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FINANCIAL TIMES 




loWSON ..Bedford . Bristol- hitchiu 
-. LUTOM * ANiPTHlLL 


No. 27,611 


Saturday July 15 1978 


*13p 


<&> 

«75 



Wall Street 
U.K. Equities 
U.K. Gilts 

]-or our latest views and PI MS 
reports write toH.K. TimberLdvc. j 
1*J Hanover Sq uare, 

London Wl A 1DU. 




niesi 

n 

ee 



^ NTIMENTAL Sg.UNS rRtCES i AUSTRIA Sch 15; BELGIUM Fr 25; DENMARK Kr 3.5; FRANCE Fr 3.0; GERMANT DM 2,0; ITALY L 500; NETHERlAM* * 3-0; NORWAY K> 3.5; PORTUGAL fac 20: SFAIN Ftt <0; 5WSIEN K. 3.25; SWITZERLAND f, J1C : BOB J5 P 



EWS SUMMARY 


NERAL 

sraelis 

ack 


BUSINESS 

Surplus 
lifts 

iaronite equities, 
lilitias gilts 


*ri bis ^ sent Lebanese 
ristian militias large quantl- 
l of arms, and military 
. risers it was reported in 
lint. 

' Several hundred Israeli 
risers are believed to have 
m sent but some estimates 
t the numbers as high as 
.00. The weapons, including 
ne Sherman tanks, were 
. Tied to Junleh and Dbayeh. 

ienna talks 

Israel was optimistic yesterdav 
it the stalemate in the peace 
ks with Egypt had been 
oken after the talks in Austria 
tween President Sadat and Mr. 

. er ‘ Weizman. the Israeli 
. ifence Minister. 

But President Sadat remained 
ideal of the Israeli Premier's 
flexibility. “ What Begin wants 
security, coexistence, normal 
• Jations and all the land and 
vereigmy. I am ready to meet 
e first three, but not to submit 
.nd or sovereignty under any 
rcumstances," be said. Page 2 

Hr Hugh Fraser 
Ined £600 

? Hugh Fraser, financier and 
ores chief. W3s fined £100 for 
isclas&i&cation of an unsecured 
L2m. loan in the accounts of 
' iouish and Universal Invest- 
ents. 

The charge, under ihe 1948 
jmpanics Act. referred to 1975 
hen Sir Hugh was chairman 
id managing director of SUITS, 
e was also fined a further £500 
i separate charges, which he 
hnitted. of failing to notify the 
iiiipany within the required tv/u- 
cek period of GO of his dealings 
i its shares. Back Page 

*r tests expelled 

he Vicar-General of the 
nglican Church in South West 
frica, his wife, and a Roman 
atholic priest have been 
edered to leave the territory, 
he expulsion orders came a day 
fter the South African Adminis- 
ralor-Gencral was given powers 
o deport "undesirable" people, 
’age 2 

/igilantes urged 

tslan community leaders are 
rging their people to join self- 
lefcncc groups to combat 
ncreasing “ Nazi ” violence, 
.’boy also urge Asian business- 
men to give financial support to 
ie Anti-Nazi League— Page 4 

WPs* pay rise 

Government ministers and MFs 
ire lo gel a 10 per cent pay 
■ise. their first since 1972. The 
J rime Minister’s salary will rise 
ram £20,000 to £22.000 and Mrs. 
rhatchcr's pay will be increased 
Tom £9,500 to £10,450. The 
T5(*s, effective from June 30- 
will give back benchers a salary 
jf £6,897. Page 4 


® EQUITIES were encouraged 
by the June payments surplus. 
Leaders bad drifted in earlier 
dealings. The FT 30-Share 


46f» 


450 


jEjBCJ 

m 


IB 

■ 

■■■ 


■ 

■ 

■ 


M 

■ 


a 

■ 

■ 



index, which was down L6 in 
the early afternoon, closed at 
474.4 for a gain of 0-8 on the 
day and 18.8 on the week. 

• GILTS rose after the pay- 
ments figures were announced. 
The longs were up £ at the 
close. Shorts were only margin- 
ally better, however: The Gov- 
ernment Securities index 
gained 0.24 to 70.26. making a 
rise of L55 on the week. - 

• STERLING reached $1-8923 
in the morning but eased 
towards the close to end at 
$1.8825 for a fall of 40 points. 
The trade-weighted index was 
unchanged at 62.0. The dollar’s 
trade-weighted depreciation was 
unchanged at 7.7 per cent. 

• GOLD fell SI to $1S3J. The 
New York Comex July settle- 
ment was $186.00 ($185-50).- . 

• WALL STREET rose 15.07 
lo 839.83. Good second quarter 
earnings were an encouraging 
factor. 

• COBALT price was raised to 
812.50 a pound from 88.50 by 
Memaco. the Zambian metals 
marketing company. This means 
the UK price will rise £4,000 a 
tonne to £14.S75. Back Page 

Building society 
receipts fall 


Setback for Airbus 
as United Airlines 
orders Boeing jet 

BY STEWART FLEMING, NEW YORK July, 14 

Tlie European Airbus Industrie consortium’s hopes of another breakthrough 
into the U.S. commercial jet market were dampened today when United 
Airlines placed the largest ever jet airliner order with Boeing. 

United, the biggest U.S. airline, sortium, in contrast, formally Mr. Ferris said that United’s 
said after a specially convened launched the first jet in this decision to buy the Boeing 767 
Board meeting that it would buy category earlier this month. was taken on the merits of the 
30 of a completely new range of The consortium has been work- two aircraft and that the 
Hidebodied jets from Boeing for jng on designs for a 200-seat nationality of the manufacturer 
$l_2bn, and a further 30 of sealed down version of its large was not a-factor. Bui he refused 
Boeing's existing 727-200 jets at A300 wide-body, designted as the to be drawn into a detailed dis- 
a cost of S400m. B-10. mission, comparing the two jets. 

The order means that Boeing „ Following announcements that He would not say how much 
Will now be able lo launch the | wissair . Lufthansa and Air each o£ Boeing aircraft cost, 

first of its planned family of new had ordered ^e B-10 pololinfr out that it was not 

180-220 seat medium range wide- : S40m. the sum arrived at by 

bodied jets. Ihe aircraft ordered ™ j 5 * 1 would be S° m S int0 dividing the con tract price by 

by United, designated the pr il du f. n ' . . .. number of aircraft. The tola) 

Boeing 767, will be the first com- Earlier this year United Air- contract price va* in a 1983 

pleleiy new U.S. commercial jet ““f 45 was expected to dol j ar estimate and Included 

of the decade order a new widebodies jet from sparc parts and guarantees, ho 

■ . Boeing. .But last month it _j.i pi » 

The order is also vital for the emerged that United was also *7?“' thA „ U( .«,i nn n r R „, nw 

U.b. aerospace industry, which actively considering buying the tVl ?“ h ? t ® he?il area LbeS the 
is a major contributor to the Airbus B-10. tho^hrto ^ an area where the 

U.S. balance of payments Today’s announcement from a Sbstantlai iart 

through its commercial jet ex- Unitcd rules out any possibility would finwee a sultan ti a] pari 

that Ihe company will order of me - pT - irom ,,s ovn 


RETAIL PfflCE INDEX 

oxtEPisEUauLFonS' 


UBWW mtlO MI 

mnEDdn 

mtui 



Inflation 
rate down 
to 7.4% 

BY MICHAEL BLANDEN 

THE INFLATION rate fell again . 
last month. The increase in the j exports has been only slightly 
retail price index over 12 months 
dropped to 7.4 per cent in mid- 
June, compared with 7.7 per 
cent in the previous month. 

The news was welcomed yes- 
terday by Mr. Roy Ha rtersley , 

Secretary for Prices and Con- 
sumer Protection, who said the 
June figure was the lowest since 
September 1972. 

Looking ahead to next week's 
pay talks, he said in a radio in- 
terview that if the next pay 


UK current 
account back 
in surplus 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


BRITAIN'S current account 
swung back into surplus in June, 
continuing Ibis year's monthly 
j pattern of alternate surpluses 
I and deficits. 

I Behind the erratic monlh-ln- 
• month movements, ihe under- 
1 lying trend has improved, 
although by less lhan the 
Treasury pxcpcclcd in its Budget — ■ =r -* 
assessment. 

The main positive influence 
has been rising North Seu oil 
production. The growth of other 


upwards and imports of manu- 
factured goods have been 
buoyant. 

The current account surplus 
was £14ni in June, an improve- 
ment of £112m on the revised 


BALANCE OF PAYMENTS 


£m seasonally adjusted 


Visible InvisiblcsCurront 



trade 


account 

1977 1st 

_ -947 

-r454 

-493 

2nd 

-764 

1-399 

— 3ft5 

3rd 

■+■ 54 

-483 

537 

4th 

-r 45 

—441 

--486 

1978 1st 

-574 

■: 269" 

-305 

2nd 

-136 

-■360 

-1-224 

Jan. 

-338 

90 

—248 

Feb. 

+ 43 

■f- 89 

- 1 T32 

Mar. 

-279 

-!- 90 

— 189 

Apr. 

M88 

-.120 

: 30C 

May 

-218 

-120 

- 9S 

June 

-106 

-120 

1 4 


Blacks resign 

Two of the first blacks to join 
he. Rhodesian Broadcasting Cor- 
poration's Board have- resigned 
leoause they do not believe they 
:an change the role of the coun- 
jy's radio and television stations 
is pro-government propaganda 
mttets. 

Whitlam retires 

Mr. Gough Whitlam, the 
Australian Prime _ Minister 
sacked after a constitutional row 
in 1975. is to retire from politics. 

Briefly ■ ■ ■ 

British Open golf championship: 
Peter Oosterhuis (GB) and 
holder Tom Watson (U.S.) share 

the lead on ftve-under-par. 211, 

after three rounds. Ben Wnght, 
Page 9 

A public inquiry into the 
Taunton sleeper train tragedy 
will begin at Taunton on July 24. 
Japanese police are hunting for a 
mobster who ate the ashes of lus 
murdered underworld boss. 

British Leyland is to call in 
than 140.000 Austin Allegros for 
checks on rear hub assembly- 
Back Page 

Two Welsh Language Society 
demonstrators barruaded thera- 
sclves in a Dyfed television sta- 
tion and blacked out transmis- 
sions. 


• BUILDING SOCIETY net 
receipts fell to £147m last month 
from £2 12m in May. This is the 
lowest for 18 months. Some 
estimates suggest receipts of less 
than £100m this month. With- 
drawals to pay for holidays and 
competition from National 
Savings are the causes. Page 3 

• FOOD PRICE inflation was 
almosT certain to be 10-12 per 
cent by the end of March com- 
pared with 6.7 per cent .at 
present. Mr. Garry Weston, chair- 
man of Associated British Foods, 
told the annual meeting. Page lb 

• SIM-CHEM. a Stockport pro- 
cess plant contractor, said it tost 
the chance of a £6.5m order from 
Egypt because the Foreign Office 
left its bid document out or a 
diplomatic bag going to Cairo 
Tf this is proved true it couia 
have serious repercussions. The 
practice contravenes the Vienna 
Convention on Diplomatic Rela- 
tions. Back Page 

• BRITISH AIRWAYS cancelled 
160 domestic flights from Uh. 
airports because of a 24-hour 
strike by staff in Liverpool who 
were supported by ramp staff ax 
Heathrow. They are disputing 
terms for the airline’s withdrawal 
from Liverpool. Shuttle services 
werg not affected. 

• DAILY TELEGRAPH pro- 
duction in Manchester was 
delayed for a second night by 
the continuation of a meeting oy 
members of the National Union 
of Journalists who are protesting 
about a pay offer. The paper was 
reduced from 2S pages to 16. 

COMPANIES 

• ROTHMANS increased pre-tax 
profit 21 per cent to £S0.6ni in 
the year to March 31. This re- 
flects growth on the Continent 
Page 16 and Lex 

• IBM Increased its net earnings 
by 5 per cent to 8691.2m in the 
second quarter of the J ear 
Page 19 


The world aviation industry is ^r. RicSa’S Ferris.toe £. 

entering a new phase of capital company’s president and chief “Jj* . re<i from tSE 

investment which could involve executive, said. sheet) ana i ne re.i irom traai 

expenditures of S70bn on new Airbus Industrie pointed out tionai lenaera. 
jets over the next decade. today that the decision to launch Mr. Ferris also disclosed that 
Untit to-day's announcement, the B-10 was already taken and the Boeing 767 would be fitted 
however, the U.S. manufacturers, not affected by the United order with engines manufactured by 
who have traditionally domina- with Boeing. Pratt and Whitney division 

ted the industry, had no con- The consortium has a firm of United Technologies and not 
tender in what . is expected to order from Eastern Airlines of rival engines produced by the 
be one of the largest segments the U.S. for 23 of its larger U.S. General Electric Company, 
of that market— the medium A-300 B-4 jets worth $77Sm. Boeing share price today 
range 180-220 seat jet. Eastern also has options to buy closed 2f up at $59]. It started 

The Airbns Industrie con- 25 of the smaller B-lOs. the year at around S28J. 

Shcharansky sentenced 
to 13 years imprisonment 

BY DAVID 5ATTER ' \v^'0*COW. July 14’ 

MR. ANATOLY SHCHARANSKY. counted against the sentence years if convicted on the treason 
the Jewish dissident was today and the remainder in labour charges. But he was also advised 
sentenced to 13 years in prison camp under “ strict regime ” con- that if he agreed to cooperate 
and JabW camp after being ditions. the second toughest of “in the destruction of the Jewish 
found gv^Hy by a Soviet court the four regime’s governing diet movement.” be would be allowed 
of treasop in the form of and conditions. -to emigrate and join his wife, 

espionage ‘and anti-Soviet agita* Aside from the consistent re- Avila 1, in Israel, 
lion, for which the maximum fusal of Soviet auttorities to Mr Shcharansk had tol(| ^ 
penalty is death. allow Mra Ida Milgrem Mr. ^ fae rgjected Ms ^ 

Tass. the Soviet news agency. t he court w h ere her “honoured my conscience. even 

announced shortly after the ttaL ^hf authorities thou ? h “eant my dream of 

BSS-Skv « SEt" £ m indicated by their action^during is away than ever.” 

FilatoS ^ 17131 that ^ W6re 311x101,5 He was P rond 10 have worked 
trSnHnr ipamn in the 1° minimise its adverse affect in the Helsinki group with “such 
« to S »" ’•"* 1>ra,f - ^"“urable people" „ 

Miut»«r° f rSffi IS5P thp In the other trial Mr. FHatov Dr. Orlov. Dr. Andrei Sakhrov, 

SmnrSmSrniiut wac sem had been convicted of sending the Nobel Peace Prize winner. 

hP^Shot 00 S political military, and economic and Mr. Alexander Ginzburg 
The news of the Shcharansky secrets to a foreign intelligence who, be said, were continuing 
veritic^was given to corre^foJ service from the territory of the the great traditions of the 
dents by Mr? Leonid Shcbarao- Soviet Union after being com- Russian inteUigensia. 

sky. the sentenced man’s promised and then blackmailed The accusation that he .... 

brother, who was the only mem- by that service while in Algeria forwarded Soviet defence secrets some fresh fruit and vegetables. 

ber qf the family who was on business in 1974. to the West was absurd. J ‘~*- m 

allowed into the court during Leonid Shcharansky said that All he could say to his wife 
part of the five-day trial. in bis final statement before the and supporters was “next year 

Leonid Shebaranskv said that court. Mr- Shcharansky recalled to Jerusalem.” 
the first three years of the sen- that he was warned repeatedly "To this court which decided 
tence.was to be served In prison during the investigation of bis ray fate in advance I have 
with the year and a half that case that he could be shot and nothing to say,” he added. 
his brother had already served, would receive no less than 15 Bonn denounces trial. Back Page 


Source: Department of Trade 
lew I oj imp'irls <71 nntu>i7«.>l 
materials. Such pim-h r«»M- 

deficit for May. Jusi over half sharply in Ihe lir-l three t:u<n!;i 
the change represented a drop in «>f the jear partly h'-c.iu-e -'f 
imports of crude oil io what .speciil'Uive stnckhiiil-ling at i 
officials believe may have been lime when sterling wa- >:r*u;e. 
an erratically low level. But. imports of imlustn ■: 

There was slight disappoint- materials. includin'.: — -i.i i- 

ment in the foreign exchange in a mi fa< lured good*. 'til" 

round was “moderate, sensible,) markets yesterday with the trade swuiently luxe nm f..lk , u '-m* k 
practical,” inflation might be [figures and the retail price index, by as much .i' was hnped. Wtnt- 


The pound closed 40 points lower volume was per cent lower 
on the day at S1.S825, after lhan in the firal <|imrli r. u.-' 
touching at high or $1.89221. The 7 per cent timber than ihe jvvr- 
trade-weighted index was un- age for 1977. This misht re'l.ct 
changed at 62.0. _ a chance io the j».«i t»*rn nT 

Over the April to June period imports nr a stroneer under! • me 
as a whole, the current account level of industrial output than 
was in surplus by £224m. com- reporter! so Tar. 
pared with what was seen in Imports of finished manufa. - - 
Whitehall as the erratically large tured conds. excluding erratic 
deficit of £305m in the first dual- items, rose by 4} per cent in 
. volume in the second quarter. 

Most of the improvement was compared with the first three 
exp Wned by a £200m turnround months of , h(? year, and were 
on the balance on erratic items H5 ^ c . cnt higher than the 
notably precious stones and ig77 a V era n c 

S&IM* This is not much faster th.:n 

£^0ra in the deficit on trade in eX p 0C | e d an( j ls hy no means 


However, the overall current 
account deficit fo £Slm in the consumer spendm^. since < up i rat 

VS, i 5WSS 

cast bv the Treasure in mid-April ra .P ,a, >- , , , 

at the' time of the Budget. Exports of manufactured goods 


solely the result uf the m 


kept in single figures next year. 

The inflation rate is likely to 
have reached the trough of the 
present cycle, and might start to 
rum upwards slightly this year. 

This month’s figures may 
anyway show a renewed rise in 
the year-on-year rate of price 
increases. In J uly last yea r 
there was a rise of only 0.1 per 
cent, but this year several 
factors, including the initial 
impact of the increase in build- 
ing society mortgage rates, could 
result in a faster increase 
during the month. 

Last month tbe rise of 0.8 per 
cent in the index oF prices of 
all items to 197 J was rather 
bigger than had been hoped by 
some City observers. However, 
the figure was boosted by a 7.1 
per cent rise in prices of seasonal 
foods as a result of increases in 
items such as carrots and 
potatoes.. 

Mr. Hattersley repeated his 

forecast that tne inflation rate h favourable because 

should settle at about 8 per cent f i ar n er invisibles surplus volume— again excluding orrati- 
a nd ren, al „ 'here tor the res' ‘gJJ* pSSm projened items-bmeon ,h, Imt 

°f 1978. monthly figure or 1120m :«s a quarters, but a rise nr only 

Over the past six months the of mor e buoyant travel per cent compared with the 

index which excludes seasonal anf1 serv | CPB earnin'’’'.. average for the last year, 

foods, rose by 4.3 per cent, officia i v j ew ^ t y, at with However, the intentions survey 

equivalent to an annual rate of. ajnrth Sea oil production rising of ihe Confederation of Erm.h 
8.9 per cent, and has been show-! 5 teadilv. the UK shoutd be in sur- Industry ba-s pointed n» a >hghily 
ing a slightly accelerating rate pftiS cfiiring the second half of brighter picture later in the 
of rise since March. the year, although there is no year. ' 

However, the figures are ms- 1 indication yet of whether the Exports of road vehMes hau* 
torted by the impact of local j Budget estimate of a semnd-hair been particularly buoyant, rising 
authority rent and rates rises in | surplus of £500m has been by 14 per cent in volume on a 
April, when the index jumped by j rev ised. ’ quarterly comparison. 

Tbe UK still would he in sul>- Table Page 4 

stantial deficit without North Sea — 
oil: for example, the deficit on 



1.4 per cent Apart from that, 
the rises, excluding seasonal 
foods, have been running consis- 
tently about 0.6 per cent a 
month, equivalent to an annual 
rate of about 7.5 per cenL 
Tbe rise in tbe all-items index 
last month was due mainly to 
increases in the prices of meat. 


cars and electricity. 


trade in oil in the first half of £ in 'rework 
tbe year narrowed by £S50m. 
compared with tbe same period 
of 1977. 

The main explanation for Ihe 
gap between Treasure forecast 
and the first-half out! urn. on 
present estimates, is ihe high 


J.ilv 14 


J’ll-lj.illi 


S|-4 

1 !■■■ -Ill li 

i in. .in la-. 
12 in. .li I It. 


St.'-Crti-MW 



4..0-4.HI .li*. 


M 

i'.l- -•.l..'-.' 

I i.i;-.! 


CHIEF PRICE CHANGES YESTERDAY 

Hlliua ■ IHV- Tintinl Worehestei 


iPim.1 ; tco Royal worchester 

(Prices in pence unless otherwise Bros. 

indicated! WGI 




RISES 

Treas. Wipe 1997 ...£103! 

Asscd. News i 

RurcJays Rank 

Beecham 

Daily Mail A 

Fenner (J. H.) 

Gordon and Gotch 
Hnwden Group - 

1CI 

Lloyds Bank „ 

McCorqnodale 3® J t 1 

Nat. Carbonising ... 43 » 

Nichols (Vimio) 1S - + n 


+ i 

172 + 4 
326 + 6 
667+7 
32S + 13 
J46 + IS 

75 + * 

701 + ni 
3S5 + 4 
2S0 + •* 


WaUis 

LASMO ”Ops 

Hartebeest 

Westfield Minerals .. 

FALLS 

Brent nail Beard 

Elliott fPcterbro’) - 

Fisons 

Gesteiner A 

Hambros 

Lebus (Hams) 

Trafford Carpets ... 
BP 

Guthrie 


W 151 + 4 
22S + 5 

.. 108 + 5 
.. 143 + 3J 
.. 340 + 30 
• 33 + 

10S + 11 


.28 - 4 
.16-4 
. 365 - » 

. 17G - 

■ 1 ?1 - S' 

.39-3 
27 - 5 
866 - JO 
330 - S 


Iacocca quits U.S. Ford 


BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 


MR. LEE IACOCCA, the senior 
Ford executive who for tbe past 
decade has been beir apparent 
to Henry Ford II, resigned 
abruptly yesterday following a 
management re-shuffle in which 
be .-was effectively demoted. 

in a statement Issued by the 
company, Mr. Ford said that 
difficulties had arisen with Mr. 
iacocca during the past IS 
months , over tbe way tbe com- 
pany should be organised “at 
the most senior level.” He was 
now. leaving in . the “best 
interests of the company and 
himself.” 

Mr. Iacocca, the company’s 
president 'since 1970, added that 
he was departing amicably. But 
in the past few months it has 
become 'increasingly dear that 
he was engaged in a bitter 
battle for succession to Mr. Ford. 

His departure is bound to lead 
to renewed speculation as to who 


will take over as chief execu- 
tive and chairman. Mr. Ford, 
whose family controls 50 per 
cent, of tbe voting stock of tbe 
group — the world’s second 
largest motor company — has 
made it clear that be himself 
wants to give up . executive 
authority in 1980. He will then 
be 63’ and will have bad over 
30 years at the top. 

Mr. Philip Caldwell, a former 
Ford of Europe chairman, 
emerged as a strong candidate 
for the job about a month ago 
when he was appointed vice- 
chairman and deputy chief 
executive officer. 

It was made clear at that time 
that Mr. Iacocca, who bad 
previously served alongside Mr. 
Caldwell with equal status in the 
office of the - chief executive, 
would in future report to him. 

At the same time it is widely 
rumoured in Detroit that the way 
is being prepared for another 


member of the Ford family to 
assume the .chairmanship, with 
Mr. Caldwell acting as a steady- 
ing influence alongside biro. 

Mr. Caldwell, 58. is reckoned 
to be ideal for this role because 
of his reputation for sound judg 
ment allied with a broad-raneing 
experientc of tbe group’s busi 
ness, particularly overseas where 
much of its growth has been 
generated in recent years. 

It is significant that during the 
last re-shuffle. Mr. William Clay 
Ford, the 53-year-old younger 
brother of Henry, was appointed 
ebairman of the executive com- 
mittee and a member of the 
office of the chief executive. 

In the longer tenn, Mr. Henry 
Ford ha$ said that he would 
like his son Edsel. who is 29, 
to take over as chairman. He 
has recently, been made deputy 
managing director of Ford of 
Australia in an attempt to groom 
him for the top. 


CONTENTS OF TODAY’S ISSUE 


■Overseas news 2 

Home news— general 3-4 

— labour 4 

Arts page 12*13 


Leader page 14 

LIE Companies 16-17 

Mining ; 5 

Inti. Companies 19 


Wall Street 18 

Foreign Exchanges 21 

Farming, raw materials ... 19 
UK stock market 22 


RUl 


as 


14 


The Finance 
amended 
Modest aspirations for tbe 
Summit — 15 

TraraSabaxa Highway: A 
‘light in tiie desert 2 


FEATURES 

The pitfalls of tax 

avoidance 6 

Motor raring; The Grand 

Prtx season 9 

The changing face of the 
cricket bat 9 


Fighting weeds with cover- 
ing plants 10 

Fishing: Cool days and poor 

catches 10 

Fashion: Baggage, popular 
and luxurious 10 


AppofattMcni* 

........ 


CoMflCtlna 

-Cricket 

Puzzle .. 

Economic EUurjr 

Eirterialaiaenr GuMe 
-Flumcn & Family 

Ft-acwarte*indi*» 


■ 38 

Gardening 

20 

Stare information . 

24S 

OFFER. FOft SALE 


13 

Coif 

9 

SB Week's Deal loss 

20-21 

Artoutnitot American 

S 

13 

How » Spend It 

n 

Travel 

IB 

Barclay Uetta . 

7 

m3 

Insmaca 

6 

TV and Radio 

12 

5ehlcslHBQr Prtf. ... 

U 

9 

Letters 

M 


#■ 

Target Special . 

7 

11 

Lex 

* 


23 

(Cwnmeai ease 16) 


15 

Man of Uie Wee* ... 

at 

Weather 

X 

Base Lending 

22 

» 

Motoring — 

9 

w Mfcead Brief . . 

IS 

Building Sec, Raut 

71 

6 

Property ' 

s 

Week In Lend. & NY 

• 5 

Local, AM*?. Bends 

21 

2 

Radas - 

u 

Y mar Savings & tnv. 

7 

UK Cenvertlbtas 

ax 


For latest Share Index 'p hone 01-246 8026 





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5 r 


Financial Times Saturday July 15 1978 A] 5‘‘ 


OVERSEAS NEWS 


Israeli weapons 
for Lebanon’s 
Christian forces 


BY IHSAN HIJAZI 


BEIRUT, July 14. 


ISRAEL is understood to have forces exercising maximum 
provided Lebanese Christian restraint "Several Syrian soldiers 
militias with large quantities of have been killed and wounded 
arms and sent military advisers by snipers since the ceasefire 
to help them use the equipment look effect a week ago. 

The weapons, including some It is believed thal if the provo- 
Sherinan tanks, were ferried to cations continue the Syrians 
Jonteh. the Christian-dominated might go into the Christian areas 
port north of here, and Dbayeh, with tanks to try finally to crush 
a small dock not far from the militias. 

Jounieh. In anticipation of such 

The exact number of Israeli eventualities, the right-wing 

advisers sent to help the Christian forces have been seek- 
Maronite groups was not dis- ing anti-tank weapons and 
closed, but it is believed to he received some of them from 
several hundred. Some estimates Israel. 

put the number as bigh as 1,000. Military aides of President 

A sea-borne shuttle has been Elias Sarkis have been working 
in action Tor the past two weeks on arrangements to lessen the 
between .Tounieh and Haifa. It dancer of friction in tense areas 
started at tbe outbreak of fight- but so far have only succeeded 
ing between the Syrian troops of io stationing Lebanese policemen 
the Arab peace keeping force between the Syrians and the 
and the Christian militias in and Christian gunmen, 
around east Beirut. President Sarkis was reported 

While an uneasy calm con- to he preparing an address to 
tinues to prevail — albeit with the Lebanese people to announce 
sniping in certain confrontation his intentions and whether he 
areas — the combatants are will stav on or resign. Reports 
mobilising for further action, in the Press today said that the 
Observers noted too that the President may decide to remain 
Syrians have brought in rein- in office for a trial period of 
forcements and additional three or four months, 
weapons. If his efforts during the period 

According to Western military to solve the crisis prove a 
sources most of the sniping is success, he will continue in his 
done by the militias, with Syrian post. Otherwise, he will resign. 


Trade plan 
worries 
developing 
countries 


Palestinian factions 
clash over kidnap 


SI DON, Lebanon, July 14. 

AL FATAH commandos clashed comma ruins had been killed in 
in fierce fighting with radical the fighting. according to 
Palestinians in southern Lebanon Palestinian sources, 
today. First reports said at leasl The ejewitnesses said it 
12 people had been killed or involved commandos , of all 
wounded. The fighting flared groups of the “ Rejection Front " 
last night because of disagree- with the exception of its leading 
ment over the temporary organisation, the Popular Front 
kidnapping or 40 men of the for the Liberation of Palestine 
UN Interim Force in Lebanon (PFLPi. 

(UNIFIL) by hard-line com- A French UN officer in Sidon 
mandos last Wednesday. said that UNIFIL had been 

As the Palestinians battled placed on alert but there was no 
each other with automatic Indication that Its men had been 
weapons and rocket-propelled involved in any action, 
grenades near the southern ports Last n , igbti rhe Palestinian 
of Sidon and Tyre, panic-stricken news agenev WAFA blamed pro- 
civilians fled Tyre for safer areas. Iraqi commandos of the 
eyewitnesses reported. Palestinian Liberation Front 

Fatah threw up 14 roadblocks (PLF ) for the temporary deten- 
on a slx-roile stretch of the mam tj on 0 f u, e UN troops and 
coastal road leading from Tyre sa id the PLF had acted on 
to Beirut, and encircled pockets orders from *' outside ’’—a dear 
of radicals entrenched in the reference to Iraq, 
refugee camps of A1 Buss and The latest bloodshed in war- 
Ain Helch in Tyre and Sidon battered southern Lebanon con- 
respectively. On Wednesday, trusted with a gradual return 
guerrillas of the hard-line to a semblan.-e or normality in 
“ Rejection Front " seized 40 Beirut, shaken by five days of 
UNIFIL troops and held them bloody fighting last week 
captive for five hours. between right-wing miltiamen 

No breakdown of the casualty and Syrian troops, 
figure was available but several Reuter 


Sadat- Weizman talks 
generate new optimism 


BY DAVlD LENNON 


TEL AVIV. July 14- 


1SRAEL was optimistic today Salzburg meeting. Fears that the 
that the stalemate in the peace London conference would end in 
negotiations with Egypt have stalemate have lessened consider- 
been broken following the talks ably. 

in Austria yesterday between it is expCl . lcd that there will 
President Anwar badiit of Egypt be a ser j e5 consultations be- 
and Mr Ezer weizman. the twcen the senior ministers over 
Israeli Minister of Defence. the weekend prior to Sunday's 
The fee mg in Jerusalem ts that Cab j ne t meeting. After the 
now that lhe direct contacts have Cabintft hea n a full report by 
been resumed, ibe meeting of the Weizman no the talks it will 
Israeli and Egyptian Foreign j ssue guidelines for Mr. Moshe 
Mimsters m London next week D a y anu the Foreign Minister, for 
will l»u able to concentrate on nevt week's talks with Mr. 
practical issues, rather than on Mohammed Ibrahim Kamel, bis 
wa>< to continue the negotiations. Egyptian opposite number. 

Mr. Mei/man arrived hack in * „ . .. 

Israel early this afternoon and .Earlier suspicions that the 
went directly to Jerusalem to .S.-i mliatcd London talks were 
report to Mr. Mcnachem Begin, basically designed to pressure 
the Prime Minister. Neither man ^ a S l 'jsed. It is thought 

was prepared to make any com- that the Cabinet may re-evaluate 
ment after their du-minute attitude towards the Foreign 
meet in ri Ministers meeting and issue Mr. 

The Defence Minister said that Dayan with less rigid guidelines 
he wanted to report to the Ih 0 *’*' agreed on at the last 
cabinet on Sunday before niak- Cabinet meeting, 
mg any public statements about Our Foreign Staff writes: Mr. 
hi- talks with President Sadat. Shimon Peres, leader of the 
A number or ministers had Israeli Labour Party Opposition, 
disapproved of Mr. Weizuian's said in London yesterday that 
trip, arguing that the Govern- the resumption of direct negotia- 
ment was allowing the Egyptian tions with Egypt was in itself “a 
leader in pick and choose which welcome indicator for the 
of the Israeli leaders he wished future" and a "positive step." 
to meeL Mr. Sadat is deriving Asked whether his own talks 
public relations benefit from the with Mr. Sadat last week might 
meetings without making aoy modify the position of Israel — 

c on cessions, some ministers which has rejected in advance 

argued. Egypt’s "peace plan" — he 

However, it appeared today replied: " The Government's posi- 
tion even the sceptics were more lion is still flexible enough and. 
hopeful for real progress in the does not need my encourage- 
Middle East talks following the ment." 


By Reginald Dale 

GENEVA, July 14. 

THE DEVELOPING countries 
today reacted with predictable 
concern to the international 
trade reform package agreed 
yesterday by tbe leading western 
industrialised nations. Mr. Petar 
Tomic, the Yugoslav spokesman 
for the third world at the Tokyo 
round of multilateral trade talks 
here, complained that develop- 
ing countries had not been con- 
sulted on the agreement and 
said that progress in the talks 
could only be properly assessed 
by all the countries involved. 

He made clear, however, that 
the developing countries were 
not going to take radical action 
or walk out of the talks in 
protest. The developing 
countries were still optimistic 
that their interests could be 
taken into account and would 
continue to take a constructive 
approach in further negotiations 
over the coming months, he told 
a news conference here. 

Mr. Tomic said the agreement 
in principle reached by the U.S., 
the EEC, Canada and Japan — the 
participants at this weekend's 
Bonn summit — did not 
adequately reflect the interests 
of developing countries. The 
agreement is intended by the 
major western powers to lay the 
basis for a conclusion of the 
five-year long negotiations by 
the end of this year. 

The statement issued by the 
western powers had omitted 
issues of major concern to deve- 
loping countries, such as 
tropical products, the principle 
that safeguard actions should rot 
discriminate against developing 
countries, the right of developing 
countries to use subsidies .for 
their industrial development, im- 
provement in GATT rules on 
government assistance to eco- 
nomic development and the 
elimination of quantitive restric- 
tions on developing countries' 
exports, be said. 

Draft codes of conduct for 
modernising the rules of world 
trade, endorsed by the indus- 
trialised countries, contained 
elements that might seriously 
affect the trading interests of 
developing countries, according 
to Mr. Tomic's statement. He 
warned that future agreements 
in such areas would require the 
full participation of developing 
countries. 


The trans-Sahara highway: green light in the desert 



. „ Tf all Coes well, overland an increasing. ilo* 1 

THE SAHARA desert has long of the tnufthva road was recently oP' sned- u a fc Qf ln . d3 t0 sfeeria. The cloj 


. wiiuwn umiL wioiTr border post of in- goods ro Nigeria, tae eioj 

represented a prattlcilly lrnpass- given ra 1971 by the Algenan the *«<.<*“« ™ J hed by the Nls(rii ,n ports meant 
able sand and rock barrier to Government • Guezzan * ' " . ‘ . 

both commercial dealings and Difficult working conditions In target date ° f 3 _ l9b ?:obinst*d j t5 del,wer > delays \Vith a rosi 
diplomatic relations between the the harsh Sahara climate, added Algeria has mooiiiseu lhan a ir freight and a j 
Maghreb countries of North to Herculean civil engineering armed forces to oimu iue ■ dej , rt;c p f reliability, i r 
Africa and their southern neigh- and logistical feats required to This has perinmea yw o transport has t 

skmis ac^.if&^tiybe 

voyage has discouraged all but ; tllc RepubUc ' 

the hardiest travellers. The servlre proved so pop; 

The idea of building a modem HOWARD sCHISSEL fhar a special trailer sen 

tarmac trans-Sahara route dates - — — 1 — designed l» reduce trans* 

from the period when France 



had dreams' of consolidating a kilometres a year. The 410 kilo- of value in the nations other nicnt d J. Pa . u .? - r ' 


vast Sahara empire. 


NISER 

(SlkGUEZZAN 


In many metres separating the oases S ambitious [Jaflen? come™ shore°in Algei 

respects, uus sem-mts was the El-Galea and In-Salah was - Another P 0 ®^ 1 -,!Si n »ttnn in ports. thev are immedia 

equivalent of the Cape to Cairo covered with tarmac in just two Algerian f arm ^f n p ^ uc Pg ti t " s . itched to specially 

railway which fuelled British years. On the other hand, the tbe construction of the trans hitcnea io pm- • « 

imperial imagination at the end 694-kilometre stretch from Sahara has been sharply to cut terms iuc y *, 




struct ion firms will restilt in at II days. In the JWps. when; 
srrucuuu hi i® completed, travel! 


aily-inspirea project into a rugged Hoggar region. -- -. __, ri 

national reality. By mid-1978. tbe tarred par- least a doubling of this price «»« should be reduced to 

After years of consultations tion of the trans-Sahara had During the last decade only a tun* should reouc«x . 

between Saharan states and reached a point less than 150 limited commercial traffic— -and aw* and s ? f ™J“ 

r- kilometres north of Tamanrasset a sporadic flow of tounsts-faavc trimmed. A -pool of annul 


-H VOLTA 


U.S. warns 
of obstacles 
to new pact 


By Adrian Dicks 

BONN, Julv 14. 
MR. ROBERT STRAUSS, the 
U.S. special trade representative, 
said in Bonn to-day that the 
“framework of understanding" 
reached in Geneva meant that 
“we are 80-S5 per cent of the 
way home." But be warned that 
the remaining obstacles to con- 
clusion of the Tokyo round must 
not be under-estimated. 

Mr. Strauss emphasised the 
goodwill of Governments taking 
part, but he also said that tbe 
framework of understanding fell 
short of the “full, broad, poli- 
tical agreement" which it bad 
been hoped to present in time 
for the world economic summit 
meeting in Bonn this week-end. 

Among the issues which Mr. 
Strauss identified as still present- 
ing difficulties were those of a 
code covering the application of 
safeguard measures by indi- 
vidual countries, and of ways to 
control subsidisation of indus- 


stretching out towards man ana roaa oy we eno oi uus year, in national * . »**-»-*» ----- 

another passing through Niger order to meet the rapidly pany (CNTR) recently initialed c-,hara ran ah 

to Nigeria, was finally selected, approaching deadline, several a regular semce, British, French U P * he SaJiara ™ n at J 
The green light for construction additional work sites have been and Italian firms began sending one wme. 


ANDREW YOUNG 


An embarrassment of talent 


BY JUREK MARTIN, US. EDITOR, IN WASHINGTON 
EVEN IF he had never opened completely overshadowed for the of all real proportion by a sen- was not misplaced. 


his mouth toVreporter from the moment" by his remarks that sation-seeking Press, to whom. It is possible, therefore, that 
French newspaper Le Matin, there are “hundreds, perhaps notwithstanding, Andrew Young he was speaking essentially to a 


_ newspaper lv m«*u >u, u>ctc m c uuuuiuw, “*• — ~ _ -i - — — -v. — 

Andrew Young would, in any thousands," of political prisoners hardly ever says no. domestic constituency, partly out 

case, have- figured prominently Inside the United States. The world has not changed of conscience, partly, as same are 

in the news' this week. Regardless of the truth or because he called the Swedes now saying, because he is look- 

Wednesday^ announcement in otherwise of his comments, or “ racists " or questioned Britain’s ing beyond his term at the UN to 
Luanda that the five Western whether they were taken out of comrmnnent to pursue' the path a return to national politics. 
Powers and the SWAPO context, in one fell swoop he to majority rule in Africa. In others who know him well sug- 
nationaList leadership had grievously embarrassed his any case, many serious people g est he is chafing at the 
reached agreement on a peace- friend and President, Jimmy in the U.S. agreed with what he am bivalance of his current job 
ful transition to independence in Carter, at a time when the U.S. had to say. even if they regretted an j li restyle— simultaneously 
Namibia represented a signifi- was conveying moral outrage at that he said so publicly. enjoying the affluence and social 

cant triumph for the American the dissident trials in the Soviet Moreover, his penchant for coni f 0 rt that comes with his post 

ambassador to the United Union and provided Moscow bluntly speaking his mind has faQd which is shared bv repre- 
Nations and.for his own personal with the sort of propaganda to be matched against a deserved sen tatives of some of the' poorest 
style of diplomacy. fodder that tbe Kremlin, in its reputation for skilful diplomacy coun tries at the UNi but finding 

But that achievement has been wildest dreams, could never have — as Martin Luther King’s lien- ^ sitting ill with the mis- 

expected to receive. tenant in the thick of the civil S j 0nary fervour thal has not died 

It prompted demands for his rights movement, as an ex- w {(hin him 

impeachment in the Congress, a tremely successful black Con- M Vance ihc mildest 

dressing down from Cyrus Vance, gressman from Georgia, and, was «,i ul!e( i 

the Secretary of State, in offending diplomatic -niceties 2 " nn rintlhle ^nietlteT^ whin 
Geneva, the possibility oF further aside, as an effective ambassador most 

disciplining from the President at the UN. who has drawn wide- outburst But mSch S 

himself, and a general reaction spread praise from representa- 
in the U.S. that was neatly lives of the Third World, 

summed up by an editorial in Part of the answer may lie in infelicities, all me fibers of 

the Baltimore Sun which ob- those gut feelings forged in the M f* tiJ^Andv vJiS 

served that Mr. Young had civil rights movement- If he had establishment like Andy Youn*. 

become “ a media freak, an em- said what be did this week 10-15 va i“® JVf n ¥ “„5f: hie r _ { _ nH 
barrassment to the Administra- years ago, many whites as well The President made his friend 
tion he is supposed to serve and as blacks would have supported ambassador to the UN not for 
an easy target for every racist him. domestic Political reasons but 

sitting in Congress or on a stool But the pace of social change because he tnongnt ne had a 
at the neighbourhood bar." in the past decade has slotted: S«nuine eontalbullon to make— 



Emminger 

welcomes 

currency 

proposals 


It also prompts another basic American blacks have become which he^ certainly has. 
question: why did he do it? disenchanted with the man whom 


he do it? disenchanted with the man whom But Jimmy Carter also knows 

None of bis previous publicised Andrew Young worked so hard perfectly well now that tf he 
verbal asides have been of more to put in the White House and does more than bring Andrew 
than passing consequence. Many may even he wondering if their Young to heel, he could well pay 
of them have been blown out faith in Andy Young himself a severe domestic political price 


try. 


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According to senior West Ger- 
man officials, who also consider 
the Geneva understanding a “re- 
lative success." the resistance of 
Britain and to a lesser extent, 
France, is the main stumbling 
block to further progress on both 
issues. 

However. Mr. Strauss also 
indicated that the U.S. itself 
remains unsatisfied on several 
important points, and chiefly on 
improved access to overseas 
markets for American agricul- 
tural products. “ If this is not 
increased there will be no agree- 
ment,” he said. The same 
applied, he added, to computers 

Asked whether the Tokyo 
Round negotiations still had a 
long way to go, nonetheless, Mr. 
Strauss said: “No, certainly not 
if you consider the distance we 
have come in the past year." 

For the first time, he stressed, 
GATT would supplement its 
anti-dumping code with compar- 
able rules on customs evaluation, 
standards, licensing, Government 
procurement and counterfeiting 
of trade names. 


S. Africa cautious on Namibia 


BY JOHN STEWART 


CAFE TOWN, July 14. 


THE LUANDA agreement to take corned tbe agreement announced Federal Party leader, Mr. Colin 
Western settlement proposals «n on Wednesday— but to their Eglin, voiced similar reserva- 
Namibia to tbe UN Security hopes for peace, they added tions. 

Council for formal endorsement caution ahout the still-unknown “Provided no new terms have 
has met with a cautious response details of the deal struck be- been introduced, it paves the 
from those members of the South tween the Western powers and wy for the most important goal 
African Cabinet most intimately SWAPO. - ~ - ... * 


Concession 
to foreign 
investors 


By Our Own Correspondent 
JOHANNESBURG, July 14. 


involved in the settlement plan, in Windhoek, leaders of the ri enen ^fnr 31 Kni^-h° 8 SENATOR __ 9_ W ® D 


lan. in winonoeK, teaaeis cn ine independence for South West c„,«, African Minister' nf 
The Defence Minister, Mr. Democratic Turnhalle Al^ance Mrici ^ peace for southern South ^ c ^ “ ,T “ st er of 
P W Botha said that a reduction <DTA) and the National Party Africa”- he «aid tinance, nas Mmouncea roat tne 

of south African rewlty forces Election Alliance (AKTUR) ex- Government, Is to investigate 

in Namibia would tak^place only pressed no surprise. • ■ ^ a sur Pnse ™«. South obstacles facing foreign investors 

when ^ere was visible peace Md OTA chairrSan, Mr. Dirk Afncainip pointed administrator- in &)utii Africa m an effort to 
an end to viotence Homade it Mudge, and the Aktur leader, general, Mr Justice M. T. Steyn. abolish what Mr. Horwppd said 
Sleartiiat South Africa wulcPnot Mr- A. H. Du Plessis, said they today served an expula on order were unnecessary restrictions." 
entertain departures from the had expected immense pressure ° n P** yacar-general of the Th e Minister said that "the 
security arrangements defined In be exerted on SWAPO in Namibia - Mr. reas ons for some of the existing 

the Western Seraent Luanda. Ed Morrow, his wife. La u re e, and restrictions are today less valid 

proposals accepted bv South Mr - Du Plessis said it was not a Roman Cathohc pnwt. Father than before and can fruitfully be 
Africa at the end of April. > et l ' lear whether new conditions Heinz Hunke. They have been adapted. We must not keep 

The Foreicn Minister Mr E were attached to SWAPO's S 1 ™ seven days to leave. (investment) capital out through 

F Bolha oermiLted himself a acceptance. "What will surprise Mr. Morrow is the third restrictions, but rather encourage 
more hope fui response ™ noting me - indeed . is if SW.\PO did in Anglican cleric to be expelled it with concessions.” 
that the Luanda agreemrat could V^ouX from the territory in six years ;There is speculation that the 

herald a new era in southern ? n ^ Preconditions, , an d in the Earlier this week, the diocese of Commission of Inquiry which is 
Alrica. He cautioned, however, fonn South Africa has accepted Damaraiand called for the studying South Africa's monetary 
that everyone involved would them, he said. immediate withdrawal of South and exchange rate policies under 

have to execute the proposals * Q Cape Town the Leader of African authorities from the. Chairmanship of Mr. Hor- 


witb sincerity. 

He said the South African 
Government assumed that no 
qualifications of any nature — 
direct or by implication — would 
be added to the written 
proposals. 


the Opposition, Lhe Progressive Namibia. 


New bid to end sanctions 


wood's special economic adviser. 
Dr. Gerhard de Kock, may pro- 
pose, greater freedom for over- 
seas companies and non-resident 
individuals to move capital in 
arid out of South Africa. The 
restrictions on overseas' com- 


SALISBURY. July 14. 

“The security of the territory BLACK NATIONALIST leader bishop to the United States to pspies ability to borrow on 
in no way becomes involved. No Bishop Abel Muzorewa left for help press tbe case, a Rhodesian domestic markets may also be 
reduction in the number of troops the United States today to lobby Foreign Ministry spokesman said, eased. 

is foreseen unless and until a on. behalf of the transitional Bishop Muzorewa is expected Tbe Commission is expected 
situation of completei'?* ace has Government Tor the lifting of to argue that the Salisbury, to recommend that South African 
come about and is maintained,” trade sanctions against Rhodesia, agreement of March 3, which set foreign exchange dealings and 
he said. a Government spokesman said, up the coalition transitional rales become more market-related 

“During the interim period. The American Senate is Government, provided for black-than. is now the case. 

South Africa remains responsible expected to debate tbe sanctions majority rule on December 31 South Africa already has an 
through the Adthuusteator- again next week. A motion call- and that there was therefore no effective “ two-tier ” Rand market 
General for the administration ing for their removal was need for sanctions to continue, through the official commercial 
of the territory, the maintenance recently defeated in the Senate The March 3 accord, signed by rath and the floating securities 
of peace, order and security, and by 48 votes to 42. Bishop Muzorewa, Mr. Ian Rand market 

the South African police con- Republican Senator Jesse Smith, the Prime Minister, and It Is known that Dr. de Kock 
tinue with their normal duties.” Helms, who is pressing on with two other nationalist leaders, is visited the New York and 
Political leaders >in South a Bill aimed at lifting the UN- opposed by the Patriotic Front London foreign exchange markets 
Africa and Namibia have wel- imposed embargo, invited the guerrillas. recently. , 


By Jonathan Carr 

BONN. July U 
DR. OTMAR EMMINGER. pn 
dent of the Bundesbank. 1_ ■ 

welcomed the aim of cstabll 
ing a wider zone of currency tj 21 |^. „ 
billly- in Europe — but stres;'' * 
the need to get the rules fur j 
new system right and then sL.. - • 
to them. 

In an interview with the W 
German economic news aget 
VWD, Dr. Em mincer made cU 
that several important aspects 
the new system remain to 
settled. They include the cx: 
amount of national reserves to 
put into n common Europe 
pool, the degree tu which p: 
tieipating currencies would 
allowed to fluctuate and the yat 
stick against which flucluatk 
would be measured. 

Dr. Etnminger's detailed coi 
rafents are the first he has mat 
in public on the proposed n* 
system since European Cm 
munlty leaders agreed on quid 
Hoes for it in Bremen last wee 
Since then, there has been wid 
spread criticism Jier'e that tl— - 
plan involves a'risk nf more infi 
tion— in West Germany above a! 

Asked whether he felt I his wi 
true. Dr. Emm in cor repliei 
"Only ir the rules — which rum 
exist in such a system— are in 
correctly observed. For cxampli 
if a country artificially tries wit 
the aid of susbtantia! credit t 
maintain an exchange rate whir 
has been made unrealistic b 
domestic inflation. 

“Therefore, it is important tha 
all participating Stales are full; 
in agreement on the rules froD 
the start and that the source 
of credit are not ton gcncrousl; 
apportioned— otherwise thi 

threat to stability is loo areat” 

Mr. Emnunger said Jt had ye 
to be decided whether the bask 
of the new system would be ever 
narrower fluctuation margin! 
than those permitted in the 
“ snake " (plus or minus 2.25 per 
cent) or whether the fluctuation 
should be measured against the 
new European unit of account. 


UK-Spanish 
talks planned 
on Gibraltar 


A first meeting of the joint Anglu- 
Spanisb working groups on 
Gibraltar will take place at the 
Foreign and Commonwealth Office 
in London on Monday, writes our 
Gibraltar correspondent. The 
groups are the outcome of talks 
in Paris last March between the 
Foreign Secretary, Dr. David 
Owen and the Spanish Foreign 
Minister Sr. Marceflino Oreja — 
with Gibraltar represented by the 
Chief Minister and the Leader of 
Lhe Opposition. 

A Government statement in 
Gibraltar said that, as always 
foreseen since the Paris talks, the 
subjects to be discussed were 
maritime communications, tele- 
communications, and social 
security pensions of former 
Spanish workers employed in 
Gibraltar before the frontier 
closure in 1969. 


Strike leaves tourists to wander hungry about Rome 


BY DOMINICK J. COYLE 


ROME, July U. 


A FIFTY-FOUR PER CENT 
jump in Italian tourist receipts 
last year was largely respons- 
ible Tor the country’s relatively 
massive overall payments 
surplus (approx. $US3bn) in 
1977, bat you would never 
suspect this here today as 
thousands of tourists scoured 
the city for some place in 
which to eat. 


For 24 hoars at least, and 
for the second Friday run- 
ning, Rome's main hotels and 
restaurants are closed, shut 
down by a nationwide strike 
of tourist industry employees 
pressing for some concrete 
negotiations on their new 
labour contract. A similar 
prospect Is In view for next 
Friday. 

Everybody is very sad ahout 
lhe whole situation. Hotel 


managers, many or whom wpre 
this morning pressed into the 
unaccustomed task of making 
up guests’ bedrooms, shrugged 
Iheir shoulders in flint only 
too Italian way. seemingly 
Intent on explaining that 
employees and their- trade 
unions can not recognise 
golden geese that lay golden 
eggs, but hastening to add 
that all would be hark to 
normal tomorrow. 

And so, of course, U wi 11 he, 
although front-office eashiers 
will then face the problem of 

dealing with understandably 

irate guests seeking some 
reduction from their- weekly 
tariffs. Drinks on the house, 
in retrospect, can take some 
of the sting out of the misery, 
but Rome is particularly hot 
just now, and tourists stand- 
ing on street comers armed 


with city maps, and pressing 
their requests on passers-by 
for guidance to the location 
of a nearby family (i.e n non- 
unionised) hostelry, were 
getting little Joy from the 
natives.' 

Romans are no fools, and 
directing unfortunate locked- 
out tourists to the relatively 
few non-union watering boles 
in the city centre is a guaran- 
tee that their own dining 

S 'easures would be disturbed. 

y own luncheon retreat was 
packed to waiting point today 
long before the customary 
eating hour, another loss to 
Italian productivity about 
which senior treasury experts 
were talking earlier in the 
week with Tisiting teams from 
both tbe International Mone- 
tary Fund and the European 
Economic Community, in both 


cases, Italy is seeking addi- 
tional standby facilities. 

Slg. Vincenzo Scotti, the 
bright young Neapolitan, who 
is now Minister of Labour, is 
anxious to -mediate in the 
present dispute but, with his 
cabinet colleague, Slg. Vit- 
torino Colombo, the Transport 
Minister, he has been burning 
the midnight oil in trying— 
successfully, the tourists will 
be pleased to hear— to per- 
suade other trade onions to 
call off a four-day niiwav 
stoppage scheduled originally 
to commence on Sunday. 

Italy, with a total population 
of close on 43 million 
attracted some 30 million 
visitors last year who spent an 
estimated S3.8bn or getting on 
for S99 per capita. Some (our 
Isis may think it an ungrateful 
response on the part of Italians 


to refuse them food. They, or 
more likely their successors 
here next month, might be 
even more concerned to know 
that the Roman authorities 
have thus far had little success 
in agreeing with shopkeepers 
on a staggering of closing 
hours, and In many cases of 
actual holidays, during August, 
in order to ‘ensure that the 
arriving tourists have some 
place in whieh to spend their 
money. 

Still, given the present 
climate, food and cool drinks 
are even more Important, and 
certainly better than eating 
sandwiches on the Spanish 
Steps — if, that is, you can get 
the sandwiches. Today even 
they were is short supply and, 
in some enterprising family 
establishments, were at a 
premium.' . 


Police face discipline 

Stern disciplinary measures .ire 
expected to be taken against over 
50 riot policemen, Including a 
lieutenant and two sergeants, who 
on Thursday ransacked the Basque 
town oF Renteria, writes Jimmy 
Burns from Madrid. 

The policemen have been con- 
fined to barracks pending a full 
investigation into the attack, 
which led to the looting of shops 
and an unprovoked tear ga* 
assault on private houses. 


Aero engines 

The British Government appears 
lo have decided to do what it 
ran to facilitate’ the despatch of 
tnc four Rolls-Royce aero engines 
belonging -to the Chilean air 
Force, writes Hugh O’Shaughncssy. 
The engines were overhauled at 
the company's East Kilbride 
works in 1975 hut their despatch 
has been blocked by the 
opposition of union members to 
the Chilean military junta. 


Threat to Eritreans 

The Ethiopian Embassy in Nairobi 
said yesterday that Ethiopia had 
no alternative but to crush the 
rebellion in Eritrea, because the 
secessionists had rejected all off ers 
of a peaceful . settlement, writes 
our Nairobi correspondent The 
Embassy statement .follows-. rebel 
reports of a fulf-scalo BtWoptan 
offensive, using troops,' aircraft 
and ships. 






Financial Times Saturday Julv 15 1978 


IOME NEWS 


1 burmah 
)il claim 
earing 
ext week 

MARGARET REID 

AH OIL'S application for 
rt order compelling the 
of England to disclose 62 
cnLs it considers important 
1500m action against the 
will now lie heard next 
*y. a day later than 
ed. 

case is expected to be 
Mr. Justice Slade in tbc 
ery Division of the High 

Treasurv has claimed 
' n privilege " for the Bank, 
•.e body, to withhold the 
ents on the ground that 
irodurtion would be against 
.blic interest. 

owing Buntiah’s financial 
it the end of 1974. the Bank 
d in with support and ulti- 
' bought Bunuah’s 20 per 
shareholding in British 
cum. 

shares are now worth 
, £500iu more than the 
ised market price at which 
nk purchased Them in early 
Burmah is suing for the 
oF the shares at the price 
ich the Bank took them 
plus dividends, 
t week's case about the 
ients. which Burmah feels 
be important to its action, 
peeled to begin in open 
when the judge will hear 
ents on the legal aspects of 
alter. 

. expected that he will then 
*n to consider the docu- 
in private. 


Mi. 

»!ii 

i ! 

•II, 

i 

Hr: 


Building society net 

sharply 




BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


THE SQUEEZE on building 
society funds was confirmed 
yesterday with figures showing 
that the level of net receipts in 
June fell to the lowest point for 
IS months. 

The Building Societies Associ- 
ation said that net receipts last 
month dropped to only JEl47.ni. 
against £212ni in May. In June 
1977. they totalled £304 m and at' 
one stage towards the end of last 
year nearly touched £600m. 

The societies are oot expecting 
this month to be any better. 
Some early estimates suggesting 
that net receipts could fail to 
below £100m, in spite of the July 
increase in building society 
interest rates. Withdrawals to 


finance holiday expenditure and 
competition from National 
Savings are behind the gloomy 
forecasts, 

. But in spite of the compara- 
tively low intake of new funds 
from the public and recent 
restrictions on lending imposed 
by the Government. the 
societies have managed to main- 
tain a historically high mortgage 
advance programme. Yesterday's 
figures from the association 
showed how the societies' liquid 
funds weve. as a result, being 
eroded. 

At the end of June, the 
societies' ratio of liquid funds 
to assets stood at just under 19 
per cent, representing a cash 


reduction of £900m since the end 
of February. 

Now that the restrictions on 
mortgage lending are being 
lifted and the societies have 
shown their intention of return- 
ing to a higher level of advances, 
liquidity levels can be expected 
to drop further to help finance 
advances. 

This process cannot be 
pursued for too long, however, 
and lending may eventually 
have to be slimmed down 
beneath the targets which 
societies would ideally like to 
meet. Further increases in their 
interest rates are ruled out in 
what could be a pre-election 
period. 


Hint of support for coal 


BY JOHN LLOYD 

MR. ANTHONY WEDGWOOD 
BENN, Energy Secretary, gave 
a strong hint yesterday of 
government support for the coal 
industry m the dispute between 
the National Coal Board iNCBI 
and Central Electricity Generat- 
ing Board tCEGB) on coal's 
future as fuel for UK power 
stations. 

Mr. Benn met Mr. GJyn 
England. CEGB chairman, and 
Sir Derek Ezra, chairman of the 
NCB, to seek a resolution to the 
organisation's conflict of interest. 

The CEGB has made clear that 
it sees a reduced future for coal 


in its power stations. The NCB 
faces difficulty in selling its coal 
in the immediate future. 

Mr. Benn, speaking to Durham 
mining mechanics yesterday, said 
there was no point in discover- 
ing new reserves of coal and in- 
vesting in its exploitation if it 
could not be used. 

" In the short term we must 
make the greatest possible use 
of our indigenous energy 
rcsiiurces. This is why 1 have 
begun an urgent examination of 
the potential for burning 
additional quantities of coal in 
power stations to displace im- 


ports of oil and imports of coal. 
And that makes sense for all of 
us and we are determined to 
press ahead." 

Mr. Benn said he hoped the 
mining industry, and British 
energy policy generally, would 
be discussed in the campaign for 
the forthcoming general election. 

“Britain is now becoming 
entirely self-sufficient in energy 
and achieving an integrated 
energy policy, a national fuel 
policy, which the National Union 
of Mineworkers has long advo- 
cated. 


l ories block ‘Grunwick Bills’ 


JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


E PRIVATE Members' 
ml forward by Labour MPs 
.-c greater protection to 
rs in the wake of the Grun- 
iisputc were blocked by the 
in the Commons yesterday, 
hey have almost no chance 
ronting law. 

ilar treatment was meted 
i the Estate Agents' Bill, 
uvd b.v Mr. Bryan Davies 
Enfield North 1. which 
to give greater legal pro- 
» to home buyers, 
as the Iasi day set aside fqr 
? members' business before 
menl rises for the summer 
at the end of Ihis month 
rly Aueuht. Even if the 
mnent wanted to sponsor 


the Bills, there would not be 
adequate time left for considera- 
tion. 

One of the most important 
measures to be blocked was the 
Post Office Workers’ (Industrial 
Action ) Bill, presented by Mr. 
Norman Buchan (Lab. Renfrew 
West) and a wide spectrum of 
Labour back-benchers. 

Its intention was to clear up 
what Labour MPs believe to be 
the anomalous position of Post 
Office workers’ not having the 
legal right to strike. It stipulated 
that they would noi commit any 
offence under the Post Office Act 
of 1953 by taking industrial 
action, if it was in furtherance 
of a trade dispute in which thf 1 


Post Office was a party. 

It was introduced because of 
the row over the Post Office 
workers who refused to handle 
mail for Grunwick's. 

Another measure was the 
Employment Protection (Amend- 
ment) Bill, put forward by Ml 
I an Mikardo, the Left-wing 
Labour MP for Bethnal Green 
and Bow. This would give 
workers the right to claim for 
unfair dismissal wben they are 
sacked during union-recognition 
disputes. 

There was also the Employ- 
ment Protection Bill of Mr. Ted 
Fletcher (Lab., Darlington j, 
ch.irinan of the Left-wing 
Tribune Group. Its main effect 


would have been to prevent a 
court’s overturning a ruling of 
A CAS in a union-recognition 
dispute, which happened in the 
case of Grunwick. 

The Estate Agents’ Bill was in 
a different category from the 
others. It received considerable 
support from Tory MPs and had 
the backing of the National 
Association of Estate Agents, the 
Royal Institute of Chartered 
Surveyors and the Incorporated 
Society of Valuers and 
Auctioneers. 

But, a minority of Conserva- 
tive MPs blocked it yesterday on 
the grounds that it gave the 
director-general of fair trading 
too much power. 


European 
digger 
line for 
Scotland 

By Our GlMgow Correspondent 

GENERAL motors is trans- 
ferring, prod action of part of 
its Terex range of heavy earth- 
moving equipment from 
Luxembourg to its New house 
factory Jji Scotland. 

The move will concentrate 
European Terex production in 
Scotland. It might mean 300 
more jobs at New house. Strath- 
clyde, which employs more 

than 1,100. 

The . company said yesterday 
it wanted to rationalise pro- 
duction of diggers and loaders 
in one plant instead .of 
splitting output between two 
countries. 

The decision was welcomed 
by Mr. Gregor Mackenzie, 
Minister of State for Scotland, 
who said be was sure It 
reflected the company’s satis- 
faction with its Scottish plant’s 
prodactivlty and quality of 
output. 

The Luxembourg factory will 
not close hut will concentrate 
on other .sectors of the com- 
pany’s heavy Industrial plant 
range. 

Beef price rise 
fails to 

deter shoppers 

By Our Commodities Staff 
CONSUMPTION OF beef rose 
almost 6 per cent in the first 
three months of this year. Shop- 
pers were apparently undeterred 
by a 14 per cent ihcrease in 
prices for best cuts. 

The meat industry’s informa- 
tion service reported yesterday 
that while beef eating went up. 
consumption of pork dropped 7 
per cent and buyers spent 9 per 
cent more an the smaller quan- 
tity- . 

Spending on lamb also rose 
10 per cent, but consumption was 
only 1 per cent higher than in 
the comparable part of last year. 

Figures published weekly by 
the Meat and Livestock Commis- 
sion show that average retail 
prices of beef steaks have now 
risen 50 per cent since the start 
of the year. Cheaper beef, such 
as mince, is only 10 per cent 
dearer.. ■ 

The average price of rump 
steak, for example, was £1-61 a 
pound the start of the year. 
It is now.ff.83. . 


Peak fluorspar 
mining plan 
turned down 


BY PAUL CHEESERIGHT 

THE PEAK Park joint planning 
board yesterday refused lo grant 
permission to Dresser Minerals 
International for tbe mining of 
fluorspar at Couksbury Lane, 
Youlgreave. Derbyshire. 

Tbe refusal again throws into 
relief the problems of recon- 
ciling a national industrial 
policy, based □□ developing 
indigenous resources to the 
fullest extent and the demands of 
maintaining national parks as 
recreational reserves. 

Mindful that Mr. Peter Shore, 
Environment Secretary, recently 
overruled its objections to 
imperial Chemical Industries 
quarrying times tone near 

Buxton, also in the Peak Park, 
the board has decided to seek 
an appointment with him in 
order to gain clarification of the 
Government's stand. 

Tbe immediate effect oE the 
refusal is that Dresser, sub- 
sidiary of a Texas group, will 
appeal to Mr. Shore, thus open- 
ing the way to extensive debate 
and a public inquiry. Dresser 
has made it clear that the Peak 
Park reserves it wishes to mine- 
are important for the develop- 
ment of its business. 


Dresser has invested about 
£4m in taking over a fluorspar 
mine and plant at Hopton, about 
six miles from Youlgreave. The 
land it wishes to mice now was 
covered partly by a planning 
permission granted to an Italian 
company which once had owned 
the Hopton works. 

In its consideration of the 
application, the planning Board 
was less concerned about the 
immediate commercial reper- 
cussions for Dresser than about 
tbe long-term effects on the 
national park. 

Its refusal was based on an 
assessment that Dresser had not 
provided sufficient information 
about its plans for the restora- 
tion of the mining site after 
exploitation. 

Although Dresser has advanced 
restoration plans, the planning 
Board considered that details 
were not certain enough. What 
it would have liked was tbe 
imposition of a bond on Dresser 
so that it could have been 
assured of restoration. 

But the whole concept of bonds 
is rejected not only by Dresser 
but the whole UK mining 
industry. 


UK’s plastic products 
exports ‘are lagging’ 


BY SUE CAMERON 

THE UK PLASTIC products 
industry is far behind its chief 
European competitors in the 
world market, according to a 
paper yesterday by the Plastics 
Processing Sector Working 
Party. 

The paper, based on a report 
by the National Economic 
Development Office. says 
Britain's 5 per cent to 6 per cent 
share of the world plastic 
product market is less than a 
quarter of that achieved by'Wesrt 
Germany and only half that of 
France and Italy. It adds that 
the UK exports mainly to 
developing countries while 
France and West Germany con- 
centrate on the more sophisti- 
cated markets of industrialised 
Europe. 

The working party, says the 
UK’s poor export performance 
comes at a time when UK output 


of plastic products is rising 
rapidly. By the end of 1977 output 
in real terms was 50 per cent 
higher than in 1970. Yet the 
working party is convinced that 
even in the home market many 
companles are falling to take full 
advantage of openings. 

The paper says the home 
industry has some way to go in 
convincing UK customers of the 
full merits of plastics products 
and components. Although im- 
port penetration Is low, It fears 
a much larger-scale attack on the 
UK market from abroad. 

Tbo working party has com- 
missioned a discussion document 
on weaknesses of plastics pro- 
cessing in the UK, which is being 
sent to all those in the industry. 
It says more attention needs to 
be paid to design so as to make 
plastics more acceptable to the 
consumer. 


Housing 

chief 

attacks 

architects 


By Michael Cassell, Building 

Correspondent 

A SCATHING attack on the 
architectural profession was made 
yesterday by Mr. George Trem- 
lett. leader of the Greater London 
Council's housing policy com- 
mittee. 

He told. the annual conference 
of tbe Royal Institute of British 
Architects in Liverpool that 
architects bad “ debased London 
in recent years and in the pro- 
cess have debased themselves." 

Architecture, he claimed, had 
been devalued and standards had 
fallen. Id particular, he criti- 
cised municipal architects and 
said they were “held in con- 
tempt" by politicians of all 
parties because of the damage 
they had inflicted on urban 
communities. 

Mr. Tremlett acknowledged 
that he was making serious 
charges but insisted tbai the 
decline in standards of the archi- 
tectural profession was “ a 
tragedy of enormous propor- 
tions." 

He charged architects with 
failing to resist moves towards 
high-rise developments and 
styles of building “almost un- 
speakable in their ghastliness.” 
As artists, Mr. Tremlett added, 
architects should have prevented 
schemes which were clearly 
damaging to the environment. 

Intolerable 

Architects, he claimed, had 
designed housing estates where 
life had become intolerable, 
where services would not call, 
and where people were con- 
stantly terrorised. Large blocks 
of flats had been vandalised and 
their basements had become 
" haunts for thieves, drunks and 
dossers.” 

Mr. Tremlett said that the GLC 
had built 320 tower blocks during 
the 1960s and early 1970s and 
now about SO.OOO people were 
trapped in them, “many des- 
perately anxious to escape, 
imprisoned by municipal van- 
dalism." Politicians, too, had to 
bear a share of the blame, but 
arcbitects had helped destroy 
communities, he claimed. 

"If an architect comes to us 
now with a bad scheme we shall 
send him away with a flea in his 
ear. We have already done this 
and if the GLC architects do not 
like it they can go away and find 
somewhere else, to work." 



The most important picture 

to come up at Phillips 


Entitled, ‘the appreciating art of 
Phillips the auctioneers; it points 
in one bold, upwards brush- 
stroke to the tact that Phillips* 
turnover has more than doubled, 

in the last four years. 

Reading between the lines, 

it signifies that more people ' are 
bringing their pieces to Phillips 

for valuation and sale. 

More customers are attend- 
ing Phillips auctions in London, 


New York, Montreal, Geneva, 
Amsterdam and their network of 
regional U.K. auction rooms. 

Higher prices are being 
secured for lots in every sphere 
from fine art to model soldiers. 

In 197 8 Phillips is holding 
over 900 auctions, handling more 
than 230,000 lots.Each lot will 
be examined and valued by 
Phillips’ specialists.lt will be 
catalogued accurately and details 


will be received by over 20,000 
potential purchasers on Phillips? 
extensive mailing lists including 
collectors, museums, antique 
dealers and institutions through- 
out the world 

You can imagine that all of 
this calls for a lot of specialist^ 
knowledge, a lot of hardworking 
people and a lot of midnight oiL 
And this is what Phillips is 
all about 


More shirtsleeves than 
stuffed shirt More activity than 
atmosphere.Better results, 
full stop. 

Now you’ve got the picture, 
put it to the test next time 
you have something you think is 
worth selling at auction. 

Bring it to Phillips. 


Phillips 


RIenstock House,7 Blenheim Street 
New Bond Street LondonWlY 0AS. 
Telephone: 01-629 6602. 



Lond on West 2 Bath 

London JVlaiylebone Glasgow 
Knowle Edinburgh 

_ Dublin. 


NcwYork 

Montreal 

Toronto 

Geneva 

Amsterdam 





4 


Financial Times Saturday July 15 197S 


HOME NEWS 


LABOUR NEWS 


Ministers 
and MPs 
to have 
10% rise 


By Philip Rawrtom* 


MINISTERS and MPs are to get 
a 10 per cent pay rise, it was 
announced yesterday. 

It will be the first pay increase 
for Ministers since 1872 and will 
leave their salary levels well 
below the figures recommended 

three years ago by the top 
salaries review committee. 

Mr. James Callaghan's salary 
as Prime Minister will go up 
from £20,000 a year to £22.000. 

Under the Order in Council, 
Mrs. Margaret Thatcher’s nay 
as Leader of the Opposition will 
he raised From £9.500 to £10.450. 

Lord Elwyn-Jones. the Lord 
Chancellor, will remain the 
highest paid member of the 


Parents ‘need voice in new 


16 -plus exams system’ 


BY MICHAEL DIXON, EDUCATION CORRESPONDENT 


Government with a salary of' 


EMPLOYERS and parents The committee was formed to possibly four In England and As a result, in subjects which 

should have a say in the control “ look again ” at the proposals another In Wales, with schools attract a mass entry, grade Lnree 

of a new single system of 16-plus for a single 16-plus system being allowed to choose between or better— corresponding to the 

examinations In England and recommended to the Government them. o Jd Ordinary-level pass-— would 

Wales, the Government was told two years ago by the Schools The new boards would be com- be awarded to about three in 

by an official report published Council posed of groupings drawn from every five entrants. Grade six or 

yesterday. The Waddell Report concludes the eight GCE and H C5E better — corresponding to the 

But it would be at least 1985 that a common system is both examining bodies, with -at least CSE grade four or above-— would 
be Fore schoolchildren could sit feasible and desirable, but that one GCE and one CSE body re- be awarded to about five in 
the new exam, said the com- thi new exams should not be presented In each of the groups, every six entrants, 
raittee under Sir James Waddell, under the control of teacher Although most candidates Since subjects such as art will, 

former deputy secretary at the interests, as the Schools Council would enter 'in' a number of continue to attract a far wider 

Home Office. proposed. subjects, the exam could be range of entrants than studies 

It had made a 16-month study “Instead there should be a taken— and a certificate awarded such as physics and French, a 
of the possibility of replacing representation of the appropriate — in only a single subject. given grade will continue to he 

the present dual system of interests without any one of There would be no official easier to attain in some subjects 

GCE Ordinary levels and the these having a majority voice,” distinction between pass and than in others. 

Certificate of Secondary Educa- the report said., fail. Instead the great majority While a single paper could be 

tion. They should include cm- of candidates would be graded in devised for all candidates in some 

Mrs. Shirley Williams, ployers.’ and parents' represen- each subject entered on a seven- subjects — for example, biology — 
Secretary for Education and tatives as well as those of point scale. Only'an exceptionally in others such as mathematics 
Science, is in favour of the schoolteachers. higher and poor performance would be left there would be different ques- 
Waddell Committees proposals, further educational institutions, ungraded. tions or papers for entrants of 

She will not. however, put the and local and central govern- The grades would be hased on greater and less academic ability, 
new development into force ment. rfte notion that only the most School Examinations. Cmnd 


Thatcher 
in bid 
to soothe 
immigrants 


£22.228 a year. Mr. Sam Silkin, 
the Attorney General, will get 
£15.950 and Lord Peart. Lord 
Priw Seal and Leader of the 
Lord's. £14.525. 

Other Cabinet Ministers will 
he paid £14.300 a year: the 
Solid tor-Gcncral and the Lord 
Advocate £12.100; and senior 
Ministers outside the Cabinet 
and Ministers of State will be 
paid between £5,250 and £10,450. 


Allowances 


Parliamentary secretaries, the 
mo«t junior ministerial rank, 
will be paid £5.050 and Govern- 
ment and Opposition whips 
£4.400. 

In addition to their ministerial 
salaries. Cabinet Ministers will 
receive £3.529 of their MP's pay. 
Ollier Ministers will get £4.299 
and whips £4,642. 

A Commons motion tabled yes- 
terday will increase the salary 
of a backbench MP to £6,897 a 
year. Secretarial allowances will 
al>n be raised by IQ per cent. 

All the Increases will be effec- 
tive from June 30. 


Injunctions 

continued 


COURT ORDERS made 10 days 
ago against Mr. Per Hegard, a 
former aide of Mr. Teddy Smith, 
a financier, and Mr. Hegard’s 
company. Setnn Securities, were 
continued by a High Court judge 
yesterday. 

On July 4, Mr. Justice Brnwne- 
Wiikinson granted Mr. Smith 
temporary injunctions prevent- 
ins Mr. Hegard, nf Fairmile 
Avenue. Cobham. Surrey, and 
lus company and its subsidiaries 
from dealing in the assets of. or 
contracting dehis in Ihe name of, 
iho A. T. Smith Organisation or 
Land Value, otherwise than in 
Ihe ordinary course of business. 

The judge jesterday refused 
Mr. Hegard’s applicaiion to lift 
the bun. He did. however, agree 
that the ban should not apply 
tn one Setnn subsidiary, 
Hcvriiron. hecausc there was 
evidence that the injunctions 
were causing practical barm. 


unless it is backed 


educational 
affected. 


interest 


by the A variety of exams and sylla- academically able three fifths of 7SSl-r f mow report j Cm nd i-SI-II 
groups buses should be offered by a the 16-plus age group \%uuid be ( supporting^ * documents ); SO: 
number of different boards, entered for the exam. 


£1.15 and, £3.15. 


• NEWS ANALYSIS — JAPANESE VEHICLE DEALERS 

The curious case of Colt Cars 


BY TERRY DODSWORTH. MOTOR INDUSTRY CORRESPONDENT 


IN THE bizarre history of the This argument, however, is 
Japanese invasion of the UK car highly suspect, given the fact 
market there have been few that she U.K. Government is 
incidents as odd as Colt Cars' expected to seek Further restric- 
announcement that it aims to tions next year. Virtually all the 
substantially strengthen its other Japanese importers are 
dealer network in the next few digging in for a longish period 
months. _ - of sales limitations: Toyota, for 

The Colt statement runs com- example, has cut back its dealer 
pletely counter to the general network from 280 to 240 outlets, 
understanding -or the current and Honda is rationalising 
Japanese position. Sales of steadily as part of an up-grading 
Japanese cars in the UK are exercise with its distributors, 
coming gradually under a form These inconsistencies only 
of external control by the Gov- serve to underline the point that 


to 


ernment-backed agreement 
limit shipments from Japan. 

Because of this, all the other 
importers are either actively 
trimming their sales networks 
or anxiously watching for defec- 
tions. Yet Colt is planning an 
expansion. 

No clarification of its position 
was available yesterday from the 
Cirencester-based company. Yet 
In the short term it is difficult 
to see how Colt could support 
an expansion of its franchise. 

The company sold 6.817 cars 
in the UK last year, and will 
be limited to something around 



The Colt Sapporo 2000 GSR. 


Colt, along with Mitsubishi, 
which has a 49 per cent stake in 
the British company, are real 
mavericks in the Japanese camp. 

Mr. Grr, a self-made entre- 
preneur in his early 30s. likes 
to speak his mind and go his 

own wav. Sixnilarlv. Mitsubishi about Mitsubishi is that it is To emphasise its mde- 
is a relative newcomer to the linked with Chrysler through a 15 pendence. Colt has no confirmed 

big league of Japanese car per cent stake held by tbe U.S. that it is actively discussing the 

manufacturers which refuses to multinational. So wherever the possibility of assembling 
be awed into silence by the big two exist side-by-side, as in Mitsubishi's heavier range of 

two, Tovota and Nissan. Britain, speculation about their vehicles in the UK. quite 

Indeed, a few months ago relationship inevitably follows, separately from anything 

senior executives at Mitsubishi i n UK, for example, there Chrysler might be planning, 
openly criticised tbeir larger are ma0 y w ho believe that Yet it remains true that the 
De uumeu iu Mmi C .u... s «uui.u Chr - vsler eventually do a two companies are extremely 

that figure in shipments this ®r? un “ J n . L - K * » n order to deal to distribute the Mmubishi close. This week, for example, 

year. But in the first six months allow them to grow within the pro duct and stop up .the gaps In Mr. Don Lander, the former 

of the year it registered 5.26S overall limitation on Japanese lls own product .range. head of Chrysler UK who is now 

-lies. ■ indeed, about 13 months .ago »n charge of Chrysler's inter- 

!U9 , 2ir.&. , %JSS-»i>«. «* > ln 


MRS. MARGARET THATCHER 
last night made a determined 
bid to regain Tory support 
among the immigrant groups.' 

Opposition from the immigrant 
communities has increased 
markedly since the Conserva- 
tives revised their poticeis on 
immigration, and could be a 
significant factor in . some 20 
marginal seats in a general 
election. 

Mrs. Thatcher said last night 
that the “ doubt and alarm 
among the minority groups had 
been spread by “malicious dis- 
tortion ’■ of Conservative 
. attitudes. 

She told the Anglo-Asian Con- 
I servative Society in Barnet that 
' the party's aim in controlling 
immigration was to end the con- 
stant preoccupation with the 
issue and the worries that people 
had about it. 

“Then it is our hope that 
those who have come here in the 
post-war years will uo longer be 
labelled immigrants, but have 
their full place as British 
ettirens with tbc same rights and 
responsibilities to our country as 
the rest of us.” 

Mrs. Thatcher emphasised that 
the Conservatives would never 
tolerate any policy of compulsory 
repatriation. "We applaud the 
great efforts made by many of 
those who have settled .in 
Britain ln receDt years. They 
are now full British citizens 
whose permanent home is here." 

She promised that a Conserva- 
tive government would invoke 
the full force of the law to end- 
the present wave of brutal 
attacks by young thugs on 
minority communities in some 
cities. 

Mrs. Thatcher promised: "We 
will seek to promote harmony 
between all our people wherever 
they come from.” 

She emphasised: “A party With 
our record and our beliefs could 
only be implacably opposed to 
the National Front and any 
other group in our society which 
seeks to stir up racial hatred.” 


cars, leaving it with very little 
product to market in the fatter 
half of the year to keep cash 
flowing through the dealership. 

On the face of ti. this is no posi- 
tion from which to launch an 
expansion. 

In the Statement Mr. Michael 
Orr. the managin’ director of 
Colt, indicated that the company Japanese' 
was planning .for the day when capacity 


in..rO!,ct. tuc ‘= w “* “ ui ’ ,T V - '1,. r. 

MitiShisbS laUoa aboul foe-T>° ssibili *y °f a Japan talk,os t0 Mi fcu bt s b1 -. 


incident will simply 

overaU^mtentio^s in ‘Ihe ‘Tar Mitsub,5hi , assembly operation u j s quite possible that this 
todSrv mlenU0DS m We car in Europe linked to the Chrysler , bas nothing t0 do with the 
It has become dear in the last organisation. ....... ■ British situation of the two corn- 

few vears that it is rapidlv becom- This possibility was scotched -panies. But so long as Chrysler 
ing * a growing force ‘ in the In its early stages, and Chrysler UK continues to bump along 

industry, with a lost the opportunity about three among the also-rans or the UK 

already approaching years .ago of distributing market, and so long as Colt and 

the present agreement in iimita- SOO.OOQ uaits (more than BL pro- Mitsubishi cars by simply obi Mitsubishi continue to press 

tions ended- The company duced last year), and a range of taking up the option to do so aggressively ahead, people will 

wanted to grow in line with the more sophisticated vehicles com- which was contained in its continue to speculate about a 

growth of its vehicle supplier, in? through its factories. original agreement with the readjustment of their relation- 

Mitsubishi Motors, he said. The other intriguing factor Japanese company. ship. 


BL man 'haunted by 
corruption belief 


THE FORMER British Ley land were of genuine letters. 


executive charged in the 
•■Ryder letter” forgery trial at 
the Old Bailey — was hunted hy 
the belief he had uncovered 
corruption in the giant car com- 
pany. a witness said yesterday. 

Free lance jmirnalipl Mr. 
Nicholas l.iuslard agreed with 
defence cm in sc l Mr. William 
Howard. QC that the situation 
’• profit on ihe uund 
t,raliam Barmn. :W. 


One of the loiters purported to 
be from Lord Ryder, former 
chairman of the National Enter- 
prise Board, and the other from 
the Bank of England. 


Two soap companies face 
Price Commission probe 


BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


ng. has told the 
fuiacries apparently 
irregular payments 
British Leyland and 
of Mr. Barton's alle; 
corruption. 


jury the 
refer to 
made by 
supported 
lation of 


THE PRICE COMMISSION is to company's proposal for average applied in this market, 
extend its investigation of the price rises of 4.S per cent on a These price cuts are seen in 
soap market by examining price range of products, including the shops in packs Hashed with 
- increases proposed by Procter Persil and Sunlight washing up ( |] e j r special price - or with 

Mr. Heni^ P'iwnall, .P^osccut- j and Gambit and those notified by liquid. coupons offering price reductions 

Lnijever. Shortly after Unilever on subsequent purchases. The 

ine two companies together informed the commission of its promotional price can be up to 
dominate the soap and detergent pi ans Procter and Gamble gave 20 per cenL less than the normal 

notice of a slightly . larger price. 

increase 5.3 per cent— ^on a The Price Commission seems 
fn^ 11 irLI a, k e 0f * brands, includ- tl> lake the vicw it m \ B ht not 
ing Tide. Daz, Ariel and Dreft. j )L . QeC essary to raise the basic 
The commission announced price of detergents if the soap 
yesterday that if would invest i- companies were to stop offering 
gate the Procter and Gamble such big promotional discounts, 
notification tou. ln sp j te qI jpqyjry decision. 

As with the Unilever reference, Unilever was able to raise its 
the commission is particularly prices by the full 4.S per cenL 
The Unilever inquiry was interested in the way in which notified because of the profit 
triggered two weeks ago by the temporary price reductions were safeguards in the controls. 


Stelrad 
plans £10m. 
expansion 


market and have already befen 
examined by the Monopolies 
Commission. 

This is the first lime that the 
Price Commission has examined 


Mr. ' mi la I'd. uf Cam rim. The Bartons deny forging a 

l.uwion. had earlier luld the jury document purporting to be a 

th-‘« !»»■ * ,, ’l ,1 il as “go between" true copy of a letter from Lord j two companies in ihe same 
when P-arinn .-old hi< htiiry in Utc Jiydor to British Leyland. and j market simultaneously. Both 
H-'uly Mail la->l } ear for £15.000. w ilh uttering the document inquiries will concentrate on the 
Bari on ami his Tiirkish-lmrn knowing il to be forged and with temporary discounts offered by 
wifi- F.iiima. 22. between them intent to defraud. Mr. Barton 1 soap manufacturers to retailers 
deny a total uf five charges aris- denies two similar charges in 1 to boost sales, 
ing from (he alleged forging of relation to an allegedly fo p ged 
enpu— uf two documents purport- copy or the teller from the Bank 
ing to be letters to British Ley- of England and both deny dis- 
l.iiul ;mti «lish<mcsfly obtaining honestly obtaining £15.000 from 
X15.0INI from the newspaper by Mr. Stewart Steven. Associate 
falsely pretending ihe copies Editor of the Daily Mail. 


Visible trade deficit narrows 

... y . . 

to f 136m for quarter 


£1 coins struck for 
Isle of Man 

1AL AFFAIRS EDITOR | during the second quarter from stones and ships together with export to import prices. This 

s-'Laas;" is** * «- *» risifii'aSK.c.irs; 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

THE VISIBLE trade deficit ment of £2Q0m. in the balance of was shown by movements In the 
sharply to £l36iu. of erratic Items, notably precious terms of trade index— the ratio 


narrowed 


BY ANTHONY MORETON. REGIONAL AFFAIRS EDITOR 

THS FIRST £1 ruins to circulate £1 

within the British l.-les since the about — , ...... „o W1U ., c ,»»» , .. . .. _ . . 

mil break nf the first world war ul first so thai even on Ihe island j £o,4m in lhe P revious three the deficit in trade on oll- 


ut-re -truck hy Pobjoy Mint fur 
ihe I»lo of Man Government 
yesterday. 

The coins, slightly larger than 
tin? present Ip piece, will he 
delivered lu the head oflices of 
banks in Douglas on Monday and 

should be in general circulation 
bv Wcdncsd.iv. 


have a certain | 


the coin will 
rarity value. 

Mr. Percy Radcliffe. chairman j 
nf the Isle of Man Board of 
Finance, said at the Pobjoy Mint 
in Sutton. London, yesterday 
that the cost of printing notes 
had been one of the factors in ! 
the decision to mint a coin. 


□tombs. 


cent rise in export unit values 


The impact of the decline in and a 31 per cent- increase in 


This reflected favourable move- tbc pound in the early spring import unit values. 


-rv. — im » i , Both the Cl note and the new 

The rtPw - 1 nicknamed lhe cy ,- n cost about I0n to produce 
round pound on the island-will but whi]e thc note'^ a Hfe of 
nm replace the Manx £1 note. only abou t three months, the 
but will be used alongside it in co j n j S expected lo circulate for 
the same way as the- authorities up tcj 30 years ' 
circulate botii lhe 5l)p piece and Mr . De^k Pobjoy. chairman or. 
nolc - the Mint, said: '* We have been 1 

Because Isle of Man coins and looking for a cheaper metal than 1 
miles are not legal lender in the cupronickel and so developed j 


UK the coin, made from a new 
meiaf, Virenium. will not be 
seen officially outside the island. 
However, there is an active 
trade in the present Manx issue 
of coins and many will find Iheir 
nay into Jhc hands of collectors 
and others will be brought home 
hy holidaymakers. 

'There arc at present about 
fi.am bank notes in circulation 
j n the Isle of Man. of which just 
under a hall are thought lu Ue 


Virenium for this coin, which is 
basically steel coated with j 
nickel. Because, of its properties 1 
we have put the counterfeiter I 
out of business." • 

The gold sovereign was the 
last £1 coin to circulate in 
Britain. It was withdrawn in 
1914 on the weekend war broke 
out and replaced by Trcasurv 
notes. The Bank of England 
took over responsibility lor Pole 
production in 1928. 



Exports Imports 

£m seasonally adjusted 

BALANCE OF TRADE 

Exports 1 - Imports 
Volume seasonally adjusted 
1975 — 100 

Terms of trade 
^Unadjusted 

1975=100 

Oil balance 
£m 

1976 

25,422 

28,932 

109.9 

105J5 

98.9 

-3,973 

J977 

32,176 

33,786 

.118,9 

107J1 

100.7 

— 2,804 

1976 1st 

5,655 

6,198 

106.2 

100 J 

99JS 

-947 

2nd 

6,171 

7.Q80 

109.9 

106.0 

97.9 

-968 

3rd 

6,499 

7.596 

110.0 

108.3 

98.7 

-1.058 

4tfi 

7,097 

8,058 

U3J5 . 

107 J 

97J 

-1,000 

1977 1st 

7,502 

8,449 

115.7 - 

109.1 

9921 

-800 

2nd 

7.930 

8,694 

118.0 

109.8 

1003 

. -745 

3rd 

8.540 

8,486 

124.1 

106.4 

101.0. 

-602 

4th 

8.204 

8.159 

117.9 

1024 

102.4- 

-657 

1978 1st 

8,441 

9,015 

120J 

114.3 

105.1 '. 

-.646 

2nd 

8.803 

8,939 

1218 

noa 

IMA 

'.—423 

1978 Jan. 

2,623 

2,961 

112.2 ■ _ 

. 114.6 

105.5 

-234 

Feb. 

2.989 

2,946 

127.4 

111J 

104.8 

-203 

March 

2,829 

3,108 

121.4 - 

116.9 

1D4J 

-209 

April 

3,000 

2J5 12 

126.1 

104 j 

104.0 

-151 

May 

2JI77 

3,095 

120.1 

114J 

105.1 . 

. -156 

June 

2,926 

3,032 

122.1 

112.0 

104.1 

-117 

' Th? rggiQ of prices U import prices 

_e . 


Source: Deportment of Trade 


By Kenneth Gooding, 

Industrial Correspondent 
METAL BOX’S subsidiary 
Stelrad, the world's biggest .pro- 
ducer of domestic central beat- 
ing boilers and radiators,; js 
spending: more than £I0m on-aa 
expansion programme. 

Metal Box acquired Stelrad m 
1973 for £21.5m and paid a 
Further £6.7m for Ideal 
Standard's central heating 
interests in the UK. Austria and 
the Benelux countries two years 
ago. 

At the end of the project, late 
in 1979, Stelrad wilt have two of 
the most modern foundries in the 
world at Mexborougb and Hull, 
will have doubled production at 
its radiator plant at Verwood 
and have a new radiator factory 
on part of the Mexborougb site. 

About £6m will be spent on 
the foundry developments, £5m 
at Hull and £lm at Mexborougb, 
and the company will receive 
grants totalling slightly more 
than £lm from the Government's 
ferrous foundry industry aid 
scheme. 

At Hull, at the former Ideal 
Standard plant, a new foundry 
will be built alongside the exist- 
ing one to ensure production is 
Dot disturbed. 

About £2Jm will be spent on 
the new radiator factory at 
Mexborougb and the production 
lines have been designed by 
Stelrad to produce cntnpfete 
radiators in an almost continual 
process. 

A further £250,000 is going to 
the radiator factory at Verwood 
and this investment should 
double output. 


Lloyd’s confirms 
inquiry decision 


LLOYD'S OF LONDON tok its 
decision to inquire into the 
affairs of Brentnali Beard, one 
or its publicly quoted insurance 
brokers, more than two weeks 
ago and the ■ group was duly- 
notified. A Lloyd's official con- 
firmed this yesterday- saying that 
the terms of the inquiry are yet 
to be settled. 

Although Brentnali was told 
shortly after the decision it has 
not been told of the areas that 
the inquiry team will be looking 
3L ■ It is believed that part of 
Lloyd's investigations will 
involve a study of the broker s 
involvement in lhe Sasse dispute 
with a Brazilian reinsurance 
group. 

Lloyd's official confirmation 
comes less than 24 hours after 
BrcnttaJJ Beard said that n was 
“ unaware of any Inquiry hy the 
committee of Lloyd's into the 
conduct of Brentnali Beard." 
following a report in the 
Financial Times on Thursdav. 


More talks next 
week in Post 
Office dispute 


BY PAULINE CLARK, LABOUR STAFF 


the thaNCES of a solution to work on new exchange connifr 
tiie nine-month old Post Office tions since last September, 
exteinering dispute over a Friction between management 
shorter working week receded and union was somewhat defused 
yesterdav after joint talks were on Thursday, however, when th* 
adjourn^ for the fifth time. Post Office allowed 2t> engineers 
If the two sides fait to agree from the National Switching 
on a formula at a reconvened Centre in North London and; 
meetinc planned for next week, another 14 who had been seat 
Lord McCarthy, who is beading home for operating an overtime 
the mnuirv into the dispute, is ban in Dundee, to return to work, 
expected to produce his own The scope for finding a fOP- 
reconini enda 1 ion. mula for an early settlement 

Lord McCarthy has been seemed as narrow as ever yes- 
placed in the role of mediator terday. The union said > ester- 
and anv recommendation he may day that any offer which fell 
make on the union's demand Tor short of its demand f° r a S^hour 
a 35 hour week will not be bind- week would have to be liken 
ins on either the Post Office away for further consideration by 
Enginering Union or the manage- its executive which would then 
ment? have to relay the details to local 

The Posr Office has resisted officials. . _ . 

the claim for reduced hours with- A decision minht < Lhen ha\i r in 
out loss »f pay on the grounds be taken on whether to recall 
that it is in breach of the the special conference which met 
Government's 10 per cent pay !ast January, when the engineer s 
guidelines said any proposal to finance a 

Towards the end of last month, shorter working week through 
the engineers stepped up their a new productivity deal would 
industrial action after banning be unacceptable. 


Boyd nominated for 
TUC council return 


BY ALAN PIKE, LABOUR CORRESPONDENT 


MR. JOHN BOYD, general secre- on the TUC general council, 
lary of the Amalgamated Union However, Mr. Boyd is by far 
of Engineering Workers, is being the most experienced of the 
nominated by his union to figures who now dominate the 
return to the TUC general coun- union's leadership, 
cil in September. Mr. Hugh Scanlon, who retires 

Pressure from left-winger, on « AUEW P resident s00n *“ e - r 


the TUC Congress, is not stand- 
ing for re-election to the general 


the AUEW executive forced Mr. 

Boyd off the general council --- - - - Th union - s - other 
Shortly after he became general vjlh e Mr . B oyd will be 


secretary in 1975. His return M rD , lffv antf Wr r cc Birch. 
Indicates the swing against the j tr Birch, a Maoist who retire* 


Left which has taken place in _ . took Mr Rovd's nlace 
the executive since then, cul- 


ruinating in the election of Mr. 
Boyd's close political ally. Mr. 
Terry Duffy, to take over the 
union presidency in October. 

Traditionally AUEW general 
secretaries have been administra- 
tive officials and have not served 


on the general council in 1975. 

The AUEW’a representative on 
the Labour Party executive. Mr, 
Bill John, has decided to with-> 
draw for health reasons. In hi* 
place the union is nominating 
Mr. Gerry Russell, executive 
member for the North West area« 


Civil servants plan 
disruptive action 


BY PHILIP BASSETT, LABOUR STAFF 


centres such as 
Ordnance Depot 


the 

at 


INDUSTRIAL CIVIL servants in London 
London may hold a day of dis- Royal 
ruptive action in support of their Enfield, 
annual pay claim. It could Pickets are likely to be posted 
include a half-day strike and on Government buildings, in- 
picketing of Government Minis- eluding the Department of th* 
tries and the House of Commons Environment, Ministry of 
by the unions involved. Defence and the Civil Service 

Mr. Mick Martin, public ser- Department, 
vices' national secretary of the Leaders of the industrial civil 
Transport and General Workers" servants, one of the largest 
Union — which has the . largest groups of workers still to settle 
membership of Britain's 183,1)00 under Phase Three of the 
industrial civil servants — met his Government's pay policy, have 
union's London shop stewards rejected two forms of a 10 per 
yesterday to discuss co-ordinated cent pay offer from the Govern- 
action in support of the claim, ment. 

The day likely to be chosen is Tbe offer was for an overall 
a week next Tuesday. The net increase of £1.10. giving a 


stewards are to discuss with their 
members what forms of action 
to take and meet again on Wed- 
nesday to make final decisions. 

If a half-day strike is held 
those called out could include 
drivers from the Government car 
pool. House nf Commons staff, 
including catering workers, 
porters and maintenance men, 
Whitehall messengers. Ministry 
doormen and maintenance 
workers and staff at other 


new basic rate of £36.60. which 
with Incomes policy supplements 
would have totalled £45.60. 

The Government has not 
offered, the commitments the 
unions wanted on comparisons 
with manufacturing industry or 
on the introduction of four 
weeks’ holiday a year. 

The unions also want similar 
assurances on pay to those made 
to the police, firemen, teacher! 
and armed forces. 


Management prize 

THE £500. national management 
plate competition was won in 
London yesterday by Dr. Terry 
FtitcrofL managing director of 
the Unicorn Industries group. 
Teams from GKN Group Services 
and Dexion came second and 
third. There were 171 entries, 
tlrawn from teams knocked out 
ln the first round of the United 
Kingdom national management 
competition championship. 


Railmen demand fare 
cut-f or themselves 


RAILWAYMEN are seeking a mile radius from their homo 
substantial cut in their stations. 

privileged fares and a removal Waltham Cross demanded the 
of restrictions on the use of same travel facilities for hus- 
concessionary tickets. bands of women staff as accorded. 

Delegates at the annual con- to wives of railwaymeo. 

Ference of the National Union Mr. Sid Weigbell. general 
of Railwaymen in Llandudno secretary, is campaigning to 
unanimously approved a Preston raise pay 'to a minimum of £50 
branch motion to negotiate a for his 6.500 members at Britisb 
substantial reduction in privi- Transport Hotels, 
leged fares which are 25 per Greenkcepers attached to 
cent of ordinary fares. hotels at such famous golf 

Bristol branch received sup- courses as Gleneagles and Turn- 
port for a free travel pass card berry are among the lowest paid. 
to cover retired staff oa a 30- Their basic minimum is £46. 


Grunwick strikers seek jobs 


THE remaining strikers at it could not go further with two 
Grunwick film processing, north outstanding claims for union 
London, decided yesterday that recognition at the company, 
they must call off their action The Association of Profes- 
and look for jobs. sionai. Executive. Clerical and 

Yesterday's quiet end to one Computer Staffs— the main union 
of the most celebrated and bitter involved in tbg 23-month recogni- 
disputes for years became tion dispute— will devote atten- 
inevitable on Wednesday when tion to helping a 55-strong 
lhe Advisory, Conciliation and group which still has been receiv- 
Arbitration Service decided that ing strike pay to find jobs. 


Trade barrier 

THE GOVERNMENT is taking 
action to try to reduce the 
effects on British trade of a new 
United States Toxic Substances 
Control Act, Mr. Michael 
Meacher. Trade Under-Secretary, 
told the Commons yesterday. He 
considers the Act a potential 
barrier to tirade. 


Harvest stand-by pay agreed 


b« 


FARM WORKERS will be paid oF stand-by payments will 
next year For the weekends they discussed in September, 
have -to stand hy in case the The union Is also to seek an 
weather -is right for harvesting, increase in minimum rates from 

Tbe Agricultural Wages Board “L‘° m « Uk September 
agreed to plan after pressure 

from '.the National Union of — — — — ■ — — — - 

Agricultural and Allied Workers, 


»*v*aw*. FniiNcux. Tiufj, puMMita ctAlN awwSurf- 

vvhich has.ca/led for the payment <*«» wi.Mm u,-£ wd^nptnw $»»■« 
for several years. Tbe amount BJM 


■ Sup 









\ Lw Financial Times Saturday Jdy 15 1978 

^Ithe week in the markets 


^fiflicker of life 

'l ■."TJS 1 J?,* antl ^easctl in a testing programme, nn the Royal Commission on 

T niu nt really suing the barest details of wi " “ 

L ♦ . 7 ,s? FT 3»- might be released in two 

^ 111 14 - ^ , lhis week regis- three weeks* lime. 

' 'iiiiFft ( 11 r ■ s!5n T eXt risc * fur a Thc w eHs may indeed h 
* “ lr i 3 . 1,1 ,u<,,l, hs. ami ended ud penetrated the same, larse 


CORAL LEISURE 
GROUP 


may indeed 


3ustiiied 


because 


Recovering composure 
after the spring 


jjliM.r momhs. and ended up penetrated the same, large oil- Rothschild did not pull his 
• in 1 lie imndle uf a trading hearing structure but.it is too punches. 

;c in wluch it has been early to judge accurately just The report reckons that 
k fur must of this year. how big the structure might be. casinos are almost certainly the 
he rally was triggered by Reports have suggested that most profitable businesses in 


r m 

LADBROKE GROUP 


indigestion at last. A reserves. Some analysts have the big London casinos the I jf 

ier ion.* in sterling helped hinted that the amount of oil in figure is 432 per cent What is I J ? ^ "'■v 

and sn did the latest data Place in and around block 206/8 more, casino punters pay I FT A ill-NhSfe Index 

ur in Hat ion rates. could be well over lObn barrels, virtually no tax unlike other 1 , , , , , . 

ui H is hard to sec the This would make it one of the gamblers. Lord Rothschild 1 100j fmaujjas □ n d j 

•kot making much real head biggest fields off Britain’s argues convincingly that they I 1977 1978 

hi the near future. An shores. should be made to pay more 

-lion campaign is already But this has yet to be proven, and proposes that there should 

in-4 under way, in fact if not Evidence from around that area be an eight-fold increase In broker of that name against and free from the heavy hand of 

name. The likely rate of suggest that the oil is contained casino licence duty which will what it alleges is the closed shop the statute book. It does not 

ntion a year hence is still * n a shallow reservoir which be partly financed by a 7} per in London money broking, accord with the more legalistic 

nnplciciy open nucstion. The - — cent “ general betting duty ” Since the original complaint was continental method of doing 




f 

FTA All-Share lades 


A M J J 

1978 


nnplciciy open question. The 
neriiafe nutlook for dividends 
lily uncertain. And the 
lauds for credit from the 
• ale sector are increasing. Sn 
hulls arc going to have their 
'k cur out if they try to 
ke off the mid-summer 
:rtia. 


LONDON 

ONLOOKER 


levied on casino customers. Tn 
addition, the big casinos which 
have a drop (money exchanged 
for chips) of over £10m will 
have to pay a 3 per cent addi- 
tional casino levy. This would 


UJC TOP PERFORMING 
SECTORS IN FOUR WEEKS 
FROM JUNE TS 


Ko off the mid-summer mean that the pre-tax profits of 

:r Ua should make production difficult the big Loudon casinos would Stores 

_ 1 fit restricts the extent to which collapse from £42.1m to £10 lm. Hire Purchase 

J snare Spurt slanted wells can be drilled, for All this is bad news for Newspapers, Publishing 

lish Petroleum shares shot instance). The characteristics Ladbrnke and Coral which make Cn ; r ^_ 

ad this week, from a low of tbe structure might present 47 per cent and 32 per cent of Food Retailing 

nt of S32p to a high of 8P6p °tber production problems that their profits respectively from - 

ore ending the week at 866p, be overcome with new casinos^ Of course there is a AH-Share Index 

augh the persistent specula- offshore technology. So it is big difference between recom- 


things. 

" The Bank thought that it was 
Sc succeeding in persuading the 
*KS Co mmiss ion to compromise, and 
the Sarabax case was expected 
% to be resolved in the next move 
c ™? e or so. But this week it was 
Teg revealed that the Commission 
+SM had written to the Bank say- 
+3.2 ing that the compromise was 
+3.1 off. The deal would not wash 
+23 with the legal department 
which guards the Treaty of 
1-0 Rome. So it is back to the nego-j 


jupn me persistent specula- WU ‘ UU,U SJ- 10 uig omerence Detween recom- tiatinp- tables Drobablv for 

i that the company had found difficulty to see this West Shet- mending these changes and THE WORST PERFORMERS 22S ™t5. P y for 
.» i 1 massive oil field to the West ^ ant J . °*1 accumulation being their actual implementation but Entertainment, Catering —13 

jilfi fjJie Shetland Islands. The dis- ^PJoited commercially much the message is dear — the boom Household Goods —23 Dffj nn tamet 

AU fbt possibility oF a promising before the late 1980s — just conditions for the casino opera- ® r 5 w ?" es — 3.1 ® 

^'covery may have been tbe a bout the right time to offset tors could soon be over. flipping _ 3*7 Full year figures from Dis- 

H se for the rash of buvino. the then dwindling supplies of . - . . ^ JJ"®- P™"™ . . cZ tillers thi* week came right up 

t it is Questionable whether BP ’ S Forties Field crude oil- JF*V W the Ointment Discount Houses 55 t0 best jjopes w jtb pre-tax pro- 

i l [ffivas a sound reason. This scarcely offers investors ^ Bank of England’s evi- fits rising . from £133.6m to 

"-'or in truth. BP has not yet the prospect . oF a quick return. dence t0 ^ Wilson Committee made last August, the signifi- £162.5m.'And the long term out- 

nd a massive field. Last ,e institutions and private j s hland reading compared to cance of the case has gone well look appears fair. Distillers is 

• • gust it drilled a well on block punters were merely ^ Rothschild report on beyond the objections of this confident .enough to start re-, 

VS which flowed a fairly looking for an excuse to buy BP gam b!ing. If it is remarkable broker to what appears a budding its s ocks of whisky, 
ivy oil i by North Sea stan- shares. at all it is only for the fact respectable association in the 11 ““ J"25' 

• -a?) at a modest rate of 2.920 **•_ no vn that it manages to ignore com- usual City tradition. ca ®“ ^ y £100m m 016 

.*n?ls a day. And it appears to ,u * *•* plus pletely the Sarabex case in a It is now seen as a test case Balance sneer. i 

*e struck oil again on the Lad broke and Coral shares have document which is ostensibly of whether the Bank of However, anal} sts are not 

ne block with its latest well been underperforming the about the supervision of the England’s style of informal tor vei T muc ' 1 

he une that is causing all the market for some months now financial institutions. regulation of financial markets * n .r e . year, T . A j* 

.-itement. BP is remaining on fears that Lord Rothschild The Sarabex case is the com- will be allowed within the EEC. *>l e 

ht lipped but it appears to be and his team of non-gamblers plaint brought by a money This style is personal flexible n^rket following 1 the 

— ^ mm mum mmm ^ m w mh m mm EE C'S rilling against the COm- 

.. ■# pany*s dual pricing policy has 

MARKET HIGHLIGHTS OF THE WEEK U-K. INDICES probably cut the company’s 

share Of the UK market in half 
to around 20 per cenL Over- 

Price Change on 1978 1978 Average July June June seas the picture is brighter with 

y da y Week Hig h Low week to 14 7 30 4 or 5 per cent volume growth 

J. Ofd. I ndex 474.4 +18^8 497 3 . 4 3 X4 Economic and dividend hopes FINANCIAL TIMES in prospect, though margins 

“ r!i 1! Govt. 70.13 69J9 69.13 

866 + 34 896 720 Reported major oil discovery °* ^und £180m are expected 

■ a. Z rl Fixed Interest 71 J73 7137 7133 and the company is promising 

5l.*-« is “. r . c _ 96 6 144 9 3 Report on gambling to improve on its 6 per cent 

tmtrysidc Properties 45 + 6 46 31 Improved interim results Indust. Ord. 4703 4543 4563 y| e j d ^ soon as legislation 

otsley Building Pr ods. 103 +J9 10 4 62 Agreed bid from Bowater Corp. Gold Mines 1593 1593 1593 permits— good enough to sus- 

Mliittrc IB7 + 9 190 163 satisfactory results/dividend hopes at 187p. 


U.K. INDICES 


|. Ord. Index 

Price 

Y'dajr 

474.4 

Change on 
Week 

+ 18.8 

1978 

High 

4973 

1978 

Low 

43X4 

Economic and dividend hopes 

Average July 

week to 14 

~ FINANCIAL TIMES 

June 

7 

June 

30 

trsh Dredging 

28 

— 13 

41 

• 21 

Fading bid hopes and annual loss 

- Govt. Secs. 

70.13 

6939 

69.18 


866 

+34 

896 

720 

Reported major oil discovery 





ral Leisure 

96 

- & 

144 

95 

Report on gambling 

- Fixed Interest 

71J3 

7137 

7133 

tmtrysidc Properties 

45 

+ 6 

46 

31 

Improved interim results 

" Indust. Ord. 

4703 

4543 

4563 

oss ley Building Prods. 

103 

+ 39 

104 . 

62 

Agreed bid from Bowater Corp. 

_ Gold Mines 

1593 

1593 

1593 


• mlop 

W-- 


tliOii 


dbroke 

»yd s Ban k 
irks and Spencer 
■are Bros. 

cork 

■yjl insurance 

bens ( UkV 

tramar 

aifis _ 77. ] 

est Rand Cons. 


Satisfactory results/dividend hopes niftd 

He^FarEa.tembuyjng^ „ aCTUARK 

Good annual results ; 

General eynomic hopes Capital Gds. 2 

Report onVambling Consumer 

Ahead of irit dividend season (Durable) 1 

Mark et trend Cons. (Non- 

P re-tax loss and dividend omission Purablc > ^ 

Pr oposed 100% scrip iss ue Ind. Group 2 

I nvestment recommendation 500-Share 2 

Im p r o ved. Brae Fie l d pros p ecfa FmandalGp ] ] 

North Sea speculation 

Results and 300% scrip issue AH-Sharo 2 

Cape demand Red. Debs. 


Dealings mkd. 4,402 4346 4309 
FT ACTUARIES , 

Capital Gds. 21436 208.49 207.93 
Consumer 

(Durable) 19735 191.47 19133 
Cons. (Nor- 

Durable) 20238 19533 19532 


AS corporate America swings 
into its second quarter earnings 
reports, the stock market has 
been recovering its composure 
following the erosion of the 
Spring rally. So far it has to be 
admitted that the market is 
demonstrating considerable 
resilience in the face of mixed 
economic and financial news. 

There are those who are 
characteristic of the present 
situation as a tug of war be- 
tween institutional investors. 

On the one hand are investors 
who believe the economy is 
heading for a disastrous credit 
crunch. On the other are 
those who feel a flowing — or 
faltering — economy will cool 
inflation and reduce GNP 
growth to a lower more sus- 
tainable level. 

So far it has to be concluded 
the optimists are ahead on 
points. Thus, in a week daring 
which the best news has been 


NEW YORK 

STEWART FLEMING 


some impressive quarterly 
earnings figures — a doubling 
of profits at Teledyne for ex- 
ample which sent the shares 
soaring $8$ to $107 i — the Dow 
Jones Index has risen steadily. 

To some extent speculative 
fever is buoying up the mar- 
ket, there is nothing like 
healthy dealing profits to en- 
courage investors to push out 
the boat Tbe excitement over 
gambling stocks is now spilling 
Over into airlines where 
de-regulation is showing signs 
of sparking a merger wave 
which could set the “arbitrage” 
game alight 

To Continental Airlines and 
Western Airlines merger talks 
must now be added the pros* 
pect of a merger between Texas 
International and National Aii> 
lines and North Central Air- 
lines and Southern Airways. 

Even the oil sector has caught 
the backwash with Texaco stock 
strong on the prospect of a 
possible strike In the Baltimore 
Canyon in spite of a cautionary 
statement from tbe company 
and the evidence of two dry 
holes already in the area follow- 
ing drilling by Continental and 
Shell 

So far at least the interest 


; 1 1 1 1 1 j j i i > ; 1 1 1 n i 




1 1 1 ‘ • 1 1 1 1 1 1 i 1 1 1 1 . 


6ooK4j4+ 


tt DOW JONES INDEXrW- 

gpi Industrial Average: I ji^tnxr 


Mi l l 1H 


1975 1978 1977 197 S 


generated in these set-tors has 
enabled investors to shrug off 
more worrying news. Thus 
Federal Reserve Board chair- 
mao, Mr. William Miller’s 
warnings to the Congress about 
the threat of inflationary 
excesses did little to dampen 
investors' ardour. 

It remains to be seen how 
the market will respond to the 
near record surge of the money 
supply in the first week of the 
new quarter. There had been 
rumours of a $5bn lead in MI 
through the week. Now that 
such a big increase is confirmed 
just ahead of a meeting of the 
Federal Reserve’s open market 
committee next week, caution 
might be expected to prevail 
until a clearer idea of where 
monetary policy is headed is 
available. 


But logic is not always a gxnd 
guide, some would say it never 
is, in trying to judge a stock 
market which may he gaining 
confidence. Moreover there is 
little doubt that the economic 
statistics coming out in the next 
few weeks will provide evidence 
of a slowing in growth from the 
8-10 per cent rate anticipated 
in the second quarter in real 
terms. The apparently 
encouraging indicators should 
be available to back up renewed 
optimism, at least in the short 
term. 


Monday 

Tuesday 

Wednesday 

Thursday 

Friday 


Close Change 
816.79 + 4.33 
821.29 + 4.»<> 
824.93 + 3.64 
824.76 - 0.17 
839.83 +13.07 


CLASSIFIED ADVERTISEMENT RATES 


Commercial and Industrial Property 4.50 

Residential Property 2.00 

Appointments 4.50 

Business & Investment Opportunities, 

Corporation Loans, Production Capacity, 

Businesses for Sale/Wanted . 535 

Education, Motors, Contracts & Tenders, 

Personal, Gardening 435 

Hotels and Travel 2.75 

Book Publishers — 

Premium positions available 
(Minimum size 40 column cms.) 

£130 per single column cm. extra 
For further details unite to: 

Classified Advertisement Manager, 
Financial Times, 10 , Cannon Street, EC 4 P 


sinpft* 

column 

cw. 

r 

J4.on 

8.00 

14.00 


Ind. Group 

210.46 

20X98 

20X93 

500-Share 

23438 

226.68 

22634 

Financial Gp. 16234 

15536 

156.64 

All-Share 

215.99 

208.62 

20830 

Red. Debs. 

5630 

5631 

5739 


Exceptional circumstances 


MAY hv tiddly regarded as 
twii-iveurniig i-redi! by an 
iMii.iiaul. Iml an exceptional 
uiil i.- a weli-nine bonus as far 
a shareholder is vunccrncd. 
ul l hi.-, week holders uf Suulli 
ncan gold shares will have 
i n i-lu-L-rcil by the advance in 
nr leaner earning of the 
.lies in the Consolidated Gold 
elds grmip; the pa*i quarter's 
iiilts of the gold producers in 
i- other groups will be 
idished from Tuesday »m- 
mi? lii-M ut-ek. 

The average price of gold 
inn, 1 , i he June quarter was 
!v a lew dollars above the 
.•’rage »>i 8173 per ounce 
•vived by the mines in the 
. yioii- three months. What 
s Hist cd their profits has 
••■n l he change in the method 
payment for the mines' gold, 
[■reunissly -they received the 
lic-ial price of $4- when it 
ll: , delivered to the Reserve 
auk and then they had to wait 
r une to two weeks before 
<v recejved the difference 
■Mvcm this and the much 
yher price oblained when the 
•!d w.i? sold on the open 
.irl-ei. 

IT. 'in Apnl II. liuwcuT. The 
ini-% -el .1 market-related 
..... ; .i i he tune of delivery. 

qucnlly. thf revenue 

i-cived in the pasl quarter h:is 
, , ii i!i, ;va>ed by catch-up pay- 
icnis relating to ^[| e 

„!,1 ihal they delivered in the 
•.Winns three months under 
ie »!d system. 

This oiiee-for-all homis has 
iade most impact on profits ot 
he less prnspcro«> mines, 
enters pied, for example, has 
nnn» out with a net profit for 
he June quarter of R1,a*-a,000 
i'H25.5nm after repaying state 
id Ilf RI3H.tm In the previous 
iiiurtt-r the nunc was a 
evipiont uf state aid b» tune. 
<r Ki.ta7.mw which wa> mostly 
ili.-ai:*! H*(l by the epiTdtin^l'i's. 
eat in:: .t plVlit of only R123.00U. 

Miivmg ” up markot," the 
■•uius element has grown ii'ss 
ii-.il the high grade West 
Driefouielu has shown a modest 
3*> per . cent, rise in profits. 
Kioofs profit has risen by db 


per cent and in this case the 
improvement has been helped 
by a return to normal produc- 
tion after the underground fire. 
Ore milling totalled 4S0.U00 
tonnes in the past three months 
and I hear that the rate is 
expected to rise to 540,000 
tonnes by the first half of next 
year. 

In the diamond world, sales 


MINING 

KENNETH MAR5TON 


handled by the Central Selling 
Organisation on behalf of Dc 
Beers and other diamond pro- 
ducers for the first half of this 
year have bounded ahead to a 
value uf Rl.OBbn tS132bn j. This 
is 13 per cent up on the first 
half of 1P77 when The full year’s 
total reached a record Rl-Sbn. 

In this case the bonus element 
stems from diamond price sur- 
charges that the CSO has 
imposed this year in its efforts 
to maintain control of the 
market, which had succumbed 
to a boat of speculative trading: 
merchants, hedging against cur- 
rency and political worries, had 
been holding on to rough gems 
m-lead of passing them along 
the processing chain. 


The resultant shortage of 
gems led to high premiums of 
anything up to 100 per cent 
being charged in the market 
above the CSO prices. This did 
not, of course, benefit De Beers 
and other producers or, for that 
matter, the buyers of finished 
jewellery. So the CSO slapped 
surcharges of up to 40 per cent 
on its own prices. 

This action together with 
some squeezing of credit 
unlocked the gems from non- 
productive hands and the situa- 
tion is now under control again. 
The surcharge at the recent 
CSO sale (there arc 10 of these 
'* sights ” a year) was reduced 
to 10 per cent and may dis- 
appear at the next sale on 
August 21. 

A seasonally quiet diamond 
market now looks with interest 
to tjhe outcome of the next sale 
because it should give some 
guidance on ■the important TJ-S. 
market prospects; buyers from 
across the Atlantic will be seek- 
ing, stones for the Christmas 
trade there which accounts for 
40 per cent of U.S. jewellery 
purchases. 

The absence of high sur- 
charges on CSO prices coupled 
with a cooling in the market 
generally points to a lower sales 
value in the second half of tins 


year, but the year's total is sLUi 
likely to exceed the 1977 record. 
So too, of course, are De Beers 
profits. 

Meanwhile, the acceptance of 
the Western proposals for the 
peaceful transfer of Namibia 
(South West Africa) to inde- 
pendent status — though yet to 
receive UN Security Council 
approval — is probably of 
greater importance to De Beers 
with its big diamond interests 
in that country. And the group 
has demonstrated in Botswana 
that it can live amicably with 
Governments in emergent 
countries, albeit somewhat less 
profitably. 

Finally, the Rio Tinio-Zinc 
group's Conzfnc Riotinto of 
Australia has reached the stage 
at which it is to start bulk 
sampling at the joint venture 
diamond exploration prospect at 
Ashton in New South Wales. 
Diamonds are there all right, 
but the bulk sampling is needed 
to determine whether they exist 
in sufficient concentration to be 
economic. 

CRA warns that it will take 
time to find the- answer and the 
group preserves an understand- 
able air of caution in its latest 
progress report on this 
intriguing prospect. After ail, 
there has never yet been a major 
diamond discovery in Australia. 


ARBUTHNOT 

IN 

AMERICA 


Here’s why you should invest now in the Arbuthnot 
North American and International Fund 



R million 


CSO Diamond Bates 
DE BEERS Eandngs/Sham (Cants) 

DE BEERS »w»(Cw?W ,a,rWl 


£ /" Much smaller 3 but no less successful has 
<0 (0 been the Arbuthnot North American Unit 
Trust j doubling in size to £ 2 ? million in the last 
fezo weeks. It also proudly stands at the head of 
the one-year performance table, with a rise of some 
12.5 p.c. in the 12 months to last Friday, which 
compares with a fall of 8.6 p.c. in the A A 
Dow Jones in the same period . ✓ s 

David Collins, Sunday Telegraph, April joih, 2978 

Sin if the rdJ.nrii of this fund on in September 1976 die fund has increased in value by 
io-6 1c> compared u a fall of 15a -; 0 in liic Doer Junes Indra over ihe same period,. 


Now - The Right Time to Invest - The US stock 
market is beginning to recover from a depressed level 
similar to that in the UK marker three years ago. We believe 
the US market still has room for considerable growth which 
is the aim of this fund. 

Arbuthnot - The Right North American Fund - 
Over 90° ,j of the fund is currently invested in US securities, 
much of it in smaller companies. Unlike the blue chip 
multinationals their growth is not held back by overseas 
interests operating in less favourable conditions or by falling 
exchange rates. However, we maintain an extremely flexible 
attitude and with any improvement in world trade we would 
increase the fund’s holding in the larger international 
trading companies. 

Arbuthnot carry 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 that 
show the greatest potential for growth. 


z' What’s more , one or two of those funds 
Wit whose portfolios contain a fair share of 
companies other than the leaders have in fact 
done remarkably well over the past fezo weeks . 
Most notably, Arbuthnot, whose North American 
and International still tops the one-year 
performance table , with again 0 / 13 . 4 P £r cent 
even though around half of the portfolio ( some 90 
per cent invested directly into the U.S . markets ) 
is composed of A A 

smaller companies . V V JSSaBSSSW^ ^«. 

Investment of this fund is partially through a back-to- 
back loan facility in order to minimise the effects of the 
dollar premium. 

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

Your investment should be regarded as long term. 

Fixed price offer for North American & 
International Fund (estimated current gross yield 
1.0%) until 5 pm July 21st, 197S at 34 **P (or the 
daily price if lower). 

t Bf The Manager; reserve the right to clow offers if link values rise bj more than 

Applications will be acknowledged, and unit certificate! will be issued within ic 
da vs. Toe offer pnee includes an initial charge of 5 "i. The annual charge bl r «r VAT. 
All net income amrmulmrH wiihin thr fund. After the dose of ihcu; oflers units may be 
purchased at the weekly (Thnradayj dealing dale, when units can also be sold back. 

Payment will be made wixhm ia da vs ot the dealing dale and on receipt cl your 
cer t i fi c at e duly renounced. The weeklv price and yield appear in most leading 
newspapers. A oommiasioa of will be paid to recognised agents. This oiier is not 

open to residents ofThe Republic of Ireland. Trustees: The Royal Bank of Scotland 
Ltd, Managers : Arbuthnot Sectixitiss Ltd, £K^g. in Edinburgh 46694;. Members of the 
Unit Trust Association. 


o: Arbuthnot Securities Ltd., 37 Queen Street, London EC4R iBY. Telephone : 01-236 5281. T 


I Capita] Sut“ JWe wish to invest the sum of L (mm 

£7 sal in tin ATBtnnooi North American and International 
Fund an ^ enclose a. cheque payable id Arbuthnot Securities Ltd. 
Shat* EsctuDEC Scheme -tick box fo* details □ . 


Monthly Saving Flan I/We wish to invest the sum of £ fmin £40'. per month in the 

Arbuthnot North American and Int ernati onal Fuad and enclose a cheque payable to Arbuthnot 
Securities Lidas the initial payment. A bankers order ferm will be sent to you by the managers 
following xcedpt of Inis on&r. This order is revocable ar any time by one month's notice in writing. 


1 vre difriars fo 8 ** amjw e are over 18 and not resident outside the scheduled territories nor am I/we acquiring the above mentioned securities as the nominee's' of any 


o 1 '^’a 1QRQ Wo* 1971 1972 1973 1974 1975 1976 1977 19783 U 


ARBUTHNOT. 


EdabibhrJfiS. 


NORTH AMERICAN AND INTERNATIONAL- FUND 


ftna isfr 


1 




6 * 


FINANCE AND THE FAMILY 


Wnjmcial Times Saturday July 15 1978 . , » 

■ "ill 1 


ion of shares 


BY OUR LEGAL STAFF 

Wien equities are transferred 
from a testator’s personal 
representatives to a beneficiary 
some time after the testator's 
death and after there has been 
a considerable change in tile 
market value, is the u acquisition 
cost ” in the hands of the 
beneficiary the value at the 
date cf death or the valne at 
the date of transfer to the 
beneficiary ? 

If the shares are actually trans- 
ferred. then the valuation is as 
at the date of death. It is only 
when the executors sell the 
shares chat provision is made 
lor a fall in the price. 

A power 
of attorney 

With reference to your reply 
under A Power of Attorney 
I May K) I have always 
understood that such a power 
granted before the Act of 
1371 enured for one year 
only. Must the grantor who 
wishes to continue the 
authority sign a new form 
each year thereafter? 

A power of attorney granted 
after 1971 can enure for more 
then one year, but after a year 
the presumption against revoca- 
tion ceases. 

Joint purchase 
of a cottage 

My wife and I intend to 
purchase a country cottage 
jointly with one daughter, who 
lives abroad, and we shall 
noth he using it for holidays. 

Do we need a power of 
of attorney for every 
transaction after the purchase 
— for example, for extensions, 
hills for repairs etc? Must 
every payment be made as 
to 50 per cent by our daughter 
to satisfy the authorities that 
it is genuinely shared? Can 
u e at a later date reduce our 
share of Use property by each 


making an annual tax free 
gift of £2,000 each? 

If you use the medium of a 
trust (as is in fact inevitable) 
it will be unnecessary to have 
a power of attorney. One or 
more trustees resident in 
England can be appointed to 
look after .your daughter's 
interests. It is not essential for 
every payment to be shared as 
you state; but the overall con- 
tribution must be a genuine 
sharing. By means of a trust 
for sale the transfers of shares 
in the property up to a value of 
£2.000 can be effected without 
difficulty. It would be wise to 
consult a solicitor in respect of 
the whole transaction. ’ 

Terminating 
a tenancy 

What action can I take against 
a tenant who has installed a 
gas fire in a bedroom against 
my wishes and against the 
adviee of a property repairer? 
You should consult a solicitor 
with a view to ascertaining 
whether you can terminate the 
tenancy and seek possession 
under Cases 1 or 3 of the 15th 
Schedule to the Rent Act 1977. 

Shortcomings 
of PAYE 

My wife receives a pension 
from which tax is deducted at 
the full standard rate and it 
takes a long time and some 
trouble for me to claim in 
respect of her EIA. I have 
suggested that this EIA be 
added to my own notice of 
coding, which would mean thgt 
jointly we should he paying 
the tax due, but despite all 
my representations, I have been 
unable to get the local tax 
office to agree. Is there 
anything to be done? 

Your best hope probably lies in 
writing to the Secretary of the 
Board of Inland Revenue. New 
Wing, Somerset House, Strand, 


London WC2R 1LB. Quote the 
reference number on the tax 
inspector's letter, so that the 
officers at Somerset House can 
ask to see your file, if need be. 
Tactically, you should not 
criticise the conduct of the tax 
officers, bat merely the 
apparent shortcomings of the 
PAYE system. 

An insurable 
interest 

I am a British citizen employed 
in Zambia and have been told 
that it is possible to insure 
all my personal effects against 
all risks world-wide fay means 
of an insurance policy 
purchased in Britain. Is this so 
and if it Is how do I set about it? 
The risk you mention is an 
insurable interest. It should 
therefore be possible to have a 
policy written for you. You 
should consult insurance 
brokers, as the policy you 
require can probably best be 
obtained from Lloyd’s under- 
writers in London. 

An ex gratia 
payment 

The roots of an old poplar 
tree In my garden caused' a 
leak in the water main and 
on advice that the tronble 
would probably recur, 
after having the leak mended, 

I had the tree cut down and 
am getting the roots killed. 

My insurance company agrees 
that, under my comprehensive 
household policy, I am covered 
for the leak not for the 
tree cutting. What, please, 
is your view? 

Without sight of your policy we 
cannot advise with accuracy, 
but it is most likely that you 
are not covered for the cost of 
removing the tree and its roots. 
You may. however, persuade 
the insurers to make an ex 
gratia payment towards the cost 
as you have removed the source 
of a future claim. 


A return from Australia 


In 1968 I went to work in 
Australia and stayed there 
unlil 1975. Since then 1 have 
been a student, and having 
obtained a job, I shall be 
slaying in this country’. When 
I returned to England I left 
the hulk of my property in 
Australia basically, bank 
accounts, shares and two 
residential properties which 
are let. Each year I lodged a 
tax return with the Australian 
authorities. Was it legal for 
me to have left property in 
Australia? Now that I expect 
■ o earn an income in the UK 
shall I have to submit tax 
returns in both Australia and 
the UK? According to the 
local tax officer. 1 have not 
hitherto been liable to UK tax. 
Wo take it that you are (and 
always have been! domiciled in 
England and Wales — or else- 


where in the UK — and that you 
hold UK citizenship only. 

That being so, you will un- 
doubtedly have to bring your 
Australian assets under the 
control of a UK bank (or other 
“ authorised depositary " for 
exchange control purposes) and 
you may have to bring most of 
your bank balance to the UK 
(or at least the Channel 
Islands or the Isle of Man). 
You should get in touch with 
your UK bank, so that they can 
make the necessary arrange- 
ments for consent to retain your 
Australian bank account (for 
the purpose of collecting 
income and meeting expen- 
diture on the properties, etc.). 

In telling you that you were 
not liable to UK tax, the officer 
at your local tax office appears 
to have misconstrued article 
3(2) of the Australia-UK 
double taxation agreement of 
December 7. 1967. From what 


you say, the formula set out in 
that article will cause you to 
be treated (for the purposes 
of the agreement) as being 
resident in the UK, and not 
resident in Australia, from 
your return home in 1975. You 
may find, therefore, that you 
have a UK tax liability for the 
past few years — and possibly a 
refund dne from the Australian 
tax commissioner. You have 
not given us enough precise 
facts to advise you in detail, 
and so we suggest that you 
read the double taxation agree- 
ment to see how it affects you. 
You will find it in Simon’s 
Taxes (volume F) or the British 
Tax Encyclopaedia (volume 5), 
in a reference library, or you 
should be able to buy a copy 
from your local HMSO agent 
for about 50p (SI1968/305). 
After reading it you may like 
to come back to us, if you are 
still in doubt on any point 


No legal responsibility enn be 
accepted, by the Financial Times 
for the answers given in these 
columns. All inquiries will bo 
answered by post « soon 05 
posrfMa. 

Inheritance 
from abroad 

I am a British subject, but 
have been resident 1° Italy for 
.my UK investments into a 
the past 30 years. If I P ut 
three-way joint account with my 
wife and son, do these, plus 
bank deposits etc automatically 
pass to the other two on my 
death, without tax being 
payable and should I make a 
will to ensure this happens? 

The stock . and bank account 
will pass to the survivors or 
survivor on your death. How- 
ever, there could be some doubt 
whether the equitable interest 
was vested in the three joint 
holders or only in one or two 
of them unless there is an 
express declaration of trust. 
Moreover, In view of the possi- 
bility of there being a doubt as 
to the position under the laws 
of inheritance in Italy it is 
desirable to make provision by 
an Italian will which demon- 
strates clearly what you intend. 
Capital Transfer Tax' should not 
be payable if you are domiciled 
in Italy. 

Division of 
expenses 

“ A ” dies leaving his estate 
consisting of shares for 
division between his two sons 
“ C " and “ O " — viz two -thirds 
to C and one-third to D. 

C wishes to sell his two-thirds 
of each holding and D wishes 
his one-third share in each 
company to be transferred to 

him 

Has the brokerage on sale 
by C to be borne by him alone 
and bas the transfer stamp duty 
of 50p on each transfer to be 
borne by D alone? 

Or should the whole of the 
brokerage and the whole of 
the stamp dntles be borne by 
the estate so that In effect, 

D would be contributing 
one-third of the whole of such 
expenses and C two-thirds of 
the whole? 

There Is a sound argument to 
be advanced in favour of either 
proposition which you advance. 
However, it is likely that the 
correct approach is for ail the 
expenses to be borne by the 
estate as in your second 
alternative. 

Transfer tax 
on house v 

In our reply on May 6 under 
Transfer tax oh a house " we 
erroneously indicated that there 
was no distinction between free- 
hold and leasehold land for the 
purposes of Capital Transfer 
Tax. In fact paragraph 20(3) of 
the Fourth Schedule to the 
Finance Act 1975 perpetuates 
the ancient distinction by ex- 
pressly providing that lease- 
holds are included in the term 
“personal property” for the 
purposes of the Inland Revenue 
Charge for unpaid tax. where 
the chargeable transfer is made 
on death; so that leaseholds are 
not in that event subject to the 
Inland Revenue charge, while 
freeholds are so subject 


Cover against accidents 




, iimV»R nr of Sight proof of financial loss often u 
TUESDAY'S holiday disaster at the natural cause risk: the two against loss ot nmo di L. ble . do seek to ensure that \ 

the camp site at San Carlos de come into balance in our 30’s, against permanent ™ rarv amount of benefit is rompatil 
la Rapita emphasises, if nothing and after that natural causes ment. against P a f“ a I JL st 0 f wilh the policyholder’s ave» 
else does, that we are all some inevitably take the lead. disablement. ■ . in earnings— so that even it « 

of the time if not most of the But I must emphasise that I medical t >,e can afford tire premium. ’ 

time at risk, from the am speaking of broad averages, connection wun any surer* may well question t 

unexpected hazards of modem Your occupation may mean that subject of claim. . * need £nr more than £ioc 

industrial life, even on holiday, even right up to retirement the These Jo* rates are benefit, £5.200 in a r, 

Incidentally it is estimated risk' of accident outweigh* the for occupational^^ ^ J 

that 100,000,000 tons of potenti- ever increasing ride from surers have a range usmuiy year ^ 
ally dangerous substances in- natural causes: your leisure of three but M** ° £ ™ Vou are disabled for a 

eluding liquefied propylene gas, pursuits can substantially en ; occupation clas5lfi ^?” s r> f - * ii» t you do not nrirf 

is carried during the course of banco the accident risk in the fixed percentage ^mgs for tee - 
the vear try tankers on the roads evenings and at weekends: your each, and they normally tot a match buiettt : in^ctscj to yo 
of this country, so there is normal mode of travel may whole range of activities carry- average wekl> earra T^.- 
potenti al for a similar disaster make you a worse than average ing increased risk of injury and n JS by concession from q 
here at home, though the odds risk — for example, if you travel therefore requinns extra prt Inland Revenue and not as ; 
when counted against the num- by motorcycle or by private mium— for example the ' J right that weekly or monthly {j 

ber of tankers not just on our aircraft motorcycle can double the bas c abletnent benefit is not tas® 

own roads but including those of rate. All modern policies con- ^ .holiday r eases ow 

the European mainland must be 1 ■ • - tain long lists of excluded ac benefit has been pajafi 

some mill ions to one against vities ranging perhaps at throughout a full financial yea 

Accidental death and aeet INQIJPANf*P ' lower end from the playing ot Thus if your claim starts no 

dental injury seem to be *NbUKANLt games as a professional, ccr- in July 1973 and runs on lu car 

Increasing risk of modem life JOHN PHILIP • tainly to end Mareh l98l> y ? U 

and certainly when accidents parachuting at higher end. u lt rans on lu April lfen fiq 

occur they seem to involve The on 2™* pay « the financial 

more and more people. Whether particular exeu P®.. ex . 1979-1980. 

or not either of these apparent But acc ident insurance is actnnt J c a ° frer fj.ii ennuiry Accidental death benefit IB . 
phenomena are statistically true adassTrikk treme otlwr llfc ass urance *>«*''* 

(and they are both aspects of ^ ro f eSin^l or offire JoSS int0 expenence, frequency w not nonnaIly taxable ^ * 
the same) for the average handS ° f ^ ■ 

citizen insurers still provide „ et death by accident cover stl * refusc * . t accidental death insurants 
cover for accidental death and at around £1 premium for everv Insurers provide both pac ■ count as term assurances wit] 
injury at very much the same g SHorth a « es and se,e F tiye *‘5 In the “ qualifying poli< 

rntes « they did 50 years ago, Ze" the former r the roles • laid down in the Fine* 

though all insurers now have anf » nrovides nrotection 24 and Uie amoun . °\_ t>ei T 11 . Acts. 

detailed underwriting rules to hours a day whetoeryou are at both p re -determined so that the Because accidental drat 
deal with policyholders who work or not. here at home cer- purchaser has simply to decide cover counts as life assurance 
pose worse than average risks. Sy toughout E^e’ £d many units of insurance has ^eo possible to get tax n 

I am no great advocate of the usually anywhere else in the he requires. . lief on premiums, subject to Or 

purchase of cover solely against world. Again as a class 1-risk purchaser can ha * normal hfe assurance tax rell< 

accidental death and accidental you can buy cover against accl- ance tajI c retJ *°. k 1 * t rules. But new life assurant 

disablement for this leaves out dental total disablement at quirements. subjert alwa^ to tax rebef rules commence ne> 
of the reckoning disablement around 15p premium for every the payment of . the i insurer A p nl and then the ncht to ta 
and death from natural causes. £1 of weekly benefit and this minimum premium attb relief on accidental dcjlh pn 

But for the younger citizen, and benefit is usually payable for efl and 1° ., ow ? miums will vanish. And 

particularly the younger male two years from the date of imposed financial limits of cover course there never has been an 
citizen up to the age of 30 or accident. 0 titer. right to tax relief on premium 

so, statistics are clear that it is Beyond these two basics in While insurers pay the agreed for disablement as distint : 

the accident risk that outweighs addition you can buy cover disablement benefit without from death benefits. 


INSURANCE 

JOHN PHILIP 


4/ 


ooking on— looking back 


“ANTI-AVOIDANCE legislation 
3- the Inland Revenue's way of 
dealing with the other fellow — 
The one who is too clever by 
half, and who deserves all that 
is coming to him. Why should 
he liiink lie can get away with 
paying less tax than I have to? 
K the legislation has to be retro- 
spective to catch him. that is all 
right by me." 

If you think that tax legisla- 
tion is directional in that way, 
tint it hurts him but leaves you 
unharmed, then read on. Not 
only is the legislation indiscrim- 
inate. but so are the officials of 
the Revenue and the judiciary. 

Inspectors of Taxes make it 
quiie clear that their job is to 
operate the law. If you are with- 
in i Is provisions you pay. if you 
are outside you escape. Inspec- 
tors cannot judge who is a 
nauchlv buy, and use the law to 
catch him. while recognising 
thal law abiding citizens should 
not have the stringencies of that 
same law applied to them. Simi- 
larly judges in tax cases not 
infrequently regret, in their 

judgments, being compelled to 
penalise the innocent. Rough in- 
justice always hurts both judge 
and judged more than does the 
sight of the guilty escaping. 


Ensnared 


1; this all an over-dramatisa- 
tion? Is it likely that any of us 
will be ensnared at any moment 
in some dreadful anti-avoidance 
legislation? Let us look at a 
very simple, straightforward, 
innocent transaction. 

A lends money to B. A is not 
a banker nor a moneylender, 
nnd he does not think that he 
should charge interest on the 
Tuan. If he does not receive any 
income, surely he will tint have 
to pay any tax. So why is it of 
any concern to the taxman ? 

The transaction interests 
those who frame our tax laws 
just because it looks so simple. 
Straightforward and innocent 


Those are just the garments in 
which the worst avoiders clothe 
themselves. 

Perhaps it is not really a loan 
at all. but is a gift from A to B. 
If it is, then A must pay capital 
transfer tax. It may be that what 
A is giving is the use of the 
principal for a specific number 
of years, a period which he will 
not subsequently be able to cut 
short. If so, A pays tax imme- 
diately on the difference 
between the sum he lends, and 
the discounted present value of 
what he will get back at the 


TAXATION 

DAVID WAINMAN 


end of the term- Alternatively, 
if A can call for his money at 
any time, he is regarded as 
making each j-ear a gift of that 
year’s interest, and it is this 
that is subject to capital transfer 
tax: 

Strangely, if the interest-free 
loan is taxed as a series of 
annual gifts, it .is the amount 
of interest at an arm's length 
rate, hut net after A’s top rate 
ofincome tax, that he is treated 
as having given. In a fixed term 
loan it is not apparently possible 
to do the discounting calcula- 
tion on a net-of-tax basis. 

But does this innocent Joan 
cloak something even more 
nefarious ? If B is really paying 
A for the use of the money, but 
is calling that payment some- 
thing other than interest 
(because he knows he would 
not get tax relief for the use to 
which he has put the monevi 
then he will fail. The law will 
treat It as interest and B will 
fail to get his tax relief. 

If B uses the funds to pur- 
chase an asset, but only on such 
terms that he gets the asset 
alone and not the income from 


it until he has repaid his loan, 
then he would indirectly be 
achieving tax relief on his 
borrowing. Once again the law 
prevents him. 

A case which saddened the 
courts more than most con- 
cerned Mrs. A, who lent money 
to meet a very short term need 
of B in his capacity as trustee 
of an accumulator trust set up 
for A’s and Mrs. A’s children. 
B subsequently repaid the loan, 
and A found himself being taxed 
on the principal sum repaid as 
if it were investment income 
received in the year of repay- 
ment. 

This was obviously not the 
result envisaged by those who 
originally drafted the section 
which caught the A’s. The 
naughty boy they were after was 
the one who set up a trust in 
order to stop the dividends from 
his investments reaching him as 
taxable income, but then con- 
tinued to draw equivalent 
amounts of tax-free cash out of 
the trust. B's repayment of 
Mrs. A’s loan fell into the trap 
by chance, and neither the 
Revenue nor the courts could 
extricate them. 

If the loan made by A to B 
is made *' by reason of ” B's 
employment by A then a whole 
further set of anti-avoidance 
provisions come into play. The 
law deals not only with loans 
which are interest free, but also 
those which are subsequently 
forgiven by the employer. 

It has always been the law 
that absolution by tbe employer 
would attract a tax liability on 
the employee if it was granted 
“in reference to the services 
the employee renders . . . and 
as something in the nature of a 
reward for sen- ices past, 
present or future." That was 
what Mrs. Gothorp discovered 
when her employer lent her the 
cost of a training course, saying 
that if she continued in his 
employment for a stipulated 
time thereafter, she need not 
repay. 



Mrs. Gothorp was caught by 
the general provisions of the 
law. There are other, more 
onerous, arrangements for 
directors and those earning 
over £7,500 ( £8,500 from April 6 
1979). The extension and 
clarification of the law in 1976 
disadvantaged them in a 
number of ways. First, any 
loan from employer to-employee 
is automatically treated as 
granted as a reward for the 
employee's services. No longer 
can the recipient argue that it 
is a separate, unrelated, trans- 
action. 

Secondly, the 1976 amend- 
ments include the formula fori 
quantifying the employee’s tax-! 
able benefit — generally speak- 
ing the difference between the 
interest he actually pays and 
what he would have paid had 
the employer charged 9 per 
cent on the loan. Housing loans 
up to £25,000 are excluded, and 
so also are loans where the 
notional interest charge would 
have been less than £50. All 
others are caught, including 
notional loans deemed to have 
been made where an. employee 
is permitted to acquire shares 
at less than their full value. 

Notional loan 

! 

Until tbe deemed repayment! 
of this notional loan the em- j 
ployee will now pay tax on his ! 
interest-freedom benefit: and if I 
repayment is only a notional j 
event, this means that tbe j 
deemed loan is deemed to have 
been forgiven, thus triggering ! 
a further charge (the timing of i 
this .being a question of very 
considerable complexity which 
cannot be dealt with here). 

If this is an indication of tbe 
width and depth of the anti- 
avoidance legislation, is it still 
clear beyond a perad venture 
that you yourself will never do 
anything at which it might 
strike?. 




IT IS A very unnerving experi- 
ence, these days, to sit in on a 
group of men discussing matri- 
mony and money. Maybe mar- 
ried men have always taken the 
view that wives were parasites 
with a fine capacity for absorb- 
ing income in such trivialities 
as maintaining a home and 
family. But recent legislation 
—and, in particular, legal deci- 
sions on tbe division of property 
once a marriage ends in 
divorce — have lent a sourness to 
these opinions which forms a 
dismal tribute to the enlighten- 
ing effects of 50 years of libera- 
tion. Possibly it has something 
to do with the quality of 
attempts at such enlightenment 
Take, for example, the spot- 
light which Liberty Life saw 
fit to throw, earlier this week, 
on the attitudes of married 
women to money. Liberty Life 
is a group which has made 
something of a corner in the 
provision of particular products 
for women, and very success- 
fully too: and the survey which 
they have just produced— 
“ Married Women and Savings" 
— was brought out in conjunc- 
tion with a sensible plan for 
a woman to transfer her life 


Fight for 
the disabled 
wife 

EMPLOYERS ARE warned by 
all and sundry against discrim- 
inating amongst their employees 
by sex. But in many areas tbe 
Government, for a variety of 
reasons, practices more discrim- 
ination than all the members of 
the CBI put together. One glar- 
ing example emerged this week, 
with the launch of the Equal 
Rights for Disabled Women 
Campaign. 

The Government took a great 


Of matrimony and money 





H) 

Vlffti ULTf 


sugar 

(flPAKRB 


assurance to her husband on 
marriage and transfer it back 
again— once — should the mar- 
riage subsequently break down. 
Would that they had seen fit 
to stop short at the production 
of this plan. 

But no: they saw fit to ask 
895 married ladies questions too, 
and to present us with the out- 
come of their inquiries. Their 
findings are hardly striking for 
their originality. They are as 
follows: that married women 
would like to rave on their own 
account: that married, women. 


step towards social justice in 
1975, when it introduced the 
Non - Contributoiy Invalidity 
Pension — a benefit payable to 
the disabled who because of an 
inadequate contributions record 
would not qualify for the 
normal contributory invalidity 
payment. At first this was only 
available to men and single 
women, indicating that the civil 
service still considered that 
married women should rely on 
their husbands for financial 
support. 

Then, last November, the 
benefit was extended to married 
women, thereby removing one 
source of discrimination. But 
the ineptitude of someone in 
authority introduced another. 
Men and single women have 
only to show that they cannot 
undertake paid employment to 
qualify. Married women have 
to show that they cannot 
perform normal household 
duties. The Government, it 
appears, still consider that the 
normal employment for married 
women is housework. 

That may imply discrimina- 
tion in theory, but much more 
serious, it also implies discrimi- 
nation in practice, since it is 
proving far harder to pass the 
household duties test than the 
employment test We all have 
memories of mum struggling to 
do the housework despite 
severe handicaps, while dad 
takes to his bed with a cold in 
tbe head. And indeed, the test 
has proved altogether too selec- 
tive, and the campaign is calling 
for its abolition. 

The booklet produced setting 
out the cause— “ Second Class 
Disabled ” — contains case 
histories that are heartbreaking. 
Further information can be 
obtained from tbe Equal Rights 
for Disabled Women Campaign, 
5. Netherhall Gardens, London 
NW3. The booklet costs 80p. 


in general, do not save on their 
■own, account: and that they 
could, not save on their own 
account unless their husbands 
changed their attitudes. From 
these -findings Liberty Lifels 
researchers conclude that the 
great majority of wives can 
reasonably \ be described as 
“ financially ‘battered.’’ 

It is, of course, nonsense. The 
exercise might have been worth 
doing had Liberty Life applied 
itself to the question of how 
many husbands are financially 
battered top. As it is, the feel- 


ings of-the young man who, hav- 
ing committed his means to 
establishing a home, and his 
financial future to supporting 
a family, discovers, that his wire 
is to be considered financially 
battered’ because she can no 
longer maintain the savings that 
she made when she was single,, 
in all probability beggar descrip- 
tion. It is certain, however, 
that they provide no basis for 
that mutual respect and reliance 
which ought to provide the 
financial foundations, at least, 
of any marriage. 




Tax free investment the 
friendly way 


FRIENDLY SOCIETIES con- 
jure up visions of Victorian 
Engla n d, with the working 
class, oppressed by the indus- 
trial revolution, struggling 
through mutual self-help to pro- 
vide against death, sickness and 
unemployment. The societies 
still linger on. despite the 
advent of comprehensive social 
security. But very few have 
looked at the possibilities of 
using them as an investment 
vehicle for the small saver. 

Because they serve a social 
purpose, part of the cash col- 
lected by the friendly societies 
can be. invested in tax exempt 
funds. The large friendly 
societies operating today take 


ASSURANCE 


ERIC SHORT 


■SU8S1 

mar 

fc 

0 


TE-ST yau-K 
ABILITY to 
CARRY OUT 
Houf^rijOLD Dune?. 


advantage of this concession, 
but offer contracts similar to 
those offered by industrial life 
companies. But one company. 
Family Assurance Society, offers 
unit-linked investment to small 
savers. 

Normally, the premium for 
the first £500 of the sum 
assured can be invested in a tax 
exempt fund, the rest of the 
premium having to go into a. 
fund taxed under the usual' life 
assurance rules. But under the 
Finance Act 1975, Family 
Assurance— because it does not 
transact ordinary branch busi- 
ness — can operate at twice this 
limit, investing premiums tax 
exempt up to a sum assured of 
£1,000. And it takes full ad- 
vantage of this feature. 

The plan it offers to investors 
is an open-ended contract; that 


Is, benefits are payable on 
death, and premium payments 
are limited to 10 years. The 
maximum guaranteed death 
benefit is £1,000, which means 
that the maximum monthly pre- 
mium for investors under 44 is 
£10, and for those over 44. £11. 
So it is indeed a scheme for the 
small saver. By keeping to 
these limits, however, invest- 
ment through the society is tax 
free — on a par with pension 
schemes. 

There is one possible draw- 
back, namely that the invest- 
ment policy is controlled fay the 
Trustee Act 1961. This means 
that at least 50 per cent of the 
premiums, must be invested in 
narrow range securities— cash, 
gilt-edged: and the ■ remainder 
can be invested in equities with 
trustee status or authorised unit 
trusts. Tl(p society operates its 
own investment policy, and 
despite ..this constraint has 
shown up well in the perform- 
ance tables. And the premiums 
still qualify for tax relief. 

If the Investor wants cash, 
then he simply surrenders his 
contract. There are penalties if 
this is done before the ten-year 
premium-paying period is com- 
pleted, so essentially this is a 
long-term savings contract. Hus- 
band and wife can each take 
out a policy for the maximum 
premium, thereby pushing up 
the maximum monthly outlay to 
£20. But this gives rise to a 
source of discrimination. 

Because these are friendly 
society contracts, the investor 
has to nominate the beneficiary 
to be paid should he or she die. 
The husband can nominate his 
wire or dependent children; but 
the wife can nominate depen- 
dent children only. By implica- 
tion, the children depend on 
both of them and she depends 
on him. This Is another relic 
of the days when husbands were 
tbe breadwinners and did not 
rely. on., their, wives for any 
financial support. 




Financial Times Saturday July 15 1978 ' 


- SAVINGS AND INVESTMENTS 


■*'S*k'a2r\ 




Going for a gilt fund 


10M TIME to time a muted 
til emerges from unit trust 
oups through the land, at that 
lomaly in our tax system 
udi means that the income 
any fixed interest fund is 
‘ectively double taxed. The 
uls generally coincide with 
e son of bull market that 
mis investors rushing into 
Us. hut they are none the less 
lid for that. Such is the pub- 
's enthusiasm for income, so 
c argument runs, that it is 
deed a shame to deprive them 
the benefits which a mix of 
its. professionally managed, 
uld provide. Only Target, of 
' the unit trust groups, has 
tempted to tap those benefits: 
d then with strict attention 
the possibilities for capital 
in, and none at all to the 
come attractions of fixed 
terest investment: in fact the 
irgct (Jilt Fund yields only 3 
r cent. 

Well now, if you happen to be 
■e of those hypothetical inves- 
rs whose dearest desire is to 
ck their money away into a 
•vernment securities fond, 
us is occurred to you that you 
n perfectly easily do it by 
aeing your cash offshore? 
rb nth not showed the way last 
eefc with its new Government 
•rarities Fund, run out of 
•rsey, whose income shares 
•e available to British resi- 
sts. Arbuthnot, having just 
tracbed the fund, was in a 
jsition to advertise it. But the 
rtues of fixed interest invest- 
ent offshore are by no means 
3culiar to Arbuthnot. 


"What are those virtues? Most 
government securities funds off- 
shore were set up to cater for 
the needs either of expatriates, 
or of overseas investors with 
a liking for high British 
interest rates: and in conse- 
quence. as the table below (not 
exhaustive) indicates, they 
tend to be high yielders. The 
income they receive, being off- 
shore, suffers no more than -the 
minimal local tax £300 per 


INVESTMENT 

ADRIENNE GLEESON 


annum in Jersey); and It is 
passed on gross. You yourself 
of course, as a British resident 
for tax purposes, will have to 
declare it, and eventually to pay 
tax at your marginal rate; bat 
you have the use of the money 
in the meantime. 

The capital gains tax position 
is rather' more complicated. 
The funds themselves pay no 
capital gains tax on the gains 
they make on sales of gilts, but 
you will have to pay it on any 
gains you make on the sale of 
the units. And since these are 
not authorised unit trusts, there 
will be no tax credit to set 
against your liability, as there 
is in the case of a UK trust If 
you realise gains of less than 
£1,000, of course, this won’t 
matter to you since you won’t 


be liable to capital gains tax 
anyway in fact if anything you’ll 
bet better off, investing with a 
fund wihch incurs no tax intern- 
ally. But if you’re a high tax- 
payer, looking to gilts to provide 
you with a capital gain, you’d 
do much better to take the 
longer, though more nerve- 
racking route of investment in 
individual stocks with a view to 
holding for a tax free gain after 
the year is out. 

As for the position for 
exchange control purposes, pro- 
vided its a sterling 
denominated fund that you are 
investing in you don’t need to 
worry. And if it's income — plus 
the prospect of a reasonably 
stable capital performance — 
that you are investing for, you 
are hardly likely to be putting 
your money into anything else. 
British rates are still higher 
than those in almost every other 
developed country in the world. 

Two final points need to be 
made, however, for those of you 
to whom such funds appear to 
offer the perfect combination of 
high and secure income and a 
prospect of stable (or better) 
capital performance. In the first 
place the income won’t grow. 
And in the second . • . well, 
while offshore funds are in 
some cases regulated quite as 
tightly as those on-the mainland, 
in other cases they are not So 
-if you do want to put your 
money into a Jersey, Guernsey, 
or Isle of Man based trust, 
choose .a fund belongin)g to a 
group with a reputation to pro- 
tect at home. 


vi;'- 


Finding a friendly stockbroker 


Stockbrokers’ services 


» Suggestions for clients with 

£1.000 £10.000 



Grieveson, Grant 


Hoare, Govett 
Sikig & Cnrickshank* 


Grelg (R. O 
Smith. Keen. Cntler 
Tilney 

Norman Colling 
Foster & Braltftwalte 


Unit or 
Investment 
trusts 
Unit trusts 

Unit or 
Investment 
trusts 
Equities or 
unit trusts 
Unit trusts 

Equities or 
unit trusts 
Not interested 

Unit trusts or 
equities 


Gilts or unit 
trusts 

Unit trusts 
or equities 

Gilts or unit 
trusts 

2-3 equities 


assets of: «— 
£30,000 
25 stocks of 
£2,000 apiece 

Investment 

spread 

Investment 

spread 


In-house 

trusts 

5 


equities Investment 
spread 

Balanced portfolio 
Balanced portfolio 
Balanced portfolio 
Balanced portfolio 


' Services offered: - 
Research 
Valuations material 
per annum sent out 
L 2 " Limited 


Limited 

Two-monthly 

circular 

Monthly 

newsletter 

Monthly 

newsletter 

Monthly 

newsletter 

Occasional 

circula rs 

Three-weekly 

newsletter 


Management 

discretion 

offered 

Yes 


Not normally 


Britannia High Interest Sterling ...... 

Clive Gilt Fund (Jersey) 

King and Shaxson Gilt Fund (Jersey) 

Quest Sterling Fund (Jersey) — ... 

Rothschild-Old Court Income Fund 1 

Save and Prosper Fixed Interest 

Schlcsinger (Jersey) Gilt Fund 


Minimum 

Present 

Investment 

yield 

£500 

12.0 

. £1,000 

12.0 

£1.000 

11.0 

£1,000 

32.0* 

1,000 unite 

7.2 

£1,000 

1L9 

£2,500 

12.0 

£L500 

11.1 


* Projected yield. 






Target announces a new Fund to invest primarily in stocks considered to be 
in "Special Situations”.The aim of the Fund will be to provide capital 
growth, with rising income an important but secondary consideration. 

What is a "Special Situation" 7 potential rewards of special, situations. 

The term is usually applied by this Fund is suitable for only a part of 

investment managers to a share which your capital. The wide spread of 

they believe is affected temporarily by investments in the Fund will help to 
special factors, or has potential not reduce these risks, 

adequately reflected in the current Your investment should be regarded 
market price. Examples Include : as long term. 


What is a "Special Situation" 7 
The term is usually applied by 
investment managers to a share which 
they believe is affected temporarily by 
special factors, or has potential not 
adequately reflected in the current 
market price. Examples include : 
vs- Recovery situations 
-v- Bid situations 

m. Market situations (i.e. where the 
share price is temporarily depressed 
by a large sale) 

.v. Asset situations (i.e. where tha 
asset value is far in excess of the 
market capitalisation). 

Selection of Situations 

In addition to the general examples 
given. Target believes there are likely to 
be particular opportunities at present of 

finding special situations amongst: _ 
smaller public companies - with a 
market capitalisation of £1 m to£1 0m. 
~f shares with a dividend not less than 

twice covered by latest earnings. 

"Special Situations" will not 
necessarily be confined to U.K. 
investments although the overee 33 
content is unlikely to exceed 20 ,a. 

Investment Management 

Target and its investment managers, 
Dawnay, Day & Co., Ltd are both part 
of a merchant banking group which 
participates directly in the management 
of industrial and commercial -companies 
and has long experience of investment 
in smaller public companies and other 
"Special Situation" stocks. The invest- 
ment managers will also encourage 
rcqiondl stockbrokers to contribute 
their specialised' local knowledge in 
selecting suitable investments. 

Your investment 

Target recommends that because or 
the above average risks but greater 


Income 

As a result of the reorganisation of the 
portfolio the yield is anticipated to rise 
to 7% over the -next year to eighteen 
months, a level which for higher rate 
and basic rate taxpayers will assist in 
maintaining a worthwhile investment 
return. The estimated gross annual yield 
is currently 4%. Automatic reinvestment 
of income facilities are available. 

Special 1% Discount 

For investors taking up this offer, 
there is a special-introductory discount 
offer. £101 for every £100 received will 
be invested at 2 1J2p until the close of 
business on 2.1st July, 1978. This 
discount will be borne by the Managers. 

You should bear- in mind that the 
price of units and the income from them 
can go down as well as up. 

Monthly Income Payments 
if you have £2,000. or more to invest. 
Target can offer a well balaneed port- 
folio of 6 unit trusts yielding an average 
gross income of approximately 8% p.a. 
which will provide an income payment 
every month. For further details, tick the 
box in the form below. 

Share Exchange Scheme 

Target offers a convenient and cost 
efficient scheme whereby quoted shares 
which you hold may be exchanged 
advantageously for units in Target 
Special Situations Fund. Details on 
request. 


Ti* ri.i-.il. l-.-iltifllr Covr.e rminrfll Fund, 
i ■'•'i'-** ll L' app ,uwl <*' 

irnrtt»"fc*r»s wi :9injuna. 19B. 
APPLICATIONS aim l*wqu»* will not Mj 
Culn.nAlrU.i.'J c«li!iU»US W,\iba is ml 
mih.it j; dJ.n of iho *>■ 1™ 

YOU MAY ytLL1«.l?S UNITS j>l 
•t a p-,.c nvl I. vs man llWlcaknilotMlby 
DrwiiiH-il Pi Tuce HnjHtMtonii. Pavmom 
Will i-c rtwdn Wttnm 10 .•* 

t hr n-i.-Su.wd 

and !!«' YI.-M nwquMi* <W*ln lh*No^ 

p, K *. iiN INITIAL CHARGE <H M* L 


included in Tha ufe iulca of oml"; J 1 ’* 
M.-wuiupb Wdl pat- comnnMion Oi 1 
quafJieo Mens. THE MANAGERS 
ine now lo ikwo in* offer beloie ihn «uu> 
i-MiMi if urn oiler mica vjihw br rao|1 ’.,yr" 
2;-.. After Ida cta» ot iho offer un>lS ” 

ovaiurtjln U Uio dally prioo* INCOME J«s 
OX 31 twalc UIO will bo dWrBirted on jin 
March and 30th September. Urdis 
now will qualify »h» PeViw"* 
soncrabci, 137S. Art annwl °i*£ 
ef iho voliio el th* Fund plus **•}• J* 
deducted liom 01 1,10 Fun ®* 


MANAGERS : Teiffet Trust Managers 
Limited (A Member of the Unit Ttu$t 
Association) 

DIRECTORS: 

A. P.'W.Slmoa.TD^F.CA. (Chairman) j 
1.0. Sampson, JJ>. [General Manager); 

RL Hwl Lord Alport, P.C.T.D- DJ- : 
T.&Broola. FJLA.: R.LE.Camwell: 
A.C.B. Chancellor; &B.a dome, MUJt; 
E.P-.HMdiBti,FXA.:J.H.Panis5on.MJL; 
M.EG.t’dnca.MLAvFjCLA. 

Telephone: ft -600 7833 


I riKre imnnw w..- m 

OFFER OF UNITS AT 21 2p EACH UNTIL- fclst JULY 1978 I 

Corrent estimated qross annual yield J 

— — — ■ ~ ^ “° USE * oui ‘ AVUsau mTsST | 

T arclt TRUST MANAGERS ^ f pi> Fimri i/We doclauf »hal j a«/we are not lesMant outside iho Scheduled u 

■ ii.voM.ri ~ — — “1 In Yerilloilcsandlam/waoNiOManpdrtngihaunjjajrttfHinwnineefS) I 

I in » Tu' r L I ' 1 ' a of any pcnonls) iwldent outtlda ttme Tpimoiiec. Thta offer Is not “ 

■ ,p ,n * ** ■ J .mimf lirMi-v * naiLtble fo rendw'is of ihe Republic of Ireland. Thw oiler doses I 

I ‘ 1 “ , ' 1 I 

U , . „ , -oniLa.eP-i.Mfllui .* I 

■ Until. u'lh-' •*- jouU ipptfjvrr ■ntnriton and utith mine: tnd redresses awnrefr. 

jj f r,il C.F»,n:: K IMI"® ™»l IW. KML FT15 j | 

I ITTZ - ” — — i- «.../r~rii«non!KnCTM^_iaoi»U{lySaiNnw Scheme Wl5llB 

me l. a^de^ ol Vl^^ JjSgSTTTBSSQXirT^!** ' ^ 



HAS' THE stockmarket really 
become less- popular with the 
private investor? 

Professionals and large insti- 
tutions have increasingly over- 
shadowed the private “punter ’- 
on the stock market, while build- 
ing societies, various forms of 
National Insurance and a galaxy 
of investment vehicles have 
been grabbing the lion's share 
of our available spare cash. 

Many stockbrokers, however, 
are now reporting some pick up 
in the level of their private 
business. And, without suggest- 
ing a return to what now seem 
the heady days of the early 
1970s, one does detect a more 
optimistic spirit in the air. 


Hoare Govett is one of the 
largest London firms (address: 
Heron House, 319-325, High 
Holboru) and has actively built 
„up its private client side in the 
past 18 months. With current 
private portfolios of at least 
£300m, it seeks business from 
expatriates, trust beneficiaries 
ally invested via banks and 
and people who have tradition- 
other types of broker. Don't 
expect much after sales service 
here if you insist on putting 
£1,000 into individual stocks. 
This type of “gamble” is posi- 
tively discouraged, and Hoare 
Govett will almost certainly 
refer the £1,000 man to its sub- 
sidiary Unit Trust Advisory 
Service, which has four full- 
time staff. There are no 
in-house funds, but other 
people’s unit trusts are closely 
monitored. Even a client with 
£10.000 will be strongly advised 
to put his or her money into a 
fund, since the firm feels a' 
safe spread of individual invest- 
ments will, at this level, still be i 
burdened by excessive dealing] 
costs. 

Grieveson Grant is another 
big City firm, (address: 59, 
Gresham Street, EC2P ZDS; 
other office at Tunbridge Wells, 
Kent) which oversees port- 
folios of about £350m for an 
undisclosed number of clients. 
All this is actively managed on 
a day-to-day basis, some £37J>m 
being tied up in Grieveson’s 
five in-house unit trusts. About 
half the firm’s private customers 
gram discretion, a basis on 
which, the firm is more than 
anxious to work, and which it 
finds popular even among finan- 
cially literate souls like com- 
pany directors. Small fees are 
charged for an impressive range 
of services — £1 per holding, for 
example, for the large (over 
£25,000) discretionary account, 
£3 per holding for the large 
non-discretionary .portfolio. The 
fee covers computer records^ 
annual valuations and annual 
dividend listings. The emphasis 
here, however, is on highly 
personal advice. General infor- 
mation is available, particularly 
for the smaller client, but there 
are no tipsheets or regular 
newsletters. 

I.aing anil . Cmlp feshank 

(address: 14th and 15th Floors, 
The Stock Exchange, ECS; 
other offices: Eastbourne and 
Taunton) is another large 
London firm with a “substan- 
tial ” number of private clients. 
The £1,000 investor will be 
strongly discouraged from 
individual stocks at Laings, and 
will instead be directed 
towards a unit trust. Laing is 
particularly keen on financial 
planning and produces a written 
report, on introduction, for the 
wealthy client. 'Pensions and 
life policy arrangements, for 
example, are surveyed in a 
twice j’early valuation and 
review, which is free of charge. 
Emphasis is placed on a 
balanced, conservative, portfolio 
with a spread- of gilts, UK 
investments and - overseas in- 
vestments. 

Glasgow stockbroker R. C 
Greig (address: 139 St Vincent 
Street plus office in London 
stock exchange) is a small firm 
with no more than about 4,000 
private clients. However, it is 
very keen to encourage the 
small investor. Greig will prob- 
ably suggest that assets of 
£1,000 should be put safely Into 
a unit trust but the firm is 
perfectly happy to accommodate . 
the newcomer keen to channel j 
! his money through a couple of 
individual stocks. 

- Smith Keen Cutler (address: 
Exchange Buildings, Stephen- 


Tt seems an opportune 
moment to test the warmth of 
stockbrokers- feeling towards 
their private clients. So we 
questioned, three of the big 
London brokers, three of their 
provincial counterparts, and two 
of the small firms named by the 
Stock Exchange as willing to 
take private clients, about their 
attitudes. Not surprisingly, per- 
haps, Ube (response from this 
small sample was enthusiastic. 
It would, no doubt have been 
equably enthusiastic from most 
of -the other 250 stockbrokers 
whose opinions — for practical 
reasons — we have not canvassed. 

Even if you shop around, you 
are unlikely to find dealing costs 
vary much, from stock broker to 


stock broker. Most will charge 
the Stock Exchange minimum 
transaction fee which is £7 for 
equities (£4 for gilts), or com- 
mission at 11 per cent (about 
half this for gilts). Stamp Duty 
(currently 2 per cent of the 
value of the purchase — nothing 
for gilts). Contract Stamp 
(maximum of 60p), and VAT at 
8 per cent on the commission 
are also payable. 

The Stock Exchange lays 
down financial and professional 
requirements for its members. 
All stockbrokers ore required to 
be “financially sound,” and 
now there are certain 
academic qualifications which 
have to be met There are, how- 
ever, no general rules on what 
services stockbrokers should 


son Place, Birmingham, other 
office, 52 Cornhill, London) 
claims that 40 per cent of its 
business is from private clients. 
Investment minnows will not be 
ignored, ' though they will 
almost certainly be directed 
towards a reputable unit trust 
The firm’s current thinking is 
against accepting discretionary 
status, though there are certain 
circumstances where it will be 
exercised. “We do feel that 
most of the people who come 
to the -market do so because 
they have a personal interest” 
says partner Colin Smith. Flex- 
ibility seems a-, keynote here, 
with quarterly valuations and 
daily telephone contact avail- 
able on request 

Tilney and Co. is a 
moderately - sized Liverpool 
broker (address: 385, Sefton 


House, Exchange Buildings, 
other offices: London and 
Shrewsbury) founded around 
the middle of the last century, 
in which half the 20 partners 
are committed to private 
business. Tilney claims to 
devote equal attention to all 
categories of customer, taking 
the view that smaller clients 
demand an even more respon- 
sible approach since mistakes 
are proportionately more costly. 
The firm does not discourage 
small individual holdings of 
about £1.000, and points out 
that many unit and investment 
trusts, although theoretically 
spreading the risk, have not 
performed well. The research 
department looks at well over 
100 companies in six sectors 
and also provides its own charts 
service. 


provide for their personal 
clients. 

The column headed "manage- 
ment discretion” refers to the 
firm's attitude to who makes 
the investment decisions. Most 
prefer to have discretion — to be 
left to get on with managing the 
clients’ money. Clearly, firms 
whose “research material” is 
described as “limited” can pro- 
vide an equally valuable but 
less easily quantifiable -service 
over the telephone. Valuations 
will obviously be more regular 
if a client insists, although he 
(or she) might have to pay 
more. It should be stressed 
that the investment suggestions 
are merely abstract preferences. 

Many stockbrokers provide 
an excellent service to their 


Norman Collins and Co. is a 
very small and relatively new 
London -firm (address: 65. 
London Wall) with two 
partners, five associates and two 
to three “client getters.” 
Business is highly personal and 
all investors will get a chance to 
know most of the team face to 
face. Altogether Collins only 
has about 1,000 clients and most 
of these are of modest means. 
The £1,000 bargain is of no 
interest to the firm. One of the 
partners notes: “ We are only 
prepared to lose money for 
people we know." 

Foster and BraJthwaite 
(address: 22-23, Austin Friars) 
is a small London broker, 
founded in 1825, with about 
8.000 private clients. Much of 
its business derives from inter- 
mediaries (banks, solicitors. 


privale clients. Others, how- 
ever, arc nut so considerate. It 
is true that the small investor 
is relatively expensive to ser- 
vice. But there is no justifica- 
tion for the way some firms sit 
on quite large portfolios, pro- 
viding little ur no advice and 
simply waiting for the unin- 
formed phone call to put 
through what may be a small, 
but — -for lack of the sen-ice to 
“ accompany it — nevertheless a 
cheap “transaction. Certainly, 
anyone with more than £IU.t>00 
to invest can obtain a regular, 
personal service. If yuu fall 
into this category and are not 
getting what you feel you are 
entitled to. you should not he 
afraid to change your broker. 


accountants), a source scorned 
by many of late, but a useful 
link when times get tough. 
Management is not official policy 
although special arrangements 
have been made for about 10 
clients. Clients of all sizes are 
welcome although there may be 
a few hundred (and in this 
respect Foster and Braithwaite 
are probably the rule rather 
than the exception) with whom 
contact is at best occasional 
The recent 30 per cent equity 
placing by Foster for agricul- 
tural consultants Lawrence 
Goold attracted considerable 
comment and the firm says more 
may be on the cards. Private 
clients, of course, are among 
the first to hear of what can. 
be speculative but interesting 
investments in small private 
companies. 


GOOD NOW AS AMERICA 
MDINJANUAEK 


While many investors’ eyes have been fixed 
firmly on Wall Streep we have also been taking a 
look down under. 

We believe that Australia could be the next 
centre of attention. 

The land and sea are yielding new strikes of 
copper 3 silver, zinc, diamonds, oil and gas. 

The country is rich in uranhim.There is a 
well-established mining infrastructure, and the 
government is committed to the early exploitation 
of all natipd resources. Furthermore it is 
encouraging investment from overseas. 

So even if the ripples from America’s recovery 
are not immediately felt across the Pacific, a period 
of steady growth seems likely. 

Our Unicom Australia Trust is well-placed to 
share in this growth. It is the largest unit trust 
specialising in Australia. 

The Trust’s aim is to obtain long term capital 
growth by investing in a spread of Australian 
companies and some British companies with 
Australian interests. Mining and energy-related 
stocks make up the bulk of the portfolio. 

Its performance over the first half of this year 
has pushed it into 13th place out of 357 unit trusts, 
according to Planned Savings m a g a z i n e. 

So although we’re not suggesting that America 
has lost its attraction, we think that a stake in 
Australia could make a lot of sense at the moment; 

You should remember that the price of units 
and the income from them can go down as well as up. 

Youshould regard yourinvestmentas longterm. 


^ HOWTO INVEST 
. You can invest in Unicom Australia Trust 
with a lump sum of £250 or more. Or, if you wish 
to invest on a regular basis with tax relief, you can 
make a monthly payment from £1030. Please fill 
in the subscription form below. 

There axe two kinds of unit : 

Income Units: distributions are paid half yearly 
on 1st February and 1st August after tax at tie 
basic rate. 

Accumulation Units: the after-tax income 
attributed to these units is automatically retained 
within the Trust to increase their value.There is no 
initial service charge when income is re-invested 
this way; it accordingly provides an economical 
method of investmg.The price difference reflects 
the accumulated income. 

The offer prices, which can change daily, were 
8 1.9p per accumulation unit and 643p xd per 
income unit on 14th July, 1978 with an es timat ed 
gross yield of 1.80%. First payment to new investors 
in income units will be 1st February, 1979. 

Any branch of Barclays Bank can give further 
information and advise. 

Prices andyidd appear drily in the Financial^ Times and other 
national nemspapefR-TTi i- offer pritas include the in trial management 
charge pf5% and tbereis a half-yearly charge of 3/1 <3 plus VAT, 
Commission at 1£ % is paid to authorised agents, bnt not in respecc 
ofBaiday card purchases. You can sell back units on any business 

day at the bid price ruling^ when your instructions arrive. Paymenc 
vrflJ normally be made within seven days of receipt of the 
icnoun ccd certificates. 

Managers: Barclays Unicom Liinited.Member of thcUcit 
Trust Association-Trustee : Royal Exchange Assurance. 


BARCLAYS UNICORN AUSTRALIATRUST. 


ToiBmrfayaT Tnifwn T.imhw i l J ‘yi2Rnnifiwtl RrnrL , (imtinn R 7QJR. 

SnrnamEfMr^Mrs.raMiss) 

CBJock espials platae) 


I/Wewkh to invest [jF" 
(Mamaan£25Q) |» 


in inanne/aaanmiittHni* rants of Unicorn Australia Trust 
andendoseadieqnefh nftwcuiiiii uni. 


I/Wemsia5tandtharinfo^teI>oi$ttfiwmi^attheoifapritt 

f he number of units purthastd tsM be tartl Ctnifiuucs snJJ it posted mihm six -sjrtks. I deenre th a 1 7 am-wc arenot 

^demontside the Scheduled Territories ooracqiriring die nnhs as the nominees) of any personfe) resident o inside those 
Tratories, If you are unable u make tins declirtnion, ii should be deleted and the form lodged ikroughyour bank, sttxkbrokcr or any 
wur authorised depomory. In ihc Oise, itfjoiju applications all must sign. Tim offer is no: (mailable to residents of UK Rcpuhlie of Ireland. 


AgorfiVATXu. 


investment with Life Assnrance and Tax R cfieE 

.wane details of the Barclays Life A&snred Savings I “| {(H Fit {(till Jjal 

g utve&dagfiom £1(130 per mon ch, please rick here | | 

Bethoxed Office; 54 Lombard Street, London EC5P3AH.R^LaaediiiEofiIand No. 589407. t nti^y^^ ira p any Bardays BankUmhc^" ’ 


../ . 





I 



LONDON ■ EDINBURGH ■ CANTERBURY • CHSLMSH3RDJ CHESHIRE ■ GRANTHAM 
HARROGATE ■ IPSWICH -LEWES • SALISBURY ■ SOUTHEND 




MID-ESSEX 

Chelmsford miles. Liverpool S'rw[ « mutates. 
OUTSTANDING RESIDENTLIL ARABLE AND PIG FARM 

Well equipped highly prodacihe farm eicellem modem pig unit 


used for bisfi quality bacon Production. 

IN ALL ABOUT 467 ACRES 
Grade II MJLFJ. classification 

Auracuve Pc nod Fzrmbouse. Secondary iiouw. 2 Further Callages. 
2 sots of fannbuildinss. 

FOR SALE BY AUCTION ON 22nd SEPTEMBER, ITT! 

■ unless previously soldi 

Ctwlrnsford Office, Tlndal House. Tlnda! Square. TeL B2« i4S84 and 
London Office. TeL- 01-628 ntd. (Ret 2AE3MI1 


ESSEX— UPMINSTER 

Fenchureh Street 22 minutes. 

LISTED GEORGIAN HOUSE 

situated in elevated rural position and protected by own grands, yet only 

minutes from excellent comrnunlcaUans to CJtjr. 

Reception Kail, 4 Reception Rooms. Domestic Offices. 9 Bedrooms, 
Dressing Room. Bathroom. Stables and OuibmldmiS. Cardens and grounds. 

ABOUT 13 ACRES 

Chelmsford Office, Tlndal House, Tmdal Square. Tel: 6245 SW84. 

(Ref. 2BB5B36I 

EAST SUSSEX — LEWES 

AN AGRICULTURAL AND DOWNLAND ESTATE 
THE LEWES OLD RACECOURSE AND ADJOINING LAND 

Ju a superb position amidst the Susses Downs i-onwiandiiuc panoramic news. 
Grandsiandi. SI ablins. Buildings. Raw-course and Farmland aH «mh 
Vacant Possession. 

Farm and Gallons both lei. 

ABOUT 538 ACRES 

For Sale by Private Treaiy 

Lewes Office, 201 High StrccL Tel: 0TB16 5M1. (Ref. 6AC12S2) 


London Office; 13 Hill Street wixsol Tel: 01-629 7282 


BIDWELLS Trumpington Road Cambridge C622LD 


chartered surveyors Telephone: Trumpington (022-021) 3391 


HERTFORDSHIRE 


AYOT ST. PETER 
LONDON 26 MILES 


A Listed Mansion Dating from 161 5 

Incorporating superb linen Fold panelling' 
and Minstrels' Gallery 

5 Reception Roams 7 Further Bedrooms 

3 Bedroom Suites With 4 -Bathroom* 

3 Bed roomed Annexe and 4 Cottages — Stable Courtyard 
Hard Tennis Court — Heated Pool — 800-metre Airstrip 

ALL IN TRULY BEAUTIFUL AND SECLUDED GROUNDS 

With either 21 or 116 Acres 
FOR SALE FREEHOLD 


ESSEX/SUFFOLK BORDER 

SUDBURY. 2 MILES ‘ 

GEORGIAN COUNTRY HOUSE 

(also suitable lor other uses) 

With superb country views 

4 Reception Rotmi 4 Secondary Bedrooms . 

Extensive domeitk offices - 3 Dressing Rooms 

6 Principal Bedrooms 5 Bathrooms 

Flat. Garaging and Stabling. Heated Pool and Summer House. 
Grounds and Paddock. 

IN ALL 18 ACRES — FOR SALE FREEHOLD 

Joint Agents: 

KNIGHT FRANK & RUTLEY . 

20. Hanover Square. London WIR 0AH. Tel: 01-629 8171 


Dans le ’’Carre d’Or” 
de Monte-Carlo 



in the heart of Monte-Carlo and (he Principality 
of Monaco construction ol a new development’ 

*^of 240 luxuryCopaclrnents rfetainmp the name '‘Park Palace", 
c ' la about VUf commence. These rar.gc froiiv studios ■ 
v _ "0.9 roomed-' flats and penthouses^*. ‘ . 

i*-‘ ‘With frirking,’-swimmi.ngpool and shop's,-.-. ' 

Full dr'cls. trcchor m. ;n:c! l.i'i 

S Afl.rgion.'Slreei H Lcrco.i SV.Tfl T t 1 iV.l 4S0 6; .2 i 


Settler i C c 

S*rter.era»»o t< H CM - S029 iinen fci ill) aul 3SUI 
KeallMtlon Legadnt SA. Mfi’9 Carlo 


JOHN D. WOOD 


KENT 

Between Sevenoaks <5 miles) and Tonbridge (4 miles) 

THE UNDERRIVER HOUSE ESTATE 

Period Residence. 5 reception rooms. 7 principal and 
6 secondary bedrooms, 4 bathrooms. OIL FIRED 
CENTRAL HEATING. Paddocks, stabling and garden 
and grounds. 11 ACRES. 

Period coach house and cottage with 1J ACRES and 
pair of cottages with Kentish barn with 41 ACRES. 
Entrance lodge with paddock and two cottages over- 
looking farmland. Squash court and buildings. 
90-ACRE HOLDING WITH BUILDINGS 
Fourteen parcels of agricultural land, paddocks and 
cricket ground 3 to 42 ACRES. 

339 ACRES in all. 

Freehold with vacant possession 
(except for 3 service occupations) 

For Sale by Auction in 20 Lots 
(unless sold privately) 
on Wednesday 26th July 197S 

JOINT AUCTIONEERS 

TAYLOR & TESTER. 1 Dorset Struct. Sovanoafu. Kent (Tel: 56154}; 
JOHN D. WOOD, Berkeley Square Office (ref. JWB/AJP) 


23 BERKELEY SQUARE 
LONDON W1 


01-629 9 


E SAVILLS 3 


WEST SUSSEX 423 ACRES 

The Chichester Plain 


A first class Commercial Arable Farm All Grade 1 and 2 
land, 

LOT 2; Excellent Modern Farrahomr. 2 Cottas™. Extensive range 
or Modem uni Traditional Famb n ll it inss. Acres. 

LOT 2: Cottas?. Range of Modem and Traditional Farmhuildlnss. 
13? Acres. 

LOT 3: Farmhoo**. 3 RcCeBtfon Rooms. 2 Bedrooms, Ranee ot 
fcnlldlnss. Paddock, 1 .\ere. ^ . 

For Sale. In Lots or as a whole, hr Tender od ioui Acusi,.iST3 

SAVILLS, 20 Grosvenor HU!, Berkeley Square, London W1 
Tel: 01-499 S644. 


Riviera— English style 


8V JUNE FIELD 


“ THE HILLSIDES dotted with 
white villas, the clear blue sea, 
luxury yachts at anchor in the 
harbour . . . you could be on 
the Mediterranean," claims 
Torquay’s guide book, which 
with Faington and Brixham 
form the Borough of Torbay. 
Well— agreed, although the 
skies could be bluer, and the 
sea warmer. But yachts of all 
sizes can be seen around the 
coves, palm trees shade the 
public parks and gardens, and 
the sands are as white as any 
in the South of France, even if 
the beaches aren't topless. 

Englishmen returning' from 
the grand tour were inspired to 
build houses in imitation of 
Mediterranean villas, and 
although many remain, one has 
only to walk up the hills 
behind the Imperial Hotel and 
Torbay harbour to see the 
numerous apartment blocks that 
have replaced the grand private 
houses at the top of Lincombe 
Hill. Lyncombe Crescent stands 
in place of Halden Manor House, 
and is a pleasing curved block 
with stepped terraces, set in 
pine woods with terrific sea 
views. All the flats sold quickly, 
and re-sales are starting to come 
up. Currently on offer at 
£25,750 •> through the agents. 
Bettesworth’s, 29 and 30 Fleet 
Street, Torquay, is flat 1. with 
two bedrooms, two bathrooms, 


wide balconied jiving-room. and 
garage. 

Bettesworths are *1*° 
handling, a ' holiday home 
complex in a sea and country 
sun-trap -setting at Sladnor Park, 
a 50-acre private estate at 
Maiden combe, within walking 
distance of the bearch. Sladnor 
Park manor house still stands, 
converted to : holiday flatlets, 
while 15 two bedroom chalets, 
built in 1970, are being offered 
for sale fully furnished at 
£8,850 each qn 99 -year leases 
with a £200 annual ground rent 
for the first five years. 

This includes the use of 
amenities such as heated 
swimming-pool, restaurant and 
so on, and a management service 
looks after the renting for you, 
taking'on the chores of cleaning, 
laundry, repairs, etc. Illustrated 
leaflet from Barney Bettesworth. 
telephone 0803 (Torquay) 
2817L 

In North Devon an attractive 
family or retirement home is 
The Old Rectory. Ashford, 
Barnstaple, whose history has 
been traced back through the 
parish register to 1732. The Rev. 
J. Blackmore, rector of Ashford 
In 1845, lived there for 13 years, 
and his son; novelist R. D. Black- 
more (1825-1900) immortalised 
the area in Lorna Doone some 
11 years later.- - 

The rectory remained in 
Church of England ownership 
until the 1930s,' 'when it was 


bought by Dr. John Winter, who 
has now put it on the market 
at an asking price of £50,000. 
For the money you get 5 bed- 
rooms, 3 living rooms, bath- 
room. shower-room, and an 
adjoining old stone and cob 
cottage at the moment used as 
a garage workshop with bed- 
room and storeroom above- The 
pretty one-third acre gardens 
include fig and fir trees, 
magnolias and roses. Illustrated 
brochure from Graham G. Harri- 
son, John C. Webber and Son, 
Bristol and West House, Bout- 
port Street Barnstaple. 

John Wood and Co., 94 High 
Street Honiton, are offering 
what they claim as the oldest 
pair of semi-detached cottages 
in Honiton, with detailed plans 
for improvement. The price 
guide is £8,000 to £12,000 each, 
and if they do not sell privately 
they are being put to auction. . 

If you cannot find the place 
you want, Devon Country Cot- 
tages offer their house-hunting 
services from the Old Forge, 
Lower Thomdon. Bridestowe, 
telephone 983-786 229. 

Fox and Sons, with offices in 
Exeter, Tiverton and Teign- 
mouth, have a varied selection 
of houses and cottages in the 
area, including a handsome 
detached, 4 bedroom, 2 bath- 
room country house in Dart- 
moor National Park, with pretty 
old English style gardens 
bordering on the River. Taw. 





■rX-O. fi- 


$ "«5 


(Photograph Trevor Kenyon) 


Luxury villa off the sea road at' Cap d’ Antibes 
on the French Riviera has a large swimming- 
pool and separate three-bedroom and bath- 
room wing tucked away off the patio and 
barbecne area, specially designed for the 


owner’s three youngsters. Full details Stuart 
Clalr-Baldock, Montpelier International 
Properties, 19- Avenue de Liberation, Antibes, 
or Wend}' Stewart Robinson at their London 
office, 17 Montpelier Street, SWT. 


. . . and French 






,:;l 





™ '?■ : v ; !" -V . ; -.- -'I:- ■' 



Trewinnard House, Peman-on-W orthal, in 
two acres near Truro and Falmouth on the 
Cornish Riviera, has five bedrooms, four 
living-rooms, billiard -room, two .green- 


houses, grass tennis court, swimming pooL, 
sauna, barbecue and various other refine- 
ments for sophisticated living: Miller and 
Company of Truro and John German Ralph 
Pay^are asking in the region of £96,500. 


The new Berlitz travel guide 
French Riviera (Cassell 95p), 
calls the Cote d*Aziix .the 
world’s dream spot “Storied, 
chronicled, painted, photo- 
graphed, it probably has more 
aura and more money than any 
other seacoast” It also points 
out that it could also be called 
the French gold coast, with 
soaring real estate prices, and 
cost-of-living among the world’s 
highest. 

Residential development has 
done much to alter the face of 
the French Riviera too, with 
giant apartment blocks looming 
up all along the busy coast road 
from Nice to Monte Carlo, But 
if togetherness is what you like, 
then it is in some .of these 
blocks that you can find the 
bargain buys: For instance in 
the ever-growing Cannes 
Marina, a chambre individuelle, 
literally just a room with a 
bath, but very elegantly done, 
can be bought for around 
£10,000. It is intended as a 
place to recover your strength 
in after a day out in ydur boat. 

Stuart SL Clair Baldock of 
Montpelier International, Ip 
Avenue Liberation, Antibes, or 
their London office, ■ 17 
Montpelier Street, SWT will 


send details or these and other 
more pricey apartments and 
grander villas. 

I saw a whole selection of 
varied property last week, and 
to sample the luxury Riviera 
life-style I stayed in one of the 
beautifully furnished villas and 
bast ides attached to the 
magnificent Chateau de la 
Domainc SL Martin, tucked 
away in the- peaceful seclusion 
of the hills behind Vence, a 
short drive from Nice and 

Cannes. Once the private home 
of the Geneve family, to whom 
it still belongs, the chateau 
makes a perfect base for a 
property tour, as I was able to 
make my way to the coast each 
day to see what was on offer, 

and return to gather new 

strength through the delights 
of the St. Martin gourmet cook- 
ing. t Details from Mile. 
An dree Brunei, • director. 
Chateau Saint Martin, Route de 
Coursegoules. 08140 Vence. or 
Kate Kelly, 27 Waldon Point, 
St. Lukes Road South, 

Torquay.) 

Port Grimaud is still the most 
atmospheric of the marinas, 
with its Venice-like ambiance, 
the gardens of the three-storey 
terraced houses backing on to 
the water where you tie up your 
boat. At £SO,000 or so they have 
nearly doubled in price over 
the past two years, yet still, 
they are being built, with a 
mix of nationalities buying. 
One occupant confided that in. 


addition to the obvious attrao 
tions of waterside living, the 
appeal was m having a holiday 
home with such good invest-! 
ment potential. 

-As yet Middle Eastern interest' 
among the South of France 
holiday resorts is fairly 
negligible, mainly concentrated 
on the more glamorous casino 
areas. But a property contact 
for Eastern interests told me 
he considered that buyers might 
well be interested in buying a 
group of units, particularly in 
the more secluded areas where 
privacy and security would be 
no problem. 

I also called on Ian and 
Madeline Williams, whom I 
originally met in the Dordogne 
some years back when they 
were in the. property business 
there. The)’ are selling the 
luxury villa they live in now. 
Castei du Cap , just off the sea 
road at Antibes, which they told 
me was onee lived in by 
Trafalgar House chairman Nigel 
Broaches. 

But this is prime Cap pro- 
perty with enormous appeal for 
the top people — -you can look out 
of the window and see where 
the owner of Paris' top res- 
taurant, the Tour d 'Argent 
6tays, the Keimedys used to 
have a place up the road, and 
David Niven is but one of the 
film-stars who value the charms 
of the Riviera behind the 
vanilla-walled Villa Seoglietto 
on nearby Cap Ferrat . 


PROPERTY 


ESTATES AND FARMS: INVESTMENTS: SHOOTING: 
COUNTRY PROPERTY: OVERSEAS PROPERTY: LAND: 



Binghor^ 1 


HAWKHURST KENT 

PART OF THE 

BEDGEBURY ESTATE 

A Very Attractive Residential Agricultural and Sporting Estate 

. * . .. ' WITH POSSESSION: 

•- A Fine Period Farmhouse— 5 Bedrooms 
' • ' ; Secondary Farmhouse and 3 Cottages 

Oast for Conversion 

Woodland — 10 Acres Farmland — 462 Acres 

LET: . . 

3 Farms — 374 Acres Woodlands — 404 Acres 

IN ALL ABOUT 1,250 ACRES 
• • For Sale as a whole or in 14 Lots by Private Treaty 

or by Auction on 9th August, 1978 

Details from: 

74 Grosvenor Street, London Wl, Tel: 01491 2768. or 
17 New Dover Road. Canterbury, Tel: 0227 51355 


ERKOLLSTON FARM, 


CRUDEN BAY 

Near PETERHEAD, ABERDEENSHIRE 


We have been favoured with instructions from Messrs. John 
Rhind (Farms) Ltd., to offer FOR SALE, by Private Bargain, 
the above excellent Grass and Arable Farm. 

EXTENDING to about 765 acres (303 HA) 

with four, recently modernised Farmhouses: modern, self- 
feed style Cattle Court (250 feeders): large 100 # x 4ff General 
Purpose Shed; 8 newly constructed Horse Loose Boxes (suit- 
able for breeding thoroughbreds) and other useful supple- 
mentary Offices and Buildings. 


Mains Water and Electricity. Private Drainage. 

Further particulars and viewing arrangements can be obtained 
from the Subscribers, who are the Sole Selling Agents. 

ABERDEEN & NORTHERN MARTS LTD., 
Estate Agency Department, 

7 Albvn Terrace, Aberdeen AB1 1YP. 

TeL No. Aberdeen 51215/6. 


FOR INVESTMENT 

250-ACRE ARABLE FARM 
CAMBRIDGESHIRE 
. FREEHOLD AS LET 
For 5ale by Auction 
24th July 1978 
Further particulars from 
EKINS, DILLEY & HANDLEY 

Centenary House, Huntingdon 
Tel: 0480 56171 
(Ref: PCH/MPA 3D171) 
or 22 Regent Street, Cambridge 
Tel: 0223 65931 fftef: BRS) 


HAMPSHIRE 

Andover & miles 

For renovation to provide 
eight dwellings set in- some 
5 acres of parklike land, 
overlooking fine open 
countryside. 

£90,000 FREEHOLD 

Contact PEARSONS 
Andover office (0264) 2207. 


DALCHULLY AND COUL ESTATE 
LAGGAN BRIDGE 
NEWTONMORE 
INVERNESS-SHIRE 

r * # , 

For Sale by Private Treaty witif 
about 4,900 acres (1983 .HA) in total 


j . MBS. RUTH JONES 

is proud to announce 
-die’ availability of 

.FOUR SUPERB FLATS 
V. .or. MAISONETTES 

in the restored 
GREATWOOD MANSION 


PRINCIPAL RESIDENCE: Dalchully House with 4 Reception 
Roams, 7 Bedrooms. Dresung Room. 3 Bathrooms, Cloakroom 
and spacious modernised domestic offices. Garages and Out- 
buildings. 

About 146 Acres (59.3 HA) Arable ground and 4,639 Acres 
(1,877.4 HA) Rough and'HiU. all with vacant possession. . . 
StaJking. Grouse, Ptarmigan and Rough- Shooting with Trout' 
Fishing in the River Mashie and upper reaches of the Spey. 

115 Acres 146.7 HA) -of Woodlands, with potential for consider- 
able further afforestation. 

Dalchully Cottage, Coul Farmhouse, Crathie Cottage and 
BaHmashaig ruined cottage site. 



SURVEYORS VALUERS & AUCTIONEERS 

6423 QuMnspate kwames* Vslechonc CW63 36544/7 


each with joint rights over 
70(> yards 

’ FRONTAGE FAt ESTUARY 
,and GREATWOOD QUAY 


Exch 2 Bcdnni.;' Girag*. some with 
2 Bitbrms.. Mains elec., mains water 
antic i paced, oil cd. beg. proposed. 
Setting of beautiful secluded ground,, 
tropical shrubs. In course of construc- 
tion-anticipated prices £35,000 to 
£45,000 per unit, finalised. EARLY 
CONSIDERATION ADVISED. 

Rum JONES FJ.VJL 
S, Arwcnadc Street 
. “FALMOUTH 
Tel. (0326) 313444 .. 


BELGRAVIA, S.W.I.— Private Residence 
Embassy. 2T Rooms, 0 Bathrooms. In 
need . of modernisation. S3 vear. Lease. 
Ground Rent £250 P.A. Price 
£295.000. No oners. Tel. 01-370 
2910. 


CAST SUSSEX COAST, near Rye. 8 3? 
Acres ol Residential Building Land for 
hlals-denslty dove top merit. £97.500 lor 
aolch .sale (Offers cans Wore ill. Apply 
. GEERING A COLYER. Rve (TeL 31551. 


AMHBIipWli&SQIt 


LINCOLNSHIRE 

AN OUTSTANDING RESIDENTIAL, AGRICULTURAL AND 
SPORTING ESTATE 

known as 

THE TEALBY ESTATE 





A* EXCEPTIONAL MODERN. GENTLEMAN'S RESIDENCE 
Alined vc farm manascr-s -residence, dtfiadwd modern toncalow. nalr- of 
newly erected chalet bungalows, three farm eonaecs. - : 

Two Principal ranges op modern farm buildings 

containing 100 cow unu. beef fattening complex, grain storage buildings and 
1062.567 ACRES WITH VACANT POSSESSION 
The Tealby Estate is within an area of outstanding natural beauts and Teal by 
Is one of the most picturesque villages In Lincolnshire. In addition to the 
excellent modern housss and buildings, the Estate comprises an antsundinc 
block or -malms Wold land. 

AUCTION— dOth AUGUST. 1TO— Printed particulars from the Auctioneers, 
William h. .Brown ft Son, an above. North gate House, Sleaford. » im-* 
(Teh: 30304) 4 Hues) 


TH0BPEHESS 

SUFFOLK (COAST 


Three • Superior* modern detached 
residences . close sea trout and Golf 
Coarse. Hall. Cloak*, Kitchen ft 

2 Reception, 3 Bedrooms, -flsihraotn, 

3 WkC.'s. CarflKe and small Gardens. 
Cm fired central heating and superbly 
appointed. IU.M0. 


Also one MKdroQtncd residence 
Similarly equipped nearby at 127.300. 

Sole Afieou: Flick ft Son. 
Swcrmouttiam. Suffolk. (Ref: SOOTAi 



CAW AD JAN CEDARWOOO SHINGLES In 
buntflo. Apply NIELSEN A CO.. Hlon 
Street HULL. 


INVESTMENT. TWO SHOPS prodaelns rent 
- of £Z,6QQ per annum. Write Sox 
T.agis, Financial Timm, 10. Cannon 
Street, EC4P 4BY. 


DET. LUXURY BUNGALOW In anorox. 
: 4 acre, a- miitn north Watford, a 
mins. Shoos & Station.- 3 Bada^^Lsa. 
Lounge. Olnfog Rm.. K lichen. ■ CH. 2 

Bathrooms. 1 en sane, Doitqlfl. Garapo, 


BELGRAVIA ST. JAMES’S 


A RARE FREEHOLD JUST OUT 
OF BELGRAVE SQUARE 
Ideal for use ns a company, 
house, residential club, conver- 
sion to multiple occupation, 
embassy premises, etc 

(01477). 


IDEAL COMPANY RAT 
SITUATED IN THE HEART Or 
ST. JAMES'S 

3 bedrooms, 2 bathrooms, 
double reception room. Central 
heating and hoc water. Pas- 
senger lift. Entryphone. 12-year 
lease.' (04072) 


ft# Knight Erank&Rudey 
Telephone 01-629 8171 


REI6ATE — SURREY 


Barn rooms, i en tunc., uouqlo Garaev. 
FrccMta, £47300. write Box TAB 19. 
.f m* • Ylmqc, 10, l C*qnw. Street. 


.. TO LET 

Select residential position. 
Detached Victorian family 
house 3/4 reception rooms, 
kitchen, conservatory. Princi- 
pal bedroom with en suite 
bathroom, 3-4 further bed- 
rooms, bathroom. Garage. and 
parking space. Gas central 
heating. Secluded gardens 
about 4 acre,, with part-time 
gardener and domestic .help' 
currently^empioyedi'Td.be -let 
furnished (including billiard 
table) for 'one year (possibly 
longer) from mid August.. . 

Reht£350 per calehdar-mohth' 
including rates. ' 

Pborwr.fioie managing-ngents;. 
-HarokJ Williams - Bennett fit 
Partners, Keigate ; 43518:- for: 
further details- and appoint- 
ment tt’VfcKY • ' 7 


SUPERB 

COUNTRY ESTATE 
OF 243 ACRES IN A 
UNIQUE SETTING 


Overlooking the larurst natural lake 
139 acres! lo Wiltshire with uxcellent 
trout flshlas and considerable commer- 
cial fish, farming potential. Bcauu- 
ftfly positioned country house situated 
in comritiie seclusion in the heart of 
veU kept wMdiaods which provide an 
ex cellent compact pheasant Shoot. 
Sawmill, anensiw pfivj&anr rearm* 
bdlliles and Keepers coiuse. The 
.country home «bjui rises 8 bedrooms: 
3 bathrooms: ban.- cloakroom: drew 
Ins room; Kitchen; same* room: usual 
-offices and ambuilduiss. For sale by 
Private Treiior. Full details- 
A. W. NEATE ft SOUS. 

8 St Mary's HUf. Cheap Street 
Newbury. 

Talapfioae Newbury M63S) 42HI 





PLUMP TON GRSGN,:L8WtSV SDSSEX. D»~ 

, lathed Edwardian modernised House; >7 
'centre -of ’'vfllaBa. 4“ double- bedrooms. 

■ y'riwcp. fiMffsc ** -ft. 13 ftv Ph**: 
- -toy*-. Kttcfmi, 6attiroom.-wjto:»lBis Wraw 

■ fidpntf attic.--Medart- jwfdefi.:, 1 * tMfe- 















^ Financial Times Saturday Jidv 


15 1978 


^.MOTORING 



V' he new Toyota Starlet hatchback is styled 
»ke a European car and is the first rear-drive 
amily model from Japan to have sharply 
ccurate rack - and - pinion steering. It is 
ractical as well as nice looking. The rear 
iIMs not too high for a dog to jump over 
ml the back seats fold down individually to 
ucrcasc load carrying space. The one-iltre 
ngtiu* runs sweetly on three-star and high 
caring makes 70 mph pleasantly relaxed on 
he motorway and puts 40 mpg within reach 
•n a ran. 


Performance-minded owners might like a 
bit more urge but, given tune, the Starlet 
will top 90 mph. The controls are light to 
the point of delicacy, the ride less knobbly 
than that of the average gmaii Japanese t ~ ai * 

and noise levels are ' unusually low. The 
three-door Starlet costs £2,721, the five-door 
£2,808- Prices include a radio and one of 
the best fresh-air ventilation systems in a 
car of Its das& 


The Jaguar questions 

Y STUART MARSHALL 

LGUARS are sleek, silent. London owner who likened run- the coin, Mr. K. Ashcroft, of 
;!*“ symbols— but are they ning a Jag to keeping a beauti- Harrogate (four Jags since 
l;ab c m business use" That ful but disloyal mistres. 1971) said all of them bad been 

12“* f ° Ur Another dedicated Jaguar unreliable and his present XJ 
. VI U rn nL n dn '! ,ng man> Mr Barrie Quiuiac, 0 f 4 -2 had twice stranded him with 
\ . ' Th<? etterS Sale. Cheshire, who is now on ma J° r fuel problems. Mr. A. D. 

i si ill rolling in. hlg fourth such car in eight Kilby, of Little Wait ham, Essex. 

Nearly half of them have years, listed a multitude of ,isled 29 faults ranging from ex- 
:en from company chairmen i mostly) minor problems. He cessive wind noise round the 
managing directors; virtually spoke for several other corres- f ront dn °rs to propeller shaft 
f ery one has been from a pundents when he said he would misalignment on his XJ 4.2, new 
isiness innlorisl. Which is. of continue to buy ' Jaguars 


last March. Like several other 
mrse. hardly surprising. Who •• because their merits out- readers - he complained that un- 
in afford to run a 
t«H*r car on taxed 
jwadays? 

Experiences have 


£10,000 weighed their disadvantages.” 
income With a triumph uf hope over 
experience, he still expected 
ranged each new car to be different 


reliability bad been exaggerated 
by incompetence within the 
service network. 

Mr. C. R. L. Child. MD of a 
Midlands civil engineering con- 
tractor, said that he and his 


St. Andrews: a feast of a finale 


THE MOST marvellous imagin- 
able climax is in prospect today 
in the 107th Open Championship 
over the Old Course at St. 
Andrews. It is a situation that 
could not have been better 
designed by a top-class 
dramatist The leaders overnight 
are the defending champion, 
Tom Watson (73, 68, 70) and 
the British No. 1 Peter 
Oosterhuis (73, 70, 69), who 
are both at five under par 211. 

If that isn't piquant enough, 
the four players sharing third 
place are Jack Nicklaus (71. 72. 
69) and his similarly blond 
young countryman from the 
United States, Ben Crenshaw 
(70, 69, 72), a fervent golf his- 
torian who would like nothing 
better than to win at “ bead- 
quarters.” New Zealander Simon 
Owen (70. 75. 67), and the tali 
Japanese Isao Aoki (68, 71. 73). 
These four are all at four under 
par 212. 

To enrich still further this 
embarrassment of riches, the 
new young hope of British golf, 
Nick Faldo, comes next in a 
quartet at three under par 213 
that also includes three 
ominously competent Ameri- 
cans. Tom Weiskopf, the 1973 
champion, Tom Kite and John 
Schrocder. 

Even more marvellous, per- 
haps, than all of the previously 
mentioned, Peter Thomson from 


Australia, five times our Open 
champion. Is still in with a 
realistic chance at two under 
par 214, alongside his country- 
man, who is striving mightily to 
take over his mantle of great- 
ness. Bob Shearer. 

The only other players under 
par are at one under 215, and 
there are s ^ : Hubert GreeD, 
who took 67 yesterday to offset 
his horrific first round of 7B 
that only enabled him to squeeze 
into the latter stages of the 
championship on the qualifying 
limit of 148, his American 
countrymen, Ray Floyd and Bob 
Byman,. ' South Africa’s Dale 
Hayes. Spain’s Seve Ballesteros, 
and England’s little Guy Hunt. 

To start at the top in a day 
that contained an abundance of 
thrills to excite yet another 
huge crowd bathed in sunshine 
that was tempered by a breeze 
that became a significant wind 
in the face as the players step- 
ped to the 13th tee. Watson 
made the most fortuitous start. 
Believe it- or not, his second shot 
to the first green bounced over 
the Swilcan Burn that was to 
trap fatally the shots of both 
Thomson and Ballesteros of 
those in contention. The defend- 
ing champion immediately drop- 
ped a shot at the second hole, 
where he came up short of the 
green and putted 12 feet past 
the hole. 


But thereafter this most en- 
gaging young man was in com- 
manding form, H emade only 
one mistake, which may be re- 
garded this evening as the most 
productive shank in history. 
Watson came up short of the 
17th green in front of the Road 
Bunker at this wicked 461-yards 
hole, which if it has not done 
so already, will almost cer- 
tainly decide the championship 
this evening. One presumes that 
Watson was trying to cut up the 


GOLF 

BEN WRIGHT 


ball, but he succeeded only in 
shanking it to the right of the 
bunker, and the bank took all 
pace off the ball and prevented 
it from going onto the dreaded 
road, on which Ballesteros was 
to destroy himself some half 
an hour later. 

In between times, Watson 
holed two monstrous 50-feet 
putts to make birdies at the 
fifth and eighth holes, and 
rolled in two 20-footers at the 
12th and 13th for his third and 
fourth birdies of the round. 

Oosterhuis can seldom have 
played better, and there was 


nothing wayward about the tee- 
shots that have destroyed him 
at such junctures in the past 
He holed from 30 and 20 feet 
for birdies at the fourth and 
fifth holes, to be out in 34, 
and thereafter only made two 
suggestions of a mistake. He 
got away with the second in as 
magical a manner as was 
Watson to do at the 17th. 

Oosterhuis reckoned that he 
could drive the green at the 
342-yards tenth hole, but hit 
his tee-shot in the heel and 
had to be satisfied with a par 
four. His luckv break came at 
the 31&-yards 12th hole, where 
he threw an eight-iron second 
shot clean over the green. The 
chip back was miserably thin 
and was scudding clean across 
the green when it cannoned into 
the pin and stopped iwo feet 
away to allow the big fellow 
to get out with a par. 

Crenshaw started shakily, 
particularly for him. since he 
is renowned as the best putter 
in the world. He took three 
putts on each of the third and 
fourth greens to drop strokes,' 
but made up, as did most 
players, with an easy birdie at 
the 564-yards fifth played down- 
wind. 

After that he was commend- 
ably soidd until he. too, made a 
miraculous escape at the 16th. 


His second shot was so ctose to 
the out-of-bounds fence un the! 
right of the green that he could 
only chop hopefully aL the ball. 
He did so to remarkably gnod 

effect and huled out from five 
feet for a masterful par. 

Owen, who made up so much 
ground with the equal best 
score of the championship, hurl 
the worst of the conditions iit 
early afternoon and stilt 
managed to fashion a wonder- 
ful inward half of 33. the be>t 
of the day. In addition. Owen 
made six eonseculiie three's 
from the seventh hole onwards" 
To give some indication of the: 
strength of the wind, Owen hit 
a good drive at the 576-jard 
14th. a rather indifferent, 
second with his three-wood nntC 
then had to take a three-iron; 
for his third, holing from 
15 feet for the last uf his six 
birdies. - 

Nicklaus said to himself:! 
“ Here we go again." when he! 
missed a 12- foot birdie putt on' 
the first green — this has been 
the pattern of his play through- 
out the championships — during! 
which he has created perhaps! 
more easy birdie opportunities' 
than anyone in the field. 

But the great man got in a 
putt of less than a yard for a 
birdie at the second, and was. 
on his much more merry u ay. 


Pace of 
change 


vided more protection. A bats- game’s administrators. However, 
man or a bowler of the 1960s a differently shaped bat, though 
was in' fact able< to make runs with the same width of blade, 
or take wickets with a 19th conveniently fitted in with the 
century bat or ball. The former trend of county players towards 
would probably have had a long heavier bats. An increasing 
handle and would have been number were moving from those 
more rigid than the modern 


p»ji *' nothing ever «uos front the last 

iht '* M " nothing ever goes Mr. J. F. Lloyd and Mr. A. C. , . . ... 

r«ui»" but it is pleasing to re- Firth, both MDs of Midlands had each had three 

>n that the disgruntled engineering companies and . * the - v ^ , Jagu f. rs 

aguar owners have been out- Jaguar drivers of long standing, with crinkly radiators) in the 


? H OOTiN: MOTOR CARS 


umbered by satisfied (or at wrote of trouble-free motoring Jf st fev \ and on ]f one °J 
•asi fairly .satisfied) ones. nvcr high mileages for years fZ*?**?^*^* hi 

The breakdown of what must past. M. P. F. Steadman, chair- *** 

e admitted as a totally tin- man of a Bristol electrical a l ° ye !J” 

:ien1 die sample is 40 per cent manufacturing firm, reported J“j l . had a ncvv automatl1 - trans- 
alisficd. 3(1 per cent dissatisfied 40.000 fairly hard driven miles . . 

nd those others who in general in an XJ 3.4 bought last Febru- On the positive side, several 
we Jaguars hut note, more in ary. with nnthing worse than a readers claimed to nave detected 
nrrow than anger, that they broken catch on the locker 811 improvement in quality over 
iavi- had more than their fair bclween the front seats to show th '; past year. Another reader 

hnn- n( minor MEmvalinns. for it. congratulated hlmwlf ' “ n havm « 

■*his view was crystallised by a Revealing the other side' of taken fut a second year of 

Supercqver. It brought him a 
free replacement engine at 
37.000 Titles quickly and with- 
out argument after a broken 
valve hadVwrecked the original 
one on th<\ motorway. 

Dr. E. B. Corlett wrote 
from the Isle of Man suggesting 
that his 70,000 miles of total 
reliability fi*»m a 1970 XJ6 
might have been due in pan to 
sensible use. “ Much depends 
on how cars art looked after . . . 
and whether the person driving 
them has any concept of how to 
treat a mechanism intelli- 
gently.” It’s a thought with 
whigh many a harassed service 
manager would agree. 

The letter I was surprised 
not to receive was the one from 
a former Jaguar owner claiming 
to have solved all his reliability 
problems by selling the car and 
buying a Mercedes. But I had 
several from Jaguar enthusiasts 
claiming knowledge of costly 
German imports, and even a 
Rolls-Royce Silver Shadow, that 
had suffered untold mechanical 
traumas. 

And my own view, distilled 
from reading dozens of readers’ 
letters? That Jaguar reliability 
is not as bad as it is sometimes 
painted, even if an inexcusable 
number of “ Friday afternoon ” 
cars seem to have reached the 
showrooms. 


equivalent, but the shape was 
very similar. 

BETWEEN I860 and 1960 Things are very different now. 
cricket .saw many changes. Something approaching a revo- 
W. G. Grace completely reorgan- i u tion has occurred in the 
ised the whole technique of s hape • and composition of 
batting. Over-arm gradually cricket equipment, so that we 
replaced round-arm and lob hqw ’ have odd-looking bats, 
bowling as the main form of really lightweight pads, mitten- 
attack. The googly was dis- batting gloves and even 

covered, swing was harnessed helmets. In turn it is 

and tactics inevitably changed in u^ely . that the 


CRICKET 


TREVOR BAILEY 



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weighing around 21b 3oz to 
those weighing about 21b Soz. 

Although they wanted the extra 

the eternal battle between bat dothing’^till worn by weish J * e . y *^ 11 ' u de . m “ ded 

and ball players will follow the lead of “ e . feel m ^ e plck up ' 

The lbw law was altered on tennis and become more trendy. The manufacturers solved the 
several occasions with results for next winter colourful clothes problem by giving their new 
very different from those will be seen in the Packer b «ts a larger striking area, 
intended, and Bodyline was world series. Formerly, to obtain maximum 

invented to reduce the effective- The j, at manufacturers have P° wer , was necessary to hit 
ness of Sir Donald Bradman, recently introduced a number bal1 in t he middle of the 
underlining that there is nothing th . t s h a ned differently from drive - T* 1 ** presented few prob- 
new about calculated intimida- those^d by Grace Hobbs lems to great players like Wally 

tion by pace bowlers. Two Trumper, Hammond. Bradman! Hammond, who would never 

world wars and a major social Button and Sobers- The reason bave been interested in larger 

revolution killed the amateur, for this was initially due to striking areas, but they do assist 

while limited overs matches and television. less accomplished, 

sponsorship arrived to rescue a when cricketers first appeared In addition to re-shaping the 
game which had never been f ron t of TV cameras it was backs of bats to redistribute 

financially viable as a profes- difficult, indeed frequently im- the weight and increase driving ^7 ^ ast » funniest man in first-class cricket and the Essex 

sional sport possible, to pick out the make potential, the manufacturers Beneficiary surrounded by samples of the design revolution and 

All these changes were cir ; 0 f bat. but the manufacturers have improved their quality and pnce exp o5 ' on m cr,dcet equipment, 

cumstantial rather than funda- quickly realised the opportunity life by special treatments. As a 

mental. The basic equipment 0 f advertising both name and result a high percentage, as well The price of cricket equip- simply using a particular bat Ln 
—the willow bat, the hand- ■ product without having , to buy as looking white because of ment has escalated fasL In the first-class cricket without neees- 
stitched leather ball, the space on the screen. Tbevinevi- bleaching, no longer need to be case of the bat this is somewhat sarily having their autograph 
stumps, the pads and the gloves table outcome was that markings oiled, or knocked in, before surprising, even a top -grade displayed on the product. 

— had not altered much since increased enormously in \size being nsed in the middle. A cleft, which 1 one bought for The expense of cricket can 
The second half of the last and colour, so that they are ipw damp rag will now clean the about £1 five years ago. now be seen from these quoted retail 
century. so easy to identify. \ blade and a protective coating costs £4.60. One of the reasons prices, though according to one 

The stumps had become a The logical development was is especially valuable against is that manufacturing and mar- leading manufacturer they will 
shade wider and higher, the a bat with an unmistakable some of those imported cannon fceting costs have risen dra- be even higher next year, with 
pads no longer had vents at the shape or colour. The latter was balls masquerading as cricket matically. It is now necessary top-grade’ bats costing more than 
front and. like the gloves, pro- tried, but outlawed • by the balls. to pay county cricketers for £40. 



Hunting prix «* 

SIX YEARS have passed since mounting earlier this year that 
Colin Chapman’s Lotus organi- the Nottingham tobacco com- 
sation has been able to deliver W3S at last thinking about 

ending one of the longesr- 


!' • ■ ■ ..." >. J/-'-. - , v • • • , 

r; . . ..\iv ■ » ; . . » 

■ .r# ••• . . > .. ; • : • : 

- 1- ■ ' J--\. • , 

jn"-.-,.-.-. Y- L/ 1 *^ -■)." ■ fc ” : .. v- 4 

pt*' - v, . ' y^—’ / - ; ■ ,*' * * 1 ii. 


lasting — it spans a decade — and - 
racing 


a “home” Grand Prix motor 

racing win to its principal spou- most 5uec essful motor 
sor, John Player. The tobacco partnership in Britain, 
companies are increasingly Fuel was added to the fire 
hemmed in by _ anti-tobacco when, at the Spanish grand prix 
sponsorship legislation in ^ June, the name of Olympus 
Europe, and in Britain, by the Cameras appeared emblazoned 
voluntary code of practice 01] black and gold paintwork 

agreed with the Government Qf s jeek Lotus 79s — a livery 

last year. Since this means that which has come to be synony- 
the name John Player will be mous with Players, 
entirely absent from Lotus cars 
in Britain, speculation was 



.tsIlk'U ilslKi'iAul 


Mario Andretti in his JPS Mk 4 Lotus: on his way to the title 7 



The high performance 
gol? bail from... 


WRAP THE COOL CAR COMFORT OF 

alpliigtiB* 

AROUND YOU ^ m 



-•vftira**, no mUlino-iiprno d r *' ” d Qni Y Alpinair offers you such a wjdc- 

V rii'eie^,' Comfortable driving *11 . . ' rt wilh the dashboard ol ycur car 



Engine capacity Auto /Manual transnlsaian 

Power/Standard steering LH or RH Drive 

Alpinair Ltd, T7* Hen typot Lana. Lsnden. Emm, Wddv. HA71EQ. 

f ^« t tfat a rt Q i n m nit i u ry London Uaa ttgiuuw Sl&ren} 
Talaptaacffl JMK33/S TatacSSUSO 


Riit desDite nip pmwine Judging from one company similar to that already enforced charged engine. But with a long- 

hpdEe of tobacco comDanv official’s reaction to this latest in West Germany — where the held Renault ambition to win 

nroblerns it is clear that John upsurge in the team’s fortunes racing teams have to cover up outright the Le Mans 24-hour. 

PI aver will now think lone and — “Quite simply, it’s fantastic" the cigarette name on cars, race taking precedence, the 

hard before endin'- its aMOCia- — iT 8081138 probable rather than transporters, even mechanics’ solitary Formula One car has; 
tinn With Lotus when its current possible that Colin Chapman overalls— are. for the moment never been placed higher than 
three-vear agreement with the w111 not have t0 devote Sreat at least in abeyance. But next 10th. Now, with Le Mans won 
Norwich-based team runs out at time and ener Sy this winter to year Marlboro’s name, too. will and reliability wrought at last 
the end of this season, finding the now appallingly disappear from its cars in fro m the initially tempera- 

u-hpn tha oriH ii n « lar se sums of money necessary Britain, and with tighter regula- mental turbo-engine, state*- 
r etart twticK to keep a two-car Formula One tion rather than relaxation owned Renault is to turn its full 

Grand Prix at B^Lds Hatc^n team going. almost inevitable in the longer- attention to the Formula One 

sEKsCit 2 SwSS Even so. there are limits. And term, the arrival on the scene 18 feuding 

that the rest of the. field will they explain the appearance of °£ ”. e Jf b , lood m ^L° The strongest challen: 


Ule 0I ^ PUS ” iUne ““ rt the Jn , ^Vd f R™St tbf Lot^sTn-Su^'yVTrand 

nil?* Lotuses. Costs have escalated to ing volume manufacturer— can P rix - however, is likely to come 


;e to 


Chamnan cars started the 7 — 7 7: ' lu s vuiume manufacturer— can 

SSSn well, but hare had no 0nIy be weIcome ' 

The Saudi involvement takes 

the form of backing worth 


taT5» ItaT ilMi in “« nM en0 “Sh. Chap- 

the last four races. Although 


there are still seven events, 

including the British GP, left 

on the world championship HHOTOR RACING 

calendar. Lotus’s drivers, 

American Mario Andretti and 
Swede Ronnie Peterson, have 
already established a daunting 
lead: Andretti, with 45 points, 
is nine points ahead of team- 


several hundred thousand 


JOHN GRIFFITHS 


from Lauda's Brabham. Lotus's 
own cars have a built-in 
“ ground " effect, in which 
aerofoils and deep '* skirts”. 

. , . create a vacuum under the car, 

Ef fSf fl r r ^ n f suckin § jt to the ground. This 

S2L ( SSS i ®" , 5 n . 5 helped give the cars an ' 

* - Grand L Pr ' x edge over their opponents, but' 

nf vMr! n i7 > 4 h Ai dS nnthiQ 2 Iike that obtained bv a 

J ^ US ? dian r . A ! an huge “ vacuum-cleaner ” fan' 
Jones, the diminutive Saudia- sprouting on Brabham. 

_ car . has displayed at lhe Swedish Grand Prix a 
- — - — _ . . potential far -beyond the five month aso and which allowed 

mate Petersen and a clear 20 mao’s need for a financial points obtained In the cham- fL da t ® S w e the L t ot .S 

points from the nearest non- top-up coincided with the du- pionship. ^Id stlnding But me fearful 

Lotns challer^er the Parmalat- £“ e And last week. Wiliams row that ensued saw the car ' 

T 0f WOrld ^5^/532! announced ** tbe re would be immediately banned as illegal C 

champion NiM Lauda. o|«ration at ite ventitre a two-car team for 1979. by the sport’s governing bod v. % 

For Lotus, it is a highly Saudia’s involvement may well Even without the fan, however, 

satisfying dimh back out of a JJ** Jf Eesto nhi i mams* serve as a catalyst for other has consistt , ntJy proved ; 

trough at its low ^ h ‘ Mld dle East interest in grand to be the man most capable of* 

point in 197 5. *aw the team pr^— the Saudis are reported staying with the Loruses. : 

floundenns when cars were i-fnn/m weI1 sat!sfied witb the project as for James Hunt, it has ” 

rendered ^mpetitive after of O lympus* the consequences for been a fairly grim year, his - 
production reared of the tyres P ! “J ^vestment was diverted to the sport cou]d prove in . McLare n having yielded him ■ 

around which they were L 01115 - teresting. only eight championship points. • 

designed. The overall future of the Potentially the biggest impact But the car is basically com- ** 

None of nas been lost on tobaceo companies in the sport, o n grand prix, however next petitire, as he amply demon- * 
Players, which apart from the notably Philip Morris (which in- year if not this, is the arrival strated when he tailed the two - 
£700,000 or M it is spending eludes Marlboro) and the 0 f Renault Lotuses for much of The French * 

with Lotus tins year, is putting French manufacturers of The first Renault Formula Grand Prix two weeks ago. and • 

up a substantial chunk of the Gitanes, is not yet dear. Out- One Car made its debut at last on a home circuit he is almost : 

£3o0.000 it ^costing to stage right tobacco advertising bans year’s British Grand Prix and certain to be among the front : ‘ 

Sunday's Grann Prix. proposed in Sweden and France was radical in having a turbo- runners. 










flhf p 




tii & 




hi 


3V PAUL MARTIN 

CONTRARY to the notion, still 
apparently prevalent on the 
continent, the Isle of Man. is 
not just a rugged off-shore rock 
around which TT competitors 
race rapidly nor are its wide 
range of holiday facilities ex- 
clusively confined to the prin- 
cipal town .and seaside resort 
of Douglas. While there are 
plently of excursions both by 
boat and by coach, 1 would 
strongly recommend that you 
hire a car — weekend rates start 
at only £8.90 during the peak 
season — Lo drive gently along 
the delightful minor roads. 

Inevitably, there are com- 
parisons between the Isle of 
Man and the Channel Islands. 
While both enjoy a great mea- 
sure of autonomy, their position 
in relation to the UK is not 
identical. Ever since the days 
of the first Viking settlers, the 
Isle of Man has never been part 
of the United Kingdom. As a 
self-governing dependency 
under the Crown — the Queen is 
also Lord of Man — it has Its 
own parliament, Tynwald, 
which celebrates its millennium 
next year. However, sharing a 
Common Purse and a customs 
union v.ith the mainland, it 
levies its own. much lower taxes 
but VAT applies as in the UK 

From the holidaymakers' 
point of view cigarettes and 
drinks cost about the same as 
at home but hotel rates and 
meal prices are generally lower. 
They also brew their own ex- 
cellent real ale and 1 only paid 
27 p a pint even in the leading 
h orris and restaurants. 

Thnre is plenty of accom- 
modation in all price ranges, 
facing cm tu the expanse of a 
splendid bay. Few traffic lights, 
no parking metres and no traffic 
wardens! There Is also a 
pleasant pedestrian precinct, 
running along behind the 
promenade, where the pubs and 
bars, open all day on weekdays 
but with restricted hours on 
summer Sundays, ail go in for 
some kind of entertainment. 

It is also a mini-paradise for 
transport buffs. You can drive 
along Stilby Straight and pick 
out the landmarks, including 
Douglas Corner and Greeba 
Bridge, along the TT course. 
Then take a horse-drawn tram 


TRAVEL 



Manx sightseeing 


up to where tbe electric railway 
runs along to Laxey and the 
Snaefell Mountain Railway 
which provides the only route to 
the 2,000 ft summit During the 
summer months steam trains 
run over the 3 ft gauge single- 
track line from Douglas, 
through Castletown, down to 
Port Erin in the extreme south- 
west corner. 

To the north of Douglas. 
Laxey. where the narrow 
entrance to the harbour 
reminded me of Cornwall, lias 
the massive Laxey wheel, 
originally built to pump water 
from the local lead mines and 
the largest waterwheel in 
Europe. 

One of the most attractive 
roads back to Douglas takes you j 
through the broad Sul by Glen, 
following the course of the 
little river. The glens, all with 
individual names and varying in 
size, are a great feature of the 
landscape and, at Silverdale, 
there is a baby brother of the 
.Laxey wheel where water power 
still operates the childrens' 
roundabouts close to a small 
artificial lake at the entrance to 
the glen. 

At a time when there is in- 
creasing emphasis on self- 
catering, there is a model de- 
velopment at Groudle Glen, a 
purpose-built holiday • village 
near the coast and close to 
Douglas. Peak season prices 
until September 2 are £95 a 
week for a cottage sleeping six, 
but this drops to £30 after Octo- 
ber 7. Maid service is included 
as Is all linen except towels. 
Some traditional Manx cottages 
can also be hired through 
Mylchreests, who also arrange 
car hire. 

On my own short visit I 
stayed at the Palace Hotel, 
which offers free entrance to its 
own c asino, licensed until 5 am. 

Year Weekend E: Austria 2TJD: Belgium 
a-. France *26: Italy 3L565: Greece M35-, 
Spain 1*2-75: Switzerland 3 JO: U3. UR. 
Source: Thomas Cook. 


and to the adjoming :M Whispers’ ! 
nightclub. 

Details of inclusive holidays 
can. be- obtained from the IoM- 
■ based Golden Isle and from 
Herald Holidays operated in 
conjunction with BIA. . 

It took me just 90 minutes to 
reach the island on a DanAir 
H S74S from Gatwick, and they 
also operate scheduled summer 
services from ten other UK air- 
ports. 

Addresses: -Dan Air Services, 21/21 
. Cockspor Street. London 5W1Y 5BHL 
Golden Isle. Holidays. Central Promenade, 
Douglas, loM. Groudle Glen Cottas**. 
Groadle Glen, Douglas loM. Herald 
Holidays, 111 East Street, Southampton 
SOL 1HD. I ile of Man Tourist Board, 
11 Victoria Street, Douglas, loM. 
Mylehraesta Rentacar (and cottages). 
Circular Read. Douglas. loM. Palace 
I Hotel, Prome n ade. Douglas, loM. 


Tartan 

airforce 

IF YOU are taking a turn at the 
golf on one of Gleneagles 
championship courses this week* 
end, your concentration m ight 
just be interrupted by the sight 
and sound of World War Two 
fighters and bombers wheeling 
overhead. 

The five-star hotel’s courses 
are within a couple of miles of 
Stratballan Castle, seat of Sir 
William Robots, Ft, and home 
of his Strathallan Aircraft 
Collection, . 

- Starting --today; some of Sir 
William’s forty strong assort- 
. meat of rmtifn-r y and vintage 
civfi- aircraft wall be joined -by 
such ’ notable visitors as the 
RAF*s Red Arrows in a two-day 
display. 

Sir William, and his collection 
manager, Raymond Richardson, 
have salvaged aircraft from all 
over the world. A Hudson In 
Australia, a Lancaster in 
Canada. All of which are being 
painstakingly restored to flying 
condition an d authentic colour 
schemes. 


Ways 

with 

weeds 


RECENTLY I revisited a garden 
which I had for long considered 
an outstandingly fine example 
of the intelligent use of ground 
cover. To my surprise it was in 
disarray, many of its carpeting 
plants dead and most of the 
remainder heavily infested with 
large perennial weeds. I dare 
say the trouble had started 
during the dry summer of 1976 
which may well have killed 
some plants outright, and so 
weakened others that they 
either died later or offered little 
protection against seedling 
weeds. 

Whatever the explanation it 
was a sharp reminder that per- 
manent ground cover is not the 
answer to all weed problems in 


Sir William’s Avro Lancaster. Built 
In Toronto in 194% the aircraft was 
recovered from' an Edmonton corn- 
field three years ago. it may soon 
be restored to- its -original Bomber 
Command colours. 

the ornamental gardens and that 
it can actually bring fresh diffi- 
culties of its own. For what, in 
these circumstances, were the 
owners to do? The answer was 
more, obvious where the plants 
were actually dead and in need 
of immediate replacement, than 
where they were still living but 
sharing the ground with weeds. 

Herbicides were- out of the 
question- here and so was hoeing 
or surface cultivation of any 
kind- Some of the weeds could 
probably be palled out but not 
the tap rooted dories and thistles 
nor the tangled nettles. To dig 
these out of the matted stems 
of ground cover seemed a terri- 
fyingly laborious and time con- 
suming job. I came to the 
conclusion that, were it my 
problem, I would dig up the 
lot and replant completely after 
making quite certain that every 
weed root was dead. 

Not far away ' was another 
garden in which plants used to 
grow with such luxuriance that, 
though more had been planted 
specifically for ground cover, 
the effect was similar since they 
stood. so closely^- shoulder to 
shoulder, even intermin g lin g 



with one another In some 
places, that little soil was to be 
seen an there was scant room 
for weeds. 1 notice that now- 
adays a good many garden ex- 
perts call this kind of planting 
-ground cover” though it is not 
what I mean, by that term. Still 
it does have much the same 
effect and it has the added merit 
that the plants both protect 


GARDENING 


ARTHUR HELLYER 


and support each other. Where 
plants are growing so close to- 
gether there is not much room 
for them to fall down. 

This second garden had 
changed ownership and the 
comers, a public body, had 
given the whole garden such a 
drastic thinning out that I 
scarcely recognised it To make 
matters worse the weather had 
been dry, there had been a lot 


of wind and most 'things looked 
miserable. I am certain that the 
majority of plants hate to grow 
in this way. Certainly they 
rarely do iu nature except in 
desert places and on mountains 
where there are special reasons 
for it and they have adapted 
themselves to the conditions. As 
I travel around I see a great 
many gardens which are spoiled 
by sparse planting and I do not 
think I am. biased in thinking 
that most of them are publicly 
owned. 

Perhaps there is something, 
about the reasoning of .civil 
servants and municipal 
employees which makes them 
favour keeping • everything 
firmly in its place and not 
allowing one plant to inter- 
mingle with another. 

At this point some reader 
will surely complain that I can- 
not have it both ways; -that one 
moment Lam criticising the use 
of ground cover and the .next 
complaining that plants are not 
allowed to cover the ground 
sufficiently densely. 1 do not see 
it that way for it is not the 
dose coyer that bothers me but 
the method of achieving it and 


the false hopes which It some- 
times arouses. 

Periwinkles, for example, are 
magnificent carpeting plants, 
particularly the numerous 
varieties of the Lesser 
Periwinkles, Vinca minor, but 
once they have fully covered 
the ground with their creeping 
stems, which can root at every 
joint, it is a desperate job to 
get out any weeds that are 
growing among them. X know 
because I have been struggling 
to remove creeping buttercups 
and that lovely but obnoxious 
pest Allium triquetrum from 
just such a tangled mat. 

Another popular ground 
cover plant is the variegated 
form of the yellow Archangel, 
Lamiurn galeobdolon varigamm, 
but it is a plant that must be 
kept vigorously in order. It is 
capable of running several yards 
in as many . weeks and can 
easily smother anything in its 
path. Worse than that, if It 
meets any suitable support, it 
immediately starts to climb 
and. if the support is a small 
shrub, it too will disappear 
rapidly into the silver and green 
envelope. At. its best when- 


Pitaov.- Cttm Gent# 


fairly frequently clipped an 
instantly checked If it exceed, 
its limits. 

Far better as ground cove 
in small gardens are the dos 
carpeters such as the aroma 
in all their numerous species 
some green, some grey, som 
bronze; perennial cotulo. arer, 
arias, ajugas, particularly Bui 
gundy, Multicolor and Varicgata 
prunella mossy saxifrages am 
the mat forming alpine phloxes 
prostrate thymes, golden leave* 
marporum, and many of th< 
small violas. 

In sunny places heather cat 
be useful, especially those kiad 
with yellow or coppery orangi 
foliage such as CalUina rohvrri. 

Gold Haze and Erica cincrct 
Golden Drop, and the very pros 
trate kinds such as Call um 
vulgaris Foxii. 

In shade Tiarella cordifoliz 
can be delightful and no trouble. - 
at alL a plant like a nea] ^ ; 

heuchera with short plumes ot 7 ;.V 
fluffy white flowers. The varie- 
gated London Pride, Saxifrag^?^ 
umbrasa variegata,, also likes / 
shade- and has very bright gold - ■ 

and green foliage that will light 
up agy.dull «oraer r . ■ . , Vi! ; 


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■i Lo Touquet 

-i< /.-iJ.V.t i'jjI Holidays 

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APPEALS 


ANCIENT MARINERS now sending Out 

trew .'i.-tals am cared lor by us. 

- -i?wiva-io wWi a gilt to: 

Secretary O. J. Latter; v. 
■ ' & E. ,t r Tn.al Alln.-d Seafarers 
i-ci«".. “ Vfr-.lcn Acres.'- Woodman. 

LiM. Son.tr ad. Surrey SM7 SHB. 


YACHTS AND 
POWERCRAFT 


LUXURY TWIN SCREW DIESEL YACHT 
based upon 50 it. Halmattc G.R.P. hull 
and completed May mis year. All nav. 
i aids Inc. radar. Vast sun deck and 
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Accom. for 7 plus 2 In saloon. Intended 
(or Med., change or plana, most sell. 
Oilers, exchanges to Robertson. Trago 
Mills. Ltakeard. Cornwall. Telephone 
Oobwslis 584. 



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THERE IS NO doubt that this 
is a fine time of the year if you 
are looking for a cheap line in 
washing machines, a new bed 
for the spare room, or want 
some second quality china to 
stock the bed-sit of same de- 
parting daughter— but other- 
wise sales time is normally a 
good time to stay at home. 

This is more of a confession 
of sales failure than some form 
of sartorial arrogance. While 
others somehow manage to 
plunge into the mid-summer 
(the mid-what ?) melee and 
emerge with invaluable bar- 
gains, such is rarely my 
pleasure. Not that there Is a 
lack of temptation. This year 
in particular the disastrous 
weather of the past couple of 
months has left the shops 
stacked high with summer 
clothing. If you are betting on 
a long hot August, or plotting 
a quick, dash for . warmer 
climes, then there are some 
bargains to be had. For me it 
will simply be a question of 
stocking up on such sales time 
goodies as socks and under- 
pants — that way not too many 
people will see my mistakes. 

Things to buy in the sales 


at the moment are those lighter 
sianmer .tilings and perhaps 
baric • knitwear. Things to 
avoid irtclude kipper ties, long 
collared shirts, bell-bottomed 
jeagfi-and chunky shoes. 

Unavoidable for many of us 
at this time of year, however, 
is the purchase of luggage of 
some sort Only a couple of 
weeks ago I seized a case from 
the garage which seemed in 
perfect condition a year ago to 


FASHION 

ARTHUR SANDLES 


find it sagging gently in the 
middle. The phantom back- 
breaker had struck. Examina- 
tion of a luggage departments 
in most stores revealed some 
depressing news — luggage is by 
and large both expensive and 
unattractive. Perhaps the first 
is just an murion; produced 
by the fact that suitcases axe 
an infrequent . purchase and 
price rises over a decade or 
so. The second may be -doe to 



a tradition among the British 
that luggage should be un- 
appealing. The blatant fashion 
consciousness and practicality 
of the Italians and Americans 
when it comes to bags is re- 
garded by us as one of the less 
appealing aspects of their 
nature. 

Whatever its looks, however, 
the main task of a bag is to 
carry things' and in my book 
this means it should be tough, 
light and waterproof. Solid 
sided cases may be highly prac- 
tical for some, but in my travels 
I tend to acquire mountains of 
paper and if the rides of the 
case do not flex a little I simply 
find myself having to buy an- 
other. Paper is extremely 
heavy and so the frame and 
handle must be able to bear 
considerable weight. Some 
months ago I toured the Sam- 
sonite Factory in Belgium and 
watched cases laden with 
•weights being dropped and 
bounced around the company’s 
test area. It is not the sort of 
treatment which many 
would survive, I suspect. 

The roughest treatment bags 
are likely to get is from the 
baggage handling systems of 
airports. Beware of any thing 
which scratches or tears easily, 
or has too many hooks and 
straps. Beware too of buying 
a “carry-on” case which is 
above the regulation size for 
taking onto jets. Although 
most airlines are sympathetic 
about bags there are occasional 
check-in girls or flight atten- 
dants who turn nasty. The 
European limit for a carry-on 
case is 45 cm x 35 cm x 20 cm 
(about 18 x 14 x 8) and even 
the lovable Samsonite have a 
case they caE “Carry-On" 
which is nine centimetres 
longer than the limit. Check 
with your airline or travel 
agent about precise sizes of 
hold baggage. Normal practice 
in Europe is to have weight 
limits while within North 
America and on the Atlantic 
the mmfters of cases count, 
regardless of the weight. 


One of the nicer ranges of 
medium-priced luggage comes from 
Samsonite. Left (top) is largest In 
the Gentry line. Although called 
“ Carry-On,” it is marginally bigger 
than some airlines will accept— 
officially. Most will bend the rides. 
The Carry-On has a recommended 
price of £42 and the slightly smaller 
Be rd case costs £36. 

In the lower picture show the 
soft-sided Malaga Explorer, which 
is designed to carry two suits phis 
necessary shirts and accessories (it 
comes with hangers). The Explorer 
sells for around £48 and the slightly 
smaller Pioneer in the same range 
costs £38. There are several other 
cases of varying sizes to match. 
Many stores stock Samsonite and 
you might find some in the current 
sales, 



Baggage to impress wfth— about £80 0 worth. Loewes (25a Old Bond Street. London- Wf ) has a mouth- 
watering collection- Discretely placed in the rear of the picture is a 'superb leather large suitcase 
designed to carry sluts in style (£349), while the overnight bag, also in leather and the perfect present for 
the travel smitten e x e c u tive, costs £145. In the foreground is the largest of ■ range of canvas/feather 
Loewes cases (£225 for this one). The gun case costs £89 but golf bags are available too. Loewes 
does man order but my impression b that with such quality products the stock position on some lines 

may be limited — inquire first.. 


A chilly view 


THE COOL almost cold weather 
of late June and early July, has 
ruined the evening rise on my 
part of the Test. The last hour 
of dusk has so far produced 
none of the excitement of a 
cloud of hatching flies, with trout 
going mad to seize them. Instead 
the river has merged bleakly 
into gloom without the faintest 
movement. 

The best fishing I have had 
was one evening in Tain, when 
a sprinkling of flies, I am never 
sure what they are, were .drift- 
ing down 4he faster currents, 
bringing no" more than an 
occasional, steady rise. I say I 
don’t know -what the natural 
were, because I am sure the 
type of pheasant tail fly used 
only approximated to what was 
on the water. 

In an hour my 'son and I 
sharing a rod, caught the limit, 
of five brown trout averaging 
14 lb. 

I have a definite theory-about 
striking, that is in general fish 
hook themselves. This of course 
directly contradicts the great 
majority, who claim that the 
whole secret of catching a fish 
is to strike the hook home by 
tightening the line at some 
point after the rise is seen. • Or, 
when fishing below the surface, 
at a point when the fish can be 
felt plucking .at the fly or bait 

I am certain that by the time 
the rise has been seen or the 
pluck felt, the fish hag father 


accepted the hook or spat it 
out Very few human beings 
have reflexes which can match 
those of a fish, which in any 
case has the advantage of sur- 


FISHING 

JOHN CHERRINGTON 


prise. My reactions are so slow’, 
that by the time I realise that 
a fish is attached to the fly, the 
line Is taut and all I have to do 
is lift the rod- gently, and con- 
trol' the amount of pressure. 

Times without number; I 
have seen those of quick reac- 
tions, snatch the hook from a 
fish which would most cer- 
tainly have been caught If it 
had been handled more gently. 
Once' the fish is lightly hooked, 
very little pressure is needed 
to. drive; the hook home, the 
weight of the line on the water 
is probably enough. Lifting the 
rod to the vertical, . which is, 
or should be, an instinctive 
reaction to a rise is to absorb 
the varying pulls on the line 
so that the pressure on the fish 
is always about the same. . 

■ A- few nights later I was 
plodding up a beat in a -state 
of general despondency. There 
wa$ no J&.-U was cold, .and 


there seemed to be no prospect 
of a hatch. At the top of the 
beat is a pool fed by a fair 
head of water. In the old days 
it used to hold a few good fish, 
but I noticed, it was the first 
time I had been there this 
season, that someone bad tried 
to improve it by placing a baffle 
in the current so dividing the 
stream. In the process ruining, 
what I used to thank was the 
best lie. 

I was gloomily composing in 
my inlnd a stern - letter to the 
management about the foolish- 
ness of destroying lies which 
had held fish since time 
immemorial, when I decided to 
practice dropping a fly on the 
new stream to see how the cur- 
rent would take it After two or 
three desultory casts I saw a fish 
take the fly, and following my 
usual procedure lifted the rod 
and eventually played the fish 
into the net 

It was a 44 lb rainbow, and I 
caught a 2 lb brown trout a few 
minutes later in exactly the 
same way .without seeing a rise 
or a fly on the water. There are 
two"- morals to this story. 
Although -the purists may 
object it is always worthwhile 
fishing over likely lies when all 
else fails to. try and induce a 
fish to think there is a hatch. 

Wheu I took the larger fish 
out of the net the hook had 
fallen out of its mouth, which 
indicated that it had been very 
■lightly booked in the first place 
and violent strikbug would prob* 
ably have.lostlt, 











Financial Tim es Saturday July 15 197s 




x 



TO SPEND IT 


tl' 


by Lucia van der Post 


- ^~^r - 

ft 

V/ 

’“ : L *V.. 


■■V- -,-ii 


•-•s 


Would you believe, it’s summer 


9a..- 


V FOBODY needs me to inform them that this 
. ..tust be just about the worst British summer 
years u My ,n other-in-law in the country 
1 * nie that she s only used her swimming 
Wimbledon had rain almost every 
^P ar t from one golden week ray 


ago? 

X--. ay. 

\^ pre ;j sion uf this summer is one of dank, 
", rey dampness: So the big female fashion 
’Tfe- * ^ robI f m 15 "’hat on earth do you wear on 


sDUr feet W ^ ien there may be downpours one 


moment and some sticky grey weather the 
next? Just how is the or dinar y woman in the 
street coping? 1 asked our photographer, 
Ashley Ashwood, and Christine Burton, to 
find out one typical grey and damp Monday 
morning. They photographed at random in 
two of London’s most elegant shopping 
streets. The results, I think, illustrate the 

problem. 

If you only saw the photographs and 
were told they came from only one city I 


think most people would be quite bewildered* 
as to which one it might be-— anywhere from ' 
Athens to Vladivostock might seem to fit the 
bill. If you want to survive somewhat better 
than most of the subjects of our photographs 
did, you might take advantage of the many 
shoe sales currently on to buy at lower prices 
a full range of footwear, designed to cope 
with all the vagaries of that famed villain of 
the piece — the British weather. 


SHOE sales are currently on all 
over the country and your local 
paper is the best guide to what's 
happening In local stores. Here 
are some of the dates of the 
shoe sales at the best of the 
London shops. In general, prices 
are between a 1 and i less than 
usual. 

Already started : 

Chelsea Cobbler at 1M 
Fulham Road. SW10. and 66 
New Bond Street, Wl. 

Midas (for another 2 weeks) 
at 36. Hans Crescent. SWl, 
and 72, New Bond Street, Wl. 


Sale shoes from £3 to £2fl. 
Rayne, 152. Regent Street 
Wl. Sale lasts until mid- 
August 

Start mo today: 

Shoe departments in Hatreds 
- and Harvey Nichols of 
Knightsbridge-, SWl, are a 
good place to find shoe 
bargains. 

Harvey Nichols have Rayne 
shoes reduced from £41 to 
£24.50, Ferragamn classic 
walking shoes at £25 (frpm 
£44), and Amalfi sandals at 
£17.50 (from £25 1 . Also 


Charles Jourdan aprts ski 
suede boots at £32 (from £4.0). 
Harrods have reduced Rayne 
and Kurt Geiger shoes hv a 
i to and their own sandals 
are down from £12.50 to £6. 

Starting soon: 

Russell and Bromley — on the 
22nd July for 3 weeks — at 24, 
New Bond Street. Wl, 77 
Brompton Road. SW3. SI. 
Knightsbridge. SWl, nnd all 
provincial branches. Lots nf 
sandals and last autumn's 
boots. Canvas shoes from 
£5.99. 



w appeal 


Oh! my bunion 


Strap happy 


Destination Moscow I 


Can't wait to put me feet up 


Straight-laced 


HOSE WHO are in touch with 
ie world of fashionable in- 
■rinr design have been saying 
>r some time that the soft, 
rctly. rustic inok would soon 
egin to give way to influence 
rum the East Iwhal we do with 
11 our flowered wall-paper, our 
tripped pine dressers and the 
ther appurtenaners of ihe 
u stic look is, ; l suppose, our 
robleni). 

I don't think most people 
/ill change their homes 
ramatieally overnight, as this 
* not how fashions in the home 
tappen. What 1 do expect to see 
s a gradual change in emphasis, 
way from the whole crowded, 
trolly, fluttered look towards a 
•tore sophisticated, refined and 


A hint of Eastern Promise 


simpler use nf line and colour. 

These two pictures show a 
little of the changing mood. 
Below right is a collection of 
work by two girls who have put 
together an exhibition called 
" Co-ordinated Pots, Blinds and 
Cushions" for Atmosphere, a 
shop devoted to home 
accessories, at 14S Regents Park 
Road, London. NW1. The total 
lock is very calm, very, simple, 
very Eastern. 

Alison White uses plain silk 
and silk and cotton combined 
for her very individual 
cushions. The motifs are then 


handpainted on to the silk sec- 
tions. Alison White uses mainly 
soft pinks, greens, creams and 
yellows. 

There are three main themes 
in her work — Japanese, Persian 
and geometric. Besides the 
cushions (the prices of which 
range from £12.75 to £24.00) she 
al4o makes screens and blinds 
with the same motiffs. One 
screen can be seen in the back- 
ground of the picture — about 
5 feet tall and about 5 feet wide, 
the frame is of black lacquered 
wood, the silk is handpainted in 
creams, blacks and browns; it 


ensts about £200. 

The porcelain pots are all by 
Christine Ann Richards and 
seem to me to have a very sLill, 
Oriental mood about them. 
There are several different 
glazes — white crackle, black, 
duck egg blue and matt white. 
Prices range from £6 to £25. 

Below left shows how Osborne 
and Little, a company which is 
always close to the pulse, of 304, 
Kings Road, London SW3, sees 
the coming influences. They 
have just launched a brand new 
range of screen-printed wall- 
papers and fabrics. They 


have deliberately avoided “the 
current trend towards small 
f background ' prints and have 
produced a collection of bold 
and exotic designs in strong, 
vivid colours. - ' 

I dare say my sense of 
geography isn't very accurate 
but the overwhelming impres- 
sion they convey to me is one 
nf the East — but the East in its 
lusher, more vivid moods. 

The range is on sale now at 
Osborne and Little itself but 
will be generally on sale at good 
quality decorating shops 
throughout the country from 
September. Wallpapers go from 
£9.50 to £17.50 while fabrics in 
10Q per cent cotton are £6.00 or 
£6.50 -a metre. 





Frank Wli-vlur 

What a shower 

»j soi«KY in refer l» Ihi* British weather 
jji iijio week but its been preying on 
iv mind lately and these very dashing 
.liibrrlkis did btcm just the thing W f ® at JJ re 
..nr They are some of the nicest umbre las 

vc vwm and though they are perhaps a imlo 
.11 Ii:c expensive side tu justify bu. JO 
•ni-M-li. one would make a superb priscnL 
Ui.le i'l Iialv, They have natural wood 
!aill il t -, which are carved into a number of 
flTercnt form*-., do,'> head. in cap 

nice present for a racing man?), duck, or 
‘i'.'phaujv luuri 

The fabric Is cot inn «nw am* there ‘is 
wni.' ran v «f plain inlnut*— dark red. da 
l|.“" nr dirk kv. 

■nsi-t*.ilil Those '-hewn here I which are 
|..n.ul «i cm 12 4 each but there «jl 
iill.T.' w:l!i «r.r.l a 1 '""" 

-:.’C l we dicin' i think »!»*•> U n 
,i rJS.-u) each. Find them J« y* - 
-altar. one of Ihe new at 

■ivpotlv in Lull dot la Loveiii Lardui are., 

14, Tavistock Street, London, wU. 


Sure fire 


rVE BEEN to many a barbecue where there’s 
been an embarrassing hiatus while the host 
tries to light the fuel — the trouble is that 
since the barbecue is not a national way of 
life, most people haven’t yet learned how to 
handle the event efficiently. Certainly lighting 
the fuel does take know-how and it also needs 
to be done a long time in advance so that it 
becomes really hot. 

One of the best ways of lighting the fuel 
tq by using a poker, though this does mean 
that you can't use it too far from the electricity 
supply. This poker has a 15 ft heavy duty lead 
and operates off 240 volts; its main advantage 
is that you don't need to use extra fire-lighters 
or risk 'dousing the fuel with paraffin (as I've 
seen done) — you simply plug it in and within 
five to 10 minutes the fuel will be fully alight. 

I wouldn’t recommend it for those who 
just occasionally go in for a barbecue for at 
£14.95 + 75p (p+p) it is a purchase to think 
about. However, as more and more people 
eat outside more often it could become a 
practical, much-used aid. Buy ir by post from 
Misirr Lewis. 82, High Street, Walthamstow, 
London El 7 «LD. 



Lively birds 


rat OLD enough to remember 
•when chicken was considered a 
real treat If somebody wanted 
to give you a special meal as a 
child, nothing was thought 
better than an old-fashioned 
roast chicken complete with all 
the trimmings. Nowadays 
chickens don’t seem the same 
and it certainly doesn't cross 
my mind to think of serving 
chicken as a feasL It has 
become nne of the cheapest 
meals and the thing I turn 
to when I’m running out of 
housekeeping. For this reason 
most of us need to find more 
interesting ways of dealing with 
the doll bird. 

Busted Poultry have recently 
started a series of recipes 
designed to inspire us to do 
something “ different,” and 
they have just produced their 
second leaflet nn chickens (the 
first one was phenomenally 


successful as was the second 
one dealing with turkeys). 

This leaflet aims at dealing 
with many of the new methods 
of cooking that have recently 
arisen — slow cookers, spit- 
roasters. barbecues, boiling 
bags and microwaves. 

Methods are carefully ex- 
plained. timings are given and 
new ideas are offered (for in- 
stance, cooking chicken in a 
paper or foil parcel, marinading 
and so on). So if anybody is 
feeling desperate for some new 
ideas when faced with, yet an- 
other chicken to cook — send off 
for Buxteds free leaflet All 
they ask in return is that you 
send a stamped, self-addressed 
envelope, measuring no Jess 
than 22 cm by 11 cm (or 84" 
by 41") w: Buxted Advisory 
Service, Alembic House. 
Albert Embankment, London, 
SE1 TUB. - ] 


Quilting to order 


SOME readers may remember 
that I wrote about The Quiltery 
a year or so ago. Based in 
Norfolk (the exact address is 
The Quiltery, Tacolneston Hall, 
Norwich, Norfolk NR16 1DW) 
it has been in operation for 
about two years and the chief 
output is kits. Though there 
are many patchwork kits on the 
market those produced by The 
Quiltery are more unusual than 
most. 

For instance you could make 
your own patchwork short 
apron, or waistcoat, tea-cosy 
(this looks especially charm- 
ing), a quilted purse, a handbag 
(ideal for carrying knitting, 
papers and other travelling 
impedimenta) and, most 
unusual of all, a pair of baby's 
bootees. The largest items 
available in kit form are the 
cot quilts. Prices are very 
reasonable— for instance a cot 
quilt is £6.00 as is the quilted 
waistcoat kit, while the quilted 
baby bootee kit is only £2.00. 
Everything except needle and 
thread needed tn make up the 
finished garment is provided in 


the kit, including handles for 
the handbag, wadding for the 
tea-cosy and so on. 

For those who love patchwork 
but don’t fancy doing the work 
it is also possible to buy the 
things ready-made. While the 
kit form of the cot quilt is £6.00 
it could be bought ready-made 
for £24.00. Similarly the kit for 
a cushion cover is £5.00; ready- 
made it is £12.00. 

When I first wrote, about the 
kits I didn't feel the instruc- 
tions were as clear or as full as 
they might have been but The 
Quiltery took note of my com- 
ments and have now enlarged 
and expanded them. 

If you fancy doing patchwork 
from scratch they will also 
supply template sets in 12 
different traditional designs- 
like the famous Bear's Paw 
design, Carpenter's Wheel, 
Baby's blocks. Spool. Goose 
Tracks and so on. AH come 
with instructions and illustra- 
tions on how to put the different 
shapes together to achieve the 
desired pattern. 

Another new service that The 


Quiltery offers is that they will 
do quilting, charging by the 
metre, for readers who don't 
have the machinery or the 
patience to do their own. The 
service takes three weeks. The 
Quiltery add all the. wadding 
and backing and the pattern 
they use is a ; in diamond. 
They can cope with any fabric 
up to 48 in wide and the price 
is £2.50 per metre, with a mini- 
mum order of 1 metre. 

The Quiltery has now found 
retail outlets all over the coun- 
try — mainly in small craft, 
design or general interior 
decorating shops but they do 
include some large shops like 
Bourne and Hollingsworth in 
Oxford Street, London. Wl. the 
Design Centre in London and 
the Scottish Design Centre in 
Glasgow. Fenwicks of New 
Bond Street, London. Wl. and 
Brent Cross, and Heal and Son 
of Tottenham Court Road. 
Anybody who has difficulty 
finding a local shop that stocks 
their products is welcome tn 
write directly to The Quiltery 
who will be happy to sell by 
mail. 


Branded 
for life 

I ALWAYS felt that apart 
from the ffees. one of the worst 
things about sending children 
to boarding-school must be all 
that interminable sewing-on of 
name-tapes — which just goes to 
show bow out of dale I am. It 
is now possible to buy name- 
tapes that can be ironed on 
within seconds. Though the 
early experiments with these 
tapes proved that they saved 
a great deal of time the tapes 
didn't always stay on through 
many- washes and the general 
wear and tear that children 
subjected them to. 

Now Permark have intro- 
duced printed iron-on name- 
tapes that are so strongly 
bonded it is literally impossible 
to remove them. They, too. are 
just ironed on and there they 
stay through all washing, boil- 
ing or dry-cleaning processes. 

Tbose who remember having 
to order name-tapes months be- 
fore the child went to school 
will be relieved to hear that 
nowadays Permark can deliver 
five days after receiving the 
order. The cost is £L15 per 
set of 50 name tapes, plus lOp 
for postage and packing. The 
name required should be writ- 
ten in capital letters and money 
with the order should be sent 
to Permark. 1, Station Grove, 
Wembley, Middlesex. 


Announcing 

the 



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new golden-hued 
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Herbal lore 


ANY ENTERPRISE that has 
anything to do with herbs has 
reported a fantastic growth in 
interest from the public in 
general. After years of syn- 
thetics of all sorts many people 
are turning to herbs not just 
for cooking purposes but also 
to ease tension and to help send 
them to sleep. I'm always veiy 
chary of expounding on the 
medicinal qualities or herbs but 
undoubtedly herbal teas do 
seem very soothing and many 
of the associated products are 
charming. 

The Herb Farm at Broad Oak 
Road, Canterbury, Kent, consists 
of over two acres of herbs all 
nurtured oit a bank, overlooking 
the River Stour. People can 
visit the farm at any time 
every day except Sunday but 
advance notice is appreciated 
for large groups. There arc 
always people there vtfio know 
about herbs, who can advise on 


which to crew, which to use for 
what purpose, and so on. 
There's a herb shop where up 
to 500 different medicinal or 
culinary herbs, plants and 
seeds can be bought If you 
can’t get to the shop .write for 
their mail order, list which 
states clearly which plants can 
be sold by post • 

However, if you ean visit the 
farm it is w eU worth while. 
Besides the plants and seeds 
there is 2 selection of herb 
products as writ — a sweet herb 
pillow is £'--25 (for the small 
size 8 ins by 12 Ins) or £4.25 
for the large- size .,< 18 ' ins by 
12 ins). They sell many herb 
teas— wild bergamot,- German 
chamomile. ^PPWmint, spring 
nettle herb, and so on. 

Meadow Herbs, which has for 
some time run a successful 
wholesaling business .(their pro- 
ducts are widely - available in 
good gift shops and stores) and 


now have their own shop at 47 
Moreton Street, London SWl 
have always produced a pillow. 
They call it the car pillow and 
it contains a special blend of 
lemon verbena, peppermint, 
rosemary and thyme which is 
meant to help keep the car fresh 
and combat stuffiness and tired- 
ness. These little car pillows 
cost £3.60. (13ins by 13ins) and 
certainly are charming and 
delightful-smelling. 

Also for travellers Crabtree 
and Evelyn produce lovely old- 
fashioned books of soap leaves. 
Each book is shaped like a book 
of matches and could easily be 
packed into a tiny handbag. 
Each folder has len soap leaves 
and there are three different 
fragrances — jasmin, sandalwood 
and rose. One leaf produces a 
good lather. They are 45p per 
book and are to be found in 
good department stores and gift 
shops. 



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12 


Financial Times Saturday .Tuly B -1978 


ARTS 


\ 






Les martyrs in Venice 


Towards the end of September, bringing it more in line with tbe Zubin Mehta, conducting the 
1975. there was an important original Corneille drama that revival, seemed to share this 


international musicological con- had inspired it In Italy, Poliuto grand view of the work. His read- 
ing 


ference devoted to Donizetti, had been banned because of its ing was vigorous, rousing, but 
held in the composer's native religious subject; in Paris, Les unhurried, without tricks. He let 
uty of Bergamo. As part of tbe marti/rs enjoyed an immediate the big swinging tunes — the 
festive occasion, Bergamo also success, but slowly faded from Anvil Chorus, the soldiers' music 
presented a concert version of the repertory. Some years ago, —burst forth unabashed. The 
.t rare Donizetti opera: Les the original Poliuto was revived orchestra and chorus of La Scala 
martyrs. Though that perform- at La Scala with Marla Callas were in top form, and the clear 
anue was less than ideal, still It as Poalina. In both versions, the success of the evening derived to 
whs gnod enough to give the opera is important, though diffi- a large extent from them, 
audience— scudded with Donizetti cult to perform. It merits per- 0 nly a few hours before 
experts— an idea of the piece formance. nevertheless, and eurta in time one nr the 
and its merits, which obviously should be revived again. The scheduled stars— Sherrill Milnes 
demand a fully-staged produc- y 0UDg . conductor Gianluigi 

tmn. And so when the Teatro La Gelmetti. m Venice, did bis best mu Soanish baritone Vicente 
Fenice announced just such a to underline the beauties of the SaMlnero was flSwn to MuS to 
production as the major event scor e. but partly because of the all 

of its current season, interest and singing and partly because of tbe £Sdf calJ s he was ^ moving 
««?'»«»» "» Oie*. limitations of the Feme. Ve SSS 

To some extent these hopes orchestra these days, he could 8laBCMt his acting was un ,j er . 
were disappointed, last month, give no more than a hinL of the restrained, but it was 

when Les martyrs reached the musics many felicities. aJways dignified like his singing, 

si.ise of the great Venice house. Visually, things went better. Trin . n . .-.„ ~ 

Again, as in Bergamo, the work Pierluigi Piza designed a series ie ^ 

tKeir nrnvp.d eniovahtc. eieeant. 5? is wldom rostra ned or dignified. 


sars srass wsus bs 3 ==-.?!S 


OPERA 


WILUAM WEAVER 


E3 


'SXZSSg X 

produce?' Al“rtoFS V mo«d jjgj 

SS. £ » £S: Ets Ss pX 

Mmm and its stateliness must be ^ MUlld - 

accepted — as Fuss ini demon- The tenor Ermanno Maura and 
view-the stra t e d. the soprano Eva Marton, new- 

ln 


musical point of 

\ cnice production was largely ~ ' ' mea nwhile as La comers to La Scala, gave good, 

inadequate, frustrating for the ln Mlla0, meanwmie. as L.a sens j b j e performances. Miss 
dedicated Donizettian. In the Scala s long season continues, Miirton’s big voice cannot manage 
leading part oF Pauline, the new productions alternate with the trill in “D'amor sull'ali 
mi nr a no Ley la Gencer was woe- important revivals. Among the rosee,” but it negotiated the 
Lilly inadequate. She had sung i atteri th e most recent is the agility passages successfully. 
performance 0 and e?en ?hen Xe Visconti production of 11 trova- Mauro sometimes . abused his 
voice betrayed alarming evidence tore, originally created for La ^j^^^u^h^was straight- 
nf wear. Now it is in shreds, and Sea las visit to Moscow in 19M J™” 0 : ™eable in °the 

ail the canny professionalism in and seen afterwards in Milan for aceressive scenes 

the world cannot conceal its three seasons between I960 and more aggressive scenes, 
absence of power. Its unsteadi- 1971. No doubt a number of According to the programme 
nos*, its uncertainty of intona- Visconti touches have dis- Mehta was using a new critical 
lion. Her severe vocal problems appeared from the staging over edition of tbe score prepared by 
have inevitably affected also Miss the years, but now seen again, it the American scholar David 
Oncer's acting, now reduced to proves durable and effective still. Lawton. To Che naked ear. not 
.■? standard — ■and limited — reper- The designs by Nicola Benois are many alterations were 
Tory of gestures, appealing or realistic,' but not pedestrian; the immediately perceptible; and, 
commanding, generieally applied sets a're grim and massive, at Lawton notwithstanding, in “Di 
to the drama. times almost dwarfing the human queUa pira" the dear old inters 

The Virtual abdication of this actors. At other moments— the polated high notes were still 
central role obviously created room in Castellor. for example — there. Mauro belted them out 
mieaslnel? among the o?h!r the space is virtually abstract, ringingly, and the audience 
sin-iers ! Renato Bruson ^another throwing the human situation rewarded him with equally ring- 
veteran of the Bergamo per- to to high relief. ing applause. 

formance). generally and rightly 

considered Italy's finest Donizetti 
baritone, was clearly having a 
had night, the voice straying 
from pitch on occasion. Ottavio 

ijaraventa. in the fiendish tenor „ „ „ 

part of Polveucte. did a credit- The Scottish Baroque begins at 3 pm. alj_ the per- 
ahlp jnh. The young bass Fer- Ensemble's annual series of formances begin at 7.30 pm. 




Today is back, in full, and now 
that we have had a week or so 
to familiarise ourselves ’-vith * ts 
new format and Its cast-changes, 
I for one welcome its restoration. 
The concept is right, surely. Any 
programme that goes out during 
the ablutionary time of 6 30-S.30 
ought to be like a moving stair- 
case, something continuous that 
you can step on and off at will 
knowing that it will carry you 


RADIO 

ANTHONY CURTIS 


niiurrtug tuaw U frill Lai*.* 

efficiently • from bathroom to 
breakfast to the long goodbye 
without interruption. No one is 


without interruption. No one «» 
going to listen- to the whole of it 

from hPfritmina -m 


a ■WtVM iu Uic -- 

from beginning -to end. 

But this is precisely what I did 

fill* nthpr mrtminM tha nur- 


the other morning for the pur- 
pose of writing this week's radio 
column. Last Wednesday was the 

J U % L* . 


vviuiuii. vaoi ¥Y minp^ Ji-n waa uio 

day chosen and it proved to be a 
good one in that It was bursting 


ing aloud in a department store, 
in a cemetery or at -a wedding. 
Background noises are added to 
give a sense of actuality to the 
meditation which when not being 
facetious is conventionally pious. 
Still it was worth trying: and in 
general the weekly Thinkers do 
span a wide spectrum; as well as 
many shades of Protestant belief 
we have had a Bhuddist, a Rabbi, 
a Roman Catholic Cabinet 
Minister. But when did we last 
have an agnostic, an atheist, or 
someone who believes an good- 


exchanges between T-impson and 
Redhead which is, I must say, 
rather a good combination oh 
the trusty basis of a straight man 
and a stand-up comic. But those 
two only roincide once a week. 
Some of the others do not seem 
quite so much at ease with the 
nonchalant microphone manner. 
Libby Purves is learning fast. 

Today is followed by Yesterday 
m Parliament (a repeat of the 
night before's Today hi Parlia- 
ment; which includes recordings 
made in the chamber of MPs and 
peers .at work. These clips 
greatly enhance the report' A 
colleague who works in the 
House suggested to me that the 
presence of the microphones 
tends to distort the beetling and 
uproar by magnifying . it, 
particularly in sessions like 


Music in stately homes 


racelo Furlanetto iFflix) sang mu sic in Scottish country bouses . T*® repertoire includes music 

rather anonymously and moved /. on rinues this vear with concerts S. y Bach. Barber. Beethoven, 
'tifflv but he is nevertheless a continues in is year wim concerts Boccherini, Bruckner. Handel, 

promising artist None of the f ' MeU^st'in Berwickshjre Ibertt McGibbon, Mary Queen of 
cart displaved much feeling for (August 5), Borthwick Castle, Scots, Menotti. Mozart, Ravel, 
the French language. near Gorebridge (August 11), Rizzio and Schubert 


For Les marlins is one of House, Elgin (September The price of the ticket in most 

Donizetti's French operas: or 2). Marchraont, at Greenlaw in cases includes wine and 
rather, it is a much-revised Berwickshire (September 16). savouries and viewing of the 


French version of the Neapolitan Hinton House, near Edinburgh bouse. The soloists appearing 

Pof/wio i composed in 183S-S) (September 17 1 . and Dr umlanrig snnran^Knid 

which Donizetti made Tor the ' ■ n „ m r--.- Bch : rj /c pr ,t- m Graham Titus, soprano Enid 

Op,-.ia in 1S40 with the help of CasUe - Dumfriesshire (Septem Bannatyne. Penelope Ogilvy 

the fthrctlisl Scribe, who adapted ber 24). Apart Irom the after- (flute) and Christopher Griffiths 

the Italian text of Cammarano, noon concert at Win ton, which (horn). 



Radio 4’s “ Today ” team: Brian Redhead, Libby Purves and John Timpson 


with important news stories over- 
shadowed by the news from 
Spain of the tanker explosion at 
the holiday camp. The full horror 
of this oni^ emerged during the 
programme. It was noticeable 
how much up-dating went on 
each time it was mentioned, 
backed by on tbe spot impres- 
sions, even an interview with a 
Spanish woman doctor in Bar- 
celona who had been treating the 
victims. 

The Spanish tragedy pushed 
aside items for -which there bad 
been some preparation such as 
the TUC and Phase 4, the SALT 
talks, the by-elections, tbe fate 
of gypsies In Britain, the Royal 
Commission on Gambling, the 
trial of the Soviet dissidents, the 
Synod's decision about the re- 
marriage in church of divorced 
persons; even so there was still 
room for an interview with Lord 
Chalfont on the arms -race and 
Valerie Jenkins on. remarriage. 
I discovered that Thought for the 
Day is preceded at 6.45 hy:Prayer 
for the Day for early risers. 

This week's Thinker is a jokey 
felldw who* pretends ;b be think- 


ness but not in a personal god ? 
The neglect' of this part of the 
spectrum does seem unfair to a 
vast section of opinion among 
the Radio 4 audience. 

At any rate no one could 
accuse Wednesday's Today of 
being overloaded with triviali- 
ties. Indeed, 1 began by the end 
to feel rather unjustly that the 
one straight reporter. Tony 
Wilkinson, was coming Into the 
act too much. Sport was given 
the biggest slice of the remainder 
of the cake with one slot at 6.50 
and another at 7.25. But here 
again it was a busy day with 
the Spurs Argentinian signings, 
the departure of Tony Greig 
from county cricket, plus the 
start of the Open Golf Champion- 
ship. One of the features of the 
late uulamented Up To The Hour 
was regular time given to books, 
theatre and the cinema. I guessed 
that would go in the new Today 
and so it has; but there does seem 
to be a determined effort to 
include one arts story at least in 
each programme. Good. 

As for humour we had to be 
satisfied with some off-the-cuff 


Prime Minister’s Question Time 
which is broadcast live. I went 
with him into the Press Gallery 
last Tuesday to check, but on the 
evidence of one visit would not 
like to venture an opinion, it 
was anyway a particularly noisy 
session with what another col- 
league described os a distinct 
whiff of electioneering in the 
air. Certainly there is a great 
deal that radio misses about the 
Commons atmosphere; it is even 
more theatrical than it sounds; 
20 or more members on their 
feet at one time to catch the 
Speaker's eye and a steely gaze 
worthy of the Comcdie Frangalse 
in Mrs. Thatcher's eyes as she 
confronted the Prime Minister. 

One unfortunate aspect of live 
Parliamentary broadcasting is 
that it tends to occur at a time 
when the BBC is putting, out 
plays to a huge audience. There 
is a danger when the wave-bands 
change in the autumn that MPs 
wilt make more inroads into 
Afternoon Theatre time. This 
should not be allowed to happen. 
There should be room on the air 
for both kinds of drama. 


Orlando 


'-"4 


V * 


r. } 


Most of .ho 

v the RPO. the Berlin Phillxar- drawn 

wind Octet, the Cierkes 3r (ieulated runs. She also 
m * 0n a 'Ifurd the Monteverdi riates Brian Trnwcir* eS 
„f Osonfori. , rotation ot the. ten ia ® 

Choir -' he ,: od a Stasfd version tag fashioa-lhc othor s SSj 

in-the-Fieid|. and ast s Q are somo ti m ps gmlty of su^S 

ol mwe-s ins words «■ »*• 

a semi-proftoaionaj ■ » uae the whose desertion , of Ori*^ 

Assembly* Room in the ISth- causes J»s ^ 


century 
appropriate 
formances 
The scale 



' nd a pocket handker- costume and MkN'p. Jarfsh^ 
orchestra ana a 5[agCi but her fine contralto on the 

SftfSfwX opera 70's artis- spineless Mcdoro. but she is eS ! 
tic C director has not taken lack worst offender when it com 0 * 12 . 


SSSt ° m ol di Dorinda. the shepherdess whos^- 

«*»• ” amelr SPeCtadC - bo, M Ta?« fe 


HANDEL 

ELIZABETH FORBES 


rejected, but who takes hoi: 

rejection in more philosophical 
manner than Orlando, hap some 
of the most ravishing music that 
Handel, always prodigal of inveh.' 
tion und inspiration, ever penned; J* 
Ann Brown sings it with the ' 
purity and delicacy it deserves. 
She acts the naive young shepher- 
dess a trifle too coyly, hut her 


^ ^ T ' 


Alan Saunders's classical sepia f ace , parttoularly in the 
set has sliding panels that open where Dorinda refuses the' .... 
on an inner stage for the masques fort ‘ offered by Angelica and ' 
and visions that are a frequent Medoro. is vividly expressive, 
occurrence in this magic opera Michael Macdonald cuts an- 1 
manipulated by Zoroastro. whose imprest vc figure as Zo roast ro. ’ 
three genii act as supernatural one 0 f the more grateful lad', 
stagehands. Once all attempt at role* m Handel's Italian operas' 
realism is abandoned, the very Unavoidable surgery to the : 
genuine emotions of the four score is tactfully done, with jv 
chief characters becoming even satisfying proportion of the da ; 
more powerful and moving. In the capo arias left intact. Ornaments.' 
famous mad scene, for example. tj,, a . discreetly employed,!' 
we see. as Orlando does, the enlivens the repeats. Damian, 

faithless Angelica and her new Cranmer. who conducts, sets a 

lover Meduro surrounded by the steady pace, keeping the basic 
Furies, and watch Angelica pulse of the music- . heatinj 
change, as she is transformed in strongly, but without any 
Orlando's disordered mind, into hustling of the singers. He 
Prosperpina. Queen of the Under- obtains neat, stylish playing from 
world. If the Furies circle a the small orchestra. A final word 

little too sirenuousfy in the first of commendation is due to., 

part of the scene, the image of Philip Cranmer for bis elegant 
the weeping Prosperpina, whose harpsichord continuo. 


SALEROOM 

ANTONY THORNCROFT 


AFTER THE excitements of 
Thursday when an unregarded 
painting of Bonhaus sold for 
£50,000 a sale of lesser old 
masters at Christies yesterday 
contained two successive sur- 
prises. both being bought by the 
same anonymous purchaser. 

The Adoration of the Shep- 
herd by Noel-Nicolas Coypel 
realised 124.000 as against a 
presale estimate of £1.000 to 
£1,500, and- The Angel -Appearing 
to Tobias, by Carle van Loo, 


sold for £22.000 compared with 
an estimate of £2,000 to £5,0(J0. 

The prices reflect the renewed 
interest in French painters of 
the 18th century, particularly 
evident since the sale of Ment- 
more a year ago. 

The auction, which totalled 
£521.880, contained 246 luts of 
which just over a third had been 
sent from abroad for sale. 
Thirty-six were from the collec- 
tion of the late German indus- 
trialist. Georg Schafer uf 
Schweinfurt, and, between them, 
contributed £95,170 to the day's 
total. 


' Among other anonymous pur- 
chases, £8,500 was paid fur a 
picture pf spanels with dead 
game by J. Fyt. and £8,000 for 
Christ before Caiaphas by the 
school of Honthorse. 




in-' 



Sport. 12.00 News and Weather 
for Northern Ireland 


BBC 2 


t Indicates programme in 
black and white only 


BBC 1 


7.15-8 am Open University 
CL'HF only). 9.00 Ragtime. 9.15 
Thu Flashing Blade. 9.35 Goober 
and the Ghost Chasers. 10.00 
Hock face. 10.25 Bugs 'Bunny. 
10.38 Weal her. 

HUH Grandstand. Cricket: Eng- 
land v. New Zealand: Pru- 
dential Trophy: Golf: The 
Open from St. Andrews: 
Racine from Newbury (1.55, 
2.2.1. 2.55i: Athletics: The 
Krafi Games incorporating 
UK National Championships; 
Motor Racing from Brands 
Hatch: 5-20 pm Final Score. 

5.15 News. 

3.35 Sport Regional News. 

fi.im Wonder Woman. 

(1.13 Saturday Night at the 
‘Hell Boats.” 
Special from 


7.40-2.45 pm Open University. 
t2-55 “The Merry Widow,” 
starring Maurice Chevalier, 
Jeanette MacDonald. 

430 Cricket: The Prudential 
Trophy. 

7.30 News and Sport 

7.50 Network. 

&20 Royal Heritage. 

920 Cricket and Golf. 

10.40 Monster Double 
f'The Fantastic 
appearing Man." 

31.35 News on 2; Weather. 

12.00 " The Man With X-ray 
Eyes,” starring Ray 
Milland. 


Bill: 

Dis- 


LONDON 


Movies: 

8.20 Seaside 
Torbay. 

fl.to Kojak. 

10 .no News. 

10.10 Sailor. 

HMfl The Expert 

u.r.il .Smart Burrows Sings. 

12.utl-12.05 um Weatherman. 


Ail Regions as BBC-1 except at 
tin* following limes: — 

Wales — 8.50-9.13 am Hobby 
Horse. 12.00 News and Weather, 
for Wale-. 

Scotland — 13.00 News and 

Weal her for Scotland. 

Northern Ireland— 5.55-6.00 pm 
Northern Ireland News and 


R.50 am Tbe Saturday Banana. 
8.55 Sesame Street 9.45 Hie 
Saturday Banana (Part 2). 
10.13 The Monkees. 10.45 The 
Saturday Banana (Part 31. 11210 
Tarzan. 

1£30 pm World of Sport. 12.35 
International Sports Special 
(!) Cycling — The Tour de 
France; Athletics between 
America and Russia; Austra- 
lian Pools Check. 1.15 News 
from ITN. 1.20 The ITV 
Seven 1.30, 2 , on and 230 races 
at Ayr end 1.45, 2.15 and 2.45 
at York. 2.55 International. 
Sports Special i2) Speedway. 
3.40 The ITV Seven (Part 2) 
3.45 Irish Guinness Oaks. 
4.00 Wrestling. 4.55 Results 
Service. 

5.05 News. 

5.15 Celebrity Squares. 

6.00 Laveme and Shirley. 

630 Mr. and Mrs. 


7.00 The Life and Times of 
Grizzly Adams. 

8.00 “ The Professionals star- 
ring Burt Lancaster, Lee 
Marvin, Claudia Cardinaie. 

10.00 News. 

10.15 The South Bank Show. 

11.15 Juke Box Saturday Night. 

12.15 am The Entertainers. 

12A5 Close— Sir John Gielgud 

reads a sonnet by Shakes- 
peare. 

All IBA Regions as London 
except at the following times:— 

ANGLIA 

4JB aun Undersea World of Captain 
Nemo. «0 Tbe Next Week Show. 
MO pm Happy Day;. &30 Gambit. 
12J5 am At the End of tbe Day. 

A TV 

MS am Tbe Shape of Things. US 
Sesame Su-eeL 1IL30 A TV Saturday Morn- 
ing Picture Show. 1215 pm Mystery 
Island. U» Ur. and Mrs. UB The Lite 
and Times of Grizzly Adams. 7 JO The 
Entertainers starring Bruce Forsyih and 
Riia Moreno. UO The Law Centre. 
UO Soap. 11.15 Ghost Story: Elegy of a 
Vampire. 

BORDER 


HTV 

US am Old House. New Home. HU5 
Batman. 1L3Q Space 1999. UN pm 
Happy Days. 7 JO Definition. ms 
WHhhr These Walla. 

HTV Cymru/Wales-^As HTV General 
Service ' except:— 5J5 pm Camtonrinw?. 
5J8-4.O0 Sion a Sian. 


5J1 Robbie Vincent IS’. OJO In Concert 
(S'. 733-202 am As Radio 2. 

VHF Radios 1 and 2—5410 am With 
Rad:r» 2. 8.06 With Radio t. 10.00 With 
Radio 2. US pm With Radio L 7J0-24C 
am With Radio 2. 


SCOTTISH 

9 JO am Talking Bikes. 935 Sean the 
Leprechaun. 10.45 am The Saturday 
Banana. 113S The Bionic Woman. 
6JM pin The Many wives or Patrick. 1I.2B 
Streets of San Francisco. tl2J5 am- Late 
CalL 


SOUTHERN 

5J5 pm Mr. and Mm. 5.45 Celebrity 
Squares: 0JQ Happy Days. 1215 am 
Southern News. 1220 Weather Forecast 
followed bjf The Black Experlcace.' ' . ~ 

TYNE TEES 

0.05 am Lrn's Look-In. 9JS Space 
1999 10J5 Tbe Paper Lads. 1045 Lyn's 

Look-In. UL5D : Lucan. 12-15 pm Lyn's 
Look-In. 11.15 within Thes* Walla. 
1235 am Epilogue. ' 


ULSTER 


0410 pm Mr. and Mis. 030 The Lite 
and Times of Grizzly Adams. 7 JO Oh No 
It's Selwyn Frotudu. 1135 Quincy. 

CHANNEL 


U4M am Saturday Morning Movie: 
••The Million Pound Note.” wuh Gregory 
Peck. 1130 Sesame Street. 64M pm 
Happy Days. 1135 George H axnJllon TV. 


WESTWARD 


1230 pm Puffin's Plat I ice. 04H Happy 
Days. 030 The Cuckoo Waltz. 1U5 The 
Law Centre. 1215 am The Electric 
Theatre Show. 

GRAMPIAN 


035 am Talking Bikes. 1035 Tbe 
Beatles. 1IM0 Look and See. UJ0 Gua 
Honey bon 'a Birthdays. 1135 Code “R-" 
04a pm Happy Days. 030 The Cuckoo 
Waltz. 1135 Tbe Law Centre. 1235 am 
Tbe Electric Theatre Show. 1240 Faith 
For Ute. 


9.10 am Talking BDces. 935 Scene on 
Saturday. 10.05 The White Stone. 1030 
Sesame Street. 1130 Space 1999. 0410 pm 
nappy Days. 1135 Police Woman. 1230 am 
Reflections. ' 

GRANADA 


930 am Sesame Street. 1035 Paul. 
1035 Saturday Matinee: - The Terdcan." 
6.ao pm Happy Days. 8.00 The Horse 
Soldiers wtih John Wayne and William 
Hnldcn. 1135 Tbe Entertainers. 1235 am 
The Midnight Movie: " Goodnight My 
Love," with Richard Boone. 


YORKSHIRE. 

930 am Talking Bikes. 9.35 Hw Satur- 
day Banana. 10.15 Tbe Gi-m.- Machine. 
1046 The Saturday Banana. 1130 Code 
*■ R-" 04)0 pm Happy Days. 1135 Qlttncy. 

RADIO 1 247“ 

(5) Stereapbonlc broadcast 
ZMedlum Wave only' 

5410 am As- Radio 2. >410 Ed Stewart 

(Si with Junior Choice. 1030 Adrian 
Juste. 1230 Paul Gambacctni. 13L pm 
Rock On (Si. 230 Alan Freeman (Si. 


RADIO 2 1 - S00m and VHF 

530 am News Summary. 5.02 Tom 
Edwards 'Si with The Early Show, In- 
cluding 835 Racing Bulletin. 8.06 As 
Radio 1. 1032 Tony Blackburn (Si tntiud- 
ing 1L02 Cricket: England v New Zealand. 
1202 pm Sports Desk. 1205 Two's Best 
>Si. 131 CnJf. 1412 Offbeat With Braden 
■ Si. 130-7.00 Sport on 2: Golf UJD, 230. 
2.03. 3.0S, 3.00) The Open Championship: 
Cricket tl.30. 2.M. 235. 3.03. 530) The 
Prudential Trophy: England v New 
Zealand: AthleUcs (130. 2.00. 233. 3.05, 
5.O0i UK National Championships: Tennis 
<130. 2.00. 2.33. 2.05. 5.00) The Davis Cup: 
Raang: Newbury (L30. 2.55. 235, 530 1. 
74C Des O'Connor Entertains. 730 
Sports Desk. 735 Radio 2 Top Tunes (Si. 
830 Midland All Stars Big Band >S>. 930 
BBC Radio Orchestra (S). 1140 Sports 

Desk. 1138 John Uenty tS> including 
1230 News. 2.00-232 am News. 

RADIO 3 464m, Stereo & VHF 

1735 am Weather. 830 Neu-s. B4B 
Aubade <Si. 930 Nows. 935 Srereo 
Release i S • . 1030 Brahms and Dvorak 

■Si Chamber music concert. U-20 BBC 
Scottish Symphony Orchestra 'St. Part 1: 
Beethoven. 1135 Interval Reading. 1230 
Concert. Part 2: Mozart. Srra vinsky. 
130 pm News. 14)5 Heritage. 130 Joaouln 
Achucarro 'Si Platw recital. 220 Man 
of Acdon iS i Fr. Michael Boilings. 335 
Music or the Masters (S' by Brahms. 
Schubert. 5.00 Jazz Record Requests (Si. 
535 Critics' Forum. 635 AJkan <S>. 7J5 
Rlppolyte et Ancle 'Si. music by Rameau. 
Prologue and A-?t I. 835 Interval Read- 
ing- 835 Hippolytc et Anne. Acts 2 and 3. 
9JS Finding a Voice. Talk by Barbara 
Pym. 9 JO Hlppolne et Arlcie (S'. Acts 
4 and 5. U.55 FAund< Interesting i S ■. 

11JS News. U-50-1L55 Tonight's Schubert 
Song. 


630 Yours Falthlblly. 635 Weather. 
7.00 News. 730 On Your Farm. 730 
Today’s Papers. 735 Yours Faithfully. 
730 It's a Bargain. 735 Weather. 030 
News. 030 Sport on 4. 835 Yi-aerday in 
Parliament. 930 News. 94S International 
Assignment. 930 The Week In West- 
minster. 935 News Stand. 10 . 15 Dally 
Service. 1030 Pick of the Week. 1120 
Time for Verse. 1130 Science Now. 1230 
News. 12412 pm Away From It All. 1227 
The News Quia iSi. 1255 Weather. 1410 
News. 135 Instant Sunshine by the 
Seaside. 2410 War and Peace. 930 Ncwa. 
536 Does He Taka Sugar: 335 Music 
of the Masters. 530 Kaleidoscope Encore. 
530 Week Ending . . . (S*. 535 Weather. 
6410 News. 635 Desert Island Discs. 630 
Stop The Week. 730 These You Have 
Loved 'Si. 838 Saturday Night Theatre 
(S> " The Night of Caesars Knives." 938 


weather. 1030 News. 1035 A Word m 
Edgeways. 1130 Llg Men Our Darkness. 
1135 News. \ 


Geet Mala. 830 Saturday Music. 9.00 
Nlghtllnc with Alan Nln. 130 am Night 
Extra with Hugh Williams. 


BBC Radio "London 

206m and 940 VHF 
530 am As Radio 2 732 Good Fishing. 
8.00 News. 835 Tbd Loudon Gardener. 
830 David Kramer. U30 Robbie Vincent 
Saturday Show. 200 pm London Country. 
430 Marjorie BObow. 530 Rail. 630-Ctese 
As Radio L 

London Broadcasting 

261m and 97.3 VHF 
530 am Morning Music. 630 AJM. 
with Dickie Arbiter. 1030 Jelly bone with 
Tberese Birch. 130 pm Saturday Sport. 
630 After Stx— wltb lan GUcbrlsL 630 
Hugh and You wltb Hugh William*. 730 


CHESS SOLUTIONS 
Solution to Position No. Z24. 
(c). Play continuifd 1 HyP* 
B-KS! 2 RxR, R-K6 ch; 3 K-B2 
(noue WWte. sees that if 3 K-Q4, 
B-B8 mate), RxB ch; 4 K-Nl. 
RxR; 5 R-B6, RxP and Black 
won easily. 

Solution to Problem No. 224, 

1 Q-R4 (threat 2 P-N5), BxB; 
2 PxB, or if BxQP; 2 P-K4, or if 
PxP; 2 N-K4, or if N-K5; 2 P-K3, 
or if N-B2; 2 Q-N5. 




Radio 3 VHF only— 6.80-8. 0 0 am Open 
University. 


RADIO 4 

434m, 330m, 285m and VHF 
630 am News. 632 Farming Today. 



WEEKEND CHOICE 


SATURDAY: The first oppor- 
tunity • for addicts of TV 
cricket to discover whether 
New Zealand will do to England 
what England did to Pakistan 
comes in Grandstand's coverage 
of the first one-day interna- 
tional. (10.40 am on BBC1; 
highlights at 9.20 pm on BBC2). 

“ Hullabaloo ” on The South 
Bank Show with its string of 
famous names — James Ivory, 
Peggy Ashcroft, Ruth Jhabvala 
— will have a job fulfilling all 
our expectations. 

SUNDAY: If -it didn't occur 
when ail sane people were still 


Hullabaloo: ITV today 


in bed (9.00 am) ITV’s Talking 
Bikes would be very tempting 
for us motorcycling enthusiasts, 
being the only programme of its 
sort. 

The only soap opera that 
ever really hooked me was The- 
Onedin Line, thanks entirely to 
the ships. (Well, perhaps 
Jessica Benton helped just a 
little bit). Another series 
starts at 7.15 on BBCl. 

The u Film Of The Week " on 
BBC2 is a godsend for all who. 
have been missing its every one- 
nigh t-stand at remote specialist 
cinemas: Two Lane Blacktop 
is a cult movie about a private 
road (hence the title) race.— 
CD. 


CC — Tkcm- tneatrw iccrpt certain credit 
By tcleohanc or Jt Hie box offlca 


OPERA & BALLET 

COLISEUM. Crrd-t card* 01-240 5258. 
K.ei>»«Attans 01-036 3161. Final perfs. 

NUREYEV FESTIVAL 
■Mil DurCH NATIONAL BALLET 
Tc3.-v 2.30 A 7 20. Four Schumann 
Pijtc^tF.iun| About a Dark House. Nurevcv 
w " dunce ji c<crv performance. Some 
v? i!v itnl a«ailaD(c. 


COVENT Garden CC Z40 10G6 
■'jjraonin.irg k . credit cards 836 69031 
_ THE ROYAL OPERA 

Toniuht. Tue & Fr«. next ui 7.001 Norma. 


Iloiinh: Lu.irecn replace* Craig, 18 July: 
“ replaces 


Vc.itrs redacts Burner,. Lavtnicn 

Crj. s 2 i jui , : Bumbry replaces Caballe. 
Vt.iv:* reaiaccs Bumbry, Lanrgen re- 
Crxto ’ Seal prices for 21 July 
reduced to schedule 51— rebates avail, 
c'tcr pen. 

THE ROYAL BALLET 

Mil.- no*: at 7 30- Four Schumann Pieces. 
T, ‘*™ ? "■■b'rd The Concert. Wed. A Thur. 


•i r JO Anastasia. 65 Ampin' seats avail, 
for dll peri-.. Irem 10 a.m. On day of Pert 


GLYNDE BOURNE FESTIVAL OPERA until 
All. 7 With the London Phlthlrmonis 
Cirmcsira Tonight Mon. Wed. A Frl. 
nes: at S.30 Com lan tuttc. Tomor. Tue. 


■ hur. ncit at t IS: La Boheme. Possible 

returns only. Office Glyndebourfie 

Lrncv E Sussee I0Z73 B1241H. N B.— 
Tue curiam lor Cwl will rise « 5.30 
sharp There is no oouiblllty DI idmil- 

• ler Ijic-tomers. 


SADLER'S WELLS THEATRE. Rowherv 
Ate.. E.C.l. 647 1672. Until July 21. 
Eves 7 30. Mats. Sat. 2.30 
NIKOLAIS DANCE THEATRE 
Tartar n>.,|. Trude Duet from Grotto. 
G.illerv Suite rrom Sanctum. Tonignt: 
Guignoi. 5ncL Figures. Suite from 
Snr.£:uni. Mon. nevt: Templet. Gu'gnol. 
Tr.ad. 'Sheer wizardry ... an 

e.Scr.«r e » njl to b* mitted.'* E. News. 
■ Uticriv. utlerlv Deautilul . . (Triad) 
Guara.jn. July 31-Aug. 26 MARCEL 
MARCEAU. 


THEATRES 

ADELPHI THEATRE. CC. 0I-B3G 7611. 
Evjs. 7 TO Mats. Tliurs. 3.0. Sat. 4.0. 
IRENE IRENE IRENE 
THE BEST MUSICAL 
cf 1976. 1977 and I97B! 

IRENE IRENE IRENE 
"LONDON BEST NIGHT OUT." 
Sunda* People. 

CPEDIT CARD BOOKINGS 836 7611. 


ALBERT. S3S 3S78. Credit-curd bkas. 
536 1971-3 Irom 830 am. Partv Rates. 
Mon . Tucs. Wed and Frl. 7.45 om. 

Thurs. end $)l. a 30 and 8.00. 

* A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 
OLIVER! 

"MIRACULOUS MUSICAL." Fin. Times, 
w.l-1 POY HUOD and JOAN TURNER. 
■ .T.NSIDER YOURSELF LUCKY TO BE 
ACLC TQ SEE 17 AGAIN." Oly. Mirror. 


ALDWYCH. *3*. 6404. Into 836 5332. 


'Fully *If Conditioned. 
ROYAL SHAT - 


iKESPtARt COMPANY 

Today 2400 6 7.30 • Mon. 7.30 
Strind Derg's 
THE DANCE Or DEATH 
"Emerge* H a wonderful ot«e of work." 
The Times,. With. Corf alarm* (next of. 
20 July). BSC also at THE WAREHOUSE 
(aae underWJ and at the Picaddllly 
Theatre In Peter NKhol's PRIVATES ON 
PARADE 


ALMOST FREE. 485 6224. LnncMimci 
“One Off bv Boo WiUon. Tue*. -Sat. 
1.IS pm. Sens- 3.0 and 5.00 pm. No 
shows on Monday. 


ALMOST FREE. 4B5 6224. Evenings Kurt 
venneguit'a “Player Plano." bv James 
Saunders. Toes--Sat. 6.00 p.m. No shows 
Mondays. 


AMBASSADORS. 01-836 1171. 

Nightly at 8.00^ Matinees Tue*. 2.45. 
Saturday 5 and B. 

PATRICK CARGILL and TONY ANHOLT 
In SLEUTH 

The World Famous Thriller 
by ANTHONY SHAFFER 
"Seeing the oUr again li in fact in 
utter and total lay.” Punch. Seat prices 
62.00 to EA-00- Dinner and Too- once 
seat £7.50. 


APOLLO. Ot -43. 2663. Evenings 84X1. 
Mats. Thurs. 3-00. Sat. 5.00 and 8-O0- 
DONALD 5INDEN 

" ACW *-&w8k*." b $$&. SiaM,M - 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
-Wickedly lunnv." Time*. 


ARTS THEATRE. 01-836 2132. 

TOM STOPPARD's 
DIRTY LINEN 

"Hilarious - - - sec it." Sunday Time*. 
Monday » Thursday a. SO. Friday and 
Saturday* at 7.00 and 9.15. 


ASTORtA THEATRE. Charing Cross Road. 
01.734 4201. Mon.-Thurs. 8 pm Frl. 
and Sat. 8.00 and B.4S. iButfet food 
available}. uy|s 

"Infection*' (oor-vtomping and 

heart-BioinwnO- OBMrycr. Seat* £2.00- 
£8.00- Hall- hour before mow best avail- 
able ne at*. Mdn.-Thurs. and Frl. 

6 "best AJjUSltdLL OF THE YEAR 
EVENING STANDARD AWARD. 


CAMBRIDOE. B36 6056. Mon. to Thur*. 
8.00. Friday. Saturday S.4S and 830. 

•PI Tombi 

Evening Black African Musical 

“Packed with variety." Dty. Mirror. 
Seat Prices ej, aa.es 
THIRD GREAT YEAR 30 
Dinner and too-pr.ce wit gfl.ys Inc- 


CHICHESTER 0243 81 

Ton«ht ll _Ju'l_l7 & 


ENTERTAIN M ENT GU \ DE 


COMEDY. 


01-930 ZS78. 
ALEC McCOWEN'S 
ST. MARK'S GOSPEL 
*■ An unparalloled tour de farce. S. Tms. 
List 2 nerfs Tont. B.O. Tomor. 4.30. 
Seats £1.25. £2.75. £2.50. £3.00. Late 
comers not admitted. 


CRITERION. 930 3316. CC. 835 1071-3. 
Ero*. 8 Sati- 5.30. 6.30. Thurs. 3.00. 
NOW IN ITS SECOND YEAR 
LESLIE PHILLIPS 
in SIX Or ONE 

A HALF A DOZEN LAUGHS A MINUTE 
SECOND HILARIOUS YEAR. 
"VERY FUNNY." Sun. Tel. 


DRURY LANE. 01-836 BIOS. Every 
night 8. Matinee Wed. and Sat. 3.00. 
A CHORUS LINE 

"A rare, devastating, Joyous astonishing 
stunner." Sunday Times. 


DUCHESS. 836 8243. Mon. to Thurs. 
Evenings 8.00. FrL. Sat-6. 15 and 9.00. 
OH! CALCUTTA! 

“The nudity is stunning." Daily Tel. 
.... H^ye 


9th Sensational Year. 


DUKE OF YORK'S- 01-836 5122. 

Evenings B.00. Mat. Wed.. Sat. 3.00. 
Limited Season, must end August; 26. 
JOHN GIELGUD 
in Julian Mitchell’s 
HALF-LIFE 

A NATIONAL THbATRE PRODUCTION. 
- Brilliantly witty ... no one should 
miss it” Harold Hobson (Drama). Instant 
credit card reservations. Dinner and 
Ton prise Seats £7.00. 


FORTUNE. 836 =238. Evs. 8.00. Thurs. 3. 

Sac. 5.00 and 8.00. 

Muriel PavlQw as MISS MARPLE in 
AGATHA CHRISTIE'S 
MURDER AT THE VICARAGE 
Third Great Year. 


Garrick theatre, cc. oi-osb 4«m. 
Evf- 8.0. Mat. Wed. 3.0. Sat s JO, 8.30. 
TIMOTHY WEST. GEMMA JONES. 

MICHAEL KITCHEN 
in HAROLD PINTER S 

THE HOMECOMING 

"BRILLIANT — A TAUT AND EXCEL- 
LENTLY ACTED PRODUCTION." O.Tol. 
-AN INEXHAUSTIBLY RICH WORK." 
Gdn. -- NOT TO BE MISSED." Times. 


Globe theatre. 

Evs. 83 s. Wed. 


LO. 


01-437 1592. 

Sat. 6.0. 8.40. 


PAUL EDDINGTON. JULIA MCKENZIE. 
VHITI 


BENJAMIN WHITROW In 
AYCKBOURN'S New Comedy 


B1SI2 j .£ 


ALAN ... 

TEN TIMES TABLE 

This mutt be the happiest laughter- 
maker In Landan." D. Tel. "An Irmn- 
tiblv enloyable evening." Sunday Times. 


®'ASMRN“pipEW 7 00 


GREENWICH THEATRE. 8S8 77S5- 

Evenings 7.30. Mat. Sat. 2.30. " Stanley 
Hpughten's Masterpiece." Times. MiNDLE 
WAKES. "A real And," Guardian. 


HAYMARKET. 930 9832. Evgt. 8.00. 

. 4JQ and 8.00 


Wednesday Ufl, Saturday ... 

PAUL SCOFIELD 
HARRY ANDREWS ' 
ELEANOR TREVOR, 

8 RON PEACOCK 

aad IRENE HANDL In 
■ A FAMILY 

A new play by RONALD HARWOOD 
Directed bv CASPER WRECK 
"An admirable plav. hon«t_ wef] can- 
reived. properly worked out. rredlhr and 

IKInOhr written richly satiMvlng— Paul 

Sconetd at his best.” B. Levin. S. Times. 


KING'5 ROAD THEATRE. 552 7488. 
MOIL to Thur. 9.0. Fri.. Sat 7.30. 8.30. 
THE ROCKY HORROR SHOW 
DON'T DREAM IT. SEE ITI- 


LONDON PALLADIUM. CC 01-437 7373 
NOW UNTIL AUGUST 1#. 

Mon ■, Tun.. Thure. and Fri. it 8. 
Wed. and Sals, ar 6-1Q and 8.50. 

THE TWO RONNIES 
In a Spectacular Comedy Revue 
TWO EXTRA PERFORMANCES 
TOMORROW AT S.O and 8.0. „ 
Book now on hot line 01 -437 2055. 


LYRIC THEATRE. 01-437 3686. Evs. 8.0. 
Mat. Thur. 3.0. Sat. S.O and BJO. 

■ FILUMENA 

with Elizabeth Anther & Trcor .Griffiths. 
Bv Eduardo de FiIimq ■ 

Directed by FRANCO ZEFFIRELLI 
■ TOTAL TRIUMPH." Ev.Nevri- 
“AN EVENT TO TREASURE." 5. Mirror. 
"MAY IT FILL THE LYRIC ‘FOR A 
HUNDRED YEARS. ■ SgndaVTUne. 
MAYFAIR, e 29 3036. EH. b! Sat 3-30 
and 830. Wed. Mot at 3 0. 

WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS S ■■ 

UNDER MILK WOOD 


MERMAID. 24B 7655. ResuiBWrt 2*8 

” as -^ n, 8i*S 0 ^^- 

A plav fo^Sm^and^rchMtro by TOM 
STOPPARD A ANDRE PREV?N?-S«B «■ 
£3 and _£2. no one who loves 


THE ENGLISH LANGUAGE THE 


H, G H E7T c COMIC ART CAN POSSIBLY 
MISS THIS play." s, nines. 


NATIONAL THEATRE 028 2262 

OLIVIER Japan stage): Today 2.J3 * 7 - 20 
™ c cmerhy ORCHARD Ov 

U. bv S #w TTavers. 


Ston. ^ To St 


■uouoriumi: - '"Hf- “ 

AMERICAN BUFFALO bf 

Mamet. 

Many eacetlent cheap lean all S thawres 
dar ol perl, car pari. Retuurent 92 B 
2033. Credit card bigs, sja 30SS1 


OLD VIC 928 7616 

PROSPECT AT THE OLD VIC 
June — Sect Season 
Eileen Atkins. Brenda Broce. Michael 
Denison.- Derek Jacobi In 
THE LADY'5 NOT FOR BURNING 
"Fresh and buoyant." QaHy Telegraph. 
Today 2. SO and 7.30 
TWELFTH NIGHT 

"An outstanding revival." The Times. 
Returns July 21. 


OPEN AIR Regent's Park. Tel. 486 24 31 
A MIDSUMMER NIGHTS DREAM. 
Evgs. 7.46. Mats. Wed. Thur. A Sat. 2.30 
in regertaire with Shaw's MAN of 
DESTINY ft HARK LADY OF THE SON- 
NETS Irom Ml-xi. with MARIA AJTKEN. 
IAN TALBOT. HELEN WEIR. DAVID 
WHITWORTH. 


PALACE. CC. 01-437 6834. 

Mon.-Thure. B.O. Frl, & Sac 6 ft 8.40. 

JESUS CHRIST SUPERSTAR 
by Tun Rice and Andrew Lloyd Webber. 


PHOENIX. 01-836 2294. Evenings 8. IS. 

Frldav and Saturday 6.00 and 8.ao. 
“TIM BROOKE TAYLOR. GRAEME 
GARDEN make us laugh." D. Mall. In 
THE UNVARNISHED TRUTH 
The Hit Comedv by ROYCE RYTON. 
" LAUGH. WHY I THOUGHT I WOULD 
HAVE DIED." Sunday Times. "SHEER 
DELIGHT." E. Standard. "GLORIOUS 
CONTINUOUS LAUGHTER." Times. 


PICCADILLY. 43T 4506. Credit card bkgs. 
836 1971-3. 830 4.111.-830 p.m. 
Eros. 7:30. SaL 4.30 & 6. Wed. mats 3. 
Royal Shakespeare company in 
THE OUTRAGEOUS ADULT COMEDY . 
by Peter NlchoU 
PRIVATES ON PARADE 


" RIarwrIng triumph.' S. Express. 

OF THE YEAR 


BEST COMEDY 
Ev. Std. Award and SWET Award. 
. FULLY AIR-CONDITIONED. 


PRINCE EDWARD. CC r formerly Cailnol. 
UI-4J7 L877. Performances. This Week. 
Eves. B.O. MaL Thur. 3.0. SaL S.30. 8.40 
NOTE CHANGE OF SAT. PERFS. 
From JULY 22 Sat. S.O and 8.40. 
From AUG. 5 Sets. 3.0 and 8.40. 
and from SEPT. 2 Sats. 3.0 and 8.0. 
EVITA 

bv Tim Rice and Andrew Lloyd Webber. 


PRINCE OF WALES. CC 01-930 S6BI. 
Even Inga 8.0. Saturday S.30 and 8.45. 

the hilarious 

BROADWAY COMEDY MU5IGAL 
1 LOVE MY WIFE 
starring ROBIN ASK WITH 
Directed bv GENE SAKS 
CREDIT CARD BOOKINGS 930 0646. 


QUEEN'S THEATRE. CC. 01-734 1166. 
Evgs. 8.0. Wed. .3.0.___SiL_ 5.0. 8.30. 


ANTHONY OUAYLE. 

- l._ MICHAEL ALDRIDGE. 


FAITH BROOK 

and RACHEL KEMP SON 
In Alan Bennett's 
THE OLD COUNTRY 
Plav and Players London Critics Award 
BEST PLAY OF THE YEAR 
DIRECTED BY CLIFFORD WILLIAMS 


RAYMOND REVUEBAR.CC 01-734 1 593 
At 7.00 p.m . S P.m. 1 1 pjn. Ooon Sunt. 
PAUL RAYMOND Presents 
THE FESTIVAL OF .EROTICA 
Fully air-conditioned 
21st SENSATIONAL YEAR 


REGENT. 


CC. Oxford Circus Tube. 
01-637 9862-5- 
THC GREAT AMERICAN 


BACKSTAGE MUSICAL 
from 3rd Aug. Box omce open. 


ROYALTY. Credit cards. 01-405 8004 
Monday-Thursdav avunings 0.00. Frida 


MDnuy-rnunuv srawnn a.oo. Friday 
5J0 and 8.45. Saturdays 3,00 and 8.00. 
London critics vote BILLY DANIELS In 
BUBBLING BROWN SUGAR 
Best Musical In 1977 
Bookings accepted. Major credit cards. 
Special reduced rates for matinees (for 
limned period only.] 


SAVOY THEATRE. 01-836 6688. 

TOM CONTI In 


WHOSE . LIFE. IS «T ANYWAY7 


with JANE ASH 
" A MOMENTOUS PLAY. I URGE YOU 
TO SEE IT." Gdn. 

Evgs. at 8.0. Fri. and Sat. 5.45 & 8-45 


SHAFTESBURY. CC OT-B36 6595. 
Shaftesbury Ave WC2 (High Hoibgrn eno). 
For a Special Summer Season 
A Hew Product on # 

GO OS PELL 

Scats from £l-£5. 

Beit available seats at £2.50, h- hour 
before show from the Box Office. 
Mon-Thur. 8.1 S. Frl. & SaL 5.3a ft B-30 


ROYAL COURT. 01-730 174S. Air cand. 
EveofijBS 8. Sat. 8.30. 

PLYING BLIND 
Bill Morrison's "Savage farce.” F. Times. 
” AUDACIOUS COMEDY." Times. 


THEATRE UPSTAIRS. 73D 2554 

Evrenlnm 7 -3a pan. 

IRISH BYES AND ENGLISH TEARS 
by Nigel Baldwin 


VAUDEVILLE. 836 9988. CC. Evs. a.doT 

Mat. Tum. 2.45. SaL 5 and B. 

D,n *J 1 ..?J?£5JL D fi, N ' Qu,cle GRAY 

A MURDER IS ANNOUNCED 

THE NEWEST WHODUNNIT 
fry AGATHA CHRISTIE 
" Re-enter Agatha with another who- 
dunnit hit. abu tea Christie Is stalk I no the 
West End yet aagln with anooSr ifti™ 


hendlrtjv^i ngen loui ^itiurder mvsterlc 


. Evening News. 

AIR-CONDITIONED THEATRE. 


VICTORIA PALACE. 

834 1317, 

sia EP88 [ j!agg 

Evenlwga 7-3P- Mats. Wed, and SaL 2.4 5 

WAREHOUSC. Donmar Theatre. Corent 

Garden/ B36._H0B. JtO.YAL SHAKE 


SP6ARE COMPANY. Ton't, B.00 David 
Eooar'S THE JAIL DIARY OF ALRli 
SACHS. "pBllling piece of theatre!" 
Guardteh. Alt Seats £1.80. Adv. Bkos. 
Aldwych. Student standby £lx}Q 


w “™'“SSm.c,D ™ ” L lf|“ “« 

asBaBs^wS-K. sts- 

- ffiSW?TSL3.^NS5"“-v.T l S 

iharpty moved.” j. c. Tr 


•harpty moved.”' j. 'c. Trewln." 


STRAND. 01-836 2660. Evenings 8.00. 
MaL Thurs. 3.00. Sat. 5.30 and 8-30 
NO SEX PLEASE — 

WE'RE BRITISH 
THE WORLD'S GREATEST 
LAUGHTER MAKER 
GOOD SEATS £4.00-£l.00. 


ST. MARTIN'S. CC- 836 1443. Evgs. 8.00 

Matinee Tue*. 2.45. Saturday* 5 and b 
AGATHA CHRISTIE'S 

THE MOUSETRAP 
WORLD'S LONGE5T-EVER RUN 
26th YEAR 


TALK OF THE TOWN. CL 734 SCSI 
8.00. Olnlno. Dancing (Bar* open 7 isi 
9 SO Super Re.uc 

RAZZLE DAZZLE 
and at 11 p.m. 

UJS REALC5 DEL PARAGUAY 


WHITEHALL. 01-930 6692-776?. 

Evgs. 8.30. Frl. and Sat. 6 AS and 9.00. 
Paul Rnv m ond orauHtt* the SmaUonai 

®ar IMMKikc 
DIEP THROAT 
6th (atEAT MONTH 


WINDMILL THEATRE. CC. 01rfST7 63U'. 

Twice Nlghthr 8.00 and 10 . 00 . 
Sumtarrf 6.00 and B.OO. 


RIP 

THE EROTIC EX* 


PAUL RAYMOND present* 

--kioSBS 1 OF THB 

“ Tale* to unprecedented limits what is 
oermtalble s ob 


WYNOHAM3. 01-836 2038. Credit Card 

Bkgs. 836 1071-3Jrom 8.30 am RW 
Thur. 8.00. FrL and Sat. 5.1 S and 830 
- ENORMOUSLY RICH “ 

VERY FUNNY." Evening News. 
Mary O'Malley * smasn hit comedy 


ONCE A CATHOLIC 
' Supreme comedy on sex and religion." 
Dally Telegraph. 

■■ MA^ESYOU ..SHAKE WITH 
LAUGHTER. Guardian. 


YOUNG VIC. 


928 6363. Ben jortson'i 
BARTHOLOMEW 


Ev«. 7.46, " A SmSrino production." 
S. Times.. ' 


23. Pbooo 


Yeung Vie Festival until July 
booo box once for loaBet. 


CINEMAS 

A sl£ 1 p * ,*■ JjuffeSfrury Ave. 886 8881. 

All Steal* Bookable. . 
wfJ^SL’u A. «*ACE ODYSSEY on. -70mm 

A.^ 011 ' 2 ' 25 ' 7J5S - *-»te “ho* 

a: SATURDAY NIGHT FEVER IXJ. Wk. 

Swiijt 51 * 81 5 - L *« T - 


CAMDEN PLAZA (om. Ctm^M Towfn 
Tube'.aaS 2ftI3. TSlSti'sAUONSANr 
fjANjAAJ. iBy the director of PADRE 


-.‘li of PADRE 

PADRONE) 2.50, 4.45. G.SQ. 9.D0. 11. »5 


CLASSIC 1, 2. X, 4. Oxford Street (QPP- 

t otter, ham Court Rd. Tube), 636 0310. 

V °E^5l. d *I 0 * 4 ' PHJdren half-price. _ 
ll "Lee GAMS OF DEATH (XJ. 

& -3Q. BAS ft U om. 
z. wait Disney' 5 HERBIE - GOES TO 
MCWTE CARLO fU> Proys. 1.30 3-40. 

L 5 , . € LJ ftow to. 30 pm. THE 

GODFATHER PART II (X). 

?A/H a "n- 8jte *' , J S5 n Hurt - THE SHOUT 

3 30. 4.35. 6.40. 8.45., 
L«e Show 11 pm. 

4.UBANON .. . . WHY? r'A). Atabfe 
Dialogue El »iM h Subtitlci Ptoo». 1.05. 
2.50. 5.30. 8.10. Late Ftttw 10.50 pm- 


CUR2°N. Curzon street w.l. 499 37 J7 
rm ContHtipned) DERSU UZALA 

1, j, 70 tnm. (tngHui sufr-litlei.) A 
^/"-hy. AKIRA KUROSAWA. "MASTER- 

!*(ver. „ MASTTTSPiECE." Em. News. 
b!oo 1,4 r ,l 2,00 cnot Sun.) 5.00 and 


SQUARE THEATRE (930 52521 
RKhan) Burton Roger Moore. RUlurd 
Harris. Hardy Kruger In 
_ THE WILD GEESE (AA) 

xro V T k i. 1, P D - *' 3 ®. 8.10. Sun. 

JP'jJifL ^ows Weds.. Thur*;. 
iSSiJ? 11 -4 5 p.m. Seats mao W 

22?*5r i" advance fcjr 8.1Q prog. Moo.- 

SSht*^,.^ 5414 2°"- *>■ '*“■ 


LE1CESTIH SQUARE 930 51 V* 
neVgNCE OF - THE JlVlKP ANTHER lA). 


■¥*!; ®iy, Doan open' mormna 

rlfls' jjiOOajo. cnot Sun). In pft«. 
1-45. 2iwr prpg. 4.5b Eve. area. 7.45, 
ii*i s"?* ^g^M.Mo n.-s aL, Sw s apwi 
/ ’ P-m. All reets bkblc. extent morn- 

IRS night movf. kt 

trig Box Office or by po*t. 


QDe P¥- jjWffMjwffi. . (930 2738-2771.)/ 
Jane To«d*. Vaneua Redgrave In a 
Fred zinnemann nig, . 

"•SSitSs 'S*"J SAS. 

Son' a tu 2 ! S *.45 (Net Sun 1, 
6.00. 9.00. All MIU bhble. at theatre. 


Maroie Arch, w.7 (723 2011-2.5 
INTERS OF THE THIRD 


•BE ON. Mamin Ar 

CLOSE ENCOUN1 
KIND (A). Sep. 
1.0S. 4 IS, 7.4 S. 


PooriSptm n?i5 pfrn 6 5 4 j|"toats 




PWNCE CHARLES. Lafc. Su. AST 8181 


|ffl ■ 

I SSL 


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Financial Times Saturday Jul y 15 1978 

7 >nARTS/COLLECTING 

>(l<) 


13 


N ot so significant on Broadway 


I want. 1 said. l«. see ihree sin. 

w *n> Pli'N-< :kti«s the spec- 

"" 11 r Voile (hea tip. No 

ihlem. they in hi in e - except 
u wont yet in to m \j n - t ij 7 > h p. 
"" j” r ai wu :r Tuo before 

Khzat.eih Swados has tailored 
1 no HO n-i | nr Broadway, hut l»y 

my *11 she h.is reduced its 
•mticjiniy It is a musical 
rtul Wren \s1h> rim a wav 
on iiimiii*. and Mirk Swados. 
ni poser of some marvellous 
i/U. for Andrei Scrhan's l.a 

1 m ;t prridtiLiinns. deviled it 

cause she had a special 

iiiuMasein ft >r adolescent per- 

rinaiu-es. The enmpanj are 
ui'Si al] adolescents, from 11 
i he early "Os. though mostly 
l runaways. They pul on a 
ely show and on the niyhl I 
*m they got a rousing recep- 


theatre 


B. A. YOUNG 


in. Put the play falls hetween 
■o stools. Miss Swados has 
Ehtly couched her theme in 
rtns of music and dance: but 
•ither the music nor the dance 
Broadway qua lily. The score 
injuriously laid out for Lhe 
nail hand in the wings, stage 
yhr. and the big chorus of 
nigh vou-es that Bril ten would 
*ve loved: hut the music seems 


t«* have been written down to the 

ministers, all diatonic Salvation 
Army tunes. The choreography 
seldom rises above physical 
jerks, yet even so the routines 
arc carelessly danced. 

The script is worth more. It 
covers every imaginable reason 
for (caving home, apart from a 
basically bad character, a pos- 
sibility Miss Swados does not 
acknowledge even when dealing 
with child criminals: and 
visualises the various fates that 
lie in wait for the homeless 
you np. AM entrances are made 
from a kind of cage surrounding 
the stage. » telling analogy of 
the access of illusory freedom 
the kids must feel as they leave. 
H would be even more telling 
without the clearly unhappy 
caged pigeons on the set upstage. 

Off-Broad way I saw David 
Mamet’s .A Life in the Theatre. 
which has already , been bought 
for London. It is a two-hander 
for a mature player on his way 
down and a young player on his 
way up. and consists of no more 
than a series of incidents in the 
theatre illustrating their several 
courses. It is a splendid bit of 
reporting, the behaviour of the 
two men attentively observed in 



josfe Ferrer 


find, alas, is that he was a ridicu- 
lous man, fl ° matter how g ft od 
his novels may have been. His 
obsession with military glory 
(cunningly concealed between 
1942 and 19451 originated only 
with his homosexual desires for 
“rough trade," which developed 
into sado-masochistic fantasies of 
sacrificing young soldiers and 
sailors. He seems to have been 
the same kind of man as Ernst 
Roebm. the SA boss, only without 
the capacity for organ isalion. 

All the same, director Sharon 
Ott has mined some pictorially 
attractive scenes from his life 
with her ingenious use of pro- 
jection on movable screens, 
designed by John Kish line and 
Monica Ehlke. Ott, Kishline and 
Eblke emerge three times 3s 
interesting as Mishima. 

By way 'of a bonne bouchc, a 
late ■ night show afterwards 
brushed awftry the cobwebs. My 
City Runneth Over is a sweet 
iri/le by Robert Patrick (who 
wrote Kennedy'.'; Children ). It 
deals with the morning after 
Yucca Conklin, a girl punk 
singer, has unexpectedly made a 
great success when standing in 
for an absent star in her sweat- 


; is out- Down, or up. to off-off-Broad- " r/ fiWrt V™»t . * „ 

M S the w.y indignant' explains to an'inter- 

minich in by John Schneider for Theatre X - lAa^iainsH 


KICHESTER: The Astern 

ipers: An atmospheric drania- 
salion of lhe Henry .Tames 
•»ve! with Cnihleen Nesbitt 
ipcrb as Min nld lady with a 
asl. Opened Tuesday. 

"'PEN SPACE: JuhiJee Minstrels: 
wigs frmu ihe Deep Smith set 
i an historical ■.•mi text by Leni 
loan. Opened Tuesday. 

HEATH E UPSTAIRS: Irish 

lies unrf F.uglisti Tears: Low 
fc in I'ulhain makes for an 
lcon-oriucniial piece nr fa&hion- 
bb* Molem-e. Opened Werines- 

.IV 

1 1 FAT HI: fffiYIL. ST RAT- 
0nL>: Incrf of Hope and Clam: 
artv nlinosplipr*; in this friendly 
heatre fur smirt-tial tired spoof 
n am.ilmir theatrical!-. Opened 
'limsdai. 

* 

\ tpiiei tune in the theatre. 
.■•H'iimll opened yesterday al lhe 
•h.(fte>bii:\. its fifth West End 
i ring, and .Nina Happy. a new 
•in steal a lithology of the songs 
■I bander and Ebb gets tile first 
■ f ihrre Sunday try-outs; al the 
• miimU»* tomorrow. On Mon- 
lax Tho rr:»n* Ministers Hus. 
*.i a in.-w poJuieal comedy b> 


Mr. Ferrer’s playing 

situations covering' a vast tract standing. He never 

of theatrical experience. They veteran’s superiority diminish in "“ft* 1 «■““«“« ,u * 1U “ U1J vlewer/a tea-stained sweat-shirt), 

discus* shows just over. They the face of growing competition p.* Milwaukee, is a fantasy on p or g ve y ears s j, e has shared a 

cxchangefavours in the dressing- until the day comes when he !y e . ^ a P a p es ® novelist room w jUj Panla. an unsuccess- 

room. They discuss their col-' hears the younger man whetting Yukio Mis him a. It begins at the f U j writer, and Mr. Patrick 

leagues and their own lives. They his voice an the Chorus's lines e .' when as leader of his Remonstrates with much under- 

foi'get lines, they have trouble from Henry V and realises that army, the Shield Society, standing how fame can destroy a 

with props. All the time confi- the day is past when he will ever , “lakes an unsuccessful cosy relationship like this' in 'a 
dence nf the young man (James he able to do that again. The alt f m P l to compel the Japanese flash scr j pt is as funny as it 
McDonnell j increases and that of beautifully timed direction is- by defence .Force into a revolt ts sad, and the piece is stun- 
thc older (Jose Ferrerj leaks George Gutierrez. Significant? a «j re "v? a ® fishing a return ningly played by Amy Wright as 

awa . v Nu. But enjovable ? Oh,, ues. to the old noble ways of chivalry. Yucca and Nancy Snyder as her 

His ignominious failure means roommate. The director is Marlyn 
ony -one thing: suicide by Baum. I thought I even caught 
seppuku, or self-disembowelling. a fa |„i him or significance here 
Then we go back to find out at the Circle. Repertory, a situa- 
p n , w bat it was that led Mishima to tion aimed straight out at its 

i\ „ Cf * °P ens the Chur- The Editor Ttegrets, a light do such a thing, and what we audiences, 
chill. Bromley, with Maggie comedy by William Dougins 


THEATRES THJS WEEK . . . AND NEXT 


TV RATINGS 

w/e July 9 


UK TOP 20: (Homes Viewing m> 

1 Life Begins at Forty (Yorics) ... 13 63 

2 London Night Out (Thames) ... 15.05 

3 Charlie’s Angels (ITV> 1.TJ0 

3 Cara align Street (Wed.) (Gran.) 13.90 

5 News at Ten (Hfcd.) (mi) i::jO 

6 Winner Takes All (Yorks.) 13.20 

7 That's Life (BBC) IC.SB 

8 Coro Dalian Street (Mon.) (Gran.) IJ.73 

9 Seaside Special (BBC) 13.30 

10 Crossroads (Toes.) (ATV) 12 10 

u Crossroads (w«l) (atv> 12.00 

U Don't Ask Me (Yorks) li.Pti 

U Pink Medictoc Show (LWT) 12.00 

14 Crossroads (Thors.) IATV) ... n Fti 

15 The Dark Secret of Harvest 

Home CITY) It. S3 

15 Showdown (ITV) *1 Hi 

17 Survival (Anglia) . . li.jn 

18 Crossroads (Fri.) (ATV) 11.40 

19 Koiak (BBC) 11.30 

20 News (Sat-) (BBC) IU3 

FignrpR complied bp Audit nf Crc-at 

Bniam for the Joint JndostriaJ Ctrranmiee 
for Joint Advertising Rcscan.il (JlCTARi. 

UJS. TOP TEN fffcllsen ratings) 

1 Alice (CBS) (Comedy) 21.1 

2 One Day aL a Time (Com.'drama) 

(CB5) 20.4 

3 Columbia (NBC) (Drama) 20.2 

4 MASH (CBS) (Comedy) XO 

5 Switch (CBS) (Drama) 19.4 

t All in the Family (CBS) (Comedy) 18.9 
7 St amity and Hatch IABC) (Drama) ISO 
S Fantasy Island (ABC) (Drama) Is 3 

9 Oulncy (NBC) (Drama) W 4 

IS Charlie'S Angels (NBC) (Drama) IS 3 
A Ni'lUcd ralinB is not a nunicri<.-a) lotaL 


New plays 

Two new play’s join the 
Aldwych repertoire over the 
□ext few months — Steve Gooch's 
77ie Women- Pirates Ann Bonney 
and Mary Read on July 31 (pre- 
views from July 26). David 
Mercer's Cousin Vladimir on 
September. 22 (previews from 
September 19) and a new pro- 
duction of Middleton's The- 
Changeling on October 16 (pre- 
views from October 11). 

The Women-Pirales is Steve 
Gooch's first play to be per- 
formed by the RSC. He trans- 
lated flfnn Is Afnn for Lhe RSC 
in 1975-76. 


Fitzgibbcn. while the Tower of Home, opens 3t the Greenwich 
London is siaging The Yeoman Theatre on August 3 after a 
Of the Guard starring Tommy provincial tour. It is produced 
SieeJe. The Open Air Theatre in and directed by Anthony Rove 
Regent s Park moves away from who also appears in it 
Shakespeare to present a Shaw ™. „ . . , t 

double bill, also from Monday. ^V*,***' ne ™ Production at 
On Wednesday fieuond o Joke, J? VIC mi Theatre m tits IT IS 

a musical review, opens at Hamp- JwUonai I will be Edward Bond* amazement in the collecting suspect the hand of Mr. Roy 
stead and the next night in Not- i . ■ man joins the market how Sotheby's auto- Davids, who runs the depart- 

tinghara there is an adaptation i0. The graph and manuscript depart- ment. Of an oak gate-leg table 

Around thc ^id^imong'the^ casTar^Andrew ment consistently ma . na S es 10 that once belonged to Burns (a 
Cruick shank, Nicky Henson, dlg out maleriai for bigger and slightly odd and bulky item to 


Words of value 

a source of some sardonic humour in which I 


World in SO days. 



on Broadway. It opens at Her duciion of the Third Season at Documents'' (one day I must should be remarked that styles 
Majesty’s on July 27 for a six- “ ,c ’ Exchange Theatre in try to discover the rationale of furniture were perpetuated 

week season with James Earl Manchester. She will open in which decides when a sale is much longer outside London 
Jones repealing his New York }£*"* Th «J L *fv f ™“« “Fine" “Valuable.” “Import- than some care to remember." 

PC On rn Smbe^ l? n Hu B hie dSSSd b^MiSael EIHotf ant 7, or Intportam”, The table is not the only 

Green return * to the stage in Two new productions join the i^^e^unnlne toatotal oif more “° expec . ted item in 

Acc in the Hole, a comedy by NT’s repertoire in September: !?,^ o= n ° " 8 J total f 0 e th ® ^ 101 343 ls a 

Michael Fertwee which starts a Bernard Shaw’s The Philanderer ™an *ioli pages. pair of ste el-nmmed spectacles 

national lour at Norwich, uther (opening Lyttelton. September 7) ootneoys autograph and "Presented to Mr. Robert 
dales include Woivcrhampiqo; *nd William Congreve’s The manuscript catalogues are Browning by the Members of 
Brighton. Richmond and Notting- Doable Deafer (opening Olivier, always good reading. In parti- the Clayton Square National 
hAin. September 27). cular the footnotes tend to a Tontine Society as a mark of 

their esteem”: and there is also 




BRIDGE 


E. P. C. COTTER 


mm innw’S DKAI.S 1 1 1 ll- 

ir.ue di'clarcr play al its very 
i"»T, ami I hope they will give 
s much plea. -u re to you as they 
id in me. The lir.-i hand was 
layed by Tint Sores, the 
iiislr.il ian internal tonal: 


Wcsi led the hean three, and but I ha^e never brought it oil. the scene without any great en- a lar ^ e Packet handkerchief 
East ’.- vJueen was taken by the . Incidentally, at the eleventh thusiasm. He had seven tricks belonging to the poet and in- 
Ace. The declarer at once led lrick East should lead the on iup. and he could set up s <-' r *bed. apparently by his 
a diamond and finessed lhe Knave of Spades, noi the five, another if West had the heart s * s,er - “R- Browning." Such 
ij u ceil un the table. When this This sets the declarer more nf King, but where was he to, find bizarre mementoes are appar- 
tiiicsse lust, prospects were very a problem, because he is a ninth? If West held three en,5y not 10 be sniffed -at (if 
pimr. as in addition to the haunted by : the fear that this hearts lo the King, he would tlial is not - in the present 
diamond there were two losers may be a false card from Queen, duck one round to prevent 


Knave, and another. dummy from making two tricks 

Here. too. the declarer gave in the suit, and there was no 

time to play one of the minor 
suits to set up a third trick in 


MV 



♦ 

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K f 7 fi 

A Q 



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K. 

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♦ .1 S 5 

.1 111 s 

: :t 

Q 5 -J 

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2 

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• K -J 7 


* tj 8 4 


* 

A lo 932 


* 

A 2 

10 4 3 

A -*» 2 


w. 


0 8 2 
* 10 7 


N. 

♦ A 

<V Q 9 8 2 
<■7 5 4 3 
+ 8 6 5 2 


COLLECTING 

JANET MARSH 


E. 

1U 6 2 
K 


it, even if he was fortunate 
enough to find it breaking. 

There was just one chance, to 
find East with the King of hearts 

doubleton. At trick rwo, there- instance, a less than bappy 
fore, declarer led dummy s eight metaphor): the great poet's 
of ^hearts and ran it when^East hanky is estimated by the 


Nmth opened t lie bidding 
, iili mie nn trump. Sou 111 
■•plied ihrre spades and North 
.-used Im four -pado>. 


in clubs and miu* in trumps. 

The declarer decided to play . , „ 

for a Devil’s Coup, a play in * ma Merly displ ay: 
which the opponents' trutnp 
trick disappears. It is. in effect, 
a trump endplay. He won lhe 
diamond return, ducked a club, 
won the club return, cashed the 
heart King, and ruffed a heart 
in hand. A diamond was ruffed ^ Q j’g 8 5 
nn the table, and another heart t? j iq 5 4 
was ruffed in hand. 

Then South cui adrirt with 
his last club. East won the 
trick, and with nothing in his 
hand but .18 5 of spades, he 
returned the five. South played 
the nine, the Queen covered, 
and the King won. The seven of 

spades ennie back. East pro- South dealt at game all and 

riuced 1I10 eight. South finessed bid two no trumps, and North card accompanies East's heart Nort hanger Abbey” and Manfr 
the ten, and the game was made, replied three clubs. Reassured King, so long as it is doubleton. p ar k_ j S jjjg earliest of 

Brilliantly conceived, and per- by the rebid of three spades. If he holds Knave or ten and t h e f 0ur known manuscripts of 
fccll.v executed. This is a coup .North raised to three no trumps, covers dummy’s eight, lhe jj er mature works, and the only 
which tills me with admiration and all passed. declarer wins, ducks the next one still in private hands. The 

—and envy, for it is the only West led the spade Queen to round of hearts in dummy, and fi rst "i2 of the total 88 pages 
coup which has never come my the Acc. and East rightly threw later finesses against West's ten wen? S1 >p ar ated during the First 


5. 

+ K 7 4 : 
e* A 6 3 
A K fi 
* A K 3 


y J lit 9 followed with the seven. West auctioneers as a startling £250- 

4 O J 9 4 }? on WJth the ! , en ’ a L nd l ^ e ®?. ade ^3U0: and a lock of his silver 

Knave was taken by the King, g^v hair in a locket at £6l)-£80. 

t Now the Ace of hearts, dropped T ‘htse are however only 

East s King, another heart diversions and aberrations in a 
enabled South 10 finesse sa j e w hich includes so important 
dummy s nine, cash the Queen, a manuscript as Jane Austen's 
— — — — and claim nine tricks. Watsons, the unfinished 

It makes no difference what nQV eI which she began between 


way. Maybe I have missed it. the ten. The declarer surveyed or Knave. 


CHESS 

LEONARD BARDEN 


UK WORLD championship 
.iii-li bcluci'ii Anatoly Karpov, 
nf the Soviet Union, the 

■ ider. an«l \ iklor Korchnoi. 47. 
mtei USSR ctltiscn and now 
aides-, is scheduled to start 
», weekend at Bauuio City, a 
II resort in ihc Philippines. 
Tlii- slake is SwFr ! .054,350 

in rsoo.uou). fi*c- 

- In (is io i!»e winner, ihree- 
..‘tills to the loser. Unianwt- 
>n:t! c"st- .«re likely 1« increase 

fix:it jo be found hy the 
:u!l),|)|iie> ‘•he;,> Federation to 
Mily l lui 

The new world champion will 
Jir.il plajei i" win six 

■ inf-', itraws not court ling. 

, r »*e ^allies will K* tiach 

(he time Hunt w 
«ves in - '■ hours wiih 16 n««w« 
••• hunt the real let- The 
tor. ( t:- Loih-ir Schmid, «>f 

I'M tieruun;, . who alsn 

lieiaN.'il in the Spassky v. 
in her m..t ch m 1S72 
Snell arc the bare bone*: wli.it 
e (he prospects? l °’,H ll l ' 

ere 1- a significant^ rt^k th-‘ l 
n* match will Out finish in a 
filial’ way »»d that some di.v 
it.- perhaps harmless in uscir. 
rll detelep into a crisis because 
Hie political iiiuictloucs ur 
11- uriMMlin. 

Thi- cm 1 Id arne froiu c omc 
u! .«;• 1 more likely « iniagtnetl 
:-hehavmur at lb*-’ baaru. 

in was per.snit.il tension 

•iwci-n these two players at 
!>■-! match in Moscow in 
174. and Mint’ then tln-re ha« 
r-a Hie notorious Kmchmu- 


Spassky match which ended wiih the great encounters of chess 
niLiiu.il angry complaints about history : both grandmasters have 
unethical behaviour. been in outstanding form, and 

lit addition, defeai for either there is a potentially fascinating 
side will be a terrible psycho- dash of styles, 
logical blow: in Karpov because Karpov prefers a classical 
his growing legend as one of the strategic game, with emphasis nn 
great world champions and as a endings, in the tradition ef 
successful Soviet sportsman will Capabianca and Fischer, while 
b*' broken, and to Korchnoi Korchnoi is a fine exponent of 
because of his belief that the double-edged and risk-laking 
world title is bis destiny and his Play whose chess heroes include 
paranoia regarding Russian Ln ** er Ml1 Ninizovitch. 
chcis officials. .Thu* the most likely course 

. . e..,,,,, .a a of the match is for Karpov to 

It is not beyond . * concentrate on accurate, tcchni- 

fair and tactful man and ra ] chcsss, waiting for Korchnoi's 

self an experienced grandii.a-i er oc( . aslonal lll0se aan ies: while 

10 smooth over the difhculi es Korchnoi Wll] ami l0 sharpeil lhe 

and sec lhe match to a normal fi h - and rrach unc | car situa- 
finish; but it won't be easy. 


POSITION No. 224 


— 

— 
















i 

9 

k 


1 


& 

a 

j 



§ 


a 


j 

i 



B. 





& 

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WHITE (9 men) 


World Mar, when they were 
sold in aid of the Red Cross: 
and are now in the Pierpoint 
Morgan Library. 

The alterations and scoring 
nut in the manuscript, as in 
other atnographs by Jane, re- 
veals vividly the titerary method 
and Die painstaking methods of 

composition. 

After Jane, the sale is a whole 
panorama of Victorian society 
in Britain- from the Queen her- 
self downwards. Victoria appears 
in a particularly attractive light 
in a passionate letter ot 1874 
in which she protests the treat- 
ment of t he natives of Natal: 
“. . . who were so unjustly used 


nnn Gufeld V. Ermenkov, Yunna la and in general her verv strong 
\ further offboard factor t ^ n " hcre Karp0V ' S ' (Latvia, 197S- White (to move) feelLng and she has few 

which cm, Id affect lhe r^ulljs Mos "' espcns expect a £hp Do^uJ'JSSb^K'^vI * u ? MIBe V ^ ? e " a h Uves an J 

the difference in w ■ be^JJ leading “classical" player lo do ^0/' winning chanL® b! oily co . Iouretl ra «5 should be treated 
the players and their c.mirjMcd , W[ . U in a mall . h against an oppon- ]v . ja a dra . A - because Black wins Wlth ever - k ‘ ndness and affec ' 
Physical constitutions. Nonnal y enJ W bate stvle, on a deep level. .1 e or i-. j ose h v force" In liorj — * s brothers and not as. 
a 20-year difference m a world is ^ quile ' so htJlind . Korchnoi wine. a ^ndmastcr alas. Englishmen too often do- 


title inatch means a great advan- does nof RM , jt lha ,' vva ... a „d 
lage to a younger man: onij in 


ii—- .- - rp - * ,oci Hi<i " ihp a recent interview he des- 
Bolvinn.k v. Tal. 1961. cri bed Karpov's style as “too 

nhicr Plaver win with a f n ‘ r £ simple _ . /almost childish . . . 

\ZJn i “-"SrtRwir -11 Spiff Uive f ° r 3 WOrW 

and ovpn . dunn ' C Berore the Reykjavik match in 
inaicn . r i he 1972 l fell sure that Fischer 

But Knr ^' I “f ,I ’ a r in w «»uld heal Spawky barring Icm- 
?«T a i S Searl? v^nftl-ndP^mental outburst,: this time 
i • U i frochnr ihin his K arpov is favourite but there 

hni*hed much 5^f p e auai'ifvina are “Of® imponderables and 
Kariovis ^asonable oddV would be 4-6 
matches for the .Utle. on Kaj^ov. $-A against Kor- 

physically -luht, he ■ P - ^ c hnriL 1 look for a score like 

■ SU f C ^ S (\nn\l & »numamenls but Karpov. 6. Korchnoi 3 and hope 
international . J° u ™. e h n ‘^ ham - there will be at most 15 draws. 

niorf buffers "from low blood- A match “crisis” whatever its 

HI?" nn* nnri w« near to ox- nature, is likely (o excite public 
presMirc and 1974 inJerest bul a hattlo of atlrVifX 


lasting several months could 


made the wrong assessment. 
PROBLEM No. 224 
BLACK! 8 men) 


hutistiou at the end nf the' 
.series. 



















£ 











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1 

£[ 






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I 









2 

_ 

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WRITE! 10 men) 


as totally different beings to 
ourselves, fit onjy to be crushed 
and shot down." 

This letter forms part of the 
archive of the 4th Earl of Car- 
narvon (1SS1-1890), a formid- 
able collection of some 15,000 
letters, aloog with diaries, 
drafts, memoranda, reports, 
notebooks fihd records of con- 
versations. Sothebys believe it 
to be the most extensive collec- 
tion of any Victorian statesman 
ever tu he offered at auction^ 
and guess that the price may 
reach something in the region 
of £ 35 , 1160 - Carnarvon was in- 
volved wiih practically every 
major political or colonial issue 



Poor Carnarvon’s stand on the 
Eastern Question drew a royal 
rebuke and rather long-lasting 
displeasure: . . the Queen 

must say that nothing can give 
her more pain than to see 
people who like Lord Carnarvon 
have possessed her esteem and 
respect, and for whom she has 
a sincere regard, take a view of 
foreign affairs, or rather one of 
Eastern affairs and a line or 
policy which she must consider 
as most detrimental to the posi- 
tion of her great empire . 
Happily by 1884 Carvarvon was 
able to rejoice, in his diary, that 
“ The Queen was most gracious 
—it was an entire renewal of 
the old manner and apparently 
feeling— just as if the last six 
years had gone by and as if all 
cause for offence with me was 
entirely blotted out." 

These eminent Victorians arc 
also glimpsed in less public 
altitudes. Puor Wellington has 
a tiresome domestic mishap: 

. . My Cook got drunk tell 
down stairs broke His ribs and 
is Dead: and I can give no 
dinners till I can get another." 
John Ruskin struggles not only 
with impending madness.- hut 
with his weakness for young 
girls whom he euphemistically 
calls "sylphs." He tells a lady 
friend he has arranged a party 
to which “I’ve asked . . . two 
sylphs— a quite Greek one of 
— not quite mediaeval' date 
therefore — and a little sister — 
I’m afraid I shan’t get them — 
and perhaps it’s the better for 
me . . . But I really hope you 
will enjoy yourself in spite of 
the Sylph — from whom also I 
expect nothing but torturef" 

Though the sale is outstand- 
ing as a panorama of Victorian 
society, it is not confined to the 
19th century. There are a 
number of items from the Civil 
War: Fairfax writes from 
Selby and Prince Rupert from 
Cirencester. After the Restora- 
tion. the fugitive Richard 
Cromwell — poor Queen Dick — 
writes a series of poignant 
■ letters to his children, hiding 
himself behind such pseudo- 
nyms as "Crandberry,” "Canter- 
bury” or “Cronmore." The dis- 
stresses of ihe exile even 
included noises in the head, tor 
which “ 1 took 5 douzen and 2 
pills with a draught of sage Tea 
3 pills in the morning & 3 at 
night as aJso I sneezed wth the 
juce of white primrose, I have 
sence that also according to rule 
lett blood what shall I say? 
Naughty boys are not sale 
wthout the rod ..." 

A document of outstanding 
interest in the history of the 
theatre is a letter from the;— 
somewhat misnamed — Master of 
the Revels, Sir Henry Herbert 
demanding the right to censor 
plays at the Cockpit Theatre in 
1660. 

An equally wide variety of 
20th century autographs, rang- 
ing from Bernard Shaw (0 
General Montgomery, includes 
a series of letters by Graham 
Sutherland, dealing with the 
execution of the . famous 
Churchill portrait. 

Repeatedly I was told “They 
(meaning his colleague in the 
government) want me ouL" But 
(and this as a paraphrase of the 
actual conversation) “Tm a 
rock ’ and at that the face would 
set in lines and the hands clutch 
the arms of the chair." 

. I like to think, though, that 
the special sense of irony of 
Sotheby's cataloguers is most 
touched by the autograph note 
books containing “characteristic 
objurgations saved up for future 
use " by A. E. Housman, 'and 
containing such sly epigrams as 
“ It is worse than false, it 
is true”: and “The rarest 
nf sexual aberrations is 
chastity. . . .” 



8 King Street, 
Srjamcs's 
London 
SW1Y6QT. 


£ g!766j 

EXPERIENCE AND EXPERTISE 


Tel: 01-839 90^0 
Telex 916429 
Telegrams 
CHRIST! ART 


349 



-v<S**»* 




FithcrgC enamelled gold camel -dr-bol. -’I! in. 

Iiitlh, ico rfc muster Hciirift U'itfstroni. Sale. 

Tuesday. July 25. 

To the uninitiated, the raiegury "objects of vertu 1” is a 
baffling one. but once understood, almost ninre diflieul) to 
define arc the boundaries which govern it. Henry Fielding 
in Tom Jone<; refers to “ a great number of nicknucks and 
curiosities, which might have engaged the attention of the 
virtuoso” — u virtuoso in 18th century language standing lor 
a connoisseur while *’ nicknacks ” in this context might 
best be ‘described as any items of excellence, worth or 
rarity, to avoid the implied triviality of its modern meaning. 
Tuesday's sale includes a carefully assembled collection of 
18th century cowrie-shell snuff-boxes, as well as the more 
usual items in these sales such as fob-seals, cameos, 
vinaigrettes, patch-boxes and scent-bottles. In contrast tn 
these small objects', a selection of chess-sets and another 
of decorative Islamic spoons is to be ottered, while the 
Russian section contains bronzes, nielln-work and a superbly 
elegant enamelled gold t-arnel-de-bal by Fabergc. If none 
of lhe aforementioned items appeal, there is always ihe 
ultimate in amusing “ nicknacks ”, a gold snuff-box shaped 
as Napoleon’s hat. complete with bees on the cover 
For further information on Christie's sale of Ohjccls nf 
Vertu and Russian Works of Art on Tuesday. July 25 in, 
please contact Mary Fuiidcn at the address above. 




A targe Cantonese punch howl. 

To he laid on 2/ih July. 

FORTHCOMING SALES 
RETFORD SALEROOMS 

WEDNESDAY 19th JULY 

Georgian and , later furniture and works of art; including a 
George HI mahogany bookcase, a George II! mahogany secretaire 
cabinet, scientific instruments, musical boxes. 
THURSDAY 20th JULY 

Silver, Sheffield and ocher plate, jewels, including a George ill 
coffee pot, a pair of George Hi cast candlesticks, a Victorian tea 
service, a George ill lidded tankard. 

THURSDAY 27th JULY 

Oriental ceramics and works of art including good famille rose 
dishes. Imari vases, a very large Cantonese punch bowl, ivories, 
lacquerwork and bronzes. 

WEDNESDAY 2nd AUGUST 
Victorian and later funtfture and works of art. 

“ THURSDAY 3rd AUGUST 

European ceramics including a Prattware dessert service, with 
printed views, a Coalport dessert service. Continental Figures and 
groups. 

THU R5 DAY 10th AUGUST 
Oil paintings, watercolour drawings and prints. 
Catalogues 65p each by post (applications to be prepaid) 


HENRY SPENCER AND SONS LIMITED. 

10. THE SQUARE. RETFORD, NOTTINGHAMSHIRE 
TELEPHONE; (0777) 705767 (10 LINES) 

Valuations prepared for insurance, probate and Family division. 
IN ASSOCIATION WITH SOTHEBY'S 


ART GALLERIES 


THE 

VICTORIAN IDEAL 

An Iixhibiii>.»n ol Victorian i’anuin"' 

Until JWh July 

fi Duke Srwi Si James'*. LonJ-n SWI 
Gallery Hour-; Monday m.hnilj> I**-* 


SI£T UF TWELVE BEAUTIFUL 
THAI TEMPLK HURB1NG PRINTS 
f»X HAND-MADE RICE PAPEH 
Limned niimhi'r of !«•>• eolli'elorV 
n«:m* are atailnblc al £"3.00 per si i 
Ironi: 

Nor An Lirt . 4 l.|i||*. Park Hardens. 
Enli-.-!d. Middl.ii-s. ni-'iKi frK. 
Write or let<-i>honr fur illustrated 
broehurr- 


PERSONAL 


ACH1M MOELLER _ GALLERY, b. Gros- • 
venor Street, ott Bono Street, w 1. Tot. | 
493 7611. Selection Of IS paintings br ; 
KAD1NSKY and 20th CENTURY . 
MASTERS. MDdlallani. Leotr. Braque. 
Mondrian. Ernst. Mlro. Klee. PKasw a.O. 
through July. 


BROWSE a DARBY, 19 Cork Strret. W 1. 
Robin Phihmon — Women Observed. 
Mon.-Frl. 10 00-5.00. Sal. 10 . 00 - 1 = 30. 


C HAND RE GALLERY. 5-6 Cork St.. W I 
01-734 4 626 Exhibiting Paintings by 
GREGORY FINK. Mon.-Frl. 10-S 30. 
Sals. 10-1. 


CANON CAMERAS 

and accessories. Unrivalled 
slocks, the best prices at the 
'World's largest specialist 
EURO FOTO CENTRE 
.High Road, Cowley, Uxbridge. 
Middx. West Drayton 48224. 


FIELDBORNE GALLERIES. 63. O neon's ) 
Grove. St John s Wood. 5B5 3600. 
LANDSCAPES by Royal Academicians . 
MARBLE Carvings YQMA SASCURGH ; 


FINE ART SOCIETY. 14B Ncm Band S'. 
W 1. 01-629 5116 EASTER* £N- 

COUNTERS. 19c Onenulist Painters . 


OMELL GALLERIES, fine Briusn and 
Frcncn MODERN DRAWINGS and 
Modern British MARITIME Pi^TUfitb- 
4 -1 Albemarle Street. Piccadilly. W-l 


VIVITAR LENSES 

Camera*. FUih Gum. Enlargers and 
Photo Acccise-iei. UnnvaUed stock*, 
the ben price* at the world'* largeir 
ipesia'itt. 

EURO FOTO CENTRE 

High Road. Cnwtcy. 

Urb-idge. Middx. 

We*t Drayton 48224. 


OWEN EDGAR. ,9 Won ejjn, (n Si.. Bel- j 
ornvia. London. SW.1. 01-235 .590?. j 


Paintings by leading VICTORIAN ARTISTS 
always on show Mon.-Frl. 10-6. 


GENTLEMAN cmltgratmg lo San Francis-'’ 
co w.|l undcnaLc commissions Good 
contacts. Write Box G 22S9. Financial 
Times- 19, Cannon Street, £C4P 4BY. 


RICHARD GREEN GALLERY. 4 New Bond 
Street. London, W.l. 01-499 54S7 

BRIII5H MARITIME ART. fa-nlings. 
watercolours and prints. Dally 10.0-6-0- 
Sal*- 10,0-12.30. Ends July 21. 


5LOANE STREET GALLERIES. 15B Stoa"* 
5t. W.l Modern paintings, sculwures j 
and graon cs b* In wresting International J 
artiste. Wide range ol nrlces. Tuei.-Frl. 
10.00-5.00. Sen. 10.00-1.00. 


COMPANY 

NOTICES 


W. H. HARVEY A CO. (AHTIQUES1 LTD-. ‘ 
67-70 Chalk Farm rb.. n.wti. Tel. 01- i 
485 IBM. EXHIBITION OF CMIPPEN- I 
DALE FURNITURE. 1-15 July. Cele- I 

Mon.-?rl. af^O-S.lr 1 Ann, “ e,,J,rr ’ ! 


CLUBS 


EVE. 109, Regent Sued 734 OS5T A la \ 
carte or All-in Menu -Thiee Spccl-uui-r J 
Floor Shows, 10.45. 12 45 and I 45 and ; 
music ol Johnny HawKcswonH & Friends. ! 


CREDIT NATIONAL 

DOLLARS 75.000,000 
FLOATING RATE NOTES 
1978/88 

The rate of interest applicable to 
the half yearly inrerest period 
beginning on July 1 1 ch 1978 as 
determined by the reference 
agent is 9f„ per annum. 




14 


Financial Times Saturday 3uly 15 197S 


FINANCIALTIMES 

BRACKEN HOUSE, CANNON STREET. LONDON EC4P 4BY 
Telegrams; Vinantimo, London PS4- Telex: 886343/2, 883897 
Telephone: 03-248 8000 


Saturday July 15 1978 


Uncertainty 



THE AGREEMENT by the 
nine members of the European 
Community' to consider in 
greater detail a proposal for 
pegging their exchange rates 
more closely to one another 
gni the UK financial markets 
off to a good start this week. 

Sterling rose sharply, especially 
against the dollar, and both 
equities and gilt-edged fol- 
lowed suit. These market move- 
ments are not altogether easy 
to rationalise. Although the 
proposal envisages some pool- 
ing of exchange reserves among 
the Nine, after all. it is not to 
be supposed that the risk of a 
run on the pound will become 
less of a restraint on policy 
than it is at the moment: were 
that the case, the risk of infla- 
tion would become greater. 

Any support needed to main- 
tain a semi-fixed exchange rate 
bound to be subject to con- 
ditions, perhaps more onerous 
than those imposed by the 
International Monetary Fund. 
A closer alignment of currency 
parities implies a greater co- 
ordination of economic policies 
and conditions throughout the 
Nine — which is no doubt why 
Mr. Callaghan, realising the 
competitive disadvantages of 
the UK and the hostile attitude 
towards the Community which 
is still prevalent among 
Labour's left wing, was less 
enthusiastic about the proposal 
than most of his colleaues. 

The Summit 

But his reserva tions are 
shared, to a greater or lesser 
extent and for a variety of 
reasons, by many politicians and 
officials. It will be some time 
before the details of such a 
scheme can be considered and 
carried out. In the meantime, 
the Bremen initiative is widely 
regarded 3s a promising start 
to the Bonn summit meeting 
which begins tomorrow. 

That, too, may be a hopeful 
over-simplification. The Bremen 
proposal. like the more 
optimistic noises that have been 
coming out of Geneva this week 
about progress on the current 
round of international lrade 
negotiations, may help the seven 
heads of government of the 
leading industrialised countries 
off to a good beginning in their 
efforts to encourage jointly the 
growth of world output and 
i rade in order to bring down 
unemployment and check the 
trend towards protectionism. 
But they each have their own 
formidable political problems at 
home to deal with and they 
arc not entirely at one even 
about the theoretical goals at 
which they are aiming. 

The financial markets in 
London, at any rate, did not bold 
the momentum with which they 


began the week: the 30-share 
index has gone a little higher, 
but the dollar exchange rate and 
the index of government securi- 
ties have slipped. This may 
seem paradoxical, since the 
economic indicators which 
mainly affect gilts have been 
reasonably good while the index 
of industrial production, which 
is of more concern to equities 
is of doubtful significance. 

Inflation 

The latest news of .progress 
in the struggle against inflation, 
on the other band, looks good. 
It was announced yesterday that 
the growth of the retail price 
index had fallen again in June 
to 7.4 per cent on a yearly com- 
parison. and it seems quite likely 
that the index will continue to 
■rise at around this rate until 
about the end of the year. 
Support for this view can be 
found in two advance indica- 
tors. First, the index of price 
increases notified to the Price 
Commission fell from a rise of 
6.8 per cent to one of 6.0 per 
cent between May and June. 
Secondly, the indices of whole- 
sale prices look reasonably 
promising. The index of output 
prices for the home market rose 
in June by only about £ per 
cent, much the same rate as in 
recent months, while that of raw 
material prices was up by much 
less than usual, largely because 
of the strength of sterling. 

At the same time, as was to 
be expected, the Government's 
latest package of measures — 
and -the- sudden burst of demand 
for gMt-edged stock which 
followed their announcement — 
has had its effect on -the growth 
of the money supply. The bank- 
ing figures for itihe latest month 
suggest that there was little 
change either way in this period, 
though they also suggest that 
the demand for bank advances 
from industry may be creeping 
up at just the time when the 
scope for meeting it has been 
limited by official action. The 
latest' trade figures, though 
belter, are still too affected by 
erratic items to have much 
influence either way. 

The greatest uncertainty of 
all. however, which affects gilt- 
edged and equities equally, is 
the approach of a general elec- 
tion and the reaction of trade 
unions to the Government’s next 
plea for wage restraint The 
latest by-election results con- 
firm the widespread feeling .that 
the election will come in 
October. The White Paper on 
pay policy is expected within 
days. The union reaction to it, 
this time as last, will only 
become, clear over the courte 
of months. 


as amended at report stage 


Doctoring in the House 


■ t. j a taoerinc relief if Last year the Government if the jointly owned company Is 

HE Finance Bill completed those, self-employed working dentally left out— this has now year, , ano if * gave las concessions to employ- the one which has tax losses. 

*1 -i. *v_ noorspac To* » «<)im/i3npv been corrected. t“ e trusievs *** » ...v„ «n joi-e Qf jjie Amendments tabled 


T its run through the otosms. Taton redundancy been corrected. _ 

. - .u payments was reduced, the new Retirement relief is the some- to £1,-50. 

gauntlet of . the Comm ns p rflfit _ s j iar | J ,g ; legation was what misleading name of the 

shortly 'become law As in 1977, eased and there were moves to capital gains tax relief for those T&X 3 Tld EEC 
if emerged with ’a string of «duce elements of sex discrim- over 85 who hand on their busi- Qau5e ^ of ib0 Bill 

roncessions by the Government, ination embodied in legislation, " nec “ fOT " llv ~" 7,narues ' 

and several outright defeats, as Measures that -were defeated 

a result of the lack of an over- included an attempt to make ° c J* X1 ? ““ BllTas * ith its EEC obIisation5 

The VAT bad debt relief less been increased^ in the BM_as pSchan , e information concera- 


ces who worked 30 days 

or more abroad, and this year’s which stood .little chance of 
Finance Bill gave the same con- finding their way onto the 
cession to self-employed people, statute book, one was designed- 1 
was a although for them the qualify- to sabotage the Revenue's 


- n « ss ^ fam i ! y "“P 4 ?. 1 ® 5 ' provision designed to allow the period was extended to 80 recently-announced proposal to 
1 whether they retire at the tune Government to comply days. tax employees whose children^ 

, or not- The relief had already . EEC obligations to nmandm^nr receive “ scholarships " from ' 


all Labour majority. 


over scholarships and 
sortium relief and 


changes were considerable— and potentially destructive, moves 
many are of great importance 
to the taxpayer. 

But although -the extent of 
the alterations was probably 
even greater than last yean— 
itself a post-war record in these 
terms— the Government did 
have greater control over the 
proceedings. 

There were no 


UK taxpayers with the 


The Conservative amendment 
brings the qualifying period 


receive " scholarships ” from 
the parent's employer. Mr. Peter 


originally tabled so as to exempt T ~- 

-”•= ^ “Sy./LSSrS —brother entries £ 1ZZZX2JSZ 

* uu a Tory bl !X in the Community. The Revenue , his se if-employed individuals «. 

attempt to stop the Government S” explained that it already had jjJ be ab i e P for tax purposes. exem P t the amounts concerned 

tackling organised tax avoidance «W before reach,ng similar and comprehensive pro- J, d Jdurt 25 per cent of S fro “ thc charge to tax as 


down to 30 days, which means Hordern and Mr. John Wakeham 

nevertheless thought it worth 
tabling an amendment to 


retrospectively. 

Income tax 


65). 

There are two important new 


visions in Double Tax Treaties 
with all the other EEC states, 


The clause, which 
considerable staff 


. mu* a—r hrinpc r — ' entails a considerable Sian 

amendments. The first brings but it has nevertheless been h d on the r n r, ntI Revenile support of 

into the scope of the relief {orced t0 accept mo restrictions in al ! for Panioe in 

shares m companies held 51 per h in which this mfor- reaut A* 


The 1 per cent cut in the shares in companies field oi per Qn fhe way in which this infor- ^ i" J ‘“7®““*^“: ^Ittee' 

•mere were no Labour standard rate of income tax will cent by a family, and in which mation can be passed across. full P ™ ar — 

defections in the Standing cost the Exchequer about £340m the donor holds 5 per cent The Thg rec |p£ e nt must accept the J 

f'r.-.miKnn er. than wbm in thp pun-ent finanrial vp_ar and previous levels Were O per cent _____ — nfiitontinlitv mnititinns 


Committee, so that there were in the current financial year and previous levels were To per 
no defeats at this stage. Last means a reduction in individual and 10 per cent Secondly, a 
year the Government was con- income tax of up to £60 a year, measure of relief is now to be 
siderably embarrassed by the This figure will be gained by available in cases where the 


same confidentiality conditions 
that the Inland Revenue itself 
operates under, and the informa- 
tion can be given only where 


Rooker-Wise amendments laid taxpayers earning about £8,000, asset concerned has not oeen ^ neet jed by the other state 


down bv two Labour bac£ after which income level there held for the full period of 10 
benchers' in Standing Com- will be no additional benefit years which was previously a 
mittee which had to be accepted The Tories’ second major requirement After one year of 


for its own tax and tax enforce- 
ment purposes. 


lUlLlUC ITJUtU iiuu MW AA1C DW.UUU U*UJW* __ UlfTPaSP W9C 

fora ITESfflKSSft Development land to « 

This year the main effort of as much as 4 per cent for tax- additional jear provides a The Opposition obtained J? ? ' ^ 


year 
Conservatives 


in Standing payers 


per 

earning £10,000 


Committee was to convince Mr. above. The cost of this change The relief given where loans which puts off for one more 
John Pardoe, the Liberal, and 
Mr. Enoch Powell, the Ulster 
Unionist to back their amend- 
ments. When this looked like 
happening, the Government 
headed off potential opposition 
by promising concessions. The 


is estimated at £105m in the made to traders become 

current financial year and the coveraitie, or where a guarantor at which tbe 80 per cent rate 

* BY DAVID FREUD and DAVID WAINMAN 


benefits in kind. 

The Conservatives gained the-, 
Mr. Powell and Mr. . 
thc Standing Com- 
over a clause that 
outlawed a particular tax 
avoidance scheme — known as 
the commodity carry scheme — 5 
retrospectively. 

Tbe support of these two MPa 
meant that the committee vote 
was initially tied and the clause : 
retained its retrospective 
element only when thc chair- 
man's casting vote went in its 
favour. This narrow defeat 
meant tbe clause was debated 
again on tbe floor of House. 
... .... .... lows a series of large-scale where it was carried with 

tire- year to April 5 1980 the <tote redundancy announcements by majorities of 27 and 2L 

ure- year, to April 5, 1980, tbe date groups like British steel. However, because the measure 

British Leyland and Swan was intended to set a precedent. 
Hunter in which individual pay- the declared opposition of the 
outs are expected to approach Tories, as well as the other 
£20,000. parties, will have a significant 

In practice, the threshold of impact on. the future of 
£10.000 means that in many organised tax avoidance, 
cases no tax at all will be The Government planned the 


and further one-tenth exemption. . acceptance of an amendment 


Redundancy 

The Government introduced a 
clause to double the threshold 
before tax is payable on 
redundancy payments to 
£10,000. The intention of the 
increase was to enable workers 
jobs without having 
amounts of tax on 
their redundancy pay. It fol- 


Tax 

Until 


Conservatives claim that there greatest benefit will go to those has to pay up because such a of Development Land 

were more than 100 new earning between £15.000 and trader defaults, has been ex- becomes fully effective, 

clauses and amendments manv £25,000. tended to professions as then, tbe present position will incurred on pay-outs as high as attack on tbe single scheme to 

of them exacted under pressure The main reason for this is well as to trades. It is also to continue, namely that the first £19,000. due to the way discourage taxpayers using new 

of this kind that the raising of the threshold be available' where the loan is £150,000 of chargeable gams redundancy pay is assessed, ones in future. Clearly, there 

£8,000, because of the way ma de to a company in a group be laxed at 66 * P er rent. This is because the “ topslicing would be no point in an indi- 


income a closely-held company substantially amended. Many 


the additional payment above 
the threshold at tbe tax .rate 
into which the first sixth of this 
falls. 


However, tbs biggest changes to -w,— , »• — — * iuouc w a w±u h*“v *** ■ . ■ . . , , . , 

were made on the floor of the the relevant clause Is drafted. u *j Ch is not itself a trading and onl y thereafter will the provisions assess the whole of vidual seeking to avoid . tax 

House. The Conservatives man- raises all tbe tax bands above company, but which lends it on higher rate operate, 

aged to wreck the strategy of it by £1,000. So whereas the t0 an other group company 

the Chancellor’s Budget by original income level at which which ^ Profit-Sharing 

lowering the 34 per cent basic the top S3 per rate of tax A very br?e nlImb€r of The profit ^ h3ring proT i S i ons 

rate of jncome tax to 33 per J* r-:.i non ' amendments mahe alterations put into the Bill at the behest nicorim i n nUnn 

cent and [raising the threshed st^tds at £24 000 w ^ ^ wiBt t Jrtin Par doe have been quite Discrimination 

at which higher rates apply As there is always a coo- 
from £7,000 to £8,000. 

The Government 
recover the revenue 
these changes— estimated 
£440 m in the 1978/79 financial 


through an artificial scheme if 
the Government was likely to 
rule it out of court retro- 
spectively. • ... 

Now. that the Conservatives 
have declared a formal polity. 

. . - . of their own over tax avoidance,. 

i however, some taxpayers might: 


year— was obstructed 



the So 


consequent 


Liberals. Instead of increasing on the change will not be paid oesses, or to repay loahs raised changes 


were made 


the they were attributable to her ; 


policy on the 
issue was spelled out by .Mr. 



the National Insurance Sur- ^tiTthenT^ien'an'eetimated for such purch^es. It was not ^ ort Shares w* 2 p J to Pet ® r Rees v a . T °7 

charge by a proposed 2.5 per- £300m will be injected into the clear whether this covered pur- ^ 1 WbandZ-a source of spokesman during the debate in 

centage points, the Government economy. chases which had already taken !SJST2t»2 considerable irritation to many Standin ^ Committee. 

The approximate level of tbe place, or only those after the ^ aft< : r ye&T f 1 ®f tead of I” rixauon 10 y Instead of dealing with avoid- 

be £9.70 for a Bill was published — it is .now original 15, and the amounts ance schemes retrospectively, 

chargeable between five and ^ Tories wijJ deal WiHil them 

by giving a precise wanting in 
The Commons order papers the Commons, from which date 


had to make do with 1.5 points, 
bringing the overall surcharge rebates will 

up to 3.5 per cent married man with no children clear that it covers them all. . 5Q t d _. ^ 

This wUl bring in only £300m earning £4.000 a year; £17 for In tbe committee stage of the 5J? n h S __ r _ P 0 J The Tai lures 

this year and the Government one earning £5,000; £104 for Bill, Mr. Joel Barnett under- g” 1 r J * *?**$*£* ‘ 

has announced that it will someone oo £10.500; and £250 took to initiate all-party discus- h p p ! 

review the position iu Novem- for one on £20,000.. sions on the possibility of “ .ASS!! 

her. when it wUl decide whether ^ __ . extending tbe small gains J ih^.,h ll l h«l(Tnr 

or not additional measures are Small Companies exemptions to trustees. At pre- " J^ndant H^iould 

required to cover the shortfall. A considerable number of fent, trustees get no reduction nQt t them ^ fr g g at staU| . 

Although other changes were detailed amendments extend the m capital gains tax on small t retirement age but bad to suDjecr or corr 

not introduced in so dramatic a availability of the reliefs which gains, a situation which is not wait ^ necessarv ’ num ber of ^ P a P er: Bad debt relief for Revenue and of the accountancy 

manner, several of them make a the Chancellor had introduced equitable for .the thousands of ^ thereifte|1 jj e is now (0 VAT is not to he granted where ^ }egal professions. If £hat 

sizeable impact on tax demands for small businesses, to encour- wul trusts whose only benefi- ^ to ^ ^ shares the debtor is a company, unless C0BBnUt ee could de\nse appro- 


are littered with the usual crop the scheme will be outlawed, 
of failed and uncalled amend- The problem at which the 
inents. Among those which wanting had been directed 
many will regret are two matters should then immediately be 
which have recently been the referred to a committee coin- 
subject of correspondence in posed of members of the Inland 


in specific areas. And as a age their operations and to help ciary is an aged widow: if her 
general rule all changes were preserve them through the husband had left her the money 
beneficial as far as the indivi- generations. outright instead of in trust for 

dual taxpayer was concerned. .• The capital gains tax relief she would have benefited 
Among the key alterations for gifts of business assets frem the bill’s exemptions and 
there were several concessions operates by holding over the tax reliefs. 
to help small and family busi- liability until the recipient of As an ' interim measure, Mr. 


tax free at that time. 

♦ 

Work abroad 

The Government accepted a 
Conservative amendment at 
Standing Committee stage to 


that company is put into Uqut- iate legislative provision, the 
datiDO- The insolvency and djluse ^,,^<1 be published 
receivership partners of 3 ax once so that those MMy to 

he affected have a second char 
firms strongly deprecate this . „ .. 

restriction. Secondly, corpora- 

tion tax group relief for losses 61131 fiuidedane «he Tone* 


nesses and trusts, an extension the asset himself disposes of it Barnett has given a blanket bring the self-employed into line is still not to be available where ^7 they w4H adopt wouldbe to 

of the period before Develop- Although it applied to shares in exemption for all trusts set up with employed people when loss-making companies own introduce tftis clause, without 

ment Land Tax comes fully into almost all trading companies, before June 7 where tbe gains they spend time working jointly a profitable company — fail, toto ®he fOfiawdng Finance 

effect and further tax relief for forestry companies were acci- made do not exceed £500 in the abroad. the legislation only allows relief BHi. 


Letters to the Editor 


Dividends 

I- n*Mi I-'rvdn HailtMf 

Sir.— The pathetic performance 
i*f i ho London Muck market is 
{■•■inline clearly t” fading hopes 
nf ilv restoraiiuii m" unhampered 
dividend payments. 

Tin- G'nvcrnnient went half 
v a i in t-ncuuraging the small 
iiivv-lnr l>\ rciiiovini; the capital 
on small profits, l tins off- 
M’ttini inlhliitn and costs — the 
jlu'li-hing of dividend restraint 
'■timid revive iiuereM in company 
;ia.Mucni> and ordinary <hares 
could and should he an attraction 
Im* investment income. The 
pension hinds etc. and personal 
sect nr* would equally benefit, 
and the juo rewards for risks 
e;ii»MuI would lie recognised. 

We all know that companies 
have guud and bad years and 
dividends are paid accordingly 
ll (ilT-iiuilinc tn have the con- 
tinuing corset holding buck, 
which after all is not unfair 
income — and in many cases is 
lower lhan aver ace from a 
growth company. 

Our present Government has 
emiic a lon^' way from the 
nrieinjl narrow -minded concepts 
i-r Suv'ialism. They are edticaled 
men and women who recognise 

ihal “ capital ” i< a necessary 
ingredient tu run any business 
unri have shown* as much under- 
standing a-» any Conser\ative 
(iovernmenl 

The health of the business 

I'unuminity depends on wise 
decisions, and where it is pos- 
able. the Labour Government 

has done quite well — except in 
regard to dividend controls. 

Now is the time to encourage 
the future ^vnvnilion of inves- 
tors If they acquire an under- 
standing or thc way trade and 
business is conducted, the coun- 
try would no doubt gain, and 
djniaging si riles and unrealistic 
wage claims would be contained. 
I'reda Bailey. 

P? churi eft Luftape. 

.Si i. Cliupcf St reei. 

Tircriutt. liecon 


Pensioners 

From Mr. P. Grotrialt 
Sir, — On reading Samuel 
F.nlian in the Lombard column 
(July 12) and his defence of 
Meade. I could not but help 
thinking of some advice Joe 
Kogaly had recently for the 


elderly, when he was writing 
about pensions. He suggested to 
the elderly like myself, that if 
anything was to be done for us 
when old. it would have to be 
a matter, of self help. He even 
suggested, horror of horrors, 
that some concussions might be 
made concerning investment 
income, to encourage the elderly 
to he more able to look after 
themselves when old. 

Superficially, the Meade/ 
Brittan line is attractive, but 
closer inspection shows it to be 
the reverse. Those who have 
been most successful at provid- 
ing Tor old age. the higher rate 
lax payers, are going to be the 
ones who really will be 
clobbered. Meade/Brittan are 
saying. ** You keep your money 
but that is all: just try and spend 
it in order to keep off the rates 
and you won't know what has 
hit you." Meade/Brittan. on 
hearing that the old are crying 
for bread, say cheerfully. '‘Let 
them eat fivers.” Their solution 
to tbe problem of old age. is 
death by starvation: even in this 
day. I find sucb a notion callous 
and repulsive. 

I suspect that . as the years 
begin to catch up with S. Brittan, 
he will think more favourably 
or Joe Rogaly’s ideas and less 
of the Meade/Brittan “ final 
solution " to old age. 

P. R. Grotrian. 

.Ifhfens C opte, 

AUdens Lane. Godaiming, 
Surrey. 


Cyprus 

From the Press Mtachi 
The Turkish Embassy 

Sir,— The report of tbe Euro- 
pean Commission of Human 
Rights, on Cyprus, which has 
been disclosed by tbe “Friends of 
Cyprus.” cannot be accepted as a 
credible document. 

This report totally fails to 
reflect the realities In Cyprus. 
Tbe Turkish side was never a 
party to the deliberations of the 
Commission and the report was 
based exclusively on the Greek* 
Cypriot allegations, supported by 
u very limited number of people. 
Moreover, the disclosure is in 
breach of the provisions of the 
European Commission of Human 
Rights, as well as going against 
the decisions of the relevant 
bodies of the Council of Europe, 


which have not consented to the 
publication of the report 

One cannot fall to note that tbe 
release of the report was con- 
veniently timed to coincide with 
the eve of the hearings of the 
renewed Greek -Cypriot petition 
to the European Commission of 
Human Rights. 

Tbe release of such a biased 
document is greatly to be 
deplored since it can only be an 
impediment to finding a lasting 
solution to the Cyprus problem. 
Varol Akcin, 

Turkish Embassy. 

43, Belgrave Square. SW1. 


Property 

From Mr. H. .4. Frazer. 

Sir. — I am sure many of your 
readers including myself find 
the survey on Northern Ireland 
(July 4) exceedingly interesting. 
Tbere are. of course, many fac- 
tors which prevent the province 
from obtaining its full financial 
target and one of these Is the 
relative unwillingness of pension 
funds to invest in property in 
Northern Ireland. 

With the honourable exception 
of the pension fund of the 
National Coal Board, there Is 
relatively little investment in 
property in Northern Ireland by 
cross channel pension funds, 
even by those funds controlled 
by undertakings who have sub- 
stantial industrial interests in 
the area. 

I think tbe unwillingness 
probably arises from lack of 
appreciation of the Government 
scheme for compensation in 
relation to buildings damaged or 
destroyed as a result of malicious 
Injury! So far as the older build- 
ings are concerned it cannot 
always be assumed that the cost 
of rebuilding will be paid since 
compensation Is more* likely to 
he on the basis of capital loss 
in terms of market value, but in 
relation to modern buildings 
which of course survive bomb- 
ing much more completely than 
the older type of building, it 
is by no means unusual for the 
compensation to be based on re- 
instatement costs less, in appro- 
priate cases, a deduction for 
betterment, if any. 

These considerations coupled 
with a much higher rate of 
interest on property investments 
in Northern Ireland than can 
be obtained elsewhere are 


insufficiently appreciated with 
the result that the market is 
not as active as It ought to be. 

Managers of pension funds 
would do well to look again at 
the Northern Ireland commer- 
cial property market since, in 
addition to higher yields, there 
has been a progressive rise in 
rental values. 

H. A. Frazer. 

Alexander, Reid and Frazer, 
55-57 High Street. Belfast. 


Choice 

From Professor D. Myddelton 

Sir, — Unlike Mr. Roper (July 
8), 1 advocate competition even 
in the so-called “professions.” 
That means allowing individuals 
the freedom to choose between 
“ qualified " and " unqualified ” 
lawyers.' doctors, teachers, and 
so on. 1 am not. of course, sug- 
gesting that people necessarily 
ought to prefer the unqualified, 
merely that they ought to 'be 
allowed the choice. 

In education and medicine the 
state has substantially prevented 
competition since the war. If 
we were permitted the services 
of profit-seeking competitive hos- 
pitals and schools, instead of 
bureaucratic state monopolies. I 
happen to think we would enjoy 
higher quality and lower cost At 
least it might be worth experi- 
menting to win such a prize. 

I understand there is already 
a large element of potential com- 
petition among architects be- 
tween the “ qualified ” and the 
rest. And I would not be too 
worried about allowing “un- 
qualified ” lorry drivers on the 
roads, since their own interest 
in acquiring sufficient driving 
skills must be at least as great 
as the public’s interest )□ seeing 
that they do so. Anyway em- 
ployers would be free, if they 
wanted, to require some demon- 
stration of driving ability before 
hiring anyone. 

Even with airline pilots there 
is a lot to be said for competi- 
tion. Most people would pro- 
bably prefer to flv with an airline 
with a relatively accident-free 

record^ so it would not he in an 
airline’s Interest to employ in- 
competent pilots. 

In general, however, possession 
of some professional “qualifica- 
tion ” can hardlv be regarded as 
synonymous with current “ com- 
petence.” After all. senior mem- 
bers of many professions passed 


their last professional examina- 
tions before the last war (even, 
assuming that such examinations' 
can adequately test competence). 

So while Mr. Roper agreed 
with all my examples about free- 
dom, I agree with none of his 
examples about qualifications. It 
is a depressing reminder of the 
paternalism of our age that so 
many people have lost sight of 
the once-revolutionary truth that 
freedom actually works! 

D. R. Myddelton. 

Cranfield School of Management, 
Cranfield, Bedford. 


Education 

From Mr. H. Blankson 

Sir. — I have read with con- 
siderable interest the views 
expressed by both Mr. R. C. 
Saint and Mr. John R. Bath ( July 
10 ). 

While Mr. Saint suggests th3t 
greater emphasis should be 
placed upon education in the 
polytechnics rather than univer- 
sities, that is, practical rather 
than purely academic." Mr. Bath 
on the other hand suggests that 
opportunities for self-advance- 
ment arc exactly the same for 
the bright and well-motivated 
school leaver as they are for the 
brigbt and well motivated 
graduate. 

If, however, it is accepted that 
in the final analysis both the 
school leaver and the graduate 
have to “get started on their 
careers and begin earning money 
of their own," then it stands to 
reason that the ideal pattern of 
education and employment 
should in fact start from the time 
the individual gets his first job 
at the age of 16. 17 or IS. 

As soon as toe school leaver 
has obtained his first employ- 
ment (and provided he is 
interested in the job) then be 
should be encouraged aod be 
guided by his employers to take 
the appropriate course leading to 
the professional qualification 
appertaining to the type of job 
be happens to be doing or is 
interested in. For example, If he 
were to be working iu any of tbe 
various specialist jobs in the 
company then ‘ he could take 
courses by means of day release, 
polytechnic or by correspondence 
to qualify in his chosen field. 
Older people in industry can also 
do the same in order to pro- 
gress. On toe other hand, if he 


is interested in academic pur- 
suit such as teaching or univer- 
sity education then while in 
employment be could take the 
necessary preliminary courses 
and examinations in order to 
qualify for entry into either a 
teacher training college or 
university. 

In other words, it would be far 
better to pursue educational 
advancement in industry aiid 
commerce (where you combine 
education with training) than 
pursuing education first and find- 
ing employment later. 

Herbert Blankson. 

Herblank School of Sale s 
Management Administrators, 

35, Whateleji Road. 

East Dulwich. SE22. 


Credit 

From Mr. K. Speyer. 

Sir, — Mr. Penwiill’s 'letter (July 
8) is apt in that it highlights 
the obvious — people who can- 
not pay on time because tbe cash 
is not there, or because they 
themiseives borrow from Che 
banks at anything from li per 
cent to 5 per cent over- bank rate 
— will only be too pleased 
to lake any credit they can get 
from their suppliers, as they 
have always done. 

Mr- FenwHl and toe proposed 
-legislators are innocents to think 
that a mere interest of 1 per 
cent over bank rate chargeable 
as of right automatically, is 
idkely to make the slightest 
difference to such borrowers of 
goods, services, money. They 
wilil. as at present, get their 
credit on the cheap — as even 
at 1 per cent over bank rate they 
would effectively get their credit 
far below toe cost at which most 
such borrowers couM get over- 
draft facilities from toe banks, 
if they could borrow from them 
any more in any case. 

To be effective, trade credit 
after noe month should be sur- 
charged at toe rate of 2 per cent 
or 3 per cent per month (not l 
per cent per annum over bank 
rate, as proposed) to take 
account of the cost to toe lender 
of his own money costs and in- 
flation and toe return -he expects 
from bis own business and work- 
ing capital. 

K. G. Speyer. 

E. M. Speare. 

206, City Road, ECU 




. a complete property 
service to ' 
commerce 
the United Kingdom 




m 


FULLER 

PEISER 


3-4 Holbom Circus 
London EC1N 2HL 
Tel: 01-353 6851 
Telex: 25916 

■W JI StvMat AttnSlfi P*LS 


tfducrs and Agios qf. Iiidustritil and Gomnwriial. ■: 
Property Rating Surveyors. PtaM &Mcidimery letters. ?’•; 
Proj&i TAtmgrs. hwestment, Hutuuv and Det>dnpment ^ 
• CctishJmmTS. Fire- Loss “Assessors: Property hkiridgefipl 











'PmaticlarTmreg" Saturday Ju]y 15 ig78 


15 


Modest aspirations for the summit 


BY PETER RIDDELL, Economics Correspondent 


OUTLOOK for the world 
omy may nnt be much 
oved by the economic 
nit but no real harm may 
ane either. This is the level 
modest aspirations with 
h most commentators, and 
f . participants, are 
Baching the iwo-dav meet* 
if the leaders of the seven 
■r industrial nations which 
s in Bonn tomorrow, 
deed there has been a 
ieraie effort by the seven 
tries to avoid building up. 
wive expectations ahead nf 
meeting— -partly because of 
intractable nature of many 
ie problems to be discussed 
ilso. more cynically, so that 
agreement can be presented 
success. The summit will 
■si certainly not fail, at 
publicly; at any rate, a 
communique with a 
unding condemnation of 
( protectionism j and in 
ie of virtue (.sustainable 
inflationary' growth and 
gy conservation ) will 
re that any failures do not 
me too readily apparent, 
ich scepticism is perhaps 
itable in view both of the 
ent state of the world 
;omy and of the clearly 
ppointing results of the 
e previous summits — at 
ibouillet in November 1975. 
Puerto Rico in June 1976 
in London in May 1977. 
i meeting has included the 
, Canada, Japan, the UK, 
t Germany, France and 

r. 

ie recovery of activity and 
mt has remained slow in 
t of the major industrial 
it.ries, with the notable 
jption of the U.S. And 
ough unemployment has not 
eased sharply in the major 
lomies as a whole since last 
jmn. the numbers out of 
k are still significantly 
wr than at any time in the 


generation up to the mid-1970s, 
and it is a similar story with 
the rate of price inflation'. The 
pa l tern is depressingly familiar 
but the fact that 1978 looks in 
some respects like being a 
repeat of 1977 is of little com- 
fort. The potential and actual 
instabilities have increased, 
notably in the currency area, 
while the threat of creeping 
protectionism has grown. 


Unrealistic 


The lack of progress in. the 
last year can be appreciated by 
reading the Downing Street 
Declaration produced at the end 
of the London summit, with its 
mixture of unrealistic targets 
and trite hopes. It is hard to. 
identify any substantial 
advances on any of the seven 
major points: 

• Creating more jobs; 

• Maintenance of existing 
targets for growth by the 
stronger economies; 

• Commitment to seek more 
resources for the International 
Monetary Fund; 

• Agreement to give a new 
impetus to multilateral trade 
negotiations; 

• Pledge on need for greater 
energy conservation; 

• An urgent study of how to 
reconcile the world’s demand 
for nuclear power with the 
need to avoid the spread of 
nuclear weapons: 

• Pledge to do everything 
possible by means of trade, aid 
and finance to help the develop- 
ing countries towards a just 
share in world growth, notably 
by promoting the success of the 
North/South dialogue. 

The most glaring failure of 
the London summit has con- 
cerned the pledges to maintain 
economic growth rates. Japan 
committed itself to its existing 
target Of a 6.7 per cent rise In 
total output in 1977 compared 
with 1976, but achieved only 


a 5 per cent increase; West 
Germany reaffirmed a 5 per 
cent growth target, but the out- 
turn was an increase of only 
half as much. Only the U.S. 
broadly achieved its target of 
a 5.8 to 6 per cent rise in total 
wtput during the course of 
1977, 

Overall, the London meeting 
ha6 been followed by a slacken- 
ing, rather than an acceleration, 
in rates of economic growth. 
The expansion of real Gross 
National Product throughout 
the area of the Organisation for 
Economic Co-operation and De- 
velopment slowed down from an 
annual rate of 4 per cent in the 
first half of last year to barely 
over 3 per cent in the second 
half and not much higher at 
present, with a slight upturn 
expected later in 1978. 

The result is that the growth 
of total output for this year as a 
whole is unlikely to be any 
more than last year's 3* per 
cent increase. This is insuffi- 
cient to check the rise in unem- 
ployment from the present level 
of 1 7m. This aggregate picture 
masks contrasts between the 
U.S.. which has continued to ex- 
pand rapidly with a sharp fall 
in unemployment and West 
Germany and Japan where ex- 
pansion has remained at rela- 
tively low levels. These differ- 
ences have been refected in 
continuing current account im- 
balances in 197£— again con- 
trary to the hopes of the 
London summit — with the U.S. 
deficit possibly rising to $25bn 
matched by West German and 
Japanese surpluses totalling al- 
most as much. 

The likely failure to achieve 
the specific growth commit- 
ments became apparent within 
only a few months of the 
London summit. 

Such an obvious failure in 
spite of an agreed monitoring 
process explains the general 
rejection of the whole idea of 



Some of the participants of the London summit of last year oatside No. 10: Mr. 
Callaghan, Mr. Carte r and Herr Schmidt. 


specific growth targets. The 
problem is that not only are the 
targets often unrealistically 
high in the first place, and so 
are never taken seriously, but 
that the commitments to their 
achievement are made too late 
in the year to carry out any 
necessary corrective action in 
time. 

In other areas, the results of 
the London summit have also 
been disappointing, though not 
always so obviously. Thus the 
Tokyo round talks in Geneva 
aimed at reducing trade 
barriers have still not reached 
detailed conclusions . in spite of 
the extension of the deadline. 
But intensive sessions this week 
suggest that agreement on a 
comprehensive reform and 
liberalisation of trade may now 
be achieved by the end of this 
year. 

The pledge on seeking more 
resources for the IMF has 
certainly resulted in much 
discussion as well as action by 
many governments, though 
little substantial change yet in 
the Fund's role. Similarly, the 
position of developing countries 



Wednesday the Royal Com- 
foion on Gambling published 
final report, a document of 
h thoroughness and scholarly 
•entiun to detail that by the 
lowing morning the small 
id of Fleet Street journalists 
rged with the task uf absorh- 
iis 581 pages and 3(H 
oniniendations was in a state 
exhaustion bordering on 
ia. 

r it is any consolation, the 
irman of l he Commission, 
d Rothschild, was prepared 
admit this week that he had 
nd Jiis two-and-a-half years' 
■fc on the Commission “the 
<t frightful sweat.” 

'he report cost £ 585,910 to 
duce and involved sifting 
distilling 1.75m words of 
nal evidence, plus 111 visits 
various Commission niem- 
s to bingo clubs, casinos, 
^.*er grounds, race tracks. 
— .mg shops and other 
— ■■■^ibiing institutions from here 
Vegas and back. 

It's the most difficult job 
i ■ avc ever undertaken,” says 

\ d Rothschild, “much more 
■cult than running the 
nk Tank. It's an immensely 
iplicatod subject with so 

\ iy ramifications.” 

.s a non-gambler, had he 
n shucked by his introdue- 
\ \i to what has become an 
*■ 4 n business? “ I wasn't 
.eked. But 1 was very, very 
i prised. I found gambling 
f \ be neither more innocent 
more sinister than I had 
* ained. but there is indeed 
emarkablo superfluity of it. 

really arc a nation of 
iblcrs.” 

he ramifications the Conunis- 
i found itself dealing with 
ged far and wide, from the 
adly economic to the com- 
vial and financial, the moral 
philosophical. The subject 
so complicated, says Lord 
lischikl, that it is poimJcss 
,-irive for an over-view. “The 
•ri gambling is as broad as 
word religion. □ word that 
If embraces everything from 
Holy Roller lo the Buddhist. 

v do you attempt m relate 
need* or motives or a 
Idle-aged woman who visits 
hingo hall for a natter with 
$e ol the man who suddenly 
ps £1U,(HJ0 on the roulette 
. , cr . 

'he answer is you do not. But 
report is notable, mmoihe- 
for relentless vigour, for 
manner in which it 
mines and then adopts or 
,-iards a multitude of often 
My complicated interlocking 
^lumenth. and brings them 
blether in its final rccom- 
jndauons. 

j-onie of Dioe are fairly 
heal, such as ihe Crunnus- 
}i*s call for. a national lottery 
I support pood causes which 
^ ild probably achieve a £10t>m 
nnver ju iis first year. Some 
fairly painful, such as the 
.gcsiion of severely higher 
es on casinos. If the Com- 
isuki’s proposed casino tax 
icture had been in force last 
r. the total profits ol all 
in os .would .have been cut 


is no better than it was and in 
many respects worse with ever 
growing indebtedness. 

This dismal list might seem 
to discredit the usefulness of 
summitry. Yet the idea of 
regular meetings between heads 
of state retains its appeal, 
partly no doubt because it pro- 
vides the political leaders with 
some temporary feeling that 
they can influence, if not con- 
trol. the development of the 
world economy. 

The regular meetings also 
provide an opportunity for 
keeping in touch and transcend- 
ing diplomatic channels. It is 
argued by the defenders of 
summits that they are an oppor- 
tunity for beads of state to give 
a new political impetus when 
an issue, has become dead- 
locked in the discussions of 
officials and finance ministers. 
On this view, world leaders may 
agree collectively what they are 
unwilling, or unable, to do 
individually. 

The more modest, and per- 
haps realistic, view is that these 
summits and other meetings of 
finance ministers at the IMF 


TODAY — Prime Minister speaks 
at Durham Miners' Gala. 

SUNDAY — Two-day Western 
economic summit opens in Bonn. 

MONDAY— High Court applica- 
tion by Burmah Oil for court 
order . compelling Bank of 
England- to disclose documents 
Burmah considers important in 
its £500m. action against the Bank 
for the return of its 20 per cent 
shareholding in British Petroleum 
at the original sale price, plus 
dividends. Railway Staff National 
Tribunal resumes hearing of 
ASLEF pay claim. London. Fire 
Brigades’ -Union one-day confer- 


and OECD concentrate the 
minds of the participants. This 
does not mean that countries 
are necessarily forced to 
embark on a major change of 
strategy unless they want to. 
But it is arguable that a 
calendar of regular inter- 
national financial meetings and 
consistent pressure helped to 
ensure that West Germany and 
Japan took some expansionary 
action last year. There may also 
be a useful negative result of 
s umm its in. that the participants 
abstain from certain defensive 
actions which they might other- 
wise have undertaken — for 
example, the introduction of 
import controls and other sub- 
sidies on a large scale, as 
occurred in the 1930s. 

It is in this limited sense 
that the Bonn summit may 
serve a purpose, showing that 
the lesspns of earlier over- 
ambition have been appreciated. 
The agenda is virtually the 
same as a year ago in its range 
of preoccupations with the 
major addition of currency 
stability. The sharp fall in the 
dollar in the last year, especially 


compared with the Japanese 
Yen and the Deutsche Mark, has 
made a stabilisation of curren- 
cies a major priority for the 
European participants especially 
West Germany and France. 
Indeed last weekend's decision 
at the Bremen summit of Com- 
mon Market heads of govern- 
ment to press ahead with 
detailed consideration of 
Franco-German proposals for 
achieving currency stabilisation 
within the EEC may he more 
significant in the longer-term 

than the Bonn communique. 

The problems in reaching 
agreement at Boon are caused 
not only by the stale of the 
world economy but also by the 
widely differing views and 
interests of particular countries. 
The starting approaches are 
well known. West Germany, 
the host nation, is reluctant to 
embark on a major programme 
of expansion as urged by other 
countries because it believes 
this might risk a rekindling of 
inflation and is anyway not 
practicable in view of public 
borrowing constraints. 

Commitments 

Instead, Chancellor Schmidt 
is looking for action by the 
U.S. to support the dollar, 
especially to reduce oil im- 
ports. and for tougher commit- 
ments against protectionism. 
France broadly agrees, though 
is sensitive about criticisms of 
subsidies. The Japanese 
Government shares many of the 
German views, but is confident 
about sustaining a fairly high 
growth rate, and its main posi- 
tive contribution is likely to be 
a commitment to increase aid 
and capital flows to non-oil 
developing countries. 

The U.S. position is more 
ambiguous on currency stability 
and President Carter is likely 
to emphasise the need for a 
convergence of growth rates as 


Economic Diary 


ence on pay. Blackpool. Retail 
sales (June, provisional).' Cyclical 
indicators for- UK economy (June). 

TUESDAY— Prime Minister and 
other Cabinet members meet TUC 
General Council to discuss forth- 
coming White Paper on pay 
policy. EEC considers the Com- 
munity Budget. Brussels. U-S. 
Government offers 300.000 ounces 
of gold for sale in third of six 
monthly auctions. British Air- 
ports Authority annual report. 
British Gas Corporation annual 
report Sir David Steel, British 
Petroleum chairman, addresses 


American Chamber of Commerce 
lunch on “ Oil and Energy in the 
North Atlantic." Savoy Hotel. 
WC2. Unemployment and unfilled 
vacancies (July, provisional). 

WEDNESDAY — Prime Minister 
meets Confederation of British 
Industry on Phase Four pay 
guidelines. European Commis- 
sion meeting on “crisis cartels." 
Brussels. All stages of Finance 
Bill in House of Lords. CBI 
Council meets. British Institute 
of Management launches “Mana- 
gers’ Manifesto.” Basic rales of 
wages and normal weekly hours 


a result of expansionary moves 
by ihe West German and 
Japanese Governments to 
reduce payments imbalances. 
He will say this is preferable 
to a restrictive U.S. policy, 
especially as its economy is 
anyway likely to slow down 
later this year. 

Mr. Carter is likely to point 
to his efforts to push an Energy 
Bill through Congress while 
stressing the constraints of his 
domestic political position. He 
has already stressed the 

increased relative significance 
of non-oil manufactured imports 
as a cause of the U.S. current 
account deficit. 

The UK's main role in the 
summit may turn mure ou the 
fact that Mr. .Tames Callaghan, 
the Prime Minister, is closer 
to President Carter than oilier 
leaders rather than the 
importance of any extra contri- 
bution from Britain. Indeed 
the UK view is that the budget 
stimuli of the last 12 months 
have already represented the 
UK's part of the joint effort 
towards non-in flat ionary growth. 

The nature uf any bargain 
emerging from the summit is 
still not clear. But any commit- 
ments are unlikely lo he mure 
than vague, and there will be no 
qualitative growth targets. Herr 
Hans Matthoefcr. the West 
German Finance Minister, 
suggested the outlines of a 
possible deal yesterday when he 
said that West German 
proposals to boost growth 
would be more concrete if 
President Carter is prepared to 
be more precise in his commit- 
ments on stabilising the dollar 
through cutting oil imports and 
dampening down inflation. But 
almost whatever good intentions 
are agreed at Bunn, it is 
difficult to foresee the average 
rate of economic growth being 
much higher in a year's time 
than now, or unemployment and 
inflation being much lower. 


(June). Monthly index of aver- 
age earnings (May). 

THURSDAY — Cabinet di.seus.-os 
impending While Paper on pay 
policy. Consumers' expenditure 
(2nd quarter, 1st preliminary 
estimate). Sector financial 
accounts: Net acquisition of finan- 
cial assets: and industrial and 
commercial companies and per- 
sonal sector financial accounts 
(1st quarter). UK banks’ assets 
and liabilities and (he money 
Stock: and London dollar and 
sterling certificates of deposit 
(mid-June). Construction new 
orders (May). 

FRIDAY— Sales and orders in 
engineering industries (April). 


from an expected £50.Sm to 
£14.9m. In tire case of the big 
London casinos with an annual 
cash drop (the money changed 
for chips) of more than £ 10 m, 
profils would bare fallen from 
£3S.9m to IlO.lm. 

In some instances, the report 
is more interesting for the 
recommendations it rejects as 
for those it advances. The Com- 
mission says no to the idea of 
an overall Gambling Authority; 
to evening or Sunday opening 
hours for betting shops; to an 
immediate and substantial in- 
crease in the Horserace Betting 
Levy: to a big increase in the 
maximum turnover of local 
authority and society lotteries, 
and to the suggestion that the 
police have unrestricted rights 
of entry to members’ clubs and 
miners' welfare institutes. 

Above all, the Commission 
was not enticed by the sugges- 
tion that the Horserace Tote be 
allowed to nationalise ail betting 
shops. What this means in 
reality is that the Commission 
has probably killed off the lei's- 
nationalise-gambling lobby, at 
least for the next 30 years. 

Housey 

housey 

One of the very few in (act 
Georgian housing estates in 
London has just come on to the 
markcL London agents Chesler- 
tons have been asked to soli 
most of the Lloyd Baker Estate 
in the London Borough of 
Islington by the family trust 
that owns the 95 houses. 

The agents have put a reserve 
value of just over £Im on the 
estate, breaking it down into 
£350.000 for Granville Square. 
£140.000 for Lloyd Baker Street 
and £550,000 for- Wharton Street 
WC1. And 10 Judge from !"' 
t crest aroused so far. the family 
trust is likely far to exceed the 
reserve price, despite a mere 
I3S.500 annual rent roll on rue 
SI fully tenanted houses in the 

estate. , . 

Islington Council is undtr- 
stood to be discussing the possi- 
bility of buying i he wl J®ie 
estate. But the keenest bU3in« 
interest ten ms to have come 

from hoiking associations, un 
a number of similar offers lor 


Rothschild: games and gaming 

sale, recently the mass of Gov- 
ernment funding available lo 
registered housing associations 
has made them fearsome bid- 
ders, if at a later stage they 
prove to be rather incompetent 
developers of inner London 
housing. 

The Lloyd Baker estate re- 
cently passed to a cousin of the 
direct desceodent of Thomas 
Baker and Mary Lloyd, who 
acquired the land some 200 
years ago. Mary Lloyd was the 
grand-daughter of the Bishop of 
Worcester, a cleric whose main 
claim to fame was his imprison- 
ment, along with six other 
bishops, by King James 1L 


Clubbing 

together 


AS THE last putt in this year’s 
Open Championship rolls to- 
wards the hole, and the winner 
relaxes into exhilaration, those 
hard men from the golf trade in 
the crowd at St. Andrews, may 
pause . for a moment before 
they unclench their fists. 

For British golf has recently 
come under the scrutiny of the 
Office of Fair Trading, in its 
lobk into restrictive practices. 

Mrl Gordon Borrie. Fair 
Trading director-general, placed 
some agreements of the Pro- 
fessional Golfers’ Association 
under inspection about a fort- 
night ago. These cover restric- 
tions on advertising and the 
supply of goods by the PGA, 
the ruling body For professional 
golfers in the UK. 

The vital question now is 
whether Fair Trading will take 
in- the Professional Golfers’ Co- 
operative Association as part of 
its investigation into golf- The 
cooperative was set up in 1921 
and acts as a giant distributor 
For Britain’s 1,400 golf pro- 
fessionals. 

: The co-operative, which had 
sales last year of £am, is only 
open to golf professionals who 
must buy a stake to join. It has 
members in common with the 
PGA but no direct connection, 
according to Mr. Cotin Snape, 
general secretary of -the PGA. 


ilthU-'j Asttunod 

The co-operative buys at 
better prices than any pro- 
fessional can .negotiate alone, 
and supplies in the UK from 
four warehouses in Manchester, 
Glasgow, Birmingham, and 
London. 

Since manufacturers until re- 
cently tended to supply the top 
ends of their ranges exclusively 
to professionals, the co-operative 
has found it fairly straight- 
forward to maintain a strong 
presence at the quality end of 
the golf equipment market. 

Just how strong the hold was 
— and is — is difficult to estab- 
lish. Not all professionals buy 
through the co-operative, which 
does not trade with all manu- 
facturers. 

The system started to come 
under pressure in the early 
seventies. New capacity came 
into the golf market, chasing an 
illusory boom, and then demand 
slumped during the recession. 

The specialists have tried to 
carve up the market as fast as 
possible, using modem retail- 
ing techniques. 

Mark-ups have been slashed, 
loss-leader? like golf balls 
heavily promoted, and advertis- 
ing used to reach as wide a 
market as possible. The con- 
centration on volume sales has 
suited manufacturers. 

Gradually the co-operative 
has weathered the storm and 
fought back. It has pushed the 
high quality of service at a golf 
professional's shop — which can 
be open seven days a week. 10 
hours a day— and it hat. en- 
couraged professionals to sell ro 
wider markets beyond the club. 
Profits have started to improve. 

Its resilience in the last few 
years is the best warranty of its 
commercial independence, ac- 
cording to Marshall Lumsden. 
managing director of the co- 
operative. 


Contributors: 

Michael Thompson 

Noel, 

John Brennan and 
Christopher Dunn. 


Williams & Glyn’s 

knows that businesses 
need bank managers 
who understand 
business 


"When inflation changed the rules of financial 
management, it also changed the relationship 
between companies and their banks. Today 
companies look to their banks as never before for 
co-operation and advice. 

So Williams & Glyn’s encourages its managers 
to go out and visit customers on their home 
ground. In this way. the managers obtain a first- 
hand understanding of the business that no 
balancesheet could ever give them. 

You’ll find Williams & Glyn’s is more alert in 
other respects too. We can give you a decision, 
even on a major proposition, more quickly 
because there is no elaborate hierarchy within the 
ban): to delay it : the chain of command is short 
and direct. Wouldn’t you like a bank that ■ 
understands the way we live now? 

Call in at your local Williams & Glyn’s 
branch- Or write to: Marketing Development 
Office, Williams & Glyn’s Bank Ltd., New ■ 
London Bridge House, 25 London Bridge Street, 
London SE19SX. 


Five ways to 
more profitable business 

1 Working Capital 

Williams & Glyn's managers can advise 
you on the most suitable ways of 
providing working capital for your 
particular business. 

2 Instalment Credit 
Through a subsidiary company, 

St. Margaret’s Trust Ltd., Williams & 
Glyn’s can provide instalment credit 
for the purchase of goods or equipment. 

3 Quick Decisions 

The shorter chain of command at 
Williams & Glyn’s ensures you of a quick 
response. 

4 Cash Flow Control 

Williams & Glyn’s specialists are always 
ready to help with advice. 

5 Medium-term Loans 

A more formal arrangement for 
loans from 2-7 years for the purchase of 
new plant and equipment, etc. 


WIIUAMS & GLYN’S BANK LTD « 

The most flexible of the big five banks 

4 member of the National and Commercial Banking Croup and one of the In ter- Alpha Croup vf Banks 






financial Times Saturday July 13 1978' 





PVIPANY NEWS 


uropean increase boosts 
othmans to £ 80 m 


DUE LARGELY to increased sales 
vniume and a general improve- 
ment in operating protits of Ihi? 
European member companies. pre- 
tax proliis of Rothmans Inter* 
national. Lite wurliiu ule tobacco 
croup, expanded Ijv U1 per cent 
from iu a recurd ISO. lint 

:n liie iv*ir in March tfl, U'7S. 

At the interim stage Sir David 
Xicoi&un. chairman, reported pro- 
fits ahead by ail per cent from 
£!V.lam tu laT.tttJin and said that 
’.chile the ulltlui'k remained .satis- 
factory. the strengthening of sterl- 
ing and it iy her tobacco tax in 
-onto European markets were 
likely tu have some impact on 
second- half earn! lies. 

Famines per ltt^p share for the 
full year are xhmwt l« have risen 
from lo.Ufi to li-Ap basic and rrom 
!'.!•(> 10 fully diiulvil, allow- 

in'.; for full out version of bunds. 

A final divM,end up from 1 ISlSp 
to l.S.i'i'p, ba.-ed on a 3'J per cent 
ACT charge. lifts the net total 
from l.S4ir»p to - n.'iiit.p. the maxi- 
mu m alloued. costing £>.~m 
t£2.$8m.t. In Ntn ember the direc- 
tors: said they ev/iet 'led to recoin- 
mend a iota I dividend or not le^ 
than 2 ikiiusp, the maximum then 
permit led. 

Turnover, up 21 per rent from 



Sir David Nicholson, 
chairman of Rothmans Inter- 
national — UK protits were 
maintained. 


parties, the chairman explains. 

Price increases in some markets 
relieved the continued erosion of 
profit margins from inflation but 
margins remained under pressure 
in other areas. 

UK profits were maintained at 
the same level as the previous 
year in spite of the necessity to 
nuilch the promotional expen. 
diture of competitors in the home 
market and substantially higher 
export costs. 

Exchange rate movements dur- 
ing the year had some unfavour- 
able effects on export earnings, 
he adds. 

However, after taking into 
account bond interest, the trans- 
lation or the profits of overseas 
member companies and associates 
into sterling- at the year -end rales, 
compared with the rules ruling a 
year previously, contributed in 
aggregate some £S.3in to the 
increase in profit before tax*. 

Tax charge for the year. 
£3!t.H5m f£ifi.04mj. included full 
provision for deferred tax cal- 
culated on the liability method, 
and was split as to: UK JE9.2Hm 
i£K2:im> and overseas £30.66m 
(£23.74in). 

Net profit came out at £40.B3m 


r l 4'ibn to £1 shuT inchides tubacco «*»n« n « mamly from the group's (£30.4 ml and after minorities 
duties, end ‘wroduct tax ami all international brands. £5.6m (£o.53m) rhe attributable 

•Ifhor stale la'xes where applicable. In the UK, sales advanced amount emerged 41 per cent 
hut exclude-: YAT. Fluctuations in strongly in the face of intense higher at ftn.Oom against £24JS7m. 
turnover are in Hue need by chanu* eiimjielilioii and generally adverse 5.G.7KE Cigarette £24.S7m 120 7 
ins duties and taxes in the various trading conditions. wtt-tb 1976-77 

countries where the group carries Export* from tlie UK and other uu Im 

on business and accordingly do European sources again showed J5" 0,fer „ R v 

nut necessarily reflect the chnnit- further improvement and readied s&ar^profiis of‘"iisoi'.' 

:ng volume of business transacted, a new record level. conv. bond imprest .... 

Cigarette sales by member cnra- The higher earnings for the PreUt before tu 

nnntcs of llie group exceeded the year were attributable largely to uk ,a * 

previous year's level hy a satis- increased sales volume and a 

factory margin. Sir David states, general imiirovement Jn operating 

with the belter performance profits of European member com- 


.. 1^00^1 

1,491.47 

fr.36 

72.47 

~.A\ 

7 16 

14.27 

1S.19 

SU.60 

66.04 

9.29 

12. n« 

.. 30.6C 

23.74 

.. 40.63 

30.40 


• TOWN AND CITY REPORT 

The cost of higher 
interest rates 


BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


•MOST OF the benefit-* 1 of Town property sales to a £4.4m capital 
and City Properties’ 1120m re- loss means that the good proper- 
financing package In April have ties have gone, and future years 
now been lost through higher disposals will undermine the port- 
interest rates. folio's book value by showing up 

The group’s 1978 accounts, residual problem properties. And 
adjusted to incorporate the re- T and C can show £27m of sales 
funding, show that debt rcstruc- since the year end at a £4ra sur- 
turing and £5Bm of property sales plus to book values, with more 
in jhe year have cut net borrow- in the pipeline. But who knows? 
mgs to £249m, and brought the The accounts provide no guidance, 
debt to equity ratio from 1977s Development commitments have 
4:1 to 3:1. now been pared to just £I0tn. of 

But with around £150m of which £7m is covered by funding 
variable rate debt still in the commitments. And the group has 
books— some £120 m in sterling done much to cut its previous mis- 
loams— every point rise in MLR match of overseas currency debts 
still costs T and C an additional to assets, with overseas properties 
£Jm a year. And an £Sm pre- valued at just over £22m against 
tax improvement, cutting 1978's foreign loans down to £37m. 
loss to £17.3m. left the market But it is still difficult to see 
unimpressed and the -shares jp when sales, service division 
lighter at lltp. profits, new letting income and 

Looking at the one bright point reversions — boosting income by 
oo the revenue front. T and C's just £5.7m over the next five 
industrial service division in- years — will come into balance, and 
creased its profits contribution by move ahead of Interest charges. 
37 per cent to £3.95m. But the Higher interest rates since the 
success of the service side only year end have dearly stretched 
underlines the scale of the the cross-over deadline still 
residual property problems, with further into the future, and 
a pre-tax deficit of £2t2)im last market reaction suggests that it 
year, and a portfolio that leaves may also have stretched share- 
botb shareholders and T and C's holders' patience to a point of 
auditors guessing about its worth, near indifference. 

The group takes the view that 
its £325. 6m property portfolio 


properties), held at cost or on oibcrml-omc 


meaningful valuation.” 


sales programme, with 


suggestion that last year's slip 
from a £2.4m capital surplus on ial reserve. 5 From capital reserve. 



1977-7$ 

1976-77 


ttm 

£om 

Not property Income 

5.~.'0 

5.555 

Other mittmc 

4719 

■7..TS7 

X>r interest payable 

27.338 

34.219 

Pre-tax toss 

17.319 

25.274 

Tax credit 

6,301 

6.672 

To mmonrles — .. 

21 

*43 

Net capital losses 

4.356 


From capital reserve 

4.356 


DcvlpmiH. prop, transferal 

3.54.3 


Attributable loss 

7.504 

11.025 




Accumulated losses 

35.464 


- From minorities. • Profits. - To capf- 


Governments accused of 
crucifying bread industry 


i i fc- 

i » 


MR. GARRY WESTON, chairman 
of Associated British Foods, 
yesterday attacked tho folly of 
successive governments who have 
"done so much to crucify” the 
bre^d industry and then expressed, 
surprise when one of the major 
groups collapsed. 

He told .shareholders at the 
annual meeting that the industry 
had been operating on no margins 
for three years and now ihe two 
major companies were being 
forced not only to keep up their 
own massive investment pro- 
grammes but also to purchase 
assets of those less fortunate. 

He called on Government to 
cense “ Weeding while” the in- 
dustry through price controls, 

if you mistreat a patient long 
enough he just won't recover.” 
Now the industry needed to be 
left alone and allowed to make a 
profit,” he said. 

AB. Foods has asked the Price 
Commission to Jet it reimposc 
the 221 per cent ceiling on dis- 
counts 'obtained by retail groups 
from bread makers which the In- 
dustry abandoned at the end of 
1970 as a result of a price war. 

He described it as “ bordering 
on the farcical *’ that though deep 
discounting had never been 
recognised by. the Commission as 
a cast of sale, discontinuing the 
practice required its consent. 



Mr. Garry Weston, chairman 
of Associated British Foods — 
food price inflation of 10-12 
per cent seen by end March 
1979. 


of them are far from modern an 
further heavy expenditure i 
needed for re-equipment and ovej 
haul of plant, he said. 

On the general food front son* 
volume growth had relumed a 
the rate of food, inflation ha 
fallen and consumer incomes ha 
risen. 

However, Mr. Weston warne 
that food prices were nn the vra 
up ogam ami increases iq fret 
food prices and Ihe effect of ih 
devaluation of Ihe Green Pnun 
were ’’ almosr certain” lo dm 
(he annual rate of food in Hat hi 
up to iu to 12 per cent by the en 
of March, against a. current rat 
or ti.T'pcr cent. 

Fine Fare. Ihe supernurire 
chain within the group, woult! 
however, benefit from the recover 
in non-food retailing and as a n 
suit “ a benefit to total comps a 

sales and profits can be expected, 
although the price war srtl 
clouded the grocery sector. 

By ihe end of the year, win 
the opening of six more supej 
stores and the development of tK 
Shoppers’ Paradise division, onl 
50 per cent or Fine Fare's sale 
would be coming from the vulnei 
able, traditional supermarkets. 
Weston 


Mr. Weston concluded h) 
cautious summary of the tradia 
However, he did. offer some climate by pinpointing a maja 
encouragement with the news that growth area— the £730m froze 
Mr, Weston refused to make a "after a slow start, signs are food industry. The industry ) 
profit forecast for the year, apparent that we have once again expected to grow by nearly a ihir 
reminding shareholders that his picked up a degree or momentum in the next two years, he salt 
modest predictions last time that which should reflect in improved which offered enormous potcnii: 
profits would exceed the previous performance from our operating both to the bakery division and t 
year's £S0.36m pre-tax, were divisions in the months ahead.” the Aagti Frozen Foosd sut 
proven wrong by events in the The six bakeries bought from sidiarv as well as two rccon 
second half. In the event profits Spillers at a total cost of £7Jm specialist companies which ih 
for the year dropped to JE76.$3m. have integrated well although four group had acquired. 


Gestetner first half downturn 


See Lex 


Second half recovery 
Yule Catto holders to get £1.8m at w a jjj s Fashion 


AN ENCOURAGING increase in dividend Is raised from 1.925p to reported increased cross profit! 

turnover from £121J6m to 2.125p and any changes in but in many cases. Insufficient I - 

£l2S.9Sm is reported by Gestetner dividend legislation will be taken cover higher costs, the director""’’''"^ 
Holdings for the 26 weeks to May into account when a final ts say. 

6. 197S. but profits before tax are recommended. Since the year end, following I 

lower at £13. 59m against £ 15.16m. The dividend total last year public issue of shares, India 
in the same period last year. amounted to 3.949p from pre-tax Duplicator Company ceased to b ^— * * ' 
The directors say that, as profits of £29.7Sm. a subsidiary and became an asst 

expected, the strength of the Movements of exchange rates dated company In which Gcstet -, ; 

pound in the earlier months of make comparisons difficult the nor Holdings has a 40 per cent)- < 1 
the period has resulted . in directors say. The comparative interest. 1 

reduced margins. Moreover, the pre-tax profit of £1 5.16m reduces Turnover, £1,929.000, and profl 


A REDUCTION in pre-tax profit The reduction in profit for the levels were maintained. Action ^ 

profits from £0.04 m to £0.6Sra for half-year came on turnover of has been taken to improve mar- ^ SECOND-HALF advance from Directors' valuation of the lower interest rates available, to £1453401 using rates of £52.000, of this company were ir 

tho April l"i. 1978. half year and £4.7tim l£4.74m) and while pros- gins £652.000 to £973.000 lifted taxable group's properties resulted in a particularly in the early months exchange at tile 1976-77 year-end eluded in the group results i 

dot «ii l.( of i't.Tbiu scheme to repay peers for the second half are pro p t earned by its marina, profits of Wallis Fashion Group, surplus of £4.2m (£2J22m). as well, resulted in reduced and would appear as £14.61 m 1977; in 197S (he- profit aftribui 

Up per .-hare to shareholders are enhanced by the anticipated Cobb's Quay, was higher than last to a peak £1.03m for the full Wallis has close status. Income from Investments and using 197S rates of exchange. able to the group’s 40 per cen 

repurled by directors of kule improvement in Malaysia, Lord Vt?ar it is hoped that permission January 31, 1978 year, compared Directors state that results deposits. A geographical analysis of holding. £101,000 ha* heen ir 

Cano and Oi. Onto does not expect full-year fw ' n dditional berths will be with £732.000 last time. were achieved against a back- Jn a full current cost statement, turnover and profit shows (in eluded under share of profits o 

it Mj*. frrivndi'ii that a O.fifip profit to exceed last years record .. innte d j n t he coming months At the interim stage directors ground of poor trading condi- pre-fax profit is reduced further percentages) DK. 11.6 (lt.4i and associated companies, 

net tip gru.-vtj inlvrim dividend £2.49 m. jlihou-ti the effect of this on reported a downturn from £80.000 tions in the fashion world for to £9.79m after additional depre- 32.3 (27.fi); other EEC countries 55 week* 

would be paid bui directors have lk . i he group is in a period proliis wilt not be felt before next to £53.000 but said that they most of the year. . ciation of £951.000 and a cost of 44.2 142.7) and 31 (29.3): rest of 

Trom ihe year. expected results for the full year Bat. results in Europe and Eire sales adjustment of £2.S5m. Europe. 7.4 unmet and 4.4 (6.7): Tnmowr U-97& ri v! 

Malaysia and £tl (fn m m , tu show an advance.- were highly satisfactory^ they The preliminary results for America, 24.3 ( 24.9) and J5.fi Tradirn: profit"."!' ‘ is.arti 

Alter tax oi x.u.oom txu.-w y They now state that, so far in add. with turnover up by £0.Sm May and June indicate the trend tis.l) and Africa. Asia and income from inre*a* and 

, the current year, the group is to £2.2:;m. apparent in the first half has con- Australia. 12.5 (13.6) and 16.7 and deposits 

re^ureaMvailable showing a considerable increase Since the year-end, the group linued. the directors say. (]R.3L SKre^f 1 wSSniui 

..V .!™ in in turnover, which, if main rained, has opened seven new shops, and .Uihough new products have The principal UK manufactur- prom before ux ""!! 


decided to include the amount in of ,.|' |a |j;_, e resulting 

"SS Arier ; ai „ o[ , «jgT »“ j*: 

ss .wa™ a,,d a 0 ''" Tp ""“CK to ™ SM? 

The Up Mill be repaid through Uuvu « h ''cfore 19/ J. transfer from reserves— ova Ha I 


l.tn# 1.73 

1.1 flj 13.14 
III 

U.&U 15.15 

ii..nn 7.» 
7.5M r.w 
ssi «• 
8.275 6.M 

lax 14 260.00 


... - « r IS# Uiuuu II Vl*4 » A-WU*M hV ***»•»' W «4VS. A MV II* UIC OWI.W1IVA O'ft (UUIIUIO, UUV^U U-V, UIIU « ILIA u. *• LQITipriRC5i 1.1 ft. H He 

premium account. enable me company mere to posa i s directors will also seek and profits were subject to tax. The group also plans to open a Earnings per share for the 26 exceptions, the retailing sub- (ci.as.-i.«K)» ta* dtr n.wa.ouo ru>n2.oMi 

If the scheme fails to gam court expand min new aclniue^. The t0 i ncreaae t he ordinary share on the ED 19 basis, of £244.000 factory at Mold in North Wales weeks are given as 15.71p sidiaries also suffered reductions orrneM «.ass.«w <ts.i3s.wo- pn» 

ra net ion each ordinary- share of recent UK acquisition. Thomas ca pj Ca i t0 20m shares to give against £47,000 leaving a net profit in September, which is expected ti7.04p) and 11.9 lp (12-S8p) In gross profit margins. rear adjutnicm i«fl.ow 

lup «H1 be subdivided into 10 Bell and Company Liverpool, an directors room to issue shares in up at £782,000 (£685.000). to make a significant contribution fuVy diluted. The interim Despite this, most companies SeeUesr 

-hareN of lp. the B shures will export trading company, has con- posslbIe takeovers if approved Earnings per lOp share are to the group's increasing require- 

be converted ndo ordinary shares tributed to the reported pro hts 1905 p^r cent ^ares will be shown as 30p f26^p) and the ments by the end of the year. ■ _ 

and every Ji shares of lp will be and management w planning for unissue< j_ dividend is stepped - up to 4p Wallis is actively engaged in ■ JLJL J 

..■ons.iUd.it od mm one 21 p expansion in its existing business 3J77 .,-8 mm-tt (2.5p> net with a final of 3p. -Also other negotiations which is hoped .111 fill I tFA f I "^ITI ‘Til 1*11 

, proposed is a three-for-one scrip will at least maintain its rate of Ji J iXJi. Vr VJI mJ • dW JL • eJr JUU. JLU. Vr Ulivl 

4 K5 ;si 4 'sRs'!a2 “sue. shop openings in 1979. ■*■■■•, 

‘m'sis 

49.4T1 


ordinary >lure. 


and into new activities. 


In circular detailing the pro- Iu plantation^ in common with 

nesal-. Lord Callo. the chairman. 3 " other Malay, urn plantation 7"^ cn P t ?™ e ' 
.... . ^ — , ....m »!.«;*« hare been suffering Mid 


Av^ilabk- 


tiiai only mo nrsi i.nsp or imiwsi paia 

Hi.* repayment will be liable for th« cumulative effect of the Prom bdm tax . 

UK income lax, but that the droughts early in 1/Jn and HITS. Tax 

remainder of Un* payment will be The oil palm crop w 40 per cent ^ a p u X, ary „ cms 
tri»:;ii*d .<% a pari disposal fur below last year which has out- coodHiu wniit-n oir* 
c -ipital gains lax. weighed the satisfactory levels of Transfer from resve. 

‘The repayment is being made and rubber prices, 

fol lowing (he acquLilinn for some But he - anticipates that profit 
£2.*»m by the Johnre Stale for the full year will reach that 
Ecr-nomic devi-lupmcnt Corpora- °f year provided cireum- 

l-on or a 35 per cent ^hare of its stances do not change sigmfi- 
Malavrian plantation owning sub- canlly. The proht attributable to 
>irii:,i-v the group will be reduced by 

Lord' Catto «ny* directors feel ihe new 35 per cent minority 


62.7M 
3.SKI 

884J0Z 

.. R48.0IM 

333.40S 


903.455 

4S1.IS2 
4fi2 .-•» 


John Beales board 


BY JOHN MOORE 


2U6.3B3 

.TB4M5 




Arlslnc on 1 hi> acqulfiiuoa ot Thomas 


Elliott Group of Peterborough, the financial years. The group day: "that has been suspended 
the centre of a City row last year estimates that it made a profit of by the Saudi School Authority, 
over the non-appearance of an- £130.000 in' the second half of our client, who is reassessing the 
nounced Middle East contracts the year, although at the half-way Saudi schools' programme.” 
and directors' sharedea lings, yes, stage a loss of £247.ono was re- 0n the j^-e-up D r the second 
terday announced losses of ported. In these circumstances a j ia i f Dro ftt vi r Houston -mid that 
£189.000 for its last financial year, dividend of 0.25p per Ordinary ^,'th™be exception Jf^ied5vS 


ASSOC. BOOK 


sits tight on payouts 

l be shares feU 10 16 P on tie fs ® did Industries^ it^Vresents^n'awow 

stricted dividends on the basis of news. . „ . no i.?? a r* an , “ t ® run dividend. the board advance Jn all 

a prudent regard to the long-term The reported loss to March 31 Elliott, which makes portable companies ” 


Though the directors of John 

Beales Associated Companies are a prudent regard to the long-term *»« companies.” 

aware of members' concern at the interests of the company and compares with a pre-tax profit of bmldmgs, now intends to concen- Meanwhile, the Department of 

The directors of Associated low level of distributions in rela- shareholders and then restraint ■*~ L -i" ra ^ previous la-mooth trate on its traditional activities Trade is still investigating the 

"Hding period. rather than Chase after ambitious ,k 9ni Hpaim<rc nr mv 

Group turnover slumped from overseas orders, and at the same Smeetii the 5 former ^ ^clrtiSSai? 

+ o £16.01m. The overall time to realise surplus assets to and tw’o former ^crarTS 5 

le year of £189.000 was reduce borrowings. Hie group studying share sales^v thc three*— 
after exceptional and indicated yesterday that debt had menaTter the Announcement |f 

a, ^ ^ ms SHSSSjSs « ^ 

the uncertainty over dividend unquantified tendering expenses, loans. It's stock market value is materialise, 

restraint, and having regard to These relate to " certain Middle £2.1m. “'!:** 1V78JT .> ^ 

the existence of convertible Joan East contracts w-hich will not be Elliott does not Intend to pull 




asults due next week 


out of the Middle East, however. 


siockholders whose interests pursued in the furore." 

would have to be considered and An extraordinary iten . 

, . , . , , accommodated. Mr. Bignali ing to £174,000 mainly arises from order of “not less than , 

— Tiii* b-4 n-niii‘1 mi next week's mend and should turn out £7m provide growth. The results are operations, ana analysts are look- P ^pi a i net j. the transfer of the manufacturing in Saudi Arabia which 

Stuck k'.\cl..iu , je !*»t Tor com pony compared with cn i«m thanks to due to be announced on Thursday, ing for increased contributions jf nOH -n f or 1977.78 the com- operation of .Medway Joinery reported in a letter to 

:n>«i>i.inevincniN .11 e Itank reduced lo>**e< in Rank Radio, and Trading prospects at tiling- from the associated companies pany, which makes underwear and (Scotland) “and a re- assessment holders at the half way st; 

Or -mis;! 1 io 11 ;md Lloyds Bank better performances in property, worth Morris are still dogged by plus the freight and travel active outerwear, paid a total of 2^832p of a group property.” having "reached the final 

from whom inti-nm results are hotel, and cinema interests. The subsidised imports of wool and ties. The uncertainty lies in the net oll j 0 f basic net" earnings of Comparison withrthe half-year of negotiation " is not procs 


■!••.> Alsu. I nij-iilc is due lu pur/Je is ihe Xerox side where cotton textiles. And export contribution from the Lloyd’s 23.4p. 

release n< full-year proliis along profits are likely to hare been markets. which account for underwriting agencies. While it 

with llliiigwiiriii Morris and lliigg iiiTecled by adverse currency around 42 per cent of group sales, is possible to ha\-e a view of 


tin (•in soil." t 11 inn tiixrnuni. while movements. Expect a Hons are ihat have recently become more difH- Lloyd's overall performance it is Symonds Eng. 
n<>: rol-'ii-iiic licures. vnll give an the Xerox side should c*.-n tribute cult. Nevertheless, the company very difficult to get an idea of ^ . 

.ml. cation of its lirai half per- £"-‘<m. but there arc fears that has continued its recovery mainly the fortunes of individual (Qiygr 

furnt-Micv. because or c-urrencv factors the because or rationalisation at syndicates. ... 

Lloyd-; Bank kicks off on Kri- contribution c-mld drop to under Huddersfield and the closure of Given the sharp rise in interest 4^10*7 
■.!.i* the l.ii*.*%i interim results I'-iOni. in which case rhe overall some factories, while there has rates and the depressed state of it -J 

-■■■run of ,-he clearing banl.w The forecast < could be well adrift. been some progress towards the gilt-edged market it would be 

tt -:k.*t i. cxpuci tug around £S4m Analysts until recently 


cause of the differing periods of Mr. A. W. Houston said yester- • proM. t surplus. 



mibs. 

mths. •'*. 


WOO 

mo - 

Tumooer 

16,911 

29,571 ... 

Tradirn: profit 

.43 

x.tr# 

Less exceptional non-rre. 



Items 

212 

— . . : 

Loan stock interest 

30 

♦7 

Lon before tax 

JB9- 

•LU1 

Tax — 

ISO 

6*1 

Extranrd. debit 

174 

77 

Dividends 

S.o 

• 

■Rclained dv-fiOf : 

299 

1 a 


Lebus in the red at midway 


uiu. 


a «ronrf half nrnflf of £100*1? P Lri ? i CT0RS Harr ** Lebus. The development w-ill provide was £738,795 with sales at I6.6Sm, 
reducing the high level of short- very unusual if Union Discount ,„ allisl £97751 was not enough J“ rDllure ’manufacturer, state that M. 000 square feet of new shops, Ihe directors expect continued 

- e did anyihing more than reiterate for Svmonds Endneerlng Com- ^ “P«**d “P^rn in demand ‘"eluding a large store for a super- growth in the second half with 

4 ll.v.nJ.,.. nirnn.int fn’c mm- IOr fnr fi.rnjM.ro market or Similar use. 30.000 turnover rpnrhinrr » land finm 


.v.'.*n,u«* "icli helira those of the around 4 per 7-ent lower in the Umc -, The resu,ts are due in’g' into certificaies of deposit, compared "with' iTw.ooo “on'Turn" iuS r ^r ,un ^ fr ° m , Vo^de^ionm^nr midway net assets stood at £i.9ni 

d* W-— — - «» x szss S EHHS ™ m £1 "° m “ the cna 

,n.„n, :idduw_n d:dr, Proddd, «d, is also on ™- S% m J} SStTg X* SB) 


fJ-y.-N- pjnfc Inti-rnarinnal is- t }„. „',,r„ rn For some" years now f he pound , 


;n; wr*i! and a good cuninbu- milk and milk products 'have been Hogg Robinson's 19i«/78 year cent. Since then it has jumped Turnover was in fact ahead at £ ear wajj £302.000. 

» il. . _ . ... * 1 h%rfi ii-*n rmaluvit trt oclimnto i hnrlr to in fki^r Cf-nr. 1 rlP b 1 n no in 


ii-.n '* cMM’t'itfri at the asroriatc hard hit h7 excess * 5'iipplies”in have led analysts to estimate a back to 10 P" ce ^_ Th *_ J F ^ £lT«mYa.7in) at the 'year-end Vigorous action has now been SS2J,®" „ of h *Jl e " 


l«*wi from Uo\«|n and Scottish. ,, v . r , . . . _ . 

I'hvre i- some uncvrtainrv incroa«es and a significant faff-off full period than the 25 per cent started the year at 7S.09 and £94,012 * .... - „ 

unopg .1n.1l.VNiN .iljnut the half in demand. The" situation was established at rhe halfway mark, ended the six months to June 30 p ro fit up a t £98.483 against maintained at current levels. The 

rc-niK tine from tho Rank mark* worse by imports of New The consensus is Tor a figure of at 69.52. £90,954. Earnings per op share are market is expected to improve 

Organisation uu Mnndtry. All Zealand butter under agreements IlLim with a range extending Other results to note include shown as J.»17p tl.767pj and the this autumn, tltey say, and a fe- 

hemg <-ell the group n expected nude when the VK joined the front fJUini 10 .19.7m. A more those from .Montague Meyer (hnaJ, dividend is lifted to 1^4 rip duced loss for the second half is 

turn -i.n virtually unchanged EEi\ Consequently the home profitable mix or insurance Monday). Magnet and Southerns 1 lJ204Sop) net, with a final pay- forecast 

;*ro-i.i\ Isguri- nf around £fi»ni. markoi has been a bit of a husimxs appears to have broucht (final, Tuesday), Dovrty Group m ent of 0.9204p. Symonds has 

v *.f.?.I-n*x nii-ri.-st.s. ik* tr-ublc- Urtiggie and Unisat® has had tn about n reduction in the expense t final. Wednesday) and Birmid close status. 

• >:u.* side of ihe pari, are on the depend on oversea-** opera linns in ratio of ihe insurance broking QuaJmst (interim, Wednesday). 


the local road network. "With pub- 
lication of a new town plan, the 
company hopes to make an early 


Eurnpig'which rolT^e/steep'pricc l f °v; er pro 0 l 5 ro ' v, 1 h r » te f « e Government Securities Index Tax for the year was lower at taken to reduce overhead costs, c^'^deve'^.men't'r 
* ' ~ r "” J - ““ on “ " - (£110,7971 leaving net they add, while output is being start on developments. 


CnTnror.y 


FINAL DIVIDENDS 

\ • T ’. K.-.-.ir.-L 

|.1iIiikTi,..s 

I--. ■ ■■■ ! *i :n.i! ilmup 

A'l.it- f .'.-•■ ■■!• Trt'l 

'• vii >; tii 

. \r-.n ." 

l:r .-:i.. ril r. .. . 

*■ .sr : tmi.img! 

■’-•i::- rli.-U K .r,. 

.'•TIT mil *•: .rV. ■ Tni-i 

r ~ -• ■'! 1 !:iv. !iin.,i:P Trust 

f.-.. ..fuU^ 


•l«n 9 


■ In; 


'll .111-1 ' 

ll-iluias 

1 i.)r 1-1.1 

!■■ -- n- s 

•nil'll 

.IlHll'TIIJSt . 

I.'ilvi;. 

■n 1 •rmi|i 

i>Jf, 

.1111 K .s' 

..*i' 

ill*' 

■ .'rl 'i * • 

!«r - 14 

■i..-k .■ -ii. 

in!-. -11 A R. 

v rmiii 

1 llotiJmiHi 


!.•>• •riir‘. h".MHi*.||- 

.. H t.' l*Ti"m ji ■■■■■ »! 

'•la-n-T 1 n. I SmllSii-rM.. 

V. i" •• •:' TTi>ii'.-.ii< 4iul I2'*.r>hi - d 
•j. i - - , * imu.i^ut t. • 

V>v 1 •-! r- t' K»'i 
it ■•I' ..Xlfr.-I- 
I n.- 1.1! <•.!«»•» Tr-in: 
nc-i|> Irii! mu— m.-iil TitiM 
Jt.i — •• 11 • 

j. st:,‘ I 

Mi..|!ii-:.l |{. ir-'-ha-.mi li-IK. .. . 

*: i.i villi' l’.. roral . 

y (....irii . 1 ! In.Iii: tn.-a 
T-iint.:ns -F. n.) 



Aiinniince- 

Divitfi-tul ip 

.* 

111 - lit 

Last y 

■••jr This yriir 

life' 

Jill 

Final 

Im. 

W.stmwlay 

1.3 

11 :v 

: 1 

Widni-driF 

1.1 

1.7*53 

I 22 -6 

1V.-dne-.daV 

n T23 

«.!■:.» 

n :22t 

Ttuirsday 

— 

c.4 ' 

— 

Tm-sdar 

I .7 

2 s» 

1 5 

WcllR.SduV 

9 .: 

li 5 

01. 

TuimIjj- 

1 iff". 

4 13 

I *i”. 

Ttiund.ir 

r> .■ 

6 7 

.: 

w-dn--sdar 

I.n 

1 Kite 

1 1 2j 

Friday 

22..H 

l.ioj 

2rt 37 

Tu.fdjy 

— 

— 

— 

wmlni-sdoy 


2 -j 

2 21 

Thareduv 

— 

! 47”. 


Thursday 

1 i9!4J 

1.2J026 

2 64 

W<-dnc*«lo7 

0 74.7 

M 1t|« 

0 275 

Turdiv 

t : 

2.767 

1.3 

Tuesday 

3 

2 273 

7tfl 

Thorsd.iy 

1 1)5623 

2 962KI 

u;»ra 

Krldav 

— 

4 0 

— 

Tuesday 

0 :.G7 

0.7j6 r 

0.S 

Tuesday 

I . 

1 9143 

1.036 

Titrinlai' 

1 6 

2 3S 

I n 

I-nd;iy 

U • 

I I 

rj.'i 

W.*dRi silay 

1.23 

2.179 

i.:»i. 

T 11 . 

7 0 

3.U 

5.5 

W.-dn.'srtay 

O.li'u 

u.axk 

9.7079 

Mundav 

I .1 

2 MiM6 

t 7 

TTtursdjy 

_ 

0 3 

9.1 

Mmid.iy 

9.416 

1 DWtj 

0 373 

Thurnlay 

0 .V.*- 

0 

0 5- 

Moiida- 

2.7.;- 

sJlT 1 

l.j 

Thursd.ir 

1 21S’ 

0.7IU3 

1.44 

M.m-iay 

•\li 

,S)1 

:-ii 

’A •-•1-1. - 





W. .1i|i-j|jy 

on 

I '1 

).•« 

Tii--jJ.i . 

t i 

; i;-.vs 

1 2 

Til- "I. iv 

2 12143 

4.2 IMS- 

2 41 

Thursday 

0.3 

0 6666 

0.35 


ComiMivr 


Tni«rt»« Corooration ... 
• ll.-a!.* 

V.lj-Trv 

\iv«u*rn Bnjnl Milti 
Wyndham Eiwaocrnm: 


Auni-uncB- 

mi.nl 

due 

Ttiur«.Jiiy 

"Tinrsday 

Thursday 

Tlli-KcMr 

Wi.-diK-sday 


Dmdi-nd -n-* 

Last y.-nr ThN rear 
Inf Final Ini. 


Harris incurred very substan- 
tial costs, during the period, fol- 
lowing a component fault on one 
of the company's best selling 
ranges. Directors say this fault 
has now been corrected. 


Theakston 
funded by 
London Trust 


Hartwells ahead 
in opening 
four months 


r 


Profits at Hartwells Group for 
the first four months to June 50; 
1978. showed a substantial 
improvement against the same 
The directors of T. and R. Period of last year ana it was 
Theakston, the independent family anticipated that the first-half 


1 n 
1 21 
1.2 
1.1 


! Sbi2 
2.D 


I 7." 
1 2 
1.2 


i..X — 


Suter finishes 
at £136,431 

Respite an exceptional debit of earnings of fi.lp last time and announce that, subject to share- 

^15 for tlie April l 197S year, i2.3p ror the 1976-77 year. For holders approval, they have ai| dway pri-iax earnings last time 
up a red with a £.10.852 credit, that year a 3il7p net dividend was agreed a capita? funding of reached £900,060. 


INTERIM DIVIDENDS 

A <: Cari 

Allred Ti*MiU» CompantrS 
%««ocia?vd FiAH-ric^ 

Bank U’unit 1 U K. » ... 
R-rl'torts . .. 

Rlrmtit 0 »JK , av 
Bnlioucli . . .. 

c»rltol iruonropoi Trust .. 

CV-rtjv TniM 

Htro 41 KJ Mall maun 

Inarresk Omup 
K..nJ»a« i.\ » and Smit* 
l.lovda Bann . ... 


Thursday 

Thursday 

Thursday 


1‘ 


ftfi 

" <SRJ 


Despite 
£2fi 

cnniparetl 

pre-tax proliis or Suter Electrical pa jd. 
finished ahead at a record £136,431 with 

against £128.271. attrihutahle loss was £338.000: the 


Loss per 2np share Ls shown as brewery based \ In .Vasham, York- surplus would show an advance, 
15.7P for the half year against ■“^u.^VuS' * £ um . bri5 ‘- the annual meciing was told. 


£400,000 by Lon d 011 Trust Com- A now company called HartwoHS 
no tax charge the pa " y * .... .Group (Contracts) had been set 


M a r ”V. i . t * -fl 10 lransact ' on * up to deal with contract Jura. 


t,wi' • Ruhnn H t 

M. ^-.'li tiolitlRci 

M-Mniri ln*.< -in«>*ni Trow 

P , 4m.u:«*n 

R 411 K Onj.tmsjiiun 

R«mn> y Trust 

St w Trust 

So 111*. Ph.>mtie 

St. Mw Hi.1d.iucs 


Uniuu Tiiscouui 



. WeilneMlay 




. Thursday 

0.71143 

1 71S6 


.. Wcduc.nl ay 

1.3.3 

7, !07 


.. Thursday 

7«j 

2.Sft4 


F ndav 

1 0 

2Sjf 


Tbursdar 

6.299 

7.13 

.. ... . 

. WcdiitSitjy 

0 9 

M.9 


. W< dnrsflay 

1.373 

3.4S92 



Monday 

3 74123 

11 S6IKIT3 


. Friday 

4. IS 

4.97S4 

Trust 

.. Thursday 

07 

1.7 


.. Friday 

o.im 

s.na 


Monday 

O.ISr? 

0.2 



O.iiS.i 

T 223 


WVdnc»s.ljy 

2 17*3 

.1- 


Monday 

2 113 

5.H4S6« 


.. Tburvlay 

U.ii 

l.t*3 


Thursday 

1 5 

2.63 


Jfondjy 

fffi.” 

: 409 


. Thursday 

1.6.7 

2.4 


. l-'nday 

1.0 

2.537 


. Wednesday 

6 

9.43723 



£0.8m against £0.63 01 and said that 
they expected the company would 


year. 


(£65.498) leaving a net profit 
down from £62,773 to £52,997 be- 
fore a prior years' tax adjustment 
credit of £394 (£673). 

Earnings are shown to bo down 
Trom l.H.lp to lAlp per 5p share 
and the directors announce an in- 
terim dividend of 0.3Q25p and say 
that should there be a change in 
legislation, they hope to increase 
this payment with a final. 10 make 
■ DiwJrmls *h<w« |i"l P"H<*» p+r Kh.j n> and attlunted lor anj- tnlvncnloc w-no a total of 0.3p net. A Single 0.275p 
S*.fMKl Jnii-rini. ; niiwnir m.vnd that u wai rot ptwsihi.. 10 r-'cnmnii-nd w . ( g paid for 1976-77. 


mr-ra isre-rr 

f(H10 £900 
















t Profil. 



from the 
. premise* 
lo the larger premises in BotJey 


Capital & 
Counties 
Putney plan 


for Atlantic 
Computer 


Boom for Weir 
Electronics 


THROUGH MAINLY 


Sales by Weir Electronics 
leaped 66 per cent to fi'jm In 
the year to June 3, 1978. Orders 
greater received by the Bognor Regis* 
productivity in the sales organisa- ba.se d 'company reached £3m 
tion and the availability of during the period, 
reasonably priced • second-user For the first month of th« 
The directors of Capital and equipment for lease, Atlantic current year sales exceeded 




— - .. . year sales 

<(||>I nnr*iirt ■>*' mi.Tini renr, *ni..rt ‘ w iS. hni. Property have applied Computer Leasing^ improved tax- £.'100.00(1 and orders £400.090. Mom 

n «■;,* ihnir inu-nimii m c.iv u <ppi*i.u (iivuirnii or ii.n*%n in mkusi ts.-s suhi.-n », h u te, r manuracturcs nair samn for consent to re-develon the n>m- able earnings, jn the firsi half nf Ilian Ro per cent of this business 
uninri'M>*n i.'irrumsianri'*. t '(i-i nf Jersey t-x at 20 pu- unu ladudes r second equipment and acts as a whole- pony's laid at Ferry Works and 197S lo £662.470 on sales of £4.6Cm. related to custom designed power 
luienn. of DJSOA »Pcr x share. fialcr to the hairdresslos trade. Lacy Road, Putney. For the previous fuff year profit supplies. ^ • 









Financial Times Saturday July 15 1978 

ijHambros tops 
.up reserves 

^ -2 We t0 halt 


SUMMARY OF THE WEEK’S COMPANY NEWS 


to-fiJTITS ^™aE 5 “J 2 £L 


tr.\nsfer of asm , . . Take-over bids and mergers bid for 

"ftf ‘”nep reserves S t0 U Bowater Corporation is making an agreed £7m offer for 

rminisf These reirres'wpJp £ flatio11 accounting state- Crossley Building Products. The terms are 105p cash for every 

luccil in ,te e M. r S r j? 1 'Si J “g ’Sriai ; n ? e ^taSr ordi ”^ at 60p cash for each of the 42 per cent emu- g£K53t 

iiMrtirSniMoans pro ' risio,IS needed to be made to the free Ia >'ra preference shares. The offer price is linked to a profit ■ Ruildlne 

c n ciS ir aOTunts - £S£SM b , y Cro£sIw ' s diree,orfi ' .stes- 

JJ3S ? ro 'l s,0ns £8 - 33m previously.' After a Aluminium converter W. G. Frith is poised to return to eJ^ooSw-B.) 

diRdowd— niad'e^io SSSSwU^^Smh *°? P riv 3te ownership after almost 40 years as a public. albeit &«« 

vf'nreviou tioSTof ^fsb.MO^CjSSoOO) 1 S a closed , company. Three of the Frith family are making a 70p nSldSe Eng! 


Value of Price Value Final 

□Id per Market before of bid AccYce 

»hare** price** bid (Xm’si** Bidder date 

Prices In pence unless ttfaenrise IwUnOed- 
' 195*5 187 123 115.04 Tenneco — 

fi.G* 7J 7 0.397 SagestSA 12/7 

65* 65 56 1.62 Armstrong 

Equipment — 

105* 103 64 7.07 Bowaler — 

21* IS 19 j 1.10 Mook a In vs. — 

132* 124 00 31.53 Cargill — 


PRELIMINARY RESULTS 


nrniinn *1 j uw ui uv,uw \ Xuu,wv t «iuu a * — — — « — • * ■ — — — ^ 0 

the v-ear iIZ. 1 ®?! gearing adjustment of £294,000 per share bid, valuing the whole of the equity at £368,000. 

SJS ££ «• control 842 per cent of the company. 


The Harrisons 

Malaysian Ests. 


wsf^p- by i tbe * nner reserve (16.44m). 


nsfors -inii nmcrv vio.-rmi;. The directors of Wood and Sons, who own 39 per cent of the „ L 

m Iliiom i5.l7m. dowa equity - are opposing the offer from Neuman Industries in 10 fw! 

. n , , h,s H ann “al statement Mr. inner reserves and tax on profits. per cent preference shares with a cash alternative. They say Investment Trust 
■n« s' mi 'f imh'tf r 1 *]?«»»« ba * nn 3P' rose from f3 ®"- 74 m in Il.05bn, and’ that becoming a subsidiary of Newman contains disadvantages JEST 1 }' .. 
rwegian .shipping B loans. n and £2sf.96m C (£2K 95m) St<>niflrS WRre out weighing the financial considerations and emphasise that Leslie & Godwin 

eiecMi/b 0 Pr °r i l? n ^ are , con ' Of current "assei of 001.96m Grindley of Stoke, the pottery company with which Newman Lond-& Lfyerpoo 

cumsiancos and' at C nrpsrml-Ha« f**® 5 - 39 ®)- balances with bankert wants to merge Wood, is an unsuitable trading partner. Hiin Masters 

fSJ- lhe „ ’ ,Z SS-ETSWil "ooloju Investment's film bid for Cnstomagic has been de- fagST 

ns made against the security £. b ,. a 5ft s an rJ. ( ^ 1 authorities were dared unconditional following acceptances representing 56 S*. Kitts (London) 
.ships have keen written down ThT^ Hambro Trust trims 14 3 per cent - However * Customagic’s independent directors have s Sj££r Inds. 
atiniVh?£i ° f "“yeraM* per cent of the equity and 49.99 announced that they would not accept Mooloya’s loan stock and Spooner Inds- 
.-rent 5 value*!)? the 2SX"h3S. « “» « *» e intend “> their 23 per cent of the equity. ™“ t C" >,,p 

advances and other Meeting. August 7 • Beecham has offered £14m cash for the British-based paints Turner Mflg. 

rnunt.v do\™ See Lest and toiletries group, Seott and Bowne. The offer has the backing K eU 5£ ( £ 1 M S ' 

■ifi.94m. °f the Scott Family Trust and supporters controlling 59J1 per cent, W ?°*au offc 

•lr. Hambrn points out that the Alwrvo nwt? and a spohe 501 ® 1 ! for Beecham said that the offer price of £13.50 not already hdrt. 

jup's capital and reserves .siand KAITIUK for each ordinary share reflected the earning potential of S and B scheme is expcci 

£G4.95m ami that the current Mr. Edmund Dell. Secretary otf which generates two-thirds of its sales in the Far East and it At suspension, 

irket value of its investments State for Trade, has appointed Australia 14/7/Tb. 

listed associate companies Mr. Hugh Bernard Harwood 

-ceds by £2Qm the £i3.64m book Carlisle, QC. to act as an inspector Listing of the shares of Knott Hill, carpet retailers, was INTERIM 
lue.-’Nor should it be forgotten with Mr. John Oliver Robertson restored following an announcement that talks that might have 
d'a chart ^ red hmfF C0U, J ta o t ’J^ led t0 a bid for tte company have been terminated. 

d a most successful year, he investigate the affairs of RamOT .... ...» Company 

ds - Investments (fonneriy Bryansion The shares of clothing group W. L, Paws on were suspended =- — 


195*5 

187 

123 

fi.G* 

73 

7 

Go* 

65 

56 

JlKS* 

103 

64 

21* 

IS 

39j 

132* 

124 

90 

94£f 

stu 

72 

82 V 

80 

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74i 

SO' 

55 

1021§ 

114 

90 

210*' 

205 

155 

20* 

224 

18 

30* 

22i 

21 

2811 

273 

255 

29* 

26) 

28 

325* 

118 

116 

21* 

25 

19 

200* 

IDS 

163 

S3 5 

78 

SSI 

200* 

200 

170 

65* 

S7 

53 

SO* 

S7 

77 

««* 

68 

55 

145* 

141 

124 

120* 

113 

58 

501 

55 

4S 


Company 

12/7 Allied Colloids 


Mar. 31 
Mar. 31 


Apr. 2S 2353 (3,866) 23.3 (35.7 ) 6.63.1 CUTSl 

Mar. 3 1 977 (946) 1331 113.9) 2.796 12.6821 


1.63 Armstrong Assoc. Leisure Mar. 12 3,493 (2,218) 9.9 

Equipment — JBouiton & Paul Mar. 31 6J240 (6.7S0) 13.4 

British Building Mar. 31 260 (224 ) 10.1 

7.07 Bowaler — Bristol Channel Mar. 31 387 (152 ) 0.5 

1.10 Mook a In vs. — Eulmer (H. P.) Apr.2S 2,853 (3J«6) 23.2 

31.53 Cargill — Cardo Ebgrg. Mar. 31 977 (946) 13.2 

3.90 Newniu.-Tonks — Celtic Haven Mar. 31 109 (101) 1.1 

5.67 Assocd.Eng. •— C. H. Industrials Mar. 3 1 799 ( 633) 6.S 

5.11. Thos. Tilling 14/7 Christfe-Tyler Apr. 30 1.S10 (2,550) 8.7 

12AS Harrisons Crown House Mar. 31 3^91 (2,607 ) 6.7 

Crosfield 13/7 BaejanHldgs. Apr. 31 2.470 (1.S40) 10.8 
5.65 Cement- Diamond Stylus Mar. 31 204 (126) 4.7 

Roadstone — Distillers Mar. 31 162,504 (133,600) 22.0 

0.5O Bovboume — EJt.F. HIdgs. Apr. 1 3280 (1,700) 45^ 

0.75 Petford 14/7 Fullers Mar. 31 1,190 (1,020) 27.5 

3S.48 Barclays E^nk/ Heywood Williams Apr. 30 562 (S2) 21.0 

P.OPVF. 12/7 Howden Group Apr. 30 4,901 (4,646) 15.3 

7.7 Mr. T. Ward — Jacksons B. End Apr. 1 157 (26)L 7.3 


Pre-tax profit. Earnings* Dividends* 
Year to (£000) per share (p) per share ( p ) 

"April 4,539 (4,999) ITS (5.7) 1.694 IL517) 

Rlar. 12 3,493 (2^18) 0.8 i5.4) 3.019 ti!.7U2| 

Mar. 31 6J240 (6.7S0) 13.4 (13.1) 7.4 


(224) 10.1 1 10.1) 2.681 (2.437) 
(JS2) 0.5 (0.3) 0.293 (U^OS) 


Mar. 31 109 (101) 1.1 (1.3) 

Mar. 31 799 ( 623 ) 6.8 <8.2> 

Apr. 30 1.S10 (2,550) 8.7 (14.2) 
Mar. 31 34191 (2.607 ) 6.7 ( 5J) 
Apr. 31 2.470 (1.S401 10.8 (6.6) 

Mar. 31 204 (126 ) 4.7 ( 3.1) 

Mar. 31 162,500 (133.600) 22.0 (17.4) 


(U) 0.328 (0-293) 
(S.2> 2.0 (1.472) 


8.7 (14.2 ) 4.797 ( 4^96) 


(5J) 3.S (3.08) 

(6.6) 2.997 123 251 
(3.1 ) 0.958 (0.SS2) 
17.4) 7.259 (6.506) 


(1,700) 45^ (19.1) 2.421 (2.185) 


Mar. 31 1,190 (1,020) 27.5 (22.5) 5.8 
Apr. 30 562 (S2) 21.0 (— )L4.69 


24.51 Prank B. Hal! — Jen kins (R)(Hgs) Mar. 31 1,340 (1^10) 60.6 (59.0) 19. 


22.5) 5.8 (5-2121 > 

(— )L4.69 (Nil) 

(5.0) 4.0S7 (3.66) 

t— )L 2.0 l Nil » 


Ascfaheim Secs. & Latham (James) 


960 (1.320 ) 22.3 


W. & A SA Zug — Macdonald Martin Mar. 31 1,337 (922) 47 jJ (15.7) 

HilleshogAB — Marling Inds. Mar. 31 899 (476) 4.4 (2.0) 


Mitchell Cotts 
Group 
Industrial 
Equity 


May & Hassell 
Ratners 
Roy beck 
Rotaprint 


Mar. 31 
Mar.ru 
Apr. fi 


899 ( 476) 

321 (1.394) 
1.590 (1.410) 


Red ran. Heenan — Textured Jersey 


Sandrik — 

Starwest Inv. — 


Trafford Carpels 
UnDoek 

United Gas Inds. 


14.50 DanaCorp. 37/7 Watson(RJ\elvia) Mar. 31 
2.02 W.J.Glossop — Wiqfall (Henry) Apr. 1 


. . 1.590 (1.410) 8.0 

Apr. 29 6,410 ( 4.670) H.« 

Apr. 1 313 (4111 6.6 

Apr. CO 276 (126) 4.2 

Mar. 31 32 (110) 1.5 

Apr. 2 80 8 (748) 9-2 

Apr. 2 2,040 (1.440 ) 51.2 

555 (343) S.8 

1,370 (1,090 ) 20.7 


2,040 (1.440) 
555 (343) 


2.38 Newmn. Inds. 19/7 Wilkinson Match Mar. .*U 14 ,304 (12-1461 22.8 (20.2} 


nf A. ffv- , — j — coo — * . WOOOSSUiu . xi IB -i.f» newmo. mas. iVi'f n ukuimib mail 

, ot the Scott Family Trust and supporters controlling 59.3 per cent, . * All cash offer, t cash alternative, t Partial bid. S For capital S. >V. Wood 

AILIfYD TTvr«7C' and 3 Spokesman for Beecham said that the offer price of £18.50 not already he) rt. 3 Combined market capitalisation. )( Date on which Wrighton (F.) 

KAWIUR IliVa. for each ordinary share reflected the earning potential of S and B scheme is expected ip become operative. ** Based on_ 1S/7/7S. 

Mr. Edmund Dell, Secretary of which generates two-thirds of its sales in the Far East and Tt^»4 USPenai0n ' ** Estimated. 5§ Shares and cash. M Based on 


0.6 (59.0) 19.6 (17.5) 

2.3 1 23.U ) 7.54 16.686 1 

72 (15.7) 9.3 (S.44S 1 

4.4 (2.0) 1.13 (0.904 ) 

3.3 (16.6) 3.004 (2.772) 

8.0 (7.3) O.427f(0JS2) 

9.6 (fi.ii) 3.364 (3.012) 

6.6 (0.5) 4.443 (4.063) 

4.2 l2.9> 1.0 (Nil l 

1.5 (3.7) 1.675 (2 031) 

92) (8.01 4.9 (4.55) 

9.2 ( 6 . 1 ) 3.63 ( 3 . 25 ) 

S.8 ( 5.3 ) 2.383 ( 2.138) 

6.7 (21.0) 7.5 (4.S41 

2.8 (20.2 > ](i.O (8.312) 


Mar. St ' 328 


69L (329 )L — L (— )L4.2P3 CMWTl 


(2.1) 1.0K3 (1.0S31 


14/7/7S. 


INTERIM STATEMENTS 


Scrip Issues 


Company 
Bonser Eagrg. 


half-year 

to 


Pre-tax profit 
(£ 000 ) 


is will continue to be so for the Bench, 
lure. 

Dne of the more unsettling pn TDT TME 1 rui; 
ctuations is the continuing JIAIDIJiNC 1INV. 


civilian uniforms in the UK and Malta. . " jTctoon 1 ( J*& GJR ) Mar'll 

Serck intends to buy the facilities and products of the Aloyco Macpherson(Did.) Apr. 30 

division of the Walworth company from Atlantic Richfield in a “ e H r * 5l°^ rrr K*£-A l 

rtpn) V Neil & spencer May 31 


. cruauons is tne continuing liuuyjii: in t . JT rir 1,1 “ Neil & Spencer May 31 

J i tl?W ,a,5ness l ^ e dollar with Net assets per share of Tribime de f^ worth $25m. Serck is the first of the European industrial Watson &Pbflip Apr. 28 
ifilUlf poientially adverse effect on Investment Trust amounted to valve makers to move into the UB. and if the expected deal Wearra . Mar. si 

1 fi»rld economic aetivitv. Hp cave nesn ar lima tn ion mtmiwH JZoe<; thrnnph it will Kiwimo niimhar thraa in fha umrM Taaa.,a (Ficurcs in parent! 


105 

213 

115 

132 

59.000 

1.198 

1,740 

1.496L 

363 

427 

178 


( 211 ) 
(491 
(65) 
028) 
(67 500 j 
<1,1601 
( 1.369) 
(300) 
(281) 
(502) 
( 102 ) 


Bristol Channel: One for 10 ordinary. 

Interim dividends" Diamond Stylus: One for two ordinary, 
per Share fp) — _ G H DoHllia g ; 0ne for one ordinary. 

i nn- Jn'^ioi ERF Holdings: One 10 per cent preference for eight ordinary. 
_ U;> (-IT) G.R. (Holdings): Subdivision of ordinary 50p share inlo 25p 

0262 ( 0:238) shares. One and a half £1 10} per cent second cumulative 

2.25 (2U5) preference shares and two new ordinary shares for each 

i‘> - infllui ordinary 50p share held before subdivision. 

NiP (L7$) Latham (James): One new £1 S per cent cumulative preference 
i.15 (QJ8131 share for three ordinary or five “A” ordinarj-. 

0.852 f 0.763) W. E. Norton: 11 for 10 ordinary’. 

0.447 10.406) Raybeck: One 10} per cent cumulative preference share for ten 

£ ‘SSSl ordinary. 


i*rld economic acting'. He says 96^p at June 30. 1978. compared goes through, it will become number three in the world league (5?yres in parentheses are for corresponding period) ^ nrrtinnrv * V * 

would be much more optimistic with S9.7p In vesterdav's report in its narticular field Dividends shown net except where otherwise stated. _ . JL *’ 

out the future if there was these were incomSy iviim aa ^ partlcuJar field> • Adjusted for any intervening scrip issue, t Includes interim Rotork: One preference for six ordinary: one new ordinary for 

ire indication that action by nhe earnings per share Mr- Eric Norris, chairman of Worcester Controls UK, and and second interim. If dividends restaint is lifted company will pay one ordinary. 

' offer^Ln — ' 0^' — 

i..|. T -rnnoTn I Sr° u P . Worcester Controls Corporation following the acceptance — i — — — — —a— Rjflhfc ICQIIPQ 


. . ' yl mm UI JChlcIUiU' 3 icpvil 

nut the future if there was these were incorrectly given as 
ire indication that action by nhe earnings per share. 


UNIT TRUSTS | 

Growth funds on offer 

3 INVESTORS who need income Special Situations Fund is 
• into hibernation in summer? scheduled to develop some income 
3u might well think so, from attractions as well, for the mana- 
ic preponderance of growth gers are planning to get the yield 
rads being advertised today. Only dn from the present 4 per cent 
ie .set of fund managers, to 7 per cent over the next year 
■hlesiuger. is trying to attract to IS months: but capital growth 
•e attention of investors who is really the object of this rein- 
;ed income now. Its Preference carnation of the old Coyne 


purchase of the Norris’ stake takes BTR^holding in Worcester Offers for sale, placings and introductions 

I to 46.8 per cent 


Rights Issues 


£1.5m £110 per cent cumulative preference shares. 


Blackwood Hodge: One-for-fivc at 50p 
W. E. Norton: One-for-five at 35p. 


BIDS AND DEALS 


Albright tops £ 16 m in first five months 


Debenture Jud § e rules 
Corn, ahead SSL 


•iiivKiu.il stuck*, there are one Arbuthnot, having nut the cat holders recommending the 195p 

Lht°(o bp ba *fSre° f before toS amDDE ^ PW™* last week, has Per share offer from Tenneco. NEWMAN REPLIES 

S TO WOOD & SON 


had dropped the litigation com- 
menced against Law Debenture 
and bad agreed to repay its 71 per 
cent unsecured loan stock 1985/95 
at par. 


tag- w wjjsJisussE SMH&s " bjssst: S mSjSEgasf j i 

r- » i f', • I Ifl 'L*otm.- will not grow at all. And “*2L" S£a , S5!* 0 5i recommends thf offer t°, J >ewman' B bid. REDMAN HEENAN 

I i i : M i! > : 1 ilu* second place, while there to’srs.^ta^ SSwESk** »S5 e“ mind wood had cl.li.ed earlier ttU Redman Ucman has __recei 


' "5S JS. .SSL. 1 !*- *523 koor.response to 


v,oip.«u C «u solicitors 

month « AN £ SO.OOO lawsuit against the 

UlUll 1115 SoSSdVar the™ months u June 

30. 1978. For the full 1977 year ^ National Provincial Bank 
This Is sufficient to maintain the pre-tax revenue amounted to which later amalgamated mio 
company's public listing, which is £L‘77m. the NatWest. was struck out 

Petford's present intention. How- Inromp from investments for without a hearin 3 in 197{ j 
ever, it has warned shareholders thehatf vea?* taraUed £l02m because of “inexcusable and 
that with Bovbourne holding just aaalnst Dl^m antPmrniaemiient inordinate delay” by the 
over 50 per cent of Henshall its plaintir Sj solicitors, a High 

own offer is unlikely to go uncon- writing commissions added Court judge ruled yesterday, 
aiuonai. £34.129 (£30.752). Pre-tax revenue Mr. Justice Watkins held that 

was struck after expenses £70391 breach of duty by the solicitors. 
HOWDFN RFVT«iPQ (£62591) and debenture slock and James and Charles Dodd, of 

nrccD TTDMc sh0 Cl term interest of Biackheath. London, had pre- 

» j Vi £6 ^I 55 . vented Mr. George Mainz puo 

Howden Group of the UK. which The interim dividend is suing his case, 
is attempting to take over the effectively raised from 0.75p to Mr Mainz aI]eges ^ actions 
outside shareholders of its local 0.8p net per 25p share— last year s hv various branch manaeers coit 
subsidiary. Howden Group South Anal was an adjusted^ l.flSp. % him rhc rtiancp nf hS into 
Africa^ has proposed modified . J? JS2SL55W JSJ 


i-il min !•> ionjer-icrm 


u VI»Vi mnint lint it'c MrlnmanM. announced.: """. — , , V TJ" »*iaivs Mail umvi UlKen Bliwr K CaSO SUffl Or I »cuuc (III 

Trading conditions are still ™o«L was short of work. New- which was rejected by the divided between 102.5 cents cash 'shown as 87.3p (78.1p). 


the coal fire with a modem, no- 


ne*. are touch. Australian market has now shown either up or down. ~ — 

Apart from M and G. which this little tendency to take off: but Tenneco, the 19th largest U.S. w J de industrial base vnli be an extending its offer to July 23. cents offer was rejected by the 

ock rs confining itself to an invi- Barclays Unicom is convinced that industrial company, already owns advantage for the pottery com- which is also the Sandvik offer holders of 225.000 shares, with 

tutu io the Investor io grow in all this is about to change, and 49.8 per cent of Albright and has P any an , d s ® y * H 11 * a,Tn °st all the closing dale. 490.000 in favour, so that the 

•vdnm. all the other fund that the underlying strength of the right to" convert loans to country s thriving pottery firms requisite three-to-one majority 

.■h;<>:cr< advertising (his week- the Australian economy will find increase its holding io 50.5 per ar £ those within such groups. pcTFAPn FYTPvnc was not secured. 

.rt have growth funds on the its way through into share cent. It proposed an offer of a ‘ so 0i f Ts o* 1 * tiita vVoods rni C.A lCiYlJa Hill Samuel South Africa has 

irks. if* true that Target's valuations. 165p per share in May which the Board considers the offer fair and HFNSHALL OFFER indicated that holders of 135.000 

Albright Board rejected But reasonable on financial grounds Petford. the alternative bidder of the shares voted against the 

Albright agreed to the figure of and reminds shareholders, that f or tv. Henshall and Sons (Addle- 95 cents offer have said they will 
n«i>vnrm T T\r i vaiAnurm l ®5p per share. c , a S” alternative (worth ».8p) to stone) which is already the sub- accept the revised terms. Thus 

BIVIlJfclVDS AJMjMULINLtLl Trade union opposition T he 60p in preference shares, jec t 0 f a technical - shut out ’’ bid the scheme appears likely to 

Date Com*- Total Total threatened the success of the bid closes on July 19. f rom covboorne. is extending Its succeed at a cost to Howden UK 

Current of sponding Tor last for a while until mollified by 30p offer for a second time. of Rl^m. 

prjvmnnt puvment div. rear ypiir as-turances from the Tenneco RPnVFWATFR The new closing dale is now 

•hen (lire Corp int. 0 8 Aug. 31 0.75* — 2.4* management .Tenneco also made July 2) and the company retains oonmr 

Hull ftrfiun 0.25 — 1.67 0.25 2.7J assurances to the Government Bridgewater Investment Trust the option to extend again until iNU rKUot 

v jut 2i3 Sept. 5 1.83 — 3 95 before getting clearance from the has now cleared all the obstacles August 1. The acquisition by General 

iitirnnn-i inti *1.33 Oct 2 1.1S 2.05 1.S4 Department of Prices and Con- which might have threatened its Petford has won acceptances Oriental of Hong Kong of Argyle 

0J — 03S OJ 0 2S sumer Protection and the Depart- recently regained share quote. from only a further 05 per cent Securities (Holdings). whose 

"J.y V-isMon 3 — J.5 4 2.5 of Industry. Its shares were suspended of the shares since its last wholly-owned subsidiary is Argyle 

viileniis shown nc'nce per share net except where otherwise staled. Tenneco his informed the earlier this year after the Law announcement. Through its exist- Securities Limited, is not to be 

, (.'a uivalcnf -ifter allowing for scrip issue. f On capital Govpnment that It intends to Debenture Corporation alleged ing holdinas and purchases in the referred to the Monopolies and 

rn-Zrtl bv rl"hw and/or acquisition issues. 2 For 15 months, apply a portion of the cash flow that loan stock trust deeds had market it owns just over 11 per Mergers Commission under the 

-V v-rt on ts nc? cent tax charge. trom U* Heather oil field in the been breached. The trust regained cent of HenshalL Fair Trading Act 1973. 


Newman als claims that its Redman Heenan said 


was arrangement last month. The 95 


■Minin, ini int* oiuvr lumi inai uk rvgiu in wuven louns io u . ■» — 

.ihaccrs advertisin'* Hits week- the Australian economy will find increase its holding io 50.5 per ar ? those within such groups. DCTFflPn FYTPVT1C 
.it have growth funds on the its way through into share cent. It proposed an offer of It also ornts out titia \Voods rt I tA l tiNIJi 

irks. U’s true (hat Target’s valuations. 165p per share in May which the Board considers the offer fair and H FIN SHALL OFFER 


(foil Group 
•sletner 
>1 limn ns Inti 
il»*r KInI. . 


Current 

Date Coitp- 
of sponding 

Total 

Tor 

Total 

last 

pavninnt 

pavm ent 

div. 

year 

year 

.int. 03 

Aug. 31 

0.75* 

— 


OiR 

— 

1.67 

0.25 

2.7$ 

int. 2.13 

Sept. 5 

1.S3 

— 

3 95 

*1.33 

OcL 2 

1.18 

2.0S 

1.84 

0.3 



0.28 

0.3 

02S 

3 

— 

J.5 

4 

2.5 


viilcnils -hnwn pence per share net except where otherwise staled. Tenneco has informed the earner this year alter the Law announcement Through its exist- Securities Lun 
, Kauivalcnf t ricr allowing for scrip issue. f On capital Govpnment that it intends to Debenture Corporation alleged ing holdinas and purchases in the referred to th 
,, r ,.-,c,.d bv rights and 'or acquisition issues. JFor 15 months. apPV a portion of the cash flow that loan stock trust deeds had market it owns just over 11 per Mergers Cornu 
f£4d <m :w per cent lax chargl the Heather oil field in the been breached. The trust regained cent of HenshalL Fair Trading A 

Dividend amendments Chaddesley-Greycoat merger details 

.1- PM<tiii nf ihe reduction in Herton-Evans Gs &up: The net . %f O 


Dividend amendments 


a result of the reduction in Wcston-Evans Group: The net 

.. e h:ivic rate of tax. (he fallowing final payment will be amended to iru im rbfnnbm pbopfbty CQRRSPONOEMT 

; i-i -H m panics have amended their 2.1 B59Sp making a net total for BY JOHN BRENNAN, PROPERTT CORRESPONDENT 

vidends: th pM^j.rfc 3 ‘ < ^Swmatlnnal- The DOCITMENTS detailing to finalise details of its partici- follows. ^lr. S. D. Sainsbury Hedderwick Stirling Grumbar 

Cawdaw Industrial Holdings: rf :£STare recommendine a final the terms of the proposed merger pation in the Cutler btreet scheme 200,000; Mr T. A. D. Sainsbury and Co., brokers to Newman In- 

i,' dividend is to be increased Tn^ead^^ of 1 36125P ?! Chaddesley Invest men ts and and in other developments now 125,000; end Mr. D. J. Sainsbury dustries, bought 17,500 Wood 

cm 2.-1212 p to 2.4379P. tiSeiSon-Keniom The pro- M>- Stuart Lipton and Mr. Geoffrey m the pipeline, leaving Chaddes- 250,000 These disposals are worth and Sons (Holdings) at 55p now 

n «o^ S“rS? final for the vear W^n*s private Greycoat Estates ley shareholders wtihout an over £lm. at the current market assented for cash on behalf of 

U„rinnwood ^ery Company posed -.lip .ro^ fina for tne yea h now been posted to Chaddes- exact picture . of Greycoat's price. Newman. 

oi-Nhaw): A im Pf O-O^P from to March Ji. m le £ ? ^ s bareholders. development equity. , The holding of Hon and V Hoare Govett bought 150.000 

K)4p to :H;*r»p. i.+aap net. * — Chaddesiey's board, advised by . But the Chaddesley board Trustee has altered and is now Crosslev Bmldlnes at 1034n nn 

stockbrokers Joseph Sebag. unani- believes that the activities of 11,228.230 shares (13 per cent) non behalf of Bowater. 

mousiy recommend acceptance of Greycoat and the expertise of ns beneflciaJ as trustee, 
the merger proposals, which management win complement 

Involve the issue of 3.4m new those of Chaddesley and will LWT-HUTCHTNSON 

10p Chaddesley shares, worth enable Chaddesley to develop its CRYSTALATE IJNCONDITION A I 

£513,000, for GreycoaL Chaddes- properly investment ditvc OSBORNE iwr mluM 

ley also proposes to reduce the activities and enable it to take ° ^ 11 , The oner by LWT (Holdings) 

par value of the existing 25p stock advantage of new opportunities ELECTRONICS" preference shares of 

to bring it Into line with the in property development Crystallite (HoHIngs) has agreed Hutchinson has been declared 

new lOp shares. But it points fic J, d *’ . to acquire (he shares of Osborne unconditional Acceptances 

out that this change would make Chaddesley. which yesterday re- Electronics (W) a private com- been received in respect of 
no difference to net assets, voting Ported a pre-iaz surplus of pany based on the Isle of Wight. 432.512 Hutchinson preference 
.... rvruftftirr or dividend rights. 5 £20,274 for 1377-78, has arranged for 2.009.UU0 Crystaiate ordinary shares (90.11 percent). 

EUROPEAN OPTIONS tACHANtat Greycoat recently acquired the ,he ertarordinaiy general meeting shares worth £502,520 at yester- In .due course LWT intends to 

- — — i ■ Swiss group Compacnle Auxihare to discuss the merger forH.10 day’s closinc market price of 2Sp. acquire compulsorily any outstand- 

i . pour llndustric’s 38 per cent ara on A “5ust 7 at 4, Chester plus £173.C0» cash. mg Hutchinson preference shares. 

vl J»lv . ... ! Vi>u . w, t M shareholding in Chadd^ley. and Gate, N.W.1. Osborrc^ sccounts at September Thepreferenceoffer remains open 

: : | it*. ! — this holding, along with the new 30. 1977 .-now net assets of unul further notice. 

TT. - 1-330“ — — • 1 t 36 « — ! 0 _“ n 'i 1 ' 3 * 4 shares issued to acquire Greycoat, RARn 4YS TTT' , S2 6, 2 OQ V. . P£ e ' t ?? P r ° r,ts 

i,\ tSa . - - j - - ! 2 * 7 - 50 ! - would take Mr. Wilson and Mr. PAKULA I S UC £279.000. JJw two years to ppr Ha MIT TON 

a !i \ l aid - ” ! 42 8 i 43 —3 'pgg'io Lipton and tiieir associates' stake Barclays Servant Bank beptember ;in ^79 Mr. J. C. South VV r I ilc /JjiP aiL10N 

\K". iJ - - j 4 * ; * 1 1 2 - in the combined group to 69.1 per announces that at the _meetine of chief executive and principal LEASING 

I >■ ■■ 15 ~?S I 10 I ssa I — ] — '960 m cent- In that event, the Greycoat holders of the 5 per cent Osborne shareholder, warrants Hamilton Leasing, specialist in 

‘.j'} , ,2 Z ■ - : 6 I 1 ! 3 1 - 50 directors would place a prop or- unsecured loan stock, average annual pre-tax profits of leasing office equipment, has now 

« Vi-ij i - 1 5 ! 2? 1 o m i 8,26 4 tion of their shares in the market 200(W)a the proposals set out m not less than C40/WO. Mr. South become a whoUy-owncd subsidiary 

ill'll ki»j: 7 £>« I | I); _ Z* : " to avoid “dose" company status extraordinary resolutions dated will join the Crystaiate board- of Finance for industry, 

uni s-260 . - I “ I 0 1 aM I ■' for the combined group. June 20 and concerning the offer Osborne manufactures com- FFI has purchased the oulstand- 

ki.m F 140 1 — I *" ! -S I ?n ta 16 »* In line with Stock Exchange and made by .Barclays Merchant Bank ponents for the telecom munica- ing minority interests from Hamil- 

Ni.ii FI50 - , - • “2 J 2 1 13 io.bo! i! Takeover Panel requirements, ° n behalf of Barclays Bank for pons, radio and electrical ton Group of Canada ft3 per cent) 

mm EJS2' SS • n'^o ^ 66 ' 4.50' 1 7 \ Greycoat is making a simultaneous Investment Trust Corporation industries -'nd will increase and Arbuthnot Latham and Co. 

H Io i oiio ' 2 I a-so; ” « «Bh offer of I6ip cash for each wwe pass^ Crystalate's involvement in com- no per cent). Both of these com- 

m'm K 190 ' - J - 5 ! J-ISi k! b*bq ' " Chaddesley share. But the cash Total valid acceptances had been ponent manufacturing, panies were among the original 

h mi »vo0 — J — | *®2 ; I' 70 1 ^ j iiso " ? ffer stands J§p below Chaddes- ttemni in respect of 1A>6.669 promoters of Hamilton Leasing. 

ki.m i^iOi — I — I 62 ! °‘ ley’s currently suspended share stock units of which 1~9,189 were nFAI Crrvcn Hamilton's rental business, has 

w puHSKji - i — ! 2 ! ®'2S 1 l n 5‘5n prt«- And Greycoat and its vahd cash acceptances, RANK. AL SIGNED been sold to the UK subsidiary of 

II "“tS: ! 39 { 1.70 ; 7 2J0 F25.90 n. M. RoihschiM and An agreement for the acquisi- the Hamilton Group of Canada. 

!■!!! 1-J7M t - I - ■ =» ?k 5 °i 3 i ‘i 0 F»3 Sons, k well as the Chaddeslej rORNFRCROFT non by snj JjrtC hyttKd Bank 

i:i» KUO ! 36 j iB.70; , *9 , _ _ _ board, make it clear that the wKiitKLKUf I of Lxuon Bancorp, Incorporated, _ _ „ 

Jin )'iiu 72 ! a t +* j 0 ^“ : lia _ merger proposals, bringing the Armstrong Equipment's offer on the term* announced on June NEWMAN INDS. 
i*\t tliS a • iso i — ! — — ' “ : ^ 122-20 two former Sterling Laud directors for the preference shares in 9, was signed yesterday. Newman Industries is to provide 

11 back to the stock market, is a more Cornercroft has been accepted in It is subject 10 the approval of a £150.000 medium term loan faei- 

_ attractive alternative. respect of 144,321 shares (7*2.16 a majority of the shareholders of lity to the Royal China Clay manu- 

Shareholders are given an out- per cent), and is now uncondi- Union Bancorp, ana to all neces- faoturing business it sold to 
line .of Greycoat's current opera- tionaL The offer for the ordinal? sary consents reran the relevant Maddox earlier this year, 
lion, which has a current net shares (of which Armstrong now authorities >n me uk and the U.S. As a result oF this move 
worth of £M0,000 but which is also holds 64.5 per cent) is already Maddox, which in The half year to 

involved In a number of major unconditional iccnrr^TFS ric »r c December 31. 1977 made pre-tax 

Central London property develop- LitAub profits of £201.035. is seeking 

mentis, including the giant 790.000 . nr Rowe and *7*™?*! [Hurst-Brown shareholders' permission for a 

kq., ft Cutler Street warehouse »HARE STAKES sold for a “"jnetionary invest- temporary increase in its borrow- 

devdopment in conjunction with J. Salnsbnry: Directors and meat ctient 3 '™ 3 Thomas Tilling ing limits— from £500.000 to 

Standard Life, Greycoat has. yet families have sold shares as at 120p. £650,000. 


0111 2.-1212 p to 2.4 379 p. 

K in-inn wood Brewery Company 
orshavr): A ri>e of 0.032p from 
UMp 10 .’{ 45fip. 


EUROPEAN OPTIONS EXCHANGE 


J..)V 

Vul. • 


\i.\ 

1*330 

— 

i “ 

1 

56 j 

2 

AII\ 

.\»\ 

,\K". 

.1 1,/. 

UM 

lit* 

mu 

mu 

tS-JO . 
l aiO 
i j 
132 50 
?60 
J37..M 
eJ-sj . 
F2UJ . 

7 

1 1 1 1 1 1 ;« 

42 

10 

6 

5 

2 

4.50 ; 

1 i 

210 I 

4# 

is ! 

43 

104 

3 

2 

HIM 

fJUO 

— 

1 - 

a 


KI.M 

KI.M 

hlM 

KI.M 

KI.M 

F140 ' 
F1SO 
F1&0' 
F170 

nso. 

M 

55 

60 

r ! 

0.50 
0.20 ! 
0.10 | 

2 

20 

9 

66 

2 

5 

17 I 
10 

7 

4.50 j 

2.50 
1,80 1 

19 

13 

1 

11 . 
3 

M.M 

PI 90 , 

— 

I i 

202 

1.20 

66 

KI.M 

KI.M 

IVQ0 

1 2)20 j 

— 

- 1 

62 

0.70 | 

3 

NN 

iua.90 ; 

- 


a 

39 

6.70 

1.70 ; 

IB 

7 

1*111 

i*m 

Ul» 

i:n 

IMS • 
P27.&0 . 
pi.-o ! 

FI 30 

56 

72 

12.70; 
5 f 

20 

as 

42 j 

0.50 ; 

14 • 

6.20 ! 

31 

1 

iim 

t 140. 


— ; 




l M 

MiO. 

a 

1.30 ) 





- 1 1" 364 
1 27.50 J .. 

5 ;P89.10 
2 ] 

- i£60U 
1.50 M/.70 


- !F 150.70 

16 J .. 

10.50 

7 I .. 

7 | „ 

4.50 1 „ 

• 2.80 j m 

| 1.50 I „ 

( B.50 IP10O-8O 
j 2JO j FES.90 

I 1-20 - , 

F133 


— ! FI2S-20 


OFFEROR'5 NOTICE PURSUANT TO SECTION 199 OF 
THE CANADA BUSINESS CORPORATIONS ACT. 

S.C. 1974-1975, CJ3 

To: Each holder of Common Shares of Magnum Fund Limited 
who did not accept the offer of Copthall (Tilburg) B.V. to 
purchase all of the Common Shares of Magnum Fund Limited, 
including any subsequent holder of such shares (the “dissenting 
offerees ”). 

By an offer (the “offer”) dated June 5th. 197B. Copthall 
(Tilburg) B.V. (" Copthall ”) offered to purchase, in cash in United 
States funds, all of the common shares of Magnum Fund Limited 
("Magnum") at a price per share equal to 90 per cent of the 
net asset value per common share as at the close of business on 
June 26. 1978. as- determined in accordance with the formula set 
forth in the offer.' This price has been so determined to be U.S. 
dollars 42.552 per share. 

Offerees holding more than 90 per cent of the common shares 
of Magnum have accepted the offer and Copthall is bound to take 
up and pay. for their Magnum shares. 

Copthall hereby gives you notice that it is exercising its rights 
of acquisition under section 199 of the Canada Business Corpora' 

; tions Act (the "Act") to acquire ail common shares of Magnum 
held by dissenting offerees. 

You are required by the Act to elect: 

(1) To transfer your common shares of Magnum to Copthall 
on the terms on which Copthall has acquired the shares 
of offerees who accepted the offer, that is. at a cash 
purchase price of U.S. dollars 42J552 per common share, 
or 

(2) To demand payment of the fair value of your common 
shares of Magnum in accordance with the provisions of 
section 199 of the Act. 

If you wish to demand payment of the fair value of your 
common shares of Magnum, you must so notify Copthall within 
20 days after receipt of this notice. Such notice may be given to: — 

COPTHALL (Tilburg) B.V. 
c/o Fasken and Calvin, 

Barristers and Solicitors, 

Box 30. 

Toronto-Dominion Centre, 

Toronto. Canada. M5K 1C1. 

You will be deemed to have elected to transfer your common 
shares of Magnum to Copthall on the same terms on which Copthall 
acquired the shares of offerees who accepted the offer, if you 
do not notify Copthall chat you wish to be paid the fair value 
of your common shares of Magnum. 

Regardless of the efectian made by you, the Act requires you 
to send your certificates or bearer share warrants representing 
' common shares of Magnum to: 

MAGNUM FUND LIMITED, 

P.O. Box 25, 

Commerce Court West. 

Toronto, Canada, M5L 1A9. 

within 20 days after publication of this notice. 

The main procedures which are applicable to the acquisition 
by Copthall of your common shares of Magnum under section 199 
of the Act and to your entitlement to be paid the fair value of 
yolir common shares of Magnum are summarized in the offer.- 
Additional copies of the offer are available at the following 
locations: 

National Trust Company, Limited, 

21. King Street East, 

Toronto. Canada. M5C IB3. 

Attention: Stock Transfer Department 

Banque Oecidentaie Pour l'lndustrie et le Commerce, 

65-68 Leadenhall Street, 

London. England 
EC3A 2&A. 

The provisions of the Canada Business Corporations Act are 
technical and complex. If you wish to avail yourself of your rights 
under section 199 of the Act, it is suggested that you seek your 
own legal advice as failure to comply strictly with the previsions 
of the statute may prejudice such rights. 

Dated This 15th Day of July, 1978 

COPTHALL (Tilburg) B.V. 

J. Schuldenfrei 



Financial Times Saturday July IS 197& 



WORLD STOCK MARKETS 




Index jumps 15 on Wall St. 


INVESTMENT DOLLAR 
PREMIUM 

S2.60 to £1— IW% (101;%) 
Effective -SI .*823-47;% (47i%> 
SHARP ADVANCES were recorded 
on Wail Street yesterday, when 
the Slock Market was helped by 
bright second quarter earnings 
and more hope for a Capital Gains 
Tax cut. 

The Dow Jones Industrial 
Average moved up 15.07 to 833.83. 
making a rise of 27.42 on the 
week. The NYSE All Common 
Index, at $54.82, rose 70 cents on 
the day and SI.4S on the week, 
while gains led losses by more 
than a Lwo-to-one majority. Trad- 
ing volume expanded 4.76m shares 
to 28.37m. 

Analysts said the gain was par- 
ticularly encouraging in view of 
the $4.9 bn rise in the Basic Money 
supply reported yesterday. 

Hope for a Capital Gains Tax 
cut improved when House 
Speaker O'Neill said, .Mr. Blumen- 


FRIDAY’S ACTIVE STOCKS 

'Jltjnsr 

Si o*.+.v Clnslru on 
irnd-.-d price djy 

4H..50H 2gi +; 

IIIA .196 9u0 SM +21 

rcrftnijIiiiiiCA . Li .1 00 46 4 2.' 
.Mil .Mr Xtf.-imi 71 +: 


T'-'um ... . 

RnoilK 

I 'mi TVrtinijfiwu- 
Pan .Mil .Mr 
General Electric 
Smirk- ■ >, d. ... 
•I'lilkrjir . .. 

Xerox . 

Nivrltna Drua 
Fasiman Kodak 


. 41 J.. ion 

.... .796 9u0 
. 4J7.70D 
32H.-MH 
. T.*0 JAQ 

ZO * ini 
... 24> i>nn 
Siri.fnn 
. . : w.ooo 
2 r:. 5 no 


thal. Treasury Secretary, plans to 
discuss with President Carter, a 
compromise to get tax cut legisla- 
tion moving in Congress. 

The Stock Market also benefit- 
led from an announcement by 
UAL Inc's United Airlines that it 
plans to buy 30 wide bodied 767 
jet aircraft from Boeing. 

UAL picked up $J to $31 S— its 
United Airlines awarded Boeing, 
up at 359J, a $1.2bn contract. 
Volume leader United Technolo- 
gies rose S2jj to $46— its Pratt and 
Whitney unit won a $2 00m order 
for the 767 engines. 

IBM climbed $81 to S267 J after 
it reported second quarter earn- 
ings advanced to $4.73 (S4.44) a 
share and said continuing strong 
demand for its products “re- 
inforces our confidence in the 
Future growth of the company." 

Sludebaker-Worthington gained 
S2J to 363i — it forecast higher 
second quarter earnings. 

THE AMERICAN SE Market 
Value Index gained 1.30 to 149.92, 
making a rise of 3.62 on the week. 

Total Petroleum North America 
were active and up SU to ill|. 
Chicrial n Development gained 
Si; to 823 J on its natural gas find 
m Canada. 

CANADA — Further gains were 
scored in active trading yester- 
day. when the Toronto Composite 
Index advanced 1U.0 tn 1.138.1. 

The Oil and Gas Index 
strengthened 24.7 to 1.521.6. 
Metals and Minerals 13.0 to 


9 4S.4. Banks 3.03 to 27S.9S. Papers 
1.32 to 118.64 and Utilities 0B4 
to 175.29. Only Golds, off 5.4 at 
1.446.5, moved against the general 
trend. 

Texaco Canada rose $2 to $43 J 
and Chieftain Development $1} 
to S26j on news of their joint 
Alberta gas discovery. 

BRUSSELS— Mixed In quiet 
trading. 

UK and Dutch stocks little 
changed, UJS. and Germans 
higher. French steady to firm. 

AMSTERDAM— Quietly mixed, 
with Dutch Internationals mostly 
higher. 

GERMANY — Firmer in lively 
trading, despite uncertainty over 
results of imminent Bonn Summit 
and further weakness in Domestic 
Bond Market. 

Leading Banks and Chemicals 
registered small gains. 

Public Authority Bonds showed 
losses of up to 40 pfennigs. 
Regulating Authorities bought a 
nominal DM 230m worth of stock. 
Mark Foreign Loans also weak. 

SWITZERLAND — Mixed in 
quiet trading. 

In Industrials. Saurer met some 
speculative demand. 

Domestic and Foreign Bonds 
firmed, but trading calm due to a 
scarcity of offerings. 

Dollar stocks slightly easier, 
Dutch issues little changed, 
Germans steady. 

COPENHAGEN— -Shippings and 
Insurances firmed slightly. Com- 


modities generally higher. Indus- 
trials slightly lower. 'Bonds quiet 

OSLO— Bankings barely steady.; 
Shippings, Industrials and In- 
surances quiet. 

MILAN — Lower In slack end-of- 
account trading. 

Bonds moved within narrow i 
limits in very quiet trading. 

VIENNA — Recent improved 
undertone maintained. 

HONG KONG— Market rose 
slightly in active trading, with 
profi r-tafdng mai n l y from local 
interests trimming strong gains. 

TOKYO— Slightly higher in 
moderate tr ading Volume 350m 
(290m) shares. 

Export-orientated issues and 
“Populars,” however, were lower 
with investors reserved ahead of 
Bonn Summit 

JOHANNESBURG— Gold shares 

mixed in moderate trading. Min- 
ing Financials followed Producers. 

Anamint rose R2.50 to 76.00. 

AUSTRALIA— Firm. led by 
selected Mines. 

Coal and Allied gained 20 cents 
to 8A4.5Q on reports financing is 
almost complete for its Wark- 
worth development. Oakbridge 
gained o cents to L85 on its new 
coal sales to Japan. Thiess rose 
5 cents to 2.80 and While Indus- 
tries 8 cents to 2.10. ' 

Uraniums were quiet, with Pan- 
continental down 60 cents lo 14.90 
and Queensland Mines 10 cents to 
2.53. 


Indices 

NEW YORK-dow JONES 







f ^ . 

Ib 

r US 1 

| .lino.- yomiHtarTl 


14 J 

15 ■ 

l? < II j 

1 " . 


H>uli ' 

G.-v, | 

High i 

Uiw 


953-85 

824.76 

r 24. r 5821.2^, 

1 16.7K 

1 

el2.4t : 

856.61 

74j. 12 

1 

1 1061.70 

41.22 







ih.*’) 

iai«i 

, lDl.73i; 



86.94 

96.96 

97.05- 86.75- 

B 6 . ? 1 | 

67. lr 

90.86 

86.75 1 


— 




■ 1 



■ a. L-. 

.117, 1 

^ 27S.88 1 


1 mn-l-MI .... 

125.56 

225.07 

225.56. 222.54! 

720.50| 

2 Id .lb 

51.55 

lo .41 j 


14.25 






1 

- OLi 


■ 6-1 ,j 2 t 

I’liiilie* 

105.55 

105.46 

105. r. 105.24. 

106.01 

105.56 

110.96 ' 

1Q2.t4 ! 

163.42 | 

10.58 




1 



.5,1. 

|J 2 ) 2 > . 

1 jj>4/waii 

l*/4Ci 

Tr* line ml. 








1 


i 

28.570 

23.610 

25.640 27,480' 

77.470. 

25.480 

~~ 


i 

— 


N.Y.B.E. ALL COMMON 

I i j | ITT? 

July 4ulv i July | July i 

14 I IS I 12 | 11 : Hmb j Ura- 

54.8* 54. 12) 54.08! b6M 5b.2u J 48.4/ 

! ; ! i W/ 6 ) 1*'3> 


Run and Falls 

■ July 1*| July \5 July 12 


liaue* traded..—. 

Hues 

Pall* 

l/Di’bsntferi — 

New High- ] 

New Unr, | 


1.679 1.872 . 1.873 

1,067 690 i 883 

427 ! 714 625 

385 j 468 46a 

— | 36 39 

— J 14 . 10 


MONTREAL 


Industrial 

C'infiiaerl 


JnM I July 

I 14 i u ! 

I 186.8a 184.12. 

J 194.68; ISJ-Otf 


July JoTt i " ■ 

12 II High | 

IttS. 12' 1*2.00 186.86 <14 (7 1 i lB2.i0ilV.2i 
l9.JCWl.es ? 94.88 (24/7; ,' 170.62 ufah 


TORONTO Uimi-Mtfj 1158.1) ll48.ll 

JOHANNESBURG i ‘ 

Liuni 257.1 . 255.6 

I mlu- trial 251.2 1 250.0 i 


228.7 227.8 i 237.1 i|4f7i j l8i.U-2C*i 
24G.5 246.8 | 251.2 1 14/7 1 I 194.? .lo.i' 


* hn-i- >>i liules i liHnKh-l iron, Augu-i it 


Iml. .In. yield i. 


■July i >1 iiiip m .Iwiesi . il'enr agi» ap|iixM>.i 


, July • Pre- 197b i 1973 
1* * vuju, ! High , bw 


STANDARD AND POORS 

1 I : 1 1 T.litt 'Since *.'4>nipilarn 

July July ' July : Julv July . July . !- — ' . 

. 14 15 : 12 . 11 . lu 1 7 j II lull I Gm j High | 

: linlu-liiaii- 107.90 106.54 lirtj.40H05.-rti UK>..li 1U4.76 1 lld.dk . Ba^ri 144 , oj | a.o2 

• ] iw*! I»w3* 1 1 1/ 1 rtdi- i40/r>r5Zi 

;l.i-mimiU' 97.56 96.25 6.24- 48.95, -5.47! -4.8l' 100.52 1 86 . JU 12s. -a I 4.4U 

I 1 i **»»»-, I tn3i :ill/U«.! iljr.-i ) 


lml. rtir. yield ^ 

Iml. P b Haiti, 
l«WE Oi.r. Bowl .» iel*l 


| rjiuii- 12 .liny 3 | JiiOe i» I Year inppr,,*. 


9.12 I 8.93 
B.69 j 3.69 


Australia '' 1 504.07 6GL91 
Belgium < 8 r 96-54 9 $ .22 
Denmark***) 65.64 i 95.66 
France fttt in • 71X6 
Germany! .”) 765.8 j 790.7 
Holland i»|| 83.8 | 85.0 
Hong Kong 667 .58 366.99 
Iiaiv (ill 61.69 • bLol 
Japan (or 424.6K : 42n.al 


Singapore ; 

ifti 


544.67 5*8.60 


6C4D7 441.19 
' il«ni - I l/3-i 

■ 101.16 1 90.43 

! TiSinj 

I ft.U ! 64X0 
I iu;l| . it', 2 ) 

; 7 L 2 i 47.6 
i ( 40 /S) ( 3 , 2 ) 

j 812.7 7 ey.« 
i iio,2) in*i 

■ cYJU ■ 76.0 

, (9*j I (4i4j 
XL.6I { 5.44 

; itif/l i (l4llt 
' n 4 ^ 4 l 00 . 4 & 

. C' I-I 1 f lull* 

' 424X6 • 464.04 
■ i*.i» 14,10} 
J0OJ1 ' iiKiJO 
l IO/7i i ill*-) 


[ Juiv ! Pre- [ h>i£ I9i- 
14 I TUMI- | H'dl 

S pain Id) 102.18 102j 42 1 llt-.K ai.ct 
i . [ <?J3i <Ti«5i 

Sweden (e>> 590X1 5E5.76 j >».7« 

' liiOJ ; Ojli 

Switrerl'dl/j 29L8 291 A ji 5 b.Wi'/ 9.0 

( [ Ii«*i . I&.4) 

l||> Belgian SB 31/t2/SL (*•> Copenhagen 
SE 1/1/73. <tti Paris Bourse 1 MI. 
irti CommentMnk Dec.. 19S3 ■ as ■ Airwer. 
dam. Industrial 1978. i62) Hans Seng 

Bank 31/7/84. i||[) I Milan 5/1/73 mi Tokyo 
New SE 4/l'8S. <b) StnlU Times 1964 
(ci Closed. «f> Madrid SE SU IT' 77 
id Stockholm Industrial 1/1/58. (Ji Swiss 
Bank Coro rai Unavailable. 

indices and base date* (all base values 
100 except NYSE All Common — 50 
Standards and Poors — 10 and Toronto 
300-IXN. (he last named based on 1973*- 
i Excluding bonds. 1 400 Industrials 
} 400 Inds.. 40 Utilities. 40 Finance and 
20 Transport. (9» Sydney Ail Ord. 


F.T. CROSSWORD PUZZLE No. 3,719 I RACING 


A prize of C5 will be given to each of the senders of the first 
three correct solutions opened. Solutions must be received bu 
nest Thursday, marked Crosstcord in the top left-hand corner of 
the envelope, and addressed to the Financial Times. 10. Cannon 
Street. London. EC4P 4BY. Winners and solution will be given 
next Saturday. 

Saute 

Address 


BY DOMINIC WIGAN 


Abercata may repeat 
victory at Ayr 


NEW YORK 


Abbott Lain- 

Addmsognpb ... 
.Yema LiieiiLoi- 
Vlr PJwIims... - 
AianAlurnlaiiim 

.Una. 

Alfeg. Ludlum ... 
Allegheny Fuiver 
Allied CbemtaL.. 
Allied Stores...—- 
Vlli* Chalmers-. 

A 31 AX 

Aownda Hns_.. 
Anier. Airlines-. 

Amor. BraoJa 

Aroer. Bwad«su 

.Vmer. Can. J 

Amer. Cyananild: 
Amer. DIbu TeL j 
Anxsi Elec. Pow, 
Amer. Exptera..,. 1 , 
Amer^omePrvdi 
Amer. Hediotl — S 
.Vmer. Maun.—} 
.Vmer. Nat. Gea-| 
Amer. Eftandud.. 
Amer. Stare*—— : 
Amer. TeL A TeL 

Anatk ... 

AMF J 

.VMP 

Amp ex ■ 

Aurbur Ur^LlUg. 
Anheu*er Busch- 
■VrateQ Steel 

A.S.A 

Aamn Oil 

Asbkv 

.VsllULDd Ull 

All. Riclitieid 

Vuio Data Pr>.>—. 

A VC- 

A veu .... 

■Vwb ProdiKT.-... 
Ball Ga> Elect ... 

. Bank Amenn—. 
Banker* Tr. N.Y. 

Barber Oil 

Baxter Irate no*. 
Beatrice fiol— 
Bevtooll laawtJ 

Bell i Hovel l 

Beodlx 

Ueuguel lew ‘B‘ 
Bethlehem steel. 
Black A Decker... 

Boeiap — 

Boise Casiaile...- 

Bonten ..... 

Bory Warner. 

Brandy Ini.... 

ikaVuM' 

Bristol liver- 

Bnt. Pel. AUK... 
Bnjckway Ci'a—... 

Umlun u.-t 

Buerrui tnr 

Uuloia Watclu... 
HiiniugiunNihn. 
Burr-n, gh» 

Cam ta-iii Soup.— 
v auadiau P*,;; 6 c 
Lanm Kan>K»}.Ji.., 

lanuiiuu i 

itmei A Urueia,' 
Carter Hmiwv... 
Literv«uiar inct- 

«. bs 

■JeianeieL'-nti... 
L<aittal A S.W.... 

L'ertBimeed 

L'euQa Aucrait ... 
Chase Manhattan 
i-lienikal Bk. NY. 
Cbesebigh Farm. 
Cheque ayeiem... 
L'liuaigo Bridge...' 

Chrysler _/ 

Cinerama. j 

Cine. MUaaivi...' 

Clliuoi |i — ; 

Cities service-.. 
city lnre*ung...| 

v'wa Cula... i 

■J'.’ltxie Mun.-i 
v-olllou Ajknian-; 

-olum-na Gas ..J 
voIum,,!* Fict— ! 
uom.lnsCv.oJAm; 
^omnintiuii LngJ 
Cirtitinatiau Kq.J 
C'm'n'th bin*. n.' 
tV* Tii UJJ HetJ 
C-omrn. SalelliteJ 
ctimputerSdence 

Conn Lite in» ; 

Conrac I 

CVm. Edison N.Y. 

i "oosol F«».<U 

C’XWol Nat. baa, 
Cunsnmer Puwcr 
Cunt mental bip' 
Continental Oil.. 
Continental Tele 

Cvntiul Data 

Cooper J ml u*_. ..i 


Julv' I July 
14 1 13 


July Julf 

l* u 


earning Glass—.' ss »8 i 

g£S2=3 IT £ 

Crockco Nat 

Crown Zo»cHia»J*. 51"" 

Cummins Easin' f]** < "I* 
Curtiss VriRbl-i > 16>J 

I*—. 1 g* ■ gs 

llart ln.lu-m»L « , jgj 

• «*• »;* 

Denuiriy Inter ... 23 ?e 2 |i 3 
Ditnilf fidisun. ■ *5^ “T?* 

Diamirfal ^liamrk] 2 ‘ 8 . 26*3 
Diiiapb-me- , tS's i *gf 

Dicita Equip.— . 2T ? 8 i 2nu 

UlMiev i Walt) , ft 8 ^‘4 

UnverCon «*-■■■■ : gj. 

Do« Cheraicnl.... 205a 

Dravu 2 ^%, 2fi 

nininsi . ... 435a I 45 

SSS c:::. ; mi i 

UyuiLlndumic*; 301* |0 4 

Ragle Pjcher — ... *“7® 

Bast Airline*. I t21 a t| l 2 

Eastman Kodak-j |63a 
■■■ — 3®U 

K. Ci. A G. ' 25 1 8 2510 

Hi Faatr -Vat. Gar lgl 8 

Kmemoa Blecirh.-; 363« 3|So 

EmeryAlrFr-lslitl 2ns* 23*. 

Kmheti 39 U 3»'2 

E. M.I • •“* ! 25* 

En^eduud... i 221 - i 221 - 

Esnurk 1 29»fl 1 30|g 

Ethyl 2156 21*8 

tsvon ' ^.' 8 

FalldiiU Camera. a *»2 j 0**2 
Fed. Dept. f»ii«re> 3ol- ; 351a 

KtrstuueTiie *31; ; 15*2 

Fn. .\«u Utwloii. 291- | 29 «s 

F mi Van 21l 2 ■ 19 a i 

Fluitkirte 27 ij 1 271a 

. Il.mda Power.,..- 30J* ; 30»2 
Fluor., ■ 36 1 8 j 36 <g 

F. M.C. ....... -.-J 23ig 231- 

F.ml Motor ^6*3 ^ 6*8 

Forem>At Mi*k-.. : ZlJg 21 

Foxbore..., 38 365* 

Franklin JI nil.... 9*g 9>g 

Freepost MmeraJ: 27ig 261a 

Fruehaul 29i2 295g 

Fa. (lie lads lOlg 10*2 

G-VJ..- 133* j 13 1* 

t.anneu- I 4a 433* 

□eu. Amer. Jnu.i 9?g 97g 

G_V.T-V.__ 4 275* 27bg 

Gen. laide. ; 175s 17 ig 

Gen. Uynaratcs J 761* 73 

Ueo. Electric*.... i 53jg 52 

Gen. Food* i 32 32 

Geiienu Millr..,. 311* 313g 

General MulorrJ 61tg ' faO>* 
Gen. Puli. Ulir.J 105g , IBag 

lieu, oicnai 1 29bg 2938 

(ieu. Tei. Kleei-.j 28<g I 29's 

Gen. Tyre. ' 27 lj 26U 

Geuesuo. ! big j 55* 

Cet/iyia nwiUv. • 863* 27lg 

Getty Oil..— , 38 U j 36>'g 

Gillette 29 1 j j 28/0 

Guo j rich B. F..,.| 281- 223a 

Goody ear Tii e.._ 16o* > 16>: 

Gould 30iy I 303* 

Grace IV. 1 C 26s* 265* 

Gl. Allau he I'ea b3g | 6 ig 
GtL. Aim lb (tun. 2!w* i 263* 

Gieybutid 13 | 12>e 

Uult k Western. 1438 | 13*8 

Gull Oil 23)8 2538 

UaUtxirloa— _.... 8338 61>s 

Hauna Mining... 5b >2 32sg 
HamUchieger— 16l B 16>g 
Harti* Curp 58 57 

Hrtnz H. J 403* 40*3 

Heauieln 26 6 g 26 

HewiePartuttU—i 84i- 83 

Uoihtay Ido*__..| 175* 175s 

Huinwiake. 34>* 34i* 

Honeywaii. ' 69 67 

Uouver : 11 Sg USg 

d cc p-CorpL A mei i 32 1* 313* 

Houcton Nat. Ga*! 23 >» 24 

UuntiPb.AiCbm 104* IOI 3 

Hutton 1 B.F .1 157g 163* 

l.C. Industries ... 1 26 2Blg 

ISA 41*8 4Hg 

litcersoi, Kan j 673* 56*8 

tolaort Bteei 3578 3 5U 

Iasi 100 | 143* l4tg 

IBM ; 267.5 239.3 7 

Inti, r mvouo ...... 25ig 24ia 

Inti. Harvester... 371* 36'* 

Inu.Min&Cbem] 37 363* 

I nil. Multifont*.. 215s 21 l B 

Inco 16ig 55*8 

luti. Paper. 40 lg 40 

IPO . 36 34 tf 

Int. Korjtirter lUg 10 t 8 

I nr. Tec A Tei.... 31 303* 

invent 1 1 

lima Beet 36G 35>a 

IG Imernationa 113* llsg 
Jim Waller | 2948 29 lg 


L*ehie*rer._. 

• Corpn I 

r H. J 

leln 1 


John* Jlaunlip...: 

Johntou Johusou' 
Joliiasuii Corn ip).' 
Jov Manuiat-Utr'p. 

K. Mar Cnrp. ( 

Kaiser Alumini'tn. 
kaiser Imlusine* 

kaiser Meel , 

KnV- ' 

keuiievuu 

Ken 11 , ■Gee. 

Kalde Walti.v 

Kiarteriy Clerk,-. 

hop pern 

Kmll 

Kroner Cv..........| 

GntieH sy Tmia .. 1 
I«n 

LihhyOu .Find... | 

LtfdttAGioup— ..[ 

Ully|Klyi 1 

Lttion Indwfl '■ 

Ga-Jihced Ainar7r 
Lone blur Indus, 
Lone Island L(d. 
Louisiana, l a n d- 
LuhrlsM 

Lucky Storm. 

Lite Y*imcxtVn. 

MavMlUan 

MwyK. H— 

M it*. Hanover.... 

Mapcu— 

Marat hull Oil—.. 
Marine Midland. 
Marshall Field ... 

May Dept.THiwv-l 

MCA . 

Mi-Uvnmrti- 

Met Hamei 1 Unuu. 

Mi'Cini* Hill 

Mriiurtvx...— 

Ilnrk ...._ 

Merrill Lynvli..... 
Mesa I VI nMuni. 

MOM , 

Mum Mina S-Mtp! 

Motrtl Corp. 

M> -Osanlo. — — .1 
Murpiu J.P - 

M> iti.4i.ua 

Murphy OH 

.'ahhan ! 

Naloj Cbi-micai .J 
A at loom. Can ......J 

Nat. Distillers...- -i 
Ahi Pcrviee lud.J 
National Si eel— ; 

Natoman | 

NCR 

Neptune Imp. I 

New Bnf(iaint BU 
.Vt'K Uuxiaail Teif 
Niagara Mohan k| 
.Niagptra Share.. 
k.L ltMtlistrles—l 
Noi KilkAWoicnij 
Vunli .Nat. Cm- ..! 
AlllU. Stale* Pa 1 1 
Mltuyit Alrllui>; 
N Iliad Banv-rt'. 

AirthuiSiUluii J 

CHii.leutd 1 . 1 Vlli,' I 
'-*«•• t.v Mather.... I 

Ohio Killaiu 

Uliu i 

ov eneai. Ships.. .| 
Oueus C-.'niing ..; 
Owen* Jlluuts—..; 

Hv ill. Gai - 

Pacili'- LwLltnjc.l 
Pan Put. k Ltd. ' 
Pan Am Word Alt 
Parker HanulituJ 
Peaiimlv I 1 K. 1 ....I 
Pen. Pu. k L....I 

I'eunv J. C. ) 

Pennzoli 

People* Drue 

Peoples Ua* 

Pepsico 

Perkin Elmer....' 
FH 

Phaa i 

Phelp* lH>ij{e ! 

Philadelubia Eie.l 

Philip Muirl* | 

PbiUtps Petro'm.j 

Pilsbury 1 

Pitney’ Bowa* — j 

PiLtaron | 

PimaeyLfl.VUU; 

Polaroid I 

Putomac Elec. .. 
PPG Induxries.. 
Piucter Gamine . 
Pul, Serve Kleei. 

Pullman — ... 

Pure*..-..; : - 

Quaker OiU I 

Kapid Amerii-au.) 

liaytbeuH 

RCA 

Kepi ■ N k-Si eel... . 
Kew-ru lull 


i Revlon 

I KeynuldN MeUlaJ 

I itm ouhts R, J- 
KkeliVm Mmell.t 
Rurkuoll Inter—, 
KutuuA Haas—..; 

I.*„val Dutch | 

1 : IE 

Kn*- Loir" 

Ily.ter svitem .... 1 
Safeway Sieni...: 
St. Jiv Mnwmiv' 
Sr. i:«tslVper...> 
Santa Fc 1 m*" — 

Saul loved. | 

lipi*. i 

Sriulu Urc» liia-' 
echiiunheiKet — - 

st:M 

•Vrtt ; 

Scnvil Ml!--,- ; 
Scud, ter Duo, Cap 

Sea ConiAiner, ...J 

seegram._... 

searictti.l).} } 

Stars tfoebuek.... 
SEDCn..— — 

Shell Oil-. 

Shell Transport— 

Signal 

SiRuuite Corn I 

Simplicity l« .. j 

Sinner ! 

vnuth Kune > 

SoUltou..... — i 

Kanlhkiwn 1 

-smut limit al.Eitl 

-»«jil»eMi to. j 

mini. A m lie- . — 
Muiiberu IVifli 1 
Soul liemJIallaa* 1 

oouiutonil I 

sVt Ban>hare*_l 
Sperry Hutch—. 1 
>|snrv Kami..— j 

muib ! 

Mamlanl Hrunrtf.; 
Sul ui I Cal iloni is [ 
Sid. OH ImluuM.; 

aid. Oil Ohm 

■Slaud Chemical^., 
SreriuiR Druu- ..! 

Sturtehaker [ 

sun C«>. 

suotbimiid- 

Syutex 

I'echmcoliir 

lektrnuti. I 

Irteiyue j 

Tele*..- 

lcuvi.i». 

FratiilHmlniii/ 

Truiu 

Icxasc 1 1 1 1 | 

L«\a* Kaaieni— . . 

I'exa* IiGl'iK ( 

I'exaa Oil A Gaa..j 

I'cxss I t (111 it* 

time* lu * 1 | 

I'iiiivs Mlrn<i._. ; 

n mt, pi 1 

Crane 

1 rnirsiiK -1 wn 

Iniupiv. ■ 

l'ranp I- moil 1 

Cnni.MMy liiir*u. 
Traus Mol M Air.j 

I'ruvelcis 

Tn C.mtluenui - 1 

I.U.W • 

dVh Ceuiuiy Fox 

D.A.U 

l-AKCO i 

L'lil • 

L iuiev«r.._. 

Ciu.evi-r AV - 

C'nhiu 8 auror]i...: 
Uuum Cartrlilc -.. 1 
U in, in Comment 
cniim Ui.V«in...j 
Uniun Pacinc— 1 

UmrojTii [ 

United Brand*.... 
Ua um. nrp..— -I 

US C vp uni | 

USSlua* I 

l-H a tec 

L'a TachinuuEie>. 

U Vliatuatne*..... 
UiKinia Elect.... 

M’aijrrecu- 

Warner -Com iiulJ 
Wanaw-LanihRrt.i • 
Waste- Man 'mem 

Wellp-Paijrvj- 

M’eetern uout) 
Weiieru N.Ajiipi 
W estern Unkm... 
We*rtii|{hsf. Kiei-j 

WfanKO I 

MVve baeuxei 

W hints,. 

VYimeCin. 1 1 h 1 . 

Witliani Co. j 

Wiaeurum Elect..] 


t July. f Jm v 
1 « G li' 


Wuulirurth—— ] 19 ' " lgj. 

W.V1.V I 4t t 4lg 

\mpv 5»4* BSis 

^■ptM i 16 16 

Zenith Kudin 143* 141 , 

C_W«w*n VHIfC tft41g 1941 * 
l s Trea**tt,7;*.& I79ig t79: a 
C.s. do dan lull*.: 7.03 J 7.17*5 

CANADA 


141, | 14 

5*8 6 - 

41 30* 

22 £04; 

44 aS;. 
283* ! 221* 
20i* 20 V 

4-55 1 4.65 
571* l 57ljT 
41W 51 


\trii iha PkpCT ; 

.Vlflilvii Ka^V— . 

VieanAluimnhiDi! 

Aig’rtiiaStMi— 

Avhwt p* i 

Bank id Moniten 1 
Bank N.rtKi .Suit 

Ihfk- Kfrwnwv, | 
HHi Tek-phrue...; 
How Valley I nd..J 

Hr Canada.. i 

Unvcaii— 
Kruuo m.^‘ ' 
Cairktv IWer— 
Camlkra Mlner-^ 
CanadB Cement u r 
Cauada XIV IaD.J 
Cna.lmpBk.Com 1 
Canada IfhllW...' 

Can- Paotw 

Can huithr Inv..! 
Can. Ni««r Oil...j 
C.rCn)* O' Keeie. 

Ca-au*r AhtcMraJ 
Ctneilaw.... 1 

Ttimimi... ■ 

(.on-. Kaiiiurv).. j 
CuOaunaT Mb*....: 
Cmcha Hc-onrce* 

Lis-lam 

Or«i iklfl......] 

Uentsun Mine,.- 1 
LHan Mine*.... — I 

Lfrnne HrinWiiHj 
Dominion HratRc] 

Umutar—...— | 

Itlljsirl.... 

Pain rtt’jse A ickei.i 
Furvi lli(i* Can , 

Ueii-iar 1 

Uhvut lepBkutlel 
Muif Oil j 

Haakrr Std.CauJ 

HoflliiRci ...— — 1 
IIm/iv Oil 'A*.....! 
Hnri-crti Bay Ung 
Hu-laon Bay— . 
Huc»onf>H A Ga* 

I.AjC. 

Imnw 

luiiorlaJ OIL...... 

litcu i 

Imtal I 

InlHiai Aal. (•*'« 
lut'p. v Pipe Lira- 
Kaiser lto*oune*l 
Umn Fin. Ciaih.j 
UArtaw Cuiu. ' P 
it 'iiiiii'n Bioem. 
Ms-wy Fecausmij 

M-diilyre..— 

UiiiT Coriai 1 

Mi.vutaiuSuitvKw 
Aiimihia Mtiwu...! 
Aiuvou bant) — 
.Ntlin. TeiisiMii ...! 
Aunw Oil A Gas 
Uukwmxl rtsri'ml 
tVcttiL-Coptw M.] 

Psc*bcVetrrrteim>i 
Pun. Can. IVl'ni.j 
tauno. .......... wJ 

Peopks, Oept S... 
PimvCaii^i Oil... I 
Pbu-erl)e\ek>(jft]lj 
PbwerCurporaCn 
l*ntv S7....J 

quebev amreeun] 
ttiuiRttrOll — ._...{ 

ltee>t Stem 

HmAhtoui 

Kuiau Bk.,a CauJ 
Koym Tnei . 1 

HrplirH'iwilW* 

leacrauB ...I 

3 he<- Canfcla 1 

aluvnttU. Miner! 

<tQtKO> O. U 

aunpMin 

itvei M Canada - 1 
Meep Rock fruu.. , 
Texaco Camuta... 
CornutD Until. Uk.| 
Tram Can Pi pc Gal 
(ran- Mount opr 

Truec 1 

(Jmuutius 

Ltii.ai>cuvMiiie:|' 
Walker Hiram.... 

M e*t Cos-tTtan, .1 
M ealonGeo 1 


18 U. I HnKefl « rradod. K.ii-v 
I New stock. 


| IS'* 

UH 
1 15t* 

116 
biq 
4.20 
19 
12ig 
!43 ki 
37s, 

3.85 

271* 

161. 

32 lg 

J6i a 

4-3U 

-0 

S5p 

0.99.-, 

St25*fc-^-- 

16U . ' 

145b iv ■ 

1.38 

35 

lOlg 

32L 

53 

IS 



ACROSS 

1 Kivi.* Lti miivt* crmvd to 
amuher lit* (til 

4 Cusv uf ihv non-iinkiny pool 
(S> 

10 Lvav o mhm;iII> uvceptAlile 
whip in j .slew’ (7> 

11 Fnsun is Uerman for ihv 
miiMcmn (7) 

12 Stare ai key copy (4i 

13 Chance soldiers have lo 
become disorderly |5, 5) 

13 Service mother preserves (6) 

16 Moan to study message (7) 

30 Turning up a right com- 
petitor (7) 

21 Reading ar IS with /ewer 
engagements (fil 

24 Coal with only a lake 1 10 > 

2K Split up a bit 14) 

28 Equal takes care of French- 
man and nobleman (7) 

23 Sweet quiet artist has a 
rnw . . . IT j 

:;o , . a* Ted maybe lines lo 
cathedral with compiwurc lS» 

31 Eiimpment fnr those wanting 

snap out of it (6) 

DOWN 

1 Assaults on hunted animats 
are nol worth U (4. 4) 

2 Ship's starting signal 
depressed disciple 14. 5) 

3 Earth to behold before morn* 

in 3 j4> 

5 One bird gives another article 
as well (S> 

6 Pusher at door helps tn make 

a change c4-8i 


SOLUTION AND WINNERS OF 
PUZZLE No. 3,713 
Following are the winners of 
last Saturday s pri 2 C puzzle: 


Miss S. J. Alderson. 1 46 
Htircott Road. Kidderminster 
DVIO 2RL. 

Mr. K. Davidson. Courtyard 
House. Harringworlh, Corby, 
Norihants. _ 

Miss J. E. Higham. 11 Broad 
Lane. Crappenhall, WarringLon, 
Cheshire WA4 3ER. 


7 Strange imw a slury gels new 
beginning (5) 

8 Hale some French trial (8) 

9 Spell as a church in ember (5) 

14 Footballer in prison aban 

duned (6. 4> 

17 Sporting spin u leant may 
discard (4. 5> 

18 Consolation not written in 
Regal House fsj 

19 Detested person writing three 
articles to parent (S) 

22 Beads Tramed by children’s 
counter (6) 

23 Rubbish a beast bas to 
stomach (5) 

25 Dim it down? On the con- 
trary. I’m shy (5) 

27 Subside over a family history’ 

(4) . 

SOLUTION TO PUZZLE 

No. 3 , 7 Itt 


BSSaDBS^"HBBnSQ 

& a S B 

Hgaag- gsaaeanma 
a;, h e @ 
Q3S3annns anaaa 
BjSrJS- ^ E 

E50BfflSa^EaBSgH03 
S " fa a el 
aasHasa sssasa 
0^ iffl 9 0'S-S 

afisnss -.ggoQBsnae 
a h s (n a n 
SQBDQQSQQ H3BQQ 
0 a-.-B :0 

[aaMBBHEH'BfflSg 

5 n M : 0 b □ a 

anHEBsa 

fl m H n:.B 

gaSBO ‘ H&SBBQHQ 
Q 63 > Q - H ~ □ ? - . £3 n 

9E3BQQaEQg^ QEGS 
SnraR® H 'H El H 

a®HH HaBHaBaEjQH 

Q a u ri n 
W H Q ' D , Q n R JK 

BaaaaHfl 

H s u h a m 


JAMES BETHELL, who is 
having his best season yet in 
terms of prize money, has a 
bright chance of landing this 
afternoon's Joe Coral Handicap 
at Ayr for a second successive 
season with Abercata. 

Abercata, carrying 9st 71b in 
the Joe Coral Handicap— 25 lbs 
more than when he won 12 
months ago— has made three 
appearances this season, with 
impressive winning efforts 
coming on either side of a list- 
less run at Epsom. 

His most recent performance 
in beating Steel City a shade 
cleverly by three-quarters of a 


YORK 

1.45— Head Huntress 

2.15— Homing 

2.45 — II Padrone 

3.15 — The Captains tan 

3.45— Miss Zadig 

4.15 — ■' Trapalanda 

4.45— Maggydamos 

AYR 

2.00 — Wick well 

2.30 — Abercala* 

3 J 0 — Tlnionel 

4.00 — Elegante 

4.30 — Snow Chief*** 

THE CURKAGH 
Sun!** 


length tn the Bain Dawes Scot- 
tish Handicap at Ayr suggests 
that be may well again be able 
to cope with Camacho's bitheno 
luckless runner-up. 

Another trainer enjoying a 
good season, though admittedly 
not one of his best, is Bill Elsey, 
whose Yellow God colt Don, was 

the chief benefactor of Jellaby’s 
mishap in the Lackinge at New- 
bury. 

' Elsey saddles Trapalanda. a 
tentative choice for York's Foun- 
tains Maiden Stakes, in which 


Calf of Man will clearly take 
all the beating, and Snow Chief, 
who is recommended with more 
confidence for the Scottish 
course's Kyles of Bute Stakes. 

Although Elsey ’s Fair Top 
could well go close in the after- 
noon’s most valuable event in 
this country, the John Smith's 
Magnet Cup, the bottom weight, 
II Padrone— a five-year-old re- 
turning to form — could repre- 
sent better value. 

In Ireland, by far the most 
important event of the day is 
another running of the Group 
One Irish Guinness Oaks at The 
Curragb. Here the home team 
may again come off second best 
following Shirley Height's suc- 
cess, for although Cherry Hinton 
is a surprising absentee. Fair 
Salinia and Suni will be repre- 
senting English stables. 

1 thought that Suni might well 
have made her presence felt in 
the Oaks at Epsom had more use 
been made of her and she is 
suggested with confidence for 
win and place backers. 

SINGAPO RE 

.1 ilIv l* ! S July 14 { 5 


GERMANY ♦ 


Industrial* 

llinri,.. 

Bun- (rad O*. 

Bnu^lrartBlul' 

nunlnp 1 

K»«) 

I'rMr Aen»e 

Hft* Far j 

Hump I art — J 

I tK-bc»|v ■ 

Malay Brew. 
Malay feint. I 
Met.Ux Sinai 
UT'nChln.Uk! 
Pan Blectrlci 
KubinsunGo. 

Rothman 

Shell 

Si me Uart-y. 
Cold f tonne 
StraUsStmml 
Strain. Tmitr-j 
< 197b» Lid 


:MnMb,Trad*Ri S.b0*d 
: Timer, Pub. ! 

I Bcrtarij 3.1* 

' L". Kni{ineen; l.W 

:u. IT's Bk... 3.14 

|M'e«nie...._.. a.42 

(Traciur 4.64a 

k'hemlcal .... I ;■».« 
Willm Jacks. 1. 6 
Rubbers 

Uatu Lmtanel 1.90 
LHinlp Estate! 4.16 
iRempaa ] I4.0a 


jTinfl 

Auttral. Am. 

Berjuntai H JO 

K'ampar.. 13,52 03 

Kucbai 

Lever Perak. — 
1‘etaHoj; Tin. +6ii0 
ISupremeCp.. C.I 0 
;Tontflcalillar. — 


SPAIN W 

July 14 . 

Uain.o bllbao 

AsUihJ 

Baiiv-o Bilbao 
Baiuro AilarttlCO 1 1 .0410 1 

Bairco Ucnlnil 

Bunco Ejtirrrar 

Bonce GeJterai 

Banco Granada 1 1.000 1 

Banco Hiapano 

Boncu lad. cot. (I.DiiOj 
B. ind. Ueditcmaeo 

Banco Popuiur 

Banco SaniamkT i250j 
B anco UranUo u.oou. 

Banco Vbeaya 

Banco Zarasozano 

Baofeumon 

Banus ,\ndalucla 

Babcock Wilcox 

CiC 

Draudnj 

InmutunU 

E. I. Aracowsafi 

fc^J’aouM zinc 

ExdU Hid Tlmo 

K'csa (l.DDdi - 

Fcnuya n.OlWi 

Gal Pn-cudos 


Pyr cent 
277 — 

m - 

297 _ 

2 M — 

JOS — 

2 U — 

280 — 

1S1 - 1 

222 — 

lb 7 - 1 

208 — 

2 J1 - ? 

327 - 3 

262 - 3 

2» - 

270 “2 

150 — 

2ns — 

29 — 

12 — 

280 — 1 

79 — 

5025 - 125 

102 - 

98 +2 

45.75 — 

7X50 — 

79 — 


union YV-laamcz i*qqi US 

Hidrula 7425 

Ih^rrim-ra *4 

ularra Uff 

Pjo.-i.t 3S Reomdas ... 70 

P-.-iraliber 114 

Puiroteus - 207 

Sumo Papa Lera ST 

Sntacc <7 

Sogeflsa 

Tilcfooica “JJ 

Terras HostencJi 94 

TuDacex 100 

Union Elec HJO 

BRAZIL 


"i Pmai | 4* or ICru/ [lTii 
I Gnu — Dit. I ? 


AcwiuOP 1.00 

Banco >10 Hraa.il... 2.00 
banco Itau 1.28 

Beleo MinciniOP l.tfU 
I<y»- Amer. np„ 3.30 

Pemoura PH 3.31 

Pira‘" L4d 

Mihij* Crux OK ... ! 2.78 
Emu 1*8 i S.5u 


1.00 +oJ)U J.lfc 12.0D 

2.00 +i*. l J.I'iB.DO 
1.28 -0.D2 0.3-> 28.9 
l.BU — -'..idj.Ot 4.2 1 

3.30 + x.i d J.it 6.06 

3.31 — 0.L-l!j.ii A.D2 

L4d ij.lt 10.8- 

2.78 4.0.t2U.c^ 6^7 


Gmn 1*8 i S.5u ; (u.*:kak 

' 1 " H Ik.T Kp| 1.26 1 [0. it | Id. 41 

TurnQffor Cr. 156.5m. Volume: 7tam. 
Sou ns: Rio tie Janeiro SE. 


NOTES: OTrraas prices cxdndc S premium. Belgian dividends are arter 
wiibbuUins tax. 

* DAW 4M«m unJess otherwise stared. V Ptas.5« drnom- unless atbcrwlse 
siaied. 4 Kr 1M flequm. unless nLherwtse elated. « Kra.500 denom. unless 
otherwise Stated *1 Yen jO denom. unless otherwise elated, S Price at Urae nr 
suspension a Flonng. h SchlllinsS. e GeaU. d Dividend after pending rights 
snd’or senp issue, e Per share. I Francs, a Cross dl*. %. h .\ssuffled dividend 
alrer scrip and- or nctus issue, t After local taxes, m tax free- « Francs, 
lucludma unilac div. p Nom. q Share spliL » Di*. and yield exclude special 
payment, t Indicated div. u Unofficial trading. t< Miwrliy holders only. pMerser 
pi-wims. ■ ,\skcd. * Bid. s Traded, i Seiler. ? Assumed, ir ex rtahts, xd Ex 
oiviaeno. xc bx eertp issue, xa Ex all. a l merlin since increased. ! 



Sage Holdings 1.40 

9 7 1 SAP PI *30 

c. g. SnutD smear 4 « 

B. 4 1 Twer Oats and Nat. Mills. ID JO 
9.6 

£jji Securities Rand 
03 ( (Discount of 39.78%)- 

































































^5^^Wwmdsa 'Tunes Saturday July ig rm 


'ourt moves to save Boussac empire F urther 


’ DAVID WHITE 

PERSONAL holdings of 
»rcel Boussac went into the 
■jr pot as the Paris Conuner- 
*°“ rl decided to take them 
■ its direct control in its 
,pt to sort out the financi- 
stncken Boussac textile 

.•nty-one companies within 
roup wore made subject to 
;»1 settlement by the court 
ay Jl. This decision has 
been extended to include 
nussacs shareholdings and 
outside the group 
The most important of 
- is the Christian Dior 
m biLsines.s. which accord- 
\« ,ni e estimates is worth 
l-Fr 5n0m ($U3m>. 

» - eek ago. M. Boussac sold 
newspaper interests, the 
wing daily LIAurore and 

et income at 
ubota fails 


the sporting weekly Paris-Turf, to 
a group of industrial and -finan- 
cial interests for FFr 80m. It 
has been estimated that the 
Boussac group needs to • find 
FFr SOQm (5180m) to stave off 
bankruptcy. 

The Commercial Court s^id in 
its ruling that taking control of 
M. Boussac's personal holdings 
would help it to assure the con- 
tinned operation of the group 
under a restructuring plan if 
necessary with government 
backing. t 

Despite the Government's new 
policy of not supporting “lame 
duck” industries it would be 
difficult to ignore the unemploy- 
ment threat posed by the 'Bous- 
sac group's troubles and its im- 
plications for the social climate 


generally, About 11,500 are 
employed in the group,, over a 
third of them in the Vosges 
region where they would be 
badly placed to find other jobs. 

The 89-yea r-old founder of the 
textile group tried last month to 
use his personal assets as a 
means of saving the company 
when he offered to sell a con- 
siderable part of them and 
plough the proceeds into the 
group. 

But the group's creditor banks 
blocked the move which would 
hay.e meant releasing their 
claims on assets .which had 
already been put up as collateral ; 
against loans to tide the group 
over its most immediate pay- 
ments problems. 

The banks’ attitude provoked 


PARIS, July 14. 

violent protests by groups of 
Boussac workers, giving rise to 
a strange alliance between W. 
Boussac, the archetypal pater- 
nalistic boss, and the communist- 
led CGT union. 

A lawyer for M. Boussac was 
quoted as saying that M. Bous- 
sac had now given up his claim 
to everything “down to his last 
shirt" 

Apart from Dior, M. Boussac 
owns two stud-farms, about 20 
racehorses and a chateau with 
about 7.000 hectares of land, as 
well as portfolio assets. 

The more valuable of his stud- 
farms and his best racehorse are 
worth Fr 100m combined. Under 
his previous offer, M. Boussac 
would have kept house and land 
and all but one of his horses. 


jh tinner increase m s i 

Malmros ■ 

forwarding and earnings at IBM 


Sime plans properly expansion 


f 9% 


BY JAMES BARTHOLOMEW AND WONG SULONG 


TOKYO. July 14. 
>TA. .Japan's leading manii- 
vr of agricultural equip- 
and industrial pipe and 
.nery. reports a fall of 9 
cent in consolidated net 
s to Yl9.67bn (SSTm) in 
ear ended April 15 from 
lbn. 

iso 1 1 da led based sales, how- 
rose slightly, by 1.0 per 
to Y499.lbn ($2.5bn> 
though sales r»f industrial 
inery related to public 
: projects, environmental 
>1 facilities and pipes 
ised,” said the company, 
culiuui sales declined. Sales 
ri cultural machinery fell, u 
said, as a result of the 
asing Telucrancc of farmers 
rebase new machinery, with 
ower growth in farm house- 
income, and with the 
nt Government policy of 
;ing the area under cu'ltiva- 
for rice in Japan and 
traging conversion to other 


mmodfty OFFER 57.1 
ist BID 35.2 

able OFFER 80.0 
tioii Trust BID 75.0 

S Commodity & General 
Management Co Ltd 
8 St George’s Street 
Douglas Isle of Man 
Tel: 0624 4632 


THE FULL purpose of the 475m 
ringgit loan which Sime Darby 
is raising in Malaysia and 
Singapore is still not . clear 
despite a - company statement 
yesterday. . 

Speculation that- the loan 
might be the prelude to a major 
bid has been answered only by 
the assertion that “ there is no 
announcement of importance 
pending." 

Two specific areas of expendi- 
ture are indicated. Some 75m 
ringgit will be used to repay the 
10 per cent unsecured loan stock 
which matures on December 31, 
1978 and the group says that it 
has plans for ** substantial 
property developments hi both 
Malaysia and Singapore." But 
ad for the rest, the group says, 
“as might be expected, the com- 
pany is continually examining a 
large number of investment 

Toyota lifts 
sales targets 

• TOKYO, July 14. ' 
TOYOTA MOTOR COMPANY 
has revised upwards its produc- 
tion and sales target this year, 
to 2.91m frgm the original 2.86m, 
as a result of an improvement in 
domestic sales. 

- The adjusted target reflects an 
expected increase in domestic 
sales to 1.48m from the. 1.43m. 
earlier, looked for. The target 
of 1.43m is unchanged. 

Reuter 


opportunities both within and 
outside the plantation industry." 

Sime refers to recent invest- 
ments in engineering, rubber 
broking, heavy equipment and 
plantations and says it has a con- 
tinuing interest in transferable 
technology and downstream deve- 
lopment from its plantation base. 
This diverse list of expansion 
areas suggests that speculation 
about a bid for a major planta- 
tion company has been mis- 
placed; but the Board declines to 
make specific denial on this point. 

The speculation was fuelled 
two weeks ago by the announce- 
ment of Sime's purchase of a 4.8 
per cent stake in Gutbrie Cor- 
poration but Mr. James Scott, the 
chief executive at Shoe, said soon 
after that Sime had no. present 
intention of bidding for Guthrie. 
Bid speculation has also been 


focused on Harrisons and Cros- 
field. Dunlop Holdings and the 
minorities of Consolidated Planta- 
tions and Tractors Malaysia not 
already owned by Sime. 

The loan will be raised through 
a subsidiary, Malaysian Oriental 
Holdings Bhd. which has been 
dormant for some years. As 
reported yesterday, the loan will 
be in four portions — fixed and 
floating rate loans in Malaysian 
ringgits and Singapore dollars. 
Precise details of tbe terms have 
not yet been finalised, because of 
“the size and complexity of the 
funding.” according to the group. 

The Malaysian Government is 
a significant shareholder in Sime. 
The group states that " the rais- 
ing of a loan this size will be a 
demonstration of the strength 
and capability of the capital 
markets of Malaysia and Singa- 
pore.” 


Profits rise at Transamerica 


Dutch publisher in UK 


WARDCATE COMMODITY 
FUND • - 

« 30 th June. 1978 . £I 0 . 3 S^ £ 10.78 
WCF MANAGERS LIMITED 
P.O. Bo* 73 . 

St. Holier. Jersey • 

0534 20591/3 

Next dealing* 3 1 at July, 1978, . 


BY CHARLES BATCHELOR 

KLUWER, the Dutch publishing 
group, has agreed to acquire the 
capital of Hutton Educational 
Publications of Ameraham-in the 
UK for cash. Hulton has a staff of 
about 35 and publishes 400 
educational titles for the primary 
and secondary school age groups. 

Hulton's activities closely 
complement those of another 
Kluwer company in the UK, 
Stanley Thornes/Stam Press of 
Cheltenham. Kluwer declined to 
give further details of the. trans- 
action. Kluwer made net profits 
of FI 16.7m ($7.5m) on sales 
Of FI 519m ($235m).in 1977< It 
publishes 10.700 titles including 
3.200 educational books. . 

• Buehrmann-Tetterode (BT), 
.the board and paper manufac- 
turer, has taken a 34 per cent 


AMSTERDAM, July 14. 

stake in the waste paper dealer 
Lignac en Van der Meer. of 
Breda, Lignac handles about 
100,000 tonnes of waste paper a 
year or about 10 per cent of the 
Dutch market 

The aim .is to increase BTs 
access to raw materials for its 
board making activities. It has 
had this holding for “some time" 
hut the withdrawal of two shares 
.holders. means BT will play a 
larger role in the management 
of Lignac. This is the company's 
reason for disclosing the share- 
holding. 

BT is a diversified company 
with interests in manufacturing 
and wholesaling office equipment 
stationery and toys. It reported 
net profits of FI 38.9m in 1977 
on sales of FI 1.56bn f$706m). 


flirpnev BY OUR RNANC,AL CTAFF 

THE SECOND quarter of the Average shares outstanding at value of the U.S. dollar in rela- 
year at International Business the eod of the first half were tion to other major currencies 
Bv William Dullforce Machines has brought a further 146.4m against 149.2m last time, resulted in an exchange gain of 

7 increase in net earnings. At the Mr. Frank T. Cary, the chair- $22m, which consisted principally 

STOCKHOLM Julv 14. per-share level, earnings have man of IBM, said; “Purchases of unrealised gains from the 
tot? n?TSIS-RIDDEN Ma-imros been raised from S4.44 to $4.73. of data processing equipment translation of foreign currency 
shipping company has sold its Total net earnings for tbe were somewhat higher in the assets and liabilities, 
transport and forwarding agency, < * u ®^® r J iave c , I 1 sen . ® per cent quarter and for the six months some observers in tbe com- 
Oiswi and Wright to ScancU- to S69L2m. &Ies increased from than im the comparable -periods put er industry have suggested 
nav i an . Airlines System (SAS) W.4bn to $4.9bn. of Iffy . This reflects the taper- that 1978 may be a year of tran- 

for an undisclosed sum. Swedish ooce igain, share earnings in Models “l58 and° f ll? St SS “ Uo ? altiou 3 h ‘ last 

newspapers, however, put the the second auarter benefited - m ° aeiS 4* 1 ® ana i6S ana years total share earnings of 

price afjnst over SKr 30m from the company’s purchase of 22? of newe?" products PUr ‘ 5W2 are likely t0 be exceeded 
<S6^n)- .. . its own stock, which- have Ch £ a dd^! orders - lh,s ^ 

The purchase is to be made reduced the number of shares for data processing equipment The introduction of a new 
formally by th€ Incentive invest- outetandlng to 145.9m from for ^ gj. st quarters of this range of machines, referred to by 
meat company, because under 148.1m. _ year were substantially higher Mr. Cary in his speech, means 

IATA rules. SAS is not allowed In the first six months, the than the strong volumes exper- that the company is at the begin- 
to operate a 'forwarding agency, computer monarch has earned a ienced in the comparable 1977 ning of a new earnings cycle. 
However, IATA is expected to net Sl-Sbn, or 58.74 a share, period. - In the past, profit margins . 

drop this restriction next year, compared with $1 -bn, or $8.26 “For tbe six months ended have declined at this stage of the 
when SAS will -assume ownership a share, in the previous first half. June 30, 1978, fluctuations in the cycle. 

an its own name. . — 

Olson and Wright made a pro 

tax profit of around SKr 5m on j • j ri 1 * 

Profits rise at Transamerica 

port, being the biggest air freight 

forwarding agency in the Nordic SAN FRANCISCO, Julv 14. 

countries. 

Mr Knot Hagrup. SAS's man- TRANSAMERICA Corporation diversified financial services, had its best June ever and will 
'■rtna director said the airline earnings for the second quarter entertainment, manufacturing be up in the six months, said 
had no intention of monopolising rose by about 25 per cent over and travel services company the chairman, 
the Scandinavian air freight tbe S41m, or 66 cents a share, full-year profit of more than Mr. Beckett said that the sale 
business. But seven companies tbe year-ago, second-quarter, $20Dm. For all 1977 Trans- earlier this year of United 
-including three or four foreign Mr - John Beckett, the chairman america earned 8169.1 m. Artists Records— a part of the 

concerns had shown interest In and chief executive officer, said Life insurance and property United Artists Corporation sub- 

buvim* Olson and Wright and here. . casualty operations. which sidiary— and the ownership in- 

“we did not want to let in a Six mouths’ profits rose to together contribute more than terest in Cie Europeene do . 

foreign buyer.'' sliphtiv nvor St (Kim nhniit a 30 cent of Transamerica s Banque, a Paris-based bank 

SAS's freight business has ppr ™»nt inw»asi» nvprthp yr8-4m, profits, are reported to b Q-OOj°y- specialising in commercial lend- 
been growing faster than its- or 51.17 a share, reported in the 111 ® r * cor< i business for both the ing, completes Transamerica s 
passenger services and now 1977 first half re P oriea 111 second quarter and six months, disposition of assets. “There 
accounts for about SKr 650m of m bne with all of the company s are no other businesses wc have 

its SKr 5b n- turnover The our- Second-half earnings should major activities. Transamerica’s any interest in selling," said 
nienn -.nil wHoht be at least as good as those for total insurance profits were Mr. Beckett. 

extends the fflvereificationwhfch 1116 first - whl?h wo “ ld « lve down in 1116 flrst quarter but il AP ’ DJ 
the airline started a few years * : 

Advance of 25% at Mercantile Bancorp 

bureau group. Together with 

the expanded .catering and. ho.teL_^ ST. LOUIS, July 14. 

business, these subsidiaries now Mercantile Bahcorporation’s before securities transactions of year ago. Mr. Lasater pointed 
20 per cent of second-quarter income before 822.9m.. .. . out that the second quarter was 

lKHT M almros reported ««**tU* transactions should be Mr. .Lasater said that be 
pre-tax losses of SKr 112m for UP a “little in excess of 25 per expects directors to give favour- f ol iJ W ed^S “rearonabW stroS 
the group and SKr 157m for the cent" over the year-earlier 54.9m, able consideration to an increase &. 5t quarter." ' * 

parent company. or 84 cents a share, Mr. Donald *“ *e 55 cents quarterly Mr Lasat ; r said th at all the 

• E - Lasater. 'the company's chair- company's 2S banks, except one 

an d chief executive said. meeting. At the annual meeting small band ^ oUlstate Missouri 

Bundesbank still buying First : balf income before .^ ^reholders Co'Sd^ exSrt showed improved earnings as 

■ , _ . ■ securities transacUons was « tnS» iS- weU as higher loan demand and 

THE WEATOfESS of the : West qspeeied tobe Uttle better thair ““ereasem die dividend this increased assets for the first 
German hond market continued is per cent -OP on the year g l a iA rtS !**? hll half - In addition, percentage 

yesterday- with the Bundesbank eartiw- S10.7m, or $1.81 a share. S? ^ - “ creases for 27 affiliated 
forced, to continue its massive Securities- transactions were that nhLrvltSn banks were “ at Ieast ttvice as 

support operation, .writer our no t significant for either year, “aug 0 ooservauon. much" as the increases at the 

financial staff. • according to Mr. Lasater. “ - In the second quarterrthe net lead bank. Mercantile Trust 

The Central Bank was “ in the . - He expected full-year earnings iaterest margin, was in the Company. 

market ’for DM360m of ta be a record, baling uSoS of la per ceat ap from 3 AP ~ I)J 

domestic -paper taking its pur- seen circumstances . in the 

chases this week to over economy. The bank holding I.G. Index Limited 01-351 3466. Three month Silver 285.3-287.3 

DiIl2biUr,. This. amounts to one company's . best year was 1975, 29 Lament Road, London SW10 OHS. 

of the most active periods of when income before securities i. Tax-free trading on commodity futures 

intervention ever undertaken by transactions was S23.Dn.. Last 2. The commodityluturefSJrkS for the smaller investor. 

the Bundesbank. year. Mercantile had income 


Three month Stiver 285.3-287.3 


»0WC^TES/R@vi8w of the week 

— Tin pact price rise disappoints 


n ■ ■ nFflAnffl trading. Yesterday's dosing prices were Auc. 60 . 75 . Sept 31 . 50 . transhipment East Slay 7 .C 7 - 7 JI 9 . July 7 , 47 - 7 . 43 . Week's iuEh- 

HflAUuL I ULBJIlUlx icenu ewr ponxl): - July unquoted S 7 . 0 B. Coast. U.S. Hard. Winter Ordinary, low: Oct. 6 . 75 -& 40 , March < 47 - 7 . 10 . May 

SfmlmLI l\L.I llialu Oct.uttquowd 3 S. 0 D.tiev S 7 . 90 - 88 . 00 . March Australian. Argentine. Soviet and EEC 7 . 57 - 7 . 54 , July 7 . 73 . TUnwwer. U 5 lots < 03 ». 

w and May both unquoted. Week's higb-lowr srades unquoted. EEC IMPORT LEVIES— Effective today 

T> .__ lfm ; . _ r Dec. 59 . 00 - 57 . 90 . Turnover: 119 lots ( 203 ;. Maize: U.S./Preoch July 103 . 00 , Aug. for denatured and tnra-denatured sugar. 

iSAat Mr.l Ai.\ CIS i/rn w - 73, SoDL 100.00 transhipment East in units of account per 100 kilos <prenous 

SILVER Coasts. African Whhe AUK. S 9 . 00 . Liver- in bra eke I Si: Whites 23.06 >S 8 J 3 i; Raws 

COPPER— Steady on the London Metal . pool/Glauaw. S. African Yellow Aug. K.'W < 33 . 74 ). 

Exchange, hot The btehesr levels wen? - Silver was feed at OSSp an ounce lower b 9.00 Li rerpooL’C lasso w. (AD sellers.) • 171 T'T'V ID TC 

not maintained. After forward metal had for spot delivery la the London bullion Barley, Sarnhum Oats: Unquoted. “VUUL rlJlUKtj 


U.S.IVIailu*ls ! 


X OUR COMMODITIES STAFF 

RE WAS a disappointed 
tun im the London Mclul 
lanco yesterday to news that 
International Tin CouncH 
agreed to raise the ‘‘floor" 
"ceil m y" price ranges of the 
■national Tin Agreement, 
mdurd grade ensh tin lost 
n l‘« 61 5 a t-.nne— £70 higher 
a week 3 i=harp 

in the Penang market over- 

n dun traders were more con- 
:*d with fu recasts of u rise 
'a rehouse storks, since the 
u-t had already dihcnunted 
ribe in the Tin Agreement 

ranges. 

expected, the rise in the 
fluent's price ranges was a 
■remise between thedemandR 
roducing countries and the 
is by leading consumers, 
j|y the U.S.. that an increase 
nr»t justified. 

was agreed to raise the 
r' price by MS 150 to 
.350 a picul and the “ceil- 
hv MS 200 to MS 1.700. 
educing count ires, who had 
hi a rise in the range to 
..500 in MS t.POO. described 
nniprmnise as disappointing, 
peer prices advanced 
im|v this week. Cash wirc- 
i lnv.d la-1 night T24.75 up 
; M.75 a tonne. The - 
v.is hoo«tori by another sub- 
i«i f.-iTl in warehouse slocks, 
ng total holdiDgs to below 
00 umnps for the first lime 
■ the end of 1975. 
riher encouragement was 
ided by Asarco. . whirn 
■unced an inrrease in its U.S. 
*sli'.- from <vt to 64 cents, 
it was quickly followed by 
r producers. 


. £ pcrlonnr- 


com 


I”” 1 * FES MAR APB MAY JIM JUl I 

The rise in copper set the 
trend for higher prices in the 
lead and zinc markets too. Cash 
lead, aided by a technical supply 
squeeze, gained £13J25 to £31.6 a 
tonne, while cash zinc was £5.75 
up on the week at £314.5 a.xonne- 

Tbe world sngar market was 
onre again bit by selling pres- 
sure, which cut the London daily 
price for raws by £6 to £S5 a 
tonne— equalling the three-year 
low levels plumbed last Novem- 
ber. 

Early in the week the price 
was helped downwards by 
reports of “ beautiful ” beet 
crops growing in the European 
Community. The French growers’ 
federation claimed that the crop 
had now made up the ground it 
lost during the cold spring. 

Later, independent market 
analyst F. O. Licht cut its esti- 
mate of year-end world stocks 
and the EEC Commission's sugar 


management -committee forecast 
an exportable sugar surplus for 
the Community, this year of only 
2.9m tonnes, compared with the. 
39m tonnes disposed of in the 
campaign just ending. 

These faintly optimistic re- 
ports were not enough though 
to .lift .the market — stilj de- 
pressed by the huge surplus, of 
supplies available. 

Cocoa dealings during the 
week were influenced mainly by 
fresh reports on the expected 
surplus for the 1977-78 season. 
The International Cocoa Organi- 
sation raised its estimate of the 
surplus 29,000 tonnes, claiming 
that output would exceed world 
consumption by 49,000 tonnes. 
The deficit last year was 80,000 
tonnes. 

Later in the week. Gilt and 1 
Duffus .raised its estimate of the ; 
surplus Lfrom 99,000 to 116,000 
ton n es. The rise was attributed 
to a better- than-expected crop in 
Brazil 

U-S. cocoa bean grindings fell 
189 per cent during the second 
quarter of the year to 42927 i 
short tons. UK grindings, j 
reported, yesterday, were down 
7.3 per cent at 19,000 tonnes for 
the April to June quarter. 

Three months cocoa lost £3J50 
a tonne on the waek, dosing at 
£1.70250. 

Nearby coffee futures lost £34 
over the week, dosing last night 
at £1,286.5 a tonne. 

Main influence was ttie 
minimum export price reduction 
announced by Colombia along 
with other measures enabling 
exporters to compete more freely 
in world markets. 


• £ , £ i x £ wli 

Wirebar* I n 

! Lull 7 I 8 -J +7 : 714 . 5-5 + 3.6 IM 

im...uLb&..' 73B-.5 t6J 735-.S 

ttail'ni'tit, 718.5 +7 — . — • 

Cathodes. . ?i**- 

LAhii • 714-.5 +7 ( 711.5 +S.75 

jnituiLht... 734.5-5 +7JB: 731.5 2 +5JZ6 dnion 
^cul’tn'iii ' 714.5 +7 I — ...... Lm " 


ainra 4 <:r stv-riOTiin asi.jc. Awn I.Oc: uk monetary co- efficient for UK week _. _n_.. 

luuuk-B. and I.-n:onrb down 3 . 11 c. The metal front July l" is expected to remain AiiKlnlmii |i'olR)l'ri + c-i, 

... a - - , — -oztl opt AM oi -^’••*- 280-30 tftsn-KIffi and uncJianeoff- fiwW Close . 1 — 

COPPBKI oflira, _ i L'noflb-UI — Closed at C 79 :-:s<Bl> iC'-SMiO. EEC IMPORT LEVIES-EffcCtfvo todav 1 — 

1 i. .j in order current levy plus Auguai. Sept. - 

i; ■ £ | x £ friLVtK Puiiiuu | 4 . <<r L.U.K. U- or Md Ort. prenuuiDs ipreviOBS in brackets i Julv ^SD.D-K.fl 

urfrohirc I ' in ri .me • — I , lov < all in units of aecount per tormc: Common iM.ihcr fl 4 B. 0 - 42 .il ! 

. tno , /. rnriiw , wlieM— 81 . 67 . 01 B. aiS. Till (M.S 5 , 6 . 49 . Dewnnoer ... 244 .IH 6 J 

■ : r - I 1 0 . 43 . Dili; Durum wheat— 137 . 91 , 0 33 , Mnrcii 247 . 0 - 00.0 

| i 0 . 33 . 0 .33 (lSO.'JJ. 0 . 33 . 0 J 3 , 0 . 33 1 ; Rye— May a 4 B. 0 - 52.0 , —«.l 


tu- milk, 

l'oiu- 


Bonn talks 
unsettle 
gold and 


Spot ra 0 . 15 p^- 0 . 8 S, 279 . 75 p— J .9 MS 2 . nil. nil. nil iBnmci; BaHov— SS. 36 , July 143 . 0 - 52.0 j — 

[ j + 5.75 ornnoih^.. £S 7 . 2 u — 1 [ 286 . 6 u 1 - 2.15 nl1 - nil , 90 ^f- nrt - “b. nll»: Oats— OetoUtr 248 . 0 - 53 .D ! - 

5-2 + 5 J 25 dmoiiih-. 295 . 6 p — 1 ! — P i . TV. 87 .. nil. nil. nil 1 136 . 99 . nil, nil. nfti: Uec p 4 B.D-B 5 .a i • — 


’56.5-68 


-. -- ■ ; ■■■■■■ as* irvs as a ara? ■ &&& t&s&f «•* 


NEW VDRK, July 14 . 
SILVER and Cold traded crraih-ally, 
r-.flecruia specuiaior uncertainty ahead 
of the Bonn meeiing. Copper was steady-. 
wnh Commission House busing an 
moderate dips. Coffee was lower on 
irade selling and wear continued io 
decline. Lathi buyinc- steadied cocoa 


A ma lga m ated Metal Trading rennrred 
that In the morning cash wire bars traded 
at I 71 S. 5 . three months £ 739 . 38 . 3 , 39 . 3 & 5 . 
37 . 5 , 38 . 3 L 5 . Cathodes, cash £714 5 . three 
months £ 734 . 5 . Kerb: Wlrebarf. three 
months £ 738 . 5 . - 3 S. 37 . 5 , 38 . Afternoon: 


LME— Turnover UO J93I lota of 16.000 Millet— 00.76. nil. nil. dU tB3.36. nli a _?, YDN |F Y - ( order bnyer - 1 values on possible crop news. 


RUBBER 


Uivuuia ivrru; v* ircuarc*. uiicr — - ■ >«■ nv-. aui = <i»c nhvmtnH' "fift s a-iwawni.™ 

months C 38 . 5 . - 3 S. S 7 . 5 . ». Afierncmic mm A nlTnnrn ^ aaBuSa s“'s '**'■ Scpt - MJS tlSUa-. Dec. 1 M.W. 

Wlrebars. cash IHS. 5 , 16 . HJ, three ' LUlUA RUBBER SrtrartiS* tSm! bJm- M lm?'*’ S ' _ ' 5 ’ n 3 .K- 113 . 73 . Max 110213 bid. July 

AVAfyS L , LS -0»k. ex,,,, the M. MM k VSJSff- "ntSmmm JSSKSJt S& tlfiJS* »*•, 

Mrehars cash £714^. three mooxhs LWn bn>-lng ln!i'iTW at marker. Urtle Interest, closlnt 'juil. Lewla Unchanged io a shade dearer, with interest .Copper— July 61 jo IKLOOI. Aug. 62311 

aL T-"gJJmg- 

overnight, forward metal traded around Ii ientayv+or kn-meu- .\ D .j Veifrinv.' previous biisinm ]K*n' tes'n ii»d rfi'iv Mar 73 - :o Sales: 3 JDD lots. 

£6.630 before -hedge and U& S^ln* . CUI.-OA | On* , Utm- „«*■ C-Z Zn? l^O J li Cotton-«o. 2: Oct. 59^0 lULSS). Dec: 

caused a slide to dose on the Kerb : Z t, ' inn n i«a 1 Ta.fi fil - 71 - 61 . SO lE.Jfli. March 63 . 40 . May 

of £ 3 , 565 . Net gain on the weeL wu. XuL'OBi'V -■ j ' 1 " S'- IB lots. “ nntraded - ToUU 84 : 3541445 . Juii ( 55 ^. 44 . Ocl' 0413 

M>. Turnover: X® tonnes. - . July — I 685 . 5 - 8 fi.tl , + 1.76 1886 . 0-7041 srr-Vnn/vTV'nv'™ . nv bid. Dec 64 7 B bid. Sales: 2,650 bales.- 


price of 231 ( 219 ) cents a kilo buyer. 


Xu.l Ynt'rrfn-. 

1 f.S..S vlnn- 


?nts a «lo buyer. <J _ n March ' 66 .OT. Mv'arjft July'fiSJO. Pw>L 

: i — ssssss-ssr-fSsiSffi-Ba ^ 

Hreviou* Uimmm 1ES.0, 7: May 1M.0. 187.8. nntraded: Julv M r n itW ii n n'rt 3 ni nn ■ rn ri nan 

c '"" *" St ?£ 

5 ; b 1 ££ UW 0 - nntradwl - ToUU 84 . 3541445 . July 653 SW 5 . 44 , OcL 0471 
, bid. Dee M 7 B bid. Sales: 2,650 bales.- 


- Strr loou-u-fuji • i ur<T(itrr<rT, r-r- 1 °“- u<rc - M Dla - &aics: -^.oau oaicB. 

'SSf'S ’TJ'S'KSf'S'JIS 54 . 45 -& 4 . 6 D 54 . 00 - 55 . 00 : 54 . 60 - 54.55 M t A 1 /V fc\J 1 1 A BLES 1 ,SS! a ^L ulsr IS6 ‘ 00 ,ls5 - 50 ’- Aus. 1 S 6 


r T SSSSS wSSSS - 


1 lSfi- 10 ». Sept. 1 SS. 40 . OcL 189 . 50 . Dee. 


High Grade x I £ '■ x I £' 

L*Ti.„ : 6620-00 MU 6610-20 —70 

i montiis.65B5 600j— 7J. 6565-80 -E2.5 

dlaaSrd ! cents per pourd*— Daily “price July Jnu-Warl E 6 . 15 .fiB. 3 u : 68 . 0 B-b 6 . 10 ; Bo. 75 - 6 B. 3 D wnt. ’ave^~prt«"i^l^”f-o.ra .:"sb-reD s,caln =3- ' 5 rraaM ,24 - 08 

U-li 6620-30 !- 4 B 6610-20 —70 139.63 Indkitor prices July 11 : Apr- Jnel F 7 . 9 O-E 8.10 68 .BQ-gB. 0 0 ' 68 . 10 -fig .05 np 3lS per cent, avers ne U 3 . 9 p mo tr ^r. ~ ,„ tr „„ 

i nunitiik. 6575-80 -7.5 C555-60 — 66 I3-daj avvray: 1«.I5 tl4lJ3j; 22-day Sales- 121 (M0< loft of IS tonnes and change ■: Pics down L5 per cent, average ^ rw! Dec ■ m.TJ 

Serxienil . 6630 ,-45 - j ...... average 129 /;.. 'IS-Mi. 11 <7. lots of 5 lorau-s. 62.tt> i-U». ScoUamJ-CanJ-. number* rf* je ” iufc -w" ™ *' 

^tnilts K. : >1750 tT 53. - fftFFFJ-' Physical closinu prices (Duyere> were: unchanycd, areraae price 72 ]4p " spiafi n Ln— Jiilv ' ioc-Mi Ort 

■\en Y..rl - ! - LUfrtC Spot Mp (53.5>: August 56p t55.73<: Sept. Shwp up 70.7 per cent, average l=7.4p - 4 7 ^4 S 30 Jan."^7a-250 90 

Morning: Slandard cash IS.CM. three , ROBUSTAS-rjHfl luiUollp in very «p ' 5 bi. covEWT CARDEN .prices in sierlina April 155 . 90 - 254 in. Julv 257 . 30 -air.ro. On. 

SOYABEAN MEAL wr S W.MSS3 Jan - Sales: 

73. 60. I6eib: Standard. Uu«i Booths . 7T J,u - A " prwtucc: Or«»B»-S. African: Navels 400- HI 1 ,, £“■ M ™ 


Intcmaxlonei Cocsbi OrgauisatJon »U.S. fM-Dtn:] b-l. 4 D M .56 t 4 Jb- 64.50 MJ 5 


SgftaZiSS*: * 3 : JTi 8 ' tLard-Chlcago loose 22.23 (mavailablet. 

“??. ' , S’£T 3 ^. oc fl>rv prime steam 3.75 traded 124.08 


copper, weekend covering and hedging 
against physical demand held forward 
mml m the morning, when ft rose from 


7 lV-ei*ta*'r 
i i lore 


:ekly price changes 


la 

ul ".rn 

■Inrl.ri * .i.L .■ 
unit ilh'.t-'t-' • 
■InrLi I ; J.ti 

ir 

Wilt- l«nr- 

? fb'. I V'.. ,. 



rii Lre>. 

*U lli 

.wli »• 

ill- * 

i.Vii-i 
1*1111 i<*i 
Marhtt im os. 
Ulcer Wl 

■|*f '•-* ! 

ultl' |«-i 1*: 


Idiimt 
: | "*-l l<rtlll<- 

| i-llti-v* : 
■ .lafi-.l • 


£W' 

$ 1 . 1*0 «•!», 
i. I - . 
S2.iLV:t» 


■1 v 

1 Iril 

, •S 1 ' ! 

1 

ni B i. j 

1 

| Lmw 

: itiiii , 

I'fiTO ■ 

C&iJ 

ji!.Uri).4U . 

*1.®® 

sa«j 

! £i.l3U . 

Kl,!ti. 

; i'l.oii 

l52,7H-7w:i 


52.15? 


• Lnieu • I 
! prlCM-. Cb'ge j 
■pertonnaj on ; 

; unlore weak 

i | ] 

Bod Sprlnc-j WL 5 ' -_ 0 . 7 &| 
Am. Hard - j 

Winter .... 1 ' — 


High | Low 


£713.76 +--.«3| 4-i.W.j ; 4 ‘ 

r ■»>•»' £ , r'W.ihj£« 

tfnS-* *2.1.731 £722.25 } £? 

i i731.<:- £740. |L- . £»• 

IJC ^ 

fi-'} , -- I ' 1 5' 

• + 0 . 4 S IKbJI , Lli 

ii^l - rl i SK'K* % 

‘ LW-lHj. - <Vt • » 

' -71 ; A"*-Yp 

i>,cv 7 .p t K* I ' Ltl 


Vlni'wi li 1 ' 

Puiiper, \Vht&-.... 


7o, i*,\W.h ' £7tc.b , £*>\: . L Inn*— IfW 

ISiJ iriJll.If i XVA.76 ^-70 Puf«er.tthtw.... 

7-j! £722 .S'rno.b XNiJ.a Uhujlt ; • l -* n 

. “ £7di].7L- • LIMfi ! £"I4.1d Oils 

7 '-^ I sM 2 o 7 I*' SK'-feCo. S 16 S.CS CooonntlPhiiip 1 r-V g™ 

T 1 i nurt 'fh I I 1 'rt l^rnnMmrt M ....I JSvIO. . 


i?74l3.iL' ‘lil-W ! vui _ mm i amr 

SI42 JJb'sl'-'Jft' 81SS.CS Coconut ( Philip 1 e-V 

; EAM.VO I Oremhtniit 5%. “3iS 

. k rjn.aOit I'riuln. SJW 


wu ; EAM/te I XJixm (ireantnut 

. S 2 " 2 ? ' ; £^'.'.^2 LtH-^ed. Crtultv 

** ST? £J.:-66 ! ilaW P"i«B Mataj-an 

r i ■p'i; '• ' Sl.Blb 

I ii»'< ;«uu 1 ^ Sa«i» 

I'M A Li.ip.a ; I»G .4 Lifi «(I'blii |ijmu>i-l. 


• s-i. 1 ' ' Sl.Blb 

ItrlALO I 

t\y j* . s USLa- 

Sil.Thp; JrtJi- 

1 4w:|i' 


Other 

Commodities 
i,iiu shipineui'- 


LV', 767 .t»; L'a.ilf.s rn a-l pm 

Cuffee Fut uiwStri" 


<: 2 .s' 41 hj. SUI 1 .V' 

X141.1 

; £t;A.r:* 

n 


, Viiipiuan.-. rk'J 


-a.' ; 

kp.J.ij i'.'ill 
* r..i 1 £ 5 t-.b 
, t saw 


SLV.h 
$av . I bteu 


£1.7G7Ji 1-16 
fii.TO8.6-ia 
Elista 4 — 54 

TOfie. 40.16 
mi* > - 


* L'nquoicd. 


6LV.B forum lonifc ‘ 7^. 

t v. ' si :a Ups. l«vuui — • t ~. 

1 2»/.7a J.iti-UAim MHe - 

^ i uh "twri ' •«» . ^5 

suit'* safiono — 

SlAl N* 1 * ■’ nc a 

; Swear (latO.. x . 

£7DX * 

£q5.i_ w.jiyy^ 1 - 1565 ^ 1101 - 

"^Nominal. ffMadagaicar. . V . 


£82.5 £9&S £83 j 

I £91.5 £9L5 

£93.75 £105 £93 

£M50 fiajXu] £4,500 

642 7B sa.iOL' 82.^1' 

*2.226 52.4S0 1 91.000 

S550 $72£ 5^= 

£572 ' £751 £597. 

£338 ' £356 £256 

: S8«0 $*3J\ I 


5385 Sfe5 ‘ 5372.5 

8297^6 6313 S2M 


£iU0 £2.13 A ! £1.211 

l3.732.5dn:iCftLjl £l.4i-.i 
SSUZTtJo tt.Xia 

7095c. [72.75c- *• lisflc. 
£<60 ■ 1 I UJ0B 

S417 • $490 SM> 

49.€Sp ! &S.76p 46JW. 

£206 JUBU £177 

MOO S£6b S527J 

XUS £114 £83 

£180 £180 £1C 

asasi. ifflf. 127 ( . 

lfcfip ; »p 76 , 1 

BESp. kiln EP3pkilo£67pkllo 


148.60. Det i5fi(M87.«). Feb. I2S.W- few laktiTfi at lie opening, when prices 
136 60, April I2j.06-139.fi0. June 124BO- were ottickly offered ap to 100 points 

S.S: ja.OMSm Soles: Su tetow overnight loyaw, WbwRcp 


on the week was X5J. Turnover; UBO Jfy' ^ fcafir 

ton nes . 


ZINC j Official 


a. 1+ ori > |un. jt+or GRAINS 

I — 1 Cooffl-W — LONDON FIT! 


duoiaflons were contained within a so 
points range jn goad two-way trading 
conditions, reponod C CurnBtow. 


INDICES 

.FINANCIAL TIMES 


nwiai at mo morning, wnen 11 rose mm 1 More 4- or Uunnew iraoing range, ticuier rfponra. Granny Smith 8.80; Tasmanian: Siurmer . 

f3315 to 1327. Later, profll-UffilDf eWit tOFFEb !. 1 _ : — T Pioplns S.BM.M. Crofrons 8X0. lES5 - Nov - n3 5- Jan -. 

to close cm die Kerb it , f 3 Kl .S. Net gain ■ l u <».-r inn uo * <- lnffi ^ _ Unm* English produce: Ptaiaca— Per 364b Ali-dTl. March 6321. May S2SWE7, July 

Ion the week was ULS7S. Turnover: , — 1 — I 1.20-1.40 Lettuca— Per 13 0.70, Cos 0.T0. 8273. 

■1,975 tomes. . Joiv,.._.‘ ,! 1352- I3S6— 46.0 1380-1345 &, rtun „e Webbs 6 70. Rhubarb— Per pound, out- ‘ISoyabean Meal— July 171-00-171. 50" 

1 a.ixiT i+'mi r^m. ■+ or -SPf.ieniher.. 1268 Jg87— 31J J035-I276 auuu« ny.oj-t7Jl_0.75 117.60-IB.BD i. 66 -^ CuoiKTtoe , »--Pcr tray_ 

LKAti Official — Ifnafficiit' — - November... 38:5 I24ff 1218 U -utlxst - 116.60-18.7 — 0.26 11B.70 17.86 S2‘ g « % °ws S h S 

■ ) - 1 _ _- r — - J anua ry 1176 1180 — 24 Jl 1181-1170 litk+mimr 117JW1- 17 7 4-0 16 117 7D-18 7Q Api»Ii»— P er pound BramJey's 0.13-0.23. Im-SO. Jan. Itt6.00-lto.hfl. March 168.00. 

I I nr\ Z : £ S i 1137 1Ma3T*i hW^^~'in8 ai»9 toJ5— Tomatoe*— Per 12-lb TSngllah l.SO-2 00. May 189 20-189.30. July 170.10. 

Cub ' I 316-.5 ' + USi315 5-6 5 + 1.5 Uiv " _l lllS 1128— 14.0 11S3-1115 \n n i 1116 00-210 4-0^0 — Gra««— Per crate, Kent LH. Celery— Soyabean Oil— July 23.63-23.10 (25,331, 

a muuLbili 3S4.S-S '4J^|334lS-.7S | -i-l,57 JiSv. 1095 1100 -17.6 IDS 5 Jlllsa-saJo +0.75 - {g 

M 516,5 i*** .rk, --77— AuglM ...... J2n.dd : Mjl4 OM ■ - Lincoln "2.4042.70. Broad beaus— Per^ poond March 22.0S-22.10. May 22J0, July SlOU-*' 

li->. spu-j — ,.■■■; 31. 53 ■ Sales: l.'fil *««» of S tonnes. Sales: 102 i64< lots of 1D0 tonnes. 0.10. Peas— Per pound 0-11-0.33. Cherries 21.90. 

Moraine: X3I7, lfiLa. three months Indicator PriMS tor July 13 I U.S. «.,« , D —Per uonnd black O.M. white 0.35. Goose- Sugar— No. 11: Sept, fi.21-6213 <6.-111, 

CCfi. 23. 23.5, 23. ftob: ?" n ?. pcr P°i{ .CokantHan Mild SUGAR berries— Per pound 0AW)J3, Leu-IIcrs On. 8.43-6.47 (tKi. Jan. 6.75-6.92. March 

months £324.5, 25. 245. Afternoon: Three A«5i“ s .1^5? « rt . umrasl ^2 lanoon DAILY PRICE fraw r \ D Courgettes— Per pound 0.20. 7 15-7.16. May 7.31-7.32. July 7.45-7^9. 

s asri &iiitgrsL liras’ “ra ta- 7 -® 7 -~ on - ™ s ‘- 5a,L,s: jrst 

KHr-vriS as ss Itvdick’ 1J0 ' • s 

SfaftSsM&ffS 1 hnancal Tines 

106J!0 asked. 

ttflals— Jnly TL50 bhf <71J» bfdl. Ort. 
72.00 bid 172.06 asked 1, Doc. 71.90 bid. 
March 71.40 bid, May 72.00, 
tiBaricy— July 73.70 hid (73.90V. Oct. 

71 50 bid 17350 asked! , Dec. 7350 bid. 
March 73.50 bid. May 73 JO asked. 

SSFIaxuecd— July 233.00 bkl 123400 bldl, 
Ort. 234.00 (235 00 asked), Nov. 23450 
asked. Dec. 232.50 bid. May 240S0 asked. 

'■Yflieai— SCtt’RS 135 ucr cent proicln 
-.Client cil St. Lawrence 1G2.37 ( 162.63 1. 

All cents per pound cs-warehousc 
mili-ss olherwisc stated, * Ss per troy 
ounce— 1W ounce lots, t Chicago loose 
•s pti 100 lbs— Dept, of Ajj. prices pre- 
vious day. Prune steam fob- KY bulk 
tank cars. I Corns per 5fi Ih bushel es- 
wnrehause. 5.000 tiushui lots: { Ss pt-r 
troy oaoce lor 50 or units of 99.9 per 
rent purity delivered NY. f Cents per 
rror ounce rv-vrarehoust-. '| Xew B ” 
contract m Ss a short ton for bulk lots 
of 3 06 short 10ns delivered f.o.b care 
Cbicaco. Toledo. St. Louis and Alton.- 
“ Cents per 69 lb bushel m store. 

Cents per 21 lb bushel. £i Cents per 
49 lb bushel ex-warchousc. f! Cents per 
jr. lb bnsbel cs-warchousc, 1,000 bushel 
lots. 57 SC pit tonne. 


FUTURES IGAFTA1 — Tfm Sutfur 


Prevlnui 

Unsinea 

CIcm 

1>odo 











Financial Times Saturday My 15 1978 

J? Ilia „«*, .m ujSfit-atii 


Midland InduaWH d*l 


APPOSNTWENTS 


TCr. Richard tfbitewrajr has been 
made chairman of WHITE WAVS 
CF WHIMPLE. the Devon drinks 
company. Ho has also been 
appointed joint managing director 
with Mr Eric Whiteway. These 
appointments Follow the death of 
the chairman and managing direc- 
tor. Mr. Reginald P. W. WhJiewaj’. 

In addition. Mr. Eric Whiteway 
has been appointed a director of 
Sh owe rings, of Shepton Mallet. 
Mr. Richard Whiteway is already 
vice chairman of Showerings. Vine 
Products and white ways, the 
wines, snirits and soFt drinks divi- 
sion of Allied Breweries. 

★ 

Mr. John O. Robertson has heen 
appointed mana^inc director of 
the building products division of 
Ghwd Foundries. Prior to his 
appointment Mr. Rnb^rtPon was 
general mana^r of British ’Ley- 
land's Beans Foundry in Tipton. 
?.!r. »I. T. Cre*Pel:l. formerly mami- 
fr'c'.urinc d : r?ctor of Glyntved 
Foundries, has boon appointed 
director and imneral mannerer of 
Glymved Foundries automotive 
and engineering castings division. 
Both Mr. Robertson and Mr. 
rroirield will be based at Telford. 
Shropshire. 

★ 

Mr. C. G. X. Smith, group 
general manager. has be^n 
annoinfod a director of the 
NVHON \t. BANK OF AUSTR vr- 
ASIA Mr. Smith has been chief 
executive since Xwnitt, 1976. 

+ 

Mr. John P. Keefion, has been 
appointed president and general 
manager. MOBIL PRODUCING 
NORTHWEST EUROPE INC. 
Formerly general manager, energy 
minerals, of Mobil s exploration 
and producing division. New York. 
Mr. Kcvhan takes un his now 
position in London. His respon- 
sibilities include management of 
Mobi ,- s exploration and producing 
activities in the UK sector of the 
North Sea where the company is 
the nnerr'Mr nf the Beryl Field, 
and Mohil’s interests in acreage 
nfTshnrc Ireland and the Nether- 
lands. Mr. K°ehan succeeds Mr. 
John G. LnttreM who takes up the 
new position of ’‘ice-president, 
administrat’on esplortlinn and 
onoflu-inc division, at Mobil’s New 
York headquarters. 

Following the purchase by 
RAT Industries or the Appleton 
Papers di’»“:on of NCR Corp.. 
WIGGINS TEAPE announces the 
management rhanges to take 
efT-vt from September 1. Mr. 
John WnrPdsc will become chief 
c-rcrmive. Wiggins Teape Inter- 
national Operations, responsible 
for ail operations outside the UK 
except North America. This will 


Include naspo risibility for Wiggins 
Teape Europe and Wiggins Teape 
Overseas. Mr. John Cbumrow 
becomes director of Carbonless 
Papers Operations, responsible for 
the strategic development of the 
carbonless papers business world- 
wide. Mr; Chumrow will re- 
linquish his present responsibility 
for Wiggins Teapo’s UK Printings 
and Writings division. Mr. John 
Hangcn, now president of Apple- 
ton Papers, will become chairman 
and chief executive of Appleton 
Papers Inc., when formed as a 
separate company. Mr. Hansen 
will join the Wiggins Teape Group 
board. Mr. Richard Green will 
join the Wiggins Teape Group 

board. ^ 


BRITISH FUNDS (883)' * 

Z>*c Ann*. 19b® 18 
ape British Transport stk, 1974-88 62U,f* 
3 J® 2 J ia »it >4 '« % «a 
Z'3>c Cons. Hk. 20 11 led) b b b ba 
4«c Con*. In. Ilb® b _ 

3‘rae Conversion In. 3*«e_4 *j« 

5oc Ex chewier Un. 1 976-78 99.10 

VjWe Exchequer Un. 1986 105b 4Jb* 

3 nc Exchequer stk. 1901 86 »» 6 
3 pc Exchequer stk. 1983 BObi® 79% -U 
50 791 'h 

d»4pc Exchequer stk. tMI 93'i 3 4 

HJJ7I 

BJipc Exchequer KK- 1983 90% .. 

9Upc Exchequer jtk. 1982 91% 

9Upc Exchequer ok. 1982 A 91 %• »W 
9i-pc Exchequer stk. 1981 95% *w Js % 
lOPe Exchequer stk. 1983 If*. Pd.» 94i» 
lOpc Exchequer Stk. 19S3 UM. 8 * E95K. 

&SS pd.i 44* 1 la % „„ . , 

lO-i. pc Ejcehequer stk. 199S 84% H 4 


This week’s SE dealings 


[*r. ler «r i TmtHoU ttoSt 

Miner «9’ "tojmjT 

S4>uw%9...4iaB ;- w 


i M*tt riL'M Csrttt 


thtt data fin m m.iC .- - 1 _urdlil ■ * Cu . mnrhil I ..hi- . -r.i - ; 


Wednesday, July 12 


Monday. July 10 
Friday, July ^ - 


Mciitnta S«i». **3 


The un bdqi* nanb aU lesttrtaar. aunum ™ “ “ ~ 

ttn date (in paruibens). „ , 

nH: stock m «n*W »■ pounds and fraction* of pounds 


six ff saVpfiS ; J. 


IO'mk' E xchequer stk. 1997 89b® AHlfit 
\ 12tK Exchequer" stk! 1998 36«i*® % 7J»I 
IZbc Exchequer stk. 2013-17 (hr. od.J 

qj..* i.* 5 

12« Exchequer stk. 2013-17 fisv EMoc. 

£45 Pd.i X4>|6 % % % J l» (12174 
12U0C B Exchequer «k. 1992 1020 %® 

B63H&0 101% 90%: 102 


ss SStofftft&ass ssi^iSgi' -jrirsss \ ^ 

KSSrff^»aa« = 5 r itar - - 104 "TJ ! 

OTeiMLiH utoblifl^ tt «J* tarsalni. mcowt In BPednl price Is reewdod. m< . m brrs p» * recosnlsrd S»o« j Kl-orad USB- 131 i117l. 

aaaa - ftr*3SS S , < KfiS.: 4! £4S£! ®-.»» K “" ’«♦ -■ ' i 

<SSSSE'Bi5llffiSB?sN*HW«' ° ?aIanrt; ?S-«Sln»Dore: SUS-dU n«cd SUtcs 8Wl-«West Indian. Ma _ M (2 oo' «« S«l \ MYt ° n u0 * ^ 


. Rankins CortJft- r Barlqw Rana IR0.101 235 (12.7). Pld. CreJIOO Holdlnoi (10p) 10%. 

0^5.^%., =7 7s S ;| sS ::7, ^ 


1 2 > 20 C Exchequer Stk. 1904 TOeO 97%.* 
103% 3 2% 971}* ..... , 

ia%oc Exchequer «k. 1- 981 1 0SS** % 
I3*C Exchequer Stk. 1980 1031:® 1 ^ 

5 UpC Fundlno Un. 1978-80 93 >'j* 4 3% 

5 %« Fundlna Un. 1987-91 66 'ix* 54, 

fine" Fumjlng Un. 1993 63* %* 7 sO be •m I 

! E?JJC* Funding Ln. 19M-a7 79 i ?0 9 % 4 „ | 
01 -pc Fundlny 1999-2004 (Rt9-> 35% 

Sijoc ^Furujino stk. 1982-84 81 u ia* 2 * 

IS^bc 1 * T«a?urv' U. 1995-98 62i|® 1 %E 

j 7 unc a Trea*urr Ln. 1985-88 80” w* % i 1 

1Ye^ri , "Ln. 2012-15 63% 

Eoc Treasury Un. 2002-06 i > a % % 9 
atux; IVeasurr Ln. 1987-90 79%® % '!% 
aa-pc Treasory Ln. 1980-82 9ui4|» "i* M M 

ShiK Treasury Ln. 1984-86 87»»« 
8%^“ Treasuiy 1 un! 1997 77%* %® %C 

9W 1 TreJurY J L!! ?994 79% % 80: 79^ 
9oc Treasury Ln. 1992-96 80i»* 80 79% 

g,u D c’ 4 TreMury ‘in. 1999 79%® StUa 9»„ 
i>nr TltASlirv Lfl/1983 101 H J* 3 w 
12W Ln.^ 1993 99>.^ 9^ 

lalpc'* Treasury ^Ln. 1992 100%* % 

iTn. 1995 102% % 2 
13UK Un. 1997 103* 2% % % 

T™" asWiSRJM 16* 

!?sf VSBK ‘fi.’iu,’'® W2 S 

T^urV site. (Rea-1 on or after 

sfjSc Tmsurv stk. 1979- Si (Req.) 89 %* 
slf TreMury stk. 1986-89 CReS.I 6«7|6« 
5 ?hc' T reasury* stk. 200 B -12 rRes-) «B%® 

*&:r& 90 &£ '»*<* 

1 ooc'^Treasuiy Kk. 1992 BBt : ® 4%:® 8% 
Treasury* stk. 1979 100%® *t. too 

i?i s ?s:;s s i*. is® ( i«?j „ 


Awtralla New Zetland Bankl 
(All i 2700 70 3 2; 5 Net 
pm 

Sank of Ireland 38a < 1217 ) 
Bank of Mmueal IC32) 


N— 0— F 


Barr Wallace Arnold Tst. fSSrt 104 Cropper CJ a meal (25 pI 6M 
(I07J. A N.-vt0- (25n) 107 6 t11/7J Crosby House .Gro w 16 2 l 
I Barratt De*s- <100> 101O 1 Crossley Building FroouW 


I Opt 110 Him g 
m ilOpi 39* 4j:d 


SUITE DARBY has announced 
nhnnses On the Board of its 
Western International Division, 
which covers activities in 
Europe, the Middle East. America 
and India. Mr. P. R. Clayton, 
chairman and managing director 
of Builer Till and Guy Bntler 
(International), Sime Darby's 
London-based money - broking 
companies, and Mr. A. W. S. 
Turner, managing director of 
Sirnc Darby Trading, its London 
commodity trading company, are 
appointed to the Board. Two non- 
executive directors. Mr. J. C 
Dennett and Mr. G. E. Liardet, 
have left the Board. 

* 

Mr. A. K. Hornsby has been 
appointed to the Board of SMITHS 
INDUSTRIES as 'financial director 
rrom August 6. Mr. Hornsby was 
previously financial controller. 

From July 31, Mr. W. Collins is 
resigning os a director of C. E. 
Heath and Company (Marine) and 
leaving the C. E. HEATH GROUP 
to take up the position of man- 
aging director of Mid-Ocean Man- 
agement. This company has been 
formed to manage certain marine 
interests in both the insurance 
and non-insurance field and all 
these interests and companies are 
clients nf the C. E. Heath Group. 
From lime to time, Mr. Collins 
will be involved in- certain aspects 
of C. E. Heath's marine clients on 
a consultancy basis. 

. * 

Mr. R. FL Brandon. Mr. D. T. 
Little and Mr. A. R. Dunkerlcy 
have been appointed directors of 
C T. BOWERXNG and COMPANY 
(INSURANCE). 

■k 

Mr. R. G. C. Messervy, who has 
been appointed a non-executive 
director of RICHARD COSTAIN, 
is managing director of Lucas 
Industries. 


CSjU-Ml- Corpn. (USS12.507 .^71^ 5 oa7 , 

msiasisw « 


Pf. BS'jO «13f7 
Compaonle FI nan 
Pays-Bu fFrs T[ 
Fraser Ansbacber 
rw>rr ar8 NaHonal 


vvoi-n tHold-nsf) tSOpi 193 5 ESJmaV t^irSWSi^ M® ' |. 

lA> ifpl ,qflQ. 1 NOttli «M. FJ wew nom 28 H3.7) - ?! 

.1999 ; ,■ ,1071 __ ! ■■.axUm.LII. **•» M VTl 


GilleK BrS?*Dh»awrt‘ 22 Q"' 10.71 Bcjjm'Grs. C10B) 68 (1317 

G^a s ^bB^ BI , V4® 0 . 15 J.2wPf. *%gr t2So 

fem 1 ®-* 161:0 ij ° ,e ssR^^iss^Miriw 

Hill Sainwt Gp. <tspl BOO 1 89. Wrnti. g"Jf* r ™ tl9 fe s U : 5 0 S , 3 Z Mfr7J 


52 161:0 ,J ® BennwiT C5i^«e MadiinWY (iOp) 52 S5 , *ss t , “i0l7> .“'^iHicLn. ~S7h' ("10/7U HoJJnuno is > '- s "J n ^ |25D , 6 S* (IS.T1 C"» UfiLUn. W-: j 

i2peth. es A ” a T- ^ rssr ess? 

^ BSMUf W, C25P1 144* 3 4 S ^ ^ 

K i« n 8 ° rt Be "“" L ‘ v, « M,e ' 2So> Oenbiwara f25p) 83* B M.di«id* JSo» J-V/A-Tl aSmmSSiSS^S^p. 

%£» &CVSUB fl0 74 7 5 3 - sil Wffl ^ TTJr-M -- 


Nut din Pcacosk (Itol 76 


i20p) 94* 
Fw, 9e rt«-ni j| 


Mercury S 
II nsec. Lq. 
(1 3f7> 
ViHlaiid B 


National 

<10)73 

National 


60 SB. BUncLn. SSh- 9ocUn. 78% 
Ottoman Bank 43 (1117) 

Roval Bank r—4' UQ) 22 %* 
Schraders 84,ocLn. 65% (11(71 


Blackyyqod Hodge (ZSol 58% 9'i. New g9V . ( 13 , 7 j 

B^^nd Neakes CHIws.) OSp) 2S2* DwgW. f, • 5 ?^,*^.^ «“ 7 » 


,f« Crew .wustrws 244 2 5. ‘%*ori MJ HW«. (25P) 92 1 H»mar» 


Hunttnn a *4- , = » ,-S* 

SSi! C :"h,fcl «5?. 79 *0 71 

Hxman <SP> 4I«-* »»■ *=® 


Pc crape IraMM. «09» « nflfn ‘ 
PeWcr-HitlcrNev I4 Sp> IS 6 (l&Tk > 


Seccombff Marshall CimMon 20SO (Blue Circle I hdustrics Z 44 z a- m n r 7 i 

Smim St. Aifbvn C2Sci 78 5 C12:7L B'lPC I 65*=. 9PcDb. 7BU. lO«-iHlDh. 82^ 4- A M ||| S (So> 285 

“ ' oUMLn- 42-2 I To - ----- je ®-* Pin. 


I — J — K 


uniec.Ln 74 7 

Pennine Motor Gn>. (lOo* 10 ‘I % (11, 
PMtlxnd Indx. rtOM 22 1 113.71- 


Pf. 95 6 (12/71 


.Standard Chartered Bank 3880 400 393. I BJoemel ( 2 Edi 61 |z ' 10 ,71 




T^SoX^ Bank WT 1 ) £13^ gSaKEWSSS* 

wntrust .,,1 &asbsss3“«fe sa ”»«. ISsrriS a ?s s 


n3f7i 

Wlntrust <2 Dpi 89 <11/7> 


S^S^CK. l O..*l«R'- OW 12% (1«7. SSSS& SS?tSO0 liSo® V b«'- . 

Bodvcoto Intn!. ‘25p» 58': JscuM Hld9i. I2SP1 26 

Boltoi rycnH e MIILtSp^JIO^^ D^amland Elec. AbdIUMH CIOb) 31 


BREWERIES (133) 


Ductile Sttels '25pi l w 

Dufay Bltumast'C (IOp) 36 

Dii nbec- Com bev- Mara (idol 140 


Phoenix ' Timber l25o» 153 . 412(71 v 


\ Tralsura itw 19*1 1 Mh •! 

1 1 >1k Tiwsury stk- 1 99 1 96',*«* 5 ‘,* 

12« Treasury 4 


j 2 pc Treasury kk. ■ a l l, i- 
isbc TWlUty vk. 1990 jMjO h l - 

a TrFFSdry Hk, IS 82 106 l *«0 

9 « Tra«*u“ cn*. sfk ,1980 971. 7 kj , 
Venable Rat* Trcas. Stk. 1931 '8.7-09!^ 

Variable Rate Treas. stk. 1982 (9.3670SC.' 

Sntifh' Gas JDcGid. stk. 1990-95 44t» 

£ 7 l-£Ll^n f ^' 7 '.986-9S 43*« 
CORPORATIONS (37) 

FREE OF STAMP DUTY 

i «a .uia 3S 


(T 3|7i Boots USPi ^ u • =■ » — 

Amal. DbtNI. Products HOoi 34 f 10/71 64*6 Oj»J7> M ^ 

"Sr \7 a .7s r s Sli0e,,, • 

BouSin fnfaJPA.* HOP. 16 * -a 

B ?&* ■' «sp> 51 50 * Wp 4. 

>:■! rami.iri oxs 4 SwPf. 44 . 7 ptConv.yMec.Ln. B-'a 


Bell (Arthur) Sons tSOn) 2S2 4 RiSfKrA- stideL iiOdI SO* 1* Dutton-i-orsna« mb 

V4 7 ’ ^ oy»™ ^ «> 

Brown iMatlhew) « 2 Sor l 12 .13/7. Brady Indus. A (25p< 54 Fl . , , SOp i t38 4 j 3>:pc Cm 

Buckley'S Brew. (Ud) 46 Braid Gp- (Spt 371; , 31 , 

Biifmer fH. P.J HldSS. (250- 126 9'-:pc srpunna. e tnqnci 130 •10 71 ERF. (Hld9S-l f25P' 1 L s ® 13® 

Pf- 96* Bramall CC. 0.1 (ZS»> 870 "IQ tut LanuOilre Paper Gp. iSSpl 

ticrss tssatus, isra** tsszstss sa wsn*. 

CUirk ' (Mathew) Sons (HJdas.l <250) 148 Brenmer i25p] 56 (10»7I |5s{5wi^ , (J , B‘i t f sUv^Ml 

Cauraue liaOcDb. T4b* nS-Tr. di.orDb ^ r _ Wa'iw -Bn 5» •!* *1 _ rioli, 11 Do, 90® H371_ 


E — F . . 1 , n ; <?r ??. fc VVi&i 6 ®, r\nfPt ata Pwrll Duffryn tSOpi 1820- 3 791 

EMI IS0P1 118 4 a ?. 3'JPC Cnv.Ln. 94 J ,® 3 Hina*. UOo. 63 (li/71. lOBCPf. 9.0 pMt^F^En^con »2.T1. 7* 

i&‘iaBSi , SSKr 1 *P Jtt 1 & b Sr.iinnrG^ * 0 * "companies (25P» ^ ] 

mi l easr/srs%^ ™ :si5«. » .iw m. *. x uc ( ™‘C YhJLSAT’q! 

f 12171- A (Lid- V (25 qj 9W i a rwit fi i <;nn* f25Di 16S Pries* < Beniamin) sons (mHoinfn) (2! 

IS&S&W" - - . «- »»> 


ir7l! 5 ■: nc ( 1 977 -81) 34',. 5 'spc 
i.M-.ao 78 5 *tDC fI9BS-8.1 68 i» 
! ’ 9 (1 3 in. 6 S,PC (1 986-' W1 S6J. 1 1 » 


BP Chemicals changes 


The folloivins appointments 
have been made by BP CHEMI- 
CALS. to take effect from Sep- 
tember 1: Mr. C II Thompson, 
works general manager. Barry, to 
be works general manager at Bag- 
ian Bay factory: Mr. A. A. Dunn, 
works general manager, Hull, to 
be works general manager at 
Barry factory. Mr. .A J. T. Unwin, 
works manager, Hull, to be works 
sroncral manager. Hull factory: 
ilr. J. H. Rout ley. development 
manager, Hull, to be works 
manager, and be succeeded by Dr. 
G. W Alilerson. currently opera- 
tions manager. London production 
group: Mr. ,1. K. \V. Slevenson will 
replace Dr. Alilerson as oDerations 
manager Additionally. Mr. R. R- 
Knnwiand. currently works 
general manager. Baelan Eay is 
to transfer to London office to 
take un a new pnst concerned 
with ihe pronnspd acquisitions 
from Union Carbide and Mon- 
santo. 


(AVIATION), and Mr. M. J. Cowie 
has been made a director. Mr. D. 
Cot grove has been appointed an 
executive director and Mr. R. 
Adams, Mr. C. D. Mahoney, Mr. 
C. N. Palmer. Mr. A. A. Skinner. 
Mr. R. A Sullivan and Mr. R. lit 
Utton have been appointed 
assistant directors of the company. 
★ 


f13J7). 9*dOC (1484-R51 93 JlJlJ) 

G klT WnnSn 1 #* o’rtf »*S 

n%80l 94 ' 4 *. 9':pc ■19M.S2' 92 0171. 
12<iBC (1982) lOI *1 (13/7). 12 'jpc 

a K 10 q>. 3KRtd.Stk. ri9fiS-8S) 63 

Ayr^uirty Council 6':pcRe«I.Slk. (1976- 

BW 

Brtahton Con. B^pcRed.SUc. (1976-79) 
Bristol (OW^oO l3weH«rt.Stk. (1985) 108 


Devcnsh 

Demers 


Qr-Hiiill Whitley (25o) 116® 14 15. But “n»u, « Jn ij T-TI 

P* 90 1* 1* 90®. 4 hKDh. 1987-92 Alwminlurti 640 U 4 ./i- 

48*. 8 '«Delrrd.U». 6 T (11 -71 47 ‘10/7' 

Orxen« Kina So "5 (250) 270 67 ah "® 7dcuSc Ln. 

G«"tn-ss rArthur) Son (250) 157', 60 -S^ Tab ln«TiODC 

55 St. 71,BCLn. 2001 58 >- H3 7) t Ql-nSunaecLn 82 

H,rdvs Mxnson, (25p) 170 (137) rSni UnW-Lil? 149 M3/71 

Hlolom Brew-ry QSo) 70 HOT) -rlhsh B-nzole I20o' 20'j 0171 

InxeraonJnn OIWlM* 1 * (Holdings) r?Spl 10S Q r ittsh Car Auction Grp- (lOoi 
MirHnnild Martin Distilleries A (50ol 440 H0p) 45 111 *7) 

(10/71 . British Dredolnfl I25 p) 28. 8 dc 

MansIHd Brewnrv 270 2 __ 81 i;t ZI __ . 


™ IlliSS 17 (ism Jia'ahDOibS) HOP) 40 01-7) 

vs 2 m? sss asiv&ni — 1511 05,71 5 .ssa: a fR.«u 

1 ‘n5i, “Siaac Elson Robbins (2Soi 90 ___ Kearney and Tracker Mirwln 11' 


'2SP) 66® R . Fl0 . Group OOo) 69'.- (13/7) 

",4 ,0 fUSS »,™in IIISKO,. ,3 (,« 

ns.. s«. >0«n ’*1 

Motor Group (25o) 72#. SOCLn. rSmMIi/'gmwo US 0) 9 69 <12.'7) 

,, RanK OrganlMtion (25p) 249® 8 6 4 

orgei 41-pcPt. 28 113,7) 6UPCFf. 47 8pc2nd)>f. 621, (1Di7l. 5«t 


Kent iGoargei 4i-pcPf. 28 I13t71 


South Afrirxn Braw*-I« (R0.20> 84® 1 40 u 38 i- (13/71. 74PCU"MK-Ln. SI*. EPicura ma^. ixm/ • — 

risvi. 7ncPt rp-n 37 • _ BpctJnsec.to. 51 7UPCUnsoe.Ln. 531® Erlth '2Spi BO rtot-ol 1X7 2 

Tniiemjch- r^hold HrawHes 4ornb. 94 4i. I,s Esperansa Trade Transport nzw 4 

Tnmaftu DlsMII-e5 t14 "h '"Jl British Mohair Spinners »2SPI 44 <1X171. 5 29_ „ . ul „. • * 

V— » Brew*. ’25o) 115® '137' 6»?acOb rtiPCDeb. 89 U? ‘j: Eucalvotu*_Polp Mills 12501 61 ® at . 


L— M 

l.c.p Nddinqs i25p> da m.v) 


Mr. J. D. Spooner has joined 
the board of MORGAN CRUCIBLE 


Mr. P. J. Prynn has been made 
nn associate of HALCROW FOX 
AND ASSOCIATES, consultants in 
iirlian. regional and rational 
Iran.- port at ion planning. He will 
head the firm’s economic unit and 
w ill be responsible fer all eco- 
nomic aspects of transportation 
si, itlies. Mr. Prynn was formerly 
the managing director of 
Economic Ahsoe ! *ites. 


Mr. Augustus L. Puinam has 
been appointed executive vice- 
president and designated chief 
a<ir.iinisirati ,-n officer of ALLIED 
RANK INTERNATIONAL. 


BANK OF AMERICA has made 
the following appointments in 
F.uropc. Middle East and Africa 
division: Mr. John Aprc. Jr., to 
- icv-nrvMricnt »f Rotterdam 
hi.ine‘1: Mr. Horst Magi era. to 
vlee-proddcnt and manager. Jer- 
sey branch: and Mr. Puinam. fo 
vice- president of the division’s 
data processing ■services. 


Mr. R. E. r.’hbnns has joined 
(he [■i.vrrt nr BRUSH FUSKGEAR. 
Fimen-nn-lhe-V.’«l«|s. as pmduc- 
linn reel or rr*d Mr. R, E. Malone 
hrs been made a di recto rof 
S'iLTU WAIFS SWITCHGE-VR. 
l'.’-ickwond, Gwent. P.olh are 
Hawker Sid dele*- companies. 


Mr. William C. Chatman, who in 
IP - :; was manager of process plant 
ralvs for Foster Wheeler, of Read- 
ing. lias been elected a vice- 
piv.-Sdvnc of FOSTER WHEELER 
ENERGY CORP.. Livingston, New’ 
Jersey. 


Mr. G. Morgan has been 
a on:. in led chief executive and a 
director uf BLAND PAYNE 


COMPANY. He is a director of 
John Swire and Sons, and chair- 
man of the NAAFL 
★ 

Mr. J W. Moffat and Mr. J. L. 
Kcnward have been appointed 
directors ..of MARLEY FLOORS 
and Mr.' M. Gray has been 
appointed a director of MARLEY 
RETAIL SUPPLIES. 

* 

Mr. W. S. Park has been made 
managing director of WELLMAN 
ENGINEERING AFRICA (PTY.). 
k 

QUJLTER HILTON GOODISON 
AND CO., stockbrokers, announce 
that Mr Hugh Dykes, MP for 
Harrow East, has been appointed 
an associate member of the firm. 
He will assist in the development 
of QHG’s business in Europe, par- 
ticularly In France. 

★ 

Mr. John Gilbert has been made 
managing director of HARKWELL 
PRESS, Leyton. He was previously 
production director. Two other 
board appointments have also 
been announced bv the Harkweli 
Group. Mr. David Deller, who 
has been managing director of 
both Harkweli Adhesive Labels 
and Krisson Printing for the past 
four years, has relinquished his 
position with the latter company. 
This will enable him to concen- 
trate his attention 'on the expan- 
sion oF Harkweli Adhesive Labels. 
Mr. J. Deller has been appointed 
managing director of Krisson 
Printine. and Mr. John Thomas 
as works director of Harkweli 
Adhesive Labels. 

■#r 

Mr. Ron Bnrhridee has become 
director of projects with the 
generation development and con- 
struction division of the 
CENTRAL ELECTRICITY 
GENERATING BOARD. Mr. 
Burbridge Mas previously project 
manager for the CEGB's Grain 
power station being built on the 
River Mead way, Kent. 

★ 

Hr. W. G. Richardson, Leeds 
area manager of NATIONAL 
WESTMINSTER BANK, has been 
appointed assistant regional 
director or the bank’s South-East 
Region. He succeeds Mr. T. P. 
Frost, who Is being seconded to 
international banking division for 
special duties. 


Cim«n Con. Bl S pclMI.SIk. (1977-79) 97 H 
Cardiff City Council 11l>cRe<J.5t)C. (1986) 
C?rtllt Cpn. 7«lM.5tfc. (1979-82) B4 
OoSSn Con. 6 > 4 BcH«t-StK. (1978-81) 
Dud'ry Con. 9Hu»cR«Utk. (1979-81) 93® 
Dunbarton CC. gHocR^-StH. U 979-81 1 

'EnV-sT «ua awas 

Edinburgh Cpn. BiioeRed-Stlt. (1977-79) 
gSpx' Cot! SWPcRrt-Stfc. (1980-82) 90** 
Gramoian Regional Council lOWPcRed.Stk. 
ASSUrU 6/UpcRcdJitk. (1976-78) 

G lP t ^74i986rs j 7“ h tijas® 


Kanyom (wiiiiami son iiup, -yu iia.ti 

Ransome Hoffmann ffollara (2So) S3 
RansomM Sims Jeffries 157 (11. 7> 
Raidlffe (P. s.) Indusiries <25o) 6« (]V 


sass TcrZi as 


PH.nh. R7i, 1.V7V 5!— "TPrt Db. S' go Exchange Telegraph (Hidso-i «2S«W 

-11-71. 7 ’*Br"dnb BS-, .13-71. 9'.~- British Sugar Can i50pi til *13/7. *«nange eicgrapn i ■». 

DHnb • Vi, r!37). 7<*ncLn. 58';. 101/ Sr.ush Svnhon Inds. (20a) 62>:t 2. 7pcPf. Expanded Metal (2Sai 69 h 70 U 

uRTfSL,* '| W i'asoi xn British Tar Prods. llOal S7 (10/7). Do- F.M.C. j 2 Sd) 67 (11/7) 

■VH». DudW Brews. -25m 205 New (tOai 55 ). dl/7i Construction i25o) l Iw 

Yn.irq C-. Brwv. A iSOal 172*2. Non.V Bribsh Vending IndS. (tOol 31® Fairtxatrn Xjw»o« l2Sp> 5St 

rso-w 140* British Vita i2Spi 970 Fa rclough i Constmction *zsoi 7a Lancaster ID. MO >Spi Si; it 1.71 

Brittains (25p> 28®. SptZrutPf. 104*3 Fa.rytew Estates *' tOa) 112. 13.8SpcDb. Laoortc InflS. 'Hldg*.. iSOol 111 13 
CANALS AND DOCKS flfll «13.7» , >*ZS jd.) 22 J, '11/7) Latham (.lames* 135® s 

SW0 Pw> - 1001 6,1 6 5I - ' P^. 6 fs°A2] 670 65 «5 * Laurence. W asm .1_08®.7® 


*137) 

Rrxfrut IffWtt. "SO* SBh. H** 0 CUV. 71 
Ready Mixed Concrete (25w 1200 19 


sraam specialties «a. uop. or 'Si 6 *. La7(« Pr.de Outerwear (20p. 56* 60 SB*, ^ ^ 

Sugar Con, iSOp. Ill *137. Exchange ie*cg P" * ***■ u (John) eaa Son QSo) 179 (12 7) Coiman (5<k» 483® DO 1*. 5l 

Svnhon Inds. (20ai 62«:t 2. 7ocPf. Es i anded Metal <25ai 69U 70 «a , ?rd- A ttigt 179 , ^ K* 40® 1 ' _ 


l!£? 3 ’ WeW M,J * Record R idoeiay Q5^ 75 

timhrl? 6 1 r* 1 s nn) as earn Mat. Glass *2501 288® 

l’SSSl , Mih5!^.5nSi 41 11 i7> Brd.«US*n (2So> 86';* 7® 6l t 7 

L^mofit Holdings <10 pj lGi^O l^DdUmJ f2Spi T39A 6 


Farnell Electronics >20p) 285 *1 


?(*’ at £99 pc £50 pc pd.) <19B6| 48« 

. Hampshire C.C. »UPCRed.Stk. (1978-79) 


Milford Dorks 50. 3':OCDh. 27 11*71 

COMMEROAL (2334) 

A— B 


5‘qxLn. 39 (12171. 7pcLn. 53(*. 7 »n>c Ferguson Hldg. (25o) 109® 14 9 


Ferry Pickering (10ai 76® 


Kensington Chelsea (Royal Borough at) 


Thursday’s by-election 
results analysed 


DETAILED RESULTS of 

Thursdays iiy-eleciions at 

Manchester, Moss Side and 

PcnisWine are given below; 

MANCHESTER MOSS SIDE 


G. Merlon (Lab.) 12,556 

T- Murphy (Con.) ... 10,998 

P. Thomson (Lib.) 2,502 

II. Andrew (NF) 623 

V. Redgrave (WRP) ... 394 

Labour majority 1^58. 

October. 1974: F. * Hatton 
(Lab.) 15^12; J- Lee (Con.) 

II. 101: V/. Wallace (Lib.) 

N, Boyle (Ind. Civic Rights) 238; 

H. Smith (Pros. Brit.) 96. Maj. 
4.111. 

Tiie figures (October, 1974 
figures in brackets ): 

Eiecioraie 52.4S0 (51,4441, 

Poll 51.59 per cent i62.S per 

conO 

Parly voles and percentages: 
Lab: 1*556 (15.212) 46.T? per 
cent (4T.Q per cent): Gon: 10.99S 

I II. 101 1 40.62 per cent (34.3 per 
cent); Lib: 2.502 (5,686 ) 9-25 por 


cent (17-6 per cent): WRP: 394 
(did not stand) 1.46 per cent; 
NF 623 (did not stand) 2.30 per 
cent 

Swing to Tories: 3.47 per cent 
(2.9 per r en t to Labour). 
PENISTONE 

A. McKay (Lab.) 19,424 

L Dofakln (Con.) 14.053 

D. Chadwick (Lib.) 9,241 

Labour majority 5,371. 

October 1974: J. J. Mendelson 
(Lab.) 27.146; G. CL W. Harris 
(Con.) 12.011; D. Chadwick 
(Lib.) 10.900. Majority 15,135. 

The figures (October, 1974, 
figures in brackets): 

Electorate 71,437 (67, 060). 
Foil 59.$o per cent (74.6 per 

cent). 

Party votes and percentages: 
Lab: 19,424 (27,146 ) 45.47 per 
cent (54.2 per cent); Con: 14,053 
(12.011) 32.90 per cent (24J2 per 
cent); Lib: 9,2-U (10,900 ) 21.63 
per cent *ai.8 per cent). 

, Swms to Tories: S.S1 per cent 
(2.3 per cent to Labour). 


Kensington Cl*el»e» tftarai Borougn ™ 

Jw&lol* •'»* “** t13,7) 

Undsev County 7pc S9V 54tfe 

Liverpool Corp. 3:ix 27* (13r7). 5W 
QQl.x. QbpC 9«i <lOl7J 
Middlesex S'«pc 91 s? ^ 1 TO 
Nottingham 6^ipe M-W t10/7) 

Paisley 9 i.w; 9 1 V *1 1 17) 

St. Helens 1 1 ^ 9B iV„, 

Salford 6‘:PC 6SU >J2I7) 

.■SStrsK ®)? h 1 ’& u, 5 ! , io 1 55 

StirUng County c ° u n£*' 7 J 9® 
Strathclyde Variabio Rate 9B 63-641M® 9® 
Sunderland Cora. 5- : pc B6N l12!7t 
Surrey 6pc 92 -4’ l;7 J,„, 

Taunton 7 pc 93-h nii7i 

Tvne and Wear 12 pc (Fy. Pd.) 97*s. 1ZP« 

I £50 pd.) 

wtawicksMra I2'i«c 101 >! '1017) 

Westminster OATEb 'ISgtffi 

FREE OF STAMP DUTY 
, 8 UPC *16.8:78* 9B l Jl* 

6«BC 1S0IW7BI 99»ie 
6 Spc 18/11/781 99 
I 7PC 131 >11791 90 U® 

.. 

|%c^7-3 > /78) *13171 

ai.pc fi4i3i79* 98 , % iiirn 

?; iS'WXffl fflswa.* «ia« 

bi-pc 

BUpe iai5-79> 98H *12/71 

(11 m 

10K *18/7 l 79i 100* 'K (13/71 
1 2 UPC »16'7 B0) 1 01 Li TfT 1 

Esysris? r«iiVjra9,6,B3, 

J7-64ths *10/7* 

PUBLIC BOARDS (35) 

FREE OF STAMP DUTY 

A .^7 U r U ^OcS , b 0rt -197 C ^3 fsSfffug 
SijpcDb. 1980-85 75 1® •**. fiwDp- 
70 fiupcDb. 56>4 (13/7) 6J*oeDh 64 

*13 7) 7 UpcDb 1 9B1 -B4 88 u® i (1 3/7* 

7UpcOb. >991-93 67‘l- 9 UPCDb. 85 1. 

111/7*. 1C*UocDb. BUjlIO-T' .mi -x. 
Finance lor Industry ’/PC 1 -". 1 0Z*j-® 

i*,-:* ij® 33-64011®. 14pdLn. 1983 105 

M«nsPOllta n Wtr Board Met Watw 3 pc 
A 28 (10/71. 3 DC B 29 (15/71 5W 

E8 i: *13/7* New Riyer.3pcDb 22®. 
Sihwk. Vxhl. SpcDB. 23® 2®. Staines 

p2^'of S LSdon Z AuTh?! 7 3 *iPc: 18 (1171 
COMMONWEALTH GOVTS- (8) 
REGISTERED AND INSCRIB.ED STOCM 
Australia 5isPC 1975-78 100 i* t n _% JJ: 
Do. 1976-79 96. Do. J991-B2 83 U® 
(13t7i. &(K 1977-80 90 89o. D0- 

1931-83 79-U 01**1. 7PC 9®^ riZ'T' 
New Zvoivtd Z l zs>c 1 5 A iW)!7}m Gpc 
941- (1271. 7>3i 1988^2 B6i*. Do. 

mTUSK® iSWri- 6PC 197M1 87 u® 
Nyasaland , ,97 5^ S1 :i 

1W74S HTum. Do. 1987-92 45* 
.11.7)!^ 6PC 1978-81 79® 

FOREIGN STOCKS (10) 

COUPONS PAYABLE IN LONDON 
BuiDiria 7 pc S*tt Ln, 1926 10k (1017) 
Chinese JljBcCOW Bdl. 1898 16 
(Germans Iswe) Drawn Bds. IS. Sac 

Gold Bds. 1925 fill r12 7). . SpcReora 
Gold Ln. 1913 (London issue) 16. Do. 
Drawn Bdf 16. Da i German Issue] I 16. 
Do. Drawn Bds. '6- 5oc Gold Ln 1912 
Drawn Bds. 16. (mo. Chin. Rly iCanton- 
Kowicon) 5ocStlg. Bds. Drawn Bds. I4ij 

Iceland' (Go*L on 6*:PcStlnJtK. 68 <10(7i 
IrOIJnd (Rep. of) 7'spe S3®. 9Upe Blue 
Motonegro SotGovt.Ln. iajuj.i 27 8 (13/7j 
P anama i'Rco. o(i 27 8 (13/7) 

Russian SncLn. 1906 iwlth Baring Bras, 
ticket for talom £4 (10/7) 

Iceland (R*p. oi) S'jpCLn. 76 (12/1) 
MOKCW 4‘;pcLn. £4 m.TJ 
Montagu Tst. 9'.-pcBds. 99 1 j U (11/7) 

UK RAILWAYS (3) 

Canadian PaciSc rscai i3-'i«. 7*«pcPM 
-SC10) 715 (13/7). 4pcPf. 39. 4pcDb. 
31 '« 

Guardian Royal Exchange BocBds, 91 L 

C1 1 FOREIGN RAILWAYS (— ) 

Armawr. touadse 4'rpcBda. £4 (1K7I 

BANKS (167) 

Alexanders Discount 230® (13 7) 
Aluemene Bank Nederland (Fl 100} 

Allen Harvey R« 300 11:7) 

Allied, Irish Banks t2Sp) 193 1 H3/71. 

lOacLn. 1 S2';>n <1SI7> 

Arbulhimt Latham Hldos. 151®. BpcLn. 
®8(j* 8® tM#7; 


A.A.H. /25p) 101. 6 ocPf 44»» 113/71 Brown Jaclcion ( 20 pi 133 
A B. E'ectranle Products i?Fni nB (13/71 Brcwn Tanrse (25 p) 97 4 i10.'7t 
AF-I 5 '-PC PI. 1B2) 33 *12/7) Brown Boverl Kent I2SPI 52 (11/71 

4GB Research noo) 98 g Brown Bros. (IOp) 24. 8 * 20 cLn. 

A.P.V. HIHos. 1 50 pi 223 _ 1371 

A.VP. Prnwriln 7>rprDb. SB 03/7) Brown CJohm 400 2 
Axranson "ras. * 10 a). S7 Brunnlng Group >250) 7S. Rst 

nhbev *25 d1 34 (13/71 SB 5 S 

Invests. *90.301 93® Brunts® (Mdsselborghl (25 pi H 

Aberriexn Construction *75o] 90 Bryant Hldos. i25pi 4840 7 

hcrow 7«mi 110 A *7501 83 4 6 Bulgki A non-«g. (Sp* 23 

Xrfrfa Int-rnatlnnal HOpl 44 I- Bullous* (20p) 139 *12/71 


Finlay (J.) (50 p) 353 


2 (11/71 Flnlav Packaging iss) 2? «ll/7) 

IMmcLn. B3h: First Castle Securities iiOpJ 39 


Brunnlng Group i25p) 7S. Bated. (25®) Fitch Lovell OOP) 61 2. 7l«PCLn. 54': 

Bn^rtonf (Mnsnribunihl C2SPJ 103 <11(71 Fltrwlrton i25p) 43 ® (1M ?1. - . * 

Brvarrt Hldss. i25pi 484® 7 FlexeMo Castors Wheels i25p) 54® L«« 

Bullough (20p) ft l'39 S * , 1 , ^7* Flule/rlve_Enj|lneer4ng_i20n> 79ij (13/7) 


!li riant a* 1 1 jiti a Leadenka/i Sterling <25n) no *13/7) 
a (10 p> 22- *12/71. A Le 3 „ lEdward , 4n ll2 7) 

Building i25p) 43 H3I71 lS -’ f, 0P' -‘5‘s t12LrtTi 

0 111/7) Leq us (Harris! (2&PJ 43 

(Hldgs.) (25p) 15010 I|® Lee Refrgerailon (25p 72, 1 (117) 
Lee lArthuri Sons i12'jpi 21 1« ij H27 
. (25p| 109® 14 9 Lee Cooper Grp. (250) 1TB®. New ta 

IIOpl 76® 129 113,7) 

(20pl 26 00171 Lees 'John J.) (lOo) 38® 

(IOp) 78 m/7) Leigh /nterests (Sp) 147 01/7). i 

*25p) 41 (11/7) (5p) 16 15 14*m f11»7> 

pments >5p) 52Li® 3 Leisure Caravan Parks (IOp) 127b 

a) 353 MO/7) _ 

1 rsp) 23 111/7) Lcnnoos Gro- HOP) 34® 5 4 *1 3,7) 

unties nop) 39 b (11/7) Lep Gr^n Op* ii9 7 (107) 

i 12b t13/7) Leeney Prods. *5ol 76 

). GpcDb. 85b® Letraset Intnl. (IOp) 142 .. 


PccfUnd *2SPI 139® 6 
Redman Meenan Intnl. tiOpi 5B>j m.7i 
Reed i'A* Grp. A i25pt 90 
Reed ExecuMve.ISp* 60 \lft7l - 

Re<!d intnl. 137i>® 7 6 B 40. 4'.-fiCDt 
as© 00 (13 71. BOocDb. 1987-92 7* 
rT2/7>. 70ocDb. 1995 63't H3/7I 
SbPCRd.Ln 35b 110 71. 7':ncLn. 51 
_10ocLn. 68'.-;® _ _ 'f 


Fisher (AJ *5o) 12b 03/7) 

F Iso ns 368® 70. . 6KDb. 85 b« 


« (Karris) t2&PJ 43 lOucLn. 68'.-:® JRP l j - 

Refrgerailon i25p 72 '1 (117) ■ -Reed Pub HMgs- SpcDb. 66 1 - mr7i.l».|M . 

i Arthur i Sons l12bpi 21 b b i12 7» peLn. 29b -13 7). 9ocLn . 61 (13,7) •Irdfih. r; 
Cooper Grp. (25PI 11B®. New I25 p) Weed (W) Som *2 Spi 85i1 3'7' 

9 ii3«7) Reliant Mir. Grp. >5 pi 11 (12 7* 

(John J.) (IOp) 38® Relyon PBWS *25oi 82 *I27 i 

h Interests (Sp) 147 fll/7). New RenoM 122® 2. BqcDb. 67® b® 6lj 
) 16 15 14pm ril'7) ReiKobH Grp. (lOol 57® 8b 

Jre Caravan Parks (IOp) 127b *s Renwkk Grp. C25 di 41® 1 40 H3/7I. <3 
1/7) _ __ pcCnv.Rd.Pf. 55 (10.7* 

ions Grp. (IOP) 34® 5 4 ri3ffl RestmOT Grp. <25p) 143 6 (11,71 

Gro. nop* 239 7 t10.m Re vertex Chem. I25pi 66 (12/7r 

ev Prods. *5 p 1 76 Rexmora (ZSol 61® 


Letraset Intnl. (IOp) 142 . Rhodesia Cement <2SM 10 

Lev e* (Spi 6b 7b HOT). New (So) 2b Ricardo Eng. *1927) l2Spi 196 3 

Lewis (Jonn) SocIStPf. 40® Richards WalHngton Inds. ilOpi B2®(13f7T 


mm» Inflation, I HOpl 44 u Bulloogh (20p) 139 M2/7I . £ ,,l J* l,,e <c f ,, ? l K e, ^ ,, %o ,20n, 791 <13r7) 

*75<i> 75Rt 6. Borin. 58> *13/71 Bulmer Lumb (Hldgs.) l20pl 54 5 (11/71 Fodeos/ 50 p) 61 | W 
Air*- r 2 °nl R7i.®. lor Ord. 9:- Bunri Pulp Pauer <25«) 103 Folkes m Mo Mj 7 , , 13 ,7 ,Vl ra| cn ’ V ' 

■ Ip/Tl y-K-Ln. RO *17*71 - Burra Dean l2Snl 73 112/71 '5pl 270.7. 7ljPCLn. J04 (11/7) 


Lewis (John) Partnership sucPf. 39b 4* 7*j«cLn. 79® *13,7* 

(12/7) ■ R«n.irds *10 pi 19 ^ 

Lewis's inv. Tst. SocIstDb. 62 (10/7) _ Richards (Leicester) C3pi 79® 
Lex Service Grp- <a5p) 83b® 2. Seeders. Richardsons. Wtetsqrth (SOP) ( 


Burr cene Invests. ,<5p) IB® i-ZFi" rHT«rni,tTnn»l r»r.l^r 

Burnett HaHamshire mdgs. (25P) 193® Ford International Camltat 
.1317). A non-vtg. <25p) 193 Ford rM.)i IOp) 2713 ® 

S 0 ^i. A ^r*“, n ' 1M1 S * S liaT ' SfUiliStS? tH. 


■yrrt 7i,pcLn. RO *17*7) - Burco Deon i25ni 73 112/71 

njhriew witann i7X"i ins Burr dene Invests. (Sp) IB® 

* 1 -.^ niuminlum O) K.) 150. 9pcLn. 144 Burnett Ha/lamshlre Hldos. (21 
.'10/71 ■ .13/7). A non-vtg. <25p) 19; 

AhwunHer* Hlriov *50) ZOO Burns Anderson /IOP) 37b (10. 

x*nlna*e '75nl Z77 Rurr*4i iSdi it 

;:^S cl ;ronT 7 , 0o> 930 1,3,71 BurTSUrc^. (JUSSI sau nom 

*,..«n /Si n» 1*011- I25nl 48 B nS52rtg G, i^.l C f?S > 'sUpcLn 1 ' 

Aili-d Colloids Grouo (lOo* 70® b 1 70 Butterfield Harvey 5b®cM. 39t® 

3 i C — D 

**»i-d l"Sul»t*v-s (2 Sol 72 r«-« u-.. nnmla #, Tr7 , 

ftIUM Pin nr GroUD HOOI IS 15b eai?qu r 


Footwear Invests. 


7bPcLn. 104 (11/7) 


#x Service Grp- '25P) 83b® 2. Seeders. WcJiardsons. Wtotwyth (50PI 80 b®. 6pe 
wrtiti. 29 113/7). 6iB»cPI. 44 (10 7). Ln. B3 

OiiPCLn. 61b (12/7) _ i rr eji Hldgs. tIOpi 35 *13.<7i • 


(250) 560 
Capital SpcLn. 81b 


Leyland Paint Wallpaper 5250) 78® 9® l.Rlx .OKvorl I5pn 80. 7)«jKDb. 1 52® 4® 2 


Burton Group (SOp) 119® rt*7l. 
non-rig. «SOni 115. 9bncLn. 68 ® 


C— D 

CGS8 Hldgs. noni 24 (13/7) 


»H'-d q«*nlle»n fi On! 92 flOTl. New S*! 1 %% G* 71 Freemans n.ondon5W9< (25 p) 321® 4® London Northern Group (25u) 30 Jtoval Worcester CZ5pl 15W® *««0 2 1 

rtitn) 91® rv»-»i. qVvPf. •*** *11.-1 Cawciurm Grow.5g)»0 7S b French Kler Hide*. CSpi 35b® 5 London Provincial Posler Group ISOol 9pcLn. 94bl® 

Alll-d Tevtl'e Comnanle* *250) 193® ri3/7i a5 ° l 55 1 4 - w Friedlanq Doggart Gro. *23pi 96 174 Rorco fcrp. liSoi 33 1 

iS:ISS5!gp?S! , ES, , S^“^».3 9 «« ^-£,“1., 57S SSS.. H *asS sSSL.B " Lcun^tu.. h n, d J ^ 

A^nber Dav Holdings (10« 40 b 40 ^ ■?» 6611 Sa H m}^:S a S^lno S | 0 e? , .Bf 55b® ffiSS 62 ’ *ucUnaec.Ln. ^ 1-86 63 H 2 bP, 14. a® 

Anchor Chemical (25 ol 68 b n/K7) Camnu* tfool’ 60 ? £art^" L <:iUDi 'a^iiwi 1,112 13 112/71 Lonada/e Universal (25n) 87 b H 0277) |X|f ■3 c ^P>„ , Ok^ 1137) 

Anderson. Stratchclvde (25p) 8Bb® cinnirw rwi25p> 63 i* 7 ' 2 PCUns.Ln. BOb ? «Vqn7 si .it.v. Lookers (25m 63 (11171 Sabah Umber II Oni 37b (13/7) 

Anglia Television Group N-Vffl. A <25p) c 3 S? 7 n£f l25o* 125 7 SI5 t'SS? . £?■.!*?& 51 ‘ ,/7i LnvsH (G. F.i <25p) 35 H37), _ Sapa Holidays fZDpl 142 

82® 80 Tim 82 1 kSSS i . "isSai Lovell (Y. J.l OlldOv) .250) B7 (10.T1 Sa'nsbdrr (J.l -250) 203 200 

Anglo-American As«ia It *250) 53 M 2.7) cSSSis ^ 0 ) 44® sSS? P jm* wi R~< . Low Bonar Group (50PJ 165 (11/7). Samuel (H.i *250) 303 OOJi 

AnalOJSwnv Holdings r2So. 33 <11<7) fSml. 78® 71 -® 60 78 s8y2.«s E, W.“ Jit « 267 n«°’ tova'A 12 bpcUrrt«- Ln. 1 0 5® Sandeman iGeo. G.) >2 So) 60 

Anglo-Trmnnaal Industries IR0.50) 124 gS?Eng Gro r25P> 72 b 1 '*01(71 77 L fn,?? 1 * V J2r't n 5? Low iWm) <20pl 1V6® Sanderson Kayser 1 2 Bu) 64® ■ 

^i^ro g^^ 97’^ ssa „ ifi^jBi^n.iiT, ' L r“ 

AcnuKUtum and Asaocal.ed Coc. A (3p, ^S Intntl. (SOP) 58b. 8b«Lh. S3 GgdNr WftL A USvV 99 AC-p, Ufg-L^ ay* C0/7L 6bPCUnsec.Ln. la^^ulS?^ ” 

... ....... . . Carr J| (Doncaster* r25P) 45 (11. 7i G.baons DuiiU, *2sol n J® L .Hilm Lvon Lyon (25pj 80® Sa-ov Hotel A_ '10 dI_73 .11.*7) 


Ford Motor *XUS2) 36'. 111/71 
Fond Inter iIOd) 148 (11/71 
Forte Hldgs. 7.70CDb. 74U 113/7) 

« Forward Technology I50n) 12 3 

" Fosoco Mlnsep i25o) 167? 

Foster Brothers Clothing .25o> 127b® 30 

Foster (J.l *2501 35 

Fotherqlll Harvev r25ol 102 I* 

Francis Inds. (25pi 70T«. 9ocLn. 63t® 
Francis Parker (tool 16b 15 (1317*. 7bnc 
Ln. 55 3 (11/71 

Freemans /London 5W9' (2 So) 321® 4® 

__ French Kler Hides. C5pi 35b® 5 
Bc Friedland Doggart Gro. *25oi 96 

G— H 


' LMen 7 !Hld 6 aJ (IOP) 19 18b »11f7> 
LIBeshalt (The). (10 0 ) ,36 3 (1071 
Lllley *F. J. C.) *25o) 67_ . 


Lllley *F. j. C.) *250) 67 I Robinson 1 T 1 Son (2SP1 75 t11*7J 

Llncroft Kllaour Gro. HOP) 52® 113/7)1 Rockware Grp. I25gj 133 2 
" RWis_Rove« Motors (25pi B3'; 3 


*13/71. SpcDb. ISO® , . 

Robertson Foods (2Spi 130 26 4 3. 5-5pc 
Pf. 57i- HOT) 

Robinson it* Son (2Sp) 75 111*7) 


Lindustries '25pi 145 

Llnfood Hldgs. (25o) 144 IIS'7). 


(2 So) 132 1. 1 2ocLn. 103 b 2b 
Lister (25p) 4fi. 5 pc PI- 36 b (13.7) 
Liverpool Daily Post Echo j50o) 129 
UcrrdlF. HJ Hldgfc , (25PI 66® 


Ropner HldDi. (25pl 36 (12a7) 
Rotat lex tG.B.l 1 IO 0 ) 510 
Rotaprint t20p) 41 (13.7) 
Rothmans Im. 6 (12bB) 56b 6 7 
Rotorfc 1 IOp) 137 


LoCker (Thomas) (Hldgs.) (5o) 19* : (12.71. Rawntree Mackintosh (50o) 397® 40(1 

A Non-Vtg. (2 Sp> 17»*|«® 11U 395 3. 7pc2ndPf. ST’al *1 37) 

London Midland Industrials <25n) B6® 6 Rowton Hotels (2Soi 151 (13.7) 


Jtoval Worcester £25pl 1503® *«t® 2 1 


9peLnj 94 bt® 

Rorco Grp. 12501 33 


Rugby Portland Cement C2Sp> 75 b® 5 
Ryan (L.) Hldgs. (5p) 12 'b 13'* 


Anchor %mS"S!&rI ' °6B If'^OT) KES," JfSE SO SSSS' 1 ’ciK, "a”.lwJ *** " t,iH7 

ff.W 71 aiSjHn I. « 7 , v„°- „ 6 ,t 

^Plev^rd Gr’SJp i, C C R ^ 0 ^ 7 ^)97bC g^ ^ 371. „ M&n^llll. 


Camiord Eng. iIOd* 66b 
Campari i20p) 117 
Cam rax *20 p! 60 . 


’ oi l 


B 100 

Acnuscutum and Assocalled CM. 
400 

Arenson (A.) (Holdings) (TOP* fi 
Arlington Motor Holdings (2 So) 1) 


116® 111/7* 

Lyon Lvon (25pJ 80® ^ _ - - 

LyDdS (J.l 07 abPCUn«K.Ln. 594,® 5capa Gp. BpcLn. E4t 

i-yura «J.* oa. a--in.unwv.kn. SCWumbcroer tSUSl) E6Bb il VJ) 

MFI Furniture Centres (IOp) 109® 8 7 1^51“ ' 288 i12l7} 
M.K. Electric Hldgs. (25 p> 1B8 °i.? > . , , 

M. L. Hldgs. (25ul 124® Scott! sh and Universal Invests. (25n) 1 

M. Y. Dart OOP* 57 (12/7) . . __ 


St otcros iZSp* 74 2 I10'71 *" 

| Scottish and Universal Invests. (25n) 120 


attle-s ,H Jdgs.1*1®pi‘ 38® b *13/71 Glluour mod) 60 sa Macarthvs Pharmaceutkats a Op) B4b- Sc rSoli*i h ’flv En 4 1 l r*V»i nd Eljrooe4n Textiles 

A 4 S 0 . Blsru/t Menu. ( 20 ») 78® *1317,. fa UWm 3 JSS' (^^M.dd^ton. .IOp, ,30 » 5Dl ^ 

A 44? C 5 2220 200 HW* HI 7 ^i 1 ivS’ 7“pcLS r »5oS)^1b* <S ° PJ 28,1 <13m - McC^rouodale 260. 6 UpcUnsK.Ln. 52b f^sS TScridonT?' (Ifti? SB®’! t b* 7> 

,4« 3. _7i-PcPf. 47ij 113/71 . CJ woods Hldss. iZ5pi 130 Glaxo Hldgs. (SOpl 572® 70 67. 7bncLn (11/7) icottisti Television A l, Op) 58® 6 b 

Amoc, British Engineering . (12 bpl 6 b CelesOon Inds. rSpi 29b *13*7) 118b 17b " Maetarlane p. (25p) 67 (T27i Scott’s Restaurant ( 12 * 10 ! S 20 _ ( 1 1*7) 

<13/71 Celtic Haven iSp, 17b 112/7' GIomop (W. J.l (25p, 68 m.T) McKechnie Brothers (25p) 87® 113; 7i Sears Engineering BUscDb. 72b® .. .. 

A dfi^’ Bl 5 ScL? 0 d 22 * 5 ^ 1 Tm 4 S 7 *^S' GJ™™*! <25o) 103® 2 ij Hi 1 . IOJjdc Mackintosh Uehnl Sons 6 Vnc^. Ui,® 

fq&y.anoi^h* 70 ?:- fJi™’ Sj!' ^£Tr!S! H ^ P US? 0 .s‘n^ e’xVfJS ? 1 U*»M- , - n - Ht 6 pcUnsec.L». 69b Macshcraon (Donald! Group <25p) 73 

Vxi 1 5* a? x rfSS" 53 nlf75 Goldberg (A.! Sons iZSp) 75 4u 3 2 . 7 laptUnsec.Ln. SB «13/7) 

Assoc* Dairies (25 di 23B 3 4 5 Cent. WSflon 7 Upd-n. 37*2 Qomma HldDi, (2Spi 6 3 a fl 3/71 MlSfiCt Southerns fZ5ol 101 

A R^iT E rl ™ nC * 1 6wDb 791- MpeDb. rtliJti Gordon GotcU Hldcrt. (zSpl 77 3 MjBlown-Djjnv I25P) 49 - B« 2 »cc 

B3i? 110.7) cnamprna n Grp. fZSpt 45 ill 71 Gordon cLulsi Group I10o) 2 G MO/ 7 ) 74U2I& i»:© il 3 : 7 ) 

,oflwB ’ 8BcLn - SSSM^m'^sil^b’so^aT, ' S^h M « 13jr« AoeflCT Mua,c <10B> -■ 

^Fisheries <25 p. 4i. BbPcLn. 55 MriVT, Cramgan TOeris.oj. N V. A (,op) 37 i^VIk^ 

As„c. 4 Lel,ura (S W 6 5 , : o 6 ® *b® 6 4b ^ iSft&SaA SSTlX Z 7 5 - fl , 

A^ic. Newsnapers Group (25pl 1G5® 70 Christies Intnl. IIOoi 110® 10 f* 6 . 5UCPI S7 (12171. SbpeUnsed “bj"® E,ert0n 7 S5*?** 8 *=*. 

67 Christie Tvier (IOp) 71® (13)7l 9BI * * H 1/71. v£, ° nOu> IBi. ns 71 lObneLn i 

Asrac. Paper Industries I25pl 60b» *«*!?« Christy Bros. 25 pi 50 49 tll.7* ^tOyUn sec.Ln. ao 79'* (10 7) ' C1S7J - ‘DbPCLn. , 

8A* 9 'j (13(7). 51,-pcPI. 39'* (13/7) Chubb Son (20p) T21 3 !**?,'« V*® 16 IS Marchweil i25p) 296 (11*7) 

Assoc, sprayers Modi 43b 5': «Sw 1 M ■ 1 artP* G JSfL U ,i£S^^ 1 r*? 1 ? * Marks Spencer (25o>157b® 84 6 * 


GIossop (W. J.l (2501 68 nz,7J McKechnie Brothers (2Sp) 87® (13,7) 

Giro wed (25a) 103® 2b lb 1. lOboc Mackintosh (John) sons 6bncPT. 52 b® 

llnurl, R5* Cvllaur Eoi. Uanhoiwn 


Sears Engineering BUacDb. 72b® 

Sears Hldgs. (2Spi 38Z® 7 6b 7b- New 
*2So) 38® Sb «b 7 is. 7 pc A H- 
52b. 7 UpdLn. 61® 

Securlcor Group (25p) 110*. Ord.SliS- 


srai’js ByS™-* fc&Ej'tt&xrnS 


(Fv.Pdl (2 Sd) 112. Ord.ShJ. (25pl 14® 
' (13/71. A Ord. (25p) 109*. New A Ord- 
(Fy-Pdi (25 b, 112. New A Ord. CSd) 
12 15 pm (127*. 6 bpcPf. 170 BO 
il 3/7) 

Security Servicea (250) 112 (117). Ort- 

Shs. (Fy-Poi (25p) 100 ® 12®. Ord. 


98,1 11 n,,w - ,8i; t,s - 

e^runY^?^ ' 2 ^spV^ B 5 i G ’I B) SSL" 


71. IDbPCLn. 70 i StiferTImV 36 ® 4 b: bl 5 


Srlincoyri (5p) 25<^k 5 6 S': 6>« 3 *- 


illk. U26 ^ 0 3| 1 , ^SAPn*-*"'. 30 -inT 5 ^ 1250 ’ 1571,0 “ 6 4: Senior L Eng 7 nferfng Group OOp) 23b 4b 


iil.7). 9.6peLn. 75® 

Sercfc i25pi 85® 5. New *25p] 83b® 


11.® 2® 1® 1 13/7). IOJjOCDD. 88 (13 71 

' v 9 9 (Jrri-hl '«) 29b® 

47b ( 1217 ) Sharna Ware (20p* 109 

1 * Sharpe and Fisher (25p) 41 (13/7, 


Aurora Holdings (25o) 92. Now <2So> Coalite Chem. Prods. (25 p> 70 1 88 _ 9 ®^* . , Marshall’s Universal ( 250 ) ieo ( 12 ) 7 ) 

92 3 lb ill' 7 ), aeepf. 87® D2.7) Grlppcrrods Hiogs. (lOol 42 (13.7) MarUn (Albwtlffaoi ns ,iuti V71 

Austin < F.I 'Le yton i noni 10b tfS/71 Coates Bros. «25»J 71®. A N-Vtg. < 2 Sp> Group Lotus Car HOpl 45 1*2.7 1 1 Martln-BSrttCZSnl 53 4 (11*7) irramnj , &w . 

A tfom Stwl fo | 6 |n 9* Ob. 102 72 ®S l! * t K f ;^N«Hc r o | ds 25a:® 68 a 60 3 Martin The Newsagent (25p' ‘227 1371 J^eepbridoe Engineering ( 2 Sd) SB 

AutSlnated Security (Holdings. » 0 p, 86 ® 5? s'wjgSSt.ST ■(&» Se^^efeldTitf.K.V^eDb. S^USI^i^S 1 IF'ti&T' W Dr "' ^ ^ 

Bii'BS kL wa S kSSH 

■ *• s "■ *■- E ls«Sff Vi a,“ff? 7 , s - <«■>- “* '”' 7 ’ 

BAJ [nds. l25p) 31 ij® ( 2 t 12 9 10 17 Comet RadlovTslon Services *5o) 127 b Haltam SiMh Ch52n- »in« * M Menries rj.) * Hldgs'.) <20 p) 157 (18/7). J'hauette (London) fZOel 48 

’5 14 13.. Wd. ;25 pi I 6 bj® 301® 37; r'liil 1 ,, yiSffl 40?107? " 0W 330 ° 3/7i - 9pcPI. 9B *11/7) P 1 ’ Sllvrrthornc Gcoug ClOPl 18 (11.7) 

8 61 60 is E SBS 65 2 99* S« 'A 5 ? E 94 1 1 Hahna il Oni Mu* Metal Box 320® 2® 19® 24 3 18f.‘ Simon Engineering (2Sp> 228 

BlCC i50p) 120 18. 6pc1stPf. 46b Soml Wob,, ‘Hldgs.) (20p) gS™.* 1 ?? 1 . *5Sg. . 4.9ocPt. 55. lObncLn. 84® 600 Group aSpi 88 b 8 9 

*>2/7). 5 bPcZndPI. 43 (10.7). 7pc r 3 i .L , W i n..! ,, HalnSm Ind* nffl lyu^vra?^ M*UI Bo* Oversea 3.673ucPf. 4S (11/7) Sketchier «5p) 11.1®, New <2Sp> 1101* 

Db. 720 b 113 7*. 7LpcDb. 63b S*J 5 *^* MOpi 42 "amo^ ii^ (50) 12b (137) Metal Closures r2Soj 102 Smith and Nephew Auoc. (1 Dpi 70b 69b» 

BOC Intnl, (25oi 71 >; 2 b. 6WcDb. 71 S5&,?" 0 Watts S^Uns-ln*! 65»»® 6® . Meta Iran 'Hldgs.) i5b) 42® BpcLn. 128 (10/Ti . . _ 

_iL 2: 7 J -. BocTonnaae Db. 1990 91 (10.7) riiSZ. re-— T>t ZSb> 1200 9 7 * 8Il0CL "- Mettov (25ol 61 Smith (D. S.1 (Hohtlna® ( 2 Op) 110*0 >*r® 

B f? S '"«■ ,50W 22018 d ’■ »"■ cSES IS le rJCT’4® 19 ll® HSroreav« &>- S3 .117, 1“ 

^'^^t) 501 50 naj75 - N - rt9 - B C ^cte. vr'n /.^ 60,10 20 z ses %3%j§Si i!§s a w \ • 1 

BSG Intnl. OOpi 41b. lZuseLn. IQOt ion Cope Sportswear (iOpi 93 5 Harrison <25oj .64 *11/71 . I CTWAVn? DAD rWTYI TCrpTjvr rpronu nrDAOPTC I 


92 3 l b 111/7). a DC PI. 87® 


Austin (F.I 1 Leyton 1 CIOpi' 10b (fs/7l Coal 
Austin (JO Stgg( Holdings (2Sp> 102 72 


Shirpe (W. N.I (2 Bpl 18 S iii:7i 
Shjw and Marvin (fop) 18 (1OT) 
Shaw Carpets (IOp* 39 h (1271 
Shaw (Francis) (20pi 28*? 
Sheepbrktoe Engineering (2 Sd) SB 


Sheffield Twist Drill and Steel 734PCt>b. 
67 It® » 


671,® » . 

5horman (Samuel (IOP) I3i-T-Z944tfnl 
1A 

Shiloh Spinners (25 p) 33 i!3/7> 

Sld-aw Industries (50PI 94 03,71 
sienwwn Hunter (IOp) 38 9 (11.71 


...» •» «*« 2 < asawsjfir - M5 ' 7 ' -» «- 

»AJ [ntMj I25PJ 3111® i2x 12 9 10 17 Comet RadlovTslon Sendees *5o) 127 b HalUm SiMh Ch52n« f,n« . Menrie* U.) i Hldgs'.) «0p> 157 CIS/7). siHwufftte (London) f20ol 48 

I 5 J 4 13.. Wd, ,-25ui Z6bJ® 301® 37; 7«S 4D?10ri? " ° W 330 ° 3/7, ‘ 9pcF1. 9B (11/7) P Sllvrrthornc Gcoug (10BI 18 (11.71 

a l 61 EO l; E SBt 65 2 39* 5* ComoA/r iZSPi 94b Hahna tin m s*i« Metal Box 320® 2* 19* 24 3 !Bt.‘ Simon Engineering <2Sp> 228 

BlCC iMto) 120 18. 6pcl5tPf, 4®b C ?T£ t1 ??, J: 1 Softa WobJ ! ‘Hldg*.) (20p) HalSead’ » rtn~, 4.»ocP1. SS. lObncLn. 84® 600 Group aSpi 88b 8 9 

LL 2,7 i; SbPcandPI. 43 (10.7). 7 PC ^ 33l; l . 1 . 3 ' 7 . 1 .- . „ HunMoi Inds ’rafi l 2b *03/7? ^ M*UI Bo* Oversea 3.675ucW. 45 (11/7) Sketchier (25p) 11.1®, New (2Sp) 1«i» 


Smith (D. S.1 (HoldlnnSI (20p1 llOt® bf® 


B5G Intnl. (IOpi 41b. IZbpeLn. 100; 100 


*137) 

8 SR HOpl as® 5 
BTR (ZSpl 280 

Baacock Wilcox U5p) 132 1. 4peW. 

Salley IC. H.) OOp) 5,4 Ni 
Baird (WllHam) 164 6 cl 1/7) 


cope Sportswear (IOPI 93 5 

Copson (F.i (5p) 15 017) 

corah r2Spi 35b S (13 71 

Coral Leisure Group (IOp) 97.® EXE 

b 4 ■ 


Harrison IT. C.) (2Spi 113 (12.71 
Haj-rtsons Crcufieid £5 be b. fibpcPf. 51 «* 


FINANCE FOR INDUSTRY TERM DEPOSITS 


Corning TpcDfi. 73 
COUTt (25pi 54 (.1 


Hartwells Go. New (25pi 97 b 

0. 73 Hawker Slddeler Go. tZ5ni 215® 8m 11® 

54 ill 317). New Dm, QSpi 8 1 2 10. SbpePf. 42b 00.71 


Baird (WllHam) 164 6 1.11/7) 55® ni7i Hawk/ns Tlpson *2 Sdi 70® (137) 1 

Baker Perkina Hldgs. (SOo) 96®. 7ucPf. c ?22 in _t Bic,Mr ® P^SpI 190 84, New (25s 1 Hawthorn (R. W.) Leslie (50s) 66. SpcPf. 

52® II 3,71 190 87 03.71 42b *13.71 

Bakers Household « ores (Leeds) (IDs) 35 Countryside Properties (5p) 40 (l0/7i Hawtln (5 pi 10b 11b 

Battle Mercantile Shinning Exchange 2bpe Courtauids (2Sm 123® 20 1 19. 6pc2nd Haeeli <Q.> SboeLn 65 H3i7) 

Utah. 354,® b® *137) Pf- 40® (137). 7pcStt. 74‘;B 3b. 7 Hoc Hazlewoods (Proprietary) (20ol 67 

Bamberg ers Q5p) 48b <127) Db. 67b (12,71. 5lipeUl*S.Ln. 46® 4S- Headlam Sims CooginS <Spt 48. Nr 


Bambergers asp 


Bambers Stona OOP) 84® 3- New (IOp) ] CbPCUns.Ln. 53b. 7 UpeUns-Ln. 60. 


Db. 67 b 02,71. 5itpeiins.Ln. 46® 47. Headlam Sims Coggins *Spl 48- New (Spi 


61 3 H1/71 


Bank Bridge Grp. l5o) 3 (117) 
Banro Cd*iMj- Inds, ' 26 c) 62 017) 
garget (25p) 32 1 


7LfKUns,L*i. 59 00.7) 


Courts (Furnishers) (2Sp* ill CI3.-7). Non- 206® 0 371 


. 13® 13 12b om (13/7) 
Helene of London (TQp) Zl®, 


Vtg- A SSp) 110 9 
Cowan do Groot (lOo) 


i Barker DObSOn tlOu) 11. IZpcLn. 90 Cowie fT l <5 p* 39b 
013(7) CriUdey Printing H Op) 19 CIOI'7) 


Helical Bar (Z5pi 40 (11/7) 

Henderson U. W.i rHIdas.i iZSm 212 
Henderson fP. C.i Gp. (IOpi 81 80 (12,7)1 
Henderson- Kenton (20 pi 92® 


Deposits of £1,000-£25,000 accepted for fixed terms of 3^0 
7ears. Interest paid gross, half-yearly. Rates for deposits 
received not later than 21.7.7S. * 

Terms (years) 3 4 5 .6 7 S 9 10 

Interest % 10} 11 11} II J 11} 12 12} 12} 

Rates for larger amounts on request Deposits to and further 
information from The Chief Cashier, Finance for Industry 
Limited. 91 Waterloo Road, London SE! 8XP (01-92B 7822, 
Ext 177),. Cheques payable to “Bank of England, a/c FIT" 
ITT is the holding company, for TCIFC and F.CI; • . ' ' . • 











Financial Times Saturday July 15 1978 

7. M. * ‘ 5 ™ 

h wminerui i±>m <],. ( 

t30 °' 1611 HOT). 7 =:bc 

r ?fli ’ (Jrnr,,on3 Ooup t3s B , 205ai 

wwsratw 7,&r 50 

• id DifluMon ?5tM* 

• h in ( 7f 0nStr,,rt ‘ 0ns (Holdings* (Sp* 

c®* 'P- r W ,v' 50,11 *mr* °6 ri:/r» 

• ?® 50 J K *°" ‘ntcnutlimjl laspi 

rrs (25m jt agi- i i. c„ M ... * 

• a ,:| JrC0 E "« , "«r»»a i!5p"- ISeo 

•n'jiOo) JJ 

• -wf Induilrirt (25p* gr 

hh Core. lUSSS'j "12; 7, 
ordHnre Poller I As CZSdi 
. rtl Horn Vs .,2*» 

CK inter national r2£ 0 i a*/ rm«i 
^: n 97 "**«*' 1 w il *17. 

. ‘il " 1 »&» 

lev lA. G.i Holrilnos ,£*) , Z7 L 2 ' 7 ' 
is Discount (1 Obi 1 8180 7*1. 

ai'ts-fis?.*'* «■ 

<* £."** Simpson A ijs.i 30 v j. 

2 ? 7 V’^. 

Ibern Group 160 (1 5 . 7 » 
louse Inds. fc'jncLn. Sfe'. 111/71 
i4.. sons .lot 16 „ 0 -V 7 

Sr* ni«"¥5 , 7 ,: “ ,=S0 ' n7 ® 18 

■’ c, ‘ Gooa'mmp n opt 22® so 3 -. 

p'j hCT ’Hldos.i isipi 5Q .; > 4 i ^ q 7, 

?HiSSS. mCTSS i=Sdi m * 19 i:f 

> Shoes IZSpt 611* U3/7\ 

r’r ‘ F \ t » Hll, ? s ;* f, »o» 13® l : 
a Gd. i IOsi 54 «ia.7> 

'^sSSmS^z'^ 56 1 ‘ J 7 - 

r Elet. *5oi is': 
i Hunter Go. last® i.;*t 
i 0-1 235® a I13‘7i ‘ 

•ne <2531 132 (12.7 J 

T — U — V 

E 1 1 Opi 25 

Ijle-gti Industs. 6pcDb. iUS100> 78 
e* Go. i5ni 20. 11<:pcLn 90': 

“S T^su^h-a':^- ’* 92 ‘ 97 

Lvle 167® 7 6 70. 61-prpi si * 

pcpb. 9B Ti?.. I°-pf d 5 ■ To Vn Vv 

ixl.n. 6o 'll 71. 13p£Li>. 102 
or Woodrow <25pl 362® >.« i 

ocLn. 70 68': UD7i 
'emit iS5p. 132 1 1 1|7 . 

'□■.ton i5pi 35 i117. 
anone Rentals <2501 13B 
•ece lOpcSUg.Ln. 147 110T< 

0_ Stores .Hldgs.* <Sp* 47® S':® 6 

Abrasives .idoi 62 iiO‘7i 
ured Jersey H0p« SO 29 (11 7i 
nes Plywood Mnttrs. I25pi 35 <107i 
mal Send. '2 5pi 95 fl 1,-71 
"5?" ,?«?» 'Mg* «»* 3 b. 4.72 pci sc 
7| ,- S-BSPCPI. 63. 21.7PCPI. 

»I07>. JoclStDb. 55’- m/71 
n Electrical I ndusts. i25p> 35? 5 4 
3. SpcLn. 75*,0. SpcLn. 95? 

W iF. W.i (101)1 63 
Bar Barden HOP* 141- 111(71 
try Contracting Grp, 274® 

-ig .Thomas i (20pi 1201;® 191-.® 2gi* 

. SpcDb. 751. «11»7). B«speLn. 70*;® 

• Products (IOp* 175® 
kins iT. H.l iSpl 23® 2 
It in sons Carpets i25pt SB 

PcLfl^Voc 4 2?: : C%7. 5PCM - M ,1377 *- 
f (Z5 pi 6B (1 1 >7i 

■r Kemilev MilJbcurn (HldDS.i (2Qoi 55 
5Tl IneLn 93 11317* 
aigar House (20 p» 126® S': 4 i; 5 3 
:Ln 62 »10l7i. Si-acLn. 71 nor7i 


21 ' 


-«t.T74 flO 7' 9, « ,CLB - 71 r ' ,0,7, ‘ 
is na rent Paper i25pi 66*' H0I7> 

:s terJssra 1 * Gro - 72501 690 9 

oU^io^^n^r ,3S 30 nD,7) 

enl Television A tIOpi 50® I;® 50 i* 

■f Houses Fone i25pi 219 21 13 22 
■tion warrants 19'- «T3/7*. 7 25orlst 

i Dn. 66. 10 SpcDb. 85 <13 7 \ £ 

e Inv. 360® 6® 60: 4 6 2 
63'. 1 1 0 ?•. 9ncLn. 71**. 


7.7oc 
6'. -PC 


. 870 8 
ncl Hides G >50 p1 268 6 

Tm^Tivti 180 ® 80 3 2 79, ,, - , ' DC 

V® ,^3”®" IS ®’ 1 1 **• 1 bocLn. 

ner Mnig. Co. (25pr 14 3® 

ner >W. <5 E.i ilOpi ill. il3i7t 

rll* Cnro. .2301 7i 

ack .W. A I (1031 23 

M G-ouo i25ol 68'-® 7 

s , C ??' ,S L lZ . s , DI ?SO 7 4. lOi.pcDb. 

n : iL’. ■--? lBC . Un *' Ln ' 47 '-‘® f>3 £>' 

0 jn.ul. »■ jDi 141® i. 6'.PCDb. 91 *a 

j’q C i1 , i'-!‘ , ” Uh warra,1 l s 1U ». Emhartl 
.* Trstl'c-. (IOpi 4® (13 7* 
ler Television Non.V.A (25o1 70 I11*7i 
cbr^ inds. .rasi iod® .13 7*. 10m 

gate:: 53' 60 Z® S9';i® 61. 7'aocOb. 
»'• <*- <; 6 -ncUns.Ln. 55 (11 Ti. si- 

Cnv Uns.ln. 64';® MS 7i 

"^Ok * 2 -? 1 4prDb ' 8a ^®' 

l':'.0 : 7r - " KU ' ,5Ln - 

.Onlnlern.tiiona 1 6oePf. 42. 100CA 

ran 

1 ? 


v. nors '1 Dpi 19® #i»vi 
vlnicn Greun cosi 122® 2 

Development «25 p) 33® (ISrTi 

vi. a-Te* ilOpi 43 in,7) 

Vo* per (25®i 175 01(7) 

XV— V — z 

w Ribbons Hldfl*. OOPI 711® 'it® nvn 
52 ? .' I U j°/7) ' John) 'i**' 151 ' B< * cF, ■ 

Wart^Potteriet OOpi 26®. lOoePf. 98 

' w * , }ec Departmental Stores (20oi 52 
Hon-vtg. a izopi AS 
JgMMm Sirinaer jlOp) 41® 2> t® . 
WatHtln i5Cp| 113 
Wagon IndStrlel Hides. 3'aicM. IS 
Wa ker (Alfred i Son IlOpi 10® '13.71 
Walker Staff Hldgs. (Sot 22>: t>1 Oil I 
walker »c. w.) Hidos. (25pi 124* 

I 'Spi 8E Ja * leSI *■ e,dl,nlT,, ’ SllreremHti 

Walker (Tnomasi :sp) i2i* (ii;7i 
*■11 Is Fashion Group nopi 130 4S 7 20 
Ward Golds! tme i2Spi 83 4 1171 

Ward Hldgs. (IOpi 44 (12-71 

Ward tThos. W.) i25oi 68'-:. 11-^cLo. 

81 CIO-71. 7l : eeLn. 701- 
Ward White Group 1 2501 83': 4. 3.Spc 
Pi. 13 (11.7). 10'rpoPf. 182. SpcLP. 
off# 

Wardle (Bernard. (IOpi 21 <: 1 112/71 
Waring Glllow (Midas-) <25p) 109® it 3:71 
Warne Wright Rowland (10oj 5S ilS/7i 
Warner Holidays (IOpi 36': (10J7<- A 
' 10 p> 32l*a (13171 

Wairington (Thomas I Son* >250 1 53 

Waterford Glass (Spi 49 « ito.7i. lOpc 
Pf. 212 113.71 

watmoughs (Hides. i (25p< 80 (10171 
Watson and Philip (10p) 52 (1373 
wauon (R. Krlvlni IlOpi 74® (13 7) 

Watts Blake Bcarne (ZSdi 110 9 (11/7) 
Wcarra Group (IOpi Z6<: 

Wearwell (Spi 32® la l* 

Webster* Publications (5p> 56 7 
Wedgwood /25o) ZZ6 
Weir Grp. <25pi 121® 

WeHeo^ Hides. (5pi 22 Up. New <5 pi 22 >: 

West Bromwich Spring HOP) 29 (1 l(7i. 

11 5pcPf. IIS <12171 
Wutbrkk Products (25 p> 49 h 8 
Western Board Mills HOol 69 (13(7) 
WesUngbOuse Brake and Signal I25p> 51 >s* 

U 1 

Westland Aircraft .2 Spi 35® 6® 4<: 4. 

. AKLn. 63'r 111/71 
Weitmlnster and Country Props. (25p< 16 

Weston.Evan S Grp. i20pi 112® 

Wutward T derision C N-Vte. tlOpl 26® 

Weuern Bros. (25oJ 112 t!2:7i 
Wnatllngs (25B) 41® 

Whessoe i25p> 71® 1 

White child and Benev <25o> B2 (11(7. 
WnHecrOH i50pi 194®. S'spcPf. 33 U 

Whllehause iGeorgei lEng. <50p> BR H0.7> 
w n.rele VJB. s. and W.i i25pi 30 (12/7) 
Whiles (Timothyi apekn. 68 t13l7i 
Whitting bam (Wllliami (Hldgs) <12>:R) 33 
»1?.7>. 7':pePf. 43'* U (11171 
W giall iHenrvi t25pi 217t 24 
<U?J ,ns . Teape 4'yic2ndOb. 84 (1271 
Wilkes (James i (25pi 58® 

W. yklns and Mitchell ( 26p> 46 
«5'W"«P n Match 1641® 7 s 70. 5'iPCPf. 
.38 40': (1017*. lOncLn, B8'^» 7 
w.liiams and James (Engs-i <25 pi B4 80S 3 
&!!!'“'"* > 1250) 46 111*7) 

Holdings) (25p) 67® 


Imot- Breeden in 
ncPf. 52 (10.7) 

Jl“(11/7® r0S- G:0P, 37 1 *' 

^TWj ,Conno,,r) Holdings <25P) 138 7 


'a 

friaocLn. 


Wlmpev (G.l (25 p> 77# 6 
Winn Inds. (ZOpl 43® (13,77 
Wolf Electric Tools Holding* <Z5p) 
Wolseicv-Hughes (25 p) T9D it 27) 
Wombml I foundry (10p) 21 1 (12 
Wood Holdings iSpi 541* 

Wood Hall Tnett (2SpJ “93® 

Wood is.w.) Izo'di 43# tisft) 


BO® 2 

( 12/7 1 


.10-71 
Steel <S. 


Africa! IRO 50. 15'.- 

■«*ch ' lOr- 1,34'.- 7)37i 

I7t>d Biscuits iHldgj.i 17505 qo® 1® 2® 

il.-d Carriers riOoi 92® 2 

.ted C.Ji Mrr.-ham* 13 B1 65 H1-7' 

:tci Eng. Inds HOo* 48 
'fed G.is indu-.tr'C'. - 25p! 5 ?i* 

10 BrcCiiv.Uns.Ul 03 
1 C.iiJirar,...,. .HIcqs. /Sc 22 '.2 7 
I. Nru-.s.in-n 2507 340 >11 7i 


2 ’? 


Woanhead (Jonasl (25p) 89 8 00(7) 
Wood ho use R.xson iHIdgs.i (12*:o) 28ij 
woo romben iHldos.i 7* ; pcPf. agi : 112 .7) 
Wool worth (F.W.) (25P) 64 5 3s. 4 >1 
Wojhlngton (A.J) (HoSin«) Ispr 33 

Wyatt (Woodrow) Hides. <5 p> 12 00.71 

Yorkshire Chemicals (25p) 102 4 5 (11(7) 
Yorkshire Fine Woollen (20n) 37 03(7) 
Y 0“9hal Carpets (Holdings) (25p> 35 1* 

O'J (lOffl 

Zeticrs (So) 500 

ELECTRIC LIGHT (1/ 

Calcutta Electric 6 pcP(. 52® 

FINANCIAL TRUSTS 158) 

Akroyd Smith err. (25ol 208 7b 
Anglo- African Fin. 7i;p) 12'*® 
Anglo-Continental Inv. Fin. Six-month Db. 
860 5®. 9':pcDb. 35 4iji10(7i 
Armour Trust (IOpi 9 1107) 

Birmingham Dlst. Inv. Tst. 5pc2ndPf. 38b® 
Blsnoosgaie Proo. Gen. invs. 7 
Bouxtead 11 Dpi 49 

Britannia Arrow Hides. <25pt 15’« 1Eb 
Charterhouse Grp. (25p) 63 4. 7pcDfa. 

64 1; #i3'7' 

Daily Mail Gen. Tst. i50p) 316 (13/7). A 
'50pi 328. SpcPf. '5 Dp) 17 b (11/7) 
Dalgety 273 

Dawes iG. R.i Hldgs. <25pi 16 t13(7) 
Dawnay Day Grp. (2 Sdi 44' z ® 3 4. 5pcLn. 
66 1 : llTf7) 

Edinburgh Industrial Hldgs. «12bnl 14® 
Elec era Inv. Tst. '25 p) 1130 15® 

ErskHie House Invs, (25oi 40'a 
Ex- Lands 11 Op) 13 11 2(7) 

First National Fin. Cpn. <10p) 2V b 

i? D - ,ap ’ 2,tt 

»Twi M H,d T gl L W- 

Inchoroe 400® 7 8 2. 12'aOcUns.Ln. 
93-b (107i_ 

Ind.. Comm. Fin. Con. SbocDti. B2 (407). 

B sPCUns.Ln. 69® B'a 
Inlernl. Invest. Tst. 195 i1»7) 

Kwanu H0nl 23 <t0 7> 
tanww Sec*. <50p> 28 b HZ 7} 

Uovds Scottish (20 pi 46® 

London Assctd- lnve«. Tst. flOp) 71® 
London European Gro. (10p> 28n07) 
M.mson Fin. Tst. >20o1 47® 7 <11i7i 
Mills Allen Internl. 177® 80 7St* Onl. 
Shr. Warr. 1978-79 Sub. 15 '12. 7). 
Cum.Red.HtPI iSOp) 71':# 


6 pc i 


* kr «— .I.,- Hilo*. !7kos 31.1® 

-■'d sui.na Me- 1 Grp >. :Coi 27 

I VV-m Grp. C5i»- 6S ‘11 7' 
x krone Imel. . TOp. 1 5 1 : -13 7* 

e* 25o> 45® 3 S'.ncPI S4: 

.*r»a G'bvn «20P' 119 .12 7' 
riiri iCr> I 

■ H-tinv. i2Se- 175 3 'll-'Y 

Lcr : ’71 hi CD 7 g . 91. fi. 5n t P1 
en.Cjm. ZG - -10 - - -- 

i-l" 90 1Z 7. 


I Maarane Mercantile Hides. (IOpi 10b 
1 ilSTl 

N.M.C. Invests. <12'-p> 20® 113 7) 
Provident Financial Grp. <2Sp) 93 (12 7). 
7ocPf. 79'* .12 7) 

Simc Darby Hldgs. (IOpi 1O4® 7 -. iodc 
L n. 10TB (London Reg-l 22F-' il3(7l 
Smith Bros. '2Sal S9 50 '!17l 
SI'rl Evrhangc 7i*BrDh. 61'.® 

Unifec Group :®0.20> 66® i13'7i 
United Dominion* Trust (25oi 42 3 2': It;. 

16ncL«l. 142 39 -13.71 
West of Engiand Tran C2Eoi 54 1- >12 7i 
Wn'tnrn Selection Development I20P> 28# 

_ _. .IS"” 

SptCuniPf. 53' . ! YorkBreen Invesli. *10p) 15': (127i 
Yale Cattx -IOpi 76 


, GAS (BV 

WS.««. Gil Ail 390 2 1. he 
*n. 178, 7 pc Ln. 166 

INSURANCE 1108) 

IC.TJ (2Sp) 105 7. 5M Ln. 
, IflDC Ln. 145b 

fiS-LWfin. (5 p) 160® 2 dim 

44 25nJ 150:8 48 6 

|M« |« r Ins. (25P1 143 
Enma Finance (UK) 9 pc 116 (iz7i 

* ,L*w Life Asset. Soe. (So) 160® 
Accident Fire * Life Ass. Corn. 
9® B# B 10 6. 7'tfc Ln. 
rS?4 1 « a,T i 7- *B f Ln. 63 11 1 7) 

7oc Ln 627* E *’ * 3i- a5B ’ Z2B ® 18- 
HBJJbra ‘.Life' Aa». t!5p) 330® 30 26 
H" th J c E ) (20p) 271 
u2Si Ro $|n«n Go. (25 b) 183® _ 
Howden (Alexander) Gp. (IOp) 165 7 4. 

New Ord. (IOp) 165 
Legal and General i5p> 153 ': 

Leslie Godwin ,Hldgt.) (IOp) 1l>® 18'a® 

London Manchester *5p) 140 
London United Invests. i20p) 164 (13/7) 
Wrlghtson Hides. '20ol 1GS 6 
Mlnet Hldgs, (20pj 197® 200 1 

Phoenix i25d) 246® 3 
Prudential iso) isz® 50 
gefuow ISp) 139# 

RoyaT (25p> 164® 2® 70® 63 
fMflwicb Forb»* Hides. (IOp) 4 15® 13 10 
Stenftouse Hides. l25p> 101® 100 
>" n Alliance London 515® 500’^) 14 12 
,8 lO 

Ss*". *- l |« «SI»J 98® 101® 100 
Willis Faber i25p) 253 

INVESTMENT TRUSTS (174) 

A -?S r ^ n .7 rU5 * (Z5p) 141® 40. 4PCD0. 

79-84 (Marl 7Di 1 113.71 
A »a In »»t- i25p) lOBi* B tlS/7) 

Alliance Invest. l2 5p| 101 [13/7; 

A lW£* Trun '75pl 227 I? 8. 4 PCD 0. 

32A«0 

Aitlffund Cjo 450D> 188 

AmbTOM 7/2SD) S3b til. *7). Cap (25P) 

Al 55riean T«. f2 5 p) ISM b (13'7l. B 
45 (12.71. Spr Pf. 381-' ( 1 0‘7) 
if n/Tn". 1 . S « 3 - (25p) 105 3 fl 1-7|. 
A? as 69 (12(7) 

5S®£2S» Bil, J! 12501 *** 

Archimedes Cap i50p) 430 (1371 

a 5MSW A 1 . "*!•*. I=iDj 124® (13 7) 

At jnuc Assets I25p| 97 6 
Atlas Elec. (2 Sd> Gi i 2 1. 

SJ?*?* 11 ?". ,n, W. Tkt. iSDp) 101® (1317) 
5" nk era -invest. (25 p« 56® 

11 tr? p * ciae Fund (SUS11 1US49** 

B 3^«h T ^'ifS^ l74 i*0p) 61. b*. 

| r r&U n r r ^d B r^ U SUS154 * ^ 

■r'‘Sh Amer. G«n. '25 pi 41 
.12 7 J AM * U «25p) .76':. 5PCLn. 146 
5j*7l5lL l, "m«. Tst. (250) 168 

KEK!rasiri& ,20p> ,S21 ’ 

r-a?^ '*Sp' 15'1 16 

Tnwt f 25 " 1 B3 ’ ; * 

Canadian Forefpn i 2 Sp' 107:® 

Capital Natl. Trust LZSpl 124® 5 8 
Cardinal Dtti. f25pi 109 (1071 
gylto* ,4bpcLn. gi «i0|7i 
Cedar /25pi 66® 

Chinn* Islands 139 '1071 
Charter Trust Agency (2Sp) 57 (11:7' 

Clw Com ml. Inc. ( 25p) 28. V* -*« b 
Cap. 104 

Crty Foreign i2Sd) 77® 

Cttv Intcmatl. (25pi 101 (107) 

(25p) 69b* (liT) 
Clover-house (50 di 81 1* 

Clydesdale G5pi alb 
Continental Indl. (25 p) 195® 

Continental Union (2Sp) 116® 

Crescent Japan (SOpl 198 b 200 (11/7) 
Danae Inv. (50p> 45b (11/7* 

Cpn. (25 p) 64 b®. 3bPCD8. 

86 tlor7) 

Dominion Genl. (25p) 196': H37i 
Drayton Comml. i25p) 124b (10/7i. GbPC 
Ln. 9Bb 

Consolidated Tst (25p> 146® b 
I137i 7 bPCLn. 122 (12/7) 

Drayton Far Eastern Tst. I25p> 460 5iH> 
Drayton Premier (nv Tit (25p) 192. 

JS?WW3» M,; no;7L 7,jpe 

Dualvest CaplUt 21B (117* 

Ound ( ee and London Inv. Tst. (25P) 62b 

Edinburgh American . Assets Tst. (25pi 
1311; 1137* 

Edinburgh Inv Tst. Dfd 230® 280 9 
Electric and General Inv. (25 p> 76 7 

EnghM and International Tst. (25p> 90 
English and New York Tst (2Spi 77 b® 
English and Scottish Investors 5 pc PI 39b 
(10/71 

E““ltv Consort Inv. Tst. 111. Old C5DPI 

Eoultv income Tst. f50pi 206 (11.77 
Estate Duties Inv. Tst. l2Spi 79 BO New 
(Z5 pi S2 (13-71 

F. and C Eurotrust (25nl 51 (127* 

Firtt Scottish American Tit. (2Sp> 97 b® 

First Onion General Inv. Tst CRO 25' 45 
1 137* 

Foreign and Colonial Inv Tst. (25pt 167b 
9 8b 

Fundlnvest income (25p* 36b (1271 

G. T. Japan Inv. Tst. <25oi ISP (13/7* 
General Cons. Inv. Tst C25pl B6. SLpe 

Db. 70 (12/71 

General Funds (25p* 161. Cny. <10oJ 119 

General Investors (2So) 105 

General Scottish (25pl 90 

Glasgow Stockholders (25p> 101 C12.7). 

4pcDb. 68b H 071 
Glendevon (25m 95b H2/7i 
Globe (2SP) 117® b# 16'H» IS')® 16. 
4pcDb. BB. 5 bPCLn. 94 b® <13,71. 

,6 bPCLn. 1271; 9 


LOCAL AUTHORITY BOND TABLE 


Authority 

f fcfcpJtnno number ire 


Annual 

SJT05S 

interest 


Interest Minimum Life of 
payable sum bond 



% 


Jf 

Year 

ILirnsley Metro. (022B 2032^2) 

11 

4 -year 

250 

3m 

\nuwhley tO:»l ,>486555) 

«i 

J-year 

1,000 

5-7 

;*oolc (O'jnifi 5151) 

30! 

{•year 

500 

3 

I*«snl«* (0211 1. "T 5151) 

Ui 

J-year 

500 

6-7 

veil bridge IM-47S -1020) 

11 

i-year 

200 

5-7 

Thurrock in:iT5 5122) 

m 

ft-year 

300 

4 

Thurrock (.K475 5122) 

Hi 

i-year 

300 

5-8 


SbncUi. 94 b® 

Gorctt “ Eunitwa n \z 5p| 7 67 b • b 
Grange l25pl 75 (107« 

Great Nonhern i2Spi 103® 2' S 3. Spc 
P«. 39 <10‘7) 

Greenirlar '2SPI B7 (12'7) 

Gresham House 25p> 55 (10,7) 

Group Investors (25p) 63 fl1.'7l 
Guardian (25p) 9D'j (13:7) 

HT (J5p> 90 
Hambrn <25 p* 96 

Kill iPj! «£p. 182. SbKPf. 41 11371. 

4':pcDb. 74 b (10/7). 4i-pcLn. 97 »10,7) 
Hume A (25 p, 79 H3 7'. 6pcPf. 64 
(10 7*. 5-b^cLn. 114 

Industrial General '25pi S3. dbpcDb. 
104 b 5 '127' 

International (25 p) 75 b (11,7). War. 10 
sub. 31b M17V 6bncDb. 49 itO/7* 
Investing in Success Eoultles (Z5pi 1490 
•1371 

Investment (25pr 26BH® (13(7). 4 ':pcP<. 
95 (10,7) r 

investors Capital i25p' 84 b- SbpcDb. 
90® 

Jard'ne Japan (25n 163 
Jersey General 247 
Jog <2 Sp) 49® (1371 
Joyc Income (IOp) 44i;B (13(71. Do. 
Now 44b H3.7L Capital (2p* S'u® 'it® 
b (13,7* 

Keystone (SOoi T33 (11.71 
Lake View (25p\ 94 
Law Debenture IZSp) 106® 

Le Va nonet Invest. Tst (25pi 36'- (1271 
London Hotyrood Tst. (2SPI 115': (11/7i 
London Lennox Invest Til. <25pi 85 

(127) 

LMdon Montrose Invest. Tsl. 05 p* 1B7® 
•13.71 

London Prey. TJt (25p) 113# b 13 (1371. 
SpcPf. (SOp* 18b 

London Strathclyde Tst (25pi 43 b. Spc 
P f. 41 (1071 

London Atlantic Invest Tit. i25p> 64b 
(11/71 

London Invest Tit C5pi 2'«* (13 i7i 
L ondon Merchant Secs. I25 pi B9b® (13.7*. 
Cap. (2 Spi 87:a 11371 
London Tst. Dfd. /2Sai 98. New Dfd. 
asp) 99b 11371. SpcLn. Ill (107* 
MudC Dual Tit. Inc. (IOpi 190 (107». 

cap. (IO01 111 (1271 
M and G Second Dual Tst. Cap. (4 b* 2D': 
20 19b (T 1 71 

Meixamtte Invest. Tit. (2 Spi 39 -*a. 4boe 
DO. 75 (ID. 7* 

Merchants Tst l25pi 76# b® 6 (IS.'Tj. 
4pcUt 113'; 

Monks Invast Tst (25pi 52b 027 


Mon t ag u Boctsn invest. Tit. (IOpi 17b 
n 3/7'. Warrants 35 7 
Moorgate Invests. (2Sp) 85 (1271 
New Thragmorton Tst Inc. <25pi T7b 
111,7'. Cap.Ln. 107 Bb 10 Ol7<. 
Warrants lBb 

Nineteen Twenty-Eight Invest Tst (25pi 
73b® 4b (137, 

North Atlantic Sees. (ZEpi B6> 7b (13.7) 

NorUierD American Tit t25B) T01 b© 5 

Northern industrial Improvement Tst. 76 
(13,7) 

Northern Sett. Tit. (25 p) 110b 10 
Oil and Asscul. Invst. Tst (25PJ 56b® 
Pentland (23 d) 124'; (117) 

Provincial Clues Tst (2 Sdi 26 (11.7, 
Raeburn r25P) 126® (13 7) 

River and Mercantile (2 Spi 170® 70 

(13 7). SpcPi. 3Bb (1071 
RobKo (F1.S0) SUS77b £62b (12 .7 1. Sub. 
Shs. (Reg. Nat. Pro*. Bk., iFUi 06 00:®. 
(Other Names* 71. 5i 600 • 12/7) 
RolHico Br. (FI SOI 47b (117) 

Rolinco Br. (FI. 50) 47b OT.7i. Ord. SM. 

(FI.5) 476 (12.7) 

Romney Tst (2 SpJ 94b®. 4bPcLn. 90b 

(I17J 

Rothschild (509) 190® 3. 4 ZDCPf. 4E 

(1071. 3 -SocPf. fSOPl 33 (1-3.7). 7pcDo. 
75. 6bo<Ln. 108b 
Safeguard (25o) 72i> (127) 

Sf. Andrew (ZSo) 1ZZ 1 (12 7) 

Save and Prosper Inc. Shs. lion) 156®. 

DO. Cap. Shs (IOpi 59® >• (137) 
Scottish American Invsts. i50p) B9b® i« 9. 
SbPCDb. 25 1117) 

Scottish and Continental i7Sn) 75 (137) 
Scottish and Mercantile A (25 d> lOO 
Scottish Cities A (2Sp) 162 (12 7) 
Sconlsl* Eastern (25pi 144b® 5b* 3. 
41-ncPf 38 (10-71 

Scottish Invest. t25pl 1060. 3.85ocPid. 
43 (10/71 

Scottish Mortgage Trust (25p) 117 
Scottish National Trust i25p) 150b. . Spc 
D b. 1974-B4 71 (10 7i 
Scottish Northern . Invest. <25 b 1 104b 

113/7, 

Scottish Ontario Invest. <2 Sp> 7t<^ 3*. 
New (25PI 72® 

Scottish United Invertor* 1 25 01 81 
Scottish Western invest. >Z5p) 100 99b 
(13, 7i. B (25p* 99b® 6 
Second Alliance Trust <25pl 196b <12 7* 
Second Great Northern Invest. (25o, Mb 
'13/7i 

Securities Trust of Scotland (25pl 1 89®. 
4 ':pcPI. 36 : 10/71 

Slcewell European invest. (IOp, 75 ill, 7, 
Sphere Invest. (25pi 114 (13/7 i 
S terling Trust 'ZSpi 178b® 

Stockholders Invest. I25 pi 9Tb® 7 
Tech ns logy Invest. J25P' 97': ,1271 
Temple Bar Invest. <25*, 94® 

Throgmorton Trust (2Sp) 70® 8 bocLn. 

1 988-92 109 (1017) 

Tor investment Trust Capital (25p) 109 
riT/7>. 6ocPf. 45b ti I 7) 

Traiu-aceanic Trust (2£p) 1700 
Tribune Investment Trust (25 p) 70b (127) 
Triple vert Income Shs. t50pi 63. Cap. Shs. 
141 (127) 

Trustees Corporation /2So) 135':® 6 1 j ■“ ■ 
United British SKurRIes Trust (Z5p) 
131 b®. SocPf 38 (11 7) 

United. Slates General Trust Corporation 
I25p) 1899 

United States Deo. Corp. (2Sp) 98b (ISTi. 
3. 85 pc PL, 42 

United States Trust Investment Fund (SL/S1) 
BOOp (1071 

Vantage Securities (10p> 17« 13'. ill -7) 
Viking Resources Trust (25P) 9S® 

West Coast and.Tej.ai Reg. Inv. Trust CIOpI 
75 

Witan Investment (ZSn) 930 2>v 
Yeoman Investment Trust (25 p 1 168® 
Yorkshire Lancashire Investment Trust 
(ZSp) 29'* (11.-7) 

- UNIT TRUSTS (9) 

M and G American and Gen. Fund Inc. 
Units 51.8®. Accum Units 52.4 (11>7i 
M and G Dividend Fund Inc. Units HBb® 
24 - 

M ad G Extra Yield Fund Inc. Units 87.70 
SB (13 7, 

M and G Far' Eastern and Gen. Fund Inc. 
Units 6Z.8 (11/71. Arc urn. Units 68.9® 
(13/7) 

M and G Gen. Trust Fund Inc. Units 169® 
M and G High Income Fund Inc. Units 
105.3 

M and G Jaoan and Gen. Fund Inc Unite 
'64*. (12.71 

M and G Recovery Fund Actum Units 86.4 

MINES 

Australian (5) 

Hampton Gold Mining Areas C5p) 136 
(1 3.7) 

M.I.M. Holdings (SAOJOJ 203 
New Guinea Goldfields i*A0.3S) is rii,-7) 
North Broken Hill Hldgs (SA0.50) 1Z0 
North Kalgurli Mines (5A0.S0) 13': 

(11 n 

Paring a Mining and Exploration (Sp) 36 
Western Mining (SA0.50i 144 3 


SSJysSJLTffl . iu n !5 „ 

ffiarsj&'i ’ask™* is 7 so 

tmffiprnp. iillte. : T? Sal y O® 
Intercuropaan f iw- Hldgs. MOpt 30 b 
112 7'. IDPClStMtg-Db. 80'; n 2.7) 

Land Investors (25*' 37 (12i7, 

Land Securities T«- (50p, 212 14 

13. flbpcDb. 1993-98 156 ilt/71. 7 '.pc 

Db 62<a (11.7). ,?«Db. 73® 3 '13.7,. 
B bPCLn. 67. . 5ll0eL h- 165. OupcLn. 
1 965 139. 

Law Land (20 Pi 42 iT3.'7i. 7m.Db. 62'a. 
7 bPCLn. 1967 «7 ‘10/71 
London county Freehold Leasehold 31 , pi 
D b. 64b ()0/7>- ^i.pcOb. 67b® ( 1 3(7. 
London 5h0P Property Tit. (25p) 62b*. 
6 bPCLn. 61 


lytitan Hldgs. (20p> 128 / 13/71 

. -- ,-124^ — • -- 

61. 


Miscellaneous (49) 

Aver Hi tarn Tin Dredging Malaysia Berhad 
■ IMali 380 113.71 
Beralt Tin Wolfram (25pi 52 <13.7i 
Burma Mines H7bpi 13 (137* 

Chart or Consltd. (Reg ' >25 pi 140® 4® 2 
39 44 1. 5(*cLn. 67b 

ConsHd. Gold Fields i25pj 1B0 78 9 
El Orp Mining Expi. 11 Dpi 57® 

Geevor Tin Mines «2 Sp' 125 <10 7) 
Gopang Conslid. (25pi 295 ■ 1 3.-7, 
Hongkong Tin i2Sp> 170 117) 

Kamuntine Tin Dredplng Berhad it mo. so* 
76 il3<7i 

Malayan Tin Dredging Berhad 1SMT1 405 
(10/7* 

Malaysiam Tin i5pi 40 (11 7i 
Renong Tin- (IOp* 68 (11/7) 

Rio Tlnto-Zlnc iRegJ (25o) 221 4. iBr.) 
/ZSpi Z27 1 12.71. Accumulating (25pi 
21 Bf 20. Option Warrants to Br. 38 b 
HO/7). SAnePf. iReg.l 39:® b;» 41: 

msruana m * « » 

sitvermines <2->-*>) S3® nj/7- 
So“|Slen* r0 Kinta 11 Mrbad I5M0J0) 210 IS 

iisirw-ifuJi'' wui /mS.iVris 

Tronon Malaysia Berhad (JMali 230 »1D7» 

Rhodesian (3) 

Botswana RST (PtiJj TB ,10.7) 

Globe Phoenix Gold (12>p) 62 

Minerals Resources (IBD1.431 167_._ 
Roan Consolidated B (K4) 65® (53.71 
Tanganyika Concefsloos i50p) 159 5 03/7). 

9pcPt. B8 7 113*7/ 

Wankie Colliery iSCo.' 36'; 

Zambia Copper Invests. ,SBD0-24) 14 b® 
113/7) 

South African (33) 

Anglo- American Coal (R0.50J 582 (11-71 
Anglo-American Coro. 5. Africa (R0.10, 
3129 


MEPC (2SPI-134. *bPCPt. 31®. SpcLn. 

61 . SpcLn. 96 _ 

McKay Securttjas '2001 2220 <13/7* 
Metropolitan Railway Surplus Lands Ebpe 
Db. 62b i10/7> 

M /a hurst wnua Hldgs. ilOpi 47 
Mountxew Estates (So, 55 ill;?} 
MucklQw <A- and J.) Gp. (25o) 1140 10 
13 (13/7) ■ 1. , 

Peachey Property Corpn. izs D ) 791, g. 
G-'ipcDb. 69 

Property ReyarsteWy Inv. Corpn. SpcPf. 
33 113/7, . 

Property HMg. i"*- Tst. <25o) 290 1 
11117, 

Property Security Inw. T«. (SOp) 145® 7 
1 1 3fT> 

Raglan Property Tit. <5 p» &<. f o ’j ^ 
Regional Properties (25m 74® C13/7). 

C2Sd 1 61 »: n2[71 
Reg® Property Hldgs. 58 
Rush Tompkins Gro. (ZSpi 11 5® 

Samuel properties (ZSp. 85® 

Sroltish MetrOPdl'^n Proo. (20o* 107 6 
'11/71 SpcLn. 155:® .13/7# 

Second City Props. riOoi 35® 3® 113/7* 
5lou{^ Estates i25pj lie. loocLn. T64b 

Slack Com/. Inv. Tst. (ZSai 2400 

Sun lev rsemaid) in«. Tst. (25p) 221® 

TowiiyCitY PrOPfc FlOPi 12®. 14pcLn. 88 

209 ,9li ,13,7 ‘- 

Wamiord Inv. (20 di rszo tt3/7* 

Webb rjoseob, (Spi 160 
Winston Estates (25p/ 27 <13/7/ 

-RUBBER (31) 

Anglo- Indonesian Corn. iZSpl go: 
Bradwen (F. M. 5./ Rubber Estates tl-Do, 

0— 1 7 i/7) 

CaudeheM^KIangi Rubber Eslate (IOp* 

CterMnesn (F. M. 5., Estates -IOpi 46b 6 

Consolidated Plantation* riop, 45. Wrrt*. 
91 2 

D^rax^itande Rubber Eviat ei (IOpi Sfl 

Cade* (Malaysia, Berhad /smh 73 (T3'7, 
Guthrie Core.. 350:® I® so 46 8 60 
9 ',DCLn. 69 '1 2!7 , 

Harrisons Malaysian Estates -IOp* 112 15 
Highland* and Lowlands Berhad iSMaOSO- 

1- 241; (13(7) 

Jitra Rubber Plant a Hons MOp) BB® 
KihIj? L umpur Kepong Berhad (SMal, 83 

London Sumatra Plantations (IOpi 158 
Maiedie Invest- (10 di 68 iltV7, 

MalakoB Berhad (SMal 1 80 112(71 
Muar River Rubber (IOpi 50 
Narborpuah (F. M. S.i Rubber Estate 
riOoi 27b -- 

Plantation Huldlna* -topi 79'4 SO 79 
20 pc Lit, 118 1ST 

SunojH^ Bahru Rubber Estates (IOp) 71 

Sunael Krian Rubber Estate (IOp* 73 
(11/7) 

TEA (4) 

Baraoora Tea Hlogs. C5o, 1289 
Camellia inv. (IOpi 29s no/7) 

□hamai Hldgs- 200 11 1 71 

Empire Plantations & Inv. (10o) 28': 9 

Jatel loi (10/71 

Jrtal Tea Holdings 342 

Lana bourne HWgs 360 

McLeod Russel 223 

Rornai Tea Hldgs. 323 (12/71 

Warren Plantations Hldgs. (25 p! 224 3 

Williamson Tea Hldgs. *76 


SHIPPING (34) 

Brft C'wtatth [5001 279 1 13.-7) 

Caledonia Invs. i25p) 241 
Furness Wltnv 232 4 
Hall Bros. A N-V 40 

Hunting Gibson 108:0 (137). SocPf. 41 
'107l 

London O'seol *25P< 27b 
Lvlo A N-V l25pi JOB CT 1 772. S-’ePCFf. 
48*. 

Ocean Transport Trading C75 bi 10T 
P. and O. 5 pc PI d. 37 til, 7). Dfd. 84 5 

Reardon Smilh (50 p) 69. A N-V (50pl 

J2 hO <: 

Runuman iWahcr) (25pi 75® 

WATERWORKS (*) 

Bristol Waterworks A.OZSpcPT, 65': (12'7i 
Colne Valley Water 4.02SpCP1. 57'; HV7) 
Cart Surrey Water B 4.9pc 46';. 4.2pc 

PI. 62 no 71 

Eistbourc waterworks 4.2ocPf. 66b H27, 
Essex Water S^ocConsJtk. 35 (10 7). 
10'jpcDb. 81® 

Lee Valiev Water 3.5oc Ort.Stk. 34 (10/7). 
5.95PCP1. 77 : IjS 7 

Mi(| Kent Wafer Co. 4.2pc (fmly. 6oC> Rod 
PI. Stk. 65 (1217) 

Mid Southern Water Co. 3.5 pc (fmly. 5 pO 
Cods. Ord Stk. 13:. 111.7). 4.025BC 

/Imly. 5*U0C* Red. Pf 5tk. 89 '11 '7) 
Portsmouth Water Co. 3.5pc <fmty. Spc) 
Ord. Slk. M2.71. 4.025pc (Imly. 

5'JDC) Red. PI. Stk. 66'; |12;7) 

South Staffordshire 7>;pcDb. 62 H3/7) 
Sunderland South Shields 7pcDb. 66 
West Kent- 7ocPl. 981# 

York 1 SpcDb, 107 (10/7) 

SPECIAL LIST 

Business done In securities quoted 
in the Monthly Supplement. 

JULY 14 ( 8 ) 

Wade Potteries BpcPf. 18:® 

JULY 13 (2) 

Chepstow Racecourse 390 

July 12 (nu> 

JULY 11 (2) 

Bulgarian 4 J 2PC 1909 £10® 

JULY JO ( 6 ) 

Hanson 6pcCum Pf. 37 
Nlkolael iCitv oil £10® 

Perth ICitv Ol* SpcLn. 1914 £100® IS 
SaragoH (City of, £10® 

RULE 163 (1) (e) 
Bargains marked in securities 
which are qnoted or listed on an 
overseas Stock Exchange. 

JULY 14 

Anglo Utd. 202 
AusL 0.1 S3® 1® 

Bougainville Copper 124 
Bow Valley £Z1 *« 

Bridge Oil 93® 3 
Canadian Southern Pets. 37S 
C Online Rid TlfttO 238 
Gold Conner Ex. 200 
Hudson Bav Mng. £12'i«® 

Husky Oil 29'n . 

Hutchinson Whampoa 7'ipcPf- 17. Do. 
Ord. IDBi. 

Jardlne Maiheson 2617 5 
Jardine Secs. 1341} 4 
Kratuo USS 47' it® 

LouiSlanna Land £1fi'«® 

Marabou Series B £16 
Metal Expire. 30 28'; 9 
Nthrn. Mng. I IB® 99® 

Ocean Resources 21 
O-l Search 13':® 14 
Peko Wallsend 514 
Playboy Enterprises £154 
Rhodesia Cables 66 
Sc udder Duovest 635® 

Siemens A. G. USt 1381® 

Swire Pac. A 152® 1 '; 2 
The Its Hldgs. 248® 

Unilever NV IFI 20, USS 55.20® 

Whpelock Marden A 55 >; 

Woodslde Burmah 68 9 
Zaalplatts Tin 160® 


JULY 11 

Abwfort* 135 

American Telephone 45® 

Ampgl Pet- 7 6t® 6 
Amsterdam Rot te r dim Bk. £27 
Argo invs. 147. 

BP Canada £104 
Beach Pet. SO _ 

Broken Hill South 111 
Eastbourne Waterworks <l4.9pcMax.) <9 
Endeavour Oil 25 
Faleonbndge Nickel £13':® 

Haw Par 481; 

Hong Kong Land 17 3-4 24 
Hudson Bay Oil Gas £31 4s 
Kilim Rubber SB'-® 

McDonalds Cpn. USS 53V 
Murphv Ores 10. 

Oher Ex. 41® t 
Pan ContlnonMl fill's:® V.® 13.39*0 
13.4 1 :# 

Patrol* ns £92® 

Raytheon USS 494 
Samos Oil IW 
5. African Eagle lit*- 120 
Soaroo 37® 

Swire Pratk 50 ', 

Tandy Cpn. USS 224 
Teehtronlc £334 
Tr [continental £134® 

Yukon Contd. 169 ■ 

JULY 12 

Brit. Contd. Crilheids 7pcP1. 11 
Bukit Sembawang 90 
Central Pac. Minerals £540 
Coles iG. J-l 1 85 
Colonial Sugar Rohnnrlaa 27P 
Eurouni on £35® 

Geometals ID 
Guir oil uw, 

Hong Kong Kowloon 42B 
Morris (Philip) SS'.« 

Ngrsman Mng. 8 

Pac. Copper 46 

Place Gas Oir USS D.B0 

Rembrandt 213 

Rio Aloom Mines £234 

Smith Kline CPA £69>« 

Sihra. Pae. Pets. 206® 

Target Petroleum 17® 

Thomas Nation wile Transport 104® 

Utah Mna. 390 
Waltons 79 
Woodslde 011 71 , 

Wool worth Australia 142 

JULY 11 

Afrikander Leases 258® 

A'co Prods- USS 4140 
Australian Foundation 96 
Avon Prods. £45 
Baxters Travpnoi Labs. £34 "i® 

Boeing Cpn. £424 
Coastal Stair Gas £I3U 
Cl ha Geipy 7 4ocCnv. 91. Do. B'tPcCnv. 
91 

Nicholas intnl. 77 
Walt Disney £334® 

JULY 10 

Ampoj Exploration 126® 

Bounty Investment New 16 
Ciba Geigv BocConv. 89': 

Flanigans Enterprises 24 0® 

Imperial Tobacco (Canada* £23<i® 

Lion Breweries 75® 

Matheson 7‘aBcConv. 110 
Mount Isa 196® 

North West Mining 30 
Penney (J. C.I £20-‘« 

Pioneer Concrete 138 
Polaroid Corpn. £324 
Resorts lot. £5?i.0 4 4® 

Sabina Inds. 44tQ 
Trust Bank of Africa 23 
Windier iUSD.66';® 

Woefworth rNZl 46® 

RULE 163 (2) (a) 

Applies dons granted for specific 
bargains in securities not listed 
on any Stock Exchange. 

JULY 14 

All England Lawn Tennis Ground £50Dbs. 

1981-85 *£324 pdJ £2500 
Aran Energy 120 18 
Calrd (Dundee) 5bcCum.Pt. 22 
Cambridge Instrument 1i ; '* 

Clyde ePtroleum 1 26 
Dawson (Win.) Hldgs. 4 6 54 


Softer Lend Hides. 19 17 
' Eldridae Pope A 180 S 
Gra Prop. Tst. 1 S'l :• 4 
Javelin Eauiry Trtui 175 
Kenmare Oil Evoloratlan 36 
Min'ng Inv. Cpn. 354 >; S 34 
NMW Computers 168 
Natienwldo Leisure 6 
Oldham Brewery 67 
PMPA Insurance 35 

St. PanCrS* Housing Soe. 2';peLn. TIT 
in: id 

Southsca Clarence Esplanade Pier Spc 
C um.Pl. 5a 
Viking D>l 1H 

JULY 13 
Aston Villa FC £1 8 
Burrousti 'James' 103=: 4 
Castletown Brenerv 200 
Cedar Holdings 13 
Cedar Holdings 5bcRd.Cnv.Pf. 31 's t 
Cramphorn 29Q 
Dollar Land HldOS. 19 17 
Evcrton FC £12 5 
Flextech Oil Pipe : Hldgs.' 150': 

Forestry Pulp and Paper f A>1 1 11 
Jersey Gat 75 
Jersey New Waterworks 260 
Liver-podl FC £>20 
Nationwide Leisure New s S -; 

New court Natural Resources 11 
Palslev Ice Rink 53 
Plymouth Holel 125 

JULY 12 

Ann Street Brewery SOD 
Blshopsgale O Ifi hare Services 100 9S's 
Clslrmacc 35 

Conlsler Trust New (50p Pd-I 65 
Doloswe'ia Hides. 2S 
Fuller Smith and Turner A 29S 
Jersey Gas 3pcCum.PI 20- 
Jersey New Waterworks 3 .-ncCum ZndPf. 
120 

Jersey New Waterworks SocCum.Pf. 170 
Le Riches Stores £00 5 
Rangers FC BOO 
selton Hotel 175 

Sleaford Properly -Hides' 150 
Sutton Harbour Imp. 100 

JULY II 

Brit. Ural He 8 

Hartley Baird 1 

Jersey Elect rlc.lv A B5 

Jersey Electricity I':acCum. now Pig.Pt. 

Jcrsev Electricity SocCumP-.g.Pf. 46 
Le Riches 5 Ures SncPI. 35 
Oldham Estates 12 5 
ShcDie/d United FC £25D 

Jl-LY 10 

Blythe Greene JourQum 175 
Dart Valley Ligm Railway 30 
Ormerod ijohm and Sons T'.OCCum.Pf. 
:50p* 25 

Petroleum Revalues of Ireland 200 
Standard Mill 75 
Urogale Investments 78 

RULE 163 (3) 

Bargains marked Tor approved 
companies engaged solely in 
mineral exploration. 

JULY 13 

CCP North Sea Associates 775 h2'; 

S.ebens Oil and Gas >U K.j 370 69 8 9 ■ 

4 2 60 58 6 d 2 50 49 a 4 2 38- 

JULY 12 (Nil) 

JULY 11 

Siebens Oil and Gas -U K ) 348 4 a 

JULY 10 

Siebens Dll and Gas fU.K.l 34S 4 2 40 
38 4 

JULY 7 

CCP North 5ea Associates 775 
Cluff Cd 360 

Siebens Oil and Gas 344 2 2 0 33 S 

5 4 2 0 28 6 

iBv pcmUssIwt (*f Ilu’ Shirk EjW/.ttiM 
(.'(niNi'/ii 


Currency, Money and Gold Markets 




UK MONEY MARKET 


Fall in bill rate 


Dank. of England Minimum 
I /Ending Rale 10 per cent 
(since June S, 1078) 


EXCHANGES AND GOLD 

Activity in yesterday's foreign fell to DM 2.0502) from DM 2.0560 
exchange market fell 'away ahead while the Swiss franc also eased 
of the weekend end the Bonn *^, r 0 „Jj “ 35 « ainst 

summit. Sterling improved dur- 0n , he ot her hand the French 
of this package is for resale to mg the morning on a slightly f ra nc lost ground to FFr 4.4575 

the market at a fixed future date, weaker dollar to touch a best level from FFr 4.4412i. Using Morgan 

Total buying was large and Uus f or ^ e SL8920-L8925 before Guaranty figures at noon in New 

The Treasury bill rate fell by was in addit/on to an exception- . towanls th e dose to finish York * the dollar's trade weighted 

0.0322 per cent at yestenlay's aHyJare® amount lent over the average depreciation was un- 

tender W9J1446 per cent and the weekend at MLR. to eight or nine $1.8820-1.8830, a loss Of 40 chariced at 77 per CPnt . 
minimum accepted : bid was houses. Total assistance, which points on the previous close, fiold lost Si an ounce to S1S51- 

I97.B9i compared with ffl7.68i the was on an exceptional scale Using Bank of England figures, $I 86 J after touching B1S0J-187 

previous week. Bids at that level appeared to be sughtiy overdone the pound's trade weighted index just before noon and casing dur- 

were met us to about 39 per and discount houses were paying was unchanged at K 2 . 0 , having ing the afternoon on a slightly 

cent The S300m bills tendered P® r c £ n t for , secured rail loans shown a slightly Aimer tendency firmer dollar, 

and allotted attracted bids of towards the end of the day. at noon to 62.1. The pound 

£571.75m and all bills offered were “ The market was faced with a tended to fade a little in later 

allotted. Next week a further substantial net take up of trading as the market registered 

£300m will be on offer, replacing Treasury bills and a very sizeable slight disappointment to the 

a similar number of maturities.- increase in the note circulation. Retail Price Index calculation for 
Day-to-day credit was again in This was in addition to the June and UK balance of payment 

short supply in the London money repayment to the authorities of figures. 

market and the authorities gave Thursday's very large overnight The U.S. dollar lacked 3 ny real 


from the bouses and a small Rates in the table b 
number of eligible bank bills. Part nominal in some eases. 


A ng 10^ Amen on Gold . Inv. (R1) D170S 

Am/liv Transvaal Cons. Inv. (R0. SO* d71S 
112.-7) 


sfvvoarultzlciit Gold Mining tRO.25) 310 
1107) 

Bracked Mines iRO.90) p6a:o 
Buffelxfontetn Gold Mining (R1) 

Coronation Svnd. (R0.2S1 52 


THE POUND SPOT 


HaW 

July i*. mte* 


i I 


Ikl't 
Sp re/i/l 


OTHER MARKETS 


a>*«f 


Loronation svna. ixu.if at i r c e 

Deelkraal Gold Mining <RD 205 B7 (13 7*; » -®- ^ 
Durban Rtxnreooort Deep *R11 241 t117)‘’ — J 
East Daggalontein IRII 28 (13-7) 

East Drletonteln Gold (Rll 5US9.35: 9.35 

C (^ Vlranlom (ROJO) SUSS 

E^amisrand Gold (RD.20) SUSZ^S _ 

Elsbure Gold IRT) SUS1 -41 50 ol 07 
Free Staid Geduld IRD.50) p1627 110-7) 

General Mining (R2l 17>< riOT) 

Gold Fields 5-A. (R0.25I SUSlEUi pi 341 
01771 

Grootvlel Prop. iROJS/ 97 (11/7) 

Harmony Gold (RO-SOi 37S 
HarteO n ettfonteln Gold lR1* SU516 Cl 1/7* 
Johannesbpre Consd. tR2i 13*a 
Kinross (R1* P366IO 5US7.00:® 

Kloof Gold (R1) SU&6.95 
Leslie Grtd 'R0.6S* 5U50J3® 0-53 (13.7/ 

Llbanon Gold iRJ; p506 
Loralne Gold 'R1* 84 .12'7i 
Lvdenburg Plat. (R0.12<;, 64 111(75 
Marievale Constf. (R0.25, 67'i (11 7* 

Messina (Transvaal* Devpl. iRO.SDi 86 4 
(11/7' 

New Central WltMitertrand Areas (R0.50; 

133® 113.71 

Nea/ Wltwatersrand Gold 'R0.50* 112 
1117* 


BUILDING SOCIETY RATES 


Abbry National -• 

Alhancc 

Anglia Haslinu.s & Thane t... 

Rirnimchani Ineorp 

Bradford and Einglcy 

i'.nsful anti West 

Uris-tol Economic 

Britannia - 

Burnley 

Cardiff 

Catholic 

Chelsea 

Cheltenham & Gloucester... 

Citizen* Regency 

City of London 

Coventry Economic 

Coventry Provident 

Derbyshire 

«.»atcwa> 

Guardian 

Mnliux 

Heart uf England 

Heart* of Oak & Enfield ... 

Hendon 

llmlili , r*-li« , ld & Hradford ... 

Leamington Spa 

Leeds Peimmciil 



Literpnol 

Loudon GoMhiiwk 

Mellon Mowbray 

Mid. shires 

Morning ion 

National Counties 

Nationwide 

Newcastle Permanent 

Now Cross 

Northern Rock 

Norwich * 

Paisley 

Peek ham Mutual 

Penman 

Principality Kutldg. Society 

Progressive 

Properly Owners 

Provincial • 

skipion 

•Sus8cx Mutual 

liwn and Country 

Wuolwu-h 


Deposit 

Share 

Sub'pn 

Rate 

Accnts. 

Shares 

6.45% 

7.70% 

7.95% 

6.45% 

0.70% 

7.95% 

6.45% 

6.70% 

7.95% 

H.45% 

6.70% 

7.95% 

6.45% 

6.70% 

7.95% 

fi.45% 

6.70% 

7.95% 

6.45% 

6.70% 

7.95% 

6.45% 

6.70% 

7.95% 

0.45% 

6.70% 

7.95% 

6.45% 

7J25% 

&25% 

5.00% 

•5.60% 

6.75% 

6.45% 

6.70% 

7.95% 

6.45% 

6.70% 

7.95% 

6.45% 

7.05% 

8.25% 

6.70% 

7.00% 

7.95% 

6.45% 

6.70% 

7J«% 

6.45% 

6.70% 

8.70% 

' 6.45% 

fl.70% 

7^0% 

6.43% 

6.70% 

7^5% 

6.45% 

6.83% 

750% 

6.45% 

6.70% 

7.95% 

6.45% 

6.70% 

7.93% 

6.45% 

6.05% 

S.45% 

6.70% 

7.20% 

— 

0.45% 

6.70% 

7^5% 

6.35% 

C.S0% 

8.95% 

6.45% 

6.70% 

7.95% 

6-45% 

G-70% 

735% 

G.45% 

B.70% 

S.15% 

6.45% 

6.95% 

5L20% 

A53% 

6.80% 

7.95% 

fi.45% 

0.70% 

7.95% 

«.,'il)% 

7.50% 

— 

fi.70% 

7.00% 

8 . 00 % 

H.45% 

6.70% 

7 JJ5% 

612% 

6.70% 

8 . 00 % 

7JJ5% 

7-50% 

— 

G.45% 

6.70% 

7J3% 

6.45% 

6.70% 

S.20% 

5.23% 

5.50% 

6.75% 

6.75% 

7.25% 

__ 

6.45% 

6.70% 

7J5% 

6.43% 

6.70% 

7.95% 

6.70% 

&95% 

7.95% 

6.45% 

7.20% 

8.45% 

6.45% 

6,70% 

7.93% 

C 45% 

•6.70% 

7.95% 

6.45% 

7.00% 

8.75% 

6.45% 

6.70% - 

fl 0 . 00 % 

6.43% 

6.70% 

7.95% 

variable 

in line with chan 


Term Shares 
7.70?S 3 yrs^ 7 ^ 0 % 2 yrs. 

7.70% 3 yra,'7^0% 2 yrs., 6.93% 1 yr. 
7.70% 3-4 yrs., 7^0% 2 yrs., 6.95% 1 yr. 
7.70% 3 yn,.7J0% 2 yrs, 6.95% 1 jt. 
7.70% 3 yrs., 7.20% 2 yrs., min. £200 

8.95% 3 months’ no lire 

7.70% 3 yrs., 7.20% 2 yrs., min. £500 

7.70% 3 yrs, 7.20% 2 yrs. 

— • 5.80% over £3.000 
7.45% min. £500 6 months’ notice 
7.70% 3 ynL, 7^0% 2 yrs. t£500-£15,000) 
8.30% 3 yrik, min. £5,000 

7.92% 3 yrs. increment share — min. £500 
7.70% 3 yrjLmin-, 7.20% 3 mths.’ notice 
7^3% 3 yrs n IL95% 2 yrs. 

— up to 7.2% 3 months’ notice 

7.70% 3yrs. l 7J20%2yrsL,minJE500-£15 1 000 
7.65% 3 months’ notice. £1,000 min. 
7.70% 3 yrs., 7.20% 2 yrs. 

7.70% 3 yrs., 7J2Q% S months’ notice 
SJZ 0 % 4 yn., 7J5% 3 yrs., 7.70% 2 yrs. 
T.70% 6 months 
7.70% 3 yrs., 7.20% 2 yrs. 

7.55% 2 yra, 8-25% 1 yr. 

7.70% 3 yrs., 720% 2 yrs.. min. £1.000 
7.70% 3 yra n 7J!0% 2 yrs., 6.95% $ raths. 
7.S0% s yrs, 7.30% 2 yrs., min. £ 1.000 

7.55% 2 yrs., min. £2,000 

7.70% 3 yr&i 7^0% 2 yrs., min. £250 

7.45% 3 months, -min, £1,000 
7.70% 3-4 yrs^ 7.20% 2 yrs., min. £500 
S.00% 3 yrs* 7.20% 2 yrs. 

7.70% s yrs., 7.20% 2 yrSn min. 1100 
7.70% .3 yrs-. 7.45% 2 yrs., min. £500 
6.50% 3 ywt, 6.00% 2 yrs^ min. £500 

7.70% 3 m. 7.45% f-yrty., 6 J5% 3 m tbs. 
7^0% 2 yrsL. minimum £500 
7.05% 3yrs n 7.70%2yrs^7.45%3mthsj , ioL 
7.65% * “ths. not, 5.70% to limited cos, 
7.70% 34 yrs, 7^0% 2 yrs. 

7.70% 3yrs^ 7ja%^rrs., 6.95% 3mths.not 
8.05% 3 yrs^ 7.75% 2 yrs., 7.50% 1 yr. 
7.70% 3 yt*, 7.20% 2 yrs. *Max. £250 
7^0% 2 yrs., 7.70% 3 yrs. 


President Brand Gold (ROJO* p 905® 113.-71 
GoleLiRO.SO* 704 (12, ’71 

82;® 


President Stevn who jkl ^ 

Rand Mines Props. (Rli 115: 

Huitenbura Pla:. Hldgs. .(RO.IOi 
VUS1.04*; (13.7* 

SI. Helena /Rl* SUSIO's:# 

So nr ra st Benerlc -R0.1D* 205 i11,7) 
Soutlivud Hldgs. 'R0.50) 498 
Stllfontcln IRO. SCI 287 <10 7) 
Trans-Natal Coat Cpn. (R0.50* 164® 

U.C. [rrtrits. (Rl ) 230® (13 7) 

Union Cpn. rso6«.) 270® 76 
VSwH^Reefs Exn In. Mng. iRO.50i SUS17 

VfnttrsnoK (Rl) 243 (12.7) 

Vlakfomein (R0.90* 47 -11 71 
Wolkom (RO 50) WS3.50 (12 7) 

Western Areas *R1) SUS1.95® 2.05 
Wesrrm Hldgs. (R0.5D* SU525: 
Wllmtersrand Nigel IR0.25) 44 (13 7) 


West African f — ) 


7l«'1.bBT5 l.r«B l|.:E 2 M.fcSM 
141x111111 s ai?J.n«)-£.z 2 a ' 2 . 1145 - 2 . 115 * 

fluil'ler 4 ' 4. 17-4,1; A 4.17^-4.1tJ 
Belzinu Fr 5if 61.BB-b1.25 B1.05-61.15 

r : 10.55 10. 60 lttJ5i-1B.£6i 

5 ! S.B7-j.gS* «.t74-S.80i 

IB 1 cB.B9-sb.43 a5.65-55.55 

S 1145.76- 146 J!S : 145.75 I45.6S 
(Ug, lJte5 1.603 


Dam.!* Kt. 
D-Unrx 

Pnrt. Kfr. 
Span. Pw. 
Lint 

Xrwpi. Kr. 
Frencli l*». 
ovadistiKi. 
Yeu 

Aimria S-.-K 
»wuu> Fc. 


s*2‘ IJ7-4.41 
7 I 8.564.60 
}»3i 378- Jb 8 

41a; 27.90-26.15 
I ; ft.404-j.48 


.1,6 6-l.5r7 
I0.17j- 10. 18;! 
BJSi-d.Oft 
fl.a6e.c7 

361-3M 
27.80 26.00 
3-41-3.42 


1 £ 

Julv 1* ! 

* 

1 £ 

I \.Bea Jlnre 





An arm lin 1/nllxr i 1.6383- 1.64S3 

FintxmJ Miwkkx.... 7.9100-7.9850 

Hnu-il fni«ftru 3d.4BL3ft.48 

(irwif Dni'iinia.... 68.397-70.77B 

0.8714 0.8785 
4.20204.2040 
17.78-18.32 
36 35 37.60 
4.65404.6560 

Belgium 

Ueanrnrk* 

Prance- - .... 

Gerauuiy 

61-6211 

10.50-10.65 

8.30-8.45 

3.80-5.90 

lninltial.» [ 130-136 

Kun-nlt Ulnar (KDi; 0.51143.521 
fxixeinlxuirg Fnuirj 61.0O4ftl.10 

M*bt\>ia Dollar 4.45-4.46 

.Nen /i-xlaiid Dnltarj 1.8163-1.8263 
bmi.li VnU-ia Rival-! 0.44 6.54 

69.06-72.24 

0.2714-0.2787 


380-390 

4.104.25 

Aifl.44-31l.46 

fi.5590-a.3600- 

-Vanvu.T 

Port ugal 

10.10 10.25 
80-85 

1.435-1.465 

3.35-3.45 

1. 88-89 lj 

3.42-5.47 ISwitzerlnnd. 

2.3070-2. 3 OBOl Unilal Smten 

hnutli .Vfricnti Hand; 1.6528-1.649B 

0. 8673-0.87641 Yugce la via 

34-36 


BeUian ran. Is (or convertible francs. 
Financial tranc 

LONDON MONEY RATES 


Rate iflven for Argennna ts free raie. 


GOLD 




July U 

j July 13 

((■•Id BiiIIujd in fine 

: 

i.un.TP 

Om - 

...S18BA-UB1 Slse.lEBSi 

ii|*rniri|> 

..-»1S3:-166 

S1B6U- 187 

3l..min*j filing,.. 

-.'.SUfi.OO 

5106.70 

Afteni/rm fixing. 

.Wfl.aMi 

..S166.DJ 

(£58.574) } 

>156.70 : 

Gold Coins 

*£98.5851 

< £9 8.720j 1 

•/••mevtitally ' ! 

krugerrand 

-ifiense 

,SI92i*-1S4J 

Xew Sovereigns.. 

.£113-104) 

..->55/1-57; 

• £ 1021-1050 
s55l--57ir 

Oil Stoervlfins... 

'.£29,-30 ji 
..<354. -66i 

i£29:-50bI 

IS55-B7 

Unld Coins 

;u£2n40/ 

li£29i-50i) . 

ialemnrunally 
KruyerTand 

...'5191-192 

S131J-1S3J 

New Sovereigns.. 

' !(£10I:-102k 
..SM--5 

i.i£IOL-102a) 

■555J-Ki 

Old Soieielgns... 

j.£2L 

.. 5547-6E* 

,'£i6j-284/ 

IS55-57 

320 Fugle* 

-£23-50. 

.. S!77;-!B0 

■£?9>3D;i j 

.5277^.290 

510 Kagle, 

..5141-146 

..S 144-146 

3? Eagles 

_.:s 100-105 

'f 100-105 


Slerlinn I L-wal L-eal .Vi'th.j Fidanee J J Discnunt i I Hicihle 1 

Julv 14 Lcnifri-xie I Jntetank “ Amln-riir • lirtjt-lia/'le | H/-iim? : Companr : market 'Treasury Bank .FmeTre-l* 

137? --r tlcjxx.it* i . i1vjvr.il- 1—nil" 1 Deji-Ita j Depoxite : dr*. nil. ' Ullla ® |. Bills ® > HilL® 


CURRENCY RATES 


Orenufl!u . • 

3 days ■■-•in--.. 

7-*l*yv -r — 

7 ilsn ui-i h---.. — 

OncDi-iul- 'IOtVIOiW 

Twoin<-ni*.. lOig-10 

hi 10^-Bfc 

SI* noinh'... . lOia-9;; 
Nine uiunili--- lOyk-10,^. 

One year 10 r ^.10,' B 

T *» o yw'- . . — 


7 11 


_ I _ 


I 

10.5.-10,4; I 
lOU-lO.s; I 
lO.^-lOM [ 
10,^-10,i 

lOle-IO.j- 
10l4-10la I 

I0fc-10; f [ 


07 B lOIa 


10 

97g-10 


lOU-Big 
. 97 g .9jg 

9S t -97g I Big-Ri; 

9 Va-lOlg I 9ia-9l2 
- * 101 g-9 U , 

10 10 is ! 10 '4 -9*4 I 10*4-11 
107b- 11 'B — l ~ 


!1Q1 4 . 105,1 9-10 


1018-1034 
10 >8- 10*8 
10 >n- 101* 

lOig-lObs 

1014-1034 

IOS4.U 


11 

ioeb 


— July 14 


934 97b 
9*8 
91* 

948-911 


9^-9 U 

9I| 

9,';-94i 


Special European 
□rawing Unit Bl 
Rlgltls Account 


10 

®«'9’a 

92-978 

97 a 


101 * 

101; 

10 * 

10Ji 


Srcrliitff (L6OT9U 


U-5. dollar 

Canadian dollar ... 
Austrian sdullins 

Urlnlan franc 

Danish kroner 
Deutsche Mart; .. 
Guilder 


rate 


Local amfcoriry and finance houses sev^n days' notice, o there seveo days’ fixed. Loncer-lcrm local autboruy mortcace f-anp 

• noroinaliy ifircy years UHU Per cvni. (our years 12-124 per corn; five reare 124-124 per cent. ® Bank bill r - 

Anwtgtd. Mines Nigeria nop* 24 5 .12 7*' rales in tabu are farina rale (or prune paper. Baying: rales for four-moodi tank hills BUi6-8l per cent; lonr-niontft 

vxi • 1 trade bills )••. Per tvnt. . . ”< - n 

Diamond (20) ; Approxinuie selling rates for one-raonih Treasury hUls 9»w-BI per cent; Iwo- month Si per cent: god thr^.-momh Norueaizn kroner 

Ano'o* American Inv. Tret. mo.SP* 40®i9Jifc-B4 p*r -ol Appnnoniato srllioR rale lor one-aJoniB hank bills 94-8t5to percent; and nvo- month 8.-813*6 per ««: and 
* t3 7 ' three-month oer cent. Ooe-mooib iradp bills 10£ per cent: i*vo^nonth 10* per cent; and also three-month ioi per c<-m. ' • • • 

Finance House Base Rates t pub ashed by the Finance Houses AssociaUom: ID pet cent from July 1. 1578. Clearing Bank swediso Kroner 
Deposit Rates 'tor small sums at seven days' naiie*-* 81-7 per cent. cimmrina Buv ■>» f/» lamiii 

Treasary Bills: Average tender rales of discount 9.2446 per ctnL 


Clearing Bank Base Rates for I end loe is pur cent. Swiss franc 


1.24605 
1.06851 
UA 662 
40-5725 
6.49570 
2-56170 
2. 76463 

1056.99 

253.154 

6.74142 

963700 

5.67359 

.225607 


0.6&52S0 
1Z570S 
1.0X365 
13.6006 
40.7168 
7.0S4m 
2i83» 
278680 
N \ 
1065.58 
254.067 
6.79576 
97J097 
5.71664 
227265 


EURO-CURRENCY INTEREST RATES* 


DeBeere Cpnsirf. Mines aopePf. -R5) 10V 
(Br.i <R5) 10:®. D(d.rReg.i lSO.05 * 37810 

tt sri?® 7 ^ 3 ?" 54 - 85 ,aro (rdos ’ 

OIL (15fl) 

Attock Petroleum raOo) go <12 77 
Brltxsh-Borneo Petroleum Syndicate (1 Op) 

1856 

Britts'* Petroleum 872® 5® 92® 72t® 

ED 57 s: 70 ee 8 2 76 so: 64. Hoc 
IPPI. C3M 40 S 2:. 9pc2ndPt. 72® 

2. 5>;PcBr.Bd5. DM9J-', i- iia.'7> 

Borman Oil 66® 3 2 4 d. 6pc 2ndPf. 

40 (1D<7l. 7l«pePI. 48-0 (12T*. 9%vk 

5 «SS' , b' y t13T >- a-tpeUnsec.iS 

E %irtSnf IC |o ( S ii^, l5t0b - 79 -“ 3 8 °- 

Hjmjng Petroleum Services New (2Sp> . 

KCA international csoj 26® s 6 (13 7 ’ T 110 f 0,!o, ' ins “"“kuJ rales were ouflted for London dollar certificates of deposit: One momh E.154J3 per cent: three months S.404.50 per cm: six montbs SAM.95 per 

L Sd*°PrSSS3i M uEJ5 °(iog 5D Uy ,S J- ! ^Lo^i'ni^EiiiwloIJarLwBrts: Iwo Soars 0[-9i per cent: three year* 84-9) per ceni: four war Sbu^ll^ per cent: five rears 91-92 per cent. -Hares are nominal 
l4pcLlnMc:Ln. 9T\ ' ’ 5U ' j ctesins ra*<-- 

oil Eaploratlan (HUgs.) com 22 b i Sbon-icrm rales are cad for n»rlmc. I/S. dollars and Canadian dnBare: iwo-days' notice /or RuUders and Swiss francs. Asian rates arc rlosms rales in Siniiaporv. 

Premier cons. Ollftield* (Spi 16:- 17 i — ■ — — — — - ■ ■■ 

gyPT-PH (Canada? (nsv* 22*.- (to’71 ! 

aSSS 1 «/S59.S50 : n „ yimmnnmniT n CKnrtnirP 1 APT MO SeatiJtics provided by 

deu STREAM fnternailDnof 


1 ; Canadian 

Julv ): Sterllni; l*.,llar 

T.5. Dollar 

Dutch Guilder 

Swiss Franc 

W. German 
Marti 

French Franc i Iiallan Lira A»lan S . Jataue-e Y«-n 

fnlinri ter«' AM ! 71|-8Jfl 

7 data n. J*.V 71*. 81; 

Month I07 a -liu 7:.'-8*<- 

TliiTf liif.til "• HLa-llJe . 8-8 Jg 

Six inimihk ' 11*4-12 j 

Gne year 121g-125g ! BiJ-9,/. 

7VB 

77 8 -S*b 

8,1-8;* 

9,r-9:-S 

9i*-9* 

4)j-4flg 

■*lft-4S8 

«iV«A 

478-51* 

5&8-51* 

6*0 -6r« 

17,-Bl e 

Ha-Bl* 

IftB-li* 

1ft*. I t* 

■A-fci 

2 *s-2,V 

3*6-31* 
336-318 
3i e -3fi R 
3.1-36* 
3/^-3 ft 
37*-3K 

77 S ^ 

81* -81* 
91*-94* 

9 1 2 -9ft* 

ID, 1,-10, v 
11-lUg 

9-14 , 

11-12 | 7 , . -B, V 2^-3 

1119-12)9 8&4-8J* i 2ft* -31* . 

I2i = -13ij ai,-9„' ; ■ 27s.3i 4 - 

131*- 141* ; 3,1-31* 

14-15 * 9i;-9 3;..-4.-* 


YfinrS.'SRIlD^ CONVERTIBLE. STOCKS 14/Z/Z8 

as?.'® 1 SivaelslPi: ! 

45‘;®. 7pC2ndPt. 57® 4 --:o -13 7* 

Sleaua Romano iBrltish) -25 b) ZD HI 7) 

Twaco Int d'jpcLn. S»o 


Ultramar t 2 £pt 265 'jO 6 :® a. Ng 
fZSoi 272. 7PCPU. 146® :.® 8 

PROPERTY (78) 

AUnatt London Prop,. (2Sa* 20Z 

A2’. , .?e5: 0 r!5 ,So i 9 <12 71 
Aflull Securities iSp* 23 '12 7* 

Aravle Ski. l2peDb. pa :i3 7) 

Avenge Close ( 20 oi 73 2 :. 

■ESS. 897,, Sr* ■* 


Bradford Prop. /ZSpi 2350 


Cao^C^ P rt^. USpi 57. 

CentTovineii! Enatrs (?Oa* 70 68 *i2-7». 
CrtJllal <20oi 66 (12 71 

ATIlaw Hltfgs, B-'ape Pb. 671- 

Cherterfield Progs, adai ms (1117* 
CborttlburT Eauies '2531 292- (107* 

Otr Offices [250* 54 2': 

Control Securtiiec (IOpi 35 
Corn Exchange (IOpi 169 



Size 

C£ul> 

Current 

price 


Con- 

version. 

dates 

Flat 

yield 

Red. 

yield 

Premiumt 

Income j 

Cheap (--) 
Dearf— )<S 

N'^meand description.' 

Terms* 

Current 

Rancet 

Equ.§ 

CohV.U 

Difftf 

Current 

Alcan Aluminium 9 pc Cv. 89-94 

9.05 

143.00 

300.0 

76-SO 

6.3 

4.1 









Associated Pa P€r 9ipc Cv. 85-90 

1.40 

110.00 

200.0 

70-79 

8.6 

7.6 

-• 7.6 

-10 to 

n 

5.1 

4.5 

— 0.5 

+ 7.1 ' 

; Bank of Ireland lOpc Cv. 91-96 

S.22 

179.00 

47.6 

77-79 

• 5.7 

2£ 

- 2.4 

- 8 to 

1 

10.9 

1 9.5 

- 0.S 

+ 1.6 , 

j British Land 12pc Cv. 2002 

7.71 

133.00 

33X3 

80-97 

9.2 

8 JO 

2X8 

17 to 

30 

1 0.0 93.1 

S5.9 

+ 635 

1 English Property 6 }pe Cv. 9S-03 

S.S4 

92.00 

234.0 

76-79 

72 

72 

- 8S 

-U ro 

4 

8.3 

3.1 

- 52 

+ 3,4 

! English Property i 2 pc cv. 15^1 

SS.00 

150.0 

76-84 

14.0 

14.1 

36.4 

24 to 102 

1 30.6 4S.S 

282 

- 8 2 

! Hanson Trust 6 Jpc Cv. 8843 

4^1 

81.00 

57J. 

76-80 

SJS 

9A 

10.7 

1 to 

12 

S3 

: 9.0 

1.0 

- 9.7 

1 Henden-Stoart 7pc Cv. 1983 

0.07 

240.00 

470.4 

75-79 

2J0 


-23.8 

-24 to 

— 7 

92 

t 3.3 

- 1.9 

+ 22.0 

Pen Ids l5pr Cv- 1085. 

1.06 

139.00 

166.7 

76-82 

105 

8.0 

- 4.1 

- 7 to 

36 

42.S 

42.3 

- 0.3 

+ 3.8 

Slough Estates lOpc Cv. 87-90 

5.50 

166.00 

125.0 

78-87 

6.0 


11.6 

7 10 

16 

36.7 

53.3 

11.1 

— 0.5 

Toawr, Keinsley Spc- Co. 1M1 

7.33 

95.00 

153.9 

74-79 

8.6 

10.4 

. 10 J 

3 to 

26 

7.3 

7.5 

0.3 

- 9.0 

Wilkinson Matah lOpc Cv. 83-98 IIJO 

90.00 

40.0 

76-83 

11 J 

1LS 

32.4 

29 to 

'40 

32.3 

37.3 

7.3 

—25.1 


Diels n Hldgs. f25pi 95 (iZ‘7* 

Oomnoton <100* 48 9 'll 7* 

English Prog, Corpn. (50 p> 41 •; 2- fl'iBC 
iKMta w* 7Sis £10-7) eJsocCnv.Un* 
Lo. SB (13.7). 1ZocCmr.URs.Ln. 89 



Financial Times Saturday July 15 1978 


STOCK EXCHANGE REPORT 



Gilts and equity leaders rise after trade figures 

30-share index closes week 18.8 up at 474.4— Long funds gain i 


FINANCIAL TIMES STOCK INDICES 


jblV' "t July "r, 
a , i ; 


70.2* 70.02 69.9S 70.11; 70.2* 69.71; 67, W 

PI* -I 7l.« 71.79: 71.77. 71.82, 71.59; 71*. 68*' 

mmmmtJ «**' 4,5fi : 473 * 5 467,i : ^ ***•« 

, i 160.6.; 139. 0 ; 160.1 159.S: 1M.2 . W7JF 116.8 

Om.lhf.XaM ! s-oo; 6.68 5.66 S.82J 8.32. 

*W I 7 - 00 ; lb - 93 17 - 16 i lT ' = ~ irw j «■» 

P/K linlm fin*! 11*1! ! 7.85' 7.84 7.85: 7.75; 7.70! . 7.54} *. U - 

PMVWM...! 4.172, 4.061 4.270, 4.672; W *»6; 4.66a; 

Eu.,l.rr..n.nvori;o..j - i 81.71) 81-22! 87.41; 80.1* 71.27, 64.49, 

».«L. 17.345 18.287_18.5a6-_19.544 15,5521 14.972- 

16 am *73.4. n am 472.3. Neon 472.1. 1 OT1 172 6. 

7 pffl 472.(1. 3 n:n 472 a. 

Lamt Index WJSfc ®Ui. ’ 

•Ikisril on 52 per o?ni corpotaliou las. . w. . 

Hj5u< UM Ciovi. jhvs, la-IO.'ZG. Hurd Ini. Ift>. Ind- OM. l't/98. Raht . 
Mines 12 3 jj- SB Activity JlUV-DeV. IMi. 

HIGHS AND LOWS S.E. ACTIVITY ; 


Account Deallug Dales 
Option 

•First Declare- Last Account 
Dealings (Ions Dealings Day 
Jun. 26 Julv G July 7 July IS 

July 10 July 20 July 21 Aug. 1 

July 24 Aug- 3 Aug. 4 Aug. 13 

* *■ New umc " dealing? may lake Place 

from 1.3fl a.*n. two business day* earlier. 

June's small trade surplus 
resin red heart in slock markets 
yesterday. Before the 3.30 p.m. 
announcement, equity leaders had 
drifted a shade easier as nones 
begun to lighten ahead or the 
news, white business in Gill-eilued 
securities hud u I most come to a 
standstill. 

Having spent much of (he week 
worrying about the outcome to 

last month's trade, the latter 
market moved higher fairly 
quickly when demand Tor the 
longer maturities appeared to 
meet with a siock shortage and 
high-coupnn issues set lied ; li|j at 
the clay’s best. Tlie shorts failed 
to register the same enthusiasm 
and were only marginally better. 

Slightly less optimism about the 
approaching end of dividend 
control had cast early reservations 
In equity investors who were 
apparently unimpressed by the 
latest fall in the rale of in nation. 

Charting the course of the day’s 
events. the FT. Industrial 
Ordinary share index recorded a 
fall or l.fi at both of the early 
afternoon calculations before 
closing a net 0.8 higher at 474.4 
for n gain on the' week of 1S.X. 
Awaiting next Friday's start of 
the interim dividend season, the 
four main clearing hanks all 
pm-. Tossed further. 

Minor losses in British Funds 
were regained prior to the 
announcement of the June trade 
returns and after the official close 
of business the longs moved up 
f in thin condition*. Shorter 
mmunties traded more freely and 
were not airected to the same 
decree. 

- After Thursday’s shake-out. con- 
dition- became steadier in the in- 
vestment currency market and 
th»* premium recovered an early 
fail to end a net } higher at 104 
per cent, after having been down 
to 102*. per cent. Yesterday’s SE 
conversion factor was 0.(5763 
10.6745). 

In line with the decreased 
activity in the equity market 
husiness in Traded Options fell 
awiiv quite sharply. After the pre- 
vious day’s of H7ft contracts, only 
2.*4 had been dealt in by midday 
yesterday and a further 141 were 
added afterwards to make a total 
of 3U3. The week's daily average 
total ..r “no was the highest since 
the mid- May. 

Banks up again 

Support was again forthcoming 
for the major clearing banks 
ahead of the interim dividend 
>ea.snn and Llovds. the first to 
report next Friday, closed a 


furl her 6 up at 2S0p, taking its 
advance on the week to 23. 
Barclays and Midland both 
finished similarly better at 326p 
and SfiOp respectively, while 
Mat West ended 4 up at 280 p. 
Hambrus softened 5 to 171 p await- 
ing the outcome of the loan talks 
with the Norwegian Guarantee 
Institute. 

Insurances closed with a 
majority of small losses although 
Brcntnall Beard at 2Sp, recorded 
an alwve-ayeraire decline of 4 on 
further consideration of a recent 
Pres* revelation that Lloyd’s of 
London is to mount on inquiry 
into the company’s involvement in 
events which led to a dispute 
between the Sasse syndicate and 
a Brazilian reinsurance group. 

Inclined easier Tor most of the 
djy. Brewery leaders picked up 
to close a shade belter on balance. 
Else whore. Distillers eased to lS4p 
folio wine Press content on the pre- 
liminary figures, but 'rallied to 
close only a penny lower on the 
day at IS7p. 

Building-* passed a quietly firm 
session. Further consideration of 
the capital proposals lifted James 
Latham 7 to 137p. while occasional 
Interest prompted iVlilhury 3 
higher to 95p. West brick Pro- 
ducts improved 1} to a 1978 peak 
of 481 p on recovery hopes and 
Heywond Williams firmed 2 to 
130p aTlcr consideration of the 
annual results. Ahead of Tues- 
day's preliminary figures, Magnet 
and Southerns eased 3 to lS7p. 
Still reflecting the trading loss 
and fading bid hopes. British 
Dredging gave up 2 to 2$p for a 
loss of 13 on the week. 

ICI continued their steady pro- 
gress and closed 4 higher at 3S3p, 
for a gain on the week of 23p. 
Fisons came on offer in late deal- 
ings and shed 5 to !SKSp. Follow- 
ing the company’s profit forecast. 
Farm Feed hardened 2 to oOp. 

Wallis jump 

Wallis were outstanding in 
Stores, jumping 37 to 143p. after 
145p. in response to the excellent 
results and proposed 300 per cent 
scrip-issue. 5 and U edged for- 
ward a shade to 14p ahead of 
Monday's results, while Selincourt 
put on 11 to 26jp and James 
Walker added 4 at 8fip. The 
leaders turned easier after recent 
firmness and losses of 4 and 3 
respectively were seen in Mother- 
care, 172p. and House of Fraser, 
i:j9p; sentiment in the latter was 
not adversely affected by news 
that Sir Hugh Fraser and three 
associates have been found guilty 
of breaching the Companies AcL 
Marks and Spencer touched 155p 
but rallied late to close unaltered 
at 157p. 

Electrical leaders ended rarely 
altered after fluctuating within 
narrow trading limits. Secondary 
issues to make a little progress 
included AB Electronic, up 2 more 
at 120p, and Kode. which put on 


another 3 to 131p. On the other 
hand. Suter eased a shade to ISp 
following the annual results. 

The Engineering leaders ended 
the week on a firm note. Tubes, 
which report interim figures on 
August 16. closed 7 to the good 
at 37l>p, while GK.N hardened 3 
to 264p. and John Brown 2 to 402p. 
Elsewhere, still on the retiring 
chairman's optimism at the annual 
meeting, WGI rose 5 more to l08p. 
after flop, and llowden gained 
51 io 7Q!p following comment on 
the record earnings: the price in 
yesterday's issue was incorrect 
Bristol Channel improved 1| to 


the miscellaneous industrial 
leaders to reverse earlier small 
losses and close a; the day's best 
Beecbam finished 7 higher at 667p 
and Glaxo closed a couple of pence 
harder at 572p; after JGSp. Bank, 
however, eased 3 to 244p, after 
240p, awaiting Monday's prelimi- 
nary results. Elsewhere. Gesictner 
•’A” became a notable casualty, 
falling 25 to 176p Ln reaction to 
the interim profits setback and 
accompanying gloomy statement 
about second-half prospects. 
Elliott Group of Peterborough fell 
4 to a 1978 low of 16 following 
the annual loss and reduced divi- 


Gibboos, 72p, and Appleyard. 99p, 
while Charles Hurst hardened a 
penny to 80 p. 

Renewed North Sea speculation 
lifted Daily Mail A 13 to 32Sp and 
Associated Newspapers 4 to I72p. 
In Paper/Printings, Gordon and 
Gotch added 8 to 7T»p awaiting 
next week's results and McCorquo- 
dale finned II to 263p on a Press 
mention. . , 

Despite better prospects and the 
reduced pre-tax loss. Town and 
City Properties finished fraction- 
ally lower at 12p. In a thin market. 
Property Security Investment 
firmed 3 to 133p. while late 


F.T.- Actuaries AU-Sharfi fadex C> 


F.T.- Actuaries Ail-Share Index £'? 
Adjusted for Inflation 


U /l I ,/ V 


SHARE PRICE MOVEMENTS 
IN REAL TERMS 


19H 1963 1964 H65 1SB6 1M7 UH 190 1OT «?T 1972 1973 19M 1975 1976 1977 


ftp following the upsurge in 
annual profits and Blackwood 
Hodge, at 60p, retrieved half of 
the previous day's fall of 4 after 
further consideration of the pro- 
posed £5.Sm rights issue. 

Foods passed a rather drab 
session. Robertson, a firm market 
of late, ran back 5 to 125p. while 
Sainsbury eased 3 to 200p and 
Northern closed 2 lower at 75p. 
Still reflecting the fail in the 
annual profits. Watson Philip gave 
up 2 more to 53p. Against the 
trend. Nichols (Vfmto) came to 
life with a rise of 9 at lS2p 
following demand in a restricted 
market. 

- Ladbroke remained an unsettled 
market following the recent 
report on gambling by the Roya-l 
Commission and eased 3 further 
to 166p for a loss of 12 on the 
week. 

Gestetner fall 

A late improvement in response 
to the June trade returns enabled 


dend and Harris Lebus relin- 
quished 4 to 28p, also on disap- 
pointing results. Still reflecting 
confirmation that its Fo rtescue 
Bass Straight oil well had been 
abandoned and plugged. Broken 
Hill Proprietary cheapened 3 more 
to B70p. J. H. Fenner, on the other 
hand, rose IS to 146p. following 
news of Hawker's acquisition of a 
19 per cent stake in the company, 
while news that a 6 per cent share- 
holding has changed hands promp- 
ted a fresh improvement of 4 to 
151p, after 152p, io Royal Worces- 
ter. IC Gas added 10 to 395 p on 
revived North Sea-oil enthusiasm. 

Dunlop became a quieter mar- 
ket and eased back 3 to 80p mainly 
on the absence of any further sup- 
port from the Far East Elsewhere 
in the Motor sections, interest was 
still being shown in Garages and 
Distributors. Hartwells firmed 3 
to 99p following the chairman's 
encouraging statement at the 
annual meeting. Similar gains 
were marked against Adams and 


interest lifted United Real 5 to 
255p. 

B.P. dip and rally 

In the continued absence of 
confirmation of the reported Shet- 
land oil find and following an 
adverse broker's circular, British 
Pcirolenm fell to S60p be Tore 
closing a net 10 down at S86p. 
Shell attracted little attention, and 
after initial sym pathetic dullness, 
recovered to the overnight level 
of 570p. Ultramar, also with 
interests in the Shetland area, im- 
proved 3 to the day’s best of 270p, 
while revived North Sea enthusi- 
asm prompted Lasmo ‘Ops’ 20 
higher to 34Cp. National Carbon- 
ising, which has an II per cent 
stake in the latter, rose 6 to 43p. 
Slebens (UK) touched 360p before 
settling at 6 lower on balance at 
374p. 

The majority of movements in 
Investment Trusts were restricted 
to a few pence either way. 
Bridgewater Investment 1985-95, 
loan, however, was quoted 28 


higher at £9S bid following the 
company's decision to redeem- 
the stock on August 7, I97S, 
Among Financials, Yule Catto 
eased 3 to 75p on the lower 
interim profits. 

Shippings recorded small 
irregular changes after a quiot 
business. 

Against the easier trend m 
Overseas Traders, Steel Brothers 
improved 5 to a fresh peak for 
the year to 22Sp. 

Although trade was at a tow 
level, scattered buying interest 
was again evident in Textiles. 
Tern Consulate firmed 4 to 80p 
and Scott Robertson closed 3* 
dearer at 50p, while Butmer and 
Lumb edged up 2 to 57p. ln 
common with the other leaders, 
Courtaulds ended a shade dearer 
at I22p. By way of contrast, poor 
annual, results prompted a 
reaction of 5 to 27p in Trafford 
Carpets. 

Among Tobaccos, preliminary 
results at the higher end of ex- 
pectations left Rothmans 1 ! to the 
good at 57! p. Still reflecting the 
satisfactory half-yearly statement. 
Imps closed a penny firmer at 
Sip. 

Fading hid hopes prompted 
fresh selling of Guthrie which 
closed down 8 at the lowest of the 
day at 350p. Other Rubbers 
shares also tended easier, Kuala 
Kepong reacting 5 to 76p> 

Golds firmer 

Persistent Cape support enabled 
South African Golds to end the 
week on a firm note despite the 
30 cents decline in the bullion 
price to S185.S75 per ounce— a 
week’s improvement of 31.75. ■ 

Interest from other centres, 
however, remained minimal and 
one or two selling orders from 
the U.S. in the late trade saw 
share prices case a fraction at the 
close. 

Among the heavyweights Harte- 
beest were particularly firm and 
finally J higher at £13. In the 
cheaper-priced issues, improve- 
ments of around 5 were common 
to Ubanon, 502p. SouLhraaL 490p. 
and Kloof. 549 p: the last-named 
showed a rise on the week of 31 
following the sharply increased 
June quarter working profits. 

It was a disappointing day for 
Australians, which continued to 
drift despite a further improve- 
ment in overnight Sydney and 
Melbourne markets. 

Pancnntincntai eased } to £131 
hut were still a half-point better 
on the week following reports that 
France is seeking supply contracts 
worth AS70m per year from 1985 
onwards. 

Base-metal producers generally 
closed a fraction easier despite 
the continuing firmness of metal 
prices. 

Continuing labour troubles In 
Queensland prompted a' further 
fall of 10 to 375p in Utah Mining 
Australia. 


UrJ, I Mr. V:el>i.. : 

EarningOI ’utftifuUu" >. 
P/R linlm on*! H*t! ■ 


I7.01| 1700 10.93! 


DUMVWM....I 4.172,' 4.W1 4.270, 4.672i 4.B54 *840; 
Ei).iliV turnover gin., j - i S1.7l| 81.22! 87.41; 80.1* 71.27} 
MU., - : 17.345 18.287 18.386- 19.344 15.3521 


IsfiS WiiKt* j 

HirU I hi* j Hl«li I k* ' 


Con. — ' 78.58 

• tJdi 

Fixed lot. — ' 81.27 
I ftb 
tml. OnL.... 1 497.3 

I (6'f) 

fi,.M UmmJ 168.6 
, l\5i 


78.58 | 68.79 j 127.4 I 49 18 ! J 

l 5 flSj I 0 . 1.561 i (atlifw • nukutrif*..... 

70.73 j 150.4 I 50.53 \ 

\6i8f l{2S.ll.'47i‘ t51.«bl ! Total* 1 

453.4 ; 649.2 j 49.4 i 

,2:3. ; llM/riv; (UMd) j ISS,: 
130.3 ■ 442.3 [ 43.5 ! ^peculxuvr 

i5'|, I CJw.TSHCo/K' 7h ! Tntxla i 


July •' 

» ; u 


142.8 I 123.5 
149.0 ; 143.3 

27.8 ; 34.8 
99.0 j 94.4 

151.9 i 162.4 
151.4 < 151.0 

32.2 32£ 

100.2 . 100.5 


OPTIONS 


DEALING DATES 
First Last Last For 

Deal- Deal- Dcclara- Settle- 

lues ings Hon ment 

July 4 July 17 Sep. 28 Oct 10 
July IS July 31 Oct. 12 Oct. 24 
Aug. 1 Aug. 14 Oct. 26 Nov. 7 
Far rate indication s sec end of 
Share Information Service 


Money was given fnr the call: 
of Burmah Oil, Dunlop, UDT, 
Consolidated Plantations 
Warrants, J. E. Sanger, Lonrho, 
Ladbroke Warrants and United 
Carriers. No puts were recorded, 
but double options were 
arranged in Burmah Oil, Dunlop 
and UDT. 


NEW HIGHS AND LOWS FOR 1978 


The following securities ouoied In the 
Share Inh— irwtion Service yesterday 
attained new High-, and LOWS tar 1978. 

NEW HIGHS (S3) 

BANKS 12 ) 

Allied I nth Bank of Ireland 

BEERS Cl a 

Invcrgordon _• _ 

BUILDINGS (A) 

Cement- Roodstonc Latham U -1 

Downing iG. H ] Westbr.ck Prods. 

CHEMICALS 12 ) 

Blagden X Noakn Farm Feed 

STORES <111 

AauaKutum A MFI Furniture 

Fine Art Devs. NSS Newsagents ' 

Foster Bros. Peters Stores 

Goldberg i A. i Wades A 

Ladtcs Pride Wallis 

Lee Cooper 

ELECTRICALS <31 
Elcctrocomuonents umteen 

Telephone Rentals 

ENGINEERING 19 ) 

A.P V. Priest <B.i 

Davies Mete late A GOO Group 

Hill & Smith WGI 

Howdcn Grouo Warns Wripht 

Norton l W. E.< 

FOODS < 5 ) 

Carr's Milling Morrison (Wm.) 

Clifford Daines SamDorrcK 

A N-V Unrgate 

Morrison iWm.i 

INDUSTRIALS 120 ) 

Assoc. Leisure HuntlciDh 

BTR Imp. Cant. Gas 

Black* Arrow Lindsay & William] 

Central & shcerwood Macnherson (D.) 

Christies lntl. Marling Ind. 

Coee Allman Rood Executive 

Diploma in vs. Royal Worcester 

Ferguson Ind. Scottish Heritable 

Gibbons Dudley Spear (J. W.) 

Hallam Sleigh Utd. Carriers 


MOTORS 12) 

Dow tv ApjMnyJrd 

NEWSPAPERS (II 
Webstors Publicatkm 

PROPERTY < 1 } 

Bradford Prop. 

SHOES <t) 

Ward White 

TEXTILES SSI 

Beckman (A-i Scott A Robortson 

Bulmer A Lumb Torn- Consulate 

Moniort 

TRUSTS (111 

Dundee A London London A-C a rt m oro 
Edinburgh In*. DM. London A Montroi* 
First Scot. Americas Northern American 
Glasgow SIkUMiS. See. Gt. Northern 
Law Debent u re Utd. Brie. Secs. 
London Atlantic 

OVERSEAS TRADERS (1) 

Steel Bros. 

RUBBERS 11 ) 

Bertam Coin. 

. TEAS (1) 

WllUaimea 

MINES (21 

Kleor Gold snifontrtn 


NEW LOWS (8) 

AMERICANS (1) 

Colt Inds. 

ENGINEERING ( 1 > 

Bara form 

FOODS (2 1 

Tavener RotJedge Watson & PhlllR 

INDUSTRIALS U) 

Eliott (Peterborough) Lebus (Hants) 
INSURANCE (1) 
Brentnall Beard 

SOUTH AFRICANS (l» 
Huietfs Core. 


RISES AND FALLS 


LONDON TRADED OPTIONS 


British Funds 

Corpns. Dominion and Foreign Bonds 

Industrials 

Financial and Property 

Oils 

Plantations 

Mines 

Recent Issues 


Yesterday 

Up Down Same 
66 — 11 
5 5 54 

302 240 W 

75 1 M 338 
9 11 14 

0 9 H 

37 21 61 

10 5 22 


On the week 

Up Down Same 
166 125 44 

57 6 255 

2.114 442 4.589 

424 302 1362 

60 27 83 

33 34 43 

241 167 222 

44 34 112 

3.639 1.640 6 J 1 J> 


ACTIVE STOCKS 

YESTERDAY— 


Stuck Lion 

ICI £1 

RATs Dc-rd 25 p 

Dunlop 50|) 

ShrJ] Transporl .. 25 p 

HP £1 

M.irks & Spencer 25 p 
Rarcla>< Rank .. £1 
Rri'-tol Channel .. llip 
Krili.-li l.e, viand ... Slip 

Gr ind Mol ."illp 

L.idliruki* Hip 

l.ln.viln Rank £1 

I* & D. Defd. i’l 

Vickers £1 

Bools !! 5 n 


No. 

Denomina- of Closing Change 
tion marks price tp) on day 


The nfin re fisf of oriirr stocks is hosed on the number of 
r«*i-Mrr|rt/ pL^lL'rduif iit ilu» Olficiid List and under Rule 163(1 ) 
rr/ir.NifutM to<lay ;ti Shx-h Exchange dealings. 


ON THE WEEK— 

No. 

Di.-ncmiina- of Closing Change 

Slock lion marks price (p) oh week 

3 CI £1 SS 3 I» +23 

Fhvll Transport .. ’J 5 |) 63 570 + 18 

RATs Defd 23 p 49 2«3 + 1 *> 

L'ualop aflp 4 K Sil + 6 

l.adhrnkc (Up 42 HW "(2 

Giilhriv l’l 41 330 -12 

RP £1 40 Siilj +34 

i ‘or. 1 1 Lei sure Hip 39 96 — 6 

Grand Met ."Hip 3 S 10 SJ + s 

ni«.I tilers Slip 37 187 + 9 

Mark's ik Sjieneer 23 p 36 157 . +14 

Pr.t ll. Deld £1 36 S 4 “l 

Ra relays Bank ... £1 33 326 + 1S 

NaiWcst £1 35 2 S 0 + 2 o 

Thorn EIccL 25 p 35 352 + H 


BASE LENDING RATES 


A.B.N. Bank 10 

Allied Irish Banks Ltd. 10 
American Express Bk. 10 

Amro Bank 10 

A P Bank Lid 10 

Henry A us bather 10 

Banvn iji.- Bilbao 10 

Bunk of Credit & Cuice. 10 

Bank ur Cyprus 10 

Bank of N S.W 10 

Banquc Beige Ltd. ... 10 

Banque du Rhone 101 

Barclays Bank 10 

Barnett Christie Ltd.... 11 
Brei nar Holdings Lid. II 
Brit. Bank of Mid. East 10 

.■Brmvn Shipley 10 

Canada Perm’ t. Trust 10 
Capital C & C Fin. LLd. 10 

t’ayzer Lid 10 

Cedar Holdings 10!- 

■ Charterhouse Japhet... W 

Chnulartons 10 

C. E. Cnaies 11 

Consolidated Credits... 10 
Co-operative Bank ...“10 
Corinthian Securities... 10 

Credit Lyonnais 10 

The Cyprus Popular Bk. 10 

Duncan Lawrie 10 

Eagil Trust 10 

English Transconi. ... ll 
First Nat. Fill. Corpn. Ill 
First Nat. Secs. Lid- ... 1- 

a Antony Gibbs 10 

Greyhound Guaranty... 10 

Grindlays Bank J10 

H Guinness Mahon 10 


■ Hambros Bank 10 % 

■ HUI Samuel J1U % 

C. Hoare &■ Co flO % 

Julian S. Hndge 11 % 

Hongkong & Shanghai 10 
Industrial Bk. of Scot. 10 % 

Keyser Ullmann 10 ^ 

Knowslcy i Co. Lid.... 12 % 

Lloyds Bank 10 % 

London Mercamile ... 10 % 
Edward Manxm & Co. 2Xi% 
Midland Bank XO'^, 

■ Samuel Montagu 10 % 

m Morgan Grenfell 10 % 

National Westminster 10 
Norwich General Trust 10 % 
p. S. Rcfson & Co. ... 10 % 
Kossminster Lid 10 % 

Royal Bk. Canada Trust 10 % 
Sehlesinger Limited ... 10 % 

E. S. Schwab ni«j 

Security Trust Co. Ltd. Il“*& 

She nicy Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 

Trustee Savings Bank 10 % 
Twentieth Ceniury Bk. II n f. 
United Bank of Kuwait 10 "& 
Whiteaway Laidlaw ... io?®; 
Williams & Glyn's lO" 1 ^, 

Yorkshire Bank 10 % 

a Members u r ih L - Am-phns Hous.^ 

UoinniR ,< -'"- 

* 7-daV d"iwsi[s T-mooib deposits 

. 

• May ni'BOMis on „imf „f no. DM 
and unrtcr «■’ up m i^noo tj- 
amt ovvr rt-'i.imo t; 

S fad depmus nurr 11.400 T-,. 

I Demand drpn^ira 71'.. 


EQUITY 

GROUPS, 

and 


SUB-SECTIONS . Index Day's I fidA 

No. Ctaer (Max.) 
ifum In twrantbon* Atm 76 ] Corp. 

nombw of Hocks par a a ctl n n 


216.02 +03 1753 
19237 -0JI 18.07 
34L25 +0.1 20.43 
+03 14.69 
-0-2 18.75 
173.44 +8.8 18.57 
16332 +0.4 


bargains 
(e) and 



FT-ACTU ARIES SHARE INDICES 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries and the Faculty of Actuaries 


Fri., July 14, 1978 


Thun. Wed. Toe*. Mm. Year 

July July July Jn)y sgo 

13 12 U 10 UFfRKj 


Highs and' Lows Index 



Index 
(Net) 1 Na 
Cotp. 

TxxSV 


7.92 Z1539 
7.82 19251 
7.12 340 B 
9.62 46736 
7.10 320.60 
7.29 17230 
7.80 16254 


Index I Index Index 
Na. 1 No. No- 



19853 -03 
235.49 —03 
175.44 — 

124.64 -05 

203.64 +0.1 
22289 +05 
26322 -05 
250.12 +83 
19630 +02 
20724 -02 
39686 -0.4 
134.67 +02 
187.41 -03 
179.02 +05 
24827 +0.7 

LOO +02; 
88 +03 
.74 +08 
.15 +0.7 
84 -25 
,74 +02 
+03 


&03 19929 198.08 196.98 196.45 17S.44 , 19985 0610 

886 '23627 23456 234.70 23427 20517 236.17 (13/7) 

820 17536 17535 17524 17485 16255 18433 (9/D 

7.00 Z2526 12456 12254 12222 11133 127.42 03/6) 




858 
930 

9.87 
930 
687 

4.90 9.82 
3.16 14.15 
7.87 6.77 
4.72 13.04 
7.01 
754! 5.42 
5.78 6.49 
5.75 J &12 
7.86 
1L24 
6,42 

6.88 

70 


22883 04/9/77) 
23384 (2/5/72) 
38933 09/5/72) 
48359(21/10/77) 
33222 03/9/77) 
187.45 04/9/77) 
177.41 (27/4/72) 


WFI-Ir'lLWl 


20.72 (Zl/lfl/77) 
26322 (4/5/72) 

17059 osnm 

226.08 06/8/72) 
28187(20/11/72) 
265 JO (5/5/78) 
329.99 02/12/72) 
21453 (21/10/77) 
244.41 (27/30/77) 
39925 01/7/78) 
14421 04/9/77) 
-20439 06/8/72) 

235.72 07/1/67) 
33916 (2/8/72) 

135.72 06/1/70) ' 
223 JO (14/9/77) 
295 JO 04/9/77) 
262.96 (60/78) 
24&06 am 72) 
53958 08/5/77) 
258-63 


FIXED INTEREST STOCKS 


50.7X03/12/74) 
4427 01/12/74) 
7L48 (2/12/74) 
84J1 (25/6/62) 
6439 (20/75) 
45.43 (6/1/75) 
496F (60/73) 

3839 (6/1/75) 
4285 03/12/74) 
63.92 07/12/74) 

19.91 (60/75) 

6141 (1302/70 
69.47 03/12/74) 
78.88 0302/74) 
5483 (90/79 
59.67 0102/74) 
5425 01/22/74) 
55 08 (60/75) 
43.46 (60/79 

52.63 (6/1/75) 
62.66 (11/12/74) 
9434 (33/6/62) 

20.92 (60/79 

58.63 (60/79 
7120 002/74) 
2841 (3/3/78) 
4534 (2/3/79 
9080 (29/6/62) 
60.39 (67/75) 


59.03 0302/74) 



■ ■ . F.P. 28,7 ; 
« ■ K.P. ,18(8 * 

OB .£50 , 22/9 ; 
£ 99 . 4 | F.P. — - 
SlOO Nil — ! 
:l ' F.l*. , 7,-8 
,1 £10 ; 7, 9 ! 

IOOi.. K.p. 16;8 ; 
rioo i f.p. — i 
HG 97 .U F.P. 28'7 . 
•! £25 25,8 i 

■ • , F.P. . 21:7 • 

■ * ; F.l*. 81/7 j 
• ■ 1 F.P. 9.8 i 

-.109 , F.P. 81/7 - 
S 9 >, F.P. — ! 
£90 it £10 - 20/10 
£99 £10 21/7 . 
£ 9 B*t .£50 1/9 ’ 

(.' 98*4 £25 15.9 


EEj •'Allied Lmllier 9ft Pnfcf i gg., 

X’p.'Allieil Jlrtnllcf- 9’ Prel I go ,1 

4H | Harriet l£i K«L 1987., I 50lgj- 

93la;lHniiinjrlwm Vnr Itaie 83-E5 1 qqi. . 

597In| Uivrtv Sfi Lunv. ihli. 199A |S971n 

£Ijj,L'h*I1<'/i J2ft I'unr. Ml. l!#7v— Hi 10 j. I 1 7 P . , 

lU^t.rX-t Anglin Watir 7ft llcl. l*rfl. IaS3 1 10-^1 




— 5.77 — 163.96 162.49 

23.99 5.90 631 18732 185.47 

- 831 — 204J7 204.12 

12.84 5^9 1133 15217 14936 

6,75 — 13621 133.90 
6.80 — 12567 12437 


10 l.!|., Millt-i iF. 11 » prrf ;i 08 ii>' 

9«|r Mure U’Fmvll Itr* 2„.| Cum. I'rvf 94 ( .' 

IU9f.-IInliiiir.in Br.«. |1‘ I* lr i _,J 1Q9 |i' 

UUSa SvlI-.il Vnr. | Calc Hcl. I9fc.J ; gflsg 

b .'MmilnfinlHiuoiua 12 ft Uwl. 1«7 .t 812 - 

9 'SmiiiIi. IViiculo L'ift lff.1. 19S6 j 91s 

4 1 = 4 r> uc 4 . liver ISftilad. 1 * 5 ^ - ! 481 ; - 

-4 WVi Keiil Wnier 12* Itab. 138^ ! B4i 2 


218.74 _ 3.18 

1M39 -03 17.61 
316.47 -0.6 16.55 


90 1 ALL5HABEINDKS/B»..| 217.48 1 +0.1 


FIXED interest price indices 


10-29134061 338.72 
1 79.82 7859 

23464 234R3 
104.70 104.68 


31.49 218173 21815 21853 21629 174J9 
6.91 100.46 10L28 10032 10030 9212 
7.42 318L42 31625 317.46 314JS 278.42 


21737 1 216^7 j 21526 1 21319 1 190.48 j 


FIXED INTEREST 
YIELDS 

Br. Govt. At. Gn»s Red. 


178.96 am 


72033 (4/3) 

17035 021 1) 
15139 (6/D 
343.46 (C/D 


8522 (6/D 

25529 (20/1) 


iliy 


ES51 EgZES 

I '311* 


17138 mm 

18520 (U/4) 
13652 07/4) 
324.97 07/4) 
11823 (7/7) 


7100 mm 
22033 ' (14/4) 


itariMi 


21832 (15/5)) 19115 (2/3) 




















mm 


5538(13/12/74) 
62.44 02/12/74) 
8L40 00/12/74) 
3833 01/12/74) 
44.88 (2/1/75) 
43.96 03/12/74) 
6536 Q6/12/74) 
3121 (7/1/751 
5601 (20/4/651 
3329 07/32/74) 


7163 03/12/74) 
6631 (30/9/74) 
9737 (6/1/75) 


RIGHTS” OFFERS 



D „ . Frl Day’s xd wti- xd «dj. o 

British Government July change Today 1S78 _ 

14 % to date _£ 

1. tinder 5 yean 104.79 +0J3 — 431 5 

2 5-15ye&r&, 114.42 +0.48 - 5.95 6 

3 Over IS yean 118,96 -3.95 - 732 


4 Irredeemables 126.02 +438 

5 All stocks 132.09 -025 


,«ii 



Fri. 


Year 

July 

KEi 


14 

y 

(npprusj 

&82 

10,97 

16 

■ 1183 

7.33 

1143 

ILK 

1171 

1241 

.1159 

UK 

1058 

2220 

wm 

BR 

1125 

3238 

1297 

ILK 

1173 

1148 

32.98 

' 3273 

'3147 

2352 

3300 

1303 

3X47 

1174 

iza 



Thur.: Wed. Tnw, Mon. Frl. Tliur. Wed. 1 Year 

! Index I YMil July July I July [July Julv I July July njra- - 
I N«>. I ft 1 LS 1 15 | 11 I 10 | 7 l 6 6 i»[i[iru\ 


■ ijinca 
• CnmpURtkin 


Hcmuciaiian dale usually Iasi -lar for d.-almn free at sramp duly. (, y^urcs 
k.N-d on pronpuciua .-Mlniair. <1 Awumed dividend and yield, u KoreeMt divrt“nrt 
“''IvllT yeur s ranunsa p Dividend and yield based nn prespecnii 

or other oWmij esumaii-s lor l»,S o Grass, t Figures assumed. ; Cow-r alfnws 

Sf^gS dT 'tPr. no ' “’'m™* 11 * i nr dlvldf,nd or ^^">8 only for rmreied 
tender 5 i 1 «» »“ w l‘V b? Pence unless orherwise indlujiled. « Ivcued 

by lender | Oiler-.-d io holden of Ordinary shares as a ruthis.” •* istued 

Tn w lender nnec. >: Relnirudnreil. tl issued 

u 0r ,ak ^‘er. nn IwroduciiOR. Q Issued 


15 120-yr. RctL Deb. A Loans (15) 

16 llnveatment Trust Prufa- <I5) 

I? Coml. and IndL Prefs. (20) 


Section or Group Ease Dale 

Pharmaceutical Products 30,12/77 
Other Groups 31/12/70 

Overseas Traders 31/12/74 

Engineering Contractors 31/12/71 

Mechanical Engineering 31/12/71 

Wines and Spirits 16/1/70 

Toys and Caines 16-'l/70 

Office Equipment 16, ’1/70 

Industrial Croup - 31/12/70 


H.aa !tlS.lfc;&E.flfr 66.es ! 66.78 '66.7S J56.72 166.64 T6634 i63.B8 I 63.67 66.37 (4/7) 113.43 (g^VSfiBn 37.01 iSM/Tb.i 

51.65 IIS.74 61.59; 51.69 61.69 £1.65 51.64 £1.63 8132 .51.73 1 57.71fll.li 51.01 130ft) 114.41 (13/9/65) | S4.45 («, ia«l 

. 70.62 :IS.23 ! 70.04 70. 13 170.1 J 170,20 |70.14 '70.14 170.24 169.70 : 78.80111/11 G9.85 114.96 (7/10/W) ! 47.67 -|6;1.7d| 


Ease Value 

261-77 

63.7S 
100.00 
153 24 
153.84 
14176 
135.72 
128.20 - 
122. a 


Sccilm nr Group Base Date Base Value 

Miscellaneous Financial 31/12/70 - 128.06 

Food ManuTaaurtns 29/12/67 113.13 

Food Retailing 29/12/67 11403 

Insurance Brokers 29/12/67 ' 96.67 

Mining Finance 29/12/67 HHLOO 

All Other 10/4/62- - 1M.00 

t Redemption yield. A list of (he constituents 
■s available from the Publishers, Tim Financial Times. 
Brnckcn House. Cannon Street. London. EC4, price 


130, by post Z2p. A fortnightly record of group and 
jnbHctinn Indices, dividend yields and earehigc Ajpu+s 
since 1962. with quarterly Wsbs and laws of On 
Indices. Is obtainable from FT Bosiacss Enlerpriscs, 
16 Belt Ceurt, London, ECO, al E46 per ctpV. 

CONSTITUENT CHANGE: Inves t ment Trust. Corpo- 
ration has hoop replaced by CaiMeiltttt Trust (Invest- 
ment Trusts), 

NAME CHANCE: Ever Reedy has changed lu 
name io Bored Group (Light. Electric. Radio, TV). 
















































































































25 

































































Financial Times Saturday w^ly-lS 1978 

jR&a.&LA: Aa":' •Arsjaaa.’wiMi m+Wv r. 1 .: 1 ^ 

n 8 




phone 031-624 0505 
extension 4547 
aggas BE3B Oldham 


BONUS & RAILS-Cont. 


197H 

Hi-h low 


Ixulniv r.1 Bail 


□c 


**B3ITSS3 FUNDS 


IPTK 

inch u» 


t- «r Yk!d 

[ _ foL | an 


B8 82^ Ireland 7opc ‘31-83 
,21 • 79 HI-9R— . 

395 265 JipjrHir'in V». 

'87 68b Dn5pc 8388-. _ 

lbO 140 Pern A.tx3pc 

75p 75p SiiLfP.'pcJ'eo 

V& 594b Turin** 

DM91 DMal Tunnpjw 19W_ - 

97 94 |r.'niaui:.5ijpc 

U.S. $ & DM prices exclude inv. 5 premium 

AMERICANS 


BANKS & HP— Continued CHEMICAL 

* ! I Ij- mJ nii> i 1114! 19TU r 


“Shorts” (Lives ugfo Five Years) 

ec^. [ cgs. jc VC |, ?y-fc7$?t J 59-«; * s ‘i 5.GJ I “ 

105'.; 101^meucr?:l-,pL'7S:4..| Ml.i 11-37 . 

97 °4b ftnawn j’cc Ttir. _ 55- . 3i4 I c 


97 °4, (Tr?awi> j’pc 7£r. _ 

or* 051. “•'/.? .. 

1C*?L 99 7 - brea-iay I'-; r v Hit— 
9ci; 94, F2rtlnc3: : p.^»..... 
jo? f-. 5b’ Tp't-tr. r>T irsm. . 
97b Tt?JE-,ir Pjpc Sftt - 
J ?:5- Trc-d - D-peTS). - 


m I 

=29 ffifih Lm I Stock 

;97 171 3 13»j ASX 

- - , |-?j Ml z 60b AJtfF/P.<:oni.’S7.- 

'* 31 22 MnaxSl 

ljJsJ.ej 32 21?, Amerien Express. 


ss 3 % u 'KlaTCuu 


c :b pm ,ni 
•31-Vi 1C3 ‘IS j-ju 
lforb «>£ 

5:'; 3Su ut:..‘i;r 
1C !•.: a V-. ITp-.v :r.. 
97 *. Il-.ci 
1C: ; *4t, IE :-..i f : ." 
C7‘.'J 35% b 
0: c 5-.‘irr. ji 


■. ,-»-3>,peTfrm«- 
J-'-JUW i^pi. 1K31+ 
km.:* li-jH-lftil?: 
r>er r.-oi. ITWil 
•a. x, / .[■ 


558 If « 327, a &c9i? >.'orT. 33... 
j til 23b 13 Eclh.5Usia 


Kvvjf^; 

t.-V 1 W, Itpm 

JlS'^iOobniv-.: 


Ifr.W nib E 
91b F 
“-ei. 89b E 
S?'_ To- E 
11-iU 100b 7 


rr.j- '.-no: [>■•'?!}} .. 

Tr'M-'.r. -*x <CJi — 
Fn--.;tr. I-r*: S2-. - 
Trc? V atijMc '£?}-- 

fTreaia- •3 : ,p*‘ 

trrt Sbft. I'd.. - 
Fi-ch-lbr*. i&CA — 
E-.-h. :S«3 


Jive to Fifteen Years 

HW’.-i S9b 'Trcjiur .. - 91b ui 10 15 

Lj li.-Ah.liip: rt>'£tjpl ia 4*4b +K 10.3- 

. S9S BOb Fnr.ln-;?:^. S2b»d +b b ;0 

" C/-j +'•* 969 

rtiKo.'pt'&jofiii 79^ +‘- Spa 

as,U77*iiv'8P'?atf Sfllsal ■‘■b 957 

n.tp*n opo ~tW9 - o3 t= 477 

a>ur.- r 'Oc'aM9 657? +S 752 

!3p. 13803.. 1W +U 12.51 


63'- 60b uawoftSl ope “MS - 
75'« 6?'j Trpa.'Or.C'oe'aMS — 
2151^ 1015= TnrWBj !3>. 13903- 
r.‘ v j 77-' Trehoirv S'jSTSK 
105b 92- Treniri libiwIVS! .. 


Si .... 3 99 2 21 4fiJg 32X, Cai«p:ilani 

95’-. 10 ^ J?r2 27i, ir 9 ChiscOThraSllS. 

M3 » t,; 12 i> il-' 22 13b Oieseliruu’.hSJ — 

9.« li C2 n 765p i.'hr.-sIcrSG 1 , 

551-nt +'» 35i fr? 21', 13U L'mt nrp 54 1 

lC=-f 13.10 11.51 14 733p TUylnk.Siaa 

.. . 1023 21-9 25 14^ Do Cm. FTf B $1 - 

W« +;. ??3 lisa 18* 123, Col^lB-P SI 

91 10.0b 1171 3li 2 29 Cult md* SI 

91'.;+,v 10K 1173 2b 15b Oat. Winns 510— 

93’= +.V 9.63 11.5f 25b 17 CotlOiISS. 

79b .. 3 7t E^5 28 20b t>wn Zell S5 — 

101 3= 1LS4 1159 47b 20b OuUcr-P.ainmerSli 

, v«k 32b 22 Eaton Crp 3050 — 

Plb^al *\z lgl5 11 & 40* 28b 

+b lO.bjj 11=1 12b 67 Op Firestone Tire !l._. 

+ b £;2 ,2'il 18b n 1 . First Chicago 

C7b 9H Ig ks 32b 20b Fluor Carp. Vt — 

+ - g-H 10^i 41b 26b Fort Motor 52 

B#** *!» 3-57 ^ 16b c ATX — 

??- *7- if- 'WH UenEldcUSffj 

5^ +H 7S2 10*a 24i 2 15b Gillette 51 

+u 12.51 L.j9 48 26 Hone>-=ellSI.50.- 


aOj - T,\ 

5‘A.rrt +■• 

ICS - ? 

ci^u 

ce« + 

91 

n-.i +,v 

93’= +.v 

79b .. 

1013= +,!„ 


mraivV4S7S»_ m +<i SO« 11^2 14b 750p Hutton E.F..1_'_. 

hw,n s:,.v !■*» CA-. l + r, 1 ?jQ 12 maLlm Hu 


113*- 9-V-. iTrttwar. ir.-uc Kit 
72 - fcCJ 4 FiiBOirCCrc :K«i 
LIO:/ 1C41- TrMMtfi ilncc I9CW 
ia;“ 4 nas- ttcuup ! 

nib W'j BW. 2|: r n-l9!r9..__ 
c"\ 7;b Trivurr ^c.'T-ti . _ 
its", c ; T fJJ . I .'n . 'ffl . — 
51% “5b Ma ^ . . . ._ 
"5 £2-4 £vh IftbP*- Iav 

114', 93b {Tretotir i.V". V41. 
tot- 7b~i Twi. ciytr.-c'SiSijSt. 
liib lit': Trs'S’.c- !.‘ J i | v V^S .. 

lir, iL’l'j r.U'il'.V|=?rlobcC3d!i. 

51 41b 3c*pv:vte?iKA«- 

115b ICJbTnsartri.fllpf’iw' . 
97 ■- Sc- E.'a'J.cT-’lT lu-tsc Jt 
8?b 74% Tlnwer- 3,pv 
Tib o0 Treis'.r v'ifo A'-EOtr 
135 1 Hob 7'ri- S?^t. 

«"b 9- b Sxch Hr- 1^', 

?3b 77b hrejiur 7- : k IS .. 


Cver F5It?fa Years 

iar. ir.-K mat ,.| 1258 

ir.sCrc liKCJt - 05lai+b 9.;u 
.1=1 iiice I9CM IPSb rb 12.93 

ur 11 j ? 2 +b Lt05 

!2 : -n •‘iStif lC>b + b 12 69 

uty Pc-'T-" . — 79"? +h 1148 

=.■* 1 In. '51 95b - i +*2 1*.53 

>-’3n45. . . „ 4^3, *b 6 C3 

iff,™- Iftf- . 84 ”tJu! ■*': 12.06 

,-jp V41. 102 u +u 1271 

. 3Cb +-1 U.c3 
r.c. !.' J i ,v 'a- .. 112-, +b 13 19 

.viii?r loAit^r jdt; 105b +b 1281 

wwtelKiSL. 43-= *b 6.83 

urii.tbiw’JWS - lC=bal +'; 12.21 

«yjL7 VJ-nc I1S7 29-b +b 12.27 

«r- 3‘,pv"iw7= TFi, +b 11.71 


41b 26b MorpoUPiUSSlS 
27b 12 Notion. SLum Inc SI. 

1E\ 13b '-Wwis.I1l.SU25 .. 

21b 14b Cuaien)atsL T 5S- 

27b 15b Reliances 1 ) 25 

50b 36b Rea N Y. Corp 55 . 

1714 11 1 Rniwrj Si 

22b 14b Rirnrln-MnlLSlb 

576p 255p SauJiB r>SI 

'3% 38b Shell 'WSJ 

19b ni SmgenSlO'. 

36*4 22b Soenr R.uid 50^1 

05, 12-81 ^ 3U ii 

7^ 4 t 2 1171 lp5 22 K m recaco$83S 

THr twS MM 40 ruwlnc. 

E?£ i2w Ub 865p rnnsamencaSI ... 

on* *1-1? S h,C 3Sb 21b UtdTeclLSUSa.. 

2£b rfe itofl T?n7 29*2 17b IU.S. Steel SL 

37 lib Wool worths S3 1 ; ... 

£?'* ^ 46 28^ XfiroiCbrjiSl — 

M V? 11 ■■ ij 2? 975p 3fl5p Xonicskc. 10c — 
ft. U M m ZapalaCorp.25c_. 

fe5ul +b 12C7 1226 S.E. list Premium 47V*' fl»s ed o° l'S5L8886 per £l 

tqiT A. u'm -tVir Conversion factor 0.07Kt 10.6749) 


62b +b 1107 1 
97 )= +u 15 36 


Undated 

37b 30’- ConsolsApc : 

•37 b 29».t ‘A'arl>Mr.r.^v— 

.391, 33 Con-. £i : pc>.! V: . — 

28-t 23b IieamrSjicW.VB. — 

2-b 19, '.or-HsS-DC 

24 19b rr?aru.72'yK 


31bai +1= 12.53 
ro 7. +i 4 Ufa ; 
34b 4 . 1 . 1CJ3 | 
24b + 1 ; 12.62 I 
23b -*■, I2J.7 
2Cb +‘i 12-57 , 


Coaversion factor 0.0783 10.6749) 


CANADIANS 


INTS3NATS DMAL BANK 

25 | 62b |Spc«ocf77« j 65b 1... . i 5.94 | 9.75 

COBPOSATION LOANS 

93-4 9;b Binr.hatrO'jtc 7r8l. W-d 9OT 1351 

•°4b 88-4 RnstolTbiicIMI £5b .. 6.71 11 SI 

2D- 10;u« G LI' is-pe ■:£... 131>? . . 1231 Ils7 

li: lOTb lwK...r<Wt3 lOONal 1231 12.M 

c ?b 70: ; .•! tesr-Sbr* ■ 52 b . 10.14 11S9 

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9°*j ®””j LicwI/Vne-WW - 5? 7 o ... 5.81 ?.|3 

1021' 90)' Ik. 9 -pc »uw 94 105-1 1153 

2* -4 25, Ho 3>sw in.fl 26*3 13.47 — 

9 5 , °3 Lon i-irp fU' "6^35. 92 u -ij 10.28 *130 

97b 84, LC'.'C^-ld-TS 95b . ... 63® 1057 

•j;., S“U iwft-pc— *t 64- . ... 649 1132 

871' 7h!- %> : f\3C<4 7£bm -b 7.02 10.44 

64' 65, rK>.*jpcT.W7 63 . . 8.14 1138 

7 8 60 D,H,k ■;*•'/) 5fcij 1P.15 3211 

221' I— 2p.-72n.bi:. .. ._ 75b.. ..1339 — 

••yl 9i* ’ItiKsJbseSAU... 921;.... 5.74 10.87 

491; a- 1 , Nca.-a«!cSbp.-72«). 9=b 8.71 11.74 

*0o, ICO, *arncl,D:M5S0.„ 10H 2 1231 1157 


>3 _ It A 10A, Bk.MonbralS2 — . 

12.62 — 18b 30,1 Et Nova Scot ..._ 

1207 _ 4Z, 3Wi Bell Canada S25 — 

1257 — 2T* 12 BawVaUe?n 

12^4 B25pEnscan|| 

*21,’? 14 i-an.lTnpBS.S2. - 
lNK 14b 955p C»a Pacific 35- . 
, 37b 30*2 DttfpcDeh £100. 

| 5.911 9.75 2li ltb Gulf Col Can.H 

6J0p 315p Hawker.8id.Can.il.. 

s. T r« 26U 16% UollintferS 

iVd ihA lib Huibnn'sBayB — - 

0 80 1151 ^** c Hhd.BMlU.Efe..-. 

en lisi W Ub L-npenalt)ll||._._. 

48 15b °45p lnco 

nil uoi; Wp 555p bl NpLt^Jl..-- 

10.24 USD 6 -mI ? 

5.77 10.63 3ft ifc aSSf-Effe* 1 


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^ 24 J| Mt'j&V^kCaiKii: 


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02H U30 2°il 15b [^ugramCaCSl ... 

630 1057 14% l9=5pfarDn«n.Bk.Sl_. 
gi? jig 11% I BCOplTranaCan. Pipe—.. 

7 02 10.44 &£. List Preiaium 47%9i> (based on 93.1196 per £> 
514 1138 


5J4 UJ7 BANKS AND I 

8.71 11.74 . , 

““"hJR-I — 


caasoNiRSdLTa & ai^can loans 

IDD-j-I «b .‘.=j .v-d. ICOiji+b 5.56 9JO 

*f 4 92m Do >:P>- 77-a' 93b .- . 5.91 105 

Kb s:, IK- £J ; pc*91-32 C4 -b 6.67 113 

°<j:- «cb X.7 -ipi- 74.73 85 b 4.09 94 


u t-' I Vi Cfv ,V5| . 

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e=:> 01 nth VfncaftjncIMI . 
70 50 Fill .-Jr-il 2! -Lie £5-70.. 


50 I.-Tl Air'd 2!;lC £5- 70.. I 51 I 

30 iDftfeiltfl I SI | 

LOANS 

Pub-ic E-iard and Ssd. 

5S>- A-.T:f Mr S-.<r »W . Cl +b 

80, Mean ii-i.-pL .UH £J’-; . . 

2 RI-. Vh mr ip B 28b 

io:' c s . m 1 iiwirn:. . . 137 +9 


2K > 384 ANZSAI 275 

7EICA? LOANS ™ 210 \leund«5D.£l 

‘ , Tc- TL €135 £90b Atatmene F1100 £330 

ICOb+b 5.5o 954 534 269 Allen Harvey £1.. 300 

JS-S2 194 150 -Allied Irish 194 

S3. _ls S-S HI? 165 150 .ArbuthnotLEI- 153 

89b 4.09 9 VL £20U £13, Eank.Amer.S13©. £1B 

9“r -- g50 1127 307 315 Bklreiandll— 3S7 

3f '4 .. 9.12 10.90 £179 S ij 7 ii)pci3jnr... Q79 

9a 10.20 32.03 jq 15 BtLeumi III— 18 

51 — — 170 150 Bhlxunu ilIKCl 160 

SI - — 575 360 Bk.N5.WSA2 — 570 

315 255 Bank Scotland El 283 

2 £52, £21% Bankers N.YJtO. £27b 

. 358 2°o BarclaysEl — 326 

«{9 J B |t 230 TOO &i>wnSftiplej£L 223 

,, . 273 32 Cater Rjtier El. . 255tf 

Cl +b 8.22 1330 32 u7 Clive DirTlSOp - 78 

E. 1 ’.; . .13.14 13.60 *230 171 Coo l Aur.iS.Ui.. 216 


10.84 1254 .£19 £12), Cembhfc DM104. £17lj 
657 £12, £15 Oiai HbtKrWO £18 


ii"i 1*. Mi* !•«* i >»- - - -1 I 5-S f i7~nn £1^-15 irhai HbLKrluO < 

95b I S3 Jls.v «i!hc-;t , ..jrmal-i | 89 | 1 1027 | 13.00 25 )3 Connlliian IQp . - 

Fi&UCCifll i~5 £i2b ' red FranreFTS 

107b J101 |V7-1 1.>: r-.| . _ - j 102m I +1; (12.74 | 1204 ^3 E«0 toarte&aSwBD 
lb) 102 1*1 Mpr-J Mg* . . • 13|3 13.10 if 


lia.J ii'JIj ■ ?L'* • 

S3 ;oij 1C:-V5 V :-- ivl. nua 

s’b 75b Ik «5b:.v£ lj T!l« 

ES>' in. |Q! n.; £ a-. Lt ‘3d., 
'i'll, flfS, Di» :»■». l in Ui nR _ . 
101.' «!))-. ni La On. 

711; L>.. Tbpi -AT'.-n 33*1 

"lb P.i 7-4 pi .A U : J VI! >1 .. 

C-V; 7: , PnDw 1 Vli>4 

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82 ... 687 US' 

761' .830 1200 

9:'} . . 1135 U.SO ini' 

92b U92 1230 50 

9il< . . 12.47 1270 25 ” 
64 ... 1133 1280 *fo 
M .... 11.79 13 00 ,| 0 
76 . 1234 13.10 M 

62al *u 1286 13.40 ^17 


FOESS'GN SONUS & BAILS 


17?v 

lilC-i III* 


1 1 orltHv. r rl Bed, 
- lira? Tield 


r : 5 S 

415 -3:*J 


t'.. V* ■ < 

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3b lb First Nai tf*P — 
1 b Du.Wnts.8583 
12b 10 Fraser .Vns. IPp.. 
1% 157 Cenard Natnl._ 

50 37 G-.hbriXi 

255 195 GiUett Bras. El- 
29 19 >loorie DV Miy5p 

120 id ilnndlavK 

2t0 165 i.iuinressfeat 

217 155 HanDite 

ICO SI Htli Samuel .... 
W30 "25 lm Warrants . 
5-” 203 i6.r.cShnf8250 
o9 52 Jc-td Toynbee - 
215 lfcO j‘o«phiLrai£i.. 
52 57 Ueyver t-Umaun 

7- 56 Kiru;iSlii*.20p 

11- '■O rilcirwijrt C L — 

2'7 242 Lio>ds£l 

50b -2 Mar. son Fin. 35p 

1J4 105 Mercury Sees 

-. ,: 0 330 Midland £l 

£52 f76 Ho 7* 3 bi3a)... 
£4»b £32i 2 Do.l>Mi*»9G«a. 
^b 3b Mmsar .Assets.. 


FINANCIAL TIMES 

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I QJO I 7 ft 3 Tax tree, b Figures bur d on prospectus or other official 
1 ' estimate, c Cents, d Dividend rate paid or payable on part-, 
of capital; cover based on dividend on full capital. ’ 
e Redemption yield, f Flat yield, g Assumed dividend and . 

[ 55 [ 15| 4.1 yield, h Assumed dividend and yield alter scrip issue. 

1 Payment Irom capital sources, k Kenya, so Interim higher . 
than previous total. ■ Rights issue pending e Gamings 
based on preliminary figures, s Dividend and yield esrlude s . 
special payment, t Indicated dividend: cover relates to 
previous dividend. P/E ratio based on latest annual . 
earnings, a Forecast dividend- rover based on previous year's 
earnings, v Tar free op la SOp in the £. w Yield allows for 
currency clause, y Dividend imd yield baaed on merge r terms. 
(Dividend and yield include a special payment Cover doea not 
apply to special payment. A Net dividend and yield. B 
Preference dividend passed or deferred. C Canadian. E Issue 
price F Dividend and yield based on prospectus or other 
i official estimates for IB7MI. O Assumed dividend and yield 
after pending scrip and/or rights issue. H Dividend and yield 
, based on prospectus or other official estimates for 
IF78-70. K Figures based on prospectus or other official 
eiumates for 1978. M Dividend and yield based on prospectus 
or other official estimates for 1878. .V Dividend and yield 
based on prospectus or other official estimates lor 1979. P 
Figures baaed on prospectus or other official estimates for 
IW-TB. 9 Cross. T Figures assumed. Z Dividend total in 
date. H Yield based on assumption Treasury BUI Rale slays 
unchanged until maturity of stock. 

Abbreviations: dec dividend; me* scrip issue; V ex rights; a ex 
ail, rf ex capital distribution. 


" Recent Issues ” and “ Bights ” Page 22 


This service is available to every Company dealt In on 
Stock Exchanges throughout are United Kingdom for a 
fee of £400 per annum for each security 


REGIONAL MARKETS 


The following is a selection of London quotations of shar 
previously listed only in regional markets. Prices of Iri 
usiia, most of which aro not officially listed in Londc 

s i 


Albany Inv.SOp M 
Asb Spinning- 44 

Ben am 2X 

BdfiVtr EM SOp 267 


SindaUrWm.)... 103 i I 


I Clover CMI-. . 2b 
Craig iRose£l 480 +5 

Dyson iR. A-i A. 38 +1 

Ellif&MeHdy.. 61 ... 

Evered -... IJj ■— 

Fife Force..— 50 .... 

Finlay Pp! 5p- Zgi 

Craij Ship.EI... 140 

KiSW.t« Brew... 73 .... 

!O.M SUR.E1... 150 

Ho!iiJos.i35p ■ 2 M ... 

■, 1 Vthn CoWcmilh 56 ..... 

i-i Pearce iC. H i... 130 .... 

8.0 fvci v.ills 20 - 

Shetficld Brick 45 ..... 

B.6 


•S t? Conv.OWBO.'BS. £9iP M 

f? +1 Alliance Gas— . 70 

IT* Carroll fpj.i... 97 

ClondaUnn. 98 

Zgi Concrete Prods.. 130 

2" Heitoo (Hides.) 40 

2 Ins. Corp 148 

*2 - Jacob 62 

25 Sunbeam 31 -1 

22 -• TJltf 173 

• Umdoiv 90 .... 


OPTIONS 
S-montli Call Rates 


Industrial* 


.1 CJ J 20 (Tube Invest... 


... P: [■■Imps" . 


lUnilevcr. .. „| 35 


A.P. Cement 18 jf.C.L... ( 29 fl;M. Drapery.! V, 


Wool worths... 5 


ESJJ. 5 lnrenak 8 Vickers .llsj 

Babcock U KCA 3 Woolwonhs.J 5 | 

Baratov? Bank 25 Ladbroke 17 . 

BeechUm... ... 35 Legal* Gen . 14 Property 

BoOUfYu? — If LexSemce 7 B riL Land ...... 3U 

British’ V^-Scn * 1 Intreufopean 4 ■ 

Brown (J ? 70 pjnrtio .......... 5 Land SecsTZ.. 16 

Burton ‘-V — P ?n MEPC 12 

Cadbury? .. . ■ | LvgnsO. , ._ .. IB Peachey 8 

Court Julds ._ p -'wms — - ... 7 San, ue i W^§.. q 

Dcbcr.bams-— 8 UrfcE i spner 10 Town It Citv iu 

Willem 15 midland Bank 25 

Dur.loo . 7 ...... ... 12 Oils 

HSgtear - 11 Nat West Bank- 22 I"" 

.. 14 Do. Warrants 10 Brtl. Petroleum. 45 
Gei Accident 17 P&ODM..... a Burmah O.L.. 5 

Gen. Electric.. 18 Mcssey 8 CbarterhaU— 3 

Glasr. 40 Rfl.M 5 Shell 28 

GKutfMK.... 9 RsukOnt. W- 28 Ultramar— 20 

G u s •/.- 20 Rt*dlntnl..._ 12 __ 

Guardian 1* Sjnller* 3 ™ nes 

G.K.N. - 4 Charter Cons, IS 1 

Hawker Sidd 20 Thank- 22 Cons Gold U 

House id Fracr 12 TruM Houses.. 15 RioT.Zinc 26 I 


Glajfr. 

Grand .Vet - 

G US •// 

Guardian ...... 

G.K.N 7 •• 

Hawker Sidd 


Burmah Oil 5 

Charterhall— 3 i 
Shell 28 ! 


A avid non of Options traded is given on the 
London Stock Exchange Report page - 













































































































































































































































26 


Cruising means 


FINANCIALTTMES 






Saturday July 15 197S 


TIOPEPE 

The Spanish, name for 

SHERRY 



MEN OF THE WEEK 

Verdicts 
on a 
system 

BY DAVID SATTER 


MOSCOW. .July 14. 
ALTHOUGH THEY have 
different backgrounds and goals, 
the jailed Soviet dissidents Mr. 
Anatoly Shcharansky and Mr. 
Alexander Ginzburg have a com- 
mon personality trait which 
inspired their. action and deter- 
mined their fates. This was a 
determination — rare in Soviet 
society — to live according to 
their own personal and political 
standards. 

Neither Mr. Shcharansky. 
aged 30. with his determination 
to preserve Jewish culture in 
Russia, nor Mr. Ginzburg, 41. 
a veteran of labour camp life 
had any illusions That their 
human rights activities would 
give them a trouble free 
future. 

But each man at one point 
decided — Mr. Shcharansky 
relatively recently and Mr. 


Cobalt and tin prices 
raised by producers 


BY JOHN EDWARDS, COMMODITIES EDITOR 


ANOTHER substantial rise in 
the price of cobalt, * metal of 

particular importance to the 
aerospace industry, was 
announced yesterday. 

The Zambian state metals 
marketing company, Monaco, 
said it was raising its cobalt 
price from S8J50' to $12.50 a 
pound with immediate effect. 

DepenrKng on exchange 
rates, this will mean a rise in 
the UK price of more than 
£4.000 to about £14,875 a tonne. 
There was a previous increase 
in May, after the invasion of 
Zaire, when the price was 
raised from £8,250 to £10,650 
a tonne. 

Sozacom, the Zaire state 
metals marketing company, 
which normally provides the 
bulk of the world's cobalt sup- 
plies, said no decision had yet 
been made on a price increase. 


However, it is all but certain 
that Zaire will follow ‘the lead 
set by Zambia. Sozacom has 
completely sold oat present 
supplies at the old price, 
whieh arc being allocated on a 
rationing system at 70 per cent 
of normal orders because of a 
shortage. 

The scarcity of supplies has 
been aggravated by the recent 
invasion of the Shaba province 
in Zaire whieh badly hit the 
Kolwezl mines that at full 
capacity provide 70 per cent of 
world cobalt snpplies 'as well 
as being an important source 
or copper. 

Cobalt is a vital Ingredient 
In the super-alloy steels used 
in the manufacture of jet 
engines and other creep- 
resistant metals used by the 
aerospace industry. 

It is also used in the manu> 
facture of permanent magnets, 
and lu the chemical and paint 


industries In. -the form of 
powder; salts and oxides. 

Meanwhile, b rise in the 
International Tin Agreement 
“floor" and “ceiling" price 
ranges was announced yester- 
day after talks this week 
between producing and con- 
suming countries. 

The “floor” price Is being 
raised by. iso Malaysian 
ria gifts to L350 ringitts a 
picul (133.3 lb) and the “ ceil- 
ing” price by 200 ringitts to 
1,700 ringitts a picul. 

This does not immediately 
affect the world market price, 
which fell yesterday on the 
London Metal Exchange. But 
it raises the whole tin pricing 
structure by increasing the 
minimum levels of prices 
which are safeguarded by the 
International inn Agreement - 
between producing and con- 
suming countries — the oldest 
, commodity pact, 



Labour gains encouragement 
from by-election victories 


Shcharansky: personal ideals. 

Ginzburg Inng ago— to campaign 
fur a freer society. 

In the case of Mr. 
Shcharansky. the decision came 
in 1973. when he was banned 
from emigrating lo Israel where 
he was to join his wife. Avital. 
who had emigrated a few days 
before. He became active in the 
Jewish movement, joining a 
small ' group of activists in 
Moscow who had been refused 
exit visas. He dedicated himself 
to keeping in contact with fellow 
“ Refusents " in the country, 
as well as encouraging an un-. 
hindered Jewish cultural life. 

For Mr. Ginzburg, the moment! 
came much earlier when Mr. 
Shcharansky was still in school. 
It was then that he began pub- 
lishing an underground poetry 
journal which was one of the 
earliest examples of “ Samizdat." 
the unofficial type-written works 
whieh are now a standard 
feature of the Soviet dissident 
community. Mr. Ginzburg's 
cultural interests came to the 
attention of the KGB. He was 
finally convicted for a different 
offence, illegally silting an 
examination on a friend's hehalf. 
He was sentenced to a maximum 
of two years' imprisonment, 
which he served in a labour 
camp in the northern Urals. 

Mr. Ginzburg, the veteran, and 
Mr. Shcharansky. the articulate 
Jewish activist, began to work 
UieoHier in 1976, following the 
founding by Dr. Yuri Orlov, of 
the dissident committee which 
tried to monitor Soviet observ- 
ance of the Helsinki Agreement. 
Mr. Shcharansky brought lu the 
organisation his (luent English, 
a sixth sense for dealing with 
the needs of Western newsmen 
and wide-ranging Jewish con- 
tacts. 

Between them, the two men 
interested themselves in a wide 
range of alleged Soviet abuses of 
human rights. Mr. Shcharansky. 
for example, had contact with 
Soviet Germans, seeking tn 
emigrate and was concerned with 
the question ot psychiatric treat- 
ment of dissidents. The apart- 
ment of Mr. Ginzburg's wife. 
Anna, in Moscow became a kind 
of Mecca for individuals with 
specific grievances. Mr. Ginzburg, 
who was the Soviet dissidents' 
unofficial administrator and chief 
archivist, also ran a fund, set 
up with proceeds from the sale 
nr Alexander Solzhenitsin's 
books, to help the families oF 

Soviet political prisoners. After 
conviction, however. Mr. Ginz- 
burg was forced to live apart 
from his wife in Tarusa, 50 miles 
outside the capital. 

When the crackdown on the 
Helsinki Monitoring group; 
began. Mr. Ginzburg, who wanted 
democratic reform in the Soviet 
Uninn. was the first man to he 
arrested. . He uas seized when 
he left his wife's apartment to 
make a telephone call at a time 
when he was recovering from 
pneumonia. He was in very 
bad health after years of 
st niggling with authority and 
his sentence of eight years in a 
labour camp under “special 
regime conditions could prove to 
be a death sentence. 

Mr. Shcharansky said in his 
closing statement that his dream 
of emigrating to Israel was now 
farther away than ever. Like 
most of the wnuld-be Jewish 
emigrants, he was pessimistic 
about Soviet society’s ability to 
change. With 1U years of a 
13-vear prison sentence am*aa 
of "him. he may never be able 
tn "O to Israel, the country he 
had adopted as his true home. 


BY PHILIP RAWSTORNE 

MINISTERS yesterday greeted 
the by-election results in Man- 
chester. Moss Side and Penistone, 
as encouraging signs that 
Labour's electoral recovery is 
still gaining ground. 

Mr. James Callaghan is con- 
sidered lo have a good chance 
of entering a General Election 
in October on level terms with 
the Conservatives. 

Another fall in the inflation 
rate yesterday further boosted 
Labour morale, and the prospects 
of victory seemed to be 
Improving. 

Although the Tories claimed 
that the by-elections showed that 
Labour supporters were still 
deserting in droves. Ministers 
found considerable cause for 
satisfaction. 

The 3.5 per cent swing to the 
Tories in Moss Side was the 
lowest in any by-election this 
Parliament. In General Election 
terms, such a swing would give 


Mrs. Margaret Thatcher a bare 
majority in the Commons. 

Labour loyalists in the Man- 
chester inner city area had been 
severely tested by the party’s 
local government housing record 
as well as the general effect of 
the financial and economic crises 
of the past Tew years. 

Signs that the immigrant com- 
munity voted solidly for Labour 
enhances the party's prospects 
at a Genera) Election in about 
20 city marginal seats. 

Mrs. Thatcher responded to 
this in a speech last night in 
which she attempted to reassure 
immigrants about Tory policies. 
Political opponents had “malir 
ciously distorted" the party's 
attitudfe, she declared. 

Although the swing to the Con- 
servatives in Penistone was, at 
S.S per cent, apparently less 
satisfactory from Labour's point 
'of view. Ministers claimed that 
the slump in their vote was close 
to the normal pattern of by- 


elections in safe seats. Labour 
supporters were less inclined to 
vote when victory seemed 
assured. 

Labour's optimism was fuelled 
in Penistone by the Liberal suc- 
cess in holding on to its 1974 
share oE the vote, in spite of 
a bigher poll by the Tones. 

Mass desertion of Liberal 
voters to the Tories could give 
them a decisive edge over 
Labour in a General Election. 

Mr. David Steel, the Liberal 
leader, said yesterday that even 
the disappointing ■ Liberal vote 
in Moss Side was better tban the 
party's rating in recent opinion 
polls. 

Conservatives yesterday drew 
their comfort from the contrast 
in the outcome of the two 
contests. 

Lord Thorneycroft. party 
chairman, said he bad not 
expected the Tories to win 
either seat. -I 

By-election results Page 20 


Ministry 
blamed 
for lost 
£6m deal 


By Kevin Done, Chemicals 

Correspondent 

A BLUNDER by the Foreign 
Office is said by a UK process 
‘plant contractor to have lost it 
the chance oF winning a £6.5m 
construction contract in Egypt 
for which it was the lowest 
bidder. . . , 

Sim-Chem, the Stockport-based 
contractor, delivered its bid docu- 
ment to the Foreign Office for 
dispatch to Cairo via the diplo- 
matic bag— a practice used 
occasionally by companies for the 
rapid delivery’ of vital documents. 

Sim-Chem said yesterday that 
the bid was left out of the diplo- 
matic bag because it was foil but 
the Foreign Office failed to tell 
the company at once oF the delay. 
By the time it learned of the 
hold-up. it was too late to fly the 
bid to Cairo to meet the deadline. 

The Foreign Office would not 
comment on the allegation yes- 
terday. However, if it is proved, 
it could have serious repercus- 
sions because the carrying ot any 
documents via the diplomatic bag 
other than those for diplomatic 
use is in breach of the Vienna 
convention on diplomatic rela- 
tions. signed in 1961- 

The convention states in article 
24 that the diplomatic bag “ may 
contain only diplomatic docu- 
ments or articles Intended for 
official use." 

The British Embassy in Cairo 
apparently tried to rectify tjjfe 
Foreign Office error through 
diplomatic channels. But rival 
bidders insisted on the normal 
practice oF late bids being dis- 
qualified from consideration. 

The contract, for the construc- 
tion of two lOO.OOO-tonnes-a-year 
sulphuric acid plants, has been 
awarded to Davy Powergas, the] 
West German subsidiary of Davy 
International. 

The successful Davy bid was 
valued at DM 25m (£65m) for 
completion of the plants by late 
19S0. 

• As some consolation Sim-Chem 
has signed a £5m contract to 
build a 100,000-tonnes-a-yeaT 
sulphuric acid plant for Saudi 
Arabia. Sim-Chem has won the 
main contract for the plaa to be 
buflt at Damman. It will engage 
a Korean company as the main 
sub-contractor for erection and 
procurement of local materials. 


THE LEX COLUMN 


Continental blent 

I 

for Rothmans 


Bonn denounces Moscow trial 


The news that the balance of 
payments had swung back' into 
surplus in June, and the year 
on year inflation figure ot 7.4 
per cent was the lowest for over 
five years, was enough to lift 
a flagging stock market late yes- 
terday afternoon, with, the 
result that equities have had 
their best week since early May. 

Rothmans 

After Thursday's dull figures 
from Imps, the giant of the Bri- 
tish tobacco market, Rothmans 
International provided some 
sparkle yesterday reporting 
full-year pre-tax profits £14m 
higher at £80.6m. Following, a 30 
per cent improvement in the 
first half the group has recorded 
an increase in profits of 14 per 
cent for the second sjx months, 
on top of an exceptional corres- 
ponding period. 

The key to the performance 
appears to be a big volume 
gain, backed up by price in- 
creases in some markets. Out- 
standing improvements are said 
to have come from Germany 
(where Rothmans has arrested 
the decline in its market share 
at around IS per cent), Holland 
and UK exports. In the UK mar- 
ket itself, Rothmans appears to 
be battling strongly through 
the current price war and talks 
of having doubled its market 
share (to 14 per cent) in the 
past two years. . 

Attention still focuses oo. the 
proposed acquisition of the 
controlling interest in Rothmans 
of Pali Mail Canada (RPMC). a 
business, like Rothmans Inter- 
national. which is controlled by 
Dr. Anton Rupert. Negotiations 
are apparently still uncompleted 
but the hope is that details of 
the bid can be released in early 
August in timer to have the deal 
sanctioned by shareholders on 
the same day as the annual 
meeting, scheduled lor 
September 19. 

While the RPMC deal may 
have a lot to do with Dr. 
Rupert’s own vision of a chang- 
ing world, it also suggests that 
Rothmans International may 
have abandoned its stated aim 


Index rose 0,8 to 474.4 


to diversify away from tobacco. 
But those uncertainties are well 
reflected in the share price of 
Slip, where the fully taxed p/e 
is only 4.2. 

Gestetner 

Only a month before the end 
of its first half Gestetner was 
saying that "trading continues 
to" be satisfactory,’’ so the stock 
market was not prepared for a 
10 per cent fall in pre-tax 
profits to £13.6m and the "A" 
shares slumped 25p to 176p. 

The performance is all the 
more disappointing in that last 
year the group was able to push 
its profits £2jm higher, despite 
the absence of any growth in 
turnover and a strong apprecia- 
tion in sterling which deflated 
profits by another £3.9m. This 
time round, turnover rose by fi 
per cent and sterling fell by 
3 per cent, on a trade-weighted 
basis, between May and Novem- 
ber — but Gestetner's profit 
growth went into reverse. The 
only consolation is that on a 
current cost basis trading 
profits increased by 1 per cent, 
because the reduction in infla- 
tion led to a one-third fall in 
the cost of soles adjustment 

Gestetner. which is the 
world's largest manufacturer of 
stencil duplicating equipment, 
and supplies, has often been 
complimented on its . forward- 
looking accountancy policies but 
it is more reticent about dis- 
cussing its basic business, For 
what it is worth, the official 
explanation seems to be that 
last year’s appreciation in 
sterling is only now depressing 
profits. The company is not 
expecting much improvement 
in the second half, which means 
that full year profits could be 
in the region of £27 m. down 
£lm or so, but next year should 
be better. 

However, against the present 
background of sluggish world 
trade ami fierce competition in 


certain markets (like • 
static copters) investor- . • 

further reassurance th?u 7 - 
setback is only a hiccup,^ ' 
current price the. share 
per cent which coul £ 
ihjy rise to just over 6 Prt.-f ' ■ 
if dividend restraint?; ■ 

abolished. ; v 

Hambros 

Anyone reading the H i 
accounts could be forgit 
thinking that its Nor . 
shiping loans represent n 
than a little local difficult 
closed profits of the h 
companies have, it is true 
by more than half to £1.4 
shareholders' funds arc 
than a tenth higher at 
the net assets. at lilts .11 
side appear to .have ’bee' 
maintained and thedividt 
gone up by the statutorj 

Just about the only cJi 
something has gone badly 
is a £«6m fall to £469 m i 
group's outstanding loan*-*?."- 
partly reflects currency 
and a contraction m the 
shipping loan book, 
material part of the drop 
result of writing down 
which are subject to gtuu 
by the - Norwegian Gus 
Institute. 

What makes this 
presentation possible i 
freedom given to bunking - 
paoies to make unfit: “ 
transfers to— and withd 
from — unconsolidated re 
These can be used for al ' 
of ' things, including 
Hambros earlier in l he 
£2ra transfer to the sta- 
sion fund. In additio' 
group has been cushioneqjs C ;i 
assumption that the taxm. 
bear his share of the si 
burden and by some hat. .. 
dealing profits, its dealim- 
folio included £23m of i 
the start of the year — art 
at the end. 

A more detailed stateslirfc C 
the Norwegian position 
forthcoming when negot. . 
are concluded, possibly it ... 
or four weeks’ time. Bit . 
this is unlikely to inclur 
rhin? so vulgar as numb' 


BY ADRIAN DICKS 

IN APPARENTLY a significant 
change in West German policy 
towards Moscow. Chancellor 
Helmut Schmidt today said be 
was In 44 full agreement ” with 
President Jimmy Carter in his 
forthright denunciation of the 
heavy prison sentences passed 
on Anatoly Shcharansky and 
other Soviet dissidents. 

Previous statements by Bonn on 
human rights in Eastern Europe 
have generally been far more 
restrained, leading on occasion 


Weather 


DRY, cloudy, sunny intervals. 
Cent. S., S.W. England, Channel 
Isles, S. Wales 
Dry. sunny. Max. 22C (72F). 

E. Anglian. E., N.E. England, 
N. Wales, NAV. England, Lakes, 
Isle of Man, S-W. Scotland, 
Dry, cloudy, sunny intervals. 
Max. ISC (64FL 
Cent. Highlands, N.E.. N.W. 
Scotland, Orkney, Shetland 
Cloudy, hill fog, rain. Max. 
12C (54F). 

London. Midlands, Cent. N„ SJE. 
England 

Dry, sunny. Max. *20C (6SF). 
• Generally warmer weather is 
expected during the next 30 days. 


to sharp differences with Wash- 
ington. 

Today’s statement by the Chan- 
cellor came after a morning of 
wide-ranging talks with Mr. 
Carter during which both leaders 
were said to have reached far- 
reaching agreement in the most 
friendly atmosphere. 

The U.S. President, in turn, 
went out of his way this after- 
noon to praise Herr Schmidt and 
to emphasise that as the Bonn 
summit meeting draws near, 
“ the relationship between the 
U.S. and the Federal Republic of 
Germany has never been stronger 
nor more sound tban it is today.” 

In a statement on Mr. 
Shcharansky 's sentence. Mr. 
Carter spoke of “ the' sadness the 
whole world feels . . . We are all 
sobered by the reminder that, so 
late in the 20th century, a person 
can be sent to jail simply for 
asserting his basic human 
rights.” 

The German Chancellor also 
referred to the trials of dissidents 
in East Germany — the first time 
that he has commented publicly 
on these in such strong terms — 
and remarked that maay other 
individuals in Eastern Europe 
whose cases were unknown 
suffered from similar “accusa- 
tions ami persecutions . and 
sentences.” 

Both leaders said they were 
still determined to avoid pre- 
judicing the broad issue of 


detente by linking human rights 
to such questions as the Strate- 
gic Arm* Limitation Talks.. 

President Carter said tonight 
that the Soviet Union must 
observe human rights as well as 
restrain military power if it 
wanted genuine detente with the 
U.S. 

He added that the U.S. wanted 
a SALT agreement because of 
the need to preserve peace, and 
that goal was set regardless of 
other problems in Soviet- 
American relations. 


BONN, July 14. 

Herr Schmidt, for bis part, 
emphasised the contribution that 
the East European countries had 
made by allowing tens of 
thousands of family reunions 
and giving permission for over 
75,600 ethnic Germans to re- 
settle in the Federal Republic in 
the past IS months alone. 

Nonethless, the Chancellor's 
remarks struck many observers 
here as a radical departure from 
Bonn’s pevious line of soft- 
pedalling human rights 
violations. 




Allegros recalled after 
M-way crash verdict 

BY TERRY DODSWORTH, MOTOR INDUSTRY CORRESPONDENT 

BL CARS is recalling 140,000 “concerned that the action it 
Allegros in a swift response to had asked dealers and distribu- 
criticism in a Middlesbo rough * ors in early 1974 may 

court on Wednesday that it bad 5SL^.I^ U £S3M 
ignored “horrifying, evidence " , , 

of wheels coming adrift on early Allegros with chassis numbers 
models. up to 140705 will be affected by, 

t„ , nr recall, which will involve a 

foraerlj British Ley!™! said & ^llVant/ewee’ S 

-» *■«!■£" TS J2:2&S'£\SZ&£& 

^aibUity of an a^aL “ Morris dealers or disttibutors tor 
pooBiuuaiy m du uppem. a f ree check and, if necessary, 

The company had noted the a fitment of a larger washer In 
remarks of the judge and was the rear hub assembly. 


BUSINESS CENTRES 


Amsirdm. 

AlhfllS 

Barcelona 

H*'irnf 

Belfast 

Hi?laradr 

merlin 
Bi minimi. 
Bristol 
Brosu'ls 
Budapest 

B. AireS 

Cairo 

Cardiff 

Chu-aAO 

Curmw 

CtjpnUMn. 

Dublin 

Edjnhrch. 

Frankfurt 

Geneva 

Cl la Stour 

Helsinki 

H. Rons 

jo'bnn; 

Lisbon 

London 


Veiny | 
mid-dav I 

x -r; 

c i.‘i re ' Lus'?mhrs. 
s i<. 07]Uddnd 
•s 24 73iMancbsrr. 
p WiiFul&Orime 
!■' 17 Ki i MiViru C. 

I -y. TV Milan 

C i<> ill Mumrva! 

I- '-I 7M 1 Moscow 
S :.T viimu-h 
C I - - hi < Newcastle 
I- :-t 7.1 Wb York 
i' I? in I Kill 

* .Li I mi ! Pans 
S jo tut, Perth 

* 2ii <9‘ Reykjavik 

r ifi m | Rin dij j'o 

>' w fill Rome 
S -l JOiSlniiapon? 
C 1, <£} Stockholm 
F 22 TS.Strnshre. 

S ;r. 77. Sydney 
C 19 ifcl|Tel Aviv 
R 13 jfl Tokyo 
S 19 S7 Toronto 
C 17 fi2 Vienna 
S 27 PI 1 Warsaw 
C IS fri'Znriob 


Y~day 
mid-day 
•C e F 
C 29 <Si 
s nn si, 
C 13 «i 
F 11 ,V 
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S 29 St 
S -J3 71 
C 19 l» 

I i: 7. 
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S 23 71 
S 31 SS 
S 32 S3 
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S =9 34 
R 29 54 
C 3 73 
! M IS 
F 19 « 
S 23 73 


Sir Hugh Fraser fined £600 
over share dealings and loan 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


HOLIDAY RESORTS 




•F] 


°C 

°F 

AiaKto 

S 

2j 

77; Jersey 

S 

21 

70 

Algiers 

S 

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SI 1 Lai Pirns. 

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S 

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s 

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S 

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95 

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s 

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Corfu 

s 

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9i • Nantes 


P 

94 | 

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79 

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► 

22 

71, Nicosia 

s 

23 


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24 

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44 

594 

1 ofMj;i 

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s 


St 

Istanbul 

S 

.10 

SOI Venire 

V 

■2S 

sa 

S— Bunny. 

R— Rain. F— fair. 

C— Comfy. 









SIR HUGH FRASER, the finan- 
cier and stores chief, was fined 
a total of £600 yesterday Tor 
charges connected with share 
dealings and a £4 Jim loan. 

He denied a charge under the 
Companies Act 194S. over mis- 
ciassification of a loan in 1975 
in the accounts of Scottish and 
Universal Investments (SUIT'S), 
but was fined £100. 

He was fined £500 on separate 
charges, which he admitted, of 
failing to notify che company of 
60 of his dealings in its shares 
within the required two-week 
period. 

The case was heard at Glasgow 
Sheriff Court during May and 
adjourned for verdicts. 

At the time of the misclassifi- 
tion. Sir Hugh was SUITs chair- 
man and managing director. He 
became deputy chairman afler 
selling his shares to Lonrho. 
but remains a director. He 
declined to comment after the 
hearing. 

Two other former directors of 
SUITs. Mr. William Forgie, who 
was an assistant managing 
director, and Mr. Angus Grossart, 
managing, director of the mer- 


chant bank. Noble Grossart, were 
also found guilty with Sir Hugh 
yesterday of failing t or give a 
true and fair picture of the 
company. They were each fined 
£75. 

Mr. Forgle was also fined £35 
for failing to notify two share 
transactions, but Mr. Grossart 
was acquitted of a similar charge. 

Two non-executive directors, 
Mr. Edward Gamble and Mr. 


of the loan ebarge, although Mr. 
Redmayne was fined £100 for fail- 
ing to notify 12 share deals, and 
another assistant managing 
director. Mr. James Gossman. had 
the charge against him found not 
proven. 

The main charge In the case 
concerned a loan by SUITs to 
AmCal, a property company in 
which it had an indirei-t interest, 
involved in the re-development 
of the Array and Navy Stores site 
in Victoria Street, London. 

In his 50-page judgment 
Sheriff J. Irvine Smith criticised 
the loan, which, be said, could 
never reasonably have been 
regarded as a sound investment 
AmCal had been a bad debtor. 

“It paid not one penny of 


interest and when inquiries were 
made by the SUITs' secretary, 
seeking their money, a picture, 
by no means unfamiliar in such 
situations, emerged — a picture 
of unobtainable documents, 
unobtainable company returns, 
unobtainable, elusive, or as it 
turned out, irresponsibly optimis- 
tic officials.” 

He declared himself dissatisfied 
with certain explanations 
advanced for the loan being 
made. 

SUITs had lost the loan twice, 
the Sheriff added. It was lost 
in fact and’ lost in the SUITs 
balance sheet, where it was in- 
cluded in the notes with “cash 
at bankers or on hand.*' 

That rn '^classification was 
overlooked by a team of highly- 
qualified accountants and of 
businessmen, of whom two were 
chartered accountants and one. 
Sir Hugh, had vast business 
experience. 

The misclassification was a sin 
of omission. Sheriff Smith said. 
Reasonable steps were not taken 
by certain of the directors 
adequately to examine the 
balance sheet to see that the 
loan was mentioned. 


The new Schlesinger Preference & Gilt 
Trust is invested entirely in fixed interest 
securities which offer the benefit of a high 
predictable income and are likely to have 
less risk and be less volatile than equities. 

High i nconie -low volatility 

By invciliny only in preference shares and 
Briiivh Government Securities (Gifts!, rhe managers 
an: able to obtain higher levels or income than could be 
expected from a managed ponibiio of equities. Whilst 
equities would provide greater opportunities Tor 
growth than lixed interest Mocks, the latter are likely to" 
be less vokilile. The proportion in preference shares 
arul Gilts will be vaned at the managers' discretion. 

Sdilcsuigers also expect a useful degree of capital 
appreciation from this trust, over (he mediant (u 
long-term. 

Because dealing costs are lower for li\cd interest 
investments, and the initial charge on this fund isonlv 
3j. D o, the dealing spread is attractively low. 

Investment in Gilts 

Undercurrent legislation, most interest 
received in an authorised unit trust from gilt-edged 
securities is subject to corporation tax which is 
disadvantageous lo unitholders when compared with 
direct investment in such securities. 

For this reason currently some S5"^ of the fluid 
is invested in preference share, and 15 m Gilts ill 
which level SchUsingcrs estimate any disadvantage 
will be minimal. Should the legislation be changed, the 
fund will be invested entirely in Ciilis (see General 
Information). > our investment should be regarded as 
long-iut in. 

Remember that the price of units and the income 
I ll’ll i them may go Uow n as well ns up, 

Schlesingers’ PIMS service 

investors oC£2.?(HJ or mote will receive the 
Sdi lesi nger Personal Investment Management Service 
t PI MSt which includes regular investment reports and 
invitation* to meet the mvestmem managers. 


I A. PAID 
QUARTERLY! 


Planned income payments * to 

In order to licip investors plan their income. 1 '• • 
distributions will be paid quarterly on the JUlh of . . 
April. July, October and January, starting October 
ly7K Jor new investors. The tabic slums the 
approximate level of income (uci ofJ4" u basic talc, 
taxi we estimate you would receive every three . 

months. This equates to a gross yield of 1 2.b‘.’ n ‘ at : . 
burrent la t rates and based uu llie fixed offer price ’ 

or:4.0p\d. - ’. fly.. 



The distribution dales bale been carefully : . 

selected to complement those of the all-equity 
-Schlesinger Extra Income Trust. By investing equal), 
between these two hinds shareholder- enn obtain ci 
evenly -spaced anil approximately equal distributions 
per annum. 


A fixed price offer 


Units are on offer at the fixed price of 34.0p.\ii " 
f estimated gross yield 1 2.6" u ) for in vesta rents re- 
ceived by July 2 (j. The offer will close before July 26 
the actual offer price varies by more than 24 % from, 
the fixed price. In this event units will be available al 

the price then ruling, 

CvncrMl In Formation 

In UK e»*ni •■! a tn.mco in utdiinn nl.i.t, nnnM >tw 

Cl-^bJt.'Mil.tKVi'irtirisiniLiii n| ,'ilt iiiunne.il l> nlteftJcJ tliat Ux ultC.. 
«*l LtikTVrllLilli'hlU he rc-inicMcitlnluOl JtclUlll- Brulirilln-tniqlii 
.Sn.iiiinc- N>i,n a Ounce » nuM nc W-nk uni* il.in flu- ,uilcviiii:i» .. 
Cif ui.i<i.v:vr.. « ni.nhl ■■■•i l*> Jl..iii\jniai>EiiUM» utillhmdcr . aiiJ 

ihi- 1 rii-ii-c 'I lie >Minc,ir (be Iru.t vouilJ »v -.tuuccd . 
■s. Sl.-.inivr t.ilr IfliM - liitBiru'.n, itw nuUKHi pmillH. Anrllt^fi 1 ' 

" ill ht [tilviJ. wtiul M-rlili. tltS ,t ill ft, -t'nl >„i| tliirmi 1 scplcnit 

X he minimum intcMfttoa In the Fund k i 50*». The I nil Prirv jml i uiJ ■ . 
!tiiMi-.ltrU Jjllt in h^tlin* iit>.p. u <r:. Tu Krllunil-. -jniiMt to urn ii« 
Mil. II. mi. Jfff.'l'rl >>dl rnJ..|tcJ ..|l L|K‘ h ,ch— I'SHmmi i, n.-rnutliy- 

nwtlk Hltlml "dm till I'lir rwttji int Itn. :cn>mnn>l vtirillim, . 

k wmniKiron "I I £ ■ . Ailll, rjItH.im'iitni. I .,,, 111 -. UurEft.- All 
inui.Jt.lvtri.tc ■- tn.lii.lt-.l in ihr • l|l>r r.rivi AtlulrrMM 

sniiu.il i-iici'l ■I'm- V \ 1 1 ui i ik. « Almr id like hi.nd is JcJutfi-J in" 
tMn UHi'iin luaurd, ■lilllillinlidiiai. c%prnv-. truMcfisXliiUalhl H* 

T i«.i , t-ltl .\udli«r>, I 'em. '■) jihhk. Miultcll A C\*. MaMRs: 
x»tik.. mem I pi' i M.in.ici-1% 1 ij. lu Hi<iit>vrr s^uai'.-. Imm-m W.l. Hi 
V Iciuttin l.mUimL t.'m Mt-mhcr. tifihc I'm rrau -XwicUllef ' 
’J ) ( » «ffw 4. n-l Af.iih Me r« «c.,hteirft,tf iticMcinrWn <tl frcJjnd. 


Schlesmgers-spedalisis in die management of private,instirutiona! aad pension funds) 


To: Schlesinger Trust Managers LlvL. 

140 South Street. Dorking, Surrey. 

Il’irAcnt/ urul Eiml/ig .inuiphoae Trl. Dorking 10306 ) StiW 

I wish to invest / 

( minimum XX00J ^ 

in the Schlesinger Preference and Gilt Trust at the 
fixed price of 24.Qp xd. 

1 wish to haw my dividends re-invested . | j 

I would like further information, including I I 
demits of Share Exchange scheme l I 

A cheque is enclosed in rcniilUiiix.'nmdc payable to 
Midland Bunk Limited. 


I declare ihut I am nut pqkIcih ooujdc die Scheduled 
Tcmwnc* and that I am n«i aojuirineche unit* ai a timiliuco 
ot any person reddenl outside thcTerrilurics.l'irj-ou jrc 
unable to make this declaration, it should be deleted and tltis 
applicjtionlomi should then he lodged through your U.K, 
bank, stockbroker or Mlicilor.) Muon cannot the registered, 
but accounts drai&oaMd uilii ilwir h ill be ocwplcd. 

Surn-ame..... , (atoci: irmTu rmui) 

Tirst names ; — (In full) 

Address ,, , — J — : 


tn tlw case nt a joint appiKation all must sign, 



ReyHMvoiJ at thj P<»r , Office. Printed by 'St. GUmeca'a Press far amf outUistictl 
5? ' he * laancUl Tunes Wd., Bracken House, Can non Simn. London, BC4P 4BV. 
v “ u Q The Financial Tumm Ltik, 1958