


S178A8 

£207,75 

£30SJ5 

5700 


£ SL06 


£88.75- 


5172.5 

JE339A 

£349^ 

96W 


£87.' 


,76 


£106.75 


$130.5 

£237.75 

$580 


£70.06 




la teri 

jm'ees 

per tonne. 

.unless 

-Slated 


Fj 8 ! 

on 

week! 


Wheat . . .. 

.Vo. 1 Eel spnag-J £98.75 

Am BhmI 

Winter. 

Ena MUilnft l new crop) £W4^j 



Pepper. White- 

Black — 

&,u«PhilipTio{-«»0 F— 20-6 
GrrundPHt 5S-.-. 2«0 . MOh 
Lia^coL Crude..— - £38S 
Palm UabS«i...-j- ,$696 ! — 18J)| 


5.060 

lUflfi 


Seeds 

Uopta(PhUipptfies) 
dc>viUieau> tL.b.J.-T 

Ocher 

cSodiliea 
Cov.-oH shipmeiUa- 
F'mLD ‘1 Vea 

PKfore* July 

CuttuD lnde* - 

Deft. CbBOBOJ-v-MJ 

JutoUAbU Lmtle 

llubbcr kiln — 

SsuoPwri.- 

Sisal Na 3 L 


SWA 

5281.6 


Yew 


1078 




£83.46 

£83 

£4^50 

$2,800 

52,400 

?S70 

£610 

£413 

5640 


S466 

.8341 



Low 


£SL0 
£«J4 A\ 


£Uix 

£8Lb 

£85 


£4,5001 £4,000 


53,400 

52.460 

8722 

£763 

£385 

8640 


8400 

8313 


82^0 

51£Tb 

8632.5 
£687 . 
£268 
8493 


9372.U 

82J* 


SuKarlmwi 
Tapioca So. * 

^TiquaUljl k1k).4 l«p 


(plain) IriKt 


*£1.736 
■ CUM 
£1766.6 
7l-46ci. 
£846 - 

6B.76p 

Bias 

S6S0MO 

£102 

£175t 


'.--■J . 


82p 


Wdoftom.P4» Wstplafri aimj 


h7.0 

+ 0.6 


+16 


-3fi 


+a.o 


£3,036" 
£2.763-76 
£2,707.6 
. 73£c_* 
£750 
t 

48.6p 
£204 
saw 
£116 
£190 
. t 

283pHlo 


£2,lo& 

frL962J 
l7Ltac.1 
*.-760 

68.76 u 
£ttl 
3666 
£1W 
£190 
WOp 
, Mp 
l283pkilni287rkito 


£ 1,611 
£f.43b.c 
Xi:iOS 
dljibc. 
£806 
8437 
43Jp 
£177 
56 ZTJ\ 
£94 
£172 
127d ‘ 

S2n 


Morning: Standard, three mamas £8^80, 


Kerb: Standard, three months 16,635, 40. 

LEA O— East or. - Tbe weakness of zinc 
saw forward metal drop to £318 but the, 
price then rallied to dose at £526.0 on 
Hie late Kerb, a fall, on the week or 
about £18. Turnover 3,950 tonnes. 


COFFEE 

Yesterday’* 

- Close 

+ or 

Btumeae 


£ per tciue 



July. — 

tj+ptcinber .. 
November... 

Jamiarj' 

1845-1855— 17.5 
£766.17681-17.0 
169^-1«95-19A 
1620-1650,-10.0 

1960- 1546 
1848-1756 
1775- 1685 
1710. ?£25 


1620-1560 

15001570 

-15.0 


July 







Vmeiduy, + or j 
Close ( — 


business 

Done 


June jtzl.Ol-SLB +.05 i 20.70-18.50 

August . I2SEL23.8— J.5 j f5.5j-i2.flj 

Oi-tober 'W4-50-24.6— 0.85: i4.6J-I5.50 

DtfCTnber ,...j 1S4.8 4-25.0 +0.97. 25.0fc-24.B0 

Fetjrwrs-. ....| 126.3 J-2bE —0.65; — 

April -..I126.0J-JL5 +0.6 ! — 


Sales: 60 (329) lots of 100 tonnes. 


SUGAR 


LEAD 

n.m. 

Official 


Caab 

£ 

309-10 

£ 

-7.76 

i month*. 

32Q..O 

1—7 

dett'lm'nt 

310 

-7A 

U^.Spor. 

— 



p.m. 


Gnofndalj — 


ICO Indicator prices for June 8 (U.S. 
— cent per pound): Colombian Mild 
i+tw Arablcas (180.001; Unwashed 


Arsblcas 188.06 (same); other mild _ 

Arabics ^ l<+£7 077.00). Rob list as 160.00 how reported. 
5 (162.001. Dally avuraso 187.34 (189^0). 

i ARABICS— Eaged on the close after 

1 earir sioadinuis. Volnme was again 
I,,, -poor. Drincel Bur hham Lambert reported. 

Prices 'to «der, buyer, gellen-Jnne 
— 2<aJ»M.S0: Aug. IW.OMJ.W, IW. 0 O; Oct. 

Morning: Three months ms, 20. 20.5, Uiwuoied-SS.D, — ; Dec, nnuuOted-78.00- 
21, M, 10.5. Kerb: Three 


LONDON DAILY PRICE I raw sugar) 
£ 102.00 tsamei a loose cil for Jone-July 
Shipment. White sugar dally price was 
fixed at ail. 00 1308.001. 

Afler opening at about overnight levels, 
prices drifted in quiet trading, C. CaamL 


£ 

311-2 

321.2,5 

31-B3 


diuiar 

Prot. 

Vest ertny's 

1 

i Previous | 

i HuEtneBs 

Cotmn. | 


Close I 

Door 

Coon- J 

CtotB | 

1 

P 


July ...K35.0-55.0 '+2 A 

Ovtoi+r 242.0-88.0 +1.5 — 

L>>xen)hcr...U45.O-40.O 1 — 0-5' — 

.'Irnr-ft 248.0 46.0 :+0.5' — 

Msv 1-J84B.IM5.0 \ I — 

•I ul.v...., ..._'.K48AI^G.O [ 1 — 

i.Ht-t-cr UoO.0-47.0 { — ... — 

Deerii.l+i ..(252.0-48.0 1 1 

Sales: nil (2) lots of 1.500 kg. 

SYDNEY GREASY— i In order, buyer, 
seller, business, nales t— Micron contract: 
July 3».fl. 349J. M».9-34&.3. W. Ocl. 349A. 
3S0.5. 350-0-349.5, 29: Dec. 353.5. 354.0. 
354.5-353.6. 30: March 358.7. 359.0. 339.0- 
33S.8. 24: May 382.0. 383 0. 382.2-362.0. 11: 
July 3M.S. 8B5.0. 38S.O-365.0. 36; OcL 35S.8. 
309.0. 369 .4-388.0, 28: Dec 371.0. 372.0. 
3D -5^72.0. 12. Total sales- 214. 

MEAT/VEGETABLES 

MEAT COMM I5$l ON — A verage fatsiock 
pnees at representative markets on 
June 9. GB cattle 7D.«?p per ks. l.w. 
1+0.55). UK sheep 146.0P Per kg. est. 
d.c.w. I— 5J»i. GB pigs 5S.Sp per kg. Lw. 
I— 1.2*. Eagland and Wales— Cattle num- 
bers down 3W per cent, average price 
70.73p t+0.63 1 : Sheep down 21.2 per cent, 
average price I46_2p i-4S>: Piss down 
3.0 per cent, average price 55.3P t-l.5>. 
Scotlaed — Cattle numbers down 2L9 per 
cent, average prfoa rn.ur p t +0.31 »; Sheep 
up 12.7 per cent, average price 135.4p 
«-7.4>. 

COVENT GARDEN (prices la sterling 
per package except where slated) — 

English produce: Potatoes— Tor 56 lb. 
White /Red £.80<L30. new crop per lb 0.08. 
Lettuce— Per 12 0.40-0.50. Cos L20. 

Carrots— Per bag 1.00*1.40. Onions— Per 
S6 lb 220-2.60. RUuParb__Fer lb. outdoor 
0.05. Cucumbers— Per tray 12 / 2 4s 1.50- 
1.S0. Mushrooms— Per lb 0^0-0.40 
Toma toes — P er 13 lb English 2.6O-2.P0. 
Greens— Per irate. Kent 100-1.20. Cab- 
bage 1.50. CaUflw— r» Per 12. Lincoln 
L80. Kent 3.00^.60. Celery— Per 121S 
2.50-3.00. Asnaraaus— Per bundle approx 
J lb 1.00-L40. Strawberries— Per i lb 
0.154U8. 

★ 

GRIMSBY fish— S upply moderate, 
demand good. Prices at ship's side (un- 
processed) per none: Shelf cod £3.70-14.40. 
coinings X2.5PJ3-M: large haddock 24.00- 
£4.00. medium f3.40-E4.00. small f2.oa-f3.DO. 
large plaice £S.70-£4J0, medium £3.70-14.30". 
best small £3.00 -BM: skinned dogfish 
(large) £9.00. medium £8.00: lemon soles 
£4.50 (medium): sal the n.6D-£2.40. 

★ 

LIVERPOOL COTTON. Spot and ship, 
mem sales amounted ip 02 tonnes, bring- 
ing the total for the week to <31 tonnes 
against 463 tonnes. W. F. Tattersalls 
reported. United dealings occurred, 
with only scattered support from 
customers. Most Interest was displayed 
In African and Middle Eastern Styles. 

* 

LONDON PALMOIL Closing: June. 
July. Aua 306.UO-3SB 06. Seo< 290.00-330 00. 
Oct. 29O.0O-3te.OCi. Nov. 2SO.00-315.00. Dec. 
230.00,310.00, Jul and Feb. unflutrted. 
Sales: nil. ' • . . 


INDICES 


£ per toon u 


months £320. 176.00. — ; Feb,. 170 , 00 . 74 . 05 , 1753 ); April All" ;1L5.10-L5.zer UM.80-U4.85!lC7.Ba-a4.5D 

2L Afternoon: Cash’ £31 L three months I83.omnoi»t8dt June Ifll.OO-unquowL Ocl — fI07.fl5-t7.IBf 10C.8tMT6.Sw |l6fi.2S-56£0 

Kerb: Sales: i m lots of 17 Wlos. “ 


£333, 22 . a. Ml. 19. M. 515, 22. Kerb: Sales: S f «l lots of 17J50 Mos. Dec. ....jllD.lB-IDJS 110.011- 10. 10 111.00-18.00 

UarBe-momhg £322. a, MA ’ • ’ ' ,Ma»cfa .j 118.1)0- 18.0a 11B.15-lS.2aj 119.50- JD.0D 

zikoo* Ato «rn B GRAINS aS— ‘S-SEStS S-Stfs-f* 

"w "n77 wn+mi'c? .lCT.roa.alu7.7mj_ _ 

petered out ta the afternoon, however, Kraimlateil basis white sugar was £242,40 

with forward metal easing afresh to close and 30-40 lower on. barley, Adi reported. IU „\ _ lnnn _ fnr 


with forward metal easing afresh to dose 
at £328 on the late kerb— a fall on the 
week of around £22. . Turnover 4 ,550 
tonnes. 


Z1KC 


.a.m. 

Ufflvtftl 


H" <* 


£ 

319-.5 


329-30 1-7.751 327-S 
319.5 . 

29.31 


p.m. 

Unoffidni 


V 

317-8 


t+w 


j-7.75 

f— 8.25 


WHEAT 

‘ 

RARLEY 


Yc*t«day'v 

+ (* 

l’e*teniayV 

+ or 

il'nth 

mate 

. — : 

• cto-c 

. — 


85.85, 

-0.15 

Su.2J 

{—0-50 


88.1a ' 

—0.2ft 

82.80 

-0.40 


SQ.B5 . 


85.5a 

-0.30 

Mir. 

93.60 

^D.1ft 

88.00 

— 0.36 

MbY 

96.05 

-OJ0 

Sl .40 

-0.36 


(same) a tonne for borne trade ud 
£ 182 . oq i same) for expart. 

luternatteual Sugar Agreement: Prices 
Tor June S: U5. cents per pound fob and 
stowed Caribbean non— Dally 7.45 77.44); 
15-day average 7.41 (7.40i. 


JUTE 

DUNDEE JUTE— Cafet. 


Prices c and 


■*Tji»ndwd.' ‘NomlnaL o Madagasat^ 


OaiJi J 

9 raooths.j 
■i'mem — . 

nji~~i L n.lnii"" 1 t'nn^ ^' *^«336iTli53 BTB wV nCfwi'BTD ' C^Wotti 

omcS^tosT^ t ° nwVm Sales; 47 lot*. BBods steady. Qnntatl mu c and t UK 

official cion, t SN oer otcui. Barley-^cW- B0.4M0ao. Nov. 83.0M2.b0. for prompt shipment 10 or 40 Inch J3B7. 

Morning: Cosh £319, three months £327. Jan. 5 j.w-w.«, March nil, May &1L Sales: 72 az £721 per 100 yards. June £9.04. 
28, 29, 30, 28JS. 30. Kerb: Three months 42 lots. • £7.75. July-Sept. B.7S. £7.63. B twills: 

£330, 31. Afternoon: Three months 1320.5. ' HGCA --‘sf -«nn root prices for June B. £27 J6, £27 J«. £27^5 for the respective 
28. 28. 27. 25, 2*. 3t5. 27. Kerb: Three Feed ^hCaahirei 197 .M. Feed shipment periods. Yarn aad doth very 

months £326, 255, 28. 28.5, 26. bartoy: ReQI Lancashire £3355. quiet- 


FINANCIAL TIMES 


Jhnc 9 J June 8 

Uonrh n<:ri 

V?a»- tJ" 

246.33. 248.80 

245.61 | 

255.56 


<Base: July 1. 1 952=100) 

REUTER'S 


June 9! 

Jyn^g j.lii 101 ij h^i 

l«t BL" 

1525.0 

1522.8 1 1458.7 

1616.9 


OOW JONES 


Uuw. 

Jnne 


June 1 Juus j M.niTb] 
. 9 ! -$ 




vpw ..,,!357.8 1 388.66 357.06411.76 
Futii^ l36Q.iq|5 flg^6 547.49 3S4.M 
{ Average Hrt4.4»iR= loo) 

MOODY'S 


I June 
Slocriy’a j 9 . 

■fpie 'JniuniM-teeo.g 


June 

B 


«0Z£.4f 


U-HII 111 


I/- 


909.9 05?. 4 


(DMmnhrr n. ias) = 1*»i- 


beeebbbbi 

Copper and 
precious 
metals ease 


NEW YORK, June 9. 

COPPER BACKED and filled to close 
lower on local and Commission House 
activity. Precious metals also closed, 
easier on Commission House liquidation 
and ebarust selling. Bache reports. 
Coffee dosed sharply lower on continued 
Commission Bouse and speculative 
bauldau'on. Grain complex cased on 
renewed Commission House liquidation on 
prospects of . better blaming conditions. 

Cocoa — July 131.30 U3C.G0I. Sept. 127.73 
«12SJ0). Dec. 124.00. March 121.50. May 

119.90. July 113.35. Sept- 117.00. Sales; 
32S lots. 

-Celfee— C ” Contract: July 17).(H) 

■ 173.30). Scpi. 102.00- 183 JC / 183.00). Dec. 
153.5D-1S4.00, March 144.00, May 140.50 
asked. July 139.13 asked. Sept. 140.00 
asked. Saks: B 2 D lois. 

Capper— June 63.00 i63.40i. July G3.40 
4*63380 >. Aug. 64.00, Sept. 84.50. Dec. 60 — 0 . 
Jan. 66.70, March 87.70. May 09.70. July 

69.70. Sept. 70.70. Dec. 72j». Feb. 75.60. 
March 73.69. Sales: 6.000 1ms. 

Cotton — No. 2: July 5S.9I-59.WI >39.331. 
Oct. 61.50 (62.00), Dec. 63.01-63.10. March 
64.10-64.12. May 64.70-M.90. JuLv 65.30- 
65.60. Pet. 65.SfrA6.2Ii. Solas; 2.530 Jo)*. 

‘Gold— June 151.50 MS* .00). July 1S2.40 
nS2.90», Aug. 183.30. Oct. 1B6.20. Dec. 
189.00. Feb. 1«J0, April 194J0. June 
197jJ0. Aug. 200.80. Oct. 203.50. Dec. 2M.S0. 
Feb. 209.80. April 212.90. Sales: 5.137 lots. 

tLanf— Chicago loose not availahle 
■22.50'). NY prime steam 24*5 traded 
124.00). 

tMalMS-July 2551.2561 (2571). Sept. 5571- 
259 i259 1 . Dec. 260+.2«0i. March 267-267i. 
Mav 2704. July 271. 

iplatlnum — July 244.50-244.90 '244.601, 

Oct. 243.50-246.00 (245.30 1 . Jan. 245.50. 
April 230.70-230.90, July 253 "0-253.40. Oct. 
253.30-233.70. Jan. ^.10-256J0. Sales: 
1.073 lots. 

rsitvcr— June S24.S0 1 527.70). July K7.S0 
1530.40). Aug. 331.00. Sept. 534.30, Dec. 
516.10. Jan. 550.00, March S5S.20. Mar 

566.70. July 573.50. SepL 584.40, Dec. 

597.90, Jan. 602.60. March 812.00. Sales: 
6.500 lots. 

Soyabeans — July 689-691 f6S7'. Aug. 6S0+ 
RS2 1 631 1 , Sent. 662. Nov. 635-635. Jan. 
640-641. March 6471. Mav 851-631. July Cel. 

IlSoyabean Heal — July 173.90-174.00 
1172.90). Aug. 173.50-17S.S0 0 74.70), Sept. 
iTSjO-ITfi.Ol). OCL 174.00-171 JO. Dec. 
171-20-17UO. J.m. 171.50. March 173.30, 
M&v 174.30. July 176.00. 

Soyabean Oil— Jutf 26.00-25J5 ( 26.03). 
Aug. 23.SD-23.4fl 123.S0). Sept. 25.00-24 .9^. 
On. 24 ifr-»4.?S. Dec. 2.159-23. Jan. 23.15, 
March 23.1)0. May 25 JO. July 22J0-2OZ0. 

Sngar-No. n- July 7JS-7.39 t7.30i. 
Sent. 7J5-7.57 ( 7.50i. Ocl. 7.6^7.87. Jan. 

5 )3-6 JO, March S.42-S.44. May 3.57-3.60. 
July 5.76. Sept. 8.05. Ott. 9.10. Sales: 
3.025 lots. 

Tin— 552.00-343.00 asked i334.fl0-3SS.06i. 
•"Wheat— Jul? 317-31S <3241 1. SeoL 3191- 
3IS) i £61). Dec. 324-323. "March 324, May 
222. July 3191. 

WINNIPEG. June S. ^i-Ry e—July 107.20 

■ 107.40 bid). Oct. 106.40 <106.90 bid), Nav. 
105.70 nmn.. Dec. 1M.5D. 

tfOais— July 70 AO (79.80 bid), Oct. 

76.00 asked <78.50 bid). Sec. 74.50 asked, 
March 75-10 asked. 

ttUwley — July 77.70 (77.001. Oct. 77.80 
<77^0-77.60.1, Dec. 77.40 aa&ed, March 

77.00 nont- 

51 Flaxseed— July 261-50 i2slJ» bid). 
Ocl. 281.30 affced '2fliJH) bid). Nov. 259.00 ' 
ertr-d. Dec. 557.70. 

tfWhcal— SCWRS 13.5 per cbM protein 
rontonr df St Lawrence 183.66 <184.71 >. 

All cents per pound ez-warehousc 
unless otherwise staled. *S s per troy 
owicen— ino ounce lots. tChlcaso loose 
Ss per lQQ lbs— Dept, of Ag. prices pre- 
vious day. Prime steam fo&. NY balk 
tank cara. * Cents per 56 :b bushel n- 
wnrohousr 5,000 bushel lots, S$s per 
iroy onnu- for 50 oz units of 90.9 per 
r«?nt pu-f» d-livercd NY. 3 Cents per 
rnv uun-v warehouse. | New " B " 

1 otur -. • >■■ p short (on w bulk lots 

.1 ion - -nns delivered Tto.b. cars. 
i'h-. T-’.-in a. Lorn* and Alton. 

■<- r> n-s r> rn ih bnshi-l in store. 

- 1 - - • <»- ltii*h ■! 1 * C'-ntg per 

k 1 • h -- , »s<. ('fills per 

• 1 - I.W bushel 


-,V 







financial Itoes Saturd^ ?tme 18197$ 


BRiTSSH: FXJKOS (TfT) f JSSSS 1 * 


VUK Ami. 19V0 'S.'S 
2«fc Brftlih Transport Stk. 197B-G3 61® 
if® >«® 60V*4 2 •* <«t *; 1 : * i’ll 1 v 

2iiPC Cons. 5:k. 20"» 

*5C Con'. In 33 1, 1 ? 2\® VS SN V 
J 'uBt Can#sn. Ln, IJ'4® •»■«# '» d> '■» 

3pc icieaufr Stk. 36© 5 k3 6-: 

S3 Sort's -■•: ■’ n 

_ Exchcnivr Ln. 1996 103'-:S J *-® 

3?%tchfaacr* Stk, 19B3 BO ■» '-4 H >:t *: 



3oc £/<hwmer Stk. 1963 80 '« U b ; :- 

!*,- I:,, ■ 

t >jpc ExthemuOT Stk. 1963 90 ' , -a •‘k.® VS' 

1 -sc Exchcauer SrA. 19B2 9Z>*® '.i "i, '■> 

3it(K exchequer Stk. 1 99S A 32-}-: »i» 
Ah 37.&41hS >!,(,: 37-641*15 41-64thj 

21-6«ths 

9>:0S Exchequer Slk. 1991 9S# 
lOVaPC Exchequer Stk. 199S 67 6>s® 

7\t -•, c: : : O'-i V 

Iff:- DC Evchecuer Stk. 1997 671*0 V® Ml 
fi"j 9'-9 - ■: 8 ‘j P : 

IZpc ExChccucr Stk. 1998 94>’io® '-'io® 
S': 6 5L>.» 4 is,, 5'» >4 
12 >4 PC EtdiNiier Sck. 1992 1QOV* J® V 

12 'idc EJKheauer Stk. 1994 109%® 2‘s 
IZ'ipc Exchequer Stk. 1981 104'.® *4® 

:\i® 4% 

13?c E.cheouer Stic. 1980 104 4® 3 VO 

S'.DC Vundinp Ln. 1978-80 93V# to® 

V <: % 

SliK FjnCIng Ln. 1987-9 1 64 '4® 5U *4 
1. 

Ecc. Funding Ln. 1993 61 >® 2® <■ %: % 
a»rtX Funding Ln. 1985-87 77'*n® 8'« ^ 

% % *4 

3ijce Funding Stk. 1999-2004 35 M- 6 
5k 

5<z9c Funding Stk. 1982-84 81)4® % ': % 
la 

fiupc Trvliury Ln. 1995-98 61 M) 2>, 1. 

s» 

7VPC Treasury Ln. 1965 - 88 Mkf 34- >! 
k U 

TkiPC Treasury Ln. 2012-15 68® *: 

BpC Treasury Ln. 2002-00 €9® 8';® 70% 
14 

B'.pc Treasury Ln. 1987-90 78.1*5 ij® i ; <: 
t; 9'a )» 

W:PCLn. 1930-32 92'*® )'•»: ». ■? '« % ».» 
8i;pc Treasury Ln. 19B4-B6 87'.® 7® %. 
S M 1 •- 

Bi. pc Treasury Ln. 1997 76 L® 7*. '« 

9K Treasury Ln. 1994 7BI-® Si..# 9‘: 
8 'm 9 

9 PC Tr-jaiurY Ln. 1392-96 76'-® %® 9'. 

M- k '■ '4 

**-o« Treasury Ln. 1999 77-1 8% 9 • 
•V- 9 S' 

12PC 1 Tre’Surv Ln 1983 101 '4® ''-..a' 2 1 * 

1?';PC TrrWJr; L". 1993 97'"-. 1® *,® 

Pk •. •. ‘ - 

12' •%- Tr-;s<.i-i. f *90’ «9::n '.;Ji - : - 
106*, -, I, •, 1031,: S', 

’1'.* Tre.v.u-.- L- 1931 lOO'-# U® '1® 
■- ' 1 • 

II'jd: 1997 10f;O 91- V •* •; n» >4 
IT'.oC Tr-*JS'.'i-v Ln 1?93 105 ’‘■■V : .-® 7. 
I® 

14::pc Treasury Ln. 1994 luv® 's IS 1 . 

!- % 

15 . DC Treasury Ln. 199S 11C-.® ■»* 17 '■ 

I, '« ■- 

15 - ;dc Treasury Ln. 1998 120 1 O 1% I; 

2 - -"c Tressu-r S;nc‘. 20-.-' '-O U % *4 

js>c Treirur, 5-1:. 22* n 4 *» 

ISC T-nsjyr. SsotV |C-o ?=•, %. 

3nc Jrltilu;! s:«f 1982 83 ‘4 M<y 

Jkacjremri Sleek in77-aQ 92*-r- ■- % 

I- cc Trc-.-"irv STxi 1979-fll . •. 

Set St?.:' CS > -2 6 5 6L S'. 

S.-=C Tr^55-r- Sleek 2eot 7>r, a. ... 

8 ~ Tre -■'••- • I---* 90' C ' . 1 I?'. | , 
gijD-: Treasury S-OCk 94 4® >4® 30» t s1® 

4 IT 1 . 5 S'. 90'.: 4'. 

9--pc Trca-vry S'.of 37 ® 6‘ >. .. 1 7'. 
9' 4K Treasury 71, 6 7., 

10dC| Tni'_ ry StaC- E7 -.fl 1 ' , .3,® 8 , •. 

15 K Tri-csi ry S:o.:L 1078 100 17 -7,6' 
IO'idt T'eT'urv S:'.' 1 : ’T? 10a • • ■ 

lfl:;3c Treat urv E:c:k 19?? 92 >■. 6 1 

11 rcT'^Mr. S:-ri :>■■■' 1311 • • •. 

11 '-PC Trvasur « Stock 1T3i I0SC ' “ 
lOS’.y® i- -. 41.6J-W 31-satr* 

Il'tt Treasury Stock 95 •: 5 •. *. 

I; 6 3 4 

12« Tre-.nir» f:«ck 9:>"- t® 9 ,® 5 il 
100 i; 94" t ISOL »( 

13ec T-v.i-iir, S scs 10V ;i>„ 3‘. • 

1-‘n< TriM'crv 5-;ct- ICT’.t 6- -Z 7\*- 
6*-® ~ 7 •, Si.- 

9oc Treasury Cn- . Slocl 97 1 ® V.® 1. 1. 
Var-an'e Pa:p Treasury Stcck 1971 W-: 
Va-.it.-o Rat* Treasury Stock 1 D32 95' -y 
S'*o:"war '. i.i 1 3S 1 . •• >- % % >. v 

k-csh^!w:-,;,:( l -DC 35: % i. 4 .-pc 

Br'-.-.h Gas 3pc 4 3’.r. -.® 4% 3 1 . 4 1- 
•- - 7" 

h'rr“- <1 Scutari Hvd-j Jac 09 r 
kt?" # ".:'n lre-'.<”l 6.;--: E'cketucr 91 . 

?->: 77 - 

3 pc R.>:-~:-.nn r.o'’. 4 J". : 

c^iT-v-r^iiNS r.^ 

FPtE OF STAMP DUT t 
Lo-idin 2-:n d ^ .,c l.. Jb: 22 

V - -. is : 7 3 ; 4 • t 5/. 5 • aic 77 . . 1 
£5 4 : £ro C.4.--4 .S' a - iC l 'a i. 
D- PC-57 66 4® I'i 61. 6p: 92 b -PC 

6» 7'j 16161 

Core, cl Lsr.jcn 6 ;sc 7S-7 8 9S i:® 

■••• -4/Si. Dc. c0-c2 c 2 -j 9 rPC S7-. 
'4 qi IS'.sc i :3 -S -1 
Greater Lor.oon E '.st 64 ';® S'j 1' i , 
9L;* 95 41- 16 ot. 9 L-.SC 93 j 1- 6>. 
12 ;0C 19.2 l-jl UK 1®. E', litl ICS 

Barnet Cera. I2'.pc -F.RJ 9'-i 3' 4 . Do. 
•Iss. at LOepc-ilO 61- 1 1 I'i 
B atl 1 ' :/ ill 11 40C OS': r€ 61 
Birmmg'-am Cars SCyDC 55 1 7 5) 
8irtn,nah."n Qist. Cn-:l. 12's-x TOO'a 

Hc-itl; Cera 7 -DC 55 ; v7.6i 
Erigeten Core 6':Ft 96’a 7 '6j 

Eritci iC'tr c.1. IS'.ac IC-t'i 
Bu k'-iglw-nsWre Counlf C Ou/k-I 9oe 35 
ISIS- 

Cardiff C.t* Cnel. Ilpc 93'- (8,61 
Cardiff C7-t. 7sc 24L 1, 

Co.-MSry Carp. 6 pc 9Kh I6(Sl. 7cc 99: 
’S 6/ 

Crcvdsn Core. 6 ‘.on ;6' 4 >6 61 

Edi'.t jrih C>t» ot ICO 22-Baths *1 

13.64!*is 21.64*hs i. 

Ed •-burst’ Cc.ro. 6'joe PTI. 17 6) 

Gl’igow Cere. S’ro c 91 ». 

Glcc^esurshir’ County Cnd. 5 Let 91 % 

Grampian Peg. Cnd 10 .or 95 f7»61 
Gr-e-vnich Corn. 6'.3t ®9‘» *2 61 
Greyniy ch 1 London Borcuift of' 11 4 pc 
f.t- 3 -' 2 e Do - nss £?9=c-fi£0hc ca: 

*•& 'i f . 61 

Hammer-m th Core 9':0C 98 (E 5) 
H-r1'ord47ir... Ccintv rr.l. Si.c- 30'.® 
5' a -.c 75>r -S6i. 6*jf: 74'- *6 6i 

Isl-nuton Coro. 1 0oc 93 (6 6« 12'iOC 
'0'1'4 '7 61 12'1,-c 1 02 

K ?7l , «W f - 1 ^7 < 6 < | i " 1 fPP ' 11 ^ ncP<, ,,195:s - 

L W i X& J&y?:*' 9 " 7 *' s6 ' : - 6pe 

Lecdl Ccrs. 7':o-:Rd. 11977-78' 99*i» 

LI/ reool fCl 1 3 : ;C-5t* . C19SH 104'- 
Lly-rpocl Coro 2':7cB3. il'jZIi 16-: 
t5s'. 3':rcS:k. 25': la oi. 3i;ccP.d 


, eofeso : , c <19831 91® tB.Sl 

1 Mcrn ll .T.scrltBi Co. 7pcRd. (1976-901 

* T “ *j ■ {• *> 1 '■ ■ 

J. ■‘•-Jcc'i * vet.Br.l ]<i VncRo. (1989' 96 

£| C iti Cr:“ S :=CRd. 11986-861 61 f8-6i 

5t: t -e-^oit-Sca Corn. S'aucRd. (1981-03) 

SiiTfiea-i C£ f .=- fi'lDCPd ■19S3-66»75iiS 
S * 7. .-791 9BV (66>. Illjpfad. 

05g«-* s ' 97 l2 J 

St-.-ta cc r -^W* I Cl 977-79* 96?4® 

S-J.-ii-:rl4nd IE : -> IJiaoc «d. <1934J 99>« 

Sv^-cv Ct- 5dc R d. riS7B-(Ml 91': 

Swansea C-tcd. 3'jpc 23 ■« fs fei 

T. -neside Mitro. Br. ICSpcfid. l19B4-85< 

'll 66 ' B7 * 

V?il-mirltcr C, <C) ^tspcRu, (i9flii 102V 
(SS' 

SHORT DATED BONDS 
FREE OF STAMP DUTY 
9-.PS 8-SS. 'lyCZS 1 yJO'i*® 99»',« 

IOdc BdS. »2E i7|i lOCHui (5 6t 
Srt ‘=17 8- 99.69 99. BS 
B'.pe Bds. ' 5 9_/ B]_ 99 '-4> 

6'" pc BdS. -Tjf'ls) 99'i» r®6) 

6 .-PC Bd'.. >’5 1®3« 9B"i® 

6‘.pc Eff'- 1 1 1 7? ' 90 1 '!-.® 

6'mc Bd'-. .S'lt 78* 98"-® 

8 -pc BPS. ■ ’3 12 78* 99 V '7 61 
7- pc 83s. - S2‘J 33* 9 5'» 9 ’"* 

6*.3C Eds. >1* 1.X 9 ' 98 'h® H® % 

Bee Bd- *1i 2 ■ M’w fS'61 

7', oc 8*. :23 u 79t 98 ■« 

lO'.DC bi* 13 8-79' 100J* 

PIULTC BOARDS C19> 

FREE OF STAMP DUTY 
Agricultural N'ort. Corp. 5<:pcDb. T9 80-85 
•74 ■* a. € ,-icDb. 55': iS b'. 6% 63Li 

rr 6-. S^PCDO. 88*4 I7.6L 9I T pcDh. 

<1951-63: 5! t7>6l. 9>;pcDb. 19B3-86i 
36 .-. S'.pcDb. BS'i iftS* ■ 
rlnarcc fer IdduslTY ■ 'ISpCLn. 102%. 

14pcLn. I OS *7-6* 

M* trap: litan Y.'tr. | 

Ciu. :’'/e a'tPCStlc 87.'42 *i® iB'SI 
Autbv. 3*ipc5tk. *18 iS'6>. 


.C ; 10J 

2 5i 

lEui 


Flnarcc 

■ i. I os */ o 

Board Mel. Water 3 pC 
Stk. :?UO 5’t PCStk. B7.'42 WO tB'Sl 

Per: of lerdsn 

F "• -.-Peg 5*.‘- J3 tT.t' 

Part ol T-re Authority Mortgage 17 B 
jr>5' 

COSDinNM’SALTH GOVTS. ■ (2) 

REGISTERED AND INSCRIBED STOCKS 
tu t.-ai -. •C-»"rfltli. cl • S :pc 1975-78 
gq T c - 5 :0C 1976-79 95-; '7 6' 

£ -u- :977,i5 92>; 4516' 5‘:P<1931-J2 

S4-.3 or: 1977-80 89': <86. . Bpc 
: : 7pc 90"® iB^' 

G-lara 5 PC 64 f7'6i 

£5 S | Alnta Hisn Comm. iRIwyl. Hbrg i 

Ja-i'a^r' Spr'a-J W'S'- Supc 38% <T 6>. 

Tec 13' -7 _3'_ 

he— *a 5:- ". *-'61 

*.---. Z»all - 1 3% pc 82 >4® f?*6i. T'.pe 
55 T : fi 7*:pt 81 ; <6 9< 

Sc tr.'ic. Fi:a?^4 4:;Pc T97.-82 62 

•5 6 4 :e: 1?S7-92 49 «5 6'. Spt 74 

FOREIGN STOCKS (4) 

CCUP-Z-m r *->AaLC ir: LONDON 
a-i^n.in TeiSe tlemertLn.1926 6 7. Do 

- . n-TSi.-.t- .sa:'3nLn,1923 8 

-.,n -; S-iC.t dEd*. 1 32S DrawnBdi. 8 
'■ii' |.-.r Cr"i.R»h.tShang.-Nank.i 5 pc 

•j“-c 3*34. -C * S tii 

Irei-. - 4 *Rep oi* 4i;PC National Ln. 9Bt; 

il'-Xntav T :r?ds.- IA»d.)' 95 *5|6> 

CSR = No::: 1900 1 00% “a (5 6) . 

6 VI r,r 3 / S'atK GtQ. BUS. 1»E9 9BH 

° °STF.n.ING FOREIGN ' ' 

CX'SRKNCT bonds 

Fin’*;. - ' *cr InduiUT- □ '/ocBOs. 1387 8®u 

f 9 RF.:gx conrs. (i) 

PirnjT7CH.ee f5c(-n- -.Plan Ai SO 

u:: R-iils f— » 

Cl-iJilJT Pa.-">: 7 uOCPM. A 

720 -t 6 1. ircCor.s.Db. 30 «® 

Quebec C..-n-.-al Rl»- 4ccDh. 23 

:;anks (193) 

A|l:n H-rycr F:»s 20| (8.6J 
Allied I: isi &2'«.s <2 Sri 18S 4-'* 
Artijt.t.-:: s-.-t.i4Ti Hidgs IS5 I876>. 8pc 

1 J ",CC.L I. d 

Acs:i' u :>-> Ner/ Zealand Bkg. »5A1 * 300:® 
IiiO: 300 

f..:, A-nc-ita Can J72S- 19% (8(6. 

5a-.- l-CV'.O 574 i 5 65 
Eai.k Montreal -.C2 - - IS'n % '8' 6 
a .iii i.’nj* South Wales iLon-R-g.i 
£7 5 ‘7 C' 

B.-i Scot I "'d <Go».i 23E 90 
Lt-viry T«. riaw York iSUSIOi SUS26 .« 
d 3 ■ 

Z.-. s 2 "'h 322:0 Zffl 17® 3® 7® 
fT 3 . • Z,. 262f 1 7S. 3‘4py 

(Jni!t.U fc'j 

t-,.l.'.i 5. k Intnl. 7i4PCUnuc.Cap.Ln. 
6c . ij. v 

5ro..r. - J:!:. HI;3S. 227 
C* Imp. 3ddL Com. ISC2* 210. Sub 
V.rn.s. I *p :• I ni«f 440 3 l ; 4 
C:«.r avjor 297 335t 

CT.j: " • t t Ct.t. ‘iLIS2.S0< 2S*. «T 6. 

cilve D"i;ocrt Hldgs. '2Dpi 79>*« EO 1 

r "T,n.nr ial Banking Sydney (SAH 160 
59 >5 61 

L;.ii-..-.y .ink Ak-.iengescIlKttalt 'DMSO 
■-U'-g? -5 6'. C-rts.Dcp. Br. Is*.. .DM10' 

.vl'S;9*‘.s. #c'6. 

Cs-Uiental Illinois UUSSi 2S'i '6 61 
F. t: :r Ar.i-..-;r.or ilOp* 11 'fl.6i 
G:r-ard Ni-^n.il Divount 1 2 Sol 174 S 
G> *-i [ Ar.t.vn .5 Htldlngs i2So* *S 
Gif •: Bret Os-ounf 210 
Grind 1 jy« Hcldikgs (250J 97® 8® S® 

Gunnel* Peat Group (25p) 2411® 

Hambraj Shs. <?5 dI 18S. 71-pcSuhord. 
'Jnt Ln 66 'S'S* 

Hill :-am.cl Grejo i25p) 89® 6. Warms. 
tJ tub. !sr Orb. i',. 

Ho ??b°' , 9 jNi"ghal Bk*>. Cpn. (5UK2.S0) 
'•U53 610 257® 6 5 2 
Jrss?l Trvr'jce -JSp' 75 
jet' on 1 Leopold). Hidgs. 9<4PcLn. 72:- 

Kcvier Ultmann Hotdlnps |ZSp) 50® SO. 

-r^S-tD- 5S:® UtO (8/6) 

KI-ii-AOr: B»nson Lonsdale (2501 96® 
Llovds B»nk 274® 2 1® 3 70: 2 3 70. 

7' ; TcC-iy.Ln. 1964 89'- 9 
LomVarl North Ccnrrjl SpcfSCPf. 44 fS 6) 
M.v*ufa::-urer* Hanovr-r Con. 'SHs. ol Com. 

st-..» (vu:r.soi siv i6.s\ 

M:r-ury 5? C yrItlr! |2SB) 107® 7 
M.dl.-nd Bank £56® 4 2 4 7. *10*4PC 

Subore.Ln. 8®*;. 7 jpcCtsy.Ln. 84!; 

M -sler A'S'tS 13o 5*'; 6 
N’ti :nal Commercial Banking Croup '25p> 
72 : 5 3 2 :• 

N-t.cnal Westminster Bank 267:®' 7® 
5 6 3 6 7. Warrants 93. TscPt. 
50. _ a-.pcUnsec.Ln. 94 n. 9pcUnsec. 
Ln. 7S'r 

Royil Bjr.lc Canada lSC2i 24'.® 
ochriders 395® 

£— rgmbe Marsnall Campion i2Sp» 205 
■6 6* 


■ SA2 



iSrss&is artt' 

Z16® 14. *J01*5Spiwl 


4.652 

5^03 


Wednesday, Jun® ^ — — 

Tuesday, June 6 


«32 

4,644 


Monday,- Juw 5 AfiM 

FrUtey, June 2 ..-i 4,998 


Friday, June 9 ... 

Thursday, June 8 . . 

The list be, ox, reeprd. all tN*urd«-. -wUla« «. a.* thi tatwt ma rw»9. 4-ri"B the ynek * «* stare got dealt ta yo»rday. TB* tatter « be hr 

ihc dale (in parentheses). caws, and the fist cannot Umrefare. be raoarfed » a 

Prices at which bnalmtn has been *w»- Barswts ^ ^^wtod tn tbc Offl^U 
List dp it* 2-15 P.m. only, tail taUtr uacsacions can beta eluded m tte roUnwina 


Thr number of dealings marked In each section renews the name "• W* 
section. Unloss otnerwlK denoied shares are Q fully paid and stack EiOO (nlly 
paid- Stock Exchange securities arc Quoted ta pounds and fractions ol pounds 

or In peace and fractions of pence. 

The list below gives the prices at bargains done by members of 

The Stock Exchange hove been re corded ta The Stack Exchange D ailj £ 
Official List. Members are not obliged to mark bargains, except In special 


day's Official List. "no lodlcaUon Is available aa to whether a bargaln 
a sale or purchase by members at the public. Markinas »® ■» nerataaw® 
In order of execution, and only poe bargain in any one snearbar at.afty oao 
price Is recorded. 


ffiK ‘vssssvs. fc*sBS auajas 1 &uss?:S£ 

JM a lay an: SMy— SM ealcao: SNZ— Mew Zealand: JS— SSmeapure: 3U5--fU hired Sues: JW1— SWest lodjan. 


7v-.pc 


5 6 
2® 2 


London tourist guides shortage 

A SHORT A HE of qualified the Guild of Lecturers have lists 
guides handicapping Lund no's of about 600 qualified .guides 
tourist industry says the Greater which are circulated at home and 
London Council. abroad. Some of the names are 

A report to the council's policy duplicated. Other guides are on 
and resources committee ne'it neither list, 
week, also .depresses torrern at At the height of the season 
the; activities of certain “pirate' 1 there is a general shortage of 
guides and su^sests a li^htenm:,- guides, particularly of those who 
up of Me present system. speak certain languages, princi- 

The London Tourist Euurd and pally Arahic. 



The folh'ivtng is (he statement hv the Chairman , 

Sir Clement Penrtuhioek, C.B.E. 

The consolidated across revenue amounted ta £235,343 
and iheeon-.i'li'JuieJ nei revenue, after providing for 
man age men i expenses, loan interest and taxation, 
amounted to £172,134. 

Last \ear. I expressed the hope that by the end of 1977 
all the Jo.Y-.ea - on ihc dcuJing company would have been fully 
recovered, and l am therefore pleased to report that this 
has now been achieved since the dealing company made a 
profit after taxation of £61,081 lor the year and was left 
with an accumulated profit to carry forward of £33,S98. 

A dividend of ISfJdess Jersey Income Tax) payable 
onthe income shares on the 2(*th day of June, 1978 is 
recommended. This will absorb £ 1 20,000 out of the balance 
of £1942206 on the revenue account for distribution for the 
year ended 31st December 1977, and leaves a sum of 
£74.206 to be carried forward in the accounts of the Trust. 
Under the present articles of the Trust the Board are 
obliged to distribute all available income. However, we 
beliexe that shareholders would prefer it if when dividends 
arc increased there is ut least a reasemabie expectation that 
the dividend cun be maintained at the increased level. 

The proposed dividend of 1 5 for 1 977 is higher by 20 
than the 1 976 distribution and in .'he absencrof unforeseen 
circum>lanccs wc expect to be able to announce a further 
increase in the dividend for J978. 

During (977 the Financial Times Ordinary Share Indcic 
ioseby36-S percent and the All Share Index rose by 41-1 
per cent. The Dow Jones Industrial Index adjusted for the 
doHurpremium fell by 35-9 per cent. The Trust assets 
durins the year rose by S4-9 percent, which can be 
considered very satisfactory. There arc many difficulties 
and uncertainties which the market has to face in I97y both 
on the political front and as a result of the continuing 
recession in world trade but v. ithoul minimising thoe 
difficulties, we arc hopeful that in the prevailing condiuoss 
IheTrust's investment-, will perform relatively well. 

Year to December 3Xsf , 1977 


Revenue before Tax 
iNct Revenue 

Total Assets Capital Share 
Assets per Capital Share 
Dividends pec Income Share 


1977 

£ 

201,942 

372.134 

4,082,317 

8J6-5p 

15-00p 


1976 

£ 

128,729 

105.167 

1,966,095 

393-2p 

32-5p 


S/me Darby London nopi 1400. 

pf. 72S® suit 
Smith St. Aubyn iHlUgs.t r2Sp> 8.- 
SUr^ard Chartered Bank 402:® 7® 12 
IS 3 B 11 9. 13i;OcUn»«.Ln. lOS'i 

Tore n to- Dominion Bank fICli 314 «z f7/Bi 
Union Discount London 310 

BREWERIES (138) 

Allied Bremen es ,25p' 86i>« 5' , 5 X 4 6':. 
5':pcPt. 44 I7J6I. 4<4PCDta. 1979-84 74. 
5>4PCDb. 1973-84 72® ^ S'lBcDb. 

1 987-92 62 k® *b®. 7'jBCDb. 67 J 4 16 61. 
6' 4 PCLn. 4S's i7.6<- 7J.peLn. 67’. 

Amalg. DiUllled Prods. OOPJ 36®. Sue 

Bau -Charelng ton <25 p* 161® 57® GO 59 8 
61. 4 pc PI. 321: i7/6i. 7pePI. 59 (BE,. 

3' 4 pcDb. 1977-79 94® tB.Si. BUBcDb. 
1987.92 71 48.61. 6U«cLn. 9B®. 7*406 

Ln. 61 1: S»: C7.6' 

Bass Chamngion Brewiers 7*»pcLn. 59U 

Bel haven Brewery Grp. i25pi 50': 49, SO 
Bell (Arthur) l50p) 243 8. S'^cPI. 45 

Boddingtons Breweries i25o' 108S. New 
(25Pi 108 

BucVley's Brewery i25pi 46 
B ulmer (H. P.» Hidgs. (250' 145. 9'spcPt. 

Burtonwood' Brew. CForshows) I25p) 156 

C.t/ tH London Brewery and invest. Tst. 

Did. (25P' 60® «a,6i . 

Clark < Matthew! tHfdg«.l <250' T36® 6 
Couraae 4'*dcDb. 1975-80 87 ^6 “® ;«■ 
7 '.DC2ndDb 68<:®. 8pc2ndDb. 71 >4. 
6>PCLn. 51':. lO'sBtLn. 34 'Bl6» 
Davtnports* Brewery IHIdgs.l «25p) BI® 
Oevcnish ij. A.' i25pi 184® 

D'st'Hers '50P' 175# 6 1 :® 7 6 bt ?■; 7« 

5 6'-. 5';DCLn. 40 ij \ 1 (6 61. 7i«ncLn. 

Ln. 61 'id 3. 10 5»eLn. Bl':0 2 'j® 3 

Everards Brwy 5 pc PI. 37';® 5® 

GrrenaH Whiner m5pi 108:®, »ofW- 
92® 2. 7'jocDb. 66 Si® >j® ■B‘6'. B'-PC 
Unsec.Ln. 604 <&'6l _ 

Greene King Sons '25pi 264. 5 7 6 
Guinness lArthun Son i2Sn> 170® 4® 70 
68. 7VsCl l nse.Ln. SO." 61 I8 6i IOdc 
?! '66' 

H^rdvs Ha"SC"s 166® 

M.^hi.rd Distilleries COo' 155® 40 18 61 
In rematl DisHUcrs Vtniners a'-ocDb 35'; 
ln»erenrdon Distillers (Hides i (25pi 102® 
Ir-sh Distillers Groi'P rzSoi 150 
M.icallan-Glenlrvet '25c ■ 510 n 6> 
Mudenald Martin DisMIerles A (SOP! 
-a SC* 45 

M ’ r shield Prwv. 253 19 6' 

Mirsron Thompson tvershed iJSdI 70''®. 

4 1 ncDb. 50 1 6 5i TO'iUn'.'je.Ln. 5J® 3 
Scotitift Newcastle Brews. '20p' &Si. 4ij. 

1 6ocl slMt.Db 67 ‘6 6*. 6 UpcIslMI.DB. 

i.i'P - ."-p-Cb 67 'tie* 

South Alncan Brews iRO.ZOt 75® 5 
Tomailn Distillers <25P' US 
Vau» Breweries 25p> 122 
VVatnav Mann Truman Hidas. 4'tf>cQb. 
It® iE/6*. 4'jpcDb 1973-ei 77'j >7161. 
6'jncDb. M': T'uitDb 6S<,® '86/ 

WMRrr'd A r25ol 94 ': J 2 31; 2':. 
6 0-:3r- PI. 4 ?'j 8 5 6!. BpeD’* a7L®. 

6 -prDb. M : 7 •ccDb.69 , 4 5 Si 7'40C 

L'nr Ln. 56',# -315' 7 ‘43c tins Ln 60 

a 61. 101;oeL'rs.Ln. 501,. StiOcUns.Ln. 
44. tlPcU-ls.Ln 14 5'.-® H 

'.Vcl, .-rhamplcn Dudley Bre«er>es <ZSol 
:i 

Ye-jra Brewery -SQpi 1S5®- Non-Vtg. 
r«0e) 150 (7<61 

CANALS k DOCKS (41 

Man ihesl :r Shm Canal 221 5&tPI 39': 
."S. 61 6 'iscOO. 92-: <7 ?J 

Mersey DosVs U-s.Ln. :S-.® 200 19 1 -: 
20 ? 61 3'4P<C'b. IS74-84 tl'; 

T'iSiDP 19-79-89 39 ‘“6!. S'.pcDb. 

74'. 6'-PCDb JIVI' '3/6l 
Mlllsrri DOS*'. 74 16)61 

COMMERCIAL <2.601) 

A — G 

A-A.H. i25p| 100® 2 >816). 6PtPt. 4S 
I • 7i6' 

i A. 8 Electronic Products Gp. <25 di 122 
AGB Research ilOpi 

A.P.V Holdings '50P1 215 «B iBlGJ. 

10 .pcm. ISB .6 61 
Abercom Invesu. 'U0.30I 101 >616) 
tberoeen Cons Go. .ZSr) 30 
Ahrrthaw and Br.itol Channel Port Cement 
i25p, 147 1 516. 

Arrow .2501 112 '8 6). N.-V. A (25p> 

;4 3. 7flcDb. 56:*P ‘4® 'Sm. 3e«Ln 

Adams and Gibbon .25oi 76 *6.'6) 
r.dda International MOP' 44': 4 
Adwest Gp. -25pl 2S0. BbcLn. 143 i7J6i 
Aim x Inti. i20p' 52® 1. Warnt. to sub. 
■cr Ord. 10'; '3 61 

Airflow Streamlines i25p> 102 9e _ 10 0 ; . 3 2 
Albright and Wilson '2Spi 146® BO 4® 1 

7 SI 2 48. 7'iRcDb. 66 '6161 

Alcan Aluminium 160': 60 1. Do. 

9ocLn. 155i;0 

Alexanders HI03S. 'SP' 20 •: '8'6* 
Alginate lr*d. -25P. 267 5 
Allda Packaging Go. ilOD) 90 

A.'eoono 7o:Ln 44 '6 O' 

Alien lEdgari Balfour I2SP) 63 

Allen <W. G.i Sons (T.ptonl i25p' SZ 

Allied Colloids Group IIOpI 75 77 1 
Allied Insulators I25p> 7l «8(fii. New 
• 25ai 70® 2 (8/6 ■ 

Allied Retailers (10p1 263® 5!® 

AHwd Suppliers BpcUnsec.Ln. 63 (5l6>. 
. SUccUnsvc.La. 52 A 'BiBt 
Allied Textile 'Z5oi 146® 

Aloine Hidgs. 5 66 
Alpine Salt Drinks II Op) 132 
Amalgamated Industrials 7peP>. -5® (8'fii. 
Amalgamated Metal Core- 327 30 16 61 
Amalgamated Pow ;r Eng. 'ZSpi 140. 6Sc 
Unsec.Ln. sg (5'6J 
A.moer Day Hides. I10p> 39 
Ancbol Chemical (25D' 72 18 6) 
Anderson Strain'', dr 125m 58*. 7 Upc 
U nsec-Ln. 65 I7|61 . __ , 

Anglia Television Group Non-Vtg. A i25p) 
74 

Applevard Grouo (25 P> 94 
Aeuascutum Auctd. i3p) 37 <5(6'. A 

■ 5p> 33 IS 6) 

Awwn (A.) (Hides) HOP* 57 
Arel Indus! rles '25PI 33- 1 

Arlington Motor -Hide- (25c} 127 

Armitsae (Gearoel Sans 10 ! :pc2ndP>. 
100:® 7® 18. 61 

Armltage Shanks Group (25 pi 73';® 65>:® 
5# lOpcLInsec.Ln. 73 f 0(6 1 

Armstrong Equipment >10p) 64 3 

Ash Uacv (2 Spi 123 (5'6i 
Ashbourne Inv. 8'jaeLn. 67 re '6) 

A sora- Nicholas 5 ',3cPI. 43® 18.61 
Assoc. Biscuit Manufacturers i20p) 84®. 
fii.-pctn. e 6 (6 6) 

Aisoc. Book Publishers <7 On) 230® 8 3 
Assoc. British Engln. (12»,n) 6< 2 6 16I6) 
Assoc. British Foods (5c ■ 68® 7' ; ® 9 
Assoc Dairies I25ci 230® 1® 30 27 8 9 
Amcc- Elect n cal Indust GpcDb. 791; 8*4 

■ 6 61 

Assoc. Fisheries (25 pJ 50< 2 :®. atwacLn. 
60 

Assac. Leisure (Spi 56® i;a* 

Assoc. Newspapers Go. (ZSpi 1EZ: 
Assoc. Pjw Indust. iZSp) 58. 9'iOcLn. 
114 (E/6I 

Assoc. Sprayers tlOo) 30>,® (8'6) 

Assoc. Telev s'em Coro. A i2Soi 1120 10e 
Astra Indust. Grp (10oi 21'-® 1 r&'bi 
Atkins Bras. » Hosiery ■ i25b' 55 1S.6) 
Audio Fidelity IlOpi 26'.- '5.6) 

Ault Wlbrirg Gro. f25e) 36 
Aurora Hides. (25 d) 94 i”.6i 
Austin (E.i (London) (25a) 93 (8 6! 

Austin 'F. 1 1 LcvtQn 1 (1 doi 11 J* 16 6' 
Auiomated S**t-ritT (Hldos 1 i'IOp) 79 ^i 
I;!® 7. BdcPI 200 
AutomotNe Prods *2Sp] 139. 6',pc2nd 
Pi. 50® i'E'6) 

Arsna Gro. (Sol 35 
Avery* <2Soi 164® 5 
Avon Rubber 185 

Ayrshire Metal Prods fZ5n! 41® 3 5 

BAT IndS, i25p) 2350 2 3 7 1 50 5. Did- 
'250' 204® 77® 8® 6® 2® 1 80: 5 2 

BBA Gro. (25ol 51® ': (E 61 
3ICC <50pj 112':® 13 1 Z'i 11 ID 12. 7nc 
Db. 72 >j 

BOC Intnl. i25p] 720 1 i-O 3' : 21; 2. 

55DCPI. 48. SpcDb. 1988 82 1 : iS'6) 

BPS Inds. < SQp) 226. 7.LoJ.n. 133 i«.G) 
SPM Hldss. B N.-vtg. t2SPl SCI® 1®. 
o”Prtn. SI (EG' 

BSG Intnl. tlOpi 41>:® 1® >4 I ►. 12>rec 
Ln. 106: (5)6) 

BSH .10a) 107® 4® 3® 4 5 61; 

BTR ( 25d> 26(2® 4® 1. New (2-5P) 26S® 

Babcock WIIchm <25i» 130® 30 29 
Ba-lev -C. H.) >1 Do) 5*1 
Salrd (William) 166 2 
Baker^Perklns Hidgs. (SQp) 96® 71® 6 
Bakers Household stores 1 Leeds J nop] 29 
H& aj 

Baldwin SH. J.l !10pl 7 (El 6) 

Bambergera '2 So) 48 1- I5,’6i 
BamfordS i20p) 39® 'B'6> 

Banro Cpnsd. I"ds. (2Qo) &5 v8/6) 

Barker Dobson (10p' 11® ': Xi 

Barlow Rand •’RO.IO) 214 15 (&G). Ptd. 

.RO-lOl 6um Ci-6) 

Barr lA. G.) ‘25p) 32® 

Barr Wallace Arnold Tst. (25pl 89 16^6). 

A N.-vtg. ‘250-1 88 (6:61 ” 

Barratt Devt. HOP) 105 6 9 7 4. Gi.pe 
Ln. 67 77 6) 

Barrow Hepburn Grp. C25«l 26': 9. 7.75oe 
PI 65 . 

Brrton Sens (2 So) 57':* 5':. New flZSol S6 
"m-."! '6r? 1 Hides. <2 5ni 133 
Ball) Portland Gr®. 'ZSPI 72': 2. 7'tpcL.n. 
63 (7. 8) 

■Sstlevs YerksWre 11 Opt 53® 

Beales 'John) Asscd. (20o) 63 "BO 
B~a— on Clark *2 So' 190® 3 *?»11 
Beattie ijamcsi fles.-vtg. <2Spi wS® iGffi' 
Scare 'C. «.* (NiMH- : 1 1 Op) 54 
Beckman (A.i fIDpi 711; _ . _ 

Beecham Group (ZSPJ 644® 3® 39® 8® 
43 S 2: 9 6 2 7. Bpcllosecd Lr. 77 <1 
b ‘■ab- s',^vn*wo m 7m* 1661. 
SocUnsecd.Ln. 2480 lB)6* 

Beiam Group i10p> 67® '8,&i 

Bcigreve (Blackheathl 7pcPf. 49® (8161 
Bell Canada Gao. CC25i 42h< (B)61 
Bern rose Cpn. tS5pi 68 l7.6i 
jv-iloru Cc.ni.rci-,- mm. ilupi 50® '8(61 
Benn Bros. (2501 69 _8 7 
Benialls HOpi 35 (7)6i 
Benslora (5 W.i (25|H 135 
Best ana May UOpi 56® 

Best obeli I25o) 163 60 4>: 

Bctt Bros. '20P' 65 l7(6i 
Bman iD, F.i (Hidgs) (5pi 16i* 

Binbr (J 1 228 

Biddle Hidgs (25 pi SB 

Bi'urrated Eng O i25P< 48 

8-rJ tAlncai >25 s’ 15 

Slr-nld Qualcast <25p> 61 >:® hi® 

Birmingham Mint (25pl 76® 7® 

4 in*.: i r ■ A 145 Ji 

Black Edglngton (SOP* 116®. 5pcPf. 34t® 

Black Arrow Group iSOp) 33 16161 
Black (P.l Hidgs I2SPI 147 (6?6i 
Blackman Conrad (20pi IBJs# 18# 
Blackwood Heoao i25Pi 88 'nB 9pc 

unsecd U». 116 *816) 

Blackwood Morton Sons (Hidgs-' (Z5 pi 

27® 7 

8locklers (20p) 78 (S'6t . 

Bluebird Coniuctlonery Hidgs- i25p> 169 

Blue Orclo Inds. 240,® 3C 4Q 36 9 <j. 
SucDb 74 i7.6l 

Btundell-Pcrmoglaze Hlogs (ZSpi 69 701* 
C7.6I 

Boar dm an >K. 0.1 Inti. i5ol 13 121 
Bcdvcote (nil. (25 pI 59:® _ 

8 alien (extiio M'H '.5°' 1 0'"- (8.6) 
lord 5tre« Fabrics ilOp) 32# 1® 
acmser eng. UOp) 30® 
looker M-ConneH I SQP) 2420 B 9 S 
Soosey Hawkers (2Sn) 185 10)6) 

Boot i Henry) and 50ns (503) 1t50 (5)6» 
Booth '.Intnl. Hldgsr) (25p) 66 (5’6) 



Boots (2Sp) 187® 9Q M 8 9':. 6«cLn. 
80';. - 7l4pcLn. 6® 

BbrUmrlcfc (Thomas) ' Sons (50P< 48:® 9 - 

Boulton and Paul SocPf. 35 (6 51 
Boulton (Wm.) (Group) nop) 17 H. H*w 
lido) 161,;® li^T _ „ 

Beume and Hatllngswoith (25 p' 97_(6.6i 
B owater Cpn. 192® 90 1 2 3 88 9. 7oc 
Cn. 85 f&6) 

Sowatcrs Newfoundland aiwcPI. 32 

Bowthoroe Hktai. aol 51-:® 

3raQy Inds. (29pt 70 (6(61 
Bra mall New (iSoj 89 '1 
E rammer (H C.l (2Qpl 145 
Bresway <10p) 35 

Brg’don^and Cloud HtU Lime Works (25 p) 
Bremner 12 Sp) 53 

Brant Chem. Intnl. (IBp] 1 86 16161. New 

( ! Op) 166 

Brent Walker (5o) 550 

Brickhouse Dudley (lop) 4n (7 6) 

Bridgend Processes tS») 121? (6 6) 

Brio on (2Sn> 109 i 2 ® 7® g® 7 iG'iOCDb. 

78*4 15 5). 7 trOClins.Ln. ST ■* 16 Si 

Bridoort-Gundnr (20oi ZS re-6 1 
Ir.pfft (Jt Grp . (S5P> 31 h (8 51 
3rier.»y Gro. (5oi Bh 
Bristol Evng. Post I25p) t22 (5 61 
Brit A'mir. 545 IS'S). 6ocPI J~ ® fB-'S' 
Brit. -Amen. Tob. SpcPf. 40® S'- ' 6°^ 

2n1Pf. 49U 9 (7.6). 7^Uns.tn. 76-> 


1616 

B 's , 6.. Am i e &un^.ir e | 0SCUn,ln 


80*4 


Brit. Amen. Rim Hides. (5pl 43 (56> 

C^rtionlslno non' 2* f 6 6' 

Br-’tsh Cir Auction Ore. ' Ido) 43-- 
Britlsh Dredalna (7 So' 30 7 

“ tgoF'tSz Voo- S'* 0 * s*™- D,d - ow 

Fnfcalon GHol 14,, ,p € , 

Br-Hsh Home Stores |25«> 190* 89® 6 9 

Brjtrsb Leyfand (SOou 22 1 J 
OiJ-gf •-ST'*!? Mo:cr Cpn. 6p«Ln 38*;® 
'*?>. 7'-'«L»»- S2*rtl z '8-6.. 8ocLn. 

50 :.# 3 (86i. 7>4PcLn. 50:® 

British Mohair Staimers asp) 46. 6-^ocDb. 

. 3 ‘-®. ?l;pcDb. 71b® 

British Northro (50« Bi® .B 6> 

Prinflnp Cm. (ZSPI SO. 4 2oeBPf. 

4 3* (8)6 1. 7 lypcDb. 63®. S'.pcDb 56 

(7 6i u'rpcLn. 60>: -1&i 

8 0| M 15 Cl ?, _L4. BCP ‘ 81 -S Bt 5 '.DC 

?'-* 5 ' e *' ■'tnePf. si i7 *». 7 pens. 
S4 J lb 61. 7urin. SI 
Bnt.sh Sugar Cpn. .SOw 11 1 
Brl.th Syphon |nd. ;2Dpi 54': >66. 

8. :iih Tar Producer -T601 59 7 

Bril'sh Vending Hid. dopi 
6r-!>sh Vijp 1.250) 92 ] u 

SnifSi?. : 2 S ? , b 5 9 *- 3tKM - 5 6 ■ 

B,isc* nour.e i25pi 70 1SI61 

Brocks Group Hop. 68 

Broken Hill Prop. iJAZi 6E2® 60 55 

G^omsgrorf Casting and Machining .5pi 

B i6/6) Engln ** ,|n B 'NWiHngS HOP. 29 
*■»««« (2501 44* 5 4-: 1. 

5 -rcDn 73. 5'iscLn. 3 B 

A2 (Bill 01 El ' gmeer1n 9 "Hnldlnns. i2Sbi 
B. otherhood (Peteri (50oi 147 '“tSi 
B J3pi | JPd Jacltion f 20 ® 1 >00 >4® 1® 

Pronn snd Tawse (ZSo'i IDO 1 j;6. 

Brovin Sorer. Kent i2Spi bo*. '8(6* 
I4rw (.7 Sc 1 59'- (6'6l 
3 row n.^BroS^ Cere. H0p» 2e -Q 19 61. 

Prawn ijchnt' 362® I. gf.prLr 4T 
Brun-or.s I M usselburgh 1 (25pi 101 t'6. 

®rv?ni u & iff I r\o s i25di EZ 
BuJ:.n 'A. F.i A NV (5PI 2Sri 4 (S'6, 
kiin-1 p.ln a- 1-4 Parnr tj sp . qs.-i 

Purro Dean (25pi 75 (7l6i 

Bur jo" Pro-urts 'Holdings) (25e JS B:-: 

A NV >25q. 45 
turndene l-'-ert. rJoi 17 igie, 
burns Anri»,snn ilOpi Jd® (2>5i 
"■irrril 1 spi 1 O'j. 6n:Pf. 44* ’’5 

9— rr.iohs M'ffh.r»( 3’jPCLn. :29 >3'S». 
'■■nrtr 1051- I8I61 

Si-rion Grwijp (SOei t(7 (S'l. A NV 
.=0". 1 Oh n-pcLn. PB’: -7-««. 9',oe 

Ln. 6B1- r7 , 6 , 

n..-|."V -■ --),,ob. 57;. (=41 

Butteri.ela Hirvev (ZSpi 59':® 

C — D 

CH Industrials 1IO0* 32® 1816) 

Ca'.le'orm Group ISp* 73:-® 4* 

Ca-'bvry Schweppes (25pi Si 30), 

Caird Dundee) (25P) 12 (7)6i 
Okor.rend Bchcy A '10p) 291* 

Caledonian Assoc. Cinemas (25 pi 375®. 
4.9c -PI. 54 3 (616- 
Ci-nlorj fnalnoering riOnr 66 '!«' 
Camnarl 20oi 122 C661 . B :Z0d" 111 
■ 56 . 

Camrer 'Hidgs 1 i20o> 61 
Canning W.> I2S0: 60® i]« 1® 

Cantors 2Poi 34® 

Cane industries r25a) 119. 7VPtUni.Ln. 
67*4 .76) 

CanUn Profile Gro. dOp" 1001 
CaDoer-Ne H ilOoi 78® 7=: __ 

Capseals .*Soi 45>:t® 6:® !Wl 
Cxniwins Intnl. :20o> 69'- 
Caries* Caoel Leonard (20o» 31.30 . 
Carlion Industries # 25o. 199 
Carp-ts Intnl. 'SOol Sd':® 

Carr Mohni 'Doncasleri •25rji 43 
Carrington Vivella '25m 39 8 =:. B'taC 
PI 51 '9 '81 . SpcPI. 62'j® 'S 61 
Carrcn rH'dns.l ft ZSo. S3 »B€. 

Cattle's JHIdas 1 flop* 35 4'- 
Causion ’Sir Jos-ch. ZS-u 19 6 61 
Cawmham 4>i— elstP* 29i>t 'B61. ©i-oc 
1S-PI. 44 re-6'. 7or1ilPf 47 '6«Tl T . 
nc’sfPf. 4B Bt (61ii. lOsc'stPf 95 
9V"--U.7S L". 70V. )0"rU"( L". 72'i© >; 

r l"iriw Inds. H'dos. 'IS" 1 Zt 9 
C> noon’s Hlrlos. *Z5ni 140^ 'S 6) 

Celaees* Core. F*'?res nw -.a-- '5«) 
rnleKInn Inds "Sf 33 - - *7 8' 

Cef.V Haren 'sot TP • '5 6' 
Cement-Boadsrone Hlags. 25 m 78 
Central Sneer rood i5b> 56:3 6 S': 

Central Manufacturing Trading Grp. 55® 
3® 4i ; ® 6I-: New Ord 10ot 34* 

Central Wagon 7t4ncL'ns.Ln 96 1- :7 6) 
Centre Helds (Cranston. 7-.-pdstMtg.Db. 
73 Q 6 • 

Cen*re«ay 'SOP) 347 5 '8 61 . IIdcPI. 
'05';t 6>: '8 61 

Chamberlain Grp. '25 d* 46'"'? ‘B-61 
Chamberlain Phlpos (10 p> 4£!;® 6 (S.'S, 
Change Wares 1 0n) 22® 

Channel Tunnel rspi 52# 

Cnarrlngrcrs 1 0 VprUns.Ln. 81® 

Chemrlng <5oi 71 IftG' 

Chloride Grp. rZ5o. 1050 7* 5 1 
Christies Intnl *10P» 99 101 
Christue-Tv'cr (lOol 70 
Christy Bros. fZ3P'*B 7 6' 

Chubb and 5on '20 P' 142 3 401 1. 

C'cocLn. 70i : iB,’B) 

City. Hotel* Group *20pl 137 
Clarke (Clement HldOs.i (25=> 6, (5161 
Clarke. Nlcfcalfs 8 Coombs <25o) 69 
Clav (Plena rd) i25pi 75®. New '2501 75 

Clavlon. Son and Co. (Hlos.> '30m 77 (B'61 
CHiletd iCnarlesi Industries 92® . 
Clifford’s Dairies t25o< 49® 50#. A t25o< 
38 <BI6' _ 

Coalite anil Chemical Products (25 p) 71® 
69* 70 69't 

Cortes Bros. '25 p> 6V9 '8 S' 

Coits P’tcnS I25PI 7K:# 2 : Z 3. 41-ocLn. 
341; (7'8'. BtipeLn 49ij '7:6i. 7'iocLn. 
59'-® 

Cohen 1A.1 t20p) ISO 'B.’Bi. A (20p) 140 

t"'6i 

Cole 1H.H.1 <25p> (13 C.61 

Collins (William, and 5ons "Hidgs.) t25o) 

145'» (4 1616). A '25p. 143 -6 6) 

Colmore Investments '2So' 40 i6(fi' 
Comhen Group (lOpl 31 *6 61 
Combined English Stores Group (IZ'jpi 
55® 3:® '8i6> _ , , __ 

Comet Badlovlston Services *5 p' 13^# -9 
Conley and PHl B'TPtDb. 75 «7)6t 
ComoAlr (2Sp) 921; '816' 

Compton U-' Sons and Wenb 'Hidgs.) (20n 
33ij® 4)j 

Concentric (lOpl 38 17® 9'. 

Cook Warts gVpeUnwc.Ln. 68 (8'6) __ 
cook .Williams' Sons (Sheffield iZOp) ZB 
iFr-dtrl-i ■ (Minns., nom 17'-® 
Co-aoer Industries i10p> 15i;B 19'it# 

1 a V® V 

Cope Allman Internal) '5p' 60®. 7 ':PC 

Unsec. Ln, 76': 7'; 'i 6" 

Cope Sportswear 1 F Opi 82 (8 6' 

Crowds* '10 d* 30 '/ 6' 

Ccrah (25p» 34 _ _ 

Coral Leisure Group <10p> 1Q9S 9 10 8 
Corn ere roll COP* 65i. 

Coronet Industrial Secs. '.10o. 35 
Cory (Horacei (SOI 19': '5 8. _ , 

Cosalt i25P( 86 i6’6i. TO SpcPf. 95 (5.6) 
Tosta'n . Richard) <25o> 295: 2 
Counrrvslde Props. «5o» 38 ': _ _ , 

Cnurtadds 125 d' (2 1 Jo 2 1 2. fiwrZnd 
PI. 49U 9 (7,6i. 7pcDb. 72U# IB 6'. 
7VoeDb 66 U '7 6'. 5'-.o-Llnj«- Ln. 

4 5 14. G';PcUns«.Ln. 52 V. TupcUnsee. 
Ln 57 la 6ij (6 61. 7 aocUnsec-Ln. 59 

rs,'6/ 

Cowie T.i (Sp. 4 3 2'; 

Cradlev Printing ilOpi 18® 

Crest Nicholson (IOpi B4 6: : ; 

Croda Internatl. HOpi 51':® 1 
Crosby Spring Interiors (10m 17 (7(6) 
Cmsslev luiltffnn Prods <25o» 64® 
Crouch (Derek) (Contractors! »20p» B9 t» 
Crouch Group f25n) 71 '6 6t 
Crown House i2Sp> 55':® 4i, >8.&t 
CrvstalatP (Hidgs. 1 '5pi 27 1- 7 
Cullen's Stones t20pi 108 (0 7. A CZOpi 

ns® ) 2 'Sti 

Cuit“r Guard Bridge Hidgs, <25 p) 21 1? 
_(7i6t 

Cummins Engine 3.i«peUns«.Lxi. 104 

Currvs 12 5p: 201 2 

Customaglc Manufacturing (10u) 20 

Dale ' Electric HOP) 145® 

Dartmouth Invest. (Spi 21# 

Davie* MercaMe HOb'i 24® 

Daw* (Godfrey) 'ZSpi 9S 4 
Davy I nterna llonal i25p) 246® 39 
Dawson I nterna tlonai -,25p) i2S':# 7<i® 
7® 5';. A (25pl 126 18 6< 

De Beers Industrial B2- 567 -BIB) ' 

Or La Rue (2SP) 357 8 50 5 3 
Ot Vere Hotels Restaurants <2501 170 1 
Debenhams (25p) BSt® 6 5. TUpcDb. 
S3'; '8 6). B';pcUns.Ln 53. TVpeUns. 

Ln. 56>. llocuns Ln. 105 V >: (7:fi) 

Dri-.ra (250) 450 (BIB). A Ord. <2Srl 
442®. ZSpoPf. (25p) 4C®. 6pcLn. 
73® IB/61 

Dclson and Co. ClOp) 34® 

Delta Metat <25p) 72':® 1* ). GPClst 
Pf. 47 (S/6). 7LpcOb. 1985-90 72<4« 

re/G) 

Denbywarc I28p) 87 (5/5) 

Dennis (James H.) hop) 39':® rs/6) 
□cnuplv 9tic Stlg.-DollarCnv.Ln. 84k >: 

(G16) 

Desoulter Bros. (Hlfitas.) I25o) 131® (8/6). 
5 *Sd*®1. S9'i (5(6) ' 

Dc *, hint 1 1. J .) IMo'dl-vtsi iidd) 75® <Bf6> 
Denrhurs! Deni 1 2 Of 19 lfi; 

Dickinson Robinson Croup »25o/ 114 IS 
□ Inkle Heel (Sp) 10'i (816) New (5p) 
'Oi. ID; (S/Si 
Dlnloma tnv<-:is. t25pl )58i- 
Di.jr 1 Day Id) Son Holdings (25p) 6®'» 
Dion Photographic »10o> 1 J9 
Dobson Park Indust. IlOp) 94 v. New 
Ors n.’pi zs 

ri- n, H'Hn. Hfl?" 79* 

Cujr.tda Hlffgs. (25o) 81 (7/E) 

Douglas (Rebert M.i HMgs 1 25pl 93® 
Downing and Mill* <Sp) 24 
DownArac H'dgs- I *0 pJ '4* ; v 6 
Downing (G H.) <50o> 211 (G/6) 

Downs Surgical (lOpl 43 (8/6) 

Dovyfy Grp- 150PI 203® S. 7PCUPS-Ln. 

p'jke and Seutl Hlogs. l25o) 23 18/6) _ 
Dreamland Electrical Appliances <10p' 57: 
Dubilier (5p) 19'-® 20 19 1B>: 

Ductile Sreels <2Sp) 120® 19 
Dufay E.'tumastic (TOpi 31® (816). New 
Ord. (1QP) 30: 10(61 
Dunbro-ComlxK-Manc (10p> 130 
□undonlan (20pi 55® 4 
DuDford and Elliott 12' P<Db. 94 (7)6) 

Du Willi (Alfred) jlOp) 344® 

Dunlop Hidgs. (SOo) 72 4 3. 4i,pcDb. 
1970-85 69(*:® 7Q:0. S.VpeDb. 09 : aW 


70n. SpcUns.Ln. 63 „ 

Duple Intnl. (5p) ISht# '= % 18 
Duoort I25P) 731:0 I- (8/6) ^ 

Duraplpe Intnl. (Z5p) 116 15 (B/S) 
Dutton- Forshaw Gre- (25 p) 45 
Dwek Grp. tlOp) 9 C7/6) 

Dykes (j.) (Hidgs.) (25p) 29 (516) 

E — F 

EMI (50p) 145 4 3 7: 2 401. SpcUnS. 
Ln. 37 V (7/6). TUtmUns.Ln. 57 (6(6). 
S'.pcUns.Ln. 1989-94 67 (716). BtPC 
UnLtn. 1 98) 96: 

E.R.F. (Hidgs.) CZSp) 108# (8/6) 

East Lancashire Paper Grp. I25p) 53-s 
'.5.6). 7/ipcUns.Ln. 65 
East Midland Allied Press A (Limited 
voting) (250) 90 (7/6) „ 

Eastern Produce (Hlags.) (5Qp) 990 8 7. 

Warrants SQ (5(6) 

Eastwood U. B.) (5o) 88 
ECOda (10p) 69 (6/6) 


|dbro (Hidgs, 17(25^ 157 (5/6) 


Sons (Man- 


Eowards (Louis C.I and 
Chester) (5p) 9':® (8.6) 

El bar Industrial (5Qo* 2S0:« 

Elblef (Sp) 15D (B, 6 j 
E lect) Hidgs. CIOp) 43 
Electrical Indl. Secs. (25P) 50 ig. SpcPf. 

35 <4:® 6c® 8)4: iSL'E) 

Elect rocompo itents 110c) 400 (81B1 
Electronic Machine (25p) 26':# 

Electronic Rentals OOp) 125® 3 6 4 
Ellloit (B.) (2£pi 109® 8 (S/6> 

Elliott IE.) (25m 30 (5.'6> 

Eliott Group 'Peferboroughi (IOpi 20 (7.61 
Ellis Goldstein (Spi 25)4 5 4i; 

Elson Robbins *25p) 88: 

Etswick- Hopper (Spi 21 1; 1 
Elys (Wimbledon) <25P' 163 
Empire Stores (25P* 171':® IB 61. 9>tpc 
DP. 721; (.S.-6) 

Enalon Plastics i25p> 48 <6 BI 
Energy Services Electronics (10o) 12'j h 
(8 6 ) 

England U. E-> <5 p> 280 
English Carg Clothing '25oi 83 •: (S.'S! 
English China Clays (2Se) 79# aog, 80 1 
English Electric 5 >;pcDD. 1977-82 82'-:® 
• 1' 6>. Do 1979.84 75 (S.'6i. BocDb. 
74 ij 

Enicure Hidgs. i5p) 13': 

Ericsson (L. M.I B iReg.) (Kr.SO) CZ2h 

Esperarua Trade Transport C12‘:p)" 139 
<7!6i 

European Ferries (ZSp> 124 3 
Eurothem Internatl. New >10 p) 155 3 
Eva Inds. (25Pi 89® 

Ever Ready (25pi 148. SncLn. 90® (861 
Evened <ZSp) 18=:® 17® 18ij® 

Evode Hidgs. (20p) 35>:® '8 61 
Excalibur Jewellery .Sp) 170. 11. Sue 114 
-6 6 ) 

Exchange Telegraph (25p> 107 r?,^' 
Expanded Metal (2 Sp> 68® 

En.-ejs Dairy Produce 5 ‘apcDb. 80's *4 
(7/6) 

FMC 5.45ncPf. 54 (6 6) 

F-P A Canstruciibn Gp. '2Sp' 15® 
Falrbairn Lawson (25p) 55 1, 6 7 _ • 

Fsircldugn Construction Gro. (ZSpi 75 
(7 61 

Fairdale Textiles (Spi 17® (E/6) A (5p) 
16® 186< 

Farm Feed Hidgs. (25pi 36 (7,6* 

Parnell Electronics I20p( 274G 5 
Feb Intnl. A (IOpi 24® _ „ .. 

Federated Land and Building (250J 42 3); 
3 (6 6) 

Fee ies (10p) 32 (8/6) 

Fenner (J. H.i (Hidgs.) (ZSpi 132 
Fer-auson Industrial Hldss. (25p> 104 
Ferr, Pickering Gro. (10p> 77 
Fcrrleman (B.i (2Qp) 30 
F.r.rila, 'Andre*. R.' Go. 1 25pi 3a-i 
Foe Art Deselooments (Spi 48® 

Fmlav (James) '50p> 3570 '62 3: 59 
Finlay Packaging (5oi 23'j (8'6) 

First Castle Securities (lOp) 43# 

Fisons 350* 3 1 46 
F.rtti Lovell (20pi 63 
F'Tmllan (ZSpi 45': <6'6' 

Flight RelulHng iHldgS.i 12 Spi 127 C 6)6> 
F.V'drive £ng. (20n. 76 7»j 8 
Fodcns '.5Qpi 57':S (B16) 

r-igarty (25p‘ 180 (6 6' 

Falkes * John. Hefo 'Spi 26 S. Non-rig. 
Ord. >50' 26 5 

Ford Internationa/ Carp»f Corpir. 871; 7 

6pcCm..Gtd Ln. 107 (6:81 

Forward Technology Industries C50p) 126® 

Fpspco Mlnsep IZSp' 158® 9 
Faster Bros Clothing rzsoi 1(0# 13 
Fosf.’r (JO/11" (25pl 33 
Fotheroill and Harvey (25pi 100 99 
FrantiS 'G R.i Gru. (lObl 43 (S.'6) 
Francs Indust. (SSn* 66 Ij <5'6' 

“rands Parker ri Op) 12( a ® IS'l 
Freemans (London 5.W.9* f25c) 3200 20t 
Fr-nr.h Kl«r Hidgs. (25pl 29® U® - 
30); 1*4 

Frith (W. G.) (20p) 57 

g— a 

GEI Intnl. r20p) 73 „„ 

Gai/aher 6 pUji. B3-35 73 (613) 

Gailltord Bnndloy (Spi 57® *8,6) 

Garnar Scntblair (25 pJ 10O t«r6J 
Garten tngm. HOs) 37 I8.61 
Gaskeil iBacup) C20P) 108 (8.6) 

Gates (Frank G.) (2Sp) S3*a 
Geers Gross (IOpi 42 <5/61 
Gelrer '.A. J.) I20pi F7.fi) 

General Electric <250) 2S6® 5:® 4® 60 
sa 7 e>-: 6i sg. 4p<Ln. jsu# *s© 
6ocLn. 79-84 78. 7UpcLn. 87-92 63 2 
(6:6). Do. 60-93 65 ‘s. Floating Rate 


_Cap. Notes 19W ioo> 


nop) 20 


General Engineering IRadcl 
16(C) 

General Motors Core. Br. Dep. Rcpts. 
243 (Cfi) 

Gesietner Hidgs. (25o> 202 (7.6). A 
1 2 Sp> 202® (861. IObcUI. 1261: 8 7 
Ciboons Dud'.ev I25p) 7B (7.6) 

Gibbons (S'anlev) rintnlj raspl 170 . 
Gihbs Dandy llOp'i 35. A N.V. (10p) 29 
IS 61 

Gi;ves Grp (25P1 81® 

G. I! Duffus Gre tZSoi 273 70 59 
Glltspur *.10 d) 62'z 
G l’sgcw Pavilion (SOP* 140# (8.6) 

Glass Metal Hidgs. 11 Dpi 71 
Glass Glover Grp. (5o) 26 _ 

Glaxo Gro. fi/jDcLn (50a) 23 (OS' 

Glaxo Hidgs -som 576® 3# 3 4 7 . 7'-jk 

Ln. 120'j 19 21 

Gleason iM. J.' tContractorsl (IOpi 42 

1's 1 

G(ossro) FW. J.) (Z5 p) 66 _ 

Goer Main 6 pcP(. 42 (6.'6i 
Glvnwed >25p) 106I-® 6® 8® 4 S 

6. 7>.-pcDb. 65';. 1 0»«PCUnsec.Ln. 

_aot®. 6pcUnsec.Ln. 65® 

Goldberg (A.I Sons (25oi 65® 8 
Goldman iH.1 Group (10 p) 19'^) 

Somme Hidgs. !25p) 72 70 
Gccdw.n (R.i Sons (’Engineers) (lOp) 14 
12 14 k 13'; 

Gordnn "Luis) Group OOP* 26 
Gough Ccooer (20 d< 75 '7/6) 

Grampian Hidgs. (25p> 57 
Grampian Tele*lsion Non-Vtg. A (10p) 38 
(P'6) 

Granada Group A i25p) 105 6 • S'G ■ 
Grand Metropolitan I50p) 112 i-t® lo- 
ll': n 81. g 12 gij n 7': 7 10 
9':S. Warann sub. 1.5625 Ord. 10. 
5BCF). 35 1 8/5>. BlynePf- 45 (B6>. 

8 ; :pcUnsee.Ln. gs'j rai6). lOpcUnsec 

Ln. 77); 7 Br- 

Grarran Warehouses (25p) 117® 20® 1* 
Great Universal Stores fZ5p) 276. A 
fP5pi 267.*# 73# 4 70 6H 73 7 66. 
S'-ncUnseC-Ln. 37'j. 71-DeLlnsec.Ln. 71 1; 
(5 61. flijpcU'-sec-Ln. 64: 

Greenhanle Industr'nl Hidgs. <10P) 44. 

New (loo) 47 L7 61 
Grevnfre/d MUI*tts FfOo) 52 50'- tS/Bl 
Green's Economiser Group i25m 64 'B'6) 
2'iomerrods Hidgs. MOpi 49 (Br6> 
Group Lotus Car (IOp) 51 
Grrv»he'( Group (5P> 40 
Guest Keen Netrfefolds 252# 50f 3 2 5 

4. SLpcUrcet.Ln. 81 ij 
HAT Group 'IOp, 35 .8161 

H. T.V. Group NOn-Vtg. t25p) 112® 

Haden Carrier (Zspj 91 (- 4 2(z 
Haggas .J.) .IOpi 108® 10 

Hall Eng. (Hidgs.) (50p) 108 (7|6) 

Hall <M^ (25pl 218': '8(B) 

Hallam Slelgn Chcsion '(UP) 30 
(».;(.7;„ It UP' 60 tti &' 

Ha Is lead ( J .) .Hidgs.) <10p) 21 
Hampson Inds. >Sp) 13® 

Hanger Invs. ilOp) 43 L® 5': 6 1S/6) 
Hammcx Cnn. >SA0.2S) 92 1716) 
hainon Tst r.£5pi 153® 4 2 3 7. 6 ; ;pc 

Cnv.Uns.Ln. 83 

Hargreaves Group 10':PCDb. 801- 16I6) 
Harris Shclaon Group (25 pJ 57 6 
Harrison Sans i2Sp) 62 1&I6) 

Harrijon (7. C.) i25o> 120: _ ... 

Harrisons Crosaela W n® *4® % " ia- 

Gi.-PCPI. 491; <7, ’6) 

Hartwells Group i25p) 97 *8/6) 

Hawker Siddelev Group (25P) 222 1 8 20 
19 27. O iBCPf. 46'; (6.6> 

Hawthorn IP. W.) Lesllo iBOp) 70 lB/8) 
Hawtin i6p) 11® 10'a _ 

Hay (N.) HOP) 52® 1816) , 

Headlam Sims Coggins I5P) 37® 

Helene 01 London .100) 19l«. 12pcCnv.Pf. 
Pf. 1977-86 193 i5Z6). New 129cCnv. 
Pf. 1979-86 181 1616) 

Henderson iP. C.) Group (IOp) 76#. A 

ilOp) 76 (B/6) 

Henderson- Kenton i20p* 80® 

Henekov's 7 ‘1 pci si P* S3® ifl(6) 

tJcnshall U iw!i (Addlcstone) 11 fS'S 

Henshcr iFurnlture Trades' (IOP* 23 i»Bi. 

A N-Vtg- (IOpi 22 (01 6 1 
Hooworth Ceramie Hidgs. '25P) 89>z 8 7h 
8'.-. tO.PpcDb. 82 tBlB) _ _ „ 

H co worth (J ) <10P* 59 61 (7i6l. 6peP(. 

41®. IOocBPI. 39 >7 6' 

Herman Sm.th ilOp. _»0'4® 10# 

Heron Motor Gro. (25pi 136® 7.® 7 
Hestair 1ZSP 1 94 6. New (250)1 2 T1 
He-vden-Stuart Plant (IOpi 68*s® 8 
Hevwood Williams Grp. 'SOpi 1120 (86) 
H'cVl'ig Pertecost (50P' 85 7 _ 

Hickson end Welch (Hidgs.) i50p) 205® 7 

4 

Hleld Bros. "5p. 11 '516' 

Hipqs and HIM C5P' BD I5'6' 

Hlgnams (25pi 52'; 2 T. S , wm 

Hln bland Electronics Crn.l-.0o) 34 
Hill and Smith t25n. 69® 71 2 
HWIards HOP' 236® 4. 

Hiltons Footwear i20d) 94 
Hinton (Amos) (IOpi 82® 1B/B. _ 

H'rtt and Malllnson (20pi 32 >7/Bi 
Hwcnst Finance 1 OPCLn. 85': (8,6). Da. 

with Rights 124 IS'B> ___ 

Hohnung (5.' '250* B8® (B/6) 

Hclden tArthuri i25p> 64 
Hollis Bros. (25P< 63 <8'6. 

Hsf/as Gp '5c 59® 60 59 
Hell Llnvd Intnl. HOP* 136# 5® 

Home Charm IIOp) 776 S 
Home Counties Newsoapers (2Spi 72 C7'S» 
Homfrav ' I5ol 40® 1B B1 
H<h-,eer >2SP< 315# A i2Sp< 320® 

ie 61 

Hg-jklrsons Hidgs. 'SOpl 107® 18/6* 

H-'lion Midlands >5 p' 96 *5i6i. New (So) 

nfi I; 

House pf Fraser '25ot 1 39 40 33 42 331. 

JijoeLn. 6S'< *6/6i 
Hoiise o! Lercne 1.2S0* 52 
Hoverinoham Grp. (25p) 77. Postd. Vtg. 
(25ni 7) ': 

Hnnrird Wmdham >20pi 25 1 ! 4': *S(6*. A 
GLOP 1 24 3'i 2 i6/S>. IBncLn. 104 (SIS! 
Howard Machinery i’ZSoi 3C ! j® 

HcwerH Tcnens Seryk-es *25D) 29 h 
Howdcn Gro. r25P) 55’,® 

Hudson's Par Id.'i 
Hi.te**-* Ceron. mu 114 
Humphries Hldhs. (7 5dl 12.-® >8/6) 

Hunt Mor.rroo -*4 Idffle'anl (5o) 25': I7/S1 
H-intiw. 4r«nr}prod indiiriries •'2Sn< 230 
Huntieloh Grp. (IOp) 1 04 
Hyman if, & J.) r5p> 40*4® %# t**® 1 

1 — J — K 

ICL 394# 90(4 4. SiiocDh. 75^1 H 

1 DC Grp. 120PI I'I 2 
IMI (25 p* 58 <a® B® 7® 8 9 7ij Sig 


Ibstoric Job risen (25 p> 176 (8/61 
IMinsworBb Motto SZOOl 32 C31«) 

Imperial Chemical Industs. MBS® ®SO 
9 Bt 7 6 St 90 88 5 K S! .31 4 O';. 
S'.pcLn, aa^® 7 >4. _7>4P«Ln. 63® Si. 

BpcLn. 65' I® 4®. lOVod-n. S«4®_ 

Imperial Group (25 p) 73LO fi*s 7 1 ; 6 8. 
up;Ln. 58 IBS'. S'»PcLn. 72*gO (tt.’SL- 
E.9pcLn. 51 (7/01. 7-5pcLn. 56U (8/61. 
-lO-BolLn. SO® so:. BpcLn. 71 
Inco Class A 14<«® __ 

Inqall Inds. < 10a. 25 17 J6) 

Initial Services C2So: 74t*I« StO (8/8) 
Inter-City In*. i20pi 12*4 (8/6) 

Intnl. Paint <25pl 77 «8)fii 
Intnl. Standard Electric Cpn. fittpcUnSoc, 
Ln. 74 • • 

Intnl. stores 4kKl/iiMClF. 38i« (7/81. 

74.ocUnsec.Ln. 59 IS'61 
Intnl. Timber Cpn. t25e) 121® 20 (8/61. 

1 0pel) nsec. Ln. 127 IB/6* 

Inveresk Grp. (50pi 710 O': 70 h 

JB Hidgs. £5 p> 74t (7/6 1 
Jackson (J. and H. B.I (5pl 26U® (8/6). 
lOpcPf. 1071;® 

j ames (John. Grp. (25n> 45® 
antes (Maurice, inds. (20p) 1SW# 

j amesans Chocolatea Cl Ob) 71 (7/6) 
enks Catteii (25o) 74® 2® 
jwrtlquo Hi39S. {2501 26 5'- 6ij .. . 

Jerome 1S.1 Sons tHldas.) i25p> 45 (7/81 
Jessuos (Hidns.t iiopi 4T- 
Jpnnson Firth Brown i25p) 65. 10„ 

Unsec.Ln. BB'.j 69>i (7/6). 1 IpriJnsoc-Ln. 
77 >B<6i 

Johnson Gro. Cleaners (25P< 87® 4 6 8)2 
Johnson Matthev 433® >8161, ShecDcb. 
57® |0.'6) 

Johnson JUcnards (H. and R.I Tile* (25p* 
90- 90 

Janes (A. A.) SMpmm i25pi 136 
Jones ;iEdward« 'Contraciprsi 'IOp. IS® 
Jones Stroud (ft/cgt.i .2-=pr 82 (5i6i 
J curd an (Thomas'. IOp 40 

K Shoes >250. 66 5 
Kalamazoo -TOp) 31 

Kwin/ng Moco- Group -ZSPI 75*i 24 
Ken: M. P.i ,10ei 37® 

Kershaw (A.» Sons (Saj 10t; (8/Si 
KUchen : Robert Tavlor, -IOpi 72 3 
Knott Mill Hidgs. dOoj 17 -'S'61 
Kode Intnl. ‘ZSs> 128® 6 
Kwik-Fi: [Tyres Exiuusai Hidgs. (low 
52-:® i:>® 2:- 2 

Kwik-Savo Discount (IOp) 84® 3® 3. (B/6) 
L — M 

LCP Hidgs. 97® >S,«) 

LKI.-tusWai Invests. '2 So I 41 it f7») 
LRC Intnl. (IOp 1 36'; 

LWT :Htags.. A >250) 127® 5# 

Ledbroke Group ..IOpi 195® 90? 90 89. 
Warrants :D2> 

Ladies PT4f- Gsierwear <20 p> 55® 5 
La.ng (John; Sons '25oi 178. A- CZSpl 
160 • • • 
Laird Group >25 pi 89: ; 9. BpcLn.- 96 i&/6) 
Lake E:ilui -23 p> 53® 

Lam Set Howarrh G-ouo <20oi 43® 
Lancaster iD m.i ,5pi 5 
Lane P.) .IO01 57 
Laporoe iHlags.i tSOp) 103® 2® 41, 4. 
SpcDb. 64- .6/5) 

Latham ij.) 120 16I6) 

Laurercc Scott c2 Spi 11 3® 

Lead industries iSOp) 152. TpcPfcL. (50p) 
26 >7/6) 

Lf Bas i£.) '253) 43 
Lebofl «S.) -Fobel) :10p) 51 >6/6) 

Lebus >H.) i2Sol aa 5 
Lee Re-rigeration iZSp) 71 >S|6) 

Lee Cooper 145^0 6;« 40# S 8. 7pcPf. 
SO iSI6) 

Leigh interests 'So) 175® 70 
Leign Mills >2 Sat (9 (5/6) 

Leisure Caravan Parks no oj 131# 30 (8/6) 
Lennons Group ilOp) 35 
Lcsncy (5p) 80# 77 
Le:raser <10p) 133 <>: 4. New (IOp) 
136 >7/6) 

Levca ■ 5p) 12’- 13 -6/6) 

Lewis > J.i Parenersnip SpcPI. 40>s (B.'6i 
Lewis’s Invest. Trust 6,-pcDb. 63-.- i5/6> 
Lex Service <25pi 79-:® 80®. Second 
series Warrants 27 >7161. 8':pcLn. 6lu; 

• 7,61 

Lev land Paint Wa I leaner i25p) 69 
Ley s Foundries Eng. iZSp) 64 i716) 

Li Cert, New '25 p> 159 18/6 ). Nob. Voting 
ex Captn. (25P) (59 18/6J. New Non 
Voting <£5p) 157 <5/61. 9JpcJM. 98'; 

Lloen ■ Hlags.) (IOp) 20 
Lll.'ev iF. C.) iZSp) 72# 3 
Lincruft Kirgoor >T0o) 56. 6 16/6) 
Linaustries '25p) 137® 

Linfaad Hidgs. <25p) 139 41 40 18/6). 

■ New iZSp) 131® 30 28 30:. 12pcLn. 
(00--; 

Linreao >25p) 39:. BpcLn. 65 (6(6) 

Lister t25pi 46':. SpcPf. 35':® (8.'6) 
Lloyd rF. H.) Hidgs. (2Sp> 76; id S b 
;c>6). 7LPCL.-1. 63 : :® (8/6) 

Locker rTnonws) ihldps.) (Spi) 20®. A 
N.-rtg. So) 18)4® 

Landcn Midland Inds. -2 Sd> B7 6u, 
London Nlhrn. Grp. (25D) Z&'^B 5>» 

4 5 Ui 

London Brick tZSo) 69';# 70 'z I 691*. 

140UJI. 140)J CT. B> 

London Pawiion 570 (6/6/ 

Long Hamblv nOpj 35 .661 
Longton transport Hlcgs. u5p) M ®8) 
Lonrflo «ZS0) 6Ji^ 2® 3® I 2 3 7. SpC 
Ln- 64 DO. 1981-86 66® 3® 3 

Lonsdale Universal tZSp) 87 ii&6) 

\ssr.m*m 35 # lb/6) 

Low Bonar Gro. «S0o) 170® 1® 68 b»6). 

1 Z-jncLn. 108 (8 61 . _ 

Low (Wfll.l (20P) 100 (A 'HD „ 

Lucas Inds. 308® 7® 9® 10® 12 14. fi-taC 
Ln. 124 <66) 
l,)eS iZOp) GO 

Lyon* jJj , 98® , 1 04 2 S St. BncIstPId- 
43 1; (7161 

MFl Furniture Centre <10 « ) 82 80 
MK Electric Hldfls (25pl 176® 8 6 
M- H!«S- U5 p) 120 
MY Dart HOP) 53 (-1/6) 

Macanie -Acnaonj iiOpJ 23 <6 tar 
Macarthvs Pharmaseuiieals COp) 97 -66' 
McBride (Robert: "Midletcn) 10 ov.pi. 98 

McCJeenr L'Amle Grp. i25o) 14# (Bib) 
McCorouodale Z7S® 4 5 
Mackav (Hugh) i25p) 43# 5 
McKechnie Bros. iZS»l 87® (96) 

IMartinnon Scotland sZSo) 3S« 5 «*6> 
M.cLellan , 120pi M (6/61 

McNeill Gro. *250) 5<® m 

Maepheraon (Oonald) Gro. (250) 62«i® 

Magnef Soirtlierns >25 p) 198® 5 

Miidreon-Denirr , . . 

Management Age/xj Music duo) *3 4 
Man. Grgs- (IOp) S 311® 

Menders (2ao’ 88 5 __ __ 

Mjnganese Brume HldBS. I25pi rv 
Maple -10PJ 17': 'i*' 

71 >5.6). 10'zPCPtlv.Sec.Ln. 73!;# a 

Mirchwiei Hidgs. (2 5P) 306 8 f *^6) 

Marks Spencer USpi 141 X® 39® 40 39 

4QI- 36 41 

Mar'ev (25pi 76® 4® S l : 

Marling Inds. ( 1 Op) 23^1 3 (7l6) 

Marshall Cairendteh (IWI fB'i 71 - B 
Marshall 1T1 (Loxleyl (25ol 45t (S 6). 

Non-rtO. -25 d) 45® 

Marshalls iHalilax) I25P 1 , 9 7® 

Marshall's Urrivcrsal (ZSP) 152 15 6) 

Martin (A) Hldg*. CMp) 

Martin-Black I25pi 54 

Martin The NMMM f=S») 243 (B-’S) 

Martonxir Intnl. (2 Op) 168 (6.6) 

Maltnews :25pi )33 
Mav Hassell iZ5p> 66 
Maynards (.25u 1 IM 
Wears Bros. Hidgs. (25oi 20® 

Meal Trade Suppliers USpi 61 80 
Me'gdy Mills >Z5P> 91 <7 6) 

Menmore Manufacturing i5p) 15 (7161 
Menzies (John/ Holdings) -fSp) 16S 15/6 

CpcPI 10S '961 _ _ _ 

Metal Boy 311® 6: 12 a 7. 2.8pc2ndP1. 

32 1 6(6'. 10i:DcLn. 81® (8 61 
Metal Closures Group -25pi 95® 
Me(eirax (Holdings) (Sol 47® 

MWtw <25p) 56 (8(61 
Mever •'Montague L.i '25 pi 6Z 
Midland Industries i'Sp' 41 1*® 

Milter vP.) iTe*I'ICS' HOn) 441- RW6) 
Mining SuonllM (lOol 77 (5/SI 
Mitchell Com Group 125m 41»s. 13oc 
Ln 96 '6 6l 

luuicheil Cccts Transport '25p) 80 (716) 
Mitchell. Somers HOp) 64® 

Mel o 'M.i Son (20o) 30'?® 

Molina '25o1 130 

Monsanto '5ocLnf > 1 982-86 12£l/ 

Monttori (.Knitting Mills) '2Spi 56 (7(61 
Monument Sccuribes HOP’ 8 I7/B) 

More O'FevTBll (IOp) 98 JHK6) 

Morgan Crucible '25o> 114 
Morgan Edwards HOP) 61 f8'6) 

Morrall 1 Abell t25o) 50 47 '5*6) 

Morris Blakey Wall Papers <25o) I S7 8 
Morrison IWml Supermarkets (IOp) 7«®. 

New Ord- (IOd) 81 
Moss Bros. <2 Op) 127 
Moss Engineering (25ol 68 f7(6) 
Motfiereare (IOp) .155 6 
Mount Chartorte Invests. (IOp) 18 
Mov.tex (IOp) 124 (7/61 
Mowfem ijahn) l25o) 1134 (6/6) 
Muirhead (25ol 166 
Mvodirton Hotels <50o) 225 
Mrion 1 IOp) 66 (7,*) 

N — O — P 

NCR (1US1) 44 '5,6) 

Nash iJ.F.)’ Securities (25p) 126 (BIG) 
National Carbonising lIQp) 44® 4 (81SI 
Neediers (7 So I 3*« (S(6»._. 

Neepsend (25P) 44<>® (0/6) 

Ncgrertl Zambra (25 p) 60# (816) 

Neil Spencer Hidgs. (IOp) 111 10 (SIB) 
Neill (James) Hldfls. '2Srt 96® 7 8 
•Vjtson David ifiPJ 81* 

New Eduipmcn (IOp) 14 
Ncwarthlll 152 

Nowbo/d Burton Hidgs. (26p) 51® 

Newey 63® 

Newman Inds. F25p) 83 4 ); '8-W 
Newman-Tonks '2 So) 59® 

Newmark (Louis! t25o) 177 S (7/6) 

News International RSp) 243 (8/6) 
Nlenols U.N.l (Vlmtol i25o) 160 (616) 
Norrros lisp) 88 6t. 7 VpcUnsXn. 81 
'6/61. )4eeUns-Ln. 99 
Norfolk Capital (So) 39 
Normand Electrical Hidas- <20p) 491 CKG) 

North fM. F.) HOp) 44 

Northern Engineering Industries (25p) 108 
7. B25pri>f. 951 'B16' 

Northern Foods i25o) B2h® 3U 2. 

6.2SocLn, 107': (B.6i 
Norton and Wright Grouo ilOp) 183 (5/6) 
Norton Simon Inc. <Sl)S1 1 IS 1 *® fB’6) 
Ncrton 'W.E.i (Hlpgs.' «Sbi 38®. 7<i 
Norvlc Securities (IOpi 20® 1B16) 
Nottingham Manufacturing (25oi 126® 5 3 
Nova (Jersey) Knit (20P> 4 8']® (8/6) 
Nurd'n and Pearock ilOp) 78 
Nb-Si*/N Industries I5e> 24 h 

Ocean Wilsons iHiogs.) (ZOpi 96 
Oic-Vin Dot Grinon Finance SpcStk. 94 
3i 1816* 

Olfr-.e and Electronic Machines l2Sp/ 118® 
16 16 20 <B'6> 

Ofre* Group >2001 97. New <Z0p) 98 
Olives Paper Mill i20Bi 40 
Orme Developments (IOp' 454 8- flpcLn. 
87 (3/0> 

Owcnstone Investments (RO.IZiji 22 (BI61 
Owen Owen -25pi 7S. 7HpcLn. sa 
Ohler Printing Group '25 di b4t 3h (6(B) 

Paradise 1 B.i HOp / 24 t«/6) 

Parker Knoll (2Soi 112 17161- ' A i25p> 
113® >:# iB.'6i 

Parker Timber Group *25oi 99 16/B) 
Parker Tactile (Hidgs.) '2Sa) 62. A (£5p) 
74 

Paterson ir.i and Sons i2Spi 41 (716) 
Paterson. Zochonia <10pi 1 00 (6,6). A 


38 (5/6). , 

Pearson (5.) 

Peatar’-Hattenley OSo). 17B® (8/6). 7PC 

Pennine M«or 

Pentiand Indust- IlOp) 20 16^ _ , 

Pen EOS nop) 93 i- 150 z 

PerklrcEUnar OPCLn. B7 (IW • • • 

Perry IHarold) Molore^^LWn 

as 

KSt 

Pick) ns tWIimJ.AN-V. Ota) 9®. 

Pifco Hides. A (20o> 89 (5®) _ _ 

Pilkington Bros. 47SJ® 4i® 60 77 6 4 

pfttard Gro. <2SP> 56®. SirfOPL 96*1 
Plastic Constructions dOg)4i 
Plaxtons (Scarborough) CZSp) 78 9 
Pleuurama (5 p)_*i. 

''"ft 


r 90£lh 


103® TOO 98 102 1. 


PoivmarT- rwr-'.l»«j9 5 1 <8/« 

(25*3) 209. BpOa. 13®>a 

l&vp™ -C26P) 

Powe^r^DuDryn (50p| 177# 5 6. 43*pcP1 

pSW^wiv^CQro-CzaBjBa® s (8(6) 
ProSfy ( AHrad) CZSp/ 87 *»«)_, 

Proas (WJ Son HW 23 “a. BpcLlk 6) 

PTOslU Holdings (IOp) 84./ TO-fipcPf! 
tan; 

Prestlofi Group C25p> 1€fi - •’ 

pfta*(BirSii ^ rHoJtangS) ■ X25rt 79®. 
Primrose Industrial Holdings -iRO.lO) 71 

Prumrd Services Grom 1 5pl 36 J (WJ) 
Pronrtetora of Hay s Wharf 141®- 39 91 
Pullman (R- J-' (5p> 87_ 

Pye Holdings (25p) 101 2 3 (6/6) 

Q— R — S. 

Queens Meat Houses i5p) SB h ■ . 

Quick (H. J.) Group (1 DP) 47>g 7 (8/61 
. tOacPt. 99 1® 9 _ ■ 

RCP Holdings i2Spl 36 I5(6l 
RKT Textiles *IOP» 90 »7/» 

Racal Electronics (25pj 234® 425 40 

Rakuleif Group (IQpl IB 1 ) .(8(6) .. 

Ramar Textiles (SO) 5ij . 

Randalls Group '^Sp) (5 (5/6) 

Rank Orfl. (25p) 247® 52 47? 6^ £^<PC 
.Pf. 49®. lOhnKLn. rat,® H® vt 6. 
Ranks Hovls McDougall. (25p) 52»i 3 
t a. GpcAPf. 46 J t <6I6L -■ 6 la pcL n. 
86(4. SJaocLn. 611*. (7/6). - B><zpcLn. 
67 (6 6). a’ipcLn. 69'ij 7i (6*J 
Ransom (W.) Son (IOP) 192 90 48161 - 
Ransame Hoffmann Pollard (25p> - 56® 6 

Rarraunas Sim* Jefterles 5>iPCPf, . 39 

Rauuria (Great Bridge) BocZndPl. 52® 

RatnOTS jewellers no pi 74 (616) 

Ravbeck (10o> 72 U® '5 3 
Reimort interoahonal (5P) 39 hO h-, »»«PC 

Ready Mixed Concrete "(2^)1 23 4® S*i®- 
8i,pcUnsec.Ln. IOI <8/61 . ■ 

Rock/tt Cofman (SOo) *75 * 8. • 5pC 
Pf 40 (6161 

Record Rldgway (25p) 76® (8/6) 
Reafeam National Glass (25p) 293 
Rndiffu scion (25PI 94® 5>i 4*a (8(6) 
Reoland I25nl 134 ...... 

Ream an Hcenen International (lOol 56 ij 
7 (7'6) 

Reed (AusUn) Group A (250) B7®. 

Reed International 127 8 30 29 81 31 
SpcPI. 32 (6/6). 7pcPf. - 48 '2 fffl6J. 
6tipcOb. 76-03 as-‘j (6*61. ’ 6WDb. 
67-92 68® '4®. 7UpcDb. 90-95 66 

(B'6). 7 i-ntUmec.Ln. 50 (8(61. 7 >tPc 

Unsec.Ln. 96-2001 56M Ij® .(B.'Gk 10PC 
UnsccLLn. 671® 71 1*«. It «8W) • 

Re-d Publishing gpcUnaec-Ln. 50s® 64) 
<6(61 

Reed fWilDant) Son* (25o) BI (Bifi) 
Reliance Knitwear Group. (20p) . 43 _tx 
Reliant Motor Group (Sp) IDU it 

10 9>4 

Relvon P.B.W.S. 1250) 77.- 7*4PCUntec. 

Ln. 60t (8/6) 

Renofd 126® 5 8 7. BpcDb. .66. 16/6). 

7)«DcUn5ec.Ln. 60 l i® 

RenNkil Group OOP) 5BM6 9® 60® h® 
Renwrick Group I25o) 42 

ftbstmor Group f25p> 140 (5(8) 

Reverterx Chemicals <2SP) 64 (S/6). New 
(25a) 6* 7 1616) - • ' 

Ricardo Engineers (1927) (25p) 147 (B/6) 
Richards Walllngton Industs. ,C10p) 82 
Richards iLeicestert (25p) 74 5 t7‘B) . 
Richardsons Westgarth -<50(0 .57 u® 8 9 
L. 

Rix (Oliver) (5 dI Th % I4 H 
Robertson Foods (35p) 148. 

59®. lO'rpeDb. 841, <5/6! • 

Robinson (Thomasl Son fZSp) 70 (£16) 
Roekware '25ol ISB 7 . 

Rolls-Rpvce Motors Hidgs. !25p) B36. 3 
Rtwner Hidgs. iZ5p) 47^. i5/6). A C25D) 
46'- 1816) - • • 

Rosglil Hidgs. 'Spi 18 . 

Rota. Aw (G.B.l >10o) 56® 

Rothmans International B iIZijj) -JS4 >a 
Rotort ilOp) 124® 6 S'. iBjeT' 

RouMedg* __ .' 

Rowntree Mackintosh, iSOp). 407® 12. 


1 5.5PCPI. 


ilOpi 124® 6 

Kegan Paul IZSp) 178® iB/Bi 
v-.... .. Mackintosh, ' iSf 

New ifv.pri.i 'SOp) 410 8 
Rowton Hotels i25o> )65>: 6 
Roval Worcester i23p) 131 SO, BpcLn. 
89 (S/6) 

Roves '-26 pj 34 ij® ).» i* 

Rubnroid '25ol 37® 8 
Rugby Portland Cement- 125a). 75. . P*B. 
-<5p) 531;. 5PCLD. '47? 18/61, 

Ryan (L.) Hides. (5p) 13 id (8/6) . 

5 and U Stores (12ijj») 13 18/6) . 

SGB 12501 160 . ' 

Saatcbl Saatchi HOp) X57#_62*t . 

Sabah Timber HOp) 36 £8/67 
Saga Holidays (20 d) 143 ,.7/B) . . £-' 
Salnsburv -<j-> «8SP>\182i* 3®L7 4 2 

liafe/s’sja.'sis <«»■ 

5amuol iH-> A «25 p> 2B3® (8/6)- BpcPf. 

4fl l; ,6/61 • • 

Sandeman G.) (23p) G2 1(5/6) 
Sanderson Kavs «r 05p) 60 (6/B) ;.". 
Sanger O. E J 1 1 Op) 3 5® 30 

Sangers Group ~42Sp1 82® 2 •_ 

Sarido Gordon O.' HOP) 24ij.<5/6l.. , . 
Saw Hotel A dOrt 83. A ilOpi TIB 

SkSw I25P) MillA Now .25o) ^ 
(5t6>. 8jKLn. 66 r • -. . >- 

Scotcros 425p) 70 67 - IRS) - ' 

Scott Robertson ,<2501 44)s (76) 

Scottish Asriariutral Inds. 222 
Scottish Universal ftspi 103# 6® 3® 6 
Scottish EngRsh . Curopoan Textiles ijWp) 
58 (6(61 

Scottish Heritable Tst. I25p) 45 4 (BP6)- 
Scottish Homes Iny. (2Sj»J 18 

S"” If , 

■SB SS«7i?.*1 

Securicor fcrp. 125 Pi 124 3 18 61 . A NOR. 
. V. [2 Spi 118® 22 
IOdc Security Services fZSp) 128 (®*6>. A 


179 


46® WSL A 


Xeli(inwrb-t5B>-2®9® -*«® * ‘ 

*pB sraa btoJtajBOPfJO-Mai., . 

Sarck fflSW 8T#-©*® W - 

Shaw- Carpets (TOp) SOh® 

Shaw <5»n0is)-WS)27<- J6I6J 
SftMtaridw Eng. (29M 76 ^6) 

Shemrid sr/rirGmJflSP) 46U (SffSf 
Shefludd- Twiet. Pm . .Steel 7-VpeOh, ff 

SUrtOde - TlpcStig 4O0HarCnv.Gtd.U1. , 

s^otShbmmww. «im stojbwi 

SHhouett* (lo ndcm l CZOiR ' * — 

Sinann IS.) A CtSvH 9S. (a® 

Ht^otCoT (JJ/Sl OO W% «6) 

(2SD) 79® Mh S 4 . 

S^^j^nttrenors)' (10W 4S® IVHt 
foMi Nephew Asscd. OOP) 99. ■ BpcOny 

sm)S*m«vk?!sa' injgBJ) Mjjw* 

Smith <W. H.I SanfHltfgsa A (59 p) IS 3. 

Siih&Cb. 1 ^ <l^*' 6^c0^i.Lr. ^5 
169 7 ; 

SaJ^torr - Lnw Stationery Sue. <20 pi 53® 

Pariro .Bcnwt Group ftBp) 282 J 
Southend Stadium (5 pi 15 (56) . 

Southern iGonstructlpns (Hidgs.) Sol 6 i, 

Snw Jaekoon Internatl.' <25p) 135 6 . 

s SS'1tg? w «S SS 7.SJSS: 

Spirax-Szrco Enong. «5 p) 1S2® 4 (am. 

New (25p) ISf (8/6) • ' _ 

Spooner Industries (25o> 76® 6 8 (B/6) 
Squibb Con. ConwStfc. £261. (BVl 
Squirrel Horn <12^Pl 36 7 <6 Kit 

s ^ , oi, un 9 t sr(W8V ,,,a - ^ iom 

ctafcis (Reo.l OrgpnMtlofl rtOp) 48 7«v 
-Standard ' Fhwoncs (2 Sp) 66 (616) . 

Stanley (A. G.1 Hidgs. (5p) 130®. New 

(So) 129», SO (7(61 . 

Status Discount <10o)-176 (ST8> 

Staveley Industries 2 45® 4 __ 

Stead Simpson A asm 39 <7-)6) 

s^tt^*?**' 3 '* ***- *« 
rasas (Wiig^fc ^ 

Steinberg Group (IOp) 16V> (6.‘61 . 

Sterling- Industrie* t2ijp) 29®. IstPT! 

■ 25t- (8(61 

Stewart Pfastin (23 o) 148 
Stocktake Holdings (25pi 64. 3 16/6/ 
S^Mdard (HoieUngs) A Non-VoySg Ord. 

stdiw-mitt Industries (25p) lie 17 
Streerera pf (gadaWhtag (uta) -28® 

32 

Sumner (Francis) (Holdings). Cl Do) 13li 
SunHgbt sendee Group (lOol 25® (8«i 
Supra Group (IOp) 54® S- 

Svkes IHmuy) C25o) 98® 

Syltone OSp) 119.14® 20® 

; T— 43— V 

TAjM (ton) 27. 40pcPf. ' (1 Dp) 28li I 

Taibcx Group (5gT 18’** 19 
Tarmac (50p> 156® 8 60 5 


lstWSljK 


9 5 7, SVccLr 
70i- (7/6) 


Tate m’ e Le*5»‘ CfipT 7 l 

*. f 
6»'i - 

TecalemK (75») 136 

TeRffusl^i Ord. (Sp) SB (WBl. . A (Non V. 

Telephone Rentals. (25pi 126® 

Tesco stores (Holdings) (5 p) 

2li 3 


40 2 1 


ngs) 

Textured Jersey OOP) 24 (5/6) 

The Times Veneer (Sp) 8 
Thomson Organ bat lem Q5p) -253® 50 
3U1 41; 4,721)0 st PI. SDH (7J6). 5-83P 
63(j« h (8/6). 21.7ncPf. <250^59® L 
Thom Elec. Inds. (25p> 324 6 2 19 
6pcUmecd Ln 73*: (5/6). 5pcU»ecd.L 
■ 991* 9 (B/6) 

Tubury -Contracting Group 274 82 
Till tag (T.).C20Pl 118 171) 19 17t 18 
. S.ZSpcPf. 56*i (5'6). SpcDb. 74 (5K 
OhPcUosecd.Ul- .MHO (B/6) ... 

Time Prods. (IOp) 1S1® (WP):- ' 
Tomkins <F. H.) (5pl 23 '2® 3® 
Tomklnsms Cvpeta f2Sp) SS r ' 

To«ar nsprso'j® i* if), spcpi. : 

(7/61. 74<peURfec.Ln S3*a 41 IKS' 
TowHes (TOP). 44 3- <6/61 A (TOP) 4 
(6161 

Toy® i25o) "53 4 (8/Bl 

Tmrar Kemsiey Mlllbourn -/Hidgs.) (2C 

■50® g 

Trafalgar House (20®> 125® 4 SB. 7 
(Jrsecd DO. 47: BpcUnsecd-Ln. 60t (8I> 
lOUocUnSKd-Lll 74^ f8/6> 

Transport Devt. Grouo C2Sp> 68b® 
68'j 71 h. 8 (-pcUiMecd. Ln. 63b® 

Tranwood Group f5p>'4>* (S‘6) 

Travis Arnold *Z5 pi 132 (7/61 . 

Trident TV^? OOn) 47**® 8 
Triefu* (2Sp) 87® , ... 

TriOtax Foundries Gro op (2So!7S& 
Trust Houses Forte (Z5oi 208®. 11*. 

IO 11 9.8. 7-5pcUniecd-Db. 60 1 <8 
' IO.SdcDU. 821*. 7.875ocUnsecd-Ln 6 
( 8 / 6 ). -g.1pcUnsecd.Ln. 691® (W6) 
.TXtbe, Invs 370 €8* S.BpcUhSOCd-Ln. 4 
15/61. 6ijpcUnseca.Ln. 87*- 
Tunnel Hidgs. B '50p) 271® 69® 6® 
Turner Newali. 171* 2 3. Ord. Sh® 17 
Turner Curron /5 b) .1 1 *1® H 


TuSnr SS?V»^n09» 3 30 (816) 
Turriff Cpn. (250) 66® 


7i«PCl 


DBM Group <25p) 68*i# 9, 

65 HO 

UDS Group C25p) Wb® 7 6 
UKO Inti. (2SP) 146-4 7 8 % 9 S 
USMC Inti. 9pcui. 133 16 / 6 ) 

U.U. Textiles HOP) 4ti (B/ 6 ). 

Ulster Teievtiion a (25n. 62® 

Unicorn Inds. OSol 96 . 

Lhdflex Htctas. I 10 P> 40*i (8,16) _ • 

Unigate (Z5 p) 55)j® 6 7 5 i. SkWi. 

. enpcUiw-Ln. S3 15/6). 6 'ipcCdv Uns. 

»v. ivTHOR 


Bpc2ndPt. 65*?® 1616). 4DCDO. 07 
BHpc/Db. 71 •). SliBCUns.Ui. 
(7/6). 7J.PCUM04). BJi BI6 

UnDevgr fN.vj Sub-Shs- jFLIZJ MJsG 
Union Inti; bocPf. 43 (7(61. lOpcAlW. - 

Unltach (IOD) 724# 3 
United Biscuits i)tfag*.>-.(2SDi 62# 3< 
79 8 T (816). New i25p) 81 U# 
SUpcUns.Ln. S9h '5/61 
United Camera (IOp) 84# 5® 8'it® • 

Unfted CIty Merchants . n Op) 66*® 3 
United Eng.. Inds. flOo* 42 4 IS'S) 


:TY 


This year’s BIG capital 
gains 

Wall St. or Tokyo? 

The- answer depends ■ in' part on whether you feeS.happi 
with' tbe herd' or ahead-' of 'it For an assessment of tl 
exciting potential offered by these two stock markets, togethe 
with regular features covering, how and where to invest, yq 
need a subscription to the Private Investor’s Letter, lb j [wa- 
comprehensive, succinct guide for the private investor. FC ^ 

details of a FREE TRIAL offer, write now to: 

‘ The Private Investor’s Letter, Dept. IPO, . 

13 Golden Square, London WL 

Or phone 0WM7 7337 (34-hoiir answering serylcc) 



(r 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits of fl.000-f26.0fl0 accepted for fixed terms of 3-i 
years. ’ Interest paid gross, half-yearly. Rates for deposil 
received not later than 30.6.7S. 

Terms (years) 3 4. .5 6 7 8 9 10 

Interest % 10* 11 1U Hi 1H 12 124 12 

Kates for larger amounts on request. Deposits to and furtht 
information from The Chief Cashier,. Fin ance for Industr 
Limited, 91 Waterloo Road, London SE1 8XP (01-928 782 
Ext. 177). Cheques payable to “Bank of England, ajc FFL 
FF1 is the holding company for 1CFC and FCL 


EUROPEAN OPTIONS EXCHANGE 


U prion 

Price 

Jl 

Clone 

Ly - 
Vo). 

. . L 

Clow 

«- 

VoL 

Ji 

' Cloee 

in. 

Vol.. 

bguli 

ClOM 

ITT 

MBS 

74 

- — 

2 1 * 

• 

8 

— 

S605, 

ALT 

860 

. 2>S 

— 

3 

— . 

3^) 

■ — 

r» 

\[*T 

S6S 


• ■ — 

*4 

— ' 

i»a 

— 

„ 

Citicorp 

S40 

6 

— 

588 

— m 

BS, 

*— 

S24t E 

Cltlcirp 

S26 

1 

— 


— **■ 

as* 

— re 


K. Kml4k. 

MW 

171* 

— 

17i. 


18 

— 

E567( 

K. Kodak 

845 

13 

— 

131* 

' 

. 1«5» 




K. Kcvtak . 

SBC) 

788. 

— , • 


1 

94* 

3 


Ii. Kodak 

S60 

Iifl. 

r. 




458 

— 



340 

7ia 

. — 

a 

— W 

et« 


847 


845 

au 

— - 

4 

— - 

4ia. 

■ 



690 


— 

11* 

—V 

21a 




uai . • - 

S60 

12 - 

— 

12$4 

— . 

131* 

■ 

8611* 

(iM . : 

^60 

ar a 

— 

4(4 


61* 

■ 


uu 

. 67U 


— ; 

7b 

— . 

lta 



„ • 

IB3I 

?B40 

30 

3 

3119 

8 - 

37 



826T 

IBM 

6260 

12S* 

• 3 

18 • 

5 

211* 

1 


mst - ; 

szea 

3«8 

tx 

eia 

5 

n 

4 

„ 


620 

4»a 



5 






B24 

bears . 

szs 

m 

— 

a la 


as* 

3 



830 

14- 

— 

7b 

— „ 

He 

20 



P330 

24.50 

■ — - 

26. BO 



24.50 


F353. 

Alpemeue - 

FS40 

16.00 

— . 

17.no 

. — 

23,00 

— 


AiRenMW 

F3B0 

10.00 

• 

11.00 

— 

17.00 

— - 

• H 


F360 

0.80 


7.00 

— 

10.50 

_ 

„ 


FTO 

5..2U 

m— - 

6.00 



7.40 



F73.7 


F7S 

1.40 

— 

2.50 

— 

4.50 



Amro ■" 

HJU . 

1.00 

' 

1.30 



2.90 




KLU 

F160 

20.S0 

1 

25.50 



31.00 

_ 

F176 

KLU . . 

FI 70 

14.00 

29 

30.00 

X 

25.00. 

3 ■ 


k/,11 

KIBO 

8.00 

- -72 

14.80 

7 

19.00 

8 

n 

UUI 

F190- 

6.60 

43 

11.00 

a 

15.00 

6 


KX.M. - 

FSOu 

S.BQ 

42 

- 8.60 

-14 

10.00 

19 

u - 

KL31 

F22V 

— 

— : . 

4.90 

28 

7.60 

V7 

pt 

Nat ]f off ' 

F100 

12.80 

. 

13.50 


15.00 



F 110.! 

Nat Ned 

flio 

4.60 


6.60 



6.00 

- 

„ 

Nut Bed -. 

F120- 

1-50 

■■ 

•3no. 

_ 

-3.80 

_ 

• 6 ■' 

Phllipe .' 

tnan 

4.M 

— 

.4.80 



. 5.70 

2 

Fgas* 

Philip* 

raa.oo 

2.00 

20 

2.90 

18 

3.50 

25 ' 


PLilii® 

FS7.au 

0.70 

10 ' 

L60 

31 

200 

63 

n 

h. n. smell 

nao 

10.00 

- 3 

11.00 


13.00 


? 128.' 


F 130 

ZJBd 

6®.. 

4.60- 

11 -• 

6.60 

a 

M 

li. D. SibeB 

E140 

0.60 



2.00 

20 

3J50 

U 


Unilever; - - 

- F110 

10.00. 

. a*- 

12-00 

38- ' 

14.00= 


nia.i 

Unilerer ' 

viao 

2.40 

13 . 

4.00 

84 • 

3.00 

17 


Unllevet^ - 

FI BO 

txao 


2.00 

■ -4 ' 

2-00 4 

;11 

« it . 






oj 


" 5 ? Jn, 


21 




H - 5 t'5*£ H s‘- 

■•?. -» £.':U£ l 

;> Vr> JSSf-f 


; '■ ? Saturday June 10 1978 


-.•.'•ix 


<6«J .. 

Umrea Scrtfittae ,H(d 


IC.HMM: -<13d> -230 l*J«J 
united -Wire "Grouo 42§ff SOB P &^2* ' 


■ U0WB|lwno lotijil pp} .15 


•ri • < .=•.■’5 j: •• r Usher* Walker tTOpTlab®- T8I6) 

*V*^ <V - U^O- HJtlaS.^pCTf; (R 2 ) 66 (C 

;v’^- '■J' flVpcW. 


lfl/6) 


Vamona 

240 ; I. _ 


(200)12*15; 6^ 1400.11. 


V J'M 
W.V? 


V*VXlwll -motor*' .7ocLn. .60)*® U®. t*;6» 
y«rao*i Fxsfllpfl • -'Group riOni 1410 S 


-•«««•'• " ..■ ar »« | . HOW '410 

'•***:*:*& 

«-»RiBM8Er-*V- 


fipcLa. 


w— y — z- 


w Ribbons Mloos. 17 Del 74 (W€> 
Wtst^GraUn- -QOdV 45 i7|fii 
WMtJjngtor <J*miM 2£» 216. lO^rncOb. 

Wade PwtertwlOncPf. iOo ts;6i - 
WMgJ - Depanrrvantal . Stores \ZCmi .44 

vJadbwn Stand*/. Vupv ' 43 ^ . 




Wadkln (50p) 115-(6>6i 

•us 




WaWort toutpery Greed nos cards 6 k 
- W. 31 1:9 -2B ifl/fil . 

: walker lAlttwfl.'Son £tOp» 8;« 

Walker Homer iSp) 13 C8-6I 
Walker (C. W.l fficto*. - U5p>. 119 
Walker UnmM) GoMsnuth BJIeersn^th 
*2501 83 ts.6 


Oadr Mart General Truer 1SO01 2BBO J: 
1316), “ A ttCol 283 ■' ■"'• 

Daloc(V-2A2 79. 4^jpcOb. 89 S*. (8-fc, 
B'rtKDb. 79 h . • 

Dwwnay. . Day. Group (25p> a JO 39 40 1. 
SpcLbl 65>eO •■- 

Edinburgh ' IndvStnpt. HoWlhflf llSltfi 
1.S*S» 14Jj 

Eleetra Invest/ (25pi 1tO®-W6> . 

HanaisdteM- ®4*sg#ysM Tst. IB 4 (7/6) 
Ex-Lands Horn 11 13 Ij (616) 

Exploration - (Sp> 26 (616) 

FC Pina nee asn> 80 fS*K ' 

Flnt national .Finance Corn. (1 Op) 2'?b 
20. : flhpcLfft 13 (5(6). 94peCnv.Ln. 
20 (SISlv 

Gdade Dun-ant and .Mwrrsif Group iSp) 
23>]« ( 8ja> 


Gresnam Jnv«»t.-.J25pi. 60b0. I t’O 

Grimstiawp Holdings (HOPf 151® 200 

<8iCl 


Hwnbra Trust (Uni .36 '(8)91 _ 

I AC 9 Hoc Motes I SCI > 39 10 IOD'kO 
Incbcane <20 2 IT.. lOWLn. K tG.«j 
ind. Comnh fin. 5bPCDbi 8H? (5/6*. ?i. . 
ADb. 19B9-S2 .66.>i» >1. 11l>KLn. 920 
(B/B) 

Johnson Group CltfTW.'SkpeDb. 87:® i„:# 

Kwjhu tiopi Jt 7 : > 4 : » 6 i . 

Lk>yds Scottish’ i20«>' 7 . ' 

London Attocd. - ln v - ■ Trust flOn) SV (6)5) 
London E urooean' ilOny.. _23a T'- _ 

London Scot. Fin. (JvPl- <l l6'6i 
Minion FIs. (20p> 46p- (6 61 


Mania <R. f.i ,(5 d 1 50 
Merrill lymK rtUSI. 




Walker iT8«»m*<M i»Spj 13® 
-Wallis f i 


...... fashion ' Grouo dopj aso ta,*L 

■ ft-^tFf. tSBsi 20 is.’fit 
Ward Gildstone (2Sp) 89 I8.*6i 
Ward -VHdSS. -d Oo> 34 3b 
-Ward (Tiros. W.) (25nj 72:jO 20. 7»soc 
■ Lfl. 68 <6<€i 

Ward. White Croon tZSd) 78® u«. 10 UPC 
Pf. 167®. 6KLn. 859 i8)6: 

Wardle Bernard) (I0n> 23<«® 2 - {8.*S1 

Warlofl'GIUovr (MldOSS l2JSp» too C7,») 


Wa/ne Writfit Rowland (inoi 51 
Houdnvs A (IOo 


Warner 

Waterford Glass (So) .. 
Watmouons (Htdgs.t '25 
Watts Blake Boarne 
«25pl 110 (8(6) 

Wavorler Camaron OSoi 
29 


t-Dd) 36 (9(6i 
' S2‘KP . 3® JA61 


84 
Pi 119. 


145. 


New 

BpcPC 


Wearra Grp. (1 OoWK^SIB) 


Wear well rspl 23i, it 


Webstert Pubs. 'Snl aSh® 4® *s 4 3»» 
1 zxso <• 3 4 


L ......JJi-l G17 )6'61 

Mills Allen HitpaotL (Mol 168. Cum. 
. Rryr.lstPf- 19*t» r5(H» J!9'; 6’’ <6.6i 
N.M.C. low. n2J?P) 15'* <* " 

Park Ptocr Invs. (I0o» 3< 16I6I 
hwWmt Fin. (7Sni 93 . • 

5i«ne Oa^bv . (Iflol .79 (7,+i. ■ lOpeLn. 
(Lend. Res.1 727* (R"-6)'-. 

Smith Bras^(?5pi S6 > _ 

Third Mllr (250' 18 (T:ip 
UU. DsmlMom (250) 551 J* 4 5 G. 16 PC 
r n. 118 k( IS-fil • ‘ . 

V/»«on FJ". r?#nV 45« S 
W*«l of -PmUand 1 That .(S»i 57^® 
Western Sn-nlon JMst. JZOpi 26 
Tpie c*ttoiiop).7o«^a'6>. i _ 

>’GAS(5) 


Imoenal Continental Gas 376® 9 3 8 . 7 pc 
l.U, 7 63 (5(6>- 


WedQwood aSW . . . 

Weeks Associates 11 dpi 26H <8.61 
Weir Grp. <25o> 125 »• 7 
Wallen Hltfflt. t£p) 23 U® (8.-6 1. Ntw (Sn) 
24® IB-B) 

Wellman Cnp. Con. C5p) 48<i® 

W. SromwleA Sprlns <-10pt 240 *s. II.Spc 
Pf. 111J® 12® - 
Westbrlck Prods. (25pi 36b 
wnirin Board Milts *100) 66 ^ _ _ 

West Inoho use Brake Signal <2So) 49 <S'C| 
Westland Aarcratt (ZSpI 46b- 7»*BCLn. 
65 (6 6) 

Westminster Country props. 12 5 pi 15 

Weston- Era ns* Grp- (20o» 96® 

Westward TV C N.-rtg. HOP) 2«»j® h 

rg-*Sl 

Weltem Bros. »2&p) 98 tS-B) 

Whattines i25p) 40 2 (IS) 

Whewsv W8(*on 7 (Hldos.) (5p) 16b® 
■Wh.tecrott tSOul 195®. SbocPf. 42 .5 6> 
Whltehouse (George) tEngJ i50o) 90 88 

o? ' ? 6> 

wMttin'gtiam'*<Wm.l iWdpO^ ( T 2bo > “ 

Wlagln* Tespe 6^«PC2n<H3b. 71-4® 


Cnv.Uns 

INSURANCE (137) 

Bowrlnp (C. TJ (25n> 102® 2. 3. 5pcCnv. 
UntXn. 103. 1 0peCnv UnS.Ln.147 B 

Bren wall Bard -i HOP) 38 (6l6> 

Britannic Assurance’ t5o) 167 . _ 

Commercial Urtnn f25p) -149 6 5 St 4 7. 

SocPfi 43>. (B(6) 


innla Fioan«?rtJ,IO 9peCw.UBS.Ld. 125 


Draytwi Fraimar invest. <2Sai 189. S.Soc 
PI. 36 i Sjfii. 4liKPcrg.Dn. 30® 18.6). 
.7i*peALn. 1993 116'j. iS.bt 
DtulveK income (SOP) bZ. Caoltal 210® 

Edinburph Amorican Assets >25o> 132 
Edinburgh invest. 36. Dtp, 22i<j 2 
Electric General «25m 72® 1L® 2 l>; 
Engllui Inin!. <2 Spi BS'r _ _ r 

Enslisb New Vprk 4'sKLn. Ill »8 6) 
EnfillUl Sunith invwiors L£Spi 71 (8 6) 
tauitv Consort Invest. Did. (SOpl US 

Eaum -Income Trust i50p' 201 (7ifi» 

Estate Duties invosimsni 308 « 7 o: 

F and C Euroirwt (2S*» 49 (816* 

FKSt Scottish American Trust .25o> 93 

First Uraod General Inveti. is 0.22 1 45 s 
iS'fiy 

Forpign Colonial Invest. (2501 162 1 60-:. 

. 7t»pcDB. 62® (Bifii * ._ _ - . 

LFundinvait Income 125n) 1“ %B.6i. t-»p- 
.23.01 59 __ 

GT Jaoao Invest. i25oi 117 
General Contmci&al lh»r«- ‘Jlf* 

General Cowd. !««•«- r J*5oJ M'j (S.6i 
General Funds Invest. 1st. «25 p> i® 

General investors and Trui.leei (25B , 102 l ; 
General Scomsn Tst C2Sb) <6i6) 
General stcekholuers Inveci. 1st. It2'.p< 

110® 186). 5 :PcCum.P». as',® 

Glo£-'l»MPti S f«. 9 ?25pl liw 9. 4PCD0- 
BB® (Bib). 5::ocCn*.yns Ln. 87. S'vpc. 
Cnv.Uns.Ln. 11 6b (BJbi 

Gwctt Enropdan in. ,^1:, ^.qq u 

Great Northern Invest- Tit- u5M ,a0 '* 
Group Investors (25pi 6lb (B16J 

Guardian lnve«. Tst. U5p» 77 

Himbios Invest. Tst (2 Sp) 90 t5l6i. 3LPC 
Hu“"(rIiiip'' Imiest. Tit. U5 p) 179 <7,6i. 

& C JSSiV:f',Z&£lO .!S- 

73b 166'. , N?ti 7 

Indeoenoent Invest. 52b 4 1 . 

Industrial and Gen. Tst. (25pi 49 j 9 . 

47K° 4';PeCnv''D C b Db i05 (5161 ' 

'USKBrS. !l^‘ lSsi 1- 

lnve«ing In Success Equities i-Spi '.8 
nnumvn! Tst. CM 125 b. 2« * 18 61- 

ittSSCiSiAl ’• 

JardKe 1 J»iwn iS*«t. Tst i||p< ’ 27 9 

jersev External 1st. rlpi, 163® 

‘fa^'inwme^fop. <7 (6/6.. 


UNIT TRUSTS (10) 

and G- American a«» General Fjjjjj 


Incbn^ Units S5.1- A«»mulation Units 


“'i'SVi-lS’ffiS Income Uni« 
123.7® 123'i« 


M. and G. 6 «m Yield Fund Income Units 
N?.* and*G.' General Trust Income Units 
M. 70 ann“'^i High Income Fund income 
M^and 1 ^. ^Recovery Fund Accumulation 

M U# "ano B5 G 7 Samd General Trust Fund 
Income Units 172 (816) 


Lvle Shloplm ‘2 
vto. 1*58* 113® 


5d< 119 <e«>. 


A Non. a BF Canada 970® „ _ 

t Bougainville COPMT I 2 * 7 

.win Transport Trading i25pi 119 18b 18 | 5 ri 0Be 011 920 
Peninsular Ofenlal Steam N*.. SpcPId. . BUdd Automotive 
39 tt'6L Dio. 94 >;o 90’s® SO ’ '>0 2-s 

V 4>: 4_3 _2. S'4BCOb._ 87.: ;S •* , ! JiSf.™/ F m. Mmarat* 6B0 


lieardoh Sm.in Line iSDpi S3 

Stoh^TB- ’M> 0 ' 3 > 5.6 1 

Rundnian 'Vu 1 ‘2&e. 59 
, Line 1 1 B (E 6. 


•J b< 


C«- CamwM 

Series ■ C66LO 
ICS« 275 

A 1 Central P*c- N _ 

'COMM® ¥?-?• *«««» :30 ® 30 
Elecimlu* B Rts. 10 


Austral ion (^5) 

Hampton Cold Mining Areas i5p'l 29 
M i.m. Holdings ISAO SO 1 210 'H 
Hortn Broken Hill 9 2' 1 

North Kjlduril Mines .sAO.JO) 16 
Parlnga Mining Exploration I5pi 

s'-:® < 

Western Mining Coro. C1A0.50) 

210 <:q 22® 45 7 9 50 <8 6. 


3U 


3<':9 
143 b® 


mm tv Law Life (3s) ( 5 fi®M -® 58 
Ckwral Accident r25»> 212® 'p® 11® 
13® 12 TO.’ 7b»CtJrW-Ln. B1?i rai6l 
Guardian Roval EWImom «*5pI 21 « 15. 

7«H GB I5l6). 7DCtfns.Ln. GO-b® 
Hambro Life %««r>naL (3501 330 <B'6) 


Heath (C. E.) '20 0> 259 
Howdcn rJmannwO-aroon-OOrt IS 5® 7 
5 a. New-nopr-^v®’-«»-9 lO'a 
Legal General l3o) 1 54 3 
Leslie Godwin (HMgsJ MOrt 98 •» 


London Mincheww (So) I s ?*? !!*! 
London United 4nw- PpJ»> '65 '8 6) 
Miihvwj Wrlghtson Hides. (20P) 1£ 


68 


821- (7/6). 


WWm” (J ames). Ofo^ 59 i7:«> 


wiiuiis iMtcniii tase) *7® 

Wl'klnton Matrh -IBS. 5boeW. <-1 (8.6i. 

mnrLn. 90 (B/61 e _ 

Wl|v|ns&n Wpvburton (25n) BB 
WHilim* (John) o» Cardifl ^o) 48® 
w T, l* . (George) *nd Sow _ liapi 

: v^mot-Rreeden iHWc^.l (25p) 72 (7/R) 

S5i|3^ BTOBi (2DP) <z. Bboeuns-Ln. 60 

' W*«on (ConnelWl Hklei. (25p) 133t®. 

WIMoS'wJlwi i 6B |- t6 M 

Winn Inds. (2Qol 43'-®ii (*1% __ 

-Wirt and Pl»«tle' Pmiluety (IOo) 33 (5/6)- 
Witter 'Thomas) (25o) 5* B . ’ . 

W"1f Electric T 001 * -Sn^M’.erBi 01 *® 
1-816'. New* Ord. (25pi “O r5J6) 
Wniwev-Hnahes (2So) 197 (6/61 
Womh-vell Foundry and Engineering. (I Op) 

isp) 

^ 42 *0 «:a. 

w~iHkead' Clones) - and Sons (25n) 93 


Ma*vhepr* Wrlghtson 

mui'« Hww. , ao»)'jJ5® : ij®'5 4 s 
Moran iCJ Group 5*-- 
Be«H .Atvn-inrv (5ni 2A2- M 
PhDenbe Asmirance '25n)_Z44 
Prurfentlel AtwaW-'M-inM 49 8 
ReTiroe AinnMI *3 B ! ■ Ln»t V n i 
R rival Insurance. (2SP) 357.® 5.2: 8 2 
60 


Sedgwick Forbes HIM*.. S’°Rli? 7 8 

Mldpe. i25o» JJ7 (7 6« 

Sun Alliance London .314® 13® 14 
7 10 ' 




Miyctflbneous <64 ) 

AMAX 2p«5ubordinated Do. 1SUSIOO1 
£72® (B&i ... ... 

Aver Hltam Tin Dreogina Malaysia Borhae 
tSMal) 343 <5 6) 

Berk It Tin Wolirim <25m 53 
Burma Mines 117’jol 14 U 
Cnartcr Conrotldaicd (Rcg-1 i25g) 14.® 
1b® 3 4 5 2 40: 

ConsolliMied Gold Fields <2 Sp< 172:® 80 
5 6 4. 7’aPtLO 1999.2004 18.61. 

B'apcEn. 19B8-93 67': >7.'B1 
El Dio Mining Exploration MOP) 58® 

Gee'. or Tin Min'* <25pi 130 1 17/6) 
Killing lull Tin tZSpi 490 <B/6i 
Nortngiu- Lxptoratiun ivCU a25 >6 6> 

Rio Timo-ZliK 233'-® 1 29 S 32 30 
Ord i2Sp> 2411 38. Accum. <25Pi 229 
13/6). 3.325PC A P(. 38 

Saint Firan I25pi 53® 4 (8 6) 

Selection i2SPI 41b 11 

Sllvurminffli (2';P) 57*j® 6b 
South Croitv l Idol 54® (B 6i 
Southern Klnta i>M0 SOI ISO 
Sungei Bmi ir.Mai) 20B 'B.-G) 

Tehidy ilOp) 41® 

Tronoh >SMAli 207 iS 6i 

Botswana iPu2> io:® 23 <3 6> 

Mineral* Resources t'-BDI.-lO) 185: 

Roan Consolidated 'K4i SO;® is 6< 
TanganyiVj (nnemsions iSOdJ 161. Fr. 
iSOp) 07 rfi 6' 

Zamblu Copper rBD0.24i 15': 


TEA (8) 

Atsim-Dduart Hlogs 219 
Assam Frontier Tea Hdigi 30S® 
iiam invesu. 117 20 19 iS6> 

Saraoor* Tea Hidgs. i2Sp> 114 '6 6i 
camellia invests uom 253 <B.6i 
Ohamai Hldji. 165 >7 6> 
jokal Tea Hlogs 315 
long boUrne Hlpus. 340 (7 61 
MiLend Rulsel 235 <5.6' 
uLug Tea Hldas 37 5 
S?S| 0 Hldps -IOo. 24 1661 
.Warren PlanUti-jr-s Hlass i25ai 238® 9® 

1 y^tliamsan Tea Hiagi. 165 16-6’ 

TELEGRAPHS (— ) 

{jt, NOTthrm Tel iDcnmariii 64 

TRAMWAYS (2) 

barton Transect 1 1 6D0: 890 

WATERWORKS (2) 

1990.92 


Endeavour Resources 20 
Gold Copper Ex. ilo-i ,‘Q 


-5 61 


!^S? S vVl n«>«. ‘ t|C' KSp; * SB ■: 8 (8-6.- 
t *S®Si2S&2 m c22!£. 1251: 101 (616. _ 


tSndo^^nd re 4?.mSie U fn P ve»menr-Trui« 


London 1 ' an 0 H^rood Trust .25 p) IH'i 
U mdan and Lennox Invest. Trust >2501 84 
Loi : oon ,B pnd Llverp«l Trust i10u» =2 ** 


London and M ontrose I nreM ■ Tr u« 1250 
184® 18/61. SoeRd.DB. 68 18.B) 
on don and Piovindol Trust 12 So' 109 


London and 

lSSSSS |va.h3VS , “Tru« .2SPI-42.:® 


London -invcitmein Trust (5p» 3 

Merchant Securities *250 


94. 


2 I«: b 
ondon 
London 

114 


60 

pr. 70<: 


East Surrey Water 7 pcDb 
1616) 

ESs« k Water 4 2pe itmtv 6 pc 
1-7.61 

L<ie vaU'V Water 4.2pc Umiy. bSCi Pf. 72 

Mid Soutnern W).ti 3 85BC tlmly. S :»ti 
Pf. 81®»S6' 

Mid Sussex Wa:er 4.9oc ifmiv. 7oCi Man. 

R?c.K«ans*orth Urtnage Valley Wa:er 
4oeOb- 27 : : 6 6i lire Da )02 <6 6). 

E StaSO'bShirc IVW lOpcPt. 108 
7-rfKDh- 6Slt ' 

TcWring Hundiud 
62 iB/G' 


Gdld LOPPr', Vc- '.A u« l.88b 
Hand kong Land 151 :0 V**- 1 * y ?.,««. 
Hu:cmson whamoea 92® 6 s ». . 

jardine Mainccon USS 1.04» p 2S1® 61 
Jar dine SeCS. 131 li 
Kulim Malaysia 48-: 9 ■ 

LdChardt E *■ 1 
Metal Ex. 31 ■: . 

Mitsubishi Heavy IndA 4g..® 

New Metal Mines 4 ; -® 

Northern Mng. 186. 5 * ** 

OK Mineral 64- 34 

Oil Search 7: in* ip-a 

Pancont.nomal £' ! 

Pen min 1 1- , 

Peko Watlsend 51S® 

Phillips Pets- US4 34 b 
Pro tea HJdgs.7l 
Rolinco 6'i«c Pf. Cl 4® 

Swire P« A 1 2 “ 4 » 

Swire PrOBS- &•': 

Tavnlrtt* Go 

BS!S, V er*NV (FI 20) USI 531. 

WhMlock 7 Maiden A 48 9 


Wuitl iw e a t fnerev Con. B®*' 1 *® 
Octal) Resources 2) 

Otter Ex. 32 

pan Caoxdian Pel*. £2 2 b 

Rhone Poulenc FFr99® 

SCOA Indl. M 9 : : 

Spann Ex. 26 • 

Tri Continental £16u 

UnKondS 725 

Wool warm Australia 1F1 


JUNE « 


■ow Valley Him. £204® 
Clba Gemv BecCnv. £92 


^.^iin^Y. 's^v.PI. 40 
Kennecou PI CoPPer tl9ii 

Minnesota Mining U» 54*i® 
Mrcra Emporium 156 lM 

n«w Zealand Foiest Fr*°^ 
Ouoemeester 31® 

Perrobu S.A. £93t® 

Sabina Inds- 41® 4 

Spaedo Print USI 3 s 

Stnlux 37 _ 98 

»^rth*(V°. n wrJ& 


3BSa?V 30. mould MV. — 011 ‘ nd 


Cedar HldBS- 
DolDSwella H — 

Forestry Pulp and ■ --- - 0 - 29 ,. 


nlUVJ. ■■ v A 

DolDSwella. HlaBS 1 . 3a pallCr 1 5 


New Court Natural ReSPdrccs 
Oldham Estates t*b 1-4 
Ouvah Hlghhelds SO _ 
Trident Trlevitian 43 
Wvnnstay Prow. 370 


JUNE 7 


Aston VIHa FC £16 'a 

SShmSSS* in- W TW,tf 4Be 

isIMort.PerB ObS- £32 
Creadon Trust * 1peSub.Uns.Ln. £SH, 
Gunn 1 A.1 I«'dgs.l 30 
Namunaxuia Tea Estate a 
Nor ion V.lliers 3 
Ranger* FC BOO 

Souinem Newspaper* -30 2 -= _. £74 

West Lancashire Water Board Splbp 



JUNE 6 

Cambridge Instrument lj- 


^Mhieral Ex.’JO (5 6) 


JUNE * 


JUNE * 

Afrikander Leases 205® 8® 

Anglo Ut8. 169® 8® 
Australian D*' Gal 44 
Beach Pets. 47 
Fafcgn&rldpe N-ckei US4 
Fa od a ram a Supermarket* 835 


Z5H® 


I Hawker SiddC'rv Canada 585® 
Waterworks ? bpeDb. | 7 , 


Hsna Kang Kowloon WMit 3T3® 88 

SPECIAL LIST »m 

Bnsine5.4 done in .securities quoted ; Moore cpn. *-27® 

° to tor Monthly Snpplemrnt. ! KT“S-^? n J» 

JUMSICI | »w 


Cork .ln*ttt..j > 

BS.'Sk So 3USt ? 3 s ». 

Dunhao Rubber Austral l* 125 

Grace Bros. 194 

Jennings Inds. 1 1 9 — — 

Puget Sound Power Light 
R *-13b 
rim Leases 11 
Revlon £39 :? 

Smith Klein SUS70-V®. 


Channel Hotels and 

Fuller Smith and Turner A -73 

Gadck 1 Indonesia) 4 • 

General CerlOO 5 

Jtrsev Electricity A 76 
Llleguard Assurance -8 
Tea Con. B’o S': 

U reflate Ihvl 65 

warn Blake ^Beame * 3 = 

wooler Livestock Auction Mar. 300 


JUNE # 


StatS or eteo 9boc ' ?*Jg., sl jciOl)S: 


9'isc IB* 1 


Torooto Dorn 
Westmex fi ^ 

ERRATA: Swire Pro»Jtl« 
lure been 51 <2 6.781 


*1 

should 


MINING 

Souili African (47) 


Sun Life Assurance '5*J" 100 

Willis Faber iZSnJ 250 

I .W ESTMEN T-.TRUSTS (lM) 
Aberdeen Invests. iZSiJl^SO .1 »JJJ' 
Aberdeen Tst. l25pi 137. A ~ a 


Wr4iv*.<e and Hixson (Hldgs.) (12>jp) 


31 (SfS) 

aod'-ard 


Woodward (H.l and Son' (12'-pl 45 
Wnnlcomber* (HMgs.' T''|irJI. <9 - f *(63 
Weolwo' , h (F; W:J (7-5p) RS® 7 S’- 6 
Wyatt (Woodrow) Hldgs. (3o> 13 (3(6) 


Yarrow (50o), 7.70 (7/h) 
Yaies (W. E.) 7.’’i 


lOpcPt. 
12b pc 


.... — . . «P1. 42 
Yo-k Trailer .Hldgs. <10p) 65. 

Yorkshire Chemicals (2Sp) 97. 

Uns.Ln. 128® (8/6) 

Yorkshire Fine Woolleif Spinners (20p) 42 

Yiwghal Carpets (Hldgs.) (25p) -35® 5 


4acPi. 31 1® 


Aifsa*" Invest. Tst. ( 2 S»i 1DS_(8'6i 
«25pi -90 


Alliance Invest.,- »«*r- tr 
Alliance Tst. 05 oi 220- 4UpePf. 33® 
18,-6). Sue PI. 39*1-16; 6.!; -'SbPCDb. 70 . 
Alttfund Inc. t50pr 117. -Gbp-.^P 1 ,’! 7 


Altlfund Inc. t50pr .... ---=jr-.-w ,.,e. 

Ambrose invesL Tst. Inc. <2 Sol 58 (8 6> 


Cap. I25PI 59 . 

American Tst. (25P) 44iu 


B l25p> 44-'.® 

nmtriun — tjspi,' dpi. tnif . . 

Cap. (50P< 33® ' 


Affiie 6 SS*eu' V- y%^» S 8. : ® 7 b •: 
AuSJ-ainm'lSnL' ‘ 8I6 ' 


aaai*;- » ».* 

Hremxr Tst- t2SP»_24. (5-6 ) 


■ remxr ih..)hw ..... » 

British American GeP. 3*t. - (MP* 
British Asset* Tst. 1 *4- 1DL 
.V* J#±2 Mi. T« a5i.i 11 


British 6mp |r * Secs. G»- T«. ^45pi 
British Invest. Tst. (25iu Tbi 
Broddstone Invest^ TW^JjMPi 150 


Brunner Invest. Tst. (2sR*. * 

J3S.? 4 Fo t Si«r«i™:m 

CaslUl National T»a l/,D ' 

Sffir^aSfr 

Ch a rebel J^Vh^* (^6? ' 


London Trust 4pePf— . -- - 

M. 9 and g. ,6 iua^r L u"si IM^IOO 

M?tnd G- Second Dual Trust Can.Ul i*p) 
MdUnirir investment Trust i2Sp> 39® B 1 -*- 

Merctranrs TYuil '250' 72 18/6' 

Midland Trust i2Sd> 77 I5l6i ,. 0 

Monks Investment Trust i2So) <8 *®. -■ j 
Montagu Boston investment Trust tiupi 
611- 2 f7i6). Warrants 37® 

Moolova 63 I; 7 17'6I . _ 

Moors) de Trust *25 pj 93 j; I6 Si 
New Throgmorton TruH ineome t-spi 'v- 
Capital 109® 10®. Warrants 18* 18 6'. 

Mew Lf, York' : »!ro’ Garimore Investment 
NTSSU?W*a?IW«“iv.*. Trust «2SP. 

North® Atlantic Sen Corp. 92® t®-' 6 *" 
7bpcLn. 100:* iBioi 6 ,. 

Northern American Tst. t-5b> 9 
17.61. socUiuec.Ln. 87 i8 6' 

Northern Secs. Tst. .2501 104 _l_8.'6) 


RuWarian 6 sc - Stale i Mt*.8d'- *1£9 2' 
tvC. 5ocGoldLn. 1902 £5 ;. B'-jBcGolg 
B4S. 1907 £S-; 4 i;p:Goldads. 1909 


Bds- 

U’l 


Irraarst. Tst. tzsp. 121 ® « 


I25p) !23 (7 6)- 


Zittcn Group (5P) 57b® 6b® 


ELEC LIGHT (— ) 

Calcutta Electric Supply 72 (7.6). 6pcPf. 
N?gerlaif Electridtv 24T (8(61 . ' • : . -. 

FINANCIAL TRUSTS (65) 


Anglo-Contmetal Inv. ... FJn. 51* . Months 


>>s® 


Armour Trust (10B) -11®- (t® 

Assam Trading i Holding si ;B 395 7 'S/M, 
Australian Agricultural- ■ (SAD.SO) 9.1 

BlSioosoate- PrboitrtV' '■ GefterSf li^reSi.-'7b 
>• rs/fii : ■ - 

Bridgewater Estates t50p) 268 (6/6l '. 
Britannia Arrow Holdings (25 p) . I6.ij® 
1S:< -"n. 6-*,pO*t. 49b .. . % • 

Charterhouse Grftuo i25p? 65*.® 5 


Compagnle Financier? d* Suez (NFIOOI 


£45 (7/6i 


Oavsrhouse (50pi 82); 


aihon 1 (lOrt 74.® 

Ovdesdale. 05. 


pi T6b 

70 5-vD|i '1 950-79 

Continental tnd. Tst. 
Crescent J 1 ?*!! ( S K 5 ,J, 8 ?- 

gsasi.swfi'C-L 


°|^ShT 87 ' (SIB) 
Dominion -Gen. -Tst: 

D I®. tSTW? - * a 

Tr »”« 



f25oi 62 


(8,61. 


Drayton Far Eastern 


V,]Q £i 


4^4 


rair^ 

, ..r 


LOCAL AUTHORITY BONO TABLE 



u *1* .(7.6J. 
nsecd.Ln. 96b 


Pentland 

ProiKe«lve Sees. Invest. Tst. t50m 70 
Raeburn Invest. Tst. 

Rights*" Issues Invest. Tst Income (25 p) 

IJ:s? fc^^nSr &"-• 

Robeco 7l Ronerdam*ch Beiegg.ngscruorntium 
/a vi (Bril FI. 50) 61 t8;6'. Sup.-Sns. 
•Rea! name of Nat.Prov.Bk. I Nominees) 

Roh'iico n?W. Warrants sub.Ord. 150 '« '61 
Ord. Sub.-Shs. (Reg. name Nat.ProvBk. 
i Nominees' tFI.5' 470® 

Romney Tst. l25o> 90 b 
Unset. Ln. 87 (7 6! 

Roseoimond Invest- Tst. 

iir s 

St. " Andrew Tst. i2Bo> 122 
Save Prosper Linked Invest 
MODI 155 H lb 6i- 1 

ScotTiS) American Invest. iSOpi 89 
Scottish Continental Invest. '»SPl 

Scottish^Mm^ntlle" invest. ' l 

SeoRiS? "cities InvesL Tst. A (2Sp) 162 


Anglo-American Coal -.RO.SQ' S4SO 
Anglo- American Coro, of S. Africa 
tka 10, 3i^® 18 

Anglo American iRli £17.10 15 67 
Disnooigiiie Platinum iR0 10> NU51.02® 
BlvvoorultZiCht CRO 25) 341 SUS4.15 (B Si 
Bracken RO 90 1 B7>: £7 6> 

Buiteisfontcn iRli suSi2 
Consolidated Murchison <R0.10> 233 <5 6, 
Uoarnionlein iR1> 323 
Durban Roadeooart <R1 > SU53.07® 3.01 
ifi.6i 

East Daggaiontein IRli 24 '6 6’ 

East Rana Consd. flOpi 1 7b !S 6* 

Eait Rand Gold and Uranium iRO SQi 359 

( 6 - 6 . 

Elandsrand New |R0.20> 14 :0 b 
Elsburg : R 1 ; 1 1 2': !7 6> 

Free State Geduld :R0.5D> 3USf9'r® '8 6) 
General Mining Finance .R2, l6‘, 6' 

Gala Fields Soutn Africa 'R0.25i 12b0p 

Gold Fields Prop IR0.02I-I 65 i5/G) 
Croorvlei Proa. (RO 251 SUS1.44:* 

Harmorv RO.SOi 31S 
HarTeoeostlanicin 'Rl* 14»So iUSI# 
Johnnesburg Consd. /R2t £!3 l »l '. lB6i 
Kinross !Rti 346® "8 6' _ _ , mr . 

Kloof Gold Mng. Rli SUS6 SO® 5.35 pSI 3 
Leslie Gold Mines (R0.6£> SUSO.89 I8.b> 
Libonan ;H1i >US7.25 7 25: 

Lydenburg ' P.atinum .RO 12b) 3US0.79O 

Mi^>evale Consd. iRO.SOi '02 9S 
Mrsslna (Trans.aall Dvot. IRO 50' 9. : 
Middle WKwarersrand (Western Areasi 
(RO 25 i 181 "6 6 1 . 

New Klemloniein Props. «RO.»5i 5 IB bi 
New Witwatersrand Gold E>pin. (R0.50) 

President* Brand iRO.50' 906o®_ £8^ 
President Stcvn Gold Mno. 'R0 50i 71 Id® 
Rind Mines Prom. :R' • 102® 

Randfonte.n Ests. Witwatersrand ‘R2 1 

Ru^tenburg Platinum Hldgs. (R0 10, 
SUW.03':® . 

BracKhousc '25oi 
St. Helena Gold Mmes 


JUNK S (Nil) 
JUNE 7 

British Car Auction Go. 

JUNE 6 (Nil) 
JUNE 5 (Nil) 


ft. 6 A loom £2 3'* 

SeKOSt 31 0 __ 

Stum. Fac. Pets. »35 5, 
, Thless Hld9i- 236 5 
I Waiver iH run) £24'» 

1 Westfield Minerals 9-0 
Wood Side Pets. 69 


(S> 

Ld.CuitiW. 300 


JUNE 7 


RULE 163 (2) («) 

Applications “ranted for specific 


Alliance Dir Devs. 19 
BH South 100. 


Beihlenem Steel £2^® 


RULE 163 (1) (e) 


Bui; It Semoawar.g 7B 
Cessna Aircraft I2*Jw 


Commerzbank 5 : :aeCrv. - l 
EIB 8.-:: 198B U55 9b"»® 7® 


1 972 USS 36® 


East African Brew*. 80 
El Paso Natural Gas £13* 
Eurounlon £39 
E»on Con. £390 


Bargains marked in securities! 
which are quitted or Ilsled on 9° j IiV^Sa t Gai £23^ 
orersca* Sl«»ck Exchange. { General muis £ 2S<>® 

r.i,uison vui a Li .' >. 

JUNE 9 KeWn^^PcCa*. £162S 

A aS£iT;' ?25* Mnl: Pleasant 14',* 


burgainN In secaritl^s not * ,sted 
un any Stock £»<*»■ “66- 

JUNE 9 

All England Lawn TeW* £50D “ 

1 97E-&0 £3524 £3524 

JSm Ayres 11 Lacroie Tramway* JecCons 
InC.Dfi- £01 b - 

Clyde Petroleum 129 128 
Dollar Land Hldgs. 19 -_, lrd m 130 
Eastbourne Waicrwork* i.BPCiro.rr. i 
tie hem Hides. 23 . 

Fuller- Smith and Turner A 2 BO 
GRA Proa. Tru*l 13b 13 1 - 1s '* 13 

impviel London Hotels 7.75KMlO.Db. 

1991*06 61 U Bl 
kU^klaganla Rubber 2 
Mid-xent waier SocPro-Db. £20 
Mining Investmsm Cpn- 30 -9 
Oldnam Brewery 69 67 
PMtsmouth Water aocPerp-Db. £27 
Urogate Inw 67 _-l 

We*t Hampshire Water A o*>o 

JUNE S 


Dilke'Th ( Ceylon i 8 
Dawson (Win. i 46 4^ < 
Ferrami 310 
Jennings Bros. 1 0 


RULE 163 (3) 

Bargains marked for approved 


companies engaged solely )n 
mineral exploration. 


JUNE S 


$iebens Oil ant! Gas 1 UK) 3,J a e 4 : n 3-50 
3.52 3. 56 3.65 3.66 i.6( : 3.. 0 


JUNE 


CCP North Sea Associates S37’i 
Ciulf 0,1 450 

Gas and OH Acreage 100 9; 
Siibens Dll and Gas iU.k..' 

371 376 372 


364 362 


JUNE 6 


Arbour Court ln<* 
■urrough (James 


10b 
110 ■ 


iiebens Oil and Gas ’Hf"' 
3.74 3.70 3.6B 1 u6 3.5u 


3.80 3-7 8 


JUNE n 


* Oil and Gas 'L* h.» 375 

362 360 358 354 3-0 


JUNE 2 

Sirbens 3.86 2 93 4 02 4.00 
i Up t'cniuxitlwr* ■■( (hi" j'hK’fc i.-. tthnnoe 


(Imriiill ' 


f^iirroncv. Mon ey and Gold Markets 


,V* .;*'■ ■ f- 

■ ■ 


UK MONEY MARKET 

Exceptional shortage 


ainst 3.33 per cent in mter- 
u onal dealings. 


EXCHANGES AND GOLD 




W51 0 P79S 




1 6.'6 1. 
Capital 


<25o) 


T«. Income 
Capital HOP) 


73’;. 
Nnn-Vtg. 


COttISft 

Scottish Eastern Invest. Tst. (25o> 1’" 
40® 38 40. 4 bncPf. 36b® 7® IBS' 


Scottish European Invest. 


|eoKJsh 


onish Mortgage 




. 250) 38 

100 

«r.25p> Hi- 3P«Dh. 


Scottish National Tst. t25o) 142 40. 
.£&.JS 2 j^A7-rn Inv. Tst. *25nr 99 


£pc 


' 140.'- 4b9C 
I.iab.'- 7'a>c 


un I25P> 39b 


icottlsh Norihorn Inv. Tst 
Scottish Ontario Inv. (2S»> 141 
Scottish Utd. *n**stor* <25p) 75 
Scottish Wenern in». u5p) 94... B /.25pl 

Seund C Amance T«. (2Sp) 187’ a (7/6) 

Second^Great Northern Inv. Tst. (25p) TL 
_4.\4.ocDb,JS6v./.SI6' i)- „ srt IBS's®. 


‘ Authority 

(telephone number in 
parentlueses ) 


'Animal'. ,r - 

jrross . Interest Minimum J-ifC of 
interest jpayable sum bond . 


Barking t'01-592 4500) 

Barking (01-592 4500). 

Barnsley Metro.. (0226 208232) 

Knowsley (051 5486555) 

Poole (02018 5151) 

Poole (02013 5151) 

. Redbridge (01-478 3020) — 
Sefton Met. BC. (051 922 40401 

Thurrock (0375 5L22) 

Thurrock (0373 5122) ....... 

Wrekin (0952 505051) 

Wrekin (0952 505051)' 


ioj 

i-ycar 

£ 

1,000 

Year 

4-6 

1U . 

4-year 

5,000 

4-6 

ii ' : 

"1-year - 

250 

5-i 

ni 

4-year 

1,000 

5-7- 

lM 

4-year 

500 

■ 5 - 

lit- 

4-year 

500 

6-7i 

11 . 

1-yeax 

200 

5-7 

m 

4-year 

2.000 

5-7 

ii 

4-year 

300 

4T 

114 

4 -year 

3U0 

5-8; 

11 

yearly 

1,000 

' a . 

ioi 

4-year 

1,000 

3 


S^WiVs-'lT.r'Ecotnrod «Brt #> 


SelUi 

Shires 


39 15 61 

Tecnnolcmv Inv. -y,,' . ,616) 

lesDijun »<% wa-t*™ 4 

Throgmorton Trust (25pl 70';. BbocUns. 

^tS Trust Capital (25P) 103 
Geneva Invests- 123 


5.A. fVUS5i 
134 


420 16 6 


lS''^t.^5P> S ?68 1 '?‘ : (® 6). 5PCP1 


Transvaal Con*. Lana Ecpiorattan 
5 bi 

.1 r Inv iRI i 220 
UiMtn Cin >R06’ii 262® 58® 8 60 
Urn ’.el Gold Mines ISO 'Sfi 
Va*l Reefs Exoiorauon. 

ICAi® pi 29 i8 6i 
v;aklon*cin Go/d Mining -R 
VogHstrulsbuit Metal Hldgs 
5 6. 


Minina 


»... amount of Treasury bills, in.s " r-- y--- e 

::: sm—ssb ssjfe 

(RO SO* r<wa ie I.J the market at a future hi the close of a ■ , P 


resale to the market — _ 

date. The market was faced with At t he weekly Treasury 
sa run down bank balances and a tendcr t h e average rate or 


. start and 
ide spread 
cent. 

bill 


w«f Dr.Momcn_ cold M.mng. - ; Ri. 211 small nei lakcup uf Treasury dj<count rose 0 .0525 per cent to 


Western Areas Gold Mining -Rl’ 1£3 70 1 bills. 
•S*' 

Western Deep 
Western Hidas 

Winkelhaak M 
Witwafrrsrand 
Zand pan Gold 



tVesr African (— ) 

Amalgamated Tin Mines of Nigeria | day. 

— ■ *“■« ns 

Metal Mines «12 ':p) 2 


day. 1 ne lony tap issue . 

• Hidps. i fopi 23. i7.6i , | immediately exhausted yesterday 0 j fere ^ v 


and 


bids 


Gold and Base 
<8.6 


. £78y.ilm wek 

morning with the remainder over- be 'on offer, replacing 

ans'jssJiSrSTSiwis ma,u,iii ‘ !s of 

Anglo-American inveaimem Tst. 'RO.sai cen ^ Exchequer StOCK, dated 

D f ! S?‘ r, ' S Sfr-,R , 3. l SS! »¥:”■ S' V» 2 il’ 201 " 

2 SOI S 3 6 51 4 


or England figures, the pound’s and 
trade weighted index improved to aqai 
61JS from OIJi. Forward sterling njlii 
tended to narrow slightly with the 
six-month discount against the 
dollar improving to 3.43c from 
3.55c, while the 12 -month finished 
at 6.15c against 6.35c. 

The U.S. dollar lost ground to 
most major currencies in very 


CURRENCY RATES 


June 9 


Diamond (1S> 

lnvi»imenl Tst. 


5UThnc 

. - , _ . US. dollar 

ihin trading.. Against the Swiss liiiuImii dollar 
franc it eased to SwFr 1.S930 from Ausirian schiiliDg . 
SwFr 1.8960 while tje French krom- ! .Z 

franc improved to FFr 4./>925 from p L . u iscin' Mark . . 
FFr 4 60. Using Morgan uuildor ... 

Guaranty’s calculation at noon in hmiA fr-nc 

New- York, the dollar s trade y ^ n " 
weighted average depreciation Noru-ectan kronv 
was unchanged .at 5.5 per cem ™ h k>on • ; ;; 
and the dollar’s index on Bank of 


Special European 
Drawing Unit of 
Rights Account^ 

0.670202 0.673342 
1.22552 


1. 37059 
13-3926 
40.0745 
6.94592 
2.55699 
2.74191 
5.62697 
1054.12 
270.153 
b. 64983 
R7.M79 
5.66490 
2.33545 


1.22925 

1.37713 

18-4039 

40-2672 

6.97775 

2.57151 

2.7S527 

5.66259 

1059.27 

271.910 

6.6S33S 

90.0452 

5.69349 

2.34507 


England figures showed a slight ' Based yn trade wci-htwi chances front 

Waihinmon uhiyuovci D.-n'rahor. 19ii 


adjustment to 89.4 from 89.3 on 
Thursday. 


■ Bank of England Iudvx=luO' 


Bht^-B P o?n'eo“ Per'. Ivna. M Op) 1 56 (7 6> JuiipB.. jniiwiJ i’*.' - '* 

British Pci- Cfi0i5» *© S^O 68 4 6 6- y * 

62: 2 545 60 501. bPCUlW 69 (B(b). * .' 


OIL (156) 

I20PJ 86 


THE POUND SPOT FORWARD AG AINST £ 


.Hank. 


t.iw niiiiaili ' % J'A. Throe mi.mli*- if*. 


OTHER MARKETS 


L’l-me 


9Pc'ZndPf. 76b® (6 61. BptDb. B9 
Sjrn-jJl O.l 65':® S' 


rockVaider* inv. T«. IZSp) w ( 8^1 - spc 


^ 5H5) 

TrinutlanCic and 
I^AL.' nV ,^l C r sm U ‘ l (50p 5 > P, 61 67 (T/6). 


TrlpIdMW income Shi 

BS^SrSranou 1 “l&p* '***' «»«■ 

(2Sol 110 


_ J® 6® 70* 67 9 6 7': 1 .>. S 

7 0 695 71 6 51. 7*4BCPt. 475*. 7oBCLn. 

E4. 6’JOCLH. 81 <5® 13 ». aijiKLn. 60-s U 
Cenfjrv Oil* Grp. (10 b) 57 (5.6) 

C ha r-.cn a 1 1 iSb) 22 1b 
tsio 6KlMDb. 90 _ 

KCA Inincrnalional «2Sp) . 25 
London and suttikli Marine f25p) 154* 

5® 2 Do. Oil Prod. Unit* (10 p> 3S5® 

SO* (8 61. 14pcLn. 103 
Oil Expln. iHIdgsJ HOpI 
Premier Cons. Ollhelfls iSp 
R oyal Duicn Peirokebm 5H*. 

46 ->i»- 

Shell Tranioort Trading iReg 
72: 50: 3 50 2 *8 SI S 
550 

Texaco (nc. Cap. ISU56.25 . 

Tricentrol i25pi 176® 8 BI 80 79. 

UnscC.Ln. 191* 90® 86 18.61 

Ultramar I2Spi 273® 1® 2 5 70 3 67. 

7xFfd. 151 3b (B.'6r 


:u!iii.r!is 'i.iin-’-S*” J-2 •HiiSa 3 


TriiSteci Corporation 

Ty^K)d*' investment Trust 

United British Secs. Trust <25 p) 

United State* and General Trust Coron. 
(2 Sp) 1B4® (B/ 6) 




27-281: 
59-60ir 
10.23 10.33 
8.30 B.45- 
3.70 5.85 
1530 15B0 
400 410 
4.00-4.15 


H ZZu J *mti.r‘.|8.4900 8.5 1 25 4.6600-4.6620 lt«l.x 

HuHlf I | nc 1 2 1 I bd'Se-71^4 Jnihh 

tT-iteTKlb! 0.4990 509 »n»M» ^lO.OO 

4 5 !m 04*5655 2.38B0 2.3900 l".m,->l 77 85 

■i£ u * 9 i%Si™ sri!Ui«~g -VS1A 

tlSStlSS? o:IIibo:8787 -- --i 


Ri-iclaiT riip , Ior.-«nver..b.c francs. T 


PROPERTY (104) 


l-rnano&l Irancs 58. 75-59 .95. 


Bate given lor ArgenUna is iree rale. 


United States Oeh M'cr 
SpcUns.Ln. 97 6 iiiw , 
uil in. e^viurces Trust U. 


Coion. I25P> 94 b. 


v raT»HLJ r a, 1 . ,25p - 9210 <8,6> 


■ B?V® s («■>. 

TV- "W* ro!® C8&( 4 ":pcF*- 

fean&ment Trust 
Young Companies Investment Trust 7- 
(7/6) 


Alliance Property Holding* 9bPcDD. 

■ 3/6) 

Allied London Prop. (IOpi-SG® ( 6/6) 
Alli.au London Prop. (2Sp) 199 i 8 j 6> 
Aquis Securities tsp) 22® (8/6) 

Argvle Sees. IZpcDb. 81 BO'; 1S161 
Bank and Commercial Holdings nOoi 2> 
Bellwav Holdings (25 pi 61® 


LONDON MONEY RATES 


*a. i 



o?r& s 


BUILDING SOCIETY RATES 


Abbey National — 

Aiiiancp. 

AngliaJ. 7....1. : ...-. r 

Birmixigham 1 

Bradford' - and -Bingicy 

Bristol - ah d .West 

Bristol. Econoiniu 

Britannia “ 

Burnley v 

Cardiff. - 

Catholic •• - 

■ Chelsea 

' Cheltenham ,;and Gloucester 

Citizens Regency 

City -' of London 

Coventry Economic 

Covenby 7 "Pioyidetit • 

Derbyshire. •'.■■■' 

Gateway 

Guardian . ...I....---- ; v 

.. Halifax^ • • 

Hastings and Thanet : 

Heart' of England ~.. r 

Hearts '.of Oak.& Enfield — 

Hendon*' 

Huddersfield 5: Bradford ... 
Leamington Spa 

Leeds Permanent 

Leicester 

Liverpool 

London Goidhawk 

Melton Mowbray 

Midshlres 

Mornington 

National Counties 

Nationwide 

Newcastle Permanent — 

New Cross 

Northern Rock' * 

Norwich rt " 

Paisley .......... 

Peckham Mutual 

Portman 

Principality Buildg. Society 

Progressive 

Property Owners 

Provincial • - 

Skipton ... 

Sussex Mutual 

Town and, Country. 

Woolwich 


Deposit 

Rate 

5:25%- 

5J25% 

5J25% 

5J25% 

525% 

- 525% . 
525% 
5.25% 
5JS% 
-5.75% 
5.00% 
525% 

5 25% 
5.25% 
5.50% 

. 5.25% 
5^% 

5 25% 
525% 
525% 

, 525% 
5J!o% 
5^55% 

5^0% 

5.50% 

5 25%- 

5.35% 

53% 

5J15% 

555% 

5^5% 

5.35% 

525% 

5 20% 
530% 
5.25% 
5.00% 

6 50% 
5.25% 
525% 
5.25% 
5-50% 
5.25% 
553% 
5.40% 

*525% 
5-25% 
5.25% 
5 55% 
\ SJ25% 
5^3% 


Share 

Accnfs. 

5.50% 

5 j 0% 
5.50% 
5.50% 
5.50% 
550% 
5/50% 
5.50% 
5.50% 
6.30% 
•5.60% 
5.50% 
5.50% 
5^0% 
550%. 
5.50% 
5.50% 
5j0% 
5.50% 
5.75% 
5^0% 
5.50% 
530% 
5.75% 
0 . 00 % 
5.50% 
5.60% 
5.50% 
5.50% 
5.50% 
5.75% 
5.60% 

. 530% 
6 . 20 % 
530% 
5.50% 
5.50% 
6.75% 
5.50% 
5.50% 
5.50%. 
6 . 00 % 
530% 
5.50% 
5.65% 
6 . 00 % 
5 50% 
5.50% 
*5.S0% 


Sub'pn 

Sharvs 

6.75% 
6.75% 
6.75% 
6.75% 
6.75% 
6 75% 
6.75% 
6.75% 
6.75% 
7.30% 
6.75% 
6.75% 
6.75% 
7.30% 
6.75% 
6.75% 
7.50% 
.6.75% 
6.75% 
6.00% 
6.75% 
6.75% 
6.(5% 

7.25% 


' i;: *Term Shares 

6.50% -3 yrs„ 6.00% 2 its. 
6.30% >-4 yrs., 6.00% 2 yrs.. 
6.30%- 3 yrs; 6.00% 2 jts., 
6.50% 3 yrs., 6.00% 2 yrs. 


5.75% 1 yr. 
5.75% 1 >t. 
5.75% 1 yr. 


6.50% 3 yrs., 8.00% 2 yrs.. min. £500 


5.75%: 3 months’ notice 
# 6.50% .3 yrs.. 6.00% 2 yrs.. min. £500 
630% 3. yrs., 6.00% 2 yrs. 


6.75% 

7.36% 

fi.75% 

fl.75% 

fi.95% 

7.00% 

6.75% 

6.75% 


1 — -■ =• 5.80% over £5.000 
635% --5 months' notice, minimum £500 
630%. 3 yrsL, 6.00% 2 yrs. (£500-£15.000) 
7.03% 3 yrs.. aver £5.000 _ 

6.72% .3 yrs., minimum £500 

6:50.%- 3 yrs., 6% lyr. min. 3 mlbs. notice 

6.75% 3 yrs. 

—Try Up to 6% 3 months’ notice 
6.50% 3 yrs., 6% 2 yrs.. min. £500-£15.000 
6.45%. 3 mths.' notice, minimum £1,000 
630% 3 yrs., 6.00% 2 yrs. 

630% y yrs., 6.00% 1J yrs., £250-115.000 
6.50% 3 yrs., 6.00% 3 months’ nouce 
8.75% 3 -yrs.. 630% 2 yrs., 6.2o% 1 yr. 
630% 6 months’ notice, minimum £2.000 
6:50% 3. yrs., 6.00% 2 yrs., £100-£15.000 

635% 2 yrs, . ri nflrt 

630% 3 yrs., 6.00% 2 yrs., min. £1,000 
630% 3 yrs., fi.00% 2 yrs.. 5.75% 6 mths. 
0.60%' 3 yrs, 6.10% 2 yrs.. min. £1.000 


Bcrki-lcv Himtro Prod. «2bp) 104; 3 
Billon 1P.1 >2Spi 163 
Bradford Propenv l25pi 223 (B/6i . 
British Land '2 Sp> 32':® '*® bt® 2 
1 2m: Ln. 136 (e.'Bi 
Brixton Estate i2Spi TOD: 99b I 
Capital Counties Prop. i2Spi 5 it, 

WrrlS. 0'«. S'iPCLn. 72** 

Carding Group iSpi 30® Cfi/fii 
Central Dlsl. 64iPCLn. 79 I7.’6i. Br-cLn. 

£3b (7/61 

Centrov.ncial Esiaies (20 d» 69 >■ <5 6' 
Churchdurv Estate* i2Sp< 2SS® ( 8/6) 

Citr Ofliccs *25i ) 53 

Contro/ Securities (10n) 32 (7(6) 

Corn Exchange 1 10p1 17D iB'6) 

Country and New Town Properties (10P) 

ciouniv District ■ Prc.aerties.il OP) . 86 „ I8(B' 
Darla n Holdings i25p] 92® j- (8/6 
Dares Ests. (10*1 17b U i8(6> * 
Dorrlngion Invsstment flOp) 52 i B/61 
English Property^ Corporation i50n) a S’-; 
3',® 5b 4 b 6 5 6bMLn. 95® 

r B’61. IZDCLn. 88 IS Bl . .. M 

Estates and General Investments 4.9ocPf. 

Estates Property Investment Cl 5uj 91 (6/6 1 
Great Portland Estates. «50ol 296 
Green iR.) Prooertles iIOpi 39® i-» IB 6i 
Greencoat Properties tspi 7'4 
HimmsfMn Proiwrnv Invest Trust l2Spi 
577 '7'B). A Ora iZ5nl 5#7® 

Haslemrre Estates IIOoi 241 iS/67 
House Prooertv Co. ol London (SOo) 125 
Imry Property Holdings j25nl -97« iSRi 
Inlnreurooeen Propert”- Hpiitmos '1 Opt 33 
Lagonvate Estate ;i(ip» ID (B,' 6> 

Land Investors 25m 39';® J. 

Land S^s. Invest. iSOoi JQB 6 7 9^*. 
6=CDb. 1988-93 5£ ®" cD ? L.i' 

(6'6). B'.-DCLn. 1992-97 66 *j lB'6.. 

5-sPCLn. 162®. G'iSCLn. 139 40. IDPt 
Ln. 140® 3 '8 6) . , _. 

Lam Land - 20 bi 39® v 7ocOb. 6. : 

• 7«l. 7'roeD». Tl'i 1 7 , 6* 

Lewi* tjohm Prep*. 9'<DcDb. 74I- I7'6I 
London Provincial Shop Centre* (Hldgs i 

London County Freehold Leasehold Prop*. 

7 wph. 64 1- i5/6 1 

MEPC <2Spi" 118J® 20® 2 1- BoCLn. 

bOb. SocLn. 91 2___ 

McKay 5ecs. '20a] 220 5 
Marler Estates (2 Sdi rt.-B* 

Midhum White Hldgs. (lOp) 43 U® 2*<* 
3.1^;® 2 Vi 

KSSSSJr./W Or Wp 5 ?flspl J *1 1 8® 

Property ^“erskmarjr (25 p/ 2951* (6.6. 
Property Se^u'itv 'SOpj 148 t7/6i 
Rafilan i5p) S’: cc . 

Rational Properties A (2Sp) 6S*z 

KTIWiSfc &»"?]•• «» ’» =» 

lfl/ 6) 

Samuel (2Sp) 77 »j® 


■Inn* 9 

K.« 


I Sterling 

' l.Vrt ili.nir 
• It llH|v II* 


635% 2 yts., min. I2.CKJ0 

630%' 3 yjs, 6.00% 2 yrs., min. £250 


6.S0% 

6,73% 

630% 


635%' 3 months 

6.50% 3-4 yrs., min. £300, 6.00% 2 >' rs - 
630% 3 yrs., 8.50% 2 yrs. 


6.75% 

7.00% 

6.75% 


6.50% 3 yrs., 6.00% 2 yrs., mm. £100 
6.25% '2' yrs, minimum £500 
6.50%. 3 yrs., 6.00% 2 yrs.. min. £500 


6.75% 

6.75% 

6.73% 

755% 

6.75% 

6,75% 

7.05% 


6.50% 3 yrs., 6.00% 2 yrs., 5.75% 3 mlhs. 
6.00% '2 yrs., minimum £500 
6.65% : 3yrs., 6.4% 2yrs.. 6.15% 3mths.noL 
6.40%. 3 mths. not ■4.50% to limitd. cos. 
6.5095 34 yrs., 6-00% 2 yrs. 

6.50% : 3 1T&. 6.00% 2 yrs. 

6.85% 3 yrs., 6.55% 2 yrs.. 6.25% 1 yr. 
6.50% 3 yrSn .6.00% 2 yrs. * Mas. £250 

6.00% 2 yrs., 6,50% 3 yrs. . 


-Bates normally .variable m i 


5.50% +10.00% 

5^0% 6.75% .... 

Una with chances in ordinary share rates. . 


1 1, oil mill — 

• mi- IPdlrr..- — 

, lay- «r " ’ — 

I 1,1- l«4iti'J — 

iiumiiIi ....; 10 ,> 10 

lu.- iiMinrii-n,: 3. ,vlt,t 

l Hire moat hr. | 1 -9i* 

• iv ii KH ilti j 9 /b- • ! 2 

\ 111.- Ilmnlh-.-l l.Sij 

m,-- I 10 9^8 

l v.-- iron- I — 


InterivtnL 


Lmwl 

AiitiiMiiiy 

,<r|»vllX 


L..ni Audi.! Finxnce 1 

net;- ’liar "i- 1 Nhiw LVinn*ny nixrLW 

r.niil- ! He|«ifll« l»e|«-1» ' «W»x~M 


I!rta*iin 

Riil* * 


Kll-iWe 

HxiiL iFInnlrxrt^ 
llil - * I Hill-4- 


3-13 


| 5 10 


GOLD 


Jiilll-e 


((■-III HuiH.m !■ row 
inin,t*i 

ClitM- 

iipenins 

Mm nuift ii* ii in-- 


9V101* 


101j 11U 
)l’l« 1 I* 
10 Is 101; 
10 10,-.; 
10 10I« 
10-10,;. 
10 1,-it 


9N 10 

9^x 10 


9;* IOIr 
9.'« lui< 


I - 


irs<i 10's 
lOis-U'i 


_ I lFlg-ll 
9J,10U ! 10)2-11 
91, l.M, , lLls 1- 1* 
9*« -10 lfl 1 10* 

SI; 10 I lOSfl 

yift 10U I 101; 

9*8-10 ; ioi* 


91* 97* 
»l« 
918 
93« 


9ii-9&* 10.1. lOlfl! 

9sl9.; . 10-10,1 

; ** ! 
— , t* I* *l» . 


10»4 
io>, 
101 ; 
10 <4 


,nd ,»»» « »v,„ 


ruur ji-.trs 121-12 i per vend 


hu: niK rates (or prime 


(oar-nidmb rratle bills 105 per iW 
per cem: 


,hr " S3^*VSi:-.n- three-niontl) 

ralM l»ir one-niuntli Treasur) V,.., g7 lfc j*i U er win: and Two-month 91-9 liis per tew. am 

u?.niJs; per cent. apewi.m^JHUw bllls l0 ; r» r com: mo-monlh iw per emn and *i^_ihrf^nomhjui^r wm 


threv-iiionih 9i-99|« per wni ^r^K'HnanceTlouM*' .v«neiiii£iii»’ai per wnr (rom June l. 197X. dearlng Bank 

Finance Houses base Bales • publis! led b> uw l-irjnce now. (gearing tank Case Rates for lendms »' per cem. 


D epos'll" ~Rales" i:or smali » tfe " !L. B a!S!: wnr"" 1 ' 

Treasury Bills: Aieraite lender rales of dJ-.num S.il*. per cenr. 


A Ii vm.* .ii li.Miift- 


>ieu-u! 

>i8t - in; 
i lb 1.00 
(193.1 &S, 

- I 1 50 
iJ.99.ST2i 


H621-18S 

sus in: 

»' 143.40 
.H100AS2. 
Slfcl.FO 
.LIOD.OOOi 


l.-il.l limn.... 

■ i. inn— ■ i.-hM «' 
Kntgemiipl .... 


.\f* M’ltrlVlfttl- 

■ 'I. I Sm eivlK* 1 -' - 


<l‘6,-l<a. -S ISB> 120i 
.1:1.2 : ii j: .l-ios: io«h 


at: « 

•*ib: 97: 
i£3Ci-al;i 


ij.-2t:-50:a 
>9b(67- 
£50) 5 lit 


fi.il- 1 I ‘..ill- 

ilitei inti i.iltnlll 

kiwserniivl 


Y>&6 1FB. **187; 1891 

-1/112. Mil;- i-lS I04i 


>v-« tviir'i'iKi" — 


I >1.1 .S.*cfviLi"* • 


>SU l-.nojl*— -. 

>|U Fto-lr- 

SCi . 


, >S2t *•» . 

.«»/ 294 • 

, >59/ 6>. 
-L'dv. i>;- 
<•/« 5/9 
>laV- Wit 
. »•. 7j-U«i 


S5S* 641 
<l/2b.39,i 
>555 57 ? 
tlgdA iVjl 
F575i-S7a* 

Slt -1 154 

Fr7i- 100- 


euro-currency interest rates* 


June 9 


-Sterling 


I.HUXlllXII 

Dnllxl 


C.s. Uullxr : L'uleli Guilder j Swit* Prams 


li-.rt term ! 

7 . liter mil Ire J 

11. -Hill 1 

I H.,-.- nmntha..^ 

-1 iii.'Uth* 1 

«■,.. \ror-_.T..... 


9 9>x 
10 10 1, 
111; 12 
U5n-ieiA 
1211-12-1, 
l&lg-la 


7-8 

7-8 

758-8 

aik-BU 

85r-87 B 


7i*-7ii 

7t;-79. 

75b-7 ? 6 

B-8M 

Sifl-B:* 


Ala-4 1* 
4l(i -4 4* 
ASf-458 
41; 4J t 

5-5U 

5J*-BSg 


5a-’« 

l.fl.Jc 

IW-Ha 
15a- 1*« 
l;;-2,v 


W. Gn-iii&D 

Uxrk 


Freml, Kraii'- iMlian Lint 


A -111 11 5 4«|«nerv Veil 


33f-3i* 

3*8-3), 

3ie-3Ja 

3Ii-3i/ 


fll; 9Sl 
fll-. 9>» 
9 )j- 9>4 
9i,-10 

10i<-10*s 

lOTfl-lllB 


9-10 
gii-llb 
11':- 121; 
12U-13U 
131;. LAl, 
141;- 151; 


7i 9 -7i« 
7; -7; . 
e.i-s,:. 
tn:-Bia 
8i,-87c 


If 2; a 

2 a; . 
2;; 3.-- 
S<> 

ab-J'i 

4-A3f> 


T „ — — — - *■ — * «— — - -= *" 


ceni: 0* b.W-B.70 per mnl. 

LumHPrm Eurodollar deposits, iwo jears 


, ' luS Shn ™)em rah® are call for sieriins. U 5. dollars 


SlJlu-Sliis Per «“*i three sears 8W per cem: four stars 6Ui*-9!tt percent: 

and Canadian dollars; iwo daps’ natk-e for mu Wore and Swiss frim:s. 


Asian rates are drams: rates in Singapore. 


Scottish Metropolitan '20o1 W WW 
Socond Cltv ilOdi 3 p- 79 ® lB ' B, 
Slougk Estates '2SPl 117® 17 - 
Star ■ Groat Britain) Hlttgs. fipcDb. 61® 

Stack 1 Conversion t25D, .S 5 ?4 
ES’&cttM&'t *'* b 13. 

TriRord Park 125"' 102 1816' 

United Kitigdam «3So) 19® 18b- B wrrts. 

33®. -flbpeLn. 57b® _ 

United Beal f2£pi 2S3 i6/6) 

Warner EsUle Hid OS 6 : ;«Ln. 52® 

Webb (J.l I5D1 15b '6/6) 

Westminster *20p) 19'ji 
Winston Estates i25a) 36 >7/6; 

RUBBER (22) - 


UIL CONVERTIBLE STOCKS 9/6/28 


Statistics provided ey 

data STREAM International 


Name and description 


Size 

(Ini.) 


Current 

price 


Terms* 


Con- 

version 

dates 


Tl at 
yield 


Red. 

yield 


Premiumt 

Income 


Cheap( + ) 
Dear(-)0 

Current 

Ranget 

Equ.g 

Conv.J 


Current 


.Mean Aluminium 9pc Cv . S9-94 
Associated Paper 9Jpc Cv. $5/90 


9.05 156.00 100.0 76-SO 


5.9 


3.3 


1.40 114.00 200.0 76-79 


$.« 


7.6 , -3.4 -10 (0 1 5-0 k 1 . 


3.5 + 6.9 


Anglo- Indonesia '250’ 99 100 
Castlefield ifCUngi Rubber EH. (10p» *33 

MN IF- M- S.) Estt New (1001 

42b i': iBffi 


Sa nk of Ireland lOpc Cv. 91-96 
St ilish Land 12pc Cv. 2U02 


8.22 172.00 47.6 77-79 


3,9 


32 -22 


- 8 to -2 10.S 9-4 -0-S + “- 4 


7.71 136.00 333J 80-97 


8.9 


8.6 


27.» 


14 to 30 0-0 92.1. 86-3 


. . e c . , English Property EJpc Cv. 98-03 

Confltd. Planwi'ons ilflp) 37 b I — — — — — — “ — 

ga"&”MtlaT!ra 0 n %% !?&*»•«! I Engll!<h l2 F* Cv - W -° a ^ 

Hanson Trust 6$pc Cv. SS*93 


iffghlands Lowlands Berhad iMi".0.Sd» 101 
Jiira Rubber Plantations IIOoi 61 »6-®' _ 

viiiin f nmniir KpoQHO fterhad lSMa.lt bi 


S.S4 

15.3T 

4.51 


99.00 234.0 76-79 


6.6 


6.6 -8.0 -11 io 11 


S 2 3.1 -4.8 


+38S 
L3 _ 


$9.00 150.0 76-84 13.7 13.7 


29.0 


24 (0 102 30.3 48.3 


26.1 - 2.9 


83-00 


57.1 


'6-80 


8.0 


8.7 


6.8 


1 io 10 10.S M ~ 2 - 4 ~ 


Kliala Lumpur Keppng Bertiad 'SMa. 
London Sumatra Flaniatiein* <10 pi ms 7 
i S £> 

Muar River RuDber (10pi 4S 1 :® 
Narborough IF. M. S.I Rubber Est. (IOo 
19 


Hcwden-Sruari 7pc Cv. 1993 


0.07 270.00 470.4 75-79 


2.6 


-10.B -1* W 


9.1 li.7 


— 0.7 


■16.1 


Pt-nlDS 15pc Cv. 19S5 


1,06 130.00 166.7 


r6-82 


10 j. 


7.4 


-3.2 - a to 


36 42.3 49.3 


45 


20ne 


Slough Estates lOpc Cv. 87-90 


Plantation Midas- tlOo) 70'* (S/S*. 

S^el’Krlan 6 ' Rubber E«. .ID®. 62® 4 \ TOZCrJkemsley gpc Cv. 19S1_ 


5.50 163.00 125.0 7S-87 


6.3 


2.6 


10.3 


to 


14 36.3 57.6 14.4 + 


tfl/6' 


SHIPPING (35) 

smooing iSOpi 292 


Wilkinson Match lOpc Cv. S3-0S 


7.33 

11.10 


94.00 153.9 


74-79 


8.6 10.4 


3.6 


4 (0 


3a 7.2 7.4 


0.3 


- 3.3 


90.00 


40.0 76-83 11.0 


lid 33.9 2» to 40 27.4 36.0 


14.0 


- 19. !l 


Brit. Comiwwlth 

Caledonia Hwesb- (25 b' 24S: 
Common Bros. ISOpi 132 l7-6i 
Fisher <25b' 157 fS-fii 
Furnefi withy 2S0. SoePf; 400 
Gralq SNPPino 1S2 
Hum lug Gibson 153. BpcPf. 3S. 
Jacobs U. l-t 'JOm 36 i5-6i 


*5 6' 

< 6/6 > 


London Overseas Freigntcra (25 pI 35' 
9.6l 


- '.'umber of Ordinary shares Into which non nominal or con rc ruble siock « 11OT 

cos! ot tbfl cgoiiy in the convertible awck. J Three- mo mb «03u. I negme on number of Orainaryghares in '“ »® SSomVTfl. n £100 nominal ot convertible or Uu- hnal 
This, income, expressed in pence, is summed Irom present dmc mil l tocouie on Orduuur «*««» is zreaier ihan Ll . n[ p, r annum. ■: Invnmr un non of 

inversion 4arc whichever is earlier. Income is asmimcd io grow at 10 pm L i 0 * 1 « ”* Kn l v ^i u „ r 1» e eonwrnUU- lc» mvoBii ol the u« krlyinr equity 
.■onvcrMble; Income is sumnu-d until (.onvrrsion and present valued at “ nr / ® Tl,b '* ' nL ? 1 ^ dlirerenee express', d as Per com. ol Hie value of 

^prevsr® as per ctm. or the value o/ ihe iinderlylna coultr. O The difference between 1 he premium and Income dURn-nti exun. 

mi.lcrlnns equity, + is an lodlcaiton of roldt/ve eheapnera. - is an Indication or relative oeomcM. _ 


mr ni in > onv.-nihli- L-2pre'KS<.'d n« pet cent. "1 ihe 
- Tt* “Ira COM nr ,n ' cs lf r 100 ui lonvcrtlble ««u* re convenible 

shares mio which i Ar .mnvAFlihlf' flP lhl« ltn.il 




uities overshadowed by renewed strength in Gilts 

hare index down 2.4 at 466.9— Reaction in golds 



Account Dealing Dales 

Option 

•First Declare- Last Account 
Dealings lions Dealings Day 
, May.’tfi Jim. 8 Jim. 9 Juii. 20 
-Jun. 12 Jun. 22 Jun. 23 July 4 
Jun. 26 July 6 July 7 July 18 

* " N ew lime " deal inn* may take place 
from 1.30 a.tn. iwi business days earlier. 

Stock markets were featured 
' yesterday by fresh strength in 
Gilt-edged .xecurUies in continu- 
ing response to the latest 
monetary measures. Equities, how- 
ever. lacked support and drifted 
a Utile lower. 

Trading in the Funds was again 
active and the long tap. Exchequer 
12 per cent lkt)S. was quickly 
e.<diausred at H4i and the price 
subsequently muved up to close 
■ with a rise of a point at M5J. 
OLhrr closing gains in the later 
maturities extended tq U. but 
prices were mo-.inp higher in the 
Ir.ie dealings by amounts ranging 
from 1 to ; following the 
announcement of a new Jong tap. 
fl.rtOOm of Exrhrquor 12 per cent. 
20i:M7. at JCSht. £15 paid, the 
terms being favourably received. 
Among the shoris. there was 
another suhstanti.il demand for 
the lap. Exchequer 91 per cent 
1*M2 A. up l al 92:;. a consider- 
able amount of the business 
emanating from holders switch- 
inc from the variable slocks. At 
the dose, supplies of Ibc lap were 
thought to he almost exhausted. 
The fresh all-round advance was 
reflected in the Government 
Securitie.s index which put on U.aS 
mnre to 70.2H for a rise or U.tiO 
on the week 

The Industrial leaders made a 
reasonably steady start, but with 
interest centred chiefly on the 
Gilt-edged sector and sentiment 
heinc dampened by rears about 
the impact on company liquidity 
of i he hiAher national insurance 
v» ref large, prices drifted a lew 
penri.- lower. The bulk of the 
day's reaction took place during 
the morning. as illustrated by the 
FT "il-shnre index which recorded 
a loss of 2 a at l pm and barely 
stirred from that level to close 
2.4 down on the day 466.9. 

The trend in secondary issues 
was also io lower levels— falls 
were in a majority over rises by 
about 7-4 in FT-quoted Indus- 
trials. Bid situations and com- 
pany trading statements provided 
the "necasionul firm spots Official 
markings nf 4 6.V2 compared with 
n.l'ft-1 on Thursday and 4.998 a 
wff-k acu. 

Yesterday’s total of 4811 con- 
tracts concluded an un-inspirins 
week in the Traded Ontinn 
market. Most nf the small in- 
terest was again centred on Grand 
Metropolitan following Thursday's 
results and .i further 1SS con- 
tracts were donp ll.'I followed 
with ir.r> deals with the now July 
420 again popular with .50. 

After a quiet morning session, 
the investment currency premium 
started in move higher late on 
Hr>ng Kong and Wall Street 
advices to close 1{ points up on 
the day at 11 n per cent. 

renewed interest developed for 


Eurolherm which touched 158p 
before settling at 154p, a penny- 
better un balance. 


Discounts better 


The base lending rate increases 
made by the major clearing Banks 
had been expected following the 
previous day's 1 per cent hike in 
the minimum lending rate and 
quotations initially held their 
overnight levels. However, prices 
drifted gently lower on lack of 
support as the day progressed 
and. apart from Barclays which 
closed unaltered at 325p. closed 
with fresh Tails of 5. Discounts 
took a distinct turn for the better 
m sympathy with the renewed 
confidence in gilt-edged securities. 
Allen Harvey and Ross advanced 
15 in atop- vs bile Cater Ryder pul 
on 13 3U3p and Glllett Bros, and 
Union both closed 10 higher at 
2 tftp and 3 If) respectively. Clive 
hardened 3 to Sip. Elsewhere, 
Standard Chartered were marked 
up a to 4 Illp following news of the 
group's major acquisition of the 
Californian hanking complex— 
Union Bancorp inc. — for an esti- 
mated £205m. Guinness Peat rose 
4 to 244p among Merchant Banks 
vi hero Hill Samuel closed un- 
altered at 87 p ahead of Monday's 
preliminary results. 

Quietly dull conditions prevailed 
in Insurance- Sun Alliance 
receded 6 lo 5U5?p and Royals 4 to 
333 p. 

Breweries drifted gently lower 
in tight trading. Guinness fell 4 
to Jfi9p. while Allied, Sop, and 
Whitbread " A.” H3p. shed a penny 
a niece. Matthew Brown were also 
dull at ll2p. down 6. Distilleries 
were also easier. 

Building descriptions were 
depressed by lack of buyers and 
a few small «*>7ers. Falls were 
generally rcsirirted to a few 
nonce with notable exceptions in 
Tilburv Contracting, B easier at 
27Sn. and J. Smart, down 4 more 
at 4Dr> after the previous week’s 
sharply reduced profits and profits 
forecast. Streeters or Gndalmine 
clieanened a penny to 2Sp on the 
lower figures, while housebuilders 
were particularly dull following 
the increase in mortgage rate 
with Bar nit Developments 3 down 
nf jnsp and Orme Developments 
It lower at 4-jlp. Elsewhere, 
selected buying interest lifted 
Johnson- Richards Tiles 4 higher 
tn 92 p after recent weakness on 
the withdrawn i nf Hemvorth 
Ceramic's offer. French Kier. a 
nennv better at 3 Ip. and Thomas 
VVarrinfftnn. 3 to llie good at Xtp. 
were other firm spots. 

After trade. ICL 3S7n. 

and K ten ns. "sun. hnth closed 
wit hoid alteration, but Albright 
and H'Hsiir. at 15fln. recovered 
4 of roceni losses which had been 
hrou^ht about bv fears tbit 
Tennero'.c j«3p cash offer m/'riil 
he referred to the Monopolies 
Commission. 


lamp eased 25 to 975p. Small 
offerings in a thin market left 
Pye Holdings 8 lower at 98 p. but 
Forward Technology were wanted 
and closed 4 higher at 12«p. 

Stores lost ground in quiet 
trading. Allied Retailers, at 26ip. 
pave up 2p of the previous day’s 
speculative Rain of S. while small 
offerings clipped 3 from British 
Home .Stores at lS7p and 7 from 
Fonulostcr at 140p. Martin (he 
Newsagent, still reflecting recent 
trading news, shaded 2 to 242p. 
Maple, however, resisted the trend 
by hardening It to 19p. 

The announcement that the 
keenly-awaited preliminary figures 
vi Al be published on June 23 had 
Jirl'Je impact on John Brown until 


A losing 25 apiece at 15Sp and 
123 p respectively. Hjghgatc and 
Job eased 3J to 55p on small sell- 
ing in front of next week's results, 
while further consideration of the 
preliminary figures clipped 2 more 
from Cullen's Stores A. at lOfip- 
Grand Metropolitan remained a 
dull market, finishing 3J off at 
lOSjp, after 107Jp, Following Fress 
comment on the interim state- 
ment Other Hotels and Caterers 
eased in sympathy: 


Wood and Sons advance 

Completely overshadowed by 
the hectic proceedings in the 
gilt-edged market, miscellaneous 
Industrial leaders traded quietly 
and closed the week with modest 


600: 



1975- 


1975 


1976 


1977 


1978 


Airflow Streamlines featured 
Motors and Distributors with a 
jump of 17 to a 1978 peak of 
105p in belated response to the 
preliminary figures, and scrip 
issue proposal and the property 
revaluation surplus. Penine 
Motor were active and 3 better 
at a 197S peak of lip on per- 
sistent country demand, while 
buyers were also about for 
Reliant, a penny up at lip, and 
Supra, 2 harder at 56p. H- Wood- 
ward gained S to 32p following 
Press comment. Heron Motor 
picked up a penny more at 136p 
for a rise on the week of 22. 

Persistent demand lifted 
Associated Book Publishers 5 to 
240p for a gain of 48p on the 
week. Saatchf added 3 to 165p 
awaiting next week's interim 
statement. Jefferson Smnrfitt 
firmed 2 to 194 p following the 
director's confident remarks 
about prospects and Geers Gross 
finished a penny higher 44p 
on the improved results and the 
chairman’s optimism. 

Properties were dull on the 
higher credit terms. English 
Property cheapened 24 to 43ip, 
while Land Securities, 4 off at 205p, 
a loss of 10 since Tuesday's results. 
Hammerson A eased 7 to 570p. 
Property and Reversionary A and 
Great Portland closed marginally 
lower at 292p and 29Sp respec- 
tively, both ahead of results due 
early next week. Carding, 20p, 
were unmoved by the results and 
Church bury Estates, 255p, closed 
unaltered after early modest 
support to 257 p. 


following the recent advance on 
the interim figures. Recent specu- 
lative favourites to lose’ {ground 
Included. London European, 2 off 
at 2?p, and Dawnay Dajv 
cheaper at 40p. ' . 

Furness Withy continued a dull 
market in Shippings, closing 3 
easier at 247p. after 24Sp. on end: 
account profit-taking. British and 
Commonwealth, . -however. im- 
proved 5 to 2$9p in anticipation 
of the results due soon. Follow- 
ing the recent sharp setback on 
the chairman's statement at. the 
annual meeting, P & O Deferred 
touched 92p before closing a penny 
better on balance at 94p. 

Textiles had an easier tendency 
with Cam) (Dundee) losing a 
penny to 15p and Cawdaw 2 'to 
29 p. 

Following the previous day's 
decline of 22 on The disappointing 
annual results, Guthrie softened, 
a penny further to 284p. Eertam, 
however, rose 3 to 93p. 


financial times stock indices 



GcirBWnieot SW 
Fixed Imiwt 
Industrial Ordinary— -j 
Gold Min 

.OqL VI v. Yield — ......j 

isrnlDK».TU^ifii«tlf»j 16 ' 61 
P/JB Hado (aetK*t>.-..-J 8101 

Dealings marked— .•—] 4.652 
Bqnity tamwverCm...] — - 

toiafJ — 


Ronitv barsaltu UKal-l ■ 17.g6.tl IJ.QlBt I84 J76) l4.3gg | 12.335- 

^ iT^m 48? j. Moon 4673" 1 pm 4aO. 

z pm «&7. s am 4B6.7. 


..J Latest index BZ-24S 8106. 

- * Based on S3 ner cent corporation tax.. '.t NCI =7.85.. 

Basis 100 GovL Secs. 15/10/ta. Fixed Iut. 1B28. tad. Ord. 1/7. '38; OdU 
Mines 13/8/53. SE Activity July-Dee. . IBfi. . ; ■ ~ 


highs and lows 


S.E. ACTIVITY 


' 

1978 

Since Compilation' 

J - 

Hl*b 

Lour 

Bq* 

Low. 

Govt. Soco... 

78.68 

0/D 

68.79 

l5/6) 

127.4 

.<9lLOSI 

49.18 

0/1/76) 

Fixed Int...- 

81.87 
. (8/1/ 

70.73 

t6/6) 

160.4 

(2b;lM7) 

60.63 

(3/1/76) 

IimL Ord. 

497.3 

.6/11 

453.4 

(2/5) 

649.2 

iU/a/m 

49.4 

(264/40) 

Child Iffiwo. 

168.8 

<8#3i 

130.3 
(6/5) . 

442.3 

tSSA>/7S) 

43.5 . • 
'Efl/IO/m 



Jnna 

S 

— Dmby 
GlttriJd«^». 
Indunries.^ 
Specnl*tfve... 

TotaU_: 

b-dnyAv'mge 

GItt.Bde«a... 

Injirairiiilii-.. 

itperotaiave... 
Total*. ^ 

189.6 
162.1 

4 3* 
1053 

166.7 
164.4 •> 
•KM- 

107.8 


Jun a 
.8 


17aj> 

1B1JJ 

ej.4 

118.4 


16045 

166.7 

40.8 

109.4 


Philips’ Lamp react 

Following recent strength in 
sympathy with the improvement 
of the dollar premium. Philips' 


the later stages when rhe shares 
picked up from 33Sp on renewed 
investment and speculative in- 
terest to close the day 4 higher 
un balance at 3Gt>p. Ulher 
Engineering leaders were mixed 
with Hawker closing 2 dearer al 
222 p but Tubes that much easier 
at 370p. Elsewhere. T. W. Ward 
rose 5 to a litTTR peak of 7tip 
following the good first-hair per- 
formance and accompanying 
cheerful remarks about second- 
half prospects. Thomas Locker 
hardened u penny to 19p follow- 
ing the results and 600 Group, 
at S3rp, retrieved ail and a frac- 
tion more of the previous day's 
fall of 3 after comment on rhe 
annual figures. Brasway put on 
3 to 53p but Ad west dipped 0 to 
230p and Aurora shed 4 to 91 p. 

Tesco, which reported prelim- 
inary figures on June 22 last year, 
revived with a rise of 3 to 43p 
in active trading stimulated by 
vague talk or a couple of brokers’ 
circulars. Associated British 
Foods hardened a penny lo 70p 
in front of Monday's preliminary 
results, while investment demand 
lifted Rowntree Mackintosh 4 tn 
4l2p and J. Lyons 5 to 104p. By 
way of contrast , Bishop's Stores 
suffered a sharp reversal on the 
profits setback, the Ordinary and 


losses. Beechara relinquished 2 
to G43p as did Glaxo to 573p. A 
firm market of late following pub- 
licity given to brokers' favourable 
circulars, Reed International 
closed a similar amount cheaper 
jit 12Sp. Elsewhere, Wood ami 
Suds jumped 10 to 50p in response 
to the 4?jp per share conditional 
offer from Newman Industries, 
while Dc La Rue hardened a 
further 5 to 355p following in- 
vestment comment and Biddle 
Holdings gained 3 to S5p for a 
similar reason. Persistent specu- 
lative buying in a thin market 
prompted a fresh improvement of 
2 to 42p in Grovebell taking its 
advance on the week to 14, while 
rises of around 4 were seen in 
Gontnie. 72p, and Hal lam Sleigh. 
32p. Further consideration of the 
proposed dividend-boosting rights 
issues helped Sccuricor to add 3 
more to 12Sp and Security Ser- 
vices to pul on a further 4 to I2sp. 
New Equipment came in for sup- 
port at 15p, up 3, and Zcilers 
revived with a sain of 2 to 5ftp. 
arter fiOp. UKO International, 
however. lost 4 more to 14Sp after 
comment on the disappointing 
results, while profit-taking after 
the preliminary figures lert 
Leigh Interests 6 off at 1”0P- 


Leading Oils dull 

British Petroleum ended the 
account on a dull note easing 12 
to S58p on adverse Press comment. 
Shell receded 8 to 550p on lack of 
interest and Bnrmah shed 4 to 66p, 
after 65p. following recent firm- 
ness awaiting yesterday's AGM. 
Ultramar, 266p. and Lasmo, 14Sp, 
eased 8 and 6 respectively, but 
Triceutrol firmed 8 lo 182p after 
a Press mention. Further profit- 
taking lowered Sieheas UJZ. 10 to 
348p, a loss of 32 on the week and 
one of S9 an the Account, but 
Atiock responded to renewed 
speculative demand and firmed S 
to t»2p for a gain on the week of 
14. 


Ocean Wilsons came on offer in 
(Kerseas Traders and fell 6 to 95p 
in front n[ Monday's preliminary 
figures. Harrisons" and Crosfield, 
■j firm market of late on the pre- 
liminary results, reacted 12 to 
475p. S. and W. BerfsTord 
hardened 2 more to ' J32p, while 
Australian Agricultural moved up 
4 to 95p and James Finlay 6 to 
U59p. the last-named for a rise on 
the week of 13 following the pre- 
liminary figures and capital pro- 
posals. 

After late overnight strength. 
Investment Trust Corporation 
attracted fresh support and dosed 
6 higher at a 1978 peak of 253p 
on continuing speculation about 
the outcome of the recent bid. 
approach. In Financials, Robert 
Kitchen Taylor reacted 4 to 76p 


Golds turn easier 

The combination of a -lower 
bullion price and a disappointing- 
batch of dividends from ; the 
Johannesburg Consolidated group 
of producers caused a downturn 
in South African Golds for the 
first time in three days. Share' 
prices drifted from the outset 
with interest at a low level. -. 

The bullion price was finally -$i 
easier at $181,625 per . ounce, 
while the Gold Mines index- gave' 
up 3.1 to 137.9, although it wigs, 
stilll around 5.2 higher over the' 
week reflecting general satisfac- 
tion with the outcome of Wedne&r 
day’s International Monetary 
Fund gold auction and the divi- 
dend declarations of the Anglo- 
Vaal and General Mining groups. 

The considerably low'er-flian: 
expected 200 cents interim from 
Randfonteln saw the shares drop 
a point to £341. while disappoint-; 
ing declarations from Els burg and 
Western Areas left both 6 off at. 
106p and 167p respectively. 

Un the other hand, Buffels. i 
up at a 1978 high of £10, con- 
tinued to draw strength from the 
increased final dividend. Although 
i off yesterday at £14 Hartebeest 
were still £U better over the week 
also following the sharply in- 
creased final. 

Financials were subdued. OProfit- 
taking left Anglo American 2 
cheaper at 32 Op but still 22 higier 
over the week following the good 
15-months' results announced last 
Monday. 

Charter also attracted a' good 
demand throughout the week fol- 
lowing its 1977 figures; the shares, 
although unaltered at I44p. closed - 
8 better on the week. " . 

Platinums came in for profit- 
taking after moving ahead 
strongly on Thursday following 
the S20 rise in Rustenbure’s pro- 
ducer price to £340. Rustenburg 
themselves gave up 2 of Thurs- 
days rise of 6 to close at. 84p, 
while Bishopsgate fell 4 to 83p. 
Western Mining were a strong 
market throughout the week on 
consideration of the further rich- 


NEW HIGHS AND LOWS FOR 197S 


The following securities auttetr.m the 
Share .Information Service i yesterday 
attained new Highs and Lows far 1978. 


NEW HIGHS (104) 


OVERSEASnutM 11) 
RUBBERS (21 
MINES (61 


FOREIGN BONOS l *> 
AMERICANS (7> 
CANADIANS (6) 
BANKS (SI 
BUILDINGS (2) - 

CHEMICALS <Z) ' 
DRAPERY & STORES Cl) 
ELECTRICALS CSV' 


ENGINEERING CIO) 


.ELS (1) . 

INDUSTRIALS (23) 
MOTORS <41 
NEWSPAPERS 12) 
PAPER 8> PRINTING (4) 
PROPERTY (3) 

SHOES 12> • - _ 

SOUTH AFRICANS Cl> 
TEXTILES ft) 
TRUSTS (16) 


NEW LOWS (IS)- : 

- CINEMAS. CD 
Trident TV A 

. ■■ • DRAPERY A STORES (1) - 

Audtotnmic 

■' . - ENGINEERING ftt . . 7 

Akan-Munlnlum - - - ■" 

' _ - foods (3) - 
Edwards (Louis C.- Tavener Rutledga 
Nurd in- fl, Peaco ck - . . .. >■ 

INDUSTRIALS n) ' 
Barrow Hepburn • - - 
„ INSURANCE O) 

Son Alliance WiHW Faber 

PRO PER TT (1> - 

. Bank & Coimuercial * ... 

. . ; SHIPPING (1) ' 

Jacobs - - 

•tccA 


KISES AND FALLS 


BrltMi Funds - — 

Corporations Dorn, and Foreign . .Bonds ■ 

industrials — 

Financial and Prop — ; ■ 

sails- 

PlBKattnO -...• — -;~— 

Miaas . . ....... . .... . . . . *. ■ «. - 

Rci%at Issues ’ 

Totals 


Yesterday 

Up Down Son 

7B Z . 5 

33 ■ . ■3- • "2* : 

253 ,Q2A 8*4. 
91 115 334 

10 14: TO . 

4 -3‘ 25/ 

' 13 69 1 

7 • • 3 . 11 
SKI. blU 1,334 


copper values encountered at the 
copper-zlnc-sllver project near 
Bertambra in Victoria; the shares 
touched a new 1978 high of 151p 
yeserday before easing fraction- 
afly to close 7 firmer on balance 
at"i48p, 

-firthec Australians alto gained - 
grftund a.figr a generally iduggirii 


week. Northern Mining- -were 
finally another 2 better at 102p, 
while JVDM Holdings put on 2 to 
2l0p and Metals Exploration 2 to 
32p. \ 

Elsewhere, Musto Exploration 
were suspended at J50p, up 15 
on , tire, day, ponding a-statement 
from me company. 


ACTIVE STOCKS 

YESTERDAY— 


N-n. 


Si eclr 

TCI 

Grand lie i 

BP 

Shell Transport. . 
Bvrcla.'s Bank ... 

Burnish ml 

H.\Ts Defd 

P-rrchain 

De Beers Defd. ... 

Distillers 

Powaier 

i> mmercial Union 

F.\H 

GBC 

GL'S A 


tnmina- 

nf 

Closing 

Change 

IH7S 

If 78 

Mon 

marks 

price (nt 

on day 

high 

low 

£1 

1-7 

-1S7 

— 

19H 

328 

Slip 

12 

lftSi 

- 31 

1171 

■ST 

£t 

10 


-12 

S!l2 

720 

2S|» 

JU 

r>5o 

- S 

IRfi 

4S4 

i’l 

9 

32.1 

— 

3 IS 

29R 

i’l 

9 

fifi 

- 4 

72 

42 

23p 

7 

2S4 

4- 3 

206 

227 

2‘>P 

7 

K43 

- 2 

67.4 

183 

R0.05 

7 

:;i6 

- 2 

35S 

281 

50 p 

7 

17fi 

— 

1S7 

163 

£1 

r, 

191 

- 1 

201 

163 

23p 

fi 

141 

_ 2 

Ilf 

13S 

nOp 

6 

14.1 

— 2 

ion 

141 

25p 

r, 

2lM) 

+ l 

27S 

231 

23p 

fi 

272 

+ 2 

312 

236 


T/v ahtice list i»/ ardrr storks is bused on the mint her nf 
rer’.irtlol tif .U’nUiii in i hr iiflirmt lisi ami under fiule Jtj-ft 1 1 
reproduced i-nhiy in .S'l'.iek F.xchtiupc dealings. 


bargains 
(c.> aim 


ON THE WEEK- 


Denomina- 

of 

Closin'; 

Change 

1978 

197S 

Stock 

imn 

marks 

price tp> 

on week 

high 

low 

IlI 

£1 

61 

1S7 

_ 1 

396 

328 

S bell Transport . 

25p 


350 

- 16 

■1SK 

4S4 

MTs Defd. 


52 

2S4 

- R 

2‘lfi 

597 

B P 

£1 

4fi 

S3S 

- 10 

S!C 

rjo 

Grand Met 

jl)j> 

42 

inrst 

- w 

1171 

87 

Ha re 1. tv.--. F.jnk ... 

£1 

41 

325 

— 3 

31S 

206 

Bcech;i]ii 

2»M 

41 

643 

-10 

678 

583 

\\ r-.sl-.-rn .itining .. 

s \o.50 in 

148 

4-24 

151 

84 

«E i; 

25p 

no 

260 

— 

27R 

233 

f & 1.1. Dt-fd. ... 

£1 

in 

H4 

— 

JI8 

5)1 

Liinrllii 

21p 

33 

62 

— o 

*s 

7S 

60 

Commercial Lnion 

23 p 

32 

143 

- 2 

15» 

138 

Cl’S A 

27p 

It 

‘172 

- 4 

312 

256 

Albrigh: & Wil.snn 

23|> 

ID 

no 

- 12 

ifih- 

S6 

Do Lo Rue 

2-lp 

30 

3o5 

4-23 


230 


BASE LENDING RATES 


A.S.N.* Bank 

Allied Irish Banks Ltd. 
American Express Bk. 

Amro Bank 

A P Bank Lid 

Henry Ansbaeher 

Banco de Bilbao 

Bank of Credit & Cnice. 

Bank of Cyprus 

Bank of N.S.W 

Banque Beige Ltd 

Bjnque du "Rhone 

Barclays Rank 

Barnett Christie Lid ... 
Bremar Holdings Ltd. 10 
Brit. Bank of Mid. East 9 

H Brown Shipley * 10 

Canada Pert n’t. Trust 9 
Capitol C Sc C Fin. Ltd. 


10 

9 

9 

9 

9 

9 

10 

10 

10 

9 

10 

91 

10 

9'. 


% 


I Hill Samuel 5 

C. Hoare & Co t 


Julian S. Hodge 
Hongkong & Shanghai 
Industrial Bk.- of Scot. 

Keyser Ulliuann 

Knows ley & Co. Ltd. ... 

Lloyds Bank 

London Mercantile ... 


9 % 
9 % 


10 % 
9 % 
9 % 
9 % 
111 % 
9 % 
9 % 


Edward Manson & Co. 111% 


1% 


% 
% 
% 
% 

Cayzer Ltd 9j% 


10 % 

9 % 

10 % 
9 % 

9 % 
9 % 

10 % 
9 % 
9 % 


Cedar Holdings 
l Charterhouse Japbet ... 

Choulartons 

C. E. Coates 

Conxriidaied Credits... 
Co-opera live Bank- 


81 

9 

9 

30 

9 

9 


Corinthian Securities... 10 

Credit Lyonnais 9 

The Cyprus Popular Bk. 9 

Duncan La writ' H 9 

Eagil Trust 9 

English Transcont. ... 10 

First London Secs 10 

First Nat. Kin. Curpn. 11 
First Nul. Secs. Ltd. ... 11 

B Antony Gibbs S 

Greyhound Guaranty... 9 

Grind lays Bank .t 9 

b Guinness Mahun 9 

B Ham hr os Bank 9 


Midland Bank 

Samuel Montagu 

I Morgan Grenfell 

.National Westminster 
Norwich General Trust 
P. S. Refson & Cu. ... 
Rossminstcr Accept'cs 
Royal Bk- Canada Trust 
Scblesinger Limited ... 

E. S. Schwab 10 J% 

Security Trust Co. Ltd. 10 % 

Shenley Trust 11 % 

Standard Chartered ... 9 % 

Trade Dev. Bank 9 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 10 % 
United Bank of Kuwait 9 % 
Whiteaway Laidlaw ... 94% 

Williams & Glyn’s 9 % 

Yorkshire Bank 10 % 

| ML-mtiL-rx of Uic .Vt-Lintm* Houses 
CommitlcF. 

J-dsy di'poslis 1 -idi>diJi deposits 

fli- r. 


7-day di-posiio on sunw „f iia.m 
and under 6T,. ya L'i.w 6' 
and over 125.000 #3'<. 


Call deposits o* c r n.Ouo fif>. 
Demand deposits 

Rale also appUos m Slorlinc }nd. 
Securities. 


LONDON TRADED OPTIONS 


.lull 


l VImIkt 


JltTlIIHrx 


l- , i"*IV i 



II1»1 

Cl- -in-. 
I'ffl-I ' 

V.il. 

i 

■ i.iinhii- ' 
■ .ffer 

V.il 

i i'Iimiii:- 
-IT.-r 

i 

\i.L 

J'limn 

• 

HI* 

7O0 

121 



233 

5 

155 

- 

S57|. 

HI* 

BOO 

71 i 

2 

. 92 

5 

117 j 

A- 


IIP 

! B50 

31 ! 

5 

59 

4 

86 ] 

1 

•. 

Kl* 

90 J 

IDS 

— 

29 

5 

60 ; 

— 


I’ninni 140 1 

1) 

— 

• 19 ! 

14 

23 : 

— 

145 { i 

L*-ni. V nn hi 

160 : 

2 <2 ' 

- • 

8 

1 

IB ' 




160 

17 | 

5 

26 

— 

29 

5 

176p 


180 • 

6 . 

5 

141- 

6 

i 20 ' 

2 



. 100 . 

231- . 

3 

, 26 l t 

— 

28 ' 

5 

121p 


no 

141- ; 

— 

19 

6 

: 20 'a i 

— 


L’i mil mi'il* 

| 120 

712 

— 

• 12 ‘a 

— 

1 

— 



| 130 

4 1 

— 

81 2 



10 

| 

•• 

rif.V . 

1 220 

47 ; 

— 

49 : 



• 36 

— 

259(i 

U FC 

1 240 

27 

18 

. 34 | 



42 1 

1 


«;vi: 

2bO : 

IQIS 

4 

1 22 i 

2 

30 

■ - 


GKC 

280 

31? | 

3 

lZkr 



. 20*2 , 



(■in ml Mel 

1UU . 

11 

6 

i4i- : 

27 

< 171s 

10 

10’8p 

u mini >Ih. 

no • 

41; . 

37 

81- . 

12 

1 12 

I 

i< 


1 120 1 

lH , 

33 

1 4lj 1 

26 

• 7I 2 : 

— 


il i : 

530 

61 

2 

. 67 • 

- 

; 70 

5 

387p 

HI 

56 J 

32 

7 

. 38 1 

33 

| 49 : 

5 


III 

390 

10 1 

20 

30 ' 

— 

; 32 

12 


III j 

420 ; 

2 i 

50 

b ; 

1 

1 1812 




IbO 

24 

— 

i 30 1 

12 

• 54 

— 

206j> 

Lrtil.l ■«-. 

: ZuO 

7 

2 

1 15i- 

6 

, 23 

— 



220 

2', 

— 

: 7«i 

9 

, 13 / 

— 


Vl*lk« A S|-. 

120 

23 

3 

26 

— 

: 28 

2 

139 1* 

M«rw- A ' (i. 

140 

61- 

5 

' 121? | 

— 

. 15 

— 


tiii m - a -{<. 

J60 

i>< 

— 

■' 5 ( 



| 81? 

3 


-=li*-lt ; 

! 500 

60 : 

— 

■ 77 

6 

: 83 ■ 


550(1 

Shell 1 

| 53J ' 

161?. 


• 38 1 


52 

1 


•ilii-IJ , 

; 600 , 

5is 

1 

14ly 

30 

: 27 

3 


l-'»- 



208 

' 

210 

! 

62 



RECENT ISSUES 


EQUITIES 


— — _ " 5 i Bia 

i|3; ; 

I'n,^ - ,gi-| 

.. . = Hint-. 1 r-in 1 




j High . L«'« 


-l 5: ijZ‘5 


75 

100 


P.l'.i - 
y.iM o/7 


<il ' VA 'Kraumll lL'Jl.1 91 j ; '4.5 s.l 7.5 : W 

167 ; 142 j burnt hern ;rl -/‘d.64 4.L 3.&14.7 


FIXED INTEREST STOCKS 


IX S i 

1 Wib 1 



^ par! 



Stuck 


i n i+' 


SlOOl K.l'.l - 
100[( K.l'. id '.S 
LUO ;£10 122/9 
IOO|^ r.r. I - 

£100 ■ — I — 


no,. 

It . 

tuv. 

100 


I07xi. ArnniNi/e «l«.l ^nd Cu m. Prei_ 

9U'ttar..rt 12.% lint. 1987 

h'lOf. •«<*.</» • j t Mlf. IIMH. <‘H. , 

too.; tviiuhiirch icitv "0 V»r. K»ii lS8i 

II»4.K h-\ W*l»| 1% liJJ 


I02r>\ 
ina; 1 


+i* 


C99 

E50 ;sa.a 


0 , li!:lneii«i , li <L»ii«. tj.iri.nli )l,/,Ke»l. 

ts*r.. 48i» 

+U 


K.l*. Ill .8 

tot 

ys Lillet ly * IV. I'rf 

991? 

...... 

1-JO! 

- ,23(6 

l«U|. 

iilj -i*iUn|.- - Ait Chiu. !'<’ 

- • 971..,. 



-.1* i - 

108 

tM T !«-*».• 10* % Ciim fret 

105 


• n 

F.P i 7/7 

L<rj 

SW Ijiiltl, <U. A J.i I0i I'n 

.. . . too 


no» 

F.I*.;26/6 

toi 

its !l«---il ltr^C'n». I'n-. Lii.ldoi 

96 


t98Sj 

CLj . 1.9 

t«J 

7i,‘rvm? A M e«r 11TJ, Iteit. 

9*1 

+. 1 * 


. .1'. • J6.-6 JOlijj., 

loo,, da l,- fialer-e- IP* I’r-' 

... 100 



U 

RIGHTS'* OFFERS 




IwlK- 

fricL- 

Pi 

41 

BOp 

-Nil 

36 

I'.l*. 

024 

F.l*. 

20p 

-Sit 

70ii 

Nil 

min 

Nil 

84 

Nil 

72 

F. f. 

145 

Nit 

340 

F.f. 

IS* 

F.P. 

20 n 

F.P. 


Uk- I 
Htlflill. , 

Uni*- 


l«/t 


; It iu i ■ | L«w 


■Cb**)<i9 -+.UI 

i | “ 


15/6i 7/7f 

2S/&j 23/b 

O.c- ”3**71 


9/6; 

16/6. 


22 / 6 1 

4»'S 

16/6 

ilrb 

56 


IfiKpOl; 
23/b| 69 , 
blniii 

T/7J 58 • 
21/7- 2Spm; 
— SC'pni 

19/71 IJiniH 

B3,6; ttK ( 

21/7' 14|mil 
ja.6, 414 i 
Ja/ti: Ir- i 
17. 7‘ 251;' 


l£tff»ni|6reiit Cben*u*t» 

4tf ]«tvwn b**veii keuL 

Jji'ni JiVnntlmo tmpenni But .. 
tC jCenimi Xlnnulnctunnjr.... 

Sipm Pnrk 

I7j^u fioM .lllainj;. 

lU|.m.He»>t*ir 

B) U(. 

9pm Knw.leo (Aloxnncter i 

iSBlj Un** hi nt- 'I* wtui.vli .... 

1'uriic A Xm'iiII 

231; tv. 


166pm- • 

59 I 

44pm 


F4 

—US 


£6 

25,-m 

20imi 

13,.ni-l 
95 ' 

lOptn'-rla 
410 +2 

174 • 

24 i 


FT-ACTUARIES SHARE INDICES 

These indices are the joist compilation of the Financial Times, Hie Institute of Actuaries and the Factdty df Actuaries 


EQUITY 

GROUPS 

and 

SUB-SECTIONS 

Figure. In paivnihewi .hear 
number of MocKl per section. 

Fri., June 9, 1978 

Thure 
-June 
• 8 

Wed. 

June 

7 

Tues. 

June 

fi 

Mon. 

June 

5 

Year 

-aso 

fusam.' 

I’--. ■ 


Highs and 

«■ -T'V. — 

Lows Index 


Index 

No. 

Day-* 

□ana 

Est- 

Eirarap 

YkWv 

(Max. 

Con*. 

TnJft 

Gross 

D*v. 

VWa% 

lACT 

E«. 

P/E 

Ratio 

tNeti 

Corp. 

TnSP^ 

|| 

Index 

No. 

Index 

No. 


g 

wm 

Since. .. 
Compilation 

High | ' Low - 

1 

rTTTTmmmm 

213-25 

!ES3 

>V/-i 

5.62 

7.92 

213.40 

214.94 

215.07 



21532 

11/6) 

188.95 

m 

22803 04/9/777 

50.710302/74/ 

Am 

1- Hj-IffilnjTib 

188.00 

-02 

18.28 

5.77 

7.B2 

188.41 

190.72 

19034 


149ff8 

197.86 

(6/1) 

16630 

00) 

23334 (2/5/72)' 

4427 (11/12/74) 

3 

Contractbis. Constraction 1251 — 

346.63 

-0.6 

19.84 

3.94 

7.32 

348.79 

35135 

35109 

346.25 


35135 

(71 6) 

28935 

ms. 

38933 090/72) 

71.48 (202/74) 

4 

, L i ,11 [1IUPVM 

449.94 

+0.1 

1526 

3.95 

927 

44936 

45207 

45339 



46434 

mi 

4(M.47 

am 

483^9 (21/10/77) 

84.H (25/6/62) 

5 


316.04 

-0.1 

18.64 

6.46 

727 

31624 

317.87 

319.04 



i 323.76 

0815) 

270.95 

(60) 

33232 03/9/77) 

6439 (2/1/75) 

6 


174JS 

— 

18.39 

6J0 

7.41 

17412 

174.91 

17512 

17438 


175.12 

(6/6) 

149ff7 

(25) 

187.45 04/9/77) 

45.43' (60/751 

8 


162.60 

— 

1734 

8.62 

7.79 

162.61 

164.05 

163.81 

16333 

14936 

17135 

02/5) 

15422 

(27/Z) 

177.41 (27/4/72) 

4965 (60/75) 


k.ijv>:i II,, i » :*ri*;*J 

















11 


195.48 


17.06 

4.89 

8.24 

195.06 

19737 

196.89 

19538 

H434 

19878 

050) 

173.63. 

(30) 

227.78 (21/4/72) 

3839 (6/1/751 

12 


227.77 


1537 

3.79 

9.17 

227.53 

231.49 

230.60 

22911 

185.31 

235.% 

(60) 

209.01 

00) 

261.72 (ZWftTT) 

42.85 0302/74) 

13 


179.00 


16.08 

632 

835 

17833 

177.7B 

177.06 

177.75 

161-25 

18433 

. (9/11 

16034. 

(60) 

263.22 (4/5/72) 

63.92 0702/74) 

14 


125.04 


19.78 

6.17 

7.13 

12432 

12552 

125.51 

124.86 

EZEJ 

127.05 

115/5) 

10438 

. (2D) 

17039 050/69) 

.1991 160/75) 



















21 


199-56 

EU 

16.07 

5.87 

8.44 

199.98 

20239 

20Z.B6j 


16736 

207.45 

W5> 

179.46 

(20) 

226.08 0£f8/72). 

6L42 :(WZW 

22 

Breweries 1141 . — 

22630 

-12 

15.06 

5.98 

935 

229.19 

233.08 

23450 

234.72 

J76JZ 

24137 

(8/5) 

204.04. 

(27/2) 

28187 (28/U/72) 

•69:47 0302/74) 

23 

Wines and Spirits 1 6). ....... 

251.92 

Cm 

16.06 

5.72 

9.45 

252.70 

258.76 

258.95 

259.98. 

18873 

26530 

&5) 

22925 

(20) 

26510 150/78) 

7868 (13/12/74) 

24 


253.35 

-1.7 

13.90 

6.74 

1038 

257.77 

261.88 

262.46 

26L05 

209.63 

269.17 

16/1) 

as.62 

(20) 

329.99 02/1202) 

54183 (90/751 

25 


196.02 


19.86 

5.67 

6.66 

194.77 

196.48 

196.11 

19511 

174.40 

20338 

(6/1) 

17537 

127/2) 

21463 12100/77). 

59.67 0112/74) 

26 


199-59 


14.64 

5.03 

9.50 

197.82 

20107 

200.07 

199.72 


22322 

(6/2) 

17633 

.00) 

344.41 amm 

5425 (11/12/74/ 

32 

j|l V.. -i_J 1 1 - ’ 1 ^ J 

371.61 


10.75 

334 

13.27 

37168 

375.23 

37669 

370.10 


39L43 

(17/5) 

269S9 

(20) 

39L43 070/78) 

55% (60/75) 

33 


131.97 

176.60 

-0.4 

-Q3 

20.14 

1L93 

8.01 

431 

6.55 

1230 

13232 

17714 

13314 

ifffll? 

13L52 

13036 


135.99 
197 95 

(60) 

11931 

05/21 

14421 (14/9/77) 

43.46 (6005/ 

35 

Textiles (25). _ 

178.93 

-0.6 

17.42 

7.73 

735 

180.04 

18L69 

18163 

180.76 

16842 

19L90 

02/5) 

160.85 

(20) 

235 J2 07/1/67) 

62.66 (11/12/74) 

36 


251-21 

+0.6 

2200 

7.45 

5.40 

24931 

25139 

253.46 

255.44 

23534 

26118 

(1851 

21488 

(15/2) 



37 


106.88 

-0.6 

19.03 

5.84 

6.42 

10735 

10738 

107.21 

107.18 

•9912 

108.64 

01/5) 

93.79 

(27/2) 

135.72 06/1/70) 

20.92 (60/75)’ 

41 


196.66 

2816a 

-02 

1632 

17.70 

5.80 

620 

7.94 
7 67 

197.14 
.Tat Vi 

196.35 

284.69 

199.64 

198.65 

17836 

.20029 

28640 

(1/61 

(31/5) 

173.08 

00) 

213.70 04/9/77) 

58.63 (6/1/75) 

43 



-03 

1138 

4.01 

10.79 

256.60 

258.65 

25938 

258.94 

UlEj 

262% 

(60) 

228.41 

00) 

262.96 (60/78) 

228.41- am 

44 



-02 

17.98 

4.B7 

638 

133.60 

135.81 

13711 

134 A6 

_9SLlff 

13921 

125/5) 

117.48 

•001 

246.06 00/72) 

4534 120/75) 

45 


CTTTT1, 


19.45 

7.32 

626 

43020 

431.75 

442.23 



483.01. 






46 


201.95 

pTi 

17.50 

6.43 

7.69 

20311 

20425 

203 94 

203.85 

1T5JSL 

209.16 

(6/1) 

17B47 

(30) 

25833 (2/5/72) 

6039 (637/75) 

3 

INDUSTRIAL GBOUPfBS), 


ch 

E23 


ilWi 



EBBli 

ESS 

E533' 

mmm 

EStJ 

Mmzm 

(20J 

§'h**SHffii!rta 

59.01 (1302/74) 

a 


LLl£Lill 

EH 

ES3 

EE3 

B3 


rz&i 

EI3I 

E2E3i 


50137 

07/5) 

417.98 

■5S 1 


8723 (29/5/62) 

iJ 

mm\ 

231.83 

EH 

EBC3 

5.47 

ff Av] 



ESS 

E2E3 

E5D. 

23639 

(15)51 

205.42 

(20). 

24832 040/77). 

63.49. (1302041 

Al 


161-20 

-0.8 

— 

5.80 

— 


16436 

164.79 

163.91 

WT: 

178.96 

(60) 

153.85 

(27/2) 

24L4i 01/4/72) 

5568 (1302/74) 

3 


185 55 

-1.1 

2531 

5.81 

5.94 


190.62 

18929 

Iflfifif 


20436 

(23/1) 

171 ss 


28832(200/72) 

62.44 (12/12/74) 

1 


323i 

+2.9 


8.32 



198.72 

198.35 

I9B.50 

M*. 

22833 

'(4/1) 

18520 

113/4) 

64 

Hire Purchase (5l. 

zm 

era 

13.% 

5.85 

10.60 


14134 

140.60 

140.60 


17035 

0 20) 

13632 

07/4) 

433/74 140/72) 

38ff3 (1102/74) 

65 

Insurance (Life) (10) 


-Off 

— 

6.81 

— 


137.49 

137.89 

13718 


15139 

(6/1) 

324.97 

07/4) 



y 



-0.9 

— 

6% 

— 


125.18 


Esni 


143.46 

(60) 

12023 

(24® 

16172(6/10/77) 

h?.iM 

E j 


;*■-*> I C 1 ! 

-03 

14.43 

4.85 

9.92 

324.13 

328.77 


329.92 

4y 

35LS1 

08/5) 

30120 

(6/2) 

37153 05/9/77) 


SB 

Merchant Banks (14) 


+0J 

— 


— 


8L09 


8163 

6842 

8522 

160) 

7100 

aim 

27837 (10/72) 

3L2£ (7/1/75) 

69 

Property 01) 


-1.0 

■Tell 

3.18 

58.91 


23532 

23815 

236.93 

pT.-tiril 

25529 

(200) 


EB 

357.40 anil 73) 


kJ 

Miscellaneous (7) 

108.40 

+02 

2422 

7.45 

5.71 


10830 


fHEJl 

SC3t3l 

’110ff7 

(9/1) 


ESI 



71 


208.70 

-0.1 

3.2b 

4.76 

30.77 

208ffl 

209.91 

209.29 

207.49 

169021 

209.91' 

(7/6) 

176.48 

(60) j 

245.79 (25/4/72) 

S/WTUW/ni 

81 

Mining Finance 14) 

tLiEI 


17.01 

6.85 

7.10 

10207 

10212 

10036 

10030 

9037 

10232 

0/6) 

8S39 

(60) 

175.90 (28/4.69) 

66.31 (30/9(74) 

91 

Overseas Traders (19) — 

309.91 

CM 

16.72 

6.78 

7.32 

31133 

313U6 

312.91 

310.79 

EESli 

319.43 

0615) 

262.26 

■Ball 



Ml 

ALLSHAHE INBEXI973I -. 

213.57 

-0.41 

— 

534 

— 

214.43 

21643 

216.71 

21534 

18634| 

.21832 

05/5) 

191JS 

-(20) | 

228 J8 0/5/721-1 

6L92 (1302/74) 


FIXED INTEREST PRICE INDICES 



Fri. 

June 

Days 

change 

xd adj. 

Today 

xd adj. 
1918 



9 

% 

to date 







1 


114.78 

-ril.76 






4 

5 

Irredeemables 

All stocks 

124.99 

11284 

+LZ3 

+8.73 

- 

630 

4.96 



FIXED INTEREST 
YIELDS 

.Br. Govt. Av. Gross Bed. 


low 5 sears.'. 

Coupons 15 sears... 

- * • - 25 years... 


Medium 

Coupons 


5 sears... 
15 years... 
25 years.., 


High 5 years.., 

Coupons 15 years... 

25 years... 


Irredeemables. 


•Fri, 

June 

■ :a ■ 


16.92 

USS 


,I1» 

mi 


3 


1149 
32.63 
-3 in 


11.74 


Thun. 

June 

. s 


-8.91 

006 

11.71 


1139 

19K 

32.41 


33J58 

12.75 

U10 


3187 


Year 

■SO 

fapprox.) 


7^8 

1U0 

1220 


10.08 

1187 

12.60 


10.94 

33.08 

UZ9 


1037 


1STO 


Hl&ha 


Lows 


WB tbih 
H32 (5/6) 
1L96 (5rtl 


1170 (5A) 
1253 15/6) 
12.65 - (MB 


1192 (5 AY 
13.01 (5/6 ) 
13.43 (5A) 


1202 Ml 


7.05 am 
912 &l\ 
9.74 (3/1) 


930 0/1) 
10 JS (3/1) 
1034. any 


0.67 am 
30L13 (3/1) 

1126 am 


180 0/lt 


BcDitncialiuu dale ijsualb 1 Iasi 4ajr lor dost Una ir^c of stamp duty. t> FlpM 
basi.-d op prouavitiB t-silniatc. u ASinimcd dividend and field, v Forecast dividend? 
caver based on previous year's camioss. r Dividend and yti-td based on nrospeew 
or older official estimates fur 1973. u Mtosa. T KiBurw assumed, t Cover jlH»w( 
for conversion of stures noi now runKina for dividend or ranking only i.ir restricted 
divtdend-s. i Placing; mn to public. p» Pence unless aUiertviae Indkau U. r. 
by lender. I! Offered to holders of Ordinary shares jk a " rlshts.' issued 
5f wav or capi(aiisa«on. Minimum tender price. J J Reintroduced, 'ilssttad 

in cooiiccuon with reorRsnisotion mcracr or iakc-evcr l!' ; | Introduction, n Issued 
to (ormer Frcfcrenco holders. ■ Allotment letters tor fully-paidi, • Prov' ' “* 
or partly-paid aUounvnt ictfcrs. if H'IUi warrants. 


iPrulnv JuueO. ! ] 1 

t j Tlmr-I Wed. TUCs. I Mnu. 

, Yield j June ; lull* ■ June j Juug 


1 Index , 
i No. 


% 


8 


7 l 6 l S 


Fri. 

TImr. 

WeJ, 

June i 
2 1 

Juod ] 
I | 

M 




1078 


bince 

CompUstltiu 


Ul^ba. 


Lowb ' | 


15 i20-yr. Red. Deb- & Loans (35) ■ 

16 jlnvdEtment Trust Profs, (15) 

17 ktomL and IndL Profg. (20) 


■ 5fi.8< ,tli.0i 56.72 ,57.11 157.14 167.22 157.27 |57.M t5734-!»33- 

.;52.€I ti.47 52.62 ,S2ja SZ.25 £2.26.^231 62-81 £sjj /6138 

71.54 <15.00 171.84 171.57 171.45 7132 pl.SS 171.68 i?U2 ‘7BJ» 


Highs 


. - EoF» 


63.67 (23)1) 
.57.71- (U/l) 
78.80(11)1) 


. Socllon or Croup 

Bose Date 

Base Value 

Soctlon or Group 



Pharmaoinbcal Products 

30/12/77 . 

2M-T7 

Mtsecltaneous Financial 

31/12/70 

- 12SA6 

Other Gvbuo« 

31/12/74 

63.75 

Food Manufactures 

21/12/67 ... 

JM43 

Overseas Trodere 

31/12/74 

100.00 

Food Retailing 

21/12/67 

- XMJ3 

EnsiMering Contractors 

31/12/71 

153 -8* 

Insurance) Brokars 

21/12/(7 

.' i*Ji7 

Heehanlcal Enalneerlna 

31/12/71 

153-54 

Mining niuuicc 


• '-_lOOJ)0 

Wines and Spirits 

74/1/70 

144.70 

Alt Other 


mu 

Tats and Games • 

sbfim 

135-72 

t Redemption yroUf. i 


OtflCB Equipment 

1W1/T0 

12840 

Is available from U»o Publishers, Ttte Financial Times, 

Industrial Group 

31/12/70 

128 JO 

Bracken House, Cannon 

Street, London. 1 .EC4, pries 


66:72 ffl/6) 

5L62 (22/6, 

69.86 m /£>) 


313.43 fSS/Ul/SS) 

114.41 ilo/P(8*, 
114316 (7/10/SS) 


37J)L, /3/1/75) 

34.43 

47.67 (9/1/76) 


.13p. by past- Sa A fortnlglitfy ncard of -group xad . 
snbsecuon indices, dividend yields wd eonilnss rtt“«ar 
■Inn 1962, whh manerly hlgl» and lows of'tb* 

. Is obtainable From FT Budnoss enterprises. 

10 Balt ■ Court, London, ECO. at mb ' sar 'upr- 
name CHAHCCt Amcbip) Portland Conevt. 

- (Building Matet-iah) ' nag • ctuDBed Hs • name *• ; - 

Circle industries. - • ; — - ' 



• v ■ 


* -r 5 -. < 

.A-*: -- 


r*-' *. -■* - 

:e. -.'i 


- . r- ‘ 

1 I’* 


I 

. ; B ■ (" ^ • 


L ; - •• f 


/..id*' 


f* : s; 


ft' 


r v 
»- *: 








j i 


OPTIONS - 

DEALING DATES< were Talbex, Bril aim la Arrow, 

jltst Last Ldist For Sp^eWi Slebehs. OH (UK)» Roy-. 

Deal- Deal- Declare- Settle^ c0 ^ Premier Consolidated .. Oil, 
~ tn»c iocs (ion .meat '-Bnrmsii . Oil, - _C. ..H. Industrial, 

Jun. 7 Jun. 20 Aug- 31 Sep. 14 Manchester ... Garages, Fodens, 

Jim 20 July 4 Sep. 14 Sep. 28 KCA International and NatWest 

July 14 July 18 Sep. 28 Oct. 12 Warrants, A put was done in 

- • ... *• • • : Eurolherm, while doubles -were 

For ^± SSSSS, r ^2 1 tmoeed in 0»«n's and 

. Share Information Service spiUers. A short-dated call was 

’Stocks favoured for the call taken oaL in Midhurst Whites. 




V 


s 6- " i 1 

*■ 


<■'■1 >’ 
■&5- 
•&Si 

' a- 


On the week 

-U» Down' Same 
-260" M JT 
- n - 4b - wo 
L499 L5SS 4JU2 
535 05 U» 

49 62 59 

27 23 UO 

228 136 251 

26 . 20 88 
23U 2JG2. 6. MS 


er-- 


c- 1 
* 

a: 


■(I- 


i? 


o-- 




cJ. 


. •. 

s 

Tr- :±. r. * 


-.’-■A- ' 

it ’•*- 
c: 

fit * ! 


r-z r- o 
r- • --■ < 


tq-BC lju.;- ^sr 
>•*»- 


n’lc 

:.i“Ki • 

.? ■ uo 

"■ -. \ 

=« > -..-k 

r/- = ; 

- l . ir 


1i 


-ETC- •- 


IZ --. 

J: 




: : -j :• ’ " r 

5 -‘-I j ' * 


5 P, 
3 1 


,1 X. 











s? . 


:■ r 

«-• % f- 




























































































AUTHORISED UNIT TRUSTS 


^SS6!SS^E3a? k _^U.« **» »«««««« L«L 


;|§|pE§g 

TSd*acjK*Eana^.._ fiji* 

t. aS ggfrjK Boa 
JKSS!£5®*-> — na.i 


Abbey Unit Tst.. Mgr* LUL (a) 
7a0Q,lt)*tehou« Rd . Arleabojy. P3M3W1 

ASbCVCAIHlOl |SJ 2ffi*-| ?£? 

Abbey Income BJB • ■ ...J 5.75 

Abbey lnv. Tn.>d. . [35.5 TOM -■•■, 1 

, Abbey Gen. Tst HH.9 «7fl -04 MS 


S3 --- £5££»^ c "? r™ SSi=SwSE“ A- « -* 

ml ■poTtfoaoapit«i>_l4i.7 . : . 4S.o| ";;:{ Z Man Sff d . Fu ! al — T ■ ffllL y-t - Allied Hambro Group* ft'Kg) 

■ Sift __ t Jh A— ftn. Till ftices June 1. Next dealing Jul? 3. Hambro Hue-. Hutton. Brent* cod, Ease*: 

■ JS’-r z a SSTi 7B7gos ^?“ d iff: e* <“> “** m 

127 J ~ Ci,.CBrtFinrt .__gy . UJXri ...l — How. Southend SSI ZJ5 070262853 B*Ha«d Fuadr 


GJ.Squilyrasd.,1 
G.L.aJj Food. 
GJ»IatLFw«d^- 
GJLPp^Ftmcl — 


~ Xlwf Keylm PlM.rU75 

_ Soull Co’* Jfd S#li 

Technology Fd IM S 

Extra tac. Fd 1004 


aM.Jo,4 

SS§Sf.v'i 


0- Valuation 


% ■: • •••: 



• »M L Z 

134.7 .._; _ 

- 3S.7 ,Z 

• gji ::.j: z 

oe. norma lyToocday. 

**e Ol LW, 

^ Oilman 


~ ' . Cnjutt Jr Sec. life Aw. Soc. udf 


Exmlsc.Fd 1004 105." 

“ American Fa. 115.6 ‘ fill 

P.'t td.W ParEaaiPd HI 9 U7.I 

0-ZZZ. c »h Edged Fd . 1M2 164.1 

Con. Deport iFU 96.3 1013 


i — Norwich Union Insurance Group 
^ PO Box 1 Norwich NR 13NG. 0003023 

eCtt.UA, Gnardjah BnyalJEzchaefe . Eq^1w!!!!.Z,“ Ski p] -oil Z 

01-4375002 . Royal JSreliaota.iE.C#. 01-3837107 5WM l *L*2ff < Jr-" HTf HSS *2-J “ 

Mgoj. — A — p»p«7B««...,.|au -.1*1# _... | _ jgj Z 

119.9 ZU Z Mhm&pp IjUft A Wniance Nor. unit May is 266.6 — 

5uj -» — 01ABOD031 PhOttll* A*01KMI« Ctt. Ltd. 

i wj rz z ^S5c™zzra5 Sa":::: z «.«Mwniamst.EC4p4HR, m-ww 


- vm3:z z 


. .. - Allied Irt ... .... 648 

-0,3 — Jtrli Indi. b'und— . 61.6 

401 — firth tine »7 

-0.1 - Elect * Ind Do* £9 

til - Allied Capital — JgJ 

jH _ Hambro Fund. ....... W31 

+0.1 — HaintaroAce-Fd..-PI75 

• - I — income toncU 

Groan S 1 * h . Y,old F4 H ? 

fitch Uicnme W1 

005322200 a It. Eq Inc. Do 5 

+0.« — latcralttrtil Fopda ^ 

“"■« — imemanmal g6.4 

+04 — Secs, of America - |S5 A 

+2J — Pacific Fund -(414 

sperbdlat Foods 

Smaller C0.OF1L....&5.4 

A. 2nd Scil r. Co's Fd. . fos 


75« -a 
U03n >0 
12MI-0. 


-ail sa 
-04 567 
+0.1 S.W 
.... 505 

-ai 438 


m 


Gutmorc- Fuad Managers V (axg» 

2. St Mar? Axe E< :s.\ W. 01 330 XJt 

idAmcncenTrt....lM7 331*1 +04 014 
PemshT^ ■ AT‘- 1 55 7 S9a+01 JJ7 

Cdmflawitj bliari-. uea lM#d+lls Zf3 
tsiFarEasj Trurt . 3j.j 3571 +0 4 gn 

HUShliiwmcT.L. 5aS ufl 85 

IiKOraerund. . 71 j 76 3 -0 2 628 

lax 13.92 l*«y-0i2 3J2S 

lnU.Esempi h -J . . a>2 92\9 -03 b00 

HOlBlTst Mrr;. 335 . 3d0( +0.s| 1 29 

Gibbs (Antony! tait Tst. Mgs. Ltd. 

+3, Blomiielli W . Ki.7LM7.NL. U I 6084111 

Mi AG. Jnt«mc' — Ml .2 MSI 1 820 

|B> A.'- <-rnu.thrt . . 38 2 41 o3 .... 1 • 480 

[ajA.G.FtirKair feia 390^ I 0.30 

twalsad -rues, ft Wed. 

Govett IJohnlV 

TT.Ixmd'ih Wj11.£c4 01488582)1 

S-Wdr.Junc: . _ 134 7 142 Oid . ... I 2 02 

DO.Accuin.LnK.. |162.@ 170 fll . ...j 2.02 

Next deallnc da? Jane 10. 

Griefeson Management Co. Ltd- 


. Ul-bdS4L14 

«2| J 820 

41 Oej .... .1-4 80 
24Q \ 0.30 


Mi ~ 


ffwiy. 


Ml ^fcEMElE 


fll- ® a06TO l^ < Mlri*CdD'ZF 


.. 1 *61 
-01 542 


— CllL Edged 


MMmntllt: Awarasce Ud.f 


1*1.1 ...... _ 

126.7 _ 

129.4 _ 

1873 _ 


— Overseas Earuuias-l: 

— Ejcj*. bmlr. Co'? —Of 


“*"*««* MO.T.- PenFiD^AM.* UBF 1561 — 

S >w»<.«igl ?£^a=: P . Si “■: r 

, £ gi -Mw-C«p.+^ B3i ..2JW — 

_ F*s.Kaa.Acc.^— tgJ -•• Z[fr J — 

Pea. Clli Edf, Cap.. 120J 1M.7 .... — 

— gm-StltBO*. XSZ. 12E4 . 1334 .... — 

z P«1. Ace.ZZ M0J_ 1*72 ... _ 

~ Pen. DjlF. Cap. -2B* 

Pat, p AJ*. Act 1828 ... — 

Arrow XUe 'Aaaaurwue Hearts of Oak JBttneOt Society 

■ J8iTW«Wa*Rwd,W4l 01-7400111 IS-^TartltOckFlaM. WCIHASH . 01OT750ai) 

P7J 01 I _ P6 4 . 3M1 [ — 

-grggr^^y-tef, ••"::( Z - .HID Saencl Life Aasnr. Ltd.tt 

rmLH*dJ , dZKL_|i3A 1 m3 — 1 _ NLA Twr-AddiicaatboRd, Croy. 01-8861339 

JhKKlaya iJfo Aaaar. Ca. JJUL . l£| Z 

17*.fe +0_3 — ^ 

mi +D 2 — 

. .. j _ - Uaua«ed SmMs C . J»8 +02 - 

-34 — Money Units «fl8 126.4 .. .. _ 

+0.7 - SmS Series A ^:W8 ..- »2J _ 

■■-■• — FlxadloLSer.A— WA *5 +83 — 

+04 — Pas. Manued Cm. D4B.7 »l _ 


Pnn Ranit. * 11*, r.a Anderson Unit Trust Managers TJA. 

miCWwforfStroet-WlHlAS. 01-4880837 J£SSdT ^ ^2 ^ 52« 
HaiiPTOaBd.™.) 178J J ... J - AndewoaD-T. V»S 52.41 .....| *.« 

P&ISgS&Z: HZ AMhaeber Unit MgmL Co. Ltd. 

__ ’ „ ' . ' , ' „ 1 NoMcSL,EC2V7JA 01-8230378 

Property Growth Amror. Co. Ltd-V inc. Mooewy Fuad .|245.0 375.Q } 8-90 

cmilu otajMono securities Ltd. fane) 



* = 


+01 — 

-0.1 - 


37, Queen Sl London EC4R1 BY 012365281 
Ertn Income Fd.... 105.0 mM +0.1 USX 
High Inc. Fund ..... 0-0 Ott.B -0J 949 

0> Actum, tl nils). - 550 592 —0.1 949 

IS»J% Wdnrl Dla.; 55 O S9J -04 94J 

P r t i w wro Fund. - 253 273 -11 JJ2 

(Acrum. UniUi 37.7 *0.6 .2227 

Capital Fund 19.0 „ 205 .... — 


3B Greshftm St.. EC2P2TS. 01-8034433 

Bamnfiiyn June?. 2045 2137!.... 437 

rAsewn-Unns. 2216 23l£} .... 437 

3to*.H.YtfJune8. 1766 ia3 .._. 7.81 

lAccunLLmlai ZffiJ.l 242.71 .... 781 

Eodesw. June C.„_ 1824 19071... 180 

lAecunLUnlisi 138 9 iwii .... 1J» 

cnebstr. June 8 . ^. 995 1042^ +4.« 2-63 

(AccublL dilvi n wJimij +3 

LftiBrsls jum*“_l7D8 74.S | 396 

. iAccuol Udilv J 734 767J....J 3.96 

Guardian Koyal Ex. Unit Mgrs. Ltd. 

Royal Erch Jnc&. EC3P 3D.V 014288011 

(ag}Cluwdb)llTsL^f38 7 91 9| -04J 438 

Henderson Administration^ faHcMg) 

Premier IT Adaun., 5 Rayleigh Bond. Hurt on. 
Breranwxj. Ewt 02774U72«l 

UJE. Funds 

Cap- Crouih r C e (423 45 It -04] 356 

Cap Growth Ace . 1428 * 45 3 -0.1 3.56 

lucerne 4 Aj-^eis . (323 34 4] .... 1 6Z3 

wif t incrttK- Funds 


— 1 Prop. Growth JPfegfiew A Annuities Lid. 

— All Wther Ac Uta. 128.9 135 

— UAH Weather Cap . 122.0 128 

— rtnv.MHIi 1370 

— Pension Fd- Uta..^. 129,7 

— Conf.Peit*. Fd., 1462 

— Cdv. Png, Cap. UL 1323 

— Mao. PWu. Fcf. 143.4 

— Man. Penn Cap. lit 1323 

— Prop. Pens Fd 1458 




a «T.-4 Mia, - 
iiiihuTvi 


lu* 7tta* jaL'- ■ 

MhLHMeJimal l 12*76 ( 1 _T^ Imperial HQBW,Ociad(oitL - 71255 

CW Life aIs^ C o! = 

*:■***?' BV. P.Bw 31122 ^ +0^1 - 

^1,;::!= ^| |^: 

JiSiSsSlSS' ** 

— — Bide Che. June TIW +0.5J 4.40 


Prop. Pens Fd 145 S . ... — 

Prop PemLCap-lTU. 132.9 | — 

Soc. Pen. UL 130 8 | — 

Blog. Soc. Cap Ul_ 1 1204 — 

Provincial Life Assurance Co. Ltd. 


rocnOMNllO' Fund 563 
(Acrum. Units! . ..HI 

flO%W'drwl.U.) (9.5 

FiuAProp.Fd 174 

Cioubi Fund MO 

f Accum Cnllai 463 

Growth Fund 33 0 

1 Accum. Unit* 1 38.9 

Smaller Co'); Fd. — 275 
Eastern & Inti. Fd.. 240 
(ffiWdrwI.Uts.) — 183 

ForelcnFd .... B44 - 

S. Amur St lot. Fd. 32J 


27 3 -ai U27 

*06 1227 

205 ' — 

61 M 560 

879a ... 5 60 

535s . .... 930 

183 . 3.04 

*3 J -DJ ZB1 
498 -D3 2.81 

153 -02 2W 
*2 0 -0.3 2 99 

296* 431 

ZSS .... 151 

203 151 

91.1* ... 130 

353b +03 100 


tiSHEiarelni' . .I5S.9 5afc)+dll 857 
Sector Fundi 

Financial i mt 124 0 25 5i4 . . I 4*9 

00 A Nat Re» |27 S 29 S -dll L92 

latenuMiouaf 

Cabot- . 186 6 92.21 +0 2] 2.72 

imernstK.nai ..330 35ll+0.l| 155 

Wrtd Wide JUTC9. . |73 1 80 5] — Oil 450 

Oversea? Funds 

Australian. _ .1349. 37Jj .. 132 

European-- - 389. ' 414 -01 5.0B 

W&M 712 761+0.7 355 

North Ante r . 413 447 +02 

N AmGtr.s J uncvi 1277 133 0 k 221 

CabbtAmcr Sm Co. 53 5 56J| 125 

Bill Samuel Unit Tst. Mgrs.f la) 

40 BCWh St , EC2P2I-V 01^28 am 

ibl Bntiah Tru?t . . 14S2 15a « —031 548 

tgllnii Tru-n _ . 382 40 $ -0.9 3 17 

<EI Doll- rTnijl . EZ0 073, +0 2 282 

l&CapiUl Trust . . 25 7 31 rt -01 * 72 

IblFuiancmlTnjiL 89 9 962 -0J 4 80 

(WIucookTium. 2fcJ ZG2 -03 7.78 

(blSeeuriiy Trusi . S3 7 5541 -04 J.W 

!b|HiCh Yield T-s -R5 1 31^ 8.01 

Intel .<4 taiiR) 

IXChristopKer Sfir-et. F. t’2. 01-2*7 73M 

InteLlm Fund [?7 2 94 0| . ] 645 

Key Fund Macagers Ltd. (aKgi 
23, MIIF.S: . ECSYBIE. OI-OOSTOTO. 

Key Energy In Fd. .1781 BS1 +04! 35b 

toEauniiGen .EE.b 7Z9 -0J 4 74 

AEW Exemp; K.± . 144 9 1541 6.48 

Key Income Fund . TCI 831c -01 a .28 

Key Fixed Ir.l fd . 404 Mi . . 1201 

Key Small C*> v . Fri _ p)5 9 102C|+06 6.15 

Klein wo« Reason Unit Managers^ 

30.Fcnehu.-eh ?l. E Cs. 01-023 8000 

5Ji. UniL Fd lac 134 9 92J| . ... | 5.09 

6K.B t'nliKd At. 1060 US a ... I 509 
KB. Fd. lnv Trts. ISSi 59 3 1 4>|7 

L & C Unit Trust Management Ltd.* 
The Slock Echange. EC2N 1HP. 01-588 2800 

L8£ln<-.hd 11365 140-8] .... I 7.65 

LbClntlh Gen Fd.fr 0 99.o| J 2J24 

Lawson Secs. LUL ¥(ahcl 
SSCiotrAC Sl . Edinburnh EU22JG. 031 -2S6381 1 
*Ro» Mi<enal5— . 380 42i| +0.U 635 

jtCAceunx Unilsi. . 43 7 473+0.1 635 

"Grontb Fun-d 54.7 246 

1 Accum. Or. I tii. . 602 bb£d .. .. 246 

ttGUlsnd WjrranL S6 3 4031 ... . 135 

lAmenean Fd 24 9 27.W 0.4B 

ttAccum Vniisi 259 217! , . . O.ca 

-HichYleW .... (82 51« . .. . U00 

■^Accum L'niLn 67.6 72.6) .. ..1 1400 

Deal. kMon. Tues. rtwed JThurs. —Fn. 
Legal & General Tyndall FundV 
18, Canyrif'e Koad, Brlstnl. 027232241 

Du. April IS . _.|56B M2!...| 547 

lAeeum. Units 1 jFZ-Z 74 4} j 547 

Non mb. day June l*. 

Leonine Administration lid. 

2. Duke SL. London WlMftlP. 01-4066981 

LeoDisL. p3R 77.7] -01] 540 

J-eo Accum. .... | 81 X 856(+04i 463 

Lloyds Bk. Unit Tst. Mngrs. Ltd .¥ (a) 


sn raftSrms 

45 It -04] 356 

s3:H 

MJuJ +0.5| 7.98 
MfeJ+OlJ 857 

25 Sid . . 1 449 

29 S -ail L92 


Perpetual Unit Trust MngmL¥ (a» 

48 ! !.xn St . Hecley on Thame* 048120889 
‘‘■peimJGpGth - J398 4L7J . ... I 3-52 
Piccadilly Unit T. Mgr*. Ud.V utfb> 
WardB'u-Hro.SSnlondtwiWealEra 8380801 
fTitra Income .—{316 Q5 ~£H 22 

Small Co s Fd. ... — 1*1 0 4J( -04 4.70 

Capital Fund . - *6 5 49BC -4* 

lnt.ErnAi.Useu W7 6 50.9 ... 

private FUsd . . 83 795 —01 355 . 

AceumUr. Fund - 629 .673 .... 309 | 

Tec haoloey Fund.. 577 KLfe ... 904 

Far East Fd . -Ml 30<J *0.5 090 

WineTtcar. Fund.- M6 28-2*4 +0 3 *-50 

Practical Invest. Co. Ltd. ¥ (yHcJ 
44.BlwWKbUiySq.WC!A2RA Uld23B883 

Praelleal JnwT. . [1495 158 tf | J g ! 

Accum. tmu. KU.4 22«5| . i (47 

Provincial Life lnv. Col Ltdtf 
222. EuKopuale. E.C2. OS-34" BS3 I 

prolUicUr.lt* 184 3 . 901 +0 3 306, 

U)ChIneoino„ J1402 HFJim +03) 731 

PrudL Portfolio Mngrs. Lid-¥ laXhMcl 

Holbcrn Bar*. EC1N 2NH 01-40592=1 

prudential Ii235 231^1-05] 452 

QnUler Management Co. Ulf 
TbeStk.EhCbauisc.EC2N IHP. 01-8004177 

m&fsstffl aid 

KeJiaace Unit Mgrs. Ltdf 

Reliance HJe^Tunhndse Wells. Kt D6022S771 

Opportunity Fd [664 7071 .....J 5B 

SckferdeT <Acaj~ML* -021 5^ 

SeKfordeT. Inc. — {<M.9 43 7} -Ql{ 5.73 

Ridgefield Management Ltd 

PO Box 4 IS. 3844 Kennedy SL, Manchester 
061838 8501 , ■ 

Rldsefieid InLVT.M 0 1 B*M i 5S-72 

KaUgelicltl laconic (93 0 99.0x0 .. •• J 10.49 


OFFSHORE AND 
OVERSEAS FUNDS 


Arbuthuot Securifle* <P.I.) Limited King & Shstxson Mgrs. 

P.O. Box 284 s; u t>!inr Jertcy- 05M 72177 j Oiarlae Cron. SL Hclier. Jersey. mra4i TWjn 
r 10 i r Zwvr fSS WW i 920 Valley f&e. Sl Peter Port. GrW. rtM«)24TO« 
cap.Ty_.jm^ J1M.0 ' iThoaui. Street. DousUi. LO.M. i0^*>+» 

East WnU.T« jj?f. jaS.0. »l 4 3 00 

...... 12.25 


— - • Gilt Trust (1 6 51 1... 1012 105 M . — 

Nest sub. OtJt Fnd. Goennentl 71 9J3| .—.| 12.25 

Aostraiian Selection Fund N» laO. Go*t 5«*. T«l . . 

Markei Opportuniiiro. oO 1*JJ* Young St Flisi Surllag ._ _ Jl|U jjaj ..... J — 

Cnithwaitc. 1ST. Kent St- 5y£>4>', First !nlL (U3.K3 184.74) ] — 

USSl Shares. . [ 1+00^ — 

Net .\i*et Value— Klriowort Benson Limited 

Rank of America International S.A. 20. Fenchurot sl_ EC3 oi-easaxw 

36 Boulevard B«ia; Luaembouni C-D Eurlnvert lax. F. I L061 +UJ 3* 

WHinvMt Income Bimn A 49 §5*5*^* 782 gfl 417 

Prices at JanaVSS rob. d^r June 1A SUS10 U ° IliZ U& 

fink, of Lnda. £ S. America Ltd. raintiFuad . SUSU.75 — » 

4000. Queen Victoria St_ECA 01-9302313 JSj!3S! , C«ttUPi£l SUS13.96 0 75 

- “ ' SPMIB WSt* -085 1.68 

3845 1940) 876 

ion pajTnK agent* only. . 


Alexander Fund.., I51S7M . - L— -I 

Net asset raluc JUDO 8- 


Slum Bermuda— 

°l5}& , adalD5ff>i 

"SB act as Lorn 


Basque Bruxelles Lambert . *sb *t as wing -gem* « 

2. Ruo Dr la Regcocc R IDOO &iu*e!s UoydS Bk. (CJ.) U/T MgT8. 

P.O, BOX 105. SL Helicr. Jersey. 053 

Barclays Unicorn Int ICB. I*.) Ltd- u OTds T».o , .eaA_[555 5&4] | 

J. Charing Crow. SLHdieriJny- 053473741 N*B dealing date June 15. 


053427581 

2JB 


Overseas In come 


- ! 1401 

....! 4 is* Lloyds Iutenationxl Mgmnt. &A. 

lJiw....|g^ W ---1 J™ 7 Rue du Slum*, P.O. Baa 179. 1211 Genera 11 
"Subjeci 10 ?ce and withholding taxes Ltordi InL Growth KFVLSJ WW ( US 
Barclays Unicom Int (L O. Man) LUL KintL^TZiiTSw SSI Z-l 630. 
1 Thomas SL, Dtjugl sa. LnlL 0634 « - r 

l?n«con)AastEx'>.®J . .5^3 • — 4*g M * U broup 

Do. Aua. His 07. t 95M — 470 Three Quays. Tower Hill ECSR 0BQ. 01028 4588 

StafifeHS 'Si= : MS iSSSSE^r-KO z 

• sHags 


S3 roil 

76 3 +0.7 

44fl+Oi| 


- Archway Unit Tst. Mgs. Ud.* (aXc) 

317. High Holbom.WClV7.NT- D 1-831 6333. 

_ Archwn}- Fund 1829 «24| .... ! 587 

__ Price* at June 8. Next sub. day Juno 15 

Z Barclays Unicorn Ltd. (aXgMcl 
rN- Unicom Ho. 252 Romford Rd. ET. 01-534 5544 

^ ^ Unicorn America. *135.4 341x1 . . ] L05 

01-2C7SS32 rw.AuB.Aw. [71.9 77.73+0^ 1A5 

I — Do.AUSt.Inc. 156.6 6L2v — 03 165 

| — Do. Capital.. fi59 7U3 -0 S 440 



U03 .....J — Da. Extro'facome . Z7.8 30 J| . ...| 840 

JJjjjB . .} — Ddl F inancial SU 63.9)3 .. . J 5U 

ll»3 . . .1 — Da 500 713 783 -0 ll 58T 

n 1 Do. General 30 9 3341 -Oil 6.12 

......l — Ipmitentinl Pensions Limited* Do. Growth Acc . - 40.5 «.fl -oil *g 

^0288=53 « art T* 8 WfiSMter: 1 S “ 

EouiLFd.May 17....M5J7 M.ICfl - - I — prices at May 30 Next sub day June 30. 

iSS AM ^ J? 4 v- 7 - - K522 s-S I ~ no. hocovc-v. — m 2 «6f . .1 s» 

+1.3 ^ Prop. F. May 17. — 105.45 2624( | -- nn Trust** Fund- 112 D 12l.lj -0.3 5.12 

I — rt_ii-«+„ Do- Wldwlde Trust 50.9 55 d +ld XD 

I — Reliance mutual R*taJn.FiUi»c.- . . 62 0 6* 6al -oil * 87 

Tunbridge Wells. KenL 008222271 Do. Aceum 7L0 740| -03| 487 

010233433 1 1 - Baring Brothers & Co. Ltd.* (*M*) 

Rothschild Asset M anag em ent 80,teadenhallsi.E.c.A oijsmssao 

SLSwtthlns Lane. London. BC4. 01028 <350 stratum Tat. ——...1170 0 17721+2.21 427 

N.C. Prop. Mar. 31. .0143 1246*1 1 — Do. Accum. ... .....M0 8 219H+2.8( 4Jff 

Next Sun. Day June 30 Next sub. day June SL 


.mszn - 


Managed Fund — .TO.J 
PropTliotL J new 1_ WTA 
Prop. Mod. GOl-^^U 
King * ShaxMH'LWL 

52, CandiHl, EC3. • 


Bond Fd. . 1MJM-U121 _ 

N«n dialing dale -June 27. 

Govt Sec. 125.91] — .] — 

Lirngham Life Assurance Co. Ud. 
1jn«li.niq f pahrtimAT^.MWL 01-203 S211 

iff z:i z 

wisp (SPl Man npaF »<H -.-! - 


. . J LIB 
+0j| X65 
-63 165 
-0 5 440 
-07) 620 
. ... 840 

.. . J 5U 
-Oil 587 
-0l] 6.12 
-oiH 423 
-OSj 608 
...1 502 
June 30. 

. . 560 

-Ojd 5.12 
+LM 153 
-03{ 4 87 
-o3 487 


Jane 8 caab totUai [«| 

Capital life A m w a ctf iS^^aiZZl' S& 

-Conlstoo Hooee, QiaprLAah Wtoa 09Q228SU SE^ifSlS*.? — IJ2* 

JSSSS^^i ias Izij = ggj^ ga- — 

Chmteitenae Hagna GrB - SfcASgft.ia^ 

T2B82NE SZUZ SoAeesm.^ OS? 

40. 4| _ . Property Initial. — g-'*' 

- 3L0 ...._ — Do. Accum. Rt 

. 462 — Legal * General (QttltV 

.. 362 — - Exempt Ccih Tnft. 

16 — Do. Accum.— — _ W3t 

H ....rl — Exempt Bqty.Intt^ aj| 

City of Westminster Attar. Co. Ltd. uS 

tahone Road, . ' Do. Accum. W 

010340884. SwnpLMagd.lirit ^ 

1 “*“' “ ExynjptPropTlnttT (Mf 
IJj Do. Accum. .- - .|97Jg 

— + — . Legal* General Fg 
a _ i Z ■ ILQuesn Victoria StJ» 

. UcGPrp-Fd. Jnne5 |9M ■ 
.. ..I, — Hex* mb. th 

— ' — LUo Attar. Co. a 11 
Z~~ ' “3fr42NewBoodSL.Vn70 
-Li- LACOPUuita— —1986 

•Wpw t . 

71.1o «ibarfSt..ECX./ 

(My at Hfesfcdfnster Aawm 8 ml. ZAL 
Telephone O10M 0864 _ T. ' 

SSStSSaE^JS’ m:d - . 8866 315 

C u np m ctal Union Group ^5®j^jinS.|3M 

SL Helen's, 4 DndetrtafLEC3. OvaBTBpO 

axasHES as aaaagvtej 


T J n4..m -y piM l i Ms 67 jj | _ Royal Insurance Group Blshopsgate Progressive Mgml. Co-V 

VProp.Boud__Mtt.- 4JIJ.71 1 — New Hall Place, Liverpool. 0512274422 ft BisfaopSRnte. E.C.2 01-5086230 

Wlgp tSPl Maa'fUjTlB • 02.6] — — I - Boyal SbWdFd.—.p33A 1442] | — Hoattfr.**- June 8.1180 5 192 3<d 404 

Legal tc. General (Batt- Aaaar.) LuL Ara-Utf— joneu-Jaso — -I 4.« 

linm—mil " ~— Ylii~aaaimii TirfhJtrih SWVC &C ZTOtpCT GnHtSHf B IllL Uiy 31 >..ufS.T 134L 8| 4 

- < — 4, GLSLHden-u. Lndn„ EC3P3EP. 01-564 BOM (AcctunJMay 31 -...11946 203.9 ... 1 4M 

BaLInv. Fd. 1127.6 135 Jj +011 - Next sub. day ‘June 13. -June 20. 


183.91 —0.3 _ 

• 32-7) +0.9 — 
J2tw+L0 — 



— Schroder life Groupf 

— Enterprise flbtue, nxrtamouLb. 

— Equity May 18. I BTJt 

— EquUySJuoea PUJ 221 


- BMKSiZw 

:::::: = S^r»±:ig:S 

— X&SGUtJtmeB M47 

— K AS Sc. June 8 — U9.7 

— -4 — m5sJ.F1x-Jum 8... 130J 
it.Fd.Mgra.Ud 

MH* 01-2480078 SSSSsJmm8 U7A 

bS0L7| — Dcpoxlt June 8 ~ — 113-4 

Surl . Property Jane 8. — 154J 

^nsylynoia M%^BJuoe^lT i»!4 
& ■■ v 01-403 8308 BSPsuAecB June A 1 Nl7 

Trjna. | Bln. PD-Cp.B June B. 19B.1 

* It » MnPnAccB June «L 234.9 
Ltd. x PtedlnLFtm-CapJ. O0 
t. (fl-823 1288 FjnLIntPn-Ar r B. - 93.2 
-189rt 1 7,8^5 Prop. Pon. Cap B._ 958 

^ . ' '* ” ffrop.fta-AccB— 96J 

BO • \ton«y Pon. Cap. B . 

. _ MonejrTUs. Asc, B-P5J 



+DJI _ Next nub. day ‘June 13. ~jiine 20. 

+'£S Z Bridge Fund ManagersftaKc) 

129 j — Elag Willlani Sl. EC4R OAR O1-SS4061 

Z American ft Gen4.. to 5 »9J .... IX 

jroil -hu — locoae^ _(SL3 54.7n . 634 . 

o5rt ’i’l Capital Ine.T- — —(36.0 303 320 

97.0+41 - JSjl *** 320 

ExomptT— - — 1136 1*5.0 . — 532 

IntfntfL Jnc.f B6d 2? 2 

Do Acc.t — 1176 1871 —1.386 

Dealing *Tnes. IWetL JThurs. Prices June 0/7/8. 

0705 27733 Britannia Trust Management fat (gj 

>—■ | ~ 3 London Wall ftniiriinmi London Wall. 

| “ London EC2M SQL 01-6M047H/0479 

j ~ Axants 1710 76JJ-O.SI 586 

1 Cxolul Acc 151.* 553+0.3 4®5 



:--r — Spottish Widows' Group 

Z“ — POBox B02, Edinburgh EH 10 5BU. O310KBOOO 

— • •Inr«jr.S*riwL— &®5.1 10541 -0.7[ - , 

t" — In».Pjy.Scrie*2 — W.2 MJJ -0-7 — 

— lnv. CbbIi June 0__. 173 2028 +01 ■ — i 

' ExtJtAcc June7..— . 1».7 1«.6 +0.6 

SSfe J 3S. 7 c:fe al38l : 

Solar life Assnranee limited 


Confederation life Insurance Co. 

08. Qwnceiy ferae. WC2A1HE. 01-3M20 


London Indemnity * GuL Ins, Co. Ltd. g^/^ 7 7 : 


01-3420382 .J - 

-H - • It rd = 

H 7~ nxedZnteraat— — P4i 4 r~ 


W2 n --H — The London & Man Chester Ana. Gp-T 

Kent 080357m 

2211 +4,71 — 

1321 +VjJ. 

897 +o3j — 

CarnUIl Insurance C«. Ltd. ml +13 Z 

MlCmUsULECa. '■ , ^nv.IkurtPta^LZj 1M7 ” 




MAG Groups 


Credit A Cnmnrace Insurance 
■130, Regent SL.- London W1R5FE. 0M897M1 

chCMngtLW — ftaj mfli—- ! —.: 

Crown Life Aaaurance Co. UdV 

3H811EW 04802 3033 

mm *■ 




EC3R «BQ U0M <8K 

ftd3.= 


M:$z. 

■June^ •'•j'leie o” 



.CJN8TT. 013432909 BS Units June 5 — 
.2 131.91 +05 — Do.iACCJJudcS — 
iS U6.f I — Oeeiude TrnxU (a) 


London K3M SQL 01-G380478/0470 

Asmate 1720 »JI -0.51 52k 

Capital Acc -...51.4 55 J +0.1 405 

CommBcInd. 55 9 60.2 . ... 4.40 

Commodity 793 85.0a . - . 4.95 

Duinesttc__ J9J 42.0* +03 4.g 

Exempt 1128 118 J!k -0.6 6.90 

Extra Income Ml 44.1 .... 9U 

Far East OTA 217 +0.1 333 

Financial Seat.— _ 626 67.4a ... . AM 

Gold ft General. 87 A 9A2n +0.8 3.05 

Growth- 783 842s -03 4.10 

Inc. ft Growth- 72.9 78.4s -0.1 7.03" 

rmi Growth 641 657c +02 27* 

InvesLTsL Shares.- (68 50.4 +0.4 350 

Minerals— - 36.4 39.1 +0.4 332 

Net High Inc.—_ .. 784 345 +15 833 

'Nttw Issue J50 37.7 -03 A 90 

North American.— 305 329a -01 1.79 

PraTessonal — 5053 523.4 +0.J J.W 

Properly Shares — 133 M2 -0.1 2.64 

Sbi2d *5.0 «IA -0.1 449 

Status Change S0-6 331 -02 462 

Univ Energy ^ — [£3 34*| +0^1 453 

The British life Office UtLf cal 
Reliance Hsc.. Tunhridge Wells, Kt O0W 32S7\ 

BL British Lite- VWll . n.9[ -021 5.73 

BLao/anecrf*. f«.» 89 V --J 5W 

BL Dividend* to, . 454J..-J 9.4Q 

’Prices June 7. Next dealing Juno 14. 

Brown Shipley A Co. ltd* 

Mngrs : Founder* Ct, EG2 01000 8SOT 


Key Energy In Frt. .1781 
luryEduiD ftGcn . 1=8.6 
asSty Exempt Ko. . 1449 
Key income Fun.t . tc i 
K ey Fixed Ir.t Fd . 604 
Key Smal 1 CV'. Fd . |95 9 


hidgelicld laconic [93 ffl 99.0^ .. •• 1 OT.49 
Rothschild Asset Management tgl 
72 dQ. Gatehouse Rd..A>lesbur>. 02MSO41 

N CEquih Fund. 170.4 UL3j+38| 28 7 

N C Ewa ResTSt I1S4 122 7 -03 2 (0 

H.L" InromeFund 155 7 155 64-0 2 6 68 

::c mu Fd #icc.i95o ino +D5 1 06 

N C. llrtL Fd. (AfC.lfrO IJJ J +0 3 1 66 

N C. Smllr Cm j FefOSLJ 16ZJj -0.7 4.16 

Rothschild & Lowndes Hgmt. (at 
St. Sait bins Lane. fen. EOi. 010284388 

New Cl Exempt-. (022 0 129«...f 3.61 

Price an Mv IS. Next dealing Juno IS 

Rowan Unit Trust Mngt- Ltd. Via) 

City Gate Use., Finsbury Sq.. EC2 01-8081008 
American Junes.-. 1718 .7451 . ... 0.97 

Securities J ujk 6„ 166 0 175 £ 432 

High Yield June 8.. HU 558 7.63 

lAccum. VdjU< 760 »« — 763 

Merlin June 7 »T KO 3^ 

i Accum- Uiuw. ..-|9ft5 103.7] 385 

Boy stl Tst. Can. Fd. iHgrs. Ud. 

64. Jcnnyn Street, S W L 01 0288352 

S5SS---ISI 

Prices el May 31. Next dealing June 15. 
Save & Prosper Group 
4. Groat SL Helens, fentkw EC3P 3EP 
(S8-72 Guecq SZ . Edinburgh EH2 4NX 
Dealings trr. 01-SS4 S99B or 0S1-22S 73SL 
Save St Prosper Securities Ltd.p 

mt+raailntud Fonda 

Cj p,Ml 137.0 39.7] | 310 

iSuZ: . . ’ &.1 26 « . . 413 

lIiUv. Growth pftl 7SJ) +0-( 1.97 

Increasing Income Fund 

High-Yield 1525 56 4] -02] 758 

High IccosbC Ftaads 

SaKT^IU &3-d i.S 

UK Funds 

UKEquiD- W3.4 46.6] 1 4J8 

Overseas FondsOt) , 

Europe to | .W-SJ-vJ 2-S 

Japan W5.9 103.1/ -£Uf OX2 

VSZ [791 85 3 .. .7| 081 

Sector Fufidi 

roomodi> [75 9 6f +0.41 3.« 

Energy— 1702 _75.3 +0i( 176 

Financial Secs..— |7ZJ 7824 287 

HI |iK . M 1 filTwnfl Funds 

Select IntocnaL -.[Z596 273« +C9[ 2.25 

teloci Income — 1 52.7 5Si( -02] 7.48 

Scotbits Securities Ltd.V 

Scotblts — [39.0 4L9| ....J 3g 

Scotyield WA -02i 7.01 

Scotsfaares |56o 60.73 ... -1 4-41 

Scot Ex. Gill-4 — <2*13 252741 J 2.0J 


Kxzssiisrrm »u--i mo uCL 

Blshojwgate Commodity Seri Ltd. lAceiunUmui 1178.4 189.*- 

!2JS Tiro Samori Moutegu Ldn. AgU. 


ARMAC "May 3 . _ hCSH® ,29 861 j — 

CANRHO**June 5 . . [£LJ55 I5f3 1 T, 

C0UNT**Jujjc 5 .....JE2512 2.66a J l! 

Originally issued ft *510 ana **£1.00. 

Bridge Management Ltd. 

P.O. Box WK Grand Cayman. Carman la 
NTbashl June 3 _ .] Y1SJ38 i 4 - 

G.P.O. Box 500. Hong Kong 

NipponFd.JuueT.^g^UOT --4 «- 

Britannia Tst. MngJnL (,CI> Ltd. - 
30 Bath SL. St. Heller, Jeraey- . 0534731 


— lH.Old Broad SuE Ci 
W7 Apollo Fd. May 31 ..JCT87M 

JufestHaySl pHJOfJJ 

117 Grp. May 31 BfSIUS 

117 Jersey May 17 _ [£522 
• 117 JnyO* May 34. ]E12U 


01-9880484 

5HH 3.61 

lUSf 1.15 

UTU 201 

J^yl 0.75 


_ Murray, Johnstone (lnv. Adviser) 

UOT — J 0.72 183, Hope SI- Gl»«so*r. C2. 041-221 SAS1 

* ... “Hope St. Fd J SVS3ZX [ — J - 

iCDLtd.- “Murray Fund- -I SCS1D8B | — 4 — 

053473114 skv May 31. 


merllmr Demmloatad Ffc. ,, ,. - Ntglt S.A. 

Grov^^lDvcrt K.9 «« 10« Boulevard Royal, fexembourg 

ijSroyKiSivfiT.pSsO -o^ 130 NAVJunes 1 SUS10.47 1 4 - 

Isssi.jsai-fe . 2 a*"3iS8 aau 

IIS. Dollar Deanadnaiad Fd*. Bank of Bermuda Bldg*. Hamilton. Bnnda. 

iUuIvsLSTst WS622 ISj-OOll — NAVJuneS [£5.91 - 1+0 JOj — 

lot. Mlgh InL Tit IsvSw ml f 9.00 

Value June z Next dealing June 12. Phoenix Intemanoou 
Brown Shipley Tat- Co. (Jersey) Lid. po box 77. sl Peter Fort Guernsey. 
PO.Box583.Sl Heller. Jen*y. 0S34 74777. Incei- Dollar Fund.. ]S2J9 2J8| .... | - 

aerU««Bond Fd .. t £9.9i 9« . « UM Growth Overaeaa Ltd. 

Butterfield Matl ig m ent Co. Ltd- 2aw*]i Town. Gibraltar lGlbl81M 

P.O. Box 106. Hamilton. Bermuda. US. Dollar Fund. .1 SUS8589 | 1 — 

ButtmaEqnliv ..CJ3 4 176 Sterling Fond 1 023.77 | 1 — 

Euttreai Income _E03 LOW ..... I 7J8 

Prices at May a Next *oK day June 12. Hirfunosd Life Asa. Ltd, 

Capital International S.A. 4S, Aibol Street, Douglas, LO.M. 0624 23014 

37 rue Notre-Dsmc, Luxembourg. ■ tx.i The SU y fr Tru iL gg. < Sg-Jl "l-g 

p,,„ j ■ aicijn I 1 — Richmond Bond 07. 182.4 192.W 1081 

capital InL Fund... I JU5»_« I I — Do. Platinum Bd. ... 12S.9 13L51 -0.S - 

Charterhouse Japbet r>o. Gold Bd. ...„. 10*9 uo.a-o.iJ , 

I L Paternoster Row. BC4- 01-248 3860 Do Em. 97f02 Bd.. ..J167.9 176.7[ +lo[ U51 

Adl^a::-iz:ffi" 15 RoUmchild Asset Management (CJ.) 

Fondak CBOUB 33«1 5.99 P.O.Box 58.SL Julians Ct.Gueraiey.04Bl 28331 

Fondta — ttffiJp J33« 558 O.CJkj.Fr May 30 

Emperor Fund WS2.9J _ O.CIne S'A June I 

I Hiapano ..—ItDSHUk (U*f 2.1* O.CJatLFilt 


2^-.-] IJ6 Sterling Fund 


28 Irish Town, Gibraltar 
US. Dollar Fund-4 SUSB5B9 


■ June 12. Hiehmosd Life Aw. Ltd. 1 

*8. Athol Street, Douglas, LO.M. 0624 23014 . 
ixiThe Silver Tni*L[109« 112.11 -LOt — ■ 

I _ Richmond Bond 97 132.4 192.3+1.3 1081 

Do. PUtinura Bd.... 12S.9 12L9 -0.7( — 

Do. Gold Bd. 104.9 llQ.a -O.tJ — 

01-243 3868 Do. Era- 87/02 Bd.....[l67.9 176.7[ +20] UA | 

Voiol sis Rothschild Asset Management (CJ.) 1 
I. — .) 5.99 P.O.Box S8.SL Julians Ct.Gueraiey.04Bl 28331 . 


Clive Investments (Jersey) Ltd. 


558 O.CJkj.Fr May 30 
— . O.CJncJ'd. June 1 

2-1* O.CJnU-Fd.t 

O.CSmCoFdMySI 
O.C. Commodlty- 


P.O. Box 523. Sl Heller. Jester- 053437382. q c \ Dir Comdtjr.t 
" Price on May 


Cli ve Gil t Fd, i CJ. 1.19.88 9.9« _....| JLOO 

CUveGUtFd.iJcy.Ll9.B6 9.87! [ U80 

CernMD Ins. (Gnernsey) Ltd. 

P.O. Box 157. SL Peter Port. Guernsey 

Intel, Man. Fd _]1M.0 183.0] 1 — 

Delta Groap 

P.O. Boa 3012. Nassau. Bahama*. 

Delta lnv. June 6 _.]5L8) X92| J — 

Dentflcber lavestmeat-Tnut 
Postlacb 28S5Blcbergaase 8-10 GOOO f^anUurt. 

Cancentra JDtH9«® M7W ] — 

InL Renien/onds .... ]DSft9J0 7146) — | — 

Dreyfus Intercontinental lnv. Fd. 
P.O. Box N3712. Nassau. Baha m as. 

NAV Janefl fRSKH 2S«! — I — 

Emson A Dudley IMJHgLJnyXtd. 
P.O. Box 73. SL Heller, Jersey. 053420581 




Brotblte — (39.0 4l9f .....J Jffi 

Scotyield W?.» 781 

Scotch ares |56 j 60.7x4 --1 *-41 

Scot Ex. Glh-4 — g*15 2527*8 1 20J 

ScoLEx.Yld.-4i (165.6 17Jj[ - ..J 787. 

Prices at May 24 Next sub day June 14. 

Schlesiager Trust Mngrs. Ltd. (a Hz) 

(Incorporating Trident Trusts i 

140. South Street, Doriung. (0306)88441 


Registrar's DcpL. Gorins-hy-Sen. 

Worthing, West Sussex. 010231288 

First iBairjed... W9 6 5354-0.1) 450 

~ Do. (Accum. i 68.2 733 -02 4A0 

Second (Cap i 5L7 555c -0J JIB 

Do. (Accum. i 65.1 78.3 -0.1 3.09 

Third i Income i M3 B65 +03 635 

Do. (Accum i ____ HOB 1187 +05 635 

Fourth iExlnc.1 584 62 7c -0.1 8.00 

Do.(Accum.i |665 7L4| -0^ 800 

Lloyd s Life Unit Tst Mngrs. Ltd. 
72 -BOl Gaichaaae Rd.. Ay lesbniy. 02865941 

Equity Accum. .— -Q575 165.01 .) 4.04 

HAG GrottpV (yMckz) 

Three Quaj-s. Tower mil. B3B 0BQ. 01028 4668 
See aiao Steel Exchange^ Dealings. . 

AmrncBn S 25 55.9 +0J I.*6 

■Accum Unltsl-.— 535 57“ +0.1 1.46 

Aurttalaslan 535 57.0 +0." 184 

i \ccum Uni «i __ _ 54 5 58.0 +10 184 

Catnmodiry _. — 749 aos 435 

lAccBmUnllsi-.. - 00-7 86.7 ... 435 

Cnmpound Growth 1061 1MJ -02 369 

Converaltm Growth 623 67.1 +02 251 

ConrarslOBlnc..- ■ 632 67-^ i 5-S2 

Dividend.™ 117 0 1245* -0.1 71B 

i Accum Unit*)-.... 2218 2362 -19 7.85 

European 493 52.4 -02 340 

c Aciim. Umtsj 490 53 0 -0J 3.48 

Extra Yield. 34.1 89 J-0.4 8J4 

(Accum. Unita)— — Ui4 119.7 -D.t 834 

Far Eastern 533 57.0 +0.2 2J.9 

(A reran. Unit*) 58.7 625+0.2 2» 

F undcflnv.Tsts.... 613 65.9a .. 4.49 

l Accum Units) 74 9 803 -01 4.49 

Genera) 1674 1S15 -15 5.90 

■ Accum Units)— — 255.6 2773 —23 5.90 

Hut'nlacmiK..- 1028 1095 -0.4 8.4b 

I Accum Unltsl...— 1673 17BJ -0.6 845 

Japan Income 1483 158.93+0.2 117 

i Accum Units l M9.B ^03 +0.2 1.17 

Magnum 204.0 2183 +14 333 

l Accum Dolts) 154.4 2722 +17 388 

Midland — 168.1 179.ca -0.4 6.73 

i Accum Units)—. 2784 296J5 -0.6 673 

PxCTwery — B0.9 a&.2 ..... 4.41 

i Iccum Units).—. S1.9 87.2 .. . *.«L 

SecoadGca.. 170.4 134! -ID 529 

(Accum Units)—. 254.7 276 4 -15 529 

Special 1611 1716 450 

i Accum Units) [2026 - 215 .fij -0.1 420 

Specialised Foods 

Trustee 1144 6 152^ -1 4] 646 

■ Accum Units) Z7R9 294J -27* 646 

Chari bond June 7_ 1086 10.60 

Charlfd. JuneB M5B 148.C — 774 

i Accum Units) 3305 1B3J 7.74 

Pens E*. June 3— 1344 141ft 5.77 

HaonLUe Management Ltd. 

Si Georsars Way, Stevenage. 043858101 

Growth Urdu. |513 J40ft-l41 425 

Mayflower Management Co. Ltd. 

K'la Gresham St. EC2V7AU. 010088099 

Income June 7 1OT64 U2.M | 870 

General June 7— J703 74.2) J 5J6 

Mercury Pond Managers Ltd. 

30. Gresham St, EC2P2EB. 010004555 

Slerc Gen. June 7 -fl83. 7 195.4] 455 

Acc. Uu. June 7 2386 253a ASS 

Mcrc.InL June7 .— 64.1 683 234 

Acctn. OT*. June 7- 68.3 733 234 

McrcEKLSUwSh... Z143 223 oj 442 

.\ccumUmApr27. 12555 2563[ — 4.*Z 

MidUnd Bank Group 

Unit Trust Managers Ltd.* (a) 

fourtwood House, Silver Street. Head. 
:ihufflrld.S13RD. Tel. 074279842 


+0.1 146 

+0.° 184 
+10 184 


67.11 +03 
67^ +0.1 


+0.1 8.60 
-0,l| 785 


119.D -D.t 

57.0J +0.: 


167.41 ...... — 

m« +ld — 

M6« „.... — 

10971+0.2 — 
13*31+03 - 


+L«H — 

+b2| - 


Oeeiude Trnxla (a) (fll . 

Financial . — . 54.4 

General.. 185 

Growth Accum.—. *53 
Growth Income ...... 36.0 

High Income 293 

LTU M6 

lade* 29.4 

Overseas 203 

Pextormnnce .... — _ ».9 

Recovery 21.4 

ExmpC June 12 ..... p7.9 


365 ..... 4.17 
196 -0J 3.91 
48( -OJ -.463 
38JZ -0.1 4 83 
319+01 969 

§3 3.5 

6& —0.2 If 

22.70 -0J 567 
6Qj3 -0.5 465 


— • Merchant Inferiors Assurance 


■ 

-05 5J5 ' US, High Street. Croydon. 

5® 2 SSSg?=n= 

:a y -Sis— 

+Eo w 

m fS ®2&?===. 


010088m 




Canada Life Unit TW. Mngrs. LULV 

_ t>o G#n Accum K5.9 4MI ..... J 437 

Son Alliance Linked Life Ini. Ltd. do.iuc.dibl — ..K j 1 7M 

040884141 Dn. Inc. Accum. — >438 45-2} J 7.B4 

S4II28I “ • OP* 1 CJawd) *««** LW-f 

Sll TZ Z lOOCHd Broad St, EC2K1BQ 010880010 

ISM +02 - Capital. W.O 1 4.70 

815 — Income — JJ9.1 843) 1 733 

114.0) +03] — Prices on June 7. Next dealing June 21 

San Life of Canada (V X.) lid. Carliel Unit Fd. Mgrs. Ltd* <aMc> 

2, 3, 4, Cbctopur St, SW1Y 5BH 010305400 uUbun) House. Newcastltt+tpon-Tyae 21 185 


-.■asssK i— 

Cm aade r lnaaraDCC Co, LUL 
Vincula Hotae. Tower PI. BC3. - 010888031 

Gth. Prop. June 8— |7>J' 793) I — NEL Penal on* Ltd. 

Eagle Star Iwrox/MdUnd Ant- 
_ . IThraadneedie St. EC3. * 

BtjpmMd. Units PL2 . L DJI +03) SJS7 

Equity Jfe Law Life Aiui. Soc- IAMP 

^Amcrtham Hoad, High Wycombe 049*83377 


3aas Sfed 3SS | r:i 

laSjBi&i ats Id 

. Target life Aaanraace Co, Ltd. 
Tareet House. Gatchoaaa RrL. Ayle abw 
Bwfta. Ayleabury (0281 


[CarlloJ 

] Do. Accum Unite- 


*s Wzd 


I i_. Man. Fund Inc [U15 

X*n. Fund Acc 116-7 

Prop. mine. — ~ 1D7B 
. . Prop. Fd. Ace. — 1 
^ ; mm m iav. im 
+S 7LI Fixed tot FA Inc 1062 
Z- Dep.Fd.Ace.tae— JM 
■ ii: Bet Plan Ac. Pen. -to 


m = 


Do. High Yield [«J «Ab( — J 8« 

Do. Accum Unite -1512 53.7] J 8.92 

Next dealing dote June 14. 
Charities Official Invest. Fd* - 

77 London W»ll EC2N IDB. 010881815 

- income May 18 Jlgi - 1 - — 4 660 

Accum May IB... {2565 — (..-.( — 

— ftUniwtb. Only available to Bog. Charities. 


S3 r 


For New Court Prop erty see trad er 
Rothschild Asset Maaageaosstt 


Eel Plan Ac. Pen- - TLX 7Xa — 

HeLHanCap.Psn — 59.6 64.71 — 

Hifct PI »nMltn.. *ge... 1ZM 131 1 1 ...... — 

BeiPlBiiMan.Cap— lW - 

G1U Pen. Acc 130.1 13741 — 

ouiSScav. (mi uo3 . - i - 

Tranrintcmaffonal Life Ins. Co. Ltd. 
2 Bream BLdgx, EC41NV. 014098487 

Tulip Invert. Fd,— 1 141 6 1491! j - 

•mMpMmfld.Fd_.1128 1283 J — 


+1° — Charterhouse: JapbetV 

_ 1. Paternoster Row. EO+. 01^483888 

— cj.imcriutti B34 mm 193 

— Accura. Units 264 50.4 193 

..... - CJ. Income-. 34.0 *J ..... 814 

— CJ.Euro.Fin 262 28X 3.93 

— Accum. Unite 50.4 32A 3.93 

....4 — CJ.Fd.lnv.Tst. — B.7 2|.( .... 373 

_ _ — Arcum Units — HJ 33.. 3.73 

CO. Ltd. price June 7. Next dealing June 4. 

014098487 -Trust Managers Ltd.VUXg) 

""3 — llSe*SLBGBS4TP. <012002832 

1 — American..— ..— .toB42 260| -0 Ji X54 

.....| — High income .,™— W08 

....J. — Interna tlou»1 Tut--. k» 124.5 3J9 

(hla Bmr Heave. TOIaJ 265f +0JJ 4J9 


.Am Exempt 
,'utl Growth . 
Exempt High Yld 
Exempt SO*. Idra. 
Extra Inc. Tst 
Income Dirt. 

Inc. imtWdrwL 
Intel. Growth— 
Iqv.Tsl Uni 
Market Leaders 

•Nil Yield ’ 

PreLftGtRTnut 
Property Shares . 
Special SSL Tst — 
UJt Grth. Accum 
U.KGrth. DfcsL 


(030GjB8441 

197 

164. 

B23 

434 

5.M 

. -.. 997 
-QJ — 

-01 4 AS 

+0J - 

12.08 

-oa 231 
-0J 2 m 

-ai 532 
-OJ. 532 


... 2*23 ::::::! i 5 * 

race cm stay Jr. Next dealing June 14. 
tPnces on June 7. Next dealing June 22. 

Royal Trust (CD Fd. Hgt. Ltd. 

V O. Box 194. RoyaiTsL H sc, Jerao'. 0934 27441' 

RT.tarLPd. HUS92B [ 3.M 

RT Infl (Jay.) Fd. .& J 954 .. ...| 3.21 
Prices at May 15. Next dealing Jose 16 

Save Si Prosper International 

37 Broad SL. SL Hclier, Jersey 0534-20581 
lift DpUflrdmm lusted Funds . 

Di/Trdtnrt-Jcnc S. 1727 9.73m J “M 

Internal Gr.'t. |6JB 7^ [ — 

Far Eastern** (33 27 41391 _....] — 

North American*}: .0.73 4M .] — 

Sepro*** PAM 15.lM 1 — 

Sterita fl+ieimlnils d Funds 

Chnnnei CnpitelftT-to2.3 2453J -OBj 163 

Channel lslands$„Bd63 15*3 -».ij 5.84 


MMf - i ** KrXK. 


272.2 +1' 
179.Cn -Q. 
2965 -0.1 


+17 3 S3 

-0.4 673 

-0.6 673 

4j41 

.. . 4.41 

-1.0 529 

-15 529 

4.3« 

-0.1 430 


J. Henry Schrader Wagg A Co. Lit L¥ 

gyaassiffifau ma^TSt 

iaeomJimStCZ.. IOb 1^« l.'.'.” 6g 

lAccum Units 2722 2g.« 6® 

General Jane 7„ — E.0 87.2 — 3.47 

(Accum. Units)-.... OT33 107.6 1 ..... IP 

Europe June 1— M o 32|m ...... EZl 

lAccum Units)- — ..338 35 .9! 2Z1 

ESBaStem & 

-Recovery J one 7— 1285 1993) . ...J A97 
•For tm exempt funds only 

Scottish Equitable Fnd. Mgrs. LtcLV 
28 St. Andrews Sq^ Edinburgh 031-9MB101 

Iocotnc Gnrts... 150 0 55S J 530 

Accum Units ...J57.0 60.7] .—.j 53o 

Dealing day Wednesday. 

Sebag Unit Tst. Managers Ltd.* (■) 
POBoxSll.Bcklbiy. Hoe..E.C.4. 010385000 

Security Selection Ltd. 

15.18, Lincoln’s Inn Fields, WC2. O10318B3O0 

Unvl GthTst Acc _B4 1 2671 i 2^ 

Unvl Gth Tsl Inc — [ZL0 22.44 J 230 

Stewart Unit Tst. Managers Ltd. laj 

45. Charlotte 5*]., Edinburgh- 0310383271 
rsitmrt American Find 

Stand a rd Unit* 1672 717| J 135 

Accum Unite -]72.* 77 9 .1 — 

Withdrawal Unite, wft 57 J) .....4 — 

-Stewart Brittek Capital Ftauf 

Standard 1133.6 KS.D J 430 

Accum Unite _|lS3J U6ft 4 4-30 

Dealing tFri- “Wed. 

Sun Alliance Fund Mngt. Ltd. 

Sun All ianccHae. Bonham 0403543+1 

SSflaMaB* gflid 5S 

Target TbL IKcgrs. Ltd.«f (aKg) 

3). Gresham St. EC2. D en T I nffs- 02883X1 

Target Conmodlly, 1 353 38.0J -0.1) 301 

SSHEteSt^if- eg m 1% 

^ :::: Ifr 

12B3 3.00 

303 -0.1 408 

32.1 +8J 155 

35.0 +02 155 

331c 332 

1693! .... *J9 

311 -0.1 834 

152 — 0J 1134 
203 *36 


F. tC. MgxeL Ltd. lnv. Advisers SLFixcdJ 

1-2. laarmce Fountooy HEl, EC4B OB/L Prices i 

01-823 4880 

CeuLFd.May31._l SUE533 { 1 — Schlcsln 

Fidelity Mgmt. A Hes. (BdaJ Ltd. 4ifeHou 

P.O. Box 870, Hamilton. Bermuda. * S./UJ 

Fidelity Am. Aas_.] SDS2532 I ... J — 3,60.1 — 

Fideilw Wrld Fd _( SU 51*32 |+0J2| — tataLFdJj 
Fidelity Mgmt. Heaearah (Jersey) Ltd. ‘ FarEa * tl 
Waterloo Hse, Don SL, SL Helicr, Jeracy. _ . , 

0534 27861 • Schmde 

Series A OainU — | 038 |+0JL7] — * Enlcrpriw 

Id- ss-fe 

First Viking Canunodity Trnsta . sEquite... 
ft St George^ SL.Douriu.fe3L fSJSjfSJ 

004 4682. Ldn. Agts. Dunbar ft Co. feet. 

53. Pall Mall, London SW175JH. 01-0307057 EManaged 

FsL. I'ik. Cm T&t — ..W.7 JM 4 2^ SManaged 

Fsr.l1LDbLOp.TW . J7B 0 BJ-M ..— J 1-70 

Fleming Japan Fund SA J. Hew: 

37, roe Notre- Dame. Luxembourg 120. Cheap 

Flag. Junes 1 SU S4679 J ._..J — CtemS Jur 

Free World Fond Ltd. SsKli 

BdtUrficM Bldg. Hamilton. Bermuda. Darlix 

NAV May 31 1 SUS17925 I 4 — Ja P“ 

G. T. BCanagemnit Ltd. scnhV A 


SL Fixed Jnnel |1B9.9 U6*n 

Prices on “June 5 “•June 7. 1 
{Weekly Dealings. 


—03/ 163 
-03] 5.04 

d ILK 

'“June 6 


Schleslnger International Mngt Ltd. 
4 L La Mode SL.SL Heller, Jersey. 053473588. 

S.AJJ to 9M 606 

SA.O.1 138 0.93 434 

Gilt FA 225 22.7* +0J 1202 

Inti. FA Jersey 109 114 332 

lutnLFdJjrmhrg. ■_ 51034 10*1 — 

•Far East Fund--... [?3 9ft ..._| 3.03 

‘Next sub. day June 16 

Schrader Life Groap 

Enterprise House. Portsmouth. 07O5ZT733 

totem rtteeil made 

mjmty ,__P173 124.3 1 — 

SEquity — „_..p+4.0 13L9 ,.....[ — 

£FUod Interest— ..D34.3 14231 — ..I — 

SFteedtotaresL— .0053 HID ..... J — 


J. Henry Schrader Wagg * Co- Ltd. 
120, Chea pride. E.Ci 010884000 

CbaoS June B 1 SU5U.U 1+0321 2.41 

Trafalgar May 31... (. 5USU9.41 
ArianFAMnylSi 
Barite 
Japan 


G.T. Management Ltd Sentry Assurance International Ltd. 

1x111 d ‘ HS ^ PO Box 328, HamULoo 9. Bermuda 

Managed raad—pOSUW 19HK - 


London AmoIs lor 

a-ial lig ^ t Un. 

Anchor tat FU RB487 61 ...... 136 20. Cannon St, EC* 010488648 

AnchocXa.Jsr.lht.Ss 27J +0i 186 Defcatonds UM05M »J«| | 6.41. 

Berry Pec FA LU Tokyo Tsl June2_..| 5USK.OO | 4 1.77 

sHssa sn i.n straagfiold Management limfted 


0.44 4 2JO Borry PacStrlg TStm 2663* LU . ,, , 

acrora IiA im 5S — JEKS3 ITS in Stronghold Management Lhnfted 

W HiSr^E^uS* :::::: iS p.™aHdw™, ««.7,«o 

G T, Dollar Fri SUS7.1S . 0.70 commodity Tnist -192.96 97351 — 4 >— 

713 \ S^LAi. A^s. 1 ' 17 Snriavest (Jersey) Ltd. (a) 

S 1 j Z LtSn ' QnortmHse. Dee. JUL Sl Heller, Jay. 0384 27348 

J 1 - 31 4 Z, St Mary Axe.fendon._EC3._ 01-2833931 Ac^ca,] UuiXsL..)£B63 OSU-OJM — 


assttetBft I = 


TrgetExJne 
ftDo. Acc. Units 
Target Gilt FUnd 
Target Growth 
TorresjatL 

Targe* lnv, 
TarjetPr, June 7 


Tgt.PreL 
Coyne Growth F6 

Target Tst. Mgrs. (Scotland) (artbl 
IS, Athol Crescenz. Edln.3. 031-229 W2J/2 
Target Amer^aglcto 3 3041 ..J J-S 

Target Thistle.,— P9.7 «7a -0.1 5.to 

Extra tectnne Fd. _ P5.9 633( ... .J 10J5 

Trades Union Unit Tst. Managers* 
100, Wood Street, E.C3. 010288011 

TUUTJunel (S0J 53.4J ( 533 

Transatlantic and Gen. Secs. Co.y 
8109 New London Rd Chelmslord 0343 51051 
Barbican June 8 171 n i xoa 

(Accum Unite 1. 

BarhB 

Buciobl 

(Accum Uni Ui 
Cotama June9. 

(Accum Unite) 

Cu ml d. June 7 . 

(Accum. Unite) 

Glen. June 6 — 

(Accum Unite) 

Marlboro June 8 
(Accum. Uni ls>- 
Van-Gwth. June a 
(Accum. Unltsl 


Tu lip M»a (M. Fd. /1LU 218.7] .....J — 11 New5L jB-52ts nr. 

Mbil BondFd 0163 122.41. I — American IUJ242 2601 — 0J1 354 

1 5^; Pen. FU Cap,. 5^7 ]g.l ...... - High lucerne w--BQs 9.47 

Man. Pen. Pd. acc. ,|U63 133.4! 4.— International T^-.k»vMft SS 

Trident life Asmnnce Ca Ltd.¥ a t + L 

Reoslade House. Gtaa center 0452388*1 Confederation Funds MgL Ltd-T (a) 




Hill 'Samuel ft Co. Limited announce that 
with effect from Monday, June 12th, / 

■ their Base Rate foc lending will be increased 
■.••from 9 per cent to 1& per. cent per annum. ... 

Interest payable on the Bank’s Demand 
• rDeposit Accounts will be a.t. the rate of 7 per 
cent per annum. 

Hill Samuel &CaLimited 

100 Wood Street I V4 
• . London HC2P2AJ [£] 

Telephone: 01-62S 8031 


Mahagcd. 0223 129, M -.:.J — 30Chancuryfeao,WC2AlHE 01-2420282 

Gt gg td. X«L5 Igi +23 — Growth PUnd f4L4 43^ 1 137 

Ml 933 -Z. — Cosmopolitan Fond Managers. 
mwi^«(S' Fnad “' mi Sa +2J Z toP0»St»ri.fe««*«iSWlXSEI. 01-2358EB5. 

cSftfflaZZZr mjo xau +L7 - GanmpotoXJthJri.[W.9 192) — ] 4.75 

taS&HZSZZ: SH S85 r: = Crescent Unit Tst Sfgra. Ud. (axgl 

Wwl — — 124.4 in.7 — 4 MelvUlcCrtM.. Edinburgh 3. 03I-22S4S31 

Growth Cap 12A§ UJ-J -. Creacwt Growth -to- 28.9) +021 4.15 

growthAcfc-;— -- 12J3 13JI — Crex-lnWram. — .W2 63 ij +fl.« 0.75 

Pena. Cap U3.8 119.7 — eras. High- Dirt. —TO.0 46Jrf -O.rt 895 

Pans. Ungd. ACC... 117-8 1MJ — Cros. Reserves PH3 4M| 439 

Petas.Gtd43ep.Qm. . 1019 107.9 ...... — 

P0M.Gtd.Dep ACC.. 105J 1121 — Discretionary Unit Fund Managers 

^^AfcziiTj mz :::::: z 22. Eiomoridst, bcsmtal 010394485 

TWLBOTdZI^M D ».0 - Disc Income 1162^ 17334 -05f 523 

■ Tnft - HoShteK £100 mtaSi: “ E. F. Winchester Fund Mngt Ltd. 

Tyndall AftrorMce/Pensfen#? cSi?mwSS*r.. ; M.4 M.il HZFtS 

lACanyiuieRoad.BrlSloL 02723S341 GLWmch'cr CTseartllJ Z15| . | 436 

ISlLjSSSlzrZ ife3 — Emson ft Dudley Tst Mngnrnt Ltd. 

BondJUMB-.--—. JhLJ - 20, Arilnffion Sl, S-W.e 010887551 

BBOSStz SH = e»«u moh t*. ** w.n i 

33S&:3&%: :::::: = Equitas secsiLtd. <■> (g> 

SSS“wjSSL 169.6 - 41BHlK)togatttEC2 

KKSSBSrrZ -J - Equity ft Law Uxl Tr. M.¥ fsMbkc) 

Vnkmfh Tt( » Aaanrance AmershtmiRd, High WycDtobe. 048433377 

01 *400 <823 EquiiyftfelW-^to W| -M ^ 

ManajurfFW- 4S-3 — FRunlington Unit Mgt Ltd. ft) 

iSLfe! p = fflEara^TS 

sxes=w m - ggsiiE^ m= k 

Vanhrogh Penrions limited Do. Accum — — 11132 130.M ■— 236 

nmsvn Unit Tr. Mgrs-V 

MnJfted^.. — ' “IS* iSol — PUhaaBaiLDoridag. 03095055 

ISgEEi! JsISI 1 

Guaramcod see Tub. Hue Rate’ table. q_j ^jnit BSftiUgers Ltd.f 
Welfare Insurance Cfc Ltd.? lEFinsbtuy arcus ecsm TDD 010288131 


tahuffleld,Sl 3RD. Tel. 074278842 

I'naunodtty &GCU..I645 69_Jd +D3 559 

DC Accum. 74« 80 C +0.4 S59 

ilrowlh. 37 8 40 Sc! +0J 335 

Do. AirtnmL «5.5 43.4+02 335 

Capital 2ZA 304 .... 334 

pv< Accum. 30.6 32.7-0.1 334 

Income ill 54 7 -0.1 635 

Do Aectna 5£2 623 -PI 635 

imcrnathuml 49S 53-5* -0.1 239 

po. Accmn. B.7 57.0 239 

HlRhYtaUL 613 653 .... 837 

Dc, Aroma. 65 0 « 2 -0J B37 

Equity Exempt* 103.6 1M3 549 

DO Accum- 103.6 1B93| 549 

-Prices at May 3i. Next tlealing June 3a 
Minster Fund Managers Ltd. 

Ml osrer Hae, Arthur SL.E.C4. O10231Q5O 
MiaEMtrllaytt 135.7 S7.7] . — | 5.47 

ExetawfivSl to W-G ■ - 1 5- w 

MLA Unit Trust Mgemnt. Ltd. 

Old Queen Street, SW1H 9] G. 010307333. 

MLA Unit# 139.6 4L6] i 4J3 

Mutual Unit Trust Managers^ (aKg) 

lS.Qoptb*HAvfc,EC2R7BU. 010084803 
MutirilSetPlus.....j513 54.9| +0.a 6Jg 

Mutual Inc, Tn. ..-[673 5 "2 3 ? S 

Mutual Blue Chip- fe fl 46.71 +0£f 6.42 
Mutual High Yltf ,[S5 6 59b|-0.1] 87S 

National and Commercial 
31. SL Anflrexi Square. Edinburch 031-5588151 

Income May 31 pw? 1378) I 600 

iAcciinLirnlu)_._.ralL2 215.W . .J 6ro 

L'jpLM6j31, 128.0 . -J 3 £ 

i .\ccum Unite] „,_.[15L2 15631 I 3.47 

National Provident lnv. Mngrs. Ltd.¥ 

W, CracechurrtrSL. EC3P3HH 010234800 
N PJ CtH.Uil.Tri.... 45.0 47.9rf 400 

lAccum. Unbar K.9‘ 5&5| 4.00 

NPIcrrou-Tnux.. 124^ mg .....3 2.60 

i Accum. Unitsr* _ [13Z 9 140.71 ••••■! =60 

“■Pneea on % 25, Next dealing June 2B. 
-pncea on May 17. Next dealing May 31. 

NatiMal WestaiuMtert'fa) 

381. Cbeapdde. EC2V 8EU. 01008 6080.' 
Capital (Accumi 165.7 70.6d-D.2l 425 


Japan PU. 

tatL^dFundZZ^oaSr HJ»f 
Gartoarc tavnhwxit BJogt. Ud. 

P.a Box XL Bougl,/* loHL 

GitmrelnUlnc__.plft 2^9rij [ 1030 

Grtmr loQ Grth [B5 693[ I 40 

Hambro Pacific Fund M g mt . Ltd. 
2110. Coonanght Centre, Hong Kong 

!)S8arJ!=RW ifl :.:::! = 

BEunbros-fGnernsey) Ud/ 

Hambro Fund Mgrs. (CXl Ud. 
P.O.Box8e,Guernxey 0481-28321 

Cl Fuad. ...... _Jl42.4 1HH 3.90 

■IntnLBoad SU shod 92 103.13 8.40 

taL Equity Sirapo.93 U27J 2ft0 

taL Svgs. ‘A* SUSEL02 LOS JfO 

InL Svga. ■B* sualio 1.1ft • ■ 7M 

Prices on June 77 Next dealing June 14. 


j_5^ TSB Unit Trust Managers (C-U Ltd. 
5.78 Bagatelle Rrl.SL Saviour; Jenwj. 083473404 

Jersey Fund l*7ft 5001 | 4OT 

062423911 Gumwey Fund -_-J«7.6 50.1) ...... I 4.79 

,IZf SSo Weei oa June T. Mart mb. day June 14. 

””»jUL** Tokyo Pacific Holdings N.V. 

” uo ‘ Lotunlf Management Ca N.V. Curacaa 
1S __ NAV per share June 5. 5US&220. 

I — Tokyo Pacific Bldgs. (Senboord) N.V.' 

Intimls Management Co. Curacao. 

Jd> NAV per share June 5. SUS38.0V 

Tyndall Groap 

!!-..[ 8.40 P.a Box 1258 Basritam 4 Beromda. M7W 
| 2.50 Overseas June 7 RUSU7 IM .. .. 1 600 


jjJ" Overseas June 7 — busuj 

S-50 fAccum Unite! |R7S174 

450 3- Way InL May 1B.._[SUSL5* 
'* 3 New SL. SL Haller, 


05MS733V8 
8.....1 600 


Henderson Baring Fund Mgra. Lid. tofsljuiwss — 

1 iSS553S|teSii 

HUl-Samacl ft Co. (Gaernsey) Ltd. inm hjow 

8 feFebvre SL. Peter Port Guernsey. CJ. 

Guernsey T»L [14&2 158Art 3^1 Vtetory House, Douglas. Ose of Man. 8424 £41 11 

Hill Samuel Overseas Fund S.A. Managed May iH_g2U US4f . I — 

37. Rue *™*rb3Sr^S3lm - VUL tetel - MBWL <C.L) Ltd. 

lnv torn* IJrl 1 *' Mukaatcr StreeL Sl Helier. Jersey. 

International pacific lav. fi-ngt. lul 0JAPun<1 pusnA man I 8 X6 

PO Box R237. SB. Pitt St, Sydney. Au«. ... „ 

Javelin Equity Tsl. | S 2J.0 2.2U +0-011 — United States Tst. IntL Adv. Co. 

JE.T. Managers (Jersey] Ltd 14 Rue Aktrioger. Loxetobourg. 

PO Box 194. Royal TaL to, Jera*)rfH34 27441 U.S.TsLtav.Fnd._l . SUao.99 I+0JB1 0.91 

Jersey ExmO.Trt_ll63 0 ^173^, I - Net asroi June a 

am at Mar 3L x£t soh. day June 30. - - 


60.4 J 

52.4 ._.J 

64.4 


64.4 ..... 332 
753 ..... 856 

47J 634 

47.9 634 

64.0 328 

75ft .. .. 528 

688 -9.7 834 

788 -Oft 834 


i“ri 1 r* O W Ml» OiW I» Ate^rnm 

U SSj+OS Z 1 3 - 7 . Ireland Yard, EC4B5DH. 01-3488871 


_ American — 

_ CapllalTsL^ 

_ IncotpeTrt.j__- 
lot Growth Fd.. 
Do. Accum — . 


93 51 

172 12A 

03.4 110.0 

MR 1163 
132 330.4 


The Leat FolkMtooe.KenL 030367333 GT. Cap. Inc to 

FS'ShSto^SMto^totoTioEfflwion* gf' {jJ.ftGM'’"’ 

Mandrestro Croup. g?! j U a f^&,Z to 

Windsor Life Asm. Co. Ud. * GLmsHxJd.-. mi 

issssaa »S"5r““ 

r 2822 I •" ] - G. ft A. Trust (axg) 
OSS #• 8,R4^eltfeIld.,Birn^wd 

Hex-Im.GrtnrtSr_.lutO U2j{ —4 — G.fc A . ... fU B 


010388131 
-Oil 330 
-U 330 
-03 7.90 
+4.4 190 
+33 130 
4.00 

-03 aw 

7 J0 


(0277)227300 

343* ..-.4 «5 


Cjpltri CAccum.) 45.7 706a -0J1 

Extra 64.9 693-03 7.77 

Fiitenclal- — jyj 31^ -0.1 5 06 

Growth lnv. S93 45.91 -03[ 5.02 

Income 55j 38. u -tja 6 60 

Portfolio lav. FdL__ 67 4 7 Zt>3 -0 21 532 

l.lni venal Fd4d>_-,|62.0 6b« I 232 

NEL Trust Managers LULV (aKg) 

AJ/lton Cnczrt, Dorkinc Surrey. SKI 

SSSffisiErigi H S| lit S 

For Stow Court Fund Hamcm Ltd 
sra Sethsrfuid Asset Mansgeuent 
Norwich Union Insnruee Group <b) 
P.t». Box*. Norwich. NS2 3KG 0*0152200 
tireupTiLPU. — p4(u 35811-1.01 5 66 
Pearl Trust Managers Ltd- (a.Hghzi 
2X1 High JXoftttHL, WCIV 7EB 01-WS8W 
fTJTl Growth Fd.,.. 22 8 24 61 . 4% 

Acnutt Unite. Z71 Kfl 4.96 

JVari’nt 3! 4 33.3 . .. 6.75 

pcarlUnUTaL^.. 358 37 75... 5S® 

lAMiaa. Unite) fc.2 4871 5.10 

pelican Units Admin. Ltd. (gkri 
Cl Foumaln St, Manchester 0612365885 
FeJi can Unite ^_)82j| n,D| ..,,,4 5.111 


Van'HyJuneS. 

Vang. Tee June 
(Arcum Unite.) 

WlckT JuneE.. 

(Arcum Units) 

WlrkDL JoneS 
Do. Accum. . 

Tyndall Managers Ltd.V 

18. CanynscRoad, BrisWL 027Z32241 

Income June 7 BJi 10«2ri| 8.09 

lAcetnn. LnlLv 181.4 198 6 8.09 

CapitalJuMT. — ..1272 1336 .... 4 03 

(ACRim Units, 1774 186.4 .... 4.03 

Exempt June 7 - . 1114 117.0 7ft9 

■Accum Unite).. — 157 a l«z ... . 7.W 

CanyngeJuneT ?JA 1EH.6 5.80 

r.\ccum.lioVls)-_ - 1236 1293 ..... 530 

InL Earn Juno 7 247 0 2594 ..... 5.04 

lAecam Vnlin - I74.B 2886 534 

Scot Cap June T._„. 14L0 14E2 ID 

CAccunk Units)-..— 168 0 1764 5.2Z 

5rot Inc. June 7 — 1ft? 2 170 4| 8.70 

London S1U Group . m 

Capital Growth. ...Bl 9 87.6 -02 629 

DO. Accum. 83.7 893 -02 — 

Extra I oc. GrotRh- 373 40.1 +0.1 10.04; 

Do. Accum _.. 43 0 * 463 +0.1 — 

Financial Pr*rty...— 162 17.4 -01 439 

Do. Aroum — , — 198 212 ...... — 

Hifih Inc Priority-. 631 67.6 -0.4 7.93 

Internaiional 323 34.9 +01 213 

Special Site.. _.p3 32.ft 531 

■TSB Unit Trusts (y) 

2LChantiy Way. Andover. Haute. 028402188 
Dealings to 03M 63432-3 


As at liar ZL Seat auk day June 30. g 
Jardfee Fleming ft Co. Ltd. ' ^ 

46th Floor, Ootanmigbt Centre. Hong Kong cn, 
Jardlne£riB.ftt_l SBK25 *Jb I — I Eaj 

J ardl n e J'pn-Fct* _ SHK319-04 [ J 0.90 Crtl 

JanJlneSjSw^l SUS14-22 | 1 728 Mr. 

JardinePlemlat w l_ SHK970 


S. G. Warburg ft Co. Ltd. 
30. Gresham Street, EC2. 
Cnv.Bti.Fd. June B_ | SUS9.66 


ivJBd.Fd. JuneB_| SUS9.66 [+0M - 

IB)-. InL JuneS— J SDS17J0 I+DJD7] — 


NAV Mar 28. ‘Equlveleat 

Next su6 June 15. 1. Charing 1 

Keyselex Mngt, Jersey Ud- 

GO Bax BE SL Helier, Jersey.. (Eog. 01 000 <070! CMTfeiW 

Ftouelei IPn 1 L51M 3 DO Metals TsL 

ra5SgZZz:f®i aS:.:. - 

Keyxejex lul’l Jtoia 7g| ...... - TOT Lid. M 

Keyselex Europe... B89_ 4^+0« 3 77 w .. n 

Japan Clh. Fund... 13VS377 S5fl . - WOTIO Vt 

Keyrolex Japan __Kil59 — IDs. Boole 

Cent. Aroeta c«p,„„ ” £133 M 1*0.021 Worid wide 


llwU'j-7 - 

44 |+0.02| .... 


Warburg Invest Mngt Jrsy. Ltd. 

1 , Charing Crow, Sl Helier, Jsy. Cl 053473741 
CMF Ud. Mpy 23 — RVS2S JLW .. . — 

CUT fed. May 23.... £2258 >2M - 

Metals TK. May 18.. PI 88 12171 — 

TOT fed. May 11-... £1057 1034^ .. .. — 


World Wide Growth Managements 

10&. Boulevard Royal. Luxembourg. 
Worldwide Gth Fd] SUS1496 |+010| — 


NOTES 


Price* do not Include S premi 
indicated yield* 96 (shown 1 
include all expenses, b To-d 
opening price, h Distribucoo 


rbiTSE General...-. J447 4791-01 303 

tbi Do. Accum 1567 .60.71-01 3.63 

lb) TSBIneomo [53 9 62.7d -0 J 758 

■ bi Do. Accum ..[61.4 65^ -0J 758 

TSB Scottish BS.4 S8.H -0.1 ZC 

(bl Do. Accum - 189 4 95.21-01 232 

lister BankV (a) 

Warjng Street. Bellflst 023 2 3 3 231 

(biVbter Gro*th - p71 39B|-0U 533 

Unit Trust Account ft Mgmt Ltd. 
King William 5t.EC4R9.VR O10334BS1 


Wider Growth Fund 

King William SL EC4R SAB 
Income Units — ..[29 J 
Accum Units.— 134.0 


O10S34SS1 
30 91 ... J 436 
35.S ,.-.J 436 


opening priee-ToSubucoo free (rfU.K.tax«.p Periodic premium InfluranMBlani.a Singla 
mmtSjlMurahSfx OHered pnee incladM aU exMnaea except agent^roimnisriM. 
y Offered m^oetaciQ doaU expenses If bought lhrwjgbinanMerx. x Previous day's price. 
V Net ot tax Co realised capital fialns uSew Indicated oy 6^9 Guernsey gross, t Suspended. 
6 ft icld Wore Jersey tax. f Ex-subdlrtaion. 


LG. Index Limited 01-351 3466. September Coffee 1759-1774 

29 Lamont Road, London SW’lft OHS. 

1. Tax-free tradlag on commodity futures. 

2. The commodify futures market for the smaller investor. 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Av?.. London EC3V 3LU. Tel.: 01-283 1101. 
Index Guide as al 7tb June, 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Income 112.91 

Clive Fixed int erest Capita? 126:93 

CORAL INDEX: Close 485470 

gftSUS?A^C£ BASE RATES 

t Property Growth 

tVanbrugh Guaranteed 9.50% 

+ Address shown r.uJcr laturonn- nnii rropvriy llund Tabic. 










FT SHAKE INFORMATION SERVICE 


Financial Times«atu^ay‘ 

food, aOCERIES^M 

| ftfce| + -"l S'lwlJSl 


'• If ^ 

-y, .4* 

i /*• 


High Lw 


22 KtesGloreiSp 

44 Gddra Fom® 
54 Hazl^d-sPaOp- 


Planning and 
Compensation 


BONDS & RAILS— Cent. 


Huh Lm 


Japan 4pt-‘ in .V-« 
I IVifijvUMW 


IKS 

Hi eh l.n> 


**BstrnsH FUNDS 

I 1 - irl 3wW 

£ - 1 InL | M 


S: »« llOKpi- 

160 145 PemAs.-3pi- . - - 
! :r-,. 75p s'linp.pniaai . 
5=1 S94J s TunnSrKl«JI - 


jci SW.|TurinSne 1801 . 
I ,\fll OMnrrurtnSjK ISM 
9» 194 |l'rusua>3>:pi . 


+ orl Dll'. G M- 

- I Cress YWd 


6V 10 70 
35 3 SO 


1ST* 

Hleh Ln 


235 1172 

B1 I 66 


BANKS & HP-continued . cmCA^ PIASTI^Cont 

suck i pm m ss usa i* « ”« i ■ ** sr 1 - 1 “ |c " ^ - 


ENGINEERING— Continued 

i 1 1 mj TK> l ivm 


298 254 Nai Weal- £1 2W -5 
350 Schroder# £1-.-. (WO — ■ 
190 SerwunheM'. £1 21Q*u .. 
70 Smith St Aub . _83 


M 60 M '431, "fi'Mtl * 
66 5 5 77 62 (til Paint- - ,7 


3% 1328 limp. -Hmin .. -1 387 


l .S. $ & DM prices, exclude inv. 5 premium 

AMERICANS 


suSri owin’ «o +5 p 3.5 

Trade Dei 5150. SlOrt . <S5c 4> 
Union Disc £I_ 310 +10 hl5 .81 — 

WeillFarKiS- £22*1 51A0 — 

Wintrusl 200 _ . M 3.03 — 




“Shorts’l Lives np to n™ Years! h“i». suck 

lOJ’.mWAnreaniO IffJETKi ■ 100 &£ + 1 ■ “ ol 1 30 131. ASA 

MS |f IBS 

i§i§fifiiitiii®p 

1014c 9bV Treasury £>Vpc 1SG!»- 1 * 8 82 1082 ajit 28V CPI'S, 

?$ 1 ^§5T ■ - " it * US Hg £ $ 35&ta: 

jfiiiiaaia »B 3 se!.-. 

B $’ SrSI •' la u| 

IHIIftr- %h tt 

M0> SfSISwCA* " ®S+«5 9 98 mi 25% 17 Cent Ui! S5 

$ E*Sr- ” &s ii is *» a. & 
SkffijfSiSS**?.- »" 1135 ss & gar—.: 

Five to Fifteen Years r 0 5 & gKft- 

mm es’, Treason ')*4P r ‘SB - **S +V 1® 13 115a ,, 67Qp Fue-iooeTirell .. 

gTr; nmdir-iai-pcie-MS 81V<d +5 6-W 9.69 13 j 11 V First Chicago -•■ 

w; kh 5«S««L 875«d + 2 9 64 Kg 32- 20V Fluor Corp.S». - 
Si 77V Fimd:n=fi'^c *wn= 7§V + i 10 g 41 j, 2 t% FordMotorE— 

g£ 5KS&SS* £ :« I $§ Si % Hgw:: 
, 7 S. fiS. assaSSfe *154 4 H'S »a 5’ S' 8SS&>» 


22 

23V 13 


lUi'A TUT, l 

97.’ 92V fcehflspc g - - 
jrioi QJiv Eff.h S<?|* 1061 . - .. 
87U 35 ^ Exch. 3pc !SOI . - 

97 96V Treai. Variable 8 'N ■ 

111' 102 7 , Fxdi - 1 

99\, 911, TteaNR-,rf^^ - 
BaV 83V Trea?ur--jpr^_ - 
115V 106^1 Trerturv I4pc ■ - 
q 0 L- 951 , Treas Vanahle^2» 
%il 89^ Tm-ur.S-.rcTC . - . 
100V oj's Lich IS81 
94V 92V Ev.h »4P- WE *»— 
96 ii 90V E»rh Uprise..- . 
85V 79V EvrhSj^-Tn - 

134V 101*i|7rea'Ur> 15 ^ •• 


ir- 

artahle 8f#§ . %‘a "jl }}§ ^ ,Vft 

:'.-pcIS 8IT; • 10* +v 12 26 11 7b5p 


Bend ix Corn. — 
Beth. Steel 58.-.- 


28V CPCS, - - 
32V Calerpillarll 
177® Chase ITWn-SUJ 
13V '-TiesebKwjiiSl.- 
7b5p Chrysler58*i 


1001- 9;'. TYearmyOupc’IB - -.7^ 

89S' &>•; F«rrii«9 :IK««^ f 

96 V 6b': Treasury ^ ■.£*£■ T, 

87V 77V Fimdtnsfi'Mic 2v* . 

89V Blit Treaiurj .'j|ft S.i .1 

6S-V 601. TransponjiDL^e +: 

75V 64V Ticas"i?-il«.-WJB ._«6 a 

115V ion. Trwwiij Ol|f«F t ; 

391. 771- : reason 8-1 87 9(t: **4® * 

1061; Wa Trea»ui> tlVp^l®! - + 

75V 63V Fur, dine ^iPTy. Slf- 6^4 ♦ 

1 1 103:, Treamn dl’ipe PI57 - + 

9&V 851; Trea'ur. K/pc l9£i. 88^ + 

113 | 98V Cnh ApeV ■ . l? lla + 

Over Fifteen \ears 

110V %V Trwurv • 9 ¥i? * 

72V 0OJ4 FurainiifipcT?ttK-^ 

120^4 1041; Trea.-ur> 307V + 

12£7- 112^ Trcaaun ^ 

114V 99V Lrrh Wyx tm - f " 

897,, 76J 4 TreasurxV94^- - ^ 

106V 97V Trewfe^- - % ti 

517, 431a l*3jr:9J.*. ■ -- 7^? 

95 85V E«h iCipclOSS— »< + ±. 

114V 98V Tr « asui l^‘e,'^ 1 S1^ 4 

ooTi 7bi TreawirxSpc'ffii^.. * 

331'; 114U Treaurj ?aji« WS,- 1J& 

117 V 101V Exchequer 1«V> 

50 42V EsflemplwnliiclOT* 

115V 105V Tre-ur. Ktt 

98 V 6b Exchequer IUS*cWT 69 

8fV 747, Tier 110 *WeW^. Si! 

72V 60 Treasur SVprft+WP- ”2, 

1 35 V 11 CV Tw* lS.a»«S - 
9o 93V Each U>. »•. - _ 95 ’ 


bBO 10.67 13,, 12V cdtaie-F.SI 

9 04 11.00 47 , 29 Coltlnds-Sl 

998 1142 2o 151; CnnLUHnmsSlO-. 

9 98 1195:5- 17 Com ml»-. — 

9 61 1132 ;s 2Q1, crown Zell. 55 . . 

374 814 jbi- 20V Cutler Hammer Sa . 

174 1135 , :ij ‘ 22 Eaton CipS150 ... 

257, 17V Esmark 

.„ n1K JO 28V Exxon |i 

^ H Poll 12 670p Fue^oneTirell ... 

669 9.69 13 c, 114, Firsiimirago -..- 

b« in u '2 ’ 2041 Fluor C otp-SV. -. 
833 10 S an; 26V, Ford Motor S2 


83| log i, SR KrtiwEsi.- 

?« 11 ^ 25^ 16V UA7X 

3H inn 29? CrtnQecESS;--.. 

765 10 23 * 15 q oMtesi 

m - !? 48 28 HoneemllSl 50 - 


T J 7? « ‘-O’i em 

66i a *1* 765 10 a * 151, Gillette 51 

03Vrf +> 12 « 12.28 - ^ Howj-wellSl 50 - 

79V «d +5» M.40 11 46 1J: , 750p Hutton EF 

95Vnt +V li24 1236 , le ' m LRM. Corn 5a . _ . 

i5'ti H?7 52V 34 InKersotl-HS: — • 
106 +V If 61 1-57 735 p intSvitemsfcionSl 

883s +V 11-72 97^11 705p LI' tntemaUMialU 

101V +V 12J3 1258 7,'°' 1# ir . 

Years 20 Manl Han. LSS 7 5 C 

«** « 1 12 57 Jl 2bV Morgan JFiL’SSfa 

i 4 OR’ 1143 171’ 12 N Wlim Simon tot 51- 

t, 4 lia'qn 12.74 IK 134 OftWi+HL SSJ3-- 

M&lt} Hu lim 21 l^a Quaker lets I.SS5- 


- H& + i 14M M 21 144 Quaker tats tSS5 - 

# : 1 II ft : ffi BBSS*; 

- II S SkSSiBK 

- I? liS its (8 p ® Ssi;Sii F »i - 


t i*_ifiii«|Si 

JS:-:: "&z 

2j” -4 51.75 - 
30?-? SL40 - 
2CP 4 -V 30c - 
137k +4 40c - 

SS :■:••: It = 

% S3 - 

lit; -4 40c - 

13 -h 70c — 

634 . 1 SIM ~ 

97? .... S2.40 - 

42>S ■ SM - 

46?. SL80 — 

26>b 5220 -| 

2 Lai -V 9 Ac — 
959p SL00 — 

19V - 

127. +4 SLOT - 

& a if» = 

W‘ il; S.8 = 
th SS = 

25’ 51.84 - 

ffi .:■:■■ t!:5S - 

^ 1;; as = 

401. -4 S3-2D - 
23^>S ■ 5230 - 

43^nl +V 52-20 — 

23£ tV 5150 - 
4TV«d ... SL90 - 
14V d . •• S3.b8 - 
218 V +l’cSn52 - 

V $ S : 

31U 5208 - 

40V -V S220 - 
lfal, +4 E0V - 

IBi -4 h31-06 - 

a +? 5L04 - 
2r 4 + V 15c - 
2714 ... syo - 


Wdll FareoSa _ £224 1 5140 

|\Vintruft20p - . I M | ]3.03 1 

Hir e Purchase, etc. 

34 -4 h2.03 

£58 Q12% 

8tt . — — 

88 t3.95 

41 -1 gUB7 

10 

95 4R7 

26 htU 

IS"; - 

43 hZ.06 


H=ra SEsiS'.ti i 


9J10.0 99 
26 - _ 


15 51. 

23 lTi; 
205 162 


TtaxarBardnUV- 
WanUcBer 1 lop ■ 
Wolstenlwlme- 21 

Yorks Cherns — - 


CINEMAS, THEATRES AN» 8 Ty ; 

5? U KSSE'-lfc m l-fWIiai *3 !■! 

an I 39 kdmnian'A'lOpl 39 


6.9 6.2 90 n AndtaTV A — | 
I 18.1 119 98 A3x.Tete.-A— - 

78 8 5 40 32 Granpum A lto 

7 b i72) 65 55 Green Q wm lOp 

_1 - 254 Iff; HVrdWj’tfaOp- 

, 7 3 43 LT7 108 HlJWf. 

1 135 106 LWTA_. — 


LMWliaTV'.V— 
,AstTde.-.A — 
Granpian'A lOp 
Green Group Up 


aims, WINES AND SPIRITS 


Allied Brens -. §5 -1 
30 .Vaal PistPrlOp- ,|8 + J 

137 BassClmrgUM- 159d -2 J4.W 

196 Bdl. Arthur 5«p.. 243 -5 b4.7H 

37 Belhaieo Brewery 50 . . — 

92 Boddingtnns .- 109« h2.61 

6b Border Biot's - ,72 -2 330 

100 Brown 1 Matthew 1 112 -6 7352 

40 BucHcjsBiw- 47 -1 \n 

134 Bui men H. Pi — 146 -2 L6 6 

Burtorraood . .. 153 ...... 310 

City Lon Uef ... 60 » -1 14 

Clark'Matlhcui. 136 t5.21 

rWillem 50p — 176 ... .. 654 

■ Iwion'l-ilOp.. 25 1-1 — 

GouchBrasaip. 

CiwnallWMOn lllrdl-1 


S 


26*2 1 231; 


.06 LWTA 

73 RediITVPreL£I-. 
53 Scott. TV “A" 10p 
47 TridtTV'A'lfti. 
52 Ulster TV -A" . 
23i’ Westward TV 10p- 


66 BordeT Biot's - ,72 -2 

100 Brown 1 Matthew 1 112 -6 

40 Buctk-y sBres.. 47 -1 
134 BulmenH.Pi — 146 -2 

Burionwood ... 1 » .... 

CltvLon Def ... 60 » -1 

i71ark'MatVhc»i. 136 .... 
PWillem 50p .. 176 ... 

■ kwion'LilOp.. 25 -1 

Gouch Bros 2t>p. 49... 

tlreeiwIlWhiaej lllrf -1 
Greene King ... 265 -2 

■Tuuiness .... - J69 -4 

1 Highl'd DisL 30p. 1M -3 

Imerewdon — 102 ... 

1 Irish Distillers-. 153 +1 

I Macallan. Glen- 310 ..... 

I Norland £1. . . 475id +5 

I Sandeman... - 63 — • 

! Scans New 3>p- te 1 ; 

i Tmnatia - 117 +1 

I Vatu.... |120m-2 

[i, Whitbread -A --1 93d 1-1 
j Woh fudley. . 210 H 


i»" DRAPERY AND STOKES 

H“, , g ps p«|l 

Pi- 9 » H tear*- a, ".:31S U: 


265 -2 1653 
169 -4 7.02 

138 -3 29 

102 .... 223 
153 +1 3.55 

310 4.62 

475<d +5 1245 

63 231 

65>a • «.l 

117 +1 3.00 

120nj|-2 14.02 
93a) I— 1 3.97 
210 -2 15.74 


H f.; g 

3.1 94 2i 

ti”A 

“Ji if 

t.b 104 13a 

IVll™ 

32191 
3110*4 WO 

,88,3 

BA 8 


Do ‘A’Sp — • 

ufbotronic IOjl 
akeCsSbs. 
BeatueiD'A 
BeuullslOp 
BUmmiCpn ffip- 
BoardmanKOap 
BononTexL5fL 


I Macallan. Glen— 310 ...... 4.6Z 5t an 144 

I Norland £1.. - 475id +5 1245 Zb 4.014 4 1% 

I Sandeman... - 63 2^ * 71104 95 

! Scons New 2Dp. ^2 ■ ■ 13^ 2.0 ’ 5 Hi 96 

i Toralm ilL. + 5 \?L IS 1 1 12I ML 

I Vnaiv. 120id -2 14.02 24 5.1 1 inc 

i 2 WTuihread'A .. 93u) -1 3.97 q30 b ? 5| 2U 

i Z Woh. Dudley. - 210 -2 15.74 28 4.2 L-3 ^ 

> |YouiC Brew -A 50p 180 -2 3 JL8 ♦ 27] 4> ylQ 

LDING INDUSTRY, TIMBER 
AND ROADS a 


lYoun; Bnw-A aOp| 180 |-2 |3JL8 


« i gS ga Shdioil si - 

101H *Vt If 67 12M jSc SirmwtSWi- - - 
79V +1 1166 izi| 22V SpCTrtRandSO^- 
1171; +1»1315 “S 18V fWfc'lnw S1V— - 
l«v +1 'b If 79 1|^ 271; iffj TenneM ....... 

'f; |1 11 l p if aSS?.* 

77?« +1 Jis2 an J2i Timelnc. — 


5Mp -30 

* 


"... h*U 


19 3^ + \ S& 

ii a ^ 

153rf ■ M B » 

908u -10 - 

If* S3 

13V • ■' 800 


Q0«- 77V Trea'-uri9!:p.-!MK; ^ 
9bV 83'* Trei ar. WjirlS® • , 

;2U 34-V l : undmfllt;pr StWG .. J 

gl)?, oT ’ Tredsury 3pi ■ 

98V 47i; T reoMio Jirr 

7b* 6b Trwrur-'" ape - . 

_ £>,'6 1 

Undated 

371- j 32); lOwoL’Ipc— .. - | 


Will 


B*:l lo“ ufb 40 36 -.; 5150 

f i ;M &s | f 5B3E4: »fi ^ B 

7 S!f l + lt 1229 1246 V 11V Wooluorth*®; - 16^ S'52 

if ss Ki € 4 ££$r ' $ tiL 

69 2 +1 llS U81 S.E. List 


Ebap iransamenca ji - 

21 V Ltd Tech. SI S3. . 3TVy) - V SZ-OT 

17V U S Steel SI . . 23 : •■ 

111, ivoolwxth‘33*; - W* ■ |i-S{ 

28fj XomCmpSI • - 44VJ *^5' 

385p Someslnr. lte ... 850p +60 T}£ 

lot 7iml3l nra "Sc 12 ■* . . sauc 


Barratt Dei 10r 
Becchwoid 10p 


Converoi on factor 0.6708 i0.6722i 

CANADIANS 


L'.t'.6l’C'»TJ 


DuRan-82-M 


Ini. Nat Gas Si 


Pacific Pet 
Place GasSl 
Ibo.Mwn.. 

Royal Bk.Can.S2 
Seacramvadl 

Tar Dora. Bk, SI 

rans Can Pipe. . _ 

49V?c I based on S2.0465 per £) 




banes and 


RiBh low 


PURCHASE 


Price ] + -°1 IcVt 


Uh 

Net Cw 


[nj TVpcAUth aWCl 
[>j.7-*p'. , ‘'Dh. ■91W 


FINANCIAL TIMES 

BRACKEN HOUSE. 18. CANNON STREET. LONDON EC4F 4BY 

™«: Editorill 88SM1P. 883897. m 

Telephone: 01-348 8000. 

For Share Index and Business News Summary In Mm* Birmingham, 

Liverpool and Manchester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam- PO Bo* 1296. Amsierdam-C. 

Telex 12171 Tel 240 55S 
Birmlncham: Georce Uoumt. Gcorcc Road. 

Telex 338650 Tel: 021-454 0922 
Bonn Pre»hau> U»1M Heussallee =10. 
Telex 8809542 Tel: 210039 

Brussels 39 R ue Ducnk 

Tele* 23283 Tel 5126037 
Cairo. F O. Box 2040. 

Tel: 988510 

Dublin: B FicwrtHiom Square. 

Telex 5414 Tel: 7S5321 
Edinburgh: 37 Ocorfte Street 
Telex: 72484 Tel: 031-226 4120 
Frankfurt 1 I m Sochsenlsger 13. 

Telex: 416363 Tel . 555730 
Johannesburg: P O. Box 2128 
Telex 8JS237 Tel- 838-7545 
Lisbon: Praca do Alegria 58-ID. Lisbon 2. 

Telex 12533 Tel: 382 508 
Madrid: Espronceda 32. Madrid 1 
Tel: *41 6772 

advertisement OFFICES 

Birmiueham: Cconse House. G«onM Road. 

Telex 338650 Tel: 021-454 0922 
Edinburgh 1 37 George Street 
Telex 72464 Tel 031-226 413B 
Frantafun-. 1m SachKMtlacer 13. 

Telex 18263 Tel 554067 
Leeds: Permanent House. The Headrow. 
Tel: 0532 454069 


Manchester Que«nr Houee. Queens Street 
Tele* 666813 Tel 081-834 9381 
Moscow Sadovo-Samotechnaya 12-24. Apt 15. 

Tele* 7900 Tel: 294 3748 
Hew York- 75 Rockefeller PUu^ N-Y. 10019. _ 

Tele* 683S0 Tel- t212' 541 4625 
Paris 36 Rue du Sentier. 75002. 

Telex 220044 Tel 236.57.43 
Rio de Janeiro: Avenlda Pres. Vargas 418-10- 
Tel. 253 4848 

Rome: Via della Morcede 55. 

Telex 01032 Tel: 878 3314 

Stockholm: c to Svenaka Dagbladet Raalambsvaigen 7. 

Tele* 17803 Tel: 50 60 88 
Tehran: P.O. Box U-I8TB. 

Telex 212634 Tel: 682898 
Tokyo: 8th Floor. Nihon Keij^i S himbun 
Building. 1-84S Otemac ht Ch goda-im. 

Telex J 27104 Tel: 241 2980 
Washington: 2nd Floor. 132SEL Street, 

N.W. Washington D L. ®®04^ 

Telex Mf” Tel: 1202J 347 8810 


Manchester: «5«o*™ SlrCet 

Telex 668813 Tel: 061-834 9381 
New York: 75 Rockefeller PJ^.N.Y. 10019 
Telex 4330625 Tel: £12) 489 83i» 

Pans: 36 Rue du Sentier. 75002- 
Telex 220044 Tel: 23686.01 
Tokyo Ka Sahara Suddlro!. 1J10 Uch»J«oda. 
Chiyoda-ku Telex 4 27104 Tel 285 4090 


22 WigBiwConl 

99 WilsomCunnol 


SUBSCRIPTIONS 


fop.es obtainable from newsagent* and bookstalls worldwide or on regular lutacripUon from 
Subscription Department, Financial Times, London 




rinianijuauuw— 

Francis Rtr lDp " mu iai?h 

FruKi-.it> Hi lip- 5? a vi™ ist 4 * Bb 

26 French Kicr ... 31wl + 1 ? R g? 

521 2 GaUifiMdBr.5tL.. 56 .... 3.07 2.B 83 

25 Gibbs D-*-A10p 29 -1 UK 2| 93 

41 Gleeran-SLJ 'inp. 41al tl-W 3| o.b 

;s ?A l k 8 ■' E 1 1 

S Iffilltf;- 1 := § I| \i 

133 ESKjJJ" ig B.27 * |i 

« HcwtenSI ll»p. 67 .... K9 ™ Z9 

£220 Da7pcConv. - £310 ..... Q7% ffbi C13 
64 HejwcIWin-Sil 1 - ^ i 7o te 

72 HWi&HdJ -- M + 1 3.45 5.8 63 

66 Hovenngham .- 78 ^-08 4.1 

55 Do Res. VI?.. 72 $}», 2i Je 

22 Howard Shut 10p » ^ - ^ 13,?] 

104 LD.C.20p... 1U +2 d8.98 0.7 1ZJ 

is ssfe; s -2 «29 a U 

51 JR Holdings 5p- ^ ^ ^ 

22 J.C£.il ,28 i ? 7 j 

162 Jamti.i -.-~- 178 W.bD 23 7 

90 JwuungsSMia). IS ™.. WZ^ j, J. 

79 ItteM-Wcto^- 92 ^ jV| 3 ^Sioi 

12 Jones EdwilOp. M 0.92 1.8 io.i 

35 KenliM-P.ilOp-- 36 1206 18 B 

08% Lafarge SAFI 00 05 ...... \\ ? 

121 LainEiJohni“A’. 178 +1 6.8 g. 

no Utama^l- 120 thM2 26 B. 

To BBB&w S r ™ H'S : 
3 IWK:: 3 -* M 1 1 

! 55 life-:: S J % H <■: 

38 McNeill Group 5S +1 t2-89 - 

170 Magnet iShn." 200 -2 t8.0 2^ | 

42t; Mallinson-Denni 50 - 1 ; 2.79 Z.W o 

W MawfcrtiHJdg 1 86 234 3« 4 

II BSS--.: 1 

So SiriSi''' g -j jijs jotj 

3 SBSjf*v: % ± H ® 

73 MowiMont-L. B3 1418 1 

65 Mifbuiy. .... 106 MB 5.0 e 

9 Miller iStamWp ^ ' 7 " * iq 5 19 i 

52 Miwoncrele ... . « -Z 3.19 19 

37 Mod Engineers- 37 ..... 270 L7 1 

79 MnrirtAt 99 +1 thS W 3.6| * 


HI MovlemiJl.- — 112 -1 63 

138 NeirarthiUEl-. 151 -3 d4R4 

79 Nome* AM- 9| 

210 Nett BrickSto .. 270 .. .. 1L55 

453; iDnneDevs. lOp .. «»; -1*2 

98 ParkerTimbW- 98 5 44 

138 Phoenix Timber. 167 TJ«i 

82 PorfrinE. -2 M45J 

107 RAC- 12J .... 5.77 

116 Redland- - +1 

70 Rdh’da-Walligp ® - 1 ^4| 

94 Rubens AdlanL. % — 4 ■** 

SO Rohan Group^-- ?8 +2 

80 Rtrwiirwui 10pt- lfO - 

291; RpwoGroup — ~h ^50 

30 RubODuU 3' "I 
66 RurIkP. Cement 75 +1 ^ 

135 SGBtoup --- 

31i 2 Sabah TimfcrWp. 36^ ... L63 

Sharpe&Fuher. j AVg 

40 Smart U.) lth)—- " “9 tdiU 

6 SoulhemCotLap 6 .._.. — 

27 StreetenlOp— ~\ ^ 

124 rannacWp. «7 -J y.hu 

330 TaAlwWoodhJ*. 376 -A 7J60 

233 TlftjuwCTgtL-. 2TB -6 20.0 

131 Trans 4 Arnold- 131 ■■■■ d3| 

225 Taiinet BaOp..— 266 “2 J9-9 

g ssssk M '- li 

■a ssne-w. « ® 

35 Wamnjmm - - ,53 +3 3.ii 

95 Watts Blake .. - 113« h f| 

30 Wcstbri'-k Prods 37 .... ta 

56 Wetleni Bros.. 97 }*X 

8 SBKSS. S :■■■: 

CiffliwCooffip 23 

iltsonii-unnollji 131 

i'unpeA-i'jeoi. — «o 


162 525 

3&t L63 

42 nl -1 hi. 8 

40 -A tdl( 

28 -I" 2.U 

157 -1 9.80 


34 ... 

53 +3 
I 113*a .. . 
37 ... 


CHEMICALS, plastics 

253 Alginate Inds. — 2W --813 96 Z. 

1 e asm- \ =i *1? i 

&gBgSaa J gi* \[ 

w 122 BlagdenNwh®- 230 +2 liO 1. 

■186 134 Brent CbemslOp 185 .... Mp.U 

g JI mMi% I |« | 

Ivy* g-asf&B; W‘ = || J 

44 Qiaijn ^ 

£89 I’lbaGffl 7U%Lo £?3 +J; Q7V 

£W; SMwigi £92); +V 

£981; E91 Dualism 82)83 £91 Q8'*-'» 

79 64 CoalHeOiem..- 70 ... 2-78 

75 59 Coal«ft« 63 +1 -3,. 

I 74 57 DO A NV-.™ W^+l 2 3. 

51 ‘ !. 

27); -ij 


LIU*} W-QAMl»Ul ^j & ‘ 

£9®, E91 Da8>^:m 82)85 £91 
79 64 Coalite Cbetn — 70 .. 

75 59 CoalesBros 63 +1 

74 57 DC A NV ..... 62 +1 

201- 19V corj-iHoraceiap 20 1 : . . 

60); 43); Crodalnt 10p 51 ••• 

'31*4 16 Onrrtalale.ip 27'; -'a 

57 46 Enalon Plastic* 46 

44 36 Farm Feed .. - 38 • 

391 325 Fisot»£t - - 3 ®®, 

2CPa 13V HalsieadiJ ilOp M 3 * •• 

223 156 Hksn. Welch aftp |0| 

534 376 HoechSlPJP-.- 515 -2 

m? ; DpFmKlj.Libla. £125 +1 











































































































&• . ?£ t-..: 


li's Wharf EiTTItMO 


i* 

. Ji |«e€l--& 


m. jCvrlci’s! re 


ns . 9i . ffinransrECr .ia7. 

• §1 . Holden 1 A.) 63 

,2' ,51 BoflisBrfts.^— 64 - 
M8 n%HoIirJoyiflm.lOp 137- 
390 315 ■ Jkwer.V.^. 323 , 
?99: rfllj Horizon 5p_;.-%- 95. 

ScsWnsft H2Dp 167; 
HowardTenenr. -• 29 . 
HuhtingAjaoc. .. 230 
H ui&j gh Htel- JU5 
96 


■j! iH 



411? ,21. Hpnajnl-&Jj5p -ftl- 
£21% £14% tTladdslnwlK.-. £21% 
298 206 • 2toa 

M5 308? lamCMLCwir 375 
7 S .72 , iSpidfelOp- ■ 25 
"77 - -64 ; SSSSsSfe, '75> 
12% 8 LcSeraty2Qp:„: 12% 

47. .39 JarnesOahttl--- 461? 
-14% 9% - JtaBOJhfcSjj- : 33% 
260 149 fartlMttSHK*: 269 

32% 2% JenUrjne- 25% 

"* iJd&rws... 22 
nuR- . 87 

HUw.El 432 ■ 

JonrdfliKT.ilQp.. - 39 -' 
HdlamazmlOiL. 30% 
Kaseytak-l- 95 
Kennedy Sm lOp 33 
Kershaw f.4J5p_ £l&% 
m ^i>-E.7eHldjs; 72 

■ p Hi rig ■ , 95 _ 

.—tlndlluvR^. -■«&& 
-73 37" LRC.infc10p_ 32 

68 . 53 Infer.-- - -57 

-158 128 LeadlndsuOp.-. 153 
112 ' -99 IkadeflWlsfifat. 112 



oamsfam. 

INSURANCE j PROPERTY— Continued 

»*rit | Price |-1 Sn ^CStISsI P/E HitiTbm I Stock | Price | -1 M 


INV. TRUSTS— Continued 


5.4U3.7 


74 


iil.M 


4SV 


10= 


JO ' I 
loot 

100 tBowincC Ti . 

. 34 BikIwII Bd ;hp . 
1148 [BriUnmrJp 

JConraiaH tnrSL_ 

JCamm.Vnhm-._- 

32 [V.irJgSUr- 


..rid 

rirlUrs P/K 


Mflrk 


U or* Di* J _ JV 
prtt* ! - 1 v* K « Ci> w. 


FINANCE, LAND— Continued 

|*_1 K 


Mark 


16% FAsitrt Ini ttp_ 
£307 EnnulKSfy’ir. 


mm 


Eqaib &Law5p. 
- Hen.Acddrnt __ 


• 9.0( 9.7 




, Guardian Bmal 

]Z63. HambroLofe. .. 
1240 Heath (CE.i .'Up 
HoggRooinsurj 
H£tivdin(.L)inp 
LflOtf flitfen 5p , 
Us.&ikhm. Iflp 


7.6111.8 


3.6114.' 


;<U3r 
. 0.6- 
H*M7. 2.3 
ZdflJ — 
Q67c 2.3 

mzo i.r 


8.2 5.6 


L-itof 


n.«io.9t 


3;B9 3JH t.ffl S5F 


53 3.eF 


73 92C 


64. 


[Cm&Mav Sp? 
itedai 


London l 'ruled 3n, 
Matthew Wr 2ftp 
Mine! ffidb 3(p 
fern iOm*i Sip 

220 ' Peart 5p._ 

236 Phoenix. 

120 Proridenl “A*_. 
120 . Dbl“ 8“-.- 
137 Prudential 5p. . 
Refuse 5p — . 


A IlSlKma!. 

r.93 Son Life 5p.„ 

MaaMar.EDB 

'. M&tatensuly 

i|Q,7% rravdmszso.^ 
WfiisFabcr 


102 

40 

163 

£16 

145 

136)4 

21 

£124 

160 

210 

216 

325 

257«d 

181 

155tr 

153 

98 

134x1 
175 «c 
165m 
184 
59 
238 rd 
242 
128 
128 
145 
138 
353 
405 
97 
588 
100 
876 
170 
£30% 
250 




295 

1.28 

918 




..65 

6.13 


-6 


-5 


-5 


09°.< 
669 
810 
1017 
20 0 
4.83 
t5.6 
i7 0 
5 .77 
d4 47 
16.46 

a? 

3J3 

3.62 

12.59 

1035 

B.17 

8.17 

6.65 

8.1 

16.45 

959 

4.05 

20.15 

13.42 


rar 


21 


2-51 


44 


83 
J 5 
fill. 

- 


17.3 

u 

Ih 

4.7 

68 

57 


24 


. , 6.6 328 
4 8) 93 39 
‘ 39 

.46 
228 
£179 
050 
050 
, 51 
247 
93 
74 

6 132 
,10 6 134 
85 30 
... - 50 
6<Hl0 7 220 

- 44% 
105 64% 

-J 7.B 3Z5- 
27113 4b 
65 83 

- 347 

- 110 

- 12Z 

- 315 

- 156 
_ bh 

, - is 

,13.0 87 
7.4 77 
_ US 

- 96 
_ 118 

- 43 
. - 129 
11.4 £174 

270 


[280 

25 


73 

8.41 


9.4c 6J 


9J 


7.7 


M OTORS. AIRCRAFr TRADES 

Motors and Cycles 




49- ■ ?38 LeBastEdlC™ 42rf 
- 56 43*a UbafiFdrf lDp • 52 

70 46 . Leftns Harris -48 

186 - 134 - Leigh lots. 5p - a. 170 
130 102 i LeunreCkr.lOp. 130 
245 235 Lep Group KhLi 240 
80 57 ;. Leiney'RWis.SP 78 

lb8 ■" 9B UtrasetlBp 134 

■ 24J? 15. - Uden Iflo ^ 20 

47 32 Lindsay fc-Wms^ 43 

351 128 Undmrries.^.. 136 
29Jj 24 . UaSNUntGra- 24%ui 
■' LongHmhlj'.ap. 36 

LtaiKten Trans _l 59 

90 68'' Lonsdale Criml.. • 90 

178 163 LnwgtJBonarMp 170 

-70' 54 ILY.Dan.10p 57 

-22- 18 UaeanieLdiLW7. 22 

103' 90 -. Src^UiyPh.20^. *95 
68 60 Madariaise Gp — 68 

145- 105 

15 10 


S3 


11 


13.1 


d2.90 1 3.7T 5.1 


ii 


'■ BriLLeyiAndsOp 
Geri. Mis Units. . 
LotusCeriOp — 
R*fijntMtr.5p . 
> Erdb-Hoyre iltr- 
VohoKrSO 


24 

250 

50 

11 

94 

£11% 


-5 


b539 


' Commercial Vehicles 


• _ 

. 


Q34c 

1.7 

7.7 

MUfil 

24 

23 

gi2% 

0.6 

6.1] 


!=» 
70 

■ 17 
104 
_ 24 
76 282 
. L 148 
120.1 292 
9.1 ?0 


37 


35 

,37% 

190 

£145 

£125 

£125 

1172 

77 

, & 5 
104 
1105 
14 
, 36 
145 
31% : 

, » 
103 
45 
. 68 
|295 
77 
. M 

8 

75 

54 

89 

72 

97 

,35% 

100 

,U40 

216 

170 

12 

82 

18% 

240 

114 

262 

14 

16 

30 


foray Property— 
lnierrumpcau'Jip 


Jernsn Invest -- 

Land I 


Imrst. _ 

Lnid Secs Wii.. 
Ita-Skriv-Vi 
DflfiV.'W S' 
no IQTdUuW *i 
[jwLand2up 

Lend U>a»e SOc. 

L«ii 1 *ro\ Shp lup 


Lon hhonJ’mn 

lAHtifl I Wit '.tip 


lAtrim 

SIER’ .... 
MarlerEsiait^ 

McIiwrncj'Wp 
McKay sen sup 

MldtUTft ^Tl ldp - 
MouiMvien 5p - . 
Mui'klw ' 4-1 

Noltvfl 

Peachey. .. - ■ . 
Prup.HWu.ainv 
Prplm.ftMa.il 


Prop Pari'shi^- 


rropL&Bev .. 
Prnp.Scr 

Raglan Prop. 5p. 
Btsalun . — . 
Rmooal Prop.... 

Du. ‘.V 

Rush ft TompbaiJ 
Samuel Props ~ 
ScaMotrop 20p 
SeiundODlOp- 
SloughErt*.-— 
Do liptf'om HP 
iStcekUanversn. 
funles-fBilni 


[Sure Properties 
Centre — 


TawjiC 

Town It City lOp 
Tralfard I9rk . 
I'.K. Pwpcny... 
l td RcaJPrtp... 

Warner Estate— 
Wamlurd Inr JOp 
WcbhiJosi5p . 
WminwF 20p. 
Winston Esli- 


-li 


1.0 


-1 


-1 


1-1 


-1 


tl 41 W 3 




Q 8! 187 2 
05 - 

2 0498 255 
I <-3b.5 79 
13.7 - 77 

f3 9 - 89 

,r7.|l -- 252 
3.S11302 108 
3J16 0 124 
1.41421 119 


-1 


.132 
lh222 
2.0 
1200 
p634 
♦t4 0 
11.59 
44 69 
tl 88 


S 


-1 


-Is 


lt , J 


+2 


Bl.0 
rt2.B7 
irlZ-1 
tl 94 
tl 73 
227 


. . »*■ 108 
3.1 19 6 113 
2.1 37 B 66 

- 35 3 WO 
■ - MO 

1.036 6 55 

- - 29% 
3.6 4> 109 
2.8 26.6 87 
66 4H9 100 
39-66 
33 391 S3 
5.5 .365' 12 
2 0 37 9 78 

41.7 76 
!45 


Bnrewr 1m . 
Rry own »u 
ClJlMir. 
C.iUtkiTu.iliA, 
Criiediir.i.m T-r 

r- -tr 

R.-.r.n:i..njr.iii- 
> win-:l..h' 



goey 


5.17 
t 2 66 
695 
IhdO 48 


127 


14 


■66 Of 
56 9i .. 

mi 30 
_M2 44 
Z§46 9 4 
7.310.9 65 
Z9 284,_: 

- 164 
ll(52.2 190 

- 134 
. * 146 
59 0 40 

195 
19.7 fa5 


ii 


3.00 


9.0 


10.6 


2.0 


H10.I 


32-41 


U Sir- 


.. (V- 

r 


E.R.F.iHldgs. 1 ... 

FOdens(50pi 

Peak Invest 10p 

pimdims 

Yort Trail erlOp. 


107 

57 

& 

66 


+1 

h2.17 


31 

-1 

♦325 

5.7 

8.6 


tB5 

2.9 

• 


Th3.9 

33 

77 


d2.14 

55 

4.9 


4.63 


30.89 


Components 


5.3 

82R57 

> b h 


SHIPBUILDERS, REPAIRERS 


, 64 lLwlht'rnLSlp 
128 Svnui Hunter £J 

135 Vesper 

260 Yarrow aQp 


6 86 1.8 
4.65 45 

14.61 4.7 


I tZ14l 


1 2.00 


63 55 

66 58 

95 73 

.. 79 70 

225 1% 

24 17 - 
49 . 33 

168 134 
59 45 

£103 £ 861 ? 
136 . 120 

25 20 

35% 20 

320 — 

srs 

204 140 


nebp i37xc 

L-aZ: .15 

wntDj. . 83 

Tn^diSp. 64 
95 

_ . 73 d 
225 


3.94 


14 


5/H 5.; 


1-58 


-....354 


63l 4.6 


K1.46 


1 0-25 I- 


Z64 


1 K3-191 


d2.70 


+1 I tail 


[15-56 1 


|dh0.92r 


td2.49 


mid uiuthi * 

j-BlaiJ-l .* 54 
_„sow7%pt.[ £102 1 

iynards25p ] 132 

^iminfler 10 


7.W M 


112 


Top- 24 


SHE 


310 

Ctosarek— 94 

60 

1 Mrstrs-SOp. 197 


d0.92 


’46 lAWwyftnelf — 

Airflow Stream.. 

• AnOtCngEq. lDp 
Assoc. Enfi'E-- 

__ Antfnmtiue 

,-W ElncmdBios.— 

. 20 %. Btwra Bros lOp 
DajwCorp , 

EHfittfiefnelling- 
•«>-: HnnaSrithlOp. 

44 % EnPFUHJdgilOp- _ 

340* Lucas lnds.£]... 3_ 
SMi. Supra Group lOp 56 

oT rurorMig. 134rf 

55 . warn® Breeden. 72 
.86 abodheBdU.i—. 92 
VI'. ‘ 2ttith 1 A’50p 90 


56 

105 

64 

113 m 

139 

66 

25>4 

£23% 

202 

73 

129 

10 


+17 

!+% 

+1 




d264 

4.91 

12.04 

t4b9 

204 

3.67 

. 0.06 
Qtl24c 

% 

285 

0.25 

0.99 

t8-22 

0.58 

3.99 

,3.08 


3.8 

111 

I 

3.7. 

23l 


t, 


a 


5.6 
« 

83 299 
6.2 200 
f 158 
, 62 348 
-. Jl43 155 
2.^12 0 41«a 
,13.0 39 
43 145 


llll 


SHIPPING 


,f, 1255 


^J«5.4 M% 
2.9^116 85 
‘ i 8.9 138 
163 118 
53 140 
iSJt 46 
5.0 115 
4> 


1252 
117 
112 
206 
130 
35 
1 3° 
116 
ROO 
12% 
66 
tll7 
91 
67 
34 
87 


LOBsaonUro.- 
FisberiJ* ...... 

FurnewiWtthvtl] 


Uacobstt 1 i20p.. 
OxnuTSeai Frtfv 




Orem! 

p.A-o.: 


299 

+5 

1B.42 41 


128 

-2 

5.81 - 


158 


153 77 

1.5 

247x11 

-3 

817 4 0 

m 

152 


5 09 - 


35 

-it 

dl 85 12 

uu 

35 


3.37 3.8 

14.6 

177 nl 


4.90 05 

61 

220 


5.10 23 

3.5 

20% 


^ — 

— 

72xr 

-2 ' 

2 66 ft. 

56 

118 

- 1 % 

825 26 

(i!- 

. 94 

+1 

634 1.9 

EEa 

82 

-1 

{1.64 3.9 

S 

38 


H64 3.9 

1 

87si 

-3 

8.16 21 

14.2 


14.87 1 


.Garages and Distributors 


i 43 % lAdams Gibbon . . 


83 - 49 (HltCotltTVspt- -» 
£1321 £100 ItffsaitfoSpcaML £126 


r£:|&5p 


■a ias^--s 

J ■■ 


528 


242 


...•I; 


MovilexlOp-. — 13 -1 

S. ::: 


U2.06 



LQO 


feSan'lB-ftLL- . 48 

Wewey Group £i- 62 


5J8 


33 I 2.7(10; 




132 U 


1L9( 14: 


me. 


+3 


6.71 2J 


% 1 




20 


A-k"-' 


Z719.1 


-1 6 . 00 . 


£99 tol -1 --- 

DtensUme 12%c . S 

&ss»: : a 

Pauls* Whitest. 122 

Pfxtoilnni— 36. 
PtatxxMeSOp-j-. TO 
POkingtanBr.EL 47 8 
ify Bowes La- 
, 1 , jkCoitsLinp-, ~ 
lEleasaninaSD- 74 

bsg 1 * 1 *- Si 

&UDafL50p-. 1 
[Press 


ii 


Td3.8 


8.4l5; 


3.116.7 


+1 


11324; 


14 


56% 45 

s-» 

S. 

«1- 


■9 s 

71% 48 

9 » 


;■ - 


m 




l-i- 





76 

20 

93 

128 

414 

41% 

48 

21 

125 

41 

42% 

95 

80 

V 

34 

45 
119 

97d 

131 

136 

£205 

80 

41xd 

72% 

81 

Cd 

78 

33 

* 

10% 

200 

46 
44 

7% 

74 

44 

90 


435 


-1 


-1 


1-1 


A1625 

17.75 

213 

138 

11.98 

1.42 

5.84 

d217 

tdL7 

13.03 

4 57 

2.81 




l._ 
d0.46 
d4.12 

If 

t3. 


54 


S31 1.71 


4— 

347 


ia 

3.« 


113 * 
53 53 


84* Csflyns50p 

29% CWmorelms... .. 

SttEfe.- 

! DuttmForetow. 

__i Gstos(F.G>— ... 

30 T GlaiiHeWLswT.. 

21 - HaSWlDv^MlP- 
92l HamKpfT.Ci 

j&' HartweUs 

B3v itenlysSOp -- .. 

-.*• BeronMtr.Grp.. 

IDpcChv.... 
t (Charles)... 

ipalOp 

Jngmi.— . 

tester IOd. 
s David 
_neMlL_ r 
;{EjMtra._ 

LfcJjlOp- 

*fOlrreri5p.- 
’aof Leeds— 
nStr.lOp 
a»r_ 

' >APERS, PUBLISHERS 


+2 
-1 
-% . 
+?2 


-l 


-1 


538 

165 

40.62 


0.63 

22 

220 


321 


8.7 53 22 

- 24.4 fa5 

2.5(10.2 73 67 

9.2 7.8 

7.9 39 39 

5.0 62 98 
, 6 3 103 73 
103 88 42 

7.110.2 501 , 
8.011431 50 * 
62 38 » 

4.8 5.7 S 
B.7 6.2 70 
88(37i 59 

4.1 8.0 301 , 

5.617.9 


I 

II 
12 
4.M 
S| 

3^ 

4.m 

l7 A 

32i 

. 3.1 

M 


62 


73 

4.9 


8.9( 


m 

8.4 


16i 4.9 SS 


SHOES AND LEATHER 

iBouttuUtfnfrZ I 


161? 

60 

57 

93 

29 

64 

47 

36 

38 

40 
463 4 
33 
56 

41 
18»« 
66% 
24 


Foot'wsu'lnvv ... 
GamarSeethlair | 
Rpadlan.Sim>5p.. 
Hiltons 2Dp . 

KShoei , 

Lunbert Hth.2Dp.-I 
Vwboldir Burin. 

IditenGi'A'- . . 

PirtaidGtp . 
Sead&Sim'A'.. 
Strong & Fisher 
Si lo Shoes .. . 

Tnrn£r V k ElOp.., 
Ward While.. 
Wearra lOp .... 


1-1 


+1 


1.0 
,4 39 
M3 89 
450 
123 
490 
1227 
317 
2.80 
1.87 
1 2 77 . 
thl.92 
14^4 
172 
hl.lb 
M3. 96 
131 


9.5 


7b .... 
88133 # 

f4.9 - 116 


SOUTH AFRICANS 


—020 
8.7{ 4.8 K% 


6| 4.91 97 


__ 3.4 145 
l^U.7] 6.0 125 
7.0 3.7 390 
203102 
- 160 
43 33 78 
5.4 5.7 560 
23 53 65 
— 223 

H " 

3.71 3.4 


1 

|420 

83 

28 

62 

95 

100 

288 

35 

130 

58 

445 

55 


lAbercmnROJXi. 
Ancle. Am In ni ! 
Ana.Tr'sliKL50c 
Edworlb Ilk- . . 
GoWn«feP.2tjC 
Gr'unnji'A'SOc.. 
Hulett'sCpaHV 
OKBamrs5flc_ 
Pnmrt»e tOcts.- 
Bex Truetara '.VSOc 
SA Brews. 20c.. 
Tiger Oats Rl.^.. 
Umsec 


-1 


-2 


+8 


b.i 

J 


Im* 

i’:m 1 lire 1 :n 
i.'.ipHil JLN.it 
!«. K‘ 
i‘onli".! Iilil 
.irt'fi! lr- 

■ \ilurlir. . . 

■.fcjsri!. In '• 

I ai ( ap 

Ihart.-nni-t 
I'll' i''»ni Ire . 

(Cinil i F In 1 . 

. .'it' l !nii rnt'1 
k'lij .4 nvjn'd 
jihtrlwu.w.-.’iijp 
li’liiii nil;',-. Iijji . 
[i.!)«1i , *d.Mi: lr.-. . 

!>-■ 15 . 

1 "<* or ;.ji '1 - Ir.| 
i'un:in,-n( I ilrd 

■ ■irj.nrr.il I'ewc. 

■ r?' ni LpuMp . 
i.'rwjfrtam. . 
Cumulus Im . . 
Danaeilw naOpi 

Do itap 1 inp. 
DebenlweCerp . 
Derb^lrt Inetl 
, Do.Cap.50p ,. 
tlk(ninii'jn& Len 
inraytnn Corn'd. 

De i.'nnx . ... 

Iw FarSastern 
. Do riemiw .. 

Dual’, cm Inc 50p 
I [*> i jpuji £1 

Dundee is Lnn. 
Edinhurih Am Tn 
E/lin lm W it 
Elei-rralnv T-a.. 

Elect fttjen 

Fji; ft Internal! 

Ena ft*. Y Tni-t-. 

Enc 1 ncii Inc 
lEnuii' Con.*! £! 

iw Lwresup . 
lEquil'. 1st flijp 
lEsiaieLiulW'il 
|F *C EuTrtm.4. 
Fatnil'- Lm Tsi 
FirrtScul Cm - 
FerciinftCoL . 
FUG IT iRDJSJ 
Fundirr.e. 1 1 ru." 

Iw Cap - . .. 

GT Japan- - 
i fen ftLommd 
Gen I'ousoldld 
Genera] Funds. . 

Lw Cun' 10p . . 
Gen !n'«ten> . 

Gen Scottish ... 

■fer. Sfhidr: j 1 
ijla<fi» iih!dn_ 
Ilende'.cn Im._ 

. LKi -K 

iGEtmmumy 1m. 
[wB - "rt . 
ilobclr' 
i kr.ett Europe... 
(iranceTniit 
Gl .'suith n In' .. 
irevninar lm . 
jrchanilm . 
'«rwiplint*tn(» 
''UiMunlni T : t_ 
Hamhro; . . 

Haft-rosin'. lCp 
Hill iPhilip- . 

HunwHl'f "A 

l»j “B" . . . 
lojlUPd r$r 

Du ■£' 

IndiLftnolft-ifen 
lniernatlluv. . - 
In'.mSumsf* . 
lnt«»or«Cap . 

Td vrp 
Tardine Japan - 
.'ird-twSfr. HKS5 
Jur-ev Ext PI Ip 
Jer»e> 'aen. £1 
Jos Heldihis. .- 
f lu* elm In*. lOp 
tw i'ap.2p.. _ 
IKetrienelnr slip . 
.Kingjidelm ... 
Lake Viowlm. .. 
lam- ftLonltw. 
(Loti- L' ebenture- 

LarardSdtReUp 

L*dalm. Inc20p 
Cm Cap.no 

LeVallowtlnv-, 
Lua& Abdn Pfdari 
Lon. Atlantic — 


271454 20 I 16 
j _ 170 SO 

422 B W 44 

* 22 13 

•> 19% 135.' 


-1 


-1 - - 


67 U 


+3 r--. 


h2.40 

13.43 


13071 30 
99 

5.6)26.2 127 
1262 7J 
123.5 74 
« £12% 

, - 18 
23.6 350 
.15 7 li 
i - 32 

- - 2I I i 
63 223 £70 7 r 
7.6194 11 
b.9 217 131 

- - £51 
33 417 61 

F 2 231 £493*| 
4 5 313 £10% 
4.8 288 28 1 

- 278 B 57 
73 203 87 

1 4 7B33 
10.513.7 


13 


GrimihjueJQi 
ItowiniS - 
HaEWimT-t.Sp 

ILmV.--S.S 1 ... 
in! lm 7-i-"7- -■ 
Iir.tslrwel '••*-- 
iKakurik? • . 

jrAli " ■?• 'X-'T 
Irtwaiiu ite* 
ji jia.iV !!'■!■ 

iLfTi F.!iru Gr)' - 
i.,<n Vrt'tih-i'J 
iLft G.iiWi -irt 
l'4;*iv!' r :«T - 
fMbrtm -RP ,*p 
iMivMrt LB "-% 
NJICIp.- . 

KffKCFc. '■'?'! 


Iparamheior*--' 
ate Irr. . . 


64 


Park Place 
PtwTtUC i lN»n 

St.lWvTr'elUP-- 
SrtiftMcrt "A. 
S£ 4"n 
SnjthKw. 

SjIj! Pat HKaOc 
1 Sw:Fin.NT100 
Tran? ML! 7.4 ‘ 
wan. Seled- 
. WesialErglai.-- 
YuleCifflo I0p— 



Managers of 
Commercial Property 


Knight Frank &Rutley 



211 

Il9.8 19W 

- High LW 

Unc 

X 80 

SB 1 ® 

M ik 


MINIS— Continued 
CENTRAL AFRICAN 

1 -1 Sn 


Sock 


Price 


USA 


"11 

|122 

73 

32 

10 


Falcon Rh^k;.- - 
Rhutf nCur^. IP*p 
Hoan Cun.- ivJ 
TancanjiLaiiltp... 
lw ltd 80g — 
WankicCul.Rh.l . 
ZamCprSKDOa- 


195 

17 

70 

162 

90 

37 

15t 2 


Q50c 

05b 


Q10.0 


1219 

5.0 




6.4 

8.0 


L4(l7-3 


5.9 233 

32 19.0 148 
- - 162 
53 25.9 892 
53 24.4 76% 
5.125 5 72 
3 4 39 7 £62 

. 53 263 £11% 
1 113 * 58 

- - 30 

5 526.6 £24% 
13 86.9 450 
4.6 31.4 144 
7.1 * 23 

3.0 45.2 36 


OILS 


lAttoefc20p._— 

EnLEorwolOp. 

BnL Petrol m u 
D0 8 B S H.£1 
BurmahEl— .--- 


6 bl 4 190 
17.7 ant. 


_t, I - I — I — 


;%• 1.7 1.0 3 7 


-% 


1.45 

al.«2 

+1.71 

2.70 

,3.75 

1thOJ8 

79 

13.71 


-i 


13 


|Loiu.Austlm5Al 


145 

58 



5.1 5 3 278 


53; 


1L94 


53-41 


iTODam. 

tel®( 

lGordon&GiAcb- 

(HomeCooiiUtS. 




IpearsonLoopnim- 


Uedai&KP- 
Sharpe l WNl'—s. 

Thomson 

Utd-Newsowea 
i WebStersPuhK* 



53 72 
23 7.9 
8 4 63 
4.8 103 

7.8 63 
7.2 9.4 

4.9 7.9 
5.0 7.7 

6.2 17.9 


97 56 
73 8.0 
83 7.6 
1.6(13.8 7.0 

5.6 53 

4.6 83 


6i0 


73 



11675 | 


11 i 


fo5X\ 


•.< r. 


1135 


-%■ 238 




5.9(110 


f M 


7.9 


325 


73 


+4' 933 


74. 


nr «~*» \ 

t5.08 


3ilJ 64 


-4.ll 93 


,.Jd4.01 


|dL2 


5.4! 


.51 






SUlAAl 


42.41 


139- 


17.25 2.9 


7.B 


8.01 


3.86 


9UJb 


236 


HTjaOp. 100 

E «!=:«. 


l-3"( MZ5 


.6.9 


qu.9 


235 


S3 




? - ‘ 


124%| 70 
118 93 

25%li* 

i 

iS, ~ 

fit 37, 

*'"117 ■ 
£21%^ 
63 


167 


tttfWtQnvJji £280 
FtBnitnre^-l 101 

SSS J: 

K50 £12 

PadficflOc 124 

>' 11B. : 

183* 

_ 1»2 
_ UB 

^§5; ii 


t2"|Ss5|.4 


.88 


6.9 


6.4 


1.24] 


29 


4.8 


6.0 


631 


4.71 


JU.4L83 


12-57 


fa.0 


Q.7T 


U 


9.8 


1:354 

J 44 

| Wilson Bras. JDp.(. 42 

PAPER, PRINTING 
ADVERTISING 

.1289. 

RBI 

318 
3.8 
3.8 
4.88 
JL90 


30 

35% 

42 

10% 

15% 

48*2 

54 

17 

55% 

43% 




-3.0 
26102 
L2 48.1 
6.0 73 
4.6 7.6 
4.6 82 


Assoc. Pa per — — 
Da9>^c_CoDv., 
AaltftWibmg^, 
Bemrafie — 

Brit Printings 

BrunnlngGro,^ 
Do.Restntlfe-, 
Buodftdp — - 
Capseak%,-~ 
CauStcm(SirJ.li-. 
i'hapmn8aL50p3 
ClayfHichenD^- 1 
c5k« 


1 AD'ronWp. 

(Culter Guard 


OKU — 

Fi nlas Holding- 

Geers Gross 10p_ 


39 ml 

£114 

36 

67 

'.62 

.r:98xd 

-.44 

.17 

BO 

M 

&• 

134 

.55 

68 
76 

335 

44 


.ggasiMa 


lU**** 

L i p -rcs:«-i 

McCorqmraeClf 

Melody 

JEUsiADenSOp 
More UFerr. lOp. 





Smith CDwdtato. 
SnmrfitUeHsn.)- 
, Transparent Pi*. 




Vsber Writer 
Waco Group 2ft)- 
WaddlngtonflAi 


-1 


-1 


-1 


+1 


£30 

-71. 

395 

272, 

41 

170 

40 

57 

165- 

83 

394 

69 

50 

62 

-48al 

218 

85 

12 


3.92 

U233 

3.27 

LOO 


+2 


.+2 

+% 


, 4.4 
143 
2.4 
2.0 
26( 
♦ 


7.00 
538 

W 

K3.0 

.430 

+lsJ t QSL80 l 


436 

.9.70 

tM.24 

29 

RO 

.d3.40. 

sin 

2.48 

4.13 

11242 

01132 

4.94 

334 
327 
218 
F1L0 

335 


4.4| 

* 


7.4 6.4 
f8.7 

82 7.8 
87 89 

9.6 (4.7J 

9.4 6 

9.7 * 
73 43 
63 7.4 
- 42 

7.7 * 
52 83 

8.8 3.9 

7.4 


10.6 

3.0 

4.1 
18 
6.7 
3.4 

if 


&&. 
93 9.0 
9.1 5.8 

113 24 
53 83 
103 8.0 

10.6 9 
103 (6 01 
3.4 87 
10.4 f5.ll 
.73 73 

13.6 33 
4.8 73 

a” 


1.9 

83 

6.6 


133 

9.8 

24 


4.4 

3.4 


4.6(112 
4.4 ‘ 


. 5.7} 
1L4. 

ioi 

H 

a 


TEXTILES 


1130 

48 

53 

64 

IS 

a 

10 

35 % 

41 

12 


(AfljedTattile.- . 
Attars Eft*. — | 
Beales(Ii20p 
Beckman A. 11, - 
Blackwood Mwl ! 
Bond Si Fab lOp 

Bnt Jfahair-.- 
BuLnerLmhJlp. 
CairdiDundeoi - 


1131 

i£80% 

iA 

74 
35 
. 36 
110 
89 
13 

55 
64 

56 
34 
32 
40 
53 
62 
21 
1S% 

48 
64 

49 
45 
96 

49 

1 60 
1128 

50 
82 


.29% 

h09 


Ind. 

Coats Paioa* ... 

Corah ... 

Courtnilds — 
Da7^«Deb817 
CrcwtberiJ) - 

Dawscnlntl...^- 
Do. '.V. 

Duondteiidi.-.. 
Early (C.l ft H. 10p( 
Foster iJohni— 
HattasU.Uto 
Bffi«PsLir 
lOij ffidWBros.5p 
45 HiRhantt.—..- 
Bm»Grp5p. 

Homfray — - 

M'gworth M. 20p. 
Dft'A'aip--— 
IngramiHi 10p- 


79 


6.7 

303, 

?3 

52 


NISjOI 


itZf.9 


„„( tt35 j 371 4.1 


42 


PROFERTT 


IW* 

93 

51 

91 

43 

25 

63 

46 

30 

29 

99 

73 

9 

47 

48 

31 
34 
57 
29 
62 
54 
54 

W 

49 
46 
59 


:! 6-7. 


[Ail’d London lDp 

.MlnaBteant. 


1553; 


Z~.\ 60.41 


,-..432 


rttaji. 123«l| 
UaUSSL 


dl26 | 4.41 33} 63 


£30% 

Dee.... -71% 

e vJGp.5p -31? 

tNew.EL 173 
:Cura.,.Sp 12 
168 •■(140- jCHUotl---— 

102 88‘‘ Cwcwntatasft-r 1?- 
42- 36- UniflCxlOp— « 
548 ' 476- Umte'cr., — 526 
£27% UnVN.yJ0.l2j £25% 
86 B Utd-CarneraMp M 
60% 51 Uhtted^asIndL. ,.55 
21 14%. H.Gnarajilee5p- " 2gz 

1P 2 11% OnoeteffliKJ— 1 12% 
46 -. 32 - ValCT^-fe— ** 
3 -» Va»>Wp r „_ -23 
llfPj 74 VintHtGip SftL. 107 

77 . 72 

29. 22 
15 11 
52 42 


15.16. 


6 A 5.6 


Q»r?2 


3.19 


B103 


013 


52 ( 


0.72 


8.8 


<5.4> 


.^uuis."-r 
AiaiunjCT*—. 
BantftConiiOp. 
BeatuMotPro' - 
Bearer tC.H.ae 
Bellwaj Hides 
BertehyRtSn 
Billon (Percy) 


9.4( 4> 


5.48 


22\ 


.. d2.75 


L1.0| *. 


iaiKS! HTS glffi 


Q4ZE 


(-212.11. 


.63 J 


3.9( 6.41 


Mol 7.4 


HritAwa - 

BristohEsfate.- 

, rBp.tL’tnuhws, 

Do warrants 


I d0.48 1 


8.9 


73 


tarrinfl.Mjm.™ 

■"ntrovinaal20p 


11.91! 


m\ 


-i 


.... \m 


urah 


«BSSfc: 


KUO 




£411,6(64 


SMRK! 11 


ChcmiSecs^.— 
LTsurchbTyEtt^. 
, CityC1fic». — ^ 
! ciwkeNjcWDft 


QL75 

tSfe . 




223 205. 
■65 48 

232 178. 
67. 57 
19 13% 
49 28% 
275 1214 




+1 


15 


1-1 


t 


1 .L v 


• ? 


w.p; 


Lft*l IT — 1— yiMMW - ■ — 

... 74" WhHeCWMiB.. & 
200 176 Whltearit5te™; -2W 
46 '.35- WldUl«BS*W,.. . §5 

59 45 Wakes UU—-- "59 
48 -35 - wnwnstttrtdl 47 

212 163 . wnraoncha. 

£104 £89 PftlOpcCw--- £2^ 

64 . 47 WinstGeocge - W 
81 64 KflswVatltolOP- 54 . 

47 % 36% ffiatm*- 20 ? - 

53 34 . mnerUhouMJ, g. 

s-. s- aasA-| 

101 S3 : S 

60 44J 2 '(ZdUM5p-^ 




-2 


-U&2\ 


1410.0 


3.75 


tdOl 1 - 


-2'i 1837 


135. 


-l" 1323 


220 


324 


♦ 0.66 


0.90 


S 


132 


.16 


621 


52 


CntijJk* — ■ . 
CnfeiKstl 1 

WBL. 

IMrrlngtonto*- 

Png. prop S 0 p_ 


83 ( 




7:9 


62 


53 1 


to 


86 1 


Mli 


Es&fcGetL— 
Eft Propjmi. 

SSSglif} 

stsg, 

fiLWlmdJiOp. 
^^RllOp— 
ijreeDCOOt^”- 
Uaffljreremi A - 

HWjjBPWWW 

ggSS: 


9 
200 

n 

& 

& 

KB 

163 

225 

137 

100 

52 

1 

20 

94 

68 

66 

255 

51 
71 

12 

169 
2 5% 
86 
93 
.17 

52 
.43% 
£96 
£88 

46 

20 


i-l 


-1 


hL85 

d3JB6 


35 

0.68 

13 




Lffl 


M3.81 

td4.0 

1287 

3.22 

6.18 

1610 


Q124o 

L91 

1.7 


207 


4.63 

L72 

L96 


-1 




-7 


Al 


4.0 


20 

10.66 


0.42 

1.0 

11.01 

(tbdll^ 

1S3T 


856 
1 3.96 , 

fdL36 


5.46 

0.66 

12-97 


1297 

Q38c 






L41U5, 


1.9 


r l'.l|i.a 1 


16 


ts 




1 

323 


125 

24.7 


32^ 


26.7 

26.9 


4.2 


5.W 


346 

296 


380 

81 


6.8(188 
92 


£5 


BS 


33|ia» 


20' 


L« 


iL 

4^19.7 


2« 


LH29.9 
3.9j 
141 
4.8 


f.6 


8.2 

8.2I2M 
—.16.8 

**H«* 

7.6 172 
1.7 255 
1.836.3 
7.0 (6.4] 


2d 


24^ 


2.21 

* 


nt. 


4.8 19.8 
20 40.3 
5.3 Ml 


1 4 615 
4.2 GU< 
1.9 i282i 
3,0 * 


+1 


1-1 




Carr'etnViv 
Ca*dw 


29 

7|f- 

121rt 

£72% 


, itoers__ 

[Leigh Mills— 
ILeves5P- 


(102 


Lyles IS.) Sto-- 
DfackayHuRh... 
Maf tanu oa Scot 
Martin LA. )20p .. 
Miller 1 F.llOp— 

Montfoit 

Notts. Manig-.- 
24 Nwa Jersey SUP 
58 P»a®d:A'-- 
Pickles iW ltco 
Do.‘.VN\' 10p- 
FUvT.lOp. 
Radley Fashions 
ReediWm.'.— -- 
Eelianre Kml 20p_ 
Richards lOp — 
S£E.T.20p 

Scott Robertson- 

Seterslnt 10p- 
Shaw Carpels 10p_ 
Shiloh Spirmers- 
Sdlawlnds50p- 
Sirdar 

Small ftTidmas 
27% Sn-MscosalJMp 
19% fDa.Priv.U20O. 


40 ' Spencer iGeo.i._ 
Sodded ' A'—- 


23 Tern- Consulate- 

18 rerfrdJmr.lDp. 

Ufa Tomtansoos 

44 % [Tootal 




TncoviBelOp— 
Vita-TexSOp— - 

Yorks. Hnew.SOp 
Yooghal 


Alxrf 

31 

30 

37 

52ic 

62x4 

19 

13 
47 
61xd 

44 
371 
96 

45 

lS 

8 

14 

J la 

93 

50 

91 

42 

23 

56 

4faxil 

27 
3H 
29 
90 
68 
29nl 
70 
46 
45 

28 
33 
55 
22 
58 


Pi 


L65 

210 


,+l 


1-2 


+1 


-1 


331 


29 


0.1 

45 

d33 

1.65 

3.70 


1.45 
3.49 
3.24 
t05 
3.18 
039 
0.69 
,44.69. 
td3.94 
4.42 
2.B9 
1 T L03 , 

'274 

•1.12 


H U 


Lon.iGart—r- 
LcdiufclWFTWd- 
Lon.it Lennox— 
Lon fcLre.lOp— 
Loa&Ltmwnd- 
Lon. & Montro» - 
Um-ftProv.™ 
LouPnidertial- 

atttt: 

Lowland lnv 
MftCPiollrc 10p 
Do.Cap.10r'. 
DoMuualhc.lCp 


k% 


Q20c 
Q9.49 
1.75 
2.b2 
2.90 
tl.65 
6.7 
0 85 
tQ47c 


53 2... 

53 28.6 415 
8.7 16.3 26 
5.1 24.5 306 
7.4(l81 19 
.... 4.M33.B £26% 

2.M45 8 li, 

23 0 £49 
314 620 
42.6 586 
111.7 69 
152 444 

562 186 

aim 

32.0 185 

- - 185 
5.9 22.0 77 

26.0 
1119 
362 
453 

4l8 2 §? 

£5^3 
25 6 39 
314 362 — - 

— 25.4 272 190 
2.6 46.4 £64% £49 
4.5 16.8 52s 3^ 

37.4 88 66 

* 445 350 

“9 
60 

162 49 401, 

- 275 220" 

- 107 68 

, - 235 175 
26.6 225 165 
25.0 54 27 


PccPNUiifeaU- 
CenlurylOP,— • 
Chsriertm up - . 
,k>Fr Petnile* B. 
blTuff«l£l- 
tlCl'de Petrol £1 

Endeait>ur50c.- 

Ikcv ._ .... 

(LASM 11 

jusMi'UMsei-a 
LlsTf "''^ top - 
Ma?r.r! Metals !i*. 
(Oil’Expl 10p 
Premier Cow tfl 
Ranaeruil— .. 
Remolds Dm. 1c 
Ril EiutcbF120. 


Siepuette- 
SbeUTr 


.'ran.* Re*: 

DoTSPf £1 -- 
ffSiepeCi l r.iL! 
Texaco 4V»Cirr 
Tri central _ . 

llmnor 

Do TpcCm - 
TeetaNatlOcif. 
1 Do Kd irt lOr.. 
|WoodsdeA50e.. 


q» J-£ V 443 

tl 24 6^1 19 


1 fa 78 


34^412 9K 41 , 

53^ J®* £ 


* 417 
H1244 SI) 
1222 £92 
73 


5.5 * 72 


6. b| 22.0 


Alrican Lakes - - 
Aust Acric 50c- 
Rtr^ordiS.ft'l' ■- 
EosJm(kiT5oi'.50p 
BousteadtlOpi- 
FiniayiJBs.iSCp- 
GiUiDuifus.. — 
i'jLNthn.£IO-- 
H'ris'ns fros.ll. 
HoffaunfiiS.i.— 
InchcapeSl — 

Jactewnx 

Jamaica Sugar. . 

Lonrho 

MilddlCatlS-. 
NigerionElec... 
Ocean VUsns-SOp 
Pat <oa 2orh.l0p. 

f a'ANV lOp. 

at<»riJ.E.ilOp 
Ena Sugar 50p . 
Sune Darby lopl 
leel Bros. £i)p . 
02 er Kems. Mp 

Do.PpcCn'.TSi. 

1 CiMlerv l°P- 

Do.10pcLn.1Ep 



AUSTRALIAN 

15 1 
126 


Acmex25c.— . . 
DMEainMlfeWTifeJ 
BHitoulhSOc ... 
ConzincRioiJnteSic- 
U M KalguariieSl. 


riampi n. Areas 5p- 
Mctals 


...... ...Ex Sic 

lit M Hides. She . 
Mount Lyell 25c - 
\ewmetal lit. . 
North B HilBOc . 
Mh-Kalmirli 

Uakbrid«eS.M 

Paalic Comw - 
Pancont'liac ......... 

Parinpa M&IN.af - 
Pekt'-wallsendsV 
Wcsin. Mining 50i-. 
(Whim Creek 3k- 


99 

230 

54 
131 

32 

210 

39 

4 

130 

15% 

164 

46 

£14 

34 

520 

148 

55 


QBc 

QlOc 


1.45 


Q9c 


14 


22 


4.3.1 




t7 j peoe j ^ 


Q8v 


tQllc 


else 

«6c 


i-ri 


40 


27 


17 


26 


13 


1.9 


38 


42 


13 


Amal Nisena. ._ 

Ayer Hj tain SMI . 

BerallTin 

BerjuntaiSMl . . 

Geww 

Gold ft Base 12'3J. 
ilopenx: Cofa . — 
HongMDR 


TINS 


[ldris 1^ — — 


OVERSEAS TRADERS 


yanur — „ ■ - - 
fcuminiiiw5M050. 
(ullintthalL - . 
Uala>- Dredging SMI - 
[iPanaric - 


ling SMI 

untPiran. 

hn Malajun SMI - 
jngeiBesi SM1.~. 
tpreineCorp.SMl 


[Tanjunf lap- -. ; 


ton^tah Hrbr. SMI 
TronohSMl 


25 

350 

54 

280 

135 

10 

290 

165 

88 

11 

68 

490 

385 

70 

60 

210 

54 

56 

200 

300 

208 

75 

U 

210 



1—100 1 70 |MesninHft5U - .. 
i31-' 


COPPER 

98 


|±Q30c| L91 * 


[Burro Mines 17-ax 
Chiu Murch 10: . 
NorthsaleCSI .- 
R.T2 - 


I I 41 a UAJAII. -*»- 

Teludv Umcrah tOp 


LANE 

15 

225 

0L 

s 

W30c 

2.6 

435 

4-ii 


— 

230 

-1 

95 

2.8 

49 

4-4 

— 

— 

tuy* 


— 

— 

43 


133 


173 


Q7c 

2-9( 


6.3 


47 

L9 


11.M * 


52 


-1 


LO 


-1 


illM'4. 55 
- 67 


26 4.^1 

32 a.«i 
2.4 13.W 
3.4 6.8( 

3.7 8.! 

|L1 9.1. . 

- 9e 3.S 

29 4.1! 

at 
1 fas 

20.0 0.9 

13 1U 
2.6103 
* 86 * qb 
L6 10.8 t7.5i 104 


Da.Cap.4p. . 
■fcLon 50p. 


dlJS-OO 


>%1. \-r T, T 


-.42 8 

ifi % 

63 114 

t> 3 
11 ™ 


1.5 11.6 
33 6.5 
3.1 6.8 
151L7( 

3.6 81 
5.8 3.7, 
28 8 4| 


03 
15112 
0.9112 

5.4 6.7 
4.8 5.8 
35 4.9 
22 9.3 
48 4.0 
7.6 15' 
* fa.5 
21 7.4. 
21 10.9 

3.5 7.6 
3.112.0 

1 7.6 

-9 10.4 
3.0l 83 


11.13 

ar 


6.02 

rd282 

20 


246 

tl32 

1101 

165 


St 


l-% 


-75 


QKRi 
12.06 
1183 

.325 

1182 


205 


13 


15u03^ 


1 

10.4 


4.| 

5.0 

0.9 

0.9 

1A 

Lfl 

18 

62 

22 

02 


7.7 


Man ft 

Meldrumlm _. 
Mercantile im — 
MercbantsTS. . 
Itonta. Invest .. 
Mont Boston 10p 
Do.Wms.tl. 
Mooloj-aiEli. 
Moorsatelm.— 
Moorside Trust.. 
SegitS.VSUSl . 
New Throe. Inc- 
DO. Cap. £1— - 

Do NewWrrts.. 
N-Y.AGartnure. 
1828 Invest 
Nth. Atlantic Sec 
Nthn. American. 


♦0.9B 

1.85 

125 

2.6 

1.6 

0.88 


B A 

IS 75 

7.0 126 
65 41 
— ?1 

171 
,,*2 142 
152 £fa2% 

J-S 626 
t l £4B 

8.0 480 

72 93 % 

. 67 39 

12.0 75 

* 194% 

f-7 71 

6-6 131 
5-6 891; 
4.1 73% 


%liti 


117, 

8.9( 


--ft Assoc, lnv 
Outmchlm— 
PendandlJiT-—-, 
Pwg.Ses.Inv.SOpl 
PronndalCtjes 
Raeburn 


Reflhroohlm .. 

Rights ft ks. Cap 


[Riser t Merc 

BUwrr “ 


TOBACCOS 


57tz 

66 


1267 

Wo 

71% 

45i z 

55 


(BAT tab. 

Do.Deid.__-- 
DuuWUiAi I0p~ 
Inmerial 

RoUnnansll%p.- 

SieffiK-;iiBn.itp- 


334 

284 

355 

76% 

54 

61 


13.01 


libl 

& 


IP4 


TRUSTS, FINANCE, LAND 

Investment Trusts 


52 


224 

124 


|178% 

62l z 

61% 

«* 

9 

Il30 

44 

77 

y> 

gTi 

74 

98 

60 

97 

57i 2 

59 

,7Ja 

167 

297 

59% 

S121 

26 

4l 

S a 

101 

164 

>150 


, 49 

Ilia 

9 

(193 

1129 

53 

47 
3734 
36 
84 

, 45 

67 
, 30 
(106 
1106 
49 
69 

| 

48 

45% 

ML 

. 59% 
595 
22 
6 

34l 2 

60 

9% 


Aberdwpim'S... 
.Aberdeen Trust.. 
Ailsalmv — n— 
Alliance 1 nr,--.- 
All iance Trust-. 
.4Mundlnc50p< 

Da Captal 50p. 

Anbrwelnc.lnc..' 

DaCap.-^.... 
.American Tratf. 
..American TsL'F 
I.AngJo Am. Secs- 
AuglO-lllLDiv..^ 
Da AffidShs.— 
o-ScoUm... 
imedeslnc.. 

""ftSh-- 

.AtlaoU Bait Iflp. 
AflantlcAssete-. 
AU»Ele«.-.- T - 
Aost- 8c lot- fSOpi ■ 

Bajiicrs'lnv.— 
Beni Trust-.-- 


140 




BoderliStluL. 
BraalFundt— 
Brazil Inv-CiSl.- 
BremarTsL...-. 
BridgcMlerll^. 
BriLAiaftCen- 
Britlsh .Assets^., 


Brit Emp.Segi.5p 

Brit lnd. 


ft Gen- 

terS. Invest—— 
(Brind^onelSOp) 


50 

139 

1061a 

91 

221 

118 

177 

58 

58 

45 

44% 

99 
43 

129 

43 

67 

34 

144 

124 

67 

97% 

58 
97 
56 

59 
7% 

166 

279 

59% 

5125 

25 

l* 

39 

76 

10% 

100 
164 
149 


-1 


+1 


235 

f5.05 

14.12 

2.49 

710 

830 

0.42 

43 


135 


-iy 

+% 


;+% 


+2 




-i 


1161 

5J5 


Qll%’ 

*B 

0.41 

190 

t27 

235 

t0.87 


d6.25 

17.5 

t03 

032 

165 

200 

10.6 
3.4 
485 
5.15 


U 


7- 4 37% 

31 101 
113 

14.2 1461: 
102 

14.0 142% 
M l 77 

iS % 

29 93 

- IBB 1 : 

- 86 % 

8- 7 83 

3.8 450 
— , 4 8 134 
^24.6 71 
1173 1131: 
93 165 

?5h?-l 68 

75 122 

f'5 172 

6.0 94 
94 
94 
26 
99 
73 

v A 

f r 167 

|| bVz 
2 8 66 
157 
10 b 
133 
111 
60 
128 

73 20.7 W 
55 253 
qq 542 108 
4:136.6 MO 
4.9 30.0 

“:5 1 i 

123 ♦ l S, 

uax «j 

I 46 30.0 31 
|ll313.0 2^ 

T7 2T0 
11201^5 


Plate Del. 

RabecoiftvFlW 
DO-SuhSh's FK 

MincoNVFlSO 
iZ5 laSuhSh'sFU. 
73- RomnejTntt- 
52 Bceediimmd Inc 

159, RSSdlaS^' 
67 SafegumxUnd... 
101 SLAndrewTSL, 
74% Scot-.Amfnv.5Up 
. 43ia ScotftCoHLlrw 
151 ScutCiUes'A’— 
|ll4 Scot EasL Irr. — 
34 Scot European. 
82ia Scottish lnv. — 

, 94 Scot Mort ftTgt 
1 119 Scot. National _ 
86 Scot Northern— 
111% Scot Ontario — 
58 Scot Utd. Inv— 
72% Sect Western— 
.69 ScotWest^.‘B , -.. 
h.61 5ctArnanreT«_ 
65 Sec. Great Nthn. . 

, 60- Dq.“B°, 

1541a Securities T.Sc_ 
300 SdcdBiilnv SCS5. 
Ilia Shires Inv. 50p_ 

K ' ump 

lm 



5.91 


1 38 
1112 
5.7 _ 
6.9 ♦ 


81% 

21%. 

86 

64 

£105 

"8 
. 59 1 : 
llU 
, 91 
|120 
94 
53 
106% 
18 

,80% 

163 

& 

il71 

9 

1148 

26 

5 

69 


-jkrslnv. 

uednuMogy 

rtempJeBar 

TtajtGrowlh— 
Do.Can.£l— . 


.Do SuSUttn- 
IOLlnvesLioc. 

Da Cap... 

Trans Ock 

Tribune Invest-. 
rrpinTfttiDtyhi 
Do.Capitnl£L 
Trust Union — 
TrusieesCorp- 
'delnv _ 
_ r — .-nlni- — 
IMBriLSecs— 
Ud. Capitals - 
USDeb-Cuip... 
CSft General Ti. 
CSTraaFundSl. 
Tiring Resource 
g.£SftTeuslOpJ 
weinytsim n. 
Winter bottom.... 

ftltanlm 

Da-B* 

Ywnanlnv....._ 
Yort&ftLane>_ 
Yorkgreen lOp... 
(YcongCo'slnvIL 


t3.07 

♦4.75 

Qllc 

154 


1-1: 


3 


S 


-21, - 


|gj ■*'>- 


n 

4.1 

6J 

6.8 211 99 

10(11511.7 16 

8Lo| 4 305 
43 

7.6 ft 39 

4.8 203 12% 
0.8 MO 322 
5.0 ft 105 

4.6 33.0 105 
29 37.4 68 

5.128.1 51 

4.4 34.0 152 

4.8 ft 94 

4.9 3$2 75 

6.5 ft, B2 

nss 


RUBBERS AND SISALS 


NOTES 


1978 


Sock 


\ Vi lChTiGrs 


..Arplo-Indnnes'n. . 

BertamCons 10p- 

Biidi. Africa 1 : — - 


[Bradwall lOp — — 
' i lOp. -. 


CaMlefleld 

Chasonesel 


raliOp- 


Grand Central lOp 
GnthrieEl 
BarriMHfilH 1 EsLKp- 
, Highlands' MSJc^... 

> Kuala KepongJC]. 

tlKulunlBOe 

Ldn. Sumatra lOp 
VialakoHMSl-— 
, Muar Hirer Hip.-- 
FlantaiitflHMa lOp 

SungriKnanlOp-- 



*■ H aSftgSgt SrJBSTJs sm 

Tn Tl dSuibuUooiCovCTS irr based on ~ Tn * xl * ™ 1 ?. l M~Tof 
L 2 ? i an- ha»«l <ro tnWdlr nrierf^ »ro (trosw. ■djasied If AL i ot 

1.0 18 allow (or valor ot declared dtatrtbixliow and 

L2 5.0 _iJ^ SecariUcs «ith d*n»mli»«DonR other than Mrtlag ar© 
12 125 LSSftfri I he inwxsuncm dollar premium. 

t 83 


ad 


lfl 5 4 
ft 3.1, 
12 2.2( 


4 , - 
22.9 213 
25.1 385 
27.4 120 


TEAS 

India and Bangladesh 


ft 27 
56.2 307 

= S 


S 3 420 
3 25 


HHL._ 

0.9 0.8 1412 (238 


ft |l2.fa| ft 172 


.Assam Dooarsir 
Assam Frontier £1. 
.Aaara Ims. El --- 

Empire Plants 10p. 

!okai£l_ - 

lottcbournell.— 
McLeod Russel £1 - 
MoranEl..--- •— 
Sinfiloffldgs lOp- 
Warren Plants. ... 
Williamson £1 


210 

305 

120 

27 

307 

330 

233 

385 

24% 

235 

169 


-3 


,♦9-51 

Ihl625 

7.0. 

.♦1.96. 

m 

.ISM, 

♦n.72 

P13.0 

9.0 


(I a Sterling denominated securities which include investment 
6 4 dollar premium. 

4 4 ■ HLths anSTuxu-s mnrked thu* h«v been adjusted to allow 

5.1 tor rlciius issuw I«r cash. 

44 t Interim since increased rwuroed. 
a'-i t Interim since reduced, passed or deferred. 

I I tt Tii-free to noor^.deni- on applicnUou. 
i - 7 « Figures or report awaited. 

J-SI 2 e 11 li nl tried sec lints’. . . 

? t^cin^ l ’^idei^^^P«tdlnp«trip issu ^ 

cover relates to previous dividend or forecast. 

+ M^«r Wd*®? rconcanlsalion In projtrBM. 
t sS.e™ft£!nra! <! reduced nnaJ anchor reduced camino. 
g;i|{ IwS.* 'dividend; cover on eanxlnw updated by latest 


59 , 

49, 

3.7 

16 

6.8l 
27, 
49) 
32 
3 W 
4.7| 



0.40 

8.75 

27 

2.85, 

t3.05 

rl.96 

-33 

4.05 

280 

tL35 

3.70 

11.06 

0.12 

8.13 

625 


ljfijffip 10 1 123 i Lumna£l - 

LI 43 30.9 


4.5 33.0 

„ 4.4 24.4 550 
LO 5.ia3 iffl 

5 iii 

tl 731^3 
U 4.5 29.4 
LI 4.2 323 


Sri Lanka 

l J 180 1 1 53 | L5i «.6 

Africa 


0 Estates— 


180 i:::::ii33> 


ft 13.8 
ft 10.9 


MINES 
CENTRAL RAND 


. m Deep RL- 1 
Rand Ftp. Rl-t 


U 7.418.9 385 1140 

LO 51 190 ^ £2% liHMm Lli2 
LOl HI M I 7 ® 78% |West RandBl-. 



If Excluding a Imal diridend declaration. 

+ Rcptunal pnee. 

a Tax f^w Va b Figures based on prospectus or other Uncial 
ostiinate c Cents, d Dividend rate j»ld or payabla on part 
Si capital; cover based on dividend on capital, 
e Redemption jield. I Flat yield, p .VMunjed dividend and 
v,eld b Assumed dividend and yield niter srrlp 
(tm bom capital sources, h Kenya, m IntertmMBhcr 
than previous total, n Rhjhu issue 
based on preliminary figur es, r Auatr al fan currency. 
s Dividend and yt^d exclude Parent 

dividend- cover relates 10 previous dividend F ft rauo 

iS'SVSSV .Forccri 

SSSSrSifflESeS 1; 

spKial payment: Cover does not apply 

3©rsa3jM/*®ifiS£ 

v_, r. , — ,mw! dividenii and yield after pemiinE scrip 


15.67 

11.79 


6.10 

Q25c 

,8 ii 


d* 


1278 

153 

1235 

228 

U4.75 

L88 


1.1| 4.4 31 3 
1.0llL713.0 g3 

12( 4.6 28.0 33 
LI 7.7 LB.B 368 
1.0 5.4 27.6 IK 
1.0 43 34.4 3^ 
13 25 45.7 5»; 

aaaj’R 

3.9 3?.l 780 

1.0 4.5 34.1 63 

1.1 3 7 36 7 
LO 5.1293 
1.0 4.4 333 

1.0 3.2 46.7 
0.9 3 3 45.7 445 

LO 43 321 % 

1.1 32 43.8 327 
— 778 

4.9 30.0 219 

3.5 - 153 

9.6 ft 04% 
32 383 539 

_ 4.6 30.7 597 
LOl 9.7183 5Z7 

m— — C tk. 

4.D2&.7 0312 
4.8 303 m 
32 46.8 £22% 

3.7 39.9 2« 
73 18.4 807 


eastern rand 


1 [Bracken R1 ... 

' EasDasalu — 

ES.G.G J1050 

QxxotvIeiSfc 

KinrossRl 

LesJie85c_. — — 
ManevaleRflSO — 

S. African Ld. 35c... 

VlahfonlemRl — 
WinkdhaakHO — 
Wit Nigel 25c 



1187 


L71 


4.1 

10.0 

5.9 

3.9 
126.9 


K'gaSZHIK amdyieidjifter pe ndlnj. tcriP' 

a^umpucm Treasuw Bill Rale riays unchansed until nxatiinly 
of slock. 

. Abbreviations : Hex dividend ; * ex selp Issue ; cc * rights ; a ex 
all ; «* ex eapatal dx > lnbutton . 


0.4(24.9 1 


8.1, 


Recent Issues " and ** Rights " Page 22 


FAR WEST RAND 


This service is available to every Company Wb« 
Stock Exchanges throughout the United Kingdom for a 
fee of £400 per »"" ||n| for each security 


0.9027(127 225 


iBhroorlH 

Buffets-.—- - — 
,71% DeeftraalHOJO.-.. 
214 DoornfontanBl ... 

EastDrieRl 

EiandsraadGld-2Dc.. 

ElsburgRl 

Hanebeest R1 — 

Kloof Gold R1 

LibanonRl — 

SouthvaafSOe 

Sblfontein 50c. — 
Vaal Beefs 50c — 

V'enterspostRl — 

I £16% W.DriefU — -- 
|l52 Western .Areas Rl. 
Westem Deep R2 _ 
ZandpanRl 



REGIONAL MARKETS 


Issues. n»« M wruvn 

are as quoted on the Irish exdwng-^^ , , 

Albany Inv. 20p | 23 | | SindaUiWm.l-l B5 I 1 


+% 


+3 


+1 


3.4 

t4.06 

3.85 

as 

h4J3 

0.94 

332 

5.94 

•ff 

0.75 

10.81 

4.6 

2.3 

0.06 

7.39 

gl5 


199 

302 


.....3.65 ft 


. L0 9.4 162 
feO.8 f8J 
L2 9.7127 

- 0 8 - 95 
LI 4.6 3U on 
13 2939.0 121 
1.0 10.E 14.0 4U 

— — — 134 
U 5J27.7£]0% 
LI 4.7 30.4 789 
1.1 53203 
1.1 33 307 
LO 4.930.9.---, 

7.5 * 09% 

5.6 26 4 
4.9 27.4 
0.6 - 
18 68.4 

, 13 1.4 73.9 55fl 
bU 5.5 25.0 324 
1.0 3.6 4L0 £17% 
ft 4.1 ft 750 

- - 147 
7.0 20.9 204 
68 2L9 25 

- - £16% 
73 ft 


OJF.S. 


Free Stale Dev. 50c 
2 F3.G«hild50c ..... 

FS Saaiplaas R1 — 

Hara»nv50c 

LoraineRl 

Pres. Brand 50c — 

Pres. Slevti 50c-.., — 

St Helena R1 

UnUd - 

WelttraSOc 

e W.HddingsMe — 


80 

£15% 

-% 

Qllc 

W»0e 

1.4 

27 

80 

-5 





319 

-4 

Q55c 

Q6c 

4.7 

88 

-3% 

Hi LI 

899 

-20 



■ 695 

-16 


tt] 

817 

-21 

«aisc 

wi H 

170 

-3 



_ 

262 

£18 

-tt 


L9 

LS 


41 


Ash Spinning .. 

Bertam... 
Bdg’wtr. Est. 50p 
Clov er Croft — 
Crain & Rose El 
Dvson (R. A. 1 A 
Ellis 4c McHdy. 

Evered 

Fite Force 

Finlay Pits- So- 
unds Ship. El.. 
Jllv^ons Brew 
1,1.1 M. Stm. £1 
Holt • Jos i2Sp. 


80 

93 


Pearreit. H.i... 
l*eel Mill*. ;• 
Sheffield 8nck 


23 


45 


22 


270 

+2 

24 

+i 

450 


37 


62 


.18 

Li" 

50 


23% 

+% 

154 


80 

-2 

150 


265 


54 


158 


» 


45x4 



HUSH 


Conv.9“lUO«!. 
.Alliance Gas. 
Arnott. - 
CaiTolltPJ-i.... 

Clorufalki ........ 

Concrete Prods. 

Heitonc Hides) 

Ins Corp ... 
Irish Ropes. 


TM.C.. 



+■% 

73 


345 

-1 

92 


96 


135 


40 



148 


132 

+ 2" 

6B 



33 

.... 

170 


90 



FINANCE 


47 19.8 
4.9 30.9 
1.1 752 
0.6 54.6 
5.02B.2 4312 
42343 $ 

a-fc-s 

57 ».l El? 
41 S3 2 281 
.43 37 4| 
43229 H 

,22 c! S 

Itts S : 


1212 (Akrt^dScalhen 
5 Aomritst,- 


52129.2 1^4 


5^1 sasssararl 


13 
so 
40 
12 
, 22 
100 
16 
9% 


Finance, land, etc. 

20.0 


Briiamla .Amw! 

, 14 Cfuddftslev— 

1103 Challenge Cri 
56 Ciia.l^bouse Gpj 
.£10% ContunlllELlp. 
1221, M»|y£] J 

27% Damaylinv— _ 

25 ttflohiMfdla^. 
Edin.lncn. 12 op 
aotoMiDiiisiop. 
Ersldne House .. 
Fa Lands lOp _ 
UftlomnnCn ip 
FafhiimifieiLap 
F ounre t lnd lOp 
rlUraj-lmesi 


ffl* 1 


4.71 


.-L76I 

tLO 


|188 
291 
190 
122 

’i 7 IS 9 
1 «!B 

_ _ 59 
4.9 6,8 UJ 1 * 
8.1 11.7 82 
21 t 
6 4 i9li M 
3.K 7.8 


tl - U 


d0.99 
1.72 
1.12 . 
d0.49 
494 
LO 


L9t 


AogAiaCoa]50c- 
Anglo .Amer. 10c.... 
, Ang. .Am. Gold Rl.- 

.lng-Vaal 50c 

Charier Coos. 

Cons. Gold Fields.. 
1 East Rand Coo. lilp 


(Geu MinlKlC_..M 

umL ! " 


j|MdFiddsS.A25e..' 
po1airgCans.R2— 
fMdilleWitJSc — 


HiocorplSjP— 

MioorooSBuLfl) 


IiL«_ 

NewWil50e- 

7atioohTFls3-.. 
Rand LaMten 15c.- 
Selection Trust— 

Sertni5tl0t 

Sll'finnines2i®.-. 
rtaal-ConalaRl. 
I 1 C Invest Rl— - 

Union Corpn-fiTJc, 
VogfllsSljc 



OPTIONS 
3-month Call Rates 


DIAMOND AND PLATINUM 


B.7 358 


J IO.AmInv.50c., 
apsealePI: 10c.. 
DeBeervDf 5c — 
Do KipcPLRa — 
LMtenborR I2*2P - 
Riii.FiaL 10c 




*MCin 





HR 







•y! 1 ii 





p|i 


95 

5.1 

88 

10.4 


Indcstrials 
A Brew... 

A. P- Cement... 

B. S.R..— — 

Babcock---— 
Carders Bank. 

Beecham 

Boots Drug 

Bowaters. 

B-A.T.,. 

BptishWSen 
BrowniJ.t-. ._ 
Burton ‘A ... - 
Cadbury*. 

i7o\irtaii]n^ »« 

Debenham* - 
Distillers — 

Dunlop 

Eaele Star.- 

EMI •••■■■■ 

Gen. Accident 
Gen Electric. 
Glaxo. - • • — 
Grand Met ..... 

i.i.L 1 S ;.V | 

Guardian ....... 

G . K.N -... -• 

HawkecSidd. 

House st Fraser 


"lm 


at— 

lnveresk...—. 

KCA — 

Ladbrokc - 

Legal t Gen. .. 
Lex Sendee.- 
LlovtisEanl:- 
“LOffi"— 

: London Bnck. 

[Lonrho 

Lucas rods..... 
LjtonstJ.x.. — 
-Mams''....-. — 
Mrks.&Spncr 

Midland Banli 

N.E.! 

Nat Vest Bank- 

Do. Warrants 

P&ODfd - 

iplessey 

R.H.M .._. . .. 
R3nk0rj!.'A' 
Reodlntnl..-. 

Spillers 

Tesco 

Thorn. - 

Trusl Houses, 


Tube Invest- 
Unilever 

Iftd. Drapery- 
Vickers...... 

Wool worths... . 


Properly 
Brit Land-. ... 
Ca^. Countje$- 

Intreuiwpean 
; Land Sees. — - 

MEPC 

Peachey- - 

.Samuel Props- 
Town & City— 


Oils 

Brit Petroleum. 
BurmahOtl... 
Cltttrterhall .. 

I Shell - 

Ultramar.. — 


I Mine* 

Charter Cons..] 12 
!Cons Gold— J J4 
iRioT.Zlnc — 1 16 


A selection of Options iraderi i? iriyen on tlm 


IT | IpV 1 I v|1 Vl wf ' iivn .- . 

London Stock Exchange Report pose J 
























































































































































I City Offices ") 


Hampton & Sons 


JTNANCIALTIMES 






01-236 7831 


Saturday June 10 1978 



Itfsphone; STCMHia 2DZU. 


OF THE WEEK 


A hero 
to the 
taxpayer 


Israel hits guerrilla 
base in Lebanon 


BY IHSAN HIJAZJ 


BEIRUT, June 9. 


I FIVE GUERRILLAS were killed Liberation of Palestine. . However, it is likely that ten- 

in an Israeli raid early today on David Lennon adds from Tel sion in the south will continue 
3 Palestinian sea. base about 35 Aviv: According to the Israeli and that In these circ umstances 
miles south o£ Beirut. The Army, a commando force attacked the inability of UNIF1L and the 
Palestinians said nine Lebanese and destroyed a Fatah naval tiny national Lebanese array to 
civilians also died. base at Dahar el Burj, 10 kiln- cope effectively will brin? closer 

The target of the attack was metres south of Sidon in the crucial decision the Syrians 
lAobiveh on the outskirts of the Lebanon. aboui moving 

coastal town of Sarafand half Seven Palestinians and two make up the 

IF HOWARD JARVIS had| w - av between the ports of Sidon Israelis were killed in the opera- £ re ater part of the Arab deter- 

qujetly retired from public life j aD j Tvri . t j on Wint rnr ~* * , * v “"* * «*- 

a year ago after the latest of a , l ^ The" Palestinians put the num- 

departure would have attracted 


BY JUREK MARTIN 


rent force, down towards the 
_. .. . . . , Litani River. 

long lineio electoral failures his- .J ‘JZZ .. The zrWy s , aid *• from Syria is being urged to move 
Haiurhire urnniH hava a*rrart*tH ! Israeli casualties at eight the sea was launched after in- j^s troops towards , the river in 


merit barely parenthetic refer- 
in the local history book. 


nave wnnen nim on as jusi - .. ■ , r — • „ ^ — mne mice sets or I'muui- 

another of those colourful but casualties *rom the scene uf the Anthony McDermott adds: There stances which would induce 
nutty right wingers which I fighting. is no direct connection between Israel to take military action. 

Orange County, south of Los I The raid took place about 10 the Israeli commando raid on the The first would be a confinua* 
Angeles, seems to produce ini miles north of the United Fatah naval base and the pro- tion of Palestinian activity, 
abundance but who generally ; Nations positions in southern posed Israeli withdrawal from The seconid would be to carry 

' Lebanon and four miles front the south Lebanon on Tuesday. out the Israeli undertaking to 

nearest checkpoint manned by Nevertheless, the raid is a protect the villages of the 
Syrian troops of the Arab peace dear hint that Israel will con- Christians. 

keeping force. The Syrians were tinue to carry out raids whenever Thirdly, in the remote event 
not involved in the fighting. it feels the need. of Syria unexpectedly crossing 

The base attacked is heliered It is expected that the Israeli the Litani. the notional “red 
to he occupied by several withdrawal will he total, line” drawn by Israel as the 
different guerrilla groups, although an intelligence network limits of a Syrian advance. Israel 
especially Fatah and the more and perhaps some observation might feel obliged to take some 
militant Popular Front for the Posts may be left behind. action. 



may put off Tees project 


BY KEVIN DONE, CHEMICALS CORRESPONDENT 


Howard Jarvis 

The Moses of the middle classes 

Today, at the age of 75, Howard 
Jarvis — whose only formal job 
is as unpaid director of an Asso- 
ciation representing Los Angeles 
apartment owners — is being 
accorded a different reputation. 
His adoring supporters call him 
“the Moses of ilie middle classes" 
and. even more confusingly “the 
Joan of Arc of John Doe public." 
Heavyweight political commenta- 
tors are soberly wondering if he 
is going to turn out to be a 
second George Wallace the 
populist voice of the neglected 
land rich) who succeeds in send- 
ing big Government “a message" 
that it cannot ignore. Others 
feel he may have forever 
damned the once bright career 
of Jerry Brown, the state 
Governor, who can no longer 
take for granted his re-election) 
in November. Invitations are' 
pouring into his office from all! 
over the country for him to' 
speak as the new Messiah of ihe 
national taxpayers' rebellion. 

His achievement in the course 
of the past jear has been nothing 
less than staggering. With a 
display of energy, remarkable 
for a man of his age he almost 
single-handedly created a 
Californian taxpayers' revolt, 
which culminated on Tuesday in 
a state-wide referendum in 
which, by 2-1 majority citizens of 
the state voted for a 60 per cent 
cut iD their property taxes and 
severe limitations on any further 
increases. 

When Jarvis began gathering 
the 1.5m signatures needed to get 
a petition on the Californian 
ballot last year, few took him 
seriously. It was true that 
Californians are among the most 
highly taxed in the nation, but. 
after all. prosperity was return- 
ing to the state after the 1974-75 
recession. And most of those 
still disadvantaged, (unemploy- 
ment here at nearly 8 per cent 
is well above the national 
average) simply do no! own 
houses. 

Wisdom 

The California referendum pro- 
cess has a record of throwing up 
emotionally charged issues but 
an equal habit of the electorate 
rejecting the more impractical of 
them. Since the Governor, the 
Bank of America, the teachers 
and public services unions and 
the leaders of the many minority 
groups were ail saying that 
essential public services would 
have to be drastically curtailed 
if the Jarvis amendment were 
passed, the suspicion as little as 
a month ago was that conven- 
tional wisdom would prevail. 

But tireless personal cam- 
paigning. and some timely wind- 
falls handed by the opposition 
— including notices of sharply 
higher property taxes in the Los 
Angeles area just weeks before 
the election — created precisely 
that groundsweli of support he 
was looking for. Cutting home 
owner taxes did not mean lower 
public services, Jarvis trum- 
peted. and in any case the 
welfare rolls as everyone knew, 
were stuffed with cheaters “Tax, 
tax, . tax means spend, spend, 
spend” he proclaimed, and even 
Jerry Brown who as Governor, 
has hardly been a big spender, 
was lumped in with all the other 
profligates. 

Howard Jarvis also became a 
media darling in a media con- 
scious state. His pithy one liners 
make good radio and television. 
He debated the League of 
Women Voters and described 
them as “ a bunch of nosey 
'broads who front for the big 
spenders.” 

■ He seems to have taken this 
late blooming fame in his stride. 
A burly Mormon with a predilec- 
tion for large cigars, vodka and 
a singularly foul soft drink called 
Cranappta juice he cannot waft 
to preach his message beyond the 
boundaries of California. It is 
a simple, if one-dimensional 
litany. As Howard Jarvis puts 
it: “The greatest human right 
is the right to own property.” 


IMPERIAL CHEMICAL Indus- 
tries is considering postpone- 
ment of some of the UK share 
of its £340m linked develop- 
ment plan on sites at Wil- 
belmshaven in northern 
Germany and Teesside. 

It is understood that the 
company will decide in the 
next three to four weeks 
whether or not it should press 
ahead with the construction of 
an £&0m vinyl chloride mono- 
mer (VCM) plant at Wilton, 
on Teesside. VCM is the raw 
material for the widely used 
plastic polyvinyl chloride 
(PVC). 

Latest market studies car- 
ried out by the company are 
understood to suggest that 
demand will be insufficient to 
justify the building of the 
150, 000-ton nes-a-year plant for 
at least two years. 

Site preparation work on the 
plant is already well advanced 
at Wilton and erection was due 
to begin later in the summer. 
It was planned to come on 
stream in mid-lPSO. 

IC1 is now calculating the 


alternative costs of postponing 
the contract at this advanced 
stage, against completing the 
plant but having it idle in the 
first months or years of its 
lire. 

ICI admitted yesterday: 
“The total programme has been 
and is being kept under con- 
stant review in the light of 
changing market conditions.” 

The company is pressing 
ahead meanwhile with plans 
for building a plant double 
the size of the Teesside unit 
at Wilhelmshaven 

Any postponement of the 
Teesside plant would be an 
acute embarrassment for the 
company, which has already 
raced intense union opposition 
to its plans for investment in 
Germany. 

This opposition coaid now he 
stepped up following industry 
reports yesterday that the com- 
pany is considering construc- 
tion of an ethylene plant at 
Wilhelmshaven as part of its 
development of the site. 

Both the UK Government 
and the chemical indnstry 


trades unions have been press- 
ing the chemicals indastry hard 
to invest in more ethylene 
capacity in the UR based on 
the availability of North Sea 
feedstocks. 

An ethylene plant is at the 
heart of a modern petro- 
chemicals complex, and norm- 
ally leads on to the develop 
meat of a wide range of 
downstream-related plants. Any 
plans for ICL the UK’s largest 
company, to site such a plant in 
Germany Is certain to pro- 
voke fierce opposition. 

ICI is currently planning to 
spend £200m a t WlIMImsbaven 
in the first phase of its pro- 
duction of chlorine and related 
products. It is thought that any 
future ethylene plant would be 
unlikely to follow for some 
time, but it could figure in a 
subsequent development phase 
as a logical part of this product 
strategy. 

ICI refused to confirm the 
industry reports yesterday, but 
said that no proposals for such 
a cracker had been submitted 
within the company. 


EEC plan 
for steel 
cuts 
agreed 


By Guy de Jonquieres, Common 
Market Correspondent 

BRUSSELS, June 9. 

EUROPEAN steel producers to- 
day approved in principle 
proposal by the EEC Commission 
for a voluntary cut in their crude 
steel production to 29m tonnes 
during the third quarter this 
year. The Commission estimates 
that actual output In the current 
quarter could reach 36m tonnes. 

The Commission has no powers 
to enforce the planned produc- 
tion target, however, and it re- 
mains to be seen whether the 
producers will adhere to it. 

The EEC's indicative pro- 
gramme for the present quarter, 
which called for tola] output to 
be limited to 31.9m tonnes, has 
been widely flouted despite its 
being approved by the producers 
Hie third quarter programme 
which was endorsed by the con- 
sultative committee of the Coal 
and Steel Community today, re- 
quires a particularly steep 
reduction by the West German 
producers, whose output would 
be restricted to just under 9m 
tonnes, compared with almost 
10m set as the objective for this 
quarter. 

Persuaded 

Earlier this week they were 
reported to be pressing for 
higher figure, on the ground that 
the German system of staggering 
summer holidays means that 
domestic demand remains firmer 
than in other EEC countries, 
where a good number of manu- 
facturing firms close down in 
July or August 
According to EEC officials. 
Viscount Etienne Darignon, the 
industry commissioner, has been 
in touch privately with leaders 
of the German steel industry in 
the past few days and appears 
to have persuaded them not to 
resist his proposals. 

Britain gets off relatively 
lightly with a production target 
of 4.9m tonnes, compared with 
5.2m in the current indicative 
programme. France and Italy 
are called on to accept reductions 
of about 500,000 tonnes each to 
5m and 4.9m tonnes respectively. 


THE LEX COLUMN 


‘Irregularities’ in Burmah deals 

BY MARGARET REID 

A NUMBER of irregularities Nicky Williams, who resigned at had obtained proxies from some Board’s failure to ensure that it 
have been revealed in transac- the beginning of 1975, and to 20.300 of the 134.000 share- had such information about 
Itions of Burmah Oil's laDker the old Board’s inadequacy of holders, about twice the 10,000 Tankers as might have enabled 
company before the group's fin- control. proxies given to the Board, it to appreciate at a sufficiently 

ancial crisis at the end of 1974. ~ lt se em s that the previous However, the Board's proxies early date the losses that the 
Sir Aiastair Down, the chairman. Board allowed Mr. Williams to represented far more share.-, djvisionwouJd in all probability 
said at Burmah’s annual meeting _b e more occupied with plans for sorri ® 31 ™- ®saiost l- : m sup- sustain m 1974. 
in Glasgow yesterday. expansion and acquisitions than P°riing the Action Grouo. Also on the Tankers problem. 

He told shareholders that Mr. with consolidation,” he said. Sir Aiastair. who took over the Sir Alistair, said, having referred 
Elias Kulukundis the Greek “and did not react sufficiently chair after the crisis broke and to a number of irregularities 
shipping manager’ who headed quickly and emphatically to the now beads a largely new Board, having beeD revealed: “The com- 
Burmah Oil Tankers until Janu- dangerous situation which was responded to considerable pres- pany have been advised as to the 
arv 2 1975 had agreed to re- developing during 1974. sure from tile Boor by brieHy rights available to it concerning 

nsyV the companv more than 4ir pon littlp was dnn^ ton fln Adjournment of such irregularities and hsve hud 

S200.0W) (£110000) and bad al- larglly because the previous \ h f “S?'"®,!® » n . u “ b ^ of discussions ndth Mr. 

ready paid $66,000. Bowl failed to ensure 9 that it L a S ‘‘SSS Kulukundjs concerning these. 


Mr. Kulukundis had promised had sufficient information on Grolm’s^esofirtion? 6 ^ 
to help unravel other deals. whWh b «e its strategy Action Group claimed that £* - 

. ^ wsMwa - wggagte swrtttsra'ssa S&S£trs 

tot'iedw”evcn r 3 °2=gStion'l!;S failed to wmp Jf'a'wB 7a 

any member of .hi previous •“»»«* ««“*■? However, after a Board dis- SU “ 

11 nu^i’nn in thfl IflDi'H hrufflf SfP 

has under 


“As a result, in October. 1977, 
Mr. Kulukundis entered into a 


any member of the previous However, after a Board ois- excess of 00 000 

Board was in any way dishonest r t ^. as * a, r hoped that CUSS j 0D j Q tbe lunch break, Sir * ‘ 

in the discharge of bis duties." . . statement about the pre- sa id he could not agree “ In addition, be _ 

The present Board was unani- ensis events would lead the t0 an adjournment, and urged taken to take steps designed to 
r»us that no action should be Hurmah Shareholders Action ^ Action Group to withdraw its assist in unravelling other trans- 


taben against members of the Group to withdraw a resolution resolution in the light of his actions. There are certain other 

previous Board. calling on the Board to disclose statement matters in respect of which 

.. . documents about Bunnab's , Ft . r mnr . arnument the arrangements are in hand to seek 

shareholdere^n^an BEVI EHfSSE ^ 10305 iS^rt ^ forthlr recovery, where a PP r. 

th??ootiov°e f rs?al "evente^ered- ^ Action Grou P believes SHE appeared to 'support it “Furthermore the company 

jnc the S at the end 0 P fl974 these loans ' taken t0 - *“““ rather ^ Board - A P° u 5“ L es f T ZfV tS n f h £ ag ^? St 

which lpd the Bank of England of the US Signal Oil was then called which, it was Mr- K .°j u )* ul ? d3S 1 . 

to stpp in with support and' buy busi "«s a year earlier, could be a Foregone conclusion in view turn will be kept under review. 

BuSh's S per cStSke .S relevant to Buiraah's case 0 f the proxies held, would sup- }n New York Mr Kulukundis 

BritSh Petroleum against the Bank of England. port the Board. ? at t? e * a £ r f Pa ^ 

’ retroieum. A]astair 0Q ^ Boar d’ S F ^ his statement on events mg $200,000 to Burmah in a 

The BP shares are now worth behalf, opposed the resolution as before the crisis. Sir Aiastair series of instalments, 
some £500m more than the price no t in the company's interests. S aid his committee had dwelt on “The irregularities referred to 
the Bank paid in the depressed Mr John Rankin. QC had why “such substantial and sub- by Sir Aiastair Down were not 

market conditions of early 1975. areu«j at a meeting of stantially uncovered commit- my direct responsibility," he said. 

Burmah is suing the Bank for Action Group, of which he ments had been permitted to “ The former Burmah manage- 

return of the shares at their ^ pre sident that the resolution develop on the tanker side. meat overstated the Tanker cam- 

original sale pnee pins dm- was “designed to take the lid “Putting it simply, it appears pany's profits in 1972 by around 

denas. 0 fj a can tli^t has been closed too that the managing director, Mr. SSm,” claimed Mr. Kulukundis. 

Sir Aiastair struck a critical long.” N. J. D, Williams, was both over- He said his repayment repre- 

note in referring to Bumiah's It was disclosed during the ambitious in his plans and over- seated the 10 per cent -of the 
former managing director Mr. meeting that the Action Group confident in Mr. Kulukundis’ company's profits which had been 

'abilities as chief executive of overstated, but which he was 


Weather 


UK TODAY 
Some rain in the North. 


BUSINESS CENTRES 


Vdaur 

Mid-day 

»C *F. 

Am strain. S 15 38 
Alliens S 27 81 
Bahrain S 3* 97 
Barcelona S 25 77 
Beirut S 24 75 
Belfast C 13 54 
Belgrade F 25 77 
Berlin F 19 M 
BlTTDBhm. C H 57 
Bristol F 17 W 


Brussels 

Budapest 

B. Mrs 

Cairo 

Cardiff 

Chicago . 

Cologne 

Copnbagn. 

Dublin - 

Edinburgh 

Frankfort 

r.lu0cva 

Glasgow 

Helsinki 

H. Kmc 

Jo'burg 

Lisbon 


S IS 
S 24 
C 11 
S IS 

s :<n 

S 24 
C 18 


London, E. Anglia, Midlands, S. 
and N. England, Wales, 
Channel Is. 

Mainly dry with sunny inter- 
vals. Max. 17C (63F). 

Lakes, Isle of Man, Scotland, 
N. Ireland 

Cloudy, Showers. Max. ISC 


Y'dajr 
Mid-day 
•C »F 

London F 18 54 

Luxcmbrg. C 17 63 I 08 * l- 

“Str. C u M Outlook: Mostly dry 

Melbourne f is 55 Pollen count in London yester- 

Efe* c 15 S day. 93 (high). 

Moscow C 10 58 

Munich FH 72 HOLIDAY RESORTS 

Newcastle C 33 53 


SI 

New York Fg 28 

79 

Ajaccio 

s 

24 

73 

Istanbul 

S 

22 

72 

75 

Oslo 

F 

19 

54 

Biarritz 

c 

20 

68 

Jersey 

Fb 

13 

si 

ns 

Paris- 

P 

19 

66 

Blncknool 

c 

12 

54 

Majorca 

S 

30 

86 

99 

Perth 

C 

14 

57 

Bordeaux 

s 

25 

77 

Malaga 

V 

19 

54 

81 

Prajjne 

r: 

]» 

05 

Can bln es- 

F 

E 

7; 

Malta 

s 

2S 

82 

88 

Rrykidvife 

c 

7 

43 

cape Tn_ 

C 

23 

73 

Nairobi 

c 

21 

70 

Si! 

Rio de J'o C 

as 

79 

Corfu 

F 

27 

81 

Naples 

s 

18 

79 

61 

Bnrac 

5 

r.o 

96 

Dubrovnik 

S 

23 

77 

Nice 

-s 

24 

73 

H 

Singapore 

R 

31 

88 

Faro 

s 

20 

65 

Nicosia 

s 

24 

73 

54 

Stockholm 

B 

13 

as 

Florence 

s 

28 

82 

Rhodes 

s 

27 

SI 

"l 

srranbre- 

c 

23 

73 

Clbralue 

FT 

18 

€4 

Tanefer 

c 

19 

66 

■ a 1 

Sydney 

F 

13 

35 

Guernsey 

R 

14 

57 

Tunis 

s 

33 

91 

3S 

Tokyo 

c 

=6 

79 

Imwbruck 

S 

23 

77 

Valencia 

F 

24 

75 

54 

Toronto 

s 

19 

65 

Inverness 

C 

11 

52 

Venice 

s 

25 

79 

S8I 

Vienna 

s 

23 

73 

Is. of Mas C 

12 

34 





79 1 

Warsaw 

F 

29 

03 

S— Sunny. 

C — Cloudy. F — Fair, 

R— Rain, 

W 1 Zurich 

s 

23 

72 



Fs- 

Fo s . 





Tanker, which bad in a very paid under the profit-sharing 
short space of time become in contract he had with Burmah. 
financial terms the company's Mr. Kulukundis said he knew 
most important subsidiary. of no other “ irregularities ” 

“These factors were made dating from his term as head 
more serious by the previous of Burmah Tankers. 


Continued from Page 1 

Bank base rates 

the broadly defined money of more than 40 years ahead 
supply, in the months to mid- since 1972. It is specifically 
August It is possible that the intended for investors, notably 
money stock could even decline pension funds, requiring such 
slightly. long-dated issues. The later calls 

wftsrs, w m bsEs-K^t 5 

SW'.S'SSKJ! «g ,i S-£ 

?,™ k ^b r “ ep a n6 n SMS" to*“ 

dated stocks, which had risen by .« at ‘ 

I A moved hJ°ber after hours ^ percentage points. Sir John 
rV.l * J ” Metbven, director-general of the 

Only £15 per £100 of the new r3i_ sa j(j t^at the move, would 
stock has to be subscribed on reduce UK competitiveness in 
application, which is likely to world markets and worsen the 
attract money from those specti- balance of payments by up to 
lating on a falL id interest rates. £3Q0 m a yea r. The surcharge 
The new stock is the first to was "virtually a subsidy to the 
be issued with a maturity date Germans and Japanese.” 


A tap to set them 
all dancing 


S' 


Mortgage rates and overdraft 
costs are going up but the gilt- 
edged market could not care 
less yesterday. On Monday the 
FT Government Securities Index 
had hit yet another 1978 low 
point and few investors could 
have dared to hope that the 
authorities would go to . such- 
extremes to please the gilt- 
edged market, as they did three 
days later. 

Thursday's package is a gem 
as far as gilts are concerned. 
Interest rates at last seem to 
have found a ceHrng with 
Minimum Lending Rale at 10 
per cent (against 6 J per cent 
on the .eve of The Budget in 
mid-April), there is also the 
introduction of a corset which 
will severely pinch the bzpks, 
and a healthy reduction in the- 
borrowing requirement. What 
more conld the gilt-edged 
market wish for? A really long 
tap. Hey presto, the authorities 
yesterday unveiled a £lbn. Ex- 
chequer 12 per cent 2013/17 — 
£15 paid. 

After the earlier false starts, 
the Government obviously fett 
that it had to pull out all the- 
stops this time, and the im- 
mediate reaction of the gilt- 
edged market is that prices can 
only go up. The long tap. Ex- 
chequer 12 per cent 1998, was 
exhausted immediately - the 
market opened. Prices of long 
dated stock rose by 1« and after 
hours they were another £ point 
firmer on news of the new long 
tap. Short dated stocks were 
not quite as buoyant but the 
Government Broker supplied 
the short tap. Exchequer 9£ per 
cent 1982 “A,’' and it seems very 
likely that it will nut out at the 
beginning of next week. 

All of a sudden the gilt-edged 
market can get the Budget 
arithmetic to add up again. Only 
last week investors were 
bemoaning the dearth of official 
funding. Now, in the space of a 
couple of days the Government 
Broker has sold around £lbn. 
of stock and. provided the new 
long tap is oversubscribed (and 
there looks to be a good chance 
unless next week’s trade figures 
are terrible > , the authorities 
will have tied up well over £2 bn 
of gilts in the first quarter of 
the financial year. This should 
do wonders for the money 
supply and the £5bn-£6bn fund- 
ing target this year no longer 
seems such an insurmountable 
obstacle. 

Equities were overshadowed 
by all the fun in the gilts market 
and the immediate fear is that 


Index fell 2.4 to 466.9 


©UNION BANCORP 


'Return on Assets 
CO 

Net Income 
(5 ro) 



i aw ■ t33 a sif i sr e to. ■ -2ft i 


1972 *73 74 *75 16 , 



now that the institutions are 
piling back into , fixed '-" rale' 
stock; equities will suffer. They 
ma^ marginally in the' short; 
term, but interest rates have 
risen by over 50 per cent since, 
the Budget and the FT Ordinary 
share index has hardly budged. 

XLS. bank bid : - 

Standard Chartered Bank’s 
Californian venture is another 
example of a British bank using 
American bank money to buy an 
American bank. The fact that- 
the terms of such deals, remain- 
attractive reflects the impotence 
of the U.S. money-centre, banks 
to follow suit They, toiv would 
like to buy networks of deposit- 
taking branches in prosperous 
California, but UE. Banking 
and Monopoly law make- it 
impossible. • • . * 

On the face of it Standard 
Chartered is paying a stiff price 
for Union Bank, of California. 
The total outlay of £204m com- 
pares with Standard Chartered’s 
own market capitalisation of 
£280m — though the payment is 
in cash not shares — while Union 
Bank’s pretax profits are about 
one fifth of those of the 
purchaser! 

The British bank is paying 
19.5 times. Union Bank's earn- 
ings in 1977- '- This compares 
favourably with, the 36 times 
earnings that National West-, 
minster was willing to pay last 
month for its 75 per cent stake 
in the National Bank of North 
America. Kit it is still 'quite a 
premium on Union .Bank's mar- 
ket rating before- the deal of 8.5 
times. It compares - with 
Standard Chartered’s own Jowly 
rating 'in London of just 5-3 
times the earnings of roughly 
77p per share that can be ex- 


pected for the year that ended 
th March.-- . - "- ■ ■ ■- 

- But Standard Chartered 
Bankas management is satisfied 
.that. the potentuil is there. Fall, 
ing bad., debt provisions are 
expected to -heap Union Bank’s 
earnings up. -to' -$25m' in 1978, 
compared with ?19m last year, 

: Even, at last year’s level Union 
Bank's after tax return oh total 
assets of 0.42 per cent was not 
far below' the average for Cali- 
fornix— even if inferior to the 
e&Q.7r per. .emit -that SSmdard 
Chartered pormaiiy. achieves. - 

•The.piffdbase price of 6372m 
compares With * Union Bancprp’s 
estimated net worth at cqtnple- 
tion-, of about $200nt— a Some- 
what ingfreripremimn than' that 
plakl . By 'Natwest If- Standard 
-Chartered.* -i can: ! hbrruw-^ the 
: msmey .at around .9 per icenf the 
rafter tax. : cost to the; British 
bank will ' .be around $I6m per 
annum. Set against Unions ex- 
;pected earnings contribution of 
$25m^ this r leaves a margin 
rdiighJy sufficient to cover -the 
fl rst year’s - amortisation of the 
$170m in goodwill. 

Small savers 

Yesterday’s readjustment fn 
rates has. restored the pre- 
eminence of tirn building socie- 
ties ia the savings market Pro- 
ducts : from the Department for 
National Savings, a target for 
the ire of hanks . and .building 
sotaetifes over the past few 
months, are now well and truly 
outclassed Failing another rise 
in rates next week to bring the 
local authorities into stronger 
competition, the probability is 
that the tide will swing strongly 
in. tile societies’ favour again. 

• As for the big four clearing 
banks,- the divergence between 
the seven-day rates now offered 
by Midland and Barclays on the 
one hand, and Lloyds and Nat- 
west on the other, must present 
them with n conundrum almost 
as great as that which it offers 
to the would-be depositor To 
go -. by experience that diver- 
gence will not be. maintained 
for long, even, if the effects of 
the “corset ” , distort the eager- 
neK with which the big four 
bid for -funds. But can it be 
entirely a coincidence that the 
two clearing banks which have 
widened, the margin between 
base and -deposit rates are the 
same - two which have already 
put in applications to the. Price 
Commission for an alteration in 
their charges structure? * 





Here’s why you shouMiixvest now in the Arbuthnot 
North American and International Fund 


Much smdHer,butno less successful, Jios 
® )0 been the Arbuthnot North American Unit 
Trust, doubling m size to £ 2 $ million in the las t 
fern weeks. It also proudly stands at thdheadqf 
the one-year performance table } 'with arise of some 
1 2.5pur. in thel 2 months to last Friday, which 
compares with a fall of S.6jp.c. in the 
Dow Jones in the same period. 77 ' 


JD.b'w,CkHB?»xX=d»aHfl Jf 


Now-The Right Time to Invest -The US stock 
market is beginning to recover from a depressed level. - 
similar co char in :he UK marker three years ago. We befieve 
the US market stOLhas room for considerable growiii which, 
is the aim of this fund. ’ 

Arbuthnot - The Right North American Fond-— - 
Over go",, of die fund is currently invested in USsecnrides^ 
much of it in smaller companies. Unlike, the blue chip 
muhinationals ibeir growth is not held back by overseas 
interests operating in less favourable conditions or byfafling 
exchange rates. However, we maintain an extremely flexible 
attitude and with any improvement in world trade we rtoold 
increase the fund’s holding in die larger international 
trading companies. 

Arbuthnot cany out much in-depth research and 
constant monitoring, as well as making regular visits to 
America, so as to pin point the areas and industries d»c- 
show- the greatest potential for growth. 


f S' Whafs more, one or tmo of thosefunds 
w w zdhdseportfoKos contain a fair share of 
companies other than thd tenders haoe mfocc 
done remarkably well over lhc past few weeks. 

Most notably , Arbuthnot, whose North American, 
and International sdll tops the one-year 
performance table * with again of 134 percent 
even though around half of the portfolio (some 90 
per cent invested directly into the tf.S. markets) 
iscomposedof Adfe 
smaller companies^™ : : 

Investment of this fond is partially through a beck-to—-' 
back loanfadhty in order to minimise' the effects ofth& . 
dollar premium. ... _ • i -' 

The price of the-unhs'and the income from them may 
go down as wril as tip. . - _ , 

Your in vestment should be regarded as Jong terml 
■ Fixed price offer for North American & 
International Fund (estimated current gross yield " . 
uy'Z)uniH$ pmJnuei6th,2973at35J7psd(orthe;' : - 
daflyprice if lower)., - - • 


, S^c4MaMnrii><n£caKMmilen«anlviWiBJMr, 
lo «a tafaSlAaryiri V' - Tbt KJnval . fr guT t* --. V VwT . 

1 *Wrf» We fanLAIut the ctoe ificn mu arte 



■~r& 


*■*“*■“ *■ mmwmmmrn 

To: Aibudmor Securities 1 ^x 1 , 37 Queen Street. London EC4R iBY. Telephone: 01-336 xXt. 

— wtf - — o 'g 

iiii ht Aihisb twil 4 )rtii A agfcroMaJ In u< 1 in frimi I 

I.TTc dnl«ihj« I BiWTOrt and nnidnKoo^^MairfBted ttrtt^ MmtntamdrialiOicabqtie fiv BmWD «f otf T 

ranooia r&^kni ■intn.jgUiagicrtwiia.OIiBP aw mrtlcin mate tl d aatd ffinm . n ilwjM bo ddendand We imn Indent Ann* w W -nf-, - 

Soliclur ip ok L odol KliqpxiLi m m ^ . 

BgBW i . V--. V 

Pull Sggln ' ■•*••].'* . - ' j / ~ v j- - 


r — 

i 
i 
i 
i 


• 


■ ARBUTHNOE... 

b — v mm mm NORTH AMERICAN AND INTERNATIONAL FUND 



Registered at .fire Post Office- Primed tar St. dement'a .Press, for. and nabUriKd 
by the Finanaal Ttmes Ltd... Bracken House, cannon Sireei.1 London. EOtP 4&Y. 
a u • © "me Financial Times latL^ isra -