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! 1 1 \ 


FINANCIAL TIMES 


Timber, Building Materials, Heating and 
Equipment for the Construction 
and A'ltrtJ Trades. Northampton 52333 


No. 27,617 


© 


Saturday July 22 1978 


♦lap 




DOUGLAS 






£:iRMi::Cir.\: : k.; . 

GLASuuvi - i. ;.*r;L*o:» • ’’ I "r.‘TC” 
VC ■mj.*- 


CONTINENTAL SELLING PRICES: AUSTRIA S* 15;_ 'BELGIUM Fr 25: DENMARK Kr 3Jj FRANCE Fr 3.0; GERMANT DM 2.0; HALT L 500: -NETHERLANDS FI 2.0: NORWAY Kr 3.S: PORTUGAL £k 20 s SPAIN ?ta 40; SWEDEN Kr 3.25; SWITZERLAND Fr 2.0; EIRE ISp 




Hi 


The main points 


5 Per cent total for 
seitlemenls, excluding pro- 
ductivity. 

PRODUCTIVITY: deals must 
Pe self-financing, as must 
reductions of hours. Pensions, 
sick pay and job security 
improvements still exempt 
from limit. 

flexibility: “kitty" bar- 

gaining within 5 per cent to 
correct anomalies. A few 
special cases,” with prior 
approval. 

LOW PAY: increases above 
o per cent allowed to reach 
wirninas of £44.50 a week. 
DATES: existing settlement 
dates to be respected, with 


passible exceptions, to ration- 
alise bargaining units, pro- 
vided cost is within 5 per cent. 

PRICES: individual and sec- 
toral investigations to con- 
tinue. 

DIVIDEND CURBS: proposed 
extension of slatuloxy control. 

« lth , o-?a me A 5 PER CENT eelUng on pay 

?er “Si cUSLEtt 

continue, except that com- Plank of the Government s 

panies could pay out more in stage Four incomes policy, 

line with higher profits. No It was also announced that 
company would be required a short Bill prolonging 
to increase -the earnings cover statutory control of dividends 
for its dividend above the I though with one relaxation is 
highest level since control I to he introduced on Thursday 
began in 18i-. I despite the strong probability 

^ defeat in the Commons 

because of Liberal opposition. 

In a formal statement, the 
Liberals said they would 
oppose the dividend measure. 

The 5 per cent guideline, 
which the Government says 
1IQIMCQQ gives negotiators some free- 

UalnCaa dam, means that companies 

will be expected to Keep the 
P/iiiiif-iAC' total earnings rise, including 

liU known wage drift, of each 

group of employees within 
in Q* this limit. There is no extra 

[|J 0,0, allowance for the general 

■f ’ . correction of problems sueh 

I as compressed differentials of 

t riSeS the higher paid. 

. - ' Only one pay figure is men- 

ffk _• ■ -il! tioned in the White Paper. 

II IiOITILS Winning the Battle Against 

* Inflation, published yesterday. 

EQUITIES responded sharply Bnt the Chancellor is allowing 


UNION LEADERS COOL TO STAGE FOUR LIMITS 

Ceiling of 5% on pay increases 


BY CHRISTIAN TYLER and RUPERT CORNWELL 


NEWS SUMMARY 


GENERAL diiciucco gives negotiators some free- 

DUalKbaS dam. means that companies 

9 _ will be expected to keep the 

Spanish Equities 

group of employees within 

rfV* nf - Q Q. this limit There is no extra 

ATnnA 1 *C lip 0 . 0 » allowance for the general 

tfllSLCl ^ -f 7 . correction of problems sneh 

as compressed differentials of 
FISCS the higher paid 

(Tt frR iTVfr jtS An Only one pay figure is men- 

15110 1 UvdU H(\ tioned in the White Pap<?r * 

/I) POlIltS Winning the Battle Against 

Assassins shot dead a Spanish * Inflation, pnblished yesterday, 

general and his aide in a Madrid • EQUITIES responded sharply Bnt the Chancellor is allowing 
street yesterday, in what was to the Government’s White another 2 per cent for 
believed to be a bid to disrupt Paper on future pay guidelines unidentifiable and unpredict- 
the country's progress to full a®d dividend policy. FT 30 -share 
democracy. index gained 8.8 to 479.2, an 

Artillery General Juan San- improvement of 23.fi on the 
chez Ramos Izquierdo. 64. and Account Gold Mines index was __ 

Lieutenant Colonel Juan Perez 4JI up to 175.0, Its highest since 1 

Rodriguez, 59, were the first Jnlie 1976 , a gain on the ■ 8 PQ I 

army officers to be assassinated week of 14jL \j Rl | t, .£fk fa 

in Spam since the 1936-39 civil 1 ^ VM>J 

wa J: , ... . • GILTS shorts improved by up 

The Killers, two men and a . , g~ i»:~ a 

woman, lied in a stolen taxi and Securities 

Jater commandeered another car lu^ex rose 0.08 to 70.78. 8888 1 011 1 1 

at gunpoint. Both vehicles were _ rAinMM . » 1Qt 7 Vll 1/J 

found abandoned and police said • G0LD rose *** to ^ 191 ** 

»* l L . £2 had made arrests ‘ • STERLING rose 70 points to BY JOHN ELLIOTT, INDUSTR 1 
h e SI. 9110, its best level since 

Murder Charere March, and 2.85 cents upon the MAJOR COMPANIES that dc 
c: v <„,th MiiMmon ’ week - waffled- Index business with the Goverameni 

- 1X African policemen and „ go 7 Dollar’K denre- are he Inc called to an femer 


able wage drift, the treatment 
of a few special cases and 
increases in earnings because 
of self-financing productivity 
schemes. 

Tbe Government's overall 
aim is to cut the national 
average earnings rise to half 
tbe 14 per cent figure 
expected for stage three, 
which ends next week. 

Union leaders almost with- 
out exception said yesterday 
that the pay guideline was too 
narrow to win shop-floor 
acceptance. A considered, and 
probably muted, TUC 
judgment will emerge from 
Wednesday's general counciL 


Support 


The pay proposals, which 
are likely to dominate 
the forthcoming election 
campaign, won the support of 
most Labour MPs and the 
Liberals last night but were 
opposed by the Tories and 
some Left-wingers. 

The Government announces 
in the White Paper its hopes 
of annual agreements on a pay 


norm between Government, 
unions and employers and 
says stage four permits a 
transition (o such longer-term 
reform of collective bargain- 
ing. 

Sir. Denis Healey. 
Chancellor, said be would be 
examining the idea with the 
TUC and Confederation of 
British Industry in the coming 
year. He had in mind some- 
thing along the lines of the 
West German system of a 
centrally negotiated norm. 

Announcing the White 
Paper to the Commons yester- 
day. Mr. Healey said the 
standard of living bad risen 
5 .per cent for most people 
during stage three. Later, he 
said there could be another 
21 per cent average rise in 
the coming round, with lower 
paid workers with children 
benefiting most. 

If the strategy worked as 
Intended, the Chancellor be- 
lieves that the Inflation rate 
could be lower than the 
current figure of 7.4 per cent 
.by the end of next year and 
unemployment could be fall- 
ing at a faster rate. 

■fie admitted that it had 


been a mistake last year to 
set a 10 per cent target lor 
the national rise in earnings, 
since that had beeome a floor 
for settlements. The 5 per 
cent settlement rate should 
be sufficient to correct pay 
problems if employers wen- 
determined to distribute the 
available sum in the right 
way. 


A hope 


In effect, the policy means 
basic rate settlements of less 
than 5 per cent Tor many in- 
dustrial workers, even though 
individuals can be paid a 
range of increases under the 
kitty bargaining formula. 

In most other respects, 
stage four will be like its 
predecessor, including the 
machinery of sanctions 
against offenders and monitor- 
ing of settlements, even 
(hough the Confederation will 
attempt to soften the word- 
ing on puhlie sector con- 
tracts. The so-called 12- 
inonth role is this time ex- 
pressed merely as a hope that 


existing settlement dates will 
be honoured. 

But companies with 
severely fragmented bargain- 
ing units, such as BL. for- 
merly British Leyland, will be 
allowed to synchronise in- 
company settlement dates pro- 
vided the cost does not ex- 
ceed the guideline. 

The Government refers to 
the TUC's campaign to reduce 
the working week without loss 
of pay hut says such deals 
must nol increase labour unit 
costs. 

There was significant 
scope for extra jobs instead 
of overtime working but a 
one-hour cut In the 40-hour 
standard week could cost as 
much us 21 per cent, liu- 
White Paper says. 

Other highlights of the 
strategy are specific exemp- 
tion from the 5 per cent guide- 
line for ,huse low-paid workers 
who. even after a 5 per cent 
rise in this round, would not 
reach earnings of £44.50 a 
week. The Government 
expects the higher paid to 
accept this narrowing of 
differentials. 

The White Paper refers to 


the special treatment already 
promised to firemen, police, 
doctors and others. A small 
number of other groups may 
get similar treatment but only 
after clea ranee from the 
Department of Employment 
or sponsoring Minis! rie.. 

The awards already 
promised will udil 0.15 per 
cent to the average earnings 
index next year and the year 
after. 


Exemption 


Mr. James Callaghuu, Prime 
Minister, said in south Wales 
that the White Paper uas 
designed as Hie best way to 
give the British people a good 
standard or living. “ Inflation 
eats away at your jobs, cats 
away at the slniclurr of your 
organisations anil cats away at 
Society.” 

Mr. Albert Booth. Employ- 
ment Secretary, said that 
potentially ljm workers could 
qualify for the low-pay exemp- 
tion. If they all achieved it. 
that would add I per cent to 
the earnings index. 

Continued on Back Page 


Details and reactions, Page 4 • Editorial Comment, Page 14 • Lex, Back Page 


CBI calls conference 
on contract sanctions 


• STERLING rose 70 points to BY JOHN ELLIOTT, INDUSTRIAL EDITOR 
SI. 9 110, its best level since 

March, and 2.85 cents np on the MAJOR COMPANIES that do They saw some advantages in limits if the Government lost its 
■week. Trade waited- index business with tbe Government the limited flexibility, allowed Bill and had to find some new 
was 62.7 C62.5). Dollar’s depre- are being called to an femer- by the White Paper, although method of enforcement 


Statutory backing 
sought for 
dividend control 


BY MARGARET REID 


v Lh ~ ! nave oeen cnargea dation was gp ( 7 J* per cent gency conference in London next organisations such as the British If this were to happen it would irop rnvpnv mvnt vmnoc 4m 

in Johannesburg with the murder aauoa was . u week by the Confederation of Institute of Management and the transform talks tbe CBI is to ™,. ro TJwL??! t0 TP'S?*, be ™ fflecl 1 ?‘ I ’ n 1J the 

*1 a-S-ycar-old black detainee # WALL STREET feosed . 5.20 British Industry to decide how Institute of Directors said that ,. ith the Government over f r distribution to shareholders. 


down at 833.42. 


RECENT HISTORY OF 
DIVIDEND CONTROL 


Normal max. div. 

Date 

• increase per cent 


annually 

Jufy 1966 

Zero 

July 1967 

Voluntary restarint 

July 1968 

3.5 

January 1970 

No limit 

Nov. 1972 

Zero 

April 1973 

5.0 

August 1974 

12.5 

August 1975 

10.0 

August 1978 

T0.0, but divs. may, 

(proposed) 

subject to certain 
conditions, rise in 
line with earnings. 


about four months ago. down at 833.42. - ' hard they should fight against not enough was being done to dnuried wonting of. contract fxtension of divjdepd coptrol for Such compauies are often reluc- line w.th earnings. 

j - the new 5 per cent pay limit restore pay differentials and m- clauses \ into a major Jl ‘ 1 ? , , 31 - lar ? t . to lake advantage of the L u - - 

Siege declared • BRITAIN’S chances of joining being enforced through public- crease incentives. confrontation. new Dividends Bill, existing exceptions to the dm- 

Bolivia's mi iitarv Government de- the European Airbus consortium sector contracts. Mr. John Greenborougb. pnf- This is because it would con- puDUshed yesterday. dend rules for those launching 'fj,e Treasury is planning to 

dared a slate of siege, after an seem to have increased, after . This Issue of pay sanctions is sident of the CBI, Indicated that firm industrialists' worst fears At the same time, it announced cash-raising rights issues, since make a statement, probably on 

uprisin" bv supporters of the talks between Industry Secretary specially sensitive because com- companies’ willingness to accept that once the sanctions had been one relaxation in the present they have no need to obtain extra Monday or Tuesday, giving 

conservative candidate in this Eric Varle y ^ bis French and panies dislike having to accept Government contract clauses shown to work on pay limits, regime. money. details nf the proposed revised 

in uii tit's abortive presidential West German counterparts. legally binding clauses in their would partly depend on how Ministers would be tempted to The Government’s plan is that u S j’T P 1 ! 1 *** advanced over a dividend controls, 

election P^er 2 P »«k Page Gwerament contracts that state positively the TUC General use them for other purposes. orS limitation of ^ r S ad fr P nt ® nd j he ^ Donia Healey, Chancellor 

election. Pago ECONOMY showed its they will operate the pay limits Council reacted when It studied The Impact of the present SridendS?eases^ lO p?r ceSt S?** «S“ d 88 - np JL of thc Exchequer, was asked 

Boxer dies L mo vea2 in their businesses. , the White Paper next Wednes- Phase ^ Thrfee pay Until was shown J should cwitxnue Sfth Se > eslerda >' whether, if the new 

DUAer U,e& oitaJte/ hS Companies are specially con- d*y. 1ast night -when the CBI -pay SsS SSonTin eSs of c0 , vere , d d ^ ldends * ere P*»- Dividends Bill failed to become 

Italian boxer Angelo Jacopucci Tjaiufrt for ceraed about giving such legal “H will nqulre the whole- data bank t reported that S7 per Si iSSes :md takeover bids r !“ n S ®P ‘ 0 -»-P Jaw, the Government would seek 

died last night of a brain !!?«•«** thC blgnest Ior pledges in advance when it is hearted and explicit support of cent of 1,535 pay settlements Th« EP . 8 ^ 4 ?* ng -- p 10 whlle to extend dividend curbs on a 

haemorrhage after being knocked y®ars. not yet clea j. hQW m ilitantly the trade _ unions if employers covering 14ln workers had added CO raoan?es l wou?fl° be able^fo 1C1 ended 5p his)ier at voluntary basis, and, were it lo 

out in a European title fight by ra ® c 4 onion negotiators wiiTtry to ex- are to achieve m the coming 12 iq per cent er less to companies* Th pir Gilt-edged securities were firm do so. with what sanctions, if 

Britain's Alan Minter. ^ __ A ceed tbe 5 per cent during the months settlements within the employment; costs. A further th in in L «nt on Thursday’s encouraging money any. 

. . ... Ppar^nn £a 9IH comtog monti^,. -- guidelines. 12 per cent fall into the 11 to 15 inci-easc- was fn suen*®h thp su P? ly figu res- short-dated stocks He replied: '* We do not com 

Flights hit iCdlaUlI The f act that the Government per cent range. adding up to l. w’hile the longs template the Dividends Bill not 

Holiday-makers bound for Spain, 4.™ n ff er • ^ cS° f wS Enforcement Of 553 Productivity deals St tHSL * w attSnaXf wS 


haemorrhuge after being knocked {jjreeye* 1 ®- not yet clear how mil itantiy the trade _ unions if employers covering I4ln workers had added com names l woul tl° be °able IC1 ended 5p h,sher at ^P' voluntary basis, and, were it lo 

out in a European title fight by ra ® e 4 union negotiators wiiTtry to ex- are to achieve m the coming 12 iq per cent er less to companies* r ,i,J T hpfr Gilt-edged securities were firm do so. with what sanctions, if 

Britain's Alan Minter. ^ ceed tbe 5 pec cent during the months settlements within the employment; costs. A further th in in Z> r illli on Thursday’s encouraging money any. 

. . ... Ppar^nn £39lH comlng montiis ,. - guidelines. 12 per cent fall into the 11 to 15 inci-easc- was fn sue?®h thp su P? ly figures, short-dated stocks He replied: *‘ We do not com 

Flights hit The fact that the Government per cent range. v ^V.f adding up to 4. while the longs template the Dividends Bill not 

Hi? . j . _ . i ££ , has ho intention of backing down. Enforcement Of 553 productivity deals showed rather smaller gains. The becoming law. I am not going 

Holidaymakers bound for Spam, ciiQrPC Afihi < and that CBI leaders were , , • . . . ™. ever, would have to let the earn- inna tjin Exehponer 1** oer cent to discuss anv alternatives we 

Majorca and Portugal were de- SDdre^ UUCI pffiised with tie p£ts ot Mr. Greenborougb added that logged by the data bank more ings cover for its pay-out rise SJSS-iT P fln2£id ' W-ber at 9B» might uS” alleraanves we 

layed for up to six hours at 9 g _ peaRSON is offering £39m terday’s White Paper, may help the CBI opposed extension of Ss^Thre^dca” ® bo . ve . the iughest ievel since can- after substantial sales bad been It is. however, widelv expected 

in- ia shares *** , ca ® h TO t0 T d efuse the issue. S?ing earoSas inoeases of 5 to r made by the Government Broker that, should the Bill fail to pass. 

traiTk controllers resumed in pg r ggjjj- 0 f its publicly-quoted Industiiahsts yesterday wel- hoped that tiie Governments _ cent to^srsme lm workers ?^ e P * 11 ^ 80 G 115 planned for the second day running, the Government would somehow 

dust rial action. newspaper and publishing sub- corned the Governments restnc- new Bill would fall next week*. 10 per V” r ° e . ® r T” relaxation is to allow com- Supplies of this stock are seek to enforce dividend 

AhmaoI foiAAtarl sidiary, Pearson Longman, that tions on cuts in the working One possibility being The data bank reported that parties with a strongly progres- expected to be exhausted by early restraint, notwithstanding the 


« ■ j. _ b i mi ary. rears on uonguidu, uun uuuo uu wu ? .■ .. . , — : — : h«iu» »iui a suuusij expeciea u 

AppCHl rejectea j* J 0es already own. week, and the Chancellors will- stdered- by Ministers is that. the that l~-month rule on spacing of sive profit record to let their next week. 

\ Th,i ,-niirt turned down an Back Page ingness to discuss during the pay sanctions and contract pay settlements had held across — 

■' K^BritSf raw Rite coming year how a long-term clauses system might be industry and that pressure to 

Vinh,.n,ui 0 -ToJino •. -> 0 -vear iail O BP is to spend £102m to in- reform of pay bargaining could extended to hit those companies break it now seemed " insignific- 'I J J J 

& Ji rwaai ^ WHKHEUm 

A prosecution appeal tor a Jg2f rT^Tl w <■ A H a I mJ —J \ T i 

s. “ waa 3,50 # oisTiufiis * t0 ^ NEB confirms go-ahead for | . J j i I \ j 

_ . . UaI# | the UK wholesale prices of gin, x ^ m 4uw w axxxi W.IAVW. 1 * AVI. MR k ^ ^ A M 

Irishmen neio vodka, and most brands.. of 

rHL b 5e l r«ii^i S “” ripPe ®J microprocessor plan BBHSBSHSH 

Airport under Jo Prevention ot ** ... r * tnent adnsets. M&Gk Recovay Fund, designed to ■ 

Terorism 5 nuM tioned * OFFICE is to butthe iohn lloyd produce capital growth, ended 1977 as Britain's best- ■ 

i W ? r £lnf , i R?m Jh offlcerrS nnit - c0 ? 0f "“““S ,ts J el | c ^; BY , ° H perionnmg unit inisL It has a policy ol buying Hie I 

by Specml Brunih officers, ^vo busujess by 5 per . shares of companies that have fallen upon hard times. 8 

of the men have oeen cent a year over the n , e 3 y- THE National Enterprise Board The NEB’s investment will be new* technologies was there, and Many oi these cwrpanies recover, and through a pro- 8 

uaeiiinbrl years. The price cnareea to_me - g ^ £25m in a new com- in ordinary and convertible pre- the U.S. is tbe largest market cess of careful seleciion M&G has beeii able to bring ■ 

ISLIK5 resumes M customer should^ rise less rapidly p^y y, a t will attempt to rival ference shares. for the memories. The products high rewards over Hie years lo Recovery Fund inves- V 

China and Japan have reopened tiian pnees io the economy as a i ea< jj n g Japanese and U.S. com- The board said yesterday: “To of the new companies would tots. An investment of 0,090 at ttte lime of the Fund i I 

lalks Tor a peace and friendship whole. Page 3 panies In making advanced attract the necessary calibre of need to sell worldwide for the bundiinNbyl969had l attfieof{etedpnceof85 , (]pxd | 

treats', suspended in 1975 after nniIB »y. ee integrated circuits. A further experienced staff into INMOS, company to succeed. Of] 19th July 1978, grown to £6,592 including rein- « 

stallin'* over China's insistence COMrANlto £25m has been approved for use key employees will have the Mr. David Dunbar, head of the vested income. During Hus period Hie F.T. Industrial I 

on including a clause condemn- • LLOYDS BANK first-half pre- by the company later in its opportunity to purchase ordinary NEB’s electronics division, said Ordinary Index, whicn does not mdutfe reinvested a 

in w colonisation. Page 2 Drofit£ were a t £76^ m. 15 development. shares in the company. When the technology was changing income, has gone up by 12fl%.The estimated Gwent ■ 

" per cent down ’on the £90-lm The company. INMOS. will investment in the company greatly and INMOS was entering grass yieW tor Income units is 4-35%. | 

Rriefly p«- profits for the first half of last manufacture and market micro- reaches the level currently it early\ Unit Trusts are a long-term inveslmenf and not suit- ■ 

L. +»,- l-t-Bt etill Pmrimnwil tVir, fnimrfnn tha Askf>ll ahnirt tlio rofont rannrl _W1. i .7? -1 -1 fi 


lack of statutory backing. 


BY JOHN LLOYD 


Guildford 

offences. 


driok-drivin, 


French holidaymaker . who 


T^rvvm -Tiri 7 ambra tflana of tbe memories will take The founders will receive no a new company in the volume 
■^JELKSmby a £ 460,000 Place in the U.S.. where a proto- profits until the board's invest- integrated circuit market, Mr. 


T ° nr nn^for-five 9 per type production line will be set meat has been covered and the Dunbar said he did not share the 

brought his cat 'to Britain was preference Q P and about 1 - 000 iobs wiJ1 . be coa iP any ** maki ng substantial report s pessimism, 

fined £400 with £52 costs by _ h __ es The NEB is buying a created. Later, volume produc- profits. News Analysis Page 3 

Solihull magistrates for breaking JggJ” amount and subscribing t>on of the memories and of Dr. Petritz and Dr. Sehroeder. 

unti-rabios regulations. fJ,? 9 flO<So deferred ordinal microprocessors will be centred who over the past year developed Ur Back Page 

fr , nrr , ani „ e a cash col- 74 n in tbe ^ with an estimated the Concept of a company manu- 

Pjljj,! JnSn^oassenRers when Paee 16 1 ?4P ‘ 4,000 jobs. The company’s head factoring the most advanced 

h'Ciion anions passengers wne Page IB . ... office will be in the UK. integrated circuits, approached £ ,n New Vork 

credit ° * M 1 NSTER ASSETS is The initial concept belongs tile NEB first because it was 1 

refuel Ins plane on ' for £2.S75m British Midland Air- t0 ^ A meriejia electronics proving increasingly difficult to - i Ji 
American and Canadian ways- its wholiy^woea sio- enc i neers . D r . Richard Petritz attract venture caoital in the ! 

authorities arc looking for three sidiary to a group of three e£eai- ^ Dr> paill Sehlloeder _ ^ U Si — - ~ 

West Germans, believed to be live directors of the airline and thirfl founder of INMOS is Mr. The company had to have a tXth fig 


Widely aedaimed by finantifl joumafists and invest- ■ f a 
tnent adiissts, Recovery Fund, des^ned to ■ 
produce capfial growth, ended 1977 as Britatfs best- ■ 
perionnmg unit trust It has a policy id buying the ■ -ru . 0 
shares of companies that have faflen upon hard times. ■ » 

Many oi these corujanies recover, and through a pro- ■ itocov 
cess of careful seteefion U&G has been able to bring ■ ■ 
l^i rewards over the years to Recovery Fund inves- ■ 
too. An investment of 0,090 at tbe time cd the Fund l T 

launch in May 1969 had, at the offered price ol 85'0pxd ^ 

on 19th July 1978, grown to £6,592 indudmg rein- . LLfiPHur. 
vested rocome. During tins period Ihe F.T. Industrial I 
Ordinary Index, which does not mdurfe reinvested | - URfWM[ ' 
income, has gone up by 12fi%.The estimated current " — n — : 
grass yield tor Income units is 4-35%. | w | a ddress 

Unit Trusts are a long-term imreslmeni and not suit- ■ 

aWe for money that you may need at short nolice. 

The price of units 3nd the income from them may go I fwi-T mr , 
down as well as up. 

Prices and yields appear in the F.T. daily. An initial I ■ , 

charge of 3s p /o is included in the price, an annual . s B^l 1 1 
charge of plus VAT is deducted from Ihe Fund's ■ send anv r 


j f At Ihe top of tbe tabic, as our Unit Trust of the ^ j 
B Yeag is M&G Recovery daw express J 

I The top performing unil trust of 1977 was M&G AA 
I Recovery which Jumped by Jlo.9 per aM. 

I —bbb * B ^™ , " B "t^SwAYS TO INVEST I 

STo- M8GGR0UP LTD.7HREE QUAYS. TOWER HILL. LtinnoN IC-.K 6BQ " 
* TELEPHONE 01-626 -1SSS This section to be c ompleted by all applicants. | 


!l 00 'J • RF 53071 a 


B h d * I d *2 1 ff rtlTlB Comple 16 section to mate a Capital | 
■ -4 p 1 » H 111 Inveslmenl Inniimnn El.OODi. Do not 

send agy money- 1 ® cwimo w>fcwiii iv i-> jriui-..Liiini',-, j.-mv .‘iijr.- r.yi^n | 


gross income Dislributionsfor Income units a re made I tou .w jn-r the vi'ittrmrnt njie v-mr uTMic-iti' wii i,>ii,v. -.h.-ru 

nn 7nih 7H<k 5..A..H4 .f l nH ■ r V _ — 


on 20(h February and 20th August net d basic rate lax 
and are reinvested lor Accumulalion units (o increase 
Ihe value of the units. The next distribution dale for 


PLEASE INVESTIE 


in ACCUMULATION INCOME unite 


members of the Baader-Meinhof a U.S. private investor, 
guerrilla group. Pa S e 

CHIEF PRICE CHANGES YESTERDAY 


ium 1st. i A u.i nuuucuu. v.w. j *1 muoisf; cimytrivwiv 

third founder of INMOS is Mr. The company had to have a i month (LH-aaadis 
Zann Barron, a British elec- substantial U.S. base. Much of 5 month us-uiiti* 
tronics consul tan L the skill required, to develop the 12 months «s& 4 . 75 di* «. 8&^86 dii 


Tta ArfriS \tz Zo In, ■ (detele as applicable or Accumulalion unite rail be issued ol Ihe MSG 
! ftecoven, fSSd ,1 .he pnee ruftnBOn ,ec«p. o. ifti, apph rJ l,o„. 

nr •»!! nn inu hii^irewr riw Tnnlnrt^ Inr nur. ■ I Uecfcne 1h.'1 1 .IP JV>l rr-.nt-nl rnitiirV' lh^ l.lruH'i’ l-.m; (U m :h.- r.ii.u.n,l M., ■ I 

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retaned to meet setting-up expenses. ■ I 

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down your net monthly cost to only EHi'S), in most * — — | 

cases appreciably less than ihe monthly purchase or I - - — — 

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Treasuri' 9lPc 1353 — Mothercare t 

Bel! IA.) + i* Rosehaugh 300 + k> 

Bonis — -*0 y Spooner Inds. 94 + 7 

Bourne & Hlngswth. liH stock Conversion — 258 + 4 

Brown (J.) 4J- + T4 Co ns , 11S + 31 

Brown & Jackson ... lo- + | Cons. Gold Fields ... 186 .+ a 

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European J orries 1 Kinross 426 + SO 

Fosortr t 1° President Sleyn 84S -r SS 

GUi 'A 3g + 5 - Lloyds Bank “ | 

icl 330 + u umiever * 


Overseas news 2 

Home news 34 

Arts pages 12&-13 

Leader page 14 


Row of Olympic dimensions 14 
Weather and work in 
Germany 2 


CONTENTS OF TODAY'S ISSUE 

.... 2 UK Companies 16 Money ana exchanges 23 


UK Companies 16 

Mining 5 

IntL Companies 17 

Overseas Markets 18 

FEATURES 

Post Office White Paper: 
Dousing Carter’s fire and 
brimstone 15 


Recovay Fundfor 85 fittte as Q2amcnth.3I%(o94% _ I understand Itwt tins pjymeri u only urcveiaiwl >ind thn! ihe runwr y will ;wt 
(depemling on yom’ starting age) is invested, except in | *sunio re.h until lormai rwiit own ol acceptance 

the first two years when an addfiional 20 per cent is ■ occupation of pistm 

retained to meet sritme-uaMnensK. ■ — — 


Commodities 6 

UK stock market 24 


Overseas students 9 

-FT- REPORT 

Investment services 19-21 


Appointments 

Bridge 

OHM - 

Cnunwrd Ptmte .. 

Economic Diary 

'EdmtM’o 

Eutertafaunent Cofde 
FlllUC A Family ... 


FT-ACUUiHCS lotilcos 

Garden Ins 

Gaff 

How to Spend It — .. 
Insurance 

Letters 

Lex 

Man or tfce Wdek 
Motoring 


Property * 

Rachtg U 

Radio " 12 

Saleroom s 

Share information ... 26-27 
SE Week’s Dealings 223 

Trawl M 

TV and Rpdi» ......... 12 

Unit Tracts ** 


WaOwr 

’•eokeod Brief 

Week In Lon. & NY 
Vo*. Savings a Inv. 
Ban Limdlag Rales 
■“Wing 5 m. Rates 

*7*5*1 An thy Bonds 
OR CHuytUti ... 


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your momnw paymerti. ir your age at entry is 54 or ■ piooohi shai be iw basis ei Ua comrad t>dMen me arw wic rnni (Assunmc?i iu!., 
unoer; an etemem of lire cover is also provided for B iwa^ccrpiihMciciomafytoiutoJpri'rv !■«'«: iop<ondejtiyiufitt.a 

SMSSMS ! ssssawsMaw-w-j 

Hyoucashinorstopyourpaymentsdunnglherirst | signature 

tour years there is a penalty, and the (a t authorities • niTr lM) 

r^uireus io maKeadeduclion.soyoushould nol con- ■ 
sder the Plan tor less than five years. ^feeaugea »n EntfrrHmH^ 

MSG is a member ol Hie Lite Offices' Association. 

This oHei is nut jwwfcie to icsKfenls of Ihe Hcpublic-ot Ireland. . B ■ I U t * 4.*- BL^|| a \ * 1*1 Ju 


For latest Share Index 'phone 01-24 $ S02$ 


I inlMmauon me company may mount 
| ( A speomm o! i he jwlicy Iwm « anubie on icquesil.) 


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Financial Times Saturday July 22 197S 


'2 


OVERSEAS NEWS 



Rise in U.S. GNP 

disappointing 

for the White House 


BY DAVID BUCHAN 

■THE U.S. economy grew at ‘.an 
annual rate of 7.4 per cent in. 
the second quarter of 197S,' 
accordina to the Commerce- 
Department's preliminary esU- 
rcleased today. 

While this was the biggest 
jump in the GNP since the 9.3 
per cent increase recorded in 
the first three months of 1978," 
the figures must conic as a dis- 
appointment to the Carter 
Administration economists who 
had been hoping for S to 9 per 
cent growth between April and 
June this year. 

The increase in GNP follows a 

fall of 0.1 per cent in the first 
three months this year. This was 
due to the proiracted national 
coal strike and freezing weather 
which slowed economic activity. 

The Secretary of Commerce, 
Mrs. Juanita Kreps. admitted 
that the Administrations latest 
projection for 197S overall 
growth of 4.1 per cent now looked 
ton optimistic, and that the 
second quarter was probably not 
good enough to compensate for 
■ihe slowdown that everyone 
expects to occur in the third and 
fourth quarters. It may also affect 
the target of 4.3 per cent. GN'P 
growth that 31 r. Carter's econo- 
mists had set for 1979. 

The Commerce Department 
also reported that inflation, as 
measured by the GNP price 
deflator, rose at an annual rate 
of lu.l per cent in the second 
1978 quarter, as against 7.2 per 
cent in the first three months. 

The Administration had been 
hoping that consumer prices 
would only co up by 7.2 per cent 
this year. With the latest un- 
employment figures bringing the 
jobless rate down tn 5.7 per cent, 
curhing price increases now 
becomes a priority for the 
Administration. 


WASH ENGTOif," July 2L 

President' Carter sought last 
night at a .Press conference to 
defend his Administration's 
current • voluntary anti-inflation 
programme. 

He stressed the importance of 
trimming back federal- budget 
deficits next year aqd in 1980— 
moves which would fake pressure 
off -interest rates* He reiterated 
his plan to curb-, the pay of 
federal civil servants, claimed 
that appeals to business and 
labour had -had some success and 
called once again on Congress to 
lake action on energy conserva- 
tion legislation, hospital costs 
and other measures that could 
stem inflation. 

Stewart Fleming writes from 
.New York: The evidence that in- 
Ha tion had hit double digit levels 
in the second quarter -coincided 
this morning with' a growing con- 
viction on Wall Street that the 
Federal Reserve has indeed 
tightened credit— albeit slightly 
— in the wake of the Tuesday 
meeting of its Open Market Com- 
mittee. the Feds monetary 
policy anu. 

Again this morning the 
Central Bank waited until the 
interest rate on federal funds 
that reserves banks lend each 
other, had risen to 8 per cent 
before adding funds to the 
money market. The conclusion 
most money market analysts have 
reached is that the Fed has raised 
its average federal funds target 
rale at a modest A percentage 
point to 71 per cent. 

According m Mr. William 
Griggs of’.T. Henry Schroder 
Bank and Trust in New York, 
this modest increase reflects the 
divisions within the Fed about 
the outlook for the economy and 
inflation. 


Bolivian military uprising 
in support of general 


BY HUGH O’SHAUGHNESSY 

BOLIVIA'S MILITARY Govern- 
ment has declared a state of 
siege following an uprising in 
favour of the conservative 
nationalist General Juan Pereda 
which was reported from the 
city of Santa Cruz on Thursday 
night. The Government said the 
stale or siege was aimed at 
ensuring peace and guaranteeing 
civil liberties. 

Nationalist militants, report- 
edly backed by troops from a 
Santa Cruz air base, were 
reported by Reuter in La Paz, to 
have stormed three radio stations 
in Santa Cruz while other 
nationalist commandos attacked 
radio stations in Cochabamba, 
the second city of Bolivia. The 
right wing Bolivian Falangist 
Party is supporting the rising- 

General Pereda was a candi- 
date for the presidency in the 
general elections of July 6. He 
received a great deal of govern- 
ment assistance and at one time 
claimed victory in the poll but 
Hie elections were annulled on 
Wednesday night by the National 
Electoral Court after evidence 


had been produced of widespread 
fraud in favour of the .Pereda 
candidacy.-- .. . 

The insurgents, .who appear to 
be in control of Santa Cruz, have 
called fur General Pereda to be 
confirmed as president. The 
court has ordered new elections 
within six months. 

Santa Cruz is a -centre of a 
Strong efirtservative .. political 
group, which has in the past 
supporte4 the presidential can- 
didacy of Gcnerafl Pereda and 
has also taken every opportunity 
of demonstrating its indepen- 
dence of La Paz. '-the administra- 
tive capital of Bblivia. 

There is no evidence lo show, 
however- that General Pereda 
received wide popular support 
in the Santa Cruz department at 
the July 9 poll. 

In a confused political situa- 
tion the- key to the future is, 
us on many other occasions io 
the past, with the armed forces. 
General Hugo Banzer, the incum- 
bent president, has said that be 
sul] intends to surrender the 
presidency as originally 
scheduled on August 6. 


Carter hint on dissidents 


BY DAVID BELL 

PRESIDENT CARTER came 
cIom: to hinting last night that 
the U.S. is now involved in talks 
which could lead to the release 
of two Soviet dissidents 
sentenced to lung prison terms in 
Russia lust week. 

Asked about reports that such 
talks are already under way. Mr. 
Carter would say only that ft 
would not he “ appropriate " for 
him to discuss any efforts that 
might be being made on behalf 
•if Mr. Anatoly Shchuransky or 
Mr. Alexander Ginzburg. How- 
ever. answering another question, 
the President acknowledged ihat 
-we would like to see ihc 
prisoners released” adding that 


WASHINGTON. July 21. 

ho could not “go into that now." 

At several pointy. Mr. Carrer 
went out of his way to be con- 
ciliatory towards Moscow saying 
that he had no intention of start- 
ing a " vendetta,” insisting that 
the administration would still 
like to improve U.S.-Soviet trade 
and noting that the U.S. had no 
intention of interfering iq inter- 
nal Soviet affairs. 

Even when be criticised the 
Soviet Union for failing to live 
up to the provisions of the 
HpJsmki agreement Mr. Carter 
also said: “ I might add very 
quickly that the Soviet Union is 
not the only country auilly of 
tfaaL" 


Post agreement reached 


BY JOHN WYLES 

PROCLAIMING THAT honour 
had been satisfied on both sides, 
management and unions of the 
U.S. Postal Service completed 
negotiations at 4 am this morn- 
ing on a tentative contract which 
removes the threat of unofficial 
stoppages. 

The existing contract expired 
at midnight last night but in a 
time-honoured negotiating riiuai 
the two sides stopped the clock 
and eventually emerged with a 
proposed three year agreement 
which broadly satisfied every- 
one's minimum requirements, 
including President Curler's. 
The mix or direct wage Increases 
and possible cost of living rises 
brings Ibe probable total of pay 


NEW YORK, July 21. 

rises over the three years to 
around 19.5 per cent which is 
substantially lower than the coal 
strike settlement in March and 
n<n greatly in excess of what 
the white House had hoped to 
see. 

In particular, the President 
had hoped that the independent 
postal service would avoid con- 
ceding rises substantially higher 
than the 5.5 per cent which will 
be given to federal employees 
this year. The postal pay in- 
creases average out at around 
6.5 per cent a year and the ten- 
tative agreement should enable 
Ihe Administration to claim 
that its fragile pay and price 
restraint policy has been 
significantly breached. 


China 


BY CHARLES SMITH. FAR EAST EDITOR 


NEGOTIATIONS ON a proposed 
Treaty of Peace and Friendship 
between Japan, and China were 
resumed this afternoon in 
Peking after a break of more 
than three years. Tbe reopening 
of talks took the form of a meet- 
ing between the Chinese Foreign 
Vice-Minister, Mr. Han Nien- 
Inng. and the Japanese Ambas- 
sador to China, Mr. Shoji Sato. 

Working level talks will con- 
tinue between the two men, after 
which, if satisfactory progress is 
achieved, tbe Japanese ForeigD 
Minister.. Me. Sonoda, will go to 
China, to! wrap up the . negotia- 
tions. 

.The- main issue of the other- 
wise ' simple falks is . whether 
Japan and China can agree. on 
the phrasing of a - clause* con- 
demning the exercise of- “hege- 
mony” -by third ; countries in 


Asia. The so-called “anti-hege- 
mony 1 * clause appears in the 
draft text of the treaty at the 
insistence of China, which under- 
stands the clause as being 
directed against the Soviet 
Union. Japan's problem is to 
negotiate a form of wording 
which will enable it to cia> Q i 
that in Japanese eyes the clause 
is not specifically directed 
against anyone. 

The Japanese Prime Minister, 
Mr. Takeo Fukuda, told 
journalists recently that the 
treaty talks will run smoothly 
provided China understands that 
Japan is entering the discus- 
sions as part of its “all-direc- 
tional peace diplomacy.” China 
may permit tbe Insertion of some 
form of words' into the treaty 
expressing this Japanese under- 
standing. But apparently it will 


not agree to a rider to the anti- 
hegemony clause disclaiming any 
reference to individual countries. 

The treaty will be tbe last in a 
series of agreements * signed 
between China and Japan in the 
past five years 'in accordance 
with a provision of the 1972 
document under which the two 
nations normalised their diplo- 
matic relations. 

One of tbe Issues at the time 

of normalisation was bow to 
handle the problem of tbe exist- 
ing Japanese peace treaty, to 
which the Naionalist Chinese 
regime on Taiwan is signatory. 
Japan was reluctant to scrap the 
treatv with Taiwan or to nullify 
it by negotiating a fresh peace 
treaty with Peking. The Peace 
and Friendship Treaty was sug- 
gested as a way round these 
problems. 


The Soviet Union has otade 
repeated protests to Japan ahof 
the China treaty, which it . sees 
as an attempt to ^igu Japan 
with Peking in the latter's dis- 
pute with Moscow. Japan n as 
replied that the talks with China 
are strictly bilateral and " ot 
concern any other country Des- 
pite this official position there 
Seems little doubt that Japan 
would like to find some corres- 
ponding way of improving its 
relations with Russia. 

The most obvious move would 
be to complete the long-sus- 
pended negotiations on a Russo- 
Japanese peace treaty, which are 
still pending from the end ot 
World War II. The problem, is 
that Japan has vowed nor to sign 
a peace treaty with Russia until 
the return of four small islands 
immediately north-east of hok- 


TOKYO. July 21- 

kaido, which were occupied by 
the Soviet Union in the dgJJgj 
days of the war. Tbe Sovlet 
position on the territonal toue 
is that it is -already settled, m 
other words Moscow Is firm 
opposed to the return of the four 
islands.' . . 

The treaty talks with China 
take place at a Hme when 
economic relations between the 
two countries are progressing 
rapidly. A Japanese oil mission 
is currently visiting Peking to 
discuss the possibility of co- 
operation in the development or 
China's offshore oil fields. 
Another recent development was 
the expression of a Chinese 
desire to raise private loons in 
Japan. These could be a pointer 
to a rapid expansion In business 
relations — assuming the treaty 
talks go smoothly. 


Security 
changesin 
S. Africa 

By- John Stewart 

CAPE TOWN, July 21. 
THE COMMISSIONER of the 
South African police, General 
Mike Geldenhuys, announced 
In Pretoria today that the chief 
of the security police in Port 
Elizabeth, Colonel P- J- Goosen, 
is lo be transferred to a 
different post In another area. 
He made the announcement on 
the instructions of the Police 
Minister, Mr. James Kruger. 

General Geldenhuys an- 
nounced drastic staff changes 
In (he Port Elizabeth security 
branch, in whose custody the 
former Black Consciousness 
leader Steve Blko received 
mortal injuries in detention 
last year. Last week a 20-year- 
old African detainee. Hr. 
Longlle Tabalaza, died after a 
Tall from the fiftb floor of the 
local security police head- 
quarters, wbere he had been 
laken for questioning. Steel 
bars have now been fitted to 
the windows of the floors 
occupied by security police in 
Port Elizabeth. 

General Geldenhnys said in 
his statement that the Port 
Elizabeth security police may 
not have adhered to strict 
instructions on the safety of 
detainees. As a result, Colonel 
Goosen will be relieved of 
security branch duties in Port 
Elizabeth and transferred else- 
where. 

An additional senior post 
would be created in the Inspec- 
torate at police headquarters 
in Pretoria, said General 
Geldenhnys, to take responsi- 
bility ."for security matters 
throughout the country. 

He added: " These steps are 
purely administrative and a 
statutory inquest into tbe 
death of Mr. Tabalaza will be 
held as soon as possible, after 
completion of which it will be 
decided whether any further 
steps should be taken.” 

A total of 10 South African 
policemen bave been suspended 
from duty in Natal and the 
Orange Free State provinces, 
arising from tbe death of two 
Africans In police custody. 

Black jobless 


still rising 


By Bernard Simon 

JOHANNESBURG, July 21. 

A PRIVATE survey of unem- 
ployment in South Africa has 
estimated that over Um 
blacks, or approximately 20 per 
cent of tbe economically ariive 
black population, are currently 
out of work. This estimate is 
more than double the most 
recent official figure or 634,000 
for October 1977, issued by the 
Department of Statistics. 

Although other private 
researchers have recently put 
the black unemployment figure 
at well above the 2m mark, the 
latest survey, conducted by 
Intercontinental Marketing 
Services Africa, is reported to 
be tile most extensive yet 
undertaken by a non-govern ■ 
ment organisation. 

The rate of retrenchment 
appears to bave slowed since 
the economy started picking up 
early this year, but the blgfa 
level of black workers entering 
the labour market (estimated 
at about 150,000 a year) has 
meant that the number of Job- 
less has continued to increase. 


Dayan may back changes 
in Israeli peace strategy 


BY DAVID LENNON 

THE CABINET will hold a major 
political debate on Sunday at 
which Mr. Moshe Dayan, the 
Foreign Minister, is expected to 
recommend changes in the Israeli 
peace plan to Improve Ihe 
chances of reaching agreement 
with Egypt 

Mr. Dayan believes that the 
prospects for peace are better 
than ever following bis meeting 
this week with Mr. Mohammed 
Ibrahim Kamel, the Egyptian 
Foreign Minister, at Leeds Castle 
in Kent. 

If tbe two sides are prepared 
to antend their positions, Mr. 
Dayan believes it will be possible 
to considerably broaden the 
areas of agreement which bave 
emerged about the future of the 
West Bank and the Gaza Strip. 

There is a measure of agree- 
ment about placing tbe occupied 
territories under a transitional 
rule, abolishing Israel's military 
government, and the need for an 
Israeli security presence in these 
areas, according to the Foreign 
Minister. 

However, a great deal more 
negotiating will be required to 
bring the sides together, he 
noted, especially as there is still 
a wide gap on the question of 
the future sovereignty over these 
two occupied areas. Egypt is 
demanding Arab sovereignty for 
tbe West Bank and Gaza Strip, 
while Israel has rejected this 
idea. 


Officials in Jerusalem were 
taken aback by President Sadat's 
demand yesterday for new 
Israeli ideas before further talks 
could be held. But they recalled 
that he had dropped similar 
demands when agreeing to meet 
Mr. Ezer Weizmaa, the Defence 
Minister, and to send his Foreign 
Minister to Leeds Castle. 

The Cabinet will discuss the 
report of the two Ministers and 
examine possible areas of com- 
promise on Ihe West Bank/ 
Palestinian issue. It will also 
review, a proposal to return the 
northern Sinai town of El Arish 
to Egyptian civilian administra- 
tion as a gesture towards Presi- 
dent Sadat. 

But there is considerable 
opposition within the Cabinet to 
making any unilateral conces- 
sions. Any Israeli gesture would 
have to be matched by an 
Egyptian concession, in the 
opinion of Mr. Dayan and some 
other ministers. 

The Cabinet will also discuss 
the visit to the region next week 
of Mr. Alfred Atherton, the rov- 
ing U.S. ambassador. He will 
try to lay the basis for the next 
round of talks which Mr. Cyrus 
Vance, the U.S. Secretary of 
State, has suggested be held in 
two weeks time. 

A number of sites are being 
considered for the projected 


TEL AVIV, July 21, 

meeting. El Arish or a U.S. 
early warning station at Um 
Hasheiba in the Sinai demili- 
tarised zone have been men- 
tioned. Mr. Atherton is expected 
to choose the final site a Her 
consultations with the parties. 

Oar Foreign Stuff writes: Mr. 
Mohammed Ibrahm Kamel, 
Egyptian Foreign Minister, left 
London yesterday expressing 
some doubts over whether there 
wouid be another round of talks. 
He said: “We must now await 
tbe outcome of General Dayan's 
report to the Israeli Government 
on Sunday and hope that they 
will come out with some new 
proposals.” 

Mr. Kamel explained that the 
Egyptian delegation had come to 
Britain for the meeting at Leeds 
Castle at President Jimmy 
Carter's invitation to clarify its 
position. “We answered ail their 
questions they saw fit to ask but 
saw that the Israeli side were 
stiil sticking to their old 
positions. 

*' The trouble Is that the 
positions are totally opposite 
While we want (UN Security 
Council) Resolution 242 to be 
initiated, Israel still insists on 
the occupation of Gaza and tbe 
West Bank and infringing the 
rights of the Palestinians.” 
Nevertheless, the talks at Leeds 
Castle “were of great 
significance," he added. 


Special OPEC meeting unlikely 


BY RICHARDyjOHNS 

NO EXTRAORDINARY confer- 
ence of the' Organisation of 
Petroleum Exporting Countries 
is likely to be held before tbe end 
of 197B to raise oil prices to com- 
pensate for the decline of the 
dollar. 

Saudi Arabia and Iran have 
apparently decided not to accept 
the recommendations of the spe- 
cial OPEC committee which met 
in London last weekend and 
want to delay any action until 
the next ' ordinary ministerial 
conference scheduled 'to take 
place in Abu Dhabi in December. 

This was implied clearly yes- 
terday I - ;* Sheikh Ali Khalifa al 
Sabah, Kuwaiti Minister of Oil, 


chairman of the committee of 30 
experts. 

Speaking to reporters on his 
return home Sheikh Ali con- 
firmed that the committee had 
agreed on pegging prices to a 
basket of currencies to offset the 
depreciation of the dollar, the 
means of payment for oiL It had 
also concluded that such a link- 
age would help stabilise currency 
rates in general as well as the 
purchasing power of revenues. 

However, he added that the 
meeting was “entirely devoted 
to finding effective means for 
protecting oil income” and that 
it did not discuss a price in- 
crease. 

As chairman of the committee. 


Sheikh Ail was empowered to 
call an extraordinary conference 
to take remedial action to com- 
pensate for the erosion of pur- 
chasing power. But this de- 
pended on a measure of consen- 
sus amongst memebers that 
action should be taken. 

However, after the special 
committee had met he is believed 
to have consulted with Sheikh 
Ahmed Zaki Yamani, Saudi 
Minister of Oil. and Dr. 
Mohammed Yeganeh, Iran's 
chieF delegate to OPEC, who 
both said that their Govern- 
ments were against adjusting 
prices to compensate for the 
dollar’s decline for the time 
being. 


Italy boosts payments surplus 


Rhodesian 
election win 
for Smith 

* SALISBURY. July 21. 
PRIME MINISTER Ian Sniilh s 
Rhodesian Front Party today won 
the country’s first electoral test 
on black rule plans but .with, a 
substantially- reduced majority. 

Roth the hard-line Right, which 
opposes any handover to the 
black majority rule and the 
liberal Left, which backs the 
Anglo-American peace plans. 
greatly increased their share of 
the vo*te. 

The test came in a Panlamen 
tarv by-election for the Salisbury 
suburh nf Highlands North. It 
was the first chance White 
Rhodesians have had to indicate 
their response at polling booths 
to the Salisbury majority rule 
agreement reached in March by 
Mr. Smith and three moderate 
black nationalist leaders. 

The Rhodesian Front's poor 
performance cave Mr. Smith 
food for thought as he pressed 
ahead with the internal settle- 
ment plan designed to hand over 
the country to black majority 
rule on December 31. Hr. Smith 
has promised 80,000 while voters 
a virtual veto on the scheme in 
a referendum in September or 
October. When the majority rule 
agreement was signed in March 
the referendum had seemed a 
formality. It has now gained In 
significance. 

The Rhodesian Front's share 
of the vote slumped from 69 per 
cent in August to 49 per cent. 
The Liberal share rose from 20 
per cent to 32 per cent and the 
right-wing vote from 9.5 per cent 
to 1S.7 per cent. 

Reuter 


OAU summit 
talks on Horn 

By John Worrall 

KHARTOUM. July 21. 
THE Organisation , of African 
Unity heads of state summit to- 
day grappled in closed session 
with the problems of'Vthe Horn 
of Africa, one of the con- 
ference's most divisive Issues. 

Members said the problem was 
urgent and that an end to 
hostilities between Ethiopia and 
Somalia should be brought about 
immediately as Somalia was 
threatened with invasion. 

A proposal was discussed to 
create a buffer zone three miles 
wide on .either side of the border, 
bring about a ceasefire, and in- 
struct tbe OAU Mediation Com- 
mittee to bring the two countries 
together to discuss their 
differences. 


Slowdown 


economy 

forecast 

By Robert Mauthrwr 

paris. Jins sl 

THE FRENCH economy is' ex- 
pected to expand more slowly 
in the second half of this year 
after ihe strong consumer-led 
upturn during Ihc first rlx 
months, according to .the latest 
National InMimte of Statistics 
(INSEE) survey. 

The institute forecasts that, fal- 
lowing i : lively expansion of 
consumer demand during the 
first few month* of this year, 
due largely to the more opti- 
mistic climate created by the. 
Centre-Right coalition's gen- 
eral cli'Ciion victory, a decline 
of 0-4 per cent in the demand 
for consumer goods can be - ex- 
pected in the third quarter. 
This would he followed m the 
last quarter, by m» more Hum 
a modest resumption of 
demand in this . sector. 

The Fr 20 bn (about £2,4 bn 1 
budget deficit, announced by 
President Giscnrd d’Estaing at 
the recent Bonn Summit, ns 
Franco's .contribution to 'con- 
certed world growth, is UkeZy 
to have only a very limited 
impact on domestic economic 
activity, according to INSEE. 
Some Fr 5.5bn of the. addi- 
tional Fr IOb /1 deficit not 
accounted for by the 1978 
budget has already been fin- 
anced by long-term loans, and 
another loan is due to be 
floated in September. Most of 
the budgetary stmiul. '• to the 
economy has thus come in ihc 
first half of the year. 

Nor is export demand likely to 
replace domestic consumer de- 
mand as the main stimulant 
of economic activity. After 
'—expanding at an average 
annual rate of B to 7 per cent 
since the summer of 1976, ex- 
port volume is likely to grow 
at a considerably slower rate 
or between .4 and 5 per cent 
during the second half of this 
year. 

However, thanks to the firmness 
of the franc nn the foreign 
exchange markets, which has 
led to a slight improvement 
in France’s terms of trade, the 
trade balance is likely to show 
an increasing surplus over the 
next six months. 

The outlook for inflation up to 
the end of the year is also 
slightly brighter than it was 
only a few weeks ago. While 
prices have been rising lately 
at about 1 per cent per month, 
the increases in public sector 

S rices authorised by the 
pvemmeot will all have been 
• put ioto effect by the end of 
this month and tbe rate of in- 
flation can subsequently be 
expected to develop more 
slowly. INSEE forecasts that, 
by the end of tbe year, the 
monthly rate will have fallen 
to 0.7-0.8 per cent. 

Over the year as a whole, 
nominal wages are forecast to 
rise by some 13 per cent, per- 
mitting an increase in average 
purchasing power of about 2 5 
per cent, notwithstanding the 
Government’s strict incomes 
.policy. Though M. Francois 
Ceyrac, the president of the 
French Employers' Federation, 
has expressed anxiety about 
the continuing low level of in- 
vestments, tbe institute pre- 
dicts that investments will 
expand at a higher rate in the 
second half of the year, 

Tbe Institute’s relative optimism 
in this field is explained by 
the upturn of industrial pro- 
duction during the first half of 
the year, the stability of raw 
material import prices, the 
comparatively small increase 
in wage costs and Thu im- 
provement in company 
finances, thanks largely to tbe 
freeing of Industrial prices. 


\ 


BY DOMINICK J. COYLE 

ITALY HAD a surplus of 
L735bn ($S65m) last month on 
balance or payments account, the 
highest monthly total since 
October, and ail indications 
suggest that the final result this 
year should at least equal the 
S3bn surplus achived in 1977. 

Provisional June figures avail- 
able here today give a first half 
surplus in the current year of 
L2,417bn ($2.8bn), compared with, 
a deficit in the January-June 
period the previous year of 
Ll,726bo (S2bn>. 

The principal explanation is 
the relatively low level of import 
demand over the past year, 


resulting from tbe near recession 
in the economy, although some 
recent indicators suggest that the 
recession raav be bottoming out. 
Accordingly, any significant re- 
stocking over the coming months, 
before tbe start of the tourist 
season, could reverse the pattern 
of payment surpluses. 

The June outcome, taken in 
conjunction with adjustments to 
the overall level of foreign 
borrowings by the Italian bank- 
ing system, leaves the total 
reserves of the Bank of Italy, 
including cold holdings, at an 
exceptionally high L19,300bo, or 
S22.7bn. 

Hence, Sig. Filippo Maria Pan- 
dolfi. the new Italian Treasury 


ROME, July 21. 

Minister, will bave an encourag- 
ing report when be briefs his 
EEC colleagues at next Monday's 
Council of Finance Ministers 
meeting in Brussels. 

He is expected to outline his 
1979 Budget proposals and the 
concern both here and in 
Brussels is with the rapid escala 
tion of the enlarged public sectoi 
deficit, put tentatively at a 
massive L43,000bn (S5Lbn>. on 
the basis of unchanged policies. 

The International Monetary 
Fund and the EEC are under- 
stood to have asked that this 
figure be cut back to an absolute 
maximum of L35.000bn as a pre- 
condition for new Loans or stand 
by credits. 


Soviet industry output up 


BY DAVID SATTER 

SOVIET INDUSTRIAL produc- 
tion rose 52 per cent, during the 
first half of 197S. an improvement 
over the modest plan target 
which was 45 per cent, hut below 
the pace or last year when 
industrial production increased 
5.7 per cent. 

Figures released today by the 
Soviet Central Statistical Board 
snowed that labour productivity 
srew 3 S per cent during the first 
six months of I97S, accounting 
for almost three-quarters of the 
increase in production, 

The Soviet Union is now at the 
half-way point Of the Tenth Five- 
Year PJafl kut Inc figures W ,I * V 
confirm that the Soviet economy, 
which last year showed the lowest 

jinuual increase in nations 


MOSCOW, July 22, 

income since at least 1951. will 
have a difficult time fulfilling it. 

A spokesman for the Statistical 
Board said that all Soviet 
Ministries achieved their plan 
targets. But the figures show a 
slowing down in the second 
quarter of 1578 compared with 
the first, when industrial produc- 
tion rose 5.5 per cent 

Figures for Soviet energy 
production indicate that critical 
oil. gas and coal production con- 
tinues to tDcroase but at slower 
rates than in 1977. Oil production. 
Including sas condensate, totalled 
26Sm tonnes during the first half 
of 197S. a 4 per cenL increase 
over tbe first hair or 1977 but 
below the overall 1977 rate of 
increase over 1976 which was 
5 per cent. 



EVERY WEEKEND— rain or 
shine, summer and winter — 
thousands of Frankfurt residents 
lace on stout walking shoes and 
bead fnr the Taurus Mountains 
some 16 miles from the city- 
This lemming-like exodus is cer- 
tainly no reflection of a fashion- 
able keep fit craze. It has gone 
on for years and is prompted by 
the simple human need for a 
breath of fresh air. 

People who live in British 
cities, including London, may 
complain about tbe weather but 
can have no conception of how 
it dominates life— in Central and 
Southern Germany. In Britain 
the climate is usually temperate 
and. most inaortant of all, the air 
is fresh. But not so in Central 
Germany, where climatic inver- 
sions frequently pen stale air^n 
the valleys where most cities and 
towns are built Nor It it so in 
Bavaria where the “Foehn”— a 
climatic condition caused by 
the wind— frequently gives the 
population splitting headaches. 

Many foreign businessmen 
here, especially those who have 
lived a long time in Germany, 
believe that the climate — or the 
weather— has a profound effect 
on business performance. A lead- 
ing British banker in Frankfurt 
told me: " Certainly the climate 
affects business. When we have 
a climatic inversion the error 
content in work shows a marked 
increase. People get aggravated 
with one another and tbe 
number of rows and arguments 


i 


WEATHER AND WORK IN GERMANY 

Seeking a healthier 
business climate 

* 

BY GUY HAW71N IN FRANKFURT 


are disproportionately high. 

Even our computer »*arts to 
play up during a tief druck 
(climatic inversion). I tend to 
believe that this is generally a 
matter of human error. But. on 
the other baud, computers are 
notoriously sensitive to climate. 
After all one has to keep them 
in air-conditioned offices." 

The West German medical pro- 
fession has certainly been wei! 
aware of the problems posed by 
the weather. For many years the 
country's meteorological service 
has provided hospitals with 
advice on wbether or not 
climatic conditions are suitable 
for serious operations. 

My own doctor, himself the 
image of a calm, unflurried 
general practitioner, told me: 
“There is nothing new in this. 
For at least 25 years we have 
appreciated the effects of the 
climate on health. Surgeons will 
put off serious operations when 
weather conditions are bad. 
Years ago clinics noted that there 
were many more strokes and 


heart attacks during climatic 
inversions." 

According to doctors there is 
a marked increase in traffic 
accidents during climatic inver- 
sions and the "Foehn." Many 
clinics make use of weather 
reports To prepare in advance for 
the increase in patients. 

Although in Frankfurt, at 
least, the police do not correlate 
the accident rate with weather 
conditions, simple observation 
shows that driving standards 
tend to deteriorate with bad 
weather. At the same time, some 
faetnries report an increase in 
industrial accidents during 
climatic inversions. 

There is a strong argument 
for saying that climatic condi- 
tions impose a far heavier 
burden on German industry than 
on many of Its international 
competitors. While West German 
workers enjoy a well above 
average four weeks holiday a 
year, they are also entitled to 
take “cures" for what in coun- 
tries such as Britain and the 


UB. would be described as betn., 
“a bit run down" rather than 
being actually sick. 

Many older workers take full 
advantage of the ’cure" 
privilege, the cost of which is 
usually under-written by their 
health insurance. A cure usually 
lasts a minimum of four weeks 
and more often than not sis 
weeks. Furthermore, it is 
followed up by recuperation dur- 
ing which the worker is not 
expected to work full time. This 
is normally paid leave and is 
certainly not counted as holiday, 
although the spas could properly 
be defined as holiday resorts, 
complete with well-patronised 
casinos. 

Another doctor said: “Un- 
doubtedly. a number of workers 
abuse the cure, but for the 
majority it is a vital form of 
preventative medicine. In 
Frankfurt and in Bonn, for 
instance, there is a' very high 
instance of circulatory problems 
Cures are most important in 
keeping these in check," 

There are. of course, those 
fortunate souls who appear 
Immune to the problems of 
climate. One American business- 
man. who has Jived hero for five 
years, said: “This place is no 
worse than the Mid-West and 
certainly better than Los 
Angeles. I bave never had any 
trouble in either place. The 
whole thing was invented for 
tbe enrichment of the medical 
profession and encouraged by 
the trade unions.’* 


EAST AFRICAN 
COMMUNITY— 

Creditors 

1. The Governments of Kenya, Tanzania and 
Uganda have appointed Dr. V. Urnhricht of 
Switzerland as Mediator to recommend 
proposals for the permanent and equitable 
division of the assets and liabilities of the East; 
African Community Corporations and General' 
Fund Services. 

2. In order -to assist both the Mediator and the 
Governments of Kenya, Tanzania and Uganda, 
the State organisations, business firms and other 
parties with claims outstanding against the East 
African Community Corporations and General 
Fund Services are invited to send full details of 
their claim (si to: 

Office of the Mediator, 

East African Community, . 

15 rue de Varembe, 

Case postale 24, 

1211 Geneva 20, Switzerland. 

3. Details should include the following: 

Name and address of claimant; 

Name and address of debtor; 

Goods or nature of service; 

Date of contract; 

Original contract value with amounts of 
payments and due dates according tn 
contract (indicating whether any payments 
have been made); 

The rate of contractual interest, as well as 
the actual amount, and the rate of past 
- maturity interest. If specified in contract 
(please distinguish between principal and 
interest); 

Details of value of goods not vet shipped 
(if any). 

4. Claims should be registered with the Office of 
N B the Mediator no later than 30 September 197S. 

The transmission of information on claims does not. 
prevent the pursuit of action to recover money owed, 
nor should it be taken as a recognition of the claims 
or as any guarantee that the claims will be ni'et either' 
in full or in part. It will, however, assist the.: 
Mediator in his efforts to identify and assign assets'- 
and liabilities among the Partner States. 










inr | !l, "n 

z< 

* ' *1 1*1 * 


r> : v» 5 


: Financial Times Sat urday July 22 1978 

HOME NEWS 

Post Office move to slow 
rise in telephone bills 


• NEWS ANALYSIS— HOW A TEXAN WOOED THE NEB SCIENTISTS 

Britain plunges into micro age 


»Y PHILIP BASSETT 

S^ P ? ST OFFICE is to reduce 
unit . c °st of running its tele- 
communications business by 
jjpr cont * a year over the nest 
»h 6 J ? ars - This will mean that 
«h*, P £ ,Ce ? har sed to the customer 
should rise less rapidly than 
prices in the economy as a whole. 

This was announced yesterday 
tn a Government White Paper. 
£ «2. llDWS 0,6 report by the 
nh S i r?^ ce ? eview Committee 
Kf* £ arter Committee) on the 
Post Office a year ago. 

.. Z. h ® White Pa P pr said that the 
milts, of technical improve- 
_ Jn telecommunications 
should be passed on to users. The 

irtEfE*®* 1 ? a , nnuaI reduction to 
should reduce charges 
significantly in real terms. The 


BY JOHN LLOYD 


reduction could Duly be made if 
productivity kept pace with 
Investment. 

Sir W illiam Barlow, chairman 
of the Post Office, said, that the 
out was not a threat to jobs. 
Productivity could be increased 
by working more efficiently with 
new equipment. Although the 
target would be “ quite difficult ” 
to reach, it could be done. 

On posts, real unit costs should 
remain constant for five years 
from this year's base rate, so that 
tariffs would not increase faster 
than the general level of prices. 

A decision on whether to split 
the posts and telecommunications 
sections, as recommended by the 
Carter Committee, has been 
deferred until the end of the two- 
year industrial democracy ex- 


periment which began, in 
Janaary. Both businesses, how- 
ever, must be self-reliant and 
“to a large extent” self- 
contained. 

Mr. Tom Jackson, general 
secretary of the Union of Post 
Office Workers, which 
campaigned strongly for the 
retention of the present Post 
Office organisation, said he was 
” delighted ” with the White 
Paper. 

But Mr. Bryan Stanley, general ' 
secretary of the Post Office 
Engineering Union, which 
campaigned for the splitting of 
the Post Office, called for the 
Government to prepare detailed 
plans for a separation. 

Post Office White Paper Page 15 


Distillers to raise wholesale 
UK prices for most spirits 


BY SUE CAMERON 

THE DISTILLERS COMPANY is 
to increase the UK wholesale 
prices of gin. vodka and most 
brands of Scotch whisky. 

• The trade price of Haig, White 
Horse and 50 Dther brands of 
whisky is to go up by 90p at the 
beginning of next month to 
£52.43p for a case of 12 bottles. 
Gin. Distillers' brands of which 
are Gordon's, Booth's. High and 
Dry and Tanqueray, will go up 
by 50p to £50J2S a case. Cossack 
vodka will g 0 up by £1 to £48.67 
a case. 

The rises are expected to put 
up the cost of a bottle of Scotch 
in the shops by at least lOp. The 
retail price of Cossack vodka is 
likely to increase by a similar 
amount while Distillers gin 
brands will probably go up by 
6p or 7p a bottle. However, it is 
thought that pub prices for 
whisky will be unaffected. 

Distillers said yesterday that 
it was increasing its wholesale 
prices purely to cover costs and 


maintain the profitability of the 
brands concerned. Six of its 
whisky brands are to keep their 
present price. 

Those are Vat 69 and Black 
and White, both of . which went 
up by £5.94 a case in January; 
Dewar's, Johnnie Walker Black 
Label and T%ie Antiquary, which 
went up by £3 a case at the 
beginning of the year; and The 


Claymore launched last summer. 

The reason for the consider- 
able wholesale price increases in 
January was the EEC ruling that 
Distillers' dual UK pricing policy 
was illegal under the Treaty of 
Rome. - I 

The company is appealing I 
against the EEC ruling. Mean- 
while. it has abandoned dual 
pricing in the UK I 


Callaghan opens mill 

BY ROBIN REEVES, WELSH CORRESPONDENT 

A NEW £40m aluminium rolling sheet for use by can-makers to 
mill — the biggest single invest- make ring-pull ends and recycl- 
ment by Aluminium Company of able two-piece all-aluminium 
America in Europe — was drinks cans. It can produce 
inaugurated by Mr. Callaghan, 50,000 to 60,000 tonnes of rigid 
the Prime Minister, near Swan- container sheet a year, 
sea yesterday. Output is intended to replace 

The new mill, constructed at VS. imports of Alcoa sheet in 
Alcoa's Waenarlwydd works, the UK. European and Middle 
produces light gauge aluminium East markets. I 


ONE OF the most Impressive What caused that monolith to 
features of yesterday's announce- ? In t ^ le ® rst Place, the 

ment from the aNtional Enter- Mr 

. ... David Dunbar, head of its com- 
prise Board that it meant to puier division, and Mr. Jim 

invest a maximum of £50m in Simmonds, the board's semi- 

launching the UK Into the fore- conductor expert, bad always bad 
front of micro-electronic techno- as one of their options the possi- 
logy was that it should have been kihty of “ green field ” volume 
made at alL Few would have chip Production, 
thought it possible as little as six ^aith in this radical initiative 
months aeo was , share d by a few others, in- 

months ago. eluding Dr. Ian Mackintosh of 

The project requires for its Mackintosh Consultants, whose 
success the volume production company had produced a report 
of micro-computer memories and for the British French and 
microprocessors, and thus the German Governments at the 
securing of very large markets, begin oing of last year on the 
not just in the UK and in feasibility of just such an opera- 
Europe, but in the heartland of tion. Mackintosh himself was a 
silicon chip production, the U.S. propagandist for UK-funded 
To describe it as risky is a con- enterprise; his enthusiasm, and 
siderable understatement- bis report, helped fuel the 
Not only are the development s interest 
problems exceptionally complex The catalyst was Dr. Richard 
— the making of the 64K RAM Petrita. a Texan electronics 
chip, arguably the latest and engineer turned entrepreneur 
most promising (in market who knocked on the board’s door 
terms) of the micro-computers, last November with tailor-made 
is proving a headache for UJ3. plans for volume advanced 
and Japanese companies right silicon chip manufacture, 
now— but there is absolutely no He coolly proposed that the 
guarantee that, once the chip NEB should invest in the very 
has been developed and is in latest micro -computer memory 
production, it will please the production, with much of the 
market Fujitsu, the Japanese initial development to be done 
company which has a version of in the U.S. . He also proposed 
the 64K RAM on limited release, that he and his colleagues— 
has found that users are far from revealed yesterday as Dr. Paul 
happy with its performance. Schroeder. a graduate of MIT 
There are a host of subsidiary and Bell Labs, and Mr. Iann 
problems. Top-flight electronic Barron, a UK electronics con- 
engineers with experience in the sul^ni— should make handsome 
area are few and pricy. Capital profits through part - ownership of 
requirements can be enormous company, if it were to be 
and, because of the high risk, successful, 
capital is often difficult to The board was enthusiastic, 
attract The speed with which Aided by an equally enthusi- 
new technologies succeed “old" astic report on the proposal 
makes large investment in one from Mackintosh, it set out to 
type of component more than demolish first the conservatism 
usually risky. of the Department of Industry. 

It is not surprising, then, that aad' secondly the objections of 
officials at the Department of *251? Cabinet that the 

Industry, when addressing their NEB was not envisaged as a 
minds over the past year to means of making U.S. venture 
the problem of how the UK was capitalists rich, 
to deal with microprocessors and ; Mr. Eric Varley, the Industry 
computer memories, should have Secretary, was an early convert, 
erred on the side of canserva- and his support was crucial in 
tism. Until the early part of arguing the case for the Petritz 
the year it was official policy that plan both in his department and 
there was no future for the in the Cabinet. By May the NEB 
volume production of chips in bad cleared its lies and settled 
the UK. down to work out the fine print. 




< ut 

mi 

f \ 




. V. p iv-.l 



TVS 


1. .. 


.UliL-V .U.tXLVil 

The architects of Britain’s decision to invest np to £50 m in micro-c lee ironic technology 
exchange final thoughts on the plan. Dr. Richard Petritz, of Texas (left), with English 
consultant Mr. Iann Barron (centre) and Dr. Paul Schroeder, an American. 


with the three prospective 
directors of INHOS. as the 
company will be inelegantly 
named. 

A significant indication of tbe 
change of view, which has taken 
place in the “electronics estab- 
lishment " on the issue came last 
month in the report by the 
National Economic Development 
Organisation's electronics sector 
working party on the future of 
the silicon chip industry in the 
UK. 

It laid out three alternatives 
for volume chip production — 
production by an established UK 
company, a link-up hetween such 
a company and a (presumably 
U.S.) company experienced in 
the field, and a “green field" 
operation. It indicated that It 
favoured the second option 
(acknowledging that no UK com- 
pany had shown much interest 
in the first), but did not wholly 
rule out the success of the third, 
contenting itself with observa- 
tions that it contained the 


highest risk. 

It is not without interest that 
tbe working party contains a 
number of representatives from 
the large UK electronics com- 
panies which had shown little 
inclination to gel into volume 
production. The very fact that 
it thought the third alternative 
possible — and it said that to be 
successful, it should marker bolh 
micro-computers and micro- 
processors, us INMOS intends to 
do — is an indication of a con- 
siderable shift. 

Yet their admonition on risk 
is pertinent, and that was 
acknowledged yesterday by Mr. 
Dunbar of the NEB. Both 
Fujitsu and Toshiba are in vary- 
ing degrees of advance into 64K 
RAM technology, as are IBM and 
several other U.S. firms; and 
while it remains true that, as 
Mr. 'Dunbar observed, the first or 
second Into the market is not 
always the first to make the 
profits, there is no guarantee 
that the reverse is true, either. 


In addition, reports from the 
industry in the U.S. last week 
indicated that several eumpanses 
were investigating the future or 
a mure sophisticated version of 
llie 16K RAM chip, at present 
I he must advanced niscru- 
inemory in \ulume product tun. 
These companies believe that 
they llliuhl lie able to develop a 
16k working from ,i single power 
source and with the speed and 
flexibility claimed for the 64K. 

There is no way of assessing 
precisely htnv far these claims 
may be valid; the fact that they 
are being made, however, is an 
indication of the uncertainty and 
volatility of micro-computer pro- 
duction. It is an exceedingly 
hectic world, nn both the manu- 
facture and the marketing sides. 
There is uo guarantee or success, 
and one cannot be properly 
sought. The country has handed 
a significant part or its industrial 
future to two Americans and one 
Englishman, and must hope they 
know what they are doing. 


QC begs secrecy for 
official informants 


IT IS essential for the workings 
of government that it should not 
have to disclose information re- 
ceived in confidence. Counsel for 
the Crown argued in the High 
Court yesterday. 

Mr. John Vinelott QC. for the 
Attorney General, said “That 
includes information given to 
ministers, senior officials and 
the Bank of England bv outside 
people, including officers of com- 
panies. in the knowledge that.it 
will be entirely confidential." 

He was opposing an applica- 
tion by Burmah Oil for tbe dis- 
closure of 62 documents about 
the transfer of its bolding of 
more than 82ra British Petroleum 
shares to the Bank of England 
in return for support during the 
company’s financial crisis *n 

1975. . .. . 

Burmah says it needs the docu- 
ments in its £500m claim against 
the Bank over the transfer. The 
Government says the documents 
are covered by Crown privilege 
and cannot be produced. 

Burmah says its claim is 
purely commercial and that 
privilege does not extend that 

Mr. Vinelott said the docu- 
ments fell into three categories 
«f confidentiality. Mr. Joel 
Barnett. Chief Secretary to the 
Treasury. had personally 
inspected the documents and 
agreed they fell within those 
classes. ’ , „ 

The first class. Mr. Vinelott 
said, covered “ documents pass- 
ing between ministers affecting 
the highest level of policy- 
making.” 


The second covered ' com- 
munications between senior 
officials of the Treasury and 
other departments and included 
draft proposals by these officials. 

The third class covered docu- 
ments that were not confidential 
in themselves but disclosure of 
which would cause the sources 
of the information they con- 
tained to dry up. 

“The classic instance of this 
is the police informer.” Mr. 
Vinelott said. “It is essential 
to government machinery that it 
should have access to informa- 
tion which it knows will never 
be disclosed.” 

The Crown is arguing that 
disclosure of the 62 documents 
would be against the public in- 
terest. 

Mr. Vinelott said that govern- 1 
meat, and therefore public, in- 
terest was involved from the 
early stages of the talks between i 
Burmah and the Bafik. j 

He referred to available docu- 
ments covering meetings in late 
1974 and early 1975. including a 
draft of a press release about 
the Burmah rescue move. 

It included answers to poten- 
tial questions from journalists 
that emphasised that the 
Government was prepared to 
cover the Bank of England for 
any losses in the deal. “These 
show that from the start the 
Bank looked to the Government 
for guarantees,” Mr. Vinelott 
said. 

The hearing, before Mr. 
Justice Foster, was adjourned 
until Monday. 


Powell attacks Tory More cash 
immigration policy 



BY RUPERT CORNWELL 


. • By Lynton McLain 




Government invested £7m by john moo “ 

. * p f • .A COMPROMISE 

in Scottish foundries sssftvsss 

of Lloyd’s of London 

BY RAY PERMAN, SCOTTISH CORRESPONDENT dispute between a LI 


NEARLY £7m has been spent 
bv the Government in Scotland 
under the ferrous foundries 
scheme, aiding 34 projects which 
together have added £24m of new 
investment to the steel process- 
ing industry. 

This was slated yesterday by 
Mr. Gregor Mackenzie, Minister 
«»f State at the Scottish Office, 
when he commissioned a new six- 
uinnc electric induction melting 
furnace al the Edinburgh works 
nf Miller and Co. part of the 
Johnson and Firth Brown gronp 
of independent steelmakers. 

The £200,000 unit, which is 
part-funded by the scheme, in- 
creases the foundry ^P*® 1 *?*?* 
the plant by 60 per cent The 
factory specialises m manufa(> 
Turing cast iron rolls 


the paper, plastics and other 
industries. About 30 per cent 
of production is directly 
exported. 

jttr. Mackenzie said that the 
£S0m ferrous foundry scheme 
was one of the results of the 
Government’s sectoral approach 
to industrial problems, which 

had involved setting up-40 work- 
ing parties. .. _ 

“ It is important to realise that, 
these working parties are not 
composed of remote Government 
planners but primarily of rep- 
resentatives of the companies 
and trade unions most closely in-, 
volved in the sector.” he said. ; 

“So far, the sector working 
parties have had enthusiastic 
participation both from indust- 
rialists and - trade unionists.” 


Philips distribution change 


PHILIPS Industries has vrith- 

drawn from disinbution of eon 
turner electrical goods after the 

sale of Allied Electrical D^tn- 

butors for an Jjjj: 

The purchasers are Hitm direc- 
tors of Allied. Tbe company had 
been losing money for some 
time. Philips said yesterday 
Thc takeover, due to be com- 
,.teted by September . .nvoWg 
the closure of 11 of .Allied s 15 
depots around iho country. 
About 200 nf the 300 manage- 
ment and staff will lose their 


The new company. Wholesale | 
Supply (Stoke on Trent), will 
continue existing business from 
the Newcastle, Staffs., bead- 
quarters and from depots at 
Birmingham, Shrewsbury and 
Colwyn Bay. north Wales. 

Allied was the last of Philips's, 
distribution companies for con- , 
Sumer goods, although it is still | 
Evolved in distribution <rf eom- 
Donents. Before the sale of 
Allied. Philips had considered 
closing it altogether. 


MR. -ENOCH POWELL last night ex-Liberal votes which would tKs VS?’ pX 

delivered a stinging attack on ^h^^ ^ve been gathered.” tftm wiU th b e e avaUa Me from Oc- 
Mrs. Thatcher and the Tory Party «h» tober 16 when a Uniled Nations 

over immigration. He accused leader's* ^ mouth PP d fh2 noo!£? cmurenlion increasing the lia- 
them of cynically toning down u ? on were d^ermine? tha? P tne" bi !K. y °! ! lmit ® om * s int0 fo ™ e ' 
their policies in order not to nation should not debate before international convention 

alienate a vital minority of voters the election— or after it for that ? n the establishment of a fund 
at the General Election, matter— the subject which bulks f ? r compensation for oil pollu- 

In her celebrated speech largest in the minds of mSllomr P DD damage was adopted by the 
referring to the widespread fear ... „ . ... . , International Maritime Consalta- 

that Britain might be “swamped , Mr ' Pow ® 11 s fP eech . which Fol- u VB Organisation of the UN in 
by people with a different goading 1971. 

culture.” the Opposition Leader ■ V 1 ® 4 ? ory . Bench on it has taken until now for for- 

had evoked what was the biggest ““““gratimi in the Commons, ward agreement to be reached, 
single concern of millions of n ? usl remove any lingering But, from October, the conven- 
electors, said Mr. Powell. ch v?- c ^ “*** Mr ' ^ 0W ®M tion and Its financial levies from 

However, six months later her P DDllcI y l 11 ® 6 support for the states importing oil will be bind- 
tine had changed after the party Conservatives, as some Right- j 0 g on the 14 nations, including 
bad decided that care for the m £ eers “ ad ^ £ppmg. „ , Britain, which ratified agree- 
future of the ‘country's cities and mad ® ci ® aj ^ t ment 

the fears of a majority of its 2, . r , e ^jr2 a ,2° settle Under the other main pollu- 

population should be jettisoned s difficulties rather than tion regulation in force, the 1969 

in favour of winning a few r~ e ,® lea r, PJ"°spect of an end to convention on civil liability for 
marginal seats. — get ! oil pollution damage, which took 

Tbe Conservatives had been ^r in her ongmal TV interview effect in 1975. victims could re- 
doing their sums, Mr. Powell told w *ycn started an the fuss. ceive compensation from ship- 

a meeting of tbe Wiltshire „ ® ut : j« r - PtM Teti claimed her owners. 

Monday Club in Devizes Iasi U se wor d swamped had But this ' was limited to a 

night rfnof » d 3 SUrge 0f h0pe 11111 maximum payment by the owners 

"The calculation runs as reuei * 0 [ $134 per ton of the ship's 

follows. No one who is afraid of It had been an echo of the tonnage or $Km, whichever was 
being ‘swamped* is going io overwhelming response to his the lower. 

vote Liberal or Labour ... so own speech in Birmingham 10 

there are no votes to be gained by years ago. This was the speech _ . 

recognising the fears of the which prompted Mr. Edward iTpftnfkTlllP TllJirV 
majority. The result could even Heath to sack him on the spot L/CVUUIlllL 
be to lose a few ex-Labour or from the Tory Shadow Cabinet. SUNDAY — National Savings 

monthly progress report (June). 

MONDAY — House of Commons 

1 ■ Compromise in Lloyd’s 

meets. Transport House, London. 

broker-syndicates row 

Yorkshire Area Council meeting, 
BY JOHN MOORE Barnsley. Council of Agriculture 

Ministers of EEC begin two-day 

A COMPROMISE has. been that they were on risk for the Sfnfe: BruiS 

reached by a private arbitration butter while in transit, not while TUESDAY.— Summons debate on 
tribunal set up by the Committee in long-term storage and that any Se «on^ Sd pa S White 
of Lloyd's of London in the £7m single claim would be limited to Paper. . EEC ^Foreign* Affairs 
dispute between a Lloyd's broker a maximum of £lm. Co unci] meets, Brussels. National 

and 19 underwriting syndicates. After a warehouse fire at Elst Coal Board annual report. Wine 
The dispute was between the In July 1977 when the butter was and Spirit Association statement 
Lloyd's cargo underwriters destroyed the underwriters were ° n alcnhoL problems. Brick and 
headed by H. G. Chester and the asked to settle a claim for more Cement production (June), 
broker, Lyon de Fatbe Inter- than £6.7m. Although they paid, WEDNESDAY — TUC General 
national. All the syndicates they wanted to claim that sum Council, meets. Congress House, 
alleged that the broker was back from the broker. London. Labour Party National 

negligent or in breach of its duty As a result of the five-day Committee meets, 

when It placed insurance for the arbitration hearing, an award P" House. Commons 
butter supplies of a Dutch com- has been made in the ratio of 40 , i’f . r"?.® , a3es ®®f s on Scot ' 
modity dealer. per cent and 60 per cent, in the - BU on 

The underwriters understood syndicates’ favour. 

— Dividends Control Bill. Railway 

■* s , o • -* Sta ? Nation al Tribunal hearing on 

Coal set for crucial role 

■ street, WC2. British Airways 

BY JAMES McDONALD annual report Electricity Council 

and Central Electricity Generating 
w , _ _ „ ^ , ... Board annual reports. Energy 

Mr. Alex Sadie, Under-Secretary that the life-span of oil and gas Trends publication. Car and com- 

for Energy, said in County is to be measured in decades, merciai vehicle production (June- 
Durham yesterday _ that ^coal while the life-span of our coal final). Department of Employ- 
would play a crucial role in industry runs into hundreds of ment Gazette will include: 

matching energy supply and years. unemployment (June— final); em- 

demand during the 1980s. “And “Our coal industry must be pioy^ept in the production 

after that, when our oil and gas ready, when the time comes, to industries - (May); overtime and 
supplies become scarcer and supply both its traditional short-fame working m manufacture 
more expensive, coal will have an markets at power stations, in «™tries (May); stoppages of 
even more important part to play industry and in the home; and ?' ork . da ® *° industrial disputes 
in meeting Britain’s energy also to supply markets previously Ruarterjy estimates of 

needs. occupied by oil and gas." ^vrQr/-h\ ™ employment 

“ Investment now in coal pro- * _ . . 

ductioo capacity and in new uses ~ valuation nS 0I ?^ 0ns J “ ,ness: 

Correction ~gsjg^aSS 

s^eT Ea,isittoWrai - 

“The Government has backed. ing, Mr. Harold Lever was stated ^ Parliamentary bund- 

massive investment in the pits to have been Paymaster General 

because tt realises that in the in January 1975. In fact, the 

long term this country is going office was at that time held by timu. tabu** aui. e***, w 

to need all the coal it can get Mr. Edmund Dell. We regret the whmibumi mu 

“We must always remember error. 


un 


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


Coal ‘set for crucial ro!e ! 


What is a "Special Situation" ? 

The term is usually applied by 
investment managers to a share which 
they believe is affected temporarily by 
special factors, or has potential not 
adequately reflected in the current 
market price. Examples include : 

~ Recovery situations 
■Jr Bid situations 

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

•7T Asset situations (i.e. where the 
asset value is far in excess of the 
. marketcaoitalisation). 

Selection of Situations 
- In addition to the general examples 
given. Target believes there are likely to 
be particular opportunities at present of 
finding special situations amongst : 
smaller public companies - with a 
market capitalisation of£1 m to£1 0m. 
35- shares with a dividend not less than 
twice covered by latest earnings. 
"Special Situations" ■ will not 
necessarily be confined to U.K. 
investments although the overseas 
content is unlikely to exceed 20%. 

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

Your investment 

Target recommends that because of 
the above average risks but greater 


potential rewards of special situations, 
•this Fund is suitable for only a part of 
your capita!- The wide spread of 
investments in the Fund will help to 
reduce these risks: 

Your investment should be regarded 
as long term. 

Income 

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

5peciaI1% Discount 

For investors taking up this offer, 
there is a special introductory discount 
offer. £101 for every £100 received will 
be invested at 21.1p until the close oF 
business on 28th July. 1978. This 
discount will be borne by the Managers. 

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

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

Share Exchange Scheme 

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


by james McDonald 


Tha Fund, formwlr Coyne Growth Fund, 
was reconstitute With ihc approval o( 
tmhhoWars oM 9Hv Juno, 1 978. 
APPLICATIONS and cJrequaf will not be 
acknowledged but certificate*, will be sent 
within 42 days o! The close of the otter. 
YOU MAY SELL YOUR UNITS afany time 
at a price not lass than that calculated by 
DeoBrancm ot Trade taoulsttore. Payment 
will be made within 10 days ot receipt ot 
the renounced certificate. The pile* ot units 
and th* yield am Quoted dally In the National 
PWs*. AN -INITIAL CHARGE of B% Is 


included In Uib sate pnec oi unilt. Tlw' 
Manapcia will pay eommir-ston ol M'+ in 
eualrfwa agon a. THE MANAGERS It serve 
lire tight to close the -otter bcloio me date 
Staled II the offer pdeo varies bv iboid than' 
2s*. After tlw cfaie al the offoi unils will bu 
mailable at the daily prise- INCOME less 
tax at basic rate will bd distributed on 3i=t 
Match and 30th September- Units' bought 
now will qualify tor the payment on 30tn 
September. 1978. An annual ehm(w ol 
ot the value at- the Fund plus V.A.T. Is 
deducted from the gross income of tho Fund. 


MANAGERS: TjiuiI 1ru<t Managers 
Limited (A Member ol mu Unn Trust 
Association! 

DIRECTORS: 

A. P. W. Simon, T.D., F.C.A. f Chaitm ant ; 

I. G. Sampson. J.P. (General Manaperj;- 
Rl. Hon. Lord Alpon, P.C.7.D*D.l.: 

T. C. BrnnLs. F.CA. tR.I.E. Carswell : 

A. C. B. Chancellor ; E.-B. G ■ Cldwos, M.B.E,; 
E.P.Hatehott,F.IA.;J.H. Patt&an,MA£ 
M. E.G. Pilnco, MA,F.CA. 

Telephone : DT-bOO 7033 


OFFER OF UNITS AT 21.1p EACH UNTIL 28th JULY 1978 

Current estimated gross annual yield 4.4 2 % 

TA MET TRUST MANAGERS LIMITED, MPT T.O„ TARGET HOUSE. GATEHOUSE ROAD, AYLESBURY. BUCKS HP1« J£S_ 

I /We wish [“*“ I In Target Spedel Situations Fund HWe declare lhat I am/wa ara not resitfenr outside the Scheduled 

to unrest £ 1 units at 21. loner unit (minimum Territories and I am/we are not acqulnnq tho units as tho 


I I/We wish I . „ 

to unrest £ units at 21.!p per unit (minimum Territories and I am/we are not acquiring the unit> as. tho ■ 

— — I inihftl holding £300} and enclose nomineels) of any perwn|i| resident outside (hose lerntories. ■ 

a cheque made payable toTamet Trust Managers Lid. This otter is noi available to residents ot the Republic ol Ireland. ■ 

I * This otter closes on ihc28th Juiy.l97B_ | 

Until further notice please reinvest aD Income In further unis, (Ddeie # not requttad). m 

I SflrmureUl — — —Jowl *w/iwnf* mwraiyn jrd math names and aMnsm nepaitlity « 

MEASE WRITE IB BLOCK LETTERS— THE CERTIFICATE WILL B£ PHEPAMD FROM THC FORM. ' ■ 

I Nsmafs) in lull (Mr* Me. Muu) eT£2fr | 

Address ' 

! Ptasse tat me haws derails of Target's Monthly Income Scheme n Share Exchange Scheme ^ Monthly Samps scheme 
lira __ Registered In Enpl an'd No. t-G Bream* Buildi ngs- London EWA 1 £ 


.« • 


/ 


Financial Times Saturday July 22 1978 


THE BATTLE AGAINST INFLATION : The next stage in Pay and Dividend Controls 



White Paper sets 5% guideline 
with greater scope for flexibility 



No move 
to tightei 


THE GOVERNMENTS White 
Paper Winning the • Battle 
•Against Inflation on the nest 
stage of pay policy sets the 
■guideline for wage increases at 5 
■per cent 

Mr. Denis Healey. Chancellor 
of the Exchequer, who 
announced the decision in the 
Commons yesterday. said 
inflation would remain at S per 
cent for the rest of the year at 
least. 

Mr. Healey said that pay 
increases must be kept to half 
the level they had been this year. 

The guidelines would offer pay 
negotiators more flexibility than 
Stage Three and he hoped that 
negotiators would use this to 
restore differentials where 
appropriate. 

The While Paper says: 

The increase in earnings for 
next year must he substantially 
■ lower. Only in this way can we 
he sure of making the present 
success a lasting one. The 
Government has therefore 
decided to adopt a pay policy to 
apply from August t, 197S. in 
which the guideline will be sef 
at 5 per cent. 

This may seem an ambitious 
objective. But in many of our 
competitor countries settlements 
have been at or below this level. 
With determination there is no 
reason why we cannot return to 
the same standards ourselves. 

It is the Government's view 
that the country should aim at a 
long-term approach in which 
collective bargaining is based 
each year on a broad agreement 
hetwe’en Government, unions and 
emnloyers about the maximum 
level of earnings which is 
compatible with keeping inflation 
under control in the following 12 
months. The policy for next 
year has heen shared so as in 
permit a transition to such longer 
term arrangements. 

Consultation 

The 197R-79 Pay Bound — The 
Government has discussed the 
coming pay round with the TUC. 
whose partnership in the attack 
on inflation has heen of vital 
importance. There discussions 
have taken place in the context 
of economic and social policy as 
a whole. The Government has 
found such consultations valu- 
able in widening its understand- 
ing .of the TUC's point of view 
and achieving a broad measure 
of consensus on economic and 
social objectives. 

The Government intends to 
keep in close and continuous 
consultation with ihe tradp union 
movement on the whole range of 
it* economic policies. The cri 
and other hndies have also heen 
consulted and Iheir views too are 
reflertod in parts of this White 
Paner. There urns general agree- 
ment among all concerned on 
the economic objectives in he 
pursued for jobs, prices and out- 
put. 

The Government has an 
inescanahle responsibility at 
this lime to indicate the level of 
growth in earnings which it eon- 
si dent to he appropriate for |be 
coming pav round and consistent 
with preventing an increase in 
the rate of inflation. 

FowHa*jnm 

It is itself directly or indirectly 
involved in pay bargaining For 
the public sector — some 30 per 
cent of the labour force — and it 
has overriding responsibility fnr 
the economic welfare of the 
nation as a whole. It would he 
neither fair nor practicable for 
the Government to set a guide- 
line for earnings growth in the 
puhlie sector and leave the 
private sector suhicct onlv to the 
constraint of market forces. 

Britain has a highly structured 
and interlocking pay system, 
earh seel ion of which has reper- 
ru*?inn«i i in others. These con- 
siderations make it necessary for 
the Government to give guidance 
for the whole economy. 


In these circumstances the 
Government’s duty is to advocate 
a policy which provides the best 
possible foundation far a further 
reduction in inflation, an increase 
in jobs and output, and an 
improved standard of living. In 
achieving that end what matters 
is the total increase, from all 
sources, in the average earnings 
of the group concerned and other 
costs required to be taken into 
account. Settlements must be 
assessed for this purpose on the 
basis of past experience. In the 
Government's view, the total 
increase for any group compared 
with the previous year la part 
from those exceptions described 
ese where in this White Paper) 
should not be more than 5 per 
cent. 


if more than a few groups were 
accorded such treatment, and the 
Government will therefore 
examine any proposals put 
forward very critically to see how 
far the same considerations 
apply. 


Minimum 


Flexibility 


Flexibility— In formulating its 
policy the Government has bad 
to reconcile the need to contain 
inflation with the need for flexi- 
bility in pay bargaining. Each of 
the last two rounds of pay policy 
has been more flexible than its 
predecessor. The rigid £6 round 
was replaced by one with a guide- 
line of 5 per cent, within a floor 
of £2.50 and a ceiling of £4. This 
in turn gave way to a guideline 
of 10 per cent. In the 10 per cent 
round the kitty principle enabled 
negotiators to structure their 
settlements in whatever way 
suited their circumstances and 
many used this flexibility, for 
example to consolidate into basic 
rates the supplements outstand- 
ing from the previous two 
rounds. 

The Government wishes to 
continue this flexibility. But the 
Government cannot ensure that 
the flexibility it recommends is 
fully used: this is the responsi- 
bility of employers and unions, 
who should shape their settle- 
ments in a way best suited to 
meeting their special needs. 

The pay policies of the past 
three years have in varying 
degrees inhibited the adjustment 
of internal pay structures and 
external pay relativities that 
would otherwise have occurred. 
However, even where desirable, 
such adjustments must not be 
allowed to promote leap-frogging 
claims. 

Where they are absolutely 
necessary the flexibility which is 
provided by the provisions in this 
White Paper and which was 
largely present in the previous 
guidelines— notably the ability 
for negotiators to adjust internal 
pay structures within the overall 
limit on increases for the group 
or groups concerned — offers an 
effective means for dealing with 
many of them progressively. This 
flexibility should be increasingly 
used for this purpose. 

Nevertheless, the Government 
did recognise in a small number 
or cases — firemen, police, the 
armed forces, others covered by 
Review Bodies, and university 
teachers— that some exceptional 
increase was needed. The pay 
or the groups concerned was 
determined very largely by 
external comparisons and this 
process was interrupted by the 
introduction of the £6 policy in 
July, 1975. 

In each case the necessary 
increase was identified and 
quantified on the basis of inde- 
pendent recommendations, and 
the balance over and above the 
guidelines increase in the current 
round is to be paid in two equal 
stages on the next two annual 
settlements dates for the group 
concerned. Each stage is esti- 
mated to result In total in an 
increase in the index of average 
earnings of the order of 0.15 per 
cent. 

It may be that there is a small 
number of groups in a similar 
position for whom similar treat- 
ment might be appropriate when 
they reach their settlement dale. 
If so, there must l»e prior clear- 
ance through the Department pf 
Employment or. For public sector 
groups, through sponsor depart- 
ments. It would be self-defeating 


Lower incomes — Although 
families on low incomes will 
benefit significantly from the 
general reduction in the rate of 
inflation, the Government recog- 
nises their special needs. How- 
ever, the recent report of the 
Royal Commission on the Distri- 
bution of Income and Wealth 
showed that some 40 per cent of 
lower incomes families have 
income from earnings- For those 
dependent on State benefits, the 
arrangements already in force 
ensure that these benefits are 
protected against inflation, and 
in the majority of cases are 
increased in real terms. 

To help the lowest earners, 
however, the Government would 
be ready to see higher percent- 
age increases where the resulting 
earnings were no more than 
£44.50p for a normal full-time 
week. This level of earnings 
represents the TUC minimum 
pay target of £30 in 1974-75 up- 
dated by the maximum increases 
generally available under subse- 
quent policies Including those set 
out in this White Paper. The 
Government expects those on 
higher earnings in the same or 
other industries to accept the 
consequential relative improve- 
ment in the position of the 
lowest paid. 

Settlement dates — Responsible 
collective bargaining must pre- 
serve an orderly pattern of 
settlements through the mainten- 
ance of existing practices as 
regards tbe date of settlements. 

For these reasons tbe Govern- 
ment looks to those concerned 
with pay determination in the 
public and private sector to 
respect tbeir existing annual 
settlement date. There may be 
an exceptional case where a 
highly fragmented bargaining 
situation needs to be rationalised. 
The Government will I e pre- 
pared to consider such a case on 
the basis that the overall level of 
the settlement takes account of 
any costs involved. 

Productivity 

Productivity— The Industrial 
Strategy is dedicated to increas- 
ing British industry's share of 
home aad overseas markets by 
improving productivity and com- 
petitiveness through higher in- 
vestment and better use of our 
productive resources. By sup- 
porting investment projects 
under Section S of tbe Industry 
Act 1972. the Government has 
made a major contribution to- 
wards improving the level and 
direction of investment in British 
manufacturing industry. But the 
evidence from the Sector Work- 
ing Parties shows also that major 
improvements must be made in 
the way industrial assets are 
used. 

Pay policy has a role to play 
in achieving these improvements. 
First, the flexibility provided by 
tbe kitty principle makes it pos- 
sible to adjust pay structures 
wihn the overall limit to meet 
changing technological require- 
ments. Secondly, in the current 
pay round there have been 
examples of marked increases in 
productivity through self-financ- 
ing productivity deals. 

The Government has therefore 
decided to continue providing 
for such deals in tbe next round, 
on the same conditions — that any 
deal of this nature should never 
increase unit costs and so far 
as possible should reduce them- 
It must be demonstrated to be 
self-financing before any pay- 
ments are made, and payments 
should continue only if regular 
checks confirm that ii is still self- 
financing. The savings generated 
by such deals should be shared 
between tbe workers, the enter- 
prise and consumers, so that they 


may contribute towards the cost ately. as the CBI and the TUC 
of other pay increases, assist in* has given assurance they will, 
vestment and restrain prices. In the light of these assurances 

Hours— Much attention has the Government trusts it will not 
been focused on the- possibility be necessary for tbe guidelines 
of reducing working hoars and t 0 be involved in the application 
the contribution this could make 0 f its discretionary powers, 
to Increasing job opportunities. However, the Government will. 
The Government welcomes the jf necessary, take account oF any 
recent TUC initiative on ihe failure- to observe Hie guidelines 
reduction of overtime: working. j n exercising its discretion in the 
There appears to be significant fields of statutory assistance and 
scope— particularly in those areas 0 ^ eT appropriate discretionary 
of employment in which overtime powers. The pay clauses in exist- 
has recently increased substan- Government contracts will 
tially — for additional jobs in sub- remain j n force, and they will 

stitution for overtime working at eon tinue to be included in new 
no increased cost. contracts. 

_ _ , The Remuneration. Charges 

1 lint PfKPs and Grants Act 1973— The provi- 

sjons Qf lhe . Remuneration. 

There could also be scope for Charges and Grants Act 1975 
reduction in working hours with- expire on July 31. I9i8. ana the 
out loss of individual earnings Government does not propose to 
where revised shift arrangements seek their renewal. It is recog- 
or other working practices make nised that in some cases obser- 
possible adidtional job opportune vance of the guidelines, in this 
ties with a corresponding increase White Paper may conflict with 
in output and overall unit costs existing contractual obligations, 
are not increased. In many areas This should, however, be much 
industrial plant is less Intensively jess widespread in the coming 
and effectively used in the UK pay round than in the past three 
than in some competing coun- years. Where such cases arise it 
tries, and moves in this direction is open' to parties concerned to 
could contribute towards the high make the necessary modifications 
income, high output, high b Y mutual arrangements and the 
employment economy which is Government would expect them 



T«mi XirK 

Mr. Denis Healey — new 5 per cent pay guideline offers, scope 
for flexibility. 


Prices 

Prices and Dividends— The 


our objective. to do so. 

The introduction to this White 
Paper has emphasised the impor- -p • 
lance of our unit costs, particu- riilta 
larly labour costs- in relation to p . d Dividends— 1 The 

productivity, by comparison with * regards continuing 

those of other countries, and the SSre rontrol as an important 
question of hours generally is 0 f tb e At , ack on inflation, 

an important element in these “1: Commission Act 1977. 

costs. If more people were h has been i(l force since 

employed to produce the same . t A UOUSt replaced a detailed 
output without any reduction in * d ' in e V iUblv inflexible Price 
individual earnings, labour costs Code re i a t e d to additional costs 
would inevitably be that much a po ij C y under which the 

higher. Price -Commission reports 

For example, a reduction from se iectively on individual com- 
40 to 39 hours, other things being oan j es an d Industries whose 
equal, would result in an increase pncin° prima facie justifies 
in labour costs of over 2i per Investigation. We are now see- 
cent. The consequent price tbe results of this new policy, 

increases would reduce sales and Between August 1977 and June 
eventually lead to unemploy- 1973 t be Price Commission 
raent: this effect would be rein- initiated 24 investigations into 
forced if our main competitors pricing by individual enterprises, 
in home as well as overseas mar- 0 f which IS have been com- 
kets were not adopting similar p i e ted. In 15 of these the price 
changes. The Government has increases sought were wholly or 
indeed taken the initiative in dis- partly restricted during the 
cusslons within the European investigation; and in 9 cases 
Community to encourage parallel prices are being held or restric- 
moves, but must emphasise the ted for various periods after the 
dangers for the UK in increasing investigation- 
costs through reductions in hours At tbe same time action has 
in advance of our competitors, been taken to follow up Price 
In general, therefore, the Commission examinations oE 
Government can accept a reduc ■ sectors of industry. This has led 
tion in hours as part of a normal to reductions or restrictions in 
pay settlement on condition that the prices of tea. coffee and beer, 
it is demonstrated that the In the nationalised industries, as 
settlement as a whole does not elsewhere, price increases have 
lead to any increase in unit costs been far lower than for several 
above what would have resulted years. Rebates worth £J00m 
from a straight guideline settle- have been returned to telephone 
mem on pay. ' subscribers. No major increases 

Indeed the cost of any improve- ? f e expected in nationalised 
ment in conditions of employ- mdustry prices for the remainder 
mem such as holidays, hours and of tll,s >' ear - 
fringe benefits must count T . , 

towards the level of settlements InVPSlTllPni 
— subject to the same exceptions 

as in the enrrent round for im- Over the coming months the 
proved pension benefits, sick pay. Price Commission will maintain 
job security, etc. — save in so far an active programme of invest i- 
as any cost involved is fully offset gations into individual com- 
by increased productivity, in parties, and will also examine, at 
which case this must be subject the direction of the Government, 
to all the conditions applied to pricing practices In different 
other productivity deals, includ- sectors of industry. In addition, 
ing regular checking. tbe very existence of the Price 

Commission encourages com- 
DncnnnclKSlifv panies to examine carefully the 
Ixrn'HinMUHIlj justification for price increases. 

rniMi* Companies may be induced to 

The sector-The Govern- vvithdraw or reduce notified 

ment will do everything possible increases so as to avoid investi- 
to secure that full account is gation. All this in turn influ- 
taken by employers and unions ences leading competitors, 
of the guidance in this White soippliers and trade customers of 
Paper throughout the public enterprise concerned. At the 
S 5H! 0 F - cas ,^ L mils for , l 9/8- same time the Price Commission 
1979 have already been published j s required by law to discharge 
m Cmnd 7161 and no general its functions in a way which 
changes io them are planned as takes account of other objectives 
a result of this White Paper. For ip 0U r national economic policy. 
1979-SO tbe assumptions used for The Commission must have 
the cash limits will reflect the regard, among other matters, to 
Government's policy on pay. the promotion of new investment 
The private sector— In the and technological innovation, 
private sector the Government the encouragement of industrial 
relies on employers and unions efficiency, the appropriate level] 
to act responsibly and moder- of profits and dividends and the 


interests of consumers. Thus the 
Commission not only has a duty 
to identify excessive price 
increases and to recommend the 
steps needed to correct them, but 
also in doing so to take full 
account of the wider economic 
background against which such 
price increases are put forward. 

The present statutory powers 
to control dividends expire on 
July 31, 1978. The Government 
intends to introduce a Bill to 
extend the statutory control for 
a further 12 months from August 
1. 197S, on the present basis and 
with the present provisions for 
exceptions and with one addition. 

Opportunity 

This is that from August 1. 
1978, no company will be 
required by the controls to 
increase its dividend cover above 
the highest level achieved since 
the current controls began. This 
will enable companies to increase 
their dividends in- line with 
profits or in line with the statu- 
tory limit, whichever is the 
higher, but they will not be 
permitted to distribute funds 


accumulated in the past A 
separate announcement giving 
details of this provision wtl! be 
made. 

Conclusion — The Government 
is convinced that the British 
people will not throw away the 
gains it has made in the last 
three years in the fight against 
inflation. The guidelines set out 
in this White Paper offer a far 
better course — the opportunity 
For pay negotiators to use their 
freedom in reaching settlements 
with responsibility and modera- 
tion. to consolidate the success 
of the last throe years. 

•Thev can do so with confidence 
that this, within the framework 
of the Government's continuing 
monetary and other policies, will 
build on the solid foundations 
which have already been laid for 
economic growth. It will 
encourage the regeneration of 
industry, guarantee living stan- 
dards and make possible a con- 
tinuing fall in unemployment, 
bringing lasting benefits to all 
sections of the community. 

Whining the Battle Against 
Inflation. HMSO Cmnd. 7293. 
Price 25p. 


pnee 

controls 


By Elinor Goodman, 

Consumer Affairs Correspondent 

THE ABSENCE in "the White 
Paper of any proposal to tighten 
up on the profit safeguards 
in the price controls would seem 
to suggest that tbe Government 
has given up this idea for the 
foreseeable future. 

The Government has come 
under pressure from some Left- 
wing . MPs to close what .they 
see as the loophole in the 
controls which allows companies 
to raise their prices while they 
are being investigated by the 
Price Commission if a freeze 
would reduce their profits below 
a certain level. 

It had been assumed that if 
the Government was going to 
make any changes to these pro- 
visions, it would announce them 
at the same time as it published 
its proposals on pay. But it now 
seems as if a decision has been 
postponed until the autumn at 
tbe earliest. All yesterday’s 
White Paper said about prices 
was to reiterate the aims of the 
policy introduced last year. 

Review 

Mr. Roy Hattersley, the Prices 
Secretary, has been opposed to 
tbe idea of numeric safeguards 
since the new ’ discretionary 
system of price controls was 
introduced a year ago. On 
several occasions in recent 
months be has said that he was 
reviewing the situation. 

Any such changes would, how- 
ever. need the approval of 
Parliament and it has been 
doubtful for some time whether 
the Government could get them 
through the Commons. 

While the Confederation of 
British Industry has lobbied 
strenuously against any tighten- 
ing up of the provisions, the 
TUC does not seem to have been 
particularly interested in the 
subject either way. ’ 


Healey rejects criticisms 
as political opportunism 


BY IVOR OWEN. PARLIAMENTARY STAFF 


MR. DENIS HEALEY, the 
Chancellor of the Exchequer, 
had little difficulty in the 
Commons yesterday in riding 
out the initial wave of criticism 
of the Government’s decision 
to lay down a 5 per cent guide 
line for the next wages round. 

Tory and Labour ' back- 
bench advocates of a complete 
move away from guidelines 
and norms were told in uncom- 
promising terms 'that without 
a clear Government lead there 
would be little hope of secur- 
ing the primary aim of keeping 
Britain’s inflation rate in single 
figures. 

Tory protests, led by Sir 
Geoffrey Howe, the Shadow 
Chancellor, that the 5 per cent 
guideline would lead to the 
same rigidities in wage 
bargaining experienced ill 
earlier years and make it 
impossible to place a strong 
enough emphasis on restoring 
differentials were dismissed by 
Mr. Healey as political oppor- 
tunism. 

He was equally unrelenting 
in standing up to Opposition 
pressure, supported by Mr. 
David Steel, the Liberal- 
Leader, for a reversal of the 
Government’s decision to seek 
Icgistalive authority to con- 


tinue statutory control of divi- 
dends for a further 12 months 
from August 1. 

The Chancellor warned of 
the danger of “provocative” 
dividend increases. - possibly 
ranging up to 300 per cent, 
which would benefit a large 
number of very rich people 
and upset the climate for pay 
negotiations which the Gov- 
ernment believed was now 
** very much more favourable " 
to moderate settlements than it 
was a year ago. , 

Earnings 

He conceded that any nat- 
ional wages policy was bound 
to involve an element of rough 
justice, but told Labour left 
wingers, who predicted grow- 
ing resentment from, rank and 
file trade unionists as they 
faced yet another year or pay 
restraint, that e case For 
declaring a 5 per cent guide- 
line was inescapable. 

Mr. Healey said: “I don’t 
think it would have bee a 
possible to secure half tbe 
increase in earnings foi; the 
coming round unless the 
Government bad been prepared 
to say what was implied in the 
terms of a figure.” 

He answered “Of course,” 
when asked by Mr. Kenneth 


Baker (Con. Sl Marylebone) if 
It was the Governments firm 
Intention to ask large groups 
of public sector employees to 
settle for 5 per cent. 

Mr. Norman Atkinson (Lab. 
Tottenham), the Labour Party 
Treasurer, was the most out 
.spoken critic from the Govern- 
\pient backbenches, describing 
the 5 per cent guideline as 
“sheer political masochism.” 

It was bad economics, and 
bad politics, and the Conserva- 
tive Party would be the only 
beneficiaries. 

Mr. Healey retorted that Hr. 
Atkinson’s view was not shared 
by many other Labour MPs. 
Nor, he believed, did it have 
widespread support in the 
trade union movement or in 
the country. 

Another left-winger. Hr, 
Eric Heifer (Lab. Liverpool 
Walton) said that after the 
sacrifices of the past three 
years trade unionists no longer 
wanted u norms ” of any kind. 
They wanted free collective 
bargaining conducted at plant 
or company level on .the basis 
of the profits made by tbe 
.firms concerned. 

Mr. Healey replied that it 
was widely recognised that a 
rfcturn to Increases-of 30 or 35 
per cent in “ confetti money ” 
would benefit nobody. 


Union leaders reject Government’s 
Stage Four plan as unrealistic 


BY CHRISTIAN TYLER, LABOUR EDITOR 


MOST TRADE union leaders 
yesterday forecast that the Stage 
Four 5 per cent earnings guide- 
line was' too low fo have a 

chance ef being obeyed, as well 
a* deploring the fact that a guide- 
line had been included. 

Some found the Government’s 

tlaicmenl on hours more con- 
ciliatory lhan expected, but 
almost negative in terms of 
culling unemployment. They 
would press ahead for cuts in the 
narking week in the pay round 
starting on August 1. 

The promise of selective relaxa- 
tion of dividend restraint was 
attacked bv Mr. Moss Evans, 
of the Transport Workers, who 
.said it should have been accom- 
panied by some relaxation on 
wages. 

Scope 

The 5 per cent was “quite 
unrealistic in terms of allowing 
scope for correcting anomalies, 
adjusting differentials and allow- 
ing scope for an increase in liv- 
ing standards.” The union's 
policy for completely free collec- 
tive bargaining was “totally 
unaltered.” 

One of Labour's staunchest 
supporters. Mr. Frank Chappie 
of the electricians, said: “ l don't 
ihink it will work— cmainlv not 
with my skilled members-" 

He doubted if the Government 
would be able to hold the private 
sector to 5 per cent. “ It seems 
like the brave and foolhardy act 
of a government leaving office— 


•nit l think it will probably getible manner,” Including a 
them more votes than it will reduction ia working hours, 
lose them.” „„„ The TUC will give no collec- 

The paragraph allowing excep tjve reaction t0 ^ while Paper 
tional m creases 1 for the 1 low ' paid. unti5 after its genera i colinc y 

HUB? mk. ns dSSribS by -eetins , n«, w.dnesl.y, 

Mr. Alan Fisher, of the public’ Mr. Ray Buckton or ASLEF. 
employees, as “ totally inadequate the train drivers’ union, warned 
and virtually mean ina less.’’, of confrontation and challenge. 

A worker would need to be not and questioned the wisdom of 

badly paid, but disgracefully what he called a ■* straitjacket ” 

badly paid, to benefit— and he by on pay in the run-up to a general 
definition was unlikely even to election, 
win the 5 per cent from his 

employer. Disaster 

Mr. Fisher will be calling at 014,1 
the TUC Congress for a minimum Mr. Sam Maddox, the bakers’ 
wage target of two-thirds average union general secretary, said: 
earnings, which by November "Jim’s 5 per ceDt is not on.” 
would be £90 a week, he said. Any union leader that condoned 
Public service workers would this depression of wages and 
find It difficult to settle for 5 per living standards should find him- 
cent in the light of the big awards self a job fa the Government 
of 30 per cent and more for For ^ civil Service unions, 
police, firemen and the armed Mr BUI Kendall, secretary 

NnK-.noi - - e general of the Whitley council 
The National Association of side said: “This policy, if 
Schoolmasters interpreted the Mecuted with precision in the 
White P3pEf s exemption .or hhhHc sector is «i r&eioc for 

SSISi * C di»5t“ in 33? for 

US teachers pay Mr c^p^n Christie of the 

differentials. Society Qf Civjl and public 

Mr. David BasnctL the TUC Servants, said his members were 
chairman, of the General and 30 per cent behind the private 
Municipal Workers Union, said sector equivalent grades and 
another tight guideline could would expect a full pay-out in 
cause unnecessary problems and April next year, 
be counter-productive. One of the few notes of support 

His union would nni accept any came from Mr. Tom Jackson of 
discrimination against the public the Post Office Workers, and a 
sector ana would pursue its nego- campaigner against free colloc- 
ation objectives "in. a respond live bargaining, who said: ” I 


don't mind 5 per cent as long as 
it’s a real 5 per cent increase on' 
pay." 

A non-TUC group representing 
scientists, doctors and managers 
said the Government's claim that 


there was flexibility had been 
proved worthless. Tbe 5 per cent 
did nothing to remove the 
differentials squeeze on these 
employees caused by previous 
incomes policies. 


Dock gate strike hits 
Liverpool shipping 

BY ALAN PIKE, LABOUR CORRESPONDENT 


A STRIKE by 350 dock gate 
operators seriously disrupted the 
Port of Liverpool yesterday. 

The strikers support 94 em- 
ployees of the Union Cold 
Storage Company in Liverpool, 
in dispute for 10 weeks, over a 
bonus claim. They will remain 
out at least until a meeting on 
Monday. 

No cargo ships were able to 
move out of Liverpool because -of 
the dispute yesterday. 

After talks the dock gate men 
agreed to allow car ferries to 
Belfast and Dublin to continue 
operating on one of the busiest 
weekends on the summer, isle 
of Man services from the port 
will also be unaffected. 

Though' Irish services are still 
running from Liverpool British 
Rail warned that Its services to 
Ireland from Holyhead and Fish- 
guard might be disrupted at the 


weekend because of a dispute in- 
volving clerical members of the 
Irish Transport and General 
Workers’ union over a 
productivity scheme. 

They have given strike notice, 
which was due to expire at mld- 
□ighL 

The threat of a 24-hour strike 
next Friday by British Airways 
engineering staff at Heathrow 
was lifted after a meeting of the 
men yesterday. 

Mr. Bill Benson, shop stewards' 
committee chairman, said that a 
claim for parity with British 
Caledonian engineers at Gatwick 
for handling widp-bodled jets 
would be brought to the attention 
of Mr. Edmund DelL, Trade 
Secretary. 

Another mass meeting would 
be called if there was no satis- 
factory outcome by August 11. 


We want 

your board of directors 
to decide the future 
of the Red Cross. 

Unlike most businesses, inflation and rising costs don’t 
eat away at the profit pxargins of a charity. Simply because 
there is no profit. 

Instead, they effect us in another way that has more 
serious consequences both in the short and long term, 

Since the Red Cross has no profit as a cushion against 

inflation, this has to be covered with money from reserve 

funds. Funds that would normally be held back for 
emergencies or special international projects. . " 

In just two years, the cost of equipment and relief 
supplies have risen dramatically. For instance, the cost of ail 
Ambulance-has increased by40%. A wheelchair by 55%. ' 

Unless something is done now, our fixture could be in 
jeopardy. 

This is why we are askingyourboardmembeisortheir. 
charitable trust to consider whether they can help the 

Red .Cross. , . ■ V 

The Red Cross Hh 

If you would Kke further information about the Red Cross, please don’t hesitate - 

to get in touch with Derek Barson, Director General, The British Rad Cross 

*x*ae 9 Gzosvenor Crescent^ Loudon S WlX 7EJ ' - 





financial Times S aturday July 2 2 1978 

THE WEEK IN THE MARKETS 


Speculation on dividends gives 
equities a boost 

First they were off, then they J. B. Eastwood the poultry and 
ere on, then they were off eggs concern which already has 
again ... the latest rumours 20 offer of £31im on the table 
(from Westminster about the “ CaigiU the privately 
future of dividend controls die- <wmed U -S- agricultural 
- tated the course of the equity merdian! tS- •' 
market this week. The fT 30 Imperial fcas always been a 
Share Index swung up and candidate to over East- 
down quite violently on woods but a bid a« this late stage 

cessive days, and finished up had faeea while 

more or less where it started 811 offer a^ways/seemed likely to 
out from. excite the interest of the Mono- 

Will the current proposal*- ***** <*™***™- 
if they prove politically accept- A merger would leave the 
able — help to lift the market combined businesses with 
out of its rut? It seems very around 32 per cent of the UK 
doubtful. The reverse yield gap broiler chicken, and substantial 
—the difference between the shares of the turkey and egg 
yield on equities and consols markets — where Eastwood is 
T* 135 widened considerably omrently marker leader, 
since its low point early this Under monopoly rules a bid 
year. This means that an im- can be referred- for investiga- 
proved relative return on equi- tion where a merger would 
ties is already discounted to leave the groups concerned with 
some extent. And meanwhile, a 25 per cent share of any one 

the gilt edged market seems to market - . .. „ . , . _ . . . , , 

itSeU UP fmm Nonetheless Imps have made Zf h “‘ ** “ "* 

8 “ , a determined start to their cam- Ii 3 . . ^ ^ , order 

Helped by a reasonable set naien and in two davs this week interest spilled over into 


Summer 

nerves 


this 



VQOi 


reach their ceiling for 
economic cycle. 

This of course involves taking 
a view about the course of the 
economy over the next six 
months. Credit demands will 
still be strong in the second 
half of the year unless the 
economy shows a severe weaken- 

LEKE A nervous bathing belle. m its rate of growth, while 
the characteristic stock market lhe administration officially con- 
lnvestor seems at the moment ceded 1,115 week ^ ., 1 . n ^ a ' 

to be standing at the ocean’s H 00 rat * for ye Jl r wil! be 
edge unable to decide whether cJ . ose 10 1 per ^? ney bnjp_ 
the water swirling around her ply m <? reover is continuing to 
ankles i s warmTnongh for a fj a ° d at «“ ** 

summer swim. The waters have federal reserve board s targets. 

certainly felt chiller than they _ ® ut h ° m “ ck furth 55 
did in the spring when the ISfr “Vn 
investor plunged with all the U ilham Miller will tighten the 
enthusiasm of a Mediterranean * crew . through raising short 

holidaymaker. * erm Merest rates remains to j n the second quarter is further extraordinarily high lew:?, it 

ThA n n „« mnimi , ** seen Miller created some food Tor Mr. Miller’s thought. seems many consumers are buy. 

„ Jr* 7? puzzlement at eDd of !ast instead or an 8 or 9 per cent im* new cars this year rather 
5KJJ.? increase in real gross national than next which will almost 



500^ 


1974 


1976 


1976 


1977 


197S 


anticipations this week and 
neither, it must be said, have 
some cracking second quarter 
earnings results added much to 
the overall strength of the mar- 
ket. 


NEW YORK 

JOHN WYLES 


product which had been widely certainly sec a .-harp downturn, 
expected, actual second quarter But those currently holding 
growth was 7.4 per cent, which consumer-related stocks can 
is a more modest rebound from look forward to -ionic very re.i- 
jhe winter doldrums than had portable yields this year. 
seeraed likely. era I 31 o tors i- selling lor around 


Most economists will agree 


five times projected ear muss 


Confusion thus continues to month when it became known 

reign. Analysts at this time that he had voted against rais- “■ * k"' and Ford four times. Yields for 

share the general uncertainty mg the discount rate on reserves " uu Juanita Knp:.. i m. . pommniLS lr» 

about the market. The consen- which the Fed lends to member commerce secretary, who . . . , s ~ 

sus Is that over the next few banks. Mr. Miller’s exDianation. observed this morning that flic , ‘ 



There is speculation that the 
stock. Exchequer 12 per cent 
2013-17, could be near to 
exhaustion. If the Government’s 
funding programme is starting 
to roll again, equities might 
find themselves out of the lime- 
light. 


, xi t 0,a L -. On 338 j %** ™ f »«*■ **»* 2 sr«srssdi ’sr.s ™ *si r™ sr: m rak- 1V 

LONDON Jldy senes contracts were — the sector has outperformed inflation.” Although no longer becomes cautious the closer he Thu* more clearly this .. f . rA , v , Ur , i , 

arranged and it is doubtful if the market over the last few confident that the old rules will gets to the vita! organ, it is emerges, ihc sooner it seems nill , n , v,V.- 

ONLOOKER b. 1 * u_ t,... . . i_ II 4.1 - tr. - .Imropvuu- , 1 ... I... " 11 lC " nU3n - MKH I..*. 


s. But this recent strength necessarily prevail there is a essential to have a dearer view, that the stock market will he 0(lt profitable t-e -mid 

vs a period of weakness S eneraI dinging to the nostrum Mr. Miller told a meeting of set for a genuine improvement. in u s ‘ corporaU . h ! s|orv ^\..uv 


shown in the October series, since last November which has ? at interest rate « peak securities dealers. In some stocks the ground 

* before a genuine rally can get Among other things Mr. 


the market would have hit its weeks 
peak were it not for the interest follows 

_ IS 

already being laid. General 
as my Miller does not want to be Motors, for example carries 
Fleming identified as the man who most analysts’ recommendation 
Though the shares are moving reported earlier this week the singiehandedly plunged the to sell and is trading near the 

. 200 coming from one ahead at present analysts are pre-occupation on Wall Street economy into recession. Popular bottom of its range for the year. 

Thursday's White Paper on directors have already given covered writer. n _ ■ . ]oritr at the moment is focussing on misrepresentations of this sort Passenger car sales have been 

Changes in Company Law” irrevocable undertakings to ac- ™ Aoril series befian ~ J. 10ng the future of interest rates and are not uncommon and to-day’s unexpectedly strong but with 

sei r_® commitment Over the next few ^ particu , ar when they may report of real economic growth consumer debt standing at 


Insider dealing 


particularly in the Land Securi- cost the sector about 10 per cent |ir d “ 
wth a substantial 19 per cent ties October 220 options. There compared with the market colleague Stewart 
stake - were 367 contracts in this stock 

The Eastwood family and with 


porati* 

irrelevant as far as invotors are 
concerned. 


detailed for the first time the cept Cargill’s 132p a share offer t Z" Sana!* but it dm 
proposed clauses which, when >n respect of 'their 35 per cent . 7L-JL * Jz. . t months the trading background 
legislated, will make insider holdings— but this can hardly jr <rf n , onronfra^^ watp wiU continue to be good and the 
dealing a criminal offence. The count for much in practice un- 4 Xee strcta batch of half yearly results due 


Monday 

Close 

839.05 

Change 
- 0.78 

Tuesday 

S 29.00 

-10.05 

Wednesday 

840.711 

+ 11.70 

Thursday 

*38.62 

- 2 . 0 * 

Friday 

s:::;.42 

- Mtf 


matches Imps’ 


accounted for more than 60 per ° u t during September and 


THE TOP PERFORMING 
SECTORS IN FOUR WEEKS 
FROM JUNE 22 


White Paper does not specify less Cargill 

Z e J terms ‘ ‘ cent of volume. The market is October should look encourag- 

marfcet Dlace An insider is Eastwood has asked Cargill to s tii| dominated by professionals ing. Beyond that analysts are 
martcet place. An Insider is reach a speedy decision on its W ith nnlv a tinv nortion of r . 

one who deals on the basis of position while it has also asked Siri* aLSntedfor ^private 
“5“ B “ 'SajLS!® * f “ eet taps for further c.ari- fnv est orl “u SeS 

h flafoi of the terns of the new mltJ;ltors hopinE thst the during the 
i!” S ‘ U ' e ;. 5; bid which surprised Eastwood introdlJcti0I1 of morc stocks plus 

f S as much “ anybody else - the easing uf some commissions 

and which „ . will stimulate interest among 

lEfe would be UlTel" 0 h"e a Options active private investors, 

material impact on the price of The number of iraded option t /* r 

the securities concerned. contracts arranged through the tStOreS Cneerjlll 
So directors would have to be London market hit a daily peak i t has been a 
extremely careful about their of 14149 last Tuesday, the day buoyant news from the retail- IT"" TL ’ 
own share dealings and will cer- before trading in the July series ing sector. Consumer spending 
tainly find it essential to abide of opt j ons cea sed. But traders is now at an all time high 
by the Stock Exchange’s own c j osin „ out positions prior to followin g a y ear of progressive Stores 
model code of conduct. But * . - A _ : A growth and the Department of Insurance (Life) 

what about brokers' analysts? «>« ***** of the series Was rcUl , vollln]c inde x Retaniog 

They would certainly have to be only part oE the explanation for c ij m ,|j ed t0 10 9 in June— close 

more circumspect about what the record total. to the peak levels recorded in 

they put in circulars to clients. interest in the market has A973-74. 

But the same constraints need faeen steadily building and it . From the companies. Boots’ 

y - °fhp W a?cumerit t’^at always S ets a fimp when there directors were sounding very 

by printing^informa^on. Ittey « a significant movement in confident at the annual meeting 

make it generally available. the underlying share market week and Great Universal 


HONG KONG 

ANTHONY ROWLEY 


would easily break through 600. 1,775 after a dizzy rise which tena but their presence ai-o 

However, having edged was followed by an equally spec- limits the scope for indicate 

through 580 at one point the tacular crash. and other highly speculative 

index hesitated and has since one reason for this is that actions in the market. 

traded within a range of there is closer official super- The decision hv loadin' 1 banks 
between 5aQ and 570, where vision nf Hnn« Kone’s four ctnrk <_ 1 ne aec,slori n > lcaa ! n ** Dam ‘f 

cnnip analvRtc cimeesr if i«: 1 u ot uon n h ? n ? s Iour '^ . . here to raise their prime lend- 

, some analysts suggest it is exchanges and of the securities r ..„ i, v n ^ n ., r tu »; 

sector holdings THE BEHAVIOUR of the stock likely to remain in the industry in general here now , en , at the he-inn;rv y of 
next few months. | market here in recent weeks immediate future while the than there was in 1973. The J," ™ pk i‘ ‘ J* a 

suggests that it may be set for market consolidates its position quality 0 f investment analysis damDcnin- effeci on the market 

a period of continuing but con- and absorbs some profit-taking. and adv j ce is much improved to hrin- 


trolled expansion rather than Other analysts look for a further too. both on the part of British Hon- Ton- iotewt^rates nwr5 
the runaway boom it appeared P^ beyond SOO once the and Chinese securities dealing int0 "i ine £ ilh those elsewhere, 
headed for earlier. summer lull is passed. houses in the colony. 


The Hang Sang index— lead Some observers believe that 


and to support the Hong Kon? 
Another factor could be that dollar which has recently been 


week for w D ur u- ^ stockraarket indicator here — the current period of consolida- there is a greater weight of ' losing ground, still leaves the 

— — *• NewJpa P'«. Publishing -M3J) breached the 500 mark in June, tion is a mark of the Hong Kong foreign institutional investment average yield on equities — at 

+12-5 paving risen some 25 per cent market's increased sophistica- in the market now than there around 4 per cent— a point or 

.+«.» dnee the beginning of the year, tion and maturity since the was in 1973. Not only are these so ahead of the return available 

and then accelerated to a point boom five yers ago when the funds invested according to on savings and some time 
where it looked as though it Hang Seng index peaked at sound earnings and yield cri- deposits however. 


+6J 
+5.9 
+ 5.7 


IMPs/ Eastwood 


encouraging full year figures 


Imperial Group surprised b mgner at tEism. Ana uus s 

everybody this week by launch- A daily average of 700 con- says that a good start has been 
in" a £38.2m counter bid for tracts was arranged during that made to the current year, par- 


All-Share Index 

+33 

THE WORST PERFORMERS 

Household Goods 

+03 

Misc. financial 

+0.4 

Breweries 

+03 

Discount Houses 

-0J 

Office Equipment 

— 13 

Shipping 

-32 


Clamour from the Far East 


Every time there is a sudden market men like to say, the method 
advance, heads shake and the undertone has been firm. On reserves. 


of calculating 


market highlights of the week 


U.K. INDICES 


| THERE IS a ritual response to which recently has been in a nium to the mine has been — and it is a mine with a 

a change in the difference. In the past Snut.h 
ore African uranium production has 
usually come as a by-product of J 

name of Jimmy Carter is Thursday the Gold Mines Index Previously the reserves were gold. In the case nf this new | 
| invoked as homilies are had its most sweeping move- based on their Sold content operation gold will bo a by- 

delivered about the instability rnent since last February with alone. Now the uranium is product of uranium, 
of the dollar. a rise of 6.3 to 170.7. This was added as well in recognition of T - .. on , D ,„ v is c . aIIcd 

This week has been ™ ***#*« level 0ctober U iriU be invwiinS 

different. Since the end of M.j 19 "; d tt| i a]„ne becomes payable if Ac at » brl '« 

the price had fluctuated gently j 5 con 1 two minerals are considered a deposit some lo miles south 

between 8181 and $186,875 an J^ed and the Index moved V»ommen\s are cons,dered of lhe gL HeIena sold mine m 

the l0 J ,D0 : At Vaai Reefs June quarter 0ran L " e f rei? Sta te w Prt- 


ounce. On Thursday 


Price 

Y’day 


Change on 
Week 


1978 

High 


1978 

Low 


Ind. Ord. Index 


479.2 


+ 4^ 


4973 


4R4 Dividend control uncertainty 


Gold Mines Index 


175J1 


+ 14.4 


175.0 


TJ0J Rise in bullion price 


through to $191.80 and yester- ^ quarter . The figure includes Iniially ino.ow. t*. 

J 2 - J 14 y * 7 * day London closed at MISTS. qiarterl? repoS Rl6Sm - against K5.6m from the a month will be pro 

To some extent the instability , ..... , Aaal Reefs South lease area. we grades have 


Treasury 13-j% 1997 
E astwood (j. B.) 

Elvs (Wimbledon) 
Fligh t Refuelling 
Inveresk 


£1041 


+ 1 


715J 


uni 


SterBng/money stock trend 


153 


+29 


160 


82 


Counter bid from Imperial Group 


205 


+39 


205 


80 


Speculative bid hopes 


170 


+ 19 


178 


96 


Revived bid speculation 


Mack innon of Scotbnd 

McBride (R-) 

Reardon Smith 


65 

50} 


-Ilf 


81 


64 


Poor half-yearly results 


+12 


52J 


21 


Favourable Press comment 


Rot hschild Inv. 
Stoc k Conv ersion^ 
Stothert and Pitt 

Unigate ^ 

Union Corp. 

Vaal Reefs 


197 


__60_ 

209 


+67 


210 


105 


Bid from British Petroleum 


- 8 


140 


+ 17 


209 


_J0 

159' 


Moratorium on loans 


Increased div. and earnings 


Average 
week to 

July 

21 

July 
- 14 

June 

7 

FINANCIAL TIMES 



Govt. Secs. 

7031 

70.13 

6939 

Fixed Interest 

7132 

71 J3 

7137 

Ind ust. Ord. 

4733 

4703 

4543 

Gold Mines 

1663 

1593 

1593 

Dealings mkd. 

4.4S1 

4,402 

4346 

FT ACTUARIES 


g Tr «S vi^, ri rtfX.* a f i 1 e A,t al S "Minis ormTm".maml Jjg™ »>■ to ^ half at \ 
$189,125. New York followed ^ q{ proflts d j sdosed bv {he were double those of the March 19 f“; 

■ . r_: i -‘.l ■ nuarter. Tho iluurp inrlurlex Im 


lunnes or «iro 
processed, but 
been pi:6- 


o£ the dollar argument holds Whether this level can he f rom which Soulhvaal draws a lished because of lhe hlankct 
...j »h a maintained is questionable. If 55 p p r cent royalty. securiiv ro«rri<>ti<in< ,.r m« 


security restrictions uf the 


factor but not the immediate 


In their attempts to pin a 
theory oh this week’s rise, 
market analysts have been look- 
ing at the Hong Kong share 


258_ 

~200 


67 

293 


+ 18 


+23 


+ 5 


+20 


270_ 

JQO_ 

68 

300 


216 


Annual results due Wednesday 


135 


Property revaluation stimulates 


iodi«L ffe Song Kong market 

Consumer 
(Durable) 


bullion price remains The Vaai Reefs company is Soutli African Atomic Energy 
d $190 an ounce then paying an interim dividend of Act. 

100 cents (61pi. considerably But the mine looks an expen- 
mnre than the optimists had sive undertaking for its size, 
expected. It compares with 55 The capital cost will be the 
rents interim last year and a equivalent nf R167 per annual 
final of 60 cents. (The Anglo tonne of product. This compares 
group has changed the timing of with R105 for the Dvelkraul 
its dividend declarations.) mine being developed hv Hie 
Union Corporation chose the Gold Fields group and testifies 
occasion of its quarterly raining to the general escalation uf coils 


MINING 

PAUL CHEE5ERIGHT 


198JT7 197.85 191.47 


47 


Good preliminary figures 


238 


New uranrum/gold mine in OK 


Waddington (1-) 

Western D eep 

Wwton-Evans 


Wcttern Bros. 


us± 

2i4_ 

V 16 

132 


79 


+ u 


+24 


+93 


JlSi_ 

230 


916 


£11 


Increased div. and June j profits Ind. Group 21229 210.46 203.98 


186 


Annual report/Press mention 


+22 


132 


~ 589 
79 


Increased div. and June j profits 
Bid from BMCT 


drarly the prospects of the reports to announce a new mine faced by the industry. 
Cons. (Non. \S£L ^ ^ J^° n * are enhanced, especially 

Durable) 20331 202J8 1*5.93 l»vt»n^c ^ ^ “arginal operations where 

profit-UKiog. costs are high and ore grades 

. 1 This has created liquidity, are low, making them sensitive 

235JZ 23 438 22bM j Concern about U.S. foreign to even slight movements in the 


GOLD MINE NET PROFITS 


-34 


116 


56 


Glossop bid may prove abortive 


Buffets HO 


Cinderella makes £ 18,000 

„ ■ CIS 000 for an angel by made £18.000 and a similar highest price was given by a 

Sir John Everett Millais s gave £io. strudw ick. The instrument by Thomas Surrey dealer— £20,000 for six 
Cinderella, the model for which so i d a s one of a Balestrieri (Cremona) 1763. volumes published in 1849 . a . __ 

was Miss Beatrice Buxstone, an “ ' o{ pictures a t Christie’s in made £12,000. Hillman paid depicting the Holy Land, Syria, | 
actress, made £18,000 yesterday 1943 for2 l guineas. ° 

in a sale of Victorian pictures A picture 0 f Windsor from 

at Christie’s. Signed and dated — 

1881, it is one of three pictures 
from the same period in which 
the same sitter was used. The 
work was exhibited at the Royal 
Academy, of which Sir John was 
later to become president, in the 
year in which it was painted. 


500-Share 

financial Gp. 164.98 16224 155.26 exchange policy has apparently price. 

AJLShare 217.55 215.99 208A2 led to Hong Kong investors But the main point is that the „ . 

Red. Debs. 5K9S 56.80 (56.71 m0V * I1 S into gold. This gave the figures for the June quarter "bT«>niitzicht 

bullion market a boost, geuerat- have been inflated by a once- *' r ®5 ,te " 
ing the momentum which only bonus of revenue linked to r~' e ~* on,e i n 
hastened the advance of the new gold buying arrangements poomfonteln 
price in London and New York, instituted by the South African ^ nrban Deep 
The immediate result was to Reserve ’Bank. ^ Daggafonteln... 

enliven the gold share market The mines are now paid a ^ Drlefontein 

market-related price as soon as ERGO 

they deliver gold. They used to Raod Pty. 
GOLD DIVIDENDS pa id on delivery at the E. Transvaal 

June Dec. June Dec. official price of $42 with a F- S. Gedold 

1978 1977 1977 1976 premium from sales on the Groohdel 

cents cents cents cents market coming along later. The Harmony 

33 *30 25 *21 introduction of the new system Hartebeest 


£9.000 for a violin by Tomaso Idumea, Egypt and Nubia. « Door nPtn 20 
Eberle. pair of mezzotints by Richard D Ur ba, 

Stanley Gibbons’ two-day Earlom fetched £L500 from F. E-Dagga *25 
auction of Great Britain stamps DenneviUe and the next highest E. Drfe. *40 
and postal history made Price was £750 by R. S. Dixon £■£ 

£67.910. A used strip of three for an album of decorative 

of the 1867-1883 £5 orange from PraiK by ^rtolozzi. GroSriei*l6 

Plate L each of the stamps show- ^ New Bond. Street Sotheby^s ^artefact. 175 
ing central date stamps of a 0 *® furniture, tapestries, Kloof .- 25 

Cheltenham, sold for £1,800 and WOrks of art pewter and oriental Libanon 60 

rugs and carpets. The day-long Marieval e *32 

" — . . . — -- -- - event amounted to £110456. A R'ndftn *200 

It was one of two pictures by Vickers, signed ^ ing the “Downey" portrait of late Gothic oak chest with a 


*60 

•20 

nil 

20 

43 


90 

10 

*nll 

•nil 

*35 


♦40 

*5 

nil 

nil 

40 


SALEROOM 

PAMELA JUDGE 


the Brocas Meadows a 1911 dyeproof m P-J- 

. 01 Vickers, signed and dated 18^ Ing ^ “Downey’ portrait of late Gothic oak chest with a 5^- ^ ' 

«ale which realised sold anonymously ax *u,dw as George V, realised £1.050. moulded hinged top went for La fd s *nil 
m.* mher. Dew did another wooden nver land- An unused i mDer f orate ^2.600 to a private dealer and a fJifta .77 


nil *nil 
435 *3.9 
14 {*10 
•70 
15 
40 
*22 
•150 


nil 


*75 

•15 

*40 

24 

200 


. . An unused . uopeuvnie ” v ““ “ ctilFtn *1* 

by Frederick Wilhain bloj , k ^ ^ tte 1870 sinular chert fetched £2,200. An ^ 


nil 
21 
11 
60 
*5 
15 

*8 7 

realised for an unused block of bureau cabinet was bought by a|W. Drie 250 +135 
In a sale of music instruments eigllt o £ 1971.77 - if aehin " Norwich dealer for £1,850. "* 

’ * ”' T In Chancery. Lane the same I W- k. 

,VUI«. — - >-- - ....... „n anrnn.n - - nAUM j*. J 1- I CMS. 

a wooded river landscape g50.183> 8 

and a horse- Stradivari l/2o. 


Millais in a 

£375570. The other. 

Drenched Furze, dating from scape 
1890. also went to an 
bidder at £1,100. It was 
at Christie’s in Mays 1910 for at £8,500, 
720 guineas 


anonymous Watts, this time will Christmas. 5d stamp fetched ^ 

last sold cottages and ducks P , ^ same price was tapestry and a Queen Anne oak v£ Area* 


MccConnal-Mason paid £.6,000 -.CM-rt-W* “ Up brow^red ^i^erfo^te. 


*0 STSi ■ a STbootaT Bie ttW 7 a ; p"- 1 * 1 


for 

with a cottage and a norej *£45,000 ”to the lotah A sale of English prints which yesterday was £lfc256 bringing I *Denot*s interim. 

drawn cart, uj rrea Nicolo Amati, 1S51, made a total of £55,771. The the whole event to £30,451. J tineiuding sottal 

William Watts ana Roy miies vwu« 


has meant that in the past Kinross 

quarter they received not only a Kloof 

market-related price for current Leslie 

production but proceeds due to Libanon 

system. Lorainc 

The table shows that all the Marievale " 

<L55 mines had higher profits in the President Braid 
4 June quarter than in the March president Steyn 
quarter. Effectively they were RanOfontein 

receiving around $200 an ounce st Helena 

ttalr gold compared with s . 
about Siro m the preceding s . RtK>depoort 
three months. 

But there are two mines Vaal 0**^. 

which stand out— Harmony in 

the Barlow Band group and 

Vaai Reefs of tte Anglo ,1“ 

American group. Both have in , ; **■* 

common an increase in uranium r rieIonte,n — 2B,ilo 
revenue. w - R3nd Consold. 1J31 

Harmony’s net profits for the 

„ c June quarter at Rl3.4m (£7.5m) - ,1™ 

1L5 *l(L5 were 77 per cent - hi Shw than in rfdlBBS 

113 10J the previous three months. Its Wlnkelbaak 5^13 

gold production rose, but the n r ” eoipt ° r Stale aid. $ Net surplus Includes .sain 

flnduding capital return of 5 cents, increasing importance of ura- rtam P a!drcp^?it V,, ” S cessatitm of “^S- S Pre-tax profit. S After 


•nil 


*11 
•55 
5 

•10 
•6 
145 
47 JS *35 


*7S 10 
29 J5 *12 


•65 

•15 

*5 

17 

100 

nil 

6 

11 

60 

•nil 

5 

7 

*135 

45 

5 

»10J 


June 

quarter 

ROOOs 

8.215 
1.858 
10.825 
3Jt16 
1 1.350 
;i78 
23,040 
U8X 

1J32 

23, 401 
1.162 
12,448 
J 3,806 
3JH4 
11J34 
1 JS 12 
44)21 
1871 
S14 
17488 
12409 
18457 
5.107 
;613 
t70 
4,11? 
39,727 


March 

quarter 

ROODS 

6.930 

1.439 

8.724 

2.588 

T609 

;iio 

20,446 
881 
T721 
603 
1 7.798 

I.16K 

7.026 

11,796 

3.144 

7.642 

597 

34(83 

T439 

142 

11,032 

7.605 

13.337 

4^94 

t8 

1.85S 

19,614 

i!23 

156 

2.479 

22.188 

t470 

3,432 

14JS2I 

9^50 

4.418 


Der. 

quarter 

ROOOs 

4.489 

1^09 

8.724 

2.7X11 

t771 

;40.1 

25,147 

tlJISS 

479 

1G.720 

1,529 

S.G23 

9.403 

3.119 

643S 

52X 

4,155 

7940 

867 

9331 

10,098 

14,675 

4359 

J13J5 
t21 
2,741 
32340 
1-1,058 
•136 
2.668 
23,703 
1-319 
7,236 
15.1 6G 
9.409 
4.559 


Sept. 

quarter 

ROOOs 

5,209 

035 

6,070 

ijw 

•t674 

2617 

19,554 

t22S 
396 
§28334 
96G 
2J20 
8,trJ7 
2.486 
5.702 
265 
2322 
*393 
4GU 
73l.» 
10,879 
71.452 
4337 
2388 
"6 
1.067 
14.610 
i786 
77 
1350 
18.025 
f 1,026 

3359 

J1316 

7318 

3,402 


8 


Financial Times Saturday July 22 1978 


FINANCE AND THE FAMILY 



Damage from water 


BY OUR LEGAL STAFF 


• My neighbour has built a garage Appeal site, either on foot or 
'adjacent to mine and as a result with or without vehicles or 
of inadequate guttering water animals.'* What can 1 do about 
seeps into my garage and the this? 
wall is being damaged. I have Mll |j be some 


Can I insure against a failure port. The owner of the wall, 

to repay the loan? or of part of it, can insist on 

( The risk you mention is an the maintenance or restoration 
Insurable interest It should of support for the wail, but not 
Th.ro be seme therefore be possible to have a on the kind of support The 

pointed this out to my neighbour P^lafS. now put forw£d on poUcy written for y0U - YoU owner °J the f UP ^? whlch 
without response. I have been beLlf ITthe CoSdirKcoS C0asult l? surailce ™° ™ st pay for restorinfi 

given to understand that my Act reaSS hn ^ as ^ y £ U ** supporL 

nctghbour's garage was probably . ° j require can probably best be 

7 all commons and nUage greens 0 ^ eA from Uoyd's under- 

to be registered and the regis- liters in London, 
tration is conclusive evidence -of 

the status of the land as a . . 

. . common or village green. If Atl CUSCTHCnt 

li is a general principle of law i anc j was W ron?ly so registered _ 
that no person by his building but Ration was made to of SUDVOVt 
activities is entitled to cause ^ registration, the land in J ** 


constructed in contravention 
nr the building regulations. 
What, please, is my legal 
position ? 


Fence as a 
clothes line 


more water to run onto his 
neighbour's land than would 
otherwise be the case. If in 
fact your neighbour's building 
contravenes the building regu- 
lations. no harm at least would 
appear to be done by bringing 
it To (he attention of the 
authorities. 


Becoming a 
village green 

I applied for planning permis- 
sion to build on some “ white ' 
land, between whicb and the 
public road there is a grass 
verge. Permission was refused 
and I appealed to the Depart- 
ment of the Environment, who 


What, please, are the rights 

green. Y^sSTnon* of snpror, for_a_partr w_„l 


question will have become a 


village 
suit a solicitor. 


Insuring a loan 

I am considering a move into 
accommodation which provides 
a certain amount of services 
in return for an unsecured 
loan, repayable only when the 
accommodation has been releL 


which has been supported by 
a building on one side for over 
50 years? If so. and the 
supporting building is 
demolished, what kind of 
structure can be erected in Its 
place and who pays for it? 

A wall which has been sup- 
ported by a building for over garden 
20 years will have acquired a within 


My mother’s neighbour uses 
the fence between their houses 
as a clothes line, with the 
clothes dripping and blowing 
over the garden path. Is the 
local authority empowered to 
stop this sort of conduct? 

What can be done? 

Your mother's neighbour is 
certainly not entitled to hang 
clothes so that they blow over 
and drip on your mother’s 
path. She would be 
her rights if she 


prescriptive easement of sup- removed them and threw them 


Tax for new residents 


I live at present in Durban. 
South Africa. My investment 
income is £11.000, £4,500 of this 
is from British sources (mostly 


granted permission on condition gilts on which there is no 


that tbe approval of the Local 
Council was given For the siting, 
design etc. Between the site and 
the road is a grass verge and on 
the other side of the road tbe 
village green. I wanted to bnlld 
an access for vehicles over the 
verge, whieh must have been 
there since the road was built 
centuries ago, but the Council 
says no as " no person or 
persons has registered any 
claim to access across the strip 
of land in question to the 



Commodity GFFER 35.8 
Trust BID 34.0 

Double OFFER 80.0 
Option Trust BID 75.0 


Commodity & General 
Management Co Ltd 
8 St George's Street 
Douglas Isle of Man 
Tel: 0624 4SB2 



speaking, assessments (under have not been resident fnr 
cases EH to V of Schedule D) ordinarily resident) in the UK 
are only based on the preceding at any tome during .the past 
year’s income from a particular three years; that being so, you 
source if (a) that source is still will by concession be regarded 
held at tbe end of tbe year of as exempt from UK capital gains 
assessment and (b) tbe income tax until the dote, of your 
from that source is still being arrival in the UK — see con- 
reeeived without deduction of cession D2 an booklet TR1 
UK tax. After you become (1976) obtainable from the 
ordinarily resident in tbe U.K., Inland Revenue Public Enquiry 
your gilt-edged interest will be Room. Room 8 , New Wing, 
taxed at source (under schedule Somerset House, Strand, 
C); it is afso quite likely that London. Great Britain, WC2R 
your overseas dividends and 1UB. Bed-and-breakfast trans- 
interest will suffer UK tax by actions after April 5 might, 
deduction after you become however, be regarded by the 
resident here (unless they are Inland Revenue as an attempt 
mandated to a bank outside the ^ use concession D2 for tax 
UK) under section 159 of the avoidance and booklet IR1 
Income and Corporation Taxes <1976) carries a warning that “a 
Act 1970. Even if some or all concession will not be given m 
of your overseas income con- ca ?f ,1 s 

tioues to be received without 1 iSe law provides that 

income would not then continue, deduction of U.K. tax, you will ‘ i iab y it y t0 cap itai gains 

no* be assessable on the prwed- ^ commences on April 6 
mg year’s income from holdings before arrival ^ ^ uk, 
(or parts of holdings) which are but y0ur lia5mty will be modi- 
soid during the year of ^ we presume) you 
assessment have and expect to retain a 

On the other hand, it may Natal domicile of origin, 
well be advantageous to bed- You ^ find geDe raJ guid- 

ass»a-s.ss sssssrsss^ 

original cost (in sterling terms), yjj- which is simAtarily 

in order to establish a higher obtainable from the Inland 
base cost for capital . gains tax Revenue Pubhc Enquiry Room, 
We take it that ynu without charge. 


withholding tax), and the 
balance from foreign holdings. 
If during the current financial 
year I become a UK resident 
then I understand a lamp sum 
tax payment will be due in 
January 1, 1979. This .payment 
will be calculated from an 
assessment of 1977-78 income, 
viz. £11,000 per annum. My 
1978-79 income will be only 
about £6.500 because some 
capital will be used for buying 
bouse, car, etc. If I sell all 
investments before reaching 
; England and do not re-invest 
until after I arrive 1 believe 
tax cannot be assessed on 
£ 11,000 per annum because this 


Could I please have your 
comments on these aspects and 
an opinion on what income 
would be used as a basis for 
assessment if I do liquidate? 
Your fears are based on a false 
premise, fortunately. Broadly 


WARDGATE COMMODITY 

FUND 

« 30th |une. 1978. £10.36. £10.78 
WCF MANAGERS UMITEO 
P.O. Bax 73 


St. Helier. Jersey 
053a 20591/3 
Next dealing* 3 Itt ]ulr. 


197* 


purposes. 


No (ego/ responsibility can he 
accepted by Che Financial Times 
for the answers given in these 
columns. All inquiries will be 
answered by post as soon as 
possible. 

into the neighbour's garden. It 
might be. possible to obtain a 
Court injunction to stop the 
neighbour from this practice. If 
the local authority is the land- 
lord, it can impose conditions 
regarding the use of fences. 

Stamp duty and 
a leasehold flat 

The leasehold of this fiat of 
approximately 125 years was 
bought at £18,950— the 
Ground Rest being £25 per 
annum doubling every 25 years. 
Service charge is 3.4 per eent 
of the total annual cost of 
services. According to my 
information the stamp dnty on 
purchase between 
£15,000 /£20,000 is 1 per cent. 
Thus 1 paid £94.75 plus £48, 
Registry Fee. However, the 
ijind Registry returned the 
conveyance stating that since 
the average rent payable under 
the lease Is over £150 the 
stamp duty must be paid on 
the full rate of tbe premium. 
Accordingly they requested 
payment or additional duty of 
£2&*L25. This makes it a charge 
of 2 per cent, whicb is only 
payable on properties over 
£30,000. Is this justified? I 
could have offered £500 less for 
the fiat or asked for £500 to be 
described as purchase of 
kitchen equipment and, thus, 
to stay a shade below £18.500. 
The Land Registry's requisition 
is well-founded. The fact that 
duty is payable on rent where 
the average exceeds £150 may 
have misled your advisers into 
thinking that duty would be 
.payable at a lesser rate on the 
rent element here, where the 
ground rent for the first three 
of the five periods is under 
£150. Of course the premium 
which you paid is geared to the 
rent, and vice versa; and an 
increase in one should be 
reflected in a decrease in the 
other. However the stamp duty 
payable would not normally 
affect the position. We doubt 
if a vendor of a long lease 
would reduce the premium by 
£500 on being pressed with the 
fact that the ground rent will 
add £284 to the purchaser’s bill 
for stamp duty. Your main 
source of extra expense here 
lies in the length of the term— 
a 99-year lease would have 
incurred half the stamp duty on 
the rent element. 


When and what to tell 


YEARS AGO, as a fairly new 
boy in the motor claims depart- 
ment I had to handle each week 
a number of small personal 
injury claims, and one particu- 
larly has always remained dear 
in my mind. It was from a pedal 
cyclist who had come out of a 
factory entrance turning left on 
to a badly-lit stretch of road, 
only to be strode, almost 
immediately by a car going in 
the same direction. Initial 
assessment of the facts 
suggested that both cyclist and 
motorist ought to have seen one 
another and that, in legal terms, 
the cyclist was guilty of a high 
degree of contributory negtig* 
ence. But the local investigator 
came up with an unhappy item 
of information— our motorist. 

he reported- was totally blind 
in his left eye: this fact caused 
us to take a totally different 
view of the claim, and not just 
from the liability aspect. 

Reference to the original pro- 
posal form showed that this 
information had not been 
disclosed, despite a positive 
question on physical defects. 
But inquiry established that the 
motorist had been one-eyed for 
many years, had been driving 
accident free for the last 
decade, and so held himself as 
good as any normal two-eyed 
motorist: so we had a clear case 
of non-disclosure, which entitled 
us to say that the policy was 
void from the outset and that 
the motorist, so to speak, was on 
his own. as far as the cyclist’s 
claim was concerned. 

Fortunately for the motorist 
the cyclist’s claim was not 
serious — a fractured arm which 
quickly mended — and the com- 
pensation payable was less than 
£100 (I said it was years ago) a 
sum within the motorist’s 
capacity to pay. And, as I recall, 
the company continued to 
insure the motorist for many 
years afterwards, charging him 
a premium loading of 50 per 
cent on standard rates. 

This old claim came to mind 
this week when I was forced 
into a discussion on motor 
insurance with my usual group 
of homebound fellow travellers. 

The conversation arose 
because one of our qumber had 
just received his motor renewal 
notice, on which appeared the 
following words 
“ Renewal of your policy is 
invited ou the basis of the 
material information you have 
provided at inception and 
subsequently. You must in- 
form the company immedi- 


ately of any material changes 
which may affect the com- 
pany’s invitation to renew 
and/or the terms offered. 
Cutting short a long series of 
questions and answers I should 
perhaps explain that all British 
insurers agreed with the govern- 
ment last year to put this kind 
of warning on renewal notices— 
to remind policyholders of their 
legal duty of disclosure which 
revives at each renewal. 

The duty is to disclose those 
facts which, in time honoured 
terminology, would affect the 


INSURANCE 

JOHN PHILIP 


judgment of the prudent under- 
writer in deciding whether to 
write the risk and what terms to 
apply. 

My enquirer said that he had 
recently had to start wearing 
spectacles while driving and 
asked was this a material fact? 
Bearing in mind the large 
number of bespectacled drivers 
on our roads. I was able first to 
say w no — not as a rule." but 
caution compelled me to ask 
more about my friend's eyesight: 
was there just a general, slow, 
change which so many of us 
suffer as we grow older, was one 
eye failing more than the other, 
and so on. 

Reassured, I said “ no ” rather 
more firmly. 

Motor Insurers accept that, 
over the years, all policyholders 
undergo small physical and 
mental changes, many of which 
are subjectively unrecognised by 
the individuals concerned: these 
changes can in no way bo 
material facts. 

At the other extreme there 
are those substantial physical 
changes brought about by 
accident or illness, involving 


loss of sight, loss of limbs or 
loss of their use. whicli clearly 
and considerably affect tho 
motorist’s ability to drive. 

Such changes are material 
facts and most certainly have to 
be disclosed at the time of 
renewal, so that insurers can 
decide whether or not to con- 
tinue to provide cover, and if to 
continue, whether to charge 
extra premium, impose excesses 
and so on. 

It is between these two 
extremes that there is a con- 
siderable grey area. At the risk 
of having motor insurers over- 
whelmed with information 
which they just do not want to 
know I can only say fnat if you 
think that a phsyical or any 
other fact nitty be material,. then 
you should lell your insurers. 
Certainly this is the advice that 
insurers now give on proposal 
forms in consequence of their 
agreement with government. 

Because disabilities vary so 
much so also do the underwrit- 
ing terms which. insurers apply 
in insuring -the disabled 
motorist In the more extreme 
case the newly disabled driver 
may in truth become a learner 
again, having to adjust hot only 
to his or her own disabilities 
but perhaps to modified 
controls or perhaps to a new 
car. As time goes on and as the 
individual proves his ability to 
drive safely and claim free, so 
insurers will probably be pre- • 
pared to modify the terms they 
have imposed. 

When providing information 
on any new disability, or the 
degree uf any continuing 
disability, the motorist may , 
have to provide medical f 
evidence — and This at his own | 
expense. But there is no sense 
in the motorist obtaining a 
doctor’s letter, certificate, nr 1 
whatever until his insurers have I 
positively indicated what it Is 
they want the doctor to te!) 
them. 


THE OUTLOOK FOR 
COMMODITY FUTURES 

This monthly investment bulletin gives our view of tho 
likely future performance of the principal commodities. 
Send for your free copy now or telephone 01-248 781 1 
for a talk with one of our dealing -staff. 

To: Cometco Commodities Limited. Bridge House, 181 Queen 
Victoria Street. London EC4A-4AD I would tike to receive your 
monthly investment bulletin *TTtB Outlook far Commodity Futures" 
Mr.- Mrs Miss L_ 


Address 


Postcode . 


COMETCO 

The Commodity Brokers 


COMMODITIES/Review of the week 
S. American sellers hit coffee 


BY OUR COMMODITIES STAFF 

NEARBY LONDON coffee 
futures prices fell more than 
£100 a mnne yesterday as signs of 
increased willingness to sell on 
the part of several South and 
Central American mild coffee 
producers added to the 

bearish ” sentiment which bad 
already been encouraged by 
fading' Brazilian frost fears. 

The fall look September coffee 
t>* £1.135.5 a lunne, clown £151 on 
i he week and the lowest second 
piisitinn closing level since April. 
1970. 

The Brazilian weather situation 
had dominated the market for 
tiioM nf the week with unusually 
hiuh temperatures encouraging a 
continuing speculative sell-off. 
September delivery coffee has 
now 1 1 iM £340 a tonne since the 
beginning of ihis month. 

TJu* Brasilian weather cilice 
inadvertently prompted a brief 
up-urge on Tuesday when u fore- 
cast a period of “ unsettled 
weather” but it quickly cor- 
rected the false impression that 
't was signalling a significant 
frost risk and prices resumed 
Ihi’ir downward path. 

The sharpness of yesterday’s 
fall surprised many dealers, 
sonic nf whom pointed out that 
the fniM risk period still has 
.mother month In run. They said 
increased anxiety to sell by 
Braril. Colombia. Mexico and El 
Satiador. among others, seemed 
to he the main reason for the 
fall 

Cufiia prices also fell yester- 
day. Bui ihu £33 decline in the 
September position still lefL the 
price £48 higher on the wek. 

A trade rorecasi that cocoa 
product ion will remain in 
surplus next year and the 


iBnq- 


IZ2Mr~ £ V** tonne- 


bund- 


COCOA A 



liaoo 


l KB MOB APS WAV JUN JUIJ 


announcement of a surprise 7.5 
per cent rise in second-quarter 
West German grindings were 
largely ignored in the market 
before concern over West 
African crop prospects boosted 
values in .mid-week. Heavy rain 
is believed to have damaged 
flowering for next year’s produc- 
tion in several producing coun- 
tries. 

But the upturn, which lifted 
September cocoa to £1,7S9 a 
tonne at one stage, was short- 
lived and dealers feel that yester- 
day’s fall could signal further 
declines next week. 

Any improvement before the 
end of the year in the 50 per cent 
reduction in copper deliveries 
from Zaire is “very unlikely,” 
officials of Sozacom, the state 
marketing company announced 
yesterday. 

A spokesman said there were 
no stocks of copper in Shaba 
Province — the mining region 
worst hit by the fighting during 


June. The entire production from 
the area was either in the pipe- 
line or awaiting shipment at sea 
ports. 

A plea of force majeure,. reduc- 
ing copper deliveries by half 
from July I, was made on behalf 
of the Zairean state-owned 
mining concern Gecamines after 
fighting in Shaba province. 

Some mines were reported to 
be flooded and many foreign 
technicians fled the area. 

Output is now believed to be 
back to 20 per cent of normal 
The mines usually provide 60 per 
cent of Gecamines’ total copper 
supply. 

The news prompted further 
advances on tbe London Metal 
Exchange yesterday afternoon in 
the wake of price increases 
earlier in the day prompted by 
expectations of a sizeable cut in 
warehouse stocks of copper. 

Spot wirebars gained £7.50 on 
the day but were £10-75 a tonne 
lower on the week, closing at 
£704. 

Cash and three months copper 
cathodes were £11.5 and £11.25 
a tonne lower, closing yesterday 
at £698.75 and £720.50 a tonne 
respectively. 

Sugar traders saw the London 
daily price for raws slump to 
£83.50 a tonne. This was the 
lowest since December 1972, al- 
though C. Czaraikow claims in 
its weekly report that the gen- 
eral downward movement of 
prices has been stopped. 

Daily price yesterday was 
£S4.50, d. a 50p a tonne on the 
week. The October futures posi- 
tion fell £2.45 a tonne on the 
week, closing yesterday at 
£S5.173. 


WEEKLY PRICE CHANGES 


i^iii . i 

I'ti'-I-C Cli'ur. 
f«— c.-Kwr, "fi 
mill— . nrvh 

-lull'll 1 ! 


t'wr 

■C*' 


Hijtli 


Latest . 


I 1078 

I'ricvr. Ch'ge j 

^ear 


per (none' «a i 

sgll 


nnleu week 1 


1 High . Low 

. ««ed ; 


! ! _ ■ 


Ke;aW I . . „ 

Al'iiiilnmn {rid — £IH?0 ; C6W 

V w Mill.. I v.i.f... Sl.Ois.-W'-lj.O iSl.U5**5 ■ SI .66 
A hi mu i«f ■•>?.* £l.J£h ' — 1 Ci-LaO i £1.986 


Wfih 

£1.626 


Copper 

l n-.li Win 1 I'nir* 

JSO* -h’-Tb 

ifi25.7cp 

v- ll'tls-. ft.', ti.' 

Jiry.Tff -1 0J> 

mK.ih 

» »■•'» ... . 

lX*J.7a -Ll-b 

£7K 


JSttLb 

C1.C 

$144,876 

'■"!«( |il ■' 

5W!.Mb+»i 

feo.t i null 

Dial — WJ) 

D521.6 


dSU.2b -13.57c 

£527.16 

\ :i'm 1 .. ... 

— 

115.166 

K»V MHflii li--i-l.il'. 

Sl.ThAi i-t'-OCa 

frl.9b 


Vlffi '-l.b 

Ctia-HC.fi 

F'»r llttlcl M r ■>.- 

LI5L.I -+I.S9 

£iJ7.6& 

ijuli V -.ilver i it'll'**., 

Sl^-'iu '-1.0 

SUU-lbO 

^lUiTi+ru 

i*U|. +7'.99 

3Kc.fi5|i 

3 niillllllH lnT 


*»•*!. 

Tin rie-l 

L*fi.42t. -1^1.0 

Iti. Ifll 

.< uimillii... 

kt.STJJ? -lto.U 

Cfl.lbJ.? 

Wiumiiii 

Sl.-'y.js '--l.fi 

Sli- e li» 

i’.iur IWfll 

dies -ll.b 

£-’11 




Vnuiueei* 

ysab.\M. — 

'7'A> 

Grains 

Jktriel I'Ll . . ...... 

. ; 

r;*.& , 

Ht>nw* Fitn.n^ ■■ .. 

£cL«0 . rt/.b 

£73.4 

Mni.-e ^ 

Freud i »-Ui'« 

ivnn* 

JCiCC -1.0 

£67 


i 4.i 16.6 
CJ9S.7? 
£773.0 
£783.6 


AH12 

iwm.ts 
£* re..-> 

OiU.74 
Sl*\l 3 
C.Ttti.26 
Efc0.2fi2 

M.blfi 
UK 
C9»A 
MXio s 122.6 
&*.IS|ij 2SO t , 
2*.V3|i 
CS.KS.I BWSW 
115.7*1.0' 0.717.6 

« 1 72.6 j S 130.5 

tWH.5 

£3*9.6 j ££57.75 

SoUU 0560 


£5*4.75 
£3fy.25 
! £ 2 .*K 
& 2 .U 
1153.1.'* 


Wheat 


£81.75 ' +0-26 £80.25 


Winter... i ; 
Knit, h ilLiugimir eroy) £91 
Spices I 

Clin« -(yH £5.000 

Hewer, white. -J *2.850 

Oils ! 

t. ■K-<niiil<PI ill ipT«)i S680 

i itiwMDul 5% £€58 

Linseed. Crude J, £3*2 

Pajm ilalayxu. ■' £581 


-06 ; £87.75 


Seeds i 

L'ii|>m rtiili ppl nv*).; 
Milwn 


5400 

5262 


l — I 


■ — 6.0 i 

psti 

[- 14.0; 

'.-6.0 j 

1-136 


S2.600 

83,225 

$606 

£642 

£365 


5355 

S232 


£986 j ££3.5 

£91.5 ! £91 

£105 j £95 

£5,0001 £4,600 
S2.850 
$2.*iol SL.9W 


5722 

£753 

£3tfc 

5640 


S55U6 

£587 

£256 

$493 


S4E& I 5372.5 
S3 13 ; $234 


Other 

Commodities 
• ahhuiuiits...' £L?3I 

ri-Cmi imi £1.7806 

fi '(TivFiii ure*5w|A.' £1.1356 

Fniii 'll lihlex ; 7i.li-. 

Uw. Licminf j £036 

JuieUAHW Conte £466 

linlilvr kiln 52.75p 

Pearl £173 

|4MdXn. 2L 5620/40 

J-^uesr tUairl 

1 Tarim* So. 1 iilW 

Tea iituallin kilo.... 13Sp 

■ mre.7&_ jss.5 i sapuio 


+63.5 
+4g.O i 
-tain £ 2 .ta 


£3.111 £2.153 1 £1.511 

£2*51.5 £2.iKL5£ l.ajfi.s 


£87.75 i £70.05 
I 


f Vnqumett. • Wo tatiaL a Madagascar i 


+0.5 

r Prci-. 

72.7a-. * 

1 « 

I £770 

; £750 

,—10.0 

5«25 

1 SJS^I 

-IJi 

: &l|» 

■ t:.7b V 

era. 

SXn 

: Clau 

-5.0 

1 se» 

; sr«j 

Ols 

! £10 $ 

1 £114 

. 

l £130 

! £1W 

1 

! 27ap 

IrOp 


1 llfy 
> 2E2|. kiln 

>kd!ka 


MOTT REPORTS 

BASE METALS 

COPPER— Higher on the London Metal 
Exchange after- short covering In an 
tmn.ee pave marker followlns, the fist 
to New York ovcmU&t. Forward m«al 
traded between £721 and £724 in tow 
volume until the late Kerb when the 
price jumped to a dose of £72S. The 
net (all on the week was £10.5- Turn- 
over: 19,800 tonnes. 

COPPKR 


&ll.\ Kit ' Him i mu ,+• urj Ufi.fc. 1+ or 

per | hxinit J — i clou: | — 

'mi I vneno . i i 

Sl.it 283. Ip '4-3.1' 283. Ip 1+2.4 

imoniJi»..j ic.90.3e +3.35 890.3 p +2.45 

bim.nl bs.. . 2t«8.25p +3.35 — 

L<Ri-nilii.^31S.lSp ,*&tt — 

Three 'months 290.2. 90.1 90.2, 90. 90.2. 
Kerb: Three months 290. 90.1. 


SB 00 May anquoted-unquoied. Week's 
high-low : Dec. 58.04-5195. Turnover: 109 
lots iiwi. 


RUBBER 


SLIGHTLY EASIER openinc on the 
London physical market. • Pair interest 
throughout the day. dosing uncertain. 
Lewis and Peal reported a Malaysian 
godown price or 231 <same> cents a kg 
(barer, August!. 


COCOA 


l 

Nrcl | 

tesi'ntava’ 

Previous 

Bmlnem 

ILS.d 

Clow 

close 

ill '06 


H.lll. 

Uffl-Uli 


" fw 

i t 


ESS 700.S-1 1+7 
> moath:>..| 722-3 ;+7.75l 

701 


P-m. r+°r 

Unom-i*' j — 


705.5-4,5 ,+7.5 
>34.5-5 1 + 6 

+ 7 I - • 



Amalgamated Metal Trading reported 
that in the morning cash wire bars traded 
at £701. three months £722. 2L5. 2. 21. 
21 J. 22. 22.5. Kerb; I v'frebm. three 
months £722.3. Artcrnuon: \V I rebars, 
three months £722 . 22.5. a. 23.5, 24. 25. 
24.5. Kerb: iVircbars. three months £724. 
25. 25.5. 26. 28.3. 27.S. 28. 27.3. 

TIN— Erratic fonouring a steady opening 
(or forward mutal at £6.4B0. Hedge sell- 
ing and. under £6.400. chartist and stop- 
loss wiling poshed the price down to 
£0.340. News of Bolivian problems caused 
3 rally to £6.430 bul the marfcct drifted 
■I mm before trade buying led to a close 
on itK- Kerb ot 86.400. The not Fall on 
the week was £185. Turnover: 2J40 tonnes. 


Weekend book-squaring eroded values 
In rhia trading conditions as sterling 
advanced. 5UI and Du Bus reported. 

-Xe-tenigj'-i + oi . dMMr 
COCOA ) Owe* I — | l*we 

Nu t'ontr't : ' 

Jim 1745.0-50.0 25.0 1770.0-1745 

Sept ,1750.1+51.0 24.0,1 1750 

tiw _.l 75s.0-42.il —18.25 1 (68. u- 1758 

Marcn - 1718.0 la. .-20.76 174&.0-1/1B 

Max 1636.17-1700 1 5.3, 1723.0- 1713 

Jmv...- 1 875.U-9S.0 — 13.5 170a.ll 

•«*i4 -ilbM-O-OO.u —7.5! — 

Sales: 1.495 ( 2.254' lots Of 10 ratines. 

International Cocoa Organisation ilI-S. 
cents per sound < — Daily price July 20: 
I40.7+ il46.42i. Indicator prices July 21: 
15-day average 141.70 il4L3S); 22-day 
average 141.62 ri4L32i. 



An*. \ 

Sept — | 
tte- l*oci 
Jan-Mrj 
Apr-Jnrl 


52.8S-53.20: 

63-60-53.901 

bS.b0-h5.70i 

67JO-S7.60! 

63^69.80 

stjdwijs 

63.30-53^0 

86.16-teJm 

66.7O-06.7fr 


65 . 5043.10 

SEAS 66.26 
57 - 8 S- 67 J 0 
68 . 3 &- 69 . 2 C 
al . 76 - 51.20 
63.10 

06 ^ 0 - 65.00 

67 . 06 - 66 . 6 fl 


Sales: 247 (215)l0t» oi 15 tonnes and 
23 12' Of a tonnes. 

Physical closing prices (borers' were: 
Spot aS.TSp £53.0): August 59-Sp (55^5): 
Sept. 55.230 (same). 

SOYABEAN MEAL 


COFFEE 


ROBUSTAS collapsed under a weight 
of trade hedge selling and Comm ission 
House srop-loss liquidation. Dresel Burn- 
ham Lambert reported. New lows were 
recorded In ail contracts on a hectic 
close when values were up to £100 down 
on the day. 


AU*UA 

l*etot>er ....... 

Ue. -ember — t 

r'ebruary J 

April 


Veater.iayt + or | 
Clove I — 


an >1 new 
Done 


iCumonne 1 I 
1 08 £ 1-08.8 — 3^0 110.00-06.50 
1 13. 10 13 J. — 1.75i 1 14^0 IB J)0 
112.80- 18.0 -4/.86j 1 15.43- 12.7u 
114.20- 14 J — O.GDi — 

114 60 - 17.0 — !. 06 — 

J 17 .DJ JR .6 + 0 . 66 , — 

II7.<+»1j 0 i — 


nx 

B.III. 1 
OiHi'U ! 

-J- ur (•.ro. 

— ! llnelficia 

j r'tor 

0ran- *: j 

1 *■ ( « 

1 t 

i mntiio-. 
■WUIeinT.I 
itandard 1 

~bdl05 

b4S0 

— 95 1 6389-95 

H - 

fi 


■ 6400-5 —SE I 6570-5 

-Wtlicin'l. 6450 1-1101 — 

-trniu H..i ;frl720 

.\>w Yoikl — _ . _ _ 

— Morning: - ^Standard- cash £6.470, 85. 60. 
50. three months £6,440. 30, 35. W. £8.230. 
20. 10. Kerb: Standard, three months 
£8,400. £8.280. 50, 60 . 70 . 50, 40, 60. 50. 
S. «. 65. Afternoon: Standard: Three 
months £8.408. 10. 18,390. 95. 90, 80. 75. 
GO, 75. 70. Kerb: Standard, three months 
E6JT0, 90. 

LEAD— Little changed in routine trading 
Influenced by tbe performance 01 copper. 
Konvard metal maned at I311J313. slipped 
to £109 but sieadled to close on the Kerb 
at £313. The net fall on the weetc was 
£13.375. Turnover: 4.8M uranes. 

' a.m. + -m] i-iii. i-f- ur 
LEAD | DCUcla | — | Urtvllli-lw j — 


COFPEB 

: 

\»Lenl»>'-; 

U'O-e +« 

Hiuine* 

Done 

|£ i«i uvuiei 

Juiy — | 

lepremner.. 
Nnveiutier... 
Jinuarj— ... 

! 12 O 1230 —76-5 
1130 llSti'-lOLb 
1185- 10917—95.5 
I 1032 1034.-103 -0 
980 993 -rfiO.O 

1 1275 ISM 
1221 1180 

1 1 170 i085 

1 1120 U44 
(£163 1020 

JUy j 

970 985 '—95.0 

1 1050 999 





ICQ Indicator prices for July 20 iUX. 
cents per pound): Colombian Mild 
Arabk-as 167.90 isamoi: unwashed 
Arabicas 140.00 <same>: other mild 
Arablcas 12S.00 rtSLOTs ; Robustas 1C A 
1976 124 .23 f 127.251! Robusias ICA 1983 
12450 <127401- Daily average 124.63 

U27.461. 

ARABICAS were all unquoted. 


-Inne.. 

Augn -r _ 

Sales: 143 >10S> lots or" lOO'fctmei 

SUGAR 

LONDON DAILY PRICE fnw sugar) 
£64.50 isatnei a totme af for Julv-Aug. 
shipmenL White sugar dally price was 
fixed at £96.00 isame). 

Scattered shortcovering was met by 
fceeo seUlng and prices lost 108 points 
during the opening cell. Currency coo- 
Rldorationa accelerated the dectino later 
and by the close all posiuona except the 
spot month were at 111 e-cf-con tract lows, 
up to 250 points below first traded levels. 
C. CaanUfcgw reported . 


2»U1!4I j 

Prei. j 

YebterrtBy', 

Previous 


Comm. 

Close 

Close 

Done 

Conn. I 




GRAINS 


WHEA7 


t I £ 

SUO.5-1 -.2 

■tli - .4309.9-- £0 +. 12 


— .2&i 601.6-3.6 '—1.5 
oll-.a -1 


i>h... , _ 

' nu.intli-.4509i5-.10 +-'®| 

eu'nu'iii awl .—.0 — : 

1-frd | 

ilonung: Cash EfflCihree raonihs £112. 

11. 10.5. 10. £208. 9.5. Kerb: Three months 
£ 3(9. 10. LJOB.i. .Uiemaoa: Three nronfhs 
Bio. 11. lij. 11. Kerb? Three months 
£311.5. 12. 

ZINC— Moved narrowly with lorward 
metal s la rung at £317 tailing to day's low 
ot £112.5 and then Clantons to close on 
the Kerb ai £315.3. Nci tall on ihe week 
was £10.5. Turnover: 2.200 mnnes. 


ZINC 


e.iu. 

Oflleiai 


f- or| ii.ni. 

— UnofU'-ui' — 


p 

«-x»h 302-. 5 -1.26150275-3.51—2 

JmontlL-.. 312.5-3 ;-l 313.5-4 1—2 

S’nuuit .... 302.5 — 1 J _ I 
l*nu.U>i| — [ I 20J1 |.7” 

Homing: Cash £302. 2.S, three ^nonlhs 
Ella. 14. ij. Kerb: Three months £312.9. 
Afternoon: Cash £303. three months £314. 
B-.KLj- Kerb: Three months OI3.5, 14, 

* Lents per pnuiui . rnn pnnadi 
■nieiai dose » CM oer olcuL 

SILVER 

Silrcr was fixed S.ip an ounce higher 
lor spoi delivery In ibo London bulUon 
oidricci yestc-rday al 2S3.lp. U^. cent 

couivalcnis of the fixing levels were: spot 
341 3c. up i.oc: ihreo-month 55l.6c. np 
l-.0r: six-month S6d.0c. an 11.7c: and 
12-month 3»7.7c. Up 1.15c. The metal 
opened at 2R2.8-283.8p ( 338-540) c> and 
dwd at 2S2£-2S3J <538f-541c). 

LME— Turnover 112 H72j lots oi 10,008 
ounces. Morning: Cash 283.1; three 
months 2MJ. SO.?, 90 . 3 . su.-l. Kerb: 
Three months 290. 2MJ. Afternoon: 


| BARLEY 

r eXerrixyV 4- "i jvvtcflay -| + ur 

i-u-e j — ■ i-»c j — 

’ei'i. j «5.05 +U.9B- 79.65 ; + .-*« 

-Nov. o7.ba 1+1.0' 02.4 +0.30 

Jxji. 90. v0 1+U.S6 1 55.30 '-rO.Sb 

Uxr. I 93.10 ;+1.0a: 01.83 |T «.:D 

3 ± ,, .‘ I . J+1.1B_ 9 .55 ;+u.45 

Business" done— Wheat: Sept" 85.23-84.63'. 
Nov. ST.Sfri58.fi5. Jan. M 05-85.93. March 
93.tO-92.6u. May 05.90-95.30. Sales: 288 
lots. Barley; SepL S0.00-79.40. Nov. S2ja- 
82.35. Jan. 85.Sfr83.00. March 88.0ifr7.$5. 
May 90.85-90.40. Sales: 278 lou. 

IMPORTED— Wheat: CWRS No. 1. 13$ 
Der real. July and Aug. 91.73. Tilbury. 
U.S. Dark Northern Spring No. 2. 14 per 
cent. Alls. 73.50. SepL OcL 82.00, 

transhlpmcm East Coast sellers. U.S. 
Hard Winter Ordinary, Australian. Amen* 
Hue. Soviet and EEC grades unquoted. 

Mala: U^/ French July iaz.00. Aug. 
97.50, Sept. 100 M, transhipment East 
Coast sellers. S. Ain can White auz. 
es.in, Liverpool/ Clasfiow. S. African 
Yellow Atm. esoo Llrerpool/Glasgaw. 
Bariey. SarBtwm. Oats: Unquoted. 
HCCA— Ex-farm spot prices. July 20. 
Focd wheat: Kent £97.40. Food barley: 
Lancashire S3. TO. 

UK monetjiy coefficient for week from 
July 24 will decrease lo L3S7. 


£ pet looati 

Aug. 184.00 -84.21I o6.40-c6.60' 85.7 p- 84.00 
U-X .... «5.1frt5. t 0 -6.8fr-c7J10j b7.c0tS.20 

JJw-.- B8.sfroa.ud 8Sifr*B.B6 

{Jir-h. 2.9i- 5.0a i8.T5-i5.50l -6.60- 6.00 

30.10- 6.25 o7.bfl-a7.eol V8.0+06.DO 

Aug 88 38. 76 IM.73-tUI.il — 

» 1 .... Jc2.00a2.20 lU4^fr4j4.7b!ltS.6frfl 2.7 

Sales: 1.875 f3.040"lots'of"S0 tonnes. 

Tate and Lyle vx-refincry price for 
granulated basis white sugar was £264^5 
1 same 1 a tonne for home trade and 
£144.50 'sanP.M far export. 

International Sugar Agreement fU.S. 
cents per pound fob and stowed Caribbean 
Porti. Pnces for July 20: Daily bjo 
15-day average 8.33 tfl.SSi. 

HONG KONG FUTURES— Prices were 
about tnaJnlaiiHl over (he week In routine 
trading. Friday's close (cent* per pound ■: 
SeftL 6.28-6.30, 0«. 6-4fr6.ll. Jan. 6.75- 
6J0. March 7.56-7.07. May 7.17-7.19. Jnly 
7.35-7.40. Week's high-low; Oct. 6.S1-&20. 
March 7^1-8i7, July 7.1L Turnover: 11 
lots f«>. 

WOOL FUTURES 

LONDON — The market was dun and 
featureless, Bache reported. 

(Pence per kilo> 


25.8. umroded. May IS6.0. S7.0. untraded. 
July 137.6. ».j. uni railed, Oct. 190.0. 92.6. 
untraded. Dec. 190.0. 91.6. untraded. Total 
sales: 1 Iol 

MEAT/ V jEGETA BLES 

NEAT COMMISSION— Average fautock 
prices at represom au*e nurts+rs ou July 
21: GB— Cattle 70S7p per kx.Lw. » -6.-C»: 
UK — Sheep 138Jp pir Kg.est.d.c.w. 
C— 4.61: GB— Piss 62-6p Ter kg.Lvr. (no 
change.!, England and , Wales — Carrie 
numbers down 3-4 nor cent, average price 
7DJKp <-0.47l; Sheep up A2 per cent, 
average 138.4p <-4i»; Puts down 11.2 per 
cent, average 62.6 p (no change l. Scot- 
land— Cattle lunahers w ML4 per cent. 
average TL86p i-fl.2Si: Sheep up 73 per 
cent, average lStLSp 1-651. 

COVENT GARDEN (Pnres In sterling 
per package except where sated: 
Imported produce: Oranges: S. African— 
Navels 4.00-5.10; • Brazilian: 4.20-5.30; 
Californian: S. 80-6. 50. Lemoas— Italian: 
100.12ns new cron 4.50-4.80; Spania: Trays 

2.00- 2-20. large boxes 3.60-4.49: 'S. African: 

430-5.40. Grapefruit— S. African: 27/12 
3.40-4.50; Jaffa: 40e 4.40. Mandarins— 
BraxlUan: 120-4.50. Apples— French: 

Golden Delicious Sfrlh S4s 4.09-4,30. 72s 
4.50: w. AusrraUan: Granny Smith 8.20- 
SA0; Tasmanian: Stunner Pippins O.Dfr 

9.40. Croftons 16.40. Democrats 10.20: 
S. African.- Granny Sjuub S.W. Golden 
Delicious 9.80-9.80. York Imperial 9.H0- 
10.50; Chilean: Granny Smith 7.60-7.30; 
New Zealand: Stunner Pippins 163 9.00- 
175 6.00. Red Dougherty lOAb-ioAO. Granny 
Smith d .50-8.60: Italian: Rome Beauty per 
pound 0J3}. Golden Delicious 

Pears — Victorian: 40-lb Josephines lO.sn, 
Winter Nelis 9Jfr950 per pound: French 
Dr. Guyot 28-lb box 0.20; Spanlsb: 
LtmoBcra 0.20-D.2J. Peaches— Italian: li 
trays 1.60-3.00; French; UB-2.00. Cranes— 
Per pound O-pntj; Ordinal 0-25-0.50. 
Sultana 0.2fr0.3i>; Spanish: Cardinal 0.25 
Plums— Spanlsb: 5 kilos Sam a Rosa LS0- 
3.00. Burbanks LS0-2.20; Italian: 
Klorentias 20-lb 2^0. Golden per pound 
0. la-0.13. Apricots— Spanish: S kilos 3.60; 
Hungarian: 3.00. Sanaoas— Jamaican: 
Per pound 0.13. Avocados — Kenya: Fuerte 
14.-24S 2.804L20: s. African: Fuenc Jfrfr 
2.20. Capsicums — 0010)1/ French: Per 5 
kilos 2.00: Italian: 2.00. Cherries— 
Washington: Per pound 0.96. Onions— 
Israeli: 3.20-3J9; SpxatsU: 2JM.36: 
Maltese: 3.00-3.20. Potatoes— Cyprus: A90: 
Jersey: 2.00. Tomatoes— Dutch: LS9; 
Gocmsey; IJSit; Jersey: 1.60. Beetroot — 
Cyprus: 28-lb 1.60. 

English produce: Potatoes— Per 56-lb 

1.00- 1.40. Lettuce — Per 12 LOO. Cos 0.50. 
Webbs 0-9u. Rhubarb— Per pound, out 
door 0.03. Cncnmbery— Per tray 12-C4S 

1.00- 1. 2D. Mushrooms— Per pound 0.50- 
0.60. Apples— Per pound Bramley‘8 0.10- 
0.20. Grenadier 0.20. Tem atuas — Per 12-lb 
English 1.00. Cabbages— Per crate 3.00- 

2.40. Celery— Per 12/lSs L60-2.20. Straw- 
berries— Per 5 -lb O.lfrO.lS. Cauliflowers— 
Per 12 Lincoln L70-2.20. Broad Beans— 
Per pound 0.11. Peas— Per pound 0.12- 
0.124. Cherries— Per pound Black 0.46- 
0.30. White 0.20-0.30. Gooseberries— Per 
pound 0.23, Levellers 0.25-0.35. Beetroot— 
Per 2S-!b 1.30-1.40. Camus— Per JS-lb 
1^0-1.60. Capsicums— Per pound 0.1S. 
Ceunrattco— Per pound 0.15. Btadc/Rod 
Corruts— Per pound 0.3U. Onions— Per 
bag 2.40. 

GRIMSBY FISH— Supply good, demand 
fair. Prices at ship's side (unprocessed) 
per stone: Shelf cod *3.4fr£450. codlings 
£L20-£3JK>; large haddock l4.0frE4.40. 
medium CLQO-C rsv. small £i.se-O. 00 : large 
plaice I5.0frES.00. medium £3.50^4.50. best 
small £D^O- EL SO: large aktanwl dogfish 
£9.00. medium £5,50; largo lemon soles 
£5.00. medium £3.00: sal tho n.6frEL20. 


UN DICES 


COTTON 


LIVERPOOL COTTON— Spot and Sh!t>- 
meni sales ajnounfrd to Jo tonnes, bringing 
Lhe total for thu week lo 594 tonnes against 
418 tairaes. F. W. Tattersalls reported. 
Transactions were by no means large and 
contracts secured were generally light. 
Mas! oE tile interest shown was in North 
and South American supplies. 

HONG KONG COTTON FUTURES— 
Prices fell a further M petals over the 
week in light trading. The July delivery 
expired yesterday with net open position 
Of 7 lots Friday s dose (cents per 
pooodi; July S3.ijfr53.30. Oct, BMBOUd- 
unquoted, Dec. 37.0S-57.ll, March 53.20- 


AliSUHllna 

Xnterri'yu 


BUBiuem 

GrensyWod 

Cfeee 


Dcjip 


230.0-56.0 



tAtatwr - 

2d8.0-42J 


39.5 l 

Uecemoer... 

246.048.0 

+0.?5| 

MlUT.ll 

JUf 

246.^-45.0 


— 

2S0.U-H.Q 

+0,60 


l.Motasr 

Dec. 

24o.li-b3.0 
I4o.fr 53.0 





— ^ 


Sales: 10 (nih lots oT i.jen sg. 
SYDNEY CREASY — <In order 9uy* r . 
seller, business, sales.) Micron Contract: 
July expired. SU -230.0. » Ocl m.3 

313.0. HiMU 3: Doc. 3S 13-352.0. 332.0- 
3J1JS. 9: March 337.0. 357.5. 337.5-257 o 
IS: May 300 -3. 361.0. 381.0-381.0. 9: July 

353.0. 365’. 383.5-365.2. 12: Del. 368.9. 
3H9.4, 369.0-389.0. 1: Dec. 370.8. 371 3. 370.3- 
3WJS. 2. Total sales: 79. 

HEW ZEALAND CROSSBREDS— The 
market was unchanged to slightly vaster 
*? u, i n trading. Bache reported. Close 
(in order buyer, seller, busmens, sales i- 
Dec. 182.0, &3.0, S3.0. one: March 1&4.0. 


FINANCIAL TIMES 

•luh 2L| July 20 Month 

i«u Agfl 

234.8 Q | 235.83 846.35 

846.81 

(Bose: laly l. >W»s 

REUTER'S 

TTllly 21| July Sl tiimlh ssy 

IM 


(Hue' kMU+mnni u >ku=imi 

DOW JONES 


Dow 

Jonre 

JilIV 1 Jlllr I Mniltl^ 
21 ! 20 ; neo • 

I’m 

Fiilunr 

33^.10354 77i36S.BaidP9.06 
536.03 3iaSU.59ia_4_7.80 

Avers w- im+&ii2i*} 


IWOQOY-S 




Jll'V 

"Jn » 

Uoulb 

*tsa, 

Bloody's 

21 

20 

1 101 



"Pie Cmwmty|ai7.a!914.7fazi.4.’ggl.fi 
(Dcewt l tim SI. 1831=1801 



U.S. MARKETS 

k 

Metals rally 
sharply on 
Opel reports 

NEW YORK July 21 

PRECIOUS metals rallied sharply on 
Commission Bouse buying on repons that 
the Opel panel agreed w peg -oil prices 
to a ba&vt ol currencies. Copper rallu-d 
on sreculaUvc buying on repons nf a 
Zaira force mnjoure. After ihe dose the 
IL.\ announced that it vouRT pursue 
approval io boycott Soviet flag vessi-is 
from August 7. Bach>< re port s! 

Cacao— Sept. l-Ai.ou ti47-.45i, bee. 142. hi 
H41.B5). March 139.46. May 130.W. Jaly 

135.00. Sept. 133.23, Dec. 131.55, Sales: 
658 loin. 

Coffee—' " C '' Contract: July 125.50 
(130.15 1, Sept 117.02 f 12L021, Dec. 1M 14. 
March 10.S.7J. May 183.38. July 102.37 
asked. Sept. 10L6S asked. Dec. 10l.no 
a-sfced. Sales: 555 lots. 

Copper— July 62J0 (61.351, Aujf. 83,10 
(61^5). Sept. K3.78, Per. £3.30. Jen. Cd.lO. 
March 67.20, May ro^5, July oa.r.o, Sew. 
70 JO,. Doc. 71.80. Jan. 72.30. March 72.30. 
Sales: 9,000 tats. 

Codon— No. 2: Oct. 60.15^0^ 1 60.011, 
Dec. 62.12-61.95 ifiiflO'. March 6.1. 7frtC.ro, 
May 6L60-&L78, July 0545-65.75. Oct. 
W. 53-63. DO, Dec. 65.80. Sales: 4.308 bales. 

■Gold— July 105.00 (191.801. Aug. 1MJ0 
( 192.26 >, S«»L 197.90, Oct. 299.40. D,*c. 
202^0. Feb. Cttf.00, April 20S.98, June 
212-0. AUK. 215150, Ort. 2is:9fl. Dec. 
222J0. Feb. 233.70. April 229 10. Safes: 
8,300 lots. 

tLarti— Chicago loose unavailable. NY 
prime steam 24.00 traded (23.25 traded i. 

tMahe— SopL 233-2321. 12321 1. D»-n. 

2394-2381 (23311. March 2W-247. Mav 2511- 
2521. July 2531. Sew. 2541. 

Snatlmtm— OcL 257.00-257.90 (251.2m. 

Jan. 2filSfr282.no I3.1S.20>, April ifiiHw- 
2Sfi-50. July 289 00-2B0.20. OU. 270.00- 
2W.S0. Jan. 277.00-277.20. Sales: 1.315 Inis. 

S Silver— Jnly MTJW l5.Tl.80>, Amr. 5A3.30 
1 539^0 1 . ScPL 552.50, Dec. .'M.fiO, Jen. 
are. Id. March 57K.08. May Jui* 

»L40, frept. 80340, Dec. filfi.M. Jan. 
*21. a0, Morefi 630.90. May 040.40. Sal«: 
19.UOO lots. Handy and llarman spot bul- 
lion: 537.70 I530.IHI1. 

Soyabeans — Aug. frtfrfiir (K38! >. SL-pt. 
62Jl-*f24i UH43 1. Nov. GINHO!. Jan. RlfS. 
SIT. March 62+ 625. May ers-uai, July 820. 
Aw. 629. 

HSaabeaa Meal— Aug. lbT.dfrlGfi 50 
7166.401, Sept. 166 20-lfifi.fHi UALlMli, IM. 
l85.5frlM.J0. Dec. IGLlfrlS-J.TC. Jan. iHi.dO, 
March 16K.D0. May 163 00. July ISO IN- 
169.50. 

Soyabean OH— Auk. Jt_iU-2i..in (24.0-.M, 
SCPI. 33.70*23.73 i Z3.1D ■ . Out 22 
Dct UJfrOJM, Jao. U1.V-. March 2IW 
2I.S6. May 2l.SfrMjt3, July 21.Sfr21.75, 
Aug. 21.80-21,70. 

S-sw-No. 11 Sept, fi.13 (6.371. Oct. 

-Ian 0.3>u.7c. March 
May "fin. July 7.17-7.1S, Sep{. 
1.36. Oct. t.46. Safcar 4,660 Iota. 

Tin— 54fr5fii man.- (unavailable: 

""Wheat— &pi. B9-31UJ <31Wi. Dec* 
SWOBS*’ Man* 3265-326, May 325, 

JULf JHa 

Jw * 5P ttRye-JuIr 94.00 
K no (90-001. Nov. 
bid. Dec. 8t>.16. Mar 97 JO aaked. 
Ttoats-Julr 69.70 • (69,98 bldl. Ocf. 
70M hid (69.501, Dec. 7OA0 bid, March 
70-.-0 asked. Hay 70.20. 

ttBtrricy— Juir 72.10 bid (71.60 hUt. Oit. . 
71 3+7i ju 1 71.50 bldi, Dec, nLM hid, 
March 72.40 bid. May 7270 bid. 

SRaxsaed-July 236.00 bid i227.50 bWS 
Oct. 231.60 [228.001, Nov. 333.IK) Old. Ifec. 

230.00. May 236.00. ■? ■ • * 

CtWheat— SCWRS X3.5 PPP n;nt pntii-iD 

coniotii ciT SI. Laurrence 164.31 tl6|.'J2i, 

. ? il c*-*" 1 * pw iwod ii imvaoum . 
imtea nthenoH* «iat«l. ■ Ra fwr uoy 
uudo^— too ounce tug. TCtacaso 
JW* !**-Oew. or A8t 
vioufi- day. Prime mean tob. NY bulk 
lank care. 1 Ceniu pur 96 lb- bushel e*- 
warohnusn. S.Ofln bushel -tat fl . om per 
troy ounce Tor SO or units of W.B per 
frill ouriiy delivered NY. 9 cents per ' 
troy ounce exirarebouiw. fj New “ ^ ” 
2 nl J2P ln 58 a short tun for bulk luts - 
of ion stton tons doltvcrtxs f.o b cars 
Tntedo. st. itaui* -and Alton. 

“ tkt « ID bushel in nan. 

H ?r n '" Off 24 lb bieheL n Cents per 
2“ S bjwbfl es-Wurchouse. it cedis 
je lb buffed ex-tvarcfaniue, 1,000 ' 
lou. fi SC per tonne. 





'*o #•' 






cVf-i >*<?■ 


Times "Sahn’Say UuTy ~22 'I97B 


° toll 


t F§?’ \] 

K^iwrl? 


.'T <•> •: * 

. 4 w?-wwr 


c v; : -w 


. ! • • • ■ V - 


YOUR SAVINGS AND INVESTMENTS 


Coping with a loss 
of credit 


have YOU ever applied for 
credit in a department store or 
furniture retailers, an electrical 
shop or garage— and had them, 
inexplicably, turn you down? 
Here you arc, a blameless 
citizen, with not so much as a 
£3 debt to the milkman to your 
name; you enjoy a sizeable in- 
come and possess a balance at 
the bank: and XYZ Stores 
decrees that you are not to be 
trusted with goods worth the 
odd few hundred pounds, 30 per 
cent down and 24 months to pay. 
"What . on earth are you to do 
about it? 

Well. before you start 
threatening the store with an 
action for defamation of 
character, or its credit vetting 
agency with a visit from the 
heavies, it just might be worth 
your while to check that you are 
entered on the electoral roll. The 
what? The electoral roll. A 


CREDIT 

ADRIENNE GLEES ON 


check against the electoral roll 
for your area is the easiest way 
of establishing whether nr not 
you do indeed live at the address 
you have given. If. like me, your 
last entry on the electoral roll is 
five years and three addresses 
out of date (most do something 
about it), you are all too likely 
to he turned down flat. 

This useful nugget of informa- 
tion emerged last week from a 
visit to Credit Data's London 
and Southeastern regional office 
in Woodside Park. Credit Data 
is Britain's biggest (and only 
publicly quoted) credit vetting 
agency, the proud processor of 
10 million files on the misdeeds 


of the customer. Some 
million of those files (duplicated 
elsewhere) are kept by a team 
of jolly ladies in Wuodside Park. 

Every few weeks these joliy 
ladies receive from the Lord 
Chancellor's department a batch 
of cards recording judgments 
in the courts for debt. These are 
filed: and it is the information 
they contain that Credit Data 
supplies to its subscribers. 

By implication, then, you 
have to be guilty of quite 
grievous error before you rate 
an entry in the files. However 
pressing his reminders, however 
appropriate your guilt, that un- 
paid bill from your wine 
merchant will not upset your 
standing with the nation's 
retailers at large — not unless he 
has taken you to court, obtained 
judgment against you. 

What happens, however, if 
your Dame is duly entered on 
the electoral roll, your past is 
free of errors, whether grievous 
or otherwise, and still the re- 
tailers refuse you credit? It is 
unlikely, but it is not impos- 
sible. that an error has been 
made. In any case you are fully 
entitled to take a look at your 
file. 

Under section 157 of the Con- 
sumer Credit Act 1974 you first 
of all write to the retailer (with- 
in 28 days of an attempt to ob- 
tain credit). askiDg him for the 
name and address of his credit 
vetter. Then, under section 158, 
you write to the. agency asking 
for a copy of your file (giving 
them enough details to identify 
it and enclosing a 25p fee). 
They are obliged to provide it, 
or a transcript of its contents, 
in ‘“plain English.” And if you 
find that errors have been made 
— wrong address, wrong initials, 
wrong person altogether — you 
are entitled to insist that cor- 
rections should be made. 



An offshore route to commodities 




Digging for gold 



Cutting sugar can* 




ON THE face of it commodity 
investment looks -like a perfect 
ease for application of the 
principles which form the basis 
for managed funds. Investing 
directly in commodities re- 
quires a very large amount of 
money.- for they do not come 
in small packages in the 
financial markets. It also 
requires nerves of steel, for 
prices go up and down at a rate 
which would leave the Stock 
Market standing on even the 
best or worst of days. And 
finally -it requires a great deal 
of liquidity, for the commodity 
exchanges do not wait until a 
contract is closed out to see the 
colour of your money: they 
want you to put up margins as 
the prices move. And yet com- 
modities can — when world 
markets are right and cur- 
rencies are wrong — be one of 
the best investments going. 


On the face of it a managed 
fund, sufficiently large to 
spread the risks across a 
number of holdings, and 
sufficiently professional to 
deploy both its primary invest- 
ments and its liquidity to best 
advantage, sounds like the per- 
fect solution to all three prob- 
lems. There is. however, no way 
that a commodity unit trust 
could be established on the 
British mainland: Department 
of Trade regulations would not 
permit it 

In the wake of last week’s 
thoughts on the accessibility to 
British residents of offshore 
funds invested in gilts, it 
occurred to me to wonder if 
there was any reason why those 
who wanted to put their money 
into commodities themselves (as 
opposed ro into commodity 
shares, which is the nearest you 
can get to it with a managed 





fund on the mainland), should 
not follow the very same route? 

And the answers? In foreign 
exchange terms, no, there is not 
— not unless you choose one of 
the trusts denominated in a 
foreign currency, in which case 
you will have to invest through 
the dollar premium, as with any 
other overseas security. 

In tax terms it depends on 
who you talk to. The Revenue’s 
answer is also no provided 
income and capital gains are 
declared, and there is no 
attempt at evading tax. The 
income will be taxed at your 
marginal rate, of course, and 
the capital gains will not 
qualify for the tax credit avail- 
able to investors in an 
authorised unit trust on the 
mainland: you have to hope that 
your gains will be large enough 
to offset that somewhat mar- 
ginal disadvantage. 

Elsewhere, however, people 
harbour dark suspicions about 
the Revenue. In particular they 
fear the imposition of the 


dreaded section 47S. 

Section 47S of the Income and 
Corporation Taxes Act 1970 is 
something of -a catch-all 
designed io prevent individuals 
from holding an asset abroad in 
such a way that the inrome or 

capital growth which it produces 
is not received as taxable 
income in this country. So 
widely is it drawn that the 
question arises: even if the 
Revenue has no present inten- 
tion nf chasing innocent 
investors in a genuine fund by 
means of its provisions, miylil 
not the Revenue change its 
mind? 

There is, moreover, an in- 
cipient danger on ih* capital 
gains tax front, arising from 
what is known as the Norman 
Wisdom case. Norman Wisdom 
put his muney into silver at a 
particularly well chosen 
moment, made a killing — hut 
Mien tVnj courts held that n was 
income rather than capital gain, 
and should be taxed accordingly. 
The Revenue's enthusiasm fur 



Storing coffee 

this line uf ar^uiucUL is, h.*t 

ever, thought to he tempered 1 
the reflection that, if such a cui 
may he treated as taxab 
income, a loss, in the comers 
could be set nil' against mend 

1 ■ i. 

In the oicm there is one of 
shore eiiiniiiodily fund. Save an 
Prosper ( Jersey i Cumniudit. 
set up with the objects f 
British resident* .*pi‘ci rurally i 
view t albeit with a caveat t'f 
(he possible chance in the i: 
icrpretatmn of section 478 
Rothschilds, loo. ha* a .terse, 
based commodity fund — O! 
Court Commodity. 


New money for Old Peculier 




A newcomer to unit trusts 


Conversion 


AT A TIME when scarcely a 
week goes by, it seems, without 
the news that another unit trust 
group is going out of business, 
it is a curious fact that one set 
of very experienced unit trust 
managers is now setting up in 
“business on its own. Setting up. 
too, with the apparent blessings 
of the Department of Trade, 
which cleared its application to 
establish three new unit trusts 
in, so chairman Ken Renton re- 
marks, “forty minutes flat." 

Craigmount Trust Managers 
is the name of this infant pro- 
digy. the offspring of the fund 
management company estab- 
lished by the trio which defected 
from Tyndall last year when its 
investment division was rjnved 
from London to Bristol. Ken 


Renton himself, after six years 
with Tyndall, was keen on set- 
ting up in business on his own 
account; and * fellow-directors 
Richard Latham and Robert 
Armstrode. set on remaining in 
the south east, seized the chance 
to reconstitute a part of the 
Tyndall team. . 

In the firet place — not neces- 
sarily because it will be the 
most important part of the new 
group, but because-it -is the best 
established — they aim tn jn^rage 
funds for private clients \with 
£50.000 and more to invest. 
They reckon to charge one \>er 
cent per annum and are. accord- 
ing to Ken Renton, “working 
all hours of the day and night 
at the moment.” 

In the second place they are 


OIL TOBACCO RUBBER TEA COFFEE 
SUGAR COCOA COPPER GOLD 


going after private institutional ’tPIffWi C 
funds, with some hope of poach- Hi * 3 

ing on some of the most 

hallowed preserves in the City. CONVERSION TERMS for the 
And in the third, they are set- Jun . e - 19 ,3 . lssue of British 
ting up in unit trust manage- Savings Bonds were announced 
meat on their own account. I*** week, bnt since they don’t 
To some extent ihis last de- coine *nto effect until the 
velopment is fortuitous. Past middle of November you don’t 
connections brought a request need to do more t i ,an 51016 
from a stockbroker that the the information away for future 
team should manage an in-house reference at the moment. The 
fund for them: .and having set 7 P er _ Bntish , • Savings’ 
up the trust management com- B° nds CFifth Conversion Issue) 
pany, Craigmount decided that ma ^} Jr6 °" November 15, 
they might as well introduce a 1 ? , 1 8 - bonds are re W 

couple of trusts of their own. abl ®. at . H03 per cent upon 
They are reckoning to start off application, bhould you prefer, 
in September with a high income J* owever - you can collect your 
fund and an American fund. tranche Interest, and 
with £Am at least committed to y° wr ** P er cen * bonus, and 
each at the start. P ut 1116 money back into 8* per 

: , cent British Savings Bonds 

(Fourth Conversion Issue); 
which will be repayable at £104 
per cent on maturity. 
Obviously there isn't much 
point in your making up your 
mind yet what you intend to 
do: that will depend on the 
level of interest rates when we 
get to mid-November. 


BY THEIR nature investment 
trusts are an excellent vehicle 
for investment in small 
businesses which will take a 
certain time to reach maturity. 
Unlike unit trusts, investment 
trusts do not get the owners of 
their capital beating at the door 
to demand the return of their 
money: and they can in con- 
sequence afford to take the 
longer view. To do them 
justice, plenty’ of them have 
realised it — notably the Scottish 
trusts, which gambled and won 
some years ago on the longer 
term potential of North Sea oil. 
Last weekend we had news of 
another such venture, in a 
rather different direction. 

London. Trust has put 
£400,000 into Theakston's 


Brewery. Relative to the assets 
of the trusl — a thumping £75m — 
the stake is tiny: but it does 
represent something nf a 
departure in that London will 
end up with 48 per cent of the 
company* equity. 

The management of this trust 
has made a practice of putting 
its money into a combination 
of venture situations and the 
solidesl uf solid blue chips: this 
time, however, it is to put some 
expertise into Theakstons loo. 
The expertise, of the financial 
variety, is that of London's 
Richard Templeton, who is — 
once the formalities are com- 
pleted — to go onto the hoard at 
the company's imitation. 

At Theakston's they appear to 
view the deal with a mixture of 


resinnatinn and enthusiasm. Tf 
Ma*hani-h.i*cil brewer of tl 
famous Old Peculier has ju 
emerged iruui a per.ud * 
heavy lov*e*. incurred as tht 
struggled i» due* i the vast • 
crease in capacity which can 
wilh the ai'(|ii:*ttion of t! 
Carlisle brewery tram tl 
Government in li‘74. 

Why. then, wa* the family- 
wlueh owns the va*t majority • 
the share* — prepared to >ee i 
stake diluted through the • 
eursion ul ail institutional shar 
hulder? Well, the company vr. 
e ro lesque !y u n de r-ca pi tal : sc 
with £3m of business a year * 
its name, and a mere £24 .Of 
worth of eapital m the book 
And the management want* 
money fur expansion. 



An opportunity 



With the growing demand for raw materials, 
from developing and advanced countries alike, 
commodity shares offer considerable scope for long- 

. terD And a reasonable level of income meanwhile. 

! That’s why commodity shares have always 

"been popular with professional investors. 

But for the private investor the volatile nature 
of these markets is a formidable obstacle. 

^**Midland Drayton Commodify and General 
Unit Trust provides a way for the ordinary investor 
to buy into commodity shares with the benefit of the 
professional skills of Drayton Montagu Portfolio 
Management. 

The fund is invested in over 60 companies 
■which produce, process or trade in essential 

commode 0 f£ ei . price of 76.9p on 20th July 1978, 
the estimated gross yield was £5JZ6°/ 0 p.a. 

Gr °SinceSietyuS was launched in September 1968 

the offer price of units has risen by207% (.as at 

20th July 1978). compared with a rise of only - 1 , o 
in the P.T. Actuaries All-Share Index over the same - 

Pei1 We believe that prospects for long-term growth 
are still good, biit the risks are higher than with 
some other investments and these units must be 
regarded as a long-term investment. 

The price of units and the income from them. 

can go down as well as up. . 

To buy units, simply fill in the coupon ana 
return it to us, or hand it in at any branch ol . 

Midland Bank, Clydesdale Bank or Northern Bank. 


Application Form 

To: Midland Bank Group Unit Trust 
Managers Limited, Courtwood House, 
Silver Street Head, Sheffield, Si 3RD. 
TeL 0742-79842 . _ 

Jttg. O Bier 27132 Poultry. LondonJSCSPSBX . 
Jteg.No. 933837, England. 


S Ve enclose a 
eque payable 


SsaB-n* I 

for investment in Distribution Units □ 
Accumulation Units □ (tick which 1 
of Midland Drayton Commodity and General 
Unit Trust at the price ruling on the day you 
receive this order. 

(For your guidance, the offer prices on 
Thursday, 20th July. 1978 were: 

Distribution Units 76.9p, Accumulation 
Units 88.8p.) 

Surname (Mr.. Mrs.. Miss) * 


Forenames in full 


Dlitrikutlon Unit* 
if yon el boore umk. too 

income not of twice 

yearly, mi i£ch June JUKI 15th 
Doocmbor. 

reinvested. 

Ta* Vo«heM «C fa8a,,d toaa 
nninmidww- 


r rieu and YMd are pnbUsbed 
daily In landlar newspapers- 

SHIRiBSKEKfSB- 

laMaa wwga sfr 

Trust Vend la de du c ted from tne 


Address 


I/W* declare that Owe am/are not (widest outside U» 
scheduled Territories and that 1/weam/ere Dot 
acoulrlac me unit* ae the nomluertrt of any persemfa) 
resident oq raids these Territories- 17/ v«u art suable 
to make Wt declaration U should bt daeird and the 
tea avpUcctw. lodaed through a B0.sk, SlttUntkcrcf 
EoUSortTthc onttedSOigam n}. 

Signature 

fin the one of mat appUaats. all vast sign) 

Please send me details of your Share 
Exchange Scheme □Savings Plan Q 
(tick if this applies) 





InottwlHiWieHM;, 
Drayton Monclto rOrtfoMo 

Thle oflier 1* not open to roelde**™ 

of the ■— 


k <v 


•it.* 


%. midland Drayton i 

Commodrty 66 enerat! i 


UnitTiust 

. A MIDLAND BANK GROUP UNHIBUSr 


More luck 
for LAIT 

A HAPPY star seems to have 
shone upon the fortunes of the 
shareholders in London and 
Aberdeen Investment Trust 
ever since the directors of the 
company started thinking back 
in May that it might be advis 
able to take it apart with a view 
to eliminating the double 
discount arising from its hold 
ing in Stockholders’ Investment 
Trust Not only did the boldin^ 
of Texas Land and Mortgage 
turn out to be far more valuable 
than the company ever visua 
Used — far more valuable than 
the receiver himself visualised, 
if it comes to that — but the 
intervening budget, with its 
changed provisions for the taxa 
tion of investment trusts, has 
cut snbstantialJy the company's 
tax liability. Question: have 
LAITs former holders taken 
their star with them 
Stockholders, whose shares — 
now languishing on an above 
average discount of 30 per cent 
—could do with it? 

Commission 
on a switch 

LIFE ASSURANCE brokers are 
now being called upon by their 
clients to provide investment 
advice. But good advice is expen 
sive, though many brokers have 
been reluctant to ask their 
clients for a fee to provide con 
tinning investment advice, 
especially if the advice is to do 
nothing. Leading brokers Towry 
Law have in fact called on the 
life companies to pay commis- 
sion on investment bonds, so 
that they can finance this ser- 
vice. 

Last week it was revealed that 
one life company, Lloyd’s Life, 
has heeded this cry for help It 
is now paying commission on 
the policy anniversary for its 
Option 5 bond, at the rate of 
per cent of the bid value of the 
bond'. In return, the initial rate 
of commission is being reduced 
from four to 3i per cent 


In a "world besetfby economic 
problems and slow growth. 
Continental Europe contains 
some of the healthiest 
economies and strongest 
currencies at the present time . 

The economies of the Netherlands, 
Germany and Switzerland have 
coped well with the downturn in 
world economic activity, and are 
expected to be amongst those which 
may lead world trade out of its 
current recession. Other European, 
countries have been less affected 
by the recession than originally 
feared. 

This economic strength is 
reflected in the prospects for a 
number of European companies 
which now appear to be attractive 
investments. Yields from many 
shares are close to the levels 
available from fixed-interest 
investments in local markets, and 
price/eamings ratios are in many 
cases modest. With interest rates 
at generally low levels, we believe 
that many share prices offer scope 
for capital appreciation in the 
medium, term. 

European Growth Fund 

One of the best ways of obtaining a 
well balanced investment in 
European shares is to purchase 
units in Save & Prosper European 
Growth. Fund- 

By investing in this way you 
ensure your money is under the 
full-time supervision of 
professional managers with a wide 
experience of European stock 
markets. You obtain a well-spread 
investment in a single transaction. 

general information | 

Trust aim. The aim is to provide a portfolio I 
invested in the shores oT Con omental European I 
companies. Income is not a considers lion in I 
rhr fund k 

Units see easy to buy. Units may normally be * 
bought sad sold on any workinsdar. However, in I 
exceptional circumstances the Managers reserve I 
the eight to suspend price quoiati ons pending their _ 
revaluation- Current prices and yields are quoted In I 
the J eading newspapers. | 

And toseu. The Managers will nonaaUr buy back i 
Unas -from registered holders, free of eoanniwrinn. I 
at not Jess than the hid price calculated on the day I 
yemr instructions are received, in accordance with I 
a famuln aaprovBd by the Department of Trade. I 
o be sold bni& through an authorised I 
is entitled to, charge commisdon. 



You avoid the difficulties of 
investment currency management. 
And you overcome the problem of 
monitoring information in. 
different languages. 

As can be seen above, the 
current portfolio is broadly based 
■with particular emphasis on the 
Netherlands, Germany, 
Switzerland and France. 

European Growth Fund is the 
largest unit trust of its Irinrl and 
has to date comfortably 
outperformed each of its Main unit 
trust competitors since their 
respective launches. 

When investing in European. 
Growth Fund you should bear in 
mind that changes in exchange 
rates and in the investment 


currency premium can affect the 
value of your investment as much 
as stock market fluctuations* 

An investment- in the Fund 
should he regarded as a long-term 
one. 

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

About Save&Prosper 

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

At 1st Januazy 1978 the 
Group managed £875 million for 
around 700,000 investors. 

Howto invest 

To make a lump-sum purchase, 
please complete and return the 
coupon below, together with your 
cheque. You will be allocated 
units to the full value of your 
remittance at the offer price ruling 
on receipt of your application. The 
minimum initial investments £250. 

On 19th. July 1978 the offer 
price of units w'as 94.4p giving an 
estimated gross starting yield of 
£3.21% p.a. 

If you require further 
information we suggest you 
consult your professional adviser 
or contact our Customer Services 
Department at the address given in 
the coupon. Advisers requiring 
further information should contact 
Save & Prosper Services on 
01-8317601. 


fTTpplication for a lump-sum purchase of 

I EUROPEAN GROWTH FUND UNITS I 

I g**? * Sccurlihg Umh» d. 4 Grwt St. Hclerw, London EC3P3EP. Td.:M-56488M. | 

1 BHira»d la England No. BibImi u^i bWim k aham. | 


Sccuttaas Lirniwa" . This oHer is nm :o uakJena ot ibe ol Inland. 

I Insert amount otiemiiOnal 

EH«om teua to n» feimsKsn Growth Fund softs to ttomliw ol fc . ^hootlM piica 

iM8nBQfliecoi|itaftiifr»ppBWkm.(Mliiia>iaBtoMii]puiChaaotZfiO,£fiOlorsub5cq«Mmiptnchaaa»J AwnuttancaisBndflsad. 

Mt/Mis/Mss « r* j 

F u* re mote) 1 Agent's ?»rop ■ | 


of Scotland who holds the title 

to, the trust's investments an behalf a£ the usit- 

Tha offer price currently includes ait 
..service chaise not exceeding S%. and a 


IdaJmettHaiBfflovcf 18wdainncrt rratriantouttirfathBUi; anHMrSchedulKlTeHlMrtasamlHtttiam not acquiring Dm 
yy 2 0 ™?* of Demon resident outsme Theta TaiHones. (H you etc unable to nuke iMs itedenbd 

dedeatton ushwiU be defend and the Irani lodged through youi UK banfcswcHbrokei oisdicttra.) 


brokets, solicitor*, accountants and qualified m 
insurance broken on applications bearing their ■ 
sWfflD. In addition, a half-yearly chare e. out oT 1 
which Manaccta’ expenses and Trustee's fees are B 
met. le.deducted from the trust's assets. This charco 8 
la currently 18.7SP per £100 on which 6% VAT u | 
payable making a total deduction of SX2op per £100. _ 
Income. Distributions of net income ore mode on | 
3Ut December each veer. These con bo reinvested m 
in further units if you wish. U 

Ma nn»ecs. Save & Prosper Sacnrides Limited (a 
member of the Unit Trust Association). 4 unsat St. ■ 
Helms, London EC3P3EP ■ 


Existing European Growth Fund luihltolrfen please lick iwm. Q For CHflcn Use Only 

01 inCOn " 10 1 * wmwsicd in ^ 430/FT/l j 

U you would Bke deans of the Shaie Exchanoe Plan please tick how ‘ 






'Financial Tmes fetaifca? 5©^ ® Wft. 


TOM PARRY & CO. 

(T. Jones. O.B.E.. PRICS. A Williams. AKfCS. I. Iff. Jones) 
Surveyors — Estate Agents— Auctioneer* 

-■ 80 High Street Porthmadog, North Wales 

VALE OF CLWYD — North Wales 

LLANRHAEADR NALL — DENBIGH: A BNnflftltfe- PrwOTtlMoa. CJttricaJ 
EU&AcrtiU Coorraan Mansion lo & Man Delightful Setting. Superw? appointed 
Sn First Class Order Un-ooshoct. Accommodation Includes-— UaU/Lotuse; 
3 Rocepuon: 2 Private Suites. B Bedrooms each with eit-suiw Bathroom/WC. 
Modern Fined Xitcfcea: Central jfeanw. JUintc Corase Block; « Acres 
Attractive C rounds with 300 rds Avonued Drive; Mains Water and ElectneUy; 
Private Dra loose. FREEHOLD. Idea Ur suited for Gentlcroaira Residence, 
Health Recuperation: Leisure and Allied Industries. 

•ALA, North Woles: Close to Bala Lake: New. Detached Residence of 
exceptional Charon. Southerly aspect on elevated site- Reception Hafl with 
’dosha off: spacious Lomute: Son Lounge: Dining Room: superbly fitted 
■Kitchen: Study: Master Bedroom Salto: 2/3 other Bedrooms, second Bathroom. 
Twin-car Gartute and Car Port on 1} acre she with benefit of Planning Consent 
for up to Four further dweDJnss. Freehold- Ail Mains Services. 

TAN DINAS, BETWS-Y-COED— Snowdonia: 

Half mile off A5 

Attractive, Detached stone built Double Fronted Residence or Character 
standing off by-road leading from Pont-F-Pair in high class residential area. 
Coma mine Reception Halt. Lonnse. Diner. Study: 2-Roomed Housekeeper's 
Suite: Kftchca: with 7 Bedrooms: B a thrown. TA'.C. II Acres Na rural Garden; 
Car Pun; Mams Water & Electricity: Private Drainage. FREEHOLD. 
TRWYH-Y-GARNEDD ESTATE:— s otHct PoTthtnadag: In oonlunctlon \riih 
Cooke St Arkwright. Bangor Tel: SU-L TO BE SOLD BY AUCTION on September 
I5th unless previously sold. 

Lot I: Trwyii-Y-Cafuedd Residence plus S Acres Land— superbly allotted on 
a commanding elevated site overlooking the Dwynfd Estuary— a 
charming o-Budroomcd Residence. 

Lot 2: ADpnuitxuaieiy 40 Acred Crazing Land. 

Lot 3: HAFOD TALOC: Sm all hoMirw— extending to approximately 40 Acre# 
— tastefully modernised dwell fnKhonse. 

Lot <: Approxhzuietr 14 Acres Grazing Land. 


PROPERTY 



THAMES VALLEY 

IVY. Pangboume M4 Junction 5 miles 

AN EXCEPTIONAL RESIDENTIAL ESTATE 

with 

LOVELY QUEEN ANNE FARMHOUSE IN 
IMMACULATE ORDER 

Reception Hall. Cloakroom. Drawing Boom. Dining 
Room, Study, Kitchen, Utility Room, Family or TV 
Room, 6 Bedrooms. 3 Bathrooms, 2 Secondary Bed- 
rooms, Garaging, Gardens. 

Leisure and Entertaining Complex with Converted 
Barn. Swimming Pool, Chaining Rooms, 2 Guest 
Cottages, Stabling and Buildings. Paddocks. Arable 
Pasture Land with 900 yards frontage to the River 
Thames. 

IN ALL ABOUT 140 ACRES 
FOR SALE WITH VACANT POSSESSION 
Berkeley Square Office — Ref. DCM 


23 BERKELEY SQUARE 
LONDON Wl 


01-629 9050 


BERNARD THORPE 

:• - &• P A fi T N.'E F» S 


BtKKbHlKE 

AM Interchange 3 miles, Reading 9 miles, London 44 miles 
A VALUABLE RESIDENTIAL, AGRICULTURAL AND 
SPORTING ESTATE 

THE BRADFIELD HALL ESTATE 

The Exceptional Georgian Residence — Hall, galleried reception hall, 

3 reception rooms, modern kitchen, 6 bedrooms. 2 dressing rooms. 

4 bathrooms. Central heating. Staff flat. Gardens, coach house, 

stabling, outbuildings, padocks. ABOUT 22 ACRES. 

Renovated Period Farmhouse — Hall. 3 reception rooms. 3. bedrooms. 
3 bathrooms. Central heating. Outbuildings and paddocks. ABOUT 
II ACRES. 

Period Cottage in Woodland Setting— ABOUT 20 ACRES 
Modem 2 Bedroom House and Pair of Modernised Cottages. 
Farm buildings, agricultural land and woodland. 

Rrst-ciass keepered shoot over 850 acres. 

IN ALL ABOUT 390 ACRES 
(Mainly with vacant possession) 

For Sale by Auction as a Whole or in Lots 
(unless previously sold by private treaty) 

1, BUCKINGHAM PALACE ROAD, LONDON SWT. 

TEL: 01-834 6890 


ISLE OF WIGHT 

On the lovely South-West Const 
FARM with CARAVAN and CAMPING SITE 
Character farmhouse 13 rec., S beds., etc.). Buildings including 
cows table for 20. Dutch bam etc. Detached 2-bedrooraed 
cottage. In all about 

TO ACRES with BEACH FRONTAGE 
Auction Friday September 8 (unless sold previously) 
Two very sound 

DAIRY/STOCK/ARABLE FARMS 

with modern houses aod good buildings 
129 ACRES & 200 ACRES 

of fertile almost level land for sale by Private Treaty 
at 11,150 per acre cither separately or together. 

Details and plans from 
CREASEY Sc JEFFERY 
Newport. Tel: 5241 (STD 098-381) 


Only 17 

SUPERB VILLAS 

Evcluii** prettigg development on 

COTE D’AZUR 

Uniquely beautiful scenic situation 
about three milts from glamorous 

MONTE CARLO 

Glorious views el ki ana country. 
Completely unspoiled and untpoil- 
abfe. Possibly the lut available cite 
of this quality. 

Villas built to your own requirements 
in consultation with our architect. 
i e. Villa of 200 sq.m.. Including 
2.000 sq.m. land. Swimming pool, 
tcnnii court, landscape gardens. All 
services including private road to 
connect with both middle and lowor 
comichci. At unbelievable low price 
cl appro*. French Fri. 1.200. 000- 
Bankers guarantee and possibility of 
mortgages. Until July 31 
phone Mr, Williams at 01.906 2152 
before 1 1 a.m,. or contact Conrad 
fihabelcwiki. architect, at 6 Bd. d* 
Suisse. Monte Carlo. Tel: 30 34 05. 


SUPERB 

COUNTRY ESTATE 
OF 243 ACRES IN A 
UNIQUE SETTING 

Orertoofcing the- IarKi-3t natural lake 
■ 33 acres i in Wiltshire with excellent 
treat fisfinic and considerable commer- 
cial {Mb faming poit-mlal. Beauti- 
fully positioned country house situated 
:n eomwoio seclusion In lha ha-art of 
veil kepi wood lands which provide an 
i-zevUco: compact pheasant shoot. 
Sawmill, extensive pheasant rearing 
facilities and kci-pcre cottafle. The 
country boose cvmpnars 8 bedrooms; 
3 bathrooms; hall; cloakroom: draw- 
ms room; kitchen: flames room: usual 
offices and outbuildiiUB. For Sale by 
Private Treaty. hull details: 

A. W. HE ATE & SONS, 
t St. Mary’s Hill. Cheap Strut. 

Newbury. 

Yctepbeie Now bury <M3S> «$U 


NORTH KENT COAST 

Delightful seaside residence at Whit- 
stable. Ground floor — Dining room, 
lounge and largo kitchen, sauna, bath 
and shower. Upturn — 4 bedrooms, 
bathroom, toilet and balcony. Largo 
oarage, plus garden. Good condition 
and attractive position next to beach. 
Bargain offer at £45.000. For early 
inspection phone eric Brice on 0702 
« 5753- 


FOR SALE 

NEAR ROUEN 

18-ROOM CASTLE 
including 100 sq.m, drawing-room. 
Good condition— Beautiful 4 hectares 
esute with trout stream. 
Numerous outbuildings— Vacant. 
Price: Frs. 2. 100.000. 



Sole Agent: 

D1EZ SA. 

100 rue Gl. Giraud 

76. ROUEN, FRANCE 
Tel. (35) 7Q.90.30. 



Funds for thought 


Lower Woodend House is near Marlow in Buckinghamshire. Set high enough to have view s ov er the 
surrounding countryside it has six bedrooms, two bathrooms, three reception rooms aid a staff /guest 
section. The asking price Is in excess of £125,000 




This Bournemouth house was built in 1950 and stands in about an acre of ground. Called Shalom it 
is in East Cliff and is for sale through Knight Frank & Rutley and Goadsby and Harding with an asking 
price of £150.000-plus. There are three reception rooms, five bedrooms, two bathrooms and a dressing 
room. Other features Include an indoor heated pool and a floodlit tennis court. 


BY ARTHUR SANDLES 

WHEN Mr. Leonard Williams, 
chief , general manager of the 
Nationwide Building Society, 
talked this week of a slowing 
down in the rate of increase in 
house prices his words must 
have come as a relief for poten- 
tial house buyers if not for 
house sellers. Mr. Williams 
talked of prices rising by about 
1 per cent a month, which 
would be slightly less than half 
the pace of the first half of this 
year.- He also made the point 
that it was impossible to tell 
whether the limitations on 
building society lending for 
house purchase in the second 
quarter of 197S had any braking 
effect on house prices. But, he 
argued, they should be removed 
as soon as practicable, because 
thev worked very crudely in 
their effect on the housing mar- 
ket. 

The impact of lending, poli- 
ties on the housing market is 
a perennial subject for discus- 
sion and is likely to be so until 
housing supply, housing de- 
mand, mortgage money and 
society incomes are in equili- 
brium — in other words for ever. 

One striking illustration of 
changing society attitudes hav- 
ing an effect on the market 
can be seen at the moment in 
central London. It was not too 
long ago that the major 
societies showed considerable : 
reluctance to lend on conver- 
sions, or at least to lend a high . 
proportion of the purchase : 


price. Basement flats in con- 
verted Victorian properties 
were the knottiest of problems. 
As recently as three years ago 
you could find a good sized two 
bedroom basement flat in 
Pimlico, parts of Kensington 
and north of Swiss cottage for 
as little as £16-£lS,000. The 
societies generally are more 
willing to lend on this type of 
property these days and this 
type of flat is now selling for 
at least £ 10,000 more. 

Whether it is lending 1 policies 
or not another phenomenon of 
the market at the moment, or at 
least the market in much of the 
south east of England, is the 
acute shortage of property in 
the mid to lower range on the 
market Buyers these days do 
not have the range of choice 
they might have enjoyed a 
couple of years ago. Recently 
a friend in Heme! Hempstead 
found so many of his own 
acquaintances after the house 
he was selling thanks to a job 
change that he arranged a 
sealed bid auction among them 
and sold in excess of £40,000. 
In open bidding he would prob- 
ably have got more, such was 
the shortage of comparable pro- 
perty on the market, but he 
could not bring himself to ex- 
ploit people he knew. 

In parts of the London suburbs 
agents have been driven once 
more’ to pushing circulars 
through letter boxes actually 
pleading for houses to sell, and 
sales of modern conventional 


three bed suburban house* 
within a tew hours of offering 
are not unusual. 

That this has not been accom- 
panied by widespread gazump- 
ing may well he due to building 
society behaviour as well. The 
societies do not seem to be In 
any hurry to make decisions 
or release cash. This means th*t 
sellers have learned that a 
buyer in the hand (actually 
clutching cash or having his 
mortgage negotiations in full 
swing) is worth several in tbo 
bush. 

At the moment wc have mort- 
gage restraint if not a mortgage 
famine; a shortage or lower 
priced modern properties in 
many urban areas; and price - 
rises which, while not spectacu- 
lar, are still high enough to. be 
worrying. As Mr. Williams says 
it is a positton in which -many 
first time buyers, as well as 
existing home owners, needing 
to move, were finding it more 
difficult to obtain mortgages." 

There would seem to be no 
short terra solution to this. The 
suspicion must be that if the 
societies were free politically 
and financially totend whatever 
they wished the shortage of pro- 
perty would produce daunting 
increases in prices in some 
types of accommodation- So wc 
are bad: to the old basic answer. 
It is only by increasing the 
housing stock in those areas 
where demand is strongest that 
the baric price/mortgage con- 
undrum can be solved. 



Little Whhgate was once a pair of cottages, modernised in 1971 and now for sate through the Chelmsford 
office of Savills. It has four bedrooms and a garden of about a third of an acre. There is an asking 
price of £SBfi00 for this house which Is near Ongar in Essex. The house has gas-fired central heating 

and garaging for two cars 


Around £70,000 is sought for Tanyard, a 15th century Kent farmhouse at Bough ton Mo rich el sea, near 
Maidstone. Apart from the five bedrooms and two bathrooms there are five attic rooms and assorted 
outbuildings. Agents are Knight Frank and Rutley and Geering and Colyer 


PROPERTY 


ESTATES AND FARMS: INVESTMENTS; SHOOTING: 
COUNTRY PROPERTY: OVERSEAS PROPERTY: LAND 


Dans le ’’Carre d’Or 
de Monte -Carlo 


yy 


!,vs 


»• 




PARK 

PALACE 


the. heart of Monte-Carlo and the Principality 
C; : .'v ]„fqt- Monaco construction of a new development 
i of 24& Hrxury'aportmer.ts retaining the name -‘Park P.ilace' 
' '• ' is ubout to commence. These range from studios 
- . ' to 9 roomed fiats and penthouses 

with parking; swimmingpool and shops. 

Fu» details. brochures, price* tuts 


Hampton & Sons 


6 Arlington Street H London S'.VI A/1RB Tel. (01) 62 22 

B«f»ier & Cie 

Gaitenitrjsse M H- CM • «0J9 Zurich Tel fOlJ«l3SSO 
Realisation Ltijndal S.A. Monte Carlo 





' 74, Grosven6r Street 7 London WfX 9DD 


NORTH WARWICKSHIRE 

Binkley S miles Rugby 8 miles Coventry 10 miles 
COPSTON FARM, COPSTON MAGNA 
An Excellent Block of High Grade Arable Land 
in a highly reputed farming area 
The land is classified Grade 2 and 3 with level fields of good 
size and lies in a compact block with access on to two roads. 
AUCTION AS A WHOLE OR XN LOTS 
on AUGUST 21st 1978 
(.unless previously sold) 

Joint Auctioneers: 

CLUTTONS, 74 Grosvenor Street, London W.l. Tel: 01-491 2768 
ARNOLD & SON 

13 Market Place, Burton-oo-Trent. Tel: 0283-64657 
WIGGINS, RUSSELL & DUFFY 
37 Coventry Street, Sontham, Leamington Spa, Warwickshire 
Tel: 092-681 2285 


KINCARDINESHIRE 

Banchory BanBes Stonehaven 8 miles 

AN EXCEPTIONALLY USEFUL AND 
ACCESSIBLE BLOCK OF HILL GROUND 

Provisional approval for Bases III Dedication for 
Forestry. Lying mainly between 600* and 3 ,000* 
above sea level. Direct access to public road. 
Completely enclosed and well roaded. 3-bed roomed 
cottage for sale with the hill or separately. . 

FOR SALE PRIVATELY WITH ABOUT 3,300 ACRES 
Joint Selling Afients: 

ABERDEEN AND NORTHERN MARTS, Aberdeen, Tel: gwuepte 
art KNIGHT FRANK & RUTLEY I01S3B/CBSS1 

Knight Frank&Rutley 

8 Charlotte Square Edinburgh EH2 4DR 
Telephone 031-225 7105 


INVESTMENT OR OCCUPATION 

MAYFAIR 

ELEGANT PERIOD PROPERTY 

8etworn Cresvwtor Squire and Park Lana and dose to all leading boteli 
and ciuos. 

The property, which is in immaculate condition, has been skilfully converted 
to provide six Luxury Fully Furnished and Equipped Apartments with a 
potential income in excess of £2,000 pen week. 

(Vacant possession available if required ) 

FOR SALE 8T TENDER 
(unless sold previously) 

Roger Phillips & Company 
17 Gifford Street. London W]X IRC 
TeL: 01-437 7572 


FRENCH 

RIVIERA 

Unique ground floor 3 bednn. apart. 
ment in luxury rendenco near Hyerci 
with direct access to beach through 
private garden. 550.000 French Irancs. 

Write Box 7*911. Financial Timet 
10 Cannon Street. £C*P 43Y 


ISLE OF ARRAN. Attractive property 
with maanif'teni Views o« sea and moun- 
tain. eontatnine three public roims. 
seven bedrooms, two bathrooms, large 
well -fitted kitchen, chalet ana garage 
R.V. L434. Tel. Brouick 2397. 

GUERNSEY. Charm ing Open Marker Bun- 
galow. 3 double beds, large lounge and 
oinlng room. CBO.ODD w Dili* fully 
furnished It required. Write Box T4922. 
Financial limes, 10. Canngn Street. 

EC4P 4 BY. 

UNIQUE 17th Cent. Sea Captain's 3 
bed roomed house at Pincnwoora Har- 
bour, File, for sale. Many special 
features. Garage. Na garden. Ideal I 
lallrtmtgoll. Courses nearoy and St! 
Andrews 11 miles. Tel. os 1 22S-43Qlf 1 
Plttenwcem 295. 

VALUABLE BUILDING SITE For SALS. 
Panning permission for SO houKsand 
14 Babe. 2i; aero sire near stamtora 

tes*- ? f n , ,r *4s.«»- w.5-n 



On the Instructions of Barclays Bank Lid. 

TRURO, CORNWALL 

Prime Freehold main street Class II user premises equally 
suitable to retail trade (subject to planning), with vacant 
possession of the ground floor, situate in the centre of this 
thriving business and commercial city. 

3/4 BOSCAWEN STREET, TRURO 

FOR SALE BY TENDER 

Closing date: 12 noon, Friday, 25th August, 1978 

For full particulars of sale cxmtact: 

LODGE AND THOMAS, Chartered Surveyors, 

77 Lemon Street. Truro. Tel: Truro 2722/4404. 


SMITHS GORE 

‘*■.7 'CHARTERED SURVEYORS 


YORKSHIRE WOLDS 
A COMPACT INVESTMENT ESTATE 
839 ACRES (3397 HA.) 

Ministry Land daiaificacion Gradu II 

Comprising 2 Substantial Well Equipped and Well Managed Arabic Farms 
For Sale by Auction at 
The Station Hotel. York 

on 20th September, 1978 at 2J0 pm 
Unless Sold Previously by Private Treaty 
r: THE ESTATE OFFICE. LETBURN. YORKS - TEL: 04m 3109 


Officer at: London. Carlisle. Corbridgc, Darlington. Ley barn. UchfiaM, 
Newmarket. Newport-. Peterborough. Petworth. Proud hoc. 
Warminster. York. Edinburgh, Dan fries A Fochabers 



An oucxBndmg Country Manor House 
of immense character see In its own 
rolling, well-wooded grounds of 15.87 
acres or thereabouts. including 
paddocks of 9.16 acres. The residence 
itself includes 4 main reception room*, 
plus kitchen and usual ancillary roams. 
7 first floor double bedrooms. 4 bath, 
rooms. 5 secondary bedrooms. 37ft. 
games room, together with garaging 
for several cars, 3 -bed roomed self- 
contained chauffeur's flat, stable block 
and numerous aurbuildmgs. Only half- 
mile west of A19 and 12 miles oast 
of Al. 

Term'd? f2 mll n 
Northallerton 7 miles 
Tork 35 miles 
Think 17 miles 

Offeri fa the rejfwo of EIM.flOQ 
_ Invited 

Full Particular* from Safe Agents 

BOULTON & COOPER LTD. 

12. High Petorgau. Yorks. Tel. 27777 


FRANCE 
COTE D’AZUR 
near 

GAGNES SUR MER 
DOMAINE DU BAOU 

Small blocks of fiats in beauti- 
ful parte with swimming pool 
— Tennis court — Bowling area 
—etc. . . . Studio-fiats— -three- 
room flats— equipped kitchens 
. . . Some flats already 
available. 

Information from: 

CEGI 

6, avenue des Phoceens 
06300 Nice, France 
Tel: (93) 80.07.22 


PHEASANT SH00TIN6 

HERTFORDSHIRE 

Only 25 miles from London 
1 Day for a Party of g Guns 
TO LET ON SATURDAY 
I STM NOVEMBER 
ExPoctod big 30C/3SQ Pheasants 
Apply JHHI 

T3 Hill St. London W1X 8DL 
Td. 01-629 7282 


If you wish to buy— sell— rent or have 

REAL ESTATE 

managed in rhe 

PRINCIPALITY OF MONACO 

Write to: 

AGEDI 

26 bis Bd. Princess Charlotte. Monte-Carlo 
Principality of Monaco 

. Tel. (93) SO 66 00— Telex 479 417 MC 
Documentation sent free on request 




esidential 


King & Cftasemore 

Chartered Surveyors 

WEST SUSSEX COAST 

EAST PRESTON 

within 300 yds of privxco baach 

FOUR NEW 
CHALET BUNGALOWS 

of high standard. Select secluded posi- 
tion. Lounge/Diner, Kftshen. Cloak- 
room. Bedroom, Bathroom. 2 further 
Beds snd Bath First Floor.- Garage. 
Gardens. Central Heating 

FREEHOLD £33,500 

Details: 

£m Preston Office (04062 3202) 


NEW YORK STATE 
ONE HOUR DRIVE 
NEW YORK CITY 
400 Acre Estate including 150 
acre farm, 50 acne apple 
orchard. Part of land commer- 
cially zoned. Large main 
residence and guest bouse, 
pool, caretaker’s cottage. 
Several barns and houses. 
Magnificent opportunity for 
investor . . . $8,000,900. 

Coatact Berthe de Hihic<S 
212-833-580 

Douglas Elumaa-Clbtono & Ives Inc. 

. SIS Mrtbea Bve, NT. NY 1002- 



Oiilj’ £2.00 per line (minimum three line s) 
Return this coupon with details of your 
property together Tvith your cheque and 
publication will take place next Saturday. 



CLASSIFIED ADYERTTSEMENT DEPARTMENT 
FINANCm, TIMES 

lO'CANXON STREET, LONDON EC-iP 4BY 
‘Tor further information contact Diane Steward 
Tel 01-248 5284 . 



















•B* „ f 
! 

N! 


financial Times Sa turday July 22 1978 

motoring 





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p”“TY LAfc. 


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4 . v 1 i »*■ 

^ -'I' 

? ■ * l. - 


Chryslers 

in 

Caledonia 

BY STUART MARSHALL 

BY MID-AFTERNOON. 1 knew 
h * hc ? w Ule African tourist 
w f « whe n he told his wife 
it nad to be Rome because it 
was Wednesday. 

The day had started early. A 
group of motoring correspond- 
ents met at Hopetoun House, the 
JV-arquess of Linlithgow's home 
on the outskirts oF Edinburgh, 
to make the Grand Tour ol Scot- 
land. The idea was to visit six of 
the country’s stateliest homes 
while simultaneously testing the 
fuel economy of the only cars 
produced in Scotland — 
Chrysler’s Sunbeam and 
Avenger. 

The first part was easy. A 
porridge and auything-eise-you- 
fancied breakfast at Hopetoun 
followed by 40 mainly motorway 
miles to Scone Palace to admire 
a few of the treasures, rubble 
oatcakes and take coffee with 
the Earl and Countess of Mans- 
field. Less ‘than an hour later 
our tyres crunched on the gravel 
drive of Glamis Castle for a 
lightning look at some roval 
memorabilia (it was the Queen 
Mother's homel and then head 
north-west for Elair Castle, seat 
of the Dukes of Athuli. 

Having admired the collection 
of muskets we left Blair to the 
ear-splitting blast of a muzzle- 
loading field gun. though I 
could have sworn the Duke had 
really been rather pleased to see 
ns. Weaving in and out of jug- 
gernauts and caravans on the 
unimproved stretches of A9. 
and making up time on the fast 
new bits, it was Nairn and 
Cawdor Castle next. 

The Sunbeam's trip recorder 

Face to 
face 

THE FIRST week's play in the 
world chess championship, 
which opened at Baguio City in 
the Philippines on Monday, has 
provided a contrast between the 
correct and sporting behaviour 
of Karpov and Korchnoi at the 
board and the acrimonious pre- 
match arguments between their 
delegations. 

The Russian world champion 
and his defector opponent shook 
hands before and after each 
game, while Karpov has offered 
draws directly to his opponent 
rather than via the referee 
which Soviet officials demanded 
in Korchnoi's previous matches. ; 
The score is 1 — 1 and both 
players are still sizing each , 
other up. ] 

The opening ceremonies ■ 
enabled both sides to score i 
personal and political points. ] 
Korchnoi’s custom-made chair, i 
imported from Switzerland and ] 
designed to ease the strain of i 
back muscles during the five- I 



•* i4>^v 


The strike that ought to miss 




■ji £T 1 


■ *?“•"' : ;v ■ • ■ ■ " • 

■ / ““ K . \ 


■wJ' W;: 


“ 


said 196 miles as I parked 
alongside an immaculate 1938- 
ish Chrysler Six owned by Lord 
Cawdor and brought oat 
specially for the occasion. A 
quick lunch and. head spinning 
with Scottish history and 
attendance statistics, 1 swapped 
the Sunbeam for an Avenger 
estate and began the 146-mile 
leg southwards to Inverary. 
Four castles down, two to go. 

It took a little over three 
hours to get to Inverary where, 
by some miracle, the sun was 
still shining and Loch Fyne 
looked just as it does on the 
Scottish Tourist Board's posters. 
A bewilderingly quick peep at 
ihe treasures (thankfully, they 
escaped a disastrous fire three 
years ago and -the castle has 
been fully restored) and away 
on the final 100 miles to Hope- 
toun. 

It was now evening. By this 
time the car's thirst for petrol 
seemed less important than 
one's own need for refreshment 
All thoughts of economy driviug 
were forgotten ‘ and Ihe cars 
were thrashed toward Hopetoun. 
a dfam and some supper. Sur- 
prisingly, when the figures were 


totted up. the consumptions 
were good.. The Sunbeam 1.3 
litre had returned 33.9 mpg in 
the morning; the Avenger 1.6 
estate did even better with 34.3 
mpg for the second part of the 
tour. 

The front-drive Alpine is the 
glamour car in the Chrysler 
range and the Sunbeam and 
Avenger (the former in essence 
a shorter, hatchback version of 
the latter) tend to be over- 
looked. They both went very 
well in what had started off as 
an economy run and ended up 
as an imitation club rally. 

Apart from steering that 
feels quite heavy at low speeds, 
they handle nimbly. Both cars 
were willing to put up to 50 
miles into the hour on roads 
that varied from motorway to 
single track lanes with passing 
places. Despite simple suspen- 
sion, they ride comfortably 
enough, have excellent driving 
positions and gearboxes- with 
silky synchromesh and fast, 
light .changes. Neither car 
would have any trouble sustain- 
ing the French autoroute limit 
of 81 mpb for hours oa end. 

Whether It is that Scotland 


handles its road money better 
than we do down south, or 
perhaps has more of it to spend 
per mile, but the surfaces were 
uniformly excellent wherever 
I drove. If there are any 
broken road edges and pot- 
holes in the Highlands. I 
didn't find them. Parts of the 
A9 are a mess and driving along 
them during the caravan 
swarming season will no doubt 
try the patience. But hopefully, 
the straightening out process 
will be on the way to comple- 
tion next year. 

No-one in his right mind 
would want to do the Grand 
Tour of Scotland in a single 
day. Spread over a week, it 
would make the core - of a 
pleasant motoring holiday. The 
scenery is always attractive and 
sometimes superb and the six 
historic homes, as Michelin says 
of three star restaurants, are 
well worth a detour. One per 
day is enough. All have ample 
parking and refreshment facili- 
ties; some have nature trails 
and picnic sites. None of their 
noble owners has yet found it 
necessary to attract visitors 
with steam roundabouts or. 
safari parks. I 


THERE is no escape this week 
from the bizarre happenings at 
the Dutch Open Championship 
at Noordwijk, near The Hague 
and all their awful implications, 
(hie can hardly allow to pass 
unnoticed the first instance of 
industrial action I have heard 
of by professional golfers since 
1896, when the largely Scottish- 
horn band of expatriates 
threatened to withdraw from 
the U.S. Open Championship at 
Shinnecock Hills if a black man. 
part Shinnecock .Indian, who 
had been involved in the con- 
struction of this magnificent 
golf course on Long Island, and 
was reputed to know its 
subtleties better than most, was 
allowed to compete. 

Thankfully at Shinnecock. the 
United States Golf Association 
officials of the day informed the 
rebels that the championship 
would proceed without them if 
they cared io. continue with 
their walk-put, and the first 
blatant example of colour pre- 
judice in the game’s history 
Was summarily banished into 
oblivion. 

Alas, we live in changed 
times. I bemoaned their action 
at the time when, largely due 
to the successful play of 
American Bob Byman in 
Winning the 1977 Scandinavian 
and Dutch Opens, before he 
earned his player’s card on the 
UJS. tour, the European Tourna- 
ment Players’ Division changed 
their eligibility rules last winter. 
” To avoid the continued 
probability of young American 
fledglings coming over to 
Britain and Europe in flocks 
when unable to qualify for the 
U.S. tour. and. perhaps carrying 
off the linn’s share of the prize 
money, the ETPD decreed that 
only foreigners with official PGA 
membership of their respective 
countries nr a player’s card 


would this year be able to com- 
pete on our tour unless they 
had already qualified by virtue 
of their position in the previous 
year’s final Order of Merit. 

Byman, and hi$ younger 
brother Ed. both passed their 
examinations in America a 
mere month ago, so Bob was 
therefore doubly qualified to 
defend bis Dutch title. 
Incidentally, he has been on the 
leader board in the dosing 


GOLF 

BEN WRIGHT 
PHILADELPHIA, July 21. 


stages of both events in which 
he has competed since graduat- 
ing, the Western Open in 
Chicago and last week at St 
Andrews. 

To say that I was horrified to 
learn here this week that the 
ETPD had ordered a boycott 
of all their players of the Dutch 
Open because the Netherlands 
Golf Federation bad invited to 
play in the event three 
American golfers who have yet 
to win their cards. Kurt Cox. 
Bob Risch and former Walker 
Cup player. Scott Simpson, is 
an understatement 

Such action is a disgrace to 
a wonderful game that con- 
tinues to boom because it is 
such an open test of individual 
character and because of the 
visible honesty and integrity of 
even its most humble pro- 
tagonist. 

Tt is easy to say that the 
ETPD action is symptomatic of 
our times, but nonetheless this 
is sadly true. In a British 
society that too often appears 
to value mediocrity far more 


highly than industry, not to 
speak of talent, is hardly sur- 
prising that the majority of our 
professional golfers, whose 
mediocrity and lack of industry 
have become a byword through- 
out the world, should strive so 
mightily to protect their own 
selfish interests. 

For our players to protest 
that the Americans have made 
it very difficult for a foreign 
golfer to win a player’s card 
here is stupid. Of course, these 
valuable documents for the 
multi-million-doUar U.S. tour 
are not about to be flung at 
Britons and Europeans like 
confetti at a society wedding. 

The American tour is golf’s 
super league and as such must 
be the summit of every 
ambitions professional's aspira- 
tion. No non-league football 
club has suddenly been offered 
a passport into the First Divi- 
sion in my lifetime. Yet Rove 
Ballesteros was recently offered 
a player's card here ivilhout 
having to attend the school. 

Nor musT we forget that Tony 
Jacklin. Peter Oosterhnis. 
Graham Marsh, Jack Newton 
and others have pitted their 
guts and skill against the flower 
of American youth at their 
respective schools, and not been 
found warning in either depart- 
ment in winning their cards. 

I cannot forget how first the 
presence of Arnold Palmer in 
I960, shortly to be followed by 
Jack Nicklaus, successfully re- 
vitalised our Open Champion- 
sh ip when it had reached a 
really low ebb in 1959. ft was 
in that year that Gary Player 
first won the title at Muirfield 
at the aeo of 23 despite a two 
over par 6 at the final hole. The 
fact that he had little to beat is 
borne out when one remembers 
that Fred Bullock, a club pro- 


fessional who tied Tor sueugd 
place, had his clubs pulled on. a 
trolley by his daughter. 

The ETPD action was des- 
cribed in a statement from the 
Netherlands Golf Federation on 
the eve of the championship as 
"a disgrace to the golfing pro- 
fession.” a statement with which 
I heartily argec. The Nether- 
lands Federation has reserved 
the right for 59 years to invite 
ten players, and rightly refused 
to rum away three of their in- 
vitees. Cox, Risch and Simpson. 
And all credit ro the young 
Americans in question for hav- 
ing the courage to stand their 
ground. 

The facts of golfing life arc 
that the U.S. lour can very well 
do without the best players that 
the British and European tour 
can offer. One could hardly 
blame American official- Hb« 
Deane Benian, Commissioner of 
Ihe L’SPGA lour, and those 
of the sister organisations 
if they were to take 
retaliatory action that would 
bring dreams of a true world 
golf tour crashing in nuns. How 
many of the current crop u£ 
commercial sponsors keening 
alive the British and Kuropeah 
tour would want to continue 
being associated with a lame 
duck if Reman refused t.i allow 
his players lu appear in Erttaiff 
and Europe, and the l 1 SPG A 
pulled out nf the Ryder Cup 
series. 

Such prompt action would hi 
perfectly justified and woniiC 
I suspect, immediately bnn'-i id 
heel the pathetic barrack room 
lawyers of the ETPD, who dare 
tn believe they are in a pnȣ 
tion of power to dictate terms 
to their faithful sponsors, and 
think they have just won & 
famous victors - . - 


OVERSEAS STUDENTS IN BRITISH STATE EDUCATION 1 976-77 


hour playing session, had to be judged by past performance. 
X-rayed at the local hospital he is more liable than -Karpov 
when the Soviet - delegation to have the occasional off day. 
suspected hidden electronic But chess tournaments and 
devices. matches are decided not only by 

It is probably, unique for a ability but by fighting spirit and 
leading USSR . .sportsman to will to win: and Korchnoi’s 
defend a world championship motivation buoyed by real and 
2 gainst a defector, and the imagined injustices is as great 
natural tension is : heightened by as any title contender in the 
the extreme length of the con- game’s history, 
test: Draws do not count, the His fight is not just with 
overall winner has to .-beat his Karpov but with the Soviet 
opponent six times, and the chess establishment which he 
games could continue for two or believes denied him equal 
three months or even . longer. 


Thus the decision may' . — — - 

eventually come .... through 

physical or mental weariness VVORLD CHESS 

rather than pure chessability. . 

and it is an open questioii LEONARD BARDEN 

whether Korchnoi, 47. but a. . » 

fitness enthusiast, or Karpov, \ 
physically slight but 20 years , 

younger, will have the greater chances when he met Karpov 
stamina. in 1974. and with the Leningrad 

On pure chessability, most political authorities . who 

experts Will back Karpov who continue to refuse his wife and 
has proved an outstanding son exit visas to join him in the 
champion since he won the West. Professionally. too-, 

title hy default from Bobby Korchnoi has a target beyond 
Fischer and his classical game the present match and its 
is almost devoid of error, record £300,000 prize fund. The 
Korchnoi's style is more real jackpot in international 
exciting and like the man chess will go to the grandmaster 
himself readv to take a risk; who persuades to reclusive 


Bobby Fischer out of retire- 
ment and back into the game 
which he abandoned after his 
1972 series with Spassky. 
Karpov made two or three 
unsuccessful personal attempts 
to talk Fischer into a match. 
The difficulty is that Karpov is 
limited by the requirements of 
his Federation and of FIDE 
rules while Korchnoi, a lone' 
maverick, might make flexible 
arrangements to suit Fischer’s 
finicky playing requirements. 

The first innovation of rhe 
match. Korchnoi’s P-Q5 on move 
14 of the second game, was pre- 
pared by the challenger’s young 
grandmaster seconds Raymond 
Keene and Michael Stean. The 
successes of Keene and Stean. 
both in opening preparation and 
during adjournments, have con- 
tributed • significantly . to 
Korchnoi's earlier victories over 
official Russians. The USSR 
Chess Federation has 'now paid 
a compliment to their growing 
reputation by sending to Baguio 
as Karpov’s assistants both the 
ex-world champion Mikhail Tal. 
widely considered the be.sl 
tactician and fastest calculator 
of variations in the world, and 
Igor Zaitsev, the leading Soviet 
analyst. 





Where most of 

them came from: 









Courses at 

universities 



Polytechnics and colleges 






% of 


% of 




% of 


Number of 

% of 

Number of 

total 

Number of 

total 

Number of % of 

Number of 

total 


overseas 

overseas 

overseas 

overseas 

overseas 

total 

overseas 

overseas 


overseas 

grand 

post- 

post- 

under- 

under- 

degree 

overseas 

at sub- 

sub- 


students 

total 

grads 

grads 

grads 

grads 

students 

degrees 

degree 

degrees 

Grand total 

82,974 

10037 

18.433 

1003 

16,021 

100.0 

20,678 

100.0 

27.642 

1003 

1. Malaysia* 

11.958 

74.4 

743 

4.0 

3338 

20.9 

3346 

19.1 

3.931 

143 

2. Iran 

9,202 

11.1 

1,457 

7.9 

598 

3.7 

1.717 

83 

5.430 

193 

3. Nigeria* 

5.574 

6.7 

807 

4.4 

365 

23 

2.444 

113 

1.958 

7.1 

4. Hong Kong* 

4.164 

S.0 . 

401 

. 23 

898 

5.6 

769 

3.7 

2,096 

7.6 

5. United States 

3.442 

43 

1347 

6.8 

1,624 

10.1 

255 

13 

316 

1.1 

6. Greece 

3,281 

3.9 

1,178 

64 

592 

3.7 

736 

3.6 

775 

23 • 

7. Sri Lanka* 

2^56 

33 

256 

1.4 

206 

13 

1311 

53 

983 

33 

8. Iraq 

1,896 

23 

1310 

6.6 

97 

0.6 

234 

1.1 

355 

13 

9. India* 

1.742 

2.1 

664 

33 

144 

0.9 

535 

23 

399 

1.4 . 

IP. Kenya* 

U98 

2.1 

109 

0.6 

401 

23 

511 

2.5 

677 

25 

It. Cyprus* 

1,625 

2.0 

134 

0.7 

356 

23 

490 

2.4 

645 

23 

12. 'Singapore* 

1,618 

1.9 

166 

0.9 

626 

3.9 

626 

33 

200. 

0.7 

13. Turkey 

1.461 

13 

464 

2.5 

455 

2 JB 

330 

13 

212 

0.8 

14. Rhodesia* 

1.392 

7.7 

95 

05 

292 

13 

289 

1.4 

716 

23 

15. Pakistan 

1312 

Tj6 

410 

21 

139 

0.9 

392 

1.9 

371 

13 

16. Jordan 

1,147 

1.4 

151 

08 

178 

1.1 

126 

03 

692 

25 

17. Canada* 

1,077 

13 

603 

33 

276 

1.7 

100 

05 

98 

0.4 

18. Venezuela 

1.069 

13 

335 

13 

91 

0.6 

104 

03 

539 

23 

Totals of Top 18 

56314 

68.0 

10.430 

56.6 

10.676 

66.6 

14315 

713 

20393 

733 

Which types of subjects 








' 


they studied: 

Arts and soda! studies 
Science and technology 

31.613 

34^15 

383 

413 

7,911 

8.996 

42.9 

488 

5373 

9386 

35.4 

58.0 

10334 

10,022 

495 

485 

7.795 

6,111 

783 

Medicine and allied 

3.126 

33 

1326 

83 

1,062 

6.6 

422 

23 

116 


GCE/G5E; 

13.620 

16.4 

— 

— 

— 




13320 

493 

Grand total 

82.774 

100.0 

18.433 

100-0 

16,021 

100.0 

20,678 

100.0 

27,642 

1003 


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ONE SURE way of incensing 
the National Union of Students 
is to argue that foreigners study- 
ing at British universities, poly- 
technics and further education 
colleges should be charged an 
economic fee. 

There are clear grounds for 
this argument. The costs of 
slieh courses of study range up 
to more than £4.000 per student 
per year. And while some are 
considerably less expensive than 
this — especially those in arts 
and social studies which do not 
involve laboratory equipment — 
their per capita costs must still 
exceed the fees charged to the 
students from overseas. 

The Government’s recom- 
mended fees for these students 


EDUCATION 

MICHAEL DIXON 


Vital 

date 


OF MAYFAIR 


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BROWSE & DARBY. 19. Cork Strom. W 1. 
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Mon.-Frl, 10.00-5.00. Sat. 10-00-12.30. 


CHAN DC GALUay. S-6. Cork St.. W.l. 
01-734 4SZS. Exhibiting pal col ass by 
GREGORY FINK. Msn.-Frl. 10-5 JO 
Sab 10-1. 


PERSONAL 


I CO VENT GARDEN GALLERY FAR AWAY 
Decorative waiernleuri. From and ol 
Eurac. India and China _ 20. Rmeii St. 
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DIAMOND EXHIBITION. The Diamond 
Jewellery chosen by De Been lor their 
1978 Diamonds Today cotnoecltlan on I 
show In London at Argenta. 82. Fulham ' 
Ro*a. S.W3. 01-584 1841. 25-29 1 

July. 


PUBLIC NOTICE 


derby errr. council sills 

£1.150.000 due 18th October. 1978. j 
Bjued 19th July. 1*78. at a rats ol 1 
9110 % per annum, apc I tear to os totalling 
es. 050.000. Then *r* the only Bills i 
outstanding. 


Theca mo the only Bills 



THE APPOINTMENT of Doug 
Insole to manage the Australian 
tour tihas winter became a cer- 
tainty once be had expressed his 
writing ness to undertake this 
important job, because candi- 
dates with his credentials are 
very rare. I have no doubt that 
Doug will prove an a We. success- 
ful and papular choice, some- 
thing which cannot be said for 
several of his predecessors, who 
only possessed a limited know- 
ledge of the game and small 
adjnimstrative ability. 

As a player, Doug was an 
unconventional batsman with a 
wonderful eye, and the happy 
knack of frequently hitting 
gnod-length, respectable bails to 
the mid-wicket boundary, an 
“Insolean” strike, not to be 
found in any coaching manual. 
He scored heavily and consis- 
tently for Essex and was at his 
best against off-spin, in-swing, 
»id in a crisis. On bis one tour 
to South Africa as vice-captain 
under Peter May, he easily 
headed the England batting 
averages. 

I am quite sure— and nobody 
batted more often with him -~ 


for the next academic year start- 
ing in October are: univer- 
sities — post-graduates £9?5, 
undergraduates £705; poly- 
technics and colleges— deeree- 
level £705-£545. sub-degree £390. 

But any suggestion that the 
resulting subsidy to foreign 
students is an unjustified burden 
od the British taxpayer, seems 
anathema to the National Union 
of Students. 

The subsidy. NUS spokesman 


tbai be wou-ld have done far 
better in international matches 

in England if the selectors bad 
picked him for more than one 
Test in any one summer, which 
cannot have helped to build up 
his confidence, 

Dfmg captained Essex and 
Cambridge University with skill, 
enthusiasm and imagination, 
helped in some respects by his 
conviction that he was invari- 
ably night. While stHJ playing 
regularly, he became a selector. 

He was then a firm advocate 
that at least two of the four 
selectors should he active on 


CRICKET 

TREVOR BAILEY 


the county circuit, a sensible 
poaicy which he did not pursue 
with the same passion once he 
bad finished his playing career, 
and became chairman of the 
selectors. 

Doug pursued a career in 
cricket politics for Essex 
County Cricket Club and at 
Lord’s. He retires as chairman 
of the TCCB In September. As 
a young man, a forthright 
critic of the establishment, he 
has now become one of its most 
prominent and conservative 
members, though he fiercely 
denies this. Fortunately, he has 


assert, is if anything less than 
is due from the inhabitants of 
what is still a relatively rich 
country to the striving youth of 
extremely poor nations. 

Doubt has now been cast on 
the NUS claim by figures just 
published by the British Coun- 
cil. from which the table above 
has been calculated. 

It shows that, although 
students in British State higher 
and further education in 1976-77 
came from 77 different lands; 
nearly seven in every’ ten were 
accounted for by only i& 
countries. Of these IS. orily Sri- 
Lanka, India, Kenya and 
Pakistan are classified as poor 
developing countries with a. 
gross national product of less 
than S280 per head a year. 


retained bis agile mind and' 
pronounced sense of humour. . 

The Australian tour has 
always been a major cn cketing. 
event but this winter's risit is 
far more important than most 
because it will be played against- 
the Packer backcloth. Kerry 
Packer has many of the best- 
cricketers in the world under" 
contract, with entertainment 
their main consideration. Al - 
though his artificial World - 
Series has not the same appeal 
as the genuine fight for the 
Ashes, the Angln-Australian 
series must be exciting- other- 
wise the game will suffer. 

Making sure that England's' 
cricket is positive and attrac*. 
tive is probably Doug’s most 
vital responsibility. If the 
people do not come and the 
matches are dull, the sponsors ■ 
will lose interest, which in turn- • 
means there will be insufficient 
money to pay the players the 
amount now needed to stop 
them joining the Packer 
brigade. 

I expect that Doug will also- • 
set about improving the image - " 
of the England team, which cer- 
tainly has not been very im-; 
pressive in Australia. A good’ 
manaeer can do much in this- ■ 
direction and he will be 
anxious to avoid any similarity 
to the track-suited shambles, 
which masqueraded as the Aus-‘* 
tratian side in England last 
summer. 




Financial Times SatcCfflay Jrifr 22 


10 


TRAVEL 






cities 

BY SYLVIE NICKELS 

GETTING THE true feel of a 
country, a region or a city ls 
the essence of travel as far as 
X am concerned. Cities, being 
on the whole anonymous suits 
of places, are the most difficult 
to crack. So. one of the reasons 
I rapidly took the Vienna on a 
recent first visit was just be- 
cause there are so many essen- 
tially Viennese things to do. 

A lot of them, as you might . . .. . 

expect, are concerned with wfoicfo fcj also the most accea- their superb skills beneath the also 
music in one form or other for, sible since lX is the terminal glittering t'handehers. 


The statue of Manneken-Pis in Brassefl 


Term Kirt 


But it's time to leave Vienna. 


iad ”- > ^ C “ S y ££* *>** Of ““ 5!* OrJH Every city has its own special ^ ~ ^ 


including a sightseeing 
tour, some free local transport, 
a typical local evening meal and 


corner here without 
upon a statue, or a memorial city 


centre. 


Most of these •• thing ” or collection of even . . 

nlaoue 1 oTa "building connected taverns have music, too. and a quite small things that contri- Swissair have very reasonably 

o£ a lot of jolly conviviality, no bute to .its particular, aura, priced stop-over packages for 

dozen famous composers who dou jj t assisted by the heurigcr Quite often they cost little or intercontinental travellers in 

’made this city their home. Thus. itself . which j S served in nothing. The main requirement both Zurich and Geneva, featur- 

within sight of a statue _of „ tl ,^ ar _ litpM tankards, often ls 


Those overlooked hydrangeas 


beaded white, with brads as 

H1f ? R ?f EAS i»ff s HwSTS %sr£*r£HS£% 

again but no one is hkely to soil, unavailable to usually called ^ and with a tendency to 

SoadM 1 ^ spring hydr^gas. unable t0 oSs.'bu^the Sterile fbms 

about the rhododendrons, ’iet *■•£“* * blue pjmrat and have been given the charmns inJ^Tmtety with 

srz gwg-sj — swsse.JSs SfirS , - , 5 r-i 
s. -mk s^gFrs “ taur 

aw w « Sis. 5 r-a£ sus ir-jasw 

Admittedly this is not true of ^“ ur ^ further by adding never appealed ^ -theMA* in^ ^ ^ 

all hydrangeas but neither is it ^ t0 SO il 0 r using one producer of pot plants - ."f r Ai||k may intensify the 

of all rhododendrons. One must proprietary hydrangea grow < hydrangeas in gla. * ■ . qC varieties. All 

pick wisely, particularly among ^ j compounds but it is houses.- mind like ■ plenty of moisture ahd 

the innumerable varieties and w ^ e o£ time to Such jnwffi do not : mup badly in very dry 

hybrids of Hgdrft«0en macro- t ^ on marked iy whether they are W?! 5 -; 1 " ““** ra . l97g _ 

phylldr studiously avoiding soi i since treatment der, or even fre^ nrodUL-c e ’one Wow away strongly even when j 

those rand they are still in a ^ either have Httie effect or long as they wiU 2JJ but with- -the I 

**U dull the otherwise neh or large -« •» this Hydras, 

demand that has caused all the H.- «mw twM ? i JS2J? 
(Kilty in getting good garden restricts, or J^L- r p l 
hydrangeas but this is at last flowering for one >«*£■ 
being rectified by breeders who so with these varieties it is 


one) that have been specially 

bred or selected for the lucra- 
tive pot trade and are either 
shy flowering or rather tender 
in the open in many parts of 
Britain, and instead concen- 
trating on varieties that grow 
well outdoors. 

A very good one to start with, 
because it is readily available 


GARDENING 

ARTHUR HEU-YER 


are producing varieties speci- best to reduce the size of bushes 
ally for cultivation ont of doors, by removing^ a' Jew branches 
In this they have been helped entirely each, year but leaving 
by the availability of another others at frill length, simply 
Hydrangea serrata, removing -the faded flower 


: sss, zvu "Ts sls 

sassu-J ^ s bS“u° i'find a: 

at 4 p ni each summer's after- Classical music of all kinds stolen unscheduled interludes ma J° r vrerld cities, 
noon. It's free entertainment if and of the highest quality can aTe the best way of getting new Foreign city packages in 
vou sit on the grass or one of be enjoyed in some often magni- perspectives — and a second general have become a popular 
the benches behind the cunt settings— none surely more wind. Thus I have beneficially ^ inexpensive way 

bandstand, as the Viennese of magnificent than the State idled away an hour or two of slipping away f or a short 
all ages do: or. for the price of Opera House. Even if you can- watching open air contests of breab Toiir operators featuring 
some refreshment, you can not attend a periormance here, a i ra0 st man-size chess in central ^ incIude Pegasus Holidavs. 
instal yourself at a table in it’s well worth taking one of sqU ares of Stockholm; or lost ^ E arls Court Gardens, London 
the open air cafe facing the the guided tours for the Crimson myself among the crowds and SW5 0TA; Sover eign Holidays, 
orchestra. and gilt grandiosity of it all, the incredible junkery of Madrid s p0 Box 410 West Ter . 

Coffee bouses have been part tapestries, the frescoes, the r astro market: or nsen at some CromwelI Road> 

* i. 0 f life busts of famous composers and, absurd dawn-like hour to watch cwv 4 .ftv Crawford Perrv 

in« U« and from the first *»£ ** toe aucdoD it Tokyo', Ml ^ °wSSL S. 

■became so indispensable that, view over the wide sweep oE market. London SW10 9EL (for Switzer- 

even durine the coffee famine of Vienna s Rin,. f ra in tT sIio into^ Bre^hel’s landJ > Time off ' 2a * 

the Napoleonic Van?, they con- This, a continuous circuit of “m to slip into waugnus £ Chester Street, London 

tinned to flourish as a social broad boulevard, encloses much world in z s gaJle^ §W1X ^ ... 

necessity for the fashionable of the oldest pans of the city or trudged across the jnttr ice 

and the artistic. Sacher's, not in which most main sights can to the islands of Helsinki s - 

foreettin® its renowned tone, thus e as ily be seen by means of South Harbour, or tucked into Y iwr weekend £: Austria zma Beminm 
S the mosl fan.m.s, but there ulirtle 3 ent,e fe, blowing But Far Extern WMJJJjc 
are plent>' of others where the it cannot be rushed. The exotica at the «P en -^f food 
dfcor and the genteel clink of Hofburg Palace alone has stalls of Singapore, or applaud d 
fine china and the displays of around 2.000 rooms, quite a few the health-enthusiasts joggio^ 
luscious cakes are still worth 0 f which can be visited, includ- past some of the -m tulips of 
the somewhat swingeing price in n the State Apartments and Ottawa s parks ir ' 
of up to i'l Der cup. You don't, tbe famous 18th century hall of borne of these scenes one can 
hv the way, merely order ye t another very Viennese insti- chance upon, but it is wiser to 
coffee: there can be a dozen lu tion. the Spanish Riding do a modicum of research and, 
variations to choose from. School. It was in this hall that goodness knows. there » 

^at the coffee house is to Beethoven once conducted ^ 
daytime Vienna, the heitnger is concert with over 1,000 country, 

in the evening. Flenriger is both musicians: and There u too J 2m" of it most attractively 

fe namo of the young j»,ue “" d printed. It is also worth 

from the last harvest and of the balls were held in tne regm j ■ special two-or- 

ttvorn m which it I, quaffed presence rt ^ Empress Mjrta da? package, arranged by 

and you'll find any number of Ther^a. Now, to the rti)inuL 

them in the villages on the of the coV Swiss capital of 

northern outskirts of the city, schoo 1 s magmheent LPP is 0 J e sueh . the package 

The best known is bruizing, zaners ana their riaers aispi . — , 


oe cause n is resauy ~,i rt „r« species, naiw»«*a c “ «««••- . ormunug — — - . 

and always performs well, “ S S'. 'like H. wocrophyl/o. beads. Wheflier this is done in 

General Vicomtesse de Vibraye, In fact, though oardM^ often ^ ^ ^ Japan b t m au tanm or late winter is a 

a resounding mouthful of a talk as if blue hydrangeas were mountainous matter of taste -and tempera- 

name usually abbreviated In the oiflyOT-; ^*5? ^ SeJ, not near the. coast, andment. I prefer the dead flower 

catalogues to Vibraye. By com- is aiguatole tiiat ^ !T therefore considerably har- beads to- bare stems and also 


SSo^with^Mme of ones are even more valuable in gJ^I^Vthc best lacecap think that they afford some pro- 
popular greenhouse hydrangeas, ^ balI . varieties stem from this species. -tertion to the germinal growth 

such as Hamburg and Europa, The such as Bluebird which, despite buds from which the follow inK 

this has rather long, thin steins shaped heads of flowers axe i nam e > ^ 5e idom more than :y^ar^ ^flower sleuis will be pro- 
and makes a big, fairly loose garden meues. J J orB or pale blue and is quite often. dU ced- But tidy gardeners will 
bush. The flower heads, too, sterile aud mrapabte of main- P Graysw0 od, which starts niit tolerate . this slovenly 
are no more than medium sue. Quite more or less white but becomes behaviour and must have the 

puny by comparison with that The wild hydrang ^ * increasinalv tinged with red as flower heads off directly, they 

pale monster Joseph Banks, different jTOUWttf . -tom Ro^alba which dis-- turn paper brown, 

which fills seaside gardens with in flat heads pigfthe same peculiarity fo a Whatever your preferena do 

its immense mauve mop-heads. °“J“ {JJS? L* no ^ much greater degree, the flowers not be in too great 

but it flowers freely and with starry bracts . . becom ; n r, i a r a ely crimen with some varieties, notably -Alton a 

reliably, and. in any slightly Even “n addTils this Sd Westfalen, have the delight- 

acid soil, comes a wonderfully Idee them) and the centre of age.^ ^ Wue m habi , of turning to 

pure blue. e3ch flow ” ,, Angers The best white Laccacp is extraordinary shades of m?tal- 

SoU has a great bearing on of very smaU fert ^e flo ^ Lanarth White with huge white Uc green and purple before Jfrey 

the colour of all these garden One can. see me sam . a w,„ n ri i - head-like finallv become brown. Autumn 

varieties of hydrangea except phenomenon m some jnburaums bracts Mpe OT pin k fer- can be the most rewarding part 

those that are white which axe and tito flowers Madame Emille of the hydrangea season if one 

'sssrjzfm'z ssssa. ^ ^ 


And still it’s Jubilee 

s= “» ass s£S£- SS SSaSssS 

(dubbed by some entrepreneurs at ^ same ^me as its own stamps and coins, 

as the Coronation Silver ^ CT0WT1 ^3^ But before I celebrated the royal visit with 
Jubilee) is one of those events am de luged by readers’ letters I a crown-sized silver medallion, 
which refuses to lie down or should point out that mis-strikes with the areas of Adderney on 

fade gracefully. So far as of British coin, seemtobe ®“ tlfi’ '.KS 
stamps— and the various spin- alarmingly common these days of the Royal iaeni i3rna««m, 
mmainv from Marie nrint? and are aenerally of little more against a map of the island, on 

the other. 





New Zralartd's doliar 


TRAVEL 


S&S& T 



"* pRR\S 

SWlTff ^ 

S , MCTERDftMetc 


short 


HOlm 


stay 


"®sS 5 


'AYS& 


D$ 


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arai., j 
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UOT TET BOOKED TOOK SUMMER 
HOLIDAY' Ti.cn AmcriOi n E»erc«i 
Tntol Sqr*>cc cjo hem vou. A r . travel 
accnts Ur n»cs« ;Qur oporaion wc can 
hHp \cu srr.'flQP .) trip, be it a packwo 
taur oi indcs^ ndon: holiday even at W'J 
ly.e calc Call ui or Jji'* 

S3. Cannon Slice:. London. LC4. Pnonc 
c;-:4U 2C7i 


AIR FARE CONFUSION? Bolh buslneis. 
men and holiday travenon arc uncer- 
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ralSi m inisrenec today. Call on us 
lor ?onw exoert advice on the most 
appropriate fare lor Your ne«t Inumer. 
It won't cost vou anv mere. American 
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IRELAND CAR HOLIDAYS in «avUe* and 
country houses, i^achc T-mo _a Ches.ur 
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dominates the north-west- 
ern development sceneThe 
news in Clwyd is about 
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it's a great place to live, 
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Talk to us about the 
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Contact Wayne S. Morgan, 
County Industrial Officer, 
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Shire Hall. Mold (tel. Mold 
2121) for free colour 
brochure. 


offs ranging from black prints and are generally 
to metallic replicas — are con- than curiosity value. 

cerned there is seemingly no Tite Royal Mint has found Those countries which pro- 
end to the material which- con- time to contribute a coin to the duce annual sets of circulating 

tinues to pour forth for this m^ent royal theme. This is a coinage with the new date have 19 53» Tiie coins were designed been several inaccuracies in re- 
event Numismatists have been crown celebrating the recent also managed to work the by James Bern' of New Zealand cent press reports. Firstly, the 
far more modestly served and visit of the Queen to the baili- Coronation theme into their cur- and' have been produced at the cost ^ producing such a . coin 

fewer coins and medals have wj^ 0 f Guernsey. It has been rent offerings. The New Royal Canadian Mint, Ottawa, j ^bout lOp but a pound note 

honoured the Coronation than struck in cupronickel for Zealand Treasury has just an- Uncirculated sets and proof sets , ^d— not the same 

nounced the details of its 19iS are now available from the New • ^ 

coin sets and individual dollars. Zealand High Commission, Hay- cost ^ stul a ‘-•onsideraMe sa\- 

The 1978 set comprises 7 coins market. London SWIY 4TQ at >»S when the life of a pound 

from the bronze 1 cent to the £2.60 and £12.50 respectively, not is a matter of months and 

cupro-nickel dollar. A proof The Isle of Man i& issuing un- a coin circulates for 25-30 years, 
version of the set includes the circulated silver and, platinum Secondly the wenium alloy 

new dollar in sterling silver. pr0O f se t s of its circulating used is not cheaper but more 

The lower denominations are in coinage, from the ip to the new expensive than conventional 

the same designs as earlier £i coin with a Coronation Aoni- cupro-nickeL It is not clad 

years, but the dollar is a com- versary plaque. These are being steel but has a pure nickel core 

massive "advertising campaign general circulation and in proof meraorative piece three -times struck at the Pobjoy Mint, in a sandwich of a cnpro-nickel- 

for Jubilee silver crowns sterling silver as a collector's over. Sutton. Surrey from whom they zinc alloy containing a mag- 

fill available at the P iece - A curious feature of Tbe reverse depicts the east are available at £46.50 and £920 netic ingredient which gives 

£12 50 asking price of 18 Guernsey’s circulating coins is yj ew 0 f •• Beehive." the new respectively. As only BOO plati- the metal its unique security 
months ago. The only man 11131 do not Portray the parliament building designed by num sets are being issued they factor. Sharp-eyed collectors 
likely to profit from his collee- Queen, but have the arms of the Sir Basil Spence which is sche- tend to be snapped up rather have already spotted the curious 
tion of British Silver Jubilee bailiwick on the obverse. For du j ed f or completion later this quickly by the American mar- pattern of die-marks on the re- 
crowns, I fear, is the lucky 11,15 special crown the arms year ket where the demand for low-- verse of these coins. These 

Yorkshireman ’who recently have been transferred to the The obverse shows the mintage issues is inevitably identify the particular set of 

found a crown with a circular reverse and the Machin profile Madim profile of the Queen, greater than the supply. dies from which the coins are 

depression on the obverse, of 1118 Q ueen graces the obverse. flanlced by ^ royal cypher and On the subject of the new struck and are a further pre- 
blotting out the Queen's horse. The neighbouring island of the legend “Coronation 2 June Manx pound coin there have caution against counterfeiting. 


the Jubilee last year. 

Of course, the Royal Mint is 
still busily churning out a 
seemingly endless spate of 
Silver Jubilee coins. I seem to 
recall that when this issue was 
originally announced there was 
limit to the allocation per 
customer, but this proviso has 
been absent in the recent 


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Premium positions available 
{Minimum size 40 column um) 

<£ LSD per single column an extra) 
F«r Jurlhrr ticfiiits imie if*.' 
CLASSIFIED ADVERTISEMENT 
MANAGER, 

FINANCIAL TIMES. 

10, CANNON STREET, EC4P 4BY. 


COINS 

JAMES MACKAY 


CHESS 

LEONARD BARDEN 


White’s concealed target was 7 Q-K2! (refutes Black’s last 
the black king: if 17 . . . P-N3; move). KxN (QxN; 8 P-KB3j; S 
IS RxNP. PxR; 19 N-Q6 ch, ^xN; Q-R5 ch. K-B3 (the difference is 
20 QxP ch. K-Ql; 21 PxB and 22 that if 8 . . . K-K3; 9 BxN, PxB; 
B-B6 ch wins. 10 P-Q5 ch. Black can no longer 

_^^ = ____ == _ === . 18 N-Q6, R-Rl (if BxN; 19 retreat to K2 and has to allow 10 

PxB, p-B3; 20 q-ns, r-kni; 21 ... KQ3: 11 B-B4 ch, N-K4: 12 
BxP, OxP; 22 N-K5); 19 NxBPl N-B3 when White's attack is 
Last year's international at R-KNI (if* K xN; 20 Q-N 6 ch) and winning); 9 0-0, Q-B2; 10 Q-R4 
Titlis. USSR, provided a rare Black white wins by ch. P-N4; 11 BxP ch! NxB; 12 

instance of a grandmaster play- 2Q aN6 d 2 \ NxRP. P-B4, K-K3; 13 PxN, Q-N2; 14 

mg two miniatures in the same -« wui m m*i- tj bh 

event. The first game is highly White: B. Gurgewdze (USSR). N-B3. N-N3. 15 R-B6 ch, K^2, 

original, and also a parody of Black: R. Beilin (England). 16 QR-KBL K-Kl; li R-B7. 
novice chess: three of the four Opening: Petroff Defence. Total success for White’s 

rooks come into action at R3 or ^ openifl g moves were 1 novelty 7 Q-K2: Biack’s extra 
Rll! p_K4 p-K4; 2 N-KB3, N-KB3; 3 bishop is useless and bis king is 

White: B. Gurgenidze (USSR). p-Q4,’ NxP; 4 B-Q3. P-Q4; 5 NxP, trapped in the centre. 

Black: E. Matsakanyan (USSR). N-Q2; 6 NxP?! Q-K2. 17 . . . QxR; 18 RxQ, KxR; 19 

Opening: Sicilian Defence. Simpler is 6 . . . KxN; 7 Q-R5 P-N6 ch, K-K3; 20 Q-Kl ch. 


POSITION No. 225 

BUCK(2men) 

SI 




s 


WH!TE( 2 men) 


m 


PROBLEM No. 325 
BLACK (lOmen) 


r 

m 

~j 

m 

■ 

m 


mi 

m 

■ 

38 

n 

■v 

i.s 


• * 


r 



0 

0 

m 

■ 

m 

M 

□ 

81 

@1 

n 

■ 

IB 

■ 

■ 

O 

■ 

m 

L—t 

SI 

lSSi 

m 

•r 


m 


m 

■ 

n 

n 


n 


m 

■ 

m 

■ 

m 

19 

■ 

BE 

□ 


m 

m 

ri 


White mates in two 


. White to move; what should be aga i nst defence (by V?. a! 

The opening moves were 1 ch. K-K3; 8 Q-N4 ch with per- Resigns, if 20 . . . K-Q2; 21 Q-K5, the result and how should play Shinkman, Chess World 1902); 
P-K4. P-QB4; 2 N-KB3, N-KB3; petcal check. R-KNI; 22 PxP. continue ? Solutions Page 12 

3 P-Ko, N-Q4; 4 N-QB3. P-K3; ■ — . — ■ 


5 N-K4. 

Already a surprise for Black 
—usual is 5 NxN, PxN; 6 P-Q4, 

N-B3; 7 PxP, BxP; 8 QxP, Q-N3 
with unclear complications. 

5 . . . N-QB3; 6 P-B4, N-N3; 

7 P-QN4! — 

This gambit is known in ** 
similar positions, but is new 
here. If T - . • PxP; HP-B5 and THE 


BRIDGE 

E. P. C. COTTER 


is on some 


At game to North-South, West course, need not ruff this, but won at once — it might be vital 
opened the bidding with two no continuation can prevent to keep the King for an entry 
hearts— the weak two, based on South from drawing trumps and later. Besides, the heart finesse 
a six-card suit with a point ruffing his losing club on the had to be taken into West’s 
count of 6-10. After two passes table. A clear-cut case for hand. 

South reopened with three “swapping losers.” The declarer had his plan 

spades, and North raised to four After this elementary formed. He would run five 
spades. example, let us study a hand, diamond tricks and then finesse 

West led the heart King, East again from a rubber, which was the ten of hearts. Tf this lost to 


n«rc. u • . „„ , . _ . . FINESSE „„ 

Black’s game is permanently occasions a very present help in overtook with his Ace and led played with great understand- the Knave, he would have the 

*— “ — ■'* r: — * ** ‘ club King on the table as- entry 

^ for another heart finesse. He 

9 P-KR4," P-KR3 * (to stop’f5l-N5 tio'n. fhe good~pra"yerTs the one and South paused for a brief 4 0 763 cashed the diamond King, 

followed by Q-R5); 10 P-QR4, ^rho can distinguish between the moraen1, decided to ruff 065 

P-QR4; 11 R-QR3! ^ ^ ^ false in my with dummy’s eight of spades. 0 A 30 9 7 4 

The natural P-Q4 would give hand, which occurred in an for 150 he thought, would * K 6 

Black some much-needed free- average rubber, the declarer 5*y e him two chances: (1) East 


blocked. “ trumps; (2) If East was able to (j 9* 7 2 


White keeps the position showed little understanding of nii S bt n °^ v h T a , v ® ♦ A 9*4 2 

the position: 

U . . . Q-B2; 12 R-R3! 

White's last two unconven- 
tional moves were well judged: 
if Black tries to run with his 
king to the queen's side by 12 . . , 

K-Ql, White has 13 R-KN3, 

P-N3; 14 N-Q6. 

12 . . . Q-B3; 13 Q-Nl, NxRP; 

14 B-Rl. N-N3; 15 B-K2, P-R5; 

16 K-Bl, R-R4; 17 R-KN3. 

Black is two pawns up, one of 
them a supported outside passed 
pawn. Apart from his funny rook 
moves, White has been shifting 
pieces on the back rank— but 
White has a won game. 


N. 

A 10 8 3 2 
V 10 5 
v K 10 9 3 
+ K 7 4 

E. 

♦ J 6 5 
*5 A 2 
0 Q 7 5 4 
+ 9 5 3 2 


K-BL 


W. 

* 4 

tf K Q J 9 7 6 
O J 8 6 
+ Q 10 8 

S. 

♦ A K Q 9 7 
tf 8 4 3 
0 A 2 
+ A J 6 


overruff, there was the Knave 
of clubs finesse to fall back on. 

East was able to overruff, and 
at the fourth trick led the club 
two. South did not try the 
finesse at once, but won with 
dummy’s King, drew trumps, 
cashed Ace and King of 
diamonds, and then finessed the 
dub, losing to West’s Queen. 

South's double chance 


followed with the Queen, and 
West showed out 
A change of plan was needed 
to overcome the cruel distribu- 
tion, for now, with only four 
diamond tricks, he hod to find 
both heart honours with East, 
and there were not enough 
entries on the table. 

Suddenly be saw the solution. 
He overtook the diamond Queen 
with dummy's Ace, lead a heart 
and finessed the ten. Success ! 
Then he led a low diamond, 
South dealt at game all and giving tbe lead to East A club 


o 5 

* J 10 9 S 3 

S. 

+ J 10 
tf A Q 10 4 
■■> K Q 6 
+ A 7 5 2 


E. 

+ K 8 5 
tf K J S 3 
<’ J 8 3 2 
* Q 4 


bid one no trump. North bid a was returned to tbe King, the 
had Stayman two clubs, and after diamonds were cashed, and 
resulted in defeat, but there was South’s response of two hearts another heart enabled South- to 

a winning line which he simply went three no trumps. finesse the Queen for ftfr 

did not see. On the nine of When West led the club contract 

hearts he should discard Knave, dummy ducked, East The handling qf the diamond 

dummy’s four of clubs. East, of played the Queen, and South suit was* a delight • 





i. C.W jfntinw. 


11 





■ . . »» 
■'7 ; lr. 


Financial Times Saturday Jidy-22 1978 


HOW TO SPEND IT 


by Lucia van der Post 



SCHOOL holidays are here again and whatever 
the age oj your children they will need some help 
from you if they are to use and enjoy the time to 
the full . Tnere is no end to the number of 
enterprising things laid on by almost all local 
authorities — the problem really lies in sorting 
them out. The length and breadth of Britain there 
are castles to visit, museums to wander round, 
learning projects to join in, tours to go on. 
Hmcever, no matter how energetic the parertts, 
no matter how gregarious the children, there 
comes a time when they have to find some amuse- 
ments at home either ivith a group of friends or 
on their own — and tkis is where this page, this 
week, offers some suggestions. The outlay can 
vary from under a pound for a really worthwhile 
book , to several pounds for a sturdy game, so this 
summer there should be no excuse for that 
perennial cry ..." I've got nothing to do .. 




What a racket! 

WOOLWORTH Stores are a with potfuls of worms — it was 

marvellous source of inexpen- a relief not to have spent too 

sive toys. They have always much money on over-sophisti- 

had a particularly good fishing cated equipment Similarly this 

department — their buyer seems badminton set is good for a 

extremely knowledgeable and holiday — it obviously won’t do 

though my son has not turned tor the very good player but 

into much of a fisherman his for those wanting an inexpen- 

first set was bought from there rive, light set for packing on 

and it was very good holiday, it seems incredible 

value for money. As he quickly value. There are two steel- • 

decided that it was an extremely framed rackets, two plastic • 

boring pastime — the only shuttlecocks and a 10 ft practice 4 

moments he found remotely net. It costs £2.49 from all 

exciting were those concerned branches of Woolworth stores. 

Capture the castle 

months perfecting • the boards A VERY topical indoor game. There are all sorts of splendid -v 
(jilSttDSKSBlS and : maldn K Quit® snre the y useful to have on hand for those hazards like being killed by boil- 

■ passed all- possible safety and dreadful days when the rain ing oil or thrown over the •i!' 

CHAIN stores do come up with strength requirements. pours down, is called the Siege parapet — good, authentic ■> 

some remarkable bargains and The “Jet Skater** board is of Leeds Castle, and it’s based mediaeval stuff. ,£■' f 

I think the Littlewoods skate- made of fibreglass at £11.99 on— you’ve guessed it— Leeds I haven’t played it myself but V v - : 
board equipment takes a lot of (there’s an even cheaper one Castle and a real historical the glossy poster-like base on 
beating. Though I read that made from Polypropylene at event that took place there, which the game is played is a 
the skateboard craze is on the £7.99). Both the boards have Between two and four people very attractive colour reproduc- • ’ 
wane I see no sign of it abating seal bearing wheels • which play the game and it works tion of the castle, surrounded 
in my area. For those who have cognoscenti tell me are essen- rather like snakes and ladders by mediaeval motifs. You can 
children or grandchildren who tiaL Littlewoods are selling in that you throw the dice and buy the game for £2.50 (by post 
have been too young until now brightly-coloured safety equip- then move counters. The aim for 35p extra) from The Shop, 
or just haven’t got started the ment as well — the hard plastic Is to capture the flag of Leeds Leeds Castle. Maidstone, Kent 
Littlewoods equipment makes an helmet is £3.99. the adjustable . Castle. Each player has two If you should happen to be 
inexpensive way to start. knee pads, £4.99, while the pieces— a soldier, which is the visiting it this summer, it is 

They assure me that though elbow pads are £3.99. A “ Skate- attacking piece, and a counter, open on Tuesdays. Wednesdays, 

the price is low. the quality boards Rule OK ” cotton T-shirt, which is used to select the Thursdays, Sundays and Bank 

isn’t (I can’t say I’ve applied as worn by the child in our equipment and weapons he Holiday Mondays from 1 pm tu 

thp test of trying it oiii myself) picture, co^ts between £1.50 to needs. ’ The skill lies in the 5 pm: entrance to grounds SOp. 


• * v'njj ,* 'I 1 '* -• ■ 




Their own four walls 


“PLAYING HOUSES" seems an essen- 
tial part of childhood. But once 
children have finished “playing 
houses'* they may want to play “shop" 
or act or pretend they're at school, 
so what they really need is something 
simple enough and flexible enough for 
them to be able to cast it in a number 
of roles. 

Though elaborate, beautifully- 
made dolls’ houses are often very 
beautiful and give great pleasure, 
.their role is undoubtedly static — so 
finely finished and detailed are they, 
they could not conceivably be any- 
thing else hut a finely-finished and 
detailed dolls’ house. This play- 
house is so simple and so basic that 
any child with any imagination at all 
can immediately pretend it is what- 
ever he wants it to be. 

It was designed and produced. by 
a group of three mothers (two arc 
teachers and one is an occupational 
therapist as well) and they hoped to 
find simple, sturdy designs whieh 
children could manage on their own 
and which could offer this kind of 
multiplicity of roles. 



The pla.vsercen is sturdy but light 
— made from a triple eliminated 
material which is usually used fur 
heavy-duty industrial packing, it 
consists of four walls, each is 3 ft 9 m 
high, 2 Ft 6 in wide and it has twu 
windows, one with a fiapdown ledge 
and green gingham curtains, a letter- 
box and a wooden door handle. The 
playscroea walls are hinged and all 
fold in upon each other so that when 
flat it is a very slim package, thus 
making it easy to store. There are 
enough props (tike the window, flap- 
down Jedge, etc.) to be useful and 
to give some illusion of reality but 
there are not enuugh of them to iink 
the play screen with just one situation. 

It ran be used indoors or out, is 
painted onght blue, with a non-ioxic 
finish, and is reinforced with a rigid 
PVC edging. 

You can buy it at a price of £19.50 
direct from toy/work/shap. 71. 
Sherriff Road, London NW6. Carriage 
is £2.00 extra or you can collect it 
yourself by prior arrangement (tel 
01-435 5767). 




Keep the children in their place 

. • . . .• • .• - • 

~ . ■ ■ ■ - ■ ■ • — 


. - * 5 .V, 

> f * 


V-./ ■■ •• 


— they have spent at least six £1.75. depending on size. 


Quick and 
delicious 

BY PHILIPPA DAVENPORT 


manipulation of the two pieces, to Castle £1. children half price. 


LEMON PORK — serves 4 

The pork must be lean and browned all over. Reduce heat 
tender for this aromatic and stir in the diced bacon and 
comforting dish. If you can’t buy crushed garlic; add the butter 
fillet use boneless and fatless cut into slivers and stir until 
loin of pork. melted. Cover and cook very 

14-1! lb pork fillet 6 oz piece gently for 5 minutes or so 
streaky bacon. 24 oz hatter. 1 until the pork is cooked right 
tablespoon olive oil; 2 garlic through, 
cloves, 1 large lemon, salt Uncover, add the lemon juice, 
pepper, 1 teaspoon coriander lightly crushed coriander, a 
seeds good grinding of pepper and a 

Cut the meat into cubes. Heat little salt Increase heat and 
the olive oil in a saute pan. cook, stirring, for 2-3 minutes so 
When smoking, add the . pork the sauce hubbies up and 
and cook over brisk heat until reduces to a syrupy consistency. 




^ ■ - MbPiS* <£icr 




'.%S* 


jo t W 


HOLIDAYS are no time for do not make for the cheapest over lo * 

experimenting with lengthy or of meals but they seem to me ESCALOPES DE VEAU CAUCHOISE — serves 2 

elaborate recipes. It seems a totally justified for these occa- _ , .. ... ... . .. , 

shameto cut Tday's excursion sions. They usually work out One of my favourite recipes jujee. Add it to the foaming 

SS for the sake of cooking considerably cheaper and tn m Elizabeth David's French butter m a thick frying pam 

and” serving dinner at your better . than the average Provincial Cooking (Penguin). 

usual punctilious hour; but if restaurant meal, and there is As she rightly points out, how- «L ach side. Add the *PPle ' “J®*; 

vou stav out till sunset, dinner something enormously pleasing ever tempted one may be to 1 “ a 

friable 1o becle“ midnight about being abie to prodnei cook the Whole apple just for '° *?>“ 

feast and diners will probably within minutes of turning ttes^e of nsmg , tup .t would 

hare lost their appetiles and borne the sort of mvrting smells £ * J”|f 0 f sweet^tSe heat under the pan. Rotate the 
good humour by the tune food and «*>>■ -.nfcft. tjffl »a. ItMjta, of^swee. taste ttlG fl die down. 

pan dLhes mid grills eageriy into Ute kitchen. . * gives the dish its originality. the cream and lower the 


texture that P an un ^i (he flames die down- 


GRILLED CHICKEN WITH HERBS — senes 4 
This is inexpensive by any Make a marinade by mixing 
standards and the juices are as together the oil, lemon, herbs, 
delicious as the chicken. I sa j t and pepper. Prick -the 
serve it with lots of hot bread Sicken all over with a fork, 
to mop up the juices. It could tupn it ^ mar j n ade, cover 


gives the dish its originality. 

2 escalopes not beaten oat too 
flat, half a sweet, apple, 
peeled and cat into cubes, 
14 oz butter, 4 pt thick cream. 
2 tablespoons Calvados, salt, 
pepper, lemon juice 


Add the cream and lower the 
heat 

Cook gently for two minutes 
or so, stirring the sauce and 
scraping up the juices all the 
time. As soon as the cream has 
thickened, transfer the meat to 
a serving dish, arrange the 




Season the meat generously apple on top of each escalope 
with salt, pepper and lemon and pour the sauce all round. 

LAMB WITH MOZZARELLA AND TOMATOES — serves 4 


. - . . m ■ mrilh lux u it xii uic — - 

be accompanied insteaa leave in a cool .placed- Noisettes are best for this dish Reduce heat to medium or move 

rice that has been boiled in ,, several hours. 3 think but lamb cutlets or the dish a few inches away from 

chicken stock, starring in the prrfereoiy ior sev m also be used, the heat 




chicken stock, .snrring chicken on a grid, place chump chops can also be used, the heat. 

grilling before senr- in which case trim off most of Grill the meat for a further 

“■?* .5“! JEST- ■■ JwS ES, *■*■■*».■■**■ ..... three .nmrtes on .one ride ften 


grilling juices just before sen-- J^ay hi 
ing for extra flavour. I use it ovei 
Marks and Spencer's ' chicken on the 
thighs; they come in packs of Gnu 
live pieces; each pack weighs skin sii 
about 14 lb. 


and spencer s cnicseu «« medium-high heat, * noisettes of Jamb. 8 table- turn it over. Sprinkle on most 

: they come m packs of Gnir mi nut ^ spoons -grated Parmesan of the Parmesan, -cover with 

,ieces: each pack weighs ten side dovra , w * ^ « ^eese. 1 lb tomatoes, i lb the skinned, seeded and 


nve p«ec». — ‘ tvivL -tin cjde un and grill for cneese, l io tomatoes, i 10 me sranned, seeded and __ . . 

about 14 |b. . o^yfhpr 9-l0 minutes, using Mozzarella cheese, fresh basil, chopped tomatoes mixed with TH3S CHARMING drawing is yu- n |. Heaven 

24 lb chicken thighs. 5 table- a father _ salt and a little olive oBL five or six tablespoons chopped taken from an unusual brochure naRK flea Veil 

spoons olive oil. 2 »W«Poons fierce heaL fO Vn last meat lightly with basil and a little saiL Arrange which has been produced ki the 

lemon juice. 2 te^poons each bo that ibe s is juicily ohve la f “ a lay H er very thin slices of Mozzarella on form td & vail chart. It is fOT little girls 

thyme and marjoram, salt and Mwn wm-e w ^ on a gnd placed over a gratia top and sprinkle on the remain- Aesuaae* Barker 

Hi oh anri OTill .inrior finrw boat Imo Porm.»w t O^Sima D V i>USaD CaTKCr, 


pepper 


tender. 


dish and grill under fierce heat ing Parmesan. Grill for about sleeves and vote til” 80 o+o T 1 ;,,. 1 ?? 10 1 e « ^ er and perhaps a 1 

for 1-1 J minutes on each side to five minutes until the cheeses J Tte tabv for : iree taU’) de ? dl t 5^ t . mey aT i really more for chUdren and 

seal and brown the meat are melted and gently bubblin? S£?!i “ d ES' SFlrid collector®’ ttems than toys. B y the end of Aui 


BRITAX have gone to great 
L_ _ ■ lengths to produce a device that 

II© IT place helps keep children safe in cars 

but isn’t too restrictive. It 

• •• • ,r * -r\ ? differs fairly basically from the 

* systems already on the market 

'T •sas^s^r * — these are mostly moulded seat 

... shells in which the child 

*V • allows the child to sit on the 

normal rear seat of the car and 
’'fff yS gf - i he protection takes the form of 
a polystyrene •• shield ” which is 
held in place by an adult rear 

i Se. luS.-jK The polvstj-rene shield, 

. besides acting as a restraint in 
the case of an accident, has a 
twslr . table unit incorporated into 
■iJSSSSk O "i, . l desi gn which allows the 

child to draw, do colouring, 
play with soft toys or generally 
. keep busy. In other words, it’s 

. • ’’Stas' y i a cross between a seat-belt and 

m "wi a P la - V table. 

B* "• y .’ In case of an accident the 

. un *t is designed to compress 
and absorb some of the shock. 

■ Needless to say it has been 

l thoroughly tested and passed 

all the requirements of the 
British Standards Institution. 

Britax see their “Playsafe" 
design as being ideal .for 
children from about four years 
jgffifiroBgflB. up to 10 years. From one to 

four - vears - t h e >‘ think a system 
/Jr which incorporates straps and a. 

igfefo Jy** /I* child seat, like their own Comfy 

Rider, would be more suitable. 

Similar systems have been on ■ 
"ale for some time now on the • 
fiY yl fe Continent where they have been 

much applauded — the one in 
Germany was given the highest 

isT • rating awarded to any child - 

restraint system, while in ' 
-^TTV France a consumer magazine 

rated it the best buy in its class. 

•M'jiiiit The "Playsafe” is sold with 
everything needed io instal it, 
.-.x'-'X including a set of special Bntax 

-W- ^ colouring crayons and a play 

book featuring the adventures 
[■ : * cSc)>. : }i of Wally and the Yellow Baron. 

This DOt only °® ers Pt ctur es to 

■ colour in but suggests games to 
kit# “riff Play ih the car. 

The " Playsafe ’* is going into 
all branches of Halfords, Boots 
(p-i-p 50p). If the pnee seems ayu j Woolworth around the* 
high, remember that she uses midd i L , of August and I see it as 
hand-made lace, embroidered j ust t f, e thing to help make all 
underwear, soft leather for the those endless journeys that • 
boots; the dolls are so carefully summer holidays involve a little • 
finished down to the smallest safer and perhaps a little less 
detail, that they are really more tiring for children and parents. 






PimraNT STEAKS — serves 4 ior i-ij minutes on eacn side to nve minutes until the cheeses 

FIU ;! : etoat c all over with seal and brown the meat are melted and gently bubbling 11 « ,auics ^T\^hL ““ectore* Hems than toys. By the end of August the 

These steaks, like the chicken Coat the steaks zU over wim g ' those who do not live near her held by the little garl on the Susan Barker does many system should be very widelv 

in the recipe above, are best if this mixture, cover and set SALTIMBOCCA ALLA ROIUANA — serves 4 shop in .Olney, Buckingham- right is wearing a christening other very ch^ng toys-ador- available. Suggested retail 

marinated for several hours so aside. * For good and cheaper— albeit into a little roll and secure with shire ' to buy ber desi § ns * ^ ress «»* bonnet of the sort a bi e rabbits, a traditional rag- price is £18.95 but it is expected 

that flavours are thoroughly Tom^etnep . 00t classic-results you can a wooden toothpick (Boots sell I Everything Susan Barker does ^usan Barker makes to order doll, a turned wooden diabolo, J that keen discounting will mean 

absorbed. New potatoes and a anchovies in a : m . , . replace the veal with pork tl, ® m cheaply), or a cocktail is hand-made. Her clothes for from cotton voile and which is and very unusual children's you could find it in some shops 

.mats admirable 'remaining ingredico and. slick •- <sh.Ufi.iwi fpaMinnai trim-nied with band-made lace hnniani mith o*;mgi mnHfs (kit- fn* u*ti« •« 


salad make admirable wsinwg “^ a ^ e Tmix7d «let However.. whereas *Uck 
in intents. pound again untu ■ * hiitehen will netiallv nrennrp 


children, based on traditional trimmed w^th hand-made lace bootees with animal motifs (kit- [for as little as £13-£H. 


accompaniments. ***“ SISa on a arid butchers will usu'ally prepare MeI J butter in a saute dresses; and smocks, are “■ "nebet work. tens, dogs, ducks or rabbits) 

a tnnrnedos or other good place S containSs scaloppine, you will have .to P an * foaming add the frequemay trimmed with lace, jn the baby's hand is a small « you want to buy the clothes 

t fc _ u-eiehlng about 6 <« °J er prill under fierce slice ond flatten pork fillet I ?!' an ^ ove { w hdc4i in turn * is hand-made, hand-turned wooden rattle by Susan ■ Barker really 

-rlrSrsS sssstti-ass wr-iswase 

K',:" 1 Mr*-* g sif zs rtz ss ^ in tro „, shows 

mustard, 1 teaspoon lein »“ medium and grill for a further battery 6 tablespoons mars^a, tender . ^ *5? * awfal « can see 8 “ore of Susan Barker's toys. She uses lots of Laura Ashley- 

_ ■ a * * — - -- AitAtlAAfl ■ a Itfcw wn /1 1 WH mm TlAHtlW I fdnl A£llAAt1 WAraP m ■ .a - 1.t tThlO /W flit a aamo -*- * ^latlaaa aliA A . ■ a _ ■ _ . •* 


- _ ... r “ w * Uia p 1 **™ tnwv** — me group is ts.uu (p+p aup). For a free wall-poster-cum- 

«-r„ u h thP earlic mix it with steaks, spread on the remaining a piece of ham on top of each the juices over the meat Serve tram«»d with crochet (£18,00, Then come two finely dressed catalogue write to- Children’s 
Undine of pepper and paste and grill again -for a slice and add half a sage leaf with ■ buttered noodles or P+P w.’ .On' the right, is a dolls— a’ lady doll and a baker Collection, 2 Dartmouth Road, 

a -,OOtl gruiuius f . 9JL minutes. finely ehODnefl. Make eaeh rmr* trianpl^c rtf Mail Wsrl cotton MinA umiIi full Thm. mznn 1 , ai v. . . 


iniWnts. fiirther 24 mtautes. 


finely chopped. Make each tme triangles of fried bread. | cotton print dress with lull doll. They cost £25.00 each Olney, Bucks. 


LOCAL 

AUTHORITY 

BONDS 

Every Saturday the Financial 
Times publishes a table giving 
details oF 

LOCAL AUTHORITY BONDS 
on offer to the public 
For further details please ring 
01-MS 8000 Extn. 26 & 


1 •» 






■Financial Times Saturday July 22 19TB 


12 


ARTS 



Happy days on the 
Third Programme 


RADIO 

ANTHONY CURTIS 


Radio has one obvious 
advantage over the theatre in 
that it can resuscitate its own 
greatest moments exactly as they 
occurred, and so easily, by 
threading a reel of tape around 
a lew spools. Programmes 
which raid the archives are the 

norm, almost one is inclined apart from some contributions 
ungratefully to say, the cllch€ by Maurice Cranston - using . the 
of today's output. But on characters as mouthpieces for 
Wednesday we had something political philosophy. I feel the 
different, a whole evening on time to he ripe for a renaissance 
Radio 3 from 7.30 to 11.40 with K. Amis and. others co- 
entirely culled (apart from the opted. 

News) from the past. Probably experience gained hi 

The earliest item. The Last directing the I ma g i n ary Con- 
Trme I Met Henry James, a versation prepared the way for 
hilarious recollection by Comp* the Proust pieces which were 
ton Mackenzie of the Master much more complex and more 
being interrupted in full spate fully dramatised in presentation, 
by his housekeeper with a re- The Saint Loup probed the con- 
quest to order some marmalade, tradiction of the two sides of 
dated from 1949 and the roost this character's sexual nature. It 
recent Terence Tiller’s Filial ca nie across in all its delicate 
Meeting from I9fi6. It was thus or i S mai subtlety on Wednesday. Jean Cocteau in 1956 

;hc golden age nf the fifties and lt was a stroke of genius to cast 

oarly sixties, the era of the Third Robert Eddison — who had The oratorio was preceded by dream encounters a number of 
Programme, which shone again. p| 3ye d St. Francis of Assisi in a talk The Ladder and the Tree other people all of whom turn 
Denys Ceroult. the compiler. one of ^ conversations — as whlch will i am Goldins first gave ? ut 10 be aspects of himself. It 
9“jaqe<ted an overall theme: each St Loup aM in$t the pluramier * t. 1S a combination of Jung and 

;*enr he had chosen dealt with tones of Anthony Jacobs as He described how as the gran( j gU ignoL All the voices 

self-discovery. Fair enough, but p rous t an d the crude -pomposity son of a schoolmaster he aver- wer e spoken by Mr. Burden, in 
te'- m-' a programme that does prc ,vided bv Reginald Beckwith came his fear of learning Latin dialogue with himself. The mind 
not deal with self-discovery. ^ g] 0c h The actress Rachel has thereby sensing bis childhood boggles at the thought of the 
Vh-*! the programmes had in 3 most eiili"btening conversation was behind him— a Proustian editing that it must have needed 
’ommon was not su much a kin- with Marcel in this script and moment in the English The terror was counter-pointed 
<h'o of theme a,- a f35lidious- s he was in the safe bilingual provinces. And the evening came by Elizabeth Lutyens’s music, i 
Vo'-s in pre<.'ntaiion and per- hands of C£cile Chevreau. Surely to its dramatic climax with a went with shattered nerves to 

fn 'm a nee all ;uu rare today. We after this broadcast there is a performance of a fine play by bed. After Wednesday, what- 

n..’ -m with Sul union ‘s peerless stron « case for rebroadcasting Terence Tiller Final Meeting ever the future may hold for 

P'avin* of piano sonatas by t fl e vchole Proust series? which I did not even know radio as a poetic medium I am 

Mozart and Schubert from a 1956 p nniJ _ wrot ~ - flattering existed. This was pure radio. A convinced it can be proud of its 
broadcast, and after that we lpt ,™ to cocteau saying how man (Hugh Burden >m a waking past 

heard one or the legendary ” envied his kna ck of 

Proust reconstructions by summ - in g things up so captivat- 
Pamcla Hans ford Johnson. Saint- F 0r a while Stravinsky 

Loup ( 195*1 produced b> Raj ner tJie sarae admiration for 
Heppenstall. Whenever the Cocteau ’ gifts att d asked him 
possibilities of radio as a medium „„ n ~,tnri n 



Around the World in Eighty Days 
at the Nottingham Playhouse 

#5 

the Nottingham Playhouse, the the scrambled, unexcit- the boat to Yokohama ^ aristocratic beauty, is 

director, Geoffrey Reevi*; two the p>re is a suamo u, disappearing for ever. Woret of sea* j. „ pnQUgh to slt w a 

translators from the French, “8 affair. MUcliell has provided all. the prison «*{«,££? swfe eha?™ that* promptly collapses. 
Fred Lyster and Adolphe ^ " Bill features a George Formby-style ^ clumsily 

Pbillipe; and two actors m the huradmromusic. but few gaoler singing, not ^ry wcll a ™| ra " efl most rf ^ singing is 

company, Nick Hughes and Roger Scott e n artuaUy relate to the- rude song for no dram tic for Q, e Japanese 

Simcox. Between them they do ° f JL nem ^o pcn * ng chorus dis- reason whatsoever acrobatic troupe-most of them 

not even produce a fine old mess, stor^ | of PhileaS The acting 1 Sro hardly execute a forward roU 

Just a dull shambles. The first YL e pr0 mptly drops the ooldurless and «dwpire«. ** can J, akiag y 0U f ea r for 

requirement, in any version, I i n Eg Kong, a young Fogg, Malcolm Jg Seir Uve™ " 

would have thought, is a sense of „: r i J scn ,bhine the floor bemoans trives to bump into the see cry 
quickly shifting location, along s ,ri S,KUUWUB c - - 

with an excitement about travel. 

Of course. Phileas Fogg should 
be his calm and collected self, 
leaving the panic and demng-do 
let alone Hong Kong and Cal- 
cutta. There is a jolly elephant 
on a truck on which the travellers 


Dutch paintings on show 



THEATRE 

MICHAEL COYEN EY 


to Passepartout. But even that 
feeling of urgency is completely 
talking, as is the anxiety or the 
bloodhound Inspector Fix waiting 
for Lhe warrant for Fogg's arrest 
to catch up with the party. 

The stage is dominated by an 
odd skeletal structure which 
revolves efficiently enough to 
double as modes of transport and 
city backgrounds. But, beyond 
a few hinny voices and rudimen- 
tary costume changes, there is 
really little difference between 
the Reform Club and Liverpool* 


shin and creative intuition that each section i gained hmver August _ 2 to September li. pos t from 
works on radio as it does on no in French. When it was first per Admission is Free. department). 

formed tit 1927 Diaghtiev Tfa exbibiti(jn ^p^es 2S 


other medium. 


publications 


The exhibition which has been 



Art shop 
plans talks 

Dr. Roy Strong, director of the 
Victoria and Albert Museum, will 
be at the Arts Council shop. 23 
SackviJle Street. Piccadilly. 
London Wl. at 12J30 on Tuesday, 
July 25 to talk about his new 
book When did you last see your 
Father? The Victorian Painter 
and British History. 

The publication of this book 
coincides with the Arts Council 
exhibition Great Victorina 
Pictures: their paths to fame at 
lhe Royal Academy. Piccadilly 
i July 20— September 17). 



Malcolm Mudie as Phileas Fogg with Roger Slmox and Veronica Leigh 


THEATRES THIS WEEK ... AND NEXT 

BUSH - I. ,U «e IW*. 

“ -• ■ ..! 1 •- U— his 



■brilliant conversauun u««wu -- —‘j. Thnrkrinv’g Prum W,UJ V ; tures irom me ioin cemnry 

Newman and Kingsley (they ^ T X3JJE Davis ^ transience of life, and a cat Venice" which visited Bristol, 

never met in real Ufe)^n^he b ^ p shll | not have and mouse uncertainty. Norwich and Wolverhamplon 


meanings are late in 1976. The next touring 

Renaissance 

out early in 
organised by 
National Gallery, 


now ana in roe imuri* oe i»>-jcu n narration sDOken Assistant Keeper at the National Keeper or roe 

r. P r°-ib.S l L.‘MJ?!S SP glS. 1 AU^e Paintings ^ MU. Br aham 


iWJUivun.i.w nj.iinui.ou- h . ouen Space. 

of People's Theatre, on August Wednesday. Around the World tn Eight}/ , _ t fur tbe p0 p industry. 

10 and Alec Clifton - Taylor. CII i/ RC HILL , BROMLEY — The Days. New. quirky version A * opcns a t the RSC’s Ware- 

author of Sir English Towns, on p_j_ € Minister's Husband. Un- the famous Jules Verne novel hnuse on y ri d a y. Elsewhere, 

August 18. demanding, enjoyable political with songs by Adrian Mitchell. there is fioelhe - s Faust a t the 

Patrick Moores popular tele- sel in the future with a Opened Thursday. Questors’ in Ealing, a new play 

vision senes. The Sky at Night lad /pri me Minister and 5m un- * in Oxford. Time of Life. and. 

has now been running for -a cmp i 0 y ed . Reviewed Wednesday. A fu ^ and varied week in.the on Wednesday, a piece about life 

S KSf^^nsag £«« «» 

nn the series, Sky at Night — 6. undergraduate revue with Cowards 1959 revamping otMoon.. 



f Indicates programmes in 
' black and white 

BBC 1 

: 7.15 am Open University (Ultra 
•Hich frequency only). 9.00 Rag- 
itiirie. 9.15 The Flashing Blade. 
9.35 Goober and the Ghost 
Chasers. 10.00 Rockface. *10.25 
Fatty Arbuckle. 10.48 Weather. 


iNorthern Ireland— a.an pm 
Northern Ireland News and Sport 
11.50 News and Weather for 
Northern Ireland. 

BBC 2 

7.40 am & *.45 pm Open 
University 

3.15 His Majesty O keeffe 
starring Burt Lancaster 

4.45 Cricket. The Benson and 
Hedges Cup Final: Derby- 
shire v Kent 

750 News 

7.45 Network 

8.15 Royal Heritage 

9.15 Kings of the Castle 

ia nA a« MM »At nroiltU' “ 


5.05 News 

5.15 Cartoon 
5J0 Happy Days 

6.00 Doctor on the Go 
6310 The Life and Tunes 

Grizzly Adams ' - 
7J0 Mr. and Mrs. 

8.00 ''Murderer’s Row” starring 
Dean Martin. Karl Malden 
and Ann-Margaret ' 

10JIO News 

10.15 The South Bank Show 

11.15 Revolver 


creek. . 12U0 The 
■'Twilight People." 


Midnight Movie: 


HTV 


n A nirt 1 247m Inieresrtng IS*. U-45 News 

KAUlU 1 jW,ni Tonlghi's Schubert Song- rtnm 

tS) Stereophonic Broadcast Radio 3 VHP only: MM3t am Open .Ennius 

Medium Wave ooljr 


1UD-1U5 3JS Music of the; Masters: As Radio 3 
5. DO Kaleidoseow \ Encore. 5 JO Week 

iS*.\5J5 Weather. &.00 


9.IS am Old House. New Homo. 10J5 JSJL?* (jbo?ce ‘cSl^UUJO S Adrian P A flTf! 4 738 These You Have- Lovcd CSi. 8.» 

Of Batman. UJO Beachcombers. liOB 72JJ. J Sni cambaMlnJ 131pm an^ VWF Saturday-Night Theatre te). W« Weather. 

Lassie. 530 The Cuckoo Waltz. . S’ nnTSiiaSX™ -sT 434 m. 330m, 285m and VHP ^ News UU5 _A Wded_ in Edgeways. 


unlverete. 


Stop The Week with', Robert Robinson 
738 These You Have*. Loved f Si. 8 *» 


Batman. UJI ueacoroanjenf. aam . ^ 1 _„ , n nmhawlnl 131 an 

tsst. js. a mRi s tt'f&nfsr&sx 

Wrecking Crew. 

HTV Cymni/Wale 9 — As HTV Genera) 

Service exceot: 5304 JO Sion a Sian. 

SCOTTISH 


t32 . U.-00 Lighten Oor DarRmtis. LL15 News. 

Fortran. 

London 

Sport on 4. 8-<B Yesteruay in paniamein. 206m and'OIJ) YHF 

• 8 JO am Talking Bikes. 9J5 Canoon. RADIO 2 l^OOm and VHF •^WM'k^^Westmlnsler. 5.00 am As RadloZ. 7J9 Good FUum. 

** — • 11 30 The RoMlf 

2 JO pm Bob 
ilbow 5.00 Paul 
BJO — Close: As 



10.50 Cricket. j2es tioiflO Monster Double: “The 

up Final- Herb* -hire \ Kent. Quatermass Experiment 

11J20 News on 2 



Cup Final . 

;1.15 pm Grundsland: Intcmalional 
Boxing f 1 !20 * : Racing from 
Ascot 1 1 2 3 . 101 ; 

Intcrnatir-:*. ! I'rcs^ace 12 . 1 ) 3 ); 
Crf kt-t i- ••*".. 2 45. 3.30) The 
Bcnsnn and Hedges Cup 
Fm.tl: The R.'val Internationa! 
Horse Show t3.:»0). 5.05 Final 
Score. 

. 5.20 Emu's Broadcasting Com- 
pany 

5.45 N'cws: 

New .s 

G.itO Wonder Woman 

6.50 I'.iTS Koval Tournament 
7.35 Seaside Special 

- XJ23 Ko.isik 
9.15 Nows 

9.25 The Royal International 
Horse Show 
1 U 2 ID Sailor 
11 . tin The Expert 

11.50 Weatherman 

All Regions as BBC- 1 except at 
•the following times: — 

Wales — 8.30 a.m. Hobby Home. 
11.50 pm New s and Weather for 
Wales. 

Scotland — 11.50 pm News and 
Weather for Scotland. 


Best 


11.25 Cricket. Derbyshire v Kent 
highlights 

11.50 Monster Double Bill: “The 
Crazies " 


JJ.JU wn 1UC buui IUU. p ln l . nprhvshln- 

6JU Mr. and Mrs. 638 Happy Days. 7J0 ^05 Twn’t 

A \Gi T A TIk- Life and Times of Grtaiy Adams. nSuii u-M* Brid<n I 

js. v&stun zs&nsz &&£&&&&& 

Tarzan. 6.00 pm The Rolf Harris Show. TYNF TEES 

730 Gambit. * ° 

ATV 

4J5 am The Shaw? of Things. 130 

Sesame Street. Mr " mid Mrs. 730 Backs to the Land. C , cl | ng . . 7JH O'Connor Enienaira. 


The Life and Times of Grizzly Adams. ,..i,h Rrirtm tXi 130.7 no snnn 

UJO Southern News. I2J5 .w . Weaker S^'cu'p Fl«f Cri^- ' ^ 

11 . leBr5 - s-ii. yj|j. Benson and 

Dnrhrslure v. Kent: plus news ot the 
- irl match he l ween the New Zealand Tounnn 

1 .M am Lj-n s Look-In. 1 JU Lucan. Team and y 0 rkshire: Racing from Ascot 
ID-05 Lvhs Look-In. 1DJ5 The Paper d.:! 0 . ;.m. 335 . s.40i: Equesmanisni '1.30. 
Lads. 1DJ5 “Gunsmokel ’ 1235 pm Una n.oo. C.40. 3.25 1 Rnval Intertiatianal 

Luok-ln. - 530 Laverue and Shirley. - 6 JBI Hgrs „ stow plus Mato'- Cycllna and 


SSlteSr 34B Does He Take Sugar? Radio 2. 


CHESS SOLUTIONS 
Solution lo Position No. 225 
I R-R7 ch. K-N7: 2R-N7ch 
K-R6 lit K-B7; 3 R-KB7); 3 R-R7 
ch, K-N5; 4 R-N7 ch. K-R4; 5R-R7 
ch. K-N4; 6 R-N7 ch, K-R3; 
7 R-R7 eh, K-N3; 8 R-R6 ch! KxR: 
drawn by stalemate ia study by 
J. Berger). 

Solution to Problem No. 225 
1 Q42R3. PxQ; 2 N-B3,. or if 
KxN; 2 Q-RS, or if PxN; 2 Q-K3, 
or if P-N7: 2 Q-KB3. or if N-H5; 
2 Q-Q3. or if N(Q2) moves; 
2 N-B6. 


IN 1)0 !V Picture Show. 530 pm The Cisco Kid. rT e 'wrecking Crew it, in Within J n o','7in' i T«a'T«n»a 

ufc™" 

Saturday Banana tpan 2). 10.15 Law centre. W soap. ULMtR • Rad | Q Orchestra fS>. n.02 Sport* Desk. 

Ssnnrt /Regional The Monkees. 1IU5 The Saturday DODncD . u S a lurday Morni ng M ov 1 e ; ‘ The U J 7 Ray Moore with The Late Show fSt 

0.03 hport Regional anana (part 31 . 1 U 0 Space BORDER Lost World." U30 Sesame Streeu 6J0 pm including 12.00 News. 2.0D-ZJ2 News 

ftwq 113 ' P n 1U5 am Tarzan. 6 J 0 pm Mr. and Mrs. Oh No it's Salwyp FroggKL 630 Mr. n irsiA -a 464m. Stereo & VHF 

n'.,u nf Cnnrt 19 05 7.30 Oh No It's Sclw?n Froggut. 8 JJ 0 and Mrs. 7.00 The Ll/e and Times of KALJIU J 
12.30 pm World Of Sport. 12 -<a kllm . ...— Crew." Grizzly Adams. U35 George Hamilton 1735 am Weather. 8.00 News. 8 JB 

International Sports Special iv. Aubade (si. 930 News. 94H Stereo 

s'jrL.Sr*irwSSSSS channel. wjotward.^ _ sarMfe.«,TS?* InterviS 

!Uann S British Arm Wrestlin„ pm pmBn's Plaiiicc. 535 Spider- I.IS am Talking Bikes. 1035 The Reading. W35 Recital Part 2. 1138 

Championships; Australian mjn Sjas Happy Days. 635 Badu lo Beatles. 10.40 Look and See. UJO Gus Granados and Caplet (S>. XL30 Northern 

Pools check. 1.15 News from the Land. 6J5 The Six Million Dollar HoiwybmTs Birthdays. 1L35 Code *R.’ sinfonta Orebestra: Telemann. Vivaldi. 

ITV 1 on The 1TV Seven: Man. 830 Failu-r Dear Faiher. 938 The 535 Spiderman. '5^5 Happy Days. 635 Rameau iSt. 130 pm News. LOS 

1 nn •» nn •> TO and 3(10 races Entertainer. U35 The Law Centre. Racks to the Land. 6 -« The Sis Million Heritage. 130 Jessye Norman (SI. 230 

130. -m -au ana J.uu races wdtam D,)!lar Man - 830 ^thcr Dear Faiher. woman of Action fS). 335 Music of the 

at Ayr and 1.4o, —lo ana — ■' URAlMrlAIN 9.00 Thu Enlcnaincr. UJ5 Law Centre Masters by Wagner. Schubert. Bruckner 

races at Newcastle. 3.10 wo Talking Bikes. 935 Scene on 1235 The Electric Theatre Show. 1239 , s ,. 5 30 jazz Record Requests (St. 5^5 

Intcnialinnal Sportg Special Saturday 1035 The White Stone 1030 am Faith for Life. Clarinet and Plano Redial: Hindemith. 

,■» Powerboat Racine from Sesame Smei. 6 JXJ pm llr. and Mrs. VADVCUTDC WcHesz. Martlnn <5>. 6 JS Beethoven's C 

Rristol and The Hawaiian 730 Backs to the Land. 1230 Reflect Ions. 1 ORKSHIRk Malar Concerto: Discredcm- 6 -g The 

Bristol and 1 nc nawa lan 9.M am Talking Bikes. 935 The Saturn Classical Guitar (S>. 730 Proms T 8 . Pari 

Masters ourlint; tnampton- GRANADA dnv Banana 10.15 The Gene Machine, i: Crosse. Beethoven (Si. 835 Persona! 

ship. 4.00 Wrestling from 9J0 am s.. Mn]e street. 10.25 Breakers 1130 Code R. 630 Mr. and Mrs. 730 View. 8^5 Proms 7S. Part 2: Elgar (Si. 
Bed worth 4.55 Results t n P= Saturday Matinee. 6.00 pm Mr. and Rjek*. iu rhe Land. HJO The Wrecking 930 Fact and Fanrasy. Viennese operetta: 
Service. ’ Mrs 730 Bless This House, a. 00 Fire- Crew. talk by Nigel Douglas (Si. MAS Sounds 



WEEKEND CHOICE 


SATURDAY: From year to year BBC2, and at 10.15 ITVls Soutii 
The Royal Tournament seems to Bank Show shows the second halt 
go on with only one or two of “ Hullabaloo." The first part 
special events ever changing: was excellent, 

BBC1 today (6.50) again shows vtw** World About 

massed bands, the field gun com- SUNDA\ BBCSa . Worm About. 

petition, criss-cross motorcycling, repeat (7.15 ) of the 

and the musical ride of the Royal SI 

Horse Artillery. No doubt there taught ^eie craft by Stella 

is a fresh audience of children SS 1 L? pe ?i&i 

each year for whom it is all new ^ maTket shenanigans, 

Paul Jennings looks at the are botIl wc u worthwhile for any- 
Korehnoi/Ku;pov confrontation 0Qp whb the first show- 

m Kings Of The Castle at 9.15 on. -Qg $ 

However, the evening's, most 
tempting, offering is ITVs Ayck- 
bourne play Just Between Our- 
selves (9.30). CD. 


Rosemary Leach. Just Between 
Ourselves: ITV. 


ENTERTAINSVSENT 

GUIDE 


. 1 


CC— TUMP thcat'm accept certain credit 
cjrda &v telephone or at tne no* Office 

OPERA & BALLET 

COLISEUM. Cied.: 5258 

Rtref »aiionr; o' -8^6 II 51 
ENGLISH NATIONAL OPERA 
■ 1078-70 -.won open 1 - Frl nr»t a* • wi*J 
TffC k!J9<C Mule. Jlio pcrli Aw-I 1 3. 5 

jl 7.30. Jul* S Q ■- A“S J ol 7 SO U 
B o’icnw . 

COVINT GA RBEN. CC. !« 

Ga-den^Tec rri rt » c ito-- .<3t> n?c.. 
THE ROYAL SALLC7 
Tmj* ji :M jnd 7.00- Four SChum.irn 

P:«M. Wrirtrvsrn-cnf'- Cl.lc SmcrWlKW. 
wed Jra yhe "royal OPERA 

NT A? =7 h “h ju’V *-&??■ 2s£i 

. SraW'STSS f-S. Trom 

.10 »m on (!»¥ c 1 ocn- 


,LYNtE BOURNE FESTIVAL CPCRA. Ur: I 
a-io 7 with fh» London PniihHrrn.r •> 
OrthcHrJ. Ton-off: »ml Th “' 5 ??* ^ 
R. 1 S- La Bot-fmc. To’ncr. tuc *. 

5.30 Tn* Rake’S PiMrew. MW. 

r>. next Jl 5 50 Com fjin tul»Ci 
Ptrtsmle returns Bfl'r dJffreGiyndP- 

bourn? Lewes. E Suuca “-'J, 31 J. 

NE The curtain l;r Com w|11 r ^ 

5 30 ih'rp Tr.iri .s no oessip.tir» o- 
adrnttancc mr ute-f omerv 

lOYAL FESTIVAL HALL. 928 119:. 
□D7rs Tamar, at 7 30 u'jt‘1 , A “ 5 -. p 
E**S 7 JO ‘Jul* 7P *1 6 3C" Sun- J'*' 1 ' 
3 D j: 3 and 7.30 -No «*'•• Tlw 

scnsal^na: qatshEVA 

□OTKC CO w'th GALINA and VOLERT 
PANOV 

dancm* «t fw'» wftnpirt- 


ADCLPHI THEATRE. CC 01-836 7611. 
[ms. 7 SO. Mill Thurs 3.0 SaL 4.0. 
IRENE IRENE IRENE 
THE BEST MUSICAL 
Ol 1976. 1977 arm 1*78' 

IRENE IRENE IRENE 
- LONDON'S BEST NIGHT OUT." 
Sunday Pcoui-. 

CREDIT CARO BOOKINGS 8 36 7611 
ALDWVCH. 036 6404 inTo. 836 S33Z. 
ROYAL SHA ESPEARE COMPANY 
Toni. 7.30 Tomor. 2 and 7 SO. 

CORIOLANUS , , 

An nvenino Ol tiue lhe«rical Ulorv. 

S Timm. with. From -r- Jvlv. Premiere 
St-vV G«eiE THE WOMEN-PIRATE5 

ANN 9QNNEY AND MARY READ. 


ALMOST FREE. BBS 622i Lunehtimc^ 
■ OncOK " bv Bob w.i-on Tu«.-Sat 
IIS Dm Suns. 5 0 nn. 5.0 o.m. 

Shows on Monday 


CRITERION. 930 S21 6 CC. 835 1071-3. 
E«9i. 3 Sals. 5.30. S SO Thurs. 3.00. 
NOW IN ITS SECOND YEAR 
LE5LIE PHILLIPS 
In SIX OF ONE 

A HALF A DOZEN LAUGHS A MINUTE 
SECOND HILARIOUS YEAR 
' VERY FUNNY •• Sun Tel. 


DRURY LANE 01-336 3106. Mon lo 
Sal. BOO Maun*. Wed. and Sat. 3.00 
A CHORUS LINE 

'• A rare aevasialins.io-ajs. astonishing 
stunner ' V lime; 


DUCHESS. 

t«7n n«-. 


NO 


I -- 


856 3243. Mon. 10 Diurs. 
3 C? F-. Sav S IS and 9 00 
oh: Calcutta: 

Jd’li ■ ■ siunnLng." Daily Tel. 

Stn Sc.-sauarai Tear 


No shows 


2. as. 


SAPLER^ - WELL5 THEATRE S* Khjr y 
a * C ‘ NIKOLAIS DANCE IMEAf RE * ‘ 

Las: D;r!s, Tocja. af :.3u. Tr.p.s- Duel 
rrom Grotto 0--.'J«r e S-'J L- sh-»r 
7.10. Tampies. uui’jno* Inad. an . 
wtiardrv ... an rsDonvAse no. .& op 
mfslsd ’• E. News. ” UCCTlr ulre- » 
D.na u ii:ul . -Tnaci 'ju'rd-m. Ju'y 

a i .AuC 26 MARCEL MARCEAU. 

THEATRES 

ALBERT. B3C 3»7d. Oi-Oil end »1'. 
aSG 197 1 -3 (ram 6 jO am Pare* pjw-. 
Mar Tuc - W-m ..nri fn. 7. as pm. 
Tffjr* ,.v w J.M Jitd bco 
A THOUSAND .(LIES WELCOME IS 
A LIONEL nART'E 

OLIVER- 

•. UI9 AC ULO’-'S MUSICAL Fin T-mes. 
.71 ROY HUDO Jim JOAN TUDNEP 

— N - I or - TOUf-efL* LUCKY To nt 
ABLt to 566 IT AGAIN. DIE- Mirrji 


ALMOST FREE. 4B5 6224 Evs-nlnga Kuri 

Vonneouitt ■■«»«/*•. by JAmcj 
SainJer-. Tgtv S’L ■ 5m 

MondJ-: 

AMB&SSAOOHS. 01-6*4 

N.ontlY al 8 00. M«.ne« t u « 
Saiurdavs j. 5 .me B 

PA1P1CK CARGILL and TONY ANHOLT 
ifl SLCUIN 

Tffn World-Famous nriller 

O* ANHONV SMAFFtR 1 

- Sccmn the olav an.vn u m (ail an | 
utter and total JOT- ' Pun;ti 5ca: onccsi 
L2 00 to £4.00 O-nner jnd Tooorite 

s cat £ 7j0- | 

APOLLO. 01-437 2663. E-eninj*. 8-00.1 

MawTtnuri. 3-0° Sa! - s - 00 8.00. i 

wars. ,nul OONALD sinDEN 

"Artur or the Year." E*cmnq Standard. 

. It SUPERB. N.O.W. 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
■■Wieiecdiv lunnv.” Time 1 ,. 


DUKE OF YORK'S. 0I-8J5 5122. 

EiKiinc. ; CO Mu Wed.. Sat. 3.CO. 
Lim.red Scis:.-.. mjs: end August 26. 
JOHN GIELGUD 
-i Julian M>:<nell s 
HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
" Bn Ilian:!- v-.tiv n^ one should 

m.;- ' Harold Hocnon lOramai Instant 

credit card 'eserialians. Dinner and 
To i nr lie sears £.7.00 


FORTUNE. 336 2233. E*S 8.00 Tdurs. 5. 

Sat. 5.00 and 3.00 , 

Muriel Pavlaw as MISS MARPLE In 
AGATHA CHRISTIE'S 
MURDER AT THE YICARAGC 
liura Great Year 


^ THtA T T 0 R £- STOPPARD^' 836 2152 j 

DIRY LINEN 

Hilarious ■ ■ ■ ** l V__Sv n d*V t*hhs. i 


GARRICK HEATRE. C.C. 01-836 4601. 
£<s. 5 0. Mat. Wed 3.0 Sat- S.30. 8.30. 
TIMOTHY WEST. GEMMA JONES. 
MICHAEL KITCHEN 
in HAROLD PINTER 5 
THE HOMECOMING 

"BRILLIANT— A TAUT 4NQ EXCEL- 
LENTLY ACTED PRODUCTION." D. Tel 
" AN INEXHAUSTIBLY RICH WORK." 
Gd-i " NOT TO BE MISSED.' Tim«. 


HER MAJESTY'S. CC. 01-930 6606. 
Prev. Julr 26 B.O. Opens July 27 at 
7.0. Sub. erps. B.O. Maes. Wed. and 
Sal. 3 0. 

JAMES EARL JONES as 
PAUL ROBESON ' 

A New Play bv Phlilio Haves Dean. - 


OPEN AIR. Regent's Park. Tel. 486 2431 . 
Shaw's MAN OF DESTINY * DARK 
LADY OF THE SONNETS Tonight at 8.0 
with MARIA AITKEN. IAN TALBOT. 
HELEN WEIR. DAVID WHITWORTH. 
A MIDSUMMER NIGHTS DREAM. To- 
morrow 2.30 £ 7 45 


KING'S ROAD THEATRE. 352 7488. 

Mon. to Thur. 9 0. Fr,.. Sat. 7.30 9.30 
THE ROCKY HORROR SHOW 
DON'T DREAM IT. SEE IT' 


LONDON PALLADIUM. CC 01-437 7373. 
NOW UNTIL AUGUST 19 
Man. -Turn.. Thurs. and Fri. at B. 
Wed. mo Sal at 6.10 and 8.50. 
THE TWO RONNIES 
a Spectacular Corned* Revue. 
EoaL now on hot line 01-437 2055. 


LYRIC THEATRE. 01-437 368o. Evi 8.0. 
Mat. Thur. 3.0. SaL 5.0 and 8 30. 
FILUMENA 

with El La twin Archer and Trevor Griffiths 
bv Eduardo dc FiIipdo 
Directed nv FRANCO ZEFFIRELLI 
"TOTAL TRIUMPH.' E*. News. 

"AN EVENT TO TREASURE D Mirror. 
"MAY IT FILL THE LYRIC FOR A 
HUNDRED YEARS." Sunday Times. 


MAYFAIR. 629 3036. Eve. 8 Sat. 5JP 
and 8 30. Wed. Mat. at S O. 
WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 
UNDER MILK WOOD 


Mundai'Vc. ■ Thursday S 50 FriJav and ; GLOBE THEATRE. 
Saturdays at 7.00 


_ and 9.15. _ _ 

4STORIA - ' THEATRE. Charlno Crt&i Road. ‘ 
nt.734 429*. Mcn.-Thuri. Bom. Frl. 1 
and Sat. 600 and a as. <3uiiet lood 
a>allabic> 

ELVIS : 

■■ inleeticut anceonna res: &t3n''o:>-(; and , 

hcart-thumpInB.’' Observer. Sens £2.00 


, 01-437 :592. 

Eves. 3-15. W«. 5.0. Sat. 6.0. S.40. 
PAUL EDDINGrON. JULIA MlKENZIE. 
BENJAMIN WHITROW in 
ALAN ATCKBDURN'S New Corned* 
TcN 7IMES TABU 

■* This mutt »e the Mneiwt langh!.^-. 
maker .i Londcn." D. Tel. ■" An irrcsisl- 
IbW eniorable evening. 11 Sunday Tim«. 


£6 00- Hrit-«nur bettre ihaw best ava.i- J CREENW ieH THEATRE. B53 7755. 
able scats L3 : QQ- _Mon.-Tffurs and Fri. E«en.ngs 7 30. Ma: Sa:. 2.30 " Stanle* 

Houohron's MjstcroiKe ' Time* hinolF 
WAKES. " A real nnd." Guardian. 


MERMAID. 248 7656 Restaurant 248 
28£S. Evening! 7.50 ana 9.1). 
EVERY GOOD BOY 
. DESERVES FAVOUR 
A olav (or actore and orchestra by TOM 
STOPPARD 8 ANDRE PP EV IN. Seats C4 
£5 and £2. NO ONE WHO LOVES 
THE ENGLISH LANGUAGE AND THE 
HIGHEST COMIC ART CAN POS5IBLY 
MISS THIS PLAY," S. Time*: 


MERMAID. 01-248 7656. TResL 24B 
2825.) LUNCHTIMES Jul* 17-28 
H.05 pm-1.55 Omi. MY SHAKESPEARE 
„ Today IAN McDIARMID 
Tomer. VANESSA REDGRAVE 
3 SO 5ir Bernard Miles Illustrated Lec- 
ture " E liia be than London and its 
Theatres " Price 50 d lor each event. 


6pm ocr: only. 

BEST MUSICAL OF THE YEAR. 
EVENING STANDARD AWARD 


CAMBRIDGE 3J6 6056 Mon Id TburZ 1 HAYMARKE7. 930 9532 E'RS. B.00- 
C a 00 Friday. 4»uroa*v s.45‘ and 8.10. i ina 5 00 


IPI TOMBI 

Evcitin-l (Hash Alr,ican MuMtai 
1 "Packed w‘th varleiv'' Dl 1 Mirror, 

! Scat erlcwE2.O0.L5. 00 

| THIRU GREAT YEAR 

I Q.niKT a nd tau-pricc ie.it £3 75 me. 

1 CHICHESTER _ G*243 61 31 2 

. Tocav at Z OS. July 27 at 7 ac. 

\ THE ASPERN PAPERS 

1 tavl B- r: un-oni at 7.00. 

1 THE INCONSTANT COUPLE 


PAUL SCOFIELD 
HARRY ANDREWS 
ELfAHQR THEVQR 

8 RON PEACOCK 

jnd IRENE H4I1DL in 
A FAMILY 

A new Did* ov RONALD HARWOOD 
D-rwtcd by CASPfP WP.EDE 
" An acmirab'c plav nonest, well eon- 
ccoed. D'&scrl.' worked out. (rnhlv and 
fittingly wrlren— -r.rniv vauslyinq— -Paul 
ScoAuid as h.i b«s.” B. Lc.in. 5. Timet. 


NATIONAL THEATRE. 92.9 22 52 

OLIVIER 'Ouen itjg-r- Today 2.45 and 
7.30 MACBETH. Mon. 7 3Q The Country 
W ire, 

LYTTELTON isroscenium saaoen Tcsav 3 
ard 7.45. Mon 7 4S BEDROOM FARCE 
by Alan AvcKbeurn 

I COTTESLQE small auditorium 1: Ton' t and 
| Mon. B AMERICAN BUFFALO bv Datid 
1 Mamet 

Mm- uceUeni cheao scats all 2 theatres 
dav ol p«rt Car nark. Restaurants 92B 
2033 Credit CS-d DQi. 928 3052. 


OLD VIC 523 7616 

■ PROSPECT AT THE OLD VIC 
J u n«-Seet. season. 

TWELFTH NIGHT 

u An ouistandinA rev.val ■■ Times- 
Tocar- 2.30 and 7.30 
E'lfS*> Atkin* Brenda Bruce, 
Michael Ocmcon. Derex jacaoi in 
THE LADY'S NOT FOR BURNING 
•* Fresh and buoyant.” Daily Tel. 
Returns July 23, 


PALACE. CC. 01-437 6834. 

Mon.-THurs. a 0. Fri. A Sat 6 O and 3.40 
JESUS CHRIST SUPERSTAR 
by Tim Rice and Andrew Uovd Web Mr. 


PHOENIX. 01-636 2294. Ereriinns 3.15. 
Friday and Saturday 6.00 and 3.40. 
"TIM BROOKE TAYLOR. GRAEME 
GARDEN make us laugh." D. Mall, in 
THE UNVARNISHED TRUTH 
The Hit Comedy by ROYCE RVTON 
' LAUGH WHY I THOL-GHT I WOULD 
HAVE DIED." Sunday Times "SHEER 
DELIGHT." Ev. Standard "GLORIOUS 
CONTINUOUS LAUGHTER." Tunes. 


REGENT. CC. Oxford Circus Time. 
01-637 9862-3. 

THE GREAT AMERICAN 
BACKSTAGE MUSICAL 
Previ. from 3rd Aug. Bon Office open. 


ROYAL COURT. 01-730 1745. Air conos. 
Ton't B.30. Last pert. 

FLYING BLIND 

Bill Morrison's - Savage larce " f Times. 

1 AUDACIOUS COMEDY." Times. 
Prcvs irom Wed. World premiere, ot 
ECLIPSE by Leigh Jackson. 


PICCADILLY. 437 4506. Credit card okgs 
SI6 19. 1 -3. 6.30 am. 6.30 nn 

Evgi 7 30 Sal. 4 JO A 8. Wed mat. 3. 
LAST THREE WEEKS 
Pova! Shakespeare Company in 
THE OUTRAGEOUS ADULT COMEDY 
_ OY Peter Ntchals 
PRIVATES ON PARAOE 
BEST COMEDY OF THE YEAR 
Ev. Sid. Award and SWET Award. 


PRINCE EDWARD. CC iforirioriy Casino!. 
01-437 6877. Perlormanccs This Week. 
Evgs 8 0. Mat. Thur. 3.0. Sat. 5.0. 3-40. 
NOTE CHANGE OF 5AT. PERF5. 
From JULY 22 Sals. 5.0 and BAO. 
From AUG. S Sets j.o and 8-40. 
and from SEPT. 2 Sals. 3 D and S.Q. 

_ , EYITA 

by Tim Rice and Andrew Liovd Webber. 


ROYALTY. Credit cards. 01-405 .8004. 
Mordav-Thursdat evening* 8.00. Friday 
5 30 and 8.45. Saturdays 3.00 and S-00- 
London critics *ole BILLY DANIELS' In 
BUBBLING BROWN SUGAR 
5«t Musical id 1977 
Bookings attested. Mamr credit cards. 
Special reduced raws lor matinees ilor 
j limned period om».i 1 _ 

>BAVOY THEATRE. 01-836 8888. 

TDM CONTI In 

WHOSE LIFE IS IT ANYWAY* ■ 
wilh JANE ASHER 

' A MOMENTOUS PLAT. 1 URGE YOU 
TO SEE IT." Guardian. 

Evg. at B.O. Fri. and Sat. 5 as and B .4S. 

SHAFTESBURY. CC. . 01-836 6596. 
Snafcestjurv Ave iHlgn Hoiaom end* 
" FANTASTIC 
GO 05 PELL 

Oursllng yylin enioyment " 0. Tgl. 
Prices -l to C5. Best seals £2-50 i.-nour 
before show at BOX Olh«. Mon-Thur. 
8.15. Frl. and Sat. 5.30 and 8.30. 


PRINCE OF WALES. CC. 01.930 8681. 
Eremngs 8.0. Saturdays 5.30 and 8.45. 
THE HILARIOUS 

BROADWAY COMEDY MUSICAL 
1 LOVE MY WIFE 
Starring ROBIN ASKWITH 
Directed fav GENE SAKS 
CREDIT CARD BOOKINGS -930 0846. 


IUEEN'5. CC. 01-73-: 1166. 

Ergs. 8.00. Wed. 3.00. 5a». 5.00. 8.30. 
ANTHONY QUAYLb 
FAITH BROOK. MICHAEL ALDRIDGE 
ana RACHEL XEMPSON 
m Alan Bennett's 
THE OLD COUNTR5 
Play and Players London Critics Award 
BEST PLAY OF THE YEAR 
DIRECTED BY CLIFFORD WILLIAMS. 


QUEEN'S. CC. 01-734 1166 Previews 
irom August 16. Opens August 23. 
ROY DOTRICE JAMES VILLIERS 
with GEORGE CHAKARIS Presents 
THE PAS5ION OF DR AC U LA 


RAYMOND REVUESAR. CC. 01-734 1593 
At 7 p.m.. 9 P-m.. 11 o.m. Opens Suns. 
°AUL RAYMOND presents 
THE FESTIVAL OF EROTICA 
Fully alr-eondltIoni.il 
21 Si SENSATIONAL YEAR 


STRAND. 01-636 2660. Evenings 8.00. 
Mat. Tnurs. 3.00. Sat 5.30 and 8.30. 
NO SEX PLEASE — 

WE'RE BRITISH 
THE -WORLD'S GREATEST 
LAUGHTER MAKER . . 
GOOD SEAT5 £4.00-£1.00. 


ST. MARTIN'S. CC 836 1443. Evgs. 8.00. 
Matinees Tue*. 2.45. Saturdays 5 and 8. 
AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD'S LONGEST- EVER RUN 
26th YEAR 


TALK OF THE TOWN. CC. 7S4 5051. 
8.00. Dlnlnq. Dancing iBJrs open 7.1 Si. 
9-3D Super Revue 
RAZZLE DAZZLE 

and at 11 cm 

LOS REALES DEL PARAGUAY 


THEATRE UPSTAIRS. 730 2SS4. 

Evenings 7.30 pm 
IRISH EYES AND ENGLISH TEARS 
by Nlgd Baldwin 


VAUDEVILLE. 336 9998. CC. Ev-. 8.00. 
Mat. Tues. 2.4 S. Sat. 5 ana b. 

Dingh SHERIDAN DUICle GRAY 
A MURDER IS ANNOUNCED 
The newest whodunnit b* Agatha Christie 
" Re-enter Agatha with another wito- 
dunnlt hit. Anatha Chrisrie is Malkina the 
West End vet again w.th another Bt her 
ftendisniv inoonuus murdi-r mysteries." 

Fell* Barker, Evening News. 
AIRjCONDlTIONED THEATRE. 


13,7. 

TOHPKb®? 

ANNIE 

Evenings 7 JO. Mats. Wed and Sat. 2 45. 


WAREHOUSE. Donmar Theatre. Govern 
Garden. 83fi 6808. Royal SNakWoeare 
Comoany. Ton'*.. Tpmaj. 7.30. Final 
perts. David Rudkin s TH*. 

LIGHT. “Quite ouistandlng. F. Timed. 
Ail seats El .80. Adv. okgs. Aidwvch. 
Student standnv E l ■ 

WESTMINSTER. M „ .Rli 83B 0=B3, 
SENTENCED TO LIFE 
" MUGGERIDGE'S trenchant humour. 
THORNHILL'S dramatic art." D. Tel. 
"Intense!* human, caring drama. Y Post 
•* Tremendous Impact." NpW. "i «ai 
sharply mo*rd- " J C Trewln. 
Evgs. 7.45. Matinee Sat. 4.30 
LAST WEEK. MUST END SAT. 


WHITEHALL. 01-930 1 6692-7765. 

Evqa a.JO. frl. ono Sat- 6.45 aim 9.00. 
Paul Raymond pmnh the Sensational 
Sea Revue tP the CejiJorv 
DEEP THROAT 
GA GREAT MONTH 


WINDMILL THEATRE. CC. 01-437 6312. 
Twice Nightly 8.00 and 10.00. 
Sundays 6.00 and 8.00. 

PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

“ Takea to unprecedented limiij what is 
.permissible on our staoe." ty. New;. 
3rd GREAT YEAR. 


CLASSIC. 1. 2. 3. 4. Oxford Street iopp, 
Tottenham Court Rd. Tube}. 636 0310. 
U and A progs. Children hall-price. 

1. Walt DHnev's HERBIS GOES TO 
MONTE CARLO |U>. Prowl- 1.30. 340. 
5 55. 8 05. Late show THE GODFATHER 
PART II «XV 10.30 pm 

2. Dong McClure WARLORDS OF 
ATLANTIS iAI. Props. 1.10. 3.30. 3.50. 
8.20. Lite show THY ROCKY HORROR 
PICTURE SHOW IAA). THE PLANK 
:LU 11 om. 

3. Bruce Lee GAMB OF DEATH (X). 
Progs. 2.0. 4.15. 6 30. 8.45. Late show 

4. LEBANON . . . WHY? ,AJ. Arabic 
Dialogue, tmlnh sub-titles. Proga. 1.05. 
2.50. 5 S O B 1 0. Late show 1Q50 pm. 

CURZON. Corion Street. W.1 499 3737. 

■Fully Air' Ccndltianed.1 DER5U UZALA 
1U1 In 70 mm ■Enijllsh suQ.tlTlea ) A 
him by.. AKIRA KUROSAWA. "MASTER- 
PIECE." Times. "MASTERWORK." Ob- 
server. "M ASTERPI EC E. 1 ’ E. News. 
£'(m a_f a'.O S 45 and a. 20 Sundays . at 
3.30 o.O and 8.30. 


LEICE5TER SQUARE THEATRE (930 S2S2, 
RiCffird Burton. Roqer Moore. Richard 
Jlarrlj. Hardf Kruger In THE WILD 
9EESE *AAi. SCO. progs. Wf. 1 ,00.- 
4.30. 8.10. Sun 3.30 7.45. Late Chows 
Weds.. Thnrs Fn. and Sal. 11.45 Dm. 
*«1 m *Y be booked In advance for. 
9 10 prog. Mon.- Fn. and all orogs. Sat. 
and Sun. End. fate night shows. 


WYNDHAM-S. 01-836 2038. CredH Card. 
Bkas. 836 1071-3 from 8.30 am. Mon- 
Thur. 8.00. Fri. ana Sal. 5.15 and 8.30. 
" ENORMOUSLY RICH. 

VERY FUNNY." Evenings News. 
Mary O'Mallev’s smash-tilt com ear 
ONCE A CATHOLIC 

■■Supreme comedy. on sc* and religion.** 
Dally Telegraoh. 

" MAKES YOU 5HAKE WITH 
LAUGHTER." Guardian. 


YOUNG VIC- _ 928 b363. 

Ben Jon son's 
BARTHOLOMEW FAIR 
Evgs 7.45. ”A rlprgarlng production.' 
5. Tms Young vie Festival last day 


CINEMAS 

ABC 1*2 SHAFTESBURY AVE. 826 
3361 Sen. Peris ALL SEAT5 BKBLE 
1: 2001: A SPACE ODYSSEY (U> ?D mm 
Aim Wit. and Sun,: 2.25. 7.S5 Lain snow 
Tonight ,1.00. 

2:‘ SATURDAY NIGHT FEVER IX>. Wk. 
and Sun.: 2.00. 5 15. 8-1 5. Laic show 
Tonight 11-00. 


ODEON. Lcic«ter Squire. 930 8111. 
REVENGE OF THE PINK PANTHER IAI. 
Sep. pragv diy. Doors open morning show 
11 00 am fnot Sun.i 1*^ prog , 4S. 
2nd Cri>fl. 4 30 eve. or 09- 7.45. Late 
mpht vhow Mon-Sat. doors «wn 11 15 
pm Ati seals bkblc enceot morning show 
and Mon. late night show, at tho Baa 
Offi ce O r by post. ______ 

ODCON. H.iymarket 9301738-2771. 

Jane Fonda Vanessa Redgrave Ip a 
Fred ZlnntmanB Itilll 

JULIA IA> 

Sco. orogs. dW. 2.30 mot 8unj S.45.' 
9.45. Feature dly. 2 45 (not Sun.i 6.00, 
9.00. A l l seats bookable at t h eatre. 

ODEDN. Marble Arch. WS 723 2011-2. 
CLOSE 8NCOUNTERS OF . THE 
, •• THIRD KIND »Ai 

Sod. progs, dly- Doors open l.OB, 4.13. 
7 45 Late show Fri. and 5« Opera 
open 11.15 urn. . All seats bkple. 


PRINCE CHARLES, LelC. 6q. 437. 8161. 

Mel Brooks 
HIGH ANXIETY (Ai 
Sea eerK. ply. line. Sunil 2.45. 6.15 
9 00. Lire .snow Fri. ana Sat. 11. «3, 
Seals bkblc l-c’d Bsr 


PERSONAL 


CAMDEN PLAZA ippo. Camden Town 
Tube*. 485 2«43. Tj»iani*s ALLDN- 
SANFAN lAAl iBy the director ol 
PADRE PADRONE; 2.S0. 4.45. G.50 
9.00. 11.16. 


WATCH THIS SPACE — It yn <WO an <8 in 
the press or cm pasters, cinema or direct 
m*>l tffa: does not conform to the British 
Code cr Aijverutina Practice let vs bna* 
and we 11 took mto u. for • tour - of 
the code wnto to us. The Advorttsme 
SramJarda Autffoi .1, eta. 1 5-7 - R*oo- 
mount Street, London WC1F 7AW, 





•‘TV, 


8 * .» •' . 
.SR,,, ■'& 


•.y 

rJ 


- -.c 

r *» ■ !• 











ssn 


fSSffi! 



■ » f '.v: ;•,*■■■■ 

. : - !•'-■ 7^‘f-V'M'^ ,i .’■■ • • 

Vi" \- . .: 


•«? r tbe wcond year running, 
uic area around the inner Alster 
• in Hamburg was transformed last 
weekend by Uie arrival of over 
s A reet theatre troupes and 
countless puppeteers, jazz groups 
and mime ensembles. They came 
trom all over. Even a bunch of 
Armenian folk dancers were 
somehow embroiled in a recep- 
tion given by the Mayor in the 
Town Hall for an Italian cultural 
delegation who deposited a 
couple of manned gondolas nn 
the Alster to weave in and out 
of the pleasure boats and wind- 
surfers. 

K.T h 5T eather ' was - as usual, foul, 
out this proved no deterrent to 
huge crowds, estimated to total 
in excess of 650.000. 30,000 por- 
tions of hot pea soup were dis- 
pensed by the Hamburg Red 
Cross to give the occasion a sense 
of defiant enthusiasm in the face 
of unfavourable odds. The entire 
event was subsidised by th*» city 
to the tune of DM 150.000 and. 
as last year, prize money of 
DM 10,000 was donated by the 
Vereins-Und Westbank, to be dis- 
tributed by an international jury 
on which I am privileged to 
serve. 

Il is indeed salutary, at a 
gathering such as this, to be 
reminded that there is more to 
street theatre than funny noses 
and juvenile romps. The stan- 
dard of work displayed by the 
very best groups was, again, a 
complete eye-opener for anyone 
such as myself whose yearly 
round of theatre-going is con- 
fined to events in more conven- 
tional surroundings. 

There was. for instance, the Free 
Theatre of Munich arriving at 
the main performance area in 
brutally disciplined procession on 
immense si ills, white-faced and 
intent upon some distant, un- 
known goal. Carving through the 
ernwd. they then embark upon a 
savagely controlled tale of the 
dispensation of medieval absolu- 
tion. inviting the audience to 
atone for last night's sins on the 
Reeperbahn hy dropping a coin 
or two in the box. With percus- 
sion. loud-hailers and sheer 
devilish presence, they delighted 
an audience of well over 2,000 



Natural Theatre 


without once resorting to cliche 
or misplaced aggression. 

The other outstanding group, 
one of last year’s three prize- 
winners. was the Natural Theatre 
from Bath. Hardly known in 
London, this astonishing com- 
pany uses the street in the fullest 
and funniest manner imaginable. 
There are various scenarios, but 
the most popular involved a 


THEATRE 

MICHAEL COVEN EY 


human string of seven harassed 
commuters in black suits, yellow 
accessories and orange make-up, 
bustling in step through the 
crowded precinct attached to 
their seven interlocking bright 
yellow suitcases. Without causing 
the slightest dismay or dis- 
approval, they moved at break- 
neck speed through the whole 
city. I met various people who 
had followed them for hours on 
end, through shopping areas, on 
buses, around the water's edge 
and even on the underground 
railway. About 200 people 
descended with them at one 
point onto the U-Bahn. The 
group, waiting for a tram, 
closed ranks and began snapping 
away for the family album. The 
words are precise and funny, 
each character fully delineated 
and adhered to. The fat grumpy- 
one is asked if he is sure that 
he has everything. He opens the 
suitcase to reveal two yellow 


balloons and a yellow cracker. 
Yes, he replies, everything’s 
here. The train arrives. They 
enter it, followed by about fifty 
grinning admirers while the rest 
of us wave them goodbye from 
the platform. 

The Dutch were again strongly 
represented by the Dog Troep 
and a similar outfit, Idaho. Idaho 
again deal in strange proces- 
sions, but their music, on bag- 
pipes, percussion and saxophone, 
is more interesting. It has the 
complexity and obsession of good 
jazz, the - driving beat of 
primitive rock. Procession and 
music come Together as the band 
falls in behind a disquietingly 
peasant-like boy and girl and 
their beloved but dangerous 
black iron bird, whose belly is 
stuffed with bay and then ignited 
as the whole, extraordinary show 
moves on through the city. 

Among the individual per- 
formers, 1 was particularly 
impressed by Farid ChopeL a 
zany French Algerian whose act, 
accompanied by “guest star" 
Carol Field, -owes as much to 
Robert Wilson as it does to Jerry 
Lewis. Groucho Marx and 
Woody Allen. 

The eight prize-winners were 
the Free Theatre of Munich, 
Idaho. Natural Theatre, Farid 
Cbopel, Jttmfi (an ingenious 
street and trapeze clown from 
Bremen), Dagol from Berlin 
(frozen masks and fruit 
imagery), a lively Dieppe outfit 
called Atelier de 1’Arch Ouest. 
and Wunderwurm. a much- 
improved trio from Hamburg 
itself. 


Animation Rochelaise 

When Claude Samuel, after a (an idea also imported from nik: the great adagio from 
bitter and much-publicised Royan) granted to one artist to Mahler's tenth symphony, a 
quarrel with his festival com- organise as he or she wished strong, incisive Varfcse lnte- 
mittee, left Royan five years two complete festival days — on grates, and Webern's wonder- 
ago to set up a rival festival this occasion the composer Jean- fully effective student essay lm 
just 20 minutes' drive away in Claude Eloy. Sonnnenrind, a pre-serial, pre- 

the nearby town of La Rochelle, The music of this pupil of Pointillist late-romantic bloom, 
it seemed a positive step. La Milhaud and Boulez, born in Other visitors from Paris 
Rochelle is the principal sea- 1988, is not widely known in were the Ensemble Intercon- 
port of the. Charentc-Maritime, tbis country — although London temporain from IRCAM. poten- 
with an mdu&rial suburb, a has heard a couple of orchestral tially a group of the highest 

town centre of stone arcades works, and the big electronic calibre, though not yet in per- 

and pretty squares, and an old. tape-piece Shanti. As expected, formance perfectly settled, and 
harbour (these days somewhat Eloy included a number of his still without a permanent con- 
overwhelmed by a crush of cars own compositions in his carte ductor. I heard them four days 
and fumes) guarded from the blanche programmes: in and later in Paris much more at 

sea by two famous mediaeval among recitals of musie by ease ; but in La Rochelle they 

towers. Bartok, Boulez, Takemitsu, seemed discomfited, opening 

It is a town of real character Varese, Berg and M a h ler, we their concert with a curiously 
and charm; and it is also, un- heard his early Equivalences unformed account of the sextet 
like Koyan, whose holiday play- for chamber ensemble; the version of Schoenberg's Vcrfc- 
g rounds and villas lie empty “9** recent and more indulgent (arte Sacht — carelessly con- 
fer the greater part of the year, Kamakala f or orchestra; a new ccived, carelessly shaped, the 
a town whose life is intimately orchestral piece called Fluctu- subtle balance of parts very 
bound year-long with the region 0*“ c l*»n*waMe; and as well as roughly pointed, the main lines 
and the locale. There had al- Shanti once more, the premiere laboured with heavily over-ex- 
ready been talk for some time of another large-scale electronic passive rubato. At the heart of 
of putting Royan on a wider tape-piece. Gaku-no-michi. their programme, however, were 

base — expanding it to include 11,111 not hear Shanti when |^, 0 new commissions, both 
events staged al! over the “ ^. as transposed two years ago f rom young German composers 
region, a festival of the London s Round House; but — Three melodies by Hans-Jur- 



E. O. Hoppe's Lady Lavcry and Arab attendant (detail) 

Picture Makers 


Charente rather than of just 
one small town. 

It cannot have been merely 
revenge which prompted M. 
Samuel to choose La Rochelle: 
right at hand, with its own 
Music Academy and a progres- 
sive Mayor, was the centre for 
such an enterprise — an ideal 


LA ROCHELLE 


DOMINIC GILL 


gen Bose fb.1953). skilful set- 
tings of three English texts by 
Sidney, Drayton and Anon for 
tenor and chamber orchestra, 
many-layered, m any-mirrored, 
suffused with passing tonal im- 
plications, sudden affectionate 
backward glances, beautifully 
sung by Keith Lewis; and Tiro 


venue for a compact, but r<1jeard the nremierc in 1(174 Pieces for chamber orchestra 
neither isolated nor elitist festi- V?* 11 midnf°htbvcand]elicht b - v still younger Detlcv 

** L^L*?“ e kmd of of Sablonceaux near Royan on o£ tiny ^ay* »nstru- 

ammation r&gumale superb equipmeDt lent bv ments, each three and a half 

Royan is now defunct; and r-ig—g The magnificent <?ettine minutes long, deftly coloured. 

neatly and tightly drawn. 

"f SwiZ 1 separate from the event), I When Claude Samuel left 
hLtJ^n tho admired Shanti for its convic- Royan, he took with him not 

nh^rriiv tion » breadth of imagination, only a number of Royan's festi- 

™ “ d sustaiDed working, val staff. and most of their regu- 

The music borrowed from, with- lar groups and artists, but ako 
RochenJ^fina? w£k)ll out ever P la S iarisin 8- Stock- their most prestigious event. the 
ItoJhelte am survives: JhJES Olivier Messiaen Piano Compe- 

Familiar chareec of norachut/iae P® 1 ™ 1 * to ° lon S- at lts best tltion. Since 1974, the scope of 

cultural titbfts dropped gSe^ TgSZZJE?*: , the ^°“ petiti , 0 ° has . been en ‘ 

fully into the provinces once a 5! 0> ? "!* Gaku ^ micht >J larged to include other rostru- 
2 from the canSd table of two ‘ hour ^bute on tape to the mentis, and it no longer bears 
the Parisian 6Jite were this music and thought of Messiaen’s name. But this year's 

year more evidentiy Concours International for the 

was little sense of the animation st f p ’ * *t?^*l * ut ? a « racted a ^ h,fih ® tan ;i 


Of decorative tiles 


mnisacxaGs&Mtstm* ; : 



Two tile designs by J. Moyr Smith, who worked for Mintons, in the exhibition Victorian Tiles at the 
Wolverhampton Art Gallery until September 2. Left — Alfred having burned the cakes; right, the scene 
in Olivia's garden with Malvoiio, from Twelfth Night in the Shakespeare series 


SSSSoS or TtreSt bands- no «ec«ted. but without the dose talented finalists, the winner 

pub irtandais; above all! a Satie' ^mSuS? W8S dedared t0 be ^ Hun_ 

noticeable lack of local partici- impulse and firm garian Istvan Matuz, whose 

pation and co-operation — of snape ' markable gifts I have reported 

exchange and dialogue, of • Fluctuante Inimitable , written on a number of occasions from 
festive spirit in the air. last year for the Orchestre de Budapest (and whose appear- 

It was always in the intelli- Paris, I also found a disap- ance at SL Bartholomew's festi- 
gent management of festival ROintment. Set side by side on vale in London last week was, 
“themes" that the old Royan same day with Equimlences, reviewed enthusiastically by 
excelled in its prime. At La one of,Eloy’s earliest and still Nicholas Kenyon on this page)- 
Rochelle this year, music, dance one of his most Impressive England may still benefit from 
and film from India provided a pieces, taut delicate and beauti- French foresight: IRCAM have] 
theme of a kind: but the hand- balanced, Fluctuante was invited Matuz to work Idt a ! 
ful of events which materialised, a monolith of nylon fur— broad while in Paris this autumn, and 
centred chiefly on one dance Messiaenish - flourishes set with luck we shall hear him 
company and two musicians, against a backcloth of multi- again in London soon, 
accompanied by a pair of con- layered micro-counterpoint, a Brief postcripL Connoisseurs 
f Frances and a Satyajit Ray swirl of empty rhetoric, apocal- of hotel notices may appreciate 
retrospective, made a somewhat yptic kitsch. this one, culled from La 

less-than-substantial' focus. The It made pale contrast, too, Rochelle, alive with all manner 
greater part of the music pro? with the rest of the evening’s of intriguing phiosophical i In- 
gram roe, sensibly confined in programme, given by the plications: "Could you be king 
the main to one long weekend, Orchestre Philharmonique de enough to shut the window— for 
was devoted to a carte blanche Lorraine under Michel Tabach- the mosquitoes?" 


TV RATINGS 

w/e July 16 

1. Tints Ufa (BBC} - 13.55 13. Queen of ■ Distant Country U.S. TOP TEN 

2. CarannUwi SUrwtt (Wed.) (Gru.l 13.03 CAmrfla) 11.00 NEILSEN RATINGS 

* ■nTtataL mm* fYarfcc) 1- so «■ YBHr °»& Y.ung Twice (Yorks) 10.93 L Qulncey - Nodical Examiner 

3. Life Beams at Forty (Yorks) ... 3_.M ^ crossroads (Ttanrs.) (ATV) 10.S3 (drama) NBC STJ 

«. Incredible Hulk IITY> ]=.50 i*. Crossroads (Fri.) (ATV) 10.63 2. Baseball (All-Star Game) ABC ... 


Three small but fn>.ciiijim^ 
cxhibitiuns of pholoenpiiy from 
ihe earlier years of this century 
arc now showing in galleries in 
London. Al ihe Pholocraphers' 
Gallery (until July UDl is perhaps 
the most mirmuing of the hunch, 
if only fur the eirrumsl. incus 
that surround the making or the 
plates and the accident of their 
survival: they were the work uf 
E. .1. Bellocq. the gruleaque 
Lautrec-Hke figure who imived 
freely throuuh the lirothei.- uf 
Storyville in the Deep American 
South, m the full confidence ami 
friendship of the whores them- 
selves. But the work happily 
transcends such prurient expec- 
tations. E J. Bellocq allowed 
the girls, his subjects, to present 


PHOTOGRAPHY 


WILLIAM PACKER 


j themselves to his camera in what- 
ever fashion they chose — and so 
we sec some quite naked, some 
dishabille, some fully and sur- 
prisingly smartly dressed: and 
all of them seem lo share, which 
is’ the curious and touching thine, 
an innocent self-confidcnce and 
pride in themselves that quite 
belies their sordid vocation. 
Though many of the plates are 
severely damaged, the images 
come down to us fresh, strong 
and even beautiful, a humane 
and charitable record or a close 
community a life-time ago. 

To walk down the Charing 
Cross Road to the National 
Portrait Gallery, to see the work 
of E. O. Hoppe (until September 
3). is not at ail to move into 
another world, for all that his is 
the world of the great and 
glamorous. For Hoppe, too. 
presents the image of his sub- 


jivi?- that thf" nupht have 
wi'ile-d ur. Ui see, gaming their 
etmiiilenee and co-operation, 
ri-l.iMU'J and bringing them nut 
r.iihcr than imposing his own 
firm view, and yet his work, like 
Relliii-ij'f». remains entirety per- 
mui.iI ami identifiable. It happens 
tu include nuny definitive 
porirjil-. the stuck miages that 
l inlay .in- -nil LuniiMr. lather 
more s. ■ perhaps than his actual 
name, l'he vrc.ii beau lies uf me 
l inn* pa:>d he lot e us. Latly Lav cry 
iv <tli her Arab (lagehoy. Lad’.' 
1 m. m. i i/.impi.T. Kay Ouupton. a;:d 
ihe ijuccii ?I*iih-r when >he v^.is 
still I >tt* )ii_- -s ui York. There are 
ihe artisis tmi, Vita Sitekvillo. 
West. Henry James. Wiltiam 
\i<dio|s(in. Tamara K:«r>av»n.i: 
and ui hers more MnistiT. 
Aleish-r Crowley and Mussnlmi. 

IMori* forh i note than Belluci, 
Hoppe made his living from hit 
photography . and fur twenty or 
thirty years was the doyen nf 
photographic portraitists in thu 
eminiry. The centenary of his 
birth falls this year, and he 
deserves tins memorial. 

Baron Adolphe de Meyer also 
muted 'Juotigh the twin worlds 
of fashion and the arts, which 
he ('holographed with memor- 
able singularity: fur he was 
sump, thing more than merely a 
gifted amateur. No comprehen- 
sive survey nf his work is on 
show at the moment (though ■ 
very guud book is available from 
Thames and Hudson l. but 
ft impel Fils is showing (until 
September ai 3 considerable 
curiosity, a sequence of thirty- 
three photographs recording 
Nijinsky's "L'Apres Midi d'un 
Faun " of 1911*. Only four nf 
de Meyer's original edition of 
the portfolio are known to exist: - 
what we have here is a faithful 
modern reproduction by Richard 
Benson, published by Dance 
Books Ltd. at £395 in an edition 
of 1*50— the price goes up to 
£495 once the show is over. 






EXPERIENCE AND EXPERTISE ... 350 



DECORATIVE pictorial tiles primed and majolica tiles of the The Waverley series was of c H ui* city, “i m S SSTiim?— SS a B&S3TUS&' G.m.> abc « & 

were often used as a border IS/Os onwards. course a reference to the set of s. lobaw nism on. enuunu) is.« it. n«h ai Ten owed.) itn ia .33 3 . aii«m (drama) cbs 20 ^ 

inset for rhairs and other late " Since the days of Pugin, the 12 transfer printed tiles iUus- *. conmaifam sum (Man.) (Gruj ic.ao 11 T " cnariie (Gran.) 10.20 4. ah in Me Family (comedy) cbs m.4 

Victorian furniture, a fashion use of enamelled Tiles for deco- txating Scott’s novels, designed T.ThoTrein Robber. <itv> _..uso 5! mL 'o%o&h£s (BBC)"(Frij s iso a MB (d^a“cBS "Z l!:i ' 

frowned upon bv contemporary rative purposes has greatly in- by Moyr Smith who worked for ■- Kryptw Factor (Gran.) 11.55 t. pre-Basd»n Game abc is.t ! 

. nr. iuif rinr riesinn- creased and there are now few Minton* from about' 1R7? tn 9 - Medicine Show (LWT) 11.45 Figures compiled by Audits or Great a. Lew Grant (drama) CBS 15.6 

writers on interior aesign. creasea. ana inere are uow iew minions- trom aoout lUtjS IO M. DoB - t Ask Me CYorke) lUS Britalxr ter The Joint Industrial Committee 1. Oae Day at ■ Time (comedy) 

"From one occasion spare me — houses without some examples, 1889. Over 300 tiles are in the ll crossroads crues.) (atvj iijm for TeteettUm Advertising Research cks u.b 


the freak which lets a band of either on the wall, grates or 'Wolverhampton exhibition, in* CrD ** ,0 * ,, ‘ w* 1 -) tATV > 11.15 ijtctar». - u. charne’s Anoeia (comedy) abc it.b 

tile-work into walnut bedsteads mantles, or inlaid in furniture eluding examples by 

and bureaus . . - Perhaps the or formed into jardinieres, but, Christopher Dresser,. Stacey “ 1 

idea of bringing together wood perhaps for no purpose are they Marks, William Wise and 

warranted not to last 20 years more generally or more usefully Walter Crane plus some mag- A ary m » AT^ 

with careful usage, and tile employed than for hearths, for nificent tile panels by William /m V T/\T*T 9 

which will last till the Ptolemies w'hich the body of the Tile is De Morgan. A design for a /-% Lw kZW IMrl i. m #. m MM 1/ 

come again is not correct," made of an extra strength; their fireplace in Lord Ashburton's 

mourned the Pottery and Class cheerful appearance and the yacht shows a ship panel in 

Trades Rencu'. September 1S7S. ease with which they are kept situ— in 1892 De Morgan began BY THE middle of next week 1 Equally difficult is the setting 

While a writer in The Builder, clean and bright, owing to their making tile panels for six P &0 we should have reached the ' up and staffing of a fourth tele- 

October 1973, had also deplored richly glazed surface, greatly re- liners — all were sunk in the next stage of decision over the BROADCASTING vision channel. Programme 

the free introduction of tiles commending them for that pur- 1914-18 war. future form of broadcasting in planning takes time so that even 

in wooden furniture. "The pose.'* stated a late Victorian A panel of 16 tiles, blue, Britain with the publication of ARTHUR SANDLES after a basic organisation is 

materials do not harmonise at catalogue of Minton's China green and pink on a cream the Government's White Paper . . established there then has to be 

all.” Works, Selected Patterns of ground, is very similar to de- on the subject The paper will a considerable run-in time be- 

That some of the wood has Enamelled Tiles, which went on signs by the architect and de- probably receive considerable fore the station actually goes 

stood up to a century’s wear to explain: signer C. F. A. Voysey (1857- coverage from newspapers and Th _ ■ . . on the air. From contract award 

and looks like going on quite " In some patterns the colours 1941), whose tile designs were the present broadcasters alike, ZZZ^ date to on-air might also take 

a bit longer is apparent by the are on the glaze, but in all eases produced by Dunsmore Tile displaying an enthusiasm for v°Msr woum ^ yearS( an( i there are some 

nicce-s that are still around. You Company. Maw and Co. Jack- the subject which Government cbflnn * to who would say that you would 

can see a small selection in the field, Minton Olles, Pilkington’s itself has not noticeably “i-TP 01 . ? ro ? dc “ lang s J stam get a pretty shaky start if you 

fascinatin ' exhibition, Victorian antl Ciifton Junction. reflected in recent months. Lord ^ igi 5?„^? d TJ tt>v !? ards “ did it that quickly. 

T.lr, « mo WolvSmpton Art COLLECTING In the 1890’s Voysey designed Amian's ™w s on broadcasting uiWMrfcet JSBC-2. Ideology. . „ 

failcrv until September 2, a stylised figure which appeared have lingered so long on the however, Labour dearly must T^ u s, assuming a continuance, 

unt 1 hi v an rhonised and silt JUNE FIELD in his metalwork and wall- Home Office shelves as to prove support a elate sponsored of Government by the same 

ciiiimtt made bv Gillow and Co. papers as well as tiles, to pro- an eventual embarrassment a system. Conservatives, on the party- any changes have to take 

l .1 1 1 till I indue ...... , I • _ k _i a = •>_ n;. m,Knr i ntn amtiint tlin limp roniii 1-^.rl 


U. CbarDe'e Anoeia (comedy) ABC L7.B 


A Serial Story 


Equally difficult is the setting 
up and staffing of a fourth tele- 



lvi Hi Doulton plaques, a fire- 
screen inset with W. B. Simpson 


ART GALLERIES 


“jsrssrjfv™ comMaj, a- sra: *s. ^ ^ ^ as ™ jse a“^«*sss-. 

election in the Held Minton Ble,. Pilkington's itseli he, not notloe.blj ft . pretty shaky start il you K 

fascinating exhibition, Virtorion B rAT guA and Cilfton Junction. reflected m recent months. Lord did it that quickly. Mutoscope, or "What the But 

Tiles at the Wolverhampton Art COLLECTS NG In the 1890's Voysey designed Annan’s views on broadcasting upmarket BBC-2. Ideologicaaiy. of photographs mounted radi: 

Callerv until Scpiember 2, a stylised figure which appeared have lingered so long on the however, Labour dearly must Thus, assuming a continuance flicked past the lens product 

’ tablv phonised and gilt JUNE FIELD in his metalwork and wall- Home Office shelves as to prove support a state sponsored oE Government by the same The sale of Cameras and 

nhimM tivirie iw rsilow nnH On. papers as well as tiles, to pro- an eventual embarrassment a system. Conservatives, on the party- any changes have to take Christie’s South Kensington 

". ,i. nm.jinn njaques a fire- MnnKlBBOHfi vide a related theme for in- fate he has shared with Sir oiber band are committed to i°to account the time required includes a Phenakisiicope of 

erpHon mhct with W. B.’sirapson tenor decoration for nothing Harold Wilson whose interim support free enterprise, and for legislation and the time illustrated above. For further 

ami Sons hand-painted ceramic where the tiles are exposed to was too obscure for Voysey to action committee on the film thus ITV, while a good slice needed for the engineering and 

natiei- the Four Seasons, and a much wear, such as hearths, 'consider. As well as furniture, industry does not appear to of their own supporters might organisational preparation. sw? ifs* S S? roit sal -w - 1 

chair " inset with a Romuo and etc,, enamelling colours are carpets and textile^ he de- have the ability to provoke prefer a more educaibiODal/ Four years is probably the mini- . Tc : ( ) — — 

tniiM rile from J. Moyr Smith’s under the glaze, and, therefore, signed clocks, lamps, mirror instant response from our cultural oriented system which “tun even if next week’s White 1 

Shakespeare series for Mintons, practically indestructible. It frames, even a music rest for present rulers either. could be provided by an Open Paper r ®® e ™ a rapjurous and _ B1 _ "IT 

all considered worthy of pre- should be understood that these a grand piano. All these items. Whatever the views expressed Broadcasting channel. At least T eW V -A^T G ALLERIES i 

servatinn in three of our most Enamelled Tiles are i not in- as weU ^ plans and photo- ^ the White Paper the the Welsh do not have to worry ACH,M MO£LL ™ gallerv, b. G r«- j 

Hlustrioiis museums, the V and tended and indeed are unsuit- graphs of the houses they were mechanics of any changes in about flita sort of tiring. They ! * ^ SfSSlS? n ¥0uW ! 

A the William Morris Gallery able for flooring tiles, which intended for. are in an excellent broadcasting are extensive getting their own seem an pros P ect - ' 

and the Gladstone Pottery this firm does not manufacture. . definitive exhibition of Voysey’s enough to make such changes Welsh language channel By the time the fourth chan- EWAJIi. JfP Kh * ?KXSO 

Museum m ** wera aU “S - lest we^ at a ^ t prospect - dhtant Mosttote^n sets am the UK nel does « et on ** ™ Britain 

-n.a intr!"uiitff exhibition has by a method known m Key- Brighton Museum untii Septent enough perhaps to have a are eqtmxned to nick ud a wiU be ^ ^ck of argument fh ^^nwSlwSSS 

JJJlSSdK assistant nold's Process which was her 3, before going on tour in different government in power f wi Xji over what happen to the WkS ranBe^of^oncM. Tucs.-Fn. ^ 

been organised adopted by Herbert Minton in Europe and returning to this Sitfrdifferent DolicieTand if other channels which will be „ 1 °; 00 ' g00 ' ^ ; 

AHwood P who h5 1848: “Mr. Reynolds the eountry to be shown at Wolver- ^ iT ^r^ld^ SSxS available ’ U3fi « Priwt & ! 

?S d an informative patentee, wjio was awarded a hampton and Glasgow City art ?Smi£r lack of enSiS. 4 , 25 * line ^ television b,- I 

P * ri on nn;t free, with medal of the First P a *® J lt ^ galleries. (Richly illustrated The main television recom- fniuaii 0163 by Public is diminish- E»«f. t«do!i > 9 s.wT oi-zss ' bAj i ) 

S f IO Sowre5 B ment to the Paris Exhibition of 1853 and catalogue £4,95 plus 50p postage STSSe^ rapidly and soon a decision ! 

work. Julian also at Vienna m 1S/3 has had from Stella Beddoe, The Royal ^ eancem the feuiSi wUJ have t0 ba made about the amb*»n. Summer EL«hiDaion ol Paint- 'I 

Ztd’s Silent Victorian the management of the process Pavilion -Art Gallery and channelTluggestii^ it seems, UK. ending of transmissions on these Gardena S 0iBSn ,Pl ip.6^ ,M iunda»5 i-6 j| 

published by at these works since 1848 and Museum. Brighton, Su^ex). tfcSTnew S^nhStum beset ^uenries and the possible re- SB. ASBb. h,M tSSL 

i.tinmic Tu s P exbi> ajthough other manufacturers No complete, fully furnished uo tn onerareSTfce Conserva- a orgajHsa- engineering of them for further - ed 3S6?| 

P“ d '° ^ i«» 3 first 1 major display have lately adopted it, mostly in Voysey interior survives intact, Svb tore deafly dSSnd IS ^ 625 allocation. With all the Sgu- IkwKr* cro.'U 

iS-nrative WeS to its simpler form, it is not too although occasionally pieces to U Ration were ment there has been over the 


Clockwork Kinora in mahaganu case, 
circa 1910. Sale. Wednesday. August 9. 

The cinematograph is essentially a twentieth ennhiry 
phenomenon but the principle involved is much earlier. 
In the Phenakisiicope of JS32 a cardboard disc printed with 
a series of slightly differing pictures was revolved rapidly 
in front of a mirror, the image.- produced heing viewed 
through slots in a slightly larger revolving di.-c behind '.he 
picture card. Later came the roivrnjw. m which the 
pictures were printed on paper strips placed inside an 
open-topped drum and viewed through slots in the side as 
the drum revolved. A more sophisticated form was Uie 
Praxmoscope. in which mirrors were again used, this time 
in the centre of the drum, removing the need lo squint 
through slots. The scenes depicted by these roach roes were 
short but colourful, and their home was the nursery. 

The Kiftorn. popular throughout the Edwardian period and 
into the 1920s, was really a domestic version of the. 
Mutoscope, or “What the Butler Saw" m- chine. A series 
of photographs mounted radially un a revolving hub were 
flicked past the lens producing a cinematographic effect. 
The sale of Cameras and Photographic equipment at 
Christie’s South Kensington on Wednesday, August 9 
includes a Phenakisiicope of 1S:L“ as well as ihe Kinora 
illustrated above. For further information on this sale and 
sales of this kind, please contact Christopher Proudfooi at 
Christie's South Kensington, 85 Old Brampton Road, London 
SW7 3jFS. Tel: (01) 58l 2231 Teles: 9IG429 


FUSE STAMPS 

AN ALTERNATIVE 
INVESTMENT 

For fully deieriptive brochure 
wnir to : — 

U. H. FINE STAMP 
1NV3TMENT SERVICE 
(F.T.) 

9 Christmas Steps 
BRISTOL BS1 5BS 

Telephone: 0272 2D442 


Menunkv. John Nain. Chri&u>-' f*| I IDG 
?!*' &ik“' liji ' “ m mo nd . VLUD3 

from Si n Sbte ri w«iurtirt7S other series of monochrome pic- tainjy help identification and « «« the . ***** ^ mor^^ependin^ni^ extent 5w' battU^' five^ o 5S7 . A ,7 

I? till Sbwush to the tures. stimulate research. themselves on untenmi conflict, of coverage ^required. six, seven and eight 1 ® 






14 


financial Times Saturday July 22 3978 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4J5Y 
Telegrams: Finantimo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 


Saturday July 22 1978 


Pay norms and 
make-believe 


YHETHER or not one agrees 
.iih Mr. Callaghan that pay 
arms are to become a normal 
vent, there was no politically 
fasible way in which he could 
ave avoided a Phase Four an- 
ouncement this summer. The 
Government has set such store 
y pay controls that to have 
handoned them at this stage 
.-ould have looKed like a defeat. 
. n abandonment would have 
«en a shock to the financial 
larkets and would also have 
leant throwing away one of the 
lain planks on which the Prime 
Imister intends to go to the 
ountry. Successive opinion 
nils have shown that the idea 
< popular in principle, if not 
i particular application. 

These considerations do not. 
f course, settle the vexed dis- 
ute on whether continuing pay 
oiicies do more harm than 
ood. Nor is the argument likely 
i be settled by the election, 
hoever wins. Tne most one 
3n say now is that if there has 
? be a pay norm, the lower 
ie figure the better. For any 
renounced figure will always 
econie the bottom of a pile 
n top of which will come wage 
rift, productivity agreements, 
cal or spurious, and all the 
iyriad complexities of adjust- 
ie»ts in prices, conditions and 
ork schedules which affect 
ibour costs. As a result of such 
Drees the 10 per cent norm of 
‘base Three has become 13 or 
4 per cent in practice and all 
ip progress towards lower 
ettleraents achieved in Phase 
‘wo has been reversed. 

disadvantage 

Thus within the context of 
is general approach, Mr. 
lealey was right to insist on 
5 per cent norm and not to 
How an exlra 2 per cent for 
edifying anomalies and special 
ases. If he had done the lat- 
:r 7 per cent would have 
ecome the general starting 
«<int. But this having been 
aid. the new policy has the dis- 
dvantage of perpetuating all 
je rigidities and wage distor- 
»ons of the previous phases, 
•hich have helped tn divorce 
arnings from market pres- 
ures. As a result many 
mployers report staff shortages 
f all kinds while the unemploy- 
lent figures hover round 1-Jm. 
'he unfortunate truth is that no 
ne has discovered a way of 
nntmlUng the average or total 
age bill, while being flexible 
n individual cases. 

Even within the. context of 
lie present policy there are 
la.jnr shortcomings. No link at 
11 is drawn between pay ^id 
tic mnxcmcnl of either the 
toney supply nr the exchange 
ate. The same monetary tar- 


gets can hardly be appropriate 
to both a 10 per cent and 
per cent norm. Suspicion will 
also be raised by the extrava- 
gantly propagandised claim in 
the White Paper about the 
increases in real incomes 
brought about by tax changes. 
These are all comparisons with 
what would otherwise have 
been. The Treasury glosses 
over the point that a progres- 
sive tax system will always take 
an increased share of personal 
incomes unless rates or start- 
ing points are changed. 

The most objectionable 
feature remains, however, the 
use of discretionary government 
sanctions — “black lists" — in 
an attempt to impose a norm 
not sanctioned by Parliament. 
We are moving towards the 
point where Ministers are 
genuinely surprised to be told 
that their mere wish is not the 
Jaw of the land. This theory of 
unfettered government would 
take another and sinister step 
forward if Ministers were to try 
to use their power over con- 
tracts and credits to impose 
dividend restraint even if a Bill 
for this purpose has been 
presented to Parliament 

Undesirable 

Indeed the continuation of 
dividend control brings out an 
undesirable element of make 
believe in the whole exercise. 
The Government already has 
ample power to prevent private 
shareholders from benefiting 
from wage restraints. Variations 
in corporation and investment 
income surcharge are quite suf- 
ficient for the purpose— 
although the point is academic, 
as the real return on capital has 
been in long term decline and 
is in some cases even negative. 
The main sufferers are the 
pension funds and other insti- 
tutions investing savings. 

The important point is that 
the industrial revival which the 
Government wishes to promote 
depends on the efficient func- 
tioning of the capital market. 
This in turn depends on there 
being a diversity of dividend 
experience rather than a single 
norm. Hobbling the successful 
has never been a policy for 
success. The extraordinary 
feature is that many Ministers 
have no real private belief in 
dividend control at all. hut 
think it a necessary public 
relations exercise to secure the 
support of the unions for pay 
restraint. A policy so strongly 
dependent on make-believe can 
have no long-term future and, 
whoever wins the election, some 
drastic rethinking will be 
required. 


THE GAMES OF ’84 



dimensions 



By MICHAEL THOMPSON-NOEL in London and DAVID SATTER in Moscow 


B ARON DE COUBERUN, the founder of 
the modem Olympic movement, would 
have shuddered this week at the extra- 
ordinary exchange of international insults 
generated by the dispute between the Inter- 
national Olympic Committee and the city of 
Los Angeles, which may now abandon its plans 
to stage the 1984 Olympic Games because Lord 
Klllanin, the IOC president, has rejected a 
scheme whereby the Los Angeles city council 
would in effect subcontract the Games to 
private organisers in order to absolve 
California's taxpayers of all financial 
responsibility. 

Indeed, the baron would hare been 
thoroughly astonished — not only at the 
magnitude of the sums now casually referred 
to whenever the Olympics are- diseussed. but 
at the global phrase-book of insults, charges, 
counter-charges and political accusations now 
apparently consulted whenever the Games 
flounder hack into trouble. The best example 
this week was provided by East Germany's 
official party daily. Neues Deutschland, whleh 
entered the fray by claiming that the eutire 
cost of the Los Angeles Gaines would be only 
0.75 per cent of the US military budget “ The 
funds now sought for research and construction 
of the neutron bomb would be enough for two 
Olympic Games for which everything would 
have to be built in the middle of a desert," 
said the newspaper unhelpfully. 

The irony is that Moscow, the host for 
19S0, and Los Angeles, for 1984. were due to 
mark a return to Olympic sanity after the 


L OS ANGELES’ Olympic 
organisers are to seek a 
face-to-face meeting soon 
in Europe with Lord Killanin, 
president of the International 
Olympic Committee, in a final 
effort to salvage the city's 
problem-laden efforts to stage a 
Spartan, cut-price 1984 summer 
Olympiad. 

But given the hitter feelings 
being expressed here today 
about Lord Killanin and the 
IOC, such an encounter would 
seem likely to end once and for 
all the year-long attempt to 
bring fhe Games to southern 
California for the first time 
since 1932. 

Almost everyone here has 
been upset by Lord Killanin's 
rejection, earlier this week, of 
a plan devised by Mayor Tom 
Bradley and his seven-man 
Olympic committee of local 
business leaders, whereby the 
IOC would sign a contract with 
private organisers and so 
absolve Californian taxpayers 
of financial responsibility for 
the Games. 

Mayor Bradley responded by 
asking the city fathers to with- 
draw Los Angeles’ bid. They 
replied on Wednesday that they 
would not: “ Let them take the 
Games away from us.” said 
Councillor John Ferraro, “let 
them explain it to the .world.” 
Various council members then 
proceeded to assail Lord 
Killanin as. among other things. 

pompous," ‘'intolerant” and 
“ autocratic.” 

Mr. Tom Sullivan, the Mayor’s 
Press secretary, deplored the 
uncompromising language ” of 
Lord Killanin's cable, and 
accused the IOC of “creating 


exploits two vears ago of the builders of 
Montreal, whose edifice complex cost that 
delightful city the terrifying Olympic loss or 
$900m. Until its latest run-in with the IOC, 
Los Angeles was talking in terms of an overall 
expenditure on the 1984 Games of $183m to 
8200m. Indeed, there Is virtually no reason for 
supposing that Los Angeles would not have 
made a substantial profit on the Games, 
certainly one greatly in excess of the Sim 
profit it made in 1932 when it staged an idyllic 
Olympics ta the darkest year of the Depression. 

At current prices, the London Olympics of 
1948 cost an estimated £Gm. Eight years later, 
Melbourne cost approximately £12m. It was 
in Rome that Olympic spending first got out 
of hand, the Italians spending at least £150m. 
Mexico, in 1968. spent even more lavishly. 
The West Germans in 1974 spent approximately 
£50 Om, though that did include a new subway 
line an d new roads. And then Montreal, 
two years ago. run up an extraordinary bill 
approaching Sl.obn because the city fathers 
simply eould not contain a programme of 
capital spending that stretched to the bizarre 
lengths of a $llm athletics stadium, a S35m 
Olympic village and a S70m velodrome, to 
name just three of the bottomless holes in the 
ground into which that elty's taxpayers found 
themselves pouring money. 

However, subtract from Montreal's S900ni 
deficit the sums spent on capital construction 
(some of which is in regular use today) and 
you discover that Montreal actually made a 
profit on the 1976 Games estimated at S12Gm, 
thanks to revenues from coins, stamps, ticket 





Montreal's main 1976 Olympic stadium going up? costs rose even higher, 


sales, concessions and so on. 

On the face of It, the Los Angeles figures 
arc even more appealing. Conservative 
projections for ticket sales, licensing rights and 
concessions indicate an income put at 
$184,250,000. In addition, the - President's 
Commission on Olympic Sports has Estimated 
that the sale of stamps, coins and medallions 
could yield as much as 5500m. Of course, 
Los Angeles already has plenty of stadia, a 
point that will hardly be missed by the 
Investigators if the proposed £50,000 GLC 
feasibility study into the prospects of London 
staging the 1988 Games gets the go-ahead. 

In the meantime, everyone seems to have 
forgotten 1980. In fact. Moscow is doing 
nicely. With the opening of the 1980 Olympics 
now a little more than 700 days away, Moseuw 
is the scene of feverish activity at seores or 
construction sites as the city gets ready to 
play the unaccustomed role of host to the rest 
of the world. Buildings along the Sadovoc 
ring road are receiving a fresh coat of paint. 
Across from the Soviet exhibition of economic 
achievements, a giant kidney-shaped steel and 
glass hotel is nearing completion. And 18 


skyscrapers to house the athletes and officials 
are rising In the Lenin Hills. Projects W band 
include stadia and a rowing canal, an airport 
terminal and Olympic department store, as 
well as 40.000 hotel beds and 70,000 seats of 
extra restaurant capacity. 

Mr. Vladislav Shevchenko, the Olympic 
Press spokesman, says that 95 per cent of 
Olympic construction at 80 different sites is oa 

schedule. . 

Although the budgeted cost of the Moscow 
Games is not known precisely’, the Soviets 
are nonetheless confident of reaping a hard 
currency windfall. The TV rights In the U.S. 
and Japan have already been sold. Coca-Cola 
has bought the rights to the Games’ authorised 
soft drink and the Soviets are issuing sets of 
gold, silver and platinum Olympic coins with 
which they hope to make at least S150nt. 
According to the organising committee, 600 
Soviet enterprises have received commissions 
to manufacture almost 3,01)0 different 
souvenirs. , . . 

These days, Olympic business is n»g 
business. It is a pity it couldn't be more 
even-tempered. 



Lord Killanin v. 
the Spartans 
of Los Angeles 


BY MAURICE IRVINE IN LOS ANGELES 


Lord Killanin: autocratic? 


confusion ” and “ failing in com- 
mon courtesy ” towards the city. 

Mr. John Argue, who heads 
Mayor Bradley’s Olympic com- 
mittee. spoke of frustrations in 
his attempts to meet directly 
with Lord Killanin and other 
top IOC executives who, he 
believed, feared that the Los 
Angeles plan would lead to 
“over-commercialisation” of the 
Games. 

"Even when <we flew to 
Montreal In June for discus- 
sions, we met only IOC repre- 
sentatives. Neither Lord 
Killanin nor any of the nine- 
member executive committee 
attended." After trying for 12 
days to reach Lord Killanin by 
telephone, he complains, he 
received a cable asking him not 
to call but to contact IOC staff 
members. 

Under Los Angeles’ compli- 
cated plan, the city would invite 
private enterprise and the U.S. 
Government to contribute funds 
towards holding the Olympics 
here. As a condition of bidding 


on television rights, each net- 
work would be required to put 
up a S50in guarantee which Los 
Angeles could draw upon if 
expenses exceeded revenues. 

But Lord Killanin said the 
proposals failed to comply with 
the IOC's Rule 4, which states 
that the host city must accept 
“full financial responsibility” 
for the Games. 

Most of California’s business 
community want the games here, 



arguing that in the long term 
both city and state will show a 
profit. But most politicians — 
with the Jarvis-Gann taxpayers’ 
revolt in mind — are wary. To 
at least eight of the 15-meraber 
City Council, at the last count, 
fiscal virtue matters more than 
visions of Olympic glory. 

The city hopes to stage the 
Games for little more than 


SSOOm. one-fifth of the cost to 
Montreal of the 1976 Games. 

Los Angeles' major expenses 
would be the building of a new 
swimming stadium and rowing 
course. For the rest, existing 
facilities would be used — the 
85,000 seat Rose Bowl, the 
95,000-seat Coliseum, the Sports 
Arena and the Forum. “We 
have dozens of sites needing 
only a little preparation,” says a 
mayoral aide. 

The cost of building an 
Olympic village, at around 
8130m, was to be avoided by 
housing the expected 13.000 
athletes and officials in existing 
university and hotel dormi- 
tories. 

Last September, when LA 
planners were preparing their 
bid, Mr. Bradley said that no 
more than $34m would be laid 
out for new and revamped 
facilities. 

At whatever cost to atldetes 
and spectators, they would be 
shuttled abou-t between the far- 
flung venues in a fleet of some 


4,000 city buses. And far-flung 
they are: some of ihe 10 or £2 
existing stadia and mannas 
dotted about the 500 square 
miles of the Los Angeles basin 
are more than an hour’s drive 
apart on congested freeways. 

Arguing that the IOC’s insist- 
ence that the city sign a con- 
tract abiding by all the 
committee’s rules means that 
the Olympic body is reserving 
its right to demand certain new 
facilities, the Bradley team has 
refused to moke firm commit- 
ments about housing and other 
construction. 

But the business community 
has shown willingness to get 
matters moving. 

This week, for . instance, 
owners of Hollywood Park race- 
track offered to build, at their 
own expense, a multi-sports com- 
plex for Olympic use to. include 
a 75,000-capacity stadium, with 
up to 100 new tennis courts, 
bicycle raring tracks and 
equestrian facilities. 


And several major companies 
have expressed interst in build- 
ing — but with city and federal 
help — a self-contained Olympic 
village in downtown Los 
Angeles. The cost would be 
somewhere between $ll)m and 
S30m and developers say it 
would be both profitable and a 
In os-term boon to this housing- 
short city'. 

There is no doubt that the 
vast majority of southern Cali- 
fornians want the Games, or 
that they agree on the whole 
with Mayor Bradley’s insistence 
on frugality. 

Letters by the hundred in the 
State’s four leading newspapers 
have echoed such feelings: 
"Are we really too poor to pick 
up the cheque after Moscow?” 
asked Mr. Robert >Veil of Los 
Angeles. 

The California press is almost 
unanimous too in its support 
for Mayor Bradley's “ affordable 
Olympics.” “What we are not 
prepared to do,” editorialised ' 
the middle-of-the-road Los 
Angeles Times recently* “is 
spend frivolously on redundant 
or grandiose projects of the 
kind that in recent years have 
threatened to- priee the Olym- 
pics out of being.’' 

If Los Angeles should finally 
lose what : until now has been a 
one-horse race, a new field will 
quickly form. 

New. York has already ex- 
pressed interest in the games, 
while Montreal officials said re- 
cently that they would join m 
any new bidding process—” but 
this time on our own terms.” 
But those, presumably, would be 
similar to Los Angeles’ — no 
laxpayer liability. 


Letters to the Editor 


Capital 

'mm Mr. J. Hnirdcn 
Sir.— No w under Mr. Hugh 
iri ust rung reports a suspicious 
ew of venture capitalists. 
Nu thing ventured. July U.) 
'ne look, at ius "standard agree- 
tenl ” confirms that he is 
vmaging >.-:ipiial and net risking 

What n pi tv it i*. that we have 
the wealthy individual who 

■ ou Id say to his protege with a 
^cil idea: “ Here i.s 1500. start 
•'or business, pay me back when 
on can and i will back you 
rain with more, but this time 

a rommerci.il basis." That is 
and frosting people. The 
rati tiidc and personal trust 
■•’tween those two over quite a 
i.tall >uut cpuipJt'fW.v transcends 
antiseptic approach by su- 
a I led venture capitalists. 

What an overhead in lime. 
«*;al custs and money his 
•standard agreement” puts on 
m individual- just at the lime 
then, using hi* own personal 
tmdv he is trying to perfect and 
narket his product. 

T!ie nunuuer of the high street 
>pnk understands the wurd trust 
iy virtue or hu, previous know- 
edge uf his customer and i.s by 
ar ihe best bet for the small 
uissnvNj,. Armstrong talks of 
lacking people and of their 

■ imshjhs off ” in the same sen- 
'.•ncp. There is enormous in- 
•-•gnty among small business 
■■on in this country, and most 
iiil bend over backwards to 
islifv backing. Large injections 
‘f money at any one time to take 
.ie opportunity of u lifetime, 
.hich must be taken during the 
’.retime of the opportunity, is 
H*t necessary very often. 

Mr. Armstrong would serve 
tibs and industry better if he 
■-•ere to emulate and beat the 
iiglt Street bank manager by 
:elping small companies “a 
ranchir at a time." get tn know 
hem, build up mutual trust and 
hen he could scrap that 
•standard agreement.” 
f. H. Bowden, 
it'oodrorr. 

M7. PJnfstotr hutie. 
iromhty. h'fiit. 

Secretaries 

-’roiii the chairman, 

3ntzsh Lean/ Association. 

Si-— Mrs E Wittenberg (July 
Si asks what is to be done about 


the growing problem of 
innumeracy (and, l suggest, 
illiteracy) among school-leavers. 
If the problem was encountered 
only in bakers' shops it would 
be bad enough, but Mrs. Witten- 
berg's examples are a mere 
fraction uf the whole. 

Tbe problem, and the asso- 
ciated dangers, are especially 
great in the legal profession, both 
in the offices of solicitors and tn 
court offices. The school leaver 
all too frenquently leaves 
school lacking the desire or the 
ability to think and any sugges- 
tion that meticulous attention to 
-leiall is required is met with 
a blank stare. Parents and 
teachers are as much to blame 
as the children themselves, but 
they are not the only culprits. 
We. the public whether 
employers or employed have 
allowed matters to slide for 
years — the years of “never had 
it so good." We have allowed 
ourselves to be persuaded that 
machines really can take over, 
instead of treating the machine 
a.s a mere aid to the belter 
performance of work for which 
thought is always required. Some 
of us, of course, have struggled 
against this and still do. We 
have been called old fashioned 
and sometimes less pleasant 
words have been used. 

Let us Cake two simple 
examples. The copying machine 
has (a) almost killed off the 
race of skilled copy typists and 
thus ( b) led to a dearth of 
aspirant legal secretaries who 
have the necessary groundwork 
firmly implanted before seeking 
promotion. The dictaphone 
which we are told is such a 
time saver is, in fact, of limited 
value (usually out of the office 
in evenings and at weekends 
when solicitors strive to keep 
pace with the burden of over- 
work) and a secretary who can 
do first class shorthand will win 
hands down. Consider the occa- 
sion when, away from the office, 
you telephone your secretary and 
.ihe reads the day's post to* you. 
If she does fast, accurate short- 
hand you may dictate the replies 
un the telephone and urgent 
matters are advanced that day. 
With a machine and first class 
post, you might be lucky if the 
tape dictated bv you reached 
ihe office before you returned in 
person. 

With increasing unemployment 
it docs not make sense to go 
on Increasing the use of 
machines and allowing potenti- 


ally useful clerks, etix, to become 
machine minders in factories or, 
just as likely, to become part 
of tbe swelling ranks of the 
unemployed. Let us restore 
U,iching of the three R's and 
the capacity for responsible 
thought to ail our children and 
we shall need fewer social 
workers as well S 
S. P. Best. 

29. Church Road, 

Ropal Tunbridge Wells, Kent. 


Action should be taken against 
motorists who do not return tu 
the ordinary lane when it 
becomes apparent that they are 
not gaining appreciably on the 
vehicle in front and there is 
traffic behind them. Let the 
police stop the speed-hog; not 
some misguided busybody! 

E. R. Kenuade. 

6, Sussex Cardens, tt’2. 


Motorways 

Frmn Mr. A. Watkinson 

Sir. — I was pleased to see Mr. 
Richard Hollands letter (July 
14) advocating toll-free motor- 
ways. It would, however, be an 
excellent development if private 
capital could be used to build 
a really comprehensive network 
uf motorways just as in the 19th 
century free enterprise built 
most of the world’s railways. 

Probably the way this could 
best be put into practice has 
been advocated by Milton Fried- 
man in his hook “Capitalism 
and Freedum." where he 
advocates that long distance 
motorways should be privately 
owned and nperated and the 
enterprise running the motorway 
should receive the fuel taxes 
paid on account of travel on it. 

If this was done it would open 
up tremendous possibilities and 

many deficit ridden railways 

which ‘are ar present a terrible 
liability to the unfortunate tax- 
payer could be sold off and con- 
verted into urgently needed 
profit-making roads. 

A. I. Watkinson. 

3. Otleu Road. 

Harrogate. 


Gambling 


From Mr. M. Nottingham. 

Sir, — Two cheers for the Royal 
Commission on gambling for 
seeming to confirm what I have 
been saying for years, that gamb- 
ling is organised by people who 
invented the game, and pat- 
ronised by people who often have 
not even been told the score, it 
also seems clear from the report 
that regular yam biers are. in. 
reality, gambling for "kicks" 
and not for money. 

Max Nottingham. 

19. St. Faith’s Street. Lincoln, 

Lincolnshire. 


Cowboys 


From Mr. E. Kermode 

Sir.— Someone should tell the 
MP for Derby South (July 14, 
Page SB) that if be is bothered 
by '‘continually flashing’’ lights 
then he is committing a motor- 
way nuisance. He has no business 
to be ” continually ” hi the over- 
taking lane, even if (according 
to hi* speedometer) he is 
” doing 70.” 

This “holler than thou” atti- 
tude causes considerable irrita- 
tion to other drivers who are 
prevented from overtaking by a 
car hogging the overtaking la’ne, 
often at under 70 mph (many 
speedometers over-read at this 
speed;. 


Aircraft 

From flfr. F. C roker 

Sir,— Since past experience 
indicates that the final cost nf 
aircraft projects has an unfortu- 
nate habit of exceeding the 
original estimate, itself astro- 
nomic, by a factor of at least 
four, is it not high time for the 
taxpayer, hitherto conned and 
fleeced with such monotonous 
regularity, to put .his foot down 
firmly and crush the 146 project 
(July 12) now, before full-scale 
development can begin, if he is 
to avoid having to pick up a bill 
for £l,0Q0m— about £20 per head 
of population— for yet another 
White Dumbo ? 

"The price the market can 
afford" for passenger aircraft 
depends on the price the pas- 
sengers are prepared to pay for 
their tickets, the savage escala- 
tion of which, in recent years, 
has been due not only to higher 
fuel costs but also to the prema- 
ture introduction of unnecessarily 
sophisticated and expensive air- 
liners. Particularly in the feeder 
line business, where competition 
is oFten with relatively slow 
surface transport vehicles such 
as buses, and not only in Third 
World countries, the clamant 
requirement is now for a DC3— - 
(Dakota) replacement— a cheap, 


robust, reliable aircraFt capable 
of operating from small grass 
airfields, and featuring high pas- 
senger miles per gallon rather 
(han miles per hour. The trend 
towards fuel economy will be 
emphasised as oil becomes 
scarcer and more costly, as it will 
dn during the lifetime of any new 
aircraft. 

Such aircraft could be piston 
engined and un pressurised. The 
proposed resumption of manufac- 
ture of the Alvis Leonides aero 
engine suggests a traditional 
solution b-jsed on three of these 
units, with a fixed undercarriage, 
no flaps, and a cruise speed of 
not more than 150 mph, carrying 
30-40 passengers up to 500 miles. 
Same low-cost R & D would be 
justifiable to determine the best 
compromise for a wing shape 
providing high lift for take-off 
and climb, together with low drag 
for cruising. This, admittedly, 
would not provide work for more 
than a small fraction of the horde 
of technologists currently dis- 
tending tbe payrolls of tbe air- 
craft industry, but the bulk of 
them could and should be gain- 
fully redeployed. 

Why not. therefore, build an 
all British aircraft, requiring no 
taxpayers subsidy, a nd which 
will certainly be as profitable as 
it will be useful? 

F. P. U. Croker. 

.4r*ou Lodge. Hitiborough Crea., 
Svutrwca. 


Scales. Their investment income 
drops by £720 to £2.580 and they 
now pay only ^£8 surcharge: the 
total income becomes £4,030 and 
the age allowance is left nearly 
intact. Their saving is thus XSi 
on investment surcharge plus 
£180 on age allowance. 

Mr. and Mrs. “ A " should sell 
a sufficient number of Savings 
Certificates each year to realise 
74 per cent tax free; they will 
find that their total income is 
slightly Improved because this 
74 per cent will compare with 
the 6 per cent net which they 
previously received from their 
gilt edged stocks (top slice). 

The numbers of certificates to 
be sold at each year end — per 
£1.000 is as follows. (They 
mature after four or six years.) — 

X sell 65 for £60.50 

2 sell 65 for £73.77 

3 sell 60 for £73 50 

4 sell 60 for I80.4O 

5 sell 55 for £78.85 

6 sell 50 for £77.50 


355 £453.32 

This is 74 per cent per annum 
free of tax. The 645 certificates 
remaining have a value nf £1.000 
Our retired couple «hould also 
have their full £1.000 in the 
retirement issue t£500 each) and 
could draw an annual income 
from that 
G. L. G. Turnbull. 

25. Cedars Ace.. 

Ricknuinsworth. Herts. 


Income 

From Mr. G. Turnbull 

Sir.— The recent increase in 
the maximum holding of the 14th 
National Savings Certificates 
issue offers an investment oppor- 
tunity which may not be widely 
recognised. It is the retired 
couple with some investment 
income and a state pension who 
can benefit most (the higher 
rate taxpayers will have already 
taken up their full quota). Take 
the case of Mr. and Mrs. "A" 
who are retired, with a pension 
of £1.450 p.a. and investment 
income of £3,300. On their total 
income of £4,750 they will have 
their age allowance of £2,075 
whittled down to nearly the 
ordinary rate of £1.535. On their 
investment income they will 
have to pay a surcharge of £95. 

Now. suppose they sell Govern- 
ment stock (yielding ‘'2 per cent 
gross) to realise £6.000 and in- 
vest it in National Savings Certi- 


Food 

From Mr. J. Picfterfnfl 

Sir,— While our politick 
squabble among themselves 
their usual infantile maun 
about the 10 19 per cent rise 
food prices between Februa 
1974 and mid-June this year b 
one of them seems to have me 
tioned tbe plain fact that this ri 
has occurred during the peril 
that the effects of the Com mi 
Agricultural Policy of the El 
have really begun to bite. 

Prior to February 1974 \ 
enjoyed some alleviation of tt 
burden owing to speci 
advantages given to us as ne 
members of the EEC. Since th 
date we have felt, and paid fc 
the real burden of this impo: 
Now all we have to look forwai 
to is tbe huge rise which w 
result from revaluation of ti 
Green Pound. 

J. P. Pickerinc. 

Orchard Place. 

Hexham, Northumberland* 



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Financial Times Saturday July 22 1978 

THE POST OFFICE WHITE PAPER 


J5 

BY JOHN LLOYD 



Carter’s fire and brimstone 


THE POST OFFICE is at 
present the Government's 
favourite nationalised industry 
Mr Gerald Kaufman, the 
Industry Minister with responsi- 
bility for the public sector, 
turns to it from the gnawing 
concerns of British Aerospace, 
" r |tish _ Shipbuilders and 
British Steel with the relief of 
a harassed teacher attending 
to a diligent and tractable 
pupil Over the past year, it 
has been doing almost every- 
thing right. 

One year ago, it announced 
record profits of £29L3m. a 
figure £ 101 m lower than it 
might have been because that’ 
sum had to be refunded to 
telephone subscribers by order 
of the Price Commission. Next 
week*, it will announce profits 
of between £3 60m to £380m. and 
none of it will be refunded to 
anyone. 

In January, the Post Office's 
two-year experiment In 
industrial democracy began, the 
first of its kind in the country, 
a trail blazer for other public 
land, the Government hopes, 
private) companies. Both 
management and union sides, 
for the most part, are expressing 
tentative satisfaction. 

In telecommunications, the 
development of System X. the 
new generation electronic 
exchange, is being hurried 
along. In posts, the unprofitable 
parcels service is covering its 
direct costs, and contributing 
.some extra to overheads. Giro, 
with deposit and current 
account facilities, now looks 
little different from a high 
street bank. 

For these and other reasons, 
few governments — and ce rtainl y 
not one coming to the end of 
the present parliamentary 
session and possibly the end of 
its present life — would feel 
tempted to do much more than 
pronounce a blessing, counsel 
continued righteousness, 
denounce future sin and retire 
mto the background. To a large 
extent, that is what the Govern- 
ment, in its White Paper on the 
Post Office published yesterday, 
has done. 

Yet that is not the spirit in 
which the Report of the Post 
Office Review Committee — to 
which the White Paper is a 
response — was first conceived 
almost three years ago. Nor 
is it the spirit — though the 
climate had changed by then-— 
in which it was written and pub* 
lashed a year and a day ago. 
More than most reports, this 
one has been overtaken by 


events on a number of levels, 
and very largely outflanked by 
government. Post Office and 
unions. 

It may be recalled that, in 
1975, the Post Office was no- 
body's favourite public corpora- 
tion. After years o£ price re- 
straint followed in that year by 
a government decision to phase 
out all payments to nationalised 
industries to compensate for 
holding prices dbwn, the cor- 
poration raised its postal and 
telephone tariffs in two sharp 
bursts. 

The effect was that the price 
of a first class letter went up 
from 4$p to 8$p, while second 
class postage increased from 3Jp 
to 64 P and telephone tariffs rose 
from lip to 3p a unit. To cap it 
all. the Post Office declared a 
loss over the financial year end- 
ing in March 1975 of £306m. 

The secondary effects were 
grumbling resentment among 
the public at large, and in the 
business community in par- 
ticular. The latter quickly 
formed two pressure groups — 
the Telephone Users’ Associa- 
tion and the Mail Users' Asser- 
tion — which immediately 
threw themselves into the task 
of savaging the ankles of the 
swaying corporation. 

More magisterially, the Post 
Office Users' National Council 
— the stautory consumers’ body 
— began to lobby for a commit- 
tee of inquiry. The Council had 
not been consulted about the 
rises in charges, and was resent- 
ful. But its chairman, the late 


routine indifference to its cus- 
tomers and acceptance of a pro- 
gressively declining service. He 
was also an expert in, and a 
strong supporter of. a number 
of U.S. business methods. 

Thus he and his committee 
were unusually responsive to 
the evidence from consumers’ 
bodies. like the Council, the 
MUA. the Consumers Associa- 
tion and others. Other organi-, 
satin ns not concerned with con- 
sumers nevertheless argued 
strongly In favour of a greater 
respect for the customer. The 
most notable among them were 
the Post Office trade unions. 

It was no surprise, therefore, 
that when the report was pub- 
lished, its main argument was 
that the Tost Office should be 
much more firmly in the mar- 
ket place than it was. The 
report's most dramatic pro- 
posals were that first, the cor- 
poration should be split into 
autonomous postal and teleuum- 
municatlofl businesses and 
secondly that an advisory coun- 
cil be appointed which would 
act as a buffer between corpora- 
tion and Government, monitor- 
ing the first and advising the 
second. But these proposals 
were subordinated to the 
general view. succinctly 
expressed in a passage in the 
report; to the effect that “some- 
time its (the Post Office’s) cus- 
tomers get the feeling that they 
are being graciously permitted 
to use the system.” 

The Carter Report was 
ecstatically hailed by the con- 
sumers’ organisations. But it 


(The Carter Report found solutions to 
problems which the Post Office itself was 
also, naturally, examining. Not surprisingly, 
a number of die solutions were the same. ^ 


Lard Peddie, was shrewd 
enough and practised enough 
in the ways of Whitehall and 
the nationalised industries to 
realise, first, that the fuss would 
quickly die down and .second, 
that the consumers’ movement, 
then at full throttle, could have 
a significant influence over any 
report which might be pro- 
duced. 

He was correct. The chair- 
man of the committee— Profes- 
sor (now Sir) Charles Carter, 
vice-chancellor of Lancaster 
University— was an enthusiastic 
champion of the view that 
where a statutory monopoly 
exists, very stringent safe- 
guards must be erected to, pre- 
vent it from declining.; into 


had a mixed reception from the 
unions (the Union of Post Office 
Workers was very much against 
the proposed divsion of the 
corporation while the Post 
Office Engineering Union was 
very much for the division). It 
also provoked something of a 
snarl of resentment from the 
Post Office. Although the cor- 
poration has since then done 
a great deal of efficient smooth- 
ing of ruffled feathers lit has 
a new, less touchy chairman), 
there is no doubt that at the 
time it felt hard done by. 

It was pointed out, for 
example, that the report 
rejected profitability as a 
measure of efficiency, yet 


accepted a 6- per cent return on 
net assets as a reasonable tar- 
get for the telecommunications 
business: that it criticised the 
corporation for over-centralisa- 
tion and then proposed a coun- 
cil which would further cen- 
tralise matters: that it com- 
mended the unions for service 
to the public and then implied 
that if their representatives got 
.on the Board they would act 
against customers’ interests. 

There was much more in this 
vein, but what it amounted to 
was that the Post Office disliked 
being told how to put its own 
bouse in order. The question is: 
has it put its house in order, or 
has it merely deflected criti- 
cism? 

In tbe first place, we must 
consider those two dramatic 
features in the Carter Report 
The Post Office Board liked the 
proposed split but did not like 
(indeed, positively detested) the 
advisory council. Much of the 
venom directed against the 
report stemmed from that 
recommendation. The Gov- 
ernment was of much the 
same mind. It had had 
roughly the same proposal 
made to it by a National 
Economic Development Office 
paper at the end of 1976 for all 
the nationalised industries: it 
saw these “policy councils” as 
simply a barrier to Ministers 
intervening in the running of 
the industries (they already 
think the barriers are formid- 
able enough), and the White 
Paper on nationalised indus- 
tries brusquely dismissed them. 
So the fact that Carter’s pro- 
posed advisory council was 
similarly dismissed in yester- 
day’s Wbite Paper was disap- 
pointing to few, except per- 
haps to Sir Charles Carter him- 
self. 

The Post Office did, however, 
want the split, and the White 
Paper has deferred it for at 
least 18 months until the pre- 
sent experiment in industrial 
democracy — which began in 
‘January— is ended. At yester- 
day’s Press conference on the 
White Paper, Sir William 
Barlow, the Post Office chair- 
man, said quietly that he was 
prepared to be patient about 
the deferment of the decision, 
although he indicated that he 
was still in favour of dividing 
the corporation's activities. Post 
Office gossip is that be is no 
longer as keen on it as he was, 
because he is having some suc- 
cess in running a unified cor- 
poration. 

More intriguing will be the 



Gerald Kaufman. Minister for Industry, Sir William Barlow, new chairman of the Post Office, and Mr. Turn Jackson. 

general secretary of the UPW. 


reaction of the unions. Mr. Tom 
Jackson, general secretary of 
the UPW, has made it known 
for some time that his influence 
in the Department of Industry 
and in the Cabinet has been 
such that a split was never on 
the cards. Mr. Brian Stanley, 
general secretary of the POEU, 
has other matters on his plate — 
and will resign from the 
National Executive of the 
Labour Party because of pres- 
sure — but may still feel moved 
to make an issue of the split 

We are down, then, to the 
nuts and bolts of the Carter 
Report and of the Government’s 
and Post Office's response to it 
(which were published together 
yesterday). And it is on these 
nuts and bolts — -the detailed 
suggestions on pricing, market- 
ing, internal monitoring — that 
Sir Charles has bad some effect, 
if only by retrospectively 
endorsing action already taken 
by the Post Office. The fact that 
this should be the case was 
inevitable. The Carter Com- 
mittee was looking for solutions 
to problems which the Post 
Office was also, naturally, ex- 
amining. Not surprisingly, a 
number of the solutions were 
the same. 

In one respect, the Post Office 


has pone beyond Carter in its 
zeal to create lashes for its own 
back. It has accepted the target 
of reducing real unit costs in 
telecommunications by 5 per 
cent per annum over the next 
five years (though there may 
not be a money reduction 
because of the effects of infla- 
tion), This means that the Post 
Office has the restraints of cash 
limits, the restraint of requite 
ing to show a 6 per cent return 
on net assets and the require- 
ment to reduce real costs by 5 
per cent — a formidable array of 
tasks. 

The criticism made by Carter 
of the over-centralised manage- 
ment style of the corporation- 
has also now lost its force, 
largely because Sir William 
Barlow tan outsider whn 
believes in delegated responsi- 
bility) become chairman in 
place of Sir William Ryland 
(who joined the Post Office 
at 15 and had an awesome 
grasp oF detail) as chairman. 
Management at all levels talk 
oE their new-found responsi- 
bility-some more enthusiastic- 
ally than others. 

Where Carter recommended a 
policy council as a major instru- 
ment for achieving efficiency. 


the Post Office has already out- 
flanked the idea by adopting 
some of the recommendations 
which are less painful to itself. 

It is holding talks with the 
Government about setting per- 
formance indicators (possibly 
after the Bell system so much 
admired by Sir Charles). It has 
appointed a committee beaded 
by three non-executive board 
members (two of whom are the 
consumer representatives) to 
monitor efficiency. A joint Post 
Office/D epartment of Industry- 
working party is considering 
ways in which international 
comparisons may be established. 
The Secretary of State for 
Industry will soon be em- 
powered to approve the annual 
long-term plans for the three 
Post Office businesses and lo 
specify any additional measures 
which he thinks they ought in 
contain. The Users' Council is 
to be strengthened by allowing 
it to appoint its own. possibly 
non-civil service staff, and it will 
soon, by statute, have to be 
consulted about long-term 
plans. 

How much of this is inspired 
by the Post Office, how much by 
Carter, is a matter for the 
large number of corporation- 


watchers It* diviil?. The net 
result has been that the Post 
Office is now presenting a well- 
scrubbed public face, buoyed up 
on large profits over the past 
two financial years. 

There are real problems ahead 
(and not so far off). Most 
immediately, the two major 
unions have show n that they are 
far from muzzled by industrial 
democracy. The UPW has 
ilirown out Sir William's two 
pet ideas nf restoring the 
Sunday service and introducing 
a 5jp Christmas post, and the 
POEU is surprisingly adamant 
about a 35-hour week. The 
delicate problems of System X, 
the advanced electronic ex- 
change of the JPStis. are far 
from settled, although the pro- 
blems here are more a matier 
fur the manufacturing industry 
than for the Post Office, 

But the Government. Post 
Office and union* have success- 
fully reduced the tire and 
brunstnne which was the Carter 
of 1975 inti* a few- "moderate 
and sensible" proposals which 
any successful enterprise would 
be happy to accommodate. It 
will remain a fine example of 
corporate manouvrability. 





Vaux 

pop 

Has Vauxhall turned the 
corner? Judging by its results 
for the first half of this year, 
there is some cause for hope 
again at the small Luton-based 
company. Net profits were up 
t.i £4.3 nt. the best figure it has 
achieved, even in a full year, 
since 1968. And on every other 
index it has also shown an 
improvement: turnover, produc- 
tion. vehicle registrations and 
exports have all risen 
substantially. 

Critics dismiss these signs of 
revival by suggesting that 
Vauxhall is simply too small to 
survive. On an output base of 
only about 200.000 cars and 
commercial vehicles a year, it 
IS easy to show big percentage 
gams, they say: but it is not so 
simple to sustain them against 
rhe large world companies 
producing between Ira and 2m 
units a year. 

What this argument ignores, 
however, is that General Motors, 
Vauxhail’s parent, seems to 
have taken a much stronger grip 
on its subsidiary's drifting 
performance in the last four 
vears, mainly by drafting in a 
55-year-old American, Mr. Bob 
price as chairman and 
managing director. Since his 
arrival, in Vauxhall's darkest 
hour at the beginning of 
January 1974, the company has 
quickly lust its sardonic Fleet 
Street accolade as the “ cabbage 
patch " — the place where 
nothing happened. 

Price is known in GM as a 
turnaround man. Before Vaux- 
hall. he pulled GDI's company 
in South Africa back into profits. 
To outsiders, his most appealing 
quality is his wit: he can keep 
a Press conference chuckling 
for half a day even on the most 
sobering of subjects, such as 
Vauxhall’* past 10 years’ figures. 
To insiders, however, he appears 
as the complete professional, 
equally at home with a balance 
sheet or in the styling studios, 
and generally quicker at the 
figures than any on his staff. 

In his first year at Vauxhall, 
when it made its worst ever 
U,*s of £18m. Price trimmed 
hack mercilessly. The labour 
force eventually went down by 
7 UOI). But now expansion is 
beginning again, with the 
recruitment of 3.800 mure men 
m the past 12 months, and a 
return to shift working. 

Equally important, for the 
future of the company, however, 
is that the model range seems 


at last to be coming right Price \ 
would be the last to take com- 
plete credit for this, because it 
is ail part of GBTs Europeanisa- 
tion programme under which 
Opel, the West German sub- 
sidiary, becomes the design 
centre for cars, and Vauxhall 
the base for trucks (through its 
Bedford subsidiary). But there 
is no doubt that he has had 
one of the key roles to play in 
this integration programme, 
which after further launches 
before the end of the year, will 
give Vauxhall oue of the most 
complete car ranges of all Euro- 
pean manufacturers. 

With this range, Vauxhall will 
have the possibility of becoming 
a significant force in the British 
industry again; and that, given 
the continuing alarums at BL 
and Chrysler, provides one small 
crumb of comfort to a 
beleaguered industry. 



Terra Kirk 


Bob Price; turning over the cabbage patch! 


Carefree 

daze 

This may prove to be a 
miserable weekend for holiday- 
makers heading for foreign 
climes as the French air traffic 
control dispute begins to bite at 
flight schedules, hut at least 
those going abroad do so 
knowing that these days there 
are pretty strict fin a n cial 
guarantees around their 
packages. Spare a thought 
therefore for the domestic 
holidaymaker who has no such 
protection. _ 

This week has seen more than 
1,000 families on the receiving 
end of letters from Carefree 
Cottages, a Cambridge-based 
self-catering rental organisa- 
tion, telling them that .there 
are financial problems and their 
holidays may be off. Little more 
than a year old. Carefree has 
ceased trading and has called a 
meeting of creditors for early 
next month. " It has been a bad 
season," says managing director 
Tony Truman. Bookings from 
abroad in post-Jubilee year have 
been badly down and Carefree 
found itself with payment 
guarantees to cottage owners 
which it had little prospect of 
meeting. . 

Customers caught up in uus, 
most of whom have paid in full 
for their holidays, can only 
contact the owners of the 
properties direct and hope to 
work out some sort of deaL 
Some owners are being 
sympathetic, some *r e 
Oddly enough many of those 
foreigners who have booked 
Carefree Cottages will probably 
get their holidays. Foreign 
travel agents, like those in 
Britain, tend to have a variety 
of protection schemes, and to 
this case the agents look pe 
picking up the pieces *°r their 
clients. The domestic bookings 
tended to be direct with 
Carefree and thus no such 
protection exists. . . .• 

Whenever the subject of cash 


protection is raised in the 
domestic holiday market it 
provokes an irritated response. 
M Tell us when the home travel 
industry had a collapse Like 
Clarksons?” they say. Families 
hit by Carefree's problems may 
be less than pleased with such 
a view. 


Rosy 

future 


“ The men from the Inter- 
national Monetary Fund" have 
almost the same place in 
popular mythology, or perhaps 
demonology, as the “Gnomes 
of Zurich " — especially so since 
the prolonged visit of a Fund 
team to London towards the end 
of 1976. Its determination to 
avoid publicity was taken to 
the extreme of booking in at an 
hotel under false names. Yet 
the officials and economists 
involved are far From faceless, 
and certainly not powerless. 
Moreover the arguments about 
top appointments to tbe Fund 
reveal some profound differ- 
ences iff thinking between 
countries, which is not un- 
important when major currency 
proposals are being considered. 

Ihe story begins at the end 
of 1977 and the beginning of 
this year when the search was 
on for a successor to Dr. 
Johannes Wltteveen, a Dutch- 
man, as managing director. This 
post is traditionally taken by a 
European in an informal divi- 
sion of spoils which ensures that 
an American heads the World 
Bank. 

The decision tends io emerge 
—rather like the leadership oE 
the Tory Party in the old days 
— from informal discussions be- 
tween the Finance Ministers of 
the major industrialised econo- 
mies and their representatives 
among the 20 executive directors 
of the Fund. At an early stage, 
candidates from several Euro- 
pean countries were considered. 
.. However, a British candidate 


(possibly from the Bank 
of England) was quickly 
ruled out since it was soon 
generally agreed that a new 
managing director should not 
emanate from a country which 
had been a major drawer on the 
Fund’s resources; the UK has, 
of course, arranged two very 
large standby credits in the 
last decade. 

Hie search then turned to 
various Continental candidates. 
However, in spite of some reser- 
vations from developing coun- 
tries, support eventually swung 
behind M. Jacques do Larosiere, 
a senior French Treasury offi- 
cial, who will first be seen in 
full charge at the Fund's annual 
meeting in late September. 

Yet the British interest does 
not quite end there. While a 
candidate from the UK was 
effectively ruled out because of 
this country’s debtor status, an 
exception might have been made 
if that someone had been dis- 
tinguished enough. Indeed the 
preference has always been for 
a senior politician rather than 
an official since he would be in 
a stronger position to maintain 
tiie Fund’s independence. 

Thus James Callaghan was a 
serious candidate for the post 
in the early 1970s when Labour 
was out of office. This time the 
view In 'Washington was that 
Denis Healey could have had 
the job. for the asking, with no 
questions asked about ' his 
British origin. 

But the opportunity came up 
too soon for Mr. Healey since 
he still has undisguised ambi- 
tions in the UK and talks of 
moving to the Foreign Office 
after the election and Indeed 
taking over From Jim in time. 

Of course, if Labour had lost 
an election and 20 Downing 
Street appeared unattainable, 
.then it might have been a 
different story. As it is, a mid- 
October election would leave 
Mr. Healey with some exhaust- 
ing jet-setting between Washing- 
ton — where he will be chairman 
of the Fund’s interim committee 


of finance ministers and in the 
UK, for campaigning. Just time, 
perhaps, to drop a few hints 
aboiit a late autumn mini- 
budget? 

Pounding 

away 

At lunchtime yesterday a small 
chartered plane landed at 
Ronaldsway Airport on the Isle 
of Man with a top official from 
the Manx Treasury and relief 
supplies- from a factory in 
Surrey. The relief was not food 
or medical supplies — but 
money. To be more specific, it 
was a further load of the £1 
coins launched on the island 
only on Wednesday. 

The coins, the first to circu- 
late in the British Isles since 
the start of world war one in 
August 1914, caused a great 
stir when they were released 
this week. Queues formed at the 
Treasuiy itself as well as at the 
banks and the whole allocation 
of 20,000 was snapped up with- 
in 45 minutes. 

The Treasury's own allotment 

went in 17 minutes and the 
banks bad sold theirs within 
another 30 minutes. Queues of 
disappointed and disgruntled 
purchasers refused to go home. 
** Chaos and confusion reigned." 
said one bank manager. 

An SOS was immediately sent 
out to the manufacturer, Pobjoy 
Mint, of Surrey, and a first in- 
stalment of 4.000 extra coins 
was shipped over by sea late 
on Thursday. Then the Trea- 
sury official arrived with an- 
other 71,000 which will probably 
be distributed first thing on 
Monday morning. 


Contributors: 
Terry Dbdsworth 
Arthur Sandies 
peter Riddell 
Tony Moreton 



FOUR YEAR GUARANTEED 
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Equivalenttoover 
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GUARANTEE 

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OPTION 

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EARLY ENCASHMENT 

Theamount payable willdependuponinterest 
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Thisoffer is not available to resdenlsot ihelrish Republic. 

Inf ormat ion contained in thi&advertisei n* it isLied cm oi;r 
understancJmgof present Intend Revenue tew and practice*. 
RegisteredinEdinburgtcNumber 51555. 

Rostered Office; 4 MehnHeCrescait, Edinburgh. 


APPLICATION FORM 

UMFTH) OFFER 

To: Crescent Life Assurance Company Limited, 

Acre House, Windsor, Berks^SL4 JEU. 

Telephone: Windsor 62443. 

I wish to invest ina Crescent Life Guaranteed 
Income Bond (minimum £L00Q, maximum£5Q,00Q) 
and enclose a cheque for£___made payable 
to Crescent Life Asai ranee Company Limited 


address. 


SURNAME. 


PLEASE T1CKTHIS BOX IF YOU WISH YOUR INCOME 
TO ACCUMULATE □ 

I declare that I am a resident of the United Kingdom 
and that the inf ormation that I have given is true 
and correct. 

SIGNATURE __ 


(Mr. "Mrs/ Miss) 
FIRSTNAMES (INFULL). 


DATE. 


DATE0FBIRTH. 


CRESCENT 


.FTl/'I 


I \ 


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.91 


COMPANY NEWS+COMMENT 


Lloyds Bank down 15% to £76.5m midway 


BIOS AND DEALS 


. Yinandal Tim es Saturday July 22 1978 

1 1 ISSUE NEWS AND COMMENT 


DIVIDENDS ANNOUNCED 


A.C Cars 
Carliol Inv. 
Com ben 


FOR THE first six months of 
HITS, profits before tax of Lloyds 
Rank at £7fi.5m are little changed 
from the £76. Mm achieved in the 
second half last year, but are 
down 15 per cent compared with 
the £90.1 m recorded in the first 
half of 19//. 

The first-half surplus includes 
111.19m against £9.34m from 
associates. Basic earnings per II £SC Inv. Tsl. 
share are given as 21.6p initial Services 
l2S.4»p) and 20.31 p (23^7p) fully Lloyds Bank .. 
diluted. Robt. H. Lowe 

The net interim dividend is Scottish and M 
raised from 4.15p to 4.63?p and Tyneside in *- 
as soon as dividend legislation is Weber Hldg>- 
clanfied. the directors will review Dividends shown pence per share net except where otherwise stated, 
the situation in the light of new + Equivalent after allowing for scrip issue. tOu capital 
circumstances. Last year's final increased by rights and/or acquisition issues. I Directors forecast 
was 4.93&p. final of not less than 7.3p. § Net of Jersey tax. ? To reduce disparity. 

Operating profit of £652! 7 m ■■■ 


Current 

Date Uorre- 
of spending 

Total 

for 

Total 

last 

payment 

payment 

div. 

year 

year 

.int. 

0.18 

Sept. 1 

0.35 

— 

0.95 

int. 

1.51[ 

Aug. 31 

I 

— 

3.85 

mt. 

(1.5 

Oct. 4 

0.5 

— 

1.7 

ini. 

34 j 

Aug. 30 

20.5 

34 

20.5 . 


2.5 

Sept. 16 

1.88 

— 

4.3S 


3.32 

— 

3.1 

4.57 

4.1 

■int. 

4.64 

Sept. 1 

4.15 

— 

9.09 

int. 

1.335 

Gel. 2 

0.S8 

— 

3.9 

.int. 

1 

Aug- 18 

1 

— 

302 

.int 

1.55 

Sept. 30 

1 


3.85 

int. 

1.73* 

Oct. 12 

LTo 

— 

10.25 


i£$n.76m) is stated after deprecia 
lion of freehold buildings and 
leaseholds w ith more than 99 
years unexpired. Previously these 
properties were not depreciated 
bul obsolescence was charged 
against profits when reconstruc- 
tion took place. However this 
accounting change is not materia I. 
the directors say. 

Current account balances and 
advances in customers increased 
in the UK. but costs continued to 
rise. Comparative results over 
the past three half-years were 
also substantially affected by 
movements in interest rales and 
margins. 

Average base rate fell from 
10.57 per cent in the first hair 
of lf»77 to 7JJR per cent in the 
second half and then rose to 7.44 
l>er cent in the first half of this 
year: the margin between average 
base rate and average dopo-it 
rate in the same periods Tell from 
3.HS per cent to 3.79 per cent 
and then tn 3.41 per cent. 

International earnings were well 
mam tamed in the face of mo r c 
competitive conditions and despite 
exchange movements a fleeting the 
translation of foreign currency 
working capital into sterling. 
These exchange movements 
reduced profits by £4 .7m com- 
pared with £2.Sm in the second 
hair of 1977 and £4.9m :n the 
first half of the year. 



First 

half 


£000 

1000 


tors 

197T 

Ppunuine profit 

. .. 6S.J73 

SO.Tiil 

Share ot associates 

... IT ISO 

9 142 

Profit her arc tut . ... 

• Ti.osn 

90.103 

Hroup lax 

... 

42.433 

Attocnict tax 

. .. .lm: 

4.9J9 

Nrt profii 

.... so in:. 

4i*» 

Minority interest ... . 

. . •M.’ 

174 

Mtrhuinfile 

S.i.!W S 

47 

Pi'd.-nd 

7.71 1 

S Sfll 

Rctainid 

.... IK 

Tti 444 


Barget at 
£129,226 
midway 

On sales of £L96m and after an 
exceptional credit of £245.715, 
taxable profit of Barget. furniture 
maker, was £129,226 In the March 
31. 1978. half year. 

For ibe last full year a £132.824 
loss was recorded after an excep- 
tional credit of £25,802. 

.After tax this time of £79.200 
the net profit came out at £50,926. 
Last year ihe tax charge was 
£36.500 and Tor the full year there 
was a £55.336 lax credit. 

Again no interim is to be paid. 
The last dividend payment was 
03p not per 25p share in 1975-76 
when profit totalled £33.118. 

As previously announced, the 
unaudited interim statement last 
year was inaccurate - and the 
directors therefore consider it 
would be misleading to include 
these comparative figures. 

The trading loss in the six 
months was caused by continued 
adverse trading conditions and 
inefficient manufacturing, coupled 
with a high level of overheads. 

Directors have taken substantial 
steps to improve the profitability 
of the company, including a 
factory re-equipment programme 
at a cost or some £200,000, and 
the installation of stricter 
financial controls. The full effect 


of these improvements will not 
be felt until the next financial 
year but there should* be some 

improvement in the second half 

of this year. 

The net asset position has been 
maintained by the realisation of a 
capital profit of about £258,000 
before tax and expenses on the 
sate and leaseback of the office 
and warehouse premises at 
Withara, details of which have 
already been, circulated to share- 
holders. they say. 

Common 

Market 

Trust 

PROFITS of Common Market 
Trust increased from £420.659 to 
£670.295 in the year ended June 
30. 1978 subject to Jersey tax of 
£133.933 against £35,216. 

The interim dividend is raised 
from 20. ap to 34p net of Jersey 
tax and as usual no final dividend 
will be paid, the directors say. 

Attributable profit for the year 
amounts to £545.817 compared 
with £312.231 after equalisation 
payments received. £S.630 (£22,419 
payment). 

BELHAVEN BWY. 

• Sales by the brewery division 
of Reihaven Brewery Gronp in 
the second three months of I97S 
totalled £767.000 as compared 


with £660.000 in corresponding 

period of 19f<. 

This gives total sales for the 
first half of 1978 of £L29m. an 
increase of 17 per cent over 1977- 

Growth for 
Allied 
• Retailers 

Turnover in the current year at 
Allied Retailers is showing a 
marked improvement, and pi -0 * 
vlded consumer demand con- 
tinues a substantial increase in 
profits is expected for the full 
year, Mr. H. Plotnek, the chair- 
man, says in his annual state- 
ment. 

He says that there is still con- 
siderable growth potential for all 
trading companies in the group 
and he has more confidence than 
ever in the group's retailing con- 
cepts. 

Its expansion programme is pro- 
ceeding well, and in the current 
year IS new stores will be opened. 
Tbe full benefit from this ex- 
pansion will arise in 1979-80 when 
total group sales are expected to 
exceed £l00m. 

In the April 1, 1978 year turn- 
over was £65.69m (£57. 72m I and 
pre-tax profit was £4.S7m 
(£3. 69m). 

Towards the end of March this 
year the company purchased a 
carpet factory In Somerser and 
the group intends to manufac- 
ture ranges of carpets previously 
produced under sub- contract 
arrangements. Production turn- 
over is budgeted to reach £4m 
with the bulk to be sold through 
Allreds retail outlets. 

At balance date fixed assets 
were £1 1.82m (£8J3m) and net 
current assets £4.26m (£3.1 lm>- 

Meeting. Birmingham, August 
17 at noon. 

SAATCHI & 
SAATCHI 

Directors of SaatchJ and 
Saatcbi Company stale that due 
to the change in rate of ACT 
between the announcement and 
payment of the interim dividend, 
the net payment per share will 
now be 2.74p against the 2.7p 
originally auuo 
original! announced. 


Initial Services up £2.8m to peak £9.6m 


(l\ TURNOVER ahead from 
£75. 76m to £93.36 m pre-tax profits 
of Initial Services expanded from 
£6.84 m to a record £9.64m for the 
March 31. 1978 year. At the interim 
stage directors reported profits, up 
from £3.4Sm to £4.47m. 

Earnings per 25p share arc 
shown as 13. 2p tl2.Spt and the 
div idend is slopped up to 4.374B7p 
i4.on83pi net with a final payment 
or 3.32467p. 

Tax. on ihe ED 19 basis, was 
£4.«Sm for the year compared with 
a restated 11.42m. and was split as 
to UK tax. including prior year 
adjustments. £3.1 7m (£0.73mt and 
overseas tax £0.9m UO.fiSm): profit 
after lav was reduced to £5.57m 
t£5.42m). 

Directors slate that unrelieved 
losses overseas, the irregular 
timing of capital expenditure, and 
variations in stock levels, con- 
tributed to the total tax charge 
Tor 1977-78 being relatively high. 

There was an extraordinary 
debit for the period of £0.39m 
against £76,039 last time and the 
attributable balance came out at 
£5.l9m if 5.34m) after minority 
interests and profit or £11,157 
i £4 j’2S loss). 

Retained profil came out at 
£3.24m i£3.59mi after preference 
dividends £2:*..S09 (same) and 
ordinary dividends £f.9Jni 
lit. 73n> 1. 

The croup’s main activities are 
proviMon on .i hire, service and 
r-- placement hasis of towels, coats, 
industrial garments, machinery 
vlcnmnc Hotli.s and floor mats and 
manufacture of bathroom fittings 
ami i 'Hi cl cabinets, ole It is an 
a-.-nci.itc of British Electric Trac- 
tion. 

• comment 

Full year figures from Initial 
Services are better than expecta- 
tions a i the pre-tax level. As 


usual the group is giving little 
away at the preliminary announce- 
ment stage. But the 41 per cent 
advance overall for the year (with 
a 54 per cent jump in the second 
hairi in taxable profits owes much 
to the strong demand for pro- 
tective industrial garments, due 
to tougher legislation, as well as to 
a first time contribution from Kex 
Industrial Services. Overseas has 
been less inspiring with a con- 
tinuing flat performance in 
Australia in line with economic 
conditions. When the accounts 
appear the groups borrowing 
position will be or particular 
interest. It recently increased its 
borrowing powers from once to 
one and a half times share capital 
and reserves — from around £27.3m 
to around £41m_ A turnover rise 
of over a fifth is likely to have 
injected working capital needs, and 
together with the Kex purchase 
which cost £2 Am will have pushed 
debt well over the £I6m mark 
apparent in the last accounts. At 
734p the shares stand on a p/e of 
5.4 Con a 42 per cent tax charge) 
and yield 9.7 per cent, nearly three 
times covered. The imponderables 
overhang the rating. 

Utah resuming 
coal shipments 

Australia's mn.-i profitable 
company, Utah Development, has 
lined Torcc majeure on its coal 
shipments after workers at its 
four coking coal mines voted to 
resume work on Monday, a Utah 
spokesman said in Brisbane 
yesterday. 

Union sources said the men 
agreed to return pending negotia- 
tions on their claim for higher 
over-award wage payments but 


added that they will strike again 
if Utah does not come up with 
the right offers. 

The Utah spokesman said 

normal coal production should 
start within a day or so of the 
return and railings to ports 

would commence soon after. The 
strike began on June 7, but there 
was a brief return to work 

between June 14 and ID. Force 

majeure was declared in late June. 


ing certain opportunities, and 
that, hopefully, something more 
concrete could be reported on in 
the future. 


Alida falls 
in first 
quarter 


Mr. Rex Stone, chairman of 
Alida Packaging Gronp, said at 
the AGM that .the first quarter's 
trading bad been affected by the 
unpredictable markets tbe group 
operates in and tbe overall 
sluggishness, and that profits were 
lower than the corresponding 
period last year. 

The mini consumer boom, he 
added, had begun to reflect 
through in order intake and the 
prospects over the next six months 
looked morc encouraging than the 
same time last year. 

He said the group should have 
two new ventures under way 
within the next three months. 
Both ventures were green field 
activities, he stated, and involved, 
first, the development of a local 
packaging business in Derby, pro- 
viding a composite packing service 
for the local business world, and 
the launching of a speciality 
products division which would fill 
the gaps in the main company's 
product ranges. 

On acquisitions the chairman 
commented that energies con- 
tinued to be expended bn assess- 


Results due next week 


Hard nn the heels of Lloyds 
Banks' first hair profits announced 
yesterday conic the results or 
three other major High Street 
banks next week. Interim 
announcements are due from 
National Westminster Bank on 
Tuesday with Barclays Bank on 
Thursday and Midland Bank on 
Friday. The other main features 
are first half profits from Taylor 
Woodrow and final results from 
Redland and tnchcape. 

Yesterday's disappointing re- 
sults from Floyds Bank has 
caused analysis tn take another 
I link at their forecasts for Mid- 
land. \aiWi--t and Barclays, whose 
tir<l half results are due out 
next week. At n lime when Ihe 
si lunger pound was expected to 
cl vo a small exchange Kiirplu.-. 
Lloyds announced that profits 
were around 13 per cent lower 
at £7fi.4ilni after exchange move- 
ments reduced Ihe outcome by 
£4.7m. (Roughly the same as Iasi 


Company 

FINAL DIVIDENDS 

A AH 

Amalgamated Distilled Products . . . ■ 

Rrsdv !n<iusir*?<« 

('.woods HOMlOB* 

-Liang-' Wan* 

Cwmfnar* Trust 

Dan* Iwenutwnal - 

Pon&ywaru . - 

Fitch Lowll 

c.-htra- Engfneormg Co 'ftadcUffei . 

Crais Shipping 

Hardy and Co. • Furnishersi 

Hillards 

Howard Tco-n- Services 

1 1, dlC J tV 

1iv;raro i Harold 

lauKOir Scon 

Lowland 1 nv«;irn.ni 

1 ynton UoUirvs 

Macaribys Pharmaceuticals 

Mi inns Supplier 

Sicpscufl 

py.i Houin-vs 

rul’man >R. and J.t 

Rrflland 

pnsgill Hciolues 

>iav« and Co. ntnidmcsi . , 

Carman Holdings . . 

<nui port 1 \ tintdina* 

international ... ; 

<i. -rihcrs t’.ttntp • • 

£-oc>> coot .- ryion ana lntr*im~ot Trun 


year.) As a result analysts have 
sealed down their predictions 
slightly. But still the range of 
expectations is fairly wide. For 
Nat West. analysts look for 
between £Z 08 m anrt £I22m 
i £1 09.95m) while for Midland they 
forecast between JQITm and £103ni 
i£ 102.42m i and Barclays between 
£137 m and £130m f£ 131.5m). In 
each case overseas and hire pur- 
chase interests will have shown 
healthy advances but parent com- 
pany performances will have been 
hit by lower interest rates — the 
average base rate has fallen from 

10.6 per cent in lho first six 
months of 1977 to 7.4 per cent in 
the first half of the current year. 

Analysts arc noi expecting 
much from Tayter Woodrow at 
the half way stage nr indeed for 
Ihe year as a whole. Hall year 
figure.--, in be declared on Tues- 
day. are likely to be around £8.5m 
pre-tax compared with £7. 7m last 
year. Ha IT year figures arc nearly 
meaningless for sonic of the major 


contractors anyway, because of 
the way in which they take profits 
on long-term contracts. Meanwhile 
the market is taking the chair- 
man’s observations in the annual 
statement for the full year per- 
formance seriously. He warned 
then that there had been no im- 
provement in the amount of new 
work available to the building in- 
dustry m the UK, and that work 
overseas was more competitive. 
Around £24 m is expected for the 
year compared with £22.3m. 

tnchcape. the overseas trader, is 
expected tn declare an uninspiring 
set of Tull -year figures on Thurs- 
day. The range is from around 
£6Sm to £72m pre-tax compared 
with £73.4 m. The de-consolidation 
of the Nigerian interests and a 
currency swing — from a positive 
contribution of around £10m in the 
previous year to a negative 
figure of perhaps £3m in the’latest 
financial year — will not have 
helped. And. unlike some olher 
overseas traders Inchcape has no 


AC Cars first 
half rise but- 
sounds warning 

Turnover of AC Cars improved 
from 11.32m to £2.0 lm in the six 
months to March 31, 1978 and 
profits were higher at £99,672 
against £90,000 including Pern 
Trailers for the nine months to 
March 31. 

However the directors confirm 
last September's warning that 
results for the second half will 
be seriously affected by the wind- 
ing down of contracts for invalid 
cars. It may prove difficult for the 
group to remain profitable duxin 
this period, they say. 

It is considered best at this 
stage to recommend .a reduced 
interim dividend of 0.175p against 
0755p previously. Last year's total 
was 0.95p from pre-tax profits of 
£218.456. ‘ 

After tax of £51.420 (£46.800) 
net profit for the first half is 
£48,232 against £4329)0 giving 
earnings per 5p share of '2.07p 
(2.16p). 

CHAMBERLIN & 
HILL OUTLOOK 

Mr. T. Martin, chairman of 
Chamberlin and Hill said at yester- 
day’s AGM that be w as encouraged 
by the results in the first quarter 
of the current year, following the 
improvements of the second half 
of last year. 


plantation interests — and that has 
been wbere most of the action has 
been centred in an otherwise dull 
year. There has also been a slow- 
down of growth in the Middle East 

Red land's full year figures due 
on Tuesday are expected to be in 
the region of £38. 6m pre-tax. com- 
pared with £34.16m, although some 
brokers are looking for over £40m. 
Braas, the important West German 
subsidiary and the Australian 
associate Concrete Industries 
(Monier) have already declared 
figures. So the only speculation is 
about the UK side. The second-half 
winter period and a still sluggish 
housing cycle could have had some 

impact on performance, although 

the group will have been supported 
by a more active renovation 
market- 

Other results to note are interim 
profits from Grlndlays Holdings 
on Tuesday. Vospcr’s interim on 
Wednesday and preliminary profits 
from Filch Lovell on Thursday. 


.Mmoimo- 


Dn uli’nfj id' 


muni 

Law y.-ar 

Thn. v*ar 

due 

Ini. 

Final 

inr. 

Monday 

i 3 

.: <i 

n- 

Tuesday 

NlT 

n ;> 

n„-| 

Friday 

1 73 

- 9133 

1.73 

Thursday 

0.K7 

2 ..<43 

r>97i 

Monday 

0.4 

Nil 

.Nil 

Friday 

123 

2.P5 


Tuesday 

“ 23 

fiS 

5.63 


Thursday 

2.1123 

".5W976 

Thursday 

1.144 

2.31639 

Friday 

0.26667 

o.ffeur 

Monday 

5 0 

n 49 

Friday 

Ml 

0 2 

Thursday 

in 

.1 413313 

“Monday 

n 717 

n 

Thursday 

4 V, 

".43 

Tuosda\ 

1.29 

J.i2 

Wednesday 

n > 

3.22 

Friday 

H S 

1.1 

Thursday 

l.l 

l.Htf 

Tu» 9day 

i.n 

2.9.7 

Frldai 

— 

i.ciM; 


Nfwntai 

WvOih -day 

Ttiur-rflJV 

Thursday 

WodiK<*)ar 

» ndJT 

Mondiii 

Wr-dnpvlay 

Krtdav 

!• rtdj-- 

h'i-rfn? vtaj 


1 7.W 


I V 

n a 


--■B.I73 

■-ll 

•1 77T, 
Mu; 
All 
r, -» 

.; nit 

1 nl 
!•).« 


2.1125 

1.27778 

n.::s 

■s.o 

Nil 

1.0 

0.i3 

6.0 

1.3 

2.0 

n.» 

1.5 

0. 92123 

1. M 

2. M1 


Nit 

ii . -.2 
< 1.02 


Announce- 

Dividend fpi 

ment 

1 jsi year Tt 

due 

7m. 

Final 

— - Tuesday 

1.46 

2.91 


5.3 

3.5491 

Thursday 

1155 

2.3114 

Thursday 

Li 

3.4 

Wednesday 

6.6 

8.53 

— . Tuesday 

0.85 

1.55 

Tuesday 

1.0 

1.75 

Thursday 

0.63181 

1.39W9 

- Tuesday 

IM» 

i.m 

Thursday 

0.53 

LSBK 

Monday 

0.849 

2.406 

.. Monday 

0.63333 

7.3 

Monday 

0.89 

1.7S2t 

Friday 

3.73 

9.0:. 

........... Tuesday 

5.183 

6-12279 

Friday 

0.69 

1.*:. 

Wednesday 

1.64*2 

a.ifiifl 

Thursday 


T&Mj 

Tuesday 

0 4722 

i 1277. 

“Uesday 

l.Jw 


Tui-3day 

ll la 

0.33 

Weiinosdar 

7 2«>2o 

2.14i3 

Thursday 

2 :«i45 

C.4n;u 


l nr. 
L63 


Company 

Wheelers Kcnanrams 

INTERIM DIVIDENDS 

1*3 relays Bank 

BcihtnOBt Properties . 

Cardinal inrcsnneoi Trust 

GilkU Brothers Dlscooni — 

Glasnov SwekboldeT* Trust 

Grind lays Holdings 

Hill and Smith — — 

Howard .Machinery 

Jacobs < John I.t - 

Janie sons Chocolates 

Ladies Pnde Outerwear 

Lida Investment Trust ....... 

Midland Bank 

National Westminster Sank 

Plastic Consmic'ions 

Prart ■ £*-• Englncenns Corpo .. 

Pir»ii*c Group 

Ko;alkx > Ureal Eritaloi . ... 

Taylor Wo-fdrut, 

V.in.aA Scvunuca 

V*»a-*r 

Yorkshire Chemicals 

INTERIM FIGURES ONLY 

Albion Wednesday — _ _ 

'■moral Stockholder* Iniesinii-nl Trust . Wednesday 

Crc- r.irtar Imesnumi Monday; „ _ 

PWJU- Monday 

■ DirndNid* «h own net p-n<r p»r Jhar- and adjured for aw tmrrv iunz scrip 
bane, r -wand interim. 1 includes second interim of r.23o. I Firs! quarter. 


Over £lm seen by 
new garage group 


The merger of 3Iaachcstcr 
Garages, the bis Ford dealer, and 
Oliver Rix. its BL counterpart, 
will result in a new company with 
a turnover of £40m and n forecast 
profit of not !es* than Il.lm. In 
its first year shareholders will get 
a dividend or 32p. 

Terms of the merger, announced 
yesterday. give Manchester 
Garages an initial 60 per cent of 
the equity of the new company, 
which has yet to be named. But 
Oliver Rix's shareholders will be 
offered convertible loan stock 
and. taking that into account, they 
could by 19S6 end up with 51 per 
cent with Manchester's share 
dropping back to 49 per cent. 

On the news. Manchester’s 
shares dropped jp to 34p and Ri*. 
which bad reached a peak of 9p 
while the talks continued, ended 
a shade down at 7Jp. 

The documents include separate 
profit forecasts for each company. 
Manchester expects not less than 
£650.0(10 by December, which is 
around £100.000 lower than market 
estimates. But. it was Rix’s fore- 
cast which attracted attention. It 
is going for £450.000 for the year 
to September, a good £150.000 
more than the market had been 
expecting, and a powerful con- 
tinuation of the recovery in its 
performance which began last 
year. 

The terms being made to Rix's 
shareholders, and the share it 
will ultimately receive in the now- 
company. suggest expectations of 
even further growth to come. 

They are being offered eicht 
shares in the new company for 
every 100 Rix shares, plus £2 
nominal of 12 per cent unsecured 
convertible loan stock 2003 (con- 
vertible between 1981 and 1986), 
plus two 10.5 per rent redeem- 
able cumulative £1 preference 
shares. 

Manchester will get a straight 
one-for-one share exchange, and 
there will be 42 new preference 
shares for every 100 currently 
held. 

If the offers are fully accepted 
— and fnr success at least 90 per 
cent will be needed — the new 
company will have an issued 
capital of £2.G6m (the shares have 
a nominal value of 20p) plus con- 
vertible loan stock with a face 
value of £l.33m. The conversion 
terms of three shares for every 
£1.35 nominal of stock would add 
a further 2.9m shares to the 
equity. 

The new company will start life 
as a relatively high yielder. Man- 
chester and Rix have committed 
themselves to dividends for this 
year equivalent to 3.2p gross, 
which on a nominal value of 34p 
per share in the new company. 
equates to a yield of 9.4 per 


cent. The average yield for Lite 
sector is 6.5 per cent. 

The deal carries the firm recom- 
mendation of both Boards and 
their advisers, Illingworth and 
Henriques RickiU t fnr Man- 
chester) and Baring Brothers (for 
Rixt. 

The consent of the key share- 
holders has also been obtained. 
Mercantile Credit, which owns 
29.96 per cent of Manchester, and 
Lombard North Central, which 
has 11.5 per cent of Rix. have 
already announced their inten- 
tions to accept. 

Imps spells 
out benefits 

Mr. John Pile, chairman of 
Imperial Group said in an 0“ e ^ 
document sent lo J. B. Eastwood 
shareholders yesterday tha.l r 
merger between the two group 
would allow Imperial to expand its 
meat export interests. 

Imperial is bidding £oSra lor 
Eastwood for which Gargill the 
U.S. concern is already offering 
£31 lm. Imperial's offer is worth 
ltirtp a share. 

Mr. Pile in his letter to_ East 
wood shareholders says: “ East- 
wood's business in ihe wholesaling 
of meat will augment Imperial'? 
developing business in this area 
including exports.” 

He said that Eastwood's poultry 
and egg interests would com- 
pliment Imperial's own food 
interests and ” allow further 
improvements in service to the 
consumer. - ’ 

30p OFFER FOR 
VV. J, PVKE 

W. J. Pykc (Holdings) announces 
that 2$5.iuU shares in the company 
have been acquired by Mr. and 
Mrs. D. B. Thompson from mem- 
bers of the Pyke family, at 30p per 
share. This represents 37.28 per 
cent of the capital. 

In accordance with Buie .34 of 
the City Code on Take-overs and 
Mergers this will be followed by a 
formal offer for the remaining 
shares at the same price. Follow 
ing the receipt of the formal offer 
the Board and its independent 
advisers will be circulating their 
views to shareholders. 

NO PROBES 

The following proposed mergers 
are not lo be referred to the 
Monopolies Commission: W. H. 
Smith and Son and Porter Broth- 
ers (wholesale distributors!: Fair- 
clough Construction Group and 
Robert Watson and Co. (Construc- 
tional Engineers). 


British Midland being 
sold for £2.87m 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


MINSTER ASSETS is selling for 
£2.S7m its wholly-owned sub- 
sidiary. British Midland Airways, 
to a group comprising three exist- 
ing executive directors of the air- 
line and a substantial private U.S. 
investor. 

Control of British Midland will 
remain in UK hands, .and it will 
continue to be run as an airline. 

The deal remains subject to 
certain statutory consents, and to 
the approval of Minster share- 
holders. 

The three executive directors 
who will now control the airline 
are Mr. Michael D. Bishop, the 
present managing director, who 
will be the largest shareholder in 
the company: Mr. John Wolfe, 
general manager; and Mr. Stuart 
F. Balm forth, financial director and 
sec vela ry. 

The U.S. member is Dr. Robert 
F. Beauchamp, a Californian with 
substantial interests in finance, 
construction, real estate, insurance, 
farming and marine recreation. 

The three UK executive directors 
will hold between them 75 per 
cent of the - capital of British 
Midland. Dr. Beauchamp will bold 
the remaining 25 per cent. 

Mr. A. R. G. McGibbon and 
and Mr. C. D. Murland. respec- 
tively chairman and a director of 
Minster who also are non- 
executive directors of British 


Midland, will now leave the air 
line’s Board. 

A joint statement announcing 
the deal said that at December 31. 
last year, the consolidated audited 
accounts of British Midland and 
its subsidiary showed net tangible 
assets of £2.05m before providing 
for a further dividend for 1977 
of £325.000. Profits, before tax, for 
1977, were £1.47m, which were 
reduced after tax to £679,342. 

The total of £2.87m to be paid 
to Minster comprises £2.55m for 
the assets and the dividend of 
£325.000 for 1977. 

The purchasers have given 
assurances that the interests of 
all British Midland employees, 
including pension rights, will be 
safeguarded. The new owners will 
carry on the airline, and expand 
it. Minster has been advised hv 
Hill Samuel and the executive 
directors of British Midland by 
Arbuthnot Latham. 

British Midland, based at Easi 
Midlands Airport, near Derby, is 
the UK’s second largest indenen- 
dent scheduled sen-ice operator, 
with a network of domestic and 
Continental routes served by 
Viscount and DC-9 aircraft 

In addition, a leasing division 
runs a fleet of Boeing 707 jets 
overseas for international airline 
customers. The group at preseot 
employs about 1,000 personnel. 


Sandvik wins over 
Spooner with 95p 


Sandvik has come back with a 
second offer for Spooner Indus- 
tries — l5p higher than the 80p it 
first suggested — and has won the 
recommendation of the Board. 

The directors said yesterday that 
they consider this price fair and 
reasonable, urged shareholders to 
accept and announced their own 
intentions of doing so. 

Sandvik, the wholly owned sub- 
sidiary of the giant Swedish steel 
and cemented carbide group. 
Sandvik AB. stepped into the 
battle for Spooner with an initial 
bid of 8l)p cash a share after the 
British engineering group. Red- 
man Heenan had offered 65p cash 
a share Tor each Spooner share. 

The Spooner directors rejected 
both initial bids as being com- 
pletely inadequate and unaccept- 
able. But the directors, and their 


advisers. Hill Samuel, consider the 
latest offer, which amounts to an 
exit p.*e of around 10 on historical 
basis to be fair and reasonable. It 
values Spooner at £4m. 

While no profit forecast has 
been made it Is thought unlikely 
that an exit p/e based on pros 
pective earnings would be much 
different from the historical 
figure. 

The formal offer documents, 
which will be circulated next 
week, are expected to show that 
a revaluation of land and build- 
ings h3S been carried out. 

Sandvik has indicated that 
Spooner will fit into its conveying 
helling division as a separate 
entity and that, while Sandvik 
will appoint new members to the 
Board, it is unlikely that any 
current director will retire. 


Thomson moves for Piper 
and Claymore stake 


The Thomson Organisation looks 
close to exercising the option it 
has held for many years to buy 
90 per cent of Thomson Scottish 
Associates’ 20 per cent stake in 
the Piper and Claymore petro- 
leum fields in the North Sea. 

Yesterday the company asked 
for its shares to be suspended 
“ pending an announcement of a 
scheme of arrangement involving 
the North Sea petroleum interests 
of TSA.” 

The move has been expected 
for some months as the loans 
raised on both fields <£510m fnr 
Claymore and £5S0m for Piper) 
began to be repaid. In the ca«e 
of Piper they have now been fully 
repaid. 

Thomson has always said that 
it would take up its option when 
ca;h flow became positive. By 
last May, in his annual statement, 
Mr. G, C. Brunton, the chief 
executive, made it clear that the 


move would be made in “the 
foreseeable future." 

According to figures prepared 
by Wood Mackenzie, the Scottish 
stockbrokers. Thomson should 
acquire earnings of 2Q.2p in 1978 
alone from the Piper field and 
just under 5p from Claymore, 
which is still in its early produc- 
tion phase. The firm estimates 
the net present value of Thom- 
son’s share of both fields to be 
17Sp per share. 

The Piper field is the second 
biggest producer in the North 
Sea with a discounted cash flow 
return of 49 per cent It IS at 
present producing some 230.0(10 
barrels of oi] per day (compared 
with 208.000 a year agoi and is 
expected to reach a peak of 
300.000 next year. 

Claymore, which came on 
stream last November and is now 
producing 58.000 barrels a day. 
should reach 120.000 by next year ■ 
and thereafter climb 'to a peak I 
150,000. 1 


NEB backing for 
Negretti & Zambra 


The National Enterprise Board 
is taking a near 30 per cent stake 
m a small electronics company, 
Negretti and Zambra. as part of 
u fund raising exercise that will 
provide NegrctU with cash of 
jcijiem. 

The financial package incorpor- 
ates a rights issue of convertible 
preference stock to exnAintj 
holders, a similar amount issued 
to the NEB and a further issue 
of deferred shares to the NEB 
Cash raised will be used . to 
finance SesMti'S exfMndmj; 
microprocessing equipment busi- 
ness. , 

The market capitalisation of 
Negreui prior to this issue was 
only £i Tra so it would have been 
impossible for the company to 
raise the necessary finance from a 
conventional rights issue alone. 

Six months ago the company 
started discussing its problems, 
with the NEB but the company 
also contacted other financial in* 
Stiluticins such as Equity Capital 
for Industry. 

The actual terms of the pack- 
age are that Negretti will offer 
460.622 9 per cent Convertible 
Redeemable £1 Preference shares 
to ordinary holders on the basis 
of one-for-Sve at par. An equal 
number of shares will be allotted 
to the NEB at the same price. 

These shares will be convertible 
between L9S0 and 1998 on the basis 
of 125 ordinary for every 100 con- 
vertible preference. Tins is 
equivalent to a. con version price of 
SOp. 

Apart from the preference the 
NEB will also subscribe (or 960.000 
deferred ordinary shares at 74p. 
which will not rank for dividends 
for two years. 

Out of the total package of 
£l.56m the NEB will be putting 
forward £1.1 7m. The NEB has said 
that it intends to keep its slake 
below 30 per cent assuming that 
the company does not run into 
trouble- Mr. N. C. F. Barber of the 
NEB will be joining Negretti's 
board. 

ICFC. which has 9.7 per cent of 
the equity- will be taking up its 
rights. The issue has been under- 
written. 

Necretli has long been involved 
in the electronics field but it was 
not until the early seventies that 
the company foresaw the potential 
for silicone chips in microprocess- 
ing. 

A MPC SO can cost as little as 
£5,000. though "somewhat like 
lego" it can be added lo — lo date 
ihe highest cost system in use is 
over £40.1)00. So Tar £|.ni of MPC SO 
equipment has been installed. 

The funds raised will be used 
to further develop the micro- 
processor based system in the 
UK and in Europe. The MPCS0 
svstem has already been applied 
in the food, chemical, petro- 
chemical. textile and power 
generation industries. 


The company has also com- 
menced production of a micro- 
processor-based structural damage 
measurement system fur Ihr 
Tornado aircraft. 

Chairman, Mr. Bob Ford, said 
yesterday that during the last 12 
months the company has madr 
major progress in its plans to 
establish a strong product, 
organisational and financial hs^c 
from which to move forward into 
the 1980s. 

Along with this financial, 
package Negretti comes up "itii 
some unexciting full year tigun v 
Pre-tax profits arc down from 
£330.274 to £233,1 1 0. on sales or 
£9 59m (£8-77m). 

Hie directors arc proposing ' 
dividend of 3.6333SP per *hn‘ - v 
compared with 3.30307p. Earnmu-' 
per share are shown at *-!• 
(to^p). 

At the half way stage » ho 
directors warned sharchn.der> 
that the company was experienc- 
ing depressed trading conditions. 
The cost of organisational changes 
have been treated as 
ordinary items bur the lush lei el 
of expenditure on product devo- 
urment. which rims into six 
figures, has bpon taken 
the trading profit. 

Turning lo lho future 1m- 
chairman stales that the majoritv 
nt the company's profits nrr- 
earned in rhe second half bur 
trading in (ho firsi too month-, 
shows an improvement over ino 
comparable period. 

• comment 

Negretti has (mind itself a 
soft wear product with a vide use 
in process industries but lacks the 
financial muscle to see it through 
A conventional rights issue to 
raise enough capital was nut of 
the question, and a straight loan 
uould have made the balance 
sheet too heavily geared. BeTore 
the fund raisin*: package 

borrowings equalled £2m against 
shareholders’ funds, of £3m and 
the interest charge in the last 12 
months creamed nearly 50 per 
cent off trading profits. So 
Negretti has enme up with a 
package which nhould he 
acceptable to existing share- 
holders and will raise new money 
equal to its existing market 
capitalisation. But interesi 
charges on the preferonre shares 
will amount to nearly £83. (HH) n 
vear. so it is as well lhai ihe 
NEB Is taking a two-year dividend 
holiday on its deferred sham*.. 
However the short-term prulli's 
picture is not exciting, and the 
Microprocessing activities will not 
really make an impact until the 
1950s. Negretti is not another 
Racal but it has got potential 
Though at Tap the p/e of 9.9 and 
yield of 7.7 per cent is not really 
far behind events. 


Camden raising £25m 


LONDON ■ BOROUGH OF 
CAMDEN f$ raising £23m by the 
issue of variable and fixed rate 
stocks, applications for which will 
open and close on July 26. 

The variable rate issue amounts 
to £i0m and has a life of five 
years. It is priced at 99J per 
cent and is payable in full on 
application. 

Interest is half yearly on 
January 27 and July 37. The first 
payment will be made on 
January 27, 1979, at the rate of 
£5.8129 per cent, which is l per 
cent per annum above LIBOR, a 
rate which will be maintained for 
subsequent dividends. 

The stock will be redeemed at 
par on July 27, 1983. 

The fixed rate stock amounts 
to £]5m and has a coupon rate 
of 12.5 per cent. It has a life 
of seven years and is redeemable 
at par on July 15. 19S5. 

It is priced at £99J per cent, 
payable as to £10 per cent on 
application. £40 per cent on 
August 22 and the balance on 
November 21. 

Interest will be paid half yearly 
on January 25 and July 15. The 
first payment on January 1 15. 1979. 
will be at the rate of £3.5467 per 
cent. 

The purpose of both issues is 
to finance authorised capital 
expenditure and to replace 
maturing debt 


Brokers to tto issues am 
Pember and Boy% 

• comment 

The attractions df Camden’s fixed 
interest rate stock are not exactly 
clear cut. At the issue price of 
£99} per cent, it offers a running 
yield of 12.59 per cent with 
per cent at redemption in 1983. A 
good comparison would be Liver- 
pool's 13 per cent 1985 stock 
issued last August, which is offer- 
ing a running yield of 12.6S per 
cent and a redemption yield of 
12.45 per cent So. Camden’s issue 
does not appear to be giving much 
away but the premium on redemp- 
tion yield should insure reason- 
able interest. Of course much will 
depend on the movement in the 
gilt-edged market between now 
and next Wednesday. 

ERNEST JONES 
ALLOTMENTS 

The basis of allotment has been 
announced in connection with the 
offer for sale of 1.3m shares in 
Ernest Jones (Jewellers). 

Employees' applications have 
been allotted in full. 

Applications from the public 
will be dealt with as folinws: 2fio 
to 19.009 shares— weighted ballot 
for 200: 20,000 to 25.000 shares — 
200: 30,000 and 35,000 shares— 300; 
40,000 and 45.000 — 100. and 50.000 
shares and over— 1 per cent cl 
amount applied for. 



An intriguing field 
for investment 


That curious and intriguing 
business, investment in commodi- 
ties. is turning out to provide 
something of a focus for interest 
this weekend. Unlike tbe offshore 
funds whose position is discussed 
on page seven, however. Midland 
Drayton's Commodity and Gen- 
eral Unit Trust docs not pill its 
money directly into the " sorts ” 
and the “metals" themselves. By 
law, being an authorised UK 
trust, it can’t. 

What it does do is invest in 
ihe shares of companies which 
produce, process or trade In the 
essential commodities — and to ex- 
ceptionally good effect. Since its 
launch in September I97S. the 
value of units in the trust has 
risen by 207 per cent, as against 
a rise of only 27.S per cent . in 
the FT Actuaries All-Share Index 
over the same period. But more 
important still, its performance 
over long periods in the inter- 
vening years has been good too. 
All of which certainly says some- 
thing for the Midland Drayton 
fund managers, and presumably 
says something for commodity 
shares as well. 

Indeed, the thesis of the Mid- 
land Drayton team is that, with 
world demand for raw materials 
growing, commodity shares must 
be an excellent buy for the longer- 
term. It's a claim with a lot to 
recommend it, but it doesn't stand 
alone 

indeed, the managers or two of 
the other funds on offer tbis 
week would make exactly the 
same claim for their own parti- 
cular speciality— recovery slocks. 
The tear.) of M and G Is obviously 
well qualified in make it. for their 
Recovery Fund has topped the 
league tables [or years at a 
Mrelch: though now displaced 


from its high ranking, it is still 
outperforming the indices and 
providing its unitholders with a 
capital gain. The managers of 
Target’s Special Situations Fund. 
in contrast, still have their point 
to make, for their portfolio has 
only relatively recently been re- 
constituted from the old Coym* 
Growth Fund, to invest in a rela- 
tively limited number or bid. 
recovery and asset situations. 

There is one novelty on offer 
this week: Save and Prosper'* 
European Growth Fund. Most 
funds invested in Europe have 
proved to be very disappointing 
performers over the pasl few 
years: but the managers of S and 
P’s fund reckon that the moment 
is how right for the investor to 
take advantage o£ the strong 
growth rates and strong curren- 
cies available across tbe water. 

None of these runds exactly 
qualified as a buy for the income 
seeker— though Target is aiming 
to provide its new subscribers 
with a yield of 7 per cent by Uie 
end of a year. London Wall, how- 
ever, is offering - a yield of 10 per 
cent on units in its Extra Income 
Growth Fund, an equity-biased 
vehicle which has done its holders 
proud, in the past, for capital 
growth as well. 

If you must squeeze out the 
very best possible in income term* 
you might like in consider, 
instead. Crescent’s new, four-year 
Guaranteed Income Bond, winch 
is paying SJ per cent net (equiva- 
lent to 12J per cent gross to the 
basic rale taxpayer). The prob- " 
lem with a fixed capital, Used 
income investment of this nature 
is that no allowance is built in 
for inflation — bul for to relatively 
short a commirmenr this is an 
attractive return, • 





d 


? i iJh 


''kino f, 


&/, 


>n\k 


SUMMAR Y OF THE WEEK’S COMPANY NEWS 

Take-over bids and mergers — y w« t . £;& »s *£& interim statements 


, b‘S™»?T P has made a striae £38Jm couaterbid for 
bv the U <? V ?i^ at a i >remiui “ o f almost £7xn on the offer tabled 
.ubSLual Z ^ weeks a S°- ^P«ial, which has 

Nii rent suh^di M rv d • PO J55?? ,merests through its Ross Busted 
Sirs nj^S?’ 18 J ild( f‘ nB 16 °P a share. 21 per cent above 
traders ba vnr°f er ' Car 6 J N» one °f the world’s largest grain 
SriESr *1 m 1 10 r * s P° nd *0 the Imperial offer. A reference of 
SEEK?.? Monopolies Commission could provide a 

pmnn mitv, 0 if because the proposed merger would create a 
t 5T. dii " 3 J , 1 J pe 5 cent share of t he UK broiler chicken market. 

nosirinn , V n*- d ^ leave to e mer S ed business with a strong 
position in Urv egg and turkey markets. 

and Mi ‘ UaI,d Counties Trust's offer of 124 Jp a 
f *SLi? qu ^S? y rejec ' !ed *W West on- Evans on the grounds of 
nadequacy. BMCT. a privately-owned company controlled bv 
i« r 'wL' . . cy and .Mr. C. McBride, bought a 26 per ceDt slake 

stbto » °^ aSt April at a price of lOOp, has since increased it^ 
siaKe to 42 per cent through further purchases at prices up to 
r-4ip and is now making a general offer to all other shareholders. 

Newman Industries has offered to buy 500,000 Shares <12i 
per cent; 0 f Wood and Sons at 55p on a first come first served 
f aS1S -> J < - wznan * ndustr * es has bought or received bid acceptances 
for 34.* per cent of Wood’s ordinary shares and purchased 
another 13,000 or so shares in the market on Thursday. Newman 
industries’ offer is effectively a limited extension of the cash 
offer it made originally. 

. Ba * c ! a >'s Bank International has agreed to pay $191 m (about 
£inum t for a major expansion in the U-S. by acquiring the 
American Credit Corporation. The deal wfll give Barclays its 
first substantial investment in a leading American consumer 
nnanee company and fits into the recent pattern of expansion in 
the U.S. by foreign banks. 

Saint Plran, the tin mining property group, has given up 
Hs struggle with A. Monk and has sold its 29.95 per cent stake in 
the civil engineering concern to Davy International for £3.3 m. 


Value of Price Value Final 

Company bid per Market before of bid Acc't'ce 

bid for share** price** bid (£m's) B * Bidder date 

Prion, hi pence micas otherwise indfcaicd. 

Albright & Wilson ]95*S IS7 123 I13.1J4 Tenneco — 

Cornercrofl 65* 65 56 1.62 Armstrong 

Equipment — 


Crossjey Building 
Products 
Customs gie 
Eastwood (J.B.) 
Eastwood (J. B.) 
Eroiu 

FJuklrive Eng. 

Flu him e Eng. 
Henderson (J. W.) 

HenshslI (W.) 
Hens hall (IV.) 

Investment Trust 

Corp. 

Leslie & Godwin 
Lond. & Lircrpool 
Trust 

Mitchell Colts 
Transport 
Si. Kitts (London) 
Sugar 

Spooner lads. 
Spooner Lads. 
Tridant Group 
Printers. 

Wes ion- Evans 

Wood & Sons 


195*5 

IS7 

123 

65* 

65 

56 

10a* 

IM 

G4 

21* 

17 

19i 

' 132* 

).>* 

90 

mo* 

154 

125 

95$ 

9(1 

72 

82 1 

82 

82 

*4J 

82 

55 

210* 

2 10 

155 

20* 

2Ji 

IS 

30* 

21* 

21 

2S6 

2S1 

255 

125* 

122 

116 

21* 

25 

19 

S3§ 

rs 

82 

200* 

200 

170 

63* 

87 

53 

95* 

S7 

i • 

63* 

69 

55 

124J* 

128 

110 

591 

55 

48 


7.07 Bows ter — 

1.10 Mooloya In vs. — 

31.53 Cargill — 

3&22 imperial Grp- — 
3.96 Newmn.-Tonks — 
5.67 Assoed. Eng. — 

5.1 1 Thos. Tilling — 
5.65 Cemenl- 

Roadsione 21,-7 
0.50 Bov bourne — 
0.75 Petford 21/7 
3057 Barclays Bank.' 

P.O.P.F. — 
24.51 Frank B. Ball 7/8 
0.32 Aseiiheim Secs. & 
W. A; A. SA Zug — 
1 2& Mitchell Coils 

Group — 

0.78 Industrial 

Equity — 

2.76 Rdmn. Ileen'n 2S/7 
4.03 Sandvik 28/7 

2.76 Siarw'esMnv. — 
6.71 Birmghm. & Slid. 

Counties Tst. — 

2 .38 Newmn.Inds. 28.7 


Compan y 

AJUed Textiles 
Assoc. Fisheries 
Berisfords 

Birm id Q unicast 

Bootbam Engrs. 
Bid loughs 

Dewbwst & Prior. 
Derfty Trust 
Drake & Sc uli 
Hirst & Mai iinson 
Isveresk Group 

MegglttHldgs. 
RankOrg- 
Stains Discount 


Half-year Pre-tax profit 
lo (£000) 


Alar. 31 

L646 

(1.389) 

4.209 

(3.S27) 

Mar. 31 

1.S53L 

(1,465) 

-Nil 

(1.2) 

Aliiy 20 

449 

(437) 

0.775 

(0.704) 

Apr. 29 

3.801 

(6.3SS) 

1.5 

0-33) 

Apr. 30 

259 

use) 

4.5 

(Nil) 

Apr. 30 

2,174 

(1.450) 

6.163t 

(543031 

Apr. 2 

128 

(73) 

. 0.275 

(0-25) 

June 30 

351 

(259) 

7.09 

(6.299) 

Apr. 30 

1,110 

(505) 

1.0 

(Nil) 

Apr. 29 

125 

(217) 

LO 

(0.9) 

June 17 

701 

(1,520) 

1.417 

( 1-375) 

Apr. SO 

181 

<«) 

0221 

(0.1951 

Slay 13 

57,550 

(61,070) 

4.0 

(2.1S7) 

June 17 

1.621 

(596) 

2.01 

(0.65) 


PRELIMINARY RE 5 ULT 5 


Interim dividends* 
per share (p) 


Company 


Pre-tax profit 
Year to i£ 000 > 


Earnings’ Dividend*' 
per share t.n) per short: ip> 


(Figures In parentheses are for corresponding period.) 
Dividend-, shown net except where otherwise stated. 
"Adjusted for any intervening scrip issue, t Includes second 
interim of 3.13p. L Loss. 


•All cash offer, t Cash alternative, t Partial bid. s For capital 
not already held, v Combined market capitalisation, (j Date an which 
scheme is expected to become operative. ** Based on 207/78. 
*+At suspension. & Estimated. §g Shares and cash. 55 Based on 
217/78. 


Rights Issues 

Wm. Leech: One-for-four at 70p. 
Tecaiemit: One for five at HDp. 


Scrip Issues 


Magnet and Southerns: One for two ordinary- 
Hampson Industries: One for 10 ordinary. 


Offers for sale, placings and introductions 

London Borough of Wandsworth: £3m £99 J per cent variable rate 
Stock 1983 

Ernest Jones (Jewellers): 1.5m ordinajy lOp shares at 115p 


Airflx Inds. 

Mar. 31 

2. OSS 

(4.034) 

4.6 

rT.r.) 

3222 

(25SS) 

Allnati London 

Mar. 31 

3.4GG 

(2,711) 

*).& 

i7.4) 

4.3 

(JJ.rb) 

Astra IndL 

Apr. 30 

1.020 

(Sll) 

3.8 

I2..1) 

1.12S 

It. I)« 

Birmingham Alim 

Apr.l 

3S6 

(365) 

IBS 

<9.31 

4.Sfi 

i4 2.D 

Black Arrow 

Mar. 31 

365 

t!75) 

4.7 

(2.2) 

1.6 

iCS) 

Brotherhood (t*.l 

Mar. 31 

7G4 

(1.3SS) 

14.3 

(2S.7i 

6.332 

15.773' 

Burt Boulton 

Mar. 31 

SSO 

(1.030) 

2S.2 

(32.7) 

1(1.0 

« 10 01 

Butterlieltl-narvev 

Apr. 1 

2.770 

(1.750) 

13.4 

(92) 

3.25 

(2.I0J) 

Dowty Group 

Mar 31 

25.033 < 

(1S.Q75) 

10.0 

1 15.6) 

4 .Alii 

1 4.1S.1 

FMC 

Apr. 29 

930 

(3.100) 

12.5 

(19.4) 

41) 

(tl.fti 

Fodeos 

Mar. 31 

2,844 

(1.758) 

27.7 

1 13.1 ) 


J2.475I 

Form Inst er 

Apr. 30 

1,260 

(1.090) 

20.1 

121.0) 

5241 

(oinil » 

Gordon & Golch 

Mar. 31 

1,007 

(SOI) 

11.9 

(0 2) 

&3S 

i2.4»- 

GU5 

Mar. 31 

128,102 

(112.292) 

25.3 

(21 ii) 

S24‘) 

(".is,:' 

Hampson Inds. 

Mar. 31 

G14 

(56R) 

2.3 

(2.JJ 

O 752 

(Ofi'iSl 

Harris (Philip) 

Mar. 31 

7(12 

(tiSot 

10.1 

(10.01 

42176 

ia.Sii7l 

Hasten) ere Evts. 

Mar. 31 

2.830 

(1.800) 

9 6 

16 01 


l2.*»-‘«7 1 

HAT Group 

Feb. 28 

2,090 

(3.105) 

54 

l7.il) 

2.012 

l 1 .>Oo i 

Hors Robinson 

Mar. 31 

9.511 

(7.S59) 

till 

(1731 

6 21 

i-j.vjj) 

Hollis Btos. 

Mar. SI 

1.560 

(2.2 un 

S.6 

(ll.fi) 

-4>iS 

i40W 

Illingworth- 5! n it is 

Mar. 31 

4.760 

(2.915) 

9.0 

1-4 lit 

1.484 

M.323.: 

Johnson-Richards 

Mar. 31 

5,514 

(3.789) 

15.0 

i KM l 

1 7.4.1 

( I.6031 

Jones Stroud 

Mnr. 31 

2.410 

(2,130) 

21.3 

1 14.61 

4 667 

(4 LSI 

LRClntl. 

Mar. 31 

6.C71 

(7.2001 

4.0 

(4 21 


l 1.714) 

Magnet £ Sf herns. 

Mar. 31 

14.220 i 

[14,460) 

27.9 

(30 U} 

s .*.». , :2 

(8.0) 

Marston Thomson 

Mar. 31 

4,160 

13,450) 

S.O 

|6 31 

1>S1 

« 1.6*41 

Meyer (Montague) 

Mar. 31 

12.052 i 

114^05) 

12.7 

(21.4 ) 

4.673 

(4.1SS) 

Nova (Jersey) 

Mar. 51 

23fi 

(118) 

3.6 

(Jot 

1 5 

10.5* 

Preedy (Alfred) 

Mar 25 

1,21(1 

(1,071)) 

13.0 

114.7) 

2>3 

C 4221 

Russell (Ales.) 

Mar. 31 

503 

(403) 


( I3.M • 

— .Id 

(2 mWJ 

Sheffield Rcfchmt. 

Mar. 31 

ISO 

(14S) 

6.0 

(4.61 

I -S2li 

f l i'ost) 

S. & U. Stores 

Jan. 31 

532 

1 HO JL li.O 

(—1 

— 

i — ) 

Syltone 

Mar. 31 

L040 

(640) 

20 4 

(21 «) 

."i.r,23 

1 5. 0551 

Tomkins (F. II.) 

Apr. 30 

1.770 

C 1.47UI 

3.3 

12 71 

t.i» 

lO.-iiD 

Uoigatc 

31ar. 25 

31.500 

(22,800) 

S.S 

(6 91 


Ct.nTT) 

Vita-Tex 

Apr. 30 

507 

(481) 

7.6 

(7 ui 

ii.,1 

(3.2 • 

Western Mills 

Mar. 31 

91S 

(661) 

S.S 

1 6.4 ) 

0.1 



APPOINTMENTS 


MivniiG' 


■ ! I 

!UI U 


: f \ ' 1 * 


Senior changes at 
Conoco North Sea 


INTERNATIONAL FINANCIAL AND COMP 



Mr. Charles F. Ellis has been 
appointed to the new position of 
vice president and general 
manager. Northern operations, for 
CONOCO NORTH SEA L\C. and 
Mr. David L. Bowler has become 
manager. Northern operations. 
Both will be based in Aberdeen. 
Mr. Philip L. Zuvanirh. formerly 


m^h 




Mrf Charles Ellis 

vice president, production for 
Conoco North Sea, has been made 
vice president and general 
manager. Southern operations, in 
London and Mr. Rob E. McKee 
is now manager, Southern opera- 
tions. for Conoco Limited's natural 
yas division based at (he Viking 
gas field terminal at .Mableihorpe, 
Lincolnshire. 

Mr. I'aul Dowling has been 
appmnled lo the Board of 
HYPERMARKET (HOLDINGS) as 
operations director. 

it 

Mr. refer B. Moody has been 
.iPpAinied an executive director of 
Ttik EVHtAL and Mr. Gerard B. 
nn:>kuint> a non-executive direc- 


Mr. r. t. Wu . .-rs. a managing 
d. rector of I lie British Petroleum 
Company and chairman of BP 
Chemical'-, has begun his year of 
office as president of the 
SOCIETY OF CHEMICAL IN- 
DUSTRY. 

* 

BECUR1COR GROUP has made 
the following appointments: Mr. 
Brian Dudley, financial controller, 
UK trading; Mr. Chris Shlrtcliffe, 
financial controller. overseas; Mr. 
Ken Elliott, chief accountant, 
Securicor International; and Mr. 
Cedric HilL chief internal auditor. 

* 

/ Mr. William Brown, deputy 
rhairman and managing director 
ir Scottish Television, has been 
elected chairman, of the Coun cil 
jf the INDEPENDENT TELE- 
VISION COMPANIES ASSOCIA- 
II ON to succeed Lord w indie- 
,-|iam with effect from July 30. 
Ur. Paul Fox, managing director 
md director nf programmes or 
,'nrkshirc Television, succeeds 
ilr. Brian Tester as chairman of 
ho Network Programme Commii* 
ec from the same date. 

* 

Mr. Jemmy Ftirber, manager of 
he JOHN PLAYER AND SONS 
uciorv si) Slirliim. Scotland, has 
. nined Uie board as personnel 
•.rector. Dr. David Edmond, re- 
earch and personnel director 
incc January this year, 
cl i nq inshes control of personnel 
nd takes charge of management 
erviws us well as research -and 
ficlnpnieni director. He eon- 
• nucs io be responsible for loaf 
nailers Mr. Ted nil I, at present 
hief jiccounlanl of John Player, 
•ill beenme accounting director 
n i he board from November 1. 
Sr Turn- Garrett who, in addition 
. ins pasition as chairman of 
a ncri at Tobacco has also been 
hJ.iTm.ni of John Player and 
on*, will give up the latter title 
r tin* beginning of November, 
he companies are members qf 
■jo Imperial Group. 

Mr. Ian Ru perti, sales dirortor 
f Bison Concrete (Midlands), has 

«. .1... ''fn""’ l0 , d .A 0 M%E’TE 
r bison concrete 

aOUTHERN). as sales director. 

"k - 

Mr. R. V. Root has been 
'pointed company secretary di 


SAWARD BAKER AND CO. from 
August 1. 

Mr. Robin MaUhoose has been 
appointed to the newly created 
position of group financial 
director. DOULTON SANITARY- 
WARE with main Board responsi- 
bilities. He wiH report directly 
to Mr. C E. Payne-Robsrts. 
managing director. Before joining 
the company, Mr. Malthouse was 
with the Allied Poiymere Group 
based in Altrincham. 

★ 

Mr. Christopher Binmore. a 
director of LEY'S MALLEABLE 
CASTINGS COMPANY, has been 
appointed to the new position of 
manufacturing manager. Mr. 
Roger Carr has become sales 
manager and a director. Mr. Roy 
Grundy, chief metallurgist, has 
been made a director. 

* 

Mr. Jim Biggins is now chair- 
man of RACAL ACOUSTICS, a 
new operating company formed 
from the merger of S- G. Brown 
Communications and Racat- 
Ampiivox. Mr. Victor Diedericbs 
lias been appointed managing 
director of the new concern and 
niher directors are Mr. John 
Murdoch (general .manager); Mr. 
'John Sloan ■ ('commercial).' Mr. 
Kenneth Murray (financial). Mr. 
Tony Gorman i technical) and Mr. 
Andrew Wetzels (production). 

★ 

Mr. G. G. Beaumont. Mrs. R. 
Blackburn. Mr. J. Mutch and Mr. 
F. Pakcman have been appointed 
members of the COTTON AND 
ALLIED TEXTILES INDUSTRY 
TRAINING BOARD for three 
years. | 

•k 

Sir George Sharp has been] 
appointed a member of tbei 
ROYAL COMMISSION ON LEGAL 
SERVICES IN SCOTLAND in 
succession to the late Mr. G. M. 
Shaw. 

■k 

Mr. J. G. C. White has been 
elected a director of the 
SCOTTISH MORTGAGE AND 
TRUST COMPANY. 

Mr. Martin Carney has joined 
HYMAC as director, parts supply. 
* 

Mr. Christopher Gordon- 
FlnJayson has been appointed 
managing director designate of 
GUTHRIE C.ALADARI l PTE. i. the 
newly formed trading partnership 
established by the Guthrie 
Corporation and A. R. E. Gala- 
dari and Brothers, of DubaL 
* 

Mr. G. B. ReW, of Thos. and J as. 
Harrison, has been appointed 
chairman of ASSOCIATED CON- 
TAINER TRANSPORTATION 
SERVICES taking over from Mr. 
R: A. Lloyd, deputy chairman of 
EDerman City Liners, who has had 
to relinquish the chairmanship 
because, of heavy commitments in 
EUermans. Mr. W. B. Slater, 
managing director of Cunard 
Steam-Sliip Company, has joined 
the Board of ACT Services as 
deputy chairman, replacing Mr. 
Reid who was previously deputy 
chairman. 

* 

Mr. Kenneth C Turner is not 
to seek re-appointment as cnair- 
man of the ROAD TRANSPORT 
INDUSTRY TRAINING BOARD at 
the end of his term of office in 
September. 

INVER HOUSE DISTILLERS 
has made a number of senior 
appointments as part of a re- 
organisation in Die LK ana 
Europe. . 

Mr. Colin Hawkins, whose pre- 
vious posts include director of 
Courtenay Wines International 
and managing director of Agnews 
Liquonvorld. is now sales director, 
cased goods, Europe. Mr. Allan 
SL CL steel will be sales director 
ror cased goods UK. Mr. Robert 
W. Pritchard becomes national 
accounts sales manfl e’er an d 
Michael Barker and Mr. Rogrr 
Horsfall have Uc**n reglwnd 
managers of the ' ,C 2£L 
Eastern divisions, rttPjggf 1 “[• 
Christopher J. GnndeB has 
ceased to be a director of Inver 
House Distillers. 

- + 

Mr. O. T. Evans bas been 
appointed a director an cl 
manager of THORN _ AUTOMA- 
TION to enable Mr. E. Sidebottan^ 
managing director, “ore 

time on company strategy, and 
long term planning, 
in the technical and export fields. 
Mr. Evans was previously techni- 
cal and works dtrecior. 


BHP recovers with 60% profit rise Textiles plan for 

BY JAMES FORTH SYDNEY JULY 21. TB ■« 

OKEN Hill Proprietary Com- For lax purpose the FAVA meat from the petroleum year FAVA was worked on an j If/I ly 1 *" 1 VT vL/ 


t, Llmilori 01-231 2106- Three n.onO,s Copper ™.7-r30J 
l Lumiinl Road, London, SW10 OHK. 

t T-iT-frrr trading on commodity future:*, 
l £ eomldil, ralurc, pierhet for the npoller mv^lor. 


BY JAMES FORTH 

BROKEN Hill Proprietary Com- 
pany, the steel, petroleum, 
mining and industrial group, 
boosted group profit by more 
than 60 per cent, from SAailm 
to SA81_4Sm { US$93 35m > in the 
year to May 31. 1978. The result 
is after allowing for BHP’s brand 
of accounting, which partially 
allows for the effects of inflation. 
If BHP had calculated its results 
on the historical cost basis used 
by most companies the group — 
which is Australia's largest com- 
pany and only steelmaker — would 
have reported a rise in earnings 
from A81 58.99m to AS203.5m 
(US$233.16m>. 

BHP includes an allowance for 
the cost of replacing plant — 
which it calls fixed asset valu- 
ation adjustment (FAVA)— in its 
depreciation charge — which it 
calls fixed asset utilisation 
(FAU). 


Ironic 
twist at 
Columbia 

By David Las cel I es 

KEY/ YORK, July 21. 

IX WHAT appears to be the final 
— and J ron I c— episode of its pain- 
ful top management wrangle. 
Columbia Pictures last night dis- 
| missed its president Mr. Alan 
Hirschfield and replaced him 
with an official from the Securi- 
ties and Exchange Commission, 
Mr. Francis Vincent 
The move came in the after^ 
math of the case involving Mr. 
DavicLBegelman, a former execu- 
tive who was fined $5,000 for 
stealing S40.000 from the com- 
pany. Mr. Hirschfield is believed 
to have argued that Columbia 
should sever its links with Mr. 
Begeiman. But the former execu- 
tive enjoyed the support of 
several senior members or i 
Columbia Pictures, and was | 
eventually contracted as an in- 
dependent film and TV producer. 

In its announcement last night, 
Columbia Pictures made no men- 
tion of the Begeiman affair, and 
executives refused to be drawn 
on the matter. A company state- 
ment said: “It has recently be- 
come apparent that for Columbia 
to move forward to new levels 
of accomplishment, fresh leader- 
ship and greater management 
unity are required. 

However. Mr. Hirschfield 
issued a separate statement say- 
ing “The only possible explana- 
tion for the Board’s action is 
that it is a direct consequence 
of the David Begeiman affair 
during which there were serious 
differences of opinion and judg- 
ment between certain members 
of the Board and myself as to 
the proper resolution of the 
matter.'’ ... 

Mr. Hirschfield defended his 
record hv pointing to the fact 
that he had reduced Columbia 
Pictures’ debt, and had increased 
its profita bility and net wo rth. 

Luxembourg 
bank increase 

LUXEMBOURG. July 21. 
DEESDNER BANK'S subsidiary-. 
Cie Luxembourgeoise de la 
Dresdner Bank AG— Dresdner 
Bank International, said its net 
profit rose J3 per cent to 

LFrl.OSbn in the year ended 
March 1978. , c . 

Its balance sheet total rose S.9 
per cent to LFr 221,17bn. with 
lendings drawn down, including 
loans to banks, rising 7bn to 
S9bn, the bank said in its annual 
report. . _ . 

The proposed dividend is un- 
changed 3t 18 per cent on 
eligible capital of LFr 2bn, 
compared with 1.5bn the year 
before, with 715m francs being 
transferred to open reserves, 
after 45.9m in 1976-77. 


General Foods | 

General Foods Corporation chair- ; 
man Mr- Janies L. Ferguson said \ 
he expects first quarter earnings j 
to “ be higher than the first [ 
quarter of last year," reports i 
Reuter from Tarrytown. In laati 
year's first quarter, the food ! 
concern reported net earnings of ■ 
$3Q.7m. 1 


For lax purpose the FAVA 
is not an allowable deduction. 
Thus, BHP declared a group 
profit of A$601.3m before tax 
and FAU compared with 
A9533.2m in the previous year. 
The FAU was A$253m compared 
with A$260.3m, while the tax 
provision rose from A$149.2m to 
AS179.3m. 

This represented a lax rate of 
66.1 cents in the dollar in the 
latest year, compared with the 
notional company tax rate of 46 
cents. The excess of accounting 
FAU over tax deductions 
relating to fixed assets resulted 
in a variation of 23.7 cents from 
the notional rate. 

The 1978 profit represents a 
recovery from two years of 
disappointing results, following 
the record A$120J2m reported in 
1975. The major reason for the 
increased profit was an improve- 


ment from the petroleum 
activities. 

Crude oil production was only 
4.4 per cent- higher at 73JSm 
barrels but the profit contribu- 
tion rose 31 per cent from 
AS79 .2m Iu AS 104.0m. The steel 
division, in which the greater 
proportion of BHP's assets are 
concentrated, incurred a further 
loss of A-i43.4m: which was still 
an improvement on the loss of 
ASSZ.lm from steel in the pre- 
vious year. The minerals divi- 
sion returned ao almost steady 
profit at A$22.4m while profit of 
other activities edged down from 
ASS -3m to A3S.9m. 

Total sales and investment 
income rose by 10,5 per cent to 
A$2.4bn. 

Included in the FAU was a 
FAVA of A$118.9m which was 
based on an escalation rate of 
1L4 per cent In the previous 


SYDNEY JULY 21. 

year FAVA was worked on an 
escalation rate of 12.9 per cent. 
A major review was undertaken 
during the year on major plant 
lives which reduced the FAU> 
charge by AS26.6m. 

. This adjustment had the effect 
of increasing the net profit by 
AS2fi.Sm, the directors said. 
However, this was largely offset 1 
by a A$15m reduction in the net 
profit resulting from a 
reappraisal of a number of over-i 
seas and other ventures, largely 
relating to capitalised explora- 
tion and development expen-; 
ditures in Malaysia, Indonesia, 
and other areas where prospects 
were uncertain. 

The dividend for the year was 
lifted from 30.5 cents a share to 
31-5 cents. The declared result 
equalled earnings of 38 cents a 
share compared with 24 cents in 
1976-77. 


EIB planning Japanese issue 


THE European Investment Bank 
[EIB) is thought to be planning 
tiie issue of a dollar bond on the 
Tokyo capital market which, if 
approved by the Japanese 
Finance Ministry, would be the 
first issue of its kind. 

Officials were at pains to stress 
today that the ministry has not 
received a formal application 
from the EIB. But it is becoming 
increasingly clear that an appli- 
cation could be made sometime 
in the autumn — perhaps late 
September for an issue Of 
between 8100m and S150m. 

Some two-thirds of the loan is 

expected to be placed In Japan 

with the balance going to 
Europe. Unlike the dollar 
private placements which were 
seen in Tokyo prior to the oil 
crisis, the EIB offer is likely to 
have tiie backing of a secondary 
market, albeit limited to some- 
thing like 100 institutions. 

Finance Ministry officials said 
that before approving such a 
dollar issue the Ministry would 


like to be sure that subscribers 
use yen funds converted into 
dollars on ' the Tokyo foreign 
exchange market This would 
thus serve the -Ministry's aim of 
promoting . long-term capital 
exports, and creating dollar 
demand which could help curb 
upward pressure on the yen. 

Officlals said it is not dear at 
present if and how this could be 
guaranteed. If financial institu- 
tions funded their subscriptions 
by borrowing short-term dollars 
overseas, this would still help 
promote long-term capital out- 
flows. But it Is the saine “un- 
healthy banking practice " which 
helped the “Japan ""rate" 
premium to emerge when the 
Euromarkets were thrown into 
turmoil, in mid-1974, officials 
stressed. 

If the banks simply borrowed 
long-term dollars overseas, the 
net effect on the long-term 
capital balance would be neutral. 

If such dollar issues are 
approved the Ministry would 
regard them as “ only comple- 
mentary " to the yen bond 


TOKYO, July 21. 

market which is the principal 
one the Ministry wants to see 
develop. 

However, some market dealers 
were suggesting today that if the 
EIB issue is made and is success- 
ful, future issues might be made 
fully public. Thus the way could 
be opened for future bond 
issuers in Japan to choose 
between the yen and the dollar 
depending on prevailing market 
conditions. 

It is generally understood that 
the issue — if it materialises — 
would not have a paying agent 
in Japan. Payment of interest 
and principal, made outside 
Japan, would thus not be subject 
to Japanese withholding tax, but 
would be subject to taxation 
when repatriated as part of the 
subscribers’ overall tax liability 
at year-end, the sources said. 

At the same time once in order 
to develop an adequate 
secondary market for such an 
issue a listing on the Luxem- 
bourg stock exchange may be 
applied for. 

Reuter 


| BY DAVID WHITE 

THE DRASTIC re-thinking 
already applied to the textile 
sector at Rhooe-Poulenc. France’s 
number one chemicals concern, 

I is now being applied to plastics. 

M. Jean Gandois. the managing 
director brought into the 
recession-hit group from the steel 
industry, announced * plans 
designed to wipe out the sector's 
pre-tax loss in three years' time. 

Rhone-Poulenc's polymers divi- 
sion, with a turnover of 
FFr 2.5bn (S555m), showed a 
loss of FFr 120m (S27mi last 
year and this is expected to reach 
FFr I50m in the current year. 

The reorganisation involves 
stricter selectivity among 
product ranges, savings on 
research, and a greater concen- 
tration on the group's Euro- 
pean export markets. 

Rhone-Poulenc will concen- 
trate on a few products in which 
it is already solidly established, 
in particular PVC, for which it 
holds down 37 per cent of the 
French market Overall in the 
plastics business. Rhone-Pouienc 
supplies about one-eighth of the 
French market and 3 per cent of 
the European market 

At the same time, the company 
will study the extent to which it 
can shut down some of its 
smaller plastics operations. 

• Rhone-Poulenc has earmarked 
Fr 100m a year over the next 
few years for its plastics reorgan- 
isation plan, just under a third 
of the amount it set aside from 
last year’s earnings for restruc- 
turing its biggest loss-maker, 
textiles. 

Between now and 1981. the 
3.000 people involved in its 
polymers division will be cut 
down by S00. hy premature 
retirement and other measures 
but without mass redundancies. 

Despite the pro«peci nf in- 
creased losses in plastics this 


PARIS, July 21. ' 

year, M. Gandnis. number two 
to M. Renaud Gtiloi. the chair- 
man. came out against the kind 
of concentrated European phi a 
which has been drawn up for 
textiles. He said it would be 
dangerous to enter into a 
" dirigisie ” policy for the sector 
It would make it impossible to 
consenre efficient competition. 

Re-organisation zn the lex tile 
sector has also Involved Rhone- 
Poulenc in a drastic selection 
process. At the end nr last year 
it announced plans which would 
eventually mean closing down 
manufacturing operations at five 
sites in France in order to con- 
centrate investment cm nylon and 
polyester. 

The group recorded a profit 
of FFr 84m on a consolidated 
basis last year after a FFr 364m 
loss in 1976. The result took 
into account earnings of 
FFr 25Sm from the sale of share- 
holdings. but the company can 
claim it as evidence that re- 
organisation is succeeding. In. 
1975 its consolidated Joss had 
been FFr. 94lnt as turnover fell 
by FFr 3bn to FFr 17hn. Its 
consolidated turnover last lear 
was FFr 23b n. 


Jardine approval 

Minority shareholders ir. .Tardmo 
Industries have approved the 
scheme of arransemenL whereby 
Jardine Industries will become 
a wholly-owned subsidiary ot 
Jardine Maiheson and Co.* 
Anthony Rowley reports from 
Hong Kong. Votes in favour of 
the scheme were received from 
76 shareholders, representing 
3.422.649 shares and two share- 
holders representing 5,noo shares 
voted against it. The scheme is 
expected to become effective on 
August 1. 


Chicago bank in default Commonwealth 

BY STEWART FLEMING NEW YORK, July 21. Oil Refining 

XCHANGE International Cor- But U.S. banking regulators rnornonicofinn 
oration, holding company for are, Mr. Helfgot rays, blocking L CU I gdUlMUUU 


BY STEWART FLEMING 

EXCHANGE International Cor- 
poration. holding company for 
Exchange National Bank of 
Chicago, the eighth largest bank 
in the city with assets of around 
8445.7m has announced that it 
is in default on a SlOra loan to 
First National Bank of Chicago. 

Mr. Alvin Helfgot, assistant 
counsel to the bank said today 
that the holding company had 
missed an interest payment to 
I first Chicago. The First Chicago 
had previously waived terms on 
the debt when Exchange Inter- 
national fell briow the minimum 
net worth requirement on the 
loan. 

Exchange International is con- 
trolled by Mr John S. SamueL 
a New York financier who. as 
well as holding around 30 per 
cent of the Exchange stock, also 
has interests in coal broking 
through Carbomin International. 

In the first half of this year 
Exchange National Bank earned 
net profits of $1.3m having re- 
covered from losses in the saute 
period of the previous year 
according to Mr. Helfgot. 


But U.S. banking regulators! 
are, Mr. Helfgot rays, blocking l 
dividend payments from the 
bank to. its parent rompauy Ex- 
change International nntil the 
bank’s capital pasition is 
strengthened. 

He added that new capital will 
be infused shortly and that “ it 
is not a dire situation. The bank 
is in good shape." 

Exchange International has 
been under pressure from First 
Chicago to add about $3m of 
new capital this year and the 
same amount next year. The 
First Chicago decision is inter- 
preted as a move designed to 
put further pressure on the hold- 
ing company to improve the 
bank's capitatisation.- 

The loan was originally made 
to Exchange International in 

1973 to strengthen the bank's 
capital- Although the loan is to 
the holding company which is 
quoted over the counter in the 
U.S.. H is secured against the 
shares of the bank. 


Tooth ahead in first quarter 


TOOTH, Australian brewers, 
managed to increase group 
profits in the first quarter of 
the current year despite a fall 
In beer sales, chairman Mr. 
W. L. Fesq told the annual meet- 
ing. He gave no figures, nor 
did he forecast the likely profit 
for the current year. 

Tooth earned AS14.I2m after 
tax in the year ended April. 
197$. 

Fesq stressed that the acquisi- 
tion of Melbourne-based Courage 
Breweries would provide extra 
production capacity. Thus Tooth 
will soon announce plans to in* 


SYDNEY. July 21. 

■crease capacity that will enUilj 
further borrowing. 

• Cadbury Schweppes Aus- 
tralia says trading did not im- 
prove in the second quarter of ; 
1978 to the extent expected at ; 
its annual, meeting in May. As 
s result the profit decline for 
the first quarter was not hilly 
recovered, producing a fall in i 
after-lax profit lo AS3-54m from I 
AS3.6STH In the 24 weeks ended j 
June 17. 

The company still expects) 
calendar 1978 results to be satis- 
factory: .last year net profits ' 
totalled ASSTTm. ‘ 


NEW YORK, July 21. 

COMMONWEALTH Oil Refining 
Company, said a federal bank- 
ruptcy judge In San Antonio, 
Texas, has approved the selec- 
tion of a reorganisation manage- 
ment team headed by Mr. C. 
Howard Hardesty Junior the 
former vice-chairman of Conti- 
nental Oil Company to help the 
ailing concern get on its feet. 

Since March Commonwealth 
has been operating under the 
protection of chapter 11 of the 
Federal Bankruptcy Act 

The reorganisation team which 
will operate as a separate 
corporation called Common- 
wealth Reorganization Company, 
will begin operating in the near 
future. 

Under the agreement the basic 
cost to Commonwealth will not 
exceed *2 .9m a year including 
he cost of outside consultants 
and advisers to the Hardesty 
group. During its first phase or 
operations the team will study 
Commonwealth operations and 
problems for about five months 
and then report io the com- 
pany's Board on whether it 
believes Commonwealth ran 
become a viable entity. If the 
report is favourable the team 
will proceed with reorganisation 
plans. If Commonwealth is 
successfully reorganised within 
two years the team will receive 
a bonus of up to S2.9m. 

AP-DJ 


Asahi earnings 

ASAHI Chemical Industry' 
reports consolidated nc-r income 
of Y5.38bn for the year ended 
March 31. Sales were Y 574. 84b n 
and earnings per share emerged 
at Y5.67. No comparable figures 
urc available. 


London Wall 
Extra Income 
Growth Units 

Estimjivdt urxx-nr CapiulGruwiliKl income units 
Gross Yield 1 20.7.7X1 write launch in February lVTd - 

JO% 58.8% 

London Wall Extra Income Growth Trust is a unit trust in 
The Tyndall Group. The aim' is to produce a high and 
increasing income coupled with capital growth bv investing ' 
mainly in equities. The 5S.S% rise in the offer price of the • 
units since the launch compa res with lo.b% lor the F.T. 
Ordinary Index for the same period. 

- Investors have therefore fared much better than they 
would have done in any fixed interest investment. 

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

You should regard your investment as long term. 
Important details 


Unjts which arc dealt imbil).cillhc 
allocated at Lhr ullar price prcvnlline 
when jnur complrtrii application u 
reed vnL The ouer price of Oie uniiNKD 
20th July ITU wac V>.-p L-nif price* and 
.vicldv arc quoted in mma iclinihd djll> 
newspaper*. The minimum incouiwnt a 
jpOUu 

To in vest, fill ip ihc coupwi or udk in 
your financial adviser. Applicniian , > sill be 
achaowledjsnt onU jnur catificnie uuit 
within .IS dbyt. 

II J»ai wtsb knrtl u.ur uniis-ihi:.Mjiu).tn 
nil] porchav ih.ni i( ihcl-'J pnc.- 'ii Jm 


.h-jIilW div ISipKM «il! iv-mutl- H- rr-iJe 
wrhAvcvcndji.- «4dis : j 

I hsinhuThev ik-i"fi»j:i!;.-rj 

nudc'iv i«.i\,.eiiriil l Jnn. .oki-iIl 
P i-.cmlvr hic.v«-n.« nlliAat.'ilim.is; 
Jiinlwn ni msemts- K\, . 

An uiiiliI nuait-’cnun: ilur.v ■■fV j ;• 
i/v I u4cJ ui & hu'- me pn 4 -v asif* . \ !■ i’f 

;ca;!vciaipci0.i li-ul l\. piii- VAT ’he 
Fund t. dt-duuaJ In-m die i ru -j 

The Rv'-jI Bant’ ■-! N_.ila.id L..-ni;d uCie 
Tnricc arid lurid', all lit I m a % •!: aai 
nu r-tfTKni', s>n die uaahi’Mvrs* bcivU. 


j APPLICATION FOR UNITS j 

| -VplicaiiiaiiiKiJJbt’ srniin- J 

I The Tyndall Group, IS Canynge Road, Bristol BS997UA* a- 

| , Hi&'ii.nJS.'. Ea;!^nj 1 | 

I , . Ji-nn.xMBB.im J • 

I i andtf* [jt, London Wall Extra Income Growth Units nrths ■■ 

I itferpnceruljiyi.'iiilii-iUi cMuiwiew^ihisapplualiirn.Miainniinlnitf-^maiiiW.QBViur: 

I ahuuld be male paraHr i< - / -i> Ctimmzaioa &|Uyat>le In r«rnuscd 3gEoa.' j" 

j SunUBfle:Mr.M n.. \j,. , ml, • I 

[ lARkUinXanm m lull I’ 


* ‘ M,/iPk a raa; /..>*. *c n -e.-v-’-r 
a. v'l'i'q: ; i'r wai. w? ri r mcwhih. 


.StKiuiiec 

“/r.viiij*. 'naftfiris.'*, ..‘a • 'iimi j .S' .i a Mid ;n< ,vm 

'. . O _* :hr.-Mh.\.-iir Kir. 1 . .. •’■*.. *.•..< • ’• 

O&rr am jrailabir i.. rc-.ul.-i'' >K- rcpuMn. -i Inland 


I. I K-* S'.A. .'ii.’.’d .'im.’.-r.t jifle,.; ■ 
i •••(• .iA rfc»v fitn.vrjc!. | 


[FT22r/7SHG I 


A Tyndall Group Unit Trust 


t i'-Ji ' .1 , 



Financial Times Saturday July 22 1978 


■v y 


*. ~' r 


WORLD STOCK 



... v * •<«, “*■ 





Wall St. sustains loss of 6.4 


INVESTMENT DOLLAR 
PREMIUM 

S2.60 to £1—1071% (1081%) 
Effective 51.9110—322% (321%) 
MURK UPWARD PRESSURE on 
interest rales and some dollar 
weakness caused an easier 
tendency on Wall Street yester- 
day in reduced although still 
active iradinc. . , 

The Dow Jones Industrial 
Average declined 5—0 to 833.42 
tor a loss on the week of G.41. 
Tlie \YSE .41/ Common Index 
receded 18 cents ro f?34.u l . 
although this left a win of 9 
rents on llio week. Losses led 
rroes by $39 to 370. while volume 
cjme In 2G.0Sm shares, asainst 
Thursday's 33.34m. 

Money market analysts said 
dollar pressure came from wor- 
ries about l : .S. inflation and 
balance of payments, and reports 
that OPEC may index oil prices 
to u basket nr currencies rather 
than the dollar. 

(laid shares, however, were 
s'. rone on a rise in Bullion prices 
and the dollar’s weakness. Dome 


.-f 

FRIDAY’S ACTIVE STOCKS 

rUjnke 



SlOi Ws 

Clo^iiuc 

on 

e 


traded 

priuv 

day 

Tt 

B*\lon 

i,4T. SQu 

■»} 

— ! 

Bull an 


Jg 

-li 

k 

.Ml'-ubeny Airlines 

iTii.trio 

III 

— ; 


ASA 

■-■.7;.4nn 


-1. 

Ii 

T'WCU 

343.700 

■jr.i 

-r 1 

K Marl 

“IJ.iiOO 


— 


British FVI role utn . 

333.50D 

ltift 

+ 1 


t en! menial Mil . 

.■JS.-'lKI 


- 1 


Kf-ar; RtiL-buL't: ... 

■iou.snn 

'S3i 

- i 

i 

Brunjii'lik .. 

ISI.750 

is; 

+ 1 


Mines rose S5 to $821 and Camp- 
bell Red lake 1: to S3?;. 

Standard Oil of Indiana added 
Slat 550;. after reporting a major 
natural yas discovery in 
Wyoming. 

THE AMERICAN SB Market Value 
Index ro.se afresh by 0.30 to 
131.84. hut losses on the exchange 
outpaced .gains by 3l2 to 275. 
Volume 4.14m shares (4-2Bm). 

Canada 

Markets made further headway 
in another heavy trade. The 
Toronto Composite Index gained 
3.4 more to while Golds 

surged ahead by 85.3 to 1.360.3 
on index. Metals and Minerals rose 
9.(1 to 9R9.2 and Papers 1.61 to 
123.02, but Banks contrasted with 
a reaction or 1.62. to 283.4S. 

Paris 

Bourse prices further 
strengthened across a broad 
front, with the market’s Industrial 
index rising l- to a new I97S 
high of 73.1. 

Spurring the market ahead was 
the publication of an optimistic 
outlook for the French economy 
in the .second half of this year by 
rhe National Statistics Institute, 
and also a wage agreement 
signed in recent days by French 
labour unions representing metal 
workers. 

Nearly all sectors were ahead 
al Ihe close, with Banks and Oils 
leading the way. Sharply higher 


were BCT. RousseM/tiaf, La 
Henin, Pengeot-Citroen. Generate 
do Fondcric. Printemps, Thomson- 
Brandt, L’Oreal, Cie Petroles. 
Carre four . and BSN Gervals 
Danone. 

Germany 

The market continued to show 
a firm bias in spite of further 
profit-taking, and the Commerz- 
bank index added 3.8 more to 
reach a new peak for the year of 
814.0, making a rise over the 
week of 20-2. 

Motors rose strongly again. 
Daimler advancing DM520 and 
BMW DM3.30, but KHD, in En- 
cineerines. came back DM 3.00, 
while Deutsche Bank lost DM2.00. 

Public Authority Bonds shed 
up to 45 pfennigs more. The Regu- 
lating Authorities purchased a 
nominal DM47.lm of paper 

(DM220.3m). 

Australia 

Stock prices were predominantly 
firmer In fairly active trading. 

Industrial leader BHP advanced 
to .457.64 in response to the good 
annual, results, before slipping 
back to AST. 50 for a net gain 
of 8 cents. 

Uraniums gained ground on 
news of the signing of a uranium 
safeguard agreement with Fin- 
land and a restatement by the 
French of their likely uranium 
requirements for the 19S0s. Pan- 
continental rose 30 cents to 
AS14-80. 


A sharp upturn in the price of 
gold in London and New York 
overnight and some small improve- 
ments in the prices of base metals 
on the London metals exchan 
helped the Mining leaders to 
improve. 


Tokyo 


With profit-takers bolding the 
upper-hand in 8 very active irad- 
ins session, shares were inclined 
to lose ground. The Nikkei-Uow 
Jones Average reacted 21.19 to 
5.614^9. Volume 410m shares. 

SINGAPORE 

July 21 ' S i July 21 i $ 


Industrials j 

• 

p.iiciisuJ L'm.; 
JV iustm> I Uli- ■ ' 

Dtiul'ip. 

Kish — ; 

Fewer Nrai*! 

Haw Par. 

liume lihl..... 

llU.'ll'.’AI'V | 

M»nv Brew.- 

AUUiy 1'fcmt-i 

Mel. Us Sin*- 
Ov'.Ciiln.BL: 
Pmji filetfrir! 
UiAiidshr Co.' 
Hi* l bruin.-...! 

Mi el l ... , 

Si me IMrliy.. 
Ciitit 6 tvnme- 
St rail '-St ram 

atrelisliraer 

1 197b) Lt.l 


iMraitaTrad’g 
1 rimes Puk 
BraftaA 
!l T . Eairfneorv 
• f. Oi'a Bk... 

{WratnM 

(Tneinrs 

t.'Uemkau—.. 
Willm Jncfcb. 
iBubbera 
I Until Limuti. 
|Uuni|i Eitaro] 
| Ken pas I 


iTlna 

Aun*ra]. Am. 

Berjuntai 

(jamjar. 

K uuuai 

Inwer Herat. 
Petal I me XI o. 
5"in-nieCiu. 
[TonnksliUmi-. 


Indices 

NEW YORK-dow Junes 

, " i <r • i.*»n>s- ..•. iii|>iihiTi 

1 .In \ ; .Inn I Jills i .lull ' -III-* ; Juli •- . I 

j rt . 20 I 19 I 13 , 17! 14 Hutu : Ivtt I ll’ali j t»*w 

' . ' ; ; : i f“ 

lMutnal-.' 835.41 833.82 840.701 829.00 839.'*- tfS.ti; dbb.bl ; <4 .12 ; 10SI./L 41.22 

! I 1 , iij/oi ; o'."' U IM,75i 12/7*52) 

H'»ieB'n*lr* 97 . 20 ' 07.10! e7.20i 87.13; 97.00 Bb.:4, 90.8b , - | — 

■ : 1 • ; ■ (4 ti • i Hiii | 

Tran-nrirt .... 22B.96 228.30 229.8S' 226.ttL 227.80 22S.ibl 11.46 li « -BB | 14.26 

, ' j • i6.t" I i^.ll •f'X.ltet iatoma 

Vt Illner 106.07 105.2B 106 106.18; 106.2ft 10 b. B 6 1 10.9- 102.14 | 164.42 j 10.br 

I . ” . ti ll I -iiftJl UJ0>M4l.ittAr4ZI 

Ira. line voi.i 1 : i . 1 

W,| ; 2S.OSO 33.340 30.850- 22.960, 39.190 28.47Dj — — ; — j — 

* B«-i- «i| I inle* i-lian^ert ruin Aiigu-i 

July U • Ju-.V l Jnro-.MJ i rt'-u 

ln*i. iliir. vieiH ■» ' 1 - 


JT.y.s.B. ALL COMMON 


0 " 1 1 ‘ J nls , Jim i -Juts 
21 i 20 14 t 18 


64.91. 56.07 56. ia 54.45; sc.cv 


STANDARD AND POORS 

ii ; i i i hTh j-inice l'i*iii|iiiM‘n 

i Jh’v ' In \ l -ln-\ Jiny ; Jmv ; July . 

I 21 | 20 I 13 1)- '■ 17 j 14 ! H.itl* • ura • _Hurli 

; Jn.liwirW^' 108.04 108.30-108.44 10t.t6 IBBaV 107.*; Mu.b «.« : Io4.o« j a.a2 

, I : i (CPI ; WM U/l,i4i i40>;i2) 

;Cmi|a»<lv, 97.76 88.04; 98.12 96.17' 97.7b| 41.56 1011.62 I Be.so 12b. * I 4-« 

I ! I | i »M | (ti/ct [illil/Uil rlrc-s 


July 12 1 Jm> ■» I June | Year avn (apcrux.i 


In.l. .tie. vleM t 
Inti. HrK llnlio 
H>II 4 tint. IM’II .1 \ Iasi 


rVomc . 
Address 



ACROSS 

1 Split archer's accounts t4. 5) 
6 Fanatical artist on offer (5) 

9 Scared tu return it to centre 
i5> 

10 Indifference of a French busi- 
ness 1 9 1 

11 Fishing aid for cricket prac- 
tice halfway up stairs (7, 3) 

12 Beastly shed ascribed to 
engineers (4» 

14 Chuck er-out at lively ball (7) 

15 Die during month free from 
pain c 7 1 

17 Regularly found close lo 
drunken mice i7t 

19 Foreign country's girl 171 

20 Thrill taking off at the 
beginning (4) 

22 Taken away to he executed 

1 7. 3 1 

23 Free benefit given to the 
talented <9 1 

26 Neat observer of flower <5 ) 

27 Cor respond with 6'8" youth 
leader (51 

28 One would back poet as a 
pharmacist (9) 

DOWN 

1 Add a pound to the lot (5) 

2 Deniun curl changes eods for 
a fruit spread (5, 4) 

3 Ample means for orderly to 
enter (4. 6) 

4 Idler put on gruel oddly 
enough (7) 

5 Do well tu lake the title (7) 

SOLUTION AND WINNERS OF 
PUZZLE No. 3.719 
Following are winners of last 
Saturday’s prize puzzle: 

Mr. F. As i ley, 21a Lindfield 
Gardens. London NW3 6PX. 

jlr, J. S. Barber. 9 Tyne 
Road. Oakham. Rutland, Leics., 
L£15 6SJ. 

Mr. R- W. Pudsey. Quarry 
Meadow. Sturridse. Malvern, 
Worcs- 






Rifles and Fails 

. J ii > 2t ' J ii* v 20. Jmv D 

I--UC- inne>i ' 1.872 i 1.888 1.871 

lb « 670 ■ 815 £W1 

L 859 | 654 MB 

Uii iiuuvil ; 448 419' 432 

bijin-. 43 I 93 I 74 

3«u Xjjh* | 13, 1 7 I 9 


MONTREAL 


6 Row in style t-1 1 

7 Well-built though full of 
complaints? (5i 

8 Studies oriental loch in Scot- 
land out of stupidity (9) 

13 Just make it to save house 
(6. 4) 

14 Chance won’t run to a meal 
(9» 

16 Short cane broken by recluses 
(9) 

18 Irritable nipper put to rest 
17) 

19 Surgical instrument to make 
by an afterthought (7> 

21 Credit given tu boring bit of 
slow movement ifi) 

23 West-end chap entitled to 5 
belonging lo them <5) 

24 Kill student in express (4) 
SolutiuD lo Ptizzli* No. 3.724 


aasaEsga 
E. m m m -v- she 
nnEssnagc' saaGias 
rang h n q is ei 
HHEsagnsE - nnnnn 
a m ■ b b n e s 

n n b b s e 

ESSEnas.-CSBEa ■ 
e h ana 0 0 
000003333 
n n a 3 3 n 
aasEn h QnacEEEE 
m -m u -E-5 s e 
na^nsni -BnHSGEsas 


EiaB_BSH0B00E| 


In 1u«triai 

C'>mh'li(i< 


Ju'v ! Ju'« Julv Ju'V — - 

21 j a> 19 te Hiuh 

190.04) Wa.sii”lB 8 AS 167.62 190.04 .21 7j 

199.97 198.471 196..-9. 1 196.65 198.82 <21 7) 


I b2.* 116*1 
170 AS rji.'ili 


TORONTO U**ni|u' ile 1191.9 j 1179.6; 1170-3^ 1166.2 , 1191.9 *21/71 | -^.2 taC/h 

~1^7] 2S2.I .&L r )> I 

In-iii - 1 rut- I 252.2 ! 252JJ | 252.0 252jj Jaz.4 ill.Tj i 194.nl> Ji 


?1 V inn Hn»h Liw 

AiutraUftv*! ^ 3.81 500.50 5W.4Z.«i.ib 
; ((7.1/ , ^I'OI 

Belfiimn < l< ' fci V'Si Wl.h *-.« 

^ io/oi , (ZJ.t n 

Denmark!* - ) 96^4 9f.38 . 4c. 

, (M.h , »6/2) 

France '»’> <»-t 71-9. <31 | c'l-r 

■ 1 iil 7i (J,2) 

Oennanyc : r b 14.0 : elo.2 i*0 : i».« 

i -21/7. iJ//£j 

Hoi Land till 4.4' W.2 • ■•■/ 

, : «/t>) (*‘/4j 

Hong Long 5 o7.0j ; a dt.a atc'.i- 

i«*i : tb»0 fla/li 

lift IV HI'' '2.6S: GL.7A. ^La>j ».4c 

. il9/7i I (lu/li 

Japan loi 423.54 1 425.50 4ZD.B1 , 

! i.M/?l 1 14. Id) 
Sm?*nore 347.90 . 447.65 ; : £ K.'.u 

lAl '(IO. I) l I Iff'. 


i Ju<\ I Pra- 1 1976 I h*'/' 
I 21 ! vmn | H'«U I t^-« 


Spain u> 102-73: Ltrt.iw I ik.i. < .<- 

I I I «*.*>) i di.J 

aweuen ir>i Je7.07 Js7.^2 ! Wi.* [ j--.i- 

(XtJI ; U-ll 

Swu er.'di' z»i-2 «U-7 ; i4K*r ziJ.'- 

j i (Jb/fi ] - 

Indices and base dates (all base value* 
100 *xcepi NYSE AU Common - S' 
Standards and Poors — 10 and Toronto 
300—1.000. tbe las' named based on HCai 
tEadwilnit bonds. 1 400 Indiui rials 
3 400 Industrials. 40 Util lues. 40 Finano 
and 20 Trans Don. I Sydney AU Ortl/un 
|| Belalao SE 31/12/61 *- Copenfiagtn SK 

1/1/73. tt Paris Bourse IHl. Xf Comment 
bank Dec.. 1053. 6*. Amsterdam indusma. 
1970. K Hans Sens Bank 31/7/S4. UN Milan 
Z'l/TX a Tokyo New SE 4/I/6S. 6 S(rai'v 
Tiroes 1966. . Closed, rf Madnd SE 

30/12/77. c Stockholm industrial 1/1 '55 
1 Swiss Bank Corporation, u Unavalljbl**. 


F.T. CROSSWORD PUZZLE No. 3,725 

A prize of £3 trill be given to each of the senders of the first 
three correct solutions opened. Solutions must be recurred by 
next Thursday marked Crossword in the top left-hand comer of 
the envelope, and addressed to the Financial Times. 10. Cannon 
Street. London, EC4P 4 BY. Winners and solution will be given 
next Saturday. 


RACING 


BY DOMINIC WIGAN 


Acamas has speed 
to win for France 


NEW YORK 


Abbott Labo~ 

A'MllKN/itLBilb.. 

! Aetna JJieJtCa*™ 
4 fr Proilucfc'.' 

.VLcauiVluiiuuium 

A Inn — ' 

Alien. Ludluiii*. 
Alfeslienr Puffer 

Ailit'K-beuiii*'.. 

Allien ■'(■in- *• 

Vlii. (*!ieiaiei>..., 

.1 31 AX. 

Vmerana Uni... 

Au.er. Airline... 

Aiow. Brawls 

Anwr. Bnralcmst-) 

Anier. Can 

Airier. Lyauaunni 
Amei. Dial. lei.. 
.Vroer. EIwj. Po“ 
Amrr. Exprw^ ... 
Aiuvr.Horoe Prt»i 
Auna'.31e*u<*J*— 
Amy. .Uotors — ■ 
inier. Nat. Da/— 
Anier. staiiilard.. 

Anwr. sl.iro 

,1 mer. TeJ. a Jr). 

AruCtL-l* ' 

A UK 

a Air 

■Un|«( - . 

Anchor Hui/iiji. 
Uilietoer Bn>ch n 

Innro atoei 

ajS.a.._ 

Araiutia on J 

A servo ‘ 

A-liiarvl Oh 

Atl. lUcbtiehl 

Anil) Ltato Pro.... 

A VC 

Auu 

!<>>□ ProilULlr... 
bail U«* Elvol — 
bank Amitira.... 
ctanLen Tr. X.Y. 

deiHc* On 

Jailer Trove uo . 

Ujitn.-e Fool 

be.-tuciltuJii-UMUJ 

dell A H.-ndi 

ttenlls 

tJen^in:*t ini' * 8 * 
detliielieui Steel, 
dlavaft UtrUt -. 1 

Boeing - 

Joiw Lawatle.^.. 
SdlCII - 

Ji.ru Waiwr.. .. 

araniQ lot— 

Jra.-nn'.\' 
dristo* liven..... 

dm. Prt. -AUU- : 
ilKclcaay Miaw.. 

ilruftAk'itW — 

rfueyrus trie. 

buiov* Watch.... 

durUHirti'U.Vtiio. 

doroxinb* 

L'am| 4 «i' s*JQ('...j 
LAOBilias Pad fie 1 
l'iDS' Kan.«u*|dl-' 

unuis/n 

^ imn X t ieue».. 
•/arte i Hawley... 
*.atetv“'*r Tract- 

.It' — 

. tiuiiw A'orpn... 
Ji'iltra. X 5." ... . 
.eiiilnieoi 

■.esMia Alrvrall... 
^Iisbp MauLiHil.ni 

Jlieniirai Bk. N\ 

.. bv*ei'.'Kl< l’ 1 '" • 

. be- a/e uem. 

. tileaii*. tin. ice .. 

-lirV'ier 

Cinerama 

•.roe. Alum- on... 

v lUOHpi 

Seri lee — 

^Uy luvestms-... 

.IUI Cola 

.vlsaie Pa* m 

.-.ill ln> Aikiutn... 

■ uumi’ia »ta» .... 
.uliiui.iia Piet.... 
.. uni. I os'- (..OLA m 
..urn >u^tt<>n Em*. 

. ..inr ustien tr/... 

w ’ nr w’uiii i ounJ 
O'ni’a’tliOil Km.' 
.••ruin, satellite, 
i. ■ .inpuicracMnef 
..iin Lite In*-... 

.lulnur 

(.oujMlisen X.V. 
Cnu-ni hub...,. 
-ORni N«t. tins. 
xNaumu B'Su 
L.Hitnuriita Ot| 
..••in inentai Ui... 
- 'mi meiita' 1 'eie 

••lit i lm I lata 

■••|Cl lndua...,j 


Corouv GW**-----! 

CPC Int’n’UonJU) 
Crane .......... e—L 

C'nvkun ; 

Crown Zetiorhw-'Lil 
Li i ro nuns Ew ui *'j 
Curt iv Wnebl—l 

Dana j 

Dari lolmtiKk., 

Deere 

! Del Alnnif.-- 

Deltona 

Derutpl.v Inter.... 
Deiroit Edbrni-..' 

D Ian i’ k» ( trltftin rk , 
DieU{>lioiie — — . 

ilupta Equip. ■ 

DOneycWalt) — 1 

Dover C-.irpo 

Duw L’bemirai— .. 
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U'3 


IN SPITE of the absence of the 
dual Derby winner. Shirley 
Heights, and those top-class older 
horses. Alleged and Crow, this 
afternoon's renewal of the King 
George VI and Queen Elizabeth 
Diamond Stakes .could again 
provide the race of the season. 

Fourteen have stood their 
ground for tbe De Beers prize 
(which with £123.000 added to 
stakes is the richest purse ever 

ASCOT 

2.00 Siradey Park 

2.35 Ring Lady 

5.20 Acamas 

3.55 Taj Aim I dan 

4.25 Peerless Prince 

5.00 Greenhill God 

AYR 

2.00 Lucent 

2.30 Beethoven 

3.00 Disco Volante** 

4.00 Atlantic Venture 
NEWMARKET 

3.00 Phllodantes* 

4.00 Mixed Applause 

4.30 Jacenitor 
NEWCASTLE 

2.45 Caro Bambino 

run for at Ascot), including five 
from France, two from Ireland 
and one from tbe U.S. 

Although the home team, made 
up of Balmerano. Dunfermline. 
Silver Lad. Hawaiian Sound, llle 
de Bourbon and Sea Boat, is 
clearly not without a chance or 
keeping -the prize in tins 
country, it will come as a sur- 
prise to me — and clearly a shock 
to many Frenchmen — if Acamas 
is held. 

Thisi Mill Reef colt racing in 
the orange and grey colours 
registered bv Marcel Boussac 

in 191S — buC apparently, now 
the property of the Aea Khan, 
to whom Boussac has sold virtu- 
ally his entire racing stock— 


will be bidding to boost the! 
reputation of Europe's current 
Classic generation, . . 

Although tbos season’s crop of 
middle-distance three-year-olds 
in both Britain and France has 
been dismissed as second rate 
by many 1 believe that Acamas 
could prove the exception. Tbe 
Guv Bonaventure trained bay 
had to overcome all sorts of diffi- 
culties when initially bought, 
and then carried wide in tbe 
Prlx do Jockey-Club (in which 
be finally came through with an 
outstanding turn of foot to get 
up and land , tbe spoils). Lt ro 
clearly the manner of that 
victory rather than a strict inter- 
pretation of the form which 
augurs so well for him. 

If as hfs French Derby run- 
ning suggests. Acamas is not only 
a bandy and very determined 
sort but also one witb a blister- 
ing turn of finishing speed. Yves 
St -Martin should be able to bold 
him. up and deliver the coup 
de grace wherever he feels it is 
necessary- 

For anyone looking for an out- 
sider with more than a forlorn 
win and place prospecl Montcon- 
tous is suggested. The Maurice 
Zilber trained four-year-old — 
rated a better colt than Empery 
by bis handler — has run 
disappointingly at Saint-Cloud 
since lifting the Hardwicke. but 
is reported back in fine fettle 

In the Princess Margaret 
Stakes 45. minutes before the 
bis race Ring Lady, a bay filly 
by Thatch out of the Vilmorin 
mare. Circus, could follow up 
a fluent Chester win by out- 
pacing the Queen's Stratbspey- 
wbile further north both Disco 
Volante and Philodantes appeal 
as worthwhile propositions The 
first-named goes for Ayr's Roman 
Warrier Shield: while Philo- 
dantes runs in Newmarket's Fen 
Ditton Stakes. 


GERMANY ♦ 


AUSTRALIA 


I TOKYO f 


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Vi* mii/ Verkwh.- 1 

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159.6 +5.6 I4.IL 10.1 

195.31 , 8.7i 4.2 

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500 +6 39. | b.O 

1.545 + 1 1 5Lso 2.4 
602 +6 12.t 2.5 

155.0 ,1.2 8 1.9 

177.9 + 1.4 11:. -b 11.2 

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278. U +3.8 i.S 2.7 

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555 +19 5U 5.4 

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148.5— .9 | <4.33 9.8 

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281 +2 2b. ■> y.O 

772 + 10 20/: .3 

228.5 + 7.5 D. lb 6.6 

22.31+0.91 - - 


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1 ’l*r»v 1 r 
* 1 *•'< I — 


BRUSSELS/LUXEMBOURG 


!+ Vton. 


SPAIN » 

Jub Cl 

.» 2 lunU 

Banco Bilbao 

Banco Central 

Banco Exterior 

Banco General 

Banco Granada H.iNui 

Banco llnpaiw 

Banco Ind. Cal. *1.000* 
B. Ind. Mcdticrran>.-o .. 

Banco Popular 

Banco Santander <C30i 
Baoco UrqnIJo (1 iWj. .. 
Banco Vizcajra - ...... 

Banco Zaragorano ■ . 
BanKuuton .. . 

Banos Andalucia 

Babcock W’Ucot 

CtC — 

DrJRJ-los 

Inmobdnlf ...... .. . 

E. I. A ra com- us . .. 
Esuanob Cine 

Ssp! Bm Tinto 

F- CM ll.tfOl 

Fcnirto it. 7120 1 . . 

Gal. Pn'ciados 

Crw vV-luqucz 74M) 

Elidrula 


PiTCenL 

138 4-2 

300 -t 

3» - b 

275 — 

284 — 

150 — 

237 - 3 

It* - J 

206 - 

245 - fa 

389 - 7 

258 - 5 

20 - fa 

273 - a 

152 — 

205 — 

28 — 

82 — 

288 - 5 

72 - 3 

S3 — 

102 - 

68.50 - 0-50 

64.50 - 2 

7X75 — 

75 - 

118 +3 

77 - 2 


IbonJuero ... 8158 — 3.50 

Obrra 115 - 5 

Papuh-ras RcnnWas ... 70 — 

Pi-irollbt-r 117 — 

Pcirolcos 205 — 3 

Sarno Papalc-ra . 52 — 

Sniaco 49 — 

SOiefifia 126 — 

Telefonica 87 + 0,50 

Torras Hostench 4S — 

Tubaces - 

Union Elec. - 05^5 “ 1-S 


BRAZIL 


Vrtiei -2,420 

•ftfkun ••11" :2.020 

.u.U. Lenient ....1 1.1 24 

.oc-Leti: I 438 

libb- 18.4.50 

L-eelnaie <b.600 

/*l«M»t Nki 'ft.800 

i.u.lnno- 5m i2.o45 

•evH+ri l.s.02 

Grpv Bn 1 5 . La ml>. j 1,543 

d'luiucil ;2,325 

■ileh.-0'n i 1,740 

iRiiiMIjNjik :b,b60 

^ ttoyu n Ue<t:r..i3. /2 j 
Cun H<.i’it]nii..„...|3,o7J 
i*eLtntinii 5.790 

Wiifl Lunqiie-.U.MbS 
m. lion B+nfi/)ii.-l 1,950 

>jlnm '3.195 

k* uv In.460 

Irietlim K*+-t_„. |2.355 

<,Lp V „..J 920 

uaMin.it - ICh | 730 

1 tei- e Moduiotp 1.490 

SWITZERLAND • 


+ 20 

1 + 20 
— 30 
1—4 

He 

luO 

::::::: 


1641,10.7 
) 17 1 7.0 
I 14* | 8.9 
... +9. | +.2 
I 01 , -1.7 
1 ;ac- 0 B 8.3 
I II 74 4.1 

-13Uc ' 0.9 
I .!■*-- 7.2 
J/S13 0.7 
I I.Vi k 8.5 
1 17- 6.7 

’ ! - i 


STOCKHOLM 


\>.ini..lib.. 

VUii Uivj.Unirtt 

V3k.\ iKr.cO«_.... 
A I ift» L'v/viiK riV 

Uillerml... — .. 

ii.nr- — ... — .. — 

-VIluIlM ... — 
Uwlax'V'iliid. 
line, uli ■!' i h roc 

i-weilp TB" 

riimn........... 

<.>■>< ii^sra ureei 

.inn.iira'-'rihpn... 

'I iralkMi 

II.. cMj l + .ni ii... 

MU-IVIh A.i- 

--K.F. -i ‘ Kni....l 
is* a > hnskii’i*...! 
tioisdi. Km| 

L ‘’‘elp. m...„ 1 

Vn’viuki. -«J1 | 


COPENHAGEN * 


Pnctr [ > ■•/ 
Kriiln — 


230 

lou 

«J7.5 

J29 — J 
64.5ak+ 1 

116 

197 + 1 

240 +1 

156 

146 +1 


502 L— 2 
111 ]+6 

•-•b.5 

365 1+5 

l 0 | 

62 1+1 
270 +5 
/3.5i— . .5 
17« j-4 
75.JI-1 
eo -+J.3 
74.6;+ 1.5 


t>-b i£4 
9 6.6 

5 5.7 

6 4.e 

4 6.2 

v4 6.0 
5.75 2.9 

10 H. J 

6.3 +0 
6 4.3 

9.6 2.7 

4 3.6 

16 4.3 

8 7.r 

J.tr i.l 

4.3 , 0 . 1 


u. MiL .ar 

i , , ni« Aii iraiM 

\ "+i .'hr*. 1 1 in. In k. -i 
V li<l«*. 1'\|.lr. ml lull 

V ■■■■*•• 1*1*1 r>.i**iiii| 

Mineral- 

V- l’ll*H I'4J*>r H 

V Ciin. Iii'ln.lru'' 

In l.h. -ure Inn, in Invi+r,... 

a a. i ; 

All Iliik/V-M..,,. 

Vn-I. l.i*l ft ti,- 1 

l*iiiiI«. 1 'it*** (Lmi * 

J’lie Mi*1n. In 1 

ikm'-Kinvnir. O’l -|n I 

Krami’ira 1 11.11 j me | 

Ji"l*W Hi>< ho|#-+l*rv 

l'H -Hum 

*-*vruoo UniiAi 

J. Lu.e- 

L'-tt (Sh 1 

> irklu.n L eiii/iil j 

•.on-. G.inifiei.i. Aimi. ...... ! 

<. Mu* liter IS It 1 

ii trine Kiminin I 

•/it-rain Australia 

Dinuot' ictihhei 1 s 1 1 ..,— . 

1cH.uk 

hl.ler-.-mii** — 

h.Z. Iitrliistnp- 

"W. Prr>f«*rrv I net 

tlnm**r.ie\ .' 

t!i«<M*a 

ii. 'l A 11-1 rail* 

I Mlel -Ct*|>i+i.„ 

I -..nn in-:- IihIii-IiIp- I 

Mine*. *D*vm,. 

+-nnnni Uii 

.ilrlnl*i Ka| . inra >li *■ — 

Ulll Unl.llnjs 

il.vef Emirmiim 

.1t'«> 

•'l*-ll"liu J ■Ui.TIMII.,n a *l., 

A.+iii Kr-kviiH iim^s .as- 

lAilriiln,. 

■■•n ->raieii.._ 

Dllei Kx|*|. trail* in 

■ C*>ln-T\4e.._ 

■Cevkiti ft Ln<riuin._ 

a. l; >tefi|lr M ;.... 

siuii lilnit.* 11 m mu... 

’|4iW‘ bxfkirHliofi 

l***kii 1 Si.... 

Mill’in.i 

iVVviiMii Minnie .ni cem- 

H-.i'w,irriis 

AMSTERDAM 


A'.iln (iliuu. I 327 1-2 14 

*.'ii»**ii J 461 ; — 4 12 

>4si.. 706 ! + ll 25 

-. liiimn I 42 j 1—18 20 

ini Sij^»iii Pnnl 1 , 564 | — 10 18 

m.n PM ! 535 .+4 . 15 

Him. bi ! 248 -2 12 

Ui*ni1n M sr.'ira ! 577 * 5 18 

HuuHeFmiil... ...... 1,160 ‘ — 20 J 6S 

s . I Uili.. ;.. 245 i+4 I 12 

U*<-Yi*kiii(i. -1.450 ■ -40 ! 30 

lira 1 866 -14 ; 13 

I.A.L. ,3,640 I ! - 

Kmwii Kleci H* ;L<! O —20 ; 10 

i\,*niktmj 556 1 — 4 ■ 18 

auLuU 280 • i 15 

ivyraoOmuiic... 4.080 —20 ; 35 
'utmiabibi Inn../ 721 |— 9 | 20 

MiiMiliiiibrBkiik,M 279 .1 10 

Miiixjliiahi Henvyj 129 j— 1 12 

Miumlimln L'oru..: 468 ; + 7 13 

liiimn A Uj. 526 !-l 14 

iliimikiviht I 594 1 — 2 20 

Arppun Dcnw). il.440 J+50. 15 

.\i|i)kmbhini*Ln.J 685 (—15 12 

-Mmhii Miknra .... 788 1 16 

I'li.iHjei^ 1,740 [—60 48 

*an,v>< Kircine.:... 256 1 ! 12 

V Ki*. ii. PrHnJ.„„| 890 '—15 30 

1.150 1—20 20 

■«V 1.650 .—10 40 

Uishi! Mknne J 240 .-2 11 

(*kt*U* Lb ell I ‘L+ ' 421 I — 5 15 

■I UK..— 12.210 i — 50 | 60 

- ■■ 121 • 10 

1 i-m*- Mhi .iic. * 490 -6 11 

■nki., h.» r P-H . 1.090 1—50 8 

t-kyn ! 1+1 13 

I 1 66 i 10 

r,-bilm L’..iV 140 l 10 

...i..i. u..«. r .. | 895 - 9 i 1 20 

Source Nifcbo Secuniies. Totyo 

VIENNA 


n.e 

Y.*t. 

* ! 

i 

14 i 

2.1 

13 ! 

1.3 

25 

1.8 

30 j 

1 2.4 

18 1 

1.6 

15 

■ 1.4 

12 

I 2.4 

IB 1 

I l.b 

65 

15 

13 

2.4 

3U 

1.0 

13 , 

! 1.0 

10 

! 4.2 

IB 

1 2.7 

15 ' 

2.7 

35 

0.4 

20 

1.4 

10 | 

1.8 

12 

4.7 

. 13 | 

1 1-4 

14 

: 2.1 

20 | 

1.7 

15 1 

1 0.5 

12 ' 

O.W 

16 ! 

1.0 

48 ; 

1.4 

12 : 

2.3 

30 ' 

1.7 

20 ! 

0.9 

40 

1.2 

11 

2.3 

15 

18 

30 ■ 

0.7 

10 

4.1 

11 

11 

8 

3.7 

12 

1.8 

10 

3.3 

10 

3.6 

20 1 

1.1 


Vie uLnn t ill 642 

I^l-i I ms^e r 264 ...... 

I X - *«cln 6lS !— 1 


• | tu J 9 
.1 6.2 



91 I I - - 


io 4;5 


+ ori Div. |Y.<l 


Jm Bl 

< Pro 

. ■■■ Cu/tlkL 
- u*i! % 

Ace>4»OP. 

Barm in lira/ ... 
Bam.11 Itau FN... 
uc i*' M-iie*niDl- 
Loja- A met. OF. 
F(ft>rnira PF 

1.04 

1.91 

1.63 

1.83 

3.45 

3.B7 

— 0.U1 .l.JlI.M 

+ •. lJ.37j27.il 
— 5 v.\z* |4.57 
+ . 6 ...i5.79 
-QJ5 j.i.:3.«7 

Smn ( nn Di* 

Uu.f FE 

2.85 


V . It • FI 

1.28 

'J • i14.uu 


Phce !4-*>r Div/Yi.i 

! - tit 


“iccenei 
l-'or. Pa [nr 


lover: Cr.l-VLTm. Valuriie 71.Sm 
Source: Kio do Janeiro SE. 


NOTES: Overseas prices exclude a p re ml am. Be la an dividends are afier 
wiumnionu tax. 

6 DM jo denom. unless oita*uwise staled. W Has JOU denoit- unless otbermse 
si a led. + Kr.iOO denum. unless otherwise Mured. Oirs.500 dc-noru. unload 
oim-runse staled, s Yen 50 denom. unless □rhe rinse slated. 5 Price ui tunc o< 
suspension a Florins. b Schillings. r Cents, j DlvUend otter, perdlfig ngtns 
jnd-or senp Lisut c Per snare. 1 Francs, a Cross dlv. %. ft Assumed dividend 
alter scrip ana.ur nchis issue, b After local taxes, in % tax tree. n Francs, 
nctodins L'mlac div. i< Nom. o Share split s Dlv. and yield exclude special 
paynx'CL 1 Jndica/wJ div. a Unofficial craaniR. 1 / Minority bolder* only. 0 Merger 
(krcdiru. “ Asked, t Bid. 1 Traded. : Seller, r Assumed, xr Ex rlsbts. Xd Ex 
dividend, xc Ex sens issue, xa Ex all, a Interim since Increase d 


\ 'uminium ; l.i60 

I. 00 O 

k’lUi DrtuMfl.W.' 1 095 

Du. Fart. U«rt. 810 

Du. Umx 587 

L'v ill ■«!»+.,„. 2.165 

j fcj+ctninjMt il 810 

.-■viier ii*eur-jei.i 680 
rl.riliiiiuiFl Ctrl ,i7U,2aJ 
Uo- i'inkii|...-.i7.025 

iiiU’ttfi*>i 8 ...'3,900 

leonuii iFr. I'Xh. 1 ,-* 2 U 
VratieiKr. IUJ).... (3.425 

DiX, UeK ;2.M0 

■ *er.lk.M H. t F. ^OLI 2.365 
Fir*.u alPtr i*M. 289 

[ ■*in.l« iFr.ZBO) 3.0 40 

D<\ Fan Cm- ..1 <»ao 
Cbm.tier U PH*,; 620 
u.rfr Ut(Fr. Idtijl 3b0 
Wlv»llr (F-Mli)...( 834 
mu* Um.. F.lOu.j 377 
«1 m rUeiFrOoO.,.14.750 
inra Uuil,.,., > ..;3..85 
2urieb In*-...- '11.200 


+ 10 . B , 

u ! 

-10 2 2 
— .... 22 
-1 22 

-10 lb 
+ 20 tu 
+ 8 5 j 

—2501100! 
—50 HID 
-25 20 

+ 5 

1— a 4 s.il 


-50 4u 
-10 20 


134Jyi+ia 
438 1+4 
122)4! 

16 ! 
12 

166i£' + 1 

129I S | 

572 1+1 

77i 4 |+'2 
125>i . 

265 +1 
lyg 

12 

13 

12 

-12 

12 

12 

79 


129 


136 It 

4041# +19 
180 +>g 

U 

12 

12 




Frm* + "i U'v. ;S( 
L r* — Lire j * 


1MC 

Fur 

u-x Friv 

rliltUer .... 
■Uuxiiiniii 
it* ai.ier^.. M 
J«lio..inc* 
JlraitAlL*xi 

o*t«win Fn 
Flrvill 1 Co, 

1‘lmlh *p«.. 
snla ViaeuMk 


. 110.20 +10.25, - | - 
. **68.7/:+ 17.7^ - ! - 
1..99+55 130 8.6 
1.500 +3J 16 10.1 
lBj.Ot^+ll ! - - , 

11.480: + 130] 6uQ 5.3 


\iioi.i iF-.<Ui i 

Vluo iF..<D) 

V ••am Unk(l' . OL 
AMKV |F.U)_... 
Auinnnnk lP . -Cl* 
ihjrnliiir) .......... j 

ikrtia Wu i’miF in. 
Oulirin leutnale 
hl-eviei V (P-.2P).) 

■mniHN.V.B«trer| 
Euro ComT-ttFiiCI 
Ui-tBrora>le>tF4)’i! 
detnekan<Fi^B).j 
y.«Kuv«w |PUD|J 
Hunter U.fFl.liUi. 
K.L.M. lO.HB)....; 
laic- itulien LiOl... 
Nannlen iFl.lUl.... 
ftm.Kikilnii.tt' 111 /J 
AertCml Uk(Fl.zu!] 
Noil Uut Bk 1 FI. 0 O. 

■ JM 

Ogem 

• in unnuenni.... 
F-ikluaxI .FI. t0). 
I'uili|« 1 FI. Ui.... 
K^usetJ VwtFLlOCi 

luUjeer. Fl.pJj 

■Cuimed 1 Fl. 
Muretibi.Fi. 
It.A'ktUnU'hlFI.A 
■Invrtilmrft 

■teviiiUn- .Fl.i'lll 

lukv-iFm'. Hi -ic.fr I 
unHcrei .Fl,!i2u). . 
I iftinsIti-KMirl I 
W+tl.L'tr.Hi'plikl 

OSLO 


Fnce + ur I Lliv-V- 1 . 
F'n. — ; t. ). 

1.7 +1 ,"v2a| 6.3 

29. G — j.4 1 - - 

362.5.-0.5 1 25.b 7.8 
B3.?[+0.3| 3 ^. o.O 
. i5.8,~ - 2 : 33.aj a.u 
94.0) + J.*» - 26 ! 5.S 
1 19.7—0.2 1 82* 6.9 
70.61-0.2 1 26 7.3 
279 1+1 U'7.7 B.u 

. 132.JI-1 ( iV.b* S.t 

bU.2i ; 94.a b.l 

36 — d.l 1 20 1 0.6 
lu2.2l— j. 7 I 14 ! 1.4 
34.&+0.3/ - - 
25.7i + u,6 ! 12 I 4.7 
155/- — 8 ’ b I 5.1 
+8.7 + ..4I 19 7.9 

a4.9j |2.5| 6.6 

102.21 ~u.3 48 • 4.7 
Oft.5; -J.1 21 ( 8.0 
195 *-0.5 22 l j.7 

157.6 +0.3 1 +4 *.e 
29-i -0.4 23 7.9 

159.5 • - - 

36.9 +u.7 j — — 

26.l-0.2i 17 0.5 
79 + U.6 j — - 

173.7 -0.5l.l2W 7.4 

1 34. D 1 — 0.6 - - 

lasD.S 1 — 0.2 *9-3 3.7 

154.6' j+./3 6.C- 

£43.2—1.8 2D 8.0 
137 - + 1 * r - ■* ,0 

la&.S— 0.S 'that .a 

122.9 ill. 7.1. 

41 +u.3 ,4il.2t l..t 

394.6 + .6! 45 ! *.l 


*70[+l<.a - - ! 
33 4Uul + lOOj I.Zflli; j i ■ 
161 j + 4.5 _ 1 _ 
999.76 +7.75 — I _ 

1,5-27 i + la 130' 8.1 
885^1 + 7 SO, 9.1 
770 1 +45 — I - 


' Frier ‘ + * *i’ ~ li t ., i ' 
Krr«.+ | • ~ - 1 | ; 


*>er s en UxUk^./...i 93.0. ; u 

do*«sB»pi J 65.00 1 — 

CrMirh«oe...„. ...1 107.0 ; 11 |*ti 

Keviiii-m i 220.00, + 6.25 1 2 O I *.l 

(ueili(C*a<srn ; 104 / ; 11 ■I..6 

-Neralc Hv(+ir.«-l 1FO ,— 1 ■ I A j a. 3 
85.01—0.5; 7 110.6 


v-/*H*cn 91 I 

*lmi Ihuniu-I .... 2 - 2 1 I. 
Ve't Mt-iit* i| ?KU j. 

Fohannesburg 

MINES 

July Si 

Anglo American Caron. ... 
Charter Consolidated ...... 

Goal Drtcfanlctn 

KlBtinrr: 

Harmony 

Kinross 

Kloot 

Kusienburu Piaimum .. . 

St. Helena 

.SoWhvaal 

OoW Fields Sa 

Union Corporation 

Dc Heers Doterrod 

Rlyvoontiitichl 

lEasr Hand Piy. 

Free Slab; (ieduld 

Frcsidunt Brand 

Prvslrtrnr Stcyn 

Sul foul cln 

Wulkom 

We« Dnefrairein 

Wfsrcm Holdings 

Western Deep ...._ 


AECT - 5.93 

Alurli+Amer Indumrlal .. KUO 

karhnr Hand 4 rt2 +C 

UNA lnvi*siRiemx 1.73 

Currie Finance . .. D S3 

De Beers Industrial .... II M — < 

Hd Kars CansohOated Inv. 2 £ 

Sonars Stores +t 

Every Ready SA tlon +o 

Fedcralc ytHftktioinmdiiEs . I flj 

Creaicrmujtf. siores .. 2.33 

'Juanllan Adsuraucu fSAi 5.i)j 

Huhdu — l.™ 

LTa 1.93 

Mi-Caiiby Kudurav 0 HD +0 

NedBanfc IW . +0 

OK Bazaars 7. so 

Fremicr Miiimn a '.n 

Pretoria Ctrocni ; sa.M 

FruiL-a lluldiwu 1.33 

Sam* Holrtmus i.aO -* 

SA Bn-n-ertes '1.4.1 '-9 

Tlicer Oar* and Natl. Mia. W.<*- +fl 
Uoisec t^fl +M 

Securities Rand U-S.S0.69i 
(Discoaat of 39.S®1> 


Rand 

+or— 

005 

+D.1D 

is at 

1 . 1 . ;a 

+n.i;, 

J is 

■■u 02 

7 'JO 

7 ;o 

+C 40 

111* 

J H 

in -a 

+ n ii 

9.tij 

+ n.'J 

121 3U 

+ 11 li 

J (j 

— Il.i'j 

7 l.« 

S.-O 

+d in 

540 

-m.it. 

3J.2J 

+ 11 .M 

l«.Sj 

+ U.1W 

IS Oft 

+i.« 

S.ii) 

+fl.ir: 

5.M1 

+U 13 

40 UP 

+ I.W 

3710 

fd S3 

16 5U 

■+u.;o 

5 

S.93 

KUO 

4 i)2 

+0.03 


i . 1 • 

1 i - * ? 





19 



T97S 


i »;» 
. ‘‘H 


FINANCIAL TIMES REPORT 


' <4 c» 


Saturday July 22 1978 



Seruices 


A confusing range of alternatives 


IN THE DAYS of my misspent 
youth — which is to say, about 
seven years ago — I worked 
rather briefly for a legal maga- 
zine; and I remember the editor 
there agitating himself mightily 
at the way in which solicitors 
were permitting the provision 
of financial services to be 
filched from beneath their very 
noses. Time was. he said, when 
the family solicitor would be 
called in for advice on anything 
from alimony to insurance: 
from tax avoidance to the tac- 
tics to be used in cutting 
Tommy off without a shilling. 
Nowadays, he said, the accoun- 
tants have moved in; and worse 
than the accountants, the in- 
surance brokers; and even 
worse than that, the indepen- 
dent ■ investment advisors. 
Against such echelons of 
expertise, he said, what chance 
bad the poor, hard-pressed 
family solicitor, struggling to 
stay simultaneously in touch 
with all the latest developments 
in tort, conveyancing and pro- 
bate: and the more so as the 
wretched chap— ah, and this 
was gall and wormwood to him! 
— never seemed to get around to 
reading the cribs the journal 
carefully prepared for him. 

These were. If anything, 
prophetic words. It isn't that 
solicitors have stopped provid- 
ing financial services: far from 
it. But the range of alterna- 
tives is now so wide as to be 
completely confusing to the 
man of property, never mind 
the innocent abroad. To whom 
should the former turn should 
he wish to discuss the nuances 
of capital transfer tax? To a 


tax lawyer? An accountant? 
His stockbroker ? His bank 
manager ? Or should he 
approach his friendly local in- 
surance broker instead, in the 
hope that he will have some 
ingenious scheme for circum- 
venting the depredations of the 
Revenue ? As for the innocent 
abroad, he is likely to find him- 
self faced with exactly the same 
dilemma, be it for nothing more 
complex than an attempt to get 
a mortgage when building 
society money is in short 
supply. 

The question, which financial 
services are required, really 
begs another whether any be 
required at alL At what point 
is it advisable to call in the 
experts ? The answer, for most 
people at any rate, is going to 
lie in the starting point taken 
by two of the clearing banks — 
Barclays and Midland — who 
have recently introduced a 
“ financial doctor * * service 
under which their clients can, 
for a fee, obtain a general 
check-up on their -financial dis- 
positions. Both argue that the 
need for such a check-up de- 
pends, not so much on the size 
of the assets or the size of the 
income involved, as on the 
arrival, or impending arrival, of 
a change of circumstances. And 
indeed, this is reasonable 
enough. It isn’t because you 
have £5,000 in the bank that 
you need advice on where else 
to invest it: it's because you 
have now decided that it should 
be invested elsewhere. It isn’t 
because you enjoy a comfort- 
able income in your late 40s 
that you need the services of 


a pensions consultant: it's be- 
cause you can see a time 
approaching when you will 
enjoy that income no longer. Of 
course some financial services 
are provided on a continuing 
basis; most stockbrokers, for 
example, will give short shrift 
to anyone who wanders in off 
the street with £1.600 available 
for a flutter. But even the 
stockbroker depends on a 
change in circumstances to 
justify his fees. 

It may be perfectly possible 
for you to cope with the finan- 
cial effects of a change in cir- 
cumstances for yourself. In 
that case, a decision to call for 
financial services of one kind 
or another is analogous to a 
decision to call in the decora- 
tors: you could do the job 
yourself, but it will be messy, 
time-consuming and in all prob- 
ability tedious, and it is worth 
paying the professionals to have 
it taken off your hands. 

There are, however, some 
jobs where you must use the 
professionals. You can't deal 
directly in the stock market on 
your own account: you can 
make the investment derisions, 
but you will have to pay a stock- 
broker to do the buying and 
selling on your account 
There’s nothing to prevent you 
from accomplishing your own 
conveyancing, or writing your 
own will: but both procedures 
are beset with pitfalls for the 
unwary, and unless you’ve time 
to spend on meticulous detail, 
it's almost certainly more effi- 
cient to pay someone else to do 
it for you. There’s nothing to 
prevent you from buying in- 


surance, or indeed, assurance, 
on your own account either: but 
if you’ve motives more complex 
than the simple provision of 
protection, you could almost 
certainly do with impartial 
advice. 

As to tax, opinions vary 
widely as to whether the Inland 
Revenue is or is hot swayed by 
the presentation of professional 
accounts. Time was when the 
fact that you bad found it neces- 
sary to employ an accountant 
at all would have been a matter 
for suspicion in itself: but the 
tax affairs of any other than 
those individuals on PAYE are 
now so complex that that pre- 
judice now seems to have dis- 
appeared. What is certain, how- 
ever, is that the presentation of 
a set of accounts, however 
beautiful, from a firm of 
accountants on whom the 
Revenue has cause to look with 
less than an impartial respect, 
will do you no good whatsoever. 
So it is worth going to the 
trouble to hunt out a local firm 
with a good reputation for deal- 
ing with tax, even though it 
may cost you more than the 
bucket shop round tbe comer. 

The question of the cost of 
financial services is peculiarly 
vexed. This is for two reasons. 
In the first place they do not 
come cheap. This is a lucrative 
business: if it were not there 
would not be so many people 
so anxious to get into it In 
the second place, in some cases 
they are obvious, and in some 
cases they are not Tbe bill 
from an accountant or solicitor 
is explicit enough: all too pain- 


Looking after your nest-egg 


HOW MUCH is a fortune these 
days ? You can quickly run 
through £10,000, and £100,000 
would not get you very far if 
you were househunting in the 
more elegant parts of London. 
You could settle for £lm as 
still a reasonable measure of 
riches. But in fact all these 
sums, and intermediate figures, 
represent the sum of worldly 
weath for different people. Not 
surprisingly, there is an avail- 
ability of investment services 
and advice across a wide spec- 
trum of portfolio values for 
those wiio have been fortunate 
'enough to acquire a nest-egg. 

Finding the right advice for 
the right person, however, is 
not always easy. Traditionally, 
investment know-how has been 
passed on by talkative neigh- 
bours at cocktail parties, by 
harassed- bank managers and 
by that local stockbroker who 
put Aunt Mabel into Marks and 
Spencer in 1949. Nowadays, 
however, the neighbours will be 
ooasting about tax fiddles 
•other than investment prowess, 
he bank manager will do little 


more than hand out glossy 
leaflets, and that little broker 
is quite likely to have shut up 
shop or mergecL 

One thing is certain: good, 
competent, professional advice 
costs money. The time of an ex- 
perienced adviser comes expen- 
sive, especially with VAT added,' 
and investors should never be 
reluctant to pay a fair price. At 
the same time, they should be 
careful to find out exactly what 
they are paying, in one form or 
another, for the services being 
provided. 

A characteristic of the invest- 
ment field is that fees often take 
the form of charges or com- 
missions which are not always 
fully apparent to the uninitia- 
ted. Unit trust management 
companies make part of their 
profits out of the difference be- 
tween bid and offer prices of 
units, merchant banks are Liable 
to share in broking commissions 
on portfolios under manage- 
ment, and insurance brokers 
may make larger commissions 
on one type of policy than on 
another. 



s aisd 


■•Full investment 
management? 

■A broad spread of 
shares? 

■Access to specialist 
sectors? 

■Access to overseas 
securities? 

■Automatic reinvestment 
of income? 

■Regular savings plans? 

■Share exchange 
schemes?” 

"Unit trusts. 
Clearly the way 
to invest.” 

Unit Trust Association 

Park House 

16 Finsbury Circus 

London EC2M 7JP 

Tel: 01-628 0871 


Of course, nobody should be 
surprised that specialist ad- 
visers will tend to be biased in 
one direction or another. An 
insurance broker will no doubt 
come up with a stream of life 
assurance packages, bank mana- 
gers will have a kind word to 
say in favour of the relevant 
clearing hank trust company, 
and stockbrokers will sing the 
praises of stock market invest- 
ment. 

Nevertheless it is possible to 
get impartial, no strings advice 
— for smaller sums, perhaps, 
from family advisers like solici- 
tors and accountants, ranging 
np for larger sums to bank trust 
companies and to the specialist 
financial planning companies, of 
which Noble Lowndes and 
Anthony Gibbs are two of the 
best known. 

Such advice will depend on 
the size of the sum involved, 
and on many other factors such 
as family circumstances and the 
age of the investor. This being 
Britain in the 1970s, a major 
part of any discussions will 
centre around taxation aspects, 
whether of income tax, capital 
gains tax or capital transfer tax. 

As for tiie range of possible 
investments, the variations are 
enormous. There are conven- 
tional stock market investments 
— shares and fixed interest 
securities, notably gilt-edged— 
which can be bought either 
directly or through unit 
schemes (some of which offer 
tax advantages because of life 
assurance cover). 

Then there are shorter-term 
investments in almost unlimited 
variety: building society shares, 
national savings, local authority 
deposits and bank deposits, to 
name just a few. Slightly out 
of the main stream come invest- 
ment property, commodities, 
and Krugerrands and other 
coins. Of more specialised in- 
terest, for those with a taste 
which they are keen to develop 
further, are stamps, books, 
jewellery, antiques, and of 
course, fine art generally. It is 
possible to collect almost any- 
thing, though such assets are 
highly speculative and are often 
expensive to house and insure. 


Tastes 


But special tastes and 
interests apart it can be 
assumed that the core of most 
people’s wealth will be held as 
some kind of stock market port- 
folio. The range here is from 
unit funds at the lower end of 
the scale, through medium sized 
portfolios usually managed by 
brokers or specialists advisers 
on a discretionary basis, up to 
the top of the scale where very 
large portfolios are managed by 
the blue blooded merchant 
banks. 

The minimum level at which 
a portfolio can be expected to 
get reasonably individual man- 
agement is probably around 
£25,000. Portfolios smaller than 
this will not necessarily be 
turned away by advisers, but a 
more basic level of service will 
be inevitable and the investor is 
likely to find himself in unit 
trusts rather than in direct in- 
vestments. 

Above £25,000 the choices 


widen. There are a number of 
specialist portfolio management 
firms which deal specifically 
with private (as opposed to in- 
stitutional) investors, and these 
charge on a scale related to the 
size of portfolio. 

Then there are the stock brok- 
ing firms. Sometimes brokers 
still deal on a personal basis 
with individual clients, but the 
big business in this field is in- 
creasingly done by firms which 
have set up large scale com- 
puterised operations so that 
they can handle thousands of 
accounts economically. It is, 
though, important to be dear at 
tbe start whether a stockbrok- 
ing facility or a management 
facility is required. 

Usually, discretionary powers 
are requested by the portfolio 
managers, but it is often pos- 
sible to build in some flexibility. 
As for charges, these may ap- 
pear to he low or even non- 
existent (with perhaps a charge 
for overheads related to the 
number of holdings) but, of 
course, nothing is free and the 
brokers take their rewards in 
the form of commissions on 
dealings. Investors will there- 
fore need to keep an eye open 
in case their portfolios are be- 
ing too enthusiastically churned 
over. 

Ultimately the performance 
of the portfolio must provide 
the justification for the charges 
paid — though the investor must 
not forget that he is being 
spared, with a discretionary 
account, the day to day 
drudgery of dealing with proxy 
cards, rights issues, takeovers 
and the other complications 
that go with being a share- 
holder. 

Moving up the size range, 
above £50,000 the banks begin 
to become more economical: 
charges are often 0.54.8 per 
cent a year for smaller sums, 
perhaps with an extra charge 
per transaction, though there 
are many variations on the 
theme. Above £200,000. how- 
ever, a reducing scale tends to 
apply — or indeed, charges may 
be a matter for negotiation. 

This is the size range where 
the famous merchant banks of 
the city of London become 
prominent. The total of funds 
under management by the 
accepting houses is probably of 
the order of £10bn, though only 
quite a small part of this will 
represent the portfolios of 
private clients. 

Whether their prestige and 
reputation Is fully reflected in 
the performance of the funds in 
their care, or whether the 
mystique is only reflected in 
high fees, is something that 
cannot easily be assessed by 
outsiders. 

Such banks, ' however, are 
certainly in a position to offer 
a service which goes well 
beyond the UK stock market. 
These days, after all, private 
investors are keenly interested 
in overseas stock markets, 
especially .in the U.S. and the 
Far East, and require their 
advisers to provide foreign 
exchange expertise as an 
essential back-up. 

Barry Riley 


fully explicit in most cases. But 
fees for stockbrokers and/or 
investment advisors, while 
generally spelt out. tend to get 
swallowed up in the totality of 
the funds committed. 

And as for insurance brokers, 
for all that the client sees of 
their charges, they might well 
live on air. But nothing comes 
for nothing in this world. The 
charges are there all right, as 
anyone who has had occasion 
to cash a policy in early knows 
to his cost. 

Charges 

How much will financial ser- 
vices cost ? rt is almost impos- 
sible to give a useful guide, 
because charges will vary so 
much with the area of the coun- 
try and the degree of expertise 
required. But as a very rough 
indication, the services of the 
common or garden solicitor or 
accountant, not loo high flown, 
and not to near the middle of 
London, might set you back by 
£10 an hour. That might sound 
like a monstrous sum to you, 
but remember: the man is quite 
possibly self-employed, which 
means that he has to provide 
his own pension, holiday and 
sickness benefits out of that; 
and in addition, a part of the 
money will go to cover his over- 
heads. 

In any case, counting the cost 
in absolute terms is not the way 
to go about weighing the value 
of financial sendees. You ought 
to look at the amount that you 
stand to make (or to save) in- 
stead. If you are paying an 
accountant £40 to extract £400 
from' the Revenue that you 
would not have known bow to 
start asking for yourself, you 
are doing well from tbe deal. 
By the same token, if a stock- 
broker takes £200 in commis- 
sion from you, and makes you 
£2,000 — or even prevents you 
from losing £2.000 — you have no 
cause to grumble. 

This isn’t necessarily to say, 
however, that you should simply 


cough up and be thankful In 
the first place it’s eminently 
reasonable for you to ask for 
estimates, where charges axe 
likely to vary, and compare one 
against the other. This is some- 
thing which the British tend to 
be diffident about doing: but 
there's really no reason why an 
accountant, or an investment 
advisor, should expect to sur- 
vive the winds of financial com- 
petition, any more than a 
builder or a central heating 
salesman. Obviously there’s no 
point in doing it iu some cases. 
Insurance brokers' commission 
is set by the firms whose pro- 
ducts they sell, not by you 
(though insurance brokers who 
are very friendly with their 
clients hare been known to split 
it). Unless you "deal in vast 
amounts of money, you won’t 
be able to beat your stockbroker 
down — though you might, if 
you take him (or her) out to 
lunch occasionally, receive a 
rather better service. But the 
charges of solicitors, accountants 
and investment advisors all 
vary: and there isn’t much sense 
in you paying twice as much for 
the same service at one end of 
the road as you might have 
had it for at the other. 

That said, however, these are 
most emphatically not the sort 
of services that you should buy 
on cost alone. It’s just too easy 
to lose a lot of money by cutting 
that particular corner. What is 
the best guide? Well, you need 
to check up that the advisor you 
are .thinking of employing is a 
member of the relevant profes- 
sional organisation. But of 
itself that doesn’t necessarily 
mean much more than that you 
might have an additional stick 
to beat him (or her) with when 
things go wrong. And that’s a 
situation you’d presumably 
rather not attain at all. For the 
best chance of avoiding it, you 
want to go by word of mouth. 
There is no better recommenda- 
tion than a satisfied consumer. 

Adrienne Gleeson 


Craigmount 

Investment Management 
Limited 

Ctatgnvufi* Inweslmeni Management Lintitcd was formed 
in May. 1978,andofferstt«1oItowmg services:- 


$ Private Portfolio Management 

tiscretiorery service for portfolios of 

over £50,000. 


* Pension Funds, Management 

Fun fexaBties available. 

* Corporate Investment 
Management 

Management of companies" inves tment portfolios 2nd 
assistance with cyclical cash-flow problems. 


For further details, please cpnlacl Richard Latham 
Craigmouni Investment Management Limited, 

9 10 Foster Lane, 

London EC2V6HH 
TeL 01-600 9262. 


//;//<• //j/ 


/ 


erne 


o 

Personal Tax 
Problem ? 

In the current jungle of tax legislation, expert 
personal tax planning is essential. Capital and 
Income Consultants "Ltd. specialise in financial 
planning for top executives and individuals with tax 
and investment affairs of a more complex nature. 
CIC is a member of the Financial Techniques Group 
and offers technical expertise and impartial advice 
of the highest calibre. 

Receive, in complete confidence, top level advice to 
maximise your financial resources. 

Contact: 

R. D. Reed. Director. 

Capital and Income Consultants Ltd.. 

Hillgate House, Old Bailey, Loudon EC4M 7US. 
Telephone: 01-248 6321. 

Name Tel 

f -"I A "wmbtr 

Address Us I 

fi/uretl 
TtehiuqiM 
Croup 



"OtonewNationwkk Capital Bond pays overTi % worth nearly ll'o'gross, 
and a regular monthly income.” 



It pays to decide Nationwide 

Higher interest rates 



AQ% Nationwide Capital Bonds guarantee extra rTo.hUri™v^ rirptWC, Xew OnbrJKnast, 

■T/ interest and a rvgul^ monthly ixicome.Yoa « Hplhofn.LwJonWtiiVdFW 1 
c3nnw«rA-om£5iXL£15.000/imro£5Q.000 * t 

MOB 

ms 


qmqcc cann»'escironxuiA>£i^,wutupH>xju,wu . inVraKtee«cb=qccJar£ 

inajoim account) fbrfixcdrerrns of 23 or 4 * wbeim^rfinNartoiiwideasinJjaied. 


can invest £rom£500-f 15,000 (upro£30,000 
ina joint account) fbrfkedrenns of 23 c 
years. The two yearBond ii? 1 extra 

'% interest above the new higher Share i s.ma>>«wvari«-*i 

Account iaic,the three and four year Bonds I 3.1ns 4->-v«rCarinIBocJ D • •? nnJ.e «« y 
offer r ; extr:rinterest.The Share Account j 

ratemay fluctuate bur etc extra interest is . C-t ; » JBuni inter.-* fr.Jvp.nj ;t i-wYi\ - r> wIl 


1 2.1b 32-fear Capital ftjnd Q 4 . 1 ft 3 N.rtfcw»iJ* 5 han! iVarott: D 
1 *• InaJ-^earCjpiulBcnJ □ lni?rc.-tlc>K.->.><a«p-i.-nJcd H 3 

□ 


•Iiwwicr»erfdaalalnaR:rf?J* 

Kjuttatitndojl ra merest ahemth 
pi cvallinS*-WI Snare A^uinn 


ratemay fluctuate bur etc extra interest is I C-T ; » »1 Buni inter.-* fr.Jvp.nJ :i i-wYi\ ..J > r. wIl □ 

guaranteed tOTthcfullperioiLYourintcrest 1 - ^ lJ " ih > 

ran eirbcrbecoropoundedhal^y early-paid *^k RillNum-M - 

halt-yearly by warrant or transferred 

every month toyour bank. Nationwide 1,1 

CapicalBonds offer you an excellent - — - — 

return with complete security.There - 

are now over 325 Nationwide XA Sicnannt<->) 

branch cs-youll find the address J&jy "TsgSLjvgk 

ofyaur local branch in Yellow Aar — - 

zs?*~** Nationwide 

TheBuilding Society of a lifetime 

&iiAg«aaa£2^m in11lnri.Anl'hnTiMttfim m>Mrnf^ PTlflr<w , yfarfi <Tirf drftlilliTi;5u>jg,'l?tAMO>i.V.ic* 


* 




- r 



Im doing inv 

mvchilclren and inflation is doing 
- its best to take it away. 

laxiigexpenslsuj), income static. 

} feiiffljppdsed to j >ut a little by lor 
iSIttretirenicnt'r 

It took’ tyventy years ol work t< j build 
: 'up soi no savings. 

And live years ol inl lati< m to knock 
: .r : ' t tHe stuffin2 out ol them 


Choosing a tax accountant 


I IT IS probably true to say 


that constitute the largest single Charging out rates at the first Revenue. T> ' p ( '“ II p'^ h ^ s “ : j|! Jause'tiiey'try to be clever by 
that constitute cue largest suwiv were £16 to businessman has paid up csu cau - . 


most people Wmo« than source <* » ^ThoT ST, HSw I» assents lor his 

one source oE income ought to S "ser and" may* IS years . S* ££%?££, uSt 

" j = = * SS “ 


£6 an hour 


people prefer to have their tante of ScaUsnd, based in *j erlL pleased when an accountant ♦j^t'apers'to check- 

tax affairs dealt with by a clear- Ed ^ UX2 ’?J; ?* haj>py h t ^ While most accounting "firms steps in to wrt om the mess. Companies 

ine bank trust comnanv while P 1 ™** Udephone number - ^ T charging out rates like Perhaps this is where the notion mg out i > 

of the local district society. ££ in deciding what fee to 0 f the accountant “getting his House Mr Ciements^a 

others use their solicitor. which m turn wiH be able to biJi a cIientf they will often client off tax" comes from. bo aware of the 

ouSf m^be “W* a *“* in a make adjustments for special B it is not j Ust the self- approach to 

ought to be considered is t, p -«» nr mav even be — emMtimM an account- hath nevenue s tjcu . g 


tax practitioners, - somemuig „ u „ ___ c ;jprc it is : . accepting 

which is common to many ^ more than he consider it s l and 2) jncome who s»eek the accountfi an d returns, and 

countries around the world The Having identified a tax worth to the client, and advice of accountants. People u:*w n(1 hard at the few where 

the next question is reduce ^ bUI - hopmg to rental income, dividends “"S*, 1 to have 

o^doing the job fflW. not »«* ^ SS^thto^rtSSi ° r te ««« rewived " S understat^L 

only that he is unlikely to be « probably the most diffi- In the nature of htugs pertsps ^ M tlleir m al n source of tn- is the mot- 

srr.is tbr-Asr 

a great body of to Sactice tioually, he util say his fee will more than hu stan^d se em unfortunate but one char. 1 J l w "l no? need 


regularly dealing with the estimate accurately. w ju^iace utner »u* ^ “ since the introduction of the "authors and per- 

’KTS. a person go Typical K&2SSS 5£ M&-M 

gypical S a<xomith 3 g KTSE B^Pif pressed ^accountant his adWce has '«£%*£• £« cl St “SL* ^af^’enS", 

scsm ?~r? S ,e “ndbrfs 'u? t n o on s ssssssssaras 

cul de sacs and in rooms over idea 1 asked the London Society fates, an P not a bad rule to keep a close hartered acc0 untants If a onc- 

travel agencies. There are some- °f Chartered Accountants to to he “ eye on your tax code, asking for ^ Jl ott v nrab?em crops up. the 

thing like 9,000 such firms in P»ck out a few typical small be charged in advance As a ^ ^ ^ adjusted ever y time “ *SmnS nthM access 

total in the United Kingdom, accounting companies where rule of thumb however, most n ble de auctions like higher ™L5"E ’in the husi- 

Sieie «Se from iStemaTioaal the practice ineJodod a fair accountants will noi «wrt : ««MJ "irtgage interast or eligible notra^ 

accounting giants like Price share of personal tax work. One clients paging m fees of less !ntere8t payments or life ilaliSna^ wh« hfadSt 

a°d le?Tf S SUSE’lS ^i.M.rue.os.ytha. assurance policies are taken on. 

SeUs^d pStSrSSlSchS Everett Pinto and Co., another, many people will not bother to Tw-o final points » re to lose him. 

“iS.mVnt a two-partner practice in Finch- go to an accountant until they bearing in mind. First, account- Michael LafferfV 

Sg “ms rom^S alf“ha P es fey HoadX^n Zane and Co. hit trouble from the Inland ants say many people get in Michael l^aneny 

and sizes, but for the person _ ___ 

SSSS'S" Effects of Capital Transfer Tax 

than a 20-partner practice with «/»/ «/ MT 

prestige offices in the Oty. gE have made or possible future liability, and ing out of new legislation, the by CTT. 

Accountants m public prac- _„ llirp . fortuJte c life tax on the transfer will be tax avoidance industry has and out of trusts are subject 

^ «? ^ »? SSrUT'E- TSS JS -tataU-d as well. The order growp to meet the ehalleuge. to a charge to CTT^and he 




FROM ALLIED HAMBRQ: 


Its a fact. 

Wi av been helping; people like you protect your capital 
and saving's against inflation for some forty years now. 

(Indeed we were one of the pioneers of the unit trust 
movement). 

Today we manage £320 million, and have 98,000 
unitholders. 

While we’d naturally like you to join them, we’d rather 
you first sought the impartial and expert advice of your ' 
professional adviser. 

It* he thinks were the light unit trust group for you, 
then perhaps we can get together and help you, and your 
savings, light, back against inflation. 

^Allied Hambro 

^ -WE’RE ON YOUR SIDE 1 ’ 

A1 1 :t I'JLVMJiUmi.K'II I; ll XI j|K>f.-i.ATXL»NlKJN K.’Jl 1 iV.\. 


■tfl-nts — but tibere is also a rela- larger — problems arise for be gj veil t 0 ^he question of Chancellor. Solicitors had a where no djsfributjon J* e ® n 
Lively small manlier of firms of them. First, how to keep their w j,o°is to pay the tax. For virtual monopoly on estate duty made, so mat no tax Mill be 
certified accountants--- members assets from the grasp of the tax- j 0S £ance a gift of £5,000 liable planning, but now that CTT has saved by keeping the fund 
of the Association of Certified man and secondly, how to give be taxed at a rate of 50 per become a matter for everyday intact. There are exceptions to 

Accountants. Apart from this ^em away during their life- cent will be -jogged up and tax planning, rather than a once- this, such as the accumulation 

main body of the practising pro- time or pass them on at death, a gj ft of £i 0 .000, and-for-all exercise, it has to trust, which is nn ideal way of 

fession -there ds a fair number of ®S ain S^ing as little support as ^ paid if ^ donor pays ^ a g^at ,. xte nt fallen within the providing for a young family if 
firms which operate under the Possible to central government }ajr . and he be ljable f or accounlants' ambit. In fact, in a trust is to be used. Other- 
designation of “Accounts ois." funds - the extra £5,000. However, if this area both solicitors and wise < n-here there is a specific 

or “Accountants and Audi tors." Until the recent introduction the recipient pays the tax on accountants are giving advree beneficraiy the tr # us 5 
But the tax acountants cm- of Capital Transfer Tax. life- the gift it will not be so on the same types 0 f problems, and he is treated for CTT 
sidered in this article will time gifts did not fall within grossed up and he will only be so which to consult is a matter purposes as the owner of the 
"eneraltv belong to the the taxman's net unless made liable for £2,500. Whoever of personal preference. Insur- whole fund, which will be m\ed 
chartered or certified soecies wthin seven years of death. Thus pays the tax, it will be deter- ance brokers, too. , will give at his marginal rate, if ht 
Traditional vwi -dnm h** it that only tax payable on trans- mined by the rate applying to advice on the best ways of transfers his interest, or could 

ters of assets, apart from any the top slice of the donor’s minimising liability through be added to his estate Eor the 

A capital gains liability which cumulative total of transfers, the use ot different types of purposes of assessing the rate 

accountant «Mb» &«} ■ ' might arise on the ‘transaction. If the person receiving the polio’— possibly using the applicable to it on his death. 

- l *d !i K a menfl ’ aj ^ a was estate duty. This did not money makes himself liable for annual exemptions to pay the However, despite this dis- 

mdeea this as borne out by un duiy worry most people who the tax he should ask his premiums on a policy owned by advantage trusts will still be 
Uie tact t-n at personal referrals felt tba1 p i ann i n - fnr estate benefactor what the rate apply- someone one wishes to benefit used, for example, where it is 

duly could quite safely be left ing to it will be. Again he should or to fund liability for a wished that someone has the 
until late middle age. Large do this even where the donor possible excess falling on the use of the money, but it is con- 
estates that would have received pays the tax if there seems any receiver due to the three-year sidered undesirable that they 
A minitive blows from an un- likelihood of his dying within claw-back on death. should have control over the 

7 timely death were frequently three years as in this situation # capital, or where money is left 

U tied up in trusts so that duty the person receiving the money IpYprnrif jnn to be used for a particular 

I would be avoided anyway. will then be liable to pay the A-r-Mt-uij/tiwii purpose. Trusts can be set up 

^ k-r However, now that a person’s * xce ®* between lifetime and it is, of course, possible to during lifetime or at death by 


knows that businesses 


tax history starts at birth (or 


death time rates. 


leave one's estate entirely free a simple declaration of trust. 


neea oanx managers 
who understand 


Protecting the employee 


"When inflation changed the rules of financial 
management, it also changed the relationship 
between companies and their banks. Today- 
companies look to their banks as never before for 
co-operation and advice. 

So Williams & Glyn’s encourages its managers 
to go out and visit customers on their home 
ground. In this way, the managers obtain a first- 
hand understanding of the business that no 
balance sheet could ever give them. 

You’ll find Williams & Glyn’s is more alert in 
other respects too. We can give you a decision, 
even on a major proposition, more quickly 
because there is no elaborate hierarchy within the 
bank to delay it : the chain of command is short 
and direct. Wouldn’t you like a bank that 
understands the way we live now? 

Call in at your local Williams & Glyn’s 
branch. Or write to : Marketing Development 
Office, Williams & Glyn’s Bank Ltd., New 
London Bridge House, 25 London Bridge Street, 
London SE1 9SX. 


Five ways to 
more profitable business 

1 Working Capital 

Williams & Glyn's managers can advise 
you on the most suitable ways of 
providing working capital for your 
particular business. 

2 Instalment Credit 
Through a subsidiary company, 

St Margaret’s Trust Ltd., Williams & 
Glyn’s can provide instalment credit 
for the purchase of goods or equipment. 

3 Quick Decisions 

The shorter chain of command at 
Williams & Glyn’s ensures you of a quick 
response. 

4 Cash Flow Control 

Williams & Glyn's specialists are always 
ready to help with advice. 

3 Medium-term Loans 

A more formal arrangement for 
loans from 2-7 years for the purchase of 
new plant and equipment, etc. 


WILLIAMS & GLYN’S BANK 111 & 

The most flexible of the big five banks 

i number of the National and Commercial Banking Croup and one of the Inter -Alpha Croup of Banks 



March 26, 1974, the date at tids might seem quite of tax. The most important or, more usually, by executing 

which the tax became effective) complicated, although bearing exemption here is that on a trust instrument It should 
and continues until their death, a few in mind it should transfers between spouses. How- be remembered that once 
it is necessary to start plan- be relatively easy for anyone ever, the taxman also looks property has been put into 
ning disposals as soon as the to reduce their own liability, kindly on charitable and trust the settler has no further 
wherewithal becomes available, U, however, someone feels he philanthropic bequests, as he power over the properly 
as otherwise valuable needs a professional adviser to does on those to political although he can, of course, be 
exemptions will be lost For draw up plans, to whom should parties. one of the trustees, 

instance, the annual exemption be turn? With the growth in Trusts as a tax avoidance «• , j 

of £2.000 per person plus any taxation and the constant churn- device have been severely hit .Helen TVlllttOra 

number of gifts af £100 to 

separate individuals, only rolls ~JTh • -m -m 

SS5S5 Protecting the employee 

£4.000 of capital free of tax 

each year which will, of course. LOOKING AFTER the welfare pay because of short-time work- employees the right to a basic 
build up to quite a substantial employees is a responsibility ing qr lay-offs will be entitled pension, together with a supple- 
sum over a period. If no advan- t* 18 * has become increasingly to guaranteed payments for a mentary pension either from 
tage is taken of exemptions, the complicated over the years as a limited period. Also, any em- the State or from a company's 
tax will start after the first result of Government legista- ployee suspended from work own occupational pension 
£25.000 of transfer has been ^ on * un j 01 * pressure and chang- following examination by an scheme.' 

made. social attitudes. Specific employment medical adviser is For more detailed informa- 

Marriaee too represents an legisIati . on , has put pressure on entitled to normal wages for tion there is the Company Pen- 
opportunity for Sg? brings J ? su ,? Se]d f as P f n ' UP l ° * maXimUm 26 weeks - *ion S Information Centre. Here. 

£5.000 free of tax can be given JSjL e “P l °y m ^ nt P™*®®- For women, there are safe- employers will get a detailed 

by each parent, £2,500 by^aefa } a ™’ ^ a ° S p ^ “uSTtai SEI* ln °l P ” g 2 n ^‘ e ? plan A ation of what ^ P en ' 

grandparent or great grand- “ cample ’ have "J They may not be dismissed for sions Act entails, what the posi- 

parent and £1.000 by Sr gSKST ^ ? as0n ’ are entiUed to b * “on of women employees is, 

people. Again timing is impor- ^or/hieSv P £ ,d f ° r first six weeks o£ and - for example, what must 

tant— a large gift made on Snrfovees to waw wUdh wiU ^“5® and ^ re turn to their be done if an employee leaves 
marriage being much more th Jr WurAmn Job at 507 11016 up t0 29 weeks the company's service. However, 

efficient than a gift split, £ a/ Son piS: a f tCr *** baby j* born ; Em- the Centre will not (and it 

half on marriage and half on l“ employe « to iStoJ p,oyees ff “ n aJs ? be entitled to stresses this very strongly) ad- 

the birth of a child. Marriage ^nre more S?nerou s nensio^ for J umon dutie Sa P«b- vise on pensions schemes and 

also leads to one of the most schemes to cover a broader !‘ c dutles and , t0 look for work where different types are avail- 
important exemptions, in that range of employee than hitherto 'I ^ 816 bemg mode redun ‘ 3ble - 11 P ure iy an informa- 
transfers between spouses, mi »hic nia^c a a nn ,i^ m hi^ dant' tion bureau, 

whether during life or on buJden^on employerg^fd fh^? »■ Thes tf e a ,!' e i ^ t the bare out ‘ For advice on whi * type of 
death, are completely tax free r conseduentlv found tn hi. ines of what 11115 piece of le S>s- schemes may be best suited to 
as long as the receiving spouse ab o„t fnr arivirp nr» hnw Iatloa raqu'res. but are suffi- a particular company, how much 

is domiciled in this country. best handle ^ cituation cieot to make 11 clear i,ow im ' ^ wiU cost and w bich em- 
Here again it should be . noted « , adv ; rp nof in _ hn ' poriant it is for an employer pJoyees can be brought into a 
that if a couple are buying a supp ]v. Rather the reverae there und ® retan d the full implica- scheme the employer could go 
house jointly before marriage b ^/ wh ol e hSst of daSeM Qoas of em P io ™nt legislation to his clearing bank or to an 
with money provided substan- . clearine hankY in financial terms - ^ Depart- insurance company. National 

ti^ly by just one of them this ^ce companS ma^ raent : of Employment is Westminster, for example, has 
mil be a taxable transfer unless ment consul™ “u to snSK ? aturaUy the maior source ot = subsidiary (Natwest Insurance 
It IS made by vw of a loan. ^ 5enefit specia ii sts ^ facL information on how this legisla- Services) which says it can give 
which can be forgiven without mon Uon in detaU affects a company advice right across the board 

giving nse to any tax con- d j^ CU j ty in se tectin a which and P rQ duces a whole range of artd provide quotations free of 
HKT Care ZXZ SSS* ^ 1 !^ seSu "«««™ <» M <t charge. Pensions naay be «h 

takw when maS eifte to il Undoubtedly the key product Vlded for ^ individual or Tor 

choose amon® them. A “ift 11 is obvious 11131 t0 Provide in the armoury oE; benefits a gr ° up . of P« 0 P le - while the 
of an asset might be less sen- for ^ we ^ are employees which employers make available C0Bt 10 tb® employer will vaiy 
sible than a ift of money as Wl11 cost “oney. And this will is th® pension, and for advice ^ormously, depending on the 
such a transfer might give rise bave t0 be met either fr °m on how best to set up a scheme sb J, D6 . 0f the scheme, 
to a capital gains liability as current working capital or from and what it will cost there are a influencing the final 

well as one to CTT. It should a of working capital Wlde range of sources. To get a whether the em- 

be remembered that although aQd funded investment revenue, broad outline of the situation P|°y«e pays my contribution to 
the rate of CTT on transfers 11 wortl i first looking briefly as it now stands following the hls pension scheme, or whether 
after death is higher than that at ^ demands of some recent coming into effect this year of the total cost . is borne by the 
on lifetime transfers, there will which requires fund- provisions of the Social Security employer. The average age of 

on that occasion be no Capital i°S largely from cash flow. This Pensions Act 1975 an employer empaoyees Is also taken into 
Gains Tax liability. It is always I s because any employer seek- could get a range of pamphlets account, since -it becomes more 
as well to give away assets in S to do his best for his em- from his local Department of expensive as tabe average age 
likely to rise in value, rather Payees needs to be aware of his Health and Social Security goes up. Equally, penokuis cost 
than those that have already tota l commitment. Office. This ' would explain in a company more If there is a 

reached their peak. Thus there Thus, for example, the Em- 1)road outline how pensions high proportion of women 
will be no rise in the value of ployment Protection Act pro* ^ ave become two-tiered, giving employees, s&nce ’(ibey retire 
the donor’s estate, causing a vides that employees who lose ' CONTINUED ON FACING PAGE 


pSEU 


• .state? 

; 

Sr-'V--'-. 

■ifi ■ •• 


a. •; 

V .. 






Knancial Times Saturday July 22 1973 


21 


INVESTMENT SERVICES III 


Providing against disaster in the family 


mainstay ^ the ^ is S ood ^ ie ^' will So the anus is very definitely own gross income: and for bow 

as weight? ™w i* aybe not be policies entirely appropriate on the would-be buyer of life long will it be required? 

when the w»t?n * W8S ° nc t0 needs of his clients: but assurance, to make certain that (Essentially, for how long will 
Christian „ caveat empior is as appropriate be is sold the right policy for the children be dependent?) 

That ctnnri hauJ¥ ’"J 2 "! b ® here as elsewhere. his requirements in the first And finally, how much would be 

Or perhaps more so: for a *'*<*■ There are two questions required (or more to the point 

weighty enough. It isn’t simply mista hc. once made, in the pur- he n , eed f ask—ask him- at this stage, hot* inuili can you 

that there are the obligations to cfaase of Iife assurance, is not a se ^* no ^ his broker. In the first afford) to provide a buffer 

feed and dlotbe and house Ind mistake that is readily corrected. P Iace - w . ou l d * 1S ffJf e effects of conUnumg 

school: there are also the obli- At the moment, in fact, it can dependant need, for how long inflation, 
gations to provide against only be corrected at a loss— the Ju . maintain their standard ot Arriving at the second- is by 
disaster. 'Hie financial services lQss of 811 • nr of a part, of the »vmg more or less at the level y, 0 means so straightforward, 
business has a role to olav in Premiums paid (though there 10 which becozn / Essentially there are two forms 

the provision of housing and are sorue life assurance com- accustomed. Ana in the second, 0 f insurance required: one 
schooling; but it is above all in P anies which already operate on what fonn of policy will best W hich will provide your depend- 
proviaion against disaster that a vo ^ untar y basis the cooling off provlde ants with an income until they 

the industry comes into its own P er * od proposed for the industry Arriving at an answer to the are old enough to fend for 
Particularly this is the case in in general: if the client pulls first is a matter of mathematical themselves, and another which 
the provision of life assurance. out within the first 10 days, he calculation. How much would will provide them with a lump 
Anvono who h*c , may do so without financial be required to cover the major sum at your death — to pay off 

needs to provide them with 2 loss) * AU 100 ofteD ir “*»■ liabiJit 7 with which your ibe mortgage and any other 
form nf nmtnnt ; ™ months, sometimes even years, dependants are likely to be left, debts, and to provide agaiust 

financial conseauences 8 ^ w* JUf for 1116 man who has the the mortgage? How much would the future effects of inflation, 

her) untimely death Bnr thici/ vvron 6 assurance policy to admit be required to cover the income Deciding on the provision of the 
unfortunately hut nnriPM-amt 11131 a has been made: gap that is certain to emerge, first is simple enough: what you 

ably a line of reasouLne whfch 3nd at least initiall y> the more between- stare benefits— and a need is a policy providing 
does not in he P a >’ s premiums the greater widow’s pension from your com- family income benefit. Deciding 

itself to the * maiusTays^f 1136 3oss be stands t0 ca* 1 ?- pany scheme, if any— and your on the provision of the second, 

families: and this is why life 
assurance is sold when it really 
should be bought 
Upon the shoulders of the 
brokers who sell it there has, 

over the years, been laid a A LEADING insurance group was the caption. For those facing imminent 

burden of mistrust for which uset i to run an advertisement The last picture, needless to retirement, it can simply be 
relatively few of them have baspd 0 { f nhntoTOrohs ®y. was of a grey haired, said that the extra pension is 

been responsible: and the pro- _ hnwjnor Th pxwuitivp worried looking man over the going to be very small indeed 

fession in general is now doing showjn & Tbe business executive .. j rea n y don't know — under £4.00 a week for any* 

its best to shift it by tightening at ^ various stages of his how we W j]i manage without a one earning the national average 
up on its professional practices, .career. First he was the bright pension.” of £80.00 a week while at work. 

However, it should be borne in young star given an opportunity Such an approach on the part Many companies chose to con- 
mind that any insurance broker to join a new outfit “They tell 0 f the pensions industry would tract out of the State scheme 

makes his living mih»« ~~ s- — . . *1.;. — .► 


however, is likely to give you 

headaches. 

You can arrange for the pro- 
vision of a lump sum at your 
death, very simply, and very 
cheaply, by taking out term 
assurance. That way. however, 
neither you nor your dependants 
see your premiums again, or 
any other return thereon, unlpss 
you do die within the period of 
the policy. You can provide 
for. the provision of a lump sum 
on year death, less cheaply, by 
taking out whole life assurance. 
That way your dependants will 
see the money sooner- or later, 
but when depends entirely on 
your Staving power. You your- 
self will never have any benefit 
from it other than peace of 
mind: oo the other hand that 
peace of mind should be not 
inconsiderable, for you can 
obtain cover all through your 
life at the same premium, and 
assuming that you have taken 
out a with-profits poliry in the 


first place, the benefits will rise. 
Finally, 5*0 u ean go in for one 
of the arrangements which pro- 
vide you yourself with a lump 
sum at a given age. an endow- 
ment policy: effectively, you are 
putting your money- into a 
savings scheme dressed up as 
life assurance for the sake of 
the tax relief. This one comes 
expensive. 

Which j'ou choose will depend 
upon your personal circum- 
stances: but it is essential not 
to be pushed into spending more 
than you can afford now for 
the sake of the visions of 
wealth over the horizon. A 
good broker will not push you 
ton hard — and you should be 
wary of anyone who pushes. A 
good broker will simply wait a 
year or so and then come back 
to suggest that you top up 
once your finances are easier. 

If. however, providing for 
disaster on a big scale ought to 
be a first priority for the main- 
stay of The family, providing 


Planning for retirement 


selling me the job is not pensionable/ 



tV. 


If you would prefer to invest on the 
Stock Market without the practical problems 
of owning shares direct. National 
Westminster can help. 

The National Westminster Portfolio 
Investment Fund provides investors with a 
holding covering a range of high class shares 
under professional management. The 
minimum investment is £2500. Paper work 
is restricted to two tax vouchers a year and 
because of the economies of dealing with 
relatively large accounts the Managers are 
able to offer the benefit of a very low initial 
management charge —just 2%. 

If you own shares you can switch very 
simply into the Portfolio Investment Fund 
on favourable terms. 

Send the coupon for full details today. 


I 

I 

8 

I 


To: National Westminster UnitTrost 
Managers Limited, 161 Choapside, 

London ECZV6EU. 

Telephone : 01 -606 6060. 

A nwmbtt of l*v> UnllTrust ASMiwaiion 

Please send me further details of 
[j National Westminster Portfolio 
Investment Fund. 
r~r National Westminster Share 
Exchange Plan. 

Name ' 

Address 

FT 22/7 



Nat West Portfolio Investment Fund 


seem almost unbelievably naive for this very reason — it enabled 
today, when no reputable com- them to give a better deal to 
pauy would try to recruit staff their older employees. But if 
without providing pension the prospective pensioner is a 
cover. But the pictures did tell member of a “contracted in” 
one story that remains valid, company scheme then his only 
And that is that it is better to resource is to arrange with his 
think about pensions a long time company to adjust his pension 
before they are needed. There u p .to the limits agreed by the 
are many options open to the inland Revenue. In fact, some 
employee or entrepeneur who form of “topping up" is virtu- 
reaches retirement age and essential for senior e in- 


takes a long cool look at the 
company pension scheme. But 
nothing replaces the same long, 
cool look when taken 20 years 
earlier. 

Companies and individuals 
will have endured 


ployees and most company pen- 
sion officers con suggest a 
number of variations. 

But df the company cannot or 
will not respond to pleas from 
several 0631 retired, then he is left 


Investment Trust 
Year Book 1978 

Find out about Investment Trusts 

mankjemen 
re is a statist! 


months of sustained barrage of » 1115 ^ fe^ces^ In his pre- 
statistics prior to the mttoduc- ^cament be wail find that pro- 
tion of the new State pension ««*■ poises lean heavtiy on 
scheme earlier this year. ^ 90(1 be adv1sed to 
Decisions over contracting in or consult an investment adviser, 
contracting out of the scheme The most obvious method may 
will have been made and there b e to purchase an annuity from 
may seem little point in reopen- a itfe company. The immediate 
ing the discussion for those now benefit from such a .plan is that 
on the threshold' of retirement. -relieves the mind of the 
But certain points in the State dread of outliving ones capital, 
scheme should be noted by The disadvantage -is that annuity 
those approaching retirement, payments are fixed in monetary 
One snag is that the new terms, leaving the pensioner at 
scheme gives no credit for back the mercy of inflation- 
service before April. 1978. when It may be said in passing that 
if comes to calculating benefit, the self-employed have one 
Thus, if you have only seven strong advantage over other 
years ahead before retirement, prospective pensioners where 
then only seven years’ contribu- annuities are concerned. That 
tjons will apply to you — and is that they can usually choose 
never mind the 20-odd years of the date of retirement with a 
National Insurance contribu- good deal more freedom than 
tions paid since the days when those who find that some long 
“ security from the cradle to the forgotten date when employ- 
grave” was on everyone’s lips, ment commenced now becomes 
Where the State scheme is the unavoidable day on which 
concerned, the prospective pen- full time employment must 
sioner is left to work out for cease. The self-employed, if he 
himself, or herself, the precise has taken out an annuity policy, 
amount of extra pension can try to take hi$ annuity 
involved. when interest rates .are high. 

Employee 

CONTINUED FROM PREVIOUS PAGE 

ea riser and tend to live longer, variable. Legal and General. 

Then there is a choice of Assurance Company, which has 
death ■ in service cover — vary- a major involvement in admin- 
ing amounts of lump sum may astration of pensions, points out 
be payable to a widow on the that aj>y company starting up a 
death of a male employee and pension scheme will need to 
•the subsequent pension as also have it tailored to its particular 

circumstances. And, of course. 


Many life companies now pro- 
vide an option under which the 
investor can cash in part of his 
policy at one sta§e and the rest 
later on when more favourable 
circumstances apply. But it is 
hard to see how these com- 
panies can advise the investor 
to act against the company's in- 
terest, so decisions of timing 
should be discussed with an in- 
dependent consultant — a 
broker, company pension 
analyst or the like. 

The question of buying an 
annuity or making some other 
form of investment as a means 
nf topping up an inadequate 
pension pinpoints another dis- 
appointing feature of the Stale 
earnings related scheme. It 
makes no provision for a cash 
payment in addition to a pension 
on retirement. 

Such a cash payment, of 
course, answers many other 
needs than that of annuity 
investment. Retirement is often 
a time for altering the structure 
of family life, by moving to 
live ’in the county’, or by con- 
verting the old family home into 
flats. It can be regarded as a 
time to give a final present to 
children now grown up and 
coping with small children of 
their own. Or it may simply be 
a time for an extended cruise 
or holiday, to be taken at the 
leisurely pace that was never 
possible before. 

For all these reasons, the 
private pensioner has need of 
the cash alternatives which are 
usually available. 

Some schemes, mainly in the 
public service, have written in 
provision for a cash payment <;n 
retirement, and the prospective 
pensioner is usually well aware 
of the details applying in his 
particular case. 

This option is based upon 
years of service and offers a 
maximum pension of one half of 
final annual salary and a lump 
sum of one and-a-h all times 
final salary. 

But the choice, at retirement 
date, of commuting a portion 
of the pension into a e cash pay- 
ment, is another anuhal alto- 
gether and well worth consider- 
ing from a number of angles. 

it may be said in passing that 
services from the Armed Ser- 


vices are the only ones which 
offer their pensioners a com- 
bination of boih options — that is , 
to say a cash payment and pen- 
sion on retirement plus the right 
to i-ommuie part of the payment 
for further cash. This double 
option is operated under a 
special Act of Parliament and 
does not apply to civilians 
whose commutation rights are 
limited by the Inland Revenue. 

When commutation principles 
are applied, a point worth bear- 
ing in mind is that maximum 
commutation is based upon 20 
years membership of the pen- 
sion scheme, so that it is not 
uecessary to have achieved 
maximum pension rights which 
are usually based on 40 years 
membership. Maximum pension, 
under commutation, is two- 
tliu-ds of final salary and the 
sum payment is H times maxi- 
mum salary. 

The usual commutation for- 
mula is that of nine units of cash 
payment for every’ one annual 
unit of pension surrendered. A 
pensioner electing to give up 
£100 of his annual pension 
would receive £900 in cash. 

One minor anomaly is that 
the Revenue will in fact allow 
commutation on the basis of 
normal mortality tables even if 
this shows a more favourable 
basis than the nine to one for- 
mula. But this is one of those 
finer points which tend to be 
overlooked unless the pensioner 
himself urges his pension man- 
ager to examine the figures. 

It may be said here that per- 
sonal health, often a pre-occupa- 
tion with the nearly retired, 
has no significance when it 
comes to commutation — at least 
not in the civilian sector. The 
case nf the Armed Service pen- 
sioner is another matter. 

The question of personal 
health becomes of growing sig- 
nificance as age progresses, and 
the prospective pensioner some- 
times faces problems specifically 
his own. If his company have 
been paying or helping towards 
the cost of a personal private 
health scheme, he may fear the 
prospect of losing such cover at 
a time in life when it is more 
than ever important. 


for disaster on a shall scale 
should by no means be 
neglected. It will not help you 
unduly to have an excellent 
range nf life assurance policies 
(though you can probably 
borrow against them) if 3'<wr 
car is wriilen off as it stands 
inoffensively along the kerb 
one night, or if your house is 
flooded and the contents ruined 
in a pipe hurst. Relative to the 
amounts to he spent on life 
assurance, neither form of insur- 
ance will cost wry much: but 
— particularly in the less well- 
developed. and therefore los 
competitive market for the 
insurance of house contents — it 
is remarkable to what extent 
premiums can vary from firm 
to firm. It is very definitely 
worth while to shop around — 
or to find a broker to do it fur 
you. 

Life assurance aparr. however, 
the financial services business 
really comes into its own m the 
provision — nr the accumulation 
— of the larsc capital sums 
required to house’ and school a 
family. In housing, under normal 
circumstances, the role of 
brokers, bank managers and the 
like is entirely subsidiary m 
that of the building societies. 
But should the circumstances he 


at all unusual-— should building 
society money be tight, for 
instance, or should the loan 
required be well above the 
urd inary— then access to a good 
insurance broker can save a very 
great deal nf money, time a&d 
exasperation. Across in — or 
ratlu-r, acce-s from— a bad inr 
Mirance broker can simply be a 
pain. If he isn’t coming up with 
thy good*;, then cut him off and 
try elsewhere: it's a competitive 
pruTes. -.inn, alter all. 

Putting umclluT The largo 
amounts required TO school a 
family privately is a rather dif- 
ferent matter. It is — extra- 
ordinary though ir may seem', 
given ihc way m which the cost 
of private education lias shot 
up — an expanding field: but the- 
number of firm* with real 
expertise in finjiicut planning 
specifically to this end is very 
linuied. School Fees Insurance. 
Agency and C, Howard are be»C 
established in the field: To wry 
Laic and Leslie and Godwin are 
aKu relatiiel.v active: hut in all 
probability iiiu.il (.true in.suranctx 
lit tifcers will he aide to ,-uggesC 
a M'henie. ur combination of 
icbeme*. whp-li w ill suit your 
particular mix uf capital auil 
income. ■ T 

Adrienne Gleeson 


Terry Byiand 


NowyouVe 
read today & 
offers -some 
figures you 
cant Ignore. 

£10,000 invested in Oeiuber 1^71: 
by Mr A in the FT ordinary share hides, 
by Mr Bin a' managed bond underfund 
management by one ol* the major 
insurance companies 
by Mr C in the same managed bond. 

At 30th June 1978 valuations of each 
investment were: 

Mr A £11,400 
MrB £17,500 
JVlrC £25.600 

Why the difference? 

Mr A followed the ‘regard-as-a-long-lcrm- 
investment' rule and left his holdings undisturbed. 
MrB left his Bond undisturbed. Mr C followed llie 
advice of the managers of our in\ esiment advisory' 
service, and switched his underlying holdings, at 
minimal cost, to take full advantage of market 
opportunities as they occurred. 

If you seek productive change in >our invest- 
ments of any kind write for details ol'MrCs record, 
and of the ways we ean help you. 

Enquiries in strict confidence and without’ 
obligation to:— 

NBMG. 

PERSONAL FINANCIAL SERVICES 

15 Crieff Road. London SW1S 


There are over 200 investment trust 
companies in' the UK which are members or 
The Association of Investment Trust 

Companies and which between them • 

manage assets in excess of £6,000 million. 
What were the major developments in 19777 
How did these trusts perform? And where 
are their funds invested? These questions, 
and many others, are of considerable 
s ig nificance to institutional and private 

investors alike. ^ vet 

The answers are contained m the hrst 
edition of the Investment Trust Year Book, 
which is the official year book of The 
Association of Investment Trust Companies. 
This publication contains an analysis of 
member companies and a separate section 



giving details of management groups. An 
important feature is a statistical section on 
management performance and share record. 

For those not fully conversant with 
the structure and advantages of investment 
trusts there are introductory articles 
explaining what investment trust companies . 
are, how they work, how they differ from 
unit trusts and the range of conventional 
and specialised investment trust companies 
available to investors. 
r The Investment Trust Year Book is 
therefore indispensable to private investors, 
professional advisers and investment 
institutions. 

This book was published recently by 
Funder Limited, publishers of Money 
Management; and will cost £7.85 (inc. 

pfcp)- 


Tc*; The Assoriatiert of Investment Trust 
Companies, Park House, (Sixth Floor), 
jo Finsbury Circus, London EC2M 7jJ. 

Pkase send tm oppy'cofwes of 

the Investment Trust Year Book 1978. 

1 enclose my cheque for £ — 


Name. 


Address. 


" j 


with, companies now having de- 
cided already whether they are 
contracted an” or “out" of 
the State scheme the smalter 
company in particular — whdoh is 
most likely contracted out — wiU 
still have the option as it grows 
to top up pensions for 
employees with a funded private 
scheme. * 

But pensions is only pert of 
the scene. Private health 
schemes, although a taxable 
item for a number of years 
(tire tax being payable on the 
value of the benefit), are 
another example of how 
employers can improve the 
welfare of employees. And -here 
perhaps one of the best, known 
companies as British United 
Provident Association (BUPA). 
Simple health insurance is also 
available from insurance com- 
panies to cover sickness and 
injury, although insurance 
schemes to cover employees for 
permanent disability by way of 
lump sum payment and some 
form of pension are not yel 
widely used, in contrast to the 
U.S. and Sweden. 

In terms of other fringe bene- 
fits, assistance with the cost of 
private schooling is still an 
option despite this also having 
been caught in the Chancellor's 
net so that the value of the 
ben°fit is now taxable. Most 
insurance companies and the 
major banks can give advice. 

It is almost impossible to gen- 
eralise about how much a pack- 
age of benefits will cost a com- 
pany. As ah indication, it is 
estimated (but on a very 
general basis) that a pension 
scheme will cost an employer 
between 10 per cent and 12 per 
cent of the total salary bill, but 
that would ignore other types of 
insurance and fringe benefits 
mentioned. 

Nicholas Leslie 


The Professional Portfolio 


The Society 

Bradford B Bingley Build ing Society is one 
jf Britain's biggest building societies. 

With assets ol more than E900M. Bradford 
(j Bingley otters complete security together 
vbilh a wide range of savings schemes to suit 
every investor. 

Tlte Society has more than 500 branches 
and agencies throughout the country. Vour local 
branch manager will be glad to give you all the 
information you need about any ot the 
investment services available or. it you wish, 
you can write direct to Head Office. 

Our growth record speaks for itself 


500 




Assets fM 


1 l! 


ISM J975 Wo 
[ Our current 4 28 'p Reserve Ratio one of the 
strongest amongs the larger Societies- 


The Services 

These are just some of thn services whit h 
will be of interest to the ptolesstmvil 

Bradford Er BingJey SAY.E. 

An excellent scheme lor requljr .'ovens, 
appealing strongly 1o the higher lur br.irket 
investpr. ia* free bonuses ut up to L5ij0 p-iyoblr 
on monthly investment o* t! 20. 

Bradford & Bingley High Yield S. A Y.E. 

One of the best {nvestmi-nts your clients 
can make. A lump sum investment (up io 
£1.200) in e Special Share Accouni lal a 
guaranteed differential above Paid-up Share 
rale) with a monthly transfer 10 SAY.E. njam 
attracting ihe Two tax free bunus*-s 

Ask at any branch lor tax cards showing 
equivalent gross yields at ascending fax rat«*s-<wid 
see how profitable High Yield S AY E.can be. 

Bradford & Bingley Regular Income 

Most accounts offer your dents Hie locality 
to have their interest paid either tnonlhly or 
qiorteriy direct to their Ban). 

Afl the other Usual bu*Mmg •society setvicus, 
including a competitive Term Slum portfolio, 
regular savings. Trustee ua ounfs and Paid up 
Shares are afca available 


•R secure home 
Mn Bradford! 

\ 



Uoryour clients 
money Mr Bingley" 

y 


BRADFORD & BINGLEY 

BUILDING SOCIETY 

HEAD OFFICE WWQl£Y, WEST YORKSHIRE 
Assets exceed £900,000,000 
Member of the Budding Societies Association 



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Financial Times Saturday July 22 197S 


#r 



OLLO 


Edited by Denys Sutton 


The world’s leading 
magazine of 
Arts and Antiques 


Published Monthly price £2.00 Annual Subscription £25.00 (Inland) 
Overseas Subscription £28.00. USA & Canada Air assisted 556 
Apollo Magazine, Bracken House, 10. Cannon Street, London, 
EC4P 4BY. Tel: 01-248 a 000 


INVEST IN 50.000 BETTER TOMORROWS! 

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Conference? Seminar? 
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MY RECORD!’ 



Coral Index offers a free market for you to 
exercise judgment and foresight-a big opportunity 
for gain. 

The Index is based on the FINANCIAL TIMES 
ORDINARY SHARE INDEX and a client can buy for a rise 
pr sell tor a fall, any number of £1 units up to a maximum 
of C500 per full point fluctuation in the FT. Index.The client 
can close his position at any time, at the prices quoted 
daily by Coral Index Ltd. The maximum period for holding 
is 30 days, comprising 2 fortnightly accounts, when the 
position if not already closed is automatically closed at 
the precise FT. Index figure. 

Coral Index also makes a market on the fluctua- 
tions of the Dow Jones Index and you may Deal daily 
from 10 a.m. - five hours before the New York Stock 
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Partners or Directors of Merchant Banks and Exempted 
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External accounts, may deal freely on margin. 

Our closing price is published daily inThe Financial 
Times on the Money Market page. 


8^ Write or phone for full particulars to Dept FT 1 

\ CORAL INDEX LTD. (Ss 

( A Division o( the Coral Leisure Group 

1 Berkeley Square House, London, Wt. Telephone STD 01-493 526f. 

Tiilcpr.iphic address: Coraider. London, V.'.l. 



BRITISH FUNDS (707) 


This week’s SE dealings 


4,383 

4,757 


Monday. July 17 
Friday, July 14 .. 


Z>idc Anns. 19A.O rzar7) 

Spc British Transport Stk. 63*j 4i w f» 

4 ii 3 L- W n,. 

2i;oc Cora. Srcls. 210 20i® S u io 
4 dc Cam. UI. 51 ", 21 

Sijpc Conversion tn. 350 4“* Si [ l,,l — 10 

spc Exchequer lh 1976-78 9920 i Friday lulv 21 4,428 t Wednesday, july ly . 

1 SUpc Exchequer un. 1061am ! i . i ‘ ' ''. , A UfT 1 TiiKcbv. July 18 

3pc Exchequer Stv. 1981 86 ?toO i? M :o >■> Thursday, July 20 4^67 1 Tuesoay, J u Y Tll _ 

17,G4ths 1 5 64 1 hs iii 1irrrt . «hare BPl dealt m y*fl#rd*y. The latiar 

3pc Chequer Stk. 1983 BOM* »u.| ^ lhJ rtcortl — muUui and also the Uteri mbrtciis* tha week * Py 

•<<pe tabrntr Stk. 1981 93* «, fa. j me daw (in pamitmi). 

8 'ipc Exchequer Stk. 1983 91*i* 90 •» . _ _ _. 

The number wt dealing, marked !■ each «£"»**"“■** *• 

fecuao. Unless shtwhi rf* na Led duns are Q tun* oaw * nd “W rB, 'P 

Eid. SUdc EstfSiHe^riutf arc lamed In pwwds a»d Traction* nr pounds 

10 pc Ertbcoocr St" 1983 (Fyi*Pdj BSitej W *Tlw "hu *u^*prlccs at which haj^alns done » 

i, ii.,; tt.. eiacb Exrhaaaa keen rucardnd n» The Stock Exchanae Daily 

’SSs 19 * 3 tl> *' “* <95ot| Office RnSus ^ r obliged to mark bargains, aunt In Special 

lOUpc Exenequer * Stk. 199S 851x0 * 1 

l Q'-ac Eacheouer Stk. 1997 86 5'i_ 

1 2 pc Exchequer Stk. 1998 981 I7i 
12 k Exchequer Stk. 2013-17 96'n* 

12UK Exchequer Stk. 1992 97 >jo ’» "u ! Jessel. Toynbee Nw (Z5p; 56 CSp 7 ; |25SS2 ii T '?^, ,25 1M S5 .207i 

12' -pc Exchequer Stk. 1994 98^9 i; :* U Ketser Ullmann HWss, <25ai 529 1 “eS®? k 5 156 20 ' ’ 

12»:pc Exchequer Stk. 1981 103',o \ 1 i: | Kino Sharson <20pJ 56« ... nl ... lM . 7l 

13PC Exchequer Stk. 1980 103\tt 1 Klentwort. Benson. Lonsdale I 2 Sp! 970 ! f^fHldm.j' tsp> IS > il*7' 

llbby IJ.'» 2300 29 • 20-71. *tO' 4 BcDb. 


4J21 


( person (S.i Son U3v) 2239. ' 9ucLn> 
i pHLVm of Birmingham Jlgo* J# ’ 

j Peoier^latW” 1 ^!. ia . l | l nj ?i i i'n •!? L "‘ 77 

; Pennine Motor On. 

I PMKIJfiO Industrie* fJCrt 22 Ql 75 

1 Um 


9 Uk Exchequer stk. 1982 92* >s 
9Upc Exchequer Stk. 19BZ A 92 '.o *i«* 
B’lK Exchequer stk. 1901 9Sf>« Si 


1 3 PC Exchequer 

5'aPC Funding Ln. 1 978-00 9*‘]>® 3U9 
41 IO i 4 !|A 

SUpc Funding Ln 1987-91 67 L: u 6> 
6oc Funding Ln. 1993 64*» U 1'*i» 


4,172 i 

* Mprborousn Molort W 

M dl*ttnputet»0 W j b 7«? 29 S 

i Hcz?!3gii%3fa T 

c^ard.^ Ilai cannot. M»«. I «SdS 

prices at ^ Swr transaciloiu can be HKtaded tn th e lollnin tM 

Ust up I* 115 p.m. ooh'. bu* mier nawnras whether a barsaln represents 

S, •SLTJTSSSm : »«. .my « b*^ m 

price Is recorded. 

Mr- ^ 2f-ii 


l BkHains ai special Pnrw a Barsaua doy wib w borow n noB-m emtiers. . » jj^ B ”^wn ^-sc M nd > aa: SHK-SHoo* Kow: sJ-SJanuscan: *M*- 


Kutapin + Baraaiitr dow driarv^ .'Vl.T^r ^r-t-T. ^ nCTST^ Ind«n, 

SMalarao: fMo— ;Uexicaii: jxz— 5New ZeaUmd; 5S— SSueapore. JuS— 3L oiled htaics. * 

□HOuttcr Bros. «25pl 139 I1S7L 


Jessel. Toynbee Near (25pi 56 (20 • • 

Ketser Ullmann HWg*. >250) 529 1 
Kino Sharson <20pJ 56« 

Kleinwort. Benson. Lor xdale I25pl 97 ® 

Lloyd* 'sank 27219 59 49 3 2 70 4 6* , - 

LomSfi ,IS Nmti| 9 Cwn , aJ SocPf. 37.- £Z0 71 j aiturcated Ens. '2Sp> 46ij S> il7 7l 

4s, I Mercury I2SP» 109® e« id n . , I Bird eAfneai r259» 15 

&:.pe Funding Ln. .1985-87 79>9 H 80i J Midland Bank 3640 7* 700 70 W 3.4.jBlrmid Qual«st »25 pl S9 : 60 1. 

79 •« 80‘i»; 80 79 


6LPCDD. 


3i.-pC Funding Stk. 1999-2004 36 \® » >1 
S'-K Fund inn Stk 1982-84 82<-‘i^ 3'*9 

£',pc Treasury Ln. 1995-98 S3 tint » 
7'apc Treasury Ln. 19S5-BB 81 "i,® it,® '•*> 

7'jptT Treasury Ln. 2012-15 64'.® _ 

Spc Treasury Ln. 2002-06 69 .® *< -> ' i» 
B'iK Treasury Ln. 1987-90 8Q'>ik9 119 

SOI, > '• 

Bi, DC Treasury Ln. 1980-82 939 La -m 

f. 1 , If tJ : 

8':PC Treasury Ln. 1984-86 flS'it.® “it® 
•j® j , 'a ’> 'm . 

8 ‘ipc Treasury Ln. 1997 78 ‘a » 

9 PC Treasury Ln. 1994 80<>iti® "i>® "it 

% ’< 1 80 l, ia ‘1 

Spc Treasury Ln. 1992-96 80 'j 9 1 k k 
■,* 80*, 

91-oc Treasury Ln. 1999 8019 V® •« i 
12 k Treasury Ln. 1983 102 >iC 1 '» 

12LK Treasury Ln. 1983 100',® "i.l® 
>i„0 *i»19 L 1 * 'j *i -M 
tZLpc Trawury Ln. T992 101 la® l-'int 
2i9 l|*t i 2 

1 2 'apt 1995 1Q3'i® *l» H ■: 

131-PC 1997 1Q4'x ' in i Id 
1 3 'jpe Treasury Xn. 1993 109': S 
14--K 1994 117>« '• «■: 

1 5LK Treasury Ln. 1996 119»d® l, i» * 
15'-K Treasury Ln. 1998 123'- ia <20 7) 
2';DC Treas. Stk. 20 " 1 .® T » 1 20’. 

3pc Treas Stk. 24SrfB f* 4'f|» J20'T; 

3K Treas. Stk. 1979 95»»® h.® ' nt ’:® 
a. V 

3pc Treat. Stk. 1982 84S1® '!=• 'a *i» ia 
3>!pC 'T reas. Stk. 1977-80 941,*.® 3'*.^ *4 

S^K Treas. Stk. 1979-81 90 a a :« 89'a CI|A 
90 'ia 90 89*1 '*ia , 

Spc Treas. Stk. 67*x9 "ia® <! i». ta "ja^ 
Sjjac Treas. Stk. 49*® 6-,;® 9 Hi® ia® •» 

5 UK Treas. Stk. 90"i»® 

9'aPc Treas. Stk. 9IHS* “ia* ,j m v "i» ”<• 

2 1 'i 

9'-pc Treas. Stk. 90UO *b i** . *4 _ „ 

9;.K Treas. Stk. 96“ia® l> U 'i H 11 »- 

1 Opc Trea- Stk. 8SU ■'« H . 

1 0':DC Treas. Stk. 1979 100 ia® > *a: •'*! 
10 i;pe Treas. Stk. 1999 87'jC i : "l- H 
1 1 '-pc Treas. Stk. 1979 101 1 3.6*thsO '■ 

1 i'*:pc Treas. Stk. 1981 1 00 ; '»j® *'ia ij ia 

! 1 pc Treas. Stk. 96’ ia a H 7 '»t 
1 2 dc Treas. Stk. 96H *» 
ijpe Treas Stk. 104'x 5H 
1 4 pc Treas. Stk. 107>i»9 '<« La« \i ; ® "j: 
9k Treas. Stk. 97 H -*ia ”i. "ia 
V ariable Rate Treas. Stk. 1982 *a-» i18 7i 
J'MWv Loan 31'flO ‘ia 30 « 1 '« 'i« 1 <« 
British Elect. 3';pc 95 “’S® '* 1 ia -s 1; ia H 
"ia. 4 Id pc 95‘>iW» ■> La "l* 

British Gas 3a< AS-« H 
Irish Free State 4f:peLandBdt:. 55 _ 

North of Scotland Hydra. Elect. Board N. of 
Scat. Elect 92 •i7"7i 
Northern Ireland S^pcExcheq. 91 1- (IB, 71 
3 k Redemption 44'a® 

CORPORATIONS (36) 

FREE OF STAMP DUTY 
London County 3oc 23'; 1 •20(7). Soc 
79 ‘a 5‘iDC 1977-81 84 ‘,9 ’a f20/7t 

5‘iK 1982-94 78 'j 8 (19/71. 5<:K 

1905-87 68 6 PC 9S‘i i20.7l. S'« 
67<a« .20,7/ 

Corporation of London S'«K 93’.® |20,7). 

6 >pc 84. 7:, pc 87 '* 

Greater London 6 'jpc 62‘i®. 7i,pc 895® 

■ 20,71. 9' pc 9? (1817). 91-oc 92 

(207». 12 "pc 1982 101 “|. 12';K 1983 
101 13UK 108'- al4;7i 

Barnet 12uK iFy. Pd.) 99. 12'.K <£50 

pd.l SI 

Biraningham Carp. 3 PC 23 k r 19/7?. 
7’dPC 86ca 

Birmingham Dis. CtKl. Floating Rate 99 ^ia 
H 9i7) 

Braotord 3’;K 80*. >20l7l 
Brighton 6 ‘.-pc 97’. >1917) 

Bristol 7‘apc 88'. <17171 
Buckinghamshire 9 pc 95 'a 
C amden 6 ;pc 97*. ‘20/7» 

Cardiff City Council 11K 96 >17(71 
Cardlfl Carp. ?pc 84 <18,7) 

Crovdon 6 ‘jDC B5‘: >19i71 
Derby 1 J’/PC 10a ,lpl7i 
Dunbarton c C. S'apc 99S (187l 
Eamburgh 'City or) Variable Rate 99 L 'u 

■ 17171 

Edinburgh Coro. 6\-pc 98 ’• '16(71 
File 1 3 ’.PC 107 • 

Glasgow Carp. 9 '.PC 91® i20J7) 


5 7 1d'<pcUns.Ln.'86V9 ” 7’:PtUns. I Ui. 64‘. 60': 4 l307> 

Ln 849 2*1 3 I Birmingham Mint (2 Sbi 30. 

National * . _ - — n— 



Rea Bros. >25P) 489 U0'7) 

Royal Bank of Canada <VC2« 23'.« 
Schroders 4059 

Sime Darby London HOpi 210 ■ 1 9 ■* 
Smith 
6PiPf 

Standard _ . 

12'aKLr. TOO 
Union Discount Co. of London 329® 

W intrust (2007 70 (20.7) 

BREWERIES (136) 

1 Allied Breweries <25o) 84* 79:0 BZ 4'. 
3'; 5 4. 71,-KPf. 601, a1 9 '7). 5 .PCDb. 

75 :i9(71. 6>jpcDb. tt4-89 68 . »>- 

Do. 87-97 63 (19,7). 7Upi;Pb- M j 
iir?r. 7‘iOCLn. 63*a (19i7) „ 

Amalg. Distilled Prods. 9 kUl 85® ■»? 7) 
Bass C barring tM (25P1 155® 4-.® 5 4 7. 
7ocPf. S7*i ’a 07/7). 3 Hp«Ob. 8, -92 
4SH. S'.oeDb. 77-79 98H (177). Oo. 
87-92 72 >a® •. «20;7). 4i*pcLn. 43-eO 


I H87i 


I Biagden Ngahcs 'HldSS-' ;2SD» 2MJB 
; Bluebird Confectionery Hldgs. iZ5pi i» u 
Darby London (lOpi 1H 'll"!., ; ' 1 H a 7 6 50 2 1 

a*® vn <Hide » > «•* 11 12071 i B i u , e S'jfWsjrfeWiB.*'' 

ard CAjrrerea 386.'® 92 35 9S - i ' j° 7 _ ' Hl<w , , 2 5 pi 71 


Bl unaei I -Peringg Laze HM**- f?®* 1 

Boardman iK. o.a, fntnl. i.S®i 1 2‘; 
BadveOtfi IntnK »25pj 5® *20 0 
Bi^lington TexUle Printers 6 pcF . 

Bond 'Street Fabrics 'loot 29^9 
Bonsor Enolneenn* t20pl - b * 

Booker McConnHI t50pi 257 
Booth I25P‘ 519 6*_'267l _ . 

Baots i2Sbi 207 L-O ‘ Jfl 

6 10 11. 6pcLn. 79.9 ®- * 

7'iPCLn. 66> a 1 7 (7 1 . 

Borthwtck iSOol 500 JO 2 , — 


Boulton (I Obi !6* ‘20 71 ., 

Bourne Hollingsworth (25 pi 13 


5.2SK 


Pan-' '1 Oo* IStg I6'.>. A.Non.v 
iIOpi 15': *20-7» .-.10 71 

Dewhurtt b*"* >200' 17': J* 7 

gSJSo d n ! WSJ1°£» “«■**(» 20 19 

□Tpioma^l iS?*25p> J ' 76^ 4 <20® 

□! icqrs ' Phtwo" n O p* 139 4, 

Dooson Park Inds. 1 1 DPI 96 :^7 8 - ^ 

DOugUs 9 ? HgUlMS t25P) 94 ri9.‘7> 
Domains Mills i5Pl 30. 28': 

g££ s 2^0 Vb-Is 4. 7Ktn. 

3 s '=■ 

ffi^ an fs 0 E ’ ! ”o.^i t 1 prP?. B 'lS0pl 34 

Duaile' Steels [ 250 ) 117 *18 71 
Dinar Bitumastlc 1 1 Op* 34 's _ 

Dunbec-Comber-Manc MOo) *+*9 5 j 
Duncan MV.) Goodrlcke *459 
□undonian i20si 51(1 * 4'^ ..... 
□untord Elliott 8- JbcDb. 69 . 0 <20 71 
Dunlop Holdings _*SOn) 75 S T 6'- 7.. 
5 '.pcPf, 41 7ecDb. 65 H9 * 1* opeLn 

Duniop' ’Textiles 6 i-kPL 

Duple inter. * So) I7.;ffl *7 16 t-o7) 

DuQart I25p) 70<J ‘*12 !*!• JUDCLl). 

Duraaipe Inter. J25 bi 132 
Outtcn-ForsJiJW U5bJ 45*> (18 <» 

Dylfcs ^Jj. Holdings ’1250) ^289^ Ny A 


Dvson IJ.J.) »25Pl 59 * 
l25p; 57'::® 8 ! : 120.7) 



Boddlngtons Breweries *25»1 104® , Brabr Lesue *iopi »» 

Border Breweries (Wrexbam) (25o) 729 3 .20^7 

Brown a Matthew) (25p) 11i Brammer (20oi 1509 6 

Breedon Cloud Hill Lime Works i-bpi i»" 


Bucklers Brewery (25p> 47 (17.7 _ _ , - 

B ulmer tH._,P.) Hldgs. (25 p) i 26 9.J *20.7i 


9'iPCPf.'96t - - . Bremner I25p) 560 ,, y 

Burtonwood Brewery (Forshawsj (2SD) 158 Brent Chemicals Inter. riDp 17 5® 
ri,« M I nn.iw Bran in. r« Pin. 14S:. Brent walker *5p) 55 8 b ... 


City Of London Brwy, Iny. Tst. P*d. 14St. 
Did. (25e> 62 

O ark (Matthew) (Hldgs J (25p) ia5':7. 
Courage 7pcZndClb, 63*. fIB-TJ. Sot 2nd 

Ob. 67 *a *197). lOljoeLn. 81 >4 80*4 

<20'?) 

Davenports' Brewery (Hldgs.) *25 p> 86 
120.7) 

Devenish (J. A.) (25 p) 1789 (20 ?l . 
Distillers (50o) 1859 S>-9 * 5 3 7 2'* 
2 6', 5'fPCLn. 40'.® 13071. 7'9Cln. 

Greonall Whitley (25p) 1159- 8 PC PI. 

91® 90':® 90® 'l. 4'jpcDb- 499. >iK 
Unsec. Ln. 62 (17.71 
Greene King Sons (25p) 275 6 


Brent Walker *5 p) - - nor 

Brlcknoose Dudley tlppa 42.- 0 9 7 
Bridgend Processes <5pi Bia. Do. New 

36 <4 4 

Bndon 1 25oi 102 
Bndport-Gundr-y i20o) 35 '10.7 
35 HID 

Bright *25p' 29*:® 30-- 


6 PC PI* 


Bristol Ewmihg Post i25p' 120®. 1 0 W 

Db. B9 : - *t7'7i _ 

anllsh Aluminium 630 *19 7i 
British- American Tobacco SpePf. «*■ 

Bribsh Americ'aif* Tobacco inyestments 
1 0acLn. 82 • ,207). 1 0 :ocLn. 85. 

uaww wm — »— w m (19 7). 9'jpcLn. 149 [70 71 Q 71 

G B\ES?Ln. A «> S !2o“| SPl 159 7 " 7UBe jESS — 

Hlg^nd Distilleries UOp) 130® 4 : ® J * j E^d \jf ^E.) 

H,gsons Brew (25pl 74 
Unsoc.Ln. 48 «19 7i 


E— F 

EMI (SOP) 145® 2 4 5 3. BBClf ■ MR 
ti 8 7). 7raLn. 61 |20.‘7). 8'rncLn. 

ERf“ Hidings »25 pi 1160 16 
East Lancashire ..Paper i2Sp) 54 j *j. Si- 
East Midland Allied __PTCS1 , A (25p) 96 
311 7 lla/7>. Soc PI. 3S:<0 *20.71 

Eastern Produce Hiidinn 1 SO 01 95 12017). 

1 0 ‘jPcLn. 1S9i 120,7) .. _ 

Eastwood (J J.i (5 d) 153 4 3': S 
Edbro tHoldlngsi 1250) 190 
Edwards 1 Louis C.) *58) 10 >2 (1717) 
eaoar md. isuoi 25aj 
Elbief 1 50) IS II?, 7) _ _ . 

Eieco Holdings tlOoi 42 3 ■: 1207) 
Electrical Indust. Secs. (25s) 52 >* (18,7) 
Electrocomponents ClOoi aao S 3 
Electronic Reotals Grp. HOP) 1240 7 6 
9 8 

Elliott (B.l |2SP) 1309 291 30 
Elliott Grp. Peterborough It Op) 16 (18 '7} 
Ellis Everard (25 p 1 1009 100. 7UpcDb. 
6S ' 4 ® ■:* 

Ellis Goldstdn IHIdfrs.t (Sp) 25': 5 120.7) 
Eicon Robbins i2So) 91 
Elswick -Hopper (5p> 180. New *5P) 3*)9 
Elys (Wlmoledon) *25 p) 206® 

Empire Stores (Bradford) (2SO* 162 
, Emray i5p) 12i 2 0 (20*7) 

‘Energy Services Electronics OOP) 16*4® 



Holt (J.) 258 
Inveraordon (HldgSJ (25 p 
I rish distillers Gp. (25pi 
Mansfield Brew. 283 
Mars ton Thompson Erershed 

Morland S DO (177) ■ un. a. uni?) 

Scottish Newcastle UOo* . 63':® 4 3 : t British Shoe Coro". S-SoePf. 44' . 

4:-. S’-ocPt. 441- il971‘ ' 6 ‘-kP<. SO® i20 7'. 7Kln. 1985-90 

South African Brews. (R(L20) 789 9 «■:.! 63*. 

7KPf. iRII 38*-.® British SidJC TpePf- 46*. '. 

Tomatm (25oi 115 ! British Sugar Corpn. (S0P> 113 

Vairc Breweries i25di 116. 7i4K0b. 68'. ; Brit'sh Sronon Industries <20oi 60 -- 

•■20*71 [British Tar products alOpi S9 1191.) 

Wafnev Mann Truman Hides. 46 pcDo 51 British vending Industries HOpI 300 1 

*2071. 6>4PcDb. 83*4 <30.7 ■ 7a:Db British Vita i25o) 970 80 9 
64’!® *4®. 1 0'jpeDb. as «20I7' ape Brittains *25p) 27 *20 7) 

Ln. 66 I Brock house >25P) » So *20,. 1. 4.2Km. 

Whitbread A <2501 93® 3 4 2'j 3': 5 3r. : ai 11717) 

TpcSrdPf. 56 ta '- 120171. J.'aKDb. 85 : i Brocks Group HOP* 69 ‘■•'J* 

■ 20.‘7l 4 1'pcDb. 41 1 28*71. s -nc Db. ] Broken Hill Proprietary -SA2) 6870 80 

67?. 7 4bcDb. 67 (2071. 7*<PCLn. . 50 90 5 

1995-99 59 *20.'7i .Bran* Snsinjerlng Hld». '10pl 29* 

Whitbread invest. '25»< 940 l ^ .«Db ° T3?f P . 1*“ !* Acfc 

Wolverhampton Dudley Brewenes *25 di »•: - ' * 


2040 

Young Brewery A iSOpi 172. 
1 35 >20‘7l 


I Broo*e Tool Engmeerina iHHW.) *2So1 
„„ - . 35 :. 7 117 7k New ,25 pi 360 

aSOni 135 .20 71 I Brown Jackson '20ol 145 

CANALS AND DOCKS ( 2 ) ; grown gjg. ^..^oi 

*6 S «20-7| h * nn * 1 Shi ° ‘ 10B ' 5 ‘lg^ ?j^ U *4Q4(S 1 398® *403 ‘fo'^IO 11 

Manchester Ship Canal 223 *20.7 • 

Mersey Docks Harbour 24>- ‘a. 3 :ocDb. 

61 2® 5 ’aPCDb. 75 (20 71 


Non-»ig 


COMMERCIAL (2,453) 
A — B 


Bratnmg Ifirt * 4 74 .13:7). Restricted 
Bran tons 'oMrasefborghl [25 p> 70J [20/7) 

as r^r, w tsg^ 6 *'™ 7 ' 

Bulmer Lomh aHtdos.l *20 d1 SB i *.017) 
Bond Pulp Paper (2Spi 103 (20i7i 
Burco Dean i2Sp) 77. '20, 7) 

Burnett Hallamshire Hldgs. '25p> 198 6 . 


A.A.H. i25p) 101 118.7) _ , — ... 

Gloucestershire si, oc 91'. I AD ' I n*'e?^”'na P w^L*-'. < 2 7 Y® *20 7 I Bunw^AmJerMn®'^® ) 39 -17/7) 

Issiass.jiS’V* 0 '"’ .. issus-aas- .... - 

greenwich -London Bor."Oh_ o,)^ I V.-c > ,Wd uw ^nh^Dh' ‘oSt ! ■*&« '*,0pl 119* HOT). A 150.1 114 

. S ’:pclA!^ n Blo 6 s 2 ,; .iOp. 66 .. JB^CTb.eT.g® :*• BPCDb.65® 


Boroush Ftoat'bfl ■ African Lakes Cpi». 268® 
I aS , a 1 w5™ 1 8P!t. cc : Alrt« ln-xs:s. '200) SO':® 1*-' 

rnra' n'. : « u'.iSt? ' Airflow Streamlines <25p> 92 ® 

lough Corp. B'.K 94 120 7i i Aldan U.o) 13 119 4 ) 

outh Tyneside -Metropoliian Borough of) , Albright Wilson *2Sp- I 860 
i2*4Pc 49 4 i20.7i Alcan Aluminium rUK) is 


“I 

I 

1 

1 


IFy. Pd 1 97'a. 11 '.K (£50 Pc Pd 

Hammvrsmitn «T;pc 98*. '1717) 
Hemordshire S'.k 90':® '20/71 
79 1 , *17171. 6‘,pc 74 

Kamsmgton and Chelsea (Ravel Borough 
on 11 -<pc 100 *20 7* 

Kent County 9'^C 94-.® 

Lanarkshire County Council 9 :bc *9 1 
Leeds Coro. 7'-pc 99:„ '20 7‘ 

Liverpool iCltv of, 13:-PC 103v 120*7) 

Liverpool Coro. 3 ;PC 98*a (20 7i. 9-.IK 

94'. 4 

Maidstone Corp 6-'.pC SSU *20 '71 
Middlesex County Council S*4pc 91 ij 
Northampton Corp Hoc 96 s -20 7) 
No-:ingham Corp. 6pc 9a-- k '20 7' 

Oldham 
Rate 

Salford 

Slough' Corp. S'apc 94 (20 7i 
South 

‘ pc 49L .20.7) 

Southend-on-Sea Borough Council 1 2 PC 
97U 20 7). Upc 99 8>. (2® ?J 
Southwark Corp. 1 1 uec 98'- 
Sunderland (Borough oi) 12 >:pc IOO'i 
S underland Core. S'jPC 86 ! a 
Surrey County 6pc 91 '4 ^ 

Trnc and Wear County Council !2pc 98. 

I2pc rtss. at £98Lpc- — £50 Pd.< 49 
Walsall Corp. 9‘anc 98.-4 (20-7) 
Wandsworth (London Borough oil Variable 
Rate 99.-. (207) 

SHORT DATED BONDS 
FREE OF STAMP DUTY 
B'aPCBdvReO. *23'8'78l 99 '^ 1 ,. 6'ipcflds. 
Reg. *8'1 1 '781 99*i» 118 71. 7'.ocBcK. 

Reg. <10M,'791 SpcBds. 

Reg. 99*i; la 8*aPCBds- Reg (7 3.791 

99. 7 aKBdS Reg. I21J3.79) 9B**i. 

1 1 8'71. 10:,DcBd5.R*g. 99l>... 9'.BC 

C ds.Reg I2D 6 791 99*'» ‘1"7l. 9 ‘.PC 
dS-Reg. «27-6.'79< 99"-« *18 71. lOoc 
Bds.Re9. '2S.7 791 100*-® »v:® 

120 7) TV-acBds.Rrq. ,15.7 81) 100® 
vanvble Rate Bds.R*« ‘7.6 J7SPC-K) 
<27. '1 '32 1 99.639 99.642 *20 7) 

PUBLIC BOARDS (17) 

FREE OF STAMP DUTY 
Agricultural Mon Coro. SocOeb.Stk. 
(19SB-B9) 60*. 1 120,71. 5PC 11979-83* 
76 7. S':pc (1980-85) 75 (20171. 8nc 
(1982-721 70*. (1917*. 6'.oc (1985-901 

65 (17,71. 7'.K (1981-84) 8S 9’:°C 

(1981-941 91 1;®. 9*:K (1983-86) 86’; 

(18171 

Finance for Industry ISocLn. (19811 102®. 

1 4pcLn. 1)9831 10Si? ‘"i: I17J7) 
Manchester Mtg. Cpn. 7*apcGta.Red Stk. 
(1979) 96 I )8'7) 

Metropolitan Water Bd. MeL Wtr. 3PC B 
Stk (1934-2003) 28';. New River Co. 
3dcDb.Srk. 24 (1817). Staines Res. Jt. 
Cm. 3ocGtd.Db.Stk. 23': (18a'7) ' 

Northern Ireland Electricity Service. Nthn. 
Ireland Electricity 6’rpcGtd.Stk. (1981- 
1983) 81® 11817) 

Port of Ldn. Authority 3 pc Port of Ldn 
A Stk (1929-99) 20® (1817) 

COMMON YVE.VLTH GOV'TS. (9) 
REGISTERED AND INSCRIBED STOCKS 
Australia Com. oil 5>:PC 1975-78 IQDfs. 
5 * ?dc 1977-80 93‘a 120171. _ 60 c 1977- 
BO 90’jffl 90 7 pc 90 ’a t20*71 

East Alrica High Com. i Posts Tele.) Sbpc 
Stk. 73*< (2Q)7i 
Grenada 6 cc 99‘« *20/71 
Jamaica 7 '.kU. 97 V <20/71 
New Zealand 4PC 98. 6 K 941-9, 7 '.PC 

66 *:. 7'jPC 82 >: *2017) _ 

SO*. Australian 3 pc 25 (2D/7) 

Southern Rhodesia 2‘jDc 1 

1982 65 *20(71. 6pc _ 1976-79 83®. 
6 PC 1978-81 82 1 4 <20171 

FOREIGN STOCKS (2) 

COUPONS PAYABLE IN LONDON 
Chinese 4-:»C 17 a (19 7). SPC IGer. Iss.) 
17’: iTS 7a. Spc I92S 12*: II (19 7). 
5ocLn (Lon. Iss) 17'.- (19 7). Do. Drawn 
Bds. 17'.- *19 7). Spc Gold Ln. 1912 161- 
(18. 7J. 5PCLn. 18 : (19)' 

German Intnl. S*:PcBds. 410 117. 7j 
Greek 7ocLn. 1924 £46 (17 7) 

Ireland 7';PC 82'.- '4 HB'7, 
japan 6ocLn. 68 ', 118 7) 

African Derbt. 97 1- ». 119 7) 

Boots 6 'aPC 97-': *20 7) 

Chase Mannatlan Overseas Bnkg. 9 b 1 . '■ 1 - 
120 73 

.C.l. Intnl. F*n. S'.PCBqs. 90 'a V I -(20.7) 
Montagu Tst. 9'.0CBlK 99':® 100® 
ad ortga ge ( Bank of Denmark 5 'ape Bds. 

Rank * Or'l. 4 > 4 pcLn. 53 'a 118 7) 

Thorn Int. Fin. 7 k8oj. 98 V 7 lt ij 

1 STERLING FOREIGN 

CURRENCY BONUS 


I Abertcrn Invests. (R0.30) 1040 • / - "* , 7 c«i 67:. 

Aberdeen Conslruelion Group *25pi 8B Butterfield Harvey '2501 67 . 
Al^rthaw J»r-w-_—l_ Channel Port Cement j C f) 


CaCvns iSOpl UO 
Caister 7':neDb. 65 *9 6».0 
Cakebread Robev A 'IOb* *0 
Calor Gas Hldng. 66.: 11 8 71 


|C.GJ.I. HIdgc. Iiop) 24 - 5 .17,7) 
Caalelorm <5pi 79® •• SO 79 81 
Cadbun Schweppes a2SP> 55 f * 6 . 4 


4*t 


>25p' 146 *:i9'7< 

Abwuud Machine tools ‘So) 13': *17.7) 

Acrow <25p) 108 (17 7). Non-Vtn. A 

(25a) 83 6 ,20*71. SocC/nseC.Ln. 72 

'20 71 

Adams Gibbon -^Sd) 70-19 7) 

Adda Intnl. H0»a 43':® 4 i20 7) 

Advance Laundries 110*1 2S 

Ad west Group '2 Sp3 264 1 : 9 - 71 . Bpc , Cam lord Engineering *10n! 66 I19;7l 
Unsec. Ln. 1459 120:7). 1«-:oCUnsec.Ln. 1 Campari (20p, 1 250 6 


Industries ‘ (SOp) 


163:® 


7’aPcLn. 


1®. 9*c 


Unsee-Ln. 147 (20, '71 
Alexanders Hldgs. *5 p) 19 
Alginate Industs. (25o) 275 (18.7) 

AJJda Packaging Group (lOp) 92 (197) 
Ailebon* son* (lOp) 21 (19 7). 7 K Unset. 
Ln 37:0 (20.71 

Allen (Edgar} Balfour *2Sp) 51® 

AlHed Colloid* OOP) 699 8 70 67 
A[l,ed Insulator* t25p, 72 
Allied Leather Inds. i25pi 98 (17(77 - 
Allied Plant * 10 pi 15ij H«j7) 

Allied Retailers iIOpi 929 A. New HOpi 
SB®. 94.pcPf, 90 Ii® 20 
Alhed Suppliers 6pcln. 64 3U 117:71. 
6 H 0 d.ll. 50 : 

Allied Textiles (25pi 148® S3 47 

Almne Hldgt *5p, 66 :- 0 9(71 

Amal. Metar*Corp. 328® 120/7 k 5.4p C PI. 

42 *4 ;® I,:® ija/71 
Amir. Power Engineering *25p> 138 
Amber Dav Hldfl*. >10b) 41® 

Anchor Chemical I25b> 66 ® 

Anderson Strathclyde (25p) 710 69® 
Anglia Television Nan-Vtg-A «25 pi 80 
Appleyard *25 p) 97 

Aqutscutum i5p> 44. a (So) 42':® 3:9 
’:® 3 

Arenson IA.I (Hides - 1 HOP) 63® <20 ?1 
Arid Industries IZSn) 4 DC 


Campbell Isherwoed (2SP* '280 
Cam rex *Hldgs.i (20p) 62 I18'7l 
Canning Town Glass (25pi 64 
Cantors A t20p) 3* 6 * 1 8/7 • 

Cape Indus. |2SP) 124® 3 4. 

Caolan Profile Grp. (10pl 103 (20/7) 

Cspper-Neill (top) B0‘:0 KcO 80 

Capseab (Spi 44 

Caravans Internal UOp) 76 

Carclo Engineering Grp. ( 2 Sp 1 720 12017) 

Carles* Caoel and LebnardflOpi 32 

Carpets Intemat. (SOP) 57. BUPcLn. 52 

Car? Uohfl) (Doncaster' (25 p» 47_ _ 
Carrington Vivella t25p1 36'^Jf 7p 6 

*2071. 6 >^cPf. 48 1197). 8 pcPr. 59 

*19.7) 8/4ocDb. 70 V <1871 
Carron (Hldgs.) *25 pi SO (18'7) 

Carr’s Milling <2So) 50 *1917) 

Cartiers Superfoods New Ord. <20p) 70 

Cartwright IR.1 (Hldgs.) *10pi 62 (1B7i 
Casket *S.) (Hldgs.) II Op) 41 a2a-7i 
Castings «10oi 40 1 (1971 
Cattle's (Hldgs. 1 HOpi 39*:® 4Z9 t'- 1 
Cavenham 7nePf. 48 (18 7). 7’-pcPf. 48'-® 
(2071. lOpcPf. 951-. 9).ocLn, 71': t. 
lOpcLn. 7S(j i207< 

Cawdaw Indc. Hidas. >25oi 33 
C (woods <25oi 138 <.18 7* 

Celestion Indus. :5 p 1 32 
Celtic Haven iSe> 16 (197 ■ 

Cement- Rojtfaloru: Hldgs. '25o' 85 6 
I Central. Shecrwood (Sp) 65 
Central Manufacturing and Trading Grp, 


Arlington Motor Hides. <25pi 127® *20 7) iIOpi 53L-: V: 

Arm.tage Shanks i25pi 72® 3>j® 3 2'i jij Central Wagon 98® 90: 120.7) 
Armstrong Equipment (lOpl 62 (20/7) Centrewav iSOm 23S I I19l7) 

Ash Spinning *25 p) 42 ] Chamberlain Grn. i25p) 46 

-- - - Chamberlain Phipps UOpl 412»- 


Aspro-Nlchofxs S-NpcPf. 41 (17.7). GUpc 
Db. 86*4 H7.7 > 

Assoc. Biscuit Mnftrs. (20*) 75. 5-apc 
2ndPf 54 (207). 10'iPCLn. 77'j:®. 

6 ’:bcLn. B2tO 

Assoc. Book Publishers *20p) 222 1 
Assoc. British Engin. ,)2'y» 6-. /)8'7) 
Assoc British Foods (Spt 64 (19 7). EUoc 
Db. 73V. 5 lOpcLn. (50P1 22'; (207). 

7 ';kLx. 87-2C02 (50p> 29>: f20-7) 
Assoc. Daries *25o) 243 32 42 35 40 1 
Assoc. Elsctrical Inds. SpcDb. 80® 791,® 

*20,7). 6 VocDb. 63'^* -,® 

Assoc. Engin. (25p) 109® S',® 9 8'-. 
llpcDb. BB 1207) 

Assoc. Fisheries (25*1 41® 39® 44 2 3. 
BVpctn. 541- [20/7) 

Assoc. Leisure (5pt So»;. 7’,pcLn 5?'.® 
Aisoc. Newspapers Gr*. ,<2 Sb) 1630 4 

Assoc. Paper Indirrt USp) S7'i® 8 (20.7). 

5'xPCPf. 37';® (20'7) 

Assoc. Sprayers (10pj 45® 

Assoc. Television Corp. a (25p) 117® 15J 

Assoc. Tooling Indus: (25m 32 (18 7) 
Astra Indust. Gr*. IIOpi 22® 4 3', *20i7> 
Aik, ns Bros. iHoSlery) a2S*l SO (V7,7) 
Attwood Garages «25ol 30 izo.7) 

Audio F/delltv ( 10 p( 290 i2D/7t 

Ault WJborg Grp. i2Sp> 37 V 

Aurora Hldgs (25 pi 91® 90. New (25p> 

Automated Security (Hldgs.) (lOp) 94® 
s>- a 9 s s: 

Automotive Prods. (25p) 84(-r (207). 
New (25 p> 84 (18 7). 4.5SPC2ndPf. 
47V. BpcPT 94 S*j S 4 (. <1B.7) 

Avans Grp. (Sp) 41 la® k 2>- 2 1 *a 1. 

7pCPf. 49 11871 
Averys (25*) 160® 

Avon Rubber 211®. TVocDb. 66 (187) 
Ayrshire Metal Prods. (2So) 44® 

BAT Inds. (2Spi 313 15 171 16 19 17 
13. Old. <25e> 264* 5* fi® 3‘* g® 2 ® 
2 I 7 : 8 60 70 64 58 
B6A Cap. (25b) S5 (20 7) 

■IgC (SOP* TIB 17 16 19 23 20. 7pcDb. 

BL ?50p) ZOiO 192 
BtMC^fttttn.JIW.g. 9 (20 7). 6.1p e Ln. 

72 (19 7). . ncLn 52 BpcLn. 51 

Ortr 5 *. 3 so: ‘207*. 7*.oeLn. 55 a 6 ' ; 5 ® 
BOC Intnl. i25pi 72 'j 3 4*- 2 Boclnn 

W. 29':® (20 7). 9«<Db. '64V (19 71 
Do. 1990 ait, 1197 : 0 4 KU7J. 

B f?ei nd i <S0 °' 223 ® 4 * 4 7 - 7‘aPcLn. 


C a‘l77? 0,,er5ea5 f,ru "“ NY 92V h j ®j|“, M 'f“* 7j A <25p, 51 *1771. 6 ;pcLn. 


finance lor industry IOpc 94 '* IIS 7i 

Rowntree Mackintosh 89’« (18.7i 

FOREIGN RAILWAYS (1) 

Sartos *Citv of) 60 (18 7' 

GK RAILWAYS (4) 


iBSG lntnl. noej 40 ■•,<0 1 t, f 
• 12';KLn. 101 ‘-9 ■: f20 7) 


! j: 2 *. 2 . 


“0)7®” 944 94 5 ’ ; 7 - 5, -‘ >c1 -''' 50:® 

BTR iZSpi 2910 

W,lco * {2So1 132 3 - 6ocPf- 

<2Q;7) 

BaEI^v cc, K.j MOpl 5»* 


C W1" H** 1 85:0 '4 ViS 

RANKS (16^ H! ^‘ 96(1 ‘ 


Allen Harvey Ross 305 295 i20/7) 

Allied Irish Banks (2 Sd) 201® 

'sssr7^, ,h s,7!"‘ ,ss ' ,6 ‘> "■*>- 

A .'S?," , 2I ar 9 

B USS2S: Amenej CDron - *iusi ,S725i 
Bank ol" Ireland 3959 7 
Bank 01 Montreal .C 12 ) 1 fi 

S an b °i*e N ^T a 5cotia 1 CSI 1 id’ife H 9 7 I 
Bank ol Scotland 1 Covet nor 1 288® 

Bardan Bank 320® 20 3 2 : 9 s 5 : 201. 

17* 18. 8 ’iPCLr.. 71 ® ij 1 . 
Brown Shipley Hldgs 227 $>, s (20 7 » " 

C S in 20-‘- n,Denil Banl1 01 C ° mmerce 

Ca -, t S r w, Rrt r 2S0 * '2017). New 2559 
(20 7). SocPf. 351^0 120/71 

Citicorp "USVJ- 20’: (2D ’7) 

Cli»e Discour.t Hldgs. i20b> 77 (2017). 
S'.pcPf, 939 12017* 

Commercial Bank ol Australia /Lon. Reg.i 
<AV 1 ) 211 117(7). Ord. 'In. at 541.75 
ASl Pd.) (AID 140 117(7) 

Fraser Anstucher HOP) 9V li 1 1 7f 71 
Gcrrard National Discount (2Spi 1 76 
(20 7) 

Gusbs ( Antony 1 Hldgs. I25pl 46 *20.7) 
Gillerr Bros Discount 2259 (2D7, 

Grind lavs Hldgs. i25p) 117 
Gumnru Peat (2501 238 30 4C 
Hambrtx (25ci 1680 

H4I. Samuel (25n) 92* 89® 90. Wrnts 
tn^wbKnbe IV (2CI7L BbcLn 65'. 

Hongkong Shanghai (SHK2.S0I 322® 19 
ZD 17 


Barnhart Stores (TOpi 84* 

Bamiordc ( 20 o) 31* i20,7I. 

Bank Bndgr Go. <5pi 2 >: a20’7( 
farget (25«) 28': 

Baker and Dobson HOpi 1 1 is* 11 10'<. 

IZlKLn. 88 (17i7) 

Barlow Rend (RO-IOi 217S 21 
Bariqws 120 

Barna^orr Jute Factory SpcPt. 105 97 

Barr and We/lare Arnold Tjt.' (2 So) llta 
13 (20-7). A (2Spl 110 ( 1 8,7) 

Barratt Dcvpts ( 10 o) IDO 98 7 

Banpw Hepburn Grp. [ 2 5p> 29 fi 9 7). 

1 2ocLn. 78 ii 8 7) 

Barton Sona ( 2 So) 56 (IS 7) 

Bassett (Gpd .1 Hid PS. (ZSpI 1239 6 
Bath and Portland Grp. *25p) 74 3 ■ 1 S -7 1 
Batlays Of Yorkshire (10p> 62 (1 B'7) 
Beales Uohni .20p. 75 
Beatson Clark i2Spi 187 i19 71 

A *35P» 124 l20‘7tl 6 PC 

Beckman *A.i iIOpi 751 . ( 1 a. 7 , 

Be-Cham Gp. (2SPl 6629 6 ® S 8 70 64 
I?" , fiB £ l : n ' .I 8 i 6 *«BCLn. 79 119 7*. 
8 jpcLn. 71 a 17.7*. SpiLn. 258® E 
Belam Go. i10o> 70 2 
Bdqrmae -Blukhe^ih' -25»' 34 *17'7a 
Bell Canada (SC25- 39!i t17.'7i 
Bmnroso (2Spi 6 b® *20(7i. 7'-pcPf 46® 

Benlox Hldgs. i20pi 20-*i« ij 1 20(71 

Bcn n Bros. i25p1 76 

Rentalis nom 16 '- 6 

Bcntlma Industs. (ZSpi 24’- *13171 

Bcvk^Gp. f25m 159 8. SpeLn. 95 4 

Ben sf ord 'S W.i <25pi 144® 9 7S 
Benslordl l25pi 57 IIB' 7 i 


Chamberlin and Hill (25p> 500 

Change Wares > IOp' 20 '.- 

Charrlngtons ind. Hides. 10'«peLn. 82 VO 
1 .9 1 ® 

Chloride Gr*. (25pi 114 1S_ 

Christie, lotrnuL OOP' 110 
Chrlsile-Tvler (lOpi 76 
Christy Bras. (2 pp> 490.50 
Chubb and Son (20b> 12b S'jpcPf. 49 
i18.'7l. 8 >.-pcLn 70-. (19 71 
Church an<| Co I25 p* 165 <18,7 1 
Catv Hotels Grp. I 20 p) 120 . New ( 20 pl 
1 249 1 

Clarke. Nickolls and Coombs (25 p* 67 
(19.71 

Clifford's Dairies i2SP' 54 (207*. A 
Nor.V *25ni 45 (2D'7) 

Coalite and Chemical Prods. >25pi 67':® 7 
8 *; 

Coates Bros. (25PI 73 2 (20 7*. A Non V 
(2Spi 72 (207) 

coats Patonj I25o> 73 2 2 1 1 . 4';pcLn. 
34 :® 4t_tro.7i 6-VocLn. SI a. 120 7i. 
7“BtLn. GH;:® '.O *s 2 1207* 

Cohen 1 A 1 (2Gp* 154 Cl 97 > 

Cole *R. H.1 (25P> 116 1197* 

Collins iWilllami Sons (Xldgs.i (25o> 129 
(177). A Non.V. (2 Sb> 128 5 iT9.'7i 
C olmore Inv. (2SP' 31 I18l7i 
Comben Gro HOpi 29 >20 7 1 . 7*<ocLfL 
67® *20.7i 

Combined English Stores Gr* ri2'-Di 10O 
Comet Rad'ovlsion Services iSn> 128 7 
CompAlr (2 So) “5’:9 3'- 
Compton CJ ■ Sons and Webb I Hldgs 1 

(20p> 34i- 

Concemrtc IIOpi 429 19 3*« 1*: (20171 
Construction H'dgs. <20p) IDS'-® 49 
Corner (Frederick) ,Hldgs) HOpi 18*j. 
•19.71 

Cooper Industries ilOp) 200 

Cope Allman Intnl. (Sp) 63i.® 2=:® 3 'at 

Cope Sportswear ilQp) 100 *2071. 
Cooson (FI ,5p) 14: *20/7) 

Copvdex '10*1 32® (207) 

Corah i2So) 35 : 35® 

Coral Leisure OOpj 940 S':® 6t*:® 7':®. 
6':® 4 5 6 

fory (Horace) i5p) 25 (207) 

Cosalt i25o) S3® 6:«. New i25o) 540. 

Csriain' 'Richirdl (25p) 1«S® S 8 90 84 
92. New (25DI 184 (19 7) 

Courtryi'ids Frtipf (5o> 

CiHiriaulds 25Dl 113 17 : 1 ? 21 . 7gcDb. 
73'. *. 7'aPcDB. 68 *® BijocLn. 

S3;® 1207). 7iu>cLn. 59® i.® 9t 

Courts (Furnifhersl N»V A i25g) 1 1 0 
row.e IT.l i5ol 40 (197) 

C rad lev Printing *10*) i8 1 1 37) 

Crav Elerrronles HOpi 2fi': (17(7) 
crellon Hldgs. -10s) 17® (2017). 12PC 
Pfd. (IOp) 15'r 17 (20 71 
Crest NKhdlson (lOo) 82') 4 1 
Croda Food Ingredients Group 6 VocOb. 

69 j j8 709 , 

Croda IntM. *10 d) 55^:0 6 5'j. lO'.pc 
Ln. 76'?:o 

Croda (UPOC) 7pcPf. 52* 

Cropper ‘James) >2Spi ft 5 M7 7> 

Crosbv House Group 159 (17(71 
Crouch (Derek) *20*1 95 (20*71 
Crouch (25»i 69 (20/71 
Crown House <1 So) 589 
Crystal 1 re (Hidgs.1 (5pi 27':® *207) 
Culler’s S<orc< *20 b1 114 |19 7). A 

N-V (2Qoi 115® 22: It 19 20 
Culler Guard Bridge Hldgs Z5 p) 254) 
6* 4 «-9 

Currvs *2Soi 191 90. 6*:pcPf. 47;o -20 7i 

Dale Elee. Intnl. <iO«i 156 
Danish Bacon A no 

Dartmouth Iny. (Sp) 199. New (Sp) 40 
3k 3 pm 120 71 

Davies Metcalfe A.Non.V <10pi 26 n9.7i 
Davies Newman Hldgs. >25pi 130 
Davis *Gi i25o< 949 6 5 
Daw Intnl. 25p> 254 62 
Dawson intnl. (25 b/ 14 fro 2’-® im 40® 
3J*9 38 40 1 39 40? *• 37 ■: 42. A 
‘20p> 143 40 IT. 7pcDb. 67®. 7';pcDb. 
60i; *19.7» 

De La Rue *25*i 350 5 60 

□e Vere Hotels Rests. <23pi (SB® <20 7 1 

Deanson ilopi 38:® 

□ebenhams i2Spt 90® 86':® 9 go | 23 . 
51-ocZndOb. 80 *20 7*. 61 -pcLn. 60ia® 
•?£?>■ ,„ , ’*PF Ln - 56: (28.7). lipcLn. 
102*; '20 7a 
Occca A (ZSp> 4 03 
De' son 1 IO 01 26: (20.71 
Delta Metal iZ5p) 71 2 4' 1 pcP1. 32':. 

7-'.PCDb. 7D>.9. 1 0 VpcDb. 86*. 

Defvn iZOPi 16 *20-71 
Denbyware i25pi 85® (20-7) 

Demid y 9pcxn. 84 :• 

Deri tend Stamping <S0p‘ 1 50 (19.7j 
Derrtiron HOpi 1 7 ,20 71 


, _ (Wellington) (5p) 28 

*20 7) 

English Overseas Inv. (TOpi 26'j (18,7) 
English Card Clatnmg 12 5o) 82 
EnQJiSh China Clays <25 p) 759 41; 5. 
7 ijpcDb 66'; (177) 

English Electric 7pc0b. 70 (16.TJ 
Epicure Hldgs. (5 pi 1 4 1 • (19.7) 

Erlth (25n) 90 (187) 

Esneranza Trade Transport (12>ab' 139 6 
40 <17 . 71 

European Ferries <2 Sp) 1 329 1 >a® 2 *j 
30*; S': 4*- 5 4 1 u 
Eurotherm Intnl (10p> 161 4 3 (20 7) 

Eva Indust. 12 S 0 I 96 

Ewer 1 George) (IOP) 40® 33i:T® 

Eve al >bur jewellery iSp) 16®. 11. SpePf. 

115® 

Exchange Telegraph (Hides. 1 <25p) 106®. 
*207) 

Expanded Metal (2Sp) 71 

FMC -25P> 67 70. 4.4PCR1. 57'j® (2Q.T). 
S.45ptPt. 52 

FPA /Cons. Group I25p) I4*a 
Falrbalrn Lawson (25pi 57 
Fairclough Construction Group (2Sp) 70® 
(20.7) 

Fairdale Textiles A iSp) 18 >187) 

Fairy lew Estates MOP) 114i 3 ® 120(7) 
Farm Feed Hldgs. -25 d) 52 
Farnell Electronics >20pi 2939 4 
Federated Land and Building (25p) 42 
Feetfex (IOp) 30 

Fenner (J. H.) (Hldgs.) CSo) 149T 
Ferguson Indus. Hldgs. (25p) 122 
Fertleman iB.) MOdi 24 ils>7) 

Findlay (Andrew R.) <25ai 43 
Fine Art Developments (So) 55 41a 
Flnlas Hldgs. '50P) 105® (20.7) 

Finlay (James) -SOpi 343® 

Flsons 364® S® 2 60: 5 3. 6pc2ndDb. 

SSI; '17.7). S^ilXLn. 45 (1971 
Fitch Lovell *20 p) 62') 3 2 
Flexella Castors and Wheels <25n].54. 
■1B-7) 

Flight Refuelling (Hldgs.) (250! 174 
Fluidrike Engineering *2 Dp) 82® 1)9 l- 1 
Fodens iSOpi 65® 3 5. lOpcPf. 242 (187) 
Fogarty *E.) >25p) 1309 
Folkes ijohn) Help (5P> 27=; n»7). Non 
V Ord. (5p) 26*i® . - 

Ford International Capital Coro. 6pcLn 
82 (20 71. 7 UocLq. 971-0 (20 71 
Ford (Martini 1 IO 0 ) 29 
Ford Motor ISUS2) 35V Br. Deo. Receipts 
180 <20 71 
Forminster <10 p) 153 
Forward Technology 

Fom-co Mlnseo *2Spi 1689 70- 6 l.pcPf. 
46 fl9 7) 

Fester Brothers Clothing *2 SpI 129® 30® 

Fotherglll and Harvey (25p) 102 >18/7) 
Francis IndS. -25p' 71 69 
Fran®* Parker I10a> 16® 14 
Freemans London 'SW9i (25ni 322® 6 
French Xlav Hides. *25n* 33 
Friedland Doggart Grp *2 Sp) 97® 9 (207) 

G— H 

GEl Inti. (20o) 91 
Galltford Brindley (5p> 55':® 

Garford-Lllley Inds. (5p< 131* 

Garnar Scotblair i25o> 970 
GSton Eng. OOP) 84 (20,7) 

Garuns 1 IO 0 ) 8 (19/7) 

GMtell (Bacup) *20p) 111 19.71 
Gates (Frank G.' (25p' 49 (I9i'7i 
Geer* Gross (10*i 44 I19;7i 
General Electric (25 p) 269® 7 6 5 31 73 
70t 2 69*;t 70 68 St 74 1. 6pcLn. 
770. 7*aPCLn. 65 *19,7). 7-*4pcLn. 68V 
•19,7). Floating Rate Cap. Note* 991; 
Gen. Enp. (Radcllffe) OOP) I7i- 
Gentml Motors Cpn Dep. Receipts 235 
*19(7* 

Gesteuer Hldgs. A <25P* T67® 5 6 (20.7). 

IQpcLn. 116 (20.7i 
Gibbons Dudley (2Sp> 79 81 
Gibbons {Stanley* Inti. f25pl 171 *1971 
Gibbs and Dandy N-Vtg. A (10pl 31 (18’7' 
Giddmos and Lewi*. Fraser 4VpcLn. 61 
*20/7* 

Gieves Grp. «2So' 87 
Gill and DuBus Grp. i25o> 148. New (25p> 
13 B 

•'Itspur HOP* 59*- 

Gtas* and Metal Hldgs. IIOpi 7SO (20.7i 
Glaxo Hldgs. J50 p> 571® 67 76 8 70 5. 

7'jpcLn 1191; 20 18'- 
Gleeson (M. J.) (Contractors, < 10 pa 39 
Glossop iW and J ) (25 p< 64 
Glynwcd (25pi 100 2 1 3 4 . lO-'apc 
_Un«ec.Ln. 84*4 :. BpcUnscc.Ln. 69 
Goldberg ( A.i San* izspl 720 5 
Gomme Hldgs. *25p» 72 
Goodman bros. Stockman (Sp) 11 <19 71 
Gordon Goto, Hid os. (25pl BO® I® 7 ® 
Gordon <LuU) Gp. <10p) 2SO S (21/71 
Gough Bros. (20p| SO *1817* 

Gough Cooper ,20pi 75 6 
Grampian Hldgs. *2Sp) 57 *21:71 
Granada Go. A I2spi 106 7 
Grand_ Met. i.50p> 108*:® BIO 8 's IT*, 
9i- 11 12 9 10 7 l; 8 13 10i- 7S. 
Do. Warrants to sub. lor Ord. 7‘ 6 *-, 
7*;pcPI. 83 117 7). 8 >:PCUnsK.Ln. 96‘.® 
IppcUnsec.Ln. 30'a 7 9 lat 
Grattan Warehou:es rzspl 120 ® 19 
*S!,. U l ,w,r ! ll .. iw, ri *.2Spi aao® 4. 
SI' 7 * **«■ , A <?5pi 284 671 8 90 2 7oe 
SHv R V. ! ' 19 7 l 5 VpcUnsoc Ln. 38 
H9 7i. SVpcUnsec.Ln. 64*. 

Greenbanlc Inouslrial Hldgs. (IO 01 49 

Greenteld ^Mdletts <1001 49® (21/7). IOpc 

Gnppcrrods Hidnv (10 pi 41® 3® (21 7 ) 
Group Lotus Car Cos. (IOp) *6 119, T) 
Guest Keen NetUefoldK 264® 2 4 7 8 3. 

6 pel) nsec. Ln. 7Qi,t® «;i® a 
Guest Keen Nettiefoids Ol. K.i 6*-ocDb. 
65*; (21 71 . 7HPCDb. 691- C21I7). 10>;pc 
Db. 94 ta® *21.7) 

HAT Gp. * lOpi 36 

HTv Go. Non-Tta. (2fipi 1 ID© 

Haoen Carrier <2Spi 97 
Haggas (J-l OOpi 112® 

Hail Eng. iHIdgs.* (50p> 104 5 
Hall IM.I (2£p* 220® X <21 '7* 

Hallam Sleiflh Cheston (lOpi 33 i19(7> 
Halma MODI 67® H (2T.-7I 
Halstead U.» (Hldgs. i »10 p* 22*:® i2i*7) 
Hampson Industs. <5 pi 13 V i2i;7i 
Hanger Invests. H0p> 48*; 9 
Hanimex iVkO,25i 82® i2l,7l 
Hansen Tst. (25n> 130 4 T. 6';pcLn. 81 
<1817, 

Harpy 1 Furnishers! A (rest. vig. 1 (2Spl 25 
<19:71 

Hargreaves Go. (20p, 57';® 79. 10'-pc 

Db. B4® 

Hams Sheldon Gp. 12SPI 52 
Harris 1 P .1 (Hldgs.* *20pi 73. 7!:pePt, 42 
Harnson iT. C.l <2Sp, 108® i21(7i 
Harrisons Crosheld £51:9 la® V 
Hartwells Gp. r25e1 98 (18/7’. New 

<2Sp* too 

Hanker SlddelCV Go. <25P< 21 SO 12® 17® 
16 20 12 14 22 1. 5*:*cPl. 43 2V 1 . 

<19 7a 

Hankins Tapson iZ5pi 71 iZl 7i 
Hawtin (Spi 10'; 

Hazicwtxms (Proorleurvi <20pi 74 <21 7i 
Hcadlam Sims Coggins rspi 49 t2l(7i. 
New 1 Sp* 16® 

Heionr ol London dDp* 20 V 
Helical Bar a25pi 39 a19 7i 
Henderson-Kenton (20p) 95 
Henlys (20*) 123* '■* 

Jfenriques lArthun non/ is >20 7> 
Hepnorth Ceramic Hldgs. >25 di 86 7>: 
Keoworth (J.) Son (IOpi 65 (20.7) 

Henair (25pi ioa*-® 3 

Haywood Williams (SOoi 1250 3 
Hickson Welch (Hldgs) <50 p) 193® St. 

8>;PCl/ns.Ln. 65*:® 

Higgs Hill (25PI 85 

Highland Electronics (20P) 38*t 9 

Hlfi Smith C2SP1 81 1; 

Hinton (Amos) Sons OOP) 86 
Hoffnung IS.) <25pl 89® 8 
Holies *5pi 66 

Holt Llord Inlcrnatio-tai (IOp) 153 50 
Homtray <25*1 45 41- 
Hoover A (2501 2900 
Hopklnsonf Hldgs. 7p<PI. 45'; (20 7) 
Horizon Midlands C5p) 99 100 
House of Fraser (25p) 138 40 1. 8 Upc 
L n. 64® 

Howard Wvndham i20pl 29'-. ISpcLn, 

J.OO’r! 

Howard Machinery i35d) 24® 4 
Howard Ycncns Services (25 ri 31 ■; 1 l.t 
'.1 

Howdcn Gro *25o) 71J 70 'j 69 
Hudsons Bay 1E*i, 

Hulett'i Corp. (Rli 94 (19 7> 

Humflhrics Hldgs. (25 p) 12*:® 

Hunt Motcroo <5pa 2S'j® 6 5> 

Hunting Associated <25p) 195 
Humlolon Grn. ilQnl 129a 33 
Hurst (Charles) r2Sm 70:® '•:* 

I — J— K 

I CL 336 4 2 22 16: 

IMI iJSbi 6l'j® 80'; 1 2 1*5 3 
ITT Distributors B-pcDb. 73® 
bstock JDhnscn *Z5 d) 170 i20 71 
Illingworth MorraS 1 200) 311: 2 < 20 , 71 . A 



IQ.&ptLn. 


Impcnal Group, . 

4pcLn 88. S'-peUn- 74', 4, 

83. BncLn. 72 
Inca Class A 1^ » 
industrial Newsw.PC»6pcW. 40 

Mm*’ Standard _EI wr« .Con. 5’ :P«Ln^ 69 ':® 

■iSSJra?. SB, •’ 

J8 Hldgs. IIOpi 62 lOpcw. 93® 7® 

120,71 . V- 

Jack* iwm.i 1 2 Spi 26 , 

Jackson U »*« H- «• » ‘So* 26® La® 7 
<20.71. IOpcW. 100'.® i20f7) 


ii a5 nV*) n A 

*II?nirti^Brw|im 9 5^ 7 5 *4 1»TJ» 
i 5 cari»oroi <23pi 02 tf7,Ti t 

Weasunm* rtp* 62* 1 

Picsae* (SOP' 97® 4 S 
«W9 tlOB) W 9 0 . 

Psiiv Feck tmtUa.l OM »».• 

Powmarfc Intwnat OUI - <, *2L.- 
Portal* Hld9fc i2Sbi 2TB <»0.7v BncLn. 

Pommooiii Sunderland N«wSP*P«f'* <25P* 
Ksa rti 7) 

Porvair (25P) TO? C2*7’ 



trraEs Htdsl (1^ W- 1fl.5xPl.1W? 

BrqitlBD Gro. (Z5e> 162 I J’ 

Preterm Portland Cement if? J!?' 1 

Primrpde InaustrUl I HWos. «II0 JO* 71® 
Pritchard Scrvii.cs fcilW “■ 71 

i Proonrfgrs Ol *•«»* 1 36 7 

I tse Hldgs iSSpi 90® 89® 

! pyramid Grp (PoMNher** IW * 1 1 IB ' 

Q-a-s 

Queens Moat Home* iSPl 40 1 :t 

IH and J-l »l°J» *1’:*- ’<W* W 

95 119 71 


Jamaica Sugar Estt I25 p) 13 119 71 

James (Mauncc) Ind*. 12**® 1- u iiT'Ti 

Jentique Hldgs. *25 d) 23® ^* ' R C F. HldQl. (-5P* 3® ' ‘ 7 •' 

JMMDS iHidpvi IlOp) 33'; I R.F.D. Gm (10b) 67 h®_ 6’: 

Johnson Borne' *t2*;pl li 1 -® | Ratal Elrcfroiiics f250- -53.® 5 4 *^1 

Johnson Firth Browr. C2SD1 62 3 !.*• 11 PC 64 51 2 635 * 60 S6 

,i iiVZ i « 95‘: SSB ;1«, 

0!BI “■ 

K Shoes (25P) 66'.- 4 . fri.-pcDetk 1984. un-' 47* • ”917). . lOVPCLo.-aO'/ 

-- - Ranks Hp«* McDoirw! i2S«t !»•* * . 

t 4 5 6*spcLn W.-Bcvn. < 1 : 


1 939 68 

Kelsev Industries (25*) 95. lOPCPI. T02 
Kennedy Smalo (IOp) 33 i« (20*7) 
Kenning Motor Group (2 Sp> 71 •- (20(7) 
Kent (M.P J (10c) 34'] 

Kode Inttmationat (25fi) 144* 3 5 6 3 
Kwik-Flt (Tyres Exhausts) Hldgs. (IQs) 

Kwfic^ Save Discount GrouD (IOp) 70® 7 

L-riVI 

L.C.P. Holdings (25 p) 85. New (25o> 
15® 13':® 14 15 15: <<t 
LRC international (lOo) 36 S 7 
Ladbroke Group OOP) 160® 57® 7 5 B 
4 64. Warrants to sub. lor Ord. 76 7'; 
Ladles Pride Outerwear 62 
Lahm Uohni Son (2 Sp) 180 2 (20/7). A 
Ord. 180 ao: 1 

Laird Group (25b) 87':® 8 90 '1 8 PC 

Cny.Ui. 1988-93 (25p) 92 3 
Lake Elliorr (25A) 52 
Lambcri Ho worth Group (2Qp) 41 
Lane 1 P .1 iIOpi 54 (20*71 
Laporte Inds. (SOB) 113® 14 13 U 15 
Load Inds. iSOpi 144 (20.7) 

Leadcrflush HOP) 21 
LcboH 'lOpi 469 ':9 
Lebus <25 pi 38 
Lee (A.I nzi;p> 2H: 

Lee Cooper i25oi 121® 3 
Leech i20d) 84®. Qo. New 10 
Lees UOd> 40® *:9 

Leigh Interests (Sp) 159® 60® 60. Do. 
New 1630 56® 

Letehre Caravan Park* 110 * 1 . 1 30 
Lennon* HOpi 349 5® 3 
Leaner Products ISp) 78 <20'7) . 

Utraset Inter. (IOp) 135®. 44 3: 

Levex (5 di 7*j New <Fv. Pd.l (Sp) 6® 10ij 
Lewis's Inu. Trust 6ly*cOb. 66 a0'7l 
Lex Service i2Spi 61 2': 80*- It*. 'Second 
series wrnts. to sub. 280. a'.-ocLn. 51*. 


Liberty i25d) 147. Da. New 146 (20/7.1. 

NV (2Sp) 140 
uileshaii (20n> 35't (20/7> 

Lllley a25ai 69® 8 
Llncroft Kllgour (10pt 51 
Lindsay Williams (2Sei 54® 

L Industries (25 b) 142*j® 2 3 
Llrrfood >25p) 147 3. Do. New 1309 30. 

1 2pcLn. 102'-® 3>9 is 2*j 
Unread (2 Sdi 35- 7UpcOA. 61® ta® 

Llovd IF. H.) HldOS. (25 p) 69 
Loo don Midland Indust. (2Sp) 87 
London Northern Gro. C2SP) 290 30 1 *«i 
London Brick (25p) 62'- 3>J 4 2 S'- _ 

Lonrho (25o) 56'?l» 7 8 S'; '.-i 9 60 59 * a [ 6 Ti.' a 
i a L BocLn. 81-86 66 fl8.7l * Rotork (IOp* 138 (19 7* 


<18171. 8'ppcvn.- 721» (2I'7» .... 

Raaisome HoBmaM Pollard (25m 55'-® 
4--e u CpcLn. SI . 

Ransomei Sims 4 Jofcrieri 15s 3 
RatClIffC. (F S.« Imm. «2Sol 69 70 I17.7i 
RatdllK (Great Bridoei (JSp* 86 
Rat ners Ijeweneni <10 p> 64 5 
Ravheck (10PI N|-g 5 'j 6'j 7 B»J. Wrrts. 

Rrarfkuc 7 (5 p(_J*'j® 9 T 40'.-* 5 -<pc2nd 

Read v h!«| 7, Concrete fj S p) 1 1M*.- 3 ,4 
Reckltt Caiman <50 p» 480 5 2. 5n<Pt 40® 

5a^ R ^SJ a 8i« 75 t2lo» ,, |? 

50 

117(71. 7 G dc D eb. 65 
Redman Heenan Intnl. (IOp* 58 
Reed 
Read 
Reed 

Deb ... 

Ln. "37®. 7'rpcRod.Unscc.Ln. 51®. 7': PC 
Unsec.Ln. SB. lOpcUnsec.Ln. 7«J 
Reed Publishing Hides. 4J.-DCUnMj.Ln 
30:« (20.7*. BacUnsec.Ln. Gi*.® 31 -::# 

Rreo '(Wllllaml Sons *25Pi BS . __ 

Reliant Motor Grp. <5P< 

Reiroit pb.w.s. >2Sp> m nay. 

Renold 124 2. BpcDeb. 661- (17 7*. 7‘ioe 
62':® (20 i7i 

Revertex Chemicals l25pi 64 i«* .-a: 3 . 
RtxqiHa (25p) 80® I*!® 

Ricardo Eng. (1927* i2Sp> 192 (JOT. 
Richards Walllnoten Inds. <10p< 79. 7 '<pc 
U nsec.Ln. 80® < 20 , 7i 
Richardsons West garth iSOpi 62 (I8i7>. 
6pcUiHeC.Cn. 82*i (20.'7< 

Rlx (OKvcri <5p< B-riP 7';. 7‘.PcDeb, 143 
H8 7i 

Robertson Foods (25P) 12* 5. 10*;PCDeh. 
85 (18/7) 

Rockware Gp. (25pi 129 8 87. 7pcDb. 

60® >a® 

Rolls.Rovcc Motors Hldgs. (25p) 97'*® 
9H 100*.- 1 100 98 

Sooner Hldgs. <2 5pi 40‘; (20.71. A 
(2Sdl 40® 

Resg.ll HIPQS. *5pi 17 117-71 
Rotalle* (GBi ODui 51® 

Rotaprint tZOpi 42 3 t ■«: 2: i207* 
Rothmaiw Intnl. B (12*ipl 57*:9 7® B*i 


Lookers (25p) 63 
Lovell lY. J.) (Hides.) I2SP) 87. 8'aPCDb. 
72» Mi 

Low Bonar Grp. CSOo) 168® 70® 67 (20 7] 
Low (and Drapery moot. (25o) 50 
Lucas Indust. 306® 2:® S« 30 7 8 5 
15 9 11 16 17. 1 0AipcLn. 81 ‘a (20.7). 

6>:ocLn. 118 20*; 

Lvon Lvon (2Spi 79® (20.7) 

Lvons UJ 920 90 1 2 

IMFI Furniture Centres (10o) 110 12<; 

M.K. 2 Electric Hides. (25p) 194 1 3*j 3 2. 
7'rocLn. 681:0 *• 

M.L. Hides. 1250) 1329. a hoc Db. 67*.-® 

McBride (Robert) (Middleton) Cl Op) 144® 
200® 1® 140® 59 99® 90 205 
Macfarianc Grp. (Clansman) (25o> 68 
Mackay (Hugh) (25 p) 430 (20 7) 
Mackintosh (John) 4'apcPt. 35® (20/7) 
Macpherson (Donald) Grp. (25p) 71 (1 97 1 
Magnet Southerns (2Sp) 1979 S 8 
Magnolia Gro. (iwiouTdines) Cl OP) 10S 
(20 7 1 

Mall 1 nson. Denny (25p) 49 

Management Agency Music (TOo) 74 

Manchester Garages HOpi 33*.-® " '' ' ; ' 
Manders (Hldgs.) (2Spl 9l® 6 
Manganese Bronae Hldgs. (25Pl 79*- (21 7) 
Maple (Hldgs. 1 (IOp) 18® 199 IB. 

1 0 *:PCLn 69® (21 7) 

Marchwlel i2Soi 137 9. 9ocPf. 87® 

■ 21 7i 

Marks and Sobncer «25P» I57*nff 4*.-« 6 
7 5 6:- 60 SB 9 61 7pcPi. 55*1®. 

1 Opc PI 85 (; (19 71 
Marley (25o) 75^9': 4 8 7 
Marling Industries (10pl 27 )• 6*3 (19 7l 
Marshall Cavendish dOPi as 
Marshall rThomasi tLoxleyl A. i25d) 46'.- 
118 71 

Marshalls (Halifax* <25p* 116 *18l7i 
Marshall's Universal (25P* 161 58 121 7) 
Martin (Alberti Hldg*. £20pi 96': (18.71 
Martin The Newsagent (2Snl 229 i21.7i 
Masser- Ferguson 5US12 *21 71 
Matthews (Bernard* <2Spt 158 5 
May and Hassell (2 Spi 63 
Mears Bros. Hldgs. (Z5p) 14 
Mecca S-VncDb. 75 (17 7) 

Meggitc Hldgs. (Spi 20 UI7I 
Mentmorc Mlg. (5 di 151a (21(7i 
Menzics (John) iHldgs.i (25p> 158®. 

Pf. 98':® 

Metal Sw 329® 7® 32 4 30:. 4.9pcPf. 
55 *21/7) 

Metal Closures i25p) 103 (17.7* 

Metal rax (Hldgs.) (Sp) 40 1;® <21171 
Mettoy <25p> 81® 

Meyer CM on (ague L.i I25P) 84 i21/7). 
7*:ocLn. 72’*® i.ffl 

Midland Educational (SOP) 92® <21f7) 
Midland Industries i5pi 41 
Midland News Assocn. 8pcLn. 48*: (1717) 
Miller IF.) (Textiles) <10n) 40 *2 1(7). I Ipc 
PI. 100 

Miller iStanlevi Hldas. <1Q P | 12 
MHK_A)len (Hldgs . 1 6'joePr. 41.'*:® 2 :® 

Mining Supplies <10pl 86 
Mitchell Colts -25 p* 40':® 

Mitchell Somers HOP) 66 5'; 

Ml .concrete iHldgs.i I75D1 63 *18/7) 
Mollns 1250! 128® (2117a 
Monk *A.i .25DI 86 7 .21-7) 

Monsanto Com. (SUS2) £40% i13 7i 
Monsanto Ltd. SpcLn. 44** (1917). 

Stlg./DoHarLn. 112 i19.'7j 
Monument Securities (IOpi 7*« (18T* 

More b'Ferrall ilOp) 77. New HOP) 82 
(17.71. 10pc2ndPf. 93*« i1»(7* 

Morgan crucible (2Sp) 119 18 Q1I7). 

9*-KU)b. 75 * r (1717) „ 

Morgan Edwards (IOp) 55® __ 

Morris Blafcey Wall Paper* (25p) 72 

*17/7). A l2Sp) 68 71 (18)7) 

Morrison iWm.) Supermarkets cl Op) 79® 

Moss Bros. a20p1 IIS 11817) 

Moss (Robert) UOp) 30® 

Mocftereare <10 p) 174 68 _ 

Mount Charlotte Invests, a IOp) 17*: .18 

Moygashel 7.(<pcDb. 66 0817) 

Muirhead i25p) 177>® »® 120171 ■ 
Mvddlcton Hotels (SOp) 240® 7 40 (20(71 
Myson UOp) 64® 

O— P 


Rowan Boden I25D) 27® 

Rowntree Mackintosh >S0m 392 (20 7*. 

6 DC 1st PL 46. 7DC2ndPf. 52 U (18 7'. 
7 i’DCJrdPf. 37 (18.7* 

Rowton Holds. i2So( 742; '.-I 7 
Royal Worcester <25Pi 149® 8 (20/7 <. 
9pcLn 33 

Ruberald I25p) 38® 9 

Rugby Portland Cement (2 Spi 78® 6': 6 

7 ‘apcto, 601:® 

Ryan (L.i Hldgs. (5p> 14® 14 (1 (20 7* 

SU Stores- 1 12ijp) 1 - 5 ®, 2 5 pc Pfd. nz'.-p, 

141; 

SGB Gp. 1 1 So) 155 

SuccM SmkM (IOpi 163 (20 71 

Sabah Timber (10n) 38 

Saga Holidays (20pi 51® <20 7i 

Salnsbury 1 J .1 (25pi 205 8 10 20o 1 

Salts 7pCPf. (SOD) 24® (2017) 

Samuel (H.1 A i25o> 312 i20.7i 
5a infers on Kayser <2Spi 63:® 

Sanderson Murray Elder iHldgs.i <50 p> 
33 117/7* • 

Sandhurst Marketing UOp* 32® (20 7* 
Sanger ij. E.i *10 p> 28 30 
Singers Gp. (25m 77® 

5aviile Gordon U-« Gp (IOp) 23<- naTi 
Savoy Hotel A <10 pi 75® 

Scapa (2Spi 93® 2® 

5 co terns i2So* 74 n7'7< 

e btt and Robert ton i2Spl 52 
ottlsh Agricultural Indus- 220 (20 7) 
S'alXLn. 49 »j I20r7) 

Scottish and Universal InvMts *25 p) 123: 
IS 

Scottish. English and European Trollies 
(2Qp| 62 

Scottish Her I table Trust (2 So) 33® 4 
New (2 Sd) 33b 

Scottish Television A *i0p) 55® 

Sears Engineering 6ocPf. 44' • (20i7l 
Sears Hldgs. iZSp) 37*:® B® S*a® 7': 4i 
9*:- New <2 Sd) 339 .-® 5'dp 3 7 : 9 

— " ~ v2Q*7) 


Spc 


N. CR. 4 bcSdg .Do 1 1 ari.n. El >-« 2® 

NSS Newsagents (IOp) 110®. New 9pcPf. 
89 *j (17(7) 

Nash U. F.) Securities *SSp> 125 (17(7) 
National Carbonising (IOp) 41. IIUpcLn. 
98 *< H7/7) 

Ncedleas 6 pc PI. 38 118(7) 

Neepsend (25p) 4fi_ 

Negrettl Zambra i2Sp) 76 (1917) 

Nall Spencer Hldgs. (IOp) 102(;» 3 <20(7) 
Neill U-> Hldgs. i25p( f02® 100® 2 3 
Nelson David >5 p) 7 0917) 

Ncwall Machine Tool 7LocDb. 67»«® <j® 
Newarihlll 153® 4® 

Newman Inds. <£5p) 7S: : ®. *10';pcLn. 

NMnun-Tonti <25ol 57 iZO/7) 

New mirk *L.l <25p) 172 (17(7) 

News International (25 d) 258 9 80 5. 
7pcPf. £0 

Nichols g. N.) (Vimto) >25p) IBS® 
Norcros rZ5p) 89t;® 9® 

Norfolk Capital i5PJ 34'; 4 3 i20/7) 
Normand Electrical Hldgs. i20p) 44 
North iM. F.l HOP) 20 (20/7). Now (20p) 
20 i20i7) 

Northern Eng. Inds. (25D) 103:® ■; 3. 30C 
Pf. 3H: (17T). 0.25PCW. 96 (197J. 
SViocLn. 681:0 (21 7> 

Northern Foods (25o) 92 3 (21 '71. New 
. (2Sp) 93®. 6.25PCLn. 107 121-7) 
Northern Golttsmilhs, f25p) 56 
Norton and Wnght Grp. (IOp) 155 (18-7) 
Norton W. E. Hldgs. <£pi 48*2 9'r 9. 

New 1 5n) l4<-pm 
Norvlc Secs. HW 171-0 

Norwest Holst (25p) 96® S. 7ocLn. 840 
Notilngham Brick C5Do) 277 (17.7> 
Nottingham Mnfg (25o) 124 6 7. &I;DC 
Ln. qo ig ri 9 7i 

Nova i Jersey) Knit (20o) 44® SO 4 
Nqrdin Peacock MOP) 75 
NwSwfff fnds. (So) 26 <18'7) 

O. K. Basaars (1929) (R0.50) 420 
Dcogn Wilsons (Hldns.) «0p) 93 07.7) 
Oceans Hldgs. (IOp) 5® 

Occ-Van Der Grlnton Fin. SpcLn. 96*-® 
Office Electronic Machines (25M ill 
(21:7l 

Of rex Gro. (20 b) 960 4 

Olives _P*pw Mill COP) 38 (177) 

Or me Ooyptc. MOD) 42 *-® 1-li 3 2(- (21 7) 
Ovenstone Invsts. (Ro.12*-i 2 Hi: (21/7) 
Owen Owen (2Sp) 87 M7.7) 

Oxley Printing Gro. (ISp) 65i; 7 6 (17,7) 

P. MA. (Hldgs.) (2Spi 56a 
Panto (P.) (top) 27 . 

Parker Knoll A (25 p) 1 070 

Parkland Textile (Hide*,) A (2Sp) 74 1 , 
Paterson (R.i sons i2Spi 44 1 -;* 5 (. 6 
Paterson 2oChonls (IOp) IBS (17 7). A 

(21° 7) 175® » (21.7). KtacPr. 102 

Pauls and Whites (2Sn) 112 ® 12 
Peak invsts. (IOp) 9ij® 

Poar&sn Longman (25pi 185 (197). Si-pe 
Ln. 50 (1 9(7). 64apcLn, &6>* 119 . 71 '' 


5: 8*- 9':. 7'aOcLn. 61'. v20f7) 
Securicor Grp. »2Spj 114 *20'7) Ord 
(2 Sb) 114 (20,7i. A NV iJspi 111 
12017). New A (25p) 112 -20i7) 
Security Services i25pi 112 I20'7). Old 
i Shs. *25t>) 112 (20:7). New A (25p* 
M2 (20-7) 

Sckers intnl. (IOp) 36 • 

I Sellncourt (Sp) 26 \d& ij 7': 6'. 

Sena Sugar Estates *SOP) 5 (20'7) 
goe • Seauor Engineering Group <10p) 24®. 

9PC 1 9.6pcLn. 74 (20/7) 

Serck <Z5p) 86®. New (25ol 86 <20(71 
Shakespeare (Joseph) (So) 28*:® 

Sharna Ware (20p) 1030 4® i-« 4 7 

Snarpe Fisher (25n> 40 (2017 1 
Sharpe -W. N.) *2Sp> 187 
Shaw and Marvin (lOo) I7i- 18 
Shaw Carpets (IOp) 38*:® 

Shaw (Francis) i20p) 28 (2017) 
Shreobridpc Engineering i25p) 68 
Sftefftcfd Reftwftfltent House* 2Sp) 57* 
S',ebe Gorman HWg*. (25p) 182 C 
Slemssen. Hunter ilOp) 61 (20.7] 
Silentnlght Hldgs. -IOp) 770 8 
Silhooctte (London) (20 d) 46 (20 7i 
SlIvcRhorne Group (IOp) 17*7 (20 7) 
Simon Engineering (25p) 2259 89 9 S 
Sirdar (25p) SB*; 

600 Group (25pl B9'.-: 90': 90. 6>:PC 

2ndPf. 49 (20/71 

Sketchier <25p> 116 ® ia 17 '- -5»- 16 '- 
136 16 21. New -25pl 115'^ 18 
Smatlthaw (R.I riCnltwear) (IOp) 40 
(207) 

Smart (J.i aCantractorii (IOpi 41 i20*7i 
Smith and Nephew Associated nopi 70 

I'-t 2 

Smith (David S.i (Hldgs.) -:20p' i06i; 
Smith (W. H) Son (Hldgs.i A iSOpi 1489 
5® 50. 7liDCUitS.LT>. 63 
Smith Whitworth (5nl 13® #20(7* 

Smiths Industries :SQpi 172. 1 1 i«kQ*>. 

901® (20-7) 

Smurfit (Jefferson) .'25p1 203 
SaUcItora' Law. Stationery Society (20oi 52 
(20 7) 

Somportcx Hldgs. (25p) 66® (20 7) 
Scthcby Parke Bor not (25p) 290 87 6 
Sound Diffusion iSp) 411; (19 71 
Sparrow Hardwick 7pcPI 40 il9'7i 
Spear & Jacuon International <2 Sp> 122 
(19*7) 

Spencer Gears (Hldgs.) (5p/ 144 
Spencer (Georoei (25o) 43 
Splllers (25pi 32® 2J 2. 7pcDb. 82*i 
(20,71 

Spirax-Sarco Engineering i25di 172 
Soooner Industries (25p) 85 95 
Staffordshire Potteries .Hldgs.) (2Spl 143 
(19 7) 

Staltex International i25p* 7 b® 8 9. 
6>;pcUns.Ln. 33 (19.71 
Sub Furniture Hldgs. (Z5pi 104: (20 7). 
lOpcPf. 9B < >« (207; 

Stakls aReo.) (lOo) 29=:* 9 New 

/IOpi 29>r (20 7) 

Stanrito Engineering I20 d 1 82 1 (I8i7i 
Status Discount (I OP) 16B« 75 
Staveley 286®, 7>;PCUns.Ln. (86-911 
6 Z 1 - (17.71 

Stead Simpson !25p) 37 
Steel Brothers Hldg*. <25p) 240. TpcUns. 

Ln. S3'.- (19171. 9ocLn. 86i 
Steedey -25pJ.188® 7. 7ocUns.Ln. 112® 
,10 CZO/71 

Sterling Inds. (2<-pl 23® (2D 7) 

Stewart Mastics <2spi 156 
Stlmpspi*. Perk inj SpePf. (SOp) 19 (I8.7> 
Stirling, Knitting Grp. (20 d) 24® 

Stocktake Hlduv r25pl 63® 3 (W 7* 
Stoddard (Hldgs.) A Non- rig. (25p) 26 
(18 7). , i 

Stench 1 II Hldgs. (25 p> 98 * 

Stone-Ptatt IM*. (25 pi 119*:. 7pcDb. 

70': (18 7) 

StOtfert Pitt 2009 
Streeters, of Godsiming HOol 21® 

Stroud R1 lev Drummond t25p] 3l« 

StYlO 5hucs (25pi 39’:® 619 
St/mner fFrandy (Hldgs. 1 11 OM 13 (89 7) 
Sumhr Clothes (20 p> 27 lIBTl 
Sunlight SenrHc Grp. HOP) 27 1)8 7) 
sn"r* Gro MQdi 52® 4 
Sutcliffe Speakman (25oi 57 <1Si7i 
huter Eectricalj5p) 18® (20 7i 
Swan Hunter Grp. UR! 9 40 
Swire (John 1 Sons 6.3oePf 67* : 118.71 
Sykes (Henry 1 raso) 100 MS?) 

Syltane (2Sp) 142 40 


T — U — V 

r ACt (1Hb> 25i. (17 '7) 

Talbex Grp (Sp) 18U 11‘ipcLn. 91 
(19 71 

Tartnae (50p) 149® 7® 7 32 SO s'apcLn. 
65*4 Il7l7) 

Tato and Lyfc )fiS® 87 2 4 5 3 6. B'-pc 
P f. SS>7® S'-ncDb'. 70 09-71. 7 UpcDu. 
64 *j ( 1 71 ?>. _7 ijpcLn. 55i* 119 . 71 . 13BC 
Ln. 103 (2<tf7> 

Tate of Leeds <25 d) 70 69 
Tavener Rutledge <20 pi 81® r20'7i 
Taylor Wqsdrow t2$p) 362 6 
Teboitt Grp. IlOp) 111-0 12 D 7J 
fecajemlt tiSoi 132® *; 8h- * 

TeletusJOT (5p) 37®. - A Non-rig. f5P< 

Tel win one Centals p5p) 139 40 
Tennecg UkBCLn. iSl 
Tern-Connute *.25pi 61 (177« 

Te»CO g stores (Hldgs.) C3p) 44 5 I; 71;. T 

Tex* Abrasirei <lQp] 68® 9':t 7o: 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits of £1.00fr£25.000 accepted for fixed term? of 3-10 
years. Interest paid gross, half-yearly. Kates for deposits 
received not later than 11.8.78. 

Terms fyears) 3 4 5 6 7 8 910 

Interest % 10J 11 lli llj 11? 12 12J 12i 

Kates for larger amounts on request. Deposits to and fnriher 
in formation from The Chief Cashier. Finance fur Industry 
Limited. 91 Waterloo Road. London SE1 SXP (01-92S 7822, 
SS t /. l7 T ) '. C ^f ,ues payable to “Bank of England, a/c FFI.” 
FFI is the holding company for ICFC and FCI. 


I ryp^6°'^ 



23 



j» * TO 6* 4 7*. 

r™;" 1*'® 1 4 80 79 

“»> «™ «■ 7WO», M 

uiftlSW ®*?* 0 *® U07j - Sl *« 

U ;?i **»«iUr l WiW3ftS SKLn. ,«:© 6 » 

u&oMS? Mft i inwj 


6'ipe 


“Wl^jSo «8 ( > 7’, Sub - SE * 5 - « 7 pc 

S2%o'^' m * t ' W ' 6BePf - 41 ' 7 «W- 
H»nwj MOD) T5t 29 

U Db. 8SP*f?«J^-» 8' -8- 8PC 

HIS* Carriers In Op) 94* 

5 ODt^ 6 “ erch " ns <,OBl 6311 4 ' s 4 2. 
WW, Gw Indjs. «5 di 560 5'a*. lOiuxLn 
*20T). 9ecLn. 82». 3* a ‘ 

Hl2‘ Slii. ,anle * iHIdas.) (5oi 22 

U 4r rZ5Dl ” 6 * 7 i. spcPf. 

U 14J 8*175* H,dBS - “S" 1 5090 IS 
.*£?• Spring Steel Group MOpi zs*; (1817) 

S Uld. W.rts Group <2501 63 117-7)7 * 

"ochromc Intnl. (top) 13s iio' 

*2*»> 32 <Xff.V*. AN 

32 OBI71 


7) 

Noft-vtB. 


Valor (2So) 4S<iMl 

V (197J G °' ‘‘ 2 “ rt 1a °' 4.9pc Pf. 51 

VauKhair Motors 61 (187* 

Vickers 16B® 7 9 70 1 2 68. 5 PC PM 

37 (19!7*. Socrt. (Non-CumT) S7 MsU?! 
v«w Products (WallsendJ C2SP) 140 
Vinten Gp (20D1 140 2 
Vita -Tex (200) 48 
Vosoer C25PJ 174 iZO.71 

w— y_ z 

W Ribbons Midas. OOoi 67 >2 1 
W.G.I. (250) 106 (1 97) 

Waodlnston (J-> I25p 214 
Wade Potteries 11 Oo) 29. Do. lOpcR. 


96* 


A (200) 


Wadham Stringer MOpi 42- 
Wadkm iSOoi 117® 

Wa|on) industrial Hldss. U5p> 128 5 

Walker (A.) Son (10d) IDS (20 7i 
Walker Homer (Sol 12* <20/7) 

V»«lkK (C. and W-> Hlogs. C2Sp) 124 

Walker Uamjai Goidsmitn SUvervnith i2Sp> 
89 6 1187). Oo. (250* 87 1 17/7) 
Wakcr (T.i i5pi 12i ; (18.7) 

Wallis Fashion Gp. 11 Op) 160« 5 (207* 
Wart Goidtfwie <25p) 85 (18- 7/. 

Ward wags HOpV 34 118 7) 

Ward T. W ) (2So) 66 h, 7 >s 7. 7*jpc 
Unser.Ln. ?0*i 

Ward White Group i25p* 87* 8* 8 7 t, 
9';. 10'iocPI. 1921, 

Wardle (E.t (topi 2 1 *-* tu *i»T 
Warms ai<J Glllow (Hldgs.) (25p) 111 

Wame Wright Rowland (lopi 560 7 *2 
Warner Holidays HOp) 35*s 
Wlrtier.Lambert 22*» (207) 

Waterford Glass ISpi 510 
Watmougns i25p) 86 <20171 
Watson Philip (lopi 52 50 (20/7) 

Wauon nop) 74 i20'7i 

Watts Blake Bearne I25p) 116 «20l7) 

Wrm HOw 29 1- 8h 

Wearweii <5p) 30 >2 

Websters Publications <5pi 510 

Wppqwood <2501 2280 9 30 Z 

Weeks Associates nop) 31 

Weir ijspi 1191,0 200 20 

WellcO <5pl 221; (20/71 , 

Westbrldt i25pl 50 

Wntloghousc Brake Signal (25p) 53 4 

Wenlan'd 'Aircraft l25pl 3Sh 6. 7ftPCLn. 
63 <20.'7) 

Westminster Country Properties (25p) 16 
■ 20>7> 

Wrswn-Erans <20 pi 125 (201 7) 

Wcttem Bras. <25ol 95 
Whalllngs I25p) 41 (2071 
Wheeler's Restaurants tIOpi 345 40 
Wnessoe f25oi 70 
wncwev Watson <5D) 17ij I20|7) 

Whites 6'apct.n. 63 »t® 

ssimcrsi.* 143 120,75 

wa&vfflsrs Ji'tt swr 

Wilkins Mitchell <25pi 45 i20 *7* 

Wilkinson Match 1690 610 7. TOpcLn. 
970 »;0 B's 

Williams James. (2 5 p) ‘850 
Wills iGeo.) Sons <Hldgs.i t2Spi 52 1ft 
W II mot -Breeden iftldps.i i25d> 63*i 
W.lson Bros. (20o» 40 11817). 6*:pcLn. 
619 120 7) 

Wilson 'Connolly* Hldgs. i25p) 1340. 

10'rPC2ndPt. 99 H7 7i , ^ 

Wilson Walton Engg. MQpi 61 60 
Wlmpw 1 Geo. * 1250) 78'-© 7'.’© 90 B 81 
7 S'.- 80ft BO 

Winn Industries l20pt 43 I1BI7) 

Wire Pl.tsllc PreHucli MOD 32 
Witter iThos.i >25P) 47 i20l7* 

Well Electric Tools iHIdgs.) l2Spi 82 
tVolsciev- Hughes <2 Spi 1930 8 7 6 *20/7) 
Wolstennolme Bronze Powders (25 Pi 225 
5 

Wood Sons IHIdgs.' <5p) 54 
Wood Hall Trust iZSp) 960 
Wood -S W.i (20p) 43 118/7) 


Woodheod <J« 

woodhouse R 


Ofias* Sons <25p) 880 TOD 
txson (Hidgvi 1 1 2i:pi 27 a 


Tinantfal Times S&tnrday July 22 1978 

fiBflatfMSSR 

•normal syndicate (2Sp) 93 1 1 n.*7i 

T FA ,T «SS«f , T2S! , .I , *y» ’■ 2*«: 

Time Product5 fa il0piM7?*5 7 '° 

l5‘ : s‘|.% ,W 4, ' JOCD * 34- (20,7). *f SJJt 
Tore U5pi 68 i2or7) 

ioupclh. 741- ?20r>i a ;oc, - n ' 70.ZI. 

TraoiMrnt Paper (2sa) m n n ^i 

r ssm,tr ss ^ «*^ sa. h« 

Trar/S Arno/d <25 b) itch 
T ndcnt Tefevlsion A iNon.Vqfcj , 10 p) 50 


'Hkjus.) 7>1DS«. 49*1 (tar? I 
Woolworth IF. W-)C25pi 640 0 51; 61, 5 
Wrlghtson if.) Sons n0p)sS« a 

TrWrr Hides. MOp) 56O. lOpcR. 

Tortshlrechemlcals (25pi 1060 5 

Zenith Carburetter A (Reg.] tSQp) 89 
Zetrere iSp) 520 120m 

FINANCIAL TRUSTS (65) 

Akrayd Smtthers <25pi 207 M9;7J 
Amoncan Express (SuSQ.601 29 V i20r7) 
Anglo-Comlnental tnv. Fin. 8S11 I17i7» 
9'rBcOb. 841 « 1 2a(7 1 
Armour Tat HOP) 6 >; (18/71 
Awtralian Agricultural (jAO.SOi 1 1 s 
1 20/71 

Blsbopseata Prop. Gc«s. Invests. 7U (I7.7i 
Bounead (IOdi S 60 61 
Bntfgwater Ests.’ IbOpt 2780 CZO/7) 
Britannia Arrow Hldgs. (2Sp> 13iO 15*:® 
low 15 *7 

Charterhouse Gp. *25pi 63 

city of Aberdeen Land assoc. (50pi 830 

Corinthian Hldss. ODp) 23 M8/7> 

Daily Mall Gen. Ttt. (50B» 317 20 15. 

A iSODl 318 20 1 20/7 J 
Dalartr 277* 60 4« 7. 4.85acF7. 

WboW/?."- 61wcDb - 19BS - 

Dawes (G. H.i Kfdgs- asm f»0 rzo 7) 
Daw nay Day Gp. i25oi 42'tO 3h 
Eleara Invest. Ysf. (25 p) 119 'i HBi7i 
E nOMth^ Assn. Anwr) Bond Holders 502 

PC Finance I25 p) 73 119/7* 

Finance Indust. Tct. MOpi 170(20/7) 

First National Fla. noo> ZU. 9 *zpcUi. 

1982 23© 120/7/ 

Fit* toy invest. »23 p) 200 (2W7) 

Goode Durrani Murray GP. 150) 210. 

33xPI. ( SOp» 150 
Gresham Invest. Tst. (25p) M'j 
Grlmshawe Hldgs. I20M 1510 
Hampton Tst tSbi 9*4 
Incheaee Co. 403S 5 2. BpcUnwc-Ui. 

69U (17T). IZhocUnseC-to. 9«»= HS7) 
l«f. Comm. Finance Cpo.7«4oeApb- sp.92 
63 I1SI7). 7 UocADb. 9t-»4 64 Q1.7). 
a ■■peUnsec.Ln. 68'j aOT7). lObOcUnsec. 
Ln. 93*, <20.71 1 1 ocOitsecLn. 93*: 

Q»7'. lll.pcUnMC.Ln. 95 OB.7> 
Lamps Securities i50p) 31 _'19 7) 
Lloyds Scortlsn (ZOo) 98 <20' 7i 
London European Group (100) 27. 10*;pc 
Unsec.Ln. 5713 i20)7) 

MAG Group (W/dgsJ (S 0) 1180 (20 7i 
Manson Hnonee Tst i20o 46 
Mills Allen Intnl. ISOo) 180 77. Ord. 
Sh. Wrnts to Sub. SS- Cum.Red.IstP/. 
i50p) 680 71 : 1207) 

Mooraate Mercantile Hides. (10p> 9 
N.M.C. liuvtn. iIZM 191; (17.7) 
Parambe 11 Dp) 12 (197* 

P erk. P lace Invests, (ion) 33 (18*7) 
Provident Fin. Groun (25p)-t0Q 
Rosehaugh I25P) 1971 ZOO 
Shin Mortoape 6pcDo. 480 %* 
srme Qarbv Hid os. Mop) 109 
Smith Bros. (2Sp) 59 (T9I7J 
Sterling tradlt !iOp) 26 
Sierli ng Guarantee 73 11977 
Stock Excnaitge £.2SRedo. Aus. 51 M7/7i 
United Corns. 11.50 11971 
United Dominions i2Soi 440 3*jO 3 4 
3^ S.lSpePt. 33 (1917). 16pcUns.tn. 

Wagon Finance (250) AS 4 (20.71 
West Of England |25p) S3*» (18 7) 

Yule Cano »»0p) 7 BO 

GAS (10) 

Imp. Conti. Gas Assoc Cap. 3990 3 2: 7 
2 89. 7acLn. 168 3 (20*7* 

INSURANCE (118) 

Bowring (CT) CSpl 108 9. SpCLn. 105 
_ 20.7,. IDpCLn. 1481a S 
Brentnah Beard lldpi 300 t 
Britannic Assce. <5ol 164 
Combo. I nice. iSUSI) 13*sO 
Comm, u Mon Assce. C25pt 148 6 51 49 
7 50 

Eapie star tnsce. (2Sp) 142*;® 20 4* 30 

Ennla Fin. (UK) 9pci.n. 1150 
Eaulty Law Lite Assce. <5p< 157 
Gen. Accident Fire Ufa Assce. <Z5p> 2100 
14© 70 7 12 6. 7'iPCLn, 63 U0<7». 7 1 . 
DcLn. 63 1. (20.7) 

Gdn. Rcyaf Excti. Assce. rZSpl Z10O 1510 
18: 20. 7bCLn. 6U:0 Iffl 26 
Hambro ufe Asoce. i2So> JSOO 280 
Meath ICE* iZQpi 275 3 
Hogg Robinson Gp. i25p> 190 
Hawden <A) Grp. (10t»l 1610 * 5 S 59. 
New (10o» 160 

Lega^ General C5 p) 1590 600 20 59 60 

Leslie Godwin (10p) 121 SUS0.62 

London Manchester (S01 136 

London United Investments i20pt 172 70 

Matthews Wrlghtson (20p> 178 (207 1. 

7*4PcLn. 68 72 118/7) 

Mine* I20o) 2000 200 1 2 
Moran i20oi SB 120/7) 

Peart Assurance ISp) 2290 30 
Phoenix 125P1 2480 6« 40 
Provide nt Life A <25p* 129 t19/7) 
Prudential (So) 1500 3 49 50 I 
Refuge <5oi 136 Q07) 

RovJ i25pi 3750 2 to BO 70 68 71 2 3 
Sedgwick Forbes (I Op) 420 
S ten house i25p) 980 (20/7) 

Sun Alliance London 510 
Sun Life ISP) 103© 

Trade Indemnity C5o) 173 (18(7) 

Willis Faber 05p). 262 

INVESTMENT TRUSTS (188) 

Aberdeen Tst, >25p) 140. 4mrP r. 32© 
Acorn Sbcs. Income (50p> 72 '1 
Albany Inv. Tst. '20p) 23* 

Alliance lm. (2501 102* 

Alliance Trust (25pi 2290 61 SO. 5ocPf. 

39*« (187). 4>ipcDb. 3Zit 
Altdund Cap. (5 Op) ISO <20/71 


C.LR P. Jiw. T*f (25D 600 /20/7X War. 
I^lo sub. lor Ora 1b>:0 (2«7j 
C IBv. Tst. (25p> 75 
{ CaiecMnMn TsL (45C) as 4 9 (2SpJ 79 

Canoienan ana Foreign lity. Tit. (2Sw 1130 

Capital and National 7sr (Zap* 125*. 

6 .25P) 140 00)7). 5pcP» 39 1 17/7) 
Cardinal Inv. Tst 6ML0. 89 (19171 
Como 1 inv Ts: (Zip* 118 
Lenar Inv. Tst (ZSai 67. 9ocLn. 109*, 
' 17)71 

Cnannef ts/ands and Inter, fnv. Tst 140 
(20 7j Cap. 560 (20 7 i 
Charter Ts. ana Agency I2$pl 57 h® (20<7) 
City and Cm!. Inv 1st. Income <25pl 28*x 
Caolut 1041; 

City and Fore.pn Inv. (2Sp) BOO 
Cp» ot Oxford Inv. Tst (2Snl 70 (2017) 
Claverhouse Inv. Tst >SOdj 81 >1 (20'7) 
CivoeseaJe inv. (25 pi 63 2'j 
Common Market 1st. Uni 13 JO 13 10 
1 ) S.'7j 

Continental and Indus. Tst 12SP) 198 
Com menu I Union Tsl (25a* 116 15 
Crescent Japan inv Tst- (SObj 194. War 
to jub- for Ora 95 >:® 

Debemtire Corn. (25o) 64 3LDCDP 
88 *: (1817* _ 

Dmby^Tst.^Incom® 222 ft 3 <17171- Capital 

Dominion and General Tst (25p) 197 
(Z0:7i 

Drayton Com. Inv. (25pi 133 (18/7) 6L>pc 
Ln. 97*- 

Drayton Consolidated i2Sb) 148 (20/7). 
4 ftpcDb- 1975-65 67 12017) 

DraylQn Far Eastern <25p) 43 

Drayton Premier iZSp) 193 ft. 7'tPcAJ.n. 

Dueivest^/ncoma *50p) 62 I2Q|7>- Camut 

22s nom 

Dundee London l25d) 64:, CEO/7). SacPt. 
39': <20/77 

Edinburgh American (25p) 1200- SPCLn. 
254 liom 

Ealnbursh Invest. Trust DM. 2300 290 9 
Electric General «2 Spi 770 6»*® 6® 7ft* 
English laternatianai *25 p) 90 (20r7) 
EnglbA New York *25p> 77ftO B. 4‘iDCLn. 
105 12017) 

English Scottish Investor, i25o) 75o. 5 pcPI. 
39 >1 i20m 

Eaultv Consort 119. DM. <SOp) T 40 

External 162 t20(7T _ 

Family I25P) 89 -20/7] 

First Sco rush American v2So) 99*:*. 

Foreign' ColonS ? 1 l^ 5 p) 172^0 ft 
Fundinvwt Income i2Sp) 36ft *20/7). 


Income C5p) 52. Cap. 

8 (2 So) 


Ambrose Inv 
i25pi 64 ft 

American Tit. (25Pl 45ft*. 

45*2*. 

Anglo American Sac i- Cpn. (25 to 1030 ft. 
4 ftpcPt. 35 119/7). 4DCQO. B6V (20/7' 

Anglo- Inter national inv. Tat. div. U5d> 

43ft I2D7L Asset I25P) 139 
Angio-Scottisi) Inv. Tst. <25 p> 4S 
Archimedes Inv. Tst. Cap. i50p) 41 (IB/7' 
Ashdown In*. Tst. <25pl 128* 5 
Atlanta Baltimore Chicago Regt Inv, Ttt. 

HOP' 60' i*. Wrtns. to tub. 26 (17/7) 
Atlantic Assets Tst iZSni 97* *OT 98*; 
100 ** 

Atlas Electric and Gen. (25 p) 62* 
Australian International TsL tsoni 103 

J ankers' Inv. Tst. (25pi S7'g* 6ft* (20/7' 
errv TsL '25p) 68ft* >r 
Bishoosgate TsL (25n) 177® _ . • 

Border Southern Stockholders Tn. UOp) 
59ft* 60*«* 1* 1 _ 

Bridgewater Inv. TSL OOp) 8 11717) 
British American Gen. TsL »25 pj 47 *j. 

Brirlsh"' Assets 1 Tst! OSpi 77© 6 ft* 7 ft. 
4ocDb. 67 <20/7*. 5pcLn. I4S© 

British Empire Secs. Gen. Tst. «5 p* 11 

British inv. Tst. <2501 166® 6 (20/7) 
Broads (one Inv. ' TSt. <20 p) 153 
Brunner inv. Tst. <2S0) 98 M B/7) 


LOCAL AUTHORITY BOND TABLE 


Aotfaorfty 

(telephone number in 
parentheses) 

Barnsley Metro. (0S126 203232) 

KnotvsJey (031 5486555) 

Poole <02013 5251) ..... 

Poole (02013 5151) 

Reribridae (01-478 3020) 

"rii'urrock (0375 5122) ............ 

Tlturroch (0375 5123) 


Annua) 

gross 

interest 


Interest Minimum Life of 
payable sum bood 


% 


Year 


u 

i-year 

250 

5-7 

111 

i-year 

LOGO 

5-7 

10* 

by ear 

500 

5 

n* 

l-year 

500 

• 6-7 

n 

i-y«*ar 

200 

5-7 

ui 

byear 

300 

4 

11 

i-year 

300 

3 


Capital *25 p) 62 iZO/7) 

General Consolidated «25p> 85 <20/7) 
General Funds <2 Sd) 156 i20 7) 

General Scottish iZSpi 91ft <18 7). 5*xpc 
Ln. 105 (17/7) 

General Stockholders 11 2 ftp) 117* 

Glasgow stockholder a So) 102. SscPt 
40 *j (17/7? 

dendevon Invest. i2So) 96 5. Warrants 
to subscribe 7 <197* 

G loimumr invest. /25a) 72© *70' 7* 

Globe Invest. 'Zaol 118. 5 'ipcL". 96ft. 
6 UBCU*. 152 120 7) 

Goran European (25 pi 65® 6ft (30/7) 
Grange Trust i)So) 76ft 
Great Northern Invest. iZSm 104 
Greenback Trust (ZSp< 57 /1B.7) 

Gresham House (25p) S3 *18 7) 

Group Inv. '2Sp> 64 |19*7* 

Guardian Invest. *25or S2 
Hambras Invest. iZSp) 95 ft (19*7) 

Hill (Philip) Invest. i25p) fBL 5 <18r7) 
Hume Hhsoi. A »25»> 81 *r© -ft© ft©. Sac 
PI. BTft 

Industrial General Trust <25p) 53* 
IntaraaUoaal invest. i25s) 76 120 7). War. 
rants to sub. 32 <20 7 V 
Investors Capital *25p) 86 119*7* 

Jarciine Japan (25n) 162 

Jersey External Hoi 163© 8 *30/7) 

Jersey General Invest. 247 9 ' 18.7) 

Jos Hldss. i25p) 45® -20 7) 

Joye Invest. New MOP) 44(j (20'7). New 
Caprta) i2p) 5ft *18 7) 

Keystone Invest. I50p) 137 
Lake View rtSn) 94'r® 3**. 4 DcLn. 112; 
Law Debenture <25 p> IDS*, I19'7i 
London ^Aterueen Inv. (5pcNoiftCumi (5 d) 

London Holynxsd. TsL <25W 117 <19T) 
London Lennox Inv. f2So) 85 (17/71 
London Lomond Inv. <Z5n) 75 (ia*7) 
London Momme Inv. CZ5 d 1 189*> <20/7) 
London Prov Tst <25o) 114 118*7) 
London Atlantic (2Sm 69 
London Irw Tst. (So) 2 -© 

London Merchant Secs. QSd) 88 
London Pruaentlal Inv. 725a) 78® 7ft® 
London Trust D*d. (25 pi i OS 3ft. New 
DJ^aSo) 106 4ft. 6pcLn. 117ft 13ft 

■4^nd G Dual Tst Cap. Shs. tIOn) 111® 

Doat Tst. Inc. Shs. (10 b) 
62 (1 6/7) Cap. Stis. I4pl 20 ft® 1 
M^ca^uielnv. Tst. i2Sp> 40ft. 4ftocDb. 

Ma«hjmts Yrt^rasp) 76ft. 4ftoc**t. 30 
M'dland Tst. <25p) 78 (18/7) 

<\$rn ln¥ ' "**■ 67ft ft 

Monks Inv. Tot 125a) S3 ft 
Montagu Botran inv. tlOtij 61 
Mgorsme Tst. (25a* 95 117/7) 

, 1 ? ro ?. r ^ ortt ^. ~ r ' a ' nc - SSrt 17ft® 
Cjp.Ln. t aS raS^r-"* 8 “ Pur ^»* c ’ 

New York Gerrmorr Inv. (25p) 42 (17*7 

3 <20(7 ) New Ora IZSo) 74 I- (20-7) 

North Atlantic Secs Group 25p) 96ft 

' 17-71. 7ftpcLn. ill (2®7i 
North British Can. (25o1 65® 

Northern American Trust /25a> 104 ft 4. 
ZftocDb 80 (17/7) 

Northern Industrial Impravement Trust 
76 nsrn 

Northern Secs. Trust (25a) 114',* is* 
Outwleh Inv. Trust IZ5p) 56ft 19 ”7 1 
Oentiand Inr Trust <25o* T25 08(71 
Progressive Inv. Tsc 1500) 65 (1 V7) 
Reghuto Inv. Tst. (25p) 129 -2017) 
Rights and tssues Ik. (2Sp) 32ft (18/7) 
Ri-^am. Mercantile Trust <2 So) 172 

Robeco ffiotterdamsrh Befeg. Br.) (FI-50) 
61 ft. Sub-shs. (Reg. In the erne ot 
Nat. Pro* Bit.) /FI. 5) 622© *7 . 
Rollnco (FI.50) 47ft 118/71. mjO-sM 

(Reg. Met. Prov. Bnk.l iFI5) 477 <18<71 
Romney Trost (25p) 97® 6. sitoeLn. 

92 (IB-7) 

Rosedltnond Inc Shs. *25p) 33 ft* QOm 
Can. Shs- (250) 72 

RMhsrhl'H (50o) 208 10J. 3,SoePt. (SOo) 
37 <20/71. 6'tPtLn 124V0 5© 4ft® 
5|. Andrew Trust (25o) 1^2 ft <18171 
5»ve end Prosper Linked Cap. ehs. HOp* 
58ft 

Scottish American Invest. <50o) 90*s_ 
Scottish and Continental Invest. (25p< 
7:® *20/7 * 

Scottish end Mercantile Invest. <2Sp! 100 

Scdrtioh Eastern (25p? 143ft 
Scottish Invest. (2 So) 105ft© ft. 3. 5 pc 

Pfd. 39ft® <20*71. 4.55PCAPI. SO* 
Scortlsh Mori. Tst fZ5o) 117© 

Scottish National Tst. (250) 164 5 
Scottish Northern Invest. t2Sp) 1061© 
6 ® 5. 4-ftPCPrf. 38*v* 120/7) 

Scottish Ontario Invest. C25 p> 72ft <177). 

New l2Sp) 73 .'20/71 
Scottish United Investors (25p) 81ft® 1. 
SpcPf. 38 <17.7> 

Scottish Western (250) 700ft <20/71 
Second Alliance (25o> 198* 9® 

Second Great Northern <23p) 93 <18(7* . 
Sees. Tst. Scotland (2Sa) 792 3 118/7) 
Ship MOrtg. Fin. 6peRd.Db. 68* ft* 
Shires invest. <50pl 733 <1 9(71 
Sim* Darby Hide*. flOor 109 
Smith Bros- /25P> 59 -19/7* 

Sphere Invest. '25 d) 115 16ft 

Sterling Credit Grtj. flOpi 20 

Sterling Credit Grp- 'IOpi 26 

Sterling Guarantue Trst. 7ftocLn. 73.n9/7i 

stock Exch £4.25Rd- SI *777) 

Sterilng Tst l250l 180 (20rTi 
Stockholders Invest- (250) 99 ft (1717) 
Tectinolocry Invest. C25p) 9Bft 
Temnle Ber <25 di 95 <19^1 
Throgmorton 12 Sd) 72'j P 

TorTov. 050)76 4 (1917) 

Tor Inv. Capital 'ISpl 107 
Trans- Oceanic OSa) 171 117.7) 

Tribune inv- (250) 75® ft _____ 

TrlPlcvest Capliel 143', 3 (20*7) 

Trust Union asol 10_7 (17/71 

Trustee Cora. <25 pi 14T O'lncPt. 35*. 

3PCDb. 59 (177). 6ftue0b. 63* 

Utd. British Sec*. *25_P1 133*.® 4 
U-S. and Gen. <25pi 189 <18*71 
United States Deb. Cora lUSpi 98 ft 
Utd. Coras ll.SO 1197) 

Utd. Dsmln/ons Tr*t. ' 25 P' 44ffl 3WJ ft 3 

4 2ft. 3.15pe3rdP1. S3 09.7*. iSpeLn. 
141 

Viking Resources C5o) 95 
VVaotw Fin. iZSPI 45 4 }207» 
winterbottom <25oi 199 11871 


BUILDING SOCIETY RATES 



Deposit 

Rate 

6.45% 

7.00% 

Share 

Accnts. 

6.70% 

Sub’pn 

Shares 

7.95% 


7.50% 

— 


6.45% 

6.70% 

7.95% 

Anglia Hastings & ThaneL- 

8.45% 

6.45% 

6.70% 

8.70% 

7.95% 

755% 

Bradford and Bingley 

5.45% 

6.45% 

6.70% 

6.70% 

7.95% 

S30% 


6.45% 

6.70% 

7.95% 


6.45% 

6.70% 

7.95% 


6.45% 

6.70% 

7.95% 


6l45% 

6.70% 

7.95% 


6.45% 

7.25% 

825% 

Catholic 

5.00% 

6.45% 

•5.60% 

6.70% 

6.75% 

7.95% 

Cheltenham & Gloucester ... 

6.45% 

6.45% 

6.70% 

7.05% 

7.95% 

855% 


6.70% 

7.00% 

7^5% 


6.45% 

6.70% 

7.95% 


6.45% 

6.70% 

S.70% 


6.43% 

6.70% 

7.20% 

Guardian 

Halifax 

Heart of England 

Hearts of Oak & EnGeld ... 

6.45% 

6.45% 

6.45% 

6.45% 

6.43% 

6.70% 

6.70% 

6-95% 

6.70% 

6.70% 

6.05% 

730% 

7.95% 

750% 

7.95% 

7.95% 

8.45% 

Huddersfield & Bradford ... 
Leaminzlon Spa 

6.45% 

6.55% 

6.45% 

6.70% 

6.80% 

6.70% 

7.95% 

8^5% 

735% 


6.45% 

6.70% 

7.95% 


6.45% 

6.70% 

8.15% 


6.45% 

6.95% 

850% 


6.55% 

650% 

7.95% 


6.45% 

6,70% 

7^5% 


6.50% 

7,50% 

— 


6.70% 

7.00% 

8.00% 

Newcastle Permanent 

6.45% 

6.12% 

7.25% 

6.70% 

6.70% 

750% 

7.95% 

SJJ0% 


6-45% 

6.45% 

■ 5.25% 

0.70% 

6.70% 

5.50% 

7.95% 

8JW% 

6.75% 


6.75% 

735% 


Principality Builds. Society 

6.45% 

6.45% 

6.70% 

6.70% 

6.70% 

6*95% 

7.95% 

735% 

735% 


6.45% 

7.20% 

8.45% 

7.95% 

755% 

8.75% 


6.45% 

6.70% 


6.45% 

6.70% 


6.45% 

7-00% 


6-45% 

6.70% *10-00'* 


6.45% 

6.70% 

755% 


•Term Shares 
7.70% 3 yrs, 7^0% 2 yrs. 

7.70% 3 yrs, 7J0% 2 yrs, 6.95% 1 yr. 
7.70% 5-4 yrs. 7^0% 2 yrs, 655% 1 yr. 
7.70% 3 yiSw 750% 2 yrs., 6.95% 1 yr. 
7.70% 3 yrs, 7.20% 2 yrs., min. £200 . 
7.90% 2* yrs, 7.45% 2 yrs. 

6.95% 3 months’ notice 

7.70% 3 yrs, 7.20% 2 yrs., min. £500 

7.70% 3 yrs, 750% 2 yrs. 

— • 530% over £5,000 
7.45% min. £500 6 months’ notice 
7.70% 3 yrs, 7.20% 2 yrs. (£500-£I5,000) 
S.30% 3 yrs, min. £5,000 

7.92% 3 yrs. Increment share — min. £500 
7.70% .3 yrs. min, 7.20% 3 mths.’ notice 
7.95% 3 yrs, 625% 2 yrs. 

— up to 7.2% S months’ notice 
7.70%. 3yrs, 720% 2yrs, min-E500-£15.000 
7.65% 3 months' notice, £1.000 min. 
7.70% 8 yrs, 730% 2 yrs. 

7.70 % 3 yrs, 7.20% 3 months' notice 
8.20% 4 yrs, 7.95% 3 yrs, 7.70% 2 yrs. 
7,70% 6 months 

7.70% 3 yrs, 750% 2 yrs. 

7.55% 2 yrs, 825% 1 yr. 

7.70% 8 yrs, 7.20% 2 yrs, min. £1,000 
7.70% 3 yrs, 7.20% 2 yrs, B.95% 6 mths. 
7.80% 3 yrs, 7.30% 2 yrs, min. £1,000 

755% 2 yrs, min. £2.000 

7.70% 3 yrs, 7.20% 2 yrs, min. £250 

7.45% 3 months, min. £L000 
7.70% S-4 yrs, 7^0% 2 yrs., min. SOO 
8.00% S yrs, £20% 2 yrs. 

7.70% 3 yrs, 720% 2 yts, tnin. £100 
7.70% 3 yrs, 7.45% 2 yrs, min. £500 
fi.50% 3 yrs, 6.00% 2 yrs, min. £50 0 

7.70% 3 yre, 7.45% fyrjy„ 6.95% 3 mths. 
730% 2 yrs, minimum £500 
7.95% 3yrs, 7.70%2yrs, 7.45%3mths.not. 
7.65% 3 mths. not, 5.70% to limated cos. 
7.70% 3-4 yrs, 7-20% 2 yrs. ' 

7.70% Syrs, 7.2Q%2yrs, 655% Smthsmot. 
8.05% 3 yrs, 7.75% 2 yrs, 7.50% 1 yr. 
7.70% 3 yrs, 750% 2 yrs. * Max. £250 
7.20% 2 yrs, 7.70% 3 yrs. 


(Yicen (ZSo* 92H 3U fl9 *71 93* nt>m- 
B 1 25p) 90 

Yeoman Inv. (25 b 1 172 (20171 
Young Cos- fmr. 79© 

UNIT TKUSTS (S) ■ 

M. and GL American Cetii- income 52-4© 
<20-71. Do. a«l un*U 54J 
M. and G. Dividend Incomk 117ft* 

M. end G. Far Eastern Income 6<k4 

M. 1 and C. High income 106.6* 105 7 
(20 17). Do. Acc. 1 77.8 (2017) __ 

M. ana G. Magnum Act- 2649 COT) 
M- era C. H ecovn* income DiJ UO-7). 
Do. Acc. 85.9 (20/7) 

MINES 

Australian (4) 

Hampton Gold Mining Areas (5a) 133 
*.207) 

MIM HWgi. iSAO.&O) 205 1207) 

Parihga Mining and Eaptoratib" ISO I 33';® 

western Mining Corp, (JA0.50) 139* 42 
40 

Miscellaneous (61) 

Beratt Tin aao WoHram i25o* 61 (2(77) 
Charter Consolidated UtegJ U5a) 131* 
380 40 40* l. 5pcl.ni 67* 

Consolidated Gold Holes ilao) 179* 6* 
B2p 9D© 1 5 2 51 3 * 6. 6ftf>cLn. 60-U, 
BUpcLn. 71 I20i7) 

Et Oro Mining ana Exploration Cl Dpi 66 
Goaeoo CwsolxMled (25 p) 290 *20 7) 
Idris Hydraulic Tin (IOpi 90 CZ0.7) 
Kamunung Tin Dredging (>MO-50) 74 
(20*7) 

Malaysian Tin (5p) 38 i2ora* 

Renong Tin i10p> 68 (17/7i 
Ria T la to Zinc iZSp) 2209 IS* 19 22 18 
SI 20. tiro. i2Sp) 225 (17/7). Accum. 
12 Sp> 220 101. S^pcBPt. $9 <19171. 
64pcLn. 61 1 1 9.7) 

Saint Plran (ZSpi 52 (1 8)7) 

Selection Trust *25pi 417* 25t 16! 24 

all. ermines t2<»i 48 
South Crp'ty tlOm £0 3 2 
Sungei an) tSMs.n 215 (I7*7i 
Teflior Minerals HOpj 44 (20*77 
T re non Mines iSMa.1i 22S <20/77 

Rhodesian (3) 

Botswana RST (Pu2i 20 <20171 
mean 125P* 181 i17(7i 
Globe Pnoenlx Gold I12':D) 62 tZO/7) 
MID >2Spi 42 0 817) 

Minerals Resources UBDl^Oi 191 
Phoenix Mining l25p) 17 (17(7i 
Rhodesian <1bip) 16® l20i7) 

Roan Cons. Ikdi 62 601 (Z0l7i 
Tanganyika (SOpi 162® 2 
Winkle «50b) 3S 118:7) 

Zambia Copper t»BD0.Z4i 13ft i2Di7> 

Sooth African (56) 

Anglo American Coran. ol 5. Africa 
<R0.l0i 320* 

Anglo American Gold Invest. (Ri) £17ft 
<20.7l 

Blyvoormteient Gold Mining iRO.ZSi 317* 
Bracken Mines iflO.So) UiAO.gziii® 
BoMMontelo Gold Minina <H1) c9BSO 
U3A12fta 

Coronation Syndicate rRO-25) 64;* (20 7) 
Doorntg nielli Gold Minina (RI) USAS. 40! 
>20 7i 

East Daggatontein Mine* (RI) 33ft 
East DrlebnMn Gold Mining (RI) 
U.5J9.29® 9.30* 9.40: d7«5 S! 

East Stand Consolidated clOoi 171. 

East Rand Gold end Uranium iftOSOi 

U^.S-t.BS p390t (20i7) 

East Rand Proprietary Mines Utl) 285 

1017) 

Elandsrand Gold Mining (RO^O) 
U.S.2.BO (1 6(7 1 

Eisburg Gold Mining (Rli fSIft 26 
Free State Geduid Mine* (RO.SO' 

VJS.22ft® 17950:* 

General Mining and Finance (R2I 17 
Gold Fields Property IR0.2ft> 70 117^* 
Groorviel Proprietary Mines CRO-25) 

tUrmon?*Gqli) Mining 1R030) 380 2 

Hartetiaesttonuin Gdd Mining (AH 
pi .300® <20 >1 

Johannesburg Consolidated Invest- (R2> 

13 1* 

Kioof GoM Mining (Rll 561 119 7) 

Leslie Gold Mines |R0.B5I SUSO.S2 
LI ban on Gold Mining (Rli 5US6.85! 
Lornlne Gold Mines (Rli 100 
Messina (Transvaal) Development ,R0.50) 
88® 

New Klcinfentein Properties (R0.2S) S 
President Brand Gold Mining CR0.50) 

Rand Mines* Praoeriie* iRI* 11B® (20 7) 
Randiomem Ests. (R2) SUS44*. ft* 
Rustenburg Platinum Hides. fRO.iOi 84 
St. Helena Gold IRI) PB50 i20l7i 
South vaal Hides. iRD.SOi 527!® SUS6.70S 
Stillontrln GtHa (R0.50> SUS3.9S 
Transvaal Coni. Land and Exploration (R)> 
ilk) 

UC Invest* (RI) 240 

Union Cpn *R.M*«i 287! 92 300 

vaaT Reefs Exploration and Mining IRQ SO) 
SUS19ft 

Ventarsoosf Gold (Rli 233 

Vlakfontem Gold iRQ.9Qi 47 <2t)/7i 

Welkocn Gold 'RO.SO) SUS3.B5* 5.80® 
West Or*efonfa.n Gold (RI* P2175 
West Rand ContiL (91 1 J1US1 -8Sl 
Western Areas Gold <R1) el 85© 1 S 

West” n 3 Deep ^ Lwri fR2» SUS10.95* 10V® 

Velum Hide*. IR0.50) . SUMS M _ 
Viniteihaak Mines 1RI1 SUSlOftS 

West African (1) 

Rlstehl Tin MOP) 5 120T7* _ 

Gofd and Base Mcbl Mines <12ftp) 9ft© 
lantar H2ftP* 8 120-7) 

' Diamond (13) 

Anglo-American Invest. Tst. CR0.50) 40ft 
l1B*7i 

De Beers Consd Mine* Dtd. (Reg.) tRO-OSi 
o38B® 93 4 2 90 1. (Br.i (RO.OSi 476 
9 II 9/7) 

OIL (180) 

Attack Petroleum (20o) 92 90 (17/71 
BritiBh-Bornetj Petroleum Synd. HOP) 156 

w ttJYrti 

50S-B0 72 St 8 86; EOt 86. 8 ds1*»W. 

64 ft 3s. gpcZndPf. 72 118/71. SocOb. 
bgu® )i ■: 9 (2*7* 

Bunm'ah 011 671.® «t® 8 7 6 6t Bft ftt 
7ft_:. 7ftocK 46i> (20-71. 7ftpCLn. 
•45k* SftS iftPCLn. S6W8 Sft* 6*» 
Century Dlls Grp. it Do) 60 1 (20/?l 
Charterhaii «5oi 22ft 2 P*7v ■ 
CtytioJgjie^^Francaise De* Petrotei B 

Duckham (Alexandwi 7oeDb. 62ft ■** fl 8/7) 
Esso Petroleum SftoclmDb 80 (17'7). . 
HunHng ^P|troleum Service* New C25o) 

<CA intnl. <2501 27ft* 9 m 
London Scottish Marine 011 (2501 152* 49. 
Oil Product) on Unltt OOp) 340*. 14oc 
Ln. 98' 2 

Oil Eaploratlon lHldUS.1 <10o) 219® 30® 
Premier Cons. Onfield* (So) 17ft® 18® 
19S 18ft! 1 B_19! 18ft 19 17ft _ 
Roval Dutch Petroleum (F120) 47>«Wi 

Shell' Transport Trading I25o) 566* 60* 
57 8 60 2 56 9 7: 64 55 8*. Sftnc 
PI. 42ft izor/). 7PcPt. 56® 7 6 . 
Tricentrol (2Sp) 183 7 9 83: 4 BO 
Ultramar -2 Sp) 268© 4® 5:® 9!* 2 2! 5. 
7pcFfd. 146 

PROPERTY (116) 

Alliance Prop. 7ftoc1stDb. 72ft* 

Alliance Prep. Hldgs. 9ftDcDb. 73 C20/7) 
AmoJg. Stores (So) 9 (20/7) 

A puis Sacs <5 p> 20 <2017) 

Argvle secs. lIocDb, 85 
Avenue Close (ZOp) 72* 1ft K 
Bam oton Prop. Gro. 6'iPclStDb. 69ft.® 
Bank Commercial Hldgs HOP' 3 (207) 
Beilway Hldgs- 125P1 »lft ... 

Berkeiev Hambro Proo. ilSol 114 (20/7). 
Billon (Percy) 1250) 173 t20/7)_ 

Bradford Prop. Tst. (5 d) 250® 4 
British Land <2Sp> 3S>-* 4ft® SI* S! 4'» 
6 6! 5 ft?. ISotlKDb- 109 l> ft. 12pC 
Ln. 139* __ 

Brlvton Estate (25pl 100 ... 

Capital Counties Proo. OSpi 51 ft 2'a- 
Wrnts. U (20/7) B.'jOCLn. 69]i WOT) 

Carrington Inv. (50 p> 91® 120/7} , 

Central D/sf. Prop SocSvb.Ln. 53 1207) 
Chesterkeld Props. C25P) 308© 

Church burr Estates QSp) 298* 

Oilman It. A lee) ImeH. 9*r1stMto.D®. 

1967.92 72* L>*. 8ocLn. 19^1 -96 49:® 
Control SerurltlM non) 33 <20*7) 

Cora Exchange r lOo) 171 <17/77 . 

County and New Town Proo. (10a) 22 
(1917) 

County District Prop. (10oJ 66 
Doelan Hotdlngs V2So) 88# 

Engtlsh Prop. Can I50 p) 41 ft 12 ft 3! 

'states General Invest. (20of 19ft® 

Estates Property Invest !25o> 94 3 <2017). 

7 1.DCLit. 1989-92 60 (20/7) 

Evaits Ot Leeds (25p) 87 (18/7) 

S UnfieM Securities (2 Sd) 259 17017) 
neat Portland Estates (50 d> 284® 
Greenroa! Properties <5p ) 7 la (18(7) 
Greennaren Secs. GprlstDb. 66ft® ft* 
12071 

Guildhall Proo. 6pePI. 42ft ft__ 
Hammerson Property Invest. Trust (25p) 
552® 

Maslemere Estates (I0n) 239* 42 4 
Heron Cpn. 7 dc1»Cxj. 67ft® ft*.. 

Irnry Property Holdlnpi (2 5d) 3159 
intereorooeen Prop*. (IDoi 27: 

Land InveitDri I25 d) 38ft . 

Land Secs. (50 pi 212 IS 15 17. 6oc)S» 
Do. 1986-92 57ft* 7®. 9pc1$tDb. 74. 
BftpcLn. 140 10 pc Lp. 140© 

Law Land 2 Op* f 0 ft , . ___ 

London County Freehold Leasehold 7 ftpc 

1st Db 66ft ___ 

La-don Shoo Tst. (25«) S3* 

Lynton Hldgs- tZOp) 131 t=tt7) 

MEPC I2SD' 125® 7# Sft® 8 7 9. 6PC 
Unsec-La. 60 ft (207 U SPCUnsec^n. 
95t 7 12071 

Mldhurst White Holdgs. (IIP) 40ft (IB/7.) 
Mprklow /A. and J.) (250) J IS 
Peectiey Prop (2 Sd). 79® 8 80. SpcPf. 

36 -.197) BftpcIStDb 69 (19/7» 

Prn y t y Hid g. and Invest. IZSpI 286 

Property Security (50pi 1SS H7 7) 
gaoUn Prvro. *Sn) 5 V© 

Regallen Proo. (2SP) 11 (177) 

Cog'onal Proo. A i25o« 61ft® 

Reels Prop. 58 117:7) _ 

Rush Tompkins <2 Sp> -<19® 18ft* 

Samuel Prop. 1250 84 
srottlsh MerraooM Un >20o) 1 07 
Second city Prop. HOP) 34 (1771 
Sioenh Estates i25p) 11B© 14® 19. 7ftec 
IftOb 59* *•©. 1 0ecLn. f 64 i20 7) 

Stork Con.ers/an I2SP)- 2361® 4B® S6® 
4®. 5'jPcLn. 246t® 2® 6 
Sonfer /Bernard) I25p) 2)6 n97> 

Town City «10o) lift 12 lift, 14pcLn. 
89ft (197) 

Town Centre ISSbl 59 11 8 ‘71 
'•nlted Real Properly I25nl 255 120.7) 
Yefck ijosenh) i5o) 16ft© <207) 

Winston EfUt*s f75v> 37ft© 

RUBBER (33) 

Anglo* Indonesian <25a) 04 ft (17/7) 
Bertam Consd. HOP) 112* 

Bradvrall 1F.M.S.) iTOh) 58 
grtertonwe /F.M.S.l, MQp) 45ft 118/7) 
Consol ldo»d Plantations HOp) 44ft. 

Warrants 93 (1917) 

Grand Central Kings. <10o) flft® 

Guthrie 348® 53 50 2 4 
Harrisons Malaysian 41 Op) 116© 15ft* 15 
Utah lands Lowlands Bertiad rsMa.OJO) 
122ft ft - 

Koala Lumper K«pons Berhad C5Ma.1) 79© 
8® ft 9ft 9 

londoo Sumatra HOp) 162 (20/7) 
Malaysia 11 Oo) 76 7 <1BJ?> 

Muar River non) 49 

“adang 5enang HOP) 56 <1B/7) 

Plant vtlofi Hides. /lOo) 77. 20pcU>. 120 

_’20m 

Soaomana '10o> 170 
Sungei Betl noei 72 11 on 1 

SHIPPING (32) 

Brit. Commonwealth I SOP) 274 119/7) 
Caledonia *25a) 240 _ 

^ShPT 5d"s (25 p) 161© 

Fumes Withy 223: 4 
Gram Shipping A 125 097) 

Hunting Gibson 1 10® 

Jacobs (John |.) 20 o) 32ft (19*71 
London Overseas Freignters (25p) f6ft, 
Lvic sntaolrw (2 So 1 10G 117 7). A-42SP 
106© (20 71 _ 

Ocean Transport Trading (25P) 1P4ft* 6® 

4ft 5 4 

P|rinsulsr^)rlenui SpePtt. 36. Did 84ft© 

Rearton'Smitn Line lAOp) 60 (19 7). A 
;sop) si 

Runclman (Welter) (25 p) 74 (18/7) 

TEA (4) 

EJSSiTSS 2£&. » (2o/7) 


(17.7) __ 

■Ora. (114(781 


CemeW OOp, 295- n77) _ . 

5SiTVra 26 11871 

Holdings 370 (20-7). 6pcPl. 

Sing/d ridWIngs (TOp) 24, 

23ft lift 1 *) 

WOrien Wonts Ho/*Ii»B* OSpi 2J8 1187* 
western Oooers Tea Holdings 182 7 
|20)7> 

TELEGRAPHS (I) 

Gt Northern Teieg iDceman) B5 

WATERWORKS (5) 

■jgWg, « I20/7L 3-B5PCPt 76 

CMne Valley i.Soc 33*1 (2Q/7) 

Ea« A/MllM 4.2j*Pt 7* U0*7>. 7pe»- 

101ft *» ‘20/7). 7pcPf. (liope.) 11© 

last SWJWF 4.9PC 45ft 417/7/ 

Eased lOftKDb. si (18/7) 

Leg volley J-5PC 33ft 417(7). 4JpcPf. 72 
71+pcDo. 60ft 1191?) 7kaeDB. 63 (19/7) 
t'.ti 3 ' 51 ? 33 <1 7l7h SoCDh- 
32ft 1 1?. l 7 »- BpcDb, 63ft* 

Mid Southern 3.65oc7t. 73ft (7 Bi7l 

Mid SMM* 4.9PC 46 419/71 

N t ri csql g GaieUiaad lOocDB. 73ft (1BI7) 

N Sft^7?' 3 ' 50C 33 11 9i71 ' 

POrtSnouU) 3-5BC 32© (2017) 
RlckimnsWOrth Uxbridge 4JJoePt. 70* 

120/71 

S. 4.9PC B 48 0.0(7) 

SunirilM S. Shields 4-ZpcPT- 65 ft (20.7) 
WrexMBl East DenWgltthire 4.9nc 46 ft 
420/7) 

SPECIAL LIST 

Business done in securities quoted 
Id the Monthly Supplement. 


JULT il (Nil) 

JULY 20 (2) 

Circto EdBlneenng Group S. 55PcCom.pt, 

JULY 19 ((2) 

Barton Son* 6ncPf. p40© 

JULY 18 (2) 

Barton Sons &otPl. *3B>^ 

JULY 17 (NU) 

RULE 163 (I) (e) 

Bargains marked Id. securities 
which are quoted Or listed on an 
overseas Stock Exchange. 
JULY 31 

Afrikander Lca^e* 270® 

AJgoma Central El 2 ft 

Amerada Hois C23':ft 
ArilPQl Cx. 118:® 

Anglo utd. 175 8 ao 
Arabian Snielo 125 
Arvo into. 144® 

Atherton Antimony 88* 9 8 7 
Australian Founoaion 92® 

Bougainville Copper 127 5 
Bridge 011 94 
Campbell Scuds £28 ft® 

Clba Getgy EpcCons. £89 ft 
Endeavour Resourtei 23ft* 

Euratom Sftoc 1987 DM 98ft® ft® 

H amerO Canada 430® 

Highyeldt Steel 108® 9® 

HOM Kong Land 171ft* 

Hutch kion Whampoa I06>; 

Intnl. Std. Elec. 9pcDb. 1974-86 
USS 102ft© ft® 

JlrtlM Matheton 260 56 
j art) it* Secs. 1 56 ft® 

Metal 6a. 30 
n. Wen Mng. so 
Nthrp. Mng. 105 10; 

OakfevMge Secs. 165© 6* 

OH Search 12ft® 

K5b C W°^nd 5 °S26 

S&E » ds - 56 


Snllft Prop. 62© . 

Sant rvc. t. J51 41h 
imcsb mugs. 4*9 

Village fn-ir. Rev' lb® .;0 
nnntlo Mina. '« » 5 
western RtSfT Ibo-:; . _ _ 

wnedoen Maraen « 54';B - 1 1 
■■wwiwioe nil 72 

JULY 2V 

Alliance Oil Dcku. |b 
A niput Pti*. <0 

UUtutO I ?d 
daiymm aa 
oe*.fl rets, buffi 

aiK."t La. A,,* 9ft _ . 

v^nirai traciQi Mi.viais 515* 
v«jn®fic rtiu lii.ui a«7 
a/nar topi- LA* -2 
■.nuvvvoui Hnwain 
rau-unprioSC •*(«*<!■ A s-IOft 

itaflAiwilr 2/ 

nun w aung bang 172 ft 

n««i ciuswrt .ynvaipja ivsC. ?';p<Pf. lbftO. 

k.1 huWIiu jr.o rie" 4earano LOS* 

jdQiift HvihCMOi abb* 

JarnMe U7i 

•eeidi Eaciui. 2o 
Nur*"0* Mines A ftZO I 
WuiiOura omnii.g )w* 
urs« Inaubtries 1*3© 
u.i bearen >o 
fecnib L. upper 49 53 
rtembranBt Group a04 

Koaac j Uuovext haoO 
ad«r*e 14a. U.i MISI4 
pouihern Pacific rets- 208 15 

JdMIttS >37 

lr (Continental — 1 S.IO 1U 1 9ft 
westfieia Minerals 131 ift 4't 5 
«ne*MCK Mi/den A bJftO 

JULY 19 

ASA £17 ft!© , __ „ 

Maiuiei atm no-.tcioam Bx. 7 -UPC 1977-96 

use 4o*u Du. M. 19/708 USS 4a*» 
Ang'O uta. <U2© 196® 7 J2 

Apamim tau^iwS 
AubtraiMQ la. i uu 510 
Main LM It;© 

Sue mg A46'i® 

ooise Caitaae USt .9ft _ _ 

dcrtivaiitynic Cupoet 121* 1 

Cneuna Kong 15ft . 

cipa Geigy * upet-nv. E90 •-© 1 . Bftsccru. 

Lull'i* 

D aniuiio mtni. Cm _ ____ 

EIS 9 -a pc ladb tu.StlB-Soi. £97* 

9 ftpC 1992 £93'«ffi ft® V# "-G AO 
Enoeavour ResOuHri 260 
EurOuni On £39 
Exxon Cpn- £35.'j: 

Gecrgla Pacibc £22 
Hong KOng Lana »#*•• . 

Hutcniton Whampoa • Ui 9 -x 
jarome Mashes on 261® .9 1 
jaratne Secs. 147ft 4C- 7 
Oil Scarcn 13 „ 

Pacmc copper 49® 
pancontmentaf £13 ft 
ROlinCO Opts. 75® 

Swire Pat. A 14 80 3 S3 
S.nc Pro os- 60 
Texas Instruments U» SS 
ywesthela Mins. 155® -Sow 
whim Creek 50 
wooocide Peu usv 0.9* : 

JULY 18 

Abbott E»bs U5L 361; 

American Home Piodt. USS - a •» 

Angio uta. 208 5 _ 

Australian Oil Gas 506 .O - 
Beach Pets. 520 
Bouoauw *<e Copper 122® 

Central Pac. Mins. 57Stt 
Coniine R'p T IPtO 246® a 
Oayton Munson US) 37 'a 
Emerson Elec . US* 36 -ft 
Fiorina Gas £21 ft: 

Gen Food!. USS 32 ft ... 

Hudson's Bay Mng. SRwItg. £1.^0 
Hone Rone Kowloon Wharf 40. 

Hong Kong Land 167 
Hutcnrson Wham dm 107 » 

Jardme Matneson HKS 15.15 
Kuiim Matayoia 57 
Lion Match >5. A. I 125 
Maratnon Oil £45'.©_ 

McDonald Con. USS 54ft 
Metal Bov iS.A.) 136 
Mid Bast Minerals 45® 

Myers Emporium 155 
14 01 t h em Mining 104 
North west Minina 29 
Dll Search I3'j ss: 

Otter Ex. 36® 


DO. 


mniM Pie*, us sift 

hi L4.lt r Va.ll.ole 1.7k -S 
m«l Ml 

PM. Ik r-u. A 1 47 
«■«: PI03S. Sfi 
i coos I.V.U Uiinnin £68 Y 
,ti a i.fUU.I LX- I il 
ntmuuicr l 41 , 
westncio Mins I pi 4 J8 50 * 
i w.iee.ULL IM "time U 5,® , ... 

[ nii.t.xk o-.-roen a m-j 4 (IK) 3.12 
I >• juaxtaf rets, oqg 

| JULY 17 

; . ocraare Cagles 125® 

; A.i.bui feu. 7 a 
I mSxlO. IHaliaUnCie ub* 20.17 

I pu'j-ni.. in, -an 
-fiwIMA OuPviivI Ull L44i 
[b.N Mill . ■•fa.Cn>. uni] 

; ^tnumo-a Gas 7 . .£1 
kjniuK K.u untu „4 
| cOdeavOlir KgsouKCs 251] 

■ nanr far Ora*, eg 

■ riling nong 4.e»o 1 72 ft® h 69U 
| nuliililun (vnniiiooa 104> 

JOPan fund inc. adti 

jjimne Maihoon zoo 60 
hietal E*. 28 •; 9ft 
N*ie* 4o 
on ocaixn 13ft© ■) 

Paft. Copper 40 8 
irancanllnenlai a.i3i; 
btuoaer uumesi oa2 
5. Hiriua Pule )vpct US* US 
Swire Pac. A 152ft© 4S'J. Da. B 27': 

■ asn.inca 55: 

In continental £7 Sft 

Unilever nv «fi 201 USS 95.05 
wesinelo Ltd. 35B 

nesneie Minerals 1(09 is 23 37 
wherioeic Marora A 531 6 2 ’a 
W itwaiersrano Ucco 300© 
rukoo Coni. 167© 9© 3 

RILE 163 (2) (a) 

Applications granted for specific 
bargains in securities mil lbled 
on ant Stuck Exchange. 
JULY 21 

All England Lawn tennis Ground CSOOos- 
.£34, od.i i-:eoa 
Aran EneiOv 1 2b 
Arsenal rC EIdo S 
Aston Villa FC LI 7 ft 
Ccoar Hldss 15 
Clairmace 34 
Clyde fciroieum 124 

Eidr.dge Pope A ib7 3 

fuller bmttn ano Turner A 295 90 
GRA Proo. Tit. 14 ft ft ft 

■ Gale iGeorae' Eos 

I Heavltree Brewery 450 

I Kars Atlas Brewery &pcCum.Pr. 250 
Kenmarc Oil E(Diora;ion 36 5 4 
Mining ln*estmcnt Cpil 35 ft S 

I NMW Comouthrs 170 68 

NalionwiM Le.sure 6 
I North Sea Assets USD 800 
[ Ncrton Vllirrs 2 
PMPA I n Sura nr u IS 

{Thwa'tes iDonieii ISO SSh . __ 

Wessex Water Aurnorltr Spc 19S2-6. 

i £40 

I July 20 

All England Lawn Tennis ESDDbS 1981-85 
>£325 Pd < £2 eoa 
Ara« Energy 126 24 22 
Birmingham Coy FC 800 750 
Burraugn tjamesi 108 . _ _ r _ 

Ceoar Hldgs Oro 17 15 8- 10-ZSPCDb. 
£69 

■ Clrde Petroleum (27 4 
: Endridpc Pope A <97 S 1 
■ Escnem 29ft 9 
'GRA P'OOV Tst 14 ft i* ft 
! General Ceylon 6 
i Hills 300 

l Kcnware O'l Eftplln 38 6 4 

/ Liverpool FC £) 10 __ _ _ 

| Mining invest Corpn 36 5ft 9 

Nationwide Leisure 6 
Norton Vllhers 2 „ 

Queens Part Rangers FC 115 

1 Southern 230 29 

Si via Barrat Snoes 7PcCtPn.Pi- 45 
Urogate Invests, a: : ’ 

JULY 19 

All England Lawn lend© Ground £50Dos 
1961 -95 l£32f nd ) £2700 


37 


Hides. 48 

20 

£35*t 


Alton VHta FC £.1 Tft 

HlffriOdlh Z .6a.fcO.6-H/ft.Pr, 

oiai ufainc o. f m 

•biiue rc.iuiknin 1*4 

Lj*ii vaiict Mipni ikiM'it 2a 

wfpi) »Ed Stulpa 4^kklJ- iSl -'i* ‘ * 

y-A..lC1ll lllUV). PhO 
MtSiR riop. ifuii I4.« *2 I* 
uiOfti mr«f muh 
L WluwA tnOw A 4DU 

f Atfdaillli mII -*0 

IMUIV> SHU 

MAiiaiiy iiiiuuiii'nh Si 1 

nvucciTi iCu &pc.Lun4.rt. z 
Mitcum brents * owyniitn. L*4) 
nio^b. 4 . 

. immcC'i Zl. njLlKttZuZtf iMlofl* J 1 

i )icaiwra Prop, -ma^ J « :Di-Ciifn.n. M 
I xiiUg i am.-vifc. Osl 

I JULY IS 

jCamsrtace lrnrrunu.nu i •: 

1 t-cvicio ana ingian pianteis 
Liiaonel nolrls ana rrosa 
! (.nusternvia Uienv'v Jocirra un. 

I wist- v«troieum 1 2o 
uiLnweiia iniaas.i 3 
uiimouia vaiici -t-Y-vioiu Tea 65 

u>uiOsweila moos. 24 

EaslOOurnC Wiierwoik* I.Boclrtd.Pt. IwO 
cavnem Hldgs. 

UMA proa. 1st. iS 14ft 14 13 
trauna CeylOa Tea Estates 1 
Gibos Mem 410 
Gidos Mt-v A 410 __ _ 

G . gas Mew Sue Cum.PI. 37 5 
Urcooon Trust llPchuD.Urs.Ln. 

£54 1 

ticavitroc Brewery 

Jaripn) Eaottv Tst. (A30.50) )72 
Jersey Gas CO 
JurSL'k New »W 300 
Mimng investment Con, 36 5ft 4® 

NtfliDnrtiae bCourc NCft b 

v«iahjm Brt?wcr> 6*1 
Pa na watte Hlogs. 2 .. 

Pommouin Haraour and fern* 110 
Queen SI us-arenousc ■Hlogs-) 3 
Southern Newspapers 231 
Si via Barratt bnuel 7oiCum Pf. 45'1 
United Friendly insurance «2‘l - 
— ynnstay Proas. 330 

JV1.Y 17 

ah England Lawn Tennis Ground L50SDT. 

l9L1-o5 £3.4 Dd.l £2400 2b0 
Aian Energv 115 . rc . 

Cjioer Wjier Board ARd-Ann. 550 
Lanibrldac nul. 1ft 
Castlrlown Brewery 200. 

Central EaultwwM B 2t>- . ... 

Channel Haluls .ind Proa.. 21 .0 ■ ■ © 
Dcioswrila Hidgs. 25 
GibBs Mr« 47i> 

GiBDs Mew A 42S . 

GRA Piup TruSI 1 St. , 13 
L.»erpoo> FC *.120 
Mining Inv Con. S6-: ft ’» t 
Neoer-m lea SocCuni PI. 3 
New Court Nat oral Resources 1 1 
Paisley Ice Rlnt 50 _ 

Southern New-paarn —9 

Trusc&n 6PfCuJn.PI. 11 

RULE 163 (3) 
Rargu'ns marked Tor appro' cd 
cotnpaoirs engageri soIcJj - io 
mineral exploraiiiin. 

JULY 20 

Slebens Oil and Gas 'US' 419 14 IS 'O 
8 7 6 5 4 S 2 1 400 393 7 b 2 

J nly 19 

S93 S9 B S » : O TS 4 I 1 


1976-61 
4 -TOCNO n.-ClW). a Pi. 


10 o 


ciulf 04 37 3 

Sieoens iUh . 

JULY I« 

Slehen-. Oil and Gas lilt ' SJ! 1 0 78 

6 5 0 

JULY 17 

Cleoen Oil and Gj. *Ll K i J75 63 6 * 
CCP Norm Sea Assn. 77 s 

JULY 14 

StetH'ns on and Gas 'U •<•* 304 2 0 70 

6 5 * ‘ 

I »li.- eh.-b f t.'hdwuit 


• Du jH-riin-s-.Miit 


.inii.nl ■ 



UK MONEY MARKET 

Bill rate eases 


Bank of Eng land Minim mu 
Lending Rate 10 per cent 
(dace Jane 8, 1978) 


EXCHANGES AND GOLD 

Gold continued to rise in the firmer ond reached SLTSOO ^af one 
London buUlon mar ke t «d M g»» •SSLfVM’ of 

S2J an ounce firmer at S191MSM, Sw ,f r (.79l5 compared wilh 
its best dosing level since Decern- s W Fr 1.8040 on Thursday, 
amount for repayment on Wednes- ber =0. 1974. Yesterday's l»r- The dollar b *V S S t 'iiT 

day and further moderate loans 10 formance was very much a con- *■»« "J ." l-fr-r-i- fv-m a 
Thwday. to addlllon they boiighl tm Uin2 trend and the nenerally }? c k or raStidenci. The 


minimum accepted bid was un- eligible bank bills. Both lending — figures at noon^ ^in New York, the 

changed at £37.69*. Bids at that and buying were on exceptional economy. S5£?« ti-SE u-Pi?ht»d average 

tovSwere met as to about 93 per scales and part of the bills are for Activity in the foreign exchange wld ened to lo^e? 

cent against 89 per cent last week, resale to the market at a fixed market centred mainly on the « 9 p e r cent. ^ 


The £300m bills tendered and future date. * strong performance of sterling 

allotted attracted bids of £545.42m The market was faced with a and the Swiss franc. There was 
and all bills offered were allotted, substantial Treasury bill take-up a good demand for the pound 
Next week a further £30 Om will be and a sizeable net revenue pay- which opened against the dollar 
on offer replacing maturities of ment. There was also an increase at Si. 9035-1 .9045 and touched 

fSOOm. in the note circulation as well as 51.9175- L91S5 at one poinL Rates 

Day to day credit was once again the repayment of Thursday's large tended to see-saw during GOLD 
In short supply and the authorities official advances and an extremely afternoon and although sterling 
alleviated the shortage by lending large amount from Tuesday. On finished below its best level it still 
a moderate amount to eight or the other hand Banks brought recorded a 70 point gain at 
nine houses at MLR, for repay- forward balances well above 51.010.V.291I5. On Bank of Eng 


July 21 I Jotsr'SO 


merit on Monday and a similar target Total assistance was slightly land figures, the pound's trade GoM Uuibon i» fiot 

overdone and discount houses weighted index improved to 02.7 ...umv! 

were taking closing balances at 6 from 615 on Thursday. n "** — ... : si»ii-l«2M SlBMUft 

per cent in places. 


THE POUND SPOT 


July 2 1 

BauL 

ruef 

l 

tf.S.8 


f 


Gnllrlei 

4 

Bel(PA*i Fi, 


Danish K'. 


b-Uura 

5 

Use. 

TS 

Span. Fes. 
Lira 

t 

lift 

N>»Xn. Ki. 

1 

Franeh Fi. 

Slg 

SweriiahKi. 

-MS 

V\o 

Oft 

Austria. 6ch 

4ft 

Swig* Ft. 

1 


Day’s 

6pn») 


Clow 


OTHER MARKETS 


1.8055 I.B1 5,1.8186- 1-8115 


J.T5M-2.1M0 

61.65- : 8 iD 
lfl.Mi-Iu.70 
6J1-4.HJ 
flS.fi i-a7.fi ■ 
167 JO- 148.50 
1.608 J.B10 
10.20 10.58 
M4fS.5Qi 
0 B4-O.70 
5L2-09.2 
Z8^ii-2ii.40 
4.414-4.45 


S- 1475-2- 1485 

4-231-4.: 4i 

6t.75-5l.B0 


Julf 21 


.Mill u — V vu iiiLUJuaj. - • . tn -.T ... 

The Swiss franc was sharply 

; il*83.921) 

Aiierauon liwns.,-iS191.75 
!(£100J2SG) 
lirld Coin*i... M ._....J 
UnniwOiDlly i 

Kru&mnd ;$Sflfl 203 


,(£98^811 
'S 188.40 
: (£93.582) 


£ 

Kutc* I5»t* 


799.58 801 67;.Yurtn* 


Araentmal'rto i 1.428 i.*SI 

5.-12-4.85 Eutt ralia Dollar 1.6583 l.t68o| 0.b*08 U.e719.BelKluui_ I 

88.89-47 JO FtDian.i Mwklra... 8.024 6 045 ; 4.1890 -<.201O()pni™rk_> 

140.00- 148.10 Unuh CnizMtr. 33.88 34.08 | 1/.73 lb. 25 j France. 

1.814-1.815 (Jrevc* UradiDm.... 6®.618 70 5JU 35 90 .-6.80 )Goraiaur 

10J0V K..51* Uofu , K-jtu- IXi'lor.l 8^950 c 9175 4.6570 -*.6590;luilv 

8.46-8.47 jpo, Kial ' 131-187 . 68 55- <1.70 |Jb|md 

KiraMi p.i»r(KD|l 0.5)5 0.a<*5 ' 0.2694 JjJ747|N.nJie)ftukt._ 

LuTemKnirq Frauc. 61.75 ol 85 i 3.. si 32 33 iXivwj 

Uvuiynbi IVillar 4 5175 y 5300 ^..3625 *. 3c45 Partiuai 

Keg- rSenkniii DuUbi- 1.6289 I.fc389 0.9c00 0.9623,Sj».in 

san.li An <•(■ KlYB'.j 6 -*8 ■* 58 * 3 39 8.44 ■'»iw*r/(un1 

j. fnn ~ sirumi.w Dollar ... 4.4000 4 4125; «L3- 40 1.3U50 I'nllwl Sgitba 

FlunclaJ /ranc^ SISO-Sm. 1 R*(« far (fautbAfcnanBaadl L6480 1.6651; 0.8625 0.8713, Viuroelana. 

^^S^r’ 1 - 9045 ^' " R-te o.bd rot Arwinni w •«•«*. “ 

LONDON MONEY RATES 


8 r7 8.68 
S 5J si&r 
28.20 W.M 
3. *2-0.40 


27 ft -28 1« 
6H; -63 
10.55 10.70 
S.33-8.60 
3.8i>3.95 
158 J- 1610 
3 BO- 390 
4. 10-4.25 
10.15 10.30 
81-87 

1.430-1.465 
3.353.50 
1.88- 891; 
34-36 


/S1S64-1S74 
iCMj.llSnUfilOZWBOJ) 
Kegr sovefei^nfl.— S56J»^81» JS&8-S8 

: i£3Sj-3Qi) |l£23A-3D*) 
Old SovotpIrIu — ^.|S 56 58 IS 56-67 
; .ia»ft-5oi} nm-50) 

Girtd Coim ~^.| ’ 

iQientarionaJIv ( : 

KrncFtnuui IS1S7-188 S194i-lMt 

i(£)D3 IN) )tiMD2-lOSj 
New 8or ere t/rniL.. ..'656-a/ |SE>6-bB 

jiC.-«^-28)) l'£23*-001> 

Ol'l Sovereign 6 ... l 656-38 ]S54-M 

:.ia9i-50a !.C28/r29il 

520 J-jt^leh. ;5.76-2M |S2.'7j-28fl 

SlOKadra 'S 141-144 - 5140 146 

SP K«l'J<“ Slfl-104 'SJOO-IDS 


July 21 

I3ffc 

Sterltas 
. Cortaficvte 
of lieprwlt-- 

lnierl«nic 

laical 

Auil'iirity 

■lei»'-'t" 

Crical Auth.j Finance 
nrc'rf'Rriie J itarc 
bond- 1 Ooi*»il» 

CWmiBjr 

DrlrtH- 

Discount ! 
market j Treasury 
uy-'it ( Bilh * 

EUrIMc 
Ksiil 
K ill" © 

Oi-wrn'ldit. 

8 riiy norioe.. 
Jjlaym r-r 
i ilar» notice. . 
One lpnoU) — 
Twti iiKnjL'.™. 

Three moothi.. 

mool hs — . 
Nine month*.. 

fine yenr. 

Tun ve*r*~. ,. 

lO&a-lOft 
lOrVIOfis 
10 ft- 10)4 
1- ft lOie 
10ft ID.V 
lLft-10ft 

6- 14ft 

10i, lift 
lOft-IOTg 

10';10-ft 

luft.Iifi 
WJg-lOii 
JOft IOfi 

11-12 

11-12 

lCU*-li 

lOft-lOft 
10>e 10ft 

lOft-lOft 

1111ft 

_ 

llft-lOft 
10 ft - 10 ■ « 
97 b -i 5s 
9Tfi-SSfl 
10 ft 10 
10)y 10 

ll'e-Uft 
lOft-llft 
10ft-Hft 
105a-Hft 
lOft-l) ft 
lift 
lift 

11- ft 

12 

ni = 

11 ’ft 

- 

6_10 

9ft- 10 
Sft 

? 



9|V95fl 

10ft- 10ft 
10, i 

10 

9-L-W 


FlnrTniilg 

Km*© 


CURRENCY RATES 


10ft 

105n 

lt)*» 

10)3 


Loncer-tcnn local auiburlU' morigajtp 
per cent. <t>Banfc 611) rules in tabic 
a.' per real. 

nvo-momb 91 per cent: and ihree-monih 


Local inttwritj apd flnanw booses seven days - notice, others seven days Bxed. 1 
nominojiy three rear* lu-lil per cent: (our years 12-I2t per eon: five rears l.-i-! . - , 

are biffins rote for Wtoe paper. Buying rates (or (ooP-numih bank bills 9 Bis -10 per cent: four-month trade bills 10. per CPBJ. 

Approximate gaffing rates for ooe-mooih Treasury bills 91 per ami: ctvo-momi 91 per cent: and ihree-momh 

9j.,j: c per cent. Apprtndxraie seffloc rate for one-moalb bank bills W per few; and ivto-momh 9°**-W per cent: anti 
Ihrw-momb 8»»-H per cent. One-month trade bins IN per cent; tvo-mnnih 10: per cent: and also Uuw-mnoUi 105 per cent 
Finance Haase ©ace W /published by the Finance Houses AxKudation)- 10 per cem from July 1. 1975 Clearing Saab 
deposit Rates (for sums at seven days’ notice M-7 per cent Clearing Bank Base Rates tor lcndlns 10 per cent. 

Treason* (Me Average tedder rates ot discount 93430 per cent. 


July 21 

Special 

Drawing 

Rights 

European 
Unit at 
Account 

Slerli/is 


0.662414 

tii. dollar 

.. UM8SZ 

1.2543! 

^ 1 }. i< i unTTr^Bi 

.. L 43392 

1.41im 


.. 18.0S57 

16.64V 

llclfian Irtmu ... . 

.a — 

40.7757 

Danish hrtoc •. 

.. &9E4SD 

7.04217 

Deutsche Mart: ... 

.. iSfi55H 

2J87M 

Guilder - 

... 2.77238 

2.mf* 

French (ranc 

.. 5J&M39 

53S3S1 

Lira 

.. 1055 Jl 

106237 

)Yn 

- 2S2J42 

2SJ.423 

NurweRlan krone 

.. 6.7592H 

6.79596 

PcM-ia 

96.7234 

97 3924 

Swedish krone 

.. 5-67339 

5.78290 

Swiss iraoc 

.. 22X101 

2J7SM 


EURO-CURRENCY INTEREST RATES* 


July 21 . 

Sterling 

CjimIi.h 

Dollar 

UJ3. Dollar 

1 

Dutch Guilder 1 Swire Franc 

W. German 
Mart 

French Franc 

Italian Lira 

Arlan 5 j Jnpane«« Yen 


KA. 

N.A. 

Zl5g-12l8 
llft-llft 
lift- 12ft 
HlB-lZft 

714-eft 

7ft -8ft 

7ft -8ft 
Bft-bft 
85s-9 

7i t -B 

778-eft 

8ft-SP» 

Sit-aT* 

B-9ft 

k mm 

'■ i ■" rM 

lft-Z 
3ft-3ft 
a,L a....- 

IS. 1- Bra 

2ft-2l-_ 

pin 

7ft 77a 
7ft-7ta 
8ft-9ft 
9ft-97 B 
10>8 10ft 
lOTg-lU* 

10-14 
10ft. lift 

11 lj -12 ft 
12ft-13i? 
13ft-14ft 
14-16 

7;^-8,fe ! 2ij-2ft 

8,; : -8:- : 2ii:-2ft 

I 2. ; 2 li 

«9U f 3, a,.',- 

9ft-9i4 ■ 3-.i-5 


The ioUowIor Manna) raieB were quoted for London dollar centtiraies of depnsitr One moDth 6.I8-&50 per onn: three mouibs S--W-s.ii per cent: sa months f.av.vss 

per cent) one year 8J&-9.05 per ced£ 

Lone-iarm Eurodollar deposits: two years 91-91 per cent: three years 9 *u-9Vm Per cem: four years 95-9: per cent: five years 0:-9! per cent. ’ KjIls are nc-mnial 
■^sSorMem rates are call tor aterHo*. U S. dollars and Canadian dollar's: iv-u days’ notice for RUiWers and Swiss francs. AHan Mies are clooint: rotes in Singapore. 


UiL CO NVERTIB LE STOCKS 21/Z/Z8 


SuniOM provided b 
dote STREAM /ntornatlo-ic 


* 

Kerne and description 

Size 

(fm.) 

Current 

price 

Terms* 

Con- 

version 

dates 

Flat 

yield 

Dm) 

Tremiumf 

Income 




Range* 

SEE 

Conv.1I 


Current 

Alcan AIuMfarima 9pc Cv. S9-94 

9.05 



76450 

6JI 

3.7 








Associated Paper 9 ipe Cv. 85-90 • 

L40 

108.00 

200.0 

76-79 

S3 

8.0 

- 63 

-10 to 

2 

5.1 

4.5 


+ 6.4 

Bank of Ireland lOpc Cv. 91-96 

832 

179.00 

47.6 

77-79 

5.7 

25 

- 4.1 

- S to 

i 

103 

9j 

- 0.7 

+ 3.4 

1 1 1 ll II — 

7.71 

137.00 

333^ 

SO-97 

S3 

8.6 

17.4 

17 to 

30 

0.0 

933 

wm 

+ 62.5 

English Property 6Jpc Cv. 984)3 

837 

93.00 



7.1 

7.2 

- 6.5 

-11 to 

4' 

8J{ 

3.1 

- 52 

•+ 1.3 

English Property 12pc Cv. 00-05 15.31 

Si 


76-84 

13.9 

13.9 

39.6 

24 to 

102 

30.7 

49.0 

2S.6 

-11.0 

Hanson Trust 6jpc Cv. 38-93 

*51 

sx.co 

57.1. 

7&«0 

S’ 

9.1 

8^ 

1 to 

12 

5.4 


43 

- 3.4 

Hewden-Stttart*7pc Cv. 1895 

0.07 

moo 

470.4 

75-79 

23 


~233 

—23 to 

— 7 

9.2 

S.3 

- I.& 

+21.4 

Pen lo$ 15pc Cv. 1985 

a™ 

] 44.00 

166.7 

76-82 

10.5 

7 A 

- 0.7 

- 7 to 

36 

423 

42.4 

- 03 

+ 0.3 

Slough Estates lOpc jCv. 87-90 

550 

166.00 

125.0 

78-87 

6-0 

13 

12.5 

7 10 

16 

36.8 

53.4 

11^ 

- 1.3 

Tozer. Kemsley Spc Cv. 1981 

733 

95.00 

153.9 

74-79 

S.6 

10.5 

I0JI 

5 to 

26 

mn 

m 

0.3 

- 0.9 

Wilkinson Match lOpc Cv. 83-08 11.10 

EH9 

EM 

78-83 

11.4 

11.6 

29.4 

29 to 

40 

32.4 

37-1 

7.3 

-22.1 


• Number of ontoOkry aiires ion which DM nominal ol convertible sock is convertible, t The extra cost of investment 10 convertible expressed as per cent of the 
Cost of (he asrity m the convertible Stock- 1 Three-month ranse. i Income on number ol ordinary shares lnio which DM nominal <A convertible Slock is coomUblc 
This tnrome. expressed In peace, is sommed from present time until Income on ordinary shares ts treater than income on £U)u nominal of convertible or ibe fin-j 
conversion Mto wUcfcever is earner, income is assumed to grow ai 10 por ceni per Annum nod la present valued ar IS per cent tx-r onnam. 1 1ncome on £100 0 f 
cooveriiUe. (nwoe (a butumed on 01 conversion and present valued at (2 w*r rent Per annum, <9 This Is income Of Urn convertible less income of the undiriyinc cquiiv 
expressed ax per cent ot the value of the • oderlyin* equity. C- The dUfnreocc between ihe premium and income difference expressed as per cent of tiw> vniua 
undcrlylhx 09nlty. + is an Indication of nMrt cheapness. — is an isdlccoon ot relative QuartusM. ■ 


f 






































1 


u 

o' 

01 

J 

•h 

ai 

■} 

it 

IT 

ei 

n 

ri 

PE 

iy 

le 

0 
ib 
ar 
■h 
4 

l£ 

lit 

'W 

Jz 

is* 

le 

111 

£-C 

as 

?r 

oc 

01 
ai 
d\ 
ie 
10 
■h 
ai 
ui 


-i 

5 

ir: 

ic 

N. 

*:i 

it* 

u 


nc 

"i 

in 

n 

Ml 

•pi 

>iC 

Jl 

1 


in 

ill 

ui 

na 

mi 

IV 

t*d 

ar 

ui; 

mi 


*c 

'll 

•f 

at 

vh 

:f< 

10‘ 


w 
2 if 
;t*i 

hi 

ht 


Xi 

i«; 

3ri 

& 

r n 

?ri 

i 

.91 


Financial Times Saturday July 22 1878 


24 



STOCK EXCHANGE REPORT 


Sharp response to pay guides and dividend proposals 

Equity index rises 8.8 to 479.2— Long tap activated again 

Account Dealing Dates contracts completed jumped from Plysu. which improved 2 further 12 and 9 respectively. M^DtaSbuS?* into higher son tons 

Option - 305 on Thursday to X010. the to BOp. _ Foods contn touted their share of . ^ j n to 31B p were mane *»«'*•■■ ■ — — 

•First Declare- Last Account second heaviest trade so far and Leading Stores were in bouyant firm spots. Tesco rose 2J to 4Sp on 1 edEed forn . arl j 3 to close of the market . 

n/aHm* tious DeSn-s Day came only a few days arter Tues- mood on the last day of the the company's dividend potential. ****** Jffflp Suteineert- Following the nwtwj 
fSSr.SSi El A«7l day's rec ord oE 1 - 249 - Just AccounL Spurred by news that while others similarly influenced a IMS lifted J™ Dawson IntenmUonai 

i 'iS * ini 4 Ang! 15 P« cCnt . °1 fte business was consumer spending is at a peak ^eluded J. Samsbury. 8 batter at mentdraiMd^ eased back 4} to 140p on light 

July 24 Aug. 3 Aug. &■ transacted in five stocks. Grand and by the surrounding market 210p. and Associated Dairies., l7jo StrwunitoK 5 pj.|£ Refuelling profit-taking. Elsewhere in 

Aug. 1 Ang. 1. Aug. IS Aug. JO MeL wert day's leader with firmness, prices made progress the r R tuenr ** — 

on genuine impr< 

L were strong at the ; 
ing comment on ciatei 
•toenbams added to 43) 

i added help of the interim siaieraent. w «■*«»; «*> Stalls Consolidated recoracu 

^Tidefines^and 'dividend policy. “ ’ an Investment recommendation, was also ^ shown uiGra. Bn*®}*** *J e Olteer improvement of 13 [to a 1 1978 peak 

Prices were still edging forward T i -j c fJicn« nn ;„* Marks and Spencer rose 8 to 162p up at 124p, and J. Blbtoy. B of the p P? . “ ’Garages llSp on small buying in a 

late in the evening: although it UoydS disappoint as did Motbfercare. to 174p. while at 239p. Uunlgate. at 67n. ■ Rta and restricted market 

!?£ unclear whether the move L j 0J -ds Bank, down 8 at 265p British Home put on 6 to WOp and penny of the previous days rise of ... . 0 

,,..c ,r,«™iminn I he defeat or the -ft.* «7An cot the Hearing Rank anQ ???., SI?.'. T+ SSn fin Id <5 at 2-V€ 


lias UIIMUI nimiKi / UOjUS uunu a a L .wy 

was discounting the dereat or the a f ter 274p. got the clearing Bank 
successful passing of nest Thurs- jnterim dividend ' season off to a 
dayS dividend Bill. disappointing start, reporting 

On the information currently first-half profits well below 
available about the change in expectations. The other big three 
dividend restraint, analysts were cased ill sympathy and NartVest. 
auick to single out likely bene- the next 10 report on Tuesday, 
livaries with increased profit closed 3 lower at 275p. after 280p, 
potential and demand sub- while Midland ended a similar 
soqucntly became selective and amount down at 3GSp, after S6Sp. 
concentrated on a sizeable list Barclays closed unaltered at 325p, 
of companies. after 330p. Elsewhere, Minster 

Others. recently supported Assets stood out with a rise oF 5 
because of iheir pent-up cash to 63p on the announcement that 
resources, were relegated to the the group has sold its British 
sidelines along with some over- Midlands Airways subsidiary to 
seas earners, the latter in the three oF BMA's directors and a 
absence or any snecial dividend wealthy Californian private 
concessions which had been hoped investor in a £2. 55m deal. Hambros 
for. edged forward 2 more to 171p 

Mirroring the general advance, awaiting news of the loan discus- 
the FT- Actuaries All-share index sions with the Norwegian 
rose 1.4 per cent to a year's high Guarantee Institute. Insurances 
of 219.SG. while the 30-share indes moved higher with the general 
gained 8.S to 4792! for an improve- trend and recorded gains to 10. 
merit on the Account or 23.6. Dis- as j n C- E. Heath, 282p. 
appoint mem with Lloj-ds half- B rcwe ries attracted a better 
yearly figures cast a shadow- 01 er buslness and closed on a firm 

1 he banking se , cl ,° i ^ r ^^ nrf | l !’^ note. IVhifbread A hardened 21 to 
subsection of the Actuaries indices 93i uhlle Bass Cbanington. 
reacted 0.9 per cent to 1SS.0S. ,=v„ , n H Vmn 117n nut nn .i anil 



DQU ciwseu w 

SSSfdSi lit « Golds at 2-year high 

down 2. on the profits warning gomh African Golds registered 
accompanying the interim figures. R£dns j or t j ie sixth consecutive 

Newspaper issues to make note- trading day in the wjrtj* at the 
worthy progress included News continuing rise in the bullion 
International, 12 to the good at price, which was fiGally another 

26Sp, and .Associated 6 higher at $2.75 higher at WJlJDa per 

I66p. Dealings were xemporanly ounce, its highest since December 
suspended in Thomson Organisa- 1974 and a weeks, gain of 96. 
tion at 295P pending publication The Gold Mines index ad va need 
of reorganisation details. Else- 4J more to 

where. Associated Book met since June 16. i9j6— bnnginc tlw 
demand and put on 12 to 23op, improvement on the week to 14-i. 
but Inveresk remained on offer Also fuelling the snarp 
following the sharply lower advances in Golds over tnc weer 
interim profits and gave up 2 were the generaliy «.ood June 

further to 65p for a fall on the quarterly profit returns and 

week of Hi. better-than-espected dividend 

Properties continued firmly, but jgjwg—** ReJg 
interest was selective and censed De ^P heavyweights President 
on only a few stocks, btili reflect- _ were outstanding with a 
ing the good 1 annual results. - • , a . p Hartebeest put 
Hasleraere improved 2 further to ' 0 tLS.J5taSt H3J while West 

244 p, while favourable Press com- aSd Free State 

SSSJ? i* b «r , -SS!S *-«=! 


FINANCIAL times stock indices 

riwruw^ . ' i.,i.- . j.iii 4usy Ut« 


' Jlllv 

r.! 


Governim-ni 

: ™ ■ 

IndiMtrui (' nii nn it...- 

175.0 

Gold 

OnL Dw. Tlehi 

E an ,l, lc ,.YT , l^i ,, l | U - ' 

F/K Hull.* inetji'ti...— 1 

[. Dniinfifl irwrUrtl ........ 

Kqnitv twm* w »r Uni- 


6.54: 

lfi.ai; 

7.94 

4.438 


J 1 r I S 

!?.* 

"to.to 

71.67 

470.4 

170.7, 

5.64. 

17.14 

7.79; 

4.367, 

73.77| 


JlilV 

JJ 


July 

}H 


70.57 

71.64. 

467.7. 

164.4; 

5.6S 

17.35; 

7.74; 

4,385 

76.84 


70.50 

71.6ft 

478.4. 

162.fr 

5.63 

17.10 

7.81 


4,757. 


Jnl\ 

i? 

*70.30' 

7&.4V. 

479.1 

161.3 

5.55 

iu.ee; 

7.92; 

4.321! 


1 X >«r” 


70.26 

71,68; 

474.4 

160.6 

6.60 

17.011 

'.7.85j 

4. 172' 


67.68 
431. B 
116.3 
5.53 
16 B2 
A76 
4,819 


85.84 68.0* 70.96< 6891 
to am -iTO.fr » ">1 4K.5. 1 ”** 

JaSSt^S* iwl n». N 

^ Goa 
^ *■ 


highs and lows 

' 1378 - jiluo* C*hhm!ImI«i j 


S.E- ACTIVITY 



Gort.4*--*.- 
Fired In!.- 
Ind. Uni 


Gold Minn. 


78.58 
t'l. 
81.27 
lit li 
497.3 
lE.li 

175.0 

lilli 


49.10 
li/l -7t>i 


I — 

: titl|-K«!|C*M.. 152,3 
ltn!u»mr>.... 153.1 
Ma^llWIW... 38.4 

j Tiuit 1004 

--■ihiv At-'lluiv 


144,7 

161.5 

57.2 

89.4 


68.79 , 127.4 

70.75 150.4 1 50.53 

iri.-f!) ,22,11.-411, (3,1.15} 

453.4 * 549.2 ' 153.9 : 158.0 

£.ji ! t>r.4U! . 165,1 1 .163,6 

130.3 • 442.5 43.5 sjmutotive...- JS.O ; 89.9 

,b.li , lEE.-WsV-aifW'Th , TiiWIk 101.3 ! 100.2 


NEW HIGHS AND LOWS FOR 1978 


The folionwna s c« urt 1 1 m ^ 

Sh^rc information Service vcMercuv 
attolnefl new H lofts and Low* tor 1978, 

NEW HIGHS (230) 

BRITISH FUNDS (21 
AMERICANS (1) 
CANADIANS (Si 
BANKS (31 
BEERS <21 
BUILDINGS (8) 

CHEMICALS »SJ| 

DRAPERY & STORES (IM 
ELECTRICALS (I2> 
ENGINEERING 1201 
FOODS (At 
HOTELS (Si 
INDUSTRIALS (31 1 
INSURANCE lU 
MOTORS Ml 
NEWSPAPERS (T1 


SHIPPING ftl 
SHOES (%■ 
TEXTILES (21 
TRUSTS (Ml 

OVERSEAS TRADERS (SI 
RUBBERS III 
MINIS llfil 

NEW LOWS (9) 

BUILDINGS Hi 
Me«r* Bro*. (1) 

BedlRinion HDTEL5 ft) 
Laobrake | MDUSTBU j. s , 3) 

Brad* IWK. PhMOuram* 

Hanimex 

Hunting Gfbwn Rearaon Smith 

TRUSTS (II 
Am Drone Inv. Inc. 


House of Fraser 3 


LONDON TRADED OPTIONS 


market to a^.-mme his nest price -\® eN put 0 ° n 14 t0 248p ; # Bailed - 

would be 961: recent switching in Weltern Bros, reacted 11 to (9p to 

and out of the stock continued in the late dealings on news that jsiectncais moveo nigner on <t 
vesterdav and this has corapli- W. and J. Glossop had lapsed its selective basis. G EC a firm market 
caied mailers regarding the offer f or ^ company. of late on the company's dividend BTR £00(1 

extent or official supplies but they Selective buying interest was potential, rose ,6 to 272p, while 
- . evident in the Buildi— — — — • J — 


tor a rise pi s* m u*' u»y. ■ « u j f Ur ih er consideration 
Shdt vvhich touched a8-p ahead Wednesday - s news that the group 
of the dividend statement, came . tQ Hevelon the Beisa uranium/ 
mu gwu back to close_ only - higher on ^ mine in the Orange Free 

miisi soon be "exhausted. ' evident in the Building sector, gains' 'nT’around 10°were P seen in llliscellMeous Industrials closed ^at oMp.^ Premier ' iere State. GC In vestincnfcL which k 

•shnrier- dated maturities were Brown and Jackson were again Rnctd Electronics, 264p, and Thorn with widespread gains follow m„ ■ _ * entitled to 10 P e J" JJt ot ^ any 

inili illy held in check by light noteworthy for a rise of S at 152p, Electrical. 360p. MK Electric the Government’s White Paper 3 - up t ? 1 , 6 ?P’ ,Vf,™ new Union Corporation develop- 

raoney market conditions but while Manders came to life with finished 8 better at 197p as did on wages and future dividend notably better in otherwise Jittie- ment, put on 4 to Z, *^P- . , 

Eteritnprer-ed to Se extent of a rise of 6 to 97p. Gains of 5 were Petbow. at 232p. policy. Particularly popular were changed Ore rsea^s Trade re. Other, ftocks^ojoo^e ahead 

while South African Gold marked against Erith, 95p, B uvIm in the 

shares extended this week's Ibstock Jnhnsen. 175p. and 

marked 
of the 
some 



(W-lH-r 


.Inuiuuy 


April 


()|Ki>-n . iin-r ; 


BP 

UI* 

BP . 

HP ' 

Coin. I'nl.fii 
Coin. Umoni 
Coila. (m«M ' 
Om*. lii«W 1 
CViUh. (i«M 
LiMirtan ><|. 
Courtnul'l* 
UounniH<l» 
Cfluruuhb 
Oft' 

GKC 

QKC 

G».* 1 

rinmi llrf. 

Ora ml Met. 
Clruiit Mol. 
iCI 

II I 

III 
III 

Iaii.1 Sot*. 
IaiuI 

IaiuI &«•►. 
SIhH.« A B|- 
MnrK* A .-»p 
Marts i S'p 
Shell 
shell 
shell 
Vi'liOs 


TbO ’ 
800 . 
850 ; 
900 ; 
140 ' 
lbO 
160 , 
180 ! 
200 : 

ICO I 

110 I 
120 - 
130 i 
220 
240 I 
260 
280 > 
100 i 
110 > 
120 ' 
330 
360 > 
390 
420 , 
180 ( 
200 | 
220 ' 
120 ! 
140 I 
leO i 
500 j 
650 ■ 
600 : 


offer ; Y*’L ! 

L'lnrlnpt 
offer | 

V..L 

C !i>M HU: - 
\ offer 

V..1- 

l&O 

51 ; 

169 - 

2 

!l SS < 

— 

106 

a i 

123 

-- 

— 

67 

i 16 1 

-95 1 

- • 


*— 

38 

16 

64 

11 

: 80 j 

— - 

17 

s ; 

>8 • 

2 

. .26 . 

2 

7 

1 ._ 1 

ms 

2 

! 15>= 

— 

32 

6 , 

34 

30 

: 39 


16 

. 2S , 

21 | 

25 

; 27 ; 

6 

a 

; 26 ' 

11 

55 


— 

64 i a 


,41- 

— 

' -- : 

1 — 

15ie 

) — , 

171a 1 

-- 

1 22 1 

S 

91s 

! 3 1 

His i 

— • 

IB 

— 


3 ! 

7 1 

5 

! 11 : 

10 

■ 6B 

1 — 1 

65 1 

-.1 . 

1 “ 

■ — 

; 41 


47 ; 

18 

54 : 

— • 

26 

r 17 ; 

33 ! 


> 41 « 

— 1 

14lg 

1 7 ; 

k4 i 

17 

30 

! 

17 

75 : 

21 1 

5 

> 24 s 

• — i 

9L3 

! 43 j 

14 ! 

30 

' 15>3 • 

v— ; 

5 

! 9 ! 

9*4 i 

48 


• — j 

67 

10 ; 

08 | 

2 

; 71 : 

a* , 

37 

1 39 , 

46 | 

10 

4B 1 

18 

36 l 

30 j 

33 

31 

21 ! 

6>o 

5 : 

13 'a i 

1 

, — l 


4iia 

i 8 ! 

46 1 



50 

1 1 

?5 

! 43 ,j 

28 ; 

-- 

• 34 


11 i 

1 80 

I5'a : 

14 

; 281= ! 

•! 49 

— I 

44 

i 

45'b 1 

... 

-- 

25 

14 1 

28 , 

15 

: 33 1 

- - 1 

10 

42 : 

141= 

44 

. igiz ■ 

10 

78 

a i 

84 1 

— - 

■ 94 

— 

37 

5 

49 ! 

.1 

: 58 ; 

— 

14 

i 

574 

27 * 

6 

346 

: 34 i 

90 


; K>t<iif > 

rime 


— , 877 p 

150|> 
I85p 

— j 119p 


388 1» 


160(1 


_ . 5SB|. 


ACTIVE STOCKS 

YESTERDAY— 


No. 


ra 

Denomina- 

of 

Closing 

Change 

1978 

1978 

f . 

Stock 

tion 

marks price (p) 

on day 

high 

low 

te 

BP 

£1 

22 

STS 

+22 

896 

720 

•h 

ICI 

£1 

ti) 

3SS 

+ 5 

296 

328 


gec: 

2Jp 

13 

272 

+ 6 

278 

233 


Grand Met 

3Up 

13 

112 

+ 4 

117k 

37 


Racal Electronics 

23p 

in 

264 

+ 12 

264 

196 


Shell Transport ... 

25p 

in 

aaS 

+ 2 

386 

4S4 

<i 

Marks & Spencer 

2»P 

a 

162 

+ S 

162 

135 

1 

Trust Houses Forte 

23p 

a 

227 

+ 6 

227 

166 

he 

BATs Dcra 

23p 

8 

263 

- 2 

296 

227 


Brown t.r.) 

£1 

s 

412 

+ 1+ 

412 

231 


tiiNlillers 

oOp 

s 

1ST 

+ 4 

inn 

163 


European Ferries 

25 P 

s 

13B 

+ •) 

136 

90 


Lonrho 

■J.ip 

8 

3« 

+ I 

7S 

00 

in 

Luca? fr.ds 

U 

R 

316 

+ li 

3IS 

240 

ni 

Thomson Org. ... 

25P 

S 

293t 

— 

2‘Jo 

155 


t Price at suspension. 

The ahoce list of active stacks is based on the number of bargains 
recorded ucslerdiuj in I he UJJicial List and under Hide JdJ( If (C) and 
rcjuvriMiccf to day lit Slock Exchange dealings. 

ON THE WEEK — 


Slock 

ICI 

BP 

Shell Transport ... 

i SEC 

BAT- Defd 

Barclay- Bank ... 
Marks & Spencer 

Grand .Mei 

Midland Bank ... 

Knot.- 

IIMillcrs 

Itoyal Insurance... 

Bcccham 

Dunlop 

Kank Urg 


No. 

Denomina- of Closing Change i»78 197S 

tion murks price (p) on week high low 


£1 

101 

3SS 

+ 3 

396 

328 

£1 

73 

STS 

+ 12 

S*.I6 

720 

23[i 

64 

358 

-12 

386 

484 

23|i 

33 

272 

+ 1 

278 

233 

2-"*|i 

53 

265 

— 

2.66 

227 

rt 

45 

323 

- I 

358 

296 

23p 

43 

162 

+ 3 

162 

135 

50p 

42 

112 

+ 3J 

117J 

H7 

£1 

42 

363 

3 

300 

330 

23p 

40 

210 

+ 4 

231 

1S4 

.-.Op 

36 

187 

— 

190 

163 

23p 

35 

373 

4- fi 

425 

343 

25p 

34 

670 

+ 3 

678 

583 

nOp 

34 

76 

- 4 

90 

7L 

23p 

34 

240 

- 4 

2US 

226 


BASE LENDING RATES 

to *5 


10 

IQ % 
io % 
IQ % 


10 
10 

10i°6 
10 % 
11 % 


A.R.N. Bank __ , v 

Allied Irish Banks Ltd. 10 Vo 
American Express Bk. 10 % 
Amro Bank "" ~ 

A P Bank Lid. ... 

Henry Ansbachcr 

Banco do Bilbao - „ 

Bjuk of Credit & Grace, in 

Bank of Cyprus 10 % 

Bank nf N.S.W 

Bunquc Beige Lid. . 

Banquc du Khone .... 

Barclays Bank 

Barnpit Christie Ltd. .„ 

Brernar Holdings Lid. 11 % 
Brit. Bank or Mid. East 10 % 

I Brown Shipley 10 ^ 

Canada Perm*!. Trust 10 % 
Capitol C & C Fin. Ltd. 10 

Cayzer Ltd 10 % 

Cedar Holdings 101% 

l Charterhouse Juphot . 10 % 

Choukirtons 10 % 

C. E. Coates 11 L T> 

Consolidated Credits . 10 ft 
Co-operative Bank ...*10 ft 
Corinthian Securities . 10 ft 

Credit Lyonnais 10 ft 

The Cvpms Pnnular Bk. 10 ft 
Duncan Lawric 10 ft 

Eagii Trust 10 ft 

English Tronscont. ... 11 ft 
First Nat. Fin. Corpn. 12 ft 
First Nat. Secs. Ltd. ... 12 ft 

f Antony Gibbs 10 ft 

Greyhound Guaranty . 10 ft 

Grindlays Bank *10 ft 

l Guinness Mahon 10 .> 

i Hambros Bank 10 ft 


■ Hill Samuel 310 qj 

C. Hoare is Cn flO ft 

Julian S. Hody»» 'll ^ 

Hongkong &. Shanghai 10 ft 
Industrial Bk. of Scot. 10 ft 

Keyser UHmann 10 ft 

Knowsiey & Cu. Ltd. . 12 ft 
Lloyds Bank 10 oj, 

London Mercantile ..! 10 ft 
Edward Mansnn 4 Co. 311ft 
Midland Bank 10 ft 

■ Samuel Montagu 10 ft 

■ Morgan Grenteii 10 ft 

National Westminster JO ft 
Norwich General Trust 10 ft 
P. S. Refson 4 Co. ... 10 ft 

Rossminster Ltd. 10 ft 

Royal Bk. Canada Trust 10 % 
Sebtesinger Limited ... 10 ft 

E. S. Schwab Hift 

Security Trust Co. Ltd. ll'ft 

Shenlcy Trust \\ 

Standard Chartered 10 ft 
Trade Dev. Bank "* io ft 
Trustee Savings Bank 10 ft 
Twentieth Cemurv Bk. 11 ft 
United Bank of Kuwait 10 ft 
Whiteawav Uidlaw ... Wift 

Williams & Glvn’s 10 ft 

Yorkshire Bank io ft 

■JSSL. - A *wwin« Hohs.'s 

LommiiiPi* 

• T-rtny dmN 7%. f ^ omh rttfpos , B 

1 0n of HO dot 

and umlcr o. . „ p tH mg 71 •- 
and over (_*;■.«» *> „ • ' 

l C*U di-ooMro over n.DM T”.. 

t Cktnanil dep.j-iif, 



OPTIONS 

DEALING DATES ranis. William Morrison. Broken 

First Last Last For Bill Proprietary, British Labd, 

Deal- Deal- Declare- Settle- Fitch Lovell. Unilever Geo- 

logs togs tion ment Viimpey Manchester Ship, Con- 

JuIyiS July 31 OcL12 Oct 24 solidatcd Gold Fields. KCA 
Aug. 7 Sl4 Oct. 26 Nov. 7 International, Premier Consolk 

Aug. 15 Aug-29 N«v. 9 Nov.21 ^ Tok ° U j ^‘"^ner fod 

For rate indications see end of ^3^5^ Fisheries. Puts were 
Share Information Service done j n Dixon’s Photographic and 
Stocks favoured for the call BP, white doubles were arranged 
were Mills and Alien, English in British Land, Premier Con- 
Property, UDT, Burraah OH, solidated Oil, BP, Dixon s Photic 
Bong Kong and Shanghai Bank- graphic. _ English Property and 
ing, Grimshawe, Ladbroke War- Oliver Rix. 


RISES AND FALLS 



Yesterday 

On the week 


Up 

Down 

Same 

Up 

Down 

Same 


59 

1 

17 

250 

14 

U6 


7 

1 

5fr 

30 

10 

Z72 

Industrials - 

sa 

IBS 

&J5 

1,834 



223 

3S 

257 

773 

423 

131 


12 

6 

16 

52 

45 

73 


3 

5 

W 

26 

28 

106 


70 

a 

aa 

274 

106 

250 

Recent Issues 

9 

5 

30 

44 

40 

125 

Totals 

902 

2X1 

1.283 

3,292 

1.950 

6,909 


RECENT ISSUES 


EQUITIES 


W!8 


Tm.ii* S : 
Pt*-? = : 
Pi 


l_5 

1 “ Rl*jli I l/iw 


s*io:k 


j||J +or ;=:I Hjjjj 


73 

55 

<r 

10U 

85 

t34 


JO b £ 00 

— . 7t> : It 

- . I2i 4 . 10 
5 7 . l«l UC 
34 8 -91 S3 


Hmumll iC.U.) ! 88 

I’Mth-nSiiivrf-p'h.,..' 73 

Km — I£l» ... 

.Kiihill»'nii 163 

H uUT.nii Vet r. Set . 88 -a 4 

.Tliaine- I’Iib.mI : 35 ; — J 


l r4.b 

+ 1 in 2.4 1 


.;'.2.64' 
• 4.6a, 
!«Z.O . 


5.11 

3.1; 

SiS 

3.3! 


7.T 4.7 
5.0; 6.5 

2.5 16,5 
8.0, 6.2 
8.71 7.6 


FIXED INTEREST STOCKS 







■ * . K.P. 2B>7 
* ■ . K.H. ’18lB 
COB WO 122/9 
£99.4: F.l 
S10O F.t'. ! - 
ii £10 i 7(9 
100 r , F.l*. .16(8 
£100, K.P. . — 
rt£87^5 K.P 28 7 


*1 

£25 

2&.B 

• ■ 

F.l*. 21,7 

c*. 

F.IM — 

« . 

F.t*. 21-7 

i 

F.r. - 

- ■ 

F.l*. 

9,8 

-109 

F.l*. 

21.7 


F.l'. - 


£9814 £10 -20.10; 

299 £10 ,21i7 j 
?100 K.P. — 
V96-, £30 
£99ii F.l 1 
£25 


19 


IS, 9 


9u|i 
SN‘21- 1 . 
t> 1 . 
®Jl t ’ 
597121 
107», 

UH|. j 

!<W 

«»a; 

■2iU- 

dUiCl 

aopi 

V 1 '- 

*>l 

l'»l 

m 

uu 

IMIil 

SS81 E[ 

»JW' 

S^rii 

teig. 


LeHlhet'JS, 

9l|i,.\iimi HHaiIlt 9J I’rel - - 

-hi ; Hornet iili He- 1. 1567.. 

’SlgiUinuinitbiim Vor Itaie &MJt> 

S97 14 tbvt*- i>Jt (jour. Btl*. 19SU 

I'ji* ! iw .1 Aufiiio Water 7% Ue<1. Pref. 1983 

I-Jlpj Iv.-Het- »M ’»i I ii-hi IDk-8 10% I le- ISuilCum Pret 

999q K.llnlH/a'h V*r. Hale liSJtf 

Dlit.Un Water 7^ Itert. Trel. 1 Mf 

29*2 Fnlrview K»t». 1325^ Deh 

flfiifJU tl.iKlmai. 105 Prel 

- it.Man-Uwlel 9% Krrl 

I01,,;u..«. 1 K 1 11% !•«•(..... 

£0 ,M«»il«ya 12% nwti.v (Ami. Vn-. 1j». ‘W-'a 
M.w b’FinwK 10% Skirt Cum. fVl ... 

107p.U.,l.in-«i Un-. II 14 Prel 

»8J8 -eftMti W. lute K«i. Ifdd 

s HnI. |#( 

4 >nilli. fymwMv !**!•(. l«a- 

Sd«l|.ni<ni lull. Flu. i-il iMA. IVK3 

«<>» • > i»- \ Went Ue>1. I'*V 

flOSB-MTdudaa.irHi VanaWe 1383 

•tf» W v 1 Kent Wat-» IM.. I JKr 


8dp! ..... 
I 92p .. . 
, Mi«! ..... 

! 9919I 

•5971* 

IUI4! 

. J02 t -; 

99Sa-l» 

aaiji 

aais'-u 
96p! 

! 101|< .... 

86 

. 94,. 

107,.' .... 
.. . 

6-4 : 

9'S: . . 
S9BU ... . 

49 

• 99sg — 





u RIGHTS rf 

OFFERS 


iwue, I 

Prk* i-j 
f,; 

Latest 

Rtamne. j 197c 

llato ' 

• ■ B ] High { Iajw | 

Sleet 

joA-Irtfij-f- M 

I Price j — 


SA2.7& Xil 

5 : mi 

28 1 F.P. 
15 ' Nil 
Mi*: mi 
56 1 Ml 

108 F.P. 

29 ; Ml 
78 1 Nil 
70 ; Nil 


S 

3a 

9a 

96 

95 

95 

aO 


F.l*. 

Nil 

F.l*. 

F.t*. 

F.P. 

F.P. 

Nil 


1 16>U 
! 28; 7 
I 18(7' 
! 26:71 

* 26. 7 

j 2(8 

14/7! 

: 3:7: 

; 21.-7 
3.6. 
; 17-7 
17,7 

• 17 7: 
17/7! 
28 7 


13i&! 31 jiii ii ^jpm 
18,64 1{ |iini3U|iiu 
16,'U! »i 5 l ili s - 
IBrtJ, difim Jlapm 
16.-b.ii£j.n,l .,,in 
1/9- ITpiu, lOpin 1 

4.8 Un | IJj' 
28,7 Uiini fc jjiur 

— • lApm! l*inu: 

— i iirni! Sinn, 

11.6 10 I 7 

1.9 14^pni. Uliimi! 
25. a: tie 1 iu • 

25.6 Hi I UI i 
25,6 ISM Iff/ : 
25.61 I Ld JOY , 

8lS|23 L l HU; laiplll 


A\Z 

Un,J B et*l ProuesneTr- 

HwLe Tuul Enx, 

tiatiimiiiili lure 

Kbit K-k.Kii(i|«t 

Heaiilnm -Inis X Ciijuiliia.. 

Heul.va 

H>man (t.i (5.4 

c.r 

Lmli 

I«.»e< 

N.-rt.m ,1V. K.J 

(nilAur (lump 

U. h A. N.V 

winiv icn-ion 

Du. A. N.V 

-iiiti-IIITi* S|A-iO,'iiBn 


i 30pm! ...... 

! 3lz uinj ...... 

! A 


I am* 

31j |inil 

i 3l» uuii-j-Ij 

17 i<n. l - a -2 

133 ; 

43 )xn! 

16 [.nil 


”*'i 


1 ns 
29 is 


. .1 ' 

nr. a- llj 


Renunuiatlon dale usnally last day far deallnc five at sraran curt b Kigurw 
based on prospectus csiunuie. y Assumed dimdcnrt and field, n Forecast riivlrienrt 
»W based on previous yuar's eanumis. v Dividend and yield based on Drasnecius 
or tuber O&i^iai usUmatea I0i la'o e Rrosa 1 Muur-a acumen ; Cover j.i-vu. 
lor cou version of ehues not now ranfung for dividend or ranklug only for restricted 
dividends 3 L° JJ uWly P r Rvice uirtvw uiia;rwi»e mdiL-aied. Iswm 

by lender. |i Ufforeri 10 holders 01 Ordinary shares as j *■ riKhis. - ' ** rwrHi 
mpiialKanon. r+ MUiImum tender prlCfi. » Remlmducxd. 'A Issued 
10 eoruk.-cUon with roorsartssnon mer*w or take-over in In induction, n Issued 
to tormi-r Preierence holders. ■ Allot mem loners, tor tulls-oaMl. 4 Provislmui 
or oanly-wdd allotment leuors. *■ With warrants. 


FT- ACTUARIES SHARE 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 

KiCnm in parnillhror* «huu 
number of Rocks per serum. 




CAPITAL GOODS/ 1721..... 
Buildins Materials i28i ... 
1'ootnii'ung.Consmictioi] ,Z7» 
Electneals'lai 


EDfiiDCWiDS Contrariory-H. 
Merhamcal EnamMonpTS,.. 
HrtaL-aad Metal Fonmn?16i_ 
CONSOIER GOODS 

iDlTLABLEllSSl 

LL Elecironics. Radio TV il5i. 

Household Goods 1 12i. 

3l«ors and DiaribulorsiSi. 
CONSUMER GOODS 
1 NON-D CRAB LEK 174 
Breweries (14). 


Wines and Spirits i6>... 
Enl ntaiiunenL Cateri ag 1 171- 
Food Manufacturing (21; 
Food Retailing! 15i 
Newspapers. Publishing il3). 
Packaging and Paper 1 151 _ 

Stores (39l 

Textiles (25) 


Index 

No. 


Tobaccos >3) 

Toys and Games 1 61 

OTHER GROUPS 197) 

Chemicals! 19). 

Pharmaceutical Produce -Ti. 

Office Equipment iff) 

Shipping '10i 

Miscellaneous 1 55 1 


EVDlJSTEJALCHOlTl4fl5l 


0its(5> 


5W SHARE INDEX 


FLV4 NCLLL G ROUPllW),- 

BanksB, 

Discount Houses HO) 

Hire Purchase i5i 

Insurance! Lifei (10t 

1 nsu ranee • CompkKi te> i7>,. 

Insurance Brokers ilO; 

Merchant Banks iI4i 

Property i31i 

Miscellaneous 1T1 


Investment Trusts (50) .„ 

Mining Finance 1 4 1....._. 
Che regag Traders ( 
ALL-SHARE IXDEXlCTl .. 


219.26 
196.72 
344J7 
470.54 

326.27 
177.14 
165.68 

202.78 

24L85 

176.85 

126.64 

206-52 

224.95 

265.18 

254.77 
197.42 

215.00 
413.59 

135.80 
191.92 
178.10 

247.77 
111.44 

200.81 

290.01 
262.26 
128-33 
405.83 
209.58 


215.00 


496.05 


238.36 


165.65 
188 08 
204.80 
157.28 
138.55 
127.13 
34535 
80.17 
237.75 
10532 


223.27 

10L32 

318.90 


219.86 


FIXED INTEREST PRICE INDICES 


FIXED INTEREST 
YIELDS 

Br. Govt Av. Gross Red. 

Frt. 

July 

31 

Thurs. 

July 

20 

Year 

Hfid 

(approx ) 

1978 

High* Lows 

British Covermnenl: 

Fri. 

July 

21 

Dav’n 

chance 

% 

*6 adi. 
Tu<tny 

jtd adj. 

1978 
to date 

1 

_? 

Low 5 years 

Coupons 15 years : 

25 years............ 

8.73 

10-84 

1154 

8.74 

10.85 

1154 

7.8S 

3X65 

12.62 

9.05 t&6) ■ 

U32 15,6) 

1X96 (5-61 ■ ■' 

705 (11) 

• 9.12 (3>H 

9J4 (3-D 

1 

•» 

3 

4 

5 

Under 5 years 

5-15vears,.M..-^—w_ 

Over 15 years 

irredeemables.™...,. 

105J1 

11453 

12131 

126.98 

11326 

+022 

+0.14 

+016 

+0.18 

- 

491 

7.04 

7.71 

7.24 

637 

4 

5 
_6 

Medium 5 years 

Coupons 15 years....... 

25 years 

1135 

12.06 

12.14 

11.48 

12.07 

12.11 

10.52 

12.52 
13.17 

1L9I (4,7) . 

1253 (5(6) 

32.65 m 

9.30 (3/1) 

10.18 (3-31 

1034 13/1) 

7 

8 
9 

High 5 years 

Coupons 15 years. 

{25 years 

1134 

1236 

12.78 

1159 

1257 

12.79 

1153 

13.68 

1387 

1196 (517) 

13.01 (5/6) 

13.43 (5/6) 

9 67 (3 ,11 

11.13 13/1) 

All stocks ... 

10 

Irredeemable* . . 

11.61 

U.60 

12.82 

-Z2J5 1*0.6} 

930. ill) . 


10 '+Vu 

14. im, — io 

) . FrL July-Zl 1 i J 

1 - --- — i Tbur.l Vcdi j Turt. 

Mnn ! >'ri 

Thuv 

IVjv! 


118 1 + 1 

■ i [udvK 1 Yield . July July • July 

•uhu. v c n. 

July I July 

1 mir. 

July 

tt Oli 

July 

1 rtr 

w 

116 ,+ l 

1 1 Xn. , % | go 1 19 j 13 

17 1 14 

Li 

12 



1978 


Slbee 

Comimattaa 


Highs 


Idiw 


HigU- 


liPWI ■ 


15 ;20.yr. Bed. Deb. i Loans flB) . 

16 (Investment Trnsi Prels. (16) 

17 Coiql and IndL Praia (201 


. BC.Sl itlB.04 
.50.82 '13.84 . 
.83.50 >73.34 


,56.99. 67.05 I&8.99 $6.94 |B6.B8 IBB.BO ,58.83 ,52.87 

,M.77i 51.04 51.55 5131 51.55 15135 3IJ9 ! 49.52 

1 B5-M G8.S9 170X4 -70.04 170.02 70.04 70.13 :6B.Z8 


Section or Creep 

Rosa Data 

Basa Value 

Section er Group 



Pharmaceutical Pmdwets 

JO/12/77 

' 261.77 

Miscellaneous Financial 

31/12/70 

UfcS6 

OUMr CrAnp* 

31,12/74 

6J.7S 

Food Manufacturing 

29/12/67 

DAIS 

Overseas Traders 

31/12/74 

mum 

Food Retailing 

29/12/67 

214,13 

Engineering Contractors 

31/12/71 

153 m 

insurance Brako+s 

29/12/67 

96A7 

NecbMUcal Englneorlng 

31/12/71 

1534a 

Mining Finance 

29/12/67 

UQJM 

wines and Spirits 

Urt/70 

144.76 

All Other 

10/4/62 


Tpgs and Games 

16/1/70 

135.72 

t Redemption yield. 

A IHtt Of the Constituents Is . 

Office Equipment 


12820 

available fmm the Publisher*, The 


Industrial Group 

31/12/70 

US-20 

Bracken House. Cannon 

Street, London. EC4. price 


6d.67 tUSfli i 56.57 i«,7i 
57.71 (U;l) ( 50.77 i2Ur7! 
78.80 <11,1 1 1 6B.50 i20,7) 


115.4^5 (23rU)rtto) 1 57.01 (Jilfiai 
114.41 ilir3,WS) i 54.46 <4, <12, 71) 
114.96 t7riO^Si 1 47.67 Cl4jlr7&r 


Up. by Mat 22n, A fartnisbdy record ct >raio> «od 
subscclhm iadteo, dhridend yields and nralnfi figoraa 
since 1942. with quarterly Mats and lows of the 
indices. It abtatnabto frwn FT Bmtncss Ebtenffins. 
U, Balt Court. London, EC4, k M per copy. 

CONSTITUENT CHANGE: Tuner ManofncJurlttfl 
has been rcpteced by Ferry {Harold! Motor* (Motors 
Md Distributor*). - — a — • 

NAME . CHANGE: Mnrchwlol HOMtoa* M ■«*- 
Mirdwbl. 




July 21, 1978 

T 

Thurs 

July 

20 

Wed. 

July 

JO 

Tues. 

July 

18 

Moo. 

Year 

ago 

lappnn 



Highs and Lows Index 



E st 

Grass 

Est. 










l 



Earnings 

. Dtv. 

P,E 







1978 


■since 

Day s 

VieM*. 

VieW* 

Ratio 

Index 

Index 

Index 

Index 

Index 







■ Max. 

lACT 


No. 

No. 

No. 


Na 



1 




% 

Carp. 

St 34* 

Corp 






Hutu 


Hich 

Iaiw 


TasSFi 


Tb5B% 








1 




+1.5 

17.34 

559 

7.98 

216.05 

214.46 

215.93 

21617 

175.96 

21926 

(21-71 

188.95 

(2 3) 

228 03il4-9.'77i 

50.71 <13-12 74i 

+1J 

1756 

5.64 

aoi 

194.17 

193.00 

193.78 

194.64 

14675 

197 86 

(61) 

16630 

t33i 

233 84 (25/72) 

44.27 tllI2 74t 

+0.8 

20.27 

450 

7.17 

341.49 

339.49 

34X39 

34X44 

23611 

35155 

i7 61 

2B935 

i6'3i 

389.33 1 19'5 72i 

71.48 <2 12 74- 

+2.1 

14.63 

3.95 

9 65 

46089 

457.60 

46352 

474.55 

356 63 

474 55 

H7 7i 

404 47 

.2 3i 

48369 i21.1077) 

84.71 (25/6 6Z> 

+1.6 

13.39 

6.26 

7.24 

32X09 

317.80 

31648 

320.71 

25102 

32627 

(227) 

270.95 

>6 3) 

33222 122-9/7?) 

64 39 (2175) 

+1.6 

18.41 

6.07 

7.28 

174.31 

17X87 

173.57 

174.95 

15696 

177.14 

i217i 

149.87 

(23) 

.187.45 (14-9'77) 

45.43 16. 1:75) 

+0.7 

17.25 

8.49 

7.90 

164.58 

16357 

164 55 

165.34 

144 91 

171.55 

i12.-5i 

15422 

(272) 

177.41 127 4/72) 

49.65 (6X75) 

+2.1 

17.12 

5.18 

R19 

198.62 

196.25 

197.73 

198.98 

166.29 

202.78 

i217i 

173 63 

(3-3) 

227.78 (2X 4 72) 

38.39 (6 1 75) 

+25 

1553 

4.22 

9.10 

235.85 

23X4Z 

234.78 

236.01 

192.B8 

24X85 

iZl 7i 

209 01 

i33) 

261.72 121 10‘77) 

4X85 tl312-74i 

+0.7 

1668 

6.41 

8.27 

175.62 

173.98 

176.45 

17603 

157.28 

184 33 

i91i 

160.54 


263.22 ( 4-5/721 

63.92 (171274) 

+1.7 

19.68 

6.39 

7.08 

124.48 

123.42 

123.67 

124.92 

106.30 

127 42 

(13.6) 

104.68 

i2'3) 

170-59 (15'L'69) 

19.91 (61-75) 

+1.9 

15.74 

5.80 

8.61 

20258 

201.21 

20X67 

204.55 

16X21 

20745 

(12-5) 

179.46 

(2/3) 

22608 (16 672) 

61.41 03 12.74) 

+25 

15X9 

6.05 

9.37 

21955 

220.43 

220.67 

224.01 

169.47 

241.57 

(8-'5i 

204.04 

(27.2) 

28X87 12611/72) 

69.47 (13.-1274) 

+2.5 

16.14 

5.46 

9.40 

258.79 

258.50 

260.90 

263.67 

194.80 

265.18 

(21/7i 

229 85 

(23) 

265.18 (21,7/78) 

7888 03-12,74) 

+1.7 

15.45 

6- IK 

9.47 

250.60 

247.14 

249.64 

25X20 

20X49 

269.17 

(6/I1 

219.62 

(23) 

329.99 (12-1X72) 

54.83 (91.75) 

-0.2 

19.14 

5.61 

6.91 

197.74 

196.30 

197.49 

19612 

169.13 

20338 

16I1 

173 37 

(27/2) 

214.63 (2118.771 

59.67 01-1274) 

+2.9 

14.14 

4.80 

9.82 

20888 

204.19 

206.69 

207.91 

169.77 

223.22 

(61i 

17653 

(3'3) 

244.41 (27)10/77 1 

5425 (111X74) 

+2 7 

9.74 

3.03 

14.65 

402.75 

397 26 

395.02 

395.49 

290.10 

413.59 

(217) 

269.59 

(23) 

41359 (21.7.78) 

55.08 (6 1 75) 

+15 

19.27 

7.81 

634 

134.03 

134.13 

135.47 

135.66 

11617 

136.84 

(26'6i 

119.11 

(15/2) 

144X1 (149,77) 

43.46 (6X75) 

+3.7 

1X20 

465 

13.13 

185.01 

183.89 

185.44 

187 96 

141.22 

197 95 

(61) 

165.17 

(23) 

204.39.1 16/8/72) 

5X63 (6175) 


18.63 

7.77 

6.97 

177.40 

17676 

178.11 

180.30 

15X59 

191.90 

ru-S) 

160.85 

(23) 

235.72.(17.1/67) 

62.66 01'12-74) 

+0.4 

22,14 

7.55 

5.33 

24670 

244.52 

246.58 

24655 

195.14 

261 18 

Il85j 

214.88 

H5-2) 

339.16 (X6721 

94.34 03.-6-62) 

+3.5 

18.25 

5.71 

6.69 

107.69 

10641 

107.56 

10624 

97.06 

11X44 

(21/7i 

93.79 

(27*23 

135.72 (16/1,70) 

20.92 tW-75i 

+1,2 

15.98 

5.76 

&19 

198.44 

197.09 

198.64 

200.63 

174.72 

200.81 

(2171 

173.08 

i3-3) 

21370 (14*9,77) 

58.63 (6/1-75) 


17.07 

6.03 

7.95 

285.98 

285.17 

287.05 

290.67 

245.39 

290.67 

(1771 

23669 

(23) ■ 

295.10 (14/9-77) 

7120 1112741 


11.02 

3.91 

11.29 

259.76 

257.98 

259.80 

26X14 

0.00 

262.96 

,(6U) 

22641 

(33) 

26X96 (61/78) 

228.41 (3 3 78) 

+0.6 

18.6/ 

5.93 

6.34 

12756 

124.91 

12618 

13057 

103.41 

' 139.21 

(25/51 

117.48 

(3/3) 

24606 llWTZl 

45 J4 (X'L75i 

+1.0 

17.86 

7.55 

6.90 

40X64 

39665 

40X57 

405X4 

47X38 

483.01 

(61) 

39609 

l6'7) 

539.68 (ia'5/77) 

90.80 (29.662) 


17.08 

6.31 

7.81 

206.99 

205.27 

206.45 

207.83 

170.89 

209.58 

mm 

17647 

(3/3) 

258.83 i2/5'721 

60.39 (67.75) 

+X7 

16.28 

5.70 

8.31 

21L49 


211.49 

21351 

174.63 

215.0a 

(21/7) 

18602 

(23) 

72232 (21-10/771 

59.01 03.12/74) 

+15 

14.88 

3.98 

7.29 

488.78 


48919 

499.62 


504.88 

H2/7) 1 

417.98 

12/3) 

54X20 115/9/77) 

8723 (29,5-62 > 

+1.6 

16.07 

5.44 

&14 

23454 

23X92 

23457 

237.22 


23636 

(217) 

205.42 

(23) 

24a32 (14 '9/771 

63.49 0312.741 

+0.5 

— 

5.73 


164.90 

16X91 

164.78 

16668 

134.03 

17696 

(6/1) 

153.85 

(27/21 

241.41 (11/4/72) 

5588 031X74) 

-0.9 

2430 

5.97 

6.23 

189.85 

189.23 

19050 

19351 

155J7 

20456 

(23/1) 

17158 

(27,2) 

283.32 (20/7/72) 

6X44 02/12,74) 

+05 

— 

8.44 

— 

204.49 

20X33 

204.91 

203.10 

169.44 

22633 

(4/lj 

185.20 

(13/4) 

293J3 (2/5/72i 

81.40 00,1X74) 

-0.1 

1255 

5.24 

1X78 

15757 

15X91 

15X81 

154.85 

127.09 

170.55 

llZ'U 

13652 

(17/41 

433.74 (4/5/72) 

38.83 (11/12.74) 

+1.0 

— 

6.57 

— 

137.22 

133.94 

13618 

137 30 

10X31 

15X39 

(6/I1 

124.97 

(17/41 

194.46 1 15, 3,72) 

44.88 (2,1-751 

+1.1 

— 

6.71 

— 

125.74 

12358 

125.65 

127.65 

107.84 

143.46 

(6/1) 

11623 

l7.'7> 

16X72 (610.77) 

43.96 03 -22,74) 

+1.5 

13.63 

4.55 

1051 

340-15 

33657 

339.86 

339.50 

295.48 

351.81 

(1651 

30X20 

(621 

371.53 05/9-77) 

65.86 0612,74) 

+04 

— 

6X1 

— 

7984 

79.38 

79.93 

80.28 

64.48 

85.22 

(61) 

7X00 

{27/21 

27837 ' (1/5/721 

3X21 <7175 )’ 

+1.0 

2.98 

3.15 

66.52 

235.47 

23X15 

234.91 

237.69 

17661 

255.29 

(20fl) 

210.03 

(14/4) 

357.40 (9/11731 

5601 (2D/4’b5> 

+0.7 

24.11 

7.93 

5.40 

104.62 

104.30 

105.51 

10558 

8678 

110.87 

(91) 

99.61 

127/2)- 

303.18 (165,72 1 


+13 

3.11 

4.56 

32.14 

220.44 

219.05 

22052 

221.04 

169.97 

223.27 

(217) 

• 176.48 

(63) 

245 79 (25/472) 

7X63 1 13,-12 -74) 

+1.7 

17.41 

687 

6.99 

99.65 

97.93 

9677 

99.91 

91.43 

10256 

(14:6) 

85.39 

(63) 

175.90 <28-4/691 


-0.1 

16.42 

6.69 

7.48 

31935 

317.43 

31621 

317.08 

266 31 

319 45 

(16'5) 

262 26 

l2'3l 

319.45 (163781 

97.37 161.75) 

+14 

— 

530 

— 

21687 

215.15 | 

21678 

219 11 

183.37 

21986 

(2X7) 

191.15 

(23) 

22618 1X5.72) 

6X92 0312.74. 


'•'-I • 


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tl! 


,<1 

-f-k 


1r T *l-D 










‘ r - ftCTh 


,V ':. 




OPTIONS 


f * i r I- ^ 


times Saturday Jhly «f ft'78 


insurance, property, 

BONDS 


Abbey Life Anonnre Co. LuL 

e’nwrtywtf, EC«. 012480111 


Abbey L o/l Tsi_ Mere. Ltd. <*J 
72-K). Gatehouse Rd . AylesDury. t'COC SW 1 


Equity Fund 

XmiD-Arr. _ _ 

■ProportyFd. -J.. 

■Property Are 

SfifrlKfFund 

^wwwilhlfFunrf.. 

V^HBinr Fund 

Property.. 
Peru. 1 Sdvdii o 
Pen*. Security 

Pwa Unnaced 

£•« Equity 

J^op.Jd ier. 4 
*¥*n Fd.Scr.4. . 

*E«»uJ»J-Fd.SeT 4.. 

fC<«v FA Ser 4 „ 


[3*5 

Mi 7 
154 S 

13U 

121 fa 
£748 

®*s 

M|i 

ns 

xPo 8 

sii 


MJ 

M2 

1566 

JWJ 
«« 
13*2 
ISO 
llM 1 

mi 

1442 

1875 

169.«1 

134.1 

1409 

36.9 

mo 

115.4 


General Portfolio Life Ins. C. LtiL¥ 

60 BarthtHonjew Cl. W altham Crass. w.\3iwj- 

Portfolio Fund — ( • 155.4 I 1 _ 

Portfolio Capital. ..(41.9 44.01. ] _ 

Gresham Life Ass. Soc. LuL 
2 Pnuce of Wales Rd.. B'mouJh. 0202 7G7«s 
C.L Cash Fund W7.0 102 J| 


- G 


fljjl:.- :: 


' 127.4 
10L 


NPI Pensions Management Ltd. 

« Crarorhun-hSL.SjrOP JH.H. 01-00348)0 
Managed Fund ..1148 5 1M71....I — 

Prices July 3. Next dealing August L 

New Zealand Ins. Co. OJ.K.) Ltd.¥ 
MaiiLsndllouw. SnuthendSSl 3JS 07028295$ 
Kim Key ln\ Plan |U2 1 146.5} 


Abbey Capitol „ .1332 
\hbey Incomr J4S 

Abbey lnv.Tu FA. 174 
Abbvj 1 lira. Tst . — (45 J 


PncwaiJoiy 18 V'il^ ttSSa&TkUdi* 

“** Aot *«“c Co. Ltd. 

35. Old Burlington 51. W.L 01-437 5«E 

Jftute Fd. Arc... njjfcj tWSHE 

JR* 1 “ ,l,l, Aw - 140A 

•^■AMoneyFfLAr.. 114 6' 

JfuU Han.Fd.Aem. 107.7 

Sawssi.'.riat 
®»8Ksf-igi 

Prop Pen Acc 123 4 

X ule Inv J»eu Arc.. 1702 6 


1961 
1475 
120 £ 
U34 
114.6 
174.1 

231.4 
1868 
1364 

120.4 
1298 
2133 


S h UU-Fund-,.— , 

CL Ppy Fund. -. )%B 

Growth & Sec. Life Am, Soc, Lt<L¥ 

War Bank. Bray-on-Thame*. Berk*. OeEB-M+M 
Flexible Finance ..( £1044 1 ... 1 

LandbankSecs... 1 5397 - ' 

Landbank Sea. Acc.pM.4 117.* .1 -_ 

G AS. Super Fd. ,.j £7804 } J _ 

Guardian Royal Exchange 

Royal EschanM. EC 3. 01-283 7107 

Propeny Bond* . [1769 1B4.21 ... . | _ 

Bambrn Life Assurance Limited ¥ 

TOW Bar* Lane, londbu.Wl 0149SII031 


Small Co's Fd. i?0.1 

TcchnologJ rd 195 7 

Extra I hr- Fd 

American Pd._ - . 

Far East Fd 

Hilt Edged Fd 

Con Deposit Fd- 


feV 

1363 

1038 

96.9 


949 *01 
-»0 7 +0.4 
91.2 
1IK8 +0i| 
119 -HJ.4 

1092 

}0BB *01 


71 +0 4 

671 +9.5 

40.25 +0 4 

5b 1 *03 
773 -0 4 


— Fined InL Dep 11253 

— ' Eg-u ty 1773 

— Property.. IBS O 

— Managed Cap — 1402 " 

— Managed Arc 1732 

— Overseas. 

— Gift Edged 

— American Act 1902 


AMEV Life Assurance LW.F 

5U5S - R ' JRMe ««»• 

AMKV’W«Hr.'“ 

■AJffi V Money FiL ... 

■AMEV Equity Fd ... 

AJJEV Fixed tut . 

AMEV Prop. FO... 

AMEV Me A Pen. Ed. 


— PenJ'.l.Dpp.Cap„. 


U03 

, _ m 

_ -*-•» 

AMEV 5fgd". pen. ‘B‘ 974 
96A 


144.41 
1163 

118.3 +0.11 
116 6 

971 

102.4 
1019 
102 6 
IOZ.0 


nmplxa 

Arrow Life Assmrance 

80. 1 1 * bridge Road. W. 12, 01-7400111 

SeLHk.Fd.CpUm. 1*3 4 - *771 

8*1 Mk-FdStVnU.RoB l£2 "■“I Z 
Fen-.Mgd. Fd. Eq . pi* . is 3 ' * 

ren.Mtd.Fd.— F.L-P132 llb.fl ,J 

Barclays Life Amrar. Co. Ltd. 

8SZ Romford Rd. £7 
Barclay bonds* 1124 2 


Pen.F-l.Dep Ace.. .(144.7 

rm. Prop cap 

Pen. Prop. Acc. 

Pen. Man. Cap 

PCs. Man. Acc [»*B 

Pea Gil: Edg.Cap.. 

Pen.GlltEdg.Act. 

Pen. BS Cap 

Pen. B.S. Acc. 

Pen. D. A P. Cap. 

Pen. DA-F. Acc 

Hearts of Oak Benefit Society 
1 X 17. Tbrirtock Place. WC1B0SU 01-33? SOBO 

Hearuof Oak {3*3 3661....] _ 

Hill Samuel Life Assnr. LUL¥ 

NLA Twr., AddiRcombe FUL. Cray. 01-0804355 



Norwich Cnion Insurance Gropp¥ 

PO Be* 4. Xormch ,\R] 3NG 080322200; 

Managed Fund . . 2138 224^+09) 

Equitv-Fund 342.7 360 7 +2 4 

PrtJperly Fund.-.. 129.0 133,7 

Fixed In. Fund 153 7 161.7 +03] 

Deposu Fund 1860 1113 . 

OK or. l; nil July IS- 205 B 

Phoenix Assurance Co. Ltd. 

4-5, King William St. EC4P4HR. 014260878 

F. earth Asa [71XS 117.. 

Eb'r Ph Ati. 77.4 

Eh r PhEqE )766 

Prop- Equity & Life Ass. Co.¥ s» 

1 18. Crawford Street, W1H i\S. 01-4M 87i 

B. SiJk Prop Bd. I 1824 

DO Equity Bd 75 J 

Flcxltoncy Bd | 149.6 

Property Growth Assnr. Co. Zjd.¥ 
LeonMcxjse.Croydwi.CRSILU 01-6B00BD8I 



Allied Hambro Group* fa) (g) 
llamhro Hsc. Hutmn , Brcnneoud. E\-J>x. 
01 -508 2851 or BmUwood (0C777 2JJ4M 
Balanrrd Panda 

Allied Id 665 

Brit. In*. Fund. 6? 4 

Grill Is Inc 37 6 

EIkl & Ind. Dev. 338 
Allied Capital . . 72 4 

MauihroFund- ..1051 
Hambro Acc. Fd.,.. (120,7 
Incnmc FrtwM 

High Yield Fd. ,.,170.6 

High Income .„..W0 

. Eq. Inc . - .(38.4 
intmMiaoai Fuads 


Pacific Fund. 

Sera Of America.. I. . 
I’iA Exempt* (960 

.Special! a Fnnds 
Smaller Co.'s Fd ...1364 
2nd Smlr Co'aFtL 44 9 
Recoc+ry Sitn. . 864 

Mrl. Mm.& L~dly . 414 
Overseas Earn 1 ogs 57 9 
Expl. Smlr. Co'* . +{225 2 


Propcri}„ 


Managed 

Haney. . 


01-534 5544 

130 B) 

3274 

KSf ^ 0 I 

709-6 .... 

1152 -0.1 
104 2 +QJ 
1033 
1001 
1015 
9*5 
1062 
1026 


10.4 
JM2 
U94 

M*a>e«iijiccuSZ 96.1 

Da. Initial « 7 

GUt EdgPrasAcc. .. 964 

JV initial 93.J 

Money Pena. Acc. _ 1000 

Salsitul (974 

•Current unit value July 24 
Beehive Life Ansar. Co. Ltd.¥ 

71. Lombard Sl,EC 2 01-823 1288 

Blk. Horse July If 127.67 | 4 — 

Canada Life Anrarance Co. 

2-« High St- potters Bar, Herta P_Bnr 51122 
Etjty.GlhJdJuij»3.|592 -1.U 1 _ 

RetmL Fad. July 8-1 173 1 .j — 

Cannon Assurance Ltd.¥ 

1. Olympic Wy^ Wembley UASONB 014028876 


•Property L'ruts 1154 0 

Property Scries A- 1019 
Managed Unit.-:... 1653 

Managed Series A.. 97.6 
Managed Series l’_ 949 

Money 1. niu. 1293 

Money Series A 97.7 

Fixed! nt-Ser. A .*2 6 

Pns. Uanaced Cap. 

Pus. Managed Ace . 

PntG iced. Cap 

Ptw-Gteed. Acc. 

Pens. Equity Cap. 


Pens. Equity Acc_ . 

PnaJWJiK.Cap 

FnsJ r xd.lnlAce 

Pens. Prop. Cap_ 
Pens. Prop. Acc... 


5 

'8 

II 

Imperial Life Ass. Co. of Canada 
Imperial House. Guildford. 71255 

Grt Fd. July 2U [72.7 79^ -fljj _ 


1626 
307.4 . . 
1741 +01; 
-302.7 -H) ] 
3M.0 ,011 

102 1 
973 +0 1| 
1444 .... 
1526 ..... 

mi 

3173 . . 
100.6 .. . 

101.1 

993 .... 

99t 

1065 

MU .... 


Peni.Fd. July 21 .Z(w8 

Unit Linked Portfolio 


Managed FUnd”__|9S.7 100.71 +0 71 — 

FbmdjnL Fd -»62 Mli} +0 1 — 

Secure Cap. Fd. W63 1M4| +0 1 _ 

Equity Fund— (963 - 101 3| +0.1} — 

Irish Life Assurance Co. Lid. 


Equity I'ntu. 


UJ7J2: — 


Propcru- Units. EoJ3 _ 

Equity Bood/Excc-Ell_S2 12 


Prop. Bond/Exec - 0334 
Bat BcL/ExeCd'oit. 0313 

DepociiBond ms 

Equity A reuto. 171 

Property ArnuL ... 0274 

lined Accuiik 1395 

amfEqnity 943 

2nd Property 1048 

2nd Managed.^ 97.4 

2nd Deposit 97.0 

2nd GUt 87.7 

2nd Eq. Pen* /Acc. . 963 
XndPro Pent.’ Acc. _ 10*4 
2nd Mgd. Peua/Acc 99.7 
2nd DeyvPnuiAcr. 99.1 
2nd Gill Pras/Acc. 88 0 

L6ESJ.F 38,0 

UE S.LF.2 Z7.0 


M 


+Bji, 


i2i«+ao; 
14 -a - . 

13.S1+0 03 

11* of 

+y 


99.E +8.4 

110 9 . 

1031 +0.3} 
102.6 
92.1 , 

m ^ = 

1053 +03} — 
1049 


Current value July 20. 
Capital Life Assnrancc¥ 
CoolaCou House. Chapel Ash Wioo 

Key Invest. Pd. 1 100.98 I.. 

Pacemaker! uvi^d.. | 10137 } .. 

Charterhouse Magna Gp.¥ 

1* Chequers Sq- Uxbridge UB8 1 NR 


11, FI nabury Square. ECU. 


— Blue Chv. Juir 2l.~ 


[766 


014288263 
BO 6I*25| 500 



Managed Fund _ Bui 
Exempt Has. Fd.-|U3 7 
Prop. Mod. J lily 1- 000.0 ■ 

Prop Mod. Gib. ..—. jl.97.7 
King & Shaxson Ltd. 

32. Cornb/U. ECS. 01-823 5423 

Bead Fd. Exempt —1103.82 10526) 1 — 

Ken deiJinR dale Juir 18. 

Govt Sec. Bd (12940 1»«( I — 

ljmghsm Life Assurance Co. Ltd. 
ldnglinmHs.HolmhrookDr.NVI6 01-2035211 

Langham'A' Plan... 1622 .. USj J — 

“ VPrW-Bond 0418 IfiS \ — 

~ • WispiSpi Man Fdf75.9 79.9| | — 

- Legal & General (Unit Assur.l Ltd. 

~ Siugsvood House. Eingswood. Tadwonh, 

— 1 Saner ST2O0EU . 

Cash initial _|95.6 


0002 2W II 


Do. Acctua. . 

Equity Initial ..[1223 

Do. Accum. 1124.8 

Fixed initial — 

Do. Accum 

loti. Initial — 


Do. Actum — _ ..—[99-5 



Magna Bid. Soc..-. 
Magna Managed.... 


52181 Managed Initial — 

Do Accum. 

Propert y Initial — - 
Do. Actum. — 


117.5 

119.9 

99.0 


1192 

1216 

8 & 


City of Westminster Amur. Co. Ud. 
Ringstead House, 8 WUleharee Road. 
Croydon CB02JA. 0! -CM 9856 

West Prop. Fund. M0 5 

ManagedFnud. — 171.7 

Equity Fund— 585 

Farmland Fund— 73 9 
Moan- Fund— 1212 .. .. 

SESlSrSii 

Feu Money Cap ... 467 

B us Money Arc. . 4*5 
B« Equity Cap... 549 
Toil Equity Acc ... 57.1 60 lj +0.4| 

Fund currwnUy c oae d to new rovroiment: 
perform Unit* .. -. . 2010 [ , . 

City of Westminster Assnr. Soc. Ltd. 
Telephone 01 -®4 BOW 

First Units.- 11236 12971 .... | - 

Property Units ..)54 7 57 4| 1 — 

Commercial Union Group 
SL Helen's, t. Underohaft. Kl 01-3837500 

VrAuAcl't July 22 [ 55.14 1+0311 — 

Do. Annuity Uts — I 17.99 I . .1 — 

Confederation life insurance Co. 

90. Chancery Lane. WCSA 1HE 01 3430282 


__ legal A General lUnlt Pntabmxi 
— Exempt Cash DuL-fcM MJ5 

IX*. Accum- — 98.0 1032 

Exempt Eqty.lnlL.. 121.9 .1^4 
Do. Accum. .... -.123.9 13*3 

Exempt Fixed Init 1093' . 1154 
Do. Accum.— — 111.4 U7J 

Exempt Mngd JniL 119.9 1261 

Do. Accum* 121.8 1283 

Exempt Prop. In it. , 96.4 IRS 

Do. Accum. 9*0 1832] 


Enroll Heath 53*56 
100.H .. . - 

JOU .. . — 
128.1 +13 — 
1314 +1.2 — 
123.7 +0.1 — 

1263 +02 - 
1063 +20 — 
10*1 +1.1 — 
1253 +0 7 — 
128.1 +0 7 — ; 
saw .. _ 

1066 +03 — 


Property Fund 282 5 

Property Fund. A l 2889 

A gn cultural Fund 762.9 

Agnc. 7und'A> . — . 7564 

Abbey Nat. Fund... 1541 

Abbey Nat.FdiA'. 253 9 

Investment Fund. 675 

Investment Fd lAf. • 672 

Equity Fund — 273 5 

Eqmiy Fund/Af — 172-6 

Money Fund 1408 

Money Fund IA* 1401 

Actuarial Fund. — 1132 

ilih -edged Fund — . 122 B 

Gill-Edged Fd i A >_ 122 8 

ORMire Annuity 2X3.8 

dimmed. Aim'll K35 

Prop. Growth Pensions A AnufU 
All W’lber Ac. Ula 129.7 U6.M 
VA1I WeaiberCap, . 1219 12*31 

tHnv.FdUt*_ 134 9 

PCftBOTl Fd L ti _.. 1306 

ronv Pros. Fd 2477 

Cm - . Pm. Cap. Ui 1338 

Man. Pens Fd- . 1433 

Man. Pena Can. l*t 1317 

Prop Pena. Fd — 147.1 

Prop Pen* Cap L-ta. 133.6 

Bdtc Soc. Pen. Cl 131 7 

Bldg SOC Cup. ft, 220 6 

Provincial Life Assurance Co. Ltd. 
223,Bisbqpcg9tc:EC2. 01-2476533 

- Prov Managed Fd. 1113.1 

Prov.CashFd 104.9 

Gilt Fund 20 U7.9 

Property FUnd « 9 

Equity FUnd-— .. 97B 

Fxd. lilt Fund |942 

Prudential Pensions Limited^ 

Hoi born Bars. EC IX 2N KL 014*59222 

EquitFdJuiy lfl_|£2506 

Fxd lot July IB [m uz 

Prop F. July 19. )£2607 

Reliance Hatml 
Tunbridge Wells, Rent- . 0693 22271 

RcL Prop. Bds. 1 ■ 1969 l 4 — 

Rothschild Asset Management 
SLSwi thins Lane, London, EC4. 01-8W4358) 

N.C.PTOB. (2175 125# I - 

Next Sub. Day September 1. 

Royal Insurance Group 

New Hall Place, LiverpooL 061 22744221 

Royal Shield Fd [136.6 ' 7445) . — ] — 

Save Sc Prosper Groop¥ 

6 Gl^LHrtcn'S. Lndn. EC3P 3EP. 01-554 89 

Bal.lnv.FtL 0292 136M +0J - 

Property Fd*— 1153.9 162? .. — 

GHlFd. R204 126.1 -D.7 — 

Deposit Fdt Il23ir 1382 - 

Comp.HpntFdh g062 224.1 .... — 

EquilyPeas-Fd (1B5 4 195 7 +L3 — 

Prop-Pens. FtL* u22B 235 2 .... ■— 

Gilt Pans Fd— _H3.4 9*7 -0.7 — 

DcposPeaa.Fd.1_ [99 JL 1064) — — 

•Prices cm July 1* 

- ■. 1 Weekly dealings 

Schroder life Group¥ 

Enterprise House. Fortsmoulb. 0705277331 


389a +02 475 
48 0 +03 4.96 
92.4 +0 9 504 

- 443 +01 537 

62 Os -03 4.67 

. 2373] +2.6| 586 

Anderson Unit Trust Managers Ltd. 

158 Fetic hurt b Sl EC2M6AA 8230231 

AndaraoD L'.T. (50 0 53 9| J '438 

Anshaeher Unit Mgmt. Co. Ltd. 

!NoblrSt_E>XV7JA 01-833637* 

Inc. Monthly Fuad .(166.0 1760| J 9.83 

Arbnthoot Securities Ltd. lallc) 

37, Queen SL Loudon EC4A1BY 01-2385281 


Extra In cork- Fd _ 104 7 

High Inc- Fund 412 

f Akudl L'niUt . 55J 
• &}% Wdrwl.Utvi 55J 
Preference- Fund. .. 23.4 
i Accum UdJui ... 37.1 

Capital Fund 14 6 

Commodity Fund... 59.4 
lAccum. Unll».i-- . 95 4 
(10% W'drwl l-'.i... . 5Z 9 

FiniProp.Fd. 173 

Giants Fund 3*8 

i Accum. Unitsi 45.6 

Growth Fluid. — 347 

Accum. Unit*) >18 

Smaller Ctfs Fd. .... 27 J 
Ea+iero Aim). Fd . 264 

d% WdrwL lit*. » 207 

Forrlgn Fd. 842 

N. AW. & Ink Fd. 322 



Archway Unit Tst. Mgs. LnL¥ (a)lc) 
317. High Hoi born. WF1V7NL 01-8318233. 

Arcbway Fund. .__I82 9 882J J 603 

Prices at July 2d Next sub. day July 27. 

Barclays Unicorn Lid. |aHg)¥lc> 
I'tueorn Ho-252 RomTordHd. E7. 01-534 5544 

Unicorn America . 

Oa Aust. Art 

Do.Auflt.Ioc 

Do. Capiial 

Do. Exempt Ta IT _ - 

Do. Extra Iocvmw .(27.9 

Do. Financial.; H12 

,00.500 

Do. Genera) .... . 

Do Growth acc W1 2 

Do. Income Tst MS 

Do. Pif. A'na T«. .Il33 ' 

P:lces at June 3d Next rob. day Ju 
Do. Recovery. . ...|431 46 61 +fl.4| 


Do. Tnm eo Fund — 
Dux BTIawldC Tst _ 

BIstJn-FdJnc 

Da Accum.—..— 


Baring Brothers & Co. Ltd.¥ faWxl 
B* LMdcnhall St, EC 3. 01-5882830 

StraUooTsJ — 11712 174 U I 4^ 

Do. Accum. .B136 222 3 | 433 

Next sun, day August 2. 

Bishopsgafe Progrrssive Mgmt. Co. 9 
0, Blshopsgflte.EC J! 01 588 8280 

[B'gateFr **JutylB .1183 6 19561 ..—I 383 

Arc VU.-I11IX A. _..JZ1* 7 Z» 3 _.. . J 3 83 

B'caudaL July 11 |174 0 1853....] 2 81 

lAccumi July 11.. - [142 0 204a] J 2.81 

Nexl suh. day 'July 25. "August L 

Bridge Pond Managers¥<aHC> 

King William Si.. ECAR OAR 01-G23 4951 


_ Equity July 18. 


_ Fixed InL 3 July 1* 

lirt.ULJqhrl8.__- 
6SaiitJulyl8— 


— K 


flEquify FVind 
VMflaagrd Fluid 
•PIP Fund. - - - — . 
Psnfll Pen. Mngd . [72 6 
SlaffcdMngdPn .. 
Grou^ Mn^d. Pen 


m 


1152.6 
177.7 

172.6 - 7*| 

1848 
1997 
22*0 
1394 


nl.Pwi.. — 

Equity Pension 

P rop ert y Pension.. 

CornbiD Insurance Co. Ltd 

32. Corn hi U. EC 3. 


Legal & General Prop. Fd. Mgrs. Ltd 

lL»ie«i Viewna SUEC4N4TP 01-2439*78 
L*GKaFdJufy3.J96J - -2fiL7t— — ( - 

Next sub. day Augjuu }.. . . ... 

Life Assnr. Co. of Fennsyivanla ' 
39-42 New Bond SL, W170HQ. 01-483 83*5 

LACOP Unit*. 1987 18361 1 -, 

Lloyds Bk. U-nit Tst. Sfngra. Ltd. 

7L Lombard SL.EC3. 01-8231388 

Exonpi 19*7 103J) 7.98 

Lloyds Life Assurance 
30. Clifton Su EC2A 4MX 

BlLtRh. Jufy*— ■■ [ I &7S6 — 

Opl5 aTip Jly30>D24 6 U12 ..... 

OpL5'A'Eqt JfeaJ-.p293 U62 

OpTs .4 BV IdJIy J® p56J 164* 

Opt-SfA'ManJlySp.llWB 1566 ..». 

CiptB'A'DpUIyBO.. |12L9 12*4) 

London Indemnity & Gnl. In* Co. Ltd. 

18-30. The Fortuny, Beading 5BSS1 L 

SnKSTirpi.! 

Fixed | merest- 1342 3621 — I — 

The London & Manchester Ass. G*9 



American &Gend..|2SJ 267] 142 

Income*. — 50.9 55.4 . ... 6.46 

Capita) Inc.t 568 392 3U 

Da Aee.T W-7 43 J 3.5 

ExcmotT 134 8 1438a .. ._ 588 

JnterntL Inc.t - 169 1*1 337 

DaAcc.t 186 19.8!. ..J 3J7 

Dealing *Tue*. tWed. tTburs. Prices July 
11/12/13. 

Britannia Trust Management (a) ig) 
3 London Wall Buildings, London WolL 


The Leas. Folkestone, Kent. 
Cap Growl* Fund.. 


030352333 


Cap. Feb. Aug 15-.IU6I 

ww * !, Ufc:B 


.0 — 


MnGffiraJuncS8“.'-pit» 37* 

Credit & Commerce Insurance 
120. BrgrolS-l^ltouWlRSFE. 01-«P7lWl 

C*C Mngd. FtL ~... 1122.8 13*¥ 1 — 

Crown Life Assurance Co. Lt<L¥ 

CiWn Life Hst. Woking. GUSI 1XW 048325033 
Hang d Fund Acc. . |10fl 3 
Mang'd FtL incm. _ 

Unor'd Fd. ImL . 

Equlo Fd. Ace 

Equity Fd. Incm... 

Equity Fd Noit. _ . 

Property Fd. Ace- g.9 
Property Fd. Incm. W.9 
Property Fd Iwl... «4 
lav Tst. Fd. Acc.-.. 193 9 
lnv. Tst Fd. Incm. ~ If I ? 
lav.TfltFcL Init.... 
rtxwffut-FIfi Art-- j-. j, 

Fxd. lot Fd Incm. .197 S 


Cap Giwuiruno.. 

♦Flex. Exempt Fd... 

4 Exempt Prop. FtL 
*ExpL lnv TSL FtL 
FlextbleFuud — . 

01-82854J0 inv. Trust Fund — 

Property Fuad 

M & G Gronp¥ 

Throe Quays, Tower Hill EC3K 8BQ M4BB 45BB 


I?* J - 


2274 

+0J1 

1340 

+1J 

900 

+0.4 

3535 

+1.4 

US1 

+12 

3416 

+2 3 

830 

+02 


XicSc.July lb— 

Mngd HJx. July 18.. 

Managed July 18.— 

Money July 1ft — —I 
Money 3 July m - 
Property July 18. ... 

BS^^B Ju^lB“pL4 
BSPnAec-B Ju¥ IB.. 

MnPnCpBJuly 18... 

MnPnAceB Jtuy 18. 

FxiUnLPea.CaaB. 

Fxd Int Pn-Acc B— 

Prop. Pea. CapB— 

Prop Pen. Acc. B - 
Money Pea Cap. B. 

Money Pen. Age. B.. 

Overseas 4 — 

Scottish Widows' Group 
FOBoxWZ. Edinburgh fTF Id 5BP; 031-655 8000[ 

InvJPb JSerles L - RS.8 . -.10528+03 - 

lnv. Ply. Series 2 >_ 99.9 lgSJS +02 — 

lnv. Cash July 31 ~ 98 3 10|fl +0 } — 

Exl'lAceJulylO 1390 34S.« +43 — 

ExUUncJuiylfl — 1355 14LJ -H.4 — 

Mgd PeaJutylP — J245 9 ' 265.9) +0.4| — 

Solar Life Assurance Limited 
30/12 Ely Place London E.CJK81T. 012422905 
Solar Managed 5- Jia3 135.11 +0.4J 

1642 172.3 ill 

_ 2264 1 72M +0J 

1D0 2 

12X9 134.7) 4A4i 

ms axi. 

nlo. 


London EC2M SQL 

AsMtx [71.8 

Capital Acc....-..— 533 

ftwrno X. Ind , — 569 

Commodity- — IgS 

Domna ic- ... 3*4 

Exempt .-.UI5.8 


Extra ionxoc — — 395 

Par East .... 225 

Financial Secs.—-. W6 

Gold * General 970 

Growth -.1*1.0 


Solar Property 5— 
Solar Equity 5- 
Solar Fid InL S 

Solar CashS - - 

Solar tad. S. . ~-_ 
Solar Managed P— 
Solar Property? — 
Solar Equity P.,., 
Solar FkAIirtP 
Solar Cash P — 
Solar IntLP — 


zM 


1097 +89 
1097 +0 4 

1BH.O +o.«] 

10*4 +0.2 
1044 +0 2 
304.2 +03 

100.4 .... 

180.4 

100.4 .... 
109 3 +07 
3093 +0.7 
30*7 +07 
3112 4 +DJ 
102.9 +01 
12X6 +0 9 
1216 +0.4 
101 X ... 

151 -i5 


6.44 


495 


*90 


Pen. Pcnston *■*.-. 
Cony. Depone*— • 

Equity Band** 

FnmihrTO«l"-.._ 

Family 81 -HP* 

Gift Bond***. — 

InteinatnL Bond— 

Managed Bd.***-. 

BNGBKW-: 

Kecovciy Fd-Bd*. 
American Fd. Mr 


trices on ’July 18. 


138 7 
1623 
1857 
1065 
104 6. 

139 9 

IT 


2343 



San Affiance Fund M n w g W t. Lid- 
Sun Alliance House. Horsham. 040384141 

_ Exp F<LInL July 13.162525 159.41 - 

Joi Bo-Joly 19 — .-) £14.®6 1 J — 

“ Son Alliance Linked Life .Ins. LUL 

— Son Alliance Hoove, Horsham -040384141 

— . Equity Fund.. [1211 


FlxedUnereMFd- 


1062 


Property Fund — .(189.1 
Intern kumaJ Fd. -[10*2 


— Deposit Fund 


jaganFd. Bd,*,,-. Jf i. jujy ^ ^ Jnfr 2L 


— Managed Fund — 



-0.4 — 

ib‘.2 - 


— Merchant Investors Assurance 


490 


1144 


V 


975 

*25 


Inler'I. Fd Acc 1 

Jnier'J. Fd. Jncnx — 

Money Fd. Arc .... 

Money Pd Incm- 
Dirt. Fd. Incm . - 
Crown Bw Intf/A 
Crusader Insurance Co. Ltd- 
Vincula Hom*c. Tower PL. EC3 01C68031 

Gth. Prop. Jub'4 — 170.9 ® a '»l I “ 

Engle Star Insur/Midland An. 
l.ThreadneedleSt . EtS. 

E^lci/MId l’nStt....|52 9 549| +0.2| 5.97 

Equity * Law Ute Ass. &oc -}*** 
Amenbam Road, 04M 33377 

Equity Fd - 

Fropcrti 
Fixed 
Gtd 


125, B I gh Street. Croydon . 

154.1 
nil 
5 85 
1674 

141.7 
3».l 

129.1 
140 7 
1056 
237 3 

107.7 
1053 


01-4880171 
+011 - 


+02 
+0.9 
+2.4 
+0 4 
+12 
+01 
+02 
+10 
+J..B 

+21 

+L6 — ■ 


SSSUf: MMz 

isS+oj - 


Property ^ 

Property Pena. 

Equity. ... 

Equity Proa 

Mont)- Mark« — 

Money MM. Fr n* - 

Deposit 

IVpoait Pena.-. — 

Managed.. 

ManMedPens. 

Inti. Equity 

JntL Managed 

NEL Pensions Lid. 

14 ill on Court, Dorkiu. Surrey. 

Nelflx Eq. Cap. . —|3l 
Nelex Eq. Accum. . IM 10 
Velex Money Cap.. U8 

Nelex Mon- Act M5 
Nelex Glhln.' tup «76 
Nelex Gth Inc Acc- J*6 
Net Mad. Fd Cap- »7A 
Nel Mad. Fd Acc.-.ljlb 

Next Sub day July 
For New Canrl Prapj+ty wc ired n- 
mi it Attn Mnaraml . 


11200 115.; 

Son Life of Canada OJJt) Ltd. 

2.3. ACockspurSt-. SW1Y5BH 01-0305400] 

Vapl rU.Crth 

Maple LLMangd.- 

MaplcIX Etpy 

Penn). Pa Fd.— 

' Target Life Assurance Co. Ltd. 

House. Gatehouse Rd- Ay iMhurf. 

Ay ieaburr < 02S61 5042 


1984 

J 

133.4 


mt 

...... 

28X3 

..... 


«, Man. Fund lac— — [35*. 
_ Maa Fund Acc R2*3 


M*B. 


824 _ 

1144 +L2^ 

Si = 
I !j'= 

50 2 

511 


8811 


Prop Fd. Int. 

Prop. Fd. ACC. — _ 

Prop. Fd. lor 11(1*0 

Fixed InL Fd. Jnc.)l«J.6 
Dep. Fd. Aec. Inc_ W 4 
Ret Plan Ac, Pea ..(735 
RetFlauCapJPen— 
Rrt.FIanMao.Arc. 


“ HetPlBnMan.Capi .. 016.0 


Gilt Pen.Aec. 


mo 


mu — 




[13*1 


353 - 

23 ^ = 

2331 . 

122.1 . 

1364 . , 

1293 — . 


GUtPeaCap. (122.6 

Transintemational Life Ins. Co. Lid. 
2 Bream Bldgs.. EC41NV. 01-4056487 

TbUpfovest Fil — 241 8 14JJ[ 

assatt:a# m- 

JUaotmed Inv. Fd. .. 96 0 10X6> — 

plngdjnv.FdAce— I% l7 18L7( 

(Trident Life Assurance C& UdV 

lltonxlado Hotiae. Gloucester *18238541 


it&ufgrt 


EUROPEAN OPTIONS EXCHANGE 


■SmutarfAinertcaii ._ B65_ 
137.6 

lodged 


AhV. 

AK/ 

AK7. 

KK 

KK 

FNO 

HM 

H*i 

HLi 

IBM 

IBM 

JBU 

KL.M 

K.LM 

KT.M 

JiLM 

KLM 

kLM 

KLM 

KLM 

.NS 

i*m 

PHI 

HI* 

RH 

KD 

S 

S 

T 

I V| 
VNI 

nvr 

SI.B 


-* my 

Vnl. | l**i 


M> l. 

Vol. i Lw' 


Jan. 

Vnl. I I**' 


Sunk 


F27.50 
K50 
F3B.SO 
SS0 
S60 : 
S25 ' 
8701 
P35j 
F37.60 s 
S240! 
126D 
5280 I 
F140 
FI50 | 
F160 
F170I 
riBO I 
F190 
F20DJ 
F2Z0 ' 
FI 08.90 [ 
t'ba I 
F27.50 : 
tiao ; 
FI30 
FI 40 , 
820 
850 
a&5 I 
FJdOl 
FI 30 1 


__ I _ 


33 

5 


IBB 


28 if 
81* 


0.20 

0.10 


1.10 


3 ,' 4.10 

- i - | 


36 

£1 

6 

3 

X 

1 

10 


30 

38 

47 

25 

15 

62 


20 

31 

1 

134 

10 


I — • 

Z 

1 

Bin 
2*4 i 

l<4 I 
- ! 
1.90 I 
0.90 i 


41* 

12.50 

7.50 

4.50 
3 

Z.7D 

1.70 


1.80 
0.7D ( 

6 ) 

1.20 . 


1 

46 

6 


1 

4 

7 

27 

7 

5 
9 

20 

3 
1 

41 

22 

4 


5.10 
3.80 
Z 


T29.70 


- iSSBa* 


__ I 


>« 

i’ao 


!S245g 

,5601* 

F34.60 


F156 


- j 5268 

I7i< ; .. . 

7*4 
28 
18 . 

13 

B.50 

5.50 

4.50 
3 


a*a • ~ 




3-40 


21 ( 1.30 

5 | 1& 

B 7.80 

4 I 3.Z0 


IF102.M 

;P26.10 


R30 

$90 


A iig. 


I’S 


S I s 

Ni.r. 


2 ! 1.80 
Fell. 

7 . ! 


PI 34.40 


j S23U 

; seoa« 
■F122-40 


.SEllg 

587 


m 


(1484 


International—-. 18ZJI 

Fiscal 1»« 

Growth Cap„ 1Z3J 

‘Growth Act 127.2 

Peas Magd. Cap.— 1119 
Pena. HnrdL Acc. — 1166 
lPeji5.Dtd.Dep.Cap 102 J 
PcMLGIrtDep Acc. . 1066 
Pcna.Wy.Ap._. 113 0 

Pens. Po Ace 117.7 

ML Bond-..- — »z 
•Tnh-G I Bond — 

Cash value tor {100 premium. 

Tyndall Assn nut ce/Pensfoas¥ 

18, Conynge Road. BristoL 027233211 



3-W»yJttfy 20 

Equity July 20 

Bond July 30 

Property J s-ijr 20 
Deposit July 20 — 
3-WayJ^tL July 20„ 
0^6u lav. July W- 

EaPn^xJu^l — 


m 

2288 

1488 

783 


Vanbrugh Life Assurance 
41-43 Maddox SL.Ldo W1RSLA. 


Managed. Fd. -(147.7 

BqtjllyFd,... .05.6 

iBtnLFuad — .. : —|U85 


1555 +0H 
2481 +2 
109.1 -flj 
its; +aH 

H85 .._7 

2253 ..... 


0I-4S84BZ3 


Fixed Intersl EtL ...0671 

gar?2^"r:te 

Vanbrugh Pensions Limited 
41-43 MaddnSL, Ida. W1R8LA OHM 4063' 

Bqtilw.-,- --11030 ir 

Fixed Intcrett— — [96.7 11 

Property-- |97j Jta.: 

Guaranteed see 'In*. Ban* Haita" table. 
Welfare Insurance Ca Lt<L¥ 

The Leas. Folkestone, Kent 0303 51333 

[Moneymaker F4t , | 1058 ! +0.7] — 

For otber funct- please refer to The London * 
Manchester Group • 

Windsor Life Assnr. Co- Ltd. 

Royal Aib«l Him., Sheet Sc. WYmtaur .08144 
|lJte lav. Plan* - ..|692 .. 72B| ..... 

« . 

£2519 


FUturoAwd.Gtbiai. 
Fitai^oAmd-Gtinos. 
Ret Axsd. Pon#. ._. 


iFlex. lav. Grsrotb- (103.4 20*9) 


+0.-W 


4J0 

£25 

426 

424 


Gartsoorr Fund Managers ¥ f«Kf) 

- a. St. 3*»»T 4 v«'. £'Ct \ BBP. 01 283 353! 

iuMmwui T«. . .[29 8 
Rniisft Ts i Ate > SSb 
Cnmnmdib l-hjie.. 1M.4 
Extra lnc'ttix-T-s _ jjg 


i?i F ar EaH. Trust. .]» 2 
HighlrtconteTrt.... 




IpTmne Fund”.' S'* 

isa » 1? 

izdnlLTsi 'Ate:. D«2 
Gibbs i An too v) Unit Tst. Mgs. Lid. 
3. Frederick's Old Jcwny. ECSR 8HD. 

01-588 4i>i. 

. rjl A-G tniome- Uj $ 44 0 1 860 

Il'A G irmuthtT 384 AJm J 460 

lalA G. Far Ejii- |»5 27* mM J 038 

Scaling *Tn«, tyWci 
Govett tJohnl¥ . 

TT. London w ju. E-C H 01-5685820 

Sttldr. July 14 noo 1 14771 J 1 87 

D4. Accum L' nit- 1684 ' 1775] . ,| 187 
Next dealing day July 16 
Grieveson Management Co. Ltd. 


Perpetual I 'nit Trust 3fog3at.¥ <a> 

48 Hail Sv Henicy ,«ti Thames - U4812696P 
Pl»iiialGp.G«h ....«W4 4J4J . ... I JS9 

Piccadilly Unit T, Mgrs. LuL¥ laMbl 

Wanlglr Hse. 58a Londoa Wall ECS 8380801 

Extra tccrtnir 1284 

Small Cn'eFri i374t 
Capital Fund-- .1420 
fnr Ertll *.4ascK 
Pm ole Fund . •- 
Arcumltr Fund. 

Terhnolocv Fund.. 

Far East Fd 



4 75 
514 
1"99 
283 
438 
3« 
337 
1.10 
230 


58 Gresham Su EC2P ZDS. 


01-6084433 


Barrington July 19 J2M 6 ■ 223 8a — *93 

iAe«m.l'misi .. 224 b 234.7 4.93 

BUS H. Yd. July !0 175 7 1M0 786 

IACCOOL Unilsi _ . 202.8 211.6 786 

EottanJulf ia— - 20S.9 215 2 2 98 

(Accubl l aiUi 2131 2277 .. 1.98 

GrnchflU-.Jutyai. 9S7 lOOTrt +25 291 

I Accum 1 mb- 1 994 1040 +2 6 

Lu.ABroD.Jul; >0 . W9 73 0d 

1 Accum 1. nlL»i. . 73 4 76.7) . . 

Guardian Royal Ex. Unit Mgrs. Ltd. 
Royal Exchange. EC3P 3DN. 014CT8011 

tag.iGuardhillT.rt . .191 A 9*.9| +0 B| *27 

Henderson Adminstralimrtf faMcJfg) 
Prosier UT Admin.. 5 RajUrteh R oad. Hut ton. 


420 

420 


112 +02, 

595 
25 74 
399a 
211 
64.4 
926 
563 

287 ... 

4180 +0 3| 
491= +0*1 
37.44 +OJ1 
458a +02] 
244 +0.1] 
284 .._. 

223 

904 . 
34.7 +0.3) 


1128 
930 
9.32 
932 
12 81 
22 81 

530 
530 
538 
304 
2 E 
287 
268 
2 68 
432 
139 
139 
180 
100 


Brentwood. Esu-x. 

L'JC Fxmw ' 

Cxp. Growth Inc .. 1443 

Cap- Growth Acc„..U4.8 
Income fc Ate«j \333 
High Tnconte Fund* 
High Income 160 9 

Cabot Extra Inc (55.9 

Sectar Ftuub 
Financial & in.'.- .1252 
OUANaLRca. ^pB.1 
InlrnuilaMl 

CabM —.187 9 

Intrraaiionjl ,.|J5 8 

wdd Wide July 24 [75.0 
Ovtnro Fbnds 


02+7 -!!7 238 


3.40 

340 


Aamlian 

European . 

F«r East 

North Anier 

NAnOnJuIvS! ... 
CabOtAmcr ixn' 


361 

410 

77.5 

404 

1237 

542 


<7.11 +1 1 
4771 +l3 
35i| +0 4) 

6511+0.31 
5*Bri| +0l| 


3*6 +02 256 

43 7 +03 4 B1 

*24 -0.4 3 OS 

*32= +0.1 .142 
128 9 . . Z42 

570 +0* 127 


American Fund... [24 4 
Practical Invest. Ca Ud.¥ <yKC! 

44. Bloomubuc Sq WflA JR-4 UI-C23 8893 
iTwUraHul; IB -1157 5 167IJ._..| 421 

Accum. L'nils - . - [222.7 • 2363! ■■ • I 421 

Provincial Life lav. Ca LuL¥ 

222. Blshopxgatc. E.C 2 li:.»TS533 

Prolific l' nit*. [K J ' 5S§ 

High Income 11139 122 tf -1"! 7.13 

PrndL Portfolio Mngn. Ltd.¥ lauhHO 

Holborn Bara, El'IN 2NH 01-40502+2 

Prudential (U70 XK.Bf fl.W 446 

Qu iltcr Management Ca Ltd.¥ 

The St* Eirhaagr, BOW iHr. 0i+»O4iT7 

Ooadraot Gen Fd (104 7 109.1) | 530 

Quadrant Income ..1124 5 12*4=1 — 1 822 

Reliance Unit Mgrs. LuL¥ 

RehanceHxe_TuobridCt.-16rU--.KL 0BS2ZZ1TI 

aKSWRr-gi 4*| ;oj| IS 

ScldurdeT. Inc ..|423 452) +03) 5.98 

Ridgefield Management Lid. 

38A0, KennrdvSi .ManchrMcr MflZURSSL 

Ridgctield let. I T 198 0 1040tS | 272 

Ridfie/lidrilomajc (S.B 979af .... } 20 71 

Rothschild Asset Managetanit ig) 


*04 

72-80. Gatehouse Rd 

!.A»!eSbun 

02M WM1 


N.i. . Equity Fund 

170 5 

1813T 

-0(4 

315 

7.88 

N.C. Kuo Res T «4 

131 5 

list/ 

-6.? 

2 55 

*94 

N l . Inman- Fund . 

14=0 

1585] 

+0 w 

7 25 


X Init. Fd -Inc 

421 

9»od 

-ofl 

1.55 

437 

S C. InU. Fd -Arr , 

932 

9931 

-Oil 

1JS 

.LU 

NC Srollr t'oyt. Fd 

155 4 

165 Q 

+i tr, 

486 


Hill Samuel Unit Tst. Mgrs.f (a) 

49 Beech St . La'ZPEUC D 1028 80 11 



ibl British Tnirt-. 1528 1635 +1 J 539 

Ixilot'ITruM J7J 399= +03 299 

Ig) Dollar Tran .. 7*7 84 2 .. . 2 71 

iblCipualTrurt . . 29.9 32 0 +0J2 4 69 

ibf Financial TruM 92 6 9*2 4 7V 

ibi Income Tnirt ..166 2*5 +03 7.69 

ibiSxcurllt TniM . 52 6 563 +DJ? 527 

lb> High Yield TsL. 292 3131 +01 8-14 

JnM.¥ (alts* 

15. Chrirtopher Street. E-CJt. ' 01-3477243 

Intel' Inc. Fund ..1875 «Jnf +051 6.70 

Key Fund Managers Ltd. laltgi 

25, Milk St . EC2V 8JE. OtOMTOTO. 


Rothschild & Lowndes Mgmt. tai 
SL Swilhtn^ Lane. Ldn tit Ul-6!iitn5t 

NmO Exempt 10330 13001 . . < 1 65 

Pnwa on July 1<. Sc« dealing .tm is. 

Rowan Unit Trust Mngi. Lid-¥tai 
L'irv Gate Nse . Fin«6ui+ - Sq . ECS 01-806 IfflSS 
„„ 

418 
788 
7 88 
4 14 
414 


705, 

278 M . 

57 2) +1^ 
80S ' 

82 7^ 

302.1 


113.7 122.94 +02 

II 542a +0J 
6 663 +05 

1.9 75 9 + 0.6) 


Key Energy In Fd. 
KerEquii» &nen 
♦Key Exempt Fd 
Bey Income Fund 
Key Fixed I m Fd . 
Key Small Co's Fd 


JJ4 
471 
6.31 
628 
12 85 
604 


American July 38 
Securities July 1 

HlytaYld.Jub3 
1 Aecum I'ntixi — „ 

Merlin Jolv 19 78 7 

1 Accum. I'nlui - |97 2 

Royal Tst. Can. Fd. Mgr*. Ud. 

54.JennenSLreei.SWl. 01-«9R»2 

CapUal rd..... _ . (685 7T3J | 360 

Income Fd. ...1696 735tt| . | 7.66 

Price, at July H Next draltne July 31. 

Save & Prosper Group 
4. Great SL Hdriu. London EC3P 3EP 
88-73 Queen Si . K.lmbiinth EH= 4NX 
Dealim;^ in: 0I-551 8899 nr 0JI 228 7391 
Save & Prosper Securities L8d.¥ 
International Fonda 


Ca J? tnl.-.- : ..__;|372 M 
lliuv. Growth. — 168 9 74.o[ 


+01 

►OJ 


309 

398 

195 


57.9| +0J| 7.18 


3. 01-6238000 

16 - 93 91 -3 71 549 

Ml’ 11721 +4.7] 549 
13 - 59_W .] 462 


783 83 2 + 0 7 

689 732 +0 6 

1510 160 6= .... 

792 M2 +0.7 

606 ' 644 

|981 1043 +01 

Kleiawort Benson Unit Managers? 

20.Penchuirh&L, Et'3. OI+C3BOOO 

K.B 1 mi Fd Inc. 186 6 - 

4KB L'Ui(Fd..4c (208.1 ' 

B-B.Fd lnv Trtv . 1553 
K.B Smlr i.VxFd. _ 

LAC Unit Trust Management Ltd.¥ 

The Slock Returnee. EF2X 3 HP. 01-588 2800 

L&CIncFd. ..11377 142.0] I 811 

LAC fnil is Gen Fd [98 8 10L«[ ..... J 

Lawson Secs. Ltd. ¥tai(c) 

37. Queen's SL. Luadon EC4R 1 BY." 01-2385281 
*R«n-. Mnu-rinD .. 139 0 
fb Accum lJntu>. „|417' 

•Growth Fund. ... "" ' 

■iArcum t'niisi.. 
ttGlltuniiWarraiiL 
sAucncan Fd _ . .. 

K Accum > >ni'«i — 

**HlRb Yield 

Accum. I imui 

. Deal. ftMan. -Tues. ttWed. tThuro. **Fn. 

Legal Sc General Tyndall Fnnd¥ 

laCmtiraeRmd. BrrnoL Schlesinger Trust Mngra Ud. >a) Iz) 


LTV 


390 

421 


*48 

117- 

471 


648 

5*4 

60' 


2.79 

520 

661 


Z79 

377 

407= 


1.89 

24D 

261 


0.49 

24 9 

273 


0 49 

Mb 

47« 


11.70 

625 

*73 


11.70 


locreaalnx Income Fnnd 

High-Yield |S3.9 

tfbrb lacoiBe Fnflda 

High Return _.(643 

Income |4J 4 

V.K. Fojutfl 

l’ K Equity - .|444 

Orcracm Kndvu 

Europe (89 6 

Japan ....... jlM 8 

U.S-. [764 

Sector Fund* 

L'atmmidil) [788 

Enent-v. . .1717 

Financial See*.. .. (733 
High-Minimum Funds 
Select In tern at. „ 1260 5 
Select Income . ... pit 5651 

Sc mbits Securities LUL¥ 

5c Mbit* (387 « 



Scotyield 


- ms 


Scotshare^ ,.[575 

Scot Ex.Clh‘4. ....0482 
Scot Ex.Yht-4 .. J16S5 _ . 

Prices M July 12. Next mb. day 



IH 

51! 

723 

923 

2.96 

1% 


225 

345 

299 

8.19 


Inc. A Growth— — .. 73.6. 
rntl Growth — ..... 65.1 ■ 

InvestTeLSharf*.. *7.7 

Minerals.. 40.4 

NM. Bizh lnc_...—.. E4 

Kewljour 75.7 

N ortb American 298 
Professionil 5095 
Property Shares 136 

Shield *6.6 - 

Status Change — — OT.9- 
Unis Energy 32.9 

The British LUe Office LUL¥ (aj' 

Reliance Bae..Tiui bridge Wells, Kt-OBBZ 22271 
BL British Life_ — (50 8 53 71 +05[ . 5 7Z 

BL Balanced" M73 5061 J 561 

BLDividend* -: — 142.4 4S.4( J 9.20 

Price) July 1* Neat dealing July 2& 

Brown Shipley & Ca Ltd.¥ 


01-038 04-IWM7B 
772) +0.61 5X7 

57.4 +0.9 
603= +07 

B6.6 +0.3 
4U +0.4 

, 242 

695a +03 
1043a +4.2 _... 

87.1 +1.0 3 97 
792 +0.4 7 29 
700 +0 1 
5L3n +&« 

433 +13 
88 7 +05 .... 
384 +0.6 456 
321 +0 1 X83 
5253a +4.4 470 
X4.7 +02 179 

. 502 +03 426 

33.5 +02 5.01 
.35.4a +01 250 


SfcS&,~gK 7 M J:d - 

Next sub. day Aug. 18. 

Leonine Administration Ltd. . 

2,DuXe SL. Lmtdnn W1 M (UP. 01-4885001 

Leo Dirt .p4.9 7*# -OJJ 5.03 

Leo Accum. (si.4 B62[-fl2) 459 

Lloyds Bk. Unit Tst. Mngri. Ltd.f W 
Regirtrars DcjU. taring- hj+Sea. 

Wwthinc. West Sussex. 01-8231288 


First 1 Bain trd. 1 ..(I 

DO-i’Accum-i 

Second iCapJ 

Dq.iArvum.1 — ——167 5 
ThirdilncDmei.... pS2 
Doirtrcum.i . 

Fourth' Kxlnc.i 
Do. 1 Accum. 1 


b.i I"! 123*- 


54 6 +05 
75.0 +B.5‘ 
576 +0T 
725 +0.5 
89.4 +0 5 
1224 +0.7 
637 +0.4 
72J +0.4 


449 

449 

27T 

277 

610 

6.30 

815 

*3 


140. South Street. Dorking. 

Am. ExcmW [J 122 1 

AmCrowih... — . 279 
Exempt HiKhYTd .25 7 
Exempt Mitt Ldrv. 255 

Extraine. Tst 28.8 

Income Dirt. 382 

Inc lONWwiri — . 290 

loin! Growth. 49.0 

Inv Tst. L'niu — . 2*4 

Market Leaders 295 

'Nil Yield' 281 

Prcf 8 Gill Trust.. 228 
Property Shares— 262 

Special SiLTrt 2*2 

ILK- tilth Accum. 22 0 


iltJOff, 86441 


231 -0.1 
30 0 .. . 
271 +n 1 
274 +01 
310 +0." 
411= +0 
3L2xw +0 
527= -0. 
2*4 +0. 
317 +0. , 

240rt 
•28 2 +0J 
30 3 +0.: 
237 + 0L 
20 91 +0 II 


282 

160 

841 

434 

958 

995 

299 

tut 

^3 

IS! 

507 


Lloyd’s Life Unit Tst. Mngrs. Ltd. 
72-80. Gatehouse Rd. Aylesbury. 02B85BU 
EquiQ- Accum 1 35*2 164 4| 4.15 

M & G Group? lyMcNrl 
Three Quays, Tower Hill. ECSR MMJ. 01428 4588 
See also Stock Exchange Dewllo/m 

American.., 150.9 54.9( +0.<T 

pLB 
|54 6 
55 6- 
790 
85 J. 

1073 


< Accum. Uollal. 

Aurtxalasian 
1 Accum. V'nltar — 1. 
t'oaunodity — 

1 Accum Units)..— 
Compound Growth. 


Conversion CrowthI65 0 


Cnciversjoo Inc. — 
Diridend 


Mo era: FtoondersCt. ECS 

gs .ffifft 1 fcSB 

Oceanic Tnuu lai 

Financial.. 35.4 

Gmcnl 195 

Growth Accum. — 46.0 
Growth Income— 3*6 
Hioh loconje 29.4 

i.-nu Bi.t 

Index. 


01-8002K20 
2U| —I 452 
29*8| J .852 


1 Accum. Unitai.— 
European- - 

■ Accum. L'nllSi 

Ertrs Yield — 

1 Accum Unitai 
Far Eastern 


Oversea s . 


1.8 

_ AT 

Perfonnance— ■ g*X 

Hworen - — 121 6 

ExmpL July 1 15*9 


375 +0.2 
20J +0.« 
4*1 +03 
3*2 +03 
314 +0.1 
231 +03 
270= +03 
211= +0.1 
62.1+0 4 

229 

595 ..... 


4.62 

520 

508 

3.0S 

1% 

it 

440 

*09 

538 


/Accum. Unilx/_ „ 
Fund c< lav. Trts_ 
■Accum Uoilai 

General': - 

lAcenmUoktsi— ... 

High (drome 

i.AccumUnitai....... 

Japan Income. — u. 

■ Arc urn. Unitai 
Macnum ... 


Wr 

223.1 

S’ 

5LB 

wz , 

U2.6 

5*3 


Canada Life Unit Tot Mngrs. Lid.¥ 

2-8 High SL. Potters Bar. Heru. P. Bar5us 

Can. Gen Din 0*4 40*4+021 432 

Do. Gen. Accum. l._)47.4 49.9) +0JJ -432 

Do. Inc. Dirt [33 7 ■ M5[+02[.-765- 

Dotlnc.Accum— (44 V 4*4| +DJn 7.65 

Ckpfl (James; AfngL Ltd.¥ 

100 Old Broad SL, EC3N 1B4 01-5880010 

Capital [84.6 90.H I 4.91 

ncome ....... .(79.4 Mil I 7.62 

Prices on July 1* Next dealing August 2. 

Carllol Unit Fd. Mgrs. Ltd-¥ M(e) 
Milburn Bouse, NupCiitiO-tlpon-IYae 21165 

c«-^_a4Bs 53 :d 358 


lArrum. Pnjt*j„. 

Midland 

t Accum Unitai— 
Recovery — . — .. 

1 Arrnn unlrsi 

Second Gen 

1 Accum. Vnl la} 

Special — 

.lArcumUnlis).— 
Spec (allied Fond* 
Trextw . 


63 9 

ks.o 

W*¥. 

QM.tr 

063.9 

hoio 

jlTD.O 

[166.9 
213 7 


126*5 

1698 

28UZ 

798 

BZ3 

1733 

2631 

165.4 

2G&0 


552 +0 6 
583 +0.5 
59 2 +D5 
Ml +0 4 
906 +04 
1J64 +0 6 
702 +06 
695 +0 3 
1265 +0.5 
239 B +1.0 
531a +0.6 
543 +0* 
097 +03 
1195 +0.4 
621 ..... 
680 -0 3 

67.7 +0 2 

82.7 +0 2 
184.9= +1.0 

2863 +L6 
107.6b +0.! 
1811 +05 
17*2 .. . 
1775 +0.1 
22*7 +2.4 
2SS3 +JC 
183 4 +1J 
305.7 +1.1 
85.0= +0.4 

87.7 +0 4 
UA8n +0.9 

285 5 +1 3 
176J +0.7 
2215 +0.8 


IZ 

1.92 

JS 

4J22 
3 76 
2-92 
835 
787 
737 
332 
382 

1« 

2.13 

213 

452 

452 

575 

575 

*44 

844 

ISO 

180 

371 

371 

7.0 

70 

443 

443 

S-1D 

510 

424 

424 



0470 

2HS3 


255 -U +08. 
380.8 +1.9 

lM*6 m *1589 

BSai .m -z : 


*44 

644 

W 7% 

774 

5.70 


Do. Accum. Units „ J® 0 


Da High Yield M15 44.0) ....[ *27 

Do. Aecum. Units „|516 . 54J| .....| 


*27 


J5L6 5431 

Nai dealing date date July 2* 
Charities Official Invest. Fife 
77 London ffaU.ECSNIDB. 01-588 1815 

Income July 18 fiM-i? — [+1771 *66 

Accum July 18-.— [25651 - !+» ill . - 

4>linanth. Only available to Beg. Chanties. 

Charterhouse Japhety ■ 

L Paiernorter How. EC4. 01-3483980 


CJ.laUman.. 


m* 


Accum Urdu [27 .6 


CJ. Income—. . 
CJ.Enra Fin. — - 

Accum Unit* 

CJ.Fd.Im,' Tit 

Accum. Units 1. — _ 
Prices July 19. 


334 

266 

sa* 

2*6 

33.0 


25.6 

303 ..... 

36 J 

281 

335 

311 
357 


201 
2« 
757 
454 
4 54 
356 
356 

2a 


Nat dealing July 
Chieftain Trust Managers Ltd-¥(aKg> 
11 New Sl ECJM 4TP. 01-2832632 

• 25 11 +01 161 

43.3 9.46 

264m -03 3.20 

29^ +03 434 


American . 

High Income mJh _ 

laternatiimnlTrt-- izi246 
Basic Kespce. T«.(27.4 


Accum Units) , 

Chonhoad July 18. 

Cbnrifd. Ju^y 1* — 
tAccumUnitsi- 
Pens. Ex. July 17. 

ManuLUe Knugement Ltd. 

SL George’s Way, Stevenage. 0438 58101 

Growth UnHa- 152.4 5S21 ( 435 

Mayflower Ma n ag em ent Ca Ltd. 

14.- 18 Gresham Sc. BC3V7AU. 01-809 BQB0 

income July 18 [W54 11151 | *36 

General July IS [783 • 74 0) j 5.49 

Mercury Fund Managers Ltd. 

30. Gresham SL EC2P 2EB. 01-8004555 

4.45 
4A6 
252 
252 
456 
456 


Mere C«t. Jute 10-1192 4 204.7 

Acc. Uts. July la [ZSO 0 266,0 

Merc. Int Julyl9.-fci i- 697= 

Acc. Via. July 19 __{S i 751 

Merc.ExtJKjje28 Q141 2230 

AccmUtx. June2S_|255 26*1 

Midland Rank Group 
Unit Tract Managers Ltd¥.(a) ' 

Court wood House, Silver Street. Head. 
Sheffield. Si 3RD.' Teh 07C 79842 

Commodity & G ecu . [72 0 

Da Accum. 02 9 

Growth. — 37.2 

Do Accum., 408 

■ ' ... 2a7 

.. JL3 

- 53 8 

- 60.4 
_ 4*3 

513 


U.K. tilth. Dirt fl44 

J. Henry Schroder Wagg & Ca Ltd¥ 
130, Cheoptide. E.CS. 

Capital July 18 104 6 10*3e 

(Accum) — 12*6 . 131 1 

Income July 18 — . 187.9 J94 7 b 

1 Accum. Uniui. 279 1 289 2 

General July 1® 835 8*7= 

1 Accum Units' 103 9 108 2 

Europe July 13 31 4 334 .... 

(Accum Units) ....34 7 36 4 .... 

•PeftacbarFdJylS 169.7, 174 9= .... 

•Spiv Ex. July -I _.. 246 7* 2543 ... 

•Recovery July 4 1813 18*4( .... 

•For tax exempt funds only 

Scottish Equitable Pnd. Mgrs. Ltd¥ 
38 St. Andrews Sq, Edinburgh 031-5580101 

Income Units ... — .149* 528 i 524 

Accum. Units [5* 7 60 S I 534 

Dealing day Wednesday. 

Sebag Unit TsL Managers Ltd¥ tat 
POBox5n.BeldbiT-Hse.,E.C4 .01-2385000 
Scbae Capital F* : B35 35.11 '+0 3 3 59 

SetMglaraineFft..p05. • -322) +fl^| 827 

Security Selection Ltd. 

15-3R Lim-oln'slnn Fields, WU2. 01-831 <038-0 

UntlGth Tst Acc ...1251 2*81 1 221 

Unvl Gth Tb. Inc .... |219 23J| ... .J 121 

Stewart Unit Tst. Managers Ltd. fa) 
45, CharlotleSq .Edinburgh. 031-2283271 

fStewsrt American Fond 

Standard Units |U B 

Accum. Units -ml 

Withdrawal Units ..(52.7 
*3tcw a w British Capiial Ftxnd 

Standard.. [1351 M*« . — 1 4 30 

Accum L'niix.- _.[l54 B ]{tl| ...4 4 JO 

Dealing TFri. "Wed. 

Sun Alliance Fund Mugt. lid. 

Sun Alliance H»e. nursbam. MBMIJI 

EvpEqTrt. Jly 1 211214.0 225 S ... J 453 

9Tbe?amilyFd.....l9*7 105 0| +0=) 3 49 

Target Tst. Mngrs. Ltd-¥ (8Kgi 


69B| J 1 39 

111 d - 


31. Gresham St-, ECZ 
Target Commodity 37 9 
Target Financial..- 605 
Target Equity— ... 37.7 
Target Ex J uly 10 _ 005 

6D0. Acc CniU 2865 

Target GUI Fond... U*0 

Target Growth 28.7 

Target Inti — 275 

Do. Reinv. Units 295 

Target lnv. |32.9 

Tgt. Pr. July 21 
Tgt Inc. 


Deabngb- 020850)1 


aSSa»c= B# 


& 


»A 


481 +0.y 
65.7 +0 , 
405 +L0| 
2185 
2961 
1216 +021 
30.4 +0.4[ 
294 
325 
35 4 +0.2 
1664= 

3lS +0J| 

’ziS -HU 


3.61 

460 

6M 

651 

651 

380 

468 

Ml 

168 

3.40 

450 

820 

12JM 

442 


CapitaL- 
Do. ACM 
Income. 


Confederation Funds MgL Ltd.¥ (a) 
50 Chancery Lana WC2AJHE OlStSOSSZ 

Growth Fund— |4ZA 445| . — J C26 

CosBMcpoltiart Fund Managers. 

3a Pool StrceL London SW1E 0EJ . 01-2338525. 
Cosmopota.GtbJd.117.6 1981 1 4BS 

Crescent Unit Tst. Mgrs. Ltd. (a)lg) 

4 MelriUeCres- Edinburgh 3. OO1-228 031 

Cr* seem Growth -..'XI 2. 

Cits Internal L 139.1 

Cros. High DIB- —Ig A 

Crow. Reservee (4fl6 

tires. Tokyo— (244 

Discretion stry Unit Fund Managers 

22, Blomfildd St, EC2M 7AL. 07-839448$ 

DISC Income |167i 17BJ| +7.6| 5.10 

E. F. Wlacbester Fond Mngt. Ltd. 
Old Jewry, ECS 01-8062187 

tireat Wmcfc«Mter._'|17 1 186^ [ 521 




G!_ Wlneb'er 0'»cwJ9J 


2 M - 


Brnson & Dudley 1st. MffgmnL Ltd. 

an. Arlington St- S.W. 1. 01-WP7551 

Emron Dudley T«L. (665 7L5| J 350 

Equitas Secs. Ltd. fsO (gl 

41 Buhopsgate, EC2 015882851 

Progressive— (675 715[ J 398 

Equity & Law Un. Tr. BLf (aKbtfcXz) 
AmenhamRCLHisbWvrosibw. 0*W 333T7 
EquitT ds Law 1675 71B| +0.7} 408 

Framlington Unit MgL Ltd. <ai 

5-7, Ireland Yard. EC4B5DH, 01-2488071 

American ... — (485 

CapialTrt. [122.8 

Income ^ TO. J105.4 


Do. Accum , .. 
juiernaUimal 

Do.Aceum 

High Yield 

Do. Accum. k£9 

Equi ty Exempt* — hoo 9’ 

Do. Aceum» .11009 , ... 

-Pricm at June 30. Next dealing July 3L 

Minster Fund Hnuagers Ltd. 

St^ EC4R Pfi H. 

01-623 1050. 

Hinder July 10 00.2 36.21 .{ *82 

ExrjBptJuoe30^_/294 (9.4 1 | *03 

MLA Unit Trust Mgannt. Ltd. 

Old Queen Street, SfflR&lti. 01-8307333. 

MLA UnH« (41.4 43Sf .... I 4.14 

Mutual Unit Trust Managers# laKgl 

J5. Coptimll Are., ET2R 7BU. 01-0004803 

Mutual See, Plua._m B 5351+0 21 *5} 

Mutuallnc-Tx M8J 72,*a -rO.Tl 741 

MurualBhieChiB...|435 470| +0J( *72 

MniualUtgh YIrtl_pB6 62$ +0jJ *66 

National and Conunercial 

JLSl Andrew Square. Edinburgh 031-950 0151 

income Jttijrl2.__.IM5 6 isi« I 624 

(Accum Unitai M94 206* ... . 624 

Capt JuhrlZ — 1127.0 Sl|j ...-- 3 64 

, Actum- Ubit*>„ [JS5.4 ltl2{ [ 364 

National Provide nl lnv, Mngrs. Ltd_¥ 
4A GneeehnrcbSU EC3P3BH 01-823 4200 

N Ci Gth.Un.Txl „ IG 1 . 480) I 4 JO 

i.Ucum. UnflsP. HO • 58.*! I 4J3 

NPI 0'sroa.Tnat^ 125.9 134 3J .... 2.60 

tAceum Unltxi** 133 j i4L2| . ...4 2*0 

“*J2j c Sf ®“ ■?““« » Next dealing July 27, 
•price* on July 12. Next destine July 2* 
National Westminster¥u) 

181, Chea palde. £C2V 8EU. 01 


Target Tst. Mgrs. (Scotland) laMhl 
10, Athol Crescent Edin. 3. 031-2208821/2 

Target Amer^aglri28J 303= +0 31 140 

Target Hurtle MOT 43.S +0jj 560 

Euro Income Fd._.|5U 63^ +0.1] 1026 

Trades Union Unit Tst. Managers* 
100. Wood Street. ECi 01-0288011 

TUUTJuly3 I48 6 518) .... I 556 

Transatlantic and Gen. Secs. Ca¥ 
Sl-00 New London Hd. Chelmrtorci02453]B51 
Borin rap July 3) — ._ . 

(Accum. Units.) B142 

Barb £xp(J une 28. 

Buckm July 20 

(Accum Unitfli.. 

CoIemoJuly21 .. 

(Accum. Unlttt 

Cumbld. Job' 10 — 

(Accum. UnUxi 

Glen. July 18 

(Accum I'ntUI... — 

Marlboro July J8_. 

(Accum. Unitai — 

Van-tiwUl. July 1* 

I Acrum. Units j - — 

Van -By July tB 

Vang Pee July lfl_ 

(Accum Unitai .. _. 

Wicfrjuly20,„ — 

< Accum. unitai 

WlckDL July 21 

Do Accum - 


736 

U4J5 



545 

545 

856 

88 2= 


507 

785 

82 4= 


499 

Sr 2 ) 

I0Z.0 

134.1 

+0.3 

4.19 

588 

1536 

162.7 

toS 

5J8 


54.1 

tMJff 

721 

CT ~f 

591 

„„„ 

731 

543 

S 7 ^ 


488 

69.8 

K.a 

743 

540 


jf 


6Li 


3«* 

58.4 

5X1 


61.9 

652 

„„„ 

3.46 

72.4 

763 

..■■•a 

836 

413 

45 6 


661 

45 B- 

474 


*U 

6L1 

647 


507 

7X5 

767 


507 

ifil 

694 

+42 

841 

746 

793] 

+0 

*41 



CagtaDAcronvl— 


BD80, 


I ql Growth Fd - 

Do. Art- am... 


1122 
US 6 




Friends’ Frovdt. UnJl Tr. Mgr*¥ 

Pirhata End. Dorkiuc. 03085055 

FnembPro».Uts-|C2 ffc.ll +-0 21 417 

Do. Aecum _ . — -P5.B 59N+0.H 

G.T. Unit Managers Ltd.¥ 

14 Fmabttfj-Circus EC231 7VD 01^280131 


portfolio Inv. F*„ _ , 

Universal Fd.(4i„.Ju.2 _ . . . 

NEL Trust Managers Ltd.¥ (aXgl 
rilhon Court, Dqrikfug, Surrey. 5013 


Nelrtf 


161 8 


M*^l 


<32 

*32 


G.T Can lnc_ 18*4 

Da Acc.. ... .. 103.7 

GT.Joc.FffUll 163 0 

G.T US & Get: . .... 1450 
GT. Japan* Gen. -333.® 
*GL Fens.EK.Fd..-. 134 6 

CT InrLFhnd 1329 

G.T. Four YdsFd... 542 


MSI 

1744 +0 

jS.3 +t<i 

57 A — 


3/W 

348 

2B 

090 

4.80 

ISO 

7.20 


G. * A. Trust |a> ig) * 

5. Bavleich Hd, Bjentwqed lOSTTi 2S7W0 
.Gw* A.- .112* 35JH+fai *74 


NuJ star High lac. u .[50j ...... . 

For New Court Fund Uansgen Ltd- 
see Retuchlhf Asarl Hwattnetl 
Norwich Union Insurance Group (b) 
F.P Box A Norwich, N Hi 3NG 0*1322200 
tiroupIV fd. [547.9 36621 +Z 7( 4 « 

Pearl Trust Managers Ltd. (ailgXzi 

252 High Hoi bar»,WClV'7EB 014058441 

Pear! Growth FM ...)+» » 

Aecum Unitx — 

Pearl Ine 

Pearl UmtTa . _. . 

1 Accum. I’nltaK.'.,. 


2481 +021 538 

S i 29 S| +0.3 S38 

8 3*51 . 727 

& 3ES+02 <93 

X 49.61+0 S *95 

Pelican units Admin. Ltd. .{£Hxi 
81 K contain St, If ancheoer 061-238H8S 

Pelican Utula. psj «L9|+0.9I 5J7 


Tyndall Managers LtdF 
1* CanynRC Road. Bristol. 

Income July ID.— -MB 
1 Accum. Untlai -.—[180.6 
Capital Julylfl- ... ‘ ‘ 

(Accum. Unitai . 

Exempt Juir 18 — 

(Art-urn Unitai 

Int. Earn. July 10 

1 Accum Unitai 

Pref. July IB — — ..... . 

1 Aecum Unitai 1122.4 

Scot A Cap July 10 (1380 

■ Accum. L nils) [1644 

Scot- Int July IS..— [1590 
Landau Stall Croat 
Capitol Growth — 

Dp Accum. — 

Extra Joe Growth- 
Do. Acctun. — 

Financial Prrtj - . 

Do. Accum ..... ... 

Highine. Priority . 

Intenuuonal - 

Special Slim..™., — . 

TSB L'ait Trusts (y) 

2 L Chantry Way . Audoi rr. Hantx. 0284 82188 

■ Dealings to 0W4 £3432-3 

(b)TSB General 144.6 47 Bd -0.7 181 

ibi Do. Accum.— — S74 61.4 351 

ib; ISA Income...... 591 624-02 736 

ib) Da Aecum. — 61 5 65 5 -03 736 

TSB Scottish M 5 . 89.9+0.4 2 78 

(biDa Acvudl— -- >,|9B5 963) +05 278 

Ulster bank¥ 01 
WanngSweLBcKart. 023235231 

1 biL'I&ier Growth .... [37 9 48 7] +0J( 5.19 

Unit Trust Account & Mgmt. Ltd, 

XI ns ffilliam St. EC4R0AR l>1«!3 4051 

Fnars 11 >e Fund... 11520 161 art .... | 466 


833 

89J 

+0.31 

S« 

SI 

91.0 

+03 


372 

39* 

*07 

995 

433 

464 

+0.2 


160 

17.1 

+0.1 

526 

19.4 

207 

.... 

ra- 

623 

664 

+04 

*02 

312 

335 

-03 

274 

51.8 

34.0 

+02 

509 


WiolerGrth 
Do. Accjm 


Fund.. 115: 
1 Fnd-ba 

— m 


. J 
JSC 


Wrier Growth Fund 
Kins Williams t EtiJR PAR 
Income 1. nitfl— ,.1303 
Ac plat. Unlit [335 , 


3*^ 


423 

<J3 


0)-dSM061 
423 
423 





OFFSHORE AND 
OVERSEAS FUNDS 


Alexander Fund 

37. me Niuro Uanu>. ijivem^ou rg. , 

Alexander Fund . I IUS686 1 4 — 

Ne: a- H i \u(ue ini)’ 20. 

AxbuthuM Securities tC.I.l Limited 

Pi» BovUM.-v (lelrnr. Jeocy D334 721T7 

Cap T< -Jerv-j 1 11178 121 0| ...l 413 

*.e»l .Irol.nj; ilAIC AUCurt 1. 
EartJJMJTM.i'). 11160 1330] - , 3 85 

Ncn: '.ill, Augrtrt 3 

Australian Selection Fund VV 
Market l ■ppurtunUi,+ i n Ineh Vuuug A 
t'ulhwuiUr. 127. Kent «U . Svrtfle) 

LS51 Sbar++ 1 JUSlK [•0021 ~ ' 
Net V.M1 Vnluv July '5*- 

Bank of America luteruational SA. 

35 BtftiJrtrW RiOul l.p\eiulwn: G l\ 

Uldi avert inrome IS: ‘.189 30 1H 50 ♦ D — H 774 
Fticc* al July 21). New iU* dav Jiih- 2b 
Fur bn* ur Lnifn s. S. America Ud. ue 
.lli'iwdrt FA 

Banquc BnixrKrv Lambert 
2. Rue De la Ke|;riirv B HW Bruihrl* 

Rema Fund LV . H.894 1 9531 .{ 775 

Barclays l-nicurn InL tCh. Is-) Ltd, 

1 I'h4nn(i'r+.!.).| Heller. Jr»v. US347H741 
<.« eraeav Inmane .'46 4 4*84 +0 12 00 

Uo.dpllar Trurt tl sUD J’.« I 4 »■ 

UniluindTrurt 111 «1N51 Id IB I BOO 

-Sulqrt'l in (rr ami withholding Hki-i 

Barclays L'ulmrn Int. <1, 0. Man) Lid. 
nhiia=>^1.I>r4irl9vl.i<* 4SM-W4 

l uii-i.rn Aurt t.l 1537 57M J *2 

Hu luU 34>n. 314 3601 ... 170 

Iln i:nr I'ai-ifn- .MB 68 9j .... — 

In* lull Jm-unn- |385 41 d . SQ 

Lw. I (rf Man 1 W55 490^+07 900 

L>u. Man-. Uuluul (264 284].. 140 

HlshopsKaLr Commodity Ser. Lid. 

T it 1lu\ 42 Huliilj.. 1 o M P'2'4 stui i 

ahn« ■Jiii*:« iliQia SM . I - 

CAXRIK'-Ai* j. tilOTT lino!.../ 

I Ul NT -July .1 |l 2 400 2 546j . . I 206 

Unjuruilkt tv^itl 41 a S! |} uud %B lLUU 

Bridge Managemepl Ltd. 

PM ll>,< aim 1 aland Uaynixn. • ajn+in lx. . 

N'haJiiJum-:u' i Y15.569 1 ... J — 

til'ii itirt fMi. n.-iif K=n= — , 

Nipi»nFdJul. TU til KU<S HHri t D 86 

) k Muck Split 

Britnmu'a FuL MngmL fCIi Ltd. 

30 KaUiM .St. Il-li.-r. Jersey. UioUBll* 

Sterllnx imwaliulrd VdO. 

Growth I inert 133 7 jyrf -,0 » 3 00 

ininl Fit !95 9 42 « r’J 1 00 

J ptvi Knerxt T -| 1138 5 149 71 , J 5 1 50 

I'nud STrt Wrf liSJZ 2 M +04 100 

High Ini RltgTrt ji0 97 1 01( .... 12 80 
l Ji. DolUr DenamlnMrd Fda. 

Uiuiti 5TM . IU M26 5D -3J4 - 
InUliKh lul T-4 ||l's4 91 HU I 90 

\alur Jut., 21 Next ilraling July 24 
Brown Shipley Tst. Ca l Jersey' I Ltd. 
!* 1 1 Hux !ffi. s:. Il.-lirr. Jiriii tCW 74T77. 
Sterling hood hi I ]£30 36 10 2D) , J 11.75 

Butterfield Managcpienl Ca Lid. 

I’ll. Bex 1B5 UanuHun, Bermuda. 

Butueu Equilj . 12 30 2*BI...[ 3 76 

HuitrcMlnninn- |l 97 2 04) 1 7 48 

ITirps at JuU IT Next »Ul> <Ij» August ID. 

Capital International S.A. 

37 rue Nrtii- 1 ■amr. Luxemlu'un:. 

t'apitoi )«(• Fuml ) 3US17.63 ( I — 

Charterhouse Japhci 
!. ralernurtf r Ituw . EL'4. 01 248 WK1 

Adirupa — DM3110 

Adiserfaa UV58H 

Kcmdak . . - |iff33 ZO 

Fbndix . . . inffisa 

Kmperor Furol ... il'sjff 
HiKiwnu (P J125 

Clive Investments tJwrseyl Ltd. 

I'M B»\X5l.M HeliW.Jerxo 1 UKH 37381. 
L'lneCill Fd .1 1 -.130 17 30-23/ , ) 1)0 

UHveGillFd U-> 1 110 15 10 17| .. - I 1100 

Curnhill ins. (Guernsey! Ltd. 

P(| h.M 157. st. IVLer tint. tidi-rniH-y 

latnLMiui Fd [364.8 178 J| ( — 

Delta Group 

Fit Ku\ .mi2. Nawau. Bahamas 

Delta lnv. July 11 .|W73 1B2| | — 

Deulscher Investment-Trust 
Portfarh 2085 Bit- be rxuwe & 10 «MK) Frankfurt. 

Uunccnua [0M»M JIM 

Ini Rcnlenlonds. .10116*511 7870) 

Dreyfus Intercontinental Inv. Fd. 

I'D Hux NS712, Nassau. Bahamas. 

NAV July 18 -ISlWJi 15M( | - 

Emson & Dudley TsLMgLJrsy.Lld. 
PO Ha» 73. SL ileUer.Jcncy OKri 3^81 

E fi.MT.T. (322.0 130.0| J 3J»0 

Eurobond Holdings N.V. 

Ilandelxkade 24. WlUeniMad. Uurnrau 
Londao Agent*- InbHL IS Uhrirtjpher St. HUB 
Tel. 0t-347 7S43. Telex: W 14408. 

NAV per share July 21 Sl'S2D20 

F. & C. Mgmt Lid. Inv. Advisers 

1-2. Laurence Fountney IIUI. EC4ROHA. 

OI-A23 4800 

CentFd-July 12 | SUS5J11 f | — 

Fidelity Mgmt. St Res. (Bda.) Ltd. 

P o Box 070. Hamilton, Bermuda. 

Fidelity Am. Ats.— I 5US2610 | .....J — 
Fidelity Jot Fiinri..) JUS2247 [+05* - 
Fidelity PaeFd — | SUS50.J9 1 - 
Fidelity ffrlu Fd....| $US15 39 [+D0N — 

Fidelity Mgmt. Kesearrh (Jersey) Ltd 
Waterloo H ML, Don SL, SL Heiier. Jurxey. 

OSM 27581 

Series A (lnlnl.1 — I 095 
Senes B l Pacific i_ 1 £896 

Senes D lAmAoa '[ £179=1 

First Viking Commodity Trusts 
*St.Ceante*sSLDfWBlfls.l “** _ 

0824 4082. hdn. Aps Dunbar A fo. Lid. 

5* Pall MaU. London SW175J It. 01 8307857 

Frt. Vik. CiqTU. 04 0 35« .. .. | 310 

Frt.VtDbLOp.Trt. (75.0 80 0) 188 

Fleming Jipu Fund SJL 
37. rue Notre- Dame, Luirmbnurg 
Firming July IS il'S5*7S ( [ — 

Free World Fund LuL 

Butterfield Bldg., Hamilton. Bermuda. 

NAV June 30 | SUS183.76 | [ — 

G. T. Manag em ent Ltd. 

Park Hse_ 18 Finjhinj Uireug London EC2. 
TeL Q 1-828 8131. TLN 88811)0 
London Agents for. 


Key sc lex Magi.. Jcr*+n ltd. 

|M 11.IV HQ SL Hs4irr.JroN.rt,. F. ~ «: WT 


Kroro’lrs 
BniHt«eles .. .. 
Xiiwlr« Inl'l 

Key M>lr< Kun.'tH 
Jjpan Glh Fund 
Krvi>elex Japan 
i'«i: Astrt«L«t|i 


IfrO St 
rr. 114 P 
(664 
l3 94 

v. -:7 >j 

U4 18 


l1J4 ’J 


f. -a. 

ia: . . 

-it, 

iss:,--’ 


King £ Shavsim Mcrv 

irMfiiiti'm+.Sl ll«-IU-r.Jro 77 7i. 

Vallm l.-.v M iVI.-i I'.-- - JiJG 

1 Thornj-. M iwi. Lh-u c io ! i > V ii tw'4 4^'J- 
iiili FundiJcTM-. - 118 93 Self ' i. C3 
GillTnirttii'U ■ I1C4.S 1??^ . ..J 

tilll Fflil i i'J.'fll (Lf J* 9 CO 

Inti l.«t see*. Tx! 

Fin4 Sterling jt-75 '.4 I-J+, . — 

First lull . . .(SICS .’3 I3S33( 

KIHnuon Henson Limited 


yi, 4 rm-liurrh s! . W.'J 

F.uriroesi tot. 
iluvn+vli.i' 

Du A.'iuiu 
KH bar tart Fil 
Khlnii Fun'l 
hHJiranriilkl 
K n i s i:»th i- 


1.03= ; 

64 J K3| 


Sign-1 Hrmiuil, 
'l-ni(..iut..l'M- 


•Kf( bvI xs (..mil. 'ii 


79 5 NC 
j: >17 f 
H >1! til ! 
U 9d 
SI'sT!77 1 
M SJV 
i4 jo ;u 


J • 4 

4 :: 

: i'.i 
* « 
0 71 


.«!..■ -Ii- ell.- 


Uuvtls Bt. ic.l » l -T Mgrs. 

l»n K..\ !«' s* (i, r Jmr .:5iirryi: 

UiO.Lr-t'* i-1.- 157 2 (Q7I .127 

Sr>l sti-.ll Il'rt ‘l-'l 1 \U»-1. .1 '.5. 

Lloyds Intrrnatiuiiul MkdidI S.A 
7 l!ur <lu HI|.II»+. l' 1 * ll--> '.Til I'l'rf-I” - ' 
IJnxMl.l ••Mnh I'lDSO j l +7 

IJm ds Ini. InortU- |-r £: 8 J'.4*l 1 a -V; 

M & I! Group 

Thr.-,- uiu>> l.+rr -.ill Ir.'-I'. 

Ml.ililf. JuU IK ;v *!M ''.v • 

Ausl £ » Jul* 1)4 If i '7 '3 . 'T- i- 

•ii.lilt >. Jill- IP [V.151 l" 4.' . 

J ljnU !’78 9 l)'2 -Or; 

• AOM'nil nii«i 1182 3 1-M5> --6^! * j -.. 

Samuel Muotagu i.dn. .lilts. 

114 •*umr»=.is- lit 

A |p,lfu (',( >•>(• 12 
)q,l<-l Julj 


i jS-n* -’in- i.‘ 

lITJnv Joi, 12 
1 ITJr.li* sJuK I'.' 


-- *» "J 

«i -'iiii 

ill U7 


J -ii 


it,: 1 

K45 


lev. \dvi-eri 


v.l l. 


lant, 


-1106 


33 M(fO ID 
SIX 
IS DO 
zi n 
311 

4124 -073 


5 37 
5 07 
5 71 
546 

2.95 


Murray. Johoslum 

till ll..p.-s: <.i., i„, , 

M i'll I II ‘v.+ y 

-Murrjv 1 utivl 1 

•N.V*. 

N'ckU S.A. 

Ida iliHileinril Ii' 

N W Jiih 54 1 5 

Megii Ltd. 

llank of Bt+muvla 1’1>V.' . ii.>'-iil' - 
NAV JuU 14 !*'ik9 

Phoenix International 

1st ll„. 77 st l-r.-r i">-n. ti.i.-r- •• 
later. fh’lijr yum I |i2.Q ’2 

truest Fund Mogmnt ijerscvt !.'.«! 
I'*i Ili-vlW M Helm. J.-r * J*k:*i 
Q uest Mix I .,1 Int ( <1 ' 

Qu-'-l lull si- • 31 >: . 

Qui-sl lull Kil I V .'■! ' 

15-ici-. Ul JlI- 111 ,t iji-aliiifc J-:l; . V 

Richmvad Life Ass. Ltd. 

4ft. 4(hul V.reel. I 

iviTlieSilier fru-4 
Kli'llmullil Bui l- HIT 
Pu PlannqmRW 
Hu 1 Lild Bit 

lhi Fm B7 (C Hd . 


' M 


107.: 

JJflC 

176 7 

18= 0-J 

122 1 

I. 'St? 

1074 

nr- 1. 

175 3 

I*!.--' 


1: ’.a 

Rothschild Asset ManJgenM>nt st'.I.i 

1*11 Hus rfl SI jillun •'■( irtli. L+. 

iJ 1' F>( Fr Jii/u-.'d 572 55 J] , > 

« n’ 1m F<» Jul-- 1! IS? 6 I'jil t 

i*(' lull Kd f VI?; i ?3. ! : "J 

iK'Snn’-d'tUnV) 755 2, I J .5 

III' I'uaiouHiin* IteJ 74i> . 4 

gi' DlrUvimli* » 17501 ;7ea>-.;: } .y 

•PnecN i-D Juls. u Ni-g Ocslini. Ji ■■ 
f I Tine un Jnlc 7 \*-»i JivJnq. Ju... 

Royal Trust ifH fd. >lgt. Ltd. 

H«i IW.M n;jl IM ll.i-.Jc-.i- u\k ; Ttti 
K T 1 ii I I Kd |VsfM ST! 1 , . '.i-1 

ht lul l <Ji-} 1 ivi lw ^ • ::: 

Priri-s at Juh 14. Vu •I' jMo u -i • 

“ .Save & Prosper 1 eternal lea a 1 

UenliniC !■> 

37 Hrnad S| . Si II .-In-r. ti-r-ov ... #-L-.vSl 
1.5. UolLar-deanmiBiUfrt Fnudc _ ( ^ 

7B7|. . .1 
J'‘M; .. 

-7 OB- . 

Sejiru-i- (MSS 1SW' ...| - 

SlrrU BK-deMnd nMed Funds 
Channel v'.spilnlO ■ 2318 2+»® -t->: 2 57 

Chi.pm-1 Islands . 144 2 151 C-J( -d-: 512 

Comouid.'** 1208 127?; 

Sl.Ksroi— . 113 1 , 115 r -0 9l 11 61 

Pncea «»n Jul} IT • Juh lil ••‘Jit.' 1".* 

SVl'rs-klS Dejlirv-s 

Scblesi nger Interna: ion a l MnKL ltd. 

41. La Mmu- M . St. 1 teller. J+r »■> f 5,14 77- vs-- 




SA I L C - ET 

SAUL. . . - 087 CjC 

GlllFd. . .- 230 232| 

1 nil Fd Jersey ..iOS 12 j, 

imnLFd Umhr k - 510 92 318*- 

■Far East Pulid IM 2251 

■Next rtih day July u! 

Schroder Life Group 

Enterprise Huu>e. IVjrt*n*'«te 

International Fonda 
CEquil.v. . 

SRqull* . 

£ Fixed Inter i*s| 

SHxnf ImerVM , . , 

£XanBEed |130 5 • 130?* 

SManaced 


0: 


•139 

r.n 

3:5 

2*36 


C7.':-'J77M 


UBS 

us: 

1376 
IMS 
130 5 


©a 


14*3| . , - 

?:ss - 


lias 126 3 | 

J, Henry Schroder Wagg Sr Co. I.td 

ISO, Vheapbiite. Ki.7. 

CheapS July SI ( »l SI 2 73, 1-0 57- 2 47 
Trafalgar June :tS | 5CS121 77 . 1 _ 

AS. 


Aslan l-rt July 10 

Darling Fnd 
Japan Fit Julv 13 


51, rl«14 
S VI 57 
H-4fM 


775 

: 

I c Jit- 


Anchor ’BnLiniiw..^ 
Anchor Gilt Ed£p„ 
Anchor TnL Fd 


Anchor I ilJbjt.T^ [28 0 


y.'«« 

IliMU 4J14 


Berry Pm Fd. 

Bern - PacSuig.. — ... . . 
ti T. Asia Fd- - „{5ff KV4S 

ti.T Asia Sterling... 

GT Bond Fund 

G.T. Dollar Fd. 

tiT.PaciIicFd. 


S^-Odll 


-29 « 


IUS49D5 , 
130180. 3151 J 

1(24 94 16 

JUS12 9Sri 
5US738 
SUS14.99 


+0 01 
«'i 1L 

+QW 


219 

12.99 

214 

262 

0U 

fl<% 

150 

124 

5.71 

068 

203 


Gan more Invent. Lid. Ldxx- Agts. 

2 SL Wary Axe. (+a>dno. EU3. 012833531 

GarUnarr Fund Magi. ikOr Ewai IM, 

1503 HutchJxon Use. 10 Harcourl Rd. HJmwe 
hk* rac.u.Tw.....pif)aja jsnt — t 230 

Japan Fd.. (USUI* 14. 

N American Trt — pi 1*31343 U 1 
In 12 Bond Fund (U » 

GarUnorr Isracaamt Mult. Lid. 

PO Box32.Douglai.loM. ,, WC4238II 
Gartmurelnti. lnc.lil 2 22(4 . .1 10W 

Gart mare loll. Gruij66 3 XlM ...,| 3.90 
liatxtbra Pacific Fund Mgmt. Ud. 
2110. Connaught Centre. Hong h'oog 

For Bail July 10 pHSOZ* U«J [ — 

Japan Fund pi'SH) 8 *7l-0 12] — 

Hambras (Guernseyl Ltd./ 

Hambro Fund Mgrs. (C.l.) Ltd. 

V O. Box 8* Guernsey 1148128521 

C.l. Fund 1141 7 UD 91 ... I 3 70 

Intel. Bond SUS 105 57 1D8B4I ,. .. I 850 
Int Equity SUS U 23 31 581 ...J 250 

1=1. Svgt ‘A’ Sirs 1 02 J 05} .. J BSO 
hit- Svg% -B' JUS 113 . 1 161 . J 25S) 

Prices on July 19. Ncxi dealing July 26 
Henderson Earing Fund Mgrs. Ltd. 
P O. Box N4723. Kaxuu. Bahama-: 

Japan Fd. July 10.. .Kl SJ4B Mff| . I — 
Pnrtai ou July I* Neil dealing dale July X 
005. Gammon House. Hoag Kong 
Bonne Head Bond Fd July a> JUSluooa*. 
-Exclusive of any- y-relim ebonies 

HiU-Somuel & Co. (Guernse>'l Ltd. 

8 LeFetA-re SL, Prter run. tiuemary. U.l 

Gu*m**yTsL [1528 16JSJ+I1[ 3.56 

Hill Samuel Overseas Fund S.A. 

37, Hue Nutn+Dame. Luxembourc 

livsm* M9H-O03J - 
lnlernatioaol Pacific lav. Mngt. Ltd. 
PO Box R237, SO. Pity S(. Syilnry. Aurt. 
Javelin Equity TcL.[JA2 09 2-19=1 -4 — 
J.E.T. Managers ijcxscj) Ltd. 

PO Box 1B4, Royal T*L I Ur. Jivsn0534 27+41 
Jersey Exxrnl Trt-.|174 0 185 01 I — 

Ay al June 30. Nci) »ul- day July ai. 
Jandlne Fleming fk Co. Lid. 

-tflth Floor. Connaught Centre. Hong Knnif 


Sentry' Assurance International Lltl. 

PO Bnv 328 llamikor. S Pi-r.n--.Li 
Managed Fund . IS. .-I ■-"S l«d, . .i — 

Singer A Fried lander Ldn. Agents 

26 Cannon St , EC4 .1 i- Ji - f'-lfl 

Dekafnndn .. |l*UM17 “Ml. I 6 L5 

Tokyo T m Juh; 3 .[ S( :-370C I i IM 

Stronghold Management Limited 

PO Kn\ JI5.S( Helte-. Jer^-t USA-.?;^? 
Commodity Tru-4. !9L1D 95 9Cj .. • — ■ 

Su rimes! (Jerwri-i Ltd. isi 

Queens Hxc. Don IM Si lirlu-i.Ju I’ivl'.CiS 

American Ind Trt 11527 344J-£C;i -- 

CuPfK-rrrurt . HOBS 32 SFf-d Iji — 

Jap. Index Trt.. . [£12 32 12S7| : — 

TSB Unit Trust Managers tC.l.i LuL- 
Ragotelle Rtl , SL Sai wur. Jen-.; uM T..4> 4 

JerflCV Fund [46 6 49 Cd \ - 73 

Guernsey Fund . _ i4*6 49 03 1 J 40 

IVicea un July 16 rul-. ,lay July 

Tokyo Pacific Holdings N V. 

Inlimis ManaseiiK-nl >.'■■ N V. i'l-ii.'I" 

NAV per .share July 17 SI .-SI ,<■ 

Tokyo Pacific Hldgs. tScaboanU S.V. 
loti mis Mnuatemi-nl • •• N V . ' urjc.v 
NAV per rtl ate July 17 51 .'Kill -V'.:. 

Tyndall Group 

P.O Bax 1258 Hamilton * Bermuda. '.'-"W 


Ui Hwm Jiify Ifl . . | 

1 Accum Units) 
a Way lot. June 

2 NewB|_ St llWIer. Jrrwy 


. Id .. (K'SllT 
.si . MM 85 
m-22 |H. .-7 US 


ISM 

1+J 


6 j3 


TuFSLJul.-D 
lAci-om >'.lioye«> 
Amenran Ju\y 20 
lAcrumytiarcsi , 
J«ru'i Fd JuU ID 
■ Nnn-J \ce. Uls - 
Gill Fuad July 2W 
lAcrunt Sliarrs. . 
Victory Uouw Chau 
. Manured July SO 


OJJ4 17121.3 
8 18:d ; 6 iV 

12*3 . 

■ ' : w - 
7y0 


89 5! 

1%* ■ 

\%i ' 


12 55 


U7 50 

fir do 

83 5 
S3 5 
1962 
277 4 
107 6 
134 0 

elax. luteal Man 
1302 1371; -is; — 

UltL IntnL Mngxam. iC'.l.i Ud 
14. MuJrarter Slm-i. S' liilivr J--r 
HR Fund . .- ItlVffR 131 »!l - 1 0-1 2 1C 

United Stales Tst. Inti. Adv. l'& 

14. Jtiie \ldnni;rr Luxeml.'.iirc 
VJ*Tai.lnr End. I 513 74 •-O')?! C77 

Nel J»«rt July 31 

S. G. Warburg fc lo. Ltd. 

30. Gresham Sirc-1. L-'l n; y. 

Cn« RdJiiiyTii .( ?l>'9 6fl l-'.'Fi - 

KnQ. Ini July 20 . 51S17 46 -cfli:. - 

Grsi.SFd Jwim-;bi I 31 S7BR ’ ;• - 

Merri'NJFdJuJvlB Jll.-IBU «A‘ .CKIi 

Warburg Invest. Mngt. Jray. i ni. 
l.ChnniUS Curts !t: Hrlier.Jss .'| n-W7j;)l 


Jardlnr Ertn. Txl ... SHK29J94 
Jardme J'pu Fd* .. 3 H 1053 28 
JardmeSEA _.. SUS1679 

Jandine Flam. Int.. S/IK10A5 
Inll Pacific Secs _ tSS 53257 

NAt June 30. ‘Kquivulenl J 
Next tub. July H. 


250 

100 

IBS 


l'MFLl.1 June 20 
iTMTUd June 20 
MeiaUTd June 16 
TUT July M 
TMTIJd. Ju 


ji-bh i:*7j 

02 77 1J irf .. • — 
SI? 17 1? 47 . I — 

-l 


111 KIBJJ 

. July 14 |U0J6 Wail 

World Wide Growfh 

KU. Boulrojirt l(m,il lim-mhiiur: 

Wur Id wide f ^ih Fd| 11 h!5 57 U-JS'.:' — 


:sra 67. 


NOTES 


Price* do no! Include S premium, except where indicated -6 and an- in |«-ikc j.ilr 

indicated Ylelda Si' - - 1 — * " - ** ' 

include all expenses. _ . 

opening prire.h Dnuributiuo - „ 

premium iiuuronce i liftercd pnee incluifcs all eiru-uvs i-\co(5 jiii-nl - ••••mm: 
yr Offrrctf price Include* all erpen-es it huushl lluouch manajee- » Fn-n.m* it-.. - | 
9 Net of tax oq realised ,-jniial Gains miles; indiraied hy 6 4 Giiernrt-y ».-:»•»' a .-«u-i+- 

lav I yx.vilshi i .inn 


IIHW J prmmra. cvrpyi unni: iuu,ra>m » mi — m - 

S (siKHvn in loxt column' alln« for all buying eepen.-v-s a ' 'ib-+-; j- 
so. b Tu-Aay ' pricef c Yield haaedimuiferpnre d Kstminiro: e 
Dlrtribuuuu Iree of f K taxes, p Kenodiepn-nuuniiiroiriReepi.il:. s f 
ice 1 nfrerrd pnee inclurf 

includes ail expen-es it huu. 

Net of lax oq realised ,-jniial calna unless ■ 

. a Yield Mure Jcr-un 




i;i . 
Ci-iL" 


CUVE INVESTMENTS LIMITED 
1 Keyai Exchangu Avf.. London EC-'?’[ r SLC • T*»I" 1101 

Judex Guide as at 18ih July. 1978 [Base 10»l al 14.1.77) 

GJive Fixed Interest Capiial l-P-77 

Clive Fixed Interest Income 15-7.70 


CORAL INDEX: Close 4754SU 


INSURANCE BASE RATES 

t Property Growth IP- fT> 

t Van b runli liuaranfced P.ja'V, 

t Address shown under In-niram-e and Property Bund 7.:b.+ 


) 





f 

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.91 



Financial Times Saturday July 22 lira’ 
FOOD, GROCERIES— Coni. 


NINE 

connoisseurs' 

cognac 


FT SHARE INFORMATION SERVICE 


BONDS & RAILS— Coat. 


197R 

Mich Lon 


BRITISH FUNDS 

I « !-1 


Stock 


Vie Id 
InL l Red. 


no - . 

■I*73V 


10 :.!r 

1 02V. 
“Si- 
Pt'> 
IJOV 

0 | r - 

13fi 

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P7-' 

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(if 

W- 

Sn< : 

lib's 

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100*4 

9-1*4 

■?; j 
1001 ; 


45 
S 0- ’ 
%• 
o' ■ 
S«i: 
>3- 

2 

ecr. 


•Shorts” (lives up io Five Years) 


°s* 

loi': 

94V 

95V 

94V 

Ss 

•a% 

°JV 

103 


Knh.VTB-Tftt . 
jTr>.-,i>ur. Mi.pi TS^.. 
prea-unltpc^; 
lElwtr;. 4i«pcT4-79 - 
(Trcajun- l*«:pc W - 
□fcmraitfrTS-n _ 
Trvajur- Bpc I98fe± ... 
Treasury9*;pc '80+5 ... 
Tr«.'j^ui>3lMK .i-SO - 
Funding 5Vpc 788*5 
Exchequer I 3 pc i99!jd 


99\irrre iiu n IlGpclSBltt 


38'. 

sv, 

01 -, 

°4V 

|5;? 

102 * 


fTroasun SjK 157941 
TrW.*,w ISBltt. 

E\<h.8Vpel98I 

E'iiti 9S.pc 1381 

Lu-h3nrl9RI . .- 
Treat. vuiaMe '81 j$. - 
F.\i*.i:‘(iprI9S(^ _ 


“n ’1 Trea.- ananas: 

82"; Tri-.riii> Hpc £5?..„... 
lDoVltriMMirr Up* - Stitt...... 

94*' Trea. A an able iCf}_ 
S9-; TntJMirvAiiih 82 - - 

91** E-raHVl* 1982 

91U F_>ch JMipc IICA. - 
891; E-..:hB»pr 1W. - 

79 n ELv.hBpr 83 

100'; Tntfeuiy I2pc IS63K .. 
69S; |Tr^a'--uix3 1 4P‘''83- - 


99 

I ®1 

Sf 

1004. 

«}\ 

97*4 

98*4 

937, 

941, 

103 7 , 

1007, 

90Vd 

will 

931 ; 1 
95 “.<B 

8 &U 

95*4 
204 
93b 
84/.td 
1071; 
94 i*. 
91 

If 

80*4(0 
102 *. 
92 ‘e 


-k 


+$ 


llZi; 

C-,-. 

11 V 


1'iV. 

12 >\ 

V®"- 

1>V 

I]”. 

05 

234 > 
o,.u ' 

1}1‘; 

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7o ' 
li?:, 
n 3; 
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1:5' ; 

97* ; 

QflU 

° 6 V 
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I?'., 

37*; 

“*’4 

2 P- 

3 “ 


S3 


4? 
80V 
8 b* s 
77b 
7Q-„ 
faOH 
64*., 
101 \ 
77U 
q;i7 
b3'^ 
9S1 1 

E4'i 

9iU 


Five to Fifteen Years 

ExHlMdc 83‘£4ipd.'« 
idnJin-' iS’pi- TCttli;. 
nn>a-ni> fM-ffitt 


'uwlin-.'Gljpe RUTS. 
Tn-ui-un 7upc '85J8tJ 
Tratt-piinSpi T84B 
Tri-^sun wx Bh-Sfl _ 
Tm-un l.lpi- 199W2 . 
T ri-x> u r> 8*j 67 ?lli} _ 
Tri-j-ury II> 4 pi lafl! . 
r unilm-.-VipcXJIIh. 
Tn-dMir. Ih'jpi* f'Si - 
rir-v.,:n lilr. IWl. .. 
fe.h 12 'i|* W. 


45 
82 V 
881; 
80 

81^«l 

67*; 
105 
80*4 
96 .*4 

67 

102 id 
85 '4 ui 
97*4 a 


Over Fifteen Years 


°v-. 

bj'i 

HW*- 

112S 


•• I3. ; p It* 
iKuiirlincfip - IKK 

UVp- IflIC 

T:. a uix- I4*;pc WJJ _ 

*17 » F.-.ih I2';p. 1*« _ 

/p '4 Tri-jain Up' fliJi 

a J 'ifr&uix IJp: 95 

43 l iiJ'Jpc 98 Si 

S2-4 E*il: !■**,[• law _ 

° 8 ' - ; T n.-d'-un 953 .. 

7b" Tr.'j.iin-9p.93y6S-. 
liJ'i Tfcjsun I.V 4 P 95*;. 
lOl^H’.-h-qucrnUp. !«£ 

42*. Bv.;i rp!:iT..tp- l9»S*i. 
100"; Treaiuij. Kibo. ‘37C . 

85 E.v hequer Iik;W‘ 1 WT . 

74"; Tr-.-jiun Sip- 1397“ . 
bO T t'-j-.ury ft-ip 9>98tt 

115 ! j Trejf l.ii;» , 'S 8 K 

°3 : c Exch. L4n l»3 

77'- Tn-ujun'^p 199KJ.. 

33*4 Tt«i«iht IiB-p' I999._. 

'•4-4 K.;Mmj.'J;p-»JM- 
b7‘; Tr«i.:ijr> Up . 

4’-; Trej.llp .5l;p I8-13K 
ul : .- Trivvur- 7*( p- ' 12- l-lij 
93'*; E-.vlLl-Tt Tv-17*. 

Undated 

30*- 1 ’t'H-jil' 4p - . ...... 

29i 4 W;rLuanJ*T«.lJ 

3" •'••ii. si-p ni \it .._ 

23': Tf-a^un .'tp.-t> 8 Afl — 

I q 4 Kiilvcvlf-JUoc. 

19 'j [Tri*a.iur> 2 ':pc 


100 *, 

We 

109*; 

117b 

98b«d 

80", 

96'jrt 

4S>; 

83*4 id 

103*; 

81*a 

'129-*4 

106*4 

44*; 

104*4111 

857\nl 

78^ 

63*4 

123b 

977, 

80S 

87^2 

36*; 

697, 

49b 

64"a«d 


32 <d 

24*4 

20*4 

20*4 


5.04 

1137 

3Ja 

4.03 

10.46 

365 

921 

9.67 

373 
5.57 

12.52 
11.40 
3.88 
10 08 
8B2 
9.93 
3.48 
,1018 
1226 
9.09 
335 
13.02 
10.29 
9.07 
997 
997 
960 

374 
1174 
10.04 


1056 

666 

964 

828 

952 

472 

755 

12.42' 

10.33 

1220 

8.81 

12.51 

11.63 

12.40 


12.50 
9.64 
12.85 
12 % 
12 55 
1136 
1243 
671 
11.97 
12 b2 
11.55 
1311 
1271 
6.89 
12.72 
1211 
1160 

10.94 
13.09 
1255 

1185 
1225 

9 61 

1186 
1159 

11.94 
12.52 


1247 
11.43 
10 52 
1258 
1212 
12 52 


918 
942 
706 
796 
10 .09 
6.76 
10.53 
1055 
7.00 
859 
11.02 
1106 
782 
1118 
10.92 
1122 
815 
1068 
Z1 24 
10 78 
8.12 
11.40 

1146 
1112 
11.45 

1147 
1130 

827 

1134 

1136 


12 06 
1178 
1289 
1259 
1214 
12.42 
10.90 
12 07 
11.65 
12.03 
12.52 


INTERNATIONAL BANK 

82b |V Slock 7782 | 834, | | 5.97 | 


ey. 

95-4 

U *V 

8 tt-j 

107 

1UU>. 

111 

MOV 

°:.i 

9l»i - 

°4 

cov 

«) 0 ; s 

97", 


°l>‘u 

.'bV 

2>V‘ 


“1 

a 7'; 



«;u 

S7*‘ 

o® 


tqi • 

:cu>'. 


CORPORATION LOANS 

Birm ham^pcTMl.. 

Bn«ii.|7> 4 p.- 7981 

*: I.C 12 * : p.fC 

im I 2 *.m !«: 

H«f> 5*jr“ “S 8 *» 

I.Hemmil vjp- 76-78... 

1 Hi ftp- 

1 1 " :»'p lrr«d 
L^. ' hiT 

r h» 9>3>* Tr^i 

I Ni V.«r - 

UvS.pr'fLMr 

lM'.ii,'18Hl 

In I'p 'jl \!l 

MiM. :JjP 198U 
Vcuvadleidipc'THA). 
ttarwuk LS*;'« 1980 — 


E4!_ 

7o*; 

to 

41* 

°Aa 

100-4 


94<d 


9.98 

8 BV 


8 74 

101V 


12.28 

101 »d 


L228 

91*; 


10 11 

90V 


519 

99*4 


5.19 

94*- 


it) 51 

27 


13 25 

93 


10 25 

95V 


627 

84V 


649 

7B*j 


701 

68 


8.10 

66 *; 


1014 

23 


1349 

91V 


572 

95*; 


969 

1011 - 


12 J 1 


9 93 


11.63 

1194 

11.88 

12.02 

1182 

10.90 

>18 

1124 
1015 
1135 
10 41 
11.30 
12 09 

1075 

n 63 
11.66 


C0M0NWEALTH & AFRICAN LOANS 


10 O-; 

c 5'« 

ss«j 

CCi, 

f*7'j 

C7I- 

77* 

5o 


95b 

Q’:- 

82*1 

** 6 *. 

q 2-4 

81*4 

41 

50 

SO 


\UsL 7>7B 

lx- il.p-TT-an 

1*0 .=a;p- R|« 

N7 4P.--678 

||- V.G »1 

rx-TOwBMfi 

AinciPivncTMl 
Sit. Hhorl 2J.DC &VW 
U.-.(ip.7B8i 


1005, 

5.55 

93V 

.. . 5.91 

83V 

+** 6.73 

98 

4.10 

94*- 

651 

82 

922 

95 

1022 

55 



82 

— 


LOANS 


SO 4 
281; 
IT 
i 37 


: ft ’'4|W! 
*i-> 102 

::j i .Mo:.. 

7.L ) 7-«, 

f! . 7’-I 
q-: 1 . 9*1 •. 
| 0 ) 11 '- 

«: 4 08 


Public Boarc 

and Ind. 


Acre Alt Sp. TfUW .„ 

61 


823 

.'I-Mn - 8 PSM 

81*- 


13.14 

M"t IV I r 3pc-K' 

28V 


10 87 

I !ip.-!KC 

137 


6 57 

I"- xilhouiAi.irranl" 

89*; 

+ 2 *; 

10.23 

Financial 



H'n:;n.-ifisi 

102 * -id 


1268 

1 • up, :. 

104i- 


13 83 

1 - Nw-tt* . . 

106 


13.34 

!*'H".V „-iV;t, -3WC 

82V 

+V 

6.86 

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77 

+*; 

827 

1 v - [IU;p.-Cn- Ij; w 

93 


1136 

r*' l!w I'lt Ln.W . 

93 


1191 

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95V 


12 43 

ta'TVw UtcK'BBSC.. 

64 

+*; 

1L38 

I» Tijp-Alii. t»l *H. . 

64*; 


11.79 

Ih-Stk-VPIW 

761; 

+ 1 - 

12.31 

riroVLn S287 

69m 


12.86 


10.14 

S .78 
.70 
1020 
11.41 
10.10 
1211 


1133 

13.60 

1256 

1290 


1180 

1310 

1269 

1120 

into 

11.90 

1230 

1260 

13.00 

1300 

13.00 

13.40 


BANKS & HP— Continued CHEMICALS.. PLASTICS— Cent. 


IfTS 

High L»w 
88 

£ 

87 
160 

sr, 

T 1 


Stock 

.IrelsiHl 7ijpcHI-33 
DoSipc-Sl*.... 
uafan«3ac'l0.\ss_ 

fjoBpc'®® 

,P6ru.W3pc — „ 

Sg.l» 5 ?i»o.._ 
[Tunn9wl99l- — 

[MinnSsw 19W 

Uruguaylivpc ... 


Prict 

£ 

82*j 
82»; 
390 
69td 
140 
75p«l 
£94b 
DM91 
97 


Mi. ®r] Red. 
Grow I TMd 

1234 
1281 


11.05 
216 
8.67 
952 
10 70 
3.80 


U.S. $ d, DM prices exclude inv. S premium 


AMERICANS 


U78 

High Lair 


1 3b 

T 

32. 

35*2 

15S 

29*4 

19V 

m 

117, 

15ll 

65 

48 

4^3 

48*, 


22 

& 

969p 

S 

22 

ss 

ft 

324, 

17* 

m 

765p 

13i 2 

733! 


29 

15U 

17 

20 b 

S' 

670p 

n*r 

20V 
2 Wa 


“ l « 

28 

750p 

171 

34 

735p 

705p 

18 

20 

9 

\k 

l^t 

255p 

ft 

ft 


21U 

17V 

III; 

SB 7 , 

385p 

lO'b 


• Suck 

ASA 

iAMFSSiCw’87.- 

Ajnax51 

|Anwrlcan Express. 
Ainer. Medic. Ini_. 

Asarcolnc 

iBakerTutnl.Corp Si. 
Barnes Grp „ 
Bendm Corp. S5 — 
Eah. Steel 18 

Biwn'gFer.ciezj.. 

Brunswick CoipnJl 
ButroughsCorp Sn I 

CBSC50 

1 .P.C.S 2 . 

Caierpillarll 

ChfeeJniUinia. 

f-TiesehrotEfc SI j 

ChrvglerSB*, | 

CidcorpSi .. _ 

City lnv.SL.25 . 

Do Cm. Pri BSl.. 

■Xeaie-P SI 

JColtInch.51 

jConL Illinois S10_. 

IConL Oil SS 

Crown ZdLl S3 

h^Uler-HammerSS 

EalQnCrp.S0.50 

:Esnark 

lEcwnll 

Flreslonenreil — 

First Chicago 

FluorO>rp Si 

Ford Motor S2 

fcATX 

Gen. QecLlil*; 

Gillette SI 

Honeywell SI JO, _ 

teuton E.F. 

IBM. Corn. 55 

Insersoll RJ 2 

IniSr^emsbCoo.Sl 
I.U. Lntenutioiuilil 

Kaiser .AJ. S>« . 

Manl Han. LSS7.50 
Morgan 1 JPiTSSHS 
Norum S'.mnri I if SI. 
HWAvIll.OllS 
(Quaker Oais CSSS. | 
RelianrcS033 
Rep N V i.'orp SS. 

Re\nordE> 

Ru'hdtn.-MrrklSIV 

[Saul 1 B F*II- 

[Shell Oil SI 

Singer 1 SiO 1 

^ Rand SO 50. 
tr SIS, . 


11 
21*4 
14 

25 

18*4 

31 >2 

26 
2 g> 

23 
47*t 
52*; 

26*; 

40 
1 TV 
18*4 
52\ 

41V 
25*4 
44jj 
24*- 
50 
141; 

224*, 

52V 
21 "- 
47 bp 
28 
72 
41 1; 

i 8 i 

5}i 

30V 
17V 

Sr 

i^t 
36V 
33'; 

27*. 
lbl 
975p 
22 
40 
13 < , 

38 ' 5 
34'- 
17 
4b 

975p 
14 

S.P2 fist Premium 5CV> ihased on SL'Sl.DOST per £1 
Conversion factor 0.6575 I0.65S2) 


IB’s Tenncin . 

131 Du 10 ° <1 La bit 91-90 
50 5p TernnFUVSOLMh. 

16-, Texaco S625 

227% Time Inc . .. 

8f>5p TrareaeienraSI.... 


Cut Tech. Sl'SS. 
VS Stool SL. 

|WooiwonhsS3>; 

Xwnforp SI 

Xoni« Inc. 10c 

[Zapjiai'orp :5c . 


18>a 

UU; 

30*4 

*S“ 

& 

17U 

iSi 

10*4 

12rt 

58^3 

43 *; 

39*a«d 
465 m) 
2b m 
19V 
876p 

20*4 

*ae 
26 
46 
30 V 
237j 
35*4 
llV«d 

2b’S 

Wt 

if‘ 

4BV 
W k 
214 
46*4 
2JP a 

» 

*5R 

14V 

17 

19*4 

25*4 

27V 

15V 

20V 

528p 

ii?’* 

9& 

36 

22 

15*, 

43*- 

670p 

13 


♦ ori D'l*. VW 
— | Grots Cvr GCi 


+l , al 


-14 

-*8 


+ ** 


-k 

- J V 

_i, 

+*4 

-IV 

+v 

-1 

+v 

+6 

-V 

+U 

-V 
+ V 


+28 

-i 


-5 


80c, 

5*SJ — 


5175 
SI 40 
30c 
40c 
64c 
90c 
S2-2B 

51 00 
40c 
70o 

5100 

52 40 
5250 

51 80 

52 20 
94c 

SL00 
5106 
SI DO 
S2 

SI 00 

53.15 
SL32 
SL40 

, 51.90 
^SL40 
52.25 
SL84 

53 20 
S1.10 
SL10 
SL20 

53.20 
£250 

52.20 
51.60 

52.20 
£0.68 
511.521 

53.00 
25c 
90c 

SL60 

5208 

S220 

76c 

51.16 
51.04 

15c 

51.00 
83c 
90c 

h$T.60{ 

60c 

SL12 

SL80 

5200 

109< 

5200 
51.50 
80c 
5200 
SI 60 
S1.40 
5200 
7‘jc 


2.4 

271 

07 

20 

1.5 
29 

4.2 
29 
21 
33 
1.0 

31 
36 
22 

4.8 

2 Si 
65 

3.2 
46 

5.6 

3.5 

5.7 

32 

3.6 
4 1 
17 

4.1 
44 

5.1 

5.5 
36 
24 

5.0 

6.5 

2.9 
38 

2b 

3.0 
26 
36 
0.7 

5.4 

3.5 
42 

3 3 
29 

3.9 

2.9 

23 

33 

24 

?5 

20 

1.9 
33 
46 
fb.7 

56 

24 

35 

31 

41 

5.2 
26 
0.6 

1.3 


Uf 

S* 

12’s 

14* 

371; 

217, 

630p 

!& 

3 .^r 

& 

ioi 

28 1 *! 

„ P 

Si 

nc 


m 

10,1 

30V 

12 

825p 

14 

955p 

Bt 

315p 

lb% 

& 

lU? 

945p 

585p 

T 

» 

S* 

455p 


CANADIANS 

16 A 
05^ 

22V 


BkAI-Jnlreai Si- . 

Bk Nina X<« 

Bell ' 'ana da SiS .... 

EnwVallcjll 

Brascanil ... 

Can imp Bk. 52 

[Can.I'acilaS . .. 

Du tpcrfb £100. 
MfOUCaaU — 
Hawker Sid CaaJl. 

HoUingerSa 

Hudsons Bar|i__ 
HlKlR'Al'iSS;— 
ImpenalOiUl. 

Im-n 


•lnl.Nal I las SI — 
iMasevFore.il...... 

I'acdippetSl 

IIii-cGjsSI 

Rim Mcom, 

Km.i IBkCaa Ji_ 
Sna-.ramt'o CSl . 

-. JT*t rhim Bk. 51 

880njTran!.''an Pip«_. 


livm 

20Axd 

wSid 

31*;«d 

530 


830p 

IS? 

25 
23 ft 
19. 
14.1a) 

ilv 


+v 


ar 

-5 

Sr 

+ 7 , 

ic 


SI 12 
96c 
542 

12*je 

silo 

5144 

97c 

4*4 

51.14 

40c 

5206 

69c 

5160 

86.4c 

80c 

80c 

916c 

SLOB 

5150 

92c 

80c 

103c 


31 

29 

4.0 
0.3 
4.8 
33 
3.2 

127 

26 

36 

3.4 

19 
23 

3.1 
28 
4.6 

15 

20 
29 

Si 

A3 


IO 

High Low 

172 
66 
1250 


411. 

£61*; 

8 

m 

43 

14 

102 

331; 

20V 

481; 


350 

190 

70 

378 

Hi 

Q5V 

60 


,311; 

85 

30 

8 

85 

23 

101 * 

38 


Stock 


Price 


NsLBkAnsLSU. 220 
.VaLComCrp — 73 

XaLWesLfl 275 

SchtwtersEI — . 405 

SerranbeMC£l. 215 

Smith St. Aub... 76 
SCmdd Chart £i 390 id 
(Trade Pc' 5L«. 59 
L'lUWDiscSI— 322 

VD.T- 44 

WellsFarsoS.., £22^ 
Wintrustajp 69 

Hire Purchase, etc. 

Cattle's 'Hdu'i 10pl41bxd 
CieB'creFr.100 . £6uV 
Credit Dau 10p_ 8* 

LlcfdjtSrrtjup. 97 
LndScot-FiitlOp 36 
>»rEteSleic.l%i 9 
tProi. FinaanaL. 99 
ISOia Credii lOp. 27 
Storla HTdgs. iftp Ml- 
[Wagon Finance- 44 


+■ « 

Dfv 

— 

Net 


tQlVx 


12.63 

-3 

11.49 


1135 


13.34 

..... 

!L01 


19.35 

..... 

Si 

Vi" 



5140 


3.03 


l mi ■ 
CvrlCr'sl RE 

4.11 
b «l 

H| 

a 4 
100 
75 
6.1 
7.6 


li 


-2 


d220 

2.0 

Q12% 


1335 

24 

?LB7 

30 

427~ 

23 

JitL3 

23 

h206 

23 


396 
— —I 49 
57^ 77 


13.01 


93^ 


! 103 

. 55 
163 
7M SB 


BEERS, WINES AND SPIRITS 


94 

78 

Allied Brcur. 

84*; 

+11; 

1393 

21 

70 

104 

46 

30 

Auul InslPrJOp.. 

35 


m0 75 


Ll 

— 

171 

137 

Ba*» Char' stun.. 

358 

+5 

14.84 

3! 

47 

97 

258 

196 

Bell Arthur SJp . 

248 

+14 

b4JB 

3.5 

29 

14.9 

51 

37 

BeUuven Brewery 

44 

-2 




— 

— 

221 

•97 

BftAtilKWWr- — 

104 


hlhl 

75 

38 

145 

7R 

66 


76 ■ 

+7 

350 

?fl 

7D 

10.8 

17? 

inn 

Brown 1 Man hew 1 

114 

+4 

1397 

74 

52 

12U 

51 

41) 

Bucldey i Brew - 

46 


179 

2.5 

3.9 

97 

157 

114*7 

BuhneriHPi 

LW 

+3 

66 

0 

7 b 

0 

160 

6A 

140 

55 

Buttonwood. 

City Lon Del 

158 xd 
62 

+2 

+2 

34 

74 

t. 

33 

5.9 

ll.9 

157 

114 

Dart' Matthew). 

14b 

+2 

1671 

3.3 

54 

8.5 

ion 

163 

Distillers slip 

187 

+4 

7.26 

q3.G 

b.U 

8.4 

76 

18 

Gordon (Li 10p— 
Gough Bra. 2Up- 

25 

+1 

- 




14^ 

54 

43 

53 

+4 

?RO 

15 

8 D 

82 

119 

93 

ireenall Whidev 

117 

+1 

1267 

41 

3 4 

iXU 

777 

713 


277 

+7 

776 

? n 

4 G 

JJ.2 

191 

153 

Guinness.. 

163 

+3 

17.07 

74 

o.S 

8.4 

158 

177 

HiEhid Dl3L3)p 

135 

+2 

2.9 

? 5 

5.3 

18 J 

114 

83 


114 

+5 

223 

35 

3U 

10.6 

154 

109 


153 


t3 55 

4? 

vl 

10.4 

370 

770 

Macallan. Glen.. 

320 


467 

73 


23.1 

505 

360 

Mori and £1 

505 


12.45 

2b 

5 a 

153 

70 

50 

Sandeman 

60 



2.31 

0 

0 

sa 

0 

71*- 

67 

Seattle New 20p.. 

64nl 

+2 

3.41 

81 

0 

117 

95 

Tomaun.. ... 

114 

+? 

300 

76 

4(i 

141 

174 

94 

Vau\_. 

117 

+6 

14 07 

74 

57 

12.0 

101 

82*; 

Whilbread'A' 

93*; 

+2*; 

394 

29 

04 

62 

717 

1R5 

ft olv. Dudley „ 

206 

+1 

1574 

3D 

42 

12.1 

182 

145 

VoumBrew'A'aOp 

170 


3.18 

35 

2 8| 

L>.1 


BUILDING INDUSTRY, TIMBER 
AND ROADS 


S.E. I l-i Premium 52*,^ (based on $2.1467 per £l 


BANKS AND HIRE PURCHASE 


IFTS 

High lew 

[286 
293 
£135 
334 
200 
165 


£ 20 '; 

395 

£181 

21 


FOREIGN BONDS & RAILS 


ITS 
Hieh I.< 


. Jo 

I 

B 


Noi-k 

Price 

p 

+ nrJDii. r t 
— J Grav, 

An!..|j;j«|j lilv .. 

24 



[S. i[«- pn-f 

40 

. 



• biii-.in AJiM-t 

9Bnl 


_ 

1 i-rra.in A r. : 

410 


4i- 

.p- Ar: . 

54 


3*; 

V-. . 

51 


6 

Miv-J A- 

43 

„ 

4 

Hun. V- 

55 


4*- 

]• i-Iano <i- jc fti-a 1 

65 


— 


Red. 

Yirtd 


□ 10 

f648 
16 00 
(4 65 
5.00 
12 60 


315 

£32*, 

358 

230 

273 

82 

•230 

£19 

£18*, 

25 

£24 

46 

£123 

83 

3V 

1 

12 *- 

196 

50 

255 

29 

120 

260 

217 

100 

600 

347 

69 

215 

52 

74 

114 

297 

50*; 

134 

390 

E92 

£95V 

64*2 


184 
1210 
£901- 
269 
IlSO 
150 
,03V 
&J5 
£137 
15 

,150 

^55 

,£217, 

296 

,200 

1232 

67 

171 

Q2V 

|£15 

13 

C13V 

|£90 

£8 

IV 

i. 

Oi, 
157 ‘ 
37 
195 
19 
% 

185 
155 
81 

325 
[ 20 ? 
52 
160 
37 
56 
90 
242 
42 
IDS 
330 
(£7B 
£82*. 
5b ‘ 


Suck 

Price 

-1 

ANZSAi 

280 


.Alexanders D.£l 

242rf 

+4 

AUeracneFLUX) 

E130V 

+v 

Alien lianeyLl. 

295 ^ 

.Allied Irish. _ 

200 

+2 

ArhuihnulLEl - 

155 


Bans Vner SLow. 

£19*7 


BV Ireland £1 ._ 

395 

+3 

[> 0 . 10rn-Conv.._ 

081 

+2 


18 


BkLeunDiUKCl 

160 


BV YS.AV.SAi_ 

558 


Bank Sott land £1 

282 


Bankers N Villi. 

£28'/a 

+ ‘2 

Bun-lass £1 

325 

ErownSljpleyEl .. 

228 


OilerR>der£l_. 

255tc 


One Dii'a* a)p... 

77 


• ■xn'l Ail< iS.AH. 

214 


i.'na'rbk DM10* 

£18 

+V 

• hnnUbLKrlftJ 

06 

' orinthian top . 

1 . rod Fromre r75 
rsrjit-. u:.R.>.. .. 

24 


£24 

17 

+1*; 

|ieiL-nePJn*I6l3.i 

019 

+2*4 

F i' Finanre . 

75 

First .Nat top . 
Iaj Al'rrt-. 73-82 

2V 


1-1 

-** 

Briber An* lOp . 

,9*; 


'Jemird Salnl _ 

174 



Gibbs:. A 1 

47 


ijilldt Brail.. 

2Z2 


lewrfc D1 Miy jp 

21 


'■nndlays 

118 


Guinness Peal _ 

238 

-2 

Hambr>» 

171 

+2 

Hill Samuel — 

92 

+1 

I» Warranls . . 

375 

+25 

HunuShiuiSlLaO 

31B 

-2 

Irael IiATibee . 

56 

. 

losephiLwil . 

210<d 

+5 

Kerser Ulmaan. 

52 

+1 

Kin; 6 Sbax 20p . 

58 



99 

+i 

UMdsCI 

265 

-8 

Manwin Fin 3Dp 

47 

-1 

Mercury Secs . .. 

110 xd 


Midland£l . . . 

363 

-3 

Do 71- 0 i8333 

£82 

-1 

lv> IOS. e o9W«.. 

£86 V. 

+v 

Minster .Assets— 

63 

+5 


Vld 

Crr Cl's P/E 


2-51 


tQ18c 
1433 

m# 

hl9?2 
73 
10.08 
<»4c 
fi.00 
yio%| - 

736 
tO30C' 
10.89 


927 
16.91 


Q189i 

2.00 


8.17 

220 

1538 

013 

2.75 

tlO.O 

961 

4.90 


h327 

861 

0.66 

3.39 

4.12 

t9.09 

IfP 

14 75 


L9 
5.8 
f5.6 

- w 
15 7.1 


5-3 


2 6 j 


72i 


551 

* 

2X.ll 


36 1 
9.0 - 
4.4 9.3 
9.9 
5.7 
9.9 - 


55 


85 


, 33 
3M 5.9 7.2 
5.9 
6.1 
6.2 

10.0 - 
99 
46 
26 

- 65 
7 3( 4 4 4.1 


2.1 

2.61 4 0)14.3 


a 

10.4 

0.9 

35 

6.4 

8.8 

8.1 


2.3 

а. g 

б. a 

l.« 

6S 

53| 

103 

5.1 

6.2 
f9J 
e!29 


2 .H 85 


14.0 


41 


7.2 


FINANCIAL TIMES 

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C.'iu.o ubluinabiu In*ni non-acenis , and h.wlc-tnlk worMwid,- ..r ->n n-z-iVi.- ^ub-criBUon Iron, 
subjcriimun Depart mom. Financial Times. Londun ' uo ' l - r, r iUoa uva 


95 

81 

Aberdeen Corat 

89 

164 

1>8 

Abert haw Cent 

148 

17 

1 A 

Allied Flani top. 

15*- 

73*- 

39 

Annitage Shnko, 

73 

?S 1 

?0J 

BPB bids. SOp. .. 

223d 

34 

31 

BassendeeBrt 

31 

13 

30 

Bailee Ben Ktp 

11 

50 

44 

Bamberger?. 

49d 

178 

98 

BarrattDev top. 

99 

27*; 

70*- 

Beechwood IQp.. 

23*; 

11 

15 

BenloxUOp 

Renlord At lOp 

22 

37 

47 

52 

69 

60 

Belt Bros. 26p-_. 

bflxd 

7B 

64 

Block! evslMp 

77 

77? 

770 

250 

74 

61 

Blundell Perm.. 

74d 

107 

75 

Breedon Lime... 

107 

41 

?1 

Brn Drodcimi _ 

29 

13? 

74 

Brown Jkrn. 20p 

152 ■ 

6 H 7 

48*2 

Brownlee 

611; 

58 

36 

Bn-ani Ifldi*. 

45 

:v>? 

133 

Burnett 4 II. . 

202 

190 

170 

Burt Bullion El. 

177 

39*; 

22 

L'.Rohev A top 

39 

76 

70 

' al'BdenGAIi 10 p 

23 

48 

40 

CarriJahn 1 .. .. 

47 

38 

40 

.'jiTon . 

50 

88 

68 ’- 

.'emeni RwuLinne 

84 

38 

?7 

I'omheaGp l**p 

30 

?00 

157 

,o.tainR 

IBS 

46 

31 

Cmintp'Mde ip 

44 

104 

6 ? 

7ro»lw Bide 

104 

99 

80 

,'romhil* i30p_ 

% 

73 

63 

much Group 

69 

103 

84 

Douslas RobL M 

95 

235 

200 

[■ inline G H. aOp 

233 

94 

33 

Eitnui IDp . 

90 

99 

69 

Ellis iE'.erard- 

99 

95 

68 

Enth 

95 

?6 

13 

FPAConsl'n. . 

15 

79 

60 

FairclouuhCons. 

71 

26 

19 

Feb tail, top 

24 

7.5 

19 

Do. -A top 

22 

47 

» 

Fed. Land* Bid. 

42 

35 

21 

Mnlan'Jwmiinp.. 

27 

17 

111 - 

FranwPkr lOp 

15 

47 

40 

Frami-iiR-IOp 

41 

351- 

26 

French Kier ... 

34 

66*1 

52» s 

itillttivtlBr in . 
'HhtaD'dy.AlOp 

54*; 

31 

?5 

31 

49 

38‘- 

• 1 mwAM<M|> . 

40 

68 

48 

Glojfripft *J .. 

64 

86 

6 <* 

•refci'uoperaip 

75d 

37 

Mi 

t-AT orp 

35 

41 

21 

iclu-dl Bar . .. 

40 

81 

34 

fend'-n 'A'lOp. 

81 . 

:*iu 

138 

tadfromiJ ft'i . 

210 

68 

49 

lewdenS.IOp . 

66 

£310 

£220 

DoTpclom.. 

HeywrtWm.30p_ 

E308H 

130 

64 

126 

92 

72 

liSgsiHill 

84 

18 

66 

Imennjham — 

76 

Ib 

33 

Po. Res. Vic..-. 

76 ■ 

a 


toward Shut 10p 


118 

104 

bslock5obnsen_ 

108 

178 

17.5 

175 ■ 

136 • 

108 

nL Timber — — 

753 

63*- 

41*2 

LB. Holdings lOp- 

63*2 

30 

22 

I.CJLGL 


197 

162 


168 . 

123 

90 

Jennings SA050. 

105 . 

134 

79 

ohnso&flichmls. 

9? - 

17 

10 

tones Ed«d top 

11 . 

45 

£37 

31 

£18^ 

KentiTdP.i 10p._ 
LafareeSAFlOO 

34 . 

S 

182 

171 

jing'Johni’A". 

138 

110 

jthamiJ.iLI 

135 . 

104 

88 

jwTenceiff.i 

90 . 

’82V 

70 

^ecbiWnLiHOp.. 

TVs* 

79 

3/ 

Leri and Paint.. 
Ufley FJC — 
L>ndon Brick... 

7ft*; 

79 

76*- 

61 

61 

68 

66 

90 

74 

inelliA J.t. — 

85 . 

59 

38 

flcNei II Group . 

40 

204 

I/O 


197 

331- 

421; 

Jallinson- Penny 

52 

105 

84 

danders iKIdg 1 -- 

97 ■ 

160 

109*7 

darchwiel 

1380 

93 

73 

i&rie>- 

77 - 

119 

KB 


119 ■ 

81 

57 


63 . 

31 

13 


33 - 

48 

38 

Melville D.*W._ 

40 

87 

-113 

73 

65 

Meyer iMonL Li. 
Milbury 

86 

95 

14 

9 

Miller (Stan 1 lOp. 

13 . 

6 B 

52 


62 

39 

35 

Mod Engineers. 

36 . 

103 

74 

HwkiAi — 

' 87d h 

140 

LOB 

MowtemiJi. 

117 ■* 

183 

L38 

Newanlull£] — 

152 - 

108 

79 

■<orueS Holst .. 

97 . 

280 

210 

N'ott. Brick 50p- 

275 ul . 

571, 

40 

JrneDeis. lup_ 

43 - 

113 

9/ 

Farter Timber . 

100 . 

173 

L38 

lAboe nix Timber. 

153 

147 

82 


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Best i Mat' 10p_ 

Bowtbonw 10p 

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DolVCmn "3-W. 
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GJE.C. 

Hi chi and EL 20p. 

Junes Stroud.. 

Eode Lnl 

Laurence Scotty 

LecHefric 

ILK. Electric 

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Newmarfeltouis. 
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SacilleG.ilOpsf.. 
Senior Eng'g 10p 

Serek 

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279 +15 1 — 
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152 

426 

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68 

KattiunlincSMuN’ 

75 


.V.v> 

450 

Kill m^tdl . . 

47CrJ 


ui:5 

280 

Ala] jilcvL'in; kill 

405 


rodnv 

40 

jF.ihanc 

70 


*V' 7% 

50 

i-Miikali-n tup . . 

60 


b 5 

165 

IflJsncSMl 

230 



4» 

S-.iro 1'ir.n 

54 


47 

■'.ntUiCndii Ii 1 ) 1 

52, i 

-1 

4 L? 

140 

Sicjih Kintrt SVi'-.i 

210 


£•- 
•if.?’. > 

230 

MhqM il.’} m V II 

315 


134 

MIDI Cl Jtisi) JAJJ 

215 


W65; 

55 

■■upTcnyii'n 1 SMI 

73 


/Will. 

B6 

T. mu'll. l.’Li 

92 


b ‘i 

74 

T-teLdi Mrlir SMI 

92 


V^L"’ 

I4B 

rromfiSMl 

2Z7 


z«as-( 


NS 


4 0: 


1615 2 
0 9- f 
4 4jll ;■ 


05} 7 3 

Id J 

0 7^4 

2 \'° 7 
68 50 
05 

1316 4 
16 PC 
4b +•» 
:d::n 
14 so 
1100 
4 I 65 

oa^ijo 

lb! :• 
ity 83 


COPPER 

100 f 70 |Mevin!ilto5ii | 90 | IWWrJ 19( t 

MISCELLANEOUS 

+1 


35 

b 

,220 
245 
164 
30 
J750 
, 4i 
120 


IBanmin . 

Kurina Mini' 57':p 
i.’are Murih. Hu- 
Nurthcau-rSl . 
MT7. 

Sahma Inds tTl - 
TarjE»r<h SI . 

T chiil? Mi Kral> IOp 
Yukon t'ore. CS1 - 


55 

14 

230 

395 

221 

60 

900 

45 

168 


iysoe 

95 


1.33 

Q7c 


■s fj * 

;L-; 

291 2.0 


NOTES 


I'aless Mhrnrbr tmUcaM. prim and nrl dtvMrwis are In 
pence and draanliUlMi are Sp EiUmaied prlcrHninp, 
itllK and ratm ur Imtd n lalrflAuHl repaiuandarrmmK 
and where pomlUe. are updated n half trarti hence*. W« are 
ratanlaled an the ba«k« of art dJctributlea; bracketed figure* 
Indicate lb per cent, ar retire difference tf calrulaied an "all-* 
dtotrlbnilvn. t'arere are ba>ed an “maalmnn" di»Uibnll«B. 
Yield* are based an middle prices, are urerv adjusted lo ACT of 
34 pee rent, and allow lar laioe af derlamt dltUibalim* and 
riKhla. Securtlkrs with drnomlnallOB, other thaa sterling are 
q noted larlaslte of the IntesUnrat tWLir prrrelam. 

A Sterfinc denominated jerurinet truich include tnicsuncnC 
•tnllur premium 
a Tap" Stock. 

« Filths and Lnw*. marked llius liate heon adjusted 10 allow 
far right-, item-* I nr v.iM> 
t Intenm since m-TeS'eri ur resumed. 

1 Interim ware mluri il. pj» *tS nr deferred. 

H TAi /rfr le sm iwuh-nit »n appliratiun. * 

* Figures or report awaited. 

Tt I nlistvd wvuntj 

t rncc ai time id su:.pcHM-*n 

1 Inriiraicd rlitidend alter pettrfirre scrip ami or righto iums 
niter relates in prt-tmus -iitiHco-tf or tnrevasb. 

4 Merger bid or n-argJiiiuimn in progress. 

« Nut romporahlr. 

* Same interim: reilueed tinal andrr reduced earning* 
uiduaied. 

6 Fwrr»«t dltnletnl; cater nn earnings updated by laleat 
inimm sjaieraeal 

I Cotrr otto** fur rnntersit-n <d sbiiro* not now ranking for 
■tit idem tt iv ranking «nly for restricted rjitidend. 

Jt Ftner d»Hrs not allow for shares which may also rank tors 
dtndlenri at a (ulure date. \e P f. rsrtio usuaUv protided. 
V Gkclmling a IiimI dmdend devluralum. 

4- ReclODul |inre 
I No par talue 

a Taa free. 6 Figures based on prucpeciu.-: nr other nffiel.il 
estimate r iVnl. d llniik-n-l n.t-- t-inl er p-i> .ihle on p^rt 
of capital, enter bused on dindenrt nn full ratait.il. 
e Redcmplion viclrt f Hal yield g V-utaed doidenit and 
yield h .Asaumt-d Ultid-.-nij oml ' .cl it oiler scrip issue. 

J Payment from capital suuires. h Keo> J m Interim higher 
than prnioua total, n Rights issua- pending q F.irnmca 
based on pn-JJminao figun-s a Ihwdeml ami.neW rvllldr a 
special payment [ fndi.MUsI dividend ti»rr relates tn 
previous dmdend. I’l! ratio bused on latest annual 
earning*. « Fnrevaa diilitvpd vnior liused «-n previous i«r s 
cemlnt*. c T.ia free up ««> Mp m the £. w Yield allows 6«T 
vurrenry cluuse j Pit irfi-nd and Meld bused nn merger terms 
z Inv idend and vlelil inrlude a special pay mem Toier does not 
apply Lo special paymenL. A Nel ditlrioiiri and yield. It 
Pre fe rpnee dmdend p.lssc. 1 nr ilelerrs-d ('(.'an.ufiaa E fouo 
price V Dl> idem! and yield based on pr-H.p<-rius or other 
1dll1-l.1l estimates lor 1VTITW» 1; .Yssntned duulend and yield 
•dicr peiuling scrip ami. nr nchls issue H IHiirtend an>l yield 
lusnl on pruspecliis Sir olher offiridl i-MimjIcs for 
I97S-TS K l-'igure.s lused nn prnspr-vlus or outer olficinl 
mmuiti Im IBT8 M I Mii-lcml an»J yield bused nn prospectus 
nr other olfirul esluualey lor 1B78 S limifrnd and yield 
bused mi prospectus ur idlirr -dfi-nal I'tiinMlis for 197B P 
Figures based un pruspnlus nr iitner ofln ial islicute. lie 
1 070.79 to liruss T Figure:, assiuoed 7 Dmdend total lo 
dale ft Yield based no uvuimpion Trra.su/> 1 Rdl Rale 
um-hangctl until maiani) uf stuck. 

Ahhre* ml mac toes dividend: «t«v senp issue: n exnghLs, o e* 
all: rf es capital dnanbutinn. 


Recent Issues^” and “ Rights " Page 24 

This service Is available to every Company dealt in on 
Stork Exrbanges throughout the United Kingdom for a 
fee of £400 per annun for each security 


J? REGIONAL MARKETS - 

4 1 

7,4 Thf InlJmiiM »■ a wJorlpffi id lu>iiil>>u ijiinl.-iliuii^ id >)>.•»•« 
lirei musty liMcd tints in rouum.il nbirVel* IVii >•( In - h 
lysiicK. n>Kl id utnrli >■ rr uui nil n-iully li.u-U in London, 

quoted till 11 k lttsli .■Si.|l.lPi:«' 


arc 

Mliiiny Im JUp 
A .Ii Spminiii: 
Ib-nnm 

B.lt <nr F-M -Mip 
lim-r 1 Vidl 
'r.ii j & 1 1*-' 1- C 1 
I ilsnmlt 1 1 \ 

Kill A Mi >!•*> 
F.iwl 
Kllel'iwjo 
F ml. o l‘K' . r «P 
{.T.l|-:MlJU £1 . 
Iliu.-"i>- I’.n’t* 

1 ■ 1 ’.1 ■sllll f 1 

lion 

(fin >^.f.f -im'fi 
IV.ine.i II ■ 
IWl Mill- 
S'llcllo’lit Hi II k 


24 


42 

_ s 

21 


282 


25 


4B0 


38 


bl 

„ 

16'.- 


50 


23'y 


230 

•5 

77 

*2 

150 


263 


56 


182 


20 


45 




siu-ii »»•> r.'inr 
£tuiiiill'.\tni ■ 


1 'nnt ii't'MiW 
mi i.int-i- ■ :.*- 

tmi i(( 

t .irTiill 1 r J 1 
1 lnn't.iil.iii 
i’ihk n I'risU 
fb-lfoli-ffbf^- • 
l*i- ■ 'ori. 

Iri-li 1 |.i|n- 
•l.i. ■■ 'I' 

■suiil-e.nn 

TM'i 

l niil.irs- .. . 


56 

103 


t 91 *s 


65 

545 

-5 

99 

*1 

98 

130 

43 

*2 

160 

130 

65 

.3 

32 

175 

+2 

95 

.. 


OPTIONS 

3-month Call Rates 


Industrials 

A H«-»' - ■ 
A I* iT*«m.*nt . 
KSH 

n.lfs-Tl'k 

1i.irrl.lls ftfjtlk 
Ikfl-hlUU 

Hoots Priiu . 

Kou'.iiefs 

HAT 

Kniishi ■•.jw.n 
finnsii'-' * 
Htirtnn ■ A . 
f'urthnryi • 

OHirl.ulld- 

IX'lu-nliano 
U|s|ll|l l - 
lllllllr.|i 

F.;<:lr K, -ir 

:ai 1 

■i-n Ail llll-ld 
m‘ti Killin'' 
fil.iso 
Grand Mol 
I I N A . 

ili.ililiJiii .. ... 

; kn 

It.iuUorvolil 
Hmi.-i'i,i I r.o. r 



1 Cl 

20 

M. 


6 

l8 

iff- 

20 

9 

lniorv.'U 

8 

17 

Kt A .. 

3 

2.5 

Itaiilliniki* 

17 

J6 

5. *ii’n . 

14 

15 

1 «'\ Sen itv 

V 

16 

Lli’Ml-. Hun). 

22 

24 

“Ijd. ' 

4 

6 

1 j»ro Inn Brirk 

5 

30 

la«wrlf«» 

5 

17 

I.Ul.I.lllit. 

75 

5 



10 

JO 

"M.im- . 

7 

8 

AIrfcs * Sjuu r 

10 

IS 

Mull. uni ILink 

25 

7 

N Kl 

1? 

11 

\.n We-' Rink 

22 

14 

IV l\ urr.nit- 

10 

17 

1*6 olUd 

» 

18 

1 ■!«•...■) 

s 

40 

If ll AI 

V 

9 

ll.iul. "r; ,\ . 

10 

70 

If liitnl . 

12 

in 

■sp’IW. 

i 

77 

4 

20 

Tlmrii 

7? 

12 

Tcild 1 1- 111 

IS 


Tnlu-lniort . 
1 'ijiloier . . 
Fill llrapi’n . 
Vickers 
Hoolworifiv 

I'ruperlv 

lln! l.i/wJ. . . 
i'.i|i r.innllc- 

K f 

hitnui.ii^uti 

aif:ia- 

P>M«'llC* 
b'lruicl l'r»:.. 
Tiiviii g. 1 d? ... 

Oils 

I’.ni Ivp.'.-iiin 
It’ll m.ili ■ *il 
t 'fcirieriibli 

SlM'iJ 
* Tir.iniar 

ah n«s, 

1 ti.'inel ■ Iins 
1 'oils i.ubl 
T Hi in 


lln 


Si. 


A 


tin lion id 1 'ptien. lr.ideil |. ^ tl( „ „„ ||, c 
l^iiduu Msvk Lai 1 i,iIi 7 l- Kv|n>rt 


12 

14 

16 


r 







„ V 


Clwerfon 


FINANCIALTIMES 



Saturday July 22 1978 


-boat for tbe job -6 m - 23 m 

Cowes. Wa at WAghc. Tcfc Cmna 7111 Trim! K«t 


ptani^ 

nhold for savers 

Head Office- Hwh &reet Skiptan 
v BD23 ID* Tel: 0TO6 45W 
£ London Office:Sl Htgfi Hottwn 
fW: 01-242 8147 
r AiMmuriltWnaM 

hmanHiMaM 



MAN OF THE WEEK J UK reopening talks 

Ruling on joining Airbus 

4£-|'| n BY ADRIAN DICKS BONN, July 21. 

nnimiivc rilAWruc .r ........ u A — _ 

roost 


BY ELINOR GOODMAN 


THE BREEDING potential of 
chickens is not. you might think, 
ihe kind of thing which would 
normailv interest the chairman 
of one of Britain's largest public 
companies. But this week. Sir 
John Pile, chairman, of the 
Imperial Group was producing 
new facts about the chicken 
business with the enthusiasm of 
a stamp collector who has just 
found a stamp with the Queen's 
head printed upside down on it. 

A naturally diffident man. Sir 
John is capable of great 
enthusiasm. And he is enthusias- 
tic about his company's bid this 
week for J. B. Eastwood. Through 
its food division. Imperial is 
already the largest poultry opera- 
tor in the world, producing mure 
than 250in kgs of poultry meat 
and breeding stock which results 
in annual sales of over 2.5bn 
broiler chickens. By acquiring 


BY ADRIAN DICKS 

BRITAIN’S CHANCES of joining 
Airbus-lndustrie, the European 
consortium, which a few days 
ago looked remote, appear to 
have increased significantly after 
private talks between Mr. Eric 
Varley, industry Secretary, and 
his French and West German 
counterparts. 

It is understood that, in con- 
sequence. British Aerospace will 
hold fresh discussions with the 
consortium's member companies 
about precisely how it might 
share in building the 200-seater 
B-10 version of the A300 Airbus. 

Later, the possibility may also 
emerge of Rolls-Royce being 
associated with the Airbus, an 
opportunity which some Euro- 
pean aerospace executives say 
the British engine company has 
never fully explored. 

Assuming success in the talks 
between the companies, Govern- 
ments would still need to work 
out their shares of the develop- 
ment costs of the B-10, an exer- 
cise that Bonn and Paris do not 
expect to carry out before early 
autumn. Britain's share, accord- 


ing to industrial sources, would 
probably be £l50m-£170m. 

After meeting M. Joel le 
Theule. the French Transport 
Minister, in Paris, Mr. Varley late 
last night met Herr Martin 
Gruener, State Secretary in the 
Economics Ministry here. with, 
the heads of Messerschmitt and 
VFW-Fokker, the West German 
partners in the Airbus. 

The German side emphasised 
after the talks that Britain has 
not yet decided whether to join 
Airbus or to co-operate with 
Boeing of the U.S. However, it 
was felt that Mr. Varley under- 
stood the pressure of time for 
the B-10. on which detailed 
design work has started and the 
first metal is likely to be cut 
about the end of this year. 

In spite of that increasing 
momentum, Bonn is willing to 
wait a title longer for the British 
response. now that it is 
apparently Satisfied that Britain 
is not merely playing for time. 

Meanwhile, the impression is 
gaining ground that a middle 
way between the European and 


American offers may, after all, 
be open to the British Govern- 
ment On the European side, it 
is no longer being pressed to 

accept a firm commitment to the 

two proposed joint . European 

transport (JET) narrow hodied 
designs as a condition of joining 
in the work on the B40. 

Bonn, unlike certain more ] 
enthusiastic manufacturers, is 
not insisting that all three pro- 
jects constitute a take-ibor-leave- 
it offer,, but wants financial and 
technical resources concentrated 
on the B-10. as a project that has 
now won 60 launching orders 
and options aod proved itself a 
promising business proposition. 

If the JET designs are left out 
of consideration, some German 
experts consider that Britain 
might still feel free to work with 
Boeing on its proposed 757, 
which would compete not with 
the B-10 but with one of the two 
JETT projects on which the 

European manufacturers are not 
yet even agreed among 
themselves. 



BP to raise its Australian 
coal stake in £102m deal 


Pile: Feathers fly 

Eastwoods. Imps would 
strengthen its share of the other 
main sector of the chicken mar- 
ket — eggs, and the parent stock 
to produce them in ever increas- 
ing numbers. 

Sir John is clearly stimulated 
by the idea of a takeover. When 
he first moved up from W. D. & 
li. O. Wills in Bristol to become 
deputy chairman of Imperial in 
1971. he was closely involved in 
the group’s bid for Courage. 
Since then, though, the company 
has made only relatively small 
acquisitions. 

On taking over as chief execu- 
tive in 1973. he was, as be says, 
“pitchforked into a situation 
where careful housekeeping 
rather than expansion was the 
order of the day.” As a result of 
the explosion in commodity 
prices, the company had what 
both Sir John and the then 
chairman. Sir John Partridge, 
considered to be an unaccept- 
ably high gearing of 139 per' 
cent. The lesson lie learned . 
then, he says, was to "get some- 
thing under the mattress." 
Capital expenditure was cut 
back and any thoughts of grand 
expansion were postponed. 

The basic objective of 
decreasing the group's reliance 
on tobacco remained, however. 
The idea was that more than half 
of the group’s profits should 
cmne front outside tobacco bv 
197S. Thai target was achieved 
last year when a disappointing 
perfomiance in the tobacco divi 
rion was largely offset by the 
result of the group’s other activi- 
ties which now range from paper 
and packaging to brewing. 

Meanwhile. the position 
"under the mattress” has 
changed radically. Partly as a 
result of reducing its stake in 
fl.-ii industries, imperial now 
ha* around £100m in gilts and 
company’s gearing has been 
reduced to nearer 60 per cent. 
This. Sir John says, has given 
the company much more flexi- 
bility. and allowed it to make its 
hid for Eastwood. 

Imperial has been interested 
in Eastwood fur some rime but 
it was not until the Eastwood 
management accepted the bid 
fmm the American agricultural 
producer Cargill, that it became 
obvious that they were now pre- 1 
pared to sell. 

Whether or not Imps gets East- 

M ’£ nd now ' depends not onfv on 

J' nether Cargill raises its offer 
r>ut,ulsu on the Monopolies Com- 
mission. Though Sir John says 
he sees no reason why the bid 
should bo referred to the Com- 
missinn. he is clearly preparing 
his defences. 

As a man who has been in 
the tobacco business since 1946 
when he joined Imperial, and is 
a member of the CBI council. 
Sir John is used to dealing with 
Government departments. A 25- 
cigarettes a day smoker himself, 
he claims to have no compunc- 
tion about running Britain's, 
largest tobacco company what-| 
ever doctors may say about j 
smoking and health. 

He is not. he insists, a medical 
expert, and even the experts dis- 
agree about ihv effects of smok- 
ing on health. Virtually every, 
thing, he maintains, is cited by 
a -doctor some where as being 
harmful to health — even eggs. 

He wants ilic company, which 
last-year had a turnover of £3.2bn. 
to remain “financially comfort- 
able." Acquisitions may be made, 
but only if the right opportunity 
arises. Eastwood, he regards, as 
ju*i such an opportunity. 


FINANCIAL TIMES REPORTER 

BRITISH PETROLEUM plans to 
spend £102 m to increase its stake 
in Australian coalmining and 
another £l3m on two British 
acquisitions in the chemical 
industry. The announcements of 
the deals yesterday follow only 
five weeks after that of £430m 
of investment in Europe. 

BP is to buy the 50 per ceot 
interest in Ciutha Development 
in Australia which it does not 
already own. a purchase which 
is part of BP’s strategy of 
increasing its interest in coal. 
Further acquisitions in this field 
are intended. 

Ciutha is the largest coal pro- 
ducer in New South Wales and 
the second biggest coal exporter 
in Australia, with a large part 
of overseas sales going to Japao. 

The acquisition will bring the 
coal mining assets or BP up to 
about 5 per cent of the group 
total. BP’s objective is to pro- 
duce yOm tons of coal per 
annum by 19S5. 


The purchase will be made 
through BP Coal Australia 
Pty and fianced by local cash 
Sow and loans. BP said yester- 
day that North Sea oil revenues 
were not going into Australian 
coal mines, but the balance sheet 
strength conferred bv North Sea 
oil helped to make the financing 
possible. 

The first 50 per cent of Ciutha 
was bought 18 months ago for 
ASlS4m (£lllm at the current 
exchange rate). Payment for 
the second 50 per cent will be 
made in four annual instalments 
from 1980 to 19S3. 

BP recognises that it will have 
to reduce its stake in Ciutha in 
due course, probably back to 
half, the guideline of the Austra- 
lian Government on ownership 
of mineral projects. BP hopes 
to dilute its stake down to a half 
by merging Ciutha with a locally- 
owned company. A public offer 
of shares is another option. 

The seller of Ciutha is Univer- 


sal Tankships, part of the U.S.- 
based interests of Mr. Daniel K. 
Ludwig. 

BP also announced yesterday 
an agreed £l2.2m b.d for Robert 
McBride (Middleton), a Man- 
chester-based detergent and 
bleach maker. 

Both B.’ and McBride’s man- 
agements emphasised that the 
proposed deal would result in 
the logical extension of each 
company’s business. BP, through 
its Edinburgh subsidiary, 
Young’s Paraffin Light and 1 
Mineral Oil Company, held a 
12.5 per cent share in the liquid 
detergent market— mostly in Lhe 
industrial sector — while McBride 
held an S per cent share, pre- 
dominantly in the retail market 

The second proposed deal in 
the chemicals industry is the 
purchase of the whole of Border 
Chemicals for just under £lm. 
BP plans to acquire ICl’s 
minority one-third interest 
Border Chemicals was formed in 
the mid-1960s. 


Lloyds Bank profits 
hit by higher costs 


BY MICHAEL BLANDEN 

HIGHER costs and lower mar- 
gins bit the profits of Lloyds 
Bank in the first half of the 
year. 

First of the big four banks 
to announce half-year results. 
Lloyds reported a pre-tax tolal 
of £76.5m. This was slightly 
higher than in the second half of 
last year, but was down by IS 
per cent compared with the first 
half of 1977. 

The news disappointed the 
stock market, where brokers' 
estimates of the Lloyds profit 
genera II v had been above £S0m 
with some ranging as high as 
£90m. Ahead of the announce- 
ment, Lloyds share price had 
been up slightly. But it ended 
with a loss on the day of Sp at 
265p. 

Shares of the other big banks, 
which will be announcing their 
half-year results over the next 
week, were hit. Barclays shares 
ended unchanged at 325p after 
rising to 330p earlier, but Mid- 
land and National Westminster 
closed with falls of 3p. 

The main pressure on the 
Lloyds results came from reduced 
profits in its dcmestic banking 
activities. The international side 
of the business was less buoyant 
but was able to maintain its 
earnings and accounted for more 
than 50 per cent of total group 


profits during the first half of 
the year compared with, about 45 
per cent in the previous year. 

In the UK the bank's current 
account balances rose and lend- 
ing to customers increased by 
10 to 15 per cent. But costs con- 
tinued to rise in line with infla- 
tion and are expected to go up 
further in the second half as the 
Phase Three wage settlement 
takes effect. 

The results were also affected 
by lower margins. Although the 
average base rate was slightly 
higher than in the 6econd half of 
last year, it was well down from 
the first half and the margin 
between average base rate and 
average deposit rate narrowed 
further. 

With increased contributions 
from the Californian and New 
Zealand operations and others the 
international earnings were “well 
maintained in the face of more 
competitive conditions and des- 
pite exchange movements affect- 
ing the translation of foreign 
currency working capital Into 
sterling.” 

These movements reduced 
profits by £4.7m during the half- 
year. compared with £2.8ra In 
the second half of 1977 and £4.9m 
in the first half. 

Results Page 16 


UK TODAY 

MAINLY DRY: coastal rain; 

sunny intervals. 

London, Cen. England. Midlands 
Dry, sunny period. Max 20-22C 
(72F). 

E. Anglia, SJE„ N.E. England 
Dry. cloudy, sunny intervals. 
Mast. 21C (7QF). 

BUSINESS CENTRES 

Y’dav ~ Y’dax 

midday midday 

•C °F °C -P 

Amsidtn. R 13 55 Luxemfi’g C 14 57 

Alliens S 30 S6 Madrid S 30 S8 

Bahrain S 41 lOS Manchestr, c 16 si 
Barcelona S 24 75 Melbourne w 14 37 

Beirut S 39 M Milan SH 27 81 

Belfast c 14 57< Montreal 5 » ^ 

Belgrade S 75 70! Moscow c 20 ct 

Berlin R 15 59 j Monied R 11 S3 

Urmslun. C 17 SI I Newcastle F 14 57 

Bristol C. IS 64 .Ww York B 2S K 

Brussels C 1" lOlfisio r h 37 

Bndaiii.it R 1R fil'Pjrtt c IS fi4 

B. Aires C 13 3!L Ponh r s 48 

Cairo S 35 03. Practic c in itl 

Cardiff V 17 fil. Riykjjvifc F 13 53 

jChitJjM C 32 ~l.Rlod._- J'o R ;i 76 

: Cola-ilfc: y 14 61 1 Ruin..- 5 2», 79 

Copnha^n. !■' it .zi Somapore S ‘3 Si 

Dublin c 15 M Stockholm F IS 64 

Eilinburcb C lj 33 Sirasbre. C 14 57 

Frankfurt V l>i 61 Sidney |.- 14 

fiyni'va c is Anv saw 
Lila^QU* S Iri fill Tokyo r 27 31 

Helsinki F is <H [Toronto R 22 72 

ET- Konc s K BA j Vienna R is bT 

Jo burn s 19 <w [ Warsaw u 37 

Lisbon s 23 77 'Zurich c 14 17 
London CUM. 


Channel Islands. S.W., N.W. 

England, Wales 
Fog, coastal drizzle, bright 
intervals. Max. 17C (63F). 

Lakes. Isle of Man, Borders, 
Edinburgh. Dundee, Aberdeen, 
S.W. Scotland. Glasgow 
Rain, bright intervals. Max. 
17C (63F). 

Highlands, N. Ireland 
Cloudy, rain. Max. I6C (59F). 
NX. Scotland, Orkney, Shetland 
Cloudy, rain. Max. ISC (55F). 

Outlook: Showers, sunshine. 


HOLIDAY RESORTS 


AJacrlo 

Algiers 

Biamtt 

Blackpool 

Bordeaux 

Rqulounc 

Cap.; Tou-n 

Corfu 

Dubrovnik 

Faro 

Florence 

Funchal 

Gibraltar 

Guernsey 

Innsbruck 

iRvcruoii 

Isle of Man 

C— Cloudy. 


Y'daj | 
midday 
°C °F 

S' 24 75- Jersey 
S 31 SS | Las Plins. 
C 20 US; Locarno 
K 16 61 ! Majorca 
C 20 at; Malaga 
C IS Gi Malta 
S 1G ai: Nairobi 

s is s;: Naples 

S 76 79 Nice 
S 25 77 Oporto 
F 76 79 Rhodes 
S 21 TOlsalzbun; 

S 22 72 1 Tenerife 
F 15 39. Turns 
C 15 saj Valencia 
C 13 . 53 ( Venire 
C 14 S7‘ 

F— Fair. H— Hjzt. 
s— sun. w— windy. 


Y'daj 
midday 
•C "F 
F 13 W 
F 23 77 
F 23 77 
F 27 81 
S 33 77 


F 19 66 
S 31 65 
C 11 3J 
S 34 93 
S 29 64 
V 26 79 
F 24 7a 


S, Pearson 
offers £39m 
to absorb 
subsidiary 

By Andrew Taylor 

S. PEARSON is offering £39m in 
shares and cash to buy the 36 
per cent it does not already own 
in its publicly-quoted newspaper 
and publishing subsidiary, Pear- 
son Longman. 

The terms are one Pearson 
share plus 30p cash — or the 
equivalent of loan stock — for 
every Pearson Longman share. 
The deal values Pearson Long- 
man at about £107m and the 
shares at 259p. 

Before the offer was announced 
yesterday, Pearson shares bad 
been suspended at 229p and 
Pearson Longman at 194p. The 
group is also offering 60p for 
every 5J per cent Preference 
Share and 80p for the 7 per cent 
Preference Stock. 

Mr. Ben Strickland, director of 
merchant bankers Schroder 
Wagg, advisers to the minority 
shareholders of Pearson Long- 
man, said that he was satisfied 
with the terms of the offer which 
he thought was “very fair." 
Lazard Brothers has advised 
Pearson. 

The key to the timing of the 
offer is Pearson's ambition to 
expand its business interests in 
the U.S. Mr. Michael Hare, chief 
executive of S. Pearson, said last 
night that he felt it was the 
proper course to strengthen the 
links between’ Pearson Longman 
and the parent group, which had 
strong dollar cash balances. 

He stressed however that the 
group had no particular U.S. 
acquisition in mind. Last year 
Pearson Longman failed in a 
£13m takeover bid for Wads- 
worth, a U.S. publishing concern. 

S. Pearson holds around S70m 
(£37m) of investments in the 
U.S. — mostly portfolio invest- 
ments — which would provide sub- 
stantial asset backing should 
Pearson wish to raise loans to 
fund acquisitions. 

Pearson Longman, which went 
public in 1967. has substantial 
newspaper and book publishing 
interests including the Financial 
Times, the Westminster Press 
chain of local newspapers. Pen- 
guin Books. Longmans and 
Ladybird. The subsidiary last 
year earned pre-tax profits or 
£21.4m compared with the parent 
company’s profits Of £45m. 

Meanwhile S. Pearson has said 
that it intends— legislation per- 
mitting — tn lirt its dividends in 
the current year by just over 
21 per cent. 

S. Pearson said that attribu- 
table half-year profits could be 
around 20 per cent up while a 
higher profits increase is forecast 
for Pearson Longman. 


General 
and aide 
murdered 
in Spain 

By jimmy Burns 

JIADRID. July 21. 
AN ARMY general and his aide 
were assassinated this morning 
as the Spanish Parliament 
moved towards final approval 
! of Spain’s first democratic 
constitution for more than 40 
years. 

This was the first time since 
the Spanish Civil War that 
army officers have been chosen 
as targets for political assas- 
sination. There was growing 
speculation here today that the 
killings may have been aimed 
at throwing off course the 
country’s gradual transition 
from dictatorship towards full 
democracy. 

General Juan Sanchez Ramos 
Izquierdo and his aide. Lieut. 
Colonel Juan Perez Rodriguez, 
were killed by three assassins 
in an area or Madrid where 
many military officers live. 

Gen. Izquierdo was head of 
the armaments department of 
the Spanish military, but is not 
known as a prominent public 
| figure. 

It seems likely that both he 
and his aide were Killed not so 
much because of who they 
were but of what they repre- 
sented: the institution of the 
Spanish armed forces, which 
following a close relationship 
with the Franco regime has 
continued to keep a watchful 
eye on Spain’s difficult 
political process. 

This theory was reflected in 
the speeches of the country's 
chief political leaders in the 
Cortes (Parliament) this 
morning that followed a meet- 
ing between Sr. Adolfo Suarez 
the Prime Minister, and his 
cabinet, including Gen. 
Guiterrez Mellado, the Defence 
Minister. 

Sr. Suarez told Parliament 
in a televised speech: “I wonld 
like to remind you that when- 
ever we have been at the point 
of entering a new phase in this 
I political process . . . terrorism 
has intervened with the exclu- 
sive and essential end of 
terrorising the country and of 
breaking the confidence of the 
Government.” 

The killing was unanimously 
condemned by the main poli- 
tical parties, as well as the 
main trade unions. 

The parties’ statements tem- 
porarily Interrupted a three- 
week-long debate on the con- 
stitution, which has been 
mainly academic but often 
divisive. 

All parties, in particnlar the 
Spanish Communist Party, 
went out of their way to ex- 
press solidarity with the dead 
officers. This appeared to be 
an attempt to defuse the 
possibility of a negative re- 
action by- the army to the 
killings. 

• The text of lhe Spanish 
constitution was approved to- 
day by Congress. , 

Continued from Page 1 


THE LEX COLUMN 


The Treasury and 
dividend cover 

■ nn ■ ■■ ' 1 Lloyds has not been chasing 

An explanatory statem __ © o A’JQ 1 after loan volume.’ . 

e Governments new P Index rose 0.0 10 4/^.Z In ^ ^^,,1 half year tho 


fiki 




the Governments new P™^ 1 ’ 
linked dividend concession was 
not produced in time to be 
issued along with yesterday’s 

White Paper and dividend con- 
trol bill. Until it turns up on 

Monday or Tuesday (and pe^ 
haps even after it has appeared) 
there will be a large degree of 
uncertainty about how the 
Treasury will interpret the new 
rules on cover. To add to the 
confusion there is no clear 
political indication on whether 
the legislation will actually get 
on to the Statute Book. 

The new rules are clumsily 
worded, but they are clear 
enough to suggest that the mar- 
ket may have been too enthusi- 
astic in its initial response: the 


Profits & Dividends 


r\ r ! 

I [ Hon 


1 DIVIDENDS 
! Growth 
on Basis of FTA 
All -Share tnctox 

TL ;♦ - 


.. I Company Pro-tax 
M PROFITS Growth 


ItvHUilu- 

: »D**w -4 


■r tocenup ctanp bo a wrtw 

,,L ryj • « : I mTi J 
1975 1976 1977 1978 


In the current hair year tho 
outlook is much better. Base 
rates now stand .it 10 per cent, 
Lloyds has recently widened its 
margins, and was- the first 
clearer to announce higher bank 
charges. However, Lloyds has to 
face up to the corset, and hav- 
ing just agreed to a 10 per cent 
wage increase (costing an extra 
£15m in a full year) it may be 
bard pressed to do much better 
than match lasr year's profits of 
£ 166.2m. 

Negretti row 

A row is developing among 
City financing institutions fol- 
lowing yesterday’s announce- 
ment that the NEB is tn put up 


nin 


broad F.T.-Actuaries Indices, in- switching over to the ED 19 £l.2m of finance and take a 
eluding the All-Share, reached basis of accounting for deferred stake in Negretti and Zambra. 
new 1978 highs yesterday. True. tax. The politicians are putting It appears that Negretti, capital- 
iherc is some relief in that the an absurd strain on tenuous ised at only £1.6m, approached J-'- 
10 per cent basic dividend limit accounting concepts. But if the both Equity Capital for Industry - 
is to continue, for there were proposals go through dividends and the NEB about six months 
fears that it would be trimmed may grow at only about 15 per ago for discussions, about rais- 
to 5 per cent in line with the cent during the next year. That in? further long-term finance, 
pay guidelines. The dividend is a far cry from the 25-30 per At ECI it is said that talks got 
cover safeguard, however, is far cent which had been expected as far as the chief executive. Mr. 
from being a generous conces- in the event of the complete Alau Barratt. before Negretti 
sion, for it looks as though only abolition of dividend controls, said it preferred the NEB’s ' A - 
a comparatively small minority approach. Behind this decision 

of companies will be in a posi- Lloyds Bank is said to have been a feeling 

tion to take advantage of it Down 15 per cent, Lloyds that ECI yfZS more interested in 
Those companies achieving Bank’s interim pre-tax profits of jje financialaspects of the deal 
rapid profits growth this year £76Jjm were roughly £10m be- ^ ha “ in Negretti s ideas for pro- 
wilJ be able to raise their divi- low expectations and Lloyds’ du £t development 
dends in line with earnings — but shares closed 8p lower at 265p. Negretti s chairman. Bar, Bod 
only if cover reached a level Other clearing banks shares Ford, said yesterday that dts- 
last year which v/as higher than dipped in sympathy. While cusaons with ECI were termtn- 
for any other year in the period disappointing, there seems to ^ted several months ago i in a ‘ ( ^ - 

stretching back to 1972 when have been no fundamental letter. Not so, claims ECI s Mr. 
dividend controls began. This change in Lloyds’ underlying Barratt. His understanding was 
means, for example, that BP performance which could give * ha * Negretti was still on ECI's 
will not be able to boost its cause for alarm and it only goes books. The NEB involvement 
payout bv more than 10 percent to show what a dicey business came as a complete surprise, 
for it is very unlikely that cover forecasting clearing bank profits ECI appears to be particularly 
will get near the freak 7’2 times can be. upset by the fact that ICFC — 

recorded in 1974. It also means In 1977 it was the inter- whose parent. Finance For In- 

that any company which has national side which provided dustry, has a stake in ECI — had • - A ■ • 
sharply raised its payout bv the real profit momentum. Iq- acted as Negretti’s joint adviser 
using other loopholes (like deed, the contribution of the in- without apparently informing it 
rights issues) in the past few temational operations now of the NEB discussions. It also 
years is likelv to be held back accounts fhr 50 per cent of seems to think that Prudential 
by earlier high cover. group profit. However, there Assurance, which has a stake in 

Brokers Phillips and Drew was virtually \jn growth in inter- Negretti and one of whose exe- 

estimate that 70 per cent of national profit? in the latest cutives. Mr. Peter Moody, sits ( L 
large companies will be held to half. Loan volumes are holding on the ECI board, might have • 

10 per cent dividend growth in up well but margins in the acted differently, 
the coming vear, either because Eurodollar market (where LBI Whatever the . truth of this 
past cover has been higher or has been aggressively bidding affair it seems odd that ICFC 

because earnings will grow by for business) have fallen did not consider seeking a 

less than a tenth anyway. For sharply. solution to Negretti’s financing 

the more fortunate 30 per cent At home the picture has been needs jointly with ECI — as it 
the median rise is likely to be an even worse one of sluggish was said it would in such cases, 
some 20 per cent This means lending, higher costs and lower It is also worth recalling that . 

that the new concession will net interest revenues. An aver- it was less than two years ago 4 ; 

add, on average, only about 3 age base rate of 7.44 per cent that the City went out of its 

per cent to dividends as a whole, was nearly a third lower than way to seek a private sector 

Of course, there is going to be in the comparable half year and solution to Dunford and Elliott’s 
scope for all sorts of accounting unlike one or two other clear- problems, rather than let it go 
fun, especially for companies ing banks, such as Midland, to the NEB. 


Ceiling of 5% 
on pay rises 


It is unlikely, however, that 
workers in seetors where 
there Is little union organisa- 
tion will be able to press their 
opportunity — although wages 
councils, which are statutorily 
exempt, will be able to make 
higher-than-average awards. 

Union leaders said that the 
exemption was more political 
than practical in effecL 

The majority Labour view 
is that the party will streng- 
then its position with voters 
by committing Itself in ad- 
vance to a tight counter- 
inflation policy and has 
secured a firm base from 
which to attack Conservative 
ambiguities on the subject 

The argument runs that 
most people, while resenting 
curbs for themselves, arc all 
in favour of moderation for 
others. 

Government supporters 

were pointing out that, with 

the possible exception of 
Ford, there are no major 
settlements due before mid- 
October, the most likely elec- 
tion date. 

In the Commons, Sir 
Geoffrey Howe, shadow Chan- 
cellor, said that the Opposi- 
tion fully endorsed the need 
for realism, moderation, and 
responsibility on pay. But 
the stage four proposals were 
too rigid to allow progress 
towards restoring differentials. 


which represented a read and 
continued threat to the 
pension prospects of millions 
of working people. 


Serious 


Attacked 


He attacked the plan to 
continue the threat of sanc- 
tions against companies ignor- 
ing the guideline as distorting 
and constitutionally improper. 
The Government had brought 
forward a programme for 
continued restraint on the 
economy. 

The Opposition regretted 
the decision to continue 
statutory dividend restraint. 



But, more serious for 
Ministers was Left-wing 
hostility, epitomised by a 
scathing attack from Mr. 
Norman Atkinson, the 
Trib unite HEP for Tottenham. 
The package was bad politics 
and bad economics, which 
would benefit only the Tories 
At one point, some Left- 
wingers were even threaten- 
ing not to support the 
Government in next week's 
Commons debate on the 
paper, if the motion on the 
Order paper specifically 
mentioned the 5 per cent 
figure 

But, with extreme care. 
Government managers have 
drafted a formula for Tues- 
day which merely urges the 
need for a farther sustained 
national effort to combat 
inflation. 

Although the Tories will 
vote against the motion, a 
united Labour turnout, backed 
by the Liberals, will ensure 
Government victory. 

By contrast, the dividend 
control Bill looks a far less 
sure proposition. With the 
Liberals declaring opposition, 
the Government would seem 
to be facing narrow bat well- 
nigh certain defeat on Thurs- 
day when it is debated. 

However, senior Ministers 
still are genuinely hopeful 
that enough MJPs from 
minority parties either might 
abstain or he abseot so that 
the Bill might just be carried. 

If it is. It will go to the 
Lords for- consideration on 
Friday and the following 
Monday. 


LONDON GOLDHAWKi 
BUILDING SOCIETY 

NOTICE TO INVESTORS 

Interest Rate 
Changes 

From 1st July 1978, the rates of 
interest on investment accounts 
will be increased by 1-20%:- 

net ' gross 

OrdinaryShares 6‘95% r *10-37%* 

Regular Savings Shares 8-20%= 12-24%* 

Deposits (Individual) 6’45%= 9-63%* 

Deposits (Companies etc) 5*95%= 8-88%* 

you pay basic race income tax at 33% 

The maximum that can be invested with the society is 
£15,000 for individuals and £30,000 for joint accounts. 

| -OTlease send me decrib of nil saving schemes 


£1-15,000 curzip to£30$00 for a jrant axount) I 


L^s. LONDON GOLDHAWK ! 

rCll BURPING society j 

I I 1547 Chiswick High Road, London W4 2NG. I 

I J Tel: 01-995 S3 21 And Branches ■ 

Mc^TotchcBnfldingSodeticsAMQcbiion. | 

AuiiKjrisedtorlnvesrmentbyTrHsroes. 

««■» ""I Printed bv St. CIcmenTs Press for and mbfehed 

ny mo Finjw««t ltd.. Bracken lienac. Cannon Street, London. BWp 4flV. 

- Q The Financial Times lad., IS 75 


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