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. . No. 27,587. 


Saturday June 17 1978 


**15p 


SB V 

<8* 


Wall Street j 

UK. Equities i 

UK. Gilts 

lorour laL’sr view ana PIMS j 
reports \vrile to R. K. Ijtnberiako. > 
W Hanover Square. f 

London W 1 A 1DU. ! 



' «W77^ENT*L SELUWG MUOSr 0JJ5TIUA SdOS; BELGIUM Frj 5 . DENMARK Kr.J.S: FRANCE Fr.S.0; GERMANY DM2.0; ITALY 1.5B0: NETHERUNPS fl.i.0; NORWAY KrJJf PORTUGAL Ek. 20; SPAIN Ptos.40; SWEDEN fcO.K; SWITZERLAND Fr.2.0; EIRE !5p 


NEWS SUMMARY 


GENERAL 


BUSINESS 


react to 


British Petroleum yesterday disclosed two major acquisi- 
tions which will reinforce its European operations at a 
cost of £430m. Its West German subsidiary is to buy the 
German energy company Gelsenberg. Its chemicals 

£210m Veba ck 


subsidiary is to takeover substantial interests of Union 
Carbide. Hie moves involve a contract to supply West 
Germany with crude oil and will leave BP with a 25 per 
cent stake in Ruhrgas. the main German gas business. 


ltC<U£2> 



t-T^j 

II s 


threat new ^ with Deutsche BP 


A planned strike by hospital 
electricians In up to ZOO hospi- 
tals throughout Britain from 
Monday was postponed last 
night, after a new pay offer 
from -the Government was 
accepted as a ** basis for negotia- 
tion.” 

Union officials will decide on 
Monday whether to call off other 
proposed industrial action, in- 
cluding an overtime ban. 

After urgent talks with Minis- 
ters, the electricians were offered 
a productivity plan designed to 
restore parity with, electricians 
in the private contracting 
industry. Mr. David Enuals, 
Social Services Secretary, said 
that he was greatly relieved that 
the immediate threat to patients 
had been averted. Back Page 

Prince’s marriage 

The Pope has refused permission 
for Prince Michael .of Kent and 
Baroness Marie-Christine von 
Reibnitz to marry in a Roman 
Catholic church. The main reason 
is said to - he Prince Michael's 
decision that- children, of the 
marriage should he brought up 
as Anglicans. The Baroness, who 
is a Roman -Catholic, now wilt 
marry the Prince in a civil cere- 
mony m Vienna this month. 

Blacks mourn 

Several thousand African school 
students attended a commemora- 
tive church service in Soweto 
yesterday to mourn the 600 
blacks who’, died in riots two 
years ago. South African riot 
police - set up road’ blocks . -and 
searched cars near the church. 
Page 2 

Zaire withdrawal ." 

The United States hoi- begun 
pulling - 'U.S. servicemen, and 
equipment out of Zaire's troubled 
Shaba province after completing 
an airlift of troops and supplies 
for an African peace force. The 
only white troops left behind in 
Shaba are 300 Belgian para- 
troops in small mining outposts. 

Belgian crisis 

Mr. Leo Tindemans, Belgium's 
Prime Minister, who tendered bis 
resignation to King Baudouin"on . 
Thursday, agreed to the king’s 
request- yesterday to try again fo 
resolve the differences lit .his 
coalition, government. In Italy* 
the main political parties have 
started informal talks to see if 
they can agree on a successor to 
Sig. Giovanni Leone, who 
resigned as President to answer 
to answer corruption allegations. 
Page 2. 

Tarling charges 

Home Secretary, Mr. Merlyn 
ReeS. has decided not to exercise 
his discretion to prevent extradi- 
tion to Singapore of Mr; Richard 
Tar) in 3, former' business 
colleague of Mr. Jim Slater. Mr. 
Tariing faces five charges under 
Singapore Companies Acts, 
having won' his appeal in 'Britain 
on more serious charges brought 
against, him. Back Page 

Ulster shooting: 

Terrorists shot dead a 19-y ear-old 
part-time police reservist as he 
was serving in a shop in London- 
derry yesterday. Mr. Roy Mason. 
Ulster Secretary, announced that 
Judge Bennett would be chair- 
man of- the inquiry into police 
practices in Northern .Ireland. 


• GILTS were Subdued in the 
wake of the Government's two 
issues totalling; £JL8bn. The new 
£lbn ultra-long 'stock ended at 
a fa discount from the £15 paid 
op on issue- (Back Page). The 
Government Securities Index 
closed 0.13- dqwiU at- 70-44. 

; i 

• EQUITIES were dominated i 
by situation stocks. Industrial 


BY’JONATHAN CARR: BONN JUNE 16 

VEBA, the leading West German energy concern to-day announced a 
major accord with Deutsche BP which involves a big restructuring in both 
companies and will help safeguard West Germany’s long-term oil supplies. 


in £220m 
Carbide bid 


BY KEVIN DONE. CHEMICALS CORRESPONDENT 


- -I » 11 

1975 1976 1977 157-5 


asfr 


It 



12 13-14 15 16 


Drugs found 

More than 10 kilograms Of 
heroin- worth £2-25m was found, 
in suitcases carried by two men 
ar Heathrow airport; last night 
The discovery touched uff 
‘ inquiries in several" parts of 
Britain 

Briefly 

Cricket: England scored 309 for 
8 (Botham 102 not out) against 
Pakistan on the second day of 
the Second Test at Lord’s. 
Packer problems, Page 9 
Siamese twin girls have been 
born in Portugal and doctors are 
considering an operation to 
separate them. 

Visitors to the Netherlands are 
being advised by UK health 
authorities to consult their 
doctors- on the need for polio- 
myelitis vaccination, 

BBC commentary hor in- the 
House of Commons is to be 
fumigated. Broadcasters suspect 
that sniffer dogs checking, for 
bombs have brought in fleas. 


leaders edged rtri&her and the 
FT ordinary stiare''tedex closed 
L4 higher at 470.6; .' 

• STERLING closed ^ points up 
at $1.8310, with; its index un- 
, changed at 6L3. ' 

• GOLD rose S184J in 

London and ia i%W. York the 
June Oamex secernent price 
was $1.60 up at 

• WALL STREET «i£scd down 

7.28 at 836.97. V&- ; 

9 ' FRANCE’.'' r »v-.v%‘atiryi . le 
1 £c ■felei'oramur'inv ,v .;\t? 

a 5300m medium-term loan .at '4 
per cent over intertMgijc rate. 
Bads Page ' . . •: \ 

• SPANISH GOVERNMENT^ 
has approved a decree authoris- 
ing the establishment of foreign 
banks in Spain, for the first time 
since the 1936-39 Civil War, but 
the terms are so restrictive that 
of the 60 hanks expressing 
interest no more than 15 are 
expected to accept the condi- 
tions. Back Page 

.* BARCLAYS BANK’S plans for 
the £92, 6m. takeover of the. In- 
vestment Trust Corporation is to 
be investigated by a special com- 
mittee of the Investment Protec- 
tion Committee of the National 
Association of pension Funds, 
after opposition to the deal from 
some institutions. Back Page - 

• EEC has ordered Britain to 
end its ban on EEC potato im- 
ports by July S or be taken 
before the European Court of 
Justice. Holland had complained 
that the baD had banned its 
trade. At the same time, the 
European parliament has Tsaid 
that the UK Milk Marketing 
Board is compatible with JEEC 
law.- 

• OIL companies, trades unions 
and North Sea building contrac- 
tors have agreed to oppose any 
farther claims for end-of-ebntract 
bonus payments from oil plat- 
form 'construction workers, 
page 2 

• BANK OF ENGLAND, has; 

agreed to a post-entry closed 
shop for its bank note examiners 1 
at its Loughton printing [works. , 
and a five-week Ions strike ends 
with a return to work next week. 
Page 4 ‘ . 

• BSC Board could ba*e six 
rank-and-file trade unionist Board 
members by the autumn if 
Industry Secretary’s plans go 
ahead for an enlarged Board 
■with a third of the seats:going 
to the unions. Back Page 


COMPANIES 

• PILKINGTON Brothers pretax 
profits for the year to March 31 
increased, to £71-Tm (£62.7m ) 
after a marked increase in UK 
sales and profits in the first half. 
Page 16 and Lex 

• ARTHUR GUINNESS ; taxable 
earnings for the 24 weeks to 
March 11 fell from £17.1m -to 
£143m and profit from brewing 
fell by £2.5m to £10.3m, Page IS 
and Lex 

• rhONE-POULENC France’s 
leading chemical group, recorded 
a FFr Sim consolidated profit 
for 1977 on turnover of 
FFr- 23.6bn, after 1976 Josses 
of FFr 364m on sales of 
FFr 21.74bn. Page 19 


Under the accord, parts of the 
Veba Group, Germany's biggest 
enterprise in turnover terms, 
will be sold to Deutsche BP for 
about DM SOOm (£210m). 

They include most of Gelscn- 
berg, which Veba took over three 
years ago, including refinery and 
gas interests. 

Further, BP will be gaining 
valuable access to the German 
fuel trade and to petrol station 
operations through takeover of 
subsidiaries of Stinnes, the trad- 
ing and transport arm of the 
Veba Group, 

This should enable BP greatly 
to strengthen the base of its 
West German operation. 

The entire deal is subjeet to 
approval by West German and 
European Community competi- 
tion authorities. If clearance is 
given, it will take effect from 
the start of next year. 

In a first reaction, and with- 
out prejudice to the competition 
considerations, the Bonn Finance 
Ministry gave an enthusiastic 
welcome to the agreement. 

The West German Government 
holds 44 per cent nf Veba stock 
and as such, is much the biggest 
single shareholder. 


The welcome is particularly 
directed at that part of the 
accord under which BP agrees 
to supply 3m tonnes of crude 
oil annually to Veba at a com- 
petitive price up to the year 
2000. 

The Germans have to import 
lhe greater part of their energy 
needs and have long been seek- 
ing tn intensify co-operation 
with Britain on oil. 


Reduction 


They already have a 44 per 
cent stake in the North Sea 
Thistle oil field via the explora- 
tion company Dummex in which 
Veba has a 44 per cent interest. 

The accord with BP represents 
a further valuable step on the 
road to long-term oil supply 
security. 

As well as the access to more 
crude. Veba is gaining through 
the deal by a reduction in its 
surplus refining capacity. 

At present, Veba Group 
refineries are working at little 
more than 60 per cent capacity. 

By its Gelsenberg sale to 
Deutsche BP. Veba is ridding 


Slowing in rate 
of inflation 
appears over 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


itself of j 50 per cent share of a 
refinery in Bavaria and a 25 per 
cent stake in another, also in 
South Germany. 

The upshot is that those Veba 
refineries which remain should 
be operating once lhe deal goes 
through at about S5 per cent 
capaciiy. with consequent major 
benefits for Veba profitability. 

. Beyond this. Deutsche BP will 
also be axininz a 25 per cent 
stake in Rithrgas, West Ger- 
many’s biggest natural gas distri- 
butor. Veba regrets the loss of 
this important holding. 

' But in the medium term, 
both sid"'? e\p*icl the structural 
changes to bring greater profita- 
bility. 

The BP-Veha discussions have 
lasted many months in what 
Veba officials call a particularly 
co-operative and fruitful manner. 
. It i-. understood that other 
discuss or.- between Veba and 
the Erirjjb Government are 
under way. involving possible 
Veba investment in Britain in 
the petrochemicals sector. 

Feature Page 14 
Veba forecast Page 19 
Lex Back Page 


RETAIL PRICE INDEX 

'EUXPT SEASOlUL FOODSi 


• 

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BP CHEMICALS is poised to 
make its biggest acquisition in 
Western Europe with the S400m 
f £220tu I purchase of the main 
pan of Onion carbide’s Euro- 
pean chemicals operations. 

It has agreed in principle to 
acquire Union Carbide’s main 
European subsidiaries BXL 
(Bakelne Xylonite i in the UK 
and Union Carbide Belgium 
based in Antwerp. Also included 
in the deal is the chemicals divi- 
sion of Union Carbide UK and 
laboratory facilities in Geneva, 
Switzerland. 

The two companies expect to 
complete the deal by the end 
of the year, but it is still sub- 
ject to both parties obtaining 
Government consents and final 
approval from the main boards 
of BP and Union Cjrbide. 

BP Chemicals’ name has been 
linked with several leading 
chemical companies in Europe 
and the U S. in recent months. 

It has suffered badly from the 
crisis in the petrochemicals in- 
dustry in Western Europe over 
the last year and action to im- 
prove its failing profitability be- 
came inevitable. 

With t'nc purchase of the 
\inion Carbide subsidiaries. BP 
Chemicals is acquiring busi- 
nesses with annual sales of more 
than 6300m (£lfi3mi. Last year 
it made profits of £18 9m from 
3 worldwide turnover of £66Im. 
Prc-t3x profits in 1976 were 
£4S.Sm. 


the latest sale it will have more 
than halved its U.K. interests. 
Another part of its BXL business 
was sold in BP last year. 

in a £lfim deal. Union Carbide 
sold its BXL thermosetting 
plastics division to BP Chemicals j 
last September. ! 

The latest set of deals will 
give BP Chemicals its first 
presence in ihe low' density poly- 
ethylene sector, with plants both 
at Grangemouth, Scotland 
1 100.000 tonnes a year) and at 
Antwerp <150,000 tonnes a year). 

This sector of the plastics in- 
dustry has been one of those 
hardest hit by falling prices end 
over capacity, but BP is confident 
of future growth based on the 
specialised' product range 
developed by Union Carbide. 
especially for the wire and cable 
industries. 


■n r , 

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Important 


Warned 


THE SLOWING in the under- 
lying mte of retail price Infla- 
tion appears to have ended for 
the time being. But the favour- 
able influences of the last year 
are still resulting in a decline in 
the 12-month rate of increase. 

The retail price index in- 
creased by 7.7 per cent to 195.7 
(January, 1974=100) in the year 
to mid-May, according to figures 
published yesterday by the 
Department of ‘Employment This 
is the lowest 12-monlh rate since 
January’, 1973. 

Mr. Roy Hattersley. the Prices 
Secretary, said yesterday that 
the figures confirmed his state- 
ment last Sunday that the 12- 
month rate of inflation would 
remain at or about last month’s 
level of 7.9 per cent for the rest 
of the year. “In some months 
there will be minor falls: in 
other months there will be minor 
increases." 

There is not yet enough evi- 
dence to confirm or to refute this 
view. It is likely that the index 
for mid-June will show a slight 


decline in the 12-month rate. But 
there may be a rise in the rate 
for the year to mid-July since 
comparison will be with a 
monthly increase of 0.1 per cent 
in the same period of 1977. 

There is unlikely to be a sig- 
nificant rise in the 12-month rate 
in the figures to be published 
before an October election. 
Whether the rate by the end of 
the year remains in single figures 
or is just above 10 per cent, as 
some outside forecasters have 
suggested, will depend partly on 
seasonal food prices later this 
summer. 

The 12-month rate in the UK 
is now almost in line with the 
average increase in prices in 
other industrialised countries. 

In the UK, there are no clear 
signs of an acceleration in the 
underlying trend as measured 
by the rise in the index. for ail 
items except seasonal foods over 
the last six months and expressed 
at an annuai rate. 

This stands at S.6 per cent. 


I ® UTS JNS 1977 19W I 

compared with 8.4 per cent for 
the period. to mid-April. While 
ibis is higher thau the rise of 
6.8 per cent for the period to 
mid-March, the trend is affected 
by the annual bunching of cer- 
tain increases, notably for local 
authority rents and rates, in 
April. 

The rise in the all-items index 
of 0.6 per cent in the month lo 
mid-May is exactly the same as 
in the first three months of 3978. 

The firmest conclusion is that 
the period of improvement in the 
rate has probably come to an end 
as the favourable effects of last 
year’s rise in the pound wear off. 
The sharp fall in sterling in the 
spring will take some months to 
work through fully; the accelera- 
tion in labour costs is now likely 
to be the main influence on price 
rises. 

No major price increases are 
expected this month, though Lon- 
don Transport bus and tube fares 
will, go up on Monday and the 
July index will be pushed up by 
about 0.3 per cent by the increase 
in the building societies’ mort- 
gage rate. 

Editorial Comment Page 14 


Mr. Len Bnrchell, managing 
director of BP Chemicals, said 
recently that the company would 
have iC diviMii.V its operations. 
Its particular vulnerability arista 
from its heavy concentration in 
base petrochemicals. 

Mr. Bnrchell said that the com- 
pany did not have a sufficiently 
wide spread of products to go on 
generating profits, when some 
parts of the business were in 
difficulty. 

The Union Carbide acquisitions 
offer BP Chemicals assured access 
lo a Urge captive market for its 
base petrochemical products and 
also "access to some specialist 
plastics technology. The Union 
Carbide operations employ 4.000 
people. 

Union Carbide made the first 
approach to EF Chemicals in 
March. One of the largest chemi- 
cal companies in the U.S.. Union 
Carbide has run into difficulties 
in recent years with an invest- 
ment strategy based on expecta- 
tions of high growth. 

Other businesses in the U.K. 
have already been sold, and with 


Through the acquisition of 
Union Carbide Belgium, BP 
Chemicals will take its first 
major stake in the Continental 
markets for ethylene oxide and 
glycol, chemicals used in the 
manufacture of anti-freeze and 
solvents. 

AH the Union Carbide plants 
offer BP significant extra outlets. 1 
for its established ethylene 
capacity. Ethylene is the most 
important base chcmieai made 
from petroleum with uses From 

S lastics and fibres to paints and 
eteruents. 

BP Chemicals has been facing 
an uncertain future. With few- 
captive outlets for ethylene, 
unlike most chemical ompanies. 
it could do little to solve its 
existing overcapacity problems. 
To make matters worse it is com- 
missioning u new 500.000 tonnes 
a year cracker with 1CI at the 
beginning of next year. 

Much or this extra capacity 
enuld now find outlets in the! 
newly acquired downstream ' 
plants. About 37 per cent of I 
the ethylene- produced in { 
Western Europe soes to make; 
low-derisirv polyeihvlene and| 
another 33 per cent qnes to] 
erhylene oxide, hut until now 
BP had little nr no presence in 
these sectors. 

BP Chemicals' operations in 
the UK were built up from the 
1950s in conjunction with Dis- 
tillers. Early on they formed 
a joint company. British Hydro- 
carbon Chemicals, but in its 
eariy years BP did little more 
than provide the petroleum feed- 
stock for the partnership. 

Similar joint ventures were 
started on the Continent with 
Bayer and Rhone Poulenc. 


By Stewart Fleming 

NEW YORK, Jimv Ifi. 
BIG U.S. BANKS triggcri'd ^ 
further rise in jdierMer.v. 
interest rates today when tivy 
announced an increase to S- 
per cent in their prime ieociir.u 
rate. The increase is expvcSefl 
to spread quickly across 
country. 

It i> widely expected rh.’f 
the prime rule ris\* \.i’,i 
accompanied by further 
creases in other 'duirl-ier::: 
inleresj rales, which iu mm 
could threaten the <’ar vr 
Administration's 4 le ■]'. 
cent real growth rate tarcr; for 
the year. 

The increase follows t rout 
lo SI per cent nit March 25 and 
lakes the prime — tile r:i re- 
hanks c-ltarge i heir best cus- 
tomers— lo its hi 5 best I 
since February 1975. 


Upward 


The move was spar'-cr- by 
Citibank, second largest U.S. 
bank, but was quickly follov.-d 
bv two other large its iik-4. 
Chase Man luit tan a:id Morgan 
Guaranty Trust. 

Citibank said il was in a 

its prim.* higher, even thorun 
the formula ii uses Tor c::V.::.it- 
ing the rate did nnt --tiseliv «:?,> 
tale the inenv*- I; * ti"? 
underlying trend of rates wi.s 
upward. 

fi>\e-<W:s v.;>: -i • i - ‘ ■' 

if the Federal Reven*- i 
reinforces Ibis trend. 

Tuesday. Ih*. Fedtr?! 

Market Commilfee. vltie’: 
the Feds me notary p-V- 
holds its rocpfor nvinritiy 
ineeiins in Y.’ash»:i u!o:>. 

Thor* are predict that 
lhe Fed will rfeei'V *u 
tichlen credit fitnb'T lows- 
recent rises in tit-' umn-'y 
supalv and mnnefn.-v has* 
implv that mon«-v uro-tib '•< 
intensifying in Hat inner) Pres- 
sures on the economy. 

The decision may -t 

difficult one for the Fed. si:n* 
some evidence is emerging «. r a 
slowing in the U.S- econoiuj. 

Some economists predict that 
growth will tail off signt ilc:;?:: !y 
iu the second half of tfc? >es.r. 

Upward pressure interear 
rates could slow Lhe economy 
further, particularly through 
Continued on Back f’age 



Eagle Star bays Champneys 


BY MARGARET REID 

CHAMPNEYS, the Tring health 
farm, and other private medical 
interests of United Medical 
Enterprises have been bought 
for about £2.7m by Grovewood 
Securities, part of the Eagle Star 
[Insurance group, 
i United Medical Enterprises is 
[now controlled by the National 
Enterprise Board. 

1 The businesses have been for 
sale since Allied Investments, 
which owned them as well as 
medical exports and supplies 
activities, was taken over earlier 
this year by United Medical, in 
which lie Enterprise Board 
holds 70 per cent and three 
institutions 30 per cent. 

It was made clear from the 
time of the £Sm bid for Allied 


that the State-owned Enterprise 
Board felt that ir would be 
inappropriate for its to retain 
control of private medical 
interests in the UK. 

Grovewood, an industrial hold- 
ing arm. of Eagle Star, has a 
wide range of assets, including 
Brands Hatch motor racing cir- 
cuit the Cambridge Theatre in 
London and scientific instru- 
ments and builders' merchant 
businesses. 

Mr. John Danny, who runs it, 
said last night: “We are con- 
cerned with people rather than 
products and we think the people 
running these interests are good, 
with a record of success.” 

Also included in the sale are 
the British Nursing Association, 
a nursing agency. Doctors' Re- 


lief Services, which provides 
locum services, and several nurs- 
ing homes — Thamesbank Nurs- 
The -managers of these differ 
ent interests will continue and 
assurances have been given that 
patients’ welfare will be fully 
safeguarded. 

ing Home, at Goring-on-Thames. 
Ticehurst Private Clinic, at 
Wadburst. Sussex, and Unsfed 
Park Nursing Home, at Godalm- 
'» life 

£ lb New York 


Spot j S1.93E-SSS 1 SI.ro 15-83231 
1 month , O,ss- 0>0 ,)■& J O.ICmj.itE rfij. 
Smooth* • 1.65-1.63 0» I LTM.fi 'lb 
l- months 6.35-5.16 «fi* ! 6.6CL5.W «Ii* 


CONTENTS OF TODAY’S ISSUE 

Overseas news 2 Leader page 14 World markets J* 

Home news — general 34 UJC. Companies IMS' Money and Exchanges 21 

— labour ' 4 ' Mining 6 Farmto&.raw materials ... 19 

Arts is IntL Companies 19 UJL stock market 22 


CHIEF PAIGE CHARGES YESTERDAY 


(Prices In pence unless otherwise 
indicated) 


RISES: 

Avon Rubber 

BATs Defd. 

Bourne A- Bingswrth- 

CameUra Inv- — 

Cory fH.) 

Daily Mail A 

Debenhams - 

Finlay (Ja*.),,, 

Flight Refuelling . 

Halstead' CW 

jm : — 

MFL Furniture, v — - 


200 + 6 
2S3 + 7 
118 + 1& 
280 + 23 
28 + 2$. 
SOS + S 
87 + 3 
390 + IS 
1S74+ 64 
23t +-2*. 
054 + 4 . 
93. +-5 : 


Metal - Box 

Milbury. 

Piifcington 

Triplex Foundries - 

Wood & Sons 

Slebens (UK) 

’ FALLS: 

Guinness (A-/ 

Randalls 

Staveley Tnds. 

Woodhead (J.) 

BH South - 

Metal Exploration - 
North Broken Hill -~ 
Western Mining 


314 +■ 8 
105 + 5 
520 + 37 
89 + 5 
57 + 9 
352 + 22 

170 - 30 
69-5 
282 6 
.32 — 5 
113 *7 6 
26 - 7$ 
134 - .7 
147 -r 6 


British Petroleum's big 

deals 14 

The von Hlrsch sale on 
Tuesday - *5 


ApoalntnMBtc — 

Bridge - 

Chess 

Collecting 

Cricket - — 

Crossword Picnic ... 

Economic Diary 

Entertainment Guide 

Plannee ft Family 
FT- Actuaries Indices 
Gardening . — 

GOlF. — •• — . 

Hew to Spend It ... 


FEATURES 

The road to Pakistan: 

China's Third World aid 2 
Fashion: 

Men swear for relaxation 10 


HK stock market: 

The rush starts again ... 6 
Travel In Bulgaria: 

The image and the facts 10 


20 


b 

Weaker 

2b 

INTERIM STATEMENT 



10 

Week la Ian. ft NY 

5 

S-. -A W. Bcrisfrrd -. 

17 

0 


2b 

Weekend brief 

is . 



13 

Man of the- Week 

» 

Yow Savinas B l 1 ¥ : . _ 


ANNUAL STATEMENTS 

9 


9 

OFFER FOR 5AUS 


Bmstead Ltd 

4 

18 


8 

Britannia ‘Double ... 

s 

Etwick-Hanncr 

2 

15 


IS 

Crest cm Jfcpon 


Lesdon TsL Co. 

IS 

12 


24-25 

Gartmore Bmra .... 

7 

Roberts Adtard 

IT 

« 

SE Week's beolfnjsr 

20-21 

Lawsen High Yield 


Sc be. European Inv. 

« 

22 


10 

London Wall Extra 


Base Lending Rates 

22 

70 


12 

M & G *00*1 w*' 


Buttdfng See. Rates 

21 

9 


b 

S and P America ... 


Lees! Autlnr. Rends 

21 

XL 

Unit Trusts 

23 

ScMenMcr Extra ... 

J 

UJC. Convertibles 

21 


For latest Share Index 'p hone 01-246 S026 


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

Sava A Prosper U.S. Growth Fund, with its 
portfolio carefully selected from the growing 
areas of American industry, is a particularly 
attractive way forthe private investor to take 
ad van tag e ot These opportu nixies. 

U.S. Growth Fund was launched in 1 964 and 
Is now valued at over £35 million. The fund arms 
xo provide a portfolio invested in the shares of 
U.S. companies. Income is natan investment 

consideration. 

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

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

How to invest 

Please complete and return the coupon below 
together with your cheque. You will be allocated 
units to thefull value of your remittance at the 
offer price ruling on receipt Of your application. 

To: Savo & Prosper Securities Limited, 

4 Great St, Helens, London EC3P3EP.TeI.: 01 -5548639 

Please issue me with United Stales Growth Fund unhs in 

lhe value ol C ai calculated Bt the of fer price 

ruling on receipt ol this application. (Minimum initial 
investment £250, £50 lor subsequent purchases), I enclose 
a cheque for this amount, payable lo Save A Prosper 
Securities Limited. 

Mr/Mrs/Misa 

Tull namefc) , — _ ... 

SLOCK CAPITALS PLEASE 
Address 


The minimum investment is £250. Qn14ih June £ 
1 978 the offer price of units was B5.0p. giving ar. ; 

estimated gross starting yield of £1.16% p.a. - 

t 

General informal ioa ; 

Units may normally be bought and sold on any * 
working day. However, in exceptional 
circumstances the Managers reserve the right JO > 
suspend price quotations pending their 
revaluation. Current prices are quoted in the { 

leading newspapers. The Managers will normally r 

buy back units from registered holders, free ol ' 

commission, at not less than the bid price ■ 

calculated an the day your instructions are r 

received They may also be sold through art . 

authorised agent who is entitled :o charge i 

commission. __ ^ 

The trustis a 'wider-range' investment £ 

authorised by the Secretary of Slate for Trade. ; 

The Trustee is the Bank of Scotland. r 

The offer price includes an initial charge not ? 

exceeding 5% and a rounding adjustment not p 

exceeding the lower of 1%or 1.25p. Commission J 
of 1 (plus VAT where applicable) will be paid £ 
on deals placed through authorised agents. J n ^ 

addition, a half-vearly chargefor Managers’ and [ 

Trubtee's expenses is deducted from the trust's \ 

assets.Thisiscunemlyl8.75p -r 8% VAT j 

(20.25p) per £100. _ ? 

Distributions ofnetincome are made on : 

1 5th April each year. t 

Save & Prosper Securities Limited is a member •> 

of lhe Unit Trust Association. Registered office: , 

4 Great Sc. Helens, London EC3 P 3 EP. i 

R egistered in England N c- 728728. ji 

pcru BMiMt— — I— WMKBMPBUSBiEgSSJCZ^; 

f declare that ! am mar 1 8 and am not resident oijuidG the ii 
ur: or other Scheduled Turmoriw and that I am not T 

acquiring th6 above units as the nominee of any person f • 

resident outside these Tennaiea. (If you are unable to 
make this residential declaration you should apply through [* 

V our U K bank, stockbroker or solicitor,) s 

r* 

Signature . . - H 


]| veu would tike distributions oi income to be reinvested 
nliW6c tick hero □ 

This offer is nor available to Republic of Ireland rasidsnuj 



SAVE & PROSPER GROUP 






2 


Times Sam«ay Sms 171978 


NEWS 




to receive 
payments lifebelt 


BY DAVID WHITE 


PARIS, June 16. 


EGYPT appears to have won a be converted into longer-term commitment oF S95frm in aid, 
breathing space in its payments maturities. starting in October, which means 

problems. A remaining $950m international Monetary Fund that some of it will come through 
in loans needed to cover its approval of a three-year iajec- this year. Among other creditors, 
expected deficit this year is tion. amounting to an extra the West Germans and French 
likelv to be assured within the 8720m, is now considered a mere have both indicated increased 
aext’six weeks Or so. Dr. Haraed formality, following a letter of aid. which suggests that Egypt 
el Sayeh, Economy Minister, intent from the Egyptian should be in reasonably good 
indicated at the end of a three- Government on its policy stead to get through 1979. 
day meeting of the Consultative measures over the loan period. Th e structure of Egypt’s civil 
Group for Egypt, held under the Dr. El Sayen said Egypt hoped debt which leave* aside a 54bn 
chairmanship of the World Bank. tii bring down its inflation rate military debt has improved with 

s from -5 per cent to 10- per cent the amount of long- and medium- 


Senior World Bank officials 
said they saw no need for a 
further rescheduling of Egypt's 
$12 bn foreign debt for the next 
two or three years. 

The large amount of medium- 
term debt still outstanding could 
bring a renewed deterioration in 


in the three years. term loans outstanding, increas- 

A first tranche of about S120m ing to ss.lbn from $5Abn, be- 
's expected tni? year Approya nveen ^ end of 1B76 ^ the 
of the extended IMF facility wit end of 1977 . Short-term debt 


clear the way for the General 


Organisation for the Develop- km. 3nrt 
ment of Egypi— a Tund backed gS? 

u. . c l : k’lnunlt O.t.. w *H eu uul - 


was cut back from SlAbn to 
the arrears were 


r^ewea ae«i.u«au« , .u b; . Saud , Arabia . Kuwait. Qatar, 
?* and the United Arab Emirates— 

I®**;. to decide on its aid commitment. 


Egypt's need for foreign aid 
will gradually decrease over the 

hoped that higher earnings from ^ikelv" tT-tire' aSSTS next four yeans, and wfl] I be less 

oil. the Suez Canal, and tourism r „ rth .femufm tn S700m for cash than for commodity and 

™,ld ,naW ? .h r Go.e^^ »“■ »>““■« 

meet its obligation*. declare its aid commitment, is 

The creditors’ meeting of 14 expected to make up the ramain- 
cousiries and various inter- ing requirement, 
national agencies took place in Egypt's deficit on its 
a markedly different atmosphere and capital accounts this year, 
from last year's, when Egypt was. including about -?750m in repay- 


cluded. 

Dr. Abdel Razzak Abdel 
Meg u id, the Egyptian Minister 
current of Planning, said that by the 
end of its 1978-S2 plan, which 
envisages spending of around 



SY DAVID LENNON 


TEL AVIV. June 16. 


about SWtflm in arrears in repay- meat oflong- and medium-term $17.5bn, Egypt's payments gap 
iny short-term banking facilities. ri«»hTs. is expected to be about will be roughly equivalent to its 
A 50 per cent rise in aid disburse- S3 .4 bn. Commitments already imports of capital goods: in other 
merits last year, including a large made. including suppliers’ words, it would be borrowing for 
amount of liquid funds, enabled credits, cover over S2.4bn. investment rather than for con- 

much of the short-t erm debt to The U.S. has made a fresh sumption. 

PLO claims 
Iraq plotted 
Yasin killing 

KUWAIT, June 16. 

THE MODERATE Palestinian 

MR. MEN A HEM BEGIN, the status of the areas occupied leader Mr. AU Yasin was buried 
Prime Minister, today held dis- since 1967. J" Kuwait today, as his organisa- 

cussions with his Foreisn and Mr. Begin has refused to go p on ' Fatah, re n wed charges that 

Defence Ministers in an effort to beyond his original offer to U'fJJ w ® s pe * 11 R^ l “ e killing, 

defuse the Israeli cabinet crisis review the situation after five Mr. x asm. 4J. was a lounaing 

over the future of the West Bank years, but a majority of the member of T 

and the Gaza Strip. ministers appear willing to con- Jj ale ^™lS? OrgMisa- 

The Divisibility of a cabinet sidcr a permanent arrangement JJ^.lnr^erSati^nKuwait' He 
split lead loaders of the Opposi- for the West Bank and Gaza delS in front o ' his 

tion Labour Party’ to meet last after five years of self-rule. home yesterday morning by ui- 
aigbt to examine the chances of Confined to his home because g y 

forming a coalition Government of poor health, the Prime fnmipriH )*»!«.• Fatah 

in the event of Mr. Beg in’s Minister has tried to work out wSSnee Si 

government falling. a compromise formula. This J/ShSL. murder-t hesecond 

S.®”!* S^J h u!: ™ iD ^ e consult . ed m - of a prominent PLO figSre in six 
Wetzman. the Defence , nont hs. Iraq denied the accusa- 
tion. 

Last December the PLOs 


developments are possible over permanent status of the West i lin rfnn representative Said 
foe next few days. He did not Bank in five years has won sub- UammamL was shot dwd in his 
rule out a realignment among stantial suonort In the Cabinet -a:-.. n.., Ar ji nn ink 


man of the Labour Party, has Ezer 

been reported as telling party Minister, whose proposal to 
leaders that dramatics political express willingness to decide the 

foe 

rule out a realignment among stantial support In the Cabinet 0 &i Ce According bo some Arab 
1*1 Pgjj" 1 P art, « because of „Ho -also held talks with Mr. Press' repSrg the kMler - never 
* n " < - rK,s ’ Moshe Dayan, the Foreign caught — acted on behalf of an 

The cabinet is divided over Minister, whose own proposal to Iraqi-based Palestinian organis- 
*.;v reply it should make to decide some of the final arrange- a tioa led by Abu Nidal. a former 
American questions about the merits now, has not attracted member of Fatah, 
permanent status of the West many devotees. The Kuwait Government has 

Bank and Gaza Strip. The U.S. It is expected that the last- condemned the murder of Mr. 
vievis Israel's offer of limited minute efforts to find a com pro- Yasin and has vowed to spare 
self-rule for the Palestinians of niise will continue right up to no effort to track down his kit- 
ihe occupied territories as an the Sunday-morning cabinet Jers. but police today were silent 
interim arrangement and wants meeting, when the issue will on any possible findings, 
to know what will be the final conie up again for discussion. Reuter 


Japan electronics plant 
to be opened in Dublin 

BY CHARLES SMITH TOKYO. June 16. 

A SMALL Japanese manufac- equipment to Britain came 
turer of audio equipment. Tnho under a form of voluntary re- 
Denki. is to establish a Y1.2bn straint last summer after many 
factory in Dublin which will be years of similar restraints on 
used as a base for exports to the Japanese TV exports. 

EEC. it was revealed today. The audio restraints are likely 

The factory will operate as a to be confirmed and extended 
joint venture between Toho and at a meeting due to take place in 
the Irish Industrial Development London next week between the 
Authority, which is expected to UK and Japanese electronic in- 


Talks start 
to find 
Leone’s 
successor 

By Dominick J. Coyle 

ROHE, June 16 . 

ITALY'S MAIN ■ political 
parties have started informal 
discussions to determine 
whether a substantial measure 
of all-party agreement is 
possible on a presidential can* 
didate to ■ succeed Sig. 
Giovanoi Leone, who resigned 
last night following wide- 
spread, bat unsubstantiated, 
allegations of corruption. 

Sig. Leone left the Qnirinale 
Palace shortly before mid- 
night, following a .televised 
statement in which be said be 
would defend himself as a 
private citizen .- against his 
accusers. The acting presi- 
dent' is Sig. Am In tore Fan rani, 
the President of - the ' Senate, 
and now a likely candidate for 
the Qnirinale, as he. was seven 
years ago. 

As acting President, he today 
received Sig. Giulio Andreotli. 
the Prime Minister, and Sig. 
Plctro Engrao, the Communist 
president of the Chamber of 
Deputies, who had consulta- 
tions with party leaders in the 
chamber. 

Both Bouses of Parliament, 
together with representatives 
of the regional governments, 
most meet together by Jane 30 
to vote by a two-thirds majority 
oo a successor to Sig; Leone. 
Early indications are that the 
main parties are anxious to 
avoid a damaging contested 
ballot 

The parliamentary strength 
of the Communist Party (Pt'.ii 
Is such that it has an effective 
veto on any candidate pro- 
moted by tbc Christian 
Democrats (DC). On the other 
band, the PCI will not wish to 
push its opposition to the point 
of risking a general election, 
given the party’s setbacks in 
recent regional contests. 

The central committees of 
hotb the DC and the PCI are 
likely to meet here next week 
to decide on party strategy. 
The succession at the Quirinaic 
was considered at preliminary 
meetings today by the 
Socialists and the Social 
Democrats. 


Thousands attend Soweto service 


. JOHANNESBURG, Juae 16. 

BY QUENTIN PEEL recent days' ‘-meant' 

SEVERAL THOUSAND Soweto ptoyers to allow their employees they enthu^astieally mobbed Dr. Voice.^n enterjD „ a . peaod of 
school students-attended a mass time off io attend, the services. Nthato Motiana. cnairni . forl darkness. All the lights are dim- 
commemoration service today Us Mon. shops in- the township oE tie banned ming. All to lights are going 

and ^vfrtuallg at? ’dosed between fPlSM °% * <^e obvi.oe that .be 
stepped and searched ears intbe SSn^Sd? ?m “ a SSioT^orter of betag lesson o£ 1*6 ttn iwt been 

area. respect for the commemoration ^ televis . reuorter only learned,” he said. It Quite 

The police activity was part 0 ftte-riots. ta .which more than ? tT prevent Ws t^ obvious that the Government of 
of a nation-wide security opera- m j adian ^ops in the J«st managed to preveui. * has. nd desire, to 

hen tn_wht 5 6M people^ave ™ <^ e J a ^^,“d P for two "r ehMg e/ 

— ‘ — The students refused to aiiuw . 


Bishop Tutu; bowetvear,. said 


been arrested in the past two hours an sympathy „ 

days. But today’s memorial ser- Retwesh 3000 and 5.000 stu- any white South /urican “absolutely no.-'dOubt 

vices, held in black townships dgnt _ attended the biccest Journalists : into the church, we ar e going to be free^. v . 

and colleges throughout South memorial serv ice at the Reims stricting entry to simplv and solely, because the 

Africa. i>assed off without serious ,-Jic e rvi ue Tuinfinntfi Thpv also banned the . r.rv,* Min «hi« land 


Africa, passed, off without serious SunS chinrfi in Sowe to. siniing pendents. They also w'wtV'people who. Me this. land 

cident . hymns, liberation songs, and lis- correspondent of riatchn know that -the system Is an 

There was an appreciable re- tening to speeches and poetry newspaper Of 


incident v.—-- tiK B ,.«i nn , n n 0e nhd n«. corresponaem oi * ^ know that -the svstem is an 

newspaper of Chief Gatsha ^ immor a syste ^. n 
Buthelezi’s Inkatha movement evil syst em. It Is' an oppressive 

* , - Abnosnhere in the church was Both Dr. Motlana and Bishop system. Until blacks are free,, 

from Soweto, although few shops Mt^p Desmond Tutu, secretary-general nobody in ttos' couniry wdi be 

aad offices reported serious siu-5uniin“ o£ the’ South African Council, of free “ ... 

S^SSi hH?. S 1 — ^ SSd?‘°^d Sarked Church^, spoke at. the_senr.ee, Aftw 


duct ion In the number of blacks a b DU t the riots, 
coming to work in Johannesburg 


roadblocks - on 

n-affic could bave ; been caused ? d D ^fjSSel mSnS MweTaa sradenf leaders. a warning sbotwhen children 

ET.'5J to side of the reed D , MoUana mU 1 the Mg 

memorial se msec have not urged But the excitement of the of black leaders and the bantu s £ eoar *- d 
a stay-away but have asked em- crowd only exploded twice — when of t he black newspaper, i ^ 


Move to ease W. Coast oil glut 


BY JUREK MARTIN 


WASHINGTON, June 16. 
Dr. James Schlesinger. the 


TTIE U.S. is to permit the export shortage, 
of oil from Californian refineries The West Coast glut, however. Energy Secretary, conceded that 
:is part of a series of complex has created complications both export licences did 

measures designed to ease the for the Administration and for work aizainst tbe long range goal 
current glut oE oil on the West the oil industry. Its principal f the President's energy policy. 


Coast. cause has been' the arrival of 

At tbe same time, higher Alaskan oil' from the North 
subsidies are to be paid to East Slope, which- is mostly being 


But he maintained that 'Cali- 
fornia had to be treated as 
He also agreed 


suusiuica uc ijuu w oiu|jc, wuiviu- la iau«uj uciuB caS p He a) so agreea 

Coast refiners who import foreign consumed on the West Coast and t CT 7™ orf 0 DDortunities might 

forifinal fnal oil Thic i n_ i c Foiriui^Arl Kir LU “ 1 _ *1“ ■ . _ _ « ■ • 


residual fuel oil. This in in- is particularly favoured by ri7« uad e the industry from in- 
tended to reduce slightly the refiners there because it has a J estin “ ^ niuch needed tfans- 
pr.ee of fuel in this region and lower sulphur content than Cali- portat f on facilities that' could 
will result, in a small increase fonnan crude. improve tbe marketing of Wert 

elsewhere in tbc country. As a result, Californian crude c J .. fue . in otl]er parts 0 f the 

The West Coast action is the production has been dropping. country 
most significant and certain to The oil industry has been press- '* 
cause controversy. Opponents oF ing to be granted export L,ast 1 

the export of U.S. crude have licences. Although the Admin i- ally pn. — — -- --------- 

maintained it makes no sense stration hopes that most of the Alaskan crude and although Drr, 
to export domestic oil products heavier Californian . crude will Schlesinger claimed that ilmit- 
when the country is importing be exported — mostly to Japan — ing the export licences to refined 
so much foreign oil — $45bn last the amended regulations do products did not contravene this 
year — and when the Administra- make, possible the export of embargo it is likely that Con- 
lion is trying to convince the Alaskan crude refined in gressional attempts will be. 
nation there is an impending oil California. 


made to nulfffy this latest action. 


Shipyards in 
Sweden to lose 
9,1 


in Tehran for 
talks with Shah 


By Andrew Whitley 

TEHRAN, June IS. 

TALKS IN Tehran this week-end 
between Sir David Steel, chair- 
man of British Petroleum, the 
Shah and senior Iranian officials 
could have a vital bearing on the 
protracted negotiations between 
the National Iranian Oil Com- 
pany and a 14-inember Western 
confortium, led by BP. for a 
new long term agreement. 

Sir David is accompanied by 
Mr. John Sutcliffe, BPs managing 
director, who has led the consor- 
tium side in the Tehran 
negotiations. They arrive in the 
Iranian capital tonight. Apart 
from the Shah, they are expected 
tn see Mr. Abo Hoveyda the 
Court .Minister an influential per- 


lake 25 per cent of the equity. 

It will employ 600 and aims to 
achieve annual sales of about 
Y4bn after a build-up period of 
two or three years. 

Toho is one of a handful of 
small to medium-sized Japanese 
electronics manufacturers which 
are almost wholly dependent on 
exports. The company's pro- 
, ducts are marketed under the 
i brand name Unisef but are also 


dustry associations. 


51-K^ J “ ush ‘ d Am 5‘ uze ‘ | sold in Europe under the labels 
gar. the Prime Minister, and top 1 — 

officials of NIOC. 

The last round of negotia- 
tion with NIOC ended six 


weeks ago. with no indications 
of progress. .After the previous 
session in March, “ significant 
progress in several areas ” was 
reported, hut progress appears lo 
have been slow since then. 

Although no firm date has 
been set for a resumption, 
sources here sav the next round 
should begin towards the end of 
this month, or in early July. 
Almost certainly, that would be 
the last session before the long 
summer break. 

BP has a dominant 40 per 
cent stake in the consortium, 
entitling it to the same propor- 
tion of the croup's offtake. 


of well-known European manu- 
facturers. 

The products of the Irish fac- 
tory will carry EEC certificates 
of origin and will therefore be 
entitled to tariff -free entry into 
other European markets. 

Toho appears to have had talks 
with development authorities in 
ihe UK and several other Euro- 
pean countries before settling 
no Ireland. The choice of Ire- 
land may in part have been dic- 
tated by the availability of a 12- 
year tax holiday. 

The decision to start local 
manufacture in the EEC reflects 
the anxiety of many Japanese 
electronics manufacturers about 
the growth of barriers to direct 
exports from Japan. 

Japanese exports of audio 


Ethiopian heads 
discuss Eritrea 

NAIROBI. June 16. 
ETHIOPIA'S LEADERS today 
began a 10-day seminar which 
will discuss ways of ending 
the 17-year rebellion in 
Eritrea. 

Addis Ababa radio, moni- 
tored here, said ambassadors 
had fiown in from their posts 
abroad and the country's mili- 
tary rulers, ministers, trade 
unionists and others had 
assembled in the capital to 
take part. 

Diplomatic observers said 
the gathering appeared to 
reflect pressure on the 
Ethiopians from their Caban 
and Soviet allies who formerly 
trained and supported the 
rebels and are now reluctant 
to become embroiled in a big 
military campaign against 
them. 

Reuter 


By William Dullforce 

STOCKHOLM, June ifc 

SWEDEN WILL have only, two 
major shipyards operating at 
reduced capacity by the end of 
19S1 under the latest Goi em- 
inent plan. Of Ihe 20.850 still 
working in the yards last 
December, dose to 9,000 will 
lose their jobs. Hardest hit will 
be Gothenburg, Sweden's 
second city. .' 

The plan, which will he sub- 
mitted to Parliament in the 
autumn, . is “the largest 
planned re-organisation e»er 
undertaken in any branch <4 
Swedish industry,” according 
to Mr. Nils Aasling. the 
Minister of Industry. Spokes- 
men for the Social Democrat 
opposition and the Gothenburg 
shipyard workers described it 
as a death blow for Swedish 
shipbuilding, which was once 
second only to the Japanese In 
annual tonnage built. 

The privately owned 
Kockums yard in Malmoc and 
the state-owned Uddevalla 
yard will continue to build 
ships but Kockums will reduce 
staff by 1,100 to 4,100 and 
Udde’iatla by 1,800 to 2.300. 
Tbe Arendal yard in Gothen- 
burg and the Oeresund yard 
in Landshrona will he con- 
verted into heavy engineering 
concerns and will cut the num- 
ber employed by 4.1(H). The 
Eriksberg yard in Gothcnhurg, 
which still employed 2.700 in 
December, is being shut down 
under an earlier decision. 

Mr. Aasling said Svruska 
Varv, the state company 
operating all the big variU. ex- 
cept for Kockums. would need 
state financing of Kr 6-7bn 
(£700m-i:820m) over the next 
three years, while the reduc- 
tion in capacity was heiiig 
effected. Kockums agreed to 
co-operate in the Government 
plan when it was recently 
granted a Kr 340m slate loan. 


Talks go on at New York paper 

BY JOHN WYLES 

PROSPECTS FOR a settlement expect to be offered fresh em- suspended last night largely be- 
ef a strike by 1,340 journalists ployment cause delivery drivers changed 

and commercial staff at the New Initiatives at bath papers are their minds and decided against 

York Daily News appeared seen as acts of support for the crossing picket tines. Their co- 

brighter today after a night in News, which- is seeking agree- operation with the company had 
which the newspaper failed to ment with tbe guild on similar led to angry scenes during the 
Dublish for the first time since issues. Once an 1 agreement is previous two nights. Last night 
the stoppage began on Tuesday, reached at the News it "Is ex- the News management .charged 
.Negotiations between the man- pected to provide the broad pat- that “roving bands T had beaten 
agement and the Newspaper tern to be followed by Ihe other up four management workers 
Guild continued this morning two newspapers. ' who had been helping to produce 

and according to a news agency Publication of the News was tbe .news pap . .. .. 

siory were close to agreement. — : ; ^ ' 

The talks are being closely moni- : 

tored by the Iwo other daily nri j £-1 ’ • " 

Times 3 and the New York Post Teamsters refused cover 

which are both expected to sus- 
pend publication if the News 
remains shut down over the 
weekend 


BY STEWART FLEMING 


NEW YORK, June 16. 

LLOYD'S OF LONDON has re- difficult td get insurance. 

Th* Times vesterdav increased fused t0 renew fiduciary The greatest difficulty has 
fhp ore«sure on the euild bv tell- insurance of trustees of been encountered by the Team- 

Si u? lournStist5 8 who£ con- the P ension fuQds of the Western ster's central states pension fund 
trap t J offi c i a i 1 v ex d i r ed on M arch Conference of the Teamsters’ and the related health and 
^ .h^ri wL termlnatfne arbi- Union on the grounds that it is welfare fund.' The funds have 
Xrloi in ffilure dSoutes and m uninsurable risk. been under investigation hecause 

changing a number of working The insurance protects trustees of alleged links with the financ- 
conrlitions. At the same time af the pension fund from liability >Qfi °f organised enme. 
the Post also announced changes for defence costs in the event of In March, the Aetna Life and 
in journalists’ working condi- litigation against tbe funds. Casualty Company cancelled its 
lions, including lengthening pro- Increasingly, however, partly be- fiduciary liability policy with the 
bation periods and shortening cause of the sharp increase in central states fund which has 
tbc period during which em- lawsuits against the union funds, since been unable to find 
pjoyees who are laid off can they have been finding it more insurance elsewh ere. 

Schmidt warns on spending rise 


BY ADRIAN DICKS 


BONN, June 16. 


CHANCELLOR HELMUT product, as a hindrance to the has to be measured in terms of 

SCHMIDT has delivered a tax cuts being suggested by many the rate of interest you achieve 
warning to West Germany’s in West Germany including the in the capital markets. I have 
partners tbat if they insist on a Chancellor’s Free Democrat coal- reason to be very cautious, if I 


large, deficit-financed increase in iuon partners. 


read the "signals in tbe capital 


“The room for financial deficits market carefully.” 


Juan Carlos in Peking 


Bonn's public spending, the con- 
sequence could be a rise in West 
German interest rates that would 
hamper real growth, disturb 
capital Hows and risk upsetting 
foreign exchange markets. 

However, the German Chancel- BY JOHN HOFFMANN PEKING. June 16. 

t0 ^ pha Slr d £„ he THE of s P ain arrived in together when they left for the 

proach the ' China today to a flamboyant wel- official guest house — uncommon 

summit meeting ready to strive come that illustrated the im- m terms of Pekinq protocol as 
for international compromise p0 rtance given to bis visit by a lesser deputy usually accom- 
and package deals, and would t h e Chinese Government King patties important visitors, 
be wiUin? to take some steps, j uao Carlos. Queen Sofia and Later the King had his first 

even if Im not convinced that **--= - - ■ ■ • - - - ^ 5L 

they would be helpful.” 

In an interview with Business 
Week, Herr Schmidt referred 
once again to Bonn's kigb rate 
of public borrowing, now equal 
to 4.5 per cent of gross national 


their retinue were met at Peking round of talks with Teng Hsiao- 
airport by Premier Hua Kuo-, ping. N 0 details were released, 
feng. Vice Premier Teng Hsiao- but the talks are believed to have 
ping and other Chinese leaders, embraced trade and foreign 
Almost the entire ambassador- policy. Senior economics and 
lal corps turned out, and Premier foreign affairs officials of both 
Hua and King Juan Carlos rode governments took part 


Bulgaria 

denies 

territorial 

ambitions 

: Rjr. Fmxl Ltnihai - 

..... . '. VIENNA; June 16. 

THE . BULGARIAN Party 
tester and HeatToT -State, Ur. 

Tudor - Zhivkov,' last night 
puhticly denied his country had 
any territorial - . claim on 
Yugoslavia. He offered to go- - 
immediately U> Belgrade to 
: sign a joint '."declaration - wi tit 
Marshal Tito: in which Bulgaria 
and Yugoslavia wonld mutually 
renounce any territorial claims 
and confirm the principle of 
the invlobility of the frontiers. 

Speaking at a meeting in 
Blagoevnul, near ihe Yngoslav- 
Btdgarian border, Mr. Zhivkov 
said" relations between these 
two. countries could become a 
p model of 'good neighbour tin esb 
P* and spokr In favour of -a " com- 
radely .dialogue?.' over .out- 
standing questions. 

However, . the Bnlgariah 
leader " deliberately avoided 
mentioning the main bone of 
Contention, the Macedonian 
issue, hy name and firmly 
rejected any attempt at “ inter- 
fering ? in Bulgaria's 1 internal 
affairs. 

.' Bpt the Yugoslavs are hound 
to doubt the sincerity of any 
Bulgarian gesture as long as 
Bulgaria continues to deny the 
existence of a Macedonian 
nation and thus the existence 
of . the Macedonian {Republic, 
:One of the rix constituent 
republics of .Yugoslavia. 

Furthermore, the -Yugoslavs 
also demand- the right s. of the 
Macedonia a minority in 

Bulgaria, which 7 numbered 
almost 20Q,fMM> in .the 1966 
census, should be recognised. 
Since then; official Bulgarian 
statistics have not referred to 
Macedonians in Bulgaria. - 
Mr. Zhivkov's speech -implies 
the question of the Macedonian 
minority would be .regarded as 
Interference hi Bulgaria's 

internal affairs. 


Ireland to cut 
public spending 

By Our Own Correspondent 

DUBLIN, June 16. 

THE GOVERNMENT of the 
Irish Republic is to cutback on 
public expenditure over the 
unit three years mainly in the 
area of social welfare . pay- 
ments. 

A Green .Paper on the 
economy, published tomorrow, 
proposes that public spending 
oo unemployment Jmaefit and 
other assistance should be 
reduced from 20.7 per cent of 
GNP this year to 18.9 per cent 
next year and 17.9 per cent in 
1980. • - 

Initially, the Government Is. 
planning a -campaign to' reduce 
the degree of fraud ■ by- -serial 
welfare claimants. It la also 
considering the -abolition of 
food subsidies which are 
estimated to cost the Govern- 
ment about £60m this year. 
The ending, of the subsidies 
would put an extra 26p per £ 
on bnter alone and have 
the overall effect of pushing 
the Consumer Price index up 
by 2 per cent la a Mr year- 


THE ROAD TO PAKISTAN 



ELSWICK-HOPPER LIMITED 

Extracts from the 
Annual Report 


PROFITS: Up 63?o as a result of 
growth and acquisition. 

DIVIDEND: Increased on greater 
share capital. 

EXPANSION: Acquisitions and new 
subsidiary companies doing well. 

PROSPECTS: Excellent with current 
turnover up ]0°o on previous year. 



7978 

1977 


rooo 

(Reseated) 

£'000 

turnover 

12^1 

10,413 

TRADING PROFIT 

7,053 

645 

AVAILABLE PROFIT 

735 

510 

DIVIDENDS 

787 

137 

DIVIDENDS 

PER 5HARE 

0.9p 

0.8l25p 


Copies of the Report moy be obtained from the Secretory, 
Ehwicfc-Hopper Limited, 10a Chandos Street, London Wf/Vi 9DE. 


China’s third world aid 


BY SIMON HENDERSON, RECENTLY IN GILGIT, PAKISTAN 

THE OPENING of the Kara- 15.000 feet — until that point Arumchi, the capital of Sinkianc 

^ r d an ^s?„^r w en is c „ h ,s kt* — "SmhI*s 


At first sight the hazards of 


Chinese 


years 

the developing the road 



of labour force was 


■ X ; ikuuc ana it wouia only take c 

operation terms, tbe road a.« pre- with pfans to become a tourist gteen s? open lit ^ourees^ !SSS r , b0 - m ? er 10 bi0( * *1 

senuy constructed means Urtie. base offering skiing and trekking. Gilgit r5M c£ e S ai S 

But it will open up die entire jt was for development and nearly 2.000 Pakistanis Given --lujj 30 1! ““““ 3C, *vs 

northern areas of Pakistan. It greater political control that the ^fficulties of the terrain anS 3 rapproachment .with 
starts about 50 miles from Paki^ Pakistan first started work on the its Inherent dangers the figures ' a J , P* re ^3' unWorried 

stretches P same 450™ i ef.0 ft, , in , l 959 ' 

. .v u ,*i 10 Army engineers and labour Th»« rhi 

pji" 68 * vhui,3r ^5 battalions were used initially but tomorrow’s 

A 0 .^.® pf When work resumed after the ; R h Pinn ipri h„ v« m .D« M .b.. ok; , . - 



and weaponry pouring down into ' 

yond its immediate strategic abject poverty. The main town guarded secret Now it ha« hSJ J** “ff ai J be r .against 

implications, it will be a con- of digit, little more than a reveled to have been to . Soviet moves 

tinual reminder of what China trading centre before work Chinese and 15 (WO PakirtS “ , 

can do for its fnends. started on the road, is now a raomitf ■^ a “7 a 3 is ' C0Ul( ^ 001 stand the weight .of 

In trade or defence co- thriving administrative centre accidents Md rockfilis 6 *?*. 0 2SS- an i!i^!? u ¥ °5l? **? 0l *e dumrial cities. ...... 

• tl ,9 n Pakistan side, where ~ 

Indian diplomats, themselves AuE a<i * ^ ^ -^dus valley . 

-u: — — ’ “ear Abbottabad^ . there., is— no 

connectitm with, airport 
railhead or road . Islamabad 
. say Russia heed, be worried ^ 1 ? I0rt bas little cargo facility, 

Tbe Chinese delegation at about it only In the lorn; term 'Sf* . east ‘ w «t . Grand •:! Trank -.- 
opening ceremonies —equipment for the mostiv ESSLi® a, «ady desperately hver- 
the most inhospitable terrain in Jggg" war wi ih” India^ Tt was Vice-Premier Chinese - eauipped Pakie+ B « tebded, and the only link With 

The 
point 
ranges: 
from Russia. 

the south-ea&i. lue rvaiahurams ? .• -- v — t, — . y MMW M * wiui hues does* not annarAnMo . 

in the east and the Hindu Kush point to construct a similar high- Pakistan against the new connect with, the Taiih — Tn -^^ gt e ' ... . 

in the south-west. At the Chinese way on their aide of the border Russian-backed regime in and even when it does, Sinkiant.’ ^ ^ ..'_i 

border the pass rises to nearly t0 U P Wlt ^ f^'teead of Afghanistan. is still a lgng .way iram the ini 



K 


icconrt ffS 1 1 WWMl-Ulf MSTl fanlW*'?.: 
; “ ^ wsu.Be nWMiar^rg^.;-:; 

- ' ' -*1: . Jt 7 ■■B V;. v - 







'N 


Financial' Times Satarctey toe 1 T 1978 


A 


lll §arij 

ernes 

;r moiij| 


Patrdoe rules out Vickers compensation 
deal with Tory insulting— Robens 


‘carrion crows’ 


BY RUPERT CORNWELL, LOBBY STAFF 

THE OPEN war between Con- and Sirs 
serrataves and Liberals intensi- of the in 
fled last sight as. Mr. John tion to-1 
Pardoe, the Liberal deputy float a 
leader described the Tories as Wba we 
the carrion, crows of British what ha 
politics.**.. skipper? 

The bitterness of the insults The £ 
made by one party, against an- were ** ci 
other after this week’s confidence only fe 
vote in the Coni mo os. where the socialism 
Government survived only thanks had 
to Liberal abstentions. Is a mea- Labour’s 
sure of the importance of the Tory Pax 
battle at the next election for u . j 
the 5m Liberal votes of October JttUlCU! 
1974. won largely at Tory His di 
expense- kind by 

But it also means that the c j ose t0 
even-handed strategy sought by w v. D bel 
Mr. David Steel— that the motion 3 

Liberals would be ready to do a victory 

J" 1 rS , major ? arty i£ efforts tc 

they hold the balance of power tb e 

in tbe next Parliament — is a Bolb 
non-existent prospect shadow 1 

Senior Liberals and Tories Mr Airi 
believe there Is practically no Ulster i 
realistic chance of any Lib-Con Liberals 
pact to support Mrs. Thatcher in choose il 
office. possibly 

Mr. Pardoe accused the Con- extreme 
servatives of heaping abuse on j s an axg 
the Liberals out of desperation feature 1 
at seeing their chance of elec- servative 
torai victory receding and Mr. T 
warned his colleagues to expect little doc 
much more of the same as pal- be wipe 
ling day approaches. Election. 

Sir Geoffrey Howe, the shadow three Lil 
Chancellor, had referred to we will 1 
Liberal support for the minority not win 
Labour Government as “rats Liberals 
returning to a sinking ship " Mr. hands 
Pardoe snid in scorn, socialist 

“Yet only four years ago he claimed. 


and Mrs. Thatcher crawled out 
of the wreck of h general elec- 
tion to beg for liberal help to 

float a ininorHy Government. 
Wba were .the. rats then and 
what have they .done with the 
skipper? EJatea hlm?” 

The Conservatives, he said, 
were ** carrion-crows ” who could 
only feast on tbe fear of 1 
socialism. Now that the Liberals 1 
had successfully blunted 1 
Labour’s extremist Jennings, the 
Tory Party went hungry. 

Hindered 

His diatribe was answered in 
kind by senior Conservatives 
close lo Mrs. Margaret Thatcher, 
who believe : that the censure 
motion yielded a'useful tactical 
victory by binderinR Liberal 
efforts to disentangle themselves 
from tbe pact with Labour. 

Both Mr! Tbddy Taylor, 
shadow Scottish spokesman, and 
Mr. Airey Neave, the shadow 
Ulster Secretary, blamed the 
Liberals for allowing Labour to 
choose its electoral moment and 
possibly return to power with an 
extreme Marxist programme. It 
is an argument that is bound to 
feature prominently in the Con- 
servative election, campaign. 

Mr. Taylor said;' “There is 
little doubt that Hie Liberals will 
be wiped out the Genera! 
Election. In Scotland there are; 
three Liberal constituencies and 
we will be disappointed if we do 
not win two of them.” The 
Liberals were mere, tools in the 
hands of an ■ unscrupulous 

socialist administration, he 
claimed. •>. 


Reform Secret# Act, 
urges Heffer 


BY TIM DICKSON 

ACCUSATIONS of "financial 
rape" over the compensation 
terras for Vickers’ nationalised 
assets were levelled at the 
Government by Lord Robens, 
chairman of the engineering 
group, yesterday. 

In a bitter attack on the pay- 
ments so far made for Vickers* 
former aircraft and shipbuilding 
interests, Lord Robens, a former 
Labour Cabinet Minister, com- 
plained about tbe “shabby, 
petty, paltry and indifferent ” 
treatment the company had 
received. He told the annual 
meeting in London yesterday that 
the payments on account were 
derisory, ludicrous and con- 
temptible.” 

So far, Vidcers bas received a 
; total of £7m from the Govern- 
ment for its 50 per cent stake in 
British Aircraft Corporation and 
its formerly wholly-owned ship- 
building subsidiary. 

They were nationalised on 
April 29 and July 1 last year 
respectively and carry a book 
value of f 67.6m in the accounts. 

Ironically, tbe first talks on 
further compensation for the air- 
craft side also took place yester- 
day between Government 
officials and shareholders’ repre- 
sentatives. 

Discussions about Vickers' 
shipbuilding interests will be 
held at the end of this month. 

Lord Robens told shareholders 
at yesterday’s meeting that the 
total amount paid to Vickers tor 
its share of BAC was £3 ,1m. “just 
a tiny percentage of the profits 
made hy the assets taken over.'* 
In 1977. BAC. jointly owned by 
Vickers and GEC, had made pre- 
tax profits of £53.6m. while 
Vickers* shipbuilding profits in 
the six months before vesting 
day. amounted to £3.Sm. 

“Against these figures, the pay- 
ments were not only derisory, 
but they were insulting.” 

Vickers had been forced to cut 
its investment programme from 
£30m to £20ro “because we were 
in danger of getting into an over- 
borrowed position with the 
banks.” 


HOME NEWS 

Piccadilly Treasury defends 
trusts lack of precision 

official in spending plans 


■ • ■« *■ 


|||| 


'**'*'& ' 

SViV-fc -V 1 ■ ■ 
J it- 

;“ fS ' 


resigns 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


. r»:V 

-A, 

ft 

I 


.1 >/:£•» AiUi:rtiu(l 

LORD ROBENS addresses Vickers’ annual meeting in London 
yesterday. 


BY OUR LOBBY STAFF 

MR. ERIC HEFFER, former 
Industry Minister and an in- 
fluential Labour Left-winger, 
last night urged the Government 
to make reform of the “Catch 
all ” Section Two of the Official 
Secrets Act merely the first step 
towards introduction of a full- 
scale “Freedom of Information 
Act” 

Mr. Heffer said that this 
pledge should be contained in 
the manifesto for the forthcom- 
ing election--" although every 
sign is that the Cabinet will 
resist any such motion.” 

Labour's last manifesto in 
October. 1974. committed the 
Party to legislate to replace tbe 
much-criticised Section Two. 


The group had expected sub- 
stantial compensation payments, 
on the strength of which it hud 
borrowed extensively to ensure 
the maintenance and replace- 
ment of existing plant and 
acquire new businesses. • 

It bad also invested substanti- 
ally in new technology, especially 
in under-scu engineering, where 
its know-how would serve the 
Government well in future 
underwater explorations for oil 
reserves. 

“During the last four years in 
all these activities, we have 
invested i'74)n.” 

Neither nationalisation in 
itself, nor the date of the final 
settlement, which *as hound to 
take time, were the problems. 

Far wider issues were at slake. 
The group would fight to ensure 
fair and reasonable compensa- 
tion to the very limit of the law. 
"We shall do so because wo are 
not just fighting a battie for 
Vickers shareholders,” Lord 
Robens said. 

“Fair and reasonable” as 
interpreted by a Labour Govern- 


ment. h.j maintained, was a 
warning tr. i-»erv shareholder of 
modest iiiejn.t. 

“They should understand th3t 
the bjstvH .-,f nationalisation 
which is promised us if another 
Labour Government is elected 
will virun-i'y mean confiscation 
of whjt li|.y hav*.” 

Com in*? n ung on the company's 
performance >11 the current year. 
Lord ilys-.wui said results in tbe 
first f.. 1 -: months had been 
“ mixed ‘ . 

Lo’ifu- incurred by the offshore 
engineer::!.' group had per- 
sisted. v:r;iv a strike iD Canada 
and l: 1 *:-- • i activity in Australia 
hail al?u i.L-.'n factors in the slow 
start. 

So fur ’hi- year. 2-1 companies 
have rcwr.ed compensation pay- 
ments :ri'di the Government 
totalling >:JH.75m, 

La-.; night, the Industry 
Depat i meet said talks would 
soon be resumed with the parties 
involvea und would last “until 
agreement 1 - reached.” Failing 
this, companies could go to arbi- 
tration. 


But almost four years after- 
wards. the best that can be ex- 
pected is a White Paper by the 
end of this session unlikely to 
contain any sweeping sugges- 
tions. 

Pressure for a Freedom of 
Information Act Is in fact one of 1 
the main difficulties faced byi 
Ministers framing’ the Govern- 
ment's proposals. Tjhmy MPs 
have warned that- too 'dmifi an 
pproacb on Section Two will do 
more harm than good. 

Speaking in Cheshire, Mr. 
Heffer continued: “TW quicker 
in Britain we have a freedom, 
of Information Act .the better, 
and it will not put any real! 
financial burden on the Govern- 1 
ment." . - 1 


‘More oil in China Sea tSi 
in Gulf’ claim 


Judge to head inquiry 
into Ulster police 


BY OUR LOBBY STAFF 

JUDGE BENNETT, QC, is to be 
tbe chairman of the inquiry the 
Government is setting, up to con- 
sider police practices in Northern 
It eland after Amnesty Inter- 
national's report on procedures 
in the Province., 

Tbe two other members of the 
inquiry, announced last night by 
Mr. Roy. Mason, tbe Ulster Secre- 
tary, will be Sir James Haugbton, 


ISLANDS IN a little-known part 
of the South CbiDa Sea have a 
bigger oil potential than the Per- 
sian Gulf, a defendant in an Old 
Bailey fraud trial claimed yester- 
day.* 

Mr:, John Sidney Barnes, 4S, 
economist, of SL George’s Drive. 
Pimlico, denied being involved 
(With a suspended Bank of Eng- 
land official, Mr. John Martin 
Wales, in a plot to obtain more 
than £lm in dollar premium re- 
bates on non-existent securities. 

Mr. Barnes’ counsel. Mr. Martin 
Tucker. QC, said Mr. Barnes’ use 
of diplomatic passports, which 
he bad created himself as “King” 
of the islands, might seem Ruri- 
tanian. but some countries h»d 
apparently recognised them. Mr. 
Barnes told the court that the 


islands, known as Colonia. lay 
between Manila and Saigon, and 
their nearest “border” was 200 
miles from the coast of Labium. 

They had been “taken over” 
in 1956, when they were unin- 
habited. by a former war hero of 
the Philippines named Thomas 
Cloma. an international lawyer, 
and covered 64.000 square miles 
as an archipelago. 

Mr. Barnes went on; ** In 1973 
Mr. Cloma asked me to join 
their Supreme Council, as he 
feared they might be annexed by 
President Marcos of the Philip- 
pines. and the next year I 
became Head of State. 

“The only reason l came to 
Britain on business was to 
exploit their oil possibilities. 

“Colonia has adopted British 


law for all its legislation, and 
I studied the terms oF Britain's 
North Sea oil leases, as we were 
going to offer five-square mile 
tracts of ocean or islands under 
the rule of Colonia to various 
companies throughout the world. 

“We were .negotiating with 
various American companies for 
survey work, as seisinoloaical 
studies susj'st there is more oil 
under Colonic than in the whole 
of the Persian Gulf.” 

Mr. Barnes, who holds a degree 
of Donor of Philosophy from a 
Florida university said he had 
frequently travelled in the Far 
East. 

The hearing was adjourned 
until Monday, when Mr. Barnes 
continues his evidence in the 
case. 


former Chief Inspector of Con- 
stabulary, and Professor John 
Marshall, in charge of Clinic 
Neurology at London University. 

Tbe terms of reference will be 
to examine police behaviour 1 
relating to the interrogation .of 1 
suspects, to examine the opera- 
tion of present procedures deal- 
ing with complaints about police 
conduct, and. to make recom- 
mendations. 


FRAUD AND BOGUS BANKS 


Drafts that leave one 


Assembly ‘will underpin unity’ 


ESTABLISHMENT of a Scottish 
Assembly would underpin the 
unity of the United Kingdom, 
Mr. John Smith. Devolution 
Minister., said yesterday. 

He told the Edinburgh branen 
of the Institute of Directors that 
devolution was “ essentially the 
moderate option for Scotland. 

“So much of the discussion 
about Scotland's future, is be- 
devilled hy a futile clash between 
two sets of extremists— separa- 


tists who want to break up 
Britain, and die-hard and blin- 
kered Unionists who resist -any 
move at all to dccenfcrais& deci- 
sion-raking to Scotland. 

”1 believe the Assembly will 
act to underpin the essential 
unity of the kingdom. 1 think 
the Government's plans offer 
Scotland a much more construc- 
tive future than the sterile pro- 
posals of either the separatists 
or tbe centralists.” 



INTERESTING NEW light on 
the technique by which certain 
tiny overseas-registered banks 
setting up in Britain have suc- 
ceeded in defrauding the public 
was thrown by a case which 
' ended this week at Knightsbridge 
[Crown Court and revolved 
around the Anguilla-based Indus- 
trial Banking Corporation. 

[ Two men were jailed for 
various offences, including 
obtaining diamonds by falsely 
representing that the company 
was a genuine and honest busi- 
ness which could make payments 
through irrevocable documentary 
credits and in other ways. 

Tbe case is worth attention 
because experience has shown 
[how gullible tbe public can be 
when confronted with a company 
with 3 high-sounding bank-type 
name and an impressive-seeming 
fraud smart operating from it. 

Moreover, when a concern 
mounts dishonest deals with 
international ramifications, as 
has often been the case in the 
last two or three years, a new 
dimension of complication is 
added and detection becomes 
more difficult. 

Also, until a recent damp- 
down, overseas-registered com- 
panies with financially-sounding 
names were able without too 
much difficulty to operate lor a 
time in Britain, without being 
fully subject to the controls 
applying to home-based 
concerns. 

Mentality 

^Fraudsmen don’t get off tiie 
ground unless they are of high 
mentality,” one senior notice 
officer remarked recently. ‘And 
those who do the frauds in other 
countries have a lot ghing for 
them.” 

After the convictions at the 
Knightsbrldge court last week of 
Mr. William John Morley and 
Mr. Felicio Alberto .Morelia, 
details were recalled OF an 
earlier case, as a result of which 
Mr. Morley had been sentenced 
in February to five years in 
prison. , _ 

That case had concerned 
offences commonly known as 
advance commission frauds. 
These involve the collection of 
commission, often of thousands 
of pounds,, on Che promise of 
fixing np large loans which there 
is in fact no real prospect of 
the person purporting to do the 
business actually arranging. 

It was reported in the court 
this week that Mr. Morley, tt 
financial consultant, had earlier 
been convicted of obiaining 


BY MARGARET REID 

cheques for a total of £101.000 
by falsely representing that he 
could obtain loans >jf £13m. from 
Arabs. 

Industrial Banking Corpora- 
tion was registered in Anguilla, 
a small island in the West 
ladies, but afterwards operated 
from an address io Hano\er 
Square, London. Its name was 
exactly the same as that of a sub- 
sidiary of Guinness Mahon, the 
well-known City of London m*r- 
chant bank, though there was no 
connection whatever between 
them. 

This coincidence, which m:-y 
ormaye nor have been accidental, 
can hardly have hurt the busi- 
ness of the Anguiua-registered 
concern. 

A major police investigation 
into the case was carried out by 
Detective Chief Inspector Ro> 
Eisey early last year, before the 
accused were arrested in May. 
1977. 

This inquiry extended M 
South Africa, Anguilla and Arab 
countries and cost £100,000. in- 
cluding the expenses of bringing 
nine witnesses from Jobane.-.- 
burg to give evidence at the 
trial. 

One change on which Mr. Mor- 
ley and Mr. Morelia were con- 
victed alleged conspiracy "to 
defraud such persons as might be 
induced to supply diamonds a nd 
other precious and semi-precious 
stones on credit to the Industrial 
Banking Corporation and to ii> 
customers by false representa- 
tions that the said ( IBC 1 was a 
genuine and honest business . . . 
that it had sufficient funds to 
guarantee payment for the said 
diamonds . . * and that irrevocahi 
documentary credits drawn upon 
the said f IBC) would guarantee 
payment , . . and by divers other 
fraudulent means and devices. 

A feature of the case was the 
presence among the accused of 
the Rev. Thomas Kemp, a retired 
minister of the United Reformed 
Church, who wore a clerical col- 
lar throughout the trial. He was 
acquitted of all the charges 
against him. 

Prosecuting in the case, JMi\ 
Richard Du Gann. QC. hart 
described the Anguilla'based 
Industrial Banking Corporation 
as “a sham — no more that) a 
facade used by the accused to 
develop credence." 

The court was told by the 
prosecuting counsel that the 
concern had attempted to engage 
In large deals, including offering 
to finance a $5O0j» cement works 
in South Africa, It had also pro- 


posed to buy quantities of 
diamonds, paying for them with 
'•.-iters of credit, it did obtain 
inti.QQO worth of gems, but the 
seller was not paid. 

Mr. Morley was convicted on 
-ix charges and sent to prison 
fur five years to mn coo- 
■ urrently land concurrently with 
his existing five-year sentence 1 , 
v. ith an additional two years on 
another charge. 

Mr. Morelia was convicted on 
l«vo charges to which he had 
pleaded guilty and received a 
> on tehee to two and a half years 
m jail. Jud°e Lewisohn stated 
that the sentence would have 
i)<?en longer, had a sum of £50.000 
involved in one of the charges 
not been repaid. 

Over the past two years or so. 
-emor officers of the Mcrtopoli- 
iwn and City or London Police 
Fraud Squads and of Scotland 
Yard's Serious Crimes Squad 
have laid on an operation to in- 
vestigate certain small concerns. 
,-ifren based in offshore islands, 
purporting to carry on genuine 
hanking in Britain. 

Businesses looked into include 
,1 number of tiny companies, 
often with high-snu'nding names, 
registered in islands in the 
West Indies and elsewhere. Snme 
::0 people were arrested and a 
number of these still await trial. 

The authorities in Anguilla 
last yestr took a tougher line and 
.struck more than a hundred 
often impressively titled small 
companies off their register. 

Overseas-registered companies, 
even though tiny, which set ud 
business under bank-type names 
in Britain may be wholly legiti- 
mate. Yet it was anomalous 
that, until recently, they were 
able to operate in the UK subject 
10 looser supervision than borne- 
registered banks. 

However, Jate last year, the 
Trade Department took action 
under section 31 of the Com- 
panies Act, 1976, considerably to 
reduce the number of overseas- 
based concerns with financial 
utles able to conduct business in 
the UK as hitherto. 

More than 40 offshore com* 
panics with bank-type names 
which had registered abroad and 
then set up in Britain received 
notices from the Department 
that they could' not operate in 
this country under their existing 
titles. 

Section 31 empowers the 
Department to notify an over* 
seas company that it is undesir- 
ouie f or j t t0 trade j D Britain 
under its existing corporate 
name. 


By Terry Garrett 

MR. NEILL SCOTT, the invest- 
ment director of the Piccadilly 
group of unit trusts, has resigned 
Following an investigation into 
the trusts dealings by its 
directors and its auditors, 
Whinncy Murray. 

Mr. .Alan Judd, chairman of 
Piccadilly, asked for Mr. Scort’s 
resignation last Monday. Mr. 
Scort, 30, leaves the company 
with no compensation. 

Piccadilly was named in an 
unpublished Stock Exchange 
report into share dealings, which 
was sent to the Department of 
Trade. City of London Police, 
the Unit Trust .Association and 
the Bank of Scotland, trustee to 
Piccadilly. 

The Piccadilly directors and 
their advisors, Gresham Trust, 
have concluded that the trans- 
actions in which the Stock 
Exchange investigation was 
interested consisted of 12 pur- 
chases and nine sales. Virtually 
[all of these deals were made by 
the trust between December 1976 
3nd June 1977. 

The 12 nurenases involved a 
I total of £1 $7,500. All these 
1 securities h»ve since been sold. 

! except for shares with a book 
| value of £14,432 and a current 
I market value of £-1.150. 

I The nine sales totalled £121.000 
[hut this figure cannot be eom- 
! pared directiy with the purchases 
1 as only some of ihe sales related 
I to securities included in the pur- 
chase figure. 

These feeling.; are believed to 
he the ones mentioned specific- 
ally in the Stock Exchanges 
report. 

Mr. Judd said that these deals 
in tbe shares of the nine com- 
panies mentioned in the 
Exchange’s report were transac- 
tions where the prices could have 
been manipulated, but the trust 
as a whole made a profit. 

In a statement yesterday, the 
directors said that these transac- 
tions did not have a material 
, effect on the value of the units In 
any of tbe group's funds which, 
in tstal. amount to investments of 
more than £10m. 

The Bank of Scotland had a 
meeting with the Piccadilly man- 
agement and its advisors on 
Thursday, in a statement pub- 
lished last night, the Bank said 
that “as a result of its inquiries, 
the bank is satisfied that the cash 
and securities on tbe basis of 
which the current values of the 
various unit? are determined con- 
tinue to be under its control and 
custody." 

Picadiily has been unable to 
obtain a copy of the report. 

The Stock Exchange has indi- 
i rated that it is prepared tr* re- 
lease the report to Piccadilly 
only on 3 conditional basis. It is 
believed that the report will be 
handed over only if Piccadilly’s 
1 management agrees not to pur- 
isue any legal action against the 
Stotk Exchange. 

Mr. Richard Luders. a Picca- 
dilly director, has taken over the 
responsiibiity for tbe manage- 
ment of the trusts fUDds in place 
of Mr. Scotl. 




THE Treasury yesterday stone- 
walled criticisms fro™ an a “ - 
party Common; committee about 
Government spending plans. 

Tbe Treasury has defended its 
decision not to include in its 
annual spending White Paper a 
ntoro precise assessment of the 
niediuorrerm prospects. It also 
rejects cnix-isms about the 
balance between current and 
capital expenditure. 

These points are made in rhe 
Treasury's reply to tbe March 
report from ib’e Commons ex- 
penditure committee, whose 
general sub-committee held a 
series of public hearings with 
Treasury officials earlier in the 
year. 

The three pages of observa- 
tions take the same non-com- 
mittal line adapted by the 
Treasury witnesses. 

The Treasury argues that the 
Government has not thought it 
appropriate to include medium- 
term economic projections in the 
last two years because of the 
great uncertainties involved and 
the likelihood that unjustified 
weight would be placed on the 
figures. 

Experience has illustrated 
the risks, m present circum- 
stances. of Making firm planning 
decisions too closely to highly 
uncertain projections of the 
economy over a number of 
I years.” 

j The Treasury says that great 
uncertainly surrounds all the 
■main determinants of the future 
) growth of output and the Govern- 
ment therefore seeks to keep its 
plans Hexible, especially for the 
later years of the five-year survey 
period, and to review the figures 
annual];.-. 


The present approach Is to 
produce an economic assessment 
expressed mainly in qualitative 
terms. The Treasury merely 
repeats the pledge given in oral 
evidence by Mi*. Joel Barnett, 
the Chief Secretary, that the 
Government would consider 
before the next White Paper i.s 
published to what extent more 
quantified economic projections 
should be provided. 

The committee also criticised 
the Govern ment for failing 10 
redress the damage caused to the 
construction industry hy the 
cuts announced in 1976. 

The Treasury points out that 
while some capital expenditure 
in central and local Government 
services will save current spend- 
ing. a great deal does not yield 
a direct financial return, and 
some will provide facilities 
which cost more to maintain and 
run. 

” It would not be in the long- 
term interests of the construc- 
tion industry if. with the aim of 
helping tbe industry, total 
planned expenditure were in- 
creased beyond the level at 
■which tt could be sustained.” 

The committee also expressed 
concern about the level of under- 
spending and shortfall in the last 
two financial years. 

The Treasury notes the long- 
term continuing tendeit'iv for 
shortfall to occur and points 10 
difficulties uf prediction, notably 
in area; which cannot be closely 
controlled by l he Government 
since they are influenced hy 
general movements in the 
economy. 


Bonus claims by oil 



| BY SUE CAMERON 

OIL COMPANIES, trade unions 
and North Sea building eou- 
tractors have agreed to siand 
firm against future claims b.v oil 
platform construction workers 
for end-of-con tract bonus pay- 
ments. 

The Offshore Industry Liaison 
Cdmutittee, meeting in Glasgow 
yesterday, agreed that these 
claims, should be rejected 
because of their adverse effect 
on platform orders to VK yards. 

The committee, set up two 
years ago to look at problems 
within the offshore industry, 
includes Government representa- 
tives, trade unions, contractors 
and oil companies. Dr. Dickson 
Mabou, junior Energy Minister 
is the chairman. 

The committee recommended 
that "contractors, trades unions 
and clients should act jointly to 
ensure tha r claims for termina- 
tion payments, in violation of 
existing agreements, should be 
rejected.” 

Such claims would reduce the 
number of orders and ** so affect 
adversely the continuity of 
employment on UK sites." 

In the past, platform construc- 
tion workers have acepted pay- 
agreements and have then gone 
on strike to support claims for 


annum 


end-of-contract bonuses of up to 
£ 2 . 000 . 

The strikes— near iv always un- 
official — have been staged just 
before completion of a platform 
scheduled for summer. 

Delay at this stage cun mean 
that the floating 0 0 platform has 
to be delayed for another year 
because nr winter weather. 

Two years ago. workers at the 
Gray thorp yard refused to com- 
plete a platform for Buniuh Gil 
for the Thistle Field unless they 
were given termination bonuses. 

Eventually. Burniah agreed 10 
foot the bill for the payments, 
rather than lose the platform for 
that year. The total cost tn the 
company was ^anl tu be about 
£lm. 

There is already overcapacity 
in the steri and concrete plat- 
form building industry in 
Europe. 

Orders for concrete platforms < 
thal would otherwise have come 
to the UK could go to Norway or 
Sweden, while steel platform 
orders could go to Holland or 
France. 

Dr. Mahon said that, in the next 
18 months, it was expected that 
six nr seven orders for North 
Sej platforms would come to tbe 
UK yards. 



Why ail equities? 

Schlesmeers’ Extra Income Trust is a trustee 
investment and offers one oft he highest mures 
eurremly available from a unit trust invested only in 
ordinary shares. 

Whilst the managers could obtain a still higher 
yield by including some fixed interest investments, 
such investments cannot increase their dividends and 
also have less potential for capital growth. The all- 
equity portfolio of the Schlcsingcr Extra Income 
Trust, by contrast, maximises the potential for growth 
of income and capital. 

A current opportunity 

By careful selection of sound stocks including 
attractive reeo\ ery situations and well-researched 
regional equities. Schlesingers provide a particularly 
b igh cq uity-based yield, 

_ However the growing relative attraction of 
ordinary shares with very high yields suggest that 
such yields may not be available to new investors 
indefinitely. 

Indeed, many investors have recognised the 
urgency of securing ibis opportunity by placing over 
dWm in the fund since its inception in May 1977. 

Over this period, the unit price has risen 25 0 1 and the 
FT Actuaries All-share Index 17®,;. 

Weihcrefore recommend immediate investment 
at the current, high rate of return to gain the potential 
of capital appreciation. Yourinvestmeni should be. 
regarded as long-term. 

Schlesingers 5 PIMS service 

Minimum investment in the fund is £500. 
Investors of £2,500 or more will receive theSchlestngcr 
Personal Jnvesmicnt Management Service iPiMSj 
which includes regular investment reports and 
invitations to meet the investment managers. 


Quartedy dividends 

The table shows the approximate level oFineoma 
fact of 34° „ basic rate tax } you would ex pec 1 1 o necei vs 
every - 3 months based on the current estimated gross 
yield of 9.53 % oil the fi xed offer price of 3 1 ,3p. 

Payments are made on March 1 2, June ] 2. Scpf 12 
and Doc 1 2, starting September l «7s tor new investors. 


, <\Xbui’nel ch'*qut' 

InJIiJIin/evimtm Anou*l‘i)rofi» incoirn-. - 7 . 





A fixed price offer 

Units are on offer at the fixed price of 3 Up 
for in vcaimcms received by Juno Zs. 

The offer will close before .1 line 73 T ihe actual 
offer price varies by more i han 2 1 from the fixed 
price. J n this event units v ill be ;»\ aiiablc at the price 
then ruling. 

Remember that tbe price of units, and the Income 
front them, nuy s«? dawn as ucll *s up. 

Centra! Information 

r^imm.utr ippl, :?ll.»irtw >11 

r*r. J »,r vllt-efid -. *14 diMuilcd M'rliu'.; p il ihe .irr.c i‘n> r rnliiciies 
w,l[ tc *CM Out . % ucn I L'lMi ».,il »>l,- .rJlcr ,t~c * I ter 

j) me pnw q«»icJ in im dull nrc . Tlw minimum Inir-.iDKin in 
etc* h'tmdh UAL 7Sr 1 f))l Prkf jpd ylvIJ w? Put-Jr.SeJ JZilv IcjjtriK 
nenipjpcra. T» Sell uniL-.. vuiinli Jxiutn i vur.eruiicjicarpi^pnjicly 
enii- v Je*l ■»» «wt>«cfc — pjymni e r-<rmaU; nrjdc u uhln T dan • l ■tuc 
rc-TiMrur i ht icu-iU>iccJ ccii_iUc^ic- Cufnouwlari of 1 1".. «,U be paid la 
re.-t>c3’»e-J J ccnu. C furpe* An tnr.i -d tharne •-</ .<’■ , >o.iuJea ,n ihe 
OUcr pncc. A cturcc ai ar, jr>nu:il r.ile •) B „ ipluv AT , nl Ihe Taluc or 
I fx Fim>l b MlirKd liun ym. ina'ice ii>> jM. a-OmmuiraJi-e 
CXPESur,. Tfu*i«r»;MWIanJBjaK Trail to. UJ- Auditors: i-c.il. 
tlarwlit. Murftell Sc C,«. Managers: Sdiie.inprrT.'i.-vi MjnJ.-cr.Lld. 
jOHoflovei Square. Lnr.ilisn.WM.Reeiticrcd in EnL'IanJ.I-r'.'.'oiSJS. 
Jll cm ben of ibe C'nll Trust A>v>cU: ion. Tbn vfler is net available IO 
roll] crus of uie Republic ol Ireland. 


Schlesingers-spccialiscsin 


To: SchlesingcrTrust Managers Ltd, 

8 140 South Street, Dorking. Surrey. 

WeewHti and Evening Auuiphaite TeL Dorking W3&I) 86441 

| I wish to invest / 

_ loUnimum£S0Q) - ~ - i -- . — 

fl in the Seal tsIneerEitr.vIncom&Tnwt at the fixed price of 

■ I wish to hate ray dividends re-invested j~~’ [ 
I I would like further Information, including [ — | 


J declare flat ] iimnnr ns-idum PumJe Ihe iu-hcJuJeJ 
Turriiorici und thut I am nr*t uoiuirin^ the uniL a 1 , u nominee 
vi any pi: non fcbiduni outside Lhc Terrilonc-,. • ll j nu ate 
unable to idjU ihv. divUmiort, U ;huulJ he uelelsd and :his 
application term hauld ihcn be l<i<l<n.-d ihraugh jour U.K. 
hank, Moul-farotcrnr voliiuoti. Minors cannot be registered, 
bm utirounis ikiijjnaieU with ibcjr initials v>Jll be accepted. 


yirvtrwmus 

Ad«I«ss—- 


-faLarn i cmiis pleas) 
— On full) 


( details of Share Exchange 

A f-Vi/wu* ic p.nr 1 ,ii<-rl in n-milfi 


A cheque is enclosed, i n remittance, made payable to 
Midland Bank Limited. 


Signal uns - — 

,|n the cum: oris joint upplicauun all must sign.) 












. Financial Times Saturday; June I 7 X 97 S 


LABOUR NEWS 




) •:.fv r * 



rejects 


BY JOHN LLOYD 


IX A STRONG counter-attack 
on Iht- Central Electricity 
Generating Board, the National 
CojI Board yesterday rejected the 
assumptions made in the Generat- 
ing Board's corporate plan that 
coal output would fall greatly 
short of its targets. 

The Coa! Board also makes it 
clear that it considers the rate 
of expansion in nuclear power 
envisaged by the Generating 
Board as too rapid, and harmful 
to the orderly expansion uf coal 
production. 

However, the Government, 
while stressing that it continues 
its policy oF strong support for 
the coal industry, admitted that 
there was a possibility of “ short- 
term surpluses of production " of 
coal. 

The Generating Board's plan 
estimates that the Coal Board 
will be down 20m tons on its 
lo5m ion targe' in 1985, and as 
much as 60m tuns down on its 
170m ton target in -000. 

In addition, the corporate plan 
lays considerable stress on the 
desirability of nuclear power 
stations on both cost and environ- 
mental grounds. 


The only coal-fired power 
station in the Generality Board’s 
future plans is Drax B. which it 
has been ordered to build by 
the Government. 

The Coal Board said that dis- 
cussions must be held between 
the two boards oa the immediate 
future period— up to 1990 — and 
on the period beyond, where 
options were much wider. 

“ In the period up to 1990. the 
main problem relates to the rela- 
tive use of coai and fuel oil. 

“ There could be circumstances 
under which the ability of the 
cene ratine board to switch 
quickly from coal to fuel oil in 
response to fluctuations in vela- 
live prices would be incompatible 
with’ the sensible long-term plan- 
ning r,f :h.? coal industry. 

- The pust-1990 period raises 
the issue or the size of the 
nuclear programme, which the 
generating board envisages as 
much greater than that included 
in tbe recent Green Paper on 
energy policy. 

"The Coal Board’s view has 
always been that a country must 
have" a nuclear power capability, 
and that a progressive nuclear 
programme will be required.’’ 


In a strong endorsement of the 
tuiure rule for coal. Mr. Alex 
Eadie, 3 Junior Energy Minister, 
told the South Derbyshire 
National Union of Mineworkers* 
conference in Blackpool yester- 
day that coal wa» an essential 
feature in the Government’s 
plans for energy self-sufficiency 
through the 1980s, and had a 
major contribution to make in 
the 1990s and beyond. 

He admitted, however, that 
difficulties might arise in finding 
markets in the immediate future. 

" One of the difficulties faced 
by the coal industry with its long 
lead times from planning to pro- 
duction is that productive 
capacity cannot be varied rapidly 
to meet short-term fluctuations in 
the market. 

“The present investment pro- 
gramme is geared to the longer 
term and so there may be short- 
term surpluses of production." 

The Government has said it 
would give assistance to counter- 
act these fluctuations. 

In the past financial year, it 
had paid £lS.7m to the Coal 
Board towards the costs of stock- 
ing coa). and a further £5.4m to 
assist coal sales. 



kers 
anger 


BY SUE CAMERON 


SHUP STEWARDS at the Mon- 
santo group’s plant at Seal Sands, 
Cleveland, say that some workers 
there are exposed to dangerously 
hiun levels of acrylonitrile, a 
clv mical used in making plastics 
3nd acrylic fibres. 

The perm it led exposure level of 
Ion,: rile is 20 parts a million. 
The Seal Sands shop stewards 
say ni. mi loving has shown that 
one nun at the plant was exposed 
to 214 parti a million and another 
to 10C. 

It is claimed that neither was 
wearing protective breathing 
apparatus. A third man. wearing 
breathing apparatus, was said to 
have been exposed to a level of 
9SQ. 

Monsanto said yesterday that it 
could neither confirm nor deny 
that workers had been exposed to 
these high levels or acrylonitrile. 
The shop stewards’ claims were 
now the subject oF an internal 
investigation, and "at this point 
the full facts have not been 
ascertained.” 

Karber this week 40 shop 
stewards re pie sen ling const ruc- 
ti.iR workers at ihe Seal Sands 
sue wheic the plant is still 
being built, though pari of it has 
cninc on stream, met Dr. Alec 
Mono. Monsanto’s environmental 
health director for Europe. 

The meeting followed 3 BBC 
Panorama programme on health 
and safety which dealt with the 
hazards of acrylonitrile. 

Dr. jMunn said at the meeting 
that exposure levels at the Seal 


Sands p/jnr were well below two 
parts .< million, and that levels 
on the construction site were 
" .substantially less." 

Daily monitoring of exposure 
levels was carried out. and w here '■ 
this indicated higher levels "ap-' 
propria te steps were immediately I 
taken to ensure the health and' 
safely uf workers." I 

But those at the meeting say 
that when Dr. Munn was asked 
about claims of a monitored ex-! 
posure level of 214. he was 
" visibly shaken.” 


New uses 
for pit 
waste 
sought 


By John Lloyd 


North West protest 
over regional aid 


BY/RHY5 DAVID, NORTHERN CORRESPONDENT 


THE GOVERNMENT was yester- 
day charged with favouring Scot- 
land. Wales, and the North East 
of England in allocution of 
regional assistance, to the detri- 
ment of the equally needy North 
West. 

The charge is one that has 
been levelled increasingly in the 
North West recently and in 
Yorkshire, but details of the 
grievance were yesterday spelled 
out more fully than before by 
Mt. Arnold Tweedale, chairman 
of the North West Industrial 
Development Association. 


Loss of jobs 

He lold the association's 
annual meeting of the loss of 
207.000 jobs in the North West 
since 1965 — a fall of 7.3 per 
cent, compared with 3.2 per cent 
in Wales, 2.1 per cent in Scot- 
land and only 1.2 per cent in 
the North EasL 

The North West's share of 
national unemployment bad also 
increased over the same period 
from under 13 per cent to 
around 15 per cent, while its 
share of vacancies bad fallen 
from 12 per cent to 8.5 per cent 

The ratio of unemployed 
people to vacancies was higher 
than in any other region in 
Great Britain. 


Mr. Tweedale claimed that the 
assistance which the area was 
receiving from the Government 
and the EEC was lower than in 
other regions. 

Total assistance per head of 
working population received 
under the Industry Act up to 
March last year had amounted to 
only £205 in the North West, 
compared with £581 in Scotland, 
£614 in Wales and £866 in the 
North EasL 

Assistance from Brussels 
under the European Regional 
Fund up to the end of last year 
totalled £71 per unemployed per- 
son in the North West, com- 
pared with £206 in Scotland. 
£232 in Wales and £376 in the 
North East 

Mr. Tweedale was speaking 
before an audience which was 
meant to include Mr. Eric 
Varley, the Secretary for Indus- 
try. who was forced to withdraw 
at short notice. He expressed 
concern that Wales and Scotland 
now hare a further advantage 
as a re-sult of the setting up of 
their own development agencies. 

He urged the Department of 
Industry and the National Enter- 
prise Board to consider the 
North West as a location for the 
new micro-electronics plant 
which the Government plans to 
fund. 


Special steelmakers 
try do-it-yourself 


by our northern correspondent 


Blood troubles 


The local factory inspectorate 
in Cleveland said yesterday that 
if the reports of high exposure 
levels proved accurate. it 
" would certainly be looking into 
the matter." 

One inspector said a level of 
214 was "exceptionally high.” 
particularly if the person exposed 
to it was not wearing breathing 
apparatus. 

Exposure 10 dangerous levels 
of acrylonitrile leads to breath- 
ing difficulties and in a rise of 
cyanide levels in the blond. 
There are claims that it can also 
lead to bowel and lung cancer. 

At the beginning nf this year 
t he U.S. 1 n trod need an 
emergency exposure level of two 
parts a million for acrylonitrile 
because of the possible carcino- 
genic effects of the chemical. 

The previous limit was 20. as 
in the UK. The U.S. will fix a 
new permanent standard later 
this year. 


THE COAL industry is hem-.* 
forced by mounting public pro- 
sure lu find better ways of dis- 
posing of colliery waste. Mr. 
Robert Dunn, dlrector-geni-tal :if 
mining at the National Coal 
Board, said yesterday. 

Mr. Dunn told the Association 
of Mining. Electrical and Mech- 
anical Engineers' convention ur 
Harrogate that the best way in- 
dispose of waste was to find a 
use for it. 

About 5ni- tonnes of waste a 
year— one- ten th of total waMe 
production— was, being used for 
surfacing running tracks and 
tennis courts, filling roads and 
in land reclamation, in sea and 
river defences and cement pro- 
duction. 

However, scarcity or land in 
some areas, together with moves 
to develop large minmg com- 
plexes in traditionally non- 
mining areas, would create in- 
creased pressure to find more 
uses for the waste. 

“ A major factor in the success 
of the research and commercial 
effort we are putting into finding 
additional uses will he the 
acceptance of colliery waste . 1 $ 
an alternative to other 
commonly-used materials. 

"I am thinking especially of 
its value as construction blocks 
for the building industry." 


NEEPSEND. THE Sheffield steel- 
makers. is expanding in the do- 
n-.i outsell market to counter the 
fail in special steel. 

The group, which had a turn- 
■ivvr >.l i 12.2m in the first half 
•it its year, is well known for 
ii4 Cinfride brand masonry 
drills, also used expensively in 
the engineering industry. 

Mure recently it has added a 
ran - . • of products bearing the 
Ginindi- name, including hand- 
saws. circular saws, spanners and 
tone-life. abrasive materials. 

The attraction of do-ti-;. our- 
self for Neepsend is its cuniinued 
i-.unyancv. The total market for 
•'I handyman products "isr esti- 
tiiaierl to have grown from ‘oOOra 
il.Sbn in eight years. 

increased leisure and the dif- 
I'rtiliv of obtaining craftsmen 
. .. Mkc'y lo expand the market 
much faster than the economy as 
a whole, said Mr./ Stanley 
Soeieht. chairman of.- Neepsend 
and this year's Master Culler, m 
Sheffield this week. 

Expansion in this market 
enables the company to consume 
internally a higher proportion of 
its own output of tool and high- 
speed steels. 

The market for special steels 
generally remains [depressed, 
with most Sheffield producers 
working below capacity because 
of weak demand and heavy 
pressure of imports, particularly 
from Germany. ' 


Neepsend estimates that about 
10 per cent of its turnover -is 
from DiY. with Cintride sales 
as a whole, including those for 
industry, about 20 per cent. 

A doubling of DIY sales in the 
next three or four years is ex 
ported . 

The company's speciality, has 
traditionally been in hard metal 
tools, using tungsten carbide 
tipi formed by high-temperature 
sintering of a mixture of 
powdered tungsten and cobalt 


Banknote examiners 


4* 


win closed shop 


BY PAULINE CLARK, LABOUR STAFF 


THE BANK of England has con-, 
ceded a post-entry dosed shop 
to banknote examiners at its 
Loughton printing works in Essex 
after a five- week strike by 500 
members of the Society of 
Graphical and Allied Trades, the 
union said yesterday. Present 
non-union workers will not be 
compelled to join. 

A mass meeting of the strikers 
yesterday decided to return to 


work next week after receiving 
.what were understood -to.. be 
firmer assurances also on ‘super- 
visors' union memership. 

The bank has made Jcnown its 
willingness to introduce a post- 
entrv closed shop for some time 
in line with its closed shop agree- 
ment with some other, groups in 
the works, but the strikers were 
apparently not satisfied until 
yesterday that steps would be 
taken to ensure union member- 
ship among hew entrants. 


The official shrike began to bite 
only at the . end of May when 
production started to be .seriously 
affected. ' 

Even so, the impact was made 
less severe by the fact that it 
-coincided with a . moratorium, 
first on £1 and £10 notes and this 
month Qn £5 and £10 notes. 

This involves a- temporary halt j 
on the issue of mew notes to. the ! 
clearing ' banks :.as part of the 1 
Bank; of ..'England's control, 

mech anism: 


World Cup 
commercial 
strike ends 


ABOUT 100 technicians last 
night called off a week-long 
strike which bad stopped Tyne- 
Tees Television patting out com- 
mercials. 


They agreed to return to work 
after the company withdrew a 
disciplinary letter to a -tech- 
nician. who withdrew a Chrysler 
car advertisement using Scotland 
footballers, because of their poor 
World Cup performance against 
Iran. 

The dispute cost the station 
an estimated £130.000 in lost 
revenue. - 


Blastfuraacemen go 
back at Llanwern 
after three weeks 


BY CHRISTIAN TYLER, LABOUR EDITOR 


Lorry-drivers 
to meet on 
ballot protest 


New products 

A range of new products, in- 
cluding tools for. cutting glass 
ceramics, and plastic laminates, 
has been added to basic en 
gineers’ cutting tools and 
masonry drills, and further new 
products are being explored. 

In recent years it has deve 
loped abrasive products using a- 
flexible steel strip impregnated 
wiili tungsten carbide chips- 

Much or the company’s invest- 
ment in the next few years will 
be in tools to support continued 
expansion in the market. About 
£500.000 is to be spent on a new 
lightweight ■ compact industrial 
drill. Roiabroacb. claimed to cut 
drilling time. 

About £250.000 is being spent 
this year on DIY tools. A melt 
ing shop will be built in Shef- 
field costing £250,000 designed 
to increase efficiency of steel 
production. 


NEWS ANALYSIS — THF SEMI-CONDUCTOR MARKET 


ig race for the silicon chip 


BY MAX WILKINSON 


INTENSE SPECULATION has 
already started un the outcome 
i»f a race between the National 
Enterprise Board and the General 
Electric Company for a share of 
the mass semi-conductor market 
i-f Hie ISSO.s. 

GEC is hoping to set up a joint 
venture with Fairchild, the U.S. 
se in j - conductor company, while 
the Board intends to go ii alone 
with the help of a group of six to 
eight U.S. and British expatriate 
leclinlogists. brought together by- 
Mr. Dick Petri iz. a Texas venture, 
financier. 

Both ventures, however, appear 
to be directed at the same 
market, that for high denseiiy 
memories for computers and 
other standard applications. 

The main target for the Enter- 
prise Board is a silicon chip 
which contains B4.000 separate 
memory cells. This product is 
now being developed by several 
major semi-conductor companies 
in the U.S. and Japan. 

It seems certain that the CIEC- 
Fai retold plans will be aimed 


at the same target. Since this 
is a highly competitive race 
against established giants, the 
question is whether either or 
both can succeed, and whether 
there is room in the UK for two 
new ventures of this kind. 

The National Enterprise Board 
is pinning its hopes on the 
brilliance of the team which it 
has picked. To leapfrog the 
established companies it will 
have lu entice men who arc 
already at the forefront of Die 
technology and who have 
designs, so to speak, in their 
pockets. 

Fujitsu, the Japanese com- 
puter company, has already 
announced its own version of the 
64,000 Random Access Memory 
f64k RAM) chin, which is now 
available in sample quantities. 

However, Fujitsu's product, 
though the first is not Ideal 
because it uses different voltages 
from those that have become 
standard in the computer indus- 
try. it cannot therefore be 
plugged into existing designs 


AMENDED 



NOTICE 


Co-operative Bank 

With effect from 

12th June, 1978 
the following rates will apply 



Base Rate Chang e 

From 9% to 10% p.a, 

Also : 

7 Day Deposit Accounts 7% p.a. 

1 Month Deposit Accounts 7i% 


without inconvenient modifica- 
tions. 

The U.S. competition is close 
behind. Intel. .Mostek and Texas 
Instruments, the three leading 
companies in this branch of 
semi-conductor technology, are 
all expected to produce their 
first 64k RAMs this year. 

The first company to offer a 
chip in the standard 16-pin pack- 
age using the normal five-volt 
supply will have a head start in 
a market expected to be worth 
SI 5tn in 1979 rising rapidly to 
S250ra by 19S3. 

The 64k RAM will rapidly fake 
over from high density memory 
chips now on the market which 
are moving from 4.000 cells per 
chip to 16,000 (the 16k BAM;, 

The significance of the 64k 
RAM is hot merely that it will 
store four times as much infor- 
mation in the same space as the 
most advanced memory at pre- 
sent on the tnarkcL 

A more important fact is that 
it will bring the present tech- 
nology for etching circuits on 
silicon almost to its theoretical 
limit. 

The next generation of circuits 
will require the present etching 
processes to be replaced by more 
expensive X-ray equipment and 
electron beams under computer 
control which can implant tran- 
sistors directly onto the silicon 
chips. 

Research into X-ray tech- 
niques and electron beam litho- 
graphy, now well under way, 
indicates that capital costs in the 
semi-conductor industry vrili rise 
rapidly in the 1980s perhaps to 
ten times the present level or 
more. 


Incentive 


The prospect of huge capital 
expenditures clearly provides a 
powerful Incentive for companies 
like Fairchild lo seek a richer 
partner. 

In the current year. Fairchild 
is expecting to spend about £15m 
on capital equipment, compared 
with more than £50m by its 
larger rival. Texas instruments. 
|n the longer term, therefore, an 
injection oF cash from a com- 
pany hke GEC could be needed 
to stay in the race. 

For its part GEC has almost 
certainly considered the pos- 
sibility of un outright take-over 
of Fairchild, which GEC could 


easily afford at a market 
capitalisation of just uver £lU0ni. 

However, apart from possible 
political difficulties, a take-over 
would present great management 
problems since GEC has lit lie 
expertise in the U.S. semi- 
conductor market. A joint ven- 
ture in the UK would therefore 
look more sensible, with GEC. 
perhaps taking a minority slice 
of" Fairchild’s equity. 

The question remains what 
technical expertise Fairchild can 
provide in the area of metal 
oxide silicon (MOSt memories 
which seem likely to be the basis 
of any new venture in the UK. 

Hitherto. Fairchild's eminence 
has been in the rather different 
area of bi-polar and charged 
coupled device (CCDi integrated 
circuits. Its bi-polar memories 
have bad the advantage of high 
speed needed at the very centre 
of large computers. 

But as packing densities 
increase, the speed of the rival 
MOS integrated circuits has been 
improving. When the new -64k 
MOS memory comes on the 
market, it may be that some of 
the technical advantages of Fair- 
child's bi-polar circuits would be 
eroded. The CCD memories com- 
pete for the market for bulk 
storage of information rather 
than the central core of computer 
memory. 

For these reasons there may be 
a good case for Fairchild to 
expand its MOS production with 
a factory in the UK. An 
additional advantage lor Fair- 

child would be that labour costs 
in the UK especially for skilled 
engineers, are relatively ]ow. It 
is also keen to achieve coopera- 
tion with a company which con- 
verts silicon chips into equipment 
and systems. 

In addition, all the leading U.S. 
semi-conductor companies have 
been anxious for some time in 
case the growing protectionism 
in Europe could work against 
companies which do not have 
semiconductor manufacturing 
plants in Europe. 

They have also been looking 
carefully at the large amounts of 
assistance to the industry now 
being considered by the French. 
German and UK Governments 

Even in the UK, where £50m of 
taxpayers' money is likely to be 
channelled directly through the 
National Enterprise Board into a 
new subsidiary, additional sub- 


sidy of E50m to £Sflm is likely to 
be offered to established com- 
panies in the field, including 
muhnaiiunaN. 

Although no details of possible 
deal between Fairchild and GEC 
have >et been made public, it is 
likely that the two companies 
arc still talking ahout the vital 
issue of who would control a new 
joint venture. 

Fairchild indicated yesterday 
that it is also talking to other 
companies in the world. These 
probably include Thomson CSF, 
France's main semi-conductor 
manufacturer, which is looking 
for a U.S. partner and has been 
offered a substantial dowry from 
the French Government if it finds 
one. 


Technology 


GEC, like its rivals Thomson 
and German Siemens, has a diffi- 
cult task of finding a suitable 
partner or acquisition in the U.S. 

All three companies believe 
that a U.S. link is needed, both 
to gain access to a rapidly mov- 
ing technology and to capture 
the share of the U.S. market 
which must be the pre-requisite 
for mass production of standard 
components like computer 
memories and tnicro-co ot puters. 

Siemens and GEC have both 
realised that acquisition of a 
small semi-conductor company 
could be ba 2 ardous because of 
the danger that the key man- 
agers and scientists would leave 
after a take-over. 

On the other hand the famous 
names in the industry are prob- 
ably too big to be taken over 
and digested by any European 
company. And the risks would 
be very high. 

A joint venture, therefore, 
would seem the best compromise 
for GEC. It would offer, on the 
one hand, the possibility of big 
profits if it could be successful 
in the expanding market for 
standard memories and pro- 
cessors. 

But even if the venture were 
not profitable. GEC would gain 
access to the “ leading edge " 
or technology which it will need 
for the successful design of a 
whole range of its systems. 

Any losses could be set against 
the substantia! research and 
development sums which il 
would in any case have to com- 
mit lo this field. I 


By Our Midlands Correspondent 


A MASS meeting of Birmingham 
lorry-drivers is expected tomor- 
row to consider a cal! For a 
vote of no confidence in Mr. Alan 
Law. a regional trade group sec- 
retary of ihe Transport and 
General Workers’ Union. 

The move follows allegations 
about iregularities in a ballot 
by the 5/35 Branch of the TGWU 
held last November, when Mr. 
Law was branch secretary. 

He is said to have returned a 
bloc vote in favour of two candi- 
dates instead of conducting a full 
ballot. 

The regional committee of the 
TGWU declared the election void 
and ordered a re-run. Mr. Law 
resigned as secretary of the 
branch of about 4,500 which was 
divided into. four. . 

After a complaint by hyo shop 
stewards about the ballot the 
West Midlands Police Commer- 
cial Squad is investigating the 
position. . 

These branches have called a 
meeting in Birmingham tomor- 
row to consider the issue. Mr. 
Law. who is at present visiting 
his Friend. Mr. Arthur Scargill. 
the Yorks miners’ leader, is not 
exoected tn attend. 

Controversy has followed M.r. 
Law, whose drivers were among 
the first to breach the Govern- 
ment's 10 per cent pav guide- 
lines with a 15 ner cent deal. 
His success as Midlands trade 
srnun secretary for commercial 
transport in boosting the earn- 
ings of driver* is likelv to win 
•'nnip support against bis 
critics. 


BLASTFURNACEMEN at Llan- 
wern, South Wales, called- off ' a 
three-week strike yesterday 
which cost Ibe British : Steel 
Corporation £8.5 m and the toss 
of 150,000 tons of' steel. 

Nearly 5,000 men laid off will 
be recalled from tomorrow, 
when the 550 strikers go ’back, 
and -production is expected to 
resume ea rly -next week. But the 
corporation will still, take 
delivery of 20,000 tons ’• of 
imported hot .rolled coif for tin- 
plating. mainly from Holland, 
ordered to help flll-the gap. . 

Members of the National Uuion 
of Blast furnacemen at the plant 
accepted the solution, to the 
dispute worked out at . talks in 
London on Thursday night. 

BSC has agreed to add '.two 
more men to two of tbe four 
shifts in part of the No. 3~ blast- 
furnace. tbe ‘ biggest in the 
country- . . . 

. The men maintaining troughs 
which deliver molten .iron to 
ladles for transport to. the steel 
mills bad demanded higher 
manning to end overtime work- 
ing- 


Their associated claim, for an \ 
extra' £8 a week for new manning 
arrangements Lia.. to.' be put 
through procedure. '- 

•: BSC said that an offer of! 
higher manning on the furnace 
had been oh the table since 1976, 
biit bad not been takeh up by the 
union. f 

PRODUCTION was hit at the 1 


> 


British: Steel Corporation plant ^ 


at Corby, Northants;. yesterday 
after 170 cbargehahds walked out 
in protest at what they claim is 
a low productivity deaL 


1m jobless 
‘may never 
work again’ 


MORE THAN Ira unemployed in 
the. UK could never , work again. ■ 
unless a radical new approach is 
taken to the problem by the , 
Government and unions. Lord j 
Glenamara, told tbe annual meet- 
ing of the North East Develop- 
ment Council in Newcastle yes- 
terday. • / 


Cement men walk out 


WORKERS at the Bine Circle and pickets were’ reported to be 
Cement wolta in Northfleet, blocking entrances-.. ; 

Kent, waited out yesterday iif a T1 >^^mt'any said Hie tepute 

- was over a pay offer and Phase 
dispute over pay, . . Three of the Government's pay 

About 1.000 men were involved code. 


Nalgo demands 
more cash for 
Health Service 


BRITAIN'S fourth-biggest union, 
tbe National and Local Govern- 
ment Officers’ Association; yester- 
day demanded more cash for tbe 
Health Service. 

Delegates at the union’s annual 
congress at Brighton approved a 
motion seeking further and sub- 
stantial injections of funds, to 
enable the service to “ re- 
establish its rightful place" in 
tbe standards of health care 
expected by Britain. 

They were particularly con- 
cerned because many new 
hospitals could not be opened 
because of lack of funds, and 
urged that more hospitals be 
built in tbe next decade. 

Mr. David Bowzing, health 
service administrator. told 
delegates that in tbe past 15 
years, turnover of patients in 
hospitals bad gone up by 30 per 
cent, the number of beds had 
risen by 17 per cent, but waiting 
lists were still up by 20 per cent. 


Managers call 
for Phase 
Four pay code 


By Alan Pike, 

Labour Correspondent 


BRITISH Institute of Manage- 
ment representatives Will next 
week tell Mr. Denis Healey, the 
Chancellor, that they accept the 
need for further pay guidelines 
when Phase Three expires at the 
end of July. 

Sir Derek Ezra, B1M chairman, 
said in Brighton last night that 
it might accept “ an even tougher 
attitude to pay settlements in the 
months ahead.” 

But there had to be some flexi- 
bility to deal with anomalies and 
to restore differentials: particu- 
larly oF middle and senior mana- 
gers. 

The Chancellor Would be asked 
to set up a body to deal , with 
anomalies and pay -relativity. 


SCOTTISH EUROPEAN 
INVESTMENT CO LTD 


Summary of the Financial Year 10 31st March. 



- 

1378 

1977 

Increase 




% 

Asset Value per Share ■ 

53.1 p 

■■ 49.6p 

7.1 

Including dollar premium . 

3-5P 

3.0p. 

16.7 

Net Assets 

£7,965475 

£7,442,473 

,7.0 

Income Available for Ordinary 
Shareholders 

£255,781 

£237,342 

7 JB 

Earnings per Share 
(excluding tax adjustment 1977} 

IJBp 

1.36p 

25.0 

Ordinary Dividend 

150p 

120p ■ 

25.0 


At 31st March. 1978. our net asset value stood at £7.965,475, 
equivalent to 53. 1 pence per share. This represents an increase of. 
7.0 per cent over lasr year, and compares with a rise of 4.8 per cent 
inthe Eurosyndicat index over the same period. 

-In ffie course of the year the holdings in France, Germany end - 
the USA have been increased from 34.1% to 56. 7%,. reflecting the' . 
improved investment potential of those countries. 

We are recommending a final dividend' of 1.20 pence net per 
share. This is in line with our forecast, and together with the interim 
of 030 pence paid in December 1977 makes a total of 1.50 pence 
far the year, an increase of 25 per cent 

Since the end of the financial year we have made application 
to the Bank of England to take out additional foreign currency loans 
under the new dispensation concerning investment in. foreign 
currency bonds issued by E.E.C. agencies. The' new regulations 
effectively enable us over a five year period to obtain a direct 
holding in foreign currencies without going through the dollar 
premium. 

Copies of the Report and Accounts contain a fist of the Com- 
pany's investments and can be obtained from the Managers:— 
Stewart Fund Managers Limited 
45 Charlotte Square. Edinburgh, EH2 4HW ' 


1 * V 


•tv ^ 


<* 7 

7 S' 








; V 

£ T 


Boustead Limited 


OVERSEAS TRADERS 
'Year to 32. 12.77' 


Year to 31 . 12.76 


Turnover 

•?5>°4 r ’ . 


Pre-tax profit 

- 

7,546 

Attributable profit before 
exttaordi oacy items 

- 575- ' 

55« 

Earni ngs per share 

5-°3P 

3.3 ip 

Dividend payable per share 
Boustead Limited <nhm 

i -5°p. ' 

- 7-5 op 

now.funetions as a brbadfy based 

recent 


A^tol^JSfew Z^IandjtLe.U^A, aadthe Ujj&ed 


X 


■Jr Profit before taxtip 22%. 

Earnings per sbareinoeasedby fSi 0 ' . • ; 

from the Malaysian plantations and the Sin aajxare 
and Lotted Kingdom trading companies.- -'.%7 
* Expansion ofactiv-itics in the Far East continue ; 





Copies of the Report and Accounts and "... 


's' 


Jcj I 


4 











•3 




Si 



S- :.'r. "•»■ ; 
•.*'■'■ A;(i. ■ 


wn 

vets 

;eks 


jubltK 

*} flutf 

rk ari 


lli'OUf 




• L ■ ;^ 5 .- 


ROPE5I 

rCOIM 


ITinaiidai: Tiraes 'Saturday June 17 1978 


the week in 



The . gib-edged market never 
quite made it this.. week, on 
Monday, the odds were that the 
new- long tap (Exchequer 12 
per cent 2013/17) would be 
sold out on day one. But . the 
stags started to think again 
when the authorities acted with 
indecent haste to replace the 
. exhausted short tap on Monday, 
.and Wednesday's trade fiugres 
also - made them pause for 
thought 

. In the end, probably about ». 
third of the long tap was left 
unsold when the applications, 
had been. counted up on Thurs- 
day, and the tap stock started 
life at a small discount. After 
that, there were no queues for 
the new short tap yesterday. 

In equities, share prices have 
generally stood up reasonably 
well to a battery of bad trading 
news from major companies. 
English China Clays, Arthur 

THE TOP PERFORMING SECTORS 
W FOUR WEEKS FRO M MAY 18 

% Change. 
+S.4 
+3.7 
+35 
+3.4 
+ 2.9 
+2.6 


“ cheaper " way. of raising cash 
than a conventional Tights issue, 
for the : pension- .‘fund .it is a 
convenient • way - into equities 
and for ITC shareholders it is 
a chance tq^seH out at a very 
good price— even the cash alter- 
native is higher than net asset 
value. 

- But the whole operation by- 
passes existing: Barclays share- 
holders. If the hank wanted to 
raise cash by issuing shares, 
existing shareholders should 
have been given tee first oppor- 
tunity to- participate. Barclays 
argument that. this, arrangement 


LONDON 

ONLOOKER 


Discount Houses 
Packaging and Paper 
Chemicals 
Mining Finance 
Investment Trusts 
Food Manufacturing 


THE WORST PERFORMERS 


A [I -Share Index . . 

-1.6 

Insurance (Life) . 

-3.4 

Newspapers, Publishing 

-3j5 

Entertainment, Catering 

—3.7 

Insurance Brokers 

—4.5 

Breweries 

—4.9 

Hire Purchase 

-5.6 


Guinness Chloride, Westland, 
and Tate and Lyle were among 
those which left the analysts 
blushing, and the gloom was 
only lightened by yesterday's 
bright figures from Pilkington 
Brothers. 

Barclays 9 trust deal 

Barclays Bank's scheme to 
buy the Investment Trust 
Corporation (ITC) for £9 3m 
in shares and pass it on to the 
Post Office Staff Superannua- 
tion. Fund for £8 5 m in cash is 
an ingenious deal which should 
leave everyone involved feeling 
happy apart, from Barclays' 
shareholders. They can be 
forgiven for feeling disgruntled. 

The logic for the bank is that 
this three-cornered scheme is a 


gives the chsince- to issue shares 
at a discount, of -10 P er cen t 
against 15. to 20 per cent with 
a rights issue, is irrelevant. The 
discount is being given away 
to outsiders— TTG' shareholders 
and cannot be compared with 
a discount to existing holders. 
The cost of this 'discount is of 
course being boThe by the com- 
pany-+effe ctlvely existing share- 
holders who will end up with 
a smaller stake.'. In their com- 
panv. 

Shareholders may fed a divi- 
dend increase of 20 per cent is 
inadequate compensation for the 
dilution of their interests, and 
already there seems to be a fair 
amount of resentment building 
up in the institutions. 

Westland shocker 

The old tale about bad figures 
taking a lot longer to add up 
was certainly borne out by West- 
land Aircraft's Interim results 
which did not appear until about 
7 pra on Wednesday night The 
news, contrary, to analysts' 
expectations, was very bad. As 
a result of continuing problems 
on the Lynx helicopter project 
for the Ministry :-,of Defence 
further provisions -+ possibly as 
great, or even more than the 
£6)m provided last year — will 
be necessary in 1977-78. This 
implies that Westland's largest 
operating unit — helicopters — 
will end the year ttrSeptember 


with a loss, against a profit of 
£3.4m last time. And there seems 
little doubt that group pre-tax 
profits for the year will show a 
substantial reduction on last 
voar’s £5.8m, itself down from 
£9.3ra. 

Westland’s problem this time 
is the helicopter factory at 
Yeovil, where the earnings of 
2,000 employees are determined 
by the piecework earnings of less 
than half that number. How- 
ever, negotiations are still going 
on. And since provisions already 
made (and anticipated) take into 
account likely levels of wage in- 
flation until the contract is com- 
pleted, it is possible that even- 
tual losses could be lower. 

The news sent Westland’s share 
price into a spin on Thursday, 
knocking £ll)m ott the 
capitalisation, but a slight 
recovery yesterday lett the 
shares 11 *p down for the week 
at 35p. 


time for 





NEW YORK. Jun rt 1*- 


Shipping buffeted 

The shipping sector continues 
to be buffeted by bad news. This 
week London and Overseas 
Freighters reported attributable 
losses of £4 .3m, against profits 
of roughly the S3me order the 
previous year, missed its divi- 
dend and announced that it was 
seeking Government help in 
postponing its loan repayments. 
The Lofs share price ended the 
week over 25 per cent lower, 
and once again our sbipping sec- 
tor index moved in the opposite 
direction to the market genera- 
ally. 

Scarcely a week goes by at 
the moment without a shipping 
company coming out with a 
gloomy statement. Apart from 
Lofs. British and Common- 
wealth's results on Thursday, 
showed that its shipping side 
lost over £0.5m in the second 
half while in the previous week 
both Furness Withy and P and O 
emphasised the distressed state 
of the industry. 

The problems are well known. 
There is a chronic surplus of 
shipping tonnage which is 
keeping freight rates far too 
low while there is also a tre- 
mendous overcapacity in the 
world shipbuilding industry. 
Until equilibrium is reached the 
industry is going to be in the 
doldrums. 


*T LEAST this time no one 
can say that they were nut 
warned. Citibank cast something 
of a chili over the market on 
Wednesday with the publication 
of a warning in its monthly 
Economic Letter that: “There * 
every reason to expect a further 
rise "in interest rates.” By yes- 
terday the message had taken 
■ hold and the Dow Jones Indus- 
| trial Average suffered its largest 
daily decline in more than one 
month- 

This morning Citibank raised 
T , sharps Tate got iii> Mims wrong after \ its prime rate — the charge it 

However. * h “” “*1974-73 al; .ar priee esplo- : makes on loans to its best cus- 

have taken qune a b “t.ne over me which ^ £ , dent in , wmt , s _and w.thm an hour 

the past 18 months. While the *°“' and , many of lhe country s largest 

All-share index has fallen by de g, e yruup u ., sumed that world banks were following suit and 
only 5 per cent, the i P and O * *, in , umpUlJll wou ld re- [establishing the highest prime 
share P^e has dropped by M ^ ^ rose. irate since early 197o. 

nearly «0 per *■?“* *"£ , nd Bnt this has not materialised ; Part o£ the reason is a huge 
Fiirness^WUhv arc do* if by a and demand haw settled at a ; increase in corporate short-term 
oLm and P and 0 level well below previous ; peaks. ; debt Accor ding to Citibank cor- 
third. Both Ocean and ana u attempt in rationalise are t debt bas been rising at 

arc currently .vieJding ovcr lO expensive. The com- ^anm^ rate of 12 per cent 

per cent and th t share pnee* h . in tllt process of reduc- pared t0 g per cent during 

are discounting some pretty refining capacin ^ 3 ^ onJv5 per ce nt in 

awful results in toe current JJ*^ around , m tonDCS t0 about! 19 ' 6 ' ' 

year. Unless the UK shippm„ ^ tonnes hv 19S 2 but it hasj 
industry is going to sink from ■ suggested that this will 1 
sight the shares of these two ^ tQ ^ ^ 

tonnes to ensure lons-term 
prosperity. 



iDOW JONES IND EX - . 

~in:lndu strial ^ r ei , ag , ej- _ j - [• 


sight tno snares 01 u - t0 be L . UI IO nearer lm 

former “blue chips' could be to unsure 

near their nadir. 

Sour figures 


Tate and Lyle’s results must ^ B&5D8CES 
have left a bitter taste in the ILK- 
mouths of shareholders this 


NEW YORK 

JOHN WYLES 


June 

76 


mourns 01 suuiciiuiucia . 

■week. Interim profits were 55 we4}k t0 
per cent lower and analysts are 
forecasting full-time results of FINANCIAL TIMES 
£2 m less than last year's first Q 0 Vfc' Soc ^. 
half £24. 9m. Mainly due to the 


June 

9 


June 1 1Q75, the first year of the re- 


70.64 6935 69.C3 


covery. But the character of this 
debt is now changing with long- 
term borrowing falling dramati- 
cally and short-term and inter- 
mediate debt rising from only 
20 per cent of total external 
financing in 1976. to more than 

irom a prum ui n.m* « *» — — :gp per cent in the first quarter 

of £0.4m, while commodity Q^jjjngs mkd. 4,816 4 ,735 4,686 ; n f this year. 

rlinnpll fli.Sni tO £11. 3 m — — — —— - 1 . ■ 


half £24. 9m. Maimy oue w»_«w ^xad Interest 72.44 71.03 71*4 
huge world sugar surplus, Tate s 476 j 

refining activities turned round Indurt. Qrd. 471.7 

from a profit of £7.1m to a loss Gold Minos 1583 157.1 154.4 


trading dipped £d.3ni to £11. 3m 
and starch by £1.7m to £1.6ra. 
Also, because of the continuing 
depression in freight rates, 
shipping's contribution was 


Uiviuqiiuj * v ~ 

—for tiie moment at least. 

Putting aside the uncertain 

future, however, it is clear that Red. Debs. 


Capital Gds. 

274.94 

274.74 

214.03 i 

Consumer 

(Durable) 

198.97 

796.14 

195-84 ! 

Cons. (Non- 
Durable) 

201.77 

207.45 

202.80 ^ 

Ind. Group 

210.97 

270.28 

211^5 

500-Share 

233.94 

233.68 

234^7 

Financial Gp. 

164.82 

16334 

164.47 

All-Share 

216.07 

27SJ4 

216.73 

: Red. Debs. 

57.30 

57.03 

57 31 


This had a dramatic impact 
on bank loans which rose by 


last year but at an annual rate 
•of 47bn dollars in the first 
quarter of this year. The cost 
of corporate borrowing has risen 
by 2 to 3 per cent over the last 
year and the question over the 
short-term future of the stock 
market is now whether investors 
will continue to take the benign 
view of tighter credit which has 


been a notable feature of the 
current rally. 

The Federal Reserve board is 
widely expected to raise its key 
short-term interest rate the 
Fed Funds rate — before the 
end of the m.mth in an attempt 
to curb the growth in the money 
supply and hence attack the 
expected 1S7S inflation rate of 
about 7 per cent. 

Will the market take an in- 
crease in the Fed funds rale 
from 7 1 . per cent to say /J per 
cent as" a further cheering sign 
that both the level of inflation 
and the level of economic 
activity will be lowered and the 
econoniv perhaps positioned 
better for a further advance in 
198U? Or will it fear that the lb- 
month outlook is sufficiently 
obscure to justify greater caution 
in the equity front? Moreover 
will the increase in interest 
rates niaki- other debt instru- 
ments significantly more allur- 
ing than equities? 

These arc some of the 
questions being pondered on 
Wall Street, where the market's 
performance this month is con- 
sidered e:rtrendy impressive for 
a .Tune. During the week trading 
has been overshadowed by the 
dollar's renewed weakness 
against the Yen and by worries 
over short-term interest rates, 
but the Dow Jones industrial 
average has not been notably 
feeble. 


IS7S 


Blue chips have tended to 1. ml 
both The buying anti selling. Inn 
tiie real speculative impulse^* 
focused on gamolinc stocks. 2 ho 
start of legalised gaming si 
Atlantic City in Ixsw Jersey 
the only gambling centre outside 
Las Vegas — was hound to stir 
some interest in casino operators 
and manufacturers of gambling 
machines. 

But investors’ readiness lu 
gamble on some of these sine! - * 
has taken many observers by 
surprise. Resort International, 
which operates Atlantic v..ity a 
only operating at the moment 
has" been in great demand since 
the company revealed on Wed- 
nesday that it had Kccti sweep- 
ing in a net win of b438.M , i» a 
day since the casin'* opened last 
month. Its A and AB stoc!> 
soared on the American stove. 
exchange by HI point?’ and a;- 
points respectively tin Tuesday 
and Wednesday v.hil!: Cnesar s 
Wurid which operates in Las 
Vegas and has taken a lease or. 
an Atlantic City hotel also gained 
: 2 } on Wednesday. E-ally snt. 
Playboy stocks have, also been 
doing well. 


CLOSING PRiCSS 


Monday 

Tuesday 

Wednesday 

Thursday 

Friday 


Close 

Chan?® 

356.72 

- IS'i 

356.93 

0.25 

354.56 

— ^ 

344.25 

— 70.31 

£26.97 

— * 


market highlights of the week 


Ind. Qrd. Index 
Albright & . Wilson 

Bath & Portland 

British & Commonwealth 
B H South 
. Brown. & Jackson 

Church bury Estates 

Combined English Stores 

Henderson (J.W.) 

Investment Trust Corp. 
McNeill Group 
Messina 
Pork- Farms 
Sabina Inds. 

Staveley Inds. 

Sungei Besi 
Swire Properties 
Triplex Foundries 
Vlakfontein 
Westland Aircraft 


470.6 


BO 


Change on 
Week 


+20 


->7978, 
: ALowJ 


273 


683 


220 


-71 
+ 74 
+27 
+28 
+ 8 
_+49^ 
+20 
-13 
— 9 


+37. 
+72 
+, 9 
-1-77 
- 6 
-77^ 



497.3 v . 433.4 ' FolloVing in the wake of Gilts . 

Agreerfvhigher bid from Tenneco 
^Speculative demand/lnt. figs, soon 
turrent profits warning 
Bid rumours 

Renewed speculative interest 
British Land acquires 15% stake 
. Encouraging r etail sales figs. 

138 ~ Agreed bid from Cement-Roadstone 


100 


288 


Barclays Bank/P.O. Pen, fund bid. 
38 Divi dend omission and loss 
Weakness of copper price 
No Mon. Com, reference 
30 • Speculative buying 

Better than expected results 
Return to dividend list... 


Berkeley Hambro disposes of stake^ 
Better than expected results 



Passing of interim div. 


Depressing interim report 


A NEW UNIT TRUST:FPOM CRESCENT 


Now, the Britannia Building Society and Royal Insurance Company 

come together to bring yoti the double benefits of a high-return investment P^- 
come togemer ^ ^ security 0 f substantial life assurance cover. 

The Britannia ‘Double Investment’ Plan, 



^ERYTORTFOUO SH^S^HAVh ASTAKE INJAPAT^ 

extensSSi^SSXntd 

hadthefastettateofgWMttjrf^eiTOP^. acknowledged to be among tine leading 

industriarised Gountnes.ThisfrendEexpeded Kingd o ml nthefield. 

10 the major industrialised countries, The fijnd's objective e longterm capital 

^3 JaDan is Scally stable, with industry japan. Initial investment will be made by 

assss sssssssffiii. 

Unkn °4? Theipanesepeople are highly- utilise foreign currency borrowngfaolihffi. 

educated te^orkir®S financially The esSmated gross starting yield is £0.5%p.a 

conservative. , . Pto remember that an investment 

• 5. ferflation and interest rates aretaw and i naun ittat should ber^arded _as long term, 
the currency Is strong. ■ the price ofunifcs and the income from 

6. In terms of market caprtalisation.ToKyo ^ grn ma y gQ down as well as up. 
isthesecond largest stock marketing world . . , 

- — - i 


Thisplan.’whichis open m investors 
between the ages of 20 and 55 next birthday with 
a minimum investment capital of £1, 200, 
(maximum £15.000-£30,000 for joint accounts.) 
combines the advantages of a Bnlannia 
Investment Account with those of a Royal 
Insurance ‘with-profits’ Endowment Assurance. 
The plan is for a 10 year investmentterm. with the 
Endowment Assurance premiums being met 
from the lump sum deposited with the Britannia. 

On maturity this plan will yield; 

(i) The sum remaining in the special investment 
account after payment of the Endowment 
Assurance premiums, (ii) A maturity bonus of £3 
per £100 invested. Cm) The sum assured under 
the Endowment Assurance plus bonuses accrued. 


Fxampfe based on matured plan for a male life aged 32 
vears next birthday i Original Investment Sb.OMi. 


From the Britannia 

Am. Hint remaining in building society account 

Mauinry bi.nu-i 

From the Rujal 

Guaianteed .-um assured - 

Estimated bonuses — — — 



lh«’,udd:r.s nt U? Wi I « 

ItoflJi £«!'■ '■ '»’.n U«.nue w^AibwIai ifetomt no"** 

ii«.t.ft-ii.na*adirsTk- ^ 3M«fK-rlfc'ni7. , ££Lh.«'i ia 
■.kviiiol «n o- :m «. • iwii***t * 1 - J?!!? J 

•t .oinau-iiu brtw.ct !»---ir'-^n. - -i-'U'i. 


C 

, 2.397 
180 

, 3.378 
, 3.001 
10.95C 


— ~ I ADDITIO NAL INFORMATION j 

and cheques anil be 

acjOT^tofeedandcertfflcatESwibe ' . in merit authorised by the Secretary of 

a r** jSgsasft. -tas— — * 

UnasmaybebojghtandsoklqTaiy ’ dedixtai from the Limited. , T . 

nnnT^vwMking day Paynient for units Three's a^enses Mana^rs: Crescent Unit That 

soldwiibemadev«lOwqrl^dj(S busts of net Emrte Mana^Umit^tAi^n^^^ 


ttK eg6ineuiMi— 

(BLOCK CAFfTALS PijASCI 

Surname: Mr/Mrs/Wss- 

FuHFbrename{s);. 

Address:. 


agnaturejs) 

(Wthefearei™^ 

andaddressesseparately.) 


Thb offeris not available to ot 

If you wouldlikedistnbutions ofincometobereinvefleo 

pleasetick hereto 


CRESCENT 
TOKYO FUND 


1 — mil iiiiirvi- 

JnitiaIOfferDricie25pence(closesJiina30thl978oroar^yat 

‘Managss'Sscrelkm)- . FT i/I 




Tax Liability. . 

Under current legislation, all oenerus _ 
resulting from the plan, either on maturity or in 
the event of earlier death, will be free from both 
income tax and capital gains tax liability. 

Special Options. , ... . 

Under the provisions contained within ^ 
plan viiu may. if desired, effect subsequent 
policies without evidence of health for tiio 

purptiseof: , , _ , . 

li) Merigage repa\Tnent by the Enouw meiit 

Assu r o nee metltod. 

Ui) A further 10 years Endowment Assurance 
with profils for the same sum assured on the 
same life. Both the options are subject to hours 
and conditions current at date of application. 

. . Ecu' further information, contact local 
Britannia branch office. Or return the coupon. 



ntQi si m 

Building Society 
Always there tohelp 


BR caailfl ESS3 ESS feLi ai L+ . S 

Please send me more information on the Britannia Double Investment Plan 


Hf D- r-a to: B ritannb R.iiHin p Snrif K PeoL D. L. LeekHead Office, E0.BOX20, NevitonHouse, Leek. Staffs ST13 dRG. 



6 


j r n , r m<rMi ^Ftmes -S a to mfec r -TtcnB f&i -3338 


FINANCE AND THE FAMILY 



automatic right to tenancy 


BY OUR LEGAL STAFF 


Mv wife hv her will has left all Tf the club eventually be- amount will then reduce my 


her property to her two sons by tomes registered for VAT (com- age allowance of £2.075 to 


a previous marriage. This 
includes the family home, on 
which 1 pay i he rates. Would T 
have a right as tenant of the 
house if she were to die? 

Yf'is (In not appear In have a 
tenancy and would he unpro- 
reeled if your wife were to die. 


for them, or their value on the 
new ground of interference 
with goods. 


Forcing a 
settlement 


puls only or voluntarily) it will, £1.535. which in effect means 
of course, have to account for that I will be paying standard 
VAT on the gross caravan rents rate tax on £540. Furthermore, 
etc., subject to credit for VAT If it is to he added, can l 
suffered on expenditure. request top slicing, which 
Meanwhile, the VAT suffered * n m * v case would be to 
on relevant repairs etc. is advantage? 
deductible for corporation tax Also could you say whether 
Unless your wife provides in her purposes, in the same way as the tax free National Savings 
will for ymi to be allowed to the basic charges on which the Bank interest of £140 applicable winding up of her estate into 
reside in the property during VAT was levied; So the taxman to a joint account of husband the hands of a solicitor. On 
your life you win not be able to ultimately bears 42 per cent of and wife is added in the the g^.^c that the accountant 
romain in the- hn u « after your th< t 8 1 per cent, cut taken by the cdcnMon oM.be ace allowance ^ by ^ „ UeIfiir w 
v.i/es death. An alternative vatman. limit of £4.000. 


On the death of my wife 
intestate in 1976 I put the 


would be Hi grant you a tenancy 
now. but that is no better than 
a right to remain in residence 
granted by the will, and has an 
air of officiality about it 


Income Tax and 
age allowance 


T and 
Sports Club 


In February 1974 X purchased 
an Income Bond which matures 

in February 1979. I am 


In connection with our local 
sports club corporation tax is 
paid at 42 per cent, on the net 
taking*. VAT is paid on 
certain repairs. last year 
amounting to £2(1(1. Wc arc 
n»l registered Tor VAT. Can 
«e obtain repayment? 

No: an exempt trader bears 
VAT like a private householder. 


aware that the Chargeable 
Event will be subject to 
Investment Income Surcharge 
and in my case,, top slicing 
will apply. 

The Chargeable Event is 
free of Standard Rate tax, hut 
when I inquired at the local 
tax office, I was given the 
impression that it will be 
added to income when ' 
calculating the age allowance 
limit of £4.000. Is this correct? 
— if so. two-thirds of the fn)l 


... . that my son's business owes 

The gain arising on the Charge- the estatc som £2,000. 
able Event will indeed result „. hlc „ be deni ^’ , mv 

“ dawba f of • vo “ r all ™‘ daughters. If the solicitor 
and unfortunately the sli „ retlins half 

elawback is not mitigated by th . pr „ per ty in the estate 
top-slicing relief. Investment , £ocM bim , U( . ? 
income surcharge land higher . . 

rate tax) can be reduced by top think it would be wise Tor 
slicing, but age allowance claw- you to consult another solicitor, 
back cannot. If you are the administrator of 

— . . . ’ . . . . your wife’s estate, as seeras most 

This point was explained m a , ike , wou]d ’ be entitled to 

reply published in the Finance j a , he . 

and the Familv column on ^ 


Victims of the Nazis 


June 25 last year, under the 
heading "Age relief limits." 
Following the publication of 
that reply, one of the MPs on 
the Finance Bill Standing Com- 
mittee took up the point with 
the Financial Secretary to the 
Treasury*, but his response indi- 
cated that clawback of a ttr 
allowance in situations like 
yours is deliberate government 
policy. 

We are pleased to say ihat 


tween yourself and the remain- 
ing beneficiaries; and to that end 
can withdraw instructions {and 
papers) from your present soli- 
citor. 


Right to gatker 


Referring to 
April !). 1977 


exempt NSB interest does not 
your reply of in the published extrastatutory affect age allowance, 
on tax relief for concessions. If you are interested you will 


As the Finance Bill is still in find the relevant legislation in 
the Committee Stage, the time sections 8(1B). 399(1). 400 and 


a crop 

For some years a number of us 
have been using a piece of 
land at the hack of the 
local pub. as allotments. 

No charge has been made and 
now a new tenant of the pub. 
wants the land for home-grown 
produce and we have been 


tax position of your wife (and tion Taxes 
other victims of Nazi illtreat- amended), 
menu to the attention of the 
House of Commons. We suggest, 
therefore, that you write to 
your MP and invite him to 

sound out the Treasury on the iflTCrjCrCttCC 
prospect of widening the scope 


Act 1970 (as 


victims of Nazi persecution. 

Ruicn.-Jiruck has been awarded jrS D I!l..?,?!f r iIJ n fU!! ?. 14 ot St c _ Inline anrt^Cnrpora- S iven five weeks' notice to quit, 

a disability pension by the 
St i cluing 1940-1945 or 
Amsterdam. Could you advise 
me whether my wire should be 
considered under para 6.6 or 6.7, 

Chapter 6. Inland Revenue 
leaflet 25 on Foreign Pensions? 

Wm arc sorry in say that your 
wife’s disability pension does 

mu appear t» qualify for my The reports of the first three Owing to illness I was unable 
UK ta:; relief beyond the 1 1* per sittings of the Finance Bill to remove some of ray 

cent ill duclinn which is avail- Standing Committee' (before possessions from a house of 

able lor roreign pensions the recess) give grounds for whith j was a tenant. The 
generally. Relief under section hope that the Government will _„ r „ ce 1C tn 

377 i»f the Income and Corpora- introduce amendments at the new tenant refuses to allow 

linn Taxes Act 1970 and under Report Sfage improving certain me m t0 se£ them * and 
section 22t2 1 «if the Finance tax reliefs for the disabled, and says hc throw' them 
Act 1974 is limited to payments so you can be sure that your aw *y If he wishes. What 

will- receive 1 d0? 


Ui niucuiug LUC Ot-UUC • w « 

of the existing tax leliefs, either J \f\tlt & OO d 
by legislation or by concession. ° 


As ivc have crops planted 
which will not mature until 
late in the summer, this is very 
unsatisfactory. Have wc any 
legal right to stay on? 

It seems that you have nn legal 
right to stay on the land until 
autumn. However by invoking 
ill.? old law relating to "emble- 
ments” you may be able la 
claim a right to re-enter on the 
land and gather your ernp at 
ihe appropriate time on the 
footing that the crop belongs to 
you. 


can 


No /ego/ responsibility can be 
accepted by the Financial Times 

Austrian law and we « an find sympathetic consideration by You are entitled to recover your ar " wers *" !,ie5< 

:i" help m ihc Nclherlands-UK the Chancellor, and his col- chattels and may. if necessary, answered 


made under West German nr MP’s approach 


double taxation convention, nor leagues. 


sue the occupier of the house possible. 


All 

by 


inquiries 
post as 


wili 

soon 


Canada’s new uranium area 


W KILE WnRLD demand for premier of Saskatchewan licences covering 72 square returned to. the dividend list 
uranium continues to ride high anticipates a rich harvest of miles have been issued to the with a payment of 39 cents 
and The big Australian royalties from this major new Irish subsidiary. But "a con- (S.9p) after Malaysian lax but 
deposits of the material still industry. He reckons that it siderable amount of time will before UK income tax. The tin 
nave in reach the production will take about four or five be required to thoroughly producer expects to maintain its 
stage, a new major uranium years before there is any sub- evaluate the economic signifi- higher production in the current 
province is taking shape. It stantial increase in royalty cance of the radioactive zones." year to March 31. 

I.s in northern Saskatchewan, revenues from uranium mining, • The best South African gold • Australia’s North Broken Hill 
Last year, spending on explore- but over the next 13 years total dividend this week has been an lias denied that it intends to 
non and- devoLpment there ruse income could soar into the above-expected final of 250 cents make a take-over bid for BH 
al.iuit '.«»ni <ll9.mii i . region of C$1.5bn (£762in) to (157.5p) from West Driefontein South in which a Ifi per cent 

Since 1968. when Guir CS3bn. It is all very exciting, which makes a 1977-78 total of stake is held. Sharcraarket 

Minerals discovered the Rabbit *t remains to be seen 385 cents against 280 cents, pundits are torn between views 

Lake mmc. the total of new whether the environmentalists Disappointing has been the Ea«t that the Gold Fields group is 

finds in the area exceeds have been finally defeated. ” * 

UK- 'kmi stout lew.-, of uranium or other transatlantic news which goes against 35 cents last lauer 

u?;iric. Although this is less news this week, America's 
than tlii.* total «»f the A max minerals group is expect- ^ cents. 

Australian discoveries it is still jog a second quarter recovery • Malaysia's S tinge i Besi has 

to major importance and the after having been hit by the 

i anadian figure i\ likely to he T.7.S. coal miners’ strike in the 
considerably exceeded as previous three months. Over 


Driefontein interim of 40 cents a likely predator or whether the 

is more interested in 
time and the subsequent final acquiring the balance of its 

5” per cent-owned Renison tin 
mine in Tasmania. 


further explora t mu 
grosses. 


work 


TIN OUTPUTS COMPARES 


KENNETH MARSTON 


pro- f he full year the chairman, Mr. 

Pierre Gnusseland looks for 

higher coal output by his group 

than in 1977 together with con- 
tinued strong markets for 
molybdenum, oil and gas. 

Speaking on the Oregon of ;J™|; * Sggff SSLi&Zi™. , 

the group s listing in Frankfurt Aokam I \ i 

this week — A max now has Ayer Hitam 279 

seven listings on European Berjontai 340 

believed tn * tock exchanges— he also waxed BWeW Jajlfar <tin) 


May, prlj, 
I97S 1978 
tonnes, tonnes 


optimistic on the future for 


Bisichl Jan tar (coliimbile) 


CRM Sri Tiimah 


1 

9 

<1 

24 

mo 


!8 


The province is 
hnM Mime 31) per cent of 

Canada’s known uranium tungsten. Anrax. he said, is " if Ex Lands Nigeria 

reserves and not only are the not the first, tile second largest G*evoi? ...... 

dopusits uf goud grade ore hut producer of tungsten in the !I 

nfcq ih.<y contain useful amounts free world.” Gaiq* - 8350 ir .,, 

of other minerals such as Meanwhile, the group is Idris L ‘ 

nickel, gold, capper, silver and raising its stake in C anad a Kamunting 

chalt. Gulf* Minerals is asso- Tungsten from 2.43m shares, or J H S) 

via'ed with Marathon Oil and 4 S.6 per cent, via an offer of i£S*KcBai' . 

U.ancrz Exploration and CS10 per share for a further Koala K am par 

Mining in tour ore deposits at 800.000 shares. But Dome Mines, Lower Perak 

Kahbii Lake. which holds lm shares, is 

or these, l lie Rabbit Lake prepared to part with any ot pJnekaicn' i 

mine was bruught tu |irn. them. Petaiing ...]!!!!!!!!!! 

durtion in 1975. Many nther A max claims to hold the Rahman 

pulcntial mines in the lug area Western world's largest deposit St. Him — F^ r East 

awaii ihe gu-ahead. nulably ihc of tungsten, situated in the 5*- p,ran 


* 

9 

Ml 

175 

356 

4 


as 

jw 


Total 
to date 
(months) 
tonne- 
2.020 (121 
217 
1.436 
1.636 
340 
74; 

7fi! 

591) 

132 


421 


i 

I'-*} 

i ■ 

:: i 


(South Crnfli). 
St. Finn— Thailand 


Key Lake finds <»f 1'ranerz and Polar Circle. This has been southern Kiota 
I m*\co Oil. wh(«*h arc .still being kept "on ice." as it were. Southern Malayan 

**\aluat«*il. and lire Cluf Lake because of U.S. stockpile Sungei Besi , 

disi.uvcrii.*? ••( ihc French releases of the metal, but the Tanjoog 

Amok consortium. stocks are being slowly reduced Harbour 

Tho loll m «:iu(T Lake and A max might start work on Ut(L Ttn 0 f Nieeria (iltiV 
development has been hanging the Polar deposit “ in a year 

‘or so.” 

The group's huge capital 


1ST 
142 
‘>1 
170 
««» 
f 4 
2'fl 
K! 
15! 

| o.l 

147 
1 1 
29 
220 
% 


19 

29 

1X1 

132 


ii::« 

19 

171! 

rr. 

1 59 
MS 
IS 
21 
20S 
? 


194 

1110 

1 

1.122 
S4 
69 
102 ! 
4461 
5 on ; 
42' 
31 
2.3 Ml 
l.!P3 

S2.« 

.son’ 

28 

339 

1X7. 

2*7 

1.84.1 

295 

87* 

39.“.' 

1,043 

12 


( 12 ) 

III) 

(M) 

CM 

(21 

(21 

|3» 

( 2 ) 

Ml 

t-n 

<*i 

(3 1 
( 2 ) 
(M 
(S) 
( 12 ) 
I2i 
(1) 
(III 

to) 

('!) 

‘71 

(i'» 

( 2 ) 

(2) 

(3) 

( 2 ) 

(H) 

(Z> 

(5) 

(M) 

45) 

(9) 


Same 

period 

previous 

year 

tonnes 

2.517 

174 

1.773 

4.033 

385 

79 

80 
■105 
133 
1S5 
ior. 


I2C9 
137! 
88 
434} 
499 
638 J 
60 
2G 
3.923 
1,C«2 
189} 
017} 
586 
43 
399 
197 
309 
1.991 
286 
W? 

a53 

897 

29 


lire because uf 

objection s and 


environmental 
concern felt 


J Figures include low-^radc material. *i Nol >ct available. Outputs 
are sbou-u in metric tonnes of tio concentrates. 


about the sarety aspect of spending should ease over the 
uranium mining. This week, nest few years— it will still total 


however, a public inquiry into an awesome 526bn over the next 


Mie nia-tiar headed by Mr. Jus ,5 ce 
Ruyda has recommcmlod l he 
development in a 1.050 page 
report. 

It is thus believed lha» ivq 
only Uuff Lake but also Ml ih-? 
nther important uranium finds 
in the area will he permitted in 
go ahead subject to strict 


five or six years — and it is 
expected that pre-tax earnings 
will accelerate. Shareholders, 
which include London’s Selec- 
tion Trust with a stake of 8.3 
per cent, may thus hope for a 
more stimulating dividend 
policy than has obtained in 
recent years. 


environmental and worker • Among other news this week. 


safety conditions. The news 
must provide tonfi f,ir thought 
for the potential Australian 
miners who are still waiting to 
go ahead. 

Mr. Alan Biakeney, the 


the sharemarket uranium fever 
in Anglo United Development 
has cooled following a statement 
on the Northgate group com- 
pany’s prospecting in County 
Donegal. Four prospecting 


8POO, 


7,000 


B4K 


5.000 


4.000 


3 , 000 * 



TIN 

Staiwlard Grade j / 

■ 

t ~ 

liunuun 

L Cash 

1 

m 

t'ji 

117 

w 


L Price 

Hj 

IK 

S 

m 

111 

ui 


L 

m 

FJI 

in 

Hi 

IU 

UI 

UI 


L 

V 

71 

lai 

III 

m 

hi 

hi 

III 

III 

IB ■ 

9! 

fS\ 

ui 

in 

III 

in 

UI 

Ul 

m 

UI 


III 

ill 

hi 

III 

hi 

in 

m 

hi 

IU 

jnBBB| 

fill 

III 

ill 

hi 


in 

m 

m 

in 

Ul 

Infill 


' Here, , as with most other j 
insurances* inflation poses a i 
problem because insurers norm- , 
ally for a financial limit of \ 
_ liability fot the whole cover and j 
ing a new e . tive 0 f the identity of covenant The Lands Tribunal lheQ jj. it Is; to ran for the 
directed by DWners for the time being, has power under the ^aw of 0 f a number of pur- 



THIS ^VEEK I was asked for 
advice by a colleague with a 
house purchase problem. Intent 
on moving into the outer 
suburbs and wantin 

house he had been . _ u ._ pri: 

loca! estate agents to a couple ‘ fhlir 
of small developments. Each 11 a 
development covered the sites 


’ Ware covenants 


therefore a restriction Property Acts, and 1969^ perhaps witii individual 

which does not become and ^ormaUy^th^e^ powera are ^ eapita limits- So even if 


the - developer arranges his 


, 3 r . ... . extinguished simply by the pas- exercised very muen on the ^ 

and grounds of now demolished g0 t ^ alj j n the event principles as are allied -^yer wittt financial limits, say 

large late Victorian houses and ' it ig open for the by the judges in -disputes, double these reasonably re- 

the developers were proposing rt t0 en f 0 rce a restrictive bearing in mind the. age J)f the qujped in the current year, the 
lo build at a density of sue covenant and the changes of head-room that lie obtains can 


, covenant. .«i»«ihuu head-room that lie obtains can 

houses to the acre on each site. Qf courset changes many .the locality and so otL be eliminated by a few years of 


Having selected his plot and and ’ whatever laymen one reason or another this doioble figure inflation. 

— * *■" -j — u uuM 6 s auu *- ---ti frequently - - - - - 


type of house and paid a deposit. mav judges do recognise machinery is fl0t 
my colleague was rather dis- ' ’ — J 

concerted a few weeks Jater, 


when the legal wheels began to 
turn, to discover that on the 
whole development site there 
had long- been a covenant 
restricting a number of houses 
in the particular locality to no 
more than two to the acre. 


insurance 

JOHN PHILIP 


So the occupier of any pro- 
mised. _ v petty developed in breach, of 

•Where a restrictive covenant covenant should from time to 
applies, no one should, con tem- time have a look at the protec- 
plate the use of the property tion he has and consider 
contrary- to covenant, nor whether it is worth topptng-up 
should anyone buy a properly 'the financial limit At "that 
constructed in breach of stage, of course, it is his own 
covenant without getting the financial responsibility, and not 
position legally dear or haying that of. the . original developer. 


that in 1978 there may be 

uioi _ jjuaiuuu itgi uiai u& uic.ui(g4uai ucvciuuci r 

The legal records were quite good reasons for allowing an . ^ pn j tect i on ©f insutahee. In though it may be possible for 
clear. Back in 1895 the land, at SO-year-oId covenant to oe tbe developer .- of himtogo.back to the developer's 


that time a 15-acre field, had breached. Legal precedents j an{ j should count 


- — - , ,, t- -- — .. . . *— ■ - — insure i? for the extra cover 

been pareelled-up and sold off show that they may 00 the cost of the insurance alter- rather- than' to start afresh, 
by the then owner who had kept for example, it the nature of naTiv . his overheads for* an 


by 


native among his overheads for- Moreover when " .such an 


IfW plot 0" which he had ta « ymSTSi the Italy eo^to . ta- to 


built a solid residence, which several plots of land were once^ haser> should take^ oat '^'tjihLhe may well be faced ^ ^with 

still stands. As he had sold off covenanted to be used orfy fer ^ insurance at the . time ^ of ^quert from his then pur- 
vanous plots, some to specula- private residences and are now ^ developme nt • = nbaser to nrovide adeauate 

five builders, some to individual totally surrounded by commer- the insurance SSnce ***!' ' ^ 

purchasers for their ow-n use. he ^ial and industrial premises . i < fl . benefit of all - .Kiomc 

had laid down the rule, observed a nd there is a dispute terween W0 uld-be purchased and their insurance should be 
for 80 years that no more than the respective freeholders the Prn- SSSnritv 

r houses to an acre were to be 

tL kind of Cans, is niton Tre » allowing £L restrictive covenant _insur- 


_ _ ,n t n ho rnnwiiwi mmtn by.anyone entitled to. claim fo.r.^ance is best arranged with tbe 

found in title deeds. It restricts houses to be converted even to v i ___ cCL 


the owner’s right to £ Xt he S and ^ ** 

likes with his property and runs current owners so plan. This cover is open-ended as instructed to /deal with the 

for the benefit of one or more None the less, approaching the far as time is concerned and purchase of the . property- 

other property owners in the problem legal istically it is there is no renewal— and excep- Premiums whjcb are payable 

imrapdiate vicinity. Such a always open to the parties .tonally insurers do have to once^and for aU at the time of 

covenant is not personal to tbe concerned to apply to the handle claims made 20 or 30-purchase- u>f^eover T . jre very 
original parties, but as the Lands Tribunal to modify or years after the cover has been variable and for me pest cover 
lawyers say. runs with the land, to completely discharge a/taken out. ; may start at 50p per cent 


Putting off the evil day 


WITHIN THE next month, we as being excessive. The appeal judging the efficiency or other- unlikely that the issue of the 
can expect the Inland body, the General Com- wise of a particular Inspector, -assessment the appeal and post- 
Revenue to send out to lax- missioners of Income Tax, is. will not be unmindful of the .ponement - application, and the 
payers the qreater part of the similar to a bench of lay numbers of returns outstanding Inspector’s assent would all 
assessments which need to be magistrates. Their decisions are in his district, the numbers of : take place so early that 30 days 
made on dividend and interest final on questions of fact—the undetermined appeals and tbd from the last mentioned was 
income. It may be appropriate quantum of income for instance.: volumes of unanswered corres- still earlier than July 1. One 
therefore to consider some of On matters of law. whether that pondence. More rationally.' In* can therefore effectively say 
the matters to be borne in mind income is assessable, it . is spectors point out that extract- that 30 days from, the assent 

in dealing with these assess- ing a taxpayers return from letter becomes the revised due 

ments. . . him, perhaps as his reaction to-date for the tax not postponed. 

The law requires that assess- TAXATION - ' * dividend assessment, is prob- The postponed tax is not due, 
ments be sent to the taxpayer. . ably the only way in which to except as indicated below, until 

Those taxpayers who employ DAVID WAINMAN •> discover whether a capital gains 3 q days after the appeal is 

accountants or other agents to • - . assessment is called for. . . : determined. - It.' is always 

look after their affairs might 1 _ - Coming back to the extent to pebble that 4 ' determination ” 

wish that the assessment could appealing against -.an msty ^ ^ rad reslJ i t 0 j a 


be sent direct lo the agent, in possible to appeal to the High_ assessment enables a. taxpayer h Mring ^ f|- 0n t 0 f the Cormnis- 


view of the need for prompt Court against their findings. -to, stave- off the evti day -on but in. the very great 


action. The Inspector of Taxes 


„ , j bltiUeiO. UUL 111 .. LiltJ VCLY EL^dl 

Clearly, in most cases the 


cannot do this, but itis a simple appeal made against an assess- 'mSS to simply by agreement of the 

matter to arrange that he sends ment on dividend income is nnt Jpatenally altered m 1976. if a fipnrps 


a copy of the assessment direct intended by taxpayer or Inspec- taxpayer. .appeals against an ex- w^^^^nTri re 

lo the agent. lor to be brought to a hearing cessive assessment, he may also agreeme nt, and it takes two to 

Dividends from UK coin- in front of the Commissioners. a PP*y formally for the mount - 


coin- m tront or me commissioners. f ^ agree, OccasionaUy the letter 

effect. It is, as already mentioned, the of the tax charged which he ^ Inspector to The tax- 

« •* » only d«U» available to , tax- considers ereesstve to be post- ™” r S,., 


panics are received, in 

net after deduction of tax ar a omy device avanaoie to a tax- payer announcing that the latter 

rate equal to the basic rate nf payer to keep open an excessive P?ned, peoduig agreement of u 
income tax. To the extent that assessment until the correct his appeal against the assess- 


the recipient is liable to the figures can be agreed. It is as ^ hannened 

The Inspector has the same ^PP® 1611 : 


agreed " may not fairly 
reflect ' what ._ . has . really 


higher rates of tax, and/or to well, however, to bear in mind . _ - . . _ _ . ,» . 

the investment income that the Inspector of Taxes can rl sht to take an application for The sting in tiie tail of post- 
surcharge, this further amount set down an appeal for hearing, postponement in front . of th e, ponement is -the charge for 
of tax must be collected by an and that he will do so if he Commissioners for. personal interest on tax paid late. If 

assessmeut. gets the impression that the hearing, if he thinks that it has aii assessmentcharged £500 tax. 

If the amount of income so taxpayer is using the appeal as been made, only to delay pay-, and .the Inspector agreed^ to 

assessed, or if tbe rates charged, no more than a delaying tactic, ment. Assuming, however, that postpone £100, the appeal might 

are wrong then it is necessary Two sorts of delay will be in the Inspector assents, he-. writes well not have been determined 
within 30 days to “appeal.” the Inspector’s mind: one is de- to the taxpayer signifying thiSi by the end of the calendar year, 
this being the only way in which lay in payment of tax. The at *d the “ non-postponed ° tax No part of the. £100 would 

the position can be kept open other, whose effect as an then becomes -due for payment therefore be due and payable 

while the figures can bo irritant to the Inspector is fre- 30 days after the date of his at that time. Interest would 

agreed. An appeal is the self- quentiy underestimated by tax- letter. .. ; . - nevertheless “be payable from 

same first step which is npen payers, i.s delay in submitting Tax on dividend assessments January 1 onwards on any 
to a taxpayer who wishes to tax returns to enable assessable is technically due on July 1 amount of that postponed tax 

dispute an assessment as figures tn be agreed. It needs following the. end bf the fiscal subsequently agreed to be 

having been made on somethin? to be recognised that higher year, or 30 days after the- assess- eligible. Interest is charged at 

which is not taxable income, or authorities in the Revenue in ment if this is later. It is 9 per cent and is not deductible. 


The Amahs make the pace 
as things begin to hum 


HONG KONG; June 16. 


BY regional and international financial press screeches stocks. Average historic price- blue-chips such as Hongkon- 
standards, the stockmarkef "boom" in its front-page head- earnings ratios of about May 15 Land, Hong Kong and Shanghai 


here is well into a boom with lines. look on the high side, but the Bank, Jardine, Mktfteson, Swire 

the Hang Seng index standing No one seriously believes that prospective earnings multiple is; Group, 'WheeTpck Marden, etc., 
some 140 points or about 35 per the Hang Seng index, widest- * ess . demanding and average and then to lienefit the prices 

cent above its end-1977 level, adopted of tbe various stock- ^uity yields of around 4 per of second- and third line stocks, 

and with local and foreign funds market barometers here, will cent “’e attractive by savings - , - - 

pouring into the market. reach anything remotely and time deposit rates in Hong , Anotner - ingredient lacking 

The word “ boom ’’ has a approaching .the incredible level Kons ‘ <aP f^ 

special connotation in the Hon 0 0n of ^ scenar j 0> f 10 ™. a runaway - money supply) 


Kong market, however, conjur- 
ing up memnries-^painful for 
many of 1973 when the Hang 
Seng index reached dizzy and 
unsupporlable heights nf well 
over three times its current 
level of 545 and then collapsed. 


HONG KONG 


ANTHONY ROWLEY 


share prices here still have a 

££» 


vestors appear to agree although. w « Z l X T 
some observers quietly wonder ^ ut 


listing 


why other South East Asian 

rpninnol ctnoIrmsirbatB niAh' •. 0 Cally)_ tOUgher DOW. -than. 


are 


Many of thnsn who sot their aS they were five years ago/ A 

fingers^ badly burned then were * ,f aruUnd 1770 where Peaked df debts' issues <^ld be 

small investors - “Amahs'’ March 1973. The ingredients carfe however. 


»»» £ aSSSa 

n con_cud&tmg. averaging between HK?200in- and which is -not expected^ to 

Securi ties dealers argue that HK$250m — of which the Far hxubediately. ■ Analysts say 

the stockbrokers' nffiroc aa„in current is sounddy East Exchange enjoys, about that foreign -institutions have 

with “hasktos nf cash" tn" in- based: 0111 Hon e Kong enjoyed 45 per cent— that is still only a more, sophisticated.; investment 
vpsr in thp markpr mri the a real ecoooin « : growth of 11.5 fraction of thfi . several billion advice avaiiable liere than they 
Lnnrton and Continental in- per cen ' t last year and should dollars a day level reached in did five. years ago, through the 
stilulion* are shawinu hardlv TOmc within a point or two of 1973 - Even so, it is around 20 of UK brokers such as 

less reticence * thstt in 1978-' If those growtii ^ the level of a yeaT ago. W. X ;^ Viclce^.^e^Gosta, 

M. Ice House Street in the rates are muc h healthier than Mucil ottiie local money has Sebag, Cazehbye. iab. f ak well as 

central business district here elsewhere (he annual average .fi 1!ed oyer, from the; now leading loral securrties houses 

a publican v displayed stock- inflation rate of around 5 per stagnant” residential property Kke Sim Su^.KaLw.Japanese 
market index board is he- in- c ^ nt « a good deal lower. “ ark ^ where peculators who mvestment houses have also 
nin" to atiract rfailv bought and sold developments become Increasingly, active here ' 

of individuals again uJS*, presently sho»ii an aimuS llaD<is0 “ e l 5ro6t ? •*«* of lats^ ; Whether praaen«.*ai 


cards. 


lo recognise the bust. 

Even so. the Amahs are re- 
portedly trooping back into 


yoajming ft, board tn are what average growth me o?"app~ro"art. * re .^ ot . ?‘™ r 6e i“® .prenUitnongitKaM^tai; 


■«T 




;r-'* 

; : I X 


'MSN 


^ ! 


0 d 


their hot-favourite 
doing. Acid ckailv 



’<<■ 


. nntS , fh r rm o - — tn the etockma^eL Fonowing tharf'amohgthe^gaihM^ov&g'.; 

' ? h ™ te , r *? to^ one-fifth, and up to -a per past patterns; the money first - Chinese., remains; ^ 

' 0Gai cenl for sorae the blue chip began td' Toftate . price's - .' of - ' 










. 1 ' ~ ■? w ■ 


' '• Ttng^^r;^gs Ssfturaay Tu^I? 1978 


<■ w 

; p . s n*k - ■* 


'S'. x - 

"- .-St 


*i'.:-".’ , ' r 1',‘i ' 

Til ]t &$ 

r-." 'E.,^ 

r;.;^i‘ v = 

• •?&, :* i 


■ IkyJ? - 


YOUR SAVINGS AND INVESTMENTS 


An education tax 




M&&& 




m 




AS-. PARENTS, . you" have an 
inalienable .right, to educate 
your children in the.' best 
possible manner and' to spend 
.money to achieve this. You 
may laugh, but this principle 
v? as given some support under 
Section 375 of the Income and 
Corporation Taxes Act 1970, 
which exempts scholarships 
from tax,' and Section. 45 of the 
Finance Act 0975,' which 
exempts normal .expenditure on 
education from Capital Transfer 
Tax. 

■But if you are a higher-paid 
employee, this expenditure has 
to come from your after-tax 
id come, or from your hard- 


FRINGE BENEFITS 

. ERIC SHORT 


earned savings according to the 
latest move from the Inland 
.Revenue. If relatives try to 
help out, they could be subject 
to CTT, and now if your 
employer helps out, you could 
face a tax liability do such 
payments. 

This week the Inland Revenue 
announced that, as from 
Wednesday June 14, all 
scholarships awarded in the 


future by employers to assist jn 
the education, of children of 
.employees would' be subject to 
tax as benefits? in kind under 
Section. 6 1 of the Finance Act 
1976. The Budget Of that year 
was effectively 'a declaration of 
war against the use of fringe 
benefits and ’that particular 
Section supplied, the ammuni- 
tion to the Revenue-. And many 
fringe benefit’ payments have 
come under alta<$- 
But up to now the Revenue 
has refrained.- from taking 
action on scholarships provided 
by employers,, on the grounds 
that Section. 375 mentioned 
above stopped them. The past 
two years has seen a prolifera- 
tion of educational trusts set up 
by employers. Many insurance 
brokers dealing in employee 
benefit provision have been 
instrumental in designing and 
administering such trusts. They 
claim to have tafeeb Counsel’s 
opinion before; setting up such 
trusts. ' 

In- most cases-, these tru.ns 
have been available to children 
qF all employees and certain 
educational standards have to 
be reached before any award is 
made. But naturally, it is the 
higher-paid employee who has 
tended to apply. 

Opinion with t&e tax a ccoun- 


Revealing the facts 


RARELY A week goes by these 
days without at least one major 
item emerging on investment 
trusts: a complete contrast to 
the situation existing a couple 
of years ago, Then the industry 
operated in a complete absence 
of publicity, with no one able 
to get even mildly enthusiastic 
over what trusts were doing or 
how they were performing. 

. But this week has been ait 
exceptional one for news, even 
by current standards. The 
novel bid by Barclays Bank for 
the Investment Trust Corpora- 
tion highlighted the investment 
potential of these trusts froth 
a takeover situation. Then 
came the long awaited official 
year book* on the industry from 
The Association of Investment 
Trust Companies and the . start 
of a monthly service of per- 
formance figures also from the 
association. 

The. association . . has 
over the past few years 

INVESTMENT 

ERIC SHORT 


been endeavouring to get 
the investing- 'public and 
' institutions." interested in the 
operations of investment trust 
companies, though the recent 
bids by the pension funds of 
the nationalised boards have 
created much more ^pterest 
than the efforts of the associa- 
tion. But all efforts have been 
handicapped by a relative, lack 
of knowledge concerning what 
the trusts offered as. invest- 
ment vehicles, how they were 
taxed, how they invested, and 
above all what they offered to 
investors in comparison with 
unit trusts. Now this book 
sets out to explain these 
features and many more to the 
general public. 

The first section is possibly 
The most useful to the un- 
initiated, because it explains the 
functions of investment trusts 
with a minimum of technical 
jargon. I found the article 
on taxation lurid . and the . com- 
parison between investment and 
unit trusts . as . investment 
vehicles very informative. If 


the book does stimulate interest, 
then there is an article on how 
to buy investment trust shares. 
. The second section lists the 
management groups in this 
sector together', with 'The trusts 
in their stables. One . important 
criteria in selected^, an invest- 
ment is to ascertah^the quality 
of 4he management is. sec- 

tion will help in maftng that 
assessment. .• 

The third section is the ortp 
that will interest the' adviser 
as well as' the indiridual in- 
vestor, 'for' it contains details of 
each trust together* with com- 
prehensive statistics on invest- 
ment portfolios, hjstory of share 
prices, asset values and divi-' 
dend distributions. If the book 
bad contained/ nothiag else, it 
would . still have filled a huge 
gap in the information available 
on the industry. 

The final section contains 
details at performance by man- 
agement group and the associa- 
tion intends this to be an on- 
going exercise. The ability to 
measure the performance of 
one’s investments is essential 
and a past history of perfforxn- 
a nee is useful in reaching, in: 
vestment decisions. The specia- 
list stockbrokers have published 
regular performance figures 
over a long period, but these 
figures from the association 'are 
available to ail. 

The investment potential, of 
investment trusts was .high- 
lighted this week by Mr. George 
Stout a deputy chairman of 
the Association and general 
manager, of the Alliance Trust 
He -forecast that pension funds; 
with their huge cash flows, will 
force up the price of trust shares 
in their endeavour to acquire 
the underlying assets. Invpstoxs 
seeking to oash-jn on this situa- 
tion will find this book. 'ex- 
tremely useful. 

0 investment Trust Year. Booh 
from the Association of Invest- 
ment Trust Companies, Park 
House (Sixth Floor i, 16, Fit is- 
bury Circus, London EC2if 7JJ 
or from Fund ex. Greystoke 
Place, Fetter Lane, London, 
EC4A 1ND Price £7.S5 postage 
pioid. 


Time to change? 


YESTERDAY’S announcement 
of the laterir Retail Pricer Index, 
showing inflation still well 
below 10; per cent, comes as 
welcome news to the economy. 
So it may seem churlish to point 
out that the return .oa the 
Index-Linked National Savings 
Certificates Retirement Issue 
has droped. steadily, with the 
falling rate of inflation and now 
stands ■ below that obtainable 
from otfter.fonns of investment. 
Since predictions are that the 
rate of inflation is not likely to 
return to double figures, this 
year, it may welt be opportune 
to consider switching invest- 
ments, at least temporarily- 

The benefits paid on these 
Retirement Certificates are free 
of all taxes, so switching is only 
worth while to investors whb.do 
not pay tax. But this, is cer- 
tainly the case with., many 
holders of these certificates.. 

The certificates have. given a 
gOad return up to now 51.6 per 


cent to those investoi£>.who 
bought at the outset ii.jJune 
.1975, But investors need, to con- 
sider the expected returns in 
the future and here there is a 
. case, for switching. The National 
Savings Bank is paying per 
cent on deposit account^.- A 
one-year investment in. -local 
authorities yields about 9.5_per 
cent, while more adventurous, 
investors could consider the pos- 
sibilities of high-income trusts 
mentioned elsewhere on this 
page. , , : 

If one reads the forecasts, 
the impression given is that the 
in Elation rate could bev. rising 
again next year, so investors 
thinking of switching , need .to 
watch the economic scene quite 
closely. You need an. .invest- 
ment which can be easily 
realised, and in this respect unit 
trusts need careful timing. But 
it Is an. opportunity, to increase 
the return oh your investments! 


lanL is that almost certainly th/s 
decision will be tested in the 
Courts. But even so, does this 
action of the Revenue herald ( 
the ultimate demise of such 
assistance by employers? This | 
is by no means certain; the 
ingenuity of the tax planners 
can usually find a way round 
moves of this kind. 

The taxation of. benefits in 
kind is complex, like most tax 
legislation, but the Revenue 
divides the population in two 
groups — directors and higher- 
paid and others. The higher- 
paid, by Revenue definition, are 
those earning £7,500 or more a 
year and this limit is revised 
periodically. The former class 
have fringe benefits taxed Dn the 
cost to the employer, others are 
taxed on its rcsalablc value. 
Thus this move by the Revenue 
means that the higher-paid will 
pay tax on the amount of the 
scholarship- award, whereas the 
lower paid will not be affected, 
since it has no value on the 
market 

It must be remembered that 
the £7,500 limit includes the 
value of all fringe benefits 
besides your earnings. Since 
fees are nudging £2.000 a year, 
the award of a scholarship 
could put you into the category 
of higher-paid. Where both 
husband and wife can apply for 
a scholarship with their 
respective employers, it may 
well be profitable for tbe wife 
to apply if she is earning less, 
and opt for separate assessment. 
But this Revenue decision could 
be challenged in the Courts so 
this may not be the final word 
on the subject. 


Public stay away 


MERCHANT BANKS, inslHu- 
Lions and private clients have 
shown some interest in the 
eight-week-old London traded 
options market, but the bulk of 
the business is between the 
professionals — the jobbers, the 
market makers and brokers 
exercising a discretionary con- 
trol over their private clients’ 
portfolios. 

Brokers close to the market 
claim that it is still rare for a 
private client to initiate an 
options transaction. either 
writing or buying. The bulk of 


OPTION MARKET 

TERRY OGG 


the private client money comes 
from cither private client port- 
folios over which brokers 
exercise some discretionary con- 
trol or as a result of trans- 
actions executed on a brokers’ 
recommendation. 

Market makers are still the 
leading writers of options 
although there has been some 
tentative interest shown by 
private clients. Institutions and 
merchant banks have been 
conspicuous by their absence. 
The individual investors writing 
options tend to have medium- 
sized portfolios with a market 
value in excess of £75,000 and 
a holding in three to five of the 
underlying slocks. 


in general thy private 
investors write between three 
and seven options in nne or two 
of the underlying stocks they 
hold and rarely commit more 
than 70 per cent of their 
holding. 

Institutions have shown 
interest in buying options 
although private client buying 
and _in-hem.se buying by brokers 
dominates. There has been 
little interest in secondary 
market buying and selling 

The main stumbling blocks 
are the tax problem; a difficulty 
getting bank guarantees by 
writers who wish to be 
••uncovered” but who don’t 
wish to put up the required 
cash collateral, and a lack of 
liquidity. 

The lack «»C liquidity is the 
greatest problem. Last Thursday 
a. buying order for 60 Shell July 
550 was placed. By midday only 
20 had been bought. When the 
market first opened it took 
three days ir> dear a buying 
order lor -iij contracts. 

The initiators of the London 
options market are happy with 
their fledgling. They will 
continue to seek to have the 
tax position altered and they 
will encourage the ciearers to 
issue guaramec-s. But they still 
have to boost liquidity. It will 
need an education programme 
or a reasonably sustained 
Upwards movement in the 
underlying share-market. There 
is no spur like speculative 
profits t»> bring new people into 
a new market. 


HIGH INCOME funds are often 
considered the bread and butter 
iU’ the unit trust industry. - 

This implies Thar they may 
not be very exciting and yet, 
given the wide spread of 
equities and often significant 
preference share base, they are 
usually a sound investment. 
Reflecting this and the current 
demand for such funds — second 
only to the rush for North 
America — Gartmore has just 
launched an Extra Income Trust 
with an estimated gross starting 
yield of 9J per cent. Inflation 
is now well below 10 per cent, 
and according to the Govern- 
ment set to stay there until the 
end of the year. So the sort of 
returns you can now get from 
investing your capital for 
income look impressive com- 
pared with the increase in living 
costs. 

What, though, arc the specific 
advantages of a high income 
Fund? Firsr, your investment 
will give you a regular return 
which, depending ou the fund 
manager's skill and tbe state 
of the stock market, should 
increase wiib time. Dividends 
from most high income funds 
have risen in the last year in 
terms of income per unit — 
Arbulhuot’s Extra Income and 
Preference funds are notable 
exceptions but. according to the 
group, rapid expansion at the 
end of last year made it difficult 
to get the cash into the market. 

Income rises of course, not 
only because of increased divi- 
dends from the shares in a port- 
folio and a higher yield but 
because the underlying value of 
the units improve. Capital 
growth then is a sometimes for- 


Enticing 

income 


gotten benefit of high income 
funds. In this respect the last 
year has been extremely good 
for these funds which often 
invest in good second line com- 
panies, many of which have 


UNIT TRUSTS 

TIMOTHY DICKSON 


done better than “blue chips” in 
the prevailing economic climate. 

Many high income funds are 
geared up with a certain steady 
percentage r*f preference shares. 
It is well to find our exactly 
what that proportion is. Prefer- 
ence shares tend to have a yield 


advantage at the outset, but in a 
rising market they will drag 
down the underlying value of 
your units. 

Income funds are a particu- 
larly good investment for the 
low or nil taxpayer. Dividends 
are always paid net, but they 
will be accompanied by a lax 
credit assessed at the standard 
rate. If you pay tax below this 
rate, or you don’t pay any tax at 
all, you can reclaim the money 
from the Inland Revenue. If 
you pay at a higher rate, the 
credits can be used to offset part 
of that liability. 

If you already hold units, in- 
cidentally, there is one reason 
why you might consider selling 
this year. Since April l. 1977 
( retrospectively from April this 
year) unit trusts have been pay- 
ing a concessionary capital gains 
tax rale of 10 per cent. But up 
to March 31, 1979. unit holders 
will get a tax credit for the old 
rate of 17 per cent which can 
now be used If your gains do 
not exceed £5.000. 


ENTICING INCOME 


Allied Hambro High Yield 
Arbuthnot Prefe rence Fund 
Extra Income . 

High Inco me 

Barclays Un icom Extra lac. 
Britannia E xtra Income 
Chieftain High Income 
Lawson High Yield 
M. and C. High Income 
S. and P. Income 


OFFER PRICE 
(pence) 

14/6/77 14/6/W 







Limited tolftOOQOOO units 





t e. 




Estimated Gross Starting Yield 


H ere is a new unit trust from Gartmore with 
an estimated gross commencing yield of 
9j°o- This compares favourably with 
many other forms of pure equity investment, 
Gartmore propose to achieve this by carefully 
choosing a portfolio of ordinary shares in small, 
sound UK companies with above-average 
yields. With professional dav-to-duy 
management, this strategy gives investors a 
high level of income together with good 
prospects of long-term capital growth. 

Because such shares cannot be bought in 
imlimired numbers, Gartmore Svill be 
restricting the number of units under this 
particular pfter to io million. 

A team with an 
outstanding record 

The management of the new trust is to be 
undertaken by the same team that has been 
managing the successful Gartmore High Income 
Trust since its launch. You can read about High 
Income Trust s outstanding record under the 
‘Quarterly Income Plan* section. 

The protection 
of a wide spread 

Gartmore Extra Income Trust will be invested in 
about 100 different securities so that your money is 
widely spread 1 This factor is especially important 
in a high yielding unit trust which includes second 
line shares. 

With this in mind the Managers do not intend tn 
invest more than 2% of the overall portfolio in any 
one company* 

You should remember that tbe price of units and 
the income from them can go down as well as up. ■ 
You should regard your investment as long-term. 

The offer 

This offer at 25p per unit will close when io million 
units have been allocated to investors, or on Sth July, 
1978, whichever is the earlier. Should the offer dose 
early, a notice will be published in the Financial 
Times and all unsuccessful applicants will be 
notified. 

After the close of this otter, units will be available 
at the daily ottered price. 

To ’apply, simply fill in the relevant coupon and 
send it to Gartmore Fund Managers with your 
cheque. The minimum investment is £200. 


TheNew Gartmore 
Quarterly Income Plan 

If you want a high regular income. Gartmore can. 
now offer y* >u rhe Quarterly Income Plan. U nder 
this plan your investment is shared between the 
new Gartmore Extra Income Trust and Gartmore ' 
High Income Trust. Both of these unit mists pay 
income half-yearly, bur < m dares 3 months apart. 
This results in quarterly income distributions on 
15th March, 15th June, 15th September and 15th 
December. So you get your income when you Deed 
it to pay your bills— quarterly. 

What would you receive? 

On 15th June, 1978 the offer price of Gartmore High 
Income Units was 63. 3p to give an estimated gross 
yield of 845' % p.a. 

On this basis, assuming you invested your money 
equally between both trusts, you would receive an. . 
average estimated income ( in quarterly instalments) 
of 8.S5", , p.a. This will naturally vary slightly from 
quarter to quarter. 

Gartmore High Income Trust is invested mainly 
in high-yielding equities in a wide range of 
industries and some fixed-interest investments. 

Investors who purchased units in tin's trust when 
it was launched in A lurch 1 9 75, have seen rhe offer 


price of units increase by 131.0° ' 0 compared with a 
rise in the. Financial Times Industrial Ordinary 
Share Index over the same period of 72.2* 0 * In 
addition, they have received a steadily growing level 
of income payments which now total £48.3 5 gross 
per £100 invested at the launch. 

To invest in the Quarterly Income Plan, please 
complete the coupon below and send it with your 
cheque. The minimum investment in each trust is 
£200, so you need only £400 to take advantage of 
rhe Quarterly Income Plan. Your fi rst income 
payment will be made on 15th September. 

AH jpplicnricinswill he atknow U-dgcd and ccrulkiircs w ill lx- iurwanleJ l>v the 
Kcqistrars before ;*rth July. n.cS. 

_ You can M-llywir units bud: to the j\ LnafivTS ;it not Je&r thin the 
minimum bid pnre on any dealing day. You will receive a diequcwidun. 
seven days of Ok ^ iarugciv reeeivingyour renounced cert/ Suite. 

Ganmorc Extra Income Trust is constituted and administered byti Trust 
Deed dated June. Z07S. 

IrKcanewill be distributed on 1 5th June- aod tjih December csich year. 

Gartmore High Income Trust is constituted jnd administered by a Trust 
Deed dated 30th October W7J- 

Income is disrribu ted un 15th 'Mhreli and 15th September uadi year. 

Distribution* on both mists nre paid after deduction ot income tax .it live 
basic rate. Income ux cun lie reclaimed from the J nlaud Rev entie if j mi are 
entitled to do so. 

Both trusts haw .in initial trwnageiiu-nt tii.inwof 5".. vvliLli K inJudcd in 
riic price of unk-'. Uorr-friji-. the Manlier- it ill p.iyoimmiaiionct f|"„ t.< 
authorised scent?. There L- :ui annual char_v of jlw of 1 \. t plus VAT lot die 
value of the turn! ivhivli is deducted (hot iiKons.-. and vv hicii b nlrc.idv 
ulluwed fur in the cstinuied current yn «•* >k-IJ. 

The ’JVU'ilwiiihi'itli Tru*i*»i-» Midland liuik 'I itr.t t'-vnipjiiy Vanned. 

'llk-Mnnuct-rtut the Tnista are Garni mre 1-unJ Mjiiauers Lniiii'.-d, 

- Si. \ lary Ate. I .ondwi l.L'jA SB1*. Telephone; o 1 -a-Sj 

J-'rrw.-tors: LJ.B.D. Dkl-vm iChairnuml, 

W Campbell AH.ni 1 '.A.. A At. Amuuye, A.J.K. Collins, 

S . Stevenson J nr. C . A .. J .A/Hion isun C-\. 

Thi* offer L nut available toifiiiJcrilsoi: die Republic of In-I.mil, 


^ The Gartmore Credentials V 

WHAT MAKES GARTMORE SO POPULAR WITH PROFESSIONAL ADVISERS? 


More than two-thi rds ot the money invested in Gartmore unit 
trusts has come nnr d j reet from the public bur through 
Stockbrokers, banks, solicitors and oilier professional advisers. 

Gartmore Fund Manugers.haveOVer^'jomillionundt.T . 
management. They ate 


s m 


APPLICATION ^ pT : " ' : : 

Extra IncomeUnits 

Fill in the coupon and send it now to: Gartmore Fund 
Managers Ltd. 2 St. Mary Axe, London EC3A 8BP. 

Tel: 01-283 353*- 

.V, ; r .. .'.lrii.r!T...':hv I 'p'l 'I n-: .V-t-jilun 

l'AV diuuld like iu imeM j j. ~| 

in Gartmort: Extra Income Units at the 11 titui otier price ul'jsp pi-r 
unit. Uranium £200. Uffi-r <. lost-, on Stli July. l'CS or when lolly 
«ib^.-ribfd. 1 

I, We enclose a remittance, payable to Gartmore Fund 
Managers Lid. 

TkhBux : 

I I U \t»u are an existing Gartmore unitholder. 

□ If you wart maximum fliwtih by automatic 
re-in vcsnritatt of net incumc. 

f~[ If you would like details of our Sliarc Lschangc Sen’icc. 

l,\Vf dnjtavihB I am »*aieirt a-.IA-m.iutJifciheatliBiilftiTrtQU'rit.-t. audikn] im| 

'eAwnot utxjumnp the uim , 41 dm imnirtilil ai'wiy ptramlsi u-aileiiTiiucul? ilie 
J«*eiiWTi3Til<inrt.ilf jki.iic unobltiv t/ui.&iiar.iix'ad >iiduUbcUckiv4»ni;irjr 
apfilicui-Jti W1 «.t 1 ihruud 1 j?i jurtanr^J licpomi <ri- ) 

‘si’RXAMK f MK. MRS. MISS* 

F'iRSTSAMI-ihilN KL'l-l- ■ 

ADUKESS 


j»li.;XATL‘R)bM 

'■Miivridi ptfitr.iicui.tfb: « 


j highly regard eJ by professionals because the parent company, 

I Ganruore Investment Ltd., is widely known and respected in 
j-. the C iry of Lon don where it is responsible for over £650 
• roiUii^n of funds for in vestment ^trusts, insurance companies and 

FOR 

Quarterly Income Plan 

To: Gartmore Fund Managers Ltd. 

2 Sl Mary Axe, London EC3A 8BP. Tel: 01-283 353*- 

( Urpi, ,Vn U j-ji . l(, •! ■ .J... . ,M« iiiW.j il,. I n,i 1 r „ i A- -n i.n mu 

1, We f h.juld like k. imvac A " ) t.l/iir. £.j<iO ? in die 

Gartmore Quarterly Income Plan jr riu-olW pocrsnjlijigi.wi 
day you receive this .ipfJjmnoi i. 

T We enclose a remittance, payable to Gartmore Fund 
Managers Lid. 

* For your guidance die: oficr rub'ng on 15 th J uoe, 197b \\ erw: 

C.ulmore Extra Ina-mc i'nins asp- 
Gartmore Highlneome Units: bj.jp. 

Tick Box; - 

n If you aregn cxiatin? Gartmore unJrfaolder. 

I 1 If you would like deraiis of our Share EsThungc Service. 

IjH> d«r tare that I nmim a n.* noi reyik-nt witsM? ifn? SficduTt-f Ti-rn'i orw aid il u 1 1 sm f 
vejiL'nui j.'jutrire;iiio nunc rr nit. 

SJuiuM Tcnriiax f f f-..u jrr uoddc w apn i/r&daiiniac-iCihouiJ bcikktoluad'^uir 

SUtNAME-AnUMRS. 

T-tRSTVVMU.Wi ] y li; Ll. 


■SIC.-NA’It.-KI-iSi 
i-T i;o<. Mir 


, It .‘leir iPi" -< r J - 







Financial Times Saturday -5 



BEDFORDSHIRE/ 
BUCKINGHAMSHIRE BORDERS 

London 4S miles fill (Junction 13 > — *4 miles ) 
Blctchleit Station 6 miles tEu&oa 44 mins. ) 



A SPLENDID WILLIAM AND MARY HOUSE IN 
DELIGHTFULLY CLASSICAL GROUNDS OF 
ABOUT 10 ACRES 

MAIN HOUSE: Hall. 4 gracious reception rooms, usual 
domestic offices. 4 principal bedrooms, dressing room. -1 
secondary bedrooms, 5 bathrooms, Full central heating. 

Basement with laundry room, stores and cellarage. 

THE LONG ROOM WING with THE LONG ROOM (W x h'4 ). 
EXTENSIVE GARAGING. COACH HOUSE. OUTBUILDINGS. 
Paddnck ever 5 ACRES ileti. Walled formal and vegetable 
cardens and further grounds extending ?bout 5 Acre-c. 
V'CIR SALE BY AUCTION. WEDNESDAY, lSrh JULY. IS7S. 
COUNTRY HOUSE DEPARTMENT. WOOLLERTON HOUSE, 
WEN DOVER. BUCKS., TEL: 0296 822855. 




BY JUNE FIELD 


HOW MUCH extra does the fact 
that someone with a Known 
name has lived in the house put 
on tlie price? Quite a bit. 1 sus- 
pect, looking through the cur- 
rent crop of " association 
houses.” And. of course, the 
attraction of being able to drop 
the names of such distinguished 
persona as the Poet Laureate, 
j the Leader of the Opposition, 
| and even a television medico 
I obviously adds enormously to 
1 the eclat of a place. 

\ Literary associations have a 
strong pull, whether they go 
with an actual property, or just 
the place. Prospective buyers 
desirous of living somewhere 
that inspired poems or books, 
would do well to invest in The 
Orford Lilt-rant Guide to the 
Burnish Jsiex. edited by Dorothy 
Eagle and Hilary- Carnell (pub- 
lished by Oxford University 
Press. 1976. A'3.95). 

Entries range from Abbots- 


ford, the home of Sir Walter 
Scott, to Zenuor, the Coniish 
village where D. H. Lawrence 
and his wife lived in 1916-1917. 

Or there is A Literary Atlas 
and Gazetteer of the British 
Isles by Michael Hardwicke 
(David and Charles, 1873). 
which contains 4^500 entries in- 
cluding one on Rudyard Kipling 
(1865-1936), poet and novelist, 
who lived between 1896-97 at 
Maidencombe, an unspoilt vil- 
lage three miles from Torquay 
in Devon. He wrote some of his 
best stories here, included in 
The Bay's Work, IS98. The 
locals will tell you that he found 
Rock House, where he lived, 
rather dismal and depressing. 
The story goes that Kipling 
struck up a friendship with the 
little grand-daughter of the 
owner of nearby Langley 
Lodge, now called Langley 
Manor, and was given the free- 
dom of the two-acrc gardens. 


WEST SURREY 

Between Guildford and Farnham 

WHITE LANE FARM 

A residential arable/scocfc farm. IB2 acre:. Modern House. 
& Bedrooms. 2 Bathrooms. 3 Reception rooms. Fine Kitchen. 
Office. Modernised Cottage. Evcensive Outbuildings and 
Productive Land- 

AUCTION 20th JULY 

8, QUARRY STREET, GUILDFORD (MG3) 72992, 


WEST SURREY . 

On the hills between Guildford and Dorb n; 

ATTRACTIVE RESIDENTIAL ESTATE 

Period house. 8 Bedrooms. 3 Bathrooms. 2 Reception rooms. 
Study. Domestic Office. Central Heating. Staff Cottage and 
Modern Bungalow. Adaptable Farm Buildings. Paddocks and 
Woodland. Suitable for equestrian use — 57 acres. 

AUCTION 20th JULY 

8, QUARRY STREET, GUILDFORD (0483) 72992. 




Langley Manor, 'ilaidencombe. 3 miles from Torquay, Devon, 
has superb views of the sea across its own grounds and 
through a u nulled valley. Built in 1844 of local stone, the 
tranquil 2-acre gardens of the manor are credited as pro- 
viding inspiration for Rudjard Kipling, when he stayed in 
tbe village. There are G bedrooms. 3 bathrooms, gas central 
heating, greenhouse, summerhouse and garaging for 3 cars. 
Betieswortb.s. 29 and 30, Fleet Street. Torquay, are inviting 
offers between £60,000 and £70,000. 


KENT — only 30 miles from Central London 
beltceen Secenoaks (5 miles > A- Tonbridge 1 4 miie: ) 

THE UNDERRIVER HOUSE ESTATE 
UNDERRIVER. KENT 
comprising r as sepa ra to Lots ) 

The mainly Eighteenlh Century Underriver flonse. 5 Pec. 

Ruuin 7 Principal and 6 Seeundary Bedrooms. 4 
Bath mom.-. Oil Fired Central Healing. Nine Loose bo. e- 
and Tack Kuuin with Railed Paddocks, Gardena 
and Grounds. 11 4ere? 

Period Coach House and Cottage 
for further conversion with 1J Acres 
£ni ranee Lodge with Paddock & Ornamental Pond 1 Vre 
Pair or Collages for conversion wllh Kentish Bam and 4} 
Acre Paddock. Squash Court & Buildings for Recreation, 
rwo Semi-detached Cottages oierlookiug Farmland. 

90 ACRE HOLDING WITH BUILDINGS. 
Fourteen Parcels of Agricultural Land and Paddocks 
from 3 to 42 Acres 
339 ACRES IN ALL 

FREEHOLD WITH VACANT POSSESSION 

for Three 5>.-rvkv Ooctipai Ions' 

For Sale by Auction in 20 Lots (unless sold privately) 
at Blighs Hotel, Sevenoaks 
on Wednesday 26th July 1978 at 3 pm 

Jn.ii: AuclM->:rs: 

John D. Wood, 23 Berftelejr 5q„ London Wl. Tel. 01-624 W38 (rot. JWB) 
Taylor i"rd Tet'er. 1 Dorset St- Scvcnonks, Kent T»J13 ILL (Tel: 5ilM> 


ULBY ESTATE 


FIRST CLASS AGRICULTURAL INVESTMENT 
LEICS/NORTHANTS BORDER 


SMITH- 

WOOLLEY 

CHARTERED SURVEYORS - CHARTERED LAND AGEN7C. 

Oil ifm in--lrm;i uuis of The Duchy of Cm men If 

GLOUCESTERSHIRE 

Cirencester 3 Mile * 

A FINE COTSWOLD STONE 
MANOR HOUSE 

4 reception rooms. 12 bedrooms. 4 bathrooms 
3-bed r domed modernised cottage 
Dovecote (Listed Grade lit. Garaging, Stables 
Coach house. 2 walled gardens 
Previously used as a private school 

EXTENDING TO NEARLY 41 ACRES 
A further 20 acres adjacent could be made available 
FREEHOLD FOR SALE PRIVATELY NOW 
OR AUCTION IN TRE SUMMER 

S Oxford Street, Woodstock. Oxon. (0993 811624) 
also at Ashwcll. Herts; Collinghani, Notts, and Di». Norfolk 


Herefordshire/ Worcestershire/Shropshire 
Borders 

Within cas'.' roach i*f the ni.irl-i iuwiis of T>-nl ■ur- W-lls. Ludlow inti Leominster 

515 ACRES (IN FIVE LOTS) OF 
EXCELLENT PASTURE AND ARABLE LAND 

all oili-red tv i ;li 

Vacant Fuiwsslon ucon completion of purchase 
FOR SALE BY AUCTION 
Ftibjcc. to Conditions and ;o pnor sole 
IN FIVE LOTS, nr. ag. no. 149. 47 and 149 acrci 
A[ the Porri.-uUis Hall.Liidlgw 
ON MONhAY, 10th JULY. 1978 AT 3 p.tn. 



which gave him immense 
pleasure because of their beauty 
and tranquility. 

Langley Manor is now for 
sale at around £6Q.O0O-£7O.flOO, 
its setting as beguiling as ever, 
with a drawing room which has 
two Adam-style fireplaces' and 
glorious sea views, four bed- 
rooms and two bathroom;! on 
the first floor, and a self-con- 
tained suite of three rooms and 
bath oq tbe second floor. Full 
details Gordon Radclyffe, 
Bettesworths, 29 and 30 Fleet 

Street, Torquay. 

“Scje in u world of trains and 

buttered toast 

Where things inanimate 

could feel and think 

Deeply I lure thee. 31 Wes' Iltll 

A i that hill's foot 

did London then begin . . . " 

John Betjeman wrote in Sum- 
moned bji Bells- 31 Higiigate 
West Hill. London. N.6. the 
childhood home ef Sir -John 
Betjeman. Poet Laureate, is be- 
ing sold by its present owner, 
poet and writer lain Hamilton. 
The house is one of a period 
terrace of five, known as the 
“Captains House*.'’ reputedly 
built for five of Admiral Nel- 
son's retired navai officers. It 
has a small front garden, and 
there are four bedrooms and 
two living rooms. Chesterton*. 
26 Clifton Road. London. W.fl. 
are asking X65.U00 for (he free- 
hold. 

What price a blue plaque? 
There is one on the front of 
Peel Cottage. Peel Si reel. Camp- 
den Hill. London. W.S. record- 
ing that Sir William Russel! 
Flint RA. lived there, and 
offers in excess of £200.000 are 
beins sought by Knight Frank 
and Rutley. 20. Hanover Square. 
W.l. It is a unique house with 
a magnificent lofty galleried 
north-light studio, around ■ 64 
feet long, with a balcony at 
one end overlooking a pretty 
courtyard garden. A panelled 
librsry/study has built-in glass- 
fronted oak bookcases, and there 
are four bedrooms and two bath- 
rooms. plus a s.c. housekeeper's 
fiat. 

How would you feel about 
living in a charming mev.-s cot- 
tage owned by Mr. Neville 
Bywaters, senior consultant 


surgeon in the -television series 
General Hospital ? The name 
is, of course, an alias for actor 
Tony Adams, who is seltin, 
109. Devonshire Mews South. 
London, Vi. right in the heart 
of Hariev Street doctor country, 
It will cost you £S5,000 for the 
two-living room, two-bedroom, 
two-garage accommodation on 
900-year lease, through Knight 
Frank and Rutley. 

The owner of The Mount. 
Lamberhurst. near Tunbridge 
Wells. Kent, bought the house 
from Leader of the Opposition 
Mrs. Margaret Thatcher. This 
mock Eiizabethan-style property 
built in tlie 1930s will set you 
back £i 20.1)00. and for itiis you 
get a grand entrance porch con- 
structed of old timbers with 
heavy oak-studded mitre doors, 
fine gallerled Great Hall with 
oak parquet floor, brick 
eh: m ney piece with seats..' lofty 
timbered ceiling and old oak 
joists, oak panelling, fine carved 
oak staircase, dining room, 
drawing rnoni. recreation room, 
eight bedrooms, three bath- 
rooms. and five acres of grounds 
which include two orchards, a 
dell and spinney. Agents 
Bernard Thorp and Partners. 
1. Mount Ephraim Road. Five 
Ways. Tunbridge Wells. Kent, 
in conjunction with Knight 
Frank and Rutley. 

Patrick de Lasrio, son of the 
painter, and chairman nf the 
Association of Independent 
Businesses. formerly the 
Smaller Business Association, is 
selling his home, Wonham 
Manor, set in 72 acres near 
Beichworh. Surrey. The price 
tau of £im includes all the 
content*. It's a magnificent 
castellated and turreted 
Georgian-Gothic house, built 
about 2737 by the Hon. Charles 
Marsham. later Earl of Romney. 
For your money you get a 
reception hall. 4 living rooms, 
picture gallery/ bail room (the 
paintins? axe not included in 
th? price), 9 bedrooms.. S 
bathrooms, plus a pavilion wins’ 
with a sauna, party rnom, 3 
more bedrooms and a bathroom. 
Three cottages, 2 lodges, 8 
stables, garage block, hard 
tennis court, and over 2,500 ft 
of frontage to the river Mote 
complete the package. Agents 
Knight Frank and Rutley. 



Friendly Hall. St Lucy, Barbados, elegat 
century plantation house .in -20 "acres, . 
position with commanding; views across.! 
J-xaile sea frontage leads directly dow 
May cocks Bay with its superb sandy be 
swimming. - There are .4 bedrooms, and ■ 
trated brochure from tiie owner, who is j 
of U.S^250,000. 


tat 


THE GARDENS at Friendly with kitrt 
Hall, St. Lucy. Barbados, run the eiurha 
down to the cliff edge, with the Tillage, -SI 
sea and superb sandy beaches 
of Haycocks Bay some 75 feet 
below. Sitting on the small ter- peopli 
race at the very edge. I was told lenities 
the sad tale of the young girl , ■ 
who Threw herself down to. join r. 
her waiting lover all those feet £ 
below because her stem father. 
a farmer occupier, would not let v 1 

her marry. The present owner, °* 111 

who is selling the 18th century v? -“* s *J n **’ a 
coral stone plantation house, 
has a fund of historical associa- nearby h 
tions to relate of this gracious Hotel, wbe 
hideaway in 2t) acres of tropical on tbe ej 
gardens rich in Flamboyant. Estate.. 
Frangipani, and Pride nf India, The n 
plus palms, paw paw and Hog Barbados 
plum. (Watering is no problem by a 'smal 
as there is an automatic vectors or 
sprinkler system.) The taste- Hockley G 
fully decorated house, fully ha^os ghi 
modernised, has a loug cool Company h 
verandahed living-room and ter- equity 

race, a dining room with a- 


Welsh quarry-tiled floor- (tiles 
used to be carried to Barbados 


series of- 
apartraeni 


used to ou carried to Barbados T , , ,- n 
on sailing ships as ballast), and , ‘ . - y 

French floors leading on to an „ . oe “ ore 
old walled patio full of orchids; u lS n °! v 
Off tlie panelled mahogany stair- are 
case are four bedrooms, three one bedroo 
.bathrooms and a study. The ruoms & 
price is around US$ 250,000, and owners can 
serious inquirers should write which is m 
direct to the owner at Friendly through t 
Hail for an illustrated brochure. Canada. I 
To get the feel of Caribbean Rockley Co 
living, you can rent beach-side 35W. Wort; 
studios or 2-room, duplexes, both Barbados. 


RTY 


T49. ST. MARYS ROAD. 
MARKET HARDOROUCH. 
LEICESTERSHIRE. 

Td. >aaSD) 24S7 4630 
and at Warwick. Coven in 
and Downlon 


ESTATES AND FARMS : INVESTMENTS : FISHING: 

OVERSEAS PROPERTY : 


a • 


^WHiflm&gasg^si 


tuitcd tsc^tco Msrihampton and l*iai:ir sawndin; to ’il jtm 

■rtludin,- producin; £10.124 ptr annum with rent r;viuottf 

dui T#a fin..- cntr.iW heated urn- hou-.o-. having 4 and 6 btdrftomi. 

Fou- Eitcnv'i (rad lional I’rm buildings The land u a m..dtum 

to heavy lo7in c.-.p.iM« of producing fi-jh yields. 28 a;rci in hand bcinj mainly 
mature hardnoodi 

FOR S/LS BT PRIVATE TREATY AS A WHOLE 
rail pjrt-r«tfors Ven ;he lofe jfenis oi ohovr 

ESTATE - AGENTS AUCTIONEERS AND VALUERS 


B FOLEY HALL 
REDD1TU2 WORCESTERS U IB fl 
An Elegant Georgian Mansion 
Set in beautiful grounds 

Planning consent for offices of 3.400 sq. ft. gross 

For Sale by Auction 
with low reserve 
ON JULY ISth 1978 
at SI. Philip's House. Birmingham 

SUBJECT TO PRIOR S.M.Ji Jfe C'jrrDITlllNS Of SALE 

Oi<ir!< M Sunvjon 

6? TEMPLE. ROW. BIRMINGHAM B2 5LY Tel: 021-M3 4351 and London 



For the Secretary of Social Serrme:- 

LEICESTER 7 MILES 
A SUPERBLY SITED RECOVERY HOME 

or «i\vr is. 'Mu j| ii. **i in - -jer-.-s 
fi'-aM- f«r fl'iTEI. pr^m^NT' 41. 'JiLLKi.li ''‘‘•'.TERC.'.i'E 
( ICNTRT.. 1-HlV.Ut: H'iSPITM, 'SVK IXU HOME OKI-' ICES ■.!».. 
S'll.’J !•> P ^ihi:ii 4 '.'i-qt.'Ri 

AUCTH'i.N 1 9th JULY 

P.-rjil; fri'in i.AKT"\4 <.ji!. M.irt.r Lull. ‘jhnrou-.ri ■ Tol. Timii 


FUCK A SON 

Chartered Surveyors and Auctioneers 
Sumantfbam ana Aldeburqh 
ON FRIDAY. 7Ut JULY 1978 at 3p.m. 
al The Great While Home Hotel, 
IpSMcft 

THE DOWER HOUSE. 

LITTLE SEALINGS 

<6 mile: Ipswich: 3 miles Woodb'Ttfgei 
An attractive Architect designed 
lOi/nl/v house built' in 1965 on an 
outstanding site oi ABOUT 3 'a ACRES 
■ii mature parkland. 

i Ipswlch-Llverpool Street Station 
78 minutes) ■ 

Attractive aval hall with cantiienercd 
staircase. Cloaks. Study. 2 excellent 
intercom manful in? Reception Rooms, 
»tth ground floor suite ol Living Room. 
Scdroom and- Bathroom beyond. 
Kitchen. Utility Room and Office*. 
First Floor: Principal Bedroom Suite, 
n further Bedroom* and 2 further 
Bathrooms. ' - • 

Integral double Garage and domestic 
cut buildings. Mast attractive ground* 
including woodlands, walled garden 
and bltehen gardens. 

WITH VACANT POSSESSION 
venders' Sonciton: Messrs Mos*oo & 
Bowser. 11 West End. Hoibeach. Soald- 
"i9. Lines. fTWenhune Hoibeach 22651. i 
Autfionrars' OBcos: Old Bank House. 

mundham. i.Teieohone Saxmundham 
323 Z.i 


AncLOlifittrs: 


McCartney, morris & barker 
LUDLOW. Tel. 2251. 

Vendors* Solicitors: Brbiou-s, Cooko £ CarrunaeL 
ifl l. imc. u i iii:i 1-kiOS. LumiOu. U.C J. Tel itl-^43 u«2. 


NORTHUMBERLAND 1,004 ACRES 

IViwIer II mile.: 

SOUND AGRICULTURAL INVESTMENT 

983.5:1 acres nf farmland let Id produce £7,600 p.a. 20.47 
acres of woodland with vacant possession. 1? miles fishing on 
ihu River Till 

1,004 ACRES IN ALL PRODUCING A TOTAL OF £8,050 

JOHN SALE & PARTNERS, 18-20 Glendale Road, 
Woolcr, Northumberland - Tel: (06682) 611 

SAVILL5. 70 Grosienor Hill. London W1X 0HQ 
Tel: 01-499 8644 


NORTH OXFORDSHIRE 

Oxford Id mile:: Banbury 1C miles 

REST HU.L. OVER WORTON 

A MNE RESIDENTIAL AND AGRICULTURAL ESTATE 
i;.i.il>v.-alrj Hmi5c with 3 reception rooms. 8 bedrcr.ms. 

5 baihnio'.ns. Modern Domestic Offices. Staff Flai. 

Heated Swimming Pool. Tennis Court. 

Stabling fnr 11. 3 Cottages. Rest Hill Farm with 
modern farmhouse and 200 cow dairy unit. 

IN ALL 267 ACRES WITH VACANT POSSESSION. 
FOR SALE BY AUCTION (unless sold privately) on I4lh July 
as a whole or in 5 lots. Joirti Agents; 

JOHN CLEGG 8> CO. Church Sired. Cbcsham. Backs. (Tel: 02405 47U) 
LANE FOX a PARTNERS. Middle ion Cheney. Banbury. (Tel: D29S 710592) 


IRELAND 

MALL MORE, 
CL3FDE.M, 

CO. GALWAY 

A superb sinslc-siorey Georgian 
house with 35 acres and exten- 
sive frontage to rhe coast. 

1 mile Ctifden — 50 miles Galway 



Recently renovated to include 
oil central heating, 3 reception 
rooms. 5 bedrooms, 2 bathrooms, 
double garage. Lovely sea views. 
Excellent sporting facilities. . 

For Sale Privately 

KELLS HOUSE, 
KELLS BAY, 

CO. KERRY 

A Period Sporting Lod?c with 55 
acres and frontage to the bay. 


MODERNISED 


with adjoining 

SELF-CONTAINED FLAT 

A well appointed, spacious, 
easily managed family house 

Situated near much sought after 
village (2 miles M4, 5 mHes 
Swindon, 8 miles Marlborough) 

Main house: 4 beds.. 2 baths- 
superb sitting room 24' x 24’, 
dining room, study, fitted kit- 
chen. utility room, garden "roam 
and stores. Flat comprise* sit- 
ting room, large bedroom and 
bathroom. Central heating 
throughout. Double garage. All 
in approx, an acre of gardens. 
Price to include ail fitted carpets 
and drapes. Offers in the 
region of .£55.000 for Freehold. 
Adjoining paddocks available if 
required. 

Tel: 079.379.324 


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FARMS— TIMBER LAND — 
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Er:?llcnt iliyntmenti in S.W. VA. 250 
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V4.1 8-1 S' per. cent nei yvarly return 

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acre tracts ■ 5200 an acre and up. 
Growing ' timber and land value 
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plui stmts them rig of the dollar. 
BB* L ANGLE III. .. 

ROANOKE LAND AND 
AUCTION COMPANY, 

1 W. -'-SALEM AVENUE. . . 
ROANOKE. VA 24011 ITJ5A. - 
-TELs .703-345E7D4 


WEST MANCI 

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.. a. favourite - 
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a lull sited 1 
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and the surri 
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entrance hall, 
stately and • 
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two bathroom 
hand basins 
The kitchen 
wonderful raft; 
and laundry, 
the separate 
-garage of nca 

• parking area i 
includes green 
pavilinn. Thr 
Inclusive ol 
light finings 
Reginald Cool 

SANDER3TEAD. 
Jev 7 year «• 
wardrobes 2 
chan luxury 
Cloakroom, ga 
Bd s'Kd gdn.. 
144 000. Q1- 

5ERVICE APAR1 
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FOJJ SALEj IS 
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In mature gr 
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rooms: Out. 
Garage:' ion ft. 
hold: . Vacant 
details apply: 
and J Kerrulst 
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RUSTINGTON. < 
lerrvco J bodr 
kitchen, bathro 
In smilL sou 
hoiiosvsjw-eke 
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4409 weekend 


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OuuiuiMinc site adjoining ond wlin direct access onto open Foreit. vet within 
waiting distance of High Street, Southampton 10 miles, 

THE INTERESTING FREEHOLD COUNTRY RESIDENCE 

_ j i4 u YEW TREE MANOR, lyndhurst 

out 10 ? Bidrn n m? Ul l 4 , rMS l r d «haracter in evccptional order through- 

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fflSJ': Da 5 t,£,c OB)m*. Full G IS Fired r/h and Double 

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8] 


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Tel: 0703 25155 



SOUTHERN SWITZERLAND— 2 VILLAS FOR SALE 


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The house occupies an elevated 
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4 bedrooms. 3 bathrooms, alio 
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lovely gardens and parkland. 
Auction 3rd July 
Illustrates part.tul-m available an 
request. 

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Estate House 
Dawson Street, Dublin 2 
Tel. 771177 Tele* 30378 


iHVESMNT IN WOODLAND 

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INVESTMENT. E.cellcnt 364 -aae Exmoor V 
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Tfaiies Satatd^r June 17 1978 


^ MOTORING 



i,"? S hisu 

j '- lr .3 ( 
• '*•}.? %; 


Testing the theory and the fact 


DENVER, Colorado, June 10. 




Long living. Jaguar 


y t^e and beauty 


BY STUART MARSHALL 

CAN. IT really be 30 years since 
the Jaguar XJ6 burst on the 
motoring sce^e and became the 
sensation of the 1968 Motor 
Show? It sold at less than 
£1,S00 with a 2.8 litre engine 
-and manual transmission; even 
the 4.2 litre automatic was just 
under' £2,400. 

The motoring world has 
changed beyond recognition 
since then, but the Jaguar XJ 
hardly at all from the outside. 
The 2.3 engine was dropped five 
years ago. Some interior 
restyling has brought the 
Victorian sideboard-type facia 
into line with safety require- 
ments, though there is still 
enough .woodgrain to please 
traditionalists. 

Now there are only two six- 
cylinder Jaguar saloons, the 
XJ 3.4 and XJ 4.2. You can have 
them with manual gearbox plus 
overdrive working only on top 
gear, or automatic transmission, 
for the same price — £9.230 for 
the 3.4 litre, £9,753 for the 4.2, 
which comes complete with 
things like leather seats that 
the smailer-engined car lacks. 

How does this 10-year-old car 
measure up.- to its price-class 
rivals from overseas? Really, 
very well indeed. The ride 
quality Is still quite outstand- 
ing. You can pay .twice as much 
money for a car and still not be 
so effectively insulated from 
the road surface. ■ • •" 

The . ' Jaguar’s soft - all- 
independent suspension and 
Dunlop textfle-belfed 70 series 
radials were literally made For 
one another. Together, they 
smother the bumps and 'stifle 
road noise more effectively than 
any other car/tyre combination 


CHESS 

LEONARD BARDEN 


CHESS IS flourishing on 
Britain's offshore islands.' There 
are annual Jersey and Guernsey 
festivals, and now plans for an 
inter-island league played by 
telephone - and sponsored by 
Lloyds Bank. Anglesey, the Isles 
of Man and Wight, Orkney and 
Shetland, Guernsey and Jersey 
are all expected to take part, but 
the organisers would . like to 
contact a chess club in Canvey 
Island, Sheppey. the Scilly Isles 
or the Western Isles to make up 
an even number. . Any offers?. 

Jersey and Guernsey, who 
compete with a joint team in the 
biennial chess olympiad for the 
world championship would be 
favourites to win such a league. 
The latest Jersey congress, spon- 
sored by Lloyds Bank and. held 
in April this year, , attracted the 
usual strong -entry and was won. 
by David Parr, son of the London 
Stock Exchange’s best player. 


I can think of, bar two. Those 
are the Peugeot 604 on 
Michelins, and- the BMW 733 1 
on a set of Pirelli's miraculously 
good P8s T tried in Milan a week 
or two ago. The Pirellis are nut 
yet generally available for the 
BMW but are likely to be later 
in the year. • 

The quiet ride of the Jaguar 
is not quite matched by its 
mechanical refinement. Or 
perhaps it was the silent way it 
rolled over the road that made 
me more aware- than I might 
have been of a .-little gear noise 
and a soft groan from the 
overdrive. • . . 

If you push the engine up to 
■high speeds in the gears, it 
begins to souhfl - harsher than 
one expects of- a top executive 
car. But at a motorway cruise 
there is absalutefy.no cause for 
complaint. The -gearshift is 
notehy and theV/clutch quite 
heavy, with a disagreeably long 
pedal movement BMW, even 
Datsun with their" . 280C, do 
things better. 1...TJW brakes, 
though, are splendid, 

And - the powfer steering, 
though fine for fwirling effort- 
lessly in and out. of parking 
bays, has too much, assistance 
and not enough feed for me. 

Inside, the Jaguar still con- 
veys a subtle, almost nostalgic, 
impression of quality that 
eludes some of its 'competitors. 
It feels somehow, heavier, and 
more solid. The windscreen is 
a bit shallow by today’s, stan- 
dards and I am not sure I likfid 
the black sun-visors *iet into \ 
pale roof • lining, Jhe velour' 
upholstery was nice to sit on 
during the recent/hot weather 
but the ventilation was poor. 


with 23-year-old Nigel Short 
sharing secouff place. 

Guernsey's/ fourth annual 
festival will Jse held from October 
15-21. sponsored by Hambros 
(Guernsey! and Guernsey 
Tourism. /Besides main prizes of 
nearly £ 1,000 . there are special 
awards 'for veterans and ladies, 
together with daily excursions 
and a problem-solving competi- 
tion. 

These island tournaments have 
gained an excellent reputation 
as cosmopolitan events suitable 
for players of all strengths, 'and 
both Guernsey and the next 
Jersey festival scheduled; for 
May. 1979, should be worth a 
visit A brochure with; fuH 
details of the Guernsey congress 
is available from The Secretary, 
International Chess Festival, PO 
Box 23, St Peter Port, or phone 
04S156S4S in the evening..;. 

Nigel Short's success in. Jersey 
— be lost only to Parr, the winner 
— shed some incidental light on 
an opening variation which has 
been previously discussed in’ this 
column and has provoked a good 
deal of argument among readers, 
some of whom question whether 
White’s two knights and a bishop 
can outweigh Black's queen and 
two pawns in a critical Ijngi. 


Unless you are prepared to have 
the noisy fan on full blast or to 
open a window, the XJ 3.4 gets 
unpleasantly stuffy in town. 

Air conditioning (not listed 
as a factory-fitted option on the 
3.4) is. of course, iJic answer. 
The £806 system available on 
the 4.2 is one of the best there 
is. 

Outwardly, the styling is no 
longer fashionable but the 
Jaguar still looks graceful and 
well-balanced, but the long. U*w 
tail means that the boot, with a 
fat tyre under the floor, is 
shallow. 

Petrol consumption con he 
surprisingly good. Driven gently 
on a run with overdrive used as 
much as possible, the Jaguar 
will approach 30 mpg and the 
official constant 75 mph con- 
sumption is 24.4 mpg. The 
automatic is 4 mpg thirstier 
except in town, when its 14.S 
mpg compares with the manual 
car’s 13.S. But my choice would 
always by the automatic. After 
all, if the firm will stand a near 
£10.000 car, an extra couple of 
pounds worth of petrol each 
week is neither here nor there. 

The big question mark that 
hangs over Jaguars is their re- 
liability. Many business 
motorists justify a switeh to 
imports by saying that, above 
all, they must have a completely 
dependable car. There is. I 
think, on element of defensive- 
ness here. A decision to pur- 
chase a dearer and outwardly 
less opulent import has to be 
explained away. 

But how reliable is the 
.average • Jaguar in a business 
user's hands? I shall be glad 
t\ report readers' experiences, 
good and bad alike. 


GOLF IS so much a mental game 
that the players are being con- 
ditioned by what they say, and 
this is translated into print 
before the event with ridiculous 
regularity. Before the 78th U.S. 
Open Championship began here 
at Cherry Hills Counry Club, 
most of the notable players said 
that Arnold Palmer’s winning 
score of 280, four under par, in 
I960, when be won his lone U.S. 
Open title on this golf course, 
would be devastated. Going into 
| today's second round, only four 
players have beaten par, and 
| the field is reeling, shell-shocked, 
| at the scores that have been 
compiled. 

I-Iale Irwin was bom less than 
50 miles from the golf course, 
knows exactly what is required 
at an altitude of over a mile 
above sea level — the ball flies an 
average 7 per cent further — to 
put together the exceptionally 
professional and workmanlike, 
round of 69. one would have ex- 
pected of him in any first round. 
The bespectacled U.S. Open 
Champion of 1974 is such a 
fierce competitor that no one 
counts him out of any major 
event. Yesterday he played 
conservatively and that was all 
that was required. 

Shortly after mid-day, he was 
able to say that bis score would 
hold up until the last players 
came in shortly before 9 o'clock. 


Irwin knows that when the 
temperature in these parts soars 
into the middle 90s. with almost 
no humidity, a gusty wind will 
break out in late afternoon. He 
was not disappointed. 

His round gave him a one- 
stroke lead over an 23-year-oJd 
amateur. Bob dampen, from 
Carmel, California, a freshman 
at Brigham Young University, 
who weighs only 10 stone, and 
touring professionals Andy 
North and J. C. Sneed, who are 
_at one under par 70. 

: Bobby Wadkins, the younger 
of the two brothers, scored a 
hole in one on the 20S-yards 
15th hole on his way to an even 
par round of 71 which was 
matched by the twice former 
winner of the U.S. PGA Cham- 
pionship. Dave Stockton, former 
Open champion. Billy Casper, 
Gary Player of S. Africa — 
seeking his second modern 
Grand Slam— A! Geiherger. Phil 
Hancock and Bill Brask. Peter 
Oosterhuis pulled his game 
together as he always seems to 
do for the bis occasion to be in 
a group of six players ot one 
over par 72 which also includes 
the winner of the last two 
tournaments. Andy Bean and 
the an re-post favourite, Lee 
Trevino, who was forced to play 
late in the day when the wind 
was at its freshest, swirling 
about among the trees, and the 


greens were baked to a crust 
and as fast as putting on a 
marble staircase. 

The 1975 Open champion, 
Jerry Pate and Jack Ntcklaus 
are among the group at 73, Tom 
Watson recovered after an out- 
ward half of 40 to be among 
those at 74, Spain's invitee, Servi 
Ballesteros, is among those on 
75. as is the Australian Graham 


GOLF 


BEN WRIGHT 


Marsh, while the defending 
champion. Hubert Green, is 
alongside the great Palmer at 
76. These two are by no means 
out of things, since they are 
easily in the top half of the 
players that will be decimated 
when the axe falls this evning. 
and only 60 and ties will remain 
for the final rwo rounds. 

Among those who appear to 
have too much to do are Tam 
Weistopf (77). N. Crenshaw, 
Johnny Miller and Bob Shearer, 
who all scored 78. Australia's 
David Graham’s case appears to 
be hopeless at 79. 

The championship was 
remarkable for many things, 
apart from the high scores in 


weather conditions that were as 
perfect as anything I have ever 
sen. This lovely golf course 
was bathed in the most brilliant 
sunlight imaginable with the 
snow-capped peaks of the Rocky 
Mountains forming a glorious 
backdrop. 

Palmer and Fid Seay had 
re-designed and lengthened the 
course since the former won in 
2960, Ralph Guldahl was the 
other winner of the U.S. Open 
at this club in 1938. Their 
alterations were not supposed 
to make any difference to Ihe 
skilled practitioners of the 
modem era. but the USGA 
have done a marvellous job 
in persuading the home club 
to fertiliser their rough 
to monstrous proportions — 
although totally fair and even 
— and the weather has done the 
rest in speeding up the greens. 

Most of these are tiny targets 
if aimed at from the narrowed 
fairways, and not even in range 
when the players catch the 
rough, as many of them did 
yesterday even with long irons 
from the tee. Most players 
only used the driver a handful 
of times. In' fact, Ballesteros 
used his five times and will 
choke down to three today — 
hating decided to use the club 
only at the three par 5’s. 

Irwin started by dropping a 


stroke to par at the 1st hole 
because at this stage he bad 
not got full control of the 
adrenalin flow. He hlr a four 
wood from the tee at this 
399-yards par 4 and came up 
short with his eight iron. 

Birdies at the 3rd, 6th and 
7th holes with . putts of 12. 
25 and 30-foot set him on his 
way, and he is such a marvellous 
competitor that thereafter he 
concentrated on guarding his 
score. 

He chipped within inches of 
the hole, having played his tee 
shot through the green at the 
229-yards eighth. He got up 
and down from in front of the 
green at the par 5 10th and 
from behind the putting surface 
at the 12th. 

The 550-yards 17th hole is a 
real eye-catcher in that the 
green is an island in the lake 
that runs all the way down the 
left-hand side of the ISth. 
Irwin drove 300 yards here and 
was forced to lay up short of 
the water with a wedge. He 
told me afterwards: “I had 240 
yards to go and could have 
reached the green with a three 
wood. But I felt it would have 
been a foolish gamble to go for 
it" 

This is why Irwin is in the 
driving seat as the second 
round starts today. 


Packer problems still with us 


AFTER PAKISTAN had been 
soundly beaten in the first Test 
at Edgbaston. there were shouts 
from their disappointed spec-, 
lators of “ Bring back the 
Packer men." This was under- 
standable because they had seen 
their side outplayed in every; 
department by an England XL 
which apart from its seam bowl- 
ing and fielding, was far from 
outstanding. They knew that it 
would almost certainly have 
been a very different story if 
Majid Khan. Imrin Khan. 
Zaheer Abbas. As if Iqbal and 
Mushtaq Mohammed had been 
included, as this talented quin- 
tette knew our conditions. Imran 
is a world class all-rounder and 
Majid, and probably Zaheer, are 
world class batsmen. 

Incidentally, it would also 
have made for a more entertain- 
ing contest and their absence 
has devalued. If not debased, the 
whole series. , 

The chances are that unless 
rain comes to their aid, and 
already one day has been lost, 
Pakistan will go 2-0 down at 
Lords and their many followers 
living in this country will feel 


even more aggrieved. What 
most of them cannot understand 
is why Imran. Zaheer and Asif 
are allowed to do noble deeds 
for their adopted counties, but 
not for their country. They are 
not interested in the ICC, the 
TCCB, the Pakistan Board of- 
control. Kerry Packer, or cricket 
politics. All they want to see is 
their best team, which, on the 
fast tour, promised so much that 
it might by now have developed 
into the strongest in the world 
after the West Indies. 

England have also suffered 
losses to the Packer set-up. but 
these have largely been camou- 
flaged by the welcome presence 
of a number of exciting young 
prospects. Gower. Botham. Ed- 
monds. Miller and Gooch and the 
;jmb-standard opposition. 

/ However, it continues to pro- 
vide problems in our domestic, 
if not our international cricket 
Nowhere is this more apparent 
than In Kent, one of the 
strongest best supported and, 
for the past decade, the most 
productive nursery in the 
country. 

The Kent committee apprccia- 



Wbite has usually come out on and 6...N-KR4; 7 P-KN4, NxQP; 
top in practical play until now. 8 Q-Ql, BxNP with unclear com- 
as shown in this week’s game and plications after both 9 QxB, NxP 
notes; but the debate is far from ch and 9 QxN, B-B4. 

ov ? r :.. ... , . 7 P-K6? In two games where 

B ^ ck ' Botterill, the British champion, 
D. Sikkel (Holland). Opening: was Black. White played the 
Modern Defence (Jersey, 1978). pawn sacrifice 7 N-B3, PxP; 8 
The opening moves were 1 pxp, KNxKP; 9 NxN, NxN; 10 
P-K4, P-KN3; 2 P-Q4, B-N2; 3 B-N3. N-B3: 11 B-K3, N-Q5: 12 
N- QB3. P-Q3; 4 B-QB4, N-KB3. BxN, QxB: 13 04) with attacking 

5 Q-K2, N-B3. chances. The more forcing move 

Earlier articles here analysed in the present game should be 

5...P-K4; 6 FxP. PxP; 7 B-KN5, met by 7...P-KB4;'8 P-Q5, N-Q5; 
or 5..JP-B3; 6 P-K5, FXP; 7 PxP, 9 Q-QI, P-B3! undermining the 
N-Q4; S B-Q2 followed by 0-0-0 centre. 

PxP^NKl- ' bT K p1oB?’ 9 ■ 7-.NxQP? (now Black has an 

’ 9 inferior version of the 6... N-KR4 
N-B3, B-N5; 10 B-K3 as all favour- jj Dei aTlf j White quickly gets on 

top); 8 QxN, NxP ch; 9 K-Ql. 

6 P-K6. N-KN5. NxR; 10 PxP ch, K-Bl; II Q-R4. 

The three pieces for the queen p_Q4 ; 12 &Q3, B-K3; 13 N-B3. 

and two pawns line is 6... NxQP; BxP; 14 R-Kl, P-Q5; 15 B-KN5! 
7 PxN, NxQ; 8 PxB. R-KN1; 9 (White wastes no time capturing 
KNxN, RxP; 10 B-KR6, R-KN1; the knight but exploits his advan- 
11 0-0-0, when White can use his tage in development), B-B3; 16 
pieces to break down the pawn N-K4, BxB; 17 N(4)xB; BxP. 18 
barricade, e.g. 11...P-K4; 12 NxP ch. K-Nl: 19 RxP. QxR? 

P-KR4. B-K3; 13 BxB. PxB: 14 (resignation, for Black will soon 
N-K4, K*Q2; 15 B-N5 followed by he a piece down. He had to try 
N-B6 ch, or 11...B-K3; 12 B-Q3, B-B2); 20 QxQ, RxN; 21 Q-B3, 
Q-Q2: 13 N-04, 0-0-0; 14 KR-K1, B-Q4; 22 QxN, BxN ch; 23 PxB. 
K-Nl (if B-B4; 15 B-QB4, P-K3; RxP: 24 Q-R2 ch. K-N2; 25 Q-K6. 
16 P-B3 intending P-KN4); 15 R-N7: 26 Q-K7 ch. K-R3; 27 Q-R4 
B-ON5, P-R3; 16 B-R4. P-QN4; 17 ch. K-N2; 23 QxP ch, K-R3: 29 
NxB. PxN; IS B-N3, P-Q4; 19 Q-R4 ch. K-N2; 30 K-K2. R-NS; 
B-B4 ch, K-Rl; 20 N-K4. , 31 Q-K7ch. K-R3; 32 Q-K3 ch. 

Since 6...N-Q2 falls to 7 N-B3, K 'B4; 33 Q-K5 ch. Resigns. 

PxP; 8 BxP ch. Black’s only d If K-R3; 34 Q-R2 ch, or if 
reasonable moves are the text , R-N4: 34 Q-R2 mate. 


BRIDGE 

E. P. C. COTTER 


SOME CONTRACTS played 
with a trump suit need no 
real expertise beyond drawing 
the trumps and cashing the 
established winners. some 
require the taking of elemen- 
tary precautions, and some 
demand, more advanced tech- 
nique' from the declarer. Two 
hands played by friends oE 
mine, both excellent players, 
teach useful lessons. 

The first from an average 
rubber was dealt by South: 

n! 

• 4.5 3 
f 62 

O A K 9 7 6 4 
* A Q 4 


POSITION No. 220 
BLAGK(13men) 


PROBLEM No. 220 
BUCK (8 men) 


I ^ p 

SIS5I it 


$v* 


JL A 


WHlTE(12men) '' WHiTE( ilL)’ f 1 

From a recent Yugoslav tourn- 
ament: White (to move) sacri- White mates in two moves, 
ficed a Piece to reach this ag^nst any defence (by W. A. 
position, but the kings file is 
barricaded and Black threatens Shmtanan), 
to unscramble his pieces by 

Q-N2. How should White . . — . — 

continue his attack, and does he Solutions Pa-= 12 

have enough compensation for solutions, rage u 

Ms material? - — — ■ ; 


W. E. 

♦ A Q 10 8 • K J 4 ■ 

9 ? J IQ 5 3 

:• J 3 2 C- 10 8 

* J 10 7 5 3 *K9S2 

S. 

♦ 9 7 6 2 
^ A K Q 8 7 4 
O Q 5 

- * 6 

South opened the bidding 
with one heart. North replied 
with two . diamonds, and South 
rebid two hearts. When North 
said three diamonds. South 
attached some value to his 
Queen of that suit and jumped, 
perhaps, optimistically, to four 
hearts. 

Against four hearts West led 
the five of dubs, and the 
declarer won with dummy’s 
Ace. Now many declarers, as 
you. and I well know, would 
cash two high trumps, learn the 
bad nesws of the 4-1 split and 
then turn their attention to 
diamonds. If East happened to 
hold three diamonds, they would 
get home— a ■ thoroughly un- 
deserved piece of good fortune. 

On this occasion such mlsplay 
would have met with merited 
retribution, but the declarer 


ted the threat that the Packer 
World Series posed to interna- 
tional cricket on which the 
counties and the game are so 
dependent. They knew, follow- 
ing the High Court judgment 
after the TCCB had made the 


CR3CKET 


TREVOR BAILEY 


mistake of going to law. that 
they had to employ their 
Packer players this summer. 
They therefore offered Derek 
Underwood. Asif Iqbal and Bob 
Wnolmer one year contracts — 
Warwicks did likewise with 
Denis Amiss— presumably with 
a view to dispensing with their 
services at the end of the 
season, as otherwise there was 
no point in stressing the length 
of the contract. 

The Kent committee were con- 
vinced that they had acted in 
the best overall and long-term 
interest of the game, although 
they may have been impetuous. 


produced the expert technique 
to protect his contract. Seeing 
that a 4-1 split might cause 
insurmountable difficulties, he 
insured his contract by the 
simple expedient of ducking 
one round of trumps. The 
opponents could cash two spade 
tricks, but dummy would still 
have a trump to prevent the 
cashing of another. 

West won. and alerted by this 
trump play made his spade Ace 
and led another spade to his 
partner’s King, thus saving two 
overtricks. 

This was the second hand: 

N. 

4 10 S 5 4 3 

<? A K J 3 

<• S 

* K 8 4 

W. E. 

4 .1 7 2 * 9 

■y 2 CP Q 10 9 8 6 

9 7 4 3 o A Q J 5 2 
+ JI0 953 *62 

S. 

* A K Q 6 

0754 

•> K 10 6 

* A Q 7 


However, unless all the other 
counties adopt the same 
approach, they could well be 
heading towards a major row 
with their members, which 
would include all the un- 
pleasantness. the bad publicity 
and the cost of a special general 
meeting, unless they change 
their policy at the end of the 
season. 

If I was a member of Kent, I 
would be saddened by the pros- 
pect of losing players of the 
quality of Underwood, Asif and 
Woolmer next year, not to men- 
tion Knott, who rather con- 
veniently decided to retire. 

They cannot be replaced over- 
night and therefore my team 
would be less attractive and suc- 
cessful, but I would probably be 
prepared to accept it, providing 
all Packer players were ex- 
cluded from domestic competi- 
tion. 

What would upset most Kent 
supporters, and certainly all 
those, including committee men 
with whom I have already dis- 
cussed the matter, is, if next 
summer Kent minus their 
Packer contingent, were 
thrashed by a county who was 
still including their Packer stars 
and, to add insult to injury, had 
been strengthened still further’ 
by the acquisition of a Kent re- 
ject, say Derek Underwood! 

This situation, which could 
occur because some dubs are 
committed to the retention of 
their Packer men, would not 
only weaken Kent, and reduce 
interest, but would be blatantly 
unfair to the cricketers 
concerned. 

Apart from being a model pro- 
fessional, Derek Underwood has 
provided exceptional service for 
Kent and England over the 
years. Unlike many interna- 
tional players, he has never 
regarded county matches as un- 
fortunate chores to be taken for 


Funds 
of art 


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TelepfcenesOT-aMMXWI . TefewMMM 


West dealt with neither side 
vulnerable, and after two passes 
East tried with one heart My 
friend in the South seat hid 
two spades, most unorthodox, 
but the kind of bid his present 
partner would employ — he had 
decided to pay him out in his 
own coin. North now made the 
excellent response of three 
hearts, which put South on the 
spot He couJd think of nothing 
better than four hearts, and 
when North bid five spades, 
South carried on to six. 

The two of hearts, an obvious 
singleton, was taken by the 
Ace, and trumps were drawn in 
three rounds. There was only 
one hope — a red suit squeeze 
against East. For this to suc- 
ceed East must hold not only 
the diamond Ace but the Queen 
and Knave as well. 

Crossing to the club King, 
South led the diamond single- 
ton, and East won with the Ace. 
A dub was returned to the 
Queen, and the declarer led a 
spade to dummy's eight, and 
cashed the ten, discarding a 
heart from band. In' the four- 
card ending East had Queen, 
ten of hearts and Queen, Knave 
of diamonds. A club was led 
from the table to the declarer’s 
Ace, and East was squeezed. He 
let go the diamond Knave, 
South cashed his King, and the 
ten was his twelfth trick. North 
said archly: “You love that 
play, don’t you? But you could 
have ruffed the diamond on the 1 
table.” South had no adequate 
reply! I 


ACQUIRING WORKS of art 
can be a very pofitable pastime 
besides being aesthetically 
satisfying. The value of many 
such items has kept pace with 
inflation over the past couple 
of decades. Anyone buying a 
picture or a rare piece of china 
has seen the value of this part 
of his assets maintain its value 
in real terms, the pleasure of 
owning the work of art being 
additional profit 
H it is a good investment for 
individuals in hedging against 
inflation, then it must be a good 


PENSION FUNDS 


ERIC SHORT 


investment for pension funds. 
This is the line of argument 
taken by the trustees of British 
Rail’s pension funds. The in- 
vestment managers embarked 
on a programme of investing in 
works of art a few years ago, a 
move that has aroused con- 
siderable controversy both 
within and outside BR. Yet the 
publication this week of 1977 
report and accounts of the 
funds shows that the trustees 
are unrepentant. They invested 
a further £4.6m last year 
making a total of £I3-7m. 

But having taken this course 
of action, the funds are not 
rushing out and buying every 
item being offered to them, a 
feature usually attributable to 
the nouveau riche (and pension 
funds of Nationalised industries 
can be described as that). They 


money, between the glamour of 
the Tests. He has always loved 
playing for Kent and invariably 
given his best. He possesses a 
greater affection for his county 
than any imported mercenary, 
Barry Richards and Hampshire 
for example? 

Underwood's bowling could 
well prove largely responsible 
for Kent gaining further 
honours this summer. If the 
committee should then dispense 
wilh his services. while 
Gloucester, for example, retain 
both Procter and Zaheer, ii 
would be blatantly unfair, as il 
would mean that they were 
treating for the same offence the 
Englishman, by not re-engaginj 
him more harshly than a Soutt 
African and a Pakistani. He 
might well have a good case il 
he does well this summer o 
claiming wrongful dismissal 
under industrial law. 

This situation would hevei 
have occurred in the pas' 
because, apart from the Packei 
circus being an essential moderi 
concept the counties now seen 
less able to work in unison. 

Only this season there wa; 
the sad spectacle of two clubs 
Notts and Lancs, trying to bar 
Sussex from the championship 
In this atmosphere it is difficul 
to believe that there will bi 
continued action against Packe 
players. I suspect that this fad 
of harmony is to some exten 
due to the extra money to bt 
found as a result of sponsorshi] 
and the added pressure to wit 
trophies. 

A new breed of committei 
men are becoming increasing!; 
common. They are more con 
cemed with the success nf.thei 
own county than the game. Ii 
other words, they are becomin; 
closer to football club director 
than cricket administrator 
which is to be regretted. 

have decided to act as respon 
sible collectors being extreme!: 
discerning in what is acquiree 

The investment manager 
are advised by Sotheby's, 
name with a very high reputt 
tion. But they have taken grea 
pains to ensure that the expei 
tise provided by Sotheby's doe 
not conflict with Sotheby's rol 
as auctioneers. The manager 
can now justify employing 
full time works of art manage 
who is not a Sotheby employee 

Mr. Christopher Lewio, th 
controller of corporate pensio 
and chairman of the works o 
art sub-committee, points ou 
that every purchase propose* 
by the Sotheby expert has to g 
through three separate stage 
of approval by different group 
of people before it can 3 
ahead. A good case has to b 
made out or the purchase wii 
not go through. The policy, h 
says, has always been to rejet 
an item if there is any doufc 
and to date more than one-thir 
of all Items suggested have beo 
rejected at one stage. 

The managers are endeavout 
ing to build up collections in 
number of different sections o 
the art market, following th 
path of the ** true ’’ coUeetoj 
and not simply buying an; 
piece that by itself looks a goal 
investment 


MOTOR CARS 


I3SS Mercedes-Benz Dealers 

mm CLOVER LEAF CARS 

2S0E W1Z3 1*77. Med red, 
bamboo doth, »ua>, cincx), 
radio £9,250 

23® Wi, Topaz brown, 
bamboo tax, auto, pis, radio. 
25,000 miles £6Jt56 

Telephone C'avid Jacobs 

j i3> ’ j I t 






10 


LEISURE 





Storks , music and fringe benefits 



Bulgarian folk festival 

IT WAS April, and tobacco- which otherwise costs £7.40 (small charge at other times or scenery and slow pace. 


into such mountains as the 
Balkan range or the Rhodopes, 
or such depressions that 
separate 'them as the Thracian 
plain Jand the Valley of the 
Roses. The latter is at its most 
magnificent in May, though at 
other times flourishes with 
fruit and lavender. At 
Kazanluk there is a Museum of 
Rose Production. (e.& three tons 
of rose petals equals one litre 
of rose oiF) and near here a 
beautiful Thracian. Tomb front 
the 4th century "BC which 
should certainly be seen. 

Among the inland towns 
Veliko Turnover once the 
capital, and the older districts 
of Plovdiv, site, jaf.the b^g inter- 
national trade- -fair: via. Septem- 
ber, are well worth some gentle 
browsing. Gabrovo is very 
industrial, but five miles away 
at Etur is a charming open air 
museum of original houses 
grouped along a mountain 
stream where all kinds of 
crafts are kept alive. The 
countryside in most areas is 
especially rewarding for its 


costs ... 

planting time in the valleys from the Bulgarian Embassy. at other resorts). With its 1 liked Sofia, too. - At first 
beneath Rila mountain. Its You will also pay less for gently sloping sands and wide glance it seems rather over- 
gleaming white peaks, reaching your hotel and, if you are a variety of sports and entertain- whelmingly recent until you 
to 2^925 metres, made a splendid motorist, gain the benefit of ment amenities, this is a good look, almost literally, under the 
backdrop to the women gossip- 50-150 litres of free petrol, centre for the young, though surface. There you find delight 
ing over their work in the according to the length of your seekers of local culture may ^ scenes, such as 14th century 
tobacco fields near the village stay. This presupposes you find the network of modem St. Petka Samardjiyska, an 
of Koeherinovo. Storks were have booked full board at hotel complexes a little limit- oas *s ealm beneath the traffic 
nesting on the village roofs and Balkantourist or Shipka hotels, ing. °f Dondukov Street; or 5th 

sheep nudged among the spring two main groups of State-run 


gras*. We were on our way to 
Hila Monastery, founded in the 
loth century, largely re-built 
after a fire in 1833, and among 
the most dramatic sites in the 
Balkans. 

Abuut 900 miles of driving 

around Bulgaria on that recent BHnrai 
occasion confirmed earlier 
impressions: this chunk of East accommodation. 
Europe wedged between the worried about 


Indeed the earliest of the rentu £y ®t- George Rotunda. 

coast's tourist facilities date 51°“!?!?® “ ?? fa 

from the late 1950s and most of Ea^ao Hotei: ot a cobbled 


TRAVEL 


them from much later. Other- 


Roman road and foundations in 
an underpass just in front of 


SYLVIE NICKELS 


wise there are the busy ports -an cV 

of Varna and Boutgas, and "^bur^itse^ =. * 


historic little pockets such as 


Wessebur. which is packed with STm^SST 3£tS 


If you are 


Nevsky Memorial Church a 
glittering representative of the 


lovely old monasteries from 
medieval and earlier times, or 

the potential the fishing viUage °* Sozopni 

tne potential whose narrow streets and old dty * ligbt ^ 

green spaces, good concerts and 
Of the. .three other major opera, and quite a lively 
any Balkantourist resorts. Zlatni Pyassatsi (Golden restaurant-and-cafd life. And, 
throughout the Sands) is notable for its mineral as for most places in Bulgaria, 


Danube and the Black Sea has rigidity of this scheme this is aVtist seL 

the spice of variety. Expanding overcome by a system of meal n °“ ses attract tne arnst set - 
tounst amenities, combined with vouchers which enable you to 
various concessions, have also eat in 
made it one of the better and restaurant 


more flexible travel bargains or country. In all resorts and springs, 
the late 1970s, especially for towns, these include some very modern 


Albena for its 
architecture. 


exonc the mountains are on the door- 
and step: in this case Vitosha at 


motorists and families with charming folk restaurants, 
children. A bonus of 50 per sometimes offering traditional 
cent on the official rate of music and dances, 
exchange applies to all tourists For family holidays, the 
<not businessmen or private obvious focal points are the 

visitors) using the services of resorts of the Black Sea coast. 

Balkantourist, the main operator where the Bulgarians have accidental discovery of the Further 

of accommodation and other made more effort than many to mineral springs), it is highly Bulgarian 


Drouzhba for its Swedish-built 2,290 metres, a natural play- 
Hotel Varna, undoubtedly the ground at any time of the year, 
best in Bulgaria: fully equipped Two-week holidays with full 
for all kinds of balnealogical board at the height of the 
treatment (au abortive search season average £I50-£200 (£300 
for oil in 1947 led to the at Drouzhba's Varna Hotel). 

information from 
National Tourist 


tourist services in Bulgeria. cater for their youthful visitors, sophisticated in all its appoint- Office, 128 Regent Street, Lon- 
Visitors making pre-paid At the resorts of Slunchev meats. It is also the only hotel don, W1R 6BD. 

arrangements through a UK Bryag (Sunny- Beach) and in Bulgaria with a private beach. 

travel agent gain considerably Albena, children between 2-5 For Bulgarian history, which ..Vwwwk^id s: Austria zua. Belgium 


in terms of concessions and years get a 75 per cent discount is plentiful and sanguinary (the 25 
reduced formalities. To begin all the year, and at Sunny Turks ruled, suppressed and *-«• swee: nomas cm*. 
with you will be exempted Beach there's a free babv oppressed for half a millenium - 

from the need to obtain a visa, sitting service up to midnight here), you should head inland 



Soft ami easy 


XT WOULD BE somewhat easier design changing, at ihe modest ' 
to concentrate on the production it paysto^eekjout tfcb&sfcns 
of these words about summer .wiuch areable.te off etseaie 
wear for inen if the rain’ were'. sort ofheipfui gradance. iu A 
not . currently, beating against ^oo^: shop to&b&lp’ WSKesfecd . 
my office window and / my not only fo fhe eiit of ihe'cfathe* 
Angers were not moving, slug- - hut also oolpnr -co-ordluation, a® 
giahly over my typewriter keys aspect of rdressjpg wbich is-oftea 
thanks to .the biting' chill; ^ fim 

June air in the Gty.&aweyer, ishopsat Austin' fo Y es- 

' • - - • - ■ 

. log goo^^meb^ndmat^^ou^ 
Itr of der j^ ea^ ttte derision 
. f ^rden . oh?' . thea* 

- . customers -and^' at ' the high 
• fashibh eai of^e.zhaiket.?, 

SESSESS^SEES^St '■ : WeU./worth a .browse jd -fte 

hwjnej# are/tbe.variQus outlea 
with Wimbledon: and strawberry Talce ^ . off«»rfng - bargain 

picnics Just around ufe corner, basement ^prices . on- clothe* 

riniir " riflTvW is "thft -" time m 'fAT ^ "/■ Z ’ 


FASHION 

ARTHUR SANDLE5 


I" , ) 

I 


now surely is the; ' time fo^ iiteraUy'LW 1 - ciil- above ’’ most of 
optimism. • - the High street opposition. 

The poor weather has come? PetCT./Rrow^^ if 

at a time when there is a'fin® ' ydii are - lookihg.:' for ' tweed 
crop of. leisure clothing in the jackets, and Cue, which has 
shops, a ' singularly unhappy ^ome very nice cotton- drill pro- 
coincidence but one that means ducts.'- A ward- o£ warning, how- 
there is still a fair amodirt o£,;:pver.,;S<OT 'qYtoe thyii& 
stock around for any bn e makin g sale-? at ■ *the? moment axe very 
last minute holiday purchases. tempting and youVritothfi. risk 
But so rapidly is menswear of an, Overspend./ . / 


Left is the look which- b .. typical . Of thepnsent trend; a soft khaki 
biotuon top fined wrth cotton ttwelllingjnd sefling foir.anwd.£2i 
at branches of Take Six. It is worn over.a track, suit -also'f rom -Take 
Six. V necks (Ebony ip South Moulton Street j^somesiiper ooa).. 
are selling very fast and you could pod a -shortage of tbe qwe 
popular ones- .... - .r .... . v 1 : '/• • I ’.' ? 

- Below are three other examplej of a/rrertt .leisiire' ootftei. ^TTle 
Safari jacket, a Very soft summer weight garment, rdlr .fbi' £3V at . 
Austin Reed (Cue), The j^kket'm'the/iuiitra b a Softiy; supertV 
silk production from WjMWngtDnr'Trentett-^ 
from Browns, South Moulton Street (£40y, aod .the silk paflover, 
*hirt and tie on the.n^ht;con)es .Cr!m.'lfaul -Hewle, a designer whose 
goods are widely stocked fn the .more trend consrioos shops. Th* 
-trousers in each case come -from' AnstiftReed. The/pictitreswere 
taken by Trevor Humphries . at' the Holiday lnn>. SIootv - Street, 

lohdon, . ‘I. •*- ■ ' 



Z2»' 


-- * ' 


HOTELS 


ASHLEY COURTENAY 


RECOMMENDED HOTELS 


All are good value for money as costs continue to rise. The new 
1978 Edition of ** Let’s Halt Awhile In Great Britain " personally 
describes over 1,200 hotels. Here is a most rewarding gift and 
a mine of information for your holidays, honeymoon, mini-weekend 
breaks, or business conference. £3.75 from book stores or direct 
from the Author. 16 (D) Little London, Chichester, Sussex, plus 
66p postage in U.K. 


CHEST E R-LE-STREET, 
Co. Durham 


FORTSCATHO, S. Cornwall 


LUMLEY CASTLE. TJtft century Castle. 
All bedrooms with private bath, radio and 
TV. Gourmet restaurant. Elizabethan 
Banquets held most evenings In Die Baron's 
Hall. Tel: Chester- le-Street S3 5326. 


ROSE VINE HOTEL AA*-‘RAC. Standing 
in 3 acres ot beautiful gardens above sale 
Sj"dv prlvale beach. Noted lor cuisine. 
90% rooms with bath-shower. Fall C.H. 
Ideal lor early or late holidays. Tel. 206. 


SEDMOUTH, Devon 


RfULLION", S. Cornwall 


WESTCUFF HOTEL. A lamilv ron hotel. 
All ages catered for. Lovei, in Summer. 
Heated swimming pool. Close to sandy 
beach and golf. Tel: 3252. 


POLURRIAN HOTEL** >. Happy, Informal, 
line cuisine, trlcnoly service. 12 Acres 
secluded. Own sandy cove. Htd. ooo'. 
Tennis. Putting. Nr. 1B-hole gall course. 
Cliff Waite. Dancing. Tel. 240421. 


Nr. PENZANCE, CORNWALL 


LESCEAVE- CLIFF MOTEL, PRAA SANDS. 
AA--»RAC. Overlooking sea and sandv 
beach. Licensed. Excellent Cuisine. Fine 
Lounges and Bedrooms. Tel. 073 676 


Nr. STROUD, Glos. 

AMBEKLEY INN. Strongly rcc. for week- 
ends and annual holidays. Colt and riding 
adjoining. Around, cream ol the Cotsnolds 
countryside. Within, generous fare and 
“LTLWn.onabie bars, Tei. Ambonoy 2565. 
• STD 045-387.1 

WESTONBIRT, Nr.Telbury. Glos. 

Hare dr HOUNDS. Adiolns Arboretum 
an the A433. On business or holiday transit 
S.1 . ,or a comolcto Co Is wo Ids holiday. 
Write or tel. Westonbirt 233. 


HOLIDAY ACCOMMODATION 


MODESTY IS NOT OUR VIRTUE ! 


LEW THEN CHARD, Lew Down, Okebampton, Devon 

(Just off the A30) 

is spectacular! From a stately heme to a hotel. Ancient in 
record but modern in comfort. Set in acres of woodland. AU 
at modest prices. 

Tel: Lew Down 256 


EDUCATIONAL 


ROSEHILL INTERNATIONAL 
SCHOOL 


CH-9000 St. Gallon, Switzerland 

Well-established co-educational school. College preparatory 
programme with Advanced Placement Official Test Centre 
for American CEEB, Oxford GCE and Royal Society of 
Arts Examination Board. Commercial Studies Small 
classes. Holiday language courses July and August. 

Write for details to the Dean of Admissions 


TRAVEL 


THE ITALIAN 
CITIES 


In addition to Rome, Florence 
and Venice our booklet lists 
many of the smaller Italian 
towns — Siena, Assisi and 
Verona to mention only three. 

There are also suggestions 
For two and three centre holi- 
days coupling the cities with 
the lakes and seaside resorts. 


Only the scheduled airline 
services are used and our sug- 
gestions may be amended to 
fit your exact requirements. 

May we send you details? 

HAYES & JARVIS 
(TRAVEL) LTD., 

6, Harriet Street. Belgravia, 

London. S.WJ. 

Tel: 01-2J5 COM or 6675 


GOLF HOLIDAY 


SEE THE BRITISH OPEN WITH 
KEITH PROWSE GOLF 
I week at the Andrew Melville Hall 
of Reiidenec, Half Board Twini A 
Single*. SITUATED ON THE COURSE. 
Price including ■■ BEST TICKETS ” and 
■Hospitality Tent only £105 per 
person. 

Phone Keith Prowse Golf 
01-589 6341 


CHILDREN’S 

HOLIDAY 


PERSONAL 


CANON CAMERAS 


and accessories. Unrivalled 
stocks, the best prices at tbc 
World's largest specialist 


EURO FOTO CENTRE 
High Road, Cowley, Uxbridge, 
Middx. West Drayton 48224. 


CRUISE IN THE MEDITERRANEAN. 
• availiible lar charter. 52IL 

E leur -‘ , 1. L * S C T "° i" comfort 

46 * chwse*. Details from 07E4&: 



CHILDREN'S 

ADVENTURE 

HOLIDAYS 


Give your children the thrill oF 
a P.O.L. MULTI- ACTIVITY 
HOLIDAY and leave every- 
thing io ds-Avc groups 7-9*. 
9- 1 2s. I3-I7&. Write or phone 
for colour brochure. Also 
separate brochures Tor 18-30*, 
Family Holidjjs and .Schools. 
PCL YOUNG ADVENTURE. 

Station St.. Ross-an-Wyc, 
HR07AH r 0987)42! I or ere. £ 
»,t’< Fownkwr 1043 2T71 S35. , 


FOREIGN HOTELS 


SWITZERLAND. ARC’S A. Hotel Valia oa. 
TR. 74.232. Summer mountain holidays, 
indoor a nd o pen-air swimming pool. A 
tennh courts. 


ART GALLERIES 


ROYMIL^ GALLERY 


THE 

VICTORIAN IDEAL 

|An Exhibition of Victorian Paintings] 
‘ Uiml 2Sth July 


Stiver St Jama’s London Stn 
(jallerv Hours: AUmduy to Friday 10-ft 


DAVID MEUUM FINE PAINTINGS LTD. 
A priMtfl collection or Dutch Romantic 
and Continental Paintings to be ottered 
J®T , Mle J rom June 14th to 24th Ka 
whole and thercaltef as IndiNdiial items 
Catalogues available. Exhibited at 26. 
JrOndon EimJ, Bcacon5f«oid f Bucks. 0494B 


2. 


HP* 1 ?; CALLERIES, 15B Staanc 
5t., W-1. Modern paintings, sculptures 
07 iMCrfStinS international 
artists. Wide range ol prices. Tues.-Fri. 
10430-5.00. Sets. 10.00. 1.U0. 


OMELL GALLERIES. Fine Brrtish and 
French MODERN PAINTINGS and 
Modern British MARITIME PICTURES. 
40, Albemarle Street. Piccadilly, w.i. 


Heady 

climbers 


take up so much room that it is chased the rose, presumably as well ripened in late' summer: "cqnfckmity ^rf its flowering. For 
only necessary to buy a few. Rosa filipes, of which it is cer- It grows and flowers well - in ^he ? giants, Hke Kifitsgate and 

Yet those few can make ail the tainly a variety, :£rom the the Channel Islands and is an La.Mprtola, it is one tremeav 

difference to the beauty of a Bunyard nursery, then at Maid- ideal rose for sunay, - sheltered dons dispLay and ‘theri.-nd more 

garden in summer and they stone. It was years ‘before any- patios, esrept that its flowering that season. YefiidadfeyeiF short 

should be chosen with the one took much notice of it but season is rather short ^Stlll -lts roses such z® Joseph’s COatami 

greatest care. then its fame spread. Mrs. Muir foliage is . light and decorative Aloha. both. x& which, tan' just 

. I share Graham Thomas’s allowed it to be propagated and its Stems are atmost thorn-. :£ s conyenientiy be gnown as 
preference for growing climbing widely distributed and, as Mr. less which must be regarded , 5 hf u b Si go xni ; . flowering wall 

, -- — rises as nearly naturally as Thomas explains, it was called « * considerable advantap lQt0 ^ AJoba m 

uig some of Britain’s top pro- possible which is why I send my Kiftsgate to distinguish it from rapidly becoming one of my 

fessirmals paying with musk roses scrambling into taU “’her, possibly ioferior, forms of favourites, a'jose ttet Jsas been 

suddenly noticed trees w i, ere j ran admire ui em B.JHpes. ]P “!■ ^ atnond.for ihebestjart of 

without ever being railed upon This is not the only dis- greatest, quality. and:. - 


AS I STRODE across a | seaside 
golf course the other day watch- 


fessionals 
amateurs, I 
that I was walking on a dose 
carpet of roses. It was, of 
course, the Scotch Rose, a lovely 
species which never seems to 
behave in gardens as it does 
when it grows wild on the dunes. 
I thought what an extraordinary 
family this is, with variety that 
can scarcely be equalled, let 
alone suipased, by any other.. 

In a few weeks roses will be 


to do anything about them since 
they are too high up to .be 
pruned, let alone sprayed. The 
odd thing is that they never, 
stem to need either when grown 
in this way. 

£ That marvellous rose Kifts- 


tinguished climbing rose to be 
saved .from obscurity by Mrs. 


quantity on the two. tt thrafr ??■ Wj****!"-.;** 


GARDENING 


ate belongs to this same group 
of musk roses. Where it does 
well it is breathtakingly beauti- 


spillmg from the tops of some ^ful, with huge trusses of creamy 
of my tallest larches, trees that white flowers but with me it has 
have been growing steadily not grown so well as the anony- 


y ear-old side shoots. • He sug- -of k dhflpoiy 

gests removing a percentag^ Aowera whidi Mr. Thpteas calls 
the five-year-old stems each “ rose pink,’ though that 
year, a very different method sbsths some of the 

from the annual hacking' out of . ^he shade which dLs 

as much old growth. as. possible muted pink in the-mauner of 
which is the .usual treatment oW rose or caushed strawberry, 
for climbing roses. .It is .ri^mige;iraw @ood. Jpses 

The most beauflafufl dimhSng can be overiooke d even by their 
roses I saw last year were all raisers- Mr. Thomas tells the 
' specimens of the cJijjnhipg. fonn .story. y of _ Lawrence Johniston 

Also from Bunyard she ^ cecile Baaininri:. ’ " I do not raised.- by 'ftt Pern^Ekwher in 
form of Roso W hiather the season suited I 9 i 23 : ? From the same pod of 


ARTHUR HHA.YER 


Muir. 

purchase a 

since well before the war and mous “moschata” which was brunonii which Mr. E. A. Bun- wrfYhnt 

must now bo fully 60 foot high, givon to mo yoare ago by that yard hod found in tho Hanbrny ST 

They are musk roses, or what remarkable amateur rose garden at La Mortola just on 

pass for such in gardens for I grower Mr. A. Norman who the Italian, side of the French-. ^ 

leave the mysteries of rose raised Ena Harkness, Frensham Italian frontier near -Mentom ^ ^ 

naming to experts like Graham and several other very good According -to Graham 

Thomas, one of whose books, roses. I think that Kiftsgate this is unquestionably the most ” ybnd- .tpft-.fengaged an mahhijg fee Kiawte 

Climbing Roses Old and New, is needs better soil than I am able ornamental form of the- Species, ^ .ffliao J- «s«L ;to. pacfe.gafaein^&eeiL-^nd 

just about to be reissued by to give it I must try it again outstanding in foliage, flower bunches r <M Lecue 

in another place and with much and fragrance, and he- should ^ V* caJled 'iti ..HidKM^e r Yellow 

better soil preparation than it know because it ; vvas' he .-Who. I™® 1 wMq^.ig but when GnatonrT&Qmaa -asked 

got last time. You do not expect saw it at KUtsgate, , and per- 36111 & deLighmuJjiMtle ^rose'.to .to be, aik 
a monster like this to be faddy suaded Mrs. Muir to "let him grow, * think, tnan^ ^anyihe -Royal jjp 

but Mr. Thomas confirms my introduce' it to. general cultiva- .of the modem mimatur'es. -,; ;V Mr. _‘ JohnstojD, 
suspicion that this is just what tion u^der- the name Rosa In general I dp not'ititmk that 'rfk^Ld; .- hteLr^-'foiR-: T»w^ ,:- T -:r-Tr 
it is. brummii La Mortola- - cUmbong ’ipses -flower as^ ^ ^ 

Kiftsgate gets its name from Among the -first roses- ' to ^ be^ bu^ roses.: Perhi>w.;grows weir 'm ^-f^ 

Kiftsgate Court, a lovely garden flower are the Banksians, j»ar- spend moo m udt time 
... [ n . 1116 Cotswolds. just below ticulorly . .the ’ Double YeHow in 8 and have ansuffacienit known, demote Tijirfr 

made from cumoera I do not Hidcote Manor and with even Banksian - which ' is .the easiest strength tefit to go OT-floiw^iugi' fibr^ 

Uunk that this indicates any better views across the Vale of to purchase -and- to grow. It for & hn^ .imhe, ^ ^ "- r 

lack of appreciation by garden Evesham to the Malvern Hills, has. a 'reputation foritenderness taiariiy does seeaa 


Dents in a revised edition cost- 
ing £8.95. I am delighted to 
have it, for climbing roses tend 
to be neglected by both writers 
and breeders, the former, I 
imagine, because of the difficul- 
ties in unravelling the ancestry 
of many of these roses and the 
latter because, so they assure 
me, there is little money to be 




owners but rather that climbing The garden was made by the but it wxll- starid. qaite a lot of coire^M^be^een the -amount 

roses, even the smaller ones, late Mrs. J. B. Muir and she our- cold' if its- growth has been, crfgrowtha aios& makes ^ and.tfh^ ..•••[rr,- 


Green 

hills 


had written off 
reasoned arguments 

pect of a return of spring fish- Brighton Pier, with almost as the rules/ So we are rediic^i AiKT-igaai^ice^is f hP^/W -fa r 
mgl J™ 51 jb °P e of 5itoce«s as they to fishing the suxSare/lwhek- 

As usual the experts have ha °-'' , 1Ll , • ‘ there isenougih whMi-itoVm^-'w^:felring; r Wh^’^^ 

been nrovp.d wmns* hprnnsp this P®? 6311 but. sympathise With a JoD. ail Tismff curiJrori fHoc a* «*» ‘Mtii - 



I SPENT most of May 
and, in the moments ... 

fulness induced by the barrage Jands - 1 wouId find **“ 84016 
of loudspeakers and motor horns s* 3 ** here - But the auguries en 

with which the Chinese salute route were not good, 
the dawn, I thought with in- Except where there was still 
creasing nostalgia of the cool snow on the tops the streams 
green hills of Argyll and the and rivers were dry, just the 
river where for the last dozen bare bones of water-polished 
years I have fished for salmon rocks in place of the usual 
and sea trout with indifferent 
success. 


FISHING 

JOHN CHERRINGTON V 


jruL-KA in piace oi me usual arrival but I Found that T vuan i/ - " - -*««***« -m uiubl nave neen an. enormous 

torrent at this time of the year. not a much b( f£S caw myself! ^^^.wtoAe.wateraaddjsappeai- 

I wasn't very worried. This river The river, is almost dry ttere' We have heen-ait it for the, rod . not. floating, because b£ 

ie fiul hn • 1A mtU W. I. J.' J ^ aiUiuafc U1 Jf , i JlCJ.tr Kamo tuvuT -S ttri Wl mdftvx,- v r. . - 


STS' 

depth. It is r^ ^e i^erest- -, 'MfSSSffi 

a weH dtr^ed jrouini o^Yr^ thV rod'jeik 
towards them., off the bank :and fonow-what 
i tey ®v«ki Jt by movnig <xit <rf\hmst have been an. 


Or. to be more exact, for the I s w? y n a fl 20 ' milMt>n .? l0 ^ an ? *** bein ' little SnTor^ ^ n W me:.**),*:: 

last five years catches in June ?_ have dever seen 11 without weeks and it i.s even lower t6jn P er e^oush 4o .snap . attempted. -to. .-find i,it; on . -the 

have declined almost to zero, rome water. than it was lak' year. But at “e fly.-^ . ^ om by dragging Qperarions 

Last year we caught the only Within a few miles of my there is a difference.- The half 1 d® not thank that we have ^iad. treble, 

fish landed in that month. This destination I passed a well dozen deep pools- hold a great a unless before the'end(rf “bOte-.but to no avaiL Late that - 
has had nothing to do with a known river dry as a bone and many fish. They can be seen ®&e week tflere is aqme change tod fish es<apefl‘ana."tbe: 

falling off of our basic skills saw two fishermen wading in rising continually and in the to toe atmosphere that Will “/^troffltoeeaine to surface^and 

but partly to a shortage of water the — - •* - ■ - j- 

in the river and more ing 
mportantly of fish in the spring one 

run and this has been common the stream as soon as there catch them. tiated. Nowadays tESs nT ^ not thato:; had-flung-st^way V 

to all rivers. So marked has was a chance. I have never The pools are deep, dark and those ahasses we can spa, i* m ^ 
this transfer of fish to autumn been driven to this because without movement, and- toe hasxDeS^^^ this ' nhlZr ^ think:;. 

runs become that the experts the chances of catching any- obvious tactic would be to use lStKcSat.*%as“ “ “ ‘ 



<“*u 



J 

•s 


d 










i ^ 




11 



jr . £>;• - ' • ’ — • • ' 




- - r 


._ "- (i:0 ; :' 







■f - ■’■ 

IV ' 
J 


-v ■ ®o^cial' Times 'SaturSayl'Juii eI7 1973 


HOW TO SPEND IT 



. -*' 4 hi' ■■‘*3.- 
v- --Of.; 


PICNICS can be hdk TPwl, much santiMoo many, flies, too 
much rajn, lQasy food,biting winds aadtobmany Other 
people — these are >Just;i some of the hazards, with which 
picnics cin "be beset On the. other hand when a ^ ■ e . s 
perfect, I can hardly think of a nker’happeninS Ul the 
whole social calendar.- We had one such perfect’ evening 
recently at- Gtyndeboorne when a combination of : ' 
exquisite weather, delicious food, marvellous " rouvie and 
old friends contrived to add up to one of. those golden 
days you remember for a long time, to.eonie. .! j . 

Looking at all 'the picnickers and the elegance with which 
they. had. spread their rugs; laid out their tablecloths 
add even set up their tables made me realise just how 

wen the British can do things when they really put 
their minds to it. Though it seemed to me that ours was 
quite the most perfect of all the picnics I could glimpse 
(Ptauns to start with, then, cold watercress soup served 
in French white bowls; saimon troot with sauce verte and 
salads, strawberries and great bowls of cream) there 
was none the less no; group visible that- hadn’t gone to- a 
great deal of trouble over food and drink. -All^ihtf.ciy from 
plastic sandwiches, and salads stained with be^troet. 

The equipment they ‘'all' owned, too, was. sudi ; that _ lead 
me to believe that picnicking must surely be' a large*" 
of the British way of Hfe than I had ever imagined. 

Nobody could, surely 'buy ail that just for one; 
or two outings a year ? ' 

The real essentials for a successful picnic seem T® 1)0 
a good collection oF eoblic bags — into these you can fit 
white wine, champagne If you’re lucky, bags of ice. and 
Freezella bags, - and the 'combined package should arrive well 
chilled on ;even the hottest of days. Pur friends bad _ 
bought a large and simple pieuic basket from '-Habitat apd 
this held all the glass, china and cutlery for out party of eight. 
The other essential is either Jots of small or one large 
vacuum-flask for providing hot coffee or. on colder days* 
hot soups.. Once you're organised for transporting these 
essentials -you can -then decide which of the, extras 
. are Important to you.. I have an aversion to plastic plates 
and mugs myself and feel that the touch of glass and 
china adds a great deal to the. event; howevpr, if..^here is 
much carrying to be done or far to 
walk then- plastic is certainly much lighter. . 

Though elegant picnics, like those at Glyndebonrne, -Ascot 
and the like, are not the stuff of everyday life, I think 
it’s worth taking trouble to do them well — the pleasure of 
the event extends way beyond the hours of Its duration, 
and lingers in the memory for years. 

For this week I’ve gathered together just some of the P r °P s 
that will come to your aid if you. too. want to plan . 
an event of this kind. Nobody will want all of .tbttn; but 
a few of them will certainly go some way to providing 
the, right backdrop to a “ plush picnic.” 1 


T/iis 


IF TOtJ aren’t catering for 
large. numbers but would like a 
pretty vacuum flask that will 
keep' liquid hot or cold Jacksons 
of Piccadilly has a very pretty 
selection. The . one sketched 
here has a black background 
and is decorated with sprays of 
pink Bowers and green leaves 
but there is a tomato red 
version with white and yellow 
flowers or white with sprays of 
orange and vellow flowers. The 
flasks all . hold one litre of 
liquid. £11.90 <p & p 86p): 



j For large picnics, iclicrc won bore 

numbers to look a/ter. ibis large ululated 
flask will hold 7.2 litres oj liquid— either 
hot or cold, depending upon the any. Much 
the most efficient way of transporting 
drinks, it is simple to use providing rnc 
instructions are followed, ft has a handle 
for easy carrying and inside Hie beaker- 
style top is a container bolding disposable 
beakers, so you won’t need to carry cups 
separately. Made in Italy, it costs £15.9o 
from HeaTs, of 196 Tottenham Court Road. 
London W 1, who will post it Jor £1.09 extra. 


■■yr 


1 




HAMPERS is a relatively new 
set-up but it seems to me a good 
one. The idea behind it is that 
people going to the major out- 
door events in the summer 
calendar— Glyndebourne, Bad- 
minton, Chelsea Flower Show, 
Epsom, Ascot. Newbury, the 
Polesden Lacey Open Air 
Theatre and so on — may order 
a hamper, filled according to 
their tastes and purse, and then 
collect It on the day at the rite 
of the event 

The food offered is on the 
whole the sort of simple food 
that best suits outdoor eating- 
cold meats or salmon, crab or 
lobster, if in season, salads, 
cheeses, desserts of fresh fruit 
or gateaux, as well as cham- 
pagne, wines or lager and soft 
drinks. Prices do not seem to 
me excessive for the service 
offered and Hampers aim to add 
all the little -things that are 
needed on a picnic— rolls and 


butter, salt/and pepper, salad 
dressing, sauces, finger cloths, 
corkscrews and even 1 toothpicks. 

You can choose/ a meal as 
simple or as luxurious as you 
like and know that you can just 
turn up on the day and find 
the whole thing" ready to collect 
and enjoy. / 

The pick-up points at each 
site are very clearly shown on 


-■> This is the latest portable barbecue 

from the Hibachi slablc. It consists of 
lieu separate but linked griddles. It con 
be easily carried (but it is heavy), because 
the two sides fold together ami with the 
two handles form a shape rather like a 
circular suitcase. Made .from cast-iron tike 
all the Hibachi models, this one is different 
from previous models in that spikes 
let the ash drop away but when packed 
together the brickettes or fuel is auio- 
w nwuically extinguished and can be re-used. 
Water. The 12 inch size is £17.70. 14 inch 
W is £21.00. Both from Harrods o) 
Rfiightsbridge (£2.60 p&pJ- 

3 — .ff you like rather elaborate picnics with 
lots of courses then this group of slacking, 
insulated containers could be renj usefuL 
There arc five different insulated con- 
tainers and each could take something 



/, -/ the special glass com nsrer. 
liuiiuular set is cm bell girt'd mih n cnariu- 
xij.i design of yellow bitd<. sun and clouds 
on a bine background There arc plain 
’Visions which are cheaper. The wine 
cooler is £5.1*5 i£1.35 P&P>. the ice- 
bucket is £25 and i his togetner with four 
glasses tat £ 4.25 each* could oe posted for 
£1.S0 p&P AH J™” 1 Harrods of 
Kniyhlsbridge. 


AT SOME or I ho outdoor events 
I occasionally go to vast 
amounts of drink seems to be 
inseparable from the enjoyment 
of the occasion. How then do 
you transport lots of different 
bottles and their accompanying 
mixtures? Wicker baskets, 
specially made for the purpose, 
seem to he the answer. Here 
are two solutions to the 
problem. 

Above. Is a willow portable 
»• bar " that is 21 ins high with 
a diameter of 19 ins. 2t holds 
four bottles and 12 glasses and 
is good looking to boot. A com- 
pany called Roundabout, of 2. 
Topiary Square, Richmond. 
Surrey. v\hich has until now 
specialised in willow cradles 
for babies, has started import- 
ing and selling them by mail 
order for £18.25 with fret- 
delivery in central Londoji and 
a delurry charge of £1.25 else- 
where in the I'K. 


7 — Though. I'm not wild about plastic or 
melamine plates they are certainly much 
lighter lo carry and, of course, don t break. 
Harrods have some exceptionally nice 
patterns at the moment of which this 
.. . fission was the most pleasing. They art 

cither hoi or cold so you c ould . for (or * ocm , S o to me) but tuey 

instance, have hot soup, followed by j UjSl 1or a long uwr ni id they 

goulash followed by ifrereaot (after all, mamac w ma f- c vie lamine look as elegant 
not many days in England are cnitrrffl possible. The background is while, the 
suitable for all cold food). It all makes a . *J h . dIM { leaves are green. An 


mitable for all cold food). U all makes a ^ Qre green. An 

rcry compact package* about 14 vnhes ir?dt pUlti . u £2.fl5, it inch is £*.00 

’ugh but .it is expensive. The ouUr - , 0 illdl is *4.50. There is also a 

ic .if hr in lit blue. .. . „ _ ,ri ZO i in 


suitable for 
very 

stainless steel container is of bright blue. un ^iVsOi and saucer (£1.50/ to 
the inner ones are oi plain aluminium MW9 
£42.80 (P&P £2.50) from Divertimenii of muit • 

68. Marylebone Loue. London Vll. q _ j( y(jn KQHt t0 tn p c non-alcolwlic 

4-A .Bine cooler, i. . pi. cooler an d «. 'rtSS'to.S 

on ice-bucftat are all from uhat is known g g . } tripes of areen and 

as a Glacetie set. These are (Mm or « « ^ S ici £-P«o* Copper and 

keeping drinks cool— the ice-bucket hetps y - auS€ j, j s ' rhma it is expensin' 
the ice in good condition, the teine cooler in ' c .* irom Harrods 

keens a bottle cool while the temperature to pack sn pip ° ■' 

SIX drtrt lVm f plow .fill ^ preened o I h.ughnbndpc. 



Another design on :t similar 
theme i e shown right. This one 
is made from wicker and it 

holds four bottles in the base , , _ 

and lias a flat top for holding (SOp p & p) from Jacksons nr 
glasses, olives, nuts nr other Piccadilly. 171 Piccadilly, Lon- 
accompaniments. It is £9.35 don. Wl. 


I THINK one of the nicest small cnuld similarly be used to keep 
present*, one can give ts a small the champagne fresh between 
g J1 d r, ‘>t which can be used for the races, the acts or whatever, 
slopping up champagne bottles. There is a gold-plated version 
The b**st champagne cmlv chines for £8.50, a silver-plated version 
m half bottles of larger quanti- for £4.95 but there is a perfectly 
ties and sometimes one doesn't acceptable and efficient one in 
want to drink it all at mu* go— stainless steel for £3.5U. They 
this is wh"ie the champagne can be bought or ordered from 
stopper comes in useful. It keeps Harrods— they deliver free with- 
the fizz in the champagne for in a radius of 30 miles front 
up to 3-d ays and if you are plan- London— but otherwise will post 
rung oh a really lavish picnic it it for 55p extra. 


small maps that the firm sup- - rt 0 f person at 

plies. They seem to me to cover midges make a dead set 

most of the major sporting r _, wa „ s „„ the lookout for 


most of the major sporang . on the lookout for 

events, (including Wimbledon. heeps them at 


events- _ (including ivin, 0 j eU uij ^ heeps them 

polo, Bisley, archery ^nd Cow^ ba l ^ js gar den candle is set 

Week) but if by aQ y J* ^ i ^ y a terracotta flower pot and 

they have forgouen somethmg in ^ rep eUent 

they ask potential c “ st0 ,H l ®^.A° ^ we iL The candle has a 

let them know' and they U see-if t0 withstand 

they can help. draughts and breezes. Complete 

If you think you'd like a ham- pre tty box it eosts £1.50 
per get in touch with Hampers, (p & „ 70p) from Jacksons of 
Timber Vale, Greendene, East- pj cca dai y . 

Horsley, Surrey <ie*« ' «■**: ... 

Horsley 2849). 



KOBERT JACKSON of Plccj.- ^^SSlS. Fnr 
dilly is having a special pKnic ^ g a 0 t0 ghirley Graham 
and barbecue fortnight in July, Ellis,* 12 Dagmar Terrace, Lon- 
from 3-15. If you can wait that dcn Among the small ideas 
long it is well worth going along recommended by Jacksons is 
for then you can see a large using smaU tubes of Bened^ta s 
amount of merchandise and mayonnaise— a wrj ■ aW 
ideas all laid out together. In as they are so easy to P®;^ 

The meantime they have pro- of eourae. quffe unbre^able. A 
fluked a sheet of ideas which 61 oz tube is 39p and for «.ne 
readers can send off for-charm- moment ^'1 ng ou' a 

ing line drawings illustrate free picnic knife and l fork in 
things like barbecues and smokey brown plastic with each 
barbecue tools, hampers, tube. 



gadget 
of FT 


HERE is a splendid 
from that old friend 
readers— Peter Knight nf Bca- 
consfield and Esher. It is a 
proper coffee maker that makes 
fresh, hot coffee and can be 
used by just plugging the con- 
nection into a I2-vo!t cigar 
lighter — this means it can be 
used in a car. boat or caravan. It 
takes about 10 to 15 minutes for 
the coffee to be made and 
though it doesn’t make a great 
deal at a time (500 centilitres, 
enough for two largish cups) its 
great advantage it that it is real. 
The ground coffee should be put 
into a little strainer at the top 
of the flask, the water goes into 
the main body and the coffee is 
made by the percolating 
method. £5.95 tp + p 75p>. 



Pick your own 


THERE'S something rather 
nice about the idea of picking 
one’s own strawberries, broad 
beans, apples or whatever. 
Gentle, rustic visions of country 
baskets overflowing with the 
healthy produce of the land 
come to. mind. For those with 
freezers it a wonderfully 
economical way of filling it to 
provide memories of summer 
in the winter months. For those 
without freezers it is a good 
way of finding fruits for jams 
and preserving. 

However, some of the prob- 
lems have always been knowing 
exactly which farms allow you 
to pick your own, when which 
crops are at their best and at 
what time the picking is 
allowed. Home and Freezer 
Digest (which is, incidentally 
an excellent magazine for 
freezer owners) has provided 
a marvellous service .in its 


latest edition (the July issue) 
hy listing farms all over the 
cMimtiy where you can “pick 
your own." 

They are listed by county 
with full addresses given and, 
wherever possible, telephone 
numbers so that you can check 
ihe state of the crop you’ve got 
your eye on. 

Symbols have been used to 
indicate whether the farm grows 
berries, fruits from trees like 

apples, plums or pears, leaf 

vegetables or root vegetables. 

The pullout in this month's 
Home and Freezer Digest runs 
to 16 pages but already it 

seems such a success and such 
a good idea that a book is being 
planned. . Besides the pullout 
section there are some very 

good recipes for freezing the 
summer berries— all in a11 
excellent value at 20p per copy. 


~ ‘u 

I 


Pool a nanny 


vnu MAY have noticed that the 
business ie beeonung 

new word— fragrance^- . y . Nancy Mitford 
B? th S he7u e and K and that they got s0 

sfi 5^ ? -s’srss 


IO - 

perfume was the word to u-.that.ffiW 


ss asaws 

reaf SarrtK 

there are three wve y g^ous, most 

- Perhaps the lushest, finn 


evocative is 

of -Penhal^OM {■ecentlY a e charmin J shop at 

Pickles and est ?^ B L?ent Garden. London; 
41 Wellington Street, govern * 

•^^iuebell- smells, most evocatively.' -of, yes 


—bluebells. .It is very floral and very s peci al 
and is only available in a i oz bottle 

£12.50. If you want to buy front Penhaligons 

by mail order they run an efficient semce an 
provide a charming booklet and order f 

Also new this summer is a new fragrance 

from the. House of Florls. It is 

very pretty and also very fl ora ]* 

Florissa, it comes with a lovely collection of 
ancillary products— bath essence, talcum pow- 
der. soaps and so on. The perfume costs 
£16.50 for 60 ccs while the toilet water costs 

£9 ^Oreal’s 1 new S fragrance; Eau Jeunc, js less 
floral, less heavy, very slightly tangy and .must 
be the ideal hot weajher fragrance. Eau de 
toilette Is £3,50 for 240 ml, while the spray is 
• £2.95 for 145 mL 


ANOTHER OF those ideas so 
good that one wonders why 
nobody ever thought of it before 
— a service to help working 
mothers share a nanny. When 
my children were young enough 
to need constant care nannies 
of the good, old-fashioned sort 
were quite astonishingly badly- 
paid, I still blush when 1 
recall the salaries. Nowadays, 
however, as anybody who has 
recently tried lo hire one will 
know, they come very expen- 
sive— thev need a private life 
like everybody else, they need 
to eat anil be clothed and have 
the odd outing, too. _ 

However, money is not the 
only disadvantage; lack of 


privacy is another. Sharing a 
nanny between families could 
be a very good solution. The 
nanny can be paid a very good 
salary, enough for her to pay 
for her own living accommoda- 
tion, if she is employed by 
more than one family. At the 
same time the children get the 
company of other children and 
the security of a familiar, daily 
figure to care for them. 

At the moment the service is 
only offered in the London area. 
Anybody who thinks that shar- 
ing a' nanny could he what they 
need should contact the Share- 
a-Nanny department of The 
Nanny Service, Oldbury Place, 
London; W1M 3AJ. Tel. 01-935 
6976. 



Make it 


yourself 


IF YOU want something 
inexpensive and up-to-the- 
minute to cheer up your holiday 
wardrobe then for a small 
outlay and up to 10 hours of 
vour time you could have 
cither of the two garments 
photographed here. The patterns 
have been devised to use ICFs 
new handknitting yarns that 
contain Bri-Nylon. As you can 
see the patterns, available free 
Financial Times readers, 
enable you to make either a 
long, stinky vest-like dress (very 
fashionable on summer beaches) 
or, by stopping the pattern 
half-way. a suntop. 

The dress would take the 
average crochet-worker about 
10 hours to make, the sun-top 
would take about four hours. 
Hayfield Beaulon Crepe 4-piy ' 
yam is the one for which the : 
pattern has been designed and 
the yam comes in a good range 
of lovely, sunshiney, summer 
colours. A 25-gram ball costs 
25p and this means t'ne dress 
would cost about £5.25 in the 
smallest size (32 ins) or £6.00 
in the largest size (36 ins). The 
sun lop. similarly, would be 
either £2.00 or £2.5U. 

If you'd like the pattern 
just send a stamped addressed 
foolscap envelope to: Sundress 
Pattern, How to Spend It Page, 
Financial Times, Bracken 
House, 10 Cannon Street, 
London EC4. 






Distress signals I Matisse 


:%~£P?^g£; ■ ms • 

it# 


Caliban. a radio critic manque*, 
name to mind as i listened to 
some recent experiments in the 
field oF radio drama. “The isle Is 
full of noises. Sometimes a 
thousand twangling instruments 
Will hum about mine ears; and 
.sometimes voices. That if I then 
had waked after long sleep, will 
make me sleep again . . . ” 
Myself. I did in fact stay awake 
through “the first play without 
words to be written for radio," 
The Revenge by Andrew Sachs 
(Radio 3. June It. and through 
S.O.S. by Barry Bermange, “a 
development of his earlier work 
in the field of audio-collage” 
(Radio 3. June 13). but I 
wondered how the lisrener fared 
who bad just switched on for 
pleasure. 

The Revenge took up a chal- 
lense thrown down by Tom 
Stoppard. He thought it ought to 
be possible to write -a radio play 
with no dialogue m it whatso- 
ever. a bazarre gambit coming 
from one whose own plays are 
dialogue or they are nothing. 
Anyway. Andrew Sachs twhen he 


ANTHONY CURTIS 


is not indulging in radiophontc 
experiment he plays Manuel in 
Fmclty Tracers i has proved that 
the feat of look-no-dialogue ! is 
indeed possible, but what he has 
not so far demonstrated is why 
anyone should want to perform 
it. let alone listen to it. The title 
said it all: vengeance was 
wreaked by u man on the run; 
we had to deduce the plot from 
the various noises he made and 
those made by his pursuers and 
victim, a symphony of aggression 
and terror including heaving 
breathing, muffled cries, window- 
breaking. drowning, police-sirens 
wailing, footsteps echoing across 
asohait, and So >jo. 

But apajr from the fun of 
working it all out. I do not see 
that anything much was gained 
by the speechless purity of the 
piece. I suspect that its main 
justification will come later as a 
teaching exercise. Occasionally 
the radio drama department 
organises seminars for writers 
who have had one or two radio 
plays done and wish to extend 
their techniques. I can imagine 
The Revenge gradually acquiring 
textbook status at these gather- 
ings. A wordless sequence or 
two may be an effective method 
within a radio play of creating a 
violent climax, particularly in a 
thriller, but to have such a 
sequence bumped out to last 30 
minutes is rather like a jazz LP 
that is exclusively drum solo; a 
tour de force that becomes a 
forced tour. 

If The Revenge eliminated 
dialogue. Barry Bermange's 
S.O.S. eliminated plot. It con- 
sisted of people, either individu- 
ally or in chorus, and in a 


variety of tones ranging from 
cold neutrality to. sheer panic, 
enunciating phrases taken Trom 
The international Code of 
Signals for the use of all Nations 
(1874). Instead of plot, which 
implies development and resolu- 
tion. we bad a simple static 
situation, represented by a cry 
for help that never, comes, a 
vain attempt to communicate in 
the face if imminent danger, the 
basic situation of a great many 
modern plays. It is one to which 
one cannot help responding and 
I found these phrases more 
rewarding to listen to than the 
sound effects in The fleoenfle. 
Bare statements and questions 
grew poignant “Six metres 
water in hold • • - Hello . . . Who 
is that? . . . Water-logged . . 
Can you hear me? . . . Can you 
see me? . . . Are you there? . . . 
Abandoning ■ - Go ahead , . . 
Wreck Is burning . . . Help us . . ” 
Zn a sequence like that we have 
the basics of drama without the 1 
superstructure. How many full - 1 
length plays van you think of 
that are summed up in the 
following? “Excuse unable to 
comply . . . Cannot stop, no time 
. . . Excuse pressing commitments 
of our own . . - Save us . . - We 
are dying. Cases of fever, 
dysentry, cholera, small-pox . . . 
When will you? . - . When the 
moon rises ... Do you require 
assistance? . ■ . State require- 
ments clearly . . . Act as judg- 
ment directs . . . Depend on own 
resources . . Mr. Bermange 
himself directed the H voices, 
male and female, used contra- 
puntally'jn the programme, and 
David Greenwood was in- charge 
of the special. sound work. 

Many creative writers- are all 
at sea when it comes to stringing 
ideas together and the distress 
signals they emit in radio Inter- 
views are often painfully wishy- 
washy if not downright in- 
coherent Not so the novelist 
Laurens van der Post, who was 
talking to Derek Parker for 
half-an-hour in An Individual 
Self (Radio 4. June 12). He spoke 
with eloquent conviction of his 
faith in individual man even 
against the unreined might of 
collective man in Africa today 
and . of how the faith was a 
source of strength in a Japanese 
prisoner of war camp where he 
lived for a number of years 
under the ever-present threat of 
death, where he and his com- 
panions had to depend wholly 
on own resources. It was a 
heartening signal of radio's 
maturity to give this interview 
prime time on Radio 4. 


Matisse, whose work, with 
Picasso's was greeted with 
hilarity when shown in London 
just after the last war, is now 
generally acknowledged as one of 
the greatest, perhaps even the 
very best of artists of this 
century. Exactly in what his 
greatness consists is still a matter 
for debate: less of a painter in 
the purest sense than Bonnard, 
more consciously a decorator, 
more equable and far less 
prodigiously various than Picasso 
(though like him essentially 
graphic In his work, a graphic 
colourist), he it was, neverthe- 
less. who set the path that so 
many others were to follow, and 
follow stilL His assertion of the 
fundamental flatness of . the 
painted surface, by no means his 
own discovery, was early, com- 







nmmwm 

fl-Sldv- May 


ART 


WILLIAM PACKER 


prehensive and direct: and from 
there he went on to conjure space 
and form out of pure colour. His 
work was ever intuitive, 
hedonistic, inherently seductive 
and un theoretical. 

His great period came compara- 
tively early in his long career, the 
dozen nr so years before 1918: 
hut such art-historical considera- 
tions in no way disqualify or 
demean his later work: if influ- 
ence and importance were the 
only criteria, our galleries would 
be markedly shorter on master- 
pieces. 

This small loan exhibition at 
Marlborough (June-July) indeed 
covers only the later period, the 
earliest pictures dating from 
1917, the last from 1948. Those 
small early works already mark 
the shift away from the tough, 
ambitious paintings of the war 
years towards tbe bourgeois 
idylls of the twenties, and a 



li- m 
fa 

: **1*.- • ix .:;V. • .&'■ ••••:? J 


f , , , 




Henri Matisse: Meditation after the bath 


return for a while to a more 
painterly modelling of flesh and 
form. Two notable paintings 
here, both from 1920, confirm 
the trend, the “Meditation after 
the Bath,” with its exquisitely 
simple. Manet-like figure, espe- 
cially beautiful in that softly lit 
interior. 


even perfunctory at limes, the 
paint so much thinner, the 
image suggested as much as 
described. 


The gentle touch persists in all 
these paintings, even into the 
somewhat larger red interiors 
with figures of the early fortltv. 
that hark back so clearly to such 
works as the great Red Studio 
of ,30 years and more before: 
but now the handling is looser. 


These are important works 
after all. simply because they 
are, for the most part, so fine in 
themselves, and Marlborough is 
ro be congratulated, and 
thanked, for bringing them 
together for us to see. A small 
show at Lumley Cazalet (also 
until the end of Julyi of draw- 
ings, prints and illustrated 
hooks by ?4afisse. makes a 
valuable ‘pair to this excellent 
exhibition. 


With Rostropovich as one of 
the artistic directors of the 
I Aldebursh Festival we may rea- 
! sonably hope for a thorough 
journey through the sides of 
Russian music of which we nor- 
mally hear too little. An example 
of what can be done was Thurs- 
day’s recital, at which the fam- 
ous cellist was heard as piainst 
accompanying his wife. Galina 
Vishnevskaya in a programme 
of mainly unfamiliar bat also 
mainly excellent songs by 
Rimsky-Korsakov, Glinka and 
Prokofiev. 

An occasional song of Rimsky's 
turns up now and then, but to 
have a whole half of a recital 
devoted to them was a bonus. 
One can see why they aren't 
more often heard. The vocal line 
is paramount. The piano parts, 
though subsidiary, are not un- 
interesting. as “The faded flow- 
er" showed, nor unadventurous 
as the almost Straussian effusion 
of “ The lark exalts” and ‘‘The 
clouds part " proved, while The 
nymph ” has unexpected, sub- 
aqueous glints in the harmony. 
But of the close welding and 
interweaving of voice and piano 
as we know ir from. say. Schu- 
mann or Wolf, there is little. 

One result is that The songs 
need singing of a kind not 
always within reach of good and 
thoughtful “interpreters” oF 
Lieder. The melodic tines with 
their long, beautifully shaped 
phrases call for fine tone, an 
even compass and strong longs. 
This does not mean that the 
) kind of verba] and musical 
i inflection at which Vishnevskaya 
I excels is not required too— far 


from it She was in- commanding music for two tenon* taajpag - 
voice on- Thursday- Not every- from Monteverdi and .Tarcell jo 
thing came easily but once- again David Bedferd's-Settmg- of.'Wkit- 
she showed how passing-flecks .man* “onthe beacL.at-r^t?- 
and roughnesses may be turned commfmoned for the occasiimc fc 
to expressive effect The small the new .. wor^ -^^eM^tocal ' 
gem called “ The gentle. breeze ” lines and. ah .Ihstruineaaail,;^ 
was moulded with especial effectively' bid 
delicacy. ' • V ohamber.^ orgs®, Pleased" . 

The group by GUaka, who while tie musiirwds fatprijgress . 
could unite Russian ^Oik-type- but - Teft ' tmiy- y£^,v$fw&a 
melancholy , with Italian-style-impression r ^ 

cantilena included the haunSng fortnnatelj,*. ^ '^p.^3tiattEar 
"Lark" and a humorous “ravening 'clfinds . , ; in '.black 

masses- spreading^J&st Ahg&n 

1 . ' . nature has been : bOating vart 

•, hands down* •'. 

Ril 1 1C If* '* iBerfeeley*'- . Four ' Remand 

(VlUaiv . * Sonnets toot to be confused W&h 

« ’ r -'his- other Ronsard ./settings-, for 

RONALD CluCHTvw.7 . ?--sjngle voice) were 'heard loctne- 

. > ■' first time in a. new yez&od'.vrith 

piano ; accompaniment Nothing 
V - pebi^QUB here, hat clear, d a ncing 
Mazurka (“To her") in: which- lines teasing - the -Hstenec With 
Vishnevskaya's range of ^jnpal;. expectations CraFe&.fu|fiH^)of 
gesture was unexpectedly put-tb tbe ..Kifi vof tfiifus-a^.fNlxtns 
comic use. Four of ProkofieT's writing' that i afe/ at. iOnce^the 
Russian Folk Songs included' an delight And 'the bane of- vocal 
overdose' "of hearty bunSpkjn duets but m ore Oiten -pTBiert'iug 
humour but also'.' in - “The' imitation; : The 
Dream,", a marvellous .-op?) dr- nets, one - a geht^rodfcSng-iui- 
tunity.ior.-the soprano to, show dante. the'-pther^angUi^ri.aHd 
her fabulous way . ol -using, a pressing,' come o^ p^«qIax«f 
vibrato- less . tone that .is any- well. . 
thing biit colourless. Rostropo- . The two t energy 
vich'sr playing’ to ■ such an ' extent almost too • dosexyvTaatcvedr— Ito 
combined, informality' with vigil- Partridge coiilgs^ : ely~.iiaye j agga 
ance .an d. - resp on given ess as to . more of ..the Fr ench twwrewMqi 
seem like an " extension of the he mdnages sdw*ell-7-®iechoi6Mt 
voice Part. ■ thing _3n a choice Teeitat was4he 

On ipe -previous evening Peter '.sfa?plH^tuag •'** Dialogue • betweoi 


On ipe previous evenibg Peter' jfajanH^nng y. Dialogue [between 
Pears and Ian Partridge {with :itwo : Penitents," byjHuihfr^ and 
Steiiart- Bedford and ■ Graham Blow, -realised, by -Bnb ge h ■jgoZ frt, 
Barber "at various keyboards) 1 a piece , jl^erves :^qiapt 
gave an unusual programme of- -jpiibllCBtioD-V- . 


Continental pictures in demand 


A painting of cattle watering 
at a pond by Friedrich Voltz 
sold for £32.000 yesterday in 
Christie's sale of continental pic- 
tures of the 19th and 20th cen- 
turies. The sale totalled £339,910. 


THEATRES THIS WEEK . ; . AND NEXT 


Jazz at the Portman 


Trumpeter/flugel-homist John 
McLeavy and accordionist Jack 
Emblow are . the featured 
musicians at next Sunday's New 
Orleans Jazz Brunch at the i 
Portman Hotel, WI. | 

On June 25 singer Beryl 
Bryden will be appearing with 
the Rod Mason band and on 
July 2 the Gene Cottrell quintet 


SHAW — fm Talking About Jeru- 
salem. The final play of the 
Wesker Trilogy, well worth col- 
lecting. Reviewed Tuesday/ 
Wednesday. 

WATFORD — Rain. The old 
Maugham-based drama much en- 
livened by filra-actress Gloria 
Grabarne as Sadie Thompson. 
Reviewed Tuesday/Wednesday. 
SAVOY — Whose Life is it Any- 
icap? The cracking play about 
euthenasia transferred from the 
Mermaid. Reviewed Wednesday/ 
Thursday. 

ACTION SPACE. Chenies Street, 
WC1 — Yoimg Guy Seeks Part- 
Time Work. Thin piece about 
how to. deal with a schoolboy who 
takes up “ relief massage." 
Lunchtime. Reviewed Wednes- 
day. • 


OLD VIC — The Lunatic, the 
Lover and the Poet. In other 
words the poet Byron: a kind of 
literary documentary. Reviewed 
Wednesday. 

MERMAID — Euery Good Boy 
Deserves Favour. The astonish- 
ing collaboration of Torn Stop- 
pard and Andre Previn in an 
hour-long piece about human 
rights, with chamber orchestra. 
Reviewed Thnrsday/Friday. 

GREENWICH — The . "Golden 
Cradle. Five one-act pieces by 
the founders of the -Abbe'v 
Theatre, Dublin. Of special 
interest to students, but worth 
the journey for anyone. Reviewed 
Thursday/Friday. 

ALDWYCH — Tire- Dance of 
Death. Strindberg's classic study 


of marital hatred, with a fire- 
cracker production by the RSC. 
Reviewed Friday. 


RIVERSIDE STUDIOS — ■ Tree- 
tops. Richly rewarding new play 
concerning the problem of white 
democrats in the Cape Town of 
1952. Reviewed Friday. 

Monday. Runners at the Bush 
and Dig for Victory at Stratford, 
E15. Tuesday. Flying Blind, a 
good new Irish play from the 
Liverpool Everyman comes to the 
Royal Court. Wednesday, Ebita 
at the Prince Edward. Thursday. 
Banfcalowieuj Fair, the Young 
Vic's first production under its 
new director Michael Bogdanov; 
and at the Almost Free an 
adaptation by James Saunders 
oE Kurt Voanegut's Player Piano J 


Voltz, an artist of the Munich 
school, concentrated almost ex- 
clusively on the painting of 
cattle. The price, paid anony- 
mously. fell just short of a re- 
cord for the artist which was set 
at a sale of continental pictures 
in New York last month at 
£32,530. 

Belgian and Dutch pictures 
sold very well. Eroscot, a dealer 
from Scotland, paid £11.000 for 
a picture of a girl in a game 
larder by candlelight signed and 
dated 1849 by Petrus van Sehen- 
del. A Belgian purchaser, 
Magnus, paid the same sum for 
a picture of cattle, sheep, a goat 
and a donkey grazing by a 
stream by -.Eugene Verboeck- 
hoven. Also at £11,000 was a 
winter street scene in Milan by 
Mose Bianchi. 

Magnus paid £9,500 for a pic- 
ture entitled. “ A quarrel over 
cards '* by. Ferdinand de Braeke- 
Ieer. and. an anonymous bidder 
£8.500 for a painting of a river 


estuary with fishing vessels in a 
choppy sea by . Harmanus 
Koekkoe. » . 

At Bonham's a rare- 18 carat 
gold one minute tourbQlon 
watch, signed by Charles Frod- 
sham and hallmarked London 


SALEROOM 


ANTONY THORN CROFT 


1907. sold for £16,000 at Bon- 
ham's yesterday. 

Nearly 400 lots of consistently 
high quality photographic im- 
ages and rebated material ' make 
■th'e sale at Sotheby's Belgravia 
oa Wednesday, Jane 28, the 
most important of its type yet 
held there, and on Friday, June 
30; the second part of photo- 
graphs fro jnCecol - Beatona 
studio will be solid. . 

The general sale incOndes two 
very important Crimean War 
albums by Rober Fentotu They 
have 67 photographs in each 


album, both of which have an 
elaborate- dedica^on page “To 
Her Most Gnacmns Majesty 
Queen Victoria. and are 

probably- the most expensive and 
highest quality Crimean albums 
yet to appear do the market. 
They are expected to sell for 
: between £5,000 and £10,000 
• each.-. 

TWo beautiful seascape albu- 
men prints taken in 1856 from 
cotiwtion on glass negative by 
the Frenchman Gustave Le Gray 
are expected to fetch four-figure 
-sums. Le Gray was a gifted 
early amateur who -was respon- 
sible^ for developing the waxed 
paper process. He is best known 
for seascapes such as these. 

The many other photo- 
graphic treasures in- the sale 
indude works by Fox Talbot, 
Hill and Adamson, Robertson 
and - Beato. • • Frith,- -. Nadar, 
ReJIander, Cameron, Emerson, 
Sutcliffe, Muybridge and Evans; 
also there axe 20th-century 
photographs, important albums 
and daguerreotypes. 



t Indicates programme in 
black and white. 


BBC 1 

7.15-8.30 am Open University. 
9.10 Playboard. 9.23 The Flashing 
Blade. 8.45 Calling Young Film- 
makers. 10.00 Arlott and Trueman 
cm Cricket. flO.25 Laurel and 
Hardy in ” A Chump at Oxford." 
11.23 Weather. 1125 Cricket, 
Second Test. The Cornhiii Insur- 
ance Test Series: England v. 
Pakistan. 

1.30 Grandstand: Racing from 

Bath fl.40, -2.10. 2.40 ); Tenms 
1^3, 3.15) The John Player 
Tournament; Cricket: Second 
Test (2.25, 3.1a); Rugby 

Union: Australia v Wales 
(2.50); ‘ Athletics (2.55 and 
iater) Women’s AAA Com- 
monwealth Games trial; 4.55 
Final Score. 

5.15 The Tom and Jerry Sbow. 

5.30 News. 

5.40 Sport ./Regional News. 

5.45 Emu’s Blackpool Walk- 
about. starring Rod Hull 
and Emu. 

6.15 Saturday Night at the 
.Movies: “A Thunder of 
Drums ” starring Richard 
Boone. 

7.50 Lennie and Jerry starring 
Lennie BerniBtt and Jerry 
Stevens. 

8.HS Kojak. 

9.25 News. 

9.35 Parlov V. Conteh: Light- 
heavyweight Championship 
of the World. 

10.50 Sailor. 


11.20 Marvin Hamlisch. composer- 
pianist in concert. 

All Regions as BBC 1 except at 
the following times:— 

Wales— 12.20 am New* and 
Weather for .Wales. 

Scotland — 12.2ft am News and 
Weather for Scotland. 

Northern Ireland — 5.40-5.45 pm 
Northern Ireland News and Sport. 
1220 am News and Weather for 
Northern Ireland 


BBC 2 


am 2.45 pm Open University. 
I Saturday Cinema: “Shop- 
worn Angel " starring 
James Stewart, 
i Cricket. Second Test: 
England v. P:«£istan. 

The Money Programme, 
i News Sport 1 
| Network. 

Lost 

Royal Heritage. 

The Camera and the Song. 
Welsh Triple Bill. 

MA.SH. 

News on 2. 

Cricket: Second Test (high- 
lights). 

Midnight Movie: " Light- 
ning Strikes Twice" star- 
ring Richard Todd. 

LONDON 


Swedish Grand Prix from 
Anderstorp; L50 The 1TV 
Seven (part 1). 2.00 and 220 
from York; 2.15 -Sundown; 
2*40 International Sports 
Special (continued) Motor 
Racing — return visit to 
Anderstorp for closing stages 
of the Swedish Grand Prix: 
320 The I TV Seven (part 2). 
320 and 4.00 from York: 3.45 
and 4.15 from Sandown; 4.30 
Wrestling; 5.00 Results 
Service. 

5.05 News. 

5.15 Cartoon Time. 

520 The Life and Times of 
Grizzly Adams. 

620 Celebrity Squares. 

7.15 Sale of the Century. 

7.45 Best Sellers. 

920 News. 

9.45 The South Bank Show 
Presents “ MacMillan's 
Mayerling." 

12.00 Stars on Ice. 

3220 am Close — a painting by 
Velasquez with music by 
Rodrigo. 

All 1BA Regions as London 
except at the following times: — 

ANGLIA 

9.25 J*>n !'»Kl«*r*-a World ot Captain 
Nemo. XUffl Star Maidens. 12JM pm Stars 
p” tie 'MM T*— n*nrgi- Hamilton IV 
stion-. 1230 At the End of the Day- 


CHANNEL / 

UO* pm Puffin's PLitiCEi 12.S0 in 
Concert: Meal Ticket. f 

GRAMPFAN 

. 9-25 am Scene on Saturday iaciuiLns 
O'-Miv nr^r>uaic« and; i>lr Ciir M no 
Captain Scarlet and the Uysterons. 10 JO 
Ti*f eaii. Uddersii-a AH.-euiures of 

-Captain Nemo. ZX30 Space IDS). 12-00 

Rejections. 

GRANADA 


Earbera SpeciaL 12-00 In Concert: Meal 
Ticket. 12.B am f aith for Life. 


YORKSHIRE 


930 am Sesame Street. 1025 Paul. 
UL55 Saturday Matinee: “Frankie and 
Johnny" stamnit Bins Presley. +12-08 
Late Night Thriller Natalie Wood in 
■■A Cry in The Nl«hr." 

HTV 

9.00 am Hare Brained Hypnotist. 9J5 
Old Bouse, New Home. 10J5 Hannan. 
1138 Space 1909. 12.88 The Beoson and 
Hcdses Showjumping Championships. 

HTV Cymro /Wales— As HTV C> neraJ 
Service except: U8 pm Canotmumt. 
645-7 JJ Sion a Sian. 

SCOTTISH 

9.05 am Build Your Own Boat. 9 JO 
Sean the Leprechaun. 10.15' Bjtruil 
U JO Cartoon. LL40 Ttu; Bionic Woman. 
12.03- La le CaH . " 12.05 am Love Aiuurican 


Style. 

SOUTHERN 

1130 am Weekend roll owed hy Regional 
Woathcr Forecast. 1140 Code F.. 12. DO 
Southern Nows. 

TYNE TEES 


820 am Sesame Street 9.45 
Half Our Show. 10.15 The Monkees. 
10A5 Our Show, part two. 1120 
Spencer’s Pilots. 

1220 pm World of Sport 1225 
World Cup on the Ball: 1225 
International Sports Special 
ill Athletics — U.S. Outdoor 
Track and Field Champion- 
ships plus Australian Pools 
Check; 1.15 News From ITN; 
120 International Sports 
Special (2) Motor Racing— 


9.05 am Musket. Fire and Drum. 9.J0 
Sesame SiretL U30 ATV Saturday 
Morning Picture Show: 'The Great Sl 
T nnUh's Train Bobbery'’ and the saner 
wnil Island." 5J5 pm Pro- 

fessor Balthazar. 530 The six M i l li o n 
Dollar Man. 

BORDER 

9J1S am- Build Your Own Boat- 939 
Dynomntt— the Dog Wonder. 9J0 Morning 
Film- "The Spanish Main” starring Raul 
Henreld and Maureen O’Hara. 1135 The 
Count of Monte Crtsto. 1230 The Beach- 
cambers. 


930 am Lyn’s LooK-tn. 930 The Had 
Dog Gang Meets Rotten l-'rtd and 
Ratsguts. 9.40 Lyn's Look -In. 930 
Saturday Morning Film: "To Trap A 
Sp>-" starring Robert 1 Vaupbn and David 
Mi-CaUum. 1135 Lyn’s Look-In. 1135 
Space 1099. 12.00 epilogue. 

ULSTER 

1030 am Saturday Mu ruing Movie: 
"The Prluee Who Was A Thief” starring 
Tony Curtis. Piper Laurie aud Everett 
Sloanc. 11 JO Sesame Street. 935 pm 
Spons WcBiilia. 

WESTWARD 

939 am Survival 935 The Beatles. 
1930 The Saturday Homing Feature 
FUm: "SJruanon Hopeless, But Not 
Serious." starring Alec Gumncsi. U^o 
Cus Honeybun's Birthdays. 1135 Hanna 


9.00 am Early Musical insirumenis. 
9.25 Mystery Island. 935 Saturday Scene 
Action Adventure: “Tanan and the 
Great River." UJ0 The Gene Machine. 
U.4B Code R.- 

RADIO 3 

(5) Stereophonic broadcast 
538 am As HatUo 2. 836 Ed Stewart 
iSi , with Junior Choice. Including S.32 
Cross-i^liannel Motoring Informarloo. 10.00 
Adrian Juste. 12.00 Paul Gambaccmi. 
lJl.pm Roc* on tSi. 230 Alan Freeman 
i S'. 531 Rohhic Vincent with soul and 
divi music tS' 630 In Concert: Alexis 
Komer*s 50th Birthday Party iS>. 7.0- 
2 02. am As Radio 2 

RADIO 2 l^OOra and YHF 

530 am News Summary. 532 Tom 
Edyards with The Early Sbow (Si luclud- 
ina-S.03 Racing BulteUn. 8.05 As Radio i. 
10.02 Tnny Brandon IS*. 1202 pm Two’s 
Besr i Si. 1.02 Punch Line 130-535 
Sport an 2: Wor’d Cup Special tl.no, 2 on, 

4 ffi. 3.00>: Motor Sport tl.30. 2.00. 3.05. 

5 Wi Sired i sh Grand Prix: Tennis <1 JO. 
2.0i). C.flo. 3.83. a.Oo. 5.00* Davis Cup— 
Great Britain v Austria and The John 
Player Tournament: Crlcfcrt (1.5®. 2.00. 
3.0,-.. 3 35. 4.05. 5 40 1 Second Tost: England 
v Pakisian; Athletics (1 -T). 2.00. 3.05. 3.35. 
4.03. a.OOi Women's AAA Commonwealth 
triads: Racing from York il.30. 2.55. 3.M. 
3->3. with n classified check at 5.4®i: 
Show Jumping- 11.30. 2.00. 4 05. 5.08a: news 
of rugby union and boring. 6.03 Cross- 
Channel Motoring information. 6.04 Pop 
Over Europe. 7.02 It’s A Funny Business 


S3rs Bob Monfciumse. 73 8 Sports Desk. 
732 BBC International Festival of Light 
Music, pan i jS.. 830 Talk hy Steve 
Race. 8.5B Concert, part 2. 1042 Safur- 
day Xigbi with the BBC Radio orchestra 
tS i. 1142 Sports Desk. H47 Peter 
Wheeler with The Late Show (3) Including 

12.00 Sews and 12.05 am Golf, report. 
248-2.02 News Summary. 

RADIO 3 4Wm*Stepeo & VHF 

735 am Weather. 840 News. 845 
Aubade tSi. 9.80 News. 945. Record 
Review including Budding a Library (Si. 
1335 Stereo Release of music by 
Sheppard. Mozart tS). 113S Cricket: 
Second Test: England v Pakistan: com- 
mentaries. comments, summaries, includ- 
m? 1.35 N-.-ws 1.40 Cricket Clinic and 

2.00 Lunchtime scoreboard. 640 
Stravinsky Miniatures (St. 7.08 Queen 
Anne's Footstool: A portrait of St. John's. 
Smith Square. Loudon iSi. 730 Arrau, 


Weller and the HLPO Concert, part 1: 
Beethoven tS). 8.18 The Empresa LI via 
ttaik hy Dr Barbara Lerick). 430 Con- 
cert part 2: Btahms tSi. 9JB Islam In 
The Modern World. 1838 Reicha chamber 
music tS). 1830 Sounds Interesting tSi. 
1135 News. U483I45 Tonight's Schubert 
Song on record 01939). 

VHF— 540 am Open University. 840 
With MW. 1235 BBC Scottish Symphony 
Orchestra, part 1: Rossini, Berkeley < si. 
1240 In Short C taint. 1230 pm BBC 
Scottish SO. part 2: Beethoven fSi. 14Q 
News. LOS What The Papers Said after 
the introduction of the Penny Post. 138 
Alfred Breaded piano recital: Mozart, 
Schubert (Si. 235 Man of Action: 
Stanley Wells chooses records fSi. 335 
Mnslc or the Masters by Ravel. Barilo* 
(Si. 5.00 Jazz Record Reutiests (S). 550 
Critics’ Forum. MS With MW. 


RADIO 4 


CHESS SOLUTIONS 
Solution to Position No. 220 
1 N-E6, Q-N2; 0 RxP ch! wins: 
if 2...PxR; 3 N-B6 ch. NxN: 
4 R-QS mate. The game endod 
2...B-K2; 3 RxB ch, K-Bl; 4 
Q-B5, N-K4; 5 Q-B6. R-KR2; 6 
R-KS ch. KxR; 7 Q-QS mate. 
Sola lion to Problem No. 220 
1 Q-Nl (threat 2 QxB). RxQ: 
2 B-B4. or if B-K4; 2 BxP, or if 
R-N7; 2 N-B4. 



434m, 330m, a85m and VHF 
830 am News. - 832 Farming Today. 


Cl 50 Yours Faithfully. 633 Weather; pro- 
gramme news. 740 News. 730 On Your 
Farm. TM Today's Papers. 745 Years 
Faithfully.. 750 it’s A Bargain. 735 
Weather;, programme - news.... R 40 News, 
130 Sport on 4. 845 Yesterday in Parlia- 
ment. 940 News. 945 International 
Assignment. 938 The Weak . In West- 
minster. 935 Newsund. 1035 Dally 
Service. 1030 Pick of the Week. 1130 
Time for verse. 1130 Science Now. 1240 
News 1242 pm Away From It AH. 1237 
The News Qttiz (St. 1255 Weather; pro- 
gramme news. 140 News. . 135 Any 
Questions? 248 War .'and Peace. 340 
News. 345 DOCK He Take Sugar? 335 
Music ot the Masters (as Radio 31. 5.00 
Kaleidoscope Encore. 530 Week- Bud mg 
. . . (S>. 555 Weather; programme news. 
640 News. 635 Desert. Island Discs. 650 
Stop The Week with Robert RoWoson. 
730 Those Yon Have Loved (B>. 830 
Saturday-Night Theatre. 958 Weather. 
1040 News. 1035 A Word In Edgeways. 
1148 Lighten Our Darkness. 1135 News. 


WEEKEND CHOICE 


Mayerling: I TV Sunday 


SATURDAY: Lennie Bennett 
and Jerry Stevens, two newish 
graduates from the northern 
club circuit did not greatly im- 
press me in their first pro- 
gramme. but they start a new 
BBC 1 light entertainment 
series tonight, Lennie and Jerry, 
and perhaps these will be better. 

At 9.35 I shall be -unable to 
resist the excitement of Conteh’s 
challenge for the world light 
heavyweight title on BBC 1 
despite rational objections to 
boxing. 

.Those preferring the true 
story of a suicide pact between 
a teenage girl and a drug 


addicted alcoholic atheist prince 
suffering from VD should in- 
stead watch m^s South Bank 
Show. Since the story is told as 
a ballet, “Mayerling,” it's all 
quite OK, . . 

Derek Bafley has used the 
popular European , and Ameri- 
can habit of showing prepara- 
tions for a production as well as 
excerpts from it 
SUNDAY:. BBC l*s Antiques 
Fair at. lunchtime- .sounds 
tempting, bat if yon don't like 
soccer (BBC T and ITV> or 
Barbra Streisand (BBC 2> ifs 
a jolly good night for going out . 

• CJD: . 


EWTE15TABNWIENT 

GUIDE 


CC — These theatres accept certain credit 
cares by toleprrane or at me box office. 


OPERA & BALLET 


ALBERY 036 3878. Parry Rates. Credit 
card bkn. 836 7371 -2 from 8.30 a.m.- 
8.30 B.tn. Men.. Tucs.. Wed. and TH. 
7.ais D.m. Thurs. and Sat. 4.30 and B-O. 
"A THOUSAND TIMES WELCOME. IS 

LIONEL BART'S 

MIRACULOUS MUSICAL." Ho. TlmM. 
with ROY HU DO and JOAN TURNER 
"CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN." DollY Mirror. 


01-930 2578. 


F0 r ■ Ltd. S-2-g£7 N ¥ t0 JU1 ' 16 
ST. MARK'S GOSPEL 
"An unparalleled Wur de farce. 5. Tins. 
Tues. to Sat. at B.O. Sun. at 4.30. No 
pfs. Mon. Seats £145. £2-25. £2. SO. 
£3.00. Latecomers not admitted- 


HAYMARKET. 9JO 9B32. I 

Evs. 8. Wed. 2.30. Sat. d.30. 8. 
INGRID BERGMAN 
WENDY HILLER 

DEREK DORIS FRANCIS 

GODFREY HARE CUKA 

WATERS OF THE VOON 
Must delnltely dine July 1. 


COLISEUM Credit earib 01-240 S258. 

Reservations D1-B36 3151 
LONDON FESTIVAL BALLET 
Today 3 and 7.30. Mon. Tuc and Wed 
7.30 Cnnservatoiro. Giselle. Thur. and Fn 
7 30 Sanguine Fan. La Chartc (new 
prod", Etudas. 96 Paltonv scats always 
available Irom Uam day ol pert. 


AMBASSADORS. 01-836 1711. 

„ Niohtlv at 8.00. Mat. Wed. 2.45- ^ 

PATRICK CARGILL and TONY ANHOCT 
in SLEUTH 

The World-famous Thriller 
„ , .Uv ANTHONY SHAFFER 
Seeing the plav again Is In fact an 


CRITERION. 930 321 5. CC. B3S 1071-3. 
Eras. 8.0. Sate. 5.30. 8-30. Thun. 3.0. 
NOW IN ITS 5ECOND YEAR 
LESLIE PHILLIPS 
In SIX OF ONE 

HALF-A-DOZEN LAUGHS A MINUTE. 
. SECOND HILARIOUS YEAR. 

■■ VERY FUNNY." S. Tel. 


IOVENT GARDEN CC 240 1DGG (Car. 
denrjiarge credit cards 836 h9031. 

THE ROYAL OPERA. Tonight and 

1 , r • «< 1 T 3 M-ream. outremv. 

Mon. and Wed. neirt at 7.30 : Luisa 
Miller. Frl. ne«l at .7-30: FalstaH. 6S 
Amphl' scats avail, lor all serfs, from 
10 a.m. on day Ol perf. Nate : Per- 
sonal-Tel. t,Kgs. for July Ballet opens 
July 1 and NOT June 1 . 


peeing tnc plav agam is in T acc an 
Utter and total toy," Punch. Seat Prints: 
£2.00 tu £4.40. Dinner and Too-Prtre 
Seat £740. 


SLYNDEBOURNE FESTIVAL OPERA. 
Until Aug 7 with tne London Phil, 
harmonic Orchestra. Tonight. Mon. and 
Frl. next at S.30 - Die Zsuberflote. 
Tomor. and Tue. next at 5.30 : Don 
wed. nirw at 6.1 S' La 
P'rhjme Pncsthie returns only Box 
office Clyndeboumc Lewes, E. Sussex 

u*7S alJilii 


APOLLO. 01-437 3*63. E«enlngs 8.00. 
Mats. Thurs. 3.00. Sat- 5.00 and 8.00. 
DONALD SINOEN 

" Actor ot the Year " E»emng SHuwtenL 
" IS SUPERB " N.o.W. 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
“Wickedly funnv." Times. 


DRURY LANE. 01-836 8108. Every 
night B.OO. Matinee Wed. 8 Sat. 3.00. 
A CHORUS LINE 

“A rare devastating, lavras, astonishing 
atunnar," Sunday Times. 


HAYMARKET. 930 9832. Box Office Now 
Open. Prow July 4 & S at 8.O. Opens 
July 6. 7.30. 

PAUL SCOFIELD 
HARRY ANDREWS 
ELEANOR TREVOR 

BRON PEACOCK 

and IRENE HANDL in 
A FAMILY 

A new Plav by RONALD HARWOOD. 
Directed by CASPER WREDE. 


National theatre 928 2252 

OLIVIER r'ope-i stage): Today 2.45 and 
7.30 THE COUNTRY WIFE by William 
W ycher ley. Mon 7 30 The Cherry Orchard. 
LYTTELTON i proscenium stage): Today 3 
and 7.45 Man 7.45 PLENTY a new olay 
■ b v Day ld Hare. 

COTTESLDE i smalt auditorium I- Ton'r B 
Last perl of LOST WORLDS bv WHson 
John Halrc. IFtur 8 American Buffalo 
• preyl: 

Many excellent cheap seats all 3 theatres 
day ol perl. Car park. Restaurant 920 
2033. Credit card btgs 928 3052. Air 
Condmonlng 


QUEENS THEATRE. CC. 01-734 MGG. 
Evgs. 8.00. Wed. 3.00. Sat. S.OO. 8.50. 
ANTHONY QUAYLE 
FAITH BROOK. MICHAEL ALDRIDGE 
and RACHEL KEMPSON 
In Alan Bennett's 
_ THE OLD COUNTRY 
Play and Play ors London Critics Award. 
_. MSI PLAY OF THE YEAR 
Directed by CLIFFORD WILLIAMS 


ST. MARTINIS. CC. 835 1443. Evs. 8.00. 
Matinee Tues. 2.45. Saturdan S and 8. 
AGATHA C HRIST IE'S 
THE MOUSETRAP 
WORLD'S LONGEST RUN 
. 28th YEAR 


CINEMAS 


MC i*i 'Shafresbory aw.- B3G 8861. 


DUCHESS. 836 8243. Mon. to Thurs. 
Evenings S.OO. Frl.. Sat. G.1S A 9.00. 
___ OH! CALCUTTA! 

■The Nudity Is stunning," Daily Tel. 
8th Sensational Year. 


ARTS THEATRE. 01-836 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

" Hilarious . . . sea It." Sunday Times. 
Monday to Thursday 8.30. Friday and 
Saturday at 7-00 and 9-15. 


■ADLER'S WELLS THEATRE, Rosebenry 
A»e. ECl. 837 1672. Last serfs, Today 
at 2.30 and 7.30 CONG SAWAN. 
Mit ' -d a -rarer* ircm «.!• 'Tie 
experience not to be raised." Guardian. 
From Mon. next M July 1 FIESTA DE 
ESPANA. 


THEATRES 


ASTORIA THEATRE. Charing Cross Road. 
01-734 4291. Mon. -Thurs. B o.m. Frt. 
and Sat. 6-0 and 8.45. 

ELVIS 

" Infectious appealing, foot-stomping and 
heart- thumping -Observer. Orel* buffet 
open before and after show. Seats £2.00- 
£6.00. Half-hour before show best avail- 
able seats £3.00. Mon-Thun- and FrL 
6 p.m. port. only. 

BEST MUSICAL OF THE YEAR. 
EVENING STANDARD AWARD. 


DUKE OF YOflK'5, 01-836 5122. 

Evenings B.OO. Mat. Wed.. Sat. 3.00. 
. JOHN GIELGUQ 
In Julian MlteheU's 
A NATIONAL THEATRE PRODUCTION 
HALF-LIFE 

"Brilliantly witty . . . nu one should 
miss it."' Harold Hobson f Drama i. Instant 
Credit card reservations. Dinner and 
Too- price seat £7.00. 


HER MAJE5TY5. CC. 01-930 6606. 
Evenings 8.00. Mau. Wed. 4 &*:. 3.00- 
BRUCE FORSYTH 
In LESLIE BRICUSSE and 
ANTHONY NEWLEYS 
TRAVELLING MUSIC SHOW 
with Derek Griffiths 
Directed bv BURT SHEVEIOVE. 

" It •* diced to bunt.nra r 

personality and sheer energ* ol Brure 
Forsyth.” Sun. Express. ” The audience 
cheered.” Sunday Telegraph. 


OLD VIC 928 7616 

PROSPECT AT THE OLD VIC 
A Week of Sundays. June 11-17 a: 7.30 
Today. Derek Jacobi as Srron. with ista 
Glair. Julian Glover Harold Innocent 
THE LUNATIC THE LOVER AND THE 
POET t'May It live a thousand years' The 
Stagci. 


RAYMOND REVUEBAR. CC 01-7S4 1593 
At 7 o.m.. 9 pm. 11 o.m. roaen Surra.] 
PAUt RAYMOND presents 
THE FESTIVAL OF 
_ .. EROTICA 


TALK OP THE TOWN. CC 734 S051. 
B.OO. Dining, Dancing (Bin open 7.15) 
9.30 Super Revue. 

RAZZLE DAZZLE . 
and at 11 p.m. 

LOS REALES DEL PARAGUAY - 


4 : T"* CpMHMpS.. OO. ;Wk. 3 'Siiiu 
. 2-00^4.10. 8.10. Law show Tonight 

- as." THE' GOODBYE .'GIRL CALW'k. A 
Souj 2,00, 5.10. 8.10 (last 5 days). • 


Fully a Ir-cond iltened. 
st SENSATIONAL YEAR 


7.30 THE DAY OF THE DEAD Graham 
Collier's l-ti romcwKib'en based on me 
wruings ol Malcolm Lowry. 
Prosoerfs TWELFTH NIGHT rciurns June 
19th rati outstanding revival' The Tlmeo 
SAINT JOAN returns June 22nd I'a great 
performance' The Timev. 


R rw M » S 11 J , 637 9863. 

L*®- 8-30. Frl. and Sat 7.0 and 9 0. 
elegant good-humoured engaging." Gdn. 
. THE CLUB • 

A New Musical. 

Caustic and Comic '-' Times. . 

„ , . Slww scares in songs.” O. TeL 
E.inda Thorsen . , a revelation." Times. 

WELCOME TO THE CLUB." E.N: 


VAUDEVILLE. '836 9986. CC Evs. 840. 
Mat. Tins. £4S. Sat. 5 and 8. 

Dinah SHERIDAN. Dulcie 'GRAY. 
Eleanor 5UMMERFIELD. Jamas GROUT 
A MURDER'S ANNOUNCED 
THE NEWEST WHODUNIT . . 
by AGATHA CHRISTIE 
' Re-enter Agatha With another wh»- 
dunntthlt Agatha. Christ I a la stalk! no me; 


CAMDfiH PLAZA _f°og. Camden Town 
Tub»l. .405 . 2443^-r’rarlanl , s ALLON-. 

froo* 1 * <AA> ' z - 60 ' 4y45. e.S0.'94O, 


Wort End ye* apaln with another of her' 
fiendishly Inoemous murder myrtortes.'’ 
Felhr Barker. Evening News. 


reinr oarKec. evening News. 
AIR-CONDITIONED THEATRE. 


KING'S ROAD THEATRE. 35Z 7488 
Mon M Thun. 9.0. Frl.. SaL 7 30. 9.30 
THE ROCKY HORROR SHOW 
NOW IN ITS Sth ROCKING YEAR 
The GREAT -ROCK 'N' ROLL MUSICAL 


.OPEN AIR REGENT'S PARK. 01-486 24 31 
A ''IWUMYtl NIGHT'S DREAM. Eves 
7.45 Mate. Wed.. Thurs. & S’" 2 31 wrh 
HULA LENS‘S A IAN TALBOT. ELIZA- 
BETH PCTFNSEN DAVID WESTON. 
Shaw's DARK LADY OF THE SONNETS. 
Lunehtimes Mo". TuK 4 Frl. 1.7 5. 


RIVERSIDE STUDIOS. (748 3354.) 

13 June-2 July. 

A new pu by Nicholas Wright 
_ TREETOP5 

Gillian Barge. John Bluthal. 
Jemoke Debavu. Judith Harts, 

LHa Rave. Bill Paterson. 

David 5 aid eel. jwf Wild. 


VICTORIA PALACE. 

Beck Now. B2B- 4735-6. 


STRATFORD JOHNS 
SHEILA HANCOCK 
_ • . ANNIE 

Evenings 7 .JO. Mats, Wed. and Sat 2 AS. 


CXASS1C 1.- 2. X, 4. Oxford Street (Oap.' 
ToWflham. Court Rd. Tube). 636. 0310I 
£Sf s *s- , M n -. M K? THE shout 

*- 5S - ^r 40 - 

Retained by Public . Demandl 
2- THf BOOF ATM ER “PART 1 1 (30.- Pga. 
3.00. 6 -50 feature 3.25, 7.1 5, Late show 
fX-tSTp 1 **** **j*. Massac rS 

?- ^COMEBACK (X»I 

pm 5, 3 - S *:~ lL0S - ^' a5 ' Lat » tiww 
Preyntation enda W»d. 2f June. . 


. e 90 ? 1 (XL : Progs. 

Vie show 14.10 pm 

- 1900 Fart 1 <X). 




wm 




FORTUNE. 836 2238. Eva. 8.00. Thurs. 3. 
SaL 5.00 and 8.00. 

Muriel Pavlow as MISS MARPLE In 
AGATHA CHRISTIE'S 
MURDER AT THE VICARAGE 
Third Great Year. 


* DELPHI THEATRE. CC. 01-838 T611. 
Evas. 7.30. Mia. Thurs. 3.0. Sais. 4.0. 

IRENE 

THE BEST MUSICAL 
ol 1976. 1977 and 1978 
IRENE 

■'LONDON'S BEST NIGHT OUT.” 
Sundav People. 

ALREADY SEEN BY OVER ONE 
MILLION HAPPY THEATREGOERS. 
CREDIT CARD BOOKINGS 01-836 7611. 


Luchtime Theatre dally at 1.1 S p.m, 
-June 1 2-2-3-. "A SLIGHT ACCIDENT-' 1 



GARRICK THEATRE. CC. 01-836 4601. 
Evs. 8.0. Mat. Wed. 3.0. SaL 5.30. 8.30 
TIMOTHY, WEST. GEMMA JONE5 
MICHAEL KITCHEN 
In HAROLD PINTER'S 
THE HOMECOMING 
-BRILLIA NT— A TAUT AND EXCEL- 
LENTLY ACTED PRODUCTION." D. Tel. 
"AN INEXHAUSTIBLY RICH WORK." 
Gdn. "NOT TO BE M1SSED.’> Times. 


LONDONPALLADIUM.ee 01-437 7373. 
■ Mon.. Tues.: Thurs. ft Frl. at a. wed. 
and Sate, at 6 10 and 8.SQ 
THE TWO RONNIES 
In a Spectacular Comedy Revue. 
ALSO SPECIAL SUNDAY PERFS 
Sundays June 25 and July IB a: 5 a s 
Special Booking Hotline 01-437 2C6S. 


PHOENIX. 01-436 2294 Evenings 8.15. 
Friday and Saturday 6 Oo and 8.40 
"TIM BROOKE TAYLOR GRAEME 
GARDEN make ui laugh.” D. Mall In 
THE UNVARNISHED TRUTH 
THE Hit Comedy hy ROVCE RYTON 
"LAUGH WHY I THOUGHT I WOULD 
HAVE DIED.” Sunday Times. "5HEER 
DELIGHT" E. Standard “GLORIOUS 
CONTINUOUS LAUGHTER " Times . 


Royal court. 730 174 s. Air Con. 
••revs. Ewes, at 8. Opens Tues. next *t 
7. Sutra, eves. B. Sate. 5 & 8. 
FLYING BUND 
by Bill Morrison. 



TtPHOSAWA 


ROYALTY. Credit Cards. 01-405 8004. 
Monday.Thurwsy Evenings 8.00. Friday 
5-30 and 8.45. Saturday; 3.00 and 8.00 
London critic! vote 
BUBBLING BROWN SUGAR 
Best Musical of 1977 . 
Bookings accreted Malar credit cards. 
Special reduced rates for matinees rinr 
i limited period onlyl. 


LYRIC THEAm. CC. 01-437 J655 
Ev. B.O. M.’l Thure. 5.0. *■»' ?.Q 4 tt 1C 
JOAN PLOWRIGHT 
COLIN BLAKELEY 
FILUMENA 


WHITEHALL, 01-930 6692-770 5l 

!K|- g'M'.M- S»t-6.45 and 3m 

Paul Raymond .presents the Senuthua; 
Set Revue of the Century 

DEEP THROAT 


GUME THEATRE, 


01-437 l592.] MA ' Y e ^i ,, * I 


LLDWYCH. 836 6J04. Into. B36 5333. 
ROYAL SHAKESPSARE COMPANY in 
repertoire. Today 2.0 and 7-30 5 tim- 
bers'* THE DANCE OF DEATH with 
Shakespeare’s CORIALANUS roexl pert. 
22 Junei RSC also at THE WARE- 
HOUSE 'sec undw W< and at the 
Piccadilly Theatre m _ Peter Nichols' 
PRIVATES ON PARADE. 


CHICHESTER. 0243 813121 

Today at 2.00. June 20 ft 21 at 7.00. 
THE INCONSTANT COUPLE. TonlShi 
* J“"» IS « ■ iW. A WOMAN OF 


NO IMPORTANC 


Eras. 8.15. Wed. 3.0, sat. E.p. e.o. 
PAUL EDOINGTON. JULIA MCKENZIE. 

BENJAMIN WHITROW In 
ALLAN AYCKBOURN'S New Comedy 
TEN TIMES TABLE 
■Thl* mint be the happieit lauohter- 
meker In London." D. T«. ” An irrevs- 
tlbly enjoyable evening." Sunday rimes. 


Eraj 8 . 99 . sat. 5.30 and a .45 ■ 
GORDON CHATER "Brilliant.” E.N. 
in THE ELOCUTION OF 
BENJAMIN FRANKLIN 
By Steve 4 Spears 

"A wmpasalonato funny tierccly eloquent 
play." Gdn. LAST WEEK. 


Supreme com 


fiWV 

iJ'isL - 


iib DVLJS 


in 


mm 


1001 













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' j i*.-, 
&•*. '-'?v 

• x. 


-!? V.* 

--?■» . ■- v- 


*?^A 
.; w ^h2j* 
2>*^S 

-: ‘s.- ‘iiv 1 

J - ,-.'- lf -^ r 

- - i> "T 

•-T ■ ,'•«%. 
■.'■:» 8f. 

r.> 

Vc^ 
-‘ JS •£ i? 1 


• = ::c^ 4 
”...>: .'** 




WJlrf 


DICE 


"•• Financial : Times- Saturday "June- 17 .1978 

ABTS/COLLECTING 


More Doultoris 


. ■ f 



/ ,\ 

• J* * 




Bob Dylan in action at Earls Court' 


Ant doubts that Boh Dylan Is 
the most impressive composer 
and performer produced by rock 
music . were dispelled at Earls 
Court on Thursday niaht when 
he started a week of concerts, his 
first in London for almost a 
decade. It wasn't all plain sail- 
ing. At the . start, new material, 
an unsettled hand, and the uwful- 
ness of the arena, with people 
milling around as freely as on 
the concourse of Waterloo Sta- 
tion. made the day-long queues 
for tickets and their inflated 
Black Market prices seem like 
bad jokes. 

But then suddenly he is singing 
Lifts a Rolling Stone, spitting out 
the hypnotic lyrics and pulling 
the band together with mounting 
tension. By the end the audience 
is on its feet relieved to, know 
that Dylan can still express all. 


BOB DYLAN 

ANTONY THORNCROFT 


the passions of' a generation 
through the universal art form 
of the generation, rock music. 
From then on Dylan was mag- 
netic. displaying a charisma that 
is quite unexpected.. It is easy 
to see what all the fuss is about, 
"lt.is a long way away front the; 
small ungainly boy from the mi a 
west who arrived in New York 
City in 1961 and started, virtually 
single handed, the contemporary 
folk movement. -.’Only wrth a 
langorous version of Tonplea up 
in blue w.as Dylan alone centre 
stage and even then a : saxophone 
player and an organ were sup- 
porting around edges Now 
Dylan puts on an act with almost 


Riverside Studies 


Las Vegas Uke . sophistical ion. j ■ 
complete with a- three girl back- 1 
ins group. He. has not moved ; 
with" the times-rfi*. has moved ' 
the times and become the best 
rock singer on the road because 
his melodies exploit the rhythms 
in the music, amt his lyrics arc 
the life stories of L his audience. 

The first Dylan concert was a 
series of revelatiohSr— bis voice, | 
less affectedly strangulated than 
in rhe past; his.. dominating 
presence onstage— the band was 
kept very - much in' its. place; and 
above all. his musical imagina- 
tion. Many of Jhe standard- 
Dylan songs were given original, 
sometimes, pervereeh- -original, 
interpretations. Dent think 
twice. : it's alrighr ':j»camc a 
reggae piece; All alonfftffc watch- 
tower had an almost; Jimmi 
Hendrix like rawness, wife sopm 
powerful violin fjoui . DaYi^- 
'Mansfield thrown ••• in; 

Farm was punched through vat m 
rock chords: .and Jiwt. Iffte o 
icoman came 1 close ’tf Tarala- 
' Motown, with' a sad Jos* of plain- 
tiveness. In the map, though, 
the updating worked wonder 
fully, and . inspired the band jo 
unexpected b eights,' 

The encore was The rime.'! they 
arc n vhtnvjnigj an historical 
curiosity now father than the 
inspired indictment it seemed-. 
15 vears'agn.' ghd ihen the lights 
were up awl a shell-shocked 
audience shuffled into the night. 

. Dvlan had been on stage for twp 
• hours. He loked relaxed, ami- 
able, quite interested m the job. 
He ignored many of his greatest 
. songs in favour of Jaier. 

lighter. works, but he did enough 
, to earn his fee and to retain his 
. reputation in the lists of latter 
> dav heroes. . The radical poet is 
! now the -rock entertainer:- it 
r could hardly have turned ont 
t better. 


for Tate 

A group of 36 sculptures by 
Henry Moore promised to the 
Tate Gallery by the artist in 
1969 has now been banded over. 
Tbc Gallery already has 38 
Moore items and the new pieces 
will make up a unique collection 
or Lb? sculptor's work. 

The gift was made on condition 
j that it should be presented 
j initially an an exhibition. The 
I collection will be on show from 
jJunc 2S to August ^S. 

The exhibition includes! 

j plaster casts and finished | 

bronzes showing in detail bis [ 
method of working. Two pieces 
will be sited outside the Gallery 
overlooking the Thames. The 
larger. Two Piece Reclining 
Figure No. dating from 1963-64 
and weighing several tons, will 
be lifted into position by a crane 
on June 22. 

A Gallery spokesman said: 
“This is a major gift by one of 
our greatest artist-s of some of 
| his finest and most important 
pieces." 

TV RATINGS 
w/e June 6 

UK TOP 20 Homes Viewing (m) 

1 Winner Takes All (Yarki.) MAO 

2 The Coed UTc (BBC) «-» 

1 Coronation Street (Mon.) (GRAN.) 12 ■--) 

3 Mgrccambe and Wise (BBC) I-.M 

5 Scotland v Iran (BBC) t* "* 

6 Crossroad* (Fri.) CATV) 1- 1" 

7 Wheels (ITV) 18.M» 

> Corona, Ion Street (Wed.) (GRAN.) 11. 5 j 
9 Crossroads (Thurs.) (A TV) ... HAS 

ID You’re Only Young Twice 

(Tories.) J J-.*?. 

U WhDdunnlt7 (Thames) .. ■ ll-w 

U World Cup: Italy v Hungary 

(ITV) it- 4 !! 

S' Llheraco (ITV) 

14 Pink Medicine (LWT) il.lj 

15 Scotland v Holland (BBC) . ... II 10 

16 Hulk (ITV) I'l-i-O 

17 Kojalc (BBC) - • - 

It That's Life (BBC) 

J M Charlie's Angels (ITV) ■ 

! 20 Celebrity Squares (ATV) . lrt I.' 

- ! 20 Tunisia » West Germany (BBC) id u 
' I r,^ur--4 i niiipilorf hv Audit of t’n*at 
i p.nijin lur lh- Juini SmluMrial cnniiniilyv 
j i i.ir T.-lr Vision AdvvniiinR Kesi-arcli 
, I • JICTAR ». 


pretty 

ladies 

BY JANET MARSH 


1 V*»') v‘ 

Nsrf. • 


■—t.. 

. \ » 

K** v ’ • •>. 


u.s. TOP TEN (Nielsen ratings) 


I One Day At A Time (comedy) 

(CBS) -'■? 

I 2 Lou Grant (drama) (CBS) . ■ ■ 2G..i 

3 MASH (comedy) (CBS) . 
a Charlie's Angels (drama) (ABC) :.*» 
5 Three’s Company (comedy) (ABC) ‘Jt.'J 
b Lavcrne and Shirley (comedy) 

(ABC) • •• • : '- 9 

7 Happy Days (comedy) (ABC). 20-; 
S Siariky and Hutch (drama) (ABC) iiu 
q Carter Country (comedy) (ABC) J9.S 
IB Heavyweight Championship (boa- 

ing) (ABC) 

| A Nielsen railiw is not a numerical total. 


THE IDEA of something which ? 
is produced simply in order to - 
be collected, and is advertised, 
with slogans like “the heir- , 
looms of tomorrow” always ; 
seem slightly, slightly suspect. ! 
! The vast and growing army of : 
Royal Doulton figures is per- 
! haps tiie honourable exception, ■ 
on account of its sheer staying 
powers — there has been a regu- • 
lar production since 1913 — and 
the unsclfconscious way in 
which they scent to follow a 
centuries' old tradition of Staf- 
fordshire pottery image making. 

Their collectability — particu- 
larly for the kind of collector 

I who prefers to see his horizons 
dearly drawn by a catalogue — 
is now enhanced by the appear- 
ance of the massive Royal Dinil- 
ft,ii Figure* Proihtccd at 
EursU'm r.iS9U-1078 (Royal 
Doulton Tableware, £20) com- 
piled by Desmond Eyles and 
Richard Dennis, who for years 

J now have been the dedicated 

II chroniclers oF Doulton wares of 
® all sorts. Upwards of 700 figures 
Ii are illustrated in colour, and 
! catalogued in the chronological 
3 order of Doullons’ own pattern 
a books. 

<■ Figure modelling at Doultons 
n began in the ISTOs with the 
■j whimsical and sometimes in- 
o i spired stoneware creations of 
0 1 George Tinworth. whose antliro- 
iu pomorphic studies of mice 
13 lading tea, playing tubas or 
i performing ' Punch-and-Judy 
„ shows arc among the most dc- 
•• sirabie items of late 19ih- 
h century art pottery. 

Tinworth worked at Doultons’ 
original Lambeth factory. The 
20th-century tradition helong 
■? more to the Burslem branch. 
!■ opened just over a century ago 
* Tor the manufacture of fine 
■* earthenware. In 1889. while 
■ 9 Tinworth was still at work in 
!i London. Charles .1. Noke. who 
■* had been trained as a modeller 
7 at the Worcester Porcelain fac- 
", tor>’. joined Burslem as chief 


designer. Noke. who remained 
chief designer into the 1920s, 
created a few sculptural pottery 
figures in the '90s. but it was 
not until 19U9 that he persuaded 
Doultons tn let him commission 
a group of sculptors to design 
figure models. 

The fir«t Royal Doulton 
figures ot the series which still 
continues today were finally put 
on the market in 1913. In some 
respects these early works have 
never been bettered. Phoebe 
Stabler and Charles Vyse, estab- 
lished arti.'T? who had exhibited 
at .the Royal Academy, seeemd 
instantly to understand the 
needs of ceramic sculpture and 
their figure? have a broad, 
strong. inunumeiital quality 
which few -ub-'equent Doulton 
artists have recaptured. 

In the earliest model in the 
catalogue. Vy>e established the 
particular vein of sentimentality 
that h.is been Doulton s tradi- 
tion and success. It was a tiny 
thumb-sucking child in a 
nightie, which is known to this 
day (a reduced version is -'till 
in production) as “Darling.” on 
account of Queen Mary’s 
delighted expression when she 
picked it up at an exhibition. 
Figure No. 9 was the first of 
the hundreds of different crino- 


v, 1853 - !*7s 


line ladies which have con-j 
linued to be best sellers. ! 

It is too easy to be snoobisn . 
about the easy nostalgia and j 
sugary sentiment of Doulton ( 
figures— ffie balloon sellers and- 
Dickens characters, the 
Gladyses and Priscillas and 
Celias and Pennies and LorcStas 
and Sandras (the names have 
changed with fashion), the 
“Miss Demur es" and "Secret 
Thoughts.** For over 60 years [ 
they have responded to a 
ket, sensitively reflecting the , 

tastes of their clientele rather , 
than trying to influence it. Just 
as the humble Victorian Staf- 
fordshire figures — derided and 
scorned in the early years of I 
the century — accurately , 
reflected the tastes and senti- 
ments of the Victorian working - 
class, Doulton figures intimate | 
the social and sentimental 
values of a (surprisingly un- 
changing) 20th century middle 
class taste. 

The crinoline ladies subtly ! 
combine . with their nostalgia, i 
echoes of the contemporary 
look of women and their clothes. 
Modes and styles are picked up j 
: — if perhaps a little late: the i 
, influence oE Bakst and the , 
Russian ballet, of the Japanese ; 

[ craze after The Geisha and ; 

Madame Butterfly: of Chu Chin! 
r Chow and Playfair's Bcpgor's 
; Opera. Modified forms of Art^ 

I Deco creep in, and there was j 
i even a period in the twenties 
i when quite erotic bathing belles 
and nudes made their appear- 
t ance. (One particularly daring 
1 one appears in an alternative 
t form with a stoutly painted-on 
» bathing dress). 

I Doulton had its higher artistic 
e aspirations: in the J930s Richard 
i- Garba RA produced a number 
j of limited editions. His “West 
Li Wind" and “Beethoven” are 
p particularly vigorous and lively 
d sculptures albeit in a style that 
I. already seemed to belong to 
y three decades before: but they 
a were exceptions: and what the 

public really wanted was what 
e Doulton gave and continues to 
e give it. 

« Currently John Hall of 
i- Harrington Road has examples! 
y of a 1915 figure of the American | 
a actress Doris Keen in I 
is “ Romance." priced at £150; and j 

II W. S. Penley was " Charley's 
n Aunt" at £75. Prices for early 
’s and out of production Doulton | 
le figures van reach several' 
i. hundred pounds: while the new 1 
>f and current models market at 
a- between £10 and £60. 






Pj^jj 




liipks '4\ ”• ; >'\a 


Treetops 


' EHmcult, isn't it, 

choosing just the right giftZWell.this year, Coalport 

have made things a Me easier: to celebrate 
Coronation Jubilee Year^theyhave produced a special 
series in fine bone cliina. Charming, beautiful, and 
something to make this year unforgettable. 

Which is just what you're looking lor, isnt it. 


sm yap: 




CHRiSTIARV 



EXPERIENCE ANd" EXPERTISE ... 345 



A aroup of Chinese overlay plnss snujff bellies. 

Suit’, June 19. 

ISth centurv China saw the popularisation of taking snuff 
as a Social convention. The Chinese, unable to pinch snuff 
with ion" fingernails, earned it in small hollies with a 
spoon attached to Che stopper, developed from medicine 
bottles Chinese snuff bottles share with jade carvina iho 
pleasing combination of visual and tactile quality. Snuff 
bottles were carved from a wide variety of materials, 
including hardstones. glass and organic substances, and 
the collector may display many interesting example* of this 
miniature art form within a single cabinet. As object* 
which were in continual use, they become for the imagin- 
ative collector a link with the manners or mid to late 
Ch'ing society. 

The Harry Ross Collection, which will be sold at Christies's 
on Monday, June 19th. contains many fine and several 
outstanding snuff bottles; examples of the latter being a 
rare lavender jade oviform bottle, an emerald green jade 
rectangular bottle and a Peking enamel disc-shaped bottle 
decorated with European figures. 

For information and advice on this sale, please contact 
Peter Burton or Derek Gillman at the address above. 







Nicholas analy - ’° f 

the Rusly . s friend Leo Sgba 
Roysd Court. Possibly he has ( played by ltie ^' -ed when 
been too busy to write a p ay B luthal) is . < J' s ^ ppL i"ctfcs fur 
until now. But this one at the Rusty sacrifices tacncs iyr 
Riverside Studios ’ was worth hero ics by sending a ' J* 1 *® 1 !® 
waiting Tori The action is set m j rom a post Office col )|V?*' 

Sfe Cape Town oF 1952, after the ^n-whites. Leo is writing a 
dissolution of ihe Communist t . 0 j un]n for the 
Party and before the election. Senmc i and attacks 
How are the white democrats b now i5 selling the newspaper 
SSng to survive, -let, alone streets: he has been to 

change the. course of history, prison and left his wife (uillian 
We laiow the- answers now; what g^.ge). Although the PWjj? 
Mr. Wright does Is to firmly set in its period o/.post- 

the mood of the time by conc.en- War c0 ] 0ma i confusion thS UU^ 
trating - on' -tvco middle-aged . fi name 0 £ the Kenyan njnjt- 
friends, one of -Scottish origin-. ^ 0< jg C w here Princess Elua- 
SJft . sort "«r b° th he.rd or the dooil; o^or 

father-one of its ^'eat merits 
• . - jg thal i t i s not confined by, that 

— — : — setting^ • 

John Burgess’s production, is 

• theatre - y^|£ 

: MICHAEL COVENEY SUhIhe' °^untryride; or. as 

' ' • ' ' ' j. ' Rusty’s wife, stewmg m **?-®*™ 

poses a cut in salary ror her 

other a volatile' Lithuanian Jew by a traverse 

Sm Socialist Passion has ; not Sng line of wbite sheets The 
yet been driven completely . s | rg finai j y down at .a 

underground vividly presented public rae^tmg 

Their story is given a richly w here Leo r ® w ^ m a 0 J s Sh 

poISc!,! paSlel in tha fnend- d n«^ : U. 

SSSisS S5KSS3 

mST’alSw' wllS MlllumySSS three centuries ot. whit, 
by BH1 Paterson. ■*•£«■ rule. .. 
narin® a manifesto in the beaa- . extraordinary 

“II* .t nWHiarV for I05t "**» C«eeioni_. ^nnt 


Windsor Swcei Dish l*S «0. Mug LX.SU 
C , 1 . 1 *. wril2.ro CjiuIv Box Savoy L“ IO 
Linirtcd produciimi s . iiuliviilually brsed. 


AUCTION SALE OF FINE 
ORIENTAL RUGS & EUROPEAN TAPESTRIES 

on b-M.ilt ol >hcn ^n«jnd UJC.clienio 
lo hr held *1 

THE TOWER HOTEL 
Si e jinenne’s W-y 
London El 9LD 

TUESDAY 20th JUNE 
AM<ion ji 1 1 OO .i •«. 

Ion view lioin 9 00 amJ 

LIQUIDATION o» ib*I! MieliHioo r»n?n 
r.l hdlnol ln^aort o-truiion.il Clnont*' 

,U f. (Hirchawd oii#nallv m 13«aynd lield 
hilheno Jt co'ljmyl. 


(L-ubh'-liud I7?G 
Mcinlw«>i i lu' VVtfdgwnt'iJ ilruup 
KmgStieCJ. | fiilou.Mnkii-on-Tl'eiH < *1 12 yl:> 
jnJ 'A Wigmurc Street. London WlHilHU_ 




A Victorian tea ami caKct service repouwe with chinolierie*. 

. London IB 63. To be saU an June 22nd. 

FORTHCOMING SALES 

WEDNESDAY 21st JUNE 

Georgian and later furniture and works of art; clocks; rugs: metal- 
-... work; a Roman mosaic panel— Retford Salerooms, 

THURSDAY 22nd JUNE 

Georgian and later silver; Sheffield and other plate; bijouterie 
including a good selection of Georgian and Yirtorian silver tea 
services; a pair of George 111 entree dishes. London 1813 by Craddock 
and Reid — Retford Salerooms. 

WEDNESDAY Sth JULY 

Victorian and later furniture and works of artv— Retford Salerooms. 
THURSDAY 4th JULY 

European ceramics including a Royal Worcester coffee P*!SS! 

with fruit; an early First Period Worcester cream boat— Retford 
Salerooms. 

THURSDAY 13th JULY 

Oil paintings and watercolour drawings including works by H. 
Redmore, L K. Redmorc. J. K. Leurs, E. Verboekhoven. A H. 
Vickers, E. Neimann, H. E. Butler. J. R. Reid, T. Lloyd. H. Woods 
— Retford Salerooms. 

Catalogues 65p each by pou (Applications muir be prepaid) 

HENRY SPENCER AND SONS LIMITED. 

SO THE SQUARE, RETTORD, NOTTINGHAMSHIR1 
TELEPHONE: (0777) 706747 (10 LINES) 

Valuation! or»pared for iit*uran», probace and family divilion. 
valuation. ASSOC ,A T ,ON WITH SOTHEBY'S 


PKilKps 




Lni 93 Gi*l 

w ,i y > I Camunr m^mlicenl 
Cjiiw»isn f.ulw. * 4 ' c 


THE CO L LECTION !nduJ« f IKK i" a*> v?M 
hunt Tu,t <"y. Alanan'li'm., P»H,Li. Ilautnij? 

_ .n.i.jue .ind Olhw rnir.vid tuperb * «mpl*s 

~ ni-iolr einnnn t'om (SO »■> £17W)0 Inf 
a mjiiIi Ccinuiy Ficnrh Air.huiMU Tarv»i*y. 

1 1. 

L-HARIC Suo-ie Anonym*, 

hmmwi UMjnsHIm-.. 

0 1 1 .13 flic lM U Fonia.iw>, 

Grnav* 1304.Sm«»bnd 

TH-29 26 2J Toir, - 221Gb SFER-CH 


By order o.f the Executors of the late 
William Hunt, Esq. 

the contents of 

Colne Place, Earls Colne 
Nr. Colchester, Essex 

to be auctioned on the premises 
Wednesday & Thursday 21st & 22nd June 
at 10.30 a.m. each day 

On view today & Monday 10 am - 4 pm 


Catalogues obtainable at the house and from 
the Auctioneers (open Saturdays 9-12 noon) 
£1.15 


Until 24 June 1978 

11.00 a.m. until 7.30p.m. 
Closed Sunday. 

THE 

GROSVENOR 




7 Blenheim St Not Bond StLoBdonV(IYQASTcb0k629660^ 

SSSSSS Mfflibcnufdwbudcl)' JFineAnAuaiunreri hMBMHM 


thr «-»*■ 


UEDEZUEin 


Continuing action in culture, 
independence and democracy 
VENEZUELAN CULTURAL EVENTS 3 JULY-29 JULY 197B 


ART GALLERIES 

—RECENT PAINTINGS. Until June 2A. , 
Op en Tuoa-S gL S.30-S.30. 

BROTHjERtON GALLERY — WATER- 
COLOUR SKETCHES BY CHARLES 
POWBOTHAM 11858-1921). Until 30tn 
June. Mgn^-Fri. 9.30-5.30. Wcth. 7 
Saw- A 2 .-3D. 77 Walton SDMI. S.W.3. 

ssa 

BROWSE & DARBY. IS. C6.-H St.. W 1~ 
10 00 l’10 M ° n, " Frt ' 1 0-0Q-5.30. Sat. 


DAVID CARRITt LIMITED. 15 DuW SL. 
SI. James's. S-W.l. 18TH CENTURY 
FRENCH PAINTING5. DRAWINGS AND 
SCULPTURE. Until 7 July. Mgn.-Frl- 
10-5. 

AGNEW GALLERY. S3. Old Bond St.. 
W.l. 01-629 6175. OLD MASTER ■ 
PAINTINGS. Until 23 July. Mon.-Frt. 
9.30-5 30. Thurs. Until 7. 


CLUBS 


ANTIQUES 

FAIR 


Admission £1.50 
w inning illustrated handbook.. 

Grosvenor House, 

Park Lane, London W1A 3 AA. 
Telephone: 01-499 6363. 


EVE. 189. Regent Street. 7JJ 0557. A la 
One or All-in Menu. Three SpMMeuiar 
Floor Sham 10 4S. 12 43 and 1 45 a id 
music ot Johnny Hawtewortn U Friend*. 


V • 




Financial Times Saturday June It 1978 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET. LONDON EC4P 4BY 
Telegrams: FinaiUlrao. London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 



raises its 



F OR MANY months SP IN TWO. major, deals wmouii- 
Chemicals has- been wor- ced today British Petdolcum 
ried ahrrnt it c viilnpr- ic snendin* Atanm t, victor! ns - 


BP has devoted most of its-- North ^ea fii^_that 

cash and energy to securing wiH acconnt for only 3«> per 


Saturday June 17 197S 




for 


ried about its vulner- is spending £430m bolstering 
ability at the “ heavy end ” of the less glamorous and less 
the petrochemicals business. Its successful side of its business 
decision, announced yesterday, —“downstream" from the 
to invest 5400m -i£220ni) in discovery and production of 
acquiring almost all of Union crude oil. The company's loss- 
Carbide's remaining chemicals mating German subsidla/y is 
plants in western Europe has buying the German energy 
arisen above all from a desire to company Gelsenberg for about 
protect its existing investment £210m, and its chemicals sub- 
in markets that have been badly sidiary is baying a substantial 
undermined by overcapacity. Part of the European chewi- 
weak prices, and falling profit- cals and plastics -business of 
ability. the U.S. company Union Car- 


part of the European chemi- 
cals and plastics business of 
the U.S. company Union Car- 


As the chemical arm of a bide for about £220m. 


major oil company it is not sur- BP has presented the deals 


THE EUPHORIA which greeted weakens again — and U.S. p rising that BP Chemicals has as independent moves by two 
the Government s package of monetarists remain bearish — concentrated its growth in autonomous subsidiaries, hut 
.■red it restraints at the end of the SL, °P e for “1 easing of recent years on bulk commodity its top management concedes 


last ■- h as nrorerf sineuiariv ^don rates must be severely products, the base petro- that the deals together will 
■ ft-| , . y limited: and even if New York chemicals that are produced in do something to redress the 

Miou-med. me new long tap, were not a constraint, domestic hundreds of thousands of balance of BP'S overall busi- 


£!celcd on announcement as pressures might drive money tonnes, like ethylene and propy- ness. For the last eight years 
the answer to a fund manager's market rates up. The unknown i ene . They are the chemicals — 

prayer, has opened at a small factor here is the private domes- that come nearest in scale and .... 


Its basic supply of crude oil 
— a supply which was radic- 
ally reduced by the nationali- 
sation of its Middle Eastern 
oil reserves. 

The two main thrusts here 
were the exploitation of 
Alaskan oil through BP'S 
gradual takeover of Standard 
Oil of Ohio and its huge 
investment in the North Sea. 

Yesterday’s deals stress the 
end of the pipe-line that leads 
to the consumer. Large 
though the total sum is, it is 
no more than a gesture in 
this direction. Spending 
£4 00 m will only Increase BP’s 
planned capital expenditure 
this year by about one third. 
Zt compares with the £1.5bn 
that BP will spend over a 
period of years on the Magnus 


cent of BFs crude oil pro- 
duction. 

BFs German subsidiary 
has been making a loss chiefly 
because it has excess refining 
capacity and no access to 
subsidised cheap German 
crude oil. BP and Veba, Ger- 
many’s biggest energy com- 
pany. found themselves 
together in this predicament 
and worked out the Gel sen- 
berg deal as a result It will 
bring BP 7.5m tonnes of oil 
sales to the consumer but 
only half as mneh refining 
capacity. It will boost BFs 
share of the German oil 
market from 1LS to 16 per 
cent The big attraction for 
Veba is a guaranteed supply 
of BP crude from the Middle 


important extra foe- fields. This: move had already 
East— an imp indfee.' been foreshadowed by Veba’s 

a country as poor m Recent taking of a 62 -per- cent 

nous, energy as Germany. _ m- Chemische Werke 

Pro fits of BP Chemicals, Now, with the DM- 800m 

have" suffered of late i* the (ib0ll ' t £20Snrt, from - the BP 
slump that has afflicted the deal, Veba will be in an- even 
whole of the European stronger position to invest in 
chemical industry. As with what; it believes to be more 
the Gelsenberg purchase, the profitable sectors. 
deai with Union Carbide will lire benefits for Veba are thus 
secure BP a far bigger captive .relatively clear cut But what is 
market for its output of basic BP getting for its oil Commit- 
petrochemicals, giving it- Its ment and its money? First, and 
first foothold to the low most important, : it will he : re- 
density polyethylene and Con- -eeiving greatly improved’ access 
tinental ethylene oxide bnsi- - to the German market via- the 
nesses. BFs top management takeover of important sectors of 
make ;t dear that the bene- the JEtugbStianes organisation, 
fits of' this deal a™ k® 5 the services*, trading and trans- 


certain than the quick return port "arm- of the Veha group. 


BP should make on Its invest- In. all BP should gain access 
wignt m Gelsenberg. through Stinnes to - enterprises 

- , , , "with about DM. 3bn .turnover, a 

Nicholas Colchester greatershare of the German fuel 
. • ■ trade. and to a network of' about 

_ •_ 1^)00 petrbl stations. This should 

The occasional German: greatly . gtr ^ng thBn the base of 


" ra - er, jjas openea ai a smaii ai-wr mac come nearest in scaie ana 0} . . q _ . _ businesses in Western Europe. Acain BP brought the petro- The occasional greatly, streigthen the base of 

discouni. and the market as a te ^ m . ol ^ v 10 the ° U indu * try - own n only has the^^pfanls i n such areas as batteries, ieum feedstocks, but compared British sniping within the EEC bp’ S . - German: operation, 

,„ 0 „ has b«» drifting after *5? SS electrodes and indusWal and Rhone Ptaltac W.JSf 


for only modest growth, since! badly flawed. In a cyclical 


* some of the clearing banks. 

The market's second thoughts coupled with changed rules 
have partly been provoked by about credit cards, or whether 
oiociai over-enthusiasm: the it represents a new and unex- 
indecent rush to take advantage pected trend. Within the new 
of improved sentiment has corset, persistent demand would 
flooded the market with stock, drive short rates up. 

'„ he of "'if ‘"S tl,e The longer-term market looks | 
turn — the most oowerful arsu- . * > . , ’ 


The bid to build up 
BP Chemicals 


BY KEVIN DONE 


tirandi^ldDiike of York seems ^aimHowever^e most reeem pro.“ from >f* «&* and Syeol plants in fl» British super aU^s leI5 - imerests . ^ fact there teas progress, tat 

to have pitched camp at the top money supply figures show a economic* 1 squalls through the* Antwerp products that 'arc business to Johnson Firth it cached the point of having other forums. . - ' , • ^ e _ natural- gas .secthr. - ; • With 

of the hill, and signs of his very sharp rise in personal bor- widely diversified and specialist Processed into anti-freeze and rh __ ipal _ the atMlli to embark on a massive invest- A firsrt 

ne::i movement are earnestly rowing. It remains to be seen product ranges. They produce solvents. ..r°J ment Programme order t0 taking of a sub^&tial stake in 

awaited. whether this is a temporary re- thousands of products, from Umon Carbide has looked for ation of two of Uuion Carbide s hvdid up a presettce j* base the North Sea Thistle oil field 

fr»n*rtnintv flection of sales campaigns by Oiree years at the possibility of ^^idianes, fBakelite petroc beimcals. by Demines, the German ex- 

- some of the clearing banks, — — — — — — building its own cracker feth>- Xjlonite) m the UK, and Lmon 2 ^ ow jts latest acquisi- pFo ration concern m. whach 

The market's second thoughts coupled with changed rules tu„ u:a ± n hnilil nn ?* a . nt) ,. on Continent or Carbide Belgium, represents a ^ Bp ig consolidating Veba has a 54 per cent stake., 

have partly been provoked by about credit cards, or whether ,n ® D,D 10 DBI, ° B P in Britain. Mr. John Luchsinger. chance for it eventually to wipe its presence as a chemicals com- This gave Veha (ip '.wfeich 
oluciai over-enthusiasm: the it represents a new and unex- nn Phamiraln ® enj °. r . v ^ e_ P resi dont of Union out much of its damaging ethy- of some su bstance in the the German Goyermnfent with 

indecent rush to take advantage pected trend. Within the new UIIBiniualB Carbide Europe, said yesterda>. iene overcapacity, an improve- ff ur qpp air market According to 44 per cent is the biggest-kingte. 

f-I improved sootiment has corset, persistent demand would BY KEVIN DONE ® ut ^ was decided that the in- ment which would give it a Burchell, “the Carbide shareholder) direct. access^ ~i& oil 

flooded the market with stock, dr i Ve short rates up. vestment just could not be position almost unique in naekaEe fits ^ a clove.” sources which will creaflv 

;°™ af »>2 lt? fear ° f m T\ ns tllC The Longer-term market looks il,stified - , At ** “* BP currentiy has a great sur- prOTe its results ahi.tel® safe- 

turn— the most powerful argu- tQ longer . term fundamentals: Paints and fertilisers to pharma- company found that it could no to more specialised sectors, p i us of ethylene capacity, and to guard Germany’s future energy 

m*m for bullisn sentiment— has but a rise in short ratea due t0 ceuticals, synthetic fibres, longer compete w-tth fuUy inte- especially m low density poly- ma „ ers wcirse a ne w Seed s , . 

been allajerl. The market has d|>inestiL . credil demand would PlasUcs. dyes, and detergents grated chemical companies that ethylene in wh^h Union 500,000-tonnes-a-vear cracker T/nder the new aizreement 

thus been ofTered time to form confirm fears thal one of ^ and have usually built up a have both ethylene and ethy- Carbide is one of the few com- buiU j oinUy lCI on Tees- with Bp Veba ' is assured df 
more '.ous i dei ed view, and fuildamentals K wong: the broad eeographical spread of lene-derivative plants. panics to have a high-technology jd j d n stream early further !,» suopliesi-a mim- 

h.-s fuun.i .<ohd reasons ^ for publirsector borrowing require operations. Union Carbide has been presence next yea r. But the Union ^ e Q r f tonn^^nn^l^o 

^‘m ih^momenMVsiS ^ent Is too Urge. Hoover, even But BP Chemicals is neither caught with fixed price ne “ S ed P t ^ od ^ ce ^ e ^f! Carbide deal secures down- t0 2000 at «Sitive 

industries rather than for the v<^ S“X! ^ miporte about 90m tonnes Foerder, executive chaiSum 

more normal uses in plastic f®?' 000 tonnes a >ear of e “y- of crude oil.) Under present oil : of Ve»«.‘ ' 

wrapping film and moulded le ^:_ fhQ surplus conditions all this may 

oroducts such as buckets and . Fo . r Gie. future the Antwerp not seem particularly important _ , . ' •• .:*• ■" 

bowls. To this end BP is also site is at 11,6 end of the Euro " Indeed", it is conceivable that Gelsenfcprg it also gains a -5 
awitiring Union Cariiid^ pean eth >' lene P‘P elin e grid 'Veba may not at first take up per cent stake fa the profitable 
S di virion’s laboratora s ^ stem - which shouid ® ve » its whole apportionment. But Rnbrg^. the^-country’s largest 
facihties m G^neva! ^at added flexibility in arrang- executive chairman, . Herr distributor. . Veba 

The combined burinesses it is ,ng **** deaJs witfa its competr- Rudolf -von Bennigsen-Foerder, ^ss,pt th* valuable 

taitinlS?er ^U ad^mTAoOm tors ' Such 15 uncertainty-pf * Convinced that he must pro- holding; from the purely flnan- 

worth of aSniil 5 m toiS industry in western Europe vide now for future oil scarcity. of view.bnt the^gain 

or J5nt trover of areuid a t the moment that BP has been -.The Government shares this from the overali deal made it 

^bSworSde BPChSSs a PP roacijed with offers of view. . mrthwhlle.- • •• 

h^ bwn aSoul for several other Possible acquisi- How much better, it is said remam. the whole 

months to s^aditsvJinS^ tions ' But il couJd be a lo “S m-TJonn, to seek to act as far transaction, does not imply a cut 
Weslera Europe It hS a tlme betore this £220m package as possible with a European 10 surplus refinery capacity m 
dominant present in the UK has been P rofi tably digested. ally and friend. The agreement Germany— and un Europfr-as a 
bSroTtiie ConSt it hal bee^ • wii BP will not of course solve whole. Part of Veba-s sur- 

H.utersley's rather ambitious constrained by the nature of its . whole of G^nnu^B. future g 1 ^. ^ ^*_**«*™*.* 


a fnr ,i,„ ^.woiiohi^ i. b j if crean aemana eases ana luna- u« 3C u. 

maVs shnVuded Jlnl' in § Problems abate, the long As Mr. Len Burchell. the com- 
art shrouried Jn a t,e,lse market will want to form a view P^Y's managing director, said 


r,.,. ,, c ml .*rt«in».. . , lliaiM'l Will Kdlll IU IU1IU d VIEW i v o o 

S ™! <* BBtotlon and .( starling. The - We , do not have the 


iinrcrf'. ini,- sn.l a-.ilciU .i O 1 1IUMUUD 3I1U UI MerUJJK. ine - — 

loi ["‘inf . . ■ recent trade figures are probably Protection of a sufficient 

by no means as bad as they look diversity of chemicals activities 
Tnv opinion poils suggest a at first sight and L . ould ^ be which will go on providing 
clii>e-nin election, whose out- consistent with a modest sur- Profits when other parts of our 
L». n:e could i« settled by some- p f us; this could be achieved if, business are having a bad time.” 
tn : ny as irrelevant as the May ^ ma ny observers suspect, out- Chemicals" chief business 

trade figures proved to be in pu t j S rising faster than the sectors, petrochemicals and 

J^7u. Thu economic figures for official figures so far suggest plastics, are now suffering from 

trade. output. employment, a revision which would also chronic overcapacity across 
prices, and credit are even more make sense of the unemploy- Europe. “All of this,” Mr. 
difficult to interpret. ment figures. This would pro- Burchell said, “ has led to a near 

For the markets, most of the vide some support for sterling: collapse of prices and con- 
important questions can be re- but not ** domestic costs get out sequentiy of profits and cash- 
imed to interest rates: and the o£ hand a S»u' n - T^ market may 

oniv firm facr in Mr agree with the Prime Mini ster The start towards solving 

H.uiersley's rather ambitious ^ Hattersley that if the some of these problems 
interpretation of that word— is next wa S e r0UIKl is modest, the appeared in March in the shape 


... . , .... Mr. Len Burchell, managing ^ _ 

if) at "ihVTrend of iTs "rates is outlook Is good, but is not ready “ approach by Union director of BP Chemicals. ™°^?« eest i 3 ?,“J the" "right "dhrertiotL ^ ™^y be asked whether 

upwards. However," the influ- t0 share the Government’s con- Carbide, one of the biggest U.S. Franc? Throu^ DeiSche »T-iHE SIGNIFICANCE of the '^-This long-term Assured access Veba 's long-drawn, out takeover 

ence of U.S. rales on London fide nee that a moderate outcome chemical companies. Union car- contracts with its ethvi- ^Sa 50Der° centinterestln i aSeemeSbrtwwm BP and toi more crude oti: is the first— of Gelsenberg a few years ago 

depends on the strength of the « lively— let alone a “fact” Jjd. has also 1 bad ris uduw ej ene suppiierSt BP in Scotland, .S^hSaTwS Jd A Ve^g^swdTteyo^ *»*■ most •i^Unt r -benefit jn -order: to build up a strong 

d..il«r. If this depended purely Vionrn ,„ GulE and Petrochim in Bel- Sp BP “ o5E 43 Sr co-operation beJLeen tio {nm deal ' for Veba ' The.German oil company was justi- 

on current inflation rates, and Vigorous high lraMt strategy of the gium> 3( a time wheQ ct a yle ne of NaphtacS S mSSr BrtSrii JS XS GernZ is a reaction of its. fied in vipw of the latest deal. 

prospective trade balances and Behind all these current un- A pmharkeri nn P rices generally have been fall- Rh one Poulenc concerns important thouirh surp ^“ s reftnnig . capacity. But fro™ Vebas viewpoint the 

monetary S rowth. sterltns certainties remain the doubts 3UCC€SS and u has . c “ lbarke l d °, a iny. Moreover, one of its major ™ * C ‘ u 5 “ throu S l1 the^sale of its subri- answer is that, without first 

•!i"uU! he relatively strong, and started by the Budget ibclf. The ot ti.s p| anSSt lbe no,oO0 tonnes a ? p 1:41110 10 111050 parto 01- ' p diary, Gelsenberg, to BP with acquiring Gelsenberg, Veba 

ill.- dollar has already this week fiscal stimulus seemed excessive activities. BP and Union Carbide year polyethylene plant at ®* an oil company, long effect from the start of next would never have been in the 

taken another siiarp fail against for a growing economy, and has ' V0r0 . able . , do bus ‘n Bi ?' s Antwerp, was wrecked by an before ff conceived aspirations . . year. - position to conclude an agree- 

ilic Japanese yen. However, the not been reduced. The normal toee J I her quickly because their esp j osion ^ 1975 . to be a fully fledged chemicals What jt meaflS ID ' Ve ba has been acting since ment such as that with BP from 

market dues not yet regard the British means of restraining Problems are closely Jinked. BP company. The result is that it 1974-75 to reduce capacity; this which It expects a. stolons im- 

dullar as weak against the credit through corsets and gilt Chemicals has a heavy invest- jo noiu ik piace n ine r br?ngs ^ peiLr(>leilja f eedsloc k Germany is a step in the same direction, provement of its structure and 

European currencies. sales have yet to be tested™®?? V 1 b ase Petroohemicals, ™ *“ U J y 1 * j ' to, the partnerships, but Bayer >v inNAiuiM cabb By giving up Gelsenberg, Veba prospects of profitability. 

it is impressed with Mr against a vigorous real growth P^ularly etitylene plants. «W*dtait of havii “ b 3 v ^ r hw Dr ® ^ Rhone take away BY JONATHAN CARR is also losing the Gelsenberg It is dear that the BP deal 

...... J ..™ pre5SB " _ u ? “ r - ... . . which are at the heart of a processed for it oy other pro- . , . . __ . , • stakes ?n rafinoriPe in far f mm tka ket ^m>Nti n <> 


two biggest activities, the joint 
ventures in Germany and 


with BP will not of course solve whole. Part of Veba’s sor- 
tie whole of Genrisny'B future Plus has been transferred to 
oil supply probiterrt. Bxst it is a - BP. not removed. Further 
J riep .in the : right direction, it may be asked . whether 
•uTbis long-terin assured access Veba's long-drawn out takeover 
tefemore crude oil,; is the first— of Gelsenberg a few years ago 
and; most -inriwiftant— benefit in order.; to build- up' a strong 


Wfaat it meaos in 
Germany 


'« j™pressecl will, Mr. against a vigorous k,I growth ^cessed °for by' oth.r pro- ““J* j*™ 1 *? 


BY JONATHAN CARR 


1974-75 to reduce capacity; this which It expects a. riling im- 
.is a step in the same direction, provement of its structure and 
By giving up Gelsenberg, Veba prospects of profitability, 
is also losing the Gelsenberg It is clear that the BP deal 
stakes In refineries in Bavaria is far from the last co-operative 


William Miller at th* FV.H with nf the nrivate pnmomv and mav , 1110 OI * j - VT “ the chemicals. BP started out ■ ' stakes in refineries in Bavana is tar from the last co-operative 


President Carter's hesitant de- prove inadequate. Uncertainty Ethylene is the most imnortant re-building-the polyethylene In W m me uiv w me answer to a quesaon 

flaiion. and with the importance j s the summer disease of the petrochemicals building P °block unit being commissioned now w ^ n it formed British Hydro- which has exercised Ge rman of r^nlng^capacfty 

ot investment flows, influenced u cazbon Che m icals with Distil- politicians and industrialists Lon “ es oi renning capacity, me 


Britain. Veba sotirces - say the 
company has been having talks 
with the Government for some 
months oh prospects for invest- 
ing ic the petrochemicals sector 
in Britain. The discussions are 


baudi Arabia, and a significant July-and now possibly October Bul Bp ha3 on , a small stake on Its Continental chemical and had already bufft up a pre- none the Jess poor in energy resent f f f ^ tal ^ gofngi^r^e 

flow of funk money from less -are safely past, it may be bard ^ the more sophisticated down- operations. It decided the best sence in plastics and other resources, develop ctHiperation P Simultaneouriy. Veba P iotracU fruitful Sd?oS5eratfTO aS£l 

politically stable countries. f or the market to form any stream products. It lacks a well option was to sell, chemicals. The first BBC plant with the community’s major oil to step up Its activities in the phere in^whibh^the^ BP-Veba 

Unless and until the dollar sustained view. integrated range. Union Carbide Union Carbide's remaining was commissioned in 1951. producers? chemical and petrochemical deal was carried through. ‘ 


Letters to the Editor 


Exchange rates 


I- 1 uni Mr. Mulcolm Samuel 

Sii. — Your weekly “ Economic 
\ i- ’.puini ' is usually the alarm 
duck ihai opens my eyes oil 
i m. ..-da: min rungs. The latest 
arli.-le. June 15. is no exception, 
l W'iuli.1 like to make some com- 
.iieiu.i on exchange rale changes. 

The tendency For ihe ratio of 
value added tu materials and 
loci cools in manufacturin'; to 
"o cimriant over time is familiar 

10 siudenls of Censuses of Pro- 
diictii>n. The tendency for wages 
and salaries to represent a con- 
stant proportion of value added 
;.s ai.so wcil-established. Such 
lendencies would appear to form 
pari of the “ laws of production " 
in capitalist sureties. Although 
inure dinicull lo demonstrate, it 
seems that these “laws” would 
••normally” yield constant 
profit margins and constant 
ret urns un capital in manufac- 
turing industry. Tbe habits of 
our parliamentary rcpre.senla- 

• iv vs. however, have produced 
mutations in the system — devia- 
tions from " normality " in 
recent years being reflected, 
inter alia, ki wide differences 
be; ween ” current "" and ■* his- 
lio-ic " costs or in the deprecia- 
tion ofsicilinu in nominal terras. 

Tbe suggestion that like pro- 
■Jucis arc sold/ purchased at a 
common price level in inter- 
lutiunal markets is a refreshing 
reminder that purchasers lend 
to behave rationally. As such. 

11 is hardly surprising that 
nominal changes In exchange 
ra**s and m ihe price of manu- 
factured goods have roughly off- 
set each other. 

With a currency depreciating 
in nominal terms, ihe cash cost 
of materials and fuel inputs 
tends to rise in relation lo value, 
added in manufacturing indus- 
try. Balance sheet values 

• mainly -.tucks) arc inflated and 
“cash" profits fall. In terms 
of total “ cash ’’ costs incurred by 
manufacturers. Lhe labour cost 
Hemenl is likely to fall. Are we 
guilty, therefore, of partial 
thinking when we isolate the 
labour cost • nmponvni in seeking 
tu show advantages from cur- 
rency depreciation, or vice 
versa ? 

Profitability in trading activi- 
ties may very well be restored 
tu previous ie\eU as a result oE 


currency depreciation, but such 
“gains” may be more than off- 
set by “losses" in domestic 
operations. The relative stock 
market rating of export indus- 
tries would seem to suggest that 
su phis tea ted investors may also 
have douhts about the total 
costs/beneflts oE currency depre- 
ciation in practice. 

Malcoim Samuel. 

9, Moor fields Highioa/fc. EC2. 


Working father 


From Sir. M. C. P. Hetoitt 
Sir, — Mrs. Jacqueline Riley's 
letter in today’s euition (June i4) 
raises an interesting point for 
working mothers. 1 might add 
that as a working father i have a 
similar problem which 1 have 
solved not by employing people 
myself but by entrusting my 
children to an organisation which 
specialises in such matters. 1 
have also to pay this organisation 
out of income taxed at the 
highest marginal rate and the 
employees of the organisation are 
also taxed and pay National 
Insurance contributions. 

i have every sympathy with 
Mrs. Hi ley. or nearly every, 
because 1 still do my own house- 
work and gardening, if she finds 
a solution 1 would be grateful 
fur information so that l can try 
and reduce the burden on me of 
the organisation which looks 
after my children, a school. 

M. C. P. Hewitt 
Parvus House. 

62, Floral Farm, 

Canford Magna. 

Wimbomti, Dorset. 


would account for not more than 
3.5 per cent of the market. 

Wnea comparing prices, one 
should compare like with like. 
Uver 50 per u.'nt oF tyres 
imported from nast Germany 
are crossply tyres, whereas ihe 
national average runs at around 
three radial tyres for every 
crossply tyre soid. Crossply tyres 
retail at approximately half the 
price of radial tyres and are no 
longer produced i>y many Euro- 
pean manufacturers. Radial 
tyres imported trom Eastern 
Europe are only marginally 
cheaper than the lower priced 
“ Second line ” UK brands, whicb 
they have to be, to account for 
their limited range of sizes and 
somewhat oid fashioned tread 
designs. 

If Comecon tyres have any 
effect at all on the tyre market, 
it is as a competitor to remoulds 
offering a far more reliable pro- 
duct to the “poorer" motorist 
hard pressed by rising costs of 
fuel, maintenance and spare 
parts. 

M. Morris. 

2 Gordon Mansions. 

Torrington Place. W’CJ. 


the buckeL needing a fill up only 
every 3-4 days. 

uther newspaper may work as 
well for all 1 know', but us the 
variety of tumatu which 1 grow 
is Moneymaker, what other 
choice is there? 

M. J. Woodhead. 

Managing Director, 

Woodhead-Faulkner 

(Publishers). 

8. Market Passage, 

Cambridge. 


conversation. Hearing such 
peo&ie talk gives me the impres- 
sion that they are quite literally 
afraid of finishing one thought 
as one would a written sentence 
lest they should lose the 
listener's ear! I also have tbe 
feeling that I am the only person 
to have observed this current 
habit. Any comments please? 

D. R. Hall. 

26. Chcmin de Montfieury, 
Versoix. Geneva 1290, 
Switzerland.. 


As she is spoke 


Tyre imports 


From. Mr. M. Morris- 


Pink power 

From Mr. AI. J. Woodhead. 

Sir. — Having a sunny roof 
terrace at uur office wnicb is 
ideal for growing tomatoes on. 
1 thought you might be in- 
terested to know of yet another, 
and as yet uopatented, use to 
which I have discovered the 
Financial Times can be put to 
solve the great problem of week- 
end evaporation of moisture 
from gro-bags. The technique is 
as follows. 


From Mr. Colin WiUsher. 

Sir. — 1 fear that Mr. J. L. 
McKcown (letters June 14 » has 
correctly identified himself as a 
“linguistic paraplegic." 

This is, alas, clearly shown by 
his misuse of the word “verbal." 
It does not relate specifically to 
the spoken word, but it is clear 
also from the letter from Mr. 
Clifford Jackson in the same 
issue, lhat “ verbal *' is commonly 
used when in fact “oral"* is 
meant. “Verbal" means “in 
words.' 1 which can be written or 

spoken. 

Mr. McKeuwns affliction may 
be worse than he thinks; u is 
revealed when he puts pen to 
paper and nut just m bis ” par- 
ticularly nasal regional accent" 
in fact, he uiay be far too sensi- 
tive about bis accent anyway. 
If he listens careiully io tbose 
who “speak proper,” he will find 
that the Queen's English is daily 
being eroded, albeit in Lite nicest 
sort of accent! 

Colin Wiilsher. 

Coltryn, Haggars Lane. 

Frating, Colchester, Essex. 


Settlements 


And so on 


Sir,— Stuart Marshal] article 
(June 13) brings an element of 
lucid sanity to the somewhat 
hysterical reports recently pub- 
lished about tyre imports, par- 
ticularly from Eastern Europe. 
Some additional information 
wuuld. however be useful, as 
well as the correction of obvious 
errors. 

imports are currently running 
at a total of 3m units on esti- 
mated sales of 31.5m units or. 
14 per cent not 33-34 per cent 
as stated. Of these. 700.000 come 
from Comecon countries, which 


Spread the FT out on the floor 
so that the two middle pages are 
in view. Then extend each 
double spread four to six inches 
sideways, roll up and staple into 
a six-foot tube. Soak in water 
for ten minutes and then place 
one end of tbe tube in a bucket 
oE water placed two feet above 
the gro-bag. Bury the other end 
in the soil of tbe gro-bag and, 
hey presto, the amazing absorp- 
tive and yet non-soggy qualities 
of the FT combined with the 
scientific principle of a svphon 
creates a seif-watering gro-bag. 


Fruin Mr. D. R. Hall 
Sir, — 1 was most interested to 
read Mr. Duncan Neil Dewar's 
letter (June 12; on the absence 
of verbal commas and full stops 
in conversation. Personally. 1 
don’t object tuo much to" the 
“you know" he refers to but I 
would appreciate hearing of 
other readers' observations' on 
hte quite hideous tendency of 
many people intervieweed on 
the TV .ty go on and on just 
connecting each sentence up with 
"and!” This kind of verbal 
behaviour usually comes from so- 
called “trendy" personalities. I 
suspect its origins in American 


From Mr. Frank Walkley 
Sir, — Noting in today's issue 
(June 15; an article contributed 
by David Freud on the subject 
of same-day settlement for 
cheques, I hope that debts paid 
into the County Courts can be 
dealt with in this manner. My 
company obtained a judgment 
for an amount somewhat in 
excess of £L,600 which was paid 
into Huddersfield County Court 
on May 31, so 1 was informed. 
At the time of writing we still 
have not received payment from 
the court and am advised by tele- 
phone today that “two working 
weeks " are necessary under tbe 
present system before the 
cheque is posted to us. which is 
promised for June 21. The 
original cheque from the 
defendant will thus have been 
in their hands for 22 days. At 
current overdraft rates one 
wonders what the overall loss to 
industry may he on the total 
amount held up at any given 
time. 

Frank Walkley, 

Chairman, 

F. Walkley (Clogs). 

Common jRoad, 

Birkby, Huddersfield. 


Professionalism 


From, llte Cfiainnan. 

British Legal Association. 

Sir, — Mr. A. D. Roper’s point 
about consumer protection (June 
Si is a valid one. 

The sacred principle which has 
set Mr. Reynolds- Whatiisname 
(who tilts not at windmills but 
at the marble halls of the Law 
Society) galloping from one 
court lo another is, as I under- 


stand, it, that one should be free 
to do any work one chooses irres- 
pective of whether one has the 
qualification which Parliament 
by Jaw demands for the doing of 
that class of work. A natural 
extension of that principle 
would be to say that, a fortiori, 
no academic institution should 
be able to require particular 
qualifications lor tbose who 
aspire to teach therein. I have 
not heard the views of Mr. 
Reynolds-Whatsisname, a poly- 
technic lecturer in law, on that- 
issue. 

My friendly local postman is 
something of a sorting office 
lawyer and after a ’ disastrous 
attempt to represent another of 
his ilk before an . industrial 
tribunal he decided that he was 
better suited to the calmer 
waters of academic life. He is 
frustrated in that ambition by 
the requirement of every poly- 
technic / college / university to 
which be has applied for a teach- 
ing post, that he should show 
evidence of having the particu- 
lar qualifications they demand 
before he is allowed' to teach. 
He has tried enlisting the sup- 
port of Mr. Reynolds-Whatsis- 
name. but as he ruefuiy says, 
"you know what the post is 
like these days." 

Yet another of my friends, the 
refuse collector, who 'is old 
fashioned enough to prefer the 
style of dustman, put himself up 
for election to a fellowship at 
Oxford University. He is tak- 
ing up. with his union, the 
matter of the curt refusal. He 
now plans to apply for the post 
of Visiting Professor of Rubbish 
at Cambridge. 

Many of our lowly clerks 
think that the Royal Commis- 
sion on Legal Services wilt usher 
in the new dawn when, over- 
night they become the Sir 
Hartley Shawcrosses of this 
world, carrying all before them. 
My own ambition is to practise 
as a veterinary surgeon. Will 
Mr. Francis Reynolds-Wbatsis- 
name let me have a go at his 
cat? Perhaps he would prefer 
that I qualify as a veterinary 
surgeon. In that event why does 
he not qualify as a solicitor and- 
stop boring us all? 

S. P. Best. 

29, Church Road. 

Tunbridge Wells. 


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complete tax exemption and 
no commitment to regular 
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can join. 


J To: M&G Group, Three Quays, To v 
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1 Please send me details of your Persv 


I.R-U 

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a Please send me details of your Index Linker Bonds: 


ifw-- 

MCS .r | KRMMSI 


SutupfitieaNe 
hi Eve 









.1, e* '..in — - 




*. Ir- . 
*•*») 




W 0 




. Flnaiicial Tinges . Saturday June 17 1978 


The von Hirsch sale on Tuesday: By Antony Thorncroft ; 






MR. PETER WILSON, chairman is to be- sold 


and will bo Sigmaringen, the Guelph, and as well as the headquarters of 50 


years age. and 


i-M&rr&i'i 




many relief of Christ is Majesty, per- 
is to be; SOia: ana wm be Sigmaringen, the uueipn. ano as wc» « r“T‘“T^ museums are known to be ver’v haps brought to the West after 

scattered throughout the world, the Hermitage sales, the latter Sotheby's and Christies, the two - the faI , of Constantinople »" 

S us organised by the Russian largesit firms uf auctioneers in ^en u u, Untn old ana and a i most certainly ac- 

tamil > Government and disposing of lh " u beautiful loan do appear they d bv Pope . lullus n. will 

uic fetch verv hl3h p r ; tes _iast also greally excite the art his- 

Stitheby's. auctioned an torians. 


of Sotheby Parke Bernet, will 
take up his gavel at 9.30 am At , . Wentmbre 

on Tuesday to start the most im- retained many some 0 f the greatest treasures 

portant .auction, in his long pieces, and the Government of czarist Russia. 


a £M>' 

j- . fcW.-’i'.'lN 




of the best 

So London was the abvwus 

career and: maybe in the 200 stepped in to Keep certain im- In ^33 von Hirsch applied choice for the. w “ r l? 'hitherto unrecorded Carolingian Apart from the beauty of the 

years' history of the firm, portant.hatibnal.treasures in the to leave Germany, with his col- of art and Tor the Lid as . j VOf y vi-hith was expected to items, and their great rarity, the 

During the following week 750 UK. j lecUon. This was permitted and a good choice for the impres- £g0 {H ,„ and in ^ evcnt fact t ' hat maany were produced 

works of art collected by the late • Whereas Mentmore reflected only nfrer ha l ^ o a 8 "f d sionisls. especially as. rather ■ u» ^ fur £255>noo In lhe V on 5n what is now Germany will 

RohAi-t vnn u.r-ri, u kii CA ih ,v! -d.*.. M-iaine nf <?othf.hv’«! 1° ^ eave one work, lhe Judg- ^ surprise of Sutheby s, the Hirsch -jab.- ihere arc much ensure high Olds from some of 

Robert von HimcIi ™n be sold the Bntisb-o^M at .Sottebs , s ment of Paris by Cranach. to ** bu P vers may be in the mar- finer objects and with a long the best funded museums m the 

totaliuld^ell exceed ^oibg -c\ox to the Mm'Tn' 1945 and ^e^lthed ket for both. Ii ^was thought i|u< and veriiied history soThcby" has becn^Uisplaying 

In cash terms the sale will British' landed" gentry-, who 10 the Kunstmuseum in Basel ) ^ comment, and in of F a °n entmul'arnimal or ami the finest Pieces in Germany 

certainly set a; record, although traditionally-'- had .. dealt with It was in Easel that he spent Germany , would coin- orna ment. which probably and Switzerland, 

in real terms the dispersal of Christies,- von Hirsch refills the remainder ot his me. p* j medieval works. fon ned part uf the coronation Among the pictures the top 


the contents of Hamilton Palace Sotheby Parke Beniet. the inter- Shortly after me w«r «... "p ri vute collectors would ^alia A 

m the pre-infiationary 4 ate Vic- naUonal - auction T house winch Hirsch married ^ J.cu!ptress be ni j nt £ reSlcd in the impre s- £l Jper.H- Frederick Barbarossa. to 


of the 12th 


century' price. £500.000 or so. is likely 

... — M — - ----- - - uduuuai ouv.*.— — . . . . i.p lnteresu'u in iuc jiuiptn'i » ivu'-ntn. ua.’barossa. xo be paid for the Branclum 

toriah days will remain un- derives as much: of .its £122m Martha Dreyfus Koch and she of kind It is one uf a pair (the other Madonna by the early 35th cen- 

annual sales from overs*, as mfl =f d h,s 3 ms« Taste we[1 on the dining j s j n the Louvre i. given lo iui y Italian artist Giovanni di 

at Mebtmore Towers. Lord Rose- £rom London. The company had especially in the direction or wall but do not necessarily Barbarossa by a Russian Pa ,( lo A rare watercolour by 

bery’s Euelunghamsfaire home, been ^^uing. von Hixsch’s col- -JOth century art whioh naa h i storian s of impres- em bassv in 1365. They soon re- Durer . one of only 30 water 

which Sotheby;s organised last lection for ^me time. so it was stopped with the purchase or - ’ But wh en inquiring turned to Russia and remained colour landscapes by the artist 

summer, look almost small. no surprise that it was called in the Picasso Tne mo st < istin«. ^ museums as to which t] ie re until the Soviet Govern- known and the last to remain 

There are striking contrasts by his executors .when he died, tive featuie of th ^ die y would like reserved me nt -old off some of the in private hands, should also 

between tlie two auctions, aged 94 . last November, to price w , 3 ^J. ts . . ,' llt fnr places for (this is not the kind treasures <>r the Hermitage do we n. 

Whereas Uie Mehtmore Towers the estate, and then, acting house the »»F auction where members of Museum in Leningrad in L 1933 - The undoubted winner at the 

sale was held in a very English according to his. will, to sell the jjo™ immediately the public can expect a good That when von Hirsch ga[ ^ wil] be Sothe bys. It can- 

setting, in a large marquee in collection. For yon Hirsch lls c , aL .J«TiWe nic- view uf millions of pounds acquired u. Us ranty makes it * q£ * ect it5 us „al 10 per cent, 

the grounds of a vast mansion, wanted it to ‘ be distributed rath e r than -rand rnonfen- changing hands) Sotheby s dis- almosi pncelesj. b}it Sotheby s lTQm the seller on 

and represented the remnants through an open auction. J r ® ! s ” 10 .“ covered a great deal uf interest expects bid., of faOO.OOO. „ne enter prise of this size, but it 

of a collection built up over ’ l0u 1 ieL * . in all the works of an on offer. or take a few hundred thousand. have nego tiated a fee for 

many generations' by two rich ,• i Ar Once it was given the sale Many exrra rooms are being set j n the *amc category falls an fe in handling, insuring, 

families— the Rothschilds and I lirCC nf the century, Sotheby s moved asjde fQr tbe sa i es s0 that the English gilt altar candlestick of exhibiting the collection, 

the Rosebery &— the von Hirsch quickly. London was regarded j ess ufeelv buyers can follow the the eaily 12lh ccnturv-: only orintina 40.000 catalogues 


remaricable aspect of the as the ideal spot. 


u 





collection will be dispersed in 
Bond Street and represents 
buying of one man. a 
who fled from Nazi Germany 

settle.- in Switzerland. TI.> ... . .... . „ 

works on sale vary tre- as a young man. entered his ing director oF Sotheb. s ----- century naintin 

m.endously. tod. Mentmore uncle's leather company which the '^n who has argam^ed both catalogued as J hy P v an Lou 


and bid three similar romanesque 



lIUUIAwlj f t vu. v uiiviw J u m ■ — — ^ I 

reflected Victorian taste in its formed the basis of his per- the Mentmore anti Mentmore and valued 

largo., items of 18th century sonal fortune. .Hejiought his Hirsch a . lR ' t ' ul ' s ‘ h ® ut r !^ d ]S f ri) und £5.000. which is now 

furniture, its tapestries, its first painting In 1907. a Tou- more to it than that. London is aruuna w^ ^ 

strongly French flavour, while louse 
von Hirsch specialised in inti- Scene 
mate items that could be heart 
displayed in a relatively small far 
house, with a concentration on was 


Popular 


x 0 which at £40 a set are cosily, 
th- but should become even more 
manv valuable. It will also get a 10 
per cent premium on the knock- 
down price from the buyers. 

But there is more than 
revenue involved in a sale of 
this kind. The prestige 
bronze enormous 



^• xwarn j *- w » |, ^* in?T 
Christ in Majesty: a Byzantine Ivor? which may felch £500.(100. 


is works of art that 


mi^ht be economies of the major western 

where the 


5 kind. me prestige h ,it also nations and .lapan. where the 

irmous. and Sotheby s pre- in im- mood is more optimistic than m 

inent position will be con- nainS. which the immediate past. In this sale, 

ncd. In addition, just a» pie., 9 iomst pa min^s. thl > British 


doldrums in there is little of 
ntlv shown national heritage involved: it is 
u tribute to the past collecting 
on Hirsch habits of the British aristocracy 
which made London the hub of 


SjSISs SSSffiSS ttss^-ssm 

Economic Uiarj 

of the State’s spending. It actua y refit cu e i: crowds queue pauently day after 



Flight 



In a few days' time Scandi- 
navian tour operator Tjaereborg • 
will be having a modest party 
to celebrate a successful first 
year of operation, in the UK and 
lift the curtains on a new and 
much enlarged programme. No 
travel agents will be invited, 
which is hardly surprising since 
this huge holiday combine’s as 
yet small UK offshoot avoids 
the retail trade and seite direct 
to the public. Tjaereborgs 
anniversary coincides with the 
birth plans, andjdoubtless back- 
stage pangs ‘ ~ ’ 

Vingresor 
stages 

launch in --- .. TTV 

be direct sell and again.. the UK 
travel business establishment is 
not amused. 

Vingresor is no midget in the 
travel business. It is a w’holly 
owned subsidiary of the airline 
SAS and last year grossed 
$103m, which would appear to 
give it plenty of muscle for the 
acknowledged high costs of set- 
ting up any direct selling 
marketing operation. Headin 


^ Fund 

spending programmes are built 
into the Treasury long-range 
forecasts. The Treasury view 
has not altered since Mentmore. 
Such knotty problems of 

• defining exactly what the Fund 

• is. and does, are characteristics 
= : of the shadowy life. Twenty 
1 years ago, Enoch Powell said it 

was non-existent, until it did 
something. Recently, Barone-ss 

• Birk, Under-secretary for the 

• Environment, compared it to an 
enormous piggy bank, whose 

‘ keys were then hidden in a 
. s series of Chinese boxes. 

•* The Fund seems to be 
rather mythical. It comes and 
it goes: it is there, and it is 
not,” she said. 

Keuns optri«^w«. — fhorp tpsfprq of the restaurant scene The Fund may die of its own 
the UK operation is Alan Sin- of ttB best years ^er and ttjere testers o ^ was workin g accQr d i n the next few years, 
clair, -a youthfully buoyant j s a measure of confidence ? bom (Mr. Ro > Les It is start ing t 0 run at a loss. 

Briton whose working know- an ability lo deal with these away "he* niaht I was and could be worth well under 

ledge of business 'Scandinavian j nva ders— but it cuuW -make Ann e« ^ 1 the Arlington £ 10m by tlie early eighties. 

.^7. cewp-ral years t — intpresunn inarKetuig there) might try’ tne Aningiun - 

for lunch, Les Ann’ees Folles for Unless, of course, it was 
dinner and see how the tourists topped up again now, in which 
l, ve case the whole issue could he 

v raked over again shortly, if the 

remodelled and relabelled 


should also return the £ 50m. soak up solar ene D . - dav t0 see V bat may rank as the 

lost when the Fund was written . You can run your finger over m ^ t breat htaking film ever 
down to £10m. 20 years ago. a piece of genuine lunar rock. mad£j CaUed to Fly, and last- 
MPs were clearly in fighting though at the current rate of ing about haU-an-hour. it is 
.. Prp « conference visitors, the U.S. will ^ nave io shown on a five-storey high 

mood at the Pres gend sonieone e i se to the Moon gcrePn and the v j ews from and 

for the report. Comments like, s0on before the cele- Qf g]1 maBner 0 f flying machines 

“The issue is not what the brated chunk of dark grey . g audiences dazzled and 
Treasury’ wants but what the ma ttcr is eroded altogether. dizzy> 

Commons will decide” and “ We Awav f roQl the space tech- to see that film and visit the 

want to take away the judg- no iogy, the museum is stacked , . osts aC i. u uii a 

ment of artistic merit from wMJl historic aeroplanes, mclud- Planetaiium a 

Whitehall ’’ were tiirown around tng the Wright Brothers modest oO cents, e _ 

fairly freely. The Committee or jgi n al 1903 Flyer and Lind- museum generally is free. Onte 
planned to press for a debate ^ r ' g hs Spirif of St Louis. Look- you’re a veteran of Washingtons 
on its proposals, and to badger ih , ai mo st ancient in this jet ajr and space spectacular, the 
the Treasury into submission. age an e ight-tnn Douglas DCS. Victoria an d Alberts of the 
But the Treasury will prove which is suspended 35 feet wor j d seem tame indeed, 
a tough nut to crack, judgjng above the floor. 

bv the rumblings from White- Anyone who has visited Lon- Contributors: 
hall. . don’s Planetarium would find . - handles 

The mandarin view seems to sur pnses in the Einstein Artiiur oanaieb 

be that when the Fund acts, spaeearium, with its typically 
there is a transaction between f 0 jks>\ Walt Disney-type con- 
the public and the private_sec- ducted ]aunt round the universe 
tor— public expenditure 


TODAY-Prime Minister at Companies’ siatcment «-n in- 
Labour Party rally. Brecon. Two- dusirirfl stuite„. . 
day OPEC Ministerial conference WEDNESDAY— Mr. Denis Healey, 
opens. Geneva. Chancellor of the Exchequer. 

meets delegation from British 
SUNDAY— National Savings institute of Managers at working 

monthly progress report (May), dinner. Downing Street. Hoiw "J 

Commons debates, nou „n‘ 
MONDAY— Basic rales of wages Monthly meeting cf LBI counci . 

and normal weekly hours TO |.iBSDAY— President of Cyprus 

Monthly index-of average eainmgs Kvprianou arrives in 

(April.. Cyclicar indicators for the SW* 0 ® r ‘ udks with Prl 


Christopher Dunn 
and Nicholas Owen. 


rime 


UK economy (May). EEC Finance ^ jnis!ter Scottish Liberal P tv 
Ministers meet. . Luxembourg cnnrerence opens. Perth. Sir John 
Three-day. Muiwterial meeting u£ AIeThwn diret . t0 r general. CBI. 
EEC Asnculture and Fisheries addresst . s anmia | meeting of 

lESS »SS?y 0 “« EmEiomw.! Amoc- 

addresses International Labour l, on. 

rrtnference. Geneva. Confeder.i- pridaY— S tatement by President 
tion of Healtli Service Employees 0 f Cyprus. Mr. David bteel 
opens, Scarborough. ’ addresses Scottish Libera] Party 

1 conference. Mr. Erie Varley. In- 

ir^tn lndasm ' 

$g£S«Er^^*x. 

s&rrssn a s* n^, y , N ew 


Glasgow, 
and orders 


1 ONDON TRUST COMPANY 

LIMITED 


0 


Vingresor’* Sinclair: ready for take-off 


operation then asked the State 
for more money. 


of 


its 

the 


High 

Flier 


style conies' from several years {or an ipteresun 
of running the Tor Line busi- batt i e nex t winter 
ness "in the UK. 

High nn the list of priorities 
for Sinclair, is finding someone pQQQ IQf 
to flv the passengers he hopes . 
to attract when holidays start fbffjygfet 

S?»«WpSSS one of the ? ore raising 

SnSatti^ce^g C? K the itnp^ve Vi^ty Kemember^Me; 
sengers.' Thus the Vingresor of the expensive end _oi the *J n " e ln roid dle of last 
clients must travel on Bntish London resLau “, «5H oays year? Remember the £18m 

or Spanish jets for .their boll- Quatity appare^lj. stm g^ ^ ationa j Land Fund, which ^ warn you to go early. 

days in Majorca. Parent SAS Nonetheless the t-oimaaeuuu . rri«« over ^ . .... .... 

can only be called in when the gening in recent 

trips arerto- ^candioavia (w ic ofi e ek by jowl - ^. p : r cuhuuu™ *-“••**. Cnicht winung » — 

some will be). between them have ieu wieit he j r i ooms j n lieu of tax, mignt the National Air and Space 

FiTidingr airline seats these owners little cnange . trom havp bought Mentmore corn- Museuui in Washington, just 

davs is no easy matter, which is £350,000 adds another dunen- p | ete ] y f or around £2m. but about t0 CK ] e brate its second 

why UK operator Intasun, ^on to the tale. couldn’t because that w °^'“ birthday, is reckoned to be Lhe 

headed by the tousle-haired promising the ‘‘best in have infringed public spending niost p 0 p U j ar j n the world. In' 

Harry Goodman, has just raised French cooking” elegant gu j de iines during the squeeze. Us nvoyears 0 f existence, it has] 

£ism in Japane* and American I nian resla ur 2 lcur iarma The 3U-ytai'-old Fund s»un . b(en visitid by over ism 

money in order to buy enough Dj ^ has put a quarmr.jof a bach into an IdPs peo|,le - 

Boeings to start Its dw> airline. int o turning the - base- w ,th the publrafun of an MPs yet ( 


The follou insf tire cxtrikts from the eire uhited reneu' 
of [he Cl uiiriiuin, The Hon. Edward IX Lhwte.-: 

3is25SS£ris 


we endeavour 
geographical distribution. 

Reviewing our present portfolio, I ha\-e every con . 

m ^ will have again given good account both in asset growth and a m 
income which wilf again allow your Directors ro recommend .in increase 

dividend payment. 


hdence that a year hence, 
th and a ner 
ed 



the truth is the museum 


Boeings 

through agents? says there will an intimare its histori'. functions and profr super ^ y well: an object lesson 

he no" room on its flights for considerable: opul- pects. And the ldent] ^ issue to such institutions everj-where. 

Vmeresor clients, so Sinclair nd Jpensive art .deco- reared its head again too. America’s massively expensive 

will^haveto look to more. tradL Ann’ees Folles. The M p s called for the Funi efforts 1Q gct men inI0 space 

tional suppliers like Dan Air^ ^Stdone our oldTriend set up ongmally ^ Hugh and on t0 the Moon, inaugurated 
with flights for Tjaereborg) ^ t0 da cS has sunk £100.000 Dalton to buy _■ _«r memorial, by President Kennedy at the 

* A I1-UI9VC ,u*c fu 


the not inconsiderable 
in good stead for the future. 

Summary ot Results 
Gross Revenue £4,209, 7 ? j 

Ket Revenue £I,92j4,63l. 

Deferred Dividend l ier 

Net Asset Value Basic 2 j>4p 

Fully Diluted 232p 


: 19 77 

£3,872,507 
£1.0l2,o52 
7. OOp net 

202 p 


or even British Airways. 


into revamping 


C IjUliA fclUU.UVV fcTiil *v« ■ j II m uv A — 

what was. once to be completely remodelled as beg j nU i ng 0 f the 1960s. may 
W ^ii^^bPK b-t the Arlington an independent contingency have been apa ihetically viewed 

5 ,i 2 L d B S hroclurS ^ Cap "“ home flag^yr fund to help preserve rs elsewhere, but it is obvious that 
their first Vingresor brochures and waving the no nation * s heritage. Its name Americans take tremendous 


they are in for a few surprises offering the be5t should be changed to the prjde in their country’s extra- 

If they follow the Scandinavian . Ttiere is a National Heritage Fund and it f errestiaJ exploits . 

Pat S ^ -«»“ b. ™ by independent ^ ^ 

contain such — ^ was mg aimost _ > reckoas . ^ ^ ig ^ space hardware that 



Geographical Distribution 
l. niteti Kinutii'in , 1 jS'\, 
iii-ied > rates ynJ t. aniiiia 2 1 -l ?2 .> 
Republic oi Smith Africa 3 ‘SS 
Australia and the bur hast 1 ‘S - -1 „ 
hlsewhere 0 



secrets as when the hotel was pxce£>t ftur own> - reesuns: ua - ^ COTnn iittee b the attention. There is 

C °The « eye n^U^o^e taS 

separately and changes accord- 

,ng to “,J^ nd ^‘,“ b Yck in' fashionable nosjal- the State 


they are -.so expenditure. There had been 


^ara^rand ^ accord- ^ ^ »» d [or ' 3l I P a^n,.by Moon 

„. g to demand-^try to book a d ^ fashionable nostal-.the State 

month before departure a cast b are faintly subsequently 

vou may. pay a fake price, yy jm.uj „, m1 for. two had . been 


visitors. carrying) 
in 1946 but astronaut Michael Collins, who 

the Fund these days is the director of the] 

self-financing. Air and Space Museum. 


And 




BsffaSSg E# «rz 

should stop with what looks like well- 


3 , sret^i ” bareain basement likely to cost 

could get a Gosta s offerin^- ... _ ., 

deal- •••.• ■ • P 3 -,.,, (he 1930s ^sune a MPs said. 

^ me “ 



Copies ot ilif Rc/wt iinJ Accoimw tire tsitiiluWe iroi 

• ’ 44Blouin-w:ff?^3 11 


tilt? SeaeMr ie.T, Rnoi •* 
aiuirc, JLoiuiou WC1A 21 R A 


MiiiLTCriiieiu IvrnVc:. l-imiicJ, 







ISSUE NEWS AND COMMENT 


UK boosts Pilkington to over 
£71m— 100% scrip planned 


Elswick cash call to 
cut gearing ratio 


Financial Times Saturday June; 

Guinness Off £2.8m ntidwa 
sees second half recovery 






COUNTER TO City expectations 
of an improvement, with trading ■ sr 
profit from brewing dipping by ■-“*■** 
£2 jro to £i0.3m, total group ea ra- 
in -s at the taxable level for 


A .MARKED increase in total sales 
and tradm" profits by the UK 
com p,i nii-s, in the second half orer 
the lirst six months at Pillring tun 
Brothers helped total taxable 
varninss for the year to March 
31. isi7b. jump from £K2.7m to 
m 7m. Also a one-for-one scrip 
ijfrue is planned. 

Tradinii prolit for the year 
moved ahead to X42.Km (£3ti.5mi 
with the UK contribution up from 
to £2S.i)m. The outcome 
merseas was marginally better at 
i'tt.Tm nit ami. 

External sales were ahead from 
JCtftw.ini i>i £4ti:i..“>ni with the UK 
companies accounting for £3 16.9 m 
i £24:;. Km i amt overseas companies 
for £2U2.!<m tJMSS— m), less sales 
to group members of 150.3m 
(£4 Urn). 

The directors say that the 
future ••■huutd be rather heller as 
confidence grows. 

After tax uf EM.iini (1:251.5m) 
o.irninc.s per £1 share are staled 
at 54.Pp (fil.npi ami the net total 
dividend is stepped up t«« a maxi- 
mum permitted Il.525p (10.482pi 
v rill a second interim of n.Tfiftp. 
If l he basic iate of lax is i-edueed 
a further .-mail distribution will 
lm mode with the payment on 
August \7 or as a supplement in 
February iflTU. 

The imi.iI group trading prolit 



Eiswtck-Hopper. the Humber- 
based light engmeertng company 

dated companies. The major an ^. distributor of agricultural - . 

part of the spending was in the w proposing to raise 0.99p per share. 

UK where construction has in- . . Irom shareholders by a The issue is underwritten, 

eluded production facilities for ri vJ s 1 - S !i e ' . - 

the triplex - 1020 " process and a . The . ,ssue ° f *«m ordinary 
wetobwue plant for Regina- shares is on the basis of one-for- 
Fibrefflass. r ° ur at , 14 sP; , In the market the 

The total net assets employed shares closed -p lower at 204 p. 
at March 31 were £540m before J"® f?. rae ^ rae Elswick- 


Arthur Guinness Son and Co. for 
__ .. , the 24 weeks to March 11, 1978. 

! v:zd 17 -z:° ^ a. 

n0t * lB! U,!m MdCene™* JriM chkmmC Sara 
n .On ... .h.™ th , t brewms profits tor the whole 

year are expected to remain 
lower but this shortfall will Be 
more than made up by improver, 
merits in the non-brewing coin- 


comment 

Elswick-Hopper’s rights issue 


panies and he sticks to the fore- 


aimed at reducing i ts p ai; t jj B ^de in February of a 

„ ^ r ^,„ c --- — ratio after the sharp increase in mni ip.i advance over the record 

deducting bank overdrafts, and Hopper announces figures for the debt last year. Borrowings over mA - m gnjup proBt for l976 _ 77 . 
loan capital was £102tn. _ . L" ™L nth * J2. EEL JEfV- The growth in the second hal 


Results from the flat glass and 

glass fibre operations were good r . -- — 

ind safety glass products finished W r share arc 


half 7 3" 


some 


Pretax profits are* ajrcil £830.000 to JDL35m and since the ^widely 

(£6M.,bl) on sales 0 f £i2.36m year end la further ca ish Payment | as £j d nith increases in profit- 

--- > — . _ — of £180,000 His been IBSOC fYnm brpxv in? D Pn&i*3l tradiflE ' 

shown at 3.59p compared with connection — from bre ' vinE ’ - enerai trad,nR 


Sir A lust air Pilkiiiglon, chairman 
of Pilkington Brothers — a better 
future a* cunlidence grows. 


In 1H7H-77 the weakness of the 
pound boosted the sterling pro- 


si _ . _ 

nil a strong note after - 

earlier disappointments. and . ’P f nd . a , . “tvidend of 0.5p acquisition, 
there was a good performance 'nafo-i ma ™g a total of 0.9p excludin 
from a new member of the group, tO.ol-op)- 
Burr and Stroud. _ 

Elsewhere in the optical “ie , 1 ? su ® w, y 7® u^cd to provide 
division results were affected by working capital required for the 
a lower level of activity in the continuing expansion of the busi- 
ophthalmic industry. n . oss an< L fu nds , future acquisi- 

However. overseas trading re- No specific plans "are in 

suits from the flat glass manu- hand for a bid but the directors’ 
fac luring companies was p °bF y to expand by take-overs, 

generally disappointing— exceot The Board states that it is too 

from the subsidiary in Arsen tint ear '- v 1° make a forecast for the 
and associate in Mexico. current year though management 

The new float glass plant in accounts For the first quarter show 
South Africa came into pro- turnover up by 10 per cent, 
tiuction at a time of reduced Agricultural machinery sales in 
demand and although Pilkington the first quarter were almost 
FI oat clas AB has now firmly equal to the same period last year 
established its position in so most of the upturn is coming 
Scandinavia the growth of sales from the engineering division, 
has been hampered by r>nor which includes cycles. 


and P ,astjcs and ‘materials bafld- 

ri^m lings as well as in the share from 
'OOdWlIl of flJm, 


associated companies which at 


stand at mm so Ihe debt to “ ^ dm^ iroml!.^ 


from 


Directors state that proceeds of equity ratio climbed from 47 per 

- ««,. cent to 7fi per L Meanwhile. l Ve better outturn 

profits appear to b. ; on ; t general trading, which main- 

upward trend but more than half ta j ne< j performance at £2.am in 

of s* K be pSTdue 

profit can be attributed to two ^ g change of year ends of a 
acquisitions. This year the agrt- nurn b er 0 j companies from March 



t2.3804p). The final teat year was- 
4.6387p. 


The decline in PTh*- 


. 1 . 


fit from' £ 16.6m to H5.lm.hlw. re, 
.fleeted in all egions with UK, . 
ineluding exports, at - ^Sm 
<£6.6ra); the Republic of Irrtand. - 
including' . exports;, .at - ' £4.4m 
f£4.8m) and overseas at £4Ah 

Th& ■ SOJStn decrease;- weiseas 
was alter taking -account of. an...; 
£0.4m exchange loss; Plastics and., j 
material handling, which improved.' j 
to £L7m i£D.7m) . included £05®, 
this time- from White. Chad and 
Better which' became a sobfidiaiy '* 
on February 14, W7. Eg} ^ n[ - 

1K7-78 ' 


second-half growth forecast 


r. . ■ li UJIIUC1 VI law*** tJVaiCtt in»j r « i ■ 

cultural division A ot off to a slou 31 t0 fates much closer to the for -the half-year were down at 
stait^but cngmeenns is puling holdillg company’s year end, he 7.4p (9Jp) and .the net lnterun 


ahead both on cycles and the 
light engineering supplies sides. 
Overall farther profits growth is 
on the cords and at 20tp the 
shares stand on reasonable rating 
—the p/e is 5.6 and the yield is 
6.S per cent The directors are 
forecasting a dividend increase 


adds. 


dividend is 


raised to 2.6184p 



£m. 

' Qa • 


.28S.S 

236.6 


16 J- 

' 18,8 . 1 • • 

Brewing 

liJ 

12*.-. v . 

Oonfeetfunerr loss 

• ,0J2 


'General Trading r-? 

'* 1LS 



■ C.7 

■ , AS i • .• 

pi series and MaieriaJp 

’ 

" 

ffan^ling . 

' 1.T 


Properc? ....; — - 

eji 

~ OJ. 

Interest charges . — 

3.1 


Investment tnconao - 

: 0.4 

0.4 . 


J.tf 

: sjr 


MJ 

17 J 


as. 

. . SX . 

Ncri profit ... 

7S- 

».s - 

Minorities- — 4— •« 

-1.4 

1.1.-. 

Extra ord. credit' 

ei 

■Tf.p 

Attrtlmtahte 

- .b.fl 

r.r . 

- tDebtt 



See Lex 

. • r .\- 

■ 


Brent Walker meets 



of £43.iim "iCIH.am) i.-T after rood* .from licensing Thus time economic conditions in that area. However, the directors, do state 


and the interim forecasts a lt h o ugh -profits 

oecrive' vteld u itel tWs’uer cenL the directors of Brent Walker Ri' Salam Hotel have involved in the second Judf were reduced 
pecuve yieiu rises iu i.o per teiiL. h.,t r 


AT THE 2S weeks mark of 1977 expansion at Hackney 


■.-barging £:!!i.4m if33.ini) for the 
depreciation r*-pla>-t.-ment of fixed 
a-sets at current values. If the 
ilopre*-i:tlion charge had been rc- 
l.i’.ed io historic com. the charge 
would ha iv hern reduced by some 
£2Wn. the directors say. 


ihc rise in the exchange value Most safety glass companies that there has been a weakening 
had the opposite effect but the have maintained their profit- in margins, 
total income continued to increase ability and the group's glass fibre In recent weeks there has been 
to £-32. Sm t £30. 5ml. company in India has had another some strengthening of demand 


ROBINSON BROS. 


Capital expenditure amounted excellent year as did the safety/ 
to £4Sm (loRmi including invest- glass fibre associate in Canada, 
men! in new subsidiary and asso- Sec Lex 


Ferguson rises to peak £1.6m 


BTTl! HIGHER fourth quarter sharing of IlU-i.ii54 if.S2.993). and show net assets or 107p (lOOpJ 
! u-oli I n of i'.SSti. 135 against included £234.5t5l« ( L2 12.71 S) from per share. 

V2SVIHS. i erguxm Industrial associate- 

liiiidings c-nded the year to After tax of £ii 17.5WI (£349.K2!l| 

February 2s. ]»7S at a rec-J'd slated tarnings ro<c From 13. Ip 
£ 1 .ni K. 135 pre-tax. compared with to 13.2p per 2.»|J -share and the 
£'1.1151.1 rip l..st time. Sales greu dividend total is the maximum 
from £51 47m tu £41. Ini. after permitted Hp i-5.4gSp) net. with a 


stated with some confidence that much effort but now provide -the fa the time of about £30,000 due 
pre-tax profits for the year would .company with a secure ^fse.iQ^estra costs' fin the Cairo hotel 
be in excess of £400,000. In the which will provide for an exciting S har'es : it' 5ffi) 

event they turned in at £401,481 future, the directors say. ’ JV tttlJS? 

- Dealings start on Monday in compared with £333,4 <9 for the Aijd they rep? r * L ii?^ 1 a- longer term. -view , and trading 

For agricultural equipment, and »h e preference shares of previous 12 months. months of 1978 allow them to the moment -appears- to justify 

they hope this will follow Robinson * Brothers (Ryders profit represents a 20.3 per expect a continuing improvement yjjg . mth ntiMfrif 

through for the rest of the year. Green) the company which has cent increase, on turnover 30 per m profits. _ - centre -at. V»?estcli3 is now- poised ■ 

Prospects for the engineering come to the market by an un- cent higher at £6.om. - • £ ' E to make 'a useful contribution - 

companies in the current year usual move of placing preference Stated earnings per ap snare b.jkbjwi l.<wua after a small profit in .19ST; while - 

look good. Tt is hoped thnr capital to raise £2m but not are up from 1.2Gp to 2.42p and prom before ata^n 333,Tn there will be ; a few .months 4 D- 

« ill setting a quote for its ordinary the net dividend total is ■ lifted tsk- .. come from both' the Cairo:: hotel 

capital which has voting control, from Ll2023p to i.25l2lp with a *rgtjhp r tax aits •rakaor -■’doe-io.be.'hpeiifitHh' Qct6ber and 

Brokers to the issue are final payment oF 0.0012 lp. Available ’ 148.539 3.397.328 the- shopping precinct Oxford 


Elswick Livestock Systems 
make a contribution to profits 
this year and that Elswick-Becker. 


recently formed to distribute Gilbert Eliott in London and Over the last f mr years the -Dividends 


Becker equipment, will achieve 
profit. 


Fyshe Horton Finney in Binning- company 
ham. 


through a Retained 
and deve- tR<*raied 


• comment 


Around £l.om pre-tax was ex- 
pected for the full year from 
Ferguson Industrial Holdings at 


Southend £7m stock 


has carried 

sustained investment — 

lopment programnie to build totter "fw deferred tax- “Credit.- ;• 
asset strength. Projects such as m rhmmpn t 
the \ Vestel iff Leisure Centre, the * commen i 
Three River Country Club, the Brent Walker has just met- its 


R7.5R4 tsais Street -which wifl open; fully let. 
w - 9& ' sjiis.aia next month; On top of "this the 
chance of accooKiiie “ the_ StucT n has cleared 
costs ariiF 'profits are .starting to 
accrue. The - big-.pash in' profits, 
however, may not- be seen until 
1978. ■ 



^ c .. 


si.ain m;.df a promising su-rt to 
Hie current .rear, uilh sales of 
iXlm in the lirst fan months. 

divisional analysis of lull 
.rear sales ,md trailing profits ot 
ri.i'Im .shows; building supplies 
tcj.cluding Ireland) mi per cent 
an«l :!i, nor ceil I . building supplies 


what can be found in The market 
from existing stocks. So there is 


: Ireland) 9 per cent and if) per tinned, 
vent, engineering supplies f:t net* However, the directors are of 
cum and 27 per rent. engin--eriiig the opinion that the amounts 
7 per cent ami is per ca-nt. .,nd provided in respect of stock 


The chairman points out that the last quarter due to had 
as a result of increased trading weather in January and February. It is payable as to £19 on sppli 
and the revaluation of all group What is significant for the group cation. £35 on July 25 and the 
freehold and long leasehold is its gradual shift away from a balance on October 12. Application fjjf't 

list opens next Wednesday. market pnees rise, ine outcome 

Net interest is payable half- r r . the " atl S in the 

yearly on .May 28 and November balance until Wednesday morning. 
26. The first payment will amount 

Brokers P fa the issue are EXCHEQUER STOCK 


properties, a gros., liability in 
excess of £22m would appear in 
the 1977-78 group balance sheet, 
if Ihc policy of providing in full 
or deferred lax were to be con- 


heavy dependence on building 
supplies which now- account for 
4ri per cent of profiLs. compared 
wiih oil per cent, although the 
share is only fractionally reduced 
—from 77 to 75 per cent— ar the 
turnover level. The process could 
be speeded up in the current 
year as Ferguson looks out for 


(irievson Grant 

• comment 


The Bank of England announces 
that the list of applications for 
the issue of £900m of the 10 per 


Johnson Firth picks up Union 
Carbide’s supcralloys division 


BY JAMES BARTHOLOMEW 



Johnson Firth Brown joined sdeh a machine and this expiates share's has recently been lOOp. 
a -» u . !. . ^ ome exl enL a spokes- Newman •' advisers Guinness 

' said yesterday that' Mahon is to underwrite them at 
needed facilities for 93p per share. Newman already 
and this together owns 407,500 Wood shares (102 


where:* ,»rii.r to acquisi'Mn the deferred tax. the shares, at their high for the 

rvlerenr profits were ’rented :>s As a result. I6S8.))UU of the year, stand on an undemanding 
income from .-i^oi-mIck. liability at February 28. 1H77 has p,e of 7. with prospects prorais- 

Tlro prc-t.iv result was s-fnick heen transferred to reserve*: and ing in the current year. They 
after lower imere.-r of £422.1)72 1M7H-77 comparative figures yield 8.0 per cent, with tuo and 
(£."•4:1,264). employees' prolit restated. Group accounts will a half times cover. 


UDS set for takeover trail 


Second-half fall holds 
Woodhead under £5m 


JFB, a leading special steels with a requirement for high per cent). . 
company, is negotiating to buy technology rdseaxch. would mean :: ' 

Union Carbides supereTloys dtvf- a htrge capital investment 


motor 

sion for an undisclosed sum warranted bjFtbeV ^size"~of the 
believed to be in the region of market ■ 

£2lm. JFB, on the other hand can Oiat migration of the two com- 

The division manufactures give the GC division the bkqrfit 
nickel, cobalt and iron based of its bi& established- metal- * " e Swa^on-Trent based Wood 
alloys which have applications In Jurgical laWratory. “ - yesterday, declined » comment on 

aircraft engines, oil pumps, - • > ... the forotaJ offer hut last week it 

nuclear power and defence. ... : • ? •' stated that It preferred. to remain 

JFB wants to buy it in order NEWMAN OFFER FOR independent. • 
to maintain Sts position in the WOOD AND cniV<C Both companies achieved higher 

more specialist areas of metals. u/nDra m. ^ ^ - earnings last- year, and are 
JFB thinks that the aerospace OUp optimistic about their prospects 

applications in particular look Newman Industries’ formal offer this" year. Group pre-tax profits at 
promising at the moment and the f° r earthenware and packing -Newman rose from £L6nr to a 
Union Carbide alloys can be material manufacturers Wood and record £4m fan. 1977 - while Wood 



-noil -.ha pc and ready to obtain 
the full benefit from any upturn 


■ wm !? ii- Jt*" 1 - ruiure ana overseas xio.aw iu.oa»i ana iax ior ine year rases a--sim companies offsetting the problems m its last financial year and preference shares of £1 eacb for group Avdel International for 
spending amounted to £i.),8fl3 t £3.343), together with (fl^m) and after extraordinary j n fa e UK motor industry with marie profits of the order of £Jm. every five ordinary Wood shares. £2.4m with an option to acohire 
t£4.8m} of which £S.4fim property and investment income credits of £344.000 (£2/8.000). replacement parts, the market Union Carbide does not own The middle price of the preference the remainin'* shares 
had been authorised but of £1,933 HI.721) and associated attributable profit slightly fell was clearly disappointed with the ° . . . 

Reed’s £17m. N. Americani deal 


ts due next week 


Reed International, the paper, purchase price and the balance and Bcvan, the placing of L9m 

ajQf and nAU/cna nore oMaii% n a 1 1 ko il^J L.. • J - ■ _ _ n I “ _ 5L J** • 

which 


paint and newspapers group will be settled by a reduction' In ordinal shar^ o?''TKM“‘{farae 

r In Km IFllAP^AmnnnD IahIIP n r _ .* * 


FULL YKAI! liuurcs ilnniin:ite icinsion will depend m 
i ho rv-iult-; due i Ins week with u f n^n-food merchandi-'C 
T»"*(rt .Nturiiug ihc kill rolling un 
Moml.,y. Other liiul*. are due frimi 
.1. Lyun.- - . Rnc.il 

Elecli'Miiics .uiri John Bruin. 

Allied Bremerivi vill announce 
ii: ten m tigures on Tuehd.ii . 

i 'i her res u I U lo noie are 
D.-preun Imernatiunj) t pre- 
liminary on .Monday ), Puwcll 

I 'u.’Trv n i prelim in jry. Tuejday ». 


Uindusines i m-c-limiiuiry. WetJriw- in money terms but The increase 
day). Associated Tele virion Cur- in real terms has been .niich less 
pnr'irmn t|irclimirinry. Thursday;, and, to some analysts, disappoint- 
Baker Perkins Holdings (pro- ing. Electronic equipment and 
liminary. Thursday) and components appear to he the bust 
Rediffusion iprelimma 

v Inch began vein- ago and l,k « ,v {" ' n _ cur Iosses 'mated ai 
tu have been highly ar °und £2.-im. 


growth demand. Analysts estimated a process engineering and consrruc- 
year ago that the group's pre-tax tion division was headed for a 
figure would be of the order of record year in volume terms 
£22m. Because of the changed though margins may have been 
conditions the figure is now trimmed from ihe very high 
expected to be £13m. fi.l per cent of the previou> year. 

Racak the fast-growing Briti.-h with the problems at Wetland 
.••in e ' ct 'trunics group, is likely to see emerging last week interest will 
ami would he in line with the iL '' growth rate settled down to a centre on the statement accom- 

growth established in the previous C U ,a h)f ° nroi' T tie r panyina the f H 1 . 1 - v . es,r fiwures - The 

" annui !l. m W-yble profits after investment is likely to be written 
next Thursday s full-year declara- down and Westland’s decision to 
lion or around a .->11 — — 


incurred a loss of £16. 8m intercompany loans. .- iS- pet cent). The Dlhcuiff has 

after tax and extra-ordinary .terns The deal has been approved by been arranged . on behaff “of 


Unless Uie final quarter cun nuns 
suipi-iscs unanticipated by the 
analysts. Plessey wifi repnrt t«re- 
i.iv profits ot £43.5m on Tuesd-ty. 
The figure would represent an im- 
provement on last year’, i3<Mim 
in 


•SECOND-HALF profit* bilily basis of accounting for goodwill 

declined from £3.16m to £2.Wm and! deferred tax has been 

I!-\TIi.»N.\1JS.\TIi»\ i»K elimina- in consumer demand. made to UK charities. No pay. at Jonas Woodhead and Sous, the changed and comparisons are 

lion of low -return nnn-growrh Taxable tirofit for the year to mvnts w ere made to political vehicle suspension specialist, rest* led accoixwngly. 

i’r-e.-u UI»S (.’rniip has created .January 28. 197S. improved to parties. leaving the pre-tax figure for the Staled earnings per 2ap share 

a firm bare from which the XltUOm (£Hi.lSm) on sales of An analysis of sales and taxable year to March 31. 1978 at £4.!lom, arc jlS.op 1 19-.p). whijc the drvid- 

.lircctors ciinlinue to examine £.33 1.3m l£29o 
-unable Mppnriutiities fur acquis i- dividend is 
lion as an addiiiunal means of t4.8p) per 25 
ex pan -Hiii. says Mr. 11. Lyons, the Liquidity 
chairman. £4 .34m I up 

Taking into .account the upward overdrafts lower at £ 12.5m home shopping £82,473 (£3,845) expected an increase in the full w equipment The superalloys divi- announced yesterday are tnree acquired a SU pei 

(rend in earnings generally and i£I7.34m> and short-term loans up and £78,503 (£3.223); and export year's figure. With other motor component sion had turnover of about £5m Newman 10 per cent cumulative Dutch-based industrial fasten e-x 

direct tax cuts, personal from £W.9Rm lo £I2.54im. Future and overseas £48.864 (£3.658) and T&x for the year takes £.2<m companies offsetting the problems in its last financial year and preference shares of £1 each for group Avdel International for 

disposable incomes are expected capital s Ji — — — «“»-<"« •*— - — *►*• ,c ’ no -" • -- - * - — =-•- - • - - 

io riiow po.ritire growth this year £I028m (J 

and ihc group businesses are in dl.atimi hart been autnorised Out or £1 ,h:« <ll.72l) and associated attrioutaDie profit sngntly ten was clearly disappointed 

not contracted. companies profit £1.190 i £743) less from £2.38m to £2-34m. figures from Jonas Woodhead. 

Contributions of £83.727 were interest of £626S t£7,lS4). The directors point out that the Second half profits are down by 

almost 17 per cent, compared 
with a 04 per coni upsurge in 
the first six months, and (be 
shares Tell 5p to 92p. However, 

UK motor manufacturers seem 
to be sorting out their produc- 
tion problems so Woodhcari’s 
troubles seem only temporary. 

The springs and suspension divi- v«v«?riny». paini anu raoncs ousi- alter consideration of an The decision to reduce BBTs 
sion showed a small increase for JJ*ss in the U.b. and Canada of independent valuation of the bum- holding from 13.8 percent io iust 
, ho y» r Ih.nks ,0 «pon«. Which ," uh ?n!fft, Reed r ess f s i : ,0 L ved , by c,arks ° n W w elm 

jumped by almost a third, while Pa .P*£ Gordon . the Toronto accountants, capital of TKiVf is tn iinearith 

there was a small downturn in . y ca ^ neeo raper itseil 

engineering due to lower demand meurred heavy losses, which 
for heavy diesel engines. But a accoumed for much of those 
drop in profits in the automotive re iH rn *2 Lijf ^ parent group, 
parts division must be a source ^ J . e U»30m deposit received by 
of concern especially as the over- 

£-iOm. The rcaron nolhiiu, more pect _ somc comment on Brown's 
sinister than that the pre-tax own f U ( Ure dividend policy, as the 
numbers are now so large that mr on d5viUend ls ver> . high . 

ary Friday), performers for the group but con- ».? F sustain^? hisinrirut Allied Breweries is expci-icrt to 

campa.m. fVT. r . ^ lro ™LJ m ^ , an . SKS ifiL S5S yea ^profits report a pre-tax profit of £44m 

will also be a Reded to a small for Us 32 week first half period 

extent by this week’s announce- f C) tt Tuesday. It is among the _ 

• £ n ss,Jis v r *KS Knitwear w^r'chS*. "£^ ss;; boots expands 5K«, 

B ,vS i. V For 107T Dovenpor, Knit^eor ^ an ' CANADA INTERESTS tot So 

mu has been diflirult this time exceptional" market factors. ^ Afcw current year's profits giving seasonal benefit than its rivals, expanded taxable profit Jrom .. a manufacturingr and grodp said that bectmae of tbe 

;ut ino<t estimates range months later, in April. it around £04.5ni. Meanwhile, lust For ihe industry as a whole £433299 to £62u.o72 with £34 a,572, chemists, is to make two pronounced. , seasonal bias in 

iL-nreen f:;uni and £32 3m, i hough announced that results for the year’s performance will have been volume of product sold is a bit against £262,790. coming in the , ' ”=“'° (£5.312.000). On April Canadian acquisitions' for ' an trading it was impossible to fore- 

<ne broker is going us low .-is rhird quarter were belnw expecta- supported -by a first-lime enntribu- up but as Allied is the least second half. L ia7S - an amount equal to half undisclosed sum, cast profits' for the fall sear but 

GSm. jg.imsi ii.si year's JUOJIni. unns despite si « per ci-m increase lion from ihe Miigo purchase. dependent on beer ibis is not The net dividend is increased consolidated net income after The Grst is a chain of 50 results, were. ‘exiiMtftj W (i 

in turnover. U.S. operation s will John Brown has forecast a going lo have quite as favourable to 3.96p (323857p) per 10p share, texes i of Salerao in excess or Tamblyn Drugmarts in British satisfactory, - .v 1 " 

be affected by ihe * per cent pre-iax profit in excess of £2f)m an impact on its results. Wine , Tax took £(36.344 (£222.502) SSbjj.OOC^m eat^i oft he ^years 197B Columbia, Alberta, Saskatchewan - 1 

’ ' inan find Manitoba.. " ■ 

. has been jjh. e °(her is Isaacs Pharmacy, q 

hit by a margin squeeze forced halfway mark the gas turbine following the Budget; there are ,, _ n . .. /rf . provided for by issue of 3,701.804 wholesaler of. pharmaceuticals 

on ihe manuraciurers by the division was on the way io ship- signs oF a recovery emerging how- U. K. JUAWtS Ordinary shares and S5m loan ® nd health and beauty aids in 

retail price war. Tea operations, ping a record volume but there ever. Allied also has a relatively ^ R Dawes Holdings (in ,oan arranged locally in (he U.S. British Columbia to the Tamblyn" 


three quarters. Worldwide sakis 
have shown a sign ill cam increase 


at the moment. The shares arc 
on a p/e of 4.R and yield 6.5 per 
cent with a dividend cover ot 
almost five. 


pipn a vc rami' ?®Vs Policy of reducing minority 
*■ ^ BANK. interests in non -ban long com- 

INTL. REDUCES panies in the light- of the.com- 

TKM STAKE plexity of overseas Jb^nlrii^Lle^is- 

natinnal. which was announced on Lazard^^rothere^nd ^Company reduce^^her^ItTrpmafnfa^^iri 0 


Rewi Paper from Reed Inter- 


ippc.irs 


-.uccef slul. holds ihc key in ihe ,\f ihe halfway mark J. Lyons mem that ihc group was riispos- las t of the fc 
■i-.nip.my's lin.il res-ulls. due •.•n Mated that :ui improvement in «n« of its South African offshoot. «■•**“> hi and it 
Wednewlay Analysts say f«reca%t- profit levels was being delayed by which could take El. 3m out of half-year give 

i t.. Jirr.— >i» ft.;. ' . ■ . # . . . * . n uoac/inql npnpn 


Davenport 

Knitwear 


Assoc. Biscuit finalises £5m U.S. buy 


Terms for Associated Biscuit 


Manufacturers' acquisition of 31 wer^sfjBm. assets at Decembe r for Capital and County 
Biscuit Com- „ Laundries shows that C and -C 


4:i!es should be well jhead hut 
.he company seems lo have 
roved into more low margin 
lines than w.u> originally 
mticipaled. Te sen's grneei y 
uarket share may have improved 
'jot il remains io by seen how 
Aunshury’s price cutting exercise which enjoyed 
..ill affect the results. The com 
i.my is ajiparcntly doing well in 
he current year hut future ex- because of a 


swing against ‘the dollar and UK and analysts are confident the and spirit sales were very buoyant leaving _a net balance of I2S9.22S and !970, on April 1, 1980. 
general food activities are being forecast will be met. At the last year but took a bit of a dive (£210,107). Initial consideration ha 


s which enjoyed a very Mrong first were a Tew hales appearing in ihe higher level of capital expendi- voluntary liquidation) is to make The neu Ordinary shares have Dru S T nart arid independent dhtg 
- quarter, suffered a significani forward order book. The subse- lure than its competitors and it a faj r( j distribution of ’‘du ner been with institutional In- st °res. 

i check in the last half uf the year quent weakening of sterling may is thus less insulated against ordinary share on July *10 ' In veslor s. These acquisitions 


newey losses 
heavihi than 

EXPECTED - 


major 


year quent 

drop in help improve 


the picture. The interest rate movements. 


Culll|IJIlV 


FINAL DIVIDENDS 


.!*!• <1 V|..m Croup 

iiif.-rion Stratholjl.- 

Tol. vision (.orpof 'llon 
.'1.100(1 (.arstt'-s ... ... 

i Austin * ml Si>ri!> ■ Lonnon- 

•»/.nid iJruup . . 

•jt'-r Pcrtiins HoWinss 

•iMwa Tsi Holdings 

ivi-:li-»»«id <^inA|nii'it«.u • lloldmcsi .. 
r.i.iioro Pfuuirlv Trust 

if tii .h Sicam Sm-i-iailiks Droop 

rin.sh Tar HroOniis 

■H>n tiM-in jn.l •> 

tnern ami Tawuc 

■iirm-tt ami UMljniiDiri Holdings 

fiainli. rlain f'filpp- 

.diinp. ni at and liiaiisirtat Trust 

tumicl Tmipci Inn-sim.-ii'K 

omrni SnUnn- s 

'•von Ini- rn.iituual 

•lif ioip,- tni' nisiioii.il 

:-lbr«« iJloldinss* 

'Iislnw sun f.t n.-ral Inv. sinnm Cnmpjny TiioMiav 

.. Ellin) si\J Cu .... 

'siaii and A.-n.-y lluldinss ... 

•. an- i.f U»-«|s 

>!trsh.itl Compaar 

iiidudtrti > 

il i.|tf>u Iiiit4ln<* ’ 

aii id mi arv<| Liv.rtiuol Trust .. . 

J, '"1on Sumatra Planiaiiuns 

. I reus ami Co 

••t-.iu* .. 

nrilu ru Si iiirilds Trust 

Molding., " 

1 , *ss'*s 9 impiiiiy 

ui**-ii Dun ran 


AIIIIHIIII IV- 

Di vill. nd 

ipi* 

nii-iii 

Lasr i 

■■e:ir 

n»w year 

■Jiii? 

Ini. 

Final 

Ini. 

Monday 

8. IS 

(l.i-5 

U.3 

Tuodoy 

l.« 

I .\}A 

1.0^ 

Thimbu* 

3 2T5 

rs.n; 


Tu,-vJ<y 

tl.fll.1 

n.vjb 

u.ci.i 

► rirtay 

1.144 

•j i r? 

1.2JM 

Wodmsday 

0.45 

•1 525 

0,5 

Thurwl?y 

1.6a 

2 234 

1.9 

Monday 

— 

— 

18.0 

Thursday 

ll.S 

1.3 

0.3 

Tuesday 

a W2 

■mi 

3.446t 

ThurwJay 

1 3U 

5.210 

1.5 

Thumdoy 

fl.153 

1 44.! 

0.3 

Friday 

2.l> 

3.3 

4.n 

uv<1nr>d(i> 

i.ufs 

•1.23S 

IJ45t 

Wednesday 

I.27S 

1.27S 

1 .44 it 

Mondav 

il 443 

1 4ii7 

n.Wrif 

Ttmr^lay 

2.0 

”.ij 

2.25 

TovAday 

— 

— 

— 

ivcdtK-sd-y 

— 

.’ill 

— 

Mondav 

T 1*. 

1.0M2 

1.771 

Wednesday 

0SC2 

2. re 

0.082 

Thursduy 

1 S2 

3 J*34 

2.W 

TuoMiav 

li..i 

o.s 

U.Q5 

Wiein.'sday 

2.0 

• 7^ 

2.S-' 

Wettm-sdoa 

— 

n 413 


Tuieday 

0.281 

II Vl9 

0 .12 Ht 

Mnndoy 

l.U 

o.-. 

0.1 

iVcflfta-x-la? 

1.4 

’.84 ti 

3.11 

Wminesday 

I w 

3 SO 

t.fisit 

Thursday 

0 1.1 

n.l3b 

0.122 

Mnnday 

— 

2.u 


Thursday 

!.nr? 

5.533 

2.053 

Knday 

1.3 

2 4G 

l.s 

Wednesday 

0 i 

2.3 

t.o 

Monday 

2 7.1 

4 9.1 

3 orr.; 

Tmwd'iy 

"• VJ7S 

1 .177,1 

21M7S 

Tuesday 

2.73 

5.131 

15 


Company 


RhcbI EIocuouk's 

Raduni Metal KWKtun? Comoany 

R-vlilTUSIOD 

Roulinaon Construction Croup 

Hussel brothers • Paddlncron i 

Scum Group 

Shavv and Marvin . ... 

ShcKpbridKC Enah^Tio* 

J W Stn^ar and Sons 

Sirrtint Industries 

Tcbbm Groop 

T-^eo sioins tHoldbissf ... 

Tumid Holdings 


Atmuunro- 

nii-iil 

duo 

Thursday 

Tuusilay 

l''nday 

WnlnKsday 

Tui.-sday 

Friday 

Monday 

Thursday 

Monday 

Monday 

Thursduy 

Wednesday 

Thursday 


Dividend ln«- 
Last year Tin- yt ar 


liu. 

0 si.A 
0.301 
0S73 

n. KU 

o. ;s 

1 9 
0 .I."! 
ljas 
0..1S 
0.25 


Q.K3 

5.0 


Final 
0.GTT 
1.221 
.1.413 
1.S46 
3.H 
■2.N54 
0.33 
2.17S 
1.096 
0.0 
Nil 
n y.y 
6.755 


Ini. 
1.7 
o.j.' 
n.h73 
n rji 

l.ii 

2.442 

Nil 

2.034* 

OfiSit 

0/3 


The Board of Newey-v prtmp;. 
, which has. Incurred 'Increasing 
th«. oo n - . ... Minplcment losses ^ ^since I&7S; ; corisiiferM^he 
report Ihe payment Net profit after tax of Salerno n5,J5-?rSlKI!!o!55? . Tan ? bl If n Possibility. ofwihdCbg.apiheiom, 
date was incorrectly given as for 1D7G and 1977 was SI .2m and sSiSUJJC* bou ?? t ,n P^ny before it optedTorthe^aCTWd 

October t. su.fi ra respectively. 


yesterday’s 


DIVIDENDS ANNOUNCED 


m K<i«iy uuiore it Opted- for the affroefl 
September 1977 and provide - a take-over bid of^f^IterelS 
, for further expansion cash by Wflfiam PrVmAVerke. Df 
throughout Canada. Approval West .Germany!; ■ \ . - 

been has -Mr. M. ,M. C Nfewey, chairman •: 

neen obtained. of Newqy said io tbe formal offer 


nnjs 

3.434 


INTERIM DIVIDENDS 

Allmil Breweries 

Greet Nicholson 

j h. ppomfr and Co. 'Holditusi 

Ttioman French and Sons 

rin<*r Northern Invcsimeni Trust 

Hinlyj . 

Irish Distillers Group 

Keiimnc Motor Group 

Arthur we and Sons 

fansdale Universal . 

l.nolicrs .... 

News Intemaiiona! 

S.'iitiun smertean lnv»simeni Company 

Throcmorton Trust 

UiiiknI Slams Debenture Corporation ... 
Veens Stone Croup 


Tuesday 

Thursday 

Monday 

Thursday 

Monday 

Thursday 

Tuesday 

U'pdrvi-tiday 

Thursday 

Thursduy 

Thursday 

Friday 

Wednesday 

Wednesday 

Wednesday 

Thursday 


1.25 

I.n_ 

2.73 

i.n 

1.15 
; o 
i it 
M 
U.4 
1 •.»2 
O.WS 
4 0 

0 S 
2.0 

1 15 

0.6 


2.CS3 

2 3^8 

n.B5 

2.19a 


4.391 

2 4t® 

2 Si 

l.* 

r..24 

1.35 

4 u 

I i 

2.377; 


0.664 


INTERIM FIGURES ONLY 

Ttellani Motor Group 


Brent Walker 

Brunner Inv 

Caffyns 

Clyde Blowers 

Crosby Springs 

Davenport Knitwear 

Dorrinstun Inv. 

Duple , 

Elswick-Hopper ....' 

Ferguson Ind 

Arthur Guinness .... 

Pilkington 

Raeburn lav 

Sckcrs 

John Swan "] 

Victoria Carpet 

J. Woodhead 


Friday 



0,v, !!? fr f^5 «hnirn iipt P«kt\prr share and adjusted lor any Iniericmns scrip i 
' Ji n'^r* c ? r T r ‘; ,1 ^ ;,,ll,B dividend due in ch^neu in las rale, t Secund ml c rim i 
ir heu .D M Mwi-L'di* wumd inirrim nr 2 2d. Includes second Inlmm 
_.4.p. a Includes wennd micnm of 1.23p. b Bonus payment of 0.!&5p also oaid. 


Current 

Date Corre- 
of spending 

Total 

for 

Total 

lasr 

payment 

payment 

div. 

year- 

year 


0.9 

July Si 

0.77 

125 

3J2 

.mt 

l.Sa 

Aug. 4 

1.6 


333 


4.4 

— 

4.05 

6.4 

5.73 

.int 

0.S3 

July 28 

0.83 

— 

3.63 


0.44 

— 

0.59 

0.65 

0.59 


3.96 

Auy. 15 

3.24 

3J96 

3.24 


1.69 

July 28 

1.52 

3.09 

2.77 


0JǤ 

July 15 





0.59 


05 

July 31 

0.46 

0.9 

0.S1 


39t 

— 

3J33 

6 

5.43 

.ml. 

2.62 

Aug. 11 

2.38 

_ 

7.02 


5.76 

Aug. 17 

5.36 

1153 

1048 

.ini. 

1.25 

Aug. 14 

1.1 


3.7 


0.82 

— 

0.6 

1.51 

Li 


21.79 

Aug. 22 

19.31 

21.79 

39.51 


0.97 

Aug. 17 

0.97 

1-41 

1.41 


2.57 

Aug. S 

2.32* 

3.S 

3.45* 




ENGUSH PROPERTY vl9l!LJ 


mm 


off r are continuing, no 

announcement can be expected He;T&^t^e :BoarA^fwa0 




Era 

A 


ItfOvr : 



IZt \ - 


c, 

A 








K: 


•4'.. 


•rjJf 
* --if . 1 


ronvutced .that a price «f flSp ; per 
snare cotrid: jiot : fe rinsHfiwL Jitf 



before the first week of July. 

NO PROBE 

Secretary ol 
and Consumer 

cided not to’ refer tne . proposed ■ -■ — r 

merger between’ LWT moldings) a, prertax J05S'4rf. ; 

SSJSSSr .'-? ;.:1 -• 

northern foods ^ 

Northern Foods has obtained- Although a . .. 

the appropriate .tax clearances i? r ‘Period^ Jo MarebrjirL ' >. 
under Section 480 Income and Cor-. Newey ; r saM- "Shis^- ■■ ••'i'' v- 

.... Poration Taxes -Act 1D70 ".and n ®'f- ^royeC. greater 
3.45* Section 40 Finance Acfr-19T7. This PCCted ., and 



55".-- 







** l ts 


— * -’Cr: 



Union 

vision 



lea! 



V" : \ 


FinaiKia^>!fanes Saturday June 17. 1978 


17 



OF THE WEEK’S COMPANY NEWS 


Take-over bids and mergers •. 

and Wilson has agreed to accept an 
01 195p from the U.S.-based Tenneco 

2S!r2a *2!2“ - last -™« nt *» to acquire the 505 per- cent of Albright 
ov ™ i 1 becauSc the latter’s Board felt that the 165p 
a share offered fell substantially short of a level that "could be 
rewauir^aded to shareholders. The revised tenns ice considered 
HuL,? 3 -.. ■ reas °hable. by both parties who are, expected to join 
forces m appealing to the Government not to Wock the proposed 
merger. 

JR ie Post Office Pension Fund is to takeover-one of the CJK’s 
leading investment trust groups in a major three-way deal which 
will -provide Barclays Bank with an injectwh of some £85m of 
oew .capital. Under the terms of the deal, Barclays is offering its 
own shares; worth around fSlra at currenLmaricet value, to buy 
the^lnv<»taieat Trust Corporation. The bank has already agreed 
.mat, .if me bid goes, through.' it will then -sell- the investment 
company, to the Post Office- staff superannuation -fund' for £35 m 
cash..', s ■ • ■ . ;■ \ 

Cement-Roadstone has made a £5. 65m agreed-ttke-over bid 
* or i*- W. Henderson. The offer comprises: -5lQp cash for 
each Henderson share' and. it seems assured of .success as the 
major shareholder London and Northern" Group/ which holds 
S4.8 per cent Henderson equity has pledged .Its support .along 
with the Header son directors. " ■ '-'.'/h.- 

The long courtship of Hr. Peter ProwtWs private property 
development group County and Suburban and the publicly quoted 
Estates and General Investments may have a happy ending. 
E. and'G. 'has brought out a new merger plan which appears to 
satisfy the criticisms that killed the last scheme in 1975. The 
new merger terms are structured in the form of a reverse take- 
over by E- and.G. of County and Suburban. It will. Be effected 
by E. and G. issuing 7.88m new 20p shares and a new 20 per cent 
loan stock. 

Bridgewater Investment Trust has been granted re-listing of 
its shares on the London stock exchange following the announce- 
ment that. Sagest SA, a Swiss financial holding group, is making 
a £397,000 bid for the trust The Geneva-based group h as paid 
Clifton Investments £218,000 for its 55 per cent stake in the trust 
and is now offering 6.6p a share to all other shareholders in order 
to comply, with the City Take-over Panel rules. . 

A bid may well be on the cards for Knott Mill following the 


announcement that the company is involved in talks with an 
unnamed party . 

Value of Price Value Final 

Company bid per Market before of bid . Acc’t'ce 

bid for share** price** bid (£m's)** Bidder date 


PREUNHNARY RESULTS 


Albright & Wilson 
Bridgewater Trust 
Capital & County 
Laundries 
Cording Group 
Carlton lads. 
Cornercroft 

Customable 
Flufdrive Eng. 
Harrisons 
Malaysian Ksts. 
Henderson (J. W.> 

Henshsli IW.) 

Hfti shall h.V.) 
Invest Trusl Cpn. 

KCA tnfL 
Kinsside /nv. 
Loud. Aust. Invs. 

l-nnd. & Liverpool 
Trust 

-Marler Estates 
Mlln Masters 
Mitchell Cotts 
Transport 
Pork Farms 
RKT Textiles 


Prices In pence unless etiuvwlM liuUuim). 


195*§ 

0.6 

150* 

20 * 

IBS* 

65* 

20 * 

210 

20 * 

SO* 

269 

29* 

61 

132* 

21 * 

S5* 

200 * 

83g 

6S1§5 

SB* 

200 * 


163 

7T? 

1421 

20 

195 

68 

214 

781 

36 

20S 

27 

27 

276 

281 

50] 


25 

28 

137 

SO 

633 

S3 

196 


123 

7 

H7 

20 

170 

56 

194 

55 

90 

155 

18 

21 

255 

2S 

50} 

123 

19 

2t 

1C3 

S2 

407 
72 tt 

170 


115.04 Tenneco — 

0.397 Sagest SA — 

Johnson Group 
Cleaners — 

linigaie — 

Hwkr. Slddeley — 
Armstrong 
Equipment — 

Mooloya Invs, — 

Thus. TUllug — 

118.71 Harrisons 

Crosfield — 

Cement- 

Roads! one — 

Rov bourne — 

Perford — 

Barclays Bank/ 
P.O.P.F. 

Mr. T. Ward — 

Jove In v. 13/6 

Colonial Mutual 
Lire 12/7 

Asehhclm Secs, ft 
W. & A. SA Zug — 
Blade Invs. — 

HilleshogAB — 

Mltrhell Cotts 
Group 

Nfbra. Foods 
Roht. Kitchen 
Taylor 
Industrial 
Equltv 
Dana Carp. 

W. J. Glossop 
Newman Intfs. — 


1.57 

4.64 

22.7 

L62 

1.05 

5.11 


5.65 

0.50 

0.75 

00.69 

7.7 

5.49 

11.37 

0.52 

O.SS 

4.23 

1-27 

23.25 

78.64 

0.7S 


23/C 


14.50 

1.60 

2.40 


27/6 


St. Kitts (London) 

Sugar 

Turner SEftff. 145* 136 124 

Wet tern Bros. 95* 95 58 

Wood & Sons 60 48 48' 

* All casi offer, t Cash alternative, f Partial bid. SFor capital 
not already held i| Combined market capitalisation. |l Date on which 
scheme is expected to become operative. •* Based on 13/6/78. 
Tt At suspension, tt Estimated. Shares and cash. Vi* Based on 
16/H/7S. 

Rights issues 

British Tar Products: One-for-II at 45p each. 

Hartwells Group: One-for-three at 82p each. 

Skvtchley: Onefor-Rve at 92 p each. 


Company 

AB Foods 
Allied Retailers 

Alpine Drinks 
Anglo-lndonesian 
Ariel inds. 

Avenue Close 

Be I haven Brewery' 

8. ft C. Shipping 
British Tar 
Brownlee 
Caledonia Invs. 
Chloride Group 
Cntry. ftNew’fwn. 
A. Cohen 
Cont.Siatioaery 
Dom Holdings 
Fortnum ft Mason 
GEI Inti. 

Goldrei (Foucard) 
Gt. Portland Ests. 
Hargreaves Group 
lUghgate & Job 
Hill Samuel 
IniL Timber 
Johnson Matthey 
Wm. Leech 
Ldn. ft Overseas 
McNeill Group 
Ocean Wilsons 
J. T. Parrish 
R. Paterson 
Pauls ft Whites 
Peglor-H a ae rsle v 
Plysu 

Prop- & Beversnry. 
Robertsons 

Sketehley 
Stave ley Inds. 
Triplex Foundries 
Valor 

Warren Flams. 
Warwick Eny. 

WGI 

W. Bromwich Spg. 
Wheway Wasson 


Pre-tax jirolit Earnings* Dividends* 
Yearj/i i £(>f)0 1 per share ip) per share ip) 


Apr. 1 

77.623 (K0, 362) 

9.7 

(».:d 

2.525 

(2.075) 

Apr. 1 

4.874 

(J.CiMi) 

23.5 

(20.») 

8.712 

(74i) 

Apr. i 

1.5463 

11.323 n 

14.7 

f 1J.J J 

ti.fi 

i 3.334 ) 

bee. j l 

1.212 

(GUI* 

i2.n 

(12.4) 

2.T5 

(2.31 

Mar. SI 

TSTi 

(7G2) 

t 

i‘> 

2.134 

(1.914) 

M^r. St 

359 

1.307) 

2.8 

(2.6) 

1.625 

(1.4*1 ) 

Apr. 2 

OL (593 (L Nil 

INiM 

Nil 

(Nil) 

Dee, si 

29.312 1 

[27,273) 

04.5 

(28.9) 

9.258 

(8.3351 

Mar. 31 

U39 

(t.OilS) 

5.6 

(4.6) 

1.S04 

(1.613) 

Mar. 25 

7ti5 

(l,uS9) 

5J 

(9.S; 

2.27 

(2.036) 

Msr.31 

3.1 GO 

(3,070) 

lfi.fi 

(9.11 

3.431 

(7.61) 

Mar 31 

23.063 l 

[26.4101 

lt.fi 

<I3.4» 

A.luS 

(4.852) 

Jan. 31 

45S 

(S9)L 

Nil 

(Ml) 

0.65 

(0.651 

Dec. 31 

13£S 

(2.13S) 

39.5 

(45.3) 

5.43 

(4.91) 

M ir 31 

mb- 

C17G) 

3.6 

(3.0) 

2.52 

(2J2) 

Mar. 31 

1.023 

(S35) 

6.9 

(5.6) 

4.644 

(4J) 

Jar..2S 

1.M3 

(555) 

122.1 

(64.8) 

20.8 

1 20.3) 

Mar. 31 

5^52 

(4,135) 

10.6 

(7.8 1 

4.152 

(3.715) 

llar.25 

453 

1386) 

10.0 

(S.0> 

2.U9 

(2.43) 

Mar. 31 

4,104 

(2,656) 

S.2 

(5^> 

A357 

(3.946) 

M.ir. 31 

3,422 

(3,272) 

6.4 

(5.3) 

3.217 

(2.SS) 

Mar. 31 

ltib 

(204) 

7.1 

i5.3) 

2.5 

14.0) 


6.S50 

(6.710) 

ii.fi 

(11.3) 

4j>66 

(4.004) 



(6.525) 

15.0 

(24.7i 

4.055 

(6-3) 


IS.Sijj 1 

21.015) 

M.U 

Ifil.u) 

Dl.filSl 12.303) 


2 2QII 

(2.784) 

14.9 

(21.0) 

6.0 

U.0J 

Mir. ul 

3.090L 

1 4,340 > 

Nil 

( HV5) 

Nil 

(3.321) 

Dec. SI 

1.2S3L 


\’}J 

(Nil; 

N;J 

1 2.S5 ) 


2,700 

(2.800 j 

11.(1 

(12.0) 

2.S75 

(2.5) 

Jan. 28 


<51 ) 

:5.s 

(7.0) 

3.835 

(3.835) 

Mar 25 

1,021 

(458) 

fi.-i 

1 i 

2.547 

(2.2831 

Mar. 31 

6.230 

1 5.21(1) 

1721 

(1S.P) 

42if» 

(3.451) 

Apr. 1 1 

2.5S12 ( 

is. 155 is 

2fi I 

(41.5) 

i .083 

(ti.SSl) 

Mar. 31 

730 

(8Llt 

11.8 

(13.H i 

l^;s4 

1 1.239 1 

, Mar. 31 

1.082 

(592 1 

S.2 

1 7.0) 

5.16 

(4.iiti> 

Mar. 31 

2.734 

(2,551 J 

22.5 

(24.5 1 

5.723 

l5.1Sfi) 

Mar. 31 


1 2,254 ) 

13.4 

1 7.S i 

4. 69 

(4.243) 

Apr. 1 

15.017c 

(d,«5‘J)S 

84. 3 

(4i./) 

13.5W 

r (7.8) 

M*r.3l 

n UU1 

(2.037) 

15.0 

« 13.11 1 

4.632 

(4.189) 

Mar. 31 

I.l.'SO 

rl.unu 

H.tf 

ta&t 

2.105 

(1.SS4) 

Dec 31 

to.sno 

1 4.06s 1 

St .2 

i 41.0 ) 

14.07 

(fl.li 

.Mar. 31 

1)0 

(J+4) 

2.1 

/4.U 

(1.S25 

(2X92) 

Mar. 31 

1,107 

(703) 

ifi.l) 

(14.0) 

5-S 

loX) 

Dee. 31 

595 

1331) 

7.1 

(4.0) 

1.09 

(1.039) 

Amr. 1 

766 

(6251 

2.9 

i3.U» 

0.S7S 

10.734) 


INTERIM STATEMENTS 


Company 


Half-year 

lo 


Pre-tax uroiii 

u'jnt}! 


Interim dividends* 
per share i pi 


l3,fi.-»il 

( 11.640) 

1.025 

»l..a» 

11)0 

1 185) 

1.65 

(1.5) 

1.800 

(2.550) 

2.148 

1 1 .783) 

t.0:*2 

.CSSS) 

0.3.15 

i — i 

5,7 17 

(5,3(50) 

1.65 

(1.5) 

S.530 

( 13.510) 

1025 

( 1-7-' » 

i fir, 

(112) 

1.155 

(1.03) 

3.740 

(4.890 j 

1 .33 

(1.21) 

ISL 

i4fi) 



(— ) 

252 

(2I«) 

4 Sr. 

ifl.fia) 

SfiO 

( l.Otitil 

2ft 

< 2.5) 

755 

(571) 

20 

(1.31 

11,100 

( 24,900) 

3.1 

(3.1) 

yya 

(421b 



l—) 

1U3 

Util) 

— 

i — ) 

SG5 

(765) 

2.0 

(15) 


Berisford (S & VV| Mar. 31 
EJuemel Bros. Apr. I 

P.J.CarrolT Mar. 31 

Duple I nil, Feb. 28 

CampAir Apr. 2 

English China Mar. 31 

Flexeilo Castors Mar. 31 

Hickson & Welch Mar. 3 1 

Laganvaic Ests. Oct. 31 

Nottingham Brick Mar. 31 
Record Ridgway Apr. 2 
Snatch i ft Saatehl "\lar. 31 
Tale ft Lyle Mar. 31 

Tomkinsons Crpts. Apr. I 
United Guarantee Mar. 31 
White, Child Apr. 2 

(Figures in parentheses are for corresponding period.) 

Dividends shown net except where otherwise stated- 
•Adjusted for any intervening scrip issue. fNot ci\en. 2 For 
52 weeks. {■ Far 53 weeks, a For 26 w eeks, b For 25 weeks, e For 7S 
weeks. L Loss. 


Offers for sale, placings and introductions 

Agricultural Mortgage Corporation: Placing of £3ni of variable 
rate bonds 1983 at par. 

Exchequer Stock: £900m of 10 per cent Exchequer ctoek 19S3 at 
£95 per cent. 

Exchequer Stock: jEl.OOOrn of 12 per cent Exchequer .-took 2013-17 
at £96 per cent. 

Robinson Brothers (Ryders Green): Placing of l.Sm 11 per cent 
preference shares of £1 each at 109n per share. 

West Kent Wafer Company: Placing of £(>.75m oF 12.5 per cent 
redeemable stock 1986 at £98.75 per rani. 


Scrip Issues 


Great Portland Estates: Qne-fm-tivo. 

Rohinson Brothers ( Ryders Green): Two preference for one 
ordinary. 

Saatchi and Suatchi: One-for-three. 






Bishop’s plan] 
reduced profit margins 



THIS WEEK, Gartmore Fund 
Managers turned a ay from the 
current vogue of North America 
and returned to that old standby 
the high income funds. Over the 
past few years these funds have 
provided the bread and butter 
business for the unit trust move- 
ment while other funds have 
occupied tils limelight for a few 
months and then returned to 
obscurity. The managers launched 
the Gartmore Extra Income Units 
to put alongside the High income 
Trust. 

The investment objective of 
this new fund is high income 
with maximum growth potential, 
m the portfolio will be almost 
entirely high yielding UK equities. 
The fund yields 9J per cent grosi 
—a full i of a percentage point 
higher than the High Income 
Fund, despite the latter’s prefer- 
ence share content 

The growth of the High Income^ 
Fund nowr at £15m. is inhibiting 
the managers ability to deal in 
small lines. . of stock thereby 
keeping up the yield. Thus in 
launching this new fund, the man- 
agers arc deliberately restricting 
the number of units issued so 


that they have a small fund which 
can maintain flexibility. For inves- 
tors seeking quarterly income the 
managers have designed a Quart- 
erly Income Plan with Investment 
being made in both the Extra 
Income and High Inconi* Funds. 

Schlesinger Trust Managers, the 
Tyndall Group and Lawson Secur- 
ities have also abandoned, at least 
temporarily, the overseas markets 
for the UK and are. offering iheir 
highly successful high income 
funds. The Schlesinger Extra In- 
come Trust also' aims for. maxi- 
mum growth by investing solely 
in equities and has a yield of 9.5 
per cent, gross. Tyndali is offer- 
ing the London .Wall Extra In- 
come Growth Units,*' yielding al- 
most ‘10 per cent: the '■portfolio 
having only a small portion of 
fixed interest stocks. The Lawson 
High Yield Fund, in contrast has 
40 per cent, of its portfolio in 
preference shares and,- offers a 
yield o£ 11 per cent, bttt diluted 
income growth prospects.- 

Save and Prosper is still stick- 
ing to its United States Growth 
Fund and despite the setback this 
week still holds to the firm belief 
that the scope for capital growth 


in this market is substantial iu 
the medium term. Crescent Unit 
Trust managers have turned to 
the Far East and arc launching 
a new fund, the Crescent Tokyo 
Fund. This aims at capital growth 
by investing in Japanese blue 
chips— wilh a yield of 0.5 per 
cem it couid noi be aiming for 
anything else. The fund Is man- 
aged by Edinburgh Fund Man- 
agers who have £ 20 m of funds 
invoked in Japan including the 
hichly successful Crescent Japan 
Investment Trust. 

On a different tack altogether. 
It is drawing the attention of 
i he self-employed lo its new Per- 
sonal Pension Plan which offers 
a choice of guaranteed and unit- 
linked. It is also giving details 
of frs Index Linker Bonds which 
enable investors to put aside a 
lump sum Tor imestmenr inio the 
SAVE index linked contract 

Finally, for those investors who 
prefer the security and guaran- 
tees offered by building societies 
and with-profit life assurance, the 
Britannia Building Society is 
drawing attention to its recent 
•.launch The Britannia “Double 
investment '* Plan. 



■ Estimated Current 
Gross Yield (15.6.78)- 


Capital Growth of income units 
since. launch in February 1970 


9.99% 616% 

London Wall Extra Income Growth Units offer you a . 
high income from an investment in carefully chosen high 
yielding equities with a small proportion of fixed interest 
Stocks. 

The aim is to produce not. only a high income but an 
increasing income over the years coup/ed with capital 

growth- And this has certainly been achieved since 

February 1976 when the trust was launched . New 
investors in this unit trust get an estimated gross 
commencing yield of 9.99%. In addition since the 
launch, the offer price of the units has risen by no Jess 
than 6 1.6% compared with a rise of 17.4% in the rl 
■ Industrial Ordinary Index over the same period.. 

Investors have therefore fared much better than they 
would have done in any fixed interest investment. 

London Wall Extra Income Growth Trust is a unit : 
trust in the Tyndall Group which currently manages 
over £200 million on behalf of k>me 80,000 investors. 
You can invest in this trust for as little as £500. 

Remember that the price of units arid the income 

from them can go down as well as up. 

You should regard your investment as long term. 


are today* will b« 
r iw«iHl at rfie offer price prevadbc 

wbeoyoor comuleud application is 
received. Tbe offer price of tfte mat* on . 
15th June 1978 was 404p. Unit prteejmd _ 
yields arc quoted in most national dwiy 
n e w spap er*. Tlic mtahman investment 
i*£50O- 

Telnrzst, fiB In die coupon or talk jp 
yonr financial adviser. Applications will * 
be adma wledsed and ysBP cerdScuo 
. lent wllton.^S days. 

Uyouwi*tondls«n , tniu,lte 
Muckers trill pueebase di«n « ito P™* 

many dealing dw.PaynxTii win oociiiaJty be . 

roodcviLbiii'cveidoyioftiv: receipt of your 
raiounectlceniljeaie. 


Imp ortant details 

AB anil bolder* rctrive ibfir . 

distribuOMWiK* of a* at thcbs'tnjc WOT* 

year tn 8* June and «*h rweerobor. 1 nyeHnni. 

J^wfflreeetosliwrtoslitoinhunL'Oia. 

December MB- , 

An tains! moragcnwtii djirpe « 

i ~ .1 h«.--.MwAr iht iflUU. A ■ 


TrtM anti* vta.-,! bi' ito 

tfSwu for Tfa dg-Tud ihc anils ^ 
xattge" mrewnaew under die I rirJe - : 

the-Dtawc wdbnfcbrfMhe 
tammeats no the unitbolder* brfuu- 


appocatton for units 

:h» Tm d*Gr«£^ 

/Rffitoaif No. 7W3/ft5*iwfl 

| ^S^^SffExtralacOBW 




rso^ritedagao. 

S un t m e 


(Mi; Mrs, Mis® if til 1c) 
fliAurfaaKMlW* 
(mfuDJ 
■FnBaddreH 




irnitfe tbs dtrlmatK, it sltcriJ A ' :he p~pT17/liFliEKi "} 

ATyndall Group Unit Trust 

- - Manber efthe Uwi Trust Assodtnion . . \ 


\ 


down despite 
Chile profit 

Taxable profit of Antnfaea«rta 
(Cbili) and Boliria Railway 
Company fell from £473.69" to 
±■251,472 in 1977 on grouo turnover 
marginally up at I5J29m. axoinst 
£5*2m- After revaluation adjust- 
ments and lax there was, 
however, a recovery from a 
C34.H7 loss to a £20,062 surplus in 
Chile. , 

. In November, the direclors 
warned that because of diERcuItiei 
and delays in applying tariff 
increases, it appeared certain that 
after charging depreciation and 
monetary correction a greater 
loss would be incurred^ on the 
company's operations in Chile 
during , the year than in 1976. 

Bantings per •£! share for the 
year slipped to O.SBp (1.7BpV 
Group profit included dividends 
and interest received amounting 
to £159,646 (£156,763). 

Raeburn Inv. 
maintains 

£500,000 

After a tax of £0.35m. against 
CO. 38m, Raeburn Investment 
Trust maintained available net 
revenue for the half-year to May 
31, 1978. at 1512,005 compared with 
£504,103. Gross revenue was 
marginally up from £l.l*fro to 
ELlSm. 

Including a dollar premium or 
£fi.56m i£G.Glm) the market value 
of investments at midway 
amounted to £51. nm (£44.S5m) for 
net asset value per 25p share to 
reach 1760p: a 9.7 per cent 
increase on November 30, 19<<. 
and 104 per cent on May 31 of 
that year. Fully diluted the value 
would have been. I75.Sp— up 9.6 
per cent and 10 per cent 
respectively. . ...... 

The net interim dividend Is 
raised to l25p (l.lp) costing 
£331,394 (£2809611. Last year’s 
final of 2.6p was paid from avail- 
able net revenue of El.lliB. 

Expenses for ihe first half took 
£62,353 (£62.15S) and interest 

£130.476 (£147.8451. and preference 
dividend absorbed £38,008 (same). 


Following the High Street 
“ price -war " which severely hit 
1977-78 margins and profits of 
Bishop's Stores. Mr. John H. Brad- 
field. the chairman, says in his 
annual statement that it now 
seems unlikely Lhal food retailing 
and wholesaling will return to the 
percentage margin levels of 
earlier years and with this in mind 
each of the group's companies is 
planning accordingly. 

In the shorrer term, the direc- 
tors are concentrating on cost 
reduction and sales drives, while 
in the longer term, they aim to 
main ownership of the eroup's 
major premises to avoid the 
devastating rent reviews brought 
about by inflation and demand.^he 
adds. 

The group is developing a 
proportion of branches on its own 
account to avoid third-party 
profits and the “ expensive 
dreams" of developers* archi- 
tects. although initially it may be 
faced with hfph interest charges, 
states Mr. BradfieJd. 

As repv-ted on June 10. laxabie 
profits slumped from £2.1m to 
£0.8m for the year to February 
25. 1978. on sMe<! of £11 l.Sm. 
against £100.61m. In addition to 
the ” price war," which adversely 
affected each of the group’s 
trading companies either directlv 
or indirectly, the group was faced 
with a number of unexpected 
costs, the chairman points out 

The reduced profit from the 
group's wholesale company was 
caused by the necessity to wori* 


on lower margins and the need 
lo provide £6tj.ui.it) for had debts. 
The director* * policy on margins, 
was designed io help the VG and 
Centra retailers lu cope with effn- 
petition anti as d result sales in- 
creased by neariy 20 -per cent; JlLc- 
Bradfield says. - * * - r 

The directors arc confident that 
the progressive independent re- 
tailer has a sound future aod in- 
tend to sunnort i his aspect of the 
grnap's business in full. 

The pan of the group’s business 
most seriously affected by the 
“price v.rir" was it? retail com- 
pany which trade? mainly in the 
highly sensitive hnme counties 
area. The pricy rutting exercise 
in which it took part reduced 
margins without a corresponding 
increase in sales. 

As a result of the declining 
profitability in the latter part of 
the year, a wage cost redaction 
exercise was put in hand and also 
an ' extensive advertising cam- 
paign - costing some £350.000 was 
launched in an endeavour- to 
stimulate sales. The results from 
the* efforts are beginning to 
aha#, the chairman adds. 

Three closures of smaller 
branches became necessary, creat- 
ing terminal losses, and only one 
of several nSw supermarkets in 
the process of development was 
opened . during the year but fol- 
lowing a successful trial the com- 
pany has i opened five Bishop’s 
Bakehouses. This relatively low 
volume but high margin activity 
will contribute to profits in the 


current year, members are told. 

The chairman adds that a lower 
contribution to profits by the 
group's cash and carry subsidiary 
is understandable In the circum- 
stances prevailing, but is open to 
improvement in the future. 

Ateeting. RuLdip, July 12, at 
3 pm. 


Bonington 
ahead to 


.AFTER REPORTING profits up 
£40.000 to £301.000 at midway, 
Dorrington investment Company 
finished the year to March 31. 
1978 ahead from £524.000 to 
£027,000 pre-tax. on lower turn- 
over of £3.2Sm against £4.55m. 

At the interim stage, the direc- 
tors said buoyant trading 
conditions were expected to con- 
tinue in the second half and this 
should yield increased profits. 

The current year b3v begun 
promisingly and all indications 
are that it will be successful, 
they now report. 

Tax for the year takes £346.000 
i£2US.0iH)j giving stated earnings 
increased from 4J2p to 4.01 p per 
lOp sh-re. The dividend total is 
stepped up to 3.0S94p (2.766p1 
net. 


A SECOND half advance in 
taxable earnings from £469.728 to 
£011,452 by Caffyn5, automobile 
agency and engineering group, 
lifted profir for the year to 
March 31 . 1973. to a record £1.08m, 
against £000,957. Sales improved 
£S.SSm to £38.3601. 

The net :oiaI dividend is raised 
to 6.4p (5.57p) with a final of 4.4p 
per 50p share and a scrip issue 
on the h.isis of one new prefer- 
ence share for five ordinary is 
proposed. 

Tax took £576.312 f£476.9761 for 
earning per share of I4.Sp. 

Profit was struck after depre- 
ciation. interest and other charces 
amoumine to £345.372 (£231.975 1 . 
and an extraordinary gain of 
£138747 (£8.0461 took the attri- 
butable sum up to £644.482 
(£432,027). 

H. Norrington 

Reporting Improvement in profit 
from a depressed £65.000 to 
£90.000 for the half year to 
March 31, 1978, the directors of 
Henry Norrington and Sons say 
they expect profit at full time to 
be about £150.000. 

Sales, particularly of mach- 


inery have been less buoyant, and 
in the first halt reached £7.4 in 
(£6.Sml. 

Crosbv 
Spring 
picks rip 

IN THE second half of the year 
to March 31. 1978. Crosby Spring 
Interiors improved pre-tax proiils 
from £37ti.SS4 to £497,774 and. 
despite disappointments in some 
areas of its merchanting opera- 
tions. a record £7!2.09n, against 
£589,482. was achieved for the full 
year. 

Turnover which rose by only 
4 per cent to £7.5ni was adversely 
affected by a substantial fail in 
the sale of beddinsr unit? caused 
by a fire ui Doric Unit Company 
(Springs) and it was the main- 
tenance of profits throush in- 
surance which resulted in the 
improved margins. 

The final net dividend pounent 
is 0.433SP for a 0,653Bp tU.5f>42p> 
total 


London & 
Associated 


shows recovery 

With interest payments down 
from £215.723 to £157,602 and the 
share of associate companies 
profit up £110,466 at £152.314, 
London and Associated Invest- 
ment Trust made a recovery in 
1977 to a taxable profit of 
£125,971, compared wilh a £79,22- 

loss - u 

Stated earnings per ion snare 
were 0 flip (losses l.Wp) or O.Gip 
fullv diluted. The company has not 
paid a dividend since the 0.525P 
final on revenue of £227.150 for 

I973 - • , 

There was no surplus on xne 

revaluation of properties of an 
associated company this time com- 
pared with a gain to reserves m 
1976 of £372,553. but following the 
acquisition of additional property 
during 1978 the company now has 
a gross rental income of £ 100,000 
a yeafj 



& CO. LIMITED 

BUILDERS' MERCHANTS AND ROOFING SPECIALISTS 


Year ended 31st December 1977 

Turnover £9,059,201 

Profit before tax £ 573,526 

■Profit after tax and 

extraordinary items £ 278,839 

Earnings per share T!.62p 


1976 

£7,935.266 

£ 652,216 

£ 293.835 
12.7bp 


Mam points from the Statement by the Chairman, Mr. F. W. ESford: 

Final dividend of 2.7235p per share is recommended maf.ing a total of 4.3165p 
being the permitted maximum. 

Turnover during the current year is showing a satisfactory increase ana l am 
hopeful of the future despite the many adversities anecting the Construction 
Industry. 


Copies of the Report and Account's are available from: 

The Secretary, Roberts, Adtard & Co. Limited, Tweedy Road, Bromley. Kent. BR.1 3NW. 




15th quarterly payment on 23.777,251 units.- 
0.86p per unit. Payable 1 5!h June 1 978. 

I Current estimated gross yield 1 i % P.A. Units 
purchased by 31 st July .1978 qualify for next 
quarterly payment on 1 5th September 1 978. 

I* First issued in June 1974 af 33 3p (adjusted for 2 for 
I f subdivision). Recent price for accumulaiion units 
72.6p. Fund value Cl 2 million. 8,000 investors, 
i* Minimum holding only £600 for the lime being. 
Preferential discounts to Lawson unit holders 
purchasing extra units. 

LAWSOM SECURITIES LTD, 

63 GEORGE STREET, EDINBURGH EH2 2JG. 
Tel: 031 -226 391 1 (24 hour service) 

Phone for detailed brochure on Lawson High 
Yield Fund. 



FURTHER 



WIDE 



The following are salient points from ihe results for the six months to 31st March, 1978: 


vJ j x . 
_ w. 


Group pre-tax jirafit pp by 17.2 per cent from £11,643,000 to £13, 645,000 ; 


'Nv, 


’v* ^ 


/Turnover up by!12Xper cent from £554,581,000 to a N 


record £623.626,000; 



j dividend of 3.S5jxper share) against the equivalent of 1J5p lor Ihe same ^eriod’iqstyear- .^ . ^ \ 

I Copies of the fuli laterim Report may be obi2ineci ir.om the Secretary \ < . = , -,** 

* * S & W Berisford Limited / \ — 1 


v- v \ \ \ 

N \ \ \ \ 


Berisford House, 50 Mark Lane, London EC3R 7QJ. 


.. 



\ \ | :.* ■ » •; ; / >} ' \ __ 

\ International rood Merchsnting, Commodity Trading, Metals arid Insurance \ ; ■ j 

\ \ / / \ \ t ; S ,7 \ \ l i 

X\ \ • 1^-/' / ■ '■ \ 1 I / ■ V \ t i f 







Financial Tir..^ SabadSy Jpne -17 19TO 



WORLD STOCK MARKETS 






another 7.28 


NEW YORK 


•Tune I June 
16 . 15 


June - 1 Jane 
IS 15 


'lane'i'Juae 

- 16- T- IS: 


.k' M 1 


Coming Gla*..- 


I \ VESTMENT HOLLAR 
PREMIUM 

S2.6U 1» £ — In (IISJ'V.) 

Effective Sl.xniU 50J°i (50% ) 

FURTHER S1LVRP Iveses were 
revnrded un Wall Street yester- 
day. fill lowing disappoinlm" neus 
on interest rates. 

The Dow .Jones Industrial Aver- 
age lost another 7.28 lo Su6.U7. 
making a fail of 22.26 on Ihe 
week. The NYSE All Common 
Index, at 534 SO. shed 51 cents on 
the day and 51.28 on the week, 
while declines led sains by a 
Lhree-to-one majority. Trading 
volume decreased l.o&n shares to 
27.69m. 

Most major banks raised the 
Prime Rate to SI per cent from 
S? per cent. This came a day 
after the Fed reported L'..S. .Money 
Supply was unchanged in the 
latest week. 

Investors had hoped for a drop 


FRIDAY’S ACTIVE STOCKS 


Rnnurfa Inn* 

!)••'■ .til 

P.1.1I.1J + nutpni'lii 
r.^rs WiirM 
.in- ii R.-4li.<- 
K>nri Pji- r 
S. .irs Rut .-ill. 

!■ a mi ii- Mjv 

E*\rtll 

j-nuihi. 


Hi-j 

irodid 
1 t.lL.lilNI 

Jl ’Jflll 

■.•J2.7«ll 
■ji j :,vifi 
Jfti.VlIr 

IIS. am 
in Aim 

. i;-..jii(i 
. Ii.iipmi 
l'.J ..llll 


in the .Money Supply to offset the 

sharp ¥4.2hn rise a week earlier. 

The Fed «ji active in the Gov- 
ernment Securities Market with 
moves that analysts said held the 
Fed Funds rate at 7i per cent. 
However, it '> widely believed 
that the key rate will rise eventu- 
ally. with only the timing being 
ing doubt. 

The Commerce Department 
reported an u.U per cent rise in 
May pcrs«»r.nl income after an 
May personal income after a 
1.3 per cent usin in April. It also 
said May housing starts fell 4.9 
per cent to a seasonally adjusted 
annual rate of 2.08m, while build- 
ing permit;? dropped S.8 per cent 
to an annual rate of 1.59m. 

The reports indicate some slow- 
ing of economic growth, which 
analysts said <6 necessary if infla- 
tion ls to abate. 

Eastman Kodak lost SI 3 to 8541 
— a Federal Court denied a 
Berkey Photo request that Kodak 
divest iis photo manufacturing 
and photo finishing operations 
and its trademarks. 

Tmpk'una Products pave way 
$21 to $4S — the Federal Trade 
Commission a died Beatrice Foods, 
nil s! lo S2.V. lo delay its acqui- 
ulii.n of Trnpi>.;ina but Beatrice 
declined to accede fo the request. 

Cclanesp dipped SI 3 to 8402 — 
it ex peci « second quarter nel of 


S1.55 to Si.60 a share, up from 
$1 53 a year earlier. 

Ford Motor gained SB to $461— 
it forecast 11.2m cars weU be sotd 
in the U.S. this year. 

The American Sfc Market Value 
Index slipped 0.58 to 150.16, mak- 
ing a loss of 0.S1 on the week. 
Volume 4.11m shares (4.80m). 

CANADA — With the exception, 
of Golds, which moved up S6.6 to 
1424.4 on index. aH other sectors 
gave ground. The Toronto Com- 
posite Index shed 1.6 to 1146.4. 

Metals and Minerals ' Index 
dipped 3.S to 952.3. Oil and Gas 
0-4 to 1465.9, Utilities 0.27 to' 
173.69, Banks 0.82 to 277.69 and 
Papers 0.12 to 115.64. 

TOKYO: Domestic - oriented 

and Export-oriented issues 
moderately sought in another 
lacklustre market. Turnover 280m 
(220m) shares. 

BRUSSELS — Mostly lower in 
moderate trading after Prime 
Minister Leo Tindemans ten- 
dered his resignation. 

UK stocks mixed, Germans, 
Dutch, U.S. and French issues 
lower. Gold Mines steady to firm. 

HONG KONG— Slightly lower in 
very active trading, with much 
local and some European profit- 
taking. 

AUSTRALIA — Easier in quiet 

Lradin?. 

JRenison fell A51220 to 9.60. 


Uraniums also fell. Coppers 
steady. 


MILAN — Lower over a broad 
front In very thin dealings, follow- 
ing the resignation of President 
Giovanni Leone. 

Bonds quietly steady. 

GERMANY — Prices finned iff 
generally quiet trading. 

Veba gained DM 5.70 on higher 
first-quarter group net profits. 

Public Authority Bonds lost up 
to 40 pfennigs and Regulating 
Authorities bought nominal 
DM 15.5m of stock. Mark Foreign 
Loans mixed. 

PARIS-^Easier in calm trading, 
despite some buying by Institu- 
tional investors. 

U.S. shares weakened. Inter- 
national Oils irregular, Golds 
firmed. Coppers eased. 

JOHANNESBURG— Gold shares 

moderately firmer,, reflecting 
higher bullion trend. Mining 
Financials generally higher. 

Coppers steady, as were Plati- 
nums. 

Industrials again firmer. 

SWITZERLAND — Narrowly 
mixed in light volume. 

Banks steady. Financials nar- 
rowly mixed. Insurances slightly 
higher, leading Industrials steady. 

Domestic Bonds edged higher, 
but Mameforna dropped 4 per< 
cent the first day of trading- 
Foreign Bonds mixed. 


Abtwtt J*l» 1 

.VrWrewoawph •••} 
Act on Life* Caw 

Air Products 1 

A inn 

AlcsnAluminium' 

Alois - I 

A I leg. Liiniiuni.-V 
Allegheny Power! 
AIUl» 1 ibeniiiaL-i 

Allied Stores I 

AIM* I'bslmers .J 

AM AX | 

Amt red* Bess —I 


Amer. Airlines../ 
Atiier. Brands.... | 
A met Bmdcesi} 

Amer. Can { 

Amer.Cvai»mSdj 
Amer. filec-Pow 
Amer. Bxprest— 
Amer.BomePrort 
Amer. Medical... 
Amer. Moton— 
Amer. Nat. Gap.. 
Amer. Standard. 
Amer. Stares ...... 

Amer. Tel. £ Tei. 
Amctok.. 

A3LF 

AMP 

A m ilex 

Anchor Hcekiof. 
Anhwwr bowh.j 

Arm co Steel ; 

A.S'.A 

A -am era <_>ii J 


CPC totVtKma:; 
Cane... .....h.h.., 
Cracker >«t.....-,- : 
Crown Zelkrtncb. 
Cummin* Engine 
Cunta TVrigbL...! 

L'au* 

Dsn lar|u*UTe»^ 

Deere 

L>e! Monte 

Deltona. 

Lien is. ply inter.. - 
Detroit Edison.. 
DUmtwisliamrk 
Dictaphone...— 
Digital Equips. 

Dfmgy (Walt) 

Dover Cnrpn 

Dow Chemical.... 

lira vo. 

Dresser..—......... 

Du Pont- ..... ! 

Uymo Lnrtosmes 
Eagte Picher.,,^. 
East Airlines...-, 
final man Kodak. 
Kama 


| Johns Man in He... 
Johnson Johnson 
Johnson Control- 
Joy JUiuiiatnir'E 
K. JUrtCorp...... 

hnhecAlnmini m 
Kaiaer Industries 
Kaiser Steel— — 

Kay - — 

knuwedCi- 

! Kerr McGee- ■ — ] 
< Kkkle Waller — ., 
Kim her I y Ocrs — ; 

Koppew— — j 
Krart—— — ■ — ) 
Kroger Co...— .—j 
Leaieway Trees- 

Levi Strauss J 

LibbvCm Jcod..J 


3Ha l 31»G 
SJi* 835 b 
29 i 6 } 29*? 
351* | 36 1 j 
Z4.«a 1 24 t b 
327a I 33I* 

ai 3 ! 2 ‘b 

243a : 25ia 
123a i 15 
223e i 23la 
45 is 467 b 

33 ! 3312 

47 | 47*8 

25I 3 i 23 

48 J 48 

343a j 3412 
326s 32J* 

33 45 U 

2712 275b ' 


Uevioo — — ... 

Kevnohla Metals. 
Keynolda R. J. — 
Klch'son Murrell. 
Hock well Inter... 
Rohm A Haas— 


N.Y.S.E. ALL COMMON 


Kises and c alla 

| June 16, Jnne 15' June 14 


NEW YORK-i 


' .l,,n^ -lliiir 

l* 1 . 1? 


' June .lime 
• 1J 1 1- 


.lil.le 

9 . Hi^li 


'-inw.-^inipuafn 
I High 1 L>iw 


June 1 June .June 
In 1 la 1 14 

June 

15 

H 4(h 

Urn 

54.80 B5.5 1> 56.88 

66. 011 

56.20 

40.67 

i : 

1 

18.6) 

(6)3 1 


lisues traded 1,871 1,878 1.012 

Wises 367 355 794 

Kali* 1,099 1.194 685 

L’n'-tunged 415 379 433 

New Hi*dn 38 58 132 

5ew Lo«s 38 32 35 


MONTREAL 


Ash no 1 

Ashlarvl uu 

Atl. Ku-hiieid 

Auto Dnla Pro. , 

\Vi; 1 

AlVO ' 

A ton I'ii-uJui.-Is...' 
Unit Uas El&-r.... : 

Hsnk Amen'.* 

Haulers 'Cr. S.Y.. 

Harper i.hl 

Uasier Traveuol.. 

beat ru-K Fia>l 

He^-tc-n Lhi.lensgD : 

Belli Honelt 

nemiis • 

Ueuguet Cons *B' 
Hetluebeni Hteei.' 
Black A Devfcer..' 

Hieing 

BoiMi Casca>le : 

HonJen ' 

tiurg Warner | 

Hrahin lot I 

Hra un 'A' I 

Brutal Myers I 


B.G.1G 

El Paso .Var. Gra| 

Eltra 

Emerson Electric 
Emery AirFrlgbl j 

E.M.1 j 

EnneJbaid , 

bsm&rk- 

Ethyl 

Exxon 

Kairchild (Jomera 
Red. Dept. Hto>e>. 
Firestone 'lire.... 
t*L. Nil. B<;«ton. 

Flesi Van 

b'lintkote 

Kh-ntla Prvwer.... 
b'luur 


Ligget Gronp— .! 

UllyiKtiJ — I 

Litton Indus*. ... 
LockhwiA 1WT ft 
Lone Star 1 arts— I 
Long IstatuA Ltd.* 
LouLsiana Innri J 

Lubrtol- ] 

Lucky stores. ..... 

L'ke Y’unjP't'wnl 

JUwM Ulan j 

AUcy K. 1 

Hus. Hanover...] 

Mi pen 

Marathon OH 

Marine Mtrtbmrt.l 
Marshall Field ...: 


33* 334 

47ii 484 

2£ 224 

234 23 

1958 197 S 

W - 19 

224 285s 

414 426s 

154 151= 

89s 6fig 
114 117 B 

427a 43 

37fis 374 
334 33^6 

48 484 

154 lb«9 
2263 234 


({oral Dutch—.' 

Kl'K-..- I 

Husa Levs | 

Uy.lcr vyneio... . 

^ai'ewar Store* — 
51, Joe Mbienls. 

5c. Kegis Bap®-- 

Santa Fe Inds„.-- 
dan I La rat— . 
Surn n Igdlu.,.!... 
dchttt* Brewings 
Sehlumbenjer— 

5C.M ; — 

5eote Caper 

Ecoril 

Scudder Daoveat 


Woomjtth^—- 19' l5Si 
ffylr. — . * 4 , 

w sasg 

Ztpiin - , 16ig . I64 

Zenitb Radio—^. 16 . . lgl* 

ff.5.Traa«?lflaCi«4a9- W4s» 
L'5.TM*s4i%75® SOBa •: tWfiz 
ti jS. QoSyblllf ^ .6^9^6.65^ 


!..l 

«f;v - i 


. I'l 1 - 


CANADA 


Ahiribi FHper..— J 
Anuco JBagte„— >i 


F.M.f • 

Ford MijiMr. 

Foremmi Mck-.- 

Foilwiu 

t'nmUm Mini.... 
Freeport Miners.. 

Fruehaul _ 

Faqua ln'is.. 


| Mar Dept, satnrwl 

' MCA. - 

! McDerniiAU J 

\LlDquiwii D*.<us4 

U.iins Hill [ 

Meiuorvx - 

Meo-k —I 

.Vim mi Lynch — [ 
Mere Fetmienm..; 

I MEM i 

[ Mmu Ming A Mi^-i 

j M.<U* Corp I 

| \l :«Baiilo ! 

AIotobij J.P. — -j 

Motorola < 

Murptn Ui'.— | 

\ sum Chemical.. . 
Aatiunal Can. 


Sea Containers— . 

sdeagrenx 
3eane(DJ>j.~— 
dqar^ Roebuck— 

dEDOO 

a ball OR 

alien Transport— 

Signal — 

dittnudeCon; 

Simplicity E4tL.. 
dmgnr 

dmlthKUne. ... 

Solltiun — . 

doothflowo ‘ 

Southern Ual. Krt 

■■southern Co ' 

Hthn. Nau Ue*_.. 
xnitheni Pai-irk-,1 
doutheroBai Iway 1 


aunnafiteelw— 

., J 

Bank of Moncraaf 
Bank Nova SobtSa 
Buie flmuxeea. 
BeiiTetesfeur!,..;. 
Bow Vallcyfad^ 

BF Canada.— J 


. 12ii 1 12S 

5.60 4.80 

3' ' 1314 
22. . 22 
443*. 444 
22 22 
21 214 
-fi . 5 

567s BBSs' 

304 304 


Mriraes— 

UalRdTj' IWer 

Lamflow Mines... 

Canada Cement- 
UanartsKWIsn-. 
C^QlmpBnbCORi 
Uutada Imhut... 

(Jhu Paciftc 

Una. FEcific lav.. 


UuL.5nperOih 
Carilng tyKeef 


Carling O’ Keefe.. 
Daasair Abe*tco„. 


45S.S7 


ass sa 665.72, B5S.25 666.51 


[• "l ... 22L23 225.46 


229. Ji 250.16 


105.16 105.51 


106.02 105.55 


e».50' S0.36 i 
.4 !> i 

2£0.72| 241.46 

•A 

>0 6. as iio.Si; 


1061.70- 41.22 

1 11/1; 73* t£'i'S2> 


j June June I June June 
16 IS 14 13 


Industrial 

(•imblnrl 


j 104.45 T85.D8. 184.65 183.0 Ii 185.08 (15/61 
I 193.22 193.80 195.54 192.77 194.UU lertn 


162.u0iI6i2i 
170.62 ijl'. 1 > 


279.00 IS. 25 

ihJ.WK l.-sSi 

158.42 10.58 


T0H0N70 f.mijrr.itr ( 1)48.4 1146.0 1146.4 1142.5/ 1148.0 i]h/6j 


27.650 23.280 


50.760 29.440 42.170 — 


JOHANNESBURG 

(iunl 

(nituslns! 


216.3 214.0 214.7 215.S I 71 .7 i|£t 
237.2 254.0 ■ 230.5 227.9 , 237.2 iIG:6i 


l85.tM3.ie. 
1-4. -I.-. :• 


I n.l* - • ii .. m \il-.l 

linn-9 


In', -li- . \ i--l. I 


V*"il ea« i.ipi'i 
4.81 


Pre- : I9i£ 
vinos High 


1 June • Pny | [97? i [3J- 
lfi : vlous ; High L,.v 


STANDARD A?fD POORS 


.1 in.,' June Jin,, .lull? June June ' 

J-, .14 15 : 12 • Z ‘ H-aL L 


4 81 AufiiraXia.'* ■ 49S.86 

“ Belgium *!• 35.64 

Lenmrk t**i 95.91 
mnccCnmpiifi n France it*' 99.4 ■ 

Hicii | his Germany' “> 800.3 • 

184.04 ! 3.5! Holland I £6,6 I 


: I n-lusT rirt 107.64 105.70109.95 110.15 110.07 IT0.52 llu.?5 ' sb.i2 I84 .b 4 j 3.5! Holland isJ» 

i-.fi 1 i^'ei , Il.li73i|'30fr'JZi 

'■.••ii it- .sue ‘ S7.42 Sfl.cJ 99.48 99.57 99.55, 99.95 IJ0.32 t6.jfl I25.S5 : 4.40 Honfi- KbnC 

• .i i. I 1 .1 .Ii.. i 1 t *■>. 


i IJ0.52 46.30 125.65 : 4.40 Honff KbnC 544.36 

; .r«6. | <e.J. .. ll'l:«3>; il<6,82i (»», 

Mm- il : Yi*r n«» tappms.i ‘H*’ 61 - 91 

T57 4^0 Japan ta, 



•lllll# l 1 • 

JllllV I 

Mhv it 

i Y«r nip* toppme.i 

■ ■ 1-1 . "Ill . ••|*'.ll i 

4.90 

4.b6 

3.01 

4.39 

III '. 1' r. Khii.. 

9.44 

tf.Sl 

».-y 

10.17 

1^-HK ' il. -ii*i '. ; 

, •! 3.44 

d.41 

a.3i 

7.56 


hOOAi 6uUe 

(L'.iai . 
9e.S8 lui.le 

t‘/OI i 

36. S3 • 96.18 
: '9/l> 
69.3 l 71.3 , 

t ioJ,iiV ■ 

735.2 ■ 812.7 
00 V» 1 
S6.7 ! e7.C' . 

| '9**i 

546.54,546.64 , 
62.71 I I 
412.55 , llKll 1 , 


bpam tu'i 103^ - 105.77 > LL'J.i: r. i.- 
! i9k>i ili.C 

Sweden »■ 36E.dC (367.84 i j97 j* slT-.Ji 
j ii*) j to l • 

Switzerl'di/ 294.6 1 293.4 325.7 ' trj.v 
, | 1 (14.2i ! 1. 


Brit. Pet. ADR...] 
UrockwayGlau..] 

rim ns wick ....j 

OiM'.irru* Brie. , 

Uuloia Wdieb....; 
Burlington Xlhnl 

1 Burmuiibs 1 

-..Amphei! Si>up...l 
Canadian Pkcliic| 
^*n«i liiut.loiph..; 

c'ematii/U 

^airiei A Leu era. | 
airier dnwiet..., 
Caterpillar 1'raelr ' 

•. B-? ! 

.eiau>&e Coi pn ,.| 
-eulral A *.\V....| 


O.A.F 

■ivnnett — 

Gen. Amer. iuu. 

UJV.T^C 

Geo. Cable- 

Gen. Dynamics.. 
Gen. Klectmsi.-. 
General FocOk.. 
General Mills.... 
General Motors. 
Gen. Pub. {.Til... 

Gen. signal 

Geo. Tel. Jilnrt.. 
Gen. Tyre 

(reaewD 

Georgia Paeiiie.. 
vjeuv Oil 


Nau Distil ier» — i 
Xat. Service Ind.. 
.VauonaJ Steel— J; 
AatomaB— .....~ 

.vcr 

Neptune Imp. .... - 
New England U.! 


Sou inland ;.| 

jVt B&nshaiw-.] 
Sperry Uutdr....1 
ripeiry Rand.— ..I 

3quib — 

-ilandanl Brands: 
atii.OilCaraocna 
9bi. OU Indiana— 
si* i. Oil Dliio._. 
stauS Chennca>. 
sterling Drug... 

3tui1ehaker 

riua Co.. ...... 

3UlhUiiii(1.>... 

Synfg 

□ ico lor. . . 
Celit roots .......... 

raedyne .... 

Telex 

Teneco. 


Coos Bathum». 
Cbnsamer Gas.-. J 
Caaeka JteMorees 

Coaiaiu Blch t 

Dson Dev mu ‘ 

Denison Mines... 
Uom-Ulnes— 
Uam . Hanofeum 
Dom in Ion -Bridge 

LJfBiilar..., 

Iluprmt; 

Falcoa'ge MciHe 

Font- Motor Gan.. 


Gahstar^. ; ) 

Giant XeJ’wknlle 
G oil X3tl" Canada. 
Hawker {Jlrt.Gan. 
Ho i Unger ‘~- 

Home Oil 'A*—. 
Huflaou BayMr: 


-oC r : 
fi.k.’r ** 


tUmaon 

HuriaoaOili Gas 
i a ft - 

imssco 

Dnjjeriai DiUw. ... 

Inoo --.u...'.... .... 


New England Tell 
Viacani Alotiawk 1 


Niagara Aloha wk' 
X lagara share- ...j 
V. L. Inrtastrire^l 


Singapore 1 . 

<P) 


521.93 323.61 

I * 1 16, hi i 


Indio/s and base dates (all base vjiues 
100 ex>.«pt NYSE Al| Common— 64 
Standards and Poors— -10 and Toronto 
.'jW- 1.000. the last named baaed on 1975'. 
t Excluding bonds. 4400 Industrials 
1 400 lads.. 40 UttUlies. 40 Finance mid 
20 Transport. i?i Sydney All nro. 

■ ['Belgian SE 31/12/63. ( vv i Copenhagen 
SE l'D73. itti Paris Bourse 1941. 
i^i Commerzbank Dec., 1963. (ff) Amster- 
dam. Industrial 1970. cvi Hang Seng 
Bank .-.1/7. w. <||||) Milan 2/1/73. cat Tokyo 
New SE 4/L'6S. (to Straits Times 1966. 
in Closed. id- Madrid SE 30/12 77 
i.'i Stockholm Industrial 1/1/58. t}> Swiss 
Bank Corp. cm Unavailable. 


..ertainleerf ■ 

..euiu Auvran... 
i. base ALanbaUan- 
.. hennrei Bk.VYl 
Chteebn;h pL'Drt..! 
l tieaueSvciem...: 
L'biuago Bridge...) 

Cbrynler i 

i.MierBma.„ J 

Cine. Mllacroo j 

CHn»rp j 

Clue» Serva-e — I 
City I BvevMDg....' 

CeCH CuU. j 

-/"■gate hum 

loiiidi Atknian..! 


Giliene 29!s 

■jie-lrih b. F 22.’® 

Goprtveai Tire. ... 

Goul.i 29'.? 

(.■ raue XV. Ii. — ... 14 1 it 

l.i’l, Atlau I'm lea Via 
Gn. North lion.. 231: 

Gre.i lic-uitil. 13i? 

Gull A Western.. 14A* 

Gull Oi 24 ig 

Haliburtui 6313 

Hanna Miniog.... 52^; 
Hanuwhieper. ... 17<s 


I -VnnglkA Western. 
North Nat, (iai.J 
Atbo states H«r 
Nth weal Airlines 1 ,.' 
.Mb west Bamairw 

Nortua simoa 1 

DA'iitentei Petra;; • 
Dip In Slather...; 
[ubin Eitrs>in...-,... : • 
; Dim : I 


j i.iverM9iflabipy...j 
i vnem, Cwroing.J 1 
[ Uueui Illinois.. .J 
i Pajuili.' Ga»-...— I 
Part be Lachtmg J 
Pa.-. Pun. Jt Li... 
Fan Am World Air 


Teaoro Fetrotenm 

Texaco 

Texasguh— 

Texas instro— .. 
texaaOil&Oaa., 
Texas UtlilUes... 

lime Inc. 

TiiDes Minor 

Timken— 

Trane 

Irainmeriua 

t'ranwrt) 

Trans Union 

Iran-way Intr’n 
Imui Worhl Aii. 

lnveliera I 

inCotmenuUn.l 


Harris Corpn , 56 m 


Parker UannfhnJ. 

PMtvkli' Inr i 


Heinz H..J ‘ 381 5 

HeubLein ....... 27/g 

Hewlett PacKanj.i 801 2 
Holiday inns 18 


Homertake J 35 


Peabody Inr J 

Pen. Pw. x U I 

Fenny J. C 

Pennsoh — 

Peoples Drug™. 


F.T. CROSSWORD PUZZLE No. 3,695 i RACING 


BY DOMINIC WIGAN 


A pn:c of f v will be yireu to each of the senders of the first 
three correct vutuuuns ottent’d. Solutions must be. receded bu 
ncjri TIiuvmDj!I. mtirftccl Cmssuoitl in the top teft-Jiancl comer oj 
v envelope, unit nddressed i o the Financial Times. 10. Cannon 
Street. London. EC4P 4BY. Winners, and solution, will be given 
nejrt Saturday. 


.\ aitic . 
Address 


Falls of Lora looks 
best for Sandown 


i .'ijluifiUa Gan...... 

/■•hirnbia Pirl .... 

...m.liisCOdOlAm 
•.'uiiitHiftinn Elis, 
/iimrarstiofi Bq...] 
c.'in'a'th Mlvm 
i.fm'«'tb Oil Het 
Cmnni.bfltellue.. 
'.■''mpinerra'icnee 
C>nu. Gcn./Ltl*..' 

■.onrec 

Omi. Kdivju N.V., 

Cuusoi Ftwds • 

.onuert Nat. Gmn.. 
•.v-nsiinwr Pnww 
uontioenMi Grp.' 
Continental Oil...,- 
Continental Tele. 

.•MlliT'l Data ; 

I. juper Indus 


Hooeyaell.. .._... 5556 

Hoorer 12 

Ho .■ .Amer . I 34 ig 

Houfton.NaX.1^'! 25Se 
HumiPh.AiChm. 11 
H uinm I fc. F.i.„. . i 1 6Sg 
l.t.'. Indiieine* ...: 24t 2 

I .NA I 41l 2 

Ingerson Kami....' 593g 

Inland rileei j 37''i 

Inu'co g 155 h 

interaunl tnerci; 7 

IBM 266.25 

Inti. Flavour*....; fe4i< ; 
luti. H«rce*ter... 375* j 
IntJ. MmACbem) 38 
Inti. Multitnci*,.. 22 it I 

loco ’ 16<'a I 

IntL Patwr. 1 405 b 1 

IPO- 365a i 

Inu UeL-citier o 123) 

Int. Tel. it Tel.... 311® 

Invent • ll« ! 

lira a Beet 35 ' 

11/ internati-mal. II?; : 
Jim Walter. ; 313, ; 


rnipiC L-iun™., 

Peoples Gas — 
Pepsi t» 


I.ILW | 

dhULeutiuy Fox 

U.A.U 

LAItGO 

LiGI 

UUP 

Liullerer...™ •„ 

bnliever NV 

Union Bancorp-. 
Union CarMda„.. 
Union Commera 
Umon Oil Caill ~ 
Union Padfla—. 


Perkin JUmer^.. 
Pet.......; ■ 

PiGwr 

Pbelja iAvifie..:.. 
Pbuaneiphia blc. 
PUiiipMorns..™ 
Phillips Perrin' m, ; 

Pilsbuiy 

I Pitney tSrraes ’ 

! Pmston.— ..— ' 
Plenty U.' ADH . 


Putaioid, 1 

Potomac fc'ec ' 

PPG ludiwrie-J 
Fnwier Gamble. ) 
Pub aenre Elect J 

' Pullman ...-.^ ..i/ 

! Purex- 


Quaker Data.., 
Kapid American . . 

kaj-theod • 

KCA 

Kepublic Steel....; 


- 38 39l| 

IH3, 

Z€Ga 29 
bblg 66 ig 
22 ip 2 zj b 
31 1* 315a 

rti« i7i* 
25Xe I ^25Sfl 

It . 11«3 

471* 477 8 

281a > 28% 
24% | 24% 


Uniroyal..;..—.- 
United Brands— 
US Banerep.^.-.. 

ubGvpamn— 

uS bbne..: 

o5 due! 

u. lecbucugiei*.. 
i'V Industries.... 

v ugmla Kleel 

Wti&rem. 

Warner- Com am. 
‘Vwrnet -Lambert 
Wwte-Man'rnnn 

Weiw-Fargo 

Western mratiip 
Western JN. Ama 
Western Union... 
West logti so filed 


We* Vaco— 

Weyerhaeuser.... 

Whirlpool — .. 

White Cod. ind... . 
WilUaro.Cn...;.....- 
Wisconsin Elect.'. 


Inland Nat. 8ss_ . 
lnL'p.yFlpiBUne. 
Kaiser kaauvsi. 
Cuirt Fin Corp.-. 
Lobiatv Cotn.rS’.. 
Uk^imtl'n Motkll . 
Muiejr ftonmian ■ 
McIntyre---.-.. 

■ Mosie Cwi*i__ 
Mountains tetsKa 
Auian ul Uniei_. 
.Voroeh fiueray... 
Aihn.Teteuuni-..] 
Aumac Uu A Gs, j 
Uakaioort Fet^m J 

Parf ho Copper II 

F ici 6c Petroleum 
Pan. Uuu.FeC'm. 

P ari n.1 

Peoples Dept^j... 
Flaw Gan Jc Oil.. 
PlacerDeynlbpmt 
ftywarCorpcsat’D 

Prion 

Quebec sturgeon 

its ago" CM 1 ...; 

Heed Shsw 

Hlo Aiu. ui . 

Itaya) Bb.ot Can. 
■loyal Trust ■ 

roaptre fi'nnxon 
va^raniB— 
vhell Cisnads 
'barnU G.Mnie 
,i«lMiw O, G 

iir o pi on ii,... . 

jteei ot Canada.. . 
iwp Bock Iron . 
rexauo Canada ... 
Ibramo I vvm Ru 
rraneUanFIpeLsi 
l'raoa Mount Opt 
' rrlrsc.,- , 
Union Gas— 
:Ut*LSf*ttflUne» 
Waiver Hiram.... . 
West Coast Ira*. 
Weston Geo- 


, "36 
l 55% 
tlW* 
i 4.7s 
0.96 
' M27g 
isr 4 
.1 53* 
Ln8 
56 
10U 
• -:3a3* 
33% 
191* 

l . 81* 
27% 
loi* 
6i a - 
31 
slg 
26% 
2.81 
38% 
197a 
15i a 
9 
♦ 13 


107a 

11 

7ae‘ 
323* 
11V 
17 . 

••-TU 

33l S 

UU 

17 


! * HIS. « Asked. J Traded. INew 
nock. 


'A.l! til ; 

% mi 3 i 


\m 

m 

■ 


HI 

m?k 

m 

m 



mmmum&m 



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■ 


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m 


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■ 

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ii 

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um 

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a 


■ 

■■ 

■■ 

■ 

■ 

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■ 

■■■■■ii 

■ 

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■■ 

■■ 

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mm 

■II 

■ 

■■■■■ 

■ 

Mif 

■II 

■■ 

■■■II 


METROPOLITAN RACELOEKS 
have another intriguing after- 
noons sport in prospect today, 
for the Trafalgar House Group — 
the only British-based company 
Lo sponsor an entire programme 
—has contributed to all six races 
at Sandown. 

Here, as might be expected, 
the feature event is the li-mile 


carries £5,000 in added prize 
money. 

John Dunlop, at present head- 
ing the trainer’s table ahead of 
Peter Walwyn and responsible 


SANDOWN 
2.15— Sparking 

2.45 — St. Hubert 

3.45— Falls of Lora 5 * 
4.50— Deepwater Blues 

YORK 

2.30 — Ajuda Palace'** 

3.00 — Alber Run 

3.30 — Overtrick 1 * 

4.00 — Catechism 

4.30 — Classy Dome 


to see her justify considerable 
hopes with a clear-cut win over 
another lightly-raced sore 
Effulgence, whose trainer. Ryan; 
Price, took this prize two seasons 1 
ago through Marquis de Sade. 

Turning to York, where tt is 
the Tlmeform Charity Day for 
cancer rlief. Ajuda Palace 
strikes me as a sound bet to 
lift the Vernons Fillies' Plate. 

This stable companion to 
Shooting Season, who took the 
same prize a year ago for Henry 
Cecil and Joe Mercer, struck 
me as a smart performer in the 
making when running well in a 
Maiden event in Sandown in 
April. 

She has since disappointed in 
the Pretty Polly Stakes at New- 
market. but I shall be disap- 
pointed if she cannot cope with 
her weak opposition. 

Later in the afternoon, it could 
well be a case of John Dunlop 
again. Overtrick seems leniently- 
treated with T st 11 lb in the 
William Hill Trophy, in which 
Lester Piggott's mount Negative 
Response cannot be overlooked. 


I kll ~ T ~ r 7 « 

’'i.-if * t r :- ; j 
- ii j - i tw £ 


GERMANY ♦ 


AUSTRALIA 


TOKYO * 


Pn.-e 1+ .>r Di 

Dm. | — , 1 


ACROSS 

Instruct ions in haul; Shakes- 
peare vtiiU cninpeluive In- 
stinct ?4. J. 3 1 

i Ml mV. fii-i'-nlal in be nld- 
fa-shiuned to i 

! Instrument lliat takes some 
.flopping ( 5 1 

l Part nf country that likes 
cnod Ira tic is <9) 

Uncertain uf a right lo go in 
dear (10» 

! The French get away in case 
14 1 

Notice one attitude by model 
who is fact (7 ) 

Troop Formation no leech can 
disturb (7) 

Intelligence ebbing and How- 
In? 1 7 1 

Chance the Queen has to 
wave l7j 

Like common letters we hear 
lu be simple t4i 
Indifference tn Ann tlin’ clan 
differs ilfn 

Tin- S"Ulh-EJ as t Times request 
for ni'iiinh 1 3. rtj 
i All richt wilh a >cnu«inisjn? 
be ail {5* 

Siurics with many a tliread 
ioj 

i nnvniuiiruijn i i.-i.-urci holder 

(y> 

DOM N 

Which persun goes to work to 

cry <5> 

! Prisoner supporling trail 

(3, 6; 

Get browned off thanks to 
horse or equivalent (10) 


4 Method loam adopts by the 
road (7 l 

5 Train taking rail union to 
West-end river . . . i7; 

K . . . after letters i4i 

7 Do '.veil in Polish (5> 

8 Just a singer taking steady 
course (4, 51 

13 Part of car ready to swing 
round (5. 5j 

14 Drawing the French on the 
sly comes naturally i 9 j 

16 Without making a fuss as an 
essayist (4, 1, 4) 

15 Set on so strangely at the 
earliest (7>- 

19 Shield made to bend to the. 
right (7j 

21 King is up for a big hit at 
Lords (5) 

23 One or a pair taking on east 
wind 1 5 1 

24 Work could land one in the 
soup <4) 

■Solution to Puzzle No. 3.694 

7B37 


for last year's 15-length winner. 
North Stoke, could again bold the 
key. for be saddles Falls of Lora. 

Strong grounds exist for think- 
ing that this home-bred daughter 
of Dunlop's Eclipse winner. Scot- 
tish Rifle, may easily be the one 
they all have to beat. She is on 
the upgrade and carries just 
7 st 10 lb. 

A fast-finishing second behind 
the 1 {-length winner. Temple 
Wood, in a highly competitive 
handicap at Salisbury a few days 
ago, where several useful per- 
formers were comfortably 
beaten off. Falls of Lora had not 
previously been seen in public 
since running disappointingly on 
her final two-year-old appearance. 

Falls of Lora is now fast im- 
proving and is sure to take a 
good deal of beating. I hope 


Investment of 
DM 1.5bn 
by Siemens 


A LG 62.0. T 0.1 — 

1 nn.> Veruch... 479.M'-4.M 31.2, 

mill 1 248.W-t5.Ci 2H.US' 

t'AaK 1 139.70.-0.60 18.76 

tarer - I40.0i-0.fia 18.75' 

H.'yer. Hypo. , 279 JO +3.0 ! 28.12; 

Knyer.l ertin : t>v .i 316-0 +4.20i 18 
Ubxliu.K'ert.im'j 163 .. ......•) — I 

C- id menrhan 222.30 +0.&8' 17 j 

Gjoi Gummu \ 73.0j— 0.8 — I 

Dnmiler benz. i 309.501+ 1.5 28.12] 

LratiiK* 261.9 «d|.... ..j.. 17 

I irana# ...... ....... ,i 156.0^ — 1.0 14 I 

Uem.-che Bank ;302-O ml + 1.M 28.12, 

Uiwlner Bank....; 2S9-Mal] + 1.40 28.12 
Dyckt-rbolT Zemi .] 173 +3.5 9.38 
GutafaoiTDuni>.. M .j 205 | + 5 12 I 

Hai«l Lloyrt 120 1+20 1 14. M[ 

dkrufiwr..'. 236 1 + 2-S « IB.72| 

Unwh,i 1S0.70M1 — 0.80 18.75; 

Howcb 46.9- i 4 j 

Horten 133 ,+ I.BO 9.36 

Kail unrt Sm/ ; 138 j+ 1.0 .14.04; 

luint*.|i ! 324 1 + 3.0 Z0.44. 

mi mi lir-i ! 226 1 + 4.0 18-72 

Kii«kner|iUI0u..; 92 -1.10 - 1 

hHD ! 1 8 5.60 T 1.50 18.76 

Krupp ! 96 — ' 

Lurte ; 349.8 25 I 

Low eur,i * ii lot).... '1.445m + 5.0 , 25 ; 

Lultbsnvii I 111-5, '9-36, 

M AN 198 ' + 2.0 ' 12 I 

.ItenDe-iu&iia 158.50: + o. 10 17. IB 

Mvtallfie 817 |-1.D! 10 j 

Uiiuchener Kuck. 648 ' + 3.01 18; 

Aeukermuin 130.60 — 0.60: — . 

l‘rwi«aa Dll LOU. 116.M-1.0 — ! 

rtiieiuW^i.E'evi. 190.30 + 1.30 25 I 

xtimnc 272 . + 1 '.2B.12 

■eraen 287.80 +0.80 16 I 

lu-i /.ucker 243.60. + 1.50 .26. 66[ 

r-iv-en A.U 117.10. + 0.M, 17.18; 

urm 175 -1 >14 


if«i»M *i 

Ac irjue*AX’l *'f f 

Ai- CJqai-v 

Aquitaine.—.... 

Bit. - 

Uuuvuue- ........... 

ii.9.X.tierVt.. 


u.G.k... 


Price 

+ or 

tlir.'l 



t'ra.j 

747 

+3 

4U! 

385.1 

-4.9 21.I6 1 

296 

-0.6 

16.5 

487 

-3 

26.26 

604 

-1 

13.35, 

856 

—4 

42 

52Z 

-1 

40.6 

1.560 

-18 

75 

3b8 

+ 4 

31.6 

1.075 

—7 

76.60 

318 

+ 2.5 

IB 

404 

+ 5 

11.26 

120 


12 : 


135.8: + 0.8 
188 Ua.o 


64.51—0.5 
114 ( + 0.5 


194.H + 1.5 
7b5 1 


1,650 -10 

986 -5 


tie Hanoi ire 318 +2.E 

Me'itipi 404 j+5 

Urertlt Com Kr‘e* 120 | 

UieuM l>vi+e. 78.5] — U.S 

Dumra. 745 | — 10 

Vr. Petroie- 135.8 +0.B 

Gen. O xi.tentk i 188 — O.a 

l metro 64.51— 0.5 

Jicquee BoroJ.^.. 114- +0.5 

Du»iX® ‘ 194.6 + 1.5 

LUrem.. I VbS 

t*«renq »..jl.630 -10 

.UeiiAius PtieDlx.. 1 986 —5 
■UicbeliD ■■H -, .^..:i.405 —9 

U'Jrt Hennc+xv...; 470 

Uiinllnex | IBS 1 

tVuiliu 1 162.8 T 0.1 

Ptcliinev _| 90.6^ 

Pferin vt- KicuTtl ....! 265 |-3 
Fein'em-Ciiroen..' a64.S— 1.2 

Fralron 1 216 J-3.9 

HMdKi lechuique.' 425 —9.5 

litfJoute .1 o60 j + 5 

■Uiuue Poulenc „.! 98.2| 

si. ijnbsiu ‘ lal.4|— 0.6 

Skis UoMiguoi 1.525 —25 
; 254.5-3.5 

leie;ne.aiii 4 u€....; 720 _is 
1 Ii.. m® ui h randi 187 —3.5 
C«lner ! 23 


June 16 

Ain*. 5 


10.70 

Acrovc Aurbroia— 

tO.83 

\iiie-t 3tng. Errta. Iwl- §1 

- 12.16 

Anipoi L'rpioraUrrn. 

fl^3 

A iiip">i Petimuin 

10.78 

11.15 

■\JWXr. Pulp PKper 

11JJ8 

A -roc. Con.' Irf1u«lrie> 

11.66 

Aus-t. Fomulatton Inrest... 

tl.08 

AMI 

1L5* 


June IS 


I *Prieas : + i>r 
I Yen !. — 


VOlr.. HE 

1 * - 


amuji hiiw..,.,, 337 ; — 1 
LADOD^ 480 l—l 

. judo 'MR lj.9F 


33.761 4.5 
14. 10' 10.4 
8.26| 4.3 
5.7] 8.8 


L.405 [-9 
470 


165 -1 

162.8 t 0.1 


90.5] 

265 -3 


a 64. 8i— 1.2 


1 16.77; 8.6 
;1S.B7 2.1 
36.76 2.2 
i 39.9. 4.0 
.32351 2.3 
! 12.6, 8.7 
. 3 1.9 

.14.95 12.2 
: 7.5. 8.2 
, 7.3. 2.8 
17.B' 4.7 


425 1-9.5 
360 +5 


27 : 6.2 
27 1 4.8 
. 9 i 9.0 
,14.56 9.6 
1 39 i 2.5 
I 25.5 10.0 
■25.6 3.5 
15.16' 8.1 


STOCKHOLM 


■ lira I 


vtliA 116.20'+ 5.70' 12 

»m-iri A\VH U* 20O«O' I 18 


1 Prli-e 1 + or Di*. , YM. 
1 Kmne | — Kr. | % 


SIEMENS AG plans investments 
totalling DM 1.5bn in this 
financial year ending September 
against DM 1.2bn in 1976-77. The 
company will take up before the 
end of the year an option on 
another 30 per cent of the capital 
of Siemens Allis Inc. of the U.S., 
following which the capital will 
be split equally between Siemens 
and Allis Chalmers. The impact 
of D-Mark appreciation on 
Siemens profits this year could 
emerge at around DM I50m. 
Reuter 


BRUSSELS /LUXEMBOURG 


: Div. 

Price .' + or Fr.-. YU. 
Fra. — Set 


SPAIN * 


nnrr.rtfsrr.nrirB 


iP ^gg P D 0 E B H 
ISraS CCHDE 

r.g 0 0 | r n 
m-m m - n 0 e 

BHEBfaSS ■ HEBS0S 
^ P HE R EH 
EEGOB EEGH0EO00 

b- e a n n n e r 
BEEE raEBBB E0C1EB 
0 E m E Q m Q E 
lEHBEBH PBBEiBBSSBi 


SOLUTION AND WINNERS OF 
PUZZLE No. 3,659 

Following arc winners uf last 
Saturday's prize puzzle: 

Mr. J. B. S. All wnn! |. 7, 
Sutherland Way. Cuffley, Pullers 
Bar. Heris. 

Mr. G. C. Counsel!. 1.1. Arms- 
crufl Crescent, Glouees-tur. GL'J 
OSU. 

Mr. B. R. BtiiieiLs. uid Fnx- 
hunt Manor, Waldron, Heath* 
field, Sussex. 


EHEE SHc30- 5QQSH3 

0 h o r h n n ci 

mmt ICE FiDFiEBRHEC 
0 a n E Q E E E 
EESSranri E0EQE 
In d o cs-. B n n 
, EEBHfK? ■•‘■0QREK1B0 
H K E r • □ E 3 
EERRQE.q EEREEn 
E* Q .Q Q E .Ui F. 
B3EBH ClEnBEH R3EJH 
E R H E PJ B ■ E E 
snannEREE-vEHEED 
Ira tl S- 0 H*'E 0 R 

ERflfUCIEf^Q 


JllIW Ifi 1 

As land - 

Ranoj Bilbao . 

Banco Atlaniico <1 noni 
Banco Central 
Banco Exterior . . 
Banco General . 

Ram-o Gruuada '1.000* 

Banco nispano 

Banco Ind Cal. tl.UOOi 
B. Ind. Mcdllerranuo... 

Banco Popular 

daneo Santander iZSOi 
4anco urquuo (l.OOOi 

Banco Vizcaya 

Banco Zaras caano 

Banlnmion 

Ramis AndalucJa 

Babcock Wilcox 

CIC ..._ 

Drngadoa 

Inmobamf 

E. L Arasoceaas 

SspanoJa Zinc 

r .rp1. Rio Tmto 

Focsa <1.000* 

Penou il.OuOi 

Gal. Preeiados 

Gruno Velazquez i400' 


lliijrola 

tfKTrtttVTO 

(•Urra 

P.vpcl'+ivv ReunidrtS 


p.-trolibrr 
Petrolcti^ 
s.irru* PapaJcra 
Smacc . . 

S0<SCIIS<< 

TcWiomij 
Torras Rostcoch 

Tubacex 

Union Elec. 


M. 75 - 0JS 

W*.7S + 0.2S 

120 - 3 

77J0 + tSQ 

120 - 3 

20fu50 - ISO 

58.50 - 0SQ 

50 - l 

US - 

SSJS + 0JS 

49 — 

10525 - 1 

7L2S - 0J5Q 


Artnni 

i*M. brx. Gtmli.. 

LieUert "B" 

w.U.IL (Jemcnt.. 

uuJ:iini 

hIBife 

Bialnjbei 

Fabnqite Bai..„ 
G.B. Innorim„. 

UBTaert 

Hoboken 

luten oni 

K«t»lieil«oW 

Kuvali- B*ute.. 

Kroi Hoixiii: 

PeiK hiiM 

Ufii l«iv|ir. 
t.>„ 

llflllH . .... . 

•• ♦»» 

irai'ii.iii 

i Cto 

i o Miu. <t till.. . 
'U'KUu-iif. 


,2.330 -00 — 

1.645 —15 l 72 
.1.950 +10 .116 
,il.l90ri —8 100 

.1 422 >3 - 

Ja.260*d;+a5 177 
,:6.420 +20 430 
.■2.770 U-10 170 
(2.045 1 — 10 150 
1.284«d,-B i 85 
•2,350 —100 170 
1.745 * 10 ,142 I 

6.620 1-250 290 

5.600 — 1 10 v32S, 

2.600 .. . <i2 JS 


U'A iv.. 

\nn lyii',. i:-lii-. I 
\?b.\ • Kr. I 
A tin- l.'oio« Kr ; [ 

L'n|i.r ; 

Gai*lo....„« 

■-oliill.i^i_. 

roeet'lux sKC- 
rjrtraeun'b'tfirtx 
Urol* 

.XSerata J 

'j ranges tlree|.„..| 
Handit~ben«en^.[ 
llmbro J 

AJo I k*h Itrwn.lA I 


AJoUch Uom>!oJ 

rfandrik A.U. J 

S.K.F.-B- Kr* | 

skand Eo^kii<1a | 

IniuWtU *B* KhoC 

I 'd'Vhnun 

Volvo »Kr. oil, : 


-50 174 i 
5 (205 

v 25 140 


208 +1 
1;8 +3 

82.5- 0.5 
1*3 4 l 

73.5- 4.5 
119 ,-l 

190x J 

B29s..j+1 
133 +3 

133 1+3 
273 +8 

90 

50 

332 +1 

100 

60 

262 +1 

62 

152 

71 ‘ 

51.6- L5' 
66.51 + 0.5! 


5.9 I 2.6 
5 3.6 


4 ; 5.5 
vl i 3 -5 


10 5.3 
10 4.3 


6.3 4.7 
6 | 4.7 
8 I 3.0 
4 4.4 


An-*. Ui' A Gn- 

Bamboo Creek Gold 

Blue Aleu. Ui.l 

Bumtalnrille Copper 

Broken Hiii Pro prl WAi-v ... 

Bb ennub 

Unriton United Brew e ry - ■ 

C. J. Cole* 

LyHiSl).... 

Con*. (Juki (tetri* Ali«t_ 

Cunteliier (SI i 

L'onnnc Kmttnto 

v-vhimu Australia ......... 

Unnl.ip Kutecr (SI) 

bta.UK 

Blder-Smitb 

K.Z. Iriilustriea 

Gen. Property Inin 

Hmnertlev 

Hooter 

IUI A UPC re I in ............ 

Inter-Copper 

J entutiM» Indoatries 

Janes fL>apid) 

Geo rmm Oii.._ 

lleial* Ki|iiOBuion..„..„ 

HIM HrtMtny. 

11.1'er Kaiporium_j^.._. 

5***. 

Men mas International 

.vuih Brnben H'rtlnea (bOc 

u«i,rirutee 

Un >t7ircti 

'/Iter hxpluraiion — 

Pii'iiuvi u.menHe™— ... 
Ibrohiu i cWimui. .......... . 

J- ?leiali^„j 

•-.uut tiiHiiii Minina.— ....... 

fixptenuJna— — 

Luulb ififc .... 

Wall on*— 

• *Vt»ifni ilmlhy friOcrolo' 
W'rolwnnb.- 


t u.un 

11.82 )+U.02 
t2A)0 I 


13.25 +0.10 
tB.4Z 


rtsto '635. +25 

Cfainoa...— ui— 370 - —9 

Uu Nippon Print -630 

Fuji Photo 668 +12 

riltroJji Z52 +1 

Honrt* Motors — 577 +1 

rioane Fnofi ........ 1,120 +10 

U.itoh 220 -1 

Ito-Yokarto — 1.330 +10 

7«ee» . — 653 +8 

1-AX. 2,660 

lintraro lfifti. Pw. 1,130 — 

K lumwu 347. +4 

KabaU — 278 , 

nypto-Ceranile — ,4,060 + 30 

unleuebita lrok_ 740 + 13 

Mfbubbhl Henn„ 279 

MltcuMsbi Hesvv 126. +J.. . 
aiUuMabi Corp_ : 424' + 3 

jlitaoJ Jk Co. .-321. 

Jtitau^kbi ,675 —1 

Nippon Dauo^... 1.400 —10 
'■Nppun BhinpuiJ. 745 + 8- 
Mmu Motor* _ — 811 +2 

Pioneer—; — 1,780 +30 
/anyo Electric — . 260 +4. 

^etaiui •PraraB.'^4 860'. — II 

abn*etdo.„„_^.il,080 . —18 


14. 2.1 
12 1.3 

25 2J) 
20 2.7 
18 1.7 
15 1.3 

12 2.4 

18 L.6 

35 1.6 

12 2.7 
30 1.1 

13 U0 


10- 4.4 
18 2.6 


wny.-..--...— . 1,710^1—10 
UU«hoMarlne — -238 [—2 
JMudteCbemtau. S77 h-2. 

1+10 

tejjin — ; . 120 ~L.....i 

loklo Siexme 491 —2 

tokiofiiectFow.'r 1.030 "■ L_i.. 

lOleyo B«nso„.;.. 308' ' 

‘ofcro&tobeara— 144' +1- 

.iL<ray — ; — -. 144 +1 - 

rncrtx W'rttw .....f- 892 +.4 

Sourca Nlkko Seamties,- 


16 2.7 
36 0.4 
20 3.4 
10 1.8 
12 4.8- 
-13 1.6 

14 2JI 
20 1.7 

15 0.5 
12 O.B 

16 1.0 
48 13 
12 2.3 
30 1.7 
20 O.B 
40. L2 
11 2.3 
16. 2.0 
30 D.7 


- lO 4.2 
11 1.1 
8 3.9 
.. 12 1.9 
Xt> 3.S 
10 3.5 
20 LO 
Tcftyc 


VIENNA 


AMSTERDAM 


. June 16 

■ FnuB. 


X". 

. + 

.. leu.taustKii 

Penmubae 

342 

262 


.•viert* — — 

dempwrit 

599 

91 


3teyr Ua inner __ 
Veit HagnesH. _ 

.196. 

242 



10 2.9 


16 4.8 
8 8.0 


, Price - 1 + or I Olv.lYU. 
June IB Flro — % \ % 


I JOHANNESBURG 


5.75 3.3 
4.5 7.3 
6 5.3 
6 7J3 


J 8 I 9.1 


COPENHAGEN * 


■ 215 : 

— 15 \2!Q. 


Price : + w' : Div. 

hjvnei .' — 1 • 


About (FL20) 

ALtu (Fl^O) 

A teem BnfefFUOQ 
AJlbV iFi. 10).„ 
Amrobfluk (PlXOi 
dijenuc+r 
Bnfci’WeBi'inlKltiJ 
ktorhrin leueiale 1 
Biwvier \ (Fi.3b. 
bniiuN.V.Be&rej 
b'uniCuiiiTro Kl.Ui 


5.60 +0.10,23^ ■. 
J.80 — 1.8t^ 26} 
34.5 +0.5 I 80 V 
14 +0.6 26 

35 27.6T 

S.loU^.W 375 


i 730 nl- 18 
1.575 ,-30 


SWITZERLAND ® 


- BRAZIL 


PHie 4 nr Oir.Yid. 
Grur — Ltu/ t 


Priee +ur DlT..rid. 

~ * ft 


AuesluOF 

Bauiro lu llnui ... 

iJrtUO> llnu._ 

Bclgo Uiaeira tM 
Lu«f Amei. OF. 

Fetn/bre- PP 

Fne.li 

(Sul « frn/ UP... 
Unip PK. 

In 1 IP • *•! I 


1.02 —f.OVJ.12 1 
2.10 +0.03] .j i ' 

1.25 1 .i,i 

2.26 +0.i 4' . i. ' 

3.45 + .1S| . I 
3.33 +0.48 .. 4 ! 
l-5u I .,t 


2.95 :+..u|»; .4. 

5.90 [ ! .fc-. 

t-21 :+ .vi! • '« 


Aluminium... 1,280 +10 8 

BBC'A' l,665xr 10 

UHjnGeis\(Fi,kA' l,160*r— 15 22 

Da Perr. Cert.. aCSir 1 — & 22 

Du.Ue« 598 22 

-MMll tan**. 2,230 — 16 

KieutionnU.— 1,760 —15 10 

r relier iGeunrei. 690 +15 B 


An '1‘ikMiiaeu .... 

13512 

11 

at 

I'unn'-er W 

475 

15 

3.2 

Uau*k6 Bulk 

123 • 

15 

y.8 

Kro-l A.<UU Uu, ... 

166^ xr— l a 

12 

7.2 

Fuun.broiken 

IBBIat^ + Js 

13 

10.2 

ror. Ucistencr... 

Fw. Paptr 

aoBtsi 

79 J *j 

12 

j.a 

Ha fell embank 

124 

12 

8.9 

G.N'cb'nU.tKnXi) 

269 1+6 

12 

4.0 

fupl Label..— J 

issiiad - 

12 

6.2 

Ulictafrnk 

75 -la 

12 


FnrettAOK 

1294-14 


8.5 

Froviuatnnk 

1364 

11 

8.1 

Bupb. Berenrlren. 

3964 +14 

11 

3.0 

ouperlos— . 

18S4i|-94 

12 

6.5 


Gist Btorejie^FlOj 

HeineUeiiiKi-sb). .1 


UiatMukeu iF.jsCj, 
duntei U.<Pi.tOtid 
n.U.11. iPiJOOj... 
lut. Uiuier(i^.J 

AaajMen (Pl.lQb | 

aaLNtti lito.cFiiq 
Swi'rel Bk(Pi^q 
NedMWBktFt^oj 

(FL aoi 

Van O mmMMi 
Fnkhoed <Pl. 20). 

Pblilps (Fl. 1Q> j 

HinSefaVeriFOOOf 


iolTimin FlCert J 75.2501+1001650 


MILAN 


Kolluwo (Pi. OU^ 
itorenta (Pi; 60). 
tt/yaiD«tel»t>'U2 
Mavenlnuu..'^. 


Source: Rio de Janeiro SE. 


NOTES: 0»cn>eaa oricus exclude i premium. Belgian dividends are alter 
u-ithiioldim; tux. 

♦ DMSU donum. unli.'.s oUienn^e eluted. V HtusJOu denum. unlevi oibennsf 
sin led. * Kr.luu demmi unlos uiherwi^e Mlaiud- r'ra^OO denom unless 
uiiierurl-e suted. ' Ytu sa denum. uuk-s. ulb«ww« staled, s Pncc ni'unie o( 
>usu«isiL>n. It Mnrtns. B ScWUtOi!*. c rems ! Uividvnd alter peodlnii rlKhis 
and or scrip Kmc. *• Per share. I Francs. oCro« div. ■». it Assumed dividend 
arter ncrip ondlor rtshis issue, fr Alter local taxes, m C 0 tax free, n Francs. 
S.-.SI!!? .'J'il 1 ' d, j « Store spill. J Div. and yield exclude speno! 

aarw enl. l jodieau.-d div h Unuffleiul rradtna. v Minnniy SoWers onlv. u Mcreer 
ivndiutf. ■>'*«!. * Bid. s Traded, j Seller. 3 Assumed, xr F.x riahts, xd Ex 
tin idend. xe Ex scrip issue, xa fix aiL a Idle rim since increased. 


IA>. idmron....|7.6fl0 |+75 55 

liiLenuoi B. 13.885 -15 21 

Juimoll (Fr. I'Xl .11.405 —5 21 

HealietYr. IOOi '3.420 + 5 nfifi.b 

Uu K«i._ 2.205 !— 5 »86.7 

>.>vriikuuU.ir.-jui, 2.565m'— 15 I 15 ! 

Fireiii»IFifr.l(X.I 285 j | 15 | 

MUlwiri. ixii. . 3.975 1—50 I 26 I 

Uu. Hu U Ceil «. 494 |+4 ' 36 l 

? Iim.lieit-'t'.r luul 300m T 2 j 12 i 
ima'i UuiK.luW 350 ‘ — 7 I 14 | 
Tm-Kiir rKr. joui! 855 ,— 8 ! 10 > 
SWIM Hi Ilk it. lull 369 1+4 • 10 1 
bn lo* i Re. F.atU. 4.700 U50 ; 40 I 

L-Dino Bank 3.140 ; ( 20 

ticiib In* :l0.70Dxr: + 3QOi 44 ! 


rrico +or)Dlv, Ylrt. 
Lire — ] Lire 2 


•tevm tf rptfiaOi 
rufcyoPnc. Hidfcl 
Unuevet IFL '20).' 
ViKlnCtteUnalv 
West Ian' do. Ban!? 


AAIC. n ... H ,.„ 

dastocn «... 

Pwt 

do. Pm 

Plfl'Ull'l 

Itnleevncnl...... 

I la'- I.l«i 

lledi-rfiMiua ... 
llontelMi 
•JuvcUi Prir... 
Pineill i Un.... 

Pirelli dm 

bnuViHwi..., 


| 85 j -1- 

409 '—6.5 - i - 

1.776™;— 37 ISO 1 8.4 

I. 473x1: -40 16010.2 

93.76 —3.26 - : _ 

II. 805-2951 300; 1.7 

■178 -4 | - 

33.010 — 140 (.£aoj 5;6 


loe^sf— o^Oj bsiI 3a 

29.50 — 0.00 - - 
368-ffl + O^H 28.61 4.0 
87.40] + 0^Bj SO '6.8 
75.60 +0.10 .232] 6,0' 
90.80-l.2d 261.6.7 

124.5 +0.5 80 .6.5 
‘74 .+0.5 ae I 7.1' 

285 27.6<T.9 

■13B.10:— j.TO 37^ 0.4 
06.5 + 0.6 f -94.61 5.3 
36X1, — OJOl 28 6.0 
108.50i-U.60; 14 >'3.4 

33.50— 1.30] — — 
‘ari.ft-d.ld 12 4.8 

ft71.Bff-3.E0l- 6. 4.6 
4B-8j-0.2 26 7.8 
36.60. 12^ 3.4 

108.0— 0.«M 48 4.4 
M-5 j 21 7.B 

IBB.Sdj+O.diii 22 6.0 
I58.60l-2.40l 36 4.4 
146.0 — 3Jio[ ' 18 5.4- 
SB. 30 +0.li — 

26.80 -0A3il7 6.4 
83 -iH — — 

171.0 - IJNLuBK' 7.5 
-13LS0 — u.TOl — — ■ 

188.3 J 24 5J3 

188.90 +0.61 5JJS "8.4 
.251 19 7.6 

•‘Kg +1 « 

.115 — 3o 0:6 

■180 M -li8042.6 TO 
,41.6—0.2 ! 20 1.1 
406 |-4 j 33 3JB 


• MIKES 

jane W • 

Ando American Corpn. „ 

Charier Consolidated 

East Drtefontein ... 

Bteburtf ■ ■ ■ 

Haromoy : ^ 

Kinross T:.v_... 

Kloof 

RusteBtors Ptaiidnm ' 

St. ' Helena J...' 

South vnai ... 

Gold Fields SA.T. :..., 

Union Corporation 

Oe Beers Deferred 

Blyvoorulrialdrt . ._L_ 

Rand Pty. ........... 

Free State' Cednld - 
President Brand — . , ~ ~ 
Pfcsideta Stem ... .... 

Stflftuitein . 

Wclkom 

Worn • DrlcTonteln 
Western. Hnlrttny y ... ' _ 

Wesetn Depp — 




PfliCE 


BUi'&4 
19 7.6 
b7a 4 JS 


I Frice +or | IrirTYH 
Juiielto - .rJumBM • — j +. % 


] 147J5'— 4 
-j 985 —52 
.1,980 i— 20 
933 —10 
. 733 +3 


130 6.6 
BOi 8.6 


“ H ««i toiiv,.-. ' 98- L | 9. a.e 

•'WWW— i 68.76^1.51- - 

-rol.Uxink . 105 . +0^ 11 . flifi 

*2d0 !-I0 1 20 'o-L'' 

! hndillLu«n.— .{ -ti>4 '.j— OJt5r 11 JI0.6 
Xon* Htirf itjfcr^ . ,185i I— 0.2d 12 - • 0.2 ; 
gtmwbnirut • .-98 ^j + aB j -9 J 8.5 1 


industrials ' 

AECI - — — "... 8M , 

ABrt^AxaeP. mdunrlai 9 .to"-' 

Barlow Rand ■ ..- ■ jh- •» 

CNA iBVeitmeula r . L 105'' 
Come Finance- 7 - " 

Ds .Been XtoNsMd-;^..%.s>tUbMP'- 
Edgan Coosnlktarad lire.' fuj » ■ 
BdSaxs Stores . . - , 

EverRuady SA . - 

Cr+stcnnans Stores : rt jn 

Coanllaa. -Assurance -USA) “ 
h meets • / _ TM - « 

“IP unit' — ' i on . ■ 

OK" Bazaars j- r. 

Premier Milting ^ ; 'Ss-r. 

■Pretoria Cement ■ «jis _ - 

Peotea HoJdinas-... i.;_ ijs • 

Rand Mines Prop e rties "Uft 

Rembraodt Group i*« 

B»teo i— &J5 x : 

BAPP1 

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S A. -Breweries ijfr* 

Tiger Oats ■al.jniC'VlR.^Mft^-j 
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v\l. FINANCIAL AND COMP 


Japanese 
houses lilt 



MS 


TWO 


By Our Financial Staff 

.flr-thft hig four Japanese 
securities houses — / Nomura 
Securities and Yamiachi Securi- 
ties— are To raise funds. through 
the -issue o£ new-shares. 

Nomur^ which Is far and 
away the largest of tbe-securtties 
houses m Japan, is lifting its 

SRK**-*®* ov«- -u per cent 
to x63.6bn via a rights issue and 
a public issue of new shares. 
TJe latter will -'involve 20m 
shares while .the rights. offering 
will be on* a ane-for-teir-basis at 
*50. "Nomura.-, shares stand 
currently at just under* Y500 in 
the open market. -- -• ; 

Yamiachi ' Is lifting-iis ' capital 
by around . 7 per cent_td YSOhn. 
its public issue 'will involve 40m 
new' shares. Both 'houses have 
yet to fix the prices of their 
public offerings. 

Italian. insurance 

ASSICURAZIONI - GENERALI, 
Italy’s largest insurance com- 
pany, recorded pet profits of 
L22^bn. <S26.5m) for - 1977, 
slightly higher, than- the previous 
year’s L22.2bn, reports AP-DJ 
from Milan, The company will 
distribute a dividend of L600 a 
share, LSO .more than the year be- 
fore. Premium income amounted 
to L2,H5bn, up lil.7 per- cent. 


beats sales 

■ * 

and profit targets 


Br WlUIAtf PUUfORCH 


STOCKHOLM, June 16. 


EUROPEAN OPTIONS EXCHANGE 


ESSELTE, THE Swedish office forecast for the current year is 
equipment, packaging and print* of a IS per cent increase in sales 
ing group which 'took over Dymo and a somewhat slower profit 
Industries- of San . Francisco last growth. These figures exclude 
month, made a .pr-edax profit of Dyjno Industries., which had a 
SKr ISton on a turnover of just under SKr lbn 

SKtfL45bn .(S532m) turnover In in 1976*77. 
the financial year ended Marcb * Esselte’s proposed bonus issue 
31. Adjusted, earnings were will be covered by writing up the 
SKr; 32 a share against SKr 29, value of the parent company’s 
.The Board prtiposesto pay an Vropcrty. Shareholders will 
i unebanned SKr 8 a share on the ? P® w same ca }.°' 

[increased, share .capital, making 

a total payment of SKr 25m k*ld a ° ew ^ s ^. a J e f ° r ea ? h 
against SKi2Q.9m.iii the pre- ^shares irrespective of cate* 

SySfjS;, ZgE"" 1 * The extra issue of B shares 
a one-Jor-five noaus issue. wlIIf it ia hoped . boost trading 

Esselte -set -growth targets at in this stock and facilitate • the 
the beginning. of the year of 10 launching of shares or conver- 
per cent for both sales and earn- tible debentures on foreign mar- 
ings. Sales were up 14 per cent kets. 
and earnings -.- before, extra- 
ordinary items rose by 8 per cent. 

However, the pre-tax -figure in- 
cludes. r SKr 15m in currency 
losses and, if these are excluded, 
the profit 'growth .would have 
measured over- 11 per cent. By Our Own Correspondent 

Tii preliminary 1977-78 repon MONTREAL. June 16. 

attributes the increase in earn- LAST NIGHT'S revised bid from 
ings exclusively to the foreign Occidental Petroleum for Husky 
companies, with, profit, develop- Oil of Calgary will be made only 
m.ents in the Swedish operations by prospectus and remains sub- 
cancelling each other out. The ject to Canadian and U.S. Gov- 
ernment approval, commented 
Occidental yesterday. 

Both Occidental and Husky 
have had preliminary discus- 
with the provincial gov- 
erns of Saskatchewan and 
ta concerning the earlier 


Petro-Can 
meeting sought 


• flptim* 

Prii-e 

July 

Cion ’ ToL ■ 

Get. 

Close Yol. 

■ Jan. 

Close -Till. 

Ite jj 

ATT 

'ATT 

ATT 

*5S 
860 
-$60 - 

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tO Cl B 

6t- 

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2 - 


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320 

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560 


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$40 

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FJ20 

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>r development of the Lloyd- 
linster heavy oil reserves. 

Both Husky and Occidental are 
tiling for an early meeting with 
etro- Canada, the Canadian 


The First Viking 
Commodity Trusts 


Commodity OFFER 39.7 
Trust BID 37.7 

Double OFFER 82.0 
Option Trust BID 77.0 


Commodity & General 
Management Co Ltd 
8 St George’s Street 
Dongles Isle oi Man 
Tel: 0524 4882 



WARDS ATE COMMODITY • 
FUND 

at 31st May. 1978, tll.1S-tll.60 
WCF MANAGERS LIMITED 
P.O. Box 71 
Se.‘ Helier, Jersey . 

0534 20591/3 

Next dealing* 30i)i |une. 1978 


Advance at 

C. G. Smith 

Investments 

By Richard Rolfc 

JOHANNESBURG. June IS. 
FIGURES FROM c. G- Smith 
investments, the Durban-bused 
holding company for various tex- 
tile and sugar interests, show 
Increased group profit after .tax, 
with a rise from R15.4m to 
R 17.2m ($19-Sm) and a one cent 
improvement tn the dividend to 
27e. The shares, at 230c. yield 
11.7 per cent and. unlike the 
majority of large industrial 
groups, stand ut the same price 
us a year ago. 

C. G. Smith Investments draws 
its income from Romatex, 55 per 
cent owned, which is *<ne of the 
largest diversified textile groups 
locally, and from two sugar com- 
panies, C. G Smith Sugar and 
Huletls, which together account 
for about 70 per cent of South 
African sugar output. C. G. 
Smith Sugar, which now com- 
prises lllovo Sugar Estates, the 
former subsidiary of Tate and 
Lyle, maintained its dividend 
last year, while Huletls reduced 
its dividend. C. G. Smith Invest- 
ments bolds a third of C. G. 
Smith Sugar and. through various 
intermediate companies, receives 
an effective third of Huletts’ 
dividend payments. 

Results published by C. G. 
Smith and Co. the unlisted top 
company of the group, with 66 
per cent of C. G. Smith Invest- 
ments. showed an increase from 
R0.6ra to R 11.5m ( 513.2m J in oct 
attributable profit. The Board 
says (hat although ibe sole of 
its stake in Stranger Pulp and 
Paper /the venture with Reed 
International ) is “still condi- 
tional.” the investment has been 
written off against the surplus on 
revaluation of other investments 
and a provision made for the 
balance due in terms of the 
agreement. Sharehulders will be 
informed when the agreement is 
finalised. 

It wu* announced in late April 
that C. G. Smith and Co. was to 
sell its 50 per rent of the 
Stanger venture in Reed fur Rl. 
and would in addition pay Reed 
R16m in cash the price of 
disengagement. The U76m plant, 
largely financed bv loans and 
guarantees, has made substantial 
losses in the past, but was 
recently reported i«i be breaking 
even. It is nui jei known why 
C. G. Smith’.-, disengagement 
front th« project has nut been 
finalised. 


Royal Bank oi Canada 

THE Royal Bank of Canada is 
to open a full-scale branch opera- 
tion in Hong Kong in October, 
writes .AP-DJ from -Mon I real. 

The hraneh will upgrade its 
representative office in Hoog 
Kong, which has been in opera- 
lion since 1958. and will be com- 
plementary to its Asian currency 
unit in Singapore, = 


Rhone-Poulenc moves out of the red 


BY DAVID CURRY 

RHONE-POULEN‘c. France’s lead- 
ing chemical group, claims that 
the return to a small consolidated 
profit after two years of heavy- 
losses shows that its recovery 
programme is beginning to bite. 

In 1977 the group recorded a 
FFr 84 m (.<lS.3m } consolidated 
profit on a turnover of FFr 23.6bn 
($ 5 ;Ibni after accounting for 
some FFr 25$ni o£ extraordinary 
gains and for the commitment of 
stupe FFr 325rn towards the re- 
argppfcation of its heavily loss- 
making textile operations in 
France. 

In the group bad lost 

FFr MIm after seeing its turn- 
over- slip from FFr 2&35bn to 
FFr I7.85bn while ib - 1976 losses 
totalled FFr 364m bn sales of 
FFY 21.74hn. 

The group's two main activities 
are chemical and artificial fibres, 
and the clothing industry is its 


largest client, accounting for 
some 23 per cent of sales. After 
a series of heavy losses in textiles, 
the group unveiled at the end of 
last year a drastic reorganisation 
plan worked out by 33. Jean 
Gandots who had been brought 
into the group from the steel 
industry and is the heir apparent 
to the present chairman, M. 
Kenaud GilleL 

This depended on concern 
traiinc; on two main lines of 
product — polyester and nylon— 
at only three sites in France, 
while earmarking other sites for 
industrial- reconversion, and per- 
mitting the continuation of 
products outside this range only 
on the basis of their being profit- 
able, and without guarantee of 
continuity. 

The textile sector bad a 
FFr 707m operating loss last 
year which it sot round by dis- 
posing of some FFr 215m of 


chemical assets to other divisions 
in the group and the abandon- 
ment of credits of some 
FFr 494m. 

Losses in the sector are now 
some FFr 20m a month less than 
they were six months ago 
according to M. Gandois. 

The bright spot last year was 
the 13,8 per cent gain in the 
health and plant welfare sectors 
(to account for some 23 per cent 
of sales), hut whereas fine 
chemicals had a relatively bright 
year, the petrochemical and 
polymer sectors were consis- 
tently depressed — so that 
chemicals as a whole stood 
relatively still accounting for 
some 42.3 per cent of turnover. 

The other main areas of 
activity are films (some 5.2 per 
cent of sales) and the Brazilian 
operation, which are bracketed 
together aDd which generated 
10.7 per cent of turnover. 


PARIS, June 16. 

So far this year, sales are run- 
ning 7 per cent ahead of last 
vear. but the group will say no 
more than that this pattern will 
continue until the holidays. Nor 
will it hazard a translation of 
this into terms of likely profits. 

Investments of FFr 2.46bn last 
year were financed without re- 
course to additional indebted- 
ness. although the need for work- 
ing capital meant that there was 
an across-the-board increase in 
borrowing. The final profit was 
arived at after FFr 1.37bn in 
provisions and FFr l.TSbn in 
financial charges. The group 
shed some 2,200 jobs over the 
year. 

Overseas growth continued to 
outdistance the performance in 
France, with sales made overseas 
reaching 59 per cent of the total 
against 57 per cent the previous 
year. 


Billenid, Uddeholm agree 


BY WILLIAM DULLFORCE 
DETAILS OF the proposed 
merger between the Billcrud 
pulp and p3ner company and 
rhe fore.M-based operations of 
the Uddeholm conglomerate have 
been agreed bv the boards of 
the two companies 3nd will be 
submined i>» shareholders at the 
annual meetings on June 30. 

Billcrud mjj rake over Uddc- 
holm’s forests, pulp, paper, 
timber and chemical onerations 
from August l and will change 
its name in Billcrud Uddeholm. 
Billcrud Uddeholm will issue 
sufflcicnr new shares to enable 
Uddeholm to obtain 3fi-ner cent 
• kKr' i” 2 mi of its expanded 
share earn la I at ii price of 120 
per cent. 

Billcrud Uddeholm will take 
over SKr (S2I6m) in. debts 

and SKr Tdftm in pension com- 
mitment' from Uddeholm. It 
will also make, a- SKr 150m bond 
issue to IMdeholm. This is to 
he free r-f in.'eres! or amortisa- 
tion fur ’ Sic first three years and 
thereafter' r.< rry 10.5 per cent 
fixed ini.-v-t and be repaid 
over >ev >-n jf5t«. 

Lasi ;*-ar. B’.llonid made a 
loss of SKr I’Jfim on sales of 
SKr I -Wbn. while Uddeholni's 
fbmt-h&fa'd operations lost 
SKr 219m mi j turnover of just 


STOCKHOLM. June 36- 
under SKr 700m. Billenid staled 
yesterday that the situation 
called for the closing down of 
units operating at a loss and a 
move towards paper grades 
which were more economical in 
wood consumption and of the 
type not exposed to direct com- 
petition from North American 
manufacturers. 

The merger would bring 
lower operating and administra- 
tive costs and allow investments 
to be coordinated. Tbe increase 
in forest property would be a 
strength factor. 

A further loss was inevitable 
in 197S and was likely to reach 
between SKr 150m and SKr 200tn. 
Payment of a dividend would not 
he “comnarihle with (he com- 
panv’c Inns- term interests.” If 
another loss was to be avoided 
in 1979. a substantial increase 
in (he nrices nf finished goods 
would he needed. 

Uddeholm . renounced that a 
reduction in the loss on its steel 
operations of SKr 10D-150m this 
year was ** full*.* possible”. If* 
power- plants were expected to 
contribute annual earnings of 
SKr 90-1 00m over the next few 
years. Neither steel nor The 
’power plants are included in the 
merger -with Billcrud. 


Ursini resigns Liquigas posts 

RAFFAELE URSINI has an- tal directly and a further 42 per 
nounced bis resignation from cent through Societa Assicu ra- 
the posts of vice-president and trice Industrials, which be con- 
managing director of Liquigas, trots. The second major share- 
the company which controls holder of Liquigas is Montedison 
chemicals group Liquichimica with around 12 per cent, 
and of which he is the main Liquigas and Liquichimica are 
shareholder. among the companies expected 

The company said in a state- to benefit from a Bill drawn up 
ment that his resignation is in- at a Cabinet meeting today set- 
tended to remove any impedi- ting rules for tbe participation 
ment of a personal nature to the of banks in the financial salvage 
delicate industrial and financial of debt stricken enterprises, 
salvage of the Liquigas group. Bauks owed money by 
Liquigas has not yet published Liquichimica have been working 
its 1977. accounts, but. a share- on plans for the salvage of tbe 
holders’ meeting has been called Liquigas group's chemicals 
for June 30 with” a proposal on operations. 
its agenda for 1977 losses to be Sig. Ursini recently outlined 
covered by drawing on reserves at a shareholders' meeting a d re- 
created by revaluation of assets posai for setting up a bolding 
under j 1975 law. company for the entire group, 

Sie. Ursini owns 7.8 per cent with the participation of banks, 
of Liquigas ordinary share capi- Reuter 


/ eba forecasts recovery 


BY OUR FINANCIAL STAFF 

YE BA. the West Cermun energy 
concern which is also the 
■coumryV .’arge.si industrial enter- 
prise in turnover terms, hopes 
for u w i very in profits this year 
after a first quarter. rise in earn- 
ings Of 13 per cent to DM 43ra 
(620.5m i. - 

News hi the expected profit 
improvement and of the surprise 
D?.l SOOm deal with Deutsche BP 


pushrd up Veba’s shares . b> 
DM 5.70 on ihe Frankfurt Stock 
Exchange to a clusing level or 
DM 116.20. 

- - -Last -year. - Veba’s net profit 
plunged steeply from DM 225m 
to DM 77m after particularly 
heavy losses in the mineral -oil 
and glass manufacturing sectors. 
Most of the decline took place in 
i he second half of the year.. 


DID YOU MISS 
THE BOAT? 

Rubber prices have risen over 20% in the last 10 weeks 
with some forecasters suggesting that the all-time high could 
be challenged by the year end. 

While this must remain no more than a possibility one thing 
is certain— commodity price movements will continue to 
present . excellent opportunities to the well-informed futures 
Iratk-r prepared to take the high risks which undoubtedly 
exist. 

Tbe first step is to secure the services of a reliable broker, 
one who is prepared to make firm hut reasoned price 
predictions at all times. C.C.S.T. is that broker and whether 
you wish to open an account or simply receive the next two 
issues of our weekly Marker Report free of charge, please 
phone 01-480 6841 or write to: 

C.C.S.T. Commodities Ltd 

B Waisingham Hou.se. 35 Seething Lane, 

London EC3N 4AH 


CQMMOMTIES/Review of the. week 

Smelter closure boosts tin 


BY OUR COMMODITIES STAFF 

TIN PRICES* reached, their 
highest levelsjincc December on 
ihe London Metal Exchange this 
week. Standard grade cash tin 
climbed to 76.90S a tonne at one 
stage before falling back on 
profit-taking — last night to £6,765 
a tonne — up £50 bn the week: . 

The marker was: boosted by 
news that an industrial dispute 
had closed the Capper Pass 
smelter at HulL- 
Capper Pass', ; a subsidiary - of 
the Rio Tinto * Zinc group, 
warned when declaring force 
majeure on contracted deliveries 
with immediate effect, that the 
cutback in supplies would last at 
least a month because of the 
difficulties involved in restarting 
furnaces once they were closed 
down. . ; 

Although Capper Pass is not a 
big producer in world terms, 
producing about 15,000 tonnes a 
year, of the world’s 200.000 tonne 
annual output, it is an important 
source of supplies to Europe, 
where there is a scarcity at 
present of immediately Available 
tin. - . 

-' It was reported yesterday that 
the International Tin Connell s 
economic price review panel had 
failed at a meeting in. Bangkok 
to agree 'oti -a- T recommendation 
for an increase in the ** floor ’’ 
and “ceiling” price range of- 
tbe International Tin Agreement. 

It seems likely, however, that 
the Tin Council riril) bow ar its 
meeting next month to pressure 
from the producing countries for 
an increase in the price .range, 
The rise in tin pnees was 
muted by the depressed state of 
other base metal . markets 
especially copper! ' - . 

Profit-taking sales, after the 


fe200, 


Opartonnc 


cacofl iu 





Dec Jan Veb Mar Apr May .JaaJ 


recent surge in prices which 
fol lowedi tbe invasion of Zaire’s 
Shaba province, continued to hit 
the copper market. Further 
downward pressure was exerted 
by tbe decision of Asarco, one 
of the leading U.S. producers, to 
cut its 7 domestic copper price- by 
2 cents to 65 cents a pound. less 
than three weeks after it- had 
raised the price. . . 

- Tbe cut was quickly followed 
by other North American, pro- 
ducers and was taken as confir- 
mation that consumer demand 
for copper remains sluggish, in 
spite of reports of some buying 
by. the Chinese.- ' 

Copper cash wirebars \ held 
steady yesterday to close at 
£712.25 a tonne, £37.50 down- on 
the week. . , . ■ , 

World sugar fell to its lowest 
price level for three months, 
mainly. as a result of the exten- 
sion of the ratification period for 
the International Sugar Agree- 
ment and a recommendation by 
the International Sugar Council 
that the introduction of Its con- 
tribution system for the estab- 


lishment of a reserve stock fund 
should be postponed. 

The London daily raws price 
ended the week £5 lower at £97 
a tonne. 

Doubts about tbe agreement 
may cause some small producers 
to become aggressive sellers of 
physical sugar for fear of having 
to sell at lower prices later, some 
London dealers said. . .. 

The pact has been operating 
provisionally since the beginning 
of this year, but it still needs 
ratification from several mem- 
bers — including the U.S. — io 
become fully operative 
' London coffee futures prices 
fell back as excitement over the 
recent series of Brazilian frost 
scares died down. Weather in 
the main coffee-producing areas 
was much warmer throughout 
the week and thU encouraged 
many speculators to take their 
profits. - 

The September price fell to 
£1,659 a tonne at one time 
before closing at £1,687.5 a tonne 
yesterday-down £99 on tbe 
week. 

The cocoa market continued 
very quiet, with the September 
futures quotation closing £24.75 
up on balance at £1,661.75. 

In the absence of any signfi- 
cant fundamental news, much 
attention has been focused .on 
the prospects for the negotia- 
tion of a • new Internationa] 
Cocoa Agreement when the cur- 
rent pact runs out in September 
1979. 

The consensus at an ad hoc 
committee meeting held in 
London this week appears to have 
been that the pact should be 
renegotiated rather than ex- 
tended. 


WEEKLY PRICE CHANGES 


( [*C< 9* r 

ink-** jfli’iee 
- ! nu 

i iwlesti | weet 
! natal 


Sfetad *«Sb (•**£’ : 

jsssassj'tifei - pww 

£707.6 —36, 

£723,25 —36. 

5184.876 + 3.2 
£308 



3 tilths Do. Do..— 

Cash Cathodes. 

i month Do..,.— — 

Gold per <**--— r I— ( 

5^97 pWSj 

ssasssw HU 

QniL-ksilver (76tt».ij 

Sllw perez. 

Smooth* per*..- 


-3 month*.. 
WWfcun iSAttht.' 

ZitiL-v**h. 

5 months.. 

Piwlot*®- 


£8*1-46 


Grains 

Harley tap. 

Romo iMltifw — - 

31aj2£ i 

French SP.31elte»; 
(Ameniaimj 


S129.o4.-L0 
£312.15 1-4.V6 
£322.75 ;-4-iS 
S560/«» - 


1-135 


'—1.5 


,£750.6 
£769.25 

S 139.125 

£330.6 "* £364175 
£336.26 £36*25 
£3,160 £2,566 . 

g2.06-.lB -*M 
£S7 i £I5s.O 

SllOitS ■ 

256.6u i »».76r' 
260 -Bji i 300Jto 
£6,697.6. £6.9C6 


6S,412^I SZ.L 56 


£77? .6 
£798.75 
£773^ 
£733.5 


£612 
£584.7t» 
£80 2J> 
£614.75 


?je£g> 

£2*0252 

9L#> 
£96 


£5.eao 

snsjft 

CSS3.5 

£335-75 

S700 


£78 • 
£80.5 


! £ 86.1 

S122j 
ZS iV ’ 
253.9p 

XlRsJW 4 £6.6?ff. 

£6,767.6} £5.717A 


£86.75 


£339.6 
£349.5 
8600 


rfureUAUWOcnhJ 


£87-75 

£106.75 


$650 


£7005 


£36.5 


j Latest 
I prirt* 

| per uiaue 
! unless 
stated 


(Ch'RV : 

on 

week 


Wheat i 

No. I Red tipnng.l £94.5 | — 2-26 
Am. Rant . 1 

Winter.,..' : . . 

Eng. StiillOKpiew crop) £106 1+0.5 
Spues 

Clover.~. K ..V.M<a) £4.600 
Pepper, Wbite^. 

Black em 


ut( PhOIpl'e*) 

Groondaut %■'- — J 

Uns eed, Crode. 

Palm Malayan. 


GupniiPh'lippinSs). 
| Vatican.- iU.5.1 

CooSoditiBB "• 
^L-oa shI{naeot».„ 

>'w K&l pw 

FuBufftiJnly 
Cotxou Index 
Pea. Cnamub.'.._... 


SLOTS 

8655 

£735 

£380 

S5S3 


5«W 

$878 


+5.0 

1-16.0) 


J+10X 
1— 3-& 


leer 

ago 


80.86 

i 

£92.6 

£4.660 

S2.776 

12.400 

S60Q 

£SP7 

£382 

fSX> 

S412.5 

5308.85 


|[ U 6hertiIo_„ — 

riMju 

Steal So. 3 L 

Sussr 

•fayltK* -Nt\ 2 — ... 
l’ea Ute.-. 


(plain) kUa.,.. 
t Wooltups 


, £L776 
ELE51.76 
£L667.S 
7S.Br. 
£646 
etna 
b8p 
£183 
$630(40 
£97 
£172 
IMP 
80p 


Uz4.T6 , t:2.677.B 
-W.0 | Li, 418 - 
70,96c.* 


4.76*82.677.6 |Ei 


W-tt 


-0.75 

- 6-0 

. '.0 
-2jJ 


W«b.>283[i kiln 1 — 


£i60 

S»13 
47 Jill 
i £06 
S®£> 
£114 
£180 
Zifip 
164p 
383u Bi'o 


Uric 

High 

Low 

is eh 

£25.3 

£91.5 

£31h 

£104.6 

£35 

£4,300 


53,3ft) 

S2.a£0 

82.460 

5L97s 

8722" 

«4>i2.r 

L-ibi 

£687 

£386 

JS&5- 

6640 

8435 

8460 

S572.S 

Mli 

$224 


£i,all 

£‘40e&.: 

£i.*to.: 

£1.362.6 


72.75." ' 

cLcffir 


£tSU 
'430 
68.75(1 
£L9U. 
66 ft 
£114 
£180 
l«p 


OAb 

S4if 

S 3 1 

S627.3 

2* 

£\T<1 

-mp 


, 38p I 8E| 

l2S3ptdl«*&67r>kilc 


t GMMied. •KomhoL piWtlsgwar* 


BASE METALS 


u.-t Momi.iJ- Thri.iT mom hi L:69. 9.1. 9. 

: u.2. Kirh- Thr,-.- TCunihs 23° .2 *»3. 
.iliL-roiXii' Three inon'.hs JOtli. 09 D. >?‘J. 

:r-m. .uni*. ;uu. :,wi. 2»3 0, w.s. 
o'. 4. Korf. Three ri«i:&s 2W -; 99.4. 
o • i,. iij.r 


COPPER— Oulcutr Ui .ji m r^.ent 
;cssluns. with lonrjril ah-ul luofjjji <n 
:: turrtnv raii-!>.- ihruucboui thr djv The 
hi;b uj> i7S •/ j and the low Cj.j j. 
i.\jnv.\ was a bo wuji.it and itvadj 77 k 
■ - tose on iht Kern was 17S4 i. Nn fall 
hi ihu wi.vk w-Ji £G7-S. Turno-tr- 
•.'7.ii;a lorii-.i. _ .. . _ 

L 1 1 Kl Util, ml r — I Jflm**ii, wl • — 


COCOA 


i 71* .5 .2.6 

HiMilbt.. 732.5-5 t 5 l 733-. 5 - 2.9 
"Hir'iii'iiL 712 +5 i 

Cathodes.' 

i W, 707.5-8+5.73. 707 8 f 5.25 

J mkwjiI -.. 726.5 15 • 726.5 T 2.7£ 

WIU'iu'iK 70S +5.5. — 

.lull.. — • *66.5-d8 

AmateamaiL-O ' Mt«u1 Trading repon, d 
ihai in i hi lUurnlnR carh wirebars iradi I 
■Jl rJ-4. "Ti 3. 34. J3. -’43. 3J. V 5. -- 
i'atlimk’S. tuoh £'UJ..9a. U7.3 u>. ihr, ,- 
mor.rhR I7JK. Kerb - Wlrebare Ihr.-. 
u Kurds rrj-:. M.s 34. AXumooii' wireha;--. 
ihrcc mowhK I7W, W.S. 33. 3«. 13.3 
.113. Cathodrc. three mouths ti'». K <-n» 
Wirebars throe rmmih-j £733.3. 34. 34.5 
TIM — Moved urrowlr. with lorwartl 
tnciai suriins ai 1C.U90 in spite of a fall 
in Uie East orrmltkt. Seme iKidae-Sk-llmfi 
drbnshil Iht price io £6 963 and H 
uoved oround this level in the aheruron 
to close on ihr Kerb at K.673. Nei rise 
on ibe week was £35. Turnover: 1.040 
icnrws. 


i r.ciA rr,e luiuailv « uh sh.srt-envrrm* 
1i:i itiu jruniPte-5 pr-duier selling wlu-ii 
e-i-ua'tird Uic ulfi. Gil! and Dx+ire 
n. ported. 

" liM<i'iiirt ■+■ ■_**'' Eim in-. t 
O'I.U.4 ’ L'-ca. — IWMi.* 

N-i.v.’rniri 

■t ni v 1:23.0-25.0 —a. 5 1745.014.0 

i* 1661.5 c7.0 -3.75 1654.0-55.0 

I Hi- \W0.U-5S.0 -5.5 K42.0-25.0 

M»n-ii I6IS.0.I5 0 -r 1.0 IfCO 0-06.0 

W....... .. 159r.O 1602 : s-2.5 I6QV0.1S94 

4„t 1535.0 96.0 -i2.5 

•*. -a 1575.0-30.0 i- 1.0 - 

" 'viK- • 5iT'iT_|'jST'ioiT of wloduTs.’ ’ 

Imeraatfonal Cocoa Orsanlsatlon (US 

■ vi«s- m-r 4>oundi— Da:l* pnu- Juiu.- IS- 
t- ,|, ?r (U'I.SIj. -IpdiValur pnc»-s. June in. 
-S'l.iv av..T3Kc iv.53 U33..II6>. 22-dU- 

. n4.c: uriu*. 


COFFEE 


Lirlj siejdi'ii-is inltuencrd bs "New 
V '.-v s overnijtai perlornur.u- was nu-.t+ lv 
-.ojjshed br irsttv liqujJaikin Drexel 
Fur.Mnj . repon ed. Seilttu cooUnurd 
r-:»«i ihe tailor part ol ihe day. so 
it-, ipiuiina Uu- s' op-low setlioc lbai was 
» tn. expected from a marker rename ro 
h, .jim againsi possible weekend weather 
v.i^arles. Dealers said they did not 
K'.’-n-ft any frosts in Brazil's coffee areas 
iii-s weHeotL 


unt n/doit. Saks: J72 le-'S 

IMPORTED — Wheat: CV/RS No. 1. 13. 
per LvM. June I&4.3&. Tilbun . L S. Dari: 
Northern Sjmr.g .Vo. -J. 14 p.r. ceU..Junv 
Juli £53 73 Alls £M iranshm- 
Hktit Cast -Coast • sellers i. 

Maize: U.S F-^n.h Jun.- £T«M. July 
him. 5b. auz J"l, irannhipm.nt Easi 
I'vn. S. .4fr^a.-i Wbue Jiine-.tux. I73.."'0 
ClJiBin. ‘ S Airman Yellow Jun '.-.4 Hi 
£7.4 i.dLV.OV. 

mcca— E s-farm spot pners. June In' 
Feed wheal: LantUhife £97.10 Feed 
barley: Ken: io0.99. Lan>.-a.<hire- IS'.JO. 

l'k mnnvtarjr i u-Mticwni (or week frotij 
Jun. 19 ■» ill remain un>Jiari«cd. 

EEC IMPORT LEVIES and prrnnunis 
cHiviii-L tnday. in mdir current levy plu-. 
Juiv. .Viz. and Sep'., premiums, with pre- 
« i'-u, in hrjAefr. all In »i»iU> ’>! aecium 
pc-c lonn-.-t Common wheal— ‘9.54. re-.-i 
ml • MTiiOi-. Durum wheal— 13’! .7 9. re-.l nil 
it.-G.4o. re« niJft Rye— 57.S4. mat at J 
‘sonie'- Barley— >'..1,6. re»t -ml -82 7*1, 
re*r Lit >t Oats— 75.1?;. rt-i- nit fsaujc: 
Maize itnJier :!ari hybrid for ncdimti 
— 77».i?. r,-.i mi ■ :r r:. re>i inlc Millet— 
Stt.-il. n-' *s-l ' -arre ■: Grain sor9hum— 
v!.6C. re.,1 oii ■ S-4 rJ» re-: nili. Also (or 
flieir -• Wheat or mixed wheat and rye— 
l.a.iifl 'same': Rye— 1^.61 "'-anic,. 

SOYABEAN MEAL 

Tii- Tturki'* opened steady, alter the 
ovv-ri'ishi recovery on Ibe Chicasu 
in Ariel Pnees moved irregularly on ihe 
day In thin trading to dose wUb gains 
oi fnjtn U 00 to £V 30. SNW Commodities 
repored. _ 


steady. Ouoiai.uns c and I UK lor Juno 
-iblBni n!: lO-oz 40-ineb £9.94. *j-oz £7Jv 
p>-r 1U0 yards: Jnl> £9 9" and £7 7»: Auc 
Scpr tP.K and ZT.IS. “B" TirlJ/S: E*-".: 5 
£27. M and £25.03. Yarn and clelh very 
quiet. 

* 

LONDON PALM OIL — June. lulv 
/.na. suo.nb2Jb.ou Sem. yro.M-3Je.ou, 
net. 290. 0D- 329.00. Nnv. -'6u.0b-oij.00. Per 
2SO.OO-3030. Jan. and Feb. unquui.d. 
Sale,: -JW: t M ine • 

WOOL FUTURES 

LONDON— Dull and Seaiurelesi. Eueh> 
reported.'?. 

i Pence per f:lOt 


.4 >.»u» Iihci tYolero '(•.-+ irt . JJusme»v 
OlM4 IVimll 1 1,- a — j IV'il- 


ri.v 


l»UI. 


-m. H - <*| l«-'« ■ [t-r-’i 

li.-tn I — i L Ui.ile iA c — 


High Grade f r £ . r 

InJli 1—145 5770^0 -15 

s mniTUi-.i 6675-85 h— 30 -6685-95 

<e4ilein'l .1 6675' |— 4«45_ — ■ 

Standards 

■. <t-i. ; 6760-70i-47.b6760-70 —23 

: ‘ihiiiU..' 6660-5 > — SO I 6670-5 ■ — ... 
•irtlleili'l- . "6770 1—^5. — : 

nimiN 17.. 1^1750 i — 16' — 

Xi-« 1 ■■■L- — I- _ _■ 

’Morning- Standard. Jiree monihs iu uTu 
73 Hi. bo. To, W. U Kerb; Standard, 
three momb* I6,u70. ts. tu, w. .utt ruuun. 
Standard, three muiilhs £6ff73. T."> Tn. 
Kc-rb Standard, three months D'cri. *.0. 

LEAD— Steady, mtluimicd mainly br 
cuppi-r, with forward dk-uI ly-ldtoj 
beitreen SJIHS and m7J> Orton • clM«i 
OP the Kerb at CHS.Ta alter 3 subdued 
day’s trading. Nei Tall un tbe week vat 
£tl. Turtwrerr 7,-TSfc tornicS. J.." ’ 

I - s:m. " :+ ur. p.m. ,,r 
LE.LD Ulfleinl ! — I Unodlciml : — 


O •KPKE 

Vedi-r.tav’f 
1 1— r 

:+,ri 

Uiur.n'"!-, 

I'ulf. 


k' per lull lit 

. 

•III T ■‘vmiin 

1765 69 

— M.5 1850-1760 

*■ ^..inh-v .. 

1666-69 

-Si-5 

1742 l€?8 


158790 

— 3&.0 1665-1564 

1 8|l>fl4t Vmhm 

1515 28 
1450 60 
1438 40 . . 

— ^6.0 

1590 1520 


-43.5 

1470-1440 

■hue ; 

1400 20 

-bS.5 1469 


Ym ere lay +er Burinev; 

l'1-H' — Ui.ne 

ttudiMnae 

.hit,,' 1 14.0 0-22.0 — D.iD - 

Auui.it 149.78- 19.8 + 155 119.70-77.50 

u.e.rfwr 12 1.50-21.6 t 1.30 121.60-20.00 

... 120.40-20^ +0.00 121.00- 13.80 

Khuuri 122.00-22.7 -f-0.95 — 

.!]>■ ii '125.10-24.0 + 1.50 — 

■Kiii>- 125.00-26.0 * 1.60 - 

SaK's: - ITT' T S4* lo^ of 100 tonnes.' 


SUGAR 


-\jIl-s: 1J613 (3.01Ki lois ol tonnes. 
ICO indicator prices lor June 15 ilIS 
.v.iti per pound-: Lolotnlnait Mud 
.\r iblr-as xjsj.oo - iflOy.jti.: unwashed 
VrjiiiL-js ilTs.OO rrisU.M-: otbtr mild 
Ara‘aicas.OT0.jU FuhUS'.AS 153- uU 

• ‘.t;.3oj. Daily awejs.- 191 .75 »l«fc7». 

ARAEICAS— Close- June 197.03-199 5. 
fniv. ruyL- ooquoied: AUS- 18AW-156.*. 
-.".i. I7S.dMi7.00. Dec. Uvt.W- lOT-Ou, Feb. 
i.Vi.-iO-ua.Od. April IK K0- 1-37.00. June 
:j.'.«vio6.ll0. ' Sales: 1 '3i luis. 


RUBBER 


LONDON DAILY PRICE -raw ,vgir> 
£97.00 11-a.ofli a UKUIe til for Juh'-AOw. 
shinmom White lUSur duilv price was 
hz-.-a -ii £1 lo.tfd ttKl.ua>. 

K-poris (hat the m-.roductun of the 
15.\ sio :-k lie would b-.- deferrrd Tar three 
m on lhs prudat'-'-J an carter ap-ming. 
DSap?uin:i-J long bnuidatlon round lew 
Takers and -losses ol some 190 poUus 
occurred. C. Crjrnikow r..-t>or:eJ. By mid- 
mornlng pr«.es had lalica another IDO 
points, lint laier higher New York quoia- 
Uous enabled these losses to be mOTured. 
ritui quotations were little changed from 
opening levels. 


11 


:. C 


305.6-6 - +2.5 305.5-6,5+2.25 


■315-.5 .+i 
506 + 2.bl 


£ 


316.5-6^1.5 
3^33 f 


L'*lh I 

3 niuntlii.. 
vtt'lm'iii 
U.S. Bptrr.i 
Mormmr: Cash £3}a.5. Lhref roonihs £317. 

16.5, 16. 15.5, IS. Kerb: Three months 
£318. Afternoon: Three momhs Oi:-. 155. 
IE. Kerb: Three mooihs £316, is.s, it. 

17.5. - - 
ZINC— Little changed. Copper was tbe 

mala Influence. Forward market, held 
1-efieee a £327 and £923. ciosiUA on the 
Kerb at the bulb. Net fall on the wetK 
wjs £4.75. Turnover: 6.275 tonnes. 

a.iu. |+ nrj jum. if-f**"' 
OffL-ial I — CuuIUl-IaI — 


SLIGHTLY STEADIER . opening 90 the 
London physicaT market Llltlo interest 
ihrouKhom -the day. -closing on a quid 
note Laws tod Pear reported a AlaJaysiac 
Kodown puce ol 251 (253i) ' cents a -Kilo 
.hnyer, Juqel. 


Sukap 

l*ret. 

Yeimlsy'i Pretlnua 

■ Bu-inev* 

l.iiuim. 

, Lice > Cicss | 

Dune 

Ojdil- 

' ■ ' ■! 

.V 


N'.i.l 

H.&.S 


ITerlou!: lYeM'pttW: Swinew 

close Clone .lone 


ZINC 


Carh 

j mouths.. 
S’meut .... 
Prm. West. 


£ ' j j L* j 

312-3 +3.5 312.5-3 14 2 

322.5*3 !+3.5| 323.5-3 '+ 1.5 
513 ,+3.75: - 

- I I 29-31 I 


Momlns: Cash £3U^ 13, 103. ill ret- 
moDibs £321. 21 ' -Kerb; Three months 
£323. Aftf-rnooa: Cash £373.5. - three 
months -GS22. 22.5 23r -Kerb: Three months 
£322.5, 23. 

B Le rus per- pound, ton previous 
official close. 5 SM Per picul. 


SILVER 


iifter was (teed 4.5p g p ounce higher 
fur Mint delivery in the Londi-a bullion 
nurhei ycsierday at 'lBl.Sap. IJ.S. vent 
eniilvaleitta of ihe (lxins levels w«re- 
Spot 3a3nc.: UP 7.3c; Ihreo-munin 542..V. 
ou 7 Jc: Bh-monlh 5al3c. up 77e; and 
li-nuwith 57S.Dc. up 7.8c. The nieul WMEAI 
opened at 28^2 flip i531-5321cj Slid closed 
91 291-^2‘p i£»-334ic1. 


Juiv — i 53;4tl.5R.E0 57.70-58.10 58.BO-a7.eO 

Ana I B8.9D-Sa.20; 58.75- 58 -DO; - 

4 iv Sejn 58.8S-58.2D, 53.75-53.00 59.20 

iM-Ued 61.15-81.20 60.B5-50.5si 51.50*50.35 
Jhu- Mr.) eZSD-SZda. £2.25-62. ID 83.00-82.35 
Ajt-Joh B5.7VM.OO 63.5D E3.bO 63.90-53.65 
Jiy-6e|*! 64JJ5-BS.20 64.60-64.70' fi5.454et.95 
re+Wc; 6fl.5M6.5ff 65.i5-flfi.lJ0 66-75.flS.a5 
•Un M*rj 6fl^0-6B.D5i 87.20-67.30 88.6D-E7.0B 

Sales: 260 '|3391 lois of 15 urnnfes and 
19 >HHJ) lots at 3 tonnes. 

Physical dosing prices (buyers) were: 

Spot asp fS7.fli; Jnty 57£5p (57. Ur; Aug. 
S7.75P I575|. 

GRAINS 

LONDON FUTURES iCAFTAi— The 
market opened IS higher cm wheat, bur 
speculative 'belUtig ■■pushed“Ibe mirki-t 

flown SSp. where many stops were hit. 
ciomI buying 'support in the jfu-moon 
rallied the market in active trading to 
d ov 10*19p lower. Adi reported Bariev 
op-.-ned ID higher, hut aggressive specula- 
i:v<- Selling depressed nearby posiuans by 
si ml unit!, buying -support again rallied 
tin market to dose S5-W lower. 


BAR LET 



291.3SJI +4.5 29 l.65p 1+5.16 
S99.15p t 4.0 299.25|< : + 4.7 
307. lSp 1+4.05 — 1 . ... 
523-51. .+ 6.8 — • 

LME— Turnover 171 ilDD) lots of lO.uog 




w+tentoyV j. ti f iVretesdav 

> + °r 

Jl'utfc 

*~Kka*L-. 

- -’Tl | 

. close . 

1 _ 

l- 

•■I' 1 - 

’■ 84.80 - • 

— O.Oal 

78.90 

—0.40 

N.iV- 

07.33 

— 0.40; 

81.45 

I—0.S5 

Jhh. 

90.10 

1-0,20; 

64.20 

— 0.40 

.tl*r- 

98.80 

— O.IO! 

86.75 

— 0.40 

M»y 

.95.30 

— 0. 10. 

89.25 

— U.5b 


BtKinCK done— Wheal: Sept. S3.30-R4.45. 

Jan. 90.1049-70. March 
Hay B5.33-84.S0. Sales.- 242 
luis Bari<y; Sept. 79.35-rS.3tj. Nov St 90- 

bl.w. Jan. S4.70-S440, March sfl.9d-3o^o. 


£ |,er tooue 
Aug. .-i10D.20-00.60 100.60-100.91101.50-98.80 

tin 101.60-01.65 102.46 -OZ.50 102.75-96.50 

ller— ... 1 104.60-04.70 1 05.70-05.s0 105.60- 02 . 6 il 
Man h Jtll.6ffn.65112.dO-li.OttllB.OO-0&.80 
May ....1 114.36-14- 30 1 15.BO-16.OD 114.35-15^0 

Ana : 117.56- 17.50119.00-^0.00 117 .50-17 .00 

(W-- -J2 1.65-72.00. 1£±50-25.m!_J2D.50 _ 

Sales: 2.613 i0.u93i tuts ul 5 n.>nnes. 

Tate and LUe cs-rcdaery pruv for 
granulated basis white sugar was £242.40 
tsamui a ionm- for home trade and 
£137. DU iflay.otli for export. 

I mere ael anal Sugar AgUM D— l P t to l 
fur June 15 i u.s. corns an pound fob 
and Mowed Caribbean port/: Dally 7.16 
■ 7 lil>; 15-day average 7.44 isamey- 

EEC IMPORT LEVIES: EffeCUvc today 
'or dctiatiired aoi non-denatured suiur io 
units of account pei 1QD Kilos i previous 
■n bracSeisn While: 26.51 Cfi^li; Raw 

22J!4 i22.06 1 . 

HONG KONG — Sasar Futures: Prices 
d«-lnj« j sicathly throusbuut the werit to 
ecd at new tows. Yesterday’s rinse 
i cents per pound ■: July unquoted. Sept. 
CA>S-7-0J, Oct. 7.12-7.14. Jan. 7.60-7.73. 
March 7^7-7.09, May 3.07-6.03. Week's 
hto-hJmv: July 6.W-6 i5. On. 7 64-7.07. 
March S.4I-74JS. Turnover: 6S iS7i lots. 
* 

LIVERPOOL COTTON— No spot W shlp- 
nK-nt'saUs were recorded for the third 
day- tn su civs* ton. leaving the toiaJ for 
the week at 104 tuna, against 731. 
PurL-lbiM» rem mned at a low ebb - m 
view oi toe duauupon In prices, add the 
rnrihcuuuug holidays, F. W. TattersaU 
npmtd. 

. HONG KONG— Ctniou Futures. Firmer 
price trend continued. Yesterday's dose 
i nulls per Ibi: Jub 38 (JD-£sj 25. Oct. 56 35- 
Iil.au. Dec. 62.00-61.03. March 62.40-unq.. 
May 62.66-unq. Vttk’s high-low: July 
5s.25-57.50. Dl-C. 62.01-60 90. Turnover: 
235 1 13S i lots. 

*- 

DUNDEE JUTE— QuieL Prices c and f 
UK lor Scpi.-Nov, Stopneni: 8WB CH. 
BWC £2S2. BWD E4B. TbSSa: BTB £264. 
BTC £253, BTD £246. Calcuta floods 


JliIv..-.^.-.^S2.0-54.0 232.0 

t.i -r. ,liei-.^, A40.0-43. 0 ; 

I )e>.-**nii«r .. .|24D.O-4i.o ; — 

Hindi .£46.0-16.0 1 — 

'1»|.V.. J246.0-16.0 1 - . 

July—; .(246.0-46.0 • , • — 

ij..-t , ,i nirSSXjS 47 . &.50 .5 • — 

UnnaWt ..{24r.0-52.0 _ — 

Sales: 1 inlli lots of 1.500 kg. 
-SYDNEY. GREASY— Ho order buyer, 
setter, buane-v. sales.' Micron Comraa: 
July. 34S.8, 330.5. 3&1.5-350S. 16: OCL »50.b. 

331.1.. SEBJt-Jol.O. 40: Dec. 358.0, 358 S. 

358.0- 356 J. 17: March 360.3. 3C0 5. 360.7- 
380.3. 52; May 365.0- 365.3. 366.0-365.0 
46: July 36T.0. 3S7 S. 357 S-3S7.0. 10; On 

371.0. 37I.S., 371 .3-37! 2. 13: Dec. 373.0. 
373J. 338^3715. 27. Total sale--, ill tote 

MEAT/VEGETABLES 

MEAT COMMISSION— Average fatsiocK 
prices V-tepresetuauve markets on June 
16. GB— Came 72. 5p per Rg.J.w. i+2 63<. 
UK— Sheep lSS.Op Ui-r kg.esi.d.c.w. 
f + I2.0i, GB— Pigs 61 "P per ItaJ.hr. 
i+2.7«. England and Wales — Onto num- 
bers up 10.9 per Kin. average price 
TJ.TOp I+2-5UU Sht-cp up 65.1 Per com 
average JSf.lp <+rf.pi: Pts* up lo.-J Per 
c m. average 61. up > +C.T -. Scotland — 
Catilo up 19.0 per cent, average 7.’ “ir< 
• -r J 2>: shuep up 39 4 per cuu. averag-: 
133.5P i -HB.ti. 

CO VENT GARDEN ipneci in ticrlmK 
per padUBe unlCM >ia:id>— Imported 
produce: Oranges— C:- prut Valencia Laic.' 
13 Kilos 3.50-5.UQ; Mnrdcvau: 4. 00-4 .20: 
C-jUTi.rtuan: S.Bu-j.SO: S. Aincjn: Nuv v L 
3. $5-4.00. -Lemons— Italian: lfi'J-liO". new 
crop 4.10-1.60; Soamo: Trays l£0-1.5l> 
large boxes 3.50-1.30 Grapefruit— Cyprus 
20 kilos 320-4.00: S. Afrleatt: 27 T2 3.40- 
4.43; Jaffa: 20 kd os 4. 004 3)1. Apples— 
French: Golden Delicious 20-lb $4"s 3 50- 
2.90. 72»s 3.BO-3.BD. lumble boxes n*r 
Pound fl.J5-0.tr: W. Auftrahao: Crann*. 
Smith 9^O-9A0: Tosmanlan- Granny 
Smith 9.30-0.30: S. African: Cranny Smith 
9.30-930, White Winter Fearmain 7.60- 

8.00. Storking Dcllcicus 930-8.40. Chilton 
DeUcltius 8.40-830. York Imperial 175/294 
S.9D-S.40: Chilean: Granny Smith $.50-9.00: 
Slew Zealand: Sturmcr Pippins 1S3 9 00. 
IT3 9.00. Cranny Smith 9 "0: Italian: 
Rome Beauty per pound 0.17. 

English produce: Potatoes— Per 56-lb. 
While' Red 2.50-33D. Lettuce— Per 12 0.50. 
Cos 1.00. Webbs 0.+0. Carrots— Per pound 
1.60-230. Onions— Per 5*vlt> 1.30. Rhubarb 
—Per pound, outdoor V.»S. Cucumbers— 
Per u-ay 12/24‘s 1.00-1.2U. Mushrooms— 
Per pound O.4O-O.S0. Apples— Per pound 
Bramley'E o.tMiO. Tomatoes— Per 12- Ih 
English 2.60-2 JO. Greens— Per crate. Kent 

1.00. Cabbage l.OO. Celery— per 12/15 

230. Astnu-auns — Per bundle approx. 2-lb 
ua-un. StRuAerrleo— Per Hb 0.16-0.20. 
Csuimrawrc— per • Linruto SJW, Kent 

5.00- 5.40. Bread Bows— Per pound 0.0$. 
Peas— Per pound 0 26. 


FINANCIAL TIMES 

June 18 Wime'lS'jMontbagci Year ago 

847.3d ! 246 jj5; 247.40 ‘ 251^7 
(Base: July 1. 1932=160) 


REUTER’S 


June 16 -Juhb_1>; 

UT/itb h">V 

j Ycnrasu 

W98.3J496.2 1 

1475.9 J 

' 1594.8_ 


- DOW JONES 

Bow 1 Jana'’) - June ilfcdthl Year 
Joneo 16 I Jp . agi- 

Sp.4 ....'261 34 : 559.05 361.24 393.33 
Funuvs j35Q.3ll351.25 555.48567.16 
i Average 192+1^26 = 1 W i 

MOODY’S 


J June | Juite’M-.Mitli'Ywr 
Hwblj-'o 16 j 15 j ay* jagu 

^ flp CpmipLv'929.5 ^24.2^9gl jj74.5 
. f December 31. U»lsliWi 



ends steady 

NEW YORK. June IS. 
C«*PPE£i FINISHED the week on a steady 
net- on unxert trade and Comaiisston 
Houst ai uvnv. Baebe n-poneff. Precious 
mridJa maintained ihe»r rally of nrni 
iiiys. wuh strons speculative buying and 
khon-rovenne foil owing the renewed 
•vaov»,-s s m the VS. .dollar. Susar stac+d 
:• rellv laic in tbe Week pn Comralsslun 
House ahwt-cciverlnu and Industrial price 
fixing. 

Cocoa— July 13S $n 1 135 75'. Sept. VJ0.S0 
H31 00». Dec 127.00. Morrta UL25. May- 

122 15. July 120.13. Sen. llb.35. Sales: 
S39 iois. 

Coffee—" C - Com race July 164.SiH65.59 
1 168 Sot. SCPL 156 M asked 1I6Q.M1. Dec. 

145.00 asked, March 137 75 asked. May 
114.50 asked. July 12B 48 asked. Sept. 
126.53 Sales: 465 lute. 

Copper— June 60 00 180-20'. July 60.2(1 
■ 60.40) AUS. 60.SO. Sept. 61.40. Dec. 63.10, 
Jan. 63.60. March HJ.SO. May 65.60, July 
KS.60. S?pl 67.60 Dec. 69.10. Jan. 69 60, 
March TO 60. Sales: 6.100 lots. 

Cotton— No. ?: July 61 10-61.16 (61.44 1. 
let. 63.45-61 sn 163 41*. Doe. 64 55-64 61. 
Man. h 65.5.1-63.60. May 66206633. July 
'■d.tfl bid Oc Cij.G5-67.25. Dec. 65.25-66.23. 
Saks. 5 330 bales 

■ Galtf-.tiMe !S?..-fl fj<4 Ifli July 1&S.30 
• 164 20. Aur. 1 57.30. n?i. i9n 40. Dec. 
10.: .:o I .. b r.'H./O Apr.-I 1>W r*. June 
'.*ic:«*. .Mis. 205.4U. rirl. 20? TO n-e 211.60. 
l-cb. 414.70 Apr 1 <217.90. Sales " 6.230 1015. 

*L a.-d — '.bursae Iww 22. 5) nem «22 3 0>: 
NY nnmr steam 24. tn' ’iom. < 24.00 traded >. 

Malsc— Juiv "IjvjSS'. . Sr pi. 2541- 

-’54.' «£54. •. C-/. Sin:. Ilf an. ft 262'. 
May ;<-0! July 267 

SPiaUnum— July J?.l.*>i*-232 50 i24?koi. 
Ol - .. 25fc.10.25tS.70 *2Sl.iill> Jan. 25S.O0. 
April 2611.00, July "26? UU-26.:.3n Oei. 203.30- 
265.30. Jan. 2«.J'H6?..5i|. S.iir-s: 1.592 lots. 
■"•Silver— June 312 '( «529.'i0i, July 534.40 
5.11 AUS. .Vi. 18. Sapi. .541.00 Dee. 
ioJ.CO. Jan. 557.60. March 565 90. May 
374.60. July 5i£.5n. Scpl. 592 30. Dee. 
606.10. Jan. 610 SO. March 620.30. Sales: 
12.500 Ids. Handy and Hannan spot 
bullion 511.50 1 323.00'. 

Seyabeans — July 677-679 i67I*. Aug. 663- ' 
664 * 861 >. Sept. 636. Nov. 633-617. Jan. 
520i-€.'0. March 627;-628. May 632-631. July 
632. 

'(Soyabean Meal—Jalp 172. 50-272 2*0 
1170.90'. AUS. IT1 .30-171.60 » 172.40*. Sept. 
173.00- 173.50. OCI. 170.00. Dec. 167.30-167.50, 
Jut. Z 67.20- 167.50. March 169 00-169.30, May 
170 30-1 79.20. July 171.10-17150. 

Soyabean OH-Hulv 25 50-25.55 (23.12 1. 
Aug. 24.75-24.S0 124.431. Si pi. 24.13-24.10. 
Oct. 2J.J0-2-..25. Dec. 22 .43-22.30. Jan. 22. 1S- 
22.2(1. .March 22 00, May 21.P2. July 21.70. 

Sugar— Xo. II. July 7.0-7.05 >6.99'. 
Sept. 7.19 i7.10l Oei. 7.27. Jan. 7.60-7.70. 
Marco .■..tf.Vs.CU, May >212. July 8.10-5.43. 
Scpl. S.55-S.C0. Ucl. 8.67-s 7-L Sales: 3.300 
late. 

Tin— 3SO-5JT asked *5&5-in pflkedi. 
"Wheal—vluly J?l-Ei; i312«i. Scpl. 322i- 

123 1317 j i. Dec. 128i-229. March 331, May ' 
329. July 324. 

WINNIPEG. June 16. ttRyc-Huly 106.10 . 
bid 1 166.50 1, On. l03.f!II bid ilOa.M asked J, ■ 
Nov. 103.90 norn.. Dee. 104.10 asked. 

ftOsts— >]uly 77.40 I7S.50 bidl. Oct: Ta^O 
asked 1 76.00 asked), Dec. 73.50 asked. 
March 72.50. ' 

ttBariey— July 75.40 1 76.40 bull. Ocl. 
4.70 bid (76.10 bid*. Dec. 75.00 bid. March 1 

75.00 bid. 

SPlwseod— July 249.30 bid 1 232.001. Oct. 

251.00 I 233.01M. Nov. 248.00 bid. Dec. 
24*50 hid. 

IfWhtrat — 5CIVRS 13.5 per cent proiein 
COW-ni nf Si. Laurence 162.06 1 166.941. 

AH cents per pound ex-warehousc 
unless otherwise staled. ■ S$ per troy 
ounces— 100 ounce lots, t Chicago loose 
$s per Ifla lbs— Dope, of Ag- prices pre- 
vious day. Prune sic am fob. NY built 
lank cars, l Corns per 55 lbs bushel ex- 
warehouse. 5.000 bushel lots. S Ss per 
iroy ounce lor 50 oz unite of 99.9 per 
cent purity dells cre-d NY. * Cettls per 
iroy ounce es-warehoue. :1 New •• fi " 
coniruci in 5s a short ion for bulk lots 
uf 100 shorn tuns delivered fab cars. 
Chicago. Toledo. St. Louis and A! ion. 
^ Cents per 69 l!> bukhei iu store, 
rr Cents per 25 Ib bushel. *i Cents per 
45 lb bushel vx- warehouse. 5a Cents per 
55 Ib busbcll is- warehouse , i.oou bushel 
lots. Vi SC per tonne. 






20 


V Financial Times. Saturday June I7197S 


BRITISH FUNDS (708) 

2>1PC Ai.ni. I 'j-jiE 

iut Bni'ui ikiisdoh bi lt a> Z,;® % 

■;5 <: a ' 4 . 

2 TlX Co.lS. il*. 20" 160 >4® h -i. -*1 

— 1«. vQiii. Ln. ii i "la -h a 

6';|K (.bund ;.ic.i. Ln. j4"ia <2 L| % 

iSC t».a«ucr tn. dH’j 

■ w4Pb tsin.bUcr Lit. 105 4® 

Jpe tuerc^uw am. 1 5t I vb^i-i <4 
jpc exchequer put. ipsa oui >4 
uU'-'ll, 

e *C r - exchequer Slk. 1 9b 1 

o-ipc sjicnuouer btk. lass diu® 


1 9pc ”««. Con*- 51k. gr*ifi* Two 14 7 
KJl ° Tr«aj. 5 , 1 ,. 


Vdi iaai« 


51k. 


95 «* 
1982 95A 


1982 

Rite Trees, 

| , .s el 

I j ... ..ui —i. jo-y j« »» to j , u 

tin; .ii t 4*;pcGiii. 95^ •=>■■ Si. 

. Si OSS -ri-YJO. 4411® 41® U t- 4 >4! -* 

I <■•or-.fi 0 Hruro-tiuctnc Board 

*1 14 r !••• bi P— ... t'-t- *3 CGio SS |6 iIjj 


1902 9J'i;iCi 2 j 


5 upc ucncquor ath. 

3 2n ‘•'la 

bMPC Eacneauer Stk. 1982 A 92- j:® 

-''•JlO •» *4 

9'u>c t«neooer stk. 3&i„,® i 2 
iui;pc cxcncQuer stk. 05 ‘Mi 4 -n 
luLpo s*cnci4uer 5m. us i® .-j 
I2pc Exchequer Stk. 95-4® 6® k, V i, 
12 pc ucnequer S:k. tlu. at ±96 £15 od.j 

14* '4 ,J ln ,; ia 

1 2 1 jpe Exer.cquer Stk. 102i«® 2 
lb 1 . -oil Ltchcauer oik. 10314® 

12 .pc txcnemier a Ik. lOJ'-ia 'a 
line Eicnoquer Stk. 104 '« 

S<4PC Funding Ln. 93 4® .'<:® J» i- 
S ‘me Funding Ln. bfa'iu 6 Su bU; 

Epc Fund. ns Ln. 1993 63*n •« -i ij 
6 1; DC Fur.di-.g Ln. 7 9 -«J' a -'j i* so: 

3‘:pt Funding 5tk. 36 ‘«® 6 
5Lpc Funding Stk. 62-tiS 2 J o '- 
_ ijh h 

a '-.PC Treasury Ln. 6z'm® >j .‘jJ 
?'4« Treasyr? 1 335-86 85 51 4-a ij 4t 
7 upc TreiSurv Ln. 21)12-15 6S' t 8 
ape Treasury Ln. 6SU® V£ 9 


j ...uid S''«V t)a:o; 

W. K-'und rpv. Ffi.- (15.6, 
it *> ] sue KiinOu'w:*" 11 4 j‘»4j i.j 


J4 \ 

U 3i 


*8 U 


INT. BANK {_) 
fk£c of stamp duty 

SBC 5tK. a- -4 12.6f' 

CORPORATIONS ($ 8 ) 


■4- U.I- Jln , 


5 pc 


London County 3 pc CaiiiStk. 23A 
stk 7a j ■:• aw >il 15r7-#I oa 
1 1 ti.bi. a iPJ- Wlk. 196,4.-04 70h 61. A. 

U? a^ J&L*** a ' : - 0K 5Ut 

COIU. U-dio a^K Stk 93. 6i;t»c Stk. 
,8,5-iS d-' '» , . , ^5 | . O'iSC Stk. 1900-oZ 
03 U ■; <;:PC Stk. 89 4j (l4|b). yupc 

Stk 9*0 >■■’« itt. S7ii8 Hupcstk. 
luSl* . Ib.'S 1 

Greater Lor.con bApc stk. 6b ij US 6,. 
7upc Stk. nd'4. 9ia>t stk 1980 96 1. 
tl*6>. 9- ' 0C -_S tk - 190U-B2 93ti 4 

1 2..A; • 1984 101 4|®. 12lui Stk. 

19ba iUa-4 IlfciOJ. 1 Ji] pc Stk 108 
(14 bi 

Barnet Corn- 1 2 upcRd.(Fy,Pd.) 99>4® i 


This week’s SE dealings 


,.Piw. LauntW es tBtfl^ g ii^LiiCT W» . 


Friday, June 16 
Thursday, June IS 


4,241 

4,862 


Wednesday, June 14 
Tuesday, June 13 •••■■ 


4JI45 

5,163 


TIW list below record! all yesterday'! marklofs «od also me marklaas during the week of any share opt dealt to yesterday. The latter can be dbtinsuifcftefl by L^w^BrtckjZS^ ^o^'M^LSjei 


the date (in pareMbeses>- 


Ltndmtrics CZSt>> 1 n«w ( 2Spi Pve mwsb. b, ; 

^VWsSI 8 /- rtf'*** ^:'^-**:**** 

3« ( tis%l. 5 p«P 1. S51J pynmw G*». (Pubs.) flW *0h «2«) 

Umwol Dally P®** hetio (Tbei l50p> 136 

I Lill r6, .G 14 > itoidiRSs asoj 75 tie*) Quee» Moat Hoig« «« Wmi, 

__ * OAT i r!2E *^^<1 (IS 1S«* l«i6 Stu«k (H. JJ Li OBJ 44»- lOpcPfc g®. 

Monday, June 12 V«.L^—— '•*«*• ^ 

Friday, lune 9 - 4,652 )S5«i«S Nortwrn- w». tzsw 2o'iO 

7 * 6 70 69. UfCLn- 1441* | C^pT tiOBL 6^3 4^115^6} . 

i lOsfl 37 «15*OJ • ! mul tat d. W»(i AW SW. 2 *j ■ 

Lpnetsm 'Transport HWBfc •**»» 58 JJSJj | Raoiey 


The number ot dealing* marked la each sealed fallows the nam OF the 
scalob. Unlesi otnerwljo denoted mares ere Q Fully paid and stack cuw fully 
paid. Stock Exchange securities are quoted in pounds and feKUus or pounds 
or In pence and Inactions of pence. 

Tim list below gives the prices at which bargains dose by members of 
The Stock Exchange have hern recorded in Tho Stock nalty 

Official List. Members are net obliged lo mark bargains, except to special 
; BanjAinh ai Special Pn«3. A Bargains done with or 
Eschanuo. A Bargains (talk- far delayed delivery or • 

SMaLayanj iMe-S Mexican; $NZ— New Zealand: SS-SSingaDore: 


casts, and the list ca«ot, toerefure- tw reoxrted aa a ‘frslSx ** »ei5i! 

Brices at wWch business has been done. Earaajn* are rectodedmttieUfflrtU Lwocata universal i25« 9z tl*W6> 
List up to 245 imb. oaly. hut later transactions can be toaaueo m me iwmhb Laahors izsw .65 


d^S^CWLkTHTtotfS^ * » rather o bmnaln repre» STW STJlbJ 

liTSfimi SSre OF the public. MarkJires are tow no® 

in order of ensutian, and only ore tarsain to any one security at any one L ” w <, Wmj an0 L _ 


price is recorded. 


***•"• JW^S W fton* End.- 

Bakuseo urp. il?*> 

Hamer Textiles lS» 5b .6 «5^> 

gSS^^oi^ito 4J-8 7 bT supcP, 

« llSsj. toOa&t. M >13/61. aj 

Ln. fiS4i. tOJanCLn. 78 (14/6) 

Ranks HM1S MeQpuBall t25n) **M> Un 


|',PC Treasury Ln. 79 : j BO 79-Si *; *4 9 . I5.5‘. iZ^dcRo Uis. at £98 pc-£I0dc 

8‘iPC Treasury Ln. I9ci}-82 92 tO U|»® ! ^0.. ll .0 •* taaoc fciupc 

]'i«® \ v 3<s 2‘'ri 3 Bill, 1C1I, on U-^PcRd. 98 «IS6i 

8^pc Treasury Ln. 1984-66 OS'a >ia 7* Biinnngnair Lorn. Upc Stk. 89k (12(6) 


_ - _ . b’raprerd Lore iS'a’dS 6i * 41 2|6 * 

o^nc Treasury Ln. 78® 7 1; ■* Jj d-iphton Corn. 97 

9pc Tre.isurv Ln, 1954 79 « •- >* '*i6 ^ *n ‘ Lamdc n CoiP b '-ipcRci. 97 u C14 r 6l 
9oc Treasury Ln. 1992-96 79* * 80'u, 80 Caroir CC Up:Ro 94® flS-fii 
'* I Cara ui Core ~scRa BS* i12'6i 


9‘:»c Trcasur, Ln. 79>,® 8'. Crovesn Coin 6 -CtHd. UbV®" 

'r^ Treasury Ln. 102',® m® 7rh® '■id® : DlOI:. MCI. Sorough tfloi, (13;6i 
':® h, I, Es.n5i.ruh ,'t‘tv pti District Council 

12'jpe Treasury Ln. 99 k® 8*® 9‘ : r >, 9 eanacic '00 :g • 

I, ScInD-irgn Core. 97* nZ!6, 

12 '.PC Treasury Ln. 1992 ion,® I00'»® Glas.-.ovy Core 9i4BcRp. 91k,® i.o », 

■i L I 1 1 S.'S' 

1 2 '.dc Treasury Ln. 1995 }02'i® 'i® ■* 1 , S'OuMstcrsmre CC SUpcRO 91® (15 6i 

' ' ' Giarnsun Reg-onal Council 10-'«pcRd. 98 u 

Greenwich Corp. 6 .DCRd gg (ijjfi 


<4 i 

13‘acc Treasury Ln. 103 ‘a® 3 
1 ! ‘jUC Tr?asur, Ln. 108 *,iu 
14';pc Treasury Ln. 1 T6'i® 

15 -.PC 1 1Z ‘-v i- -'4 

15';pc Treasury In 122*® U * 1 i 
' : :oc Treasury Stl 'Feg.i 20 k® 
io. Tre;s. Stk. 24‘, 

3oC Treas. SIS IS79 95'.* in 
3 pc Treas. SH 1982 84>;S >,s hu s i« 
H >: 

3‘:oc Treas. Slk 1977-90 iftca.> 93k ■,! 
'i ‘:i •« 

3 :pc Treas. 51k. 197f.S1 iRev.> 89k® 

C ,® n 3 'in 

Sec Treas sm. iReg.i 66 1* * -, 71 ,: 7 

5--.PC Trtas. Slk. iReg.l 49 'a® 8' ,..i 9k® 
9n * b : h 

2kpc Treas. Stk 91' ir.® i',..® .: ' 1.. - 

9 '.DC Trsas. Slk. 90"i..® "a,: ■■ 1 90‘ 


SHORT DATED BONDS 
FREE OF 5TAMP DUTY 
9*Pt Bda-Rco. 11217/78} 100® 
lOpc Bm.Heg. (19l7f78i S9Ji« 63/64thl 
tape Sds-Reg. (26(7/78) 99U|* 

B'aoc Bds.Reg. (6(9/78) 39 lv t3® 

6Lpc Bds.Reu (18/10/78) 98'a (15/S) 
G'bdc Bos. Ren. (8/11/78) S8k® 

7)anc Bds.Reo. 731 1 79i 99-m M2r€) 

7'ipc Bdi.Rcg. (10/1.791 99'n 
6>ne Bds.Reo (24(1/79) 98 ><m la * 

.7dc Bps. Reg. (31/1(79) 98:* 

8'»nc Bds.Reo. (7(3(79) 99 
7',pc Bds.Reg. (2113/79) 93* 
llpc Bds.Reg. (11/4(791 101.947 

101.952 1 01.869 101 101.95 
9PC Bds-Rea. (25MJ79) 99'>>: MS'6J 
9'4PC Bds.R*a (9/5/791 99 'a 
9hPC Bds-Rea. (23)5(79) 991‘u. (15 6) 

9 '.PC Bds.Reg (20/6(79) lOO-'ja® 

I0*pc Bds. Reg. lOljflo 96*® 
Variable Rate Bds. Rep. .7.2 Sec I 

1 1 3 1 132* 99.693 99.700 <13'6I 
Variable Rate Bus. (11.412 Spc) ii;6 83) 
TOO‘n-9 I I5 6l 



Oreenwicn (Lcnaou UorotiBti , oil Ti VpcRU 
'fv p a ' S- -14 6 ‘ _ 1 Iupcru (iss. ai 
L99cc-£S0pt Fa.< 46*® * 

Htrtlorashirc CC 5>:Ru. 1978-80 91. S'nnc 
Rd 1 982- ua 79'. 9 80. 6ijpcRd. 78 

Iniitico.i i3>: 94 (14/6i 
Koniinc;cn ChcLed 1 1 Ldc 99 1# 1. 
Lir.arksmre Ccuniy Siaoe 99 ':k USE) 
Lucas 7 :-C 99.0 

Lt'LiStor Flip. Rule (Ape) 100 ?-64tn 

li.i) 

iiLCrcol -CM 13-JPC 104i, 

Livcreod Cpn. 3 ;PC Stk. 26’- CIS 6). 

5 '.C( ?9-.- 9* (12/6) 

Manc.icsier Can. JncCons. 21 0 2 61 
Mina. . 5 ,0c 91 
No'lnu-nnortana 7 pc 93 >15 61 
.-.311am b-.nc 99*4 (T3 6J 
Clr-iam Fusg Pars iB.ei25pC) IDOL 
• " 3 n) 

St. H.’lenj 1 ■ '.PC 96 'jX 
Sallard 5 -ISC 6J-;® _ 

S.,ugh S'jdC 9*'* '15/6) 

S:.um TvntsidL- 12 '.pc tl, pd.) 99k. 12-mc 

L . c :a 1 I V, •* 

5:.u:noni-cn-'ea 5'ioc 97), 

SOLcnwark 6 .cr 7«li. 11 i^k 97 W », 

£i.. l.r; 7 -.P£ 95 u <13 6» 

S.rre, Com-;. 6ac 92 112 6) 
hw.intea 9',pc ?5'.0 OS 61 
Tam-siae var.Kj:s >7.125pc) 

• -.2 a'. IO'.f: 95 (15 6) 

Tyne War 12 dc ! od.i 93 


Uss. at 


9 :3C Treas. Stk 97 .® a’l* 8‘,- 

9 '.PC Tr.vs. 5rl 96' ...4' "in® :»0 ■ i' lt 
lose Treas. S'k SS' i,® •!.•« ", 9 

10 ;oc Treas. S't. 1978 tOO'-i 13 61 
10 ,3C Treas. Stk 1979 100'in *u. 1 

lOO'i 

• i P-: Treas stk. 1993 36 k 
ll'.oc Treas. SI 1S79 .OH’® Ni 
Il'recTreas. Sit 19SI 101 .4. 1 \- . 
Il'iSt Treas. ;-k 1991 95 ® " r 1- * 

■'zr T .- f- Slk 10" 1 DO' •. 

' -pc Tre>s. s:‘ :o4® u® sk® 

14^C Treas. Slk. iOtt® 7*'i:® ''i,® 


99 At 


PUBLIC BOARDS (26) 

FREE OF STAMP OUTS 
Agricultural Mon. Corp. 5nc 59-39 Slk®. 
Pg, 7f-83 741; tl 3/6). S',pc 80-85 
/5 (15 6) 6 r 4pc 68 U® (IS bi. 6:.pc 

661,7 '15 6). 71tpc 81-84 B4® \i. 
Do. 91.93 69Si® (1 5-61. 9'.oc B9 

■15 9'- 9';oc 83-86 87';. 9 kpc fiB'i. 

1 0'aPC B3 H5 6). 14',oc 108', U 3/6 


■ W4UL DJ ■ i a oi. i«'.PC 1 Do', 113(61 

Dover Harbour Brd. 4 Unc2ndDb 48 <13 61 
Finance lor Industry 13ocLn. 102k 
Metropolitan Wlr. Brd. 3pcB 30. S':PC 
3# 1 2 (14-61 

Port of London Auib. 5 ':pc 32 >14 6) 

COMMONWEALTH GO\TS. (4) 

REGISTERED AND INSCRIBED STOCKS 
Australia ILomm., 5 '.-pc Reg Stk. 99 ', 
' 1 5 61. bPCReg.Stk. 1977-80 90‘, 

6 pc H g Stk 1981-BS 80k 

Jamaica bpcStk. 80-'.® 7-kPCLn. 100 


New Zealand S'lprftk 77 r. >12 fit. aor 
P^- ei S'.PC 82k® <15 6>. 7',-pc 83 '4 


Rhodesia 6 pc 1976-79 96- 


Nortncrn 
•1 3 Si 

Southern Rhodesia 2-.neSik. 50 ilS/fii.- 
iv D£ ?J ,i c . ’930.1)5 47. J'lntStk. 1977-82 
62 1 1 5 6i 4' : «Stk. 1987-92 OS tl3'Bi 


Amd[- Cotp. 3Z7 
Amsl Rower engineering (2Sp) 137 <156) 
Amber Day Hldgs. tlOpi 38i- it 5161 _ 
Anchor Chemical Co. izSdi 71 ® (15/6} 
Anderson StraWdyde (2SM 57 B'a *T SIS*. 

7-)<pcUnS.Ln. 65 (12J6) 

Anglia TV Grp. ,2Sp) 73 
Anne American Aspnait 

<14/6i 


ASMUDt Co. :25p> 55 E 


A-ialOgAmerican Induit. Com. iftl) 560 


Appleyard Grp. at Cm (25 di 96® 

iTsb^a" 1 il* 5 ,5B) 39 ® ^ 

Arenson (A.i iHlqos.) odoi sg: i.; 6 
Armitage Shanks Grp. '25a> 6 bl, 7'', ilS/6) 
Armurang Emlp. ilOp) 67H 8i- 
Ai=ra-N..-.Tplas S-'jprn. 42 CIS Si 
Asscd. Biscuit Maim. tZOpi 80® 2. 

3 BSpcPt. 39 (IS 6i. 7tISeD5i65 : : 
Astcd. Book Publishers f2Dpi 250 
&ss-:d. Brituh Eng. (12 ‘t«i Bk (75 S' _ 
Asscd. British Foods Sp) 69. 6>:PcDb. 

J* F ,2 6J. 5>:ocUns.Ln. (SOd Z2‘t 

<13 6>. 7':PcUns-Ln. 2g ri3-Ci 
Ai5Cd. Dairie s (2 Spi 227® a 7 S :tS6 

r “ '*DC 


A«al. Clectrlcals fipcDb. 60'-0 U- B '- 

Db. 6« l 4 'A [tSbl 

Aucd. Eng. (25oi ITS'-® 15® 131.® 15': 
Aisrd. Fisheries '25 pi 5D 
Ass<d Leisure <5 di 58® 7b 
A_s«o^ | Newspapers Grp. r25pi 161® 1 

Asscd. Paper Inds. (25pi Slk, 
as«d. Saravers riOpi 321, 2 (12 6' 
Associated Television Corpn. a <25p' ttO® 

14 0 11 

Asiburv Madelev (Hldgs.i rspi 490 '15 6' 
Astra Industrial Grown [10p] 22 1 15 6' 
Adkins Brothers (Hosiery) C25P 1 5 ^ !: 

Audio Fidelity CIOdi 27 rt2 6i 
Audlotronic Hldgs. TIOol 30 1 
Ault WiDorg Grp. (25oi 3S>: (12 B> 

Aurora Hldgs. tZSai 94 2 i® 

Austin IE-) ’LOndanj (2Sp) BO 114 6' 
Austin i F. ■ iLovtom <10p< 11'. 113 6> 
Autamaled Security Hldps.1 (IO01 7S 
AutomoM>e Products ''25ai 831' New 
Ord. i25P) 84 3':. SocPf. 93'- 
A*,na Grp. (5 pi 347;® 5L® 5 <15 6 
Averv* '2Soi 160 
Avon Rubber 196® 30 7 4 200 
Ayrshire Metal Prods.' I25pi 45 'NS' 
Avrtcm Saunders 7'tpcAPrF. 42 .15 6' 


Cltro 







BY TERRY DODSWORTH 


A SMALL family car is to be present Citroen models, but the 
launched hv Ciirnen. the French styling will be new. with a 
vehicle munufariurer. .at the plunging bonnet lm.e .and a 
Paris Motor Show in October. hatchback rear end. • 

Called the Visa, the car will The car is the first .CMroen 
fi,t inlo the Citroen range between design to have emerged since -lb e- 
the aeeine. 2CV model and the merger of the company with 
newer <JS. Peugeot three years ago. . - 

It will be 12 feet long— about It indicates" that, in body 

h ins lengnr «han the Volkswagen styling a! least, the two com- 


Pn!o or Renault 5— with five panies intend to keep their 
doors and front-wheel drive. identity, although there will he 


FOREIGN STOCKS (Z) 

COUPONS PAYABLE IN LONDON 
Bulgarian TtjpeLn. 9 
Cn.nroc SpcLn. fLondom 9 (I2i6i 
I M 2/6*1 lRcDl ' 7 ‘ :BC a3 ‘ } - 9^PC 80; 
Russian SpcLn .With Baring Bros.i 1 3 
'IS/61. 4i;oeLn. E3 |15'6T 
Uruguay 3>.-DcBds 96 '.-ffl 7® .*15 6* 
Baorock N.werland TpcBds 104'..© 1 15-61 
Beecham Fin. 6 l 4PCBd5. 96'.® < 7 5 6 > 

ICI I ntnl. Fin. 6'iPC0ao. 90'-® .15 61 
National West. Bank 9pcBdS. 99-4® 100® 

STERLING FOREIGN 
CURRENCY BONOS 


C.ncorp Overseas Fin. lOocBds. 91 >j® Si® 
_ 4 1 1 1 5 6/ 


F| *A"* Intnl. Fin. 10'ipcBds. 8CL® -'.tt 
* • 5 o' 


oc ?i e i ner Hlog - 1 1 PeSllg.Bds. 95 .® '.® 

* I 5 6 1 

Rcwntr-M Mack.niosh Int Fin. IC'.pcBds 
84. •.-# '.- i '15 6' 


Scars Ir.tnl. Fin. lOljpcBds. 89 .® 90',® 
j'B ’;0 1 1 5 6} 

JW' 01! Marne 9SocNotc% 91 i t ® i*q 

* 1 5/6/ 

WThitbread lO ;ocBd;. 88:? f!5 6i 


Most nierhanical parts in the more cn-operation on component 
Visa will be inherited from the manufacturing. 



oo saving 
ocks next week 


BY PAUL TAYLOR 


UK RAILWAYS (6) 

Calgary bdmonun apkOo. 31 ■« 

Canadian Pacific isCS) £13",® (4'i« 

bbl'Vi'-'T ' liC10 ’ 7-0 1,5 ■- 4 ^- 

Ontario Quob.nc SpcDb 40'; 113 6) 

BANKS (182) 

Alexanders Discount 250 H3I61 
Alien Harvey Ross 325® 

Allied Insh Banks i25p> 187 «T5I6) 

Ausualt! Ni. Group isAI ) 298 iJ4!6> 

bank America >SUS1.5725) 

bark Leuim-Lc- Israel B.M. if£1i lb 1I41&) 

dank, ai Ireland 380 

Sank o( Montreal <sC2) 16 

N-S.W. i Land. Refl.l HA2] 560® 

1 1 Jib) 

64/i*f o '* Scotland [Governor) 2B3® 80 75 


B.A.T. Industries '25p) 329® 30 25 8 32 
29 38 7 S 4 3 21. Did. (25oi 2751® 
6® 4® 7; 9 88 3 Zl 2 bO 77 83: 80 
B.A.T. Internatl. Fin. 73 6; 5 70 
EBA Group l25pi 50 (15 6) 

BICC <50n> IlSGO IB® T7 16 13 IS 
14. 6 ':pcDd. .'9-: >14 bi. 7 o:Od 72 :1 
■ 15 6' 7-,n:Dh. 66'< '13 6' 

DOC InLernatl. )25p> 71 h. S.SpeZndPt. 
la-: nab- SVijxDb. 73 >14 b- 9<*C 
Ton nag “Ob 84ii 

PPB IndJ-i-'CS :5l)Pi 226® flS/6> 

B P.M. Hldgs. A '2SP) 51 (12 Si. B <25oi 
52® 

B ».U. Internatl iTOpi 42® 1® >? S'a 2 
1 M 21 IV. 12'iocUnsOc Ln. 107 6<: 

8SR . i»ai 113® I J® 8 7 

BTR >25p> 2720 4 3 2. New I25D> 274® 

TO 2 'So- 

Babcort Wilcox '2 So' I ST® 2. TucUnsec. 
Ln. 79 

Brilev <C. H.i HOP* 5^® nS'6 
Willlami 162® 


Cetnent-Raadstone Hldgs. {25gi 82 
Central and Sheerwood I5p> 581] 

Central Mfg. ana Trading Grono OObI 
57 1®. New Ord. 59 
Central Wagon 97 

Centreway (50nl 244. UpcPI. 1061: 

(13/6) 

Chamberlain Group (25p) 48 112J6) 
Chamberlain Phipps dOpl 470 6 7 
Chambers ana Farein (Sni 14 (14'61 
Change Wares HOp) 21 h® t. 12 pc PM. 
(I0p) 22 il5i6) 

Channel Tunnel Invests. (So) 50 (I5.'6i 
Charring tans InduSL Hid fl$. GpcUnsec.Ln- 
51 hr®. 8 pcD nsec. Ln. 64. TObocUnsec. 

Ln. 81® (15 61 

ChMebrouoit- Pond’s iSUSII 21 <12/6) 
Chloride Group r25p> 1080 UO fii;0 90 
10 g 11 91- 101a 
Christies Intnl. (lOp) 99 
Christ) e-Tvler (10pi 71 (14/fi) 

Cbnrs/er UK 4 PC DO. 661: (12 6). S'ipcDb. 
666 I12fi) 

Chubb and Son (20p) 143 2 


City Holds Grp. f20pj 139; '2? 

>0) 70 (14/6) 


Clarke (Clement Hldgs-I (25P) 

Clarke a.' '10pJ 20'; 20 (12/6) 

Clay (Richard ■ (25P) 74® 

Clayton (Hldgs.) (SOpi 76 H3{61 
ChHora and Snell (So) 19 (14/6) 

Clir/ord's Dairies C25pi 50 (1Z(6>. 

(25oi 390 40 
Coalite ana Owm/cal Products (25p) SB® 
7 3 6 

Coates Bros. 1 25c) 69 6:,; 7;. A fZ5pi 
67 (156) 

Coats Patons C25o) 730 2 Us. 64<pcLa. 

501 'lJfil. 7>tPCLn. 62 U (14 61 
Cocksecge (Hldgs. 1 (ZSp) BG CT2.'Ei 
Cohen (A.i f 20p) 160 (15 6). A <20 pi 
14Q 115 6) 

Cole Hi (25 pi 113 14 
Colgate Palmolive Shs. (USSD iB^m 

Collett. Dickenson Pearce Intnl. tiop) 57 
Calrnore Invests. (35a) 40® (15'6i 
Csmben Grp. hod) 26 7 <13 6) 

Combined English Stores Grp. (12';p> 101® 
991:. 9'jpcLn. 702 
Comet Radi avis Ion Services ,'5oi 128 
CompAir /250i 92't® i,® 90 2 
Compron u.l Webb (Hldgs.' >20 d) 3ZbQ 2 
Concentric (lOo) 3fl's 40 tt4'«) 
Continuous Stat-onery (I Op) 36 (1516) 
Cook Watts 9 VpcLn. 63 113 6' 

Cooper tndust. (lOp) 19V® (15/6) 

Cooe Allman Intnl. /5 d> 61® 1 60: 

7'iotRed Ln. 1971-90 78: 

Cope Sportswear rlOo) 82 
Copydev TTOp) 30 (15/6) 

Corah (25 p> 330 3 

Coral Leisure Group (lop) 110 9 11 


Fraud! tods. <2Sc) 730. SncLn. 68 f15!® 
FraiKJi Parker MOo) IS. 7UocLn. 53 

Freemans LLdm C250' 320 114.-61 
Frenth Kier /2 Spi 31 ij , _ 

FriedlaAd D«B»«2 (Z5B) '» 5 

Frith (W. G } OOpi 550 (lAfl) 


-P teft\ tods. »25rt €S'«2j«) 


tBnsR«r« siw«|g; ®gfn2& n - 




G— H 


GEI intnl. (20(0 B6ffl 5 C*i 3t (15/6) 
Gailaher GodLn. 83-85 731, «r HIS) 
GailKord Brindley (So) S7>^ (1516) 
GaskeJI (20p) 108 (12 6) 

Gates (F. G.) <25e> 5I's (15/6) 


N 


Geers Grots tl Op) 46; 3 ifr£- 
46 (15 6) 

Gen. Elec. Comm. (SUS2.501 43%?® 
Gen. EJec. (2So) 260:® 60® 60 


M, Y. Dart (10l» SB (14/ei 

- (is/w 

Madartane (25 P) 72 (14/6) . 

MtoJcar (Hugh) (25 p 1 45 
McKeebnie Brothers lOpeLn. (25p» JB7 

"<12 l «1 


pw ' l-Madcimton or Scotland ii2Spi 35®. 


RedUhtSlon '25 p> 9S>1 (15)61. 4pcPf. 31 

^5 H^in’toHH OOP. 6 

Redd (Ai) Gp. (25P1.90 ll 5/6 1 .- A. QSm 

Reed i«tnt- S..^^ 69)*. 

71PCL0. 58*dp. lOpcLa. BBT 


-RMbKiHnun or xdiuod ..y _ / -llfLhin ,, 

Madchuosn (Jehnj 4iPcPt. 55 i9.6). 6 vpc Reed PubHWlng 

*1. OOP) 51 .. (12/6). 4WLn... M. (ISfo*-. 9pcLn. 



6':pcP1. 


Baker Perions Hldgs. >50p' 102® S 
Bakers Household Stores 1 Leeds 1 •10: 


Oo- SO 

"56' 

Ban) Bridge Group (5pi 2 A 
Plrk-r DobSCn ilOpr 12']® 11;. b UPC 
Uisec Ln 44>; 1IZ61. 12pcUnsec.Ln 

67 >13 61 

Barlow Rand /R0.10) 220: 4. Pfd. <R0.1Oi 
ut 1 iixi 14 15 12: ll 
Barr Wallace Arnold Tst. i25pi 100 A 
• 2£n< 97 'IS 6) 

E^rratt Devepts. 1IOD1 103® I 3. 6>;PC 

Unsar.L'- sS -(7 6- 

Barrow Hepburn Group i25pi 30. 1 2 pc 

U Lll ~ r 11 4 6> 

Barton Sons ■ 2 5p ■ 56 (1 5 61 
Bused 'Geo 1 Hldgs i25di 138 
Bam Portland Group (2Spi 78 80 
B'llers 01 Yorkshire HOpi 53 H2El. lOoc 


Barclays Bank 329:0 4{® 7 5 30 27: 8 
U'.PcUns.Ln. 72', 1 u I, 

Barclays Bank Iniernanonal 7':pcUns.Ln. 
o9'2 >13/6/ 

Brown Snipiev Hlags. 224® 
t14/a). Sub. Warrants 34® 

Cape Jimp. Bk. ol Commence <SC2J 20', 

Cater Ryder 305 -15161 
Clive Discount Hldgs. >20p) 81 <1Si6I. 
9-jpcPl. 97 9 7'i 

Co m merer a r Bk. o» Australia iLpnd Reg.) 
<5A1) 225®. On# Stis. ilss. at SA1.75. 
NAI po.) IVA11 142® 

Cornoagnie ^Flnamaere De Paris (FrlDO) 

S lier* 1 A'Sbacher^lOp) Ilk 

rrard National >2spi 182 80 tT4.6» 


A FULL m coring of the Port opposed to any actual docks 
of London Authority and the closures. 

eight docks unions is to be held two sides are still work* 

next week to agree a joint rescue in ? a round a four-part document |g;|>“ » yS ,d f 1 V^ So ‘ 

nlan fnr the Unner HneL-c in wJ, ' , ' h ,r, cl«des lists Of areas of I -rmoars riiogs i2Sp. 105® So 
‘ ,an Ior me l -pper DOLhS lu a , ri>f , ment aT1{ j rflcaprennipnt 'Guinness Peal i2Spi 240 7 

a A r fm«n ana disagreement. iHambras i£io. wnn 52-3 pd) 16 (13,61. 

DO. bus >25p> 192® 90 83 M5b1 Tpc 
Uiis-Ln. 70 (15 61 


L °ren ° n *i- E i aSt E . nd : „ . The Authority has always said 

The third, joint Authority and it wished to m'ake a joint 
union working party meeting was approach to -Government with 
held yesterday, and is under- the unions on the future of the 
stood to have made progress on Upper Docks and now clearly 
the basis for a joint approach hopes that this can be achieved, 
to Government. The full meeting of both sides 

Much or the discussion is will take r-lace next Friday and 
nereved to have centred on the the Authority says it hopes to 
.unions' agreement to consider put proposals before Mr. William 
changes in working practices. Rodgers. Transport Minister, 
although they still remain before the end of the month. 


Wrnts 


APPOINTMENTS 


iew Ball chief 
executive change . 


Mr. A. H. J. Hoskins has been 
appointed managing director of 
MATTHEW HALL AND CO. He 
joined the company through a 
subsidiary. Ketco (Metals), in 
1939 and became company secre- 
tary of Matthew Hall and' Co. in 
19r>9. financial director 1‘ifiS. and 
deputy man.-iging director 1970. 
Mr. Denis Clancev has resigned 
as managing director of Matthew 
Hail and Co to devote more time 
to other interests jt i, nsneclcd 
that he u ill he available fr. the 
company in some other capacity. 

■ft 

Mr. M>nos A_ /.ombnnalds. a 
fivppi,- citizen who now resirtos In 
England. has been n.imed 
chairman of INA INTERNA- 
TIONAL HOLDINGS, a whnPv- 
owned subsidiary of EVA 
C0rnor.1t ion, and chairman and 
chief executive officer of Blvth 
Eastman Ditlnn International. He 
will also become a member of 
the Board and of the executive 
committee or Blyth Eastman 
Dillon and Co. 



HUI Samuel i-.iui 85 4-: 6 3. 

4. BPtons Ln. 66 415 6) 

Hongkonk snangna. r^HK. SOi 318® 1 24 
11 IS 14 16 17 13 

JasMl. Toynbee i25bi 65 >15 6<. New 
— ol 65 '15 6. 

kevser Uiimann riiaas. >2Sp) 49 
King Snanson <20pi 62® 

Memwori, Benson. Lon scale .25m 97 9 

(12 6i 

LlOYOi 272® 68® 8 72 70 S 3 704. 1 •! 
67; 71 u? 7' : pcUns.Ln. 50 :® 


Manufacturers Hanover OuST.SOi SUS3B^ 
UI I15(6i 

Mercury securities (25pi 107 
Midland 367® bO 58 bS. IDUpcUns.Ln 
toU M. 7‘vpcUns.Ln. 82® 3 
Minster Assets '25p> 56® b l15 6i 
National Commercial '25pi 71 >2 ® 70 1 
: 70-2. 5-:pcPI 43 -.13.6) 

National Bank Australasia <5A1 1 231 

.12/6) 

National Westminster 266® 4® 6) 70 67 
72 68 5. Wrnts. 93M. 7pcPi. 60 ■: 
8'aPCUns.Ln. 95 U |14 6). 9PCUns Ln. 
75': 

Rovai Bank Canada <S52j 24 'g® 3S u 
;1S 6) 

Scnrooers 400 ii5:6j 
-■me Darby nOp; 145 
Smith. SU Aubyn (H.ags.) (25pi 82. 9':pe 
PI. 97 6'i 

Standard Chartered 412® )3® 10 12 7;. 

i2':PcUns-Ln. 103: 

Union Discount 330 >*: 1 ij 


BREWERIES (159) 


Mr. A. H. J. Hoskins 


of 

Jill 


Pr. H M. Reafon has been been appointed chairman 
anno-med mannging director of LAING HOMES and Mrs. 
JOHNSON- PR OGRESS, a member Bullock has become secretary of 
of the Neptune International that company. 

Corporal inn of Atlanta, Georgia. jl 

He was previously chairman and 

managing director of the Maselcv Admiral Sir Rajmond Lygo 
"Rubber Companv. now also part j! 35 joined the_ Board., .of 
of the Nentlinp Group. The former BOViTJE INDUSTRIAL GAUGING 
menacing director of Johnson- SYSTEMS. 

Progress. Dr. C M, Thomns. * 

remains a director of the T^ee new directors were 
act,ne ,n 3 consultancy e i ected to ^ Board s Qf 

capacity. BALTIC EXCHANGE. -They are 

M- i«,i- t . lttr - D - M - M- Clark, a director of 

ir e m S"* ,J - ne Hen ry W. Peabody Grain and 

director or the building division president of GAFT 4 Mr a i r 
of John Lains Construction, has G^g chairman “ (SrksiS 

and Co., and Mr. J. A. W. 
Whitehead, a director of Nedlloyd 


Allied Brawl. I2ipj ca 6 '• « . j';. 5 '-pc 
Cum. Pi. J3';i .15161 7 'jpcCum.PJ. bl« 

59';I (1516). S'.pcRM.Db. 74 V. 6'uxr 
Red-Db. 6d ■ 1 4®. 7L.pcRM.Db. 69's®. 
6',pcuns.Ln. 47T. 7':pcUni.Ln. 57 
<15/6). 7A<pcUn:.Ln. 62; 

Amalgamated OlK.ucd Prods. .lOo) 37 
(1 4.-61 

B45S Uiarrmgto*. ZSp I 156 5 7. 4pc 

&. u rT VSV J l : : ffl 32 .1 5'6). 7pcCum. 
Pf. 57':® 7J® 7 .15 61. 3'jOcDb 77-79 
94>« 1 1 3/5) X'iOvDb. 87-92 45':. BLipc 
Db. 77-79 98':® 05 6). S'.pcDb. 

87-92 73® l«® 2 :®. 4'ipcUns.Ln. 44 “ 
7'iPCUns.Ln. 65 L, 

Bj>*|/ Charring ion Brewers 6ncUns.Ln. 60 

Belhaven Brewery Group I25p> £0 

Bell .Arthur) Sons /SOpJ 244® 2® 1 115/6) 

Bodd.ngions Brews. -25p) 110® n 8 

Brawn I. Matthew) 2Sp> 113 <15 6) 

Buckley's Brew r25o) 51 

Burtonwood Brew. .Farshaws) 2 So) 155 

Cameron (J. W.l 6-^pcDb. 19BB-93 63'.® 
1-® 

C/ty of London Brewy. Invest. Tst Ola. 
<250 600 60. BpcNon-Cum.ZndPI. 45'; 
>12 6 / 

Clark .Matthew) Son 'Hldgs.. 25a) 136®. 

7pcCum.RM.Pf. 63 (13/61 
Courage 6 ’jK2ndDb. 89 U 7pc2ndDb. 66 >s 
>14l6j. 6S.pcUns.Ln. 52 1516). 7.1pc 

Uns.Ln. 57':® <15 61 

Davenports' Brewy (Hldgs.) <25p) 88 

C7 5.‘6) 

Distillers iSQn) 178® 9<; 80 77 9 B. 
5 i;pcCons. Uns.Ln. 4)>sO ?. 7'wcUns.Ln. 
6 3 Si®. 10.5pcUns.Ln. 84 1« 

Green a I WhlHev 2Sn) 115® 14. Bpc 

Cum.Pf. 90 1;:® 2 ^ . i 

Guinness .Arthur) Son <25n) 179® BI® 
780 69 7 72 65 8 70 IQncUns.Ln. 81 L. 
Highland Distilleries (20 p) 1 36 40 . 
InlemaMonol Distillers Vintners 66ncDb 
73 (1361 

Inyergardon Dlstll'ers /Hldgs.) (25pi 101 
/rish Distillers <25 pi 151 >14/61 
Mansfield Brewy. 260® 59 
Marston Thompson Evershed /25P) 71 70 
MoHand 470® <15/61 

Srottlsh Newcastle Brews. HOp) BS*?® B 
7'; B'y. Sa.ocl srMLDb 77 >15 6) 

6l,PCl«tMt.Dh 83*1 1316). filaPClstMt. 
Db. 70 <1 3'6). 7M*HlM»Db. 68 _ 

— 7pc 


BeVtson Clark (250. 194 <13 6l 
a. aim 'James' A I25PI 115® 

Beautord ilOp. SO 
Bearer <10p> 54 <14/6/ 

Beecham <2Sp> 647 50 49 3 8 45. 6pcLn. 

79.12 6'. 6'oPCLn. 78 I14 6l 
Beechwood Const racoon /I Op) 24 Md-6) 
Beiam ilOpi 66® 6 4 (IS.'E) 

Sellair Cosmetics MOdi 16 113.6) 

Benia* <20pi 15® >15 6) 

Bonn Bros. I25D' 72 

Bemads .topi 33 1 

Bentlma Industries '25pl 24% 

Ber stord '25p' 135 6 
Bt-rJsfordS I25P' SB t13:6> 

Berwick Tlmpo i25p' 54',® 

Bestobcll >25ai 160 /I S'6) 

Bert Bros. .2 Op) 6 5 U <13l6> 

Sevan >Sp> 15 112/6) 

Blbbv 230 

S.ddie <25 p> 89 *1 5»6i 

Bifurcated Engineering .2Sp) 48 i13*6i 

Blrmld Qua least <2501 61 <;® 

Birm ngnim Mlm 125PJ 81® <15l6' 
Birmingham Palter ilDpi 96 (I4;6i 
Bishop's 5tores A N-V <25p' 112 <14 6. 
Black Edging* on .SOp) 115. SPCPf. 34': 
Blf* -P ' i25pi 147 52 tl 3<6) 

B la Annan Conrad (20p> 20 
Blackwood Hodoe (25 pi 61 H5i6i. 9pcLn- 
106 

Blackwood Morton l25pi 27®i15;ff) 

Blagden Noakes i25p) 230 >13.6/ 
B'cckievs iZ0p> 74 -13/6' 

B'ueb rd Confectionery I25al 17S 6 7 B 
113'6. 

Blue Circle Industries 238® 43 40. S'jdc 
O b. 4B<« H3 6). 7pcDb. 66); ■ 1 S'Bi. 
9?<Db 75'i '12 6' 

Bluem^l Bros. '25o1 63® 6 
Blund»ll-Permogl.yxe l25p. 63 6>> 112 6> 

Ed; roman i5o. 13'< 

Bddvcoie Inter. <25p' 59 »15'6i 

Bond S' Fabrics ClOm 30 

Sonser Eng'g <20 i»i SO 

logler McConnell '500' 246® 6 7 9 

Boo: (Henry Sons 'SOp' 157 (15 6). 

Cum.Pf. i4 Zpci 44 0 2 6' 

Booth /John) Sons iBollon (25pi 32 '12 6 ' 
Boom .ZS-ji 187 90 89 B:. 7>,pcLn. 
&5t® 6 7'. 

Sorlhw.ck .Thomas. Sons (SOoi 560 49® 
50 49 8 

Boulton 1 Wm.l Grp. GOoi 17 -'j New 
17', '15 6' 

Bourne Hollmgsworth '25nl 1 10. 6'^xLn. 
4B 

Bowaier Con 200® 200 2 1 995. 5'jPcPI 
44 (1 5 61. 7ocLn. B7 
Bowacn-x Newfoundland 4>;ocPr. 31 >r 
• 1 2'6' 

Bowthorpe Hldgs. (lOpi 50®. 7ocLn 50t® 
Brabv Leslie (10 p1 92 ’ 

Braham Millar Grp. (10oi 37 <15 61 
Braid Grn. >5p. 41 1 2ij 40': 3B 
Bra'thwalte Eng. 136 3 
Bra mall (C D.1 New (25 di B 8': (14'6) 
Brammer 'H.I <20ol 148 (14 6. 

Breedon i25o< 102® 

Rremner (25pi 55 '14 61 

Brcni Chemicals Inil 1IO01 IBB 9 (12'61. 

New ■ 10o) 1930 2® 3t® 3 (15 6» 
Brlrkhouse Dudley MOpi 43® 2 (15'6I 
Bridgend Processes (5 p> 12® 11 
Brldon I25PI 110® 71,0 7t« 8 6';i 7 
G’Borlr 48', (13'6) 

Bridnort-Gundry .Hldgs.) C20n' 35 '13 61 
Br.nhr f /mini i25di 29® 9 (15 6>. BncLn. 
60 (15 6) 

Bristol Evening Post (25oi 123 
British- American Tobacco 5PCPI 42 <13''61 
6ncPf 49': 7pcLn 78® 

Br'l'sh American Tobacco ""MW. IQocLn. 

81 (15 6. lO'rPCLn. 86 5 
British Benxol Carbonlalng 11001 20': 

.12'6l 

British Car Auction (1 Op I 47 .15-5) 
dnO'h Dredging <Z5p) 35 
Brii .lect. Tract. Dti 
6pcP(. 59',® 60® 

Bnt-Sh Infcilon l29pl 1S®_J,® 


a: 12 

Cornercrolt (20o> 70 (1418). 

I SOp) 20 '12 81 
Corv 'Horacei >5pi 21 
Cosaii iZ5n> 87 

Costam iR.rhardi .*2Sp) 2920 90 88 
Country Gentlemen's Association 6>, 
. : 3'fii 

Countryside Properties (5n) 38 L. 1)3/6) 
Courou/ds (25 p> 120:O 2 1 20: 19 2] 
} : 7pcD*j. 75';: a:, 7>»pcDb. 68 1 ,. 

5 -pcLn. J 51, (14/6). 5 r :DcLn. 55 f 13-67. 
7LpcLn. 58:® St 

CourtaukJs Knitwear 7i;pcPt. 552 '15/6) 
Courfs (Furnishers) Non-Vtg. A C2Eul 
1 C>0® 

C;wan de Groot '10o> 61 3 2 <12'6. 
i.owie it.) iSp/ 39 'i 
L radlev printing UOpl 18 1 ' (15161 
Crwr Nicholson /l Op) 87 
Crada F.ycd Ingredients Group 8 kP 1. 59 
Crada International UOpl 4 9® 7‘* )< 8«' 
Crosbv House Group 157 8 /1 2/6) 
C r?S/S» ' D ® rok * f Contrac(ors) r20ol BBt 9 
Crcvyn House (25o) 54 *c® 'j (15/6) 

zfc" i?sl&)* ach CBn ' com - Shs - t*uss , 7> 

C s 3 o^p l ?. e^ 3i® o ^ ^ L G ? t,1,0 lZSD, “ 
Crystalatc (Hldgs.) (Sp) 27 (12/61 

CuMen's Stores (20p) 1120 (15/6 ). a 
N on-vre rzop) 107 4 ri3'6) 

Colter GSurri Bridge Holdings (2Sp) 22® 

N5 ri) 

Cummins Engine 34ipcCnv.iji. 104 (15/6) 
Currys 125a) 200. fiijpcPf. 4BW 
Cusiomagie Mr.lg. non) 2t (li'6) 

Daie Elec, intjn/. itobi 148® 6 5 riS/G) 
Danish Bacon A 114 ;i 3 61 "3“' 

Dirtmourh InvsM. (s P j 20 
Davies ano Newman Hides (25o) 13B 
Davs /Ge.itrev) i2sn) gz 
Daw Intnl. (25pl 243® 40 5 

A (;:SP, ,2M> 

Do Were Hotels f2 5oJ 172 
Deanson IHIdgs.l ilOp. 34 i> 5 <15 6/ 
D?‘i<*"h>T, s < ?5nl 87*-® 6 8 7 5 6 *dc 

?. 62® !, (1S"61. lIpcLn. 101 


Ln. 127 '2 
Gibbons Dudley (25 bj 76® dg® 
Gibbons (5-) OSp) 172 
Gibbs Dandy MOo) 36 


Remote 1 ... 

Renwldc Gp. l25p> 43 


‘ I Maid n U. and J.> Paper MIUs (25M 74 D Mtn ior Gp. <23p).139 (1S/6) _ 

LMrn « j MalUiyson- Denny l25P» 50® SO. 4 ZpcPf. R ever tB X Chemicals iZSpJ 67 Tl 3/€j. New 

L "*‘ s - Fr »« r 4J ' pcLn - «>■ 'MMn&Jiim 1 Agency and mwc noai 72 ,^Sfire 7 iaS*^6« P&** 

G < /er« ) (2Soi 82 I MancfrSter Garages IlOp) 33'- M 3~6) RrardO E/WiMgraiI927/ l2Sp) 153 '13,6/ 

— hasasu^sss? rangS 8 ^) 77® ““ influato - «»»■■« w. 

hlaplp rHoldirgs) HOP. 1B' S 19. lO^cLn. 


Gill Duffers (ZSP) 273 70 
Gtltspur (10P) 64'^p (I5G) 

Gtanf.eld Lawrence 'ZSp) 30 

Gtass Meat Hldgs. MOp) 70 -;14'«) , .. rl _. 

Glass Glover (5p> 27® 115.6) J Marrhwiel Holdinas iZ5pl 31 3>,.* 

Glaxo (SOp) 572(0 684®. 741® 607 73.1. 7 bt® B!,» B ilS'B) •' 

7bPcLn. 120 /Marks Sneneer (250) 140ta® 3 

GSsssop (W. J.I .ZSP) 65 (15 8> l-Mie 41 


.75 O^/Bl 


HWusi - llOpT ilM (14/61 


. Rlx I O-i I5pi 7>a® Ja 
40*1® 39. B 40 J Robertson. Foods (2 Si 


GDldre. ‘H.I Foocard (25PI 47 fis®/ Martin ThS NewMOent (2Sp) 231 

GSSdSm 1 1 S‘?9n5 , M l n wn yi 5B:l 12 (15 G ' Marwna^ niir^TzLp) 171®” nl'6) 
Goodwin (R.) Sous (10p- 19 Matthews iB.) /25 p> 145 2 

Goodyear Tyre Rubber 4pcPf. 300 f15/S) May and Hassell ft So) — 


Gordon auls) (Ido) 25 M4/6) 

Gough Bros. <20pi 45 6 (12,6) 
Gough Cooper (2a p) 74 
Grace 'W. R.i rSUSI) SU5Z8 113/6) 
Grampian Hldgs. (25 Pi 59 f14 » . 


66*'(13/6l 

Maynards (25oi .29 

Mears Iras. Holdings (250) 214 
Meat Trade Suppliers iZSe 
f14;6) 

(ill 


pi 143® 40. S.SpcPf. 

Rodcware Groups <2 Sp) iiOO 7 
rStTSS^m 1 'MOOT HWST (25PI 95M 

S-;lf«r Hldgs. <25d> -47 <1 5^L A (2So> 

R^fttn. H (GSjrt , ^inuln^ MOW 54 Cl 5/6 1 
55 

flourfe Ll Oo ' 126 


GramoSn TMmk^M.v ~ A* '?10n»' 38 I H^^DSnda! f WhSon~«5o» 39 


3S sa&'tstt-r*:.. <b "sgfjt-issrffi 


(topi 23 12/B) 


. (ISrel. 7oc2(idPt. 54 
Rowton Hotels (25 pi 161 ff -. 


Mentmore Manui. '5oi 15_ 


les^SBriSSai 1 )* 3 

^-Rutwrold i25D) 36® -' . 



c SSK ! Sa%1V s .f; 


S. U. sum (12W) 13 HWL - 25PCWPP. 


lsa?^w- 3,l^56, 


n 5'6i 


°(£ , Ln' 2 Vi i ,' ,S , I ,4 S S 1 " I »- * “ M “> 

Deison .lOo) 33 

°5!“ M«al tzsp) 71 WD 1. 6pclslPt. 


Merer (M.; /25o) BI BO (13/6' 

r?i ! ?".aMB!r B «5 eS C ? Sd I. 123 Miller IS.l Holdings MOp) 11 (14'6) 5Mfira"u5 USof iso® 

< y j -5, ,z 5°' MB. A r25p) 2701® S 6 Mining Supplies lOpi 75 n4lB) ■ ■ SSSSS' nffil im S 

l-ii'/ii' 7 « U7J "^ ® f2SD ’ 41 '- l3ocLn - 93 89 

Greeny irmustl. HOo, 47. (t Oo. fe| §0* Trans. «S-) ( 79r® 

G ?T9aT«9' ,te,ts 50 * M - t0oc Kas" n ,W # .4SSl -,n JP.iW ^ 

4 (,5,6J “^k S rA^ 5 ^ 5a , 1 3, g?®' 7S,6) . V' - 

I 1 ®! 1 2 ?13hli 6 ’ 44J. f1.S-6 iv EltpCLn. ‘ 50B ’ 



H.A.T. Gp. .100) 341; 11 3.6) 

H.T.V. Go. i25m 114 .14-61 ... 

Haden Carrier .25p) 92 M2 6) Morgan Edwards "Op) 62/15/61 Senium be roer iwsii EtsB'i (13'61 

Haggas Jebn» '10m 10f® 7 5 USB' . Morrsll r25a) 49'y (12J6 j . S^otcros (25n» 67 (15,6) 

Hall Eng'S- (Hldgn.1 <5«p) 104® <1S;6l. Morr/Jo n i TOpi BO. Do. New 78® (15/6* 9 nl,r L nw: 1061 # 

7 -'4PcUnscd.Ln. B7 i13 6i Mass Bros. <20o> 1 08® 10® BH (1516) Scottish Eng. Etiroa. Tartlles . (20tu 57 

Hall (Matthew) .25 pi 220 Da New 105 «3'6i . “ 

H*nam Sleigh Chestcn (lOol SO® 29 Moss Engineering (2 So) 67 
•1516> Moss (R.i (TOpl 33 <13'6l 

Halma ilOn* 63 2 1 (14 61 Mbthercare .lOp. 156® 60 68 

Halstead (James. iHidsv t10o> 21 .15/61 Mount Charlotte Inv. HOpi 19® 18b 18 

u,~ . So , la OPCUnscd-Ln. Movller ClOoi 12«: (14/8l 

Mosrlem (2501 T09® • 

M airhead <25o. 173 (1516) 

Myson <10p> 62 


Hamoson Indus 
52 <13 61 
Hanger I nr. (lOp) 44 h® 

Harlmw Con. -SSA0-2S1 92 

l^miar 1to. 2 >|5Bi 13 1 29. GiipcUnscd.Ln. 

H '2Sp> Z F 74 ,I *iTg) 1,501 30 n 5,6,1 A 
Hargreaves Gp. .20pi 57® B® 

Harris Sheldon Gu. '25p: 57® 9 
Hanjson .T. C.) !25n) 119® 

Harrisons Crosfield E4'V® \ 

tntemtl f25n) 22 
Hartwells Cd. (25oi Tf/S 4 115 6> 


N 


8(155' 46^. (14/8*. 

NS5 Newsagents <10p* 96. 

3® W U« 2<;® 

as.?sa , !i, ,! "” 129 7 3 n *' 6) 

National Carbonising <10si 45® 3® t15/6i 


^SlddHer Gp (ZSp) 2260 6 30 28. ti««<er4 <25p. 32 <14«) 
5'iecPr 4S'r i13'6i I Neep^no IZ5p. 45 Ah 


71 11 5,61 

KL.'. NoT r anl iIDd ' 52 MSB) 
u.l'm 5 "! 8 Coggins -Sol 41 (1561 
ull” ft L J-* S'.-ocDb. 83 ij 
Helene d London nop. 20H 
Helical Bar fZ5p) 32 ’ 

Henderson IJ . W .) 


I' 45 Ah 

ra 12S0 ) 
hop. 11 


83 <1S 


OB 7i3(%5.rtSl 


Wegrettl Zambra 
Nell So enter <1 __ 

Neill i25pi 98 9 7 
Nelson David iSol 9 <12)61 
New EouiDmeni HOpi 18 ‘ ■ 

-Newarthill 153 4 <15/6) 

NewboM 8urton <2Sp) SO® 30/15(6) 


(12 6 ). 

Scottish Heritable Trust <25 di 45® . 
Scottish Homes In*. (25p) IB (12/ffi 
Scottish Television N-V A MOo) 5Z (15'S) 
5cott's Restaurant |12<1P) 5SO® 60® 11516* 
Sears, trail 6 pc PI 44', (13/6*. 8 UPC Ob. 

73 (13-6) .. 

Sears' Hldgs. (25p) 70*jm 69 70 69 'i, 
7UpePI. SS'I®. 7 pcaW. 5710(15 6). 
12'jpcPf. 901,0.. 7UPCLn. 60 112/6) 
Secsrtcor C25P) 122.(13.6'. A N-V (25 p) 
.120 ■ 

... .Security Services a N-V {25pr-l26 CT4,-6i 
4pcLn- 83<t lsekers InternatL <1Dp) 27'y (14rSt 

_ . Seilnconrt (SpJ 25 h 6.. 9UPOA-.7S® 

SpePt.- 94® [ Sena Sugar Ests. (500) 6'KC ■ ■ 

Senior Engg IlOp. 24 (14/63. 9.6pCLn. 
75® (15 61 ' 

Sercfc (250) B3*a® 6® 5® 3'it® 4U,^®. 

Do New (25p) 86® 5 415.6' 
Shakespeare (Joseph) I So* 31 't® 

Sharaa Ware '2Qpl 12 2® 20® 20 
Sharpe iW. N.) <25p< .192 (1516) 

Shaw (Francis 1 (2 Dpi 25 ij 
Sheep bridge Eng'g (25p) 76® SHt 7** 
Sherman [Samuel 1 (JOp> 14 (15/6) 

Sldluv Inds. 7v-pcLn. 52® (15 6) 

Siebe Gorman r>5p) 1900 (1S/6) 

Slenuim Hunter '1 Do* 61 


02 115 6) 


Der.iemj Stamping <S0p] isim 

t 5^ , 5«P». B 53® ‘ H ' dBS ' J (25bJ * 7 «5«i 


Itopi WSSJ’M*}- 
a , n , d r?r 6 r ( '' 0B, 16 "' Ss > 


5*Y*'“ r « gent I20n) 23', 

JC' T 7 °ocLn° n 67U 6? S %5 6) 0 12 

"> " “**> New 


0 i C n'' , 7 5 : , . m 'ri S 3 6, 3501 164 IG'iPC 
K^5 p D h . Cl s T?," 3 ,c fi , ,,0p, 


D Mto.%3 < T ' nd5 - r,0B, 98 ®' 
rl46l 

CoaFdfn J/ggS. 55 W 

§S:?«^dp 5 & 0 \fLi 1 !/ , (,5 6, 

Down inn .G. H.) SOp) 2T5 1,561 

g?™ ,> s Surgical ,7 0 b) 40 
°3)8 > Gr ° ' SOo, 207® '9 11 


New 



133. TOocLn. g g. 1 * Gri MMi Steel I2SP) M (12/B> - 

h£S^"p) 15!S i 2 ! D »«o life 5 5-37iv, 

VS,\Am 12 "Ta l " ,, “**■ SS^RsAf’ '^ 61 - 6 -25PcCum.Reo.Pt. 

N aSiss.5! 8 ft9S fc, v“ *>.'w 

HlckiSn 85 M Slii Npr rhem Gc Msmltte f2Snl 54 (13,'B) 

’« * « aa?.s5:.SL; , »s^8> *"■ •« 


H.93S anc H,!l )25pi 76 , 15 6| 

H.ghems .25 b. 5l't 

U'.Slf 4 ;* S? 8 Joa Grp. UOp, 57 ,7 3 61 

Highland Eiectran.c! Ga. i2ap. 34- 5 

Hdi *?'*'' ,zs *' 7B « 6 ® tt 

HjIi 'Chariest ai Brisun in/ na Ai 

, F «y« r 6» 

n.n.on 'Ames- rlOo. 841 4 6 
«' r « ®no Mailmson (20pi 3T'4 (15/6) 
(S.* (25p) 500-1® lM 
nc -S Grp. '5ai 60 <14. 6< 


Niiftingham Brick *S0oi 280 «T4)8i 
N U^ , L? a 96i* f0, ,2SDI 125 T. ShBCCne, 
Nova, rjersevi Knit i20pi 47 (15«)- 
NureinandPearoclr flop) 77 
Nu-SwHt Inds. _>5p) 25®. .. . [ ... 


7pcLn. 

Drake Scull Hldgs. .25p) 24® 5., 

SSf'ffci'Sn ADM - nDcJ 2 »': (1Si6) 

Steels - 25pi 121 

3?® V 4 W 30i art : C .^56) 30S - New 11 001 

DSnSr^^rp^SZ 1 ' 11001 125 l,S 6 » 

D 96'? T (14l l 6 0,t (8 '* Dt0b - B9, =- ■ , 2l;ocDb. 
D^rr'ill^Alfre^ HOo) 350 (136). 4.2 bc 

Dun.os 1 Ald«. 'SOp) 75® 413 4 6 5. SJ.oc 
P1 . 431,. e-'apcDb. 69 b ri®’6) 

Dunlop reset lies 6 'hscPI. 46 C13/6) 

Duple Intel. 5p) 16/j® 171< 

Duport >25oi 72. IDocLn. 118 '15163 
Duraolne intnl. '25o> 114 f12r€j 
□ utton-Forshaw Grp. (25pl 49 .? 61, 

Dw»fc Gro. 10s» 9'a M39) 

Dyson rj. j.j A N.. no , 25o , 5g (75 57 


Id l2Sc) 98 100. 


British ' evland 22® 20:« Z l^lt 
Hrlt.sn ^evland Motor Corp 60cLn 40 
7>:OCi.n. 53 >: US B). 8ocLn. 54 -® 3 
7'aPCLn. S5L.® .'K® 5t® 4ij 4: 50t 
Brlt.Ji Mohair Spinners f25o) 46'? '13 6. 


South African Brews UM 20) 81- 
Cnv Red Cum Pt. 44 *1 112 6] 

To matin Wstlllers (Z5p) 115® T 6 
“in’ Brews. (25o) 118 
Wj'ntv Monn Truman Hides I'.ocDb 
2? 1- GUrarOh B4'- fH “1. 5 -”cLn an® 
rir.'fi' 7'-n.-‘ it. 60. BPcLn. 66'. rt 1 cy 
wKlthre-d'A iZ 15 ") 91 :® 2h 3‘r 2 7'u>- 
Ln SB*? 7bocLn 61 N. lO'-ocLn. 90 ‘ 
'13 61. Hoctn. 144A ilS'F* 

Wh'iSreirf Invtt. I2SB) 90 »1S 61 

'Volver"-*— n'-n n-rll-v •?■-* 1 1 7 11 9 


Br't'sh NorH*ra 80 (13‘61 
British Printing Cora ?25o) 51 4.2pcP* 

R 42 1 1 2 5* 7'jUCDb 84 |T4 6*. rfum 
Ln 1993-9(1 GZ’.-d 1 3® /15B1 
British Shoe 6'-BL-3rdPJ 50: 7pcD&. 

19BD-82 84 7ocLn 62® 3® 

British Steam specialties *20o* 91 
British Sugar isodi 107® 

Intlsh Syphon inds [2 Op) 54 
British Tar Prods /TOP) 59'* 60 '1S'6* 
British Vending Inds 'TOP) 30 <12'6l 
n-IUsh Vita '25n) 90 

BHtt-»-s (ZSdI 27 1 -® 8 1,. 7-'jpcL» 70® 
Srarkhoi'se i25pi 67 i? 

Brocks Grp nf Companies *1001 67 '14(6' 
Broken Hill Proprietary IA32) 6680 60 
Bran* Eng. Hldgs. MOpl 32 1 3/6 1 

Brooke Bond Liebig >25p) 441- Sh 4. 
-'tarOb. 74 (IS 6< SiaocLn. 39i. 


E — F 


O-*- »«pre (nm iro.so* 390 112/6 

Ocean Wilson* iHIdgs.i t20o. 58.11*6) 
® rlnte S ta Finance ApcStig. 
GplkWrCny.Un».Ln. Bfco 7<j® 8 9 b 
Gihae^and Electronic Machines »25o) f 

72 ,,S 63 I °9? X 6r °' ‘ 20,,, 98 -M«6l. N aw (20 pi 

320 _ 1 ttotei (Harrogate) HOdi 52 


H?i-S . Bre *', ESA ‘-5 pi 64® 

" "* l 140® 5 


mS™- L 1?Z 0 . ' n *'- MOp. a 

Charm HOpi 173 (15i6) 


Hopk.nsons Hldgs. (SOp, 109. 7 pcPf. 48 |Gfior 


,S °' 93 I 0 , ^ 6 ^ys. i 3 n 'S^6| 4s(2 " i,S,4a 

EK ( \?E i SUS fit wisp 

louu nt r, 1 Owns-lllIfKJ'S „Inc. Shs. of Com. Stk. 


(15(6) 


?* Lerase r53p, '53 
MOvenngham Group <25fl) 70 <14/61 

Restrict. Vtg. (25u) 69M* 

Mach inery <25p> So® 28 i15/6) 
Tenons Services fZSpl 30 (15/6) 
Hawden Group (25p) 54*, 

Hudson's Bav Cnpy, ib 

Hunt Moscrao iHiddleton) iSd) 250 

Esawsg® & f2 i 5 o D ^ 223 * 1,5,85 
"STtSk ,'Sm 2 ’■ ° rt - 


I — J — K 


■SUS3^125,) IBs, CIA'S) 

Daley Printing Gro. (2Sp) 610 60 Sb 411 


EC Cases non) 14i, >12.6) 

EMI <50p) _ 142 3 40 1. taLn. 39® 

<*T‘'ui e! LLI, -. 6l 'i (15.6). e.-,pcLn. 

B'ipcCnvJ.11. 990 9 8', 
’2sp) 110 (14,6/ 

Ea .V* _*GharleS) Marriott CW liner) HOP) 


Z6'r® 

E«l Midlands Allied Press A I ZSp) 80 

1 a.gJ 


Eastern Prop. -Hlagsj I50P) 98 7. 10'jpc 
_Ln 72. 10-McLn. 160 


_7 L<pcLn. 59']® '1S/6) 

Sol Eng. (Hldgs.- 


• 15 61. 
115/6) 


CANALS AND DOCKS (5) 

113 bl 5 pc PI. 


SINGAPORE 


lniiosniais 

Hi llr 

H..IIV.IPH.I < •» 

lFiLL-.uyul Ulu I, 

llmil'-|L 

F.-wi .. . . 

V in-L-i- X«ii 
H-iu Hwr .... 
Hillin' lii-l... 

Ill-ill 91 [a 

Jhi-IIiim. . . . 
II h La l Hr-H 
Mh-kv Ci-iii 


I .. 


0 riiti-l ni-l'a 

I. 9?\r Inner 1'nl . 

'iM [ Ih-iliH.I 

a.Ui. III. hll^lltvri. 
}.'.13®|l . Ilif's Hk. 

J. M'l I'.VrArlu- 

1.17 I I I.., I 

'•»* .I’ip.-Hiiiwi ! 

2.W*d,l\ .inn .i,.+ .J 


t».o 


Hal. Inin®* 
Mel. Bx. biuy 
KVkUllll.UL 
J’mi Klrclni . 
Iwiliuiyiii Oi 
U'4liiDnii • . 

•■'ll® 

Shinn: Uurl't., 
Cuh l blunge, 
btraiti vi mm 
btniii- In 
17 « ljr-l. 


2.71 

[liubbcnj i 

Ti.a 

[iMl li Uifii Rj i[ ; 

— 1 

I i, "-I'I'Lmi«i. ; 

t’.76 

6.60 

t*MI*|Pr 

l.fti' 

l'ins 

..Ai? 

\>i-ln<l. >1 1.., 

1 

I IW-' -I.I.tMl 

<JS 

K.yiii|*r 



\!&M | 

|L "i-rlVn.v 


^.50 | 

-•I'.-ni-.-i. |.. r 
!•' I'll.. 1 


iMtti 
l.:4 
.-..I" 
3.W 
4.&I13 
4.14 
I .£9 


1.P2 

s.e^ 


3.4ZiU 


to. 70 
t8.10 


TE.0 


.2,60 


Bulk Chartering. Retiring 
memherj are Mr. P. Chad. Mr. D. 
Brant and Mr. J. A. C Uosegood. 

* 


Mr. Peter Elston, has joined 
HENRY BOOT CONSTRUCTION 
as managing director of the 
building division, Yorkshire 
region. He will he based at the 
regional head office, Barnsley. 

* 


Mr, Derek Bandcy, managing 
director or Metropolitan Pensions 
Association, has been elected pre- 
sident of the SOCIETY OF PEN- 
SION CONSULTANTS. 


MUKhnifr Ship Canal 222 
40"- (14 6) 

Mffrsev Docks Hartal. 22':® 3 2'- S’-ipc 

Db. 1979-89 391:. S'rOCDb. T5 <15 El 
Milford DOCkl 74 MS 6) 


COMMERCIAL (1,255) 


A— B 


A.A.H. i25ni 105® 3 2 <15 5/ 

A.B. Electrank Prod. Gp. TSo) iig 
AD Iftlerntl. 9ptUnscd.Ln. 74-1 
AGS Research MOnl 92 ilSib- 
A.P.V. H'clgs. i50p> 220® 

Aaranson Br«. (lupi 64. JJ5ncPl 57 
Abercom In*. iRd 30i 102® (}5E> 
Aberdeen Constcn. Gp. izspi 89 ns Si 
Acrow Non-vlB. A '25P' 81® 

Adams Gibbon i2Spi 75 i13/6i 
A dda lnterntl (>0a< 44 ->® 

* 2 5^ 50 * ” 5 6! - 

*C*^i0 2 ? l °26V'** 3 ‘ WlS - 10 SUB - 

A.rllaw streami.nes i25pi 96 H4 6> 

w,l » n '2;pi 171® 69- :« 70':® 
70 M2 6. 7 <ocDb 67 MS6 ' BocDb. 
AJmaii Atam «UK>161 M5 6' IO=:oCLn. 

31‘j -15BL Socunscd Ln. 1S9® <15 Ei 
Alexanders Hlags. (5p. 201. U5i- 
A Qinaio Inou*. (25pi 267® 


Brooke Tool Eng. (Hfdas.i >25oi 420 2 
Brotnerhood (Peieri (50oi 144 
Brawn and Jackson <20 p) 123 
Brown and Tawse (25o) 95® 

Brown Boverl Kent i25P> 551; 51 
New (2Spi 55 i15/6i 
Jrown Bros. Corpn. ilOp) 2 Ah 
Brown (John) 353® 6 4 2 
Brownlee I2SP) 62 rZ4-ai 
Brvant Hldgs. >2561 S3® 2i.® 1 3 r1S>6) 
Bulgin (A F.l A No-. V i&ai 260 6 
Bulmer and Lumb 'Hldgs.' >20p) 52 
Bunal Pulp and Paper (25p) IOO13® 100 
'! 99 

Rurco Dean '25pi 75 

Burgers Prods. (Hldgs.* (2 Sp) 51 112/6). 

A Non V. 25oi 48 .14'6> 

Surredcnr Invests. *5 d) IB 113 61 
Burns Anderson 11 pci n B7 <14'6l 
Burrell -Sp- ID', 'j 11 
Burrough; Machines I'mcLn. 132 <14'6) 
5'-PcLr. 104i- 1 13/6) 

■rton Grn .SOol 120 (13 61 A Non. V. 
C5(lBi 112® 15 14t. Warrants 22 1316* 
7m-Ln. 71 '< 15 61. 9'jpcLn 70U tl 

MS'61 

Butterheld Harvey i25pi 59ij '14/EI 


Easrwooo u. B.) (5o) 90® 2® 

Ecc-na -IOpI 67® b® 8 
Eaoro (Hldgs.) -25p) 159 
Eloel iSdi 15 < 1 2 6) 

E'ero Hiops. -iOp* an,® 2b HStl 
Electrical and Industrial 5ea. *250* 52 
,H5/6i 4 dc Db. 260 <15/6) 

Elect roc o/nponenu 11 Op) 42BO 5 30 2 26 
r.l-J- : r.jn-r M4>nine C.. i2Sn- 26-: ■ I 2-6i 
Electronic Rentals Grp. MOp) 121 
Ellenroad Ring Mill iZ5nl 27 <12/61 
Elliot! >8 j and Co r2Sp) ill 
E MS*/6l ** rB " 09 ,,el * ^,,orouo,, ‘tOf* 1 
Ellis and Everard <25 pi 82 4 
E'lls and Goldstein iHiggs., -5oi 26*«® 5Ai® 
6 5-b 

Elson and Robbins I25p> 89 
Elswick-Hopoer >5n) 22i,® 1 <r 1 20', 20 
Emms iTheoaorei ilOPt 62 <12/6) 

Empire Stores - Bradford) (25oi 166 <14 6) 
Er elan Plastics <25 p> 46 '15 61 
Energy Services ana Electronics ilOpi IS® 

14'j k 

England -J. E.* and Sons 'Wellington) (5o) 
2B>2 <1 3fBl 

E n 5 4(6) and D * ,crwil5 '"vests. IlOpi 28« 

English Card Clothing co. /2Soi 83', 04/6) 
English China-Clays izspi 75'*® 5® 7 6 

Enahsh Electric S'.-ocDb. 77-92 82 

(15/61. 5*-pcDb. 79-84 76 Ij. 6pcDb. 80-85 
75 <15/6*. 6'cPcDb. 84-89 70® 

Epicure Hldgs. <5p) T4« a 15 H5IEI 
fr-" and Co. '2So- 96 d .136i 
t ‘^T T \'^ a r 7ifSF * nd Trar »«>rt i.12*,pi 128 
31 30 n5/6j 

European Frrries IZ5P* 122'j 3 2 
Enrol herm Int New MOo* 164 
Eva Inducts. '25ol B7', (13/6) 

Ever Ready Co. 'Hldgs.} fT5pi 158 
Evered and Co. Hldgs i25pi 17 1- <13/6* 
Evpde Hldgs <20 d) 36® 

Ewer ; tGeorae) and Co. MOo* 33 <12 Gi 
Escallbur Jewellery n.SocPt. 114 iis/6) 
Erecirtev Clothes >20pl 34® 3 '13/6 


S'lKgb. 74 (14/6). 
'15/6). 6i*pcDb. 


ICL 29710 81 8. „ 

flPCDb. 1983-86 65 
bBJ, <12/61 

I.D.C. Group >20p) 1J3 

IMI >25p) 62>:® H 3 5 41, 2 4 31, 41i 
7 bo: Uns.Ln. 6-a'a M5I6' 

Ibsiock Johnson (25p) 169® 

, 2 , ^ n p B ?r4 , '6® M .7i , , S 6, ,20B, ” ,,2 ' 6, • 6,J « 

Imp^a'eGgem^ 7^.3® 5., 

W. 42.,® ^NpCUnS.Ld. 44/4® * 7 'TocIH? 

67 6713 


. S^pcUns Ln 53>* <14i6)l 
7 5pc U ns . L n_ 57 L. • 1 3/ 6 ) .1 0.5pc Uns. Ln. 
BJij 3. SocCnv Uns.Ln. 711, t 
no*) 1341,, n 1(i . |f (, 


fnpv) 13J* 


C—D 


CBS In® 1 1/552.501 4."a (12 Gi 
CH Industrials HOpi 34', 3 115 61 
Cablc'crm Gro. '5pi 73 


6S 


CONCERTS 


S kN J N|V N 'ljTlWAL°-J?i 10 JUne ' »0«N 

anniv FESTIVAL Seats available lor 

.i^nd Divert 1 mentl iStnint, Slravlnskvl- 

fc5tah*ii.‘2!'« J Grande Ecurfo-Malnolra- 

Can inb. Buskers: ana other days. Brochure 

and Tiekeis 01-222 1061. BrBe " ure 


_ ..... _. 267® 

Allebone Sons (lOpi 19 US 

• a^'/our -nsn. bs 

ll 4 6 * * n< * , ° n * ,7,0,0n, <25 p> 40 

Aii'ea Conoids Grp iiooi 76® 6 -15/6) 
Allied Insulators iZSoi 71. New Ord. -2E 
7 1 ® i_ 11 5/6) 


-2Spi 


Allied Plant Gro. HOpi 15', tl2/6) 

' Nt-aHer* .ifloi 286:® & / 

4V.»b|*nr. H'noi S'" 20' -15 61 

5ml? e . Sl L M Srt"»“ *10p« 1 33 '« 2 

An«l. indiratnaK 421® t i5,-6j. lo.fipcPt 


—.pePI. 39 - f 16/61. SUpcLn. 

1 12 6). SpcLn. 73 2‘v H5 Bi 
Cairvrs -SOp' 126 '14 6) 
cekecreao. Roocy A flQpi 32 ■: 3 - H5-6i 
Caledonian AiSot. Cinemas (25ni 370 
■ 13.61 

Camiord Engg. -lOpi 68'j il5'6> 

Campari I20p) 118® 20 B -20 p) 107t® 
Cam re > 1 Hldgs - '20m 63 
Canning -W.i <25p) 6t':® na 6) 

Caniers i20p< 34 -IS‘ 6). A Non. vro. (20pj 
33® 3 il5'6. 

Cape lidusn i25p> 112® 1I56 ), 7Uk 
U nsec. Ln 61 U -13 61 
Caalan ProtHe Group -IOp* 100 1 ilSifit 
Cflpper.Netl (.Qp) 791.- 51 79 
Caravans Intnl -20pi 71® 1 
Card* Enng. Gr*uD >250' 7D MSG) 
Caness Cape; and Leonard MOp- 29® 30 
Carlton InpusU. T92 
Carpets Inrnf 'bOo* aS '1.. -14 6- 
Car r -J 1 1 Dvcasi-ii-* .2Spi 43 '13 6) 
Camnglon Vlyclla <25pl 37 ;. 6>:pcPf 49 
•1SE 7 , r3orUnse<-.i.n 531- '12 b- 
Carr's Milling Intrusts i2Soi' 46 -13 6) 
Carter Penguin Group 6ocPf. 26 mj e> 
Cartwrighl R 1 H'dgs.J lOpi 61 HSfi. 
Cas/iul -S.' 'Hldns) -IOp* 38® 

Casimgs -lOo 1 37 U M2 6) 

Cattle's 1 Hldgs - -IOp* 34® 

Causion »S-r Joseph n and Sons i25p|) IB 

1 1 Z bi 

Ca.enham_ 4':Pc!jrP/. 2g.. 15 6, ci iat 

IStRI. 43 7 pci St PI 47. lOocHlPl.V^ 


Expanded Me»l CO >250) 67'^ Eh <15/61 

Dairy Prop. Co. 5UPcDb. BO*, U 


M3-6 


EMC s.asoept. saw M 5/Gi 
fVA Const. Utt Ion Gro-iD (25p) 14 
Fa rhalrn Lawson -25pi 59 11516) 

7o Tl U S'6i Cowtructlon Group 1 2*0) 71 

F.urvlew Estate MOp* 113. 13.B5DC 1U 

rarm Feed Holdings <Z5 d* 34 > 14/61 
Firnell Elertronlcs (20P1 292 5 
c™ '"‘^national A (lOpi 22 MS/61 

L,niJ BlM Building (25D1 42 

1 '4/6, 

Feeder (iOdi 32a 5® 30 3 h 
Fenner <j h., .Holdings' '2Sol 130 
05/6?" ln8us,rlB, Holdings (25pt 110® 

Ferrv Pickering Group <10 d) 76 MJ.'fii 
Ferilcman (B.i Sons i20pl 29*-® 1, (1S>6) 
S«f"«Y Raoto (topi 79 (15/6) 

Fife Forof (25 d) S3 dSffii 

Flndlav iA. R.i Group /25 pi !«!'- M5/6) 

Fine Art Dcvr-Iopme.Ks (Spi 48U 

SS5.™ 9 7 a - 4 - 7K 

First Cavite Scrurliles Mfloi 42 (12/6 

F 2S !,S 44? 3 ®.»e?t' 6 « 3ndDl »- 87- S-si 

Ln, Atii* nsr&i 

E'trii LOvell f20pi 64® 3® 4 5 3 5 


acss io - r .r5r* * n i ' 25 »> 

F 1 ~1t Rctuelllng 1 Holdings) i'25pt 14 


40 


140® 


Flulririy* Enoinnorino ‘■’Ool 
Forlens (pOoi 55 '151/51 
Fonarty IF 1 rjspi 1 (I51SI. 


9':® (1 5'6) 


New 


<5Dl 2S'< 9 81-. 


NV 


5 9 UpCUnset.Ln. 70') 1 La 

Cawaaw Indusi Hld9s. <2 Sp> 30 U® , 15/61 
C.l wood* Hldgs 1 25d- 140® 

Celanese Con. m.p.) 30: 

Celemcn fndusrs -Spi 34 
Celtic Haven ..Sp) is (13 6) 


Invest. '25pl 58* 


7 80* 1 34 
Fnik-s 'J; Hdo 
/Bni 38 -. 

Fcrewear Industry 

r 15/Ri 

, J'tematioi*al- Capital Corp, SpcLn. 
ofllp s 

Fnrrl ■ M 1 '10M 28 M4/6) 

Motor '1U$2* 37 Ij 

Forminsrer (IO01 143 lOprPf. 98 (13/fi> 
FOrie HoMlnns G.lpcDb. 651, 7.7pc 


ni. 74 M3/F1 

Forward Technology industries (SOpt 120: 

Foseco Minseo r25p> 1830 1® 

Foster Bros. Cloth inn /25u> 119 MS/Sl 

r°ri tgr .. l |i '* Si*!. i31 * ^ 

Falheroilf and Harvey '2So* 103® (15/6- 

Francis IG. K.J (10 d) 42 M2 6) ‘ 6 


Inca A 
, ■ 1 S/6) 

Ingall Indusls. MOpl 25** 

Initial Services flpetn. 68', US'S) 
lnter-Citv ln>est. Gp (20p> 13 
IBM -3US5- SUS276® 
lnt«l. Pa-nr .25 d> 75 

5 :3rei 7>pcLl*. 39 MS 61 
M2'6^ , ' , ’ Ber ' 2SDI 1Z6 ‘ ,0peLn - 1271, 
Inveresk Gp 
10'j® ilS'G* 


'50pi 74 5. 4.2pc2ndPt. 


JB Hldgs. <5 p> 7Z® 

JCEG .ZSp. 26® 115 6* 

Jacks <W.- .2501 27<; .15/61 

naat ^.iW 1 * a • ,, • <,s ' bi - 

Jamaica Sugar Eats. >2Spi 1S',0 
James 1J.1 Gp. i25p> 451, (IJ El 
james 1M.1 Indusla. <20p) 13J« 113/61 
Jeiiks Catten IOkPI. 101® 115161 
Jentmiie Hldgs. (25 pi 26 
Johnson Firth Brawn (25p. 69 70 G7t. 

lahMnn' 11 78 * 

Johnson (jp. Cleaners <25p. 91*, (is.«>. 
Johnson Mari hey 4320 S^pcDb. 56*4 

J ?i , s 1 a t i rt-, * ,ch * r,ts ,H ' R '' " ni “ ,^5o, 9S ® 
Jones 'A. A.) Shipman [25oi 124 ri3;€> 
J« n 2- Strand (Hldgs.) lOpePf. 102 
Jourdan 'Thomas) ilOpi 41 


Panto /P.i MOp) 22 HK61 
Pjr««. (H , MOo 1 23 i12/6> 

113 ,,s,6, - a ^ 
,HWoa '’ » as - 

Paterson <R.» Sons '25p) 46 5 4 
Paterson Zochonls (IOp* 17B®. A^(Non- 
, lOpcCBHhh. 1044 
Pauls and Whites i25di 121 
Pawson (w. L.i Son '3pl *11,. (12J6I 
Peak Invs. [IOp. 8 114/61 . : 

Pwrce rc. h.) Sons (25n) 155*,' 8 flS/6) 
Pearson Longman (25p) 196 
Pearson 151. Sons (25 p) :zo® 2 . 9dc 

swaTsw?” 1 - . toiu * cu ™ u ’- 2mi ■ 

Pennine ’Motor (IOp. 10V® 11 . 

Penl/and Industries (IOp) 21 h (15.6) 
Perios (IOP) 92® 115/5) 

Perkm-Elmer 87 (11*61 r . 

TK -iSMgV '^ c, ^3 S /6) 2Sp, 98 ,,s,6, ■ 

Petbow Hldgs. (ids) 21 2 
Peters Stores (IOp) 43 
Pctrocon <12i*p) 63® 

Pfizer 27 

P 5u5J S f.B4 L " m ” Hhlfl ' tF ' 10) 0365 

Phdl'Oi Patents (H/dgsj <25pi IB (14, 61 
Phoenhi Timber C25P1 157 8 - 

P/tkles rwimami A .top) 'o 
SifL? y Wa *i. <ZOp) 96 115,6) 

P A82 nB,0n Brothers 4J82 ® 7 S 515 10 
Pjttnrd 9iipcPt. 96>,® 15/B) 

Plax ton's ISarbm'ough) (25p) 79® 
PlMiurama (5pl 74® (15'B» 

P essev (SOdj 100 98 9 
Plysu MOp) 74 

Farms MOp) 645 <J4J6> 

214 Bo ^ ni - 
Porter Chadburn (20p) 111 
Porva.r (23p) 11® 

Powell Duflryn (SOP) 1590 7® 7 8 . 
Preedv (Alfred* Sons (25p. B5 (14:6) 
I15/G) W,ll,,m> 1503 230 * *»*■«■ -SSI , 
Pr i”o ? ® C,0p> 8941 5 ®- lOJpcPt. 

Prestige Grp. i25p) 164® 

Priest (Benjamin) Sons (Hldgs.) (2 Sol 78® 


Primrose I rid- HJdOS.CR0.10) 71® M5/G1 
S22SL.!? Wales Hrtels iZ5p) 167 f 1 £«) 


K Shoes f2Sp) 70® 

Kakuzl 100 

Kajamazcp IOp. 30 1»® (1561 

I^WIes <2501 93 (12r6). 10 k 

rl. 104 115 51 

Kennedy Smale ilOpi 32 (13/61 
Kenning Motor Go. <25 d) 72>j® 3 ® 5 ** 
4. S'.-PCW 40't®. BucLn. 97 MS/61 
Kent iM. PJ <10p) 34® 

Knrsha. .-a.. Sons 'Sn. *0'. MS 6, 
Klmpher BoeLn. 60*: 1 <12 6) 

Kitchen 1 Robert Tatrior MOo) 75 (1576i 
Kode Internet. <25 pi 120 1;® 20 
Kwlk-nt iT vtps Exnausts) Hldgs. (10 b 
S3<; 4 

Kw/k Save Dlioauni Go. MOp) 88® 9® 
Kvnoch (G. and G) I25p) 53 


L — M 


1013KU1. si 


LCP Hldgs. i25pi 94® 

LRC Internal. 11 Op) 36. 

M 2/6) 

}-Wf 'H'dtB.) A i25oi 128 <12 6* 

Lad broke Gp. MOp) 190 87S 9 gx ov 
Writs. 101 <a. 8OCU1. 12S i15/S) 

Ladles Pride Oulcrviear 55® 5 

‘?2S 9 B.V??S'fi S i n f2S3 ' 179 n&61 ’ * 

Laird Gp. (2 Sbi 801* 80. 

Lite Elliot (25 di 52 

15001 106 - 
ns <,2,s, 

Lewies (ZSpi 62 1TS/6I 

1 ^ , « n ,? ui ' P* 15 t5 °p> 'S3 iia.’St 


New (25pi 


IOUk 


S-WPC 


Lenoll <S.' t F bbcii i 'IOp* 53® 31, 

— - i4j 


[Arthur .sons M2 hi* I 24 (14® 

L52rn*nKm , ^ D ' I.?® 01 147 t 1 SI6t 

Leech (William 1 iBinrs.) (20 p* BQ® 

[John J.» MODI 34 (13/Bl 
LelQh totoresti /.s P . 1 $q 
■ e;gh Mills /25p) IB 
Leisure Caravan Parks non. 131® (1S6 
umnons Grp. modi 3JI:* 3 (lS'Sl 
j^jnev Products tspi 79® 9 

L t42”Vo , * r ,1I0S, T42 ® 1 2 HBm ,10 °' 

Lev*, rap. 12 ( is.6* 

62 m'jJbT ^ i2Sb ‘ 79 * 8 9- ■‘toCLn. 

ia w iTffir ta5B3 74 

Fou^rtes Eng. (Z5pi 63 (15/6) 

;n^). *W?p».*^8? n ’ f2SD, 155 

Llden iHidoi.' MOp* 20% aaifii 

ti’ii^/F 'jr'csgsTw 

Line raft KHaour -(1Qa> S7 <13/6> 

Lindsay Wliriams (25o) 50 (14'6) 



Pritchard Services Gre. (Sp) 38', 
Props Hay's Wharf 137 05*6) 


Bu/mer «pc#h. (50pl 19<, (13 6* 

Smith (David 5J (Hldos ) .(20m 85 I12J«) 

Smith W«ms, USp* 57 (14,61 

Smith iW. H.) (Hldgs a (SOp) 156.. 4>«pe 


Db. 69',®. 7kpCLO. &S*:® 
'« industries (SOp* 168®. 


IHupcBM, 


gU | 

,91. BpcLS. Yd1(f5 6) 

Smurht Ueffersoni. Go. <25o> 194 6 
Soiiertara' Law Stationery Soc. (20o) 54 
(1 545) 

Sothebv Parice . Bernet Grp (25p> 2B1 5 
Souttierii Constructions (Hldgs.) (5ni ®h> 
Cl 4/6) 


Nr 


s fi" 2 'St al 

‘tSBi'iK.ffrr"™ as ' ,, ,B *- 

rmmb is saa 

^“Vogtshtre Potteries (Hlags.) (ZSp) 140 
IMernU. (2 Sdi 9 h, 6lpcLn. 36 

'1*0) 

(2SP ‘ ,6S ""»■ 

Oreanhatton (lOpt ,4B»a 

G.-t Hldgs- (Sp* 134® (1 5/61 
(IsSm Engineering Grp. <2 Op) -7» 

IhlUf D *?SS ln « OOP) 180 (15/61 
s ' a 4^ { v>’ *"Vbs- 7 hpcLn. (1986-911 (IOp) 

surad and Simpson* A CZ5p> 40 39 

‘asuW^aar (2Srt ** tia «- 


SreeBey >2_5p) last. . 7pcLn. noj 

S.? 1 ( 10 n) -160M5/S1 

I25p) 6U, . 


S«WMnatt Inds. C25pi 118. 5tiocPf. 41 

toeelgre ol Godalmbig ci Opt 30 

S™!* 8 Drummond <2SoD 32® (15/6) 

^?“' t *_^ w OS-_nOo) 1 S',® 141, ns«i 
Stylp- Shoes (2 Sd) 63 F? 2*r3 41, n SO . 

Sunlight Servfte Grp. MOpl 261, * 


Snora Gre. MOo* 57 ij 7 

l 134® (15/6) 


Swan Hunter Gre. 

Svftone (2So) 122 'MS'61 . 

Tvmonds-eng: (So. 17 (15> < 5) 


T—U— V 

TACE.MOP) 37 (15/6). 40pcPfd. OOp) 


T) .Raleigh mos. 6pcDb. 78® 

Talber Grp. (3o! IB', 19 
T ^ na . c If*® 5 1 3 2 (15/8). 7ktpc 

Si** 7 '® 2 - 7 taPCD&. 1992-97 65 


T i ,e Lvle 172® 8® 69® 76 3 21 5 A 
?ii«^?™r 71 ,PMl- 7UncDb. 65 U 
1 3DcCnv.UasJji. 100t 


f <wi •* ' WMLv . nv . ini * |, p , . iiaajT 

I* 1 ** L 0 edsrZ5p> 74 731,® (16*6l 

P' S* 0 ® M5461. 74o3c 


Unt-Ln. 65', [12:6) . 

' “ "111 


JebWlt Grp. MOpl . . 

Tecalemtt (2501 137® (15(61 
Te efus.on A (Non.V.i (5 pi 38 
rSL ei S® n * (35p> .1 27 8 . 

Ten nee o Inc 10pcSUgJDollarCnv.Uns.Ul. 


152 (126* 


[N togs. I ISp) 44 Ig 401,1 s 5 

•" ‘ 59_M5 6). 


(25p> 36® 


Ter Abrasives riOcJ „ . 

P'vwood Maoptacxare 

Thermal Syndicate (250) 117® - • 

TS™"® °J^ aa - t?Sp» 2S1 Z (1516).' 4.7 Z 
' A-BStocPf.' 63® l, (IS61. 
ai^prP f. '25 nl 60 5B*, tl2.*6* 

Thorn EleytricaF Industs. /25 p) 333® 2 9 

Thuraar Bardrx tftp 1 15 MS'S?® ; 

Tllbanr Contracting Grp. 276® 80- 

«®B>- T19 18 'a 20 to 19*^ 


71111 

5, 


Yootol (2Sp) 50.- 5PCPt. 38*, fl 


50. 5ocPt. SB 1 , M 2/6). 7'«pc 
a6 '“ T^PrtJrULtn. 65 


1HPU YOUR JMNEY 
Bi 2 YEARS 


It could easily be done — on the Tokyo. stock market 
The General Manager of-, japan's. leading In vestment banfe 
torecMB that the Nikkei— Dow Jones Index (Tokyo's F.T.J.) 
will nse to around three times rts current level by TWO. if 
yoa would like a part of this -growth, buf fetf die heed for - 
thk M !S£te nlri/L 00 hoW, J whfln , and to invest In .' 

you a. subscription: to tlie, Prirate 

uiTCstors Utter, the comprehensive, sucqntt, -guide . for the 

For details of a FREE TRIAL -offer, write' nbw to: , 

The Private Investor's Letter. Dept. ; 1PP, 

13 > Golden Square,. London.. W.l. 

Or. phone 01-597 7337 f244,our ; answering service)^ 


FINANCE FOR INDUSTR Y TERM : BEP0S13& ‘ " 

accepted; for fixed terms of "MO 
for . deposits 

Terms (years) 3 4 fi ; - fi . 7 . . 3 : 9 - . . 10 

Interest %. t0| 11 llf- nj 11 } ia ' 12 j 

SSSL 14 ? ls ?l. er “^“teoo^rfequ^L Deposits- to and furft^' 
information; from The Chief Cashier,. -Flhamee to SS3S.- 

*wi' 9 ^H tfatePl ' 00 -London SE1 8XP^(0I-92S V 2S22;- 

i Qes P ay ab Ie r ^ “Sank "of England. ' 

FFI is theJwldlBg company Tor- ICFC^and.-pS. 1 - • - 













'z k L * 




tm. 




'Sri 1 '* 

'’-C'fs 

‘W'H 

h- *K« • 

* “*■- 

***£■*. 

• M 


-;> *-*•.*; :-..-L i 

"* 'Si' . ’ 

^-^■4 

•'I 1 ' 1- • m, ~' '■ : ' 


; . ■ i ..* 



^nancial. Times Saturday June 17 1978 


Tr 'l a l|ft ■ ZS,a - 9‘>«0"»-Ln- 1 — --- ' - — 


TraiisMrein. Paoqr «5at 701- 69 ui Hi \ 
Transport Omelop. Gro- .JSp» 70 t (•. 2w,U 

p'>- t-tt-a; JW?.- .rvaic* 6*a«M, 6 in 
6£k ' 1,4,61 

Trjdcm TV A-uOp) 40# 

Trism Foundries' Grp. i 2 Spi gfi 
Trust House Forte 0.5 # t 2T3® T2 4 is 


(Mitts.) . 7':nchf. 49 ., 


Wooicomtien 

Woiiworth (F. W.i <aioi 661. 6 7 j -jffij? 5 P W • i* '*0 '• ' ' " 
WrtuMon.FJ fA^. Contes) MOp) 8« * ESS 1 

■ ■ SiBi 


SllliOMtat* Tit, (3$pl 170 
■order Southern &iockr>o<oen T«, (ion) 
57 ‘j* B':« 7 <7 

ar.mn American Gen Tit. i3SoJ 39'j'J 


tlAJbl 

Torn Trailer Hldgs. MSe) 63* US* 
Torvjh OtamiCMtt tJI-pcLn. izs 
Toughi! Carpets <KMa*.) <25p 1 14 
Zenith Cartwirtter 'A . (Rog.1 ISOM 93® 
tl 5(6> - v 

Zititn Grp. (5p) 62 j 

ELECTRIC AND POWER 

Brasun A.12V’ H2-M 
Cllcutu er« Suppi/ U&JD.B?'; M S Si 
.'Z«r04J o) 


British Inn. Tsr. I25p> 569>, 

Broadkione ln«. Tit, *20p) lag u&'fi) 
CLRP Inve-.i. TM. iZSpi 62': >12 61 . 
_Werams I 41 ; (14 61 
Caledonian Tsl. >26pi 83!;* 2 B f25P< 
77 iISiSl SwPr. 38 tlr<6i .. 

Canadian Foreign Invest. T{L i2Sp> 11D 

<1 1 i 6 i 

Caouai National Tsr, (25 pi 123>i 0 5 6.. 
B tjypi Its 

Cardinal Invest. Tst. Dio. tOB. BpeLn. 80 
C#>1i B i Invest. Tat. tZSpt 114 iioib' 
Cedar Invest. Tit. t25gi 6d‘iih. 9puLn. 
107 OS'Si 

Charter Tsl. Agency (25 p> 54>.- 

Cttv Cml inv. Til. Cap ihv 110>:« 10 


6ia_fiSfVl. gTDCDhs.Ln.- 95-2000 70 > Nit * fi * n £ *« 

TuU„«**VWM- 568« 4 72.6S. S.8ocUni.Ln FINANCIAL. TRUSTS (73 

69-94 50‘:0 tisrfii. 6 '^pcUr.s.Ln 1993 1 Akroyd ‘Snuthers (250) 225 05.6) 

_ B7 - ■• ■ ~' ' ' „ — - j Anarfo-Cuntinufttal 9':ocDo. 85 ■. < 129 ; 

T linnet Hide*. iSOpi 266a * 115 'fi. 'Armour CiOj>) 10 ® . - -- - — — -• 

T !i5 ,0 ne? r if!. Nct,jM ,7a ® 8l ® 79 ® Si 783 ! Auitrallan Aarlc. rAlO.503 -1020 05.61 £'!? FoffBrv invest. i2Spi 790 7 
JM 79 82- . ! Blshspwate Pros. Ge°- 7 U C.li Intnl, Tit >2 Spi 99 112 01 

- . „ --- Boustoad no« 42?;s® MS?6) 

Br-dpewater Ecu. isthu 265 H 4 &. 

Britannia Arrow fZSpl 160 ip is,. 

Wrots. for OrcL U 3 6 ). 6 >«;pt 

SO f.15 61- 

< Challenpo NZS 1 J. 14S|15.6J 
, Charterhouse f25o) 66 .7 - 
1 Corinthian IIOol 20 

j Daily Men Gen. tSOpi 300. A 1 SQpt 
4 TOcOo. 119 1 . 


^“ P rC e 99dL ,Zpn re ° ] 12 ’ 4 * ,M, ‘ ’SBCUrt. 


Turree Mlg Co (25 bi 132* 

Torrilf Ccrp. 12531 79® 80® 60 ' 

Tvsons rCortractorsI 32 »i3:6i 

T/UCH (W. an« coj <T0p> 34 > 1416 , 
u 8M e Group i25o»- 67 6:. 7<4«Do. 65 

UD&'Greup (25o> U 6 S 

USMC Int 90cLn 135 

Ulster TV ilTSpi h79 8 

Unlcum Inds. »25w SB oSfii. eijoeLn. 

6Q ( 12:61 • . . « 

Unipate (2Spl 54 £ 5i;u«Ln.- 52 1*® 
^r^K 534 ,®. 3 *£® * a Tt: 4wob. 

5?&lal S ' :WLn - ' 7 6 >- 

Umlever iFI i*, 2B ,. 046 j. 4ptPf. 


_29B. SbcW. (SOa> 1«® IBt 
7 SB *6. 


>M?' 155 4V3'6». 7pcPf- I FI 12i 290 -564 (13.6}.. 
. ,1 . = 6l . . 'I E*-Lajids (isjtJ u 


380 7 ■ 

(14 61 

Qauns iQ. R.l (25dl 42 
Dawn ay Day l25pJ *1 '»•' 2'iD 'S': 2>- 3 
-53CLn- 06 113,6) . - . 

Edinburah rnai tiztol 150 nsibi 

Eloctra i2Sp< 10a>j’7T5 El 

Era Pme Houle 125P2 40 (13(6). 5-:pcLn. 


United 
■IS 6 

United Spring and Steel nan} 28® 
Unired Wire- Cretin iJSpi 6 l<p 
Unoehreme Ini. {lOp. 12 ‘; 114 
Valor i2SpV46. 5',ocP(. .S9 <14(6} 
Vantona On. I 20 p> 124»i- 
Vau«naii Motors ,7pcLn. 61!* >* 113 sj 
•V«lis Stone Go. (IDdi 25. 
verdton Old. - Ont. iSpi 1 *j «13!6j 
Vernon Fashion Go. .145 
ViprooUnt Midas. <25pi 172 H2 6 


£C Nnw« t2Sfl) «0-fl56) 
irst National 
1 4 ij® At 15. 


u&^op^im 45 . 3 - 7D< *- 53 “='6'!!? ,rf £^ 

l ^ t ' R50i “• Nc " 
l/nired earners nopi 86 
United Cltv Merchann (IOdi 65 4. 

1 0 peLn. il Dpi 64. |13J6* 

United Ena Inds. <1 Dm 45 tl£i6i 
United G« Inds. (25p< 53 «14l6i. 

lOocPf. 66 (Idifii . 

Umted Guarantee (Hitts.) <5p> 21 
Umted Newsoaners ’25oi 362 58 (I3.6i 
Scientific' Hidge. iHgl 3920-6 


J'j (127*) 
26 'J D3 S> 


First National ^1*1 Oal' 2V-91 : pcLn 92 .g 7 


15>a 16 I*. Do 1982 23i. £ 

B ?S I * Jwrw Murray rip) :S‘- ttset 
3iwl*f. (SOD) 16.(1X61 

a^ a hTw‘ n r2c , 5f- a > 3^^6!- 6> 

? ;PCP ' 74 »- 

Gprnm. Fin. 5<3«cDD. 82>,o its gi 
gUBCDb. 77 (14X61. 7(>DCADb. 1989 li 
62t.fl 3:6). 9peADb. 74ij (TJfij. i-." 


25b 1 66 


City or Oxford invest. Yu 
l15!fil 

Claverhouse Invest. Ttt. <SOOi B; ;4 <: 
05. bi 

Clifton Invests. (10p» 7i«® B ilS Bi 
Clyaesdale Invest. (2 Sp> 79);. B 73 Il3r6>. 

5dcDb. 37 ij ilS.Bi 
Colonial Jed. tst. Sped! 40 ii2 6> 
Continental indust. Tit. i2Sp> 201® 198 

Conn no util Union Ttt. <2501 111 1 * 17 

(13.8* 

Crescent Japan Invest. 7»<. <5Dm its 
IT 5161. WarrSMS 76 _ 

Crosslrlars Tsl. i25d) 70® i15.-6i 
D anae Invest. Tsl. Inc. ths. (SOpt 42 ij i 
>.15'6i 

Debenture i25pl 631} (15l6l 
Della Invests. ISB1J SUS2-00 113 6' 

Derby Tst. inc 221® i ii5?&i. Cap. ibOpi 
146® 6 115.6) 

Dominion Gen. Tst. (25P> 1BZ® 

Drayton Cunml Invest. (25 p< 1 27 1 . <)4'Bi. 

4 pc Ob. 61 III 6i. 6'aDCn. 95 113-6' , 
Drayton Consd. Tst. |25p> 144® t15 6i. 

4 '.'PCDb. 1969-BO 90 i; il5(6* 

Drkvton Far Eastorn Tst. •25u> *1 Hi 6i 
Drayton Premier Invest. Tst i25d1 192 1 ;® 

2 (<5 Si 7i.-ptAUnses.Ln. 117 IIS 6 i 

□uaivest inc.Sns. <50 p< 64, capons 21 s 
1 1 S.'bl . , 

Edinburgh American Assets Tst. i25p> 
134®. SpcLn. 25B« 

Edinburgh Invest. Tst Old. 226® 5 


Tribune Invvi. Trost <2 Sb' 78 _ 

Trioicveii Income <50ni 62<s il5,C*. Cad- 
1 SB 

Trust union <25pr 101® 2W ! 

Trustees Co>o. f 2 SD> 132 
Tyneside tnvn. Trust 4';pcLn. SC® 

United Or it in 1 Susa. Trust <2&P« 1240 

5 6 nc 61 

U S Oea Cera. *25 ut 07 '-.O 
VI h ms Resource* Trust I25a* 41 ':® 
Westcoasi Tc»a> in*«. Trust dOoi 79 
Cl 2 ‘ 6 < 

WlnterMtiom Trust &MP(. 36'.- (12 6 * 
Witan Invei:. iiSb‘ 08 i 9 n£ 6 '. B <25p» 
04 0p<Db. 60': <12 6 > 

Ynunn Cnmnaiitei Invst. Tiust .4® 
ii*.' 6 t. 

UNIT TRUSTS (12) 

M. G. American Gen. Fund Income 65® 
54 3. Accum. 56® . 

M. G. Compound Crowin H3.6 «15'6' 
M G. Dividend Fund Income 124 10 
M2 61 , Accum 222.3® 

M. G. Extra Yield Fund income 09-3® 
SB. 9 

M, G. Far Eastern. Gen Afc»n> 63-9® 
M G. Gen Trust Fui.d income 169 6® 

M. G. High Income fund .ntonio 105.5 
M. G, Japan. Gen Fund Accum. 1 &D® 
m. C. Magnum Fmia Income 220 US 6 > 
M. G, Midland. Gen. Trust Fund income 
159 6 ® 

M G. Recovery fund Income 84. a <7J'6i 
Accum. 0 S.B 1 12 l 6 i 

M. G. 5MCI4 Trusl fund Accum. 213.6 

MINING 
Australian (2K) 

Ham of on Gold Mimn'i (SO ( (31 3d MJ 6 ( 
M.I.M. Hlaos 11*0.501 20S® 6 
Norm Broken Hill Hldgs. ( 1 A 0 50i 123 
North Kalqurn UAQ.30I *5‘- M4 6 ) 
Paring* (Soi SSi;® 9. 9 

Western Mining (SAB sa, I S 3 ® 2 ® 2 40 
SI S 50 

Misrellaucnus (nit) 

} Aver Hltam (SMali SU54.32 
. Burma Mines il7';pi IJ M5 6 i 

Charier Consd (Reg.) '.25m i«f® 40® 
40 1 2 SocLr. 67 M2 ii) 

Coned Gold F lei Ox >25pi I1S ~ 4 7-.ee 

In. 61 1 - (IS 6 ). 8 <-prLn 70 w ((££} 
Geevor Tin Minn i25ni 130 
Malayan Tin Dredging iiwii -too 
P-npkalrn riogi C7 


£ states 
1 .:j:o 


Ittchi __K«nne*n k.4|*ho Per. {10e> 105 
{}<4i6l 

Kuala LUtnnur Kcpgng Bcrtiad :*M* u 
64*: ^ (.5-6. 

CO 0 &y> Sumarra Plantations (»g 3 . ;4S;® 

jp." 

Maicdie in-.r *tr. ,io P i 37 
Muar Ri*«.t Rum...-! moo. 46 mj -ji 
N a«h0 rOu 9n '(Mil Por. E-.t.ife <!£JP) 21 
t1S>6i 

PUItWlijn Hdldmaa I15 P To -O l •. 20o.; 

Ll6 1985 ar ,i; l-r :*S '*J- 
SudflCi Bahru RuOOe* 

<1« 6J . 

Sunoci Hriu.i liiptier 

(T4/6J 

TK.\ (.*.) 

Alcorn. Front!, r jgj ,j3ej 
B*r»oora I25e. In . ij 6l 
Blantyre 5ij • 1 5 5» 

Cornelia M0e> :t2® * ?o 
ZStH 325 MJ 6, 

LddODOurw 22 5® iljoi 
SinRlti 1 1 0n) 25 
Warren • 2 & =• < 24-; 4 
wevlern Doaars i25o- sa» .:eb1 

StIIIMMNG (37) 

Shipping 


l&oi c:e 
H Oar 60 


■ 50 pi 


Ln ‘73u 7V* - 'K"-. " -nq j Electric and Con. Invest. Cn. (25m 73 :0 I Rio TJnlo-ZInc Corp rJSpi 226 ® 5 3 6 

WiZ. 3, I 1)4 tfiSPeMJi. *2® Vi 2 >;i Engjiin jnfl mini. Tw. '2Spi B9® (J S;6i ) ,._4. Ora (35dJ 230. Atcam. Ora 


J?‘S£o 91,1 n ' 3 ' 6 - 

177 ,,s ‘- 

Uovds Scoitich C 2 O 0 < BB® 

London Assocd. I 10 e) 7 (15,6) 
6V?1l*6> :>Pe * B ( 10 P> '30. lOijocLn. 
Londjr^^fi ^101.141 40: : «,3 6. 
J Manson fin. (20pt 4B tIS'GI 


Ervglls hand New Verb Tsl. i2Spi 74't® 223® 20t Wrnts 40 t12)oi. 3 325 k^ } 

I 5® -1 'jpcUntec.Ln. 112® 38 J - 9 M2(6i bScfUm Ln. 05-90 63 

Enuliih and Scottrin Investors i25pl 70® i Saint Piran '25di 53® 2® 2 


Vickers 177® *4:® B 7 9. 'Spc'iTak tree ! S?.®" !*• P-1 (5»» SO (12* 
lo 3Qa> pf 54. 6 ncLn. 90 ! Alien Intematl <50 p)~IB 3 2. Cum 

victoria Carpet Hid« t25p} 20® 11 516) '. J l S 1 r lst ?i (50W 70';. ■ 

Vi. -ten iJOpJ 22 iXB.S? t 12 yp> ] 6 g (T3-6J . 

Vmten Go QOpi 11 B® ' 1 T‘i ■ [ Paramoe MOni -13 (Mifii . 

V.ia Tc. .20or 43 M 2 - 6 ) i r w,<S ^.. fl "-.i a 5 M9 5 ‘ : • • 

Vesper (25pl 173 4 . I 5 lo l e Darhy (10p) S3 . 

_ Sm,th Bros. *251)1 56 (16 6 ) 

J Stock Each £4.25 Rea .Arms. Si 1 t 3 .fi, 
Utd. Dominions f25pr-SBO 9'; 9 40 SB 
Wagon Fin (25p) 46- (15 6 T 
‘ West ol England (25dl\ 55':® 5'- *15 61 

__ 1 Western Selection Dvlpt. ( 2 QP 1 26 [14 61 

Wade Poltaries MOcr 25 / 1 3,-Si New 1 V«rtB»ep fnvs. ( JOp) J5ij# 

■lOpl 23 •. 12 ( 61 . IOkM . 99 •- *12 61 Vu, 4 Ca«o MOB) 70;1 - . 

< 14*6 1 D * partnlontar ' Storcg A (200, 40 j 
W-idham Stringer MQpr 440 
Wagon (ndusrrial Hldgs. «25pi 125 
Wait-ce lAtlret)) Son lion) TO t13i6) 


W— Y— z 

W Ribbons Hldgs. HOp> 75 <14 6* 


S 1 i. 


■ 1 5'6<. SocPT 

f illih 
5 6) 


40 


Selection Tst. i25p> 414 29: JJ tisi6) 
Sllvnrmine* iji.pi 58 ,14161 
South Crollr 1 10p> 50 
Southern Malay, m Tin Drrdglnu <1M], 208® 
Sunnei Bed Mine* Malaysia ((Ml j 21B® 
Tch, dr Minm-ai* iiopi 45 
Therd* Sulphur and Cooper Co 240 50 
• 15 . 61 


Equity Consort Invest Tst. 105 3 itS .61 
Equity income Tst, iSOpi 206 il5. ; 6l 
Family invest. TR. i 2 Sbi 90 (12 61 
Firyi Scolilsh American Tst, i25di 94*; 

5pcUnsec.Ln. 05 Il2'6> 

Foreinn and Colonial Inyevl. Tit. ( 2 Sai 
165V 

Funninvest Inc.Shs. i25di 36. C.ia 5n*. 

*25n) 59 

GT Japan (<i>c*t. Tst- i2Sn> HD 1 .- tU'fi* 

General ana Com. Invest 1 st .i2Spi 147i* Rhodc>*an Cum '-16101 15 17'- .... 

■<861 __ 1 Tonganyilii Concession* -50D' 1 5 ~£ "? a: 

General Consd. Invest. Tst. i-£o' o'® | Zambia conoer Invests iSBDQ 24* SU50.1 B: 


Khodcsiun (7) 

Rau<«anj ■ P u 2 ' sU50 26 
M.nrtalt and fteiOur.es Cere. <*BD1 4G> 
194® 


I5'6) 

TAPES69 

General Funds Inv. Tat. '25pi 152 *13(6'. 

Cnv. 0*0. 1 1 Dpi 114 (14 01 
General Scotlisn Tsl. t25p) 91. S'socLn. 
105 

Glasgow Stockholders' Tst. l250l 100's 
4prDB 691. H5I61 

Glendcvdn Inv. Tst *2 SpI 92'; *13:61. 



Walhcr Homer i5p) 12'- US, 6) 

Wnlker t C and W.) Hldgs i25p} 120 
Wahter (James* Goldsmith Silvoesmltn 
(ZSpi B4® 115 fir 

Walker i Thomas) iSo) 1 2 ® iis, 6 i 
Ward Hldgs. ilOp) 33 ij 114 fi, 

Ward — 

■ 15 : 

Ward 
Waidlq 
Warne 
Warner 
5St 
War 

Warwick Eng'g rnv. tZOpi" 3aTl2"6. 

Wateriora^GFasc i5pi 51 4Bi- (1461 100 c 

Waimougns (HltJos.l « 2 Sd) 82 ® iT5 6 > 

Watson Philip (topi 57 

Warli Biakd Be*rne New i25p) HZ (t 4 , 6 i 

Wcarra Grp. dOo) 26 

Wearv.NI l5oi 24 

Webstert Publications (5 r> 441 • (14 fit 
Wedgwood <2So> 221 iiS'fai 
Weeks Associates flOoi 28 '• 11561 
Weir Gm. ’25pl 126 7> 

WcJfco Hldgi. (S Pi 21 '-. 

• IS 61 

Wellman. Ens'g t25nr 50>: 

West Bromwich Spring *1 Opr 31 
Wcsrfcrlck Products (JSdi 37 
Western Board Mills (tDoiV 6 &® 

Westland Airqrait i23p) 32 ‘.® S'; 3 4'; 
6'js5.6 2 ■: . . • 

Westniinsidr Country - Props. i2Spi 16®. 
flpcCn. 490 

Wesion- Evans Gro. <20pi 991 
Westward TV (iDpi 26 '-® 

Whessoe (25m 72® 

Whewav Watson (Hldgs.) '5 p) 17 Ifli- 1 £ 
White Child Bcnev (25 d» 84 
Whilerrolt [SOoi 214® 12 
Whites (Timotnyi 6 '*pCLn. 65 112 61 . 

BwEn 70 (15 6 ) 

Whittinaham.iWm J f12' : pt 31® IIS 61 
Whittington Eng'g :ZSp> 69® :;® 115.61 
Whitwom Elec iHidgs.i (Sol 16': 
Wholesale Fillings <20ni 131® 
wiqfall (Henryi 5cm (25pi 212® 17 
Wiggira Construct (tOoi 23'.® . 

Wiggins Teane 6iao C Db. 73 fid-fit.- . . 
Wilkins Mlreheil '25m si *8 (15 6' 
Wilk.nson Malrh 162;. Sl ; gcPf. 441-:#. 
lOneLn. BB 9 

Wilkinson Wnrhurton. <2 Spi 72 MS fir 
Wiliams James *En«.> i25n) 70 9 81 
(15 

Williams ijohiti of CardiB - (25oi 49 
Will* (George) (Hldgs) 25 pj 61 
Wilmol-Breeden -HIOps.) ’2Spl 70*:« 1# 
70 N 70r. 2 Ope PI. iZSpi SS': ns.-6) 
..W.ihjnn 4Sro*._{2Dp). AU-.ClSIAk . . 

W,l*cn WJIKWI Eng. fTOal 660 

Wimney *Georm-> 2Sp) 80*)# 

Winn lid-Vles (20o.i 43«- 
Wm-erbotham. Strachan and Piavne 44# 
I156» 

Wire a*-d P»»«iic Pi'ntfc UTe) 32 112-6' 
Witter (Th.-mas) (25pl 5S (15(6i 
Well Biecinc Tools (Hid-« • C 2 Sm 90® 5 
Wdselev. Hughes *25pi 196 ® i156i 
Wood .'id Sens Otfr'gi*) (Spl S5 
wood ■ Af*Hi*r) (Lennpcri t'Spl 42 2 T 
Wnr« Hail 1st. '25M -93 
wory. If. w I Gro 1 2Dp: 43 MS 61 


■GASte)'. 

j Imperial Contmenui- -Gas Asawntion Cap I Wrrts. gi : 

375# 9 7 fc-v TbCtit. 1990-95 Globe »nv. Tit. «2SPi HI'.- 12*»: «2 
1 164 S'-p'i.n. BB *12l6i. 6 UPiLn. 119i : 


INSURANCE (10?) 

B ,°“r.np .C, T.) ,|£5p) ■ 102. 5Dii.fi. 

1981 104. IQpcLo. 1987 152® 

Bri-ntman Beard (Holdings) MOni jb 

Brliannlc Assurance. (So) - 169# 


, 62*4® 

1 Rovat Eschange Assurance i 25 m 

1 ■ ,,sTk 7pcLn - 

Hambro Life Anurante (Z5p>‘ 332 
Heath *C. E.) .20 pj 260U 1 
Hogg He. pm son Group -12501 184 1 1 a 6 
Hamden 'Alexander) Group HOn) it; 

ft* *"• p *'* op> ,s9 - 

Legal and General . I5bi 156# '7# 

Leslie and Godwin (Holdings) (lOai 101 
Lennon and Manchester tSp) 132: 

New t5ai ill- j London Uwiaa inv nr. I20pi 173® i 

" j Matthews Wrigntson Holdings (2dpi l 68® 

Minei ’ Holdings (2 Dpi 197® S 
Moran ic i Groan ZOpi '60 t14;6i 
Pearl Assurance iSpi. Z<0® 39 
Phoenix Assurance «25Pl 250# 4 8 SO 
I Prudential Assurance (5g) ISO# 49® e 
i 7 9 Cn 


1516) 

Ggveti European Tct. I25p> 66 1 1 3 61 
Grange Tst. i25p) 75 Il4i6i 
Great Northern inv. Tst i25m >03® >15 6) 
Gri-entrlar Inv. (2Sni B4 nS'6' 

Guardian inv. Tst. <25n) 78'» (1416). 

«i;PCPI 36 

Hjmbros Inv. Tat. (25P) 94# 

Harcros Inv. Tst. ilOoi 36 M3i6i 
Hill 1 Pnllihi Inv. Tst. I25p) 179. 4<;BcDb. 
1979-83 751; (14 6). 4':DCLn. 19B9-94 
96 ■ 1 5'Gf 

Hume Hldgs A '250 76';# 5 115 6) 
Industrial Genera) Tst. <25p> £2# 1 ■* 2 
i*. 4'jpcDb. 1994-1999 105 1 .- M2l6) 
investing in Success Equities i25m 1 34 2 
, M4l6'l 

I Investment Tst. Corn. (2Sn) 275 3 «. 

SpcLn 2000-05 144 (13'6) 

- Investors Canital Tit. i2Spi 85':# 2':# 6 
il MS 6). JijncDb. BB 1 ;. 4nsDD. 2&i.- 
, ■ 1 2l6i 

I Jardme Japan Inv. Tst. i25p> 135® 7 4 
Jos Hldgs. iZSp) 48 
Move Inv. Tst. MOpi 46 |14 6i 
1 Keystone inv. i50p> I33i; M4 G) 

I Lake View inv. Til. <25p) 90'.*. 4ueLn. 
114 1 1 2:6 1 

Law Debenture Corpn. i2Sb) 103# ■>. 

SpcZndDb. S2'l J, i13'6i 
Lcda inv Tst. Can. i5m 24 *156) 

London Gartmdre IRv. Ttt <50pf 62 »I4 6f 
London Lennoa Inv. Tst. i2Sni 62 >14 6 


9 .50 

Retime Assurance (Spl 742 (13.'6i 
Royal Insurance <23 pi 367® 5 7 75 66: 
Sees wick Forbes Holding*. tlOpl 423# 
2# S 3 20 . . •. • 

s:er house Holdings (2 Sd 1 98® 100 99 
(1 5lS> 

Sun Alliance aniT London J2D 
Fun Life. (5n' 101® -1 *- 
Trade Indemnltv i25pi- JTSHsS .80: (15:61 
Willis Faber (25m 262 59W BBC. 

IN\ r ESTMENT TRUSTS (17?) 

Aberdeen Inv. *250} so (736) 

Aberdeen Tst. i2SP) 140 t* 

Acorn Secs.. Cap. fto)‘ BS# ' fc® *15 6). 

Inc 150 di 72 (15 6)--' 

Ailsa Inv, Tst. ij" 


So utii African <32) 

Anglo- American Coal Corpn. .qa.SOi 570# 
( 1 5 fi • 

Angle American Corpn ct S Alr-ca 
60.10) 327® J®. opcPf iR200< 55 
<1416, S'.pcCnv .R200, SO® ilSbi 
Annlu American Gold m, Ll6.;#i 
Bishopsuate Platinum iPO.IO) H20 
11 “ 1 »*‘ c Hi* Gold Mining .R0 2S, J22 

DLHeltlonie.n Ga'd M.r-ing <R1i pi 000 
M 3,'b ■ 

Conaclidktcd Murchison (ftp 10: 2200 

• 1 5 6 1 

DcetLraai Goto Min.ng .RO 20) 7J • 
Doornlontein Gold Mining [ftli U5S3.S6 
p322 5 14 6) 

Durban RooaoD-orr Deep iftli 220 I1J.6. 
Eas: Drielonie-n Gold Mining • R 1 ■ 

SUSB.95® d74 5 35 

East Rand Consolidated HOc 17'j M56i 
East Rand Gold end Uranium *R0 SO' 
U534.50 113:6) 

East Rand Proprietary Mines ,ft)r U4S3 65 
■ 12 6 ) 

Elandsrand Geld Mining Nyw D m fR0.2Di 
12 16 10>.. 

ElsDurg Gol(t Mining .Rl) 38 (14 6> 

Free sure Geduld M.ne*- >Ro SO) oi.S25 
U51 1 & - M3 6 • 

Flee Slate Sa-nplaas Gold Mine. -Rl> 76 
11361 

General Mining and Finance Caron. iR2j 
ITU® 

Gold Fields o: South 4I|.« .RO 25) pi 269 
US il 5 - 12:61 

Harmony Geld Mining IRQ SO' 3440 
Harieboestiontein Gold Mming iRD pi 400 
1 1 5:6; 

Johannesburg Consuiidalea invest. cR2 
13), '. ■ 1 S'6i 
Kinross Mires R1; 3101 
KIOOI Gold Munng iRIt U5S6 35 
Leslie Gold Mures I RG 651 US *0 58 o-Li ) 
<56 


Bfl and Common-. -.il 
204® 91® sz a j b 
caletfonix '"-1--1 '26 b- 237 6 
Pllffiess Wiiny ^aa i'DCPt. 400 S 
Hpnt)n>i ijib-.on 155 
Isle P* M'n Strain Packet '.£0 (14 61 
Jacob* (J 1.1 '20n. 251 - S 'U-6i 
L 3 & ,a # S in -° t S,erv -' J4 Fre-Bhicr iZSp- 
L*ir snippii.r* .i-ioi i23 lia s 
Ocean Trlnioorl and Trad.ng iJSo. 1 1 ?0 
4 IB 1 * J » 

penln*i>'ar and 0->«»t a i Sieam Navi. 
5PSP*P D*C1. 90' 0 1 2 

suocDb as 

Reardon Smun L o .. * Plv semi 3*ij 

Rjnrthman ■ // , ,;; 3/ gp ( t j. s , 

Uatlkwokks ja> 

Bristol 4 02 E.- 1 C p; 63 • :12 6 . 

Colne V.HI ..1 4 ?v, 43 ,' , 4 6 . 

East Angl.nr 7 5 : d c 6 e .14 fi. 

East Surrey J 2'c?i r.’ . c . • ties 
Db.' 63'. TIC 
Fi *t WOrcesier-.s.... -. Pt 6eo ,,j 

i*— — oc P * 61 I, .'12 61 . 7pc 

pf 1983 ' 1 1 Ot..* 1 ; g 1 . - , . -i; 61 

rolnrStom- a Sip; £-0 iljb, 

Lee Valiey '9 c, :: .. 6 pcDd 63B 

156: 

Mid SDutn-.n J 2ncP; 2.1 -si 7: ■- ■!)*■ 
4 ?°i Pl 8J ' 5 ' 6 e- f "ibi 9ncP(. 108=,: 
,15.61 

Newcastle G<>'.,vj« a OJCnr 73 ; 

West Hem -d:Pi nv . ij-fi. 

Yorfc L ,1 , i . :>:P! _4 -13 6 9e.-Pt. J05)* 

iai 1 » 6 >. ISocDs 1 J 6 =. <14 &■ 


(•-pc 


SPECIAL LI-ST 

Business done in seetiriliee qti*Med 
in (he Aluniiil't Sitppienient. 


JL\K 16 
i Nil) 

Jl NK 13 (Nil) 

Jl\li iZi 

Bulgarian J ;|», B.;s 1907 £7 

. 11 M-: 13 i.i> 

I Bulgarian a :<GoisB.j. ldijT £.0 •. Do. 
• 1909 £6 • r - 

Ji \r: 12 (2i 

Wide Poffui <1 6 pcP<. pi 8 

RI LE i«:i <n (c) 

! Bargain- marked in sccuriiies 
which are <[Uotcd or listed on an 
oierpi’U* Stork Exchange. 

JUNK IB 

Alrltanjer 332* 

Anglo Did 24£i> 5te 2050 200 300 20 


50 400 2s SO 25 35 40 27 13 20 

1 5 

BH Soutn 113 

Boise Cascade USJ 29a 

Bdugainvilie Copoer 1)80 1 60 (6 

Bridge Oil US 

Can. Suw-rier Ol US' 521. 

Carr Boyd 5 

Central Pat Mine* a is 590® 

Cncung Kong 1 500 *3 

Oeutscnc Bk 6 .-pcCnv. 1977-82 U5S 36 : s 

EMI • AusiralU* IIS 

Endoa.Dur Hcsc>ur:e% 23 

FalconbridOe Nick-.-l £17".! 

Getty OH USS 159 ‘,0 

Gult Oil Canada CISMO 

HawkStonc Minerals 15 

Hong Itong Kowludn Whirl 4:30 17 IS 

Hong dong land 165 

Hutcn.son Whampoa 1130 :2# ID 11 10=; 
Jord.no m a: nosen 2 SCO 77 S 
Jargme Ski. 137'. 

Norar.ga Mines £l9'.a 

OakDfince Sees. 175 

Otter £«. M 

Panjns Con-;. 60 

Pan Catiadian Pets. £24'i 

Panconunetal ii*‘'0 

Peko Wallser.d 5 1 SO 

Pavrneon £43:0 

Ryder Stltem tU'i 

Sabina inds. BCO 20 - 6 2 * 

S'.nrn. Pic. Pets. 215# 

Sw.re Pac. A 143 I: 

1 arset Pels. 1 SO 
!<• Cantinontal £16=« 

U.5. Shoo £2' : 

(JIB Kl-AO Hid Mine* 7001 
WhcelDCK Maroon A 52# 1 
Yukon Cons. 1 80 

JUNE 15 

American Tel and Tel. USS S2‘- £50'i. 

pp Canada (10 ■: 

Beach Pets 46 
8e>sc Cascade U5l 30 -O 
Ciba Gc<9r S’-ocCn., £92 
D«ra Ccr £48'. 

□awsen O'l 9600 

East Asia Nangaiion B2 

Easiman Ksaak U5s 56 •« S 

Gpld Mines cl Kalgoor,,e 560 

Gult 04 £24-.e 

Haw Pa< 33# 

Hung nong Ca,na Gal 4 200 
Hooker Cpr.. 60 
■ Cl Australia 205 # 

Intnl. Min,nd 6 
•Culm Malaysia 51 

Little Ling Lar M.m-s 
McAr-.ny G, p. SO 
Mao, SO.'. Fund 112-* 

Maiheson in,. ?i»o:Cr«. £106:0 
Myiil £.. 33 2 
Naiths-rn Mrc 10SO 
Ocean Resources 21 
0,1 Scaicn :0 . 

Pclronna USs 117 
S A Manganese 3400 
Standard O'l Indiana £50'.® 

Standard 0.1 Ohis ££2 ; 

Steel Cc Canada £1 9 t 
S w.re Par. A US» 5.74 'a. 

US' 0 29 -. 

Utd Tecnnciagies £46*. 

Wilier 'H.rArr.i A £24 1 

Vfesliieio Minerals 106 
White Cons. £19>- 


Jl’.VE li 

Aar 1 1 6IC 
Amtiai Pets 71 <i# 

Austral an 0,1 Gas S'® 

Beckman Instruments £39', 
Coniine Rio Tima Australia 240 
' Global Marine £10'. 

• Hawker 5'ddelev Canada 605# 

I Mid East Mineral* 46® 
i Montedison 1 4 
J Cy shore Oil 5 .* 

I Pancontincnsai Lie, '» 

Peso Wallsend SI4® 3 
PclfOhna U 5 " IS 
1 Remarand- Gro 216 
! Some Pa: i he A 125 ; 0 35 4’, 4 


159# 


Do. B 


, Wilprtsen U1 1 „ 

| W#e« Natural Resourcos 185# 

, W(ii0' Creek 52 . 

Woods i dr pets 74# 1 
Wool Wdrrn tF. w.i £155, 

JUNE J3 

Asarea USi 16:.:# 

Canadian Pat. inv. USS 19 
Cibl Gcipv 7<«pcCnv, £91 
Dub Devs. 57 
E'CiWalua B RtS. 10 
Flcrida Lias £23"|. 

General Foods £2Eo 
(Gold and CdDoer e« . 20 
Grace BrCrS. US5 2.44# 

Hpnda BDB £201. 

1 LeUnardt £«. n, 

‘Lend Lease Cpn. U5s 3# 
Lennar d 011 7 
I Mnt. Lvell 3i 
New Mefar t '•« 

I Pahang Cans. TO# 

I Peqmm 1 

‘Selangor Coconuts 26# 

Shell On £2fl', 

Sm.th Klein USi 7 5;® 

Swire Praps. S3>® 60# 

Tn'.-S* Hlr*"* 250® 4 
Viral 1 one 34 TO 

JT’NE 12 

Australian Foundation 90# 
Avan £45 'a 

Batu Kawan 54 
Bow Valiev £22*, 

Digital Enuipment £41 '*«• 

Dvmo |nd. £29-', o 

Hill 50 Gold St 

Hdllinger £23<,0 

Jon ns on Johnson £66*it 

Kla On Gold so , 

Neaerlano Bank >S.A.) 14* 

Pac. Pets. £7S -.0 

Petra I a ns £25 .; 

Pewa OU B6 
Roansbura Con. Il 9 y 
SeldM II*-® >•:# 2 S 
Sparge Eh. 300 
Union Carnidr £3Z'« 3 1 :. 

West Coast Transmission M5# 


RULE IBS (2> (a) 

Applications granted for specific 
bargains in securities not listed 
on any Stock Exchange. 

JUNE 16 

Arhbur Court Inv*. It 1 : 

Buenos Ayres Lacrcne Tramways SncEtt. 

Mtg.Da- £22 
Cedar Hlwis. 13 
Clalrmace 35 
Clyde Petroleum 124 

Dart Valley Lignt Railway Si 

Fuller Smith and Turner a 290 
GRA Prop. Trust 14*. i. *« 14 
Isle 01 Man Railway 925 

Mining Inv. Con. 31'. 31 

NMW Computers ISO 3 

North Sea Assets 850 

O >0 h«m 8re«M4*rv 7CJ 

Oldham 127 4 

Ouvan Hignheias 50 _ 

Southern New; papers 2 30 2.9 B 

Tea Con 11 '0 

Wadwortn ISO 


amendment 

The (ollpwing appeared on the list dated 
June 15 — 

Nationwide Leisure Ord. So ar 6 5,5 
this was incorrect and Should have read— 
Nationwide Leisure Ord. )5si S', 5. 
Nationwide Leisure Ord. >5 pi (ranking 

div. i.u 8Qi 6 5 


JUNE 15 

Carrig Diamonds 4 3 

Cedar Hldas. SDCRd.Cnv.Pt. 3D 

Aran Energy 115 2 

Bueno* Avres Lac raze Tramways 5PCE-I. 
Mig.DbL. £17 
Burrouflh i Janies) 107 
Channel Hotels and Pioas- 2D'y 
Clyde Petroleum 1 26 4 


21 

Qoloswelta Hlaos. 27 
Eldndfle P«we A 17B 

EL. c hem HIdOS. 2B 

General Ccvion •HldgS-> B-: 

Hariev and^^nbniesen S'.DtUns.Ln. |3( 
Hydraulic Engineering 4 2 otCiim.Pt. 500 
Jersey Canning JdcCu m.Pi- „ •>» 

Jersey Gas 4"t-:2"dDbs. £65 _ 

Jersey New WaWworls , ‘jpiMtO.ubt. 
£90 

Le Riene* Stores 530 
Lc Ricni-s Sleres JprDb. £20 
Medens Trusi 16 'll •• 

Mining (nvcsrmeni CPn 29> 

Nhtienwnte Leisure 6 5', a 
nidnam Estates 124 
Dcirgleum Royalties o! Ireland 200 
Ou*oni Pari Rangers FC 115 
T MinlciCk tic-; Ur.s« Ln. £74 
Vann ,n Internalional 5ets. Cap. 4. : 
Vandln Inie'naiignal Sect. PfR-tnC. US 
Welt Hampshire Waler A 660 
Welvarhamcicrn Wanderers KC l!92S) 
£60 

JUNE 14 

Cambridge Instruments 1 U 

Dalkcun > Ceylon) 9 

Jersey Electricity 3ocDb. £60 

Jersey Eiectncn, 3 ':p<Pi. 25 

Jersey ElcttniHv 7PCLn. £94 

Jersey New Waterworks 6':3tDtJ. £RR 

K agora Invest U.S 10. 70 

Kathleen Invest 184 80 

Rangers FC 825 

V.king 0.1 136 4 

Wer'aD,* 2SS 

Weetahiv A Non-Voi. 62 

Wet! Lancashire Water SocDh. £28 

Jl'XF. 13 

CasUciown Brewery 1 95 
>Sd"fl«S Gas Light 205 
Grendon Trust TlDcSub.Uns.Ln. 1375-81 
£53 

Jerscv Electricity A SO 
LOeguard Assurance 28 

JUNE 12 

Tne Londonderry Gas Light Ce-nS.Ord. 
36 

Urcgate InvS. 67 


RULE 1B3 (3) 

Bargains marked fnr appro\prf 
companies engaged solely in 
mineral exploration. 

JUNE 15 

Siebens Oil ana Gas ill.k.) 32 P- 6 2 D 
10 

JUNE 14 

CCP North Sea Si 2 : 

Cluh Oil 412': 

S.eoens 31 S i’O 324 326 32E 310 >34 
3Jfi 340 242 344 J46 


JUNE 13 

Cult Oil J2S 

5iebens O.i Gas <UK> 3.50 4k 

j\;ne 12 

CCP Norm scs Aisc'iaio; S^s s; 5 
Gas ang C"l Arreago 9S 
5iebcn$ Oil and Gas -U.K.) 356 354 353 
352 350 J49‘! 348 

JUNE 9 

S ebon* Oil and Gas <L> K.i 366 354 

SSI ; 350 349 : 348 346 344 -i 342': 
352 344 

i Dir 1‘i‘riiiij.iiiin “I Hi..’ .T/i>r-fc F.’ctewr 
• '■Hill,-'] • 


London Lomond Inv Tsr. <25 p< 72 M4 6 ' ■ Llbanon Gold Minmq (ni> US57.23 MSifii 
i London Montrose Inv Tst i25pi 1 B4 3 1 Lorginq Gild Mines iFIi S3 t3.'6' 

M3 pi SpcDO &ar. A 68 M2 Bi LydenDurg Platinum iRO 1 2 •; i 64 il361 

London Provincial Tsl. i25d' lit ( Marr««a(c >ransJ.'icla(s-0 Mines iR0.50i 

London St Lawrence ln». (5pi 12 ', M4 fit U&S1.30® 1.27 .IS'Gi 
London Strathclyde Tsr i25oi 43': MS 6i I Messina iTraiisvaaii Development iRO.SOi 
London Atlantic inv. Til. i25ri 63 <14 6'i 89 115 6' 


116:6) 


501 .10914# .10# a 10 


115 61 

EHd-~ <25 p) "197. 6DcUnsec.Ln. 


Alliance Inv (25p) 92 (!Ztf> ' 
All'ince Tst. (250) 226# 7 ' 
Altilund tnc i50p> lt7>a (I'Srfi). 
(SOp) 104 5 t»4.6i 


Cap. 


Altilund (ik 

(50P) 184 , 

Amoroso Inv., inc. (250) 'SW*« (1 5/61. 
Can. (25 p) 60 '.* . , 

American Tst. :2So) JB'iO &<* B 

Secs. .'COW ‘ *150 


(25p) 444, (11 fi) 
Anglo American 


A^l^-ocilsh Inv .Tst. (25or r43T; Q i 

Archimedes. Inv. Tstu Inc. [2Spl 68 03/61? £ 


• ■wiMitcucz i"». ■ atw- tni- i4J»i % 

Cap. t50p) S4'»®.5'.# 6 # 7.. 

Ashdown inv. Tst., iS5p) 124. AbpcLii. 

84 6 » '• 

Atlanta Baltimore. Chicago Reg. Inv. Tst. 

1 1 Dpi 64 

AtUntle Assets Tit- (25pl 90# 'y# 

Atlas Electric Gen Tst <2 Sd) 59';# 9.- 
Ausirahan Intnl. Tst. (50 p> 100 " '• 

Bankers rnv. Tst, I25pj S7’» 

B-rrv Tst '2561 63 


LOCAL AUTHORITY BOND TABLE 


Annual 


Authority jiross 

(telephone number m interest 

Interest Minimum Life of . 
payable sum bond. 


% 


£ 

Year • 

Barkin™ f m -592 4500) 

10 ? 

i-year 

1.000 

4-B ... 

Barking (01-593 4500) : 

.m 

l-ycar 

5.000 

4-6. ? 

Barnsley Metro. 10226 203232) 

21 

- i-year 

250 

3-7 ■ . 

Knowsley (031 54S6555) 

m 

4-year 

1,000 

5-7_' 

Pooie <02013 3151) ; 

10! 

§-year 

500 

V-J 

PopJe <02013 5151) 

IH. 

i-year 

500 

6-r. ; 

Redbridpe (01-47S 30201 

11 

i-year 

200 

5-7 T- 

Sefton Met. EC (051 922 4040) 

111 

i-year 

2,000 

5-7 . 

rhurrock (03rj 5122 ) 

111 

1-year 

300 

4 

Thurrock f0373 51221 

11! 

i-year 

000 

5-8 . 


London Merchant Secs. (Z5 pi 95# 

Cap. <2Soi 93# 1 MS 6 
London Tst. DU). (2bP) 19: 

114 1.15.61 
Lowland inv. (25pi 49 'a ('14 6' 

M. G. Duel Tsl Cap. (IOpi ii: ; :15.6i 
M. G Second Dual TcL Ini MQpt Qbr S 
■ 14 61 Cap. topi 20 V M4 61 
Mercantile Inv. Tsl I25pi 39'i* 1 .. 4l,pc 
□b. 35# MS 6 l. 4l;pcDb. 74 (15 6 > 
Merchants Tsl (25pi 74# MS 16 ). 4pe 
Unsec. Ln. 102 113 €» 

• id Tst. 1250' 76 0 M3 6 . 

Monks Inv Tsl (2 Sp< 52 Vt# 

Montagu Boston Inv. Tst. (1Sp< 59. 

Warrants to *ub. 37.. 

MClOlava Invest. 70 M3 61 
Moorside Tst. i25Pi 93'; 3 (13 6 i 
New Throamorton Tsl. Cap.Ln. 115# 16® 
Nineteen Twenly^ight Iny. Tst. i25p< 217. 

NorlP^AtlanUL Secs (2So) 92';# 115 6 ' 

fens! tsrys Win „ 

"*(15*6? Associated inv. .Tst. < 2 &pi 57# 

lutwlcn Inv. Tsl (Z5pi 53- 112.61 
endand Inv.lZSp) 120 '- Mdife. 
rovincial C't<M Tst. <250) 26 115 6) 
■Raeburn Inv. T« (2Spi 127 8 (15:6-. 
W-'rocin. 38 02 6 ) 

£s.. ,n iN"vi!“iii!;, Ts ,v, ilf'VJS... 

(T5.6i. Sub.-Shs Reg. Nat. Pro. Banki 
Reg. other namesi (FI si 
(FI_S) 530® 28 30 ilS'B) 

Rollnco NV iFI.SO) p47B Wrrts sub Orq- 
150 (15 61 . Ord 5uh.-Shs (Rnp name 
ot Nal. Prov Bank Nomsj iFi.53 482 
(15:6) 

Romney . Tst. 4 VocLn. 96 '15 6 ' . 

Rothschild Inv. Tsl. (SOdI IBB. 4 2ocPi 
47 M2, '61 3-5PCPI (50 p) 31# 115 61 . 

filjPCLlt; 1 07 1; M5'6i 

Save and Prosper In*. Tst. Cao. Shs 1 ID 0 ) 
58# 115,6) 

Schtostnger Int F0. (Jersevi (1») 65 6 • 

&S8, American Inv. (5001 91 2 1'; 2>; 
(14 '6l 

Scottish Continental Inv ilSdl 73 M S' 6 ) 
Scottish Mercantile inv. a nv Ord. i25p> 
.100. (15 6 ) 

Scottish Eastern inv iJ5D) 140 :• 
Scottish [nv. Tsl. (250) lOI l;. 4pcDb. 
20 '; HHi 

Scottish Mortgage and Trust ;25p< 114 
Scottish National Trust i25p' >46# 
Scottish Northern Inv. Tsl. »25 p' 101 2 
(156). SocDb.Rd. 23 (12 6 .. 3ntDb. 
801® (J5 6 i 

Scottish Ontartq Invest. * 2 So) 143L; 3 
(15 fi> 

Scottish United Investors ( 2 Spi 7BO 7# 

8>i 

Scottish Western invest. -2 Bin 93 L-®. B 
-5o) B9 7 (12'Gi 

Second Alliance Trust C25pi 193>:# 2*; 

S';pc (IS Cl. 3':PcDb 6 S-': (12 6 . 

Second Great Northern i25b) 86 '; (12 61 
5ec<snle;ci Trust of Scotland (25 O' 1931;# 


Soherc inveiL Tat. (25pi 11 (Hr 
• 172#. 


5ncPt. 38 


Sterling Trust (25 p' 

(14(6) 

Temple Bar 6 pcLn. 74 

Throamorton Trust f25bi 72 

Tor Invst. Trust Cap 12 5P* 103 4 US(6< 


Areas 


Weltern 

Exploration 


BUILDING SOCIETY RATES 


Abbey National ... 

Allran’cct 

Anglia 

Birmingham 


Deposit 
Rate 
5.25% 
6.43 ?Tj 
5^5% 
3^5% 


Bradford and Binpley 5^5% 


Bristol and West 

Rrinfol Economict ' 

Britannia 

Burnley 

Cardiff — 

Catholic 

Chelsea 

Cheltenhani & Gloucesterf 

Citizens Regency • 

City of London ' •- ■ 

Coventry Economic 

Coventry. Provident - 

Derbyshire 

Gatewayt 

Guardian 

Halifax? 

Haslings and Thanet 

Heart of England . ... 

Hearts of Oak &■ Enfield-... 

Hendon •—•••■■ 

Huddersfield & Bradfordt... 

Leamington Spa ....: 

Leeds Permanent ..... 

Leicester 

Liverpool 

London Gold hawk 

Mellon Movbrayf 

^lidshiretf ; 

Morninirloh 

National CounlicsT 

NaUonwider 

Newcastle Permanent 

New Cross 

Northern' Rocfcf 

Norwich 

Paisley 

Peckham Mutual 

Poriman 

Principality Builds. Society 

Propressivef — 

Property LHvtierst 

Provincial 

Hkipton 

Sussex Mutual 

To«u and Country **■” 

Woolwich 


5^3% 

6.45% 

5^5% 

525% 

5.75% 

5.00% 

5.25% 

6.45% 

5.25% 

5.50% 

5^5% 

5J25% 

5^5% 

6-43% 

5.25.% 

6,45% 

525% 

5^5% 

B.45% 


Share 

Accnls. 

5.50% 

6-70% 

5.50% 

5.-30% 

5.30% 

5^0% 

6.70% 

5.50% 

5.50% 

6.30% 

• 5.60% 
5.50% 
6.70% 
5-80% 
5.50% 
5.50% 

5.50% 

5-50% 

6.70% 

5.75% ^ 

6.70% 

5.50% 

5.30% 

6.05% 


Sub’pn 

Shares 

6.75% 

7.05% 

6.75% 

6.75% 

6.75% 

6.73% 

7.05% 

6.75% 

6.75% 
7.30% 
6.75% 
6.75% 
7.95% 
7.30% 
6.75%, 
6.75 % 
7.50% 
6.75% 
755% 
6 . 00 % 
7.5)5 % 
6.75% 
6.75% 
8.43% 


6.70% 

■ — 

— 

0.45% 

6.70% 

7.95% 

5.35% 

5.60% 

7.36% 

333% 

5,50% 

6.73% 

5^5% 

5.30% 

fi.75% 

525% 

5.50% 

fi.93°n 

5—5% 

5.75% 

7.00% 

6.00*51 

6,S0% 

7.93% 

6.45% 

. 6.70% 

7.95% 

5.20% 

. 6.20% 

— 

6.70% 

. 7.00% 

S.00% 

6 45% 

6.70% 

r. 95 % 

5.00% 

5,50% 

6.80% 

7.25% 

7.30% 

— 

6.45% 

6.70% 

7 £15% 

555% 

5.50% 

7.00% 

5.25% 

5.50% 

6.75% 

5.50% 

6.00% 

— - 

525% 

5Jw% 

6.75% 

A.45% 

6.70% 

7.03% 

6.70% 

6.95% 

7.03% 

6.45% 

7.20% 

S.43% 

5J15% 

5.50% 

6.73% 

5-25% 

5.50% . ' 

0.73% 

5.55% 

550^1 

7J)3% 

5^5% 

5.50% *10-00% 

:5.23% 

‘ a 

6.73% 


. V : ‘Term Shares 

0.50% -‘Syrs., 6.00% 2 yrs. 

7.70% 3 yrs.. 7.20% 2 yrs., 6.03% l yr. 
6-50% 3 yrs.. 6.00% 2 yrs., 5.73% 1 yr. 
6.30% -3 jts.. 6.1)0% 2 yrs., 5.75% 1 yr. 
6.50% 3 yrs., 6.00% 2 yrs., min. £500 

W5%-_-3 monlhs' nolice 

6.30% 3 yrs.. 6.00% 2 yrs., min. £500 

650% 3 yrs.. 6.00% 2 yrs. 

• 5.80% over £5,000 
653%' '6 months’ notice, minimum£500 
7.70%; -3 yrs^ 7.20% 2 yrs. i £501»-£1 5.000 1 
7.05% 3 yrs., over £5000 
6.72% .'3 yrs« minimum £501* 

6.50% 5 yrs., 6% lyr. min. 3 mths. notice 
6.75%' 3 yrs. 

— Up to 6% 3 months’ notice 
7.70% 3yrs^ 7.20% 2yrs. min. £500-£l 3.000 
6.45% '3 mths.’ notice, minimum £1.000 
7.70%’ 3 yrs^ 750%. 2 yrs. 

6.50% Tyrs., R.00% IJ yrs., £250-115.000 
fl.50% S.yrs^ $.00% 3 months’ notice 
7.95% 3 yrs.. 7.70% 2 yrs^ 7.45% 1 yr. 
7.70% 6 months, 7.20% 1 month 
7.70%. 3 yr$., 7.20% 2 yrs. 

6^3% 2 yrs. 

G.dQSii. 3 yrs- 6.00% 2 yrs.. min. £1,000 
6i0% 3 yrs., 6.00% 2 yrs., 5.75% K mths. 
6.G0% 3 yrs., 6.10% 2 yr?-. min. £1.000 

7.55% 2 yrs., rain. £2,p00 

7.70% 3- yrs., 7.20% 2 yrs., min. £250 

7.45% 3 months, min, £1.000 
7.70% 3-4 yrs., 7.20% 2 yrs., min. £300 
6^0% 3 yrs„ 6.50% 2 yrs. 

7.70% 3 yrs.. 7.20% 2 yrs., min. £100 
6.25% 2yrs..minJmum £500 
fi Syrs^ 6.00% 2 y rs„ min. £300 

6.50% 3 yrs. 6.00% 2 yrs., 5.73ft 3 mths. 
7^0% 2' yrs., minimum £500" 

7M% 3yrs„ 7.70%2yrs., 7.45%3mihs.not. 
7.63% 3 mtfiS. nor., 5.75'o tollmUd. cos. 
6^0% 3-4 yrs., ti.00% 2 yrs. 

850% 3 yrs., 6.00% 2 yrs. 

. 6.83% 3 yrs., fl.55% 2 yrs., 6225% 1 yr. 

. 6.50% 3 yrs- B.00.% 2 yrs. * Max. £250 
6.00% 2 yrsv. 6.50% 3 yrs. 


BBcctnr from W '■ 


Middle Witwatcrsi-ana 
(R0.2S) 1 924# 87 8 
Nbw Wilwaiersr.ina Gold 
IRQ 501 110 MSI0I 
Prrsideni Brand Goto Mmlnij iRO SO' oKSB 
Randiomein Esis Gld. 'P21 J4>, M3 61 
Rustenburg Platinum HI or,. iRD.10' 82 

St. Mfena (Rli 798: 

Scnrrusi Beperk <R0.1D' 20B (12 Bi 
Sou ih African Lane Eapln. <R0.35> 51 j 

Sau7hvaal Hldot. »R0 50 • 4B0® SUSS.7Q 

Stl'llonlcln ,R0 SO. 230 113 6i 

UC Int. i H1i 220 

Union Corpn. :RDSUi 260 

Unlsol Gold Minus NPV SUS200 7:# 

Vi»i Reels Espin. Mng. iROSO- IUS16'<6 
1B.*5# £13 05! . 

Vlakfontem Golrf tRI* 52 . . 

West Or ; er*iomo-n Goto <1 RJ I < ' ‘USJb > 
West Rand Consd. («t1» SU5.1 -45 'lit' 
Western Areas (R1 • (US ' .92® 

Western Deep Levels 1R2 i 788®, Bio 
western Hldgs. (R0.50J 1US21 . 22 21 • 

Wmtclhsat 'Rli 653 {15 6' 

WUwaiersrgnd Nigel 'RO.ZSi 52 M2 6) 

West African 

Amalgam* 1 ®*! Tln Nigeria 'Hldgs.' MOpi 

BiSi.:hi Tin' i IDO. 6 (IS** 
janiar i12(;p< 9': il5/fi« 

Diamond (9) 

Dc Beers Consd. Did 'RO OSi 3670 S 9 
7 2.’. Br. (RODS) 430 1 1 4. 6' 

OIL (146) 

Atlock Pet. i2DD> 980. 

Brliish-Barnco Pei Srnd. (IOpi *65 * 1 s.B' 
British Pet. 860# 601# S® o'): 60 40. 
62. BpcUtPi. 67:. 1 1 S-6'. 9oc2n4Pl. 

77 ■:#. bpcDb. 90 _ 

Burmih 66: 6 7 3 6 1- 7'.bePt 48. 

6i.-ocUnsco.Ln. 84 MS S'. 3<gp:UlSCd 
Ln 6IW ! _ . 

Ccnturr Oils Go- MOpi S7« i, 4 6) 
Charwrhall '5P' 21 •; ‘(5'6' , , 

Et%a Pet. S';ocl*iDb. 40*:- bpclsiDh 
9 j>7 M2 61 

KCA fnterntl. i2Sp' 25® 9 ..... 

London Scottish Marine Oil i25pl '•‘9 

H5 6.1 Oil Pre-dutilon 5tk. Units MOdi 
340 M3I6>. 1 dbcUnstd.Ln. 10! 

Oil Ex oln. (Hldgi. I MOp> 250 48 54 M2 &< 
Premier Consd OilhclcU iSoi 16 17 
Rangel Oil iC»na(Lii CmAhs. el MU* 2 S'* 
f 13 6< 

Royal Dutch Petroleum (tl.20) 47>.# 6 - # 
7 6 <4 1 1 SCSI 

Shell Transport and Trading L25o) 53.-'# 
40 2 40: 3 58 7 7;. (Br.i i25u> 
548# S'jdilStPt. 45'.- (1 3lfif. 7 dc 
2ndPf. 60i? I '5(6. 

Tricentral i2Spi 182# 3 2 1. , ncLn. 

200 ■ 1 1l6i 

Ultramar i25nl 261 3 2 60 4. 7pcPle. 
147 

PRO PERT)' (32 f 

Alliance Prop. Hlogs M‘ipc >w. 78 <I5J6. 
Allnait Lonoon Pro os. i2ap.> 20 1# 'Isiui 
A malgamate a Stores <Sh) o-a vipioi 
Ami Props. MU) v 2ub.O 6)# 1)5.6' 
Aqms securities »5p) 21 
Avenue Close >20p' 72'; 

Bank t-ommercial Hldgs. - IOpi 2'; i *14. Gi 
peaumont Praps. <25o) 84 tlaifi) 
pen war Hlaos. ‘25p> 60 
derioiev Hatnbtq I25 p.i 114';:® 16;® 

15i# 13 U IS MSIbJ 
Bllion iP.i i2Sp) 158 <13.61 
Braoiord proo. Tst. i25di £k 2# 5 M5I6) 
British Land i25p) 33'; 4 . J5pcDb 

109 '1 3/6). 12pcCn. Uns.Ln. 13B 
Bruton tsiaie- laSPi 99 9 M3ib‘ 

Caollal Counties i25p< S1<:«. Warrants 
lo sub. O'. <13/61. 9',pcUns.Ln. 73® 
Carding Or duo iS Pi J9-'i M3.6) 

Central Dist. Proo 7'jpcDb. 82 *15(6) 
Charlwooo Alliance Hlogs. 7'jPtUns.kn. 20 
»Si6) 

Chown Secs i25b) 12‘: ilJ/bJ 
Churchhury ts is- (25pf 27B# 

City Unites *4Sb» aa® ' t» 

Col man IE. Alec) Invests. aocLn. 1991-36 

Control Seiurii.M MOpi 36":# 7 
Country ano Now Town Properties MOo- 
24. 7PCLn. 1984-89 79 (ISGi 
Count* District Propetlies MOo' at •; 

Dan an* Holdings i2So) 90 ilS:Bi 
Dorringion JnvcSlmvnl MOD' 52 '« 
English Property Corporation i50pl ao-'.® 
1# 3‘: 2 - 3 fit <•; •: 2.. fi'.-ocLn. 
198S-2003 90®. IZocLri. 2000-05 890 

A9cn>:v HaldlnflS <25 p' 4S® 

Esure^ PrOPeri> ■ Invefcimtni i25pi 92 

Evloi^'ot Leeds 1ZSPI 98 *14i6l _ _ 
Great. Portland Estates ,S0pi 299 8 
Hammerson property Invest- Trust A 

Hasleinere Estates MOP) 241 39 8 <*i5 6l 
Imry Property Holdings (25P) 313 M 5,6* 
Intereuropean Propertv Holdings M()ol 

kennlngs Estates S'lOeFt. 40':# 

Land Secs. Inv- Trust <50p) 207':® 7* # 
fi 12 11. 7 LipeDb. 62 U « 13:fii fl-:0C 

Ln. 6B« 8r 115 6'. 5 aocLn. 165 MS 6' 
a'iPCLn. 1401® S (15-61. IDPCL". 

i44i. -a e# & 2 _ 

Law Land (20pr 38®. 7<;pcDb. 72 tla'61. 

7 (rPCLfl. 84 M2 S' ^ 

London Provl. ShbP MOpi 91Ji 90 MS'6i 
London Counry F’hrld L'ndid 7‘40cDb 66' r : 

London Shop i25p) 60';# t'*® 

MEPC <2SpJ 12b® 4. dpcDh 49: : > 1 S 6' 
BscLn. 62-’* (14'6>. 5DUn. 91 ,12 6i 
McKay Sets. (20p) 225 '14 6j 
Midhurst Whiw MOpi 41 i: (14 6i 
Mount* lew EsU (Soi 56 M5'6i 
MUCk lOW (A J.) Z5o) 120 i14 O'. 7PC 
PI. 51# 50: <15. u) 

Peaefufr I25P* 79 7® 8 
Property Partnership i25oi 120 (15 6) 
Raglan Prop Tst. i5#i 6ib S'. 

Regional Props. (25o) 76 (13'6j. A i25o> 

Gfili# 

Regis Pro® Hldgs 0'iocLn. 5g« 115 61 
Rush Tompkins GrD.' '.2Sp) 110 
Simuel Props. (25D) 00 
Jeoitisn MetroDolnan Prop. (20 p) i07 s 

Second C-tV Proos. 7peLn. 81 tl4 fit 
Slough EstS. 125D< 117. 10«Ln. 162 

Stock Conversion tnv, Tsl. i2Sp) .52 
S'-pCLfl 248 (15.61 „ , 

Sun lev (Bernard) Inv. TJL L25pJ 2>“ 17 

T0V« (?ltv Proos. ilOp) 13# 12'i. 6pcLn. 

7 Cf"lrt Sees. <25o) 59 (12 6* 
TrkPntd Park E»is- I25 d< 107 10 11 8 

Unifcd^R-al Prib. Tst (25p) 2 5*1 J I1SW 
Warner Est. Hld*is. tSSol 12J '12?6) 
v'rtiH (Joseph) (5nl 18 (15-fil 
W«t London Proo Coro 5bclstDb 90 

w p*i , 'ni(i5 l »f Prfin Gro 120"! ^ 1 ■ (12‘fc 1 

Wins?o»i E4i« ■ ,7< " "* 112 6) 

RUBBER (231 

An'ilo-IndO-mtian Cpn. (2So: 97t 
Bertsm Consolidated Rubber (10p) 9> 

(14/61 , ... . 

Bradwall IF.Mi.i Rubber Estates MOP) 
50 [14(61 

Cast Yield (Klang) Rubber Estate MOD’ 
2420 

Conspridated Planiatior® Wamis, ID Sub. 
lo. Shs 61® (16(6) __ , 

Dunlon Plantations 6bcPI 44 il&ffii 
Guthrie Cnn..280® 73#. 9 tiDCLn. 1992-9 

Han-lsoni Maiavsian Estates (10o) 86:® 6 
Highlands Lowland* Burlud (SMa. 0.50) 
109® 10 9 



UK ftSONEY MARKET 


EXCHANGES AND GOLD 


Exceptional shortage 


. Eank of Fnefisind Minimiun 
Lending Rale 10 per cent 
Day Jo day or«Jji was attain in 
short supply in the London money 
markeL And for (he fifth consecu- 
tive da.i die authorities were 
required to qivo an exceptional 
amount of a.v-.istanco by lendmq 
(he same amount to nine or 10 
houses at 5fLR for repayment on 
Monday. The help appeared lo 
have been overdone alihouah 
discount houses were pay inc; 


THE POUND SPOT 


'Bull 
■I'H ic lt> 'mipf 

• « s- i 


I'm "• 

*N|HVNll 


r..-'. s 

.inn-linn S' 
limlili.-r 
ILuijIhii Fr. 
I’TiKti Kr. 
II. ■.)»rfc 
I'iiii.Kw. j 
" i l<i<n, rev. 
inn , 

.'can. hr. 
Fii-rii-li Fr. ; 

Vi ii 

'u'trlM A-ii 
l*» Fr. 


1 .l.-fSy- 1.0520 
Sl-3.04l3C.B500 
4 4 l<1 4.12'" 

5S- 80.00 60.«J 
j I0.ii ' 10.40, 
3 . 3.E2';--J.t6 
Id 9i.M-S4.:5 
a 1 its Mb 
IUi. 1.5>4 1.5"0 

/ • 5.91 S. 04 

3'v 0.41* .->5 
0.45 a .4: i 
ilD-WQ ' 
2(.i0 27.(0 
a.af, J.M 


S»2 
5i- 
1 ' 


; ii.** 

^iorr.; 5 ',5 

2.0465-2.0480 
4.1 i, 4.1 lt- 
60.10 60.70 
10.201 13. Si 
J. 2,- 5. Si 
. 3.70 5.2*1 
145.20 143.40 
I.57/-1.57B 

*.42 .48 
f.4t». .47 
554 ■ J26) 
2r.M-77.60 
5.461s4.47'a 


C- Igian* rate I? fr.r •.-onwciihle Inner. 
1-Kinlu.ial. (ruiL'f w'-'J-SU 45. 


between » per cent and 10 per 
cent for secured call loans at the 
end of (he day. 

The market wad faced with a 
shcht net take up or Treasury 
bills and an increase in the note 
circulation. This was in addition 
to the exceptionally large loans 
made to (he market on Thursday 
which had to he repaid. 

On the other hand. Government 
disbursements exceeded revenue 
transfers to the Exchequer and 
banks brouahi forward balances 
above tarset. In the interbank 
market, overnight loans opened at 
lli-lll per cent and lirmed to 
12-12! per cent before easin'; to 
llj-12 per cent and this level 
sit* a greater part of the day's 
busines.t. However. rates 
fluctuated before closing balances 
were taken at S-fl per cent. 

At the weekly Treasury bill 
tender, the average rate of 
discount fell (I.29U5 per cent lo 
ii.HMS per cent. The minimum 
accepted bid was IHT.Tlj com- 
pared with £«7.ii5 last week and 
bids at that level were met as 
in about 20 per cent. The SMOm 
bills tendered and allotted 
attracted bids of £SS6.42m and all 
hid' offered were allotted. Nest 
week fiiui'ni will be on offer. 


Trading in yesterday's foreign 
exchanec market remained 
extremely quiet ahead of the 
weekend. Sterling showed little 
change and traded asainst the 
U.S. dollar within a very narrow 
range of Sl.82S5-I.So20. The open- 
ing level was SlJS2a5-l.Sdfl5 and 
the little business that did occur 
was around (he sl-fthfO level. The 
pound finished at $1.8305-1.8315. a 
rise or just 3 points. On Bank 
of England figures, the pound's 
trade weighted index remained 
at -61.3 havinc shown a shsht 
improtement durins the tnormnq 
to 81.4.- 

Thc U.S. dollar star led the thy 
on a firmer note mainly reflect ms 
the fall in Japan's trade surplus 
lor May. There appeared to be 
little reaction to the rise in U.S. 
prime rales, this bavin*: been 
largely discounted in the market. 
So with the opening of New York 
markets, the dollar appeared to 
suffer from a certain amount nr 
over reaction and ended at its 
weakest level against mn.-t cur- 
rencies. Trading was aMin very 
quiet and thp dollar fell to 
SwFr 1.8925 from Aw Fr 1.9025 in 
terms- of the Swiss franc, while 
the West German mark also 
improved to DM 2.0935 from 
DM 2.0950. The Japanese yen 


finished at Y”1S against Y218.25 
previously, bavin;. 1 been down to 
Y217! at nil* point. 

In fairly active trading Gold 
impro«ed an ounce to 

SlS-ll-lS-ii after opening at 
SI S3!- 1 84*. The Krugerrand’s 
premium over its sold content 
widened to 4.1 u per cent in inter- 
national de.ilina.-: 3nd narrowed 
to 3.04 per cent domestically from 
last Friday’s common close of 
3.37 per cent. 


GOLD MARKET 


lii’M Hill I lull iH Hill 

• IIIIIITI 

<'i<llllir 

.Ifni ulna ns ma 

AllfllH-H' Uaiiil-. 

lii'H l'i.lll' 

• I 

Kru^ri mini 

.\r» SmutVijili-*.. .. 

til.t S"<vl«!jil' 

ti"M l*'.lu- 

lltli-i nil i. ii tally 

k ni-i-i mini 

N*.« i.i\.i| l-iuiiii.... 
Ul'i *1 i-lii'i*. 

S5?.' hoiy iv* 

>K< tCdf-le* 

>r Kimk- 




Jiiim Is 

.'*i.4 us: 

IsiMMW 

. M 5? lu; 

IS 182. ■ 1£iJ 

. *114.00 

ieltSM 

* 1! 100.492 > 

•'£“9.856. 

flM.60 

>U2.li 

iL' 100.847' 

‘■£99.4051 

<191 -m; 

rsicaj ISO* 

<f;«4. us; 

UlllO It4, 

»Si; 


.£294 SOi. 


-5fc.. hi* 

(S55.-57; 

.JliOi 51.. 

..rsci-siii 

-hS: 191 < 

•<1871-16?? 

'£n2Mu; 

.•■£lil2„105*) 

S5ZJ 34; 

,^52j-a«j 

.l'2bi-8F.i 

.■£26. 2a, . 


|S55,57; 

•rSv; at; • 

.‘•3u.-5i;i 


'27H-27 - i l'775j-5f8t 
IS 1:4* U7* fsISO-lti 
>95-102 NlOO-104 


LONDON MONEY RATES 


Junp IE 
Hik ' 


-u-i-iin- 
Cert, ii.-riip : 
.4 .|.-|.. r1« • 


lni*-riAiiL 


Alllil.iKtV 

■1,.|.i-il' 


la--*' Allth.j 

iii*”"llq1'iV , 
■-■nil- 


Flunni-^ 

Hull-** 

l'i-l-i'i|- 


| I L'i**wini 

| LVini(®ny I mar Let 

I ll?[>r-l(' I lie) > '. , l 


l Eli;IW<» 
Tit»»nrr kanL 

Bill-# . Hill * <P 


[FinpTnile 
1 Bill-# 


CURRENCY RATES 


I It .'111-; til ' 

• i»\ - nxlf i*..' 
i i" - nr 
, lav- ilirfli-c.,' 

> Ii, ■»>()>.., j 
I u .. in- mill ... 

uii'nili.J 

•i. iii'iiiili-.... 

nimil/i..- 1 
I 'll"- *•*• 


B 12ij 


10U-10 
1 '« 

9. . 

9*: 

9 it Bjj 

9 ig 9-j 


1 Oi; 12 
1 K'i* 
101.. 1 0'-; 

9 
9 
9. 

9 : 


10 1; 
10 ,;. 
10 
10.'. 


10-1:1114 


JO 

10^ 11 


1*J 10.; 
10-10'.. 


IG'i 10'c 
101®- 10^4 


9:j 11 
9'.- lu>j 
On iOj« 

ST-,.9:- 
9 : 9 ’ 
fl'» 9.i 


i 

_ I 

_ j 

io>« ii u i 
i ii 1 
lO'i 10 >, . 
Li; lQip ; 
1OI.-1O 30 
104* I 
1J4-10I2 ! 


9 10 


June 15 


9 a 10 ' . - 
91? -9i t J 9r.-9,;. 
9J« 9i» '9 i. 9,;. 
9N-9Jfl > 910-9 1 ; 


Seenal European 
Drawing Unit o( 
Rights Account 


101, 104 
ID 

9>:- 


10*! 
toil 
lOJii 
10 k) 


' ..'-at auiliurlt*' and linjr.iv li..u-, . «'vi-n */aV‘* n.-iii'.- ■•(fu-rs >-i*r«*n (lay- ‘ Treed. L«(M-I«rai local a(i(t(»m« (if*r(^: lk .«- raip 
iiiiiullF- (hri-L- >*-:irs r-*r uni. [■.«!' vwir* 141.1.*; ?*•* •-'■ni*. file l4i-)-J! ner cent. « Bunt hill rai.-s m lahic 

ar, h'jytnc ratea ft.r oriiiit- pjikt. Bavin*, raivj. lur f.iur-rn-mih hunF )»iI!n 9Fn,-v: por cenl! lonr-omnih trad® bill' lu. her 

'timruxiAMiv v;i!m« rales l«r I'm.- Trca-dr- WH-* »•# .* i"r oval: l<«'«-in.,nih per ivnC *ntl ihrre-ut’tuh 

pit veil i . vr*'' ,, '.'*"J'‘-' -utlinc rate t.*r uup-tii»iii:i oan's ■Mil-. ID p'-r u-m - . and iwp-ninmh M m*r cent: and Hire.- 

gr ... V prV' uent Qin‘-m>»iili trad- hill-. t« u.-r cvni: rn-.'-ninnih hi; per cent: and al«n Uirec-iiMDih ID-! i<rt* cun 

Finance Houses Base Rate >PHi'listi'.il lw 'h.- Kinuno.- H-.n-*-, A'-.u.idii»n< S! per c-ut rrom Juno l. 1"7> Clearing Bank 
DcnosiL Rates Mur -.inaU un.- a' ci-i.il 'l.i) -* ii"lu*-- - -r pur m-nl. Clearing Saak Race ttaiet fur lemlittu W per *W*I- 
Treasury Bills: .Vi'vns<' tender r.ili ' *li ••.-••<in< 9.571' I'W •.•.-n: 


Sii-rlniK - 

l- .** dollar 

Canadian dnllar 

AuMiian sthifliiu; . 

Hi-luian (ran 

Danish krone 

Di-ntv.-hc Mart: . . 

*;m liter 

French franc 

lira 

V'-ii 

Nur-.voci.in krone 
v'ov-ia . .. . 

Su cdish KminT 
‘»-is< (ram- ... 


0.670817 

1.22676 

1.37360 

L8.4474 

40J35 q 

6.5 SOU 

2J6834 

2.7S2T4 

5.63942 

264.244 

6.536TT 

«7.63S4 

5.M137 

2J3416 


0.672029 

1.22960 

U7S78 

18.4862 

40.4293 

6.96765 

2.573M 

2.759?) 

5.65260 

10.58.12 

265J07 

6.65174 

97A206 

5.69186 

2J389S 


EURO-CURRENCY INTEREST RATES" 


Julie li 

iSlli 


" ieroi.- 

i .'*%•* nun iv. 

U.. 1 . 1 I 1 

Il.r. ® inieiUjs„. 

■u . iniiiiitik ■ 

i ;.... 


•Sleiln'2 


12i, 14', 
15 i# 14 

lZ'j I2»A : 

12 m l*£'-j i 
Id- 13'v 
12U li'; ' 


MjimJULIl 

(li.Ilm 


' IT. 4. li.illar Hull !> ■•tiiMrr _ Swik- Pnutc 


7'j 

7'j d'4 
7i« m- 

e.r.-ar, 

81: 8«i 

8J, 91r 


7'.- 7s, 
7w 1 
8 S. 4 
SSv dif 
e.f 9i b 
9 <r'4 


A's-4'a 
AlqAls 
4U -41; 
*? ii -4 -• 
5U» 5 if 

61; -Si, 


»* -in 
S« ^ 
lift 1U 
10 

11* 170 
2-21.1 


W. Her men 

WmL t rein-h Krauc 


1 1 alia ii Lire 


.laleiieif Yen 


3l4-8ifl 
3Lj din 

Oh 

3>a-is» 


1- *e 10 * 
10.18 10-i'b 
1 JO'! 
10 > :• 10a, 
10-« > 
11'; 11': 


14 18 
14 18 
12 13 
12i~ 13'” 
li': 141^ 
14-15 


7 7;; 

7. ; 7;;. 
7>; •■£ 

8 . . t... 

8.; 8;-,. 


4U-6I4 
2ii 4t# 
3'-; 3 i 
3hr s’-i 
£\. - A ' A 
4J*. 4- : ; 


7 til* following noiinual r;n -i nn-n- quuicd fur Londun duli.ir Li-mBcatcs of d- posit : One momh s.BO^.io par c-nt: three monUK WWS U-r n- at: sit muniha StS-> <•’ per 

''''"'iAat-iom' B wmIoUoi^ J.-p'u»it6. mu year6-9! ft -a3|6 P*-r sen;: three >vars J;-9( ncr cem: four svars 9:-<i; per svni: nvc v*mrs 9i-9; v r cent. • Bau-c arc nominal 

SMrMtroi r.ics arc call for sicriii'x. (JS dollars and L'anadian dollars; t-*-o days' nonce lor auildi-r* .nd .'iiM franu-s. 

.\*ian- rales an- cIpmuj rate m Sinsap'-r*.-. 



1 ■" 













U.K. CONVERTIBLE STOCKS 16/6/78 






data 

SutitcKi provided hy 
ITftEAM international 



Size 

f£m.) 



Con- 



Premium f 

Income 


Cbeapf -r J 
Dearl—)*> 

Name and description 


price | 

Terms* 

dates | 

yield 

yield 

Current 

Ranset j 

Equ.sj 

Conv.1l j 

| Dtff?? 

Current 

AJi-.ui -VJuminium Spc Cv. 89-04 


*05 

1 55.0(7 

?uu.« 

"6-SO 

5.9 

3.1 







A<sociated Paper 9ypc Cv. $3-00 

1.40 

115.00 

200.0 

76-79 

62. 

6.7 

- 7-i 

-10 to l 

3.0 

4.4 

-0.5 

+ ti.S 

Bunk of Ireland U)pc Cv. 91-M6 

8.22 

176.00 

47.6 

77-79 

.18 

3.0 

-1.4 

- S to -1 

10.S 

9.4 

-0.8 

4- 0.7 

British Land 12iic Cv. 2002 


7.71 

157.00 

333.3 

S0-U7 • 

S.9 

S.5 

24.5 

14 10 30 

0.0 

92.3 

So.O 

+59.4 

Enzlibh Propertv G?pc Cv. Ob-lS 

S.S4 

95.00 

234.0 

76-79 

7.1 

7.2 

3.1 

- 1 1 to 11 

S.3 

O.I 

-5.4 

- 23 

English Property I2pc Cv. 00-05 

15.31 

SS.00 

150.0 

76-84 

13.9 

13.9 

43.1 

24 to 102 

30.4 

48.4 

29.4 

-13.7 

Hudson Trust 6!pr (jv. JJH4JS 

4.51 

81.00 

57.1 

7G-S0 

SJ 

9.0 

11.0 

1 10 U 

S.2 

S.!) 

1.0 

- 8.0 

HistdcivSrusri 7pc Cv. r,i&3 

0.07 : 

270.00 

470.4 

75-79 

2.6 


- ln.h 

-IS to -7 

9.1 

6.7 

-«.$ 

+ 14.8 

Pen ms I5i>c Cv. lbS5 


1 OK 

152.00 

166.7 

76-82 

10^ 

7.2 

— 4.0 

-3 10 36 

42 4 

49.4 

4.4 

+ 8.4 

Siousrb. Estates 20pc Ci. S7-BW 

3.30 

1 U2. 00 

125.0 

78-87 

6.2 

2.3 

10.8 

7 10 14 

36.4 

52.S 

11.2 

+ 0.4 

Tu/cr. Kemsley Spc Cv. 


7.S3 

97.no 

153.9 

74-70 

S.3 

9.4 

8.7 

3 to 35 

7.2 

7.5 

0.3 

- S.4 

M'rlkinsan .Match rft|»c Cv 83-03 

11.10 

90.00 

40.0 

76-S3 

ll.L 

11.2 

Uo.a 

2'J to 40 

27.5 

36.9 

14.2 

-21.3 



tgnvcruhle. • Inuoaic 10 summed itmil vgiivcrtion and prcun valued at 12 ncr cenl per annum. ^ This is income of ih" sflnri-ntblc leas mcomi* ol Hu- uiidcrlymc muny 
vsiiruafvil jt pt r £tttI { 6 f t ft,. tiifu*' ot (he umfcrfiirtK cfltiiw. v- The difference between the premium and mewme different •? , x pressed u\ p t -r c»t»i ol ibe lalu# ot 
uiiili-ilyinj J.qmrj- t is an nidii.anon of re'ulvo chi aptK5S, — is an indication of wlatlv* dearness. 






99 . 


"Financial Times- Saturday June 1711 97^. 


STOCK EXCHANGE REPORT 



markets enlivened only by situation stocks 



Leading Industrials edge higher— Gilts remain quiet 


Aci-i>unt Dealing Dales 
Option 

- *Firsi Ueclura* Lasl Account 
Dealings lions Dealings Day 
May 30 Jun. 8 Jun. 9 Jun.20 
iun. 12 Jun. 22 Jim. 23 July 4 
Juii.20 July 6 July? July 18 

* ■■ New lime " dealings may lake place 
From a.m. wo business days earlier. 

.Situation .'•locks claimed mo.iL or 
the atiemiim in equity markets 
yesterday. Nevertheless, the In- 
dustrial leaders edited higher and 
selective support was attain forth- 
• cominj for secondary issues. 

Although there Mils little in 
lltc way of background news to 
aid sentiment, the underlying tone 
was probably helped by the sharp 
increase in industrial nutpui dur- 
ing May and hy the slight la Lest 
slowdown in the UK rale of in- 
flation. Trading conditions were 
? little uncertain at the start, 
hut sellers held otf and the lead- 
ers gradually adzed higher on a 
modest demand. Business virtu- 
ally came 10 a standstill during 
I tie afternoon and the FT 30- 
-hare index, which touched its 
best of the day at noon, held at 
that level until the late dealings. 
Then prii.es came back a penny 
.ir so in places and the index 
cloved a net 1.4 higher at 470.6. 

British Funds continued to 
trade quietly. Short-dated stocks 
flue mated within fairly narrow 
limits before ending with losses 
ranging from to !. Applica- 
tion.- f or the new tap in this sec- 
tor were allotted in full. Among 
the longer maiurilies, interest 
was sl ,r *wn in ihe new long tap. 
Exchequer 13 per cent. 2H13-*17, 
(£15 paid > when first-time deal- 
ings commenced yesterday: after 
opening at par. die price eased 
to 14?? before settling at 14 1. 1 . 

Among th“ outstanding move- 
ments in the equity sector. Pilk- 
inglun Bros, jumped I»7p to 520 p 
in response m extremely '-'ond 
results and proposed one-For-one 
scrip issue, but Guinness con- 
trasted with a fall of 10 to 170p. 
after JMp. on unexpectedly poor 
half-yearly profits. 

I merest faded in Thursday's 
newcomer. South Tyneside 12} 
per cent lOfifi (flO-pairt) hut the 
price held at 10}. a premium, or 
J on the level at which the stock 
was issue I . Other recently-issued 
Fixed Interesls occasionally 
siaxert marginal improvements 
despite ncw ft of yet another new 
flotation in the shape of £7m of 
Southend-on-Sea 12 per cent 1PS7 
stock, to he iv-ued at I9S’.. Agri- 
cultural Mortgage Variable 108:1 
made a quiet debut at 100,'* com- 
pared with the issue price of £10(1. 

Late book-squaring operations 
cauved a recovery in the invest- 
ment currency premium which, 
after trading easier at around 
1121 to 112} per cent for much 
of The day. closed fractionally 
higher on balance at 1 131 per 
cent. The unexpected recovery 
in Chilean operations brought 
rises of 1 1 points in both Anto- 
fagasta Bail way ordinary, at 1201. 
and Preference, at £.141. Yester- 
day's SE conversion factor was 

lir.ltfi.-, 1 0.66661. 


An uninspiring week in the 
Traded Option market came to a 
quiet close- Only 277 contracts 
vi ere done yesterday compared 
with ihe previous day's total of 
367. 


Banks mixed 


Slightly firmer at first, the 
major clearing banks drifted 
Iqwer laic to close mixed. Nat- 
West ended shade dearer at 
2«Sp but Barclays closed S lower 
a! 32.ip. after 330p. Merchant 
Banks were inclined harder in 
place-' and Hill Samuel put on 2 
to Slip. Among firm Hire Pur- 
chases. F. C. Finance. 63p. and 
Llovds and Scottish, J12p. rose 3 
apiece, white UDT hardened a 
penny to ::9p. 

interest in Breweries centred 
largely on Guinness which closed 
10 off at !70p. after 164p. follow- 
ing inter tin figures substantially 
below market expectations. 

A firmer irend developed in 
Buildings, but the improvements 
were generally small. Blue Circle 
gained a couple of pence at 242p. 
but Tunnel R ended modestly 
lower at 2'WP awaiting next 
Thursday’s results. Contracting 
and Construction issues remained 
mixed with Marchwiel again dull 
at :t03p down 3 but Taylor 
Woodrow making modest headway 
to "79p. tip 3. Housebuilders 
Milburv pur on 5 to 105p on the 
higher' profits and 100 per cent 
scrip issue and. desnite Thursday's 
lower profits. William Leech 
improved " more in S3p. Interna- 
tional Timber added a penny to 
12-Ip in run her response To Ihe 
annual re.-ulis. 

1C.I. initially e.i-ier at 383n. 
picked up in later dealings to 
finish at ihe overnight level of 
3SSp. Despite news that union 
officials are to discuss ihe implica- 
tions of a takeover by Tcnneco 
next week. Albright and Wilson 
held a modest improvement at 
170p. Horace Cory put on 21 to 
23 p in a thin market and country 
demand prompted a similar rise 
in James Halstead, at 23{p. 


to harden 3 to 254p . GEC edged 
forward a penny to 2fi2p helped 
by the planned link-up with the 
American concern Fairchild, while 
continuing speculative interest 
lifted Electmcoiuponents 5 fur- 
ther to 430p. Thorn Electrical 
were also better at 33Sp, up 4, 
following Press comment on its 
involvement In the television 
video-recorder market. 

Good gains appeared among 
secondary Engineerings. A bear 
squeeze brought about a rise of 4 
to tloip in IMI, while buying in a 


Hotels and.. Caterers, Grand 
Metropolitan edged forward li to 
109 p. 


Pilkington please 


Preliminary profits way above 
expectations and the proposed 100 
per cent scrip-issue prompted a 
jump of 37 to a MTS peak or 520P 
in PiikiDglon and also helped other 
miscellaneous Industrial leaders 
rally from a dull start. AleUil Box 
closed 8 higher at 3t4p on invest- 
ment demand and Boots were 3 to 


earnings, but other Motors and 
Distributors were generally better 
where changed. Heron revived 
with a rise of 64 to 137Jp, while 
renewed demand lifted Dowty 4 
io 211 p and Flight Refuelling 3 
to 142 o. Dutton-Forshaw mirrored 
the chairman's optimistic view on 
prospects with a gain of 2 to 4S4p. 
Other firm spots included BSG 
International, j harder at 42p, and 
Kenning. 3 better at 76p, the latter 
being helped by call-option 
business. 

In a small trade, demand in 


Wednesday's results, but Dorring- 
ton were unmoved at 32p despite 
the higher annual profits. 



F.T.- Actuaries All-Share Index 0% 
Adjusted for Inflation 


BP drift 

British Petroleum’s proposed 
XJA. and German deals, worth 
together over £400m, faded to 
draw r buyers and the close was 4 
easier at 862 p. Shell were simi- 
larly cheaper at 540p. Elsewhere, 
renewed speculative support, after 
recent easiness, lifted Siemens 
(U-K.) 22 to 352p. 

James Finlay figures promi- 
nently in Overseas Traders, rising 
15 to a 197 S peak of S90p °. n 
publicity given to a brokers 
circular. S. and W. BerisTord 
shed 2 to 135p on fresh considera- 
tion of the interim results, while 
small selling clipped 5 from 
Inch cape, at 413p, and 12 from 
Harrisons and Crosfield, at 4 op. 

Investment Trusts finished on 
a quietly firm note following this 
week's bid by Barclays Bank on 
behalf of the Post Office pension 
fund for Investment Trust Cor- 
poration; the last-named eased 
3 to 273p. Camellia Investments 
scored ari exceptional rise of 23 
to a 1978 peak of 280p on renewed 
speculative interest in _ a thin 
market Financials had Grimshawe 
up 3 more at 25p and S. Pearson 
5 higher at 224p. 

Following recent easiness, 
Shippings became a steadier mar- 
ket. 


financial times stock in dices 


limertmieat Sec* 
Fixed Interest 


P/E Ratio ipettftl 


1 June 

1 16 

June 

■■16 

-June 
' 14 

June 

13 

Jane 

12. 

June 

S 

1 A YtM- 
*fi» 

'i 70.441 70.07 

70.63 

70.78 

70-791. 70-36 

67.94 

78.58 

78.06 

.78.48 

72.36 

72.26| 71.70 

67.67 

470.6 

4698 1 471^ 

474.6 

472.2J 466 - 9 

• 44l.fr 

j 137.9 

157 J) 

1588 

160.9 

tSBJSi 157.9 

109.4 

.1 - 6.62 

S83| 

5.60 

.5.68 

5.6 ij 6.66 

5JB7 

!< 16.39 

• 16.43 

' 16-32 

' 16-261 

16-35| 16.51 

16,14 

J 8.16 

8.14 

880| 

883 

a 18 

a io 

8.99 

4,241 

4,862 

4.845 

5.163 

4.967 

4^662 

■ 4J»3 


64.71 

' 73.9a 

.76.06 

88.70j 

89.20 

44.07 

— . 

16.122 

15839) 

15.748 

14.466 

19,397 

10.647 


1 pm 47U; 


2 DDL 471.3. 3 pm 47L3. 

Latest Index. 01-2* fflQfr- 
■Based on 52 per cent corportatton tat. f NiI=S.OO. • 
Basis ion Govt Secs. "Find :lnL 1938. IillL OnL 1/7/3*. 

Mines 12/3/53. SB Activity J irty-Doe. 190. 


Gold 


HIGHS AND LOWS 


S.E. ACTIVITY 


1 1978 

Since Compilatk® J | ^ 

Judo 

j 

Lc*w. 

High 

Low 

' 

16 

U— 

15 

Gon.becs^.1 

78.58 

68.79 

127.4 

49.18 

— Duly | - 

Gilt-Edged.. ’ 152.5 
InJustrS?* — 1 141.8 

345 j' 

■ 

<3.-4 


(9/1/36) 

(3/1/70) 

167.8 • 


81.27 

70.73 

. 150.4 

50.53 

Hpeculalive... 

37.2 

44.7 


O/ll 


i2S/ 11/47) 

<3,l/7b) 

Total* — 

96.5 

-110.7 

Irid. Ord.:„| 

497.3 

iGd> 

433.4 

&i) 

549 JS 
(14/&/771 

49.4 

(26/6/4Q) 

&-UayAi-*rage 
GUt-UdcecL- 
< Indus trialsw. 

177^ 
1C 7.8 

179,3 

161.9 

Gold Mines.! 

168.6 

ta^i 

130.3 

(6/3, 

442.3 

(2E/5/75) 

43.5 

(28/10/71) 

speculative— 
Tntate 1 

502 

109.6 

52.1 

111^ 


SHARE PRICE MOVEMENTS 
IN REAL TERMS 


Anglo Utd. erratic 


1964 1965 1986 1987 1961 1969 1500 ‘ U71 197= 1973 


1975 1976 1977 


W* 


Debenhams firm 


Leading Stores ended the week 
on a firm note with .sentiment 
helped by hopes of increased 
retail sales. British Home ended 
2 up at isap. while Burton A. 11 tip. 
Gussies A. 27Sp. and W. H. Smith 
-V. 15Sp. all improred 2. Deben- 
hams moved up 3 to 87p in 
response to the chairman’s en- 
couraging statement at the 
annual meeting. 

Elsewhere, speculative buying 
in a thin market prompted a fresh 
rise of 3 to y3p in MFI Furniture, 
while demand of a similar nature 
lifted Bourne and Hollingsworth 
16 to llSp. Wilkinson Warburton 
added 4 at 73p. 

EMI came on offer late in Elec- 
tricals and fell 3 to 13Sp. JVLK. 
Eleeirie. which reports pre- 
liminary figures on June 28p, 
slipped 4 to 178p. but news of the 
proposed sale of its S.A. subsi- 
diary enabled Racal Electronics 


thin market left Brailhwaite up 7 
at 140p. Comment on the -harp 
acceleration in second-half profits 
helped Triplex Foundries put on 
5 more to S9p and Turriff 
encountered buyers at Stp. up 6. 
A dull market since Tuesday's 
announcement oF a sharp contrac- 
tion in annual earnings, Pcgler- 
Hattersley perked up and closed 
4 higher at lG4p. while Glynwed 
edged forward a penny to lU6p on 
an investment reconi men d.i Lion. 
Westland, at Hop. retrieved 2 of the 
previous day's loss of 1H which 
followed the dismal interim report 
and passing of the hair-yearly 
dividend. Staveley Industries, how- 
ever. met profit-taking and lost t» 
to 2S2p. Tubes moved up 4 to 
372p among the leaders hut 
Hawker lost that much to 224p. 

Foods adopted no set pattern. 
Still reflecting disappointment 
with the preliminary figure, 
Robertson Foods eased .7 la 141 p 
for a loss on the week of i». !L 
Paterson, at 45p, gave up 2 of the 
previous days jump oF 8 which 
followed the results, but Tate and 
Lyle became a steadier market 
and closed a penny better at 175p 
following Press comment on the 
annual results. Among quiet 


the good at 191p. Bownicr 
hardened 2 to 202 p. while similar 
improvements were seen in Glaxo. 
575p, Rank Organisation, 250p :.nd 
Reckilt and Colman, 482p. Else- 
where, announcement of the bid 
terms from Newman Industries 
left Wood and Sons up 9 at 57|j. 
Fresh speculative buying lifted 
Avon Rubber 6 to 200p, while 
recovery hopes prompted an im- 
provement of 3 to 77p in English 
China Clays. J. F. Nash Securities 
encountered renewed support at 
13f>p. up 5. and Rnckware dosed 
a similar amount dearer at 139p. 
Bentima Industries also met buy- 
ing interest and hardened 2 late to 
26 Ip, while Ferguson Industrial 
edited forward a penny to 10!ip 
following the results Still 
drawing strength from the chair- 
man's encouraging annua] state- 
ment, Barr and Wallace Arnold 
Trust A improved 2 more to 101 p. 
Camrcx. 3 better at 63p. picked 
up after recent easiness caused 
by the chairman's profits warning 
but Randalls fell 5 to 69p follow- 
ing news that the results have 
been delayed. 

Jonas Wood bead provided a late 
dull spot at 92p, down 5, reflecting 
disappointment with the reduced 


thin markets lifted Daily Mail 
-A” S to 303p and News Inter- 
national 2 to 255p. Elsewhere, 
Tridant improved 2 to 55p in 
bebted response to the results, 
while Oxley firmed 3 to 64p on 
occasional interest 
Properties improved but settled 
below the best Land Securities 
gained 3 to 210p, after 212p, but 
SlEPC finally reverted to the 
overnight level of 125p. after 
127p. British Land, despite Press 
mention, finished only fraction- 
ally higher at 34p, while English 
Property added a penny at 42p: 
an announcement is expected 
next week regarding the latter's 
talks with an unnamed Conti- 
nental group now generally 
accepted to be the Dutch concern, 
Wereldhave. Elsewhere. Lynton 
put on 7 to 124p on small buying 
in a restricted market and simi- 
larly Warn ford Investments 
added 5 at 272p. Berkeley Hambro 
and Churchbury Estates firmed 
3 apiece to 118p and 2SSp respect- 
ively, the latter in further 
response to British Land's recent 
acquisition or a share stake. 
Control Securities improved a 
penny more to 38p ahead of next 


Most of the interest in mining 
markets was again focussed on thr 
Irish /Canadian sector where 
Anglo tailed Development con- 
tinued to move erratically in a 
good two-way trade. 

After opening higher at 240p 
the shares dropped to 205p before 
recovering in the afternoon to 
close unchanged on balance at 
•>25p — ;< week's improvement oF 
61p. 

On Wednesday Anglo moved 
ahead sharply to touch a peak 
260p following rumours of a 
possible cash injection into the 
company coupled with talk con- 
cerning the company's recently 
announced possible uranium 
discovery In County Donegal, 
where preliminary work is pro- 
gressing. : 

Other Northgate group com- 
panies were similarly active. 
Northgate Exploration rose ;10 
more to 455p but Westfield 
Minerals declined 4 to lOOp. 

Among other Irish /Canadians 
Sabina were again the subject of 
persistent London buying which 
lifted the shares to a new high 
of DOp before they reacted- on 
proflt-takinu to close 2 better at 
S4p. a rise on the week of 35p. 

South African Golds were 
quietly firmer reflecting a $225 
rise in the bullion price to 
S184.S75 which left the latter 
8325 higher on the week. 

Although 0.9 harder at 157.9 the 
Gold Mines index remained un- 
altered over the longer period. 


NEW HIGHS AND LOWS FOR 1978 


. .The following securities voted In tbe 
Start) . Information Service yesterday 
attained new Highs and Lows for 1978.. . 


NEW HIGHS (89) 


FOREIGN BONOS 121 
Anto&gasta Riy. Antofagasta Spc Pf. 

■ AMERICANS lit 
hit. Systems touts. 

CANADIANS <11 
Buk. Of Montreal 

BEERS (11 

Border Breweries _ 

BUILDINGS (1) 

Cakebraad Robey A 

CHEMICALS (21 

Cory (H.J Halstead CM . 

- DRAPERY 6 STORES (4) . . 
Combined Eng. Strs. Vernon Fashion - - 

MFI Furniture Wllklnston Wwbprten 

_ ELECTRICALS (5) 

Bectrocomuonents Highland. Elect. • - 
Electronic Machine Ratal Elect. 

Energy Services 

ENGINEERING <*1> * 

Babcock Wilcox Richards of Leicester 

Capner-Neill Triplex Foundries 

Cardo Eng's Turrllf 

Cook xw.j (Shelf. ■ Weston Evens 

Whewav Watson 


PAPER It) 

Oxley Printing 

. PROPERTY -<21 

Chtnthtaarv Ests. . TraOord Park 
SHIPPING m- 

. Mersey Docks 

- SHOES m ■ ■ 

Xeadlarri. Stms 

SOUTH AFRICANS C1> 

-Unisec ■ 

, . . TEXTILES m - ’ 

Tern- Consulate 

TRUSTS (27) 


GEI Inti. 
IMI 


INDUSTRIALS <181 ' 

Nash (j- F.r Secs. 
Qce Finance 
Pilkington Bros. 
Relyon PBWS 
Swire Padftc 
Syltone 

WheeloCfc Marden 
Wilkins A MMctMlI 
Wood & Sons 


BTR : 

Barr A Wallace 
Arnold Trust A 
Diploma lim. 

Dam Hides. 

'FerauuHi lad. 

Ftcxcllo 

Fotbenilll Hanrev 
Hyman (L & J.l 
Metal Closures 

MOTORS <23 

Dowty Flight Refuelling 


Aberdeen Trust 
Alliance Trust 
Berry. Tran 
British Invest. 

Camellia Inn. 

Clydesdale Ibv. ■ 

Crescent Japan 
£LT. japan 
Gren friar I nr. 

Inv. in Success 
jardine Japan 
Law OetMNiture . . 

London A Lennox 

London Trust Osfd. 

OVERSEAS TRADERS (Z) 
A use. A oriental ra I Finlay (jas.) 

RUBBERS (3) , 

Highlands . Malakoff - 

Kullm - 

MINES <21 . 

De Beers DFd. Sabina 


. Monks Invest. 

Nth. Atlantic Secs. 

” Northern Secs. 
Outwfch Inv. 

Scot. Mart. & Trust 
-Scottish Natloarl 
Scottish Northern 
Sec Alliance Trust 
Sec.' Gt. Northern 
. Do. B 
-Triune Inv. - 
UJL Deb. Cofp. 
Pearson <SJ 


NEW LOWS (8) 


„ „ BUILDINGS (2). 

Kent (M. P.i Oroie Devs: ' 

ENGINEERING (2) . 

Howden Group Weir Elect. Tools 

FOODS it) 

Tavener Rnttedge 

..INDUSTRIALS (1) 

Randalls 


OPTIONS 


- DEALING DATES SpiUers? Hannah Oil, London 

First Last Last For and-. Northern, KCA Inter- 

Deal- Deal- Derlara- Settle- national, EML Maple. P. and O. 

ings ings tion ment Deferred, 'Iffomit Chariotte 

Jane. 7 Jun. 19 Aag. 31 SepL IZ Investments, - Westland Aircraft, 
Jan. 20 July 3 Sep. 14 Sep. 26 Kenning. Motor, -Pennine Motor, 
July 4 July 17 Sep. 28 Oct ID Talbex, Letraset, Paringa,. and 
For rate indications see end of .lutereuropean Property, While 
Share Information Service doubles were arranged in 
Money was given for the call Premier Consolidated -Oil, 
of Premier Consolidated Oil, British Land and UBT. 


RISES AND FALLS 

Yesterday. 

Up * Dowd Sams 


Oil- the week 

Up. Dam'. Same 


> 


41 



. ....... 

•j: •• 


- r-( 


British Funds 

7 

26 

44 

- U5 

139 

135 



Carms. Dorn, and Foreign Bonds..— 

7 - 

. 2 

56 

80 

25 

220 




308 

£8 

973 

1,704 

L29Z 

4,702 

- - ““ 


Flaaatial and Prep. „ 

MB 

91 

329 - 

788. 

382 

1,510 

: ■_ 


| OWl — ...HtfttWNl.M-HC-'o-* 

J 

M 

X7 

36. 

47 

87 



Mines 

30 

38 

5 S 

' -187 

27 

xai 

2*7 


• 

Retests Issues . 

9 

8, 

.. a 

O' 

. 

4* 

105 



.Totals 

<71 

446 

L5U 

2,992 

2,057 

7jne 




ACTIVE STOCKS 

YESTERDAY— 


No. 


Denomina- 

of 

Clnsine 

Change 

JOTS 

1978 

Slock 

lion 

marks price «p) 

on day 

high 

low 

IC! 

£1 

12 

3S8 



3% 

328 

BAT lnds 

2.np 

11 

335 

+ 9 

346 

267 

Lloyds Bank 

11 

IU 

2fiX 

- a 

297 

-IJ-I 

IMI 

23P 

s 

«5i 

+ 4 

R.j> 

55 

Westland Aircraft 

25n 

S 

33 

+ 2 

52 

30 

Anglo Uxd. Dm.... 

npv 

7 

225 



260 

308 

Eng. China Clays 

2ap 

i 

77 

+ 3 

S4 

72 

English Property 

oOp 

7 

42 

+ 1 

51 

27 

flrand Mel 

30p 

7 

lW 

+ ij 

117} 

S7 

Shell Transport... 

2.>p 

7 

540 

- 4 

586 

484 

Thorn Elect 

2op 

7 

33 S 

+ 4 

392 

324 

Beech.im 

23p 

r* 

Wfl 

+ 1 

678 

383 

Burnish Oil 

U 

fi 

fiT 

- 1 

72 

42 

GEC 

25p 

G 

262 

+ 1 

27S 

233 

Guinness (A.) ... 

23p 

fi 

170 

-10 

191 

134 


The <i bore list oj active stacks is based on the number of bargains 
rrmulcd yesier/lny in the Official List and under Rule 153(1/ (el and 
reproduced lo-dau m Stock Exchange dealings. 


ON THE WEEK— 


Stock 


No. 

Denomina- of 
lion marks 


Closing 
price ip) 


Change 
on week 


1U7S 

high 


1B7S 

low 


BATs Defd 

25 p 

63 

285 

+ l 

296 

227 

!CI 

fl 

62 

388 

+ 1 

396 

328 

Shell Transport... 

25p 

53 

540 

-10 

586 

4S4 

Barclays Bank .. 

n 

47 

323 

— 

33R 

206 

BP 

£1 

42 

802 

+ 4 

892 

720 

GEC 

25p 

4tJ 

2G2 

+ 2 

27S 

233 

Lloyds Bank 

£1 

38 

208 

— 2 

297 

242 

Reed lull 

£1 

■IS 

136 

+ 8 

143 

102 

NalWest 

11 

36 

268 

+ 3 

298 

254 

Western Mining.. 

SA0.30 

36 

147 

- 1 

160 

S4 

Lucas lnds 

£1 

35 

310 

— 3 

318 

240 

Midland Bank .. 

II 

34 

358 

+ 8 

3911 

330 

Tale Jt Lyle 

It 

34 

175 

T < 

218 

166 

De Beers Defd... 

R0.03 

:ut 

371 

+ 15 

371 

2S5 

Distillers 

50 p 

33 

181 

+ -5 

1S7 

163 


BASE LENDING RATES 


A.B.N. Bank 10 % 

Allied Irish Banks Ltd. JO 
American Express Bk. 10 % 

Amro Bank 10 'V, 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 

Bank oF Cyprus 10 '7. 

Bank oF N.S.W 10 % 

Banque Beige Lid 10 % 

Banque du Rhone lOl 1 ?, 

Barclays Bank 10 

Barnett Christie Ltd.... 11 % 
B remar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

B Brown Shipley 10 

Canada Perm’L Trust 10 % 
Capitol C & C Fin. Ltd. 10 % 

Cavzer Ltd 10 % 

Cedar Holdings 101% 

■ Charterhouse Japhet... 10 % 

Choulartons 10 % 

C. E. Coates 11 % 

Consolidated Credits ... 10 
Co-operative Bank . 
Corinthian Securities 

Credit Lyonnais 

The Cyprus Popular Bk. 10 % 

Duncan Lnwrie 10 % 

Eagil Trust 10 % 

English Transcnnt. ... 10 % 

First London Secs 10 "f, 

First Nat. Fin. Corpn. 11 Ti 
First Nat. Sees. Ltd. ... 11 % 

■ Antony Gibbs 10 ?n 

flreyhound Guaranty... 10 % 
Grindlays Bank J10 % 

■ Guinness Mahnn 10 

■ Hambros Bank 10 % 


r 10 % 
10 % 
10 % 


1 Hill Samuel 510% 

C. Houre & Co flO % 

Julian S- Hodge 11 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 9 % 

Kcyser Uilmann 10 % 

Knnwsley & Co. Lid. ... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 

Edward Manson & Co. 11 1% 

Midland Bank 10 % 

l Samuel Montagu 10 % 

l Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Ref son & Co. ... 10 % 
Rossminster Accept'cs 10 % 

Royal Bk. Canada Trust 20 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 11|% 

Security Trust Co. Ltd. 11 % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whiteaway Lairtlaw ... 104% 

Williams & Glyu's 10 % 

Yorkshire Bank 10 % 


■ M?mlwr« nf tin* AcceptlnK Houw-'S 

Com rail lev. 

• i -day di.-niKlis T%. t-ranoih di.-posm 
Tfi. 

T T-dajr deposits od sums of flfi.oop 
and under 81'i, up to £2a.(HH> 7I!i 
and over E3.WHI 71%. 

V Call dcnsiis over n.OM 7;;. 

J Demand deposits 7;%. 


LONDON TRADED OPTIONS 


.lull 


lli-h’lHfr 


-In llilu IT 


■K> 'ivim L'li->ine; 
i i|,j i,,ii |.ri>.if iJTor 


V..1. 


I li-.nrs.-i 
•<Ter i 


V..I 


| Cl.lMlU-j 
1 r.fler I Y..I. 


fc.|>.iiv 


we 

750 

122 


• 135 

HI" 

800 

74 

7 

90 

we 

850 

24 

— 

62 

bf 

900 

&i2 

— 

32 

Coin. I'nii.n. 

140 

16 1« 

— 

22 

i.Vini. 1’iuivfi 

160 

3U 

— 

■ 10: 3 

I'rtll!. (.«lM 

160 

1& 

1 

26 

OlllK Ci*'ld ' 

180 

5i 2 

— 

14 1-: 

CuurtnnMn 

IOO 

24 

— 

, 271; 

CriurtaiiMs 

110 

15 

— 

, 1912 

CmiruiiMs 

120 

7 



i 


ISO 

31s 

— 

1 8lj 

GKO ‘ 

220 

48 1 2 ' 

-- 

• 54 


240 

28 . 

3 

, 36 

fiKt: 

260 

12 

■ 

24 

n kc : 

280 

3I-. 

— 

1 13 

tint, id Mel. 

1UO 

101 2 

— 

14 


20 


24 


finind Met. 
Grand 11 el. 
Ii I 

u:i 

ti i 


no 

120 

330 

360 

390 


4 

li 2 

64 

34 

10i 2 


8 

5 

70 

40 

20 


10 

7 


154 
114 
. 84 
60 
26 
15 
2Bl 3 
19 

2ai- 

2U 2 

151 2 

111 ! 

60 

44 

53 

23 

18 

xai- 

8 

72 

47 

31 


- 862,. 


10 

5 


152.. 

176.. 
125p 


— 263,. 


12 


10 


109 p 
387,. 


III 

420 

2'i 

_ 

• 10 

— • 

i 17lj . 



Lmii.I .-’ei-i. 

180 . 

33 


38 

' — 

- 41 

- - 

Slip 

Ijt.i'l Sen. 

2UO 

131= 

- 

2Cll; 

20 

261? 

1 


f rflflll ffWf.. 

220 

2 

52 

10 

25 

. 15 

- 


lLtrk» 1 1. 

120 . 

231- . 


36 ly 

— 

: 30 

14 

1S01. 

MmL. A S|i. 

140 

6 

— 

12 

— 

; 16 

1 

■ 

.Marts A .?|.. 

16U 

l«t 

— 

5 

— 

91; 


.. 

.-jlieil 

500 

46 

— 

64 

6 

: 70 

— 

540*. 

Fiii-n 

55U 

9 . 


27 

6 

1 39 

1 ' 


fhtrli 

600 

2 


10 

11 

1 201; 

10 


T.-nii- 



66 


147 


64 



RECENT ISSUES 


EQUITIES 


Il-Jie 

l , rii.-e 

1*: 

= ’— "r 

: c 

197K 

Slrt’k 

= ? 

y + «n “ J 

mm 


1 

j Hip It . Uv 

3- 

“"'i 


F.r. - 




89 

| ] ,4.5 . 

! 3.1 7.7, 4.B 

too 

(34 

F.P. ! 5,7 
: F.P. 1 - 

• lift )42 

1 38 3t> 

Kun-tlienii 

Tbamn. I’lynnaJ., 

>166 

35 

+ 2 /.2.64i 
, . . .’♦«2.0 , 

3.0, 2.4 15.8 
2.3 8.41 7.9 

FIXED INTEREST STOCKS 

= 9 

* ~ 

tz J 


1978 




pBBB 



! Hlgli 1 Ivw 






FT-ACTUARIES SHAKE INDICES 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries and the Faculty of Actuaries 


EQUITY 
■ GROUPS 
and- 

SUB-SECTIONS 


Flpnoc in pnntfbem show 
idnaber ol xiodcs per aectkm. 


FrL, June 16, 1978 


Index 

No. 


40 


51 


59 


61 


20i5 
22 -9 


ioo ' y.p. 

S IPO I F.r. 

ioo,., f.p. 

• ■ ' F.r. 

E98 !rio 

lOOn: l-.l*. i - 

• ■ ; k.i*. I - 

■ • F.r. ' - 
xtoo 1 - j - 

55CI0 2Bi7 
II : F.r. - 

■ * • r.r. — 
1199 1150 (25i6 

■ * • F.r. ins 

■ • . F.r. | - 

1JU|.' — 35(6 

• ■ V.i\ ,30/6 

■ ' ! F.r. | 7j 

■ ■ F.r 
£99 jllio 

1 V I" 


tiuo F.r. 
119 8^; mu 
! K.I*. 


26)6 

1-9 

16.6 


: lOOi',.- 

I IWl*. 
i -ffli* i 
12 

104,. 

. 9?m : 
; Whip; 
1004 b! 
11 

3i*?.ui 
991s,. 
«l 3 . 
lui ; 
96 m . 

lUu,. 

I0» 

I U4- | 

III. I i l 

' io- .s 

i lui ! 

. lui-. 

.inniri 


]iX>_ \a r «.-. .Mon. Vai. Ifote Bd». 19S5 

lot Fo». V*rwMt 82. 

lOOpi A. inlMcc ili.i Iwi2ib ai.l Liitr. l*ivi 

9ft|. Autr>m..five T*n*l». 9% Pnif 

Hii bariieO lii? I3tf».. 

10l)p il<niu>"> s»C"iiv. Oim. IJmI Sii.I IVel. 

AS|. Clive Diwount t'lira. i’rcf. 

97p •Oewliir-i 1U.1 Cuio. 1'i'ei 

1001a tUinburj{li iCitv «>li Var. I.'ttc 19to 

ioU'Uwv’i " »t*-r ii. u»vi. i*tc(. laai 

Ilj|.mF«inin> b*U JJ.855, Del. 

iTJ,. fiirmlM'l JlilM*» 1D{. Cum. I’iw 

6>l : 4.i«viin«h .Ion, Kir... ol« II. J !<«>•. 1‘Jfb, 

*»« ;idl«*m S. C.. *.bi Frl 

92,. ,.\;»S ,\e«* Mt^rllt » Yfc l-MMI. 1‘ivl 

■(••• I'liwei i- t > «itn. Fit 

liw .IVimit 10^ H. Com I’rvl 

■O <H. a .l.» 105, l*rt 

9*1c|..-»mitli M. AiiI.vh M% Cum. I*>n 

llil « I- T» II..I.U' l~'.% ISvti. IfW 

•J3 I'd" <1 Lii., Lii.I'.«j 

1 »« ' IVm- \ "mi I2J, IUnI. Wet. 

99p,"«.U- r..n«>n«« iCHFrol 


100, :, 

• s*9u: 

tD0i.nl: 

»4i' 

•• 

.. 102,.' 

• 901.' 

. 98i-H 

• U l-W 

"?|.|M — *« 

99U|.. .. . 

•i 99 , 

1 100 i 

- 1 92|.,-1 

• 

. ioo • 

97 i»L.t« 

101, : ...... 

: 95 ; 

• io l+i, 
99,. -1 


‘‘RIGHTS” OFFERS 



, 1 


IwilO I 

^ — 1 - 


I'riw 1 



p: | 

| -<=* 1 


a 

20u ! 

1 K.I*. 

. 13/61 

7.7| 

36 , 

I F.F. , 

23'5; 

23.19 

20p ; 

! Nit 

9/6. 

7/7 

70|. 

F.e. 1 

16/&I 

21/7] 

1(3.05 | 

Nil 

— ! 


84 i 

j Nli 

aaffi! 

19/7> 

72 ] 

K.I*. 

26/5| 

U 61 6 ‘ 

145 ! 

F.e. 

16/6’ 

21»7. 

29 . 

-Nil 





34a : 

F.e. 

31/5! 

23 '6. 

U0, 

F.e. 

5.6 

17,7 


LDid 


Higli j Low 


Snt It 


■fl'M-igw j. OT 

■ i'Mi'0 : _ 


195 | 176 iBi'entClivniwals 

59 . 48 ]Hrow u J4ovt-rt Kent 

bO , 62 C'etitrul ilaoufacturloc-.- 

Wi; 93 ll>i.bsun Park lnds 

30|.iuj 16pm! Elnurtsnnul Gold Jlminx-. 

II 5 j 1LA • Fa irview tint*... 

limn; l^>ni.Hnuir 

102 Kli'Miirviiu Mill In li. I- 

U43 ' Ib4 K.m.t^o lAlcsnmlvri 

13 v |.n. St 2 |“" Kymnn i'I.>vG.i.. . ........ 

4|» 368ij I6innim-MM-Iitiiiar.il 

2rl« 23i? UVn.1. 


— s 191 


551- —lg 
60 -4.3 

99l?! + 1 
16i<nii— 2 

113 1 .. .. 

13pm 

92l? -1? 
160 .,2 
13l*|.in T 1 

411 . ._ ., 

221- .. . . 


HemiHuaiKHi dale iisiiully Iasi Cav ior OL-aUriK tree (X slump duty, oh mures 
DBft.fi un prusuoaiL. csuniaie. u Assumed dividend amt vie In. a hdrecasi divoiend: 
cover based on previous rear'H earn Inca, r Dividend and yield based on prospectus 
di older ullluoi esumaies Tor I9.U uGmss r Fuures assumed. 'Cover jimws 
lor convemon ul shares not now ranhinz Inr dividend or ranklnc only tar resmered 
dividends. 5 Flacuu uric* io nublic. in Puntv unless nilU'rwiau- imlicaiud. •; issued 
by 'ender. )| Offered to holders ol Ordinary shares as a riBhis" *• iKsu^n 
by way ol capiljlisallon. t+ Minimum lender price. }« Relnrmduced. « Issued 
io connecuon with rcomanlsailnn mercer or lake-over llil Introdncuuii. n Issued 
to former Preference holders. ■ Aihnmem letters tor fully-oaidj. m P rational 
or oarm- paid aiioimooi IcUers. * Wilb warranu. 


70 


CAPITAL GOODS (171h 
Building Materials C28)J 
(Mrading.Coaslnictiflii£2(il_ 
Electricals (15) 


Eocineering Contractare (IQ . 
Hectanieal EngbeeringTZI 
Mefab aad SieW Fomiag'161 — . 
CONSUMER GOODS 
(DURABLE} (52) 


LL Hfirtnjnics. RaSo TV (15). 
Household Goods (12) — 
Motors and Distributors GD_ 
CONSUMER GOODS 
INON-DURABLE) 1 1751— 
Breweries (141 


Wines and Spirits (6) 

Entertainment. Catering (Til- 
Food Manufacturing (22) 

Food Retailing C15) 

Newspapera, Publishing (13) _ 
Packaging and Paper U5) _ 
Stores (391 


Textiles (25) 
Tobaccos (3J 


Toys and Games (6) 

OTHER GROUPS (97) — 
Chemicals (10) 

Pharmaceutical Products (7) „ 

Office Equipment (6) 

Shipping (IQ) 


Miscellaneous (55) 

INDUSTRIAL GROUP (43S) 


OilsiS). 


SroSHABE INDEX 1 

FINANCIAL GROUFflML. 

Banks(6) 

Discount Houses 00 / — 

Hire Purchase (5). 

Insurance (Life) (10). 

Insurance (OonqxKite) (7L 

Insurance Brokers (1D)_ 

Merchant Banks (14) 

Property (31, 


Miscellaneous (7) 

Investment Trusts (50) _ 
Mining Finance (4) * 

Overseas Traders (191. 


99 J ALL-SHARE INDEXWTCK 


215.17 

19052 

34557 

45551 

32081 

174.96 

165.06 


19955 

23550 

17951 

12656 


20L83 

22753 

257.66 

25453 

197.91 

20257 

375.47 

13654 

17853 

18050 

25259 


10751 

19857 

284.79 

257.76 

133.74 

419.92 

20456 


210.99 


48450 


233.73 


164.71 

18654 

22540 

14756 

136.95 

127.73 

33558 

8050 

23557 

11052 


215.15 

100.73 

310.82 


215.94 


Day's 

Q ui ff* 

% 


+ 0.6 

+15 


+0.4 

+0.7 


+15 


+0.7 

+0.7 

-05 

+0.9 


+05 

-05 

+0.4 

+03 

-03 

-03 

-03 

+13 

+0.9 

+03 

+23 

+05 

+03 


+05 

+0.7 


+ 0.6 


+05 


-04 


+03 


+ 0.1 

-04 

—05 

+24 

+ 0.6 

+ 0.2 

-05 

+03 

+ 0.6 

0.4 


-05 

08 


+05 


Est 


Yield* 

(Mat) 

Corp. 

XzxSft 


17.48 

18.06 

20.04 

1550 

1836 

1854 

1736 


16.72 

14.85 

1655 

19.67 


16.02 

114.99 

15.70 

1535 

19.64 

14.43 

10.64 

19.43 
1382 
17.24 
2390 
18.95 
1633 
1751 
1349 
17.91 
18.94 
1730 


1650 


1524 


1631 


25.41 


1324 


14.06 


3.06 

24.05 


352 

1736 

16.69 


Gross 

Div. 

(ACT 

S-M% 


559 

5:70 

3.97 

3.93 

636 

651 

852 


4.80 

3.67 

629 

615 


5.81 

5.95 
559 
6.70 
544 

4.96 
331 
7.73 
456 
7.65 
7.42 

5.82 
5.78 
6.13 

3.97 
4.86 
757 
640 


'5.68 


4.08 


5.44 


5.74 

6.02 

8.02 

556 

6.65 

668 

4.68 

6.18 

336 

732 


4.61 

691 

677 


540 


Est 

P/E 

Ratio 

(Not) 


Xu 


7.98 

7.91 

725 

937 

738 

7.46 

7.B5 


8.41 

9.49 

8.49 
7.17 


8.48 

959 

9.66 

9.44 

675 

9.63 

13.41 
6.79 

12.41 

7.63 

5.43 

6.44 
8.03 
7.76 

1057 

661 

6.40 

7.78 


823 

751 


8.04 


5.96 


11-18 


1039 


5929 

5.75 


3200 

7.04 

7.34 


Thor. 

June 

15 


Index 


No. 


233.99 

18745 

34540 

45359 

33856 


17459 

14335 


19855 

23347 

179.81 

125.46 


200.77 

228.69 

256.51 

253.66 

19841 

20248 

37642 

135.04 

17755 

18034 

24683 

10679 

197.74 

28431 

25756 

13277 

419.95 

203.41 


209.99 

487.04 


233.00 


16436 

38733 

2607 

143.78 

136.08 

127.42 

33588 

79.88 

233.96 

110.70 


21551 

10224 

31320 


215.45 


Wed. 

June 

. 14 


Index 

No. 


21523 


188.48 
34822 
45675 
27 


3ZL 


17609 

16352 


19952 

23453 

180.08 

12672 


20213 
228.79 
256.91 
25458 
199.41 
20328 
37670 
13626 
17954 
18136 
25033 
10753 
199.44 
286 J5 
25898 
13421 
43052 
20600 


ZLL44 

49058 


23458 


16552 

18885 


ZL628 


14559 

137.49 

12756 

33429 

8059 

23405 

10927 


213.99 

10236 

31334 


21666 


Toes. 

June 

13 


Index 


No. 


215.67 

18939 

347.47 

45936 

31953 

17629 

163AL 


19950 

23322 

180.09 

127.42 


203.04 

230.18 

25825 


25886 

19856 

20330 

38127 

135.92 

18055 


18178 

25239 

10801 

199.70 

287.77 

25816 

13438 

43272 

20557 


21202 

488,69 


Z35JQ2 


16551 

19136 

223.92 

144.45 
137.02 
12759 

332.46 
8L06 
23335 
11058 


21268 

10213 

31436 


217511 


Mon. 

June 

12 


Index 


Na 


214.65 

18723 

34648 

45725 

31759 

17525 

16328 


197.44 

23059 

179.73 

12636 


20L06 

22893 

25424 

25722 

19757 

199.77 

371.66 

133.08 

17724 

181.15 


25229 

107.75 

19856 

28555 

25661 

13454 

43220 

20456 


23842 

1486.68 


23337 

164.10 

18951 


21352 


Year 

ago 

(W<Ul 


Index 

Na 


175.67 

14855 

24635 

337.41 

24982 

159.66 

147.02 


16632 

18752 

15936 

11069 


16456 

173.45 

18456 

20667 

17383 

16523 


29264 

11875 

14269 

164.41 

20454 

9753 

175.96 

24697 

0.00 

9887 

495.44 

17204 


17622 


[M47 

20L97 


13688 


14256 

135.78 

12638 


329.08 

80.65 

23247 

10964 

20922 

10060 

31251 


21529 


15467 

36874 

130.74 

10556 

11063 

28876 

6649 

39029 

8634 

16488 

87.93 

27030 


18442 


Highs and Lows Index ;■/ 


1078 


High 


Low 


215.67 03/6) 
19736 (6/1) 

35155 (7/6) 
46454 . (6/D 
323.76 08/5) 
17629' 03/6) 
17155 02® 


19985 Cm 
235.96 -.(6/1) 
18433 <9A) 

127.42 (13/6/ 


207.45 

24157 

-26550 

26957 

20338 

22322 

39L43 

13684 

197.95 
19L90 
26158 
18864 
20029- 
287.77 

262.96 
13921 
483.01 
20956 


02/5) 

(8/5) 

(5/5) 

<WD 

<W) 

(6/D 

07/5) 

06/6) 

(6fl) 

02/5) 

08® 

(31/5) 

CW) 

03/6) 

<6® 

(25® 

( 6 / 1 ) 

( 6 / 1 ) 


212.76 (15/5) 


5(037 (17® 
23659 (15® 


17896 

20436 

22833 

07055 

15139 

243.46 

35181 

8522 

25529 

33887 

21555 

10236 

319.45 


. ( 6 / 1 ) 
(23/1) 
(4/D 
02/D 
(6/1) 
( 6 / 1 ) 
OB® 
( 6 / 1 ) 
(20/D 

m 


06/6) 

am 

06/5) 


21852 05/5) 


18895 (2® 
16630 (3® 
28935 (6® 
404.47 (2® 

270.95 (6/3) 

14987 (2/3) 
15422 (Z7/2) 


17383 0 ® 
209.01 .(3® 
16054 (6 13) 
204.68 .- (2/3) 


179.46 

20484 

229.85 

219.62 

17537 

17653 

26959 

11951- 

16557 

16085 

2.488 

93.79 

173.08 

238.69 

228.41 

117.48 

39854 

17847 


18602 


( 2 ® 

(27® 

(2/3) 

< 2 ® 

(27® 

<3® 

(2/3) 

(15/2) 

< 2 ® 

( 2 ® 

05® 

(27® 

00 ) 

OI3) 

(3® 

13® 

07/4) 

(3® 

<2® 


417.98 (2® 


205.42 


15385 

17158 

185.20 

13652 

124.97 

12825 

3QL20 

7100 

210.03 

9981 


17648 

8539 

26226 


( 2 ® 

(27® 

(27® 
.03/4) 
07/4) 
07/4) 
(24® 
-( 6 ® 
<27 ® 

04® 

mm 


(6/3) 

( 6 ® 

(2/3) 


1«J5 (2® 


Since 

CquqdUzfn-. '• . 
High | . low ,_tj 


22803 04/9/77) 
23384 (2/5/72) 
389L33 09/5/72) 
48369 (21/10/77) 
33222(33/9/77) 

177.41 (27/4/72) 


227.78 (21/4/72) 
26L72 (21/10/77) 
26322 (4/5/72) 
Z7059 QSflitft) 


22608 06/8/72) 
28187 (28/11/72) 
26550 (5/5/78) 
329.99 02/12/721 
21463 03/10/77) 
24441 £27/10/77) 
391.43 (17/5/78) 
1442104/9/77) 
20439 06/8/72) 
235.72(17/3/67) 
^936 (2/8/72) 
135.72 06/1/70) 
213.70 (14/9/77) 
29530 (14/9/77) 
262.% (6/1/78)' 
24606 (1/9/72) 
53988 (3815/77) 
25883 (2/502) 


22232 Oinim 


54320 05/9/77) 


24832 Q4/9/77) 


241/0. 05/4/72) 

28832(20/7/72) 

29353 (2/5/72). 

433.74 (4/5/72) 

194,46 (15/3/72) 

16172(6/10/77) 

37153 (15/9/77) 

27857 0/5/72) 

357.40 (9/12/73) 

30358 '08/5/721 


1245.79(25/4/72) 
175.90(28/4/69) 
1 319.45 Q6S/78) 


22858 0/5/® 


5071Q3/12/74) 
4427 0102/74) 
7L48 (2/12/74) 
84.71 (25^62) 
6439 (2/1/75) 
45^3 (6/1/75) 
49.65 (6/U75) 


3839. (fi/U75> 
'4285 0302/74) 
63.92 (17/12/74) 
19.91 (6/1/75) - 


6L41 03/12/74) 
69.47 03/12/74) 
7888(13/12/74) 
5483 (90/75) 
3987 0102/74) 
5425(1102/74) 
5588 (60/75) 
43.46 (60/75) 
.52.(3 (6/1/75) 
62860102/74) 
9434 (13/6/62) 
20.92 (6/1/75) 
5863 (60/75) 
7l2&f 002/74) 
[228.41 (3®78) 

4534 (20/75) 

'9080 (29/6/62) 

6039 (6fff75) 


59-0L 03/12/74) 

8723 (29/5/60 


63.49-03/12/74) 


5588 (1302/74) 

6144 020274) 

JHCt 0002/74) 

3883(11/12/74). 

4488 (2/3/75). 

43.96 (1302/74). 

L:«86 OW37® 

3121 anm 

5601 (20/4/65) 

3329Q702S4) 




TV . 
« ■ 


t . . 
1. * 


7Z\ , . 


ft 


73,63 (1302/74). 

6631 (30/9/74) 

9737 (bnrfi) 



63.92(3302/74) 


FIXED INTJ 


•RICE U 

VOICES 

_ 

FIXED INTEREST 
YIELDS 

Br. Govt. Av. Gross Bed. 

Pri. 

June 

16 

Tbur. 

Juno 

IS 

Year 

ago 

(approxj 

I ■ i m - ' ’’ 

Hlfijra . . v-;'. Jjtirs • 

British Government 

ii 

Day's 

change 

% 

xd adj. 
To-day 

xd ad}. 

1978 
to date 

1 

2 

3 

Low . 5 years. 

Couwms 15 years 

25 years.. : 

BM 

1689 

1L59 

• 8.70 
1884 
11.53 

7.64 

1131 

3234 

9.05 (6/6) 
U32 (5ft) 
'3296 m ■ 

7.95. 0/D- 
■' 9.12 (3® 
9 . 74 ' artr ' 


Under 5 years 

5-15 .years 

Over 15 years 

Irredeemables 

All stocks 

104.78 

13442 

22046 

12618 

312JS 

+0.07 

-0-07 

-0.40 

-0.02 


451 

5.67 

650 

630 

5.47 

4 

5 

6 

Wpflinm 5 yparv 

Coupons 15 Tears. 

25 years. 

TtTT 

1288 

3226 

IL21 

1204 

1226 

1025 

1268 

1280 



7 

8 
9 

5 years 

Coupons 35 years. 

23 years 

1149 

1257 

3287 

11.46 . 

1255 

3285- 

1115 

.2328 

33,48 

- .3192 (5ft) 
isja: 6® . 

13.43 (5ft). . 

. M7 

■■■ nafc-'Gjttv.- 

111 

■ 

Irredeemable*- 

TIM 

1159. 

-1256. 

.3262 ^ 

- ; 928.03);: 


a 


ill 




"ii.TC, , 

4 < X 


IFrldv June- 16, 


Tbur.j Wed.! Tom. 


Imlcx I Yield | .June I Juno 1 June 
N*i. I % ! Ip 1 Id | 15 


Jane 

Fri. 

Jane 

Thur. 

June 

WliL [Tew 

1078 . ’ 

12 | 

0 

8 

7 ‘approx 

' 'High* Lous . 1 


Sfnee ' 

CompUattan' -- v , ^ 



Section or Group 
Pharmaceutiul Product* 
Other Croups 
Overseas Traders 
Engineering Cttitraciors 
Mechanical Engineering 
Wines and Spirits 
Toys and Game* 

Office Equipment 
Industrial Group 


Base Date 
30/U/77 
31/12/74 
31/12/74 
31/12/71 
31/12/71 
16/1/70 
16/1/70 
16/1/70 
31/12/70 


Base Value 
261.77 
63.75 
100.00 
1S5JU 
153.84 
144.76 
135.72 
128 JS 
128.20 


Section nr Group 
Miscellaneous Financial 
Food Manufacturing 
Food Retailing 
Insurance Brokers 
Mining Finance 
All Other 


Base Dale 
31/12/70 
» 02/67 
29/12/67 
29/12/67 
29/12/67 

10/4/62 


Base Valin 

13453 
12453 
•-9Sc6T> 

UBjg 
inn an 


. .. . lgnpj 

■ tRedemuUon ylnW A new list gf the cunsttawms 

1 a^rt?IL al, u- from The Finao^l TIitoS 

Bracken House, Cannon Sinai, Loadstt, BG4 iirtcc 


r? eS SSL I • PMWfiBVjDi; Otf'flS) , 
&SS9( IMA3-4lS««S» f.34/H5,(4)l«7<j: 
69^5 iB^i \ 1 14:96 ' QflDfiH - L » 7 . Q 7 (gffftg . 



- ***** 22p. A fortiHflhli* limriF- af“ 

S« C l^ ta 2^’- dhrHowl > r I«lds and edntags owes - 
1962. with «marterty fOuhs and lowai Wjth* v 

S ‘ S c2* H,a ? e J r0fn ' 

* Coen, ■IhibIm, "EOV'^ . 

CONSTRUE NT CHANGE: tWi^‘4\04W ^ 

•Metal - Farntuw) . has .beett 
(Mcchaiilcaf jEajtyerwgK ; 




Ir - 

; U V > 



j ■ ' ’• : : 1 - r> : 




































































Financial: Tunes Saturday Jnne- 17 1978 


INSURANCE, PROPERTY, 

BONDS 


AUTHORISED UNIT TRUSTS 


] id / a i Gartmovc Fond Managers y (aW") Perpetual X'nit Trust Mngmt.y 'a) ; 

Abbey Unit Tst Mgre. Ltd. W Axe. ecj a em*. oi-»a»i *»«?** 


Abbey life Assurance Co. Ltd. 


72-W.CalehiitlHe Rd . WuW*. 

Abb*} I'riJ.Unl. 132 6 2?3 

.VIiMl' !n>'iiRU'. .. WS JJv 

AMn'V ln» . TW . Kd. P* « 2 3 In *5 

.\hlw? Gai.Trt I« 4 « +° -■ 

Allied Humbrn Group* «M«> 


0385841 2. St. Mil ty Axe. 7X34 EBP. 

+wi «a. nffipssfrr'-.-Bs 


STB nrfii»hTst iA«cJ„ 55.8 
422 floBMUtdUij blurt- _ 157 B 
a ni wyirfl Income Ti_ 

3 ,7il4tr£i-4.Tru.i-. 34 6 

. tKih JnomicTsL. SB 7 
. laconic l- urnl . , 72 4 


32 Bril -O.^l 012 3' lacluiil 1 i^.iillii — 139-9 


wia-Sy in Piccadilly Unit T. MgF. Ud* lartH* 


“ _ Word-rip ll 


I lamhro H*c.. HulUm. l!rpnlwj»?.Fi»« ’ mi. A«n*-le - 1 U 94 
01.™ SKS1 «■ Urcni-Awil uCTTi .llw inti. Extoi pi M -- ]8bb 

_ .. . jainUiT.ii.iiUi.. i ? 

A^li^rtw.. -.-IK* 7aa+a3 5.« dUbs tAntonyi Unit 

Bril ItuK 1 iuwl...-|6£3 ' ttM *0. u ^-momlicld «, . seem 7N 

ilrtli.fclii*...— &S «S *5'i 4V jaiA.'i. Income- . MLZ 

K.Sj{aig» B u hsi asjsMisassrfe 

asftSteteBR ’HlH « '■ 

l.-cmc MhkIk frtltdt (John* 


SlUa’i Sir E*in.'lne«re -j»> 
PoSL^J Capitol Kun.1 . fr 5 


24.88 -01 
44 6 +0. 

37.5 -0 


■a 12 Vimwi ruipi ■ r~- ’ 

cm Inc Em! & \«*!Lv. «5 
r5 Privaic Fund - ... .J4jJ 
*** Arcmtil'r. Fowl 


ft.t I jir'i I on "A'.i I ! 6> 2 CK RjiT' 1 

.,29 1 32 01 -0 2 99J) 

373 39 81 •• 5=2 

CL--W4 5 *S75 :{ -J : 25. 

v .. .24 4 ^7 “33 

.1 Ka 034-33 


521 -0..II 4 52 


iS F -1 . ll 4,n*iVi; .: ; i; ;iij d 225 0i 1 »« 

3 4j : .i.|. June i— 

ajj Australian Selection Fund N* 

3 Jtj V .irV.i-1 ■ ipim'C nr. ■: ■ v . ••Hi Irish Vouoc St 
,fr‘ i ii:!r.-Miil«- 537. Soil M-. JJ^'^uilDU — 
*5® l.'.sjl Slsa:.- . [ SliS15* “ 

2.30 Value June »•* 


t0KHVW4t 

iOW-MTM 

, * 7 ® 

.. «i5 
1 22.00 


. .i |: ? nrit ■ Jer •« ■ |4 ® $ •• I H22 

<;■!! T.r-Ul w M.-.. BO ! 105 Bj .. - 

i.Iuvrn-*.- p 43 7 ‘•‘II I **- vw 

Jr.iL I^kI.Scct. la. , 

V inf. v.TltiiJ - - 38-32 -Iffol ■“ I _ * 
lir-Ilirtl _...|l«4J4 -83-84I I j 

Klein wort Benson Limited 



111 3d *0 

127.01 +0. 


1M3I .... I «1 
:2b 7| I 4J1 









IlichYwWKJ [30 1 

I Huh Income |M 7 

AII.R«J.liic 138.9 

IttlrruUanU Fundi - 
Ininrn.Uiiiiul — -|26f 
lUrlUr Fuiul — BSb 
Src9. OT Amerk-u — |43.Z 

Sprrlalbl Hnaita 

Snuiller CaV. Frf.„|55 S 
^nd Smlr Cu h Fd._ 438 

Kuokniy Sll'.. B*.7 

Mot. Min. i ... 
Cnork-Jf-Eamujes. 57 5 
txpl. SnlrCui.-tplBi 


"-d ^3 


lent, of Lndn. & S. America Lid- 


fl j3 - F^UlnK-TuOiTTWcd. f^rtteal Ja«; H-MU 2$®4! ”” i Sfi “jSe*? ^ ’ 

fietett (JOhn)V AKum-Cmli. [213 6 22b 7| I W JTicts .* _::rn- jr . N«j*l SOh. doy J«n KKl- 

5SV^--:& HI A— ‘'finySSSjiJH - s 

k2 C °‘ 0^*433 PtudL Portfolio Mngrs. Ltd.y laKbKCl sanqdc K reviles Lambert 

2.2b »««b nm .suEC=H= D s. LcS«n 3 BAr a .ECi--^NH aKuti^UKc^HlOW TUj.^* Uo; 

twu "I 453 T^udcnLal _-|1255 233.0J »1 3) 4.46 Renta FllBd LF^.... [1,355 15J2| ...mJ r.O. 


Kf.lnll.Fuml 

TUtJppinFunl ..- 


ui aiTf&n I4WJ5 Quocn \ ictor.;. ^ECd. 01-W02313 K ^ u.S.C.kl'h. Fdl 

-Oil 3.04 I AWand-r Fun.I ...rsi'SMS - i. 4 “ Su!tU-I BcrnmUo __ 


SIS2L71 
■ Si;S3LK ... 
WSU.95 

rsub - -w 

£.60 HU*0J 


OlJCTWhO 
4-21 3 a 
... . *17 


2.2b socrcabamSL_EC=H=DS. 

• o«rln£ion June 141705.0 
a in (Aeennv Uniisi — , 

5.06 W-tLYdJuoeU 


•a * 1 m fisssmrk 

ss ffiSSrViSSlTo 

220 ...» a* 1 rAMATtwn lltlllr 


Uvcrwa-r.anuiiss.gi a tf^‘3 T -- 1 iji Crnehstr.June Ifl 
Expl. Smlr.Cu ii — $pi&7 5i«. f(Wetin j. Units'... 

Anderson Unit Trust Managers Ltd. 

FXTlMllAA . S38S1 ■: 


2W25 .._.. 

Z32J 

185.9 ..... 

215 B . — 

3.990 .-h 

2060 

102Jc -2.9 
2062 -2.0 
74J) ..... 
76J 


453 Prudential 


lG3b'enchurrhSL£»MflA-V . «=3KBi Ex _ Vnil Mprs. Ltd. Opportunity Fd._.|bb6 Tig ....J 5-9 

Anderson C.T 01JJ28BOLI ^4] W Mto 

Ansbacbcr Unit Mgmt. Co. Lid. (nocswtrdhiUTu.. 1899 fsjl+osi 432 itrf ^ ? 

1 Noble m.ersvtja. ^01^23<C7A Hen derson Administration^ (aMcKgl Ridgefield MaBagement Ltd. gj.« 


-L'i.ifumtefWi. . • -flfi-M H 601*020) asu 
*KS art M London paring agents only. 

ol* WHC Lloyds Bb. tC.I.» U/T Mgrs. 

..4 736 r.O.Soit 1SS. St Ueiier. Jersey. 0534 CTM. 

LI lid. Uoydfi T.^t Ci'was- [53.4 i 6L4| ....4 

5y-j;4t Ncxi uculiibl date June IT. 

H Ja? Uovds lnJernational Mgtent. S-4. 

-I BOO 7 Kue dll rdhone, P.O.Box 170. 12IlG*nsrwU 
**'« Uoydal»r.';r««UT.JSBjaW «i-- 
ml Ltd. 120yds InL Inc. (^^34350 3UW| 1 6JO 

K & G Group 

_..l 160 Three Qo.tvs. 7w»iir Hill E^SR ®J- 01*85 4S88 


nniuciauii - nimun .nu nuuuT . ~ , , _ nui 

l75 -°l 1 B - W premier IT A.lmin, 3 Raj-ldfih Rood. Hutien. MWO- “3S*1S Bd 

UA.VM ci ®“**™j ,Eoei n=77 - sa7338 gsttigfc:!^ 0 ”oi :::.i ioii 


1 Noble St .EC2V7JA. Hendersa 

Inc. Monthly Fund fiM.a 17SJ>| I aw pramleMTi 

Arbuthnot Securities Ltd. label 

3”, Queen SL Uindon KT4111BY D ’ = 38 ^? S^CrowitiJnc V2.7 

llwru Income Kd._ 2C4 1 9 2129 40.1 CwGrvwrh Arr__fr3 

llmli Ine. Fund — «-0 «2 ’■g 5«o»4«.6s»cLi_.fr.7 

6 Arcuin UtulM — 55 1 593 TU ^ 

'IP^ n W dryl VLs 1 55.1 . |9J 17 77 Higbliiconi 

HTBlorenwFund. Si 273 .. . SaSlExtra 

lAcrum l. nitsi- ... J7 7 ..... 4^-4* 

SSr:::sii ga*^ 

1 10% Wdiwl t . 1 — 52 0 55.S .... 537 Mnbw 

h'ln.&PropFd ... 17 4 lflLB - JflJ Cib fl l . — . 

nwUhKiUld M2 43.1 -0J ^.79 JnM .rna!jD n 

lAeeunT tJnltii — 465 49.1 -0J *g 

Growth Fund J5 B _... Omnrn F 

lAcruoi. L'nlhi — 39.1 521 In' i 2S Aoidrabnn 

SiuollwCn'j Pd... 373 294 -0.1 Buropoin... 

Eadwnltti.il Fd ».7 265 ■— Mi WHS . 

Wrtrul.Uiti. . 194 20* MOthAmei 

pnmlgnhd - . Ml 911e ... *-*■ yj^m-Gna. 

n. A mu. &Int. ?d 32-7 3521 aw Libot-Amci 


Cfini Income Fd._ 2C49 
liii!li Ine. Fund — .. «-0 
6 ftreum Uiul'.) — 55 1 
Wdnrl ITS i 55.1 
Hrelorenrc Fund . 253 
1 tcriim l.-nitsi- ... 37 7 

Copiiul I'lind 19 4 

Cnjnmodily Fund . M.5 
i Aerunv t.’nilii. . .. O 

1 10% Wdrurl 

FliLbPnpi'd — 174 

niarUi-Fuud 402 

I Accum Cnllu 46 5 

Growth Fund — 332 

lAccuni. L'nlLsi — 39.1 
SiuollwCn'j Fd... 273 
Kniwn A tnil Fd . 24.7 
i6"» Wriru l.Ulii. . 194 

vnrelgnhd - . Ml 

N. Amcr. It Int. Fd 32.7 


q .15 C*p. Growth Aer.._W33 

4 15 BUI hKOM FuBdn 

1227 High Income 139 8 

1227 CaErrt Extra I nc. — |5b 2 
— Sector FoncU 

537 Financial* mj. ..124 4 

5J7 oil * Not. He» |27 4 

537 international 

3.M Cabot I86.B 

2-79 iHKruBUonal _ . 1332 

2.79 WridWldr June 16.(75.6 

= g ASSwE , on“ , !?r.....|»4 

MJ Math AJber 42 4 

J-W NJUn.Cr»JiiTwi..l2l4 
1<w GlboLArocr-^nvCo. 53 l5 


IHrtficiieldlneome. |93.0 59 3^ — - I »« 

433] 40.21 Rothschild Asset Management (g 

MW -..-i 9 o? ss-,&esasL' l KSS lit ill lo i 




37.4) -0 41 

-•413 -DJ 
782 -0.4! 
443 -031 
1333a _..71 
56 3 


- «« ==^ Barclays Unicorn im. (L O. Maul Ltd. UMilu inc.— ^ ^ 

-04 532 iTborecs^L.tMcel.iiLlixM. K Is G Group 

-02| 5 72 MNnte4E.i.a2 372^ "i- tbO Thirw tju.tvs. Toner Hill K5R S&J 1 
i. d- nna Atljntic June 13— ISVflO g 

■••■ 10S9 pf..Slpas.?Ju:u^...t26J 283) .. . -I 1 -« Inland.. E 7 -? «?'S . 

Bishopsgaie Commodity Ser. Ltd. ..v* UB a«K. 

r.c* iiot-ci.ivr-'iai.io.M. DCM-30U gamtiel Moatagu Ldn. Agls, 

, VT,‘ AR«4.. *MpyS JSr--2?B ,?£ ••• - iw ..HdBrxsidSl..E.CJ.- 


in 

ITS 4 +0.5 S 91 

834 N.c!lnwwFUnd-|l4bl 1561^ 5 *" ' , 'i'jrir:nj!lV r^'ucTal *510 and —i' 00. pvnS 7b n3j| 

4 -, NC.inU F^f'^fe 99‘ijj 7 ™ Bridge Mar.^eraent Ltd. irj5S®-aTP& 128 

?S S.C. Smile Cnjs Fdll54 0 163.9 -i-t 455 ril b«; 5«8. Grand Cayman. Layman Is. u.J.jyt. s u. -™.j 

RothschUd & Lowndes MgaaL ia» „ I S 33 “ Murray. Johnstone (Inv. Advise 

?-S St.S*Uhl^L0be.Ldl.E'.-4 j^.^^44 H2J1 1 0.70 ira.l-IopcSt .GlasEQW.t^ Mlj-- 

MewCTEi«ni«-.|Cl22.0 224« .. | 3M 1 Kx-itw* cpW. *'lupe r: *-’l ..... 3L.S33W 1+1^ 

Price on _. Next define - Britannia Tsi. Mngmt- f.CD Ltd. *.HurrayFund- g | M- W W 0 -^ 




0l*88MS6 
361 
■038 109 

. . aoi 

0.75 


Rothschild & Lowndes MgmL tat 

JS St.SwHhinsLane.Ldn .E'.'4. 01-KM^ 

MewCTEv?mpt...|CI22.0 224« .. i 3M1 

Pnce on — Next dciLinc — 

179 Rowan Unit Trnft Mngt. Ltd-^iat 
iE City Gat* Use. Fin&hcrvSq-.EOJ. 01JW 
SS American JunelS. 171 0 »»«■■• 2% 

221 Securities June 11 1167-0 I'g 7 ,*5 

tS High Yld LJune 15... 532 5|J - • 

.. i.tcculD VmBi JJt ' “ , i XT 


‘i'bir.hiJwt:. | Y15J33 

iJPO. Bu:: 5A! Hontr Kong 


Kurrav. Johnstone tlnv. Adviser! 


30SAlhit..Si l...- tier, Jersey. 
Sterling tVoc— inJMd Fd»- 

Gruuth la - * Li' . ... 133 5 ’ 
imni F<1 .. .. ..1802. 


Archway Unit Tit. Mgs. Lld.¥ l-Jtrt Bill Samncl Unit TsL MgrsA (>V iw 


^SS n -mS ,W ^^f^ aWftETS. 160.7-^ 

suMy Juic ^ g j-a & -Jt 

Barclays Unicom Ltd. laKfiWc) 3201 ^ 

Unicom Ho. 252 Romford Rd. E7. 01^J4WM gjPimiKtalTrt 1 *. 

1 -0-31 ■ L0 ? .LiCmirltvTn.n 







Unicorn America _ B.I 

Ho. Au^t Arc. 72 A 

3 fin. Aina. lac. -.. 572 

Do. Caplt j 1 e6b 

Du. K'-empt TpL — ^085 
. no Lr.irj lncomo - zfll 

Do Financial 59.9 

Do. 500 . 730 

Do. General >13 

Da.iiruwUi ACC 40.9 


01-6288011 lAccunbL'niUi 194 1 3KH I 

Royal Tst. Can. Fd. Mgrs. Ltd. 

-l3 227 W. Jettnm Street S.WS. -sg 01 ^ 

+0J| AM CnpiulFd — 6J6 S-fJ ■ 1 

-^03) 4.70 IncoocKd.™— -1719 , jjit S- 'i.’.J. 


7 « jw"i^Enen-: T« 

. luUal M.cb Negit Lid. 

■** l.S. Dullir Ifc-amnJnated Fds. 

,« £aS» $ Ki-dHW 

355 value J j‘.<- la Next dealina June 19 


Negit S..L 

353 +02] ?5S nui Siulcs^rd Enjal. taitembours 
SAl\i }» 3CAVJ«m» 1 Sl'SlO 60 I- 


Kink of Pcrmuda Hide*.. H .inti I ten. Brmda, 
N *.V JulieU |C£35 — 1 i — 

Ph eesiTr Intsmalional 


Prices at "Sar 15- Next deal j os Janu 30. 


-O.Tl 163 
-OT] 163 
+oiJ 4JB 
+0^1 640 


, « (oi ihluiuc .uui _««, za« +021 7.» Price.* at May is. Next c. 
ig 3^=SS IS Save i Croup 

4J« SteLV <aKs> ™ H *? C Ei'ta"«h 


la? Ju- ■ r« f’rtnusvl IJtL PC En\ T7. SL Peter P«rL duernw ' V 

7 « Brown .sbiy.ay Tst. Co. t-erseji wa. ||llw . Bl0 , topRind .| a j7 2JX....I — 


Hrfier. Jersey. 


_ 4 ijhnoi SL Helens. Londr*n EC3P 3E? 

InteLV iaKg) ee-TU Queen SL. ESLjburch EH24SX 

r5? 15. Christo pber Street. E.C2. 01-247 i-43 g^aliors to: 01-5S4 8838 or u.1-223 j-+2 

5XJ Intel- inv. Fund — 187 5 W3l +401 625 ^ Prosper Securities Ltd-V 

5-Jt Key Fund Managers Ltd. (aXg) lutemaUonal Funds 


MiriincE.-dfd ;.1GM.15 1029| ... I 2134 property Growth Overseas Ltd. 

Buttorfi-'Jf' Management Co. Ltd. c8:n-.hT.i*T'.Gibmuir iciwoioo 

i« gysasasid i-i = ‘ 


I* IV Rin ihi iLiaaltoa. Renmida. 

,11; jdyil® 

mu- ■•! rt. y J 2 . Neat sub. «wy July iu. 
i5rf-o.il 322 capital Islemaiional S.A. 

t£? 1 “uil 197 37 rue N^'- tmnw, Luxembourg. 

73.H-UM L97 0pjtaMn[ SUS17^1 I .— I - 

«-» jsssas - „■—» 

a .=111 i-i 

4751+04, 471 g»per^r6nd : ..J^n ^ -• • • T ; 


+021 «£ 85,MUkSLECS!V8JE. 

+DJlj 60S Key Energy ln.K4_ EK 


01-80871770. cnpitaj IM a 

B3.1I-05I 325 LT i: 25.6 


Ue. Income T , J....-jM2 91.7 +DJ b» j^EquitviGen.! 685 722 -D.6 4.78 Unlv.'Glwth 53.0 

- 2 i t&fc B* « J| ssssa^rsB* 


n5rf-0.ll 32 
273t -o5\ 4.0 
73.l]-U6l 1.9 


Do. BceoMiy. JJ-6 

Do.Truswe Fund 12^1 
Do. Wldivulc Trust 51 2 

Dist ln-FdJac 62-7 

Do. Accum. __-]71 7 


505 KerFixedlQLFd.MA 
1 20ey Small Co's Fd _|96S 


iozm -^ai 


XL97 High-Yield 152 •' 

3.07 High Income Funds 


“lisl 2S Klein wort Benson Unit Ma»»ge«ir 


Do. Accum. / ‘ 7 .,i +»-i — an, Fenchurch St . E.CA ^ FlmdJ 

Baring Brothers & Co. IM Lf i a M*) ^^mtFUJic lis^ ,™J sm trie Equity 1*0 

88. Lcadcnball SL.K.C3. __ K^Fd. Inv. Tslsl"" 1552 -4 4 - fl7 rllD<ly,, ^ Q 

so SflS5S«-TrrKR ' r.J x & c unit rmst ManngementiwLf - - 15 

Next saiRday June 2 L TNe Stock Echangc. ECZS LHP. 01-588 2900 UJ> — - — -|7S4 

Bishopsgate Progressive Mgmt. C o. ? j^xnUiGers'Fd"|n2 J iSj| +3^ 227 commtSio^* j<6 0 


Richmond Liie Ass. Ltd. 

•?«. Albo! Street. Douglii.LU-M. ' 0821=33 
• » iTh-r Sil wr ' Trn«L I12J.7 1324] +1 5j — , 
Richmond Bond 37 |l<Sa M4.W-I221 20. 


El— 1 - SsSSS£!B| ” 

01-248 3839 QllflCTBKr -"]170 1 179.1| -iJ 1129 _ 

gjg^-A |S Kothschiid Asset Manasement (CJ.I 

nrclioiS 5 93 P.O.BOX 58. St Julians Ct-Gueruafl.-. 0481 2TOI 

raq-a.10 5^.3 oC.Eq l'r.SlJ»-50-.[55 2 58. n .1 277 

303 ... . — nc.tnc.Fd June 1. Wi 1®- 7 JS — ••] 7S 

. . 2.14 oC.Ir.U Fd.t . .. ffl j5 14S J » 

- ‘A . '.C .Sn iCu FdMj 3 L..14b2 255 « - 3-g . 


■ 7131 +0.1; 
4541 +0.1 


92^ -0 b 
1CJ 71 -0 5 
aay-OB 


„ --.-I . | « ■ H,.??! 1 lirlFHVAl Jtu-I 

om Clive Is’.esanwits I Jersey! i*a- ncromjr.odii>* l^fc 

. .. .• n 7 Al 77W1 . m' r.i- I'n-w'iv t . *2Sfi 


2Z B'lrBlePr* 1 June 6.0805 ■ — I 152 

Aec.UW.*-JuiK.-6-fcl5A . 229-9 - ••■] ^04 

B'Cbldnt June 13 .UM.l 19J-7] 

lAccumi June 13-.|298.B 212-51 — I 

Next Mib. d-y 'June 27. “June 20. 











a » r. , j * j 

S8r*’^fl 







rf'rl 


BridRe Fund ManagersVtaXc) +K3ilt and Wamnt 37.7 

K 1M J;i 1 to S ..B. i Ro« ,««« mssss,— n 


!n« L&TlrK Fd 11272 HL6I +4£] 7Ja sector Fun** 

LKInUA.GersFd.l992 loSl +53j 227 commodli*' ;'6 0 

4H Lawson Sees. Ltd. W*H*1 ^iSSiai Seca _ Jtj 7 

404 03 George St., Edinburgh EH2 2JG. (B1-22B391 1 gi^MJainnun Funds 
2M ■*Rjiw.Matenals_m.B IHI+ii Select lnlcmit — 1260.! 

^ J?A«.-um.lin)Uu...fe.7 41U +12 6^ select Income . .- ;32 9 

- +CAeemn. I'uitsi -ZljS.4 . 6jJ ""■■■ 240 scotblts Securities 


8171-9H 3E9 
75«+0? 1 <5 


75 9; +0 7 

7923 +0-1 


r> r , i loiter .leraev. 05D13736L u.C Mr Comdty.T .1=25 65 77.40n( — -I — 

Pd Lex — let M ^ M ■.• rrsec nn June 14. Next dealing June 3". 

H've'ii!" !• - •J y'+B^ 1 lfl.oa| ilw tPnccr. on June 7. J.'cM dealing June — . 

CornhiU Ins- iGnernsey! Ltd. Royal Trust <CU Fd. Mgt. Ltd. 


CornhiU Ins. IGnernsey! Ltd. 
p.o. Eh. :r: SL Peter Port. Gumuey 
, „ t.vnl Mbit Fd- IW6-3 183 °l i 


.XmerlconiiGeui. ]26A 

Income’-- — 50.4 

CapluJ Inc.t ^>-5 

DoTacc t 40 I 

ExemptT J37 

Intemll luc-t — ±62 

Do Ace.t — 17® 


BfflMSfflSt-B Si iiJ || UKISSi': - 1 ^ 5 

■ tetWu-r.::S5 s<»twK s«ur:i» lim SSl.V.^SS'SSi i«m« - 

51 Si::::: iB hW r I3t Mda i» ?.v. ;s c;,,r 

53[ SS&Sffwflir iff KtaSIfc^K ^ Sra» jadSSW MJj: 

IS T^t JSSkuFStdV -■‘« t ?ub ' J0 > JUDC 21 Drevfiis Intercontinental Inv. Fd. 

ff SSLoc^Sl^T "SL Schlesinger Trust Mngrs. Ltd. I HO. "box ■■■'3712. Nassau, Bahama*. 

iS 612! ....j" 52b nn«^™Ua C Wde_ r .tTW,, . (wv , Brj4I NAVJuneO--...-^ “ 


4241 +0.U 
534] +DJ] 

bu3 — - -i 


tr.:nl 9w Fd. 1165.3 UW 1- r.T Inf l. FA B«U1 7.3 - 

745 Deita viroup . Next dealireJu 

p.n Po-. .v 12. :Jax.*au. Bahamas 

3sn feiia in- .une 13 W-B5 J.94I+D24 - S2rc & Prosper International 
bf? Deutscher Investment-Trust • ucaiinc ■«« ,. nv 


a inc.i::z:.p >2 wa I W1 or7232S»i Schlesinger Trust Slngrs. no. wn po. ec, N37ii Nm»>>. . _ 

as? ^^guSfU a.gfcfijd i * 

1111/iS. Next sab. dx)' July 12 Am. Exempt |Z2-5 £> M "St( «2 lor, t» cr n«i>r. Jcrsev. 05342tf 

Britannia Trust Msmagement (■) (g) x^oine Administration Ltd. E^J^HjehYU'I 

5 London Wall Buildings. iDaUeSL. London WIM6JP. Exempt Mfa. Ldrs_ 

SSfS KSSSiszt ~B4 ss Ksi-Bfc:- 

iSSSfciS'irzEl !§ Lloyds Bk. Unit Tst Mngrs. Ltd-¥ (a) lntnL Growth.. 


;7| -fljl 233 wnM.u « — Channel Capitaio.-- 

igl Zo 4) 2-79 pn.Po. 73. SLHdier. Jersey. Channel tslaads*- 

J1 . ... SJ7 eXp.IA'T. 1219.4 12691 ....1 5 00 Conyiv-d June 1 — 


Capital Acc. — 5J.8 

Comm 2s Ind 567 

Commodity — JJ-0 

Dommdic 57B 

Exempt-.— 124J> 

Extra Income JJ* 

Far East 20.9 

Ftnancul Secs 

Gold St Genera] — 
Growth 79.6 

arafcB 

to^LShares.;^ 

Nat.HiEhXne_ 79.6 

New Issue.- — — 
North American — «2 
Professional—— 50U 
property Shares — 

sunup Change 3~2 

Untv Energy 1»-4 


+9-21 5-E H—ta nurtS Pent- Gorlng-by-Seo. Iev.TsL Unl_ls_ 

-951 5-5 WarthinfL Wrt! Sussex. 014S31MI Market Leaders 


flSSM85Sfc=H J 

*&M it-ateass==|£i- J 
ill aRttdff.? 


53.7 +02 4.46 ■Nil Yield - 

73.9 +02 4.46 Pncf.S: Gilt Trust— 

562c —02 3.06 property Shares 

■ 70.7 —0.2 3.06 Special SILTst— 

88J +03 629 UJL Grth. Acr 
120i +04 6.19 US. Grth. Dirt. 


5M.9g +U 
jAd +02 
. 49J+03 

333 +0J 


— sStu-’ f^ gr^tela 33iJ +oj| 424 See sin stock 

- SSv“SS^!=;zta ^ 5 SSS?Bb 5» 

The British life Office L«d.f Ul 

CQ1-T&56000 Reliance Hst,TnntaW(e'WellfcB-0B822MW (-^^,0^1^, 

+0.41 — BLBntiiSh life WJ *■-■■} |S (Accum. Up_ .. 

+0.4 — BL Balanced* H63 W.01 |-=7 Compound Growth . 

+4U _ BL Dividend* "i ' 1 * Conrosian CWT 

it—.. — •Price* June 14- N«* deaUnR June -1- CocnershmlDC.. 

i'u I Brown Shipley & Co. Ltd.? ( iVcc tuo. Unit*)— 


!H Ltoyd-s lie Unit TstJttngnL Ui gJSSSS5iS.^fa« 

IS* IS 7S4».Gateh0U3eRd..Afflesbmy. 0W6»«.iAecnm.i — 

t° 0 3 £S SSyAe«nn_.-ia572 MU| —4 S*«'~6 4 D 

tai 2A0 M * G Group? (yXcKz) c^rolJuaell ...E® 

tgi |S Three Quays. Xowor HUB, EC3R 8BQ. 0MD8 45BB ( Acoutv C a. U ■ - — 1^ 7 ° 
toil 4i4 See slm StoekExchaageJTeaijngx- ggSS^SS^Ji’p'i 

US *Ren*CharFd A *23^63 0 
... L76 -SpecE*.JuocT__g43l 


27*21 . ... 6-3T EX1.I.CT. —1119.4 12S9J....1 300 

“ B =i *° J Si? F. & C. IHgzut Ltd. Inv- Advisers 
422rf +02 9.31 1-2. Laurence Pour Joey KlH.EC-UiOS-A. 

3fiiH rn SSfSL-’-i stiss.46 
^2 ^'i eM Fidelity Mgmt. & Kcs. iBda.) Ltd. ■ 

302 -02 - p.o. Eo-; CTO. Hamilton, Bermuda. 

243rf -LC Fidolirt Act Asc— | 5HSSS I 

si — iS asssasH ass r* = 

232= +02 5« PS'^dFdJ SUSM63 l-aul- 
629 us.Grth.Dirt. .— P9.C &A4 ■■-■ *- » Fidel; tv Ngsit Research (Jersey I Ltd. 

an J. Hemy Schroder Wagg & Co. Ltd-V VVilWrloo u^., Doa s-_sl H eiier. Jenwy. 

JSf i!IS33™-B“»i- m sssuwsJ «“* .N - 


al inv. re. .hLW 

bamar. . N srtfc Anvencanrt.g-Kj 4201 

13251 .. .1 — Sopro“J U403 1534 

ECAF.oaV tWeeUy Dcvlin&s. 


»«.... 2-54 

2323 +02 5^ 
20.441 ..... 520 












> j-TTl 




Mngrs: Eeunders CLEC2 w KOTPrtg-- 

BS Units Junes— W4| gig Jg ^^eld^ 

Do.lAeC-)JunoS^.[2i7B 287.91 .....| 4.72 

OcxmzId Trtmfa W ffi _ ' FarEartent— 

Financial W3 36-9 — lACC0XB .tinitmt 

General Ef- 7 S5 tni 4S7 Fnndonmr.lbte— 

Growth Accum. 484 +0.1 1 Accum. Uni ttl 

Growth Income — Pf3 ’ 381+02 General—— 

Hlph Income ... P9-S 72 % jk t Accum. Ciatel 

jgssEEEis zS sB 13 - - ... 

Pcri^ironnce pTl +02 4.g . "-**-■ 

ExcipL Jiinols .— |s7.9 60J^ 4J» ( Accum. unmu 

Canada Life Unit Tst Mngrs- Ltd* JJjSSonEi 

atianiaa ss* 

Do. Inc. Accum fri «.4| +0.2J 7.73 ,^r«Ud_. 

Cape! (James) MngL Ud.v Specjansed Fuads 

100 Old Broad SL.EC2N1BQ 01-M80010 Tr ustee . ... 

- ... UK II 9031 I 436 (Accum. UnlU) — 

SSnSoTI-.-— “ ^2 . m 3 .....1 725 C haribourtJrac W 


287.51 I 4.72 Exini Yield— 

1 lAccum-UiutaV— 

■saqi 414 FarBartmu-- 

«jS 4*82 Fw*dfSlav.«4— 

262 +ft*+ 425 

Io5 337 lAceum. Units) 
^1 iSj Japan Incmne. 

— 5:3 

603^ -^-+ 9-89 (Accum Units) 



ar KJssrs^si’ gg estops. 4 da*«- i+of - 

M4° 51=: y First TikiaS Commodity Trusts 

* JfiasMSfcgSf || 111 

L7b -SpocEx.JuDC-_.743l +|0'6l • jS KsL.VTlDhlOp.Ta -(770 SiOcJ J 

1.7b aStfaffilmy * Fleming Japan Fond SA. 

^ Scottish Equitable Fni ^j^SS BST! I - 

Free World Fuad Ltd. 

792 Units "I— |57'a (tO tI . ...J 521 Butterfield Bidr, HrmUwn. Bermuda 

7.92 DoaltiiK day Wodnevday. ::AVlSay31. l SvS179-5 I •• • I — 

1.40 Sebag Unit Tst. Managers Ltd.9 fa) g.T. Management Ltd. 

2S POBox5n.BcUbTy.Hv_£i'-l 01S65WJI Park Hse. W Riwtip,' Cirous. U-nckra EC 

Hi Seba*0. P iialFd._|33 2 5?3"S'}j S« Tcl; - 01 ' 626 BI31 . T1 — gfclI<W 

Seba* Income Fd-lSB -i 31 01 • 8-22 *^ cn ^ on .5ff ,,, f <or i--'-J.E9 o 95 1 1\ 

•I jss2J!aa£!» yj^li 

II »SH8CdU JBrl dl MS£ElOTlC^ C 

Stewart Unit Tst. Managers Ltd. ft) gt.^uFU..-.— !■ 
124 45. Charlotte Sr. Edinburgh. 031-2^3271 Bond^md— | :L-S12.t2 +g1| 4.' 

1 ssas:® 4 . m 1 1 - wsat=i « " 


SchieEiuger International BIngL Ltd.. 
4 i. La Mooc SV_£L H+lier, Jersey^ lj5 * ,:r ^ 

l^rS -ff* -fS 

giiird » i3 .... ilw ■ 

Jr.ll Fd. Jersey. — li? 7 -, .S - Z3 

In till. Fd L^mhrr; - fcO.74 ILM- 033 7- 

-FjjE+slFuod. .-195 J -* w 

-Next sub. day June -L 

Schroder Life Group 

Enterprise House. Portsmouth. 070527733 

Inlcroational Ftus*i " , 

:B8I II =| = 

(Fixed Interest.. 

SKixrd lmcrutL. 


SS5SSa~:i.8 = 

iV>&.^i*:[?7d KM* -“-I 170 T Schroder Wags & Co. Ltd. 


J. Henry Schroder Wags & Co. Ltd. 

52Ss»2fciK:lfiS flaS 

Sentry' Assurance International Ltd. 


UnvlGUlTil Inc — I2J..U EcnvKac SttliT— 264 <S) 275.64 +1046 

Stewart Unit Tst. Managers Ltd. fm *T.iiriuW.L— +s«i ?56 

45.0^10^ So. Ecunhur^i, ««i»l %«««« 


Standard Uruu W7.B . 7|4J j 1- 

a to Aerunv Lulls -P3.0 g-l 1 — 

_ „ withdrawal Units -p4+ 57 9J — -I — 


® — JK?357 523 +DD in Sswighold KJaccgemeat Limited - 

t'i.T. AMa ^riios- aif ?. 40 Ig-S l S P9 Sov: 315. SL Holier. Jersey. 
g?-KB 2rw!Lz '9^4 + 8 S OB Commadiiy TTust — |9Ui 97241-0.711 - 

GTPucdleFd. — 5U&J2- 1+0-2J gurinvest (Jersey i Ltd- <x) 

Gaurtmore Invest, '.td. Iain. Agts. oucwsKse. Don. Rd.St. Heiier. Jay . ^* Z73 * a 


■“ I Income — +-J75.1 


725 C hart bond June 13-1 


Cartiol Unit Fd. Mgrs. Ltd-V (aye) WSSfflcItoa »N 4 

Mil bum House. NeuTasUe-upou-Tyne SUSS ManuLUc Management »a- Target Financial— <£5 

SrlfciisE-fiU S3 :::::! ffl SHBE 5 B- *a J ?” 1 hi 

EsasasiKiL. 



rijtfrT 



1 ; ^ 


4^ •SIMM British Capital Fmsd . 2.SLMary 6M.wnuer.-i 

% « 1133 6 14521... «|9 Gartnwro Fa«i T*xZL iFi: 

c"5 11551 1663 I 430 1003 Huicbison Hit 1" Hi 

4-31 Son Alliance Fund Slngt- Ltd. n. A merican t^s — l-'Sv? 

sun Alliance Hse..Horrbara. ( miL BonJ Fund — »■»* 

fc3fc Fxr Fq TaJune 141 £222-0 222.2^ | J39 GaKmMW IwnwtnM3<; ■%•»+ 

Target Tst. Mngrs. Ltd.V (angi HSSSilStaU-.GKhlbS.i 

539 31. Gresham SL.EC2. Eambro Pacific Fun 

Target 0«mi»din. pS 9 2, IS 2110 ConuaitthV Centro. I 


2. SL Mary Axe. London. SC3. 01-KC3KU Ait»rieanIndTrt..|EaS jfSHaaj — 

— — fe33:?t> i TS3 Unit Trust Managers (C.I.) Ltd. 

N.^merlcm Trt._ [■■S? -JjS " f^STO Bagatelle Rd.. SL Saviuur, 0634 73^. 
InU. Bond Fuad — .IHT1QK «»9 • 3 -' u j crhCT fund 147 6 59.1 -I 4.W 

Gamnore Unigatmeat ;7Tn£L l ~ ■vri.v+>q I i Guernsey Ftrod K7A 5031 ■...1 -jv 

P.O. Box 33, DcxitKO-v J rt M- „ na ^ 1 ^ 3 dj- Prices on June li Nexi sub. day June 2L 

GarutvorolnU.Iiw.pl + 22-9 .. 

GartmorolnU.GrthJbS.l 6931 — i »■»» Tokyo Pacific Holdings N.v. 


Lml Target Financial-- 60 5 

0C8 M10L Target Equity |L* 


Target Life Assurance Co. Lid. 

™ House. 


— Do. Accum. UnUs~pl-J i ■ • mC raakaBi <5t EC8V7AU 

Next doaluic date June 28. 1- iSGrMtanbt.LLzv iau._ 

*» <* Charities Official Invest. Fd* J-SSaSSfcz j?0J 

"aSMTSwi - 1 Mercmy Fund Mm* 

- 55£E?uElI“d2£f - - 30.tlre*hamSL.EC2P2EI 

““ rnUJicathTonly available to Reg. Charities. vicrc.Geo.June 14.IJ77.6 

— „ Ace Uta. June 14- 

“ Charterhouse Japhety More. Int June J4. 


14; IS Gresham SL. EC2V 7AU. 01-«flM» Tamff Growth g4 

■rBft. 7 T* ItW 4 1 7»i| "-i 526 rj?Rrf!iv. Urjts" 31 1 

1R ir (^nctalJBW" **■*?' 1 TonsK liw — ..— * - 31-5 

6 ao Mercury Fund Managers Ltd. Tra&pr.Junei-u- i§9.o 

— ?JI Gresham SL.EC2P2EB. 01-ffl04555 Tiff. Inc.. +’2 

J«. Merc. Gen. June 14.1177.6 M ...•■■! Jg JgiSjS^rth ^.18 0 


120.4 -0-’l 
30.5 +0.1 
71 4 -0 4 


4.85 Ksubro Fund Mgrs. 
P.O.Bo*ae. Guernsey 


Wa ?' :3 ?« Ts-ndaU Group 


FtMtti Interest F. 
•GW. Deposit Fd. — 
‘JUfcltfl F d . i 


||i TULiT June 1 1502 ' 5S4|.. -I 5: 

3J0 Transatlantic and Gen. Secs. Co.V 


announce 
that the following 

rate will apply fro 111 

13th JUNE, 1978 

Base Lending Rate 
10% per annum 


Charterhouse Japhety Merc. InL June w 

I.PhlernesterRow.KA 01 MW ^SS^SSU 

g£«!--K- li E ti fflSSs«-“ “ SISS 3 R 

aasahEf || i = is “r ®- 1 Tst - •wa 

21 3 ' 65 Si ::::: 1* ™ TJU “ ;”;S r 

Chieftain Trust Managers Ltd.VgHgi ^ |20 JJJSJJSuteaM . c 

High Income — r^S,- vis l nco f ??Tr ' ra? ' *^32+0^ 646 Barh.Expt-May 31- 15 8 

SBSttsa?&& 7 ta=9 S s§2-oa 

Confederation Funds Mgt. Ltdjy «rt 2o “3 ^2 iS SSK^uffiai, 

442! IT™ » - ill gsi^«=: I 

wiEfet dSfia.S? 01 

Cosmopolitan Minster Fund Managers Ltd- Marlboro j one 13- g3 

Crescent Unit Tst. Mgrs. Ltd. (aKg) Kvrmptin^ai — 1«.7 M -- 

4 McJrfloCros., Edinburgh 3. 031-8284901 MLA. Unit Trust MgemnL Ud. Vang. Tee June H. «3 


I . Pnlcrnoater Row, EC A 

CJ.Intpmat’l |234 7b D 

Accum. Units -..- 28 A. 30- J 

CJ. Euro. Fin 2b.f ^ 

A ecu av Units., — -30.6 |2.t 

CJ Fd.Jmr.Trt. — g6 - Z9* 

Accum. Units l» a 3M 

Price Juno J4- Next dealing 


Araencau-.— — — fjy24. 0 
High income.— — WW 

1 memntlonnl TA,. - Kj»l7 


ii5 9 1-89 New London Rd. Ctiein^ord iC« 51IB1 

lai ::::: 

la bssssklIi. Sia= » 


I. Managers'? „ v^Febvre St. Pt-tcr ror. Guernsey. C± ■ ( i«um. Shares ...1131= «l-2l . I — 

01-Q38WI1 Guernsey Tst 11502 lB0.7rf +0.71 354 V icier)K™^-D IDU 4iS-i sla, li^- W:: l Z4,,, ‘ 

5S4I..1 530 uilSmuel Overseas E^ud XA. Manases May 18._|129 0 13381 ... I - - 

. Secs. Co.y 37, Rue Notre- Darcr. LuManboun! ytd. IntnL Mngmnt. (C.Ll Ltd. 

miord te«5!05I |S1?23 - Mo , cosier StreeL SL Heller. Jersey. 

I International Pacific lav. Rmgt. i+d. VJtB |susn76 1®JH .. -I 8i» 


Z-S J ersey ExtroL Tsu. |Ifc3 0 ■ i„ 

„hh 7 05 _ As ftt May 31. Nc-.t suIl aw June 

— IS Jardine Fleming <-J Co. Ltd. 

■ 5-Z? 46th Floor. Couaa-J'jbt Cvntro._ Hong bniW 

—• ?-74 jnrdlne Estn. Tt2 I SH 125436 ■ — ] 


S. G. Warburg & Co. Ltd. 
50. Greshnni SSrceL EC2. 



- ' 4 Me] villa CStrs., Edinburgh 3. OH1W IBM bBU ITOSt Blgemm. **»- Vao*.TroeJonen. ^ ’ 

i: cSnt Growth _g70 S-?| 33s OldQneenStrom.SWiHMG. #^ u L n S _~«>4 6 

I! Crt^lnternrfl.— WM 64-i ^srLADalt* |402 • 422] ..■-■■1, 5£SK LmuL. - 713 7 

- §2 43*3 ".r 4J6 Mutual Unit: Trust Managersy wichDi June is Ht t 

- sHr±^™^gS«dLj?^ “ »«;.■.■»' 1 

- , , _ . f ij National and commercial rouiiaiJupe 14. I12B-0 Jj 

E. F. Winchester Fund Mngt. Ltd. :i5 . SLAs ^^ u , r *. Et a 11 i wo «hmi-»«oifi ^1“, 'gUs, Iitoo m 

Old Jewry. EtT2 , ot| 01 ^ 6 - , -7 Income Juno 13 11464 I E ? en5ptJ n^«, 'hfeS 1< 

2»t SW5IM5JB a=l 2^ tsssasfczrm HsffiSSSL-B! § 

- Em son & Dudley Tat Mngmnt. LW- jJJSSnSSSiridenc Inv. Mngrs- Ltd-¥ - fe 3 ^ 

- W.ArliugmuS. S.W3 7,4, "T?* S.GSiSSEC3P3HH _ 01^S«00 •^p^cH.^gs S 

- Ennon Dudley Tat. |675 72.61 —.4 3 - w yjiClh.UaTrt-_ 1452 4dM — ■-{ 4.05 lAccum. 6 1, 

Equitas Sec&Ltd. (a) Cg) ^ 

=■ sssscSii* gassc 

- . 7 , -Prices op Jane M. Nest dealing June sa. g^ol^rrwth- 

- Equity & law Ln.,Tr. M.f Rational WestminsterlKai Do.Acrum^- 

— • u- «X2V HOT. «■«««»,- FtaMWlfthto 

712n +0.4 471 Do-Ajcuhl- — 

707 +d3 7-67 Hlghlne. Prioruy 
3B7 -+02I 5.06 international 
9tl +03 5.01 Special Sits.. 

_^S +s i |g TSB Unit Trusts ty) 
tS -D.a 223 el ChanW War. Andoter. Hat 


:;:.* mvest Mngt.j«y.uA 

• Next auL' June 15 ^ i.Ch+rin?t>wi.Si richor.-sy- 1 f ''- ,41 

"*"* 526 Keyselex Mngt.. jeriej Ui „_ rr _ [V^jb jiw * * - 

849 POBoxt».St.HeUcr..lcrjr.i .«E^01-6M' * CMT,U T y : jun - w _ - 1^47+030 - 

._-.. 8+9 FolliC | CK in.;, ■■ 1 W TMTJdrwB . - - -“S’- ~ • 

Bond'/tlcx rr’JSW V3 1 _ TSfTLIU JunCS -• 130.68 w.961 . 

Kwles Int'L ^ b- i t; 

<r “? J r 1 J Kejn’lcx Europe . l,- 

• •• I 819 Japan tJlh Fluid... >'•••;? , jV4 , 

— I — Kcvwlcx Japon ... ill fy. 6*+“ 

• -I 4 35 CuoL Assvlfi Cap..,- ilaJW 


3 °!Tt£ samaEv a 

- -T™ w . National and Commercial 

E. F. Winchester Fund MugL L«. :I! . sl Andrew Souarc. Edlnbunth 031-5 

Old Jewry. ElU 01 , 7LV income June 13 — 11464 151.8] — 

MSEBfSSMJB a=l a t!3E5a*=rm 

~ Emson & Dudley Tat Mng ™fL 1 ^ NatitoalFWwltent Inv. Mngrs. 

- ESSSSgvM 721! 


4 4a • i 7D World Wide Growth M-itagcmenliJi 

2332 +0b?I - Ida. C-ukiard R^- 1 ' ’ C’nhnWHf 

1 1 Worldwide <.th i'd| SVS1S 18 MOM - 


notes 


rated ■:■■ and arc m ponce unte-a «uhen»-tr» 


Ennon Dudley Tst. |67S 72.6] 

Equitas Secs. Ltd. (a) (g) 


41 BljHopfcfiaxo,EC2 .. iAcaun.Unle()-*^. 1132.9 24a7| -.--1 

Praowsivo 167.4 712|M.1| 4.01 -mces on May 25TNext deling June 

1 . 7 , mt^Vr) • pricea ou Aw 1«- N«M <* eaUB « Jnne 

Equity tc law Un. Tr. M.f (aKWe) Naaenal WegtminsteriKa) 

AmavhamlW^HliaWyMmbe. MM®*™ jei, Cteandde. EC2V tDBU. 01-«e ®«L 

BjiUlyfcUw J662 7021+021 424 712rf+0| 

Framlington Unit Mgt Ltd. ia) jj 

3-7 1 IndairiYarf.BGlB5DH. Gmrthhw 

AmcrtentL - ' Bran 136 3 T-.j 3-85 port folio lav. Fdl— 

El 11^3 — 7.K Unlvt&sal Fdjd) (622 »«-«■«* - 

ISt^SSFdZTttUJ r»3 .. -J NEL Trust Managers LUL¥ (aKg) 


5.01 Special Sits.. 

TSB Unit Trusts <y) 

223 EL ChanW Way. Andoter. Hants, 
i Dcalmiis to 0864 66432-3 

rblTSB General M52 53 1 


+02 — 
-0.1 10.04 
- 0.1 — 
.... 520 

-02 - 
7.92 

-01 221 
-03 4.97 


npcnjnc. pnce. h Dis 
prcmtum iusuranc-r 
* iitlerod pnt:,; it»-l 
V Net o£ tnx on real 


‘rwtms day's prict 
gross, a Suspcndec 


3.0. Index Limiied =«?•„. September CoSee 1663-16'. 

29 Lamont Ruad. London SV.x.) OHS. 

i Tav fpo.. i ratiins cn commoditj futures. 

2. The coir.nioraiy futures market for the smaller investor. 


100.70 106 


Do. Accum. U1A4 1216| —.J -« A ui«mCourLDorMrifi.SuSTty. (b\ Do. Accum.—' “ IV, 

Friends' Pn.^ Unit Tr. MgroJj S3 J&8 » Sfe BKSS= g TH II l! 

warS'WmW .*^ 1 

Ew.-vccuas. — ---F* Norwich Union Insurance Group Ch) Ulster Banky tai 

G.T. Unit Managers Ltd.y p.o.Bo*4,N«»iA.NRiaNG. OBOB33a« ■WjrlngStreet.BeUa.rt. KM3531 

l6.F1nrt«ry Circus EC3M7DD MCJ GrwipTrt.Fd._p47 2 365B| +0.71 5.06 tbiL'UtcrUnMAh„ 137 2 399|+0-| 531 

gT <ap.ine jO| iSIloa 320 Pearl Trust Managers Ltd. (aXgXti Unit Trnst Account & Mgmt. Lid. 

it-""'R£a2 132J+L4 7.80 +f£2 HishUolbcrB. WC1V 7EB 01-4058M1 WHUarnSL El'4R 9AK 01 -KC 4051 


G.T. Unit Managers Ltd.y 

16. FI nrtHtry Circus ECSM TDD 

03 G.T. Cap. Inc 832 _ 

& fiT.lS.Vd. U^:' ^ 17Z|+^| 7i0 +S2 Hchltolbarn, WCXV7EB ^ ■«»*“ UtagwinimSLBCORMK 

cxKs.fccSt-.- 1£4 -H ;S 222 iSS J-2S 

i; T. Japan ft Geo.— JW.9 3*-2 -3- 1 AcndaUuUa )27.2 29J +001 4.94 wider Grth. Knd— p93 

♦GLPtSsBx-Fd- 134.1 1«7 .. . 4.00 pear l* 317 3« +03 6.70 Ilo Al . culn . |jfl 0 

144 CT lttfl Fund-— 173 8 1317 +1A +-“{ pearl LallT+t .1352 17.9 m +0.11 5«7 

g't* FourYdbFd 5M 56^ .—I 720 , Accma.'Units)__^ 6 493+oii s.w Wider Growth Fund 

- , , -V,,-. y arfe t Pelican .Units Admin. Ltd. isMasl Kins william SLEC4Ra.vR 

0- * “in ■_ g *_ r lOjWiSSn™ 8lF«UStalaKt,ai«rtheaier 061-2365885 Ineumu L-nils — --S95 

Peiicmtvmni ZSSl lW—4 5.« Accum.U» ta (M2 


«EC 35231 
399|+02| 531 


an* Friars 1U*. Fund— IJS2 0 
T-S! Wider Grth. fad.— [293 

jJj Ira. Accum- |M 0 

5-07 Wider Growth Fund 


Hr J » 


Clive Fixed Interest 

dive* Fi-. nd imprest Income 

(.GTiAL INDEX: Clow 15S+173 


IPCSUSA&SCS BASE miES^ 

t Property Growth 

T Vant.sUi:!*. i.Iu:tr«Titced 3 0 

, WJr •mil.-r lviir;ncc " r 'd Pr-'iv-rH- Ricul T.tbli . 





















*. 24 


FT SHARE 


financial Times • ••'■• 

" FtiOD, taepfcER^r<^ 

’» • * '■■■■ • '■ I i . • \*M Hk kJJSi— 


BONDS & KAILS— Cent. 


phone 061-624 0505 
extension 4547 

nn 

rrr""’f, ■ imaa^am n 


**BRITISH FUNDS 


. IKS 

&feh Low 


\t «H r<dd 

j _ | tat. ( Bed. 


IKS [ I Price \+ «r Div. 51 1WL 

Hith Low I Stock | £ I - Cross | Held 

S8 «&% Ire]aud%jW8l« 83%* 7» a 117! 

91 7<J Do3J 4 pr’5l-96 8l 9 »j 12.K 

?»5 265 Japan -ipc'IQ Ass- 365* — “ 

87 70 DoCpcWWS 71% 6 11H 

i*C 145 Pern A.'tf.Spc 155 3 1-J| 

„ 7rp 75p S.Oi.PiPC 1981),,... 75p 6*2 8-6' 

S99 S94% TtarinflpeHBl $M% 9 9.S 

[p'.ITl Dial rurinSsic 1384 — DM91 6% W.7I 

% 94[Uruguaj , 3 I 3)C % 3% 3.9( 

Ij.S. $ & DU prices exclude lav. $ premium 


83%* 

365* 

71*2 

155 


7ij 1175 
9 <j 12.85 

_ 6 U10 

3 1.95 

6% 8.67 

9 9.52 

P 2 10.70 
3% 3.90 


u Sborts”(IiVes up to Five Years) 


AMERICANS 


99% Off* lExch. 5pc "TH-Tatt 

■10% 101% Treasaiyll'^TaS- 
97 94% Treasmy^wTSS— 

97% 9% Electric ftoc IMS— 
104ft 100 lYea^ifrjpeTfflU 
96% 94% Electric 3£pc TS-79_. 
10% 97A TreamijWclSattt— 

!(»»» 071 TmumDU-in^ 


m 5* M sr «a sift m ** w**™ 

95% 9Z% Treasoiy 3%pc 77-80..- 93% +% 3.75 720 2%* 18| tetotatat.Corp.Sl.. 

90, 93% runrtinufP.^Tmt- 93% +% 5.W If? ® £««****»— 

110% 103A Exchequer I3pc I380S 104% 12.47 10.92 J2j; 22 BmdnCorg. 55_ 

106% 99K Treasury Il%pcl38!t+. 101 A * 1135 10.9o 2s% » BaAStad *B l-_- 

91% 88% TreasimS^clSTMl- 89% 3.93 8.12 11% temn p Fer^l®^ 

101% %** Treasuiy&ipc 1981S-. 96W 10.07 U.M m 8^ Btinsw^Corpiitt 

n-« Ml r m lWsi m V OQJ .r.(K k-. Ql 'm RiTrrrainwl nm u 


98"* 5.06 907 High Ln Stock 

28 ir, », MA 

445 8.00 60'; 60% AMF5%Cott.’K_ 

100*4 +%' 10.47 1052 31 22 Affin.Sl— 

96% t% 5.64 651 32 2H» Amenran Express. 

971, 9.23 10.60 3 5% U Anw. Medic. Ini— - 

98U +% 9.68 1059 15% %9p Asareolnc 

93% +2 3.75 720 2%> 18% tetotataLCorp.Sl. 

93%-% 5.60 3 74 19 a 11% Barnes (irp.JSj — 


I*-") |cir|Ss 


Croffl {cir((k% gfc 

80c | — I 2.6 8 ' 


101% 96% Treasuiy&ipc 1981S-. 

97-1 92% Esch8%pelffil 

10d% 941, Exdi.EHipc 1SS1 

0715 C.rti VWI 


96^ 1007 1LGB 13*2 857p Brunswick GjrpftK. 

93 A 884 10.95 65 41% Burroughs Corp. Si 

UK - £ f$S U.29 43 30% CKS50 !L. 

E6% ..." 3.48 8.04 Q2 ] t 28% CP.CS% 


17 80c - 2.6 B 

•S}? *3?= 3 11 
- tfitt 
2gi± S£ = 3Ji 

19b*d 90c — Zfi 48% 

3id -\ $228 — A0 
19-yjl -% tL«J — ?-2 ■ 
11% +% 40c — 1.9 V 

12% -% 70c - 3J “ 

■ 62 -1% SL00 _ 0.9 94 
47i B -% $2.40 - 2.9 46 
42% -% 5150 - 3J 171 
46% -% IJ — 22 258 
26 -5 52-20 - 4.8 51 
2O%«0 -h 94c — 2.6 U1 
912p -20 SLOO — i>2 73 
20% -h SL06 - 2.9 122 
13% -% 5100 - 4.1 51 

22% $2 — 5.0 157 

17^ -% $100 — 3^ 160 

. 53.15 - 3.8 63 

25 ...... SL32 — 3.0 152 

23% -% $1.40 — 3.4 187 
26% — *4 fl-90 - A0 zfi 

44%Bt 51.40 - 18 H 

31% -% SZ25 — 43 119 
• ■ 26% -% SL84 - 4.0 267. 

- 37% -% 53.20 - 4.8 191. 
12 -% 5U0 — 52 158 

Iffari SL00 - 3J 102 

31% -% SL20 - 2.1 153 
3713-% S3.20 — 4.8 320 
23«ad -% 52.50 - 6.0 475 . 
42%«t-% 52J0 - 2.9 70 


99% 91% rreastfapc^B^C- — 92'qffl -it 1-a lU.W 

86? Treasure 3pc ■83?. 84% 335 7.96 11 765p Chij-slerSe 4 

lS% 106% Treason l4pc^Si — 107 ft -% 12.99 1L35 21% 13% CtacerpM- 

96% 95> a Treas.VanaMe«5f4- 95% 10.43 1L4B 14 ',A 3 ,P Q? 1 it55 S 1 rs;-- 

96% 89% Treasury SAtpCffi!—- 91^ -* 8.99 10.81 X 143= DaCm. Pd B SI - 

100% 92% Exch.£Pjpcl332 92’:i -% 9.97 1L39 18% 12% Cojate-RSl 


96% 89% Treasury 8% pc "82 

100% 92% Drch.EPjpcliffl 

■94% 92% E\ch.9%pcl£«!A 

%!I 90% ELcch-Wipc 1953 

•85% 79% EiChJpcKJ 

114% 101% Treasury Upc 138W . . 


92*;a-% 9.97 1142 47% 29 [CoUInds.51 

iiAotI-% 9.60 ll.ZT 2c 15*z KQrt.niiwnsSia.- 


91Ato1-% 9.60 U.Z7 2c' 15% 
3.72 8.05 25% 17 


■it 1L73 1133 28 20% 


five to Fifteen Tears 


46', 20% 

52% 22 


Oil S3 

nZeD.55 — - 
r-HammerSa. 
iCrp.SQJ0 — 

irk 

°D— — 


100% 90% nyc3sun£U«nc'83 90%*il -. 1030 1149 20% l^ Esmark 

; _ _ E wA .’«pi- /Stt* <II5fd* E95 ..._. 1033 1126 jo 23% Exxon D. , 

S9% 80% Fimdin!;5‘aic'82W- 82%d 6.65 939 12% 670p Fircst one Tire B — 

■ %■>, 8t% Treasury 8ia>c'64-a6Jt. 83 m) 9.61 10.67 18% 11** FustCtocaco 

'■ST'a 77*4 Fundi nc6%pe 85C7??. • 79% 827 10.22 32% 20% Fluor Corp.S% 

•89% 81*4 lTrcafuiyT%pc ■©«??. 84%-% 9*> 10.98 41% 26% Ford Stator $2 

-.68% 60% TrensponapcTfraa— 62 %juI 4 77 8.60 25 1 4 16% CATS 

.75% Wi TreasinySw-S&W 66% 7.61 1005 29% GeaElMtSfc 

■H5% 101% Treasun- lipc ISOS- 103%«t 12.42 12.24 ;4l, 15% GffletteS! 

89% 77i, Treasury 8% ET? 90JJ— 79% 1836 1140 c& 23 Honeywell $130— 

106% 92ij Treasua U%pc 1591 9S>,ri 1222 1256 141, 750p HnttouEF. 


66% 7.61 10-15 vfit 2?% GouEleclSSs 42%* -% 5220 - 29 70 

103*4* 1242 1224 2^1 15% GOIrflen 24% +% S1J0 — 95 71% 


20% -% 


79% 1836 11M cs' 23 HoneyweflELSO— 


45*4* -2% 5190 - 24 H7 

14* -% 50.68 — 27 124 

221% 5U52 — 26 Ml 

50* -1 $3.00 — 3.4 212. 


113 98% Exch.E:%p.’32 | 101% | [1249 | 1234 976:, 735p LU-ltaemationalS 

- f>™r Fifteen Tears 28 13 Raiser AL5 1 ,* 

wver ruieen 2e4rs -32 20 stoiLitm.0ss73] 

WjH Ii52 £53 41% 26% MorgaBUPiUSSlS 

-SJa }1?? 17% 12 NDtlcmSinMlnc-SL 

Itft l a % 0wns-IU.S3.I25— 

^1|% 1235 12.70 14% Quaker Oats DSS5.. 

Jf-59 1260 2,., 15% Reliance 5025 

ftS 30*4 W* Rep.NA-.Corp.S&. 

12S 1^.59 17 j 4 21 RaxnordSS 

-^*5 _«B .J® 22*4 14% radutsn-MnllSl'* 

J 3 -!? 576p 295p SauifB. F.l5i 

:::::: is ii ^ sssnfczi: 
5§ ::::::! 98 » g MffiCfL 
Jfr-H II ff & asSuEH 
lu gs S? I" s sssggn- 
fts s-g « Sr±=n: 

H-S 13% 865 p TransamericaSl.- 

"u tom Md.TBCh.SUS_, 

78%* -% 1194 1224 ,« -17,. 


17% +% 25c 

932 p -10 90c 

27I4 -% SL60 
31 -U 5208' 

40% -% D 
15% ...7- 76c 
18% +% hSL06 
21 -% $1.04 
25% +% 15c 

2<rg-H £LM 

20* -% 90c 

543p ...... - 

26% h$L60 

17%* — *4 60c 

35 -% $112 
3Z*2 -% S1.B0 
25*3-% $200 
154x3 -1 1096 

£B1d -20 - 


0^182. 

33 - 

I1BI 

251 . 

3.1! 

2-8 95 

a *8 

2-P -7512 

B.g 

1-8 ® 

H 128 

H 27% 

4.4 « ‘ 
[65 |} 
Tc 69 


^o5 -P $200 - 55 7? 

34? -% $130 - 24 42 t 
33 -% 80c - 35 %' 

37* — % S2-00 _ 3JLj^2 


••!■•• ifr. 38% a% Utd.Tech.SUS5 — 37* -h. $200 - 3JL 

-% 1194 1224 ,4% 17-’. UiStedSl 22% -% $1-60 — 4.0 *g 

"il- S-23 1? Ul; Wool worths S3* j — 18%+? 5140 - 4.9 jg 


Sri -■»- ^ TBM 17 U% Wool worths 52* j 16% +% 5140 — 

38” ~b ,?■“ M 46 285j Xenix Corp. $1 45%*-% $200 — 

S2i 4 "'5* SI2 S-22 975p 385p Ionics luc. 10c 850p -50 7}* — 


Undated 

j^b 29 ^ ffurLosT^-pctt 30 % — ii Ml z I -CANADIANS • |S 

39*4 33* i.wrr.^arc^AiL 1033 — 162 10 A |SiLMontrealS2 — 16A +A $106 — 31 “ 

2S% 23% TreaBuy^icKAJt — 24% -% 12.49 - 16% 10* BtNoraScct—. 1SX4 96c - 29 33 

24% 19% C«cwls9aie 20*,* 1233 - 42% 30% BeflCSnadaSS — 41% +% M.2 - 4.7 300 

2, in 20.^12^2 -M% gSSjj " 1 LL- fflS = a g 

**iNTESNATIONAL SAME '$■ » gSf-f-- li s k« z M n 




Premium 49* 4 ? e based on U.S.SL830I per £ 190 
Conversion factor 0.6885 10.6866) • 33% 

- CANADIANS 1 

EStl MaWJzIHJ 


14% ?S5p CanJadficS5 


12% -%" SliO - 45 71 
D%* +A SL44 -3 1 3? 


| 821,1st, 1 85 | 15.861 Ml Sft BSjftgSi™; 

**COSPORATION LOANS . «Dp 3^|n»tosiiCM. 


Hnllmger 


-98% 94 Binn'ham%pc a 793I.. 

•94% 90 BrisloiTi*cTMI 

107 100^4 (j.LC.12%pc1£ 

112 103*4 Do. !3iPC 1983 


95*- +% 965 1089 16 11% Hudson's Bay |L — 

90S IS 1105 32% 247- HwLB.OflG.S2';._ 

1W% :::::: 1234 SW 14*4 n% linperiaiwil 

105*4 1237 1221 15% W5p b»o--— 

91% 10.12 1169 Wp Map faLNiLGasSl — 

91% 5.75- 1032 10*s 

9E% 5.S2 9.75 28'i 21% Pacdk.rcLSl 


iflji '97c Z 55-73 

31% +% 4% — 127 MS 

19% +% $114 - 27 220 

630p +30 40c — 3.0 72 

24% +h S206 - 4.0 • 97 

16 +11 69c — 20 |8 

31% +C $160 — 24 26 

13% -% 86.4c — 29 79 

13*4 80c — 27 26 

780p +10 80c - 4.8 .25 

910p +20 22 

26% +% 9Lbc - 16 35 


-<W!, 97% (j-.-e!rmi5%rc *!B-7B"J! 9E% 5!S2 9.79 28% 21% Pacifk.PcUl • 26% +% 916c — 16 « 

302*2 90% Do.ftpcWS4 . 94^ 10 45 1132 74p 5fc> «ace*^*Sl ™P, ^ ~ r, J 

# f & ± Js as »l M M = H # 

; 97? w 4 LCC6S-75^ ZZI 95% 6.29 1016 H-l 955p Tor.DtmtBk.Sl_ 14,5 ,80c - 0.0 30 

,92% bS Do 5^T?-8I_ 86* 639 10.67 11% 880p fltaiis Can Pipe — 11*4 103c — 43 

.87*2 76% Do5%pc'82« 7a*>* +% 6.95 10.20 sjg. Ust Premium 49V* (based on *2-0475 per © g? 

.69 65% Do5%pcB&8< 69* 7.9a 10 99 ^ 

;l I ifeiSaE i :::::: 41 » . BANKS AND HESE PURCHASE | 

;9% 95% Newcastle Oi-pcTBai. % 9.64 1127 n I l-t- «H Div I TM ^ 

(106% 101% Warwick 12%%1S80_ 102% 1222 1134 High Low) Stack Price 1 - Net |Cir Gt% P/E oif 

300 186 ANZM1 295* -2. tQUBc — 2.71 — ^ 

■ COMMONWEALTH & AFRICAN MANS gs Iw, SifSSVfiS ISo ± w* Is 8 Tj ™ 

ignsttl W-IBI (BS B SBSSE 5 : B -r W : 8 : I 

I R?f, B^nrTiur 1 I 891, 6 52 10 58 165 155 AitmUmc* L£l„ 158 19-25 — 8.9 — Ji® 


102% 90% Daftpc-ato; . 94 1045 1132 74p 50p Racc'.asSL 

2 % 25% Do3*’«:lrred. _ 26% 429 — 24 15 RwAlKfn.. 

W Lon.cSrp.®;pc95-78- 99 ,i -% 6.54 10.04 24ft 14ft Royal BLCai 

: 99^ 91 Do.9%pcW® 94 10.04 1031 20ft B% 

.97*4 94% LC.C.6pcT6-79 .95% 6.29 1016 14-i %5p Tor. Dorn Bk 

,92% 85% DoSa» 77-31 86 639 10.67 11% 880p|HracsLaa P 

.87*2 7Ws Do5%pc-82« 7 &>j* +% 6.95 10.20 SJE. Ust Premium 

.69 65^ DaS3*8687 69* 7.5b 10.99 

78 63 DoSWpcRMO 68* 9.S3 1166 _ , 

.20j 22% Do.3pcrM.*n Z3% 1286 - RANK55 AN] 

,93% 91 &Dddx.5%pcl98Q 91% 5.74 

;9 **% 95% Newcastle 9*-pc 78® _ 96 9.64 1127 I 

jl06% 101% Wanrickl2%%1980^. 102% 1222 1154 High Lew Stack 


000% 95% **Aud.5*2ppT5-781_.. 

: 95% 92% ‘*Do.5%pc77® 

.88% 82% **Do5i2pc8L-a:: 

*99% 96*4 -N24pc 1816-78 

■96% 92% "DaOpcTMO 

■87% 81% "Do 7W , E38S 

95% 91 9kAInra9%pc7Wn. 
70 52 Sth. Rhod.2*2pc 1570 . 

96 81 DaGpc*r88i 


85% 1 652 1038 165 055 Artmthnc*L£l„ 158 .. r .. 

f7%ai I 4.10 931 £20%[£13% Bank .Mner. $1365 J £19 % -% | 


• LOANS 

Public Board and Ind. 


6.49 10.88 383 315 Bk. Ireland £1 — 378 15.00 

8.89 10.43 £176% £137 DalOpeCmv— £176 — Q10% 

10.09 1160 1 21 15 BtLeumi IE1 — 18 <316% 

— 170 160 BtLeumi iUK£l 160 736 

_ _ 572 380 BtN5.W.S.M_ 562* WSk 

315 255 Bank Scotland £1 280 ...... 10.89 

£32% £21% Bankers N.YU0. £29* 4 -% «3.00 
358 296 Barclays O 325 -3 03.08 


25 - 8.9 ~ 118 
k- — 2.8 — .178 
00 - 6.0—136 
7% — Q3 — 75. 
5% - 2.9 — |0 
k 15 7.0 143 VP- 
Hk - 33-123 
89 35 5.9 72 *34 
.00 - 55 - J? 


’641; 58 
90*; 80 


lAstic. Sit 5pc "5M9 — 
AfcanW**3«!*®« — 


3 38 Z9b Barclays □ 

j jr—J • 230 200 BromSinpifyD — 

» JKL 312 265 Cater F.vder£1 - 

60*1 I 839 I 1140 82 67 CliieDi5 , irt20p- 

L “ri ... 12B8 1330 *230 171’ Coral Aui tSAlt. 


romSMpkyEL- 

^terF;raerD_ 


EL_ 225* ..-..[927 


Z 1933 - fa-oa 


90*; 80% Alran 81*,* . 12.38 1330 *230 171 " Coral AuitSAi*. ilc wi 

33%' zfc SVwtfWZZ 36*4 Zmia ni? gf* ^kDMink G7* 4 -% g; 

139 107 U5M.C9pcl98Z_ 156* -1 6.62 _ *38% £15 'Thin-WAiJlCIO £18 ...... Ql 

■95% 88 Do. mthout Warrants.. 89* 1011 2Z50 J5 U urnUiran 10g^ 20 -1 0 

Knmmal £22% £13% Cred France F75 £21% Q9i 

f'lnanoai ,7! 32 nwts^.R., 41 +1 - 

107%|102 l-'Fin tloc'81 ] 103 |....m«l 11162 £123 £90 DacsciwBankDiEO 017*; -1 Q1 


- 80* 4.78. - ?.■ 


36*4 10.18 1159 *£19|£12%jC(wi'rbfcDMiC»_ £17* 4 -% 

156* -1 6 62 _ £ia%|05 kliaiHbtKrlS) £18 ...... 


Q16c 26 
018% - 


107% 102 "FFI tlac-?! 

110 102 Do. Hue'S 

114% 102 % Do.l4pc"83 

.85 79% ICPCSaicDeb.'RM:.. 

81% 73*S Do.S c pcJ)U.i81-W.._ 
.99 89% Do HJiax’UnsLn'Sfl- 

■99*4 90% DaIlpcUniLri88._ 
101% 90*; Do. ll*pc IJnsXn. "90 _ 


63 +3 Z00 4 4.8 4> 


5J - ™ 

1" z # 
2-0 - JS 


104 13.82 13.00 83 58 F. C. Finance— 63 +3 2.00 

105* 13.28 12.63 3% 1% Firs NaLlOp— 2% +% — 

82% -*-% 6.77 13.00 1 % Do. Writs. 7^83. %. — — 

771;+% 8.14 11.40 12% ld*4 Fraser .Ans.l0p_ 11 0.03 

92 12.05 13.00 196 157 «ierardNalnL.. 183 +1 BJ7 

91% 12.71 13.40 50 37 'iihbs lAL 45 -1 2L20 

93* 4 ,% 1332 13.70 255 195 GilIettBns.£l_ 225 15JJ 


71% 62% Do.TiipcADeh.’SMSL. 63%* 1142 12.90 29 19 Goode Dl Mry^p 24 

71% 62 Da 7%pc.i Dh. 'Sl-ftt 6o* 2 1159 12 80 120 96 Cnndlas 106 

W% 73*4 DaOw.VSl-M 75*; 1231 13.00 260 185 Guinness Peai-_ 245 

81% 70% DoB^pcLn. 'S2 P7 73% 12.66 D20 217 158 Harabros 188 

100 81 Kill Samuel 86 


120 - 7.« — 

1518 -|l0i- 
013 — 03 — 


_ 53*: 
__ 105 
_ 325 
_ 93 

_ 101 
_ 81 


96 CnndHoa 106 +1 275 72 3.9 Z.\ 

85 KuinnessPeai— 245 tlO.O — 62 — 


' FOREIGN BOOTS & BAILS 


58 Harabros 188 -2 W52 — I J-fl — L Vr 

81 Kill Same* 86 +2 4.90 — I 9.(M — f ?5 

n [u an I I _ w* 


■ 1978 
High Lew 


Price I + crl Div. 1 Sed. 
£ - Gross Field 


600 412 Do. Warrants __ 412 ..... 
314 203 Hun;ShngS150. 314 .... 
69 52 Jesset Toynbee- 64* +2 
190 160 Joseph CLeo i £l_ 190 .... 


«.oi z \bA u m 


20% 17 Antofagasta RJy_ 20% +1% 

34% 33 Do.apcPret 34%* +1% 

93 98 Chilean Mixed 98 

415 350 German Yog 4%pc. 405* 

' 54 46 Greek'ipcAss. 54 

51 46 Do6pc28Stot, A&_ 51 

44 40 Do4pc Mixed As?.. 43 

55 42 Hunc 7!< ,\ss 55 

,77. b5 (Ireland <B jpe 8388 65* 


W J IWUII I LiCV ILL— IOC 

52 37 KeyserDllmann. 50 -1 0.66 — 20 — 

74 58 hjncA;Shax20p. 62 -1 339 — 83 — ^ 

114 92 fOanwortBJ — 99 +1 412 - b 3 — » 

297 242 Uoydsll 268 -2 909 55 51 5.4 ^ 

50i 2 42 Hanson Fin. 20p. 44 ...... t279 15 9.610.9^3 

134 106 Mercury Secs — UO +1 319 - 4.7 — 

•390 330 ttidlaiid£l — _ 358 , -2 K75 4J 62 5.6 

£92 £78*2 Do.H ; %8M3_ £83* +1 QTb^g-l - tab 

£95*4 £32% Do 1DV-.S338_ £86% OKU 211 e^i — *3? 

b4*, 56 Minster Assets^ 57 355 25[ 9.4| 6 5 » 


FINANCIAL TIMES 


BRACKEN HOUSE. 10. CANNON STREET. LONDON EC4P 4JBY 
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For Share Index and Business News Summary in London. Birmingham, 

Liverpool and Manchester, Teh 240 8026 
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Copies obtainable from newsagents and bookstalls worldwide or on regular subscription from 
Subscription Department Financial Times, London 


1^' ' 




Sr.- 














































































































































t!51 1615.2 
?■*&'< 0.9 ± 

3 75 4 4 112 

tQliOc 4 | 

h4.51 5.4 5.1 


... Mii.V 
... 0125 
5 tt)95c 
... tvs./jc 
.... 6.5 
. tOSOe 
1 *199 
1 b4.B 
5 IW77 Sc 

L s? 

.... ZQlOc 

.... d 5 

... $tir< 

.... ZQSBi 


MO' J 70 |2«nrafl93f — | 89 |-2 JWOcJ 1.9] 


9 FainiaiLTiislTt’p IS — — — 

220 Ociw V.uich. 10c.. . 225 iQ30e 26 % 

245 NonbgjieCSl . .. 455 -10 — — — 

164 RTZ. 22A -2 9.5 2.8 6 4 


133 * 4.7 

Q7c 2.9 1.3 


L'niess Mbeniuc Indicated, prices and net dividends arc in 
peiKC an! a.eDOmi nations are Sp Estimated pricefcarnlxiss 
ratios and r <n ere are baaed on latest annual reports and acramis 
=nd. where possible, are updated on half-yeart* Ciwt*. P/P.i am 
calculated on (be basis of net distribution; bracketed figure* 
■1 Indicate 10 per cent, or mote difference if calculated on ■nil'* 
.7 distribution. Oners arc board on ‘•nutriment" dissribnlnm- 
J Yields arc liased on middle prices, are (trow, adjusted lo ACT of 
1 34 per cent, and allot* lor value of declared dkatribatUma and 

3 rich is. Securities wlib denomination.-; other than Oerilnj* are 
qunied iadnslve of I he investment dollar premium. 

? 4 Sterling denorniaalwl securities which Include investment 
f dollar prcmmtn. 

± • ■Top" Slock. 

« • Highs and Lows marked thus have been adjusted to sOlour 
7 lur rights issues for cash. 

5 t Interim since- incres»u4 or resumed , - 

4 t interim none reduced. passed or deferred. 

6 tt Tat free to no: t resident on application. 

0 6 Figure;; or report awaited. 

. tt Vnllstud .-wurity. , 

a I-nie w umo «>1 suspen'iim. 

•f Indicated dlcidcort after pendinC «np jirdUr rights issuer 
cuter relates t.i previous dividend ur forecast. 

— tree of Stamp fluty. 

rni i n I Mcnrer bid nr reorganisation in praams, 
jl q. t ?■•■' computable. 

Z It • Same iiuerim. reduced final amtur reduced earnings 
3 71 £6 indicated 

3.6110 9 { Funxait (liculeml; cuicr on earnings updated by latest 
3 5 P.5 inu-nm -Uatument 

6.8l 4 3; '■'•■cr ullo« c fur eenverrinn of shares net non - ranking for 
2.71 6.6 dindendj or ranking only for restricted tnudend. 

4.9 61 * '’orer doc. not allow lor shares which nuiy also rank for 
Vi }0. D dividend ai a luiiuv date. No P.t ratio usually provided. 
**■ q'c ¥ ELeeludinR a final dividend declaration. 

. 7 c'.j -r flcdonal price. 

■' “ ll *.o par value 

a Tax free, b Ficrnre* based on prospectus or oilier official 
estimate. e Cents, d Doldend rale paid or payable on part 
of capital: cover based on dividend on lull capital. 
i> Rv-dempljon yield. I Flat yield. 5 Assumed dividend 3nd 
yield, b Assumed dmdend and yield .liter scrip issue. 

Poyrnonf Iroin v.ipiUl sources, k Kenya in Inienm higher 
khan previous tobil. n Rights b&uc pcndlnz q learnings 
hosed on preliminary figure* r Australian currency. 
U Dividend nnd yield occlude a apeei.il payment 1 Indicated 
IviriviKl; cover relates lo previous dmdend. P.'E ralio based 
on latest annual earnings, u Forecast dividend- cover based 
:i preiiou-v year s earning* v Tat tree up in 3flp m the — 
« Yield allows fur eummey cltiubv* y Dividend and yield 
fused on mentor terras, r Dividend and jield inefuile a 
.pecud pai mem- Cover does not apply «■> special payment. 
,\ Net dividend and yield. B Preference dividend passed or 
deferred. C Canadian. D Cover and Pit ratioutclilde profits 
or V K. aerospace subsidiaries. E Issue price. F Divide rid 
atid yield based on prcnpecius nr uthcr offieiaf estimates for 
1 177-73. G .Ysrunwil dividend and yield after pending scrip 
jiiiI or rights W n Divideud und Mcid based on 
pr.'- ivrla, ur other official estimates for 197P-TT. K Figures 
based i>ri piropuctus or other olllviat estimates lor I XU. 
M Dividend and yield based on prospectus ar other official 
c.-timatesfor 197B N Do. idi-nd and yield b.L-ed on pro* pectn* 
ur oilier offivial eslima/os for 1979 F f>.i idend and field 
h.i.-rt on prin-vuctiii or vAher oltteial t-aimaic: lor 1377. 

1) (Jnw T Figur-.'s .lu unied. l : Yo significant L'orporaiiois 
iT.Tt payable. 71 Lir.irtvnvt intal M datw. Vt Yield based •'■n 
■vsuniDUon Treasury Uiif Hale sf ays unchanged until maturity 
oi genii. 

bi>re\i:iti«n*- me* divnleiul. aex senp issue; v ex rights: amt 
■ill: d ex Vilpiial dibtrihgitiun. 


Recent Issues '* and “ Rights " Page 23 


This sen ice is available 10 every Company dealt in on 
Stock Exchanges throughout the l aited Kingdom for a 
fee of £400 per annum for each security 


REGIONAL MARKETS 

The following is a selection of London quota! ions of shares 
previoufily listed only in regional markets. Prices of Irtslt 
issue.'-., most of which Ore not ofiicinlly listed in London, 
are as, quoted on Hits Irish e^chanu'e , , 

„ . „ . ..Slicff.Rclr.shmt. 52 | !• 

Albany int-.cupj 2> J ] SindaIitWm.)_.| 90 | | 


.Ail/ bpjjiEJfifi.,. 45 
E-srtan- 22 

sssissa =3 

t■r.lig^tTit■ioll 445 nl 
rqWMR.l/.i. 37 
liliisfMcHdy. 62 

I.'* iTf'li lfi 

({lie I 1.4l S 2 ;.'|fe rente 50 

1-inl.iy Pk^.rip.. 23 
ilraixh'lilp Cf. . 154 
Hii-unsFfivvv.. SO 
I i.i.M Mrn £1 .. 150 
I lull i.lo:. '25p 2b5 

•C'lhn ikildvmltli 54 
!V.iru:if ((.).. 165 
Iwl.Mill . . 2C 

.Sli'.-fftBld Unci: 45 


l>nv. 3*0 'SOrffil £91l ; 

.tilianctfdjv . . 73 

Arpoti 345m 

t'arrwll •!’ J.i .. . 90m 

i.'ICmilalkin .. _. 97 

i uncretv Pnvis 130 
Helton iHidgs > 44 

In*. 0>rp .... 14S 
Irish Ror-w.. .. 130 

J.iiT-l. 65 

Sunbeam . . 30 

T Mil 170 

Uoidiire....... ... 90 


OPTIONS 
3-montli Cali Rates 


Industrial* 

A. Brew — .» 6>2 
A.P. Cement. « Iff 
HSIS.. 9 

y,'i bcuc k_^ — 11 
Barclays RanS M 
yceehiim.—— 35 
Buettf Dnii; — 15 

Bowuters lo 

a..tr..... m 

unn?h ib.vu.-n 6 

Brown iJ.l 20 

KiiRim'.V 12 

■ jiJI-OC’a 5 
FiHirUiUid* .. 10 
Dehenltatns.. S 

DiMillers 15 

Dunlop 7 

Eagle Star. ... 22 
K.M I • • J4 
■‘.eri. V.v'ilonl 17 
i.i.'i Eluctnc,. J3 
.,1. I 40 

lira tv! 9 

<: U.h.'A — 20 

iliiurdi.in 18 

i . K.M .- 22 

flaK'ker.SiiW.. F0 
I SuUscuf Fraser. 12 


7.C.I. 20 

"Imps'' 6 

I.C.L 20 

!mvresk._ B 

KC.A 3 

Ladbroke 17 

IxifialocGcn... 14 
LdcScn - ice.._ 7 
LJuydsBnnl;... 22 

■ Lofs" 4 

London Srick. 5 

Lonrho .5 

Lucas Indx.... 25 

f t oils l J. > 10 

"Mjtib." 7 

Mrkx. & SpiRT M 
Midland Bank 25 

Ntl 12 

.Vat Wed. Bonk.. 22 
Tfv. tiarranu.- 10 

PAODM 8 

Ple-wjy 8 

R.H.M 5 

Rank ore. A .. 18 

Kevdintnl 12 

Spillcrs ...... . 3 

Town 4 

Thorn 22 

Trust Houses-. 15 


Tubelnvesl .. 
Untie' er... 

Uld. Drapery- 

Viykers...-,..^ 
Woo! worths .... 

Property 
Brit. Land.. . 
Cjo. Counties. 

EP. 

Inuvuropean 
Uind Sees...... 

i MEVC. 

Pcpchey 

.Samuel Prtps.. 
Town & City.... 


Bril PelrnTeurn 
Fiurniah Oil ... 
■’harierhall... 

I Shell 

Oiiraraar.. 


CJiartcrCons.. 
(Ws Gold.*.. 
rtioT.Zinc—.. 



A selectiun >‘f Oplinns traded i* gnen t»n the 
- London Slu>.k Ey.chaniie Rcjiurl page 
























































































































































26 


Cruising means 





FINANCIALTIMES 


Saturday June 17 1978 


1ICVPJEPE 

. The Spanish, name for 

SHERRY 



arclays trust deal 
prompts probe 


BY LYNTON McLAIN 

RADICAL innovation is not 
normally expected in Britain's 
Slate-owned industries, least of 
all from a chief executive who 
has spent half a century in the 
same business and has only a 
year to 30 before retirement. 

Vet last Wednesday Mr. Ross 
Stuinton. chief executive and 
deputy chairman of British 
Airways, with nearly 45 jears in 
the airline business, blew the 
corporate whistle for a new. 
a L-ro« th e-board era of low price 
aviation. 

In so doing, the likeable Mr. 
Stainton has pre-empted all other 
major airlines in setting the 
parameters few will be able to 
escape from when the low price 
era really gets airborne early 
next year. 

That the others will take off 
and follow Mr. Siam ton's care- 
fully planned course for future 
survival is beyond doubt. There 
may be variations on the Stain- 
ton theme of three distinct 
classes of airline passenger: first 
club nr economy and discount, 
but the changes in the mix of 
passengers since the start of 
t ran*' -Allan tic jet travel leave 
no room for airlines that du nut 
react rapidly. 

In the 1950s. 30-41) per cent of 
all Atlantic air travel was done 
by businessmen. This fell by 
halF in the early 1960s, when the 


BY JOHN BRENNAN 
INSTITUTIONAL opposition to 

Barclays Bank's planned £92.6ra 
takeuver of the Investment Trust 
Corporation resulted yesterday 
in the launching of a special in- 
vestigation by the Investment 
Protection Committee or the 
National Association of Pension 
Funds. 

Barwlays Merchant Bank, 
advising its Parent on the invest- 
ment trust deal, is “ puzzled " by 
the call for uu investigation. 

The move raises a question 
over the bank's claim that its 
institutional shareholders are 
content with its proposals, 
announced earlier this week, for 
a share acquisition of the trust 
and an immediate resale for 
£S5m cash to the Post Office 
Pension Fund. 

Mr. Georg 1 ? Dennis of the Post 


Office fund, who declined to dis- 
cuss the matter yesterday, is the 
current chairman of the Pension 
Funds' Investment Protection 
Committee. 

Mr. Graham Tilford of the 
British Petroleum fund has been 
appointed to chair the investiga- 
tion. 

The National Coal Board's pen- 
sion fund is among the Barclays' 
shareholders unhappy about the 
investment trust deal. 

Benefit 

The fund is concerned that 
it is ITC rather than Barclays' 
shareholders who benefit from 
the three-way deal. 

It feels that the £85m cash 
injection might have been 
achieved more equitably by a 
direct call on the bank's share- 
holders. 


Barclays believes that most of 
its institutional shareholders are 
satisfied with the proposals. It 
argues that the stability of the 
bank's share price after the an* 
nouncement and the ease with 
which the new shares were 
underwritten confirm the weight 
of City backing. 

The Bunk expects that details 
of the deal will be circulated to 
lTC’s shareholders nest Tuesday, 
and to- its own . 150,000 share- 
holders by the end of the week. 

Solid opposition to the move 
may be voiced at the extraordi- 
nary general meeting which the 
Bank has decided to convene, 
although its Articles of Associa- 
tion and the Stock "Exchange 's 
rules do not call for a share- 
holders' vote on a takeover of 
this kind. 


Cabinet decision allows 
foreign banks into Spain 



BT ROBERT GRAHAM 

THE SPANISH Cabinet to-day 
approved a long-awaited decree 
authorising the establishment of 
foreign hanks in the country. 

The terms arc deliberately 
restrictive and. of more than 60 
foreign banks that have expressed 
interest in establishing them- 
selves in Spain, no more than 15 
are expected to accept the condi- 
tions initially. 

Two of these are likely to be 
British — Barclays and National 
Westminster Lloyds is already 
represented through its Bank of 
London and South America sub- 
sidiary, Bo Isa 

The authorities have been 
studying the decree for several 
months, while proposals (or 
admitting foreign banks have 
been in the air for more than 
two years 

The go-ahead marks an impor- 
tant stage in the liberalisation of 
the banking system, which, since 
last July, lias slowly been seek- 


ing to align itself more with the 
rest of Europe. 

Conservative elements within 
the banking system, who still 
hold significant weight fought 
a strong rear-guard action to 
limit the impact of the presence 
of foreign banks. 

This has helped to delay the 
decree and has been a prime 
reason behind the restrictive 
nature of the operational con- 
ditions. 

The decree stipulates that 
foreign banks may opt for a re- 
presentative office (already per- 
mitted), the establishment of a 
Spanish-registered subsidiary, or 
branch operations. 

For subsidiaries, foreign banks 
will have to pay Pta 1.5bn 
(flOm) to cover capital and re- 
serve requirements. 

Branches will have to pay 
Pta 750m (£5m) — charges con- 
sidered high by European stan- 
dards. 

However, the cost of estabiish- 


M AD RID. June 16. 

ing a subsidiary has been geared 
to be equal to the minimum re- 
quirement for the formation of 
a new Spanish bank. 

Foreign banks opting for 
either subsidiaries or branch 
operations (limited to a total or 
three) will be allowed to buy 
pesetas freely on the inter-bank 
market. 

But their peseta activity will 
be restricted to 40 per cent of 
the combined value of local 
loans, securities and the share of 
deposits they are obliged to place 
with the Bank of Spain. 

However, the limitation is pro- 
bably notional because of the 
difficulty foreign banks will have 
in attracting substantial deposits. 

Foreign banks will be entitled 
to remit profits in accordance 
with the laws regarding foreign 
investment 

But they will be obliged to 
observe the 6 per cent limitation 
that applies to Spanish banks 
dividends. 


Ross Stainlun 

No trn tv 0 / eunxercatixm after 
4 4 nears in the industry. 

15-20 per cent of seals taken by 
first class passengers had fallen 
to 10 per cent. Now only 5 per 
cent of all air passengers travel 
first class. 

The business sector has 
become seriously diluted by pas- 
sengers like the lady in 
Australia who said she would 
travel to London on a kitchen 
chair if she saved $100. 

Other factors have contributed 
to British Airways' decision. Air- 1 
lines across the Atlantic have fori 
many years been barely covering I 
their cosls. Many flights have I 
been possible only through sub- ! 
sidie.s from other routes. This! 
constant drain is no longer; 
acceptable. Mr. Staintnn has 
recognised, with the help of a 
strong team and u much-boosted 
morale in the former British 
European Airways and ROAM 
operations of BA. that each fare 
class must now pay its way on 
nil routes. The structure he now 
envisages should do this. F.ut 
the important proviso is that 

business passengers who want to 
he certain of getting their scats, 
must now pay for the privilege. 

All these radical changes have 
been steered by Mr. Stainton 
through an airline where fare 
structures, up tn now, have been 
hardly distinguishable from any 
orber airline: such has been the 
power of JATA. 

Mr. Stain ion started his career 
with Imperial Airways in 1933. 
but in this case long service does 
not appear to have had con- 
servatism. The tensions and 
excitements of airline operation, 
he says, rule out any tendency 
to personal inertia. He took on his 
present job as chief executive 
ar.d deputy chairman at thp end 
of last year after the decision 
when BA chairman Sir Frank 
McFadzean decided after a heart 
attack to resume his duties only 
part time. The new responxibill- 
lie 1 -; pushed Ross Stainton into 
what he describes os “high 
gear." 

His training for this went back 
in Imperial Airways, operating 
in first days as a traffic trainee 
at Croydon Airport. “Nobody has. 
ever had a more commercially i 
aggressive policy than the staff of 
Imperial." he said. Airline 
economies, ho added, were all a 
question or minimising waste and 
immediately passing the benefit 
to the customer. 

"Whether his opposite numbers 
at the Forthcoming LATA con- 
ference in Montreal agree re- 
mains to be seen. But they should 
take heed from Mr. Stain ton’s 
approach to these meetings. At 
an lATA meeting in Bermuda 11 
years ago, scheduled to start at 
9.00 a.hi.. Ross Stainton took 
what he describes as his “medi- 
cine." -a round of golf. It was 
hardly light when he went on 
the course at 5.50 a.m. On the 
third hole. “I was so sleepv 1 
kept my head down and took a 
swing at the ball." It was 
obviously an approach to the 
game that worked. He sunk the 
ball in a single shot. Hmv many 
airlines will follow his “head’s 
down" approach to airline 
economics we will know bv 
July I. 


strike 
after 
pay offer 

By Pauline Clark 

A STRIKE PLANNED by elec- 
tricians in up to 100 hospitals 
throughout the country from 
Monday was postponed last night 
after a new pay offer from the 
Government was accepted as 
“a basis for negotiation." 

The executive council of the 
Electrical and Plumbing Trades 
Union, representing about 5.500 
electricians in the Health Service 
wtii decide on Monday whether 
to call of us well a proposed pro- 
gramme of other industrial 
action, including overtime bans, 
in hospitals. 

After a day of urgent talks 
ending with a two-hour meeting 
last night between Mr. Albert 
Booth, Secretary for Employ- 
ment: Mr. David Ennals, Secre- 
tary - for Social Services; and Mr. 
Peter Adams, the union's 
national officer for the Health 
Service, the electricians were 
offered a productivity plan 
designed to restore parity with 
electricians in the private con- 
tracting industry. 

Mr. Ennais said last night that 
a revised offer had been put to 
the union which he believed 
would improve the pay of Health 
Service electricians hy bringing 
alt nr most of them into the 
Health Service productivity' 
scheme, which is within the pay 
guidelines. 

At present it is believed that 
only about a. third of the elec- 
tricians benefit from such 
schemes. The revised offer would 
be expected to speed the pro- 
gramme. 

Mr. Ennals added that if a 
settlement could not be reached 
nn the basis of yesterday's pro- 
posals the Government would 
consider with the union whether 
a third party might usefully be 
brought in as either a mediator 
or a conciliator. 

Both sides were hopeful that 
.1 satisfactory settlement would 
be reached eventually without, 
further resort to a call for a 
strike. 


Autumn target set 
for British Steel’s 
worker-directors 


BY CHRISTIAN TYLER, LABOUR EDITOR 


SIX rank-and-file trade unionists 
could be on the board of the 
British Steel Corporation by the 
autumn, possibly before a gen- 
eral election is called. 

Mr. Eric Varley, Industry 
Secretary, is pushing ahead with 
a plan to give about a third of 
the seats on an enlarged board 
to the unions, and has called for 
nominations by early next 
month. 

The unions have agreed how 
thtf seats are to be divided. Two 
would go to the Iron and Steel 
Trades Confedei»tion. and one 
each to the National Craftsmen's 
Co-ordinating Committee (repre- 
senting all craft unions), the 
National Union of Blastfurnace- 
men, the General and Municipal 
Workers’ Union and the Trans- 
port and General Workers’ 
Union. 

Union leaders are seeking a 
seventh seat, to ensure a full 


third of the places since the 
board — with ten members at 
present — can, without a change 
in the 1967 Act, go up to 21 
seats. They have agreed that the 
seventh place would also go to 
the Confederation. 

The representatives will be 
lay union members, but it has 
not been decided whether men 
with negotiating duties will be 
disqualified. The non-TUC man- 
agement union, SIMA, has not 
been included. 

BSC already has 17 worker- 
directors on divisional manage- 
ment boards, nominated by the 
TUC sieei committee, but the 
Varley plan goes much further. 

It also differs from the work- 
er-director experiment in the 
Post Office, which started this 
year, in that the Post Office 
Lfoion representatives are not 
from the shop floor. 


International bank loan 
minimum margin down 


BY FRANCIS GH1U5 

THE MINIMUM margin on 
medium-term international bank 
loans has moved down again 
after several months of stability. 

The French Caisse Nationale 
de Telecommunications is rais- 
ing $300m at a margin of i per 
cent over inter-bank rates com- 
pared with the l per cent at 
whicb the banks bad succeeded in 
holding the minimum spread, 
though they 'had given ground to 
borrowers in other ways. 

The loan has a maturity of 10 
years with seven years’ grace 
before repayments start The 
spread of i per cent is payable 
for the first five years rising to 
* per cent for the remainder. 

The loan, which carries a 


sovereign guarantee is jointly 
led hy Bankers Trust Inter- 
national and Societe Generate. 

The management group in- 
cludes Algemene Bank Neder- 
land. Deutsche Bank. Banque 
Europeenne de Credit, London 
and Continental Bankers, Fuji 
International Finance, West- 
deulsche Landesbank, and Union 
Bank of Switzerland. 

The SlOOrn seven-year loan on 
a split spread of per cent 
which Gaz de France arranged 
last February cannot be con- 
sidered in the same category as 
a medium-term loan because it 
was raised as backup for com- 
mercial paper and stands tittle 
chance of being used. 


Tailing to be extradited 



BY MARGARET REID 

MR.' RICHARD TABLING, a 
former business colleague of Mr. 
-lint Slater, the financier, is to be 
extradited to Singapore later 
this month to face five charges 
under the company law there. 

This is because Mr. Merlyn 
Rees, Home Secretary, has 
decided, as the Home Office con- 
firmed last night not to exercise 
his discretion to prevent the exl 
tradition, though an appeal had 
been made to him on Mr. 
Tarling's behalf. 

Mr, Rees’ decision marks the 
latest stage in a lengthy legal 
battle since extradition proceed- 
ings were brought by the Singa- 


pore Government at tfie begin* 
rung of last year. 

It is expected that Mr. Turling, 
43, one-time chairman of tbe 
Singapore company Haw Par 
Brothers International, which 
was formerly an associate of 
Slater Walker Securities, will be 
given a time and a flight to 
Singapore on or about June 26, 
when the extradition warrant is 
expected to be executed by the 
British police. 

Mr. Tonv Leifer. of D. J. 
Freeman. Mr. Tarling's solicitors, 
said last night: “W« are 
extremely disappointed and sur- 
prised at the decision, in the 
light of the fact that the 


charges in respect of which the 
extradition is ordered are not 
custodial” — that is. cannot 
attract prison sentences — “in 
this country." 

The charges relate to whether 
the accounts of Haw Par showed 
a true and fair view for 1972 
and 1973- 

The Singapore Government 
originally brought charges in 
connection with the affairs of 
Haw Par against Mr. Tariing and 
Mr. Slater, chairman until 
October 1974 of Slater Walker 
Securities. 

Mr. Slater was cleared by the 
Chief Metropolitan Magistrate of 
all six charges against lum. 


To 

75 

m 

— 

— 

— 

— 




















■ * 

A . 

A 




IW 

* 1 








t 



*5 



70 

1 s 

■ F.T. Governmer 
I Securities Inde 

l Jl I 

V- 

it: “ 

■x.1 

1978 

[ JAB FEB WAR APR MAT JIM’ j | 


THE LEX COLUMN 



*1 


Gilts dull 
after 
£1.8bn 
issue 

BY MICHAEL BLANDEN 


THE GILT-EDGED market was 
quiet and rather subdued yes* 
ter day in the wake of the 
Government’s two issues total- 
ling £L8bn of stock. 

The new £lbn ultra-long 
stock, which was well receired 
on Thursday when about two- 
thirds was thought to have 
been sold at the initial offer, 
started Its life in the market 
at a slight discount. At the 
end of dealings yesterday, the 
stock was quoted at a discount 
of « from the £15 which was 
paid up on issue. 

Applications for the £800m 
short-medium stock issued yes- 
terday were thought to have 
been small, and prices at the 
short end of the market ended 
with small falls. In the medium 
and long ranges there was little 
change, except that stocks 
close to the term of the new 
long tap stock were slightly 
down. 

The Financial Times Govern- 
ment securities index lost 0.13 
to 70-44. a rise of 0.18 over the 
past week. 

Meanwhile, in their 'latest 
monetary bulletin. stock- 

brokers W. Greenwell express 
continued concern over the 
outlook in spite of last week's 
new measures. 

The possibility of a wage 

explosion following recent 

excessive monetary expan- 

sion. they say, has now 
receded. 

But double digit inflation is 
still " all too likely” and they 
do not believe that last week's 
package is adequate. “ We still 
have serious reservations about 
Uie stance of fiscal policy." 

In the short ran, the brokers 
expect the gilt-edged market 
to be buoyant. But in the 
medium-term, the bulletin 
suggests, the official corset on 
hank growth could come 
under pressure. 

M Our conclusion is that the 
latest re-introduction of the 
corset will probably not mark 
major turning points of the 
economy and interest rates as 
it did on the previous two 
occasions.” 


Continued from Page 1 

U.S. banks 
and Carter 

its impact on capital spending, 
which is still sluggish. 

Others suggest that the 
Federal Reserve is becoming 
less able to influence short- 
term money markets with any 
precision because surging 
demands for credit from both 
business and consumers are 
putting strong upward pressure 
on rates. 

Consumer credit has risen at 
a record pace this year, arous- 
ing fears that this is a reflec- 
tion of a deepening inflationary 
psychology, with consumers 
buying in anticipation of price 
increases. 

Business loan demand, out- 
side the New York City banks, 
is also rising very strongly. 

Earlier this week Citibank's 
monthly economic letter 
warned of the danger of a 
credit crunch ahead. 

The stock market which 
normally reacts badly to 
interest rate increases, but has 
shrugged off recent incceases 
during the rally which began in 
April, remained firm in the 
face or the prime rate rise after 
recovering an initial decline. - ■ 

The upward drift or U.S. 
interest rates is expected to 
give additional support to the 
dollar on the foreign exchange 
markets. 

® Jurek Martin writes from 
Washington: Two reports 

today point to slowing of U.S. 
economic activity from recent 
vigorous levels in which the 
economy rebounded from the 
winter doldrums. Housing 
starts last month fell 4.9 per 
cent compared with April, 
while new building permits 
were down 8.8 per cent. 

This fall was expected by 
both government and industry 
experts, and does not mean ' 
that the home building sector 
is falling into another reces- 
sion yet. Nevertheless it Is 
clear that higher interest rates 
and scarcer availability of 
mortgage finance are beginning 
to he felt. 

The Government reported 
that personal income rose last 
month by 0.9 per cent. This 
contrasts with a revised 1.3 
per cent advance in April and 
1.4 per cent in March. 



I I: 



So much for the gilt-edged 
bonanza. The speculative 
euphoria which had gripped 
the financial markets at the end 
of last week was spoiled by the 
author! ties’ clumsy announce- 
ment of vet another tap stock 
on Monday. After well over 
£lbn worth of gilts bad been 
bought in lie preceding two 
trading days, the prospect iff 
taking up another £lJ8bn was 
just too much for the market 
and for the next four days the 
FT Government Securities Index 
drifted lower. But at ! the 
moment the market seems to be 
suffering from nothing more 
than a bad attack of indigestion. 
Meanwhile, equities continue to 
drift sideways in the narrow 
450480 band. 

BP 

Most of BP's profits .come put 
of two pipelines— from Pnidhoe 
Bay. Alaska and the Forties 
Field — and the whole emphasis 
of its investment programme has 
been upstream. Now it is taking 
what it sees as a small step in 
the other direction. The two 
acquisitions announced yester- 
day total £430m (£270m down, 
and the rest in the form of debt 
obligations) and ure not that 
dramatic in the context 'of a 
group with shareholders’ funds 
exceeding £3±bn and annual 
capital spending, of film. But 
they both represent an attempt 
to strengthen downstream activi- 
ties which have been a big drain, 
in the recent past 

In Germany, BP is already 
moving towards a break-even 
position after two years of heavy 
losses. The immeditae effect, of 
its agreement with Veba wHl be 
to raise the throughput in .its- 
Genoan refineries and improve 
the marketing mix. Bat what it. 
describes as •* the jewel io the 
crown ” is the 25 per cent hold- 
ing which it is acquiring in 
Ruhrgas, Germany’s largest gas 
transmission company. Ruhrgas 
is covered with its gas require- 
ments through to 1985, and the 
hope is that its needs thereafter 
could be tied in with some of 
BP’s upstream activities. Even 
before then, BP will be looking 
on Ruhrgas as more than just a 
portfolio investment and it says 
that in financial terms the 
German package is very attrac- 
tive. 

The same probably does not 
apply to the acquisition from 
Union Carbide of a major 
chunk of its European interests 
in ethylene derivatives. This 
is a sector plagued by over 
capacity, and BP seems to be 


mi 


470 


450 


430* 


F.T. Industrial 
Ordinary 
Index 


per cent better at £28JBm. 


r n j PY 1 4 to 470 6 Overseas sales are. only. S per 
inoex rose JV* ceat . np ^ though accounting 

> for 43 per ceiit of group turn- 
over^ have, contributed less than 
a third of trading profit; The 
.worst- 1 performers have Been 
South Africa • (which may Save 
made- a : loss) « North America 
(where r ‘ profits ;.-' are little 

. changed despite';. good; activity 
levels in Cahada) and Australia, 
where the power strike affected 
sales. The goo4- news is that 
-Sweden, while hot; yet profitable, 
has shown marked improvenient. 

Even after, allowing: for : Pilk- 
T.jh^xi^COTservatiine accounting 
methbdkit now looks ns if 1978- 
1979 pre-tax pro&ts show 

growth .Of tihe" order ' of a fifth, 
-.to about £87ni. ThismeasKT that 
: tbe shares (on' a conventional 

•• \ accounting'. -basis) uare. Ion a 

paying quite a price. . It is prospective p/e-'of 

acquiring low margin sales of _ .. wi i , „ 

£160 m or so for £110m_ . cash; ^ 

phis debt obligations of a sunt- J e-raMn& But 

lar magnitude. Bat aswitfi the th ft;3 ..-7>mrv'ceftt - yield is a 
Veba deal, BP has decided -‘to wmstraiMit- - - 
tackle a problem by putting in; 
more money, rather. than bytry- 
.ing to draw in itsjMi’us. ; The . Arthur r-Goinness share 

Overall BP will probably noiy price had been reLativeiy strong 
end up with a slightly higher'' ^head of the interim results, so 
level of financial gearing at the; tbelsurprise 18 per cent drop 
end of this year. That is before profits to£14.3m left 

taking into account the consoli-^ ^ares lOp lower at 170p. 
dation of Sohio, which stands, to Degpgje its well publicised 
lift the proportion of debt -to ^versification moves, 'Guinness 
capital employed _by over ‘12' ^ ^ heavily dependent on 

m * 50 ££S ~~ 

gimmick,: which 4ts 006 




i 





t- 




1 

J 

T~ 

• i . 

>* 



r 



1978 

JAN FEB 

MAR APR.-MAT JUM. j 


i r- 


on accounting 
makes no difference to ltg. finan- 
cial obligations. Provided, that 
the U.S. rating agencies see 
things the same .way-^-which 
apparently they do— and pro- 


prdducL 

Overall brewing profits are a 
fifth down in the first six 
months. There were price in- 
creases in both Eire and the 


Pilkington 


vided that those two- pipelines UK 'but these did not cover the 
keep gurgling merrily, all will increased 'costs and though 
be well. volume -held steady in the 

■ _ • Republic, it.cootinned to slip by 
a few percentage points in the 
UK. In the secohdrhalf, volume 
Pilkingtoh’s ghares put on 37p - m Eire is expected to increase, 
yesterday (to 520p) as the group although the same may not be 
reported 1977-73 profits 14 per f0ir ft* ur and the group 
cent ahead at £7L7m and added haS said' that TyrevWng profits 
an optimistic comment on future jj e for the second 

prospects. The big improve- HMniBg ; . . 
meat came m the second .half ; , B co ;^ CainMSS is sd*. 

SZZ tag ' about * “ substantial tra- 
in mr C mit provemen£ ” m .second-haif pro- 

months. Sd to empbSS te: ”“ e 


underlying quality pf this: per- 


•from Its hotch-potch, of non- 


formance, PUkiitnn .. repair : •>««*’? ““tests. Helped by 
that the improvement is -also change in the financial jear- 
14 per cent on a flyde basts, 61 ^^ a™m*er °f smafl.snb- 
with pre-tax profits climbing sid»nes (worth close to £lm) 
£8m to £64im. - profits for. the fuH .year, could. 

The best result -comes from- £42m to £43m against £39.5m. 
UK activities where sales At its current sbipe . price 
volume growth (mainly in. fiat- Guinness- .• is ydelding -fit -per 
glass) is of the order of 9 per cent — slightly above the sector 
cent and trading profits are average. . 


j- - . on 



UK TODAY 

MOSTLY dry with sunny 
intervals. 

London area, E Anglia, SE. Cent 
S and SW England, Channel Is. 

Generally cloudy with some 
rain, possibly brighter later 
Wind NE. Cool. Max. 15C (59F) 
Midlands. Wales. NW, Cent N 
England, Lake DisL, Is. of Man 
SW Scotland, Glasgow area, 

N. Ireland 
Mostly dry, sonny intervals 
Rather cool. Max. 15-16C 
E, NE England. Borders, 
Edinburgh, Dundee, Aberdeen 
areas 

Rather cloudy, some bright 
intervals inland, but also acca 
sional drizzle on coasts and hills. 
Cool. Max. 15C (59F). 

Cent Highlands, Argyll, NW 
Scotland 
Dry, sunny intervals- Near 
normaL Max. 15C (59F). 

Moray Firth area, NE Scotland, 
O rimey, Shetland 
Rather cloudy, some drizzle on 
coasts. Rather cool. Max. 11C 
Outlook: Mostly dry, sunny 


BUSINESS CENTRES 


Amstrdm. 

Athens 

Bahrain 

Barcelona 

Beirut 

Belfast 

Bt-terade 

Berlin 

Blnngrim. 

Bristnl 

Brussels 

Budapest 

B. Aires 

Cairo 

Cardiff 

Chicago 

Coloune 

Copnhagu. 

Dublin 

Edinburgh 

Frankfurt 

Genera 

Glasgow 

Helsinki 

H. Rons 

JoTjutr 


Y’day 

Mid-day 
•C *F 
R 14 57 
S 2S 82 
S 34 95 

f :i m 

5 
S 
c 
sr 
c 
F 
F 

s 
c 
s 
r 
s 

F 
S 

c 
c 

F 
C 


16 61 
IS 64 
28 64 
11 92 
IS 99 
15 59 


12 33 
M 94 
14 ST 
1? 63 
17 63 
17 63 
U 32 

14 57 

15 64 
15 59 

-V 17 63 
R 12 54 
C 31 89 
S 16 61 


Usbon 
London 
LuxciDbrs. 
Madrid 
Manchstr. . 
Melbourne 
MUan 
Montreal. 
Moscow 
Munich 
Newcastle 
New York 
Oslo 
Paris 
Perth 
Prague 
Reykjavik 
Rio de J'o 
Rome 
Singapore 
Sydney 
Tel Aviv 
[Tnkyd‘ 
Vienna 
Warsaw 
Zurich 


Vday 

Mid-day 

•C 

16' 61 
17 63 
14 

17 63 

13 55 
« S5 

19 66 

21 70 

14 57 

15 59 
S 16 61 

72 
26 79 
14 57 

16 61 

20 
11 32 
25 77 

24 75 

25 77 
16 El 

26 73 

24 88 

22 7? 
14 57 
14 37 


S 22 
S 

e 
c 
P 

c 
s 
s 
s 
c 
s 

s 

p 
F 
C 


HOLIDAY RESORTS 


Ajaccio 

Algiers 

Rlarntt 

Blackpool 

Bordeaux 

Boulogne 

Cnshlnea. 

Cape Tn. 

Corfu 

Dubrovnik 

Faro 

Flo retire 

Funchal 

Gibraltar 

Guernsey 

InrwbrucK 

litre mess 

Is. or Mn 

S— Sunny. 


S 22 
S 27 
R - 12 
F Jfl 


Jersey 

Las Pirns. 

Locarno 

Majorca 

Malaga 

Malta 

Naples 

Nassau 

Nice 

Oporto 

Rhodes 

Salzburg 

Tangier 

Tenerife 

Tunis 

Valencia 

Venice 


R 9 48 
F 21 70 
R IS 59 
S 25 77 
S 23 77 
S 24 73 
F 23 73 
C 16 61 
F 22 72 
C 14 57 
S 28 82 
16 61 
20 69 
16 61 
57 81 
26 79 

a to 


F— Fair. C— dandy. R— Rain. 



: Vv 

f'oc 




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