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r T)ryGin MM I . no. 27,593 Saturday June 24 iy/8 **i5p S bum* M m**. Hutto and ' 

t — j 3 Plumbing Equipment for ihe Construction 

and Alted Trades. Northampton 52333 

~~ “ - ICBi AtjSlHlA 5ch,,5; *EU?1UM Fr.35; -DB1MARK KrJJ; FRANCE Ff.3.0; GERMANY DM7.0: ITALY L.500: NETHERLANDS F1.2.Q; NORWAY Kr.3 5; PORTUGAL Etc-20; SPAIN Ptaa.40; SWEDEN Kr.3.2S: SWITZERLAND Fr.2.0; EIRE ISp 


Saturday June 24 1978 


NEWS 


6ERERAL 



\ RY 


business 


29 Red Equities £17,000 rise fof 


Discount RVE '' OTE FA,LORE ™ RAT,FY 
cuts may Scfl&tC will 


rally. 

Gilts 

(lull 



A Turin court yesterday sen- 
tenced 29 members of Italy’s 
Red Brigade, to prison terms 
totalling more than 200 years. 
The coart acquitted 16 others 
and' - ordered a retrial for oue 
man. 

- - ' Red - Brigades supporters im- 
mediately issued a warning that 
tbeir. ' “civil war'* would 
continue and called on Italians 
tQ help “annihilate the anti- 
guerrllia forces” 

.'.-Prison, sentences ranged from 
■ 15 years for Renato Ciircio and 
Pietro JBassi, two oF the group's 
founders, to two years and three 
months for one defendant on 
minor charges. Page 2 

Tailing reprieve 

Mr. Bichard Tarling, who was tD 
. be extradited - to Singapore -on 
: Monday to face five charges 
under company law there, was 
given leave in the High Court 
‘ yesterday to apply for a fresh 
order of habeus corpus. Back 
Page 

Tank complaint 

A Commons committee has 
attacked the. Defence Ministry’s 
handling of technical problems 
wth. the engine of the Chieftain 
tank. The committee praised the 
tank gun and range-finding equip- 
ment. as first. class but added that 
the tank. had been’** let down by 
-its eugine." Back Page 

Refuge plea 

. About s;000 battered women are 
Hkely to seek refuge each year 
far iherase Wes and their children 
'Jn Ltmdon Women's Aid Centres. 

for an extra S50 
•Jlaees to be provided in refuges 
apd a- central telephone service 
to' help find" emergency accom- 
'modation for battered women. 


• EQUITY leaders staged a 
small technical rally as the 
account drew to a dose. The 
FT 30-Share Index rose "3.6 to 

4751 1 - ■ = - - = =?l 

F EIlmtostiM 
4 to^ Ordinary index j 

l__2' ajPMttn 1 1 


455[hOU».Y MOVEMENTS 

L_ (§> OATS CLOSE” 


1 14 20 21 22 23 

JUNE 1978 


456.3 for a loss of 14.3 on the 
week. Most second-line equities 
continued the downward path. 

O GILTS ended dull after a 
steady to firm start The 
Government Securities index 
fell 0.48 to 69.21 for a decline 
of 4-^3 on the week. 

• STERLING improved against 
the dollar, as did other curren- 
cies. It closed LZ cents higher 
at $1.8490 but its trade weighted 
index was unchanged at 6L4. 
The dollar’s trade weighted 
depredation fell to 6.8 (&3) per 
cent. It again reached new lows 
against the yen. touching 
Y206.3 in London before closing 
at Y207.5 (Y211). Back page 

« GOLD rose SI to $186} in 
quiet London dealing. . The New 
York June. ^rtl ernes t 
was 60 points down at $285.80. 

O WALL STREET closed 4.68 
lower at 823.02. 


tate chairmen 


ESY JOHN ELLIOTT, INDUSTRIAL EDITOR 

Proposals for giving nationalised industry chairmen pay rises of nearly £17,000 i 
a j fear, which would add more than 70 per cent to their present £23,000 1 
salaries, are being studied by the Government. I 

The rises have been put to the and upsetting the spirit of co- the chairman would produce only 
Prijue Minister in a report from operation which the Government about fl6\f50O not after tax 

the Boyle review body on top wants to sustain as it enters The £40,000 would gn to chair- 

saladcs, which also proposes discussion on the next phase of men of industries such as gas. 

smaller rises of up to about its pay policy. electricity, coal, railways and 

■ITO.OOO a year for senior armed Memories of the bitterness and airways. New levels also are 
forces officers, judges and civil political rows that the level of fixed for the most recently 
servants. the armed forces rises caused a nationalised industries — ship 

Tue report, which may he pub- ««*Ple of months ago are still building and aerospace— and 

iish -d within the next fnrtni"ht fresh in the Prime Minister's allowance is made for the fact 
pos.-s one of the man noliticallv mind and he knows that the that in 1974 it was proposed that 
™i..r?J£i?e lor tie cMrm'n wbo have not bad a Ibo nbainnen of .ho Post Offiaa 

Government since the present ma J° r P a - V r,se for several years, and British Steel should earn 
round of nav restraint be-an The are in a miliranlly outspoken several thousand two than their 

Cabinet failed to reach “decision m °° d - SSTrises for° cff. 

on what ro do when it considered T nses f r less " r StaTe 

the matter on Thursday. IgUOreU 


Cabinet failed to reach a decision mood - c?S 

on what ro do when it considered T SSSSS* ”*** f StaT 

the matter on Thursday. IgOOreO “ill the proposals are based nn 

addition to the general Lord Boyle, chairman of the a study of enmnarahlp salaries 

nationalised industry . increases review body, will be angry if its for chairmen in the private 
ro 140,000. the report also pro- recommendations arc ignored, sector. 

ptijes oven larger rises for the His last report in 1974 was not The reason why the chairmen, 
chairmen of the National Enter- implemented in full by the and their nationalised fellow' 
prise Board and the British Government and the new report, board members, are being put 
Aationaj Oil Corporation which, now in the bunds uf Ministers, forward for more than the other ; 
onn 3ys saouid go U P„ by about bluntly states that there is little groups covered by the report is 
ccc , nn Per ceQt t0 to point jo having a review body if that they did not receive any 

i65.(i00 a year. its proposals arc not accepted, thing In 1974 when the Boyle 

On Thursday the Cabinet con- This is the nearest rftat Lord report recommended up to 
side red whether it could phase Boyle and his colleagues have £16,900 each. Top civil servants, 
the roses over the next two years come publicly so far to threaten- Forces officers and judges, how- 
°f 60 in the same way that it ing to resign. ever, received an initial rise of 

did recently with increases In order to underline the up to £&J)Q0 ;< year, 
averaging 30 per cent for doctors urgency of the problem in the An added problem is that the 
and dentists and the general nationalised industries, the Government allowed the chair- 
armed forces. report, which was signed by the men and their hoard colleagues 

It would be difficult to do so Bayle review body and sent to rises of 5 to 10 per cent at j 
for the industry chairmen who the Prime Minister on June S. Christinas which, under the pav 
have been put up for rises twice gives net salary figures as policy 13-momh rule, could mean 
as large, at 70 per cent, without well as gross sums. It points out that they should receive nothing 
seriously angering union leaders thaf its £40,000 proposed rate for more till the end of this year. 

Steel demands general 


transition psan Westland may 

The.' Yugoslav Communist Party J! ritl ! cr ^ ftAft 
lias stream lined its leadership to OlSttUSS x-jUUU 



The Yugoslav Communist Party 
lias .stream lined its leadership to 
ease the transition of power when 
President Tito retires or dies. 
The party congress also stressed 
the country’s determination to 
.maintain national independence. 
Page 2 

..Vatican ruling; 

Pope Paul yesterday affirmed 
die Vatican's stand against 
artificial birth control and said> 
Roman Catholics must uphold 
'* ethically responsible paternity." 
Meanwhile, the Spanish Govern- 
ment has rejected Socialist 
Party efforts to have birth 
control pills provided free. 
Government statistics show that 
74 per cent of Spanish women 
favour family planning- Page 2 

“Art sale ■funds 

Public funds were made available 
I [or West German museums to 
/purchase works from tpe Robert 
Ivon Hirsch art collection. After 
five of lie eight sessions the 
(Sotheby’s, London, auction of the 
collection has reached £l21m. At 
| a Christies sale in London yester- 
day, a George Stubbs painting 
sold for £300,000. Page 4. 


. Briefly . - . 

A Mozambique communique says 
Rhodesian t roops killed 17 
Rhodesian refugees and two Bel- 
gians in a border attack. Page 2 
Quebec Provincial Assembly has 
passed a Bill establishing the 
framework for a referendum on. 
whether Quebec shonld secede 
from Canada. Page 2 
. Indian Congress Party workers 
who had pledged to donate blood 
■ equal to Mrs. Indira Gandhi’s 
weight. tripled their target. They 
donated 372 lb to the Red Cross. 
Page 2 . 

The Department of Education is 
to: review the system, for deciding 
parents' contributions to student 
grants; 

Voting in the devolution 
referenda in Scotland and Wales 
will take place on the same day, 
-the Government announced. 
Namibia has been admitted to 
full membership of the _ Inter- 
y national Labour Organisation, in 
spite of legal objections that it is 
not yet an independent state. 

AH three triplets born in 
Mendoza, Argentina, have been 

. named Mario in honour of striker 

Mario ' Kempes, who led 
Argentina into the World Cap 
_ final on Wednesday. 


O WESTLAND AIRCRAFT, 
which is negotiating a new wage 
formula with the 2.000 manual 
workers at its Yeovil helicopter 
plant, is believed to be on the 
point of issuing dismissal notices 
to them. 

Problems have arisen because 
the- group wants to end the piece- 
work system of payments which 
applies to less than half the 
manual workers. Back Page 

9 BL CARS shop stewards will 
urge the workforce at Long- 
bridge, Birmingham to adhere 
to official procedure and spurn 
wildcat action. The move fol- 
lows management efforts to have 
credentials withdrawn from two 
shop stewards who led an un- 
official dispute. Page 4 

• BRITISH STEEL could be 
running ioto new difficulties m 
its fight to reduce its losses, Mr. 
Gerald Kaufman, Minister for 
Industry, told the Commons. 
Page 3.* Workers who failed to 
save iron and steelmakingat 
Shelton are demanding £50.000 a 
head in redundancy payments. 
Page 4 

-O JAPAN’S tariff-cutting offer 
is disappointing to the 
Page 2 

0 BRICK deliveries rose to 476m 
in May from 447m in April al- 
though production fell to 39Sm 
from 402m. Page 4 

0 FIRESTONE may be told to 
the U.S. hceause of an alleged 
basic defect. Back Page 

COMPANIES 

0 SIEMENS of West Germany 
has gained full control of Gsram. 
the world's fourth biggest lamp 
maker, ’after acquiring General 
Electric’s 21.4m. per cent share. 
Page 19 

0 JOHN BROWN increased pre- 
tax profit to £23J2m (flO.bbm) in 
the year to March 31- Page 1G and 
Lex 

O RELIANT MOTOR incurred 

a pre-tax loss of £ 416,000 wtiie 
six months to March 31. . 
came to £220,000 in the first 
seven months of 1976-77 and to 
£360,000 for the full year. Page 16 

0 AMEY ROADSTONE and Pea- 
body Holmes announced a 
operative venture “ 

operations overseas. Them first 

lirgets will be the Middle East 
and North Africa. Page 3 


BY PHIU^ RAWSTORNE 


MR. DAVID SlUEEL, the Liberal 
leader, yesterday virtually en- 
sured an October General Elec- 
tion with a biuiit warning to 
the Government that the Liberals 
would help to bririg jt down if 
it tried to curry on until next 
year. 

In a major policy speech to 
the Scottish Liberal conference 
in Perth, Mr. Steel said be had 
advised Mr. James Callaghan of 
the party’s intentions some weeks 
ago. 

“I am now making this specific 
and public demand for an 
autumn election," he declared. 

The limited objective of the 
Lib-Lab pact to provide the 
political stability for the first 
stage of economic recovery had 
been achieved. 

But the country's problems 
now had. to be tackled with fresh 
determination by a fresh govern- 
ment. 

^Confidence would be under- 
mined if the Government tried 
to operate on a day-to-day basis 
in the Commons. “It would be 
bad for Britain and we would be 
bound as a party to seek to end 
it and secure a genera! election." 
■he asserted. 

Liberals had also long cam- 
paigned for four-year, fixed-term 
Parliaments and an end to the 


put Ip 
on a loaf 


By Elinor 1 Goodman, 

Consumer Affairs Correspondent j 

i 

THE PRICE of bread could go J 
up by lp or so a loaf in some 
shops because of a cut in trade 
| discounts proposed yesterday by 
[ Ranks Ho vis McDougall. 

The move is the first attempt 
to improve profitability in the 
1 industry since Ranks and 
Associated British Foods between 
them bought in April what was 
left oE SpiUers bread interests. 

The withdrawal of Spillers 
from the market means that 
there is less spare capacity in the 
industry and the remaining 
bakers may be in a slightly 
stronger position to negotiate 
terms with the retail trade. All 
the bakers have blamed mounting 
losses in the industry in part on 
the escalating level of trade dis- 
counts. 

Closure 

Whether or not Ranks can 
make its new trade term* stick 
depends on two factors: the 
strategy adopted by its com- 
petitors: and the Price 

Commission. 

In spire of the closure of 23 
Spillers bakeries, there is still 
some spare capacity in the 
industry and either Associated or 
some of the smaller independent 
bakers may decide to go for 
volume rather than fall in with 
Ranks. 

Yesterday Associated, which 
traditionally has been the 
| maverick of the industry, said it 
would consider its position on 
Monday. The first response of 
Mr. Garry Weston, chairman, to 
the news was: "Thank goodness 
somebody wants to make money 
out of bread.** 

The Price Commission said 
that it was watching the situa- 
tion: for purposes of price 
controls, a cut in discounts is the 
same as a price increase. But, 
even if it decides to investigate 
Ranks it is unlikely that it would 
be abfe to prevent the discount 
reduction going ahead 


reconsider 
fax treaty 

BY JUREK MARTIN, US. EDITOR WASHINGTON, June 23. 


THE U.S. Senate this afternoon 
voted to reconsider next Tuesday 
its vote of this morning denying 
ratification to the Anglo-Ameri- 
can double taxation agreement. 

It did so after lb* U.S. Treasury 
had passed word io Capitol Hill 
that the Administration was pre- 
pared to accept deletion from 
the treaty of its most controver- 
sial clause. 

This would have exempted 
British companies from the 
unitary tax provisions operated 
in three western states, most 
noteably California, whereby the 
stale levies taxes on the basis of 
a company's world-wide income 
and not merely on its operations 
inside the state. 

There were grave doubts here 
this evening.' however, over 
whether the British Government 
could abide by a treaty which 
Parliament has already 
approved, but which the Senate 
appears about to change 
materially. 

While the Administration 
remained non-committal, the 
view in Congress was that 
Britain might well be forced to 
seek a renegotiation of the 
treaty, which was agreed in 
principle two and a half years 
ago. 


system in which the election 
date was decided according to 
party advantage. 

The Liberal leader's ulti- 
matum reinforces the already 
considerable pressures on Mr. 
Callaghan to go to the country 
in October. 

Some ministers believe Labour's 
cause would be helped if it were 
forced to the polls by defeat in 
the Commons 

But only a marked reversal in 
the present rise in the Govern- 
ment’s popularity and the pros- 
pects of an inevitable defeat in 
an October poll are now likely 
to tempt Mr. Callaghan to bang 
on. 

Writs were issued in the Com- 
mons yesterday for the by-elec- 
tions on July 13 in the Labout 
seats of Manchester Moss Side 
and Penisfone which will give 
the Prime Minister another indi- 
cation of ihe public mood before 
the summer recess. 

Mr. Michael Foot — whose 
appearance with Liberals and 
Welsh Nationalists at a devolu 
tion meeting in Wales today has 
been sharply criticised by some 
Labour MPs — said in a BBC tele 
vision interview last night that 
Labour had a good chance of 
securing an overall majority. 

In Perth, however, Mr. Steel 


holdiv predicted that the 
Liberals would retain their 13 
seals and could make gains. “V»e 
can ri.j Britain of both the 
unacceptable face of socialism 
and Ihe unacceptable face of 
Toryism." he declared. 

Aiifttber hung Parliament 
would see the Liberals in a 
stronger position not only to 
restrain the extremism of Left 
or Right but to exert greater 
influence o’er a new government 
programme. 

Gaining overwhelming endorse- 
ment from the conference for a 
policy of co-operating in a 
future minority government with 
either the Tories or Labour, Mr. 
Steel stressed that electoral 
reform would be an essential 
pre-condition of any new pact., 

Senior Tories last night 
greeted Mr. Steel's talk of a 
possible Lib-Con pact with 
derision. 

Mr. Francis Pym, Tory' spokes- 
man on devolution, asked: “ Why 
did the Liberals save the 
Government's bacon last week 
when they want to see it fried, 
in the autumn?” 

He added: “The Liberals 
entered the pact with Labour to 
save themselves from electoral 
destruction last year. They are 
Continued on Back Page 


Profits 


Last month. Ranks reported, 
pre-tax profits for the six months 
to the beginning of March down, 
23 per cent at £16m. The Fall was 
largely blamed on losses made on, 
bread. 

Yesterday, it said that the 
closure of the Spillers bakeries 
was not enough to correct the 
economics of bread baking. For 
this reason jt intended re- 
introducing the ceiling of 22} per 
cent on trade discounts which 
was enforced by the Government 
until January of last year. 

Only very big customers will 
get a further 2t per cent cut and 
then only if the size of the deal 
means costs are reduced in other 
ways. 


The feeling was that, if Britain 
were to lose the valuable con- 
cession of exemption from 
unitary taxation, then it was 
thought likely it would with- 
draw the substantial concessions 
it had made in freeing American 
investors from key provisions of 
advanced corporation tax. 

Tiic- U.S. Treasury has calcu- 
lated tbaT this would produce a 
once-and- for-ah tax refund of 
about $365m to U.S. shareholders 
and a tax reduction uf about 
885m a year thereafter. 

. The earlier Seaait vote bad 
shown. .49 senators in favour of 
ratifying the treaty as it stood 
and 32 against— five votes short 
of the necessary rwn- thirds 
majority of those present and 
voting. 

The treaty's canoe bad 
appeared doomed shortly before- 
hand when the Senate rejected 
—but by only 44 votes to 32— a 
crucial amendment tabled by 
Senator Frank Church, the Idaho 
Democrat, which would have 
removed article 9, section 4 (the 
unitary tax exemption clause) 
from the treaty. 

The Administration now says 
it can live with this amendment 
and it is felt in Congress ibut 
this will guarantee passage of 
the agreement. 

Behind the objections: to the 
treaty lies the fac; that it 
appeared la circumvent States’ 
rights — specifically the authority 


of the States to levy local tax- 
ation in any way they think tit. 

Compounding this was the sus- 
picion that multinational com- 
panies, to which Congress fre- 
quently shows aversion, would be 
the prime beneficiaries of the 
exemption. 

The U.S. Government may now 
feel obliged to submit separate 
legislation defining the authori- 
ties of the Slate in taxation mat- 
ters. but this would be a time- 
consuming process with uncer- 
tain results. 

This was. after all. a solution 
suggested in the first instance by 
opponents of the treaty, notable 
Congressman Al U liman Mr. 
Ulltnan comes from Oregon, 
which uses unitary taxation, and 
is also chairman of the House 
Ways and Means Com Hill lee. 
from which all tax Bills must 
emanate. 

The treaty in it* unamended 
form had been vigorously sui*- 
ported .by both Government, 
commerce and industry. Gover- 
nor Jerry Brown of California 
also backed it after a late con- 
version. 

The Senate, however, succes- 
sively consumed by protracted 
debates over the Panama Canal 
treaties and labour law reiorm. 
had shown little interest in the 
issue in spite of some vigorous 
lobbying. 

In California there had oven 
been legislative moves after 
Governor Brown's change of 
heart to mitigate the impact on 
foreign companies of unitary tax 
in the state. Californian officials 
calculated that this could bring 
about S30in a year from F“:ti«h 
companies alonca nil as r.uu-i: .is 
82(Wm a year from ail foreign- 
based corporations. 

But two such Bills have died 
in the state legislature and can- 
not now* be revived until next 
year. 

Leading British companies 
operating in Cuifornia include 
many of the main commercial 
hanks. EMI. Unilever and Royal 
Dutch Shell. 

In Alaska, which also operates 
unitary taxation, the stale 
brings in an estimated $I0m- 
tflom from this system, a fair 
proportmn of which is paid by 
British Petroleum. 

In the absence of any new 
treaty, the existing Anylo-U.S. 
double taxation agreement, first 
passed in 1945 and since count- 
less times amended, remains in 
force. 


£ in iVetv York 


June 25 ■ Pr?rimi; 


v,.,r | SLAfer-tOTS j SI. $ 410*425 

1 j.ij'Jj.Ja .m 0.« 12„l.- 

i I.SO-l.:-.? iliv 1 .*/• 

10 in.int li -c !>,lr-4.s.i Ui* ' b.>o-4AS ii< 






Deutsche Babcock— Soviet deal 




. SY GUY HAWT1N 

DEUTSCHE BABCOCK, the large 
West German heavy engineering 
aqd generating equipment manu- 
facturer, has signed a co-operation 
and joint venture agreement with 
the Soviet Union. 

Under the terms of the agree- 
ment, which was announced here 
today- the German concern and 
the Russians will work together 
on the design and manufacture 
of- power station equipment hot 
only for the Soviet market hut 
also for sale in third countries. 

- Deutsche Babcock said it was 
Impossible to put u value on the 
contract. 

It was. a co-operation agree- 
ment which was expected to 
resyft in a large number of 


contracts from individual 
customers. It was impossible to 
estimate the amount they would 
earn for either partner. 

The agreement, which was 
about a year in negotiation, 
covers the sharing of techno- 
logical knowledge and the joint 
manufacture of power station 
equipment, power station com- 
ponents and other heavy engin- 
eering equipment. 

The two partners foresee im- 
portant earnings from the sale 
of licensing agreements as well 
as equipment to third countries. 

Deutsche Babcock sees the 
agreement, which follows closely 
the West German - Russian 
economic co-operation agree- 


FRANKFURT, June 23. 

ment. as being a vital part of 
its overseas marketing strategy”. 

It said it expected to benefit 
from Russian access to Africa, 
East Asian and South American 
markets. It could also improve 
sales to OPEC countries. 

The company already does 
considerable business with 
Eastern Europe and the new 
co-operation . agreement is 
obviously seen as likely to en - 1 
hance its sales to Comecon 
countries. 

A major shareholder in 
Deutsche Babcock is the Iranian 
Government which in 1975 
bought out the 25.02 per share 
owned by Babcock and Wilcox, 
the British concern, for £31.7m. 




• ■ ■ "4 




CONTENTS OF TODAY'S ISSUE 

Overseas news 2 Leader page 14 Wall Street 18 

Home news — general 3-4 UK Companies 16-17 Foreign Exchanges 21 

—labour 4 Mining 6 Fanning, raw materials ... 19 

Aus 12-13 lutL Companies 19 UK stock market 22 


CHIEF PRICE CHANGES YESTERDAY 


, ft - ) 


(Prices in pence unless otherwise 
indicated! 

ft • • RISES _ 

?i- Beerham : ' 

* Brown (J-).. 372 -r 26 

(Hawker Siddeley .208 + 4 

/ Ratal Electronics 2o2 r 4 

< Toye 66 + }_ 

Oil Exploration 240 + 1; 

Shell Transport 54 1 + 

Anglo Uid. Devs. 215 + 31 

De Beers Detd. 412 + 24 


Metals Exploration ... J i, 

Northern Mining T i? 

Pacific Copper 40 nr a, 

Tanganyika Cons. ... In* 


Facts and forecasts in the 

: inflation debate 14 

The grcal whaling affray ... 13 


FEATURES 

Property: Future for bouse 

prices 8 

Prospects for competitors at 

Wimbledon 9 


FALLS 

Exchequer l2pc’13/l« fj**” ; 
BrentnaU Beard. Jg _ ? s 

Decea ‘A - _ g 

SpSS^arc”’...^""" 150-& 


ApMffldnentsi - 

BrtdBc 

Chess 

XolLoctlna ..... 

Cmfwortl Plane ... 
Education- 

Economic Diary 

EMOtrcUnmeitt Guhfe 

-Ewo-optiBis 

Plunca aid Family 
FT- Actuaries Indies* 


Cantenina 30 

COIF - 9 

Home Coniracts w 

How to Spend U 11 

Insurance A 

Letter* M 

Lex » 

Man of the Weefc ... St 

Racing IS 

Shore information .. 24-25 

SE Week's Dealings 23-21 

For latest Share Index 


Travel 

TV and Radio 

Unit T rusts 

Week In Lnn. & NY 

Weekend Brief 

Weather 

Your Savings * lev. 


OFFER FOR SALE 
AHnmuiu America 5 

Barclays Australia ... 7 

’phone 02-246 S026 


Safety belts and airbags in 

motoring 9 

The bulls go Into S. African 
markets • J 5 


IS M & C Exchange ... 1 

a SchleslnWH- Prer. .. a 

23 {Comment Page Ifi) 

* annual statements 

“ LomL Prod. Invest. 17 

7 Youshnl Carrot* ... _ 17 

Base Lending Rau» 12 

IE Building Sot. Rates 21 

5 Local Amhy. Bend* a 

7 UN Convertibles ...... 21 


- Every evening an SAA 
747 Jumbo leaves Heathrow 
bound for Johannesburg. 

. On Mondays, it’s non-stop, 
i ■ And on Saturdays thereb an 
; . additional non-stop flight 
to Cape Town. 

All of them will give you 
j> \ the sunshine treatment all 
H i the way 

j : iv And-all will connect’ with 

U V our exclusive route network 
• i ; to 12 other destinations 
i.l . throughout South Africa. 



South African Airways 
Where no-one's a stranger 


H-. ' 


i- : ' ■ ^ vT ! •• Sroth Ik ~M > W-i.ne.OI -7J4** »1 

; Si«yci.r.tn&m"bdnr, 0J1^)-I ' °h05 H-ipe Mtcit.i itis^v . *1 U-* ?1 IVier V ra-t-Ma jx bevu-t. > lv> ; $.» 


laiKii-AA.i*-:. 









OVERSEAS NEWS 


■ » * ' — —■*** ■! Mil ~ - — 



on tariff cuts 
to EEC 


BY CHARLE5 SMITH 


TOKYO, June 23. 


^THE EEC finds the tariff-catting countries invoking the safeguard whereas the dollar figures 
offer made by Japan at the multi- to justify their action in front of shewed a 6 per cent. enlargement 
lateral trade negotiations in a committee of signatories of of the surplus, and the European 

Geneva “disappointing,” and may GATT. unit of account figures an 

be forced to reduce its own offer The remaining problems con- increase of II per cent (for the 
unless Japan takes steps to im- nected with the safeguard clause first quarter of the year only), 
prove on it. said Sir Roy Denman, were centred on the quantitative Sir Roy said the Commission 
EEC Director-General for Import restrictions maintained by would withhold judgment on the 
External Relations, today at the some European countries. Sir state of Japan-Community trade 
end of two days of talks with his Roy said. He hoped that these relations for the time being, ana 
Japanese opposite number. could be settled by early July, would resume its monitoring of 

o- tj . Sir Roy said -that Japan had the situation early in October. 

Sir Roy said that the trade „ asserle( j during discussions oo Sir Roy described the. talks as 
negotiations settlement expected bilatera i trade re [ a tions that extremely valuable, despite the 
early next month represented the thfire was aow a downward trend lack of conclusion on trade issues, 
last opportunity advanced jts gurpiua w iyj the Com- The periodic "high level talks” 
country were likely to have for munit y His own view was that between EEC and Japanese 

ThJSminSt! there were “some encouraging officials was the beginning of a 
reciprocal basis. Tli o y c ; onc »» in the current situation, “ regular, friendly and com. 

between the 



‘would 

' 

attend 

talks’ 



hoped not to have to deal with b ® t ns thaI a clear trend could not prehensive link 


the situation by withdrawing part ““ 
of its own offer. But the final > c L. ue i a e?°neu. 


The picture looked different. 


two countries. 

Japan today -decided to speed 


settlement would have to be one aceor ding to which currency up plans for emergency imports 
that could be defended to the trade figures were denominated and export curbs to cut the 
European Council of Ministers. m There were also erratic country’s huge foreign trade 
Agreement was fairly near on month-to-month changes in the surplus, according to Mr. Toshio 
another difficult issue — the fig-ures. Komoto, International Trade and 

hammering-out of an acceptable To back up his views. Sir Roy Industry Minister, 
selective safeguard clause, Sir quoted three, sets of figures for But the decisions reached at 
Roy said. The EEC felt this recent two-way trade between the much-he raided -meeting of the 
would be necessary to deal with japan and the EEC based on Government's economic, council, 
cases of excess market penctra- dollars, yen and European units which took place against the 
tion rbat might result from the 0 f account The yen figures background of a sharp rise in the 
growth of exports of some deve- showed the surplus during the value of the Japanese yen this 
loping countries in the next few fj r5 t five months of the year week, fell short of the expecta- 
years. diminishing by 13 per cent from tions of many bankers and 

The clause would require the same period of last year, financial experts. 


By Tony Hawkins 


Canada wins $3bn credit facility 


BY VICTOR MACKIE 


OTTAWA, June 23: 


Quebec work bar battle 


THE CANADIAN Finance financial arrangements made by During the first four years the 
Minister, M. Jean Chretien, today Canada since last October. These amount available to Canada will 
si"tjed an agreement on behalf of include a S2.5bo revolving stand: be $3bn. while in the succeeding 
Canada in New York - with a -by credit f acUity with the years- the amount will be reduced 
group of international banks for Canadian chartered banks, a in steps to blbn for the eighth 
a new U.S.$3bn revolving credit $750m bond issue offered publicly year. Canada will have the option 
facility to be used to defend the- on the U.S. market and a at any time to cancel without 
Canadian dollar if necessary. ‘ DM1.5bn borrowing in Germany, penalty all or any portion of the 

The new credit facility coraple- The new.SSbn credit facility is facility unused at the time of a 
meats several other external to be available for eight years, cancellation. 

Interest rates on borrowings 
will be the average of'the prime 
lending rates of a represetantive 
group of U.S. banks, with an addi 
tional one-quarter of 1 per cent 
BY OUR OWN CORRESPONDENT . OTTAWA, June 23. per year being payable during 

the final four years of the agree- 

M. PIERRE TRUDEAU, the less the Federal Government menL 
Canadian Prime Minister, is challenges in the Supreme Court Canada will pay a commitment 
seeking advice from -the Federal a new Quebec law which pre- fee of one-quarter of 1 per cent a 
Department of Justice on how vents most Ontario construction year on the unused portion of 
to handle a battle that has workers from taking jobs in the facility, 
broken out between the Quebec Quebec. The new SA3bn credit facility 

and Ontario Governments over Premier William Davis of was managed by the Citicorp 
a ban on Ontario residents work- Ontario has written to Premier International Group, together 
iog in Quebec. Rene Levesque of Quebec out- with Bank America International 

He told the Commons he bad lining -Ontario's position and Group. Bankers Trust Group, 
asked for advice on whether the offering to' meet him to try to Chase Manhattan Ltd.. Chemical 
matter should be referred to the solve the dispute. M. Levesque Bank. Continental Illinois Ltd., 
Supreme Court. said today that in Quebec city Drfesdner Bank AG, Manufac- 

Ontario's Conservative Govern- his government could not change turers Hanover Ltd. and Union 
ment has announced that it will its policy and would not delay Bank of Switzerland. Over 90 
har. Quebecers from working on implementation of the law, which U.S.. European and Japanese 
construction sites in Ontario un- comes effective on July 1. banks participated. 


Peking clash with local leaders 


BY COLIN A MacDOUGALL 


IN SPITE OF apparent agree- senior official publicly, unless he tinuing oo a considerable scale, 
ment on most national policies, was in diGgrace. Although no Other hints of trouble revealed 
Peking is still facing serious names were mentioned, every in broadcasts are probably just 
trouble from provincial leaders reader will know that tbe Shensi the tip of a large iceberg of 
who do not implement orders. official in question is Li Jui-Shan. political infighting and corruption 

This emerged clearly from a His last public appearance as in Shensi, 

recent issue of the Peking Shensi leader was on June 14. Relations between Cambodia 
Peoples Daily which carried! on Li has worked in Shensi province and Vietnam have further 
its front page an instruction since 1968. but for the previous deteriorated with what is believed 
from an unnamed “ leading 10 years was a colleague oF the to be the first broadcast over 
comrade” of the central com- present party chairman, Hua Hanoi radio calling on Cam- 
mittee to the top party official in Kuo-Feng, on the provincial bodians to overthrow the present 
Shensi province. He was warned party committee of Hunan. regime in Cambodia, 
to run affairs properly around Whether tbe warning is a sign A defector, describing himself 
the Cooimunists’ old northern of a split at the centre remains as a former battalion commander 
base of Yenan. to be seen, but it certainly adds in the Cambodian army, called 

It was hitherto unheard nf for to the mounting evidence that on his fellow soldiers to topple 

a Chinese leader to criticise a provincial difficulties are con- the Cambodian leadership 


SALISBURY, June 23. 
PRIME MINISTER. Ian Smith 
today said he and his black 
allies in the. ruling Executive 
Council would attend a new 
Rhodesian settlement conference 
il they felt it would be construe- .| 
tive and stood a chance ol 
success. 

But he reaffirmed the Execu- 
tive's Council's belief that an 
all party conference with tbe 
Patriotic’Front guerrilla alliance, 
which Britain and the U.S. are 
trying tq . .set up, would be 
abortive. . 

Facing a barrage of questions 
from black BffPs in parliament, 
Mr. Smith said: "We are not 
opposed to going, to another con- 
ference.' What we are opposed 
to is .' going to one which we 
believe will be abortive. 

“As long as we were satisfied 
that arrangements were con- 
structive and there was a chance 
of making progress we would 
go, but otherwise we believe il 
would be counter-productive.” 

Mr. Smith continued: “ I am 
not asking for any guarantees. 

I am simply asking that the con- 
ditions under which the confer- 
ence would be held would be 
constructive and would give hope 
of success." 

. .He --and the 'black Executive 
GounciL- members. Bishop Abel 
Mozorewa, -the Rev. Ndabaniogi 
Sftbole- •■■and “Chief Jeremiah 
Chiraih'-belfeyed ‘it was in the 
n'^tiropd-' tfitertstr'to proceed as 
rapidly as. possible with the full 
implementation of the interna/ 
settlement agreement which they 
signed on March 3. 

The Executive Council he 
said, had repeatedly stated that 
tbe externally-based FF leaders. 
Mr. Joshua Nkotco and Mr. 
Robert Mugabe*, -vfere welcome to 
participate . , iif ".the Salisbury 
settlement exercise .on an equal 
footing and contest the proposed 
one man, one vote elections at 
the year's end. 

The external leaders have 
rejected this invitation and have 
consistently demanded that they 
should take control of the 
country in both the civil and mili- 
tary spheres. and that the security 
forces should virtually he dis- 
banded. j . 

“In the light of the obdurate 
attitude of the external leaders, 
the Executive Council is not con- 
vinced that it would be m the 
national interest to delay imple- 
mentation of the Salisbury agree- 
ment by attending, a conference 
which has no hope of success. 


BY PAUL BETTS 


ITALY'S celebrated Red Brigade To show their contempt f< .the. two years ago hut was p 
trial— interrupted twice by ter* whole judicial process, ' ( tch* following 
rorist killings— ended finally in an d his co-defendants, refui fl te ."Brigade terre 
Turin tonight when 29 of the 49 j£a Ve their cells for the f twI ? esco « c °5«i 1 
accused were sentenced to a total epntencinz. which came afi r 54 - * 0T General, 


rorist killings— ended finally in 3 nd his co-defendants, refund to "Brigade terrorists ^ AN* 

. 


able io cuufliuuw » ***** _ . .. 

- concerted intimidation .eamprign t&e_ Ppss&dity . of ,1 .major 0 ut- 
W culminating in the assassination break . of, : terrorist violence to * •- 
.W-ttfa leading Turin lawyerion-the ;mar^'th«-.eTrt^ > .what is -widely 
Humeri diet an ail-time record In IftUaB <>r the triarsiopeniag. i; :r ' : most cere- ... 
claimed --|tart ev ^ ItaUjm authorities . ^er^ht^ted^war^il: In the past >- 


SWSWMSSB StfSSSX 

Smm «aa*» 


and murde^o^Sig^A j do M ore . determined to 


Ule runner rnuw wumc. — t u,, barracks hao» 
given a sentence of IS years. But 5S«ed bv hundreds^ 3? 
he and others of the accused have by Arm? units 

still to appear on more serious DacKea 
charges, including murder. The original trial opened 


- this time, especial^ following mtddeYed'a ^ettoa police officer . . . , 

J)een- the trauma of the Mbrd afffe -inrC- ciowded bus-.. and “knee-..’ : v . 
wlice, 0f the 49 -Red'^firi^dO employee, of .. . 
* ^.'members on trial-^only -.15^of? thr.T^^.s^-'^cari.pl^it amar' ;: , 

iomie 7 the terrorist leaders^-Ha^fbeeiih : ■■ _ 


Indian 

Minister 

criticises 

Janata 


Tbe crisis in the ruling Janata 
party appeared to deepen yester- 
day when the powerful Home 
Minister. Mr. Charan Singh, said 
that yesterday's disciplinary action 
by the party's leaders against the I 
Health Minister sounded “ the I 
death knell” of the organisation.! 
writes K. K. Sharma from New 
Delhi. He said this after con - 1 
ferring with the Health Minister, 
Mr. Raj Narain, and other fol- 1 
lowers in the party faction which 
Mr. Charan Singh leads, thereby 
suggesting that he planned to i 
breakaway from the Janata. 


accord 
on Europe 



EVERY PORTFOLIO SHOULD HAVE A STAKE IN JAPAN 


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

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

3. Japan is politically stable, with industry 
and government cooperating to an extent 
unknown in the West 

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

5. Inflation and interest rates arelowand 
the currency is strong 

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


Crescents investment managers have 
extensive experience of investing in Japan and 
are acknowledged to be among the leading 
groups in the United Kingdom in this field. 


The Fund's objective is long term capital 
appreciation. Investment policy will be to 
concentrate on the major growth companies in 
Japan. Initial investment will be made by 
purchasing investment currency, but it is 
intended that Crescent Tokyo Fund will also 
utilise foreign currency borrowingfacilrties, - 
The estimated gross starting yield is £0.5%p.a. 

Please remember that an investment 
In a unittrustshould be regarded as longterm. 

'The price of units and the incomeffom 
thenfmay go down as well as up. 


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


AppUcalknu and ijieques will be 
acknowledged and certificates will he 
sent to you witiim 28 days of the dose 
cifltw offer. 

Units may be boughtand sold on any 
normal vrcrkingday: Paymsitfor units 
sold will be madewitfmlOvTOfkingdays 
of receipt of your renounced certificate. 


I AD DmONAL INFORMATION I 

in most tearing newspapers. Comrmsion 
of , wfl be pad to recognised agsits. 

An iratol charge of 5% rs included in 
the offer price. A haff-yearfy charge of 
s -16 of 1% (olujVAT.) for Managers' and 
Trustee'sexpenses is deducted from the 
busts assets. 

An annual distribution of net income 


Unit prices and yield wffl be pubTehed daily wiD be made on 15th October. The first 


distribution will been 15th October 1979. 

The trust is a "wider range" invest- 
ment authorised by the Secretary of 
State for Trade. 

Trustee: The Royal Bank of Scotland 
Limited 

Managers: Crescent UnitTrust 
Managers Limited (A member erf the 
Liret Trust Association). 


To: Crescent Uret Trust Managers Limited, 

4 Melville Crescent Edinburgh EH3 7JRT4:03L-226 4931 
[Registaed in Scotland No. 51269. Registered address* above) 
l lflfe wish to invest in Crescent Tokyo Fund units 


at the fixed price of 25 pence per unit (minimum initial 
invest ment £1000). 

I 'Vfeendosea diequefor this amount oayabJe to Crescent 
Unit Trust Managers Limited (After the close of this offer units 
will be available daily at the offer price then ruling.) 

i6Lvi>. W’Al -PLUSC) " 

Surname: Mr. 


!/V^(tedarethatIanv , wearenotresidentoijt5idetheU.K. 
or other Scheduled Territories nor acquiring the units as the 
nominee(5) of any pffson(s] reskientoutsidethesefeTitDnes. 

Sgnaturefs}:. 


(If there are jorntapplicants esdi must sign and attach names 
aid 1 addresses separately): 


.Date. 


This offer is not available to Republic of Ireland residents, 
Hyouwoukilikec^txjtiorGofricometoberefiveste^ 
please tick here. □ 


FuB Fdrename(s):. 


Address: 


CRESCENT 
TOKYO FUND 


H 

Initial Offer price 25 pence {doses June 30th 1978 or earlierat 

FT 17 2 


Managers’ discretion). 


By. Margaret van Hattem 
/ BRUSSELS. June 23. 
THE BRITISH Labour Party to- 
night joined other European 
socialist parties in signing a 
general declaration of principle 
designed .as a framework for a 
more specific manifesto for next 
year’s direct elections to the. 
European Parliament 
But Mr. Ian Mikai do, chairman 
of the party’s international com- 
mittee, indicated afterwards that 
the party was not committed to 
the joint manifesto with the 
other parties. He said the British 
party might write its own mani- 
festo. within the framework of 
tonight’s declaration. / 

This, it is suggested. would not 
impose any restrictions. I The 
declaration is extremely general, 
even on unemployment, one of 
the main planks in the socialist 
platform. - Here it confines/ itself 
to general principles such as dis- 
tributing available employment 
more equally by shortening the 
working week and lowering the 
retirement age. / 

None oF the party .leaders 
present appears likely to stand 
in next year’s election. 1 Even 
Herr Willy Brandt, president of 
the West German Ssocial Demo- 
crats, who had earlier declared 
himself ready to stand, indicated 
he was having second thoughts. 

M. Francois Mitterand. French 
Socialist leader, and Mr. Joop 
den Uyl of the Dutch Labour 
Party, said they were otherwise 
engaged. 


End to monopoly of 
Western Union uiged 

THE U.S. Commerce Department’s 
National Telecommunications and 
Information Administration, has 
urged an end to Western Union’s 
telegraph monopoly, Reuter 
reports from Washington. The 
agency said it believed that the 
telegraph service, viewed in the 
context of the rapidly evol ving 
telecommunications industry 
generally, should be "substanti- 
ally, if not totally, deregulated" 
as well as competitive. 

The comment came in a filing i 






i ; . U5£ J .DayI d" Ewmon .. , 


- --:r \ 

a iq or*--. 

'&ggte^Ive^attttu(fe ? towards ~ the : 
TI^.'“ami^ita''role : iil > lhe f Mlddh 


Crown Prince Fahd oi 
Chancellor Helmut 
ference in Bonn) said 
West Germany that 
replacing the dollar- as 
if his Government was 
for this role, the Saudi 
replacement of the do 
peated the Saudi posi 
Government was., ag 
impact of the denar’s d 
Saudi Arabia, had s. 
country’s main concern 


Arabia (with- West, G®riaan 
MJ ai yesterday's joirrtT hevys :cdH- 
end of his threetfay 


East^e^^irpcess- : £Lthe waked."-. 

isW^KrrgtOTi’s one.-- _... 
sideff erifiQsnx of -Jerhsaleni thi r ' ‘ 

: Weekr^ • /-'r • - *:?- - x ' ‘ - •• • r . 

i Pr^ae^^rter’-s praise ft>. .' 
TEfe^tfei^rTvinoderattim " an-; 1 . - . 

m^sm:^Tlsf9eUvrfeplies“ t;: • . 

qjte^tiDn has angere- : 
who believe - tha- : - ■ 
edyance th, 

(^desitt^rfsije'a'ce ; . - . ; - “ 

^ Kraeiiis awe emphasising tha.- - 


-m&l? ■" answe 


iTualn reserve wxrrpncy^ AiAed:; 
&««tcd in using the 

said: “ The question . o £ ’thof T 


to : 


^'j^price rise. Asked ■’ about/ Ih e 
bin value, 

to some e3rtcnd ; >^d' ; T&^^. r > 
to try to hei^' flte^ort^gipe^ ' 


throtigiv^rap Americans. „• Th^i. t 
feeTiiig- herd - Tis-'that WashingtoiA j 1 1 1 1 
press -Gairp-‘ for answertU*- 


betoft crittCisihg ihd content c 

WpUea . about -fh,i * 
fhture:df?the West fiahk: - a|(|Tl| - 

*. '.Tjaaifll ifi-erhectiDg- new Ameiq|(| J If. 


Disagreement 
between UK 
and Cyprus 


By David Tonge 

TALKS in London yesterday be- 
tween the President of Cyprus, 
Mr. Spyros Kyprianou, and the 
British Prime Minister^ Mr. 
James Callaghan, ended in dis- 
agreement. 


Mr. Kyprianou propose^ that 


the next step should be an in- 
ternational conference under the 
auspices of the UN or of k com- 
mittee of members of the UN 
Security Council to implement 
previous resolutions. He also re- 
peated his recent suggestion that 
Cyprus should be demilitarised. 
Speaking after his talks with Mr. 
Callaghan, he called for tbe with- 
drawal of tbe Turkish and Greek 
troops and said there should be 
no Cyprus army, merely a bl- 
communa-l police force under UN 
supervision. He also dismissed 
tbe proposals for a settlement 
tabled by the Turkish side on 
April 13. . 

Mr. Callaghan had told him 
that it only favoured the UN 
playing a role in so far as this 
involved, the Secretary General, 
Dr. Kurl Waldheim, bringing the 
two communities to a nego- 
tiating table. The British view is 
that an international conference, 
the idea of which was originally 
proposed by the Soviets in 1B74, 
would .not be helpful* 


with the Federal Communications 
Commission hs part of the Com- 
mission’s consideration of whether 
to open up domestic public mes- 
sage services. 

Soviet manoeuvres 

The Soviet Union has not invited 
Western observers to attend iand 
and air manoeuvres by 30.000 
Soviet troops next month in East 
Germany, Reuter reports from 
Brussels. .The 1973 Helsinki 
security accords require NATO 
and Warsaw Pact countries ro in- 
form each other of large-scale 
exercises, but there is no obliga- 
tion to invite observers. Since 
1075 Warsaw Pact nations hnve-iu-: 
cited Western observers to Tour of 
the eisht manoeuvres of which 
they gave notice to NATO. 

Saiomca return 

Many of the 500,000 people who 
fled from Salonica after Tuesday's 
earthquake ventured back to the 
city yesterday as it struggled to 
return to normal, Reuter reports 
from Salonica. Some came to see 
if their homes were safe to return 
to, others to collect belongings. At 
least 42 people died in the earth- 
quake when an eight-storey block 
of flats collapsed, and as rescue 
■workers due carefully into the 
debris police said they still 
feared a higher death toJL 

Irish jobless down 

Unemployment in the Republic of 
Ireland has fallen below 100.000 
for the Grst time in four years, 
according to the latest figures, 
writes our Dublin correspondent. 
The Government, which has 
promised to abolish unemployment 
if its policies are followed over the 
next five years is certain to claim 
the figures as proof that its policies 
□ re working. Opponents, however, 
will point to the resumption of 
emigration, believed to be running 
between 1U.000 and 15,000 a year, 
mostly to Britain, as at least partlv 
responsible for the decline 

Dutch transport strike 

PUBLIC SERVICES in Holland's 
major cities came to a standstill 
when workers held a one-day 
.strike to protest against forth- 
coming Government spending 
cuts. Reuter report from The 
Hague. Thousands of people used 
bicycles to get to their jobs or 
stayed at home for a long week- 
end to beat the -stoppage of bus, 
train and tram services. 


..-•Hi* 'InMfiL-pwbleins. . i-, • -j: rthgjslaiemated Tsrael-Egypt neg> 

^ Whether this will : takZ !'- N * w ■ = ' r : ■ 

tfaffdrin af a meeting betwee. _ . . 

8»; American, . , Israeli an ' 


: jf. -A . - 


USSR am|^urkeyilH 


BY OUR OWN COR 



NDENT •- • iv - 

- ; 

MR. BULENT ECEVpt the in Washihgtonf^tb'-ijrge -^n end 
Turkish Premier. today «igned to. the UTer supply 

a political document wsh- the ' o f. wapOTS^T-Tdricey _ Vqteff : by. 
Soviet Government, reafgiimiu^ Cgngrg^h^ll^^.aft^r:. , I^r^^ 

.ip: -197ft.. 


a, mubiai non-aggr 



Eg3Ttian ^oreigh" Mjnfeters i-. - 

t.T.'qn'ajBn', vor a . possible : tLSr peac- : ' 
.shuttle has hbtyef been clarifieP - 
senior officials ‘.in' 'the Prim--' 
Minister’s office” Aold-tbe Fin’af - : 
ciai. Times. ■< y •?. . . 

. Whateyra'' the mew America ' 
move; lanel dqes^hot intend i - • 
make any.; more - concession'—'- 
accordlng- lo hfficials here, unt : j /: - 
the •' Egyptians..' provide sort . : - .- 
replies ‘ abou|-. hh cwicept of, 
peMe.'agreemeBL- ■' ^ . .. .... 

Ifbshe DajqpL .^he For^ig-, ’ 

: M§iistei: 4 /^d7MOT irtry ; vO^cia, .r- 

y estertfey- " tijati' f liwe? 


and pledge that twtr heighhour- 


(cohde3sUofk -will riot advance .th‘ 
breed 


[LG admits Namibia 

The International Labour 


Organisation I LLO> has admitted 
Namibia (South West Africa) as 
a full member, overriding legal 
objections that this South 
African - administered territory 
was not yet an independent 
state. Reuter reports from 
Geneva. 


Korean co-operation 

South Korea yesterday proposed 
the creation of a consultative body 
"for the promotion of South- 
North economic co-operation’’ to 
assist trade, technical and capital 
co-operation between South and 
North Korea, 


■v-./U 

Yugoslav Congress ends, 


with big ovation 


BY ANTHONY ROBINSON 


- BELGRADE.;jdoe^-^ ;• 


YUGOSLAVIA’S determination to 3n,-4enns of domestic politic^, 
resist superpower attempts to this '^Congress' . endorsed:? the 
subven the non-aligned move- “ leading..; 'role ” of the_ LGY;-j 
ment abroad while developing rejuvenated the Central -Coto- 
socialist self-management and raittee by the election of 96 new. 
national independence at home meiaberi/to- this IBS-strong body 
have been the major themes of and '.ateated a streamlineil . 24; 
the Eleventh Congress of the member .-.- preadency -the 

Yugoslav League of Communists, Central Committee. The . oew^: 
which ended as it began, with a smaller presidency, with.. - Mr; 
standing ovation for President Stane. Polanc as Its secretary 
Tito. general, will henceforth; he the 

.. Witiiout mentioning the Soviet S;gS e ,o.ft a SnS 

SuL on core, of- .authority, in a .highls: 

Tito a " d M Jhe former Foreign diffuse ^rstem; and -as a kind erf" . 
Minister, Mr. Milos Mm ic. made coUe^ve jeadership to - guffran-j 
clear that Yugoslavia sees what tee , continuity in : the eventual' 
it describes as hegemomsm as no^-Tiroirporind. 
the main enemy of the non-. e BobinsW Writes Won 

aligned movement, particularly in warsawvMr.' Edward Gierek. the 
Afnca - Polish leader, derifed .to day ’-that 

Against this background, the any .-chdnges the Comecon 
announcement that Mr. Hua statute ■’were 'io be discussed at 
Kuo-feng, the .Chinese leader, the • forthenming - Comecaft 
would visit Belgrade this summit: meeting iu Bucharest -gt 
autumn represents another the end ;of^ ^this month. ThedMual 
major underlining of Yugo- seemed tfm&d it earlier .reports, 
si avia’s independence from that the^ summit was to disedsk 
Moscow. This independence has hew : voting proposals V. which 
also been asserted by continual, would .mean a. shift from ’ the 
and heavily applauded, reference unanimous- voting procedure)' .at 
to the efficiency of the army present in. force to. qf'-systfem' 
and security forces — w— 

the conference. 


peace ; process '.ibut-. only invit. ^ 
fiHther jpresSure 7 for. uriaccep 
abfe- concessions. . . ■ ■■ • r 

IsraeL wniild prefer, to . revei , t 
tO - 'direct Vneghttattons wlf . 

Egypt r4tHer . th?n ■ deal ffiroug.. 


from . offering 

ing countties have/no ag^essiye ^. we Imyei o'! 

intentions, respeer their inde pen- ^- eai A. vii 

derice territorv- different The v Pn«neY M4nister-said ; he 
regimes and. way .of life,” he said believe^ therV.we^B ^. hopeful 

later at ajn'ews conference. The ’Auterlcah iriediator. Pro 

document . was -also; signed by ^’Yadlh, r the' Deputy Priti ■ 

Mr Ai^ypi lvosvom the -Soviec would .be endea-VHe. refused .fq. 1 - 

Prenupr lvosygm ’ me r° VieC speculate\bout hli Goyemment’s 

„ ' ... = . . , course- afl the embargo Is 'not 

Mr. Ecevit said the new docu-. jiftedL 1 - Vt> . .. ^ 

ment will have, no bearing on During two days' ot talks heio, 

Turkey’s commitments . as a the Turiw\and ^Russians agreed 
member of NATO- "Defence is to a _,new \o41- 
something elsefrom aggression," • a p t j- oil exploration -of tire 
he stated.- “I don’t think that Elai^r Sea.’:M©scow- hfc- agreed- 
NATO has aggressive inten- t0 pr ^de about 3m /trips of oti' 
tions.” annually to Turkey. in. r^timifpM 

Mr. Ecevit . has recently been wheat ,’;and metals.-. V_,. 


ister, said- yesterday. “Tk 
maip task- of -the .U.S. right no- 
is- to ’bring the .iwosldes togetht- - 
aM’pre&aqre. on. one side alon -• “ 


wDl ' not . achieve ■ this aim.* 1 - -■ - ■ 




111 

‘ . -,-Y : '-3[ 

CU^A. if still ' firirily committe 



Entrea; oae"'d£ the fwo 
guerrilla,-: movftmmits said. _i 

for^fr^^^a^PopiSr Mper ' -vr .. _ 
tion^Frdnt said that there' ww--- . ; ••••’. 

COOrf "Gaba n ,trd ops in Asmar , • 
and.:QpferStiori^ in Eritrea wef/:- --' 

.being ^dlrgeted : by a : -military :r : . 
council:' composed of RussiaiT::. •' ’ ; • 
Caban and' Ethiopiarir officers.’ "i* 
"Despftetrtportrf that Cuba wj-V .. 
reluetant’to support aifEthiopiai':-, • c 
offensive, Mr. , ,- Amdemicat > t ’ * - • • t . 
Kahasal- -pdloted Put that recer.v- ' • » ’ - < 
Cut/a o statements supported tii r , 

principle, ttf 'Ethiopia remainlo ^ ; 

intact arid attacked the guerolt.;^ * r.s. 
movements . as irstruments: "tv-j ‘ ' 7 .. 

US. imperialianu' •.,* 

. Cuban trtops'b&d -abt ! ■ 

volved in recent fttmtUne -dtgn : 

a major supporting' rale, he..skit,' ' - 1 
He also ‘said, there two. op cot- 7; /■: 

finnatloB eff' report ifiaf Sour ; . t t 

Yenren .:was>4w«h«awinfi it ' ; 

troops -ftijm: Ethiopia.^- . • v. 4 :.r - V 

v • Mr?. -Amda mlcael -saW- 1 that th-;: ‘ ^ 
Efhioplajr: dffepsitve was 

ininent-v fj. \ C - \ • • 7 " ■ ^ 5 • 

.President- Fdlix ? Jftallpum c 
IChad^ald .^HBiaac.ctB ..of Libya 
.droops:-, backed -,by ■ CtAMis wer 
tfirils ttag^ftopa war eft into ' m V. * ? ^ 



BY- ROBERT GRAHAM 


EFFORTS BY. the Socialist 
Party to have birth control 
pills freely available under the 
State social security system 
have been rejected by the 
Government The Government 
argued that social security has 
□0 obligation to cover those' 
who opt of I heir own choice to 
lake the pHK merely those for 
whom it is considered medic- 
ally essential. 

According io official statistics 
quoted by Socialist Deputies in 
Parliament, 70 per cent of 
Spanish women now use some 
form of contraceptive device, 
while 74 per cent are in favour 
of family planning and 71 per 
cent are in favour of State 
assistance in ibis. 

However, the Government 
has avoided any move which 


would link it with open promo- 
tion of birth control, especially 
the pill- It has even decided to 
call 74 family, planning centres 


of the legalisation -of . abortion: X' SESrey - pmiataln that the 
in the new constitution or State sbmrifl acecpt that the 
abaJitiori df the death pena)ty. :v iii^ the rfght to 

This alFfarice has also enabled ' exercise - greater freedom .iff 


which it will shortly establish a side-stepping on 0fe dtVor«?: as ^ 6 ^ 

by the name “ordenadon issue, hf vdrafting the’ 

'"position- % basedToa /’ Gdi?ertiin®nr ttSebr is pioffim- 


farailiar ” . . (literally, family 
organisation) rather than 
“planning familiar.” 

Recently publicity, to pro- 
mote birth-control pills- was 
legalised bat the ruling Union 
de Centro Democrat I co party, 
backed up by the right-wing 
Allanza Popular party, are 
fighting a'. strong rearguard 
action to prevent too great a 
liberalisation of laws that deal 
with matters-of life and death. 

This alliance of the two 
parties provides a substantial 
majority in Parliament, and 
their opposition has success- 
fully prevented any inclusion 


% 
Cds 

s. . spam.:. T iag- change. For Instance,^ (uVt 
•CaChallv - - - >«WsioQ *• v. 


stiturton. 

Their . ... . ^ 

the convlctionT that- Sjaia.^T For Insfancg,'^ 

r^ains a ^nrereatiyeeounfey "" ^ ' '• - ■' 

strongly - . ;; -attached; . . . 

Catholicism— add ithat^ --Gath oticfirii -on: television 
dsm .should ..-, remiuur .'van: .- 

integral -part /of. Spanish . ' A HTH»in«iwatayg . jih niq| '•fhe'rflte' 
•There has ,as /yet been^ito;: i': ^ : 0 7: ' .'‘'- --'t 

accurate ^means itrf challen^ng j a 

this-; comrfcBon-V -.Sgt - -ionR-ffiJnied^form ofieintokff. 

parties , -of -.' the- ^ h^vertfifilasS are a wajor break 

and'Hie Communists _ ■ “ ; ? - 


Vlbs'r’-sfitU .groups^ 













JfeanclSl TFixftes Saturday lime 24 1978 



new 


Kaufman 


*y IVOR OWEN AND ROY HODSON 


5j »" 

Ntl 


gtriTISH Steel Corporation could 

■ Be running into new difficulties 
'••;a its fight to reduce its- losses 

• Mcause o£ the continuing world 
... . tee i slumps Mr. Gerald.Kaufman, 

. Minister of State for Industry, 

• .ndicated in the Commons yester- 

• -.'jay.--:'- > '••• ■ 

■ disclosed that he was told 
w Sir Charles Villi ers, chairman, 
jn Thursday: “Nothing has got 
ietter— one or two assump- 
tions connected with the market 
look to have got worse." 

j%V t British Steel lost £440m last 
r J \ S t j>n,*ar and a loss of £400m has been 
1 * ^(projected for 1978-79. 
f iM T ' r More details of British Steel’s 
UjJ l \ >erformance ■ in the - first half 
^ iljj this year will. b& given by Sir 

P .. Carles when lie presents the 
.lanual accounts for 1977-7S on 
"H [ifuly 4. 

: - sir- Charles no doubt outlined 

: jritisb Steel’s latest confidential 

orecasts for 1978 steel sales to 
At Kaufman on Thursday, 
jowever, his specific comments 
-quoted T»y Mr. Kaufman in the 
^inninons — are believed to have 
£en. made with reference to the 
(tatc-- of industrial, markets 
generally rather than steel traci- 
ng m particular. . 

The steel industry is acutely 
Lware that it cannot look forward 
•» any real recovery until the 
• iforld trading recession lifts. 
There have been some im- 
provements in the international 
Aee\ market i nthe last few 
seeks. But. they have been 
Neither as strong nor as sus- 
a 3 ned a s steelmaking companies 
u.d hoped. 


The European market for. steel 
is showing new signs of . weak- 
ness, particularly in West Ger- 
many and Belgium. Some 
recovery in the American- market 
has not been sufficient to offset 
the general international' weak- 
ness in demand for steel. 

Before quoting the words 
used by the steel chairman. Mr. 
Kaufman said he had been told 
that the corporation’s results for 
the first two months of the 
current financial year showed 
some improvement on the annual 
operating plan projections; 


NEB semi-conductor 
plans criticised 


Tory proposals 

At the same time, he stressed 
uncertainties in the international 
steel market and hazards in- 
volved in giving any ihdication 
of what the outcome would be. 

Subject to this proviso, he 
said, "it would appear that, the 
corporation is at present on 
course and will at least hold 
to the annual operating plan 
projections." 

The Minister did not en- 
courage suggestions by Tory 
MPs that the corporation should 
relieve its financial difficulties 
by selling off tbe Shelton plant 
at Stoke-onTrent which effec- 
tively ceased production yester- 
day. 

Mr.- Norman Lam ont, a Con- 
servative industry spokesman, 
claimed that there was consider- 
able private sector interest in 
the purchase of profiable plants 
which the corporation was clos- 
ing because they were surplus 
to requirements. 


Tht-tr sale would bring not 
only financial benefit to tbe cor- 
poration but would help m 
preventing further deterioration 
in unemployment. 

Mr. : Laraont suggested that 
pressure by the Government had 
led me corporation to change 
its attitude. While Sir Charles 
Villiers had been ready to con- 
sider tbe sale of redundant 
plant:, when he wrnte to Mr. 
Patrick McNair-Wilson (Cons. 
New Forest) in March, by the 
end uf April be hud shifted his 
position. 

- Th- Minister emphasised that 
ovcr-i apacity was a major prob- 
lem. Transferring some of that 
capacity from public bands to 
private hands would not help. 

So far as the sale of Shelton 
was concerned, he pointed out 
that Mr. Eric Varley. Industry 
Secretary, had made clear that 
he wmid expect to be fully con- 
suHcil.in advance about any such 
proposal. , 

Mr. Kaufman insisted that the 
Government would not accept 
any indiscriminate having-off of 
the corporation’s assets which, in 
the long run, would weaken 
public enterprise in steel-related 
activities. 

Thf Iron and Steel (Amend 
menu Bill, which increases the 
corporation’s borrowing limits by 
£1.5bn to £5.5bn. was Riven an 
unopposed third reading. 
Shelton demands, Page 4 


BY PAUL TAYLOR 

NATIONAL Enterprise Board 
plans to spend £5Qm setting up a . 
new major semi-conductor com- 
pany in tbe UK were implicitly 
criticised yesterday in a report 
published by the National 
Economic Development Ofiices 
working "party on electronic 
components. . 

The board’s plans are in tine 
with the most controversial of 
three approaches suggested by 
the working party for breaking 
into the micro - electronics 
market. ■ . . 

The working party had not 
been aware of tbe. NEB plans 
when it prepared its report on 
the future of the industry, but 
Mr. Eric Hammond, chairman of 
the working party, drew atten- 
tion yesterday 10 the section of 
its report which said that " a 

reen field operation would be 


the most expensive and carry 
With it the least guarantee ot 
success." , , 

Mr. Hammond suggested that 
a minimum total investment of 
£240 rr> over five years would be 
needed to launch British indus- 
try into the micro-electronics 
market. Amout £80m of this 
should come from the Govern- 
ment. 

His working party s report 
talks of at least some state aid 
coming “on a non-repayment 
hasis.” . _ 

The General Electric Com- 
pany appears to have chosen 
another option defined by the 
report. The company is believed 

I to be negotiating with Fair- 
child, the U.S. semi-conductor 
company. 1o set up a joint 


micro-electronics company in 
Britain. 

This joint UK-multinational 
venture would have the advan- 
tage of providing immediate 
access to the most modern 
technology a ready-made 

marketing network, says tbe 
report. 

There was a substantial 
disadvantage, however, that in 
the long-term there would be 
little or no UK control of the 
development, of technology. 

The third approach suggested, 
and clearly preferred by the 
working pairty is for tn? 
Government to help fund de- 
velopment by existing UK com- 
panies. 

These three approaches were 
complementary rather than com- 
peting said Mr. Hammond, but 
he admitted that if there was a 
finite amount of Government 
support for the new industry 
there was a danger that it could 
be too thinly spread. 

It was vital that some way 
forward was found to create a 
•• significant technological base 
in 'the industry. This would 
support UK user industries im- 
prove the competitive perform- 
ance of the microelectronics 
industry and protect national 
security hy providing access tn 
technology. 

Government funds should be 
used to enimurase the develop- 
ment of both specific micro- 
electronic circuits and standard 
multi-role devices with the aim 
of securing a 10-lo per cent slice 
of the world market for Britain. 


Docks plan 
rejected 
by unions 

By lan Hargreaves, Shipping 
Correspondent 

TRADE UNIONS and the Port 
of London authority failed yes- 
terday to reach agreement on 
dock closures the management 
sav are essential for the future 
viability of the port. 

At the final, plenary session 
in the authority's “open 
government " programme of 
debating the issues, it was 
agreed only to present a joint 
statement to the Government 
listing areas of agreement and 
disagreement between the two 
sides. Closures fall into the 
latter categary. 

This document will be pre- 
sented to Mr. William 
Rodgers, the Transport Secre- 
tary, probably early next week. 
A joint siaioment from man- 
agement and unions yesterday 
said only that they would raise 
with Mr. Rodgers “ the future 
or the port." 

Sir John Cuckney, the 
authority's chairman, must now 
promote unilaterally a plan to 
close one of the port’s two 
upper dock complexes. _ 

These will almost certainly 
be the Royal Victoria and 
Albert and King George V 
Docks in North Woolwich. 
Even with this closure, a 
Government injection of more 
than £50m will be required. 

• Mr. Rodgers yesterday ap- 
proved a £9m plan for two new 
berths at the Port of Dover's 
Eastern Docks. Work will 
begin in September and he 


home news 

BNOC evaluates 
production methods 

by ray dafter, energy correspondent 



BRITISH NATIONAL OIL Cor- 
poration is evaluating various 
production techniques that could 
be used at one or more of the 
oil finds in block- 211/18. imme- 
diately north of the Thistle 
Field. ^ ■ „r 

Lord Kearton, chairman or 
the state-owned group, said yes- 
terday that it was conducting a 
feasibility study into ways of 
producing oil from tbe four 
separate reservoirs. 

Speaking after the monthly 
board meeting in Glasgow, Lord 
Kearton said it was not intended 
that tbe offshore consortium 
would venture into new tech- 
nology’. The corporation was 
consequently evaluating the 
benefits of such systems as sub- 
sea well units and il oating pro- 
duction platforms. 

Within the oil industry it is 
thought that the reservoirs in the 
northerly portion or block 211/18 
— some 125 miles north-east of 
Shetland — could contain be- 
tween them as much recover- 
able oil as Thistle itself. 

The estimated reserves of 
Thistle, which has recently been 
brought on stream, are put at 
about 500m. barrels. 

The structures north of Thistle 
could pose several problems dur- 
ing tbe development stage. Not 
only are they fractured, but at 
least one of the reservoirs ex- 
tends into other operators’ con- 
cessions. . . 

The corporation is moving the 
drilling ng Atlantic 1 tp further 
evaluate oil prospects in the 

. at. r- r. I-+ ftp K I i'll -IT 1 I / 1 S 


after its successful discovery well 
on block 30/lTb to ibe south. The 
30/17b concession was awarded 
under the most recent, fifth 
round of licences. 

Lord Kearton said that the dis- 
covery. together with the cor- 
poration's willingness to conduct 
further drilling on the block, 
indicated that British National 
Oil was not hindering North Sea 
exploration and development as 
some private companies had 
alleged. 

He also denied that tbe cor- 
poration was losing money on the 
sale of its crude oil aud the oil 
obtained from other companies 
under state participation 
arrangements. . . 

Partners in Thistle are: British 
National Oil Corporation. Ash- 
land, Bunnah. Charterhouse. 
Continental Oil, Demincx, Gulf. 
Santa Fe International and Tn- 
centrol. 

• The third production platrorin 
for the Ninian Field was floated 
out from the Scottish construc- 
tion yard of Highland Fabrica- 
tors at Nigg Bay, Ross and 
Cromarty, yesterday. The struc- 
ture will be placed on the 
northerly part of Ninian. which 
lies 105 miles north-east of Shet- 
land. 

The field, operated by Chev- 
ron, is due on stream later this 
year. 

• The first of four large legs 
for Texaco's Tartan Field oil 
platform is on its way from Red- 
path De Groot Caledonian s 
fabrication yard ai Fife to Cher- 
bourg in France. 



must remain 
vigilant— Thatcher 


:*Y GUY DE JONQU1ERES 

BETE WEST must continue to 
jeek understanding in its rela- 
" Sons with the Soviet Union and 
jfher Communist countries while 
rortdng to maintain the political 
ind military strength to hold in 
dwek the threat of Soviet expan- 
lioD, ' Mrs. Margaret Thatcher, 
Conservative Leader, said in 
- ' Brussels last night 
■ Everything should be done to 
mcourage th< 


l ? 
<. • 


i V : 


-utuiuofic »^e spread of democ- 
racy as a safeguard of the West’s 
wra. interests and security, but 
nany • 'countries ‘ could not 
•exHstfealiy b e expected to move 
•ajridly towards more democratic 
,-ystems. 

This was particularly true of 
Africa. But it was no reason for 
slackening efforts to help African 
notates achieve tbe prosperity 
irid quality of life needed to 
support their political stability. 

‘ Mrs. Thatcher, who was 
id dressing a 'group of Roman 
Catholic organisations in Brus- 
;els, emphasised the need Tor 
he West to maintain effective 
iefeoces and remain vigilant 
:owards external threats, so that 
it could deal with the Soviet 
- jnion and other potentially hos- 
ile countries from a position of 
: irtrength. 

V Her speech appeared designed 
» rebut accusations that she has 
aken too dogmatic and inflexible 

*tv-: — 


a view towards foreign policy 
questions ip tbe past. 

She went to some lengths to 
underline that many Issues of 
international "-relations were too 
complex to be dealt with effec- 
tively by means of simple, pre- 
digested approaches. 

The world was changing 
rapidly and international prob- 
lems were not always *as we 
would like them to be, nor as 
they seemed to be a year or a 
decade ago." 

Mrs. Thatcher noted with con, 
cem the Soviet and Cuban 
involvement in Angola and 
Ethiopia, but it was important 
"not to choose tbe interpreta- 
tion of tbe facts which arises 
only from our previous expert- 
ence 

■■ Wc must approach them 
with a more open mind, ana 
take into account any new ^con- 
text which may have arisen. 

The West must have a clear 
view of its longer-term objectives, 
and not overlook the danger that 
notential adversaries, particu- 
larly the Soviet Union, were 
still seeking to achieve histone 

S °The Tory leader called on the 
EEC to adopt a more farsighted 
approach in its dealings with its 
neighbours and trading partners, 
particularly Turkey. Yugoslavia. 
Australia and New Zealand. 


: •-> 


Ers 


Peabody and Amey 
start joint venture 


AMEY ROADSTONE Corpora- 
tion. and Peabody Holmes, the 
najor UK operating company ot 
lie U.S.-based Peabody’ Interna- 
tional, yesterday, announced a 
lb-operative venture to estabusn 
iperations overseas. ... . 

The two companies ac l 

:ogether in the. preparation or 
.enders and in the execution ot 
overseas contracts, involving 
complete “turnkey” installations 
‘or the production and P r °cess- 
ng of mineral aggregates, t he 
slants established, by the ven- 
.-ure will carry the Peabody 
ARC name. A , 

The agreement will last for am 
nitial five years and will oe 
reviewed annually after that; 

Initial targets for the new 
lecture, which does not involve 
the establishment, of a separate 

company and wllic ? 1 , r _ wl to 

distribute . profits in relation to 


respective investment will be 

the Middle East and North 
Africa. 

Amey Roadstone. part of the 
Consolidated Gold Fields uroup. 

is tbe largest producer of natural 
aggregates in Britain, with about 
160 operating plants. 

Peabody International p r0V1 f es 
environmental engineering s*T 
vices in more than 150 l?wiUon- 
throughout the world, with itbe 
Middle East providing it 

P ecent Ul *Mid d\e° D E ast^c onTraifts 

involving complete solid waste 
processing and handling P 
were worth £33m. 

ARC which has expanded »ub- 

&pe ta •*** ‘ he con,panJ 

become involved 


fp ! 

- I 


Under the 
provisions of die 
GammgActl 968 
a licence has 
been granted for 
THERTTZ 
CASINO 
atTheRitzHotel, 
Piccadilly, 
LondonWl 
opening 
28 th June, 1978 . 

Members only. , 



kffp BRITAIN’S BUILDERS FEE 





r 




Mi--- 


hi 

a 

k 



currency 







COMPARISONS with a previous of conspiring with seven other of their scheme, which was 

City dollar premium plot were people to obtain money di.v ended when a police informant 

made at the Old Bailey yester* honestly from authorised dealers told Scotland Yard about it, he 

day when five men were in invest meat., currency between .would not be influenced by the 

sentenced for their pan in a bid -1975-76. attitude of the Guildhall justices 

to cheat the Treasury over Sentences passed cn other * n ir PP° sm S « Q ly monetary 
rebates on foreign securities in «uilty defendants at the end of a P enaltJes - 
1975-76. , two months trial were: Three Mr. Martin Tucker, QC, for 

The Crown accepted that only -vears' imprisonment for Mr. Mr. Barnes, said the present 
flm was involved in their abor- John Sidney Barnes, 47, an scheme was a “ramshackle con- 

tive attempt at illicit refunds economist, of Victoria, and the spiracy" which was doomed to 

although some of the men had self-styled king- of Colonia. who failure. 

spoken of involving as much as bad been trying to sell oil con- Evidence had -been given that 
£20m if their elaborate efforts cessions for his island in the „ ome 0 f the plotters had hoped to 

had succeeded. South China Sea. interest Dr. Kurt Wallersteiner. 

Mr. John Martin Wales, 42. Two years' imprisonment each an international financier, in 
of Cbislehurst, Kent, who has for Mr. Leonard Basil Ash. 40, their project, 
been dismissed from his £8,000- panel heater, -of Normanton on Th e coirrt was told that Mr. 
a-year job as a superiotendent the Wolds. Notts. Mr. John Rob- games, who was convicted at 
signatory in the Bank of England, son. 50. commodity trader, of winchester in 1974 of obtaining 

was sentenced to four years’ Hutton. Essex, and Mr. Reginald property by deception, had 

imprisonment. Atkins. _5-\ a company director, denied ‘a prosecution suggestion 

■Judge John Buzzard told him: of Solinull. Warwickshire. that be knew Mr \v a [es through 
“You betrayed your trust as a a Beckenham motoring school 

senior official. Unfortunately QvCrSGSS for which Mr. Wales had kept 




Judge Buzzard accepted that 


“You betrayed your trust as a a Beckenham motoring school 

senior official. Unfortunately {AvprcAnc for which Mr. Wales had kept ‘ 

there have been other cases in books. 

the past two years of people in judge Buzzard accepted that Two other defendants, Mr. ■ — 

high positions in other places n0 ne of them were in any way Brian Wooding. 63, solicitor, and 

betraying their trust, and I am ring-leaders in the scheme. Mr. Patrick Walsh. 36, solicitor's A. 1 ¥ * 2* 

passing a sentence which I hope Defence counsel urged him not clerk, were jailed before the it ¥1 Prl'iHC 4 1T¥€1 ¥Tlll fflCF ■ rtTYlYYl 

will be a deterrcnL tu send any of the defendants to trial began for their part in the OlUIIR/d &W4A.MMA 2b V^UlllllIvl 

Mr. Robert Harman. QC, for prison, pointing out that Guild- conspiracy, and another defend- * l 

Mr. Wales, said he did not pro- ball magistrates in April had ant. Mr. Alfred Taylor. 62. died - I*QrfldV "Cl'irfcll'l 

pose to go into details of the onlv fined a stockbroker who had during the hearing. «wioBr/\n HB ft II 11 I 1 MUllf MIUUJ 

case except to say that the been convicted for bis rote in a Mr. Adrian James, 32, soil- 11/1 X, jVIllLifi Ft I *-■» "« 

defendant now faced financial plot to evade the regulations c jt 0 r. of Bray. Berkshire, was m nlrA 4- Af llTl 

rum for hnuself and his family. vvhich haU apparently produced a separately jailed for nine BV *urnuv Tuonuronn 1 IUoIVC cWJ Will 

Solicitors for Mr. Wales later £2m profit, although some of the months for giving false infonpa- BT ANTONT THURNLKuri 

stated that he still protests his people in it were now overseas, t ion to the Bank of England. The CHRISTIE’S STOLE back the for £36,000. Artemis paid By Christopher Dunn . 
innocence and will be lodging jud^e Buzzard said that ai- judge ' complimented police limelight from its great com- £70,000 for Romney's portrait of icOMMERCLAL RADIO revei 

an appeal against the conviction. ^ugh the present defendants officers on their handling of the petitor Sotheby’s yesterday, sell- Lord William de Vere, and should reach a record £30m t 

The jury had found him guilty had not made any money out conspiracy case. mg English pictures for Partridge Fine Art E4S.000 for a {year. Mr. JohD Whitney, man 

1 £1,906. 9S0, a record total for this picture of the jockey Sam' Day j j n g director of Capital Radio, < 

market. by John E. Fcrneley. 0 f London's independent ra; 

Clj. i • ¥°¥_^¥ Amnon C* arli^ The top price was the £300.000 Another lSth cent u^ portrait stations, said yesterday. j 

CUTS 0 I 1 flfYffl /\IUUCU vdUl/i from the London dealers Baskett this time by Johan Zoffany of the jj e made the forecast ' ai 

kJl'MinlkMl'ix/ll JLILira.V'.l 7 « . , . . and Pay for Labourers, an a ttrac- Rev. Randall Burroughes and his ^ Asodatioo 0 f independj 

O v s /innrnin Ml.. ...rii-t- h.. r: an rnn cti.hhc u >hiph son. was boueht bv Colnaghis for ; rnnh-^mre - 


BY PAULINA CLARK, LABOUR p»f* ; ‘ - - •*- ; 

STEELWORKERS WHOSE eight- * Wamii^s wetegtven by union ' 
year campaign, to save iron and leaders -eartfer • tms'week that 
steeimaking at Shelton, Stoke-on- there vrould.not.be negotiations 
Trent, was defeated, yesterday, uii til . agw^'consdtations /pro-. 
? ore demanding £50,600 a head- cedures -Tor .impUbmeitting the 
in redundancy payments... '* •>•5; ^ closure were completed;' Bnt the 

Snrrnty^rkers at /./General Workers'. • 

f ] vaie. . ,-- : J ^thaton-tbe/b^ds of the corpora^ 

They threatened to presa’anegg -‘j-fnrtV^ hrq^t^s of ~savt T l 8 ' a to-be-, 
j/ with plans to secure auppor^from-^chreveil-bv.oloshag-'tbe plant. and:' 
Vi. 5 'doetworkers in efforts to disrhptr ndt^atrd^ttmg. : 'a\hew electric' 
f.Z ‘operations elsewhere in the. cor- ^rc. - furnace;' the. 1,700 steel- £• 


. f. p oration if demands ^were .not workers \ affected"- by -flie ■ shut- 

• .Si p tnet. . ^iowh shoitid ■ receive £50,000 - 

. . : -i }■-■ stung by this^ ^week’s -faRnre by;. ea^/M'^etaace.terinsi. 

— . j. -4 steel union leaders to persnrade/ j/Jit 'a of .£86m this would .- 

.-. Mr. Eric Varley; In'dustrylSecrbf ^^.iroh hand?.- 
11 » j* — - •' iary, to intervenein theSh^tbn-shake" ^gtvehtp at East . 

Stubbs painting Commercia k 

¥r -mm £ « • *■ -i selves to a further ’battle t#ith; was -pvt at : £17^00 aV a cost of 

_ rorllA ’chrml 1 ^ corporation; oy^ r^ui^igrTietjvben ,Min;ind.fl0m for 3,100 

makes £ 300,000 . • '-M§BW?S!3i -■ ■ ■. 


BY ANTONY 7NORNCROFT 


Mr. Eric Varley, Inikisti? ^Secxi^^ aboye^the iron hand-V 

: iary, to intervene in the Sh^tbn -shake " ^giveit tp. at East . . 

closure plans, leaders of •: the: Mbors:-.wfaere the maxupum pay-.' 
Action campaign.. pJedged--. fiem.- ttekt; Ter- ib'nig .service -workers; . 
selves to a further "battle Witii: was -put at £I7^00 aV a cost of . 
'the corporation; ov^.i^iindani5r^w'eeu.£9m;afid flOni for 3,100 
Terms. • -.it - ' • • : " imto/kers:.. ; <.--•4-:' 


pay ' 


says economist 

BY PETER RIDDELL. ECONOMICS CORRESPONDENT 

THE UK economy is likely to He .suggests that * 


market. by John E. Fcrneley. 0 f London's independent raMp '-- .Mr v ' \vj v<- v 5 . .— 

A mnpn faHi? The top price was the £300.000 Another 18th century porfrait, stations, said yesterday. ? .- Aii - piv« , ^ , --•••• - r=. 

/Amoco LdfllZ rrom the London dealers Baskett this tune by Jnhun Zoffany of the He made the forecast a K; BY ALAN PlK^ lABQW.C^JUlOT^D^X^ r . ... 

. . . ,• ! and. Pay for Labourers, an attrai- Rev. Randail Burroughes and his Asociation of In depend tot ■' -J- ’ : i ; fy\V.-V:t.-y~.5-V ' .-'••• -'j 

cantaill lllfl live worbby George Stubbs which snn. was bought by Colnaghis for<Radio Contractors, had .. uk^WTITI ONLY fiver weeks of Pfiaife 7 be ho :fornp id 3?hase 3*0 ur 9x1 d this;'-' 

* was painted in enamel on £40,000. All prices carry a 10j DOU nced a 30 per cent rise ' im Three left Ministers la'st^ght-lff^aeceptediAu? Ministers. But 

f»ll Via Wedgwood biscuit can ben ware, por cent buyer's premium. 'revenue to £10.7m. forBritaafe renewed efforts ,tQ year' there." 

ail DC CUU1Q and is pictured above. It was an Hunting pictures were m 19 commercial radio station! oti of a new understanding ah pay. 'are': poweifful supporters of some- 

auction record for the ariisi. demand. A set of four by Henry May. .. -i 

By Paul Taylor, Industrial Staff Stubbs inted Labouivrs for AJken sold for £55.000 while a Many of ^ ra dio sts 

MR. ROSAR1U STRANO. chief Josiah Wedgwood, the founder of pl >L ur .f. 0 i ^ * P . f u f "® au *. ort j were now at least 40 per 


was painted in enamel on £40,000. All prices carry a lOjnounced a 30 per cent risi 
Wedgwood biscuit earthenware, por cent buyer's premium. 'revenue to £10.7m. for - Brit 
and is pictured above. It was an Hunting pictures were in 19 commercial radio static^ 
auction record for the a rlisl. demand. A set of four by Henry May. - 

Stubbs painted Labourers for Alton sold for £55.0W) while a i Many 0 f radio stdt 


THE UK economy is likely to He suggests that “possibly if mate on the Amoco Cadiz, told the pottery firm in-1781. He was Wlt £ j 115 c_ an *i > - v ^ ootton upon last year, Mr. Terry Sn 

return to stagnation after the inHutiun accelerates the ex pan- the Liberian Board of Inquiry paid 170 guineas at the time and sold for £65.000 to A eke r man n. managing director of Radio C 

present phase of consumption led sion may lose momentum before into the disaster yesterday that, u further £189 in. 1796. The paint- The Robert von Hirsch sale at Merseyside's commercial sfaX 

expansion, according to Mr. the trade balance becomes a real I looking back at the incident, he mg was sold yesterday by a Sotheby s came down to earth sa id. g u t h e added: “The 

Wynne God ley, the Cambridge problem. But if the expansion | would have called for more descendant. Sir John Wduwood. yesterday with quite reasonable f^ w weeks, have been - 

University economist. is maintained, my guess is that . assistance when the vessel's and until recently had been on P^ces f nr furniture and porce- disappointing.” 

Mr. Gudley, writing in the notwithstanding the benefits steering gear failed. loan to ihe Tate Gallery. r«oi qcn 1 -ft, M e tv, l0 °r,tc Total revenue for the 1 

review of stockbrokers Vickers from the North Sea, the rise in Under cross-examination. Mr. All told five works bv Stubbs moatta of this year 


Mr. Gudley, writing in the notwithstanding the benefits steering gear failed. loan to ihe Tate Gallery. raaV ocn ^fi, Total revenue for the first- 

review of stockbrokers Vickers from the North Sea, the rise in Under cross-examination. Mr. \n tnlii five works bv Stubbs ^ IU1 311 months of this year is : . 

da Costa. reiterates his imports will require some effec- , Stiano first told the Board sit- W cre up for auction ' Une. a fil/ 0 IS ; 1 , i “ r ' Jf? "I if* i « £10.7m (£8^m). In 1977,/ 
pessimistic view of the UK's tive counter measures within a [ting in London that he did not portrait of Warren Hastings on no r- c “eic Uoa has brought in radio stations’ revenue' • 
medium-term prospects unless year from now. consider the captain and crew his famous Arab Horse, failed to in linDU .i. h £23.1m. .' . . 

there is a change of strategy. He Godley asks whether the A ^9 C0 ^ ad ‘ z could, have reach its reserve and was bought tbp bjc , b Estimate was the ■ T| 

hC next balance of payments crisis done anylhing more at the time ln at £ i 70 .00O. only to b- sold goo 000 “plus the 10 p?r cent ‘-J 

TS '*Vl, sen- r s-Prffi't? by Hr f V1r“S SBS'j'TSls SSSJ'St HOME cofiTRAd 

ass 


S * Suggested the 

r" /S.* thjTTHF^ ^ l^riFesenta-.POfisibtiity of an econonuc. con- 

KvJ 1, He the ' social con.-' 1 . 


Air. Godley. a former senior 
Treasury economist and now 
director of the department of 
applied economics at Cambridge, 
expects the current economic 
expansion to he sustained 
throughout this year. 


towards 


Ackerman paid" £55.000 


Idio St Som* reveou^’ E indeed, but that tSe Cpvenunent ^ climate of jaoderatibP m .wage^ 
.. 1?^ .had given no 'indication negotiation by agreeing a -series^ 

' ' ' -:.p; thinking on pay . policy ^after.lJje of negotiating priojatiea.; .-; . 

• • bifc ipresent guidelines- • expire- " -oh High ■ among these: wou«tpe a 
July 31. - . : . reduction :in ther w,6rkm<t-^WTOlt_. 

IOME CONTRACTS- Mr. Murray saidthere-batf been and ■ spedaI.actio6;to;ti<jkR-'the_ 

; discussion on aaomplajmeat A low pay iptoblaai^J*- -2 1- 
■ ' e* ■- shorter working week coald be a r - However, seTtae“uneon leaders, 

|J nurAi* contribution but there bad. to be notably. Mr.Mpss EVans^generaf 

JT U W cl lUl r- 5 ^ ": Ibther measures; " " " aecretary: d£ ^ Transport . and— 


expanding 


Venetian walnut bureau 


previous postwar period." and the vrhicb they have arbitrarily been 
pcnetriitfoii u't much bffi *'«"• The ?** of « p f n, '? n . i " 


to Koblitz,’ tho London dealer. Symes. 


A- %J YY Cl 1U1 • 1 Mother measures. " ’ " secretary: of . tfi< atoport . amf— 

V: T / ’ T^ e pace of dfscqsdoAs can be- General . ‘Workefa. .Union— have 
J.L A A expected.- to imrfease wben’inost 'beeh' aceptic^^utjever^tiris 

lIlC /\rillV +i ^ of tthe- main uoioti conference degree of . f r 

will, header. Next.- week the. and irgue/a 'bargamfegi V 


Next- week the and / bargainm^ 

is to address the. priorities,- like tevas of .ciaun*, 
of Shipbuilding are : for. -ihdjyidu^.- : fiegoitiati«s 
g Unions.- “ The - to detera^inel : 1-; ,' - ^-.' 

the National"' The 1 Gov^nment . . would Tike 
Iprkers meets' in some form. * of ..uOddrstaitfdinffl 
\ . . “J. . • , concluded in time to be,debated[ l 

Wten made.clear -by the July 26 meetiai . of the 


1 >nc L'Onaon ueaier «- will supply power for signals in- 
A Florentine intarsia stallations in army vehicles, and 


" {-Torquay- V 
ll It. has at 


now than in 1972.' 


the money stock is not a target 


These factors, he argues, will of economic policy, such as real 
result in much e/.rller capacity income growth, full employment 1 


Another Lawrence, a portrajt c red enza of the late 15th century can he used as permanent or hv n^^ Wders tiat there in TUC general- fcodfldL":-’ ’ . 
M'/nforc WalUcourL sold to Leger realised f-’b.OOO. standby sources of electrical by mu0D . T™ : ■ . . 

UTCllCldl 1YIUIUI5| . power for workshops, medical ; - I \ b . -" - / ’ - ■■ ■ ‘ ; ‘- 


constraints and a 
deterioration in I 
balance of payments. 


more rapid or price stability’. But neither 
the non^oil is it a real instrument of 
economic policy." 


denies pian for 
Ulster plant '. 


Patients win first round 


Royal Arsenal 
Go-op Sales up 17% 


round of their legal battle Mr. Eonals, the We 
against Mr. David Ennels. the Regional Health An 
Social Services Secreiary. for the Birmingham 
his alleged failure to provide a Authority, 
proper health service for them The orders sought are to 
Mr. Christopher French. QF. require the Minister and the j 
fur the four, told three High ju^onties to fu it. I their oblige- 
Court judges 111 London that. l J°" s . und " th f o - N “ l,0n “ 1 Ue “! th 
with Hie exception of the girl, f er Vi?t- aD( ^ car ^ ,er 

1 hey were in urgent need of le Sisiation. 
nrlhnpaeiJic surgery for a pain- Lord Widgery. the Lord Chief 


General Motors last night denied B '#li/ 

et 1 ;^ a i s rS ,, ^pL'^ h nt , cf l>o-op sales up 17% 

Commerce about -opening a . 

second car components plant in BY OUR CONSUMER AFFAIRS CORRESPONDENT 
the area: “ We have no current . 4 

plans for a second plant in ,\ SALES, of the Royal Arsenal reported a net loss of almost 
Northern Ireland," the company Go-operative Society, one of the £970,000 for last year, has had to 
said! country's largest, were up' 17 pef cut margins on food because of 

Two weeks ago General Motors cent- in the first quarter Of this. .increased competition. 


tions. The company has also been 
awarded a £150,000 contract for 
the supply of l.tnpv and £kVA 
ground servicing sets for the 
Lynx helicopter in service with 
the British Army Air Corps. The 
1.5KW generator provides battery 
charging- facOities for the air- 


craft while the 2kVA is the power J shOPSTEWARDS aret 


to ciit wiWcat spiies v 

SOPSTEWARDS are takmg the -.HotrodtSr . h i fln ag i ng- dire^f of; ' 


PEOPLE— one a 12-year- aged 12, all from Sutton Cold- Northern Ireland," the company Go-operative Society.' one of the £970.000 for last year, ha 

old girl all in need of medical field, Warwickshire, were given S aid; country’s largest, were up' 17 pef cut margins on food be 

treatment yesterday won the first leave to apply fjr orders against ; Two weeks ago General Motors cent- in the first quarter Of this increased competition, 

round of the, r legal battle Mr. annals . the W«^ I Midlands ; announced a £16m. seat belt plant ye ar compared with the' same.' j R j,,, report lo mem 

against Mr. David Ennels. the Regional Health Authority and jat Dundonald employing 600 j period last vear the latest auarilr the 

Sueial Services Secreiarv. fnr the Birmingham Health • workers. .... Ine l, ! iesi quarter, tne 


* - Pl urge the.^bbO; you can da Md; you JwTC^to. 

Contracts worth a total of £2im strdilgiwo^force,- 

have been awarded to adhera.'to. tifecfal protedure^y ^ ytat . 

SHEPHERD CONSTRUCTION, spurn Wildcat action. ^Eighty 


r^J5S- 4n r , -r d cun,pc ; ilion ' h , ®«iS" assss^ 

ith the same. j n n ? report lo members fori York. Biggest of five building Tbe move fotidws management lactoiy^SoUIiilUwu^^wOr^eeA 
the ,! ! lesl f i uarlv -' r - the ee ner ? 1 i‘ ,chpD1es is for 74 dwBllin es at efforts ioftaye credentials with- bld strik^-Bas^st.; .company 


decided. 


ful and progressive affliction in Justice, sitting with Mr. Justice 
unc or more of ibeir joints. Talbot and Mr. .justice Watkins, 

, . j . . , , said the judge hearing the appli- 

nr?!,,, b « n - ,l y would first have to decide 

;fui"‘ J, lhS , h - S monl t s 7? whether the patients had any 

TJ i a ? S w rU he S,rl ’ Ie K aI staging and the extent to 

she ulieady bad had surgery. which the ]h -h Court can 

Al:m Hincks, Marie Flemming, interfere in general matters of j 
Marjorie Lloyd and Lesley Smith, government. 


legislation. T , . . 

Lord Widgery. the Lord Chief SnPPfl ClirDS hit 

Justice, sitting with Mr. Justice °r CCU LU1U3 1411 

Talbot and Mr Justice Watkins, j 

said the judge hearing the uppli- BlOpCG S21CS 
cation would first have to decide r 

whether the patients had any By Our Industrial Staff 

legal standing and the extent to Mn Tnprvrvr r were 

whirh the lli-'h Court ran MU1 UKLl Ll LL Sales were 

''overnment maLlefS ° f reSf ‘in 'ApVn.^RcgisJratiJnl 

totalled 22.060, a rail of 9.3 per 
cent compared with May. 1977. 


depressed demand, sales were up lower rate of inflation than they * strikes; r 

only 13 per cent o n the first are given credl* Tor, but it is, . sub^mr actors to Norwert Against this backgroraid 

three months of la^t year, j clearly at the expense of profit- i Holst Civil En"dneerinB, HENRY ductjjritj^lias^ ^suffered 1 and valUj-.Rovers -^^^ '’ffa 

Fnr the throe rnrmths. / the ahililv " ! nnnv r.n^iucniiTMr' k.. ".nnHnit. '"tnat ••• Mr •• Rav ■ Dfiefi/stSoMdiW 


Fnr the three months./ the ability. BOOT ENGINEERING has been able- ; *0utpat; 'T«W.L 

socicty's food trade mialled £24ra Over a full year, the society | aw .iwled a contract for the -. .- ; V?v . 
while its ^ non-fniul business says its cut rale of margins on j supply and installation of per- 

reached £4.7m. : food represent more than £2m in manent way at Cricklewood A. • • > 


, ' . result .pffeSie^snaKff.laSa. all. P r ®f 

: Land-, 

rali>. Rovers--^ ‘?tm^e: Rovers has 1 


Arsenal, which lower prices to customers. 


Rise in brick deliveries 


Depot-^-one of British Rail Lon-, 
ilon Midland Region's principal 
maintenance and servicing! 
depots. The contract, valued in | 
excess or £800.000.- is' part of a 
Elm modernisation programme 
for the depot and is expected to 
take two years for completion. 

■k 


NGA calls forre^ie^ t 
of Bndfing^nTtife 4 - v | 

by/aIah; _ L X 

THE TUC will heurged.at Cot come "under; considerable^attack . J 
grass' is- S6ptemimr lo revlev? fdr y other- / jea&ms 


-jf, 


BY MICHAEL CASSELL 


cent compared with May. 197T THE recent increase . in the against 402m in April. A year rVmbteMon '■ •’ V ’ .>T; . *'• ji i-iV , X*’’' “ISIi ' « v 

T , tap ' • Once again the major problem V0 ] urae 0 f brick deliveries to the earlier output was 452m. Accord- ca c yeafS ° “ p { THE TUC.vrill be urged.st Coitcqme under cOnti derable .^tUcic , ) 

insulation slfiln tor nfinslonpirs was in moped sales Which have construction industries continued iog to the department there ^ gress' in Sbptentber lo review fdr vothei^ - x^sots h 

R JLOa slumped severely since new speed in M ay, according, to provisional were S98m bricks held in stock JOHN LAJNG CONSTRUCTION Bridlingtott 'intexymlop disputes 

BY MICHAEL CASSELL regulations came into force last fl gures given yasterdav. by producers ut the end of May, has been awarded a £386,000 con- proceSares'TvhiCh were yesttliaay ciatioitr w5ucb.^is - ‘ la f 

■«r-^Tc-r^ . .. Restricting raopeds to a The Department o^ the representing a 7Sm /3ll‘ on April, tract to extend a girl’s high described by ajptfdt ^pnion-.leaaer : :rt :tlier .-^’fngSneeniig . 

PENSIONERS. THE disabled and to offer grants to anyone insulat- 30 mph limit, these have^ killed Envirnnmen t said 47 Rm bricks This was 72m more than the school at Pontefacu West York- ^ leadtiig T.0 “licensed ^-gangt- industiy. ; "j. : t V. , 

t a h I1 nL n c™v«t/?d a y Governm ™ t si^^ ,occr,aindis ' K“Kir“ eame 5. ^ * hT . »«*..«. «- ffiss^*wvjssf 

Mr. Ernest Armstrong. Environ- Under the Eili which was For the first five months the in January-March. In May last end of May brick production was Metropolitan District Council, to that the- procedures are 
ment Under-Secretary! told the given art unopposed third read- drop in moped registrations was year deliveries totalled 457m. 3 per cent lower than m the adapt the Pontefact Girls’ High unfairly against^m^unltras ^ ::ft (^SBitSSufePfite 

House of Commons during the ing. local authority grants of up 46 per cent <14.029 units to S^ick production m May Fell preceding quarter and 7 per cent School for use as a co-educational ask the .-General 9°^^* ?• .'jf ^ 

final stages of the Homes Iosula- to £50 will be available for insula- slightly, however, to 398m lower than a year earlier, comprehensive school duce ^em^e proposals : 

lion Bill that, apart from plans lion work in private homes. * — — “ e 1979 Congress. ... ^-*>,afu<y*(acljr 


duce alternative proposals . >er« j^Myesterday oH - . 
the 1979 Cong r ess, a .- . i. ; . • . - a ■ fct ■ l “!Wrly- ^iend^ * hospital 

Tbe TiGA is concerned that aiteiv.; * 


a pproved programme, 


70 INVESTORS WITH 


w m 



Action urged to counter threat 
of giant Brazilian guinea pig 


single-industry - - . -ivr'': - . ’ ; V^ 

such as the NGA, v-^; ~ Peter- Adamfli. chJef union.' , ■ 

Mr: Tony DtrBblns, '. 'JIGA 'pegotiatm^ Jw tt^ grqup to the ; X 


OR MORI 


Send for details of the i 
JM&G Share Exchange 1 
Plan by completing the I 
coupon below. 


fUL 


I Tu: M«tO < jri'mp.Thri-e Qiiays.Tnwer Hill. 

I London EOK6Btj.Telephoru::iH-626 4588. ^ 1 I 

. Please ?end me full details of your Share Exchange Plan. 



.V« i ff/yi/juiftiV 


!lbI 5306281 


BY CHRISTOPHER PARKES 

PARTS OF Britain are being 
coionised by animals escaping 
from zoos and wildlife parks, 
the Government was warned 
yesterday. . 

Giant Brazilian guinea pigs 
(capybaras), porcupines and 
prairie dogs arc among the un* 
usual beasts now running wild 
in Britain, breeding and 
threatening to become costly 
pests, the Coypu Strategy 
Group claims. 

The group, set up by the 
the Ministry of Agriculture last 
year to assess the prospects of 
eradicating coypus — .Argentine 
rodents now classed as vermin 
—wants rhe law changed 
quickly to deal with the 
danger. 

“ We became aware that 
timeliness -has not been a 
feature of legislation intro- 


duced In the past io deal with 
problems arising from the in- 
troduction of several non- 
indigenous species in this 
country,” the group say$ in its 
report. 

Grey squirrels came to 
Britain in 1876, but legal 
action was not taken to control 
them until 1937. Mink and 
coypu, breeding groups of 
which escaped from captivity 
shortly after Introduction in 
1929, were not legislated 
against until 1962. 

The coypu population is 
now building up again in East 
Anglia and spreading west 
The group recommends a 
long-term eradication pro- 
gramme costing £10,000 a year. 
A team of 24 trappers could 
wipe out ihe. pest in about~10 
years, it says. 


The prescut programme, 
which cost almost £170,000 last 
year, is faUlng to keep ' tbe 
increase in the coypu popula- 
tion under control. Almost 

12.000 of the animals were 
destroyed by official trappers 
last year at an overall cost of 
about £15 a head. 

The group suggests that the 
boundaries of the present con- 
trol area should be moved 
about 20 miles westwards, 
along a line linking King's 
Lynn, Bury St. Edmunds and 
Colchester. 

It believes tbat the coypu 
population is now a little over 

8.000 adults (a breeding pair 
can produce two litters a year) 
and suggests that If present 
controls were dropped the 

‘national population could rise 
lo more than 100,000 in about 


las. Isle -of. VLxoi 'yesterday :tk a V£taed’;it' 'xtist6s5fe- parity ^Tritfr' “5- 
the Bridlington,-- rules - -^/elietrleiahSukJ^.w con- 

incentive, to geheraloig&dtsatl^SAtri^ctmg ' 
to seek s$e tiarg^n&rtehteiqr^e^eren^ 
all grades of ^tafit-rittoughout in: i l ma&hvdD: : :«taiaay,“- : ':-V . ' - 
establishment ’ rr ; ' i: ■ •: - 

Such’; rations,, Mr. • Dubbins-;.^ A-'~ y- r ' - V>. u 


everyone 
door.” •'-. 


TALKS 


three years. . aU grafles bf 3taff-riirtiughpiri^: i^^ h .:fl n ':^^V ;_% 

Coypus are aquatic rodents establishment ' L--' rr -l- : ' -*:■.* ■ ■_ 

resembling beavers, but they Mr. Dubbins-.*.- 1 - > 

have a pointed rather than a (■t aint ed' nntirdached .flitplM88>':'P‘-A »cr<iiBiffiYcof 
flat tail. Overall length and argued^ ^Why > dou’f- yog K 3 I: 

averages 3ft 6In and adult give us^t selfr baE^oing^riffitS 
males weigh about 15 pounds, agreement? r We witij orgaiilse 
They feed mainly on water everyone. ^ut doOT.=.- to.-? bach 

plants but are also partial to door‘ w — -V ... 

the vegetable and grain crops The NGA; Ws «M.' riuntairff Assoc^an^vjiiaita^neh3 
grown in East Anglia. pressure- wifhio ; the : .=TtiC Sqt jxjoiiswut^wi vt mi JNa 

Their burrowings In the realistic rVang ag' Which accepted. PiriDtt of '. JournaLSt me 

banks of waterways damage an <| • recogn&ed . ; sectiimii '^'employed* there, who are 1 

drainage systems, and they interests.^ _ . . . . •_ " : C ppte: .over ^thetr anuaftk 

have also laid tow hundreds of Deleg*tte& also approved avsetfiehtea^. haver been « 
acres of thatching reeds and motion mstractikig/rthe -'^ .’j- 

0S jfT s * f national- •' council . to.: meunt/'a -. . Th* agengy’s^crrices. to 

The coypu Is now regarded vigorous caflapaffl n ' < - to ‘ ensure ,pkpers/. i^io:;and 
as a pest all over Europe, that ati printing work was dod'e : Jariy ' ife '45t«n*F. 

ironically, it has disappeared by tfie &dustry*s craft; wtiona.V again (Usyffp^ y' ^ 
from Uruguay, _ one of . its it Js Va ^lrticodai^yrseiriitiye ^ " ‘ 
countnes of origin. There the timer Jd^kto'iOffrji 

coypus have all beca eaten by the BritSliratd a- ari u ag ei ^ttt.^:^ 
local hunters. thw :■ nwif^disreR- ^havfl : fllf6atI^' J oSeE.- :: 


pressure witiuo ; tae -Ia.wu. yzor- represeciat^es. OT 
realistic rliang eg ' v^ich aCcmated-TIni no - ,of~- Jbun^&t mWttbOW 
and r recogn&ed . - sectionii'-'effiploy&d^ there, who are in d»* 
inte rests. \ ... .,'r. . . . ; L : C :pptei. anunhir v^* 

Delegttto^ alto approvetT av settlement, . haver been set y** 
motion mstryctiingr the ^G^^MondAy. r r-^ - ; ,’t /-l.v 
national* •' council . to.: mbjiDt^a > ^The; agenj^;s;%rrices. to 
vigorous .campaign- -to " ensure ,pftpers/. radio:;iind ..Ty-^-pamcti- 
that all printing, work was dod'e: lariy ' ife '45ieiajF. jeram-’wwe 
by the • Industry's, craft; ahltma.. V again disjepfed yefttrttey, by the 
It Js 

timer ytOr^- 

fpum-- nwiMfliiwe- . h-t-ua jriimrK— i-2 


n' 






gjjMgejkk Times Saturday June 24 197S 


THE WEEK EV THE MARKET! 


% 

eacj 


Stags lick their 



bid for 

• forij. 


The only sign of life in the from nearly £lOm to £6.2m. 

L haS 0n f °P of Uiis the group had 
markt? V lo C0 P C w itb further extraordin- 
*?' rumWmg attack ary losses— including provisions 
if indigestion is unsteadily of £2m ani^ce asaJast ihe 
.erting back to ils feet after the closure of loss-making French 
■ecent _sales - orgy. Luckless meat operations and against the 

ST STiSf -'ASS 

vS 5 :‘S 5 i.; ! tss ^ havins pmb,e ™ o! iis 

J -“ \ e h,mf 1 wfn U w n , d 'J PeC ? a ' Witb ]osses after *» but be- 
who has lost what, fore extraordinary items of 

jSfS^bmS £516 ’ 00 ° ^ onfi “ 0 " ,d ** 

[rowing doubts , about bow far — 

. ‘ he Government is in control of 

• tsecandmic strategy, and about H AMDiAld 

.■ 'Whether dividead controls are fcvWUUW 

eally going to be removed at ONLOOKER' - 

ast next month. This week 
; nought a really depressing set 
f : wages and earnings figures. 

•Jus a; delphic statement about t0 de Ptete its reserves by a fur- 
'ividends ; from Mr. Michael * 1 . ,e . r • E3 ^ m to maintain its final 
•“opt." Happily, it seems that dividend, 

• xe didn’t have the first idea of T Mp - Neil Salmon, chairman of 
/Bat be was talking abouL Lyons had some harsh words to 

say about Price Commission In- 

- Lyons 9 dividend shock w rv Ll! ion prices which 

J lit* estimated had cost flint in 

Lyons shock announcement lost profits. Coupled with the 
hat it is to forgo a final divi- dislocation in the tea market 
^nd. knocked £10m off the caused hy volatile prices, the 
/OOP's market capitalisation on effect was to reduce profits by 
■•'Tmrsday as the shares slumped £5m in the final quarter. 

4p.to 76p. Lyons’ share price continued 

Ahead of the group s results to drift downwards yesterdav, 
be City had been expecting closing at 74 p. The group 
re-tax profits of between £11 >m intends to restore dividends 
nd £33im. Instead Lyons re- to 1976-77 levels in the 
orted profits 27 per cent down current year— provided the pre- 


sent level of trading continues. 
Eui ihe market has had its fill 
o£ false dawns at Lyons. 

Allied margins 

Alih-d Breweries’ 15 per cent 
proli; S rise in the first six 
months was better than must 
estimates. But a comparison 
with the performance of other 
b ro v.ets suggests that there are 
still question marks over the 
beer side. With Allied, around 
l hrei.'-quart ers of the profits 
growth — perhaps £4. 5 m — come 
from 2p-a-pint price increase 
over a period of 16 weeks. Whit- 
bread, which had no price in* 
crea.e.s over the more competi- 
tive winter months, improved its 
second half profits by almost 
14 per cent while Bass Char- 
ringiun's advance for a roughly 
similar period was 4 per cent 
v; ith a price rise for only seven 
wcels. 

Allied is apparently keeping 
Pace with the national improve- 
ment m beer consumption 
fa round 3 per cent by volume) 
but i his has done little to ease 
the pressure on margins. As 
always, much depends on the 
tick/*- British weather and 
unless trading is very good in 
the summer months. Allied’s 
margins could be eroded faster 
than other companies in the 
sccti-r. And there is not likely 
to he much support from wines 
and spirits where the market 



1 


1970ft *71/2 '72/3 ’73/4 '74/5 75/6 76/7 '77,3, 


j MARKET KSGHUGHTS OF THE WEEK 


Price 

Vday 

Charge on 
Week 

1978 

High 

1978 

Low 


id. Ord. Index 

456.3 

— 14.3 

497.3 

433.4 

Economic political uncertainties 

xchequer 12% 2013/17 

£13i 

- H 

£15 

£13i 

Disillusioned stag selling 

undersoil Strathclyde 

63 

+ s 

64 

46 

Strong second-half recovery 

mdiotronic . 

20 

-n 

37 

20 

Unquantified French losses 

•alter Perkins 

96 

- 6 

106 

87 

Disappointing results 

lostain (Richard) 

274 

-16 

300 

.236 

Persistent small selling 

le Beers Dfd- 

412 

+ 51 

412 

285 

U.5. broker’s bullish circular 

bwker Siddeley 

2&8 

-16 

22fi 

166 

Sizonbfc selling order completed 

Cl : 

370 

-18 

396 

328 

increased selling pressure 

C'Gas 

348 

-30 

385 

308 

Ahead of Tuesday's results 

yont (J.) 

74 

-33 

771 

72 

Fma: dividend omission shock 

forth gate Expln. 

395 

-60 

465 

245 

Profit-taking 

-'etbow 

224 

+ 13 

224 

180 

Good figs./Capital proposal 

‘iBungton 

53S 

+ 15 

545 

422 

Circular following ex. results 

fowfinson Construction 

90 

-17 

110 

80 

Lower annual results 

abrna fnds. 

62 

-22 

90 

30 

Profit-taking 

pear (J. W.) 

205 

-25 

248 

205 

Secor.d-hatf profits slump 

'oye 

66 

+ 134 

68 

36{ 

Bid speculation 

rident -Group 

66 

+ 11 

70 

48 

Bid from Starwest Inv. 

/edits Stone 

31 

+ 6 

31 

24 

Impressive first-half profits 


has been hit by big excise 
duty rises in recent years. 

Tesco success 

Full year figures from Tesco 
this week show how effective 
the dropping of Green Shield 
stamps and the ''Checkout" cam- 
paign have been. In the 38 
weeks since the campaign 
started sales jumped by 43 per 
cent and Tesco 's claimed share 
of the grocery market shot 
forward from 7.9 to 12 per cent. 
Volume growth must have been 
something like 25 to 30 per cent, 
an amazing gain when it is 
remembered that nationally 
food volume slipped by 4 per 
cent in 1977. 

However these gains have 
been at the expense of profit 
margins which have dropped 
from 4.3 tu 3 per cent, and 
pre-tax profits in the second 
half have slipped by nearly a 
tenth leaving a total of £25.56n» 
for the year compared with 
£30. 19m. Tesco lakes pains lo 
point out that this result was 
achieved after exceptional 
expenses of the campaign 
amounting to £3m. 

Having accomplished its 
objective of increasing market 
share, Tesco will probably put 
more emphasis on profit this 
year. Promotion costs will 
obviously be lower this year, 
and Tesco will be pushing hard 
on its non-food lines where the 
margins are higher. Food 
volume for the whole sector 
could rise by 1 or 2 per cent 
this year and now thar the major 
retailers have already made 
their moves to counteract 
Tesco’s price cutting, it would 
not be surprising to see diem 
improve gross margins a shade. 
For a group such as Tesco, with 
turnover this year probably in 


Up she 
goes 


JOUTH AFRICAN industrial 
hares, which have been a 
i ^pressed market virtually for 
it ■{ T fK si.be whole of the last decade, 
' i»i •* . a vp staeed a remarkable 


ave staged a remarkable 
'l.-.ecovery in recent months, with 
t ?rkf' 

* 

* 


Si!* Mb. tempo rising since the 
‘ ..Sudget on March 29. The Rand 
: )aily Mail 100, the key iiidus- 

rial share index, was then 109. 
7 t advanced steadily to 226 on 
une 12, but the real spurt came 
o the nine subsequent trading 
• ;ays up to Tuesday of this week, 
/hen .it put on 16 points. On 
Vednesday and Thursday .it 


paused for breath, but by 
Friday, the underlying strength 
seemed once again to have 
reasserted itself. 

The past-budget performance 
reflected the general belief that 
the Republic's three-year reces- 
sion had bottomed out and 
responded to the first cautious 
moves towards economic stimu- 
lation, which included modest 
tax cuts and was followed up 
with relaxation of the banks' 
credit ceilings. A continued 
buoyant gold price and the 
persistence of. a balance of pay- 
ments surplus contributed to 
the generally more confident 
mood, while long-term interest 
rates declined further from 
their 1077 peaks. Improving 
automobile sates provided some 
evidence of returning consumer 
confidence, though this in 
general remains at a relatively 
low ebb. 


TO 


j \ * 


> * 


*\ir 


u! r 


„u 



The first £1.000 of Capiral Gains is tax-free, the 
next £4,000 is taxed at 1 5 %, and the highest rate 
of Capital Gains Tax is only 30 %. 

Capital Gains are lowly taxed and easy to 
make — if you know how. 

We, Peter Whitfield and Bob Tanner, starting 
with £75 each — have made millions in shares 
(Clubman's Club, Orme, Developments, etc.). 

We are now joining forces with Peter Welharn 
(Questor of The Daily Telegraph) to produce 
Equity Research Associates NEWSLETTER, a 
fortnightly private investment newsletter. 

Equity Research Associates will seek undervalued 
investment situations- and tell you when to buy and 
sell.They will give positive advice bids and new 
issues and keep a keen eye on shareholders rights. 

Its distinguished list of contributors will 
acknowledged experts on all aspects of investment. 

Ensure that you receive the first issue (Sept. 4t 
1 978) FREE by completing the coupon (below). ^ 

To Equity Research Associates 
28 Mount Street, Mayfair, London, W1Y 5K - 

Please guarantee that 1 will receive the first wsue of Equity 
Research Associates NEWSLETTER, dated September 4th, 

1 978, completely FREE- . . ... 

If I do not wish to receive further fortnightly .asu^. I will I 
simply cancel my Banker's Order before September 1 1 th, ia/ 
and I will not owe you one penny. 

BLOCK CAPITALS PLEASE 

To Bank Ltd. 

Address — 


Please pavto Lloyds Bank Ltd. (30-96-2 L RESEARCH 
Street, London W.1 . for the account of EQUITY RES 
ASSOCIATES (0139776) the sum of €40 on i Septemb® 

1 978 and thereafter on the same date each year. 


Signature 

BLOCK CAPITALS PLEASE 


Name - - — 

Address. — .... - ^ 

. if you ureter this method, jnst lend us a cheque daw 1 — 


Against this background, the 
move which really sparked off 
the action ok the past two weeks 
was an unexpected decision by 
the Treasury \to increase the 
amount of Discretionary funds 
In the hands of the financial 
institutions. These institutions, 
primarily the powerful life 
offices and pension funds, axe 
subject to prescribed asset re- 


SOUTH AFRICA 

RICHARD ROLFE 


quirt-men ts under which they 
have to hold Government and 
public sector loan stocks up to 
as much as 53 per cent of their 
total assets. 

If a move is made, as it was 
in 1976 and 1977. to raise pres- 
cribed asset ratios, current cash 
flows may have to be diverted 
largely into gilts to top up the 
ratios, with drastic effect on 
the equity market. Conversely, 
the latest relaxation of the re- 
quirements has had a predict- 
ably bullish effect, coming as it 
has on top of an increasing 
weight of funds available, since 
the -institutions -can disinvest 
from fixed interest if they want 
to. 

So at times in the past two 
weeks, a buying pattern has 
seemed to be developing, not 
unlike Wall Street's sharp 
recovery in April or, more opti- 
mistically, London's celebrated 
“move in a vacuum" of three 
years ago. The broad base of 
the ■ advance has been impres- 
sive, with goicl shares, coal, 
diamonds and the . mining 
houses all participating, as well 
as industries. Base metals have 
been the only depressed area, 
and even here there have been 
some improvements, such as the 
local asbestos shares. 

■ One. characteristic of the mar- 
ket has been the lack of foreign 
investors’ involvement, historic- 
ally a regular feature of most 
major movements in Johannes- 
burg. An important reason is 
that, London has been a seller 
of South African industrials lor 
some years and the supply has 
largely dried up. 

. In this process of "buying 
back the farm," local institu- 
tions have absorbed a great deal 
of London-held stock and the 
result now is that there is no 
prospect of offloading from 
overseas to dampen down the 
market: Equally, there does not 
seem to be much prospect of 
overseas buyers pushing South 
African industrials to new 
highs, as happened in 1968-69. 

The exception is de Beers, 
which hit a new high of 670 
cents tliis week ou heavy U.S. 
buying. With a 60 cent dividend 
widely expected, against last 
year’s 52* cents, the shares yield 
a - prospective 12.3 per cent 
through the securities rand mar- 
ket and after local non-resident 
shareholders tax. 

Ihe market has, generally 


speaking, come to terms with 
the lack of foreign interest, just 
as it has with changed political 
circumstances, given the present 
weight of institutional funds 
looking for a home, any setback 
in the market would almost cer- 
tainly be seen as a buying oppor- 
tunity. But the chances of such 
setbacks have decreased pre- 
cisely because most shares are 
now held by South African- 
based institutions and indi- 
viduals who are locked in any- 
way. A development such as an 
oil embargo might upset the 
market, but depending on the 
response, this too could prove 
short-lived. 

Among Industrials, market 
leaders such as Barlow Rand 
and AECI have performed parti- 
cularly well, putting on 70 cents 
to 400 cents and 85 cents to 
300 cents respectively in the II 
weeks since the Budget. SA 
Breweries, w’hieh is almost 
entirely consumer- orientated, 
has risen 25 cents to 140 cents 
over the same period. 

Helped by good results, the 
leading banks have responded 
well. too. Stanbic, the local arm 
of Standard and Chartered, has 
jumped 65 cents to 410 cents 
since March 19, and there have 
been comparable rises in 
Barclays National, Ned bank, 
and Volkskas. the rest of the 
Big Four. Bankorp, the holding 
company for the banks in the 
Sanlam stable, including Trust 
Bank, has improved from 165 
cents to 210 cents. 

Yields have declined sharplv 
in the process, and the index is 
now on a dividend yield of 
8.6 per cent against 10.5 per 
cent at Budget time. But with 
the benchmark Republic of 
South Africa Loan stock now 
down to 10.5 per cent, many 
fund managers think equities 
are sttij better value, and that 
a portfolio constructed on, say, 
a 7.5 per cent yield basis will 
out-perform gilts in terras of 
return, even on modest expecta- 
tions of dividend growth. 

The rapid rate of capital for- 
mation by the life funds, pen- 
sion funds and short-term 
insurers, whose assets now total 
approximately R13bn. and 
whose cash flows (dividend 
and interest income plus net 
new business written) are ex- 
pected to be about R2,500m 
this year, should ensure a high 
level of institutional interest in 
equities. From time to time, 
however, some constraints may 
develop, such as hardening of 
overseas interest rates or the 
general trend of the world 
economy. 

Finally, the institutions are 
unlikely to keep bidding stocks 
on to a lower yield basis.- des- 
pite their rising cash flows. If 
the bull market is to. develop, 
some participation by the in- 
vesting public at large is re- 
quired. So far there is no sign 
of the small investor returning 
to the market on any scale. In- 
deed. the economy as a whole 
will have to become consider- 
ably more buoyant before he 
can do so. 


excess of £lbn. even a u.l per 
cent movement in ihe cross 
margin will ' add £lm straight 
into profits. Overall most 
analysis are pitching estimates 
this year in the recion of £56m 
to £37m pre-tax. 

Lloyd's dilemma 

Lloyd’s of London is on the 
horns of a dilemma. There are 
too many people seeking 
membership to Lloyd's and it is 
becoming increasingly difficult 
to feed the new ■■ names " with 
profitable business. Markets 
are saturated with capacity 
since business has not grown at 
anything like the same rate 
particular!}' in marine and avia- 
tion markets. although 
ominously the problem has 
spread to non-marine markets. 

The favourable underwriting 
experience — no major run of 
catastrophes in recent years — 
has meant that premium rates 
have been slashed i even by 
Lloyd’s) to often unprofitable 
levels in attempts to secure 
business. 

But conversely Lloyd s needs 
names to come forward 
continuously ia order to 
provide capacity. As Lord 
Cromer .concluded in 1970: 
"although a small select spread 
of risks may seem safe, in the 
long nm Lloyd’s will lose if the 
insured or their acents believe 
that if has nor the capacity nr 
the will to underwrite large 
scale risks." 

So Lloyd’s is likely to give 
much thought tu the possible 
implications of any attempt to 
control admissions, which the 
chairman Mr. Ian Findlay hinted 
at earlfer this, week. Any 
restriction on membership could 
take the form of a ballot system 
organised by Ihe underwriting 
agents or a quota system super- 
vised by i, the Committee of 
Lloyd’s. • t 



DURING A week in which stock 
prices have- fallen along a 
broad front, there has been an 
absorbing side show for inves- 
tors here who are tired of 
worrying about short term 
interest rates and inflation. 
" Gambling stocks are the only 
game in town at the moment 
for the small investor." observed 
one analyst this morning. Like 
everyone else he was searching 
for an explanation for the 
unexpected and somewhat 
frenzied trading activity this 
week in the shares of companies 
who have interests in one form 
or another of casino gaming. 

Caesar's World. Playboy and 
Bally Manufacturing have sat 
un or dose to the top of the 
New York Stock Exchange’s 
most active list alt week. 

It has been the same story at 
the nearby American Stock 
Exchange where the stock of 
Resorts International has been 
rocketing, partly as a result of 
investors trying to cover them- 
selves against a *’ short squeeze" 
whereby they had borrowed 
stock for onward sale in the 


NEW YORK 

JOHN WYLES 


hope that they could later 
acquire the stock for repayment 
at a lower price. 

In the view of many analysts, 
many of the purchases which 
have been inflating the prices 
of these stocks are as prudent 
an investment as gambling 
your shirt on zero at the roulette 
table. Bur the speculation is in 
fact predicated on the hope that 
many more Americans are going 
to have the opportunity of 
wagering their shirts and that 
it is these gambling companies 
that are going to reap the 
harvest. It is no coincidence 
that the speculative wave began 
to build up at the end of May 
when New Jersey's Atlantic 
City became the first centre out- 
side the state of Nevada for 
casino gambling. 

New Jersey, in common with 
many other states, was looking 
for a means of increasing its 
revenues, and thereby holding 
the line against higher taxes, 
and also of reviving a once 
glittering vacation centre. 

Moreover, there are few other 
industries which are more in- 


500 



JONES INDEXH-H- 


1974 


nTTrn 

int DrU 


] Industrial Average 


TTimm 
1 1 til i Li 1 1 i i 


UJLL 


1975 


1976 


1977 197 S j 


vulnerable to economic cycles, 
an energy crisis or other 
cataclysms and which also enjoy 
such substantial profit margins. 
So in the words of Lee Isgur, 
an analyst with Mitchell 
Hutchins, gambling stocks are a 
“perfect speculation" because 
at best the companies could ex- 
perience a huge increase in 
earnings which would make 
their present p/e ratio.? look a 
great deal more modest than 
they appear. His advice is to 
look at the individual companies 
and their prospects and not to 
lorm a general prejudice that 
the sector is set for a boom 
and neither that it is vastly 
overpriced. He argues that some 
companies, such as Showboat 
Inc. and Hurrah's have been 
neglected by the market and 
that their earnings prospects 
would have justified a rise in 
price anyway. 

In brief, the main gambling 
stocks are: Resorts Interna- 
tional: this company reported a 
$438,504 net win in its first six 
days of operation and while its 
current p/e of around 9 looks 
somewhat startling it is not 
impossible, although it is un- 
likely, that its present price 
may be only four or five times 
the company's earnings next 
year. 

Caesar's Woild: One of Las 
Vegas’ most successful casino 
operators, although its earnings 
have proved erratic from time 
lo time. The company hopes to 
open a casino hotel in Las Vegas 
in about a year's time and has 
bought a patch of laud for an- 
other $115m development which 
it wants to open in 1980. But 
in common witb all Nevada 
operators it will need that 
state’s permission to open else- 
where as well as a New Jersey 
licence. 

Bally Manufacturing: This is 
the world's largest producer of 
pinball machines and of one- 
armed bandits— any new casino 
anywhere is good mews for Bally 
whose products cost between 


$4,000 and S16.000. But it also 
plan* to spend $75 m redevelop- 
ing three old hotels in Atlantic 
City into a casino which it huiie-, 
New Jersey’s lead over the next 
few years then, it is said, the 
will be ready in 19S0. Current 
p/e is around 24. 

Playboy Enterprises: Again 
hopes to upen in Atlantic Oily 
in I9S0 with a S75m develop- 
ment. Claims it has the invest- 
ment lined up but nothing in 
next two years tu warrant cur- 
rent p/e of 55. 

Del E. Webb: Speculation in 
its stock has been linked with 
buying of Raimula Inn.-. The 
latter has a 7 per cent stake in 
tins Nevada casino operator and 
fs thought to be aiming to buy 
its way into gambling through 
possible acquisition uf Del E. 
Webb. 

Showboat Inc.: another Las 
Vegas operator with good profii- 
ability and a history of steadily 
increasing earnings. It was a 
Kama da Inns target a few years 
go but approach was rebuffed. 

Harrah’s: another Nevada 
operator with similar creden- 
tials to Showboat. A mote 
illiquid stick because chairman 
holds 84 per cent of common. 

Other companies whose slock 
is also arousing interest include 
Metro Goldwyn Mayer and Hil- 
ton Hotels. A small company 
quoted on the Pacific Stock Ex- 
change. Golden Nugget Inc. was 
also in demand yesterday after 
it announced it was buying a 
block of land in Atlantic City 
for a $75m casino hotel. 

The wheel o/ fortune may not 
spin any of the company's into 
spectacular growth in the next 
five years hut few analysts who 
follow them feel sufficiently con- 
fident about future social and 
political developments to argue 
that recent speculation is totally 
misplaced. 

CLOSING PRICES 

Close Change 
Monday 832.62 -fI.6S 

Tuesday 830.04 -3.53- 

Wednesday 824.93 -5.11 

Thursday 827.70 + 2.77 

Friday 323.02 -4.6S 



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


^ S’ Much smaller 3 hut no less successful, has 
been the Arbuthnot North American Unit 
Trust , doubling in size to million in the last 

fezv weeks. It also proudly stands at the head of 
the one-year performance table, with a rise of some 
12.5 p.c. in the 12 months to last Friday, which 
compares with a fall of S . 6 p.c. in the AA 
Do w Jones in the same period . J J 

David Collar, Sunday Telegraph. April loth. 197S 

Since ihe relaunch ot ihi* fund on ivt 5 cnierabe: io _ S the fund ha* increased in value by 
10.6' u , cor.ipjrcd 10 a Tall u£ ij.r ,> ui ihe Dwr Jones index o' er ihe saaic period. 


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

Arbuthnot - The Right North American Fund - 

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

Arbuthnot carry out much in-depth research and 
constant monitoring, as well as making regular visits to 
America, so as to pin point the areas and industries thar 
show the greatest potential for growth. 


S’ S’ What’s more, one or two of those funds 
w V whose portfolios contain a fair share of 
companies other than the leaders have in fact 
done remarkably zcell over the past few weeks. 
Most notably, Arbuthnot, whose North American 
and International still tops the one-year 
performance table, with a gain of 13.4 percent 
even though around half of the portfolio { some 90 
per cent invested directly into the U.S. markets } 
is composed of ^ a 

smaller companies. VV 

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

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

Your. investment should be regarded as long term. 

Fixed price offer for North American & 
International Fund (estimated current gross yield 
1.0%) until 5 pm June jotfa, 197S at 34-ip (or the 
daily price if lower). 

^ _ The Manager? reserve the ri^hi ro close utters h urns v.ilut-. u x t y n>ote ih ixi 

Applies lions will be acknowledged, and unit ccniti caics v. ill be i>*uc<l -• uh : n 3' 
days. The otter price includes an inni j! cliarge of 5 " .. The annu il charcu i--. . V.\ f. 

Alt net income accumulated within the fund. After the <.k«c of these ort-i-. unn- m.r/ be 
purchased at the weekly f Thursday dealing date, when units can at v l><- Jul.l hj.. t 

Payment Will be made within 14 davs of the dcalinp date and on iuanpr uf ; uuC 
L'cmhcaie dulv renounced. The u .-ckl 1 prtie and yield appear in iiu.v,! hv dirip 
newspapers. A commission oT 1 ; will be paid to rccojrmstd aper.'<. 11ns otter w 
open 10 residents of The Republic of Ireland. Trustees: The Puyj l Rank of Scot/and 
Ltd. Managers: A rbutlinoi Securities Ltd. '.Rep. in Edinburgh 46094;. .Member, '.d the 
Unit Trust Association, 


I 


To: Arbuchnoc Securities Ltd-, 37 Queen Street, London EC4R iBY. Telephone: or-236 5^82. 


tr*j .1 ;■* '»L W^W.Di owr 

Capital Sum Z.We wish toinvear ihe mud of C 'nun 

£7501 111 the Arburhn><t North American and International 
l-und and encloses cheque payable to A rbuiitnoi StcumioLtd. 
Share liv. lunge Scheme - tick bo:; for detail- \Z 


■Wr 7 T.iu.s*ase.*..'ntu-Mjr.Ltc inr.i*o[tJuiTO.rc,.« rii'OMna '.-t 1 * 7 1-. .r woii vjm it 

Monthly Saving Plan 1 i¥c wish to invest the sum of f : min £jo • per mi-nili in ihe 

Arbuthnot North .American and International Fund and'enciose a cheque pay-ibis to Ari-uthn-t 
Securities Ltd as the initial payment. A bankers ordci form will be sent w you by the tn.in.ici.r- . 
following receipt of Lhis order. This order is revocable ot any rime by one month's nonce in v. niiny. 


I c declare thar 1 am wexen-er i Sand not resident outside the scheduled territories nor am t we acquiring the above mentioned 'ccuritio or. the nominee > 
penoni.si resident outside these tcrriiones. i Ifyou ore unable to make this declaration, it should be deleted and - - 


Solicitor in the tinned Kingdom. ’■ 
Sicnaturefsl 

Full NanteCs) 


and the lortp |<vgcv- through your Bank, Stockbroker oe 

Joint applicants, all must sight Mr, Mrs Mas or Titles and Forenames. 

Addrcsifesi 


ARBUTHNOT 

FiHf\ 

NORTH AMERICAN AND INTERNATIONAL FUND Esssmajs!' 




1 


I 

1 

I 

1 




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financial Times-' 


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You have given many replies Yes. if all the " tenants 


share First 


about assigning shares in a 
house and I asked an 
experienced conveyancer just 
how it could be done. He 
thought it could but asked me 
to inquire, as this is a very 
novel matter, whether you 


knew of any reliable precedents, separate agreement. 


£5.757 at Nil with reference to obtaining 

all the accommodation the Bent Next £ 1 at 14^ an Injunction, you wrote: 

Act would not apply: moreover Next £3,742 at 33°n “The cost of applying to the 

they are probably licensees. It Remainder at 13% Court may be disproportionate 

is desirable for the agreement However, for 1979-80 onwards to the amount involved." I 
to be expressed and framed as the rates will be significantly obtained a High Court Injunc* 
a licence, not a tenancy, and higher, after the first £3,000: tion against an adjoining 
for each licensee to have a First £3,000 at Nil property owner for restoration 


so as to get the phraseology 
just right. Do you? 


Next £2,000 at 5% of water supply disconnected 


No special notice Is required, JJ ext .■■■■ 

r '"hemMO,™ 

Will and 

we cannot refer you to a reliable ae 1 


precedent. It is wise to seek 
legal advice in setting up such 
a scheme, and the necessary 

documentation is normally best 
tailor-made 
scheme. 

assistance from the new (6th> My savings policy matured 


Corporation 

3e for each particular fnr Qft 2UWS 
You may derive some * 


property 


When, in your reply under Will 
and English property (May 13), 
you say that if you have fixed 
property you must have an 
English will, does this mean a 


Edition nf Pnttcr and Monroe for units to the value of £2,516, will signed, etc., in England, 
on Tax Planning. 

Outside the 
Rent Act 

With reference to your reply 
under Outside the Rent Act 


from which I was made a 
deduction of £64 in respect of 
their CGT in October. 1977. 

In view of the retrospective 
nature of this year's budgets 
and the reductions proposed, 
can I expect any rebate? 


or a separate will signed 
anywhere which is to control 
the English side of the estate? 
What would be the position 
jf there were no will and there 
were immovable property? 

The will need not be executed 


£4,500 at 40% via his builders. Can I 
at 20% recover the costs? 

The Order itself should state 
what is to happen as to costs. 
If you were not awarded costs it 
may be possible to make a late 
application for them, taut there 
is no certainty that they will 
he awarded. However, it is 
likely that you were awarded 
your costs, or your " costs in 
cause." In either event it is 
only when the main action has 
been disposed of that your costs 
would be taxed ant! paid. 



: ^.V L 


ERIC SHORT 


Insuring sets 

is Deen no significant *“ *'•“ r'“°- “ c ^ • 

Lhe effective rates of witnessed in accordance Qt COMS ' 

. with the requirements of •* 


There has been no significant \ n _ 7_ ust _?l 

change in 


- 2 £K 1 "" £ SS? « ^ iating 

respect of a furnished house 


I let. hy arranging for all the 
tenants to share all the 
accommodation? In such a 
rase should each party sign an 


individual agreement? As I am qualifying investment trust 
thinking of letting a self- 
contained furnished unit com- 
prising the first floor of my 
house, do I need to serve any 
particular notice to enable 
me to recover possession? 


companies' — o — ■■ — --- ..... mini miung uui an insurance 

policyholders’ funds (under P“ rp0r l t V ff n C rfh d ! SP Tw- , lH nO ! gainst loss on proof sets of 
section 26 ( 2 ) fa) of ti, e k °own to English law). Without co i nSt ^oes an insurance 
Finance Act, 1974) such * . lhp immovable company require detaii* 1 of 

. ’ 1 property will devolve under the cach sct scnnratelv as with 

For a private investor whose English law of intestacy. jcweJIcJv? Woild a company 

disposals are solely of fully Jake my’ valuation? 


IJUdllJ JAftJ& 1UVC9UUCIII IlUai | jm 

shares, etc., and unit trust CsOSl OT CUl 
units, the effective rates of J 

CGT for 1977-78 and 1978-79 are inilMPtinn 
as follows {under clause 35 of 1 tUit 

the Finance Bill as published on In your reply under 


we are more likely to survive 
than die. 

But these same tables also 
unfortunately show that some of 
us in the younger age categories 
will die .in the next few years 
and then what is going to 
happen to our families finan- 
cially. We should all sit down 

and give it some thought. according age „ ^ 

Let us examine The existing from £5 2 s if widowed a 
sources of income starting first to the full pens 
with the benefits paid by the widowed at age 50. Once 
State social security scheme. All deper , den t children are 
widows are entitled to the widow's hands, her pension] 
widow's allowance paid for the could be adjusted down 
first 26 weeks of widowhood, depending on her age wh 
The current weekly rate is c jjiid ceases to be 
£24.50. but this is rising to 
£27.30 in November. 


of nothiRE if she is under ;*ge,4Q read The small print Wblch setT --. 

W and lower if between these out fife death benefit , But.ir 
is ages. to qtiaiily ,;foj :tax - relfe- . 

in TT j__ new state .p pngi nti-.it.. must pa?: ? TeaspasbJe sum. 

£. JEST ; : 


“ CAN YOU look your widow in rate if she is over the 
the eye? ” This rather macabre 50 or has dependent ch 
expression sums up the need The current- weekly r. 
for life assurance, a need that £17.50, rising to £19. 

until recently many sectors of November, plus £6.10 • for™-* , scne iue, me «• ' ■ 

the industry itself ignored in child. This rate is being' jfted ^ insist of two rfwrs: : * 

the pursuit of savings. The to £6.35 in November, a mall present payments . rested fflcasaame. -_ ..... . . .. 

marketing of savings must increase because child be efits ^yg an d a further ■ pension ; -.Now ytnj areiri a’ position if . ■ ' 

remain these days the prime are being improved co#deiv jj as€d on your earnings record tfae^senci»' a M^- i 7 A] l -' 

concern of life companies, ably. \ L ' ; firing your workmg°Iife, .Bat-it wife- wi& get '^hobldvyou dig 

After all. effectively it repre- There is no widow’s^ pc abn will be several years btforetfais tqggtoer v ^to - possible ingq ; : 
seats insurance against survival ,jf the woman is under a * 40 has any appreciable; effect ^sranp: payments. f. ^ W- v 

and until we reach retirement, and between ages 40 and S the -then only tf your en^wSftti.does" -Tfour* -wife aroH 7 iir?est tb« , - 

the actuarial tables show that weekly pension is grad ated not provide 'alternative - -pror- iwp -$mn " ' 


visions. meat that: ihcomei' 'of draw o: 

Next, what will you'iet from your mbs ' ••• 

_ . . your employer ? .This.- depends jkb&s ywr couW'.welL afford t‘. ■. 
INSURANCn - very much on what sort' of pen- fhake ropplcroentary. proWsio 


. V • sion scheme lie has ; s.eE - .' up or . and-.^e^ are^two - methods- a " . 
j;'' what kind of. ‘v .. J: ^ 

has made to- " 

scheme. .A. good i^p^^Sodhii^^e maximuz' 


new state 


*. scheme will .^beasltt: 

rtnd lump sum of (w 106 ' so lajsaiary^Even^^bu^do Dot Ti ave a con ■ 
aee (tax free) pins 

If sion of one-thrd ..Ypu r jjwjpSf ‘ plans '-an c the . markc- . 

ihe & us chUd dependant r ‘ 

^h e Some schemes wiH . pay .a- lump;mde^ jsmp r sain benefits o- : 
sum of four times; satoy;. yoy : mfrement - witfr th. -. 

death — the maximum . employer' payings the contribi - • 

. w . sible under Reyeftuer. r^,J -t- vtkms%: ; ?-T2us .is X tax : effider 

. M L vu — ^«pen-; . J^ en ^, ha ^ ‘.of^si^plenKntiDg tfc 

dent. Then her pension rabbis .vided ^ : -- V; v , ; r i - 

the same as if she hadijust assurance contracts? ^ .. : ^ j . ^rhenr yotfreen take out put 

After this period is complete, become widowed (ignoring the You may well ifiave .^tal^ ^life.jasimrance' Wi'th a life col, 

' pen- them out as pa2t 6f- ybth:-sav;; p^-,^>a^n^---death^^ 

- .50 , . ings p n^ramum ■ and c. : r J 2 :'^/ ' 


the woman becomes entitled to widow's allowance): a fill 
a widow’s pension at the top sion if she is over ag 


Insurance companies vary in 
their amount uf infiirmatinn 
which they require, and you j 
should therefore ask them ynur | 
Earth question. Most uf them j 



the way 


; ^ . -* 
jr .:;-- ■■ ’ "■ 

V- : .. 

■ . • - - -it : ■ j:.-.- -y ■■■■■frt. - 




April 20): 


piled against fence" (June 3>, 


A power of attorney 


In ynur reply of May 6 under 
a power of attorney you 
suggested that the relative of 
a woman who was becoming 
senile could obtain a power of 
attorney in accordance with 
the First Schedule to the 
Powers of Court Attorney 
Act 1971. As an appointee 
can pass on to the attorney 
no more capacity than he 
himself has it seems to me that 
if the appointee goes mad 
then the attorney himself is 
mad and could not validly 
operate the power. Nor does 


Section 25 of the Trustee Act. 
1975. as amended by the Act 
Finally, am I right in 
thinking the power most be 
stamped? 


will accept your valuation but; 
you must be caret u ! nut to ] 
undervalue. If you du you may' 
only recover a propi.rtion of] 
your loss, even thuuvh it is 
v/nhin the total valu 
pul icy. 


IS 


If 


the power was executed the sub- 
sequent insanity of the donor 
will not automatically put an 
end to the efficacy of the power. 

Section 5 of the Powers uf y • 

, Attorney Act 1971 expressly lilteVCSt OH 

a person is incapable of provides for cases P whe / e un 

executing a document, she can- ^sequent incapacity of the ’ 

not give a valid ^ power of donor will not have the effect le§CtCy 

attorney. She may, however. 0 f revocation. We agree that . 

have the necessary capacity to there must he fulI capapily to When is a legatee entitled to 

give a power but still be unable execute the power at the time interest 3,1,4 at what rate?. 

to cope with day to day 0 f execution. Should the executors tender the 

administration of her affairs. j t ls quite true that a witness interest due and could rush be 

Powers of attorney are fre- t0 lhe execution of a power or demanded? 

quently used in these circum- attorney is not required by law Although there stc exemptions, 

w*®* 1 In ^ instances men- the general rule ls that interest, 

to powers of attorney when the tioned by you . Nevertheloss.it on all legacies is payable at! 


the Act call for witnesses except d ®J,®. r is »PP r oaching clinical is desirable to’ have a witness in 4 per cent from Uv/riate of ] their, annual premium renewal informs us that costs have beim ittsuran^ ' . 


where the instninient is 
signed tinder Section 1(2) hy 
a person other than the donor, 
or whore it comes under 


note of changes to policies for 
example a change to a x^ptpr 
policy increasing the ovtaej^s'. 
initial liability under a dan». v ‘ . 

Often the policyholder.; ; ‘is 
unaware of changes because _ ha 
has not read the notice r'jand 
when a claim is made he gets^a . 
nasty surprise. . ' 

Hence CU^s idea of ' a wrap 
around leaflet to encase;-.’the 
formal notice and get pidicy- 
holders reading and aware- of 
uf the ^UMETTIMES it seems that the their insurance cover. 

j only time companies think of <pjj e motives of course . are 
" communicating " with their not complete iy altruistic. -The: 
clients, in the public relations njgssagg comes clearly across 
sense of the word, is when they ^yond the front page that CU 
want to sugar-coat a bitter pill ^ also trying to encourage 
or entice people to spend even p 0 jicyhoiders to step up thfeir 
more. cover ; - 

Nevertheless, any attempt to . . • „ T „ 

s -r*. a ‘"aisusss r& wts xsr. . ... __... „ 

Union's launch of a new leaflet- P ictu re of a rather unhappy some 4^i^^ii^^‘(^ter”;iJiroughn'itt the ;yeaf and shdu _ - 
cn-ipri maewinp aimpri at noliev- looking Ford which appears to which dea!sa«t& the house-;and contact something like lj • 
holders Sfto S»’ Applauded have lost a battle with a; brick its conta^B^e#.^6rthwhiIe. poti^lmide^:ovfer ; , the; next 

Called Renewal " the leaflet waU - - .'.Even JtH^r^i^^iHiscientinus . months^. ;Ctr;r6ckq^ th^. 

will be distributed to all non- However the accompanying househal^T^Lo^e^oiAr tbe average ; 95,O0O’ r people ..V. ". 
lifp nolicvholders alona with text falls short of ideaL If effects oftinflation on.-hoturehold receive, it direct,. ey^ty mpn:. 

p - — *- ' 1 — w. rn<eiiranob : VHM»»r- " with; ?irmr)yr getting -- 



But 


.. . 

-,v V- ; ; .: ' ’ ■ ' 

i’ "Renewal” will be update 


senility must be approached ‘^of the' wibiiitv ‘irSlir death. ^This ‘ihould" be "Tiered I notice! The initial goal of CU Roing up (did anyone •••ne^ ; jCU^hq^ui^tb suy 

with great care. disputes as t F 0 the capadty of bv the person, 1 reprc-cntatives.lis to package formal notices telling?) and premiums, ** 

Provided the donor of the the donor of the power. A 50p Seemingly a legatee could insist] showing changes to insurance also rising (obvious- to (anyone, iS^t 1 'hlrolnint : 

power was of full capacity when deed stamp is required. on a cash payment. I policies in a way that might who owns a car), it does not re 


payment, 


Gold for divergent tastes 


JIAJ PILGRIMS in Saudi There is confidence about This week market movements Investment i<; being pushed 
Arabia like reproduction coins $200. It is an easy figure to have been sluggish. But the into The expansion of industrial 
made in gold. Middle East de- bandy about and it has been gold shares market has not e»>m]Jaiiies already within tilte 
mand for gold^medal blanks has bandied about so much it now been alone in this, Australian gro/ap, while -ihe search for 
led to the Germans boosting has an^ engaging familiarity, mining shares have also been otiber industrial upportuniities 
production. The Germans, in- And with the price moving drab, following the lower trend cfmtinucr. “In .‘-his way we 
deed, put more gold in their around $185 an ounce, it does in Sydney. At first sight it irilend .to achieve a more equal 
mouths last year than any other not have much further to go. looked as if the boom might .baJa'nce between «.-ur ittdustriai 
nation thanks to certain pro- The most important strand of have fizzled out, but such a 'and «iP>imnig irue>:;-meitts and 
visions nf their national health market thinking coneeras the judgment is premature. between oiir UK and foreign 

inMiranue scheme. relationship of the bullion price Th e slackness of the Sydney earnings." -he sai l. 

StTfi og 

but 

gold market developments, out Administration has done some k’TU” “T"' ‘-•° nieni . iriai ; ; n. ucr s invest- 

this week. They offer, of course, thing about oU .mports has been no desire to make far- inenis 4n nrrfrm.,. diamonds, 

a gentle ins-ioht to quirks of ^ . .. , poris ' reaching investment decisions, gold and uranium ’w.uld hdp to 

taste, but they also underline .irilmUifi? 1 ^ J ? Bdin , 8 ^ Ju J y ^ Ul sh ™ h '. m ?hieW lho - r ' ,,:r * " the 

will happen quickly, especially strongly based the recent rise malaise affevt ins ibase metal 

with Congressional elections in the market has been. m-inin" indu« f ry." 

coming up in November. It is But one place where invest- Equally 'ague nbout ,'pros- 
* . toereiore, that the bullion meiiit decisions ere being nwdo pects 'is Tanganyika Conces- 
P ff Ce * Tk' 11 T, 3 TU^ ' U P• Ia is th the boardroom of Charier sions, whose aiKiuaJ report 
effect, tne markets are adding a Consolidated, the London arm came out fhis w», k As;. l'ar as 
gloss to Lne Gold Fields assess- 0 f jh e .\ngio American of South J timing .is eimi.-er.ied main 
ment - - Africa group. In his annual invesimen-t i» in in ion Miniere, 

Certainly lhe results of the statement, Mr. Murray which has ljwe-n li-.i i>y -vhe h»a.se 
U.S. Treasury gold auction Hofmeyr, the chairman, made metals malaise ana can offer 
emphasised The steadiness of quite clear where the group's little in the wav .if encourage- 
the market. There were 300,000 priorities tie. ment for this jiv;-. 

ounces on offer and bids were 


«5= price wfll SfS ~ “ - - £ 'ague ab., 

— arc contained in Consolidated ing goes, and the dollar wiU SSSL ^ r? J h U 30 was abniii a strr 

Gold Fields’ annual review of not settie until the Carter Operations have often been cun- mse in hose mvii! prices. I 
enld market d(.velnmn«ni« n,.t L,. 1*1 fined t0 book-squaring and there content that Ch.-.rior’a inve 


lhe basic factors which move 
the bullion price and ultimately 
settle the value of gold mining 
shares. 


PAUL CHEESERIGHT 


b$c7* per ^ 0 Jj! 0U , 6 . 

12\months while .rhtail .find^^eatseUgr m- the ^h- - 
risen' 1 by IO - per straighJawajr,:-. ^hut -as n - seUn 

is eAsy to leave oneself ^ e '- * s .® (r V ' 

particularly p n eiio.n^i.. not\.tovoff end, and - 
. thnifgh j am surprised cppld bfr*obed to produce son 

KVnu»to +hkvwoi^whiIe::v'tofdrmation ’ f — 


[has 


.brought outthe;. ^ .. ^ . 

st flve years i p ^?^ U7Wers '” :eveil l:f1 “ ie 
i» v -Iyir®-:-JffeSsage.' is to- increa. 


entice the recipients to read even hint at the rate repair p; 
th em . costs have been moving up, pri 

The basic problem that the which would obviously lend cent 
company is trying to overcome weight to premium increases, unde, 
is the fairly typical reaction of Possibly that is a deliberate .rant 
am one receiving an insurance omission. It would be very that C 

renewal notice, which is to send tempting for the reader to set M.nr' toe -is to mjrei 

off a cheque and immediately his own premium increase That wobld haveyealiy 

throw away the notice. against the rate of growth in th% Ration, faomBrto. those who; 1 - .1 .. ; < 

The problem arises when the repair .costs and. claims for h^S^noi jpcreasdfl;. msuranees 
notice is accompanied with a damages. • ■•••- 

began- with the children being 
shepherded by their teachers • 
into seats, in toe nave, where 
they were given a short skilful ■ 
talk by one of the senior elergy. . 

Remembering my own youthful 
indifference . .to things which 
adults thought! beautiful, 1 was< 
pleased to See- that' the speaker 
called attention, ■ not to the 

'■ CAN wc go in there now?” 

asked one of lhe numerous small ; 

children The black-robed verger 
wiggled his interlocked fingers 
thoughtfully. “No son, you 
can't, and I’ll tell you why.” he 

replied. ••• ‘ ■■ 

•• Where you want to go is 
the chapter house which is the . . 

meeting place for the people ca^edral's aesthetic qualities, 
who run this cathedral. And b u t to the truly interesting ques- 
today is Friday morning which t j Qn 0 j ^ ow a0 ytfii n g of such a 
is when they meet there. It 



EDUCATION 

MICMALEL -EHXON • 


received for )..04m ounces. The 
average price realised, of 


The anld fabrication demand 

eives the market a price base C19RQ1 __ _ 

«»n top of which investment ^ 

movements may take place. If ‘ n t S1 t d r e a i^ Q bul,l0n market s 
the fabrication demand is weak, CU ™5_ * _ R JJ 1 ® 


then high gold prices can be 
ruled out. 

Current gossip to the effect 


The confidence of the bullion 
market, however, contrasts with 
the value accorded to gold 

that the bullion price is moving whic * "SuaNy 

inexorably upwards to S200 an S* fi at Ievels e c ° Q ’ 

ounce rests on the assumption j-flffij firmness of toe 

That thp demand fnr inweiipr^- dem and for toe product. To 


That lhe demand for jewellery 
and so on will remain strong. 
This is bornn out by The figures 
of lhe Gold Fields review. 


hoot 


some extent the mines them- 
selves have contributed to the 
firmness. ■ 

Last year total supplies to the i a ^ P ^J°I* d 
sold Tarket were 1.607 tonnes. J onnes was sli-htly ^werthm 
of Which 241 tonnes came from in ia7R whil * v. . a 
ofnrial sales like those of the „ h 1' ^° uth , 

International Monetary Fond. °“!L Ut Thi, Vela'S T. ^ 
Out of the total. 1.-1S7 tonnes fT ' ■^ ar ’^ he . iates ' 

were used in fabricated pro- iTth c Ch f n A b " of 

duets, by far the sreatest " ““ lbe 1 SouUl **<*!, 

iewetiery 501 " 8 “““ earat *° ld s'iShUy more than* latt 
Thus some 220 tonnes were The cumulative total for toe - 
left for private investment, a ^ v ® months of the year is 
sharp increase on the 1976 ozs ’ compared with 9.07ra 
figure. Gold Fields thinks the ozs oyer the same period of 
investment interest will con- 1976> After five successive 
tinue not least because “ the months of rises, output fell back 
sound statistical position with aflain in May. 
respect to available supplies and But all this is of little account 
indusirial demand has brought if investors Fear for the future 
renewed confidence to those political stability of southern 
who make investment decisions Africa. There seems little 
on the basis or fundamental doubt that this factor has con- 
analysis.” tributed to the sluggish per- 

But there is alsu the tradi- formance of toe share market, 
linna! reason fur investment in Although the Gold Mines 
gold — " ihn continuing climate Index has come up to 161.5 
of uncertainty concerning eco- yesterday from 144.4 at the 
noraic and political develop- beginning of May, as the bullion 
menls in the world.” Gold price has advanced from around 
Fields dues not hazard a guess $170 an ounce to 8186.125, its 
as to the level the price will' level is lower than last October 
reach this year, but the markets when . the bullion price was 
arc less reticent. under $160. 


Gold For Indu 


1£00 


TONNES 


OFFICIAL 
•II COINS Jj 

MEDALS & 
MEDALLIONS 

UNCLASSIFIED 
. _ INDUSTRIAL 

DENTAL 

liMIMI! 
ELECT* 




9 

CARAT COLD 
'JEWELLERY 


wouldn’t do to break up a meet- 
ing which has been held every 
Friday since almost toe days 
of William the Conqueror. I 



^ Af — _i||nu 

1968 59 *70 *71 72 73 74 *75 76 11 rfi 
AVERAGE ANNUAL LONDON GOLD PRICE (USS/rnd 




size and built so long ago man- 
aged to stand up at all. 

“Those stones over your 
heads there weigh tons upon 
, , , , , . tons upon tons," he said, “ but 

expect you ve heard of him, They don ’ t faJI dowlli do they?" 

haven t you?’ Every child within my view 

An excited chattering showed looked up and clearly wondered, 
that the children had, and that Next the youngsters were 
the graphic illustration of Lich- divided ad hoc into 30-strong 
field Cathedral's place in history groups and sent to different 
had impressed them beyond any starting points for an accelera- 
foraetting. ted tour of the structure. Five 

The incident impressed me. vergers, each stationed at a 
loo, and gave me another strategic point, rapidly ex- 
reason for thinking that I must plained its main features to 
be unusually lucky in my visits successive groups of children, 
tu cathedrals. The man who talked of Wil- 

Only in March, fnr instance, I liam the Conqueror in the 
decided at abont half past eight vestibule of the chapter house 
on a Saturday night tu take a was one of the five. A second 
look at the exterior of South- explained why the remains 
well, near Nottingham. Ap- St Chad were no longer 
preaching, [ saw a light behind behind the High Altar 

the west-end window. I pushed Henry toe Eighth that caused bands,flyi'ofl -to;e^- and ithe hgenuflectidn:';.' : 
nn the door, and it opened. The it." he said, "you remember jpefrnm ent -straining -fo* 'max^V Hffd'-. sreSffier froist 

magnificent Norman nave was him, don't you?" Another said: mti m 

full of people listening to a “Those ledges there used to Vs 
first-rate chamber orchestra have statutes 

playing Dvorak’s Serenade for until Cromwell' 

Strings. I shall remember it for and smashed them." ^^ipcSI^indudi^ percussion- '££« and^nflJng' 

ever. ' ‘ 

Now here I was in Lichfield 
filling in the time before 
start of another job three miles 


hoTstcrqusnes " r ._ ~ ' ,v - s 
: A -yaries-from.'-day-- t D ^ t iaJ- Tak< n 




schools evidently originated band performance 
with Mrs. Lil Kelsey, children's youngsters designated 
officer fur the diocese. On each set about gathering material 
of 10 days this month different as to write op the event 
school contingents to a total their particular schools 
uf roughly 150 youngsters are about with clipboards 


. • - T,r r; -l 

effect ‘„w 





feiaicial* Times Saturday June 24 1978 


Sf » 


your savings and investments 


The return of income bonds 


WHAT DO' we want from our 
inveStipeiifcs? Security of. capital, 
higE. «uaranteea return, simple 
julininistration and' an ease bf 
access. '.to the capital are four 
• ' important features that come in 
V the list bf- requirements. Some 
. of them are mutually incompat- 
JWer-for instance the higher 
the return^ then the harder it 
, -.becomes "to .get at the capital 
in a. hurry. Also guaranteed 
J income': usually J means a lower 
’ return. than income that is not 
..guaranteed, . Usually Investors 
.'■•'Jjave tor compromise between 
. : these'reqiurenieQts — and biitfd- 
ing . society ..investment offers a 
goodcomprotmse. 

But even in this, field, the 
. societies offer higher yields for 
"investors prepared to tie up 
. their money for a year of two. 
: \Jri 'such; -.cases where investors 
. : do not want rapid access to 
their capitals hut require high 
guaranteed. . ; returns. then 
. guaranteed income bonds are 
looking attractive at present. 


stopped this method by -taxing 
the deferred annuity," , and lire 
companies have been' devoting 
a lot of research to - devising 
alternative methods to ; soften 
the tax blow. So far they have 
come tip with two main sys- 
tems. 

The first' is simply an end ow- 
ment. assurance. -u^th guaran- 
teed reversionary bonuses. The 
investor gets his income by 
cashing in the bonus; - usually 
paid • every six .months-. The 
stun assured at the end' bf the 


INVESTMENT 

ERIC SHORT" ; 


Guaranteed income bonds re- 
ceived rather a bad name fol- 
" lowing the experience oE some 
. investors with, their holdings 
in companies that ran into 


TABLE 1 


INVESTMENT OF £1.000 BOND TO 
YIELD 8 PER CENT NET OF BASIC 
RATE TAX 


. ft 

J* 


' f. 

• a. 


Tax Rate 
34% 


40% 98% 



Method 1 
Guar. Bonus 


Net income 


£ 

80 


Capita/ returned 7,000 


£ 

72 

935 


£ 

61 

840 


Method 2..1 

Temp. Annuity 

and life-contract - 

Net' income- 60 78 

Capital teturhed- 1,000 906 


75 

770 


trouble a few years ago. The 
boom of 1972 and 1973 showed 
_ just how keen investors were 
'.ltd secure high' guaranteed in- 
’ come together with the return 
’ of capital. Now after a passage 
of time more life companies 
-are returning to this field, 
boosted by the high returns 
'that' can now be offered: As 
• public memory dims, more com- 
li'panies are likely to recrim- 
unence marketing these bonds. 

. . In the old days, the method 
used was a combination of tem- 
.porary annuity and deferred 
annuity with a cash option. The 
finance Act 1975 effectively 


period returns Ibb capital 
invested. 

For basic rate taxpayers, the 
income is paid net of tax and 
there is no further tax liability, 
neither is there any tax charge 
on the capital returned at the 
end of the investment period. 
But with higher rate payers 
there is a charge, based on the 
higher rate only. The first 5 
per cent on the ori ginal outlay 
is free of tax at the time of 
payment, but the rest suffers 
the higher rate tax. TheD when 
the capital is paid back at the 
end of the investment period, 
there is another levy of higher 
rate tax on profits. It means 
in effect that higher rate payers 
will not get their . original 
capital back. 

The other method used to 
provide guaranteed income is 
a combination of a temporary 
annuity, to provide the ineome 
and a life assurance contract to 
return the capital. Part of the 
outlay buys the annuity, the 
remainder the life .contract. 
Again there is no problem for 
basic rate taxpayers. They will 
pay. basic rate tax ori’the in- 
terest portion of the annuity 
payments, which is deducted by 
the life company. Their capita! 
is returned intact. Higher rate 
payers will pay additional 
higher rate tax on their income, 
and higher rate tax on the 
profit from the life assurance 
contract. 

This complex situation for 
higher rate taxpayers must be 
blamed entirely on the Revenue 
and the complicated tax legisla- 
tion governing this type'of life 


But for higher rate payers, the 
choice o£ method is important 
because the incidence of tax 
vanes, as Table 1 shows. 
Investors hove to decide 
whether to maximise income or 
minimise the drop in capital 
that ' occurs. Much depends on 
the expected tax situation at 
the* end of the investment 
period. 

The outlay is also returned 
in full tless any tax charge) 
should the investor die within, 
the investment period. These 
periods are quite short — three, 
four or five years. But what 
happens if investors want to 
‘-■a-'h in early’ Those readers 
with long memories will recall 
that in the boom, companies 
wore making 100 per cem return 
aft*r one year — and running 
into big trouble soon after. 

Well, the companies and the 
Department of Trade have 
learnt from bitter experience. 


TABLE 2 


Net Yield 

Term 

Company 

% 

years 

Target Life 

9 

S 


8 

2 

Comhil! Insurance 

8i 

4 

Trident Life 

8 

5 

Schroder Life 

73 

4 

Hill Samuel Life 

71 

S 

Albany Life 

81 

4 

Equity & Law 

7* 

5 

Hodge Life 

81 

4 

Charterhouse 

Magna 

8.6t 

5 

* Rate increases 

slightly 

with 

increasing age 

f Income paid at end of year 



assurance payment Summing up 
icome 


the position, guaranteed, incol_, 
bonds under either method . nire 
simple enough for basic. rale/tax- 
payers. They can provide - a 
secure and attractive source of 
high income. 


They are matching assets 
against liabilities — mainly 
investing in gilts and local 
authority stocks, and surrender 
values depend on interest rate 
levels at the time. If interest 
rates rise, then the surrender 
value falls. Effectively, investors 
arc locked into this contract if 
interest rates do rise — and they 
won't want to come out if they 
fail. 

The yield depends very much 
on interest rates at the time of 
launch. With the likelihood of 
rates rising, investors could be 
well advised to hold off for the 
moment Comhill Insurance last 
month launched a bond yielding 
7? per- cent net This week it 
closed th(s offer and launched 
■a new series yielding SI per 
cent So itVys to shop around 
for the best, buys — Table 2 
gives some indication. 


\ 





id maintain 


their standard oi 

m maintain yours? 




. • > We could, at Allied Hambro. 

- - ' - We ve been helping peoplelike you protect. your capital 

aud-savihgs against inflation for some fortyJeaxsnovK 

(Indeed, we were one of tire pioneers of the unit tost 

And the records show weve had more than our fail 
share of success with our policy of aimingfor consistent, above 


average investhientperfonnance. _ 

Take our High Yield Fund tor exampl&Between July 


1974 and December 1977 the cost of living rose 72%-Those 
who held those units saw their gross income from tins fund 


rise bv7S% 

We wouldn’t like to imply that we could always repeat 
that performance, nor that it solved all the financial problems 

could give your capital a ckanceto fight back against nation. 

^WMle wed-like you to j oin us, wed rather you first sought 
the impartial and expert adviceof yourprofessional advisee 
If he thinks were the right unit trust group for you, 

then perhaps we can get together and help you. 

P ;,-,n v , mlikdv the governineiitmlL ■ 


For its jolly unlikely the go’ 

jALUED HAMM) 

I U WERE ON YOUR blDE 

JUJJEDHAMB£Q GkOLT.UfciyiOPSCAK.W-'*^ 


THE PAYMENT Of a cash sum 
at retirement is regarded by 
many as an Important benefit 
provided by occupational pen- 
sion schemes, especially as it is 
completely tax free. Often 
peuplo at retirement confess to 
feeling secure in the knowledge 
that they have, often for the 
first time, a nest egg of a few 
thousand pounds instantly 
available. 

Lump sum benefits are pro- 
vided in two ways. They can 
either be an integral part of the 
benefit structure at retirement, 
with the member receiving a 
cash payment plus a pension 
(both based on final salary). Or 
alternatively, at retirement the 
individual can have the option 
of commuting part of his pen- 
sion entitlement for a lump sum. 
The public service pension 
schemes are structured on the 
first method, while many com- 
pany pension schemes use the 
second basis. 

Commutation is simply the 
payment for a lump sutn in 
return for a reduction in the 
amount of pension payments. 
The method of calculation is a 
straightforward discounted cash 
flaw exercise at a suitable rate 
of interest over the life ex- 
pectancy of the members. 

The publicity given recently 
lo the case of a retiring senior 
RAF officer having his applica- 


Illness no bar to cask 


A 


lion to commute part of his pen- 
sion turned down on the grounds 
of jU health may have caused 
concern to some individuals 
nearing retirement and in poor 
health. Well, there is no need 
to worry on thac score. The 
commutation option available 
in this particular pension 
arrangement is very much a 
special case. 

If one was using a strict 
actuarial procedure in the com- 
mutation calculations. then 
obviously the state of health of 
the individual would be taken 
into account The expectation 
of life, for someone in poor 
health, would be shorter than 
normal, thus cuning down the 
effective period of discounting 
and resulting in a smaller sum 
per unit of pension. 

But in both methods described 
above, uo account is taken of 
the member’s health at the time 
ul retirement. The actuarial 
calculations are based on “ nor- 
mal health" muriatity tables. 
Even if an individual is on his 
death bed. he can still elect to 
commute Part of his pension. 
Indeed, it wuiild be financially 
advantageous to do so— pension 
payments are usually guaran- 
teed for five years, while the 


commutation calculations are 
based on a life expectancy for 
a man aged 65 of about 22 years. 

The armed services pension 
arrangements are unusual .in 
that as well as the scheme pay- 
ing on retirement a lump sum 
together with a pension, the 
officer has the option of com- 
muting up to half the pension 
for an additional lump sum. 
The original lump sum is paid 


PENSIONS 


ERIC SHORT 


irrespective of the state of 
health. But the terras of com- 
mutation are laid down in the 
Pension Commutation Act, 1871, 
and this does take into account 
the applicant's state of health. 
There is a Pensions Commuta- 
tion Board set up under the 
Act. and advised by its own 
independent medical advisers 
and the precise sum is derived 
from tables produced by the 
Government Actuary. 

With other occupational 
pension schemes — public service 


and private — the amount of the 
cash payment is limited by the 
Inland Revenue. If it is part 
of the benefit structure, then 
both the pension and the lump 
sum are based on years, of ,ser- 
vice — usually l/Sflth for the 
pension and 3/SOths of the final 
salary for . each year, up to a 
maximum pension of one-balf 
of final salary and a lump sum 
of 11 times final salary. 

If the commutation method is 
used, the maximum pension is 
two-thirds of final salary and 
the maximum lump sum pay- 
ment is 1^ times final salary, 
providing the individual has 
been at least 20 years in the 
pension scheme-, ThUjs he can 
commute for the maximum 
lump sum -without qualifying 
for maximum pension, which 
usually takes 40 years' service. 

Most schemes use a fixed 
commutation formula of 9 for 
1 for men at 65. that is each 
unit uf annual pension given up 
provides a lump sum of nine 
times that value. So a member 
giving up £100 of pension would 
receive a cash sum of £900. Thus 
if a member is entitled to a 
maximum pension of two-thirds 
of final salary and commutes for 
the maximum lump sum. on the 


above rate his pension will be 
cut back to ono-half final salary. 

Consider an employee retiring 
at age 65 whose final salary is 
£6.000 per annum. His maximum 
pension Is £4,000— two-t hi rds of 
his final salary, and the maxi- 
mum cash sum he can receive is 
£9.000 — 1J times final salary, 
the amount of pension to be 
given up is 1/9 of thjs sum — 
that is £1,000 — so the pension 
left is £3,000 — half final salary. 

The Revenue, however, will 
allow the use of a true actu- 
arial calculation for commuta- 
tion based on normal mortality 
tables, even if it does provide 
more favourable terms than the 
9 for 1 basis And in current 
circumstances it could well do 
this. • The tables used for com- 
muting the armed services pen- 
sion have a ratio of 9.71 to 1 for 
age 65. Using this value jn the 
above example, the £9.000 lump 
sum would mean a reduction of 
£927 of pension, leaving £3.073 
which is 51.2 per cent of final 
salary. It is a point that em- 
ployees should check with their 
scheme representatives. 

The self-employ eci also have 
the option to commute part of 
their pension at retirement for 
a tax-free lump sura. There is no 
fixed basis — it depends on the 
individual life company con- 
cerned. But the state of'healih 
of the investor is not taken into 
account. 


THIS WEEK'S release of the 
unit trust sales for May showed 
a level that has only been 
beaten once — by those for 
April of this year. No wonder 
its all smiles again in the unit 
trust management groups. At 
this level, sales this year are 
going to be the best ever by a 
long way. The private investor 
has returned to the equity 
market again using unit trusts 
as never before. And it is the 
U.S, market that has attracted 
him — the UK market at present 
is in the doldrums. 

But when there is a bnom, 
you* can rely on some groups 
being somewhat slow to rake 
advantage of the situation. This 
week saw the launch of one 
new U.S. trust and moves to 
convert an existing trust into 
a U.S. fund. One would have 
thought that this action should 
have been taken months ago 
but perhaps better late than 
never. 

The Crescent Group is pro- 
posing to change one of its 
existing trusts into a U.S. fund, 
and to give the management its 
due, it already has a highly 
successful international fund at 
present heavily orientated 
towards the U.S. But investors 
this year seem to want a U.S. 
fund so Crescent is providing 
them with one to join, the 
International fund and last 
week's new launch, the Tokyo 


More 

funds 


go west 


fund, which has pulled in £2m 
in just over a week. 

The group is seeking the 
approval of unit holders in its 
Growth fund to change iuto the 
U.S. fund. This fund, launched 
in the heyday of the cult of 


UNIT TRUSTS 


ERIC SHORT 


capital growth, has never 
appealed to investors, unlike 
the other funds in the Crescent 
stable. By the beginning of 
May the fund had only 835 
unitholders and was valued at 
£726,000. The Reserves fund, 
which has similar objectives has 
over 10,000 unitholders and has 
a value .in excess of £10m. 

It is likely to be a couple of 
months before the new fund. 
Crescent American Fund, 
appears on tire scene. But the 
managers consider that the U.S. 
market will still be attractive 
to investors at that time. Most 
unit trust groups are finding 


that they need a U.S. fund in 
their stable. 

In contrast Hambro Unit, 
trust is going after the pepsion 
fund market and has launched 
the Allied Hambro U.S A. 
Exempt Fund. Despite the 
upsurge in private investment, 
there is little doubt that in 
future, most of the new invest- 
ment is going to come from 
pension funds. The group 
appears to have taken the view 
that while the large life com- 
panies are going to dominate 
the field for the main equity 
funds, there is a need for 
specialist equity funds that is 
not being met by the large 
companies. 

Pension fund managers may 
well decide to hold a certain 
percentage of their assets in 
equities, of which a small part 
will be in smaller companies 
and overseas. The large life 
companies consider that this 
mix forms part of their strategy 
in the main equity fund. But 
some pension scheme trustees 
may well feel that they want a 
specific fund for overseas equity 
investment. Hambro has found 
this with the Allied Hambro 
Smaller Companies Fund which 
has been well taken up by pen- 
sion funds. It feels that similar 
sentiments will make the new 
fund popular with pension 
schemes. At present, there are 
only a handful of specialised 
overseas exempt funds available. 


Stiff upper lip 


THE PICCADILLY unit trust 
group's management has been 
Forced ' to wash its dirty linen 
in public but that is .no reason 
for unitholders to panic. Their 
investments are completely safe 
and rhis has been confirmed by 
the trustees, the Bank, o£ Scot- 
land ■ i 1 • ' 

It was established at the be- 
ginning of last week 1 that Pic- 
cadilly was named in an unpub- 
lished. Stock Exchange report on 
sharedealings. The report is 
believed to centre on the past 
activities of stockbroker Russell 
Coiin-Jones, whose body was 
found at the foot of Beachy 
Head last March. 

Piccadilly's involvement would 
appear to have been small. The 
investment director, Mr. Neill 
Scott; who was responsible for 
the dealings of the trusts has 
resigned. In all a total of 21 
deals over a period from 
Decembers 1976 to June 1977 
appear to be in question. These 
amounted to purchases of 
£187,500 and 'sale.s of £121,000. 
These figures are. not significant 
compared with the trust’s funds 
of £10m'ahd the deals did not 
incur any losses. 

So at the end of the day these 
revalations have damaged 
Piccadilly’s image but they do 
not bode' anything sinister . for 


the trusts’ values. These are 
based on the market value of 
the underlying securities and 
the Bank of Scotland has 
assured the public th3t every- 
thing is alright on that point. 

However, one of Piccadilly's 
defensive moves has only added 
to the confusion in some unit- 
holders’ minds and has made 
them more unnerved. On 
Monday, June 12 the trusts’ 
managers immediately put the 
prices of all nine trusts on a 
“ bid " valuation. Basically this 
is a write-down of the valuation 
on a Board of Trade formula 
which cuts a few pence off the 
quoted bid and offer prices of 
the units. 

This move puts pressure on 
unit holders not to sell out and 
definitely penalises those who 
do. 


Piccadilly hopes to return to 
an "offer" spread of quotes as 
soon as possible. The manage- 
ment is. waiting for the dust to 
settle., and judging by the 
current level of daily redemp- 
tions, which are no more than 
normal, a return to an "offer" 
quote could happen an yday. 
This will automatically raise the 
prices of the trusts. 


TERRY GARRETT 


Potential 

of 

Australia 


ON THE back of its increasing 
optimism for the Australian 
stock market, and in particular 
for mining shares, Barclays 
Unicorn is launching a nation- 
wide advertising campaign to 
promote its £12m Unicorn 
Australia Trust fund. 

Mr., Bill Hilling, investment 
manager for Barclays Unicorn, 
this week returned from a fact- 
finding tour of the major invest- 
ment centres in Australia and 
this visit confirmed his opinion 
that the country’s economy is 
due for a period of recovery. 
He said that he believed 
Australia would enjoy greater 
political and economic stability 
since the elections at the end 
of last year confirmed Mr. 
Malcolm Fraser’s position as 
Prime Minister. 

He said that other British 
investment groups were also 
taking a closer look at Austra- 
lia and at least two of these 
groups had been in Canberra 
last week also on fact finding 
missions. 

Barclay's Australian fund is 
seeking to increase its size by at 
least a further £lm and will be 
looking to strengthen its mining 
stocks. It was here that he saw 
the greatest opportunities. He 
did not see the fund pursuing 
manufacturing stocks to any 
great degree, but he thought 
that uranium was a particularly 
strong bull point for the 
Australian economy. 

He pointed out that the other 
major reserves of uranium were 
to be found in Africa and 
Canada, but that Australia’s 
currently more stable outlook 
indicated that it would become 
the world's leading supplier of 
the mineral. 

On the Australian economy 
in general he said that there 
had been improvements on 
interest and inflation rates and 
that the government was com- 
mitted to maintaining a stable 
currency — in order to attract 
foreign investment into the 
country. 

He said the budget deficit in 
Australia must be of concern 
but that he believed that the 
government was making strides 
to correct this position. 

“Naturally prospects for Aus- 
tralia depend upon what view 
you fake of prospects for the 
World economy and if you be- 
lieve that this will take a turn 
for the better into the 1980s 
then I believe that Australia 
will be a major beneficiary,’' 
said Mr. Hilling. 

ANDREW TAYLOR 


AUSTRALIA LOOKS AS 
GOOD NOW AS AMERICA. 
DID IN JANUARY 


'While many investors* eyes have been fixed 
firmly on Wall Streets we have also been taking a 
look down under. 

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

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

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

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

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

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

Its performance this year has pushed it into the 
Top Ten over 5 months in the Planned Savings 
magazine rankings. 

So although we*re not suggesting that America.; 
has lost its attraction, we think that a stakein ■ 

Australia could make a lot of sense at the moment. 

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

You should xegardy ourinv^tment as long term. 


HOWTO INVEST 


You can invest in Unicom Australia Trust 
with a lump sum of £250 or more. Or, if you wish 
to invest on a regular basis with tax relief, you can 
make a monthly payment from £10.30. Please fill 
in the subscription form below. 

There are, two kinds of unit : 

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

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

The offer prices, which can change daily, were 
765p per accumulation unit and 60.1p XD per 
income unit on 23rd June, 1978 with an estimated 
gross yield of 1.68% - First payment to newinvestors 
inincome units will be 1st February 1979. 


_ Pric» and yibJd appear daily in tfeFihgnad Times imd other 
national newspapers/The offer prices include the inirialmanagemcnt 
. charge of 5% and there is ahalf-yearly chaise af3/16%, plus VAT. 
Commission at 1-1% ispaid to authorised agents, but not inrespecc 
of Barclaycatd purchases .You can sell backunics on any business 
dav atihe bid price ruling wheuyour instructions arrive. Payment 
■wifi normally be made \riihm seven days of receipt of the 
renounced certificarcs. 

Managers : Barclays Unicom Limited, Member of the Unit 
Trns t AssbciariomTrus tec : Royal Exchange Assurance, 


BARCLAYS UNICORN AUSTRALIATRUST. 


| * . To: Barclays Uhfcnm J jnrirrrij 252 Romford Road, London E7 9JB. 
| Surname or AGss)_ 


I 


(B lode espials please) 

Address. 


JEfotenaiuamfitfL 


I/We wishto invest 
(Mmmum£250) 


V Lump Sum Investment 

1 . If you -wish to purchase these mits rfavaghyaw Bardcyczrd azco untpleasa 

I inyour Barclay cjrd manber here., 

I 


in income/accnmulation* mn'csofUmcorn Australia TrusC 
and endoseachcqne far this aniooni. 



I 


Tetrimri es. If yon are unable tomafe tins dedaratiort, itshoaid be ddcicd mid ttoferm lodged ihroyghywrbank. swckinvkr or any 
other auhariicd deposiidry. In the ca&ojjonxapplicattoittaUimms^This offer is mtasmlabk to residctitsof zhcRepubScqf IrdavL 


Signed, 


JDafc?- 


I AiraftVATNo. 


FTaaffTA 


| "' Rcgnlgr in vestment wi th Life Assurance and TaxF clief. ; _____ . „ „ . , __ 

| Ifyon want details of the Barclays life Assured Savings j | . | 


C 


‘ fcginesed Office: 54 Lombard Street, London EC3P 3AEL R^pstcxed in England No. 5S9107. Ultimate holding c omp any Barclays. Bank Limited. 






Pans le "Carre d’Or' 
de MontCi-pirto 



PARK 

PALACE 


-J.lnlhe heart of Monte-Cafl^artc£^he Principality ■ 

: Monaco construction, o^' new deyclopmerit *, 

240Juxu ty iapartme nt s r,et3lnlrtg.^th e Jiam o “Par k- Pa la ce ' \ 
^i;;jis-abqut:to comrnencei.Thesfcrange trom studios . 

• 4: '9:rppmei- : .llatsi;afidy3eW^e ,J ses • - . ' . . 

^^Vwnh parkin^jswirmntng^pli yttt shops . •*{' 

'•- r ' .r 1 * ‘ y’j--. 

- 'V'.i'V' 1 -! v?y • -Full'dM a lit? brocHun?*, prices- 1 iste’: ' . 

'V-.v v.v v. r. v ' : . . : •• : •' ;i: • v . . - - - 

- J' H * m p I on’ 4‘So n s^.j. Q a r f I ® £$£5; * e 
"PTiS ?.*' -At Arlington' Streef'M- ;V*Gnrlenst raise 14 H _ 

Q'i r- y-jp? \!VLo rid brt SWl A /-t R Q - ^i'C H , ji : ’W39*7ii r I c+i r-i-r- « 

L (3i ) <53 3G 85 - 1 ' a 


TRURO CITY — CORNWALL 

8.52 Acres (approx.) Residential Building Land 
with Planning Permission for 27 Units 
Prime position with easy access to City centre, schools and 
public transport and borderin': open countryside 
A unique opportunity for development in this important 
tnurrst and commercial centre 

FOR SALE BY AUCTION 

Friday loth September 1978 
(Unless sold privately previously) 


Auctioneers: 



suss 


Mansion House, Princes St.. Truru TK1 iif»F. Tel: tOSHi) 4211 
Solicitors: 

Nalder &. Son 

7 Pydar Street. Truro TR1 2 AT - Tel: (0S72) 6101 


^ King $k ©hasemore 


west SUSSEX 

PATMANS FARM 

COOLHAM. NEAR HORSHAM 
in the Wee Id of Sustex 
in unipoill countryside 

LATE REGENCY FARMHOUSE 

m th & beds. S rc:cp. luff flat, 
pair of modern ;ortagei. 

Extent, ve Buildings and Stabling 
£&OU7 100.03 ACr.ES 

AUCTION — AUGUST 2nd 
Details: 

FARMS DEPT . PL'LBORClUGH 
(07952 208U 


SURREY 

on the outskirts af Dorking 
SPACIOUS FAMILY HOUSE 
WITH NEARLY 13 ACRES 

' Unspoilt pasuion. well secluded, 
glorious views Hall, 2 recep. 5 beds. 
2 baths, kitchen, morning room, 
oil c.h. 2 garages, garden, orchard, 
paddocks and woodland. 

FOR SALE FREEHOLD 

Details: 

Horsham Oflice (0403 64441) 


hssi mss miwmm urns 
i&svEsraim m msim msiuuu 

4700 acres 

(approx. 1.9C0 hectares) 

in west central wheatbeit area 160 miles East of Perth. 
Subject to short-term lezse to Velcourt Farmers Pty Limited. 
For full information apply to: 

I. L. B. SMEE & CO. 

Chartered Surveyors 

The Estate Office, Wingfield. Trowbridge. Wiltshire 
Telephone Trowbridge (022 14) 3124 


Herefordshire/Worcestershire/Shropshire 


Borders 


Wiuun oaw reai.-h of rh<? marker towns of Ton bury Wells. Ludlow and Leominster 
SIS ACHES (IN FIVE LOTS) OF 
EXCELLENT PASTURE AND ARABLE LAND 

all olforcd with 

Vacant Possession upon UHiink'llon of purchase 
FOR SALE ST AUCTION 
Subject io Conditions and to prior sale 
IN MVE LOTS. viz. 130. 149. 47 and 119 acre* 

At the Portcullis Hall. Ludlow 
ON MONDAY, 19th JULY, 1978 AT 3 p.m. 

Auctioneers: 

McCartney, morris & barker 
LUDLOW. Tel. 2251. 

Vendors' Saik-irorsr Brisiou-s. Cooke & Carpmacl. 
in Lincolns inn Fli-lds. London. W.C.2. Tel. 01-342 nt82. 


If you wish to buy — sell — rent or have 

REAL ESTATE 

managed in the 




mmm 


Write to: 

A G E D I 

26 bis Bd. Princess Charlotte- Monte-Carlo 
Principality of Monaco 
Tel. 193) 50 66 00— Telex 479 417 MC 
Documentation sent free on request 


WALTON-ON-THAME5 — BURWOOD PARK 
SURREY 

Individually designed Ranch Style Home, only S years old. set in Surrey's 
premier joO Ac-e Private Park. 

6 Bedrooms, J Bathrooms. 24ft * 15 ft Lounge. Dining Room. Study. 24!t 
Wnghton Kitchen. Plarroom. Utility Room. Sun Balcony 2 Car Garage, full 
Gas fi-cd Central Heating. Large Heated Pool plus Changing Rooms. Half 
Acre South Backing Landscaped Grounds with feature ornamental Japanese 
Ityl© Terrace 

PRICE £125.000 FREEHOLD 
Sole Agents. 

0 BJ S3 lQ B E 5 2a - Bridge Street. 

* Lud) 3 Saw Walton-on-Thamei, Surrey. 

1 " ■ Tol: Wat con-on. Thames 24 196. 


FRANCE 
FOR SALE 

CHATEAU 
BE LA BROUSSE 

DOURDAN (ESSONNE 91) 
50 km South of Paris 
A SUPERS’ 

J9th CENTURY PROPERTY 
17 fully furnished rooms 
in excellent condition 
The castle includes a basement 
and four storeys extending in 
all to 1,082 sq.m. 

7- roam staff house. 
Outbuildings, stables, tennis 
court, swimming pools. 
Park of 6 hectares in enclosed 
grounds of 9 hectares. 

PRICE: FRS. 6^00,000 
Write to: 

Mme Thobois 
96, avenue de Suffren 
75015 - PARIS 
Tel: 723.59.7Q 


15 

I 



FRANCE 

COTE D’AZl’R 


CAGNES SUR MER 
DOMAINS DU BAOU 

Small blocks of flats in beauti- 
ful park wiih swimming pool 
— Tennis court— Bowling area 
— etc. . Studio-flats — three- 

room flats— equipped kitchens 
. . . Some flats aireadv 
available, 
information from: 

LEG I 

6, avenue des Phoceens 
06300 Nice, France 
Tel: (93) S0.07.J2 



Copeflenboi ff5 km from Antwerp) 
LUXURIOUS MODERN VILLA 
Spacious private apartments, 
assembly room. staff-lodge, 
guest-rooms piay or working 
space, sauna, tennis, swimming 
pool, garage. Splendidly laid-out 
garden with ponds. The skua, 
tiori and outline ensure a strict 
privacy. 

Details Frgm; 

“ IMMO E 3 ” 
Turnhoutsebun 254 
B-2230 SCHJLDE 
Tel. <9 ua..l pjH.): 

(31) 83 16 08 a r (31) 83 52 02 


PROPERTY 


A readjustment 


BY JOE RENNISON 

MORE EVIDENCE from the 
regions that that horrible thing 
“ boom " is fading from the 
scene. ■ A couple of weeks ago 
I said I hoped never to men- 
tion the word “boom” in this 
column again for a long time, 
but that is only when it is 
being injudiciously forecast, 
not when it needs to be 
knocked down. 

Commonsense has prevailed 
in the local property market — 
despite the well-publicised 
shortage of houses to sell, say 
Bristol-based chartered sur- 
veyors and estate agents, 
Alonzo Dawes and Hoddell in 
a mid-year comment on the 
housing market 

Housebuyers have not bid up 
prices to unrealistic levels, they 
say. “ House prices, which had 
fallen behind the rise in earn- 
ings. have now, to some extent 
caught up but fears that this 
readjustment would spill over 
into a massive prices boom 
have, thankfully, not material- 
ised. The current ‘ mini boom ’ 
is running out of steam and ” 
the agents continue “ there is 
a very real prospect of a modest 
buyers’ market later in the year, 
with houses more difficult to 
sell and house-hunters having 
a wider choice. 

“People have clearly learned 
the lesson of the 1973 boom,” 
says Mr. David Mewes, partner 
in charge of the firm's residen- 
tial department. “ and there 
have been surprisingly few 
cases of ■gazumping*.” 

Individual price rises have 
fluctuated widely, say the 
agents, but many house prices 
have risen by about 10-15 per 
cent in Bristol and the county 
of Avon in the first half of 
1978 — very much lower than 
some of the wild predictions 
beins made at the beginning of 
the Vear. 

Even so, they add. prices 
have risen more quickly than 
at any time in the past four 
years and the increase could 
average 15 per cent or so during 
the full year, or about three 
times the annual rise in recent 
years. 

Alonzo Dawes and Hoddell 
give two main reasons why the 
current situation has not 
developed into a runaway boom.. 
People no longer have the blind 
faith in continually rising pro- 
perty values which caused so 
much distress when the 1973- 
1974 bubble burst Secondly, 


UUt 


the cutback in building society 
lending, partly due to govern- 
ment pressure and p3rily to a 
fall in investment inflow, has 
helped to ease the pressure. So 
it is essentially a combination 
of caution, mortgage difficulties 
and uncertainty about future 
trends. 

As a final thought the agents 
point to an interesting relation- 
ship between inflation and the 
level of house prices. 11 It used 
to be the conventional wisdom 
that property was the ideal 
hedge against inflation. This 
remains true, of course, 
in the long term, but 
over the past few years house 
values have dramatically failed 
to keep up with the general rise 
in prices— as the house building 
industry knows all too well. 

“Now that the inflation rate 
has fallen, house prices are 
recovering from the doldrums. 
We doubt if this is a temporary 
phenomenon, and if the inflation 
rate rises again this year, we 
expect house price increases to 
slacken and again fail behind 
the rise in other costs.” 

From London a similar senti- 
ment is expressed by Gross Fine 
and Krieger Chalfen about the 
end of the boom plus some 
interesting comments on the 
mortgage rate and what could 
be done to help existing and 
future owners. 

The recent announcement of 
the increase in mortgage rate to 
99 per cent has in their opinion 
been given too much stress, 
particularly when it is borne in 
mind that the new interest 
charge to borowers only exceeds 
by J per cent the level of the 
last two months of 1977, a 
period of considerable activity, 
and during that time, the ruling 
rate was . well below the 
remainder of that year and still 
vastly down on the 12J per cent 
from November, 1976, to April. 
1977. 

What has been totally ignored 
they think is an effective and 
practical package to contain 
future price rises following the 
plateau presently reached after 
the rapid spiral of home prices 
over the past 18 months — not 
just luxury properties in 
Mayfair. Knightsb ridge and 
Hampstead. 

The total lack of official 
action in a positive manner 
apart from negative steps, such 
as the ill-conceived corset on 
building society lending, to 
stem and contain future prices 
and at the same time to 
re-energise the residential 







You know that hymn about the rich man in his castle, t 
poor man at his gate (incidentally I’m surprised the TU 1 
has not complained to the Church of England about ih 
continued use of this, particularly the bit about God mad 
them high and lowly and ordered their estate) well it strike 
me looking at the above two properties that the rich man hi 
now both his castle and the poor man’s gate. Both the abov 
built for the poor man will no doubt be picked up by the ric 
( sail or) man wanting to get away from his castle at thi 


development market and 
refurbishment of existing stock 
is quite unbelievable. Par- 
ticularly when ready measures 
are to band, such as the follow- 
ing they suggest 

Their proposals include imme- 
diate depreciation allowances on 
new residential buildings — after 
all, they exist now on industrial 
property and indeed to promote 
hotel development in the early 
1970’s actual money grants were 
given: tax allowances to bouse 
owners and long leasehold flat 
occupiers for major repairs and 
renewal of essential plant and 
machinery such as lifts and 
boilers plus omission of VAT on 
service charge items. What great 
news this would be to tenants 
of blocks faced with ever in- 
creasing annual communal ^out- 
goings and also to the owners 
wanting to carry out essential 
works as yet unfunded with 
capital resources. 

Finally, the relaxation of the 
limit on tax allowance against 
interest charges on mortgages 
about £25,000 brought into effect 
in the 1974 Finance BilL Not 
only is this hopelessly out of 
date to compensate for doubled 
values. They say the effect has 
been that many British pur- 
chasers of the more expensive 
flats and houses bare been 
completely unable to compete 
with foreign buyers who have 


poured into central London 4id_. prices, have beetf t riuUS ! I frqhf :f£l2^00-.'to: r £20,000 
subsequently overspilled ipto- cause of the intehsiff^'dKp^i^i^^DetS^effraSditovm.houses/: 
the suburbs. Thus, the' bigger--- These ■ conclurio^^et B^^ My^V •.ftfon £20,000 to 
paid professional person, skiUed. lowing a nation^ 

technician and company diretfer estate agents, ' style* 
will veiy often now vie for the Incorporated Society .VaTu&^a >; ^ £35.000 

«»“* of .? rope rty He" 

the Govern 

Until this bottleneck is uncarifed period from hggn 


on all available property in me try. Once -agaii^. there v 
£20,000 to £50,000 is an m- ft cant fall 
possibility. r?" houses on estate 'agejpi 

Slightly more bullish (per- The figiire;'isT24/“l 
haps because of delays ih pro 1 f against a 
duction) is the latest survey of fail in the ' quari 
the Incorporated Society • of again, manyf^tamaBer 


higher prices_ 


range, 
) the 

ig the 
ir cent 


The Government’s action in .4hff' 8.0 : per; : ceiit respectively, 

restraining the lending of build- agentsr affrfif « f htire houses 
ing societies may have inhibited the inC £ ease 


ing societies may have inhibited the increase was 

would-be buyers during recent agent liifrff P^ ! eenl during the period 

weeks, but it has had little. lor houses duHnOhe M quart : ou S ht he -expected, in 
no effect on prices. vr • arid, from &rii aheAp** 8 * 1011 ^'* 0 3 uestlonv •" K ‘ 

One effect is that housing reports 0H ly^ houses oo ' bause oow . inc ^ asin ^ 

“stock" has been diminished, books againstiTO^t.the same SeneralVy? ”, a massive 74. per 
still further and buy/sell chains tune last yeaS.'^V ' ■=:“• cefll of the agents questioned 

have broken down because mort- ' ... ‘ ^ answered “ Yes.” - .- 

«»aees have not been readily . A ? m prev ^^ ^YA surveys, • Of the mrnority of agents who 


drawn their properties and'any^ 
influence the measures ma^l 
have been designed to have'bit.’'' 


houscs upAo "H2.50Q. “ plateau ” ‘foUowinffh period : of 



...... .. . _ ; 

LandB- Estate Agents Surveyors • 'Auctioneers &- Valuers,’ 


On instructions from Swam Estates Ltd. 

DERBYSHIRE/NOTTINGHAMSHIRE BORDER- 
NEAR RIPLEY L355 ACRES 

Derbu, Nottingham and Mansfield within 12 miles, Ml 11 miles , 
mostly on dual carriageway 

AN AGRICULTURAL ESTATE WITH VARIED AND UNUSUAL POTENTIAL 

THE BUTTERLEY PARK ESTATE 

about 1355 acres 548 Ha. . 

2 superbly equipped dairy farms with vacant possession — about 658 acres, 

2 further areas of agricultural land with vacant possession— about 122 acres. 

A fully laid out Golf Course with impressive new clubhouse facilities with vacant 

possession — about 110 acres. 

One let farm of 290 acres plus woodland producing £7.380 p.a 
Three further areas of let land about 129 acres, producing about £2,200 p.a. 

Two cottages with vacant possession. 

Two cottages subject to tenancies. 

Amenity woodland. 

For sale by private treaty as a whole or in Lots prior to Auction in Atitunrt 
Loughborough OAice: Rectory Place, Loughborough LEU 1VR. Telephone: (Uoitt) iuzun 


By Order of the Trustees t-gi'-V- i 'Y;j ' . ••• . 

SUFFOLK/ESSEX BORDER : 

THE 

ONE OF THE FINEST RESIDENTIAL, AGBaCULTURAL- AND 5RD®E&IlG:.BSTATSS 
IN EAST ANGLIA. ' ] \ '' ■ ’ ■ ' ' ^ 

Superb William and Mary house ■&^^wptioiiaI'--npdn»^g.pwkla^;' i setih^ , 'i' ; els^ant 
reception -rooms. 5 principal bddroom^.- secondary bedntems, 2‘ flat^ahd :Staff, 'Cottage, 
Beautiful gardens. lakes, 58 fL,.orimnmig pool with- loximous pdoT/hpaSeiAfid Sauna 
complex. \ X.J :; ^ ^ ' •' 

Excellent mixed vacant pos.sessieuffBfm of ; 320 aeres w^tix DMnfauil&ingir. 

Farm Manager's house and 6 coftag^.EkCcptioaal sporting based ou welisiteii wocillanifs. 
394 acres with vacant posse^ioit^ l^^acres' let- produdug £2,l^oi; p)6i^i&g.y^ r.:.-, 
FOR SALE BY PRIVATE TREA'^,^ ^<HOLE OR^tN LP^S. ; 

SAVILLS, 136 London Road, ChefinSfoxi%Tei: (0245) 69311 and Lqpdon ’'GfficAS-^ 

Tel: 01-499 8644. . ■' ‘ '• ; '. 

Solicitors: Messrs. Forsyte & Keriiran, 79,-New Cavendish_Stir^%I^i^'n;)A^ll^^^^ 

Tel: 014537 35B6- . . .. - - 


:327.MOUNT STREET gHfl ft ".TELEX i ^ Auctr.-^»6«^toj3p, : Os ! .^ 

II |— # I I Burtpn or,Trtnt. Ei;cl*«h»IK LoughbO'Ougti;. 

.Vf I 1 ww w V# | 28729 } Ram»t.urv 


LONDON-W1 Y6BL 


JOHN D. WOOD 


HERTFORDSHIRE 

Between St. Albans and Harpenden. London 23 miles 

THE CHILD WICK BURY ESTATE 

A Valuable Residential, Agricultural and Soertlaa Estate 

THE MANOR HOUSE — MAINLY 18lh CENTURY 
. A Country House of Considerable Distinction and importance .. 

12 Recepuon Rooms. 18 Bed and Dressing Rooms. 11 SUIT Bi-druoms. 
lu Bar brooms iramavulaie Timbered Grounds. Walled Harden, 
Courtyard u-iib Garanins and Kiat. Esuie Office. Victorian Dian* 
Rouse w-iih about 19 Acres. 

nVO COACH HOUSE COTTAGES AND MAGNIFICENT STABLE 
YARD WITH PADDOCK AND WOODLAND— 16 Acre', 

CHEAPSIDE AND SHAFFORD FARMS 

Two Well Equipped Cant and Stock Farms with about TM Acres 

HU Acres (if Timbered ParkLiml. 37 Acre* of Railed Padducks in 
U Lois and 104 Acres of Woodland tr»:h Valuable Comm.-rdal 
Timber. In 5 Lou. 

Also as nuparale Lou: 

1< Aiineiivi* Houses and Conaases some wnfi Paddocks. Old Mill 
and older Building* for conversion. Sind Build Inns. 30 Luose B-»es. 
Pwemial Riding School, Kishing In River Ver and Mill Race. 

TOTAL 1,100 ACRES 

WITH VACANT POSSESSION t except 2 let Collages i 

For Sale by Auchan antes* sold privately hi SO Lots on the 
lWi July, 1978. at St. Albans. 

Apply 21 Berkeley Square. London, Wfi DM29 4950 (Ref. DCM) 
or M Hish Street. Harpendon. 0327 600 



NEW YORK 

FLAT 

55 STREET 
OFF FIFTH AVENUE 
3i rooms, sauna, F&F 
air conditioning, central 
heating, high ceilings. 
Sale §76.600. Rent §900. 
Write 27 West 55th 
Street, Apt. S4, NYC 
10019. Tel: 212-246-2755. 


FARM 

“ INVESTMENT ” PROPERTY 

250 acres Prime Arable Farm. 
Excellent house and buildings. 
West Midlands. Distinct Plan- 
ning Prospects. For Sale free- 
hold (vacant possession) strictly 
subject to Vendor being retained 
as contractor/ manager. Top 
management / service assured- 
£550.000 Region. Write Box 
T.4908, Financial Times, 10. 
Cannon Street. EC4P 4BY. 


EXCEPTIONALLY 
WELL-LOCATED 
Factngr “ Bois de Boulogne ’’ 

Panoramic view of 


On top floors of luxury 
building surrounded by 
gardens 

FOR SALE 
ONE FLAT 

3 large reception-rooms 
4 bedrooms 

Terrace-garden 
250 sq.m, with 
swimming pool 

COMFORT AND DECOR 
OF A HIGH CLASS 
Staff flat — 3-4 car garage 

Enquiries to: 
Madame Gay- 
14 bis, rue Raynouard 
75016 -PARIS -FRANCE 
Tel: 524.61.40 


mo detachbd Houses — L 22 . 500 . 
£28.500. Westcrlcign Pa.. Yaw. Nr. 
Bristol. Avon. Nvw Houses Wicknar. 
Nr. Bristol. Aran. Tel Bltlon 5004. 
ISLE OF MAN — Bungsiow in aoarex. 2 
acres. Sitting Rm.. Brcaklast Rm.. Sun 
Parlour. 3 Bedrooms. Bathroom. Kit- 
chencttc. Mature Harden. Print Trees, 
els. for sale b, auction bv Chr-rsUI 
Bros.. Stott kerrui&n. Ramso* <0620 
812236. on 20th July. 1971 
NEAR MAR8ELLA. SPAIN — >. acre plots 
In hlnh-clais oropertr. >8.000. Terms 
a>a>tabie. Conran agent: Beulton, Weut- 
burv 103731 B2.2i.Ql. 



PRIVATE OCEAN. 

Located directly on the beach art^iuti^oaital. i^the znbB"f-v]»estJg}0a^^8TeH -tin>the 
Florida Gold Coast Luxury jbnully. ^.or _ 3 ^tedjxi0m 4 .'yBi^tlvS-'iluMJbn;t-pslvai?t^ 


yards and garages, with 
gases available. These 


occupaacy4»i7S at t uitroductory--pricas -frogr -£70,000 with mort- 
un its " ^^fimirereafiita I ; appreciation" anti- ;.we-*itt. a^ist Jr 


Peel Properties Hillsboro 
1194 North Ocean Blvd.. 


2 BEDROOM, luxury F/F flat to tet at The 
Broadway, fashionable Woodford Green, 
dtsa to Underground. £05 P-*». Tdr 
01-445 3653. 

FOR SALE — -S-bcdrooraed .ROuSd Belgravia. 
10 1 - vear lease. £3.000 pj. Comnamr. 
owned lease for sale £75.000. Con- 
tact 01-235 3477. 

INVESTMENT. Excellent 3 64 -acre Exmoor 
Farm lor sale . on leaso-bick oasis at 
£120.000 with a rent of £3.000 p.a. 
Excellent house, buildings, -land and 
tenant. Agents Price, Ognen & Stubbs. 
79. Boutpart Street. Barnstaple iTei 
Nos. USBB/9), . _ 

SERVICE APARTMENTS. The Ivorv House. 
A special London apartment In exclusive 
Venetian setting. Bcaufiluliv turnishca 
and serviced. Available from 1 to 1’ 
weeks. From £250 p.w. Telephone *88 
2400- 

HAILSHAM. SUSSEX. A unique OOOOTTUItltv 
tp acquire A Luxury Detached House 
■nth Healed Swimming ' Pool. S Acre 
Paddock. 2.400 Sq. It.- Warehouse having 
great Business Potential £80.000 FiH 
Apply tor StUeT Horton Ledger, is 
G.idrednn Read. Eastbourne. Sussax 
Eastbourne 3B244. 


\rt- 














9 


sktCDrafey tee 24/IS75 



It avenges .72 miles to the gallon and the doors still 


■ BY STUART MARSHALL 

■. TF 'EVER there -was a classic a few days ago. In a simulated like bedpans, which has always 
case , of u sing a steam-hammer 30 mph head-on collision, the seemed to me a less than ideal 
' to crack a nut, it must be the airbags worked well enough but form for something one is sup- 
‘ Bibag... This passive restraint the noise was like a 12-bore posed to see out of. 

• system, could still become com- being fired in a telephone box, VWTs car for the 1980s (and 
pulsory equipment on Ameri- even five yards away from the specifically for the American 
can cars in the early 19S0s. car. What it would have been market of the 80s) could be 
Should that happen, it will be like inside the Golf defies mistaken for a standard Golf, 
a triumph for consume rist pres- imagination. “People. are deaf or Rabbit as it is called in the 
sure and political opportunism for a couple of days afterwards U.S. But its structure has been 
over eommonsense. but it's better than being dead,” modified so that its occupants 

Thankfully. European car said the VW test engineer. can hope to walk away from a 
. makers and lav/ makers have No doubt. But better still is 40 mph head-on collision with 
better ideas. The lap and the self-wrapping seat belt for a viral] or a 30 mph cra^h into 
diagonal seat belt with auto- those who can’t be bothered to a tree. 

niatic retraction has become clunk-click. VW have a system its turbo-supercharged 1.5 
standard on all but our using a diagonal belt fastened litre diesel engine is basically 
cheapest cars. It is highly to the door frame instead of the the same as the normal Golf 
effective. The Transport and body pillar. It folds around you diesel but it produces 20 per 
.Road Research Laboratory an- as you get in the car and an cent extra power with no more 
noun ced last week that a sur- inertia reel tensions it properly, noise. It meets the U.S. exhaust 
vey had revealed that if every There is no lap strap: a thick emission requirements fur| 


Travels, troubles, and a wobbly win 

TORONTO, June 23. go on to greater things, and Tookie of the year, Newton estimable perks. Perhaps most shattered by the worst putting 
LAST WEEK-END was momen- that the swashbuckling Aus- hastened towards oblivion, important of all, his financial display I have ever seen' from 
tous for many professional tralian, haring twice failed to finishing 156th on the same list, worries, coinciding with the him, as he slumped to a 77. on 
golfers, most notably Andy grasp outright his opportunity, with winnings of SS.519. fact that his lovely English Sunday — the same final round 

North and Nancy Lopez. But might never, get such a chance In Britain and Europe. New- wife. Jackie, is expecting their score as the young Spaniard, 
in the furore that surrounded again in a major event. Those ton was placed 124th and won first child, have receded con- As for Jack NiekJaus, he once 
North’s wobbly winning of the who forecast sue h an even- only £693.67. In Australia last siderably, at least for the again failed to stamp his impres- 
U.S. Open Championship and tuality. aDd there were many winter he faltered in the clos- moment. It was indeed a sion on the event. And my 
Miss Lopez’s fifth consecutive besides myself, were almost ing stages to allow Bob momentous week-end for the prophecy, expressed some time 
victory on the U.S. women’s sickeninsly correct. Shearer, his good friend and Newtons. ago, which was met with wide- 

tour — her seventh in all in a Newton accomplished little travelling companion, to win if this ever-popular Austra- spread ridicule, that the great 



GOLF 


BEN WRIGHT 


category. MilleT was thoroughly, anyone’s peace of mind, most 
outclassed alongside playiDg of.all that of Nicklaus himself, 
partners Hale Irwin (69 > and Completely forgotten, how 
Gary Player <71 ) at Cherry ever, while North and Lopez 
Hilis Country Club, Denver, in were stealing the headlines, and 
last Thursday's U.S. Open first the failures of Miller, Player, 
round, when he took 78 shots. Ballesteros. Nicklaus and others 
But Miller for once fought back were being examined in similar 


hidden away in the results sec- problems and fared even worse, 

tion of most of the newspapers Eventually he returned to his 

throughout this continent. native country in despair, but 

It may, therefore, have in October won the New South 

escaped your notice that the Wales Open at Royal Sydney 

28-year-old Australian won the by ten shots with a steel-plate 

$100,000 Ruick - Good wrench in one shoe to correct what a 

Open at Warwick Hills Country local osteopath believed to he 

Club, Grand Blanc, Michigan — a displaced or crooked pelvis, regarded as the most gifted with 69 on Friday, and with 68 detail, was the performance of 
first prize was $20,000 — at the Since Newton had been diag- young golfer outside the^U.S., equalled the best round of the baby-faced, tiny Texan, John 
first hole of a sudden death nosed in England as having a was to become one of the the championship on Saturday Mahaffey. in the Buiek event 
play-off against Mike Sullivan, a foot ailment, and been operated game’s many tragically fallen t0 ° et back int0 contention. Mahaffey was beaten for the 

second-year professional from on unsuccessfully for that* he idols. Like so many others, he faded U.S. Open title in a play-off by 

Ocala. Florida. But when was by now thoroughly con- His early results in 1978 did away on Sunday’s gusty wind Lou Graham in 1973. and by 
Newton failed to hole a birdie fused. But his magnificent 19- nothing to alter that impres- to a 74 and a tie for sixth place, Jerry Pate's wonder shot to the 
putt of 15 feet for outright under-par total of 269. indud- sion. Newton made S400 at So he came to this week’s last green in 1975. His earuings 
victory on the 18th green, his ing a worst round of 68 — I was Inverrary, tying for 67th, took Canadian 0;r.-n here at Glen of $141,171 in that year were 
heart must have dropped to his happy to have witnessed it all away $3,400 for a 14th-plaee Abbey at last full of hope, only halved in 1976 and decimated, 

boots. For Jack is most re- being compiled — was described tie in New Orleans, and $570 to hurt his back again, while mainly by injury, to $9,847 last 

nowned, if that is the correct as the best golf ever played in fur a share of 45th at Atlanta playing in a pro-am en route in year. Last weekend Mahaffey 

way to describe the loser, for the state. on the three occasions be has Iowa. Miller pulled out of the picked up $1,600 for a share of 

his narrow defeat by one stroke Jolly Jack won his player’s survived a 36-holes cut. Now event on Wednesday, as did his 14th place, while North was 
over 18 holes. 72-71, at the card in December, 1976. at the whole picture has changed, stablemate, Seve Ballesteros, taking the title for which little 

hands of Tom Watson in the Brownsville. Texas, alongside Newton gets a year's exemp- who pleaded exhaustion after John was not even able to 

1975 Open Championship, after his now more famous country- tion from the dreaded Monday playing in 12 events in 13 weeks, compete. But for Mahaffey Jt 
the pair had tied at Carnoustie man. Graham Marsh. But. while qualifying, a place in next TeU that to Gary Player, Seve, was also a momentous weekend, 
at nine- under-par 279. the latter won $107,765 in 1977 year’s Masters’ at Augusta and who is playing for the 16 th He is on his way hack, and it 

One sensed on that fateful for 22nd place on the U.S. the Tournament of Champions week in succession. And Gary could not happen to a nicer 

Sunday that the winner would money list and was named in California, among other in- must have been much more man. 


driver and front passenger plastic foam pad on the fascia several years ahead, drives [ ^ 
belted up, more than 12,000 protects the knees. through a five-speed gearbox | 

people would he saved from it meets all the regulations with a very high top gear and I * 
death, disfigurement or serious and is filled to Golfs exported gives an astonishing 72 miles 
injury each year. Which makes to the U.S. In Germany, it has per imperial gallon. Accelera- 
it all the more absurd that been a standard option for non from 0-60 ruph takes 13.5 
Britain is the only major Euro- several years at a price of seconds and the speedometer 
pean country not to make belt about £35. which is perhaps said a little over SO mph in [ 
wearing compulsory. one-third of the amount an air* fourth gear as I came off the 

Saving car occupants from bag installation would add to steep banking at the end of the | 
the consequence of their own the cost of a car. A refinement test circuit. 
folly in not wearing a belt is of the self-wrapping belt which Range per tankful is better] 
what the airbag is ail about. VW hope to hvae on the market than 600 miles. This is a car 
This rubberised nylon bag, one- day has a vacuum-powered or the future with its feet 
stored in the steering wheel sliding ton anchorage.. This firmly on the ground, 
hub or fascia pocket, inflates — makes it even easier to get in The track I was driving on 
explodes would be a better the car and on closing the door, was their little one, next door 
word— -when the car crashes, the anchorage moves round the to the huge VW plant The 
and stops you going through frame and locks in place by main one is half an hour’s drive 
the windscreen. European car your shoulder. away, within sight of the East 

makers are haring to develop Self-wrapping seat belts were German border. There, the 
airbag systems for the models just one of the features of high speed circuit is 14 miles 
they plan to export to the U.S. VW*$ car of the future. I tried long and the 550 yards square 
just in case they do become on the factory test track. Most skid testing area is so smooth 
mandatory. - is cars of the future ” that are that in wet weather, the ducks . 

I saw a test at Volkswagen’s unveiled at motor shows are think it is a lake and get sorei / 
research centre at Wolfsburg road-hugging wedges ' shaped feet frying to land on it. 



? - r 



Y ? V ? > ‘ ■ ! " ! r : • - 

u v ; /■ _ " ■ 


lC3T;S3: 


} i • 


MOTOR CARS 



-Mercedes -Ben^ Dealers 

CLOVER LEAF CARS 
230*4 1976. Topaz brown, bamboo 
tex. An to pa. I owner. 26.000 
miles, radio. £0,250 

2UE 1973, White brown re*.. 
Auto pas. Radio. <6.000 miles 
£4,295 

Telephone David 
.lHAJdiQ256? 


CHAUFFEUR DRIVEN Rolls Raw for bine 
ha* Stoma 55 ChaniHH telephone. Anv- 
Where. Any Cine. 01-437 0531. 437 3554. 


RAM 30 on- 1973 Siaa Automatic. Reran 
OlTtoncd Enolno. Radio: Stereo. HfS 
Tops _ £2,750.oo 

1966 MORRIS MINOR 1030 4-door Do 
.Luxe. One. Lady .Owner. 23.000 miles. 

Perfect . .£1.500.00 

John Dangerfltfd Sr ores Cars 
Bristol 566373. 

CARS wanted. We par more than 
most lor ahy make or model. Tel. 
01-274 6251. PRIDE AND CLARKE. 
103. SloJtweil Rd., S.W.9. 

FOR SALE LOCATED IN ATHENS Dodge 
Winnebago Mobile Home. 1974 Model. 
Sleeps S. Low mileage, excellent condi- 
tion. recently ouernaulea. alr-conditlon- 
ing. icebox, shower, toilet, gaiiev. Ideal 
lor Middle East. Contact Alan Walker. 
Phone UK 0736 2793. Toler 777663 
for viewing. Offers over £20.000. 

FOR SALE. New Volvo 264 GLE Saloon. 
Manual with overdrive, aiccendreionlng. 
tletzrlc wlnaatn. sun root. J>B»r prwj> 
metallic. Immediate delivery. Cnclmhill 
M crons Ltd.. Aylesbury 53a4 or 20014- 



Saturdays 
motoringpage 


'h <■■■- 


• 

**.-» „ , v. 



ITS FOR PEOPLE IN A HURRY- 
SOWHYWAIT? 

, New cars, road tests, 
maintenance checks, 
by Stuart Marshall - every- 
Saturday. 

Advertisement rate: 

£14,00 per single column centimetre. 

Contact Simon Hicks at the 
Financial Times, Bracken House. 

10 Cannon Street, London EC4P4BY 
Tei: 01-243 5115 

FINANCIAL TIMES 

ON SATURDAY- 

THE FIRSTOF THE SUNDAYS 


ART GALLERIES 


GALLERY ^WATEtt- 


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MASTERS, MDdiglIarii, L «wr. Braaud. 
Mondrian,. Ernst. Mlro. Klee. MeaSSO 4.0. 
through July. 


AGNEW GALLERY, 43. OM Bong SL- 
W 1 01-629 6176. OLD MASTER 

PAINTING^VUntil 28 JulY. MOft.-Frl. 

9.30-5.30. Thurs. until 7^ 


DAVID CARRITT LlMJTKL IS DuW 
SCULPTURE. Until 7th Juftr. Mort.-rTI. 

10-S. 


■ROVfSE & DARBY, 1 9, cork St.. W-J- 

FORAIN. Moru-fri. 10.00-5JO- sat. 
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11 -lulv. MonyFrc- 1 0-5^ 


wse&m 

Monday to Friday 10-4. 


CHESS 

LEONARD BARDEN 


LAST MONTH'S annual inter- 


partial explanation, but a deeper 
one is mental resilience. 

By this yardstick, the really 
impressive performance at Las 
Palmas was the Kussian Tok- 
makov's. He came to the Canary 
Islands direct from the U.S.S.R. 
zonal at Lvov where be missed 
qualifying for the interzonal by 
half a point. 

Few could maintain 


-V W 

i. YM .. ... 

- 'jSB£sCEiiS2&j6J?!!ib~. k. ■'.!>** 

Trio of headliners (left to right): Wade, Borg, Evert. Miss Wade he* always disliked playing in front of a home crowd, and at last the 

pressure is off. 



national at Las Palmas proved ' u T'l „ " 

& fluctuating hnttlp fnr tint fn^lUSI3SIIl for tflC nCXC tOUrfl£l- 

a fluctuating batue for first menl after sucb a setback, but 
ranaraasiers Tukmakov was unbeaten at Las 


place between 

from Western and Eastern ^ ^ 

Europe. At the end. the East 
finished narrowly in front: 


round. 


till the decisive final 
There he showed mo 


=, the ieelandic grand- T c ±*"L X n \ drow would hat-e 
master, had a winning position whei ! a draw would have 

before losing bis final game with firs /. pru-c uutri ht 

Larsen, and that settled first Write- G Sax (Hungary . 
prize. Black: V. Tukroakov (USSR). 

Leading scores were S3* -o 

(Hungarj’l and TRkmakov , 1^4, |^QB4: 2 N-KBa. TO: 
(USSR) 10} out of 15, Olafsson 3 P-Q4. R«P: 4 NxP, N-KB.,; 
(Iceland) 10, Miles and Stean ~ 

(both England) 9?, Westerinen 7 P-KN4, P-KR3; 8 Q-B3, QN-Q2 
(Finland) and Larsen (Den- [™?re solid is N-Bj ) : 9 Q-R-J. 
mark) 9, Mariotti (Italy) and N-B4; 10 P-B3. P-K4; 11 N-N3 
Csom (Hungary! Si; and seven B-KJ; 1- NxN. RvN, 13 Q-NJ, 
others. B-K2; 14 P-KR4, Q-R4; 15 QxP, 

The general view seems to be 0-0-0: 16 B*Q B4! (good defence — 
that this result was an unquali- Black's sacrifice of a pawn, to 
fied British success with both exploit White’s omission of east- 
Miles and Stean in the top sly. ling, would be strong with both 
I find it hard to agree. bishops available for attack) 

True, Stean confirmed that he B-Q3; 17 BxBcb^-Nl; 18 Q-B5. 
is a strong grandmaster and J 18 V* ■ NR-K1, .0 Q-B7. 
shared the best game prize with N-Q4 . (the losing move; hetter 
an elegant win against Sax; but B-N6 ch to keep Whites k'ns 
Mtie's performance was no ,n 

better than average for him and RxB ! R-KBl: ‘-3 QxKNP R^P: 
both the English grandmasters 24 Q-b5, RxR; l5 QxR ch, K-R_; 
were unable to consolidate when 26 Q-Q3, R-N6: 27 N-IC.. N-B4 (a 
leading the tournament- blunder, but Black's attack has 

In this respect. Las Palmas faded): 28 NxR, Resigns, 
was an echo of Lone Pine a few’ POSITION No. 221 


weeks earlier. There. Stean lost 
his last two games when well 
placed, while Mestel. requiring 
one and a half points out of four 
for the grandmaster title, could 
only make one. 

. A few years ago the Czech 
grandmaster Hort 'commented 
that English players lacked both 
the stamina and a sufficient stock 
of creative ideas for success in 
a Jong tournament. 

-• This factor was very notice- 
able in the Hastings congresses 
in the early 1970s and in the 
world team championship where 
England several times failed in 
the final round of the qualifying 
competition. 

There has been an improve- 


BLAGK( 8 menl 


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Polvin v Krejchik, Vienna 
ment sinceT and Miles’s brilliant 1954. Black (to move) is two 
run of victories in the second pawns down and Threatened with 
half of 1977 shows that he. at N-BS ch followed by N-Q7 ch or 
least has the competitive energy N-N6 ch winning his queen, 
to play for first place even in What should he play? 


in the strongest events. 

Yet the general pattern re- 
mains that English players in 
major internationals often do 
well but rarely win: Keene, Hart- 
ston and Stean have collected 
many second, third and fourth 
prizes but few firsts. 

That even Miles is liable to 
“Hori's disease" was demon- 
strated in the second half of 
the very strong Busojno tourna- 
ment where the British grand- 
master faded after being in the 
leading group earlier. 

. Unfortunately, the present- 
day climate of international 
sport gives little credit to fourth 
or fifth places. Even a bronze 
medallist sometimes seems to 
have the stigma of a loser. 


PROBLEM No. 221 
BLACK (5 men) 



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White mates in three moves, 


ive tne stigma oi a iu»er. against any defence (by G. 
The younger Russians rarely gbories, Deutsche Schachzeitung 
show . symptoms of Horts ^O). Black’s defensive choice 

dlS !? se ^ l is vejy limited, but this trappy 

most prestigious event so far in ppQtjjgm defeated many 

1978 the entire Soviet contingent aHS ac CiUCU * 

Of four grandmasters finished su • 

Strongly. Physical fitness is a Solutions Page 12 


FOR VIRGINIA WADE, the But at an advanced age for In the lower half, the all- until coming to Britain eari7 
agonies of 15 frustrating a woman tennis player — she will conquering Martina Navratilova, for more grass court play in 
Wimbledon years put gloriously be 33 next month — Miss Wade seeded No. 2, has been cast to her build-up to Wimbledon, 
behind her at the Centenary is more likely to suffer those play Evonne Cawley in the semi- Tournament wins at Surbiton, 
championships last year, this occasional lapses of concentra- final. If .this match takes place Beckenham and Chichester, 
year will -provide a. new and tion which affect all players it could be an intriguing con- achieved against admittedly 
altogether less demanding as their careers extend. I test. Miss Navratilova is much relatively weak opposition, 
challenge. remember that remarkable more assured and confident revealed a class and naiural 

She has always said that she Australia, Ken Rosewail. now since her move from California flair that no other competitor 
hated to play, .in from of a 43 and still competing, saying to Dallas. Clearly she is bene- at Wimbledon can match. 
British crowd because . they that it was the concentration firing from the help given her family thoughts I n ere 25 - 

a I ways expected so much from which goes first, then the legs, by Sandra Haynie, the former j n3 i y intruding on her future 
her. The, pressure is off -at last, and finally the eyes. U.S. No. 1 golfer. planning. Mrs.' Cawley would 

and if she should Ipse, she will ^ j ast year. Miss Wade has In the absence of Miss Evert, dearly love to add to the title 

no longer feel she has let every- tj eea drawn in the same half the former Cezch. who is now she won in 1971 as a 19-year-old. 


one down. 

Certainly at Eastbourne this 
week the Kent girl looked 
wonderfully relaxed. She felt 
she was hitting the ball as well 
as ever — no mean feat consider- 
ing that she has been playing 
indoors in the U.S. inter-city 
Team Tennis League. This was 
her first outing on grass since 
last Wimbledon and I was sur- 
prised to see how well she was 
timing the. ball. 


TENSES 


JOHN BARRETT 




an American citizen, swept all The 15-ycar-oJd American 
before her * on the Virginia schoolgirl, Tracy Austin. 
Slims circuit at the start of the becomes the youngest 2>?o. 8 
year in America. There was a seed in history, aad looks 
new relaxation and composure altogether stronger and faster, 
about her game. an£ those Another American, Billie Jean 
petulant outbursts which have King, returns at the age of 34 
often disfigured her game have in quest of that elusive record- 
disappeared. breaking 20th Wimbledon title. 

Mrs. Cawley is seeded No. 3, and with her past record can 
and is probably 'the best of the never be ignored. 


as Chris Evert, who is the girls on grass. Thoroughly Of the rest, in the women’s 
The" fact that she lost in the official favourite. But before enjoying her new role as singles, the ones I see as possible 
quarter-finals to Wendy Turn- repeating last year's exciting travelling mother, she too is a threats are the left-handed 
bull, of Australia, will not deter semi-final. Miss Wade might tuore relaxed and consistent Dianne Frosnholtz of Australia, 
her ’ many : supporters, for the have to face Miss Turnbull once performer. seeded No. S. and the Indus- 

gaie^force winds of Eastbourne again. Seeded No. 7, the Austra- Having notched up four grass trious South African, Marise 
played into the bands of the lian will doubtless be confident court tournament wins in Kruger, seeded No. 11. 
fast-moving Australia, and these of. repeating her U.S. Open Australia, culminating in her 

conditions , are unlikely to be victory over Miss Wade en route third national title last Decern- In Monday's FT: John Barrett 
repeated at ‘Wimbledon. to the finaL ber, she competed sparingly on Bjoa Borg 


— South’s two diamond reply East to ,play low — af he does three no 'trumps, and aH passed. 

showed no four-card major, not, foe.s&ts up four tricks in West led the six of hearts, 
BRIDGE North jumped to three no the suit for .the declarer. If dummy's King won, and East 

trumps. West has the Ace. he cannot dropped ‘Che eight I! spades 

E. P. c COTTER Without any great hopes West attack hearts, and declarer wild broke 3-3, the contract was on 

led tihe heart four, covered by have time to set up a spade ice, but .in case they were 4-2. 

II | | in h Queen and King, and the trick. WThen tile diamond King South 'looked for a second string 

declarer paused to plan his holds. South crosses to the club to his bow. As the time factor 

SOME THREE no trump con- attack. With two hearts and four Queen, and leads a low spade, ruled out diamonds, - South 

tracts require the most precise clubs, he required three more Again East must duck, the turned to clubs. At trick mo 

play >if nine tricks are to be tricks, and. diamonds seemed Queen wins, an-d a switch back he led the club two from the 

Two deals from likely to produce tihem. __ to diamonds ensures the table. Joeing to East’s Knave. A 

heart was returned to the Ace, 
but row with both black suits 


gathered in. 

rubber bridge of some years ago So taking his heart Ace, South contract, 
spring to' mdncL Here is the at once led the diamond two to The second deal is also most 


first: 


W. 
*854 
™ 208 6 42 
0 9 

*9762 


N.- 

* K 10 62 
C>Q 

^ Q J 65 3 
4Q10 4 


E. 

* A J 9 
•S» K 7 5 3 
v A 10 8 4 
*85 


the nine. Queen, and Ace. East instructive: 
returned -the heart three, the 
nine was put up from hand, but 
West woo, and returned a heart 
to force out the Knave and dear 
the suit. The declarer cashed 
the diamond King, and received 
tha had news that East still 
had a guard in the suit. He 
crossed to Uhe dub Queen, and 
tried to steal a spade trick by 


N. 

*32 

TK 

* Q J 7 6 5 

* A K 7 5 2 


unkind. South found 
.two short of has 


W. 

♦ 10 8 
TQ9764 
OK 4 


S. 

• Q 7 3 
SAJ& 
OK72 
+ AKJ3 


With both aides vulnerable 


bueu awai a spatre iticr oy *01064 
leading lihe ten. on which he ^ 
intended -to play Ms Queen. But 
East -was aot to be caught nap- 
ping — he played .his Ace, and 
returned another heart -to put 
the contract down, - 

South -lacked inspiration. At 


E. 

* J 9 6 4 

T-JS52 

A9S3 

* J 


S. 

* AK Q7 5 
^ A 10 3 
•:‘102 
*983 


proving 
himself 
contract 

The declarer was night to 
attack clubs, but he nusswi an 
added chance. Instead of lead- 
ing the two at .the second trick, 
he should have played the Ace, 
just in case East had a single- 
ton honour. When the Knave 
falls, he unblocks ithe nine in 
hand, continues with, the two, 
on which he plays has eight, and 
West must duck, otherwise 
declarer can run .the rest of the 
suit. 

Now South .turns bds attention 


South dealt at game aH and to spades, leading the five from 


South dealt and, opened the trick two -he should cross to bid one spade. North said two hand a safety piay agninst a 
bidding vvasilh one no trump, .to dummy's ten of clubs, lead diamonds, and South rebid two 4-2 division of .the suit — - and 
which North replied with a the diamond .three. This ds an spades. However, when North gels home with four spades; 
Stayanan .two clubs. When Avoidance play which forces said lihree clubs, Soulii lried two hearts, and three clubs. 










ray 






. ■•. , ■•■ •' - .'• t .nlTr*.’ 


£ 


Jb 

? 







COINS 


3Y SYLVIE NICKELS 


tn SPITE of everything, its 
extraordinary how many wide 
open spaces survive in Britain. 
And it is fortuitous for some 
of us that so much of the popu- 
lation likes to jam itself 
nhroush gregariousness, lazi- 
ness?) into fairly limited areas 
of them. On the hottest of high 
season days, we have found 
routes with little or no traffic, 
and areas shared with hut a 
few like-minded souls. It pre- 
supposes the whole family likes 
walking and appreciates nature 
in some of its various forms; if 
not. there is iitle point in read- 
ing on. 

A peculiarly British charac- 
teristic seems to have given 
birth to a plethora of organisa- 
tions dedicated to the preserva- 
tion of some aspect or other of 
nur natural heritage. They 
range from large nation-wide 
bodies to small organisations 
devoted to perpetuating some 
little stretch of water or tiny 
acreage of natural vegetation. 

The Eritish Tourist Authority's 
publication Nature Trails (35p) 
for a start lists over 375 such 
v.alks in 57 counties and 
resions. Many of them are 
operated by local naturalists’ 
trusts or district councils and, 
;n each case, the appropriate 
address is given with a brief 
description of the terrain, length 
of the trail and whether there 
is a charge. In many cases, a 
free or inexpensive guide can 
be obtained on the spot. 

These trails are usually only 
a mile or two in length. If you 
want to go to the other extreme, 
the Countryside Commission 
have a leaflet outlining our 
several long distance paths, 
ranging from the North and 
Sou tit Downs Ways and the 167- 
mile Pembrokeshire Coast Path 
to the 250-intie Pennine "Way. 
Short stretches of these could 
make an excellent day's outing, 
especially if a lazier member 
cf the family could be 
persuaded to pick up the walk- 
ing party at a later stage and 
avoid the need for retracing 
steps. 

The Countryside Commission, 
the Forestry Commission and 
the National Trust t Britain's 
largest private landowner), 
through whose territories a 
high proportion of marked trail 
mileage passes, produce excel- 
lent material both of a general 
and quite specialised nature 


covering all the natural features 
of their terrain and the ways 
in which they can be enjoyed. 
On-the-spot information centres 
often present imaginatively 
designed displays of appeal to 
all ages. 

Ornithological organisations 
like the Royal Society for the 
Protection of Birds and the 
Wildfowl Trust* plus a host of 
smaller localised associations, 
have lists of and leaflets on the 
various reserves under their 
control. 

Serious bird watchers may rue 
a little the immense increase of 
interest in their pet activity 
(witness the phenomenal rise 
in the membership of the R5PB 
in recent years), but have the 
consolation that the majority' 
will content themselves with 
the easily accessible. One of 
the advantages of bird watching 
is that you can do it anywhere 
from a main road lay-by to the 
loneliest peak or pasture; 
usually tbe rewards are in 
direct relation to the amount of 
effort land patience) invested. 

The Inland Waterways Asso- 
ciation is another private body 
which over the past 30-odd 
years had been battling against 
indifference: in this case to save 
our navigable rivers and canals, 
almost Iitewlly inch by inch, 
from irreversible dereliction. 


Many waterways pass through 
wonderfully unspoilt country- 
side away from main roads or, 
indeed, any roads at all, and 
where there is a canal there is 
usually a towpath. 

Open spaces of a quite dif- 
ferent kind are the concern of 
the National Gardens Scheme of 
the Queen’s Nursing Institute, 
through which hundreds of 
glorious private gardens 
throughout the country, not 
normally accessible to the pub- 
lic, welcome visitors for a small 
entrance fee on certain days. An 
annual guide Gardens of 
England and Wales open to the 
Public (1978 edition, 65p in- 
cluding post and packing) 
details them all from exuberant 
cottage gardens to exotic land- 
scaping on a grand scale. 

These provide a salutory 
reminder that the human touch 
has not always been disastrous 
and, in your wanderings 
through the countryside, it .is 
worth looking out for some of 
the other less destructive 
aspects of man’s presence. 

One aid to this is the Guide 
to Craft Workshops (£1, includ- 
ing p and p) produced by the 
Council for Small Industries in 
Rural Areas (CoSIRA). which 
will lead you to any of scores 
of country craftsmen and women 
producing every tiling from corn 


JAMS' MACKATT 


some, iris 

of such - clumsy piece& .-camft . 
from Prih«; Rupert of Hie': 
'-Rhine, who would - have been 
quite . familiar- --with/: the [large '■ 
silver multiple tiialers then used 








■jot r'vhH*' 




m-M 








Stratford: fun to visit but crowded at times 


dollies and coffee, tables to 
murals and medieval weapons. 
Another comes from an unusual 
body whose work has recently 
come to my attention: tbe 
Redundant Churches Fund, 
dedicated to saving churches of 
architectural and historic merit 
which have been formally 
declared redundant because 
they are no longer used for 
regular worship. There are 120 


of them scattered about 
England, from Northumberland 
to Kent and Devon, many of 
them set in delightfully little 
known countryside away from 
main roads. You are almost 
certain to be passing near one 
or other at some time and the 
RDF produce a map for 30p on 
which they are all marked. 


64 St. James’s Street, LMdoa SW1A IHFj 
Countryside Commission, John Doml 
Koine. Crescent Place. Cheltenham! 
Gles.; Forestry Commission Alien Kofi 


Lodge. Wrecdestaam, . Hr. Faratamt 
Surrey, National Trust. 42 Queen Anne'iv 
Cate. London SW1H 9 AS; RSPB. The 
Lodge, Sandy, Bedfordshire-, wfl dfowf 
Trust. SBmbridse, Gloucester GL2 TUTS 
Inland Waterways Association, 114'; 
Regent’s Parle Road, London NW1 
National Cardens Scheme. 57 Lower. 1 
Belgrave Street; Louden SWIW BLR? 
CoSIRA. 35 Camp Road. Wimbledon 
Common, London SW19 4UP; Redundant 
Churches Fund, SL Andrew-fiy-the-, 
Wardrobe, Queen Victoria Street. London 
EC4V 5DE. 


Further In for m ation or publications 
lists from: British Tourist Authority. 


It iis inl.- the preseritCFedend ■ 9 

*. ,7r' V RepuhHi^Gttniaifeihat :t ha ' ! 

THE OUTBREAK at-- world J 

.War I: occurred *t the ; is &e oldest. r / 

Bank; Holiday of 19%-* to '^7^^ , akU«St: West Ger- . . / 
teotous caasonenoe manr*evStedjS' feK5 con - 2 / 

allowed \ the" Bank ot Eoglahd . fee, j 

■to: extend, the- holiday, .suspend . w roMra , 

ali specie payments,’ Xjp6& j 

ai issue, of Treasury notesm ppX £all crownlm’t-stfedc- 
denominations -of 10 ''staUw.-.ia ~ ^ver^ -and v worthy -ihe si t 
and a. pound.and raise . the. Bank Mt^.:o^ne»*aMe;€hien- Wtat - i 
<. Rate, to Ja. record. 10 per cent * 

thus averting economy - 

Treasury notes, 
time as a temporary 

in JSfS L && intrinsic value 

Bank of England. . pound notes • ' ■ 

In size, . though X ' am / assured.- ‘ -l . - 

that this has no ;-. 

increasing costs of - high-grade. 
rag 'paper would 

The 10 shillmg^hote; hafiorig - &?>' 




ilatkm in August, 1914, r.cr, 

production of .halves .contfam^ ? 'Swifeerlafiti . ' 


Things to see by bus and train 


Elizabethan coimterparts * * * ' 

have been minted pieces had ;sri “ T r ., 

during tb e present reign, these 

gold corns have never ^ •:* - - * 

oration at ttmuj ^oins • in the' ,s'- 

Fiance has 

legal tender for Ohe.^ .pomid-. .-endured! -^eniehdous- • fiuctua- 

Legal tender they may b v> ut ‘ifionk ■ izrhef ' currency this can- : ‘ c» 

actually been iUegal^toposs^tfl^^ 
ftem, and 

-dents "may not- pu ^cha g; Tp'n-frnnp piAnpg " 

corns struck 'tflvar till 1975 - * rjM . 

Smce : the of sim^.theiiA, * 

shillmg note .ftere-ias.-heen ^ Goremmont has- 

'‘*t <ase Jor >e -- 

'SioitariD^badtaob. oif a dnailafiisg' 

«he ^ tot has , 


Vour wsokund £: AosLria 27, Belgium 
5-ioD. France 833, Italy 1340, Greece 
55.52, Sac in 142 J.5, Swilzerland 3 j«L 
U.S. 1X4. Source: Thomas Cook. 


ANY WEDNESDAY until 
October 4 you can take a 
combined rail/coach tour from 
Paddington and, at a cost of 
£4.75 (children's reductions 
nearly always apply), travel 
Inter-City to Oxford and tour 
the colleges with an experienced 
guide. After lunch, which is 
not included, you continue by 
road to Bladon, the burial place 
of Sir Winston Churchill, and 
afterwards visit his birthplace, 
Vanbrugh's massive Blenheim 
Palace. While I have given the 
ex-London price, you can also 
join the train at Slough or 
Reading or make your own way 
to Oxford and join the tour 
there. 

For those who wish to see a 
relative newcomer to the stately 
homes circuit, a day's tour every 
Tuesday from now until 
September 19 takes you to Leeds 
Castle in its lovely setting on 
twin islands, encircled by a 
small lake in tbe heart of the 


Kent countryside, a favourite 
rural retreat considerably 
extended by Henry VHL The 
return fare from Victoria Coach 
station, including admission to 
the castle, is £3.95. 


Another fascinating trip on 
sale, until early October (the 
tour is available any day except 
Monday but operates on August 
Bank Holiday), is a combined 
rail/coach excursion which takes 
in Wilton House before going 
on to Stonehenge. 


With a mid-morning departure 
from Waterloo to Salisbury, 
continuing by coach, you can 
return by any train the same 
day and all admission charges 
are included for £6.00. An addi- 
tional note says “sorry, no 
dogs.” The option of returning 
to London by any train is a 
bonus as you can visit the lovely 
Cathedral Close and the mediae- 
val heart of Salisbury. 

To the lasting regret of many 
of tin, steam trains have passed 


into histofy but you can still go 
Steaming Through the Shires 
after catdhing a horribly imper- 
sonal modern monster from SL 
Pancras to Loughborough. You 
then pick up a 1 beautiful puffer 
on any Saturday until the end 
of the year at an indusve cost 
of £4.25. If you feel like lunching 
or dining in the old-fashioned 
way, a full restaurant service is 
available on most departures 
from Loughborough Central. 

Perhaps the most imaginative 
combination of all operates on 
two Sundays. August 27 and 
September 10. This aptly named 
Flying Merrymaker is also 
available from Rugby and sta- 
tions to Watford Junction. You 
then pick up a coach . at either 
Euston or Marylebone, try out 
the old with a trip on' the Blue- 
bell Railway and end up with 
an hours flight over the Sussex 
countryside in a BIA Dart 
Herald from Gatwick. Numbers 
are limited so book early at a 
knockdown price of £12.20. 


If you are a real glutton for 
train travel, a one-day trip on 
Friday, September 1 from 
Euston to Perth and on to the 
Royal Highland gathering at 
Braemar takes you by coach 
along the highest road in Scot- 
land. Entry to the games is 
extra and inclusive travel is 
quoted at £13.75. 

Several specialist excursions 
operate on only one date. As an 
example, on Wednesday, July 5, 
it will cost you £4.55, travelling 
from Euston, to visit the Llan- 
gollen Internationa] Musical 
Eisteddfod, which has grown in 
stature over the years. Ground 
admission will be available on 
the day at 35p for adults and 
25p for children. 

If. taking advantage of the 
when you each you destination, 
inclusive day return fares, you 
would rather do your own thing 
there are daily departures- of 
£3.70 return from Victoria Coach 
station to Bath. This gives you 
some seven hours in this charm- 


ing city with its extensive^ 
Roman remains, the exquisite^ 
contours of tbe Georgian cre- 
scents and the Museum of 
Costume, of which 1 wrote 
recently. 

There are literally pages of, 
day trips in the “Go Merry- 
making" brochure available 

from any London Midland; 
Region station or from the’ 
Divisional Manager, British Rail, 
Easton Station, London 

NW1 1BG. 

I have listed just a handful 
of. the many goodies on offer 
and. whatever your own particu- 
lar interests may be, a little 
absorbing brochure study wilL 
certainly pay day-excursion 

dividends. ^ 


;sri. .>>■ - 

1 C£"- 

*' i- 


Addressee: British Rail ■(Inquire locally 1 
or at address above). Mafii Line -Steam 
Trust (Steaming Ttmhwh the Skirts), 
33B NevanUmh Road, Western PM; 
Leicester LE3 6DR. National Travel, 
victoria coach Station. Buckingham 
Palace Road. Land on SWIW TTP {or 
local coech station}- 


PAUL MARTIN 



a happy one. The-^a^Eminte * jf 801 ® **• “ We “^ 
at _ ' Shrewsbary^and'.- : : G?£ford r| *• 

during the CWlf-^fe^d veiy g* fi F * 

little gold but.ah-'Auhdahhe of .“ “an Fuance. Board, and V4A 
Welsh silver:- and " the .- com- Tynwald, the fetaoffit parina- 
mandeeredplafexrf the. Oxford have ;eut ttiroug|L'4fcjs. ,h-j. ■ 
colleges, ung&lt was 1 logical Gon«ML_-lawt _b> ^igopring, «be> . •; 

therefore in .ph iirtflg , half- We^bit/gize uatfik) -to. the -SOn ^giid -- ••• . 

pounds and^erowns r in silver. BOMg for on ho# codfH . - r . : - ; 

The pounds wereftrar times tb» age metaJP-jast -as- the. weight^ s - 
size and wdi^it of fee crowns and . size- of ? 3 r e . .. j 

and- were^§xceedingly -c^Ber^-rdated- lD;jt!he?c^H^^ 

. . . - a,;, ' , • , r'l T • r ; -". f 'ri- . i io , 


V. A 




traditional hotel 


in Zurich's 


famous Bah nholslrasse is the ideal fable lounge or in the exclusive 
venuejor ihe business man. You restaurant Each guest room has 
meet Zurich's City in the comlor- its individual decor. 


SABKffOB ELITE HOTEL 


Bobolmlnn.KC 41 . HOOl Znricta 
TrL0i04L'L211fi5 M 


IRISH 5EA 
CRUISING 


iiow Mead/ 33 and New Mirage 26 
ror charter wish Or without ilupper. 
bated in the sheltered waters oi the 
b’-'nai Scraits. For further Information, 
telephone or write: 

Moruijid Marine Enterprisei, 

2. Ba/ View Court, 

Eenllcrch. Anglesey. 

Tel.: Tynygone 2545 


SUPPORT YOUR LOCAL 
GOLFER 


See the best golfers in die world with 
Keith Prowse at the BRITISH OPEN. 


Use oF hospitality cent and daily 
entrance £35 for ftrll 6 days— Hotel 
accommodation alio available. 


Phone Keith Prowse Golf 
01-589 6341 


Island garden in the British ^ 




Forest Hills Hotel overlooks Loch 
Ard and Ben Lomond set in magnifi- 
cent grounds of 19 acres. 

Fishing, rowing and sailing, using 
hotel's boats, 18 hole golf putting 
course, pony trekking from stables 
adjoining hotel. Forest walks in 
Queen Elizabeth Park. Lovely 
lounges, relayed atmosphere, good 
food. 


ON THE tidy island of Tresco 
in the Isles of Stilly is a garden 
so fabulous that, once within 
its protective tree belt, it is 
easy to imagine one has been 
magically transported to the 
Pacific./Even the little gTOup of 
island?' ranged more or less In 
a circle around shallow water 
ami c^- the Atlantic deep contri- 
butes to the illusion that these 
are islands encircling a tropical 
lagoon. 


SPECIAL OFFER 

£7.50 per person bed and breakfast; 
including VAT. For brochure and in- 
formation ton no.; 


Forest Hills Hotel 
Aberfoyle By Sterling. Perthshire. 
Tel: Kinloehsrd 277 
Please auote special offer. 


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The story of the creation of 
this fantastic garden is one of 
tlie' great romances of English 
horticulture. It was due, in tbe 
first place, to the vision of one 
remarkable man, - Augustus 
Smith, but his dream could not 
have been fully realised without 
the continuing labours of four 
generations of his descendants 
wno even to the present day, 
despite all the difficulties 
imposed by taxation and infla- 
tion, continue to maintain and 
improve the garden without 
seeking public assistance. I 
spent a short weekend there 
earlier this month and thought 
it more beautiful and in better 
condition than I can recoilect 
in all the thirty years that I 
have known it 
Augustus Smith could be des- 
cribed as an autocratic Victorian 
do-gooder though, in fact, he 
was in fuil possession of all the 
islands several years before 
Victoria came to the throne. He 
introduced universal education 
by the simple expedient of 
charging Id a day for attending 
school and 3d for staying away. 


At that time the islands were 
barren and poverty stricken, the 
inhabitants scraping a living 
mainly by fishin g, smuggling 
and wrecking. Today the islands 
are prosperous and beautiful, a 
Mecca for tourists for whom 
Tresco Abbey garden is one of 
tbe essential wonders to be 
enjoyed during their stay. 

Augustus Smith chose Tresco 
for his personal home because 
he wanted the maximum of pri- 
vacy. It is one of the smaller 
islands, little more than two 
miles long and barely a mile 
wide and at the time of his pur- 
chase in 1834 it must have been 
a singularly unattractive place. 
No trees grew on it nor even 
gorse bushes, which Smith was 
quick to introduce. There was 
no building of any size, although 
there had once been a 
monastery of which a solitary 
arch within the garden remains 
as a reminder. The monks chose 
this spot because there is 
abundant fresh water here and 
it was probably this, and the 
fact that it is a little sheltered 
from north and west by a low 
ridge, that made Smith select 
for his new mansion which he 
called Tresco Abbey, for already 
he had conceived the idea of 
making a garden in this unlikely 
place. 

He realised that if any but tbe 
toughest plants were to be 
grown be must provide shelter, 
but he had no idea what would 
survive. It is not that the cli- 
mate is cold for the island is 
washed by the Gulf Stream 


Drift, which is not exactly 
warm, as many people imagine, 
but scarcely changes the tem- 
perature at all from a chilly 10 
to 12°C winter and summer. 
The sunshine is so clear that 
it can skin you in a few hours. 
The hazard for plants is the 
wind which sweeps in from the 
Atlantic with unbelievable fury 
in April. I have struggled 
around tbe cliff paths of 
neighbouring Bryher literally 
leaning against the wind. 


GARDENING 


ARTHUR HELLYER 


So Augustus Smith built his 
house and planted miscellan- 
eous trees in the hope that some 
would remain alive and while he 
waited for them to grow he 
filled his garden with the 
toughest palms and succulent 
plants from the Canary Islands 
and other places in which plants 
have learned to adapt them- 
selves to similar hazards. 


His shelter belt progressed 
slowly but it was not until 
shortly before bis death it 1874 
that he observed two trees out- 
stripping all tbe others. If was 
a remarkable discovery, not only 
for Tresco but for maritime gar- 
dens throughout Britain. 

For the trees were the Mon- 
terey Pine and the Monterey 


Cypress, PirtaLs rodtida. aid CtffH antfudnufaj ^ - otoe^ rr. petojpx 
ressus :macrQcarpa, \p/io fiver- niiniw an(i-«x^^ South 

green cohifeife that in, the . wilff Africa;' strasge -'faschias vahtL 
had become almost extinct, exr bomarias' from South Am erica- 
cept In a small area on the boast 3Q'>£eet ^ascraeos - from Central 
of California,': but in cultiva- Aus-„‘ 

tion were destined .to thrive and' tralia " irtd hundrefls^ ihore. ' l - 
give shelter to gardens inWany Most-retharkahle of iH were r 
parts of jhe woridL Bofh are -.im- tile inetecosideros^frimi . New 
affected by salt laden galea and Zealand, some of them great 
grow rapidly in the mostiex- eveigretii trees which 'throw 
posed .places so long as tfaey^ do out : aerial roots: y-even from 
not have -to endure severe frost., bran dbes-higijabovO. the ground. 
It jvas p re cisely wh at Tr eaco . In their^des Cent- th ey ; strangl e 
Abbey needed, and soon thV-other trees in .their path and 
woodland which wraps proteo-S-eventuaily ; groW into trunks, so 
tively round the garden was that, Jrfi£-_.pan xe- 

repl anted almost entirely with sfimbie a^grp^/;;'- .. 

these two. trees. As they grew, . ^Ehey wePei jm^ htitstiflg 'into 
upwards 1 the flora, within- the ^ ; fijwimr. whlrh at its .peak 

garden became . increasingly ;<»h Ve-ae^^^' bacons from ' . 
varied arid tropical. ■ ■.■■■.'St:: .distant.-. 

Today it can rival many sub-' across- that tegpon^ike stretch - 
tropical botanic gardens ■ and^bf 1 ‘ vtiftesL *)Uur^aodVeB; : * r - 

plants- are constantly being sent 'e^fch ^n^itraisf' J^n^ byrsea or 
from .such places : as Hew tb test air bh orie^jWajntb ■* ! 

their potentiality for survival.^ Eaundfes jphr -ftequeritly -he^ - 
in such very special, man-ma d e - tween- lhe rsl ands, "^n d- Tres<» • 
mini-climates, as this. . itself.^his’two exoellent;hot^s, .-. 

When I stayed there a few ‘tiiou^' they' get'-fuIfy ho<*edv. 
weeks , ago the strange. euphor->for‘'. :flie’^-li^B-. .krasori.:- . 
hia — green and yellow spikes of .because pi-, its' egiiaWe .dim ate. . 
more than two dozen. Puya JTrescb’j, ;'Am>ey L ^ garden : has . 
chilensis stood like soldiers ph fl6s?d^:tfl?bflfer r - at aH reasons." ' 
one , of tbe ridges .-and ieariiyAX in eariy- 
P. alpeatrfs Was preparing to :Marefrv. ind^! -f otmd_. jt .full of 
unfold .its even -mare sfarTKng - Anst^ llkn. .aca tigs’ Souffj.-. L 

peacock blue spires. ' &eat : Xfridm ^.- heaths as well 
ec (Hums , ' some of -.them wild , strange 1 proteas 7 as d. - bankrias 1 ; 
species from, the Can ary islands, .frbmb ofhcmihtriesi and Iha^e,.!- 
others handsome' hybrids be- also been ' therd" in autuinn td,' 
tween them created at .Tresco, admire late-flo wering -bulbs of - 
were flowering.- all-' over the -Ywan y SixeffeiaR v 

garden. So were aeoriioms . from . and ; the ^pelarsBuqiris >*wfcieb ; 
the Canary .Islands, mesembry- never scem to tire- of ’flowerings 


9 

] mA 


•<r- 




'-’n:.vr 

'■V--. ... " 


- c '.r2-r 

1 > 




3?»t 

;<5-v u ', v ''’' ,!n 

— '.F< 

,£ - : ’ .r.ste. 




Finding 


ife's* 


- Language courses in French and English, also as one* 
semesier's preparatory studies. I 

Co-4duc.-iiirjnai scfiool in a uniciua and spiendid 0ace. Swcicw and new| 
aiungediiwms S’jon.g Itench-langua^ e^ucdUcm. Complete chalca of 
sport leisure and eulturgj activities (3 tennis courts, own gym hall, J 
t ~ " . Uinj. i->:-vl-cting) . Semesiers t*gin in autumn and spring. * 

ypVj j entailed information olaare write to: | 

aii ^* a College International desAvanta, CH-1833 Les Avarrta (Montreux} ■ 

Sv. i Lvriand - Phone '321/61 30 51 Telex 26494- cidach JSB 

lilIBHIIlIlllllVW 


CLUBS 


for it 


Carl began to develop a deep 
interest in and love for plants. 
In 1728 he matriculated at tbe 
University of Uppsala, where he 
studied medicine (to which 
botany was at that time allied), 
qualifying as a doctor at 
Harderwijk in Holland in 1735. 


EVE. IBS. Regent Street. 734 05S7. A la 
Threc Spectacular 
Floor snows T0.4S. 12.45 and 1-45 and 
music of Johnny H aw ket worth £ Friends. 


ROSEHILL INTERNATIONAL 
SCHOOL 


CH-9000 St. Gallen, Switzerland 


Well-established co-educational school. College preparatory 
programme with Advanced Placement. Official Test Centre 
f ®L American CEEB, Oxford CCE and Royal Society oF 
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classes. Holiday language courses July and August 

IV rite for details to the Dean of Admissions 


TYPEWRITERS 

mCCULATOfiS 




iU:iLHI.l--Lljli.;'.t5M 
.BENIN ETTTYPEWP. ITERS. LIMITED 


TWO HUNDRED years ago, in 
1778, there died in Uppsala in 
Sweden a man of whom bis 
monarch. King Gustav EH, was 
subsequently to say in his 
speech from the throne at the 
opening of the Swedish Estates; 
“I have lost a man who has 
done honour to his country as 
a loyal subject as well as being 
renowned throughout the 
world.” That man was Carl 
Linnaeus, who is acknowledged 
the world over as the .father 
of scientific botanical and zoo- 
logical nomenclature. 


Linnaeus has been hailed as 
one of the great polymath^ of 
the 18th century. Although it 
is true that he was skilled 
in chemistry, agriculture, 
geography, ecology, geology, 
mining, assaying, and in many 
branches of medicine, his most 
important contribution to 
science is undoubtedly his 
introduction of a consistant 
binominal or binary (two word) 
system of scientific nomencla- 
ture for plants and animals, 
which is still used by botanists 
and zoologists today. 


Linnaeus there ' was no - one 
generally accepted method of 
scientifically naming the vege- 
table and animal kingdoms. 

Pre-Linnaean nomenclature 
was not only often mnlti-word. 
unwieldly and not universally 
recognised, but it was, above 
all, inconsistent Although Lin- 
naeus was not the actual inno- 
vator of the binary system of 
biological nomenclature, it was 
-his adoption of a single con- 
sistent binary system, which was 
subsequently accepted through- 
out the world, which is the most 
valuable of his contributions to 


Linnaeus was born into a 
clerical family in southern 
Sweden on May 23 (New Style) 
1707. His father was an 
enthusiastic amateur horticul- 
turist, and at an early age young 


When describing a plant nr 
animal Linnaeus employed both 
a multi-word diagnostic name, 
intended primarily as a means 
of identification, and also, for 
more general use, a two word 
trivial name, the first word 
indicating tbe genus and the 
second the species. Before 


In 1730, while still at univer- 
sity, Linnaeus wrote a short 
botanical thesis . entitled Pro*-' 
ludia Sponsaliarum Plant arum 
(Introduction to the Floral Nap- 
tials). in .which he exponded 
his theory' of the sexuality of 
Plante; on this theory he. was 
subsequently to base his system . 
of botanical classification. 
Earlier scientists — among them! 
Nehemiah Grew of England, 
Joachim Camerarius of Ger- 
many, and . the Frenchman. 
Sebastien Vaillant — bad sug- 


gested^ 'thaf plant* reproduce hi ' In ■ 

much the same way as animals / ti^ , J0 ti L ; edillon «rf;K^yst67Bc.- 
but it was left fo T.lnnflfe Yi* iff <the. first "^editio Hi: .of-: 

In his thesis he. discusses the- forl^WO -speties of ' 

functions -of stamens and ; justils^ ^ animals^ the 

tive organs) -imd 1*“^ • ^ 4 :NafewTmC«iml^ 

seeds (spenn a^ova.)' in pollmv "&X'i 

ation (iwemu^nj 

that if the., anthers jftestds) ar& cafinomentiatm^e r ~ -: w 

removed (castgtionj, . : 

tion is impossible. .. . * ' . -mense seK-lmposed>a^ sf blhiK' -. 

. This- conception, triuch -en- in^'brfer mt tho*^ 
fl hles any newly discovered^ dasslficatiori,: • aid ' naming' of' * 
plant to be ‘assigned to its’-coiSi-pi'flT^' anft ^ ^wiwgig , tr AVwim dnhg 
rect family.- was developed in applicatiob; .unusual powers of 
Specie® PtinttariM. ( 1753 ) . and observation. 8nd : deduction;, an 
Genera Plantanem ( 5th' edition,' In^tgbJe i apiteffte ' ^ 'hard ' 


ctn 
1 n. tf nrd 


In, nrfl 
■ ’bbl' teas* 
'^1 
yy. 


. , • - . Mr _ 


■u 


: V r-' « ; it>r 
I: ‘■'I t' , 1 

«!• ! * *, tu 


I'nCti 

. «Iid * 
’^51 


classified ahd-are given srieri^^.methodicaHy^rid-to-re^gnise.^ ‘ ■. 
Latin or La&ilsed>-nain«^;ire:: -re&ted ” - so&aihgly Unrelated z '■ 
queritiy". -' descriptive;; --©edgra r ^‘^^5§;r. 

p hi cal or - : ecoioglcaL : Pre-1753 of -the" 

scientific ; botanical names arQ: world s unw 

not now ; aja»pted -tiniws: /Latin 

were ...subsequenay .kdoptediVby 1 : ; 
Linnaeus -or.by later; sy^D^sw^rol^^ , 

tistsu, '- These two. 
been accepted - 

world .a|: the -bas^-otsderit^c^u • » 


* 


^ f- a 


jonc . 


- -• -. . . • • .- - V.. ■-.r&.Kz-V Y- 

• v*' " - - - • - • " V - i,-.' • *7?j 

y-YS.l't-' . : ' "h '>.■ — - 




- 













li 


June 24 1978 


HQW TO SPEND IT 


by Lucia van der Post 





ABOVE 

This ring rs ^typical of Jan Goodey’s 
work, incorporating as it docs a 
rustic gat* and little stone wall. 
Mad* from si href, 9 and 18 carat 
gold and copper, the materials she 
is most fond of, the ring, costs £78. 
- Round the ring is a necklace, which 
uses identical materials but in addi- 
tion has' moss agate stone. £96. 

CENTRE 

Long ear-rings by Jan Goodey made 
from silver, red (9 carat) and 
yellow (18 carat) gold and copper. 
Designed, for pierced ears but could 
be adapted ■ for unpierced ears. 
£70, the pair. 

RIGHT 

This, is Jan Goodey's own drawing 
for a -pendant that incorporates all 
her favourite ■ themes — a landscape, 
waterfall, trees, fields and stone 
wall. Also made from red and 
yeDow gold, silver and copper, it » 
£MK 


Goodey’s goodies 


ANYBODY WHO is interested in 
modern jewellery will have 
noticed that the romantic and 
decorative elements are 
currently experiencing a. great 
revival. Clare Murray’s designs, 
incorporating little mice and 
daisies, houses and trains, have 
often been shown on these 
pages. The work of young 
jewellers and silversmiths at 
Loot has illustrated these trends 
very well. 

A young jeweller, whose work 
is new to me, .Tan Goodey. 
seems to have taken this trend 
even further, but though she has 
extended the use of figurative 
images in jewellery she seems 
to have done so in a bold and 
successful way. 

If you are interested in the 
way new jewellery is going or 
perhaps just want to buy one or 
two interesting pieces either for 
yourself, for a present or as an 


investment, then you should go 
along now to Argenta Gallery 
at 84, Fulham Road, London 
SW3. 

This gallery has always made 
a point of being very 
adventurous. It doesn't go just 
for the commercially proven, 
safe option and yet David 
Jewell, who manages the shop. 
manages to combine a sense of 
newness and excitement with 
impeccable taste and judgment. 

Jan Goodey uses silver, red 
and yellow gold and copper to 
create amazingly rich canvases 
within the very liny work 
surfaces that jewellery offers. 
Within the ronflnes of the size 
of an eurstud she can create a 
i-.hnle landscape — swirling 
streams and meandering walls 
with gates and stiles and trees. 
Her rings incorporate the little 
stone walls, the rolling hills and 
leafy trees typical of the North 


Yorkshire nr Northumbrian 
landscape. Sh e uses finely woven 
and twisted gold and silver wires 
to create those rich effects 
Finely contrasted textures are 
the basis of her work and she 
uses the different coloured golds 
(red and yellow) as wel) as 
copper to add a greater range of 
contrasts and increased perspec- 
tives. Copper deepens in colour 
with time s» though at the 
beginning it is very similar in 
colour tn red gold, as the months 
pass it will begin to be more 
and more distinct. 

It is immensely diflicult to 
convey both the delicacy and 
the richness uf her work — the 
smallness of the scale in which 
she contrives l‘o pack such 
diversity of texture and pattern 
is remarkable, f hope the photo- 
graph and sketches here will 
give you just some idea of the 
range of her work. 


The multi-coloured 
dreamcoat 


I SUPPOSE this is the latter-day 
version of Joseph's multi-col- 
oured dreamcoat. It certainly is 
almost a work of art Tess Mar- 
tmeau takes the ordinary padded 
jackets imported in bulk from 
India .and . by covering them in 
a beautifully-chosen assortment 
of liberty print cotton fabrics 
turns each one into something 
special and unique. Tess Marti- 
neau, and her partner, Carol 
Mordaunt, work from home in the 
country so don’t expect to be able 
to order in bulk and receive 
instant attention. 

Because they are all hand- 
made and their charm depends 
upon the careful selection of 
the fabrics - that make up the 
patches it takes at least three 
weeks for a jacket to be made. 
If a hundred people want one 


obviously they will not all be 
able to receive their jackets in 
three weeks but 1 can assure you 
they are worth waiting for. They 
aren’t washable but can go into 
coin-operated dry-cleaning 

machines and can then .- be 
smartened up by using spray 
starch. " 

They are to my mind the ideal 
cover-up for our erratic summer 
weather— they go splendidly 
with jeans and look equally good 
over some dresses. You can 
choose the rough spectrum of 
colours that vott would like your 
jacket to be — mainly blues, 
browns, greens or oranges. 

Sizes are small, medium or 
large. An example of the packet 
can be seen at Sylvia's. -5 
Beauchamp Place. London SW3, 
through whom all orders should 
be placed. They cost £60 each. 




W/At 






CUCUMBERS, village cricket, 
the hiccupping purr of lawn- 
mowers and the blowsy somno- 
lence of full-blown roses, are all 
to me part of the archetypal 
English summer. If cucumber is 
served with' its cool green 
colours, .' delicate flavour and 
crisp moist texture, it is a surer 
sign than any barometer will 
give that the weather must he 
fine. It would be unthinkable to 
serve Pimms without a flottilia 
of cucumber, borage, ice cubes 
and fruit; and tea on the lawn 
would lose half its charm if there 


were no wafer thin brown bread 
and cucumber sandwiches. 

Cucumber is the perfect ingre- 
dient for deliciously refreshing 
raita (yoghurt, cucumber and 
garlic) and salads, creamy 
mousses, cold sauces and Iced 
soups. It is less often used — bat 
eqaally delectable — as a cooked 
vegetable. 

You need quite a lot of cucum- 
ber for cooking — about 7-8 oz. 
or a minimum of one fat 12 inch- 
long cucumber to sen e t wo. The 
skin becomes bitter during cook- 


ing so peel it away (I use a 
Pr estige swivel potato peeler — 
inelegant-looking but rating top 
marks for minimum wastage of 
flesh). Seeds should also be 
removed before cooking, the 
flesh cut up <1 think matebstiek 
pieces about 11 inches long and 
no more than i inch thick look 
prettiest), and some of the 
moisture drawn off. 

The traditional way to degorge 
vegetables involves layering 
them with salt in a colander 
under a weighted plate. I find 
this method too harsh for cucum- 


ber : the delicate flavour is far 
better retained land just as 
much moisture drawn off) if you 
use a mixture of salt, sugar and 
vinegar. Allow j teaspoon salt. 
1 teaspoon caster sugar and one 
teaspoon tarragon vinegar for 
each 12-inch cucumber. Lay tbe 
skinned and seeded cucumber 
matchsticks in a shallow dish, 
add the vinegar mixture, toss 
lightly, cover and leave in a cool 
place for 1 — 5 hours. Drain and 
pat dry very thoroughly before 
rooking using lots of paper 
kitchen towels. 


CUCUMBER PORK — serves 4 
A delicately flavoured dish cut across into i inch thick slices 
hich is equally good, but more and beat flat between sheets o 
rpensive of course, when made clingfilm (much east 
ith eacaUopei of veal or ustog greaseproof paper .find). 

wsettes of lamb instead of Dust with 
v few at a time in foaming nutter 

—you’ll need about 1* ozs— m a 
large sautS pan. Transfer the 
pork to a .warm dish, cover and 
keep warm. 

Add a generous \ oz butter to 
the pan and scrape the meat 

. . » i „ Ctir in 


CUCUMBER A LA FRANCAIS 
serves 4-6 


x 12 Ins long -fat cucumbers 
skinned, seeded, cut Into 
natchstlck strips, soaked, 
[rained and dried as 
escribed). 1 lb pork tender- 
>in, butter, 14 teaspoons 


in, butter, 14 teaspoons gP f ^ m Pn f from the base. Stir m 
aln floor, 6 tablespoons good tfae flour> pour on the slock and 
licken or veal stock, U i emon juice and stir to blend 
blespoons lemon juice, salt, we u_ 

jpper, 7 fl ozs thick cream. cream and stir con- 

rum the prepared cucumber tinuou«ly 

2U2-JB " 

aper, ^ S3? !“ 5 ITS™ « r *» -m 

1 and bate at 350°F gas mark “ ^ juice? salt 
tor about 45 minutes, turning and add more icniJ 

asiomttr, until tender hut or pepper as neeesMO^ 

» « '“P bare)V se S5 £2 £d strange the 
fat from the pork, shoes of pork round the edge. 


A variation on petits pois 5 la 
Frangaise which I used when 
most of our pea crop was har- 
vested by the birds. 

2 x 12" long fat cucumbers 
(skinned, seeded and cut into 
match stick strips, soaked, 
drained and dried as des- 
cribed), { lb peas (shelled 
-weight), 6-8 outer leaves of a 
lettuce. 6 salad onions, 4 oz 
butter, salt, pepper, sugar. 

Shred the lettuce and chop 
the onions— green part as well 
as white. ' Sweat in 3 oz butler. 


Pour on a scant 4 pint of boil- 
ing water, add the peas and a 
good pinch of sugar. Bring 
back to tbe boiL cover and sim- 
mer until the peas are tender — 
how long this will take depends 
on their age. Add remaining 
butter and the prepared cucum- 
bers and cook, uncovered, stir- 
ring occasionally until the 
cucumbers are tender and the 
fat and liquid have reduced to 
a sticky coating sauce — about 
10 minutes. Season to tasle 
with salt, pepper and sugar, 
plus a squeeze of lemon juice 
if wished. 


FRIED CUCUMBER WITH HAM 
serves 6 


CUCUMBER WITH 

A pretty looking dish with a 
nice contrast of textures. Serve 
it as a vegetable accompaniment 
to a meat dish or as a first 
course dish in its own right. 

2 x 12 inches long «£ 
cucumbers (skinned, seeded, 
cot into matchfitiek strips 
soaked, drained and dried as 
described), 4 tablespoons each 
of freshly chopped chives, 
parsley, and diO leaves, 3 oz 
butter, 2 oz breadcrumbs, 2 
hard-boiled eggs, coarsely 
chopped* 


HERBS — serves 4 

Fry the breadcrumbs in X oz 
butter, drain on kitchen paper, 
pile into the centre of a round 
serving dish and keep warm in 
the oven. Fry the prepared 
cucumbers in the remaining 
butter over medium heat for 
8-10 minutes, stirring and turn- 
ing from time to time. Switch 
off the heat, add the herbs to the 
pan and ml* welJ Wllh , 

cucumber. Arrange the chopped 
eg* in a ring around the tnca 
crumbs and pile the cucumber 

round the edge of the dish. 


A creamy rich sauce is used 
in this recipe too: a vegetable 
dish which goes well with grilled 
or roast lamb, veal, chicken or 
gammon steaks. A really large 
saute or paella pan or wok is 
needed. 

3 x 12 Inches long fat 
cucumbers (skinned, seeded, 

.cut into matchslick strips, 
soaked, drained and dried as 
described), 3 oz butter, 4-6 oz 
thinly sliced lean ham, salt, 

' pepper, freshly chopped basil, 

4 pint thick cream, 2 large egg 
yolks. 

Melt the butter in a large pan. 


When hot add the prepared 
cucumber and fry over medium 
heat for 8-10 minutes, stirring 
and turning the vegetables every 
couple of minutes so that they 
cook evenly. Beat the egg yolks 
and cream together with a good 
seasoning of salt and pepper and 
a tablespoon or so of chopped 
basil. 

Cut the ham into matchstick 
strips, add to the pan and stir 
to mix well. Reduce heat to very 
low or switch right off. Pour on 
the egg and cream liaison and 
cook, stirring continuously, 
until the sauce thickens and 
clings nicely to the cucumber 
and ham. Serve immediately. 


Striking 

faces 


ENGLISH DIAL CLOCKS are 
one of the great and enduring 
successes of British design and 
craftsmanship. At one time an 
English dial clock was to be 
found in the library and ser- 
vants’ quarters of every great 
house, in schools, on railway 
stations, in gentlemens' dubs, in 

offices and every other bastion of 
English life. For some reason 
they came, in some circles, to be 
regarded tos old-fashioned and 
many is the architect or 
designer who picked one up For 
a song from some demolition 
yard after it had been uncere- 
moniously discarded in the 
course of some so-called moderni- 
sation. 

Fortunately they have nowa- 
days come to be recognised as 
one of the alltime appealing, 
functional, apposite designs and 
Strike One. a fascinating clock 
shop at la Camden Walk. Isling- 
ton Green, London i\l 8DY. has 
decided to hold an exhibition of 
well over 50 such clocks, many of 
which will be for saJe. 

The exhibition was originally 
timed to coincide with the pub- 
lication of a book on the subject. 
English Dial Clocks by Ronald 
Rose, which is expected to 
become the definitive work on 
the subject. Unfortunately pub- 
lication has been held up and 
copies won’t be available for 
another three weeks. 

Published by the Antique 
Collectors’ Club ibe book will be 
available at £15.00 to personal 


Look! 



shoppers (copies will be on sale 
at Strike One) or at £16.00 post 
paid. 

If you love this sort of clock, 
as I do, then go along to Strike 
One where you will see a unique 
collection of them in ail shapes, 
sizes and styles. Some of them 
are very valuable (the one photo- 
graphed here is by William 
Gostling of Diss and is an early 
form of brass dial timepiece with 
verge escapement, wood bezel 
and a finely engraved signature 
— since it is rare and special it 
costs £950) and nothing at tbe 
exhibition is less than £500. 

All Strike One’s clocks carry 
an international guarantee and 


of the clocks that are not for sale 
many were originally sold by 
Strike One to collectors and 
private purchasers. 

The exhibition is on from now 
until Saturday. July 15, and the 
shop is open every day except 
Sunday from 10.00 am to 5.00 pni. 
Besides the Enelish Dial Clocks 
the usual selection of longcase. 
bracket, carriage and lantern 
clocks can be seen and bought at 
prices starting from about £200. 
If all these are beyond your 
means, consider spending £1.50 
for a charming chart of English 
Wall Clocks — this offer is for 
personal shoppers only, 
unfortunately. 


Lovely 

labels 

LAST autumn, just )n time for 
all the autumnal bottling and 
preserving, I showed some of the 
charming, full-colour labels sold 
by Thame Labels, Wellington 
Street, Thame, Oxfordshire OX9 
3AD. Many readers loved them 
and bought them. First, they 
were unusual because they are 
in full-colour and tbe colouring 
is part or their charm. Second, 
they were amazingly reasonable 
in price: £1.00 per pack. 

Anybody who wants some 
specially attractive labels to 
complete the appearance of their 
home-made preserves might like 
to know that Thame Labels have 
now extended their range to in- 
clude three types of label. There 
are the full-colour labels in- 
tended for jams and preserves 
and featuring appies. pears, 
blackberries, plums, cherries 
and so on round the horder. 
Then there is a label intended 
for marmalade. featuring 
oranges, lemons and grapefruit 
round the edges. Finally, for 
those who are now producing 
their own wine, there is a lovely 
square label which features 
grapes and vines very promi- 
nently. though other fruits are 
included, too. 

Jam and marmalade designs 
ore each If in. hv 3 in. (oblong i, 
but the wine or bottled fruit one 
is ntueli bigger— 3 in. by 3 in. 

They can all be bought by post 
from tbe address given above. 
Each pack costs £1.00. including 
postage and packing, and for 
this you get jam or -JO mar- 
malade labels or 2-1 wine or 
bottJed fruit ones. A}] are full- 
colour and self-adhesive. 


no 

trees 



It has a wooden frame and two makes them doubly useful. In only from Rosenthal Studio 
large circular plastic t rays — the black or white, the trolley is House, 102 Brompton Road, 
hottom one can hold bottles. The £122 fine. VAT). London SW3 but delivery is free 

trays can be detached, which This luxury range is yvjflable within tbe U.K, 


'!v. -v*... 


1 . V. - ■*-!£?» 


FOR those who believe in being 
comfortable when out-of-doors 
(and, if you can afford it, why 
not?) the most luxurious ham- 
mock that I’ve corue across is 
Rosenthal’s mobile wooden 
hammock which comes complete 
with its own support and doesn’t 
depend upon nature obligingly 
providing a couple of trees of the 
right strength and distance 
apart. 

Rosenthal produced this design 
a cnuple of years ago but it was 
initially quite difficult to get hold 
of— -now they say they have 
better supplies. Designed by 
Waldemar Rothe as part of 
Rosenthal’s first attempt to 
branch out into the furniture 
market, the frame is made in 
either oiled or stained beech and 
the hammock itself can be made 
from mesh or canvas. The metal 
parts are completely rust-proof 
and for extra romfort you can 
buy mattresses to fit as well. 

The hammock is delivered flat 
so that you have to put it to- 
gether yourself but this is not 
difficult and has the further 
advantage that you can then pack 
it flat again when winter comes. 

The hammock ' is £249.50 i inc, 

VAT) in black stained beech or 
£237.50 in natural oiled beech. 

Mattresses are from £69.50. 

If you want to make the out- 
door life lusher still Rosenthal 
sell a drinks trolley which can 
wheel all the gastronomic 
delights your purse can stand. 

Potted 
herbs 

A FEW weks ago I wrote about 
some charming garden pots from 
Ironsware but in the course of 
tbe piece I also mentioned my 
own problems in getting herbs 
to sprout. For instance, I love 
the look of all those strawberry, 
parsley and other decorative pots 
but I have often found that I 
have only been able to induce 
parsley to grow out of the top. 
leaving all those side-openings 
bare. The answer is to buy a pot 
ready-planted and here a fairly 
new nursery called Hollington 
Nurseries of Woolton Hill, New- 
bury, Berks, can come to the 
rescue. 

They have a large range of 
charming pots all of which can 
be sold planted with flourishing 
herbs of all sorts. There is, for 
instance, a large pot, like the 
one in our picture, which can be 
filled with nine different herbs 
(price is £15.75 for the large 
14-inch size, £7.90 for the small 
size with seven herbs). You 
couid alternatively buy a large 
pot, 14 inches high, planted with 
three different sorts of thyme 

Easy 
glider 

NO MATTER how willing you 
may be to tip porters, they aren’t 
always there when you need 
them and one -of the dreariest 
parts oE modern travel seems to 
be the inevitable lugging about 
of heavy luggage that is in- 
separable from it. 

Wool worths have just intro- 
duced their own portable, light- 
weight trolley, it has a steel 
frame, rubberised wheels and 
weighs only three lbs. It works 
rather like a small trolley— vou 
pull up its handle, put tbe suit- 
ease or bag on the platform and 

S4r P the borfy wh0 is either e,derJy or viii iave 10 remove the trolley 

them to the framp tt ' h has a ba d back or simply hates when it comes to checking id 

-. - ■ lugging heavy luggage about your case a t the airport. 

it is eas»y to carry and per- could do well to invest in such Available from all Wool worth 
forms its function well. Any- a device. Do remember that you stores, this trolley ci — 





for £15.75. There is also a straw- 
berry- pot for £6.55, a parsley pot 
for £4.35 (for the small size) or 
£6.55 for the large size. 

Because pots are very fragile 
they cannot send by post but a 
selection of these planted pots 
can be found in a wide range of 
garden centres, including Syon 
Park. Middlesex. Blakes of Chel- 
sea, Riverside Nurseries of Hen- 


don, William Woods of Slough 
and Hi Hi err of Winchester. If 
you would like information about 
your nearesr stockist Moiling ton 
Nurseries will supply it if you 
write. 

U you can get to tbe nurseries 
themselves there is a much big- 
ger selection of herbs isome 50 
varieties) and pots at their own 
premises. 



r* -q 


Much 

binding 


REGULAR readers will have 
noticed by now that I’m a great 
fan and supporter of British 
crafts. I find them an unlading 
source of delight, full of inven- 
tion. creativity and vitality. So 
it is a pleasure fnr me to dis- 
cover a craft new ro me and one 
that 1 have not written about 
before — that of book-binding. 

The Manor Bindery of Fa w ley, 
Hampshire, is owned and run 
by the author Margaret Lane, 
who in her private life is also 
tbe Countess of Huntingdon. 
Antoinette Parks (who startfV 
and owned the Square Orange 
Bookshop) and Bendor Drum- 
mond who used to own Bum pus 
and the Book Society. 

In charge of the binding skills 
is Philip Bradburn who has won 
many awards in the course of 
his bookbinding career. 

Because bookbinding is a 
highly skilled and time-consum- 
ing business prices for individual 
bindings are not cheap — an 
average-sized book would tie 
about £38 for a half-binding in 
leather or £48 for a full binding. 
Cloth bound books would cu.>t 
much less. 

Apart from actual binding, 
Hooks can be repaired and 
restored and in this case prices 
will have to be quoted individu- 
ally. depending on the amount 
of work involved. 

The Manor Bindery will do 
presentation books, children's 
books for prizes or christening 
presents, visitors’ books, photo- 
graph albums and the like. They 
can be done in full Morocco with 
gold tooling or leather inlays 
or with all the other refinements 
of tbe bookbinding craft. 

For those who aren’t familiar 
with all the nuances of book- 
binding a visit jo The Manor 
Bindery at Fawley would soon 
awaken them to the pleasures of 
a totally new experience in read- 
ing— there tbe complexities can 
he explained visually so that you 
can see what a suede doublures 
or a double silk headband looks 
like, you can sec gold tooling 
and fine end pages and make 
your choice accordingly. Tele- 
phone for an appointment first 
Fawley 107)3) 8944SS. 





12 



still 


Radio re-vivilies. The embers 
of haif-£oreotlen scandals, of 
dormjn disputes, are fanned into 
!ife again by the features pro- 
ducer and sound archivist. Do 
you remember the row when the 
first batch of old masters to be 
cleaned was put on show in the 
National Gallery ? Do you 
recall the furore which split the 
Labour Party in half when 
Aneurin Bevan resigned from 
the Government over National 
Health prescription charges, 
Harold Wilson and John Free- 
man following suit? Does the 
name Kowalski mean anything 
to you — a Polish priest who 
openly practised polygamy with 
a sisterhood of nuns and was 
tho defendant in a sensational 
trial in Plock in 192S ? The 
heresy preached by Kowalski 
and those Breached by Bevan 
and the picture-restorers tlf 
indeed heresies they by) became 


ANTHONY CURTIS 


tiie matter of some compelling 
listening this week. 

Kowalski's career was not 
much known outside Poland 
until the appearance of a 
remarkable book by Jerzy Peter- 
kicwicz two years ago called 
The Third Adam (Oxford 
University Press). Mr. Peter- 
kiewicr. who is head of the 
Department of East European 
Languages and Literature in the 
University of London, a novelist 
and critic, was himself born in 
Poland. He stiff remembers the 
shock-waves whenever the name 
Kowalski cropped up. In spile 
of Kowalski's trial at which he 
w?s convicted, the Msriavite 
sect (which he inherited from 
Maria Frances Kozlowska. the 
“Li»tle Mother. " on her death 
in lPlit. and whose revelations 
he nublishrd) continued to 
flourish until the outbreak of 
the Second World War. When 
ihf' Nazis captured Poland. Arch- 
biriioo Kowalski was asain 
imprisoned: this time in Dachau 
v-'hen in his seventies he died. 

Mr. Pcterkiewicz interviewed 
surviving members of the sect 
all of whom testified to the 
extraordinary physical and 
sotritual inaenetism exercised by 
ihe Archbishop. He called him- 
s*»lf tho third Adam {the other 
two Mint: ihe Adam or Genesis 
and Christ i and instituted among 
hi« followers a series of innova- 
tions. audacious even by the 
rriier*3 of today, including mys- 
tii- marriages between priests 
and nuns w'uft children. bnm 
hehiqr* 1ft" cloister, tfte rjnVsi- 
br.ori for women and a People’s 
115**4. 

He ar»p"«rs a more baffl'ng 
character then Urbain Crandier 
rtr Loudon who** trial inspired 
p..iri., v ( 3 nd after h»m John 
Whiting and K»n Russell). Most 
or >bat was alleged against him 
was true yd he preserved his 
authority and his presence even 


in the face of atrocities commit- 
ted by the SS. Was he just a 
charlatan and a pervert? Or was 
he a great humanitarian revolu- 
tionary? Mr. Peterkiewicz can- 
not quite make up bis mind; nor 
could the excellent, radio feature 
The Third Adam (Radio 3, June 
2 Qi drawn from the hook by 
James Rddse-Evans. 

Whaiever Kowalski may have 
been like in - . Teal life we may 
be sure that he was very unlike 
joss Acklsnd. ■ Nonetheless it 
was Joss Addand who pave a 
most acceptable interpretation of 
him. diqnifled. deep-toned, in 
the feature: Annette Crosbie was 
tho Little Mother. Geayin ramp- 
h«!i the narrator, and M 1- . Roose- 
Evanp himself plaved the pari 
of Mr. PeterWewicz. The Prob- 
lem nn radio is not so much to 
7Tu>ke convincing the marriage 

between the priest and a nun as 

that between documentary and 

drama. There is alwavs a temp- 
tation to over-dramafise hut in 
John Thencharis’s orodurtion the 
setniecec of the trial, the testi- 
mony of witnesses, were satis- 
factorily woven into the 
documentary pattern enlivening 
it For a bonus we had music 
specially composed and conduc- 
ted hv another Pole, Andrzej 
Panufnik. 

In a much more recent book 
The Performers Norman 
Shrannel sees politics as a form 
of theatre. As in the theatre 
it is the last generation of actors 
who always appear to be so 
much greater than the current 
ones: nowadays there is no-one 
whose Hamlet you can seriously 
compare to Gielgud's Dr Olivier's 
(or so it scents), and there is no 
parliamentarian whose oratory 
begins to compare with that of 
Churchill or Bevan. Some of 
the latter's first was rekindled 
in Nye (Radio 4, June 21 > which 
included clips from many of his 
most famous speeches and recol- 
lections by Baroness Lee. 
Michael Foot. Attlee. Gaitskeil 
and others from the archive. 
Certainly there was no lack of 
material and it was deftlv sewn 
together by Patrick Hannen. 
Yon can hear a companion pro- 
gramme to this admirable poli- 
tical portrait From Whenre 
Cameti i Mu Health — about the 
health service in Tredegar. 
Sevan's hirthniace. on Monday. 

"Restored To Life (Radio 4. 
June 20) was the title of a pro- 
gramme compered by James 
Wilkinson devised by the News 
Department on the various tech- 
niques of cleaning and restoring 
pictures. It consisted of inter- 
views with Deople like Arthur 
Lucas, chief restorer of the 
National Gallery, and his oppo- 
site number at the Metropolitan 
Museum in New York, expound- 
ing some of the mysteries of 
their crafl. Although highly 
sophisticated scientific equip- 
ment is used in picture restora- 
tion today spit and cotton wool 
is still often employed as a first 
resort. Nowadays it is the un- 
cleaned pictures that cause 
anxiety to - most gallery-goers. 
That battle has been won. 






‘Mi; Srl^.y f V; 


aill 











vfr'i '£/'■ 7 




“ The Studio " by Sophie Anderson 


The Victorian 



“The Victorian Ideal,” Roy 
Miles' latest summer miscellany 
(oo view until July 281. is both 
as interesting and as enjoyable 
as we have come to expect his 
shows to be. the work not over- 
important exactly, for nine- 
teenth- century academicism had 
its limitations, but possessed of 
certain qualities that deserve 
respect : qualities of craftsman- 
ship. attention to detail, serious- 
ness of intention, if not always 
of actual achievement. Here 
there are major works by minor 
artists, several genuine surprises, 
and several very fine drawings. 


our private indulgence: and the 
sentimentality is no lunger the 
great barrier it was to the work 
itself. Not only can we now see 


ART 

WILLIAM BACKER 


Importance anyway is a 
dangerously woolly criterion, 
inclined lo mean what we want 
it to mean, deriving it's authority 
quite as much from the inexor- 
able laws of- supply and demand 
as from the niceties of an 
academic judgment. The sheer 
chance of survival has much to 
do with it, our museums full of 
lovely and important things, but 
important only in that they are 
indeed fine in themselves, and 
have managed somehow to sur- 
vive : and the older they are, the 
narrower that distinction tends 
to be. 

Victorian painting suffered a 
long period not merely of 
neglecL but of actual critical 
abuse, laughed at embarrassedly 
for its literary pre-occupations 
add its sentimentality: but the 
great mass nf it survived, 
actively cherished by a few 
brave souls, more generally kept 
safe at home by a mixture of 
familiar affection and inertia. 
Today we find we no longer need 
to excuse or pretend to mock 


how well so much of it v.as done, 
but. more than that, we can 
accept the subject-manor, tjhat 
literary quality, as a positive 
element in the work, nu more 
of .a problem to us than the 
religious or domestic or social 
themes of earlier times. We can 
also forgive the Victorian Age 
for not producing a Gains- 
borough. a Turner or a Reynolds, 
taking its artists as they are. 
just as far as they go. 

These artists stand up for 


themselves very welL The best 
picture is by Millais, a portrait 
of the two young Pender sisters 
dating from the first phase of the 
artist's long and successful 
decadence- He was the most 
gifted of all the Victorians, and 
having promised the earth is 
generally held to have squan- 
dered bis gifts to gratify his 
customers. The story seems to 
me less simple than that, for bis 
paintings are always interesting, 
and he remained a true painter. 
Perhaps we owe him a reassess- 
ment. Other excellent things 
include a charming early interior, 
by Atkinson Grimshaw. hand- 
some ladies by Leighton and 
Wontner, Sophie Anderson's 
elegantly disposed Empire 
beauty, and a most extraordinary 
composition by P. F. Poole, the 
languid, dreaming company 
listening to Philomcna’s song on 
the Seventh Day of the 
Decameron. 


RSC tours small towns 


Tbe Royal Shakespeare Com- 
pany is to undertake a tour, 
beginning next month, of 23 
towns and villages in England 
and Scotland. The tour, with 
productions especially slaved to 
play in small theatres and halls, 
will last li weeks and opens in 
Horsham. Sussex, on July 13. 

Never before have the RSC 


toured in the UK at such length 
.c* ,s — with 


■and to so many pia: 
a repertoire oi product’.. ns, and 
many of the venues have never 
before received a visit from the 
company. 


The group of 15 actors, led by 
Ian McKellen, will perform two 
new " main ” productions, Shake- 
speare’s Twelfth Night directed 
by Jon Amiel and Chekhov’s 
Three Sisters directed by Trevor 
Nunn. 

In addition there will be occa- 
sional performances of an antho- 
logy programme of words and 
music entitled And Is There 
Honey Still For Tea? devised by 
RSC actor Roger Rees. It is 
about the English and their 
Englishness. 




Financial TEnnes ^ 




La IChatieencore 


nftf 


1st 


Dim 




>®e 


fe 


cbmlo-.:-. 


The Diaghilev Ballet prese 
La Charts for the first trm 
Monte Carlo In 1927-; There 
a s [ ruin ing Conitruc^vist -seJ-Wi 
Naum Gabo and Antoine Pevs® 
— talc and mica gleaming'. aga5| 
black American doth— and Si* 
Lifar was cast as tbe young 
who falls in love with a.sbt , 
Olga Spessivtseva; obligingly 
turned by Aphrodite intoayo 
woman. Love's young dream:; 
alas, ruined by the apiwaraj: 
of- a mouse which caused 
young Woman to _ reviert ' to 
primal state. BalanchJne's ch 
grapby was much admired, 
so was -Henri Sanguet’s icor 
which '■ is, I suppose, ., w 1 
attracted Ronald 
idea of making a new yersiq^> 
the piece. - ' .' 

The result, .given its first ; 
formance on Thursday.. 
Coliseum by ' Festival. P' 
looks like - a homage- to-the. 
Ballet Russe, whose Image ; 
well caught by ..the : wpti v li 
a fashionable' artistic arm venw« 
a very pretty ' score. ' (vd® 
evokes Messager and Foulezf) 
and choreography w 




gather Elis'abetta -Terabust is fine as 


J 'fanned, as one may gather Elisabetta-ieraousiis nneas 
-fromCyrU Beaumont, the male fte JSLJLSSSSS 


• body beautiful. .partnered by Kenneth McCombie 

- Doay, j m.’w v n «*t*v Man. \0h&. SftOiy- 


T rin£eri y -h^br^ie &•»■« YouBg-.l|to,^ s»ry- 


neW, chte ^^ piticularlyldbaj;;'^ 

~ .. tft . which -it- pays - homage, , that 

. _ _! ; ■ • ’ " one.'.doesriiot mrticalarly^ owe. 

BALLET •• Tbe ballet .1 odnii attractive^ the 

t=- ■ Ttr ~T ■; chbreograpfey. . fluent;’ With 
CLEMENT . CRISP v. . some v-Art ' D^co : momen&; ..-the 
. ^ wdtitfrcTad "xast . are " handsome; 
'. the; ■'score , makes j no -demands 







. . i)th6i;than thore of being-charm 

^Terabust as the fqlide ’herdlnel ^lfi^':- Xa : a^pfeasant 

T-Her admirer. KempBth/McCpmbte; 


'•.*•^4-5 

.•pay^glbute 





^■^hip with, the A 


^Asensio appears: as i^de FtilleP coruscatiQBV J>£ i>iTpaettes. and 
as - • Aphrodite— imporio us ' And leaps' and'^eits,- and atr nncom- 
vHth sleeves like - Winga-^a- .tied-, .plicated' delh*ht lin doi n g.- what 





fcleh. 


which is 8 melodious but pliimhs3^..and'ScIiaufuss.j^tspinmng 
ho depths there is nothing' else“e*eh-- other. ..: au'd -Evdokimova 
Mr Hynd could do. : --. sWeefly soaring.- 


Mayer piano 


In the realms of adaptatiims„ihe Third Kind, this js rather At - the wme;- tune, there It 
alone, the prolific, unpredictable 7 charming. - s?nous . talk; afoot , Vonne&ut, 

and uneven James Saunders Ban :- yet it suits the material,- which, l^^daptor. w^terMt?d m 

dealt with D. H. Lawrence, W- constantly recalls candostnp o£ 

John Vanburgh and R. M- Del ®sr--.jn e thods.^ ^Characters are broadly 

field (People Like Us, just ended; ; _ • • " ' . logical dictetorship. As ^aul_ is 

on television). Now it's the turn 


of Kurt Vonnegut, whose fixfct"' 
novel (published in 19K) reaches 
the stage in a bright - bnt. ' 
spartan production by Peter'. 4 . 
Southcott at the Almost Fcae. 
The setting, we are told, is IHiini,-.: j 
New York, in the 21st centurjL^' 


iV^lUU VULkatUIOMIl/. ™ 

told by his old college buddy 


THEATRE 


GEOFF BROWN. 


(who -saecessfally- programed 
• • himself - out . bf all computer 
- data), ;ifs; like a player-piano: 
oner can. mechanically play the . 
.piand;rbll..or.one.can bash away 
on jds keys like a free individual. 
Not the subtlest - or- freshest of 


a wonderland of electronics and “sketched and, apart from David notions, though ‘ .no doubt it 
computers reached via a T%d Bart’s honey-voiced doubter, seemea .more to the .point 
World War and a Second Indni-_Paul Proteus (sbh of . the. in . 1852 when administrative 
trial Revolution which has lefU society’s Great Architect), they 'hysteria- and 1 .-advanced .techno- 
people of high IQs with nothmfcire all broadly played. ^K«mer, lwzy beeah to get their' Iron 
to do but wear variodMy -Raul’s supenor (Bin.. Bailey), Is ffl, -tn Vannder's 

coloured tunics and observe- a thunderous slapper ; of backs; ° .? ^ « J 

endless procedures. The oifly- his wife. Anita (CardI Cleye- verslou, which :just fails to find 
visible signs of this wonderland, lapd), is attractively vacuous, a satisfatttdry balance between 
however, are a few video :.The plot's later - Stages in parti- tjjg philosophical debate and the 
machines and a small deck;pf cular move in melodramatic -f QO iing, the point is 

buttons which everyone presto -bursts, with Paul (ordered ^ famniaritv—and even 

with slap-happy abandon. Intan .infiltrate the society's -rebel Jlhnwdby fammartty a even 
era which has spawned forces) downing, one drugged the company s lively playing fall 

Wars and Close Enansntersfif drink after another. .to.re-sbarpen.it..'.'..- 


THEATRES THIS WEEK. „ . AND NEXT 


BUSH — Runners. Sprightly new 
play of athletic rivary in^fhe 
changing room, with domestic 
tension around the edges. .Will 
Knight ley acts and lifts weights 
with equal aplomb. Opened Mon- 
day. 

ROYAL COURT — Flying Blind: 
Bill Morison's savage farce set 
in present-day Belfast transfers 
well from Liverpool in -Alan. 
Dossor's production. Opened 
Tuesday. _ 

ALBERY— J?oy Hwfd. Feeble 
music hall programme, given at 
lunchtime to raise -money -for 
Wilton's Music Hall. Repeated 


on coming three Wetinesdays. 
Opened Wednesday.' 


PRINCE EDWARD — Evita,. Stun- 
ning production by Harold Prince 
of much-publicised rock opera 
does much to paper over the 
cracks. An exciting evening, 
though, with. Elaine Paige fully 
justifying her star billing along 
with David Essex as Che.. Opened 
Wednesday. .... 

•YOUNG VJC— Bartholomew Fair. 
High-spirited revival of Ben Jon- 
son. classic to "Open new season. 
trdderi t ' Tjpchael Bogdanov. 
Openefi Thursday. 


The RSC have two openings. In ' 
Stratford-upon-Avon next week: 
Captain Swing by Peter Whelan 
is in' the Other. Place and Measure. 
For Measure on the main stage 
(Monday and Tuesday}.- The 
Churchill at Bromley -has. a new 
.play on Monday. -The - Woman I 
Lore;. David Mamet's American- 
Buffalo is in the : Cottesloe on 
Wednesday; and on Thursday, a 
revival, of Btodle Wakes - at. 
Greenwich, and;- at the. New End 
in Hampstead, StiSairaidi York in 
pie Singular Life of Albert 
Nobbe. ' ■ 


R 


a\ 



f Indicates programme in 
black and white. 


BBC 1 


T.15 am Open University (UHF 
only). 9.10 Playboard. 9.25 Tlte 
Flashing Blade. 9.45 Calling 
Ynunq Film-ntakers. 10.00 Arlott 
and Trueman on Cricket. 10J!5 
“ Daleks — Invasion Earth 2150 
AD" slarrinc Peter Cushing, tl.45 
Charlie Chaplin in "One am." 
12.15 pm Blips Buny. 12JS8 
HVstficr. 

12.30 Grandstand: World Cham- 
pionship Motocross 1 12 J5) 
Thu British 250cc Grand Prix; 
Eucby Union: Australia v. 
Wales (1.00): Tennis (1.25. 
2.10. 2.40, 3.10. 3.45i The 

Colgate International Women's 
Tennis Tournament; Racing 
from Ascot (1.55, 2.25. 2.55, 
n.30j; Athletics 13.10, 3.45) 
The Nationwide Building 
Society AAA Championships: 
World Cup Report (4.55); 
5.00 Final Score. 

5.10 Tom and Jerry. 

5.25 News. 

5.35 Sport Regional News. 

5.-11) Dad's Army. 

6.10 Are You Being Served? 

6.45 World Cup Grandstand — 
Brazil v Italy. 

9.00 Lennie and Jerry. 

9.45 News. 

S.55 Kojak. 

K*.45 Sailor. 

11. so Sinatra and Friends. 

All Regions ns EBC1 except at 
the following times: — 

Wales — 12.05 am News and 


Weather for Wales. 

Scotland— 5.10 pm Scottish 
Liberal Party Conference '78. 5*0- 
5-25 Tom and Jerry. 12.05 am 
News and Weather for Scotland. 

Northern Ireland— 525-540 pm 
Northern Ireland News and Sport. 
124)5 am News and Weather for 
Northern Ireland. 

BBC 2 


7.40 am Open University. 

3.15 pm Saturday Cinema: 
" Thousands Cheer," star- 
ring Gene Kelly. 

5.15 The Money Programme. 

6.00 Flamingo. 

6.30 News and Sport. 

6.45 Cary Grant in "The Grass 
Is Greener." 

823 M*A*S*H. 

8.50 A Bird’s Life (cartoon). 

9.00 Royal Heritage. 

10 00 Network. 

1020 Welsh Triple Bill. 

11.00 News on 2. 

tUL05 Midnight Movie: Cary 
Grant in “ Only Angels 
Have Win as." 

LONDON 

8.50 am Sesame Street. 9A5 
Half Hour Show. 10.15 The 
Monkees. 10.45 Our Show, part 
two. 1L39 Spencer's Pilots. 

1220 pm World ur Sport: 12.33 
World Cup On the Ball; 12 53 
International Sports Special — 
1 1 > Mountaineering from 
Zion National Park, Utah;, 
plus Australia Pools Che^k; 
1.15 News from ITN: 120 The 
1TV Seven— 1.30. 2 00. 220 
and 3.00 from Ayr; 1.45, 2.15 
and 2.50 from Re dear: 3.10 
International Sports Special 
— (2) Lawn Tennis: Rawlings 
International Championships; 
5.05 Results Service. 


5.20 News. 

520 Celebrity Squares. 

6.15 Sale of the Century. 

6.45 World Cup '78— Third/ 

Fourth Place Final. 

9.00 News. 

9.13 " The Garnett Saga," star- 
ring Warren Mitchell. 

11.00 The London Programme. 

12.00 George Hamilton IV. 

12.30 am Close: Music by Elgar, 

painting by Constable. 

All 1BA Regions as London 
except at the following times: — 

ANGLIA 

9.25 am Undersea World of Captain 
Km iiu. Half Our Sbuw. 10.15 Tbi 

Mont! cos. 10.45 Our Show. 1130 Star 
Maidens. 12.00 Stars On Ice. 1230 am 
At The End 0/ The Day 

A TV 

935 am Musket. Fife and Drum. '930 
Sesame Stiei-L 1030 The A TV SaranJay 
Morning Pichnv Show fncludjna " Tin; 
Crimson Piraio *■ and .it.rtal •'■Myatwr 
Island." 1UM pm Juke Sex Saturday 
Nlsht iTbc Music or ihe War Yuirs 

BORDER 


1230 


pm Juke Bos Saturday NuttiL. 

Fireside Theairp. 

/HTV 

9.00 am Waliblt Tmuhio 0JS HW 
House. New Borne. 9.<S llolt Our Show 
10.15 Bairaan. 1IL45 uur Show. U30 
Spare 1399. ■ 11.00 Pm Juk.. Bos Saturday 
Nlehr. 

HTV Cfmra/Walea— As HTV General 
Service except; 530-5.05 pm Cart oon tunc. 
5.05- b.15 S:oc a s-an. 

SCOTTISH 


9.05 am Build Vour Own BoaL 930 
Dynomnii— The Dos Wonder. 930 IJomlnc 
Film: "The Swiss Family Hnlitnson." 
mumru: Cam*r«n Mitchell. U35 The 
Count of Monte Cristo. 1ZO The Bea'^i- 
combers. U-OO pm Juke Box Saturday 
Night. 

CHANNEL 


9J15 am Build Tour n-.m Boat 9 JO 
&-an The Leprechaun 1335 Batman. 
1130 .Cartoon. 11.40 T!i^ Hiunlc Woman. 
9.15 pm Feature Film. ' l.jnyoD." star- 
ring Robert Forster. 11.01 The Snulb 
Bank Show 'Hal PriD- ei. 12.00 Late Call. 

12.05 am Love Amc-rir.ir. S/lc. 

SOUTHERN • 

1130 am Rrxlon'il w* .uher Forecast. 
1LA3 Souih^pen Pres-n.-j inckci: Sus^lx 
v. New Zealand. turn on Juke Box 
Saturday Night ‘The Mii.ic of the War 
Years 1929-15 >. 124)0 tvjuihern News. 

' TYNE TEES 

930 am Lyn’s Look-f-i. 9.10 Space 1939. 

10.05 Lvu'- Look -l.n. 20.15 The Saturday 
Morning Film: ••Curtain fall at Cailus 
Cret J :. M siamn,? Donald , '<'<;.innor. 1130 

I. jtTs Ltmfc-la. 12.30 Latenc and Shirley: 

II. 03 pm Juke Box Se:-ir!j'.- NiriU. 12 JU 
Epilogue. 

ULSTER 


123S pm Puffin'? PJjii.cv. LL00 Juke 
Box Saturday XlgbL 

GRAMPIAN 

935 am Scene on Saturday Including 
Birthday Greetings and Cuir Car. UU10 
Captain Scarlet and tbe Mysi crons. 1030 
Tarran. UJS Tbe Undersea Adventures 
or Captain Nemo. 1130 Space 1985. 1130 
pm The South Bank Show. 12.00 Reflec- 
tions. 


10.00 am Saturday Morning Movie: 
" Tarzan’i Oreat. v ,Viv< •inir..*s. 1 ' starring 
Gordon Scon. Anihuiiy and Sean 

Connery UJfl & fame Sir- el. 1038 pm 
Sports Results. 11. 3a a Drop In Your 
Hand: Mary 0 - H;<rj. 


WESTWARD 

9.03 am Survival. q^s The Beatles. 
930 The Saturday Mnratin. Feature Film: 
*• Smjshms Time." starrir.c F.lu Tnshitw- 


Sma shins Time." starring FJia Tushing- 
ham and Lynn Federal ■- 1138 Gun 
Hooeybun’s Birth Jays 1135 Hanna 
Bnrbera Special U30 pm Juke Box 
Saturday MshL 12.W i-anh For LUo. 


GRANADA 


930 am Sesame Street. 1BJS Paul. 
1 10-55 Saturday Matinee: " Airs Bution 
Aflaai" siamng Tbe Crazy Gang, lxua 


YORKSHIRE 

9-00 am Early 1 Tu=.-.j! instruments. 
9J2S Mystery Island. 933 Saturday Scene 
Action Adventure: ■■ T.'ran and the 
Jungle Boy." . 1130 The r.ene Machine. 


CL 40 Code R. U.00 pjn. Juke Box 
Saurday N-gbt: •• The Music of the War 
Years Wr.9-45. 

RADIO 1 

fSJ Stereophonic broadcast 
2 Medio m warn only 
5.00 am As Radio t. 8.06 Ed Stewart 
with Junior Choice 'St inciuitimi 032 
Cross-Chaiioel Motoring JnfonuatJon. 
1030 Adrian Jusie. 1200 Paul Gambacclnl. 
131 pm Roth on From Knebwortb tS). 
230 Alan Freeman t5'. 531 Rabble 

vinccni with stall and disco music <S». 
d 30 In Concert: Alexis KortUT's 5Dth 
Birthday Party t2i is>. 730-Z.DZ am As 
Rad 0 2. 

RADIO 2 1.500“ and VHF 

5.00 am News Simunary. 5.02 Tom 
Edwards with The Early Show <S - ' includ- 
ing SJti Racing Bulletin. 8.06 -\s Radio 1. 
10JEZ Tnny Brandoo <S». 1232 pm Two'a 
Bi-si 'Si. 140 Punch Line. 130-535 
Spnrl On 2— World Cup Spenal * 1..10. 1.00, 
3 40. 5.nn>r Tennis (130. L00, 2.XS. 3.05. 
3.40. a.noi The Raisllnns International, 
Colgate Tournament. Wimbledon 'TS tpro 
tiMvi: Athletics 1 1.00, 2.00. 2 t-i. 3.05. 3.40. 
5.00> .V.VA Championships: Racing From 
Ascot 1 1 3D. ?ja. 2.55. 3.30. with a 

classified chc-^t at 5.40 1 : Cricket (130, 
2.0D. 2:;5. 3.05. 3.40. 5.40i Reports on the 
New Zealand v. Sussex and Parisian v. 
Surrey matchrs: news oi all other games, 
plus reports and news of golf and motor 
crrlmg 6.03 Cross-Chaonel Motoring 
InfurraJilon. 6454 Eoropoan Pop Jury. 
732 It's A Funny Business says Peter 
Gavauagh 730 Spurts Desk. 732 BBC 
International Festival of Light Mo&lc. 
Pan I: Dance Band Days (5*. 8.30 Talk 
by St'-vi' Race. 830 Concert: Part 2: Big 
Band Founds. 10.02 Saiurday Night with 
tb? B3 C Radio Orchestra *Si. 11.02 
Sport >, Dusk. 1U5 Peter Wheeler with 
The Late Shmv 'S' including 124)0 News. 
2.00-23B am News Summary. 

RADIO 3 464m, Stereo & VHF 

1735 am Weather. 84)0 News. 8.D5 
Aobn'le iR>. 9.00 News. 9JK Record 
Review Including BuiMing a Library (S). 
10J3 Stereo Release of music by 
Glazunov. Shostakovich >S». 1130 BBC 

Symphony Orchestra: J.macck, Dvorak. 
Mozart 'St. 1.00 pm News. 14)5 What 
The Papers Said after the Death of 
O'i'.cn Vkiona. 135 Bach harpsichord 


recital (S). 235 Woman of Action: Jan 
Morris chooses records UJ). 335 Music 
of the Masters (S). 54M Jazz Record 

Reunests tS). 5-«5 Critic^ Forum. 635 
The Classical Guitar tS). 735 Personal 
View by Theodore Zeldin. 7 JS LElmr 
d'Amore: Opera in two Acts, music oy 
Donizetti. Act 1 1 S 1 . 830 Interval Read- 
ing. 930 L'EOlslr d'Amore." Act 2. 1035 
Islam in The Modem World. 113# 
Sounds Interesting (S). UJ5 News. 
11. 40-u. 05 Tonight’s Schubert Song ou 
record <1814 ». _ 

Radio 3 VHF Only 64P4.B0 am Open 
University. 


Farm. Tea Todiv's Papers. Yours 
FalthfullyJV -730 It's A Bargain. 735 
Weather: frrogramae news. M0 News. 
838 Sport 4. 8 j» . Yesterday in Partta- 
ment. ■ 930 News. \ 9JH International 
Assfenzaenf. 1 830 The Week In West- 
minster. 935 News Stand. 1035 Daltr 
Service, 1030 Pick at W Week- XU0 
Time tor Vere#. UJ0 Sdtoce Now. 2280 
News. 1282 ptU Away Frtm 71 Alt. 1237 
The. News Quiz, (Si. l23S\Weathcr, pro- 


feUtin to the Waits, ” .by Rosanmnd 
Lehmann IS). 930 Weather 1B8B News. 
1835 A Word la- Edgeways. 1180 Lighten 
Our Darkness. 1135 News. 


RADIO 4 

434m, 330m, 285m and VHh' 
630 am News. 632 Farming Today. 
630 Yours Faithfully. 635 Weniher: pro- 
gramme news. 780 News. 738 On Your 



gramme news. 14ft) N 
Questions ! . 280 War apd, 

News.. 585 Does He Take 
Mnsie-tf the MaSten fas 
Kaleidoscope. Encore. 530 
ins . . . fS). 535 Weather: tirogranrate 
news. 680 News. 635 Desdn Island 
Discs. -riLSO'Stop Tha Week. Robert 
RobinsW 730 These Yon Hairte Loved 
(S). 830- SatBrdar-NiEht Theatre il* 1 Imti- 


: CHESS SOLUTIONS ; 
Solution to Position No. 221 
1 . QxP ch; 2 KxQ; N-Nfi eb;: 
3 K-Rl, R-R6 cb; 4 'PsatS, R-B2 
mate— a spectacular but routine 
finish which a good chess tao- 
tihian should see quickly. ; 


Solution to" Problem No. 221 
: 1 B-Rl. If 4 i P-B4: -2 (HW, 
K-N7; 2 Q-N2, or if K-N7; 2; 
Q-KR7, P-B4; 3 Q-K2- . “ v " . 



WEEKEND CHOICE 


i.'., S 

V, 


r'y: 

• f Y"m *«. ,V ^ A. 

v- w y/; 
1 


SATUBDAY: What with 
Ascot and . the World Cup finish- 
ing, Wimbledon starting, and 
cricket ' and athletics continu- 
ing they scarcely know where 
to paV all the sport on televi- 
sion hut seem to have- managed 
somehow.; -.v ' • : T-l 

tarries Ascot facing, 
and the'AjlA Championships in 
Grandsfatifi^ At 6.00 BBC2 
repeat Ehumngo, a marvellous 
and triilF beatrtiful film by 
Patrick Cirey in which no word 
is spoken^ 

SUNDAY: At noon it should 


!s^* ; .V.. 


Holland’s Remenbrinkc Sunday 
. ylnn«r? 


he wprih abandoning the Sun- 
day business _ sections for - the " 
first of Granada's frpart. debate 
1 on'. : Nats and Bolts' of the 
Economy with a heavyweight 
team chaired by -Mike: Scott 1. 

" - The World <&^JFtiial -kfekoff 
(despite attems»fe.4h. "ifitch you 
.eerlier>"ls at 645;3%;BBpl And 
ITV, and for 1 ^soccer ' haters 
BBC2 has a . World About Us on 
the plight of : whalffl.^ , (The 
Intematibnal Whaling Commis- w 
rion meets- in London bn Mon- 

■ BBC1 starts a new series of-'^'^T 
The Editors, one of the best A, 'i 

specialised current affairs i3 

series, at 10.45.^-CJ>. 



E^iTECTAaNMENT 


CC — These theatres aucot certain creuit 
iLsrds by telephone or at bo> office. 


OPERA & BALLET 


COLIS£UM. Credit Cards. 01-240 5258. 
Reservations 01636 5161. 

LONDON FESTIVAL BALLET 
Today 5 & 7.59 Sangulm Fan. La Chatie. 
Eludes. 96 halconv seats always avail- 
able KOm 10 am day ol pert. 

NUREVEV FESTIVAL 
From Mon. to Julv B with London 
Festival Ballet all seats said i except 
mats. July 5 A Si. July to to IS 
Nureycv wit 1 ! Dutch National Ballet, 
scats available. 


COVENT CARDEN. CC. 240 1066. 

tGardcncharec credit cards 536 6903 1 
THE ROVAL OPERA 
Tdn.ptir. Tire. A Thor. ire<t IT 7.30: 
Lols.1 Miller. Wed. A Fri. next at 730: 
p; I leas ct Mdlisandc. 65 Amphi' seats 
avail, lor ad Peris tram 10 am on day 
ot perl. Note: PerwnaliTeJ. bkas. for 
July Ballet open Julv 1 and Not June 1. 


GLYN DEBOURNE FESTIVAL OPERA. Until 
Autt 7 with th« Cordon Philharmonic 
Orchestra. Tonight. Wed. & Fn. next at 
6.15. La Boheme. Tomer.. Thur. 6 Sic 
next at 5-30: Die Zauherflote. Posslole 
returns only. Boi oftlce Glvndebourne 
Lowes- E. Sussex i0273 612411,. 


SADLER'S WELLS THEATRE. Rosehrrv 
A»c.. EC1. 837 1672. Until Julv l. Eve*. 
7.50 Mst Sar. 2.30 First time in London 
Manolita and Rafael Aoutler's 
FIESTA DE ESPANA 
Spanish folk and flamenco. 


THEATRES 


ADEL PH I THEATRE. CC. 01-036 7611. 
E*3S. 7.30- Man. Tbur. 3 0. Sat. 4.0. 

IRENE 

Tho best mus«a' ot 1976 1977 and 1978 
IRENE 

"LONDONS BEST NIGHT OUT." 
Sunday People. 

ALREADY SEEN BY OVER ONE 
MILLION HAPPY THEATREGOERS. 
CREDIT CARP BOOKING 01-E56 7611. 


ALBERT. 836 3878. Party Rates. Credit 
card Dkg 5 . 636 1971-3 from 6.30 a m. to 
£. SO D.m. Man.. Tim*.. Wet), and Frt. 
7 as c.m. Th Ur 5 . & Sat, 430 & 8 . 0 . 
'• A THOUSAND TIMES WELCOME IS 
LIONEL BARFS 
OLIVER: 

MIRACULOUS MUSICAL." Fin. Times, 
with ROY HUGO ana JOAN TURNER. 
"CONSIDER YOURSELF LUCKY TO BE 
ABLE TO ScS IT AGAIN," Dally Mirror. 


THEATRES 


ALDWYCH. 8345 6404. InlQr. 536 5332. 
ROYAL SHAKESPEARE COMPANY In 
repertoire. Tonioht 7.30 CORIOLANU5 
" An evenJiW 01 true theatrical uIot.'' 5. 
Times. With: Strlnahcrfl's THE DANCE 
OF DEATH no*i orn 2-3 June. RSC also 
at THE WAREHOUSE <see under W 1 and 
at The Piccadilly Theatre in Peter 
Nichols' PRIVATES ON PARADE. 


ALMOST FREE. 435 6224. Lunchtimes 
■■ One OR bv Bob Wilson. Tues-Sat. 
1.15 P.m. Suns. 3.00 & 5.00 u.m. No 
shows Mens 

ALMOST FREE. 485 6224. Eyenlnos Kurt 
VoiMiesut'4 "Plajer Piano" bv James 
Saunders. Tues.-Sats. B p.m. No shows 
Mans. 


AMBASSADORS. 01-836 1711. 

Nightly at 8.00 Matinee Wed. 2.45. 

Saturday 5 and 3 

PATRICK CARGILL and TONY ANHOLT 
m SLEUTH 

The World- lamgui Thriller 
0y ANTHONY SHAFFER 
*• Seeing tho play again is in fart an 
utter and total iov. ’ Punch. Seat urtres- 
£2.00 to £4.40. Dinner and Too- Price 
Seat £7.50, 


APOLLO. Ot-437 2663. Evenings 8.00. 
Mats. ThUrt. 3-00 Sat. 5.00 add 8-00. 
DONALD SINDEN 

"Actor erf the Year." . Evening Standard. 
" IS SUPERB. N.O.W. 
shut Your eyes and 
. T t?'E!!S. ENGLAND 
"Wickedly funny." Times. 


ARTS THEATRE- 01-836 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

■■ Hilarious ... ’.«> it " Sunday Times. 
Monday to Thursday 8.30. Friday and 
Saturday at 7.00 and g. 15 . 


ASTORIA THEAT«. Charing Cross Road. 
01-734 4291. Man.-Thurs B pm.: Frl. 
and sal- G.O and »■«. (Suflet food 
■vailabic 1 
ELVIS 

•‘ Infectious, *f?.*»' l ^i. foot-Momoing and 
heari-thuntwng Obs(~»er. Seats £ 2 . 00 - 
£.**•00 Half hvur be:. -re sh 3w best avail- 
able seatt £3.00. Man.-Thurs. and Frl. 
6 , P.m. Dcrt. only. 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD. 
Lunchnmc Theatre daily at 1.15 o m 
June T2-2J. "A SLIGHT ACCIDENT^ 


CAMBRIDGE ,838 6056. Mdn. to Thyr,. 
8.00. Friday. S-45 and 830. 

EvettriB Black African Musical 
" Packed wrth variety." q. Mirror 

S ?2iwri' : $?«.i :a 00 - Cs SO- 
THIRD GREAT YEAR 
Driver and taa.Driee seat £8.75 Inc. 


CHICHESTER. OJ43 81312. 

Today it June 28 at 7.00 

A SSSFiJF,*"** IMPORTANT. 

2 ® and 27 at 7.00 
THE INCONSTANT COUPLE U 


THEATRES 


COMEDY 01-930 257B. 

For a HmKtcd engagement until Julv 16 
ALEC McCOWEN-S 
ST. MARK'S GOSPEL 
" An unuaralleled tour de farce," 5. Tms. 
Tues. la Sal. a: 8.0. Sun. at 4.30. No 
pfi. Mon. Seats £1.25. £2.25. £230. 
£5.00. Lalccpmers not admitted. 


CRITERION, gso 32 IS. CC. B3S 1071-3. 
Eras. 8.0. Sacs. 5 40. 8 30. Thurs. 3.0. 
NOW IN ITS SECOND YEAR 
LESLIE PHILLIPS 
in SIX OF ONE 

HALF-A-DOZEN LAUGHS A MINUTE 
SECOND HILARIOUS YEAR 
"VERY FUNNY" S. Tel. 


DRURY LANE. 01 -8 $6 51 OB. Everv 
lUBtn B.O0. Matinees Wed. A Sat. 3-0. 
A CHORUS LINE 

*' A rare 'levaslahna. loyous. astonishing 
Kunfier," Sunday Times 


DUCHES5. 83$ 6243. Mon. to Thurs. 
Evenings 8.00. Fri . Sar. 6. 15 A 9-00. 
OH! CALCUTTA! 


' The Nudity Is stunning." DaHy Tef. 

Year. 


Sih Sensational 


DUKE Or YORK'5. 01-536 5722. 

Evenings B.OC. Mat. Wed.. Sjl 3.0. 
JOHN GIELGUD 
m Julian Mitchell's 
HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
" Bn'liantlv witty ... no one should 
miss it," Harold Hobson rOramat. Inslan: 
credit card reservations. Dinner and 
To3?arlcc Seat £7.00. 


FORTUNE- 8J6 2238. Ew. 8.00. Thurs. 3. 
Sat. 5.00 ana 8.00 


Murid Pavlow as MISS MARPL6 in 

- " - "HKIS' 


AGATHA CHRISTIE S 
MURDER AT THE VICARAGE 
Third Grgal Year 


GARRICK THEATRE. CC. 01-636 afiOI. 
Evs. 8.00. Mat. Wed. 3.0. Sal. 5 30. 8.30. 
TIMOTHY WEST. GEMMA JONES 
MICHAEL KITCHEN 
In HAROLD PINTERS 
THE HOMECOMING 

“ BRILUANT — A TAUT AND EXCEL- 
LENTLY ACTED PRODUCTION." D Tel. 
“AN INEXHAUSTIBLY RICH WORK." 
Gdn. ■' NOT TO Bt MISSED." Times. 


GLOBE THEATRE. 01-437 1592. 

Eras. 8.1-5. Wed. 3.0. Sat. 6.0. 8 40. 
PAUL EDDINGTON JULIA MCKENZIE 
BENJAMIN WHITROW in 
ALAN AYCKBOURN S New ComCdV 
TEN TIMES TABLE 

“ Thrj mutt be the happiest laugnter. 
maker in London." D Tel. “ An irresis- 
tibly enjoyable evening." Sunday Times- 


GREENWICH THEATRE. BSB 7755. 

until June 24. 

Evenmat 7.30 Mat. Sat. 2.30. 

THE GOLDEN CRADLE 
Plays Bv Yeats. Synge and Lady Greeow, 
For 2 weeks onlv. •' The Irish stage at in 
be*:.” F. Times From Wed. H INDUE 
WAKES by Stanley Houghton. 


THEATSES 


HAYMARKET. 930 9932. Eor Office NOW 
Open. Prevs. July 4 .md S ai B.O. Opens 
July 6. 7 00. 

Paul z;oc-i:lo 
HARRY ANDREWS 
ELEANOR TRfiVOR 

BRON PEACOCK 

and IRENE HANOI. In 
A FAMILY 

A new Plav by RONALD HARWOOD 
Directed hv CASPER WRCBE. 


HER MAJESTY'S. CC 01-930 6606. 
Evenings 8 on. Mats W m. a, Sat. 3.00. 

BRUCE FORSYTH 
in LESLIE SRICL-SEE and 
ANTHONY NEV*LEY'S 
TRAVELLING MUSIC SHOW 
with De.-y^ Gr.tliths 
I. ,* phVTtfd by BURT 5HEVELOVE _ 

"It Is parted to bunting oorit with Uie 
oemonallty and sheer c-ncray at Brute 
Forsyth." Sun Express • me audience 
cheered." Sunday Tcigarann. 


KING'S ROAD THEATRE, 352 7488 
Mon. to Thu m. 9 0 Fn.. Sat. 7.50. 9 JO 
THE ROCKY HORROR 


THE ROCKY HORROR SHOW 
NCW fW f TS 5th ROCPInS YEAR 
THE GRE AT ROCK 'N' POLL MUSICAL 


LONDON PALLADIUM. CC 01-4*7 7373. 
NOW UNTIL AUGUST 1« 

Men.. Tue».. Thurs. anj Frl. at 8. Wed. 

“ 1 i-10 and B£0. 

TH E TWO RONNIES 
In a Spectacular Revue 


Your best chance to '-The Twe 

Ronnies Revue" at *h» Lsndqn Palladium 


is to hcek now for the Ev.ra BwHormeiKCS 
TOMORROW al 5.0 jnd^a.O- 

SPECIAL^BOOK I NC HOTLINC 4» Z 05S 

LYRIC'thEATBE. CC. 01-437 3686. 
El. 8.0. MaL Thun. 3 . 0 . £at. 5.0 & 8JO- 

Joanplowinght 

COLIN BLAKE.EY 

filumena^V 

629 3036. 


MAY FAIR. 629 3036. Reduced once 
Creviens .£3 A fi.SOi irorn Monday at 8 . 
Opens -9 June „i 7 , 

WELSH NATiGNAl THEATRE CO. 
DYLAN THOMAS'S 

milk wow 

2*8 7656. 


MERMAID. 248 7656. Rmtaurant MS 
28aS. Evenitrj: /.ja . g ij, 
EVERY GC33 BOV 

deserves Favour 

A Play tor acton and ir-hL-srra'bv TOM 
STOPPARD A ANDRE PREVIN. SwB £4. 
£3 and £2. " It m™. :o iparkle a* 

almost every ;um with the author'* 
theatrical and verBui v»,;.- a Tel. " No 
one who loves ihe E n $i -.h language and 
the htoheM comic art eouibly miss 

thi*. play.' S. Timer. ^ 


NATIONAL THEATRE- w*S 2552. 

wSacSKh 1,0- " 2-45 4 7 30 

LYTTELTON iBrMwn'nim Today 

3 A 7.45 EEDRQOM FARCE bv Alan 
Avckbourn. Mon. 7.45 Pl?n*y 
CprrCSLOE Ismail auditar,uni)! Ton'l * 

Mon. 8 ipw .1 American buffalo 

By David Mamet. 

Many cuceltent cheap ^-ats a't three 
theatres d»v o* non Car c ; r t Restaurant 
928 2033. Credit earn Bkss. 928 3052. 


THEATRES 


THEATRES 


OLD VIC. 928 7616 

PROSPECT AT THE OLD VIC 
JuneJSetn. Season 

SAINT JOAN 

" * great pnrlormancc " The Times. 

Today 2.30 and 7.30 
THE LADY-5 NOT FOR BURNING 

by Christopher Fry. 

Previews June 25. 29. 30. July 1. 


First nlpht July 3 
TWELFTH NIGH 


. NIGHT 

"an outstanding revival" The Time*. 
Returns July 10. 


OPEN AIR. Regent's Park. Tel. 466 2451. 

A MIDSUMMER NIGHT'S DREAM 
Ergs. 7-4S. Mats, wed- Thur. A Sat. 2.30 
n.Ui PULA LENSKA. IAN TALBOT: 
ELIZABETH ESItNSEN. DAVID WES TON 

Shaw's DARK LADY OF THE SONNETS 

Lunchtimes Mwi. Tues and Frt. 1.15. 


PHOENIX. 01-B36 2294. Evenings 8.15. 
Friday and Saturday 6.00 and 8.40. ■ 

"TIM BROOKE TAYLOR. GRAEME- 
GARDEN make us Mush." □. Mai! In 
THE UNVARNISHED TRUTH 
The Hit Comedy bv ROYCE HYTON. 
"LAUGH. WHY J THOUGHT I WOULD 
HAVE DIED." Sunday Times. “SHEER 
DELIGHT." E. Standard. ."GLORIOUS 
CONTINUOUS LAUGHTER." Times. 


PICCADILLY. 437 4S06. CrctHt card bkgs. 

836 1971-3, 6.30 a.m.-B.SQ pjn. 
Evgs. 7.30. Sal. 4 . 1 ' A 8. Wed. mats. 3. 
Royal Shakcvt'.i.c Company In 
THE OUTRAGEOUS ADULT COMEDY 
by Peter Nichols 
PRIVATES BN PARADE 
"Riproaring triumph." S. Express. 
BEST COMEDY -OF THE YEAR 
Ev. Std. Award and 5WET Award 
FULLY AIR-CONDITIONED 


r".c:SEN LACEY OPEN AIR. Groat 
Book ham. Suricy. HENRY V 28 June-1 
July. THE TAMING OF THE SHREW 5-8 

July a: 7.45. iSat. Matinee f 00). Box 

Office 10-7 P.m. (Sat. 1 P-m-» Baokham 

55241. 


P3INCE EDWARD. CC. (Formerly Casino) 

01^437 6877. Monday-Fridav mps. 

8,00- Mat. Thur. S.QO. Sat. 5.3D A BJO. 

EV1TA 

By Tim Rico and Andrew Lloyd Wet Mr. 
With Da»id fitter, Elaine False and Jo» 
Ac kland. Directed by Harold Prince. 


RAYMOND RCVUEBAR..CC- 01-734 1 593 
At 7 p.m.. 9 p.m., 11 p.m. (open Suns. 
PAUL RAYMOND presents 
THE FESTIVAL OF 
EKQTICA 

Fully alr-condlttoned ■ 

2 1st SENSATIONAL YEAR 


ROYAL ALBERT HJU.L 583 0212 

Era*. 7.30. Sunday next until Jum 30. 
WORLD'S GREATEST ACROBATS 
THE CHINESE ACROBATIC 
THEATRE 

From. Liaoning, China. 


ROYAL COURT.- 730 1745. Air Cond. 
Eras. 8. Sat. S and 8.30. 
FLYING BUND 
by Bia Momsorr 


ROYALTY. Credlb . Cards. 01-405 8004. 
MondayThuradar Evenings 8.00- Friday 
S.3D and 8.45. Saturdays 3.00 and 8.00. 

■ London cilia not* 

BUBbUNQ BROWN SUGAR 
' ' - Best Musical or 1S77. ' . 

Bookings accepted. Major credit cards. 
Special reduced rates tor matinees (for 
a limited period only). 


SAVOY THEATRE- 01-836 8888. 

_ TOM CONTI In 
WHOSE LIFE IS nr ANYWAY 1 
_ With JANE ASHER 
A MOMENTOUS PLAY. I URGE YOU 
TO SEE IT," G0H. 

Eras, at s.D. Frl. and SaL 5.45 ana BA5, 


SHAFTESBURY. CC. 536 6596. 

Shalinburv Ann. WC2 rHlgh Hdhom end) 


Eras, at a.oo.^jOHg^ reardon in 


PRINCE OF WALES, CC, 01-930 6681- 

Monday « * B . P ; I T- 

at 5.30 and 8.45. 

LONDON AND BROADWAY'S 
COMEDY MUSICAL HIT 

I LOVE MY WIFE 
starring ROBIN A5KWITH 
'■ ALL JUST GOOD CLEAN FUN," 
Daily Exoress. 

CREDIT CARD BOOKINGS_9JO_OB47. 


QUEEN S THEATRE. CC. 01-734 1166. 
Ergs. B.OQ. Wed. *.00. Sai. 5.00. 8.30. 


ANTHONY OUAYLE 
FAITH BROOK. MICHAEL ALDRIDGE 
and RACHAEL KEMPSON 
In Alan Bennett's 
THE OLD COUNTRY 
Play* and Ff uteri London Critic* Award 
BEST PLAY OF THE TEAR 
Directed b» CLIFFORD WILLIAMS 


This musical has everythlno." s, MJr. 
MaU. NOW TUES and SAT. 3.00. 

_ _ AU mb at £3 £2. £1. 

Credit Card Bookings B36 6597, 


SHAW THEATRE. 01-388 1 394. 

Evenings 7 . 30 . Mats. Wed- 2.30. 

I'M TALKING ABOUT JERUSALEM 
bv ARNOLD WESKER 
' Us Quality is undimlnlshad." s. Times, 
"A superlative cast” Punch. 

Low Prim. Easy Parking. 


STRAND. Ql-836 2660. Evcnlnflu 8.00. 
Mat. Thun. 3.0. sau. 5.30 an d b-Sq, 
NO SEX PLEASE — * 


WE'RE BRITISH 
BEAT 


THE WORLDS GREATEST 
LAUGHTER MAKER 
GOODS SEATS £4X0 -Li .00. 


ST. MARTIN'S. CC. B3B 1443. EVS. 8.00. 

Matinee T«n. 2.4S. Saturdays S and 5. 
AGATHA CHRISTIE'S 

the MOUSETRAP 
WORLD'S LONGEST -EVER RON 
26th VBAR 


-THEATRES. 


TALK OF THE' 
B.OO. “ 


E'TOWbU . 
: oaneiig 


^30 Super 'Swoe 


CC. . 704 SOS1. 

7.1 S). 


mdti 11 mi. 

PARAGUAY 


UBS BEALES DEL 


VAUDEVILLE. . 096 H88. CC. Evs. 8.00. 
“Sieh^SaHOAN.^tori GRAY 

blLJUUL 


NEWEST WHODUNNIT 


by AGATHA CHRISTIE 
■ "^torts’; AWpfe^wtai another who- 
dtmnk.O)L. Asatiu Christie b stMUtw tbe 
West EntT -vet apaln with anoefeer. of her 
feewlttbly '-whiubus • murder mwteries" 
Fafix. Barter. _£veoiq^ News. 


- AM-OONOITIONEO THOATTEE 


834 isir. 


VI ctorlapaLacz 
B00k "^srRATTWU?Mii _ 

EvwMgj 7.30. Mett-Wffdl and SaL 2 MS* 


WAROfOWSEj-OBMar ' Theefre. Covewt 
Girtfep. B9S.M0EL 'Roraf Stu*nsDeare 

ComoOiry, ' TpOtt.-TM Oairfd Rudkin's 
THE SOKS.OY UGHT "ootte oPtmut- 
1 no." p. .Tintes.OUf' JC«e £140. Atftance 
tiko. Aiaiych. SS&K — - 


£T. 


02630 


"MUGGERIDGPV feiwiw. 

THORNHILL'S '-.4EWtiC; '.P- ™. 

T.Pgat 

"I. was 

mo»w.'' J. C. TPowln. 
EraL-^AfiUtNMs. wed. 3L00; Sao. A Mi 


JLJ 


WHJTtHAUST- SrJ&MU™* 
Era*. B-30, Frl. and. Sat (L4fi_and &.00. 

„"DW THROAT . . 


WINDMILL IHEATR £ «.JW-*F76;M2. 

Twice Wabav.eoo and TO-OO- .. 


♦Talcnr tp.T d dpt « »«toitim Ibnfta-i 


WYNDHANTS-' R«55JS*Ss 
MNwraMM 1071-3 toon 830 a^u. MfWr- 


saf 3.1S and BJfO.-. 
— .r.-RlCN./ 


^Y*FWeNY,". | Ew ti^ i| 


Mary OfvlalteYy - 
-.ONC* A CATHOUC ^ 
owxtflT jan . rtflWwy 


1 


QNEMAS 


AgC.I * R SHAFTESBURY AYE £36. 8661 . 

Att SpATS 8KBLE. J'lli 

-1 ! WE. COMEBACIC (XL Wk. A Son. "I- \ 
fi°?o E,1 9 8 -1 0-' Late- show TofUghc 


R: nuns «). Wk. & Sun.: 2.00, 5JS. 
show Tonight-. 11 . 20 -- - - 


R-3S. Lain 


: coop. ■ CaVtaJen ' Town 
Ibbafc-MB 2443. Tavtanl'a ALLOMSAN- 

FAH IAA). Z-SO. 4.45, 6^0. 600.-11.00. 


q^SSIC .1. 2. X. 4. Oxford '"Straet tDJW. 
' FMtMbafh Court. flit.- Tube) 63610510. 
.ti AbitBatas. John Hurt THE SHOUT 
fAAJ.-^PTOUJ. 2.30, 4^5." 6.40. 8.46. 

. Lsoe.SMw.Tl p.m. 

- . Lee Renrfdc THE 
M«USA- TCXICH P{K. 1.-10. 5.35. 
WO' A22. ..Law, MON. 10.5a- P4D, .. 
5 - :J«*-. Jpoce -TME - COMEBACK -OC1. 
■ grog* ’. I-'OS' 3r36i 6.05, 8-33. Ute 

5 ?ow 11.05 bjti. ■ 

i- by PubHt Ocmand . - TOE 
COPFAlMfiR. PAltr u (X). -JPgs.- -3J ». 
<:*0 feature 3.25. 7.15, Law Show -It 
CHAIN SAW MASSACRE 


A\ 


' !h\ v 


’Street.. W.l. 499 S737- 


CURZON. _ 

(FMIy.-Alr r 

yZALA-:ciJ) ri ,70. mm; cEnafWi sub- 
' Tw-'-AKWA- KUROSAWA 

"f£AST£R p i£«" The. Tima "MASTER- 
WWWUTb* 1 Observer. “SJ*S " 


od*d CornforU' MRS* 
m; csngllsh 


rSPSCTACULAR 


AOVENTUR^tt Sun^y TUneA ^VERY 


:Th* GuardiftA.' ■•NA4JNT- 


t£^BraRL5QtfAgg THEjATRE tMCT S252) 

r*»MNW^He5w.r(xirSep. V9a«;lWs2*. 

. sat, -T;3o.-? 4.4fi. SttO.'-bon. 2:30, 7.46 
Lata -Show; Fri, and HL MJL5 BJiu 
5®?? "“V .be bOOLed -to advance tor 




OPEON LEfCRSTER SdUAIt£ tVSO 8111% 

CLOM >ENCOUNTS» .OF "WB -YHMO 

NINP -JA). Soa.-'PQS^ Ply. ■ Poors owm 

4, j rs. T 7^S.- teer5hoyrTri. tnd'Srt. ' 
totya _a pen-.ni.is P-m, -Alt- seats- w he 

Jj • V ‘ . 





[rx^Ki-wuri: i : ' 

• : -lv i--v> y ff: ■ d . *. «v -- 

















: ' Financial Time? Saturday June 24 1978 


33* 




70 



"Nd. less a personage than the 
vi re-president of the u.s. 
conducted the ceremony opening 
several. .. .ofl>off Broadway 
theatres in a new complex along 
West 42nd Street. Encouraging 
as it would be to see this as 
support. for- the arts from the 
highest levels ■ of American 
■government, the event would 
have attracted far less attention" 
had the site not been previously 
the centre of the pornography 
Industry; anything that moved in 
there r instead would have been 
treated to a celebration.' 

■ Ope of the companies in the 
new complex has maintained an 
active production schedule in the 
neighbouring West Side Airlines 
Terminal. As a result, they will 
-move -in late to their new 
quarters, since they have to 
renovate the interior themselves, 
but in the meantime they ha ye 
.brought" some life to the area in 
advance' of the- grand opening. 
The latest production of the Lion 
Theatre Company is The Death 
and Life of Jesse James, which, 
like the company's last play. K. is 
more, a series of scenes on a 
common theme than a coherent 
play. 

With a large, fine cast led by 
John Ingle as Cole Younger, the 
narrator and surviving member 
of the James ’ Gang, the play 
goes over the familiar terrain of 
5i(j .. myths ; and reality of the 
American west. Characters are 
introduced and dropped at 
‘random— an Indian named Chief 
Iron.. Porcupine, a Mexican called 
Speedy Gonzalez, both played to 
stereotypical perfection by Don 
Airepitz, a reverend, a president 
and sheriff, equally well done by 
John Genke. The gang itself 
proves -its mettle by having 


The James Gang ^ 

Jesse, played by Allan Carlson, 
line them up and punch them in 
the stomanh or kick them in the 
?roin. Tho women are. variations 
on the theme of the tender- 
hearted whore. 

Despite the familiarity of the 
characters and theme, the play, 
written by Lcn Jenkins, is 
interesting in each of. its scenes. 
Jesse's death is reprised several 
times, each time in a variation 
that is meant to lend It more 
dignity or significance, allowing 
the production to perform and 
reflect on stereotypes at the 
same time. There is a scene of 
Jesse posing in front of a comic 
hook backdrop, another having 
him watch television and scream- 
ing at his wife. These hints at 


OFF BROADWAY 

FRANK UPSU1S:. 


what he did or could have 
become cover all the themes 
inspired by the name Jesse 
James. With the excellent 
costumes by Bob Wojewodski 
and evocative scenery by. Henry 
Mfllman, Gene Nye’s production 
makes its case that a wild wesr 
train robber who was shot in 
the back is not necessarily quite 
dead. yet. 

Lanford Wilson’s ‘ latest 
comedy. The 5th of July, consists 
of four survivors of American 
radicalism in the 1960s, the 
daughter of one of . them, 
another's homosexual boyfriend, 
a spaced-out musician ^ and an 
aunt who carries her husband’s 


ashes around in a sweet box. 
Tuey sit in the living room and 
thcn_ on the veranda of a farm 
outside St. Louis, immobilised 
like Chekovian characters, vitu- 
perative like Williams’. Each m 
tuna seems to have his chance to 
act out the disappointment of the 
times since their hopes were 
shattered in the sixties. The 
owner of the farm has legs that 
were shattered as well in Viet- 
nam, after his cohorts here at 
borne, the crazy couple qdw visit- 
ing him. ran away to Europe and 
made him sign up for the army. 

Gwen (Nancy Snyder), the 
woman of this pair, is the most 
interesting character in tbe play; 
an heiress with a copper company 
in her portfolio, she assumes she 
can run the company wbiic pur 
suing a career as a country 
singer. Though business is not 
her forte, she does better at it 
than singing, since she freezes 
up before a microphone, and 
thinks she wants to buy this 
farm as a place to set up a studio 
without pressure from Nashville 
professionals. She has anxiety 
attacks that make her craw! 
across the floor; she is loud, 
offensive and tolerated because 
of her money. Unfortunately, 
though, the play puts more 
attention on the farm owner, as 
played by William Hurt, who is 
surrounded by his sister (Joyce 
Reehling), boyfriend (Jeff 
Daniels), aunt (Helen Stenborg), 
and niece (Amy Wright). This 
croup has little more on its 
mind than past disappointments 
and anxiety about whether Gwen 
will buy them out. Her 
entourage, boyfriend John 
(Jonathan Hogan) and guitarist 
Weston (Danton Stone), are 
more lively just for having to 
jump at Gwen’s command. 


Rattle in Greenwich 


ID CHOiS 


. Music at the handsome, 
spacious, galleried chapel of the 
'Royal Naval College has .an 
attractively clear and immediate 
sound — at the opposite extreme 
from the . acoustics of so many 
churches. The impact is 
accentuated when the audience 
.-finds an orchestra almost in its 
lap. My pew positively vibrated 
at a. Greenwich festival concert 
hy the Philharmonia Orchestra 
on Thursday nighr, and I felt 
apprehensive for the ears of a 
gentleman , in the front row, a 
few inches - . from Michael 
Thompson's sola horn. 

Mr. Thompson, the very young 
principal hormplayer of tbe 
orchestra, gave a most accom- 
plished account of Richard. 
Strauss's Horn Concerto No. 1. 
Tbe even younger conductor was 
Simon Rattle, who delivered 
Ravel's Mother Goose suite with 
an admirable, feeling botn for its 


delicate sentiment and for its 
musical equivalent of children 
dressing-up in outlandish 
costume. ' He judged the 
accompaniment to the concerto 
very well, too. 

. In Vaughan Williams's Sym- 


MUSIC 

ARTHUR JACOBS 


phony No. 5. however, tbe 
brightness of (the acoustic went 
against him. By association at 
least (jt reflects the composers 
preoccupation , with Pilgrim s 
Propress), this is Three Choirs 
Festival music, where distance 
and even a slight fuzziness, of 
sound can lend an appropriate 
baio. Mr. Rattle himself seemed 


insiiificlently. attentive, at any 
rate in the -opening movement, 
to the composer’s demand for 
extremes of soft and loud, and 
the whole symphony sounded a 
little hurried, a little superficial. 

It may exasperate Mr. Rattle 
— sensitive musician that he is— 
to be assured that he will 
approach this music with more 
insight as he grows older. Admit- 
tedly the symphony itself may 
seem a little dated, with its 
** religious " strains perhaps 
overorolonged; but the impres- 
sion of a composer's definite per- 
sonalty is strong. Such a well- 
designed programme in such an 
environment — what a river view 
for a summer evening! — might 
have attracted more patrons than 
it did. Another concert there 
ends the Greenwich Festival 
tomorrow, while sea songs are 
sung in the adjoining Cutty Sark 
Garoens. 


Theatre’s competitive dramas backstage 


THE WORLD WIDE reputation 
of the British theatre is founded 
not only upon the work of play- 
wrights.- directors, and actors. 
but also upon the .unexcelled 
work of" British stage tech- 
nicians. 

In this field, tbe great success 
story with knowledge and ex- 
perience of stage technology is 
Theatre Projects, a company 
formed 21 years ago by Mr. 
Richard Pilbrow, the lighting 
designer. Theatre Projects Con- 
sultants, an extension of the 
company's practical activity, 
was set up in 1967 and first 
worked with theatre architects 
on a theatre at Hull University 
and then the new Birmingham 
Rep. 

TPC has just completed work 
on the new Hong Kong Arts 
Centre, a complex paid for by 
private subscriptions and con- 
taining a theatre with seating 
for 450, a recital room and a 
small studio theatre. The other 
day, TPC was signed up by the 
Hong Kong Government to act 
as Iheatre and acoustic consul- 
tant on the Tsim Sha Tsui Cul- 
tural Centre which is being 
built in Kowloon on the main- 
land. The centre will be the 
largest of its kind in South-East 
Asia, containing an opera 
house, a concert hall and many 
other facilities. 

Although big is undoubtedly 
beautiful when it comes to sign- 
ing contracts, Mr. Pilbrow and 
his colleagues will talk as en- 
thusiastically about a project 
under the arches of a West Lon- 
don motorway as of their 
nationwide commitment in Iran. 
Wha( Theatre Projects does is 
to put technical backstage ex- 
perience in lighting, sound and 
management at the service of 
the building industry. In 
Britain it has been involved 
closely in the building of the 
National Theatre, the Sheffield 
Crucible, the Manchester Royal 
Exchange, and countless other 
regional theatres. It plans and 
advises on big restoration jobs 
such as tbe recent magnificent 
structural overhaul and im- 
provement of the Theatre Royal 
in Nottingham. 

Mr. Pilbrow himself is stiJI 
one of the most sought-after 
lighting designers in the world 
and also has a good reputation 
as a producer in the "West End. 
He has co-produced the London 
presentations of successful 
musicals such as A Funny 
Thing Happened on the Way to 
the Forum . Cabaret. Fiddler on 
the Roof, A Little Night Music 
and, most recently, the current 


revival of Kismet at the Shaftes- 
bury. TP’s first big TV series. 
Tony Palmer’s history of popu- 
lar music. All You Need Is 
Love, has been sold throughout 
the world, while a first feature 
film, SuNilIotrs and Amazons, is 
providing a TV spin-off. The 
next film is to be about Wag- 
ner. produced with the co- 
operation of the Wagner family 
and directed by Tony Palmer. 

Plans are almost complete for 
the 'new home of the Royal 
Shakespeare Company in the 
Barbican; the equipment 
installed in the National 
Theatre is beginning to function 

successfully after months of 
struggle and disappointment; a 
feasibility study on a project 
in Kuala. Lumpur is underway; 
work is complete on two con- 
trasting jobs in Mexico City — 
the renovation of an 1890 clas- 
sical European opera house, and 
a new proscenium theatre for 
American musicals; the 
National Theatre of Iceland is 
about to rise from the ground 
in Reykjavik; the biggest illu- 
minated sign in Africa has just 
been . turned on outside the 
Nigerian External Telecom- 
munications Building in Lagos. 


THEATRES 

MICHAEL COVENEY 


Throughout Britain and 
Europe, TP provide lighting 
and sound for industrial con- 
ferences and displays. 

The first office of TP was in 
the band room of Her Majesty’s 
Theatre in the Haymarket, 
where Pilbrow built a niode! 
iheatre. read a lot of Gordon 
Craig about the stage manager 
being the master of the art and 
science of the stage, and for- 
mulated the idea of a small com- 
pany to hire out lighting equip- 
ment at cheaper rates than 
offered by established firms like 
Strand "Electric. He started 
with a £60 loan from his father 
which he spent on a pile of old 
junk equipment: he polished 
the lamps and entered the mar- 
ket place. Twenty years on. TP 
employs over 100 people and. 
On tbe consultancy side, has 
opened offices in New York. 
Hong Kong, Tehran, Lagos and 
Sydney. 

There is no company in the 
world v that is comparable to 
Theatre- .Projects; most theatre 



Pilbrow: London arches and Kowloon culture 


consultancy businesses are therefore created a great 
populated by people who stop- opportunity for the whole of 
ped working in the theatre British theatre technology. The 
years ago. Mr. Pilbrow and his problem i.s that, while the 
colleagues, by way of welcome British manufacture . lighting 
contrast, keep "their hands and sound equipment as well as 
decidedly dirty. There may be anyone, the standard, of manu- 
a lot of travelling around, factoring stage equipment is 
lunching of clients and signing not^as high in Britain as it is 
of contracts; but not enough to in Germany or America. Com- 
divert executive attention from petition will be fierce, 
the latest discovery or fashion The building of the National 
in the workshop. Theatre in London has been 

x , ! something of a nightmare, with 

. r v?nn TP electronic technicians moving 

sional ism that probably won TP jn the shows <*,<.), night 

l ?M bl fK e ?-*^lSl ta h? r «ni£ to work through till morning, 
elate, that in Iran, in spite of «>l. l onn^ on for several 
stiff competition from Russians. v£>ars an/] * onfijms lhe jmpres- 
Poles, uechs. Americans, and ■ lhat in resP ects. the 
Germans. The Iranian Govern- c0m . rete cdlfi ,. e on the South 
ment has taken TP under con- Bank j, as taken on the sem- 
(ract (o advise on a chain of jj[ ani . e (} f an unstoppable, tem- 
cultural certtres .throughout the pf . ranien!al juggernaut, 
country. The hrst of them, in u u interesting that Mr. Pil- 
Gorgan. north east of Tehran, brQW shQuld be most excited, 
is due for completion this j n t(?rms 0 f theatre architecture 
month. This Iranian project an( j space, by the smallest of 
is part of the national educa- three auditoria. the Cottes- 
tional system. Not only is the loe If National was the 
idea to try to find a way of fiT , a j flins uf t |j e con crete and 
preserving the ancient Iranian g i^. s explosion in the expan- 
theatrical forms, but also to s i 0n j st iggQs, he now detects a 
incorporate them into the life growing preference among 
of the community once again. British theatre professionals for 
The .centres are relatively t be converted warehouse, for 
modest in scale and include the informality of intimacy be- 
facilities for a variety of arts, tween stage and audience. No 
crafts and leisure pursuits. theatre building has really 

The fees in Iran amount to improved on about 30 of the 
about £700.000, but the result of 45 houses in the West End of 
TP's design work opens up London, where the Victorian 
orders for the manufacture of blend ofi intimacy and formality 
stage equipment to the value of is something that modem 
between £15m and £20m. All theatre architects must redis- 
of those orders will go to tender cover for themselves. Given 
and many of them could come this mood, a mood which Mr. 
to Britain. The Tran job has Pilbrow first detected .about 


five years ago. he canhily built 
up the overseas L-outacts where 
the building fever was just be- 
ginning. Hence TP’s ever 
increasing presence in Nigeria, 
Iran, Hong Kong and Canada. 

Aside from the consultancy 
work, it looks certain that TP 
will continue to withdraw from 
theatre production completely. 
Mr. Pilbrow admits that this 
has something to do with the 
economic climate, bur it is 
mainly due to the mounting 
work abroad. The company is 
also moving more seriously to- 
wards television and films. If 
a TV project such as Alt You 
Need Is Lore really takes off, 
the worid-wide market ensures 
fhat things can be done 
properly, people paid better 
money, and so on. 

The headquarters of Theatre 
Projects are in Govern Garden, 
and Mr. Pilbrow’s office is an 
evocative metaphor of the com- 
pany’s activity. On the mantel- 
piece are two heavy Evening 
Standard - drama awards, for 
Cabaret and Night Music. An 
extraordinary photograph of 
Gordon Craig bearing more than 
a passing resemblance to Sybil 
Thorndike, overlooks a drawing 
board cluttered with plans for 
theatres, conference centres, 
Nigerian hotels (that need light- 
ing up), and a map or Iran. One 
wall is dominated by a striking 
picture of the company's archi- 
tectural lighting at St. 
Katharine's Dock in the East 
End of London. Next to the 
drinks cabinet is a Japanese 
hi-fi and a pile of records. A 
sticker proclaims that “The 
British Are Coming " 


Gathering objects of distinction 


THE DIAMOND jubilee ccle- 
hrations of the British Antique 
Dealers' Association, some of 
which start next week, getting 
into their stride throughout 
July, have produced a superla- 
tive festival of quality antiques 
spread country-wide over some 
120 shops and galleries. It is 
a triumph of organisation too, 
that so many objects of distinc- 
tion (whether on loan or for 
sale), covering such a wide 
variety of themes, should be on 
display in such an imaginative 
fashion, considering that many 
of the exhibitors also had to 
stock their stands at the Gros- 





- ^pedaiisft mdieba/c byAucrioflof Coinsand jVk-dak 0 - 4 - 

7 BJeaheim Street, New Boai StreetWY 9U> TeJepfcoBe0H932445 


^Wednesday, 2SUi June, at 10.30 a.m. 
ENGLISH & FOREIGN COINS 
. - ; in gold, silver and bronze 
(Catalogue — Price 40p) 


Wednesday. 5th July, at 1 P-m- 
NAVAL & MILITARY DECORATIONS & MEDALS 
including a Posthumous GEORGE CR0 ^ ,C 
O. S. Bennett Southwell, 23rd January, 1941 
' ' . (Catalogue — Pries 40p) 


Wednesday, 12th July, at 
ANCIENT, ENGLISH & FOREIGN COINS 
in gold, silver and bronze 
_ (Illustrated Catalogue (4 Plates) -—Price L ? 


analog for further Sales to be held .m theAu ^nm are 
no* m course of preparation and wM* Co™ a 
S Wh September). Naval & Military •**£"*"* 

Collectors desirous of selling should con ma 
GLEN DIN INC & CO. promptly 

Commission to Vendors 
NO PREMIUM is charged to Buyers 


ART GALLERIES 




. THE 

tVICTORIAN IDEAL 

[An Exhibition of Victorian Paintings] 

Uehijsth July • . 

6 Dofce Sneer Sr James’s London 1 
.GjIIov Hours: Monday 10 Pnday 10-0 


5LOANET STREET GALLERIES, HgEf | 

St., W.V. Modem palfltirtflS- 

ana Brinks bv lrrt«re*»jino 

artists. Wrferange of prices. TuM-rr. 
Ip.OO-S.OO, Salr. 10.00-1 -00. ^ and 

DM ELL GALLERIES. SSd 

French MODERN f AUH INGS 

Modern 3r Irish. h ** RI IL^.iiv VV 1 . 

40. Albemarle -SS?** - , Jn“*^T( V 'sIckwinc 

BLOND RNpAfl ,V T °VaM Bernard 

tea 

IStft July. Weekday* io_6 pJtt- M 

.OWEN °eSoAR. 9.We« WlfeSL 

' Sfrii S ^^«VICTO%AN ARTISTS 

alirars^ pn'show. Mon-Frl. 10-5. 


FINE STAMPS 

AN ALTERNATIVE 
INVESTMENT 

for fatly deserimlvc brochan 
write to;— 

U. H. HNE STAMP 
investment service 
(F-T.) 

9 Christmas Steps 
BRISTOL BSl 5BS 
Telephone: 0272 20442 


exhibitions 


«•» ,ne,ud,w 

Tratecr Mnd&M*- 


8 King Street, 

Stjam«’s 

London 

SW1Y6QT. 



Tel; 01-8599060 
Telex 916429 
Telegrams 
CHRISTIARX 


EXPERIENCE AND EXPERTISE ... 346 



Hans Sebald Beham: Moses and . 

Aaron, engraving, 1526, only state, 

7& cm. by 11.3 cm. 

On. Wednesday, June 2Sth, Christie’s will he selling the 
Collection of Hans Sebald Beham Engravings formed bit 
Gordon Nmoell-Usticke. This collection- is one of the most 
comprehensive ever formed. Beham belongs to the group, 
of German Sixteenth Century followers of Diirer called 
“The Little Masters,” so named because of the small 
dimensions of the majority of their work. Beham was tbe 
most prolific artist of this group. Born in Nuremberg in 
1500 he was banished from the city in 1525 and took up 
residence in Frankfurt from 1530 until his death in 1550. 
He appears to have been a colourful character, living his 
life mostly at variance with State and Church. He was 
involved with many branches of artistic creation; some of 
his prints are designs for glass and silver and for -ther 
ornaments and friezes. His engravings were an inspiration 
for tbe gold and silversmiths of the day. His early work 
reflected "Diirer and the Julian masters but he soon estab- 
lished his own style characterised by a keen observation 
and depiction cl detail and an eye for humour which makes 
so many of his prints a delight to study. The sale on June 
2Srh provides a unique opportunity to see this collection of 
Beham prints which are still within the price range of 
most collectors. 

. For. further information about this sale, please contact 
Janies Rounded at the address above. 


venor House Antiques Fair 
which only finishes today. 

From bible boxes to bleeding 
howls, galanterieriraren ( ISth 
century porcelain miniature 
“ toys to scrimshaw and 
treen, Russian silver-gilt charfci 
(vodkg caps), vinaigrettes and 
early iron work, most of life’s 
curiousities can be seen; and 
the first thing for any enterpris- 
ing collector to do is to send 
for a brochure listing the 
various events (sae to the 
secretary BADA. 20 Rutland 
Gate. London SWT), so that a 
tour can be planned to cater for 
a particular interest. 

Minor woodcarvings of the 
I6tb and 17th centuries are a 
collecting category to be 
watched, as oak panels and ceil- 
ing bosses, altar rails, figures 
and masks, mostly English, but 
some French and some from 
the Netherlands, can be bought 
for £25-£550. Farnborough 
(Kent) Antiques. 10 Church 


COLLECTING 


JUNE FIELD 



Road. Farnborough are display- 
ing some 50 carvings for sale in 
this range (July 3-29). and as 
a companion to the exhibition, 
Celia Jennings has written an 
informative booklet. An Intro- 
duction. To Early Waodcarving. 

If convertibility is your 
interest, Phillips of Hitchin are 
holding a private view of their 
exhibition “Patent Metamor- 
phic Furniture 17S0-1830,” at 
The Manor House, Kitchen. 
Herts, n ext 'Saturday. A fascin- 
ating assemblage of the ingen- 
ious furniture made during the 
Napoleonic wars when portable 
pieces were jn demand, includes 
an elaborately curtained chair 
which opens up into a full-scale 
bed, similar to one in the trade 
card of Thomas Butler of 
Catherine Street London, in the 
1800s. My favourite is a 
“knock-down n campaign table 
where the ’ five legs unscrew, 
and the top folds up into two. 
More detail® of the “ change of 
form " furniture in tbe cata- 
logue, 60p post free. 

That English furniture com- 
pares well with what the French 
have to offer,- particularly when 
it is a top-flight example, is the 
point being made by the display 
of both at Partridge (Fine Arts), 
New Bond Street, during July. 
On show -will be a richly 
decorated George III commode 
attributed to William Vile 
< cl 700-1 767), which is almost 
certainly a pair to that of the 
one from the Princess Royal's 


Stephen Hussey will be demonstrating rushing an 18th century 
I adder back chair at the English Country Chairs exhibition and sale at 
Cedar Antiques, High Street, Hartley Wintney, Hants. The display, 
from July T4-Z9, is part of the BADA 60 “ Countrywide Antiques 
Festival" which has already begun in some parts of the country. 


collection sold at Christie’s in 
3976. “The latter differed only 
in its mahogany top,” director 
Leslie Dawson fold me. 

English country chairs are the 
theme of the Cedar Antiques 
exhibition (14-29 July), in 
Hartley Wintney, Hants. The 
firm, founded by Derek Green 
12 years ago, also restores 
customer’s chairs, and hi3 
craftsmen will be giving a 
demonstration of repairing rush 
chairs. 

For advice on how to spot a 
fake or an alteration to furni- 
ture and silver, go along to John 
BJy, High Street, Tring, Herts. 
Their exhibition, which opened 
this week, features diagrams on 
what to look out for, as well as 
showing a cabinet-maker and 
silversmith at work. 

Silver collectors who want to 
match up pieces for their 
antique cutlery sets, will find 
the specialist service run by 
Bruford and Heming, 28 Conduit 
Street, London Wl, particularly 
useful. There will be a certain 
amount of silver cm display or 
they will search out missing 
pieces for you. Need a ceramic 
lid of any kiod? Jean Sewell 
(Antiques), Campden Street WS, 
has.a fascinating selection of old 
teapot lids, sugar bowl covers 
etc., which provide an interest- 
ing guide to ISth and 19tk 
century factory patterns. 


Deloroosne and Sans at 
Campden Hill Hoad WS. 
specialise in. superb glass — their 
exhibition (July 10-22 1, is 
“Gilding the Lily — showing rare 
forms of Decoration on English 
Glass of the later 18th rentury-" 

An unusual aspect of textile 
art is portrayed in “Islcmeler; 
Ottoman Domestic Em- 
broideries." which opened this 
week until July 15 at David 
Black Oriental Carpets. 96 Port- 
land Road WH. ...These delicate 
pieces of- 38th and 19th century 
needlework depict the domestic 
trivia of the embroiderers — 
coffee urns, . chickens, flower 
pots etc., and the embroideries 
can he bought from £5-£lU0. 

The display is’, also com- 
plemented by a . book of the 
same name, by collector 
Roderick Taylor, introduced by 
the gallery partners David Black 
and Clive Loveless. If the book 
is ordered before the end of the 
exhibition, it can be bought for 
£S as against the full price of 
£1Q. 

Joan Eyles. 24 High Street, 
Knareshorough. Yorkshire, is 
putting on “And So We Sewed” 
during the last two weeks in 
July, and there you can buy 
needlework -tools and boxes, 
s-amplers, silk pictures and lace, 
plus thread winders from £2. the 
more ornate boxes up to £250. 
Roger Warner ol Burford. 


Oxfordshire, has matched up 
children’s pottery plates with 
pincushions, there are pianos 
.(Bmadwood), at Robert Morley, 
4 Belmont Hill SE13, 18th cen- 
tury tole peint l metal domestic 
items decorated with paint), at 
Peter Francis. Beauchamp 
Place SW3, philoenic antiques 
(wine coolers, decanters and the 
like), at G. Noel Butler, High 
Street, Honiton and Geoffrey 
Godden's "A Hundred & One 
Decorative Porcelain Plates" in 
Wdrthing, Sussex. 

Overlapping all this wealth 
of collectors’ treasures is the 
London Convention of Netsuke 
in Japanese Art this weekend, 
with exhibitions linked with 
lectures organised by Sydney 
Moss. Douglas J. K. Wright, 
Spink's. S. Marchant. Eskanazi, 
Milne Henderson and Antiques 
by Constantine. 

Full details from Neil K. 
Davey. c/o Sotheby's. 34-35 New 
Bond Street Wl. Mr. Davey’s 
magnificent book. Netsuke , A 
Corn pre/i oils/ rc Study Based on 
the M- T. Hindson Collection 
(£30, Philip Wilson for SPB 
Publications), show how prices 
have risen in this field since the 
Hindson sales between 1967 and 
1969. 

TV RATINGS 
w/e June 18 

U.S. Top Ten (Heilsen Ratings) 

1. One Du at a Time (Comedy) 

(CBS) 33.8 

2. MASH (Comedy) (CBS) 21S 

2. Three's Company (Comedy) 

(ABC) 32 JL 

4. Lou Grant (Drama) (CBS) ... a.7 

5. Charlie's Angels (Drama) (ABC) 21J) 

6. The Lords of FlaUnish (Film) 

(ABC) 3L0 

7. Carter Country IComcdy) (ABC) M.8 

8. Lavcrnc and Shirley (Comedy) 

(ABC) 19.7 

9. Smrshy and Hutch (Drama) 

(ABC) 19.7 

U. Happy Days (Comedy) (ABC) . 18-5 
A Ncilsen rating is not a numerical total. 
The UK Top Twcniy was not available 
fast night. 


Arts Council 


awards 


Awards anncunced by the 
Art 5 Council include one to the 
composer Patrick Gowers rf 
Clapbam. London, for a work 
commissioned by the Incorpora- 
ted Association of Organists. 

It will have its first perfor- 
mance at the association’s con- 
gress in York in August. 

Patricia Banton of Pcckham. 
London, receives an award for 
the choreography of a new work 
commissioned by MAAS movers, 
of which she is a member. 

The work will focus on the 
mannerisms of the cat family 
and will he performed by three 
dancers to tbe music of John 
Kclie.hnr 

Nadine Baylis of Bedford 
Park. London, has been offered 
an award for the design of a 
new ballet by the Dutch ehoren- 
pvapher Jaap Flier for the EMMA 
Dance Company based in Lougb- 
buruugh. 





14 



FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Finantlmo, London PS4. Telex: 886341/2, 883897 
Telephone: 01*248 3000 


Saturday June 24 1978 




NOW IS THE summer of our 
discontent— and not only when 
one looks at the weather. The 
sickly form of the markets over 
the last week reflects a host of 
half-formed worries — political 
uncertainties, a fear of rising 
inflation, the flat outlook for 
the world economy, talk of a 
further tightening of U.S. 
credit, and the distant rumble 
of labour unrest. Profits are 
flat and Government charges on 
industry rising. The more 
favourable facts — notably the 
re-establishment of quite 
noticeable real growth for the 
first time in nearly five years, 
and the steady rise in the 
volume of exports — are over- 
looked. The view is either that 
they have been discounted, or 
that they will not last, or both. 

Irrational 

There is always an irrational 
element in bearish sentiment 
nf this kind, as the market tries 
to ration si isc its own price 
movements, but market trends 
in recent years seem to have 
become increasingly perverse. 
In the U.S.. for example. Wall 
Street sank steadily from low 
to low as long as the economy 
sustained a historically high 
growth rate, and has only re- 
covered as the problems of the 
real economy have intensified. 
In Japan, by contrast, where 
the enormous revaluation of 
the yen has so compressed 
profit margins that interna- 
tional giants like Sony look 
weak, and bankruptcies have 
reached a most disturbing 
level, the market rises. In the 
UK the irrationality has not 
been quite so marked, but it 
would still be a bold investor 
why would expect the market 
to rise strongly on a credible 
forecast of improved real 
growth. 

There are several financial 
explanations for the strange 
pattern of the mid-1970s, all of 
them interconnected. First— or 
rather, most striking at the 
moment — is the experience of 
violently fluctuating exchange 
rates. In a world in which 
funds are highly mobile, inter- 
national investment flows follow 
the stronger currencies, and 
indeed reinforce the move- 
ments. The same flows which 
carry a market to new highs 
drive up the exchange rate and 
compress profits. Secondly, and 
underlying this- sentiment, is 
a deeply-rooted fear of inflation, 
which can impose a ferocious 
squeeze on both company and 
national finances, diverting re- 
tained earnings into profitless 
stock appreciation and driving 
governments into large financial 
deficit. Currency weakness 
adds to inflationary pressures, 
and so justifies the flight of 
capital. 

As Ions as it was clear that 
the countries with large and 


persistent surpluses had under- 
valued currencies, and those in 
deficit required a downward 
adjustment, it was at least fairly 
easy to forecast and allow for 
such trends; but we have now 
reached a point where the 
adjustments have been so large 
that there is a sharp division of 
opinion over whether they are 
likely to continue or to be 
reversed. This is leading to sud- 
den and seemingly unexplained 
reversals of trend. The dollar, 
whose recovery earlier this year 
has undoubtedly been bad for 
sterling and for sterling securi- 
ties has suddenly weakened 
again; in Japan, where industry 
had planned for a fall in the 
dollar to perhaps 210 yen there 
is now alarm that the decline 
could go much further. 

These foreign developments 
have a strong but so far rather 
inscrutibie meaning for 
London. The recovery of the 
dollar was one of the most 
powerful forces necessitating a 
rise in London money rates, as 
the Bank of England explained 
in its quarterly bulletin; and the 
movement has created a large 
uncovered differential in favour 
of London. In recent days, how- 
ever. sterling has risen quite 
strongly against the dollar, and 
if the dollar is to remain weak, 
the present differentials seem 
a good deal more than adequate. 
Inflation forecasts for the two 
economies are not wildly out 
of line, and the U.S. balance of 
payments is immeasurably 
weaker than the British. There 
is still a tendency, though, for 
the London market to react 
fearfully to talk of high Wall 
Street rates, as evidenced in 
heavy selling of short gilts 
yesterday. 

Incomes policy 

Such reactions may not be 
rational on the basis of any- 
thing we know at the moment, 
but they are perfectly under- 
standable. It is easy to sketch 
plausibly how things might go 
wrong; and the Government 
and the Bank only give fresh 
impetus to general fears when 
they proclaim the extreme im- 
portance of securing an incomes 
policy which looks like a non- 
starter. and the financial dis- 
orders which may follow the 
failure to secure one. Regard- 
ing sterling as fundamentally 
weak against the dollar has be- 
come a habit ingrained by long 
training. What investors 
should remember is that the 
market, faced with political and 
currency uncertainty, is tending 
to discount the worst that 
might happen. It may sink 
further in the short run, 
especially if the currency tide 
turns adversely: but if the out- 
look in a few months is both 
clear and less alarming than 
present talk suggests, the re- 
covery could again be sharp. 


Facts’ and foreca 


, *-■'**'* ' --)■ ' yr W ■' • „* _■ - • 


inflation 


BY PETER RIDDELL, Economics Corresponc snt 


T HE RATE of increase in 
retail prices in Britain is 
now at last down to the 
average level of other industrial 
countries— a rise of between 7i 
and 8 per cent over the last 
12 months. This is less than a 
third of the peak rate in the 
UK only three years ago. but 
can the progress be maintained? 

There has been a cascade of 
evidence and opinions in the 
last fortnight: official figures 
have confirmed the continuing 
decline in the 12 month rate 
but indicated a marked increase 
in both raw material and labour 
costs. 

Meanwhile, Mr. Roy Hatters- 
ley, the Prices Secretary, has 
stated as a “fact” that the 
t2-ruonth rate of retail price 
inflation will remain around 
8 per cent for the rest of this 
year. While he has been criti- 
cised for his choice of words, 
his projection has been backed 
by the Bank of England 
quarterly bulletin. The Price 
Commission has warned, how- 
ever, that it may be less easy 
to keep the rate down to the 
current level in the medium- 
term. while the Bank has said 
the maintenance of this rate 
depends on keeping pay 
increases in the next 12 months 
to only slightly over half this 
year’s level. 


Turning 

point 


The common thread is that 
the UK is now approaching a 
potential turning point on infla- 
tion. It is tempting to concen- 
trate on pay and the quest for 
a long-term incomes policy as 
the key to the prices outlook, 
but this would gravely under- 
estimate the significance of over- 
all monetary policy and the 
exchange rate. 

Tlie imposition of Phase One 
r»f the pay policy in summer 
1975 would certainly be credi- 
ted by most, though not all, 
commentator*; with a crucial 
role in checking and partially 
reversing the runaway price 
inflation nf 1974-75. But much 
of the subsequent prices story 
can be explained directly or 
indirectly by fluctuations in 
sterling. 

The causal links are both 
complicated and controversial. 
In a world of floating exchange 
rates. It would now be widely 
accepted that the main initial 
result of a faster rate of growth 
of the money suppy (that is cash 
and bank deposits) in the UK 
than overseas will be downward 
pressure on sterling. In turn, 
a fall in the pound will push 
up the price of imported goods 
to the UK, encouraging British 
workers to seek offsetting wage 
rises and so raising domestic 
prices. 

Other economists would place 
more emphasis on domestic 
forces pushing up wages, such 
as the strength of the trade 
unions. They would also stress 
the impact on the exchange rate 


of both pa# and prospective 
relative rates of inflation, 
changes in the current account 
of the balance of payments, and 
movements up and down in 
holdings of capital in London 
by foreigners such as oil-pro- 
ducing states. Most economic 
forecasts take account of all 
these factors. It is probable 
that as a result of a more rapid 
anticipation of inflationary 
influences than in the past the 
exchange rate has a larger effect 
on prices in the shops than the 

conventional official assumption 

that a 4 per cent fall in the 
value of sterling will add 1 per 
cent to retail prices. 

In any event, the sharp fall 
in the exchange rate in 1976 
(by 16{ per cent between the 
beginning and end of the year 
against a range of other curren- 
cies) reversed the initial slow- 
down in the rate of retail price 
inflation. The upward pressures 
were compounded by specific 
Government moves raising 
prices, such as the increases in 
indirect taxes - and in public 
sector charges, while profit 
margins also recovered from the 
end of 1975 onwards. Thus in 
spite of a reduction in the rate 
of growth of average earnings 
from 13.9 per cent in Phase One 
up to July 1976 to 8.9 per cent 
in the following year, the rate 
of retail price inflation accele- 
rated from 12.9 per cent to 
17.6 per cent betwen 1975-76 
and 1976-77. 

The relative impact on prices 
is suggested by estimates pub- 
lished in last December's Bank 
of England quarterly bulletin. 
The figures do not attempt to 
sbow' the causes of inflation; 
they merely attempt to identify 
the contributors to price rises. 
The main reason why prices in 
the 'economy as a whole rose 
faster at the end of 1976 than 
at the beginning was because 
of a more rapid growth of 
import costs. A rise in the cost 
of such goods accounted for 
just under half the estimated 
rise in prices generally even 
though import costs are equiva- 
lent to only about a quarter 
of total expenditure. In con- 
trast, the proportion of the rise 
in prices explained by higher 
labour costs was much smaller 
than its half-share of total 
expenditure. 

The opposite has- been true 
during the last 18 months. 
Following the imposition of a 
monetary squeeze* and the 
return of market .-confidence at 
the end of 3976, sterling 
recovered strongly. Indeed the 
upward pressure — and some 
of the potential reduction in 
import costs — was checked aa 
a result of Government interven- 
tion to hold down the pound. 
Nevertheless the rise in 
sterling over the year as a 
whole ensured that falling 
import costs actually held down 
prices during the second half 
of last year. 

At the same time, the Govern- 
ment deliberately refrained 
from action which would push 
up indirect taxes and public 



L- v- 


sector charges; unit labour costs 
continued to rise at much the 
same rate as before. In addition, 
there was an exceptionally 
favourable factor; while the 
drought pushed up seasonal 
food prices sharply in 1976 — 
a rise of 44 per cent in less 
than six months — a return to 
more norma] conditions last 
year resulted in a decline of 
nearly 17 per cent in the year 
to this spring. 

The decline in seasonal food 
prices may be regarded as ex- 
ceptional and the rise in ster- 
ling last year is, according to 
most forecasters, unlikely to be 
repeated in the imm ediate 
future. So a decline of well 
over a half in the 12-month 
rate of retail price inflation to 
7.7 per cent in the last year has 
been achieved in unusually 
favourable circumstances. In- 
deed some of these influences 
are continuing to be frit as it 
takes about a year for a change 
in industry’s raw material costs 
fully to he reflected in prices in 
the shops-— and sterling was 
still rising until early January. 


Variable 

items 


It is because most of the 
main determinants of prices are 
dear well in advance that Mr. 
Hattersley can feel reasonably 
confident about his projection 
of little change in the 12-month 
rate for the rest of this year 
with small ups-and-downs from 
month-to-month. But some out- 
side forecasters are slightly 
less optimistic and believe that 
the rate could, creep up to just 
above 10 per cent by Decem- 
ber. 

The caution expressed by the 
Price Commission about the 
medium-term prospects has been 
reinforced by a slight rise in 
the underlying trend in the last 


couple of months. This is best 
shown by a prices index which 
excludes traditionally variable 
items like seasonal foods and’ is 
measured over the last six 
months. As expressed at an 
annual rate this stood at 6J3 per 
cent in March but was S.6 per 
cent in May. Although the 
figures have been distorted by. 
the exceptionally large rise m 
April, when annual increases in 
local authority rents and rates 
came In. the trend is clearly 
upwards. 

Indeed a number Qf last 
year’s favourable influences 
have already been reversed, jh 
particular, the acceleration in 
the growth of the money supply 
last winter and the, probably 
erratic, deterioration in . tlje 
current account in the Sjsst 
quarter have both contributed 
to a 7 per cent decline in stefc- 
ling since January. This drop* 
in conjunction with a recovery 
in the world price of some com- 
modities, has pushed up the cost 
of industry’s raw materialsvby 
5i per cent in the last three; 
months. 

Few forecasters expert^a 
particularly, rapid growtifc i>f 
commodity prices in the imme- 
diate future because of tbe : 
sluggish level of world output: 
the freezing of the oil price by, 
the producing countries is 
indicative of this. Moreover, 
there is some short-term confi- 
dence among economists that 
sterling may remain stable 
following both the- recent credit 
squeeze measures to hold down 
monetary expansion and in 
view of the expected current 
account surplus for the rest of 
1978. 

But the pound is still poten- 
tially vulnerable, either to a 
deterioration in the current 
account caused by a rapid 
growth of manufactured Im- 
ports as a result of the current 
consumer boom or in response 
to a weakening in foreign con- 


fidence produced.^ large: wage- shaver ,to be 

settlements# Thls Js Ayhere pay - beiow^ peyc^T implying only, 
becomes important, bothmTea^S.ti^.fc^efs.ceiitf'it^i-^basfc wage 
tfon to earlier! (Miiiehdy/.a^ 'to!, keep 

monetary, movements' and as prices jnext" year, 

influence / 

sterling. \ ***■ 

"t .t " - v . ir Tv. : i •{- i;’ \ a^^rtiafllr.Tround \is strongly 

J .. V. spRpHtfi infla- 
' The increase ip-' pay- - fforitig . /fmnaryz ‘fad;- tnoBetary • back* 
the current reundft tbe : end^ 

July? Is likely^drbe^hetweeh.^: Ca^^ipiSS-. fa; the. public 
abd.15 per J ea st.f or 

as a whole, ari<£ ^^u^^sTOoraen^ito.ffie wiffing- 
16 per cent or-^:In , 'pro& companies 

signs of an 


il . 



are now the major -factor ' push- ■ view of most f orecasters^is,' that 
tog up prices.;,^-' * 'J. - "T ■ tfvefageeanttiigs- mliv riffl£by 

The f aster ri3e- in .earngigs between i.0 ,^ma ;15 per cent 
has been translated fato- an hi the .coining -.year..', unis .inn, 
almost unpreeCdehtecf jump^in P^es a smatier nse. -an 4uatt 
real take-hfSteT p^; :Tbis is labour costs iti.jnew of the ex* 
after takfng r aemiiqt both. t the pected , rise tn~oUlj>ut -aj^Lpp* 
slowdown fa- . pn> Stifle;- recovray in' productivity, 
faced by the -risO in sterling Aside, from' the Mchauge rate 
and earlier' wage r: testraint and uncertainty, tfcs-saggesis ■ that 
.the large tax cirts orthe'^ 6i -retail- 

year. Th&, Government^ hope price'' inflatibhy; AiriH . fluctua te 
is tha&thi&.rise in ' disposable - around lfl -per';ient :OTOr the 
incomesv.and^a lower level, of next year^r '-two: ' This might 
price- rises' -provide the mean g-faigher inflation Tate in 
right' cliittate ' far pay modera-rtlfa UJCitfiaii ■ abroad, .-fad -it 
tion r Tne discussions -so ; ffadbes^ & j raei imply a 
have beenMn the Vaguest terms - donwin^'orw^^ 
since Minidrers bav^'iiot wanted' : «eyfa years.; ;■ ' 
to optygnmia* uniom leaders fa So tbe'result of tbelast three 
a pre-election periodV - years of . restraint may- have 
The Government 1ms said it been to prevent hylMtinflation 
will not spall oiit its oW views "but Tto-- leave the underlying 
until after the end of mate' longterm rate; of increase at 
union conferences aTtbeVend iff significantly, abiwp- 1he"IeveT of 
next month. But the Treasury the 1950s and 1980s. Nev&r- 
forecasts (reflecting its internal thriesS, LatkKn: Ministers can 
aims) are based on a roe in console themselves with the 
earnings- of between 7 and 8 Iper ' vuteal / certainty 5 -. that tire 12- 
cent- in the coming year. ^The month --rate^iy^ remaln" ' at 
Bank of England bulletin vfast about. Its ^current ;tevel .until 
week ^pointed, out that the ri^e - after-an 


Z T it’j'i 


Letters to the Editor 


Production 


From the President . 

British .\umericul Control 
Model ij 

Sir. — The announcement that 
we are some 10 years behind our 
international competition in 
automated small batch produc- 
tion manufacitirinn technology 
and that our current research 
and development is very small in 
comparison with other industrial 
nations did not even qain the 
main position in Technical News 
on June 16 tpage 16). Couple 
that with a a rant of £70,000 as 
aqainst £341.0013 for wind power 
and one has perhaps highlighted 
the problems involved in makinq 
this nation aware of the situa- 
tion. not into which we miqht 
slip, but into which we have 
already slipped. 

Not enough of our effort is 
being devoted to how to produce 
fhinqs. to how they should be 
de.sirjm.-d for production, and 
until this is rectified we will 
continue to see ourselves forced 
out cif markets in which we must 
he able to compete if w T e are to 
remain a major industrial oower. 

One can visualise, sadly. Don 
Quixote and Kins Canute 
silhouetted against a Risinq Sun. 
M C. P. Hewin. 

Pnnvis House. 62. Floral Farm, 
Cunfnrci AlUf/rw. YVim borne. 
Dorset. 


throughout its length, unlike the 
fan in which the inner part of 
the blade, moving at slow speed 
contributes only marginally to 
the work extracted from the 
wind. 

The drum is mounted on a low 
tower and presents an unobtru- 
sive profile. The same blade 
length, on the side racing the 
wind, can be obtained from an 
altogether smaller structure than 
in the case of a fan. 

The conservative design and 
long life of the vertical drum 
wind turbine is well illustrated 
by the examples on the Syrian 
railway where is passes through 
the notoriously windy Homs Gap. 
These were installed by the 
French, when they built the line 
in the early years of this cen- 
tury. for the purpose of pumping 
water from wells, and lasted into 
the 1960s. Perhaps those in- 
terested in wind power could 
leanj something from these, 
w. C. R. Whalley. 

105. High. Street . 

Hungerford, Berks. 


Electoral Reform should strive 
to get included in its party's 
-manifesto a pledge at least to 
hold a referendum on reforming 
our electoral system. 

What is not at ail admirable 
is that — with such a pledge only 
a distant possibility — CAER 
should contemplate using the 
large popular support for PR as 
a bait to lure voters away from 
the Liberal Party which has long 
been battling for it. to the Con- 
servatives who for the last half- 
century have allied themselves 
with Labour to prevent any 
change in our present electoral 
system. 

Enfri La kern an. 

.V7. Cub'enien A venue. 

Tunbridge Wells. Kent 


“ that’s a very difficult question ” 
which seems to be the current 
alternative to saying “I don't 
know ” ! 

E. C. Bowman. 

Cold Wall Farm, Mellor . 
Stockport. Cheshire. 


Verbal 


then we shall have inflation for any specific rebate was given to 
ever. any of the otter 36,000 sub 

M. M. Walford, scribets in the Maidenhead 

Newland Comer, charge group for this incident. 

Sherborne, Dorset. Don Stickland. 

13, Welby Close, 

Accuracy Maidenhead, Berks. 


Power 


Windmills 


From Mr. W. Whallen 

Sir,— David Fish lock's article 
un windmill power (June 16), 
brings out the point that present 
development in this field is con- 
centrated on the conventional 
Can type, familiar For centuries. 

I suggest that it would be 
worth while examining the 
possible advantages of the drum 
type wind turbine; the blades are 
mounted round the periphery of 
an open work vertical drum. On 
the face of it this design avoids 
the high stresses and poor wind 
utilisation uf the fan type. The 
blades move at uniform velocilv 
along their whole length, anvl 
are fairly shurt. This eliminates 
the high tip speeds of the fan 
together with high stresses at the 
root or the blade, problems which 
lone dogged helicopter makers, 
moreover the vertical blade 
utilise^ evenly the airflow 


From Mr. J. de Rivas. 

Sir,— I read with interest your 
report on acrogenerators (June 
Id). You may be interested to 
know that there is a British in- 
veniion which looks extremely 
promising. It is being developed 
by Dr. Musgrove. of Reading 
University, and there are already 
two examples being developed 
for the small user by British 
firms. It is the variable 
geometry vertical axis windmilL 
The stated advantages include a 
very much simpler mechanical 
system and a lighter and less 
obstrusive tower. It is capable 
of operation over a very wide 
range of windspeeds. A 21 mW 
version is proposed for use off- 
shore in connection with a 
national grid. An American 
firm. Marks Polarized Corpora- 
tion, is reported to be experi- 
menting with a static system, 
which generates power from the 
wind with no moving parts. 

John de Rivas. 

IVevt Toiren-Hoiuie. 

Porflitoican. Cornicaff. 


Precisely 

From Mr. S. E. Scammell 

Sir, — The constant interjection 
of the phrase "You know" to 
which your correspondent Mr. 
Dewar objects (June 12) is by 
no means meaningless. It 
originated in rural areas and 
thence spread to the city 
(another example of the country- 
man being two strides in front), 
its meaning is: “You are as well 
aware as I. or better, of all the 
factors that provide the context 
for and motivation of the matter 
under discussion, and it is not 
therefore necessary for me to 
express myself upon it clearly 
or with precision.” Such a con- 
traction of 41 words to two is 
«Ur*»ly praiseworthy? 

5. E. ScamraelL 
East Knoyle. 

Salisbury. Wilts. 


From Mr. IV. R. F. Spearman 

Sir. — Mr. Colin Willsher (June 
17) refers to the words “verbal " 
and “ oral " and their differences. 
The Shorter Oxford English 
Dictionary’s definitions are: 
Verbal. “ expressed or conveyed 
by speech instead of writing: 
stated or delivered by word of 
mouth; oral 1591." Oral. 
“ uttered in spoken words; trans- 
acted by word of mouth; spoken 
verbal 1628.” 

On the subject of modifying a 
written agreement, the Chief 
Justic Lord Denman some time 
ago ruled as follows : “ By the 
general rule of the Common 
Law. if there be a contract that 
has been reduced into writing, 
verbal evidence is not allowed 
to be given of what passed 
between the parties. . . .” 

W. R. F. Spearman. 

35. Abingdon Court. 

Abingdon Villas. W S. 


F rom Mr. N. Shapton 
Sir.— Those listeners who heir. Rating 


the early morning programme of - . „ „ - . 

largely inconsequential chatter * Q?? 1 ™ r -. "■ Campion, 
transmitted by the BBC on Radio ,. 5l F: Accustomed as I am to 


Phenomenon 


4 may prefer that the responsi- poor and unconvincing 

bility for the occasional time arguments advanced to preserve 
announcements be removed from abominable rating system, 1 
the broadcasters who over the m ust admit that Mr. ..Sedgwick 
years have seldom mastered the (June 21) has produced some- 
art oF telling the time. Within tiling quite new in that depart- 
the past few days one announcer nient. The lad should have .credit 
got It wrong by one hour and on originality-— and. perhaps 

another occasion the time was some enterprising reader will be 
told in the manner of a fonr-year- ab, « work out young 
old — “io seconds past 10 minutes bachelors who do not pay rates 
to S” (for good measure we were a** 6 subsidising married men 
churlishly encouraged to “work wltt families (or elderly pen- 
tbat one out”). sioners), who do. 

All this is uot v *ry helpful to Without quibbling', over Mr. 
anyone in a burry and using the Sedgwick's self - contradictory 
programme as a time check. The statement that the rates are “ a 
programme itself squanders so fairly just tax if perhaps a little 
much money on telephone calls rough.” we cannot help wonder- 
all over the world for the most ing why rate payers deserve their 
frivolous reasons and I suggest rating bills because they are 
that a few pence be spent in ■” living beyond their, means 
plugging the transmitter into the for having the. Cheek to try to huy 
PO telephone time clock which their own three-bedroom. semi, it 
tells the time so well and so Would appear. 


Basically 


Representation 


Front Enid fMkeman 
Sir.— It is .of course admirable 
that Conservative Action for 


From Mr. B. C. Boicman 

Sir^—My particular b&te noire 
is the constant and frequently 
wrong, use of the word 
“ basically ” which nowadays 
seems to creep into every TV 
interview and therefore copied 
by almost everyone as an “ in- 
word” and a sign of verbal 
culture. I am sure that many 
people do not realise how often 
they say “basically” which has 
become as intrusive as the “you 
know” to which Mr. Duncan Neil 
Dewar referred on June-12. 

As regards the TV interviewees 
mentioned by Mr. D. R. Hall 
(June 17). I am equally averse 
to the frequently used phrase 


From Mr. G. Szpiro 
Sir, — It might be of interest to 
monetarists and philatelists to 
watch the curious phenomenon 
as the size of our Bank notes is 
reduced in line with Our 
economic regress the postage 
stamp increases in size. Any 
comments? 

George Szpiro. 

Imperial House, 

Dominion Street. EC2. 


accurately. 

N. H. V. Shapton, 

22, Avenue Road, 
Teddington, Middlesex. 


Telephones 

From Mr. D. Stickland 


The rates are the one horror 
of modern life which cannot be 
reduced by the householder, no 
matter how frugally or thirftily 
he manages to. live. He can cut 
down on food. fuel, clothing, en- 
tertainment, transport, and com- 
munication, bot so long as he 
remains in the house he has 


ntlcii ,2°. we 2L t Sl" laboriously acquired through a 
pnsed to read that . - . the tele* lifetime’s thrift and self-denial. 


Inflation 


From Mr. M. Wai/ord 
Sir, — The Bank of England is 
asking for “ moderation in the 
next pay round.” Can anyone 
explain why there has to be 
another pay round? Surely we 
should get back to the old idea 
of a rate for the job and to 
accept that the only ways of 
getting more pay is to work 
harder, produce more, or get 
promoted. If one accepts that 
there is a pay Increase every 
year for those doing exactly the 
same as in the previous year, 


& one is better va, “ e f0 „ r “?n«r he has to.foot any preposterous 
than it has ever been (Peter Wl , tocal council runs up— 

H. \oung, June 19), because main]y on ]ocal 9mmmt h e Is 
they have perhaps received an t00 m ^ need 0r en j 0y ,.and 
unexpectedly high bill, nay be w &fcb Hr. - Sedgwick gets for 
interested to learn that: (1) The nothing 
published tariff times for one jfr. Sedgwick eauates the 
unit are apparently subject to rating levy with VAT. in that it 
an error of plus or minus 1 per ^ j, aSe d « on you can 

cent and so a three-minute cheap afford.” You can decide not to 
“B"’ rate call may cost four buy goods bearing a VAT, but 

units — about 30 per cent more how can you decide whether you 

than one of “Buzby’s claims." can afford your rates? Should 
(2> l made an STD call -after you make yourself homeless rand 

6 pm on February 5, Z976, and become another burden on the 

discovered that I was being rates) because you just cannot 
charged at the standard rate and find the money for the rocketing 
not the cheap rate. The Post rates demands? 

Office subsequently gave me a Bernard Campion; 

£10 rebate. Despite inquiries, 34, Treveneague Gardens. . 
however, I am not aware that flfanodon, Plymouth, Devon. , 


f ’ -vs 


■ ii.u Vr.- r n i 

















I B r l'.'. y. 

I-Vv /Try* ~ .J.- ~'“2w . - V .i •' ~ -- - . ■ 


I 


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I 


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V -Tv .“-id 









. f. 1 1 1 , . t <®S 


iahci,aI : ;-Tune 5 Saturday June 24 1978 



By RICHARD MOONEY 




\ & 



THE INTERNATIONAL 
Whaling Commission's 3oth 

annual session begins its 
deliberations '• Jd London on 
Monday about the level of 
- whaling . for. the coming year 
and if things go as badly as 
some -people fear there may 
-/never -be a 3 1st. 

w as formed 

• -in 1946 and began operations in 
,1948.'. has had .some stormy 
; sessions but tempers may run 

• higher than ever next week. The 
most heated, argument is likely 
to be over a proposal by 
■ pana m a . .that all -.commercial 
-whaling sliould.be banned for 

10 years to give stocks a chance 
to build up and scientists an 
opportunity of assessing the real 
state of stock depletion and 
recovery rates. Most of the 
Commission's seven ' whaling 
member states, particularly 
. Japan and Russia, can be 
expected to fight this proposal 
tooth and nail; bat they are out- 
numbered by the 10 non- 
whaling members. These in- 
date- -the U.S., South Africa 
and Britain, all of which 
stopped : whiling when it 
became less profitable, and have 
now banned it 

The IWC was originally con- 
ceived as a commercial resource 
management body but as mem- 
bers have gradually dropped 
out of the whaling industry its 
effective function has changed 
to one of conservation — for 
which it is palpably HJ-designed. 
Its members account for around 
90 per gent of the world whale 
catch and just two of these — 
Russia and Japan— eateh nearly 
three-quarters between them. 
Russia occupies the top spot 
with just over 40 per cent and 
Japan catches about 28 per 
cent 

This will not be the first time 
a 10-year, moratorium has been 
suggested. It was first mooted 
in "1972 when the U.S., the UK 
Argentina and Mexico voted in 


favour. And it was on the 
agenda again the - following 
year when Canada,. France, 

Panama and even Australia 

ijs® 1 * a whaling country — added 
their support. Pressure for a 
moratorium is stranger than 
ever this year and there seems 
a real chance of Panama's 
proposal being adopted. 

But would a moratorium be 
the whales’ saviour or would it 
condemn them to even quicker 
and surer extinction? Whalers 
m Japan have urged that their 
Government should withdraw 
from the Commission if the 
moratorium is imposed, and 
Russia is widely expected to do 
the same. In fact all these two 
countries would have to do if 
they wanted to continue hunting 
whales in defiance of iwc 
policy would be ..to lodge 
objections to the decision within 
so days. This would absolve 
them of all responsibility to 
abide hy the decision. In theory 
they could remain members of 
the IWC and carry on whaling. 


Sanctions 


But Friends of the Earth 
CFoE) the conservationist body 
leading the campaign to save 
the whales, does not believe this 
would happen. Member 
countries of the IWC could take 
“independent steps” FoE 

suggests, to bring pressure on 
whaling nations to abide by the 
decision. In particular the U.S. 
could invoke its “ Pelly Amend- 
ment " and ban all Japanese 
fish imports. Others could 

refuse to allow the import of 
sperm whale oil. 

Whether the non-whaling 
countries would impose such 
sanctions wholeheartedly is 
uncertain. But if they did it is 
doubtful that the whaling 

nations would be prepared to 
suffer the foreign exchange 
losses that continued whaling 


under these sanctions wuuld 
I0lply. 

Should whaling be stopped 
fi>i - _ 10 years? The question 
uj rides into two broad areas: 
ethics and commerce. On the 
ethical side it further divides 
into emotion arid the arguments 
oi the conservationists. 

“ Is there any serious justifica- 
tion for killing such peaceful, 
highly intelligent and well 
adapted animals as whales? ” 
FuE asks. And this is obviously 
the main strength of the “ ban 
whaling " campaign. The great 
whales arc arguably the most 
magnificent creatures left on 
earth and many, people find the 
killing of even one of them, 
whether it endangers the 
species or not, highly repugnant. 
T'i these people the prospect ot 
23,000 whales being slaughtered, 
as happened in the last whaling 
year, is nothing short of horrific. 

Just short of this extreme, 
emotional view; come the true 
cunservationists who merely 
seek to ensure that no speries 
of whale is hunted to the point 
of extinction. These people 
favour a moratorium because 
they do not trust the whaling 
nations to stop short of totally 
extinguishing stocks while there 
is one more yen or rouble to 
be squeezed out of them. Nor 
do they believe that the IWC 
has the ” teeth ” to prevent ex- 
tmcfion of individual storks 
through the operation of its 
annually decided quotas for the 
various species of whale in each 
sea area. 

Tlie commercial argument in 
favour of the moratorium is 
somewhat thin. It is probably 
true that if whaling continues 
at present levels — the Japanese 
have said they will “ retreat no 
further ” on quotas — ■" commer- 
cial extinction " of most stocks 
cannot he far off. A 10-year 
standstill would almost certainly 
allow most slocks to recover to 
a level where profitable whaling 


could be resumed at a level 
which would not threaten the 
continued existence of any 
individual species. 

But it is unlikely that after 
a 10-year lay-off the industry 
would ever be revived. Adjust- 
ments to eating and purchasing 
habits — much whalemeat goes 
into pet foods — would probably 
have destroyed the demand for 
whale meat. Substitutes — which 
already exist — would have taken 
over the market for sperm 
whale oil, which is used for the 
manufacture of light oils, 
among other things. 

Far practical purposes there- 
fore, a lu-year b as can prob- 
ably be equated with the 
destruction of the industry, 
satisfying both the emotional 
and the conservation lobbies — 
hut not, of course, the whalers. 
Against this, the whalers argue 
that because it is in their own 
financial interests to ensure the 
existence of whale stocks at 
fairly high levels, conservation 
can safely be left in their hands. 

The most obvious fallacy in 
this argument is that there is 
little commercial distinction 
t except for size) between dif- 
ferent species of whales. What 
the industry would be seeking 
to ensure. Through self-interest, 
would be the availability of a 
large tonnage of whale meat and 
oil. If one species were to 
become extinct, the whalers 
would simply hum another. 

On a technical level, however, 
there may be a more basic fal- 
lacy. This is dealt with in the 
theory which stales that a profit- 
making industry will always ex- 
terminate its natural resource 
base because once the discount 
rate on invested capital rises 
above the rate of renewal of 
the resource, it pays the entre- 
preneur to work towards the 
extermination of the species he 
is exploiting. 

Mr. Richard Filtel of the 
"World Wildlife Fund puts it 


more simply: ** The plain fact 
4s that maximisation of profit 
cannot coexist with the exploit- 
ation of a natural population 
any more than a fox can coexist 
with a henhouse! '* 

Acceptance of this argument 
would imply that a further non- 
commercial constraint needs to 
be placed upon the industry, if 
only to ensure iis own survival. 
But, short of a total ban, can 
the IWC provide sufficiently 
effective constraint? 



Quota cuts 


• Whale catches have certainly 
declined under the stewardship 
of the IWC. in the 1964-65 
season more than 46,000 whales 
were caught by iwc member 
States in the Southern Hemi- 
sphere alone: last year the 
world total was about 23,000. 
Moreover the hunting of two 
species has been banned 
altogether — blue whales in 1968 
and fin whales in 1976. Sceptics 
argue, however, that the fall in 
catches was due more to stock 
declines and consequent reduc- 
tions in profitability than to the 
good offices of the Commission. 
This view tends to be supported 
by the fact that in many 
insrances the quotas set by the 
IWC have not been reached. 

The Commit inn seemed, tfl 
the casual observer, to have- 
made something of a break- 
through at last year's annual 
session in Canberra where a 36 
per cent reduction in the quota 
total was achieved. This mainly 
reflected a swingeing cut in 
the North Pacific sperm whale 
quota from 7.200 to 763 on the 
advice of the Commission's 
scientific committee. But the 
conservationists’ triumph was 
short-lived. At a special meeting 
of the Commission in Tokyo last 
December the North Pacific 
sperm'whale quota was lifted to 
6.444 after what many observers 


saw as a blatant piece of 
“juggling" of scientific evi- 
dence. This reduced the original 
cut on the quota to only 12 pei 
cent. 

Dr. Sidney Holt, the UN Food 
and Agriculture Organisation’s 
representative at the Tokyo 
meeting, was one of the many 
observers who were very 
dubious about the new evidence 
which allowed the reinstatement 
of most of the lost quota. ’-It 
does not appear likely that the 
advice now presented is more 
reliable or more likely to be 
correct than the previous 
advice,” he said, adding that 
the complex calculations 
involved appeared incomplete 
and were based on “ guesses 
rather than estimates.” 

This lack of confidence in the 
scientific advice on which quotas 
are based is crucial to the issue. 
*■ The scientists really do not 
know how many whales there 
are,” declared Mr. Filtel after 
the Canberra meeting. 

If the scientists are erring on 
the side of over-estimation of 
the whale population many 
stocks could soon sink below 
danger level. According to Mr. 
Filtel. ” there seems little doubt 
that within five years, perhaps 
less, the moratorium will have 
imposed itself. as each 
successive stock now being har- 
vested has to be classified as a 
protection stock.” Under the 
IWC's " new management proce- 
dure " the hunting of a species 
has to stop when its numbers 
fall below a certain level 


/between 35 and 60 per cent 
of its estimated normal popula- 
tion). 

There is a case for whaling — 
a human case. The industry 
provides food and employment 
for many people, particularly in 
Japan, and its destruction 
would undoubtedly cause 
suffering. However, the extent 
and severity of that suffering 
is difficult to estimate with any 
confidence. In a document 
issued ahead of next week's 
IWC session the Japan Whaling 
Association claims that reduced 
whaling effort has already cost 
10.000 Japanese their jobs and 
that a total ban would threaten 
the livelihoods of 200,000 more 
people who depend f ‘ directly 
and indirectly" on the industry. 

Food industry 

Bemoaning the fact that 
Japanese supplies of whale pro- 
ducts have dropped to one- 
eleventh of their former size 
the Association says: *’ The 
traditional whaling industry' of 
Japan is a vita! food -providing 
industry for the Japanese 
people. Whales have deep roots 
not only in the Japanese diet 
but in culture and customs. 

The Association adds that it 
is anxious to avoid confronta- 
tion with its non-whaling part- 
ners Id the IWC and is pressing 
for a “ new dialogue " aimed ai 
reaching a *■ peaceful and 
realistic *' settlement. Greater 
efforts should be made to per- 
suade non-member whalers to 


join the IWC. ” Some of the 
extreme proposals offered in 
past years have made these 
nations unwilling to join,” the 
Association claims. 

But these statements have 
cut little ice with the conser- 
vationists. Friends nf the 
Earth describes the claim that 
200,000 Japanese depend on the 
industry as grossly inflated. 
” Only 750 arc directly involved 
in whaling and those indirectly 
involved are far fewer than the 
□umber cited.” 

FoE further claims that 
whale meat contributes less 
than 0.5 per cent to Japanese 
protein intake and only about 
5 per cent of total meat con- 
sumption. "Sperm whales pro- 
vide no food for human 
consumption but they amount 
to the greatest proportion ot 
Japan’s whaling industry.” 

It is in the nature of things 
that both the whalers and the 
conservationists should over- 
state their cases in this debate. 
And the truth must lie some- 
where between the two camps. 
From an ecological point dE 
view Lt would be safer in accept 
the anti-whaling than the pro- 
whaling argument- but for the 
moment the whalers -eem to 
hold the stronger cards. 

If the conservationists are 
right we are at present witness- 
ing the suicide for perhaps 
hara-kiri) of a once-grea r indus- 
try. lt is to be hoped that it 
will not be allowed to take the 
Ja>t of the great whales with 
it. 





V 


- -r- _ . •' 


stB# 

uses 


**: • ’‘I*: - *’-,' 

B,- .■??•■ .? ■■ »■ V* • 


story 


I . :• 


-fli# 


iN*# 


Going to the dogs these days 
can be; ’a very lucrative busi- 
ness— especially if .you are the 
owner’, of '“next' Saturday’s win- 
ner of the Spi Hers Greyhound 
Derby at the White City, The 
£20,000 first, prize makes it the 
richest six dog race in the 
world— an eight dog event in 
Florida is even more valuable. 

But the prize money is only 
the starters- “ The moment the 
dog passes the winning line I 
reckon its value increases by 
at- least £30,000," says Bill 
Holmes, the general manager at 
White City. Breeding goes a 
long- way in ■ dog circles and 
having a Derby winner in your 
kennels' means nor only the 
probability of winning more 
races but also of collecting high 
stud fees. 

Last year the Derby was won 
by Balliniska Band, itself the 






■ r. 

’VV. 








Baffin* ka Band: The dump 

son of a Derby (Irish) winner, 
and a hot favourite again this 
year until it went lame and was 
eliminated in. one of the many 
heats which make the race such 
a demanding test of a dogs 
speed. Balliniska . Band was 
trained in Manchester by Eddie 
Moore. “Winning the Derby 
made all the difference in the 
world,” lie says . “ We now get 
offers for his use as a stud dog 
at £260 and more a go. The 
average fee is nearer £60.” 
Bajliniska Band wiJ] not run 
again but he will earn his keep 
for a good few years. 

Eddie Moore trains 55 dogs at 
Belle Vue and there are 
hundreds of similar establish- 
ments throughout the country- 
often linked to the greyhound 
tracks. With companies like 
Spillers pushing up the prize 
money — and the alternative; if 
undoubtedly grander, experi- 
enc of owning a race horse now 
prohibitively expensive — grey- 
hound racing is showing signs 
of a boom. 

The costs seem modest. Eddie 
Moore charges just £7 a week, 
plus VAT, to look after a dog. 
At the more fashionable -White 
City, where there are 220 dogs, 
it is only £10 a week. Of course, 
first you must acquire a dog and 
although some sort of racing 
animal can be bought for £300. 
a dog with some breeding and 
a likely look about him costs 
£1,000 plus. 

For. most owners having a 


greyhound in training is a not 5 x <# •> . 

too ruinously expensive hobby. *■> . 

with pleasant nights out at the 

racetrack. At White City they jjggp)E|j^ . ” • 8 j jfy 

have noticed a few peers switch- 

ing down (or up) from horse $|||»Sr ’* 

ownership, and if, in-the main, ggajffly 

greyhound owners still tend to ^ .**•*.' ^ 

be successful businessmen there mm? » jaA ^MBihlMiii' * / '■% jA 

is ^ now _ ^ ^ fair ^cattering_ of * ' 1 ■ y*' ■’/>*: 1 ^ 

ante-post betting, and some of \ . " {‘ 

the dogs running in the final $£>?;.• • - •. .' . .. 

would have been offered at odds -• ■ ’■ wj'i-i." . ..■v&J-' . : 

of 200-1 a few months ago. All v \ 

Derby. • . To celebrate his eightieth birthday Henry Moore has been given the freedom of London's Kensington 

At least Spillers gamble in Gardens to display ten bronzes in outdoor settings. Henry Moore at the 5erpentine runs from July 1 
supporting greyhound raewg to early October. The sculptor is seen here supervising preliminary work earlier this week 

seems to have paid off. It has - - ~~ ~ ~ ^ < - - - - 

sponsored the Derby for six accnse( j 0 f m oving too much in- it is “our most outstanding film Undoubtedly, the main factor in 
years now and tor a >asic cost ve5 t men t other side of ever.” Big brother Lew intends Bertorellfs success has been 

of ^!'°unu £~5.000 gets prestige, Atlantic. But both would fighting back soon after with a that classic Italian tradition, the 
goodwill, opportunities to eni r- t j 3at re tums will come film version of The iWuppets, a family. One of the original four 
tain customers, ana tne mu n ^ Britain, which is a nice re- mammoth production of Haute brothers, Lodovico, is still .going 
sought after television P*UB_ versa ) 0 f t j, e traditional flow, the Titanic and the revival of strong at the ripe old age of 97 
when the BBC transmits tne • ln Delfont's case there is an the Lone Hunger. although he strictly limits. his 

event. In past years u nas added dimension. Under his Incidentally both reckons day to day involvement in the 
made much of the winners tnat two young lions of the film that films will make a notice- restaurant. His nephew Pierino, 
were fed on its brands, ana last industry, Mike Deeley and Barry able contribution to their res- who will be 70 in a few weeks' 
year Balliniska Band obliged on gpikings. became the rising pective corporate profits in the time, is a stalwart of the 
a diet of Winalot and bprarts. jn gMI's film production coming year. AJJ thar and divi- Charlotte Street restaurant and 
But this year any connection g el(i This late5t raDge 0 f EMI dends too! " shows no sign of his age in his 

between the dogs and their mm is very much the resuJt of capacity for work. Cousin 

fodder is being piayed down, as the D ee ley-Spikings regime and Dante, himself in his early 60s, 

the elimination of BaUimsKa on the box office performance MnetoBariQ i* the other senior partner at 

Baud in the qualifying heute of ^ filros over lhe next X 2 JtUdUIlgld Charlotte Street although cur- 

suggested too much van be months that their reputations rnrnar rently suffering from a spate of 

made of the link. will rest. For tirade the collec- GUlHGl ill-health 

tian of fTC films reflects a per- „ 

sonal desire to become the force ^ JUNE 1938 the Escalope The younger generation 
in the film industry that he is Milanaise at the just-opened the driving force behind 
Wlo* already in television. Bertorelli's Brothers restaurant Bertorclli’s present prosperity — 

Lord Lew has been accused of ' n London’s Queensway cost is represented by Davide at 
over-spending in order to get I/r4cJ - Today, exactly 40 years Charlotte Street and Rena to and 
the right stare and stories, pno- almost to the day after the Adriano at Queensway. It was 
Even this column is not aoove ing some of his HoJlvwoo(1 c0m . Queensway restaurant w as Renato who. without previous 
seeing the fascination value ox petition out of the Market, but opened, the same dish will cost experience, turned the Queens- 
a family fight, but it is nice to ^ next sjx moaths wiU prove you a mere £1.90— a use way restaurant from a loss- 
know that this particular one is. ^ b t Qr hardly sufficient to compensate ma};er i n the mid-80s to its 

a battle in which both sides Won<r for the intervening years ol present success, 

could win. On imy ‘eft . .Tbl' Medusa Touch opened to galloping in^ at ion. m { a js 

Lord (Lew) Grade .^f^ what is politely called “mixed” fi reahsuc prices for good ^"^el v dose tSey have stuck 
A TV Corporation and thusITC revues t Londoo with Grade Italian (and French and Eng- hSoMrS^ Inly one 

the major film-making arm of “hi gh **) fare . m a friendly ge^tSu can come 

that organisation On my right brows ,, Jt whiJe the atmosphere is the Bertoreih per 

fif^anrt entertainment p0 P uiar P a P ers save it rave Sjj^phy 6 ' wWch “LrendiSld on every issue is reached before 
of the films and entertainme p capneorn One has re- t^ee - enera? ions since the major decisions are taken: and 

division of EMI and youn^ broad acclaim and Bertorolli bwhm no tt’omen can be part of the 

brother of tlie Grade trio, me seems w . eJI on y ie . w a.v to being 10ur original rsen.ortiii oroiners . nQ 7j cv 0 f 

hattlp fiMds are the cinema _ ZT * t X ;r ,„ PP hie iocs came to England from Italy just management, mis policy oi 
battle neias are i .a money spinner— in ms less ^ World War family agreement on issues was 

screens of the world- effusive moments Grade des- °eiare we rim voru yj . severeIv put t0 the tesr by ^ 

Coincidentally the two Grades cribes it as ^absolutely Having survived two world ice . LTea ’ in business which Ber- 
took separate decisions a phenomenal.” But tirade, now wars and the vagaries of l0rt . Ui - 5 bui i t Qp after the m 
couple of years ago to go into, in his seventies, is not only restaurant fashion (being left anc j which brought much 
big budget international film interested in cash receipts. His out of the oood Food tiuide t|5e but , lttle profits, 
making on a grand scale and, is. so keen on what he has seen since 1973 may have been a Eventually Vons bought the 
although there have been a few. of;- Jfor*e Movie that he is blessing in ^disguise), th^ business a_ Jew years ago. 
tasters from both sides, the having it pre-released m family s two restaurants at Char- aUhough it is still run by a 
m^n crop will emerge over the December of this year in order lone Street and Queensway are b ‘ ran “ h % f family- 

mouths Already sitting to qnalify for the next round of doing record business. Charlotte . ; , . 

^.^ceoftteiaking, from O.ckrs, Street has. in faet, just added The nn -worntn rule has 

?hP cpi-fi hit Close Encounters The peculiarities of the Bri- on two new floors in the adja- relaxed sightly with the intro- 
Tii Kind EMI is cur- fish' film market mean that films cent building; while Queensway duction of Davide s sister. Linda. 
°l n tlv in nroeess of releas- tend, to be given tbeir first air- is currently mulling over its help out at Charlotte Street 
CoSSJ? aZ Driver and is ing in the winter months. Thus own expansion plans during Dante's illness, 

nrpoario® itself for The Dee? the main EMI products may not Yen there can be no doubt that Bertorelli’s insistence on 

h nter fater this year. ITC be seen here for a little while, any expansion will carefully re- keeping the business in the 
^Mnwhile has released its However. Conroy, which stars tain the Bertorelli atmosphere family has undoubtedly limited 
Touch which opened Kris Kristofferson and was made that has existed for the past its growth, even if that other 
t\ ■- week in London, and Cop- at considerable expense in the 65 years: Edwardian decor; famous family of Italian des- 
wtrn One playing to packed southern V.S.. has done appro- while table-cloths with fresh cent in the catering trade— 
: n fVp U.S-. and is gather- ciable business in Tokyo, and flowers; handwritten .menus; Fortes—* has shown just what 
nou&os ^ .j-o strength for Drirer, which opened in Holland waitresses dressed in demure can be achieved by judicious 
i!I S launch of the Boys from ia the teeth of World Cup fever, black who are trained to re- expansion, 
with Tiurence Olivier and- has also been pulling in the member the orders in order to 
SSJJTSLa taOrtober of this crowds. save time rather than writing Contributors: 

tiregory r Nor tQ outdone ^rd j} C \- them down These factors give A n tnnv 

ye ?. ... umthorc have font is olanninn a snectaculat Bertorelli's a nostaicia that is Aiituuy lHOrncrOIt, 


Even this column is not above . 


uregory * Nor tfl he out£ j one i^rd Del- them down These factors give 

yC 5v»irh.»r of the brothers have font is planning a spectacular Bertorelli's a nostalgia that is 
ton much delight in the opening for Deafh on the Nile, hard to find elsewhere. 
provoKea . . ustrv i: ’ W j t j, t heir a. film vereion of the Agatha But no successful business can 
cent moves both having been Christie book and reckons that run on nostalgia alone. 


Arthur Sandies and 
David Churchill. 


TODAY — Mr. Julies Callaghan, 
Prime Minister. :n weekend talks 
with top U.S. industry executives 
on whether Britain collaborates in 
aerospace with £oein$ or EEC air- 
era fl producers. 

SUNDAY — Mr. Denis Healey. 
Chancellor of the Exchequer, at 
Labour Party rally, Portsmouth, 

MONDAY — Prime Minister ex- 
pected to meet President Carter 
to discuss aerospace. Mr. 
Callaghan also receives first 
Hubert Humphrey award for in- 
ternational statesmanship. New 
York. Quarterly analysis of bank 
advances I mid-May ». Mr. Edmund 
Dell. Trade Secretary, meets dele- 
gation from Institute of Direciors 
to discuss industrial democracy 


Economic Diarv 


plans. House of Commons debates 
trade and the prosperity or the 
nation. Two-day meeting of EEC 
Foreign Ministers opens. Luxem- 
bourg. Two-day Financial Times 
conference on Scottish Finance 
and Industry opens. Edinburgh. 
International Whaling Commis- 
sion meets. Mount Royal Hotel. 
London. National Food Survey on 
consumption i first quarter). 

TUESDAY — Confederation of 
Shipbuilding and Engineering 
Unions conference opens. East- 
bourne. Sir Leslie Murphy. 
National Enterprise Board chair 
man, at Foreign Press Association 


lunch. 11. Carlton House Terrace, 
WEDNESDAY — Tl'C of. nt . ra ] 
council meets. Labour Party 
national executive meets Port of 
London Authority emergency 
hoard meeting in attempt to 
finalise a plan on dock closures. 
THURSDAY — Mr. David Ennals, 
Social Services Secretary, af T VC 
conference on 30th anniversary of 
National Health Service. Congress 
House. Commission for Local 
Administration in England state- 
ment on Local Ombudsmen’s re- 
port. EEC Social Affairs Council 
meeting. Luxembourg. 

FRIDAY — Prime Minister 
addresses Confederation of Ship- 
building and Engineering Unions 
conference. Eastbourne. 




>"/. IV i* • 

M 

■ '>?*■ 
. * ■: ><■■■ 

\.v*. v 
* *, ' ", 
.'••■■V ■ 






ft,-* 


is 


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across the W'orld we have 1 ,500 Group branches and offices to offer you in 60 
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Wherever you have overseas business, you need a bank that’s really 
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Head Offiu:: 10 Clements Lane, London EC4N 7AB Assets exceed £7,600 million 


L 





16 




COMPANY NEWS 


a*.-: 



Brown better than 
expected with £23.2m 


PROFITS BEFORE tax of John be declared on August 18, pay- year-end position was a net credit 
Brown and Co* at £23.2m for the able October 6 of 4.712p or such of some £15m compared with 

‘ borrowings 


year 


year ended March 31. 197S. are in larger amount as would reflect £9.3ra net 
line with the January expectation any reduction in the ACT rate, earlier. 
o£ more than £20m, and are well The maximum permitted total The group has capital spending 
ahead of the £I0.Sa'm achieved in now will thus be paid. The plans this year of Horn, maialy 
1976-77 previous total of 7.88p included a at Clydebank and Wtckman, but 

~ Th*ri> ^ h« hepn a fnrihpr second interim of 5.28p net. with Markham also significant, 
improvement in liquidity. bank ^ Gas Turbines pro- At Wickman, the B«mp ^ 

borrowing* have been eliminated duecd ex<fell ent results, the spending both on making the 
and orders on hand total £272m directors report. It was also a factory- more efficient and on new 
compared with £176ra last year, eoo d year for Craven Tasker and product design. Two new proto- 
thc directors reuorl there was a general improvement type machines have been pro- 

Foiiowin/ihe ~ood vear the elsewhere, except for machine duccd. but the main stream of 
r 'JS tools. the business is -as bad as it ever 

Bojrd expects the lurrent year. Tax of £7.72m f£l ,73m > has been was." 

f " r. r ,1 I , » .ht n «Mi« C f a p r n r V ‘ provided in accordance with ED19 The Ham spending programme 

will d„jin be thought .satisfactory. OI1 ^ ihp nrpvinn« v#»r'« fivuroc .. wKo.it tairino into account 


MaiD and ihe previous year's figures is without taking 

Turnover was izs.l.Sm against revised to compare. Prior year- acquisitions. 

£214.7m, gas turbines and deferred tax written back on The group is clearly as inter- 
spccia list fabrication contributing change in policy was £5.31 m esied as ever in making a size- 


£71.2m ifo2.ini): process engineer* 85m). 
ing and construction £i0l.8m 
l £G2 Imj; machine tools £48.2m 
f £4R.3m ( and general engineering V^'Z r ., ’"V7" 
and miscellaneous £62.fim 
I £52 ,2 m 1 , Xet prnfil ...... 

A trading profit breakdown Minorities 
shows gas turbines contributed Fxinmrd. • rvUu 
£7.5m l£j.7mi: process engineer- fJSrt* ^Vt^nds 
ins and ccmstrucnon fMam Second im-nm . 
tools 


1977-78 1976-77 
1000 £000 
SASI4 314,74! 
23.149 10,374 


731 
15.477 

4 

571 

16.044 

670 

741 

M.R73 


able asset-based acquisition to 
give it another proQt-caming 
division, says Mr. Mayhew- 
Sanders. 

Although an overseas acquisi- 
tion is not ruled out, John Brown 
is clearly in a mood to use shares 
9US for at least part of the price. 

Thau provided the deat is big 
enough — £6m nr more, although- 


1.729 

3.150 


41)9 

831 


[.905 jh c Hr oup may be thinking In 


<£4.1m»: machine tools £2.3m Retained 

i £2.Gm i and general engineering. The group has written down (erms of much ^ more than thi.« 
etc., £4.fim (£2.4m). the value or its Westland hold- would open up the prospect of a 

Earnings per £l stock unit for ing by a charge against reserves bi nn er dividend Even a doubled 

the year are shown at 9S.:ip of around £1.5m. dividend would leave the group 

«59 2$pi and net assets per unit. .Asked about the cash position more than five times cover. 

3S6p tSOflp’i. of the group Mr. John Mayhew- 

A second interim dividend will Sanders, chief executive, said the 



.. jinanciSl 

■ ws ANALYSIS-GO EA^T ; 


Goldsmith’s virtuoso 




Over the last couple of di 
details have emerged of Sir 
Goldsmith's latest virtuoso 
form an ce — an intricate 
change of assets involving 
ponies in Britain. France, P; 
Bermuda and Hong Kong. 

The net result — which 
has to be formally ratified 


BY CHRISTINE MOTR 

This is the group that General 23.8 per cent of Occidentals pVua 


h- kev is the former British quoted .options over a further small stake ,. 

r nronprtv company, Argyie Securi- of 8J perjeent. • -* 

propwry comp .. . _ -Sir: Jariteshimseif retains 51 per 


ties. 


Over the last few ■ months cent . of. Trocadero which givef 

V *T* . 1 . ___ him. io4ii-iui( unnlml muir 7 8 npr 


ArSle has been completely .trans- him iaotireet wnteqj over 74. per.-: 

Wa» Krtito-Ht -hw cent of Oorideutale s shares Dlu? • 


— is that between 41 and 44 Jr two Ocddentale subsidiary, .^rsona tocL^tioiamg oi a .. 
«n t O, the French congUmte^o jroperB 

wveii . .. . — !Panamaman .... company Evoc . - 


Generate Occidentals - ends 
split between Sir James hi 
and a Hong Kong quoted compa; 
General Oriental, in which he 
the largest shareholder.' 

On April 17, when its 
were suspended pending 


n88m "in cash for them. ■. -^anamaman ... company 
A^lc raised a .loan wWch-ifS™? : 


ArgyiC ratav-« - .«-«< „) •- own- 41 per cent of 

the Occitleniale' 

nciK suaiictiuuu Kcuuuig au -tflC aOCUXPOniS-. A L -iehj Vtti.u ii, ♦!,* ; Du .„i 

acquisition. General Oriental vi$s £700,000 on buying a 20 per cent stafce H«tr sY 

an insignificant investment com- stake in Trocadero, a private Oweatal^ Argyle. Jtseli isnor an : 


pany . with 8m shares, valued 
the market at Il.Soi. Vesterc 
trading resumed at HK$2 a sh 
which means that when ehs 
holders approve the deal it ’ 
be worth £24-5m and harpe 2( 
shares. 


owned by Sir insiEniScant' : ’asseL.. Its latest . 
•.ES? company •• ' balance-sheet shows cash Df 

Trocadero’s main- asset was an with a further still to come 
IS per cent stake ,in Ocddentale. irpm Cavenham from the Marcr.. 
Argyie is now to increase its stake propei^^sales. ■■ - • , 

ioTrocadero to 48 per ceotand,- ; ^3>art.frpm : a UK houwbutiduit-- 
will also buy a further 3 per cent- corapapy. ' Called . Maidenhead 


In between Sir James has gi4n~- Occiden tale stake from Trocadefo. wtacb". made pre-tax profits o\ . j rt . r% O 
General Oriental such a-massp?e. This left Argyie with a direct £730,000 last year, and £2m worth \ I jj J t S A- 

Stake in Occidentale of 20.1 : per of residual pippertiest Argyie . ha.^Vr 
rtiroussh its shares -in how .beeti/ .transformed into 


/inhU-if 4slfuood 

Mr. John Mayhew-Sandcrs. chief executive of John Brown — 
he is to succeed Lord Aberconway as chairman after the 
AGM an July 28. It’s been a good year for the group with 
a further liquidity improvement and bank borrowings 
eliminated. 


.©diffusion recovers in latter half 


OM TURNOVER ahead from RcdilTusion is controlled by which continued to benefit from 
£13S BSm m £i54.3fim pre-tax British Electric Traction Company, increased advertising revenues, Austin 


profits of Rediffusioo for the year 
in March 31. 1078. rose from Tur „ livrr 

£IK.47m io a peak £17 43m after TraiJ | nE proiii 

beina slightly down at midway at p*prei-ljti<»i 

£7.2Sm compared with £7.->3m. Cmuiiwwiwi*'. ernv 
The director-? say profits were 

again affected by losses in over- 
scan countries. 

Earnings per share are 

shown as being slichlly ahead at 

7.71 p (7.6fp> and the total divi- 

riend for the year is increased lo pr'Jfcrenw rfividend 
the maximum allowed. 4.71'lp Ordhur> inierim ... 

(4.29pi. with a final net payment ^rdlnarv final 

of 3.9 1 lip. Rewtatd 

There was an extraordinary _ commen t 


lnr<-rc,i 
Sliar>- nt a' iKiaip 
Prof ) i beTore lax 

Tax 

Ncl praHL 

Friim rniniirlii<*4 
Extrnurd •.-rmlit 
.Vrirlhutahli . 1 


«..» c.. c year as a whole. .Although Lon i Liverpool Tst. 

20.703 18.2S1 the group had the full benefits of Reumusion 

2-9*» a 10 per cent price rise in rental heaps ^ 5°.^. . .1" ' 1" LI " ' 

activities — reflected in a 17 per ~~ 

cent uplift in turnover in the 


1B77-7S 

19711-77 

roon 

fono 

1.H.S33 

135.6-S3 

W.fiiS 

37.076 

1*11.710 

1S.2S1 

-2.109 

:.o*s 

1.M5 

l.MK 

•'.SKI 

IAS* 

17.C9 

16,679 

11.130 

10.770 

bJVI 

5 . 7 m 

94 

673 

446 



h.fC* 

6.373 

34 

74 

T*M 

y-’» 

3.2.17 

2.S1K 

2.S51 

2.801 


profits at the pre- Cardiff Malting 



Date 

Corre- 

Total 

Total 

Current 

of 

sponding 

for 

last 

payment 

payment 

div. 

Tear 

year 

.. 257 

July 27 

2.34 

3.85 

3.48 

t. 

Aug. 1 

0.9 

— 

1.7 

4.15 

— 

3.75 

6.4 

5.75 

!. 0.46 

Aug. 9 

0.13 

0.59 

0.42 

.. 3.92 

July 27 

3.42 

4. 79 

4.29 

. 3 

Aug. IS 

2.43 

5.44 

4.35 


transfusion of assets that the 

asset value per share, despite .tSfli eent — and through its shires in ti' 
dilution, has risen from HK$) B4 Trocadero an indirect holding. of investment vehicle. .-.-Vi 

to HKS1.4S. . J-v' a further 7.4 per cent. . It has already invested £I.7m 

Although there are -other/. Just prior to ' these -.puridiases what 'Sir Jamesf ^scribes- as “str.v 
elements Involved the life blothl ; £von a private Panamanian com^tegte- holdings.” . among their - iT-. 
in the transfusion is the 31 3 per'pany in wliich Sir James Is -die £400, OjM) i» : OryefliMoa. jiretfereah. : - 
cont stake (which .could rise bf-- largest shareholder (though not shares. . ’ ; 

another 31 per cent or so through- 'outright control( came oh "the More,, flambeff ant Is -its Isles • 
options) which General Oriental it bough Argyie from th'e .-ventiire. Argyie has- -lent Mr. Jo hr : • 

now has in Generate Occidental*. . Ocddentale subsidiaries. ' Aspmall : £S25,00p to buy con ; 

Occidentale is a major Frehfch. - n j s Evon which has now -sold .y ffijh to shares in. a ca si n o caller - - ■ 
conglomerate ovrning . not only Argyie to Oriental, in return for AspniilFs Clabi It has also pro - : 
98.5 per cent of Banque Oecideir- a 80 per cent stake in Oriental vided.£l}m of guarantees to thi . ■ 
tale, and General AJhnentaire^.A'-. Oriental already owned 7 in;: its club..-: Atoilg the .way ; it has ar‘ ^ - 


• Equivalent after alluwing for scrip issue, 
by rights and, or acquisition issues. 


On capital increased 


by heavy 


losses in 
Its Hong 


brokers Wlgham Poland and 1 W agreement to buy -a further 3d now. and 1988. ... 
per cent of Cavenham, the British, per cent (for. more shares) from It has .also lent the c5ub.£200,0l>< - 
food retailing and manufacturing ^some independent .directors of .wbich it -will use . to buy Mr. - 

group, which also has a half share" Occidentale. These are now bednSAsplnaJI’se 40 ' -pec cent, share in;. : 

in L 'Express, the largest weekfr'. trarntf erred to Argyie which also compapy.-wtaKda.runs animal pack; 

magazine in France. -£ '.:has options over a further stake and zoos. . / - 

In 1976 Cavenham alone BaS-lheld by Trocadero which could . 'So Oriental. looks Bke tabling Uf..- - 
sales of more than £l.Gbn and -amount to 31 per cent • .with 20 -per cent of a zoo and-hal ... . 

trading profits of £4Sm. Generate: At the end or the day, there- a casino as virefl .as' a third o' 
Occidentalc's 1977 net profits fore. Oriental will be the apex .of Occidentale. \ And it could stil ; ... 
were nearly £20m. : r 'a pyramid which directly .owns have-cash for more.' -. . . ■ 


recover costs from what ‘has 


while the Canadian cable-making 
operation is still not in profit. 
Redifron Telecommunications’ 
problems are being sorted out, 
little but could see some benefits from 



Scapa belter than 



credit of £446.IH)li for the period 

comprising fK.i9.0Qn profit on sate Rediffusion has done a 
of land and buildings and other better than was hoped earlier this reorganisation in the current year, 
assets overseas, less £213.000 year. This is due to a beuev-than- Meanwhile, the shares, at 93 p. 
incurred in the reorganisation of expected contribution from asso- stand on a p/e of 11.6 and yield 
Rcdifon Telecommunications. ciates. particularly Thames TV S.l per cent. 


Leigh Interests £2.7m 
cash call for expansion 


deficit is £0.42m at six months 


in reoruary wnwi uw s ^5- Bury and Masco 

Leigh Interests is proposing a make final progress payments for announced its offer for three-quarters of tfa 


PRE-TAX PROFITS for the. year . # comment ' ' ? ‘ a fl ' 4am w: -- 

f el from 3 W 63ni a { 0 S< £714S E? SS Scapa's full-year downturn is only *Ster tax of £34LflOO ( £3 64,000}';' .. 
turnover 0 of £52 36m acainst' around 7 per cent, compared 'with :net profits for the period dropped , . „ 
r44?Km ^?‘tbe 15 per cent shortfall predic- from £524,069 to £290,000. , . 

, rl'u ...i ted at the time of the offer for The company, which owns and ^ . _ 

In February when ^ the Bury and Masco. • With about: lets properties, is . controfied bj 

. . __ - , , ,, ... . three-quarters of the gnmp.’s.sates. the Kenning Motor Group. 

£2.71m rights issue with offer West Thurrock amounting to Mascp (Holdings), the dUOm ng’’ g ener ated overae at .the;^,- . ' -V ■ ... 

of two ordinary shares for every £400.000. warned that strength of sterling- was expected - - • ' ' - . 

five held at I30p each. Also the joint venture develop- sterling since to cut deeply into second-half Vniiofllll CPPC 

WITH A deficit of £555.000 by quite healthy.- - “Nevertheless, management Giving their reasons for the ^ TunJel^oldto^s 5 Hkily^o haff S uralu1of£3 4m^.llm) P rofi L ts b V t in : ster ^ fOUgOdl SCCS 

the motor vehicle manufacturing It was necessary to take urgent morale is now improving daily cash call the directors say that and Tunnel Hod ^ s * - . sur P _ weakened aeainst the doH 

subsidiary compared with profits action early in 1978 to establish and there is every indication that the success of the group's 
or £15.000. - - .. ... . ... 

offset by the surplus m xi4H.mni Iiv lens meuium. tuo lias iuiure. • encouraeea inem to pursue wirh Tunnel Hold- vear uiv tax taaes xiueiu ■ - . 

™ th " •“ redu -" da ^- ras '’ ot furth " for .Taaissvsi's. "«n ,&xjr~'*r 


and Tunnel Holdings is likely to half surplus of £3.4m (£8.I1 jb) ^ ea ir ene d acainst the doHarin'the ■ . ‘ : . • 

commit Leigh to a further total and those for thelatter halfapd SiqSarterS^b^^o^ome -reCOVerV Ml 
expenditure of about £400.000. they expected full year profited -SSSlS?Jin th?Bs ! and<^nadS>- 


"being only partially th^ mo mr company ala realistic "the ^roup can haVe healihy Sea losafe waste dispel ^nt has tatoSfSri 'buoyancy in the U5. and -Canadian j . 

e surplus «f £139.000 sjze^he tell s _members._ This has future." • -couraeed _ ,them__ to __ Pursue ^^d" wlS tSXhoIZ Vu^ye^UK tax takes K “nt SCCOIld 


side. Reliant Motor Group £548.000 in the first half and the ^ comment 


197R 

year. 



overseas 

- _ sion. 

incurred a pre-las loss or £416.009 final mtal of redundancy costs A, thoup ., 

for the six months 10 March 31. wffi amount Jo approximately «L n y ct ,^ J Et p ^i.J exoendKe 

ic.?s Profit-- finie to roonono £600,000. Reliant Motors latest results expenditure 

•for "the first Sven months of The benefits or the reorganise show the car division in the red, the results «i ««t year. -•« able imuauy to reauce snon : wrn. jurni^. half of, group prams, « conrmuu. S wouia reuim u» 

and r'lKniiM) for the full tion are already evident, says Mr duii lo a further decline in sales of .“te £1.3Jm expenditure w«i bank indebtedness, it is intended (19 ; 9p) per 2op share aname „ ^ cover j r trend although the within the second half of 1978 

d ’ h Nash- The motor company is now and uneconomic overheads. While JJ*ke « Pgjit've for to us e them principally to Hnanra dmdend totals 5.+mop (4Jo38p) home market ft- give M i^ti^dale - picture. ;i;\t f t 

\r the ACM in March. Mr J F. viable and trading on a profitable car sales figures for the first hair the first time durmg this year. investments which w II enhance ne » with * tojl of Sj. remalns'WaL^he shares rose 2p he said the spedal costs of . the- , y 

Mash tho chairman, Forecast a with an improving cash not available, registrations Sea losafe 2 which came on he groups a ^?I tlcu rly W a?f «t^nee7 finish 5 to the 1 ^ rea"s t0 9S P tdgive> P/e of 5.7 while reorganisation oF'the, .-Youghal;:- . 

first-half loss of some £450.Q«l «««• .He .anticipates that, in the £, ^ciJ^Txpect in the cenL . plant, wd the.^mihal, 

. - _■ 1.. I« Amarin*) ami ■ \ ^ 


W 


!»nd -i fi ( 1 l 'v^-i r nriifit o f nut less second half-year, the motor com- Scimitars in the first five months making a satisfactory 
?h:?n £2ai) OoS pany will make a profit of of . 1978 fell 36 per cent. This group trading in ih 

The motor company had a tnd- approximately 


pany will make a profit of of JUiS fell 36 per cunt. This group trading in the first two absence or unforeseen circum- particularly in No^h-America and 
£460.000 The follows a 10 pur cent decline in months of the current year is at stances, to reenmmend aggregate some counter movement 01 


c ico niio -iDii Vhi>ri* engineering and fibreglass fields enginee ring division performed says in her annual ci.-uement that The issue has heen underwritten na.s m m tuncu. 

ipmiiftr-irv 'omnlnvmmt i ha i should be capable nf genera t- satisfactorily but Reliant’s overall the directors look forward with by Kieinworl Bensnn and brokers phase been com 

4 rtf rtiionn Rodumiun.-v teg profits in the foreseeable position was distorted by redun- confidence to producing satisfac- are Sheppards and Chase. n “ rm ** 1 level of 1 

s or A..+4.UUU. i-seiunuanLy j- uture _ f, e a( jds. riom-v rtn<rc u hi.<b ommtniaH trt t.yrv roc, ltc the North Amen 


prcfils 
were 
subsidies 
pajTnents came to £31.8.000. 

Six 


dancy costs which amounted to tory results. 



mi ha 

niTM, 

Year 


1977- .Tt 

15T6-.T 

Z97K-77 


XUM 

iono 

£0Oll 

Turnover 

12.393 

15 00.7 

2i MR 

;.tnmr Vi-hul-s ... 

P>:i 

12.519 

21 923 

F.iiain-'.nnj 

2 'Hill 

2.37K 

4.0.7S 

Loss before lax 

416 

-229 

*360 

Moi**r volil loss 

•413 

*15 

■104 

Encinrn^. proQt. . 

739 

214 

2.K 

Tn* m-ilii 

fi7 

' K7 

^1S1 

Ni-C loss . 

349 

*1K* 

•177 

KMranrt. n.-hiix . . 

— 

9 

— 

Tn nunnniif-x inc . 

1 

t 

1 

Pr»»f. dn id'-nds . . 

* ; 

r 

4 

RoI'JHi-.-il loss 

3K 

•15i) 

•171 


of rights 



already incurred in the . running _ • . 
down 'of - the -Morris and Go.;— ,;l ' 
(Kidderininstec) and Gloucester 
. Carpet. - Company plants— which. 

_afe _ being . clMed-rimist be - - 
. segregated . from . . the. trading.’, ' 
position. ’.. 

Taking.' these . factors. . -Into- ]_'• 
account, ?Mr-l "O.'Brien added -that'.- 
iircreased indications were- that the group : 
pre-tax would'rmctir a loss for the half-:' :. 

Lcigb Interest's The group manufactures paper- proms’ at Aemungs estates foe year to June Sfl, 1978,. but would-:.- 
issue looks somewhat machine and other industrial felts the six months to Biarch 3^ 1978, show, a . substuitially improved- - - . 
Debt at the end of and cloths, filter fabrics, and were iffwer at £631.000, compared pjeture as comp^ed with the -> ; 

waste disposal units, etc. with £888,000. For all the -pre- second half of 1977^ .. . ■ 


Midway ^rop 
by Runnings 
Estates 


been compatible wirh a 
activity and in 
the North American group and 
other overseas companies the 
level of demand is . encouraging, from £644.0OT to 
Interest’s The group manufactures paper- profits’ of Ke nning*; 


-\ 


Although turnover 


But it does not now The directors 

200.000. ” look as though Reliant will reach higher returns. 

Thu chairman warns that share- the £200,000 pre-tax level forecast 


state that the paid out for an acquisition. Cash 
being achieved flow last year was around £0.9m 


Stronger base at Warren Plantation 


Protli t i hire' 

Mr. Nash now sa>> of the motor 
company that *■ after drastic 
.?urgerj. the pattern is going to 
live and uouid in fact become 


to make more than a -small profit annual meeting in March. N 
for the year and the directors do the companuy expects to m: 


not anticipate boms 


profit. At 


able lo only a small 

recommend a dividend in respect yesterdav. the market capitalisa- 
oF the current year. lion is £2.7m. 



ts due next week 


A fair spread of company improvement. Estimates guner- reported a £lm interim profit almost certainly increased. On 
results .should keep the ball ally fall in the £2Sm-£29.5m range, increase and other leading U.S. the UK food retailing side the 


ever, it sounds as if Leigh Is 
contemplating -substantial capital 
expenditure this year — it has 
already allocated EQ.Sm. and Ihe 
rest of the cash may go in 
developing overseas activities. 

Leigh's profits are based on 


annual report. not received any. funds in thus the agency 1 - and - engineering 

However the buoyant commo- country from India since early sectors.; As a vffrst- step iri this .//' 1 -r 

dity prices Tor lea and coffee did 1977.- : . 1 w .• d rrecti oh thef company. is. acquiring 

not ronlinue into 1978 and ll is The audhors,-PareelI.FiLzpatrtck John Bakeh. A mefal'.ftle manu- *-.c r - 
likely that the profits for the cur- and. L Cp^ . have qualified the factoring qperatidh'JB:?Pinbay; 

rent year will he not as good as accounts on these grounds and In. line 'with . tBe’ pblicy of the ; = .-. 

the record last year, says Mr. say no adjustment has been made government W* Kenya, it' was • ^ - cZ . f : 


rolling next woi-k as Wimbluik.n Chubb’s preliminary tisuros. hotel aroups have also recorded first six months will have con- ua ^ e disposal— last year this saTmon^ Biit^Rh'tVe diversifica- to" the lndran fixed asset values decided 'to? ehangc tite'' gtetus of 


be announced 
will reflect 


on significant profit increases. They tmued to suffer frum the price division accounted for more than rjon'noiicv the ievei 'orinaintaln- following --’transfer of those assets Sasini Te^nnd Ci^ee^fflto-a lopally 
the point out that hotel occupancies war though ihu new UK four- fifths '■* — »*- PO |l ?»-. ine IBV ?* ,u .' .. t-ju- ...i„wi.-. ; 


fortnight gets under way. Pre- which will 

liminary figures are due Trom Wednesday, . . 

Standard Chartered Bunk. BPB favourable impact of the eight- account for only 50 per cent of cigarette operation will not have method 

Industries and Chubb, white week firemen's strike on demand the hotel division's revenue, the to bear the costs of the State j n j 

interims ore ex pci- ted from two for lire prevention and detection rest coming front non-room items Express launch until the second over its 

companies which ore pacemakers equipment But the strongest such as drink and food sales to half. Meanwhile, there is scope j s p| en ty 

in their respective s^c-iors. BAT influence is likely to come from the public. The catering division for recovery in cosmetics. 

Industries and Trust Houses an improvement in the con- is expected to start showing the Standard Chartered 
Forte. Also due to report jru triburion of the Gross Cash benefits of the reorganisation and report a pre 

imperial Continental t-as \ssru-ia- Registers subsidiary. It turned the performance from the leisure when it release 

finn, I. CP Holdings. St,R Group, in n loss of fl.lm from .icquisition sector is expected to improve, results on Tuesday. Us South while the p/'e, on the 

Itunuld. >IK Electric and Kicking date in January. ]!ln, to All these positive factors lead the African subsidiary. Stanbic, has capital and based on 



Warren Plantation (Mt. Hagen) 
had a very successful year. The ,-w 
group has now extended its '‘"1 

. . capitai to reflect the change in these negotiations are concluded Interest by setting up a bead office 

enlarged t h e group's capitalisation. it is not practicable to ascertain In Port Moresby and also taking ' t.* pZ - 

Pre-tax profits for 1977 rose the effect on the accounts. • a 25 per-cent interest , in Manor > ^ ‘ 




* - r^r cent estimates of profits of £1.3m this from £4 ,j7 ra lo £jo.9m from cross In Assam thejtea crop showed Oil Palms. Partners in the develop-. '? >41 

lllna imprest uu..r ic It 7 J uar.- hmh ratino . .. . r mn -n . - tl : nnar tha Mvninnc .f . u.-„ 1 ’ ' • 



— - - — - - - - — outside 

lcniccost, September 30 hut reniedin I action second group of analysts tn already reported 

Full >ear results are due from t:iken suggests that it may have estimate a figure in the vicinity profit increase. and failing interest year, is 18.7. 

RPR on , Wednesday and may he pegged some of this back in the of Clfl.Sm. rate-, augur well f..r ihe results everl f or a company 

adversely alT«-iieil by Dnnr second half. The City analysts BAT Industries Is apparently Troni its UK-lju.sud banking, been lagged 

weather in the -.eem/t half. Much are suggesting a figure in the quite insistent that interim pre- finance and insurance subsidiary. j n the market, 

of ihe scope for improvement on vicinity of £I5m pre-tax for the tax profits can only be maintained The Hodge Group. Analysts have 

last year. £'27 tin v-i-m-. io have Chubb group. but most analysts arc expecting been firm in their view of a good urxjj VC 

arisen in Frame where price . the group to beat last year's result from Standard Chartered tetter 

restrict ion-, had hit building City estimates or Trust Houses £2i7m. Esrimares are grouped in for some months so ii is surpris- The circular containing details Tmfia ha „ w . 

malarial .onipnnr-s partieularly F " rte 's interim result, due next the £220m-230m range, although ing that the share price took a of the rights, issue by Hcnlys has i« til" 

h.idly. Signs are that new cana- Tuesday, vary according to the analyst one i s going for as little tumble from 41Xp tn 3fi5p last been sent to shareholders, 
oily there has increased the importance analysts place on the as £2t0m. The results, due on week. The explanarKm appears A notice convening an egm 

group's market s-hare The sit ua- group's central London hotel Tuesday, are certain to be lo be that there is vneern at the caied For July 10 at which an ,- mn . lni , t o tax the secretarial ehnniff-Whave a material effect EC. Julv 17 at «non' V 
Mon in Holland looks lo be iurn- operations. Bookings in this affected by exchange movement* possibility of Standard announc- ordinary resolution will he pro- tempting “ ta * ^ secretarial should not . Save a material effect ec, Jiuy i7 ai ao on. 

ing round while tiie Canadian area have been relatively flat but but given the group's rulransla- ing a rights issue ai the same posed to increase the authorised - • ■&■!...■ . .’ 7 

market ceems to he bnttoming profits are slighMy higher due tn tion at the year end. too much lime it releases its results. In due share capital. 

»un. Profit- from this opuraliun, increased effective tariffs. This, emphasis should not bo placed course the bank may need to Dealings in llie now- shares are 
however, arc undersrood to be together with the fact th.it THF here. A price increase in the US. finance its propo.si.-d C^lifcirnran expected to start on Monday. 

benefiting front exports to Ihu is in a seasonal business leads in August will benefit the whole acquisition. While it docs not yet 

U.S. Meanwhile the Price Com- some analysts to estimate a figure first half white November's price need lo go io the markut for more 
mi-Ninn ha-, granted an inierim of £7.Sm pre-tax. against £fi.3m. rise in Brazil came three monihs Tunds analysts feel that it may 
Price increase in the UK while The second group point to thu earlier than during the previous have reached the conclusion that 
the building sector here is at very strong U.s. performance year. In both cases market share the issue climate i> the best it 

of where Tfavelodge has already has been maintained and in Brazil will Ite for the rest i.f th c year. 


the chairman says that in spite of tinues. to be .imposed at a penal who own 50 per cent of the equity 
almost continual negotiations over level thereby restricting the and SIPEF of Belgium, who have 
the last 12 months, the formal resources that would normally be an equal stake id Warren.; 

of approval from the available . &r capital expenditure. In .the UK DKS Containers’ 
• to in T 978 the’ group will’ be con- improvement- continued and this 
be issued. In addition lo the solidatin&v-W : per- cent br, the .company ;. has proved- to- be a 
finalisation of these proposals, the results ol Warren Tea. Due to- the worthwhile UK diversification, 
income-tax department are high tax this dilution in ownership- . Meeting,. Great Eastern Hotel, 



least showing .some .signs 




AniiuunLi-- 

Dividend 



Annnunri 1 - 

Dl 


Omin-iny 

mi-iu 

Last 

yr.ir 

Tills year 

Company 


Last j 

ar this year 


due 

Ini. 

Final 

Ini. 


due 

In:. 


]»L 

riNAL DIVIDENDS 





Stead and Simpson 

Thursday 

0 412 

1 47K 

0.46 

r.<l.-.ir Afli-n kxllrtitr ... .... 

Wcdoi-vlay 

1.2 

3 n 

1.2 

Tranwood Croup 


— 

’M 


of YnrVshirv 

. l-riday 

49 


1.0 

Walker and Stall Holdings 

Mondav 

— 



PET ftniHIhllS SvTVKVS 

. Tuesday 

— 

— 



Wesion-Ecjnx Croup 

■ - Thursday 

A«_’T 



t:pn x 

Wodnrsd.iy 

3 4 

2.4ifii 

J.Wi 

Wharf MiU hurnish.-n» 

i-ndav 

n <ut; 


0.G03 

4’ral'v lysu-- 

. Thursday 

1 77 

2 ij 

^ iM’r 

WMtecmft 

Monday 

: ti 

■V |- 

4.4 

p.rtduenrt Wiki-vsi-k 

1-riday 


Nil 

— 

Wilson Bros 

Monday 

0.3 


0 648 

i a-rd . Ound-. i 

. Tuesday 

— 









9 'Hnldm^x' . 

.Monday 

D "K 

1 1143 

1.0 

INTERIM DIVIDENDS 





CawUdvv loju.si rial HoWhiks 

. Thursday 

— 

2.2QI 



Aahdown Inces'mem Trust . .. . 

Tuesday 

1? 

•» V - 


< and So>i 

Wednesday 

1 212 

2.2‘W 

13178 

PAT Indusinos 

Tuesday 

7 y 



l‘(c-ira»<>iiir>onvtils 

. Wi-dntvJay 

2 II 

•.'.52# 

2.4 

Belt Brothers 

Wednesday 

n fis? 



Eiiuiiy C>.n.-on ln\(stm»-ni Trust 

. Tuesday 

1 95 

7.9U 

1.98 

Plundell-Pemioslarc Holding .... 

Wednesday 

o rr, 

«r: 


First N’aiiunjl l-'ln.imc Corporation 

. Tuesday 

— 

Nil 


Crvmtv- Croup 

Monday 

n.ril 



r.iiisour 

. Thursday 


1.7 

1 

r.CSB HoldinRS 

Wednesday 

fi.4 



i.rvsli.un npu.«.' Esi.Ui- Company 

. W-dnesday 

1 4 

1.# 

1.4 

C' , ai»ce Trust 

Vnrtay 

Ii TS 



It. Inm 

. Tnosday 

0 56 

(If* 

I.lillt 

Hardys and Hansons 

Wednesday 

2.1 

4.:i 


Il'i-kntc f niMi-a and On .... . 

. Wednesday 

-.•! 

4.1 14 

2 X13 

M and Ci Dual Trust 


5 0 



linprnst i nniioi-nial ‘lai .Vssoriariint ... 

. Tui-srfnv 

■7 5 

3.24 

4.n«r 

J. F. Nash Seuuniirx 


'J.i 

■6 l!; -- 


'Ijiiinv Jjn.t-' InUuMri-s . ..... 

. Tuesday 

— 

— 

0.5 

Norfolk Canltal Croup 


il.-.* 










n - 





1 4 








’.tiC Rl.-.-ir.c Holdings . 

. Widnrsday 

2.5 

2.K9 

3.0 f 

Trust Houses Forio 





r* .iliniia! Carbnmsiiu; Company 

. Friday 

— 

1.3 

0SG 

UTidl llnss 


0.9 



Rtih-T! Mnss . 

Friday 


0.931 

1 0 






Pr.-mj'-r Cnnsnllddti-d Ollfis-lds 

. Thursday 

— 

— 


INTERIM FIGURES ONLY 





Pmiu-nv llviiiim: and Investmeni Trust 

. Tui.-sday 

2.2 

■1 • 'IS 

2.5 

Johnson and Ranies 





H.-znlian Pnipenivs 

. Monday 

— 

Nil 

— 

Sehorw Rubber Company 





P.-nulfl 

. Thursday 


5.951 

2 6TTT 






II'iim isk Croup 

. Tuesday 

— 

Nil 


•Dividends shown iv.-( rv nee 

jirr f-hnre and adjusted 

t«r ane 


fun in. 

Monday 


1.657 

B.SfiR 

issue. Includes uoinm-RS.iiina 

dividend dm- In change 



i rand 

Crnflv 

. Wednesday 

— 

— 

!.« 

inierim in lieu of final. I IneluileS sei nnd interim of 

n.Utp. 


Si-mdjpl chancrnl Bank 

Tuesday 


13.223 

7.M9f 

inierim o' * Ob. i.a> First ina-rini uf 4.4p already paid. 





E. Austin 
turns in 
record £0.4m 



Other overseas markets now in favour 

MANY Unit Trust groups are still returned.- frteff Australia anda fixed-interest marker and to offer- -J [j: 


.. , ^ . looking overseas for their invest- review of his i^actionsi appears on ing iLs Schlesteger Preference and < >: 

The dtrectere o^. Austm and ment opportunities, but this i week's page 7. . If- inyestors share his Gltt Trust. . With interest rates at - 


.. • \ fnnnprl . 7 r 1 u jmuc I... U mo V«U *»¥OU. i niUI UiUulCOL I dUSa « 1 « (V 

Sons (London) announce record batch of offers shows that they are view of -the- marke or want to -theii: highest' leyels-“thts.year. the. ' 

J S t?i - c n m o a red ! ® okj ' ng at other «•**«*■ besides cash-ln on Us ideas, then he can ' managers feel Ihat-this scrtorcan'. '%5 

iSS S r n{ lif time SJT tiiim- the U ’ S ' do- so Witfi'tfae ; tereteyB Up icprp* provide.^ high- level .of . BtdWe ■■= 

with £ “ 90 > ;‘ S1 rJ OO L t fjL 43 m At The Crescent Unit Trust Australia Tresf, which has a mini- income; Bedause of the current., 
SJJSLff nrnfit ™ »lfead from Mana ee« feel that investment in mum outic^ pf £250: ": "legiaatlan most of ^tiie portfolio- J ?»’ 

£104000* to £174 OW and directors Japan should provide good long- The unit friiSt figurra f or May (80 .per 

ho^jd^or 1 some improvement for ^ ^ued- -thjs/Wee fc'-- infl ate; .'ttot-^CTgide ^he mndMbg ' — 


CP, .<,-,17, on \ he vear aftertax dusirialised countries. Inflation been going: heavily Jnto the U.S. .'cent.grp^te pneof ^the hlfthost .. 
nr P’O* 1 037 (£148 664). rales are low ar, d currency is marir«»i-. j»Bff Ajbuthiiot Securities .■available 'and there are capital- 

Ti.n w i n.e cMip thAi com oar- stable— two more bull points for still remidhs enthusiastic "over the growth ^prospects shouW-intefest 



1 3.491 3pj with a net final or 
2.371 5p. The company is involved 


oU. 


Barclays Unicorn in contrast Internatianal Fnnd is^ ^ £750, 'dr £40 -hie. > Us'. Share .[ 'Exchange Tlaff. 
feels that now is the time to set pnr month on" ffie ragularsarings-.-enaiibng'Jhv^i^ fi^Wifci^^to < ^ z*-. 
into the Australian market ahead pJan.4- •••••• «■'•' - 7..,' .v'rtmits .on ^favourable: ‘terms 

ina rerials and cf the herd. Investment man- In .writrastl - Scblesinger ? - 
3*3^^ Mr Bill Hilling has. just ** — *nmnri -fn 4T4h ^nr. r ,ffi^Fifffrif :™ir howinrrt •: ■- : > «. 










■' r '' ’i.-rfp-'. ■ / •*--., .."-i». ■- . .... ■ 

Saturday Jun e 24 1978 

80 jn I BIDS AMD DEALS 


Arbuthnot agrees 
offer for Lawson 


SUMMARY OF THE WEEK’S COMPANY NEWS 

Take-over bids and mergers <*.,*, PREUiiMNARv «gs»i 

M M 1 y >.MrM Oi-.m#* nri«T> 1.M /fmVV** Bidder /(»»*» 


THE BOARDS - of ; Arbnthiu»t 
Securities andLawwm Securities 
yesterday annouhcnd that they 
had reached agreement whereby 
Arbuthnot will acquire the capital 
of Lawson Securities. 'Rk con- 
sideration for the acquisition will 
be £29 0,000 cash for the funds 
"under management, plus £31226 
tear, the net .tangible assets of 
Lawson. . '. ■■ 

Ihis aiBRJunceroent brings to 
an end speculation over the sale 
of Lawson Securities by its 
founder. Mr. Freddie -Lawson "j jg 

ondeaVimred to sell the company 
7 in ".1975, hut the deal was not 
finalised Trecause of the criticism 
then aroused. -In recent weeks, 
the. rumours of an impending 
sale have been revived— but not 
confirmed until yesterday's news 

A subsidiary of the banking 
group v -Arbuthnot Latham, 
Arbuthnot .Securities has under 
the chairmanship of Sir Trevor 
Dawson, been active in acquiring 
o tiler unit trust groups in the 
past few. years. . It acquired the 


Jweot group in July, 3975. and 
the -Ionian group last year. 
Lawson Securities has funds 
^°der management in excess of 
£16m, and this acquisition will 
bring the total funds of 
over the £50m mark. 
™ Trevor stated yesterday that 
this brought to an end the 
present take-over programme of 
the group. 

The intention is to leave the 
Lawson funds unchanged for thy 
time being, but some rationalisa- 
tion would take 'place' in the 
future. The main fund under 
““haeement, the Lawson -High 
Yield Fund (worth £ 12 im) would 
be token into the existing 
Arbuthnot range intact, since it 
completed the present. . high 
income funds. 

. Hr. Freddie Lawson will be 
joining the Board of Arbuthnot 
Securities and its. subsidiary 
Arbuthnot Securities (Gil. He 
wlU be taking on the. responsi- 
baity for the group’s offshore 
funds. 


McAlpine stake in UBM 


fro i 


Pianratfe 


Sir Robert McAlpine and Sons 
(CVT), a subsidiary of Newarthili, 
- haa. bought a 6.03 per cent stake 
worth £tfni in UBM Group, the 
builders merchant. 

McAlpine has assured UBM 
that the purchase is a trade 
. investment, jaot the . prelude to 
a bid, but the . stake is expected 
to be gradually increased. 

'• The Newarthili group has 
. recently been budding up a sub- 
stantial investment portfolio In 
the year ending October 31, 1977, 
its investments rose from £ 5 . 6 m 
to £14; 1m. The chairman. Mr. 
Tom Grieve, wrote in his annual 
report: ‘'The property and invest- 
ment sector is being further 
expanded as opportunities present 
themselves." A 22 per cent stake 
, in County and District Properties 
was acquired along with a 50 per 
rent interest in Hixmberoak Off- 
shore. an offshore engineering 
com pan v based in Abctilccn. 
r Despite the increase in invest- 
ments, the cash inflow at Newart- 
hlll was so great that net liquid 
funds still rose ft .2m ip 1976-77 
-and short term deposits rose te 
£ 8 . 6 m. The exceptional profit and 
cash flow last year was partly due 
to a - final ettlement in respect of 
North Sea platforms, recouping 
to some extent the heavy losses 
suffered on them earlier. Newarr- 
hUl was also paid substantial 
claims os-.- other completed con- 
tracts. 

The 2,635,000 shares McAToine 
has' bought in UBM are said to 
have been bought 44 over a 
period.” McAlpine is not seeking 
any trading, advantage from the 
stake and indeed the companies 
only have a small amount of 
business with each other. In Its 
last financial year, UBM increased 
lu -profits by 34 per cent to £3Jm. 
Its dividend yield at the current 
market price of 65Jp per share Is 
8.9 per cent - - 

EXTEL COMPLETES 
TRANSTEL DEAL 

Arrangements have now been 
completed by the .Exchange Tele- 
graph Company (Holdings) and 
Extol Corporation of America — 
completely separate and uncon- 
nected companies — to establish a 
joint venture for the manufacture' 
of teleprinters and telecommunica- 
tions equipment in the UK. 

Under the agreement. Exchange 
Telegraph (Holdings) has acquired 
45.05 per cent of the shares in 
Transte) - Communications, the 
Slough-based 'subsidiary of Extel 
Corporation, for £309,000 with the 
.- remaining 54.95 per cent being re- 
tained by Extel Corporation. 

The terms provide for additional 
amounts of capital to be provided 
over the. next- three years by way 
of : share premium by .Exchange 
Telegraph (Holdings) up to a 
maximum of £400.000. Loans for 
working costs will be provided by 
both parties. 

UN PA'd CONTAINERS 
' JUn Pac Containers, of Louth, 
Lincolnshire, Which makes and 
designs packaging products in 
paper, metal and ■ plastic, has 
annoumvd two acquisitions in 
Scotland and Wales. 

-Its offer, for the capital of The 
Caldlcot Works has been accepted 
In respect of 97 per cent of that 
company's capital. and has there- 
fore become unconditional. 

In addition, Lin Pac has 
announced the purchase of the 
capital of Printabox (Scotland). 

ALBRIGHT/TENNECO 
The Office of Fair Trading yes- 
terday sent to the Prices Secre- 
tary its secret recommendation 
on whether the Tenneeo bid for 
the 50.2 per cent of Albright and 
■ Wilson .which it does not already 
own should be referred to the 
Monopolies Commission. ’ The 
bid Initially provoked some hosti- 


lity from the unions which made 
representations to the OFT and 
the Department of Industry. But 
the leaders have agreed to the 
takeover provided they receive 
certain written assurances from 
Tenneeo which Tenneeo has 
agreed to make and subject to 
the approval of their members. 

BATTLE FOR 

HENSHALL 

INTENSIFIES 

THE battle between Bovbourne 
and Petford for control of "W. 
Hens hall and Sons (Addfesfone) 
the company which makes galley 
equipment for aircraft, has i 
intensified. 

Yesterday, Henshail and its 
advisers Braclays Merchant Bank 
asked for a full hearing: of The! 
Takeover Panel “to consider 
the circumstances surrounding 
acquisition of control of Henshail 
by Bovbourne." 

'The background to this began 
In May when Bovbourne suddenly 
announced th3i it had acquired 
just over 50 per cent of Henshail’,. 
shares. The holding bad come 
largely from Estates Duties 
Investment Trust (12.3 per cent), 
Mr. Philip Henshail. a Board 
member 11SJ8 per cent) and Mrs. 
fL V. Henshail. widow of the- 
lormer chairman (12 per cent). 

Bovbourne paid 20p for these 
stakes and immediately offered 
minority shareholders the same 
price. 

At this point another bid. this 
one for 30p, was mounted by 
Petford, a private company owned 
by Mr. Joseph Murphy., Hen- 
shall’s directors favour -this bid 
despite the fact that, as things 
stood Petford had no chanca of 
ending with control- of Henshail 
unless Bovbourne accepted it. 
This Bovbourne has ; declined 
to do. '•'■ 'j ' 

Now Henshall’s directors have 
asked the Takeover Panel to 
waive rule 38 so that they can 
issue new shares to Mr. Murphy 
in return for the injection of 
“ certain assets." The effect of 
this would be to dilute Bov- 
bourne ’5 holding below the 
critical 50 per cent and so allow 
Petford’s offer a chance of 
success. 

Rule 38 specifically forbids com- 
panies which axe under offer from 
issuing new’ shares during the 
course of a bid. 

The Take-over Panel executive 
has already refused to consent to 
a waiver of Rule 38. pointing out 
that Bovborune did not break any 
rules in making its offer and that 
its purchases of the wey stakes 
were legitimate. Henshail is now 
taking the matter to the full 
Panel which will hear the case 
towards the end of next week. 

WETTERN FAMILY 
REJECTS GLOSSOP 

w. and J. Glossop appears to 
be fighting a losing battle in its 
attempts to gain control of 
Wettern Brothers with the Wet- 
tern family, directors and Klem- 
wort Benson Investment Trust 
holding around 53 per cent of the 
ordinary shares announcing 
vesterday that they do not intend 
to accept GIossop's offer. 

Mr. J. H. Wettern, chairman, in 
a defence document sent to 
shareholders yesterday said that 
GIossop’s offer of 95p a share for 
the ordinary shares represented 
a 28 per cent discount on asset 
value. . ... 

Glossop which is also bidding 
85D a share for the preference 
capital has said that a d'seount 

was appropriate because of the 
low level of profits generated by 

the assets. The total cpnof the 
offer for preference and ordinary 
stock would be £124m. 

Glossop bought 10.000 shares 
yesterday at 95p. 


Mr. Remo Dipre, the property man who became chairman 
ami managing director of Tridant Group Printers when he buusht 
a quarter share in Tridant early in 1974, has made his fong 
expected bid for the remainder- The offer comprises 63p in 
cash for each of the 3.1m shares he does not already own either 
directly or through his private company Starwest Investment 
Holdings. The offer is not certain to succeed because it is 
meeting opposition from the company’s independent directors; 
the three Tridant directors who are also involved in companies 
which have links with Mr. Dipre’s Starwest have withdrawn 
from the situation. Between them the independent directors 
control just over 20 per cent of the shares, largely through the 
202 per cent stake owned by Chirit Investment, itself owned 
by Mr. a. M. Carey, the deputy chairman. 

Mooloya seems to be on the verge of gaining control of 
Customaglc despite the split between the Terry family and other 
directors. The Terry family, controlling around 26 per cent of 
the- equity, has already accepted the 20p a share 'bid and Mooloya's 
cur.jnt holding is 47 per cooL The bid makes a turnaround in 
stance for Mooloya who only six months ago supported a deal io 
put Mr. Michael Ashcroft and his partner Mr. Alan Cloggie on 
to the Customagic Board to revive the company's fortunes. As 
part of this deal, the Terry family interests were to resign 
from the Board. 

Cornercroft has rejected Armstrong Equipment's hid on the 
grounds of inadequacy because it is substantially below the asset 
value of Cornercroft and ignores the company's potential. The 
company, however, states that it has no objection in principle to 
being taken over by Armstrong at a “ fair price." 

Redland, the UK-based building materials and contracting 
group, is planning to buy an American roof-fastening manufac- 
turer for $26m (£14m). Announcing the bid, Redland said that 
an agrement had been reached in principle whereby Redland 
could make an offer of $12.5 for each share of Automated Building 
Components of Miami. The Automated Board, which holds 
around 54 per cent of the equity intends to recommend the bid 
once the necessary formalities have been completed. The move 
is seen by Redland as part of their overall plan to establish a 
stronger presence in the U.S. 

Shares of J. B. Eastwood were suspended at 90p on Thursday, 
following a bid approach from an undisclosed source, while BP 
Chemicals is negotiating a £20m deal to acquire nearly all the 
U.S.-based Monsanto group’s polystyrene interests in Europe. 

James Finlay had made an agreed £7.9m bid for Seaforth 
Maritime, a private Scottish energy service group. It will then 
sell 30 per cent to Taylor Woodrow for £2.3m. and grant options 
! to that company on a further 15 pe r cent. 

Value of Price Value Final 

Company bid per Market before of bid Acc’t’ce 

bid for share** price** bid (£m's)** Bidder date 

Prices In pence unless otherwise tadlcjiiwJ. 


Final 

-Acc't’ce 

date 


Company, 
bid for 


Carding Group 20* 20 20 4.64 Unigate 30/6 

Carlton lads. 165* 190 170 22.7 Hawker 

Slddcley 26/6 

Cornercrolt G3* 71 - 56 1.62 Armstrong 

Equipment — 

Customagic 20* 211 l9j 1.05 Mooloya tnvs. — 

Fluidrive Eng. 72 785 55 4.94 Thos. Tilling — 

Harrisons I0l>§ 9S 90 121.87 Harrisons 

Malaysian Sais._ Cros field — 

Henderson (J. VV.) 210* 203 155 5.6a Cement- 

Roadstone — 

Henshail fW.) 20* 25 IS 0-50 Bovbourne — 

Henshail (W-) 30* 25 21 0.75 Petford 30/6 

Investment Trust 273 262 255 85.72 Barclays Bank/ 

Corn. • P.O-P.F. — — 

RCA Inti. 29* 26 28 7.7 Mr. T. Ward — 

Lond. AiKt.fovs. 150 * 137 123 11-29 Colonial Mutual 

Li/e 12/7 

Lon d. fit Liverpool 21 - 24 19 0.52 AschheSm Secs. & 

Trust W. & A. SA Zug — 

Marler Estates 23* 27 21 0.88 Blade Invs. 30/6 

Sliln Masters 200* 197 163 423 HillesbogAB — 

Mitchell Cotts S3g 79 S2 127 Mitchell Cotts 

Transport Group — 

Pork Farms 683g§ 6S3 467 22.99 Nffarn. Foods 23/6 

RKT Textiles D6* 92 72tt 7S.64 RobL Kitchen 

Taylor 30/6 

St. Kitts (London) 200* 200 170 0.7S Industrial 

Sugar Equity 2i/6 

Tridant Group 

Printers 63* 68 ao 2.i6 Starwest Inv. — 

Turner Mftg, 143* 133 124 14.50 DanaCorp- — 

Wettern Bros. 95* 95 58 1.60 W.J. Glossop — 

Wood & Sons 594 53 4S 2.38 Newman fnds. — 

» AH cash offer. * Cash alternative, t Partial bid. 5 For capital 
not already held. *■' Combined market capitalisation. '! Date on which 
scheme is ' expected to become operative. ** Based on 22/6/78. 
it At suspension, ff Estimated. 55 Shares and cash. Based on 
23/6, '7S. - " • 

INTERIM STATEMENTS 


PRELIMINARY RESULTS 


Unigate 
Hawker 
Slddcley 
Armstrong 
Equipment 
Mooloya Invs. 


Crosfield — 

Ccment- 
Roadstone — 

Bovbourne — 

Petford 30/6 

Barclays Bank/ 
P.O.P.F- — 

Mr. T. Ward — 

Colonial Mntnai 
Life 12/7 

AschheSm Secs. & 
W.&A.SA.Zug — 
Blade Invs. 30/6 

Hilleshog AB — 

Mitchell Cotts 
Group — 


Taylor 30/6 

Industrial 
Equity 27/6 

Starwest Inv. — 
Dana Corp. — 

W.J. Glossop — 

Newman Inds. — 


Company 
ACE Machinery 
Allied Breweries 
Anglia TV 
Baker’s Stores 
Crest Nicholson 
J, H. Fenner 
Thomas French 


Half-year 

to 

Apr. 15 
May 6 
Apr.30 
Apr. 1 
Apr. 30 
Mar. 4 
Apr. 1 


Greenfield Millets Apr.30 . 

Irish Distillers Mar. 31 3223 <2,4881 1.57 |1.U» 

Kenning Motor Mar. 31 2.750 (2.650) 1.75 (1.5) 

Arthur Lee Mar. 31 670 (1.030 ) 0.44 ( 0.4) 

Lonsdale Univrsl. Mar. 31 747 (585) 1.67 (1.392) 

Lookers Mar. 31 ' 853 (607 » 0.998 (0.906) 

Senfield Gent ex. Mar. 31 74L (247)L — <—) 

Trans -Oceanic Apr.30 535 (42Sl 1.3 (l.,->) 

Vectis Stone Mar. 31 205 (127 ) 0.7 (0.6) 

(Figures in parentheses are for corresponding period.) 
Dividends shown net except where otherwise stated. 

* Adjusted for any intervening scrip issue, t For 28 weeks. 


Pre-tax profit 

Interim dividends 

(£000) 

per share (p) 

1037 

(97) 

— 

l— ) 

45,KiU r j 

(39,400) 

1.4 

(123) 

1,960 

(L300) 

2.0SS 

(1573) 

219 

(136) 

0297 

(027) 

1.010 

(430) 

1.5 

(1.0) 

3.641 

(3.283 > 

3.0 

(2.75) 

540 

(469) 

12 

(1.0) 

326 

(316) 

0.627 

(0.57) 

3523 

(2,488V 

1.57 

(1.11) 

2.750 

(2.650) 

1.75 

(1.5) 

670 

(1,030) 

0.44 

(0.4) 

747 

(585) 

1.67 

(1.392) 

853 

(607 » 

0.998 

(0.906) 

74L 

(247 )L 

— 

<— ) 

535 

(428 ) 

1.5 

( 1.5) 

205 

(127) 

0.7 

(0.6) 


Company 

Allied Plant 
Anderson S’clyde " 
Arbuthnot Latham 
Assocd. Television 
Attwuod Garages 
Avans Group 
Baker Perkins 
JSaraoora Tea 
Beechwood Const. 
Bell & SJme 
Bradford Propy. 

. British Steam 
Brown & Tawse 
Burnett & H'shire 
Chamb. Phipps 
Control Secs. 
Dawson Inti. 

D era pipe 
Edbro Holdings 
B. Elliott 
Evans of Leeds 
Hampton Trust 
LOIeshaU 
Lindustries 
F. H. Lloyd 
London Sumatra 
J. Lyons 
Mcloerney 
NoyaparaTea 
Petbow 
Plessey 

Powell Duffryn 
Propy. Ptnrship. 
Raca) Electronics 
Radiant Metal 
Randalls Group 
Rowlinson Cnstct 
Sekers 

Shaw & Marvin 
Sheepbridge Eng. 
J. W. Spear 
Sterling lnds. 

John Swan 
Tesco Stores 
Tebbitt Group 
Tunnel Holdings 
Victoria Carpet 


Pre-tax profit Earnings* Dividends* 
Year io (£000) per share ip) per share (p) 


Di-c .31 

Mar. 31 
Mar. 31 
.Mar. 26 

Jan . 31 

Apr. I 
Mar. 31 
Dec. 31 
Mar. 31 
Apr. 2B 
Apr. o' 
Mar. 31 
Alar. 31 
Mar. 31 
Mar. 31 
Mar. 31 
Mar. SI 
Mar. 31 
Mar. 31 
Mar. 31 
Mar. 31 
Mar. 31. 
Dec. 31 
Apr. 1 
Apr.l 
Dec. 31 
Mar. 31 
Dec. 31 
Dec. 31 
Mar. 31 
Mar. 31 
Mar. 31 
Mar. 31 
Mar. 31 
Feb. 28 
Dec. 31 
Mar. 31 
Mar. 31 
Mar. 31 
Mar. 31 
Dec. 31 
.Mar. 31 
Apr.30 
Feb. 25 
Dec. 31 
Mar. 26 
Apr.l 


. 242+ '(226 )§ 2.3 (2.3) .0. 

3,970 (.1,270) 10.5 (7.3) 2. 

1,400 U.050» 15.0 (V2£) II 

13,700 (11.160) lij.S (14.7) 6 . 

89 (67) 1.9 (1J2) 1. 

2,340 (1,700) 5.5 (4.0) 1. 

8 930 ( 7,920 ) 20.5 (19.7 ) 4. 

838 1777) 45.5 (6S.2) 2, 

312 (401) 2.5 (3.5) 1. 

J21 (196) 14.9 (23.5) 4. 

4,360 (3,390 1 9.2 1 7.9 ) 6 , 

2.270 « 1,760 1 11.5 18 . 6 J 5. 

a330 ( 3,060) 17.6 (13.7) A 

-8,080 (2,470 ) 46.1 (24.0) 2. 

3,190 (2.100) S.0 (6.0 J 2 

44 (94)L 1.0 (Nil) 0 

15,530 (10,374 ) 39.1 (25.1) 3 

1,110 (933 J 16.5 (16-91 4, 

3,660 (3.610 ) 44.5 ( 51.1 1 6 

5,603 ( 4,303 ) 2S.S (22.5) 5 

1,554 (1,118) 4.7 (3.4) 1 

11L (94)L — ( — ) - 

- 130 (28) 6.5 (1.9) 1 

6,920 (6,610 ) 24.7 1 23.1) 9 

5.156 (5,793) 11.0 (11.6) 5 


.0.703 (n.428) 
2 .S 32 12 . 530 ) 
10.0S 19.111) 
6.549 ( 5.422) 
1.43 (1.45) 

1.089 (0.975) 
4.3 (3.S84I 

20.0 (Nil) 
1.8 <1.S> 

4.81S ) 4.267) 
6. SI (6.144) 
5.137 (4.6) 
4.814 (4.376) 
2.S55 (2.575) 
2.139 (1.938) 
0.S25 (Nil) 
3.722 (3.532) 
4.079 ( 3.652) 
6.315 < 5.654) 
5.326 (4.772) 
1.297 (1.184) 
— (— ) 

1.10 ll.o) 


1,340 (1,000 ) 4.5 ( 3.3) 

6.233 (0.982) 3.4L (1.8) 

903 ( 633) 5J> (2.5) 

ISO (111) 67.1 (109.ll 

3,142 (2,786 ) 33.S (31,4) 

42^80(40.32!) 11.6 (11.2) 


5.312 (4.SQ6) 
40 (2.0) 

2.06S (7.572) 
Nil 1 Nil) 
20.0 (Nil) 
S.613 ( 7.776) 
5.406 (4.9) 


933 (606) 


(42.1 ) 

10.0 

(7.SS1 ) 

(2.S) 

1.737 

1 1.373) 

(18.LO 

3.8S 

1(1.89) 

(5.6) 

1.9 

(1.727) 

rt2.i» 

1.452 

74.634) 

(19.7) 

2.4 25 

(2.206) 

(32) 

1.514 

(U) 

(1.3) 

Nil 

(0.7) 

(S.4) 

425 

( 3.448) 

(36.0 > 

1.S72 

1 1.653) 

1 1-91 

1269 

(1.13) 

141.9) 

21.786(19.305) 

(4.8) 

1.63 

(1.450) 

(0.4iL Nil 

(Nil) 

(28.5) 

10.972 

(9.859) 

14.1) 

1.40S 

(1.40S1 


Albright & Wilson 
Bridgewater Tst. 
Capital & County 
Laundries 


115.04 Tenneeo — 

0.307 Sagest SA — 

1.57 Johnson Group 

Cleaners — 


% For 1 year. $ For 13 months, f For 32 weeks throughout 


Rights issues . 

Sutcliffe Speakman: One-for-two at 30p each. 

Scrip Issues 

Anderson Strathclyde: One-for-five. 

Petbow Holdings: Oue-for-one. 

Petbow Holdings: One Preference-for-six Ordinary. 


GUS insurance venture 
with Allstate of U.S. 


EUROPEAN OPTIONS EXCHANGE 


# i.il 


July 

Option ] Price Close Vol. 


655 
660 
sea 
620 
S25 
S4Q 
S45 
S50 
660 
640 
645 
.'850 
550 
S60 
870 
5240 
8260 
8280 
830 
523 
630 
-F330 
F340 
F350 : 

*360 
F70 
F75 
P80 
P160 
FI 70 
Pi 30 
P190 
F2O0 
F220 

pioo 

FllO 
FI 20 

{Fza.sc 

[F25.00 

iF 27.30 
FI 20 
F130 
F140 
FllO 
F1ZO 
F130 


B. Kodak 
K. Kiidak 
2 - Kodak 
B- Kodak 
Exxon 
T xxon . 
Exxon 
GM 
021 
GB 
IBM. 

IBM 

IBM 

6m .. 

Seats 

Sean . 

Aiffomene 

Algamene 

Aigemene 

Alganuwe 

Ara m 

Amro 

4mm • ■ 
ft Lit ' 
KLM 
KUi 
KLM 
KLM 
ELM 
-Vat Ned . 
Kat Sed 
Vat Ned 
FfaUipe 
Philip* 
Phflipo . 

B. D. SheU 
HI P, Shell 
H. D. Shell 
TTullevee. : 
.tin] lever 
tiniiever 


Oct- j 

Close , Vo). 

Jsn- 1 

Close _ Vol. | 

[ Unuity 

1 close 

_ . _ 

_ ] 

r .. 

__ — 

( — — 1 

i 

— — 

41* 6 j 

j S23S* 

14 as 

17g 35 ] 

SSSTg 

_ — « 

. 

I " 


35a 37 

:: 


— • “ • n HI 559 >a 

— “ ” - I 5266q 

Vi* » ** 23 ‘ 

— — ~ Z K362.00 


17 P154 

7 


5150 

4.50 15 


2-60 20 
1.00 67 


“ JfS6.70 

160 b 130.90 


I I 3.30 20 viigJJQ 

1X3.00 7 - s 

^ 5.10 .5 2 o2 B a 


3 f° i | fio | 10 I 2-80 I 30 


Great Universal Stores and the 
Allstate Insurance Company, 
bated in America and a whoily- 
uwned subsidiary of Sears Roe- 
huck, have joined forces in the 
UK in an effort io broaden their 
respective insurance interests. 

A new holding company is to 
he formed in which both GUS and 
Allstate will have an equal 
interest. This company will join 
up Great Universal’s All Counties 
Insurance Company (authorised 
to transact ordinary long term life 
business, marine, aviation and 
transport, molor vehicle, pecuni- 
ary loss and property insurance) 
wiih Allstate’s UK subsidiary the 
Federated Insurance Company. 

It is intended to develop the 
existing comprehensive business 
of the two companies through 
brokers, the insurance market, 
mail order catalogues and stores. 

TALBEX/ WARREN 

Talbex has received acceptances 
of its offer for the ordinary 
capital of Warren in respect of 
1,430,273 ordinary shares (95.S2 
per cent) and acceptances in 

Share stakes 

Corn Exchange Co.: Industrial 
Equity and associates now holds 
a total of 586,200 ordinary shares 
(21.08 per cent). 

Fldxoy Investment Co.: Mr. J. B. 
Hayes has acquired a further 

25.000 shares. 

. Reutokff Group: Mr. A. Elsass 
and Mr. P. L. Burgin are two of 
the trustees of the Anker- 
Pfctersen WUl Trust, which has 
for some years held 9 per cent 
of the Rentokil capital. The 
trustees have just covered 426.150 
shares In Rentokil to one of the 
beneficiaries under the Trust. As 
a result of that transfer Rentokil 
is. not a close company for tax 
purposes. 

Rembia Rubber Co.: Kepang 
Investments beneficially hold 

208.000 Sp stock units (5.4 per 
cent). 

AEUed Plant Groan: Stanctiffe 
Todd and Hodgson have bought 
-100,000 ordinary shares on behalf 
of South Yorkshire Superannua- 
tion Fund, brineine their holding 
,to 666,666 (6.66 per cent) 

ordinary shares. 

“W” Ribbons Holdings: Mr. 
D. R. Oakley, a director has sold 

12.500 ordinary shares. 

'. Selection Trust: Mr. A Chester 
Beatty, a director, has sold 25.000 
ordinary shares. 

Brent Walker: Company has 
been advised of the disposal of 

502.500 ordinary shares (7.17 per 
cent) belonging to the estate of 
Mr. D. Nosse( (deceased). 

- Brixton Estate: Mr D - S." 
Morpeth has acquired 3,000 
ordinary shares. _ „ 

Francis Industries: Mr. D. M. 
Saunders, a director, has sold 

20.000 ordinary shares and (hereby 

reduced his holding to 100,000 , 
shares. . . 

Crossley Buflding Products— - 
Clydesdale Bank (head office) 
nominees now ho/as 35ii.oou 
ordinary shares (5.19 per cent). 

British Printing Corporation— 
London and Manchester Asset Co. 
with two of its subsidiaries, wel- 
fare Ins. Co. and Shortian 
nominees, now holds 58,500 4-- per 
cent “ B " preference snares 
(approx. 8 per cent). 

London Brick Company: Mr. 
M..D. Wright, a director, has exer- 
cised an option under company s 
share option scheme and as a 
result 86.000 shares of 25p each 
fully paid were allotted at par for 
cash on June 20. 1978. The shares 
have becD converted into 30,000 
ordinary stock units of 25p each. 

Provincial Laundries: A dir- 
ector, Mr. J. I. Goldring, has noti- 
fied the company that his non* 
beneficial interest in the shares 
held by Linnet Consultants and 
their associates has been reduced 
by cbe sale of 40.533 shares. Mr. 
Goldring is left with a non- 
beneficial interest In the 10 shares 
still held by Linnet. 

Automotive Products; The 
Emmoti Foundation has pur- 
chased. 8 further 115-000 ordinary 
shares. Three of the directors of 
the foundation. Messrs J. B- 
Ernmott, M. Keeble and E. G. 
Barratt axe also directors of Auto- 
motive. Mr. G. G. Barratt has pur- 
chased a further 1,000 ordinary 
shares. 

House Property Company of 
London: Lynsal has acquired 


respect of Its offer for preference 
shares of Warren of 135,165 4.5 
per cent cumulative preference 
shares (99.93 per cent). Talbex 
intends to acquire compulsorily 
the outstanding ordinary and 
preference shares of Warren. 
The offers remain open until 
further notice. 

SPOONER/REDMAN 

In a letter to shareholders the 
directors of Spooner Industries 
and their advisers Hill Samuel 
and Co. strongly recommend, 
them to take no action in respect 
of their shareholding and not to 
sign any form of acceptance and 
transfer. They consider Redman 
Heeqan’s offer to be wholly un- 
acceptable. 

ENERGY SERVICES 

Energy Services and Electronics 
has authorised the issue on 
June 30 of 480.304 new Ordinary 
shares of lOp each in settlement 
of £50.000 due to the minority 
holders in Neve Electronic Hold- 
ings on the same date. 


226.000 ordinary shares. 

Charter Trust and Agency: 

Following the recent conversion 
of part of the 44 per cent C.UL.S. 
1990/95 Prudential Assurance 
holds 2.355,452 ordinary stock 
units of 25p (5.21 per cent). 

Francis Industries: West City 
Securities have sold 40,000 
ordinary shares reducing Its hold- 
ing to 750.418 shares (10.34 per 
cent). 

Soraportex Holdings: Mr. 

Sydney Walsse! has bought 35,000 
shares (5 per cent). 

Best and May: Imperial Group 
has notified the company that its 
interest is made up of 200,000 
ordinary shares owned by the 
TTC Pension Trust and 100,000 
ordinary shares owned by 
Courage Employees’ Pension 
Fund. 

Lazard Brothers Sterling 
Reserve Fund: Mr. A. Elliott, Mr, 
C H, Kershaw and Mr. M. H. 
Elliott bold 450,000 shares (16.36 
per cent). 

Weir Group: Mr. S. L. Finch, a 
director, has sold 10,000 ordinary 
shares and is now interested in 

10.000 ordinary shares bene- 
ficially. 

Horace Cory and Co.: Britannic 
Assurance Company is now in- 
terested in 658.750 ordinary 
shares. (7.16 per cent). 

Temple Bar Investment Trust: 
London an d Manchester Assur- 
ance Company is interested in 


CONTROL SECS. 

Control Securities, the GO per 
cent owned subsidiary of a Swiss 
investment trust, has sent share- 
holders a circular giving details of 
three recent transactions and ask- 
ins for approval of two of them 
plus approval of changes to the 
Articles of Association. 

One of the proposed changes to 
the Articles is that the company 
should be allowed to pay dividends 
out of profits realised on the sale 
of properties. 

ASSOCIATES DEALS 

Laurence Prust and Co. sold on 
June 21 and 22 on behalf of asso- 
ciates of Pork Farms 1,277,000 
shares (assented to the shares 
and cash offer from Northern 
Foods) at 680 9-64p. 

Hedderwick Stirling Grumbar 
and Go., brokers to Newman 
Industries, boughr 10.000 Wood 
aud Sons (Holdings) at 53p on 
behalf of associates of Newman. 

NO PROBES 

The Secretary of State for 
Prices and Consumer Protection 
has decided not to refer the 
following proposed mergers to 
the Monopolies Commission: 
Hawker SiddeJey Group/a 32 per 
cent interest in Carlton Industries: 
and Thomas Tilling the Yale Lock 
and Hardware Division of Eaton. 


£403,583 of the company’s ordi- 
nary stock. 

Regional Properties: Mr. N. S. 
Conrad has disposed of 90,000 
"A" ordinary shares. 

Beolox Biddings: Mr. I. C. 
Tickler, a director, has bene- 
ficially acquired 25,000 shares 
making a total holding of 29,407 
shares (2.6 per cent). 

Allied Insulators: ITC Pension 
Trust and ITC Pension Invest- 
ments jointly hold 528.571 
ordinary shares <5.42 per cent). 

Black and Edgington: Mr. D. C. 
Black’s non-beneficiaJ interest 
through his wife as a trustee has 
been reduced by 84,500 ordinary 
shares and 1,440 preference 
shares. 

Sale Tilney and Co.: Mr. 
P. H. R. Gwyn and his wife, Mrs. 
Sam Gwyn. have sold 25.000 
ordinary shares and now hold 
93.450 shares (4.09 per cent). 

Eart Midland Allied Press: Mr. 
R. p. Winfrey, a director, has 
disposed of 7.500 “A” ordinary 
shares. Throgmorton Trust holds 
468.43S (6 .66 per cent) shares. 

Grove bell Group: Sonesta 

Investment Company has pur- 
chased 5.000 preference shares 
on May 8, 5,000 ordinary sares 
on June 1, and 440 preference 
shares on June 7. The group 
now holds 244£05 ordinary shares 
and 41.723 preference shares. 

Hears Brothers Holdings:: J. S. 
BJoor has acquired 560,000 shares 
(8 per cent). 


Confident of return to 
previous growth pattern 

Addressing shareholders at the Annual General Meeting of 
Youghal Carpets (Holdings) Limited held on 23rd June at 
YoughaL Co. Cork, the Chairman, Mr. Brian L. J. O'Brien, said: 


“I am sure it is not necessary for me to deal 
with my statement in any depth, other.than to 
confirm that the action and strategy which I 
indicated that the company was taking to rectify 
the unsat isfactory trading which occurred in 1977 
is being pursued and I confirm that we arc confi- 
dent that the trading situation can be put right 
and the company restored to its former pattern 
of profilablegrowth. 

Upon the announcement of the preliminary 
figures, I said in my comments accompanying 
them that at the Annual General Meeting an 
up-to-date indication of the trading situation of 
the company would be given and 1 shall therefore 
endeavour to explain how the trading situation is 
likely to look for the half-year. You will under- 
stand that it is not possible at this time to give 
precise figures for the half-year which will epd on 
30th June and consequently what I say must 
be understood to be a generalisation of (he 
position. 

RATIONALISATION 

A considerable rationalisation programme has 
been carried out at the Group’s subsidiary 
Youghal Carpets Limited, in Youghai, which 
unfortunately resulted in substantial redundan- 
cies in the labour force and a reduction in plant 
output. These measures have now been finalised 
and it is anticipated that Youghal Carpets 
Limited will return to profitability within the 
second half of 1978. The company will work on 
two shifts, rather than on three shifts as hereto- 
fore, but it is believed that there will be a 
significant improvement in efficiency and that 
from the slim med-d own base expansion can lake 
place over the nevt few years, a lot of work has 
been done on design and marketing and particu- 
lar attention is being given to the important 
contract section of the trade. The cost of re- 
organisation has been considerable, but inevitable. 

Regretfully, a decision has been token ter dose 
Morris & Co. (Kidderminster) Limited and the 
Gloucester Carpet Company Limited. It is with 
great reluctance that the Group has come to ibis 
decision, but losses could not be contained and 
the use of financial facilities to continue the 
operation of these plants would be unjustified. 

Our plant in Holland, which h3s also been 
experiencing difficulties in common with the 
carpet industry on the Continent, is at present 

Youghal 

Carpets (Holdings) Limited 


being re-organised and we hope that we shall see 
an improvement in (he results during 197 S. 

FORECAST 

To give therefore an up-to-date picture of the 
trading situation of the Group so far as this can 
be estimated io 30th June, the special costs. of the- 
re-organisation of the Youghal plant and the 
terminal Josses already incurred in the running 
down of the Morris and Gloucester plants must 
be segregated from the trading position. 

Taking the above factors into account the 
indications are that the Group will incur a Joss 
for the half-year to the 30th June. 197S but will 
show' a substantially improved picture as com- 
pared with the second half of 3977. A more 
optimistic view can be taken of the second half of 
197S as the Group is currently trading in a break- 
even situation and wc would expect profits in 
that period. 

The cost of our raw material, which is chiefly 
wool, ha s tended to rise over the past few months : 
should it rise steeply in the second half of the 
year, it would be an adverse factor: we hope rhac 
it w ill maintain a stable situation, or rise slowly. 

Unfortunately, as stated already, it is not 
possible to pay a final dividend for 1977: this is 
all the more disappointing as it is our 2/st year of 
trading and in every year since the inception of 
the company we have been able, not only to pay a 
dividend, but to manage an increase each year up 
to 197-1. It will certainly be a mailer of priority 
and we shall use our utmost endeavour to bring 
back the company to a dividend-paying situation 
wiih as Jinle delay as possible. 

I have referred in my statement to the appoint- 
ment of Mr- Hyland as Group Chief Executive 
and as a member of the Board. Under our 
articles he must retire and be re-elected at this 
meeting: it will be proposed at Resolution No. 3 
and. I strongly recommend his re-election. I am 
confident you wilLjoin with me in wishing hint 
every success in his rather difficult task. 

I have also referred to the retirement from the 
Board or Mr. John Murray and Mr. George 
Crumpton. They have been with the company 
since iis inception. 1 am sure you will join with 
me in wishing them well on their retirement. I 
shall also retire from the Board in the near future 
and in due course an announcement will be 
made on ibe appointment of a new Chairman.” 

BRIAN L. J. O’BRIEN Chairman 


Copies of the Annual Report and Chairman's 
Review arc obtainable from the Secretary* 
1, South Mali, Cork. 


This advertisement is issued in compliance with the requirements of the 
Council of The Stock Exchange. It does not constitute an invitation to any 
person to subscribe for or purchase any Preference Shares. 

F. MILLER (TEXTILES) 
LIMITED 

(Registered in Scotland No. 26097) 

Issue of 720,000 11 per cent. 
Cumulative Preference Shares 
of £1 each 

The Council of The Stock Exchange has admitted the above- 
mentioned Preference Shares to the Official Use, 

Particulars of the rights attaching to them are available in the Extel 
Statistical Service and copies of the statistical card may be obtained 
during normal business hours up to and including' 1 0th July, 1978. 
from: 

Singer & Friedlander Ltd., 

14 St. Vincent Place. Glasgow Gl 2£U 

Vickers da Costa Ltd., 

Regis House, King William Street, 

London EC4R 9AR 

24th Jane, 1978. 


LONDON PRUDENTIAL INVESTMENT TRUST, LIMITED 


Performance 
Last Year: 


Managers — KLEINWORT BENSON 


Net Asset Value per share 

FT Actuaries A U Share Index 

Earnings Net per share 

Dividend Net per share 

Ten Year Record: 


Net Asset Value per share 

FT Actuaries All Share Index 

Dividend Gross per share 

Retail Price Index 


30.4.77 

30.4.78 


76.5p 

98p + 

28.1% 

181.21 

208.45 + 

15.0% 

2.41p 

2J17p + 

19.1% 

2.40p 

2^5p + 18.75 Vo 

30.4.6S 

20.4.78 


53.5P 

98p + - 

832% 

149.30 

208.45 + 

39.6% 

1.5Sp 

4.32 p + 

173.4% 

65.1 

194.6 + 

2982% 


Extract from the Statement by the Chairman lffr. Iff. B. Baring 

It remains the principal objective of your directors that shareholders’ income and capita! should he 
protected as far as possible from the ravages of inflation. To this effect we have continued :o 
concentrate the portfolio In the ordinary shares of soundly based U-K. and U.S. growth companies. 
Although your Trust's portfolio of investments contains a backbone of shares in major companies, 
the preponderance of investments continue to be in the shares Of smaller companies which have 
prospects of above average growth. 

Annual General Meeting ; 20 Fenchurch Sheet, London EC3P 3 DB 
on Wednesday I9lh July 1978 at 1 1.45 am 




-H 

4 



WORLD STOCK MARKETS 


Wall Street dips another 4.68 


INVESTMENT DOLLAR 
PREMIUM 

*2.60 to £—111% (111%) ^ 

Effective $1.8490 (30%). (491%) 
LOWER LEVELS developed on 
Wall Street yesterday, following 
renewed weakness in the dollar 
and continuing concern about the 
course of interest rates over the 
near term. 

The Dow Jones Industrial Aver- 
age lost 4.68 to 823.02, making a 
loss of 13.95 on the wek. The 
NYSE AH Common Index, at 
$53.90, shed 17 cents on the day 
and 90 cents on the week, while 
declines led gains by 745 to 695- 
Trading volume expanded l-STm 
shares to 28.53m. 

Though Citibank held its prime 
rate at SJ per cent, analysts expect 
a further rise soon. And yester- 
days report of a Sl.lbn fall in 
U.S. Money Supply was not 
enoueh to quell fears or further 
monetary tightening by the Fed. 

THURSDAY’S ACTIVE STOCKS 

Chanxe 

Slocks CliKlnjc nn 
traded price day 

Ratnada Inn* 71S.SOO St +1 

.-Wlepfteny Airlines ... stu.SOO l«i +*J 

Play buy Enterprises .125.200 24i -Mi 

Souibb .112.700 131 +1 

Hurrah** aon.wo +4J 

ll'*u-*rd Johnson ... 293.400 141 +11 

Hcreulc* SIS.BiiO li — 

Amor H«nie Prdcis. S49.SW —I 

Pel E. Webb ■.■13.91m 551 +1* 

Sony Ml <mn Si +1 


A and P dropped 31 to $7 on a 
first quarter loss and dividend 
omitted. 

Computer and Semiconductor 
issues were under pressure. IBM- 
fell 83! to $262*, Teledyne S10 to 
$102^. Digital Equipment $13 to 
$461, and Honeywell $1! to $55 i. 
National Semiconductor shed SI 
to S24? despite higher fourth 
quarter earnings. 

Leeds and North rap climbed $32 
to S3"i — General Signal is hold- 
ing talks to acquire Leeds follow- 
ing Cutler-Hammer's sale of L3m 
Leeds shares to General Signal for 
$32.im. 

Gaming stocks again drew 
speculative interest. Ramada Jons, 
the volume leader, rose S§ to S9J, 
Metro-Goldwyn-Mayer $1} to $40i 
and Harrab's ?£ to S29J, but 
Caesars World dropped $1 to $27$ 
and Bally Manufacturing lost $2 
to s*s. 

The American SE Market Value 
Index added 0.09 at 147.27, reduc- 
ing its loss on the -week to 2.89. 
Volume 4.43m 1 3.22m) shares.. 

Resorts International “A" 
jumped to S83I and the “B” 
Sll to $90. International Systems 
and Controls sicked up $21 to 
S26? and Loews Warrants Si to 
$161. 

Pemcnr rose $* to $29]- — Esina rk 
atrrecd to buy its shares for $32.50 
each 

CANADA — A mixed trend 


prevailed In active trading yester- 
day. when the Toronto Composite 
Index shed 0.4 to 1128.5. with 
declines in nine of its 14 com- 
ponent groups. Real Estatei up 
more than 20 points, posted the 
largest index gain. 

Douglas Leaseholds rose 60 
cents to *4.85—: Royal Trust said it 
agreed to sell its shares in Douglas 
to Chalet Oil for $534 a share. 

Texaco Canada moved up $} to 
$391— it reported a West Pembina 
oil find- 

PARIS— Mixed, despite first day 
of new accounting which usually 
sees a firmer trend. ■ 

Banks slightly higher. Motors, 
Steels and Oils firmer but Foods 
-and Electricals irregular. 

Michelin fell FFr 28 to 1355 on 
lower 1977 consolidated net profit 
Thomson CSF gained FFr 5.40 to 
256 on sharply higher 1977 con- 
solidated net profit. 

GERMANY— Mostly firmer on 
trader's position closing leading 
to scarce offerings. 

Motors and Engineerings 
firmed. 

Public Authority Bonds lost up 
to 50 pfennigs, while Regulating 
Authorities bought a nominal 
$80.7m of stock. Mark Foreign 
Loans eased further. 

JOHANNESBURG— Gold shares 
narrowly mixed in moderate trad- 
ing. Mining Financials higher. 


Industrials also narrowly mixed- 

AUSTRALIA— Mixed in fairly 
quiet trading. 

The Tea and Coffee Group 
Bushells rose' $AL35 to SA4 and 
White Industries 7 cents to 1.72. 

Pan continental { e u 45 cents to 
$.413.55 and Central Pacific 30 
cents to 5.20. * - 

HONG KONG— Slightly weaker 
in sharply reduced volume. 

TOKYO — Slightly lower in 
quite trading.- Voiume 270m 
(280m) shares. . 

Many shares rose slightly, m 
early trading, anticipating Cabinet 
Economic Ministers would decide 
on new reflationary measures, but 
closed mixed following an uncer- 
tain -outlook oo the Tokyo Foreign 
Exchange Market 

SWITZERLAND — Steady in 
quiet dealings. Market apparently 
did not react to survey by Swiss 
Trade and Industry Association 
showing economic indicators cur- 
rently pointing downwards. 

. Dollar stocks finned slightly in 
fairly active turnover. Dutch 
Internationals little changed, 
Germans quietly steady. 

AMSTERDAM— Mixed in thin 
trading. 

Yolker and Slevin each closed 
at FI 136.00, FI 8 and FI 1 higher 
respectively, after requotation. 

State Loans steady. 



t June J-'JnBfi 
Slnek- 1-23 I « 


H.T.S.K. ALL COMMON 


June ! June ! June June 


NEW YORK -dow joneb 


Jimp . j uni- (June 1 June I June 1 June [■ — - 

S3 1 ?2 | 2t 1 20 I 19 I 16 | H«l. ; 

; . . 1 ■. : ;; 

ln>lu<rrini.. BU-Ol' B27.70 824.95 850.04' 858.62' 836.97 86U.BI 

• | 1 ib <?• 

H*im» HnM-'i BS.59 B7.8S.8a.BI 8B.0Z BG.15 87.S0| SU.jJb 

I j 

Tihii^H....: 219.61 210.05 218.B8 221.17 222.24:222.34, 241.55 | 

I nline. 104.BB 104.80 104.26 104 .26, 104.97 105.18, 110.3* 


63.90! M.07; H.Bli 64.22! 6P.20 j «j7 

1 ; ,8.hi 1 ih-ai 


a i^iliee'.-uniiHlHt'n 

Low j Hl'fh Ll*w 


Itiiea and "all* „ . 

| June 23; Juno 2£| June 21 

Inuea traded 1.880 1.8521 1.871 

Kiaea... 693 747 1 346 

Falla 743 653; 1.151 

Unrhnnceri 440 452; 374 

New High* 31 21i 174 

New Lows...—. 41 42' 855 


MONTREAL 


742.12 ' 1061.70 41.22 

iia/di .it 1/1 .7^-1 t&fl.'JSi 

S7.50 - [ - 

ritoi , 

ISjh.al : 279.86 li.25 

#9/ li ifii/hfrj ! it-lidZi 
I02.E4 , 163.32 j m.ba 
UL.il !: w,!. St. 4,421 


June I June | June June 1 
23 j 22 ! 21 30 j Hiirh 

1n-l 11* trial I” j IBI.Ss! T0Z.29I 185.55* 185.08 (lbidj 
l. iiihiop-l ! — j 190.M| 191 JS7J 132.3 lj 194.UOie.fi} 

TORONTO U-im-wiM 112SA 1.129.9| 1131.7;Tl«Ji 1148.0 


JOHANNESBORO 


Tm.linjj ii 

•>/i> r 


< 225. B 223.1 I 224.9 223.9, 224.9 (2U6| 
1 239.8 • 240.0 | 241.6 I 242X Z42J 130/6) 


IUZ.-3U iiSi2i 
170.62 (M l 1 


Id&.O iSO 4) 
194.- .IjJl 


1 IB.3S0 27.160 29.100 27.820 1 26.600 27.6*0 — 


lr*.m Atitfii-I •-* 


STANDARD AND POORS 


: Jim** - June June! June • June June 1- . . 

. 23 j 22 ! 21 j 2XJ • 13 j 16 | Hi^li ( Lon [ Utcli j Lmv 

-ru.lu,lriK- "TosTpO 10EAI 106.13 106.65 107.7* 107.64 l III. r» [ aSi.BZ j 1S4.;4 ; 3.62 

, . • j | 10.+.1 <*v 61 1 1l'li75i;i30.-p.'32) 

iCunu-onie SB.B5 99.24 96.01 98.51 97.4S. 97.42 100.32 1 ab.sO I 125.^6 4.40 

j 1 «?•*• 1 16/ai , ll t-7j|| ;l/rt;32) 

: -I "ne 22 1 June H 1 June 7 j Vniwumm.i 

1n.t. .liv. vieM % j 5.07 . 4.00 1 4.37 

111-.. I* \, Katin j 9.11 I 9.44 ; U.al 10-22 

I * -in- iinii. tv out v i*'"! 1 8.52 8.44 [ 6.43 7.57 


1 NV! k> 


rimjilwr 


Atuiiraliai^ 1 46-3.76 
Belgium <l> 96-23 : 

Denmrk 1**) 94.65 . 

1 

France (tn, 68.7 1 

I 

Germany! H) 795.2 ; 

Holland E5-4 | 

Hong Eone: 54K.us ; 

Iulv €10* 61.37 

Japan 412^2 

Singapore 332 -37 ' 

it). 


Pnf- 1?73 , 

• Hiith 

; 501 
1 13/bl 1 
95.13 ljl.lr 

. (c/Di , 
96.00' «.lJ 
1 ffl.li 
69.1 : njt 

• iiO,M 
792.4 *12.7 

( 10. 2> 1 

3r.6 I :7.0 , 
, (9-K. ■ 

549.72 662^1 

• ih/.-o, . 

61.83 -..^J 1 

' t £ifi\ I 

411.73 • Ub. II 

I *• : 

350 JW , 532.77 

. Ii3i6j , 


F.T. CROSSWORD PUZZLE No. 3,701 RACING 


| June ] Pre- | I9f8 | I97‘ 

; ; 23 l vioue J Hull J Low 

bpaio 102.30 10L83 ; LK'.it ; vi.tr 

i . . .! lam j (li.-oi 

Sweden *«>l h-i 376-53 Mi - <*:,*?. 14 

! (Jo) . (id) 

SwiCterL'dl/i 293.9 1295.4 329.7 U79 j0 

I I U4.2. J l25f4) 


Indices and base dales (aD base values 
ion except NYSE AH Common - 30 
Standards and Poors — 10 snd Toronto 
300-1.000. the Iasi named based on lursi. 
t Excluding bonds. 1 400 Industrials 
B400 lnds.. 40 Utilities, 40 Finance ann 
20 Transport. Hi) Sydney All Ord 
Ml) Belgian SE St/12/63. i“t Copenhagen 
SE 1/1/73 »ttl Parts Bourse 1D4I 
irn Commerzbank Dec.. 1933 ibx Amsier 
dam. Industrial 1970. 1111) Hang Sena 

Bunk 31/7*64. f||l|i Milan 2/1/73 mi Tokyo 
New SE 4/1/63. lb) Straits Tunes 1666 
in Closed id) Madrid SE 3H/I2/T7 
re) Stockholm Industrial 1/1/58. tii Swiss 
Hank Com tm Unavailable. 


BY DOMINIC WIGAN 


.4 prize of £5 will he given to each of the senders of the first 
three correct solutions opened. Solutions must be received bu 
next Thursday, marked Crossword in the top left-hand comer of 
the encelope. and addressed to rtie Financial Times. 10. Cannon 
Street. London, EC4P 4 BY. Winners and solution will be given 
next Saturday. 

Name 

Address • 


Wind of Change has 
weight advantage 


Amor. Airlines 

Arafir. Bmuii — 
Airier . Broadcast. 

Amar. Can 

A mp* *. Cvmumid 
Auner. Dist. TaL. 
AxDOr. Elec. Vow, 
Amer. Esprew,.- 
AmerJKomeProd 
Anwr.HedlcaJ — 
Amer. Motors..... 
Amer. Nat. Gas^ 
Amer. Stands nL. 

Amer. Stores 

Amer. Tel. A TeL 
AmOtek ...... —.... 

AMP 

A1LP 

Atnpdx 

Anchor Hocking. 
An h en w>r Busch.. 
Armro UteeL 

AJLA. 

Amuen Oil 

,lsan.-o 

Aib land UiJ - 

At L Ku-hfiehi 

AutnData Pn... 

AVU 

Avco 1 

Avon Product i...[ 
Balt Gas Elect ...] 
Bonk Amorim...., 
bun kern Tr. N.Y.I 

Barlier Oil ; 

Baxter Tmvonol.' 
Ueatrii-e FuuL....- 
UertmiUivkemoD 

Bell A Howell 

Bendix 

Benguet Cons *H’, 
Beihlelieui Steel.; 
Black A Decker...: 

Boeing 

Boise Cascade.. ...' 

Hordes J 

Borg Warner. 

Uraaitf lot. ■ 

Brasuaa'A' 

Bristol Myers^..., 

Brit. Pet. ADK...I 
UrockwH.v Glass.., 

Brunswick j 

UuL'.mis Brie , 

Hulava Wat*-Ii....- 
BurlingtuuMha., 

Dumniglu 

Cnni|Jiell 8oup...; 
Cana, I inn Paofiir 
Caunl rtnndolpli.. 

Cnmniii-u 

l. amer i. General 
Carter Hawley ...- 
tateniillar Tracts 
CBS 

Cclnne^e Ciniiu... 1 
Central AS. W....I 

Ceruinteed. • 

Ce*sua Aircraft. .J 
C base Manhattan] 
Chemical Bk. NY, 
Chesebrgti Pniul.j 
Chessle System.. I 
t"bic«ip.i Bridge... 

Chrysler ! 

ClDerama | 

Ciui.-. Milacnm...: 

Citicorp I 

i Cities berrire.... 
City Investing... I 

Cum Cola I 

Colgate Pnlm~...| 
Collins Aikinan..| 

OMumhia Uav ....] 
Columhia Piet.... 
Coni.inaCo.orAni 
Comhuatiou Bug. 
Combustion Bq... 
Cin-w'rh Edison. 
C'm'w’thOil Hef. 
Comm. Satellite. 
Oniiyilt erSciciu.-v 

Couu Life in * 

Connie 

CuD.tklieoa X.Y. 

Consol Foods 

Lou sol Nat. Gas. 
Consumer Poner 
Continental fir)i 
Continental Oil.. 
Continental Telej 

Couttol Data ! 

Cw(ier Indus .....| 


Coming (Him.... 
CPO Jnfn'twnal- 

Crane 

Cracken Nat 
Crown Zellertach 
Cummins Engine; 
Curtin Wright^.; 

Dana. - '-.i 

Dart luduatnes-; 

Deere- i 

Del Monte. : 

Deltona-- '■ 

Dentaplv inter...' 
Detroit Edison — j _ 

Diamond Sbamrk. 1 

Dictaphone™— 

Digits Eqnlp 

Disney (Walt)— . 

Dover C-orpn 

DovrChemicaL-. 

Dravo 

Dresser-,—.—. 
Dupont—...— — - 
Dymo Indnstdea 
Eagle PI cher — I 

E*tt Airlines 

Sastuum Eodak- 

Entnu 

E. G.*G — | 

HI Paoo Nat. Gasj 

Ektza - 

Emerson Electric) 
EmeryAirFr’lgbt! 

Emhart : 

EJU J_ - j 

BngeihaKl 

Bsmark. -_..I 

Ethyl...- I 

Exxon j 

Fairchild Canmra) 
Fed. Dept. Stores, 
Firttaoe Tire. — ■ 
Fat. Nat. Boeton.) 

Flexi Van I 

Fllutkutc : 

Florida Power-..! 
Fluor. -.1 

F. M.C.— ’ 

Ford Motor 

FiircnvnS Mck.._ 

Fiixborv — : 

Franklin Mint.... 
Preepoat Mineral 

Frueliauf — 

Faqlie luds [ 

GJi.F .; 

Uanneit. — , 

Gen. Amer. Lnt_.j 

GJ.TA. —j 

Gen. Cable— 

Gen. Dynamics--! 
Gen. Electrics....! 
Gen. Foods.— J 
General Mills..... 
General Mot ora — 

Gen. Puh. Util ' 

Gen. Signal. j 

Gen. TeL Kkct...', 

Gen. Tyre. 

Genesco. 

Georgia Pacific. .! 
Gettj- oil- : 

Gillette 1 

tioi«lricb B. F 

Goodyear Tire—) 

Gould. - 

fira.t? W. II I 

(it. Allan Par Tea 
Grt. North Iron.) 

Greybond. i 

Gulf A Western. I 

Gulf OIL 

Hail tsi lion 

Hanna Mining...; 

Himlwh (eger j 

Harris Corpn...... 

Heinz H. J 

Beublein ..—...1 

Hewlr PacVaid— 1 
Holiday lnna_i--. : 
H'lmestake— . — j 

Honeywell —| 

Hoover 

Husp-Corp. A mer | 
Houston Nat. Gas 
HnntrPb.A)Clun : 
Hutton iE.P.)_.-..; 
l.C. Industries... 

IXA 

logerauli Kami... 
inland Steel...—. 

J railed. — 

Interwnt Boeruy 

IBM I 

Inti. Flavours 

Inti. Harvester... 
Inti. MluACbem, 
Inti. Miiliifboria.. 

Inco — ... 

Inti. Paper.,..— .. 

IPG 

Int. Rectifier 

Int.Tet. A Tel.... 

Invent I 

lunm Beef. j 

IV International! 
Jim Walter-.—.., 



24-lg j 24sa 
46v fl 47 
20L. i 20 U 
37 j 58 <« 
Biy 8*4 : 
237 S 24J 4 

3D 30i< 

11 107b 


7 

266.37 

u4is 

5«Sb 

38ae 

aoig •. 
1614 
40(2 , 
351* 1 
. 114) 

3014 

I 55J 4 
1 Ul« 

| 306a 


12 lj 
.S3 
'42*4 
3114 
,446 b 

2134 
• 483a 

3234 534 

.32 - 3269 
3336 ,.33>s 
- a7 [ BTSfl 

31V ; 3lia 

463e 463 b 

. 22Ja 321* 

217o 221 4 

20 Tb 20 
4SV-. 1SL a 

211 b 21ifi 

396b - 39^ 
154 164 

7*4 71b 

114 11*4 

41 41 

56 56 

33. ' 53 

464 -464 

Marine Midland.r -144 -147a 

a ifrohall Field...) 23BQ. 24. 

May Dept-Stbreal " 25 . 24 8fl 

MCA 1-.-.4 B04 '497 B 

HrDermoa.M , B664' r 265j 

McDounellDoug 327g 386* 

MeGraw BILL— 23Jj . 234 
Memorek— 43 - . ,4114 

Metric — 56 - -565t 

Merrill LyinSu. 7 .. 184 : 483* 
Mesa Petmleoui. 334 3334 

MGM — -404 ;384 

Mlnu Ming AlItgi . C4ee . .544 
Jlotni Corp-J.— -6h .- 653* 

UuDsanto — ^i. , BOB* , - COSs 
Morgan ,-45 <b ' 48ag 

Motorola ili.'.. ;46Jf .484 

Murphy OU ...... 58 38 

Nabison. — A-. . ¥47 b .:B64 

JNaico Cbemietf- £8:. 284 

National Can.— -J. ’.174* 177* 

XaLDfatmern^-r 1207 b y Z'u* 

\at SerrlrelwC . lt>4 16 
Nadmal Steals, i: 304 3CUs 

Aalomaa 40 6g ,404 

XUH. r b43b 64**- 

Neptoneimpl-^ ;,177 b 1 174 
New England 8L .214 2168 

New Englaninry .-354- 331 b 

Niagara MobaiEK .‘/Ml*’. 14 

iflagtura Share-- 106* 104 

N'JL.JnduatrieiL'.: ~;194 1B4 

NwfolkAWeMeraf- -846a -26 
North Nat. GaaiL-: W . 394 
N tint. State* Pwr BS7B. S&4 
Nth west AirfinoH 263* 274 

NthwestBmuonca "24>t 244 

.NurbinSiuiosUL. ^J83* 19. 

OoddctnaJ Petrol :-&!?$ , . 224 
Ogilw llathefci.: .68 66 

Ohio Edison-.—. ".184" 181a 

Ulln...: -i'-— j -147a 14T 9 

Overeeaa ShtaaDJ ; 254 25Sfl 

Owens Corn&ig „ 296) 294 

Uwbiis Iliiuita'i.'. klfig alTg 

PaciFt- 2J6 b 235e 

pacific Ligbtipg. 194 194 

Pan Pwr. & l3- 214 214 

Pan Am Word Ain ' 67a . B^a 
Parker OadnifilL .243* 251 b 

Peafaudy Lau.Z.~ 24 244 

Pen. Pw. Aik.- 20«a 20&e 

Penny J. C-TaJ. -364 567a 

PennzoiL— - 899*. 294 

Peoples Drqg&u .11 -* 7 : life 
Peaple« G*a-|i^ .344 344 

294 

Perrin BlmeC^.1 24- 244 

pet...:....;— c-i. 5iT fl 504 

Pfizer...— ...£»).. -044 33 

Pheips Dodge.;.. ui7g 224 

PhlbuletplilaElt). -174 1/4 

Philip Jlunw^.: 666 b 657a 

PhJIllpaPnro'tn. 324 324 

PHabory.— ; 394 3 Bt b 

Pitney rBwreil. 234 *34 

PirtMuo. . aide 214 

Pleseey LfafADU)' 17 17 , 


HH II II u^jya 


w.1/ & 




ThumdaNW 







MB 

«?5| 





Ciaxw - ;-^ rwW. 




177b j 184 


^zu.rfPW.-Chn 
LoblaW. Cofej • 


Union Carbide.-, 


-Polaroid nri.'iM..., 
Procter Gadttile : 


S lir«x e — — ....... 

inker Oats-:..-. 
Rapid American. 
Raytheon— 

RCA 

■Republic Steel... . 



• i P 


itVifeig 


Triree. 


m 


WaiksrySlnuti; 


WertonGeo-'^. 


234.58 

\'e !s ’ 



ACROSS 

1 Improve truck i4. 2) 

4 Fixers taken to Wales 

initially by fishermen (8) 

10 China making pensioners feel 
at home «7) 

11 Person staggering into dog 
17 1 

12 Look out for goods for sale 
i-n 

13 Herald receives the sovereign 
of members (4. 2. 4) 

15 He’s afraid to take care of 
protected child (6) 

16 Dotty characters for readers 
out of sight {7> 

20 Two extras at Lords may be 
heard soon (2, 3, 2) 

21 Mother left with animal (6) 

24 Unsentimental firm was in 
the lead (4-6) 

26 South American ruler found 
in the main capable (41 

25 Went with own alterations tn 
a development area (3, 4) 

29 Female has a revolutionary 
cut (71 

30 Loving music to be calm 
without publicity (8) 

31 Tradesman calling doctor 
copycat (6) 

DOWN 

L Papers in novel form (Si 

2 Tidy jump over a road (5, 4) 

3 Bear up with major or minor 
(4 1 

5 Symbolic story with every- 
body oriental covered in 
blood (8) 


SOLUTION AND WINNERS 
OF PUZZLE No. 3,695 

Following are the winners of 
last Saturday's prize puzzle: 

Mrs. S. Craven. 5 Town View, 
Kendal, Cumbria, LA9 4QL. 

Mr. J. R. East, 55 Elmbridge, 
Harlow. Essex. 

Mr. W. A. Thomas, Gwythcr- 

i? a 'u _ R .? beston Wathcn, 
Narbcrlh. Dyfed. 


6 Ollice assistant made to miss 
a day (4, 6) 

7 Anaesthetic confounded there 
(5 1 

8 Anxiety over way sappers go 
on board (6) 

9 Herb or some other boy (5) 
14 Music making cornucopia 

across the Channel (6, 4i 

17 Sweet to see fruit Tall from 
tree (5, 4 1 

18 Got into a bed awkwardly fS) 

19 Love rowing club to grow 
5tamb7 (S) 

22 This mare is on foot (6) 

23 First person southern Surrey 
- finds untidy (5) 

25 Stern-looking sportsman (5) 
27 Back Foster (4) 

SOLUTION TO PUZZLE 
No. 3.700 


IN SPITE of the absence of 
Rheinford, Nativity Singapore 
Star from today’s Fenwolf Stakes 
at Ascot, the race could well be 
an exciting spectacle with Steel 
Trade, unbeaten in two races, 
and Ireland's Wind of Change 
both strongly fancied. 

Steel Trade, a chestnut Great 
Nephew colt trained by Paul 


ASCOT 

2.00 — Matinale 

2.30 — Wind of Change** 

3.00— Lady Lindsay* 

3.35— Noble Qulllo*** 

4.10 — Allot ria 

4.40 — Native Cell 
AYR 

1.30 — Hopton 

2.00— Hulda 

3.00 — Miss Friendly 

.REUCAR 

2.50 — King Pearl 

4.50 — Blessed Montana. 

Cole, who often has a good 
priced winner at Ascot, opened 
his account the favourite in a 13 
runner maiden event at Wolver- 
hampton. 

He followed that success by 
making all the running to beat 
Dafydd by a length at Bath, and 
the manner oF his victory clearly 
encouraged his connections to 
have a tilt at today's far tougher 
race. 

The Michael Kauntze trained 
Wind Of Change, a bay daughter 
of Windjammer, has run well on 
both her starts. 

Judged by her last effort this 
filly is on the upgrade and if 
seems more than possible that 
she will take advantage of the 
9lb she receives from her Lam- 
bourn opponent. 

If there is to be a turn up, I 
would expect it to be the Queen’s 
newcomer. Contralto. This chest- 
nut filly by that . outstanding 
Eclipse Stakes winner of a few 
years back. Busted out of 


Lyrical, is trained by William 
Hastings-Bass, the handler of the 
Queen Mary winner, Greenland 
Park. 

Hastings-Bass has another in- 
teresting runner on this Heath 
card when he saddles Lady 
Lindsay in the afternoon's most 
valuable event, the Fortmun and 
Mason Stakes. 

Lady Lindsay is improving 
fast and if she is allowed to bowl 
along in front from the outset 
she may well prove the blot on 
the handicap of bottom weight 
of 7 st 7 lb. 

Vincent O'Brien and Lester 
Piggott had a quiet Royal Ascot 
by their own standards and many 
may decide to oppose Noble 
Quillo in the Churchill Stakes, 
won a year ago by stable mate 
Transworld. 

Although Noble Quillo, a 
$200,000 yearling purchase may 
not be a world beater he did 
enough when landing the odds 
laid on him by 15 lengths at 
Leopardstown last time out, to 
suggest that he will come through 
successfully. 


GERMANY ♦ 


SINGAPORE 


Industrials , 

Uivk I 

BmiMen-l Cv.j 
ItmiUwJUIM. 
Dull tup. I 

K*« [ 

Fra-er Sctve- 

Haw Par 

Hume lint....; 

luHun|>> I 

Junlme 

Matav Hrew. 
Malay C'emt.l 
Mai. Tuliaiaiil 
Met. Bt Slut; 
)-* v" uClj1n.lt k | 
Pan Elevtric 

lioltmwn Co- 1 

liotlinmn j 

ShcU ! 

Siimt Darhy.] 
Col-1 Storage; 

iStreiibSteaml 
5tnite TinivJ 
(19751 Lt.i I 


S | JiiucSi 

0.S8 iStrairVTra'I'tf 
2.0* 'iriTI mtra. Hull. 
2.58 • llerluul 
4.16 l. hn^iiieen 
3-34BU . U. « J)k... 

5.45 I Wen me 

IJi4 .Tim-t.ir I 

1 .85 |l.')ie:uii-al 

E.ljd Will, ii Jacks. 
2.75 (Rubbers 
6-70 batu Uintaiig 
— Duui|i Kstate 

— Keanus 

2.84 

8.70 

1.95 Tim 
t£J8 Aural ml. Am. 

14.0 Berjuatai 

;ZJ9 Kanipar .... 

2.54 Kui.-hai 

2-53 . Luvtct Perak. 
S.SSid.Peuliiif; Tin. 

7.I0«^U|iremct'p.. 

[tiiUKkali Har. 


mmmm bebeehhe 

D Q U PJ H : n E : □ 
HHQCQOa EBBUHnS 
□ Q QBE BEE 
HEBE BEBDBCiBBDB 
D □ BBS H : 0 
HQEOan- OEEGHBE 
Q QBE BOB D 
BBSS BBS CfSEDHCJ 

0 0 on □ □ □ 

HEE3I3FI00QEEJ GOES 

n n □ h q n □ □ 

0BEQSQS BE00Q0B 

0-o n d n n B_n 

tJQGElQ E3HH0CJH 


nnaaBEisaci bhhhb 

hj si S' m ra 0 :e 

EEH0E RSEEBEHIBS 

a a a -s a b m ■ e 

0BBQ 

n . e ^ n 

-aoQBPi s 

0 ^ P3 ■ - fA'Fl E 

BBEDEag EEgSGaa 
3 Q S in 3 13- 
HElgSB QESSHSJBaaQE 
BBHQn-RBR 
0@nOQEQEa PIGCIED 
3 e e c e 
BOEOB aaEEnnrni rs 


SPAIN 9 

June 23 Per «.-nl 

As Land 

Banco Bilbao ZV7 

Kanco AlLMivO tl.WW> 236 

Pane, Ct-niral 300 

Banco Exterior .... 260 

Banco General 2S2 

Banco Cranada (1.000) 15S 

Bunco Uispauo .. . 218 

Banco Ind. Cat. tl.OOQ) UOxd 
B. Ind. MedilerradeO .. 209 

Banco Popular 22a 

Banco Santander 'SoO) ea 
Banco Urocajo (1,000) 260 

Banco Vizcaya 221 

Banco Zarasozano SO 

Bankiunon 150 

Banns AndaJucia 205 

Babcock Wilcox .. ...... 29 

CIC E 

Dra Radas 276 

Inmabanil 78 

E. 1. Arose QC sas 5A2S 

E spanola Zinc 102 

ExdI. Rio Tinto 92 ...— 

K«sa C1.U00* TOJS 

Fenosa « 1.000* 70 

Cal. Pru-cladcs n 

nrupn Vci»wni&t (400) 165 

Hid roll 3540 


tberdurro 

Olarra 

Papelnra4 Retjnida. 1 : 
Peiroliber . ... 

Pctrokw 

SjitIo Patuk-ra 

SDI9C** 

Sonefisa 

Telefonica 

Torras Hostcnch . ... 

Tuhacex 

Union Elec 


86 + 8.75 

113 +1 

71 - 1 

122 - — 

200 - 1 

57 + 0S0 

SO — 

130 — 

VTtNI - 

97 +1 

10350 - 050 

6950 - 050 


+ 2 

- BRAZIL 



Pn-e 


TffF. 

June 23 

L'l Ur 


Cru/ 

Ace*iLi t>P. . ...... 

1.05 

+a.02 

l.U 

Brail ... 

2.05 

+ 0.D2 

.Li 

ImiumIcjiu 

1.28 

-*■0.115 

:Si 

llt'ii'ij MineUn LM 

2.16 

+0.D1 

.-t 

Liira Aiueu Ol*.. 

3.1$ 


,4 

1'eirut.Ta FP 

3.20 


.10 


1.48 


.10 

ram* *. ni/ UP... 

2.4-a 

^-6.03 

.3 Sv 

limp PK 

b.bO 

— aoB 

.04 

li r If.. ■ |l 

2.80 


.It 


— Turnover; . Cr.ffl.2m. Volume 411m. 
+ 1,75 Source: Rio rte Janeiro SE. 




HDTES: n»er>ej!i prices exuluae I premium. BeUian diviaeixi» ora alter 
wiihhuidim: tax 

• DMin denmn. unless utherwM sillied. V Ptas 50o dwium. utileM otherwise 
siaird 4 Kr ion demmi unless ui her wise siutod 4> i-rv5rtn denom. unless 
otherwise <uated r. Yen M aenntn. unless mhcrwise stated. S Price ai nine nf 
suspension, u Florins, b Schillings, c Cents. l Dividend after oendnu: nzhis 
and or scrip issue, c Per sham. /Francs, p Gross dlv *t. Ii Assumed dividend 
after ‘■•.tip and /or rishis issue, k A Her local laaes. tax free, a Frantss, 

including Undue div. p Nnm q shore split, s Dlv. and yield exdude special 
PUineni. i Indira led dlv. tt llnoiDdal rradme. r Minority liolderq only, v Merpor 
pending. “ Asked, t Bid s Traded, i Seller. ? Assumed, xr f, s r iahig. xd gs 
dividend, xc Ex scrip issue, xa Ex alL a interim since Increased. 



*3UW" rfmr-v '■ 




asftK'ac 6 ' « 





















































■ * ’ • .Saturday June 24 197 S 



-.- <- 


Australian 
Mobil not 
happy with 
results 

gy lames'- Forth” 

. SYDNEY, June 23. 
MOBIL .OIL AUSTRALIA lifted 
its operating profit by ASA3m to 
(U5?2£.9m \ in 1977 but 
descxtbea the result as dis- 
appointing, since earnings before 
tax actually, dipped. 

The improvement' resulted 
from a lower tax provision and 
foreign exchange gains. Net 
pro6tvafter extraordinary items 
rose. from. A$7.4m to AS19.5m. 
reflecting Mobil’s exchange losses 
of -A$10m in 1978, following the 

November' 5976 devaluation of 
the Australian dollar. 

The chairman of Mobil, Mr. J. 
Leslie, said the results were 
disappointing, despite an in 
crease in sales volume and 
retention of market share in 
major products. • 

"The profit result is clearly 
inadequate when- measured 
against capital .employed of 
: approximately A$300m on an 
historical , cost basis," he said. 

“Cash flow from profits, depre- 
ciation' and other non-cash 
provisions in 1977 were insuffi- 
cient; -to fund ongoing capital 
expenditure and an increase in 
working .capital requirements of 
aS31xd,’’ he added. 

As in 1976, Mobil paid a divi- 
dend of A$5m to itk U.S. parent, 
whieh was' only the second 
dividend since 1952. 

The Mobil result was 
announced only one day after the 
Shell group reported a profit in- 
crease oF only 3.6 per cent. . - . 


Cfialet Oil offer 

TORONTO gasoline distributor, 
Cfiaiet pit, plans to buy the 
shares of Douglas Leaseholds 
already owned by Canadian resi- 
dents, writes Robert Gibben 
from Montreal. - Royal Trust, 
Canada’s. largest, trust company, 
owns neatly S0‘ per cent of the 
DOnglas Leaseholds shares. It will 
tender - its shareholdings. The 
offer, price is expected to be $5.34 
a share conditional on 90 per 
cent - acceptance.- 


AND COMPANY NEWS 


CdF CWmie discloses 
worst ever performance 


PARIS, June 23. 
recruitment has been 


«Y DAVID CURRY 

EM® 'ZEES**# 1 * Ml fitment has been 
in the thermo-plasUcs ar^blast cent of fi?e nrofltabte haited *1* *** smp wil1 have 

5",“ 25 s toU of- the remits years the Sofit £d it£ USES. t0 ,f Ut 3obs ‘ 

of ftwaces^ leading for 1977 shows a PFr4€L2m short- 7136 S*°UP sees prospects for 
groups, CdF Chume. fall f 0r the company and a 1978 »d 1979 as - sombre" and 
h-™ depressed level of prices FFr 70.8m group deficit com- doe s not place much faith in 
Decause of what the company pared with respectively FFrlOm tbe chances of a Brussels agree- 
calls unregulated competition and FFr23m profits the previous racn t 10 regulate tbe market on 
in European markets " and tbe year. *««««« the lines of measures already 

economic sluggishness fn France The Board has decided to im- taJcen for coal and more recently 
coupled with price controls left pose all-round austerity measures chemical fibres. 

« WOrst m response to the deteriorating Tbe group blames the Govern- 
eswa since its fcnmdation. Profit situation. In the first few ment for having contributed to 
btKfness months of this year losses were its losses by failing to allow 
awNM nn®® 0 ns, . n ? at three times last year’s prices of fertiliser to rise to 

until 8 ?a£ f le \ e A s -. match higher gas prices imposed 

mflin 8 i 1551 year 4 . A!1 investments outlined in the in the autumn of 1977 and 
group could only manage a 5.1 triennial plans have been post- January of 1978. Thus fertilisers 
tcwcw to some poned with the exception of were unable fas in previous 

«««»* 5 (91-05bn) with the those for which considerable years} ■ to compensate for tbe 
parent company managing only a commitments have been made: heavy losses in plastics. The 
rvvtIIv. C6nt increase to notably the Dunkirk ethylene and price drop for low density 
rra.isaun. polythylene projects and the polyethylene and polystyrene 

me company turned i n a net Carling operation for acrylates products alone, representing 
*rE£F a ? B 6 , ® ss . 1 "- 7m and petroleum resins. The main some 37 per cent of CdF Chimie 

U? hr 6m profit inl976) and toe project affected by the decision sales and 24 per cent of group 
group of FFr 188.8m in 1977 is the planned investment by sales, translated into a loss of 
compared with a FFr 13m loss Chemische Werke Saar- profit of more than FFr 140m 
the previous year. Group cash Lothringen for a 60,000 tonnes a in relation to the prices in 
flow fell catastrophically from year polypropylene plant. effect it? September 1976 


Banks explain 
Boussac move 


Growth at Spanish bank 


BY DAVID GARDNER 


BARCELONA, June 23. 


CREDIT 


PARIS. June 23. 
LYONNAIS and 


The First Viking 
Commodity Trusts 


fifmmffl&ty OFFER 40.0 
Trust " BID 38.0 

Double OFFER 79.0 
Option Trust BID 74.0 


Camnmtfhy&SBneral 
Management Co Ltd 
8 St George's Street 
Douglas Isle of Man 
Tel: 0624JJ632 C- 



THE Banco Industrial de Cata- BIC’s parent. Banca Catalana 
lunya (BIO, the industrial group, is the largest concentre- 
r , M0110 banking arm of the Catalana tion of Catalan banking interests 

Banque Nationale dc Pans, toe g roup 0 f hanking interests, and ninth in the national rank- 
main creditor banks of the fail- turned in a profit of Pta 875ra ing. It has 22 of toe group's 
tog Boossac textile group, have <sn.im) for 1977, a rise of 9.5 222 branches, with investments 
publicly expained why they have per cent worth over Pta 60bn by the end 

declined to give further assist- Deposits are 16 per cent higher of last month, 
anee to the group. at Pta 49.3bn and capital and Tbe bank's rate of investment 

In a communique the banks reserves have risen to Pta 6.5bn has recently grown at an aver- 
say that responsibility for the from Pta 5.75bn in 1976. BIC age of 22 per cent per annum, 
current situation “is not and will be paying the maximum 6 with over 60 per cent of its 
never has been that of the banks per cent dividend allowed to credits channelled towards small 
but is a result of accumulated banks by law. and medium-sized industries, 

errors of management as well 
as successive insufficient or in- 
appropriate recovery plans." 

They affirmed that they had 
allowed the group to maintain 
large overdrafts over many 
years, and had made loans of SCANDINAVIAN Bank Group— tries— has Increased its capital 
FFr 185m guaranteed : by the toe London-based consortium resources by some £16m to £61 m 
founder’s personal assets. bank which is owned by banks t n two operations recently. In 

AP-DJ from several Scandinavian coon- one< , ast month it raised DM 20m 

on the D-mark capital market. 

It has also recently completed 
arrangements for a $20m sub- 
ordinated loan to one of its 
subsidiaries. The dollar loan, 
which has a final maturity of ten 
years, was placed with a banking 
syndicate beaded by Abu Dbabi 
Investment Company. 


Scandinavian Bank lifts capital 


BY MARY CAMPBELL 


THE OUTLOOK FOR 
COMMODITY FUTURES 

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

To: Cometco Commodities Limited, Bridge House, 181 Queen 
Victoria Street, London EC4A4AD 1 would fika to receive your 
monthly investment bultetin 'The Outlook for Commodity futures'* 

Mr/lWre/Miss - _ 

Address J .. . 



Postcode 


' h- 


COMETCO 

The Commodity Brokers 


WARDGATE COMMODITY 
FUND 

at 3l«t May. 1978. £U.15-£M.60 
WCF MANAGERS LIMITED 
P.O. Box 73 
St. Helier. lertey 
0534 20591 /J 

Next dealing! 30th June. 1978 


Siemens 
buys Osram 
minority 

By Adrian Dicks 

BONN. Jane 23. 

SIEMENS, the major West 
German electrical concern. 
now gained full control of 
Osram, the world's fourth 
biggest lamp manufacturer, 
after acquiring the 21.45 per 
cent minority share held in 
the company by General 
Electric of the ILs. Financial 
details of the deal were not, 
however, announced, 

Siemens gained effective 
control of Osram two and a 
half years ago. when it added 
to its existing stake the 36 per 
cent previously owned by 
AEG-Teiefuuken. Before that 
deal went through. General 
Electric had shown interest In 
buying the AEG-Telefunken 
shares, bot was discouraged 
from pressing its offer by the 
West German cartel authori- 
ties. 

la a Joint statement by toe 
Iwo companies today. General 
Electric was stated to have 
decided that retention of its 
minority stake was “not con- 
sistent with its world-wide 
strategy” for toe lamp 
industry, In which the U.S. 
company is already toe world’s 
largest producer. The state- 
ment also stressed that co- 
operation between General 
Electric and Osram would 
continue. 

Industry sources here specu- 
lated today that the American 
company’s decision may have 
been partly brought about by 
concern that the U.S. anti- 
trust authorities might frown 
upon the world’s largest lamp 
manufacturer continuing to 
hold a big slake in toe fourth 
largest. 

Since taking over manage- 
ment of Osram. Siemens bas 
succeeded in improving its 
results considerably. Last 
year, Osram earned a DM 33m 
(515.8m > profit, compared to 
a DM 44m loss. 

French Esso 
disappoints 

PARIS, June 23. 

ESSO SAF reports that this 
year’s, results are turning out 
uo better than toe " disap- 
pointing” figures of 1977. 
Shareholders were told that 
although tbe company was able 
to raise its dividend for 1977, 
the net price 'of oil-based pro- 
ducts has not been high 
enough to improve returns on 
capital. 

The company, which Is a 
subsidiary of Exxon Df toe 
U.S., and is paying a FFr 7.35 
dividend for - 1977 against 
FFr 5J595 in 1976. saw net 
profits tail to Fr 48m la§l year. 


U.S. NEWS 


New problem for 
accounting body 


BY STEWART FLEMING 

THE American Institute of 
Certified Public Accountants 
(AICPA), under pressure from 
the Securities and Exchange 
Commission, is examining 
whether or not to try and extend 
its “ peer review ” system to 
overseas affiliates of U.S. 
accounting firms. 

The “peer review” system 
recently established by the 
AICPA. toe country's main 
accounting body, requires that 
every three years accountancy 
firms which have SEC registered 
corporations as their clients, 
must allow outside auditors to 
scrutinise toe internal workings 
of the firm. 

The proposal to try and ex- 
tend tbe system overseas, bow- 


NEW YORK, June 23. 

ever, is raising complex technical 
and legal issues. These include 
juridical issues as to whether 
toe SEC and the American Insti- 
tute have tbe authority' to extend 
toe peer review system abroad, 
given the independence of toe 
foreign accounting partnerships 
and toe fact that in several 
countries, including for example 
Britain, accountants have their 
own independent professional 
bodies. 

Another difficulty is that In 
some overseas countries, secrecy 
laws make it difficult or im- 
possible for unauthorised out- 
siders to scrutinise the inner 
workings of accounting firms, 
especially where client confiden- 
tiality is involved. 


A & P $10m loss 

NEW YORK, June 23. 


BY DAVID LASCELLES 

THE Great Atlantic and Pacific 
Tea Company (A and P), 
formerly the largest U.S. super- 
market chain but now in deep 
trouble, reported a loss today of 
SS.9m in the first quarter of this- 
year compared to a profit of 
S5.4m in the same period last 
year. 

Sales during tbe three months 
were $I.Slbn against S1.7Sbn last 
year, and toe number of stores 
operated by the company was 
pared back by a further SS to 
1£72. 

A and P is in the middle of a 


five-year revival programme 
which its senior executives have 
admitted has not produced the 
desired results as soon as hoped, 
despite massive cutbacks and 
store modernisation. However, 
these latest results were 
worsened by an accounting 
regulation requiring the company 
to include a charge of $1.3m to 
reflect the effect of the capitalisa- 
tion of all capital leases. 

• Reuter adds: Directors of A 
and P voted to take no action on 
the quarterly dividend. Tbe 
group last declared a five cent 
dividend on April 13. . 


Pet-IC agreement 


PET INCORPORATED and IC 
industries have agreed on 
merger conditions and dropped 
all lawsuits involved in the pre- 
viously announced tender offer 
from IC for Pet’s common stock. 

The companies have agreed 
that a tender offer cannot hegjn 
until July 17 and that the price 
will be increased to S55 a share 
from $54 a share. 

Pet agreed not to oppose or 
interfere with toe tender. Pet’s 
management will remain with the 
new group, IC Industries said. 

A statement from 1C added 
that it and Pet will request 
Hardee’s" Food Systems to 
immediately begin joint discus- 
sions concerning a combination 
with Hardee's. 

Previously, Pet and Tardee’s 
had reached a merger agreement 


ST. LOUIS, June 23. 

IC said if Hardee’s agrees, then 
IC and Pet will begin negotia- 
tions for a partially tax-free 
exchange of IC equity securities 
and cash for Pet stock. 

IC said it would not begin its 
tender off before July 17 or 
sooner than 22 days before a Pet 
shareholder meeting or before 
any third party announced offer 
for Pet. 

Meanwhile, in Rocky Mount, 
Hardee's Food Systems declined 
to comment on the delay in the 
opening of its stock on toe NYSE 
and said it would have an 
announcement later. 

Agencies 


0-9 


Japanese 

retailer 

issues 

dollar bond 

By Our Own Correspondent 

NEW YORK, June 23. 

FOR THE first time in recent 
years a private Japanese com- 
pany has issued dollar 
denominated non-convertible 
securities in toe U.S. bond mar- 
ket without some form of 
Japanese guarantee or col- 
lateral. 

The issue by a Japanese retail- 
ing firm, Ito-Yokado, was des- 
cribed by Mr. Roy C. Smith, a 
partner with Goldman Sachs, the 
lead managers, as a landmark in 
Japanese financing today. He 
suggested that the policy 
decisions by the Japanese 
authorities which lie behind the 
issue could lead to further 
unsecured borrowings abroad of 
this sort. It is possible also that 
the giant U.S. retailing chain 
Sears Roebuck could provoke a 

S araliel breakthrough in the 
apanese bond market by under- 
taking an unsecured issue in that 
country. 

Traditionally, Japanese com- 
panies bave not been permitted 
to make unsecured debt Issues 
abroad but have had to back 
them either with collateral or 
bank guarantees. 

Those Japanese debt issues 
that are unsecured have been 
convertible. 

The package put together for 
Ito-Yokado includes $20 ra of un- 
secured five year notes which 
have been priced to yield 9.25 
per cent and are unsecured, but 
carry an A rating from Standard 
and Poors and $50m of convert- 
ible securities. 

The convertible is also A-rated. 
Both issues are in the public 
market and registered with toe 
Securities and Exchange Com- 
mission. 

Co-managers to the issue were 
Nomura Securities and J. Henry 
Schroder Wagg and Co. 

Globe, Johnson 
extension 

MILWAUKEE, June 23. 
GLOBE-UNION has been advised 
by Johnson Controls that at 
Johnson's request UV Industries 
had extended to June 30 from 
June 26, the date on which UV 
Industries’ option to Johnson 
Controls to buy lm shares of 
Globe-Union would expire. ~ 
Globe-Union said it bas been in 
active discussions with JobDson 
on its offer to acquire Globe- 
Union. 

Agencies 


l.G. index Limited 01-351 3466. Three month Tin 6605-6665 

29 JLamont Road, London SW10 OHS. 

1. Tax-free trading on commodity futures. 

■ 2. The commodity futures market for the smaller investor. 


EOMMODITIES/Review of the week 
Zambian copper still blocked 


BY OUR COMMODITIES STAFF 

THE T5AGKLOG- of Zambian, 
copper, awaiting shipment bas 
reached 130,000 tonnes and must 
he cleared “as a matter OC utmost 
urgency,” the Minister of Fin- 
ance, Mr. John Mwanakatwe, said 
yesterday; wrlte> our corres- 
pondent in Lusaka. 

However, the Minister stressed 
that reopening of the southern 
route through Rhodesia “ is out 
until Zimbabwe is free.” 

■ The. copper, ■worth more than 
£9lm^.is held up at the 51 per 
cent "Government-owned. ' Roan 
Consolidated Mines (RCM) and 
Ncbahga Consolidated Copper 
Mines, in transit and at the Tan- 
zanian port of Dar Es Salaam. 

. The main . causes are 
inadequate handling facilities at 
Dir es Salaam, which- handles 90 
per cent of Zambia's trade, a 
shortage of trucks on the Tan-: 
zania-Zambia railway (Tazara) 
aid a slow turoround of tbe 
trucks once they reach Zambia. 

Tbe level of Zambian imports 
held up at Daf es SaJaam has 
remained between 70,000-90,000 
tonnes for the past eight months. 

: Repeated efforts, by the two 
governments -fu- dear '.the back- 
log bave been unsuccessful so 
far. Greater use is now being 
made of the Mozambique ports 
of Nacala and Beira, but shipping 
sources are pessimistic 

Naeala has only four berths 
and handies Malawi's exports, 
BeSra Is inefficient, and there is 
A shortage of trucks on toe road 
link between Zambia and the 
Mozambique railhead of Moatise. 

< Prices of copper rose on the 
London Metal Exchange yester- 
day, - mainly on the expectation 
of. an 8,000 to 9 , 000 -tonne reduc- 



220 


Jan Fsb Mar iprMzy Aw J 


lion in warehouse stocks. A 
stead}' opening on Comes in New 
York also helped keep prices up 
in the afternoon. 

Three months wirebars were 
£7 a tonne up on the day at 
£720 .25, an increase which 
reduced toe loss on the week to 
£13 a tonne. Cash wirebars 
closed at £700.75 for a fall of 
£11.50 over the week. 

Cash cathodes lost £11 on toe 
week, ending at £696.50. Three 
months were down £12.80 at £716. 

In Brussels the EEC Commis- 
sion said it would oppose any 
attempts to form a “crisis cartel 
to help support toe depressed 
zinc market, and called for a 
united stand from the Nine at 
the meeting of toe International 
Study Group for Lead and Zinc 
booked for Vienna in July. 

On the LME cash zinc lost 11 
a tonne on the week, closing at 
£301.75 a tonne last night. Three 


months metal, gaining £2.50 
tonne on the day, was £11.50 
tonne down at £311.25. 

Cocoa prices fell sharply on 
the London futures marker yes- 
terday with tbe September posj 
tion closing £29.5 down on the 
day at £1,783 a tonne. But 
September cocoa still ended 
£122.25 higher on toe week. 

Cocoa started the week on an 
easier note in response to news 
that the Ivory Coast h3d lifted 
this year’s crop estimate 
300.000 tonnes from 260,000. This 
compares with recent London 
trade projections of a 290,000 
tonnes Ivory Coast crop. 

However, growing fears of- a 
technical squeeze on the New 
York market quickly reversed 
the trend and nearby prices were 
nearly £70 higher hy Monday’s 
close. This factor continued to 
encourage buyers on Tuesday hut 
values suffered a sharp setback 
on Wednesday as producer coun- 
tries brgan offering supplies to 
the market. 

Prices recovered again on 
Thursday. however. when 
reports that a serious nil short 
age in Ghana could delay cocoa 
shioments encouraged specula 
tore buying. 

. Dealers attributed yesterday’s 
fall mainly to pre-weekend profit 
.taking. 

Sugar prices fell early In. the 
.week when Cuba announced an 
300.000 tonnes rise to 7.3m 
tonnes in its 1978 crop forecast 
:The news helped to bring tbe 
London daily price, which had 
risen £1 to £98 on Monday morn 
lug, down to £95 a tonne, where 
it remained for toe rest of the 
week. 


WEEKLY PRICE CHANGES 


Latest | I 
prices ‘-jCh’ftel 


1976 


uri — J 

dual eAJ . .. 
iyt9es»... 
met (99.62) 


|pz736&}-137 fiUs .700-760 



per tonne 
onieee 
stated 


£860 . 
$1030/40 - 

£1^23 I — 


week 


Vest 

*W> 


High 


. £a» 

81.030/40 

1 Sfc.iOt« 


. £703.75 — U^j £2554. 
. £720.86 ®»5- 7b 

, M9M Ullft 
'£716 — J2£ 

5166.126 + 1.2& 

£306.6 1+0.5 
C516J3& t+0.5 

teteTlTub! $li!S<-.9S U 0.021 

1 £155. 

£13211 


/ : .8S [—0.0! 
15 I . — " 
_ 1—4.4! 

rfienajt S120-E6 

ch 280.35c 


par.ta . ... 

ret perox.1 


£776 
£794.5 
§140.626 
£342.75 
£344.75 
£3.160 


o* .i; 28J-35p 

per ruu.-l 296.55p 
JZ. : £6.746- 

£b.620 


+ 0.86 
+O.S 

£S.746 r La3.0 

-68.5 

KflUhlJ S13O0B +1.0 

£301.76 -11.0 

£51L£5 [-1L6 

S660/S0K - 


+ 0.8 


£82.25 
eriewipf £105.76 


j-OiS 


IT 

- £812 
fiesta 
259.4y 
• 264-5p 


£SO 
S 1,035 
£1,9» . 
*2.412.61 


tow 


£77S£ 

£798.75 

£773.5 

£793.5 

£394.% 
£6ffJ.2S 
£2,&5S 
8K.0 ■ 
f 133.0 
£135.9 
*132.6 

mfcp 

K*.95p 


£5^5.6; £*.«» | 

C6.662.5l £6.TC7.5 

Si 75/94 j S 172.6 


X3S.5 

£334.76 

§700 


££0.6 

£80.1 


£85.2& 


£339.b 

£3*9.3 

*600 


£87.75 

£106.7B 


£630 
, 59965 
U'LMP 
52.155 

£612 

£634.75 

£6025 

E6U.7& 

*166.125 

£2I5£5 

£2*iU5£ 

£2.666 

Sl.rt 

£96 

£96.4 

5122.3 

KOp 

2&3.3P 

£5.660 

£6,717.6 

$130.5 

ua&xo 

I237.7& 

. *560 


£70.06 

£96.5 


Wheat j 
No. 1 Red Sprint 
Am. Bard 

Winter.., 
Eng. Milling fa*™ 1 
Snioes 

xiove* <j 

Pepper. White.. 


OliB 

Uneonniirmnti ■ ■*> 
Qroundnnt — - 

Xani+ed, Crude..-.. 

Palm Malayan — ... 

Sccdn 

L>»pra( Philippines 

v*r«an« iU.=>.l 

Qtoer . 
Commodities 

shipment* -. 
F’t.. -nil pen 
CoffoeFumns* J ulj. 

Canon lariev - 

Oea. CeuUBOt 

jnMUAUWUgcte 

KnbLerkilo 

s «t£0 

til wd No. 3 L 

Siupr vvIm 

T»rJn>ji Xi*. l 

- (quality! kdo... 

/plain! k»h». — 

Wooltoj* Mb 1' MT 5 - 


Latest 
prices 
per tonne 
cm/ess 
stated 

Cb’fie 

on 

week 

Year 

| 187* 

1^0 

Si«h 

Law 

£36 

+4.S 

1 

£98.5 

£834 j 

•'l" 


6645 

£91.5 

£9Lq 

wopiewh 

-Q£ 

£KL5 

£105 

£83 

eAjem 


£«.6W 

£4,500 

£4,500 

93,050 


92.275 

P3.3CL 

S2J360 

62.050 

+76.0 

92,226 

$Z,4CO 

91,975 

9660 

+6.0 

8676 

$722 

?S32j 

£7S* 

— 11.0 

£587 

£753 

£587 

£586 

—12.0 

£3B2 

£385 

£266 

9602 

+22.0 

l 

9640 

8493 

9*66 

+ 1641 

9386 

S4B0 

8372.5 

932.76 

+4.75 

9295.45 

9315 

S®34 

£1,B6S 

v874) 

£3,033 

£2,153 

£1.611 

o,m 

*-121.26 

£2.764.75 


£l,+ib.t 

£L48L5 


£CJS2.b 

£lj62.b 


72.16c, 

y0.4b 

69£6c. 

72.76c- * 

hl.ctC. 

- «3& 

-1J4? 

4760 

±73? 

tSGOb . 

04--. 


6413 

*490 

5437 

«.T6p 

+9.?5 

47£tp 

58.7&|. 

% 

£ld5 

— 

£205 

U3U 

£177 

SS30/<10 

_ 

S6tfi 

0060 

6527.5 

456 

—2.0 

£110 

£114 

£94 

" £\72 

— 

£190 

£1 K) 

£172 

136p 

—1.0 

290p 

160p 

J27v 



IBOp 

9Ep 

8£d 

Zo3p tiwi 

— 

263p kilo 

283pUln 

267pkIlo 


t Unaucrted, • Jffflninal. P Madnsttcart 


MARKET REPORTS 

BASE METALS 


■ipcai-d asK’ssip '53;-xr.ic> 
dim* at 2SS WSs:p .sai-xsyo. 


and 


SOYABEAN MEAL 


MEAT/VEGETABLES 



COPPER— steadier on lit? London Metal 

Exchange after rvccot fall* 

nifial moved benretn 

bLlure SruiUln* above l?3> 

Deflation* nf a stock', decline 

afiLTTtoun Cornea was iieadv and ihe 

STrnJer- Mam, u: Three month* ZX.*. =37. 

** "** * e,k Turnover. Kc . rbs - Tfirotf months ??«.?. 2*6.9. :*7. 

l».3=o toune... Afternoon: Three rnonihs =37, 7.1, 7. 6.S. 

- • »7m’. -i- c.r 1 nTS: Kerbs: Three rnonihs =343. 

Official | — | l.'nofflcicl | — 


LME— Turnorer =3 OW* lots or JO.DOu Auciist^.....^ 125.03-29^ 

Sales: 151 '.T?»~li'U ol luo loanes. 


COPPEBi 


I £ , £ I 

■Wirebars i 

InNl 701- 5 ’+5 j 

i months-., 72 1-.5 ‘+ 5 | 

Scirl'm'np 701-.5 +5 
OatUode»-l ; , ' 

3 lia'illlli*. , 716.5-7 +5 

SeiU'm'nij 697.5 -i-S 
U.S. Mini..' — . ..... 


MEAT COMMfSSlOM— Areraae fatstock 
prices .at represenlallve markets 
June =*: CB cattle 71.17p per kc |.w. 
« UK sheep l«7.7p per kj:. esi 
d.c.w. 1-10.31: CB pins 62.3p per k*. l.w. 
C + I.3-: England and Wales— Cattle 

numbers us 10.4 per com. a v erase price 
71.B7P i-l 5Si: Sheep driven 3.0 per cent, 
averasr price 147 -Sp Pics down 

15.1 per cenr. average price K 3p f+1.3 
Scotland— CaiiJc numbers deirn 1=.5 per 
cent, oversee price 71.70p Sheep 

up 2 1- par cent, average price 144. -m 
i-9.1 1. 

COVENT CARDEN ipr.ee* In sierlins 
Per package except -where stated i— 
Imported produce: Oranges — Cyprus 

STEADY Openins <.n the London Valencia Loses 15 kites 4.W-5-20; . 

Physical tiurkei. Fair Interest throuslwuc African: Navels 4. DM.60 Lemons— 
the day. closing Qiuetly s:eadi. Lewis Italian: TM/I2irs ' new crop 4.OT-L20 


ROBBER 


700.5-1 +B 
780.5 ;+7 

~ I 


COCOA 


under pp.iture throughout the day. Gill 
sod Duifus repotted. 

l‘e«teriinv's 4-1.7 •‘"i/nTfiiesT' 
fi»L««.\ • CL*e‘ ' — • LMixe 


July >. 


696-7 +6.5 

7 IS. 5-6.5 +5.25 

— , .V.'OL ") im'i 

•66.5-68 Ju.y 1B11J-13.0 —44.0 1865.0-1799 

. _ - . . ?c pt »782JJ-fl4.fl — M.5 f650.0- 1775 

Amalgamated Metal Trading reooned LW 174L0-45.0 — 22.5 1778.0-15. Q 

thai in tbe morning cash wirebars traded — 8J.5 1744.0 10.Q 

at f/01.5. three mouths 1722. 21. 20.5, 21.5, Aim- 1700.0-05.0 —20.0 1729.0-75-0 

21. 21.5. Cathodes, three months £717, J.m 16W.0-1703 —22.0 




iesl'rilaj V. rnraiw 
cfatkc Came 


Uiit-inesi 

,P>ne 


■4-SO: Jaffa: 20 Wins 3JM10. Apples— 
French: Goldep Delicious 20-lb 84's S.00- 
3 SO. 72 '8 S.2MW. tumble b MtS. per 
pound 0.1 MU 7; W. Australian: Granny 
Smith 9.2 0: Tasmanian: Granny Smith 
9 no: S. African: Granny Smith 9X<> 
White Winter Pearmain 7.50-7.80. Starts 

i In* Delicious 8.20-5.40. Coidea Dcbde-us 

5? .75 58.00 58 jO 39.25 iB.C0 5B.8Q 8.60-8.60. Yorks 8.20-8:80: CbiV?aa: Grtinny 
5S.F0 fi0.00 5S.OO-6D-DO — Smlrh 7.60^.20. Starling 8.10-S.30: New 


rs.5. 17. Kerb: Wirebars. three 1 months *«irf •3<a.u-ou.u — eu.o — Abi-Ju*J 65.45-66.55 iM.70-t5.bO, b5.90-t5.4B 0.16-0 17. 

021. 21.5. 22. rt.5. AJiernoon: Wirebn^, "sioirs.sisTdjMr lws'ftf'io'toroes' Jlv-Sew) 6S.90fi7.80 67. 15-67-20. 67.50 65.96 English produce: Potatoes-Per 5Mt 
npmUujtrtU *0. tt. .OJ. m. intonation,! cocoa Organlsation iU S 'M-lUiiB8.W 6S.E5 68.40-68.5tl' 58.70-6S.40 S. 40-3.80. Lettuce— Per 12 0.00 Cos 0.90. 
.ys? « K * rb: cents oer pound Junr- »•' J/i'i-U.ir] 10.00-70.05 6S.65-6S.SC 70.20-62. SO Weblw Mi. Canrete-fer pound 1 .88-1. «. 


IS75.aM.fl —*fl.5 — 


J'»A 

,lU|| „ - . .... ... .. _.. . 

Jly-Se|.i] 59.60-60.00 5S.90-60JI0 60.05-60.00 Zealand: Stunner Pippins 163 9.20. 175 
<!•-(> Is*. I 62.05-62. ?0 62. SO 62. 40, 62. 75- 62-00 0.70. Granny Smith 6 60: Italian: Rome 
Jah- Mr. I 84.05 54.18 64.55 t« .48, tS.OO b5.BO Beauty per pound 0.17. Golden Pcllcions 
-JuV, 65.45-66.55 65.70-‘5.b0, 6S.M-t5.46 0.1S-0.17. 

- - - - - - - - 3B.U, 


Wirebars. three months 17263. ll. 


cents per Pound l-Dafly price June 22: J*',-U:»f fO.QQ-lQ.Q* /u.so-os.so 

14237 (139.481. Indicator prices June 28: Salea:' 607 i 973j lots ot 15 tonnes and twdoor^flS 60 ' Cocnmhere^ 

TIN— Hlghar with torward met. I IS-rlay nrarttfi (132.781; 224ay 23 1 10> lots of 5 tonnes. p£ nwlUWBMHXI 

adratidnc from a tun ot 0.330 on fore- overage l-^-oo (133.78). PhyMCTl rJjMina pr/ee>i buyers > were: pg r pound fl.40-0.Sd, Apples— Per pound 

casts of a sindu decline and Ignoring Spot B.33p *5S — Si: July 59p leamei: Aug. BTjmley’i 9.10-0.20. Tonmtncs— Per 12-lb 

the fall in the East oyerniglu. The price { Of- FFF »-*p isamei. Enjllsb 3.20-3.30. Greens— Per crate, 

rose steadily and closed on the Kerb ^ w r.-r.t i.oo. Cabbage LD0-1.2D. Celery— 

at B5.CB. The not fall on ih« week Robu , iU .. or *. neif abou . l3n hlch . r .. SUGAR Per 12-TV 2.50-3.00, ' Strawborrlos-Per 

- sseta ««<»-««« ■aarsav.s 

t,» '“- p - r — 

?T«a5^oi+7, ^siss '.lls JS.SSS MrtnriS,” itoS^canro?, bITto .»»»>** PruniiM 

A iMhs. 1 ^1 6fi45-6d I+7D tn ihc st -mou and m the ibo c3T£0*.s of su^ar late «i fur Ocl-Poc. shipmen:: BWB f^f-5 

4 67^ XW ~ ft "MT»« CO lower on batenc?. BWC C34. SWD £247. Tossa: BTB £X tt 

' ■ Dealers said that the soll-oir was pro- Koa ruar? and M^rb 18^ — price BTC £^55. aTD IMS. Calcutta goods 

n7PR.4n-n7 6 i 6735^5 Urs VrtVe<1 b » hcrtse Telling against purchases steady, ijnotannns c anti f UK f*-r June 

SwSt 0 ri ' aZ 1 §"11 X Physical coffee. 00 3 subtly M«w Mt and remained ihipment: it>-or 40-in. xn.w: 7...0* £7.77 

extremely mrtei Uiroagbout the day, with per 100 yards: July £D.o;. and £7.63: 


•Setr.tero'i. 

Standard 



S uiunt-lis. 

Htntyin'tJ 


6740 


+5C.51 6645-60 l+TO ,n lhc ir MOn al close the ritrec c Jrg oe-sc of «Me UK r»r OcL-Dec. slupmen:: EWB Kt 

+781- . m3r,cet *"*' lower on balance. 2^22' vn B(vc ««. 3«’D £247. Toysa: BTfl 

+ / I j ' Dealers said that the soll-oir was pro- U- bruary 19J9 and M^rb 19^ — price BTC £^55. aTt> 124S. Calcutta go* 


6600-5 ;+ 60 
6730 +66 

Smus K..[; 81702 —22 
I’nilii — • 


i 6615-25 +62.6 - 


Mbrnlnh: Standard. caJi £6.735. £6.730, 

three months £6.600, 16.605. £6,600. 10. j M | V 

£5.605. £8.600. Kerb: SiamJard. three ^ c , Perils." . 
months 16.605. £8,600. Afternoon: v„ cain i vl 

Standard, tliree months £6.615. 20. 25, 20. j"™,.. , 

High Crude, three months r6.S40. Kerb: v.rr n ‘ 
Standard, threo morfths £6,320. 25. 30, M . 

. jL".;-:':::::.. 

LEAD— Moved narrowly In matin e 
trading as Forward metal started at the 
day’s high of £317 and fell to a tow of 


iiwunJayV 1 
CUtTVF ' Ctw i + or - Businisa 

— j lteoi- 

— per tonne 


prices within a 50-porot 
Czarnifcow r. 'ported 


snaar . 1 

; l*K.-f. .'Vejler.lar'f' Pnriurtil 

— 09.5 1620-1576 Cranni.i Lime I 1 !o?e 


1580^3 , - 

1461-62 !— 15.0, 1540- U 75 Omu. 
1363-84 -25.5,1458-1581 
1320-26 —25.0' 1378-1524 
IS6O-66 ' — 26.0, 1315-1269 
1200-20 -38.0 1260-1250 


range, C. 


HllMWfcJ 

Linue 


1150-1200 — 52.5J 1230- 1220 


£ p«V. I.iUIiC 

\U«. ...I 97.6J S7.7fl S3.5D 9E.eO 98.50-97.60 Ui prices encouraged 


August Sept. £9.95 and £7.*-,. * e ' IwiUs: 
£27.22. £27.43 and £27.51, Jor me n-snccilvc 
shlpmeot periods. Yam and cloth very 
quiet. 

■* 

COTTON, Livorpocl — Spot sn-l rhipwrni 
sales amounted 10 CD tonnes brinaing 
the total for the week <0 ."SI Mnnes 
against 104 lonnri. A aUghtly Ircer tom- 
mwiesi nfftaKe. 


j=- — _ Md/rb s' 

Sales: 2.408 15^87) lots ol 5 tonnes. ju.- , 

— , . ...... — - A FLAB I CAS wem dull and un traded, Aa __ , 

1313 before recovering to dose on the Drexel Burnham Lambert reported. Close <vT“ 
Kerb at £315.25. The net change on tie (is order buyer, seBeri: June 1M.60-82 .00. 
wet* was marginal. Turnover; 2,125 Aug. i70.08-iS.00r Oct. 155.WW5.00. Dec. 
tonnes. M5.cxws.0O, Feb. 135.00-45.00. April 135.08- 

— 45.00, June 130.0845-00. Sales: 0 ll> lot 


LEAD 


a.m. 1 4- ori 
Offlclgl — 


p.m- 

Unofficial 


r- 


of 17.250 kilos. 


t £ £ £ 

306-.5 1+6 306-7 +4 

1315.5-6.5+5.25) 315.5-7 j+3 
306.5 .+6 ' 

- I i 51-33 


Morning: Cash £306. three months £317. 


Cub. ...... 

5 moaUu.. 
Srtt’im’Dt 
U.a. e'pat. 


GRAINS 


£325.5. IS, 185. 


metal started at £312- £31 4. -But the price 


WHE/ 

M'nth 

T 

Yesterday’s 

+ OT 

BA 

Yesterday's 

close 

RLEY 

+ nr 

*NuV. 

Jan. 

Mar. 

Mav 

84.85 
87.65 
90.35 - 
92.90 
95.60 

[I+ + + +. 
bppop 

fefesae 

79.50 

82J25 

84.90 

87.60 

90.05 

+O.0S 
+ 0.10 
+ 0.05 
+0.15 
+0.10 


59.55-99.75 100.40-100.5 I00.50-d9.50 Most domand was in African and Latin 
101.05-02.00 102.65-02.70 102.60 0 1.70 American growths with occasional sup- 
103.d5 lD.0tt 110.50-10.85 110.65-09.75 P»rt for Middle Eastern Qualities 

!!I m II M !£S’iS ,,IJ9 ’ ,lBI K0HC COTTON— Prices fed 

itd.8u-io.96 m.S8-i6jj, — about 30 points over the week In modest 

..... 2l9.10-lS.3u' 120.26-20.40 119-25 trading. Tbe pr^nlra December 

Sales: 1.277 (2. <311 lota of 50 tonnes. Jdbr increased further in 435 Pilots. 

Tate and Lyle et-rc finery price for ™aay s riortDa print (cents pw ooimii: 
granulated basis white sugar was £242.40 0 t th 5^-60-80.00, Dec. 

tpni p 1 a tonne fnr borne trade and 5, Marcn til.TD-uuquncea, May 

£155.00 (unchanged! for export. nfl 0U n^ f ^ B f“!? 

HONG KONG SUGAR FUTURES- » SMO.OO. Dec. 6L3> 

Priees were aboal ms Jn rained on the w - 06 - Turnover: Ot-lots i233 Imsi. 
week ending June 23 In light trading. wr 

Friday's closing prices (cents per pound): GRIMSBY FISH— Surety good, demand 
July unquoted. Sept. 0.95-7.08. ow. 7.18- fulr- Prices at ship'? aide (unprocessed' 
7. LI, Jan. 7.60-7.70. March 7.85-750. May Per stone: Shelf cod £3.4O-£4.0u. codlings 
8.08-8.03. Week’s high-low: Oct. 7.09-7X2, £2-60-£340: large haddock £1.00-14.40 
March 760-S.01, May 8.17. Turnover: 82 medium £3.00-13.60; large plaice f-LSO. 
lots (89 lolsl. medium £4.00-£4.80, best amall «3.4P-fiOB: 

large sWnned Cogash £9.00. medium £6.80: 
lemon soles £8^0; rocJtflsh. £LBfl£2.4fl: reds 
£2.00-XS.40. 


WOOL FUTURES 

SYDNEY GREASY — in order buyer. 



K1KC 

a.ni. 

OfilrlaJ 

3 

p.m. 

Unofficial 

t+nr 

Ca'ib 

5 IIMIIItll?.. 

S'nieiit .... 
1'rm. O't-t 

501-2 1+4^ 
ell-2 +4 .67 
302 j+4.5 

£ 

301.5-2 '-+2.75 
311-.9 +2.5 

29-31 I-... 


M GCA— Location es-fartn spot Prices: 8- To! aj Sales; 98. 

Feed twio— Lem £31.04, LancaJurc t Pence per kiloi 


The manetary coeffielem for the tilwe 3 

rek beginning Jane 36 wiU rent am 1 pe ** > ^ ' a,: 


wevk beuinnlug 
inu-hanged. 


Done 


Uoraiitg: Cash £3ttL5. BtC. 0013. £301. mPORTED-ilJhtMs CWBS No. 1. SSi July giO.tt-52.0 , 

£301h. three mo nth* m2. Kerb: Three S** £ enl ' TDbunr. U.S. Dark Un.Owi |Z4O.0-i2.a 

months £310, II. Afternoon: Cash £802. Mm 0- . 3 * U J£ r f* at ‘ J F le 

ihrce months £311. 11.5. Kerb: Carij £302. *84.75. _JBiy JBM . Ang. £85 J5 tranship- M*r»4i B46.Q-4B.0 

three months £311.5. .11.75, 12. m J" r . “*„*'?*•£. • Mav. 348.046.0 

Cents Per pound. tOn previous Jtm-i £103.75. July Jui_v — J245JL4B.0 

official close. ;SM per plcaL ft”™- * 3 s1 647.0^0.0 

Coast. S. AfnCm White JuDpnAoc, 175.65 .. 048.0-52. 0 

Glasgow. S. African Yelltrw June-Attg. 

^11 VFR i7S.H0 Glasgow. ... w ™ 

JkXs V UV Tbo market opened unchanged. Wheat 

Silver was fixed OXSd an ounce higher Improved sligato’ in thin trading on 
for spot delivery In the London bullion trade buying to dose study at 2WDn 
market yesterday at 2B83Sp. Ofi. cent higher. Bariey-' saw stmic buying SCO 60^30 0D 

?QuJva]£&f& of ibo fix l n j r Jprpla w&r£: support ^4?. van? met by ccrtn- 


Sales: Nil (nil) lots Of 1.590 kflos. 

VEGETABLE OILS 

LONDON 


June 

AUg. 

290X1^830.00. Oct. 

^ ^s°°* ssiw S c ,’ higher' Qn*” the""day,"Acli 2 SO.omio!oo; Jan. 1 ' tuwaoted.^ Feb. 

12-month 5753c, down 9.1c. Tbe metal reported. . . quoted. Sales: ItlL. 


PALM 

July 

Sbpl 


OIL’-Cfose; 

300.063303)0, 


Sw‘ up ihwemonih KLSC. “ 0,x ;j£ s 6e . U ‘5 a ^ept vahtud d 0 wQ m.QOWB.m, Ndv. 5M.Km, 


FINANCIAL TIMES 


June 23 | June £2 

■llontli ago Year «jj> 

246.33 1 246. 
(Bane: 

Mj 

Jut 

252.95 253.86 

r 1. 185Z=ib0i 


_ REUTER’S 

June 23 II line outlT^^cj' i ci i r ^T 

1494.9, 1493.1_l_ 1508.7 ;1S73.7_ 
iBbbt: September " ib. I 93i = l00i 

DOW JONES 

Dnw I Ju„m i "J udo' I 'U^nihfTeiir 
Junea-( S - 22 agt, I mm 


■'pot ....[363.58 3b6.B6l459.39 Si 6.11 
Fnrurr«'35QJ9 35g.B&5 58.70^68.53 


(Average ltt44S3fi=i00l 

MOODY'S 


UoorijS 

Jane 

B 

June 

22 

Jfuitth 

SU-, 

IVm* 

Hgs* 

! SjJe Ci«nmtr)921.4 

919.61 033.2 

373.2 


f December 31, lflfllsjM) 


lESIMarkets 


Metals and 
cocoa ease; 
coffee falls 

IfEW YORK, Jane 2J. 
COPPER, rallied on Commission ■ Bouse 
short costrmg and trade arbitrage buying. 
Precious metals eased on light specula- 
tive Utnildailvc and pre-weekend book 
squaring. Sugar dosed on a steady note 
following renewed Industrial price fixing. 
Cocoa eased on renewed trade hedge 
sell lug and coHee closed sharply lower 
od good weather in BraziL 

Cocoa-nJuly 147.20 (149.201, Sept. 141.97. 
,143.9111. Dec. J36.li?, March 133.79. May 
131 45. July 129.59. Sepl. ml. ‘Sales; 666. 

Coffee—'* C ■' Contract: July • 16UJJ0 
1163.75). Sepl. 145.fitt-l-lfi.fl3 i Mfl.Sflt, Dec. 
134. 60-135. 00. March 123.55, May T22.75 
as^ed. July US.OMlt.aa, Sept. - 117.69- 
1IS..OO. Sales: 57S. . 

Copper— June 59.39 '56.79'. July 59.40 
SS.SOt ■ . Alts. 60.10. SuPL fill. 70, Tec. 82.40- 
Jan. 63.00, March 64,00, May 65.00, July 
R6 00. SepL 67.00. Tlec. S*.50, Jan. 69.00, 
March 70.00. Saw- 4,080. 

Conan— No. 2: July 39.03-59.10 *59.901, 
OCt. 61.95-61.65 * 02.411. Dec. 62.55«.M. 
March 64.(50. May 65.25-65.75, JuJy 86.00 
Wfl. Oct. 6525 bid. Dec. 64.73 bid; Sales: 
".SM bales. 

Cold— June IS? SO IlSS.Mi. July J 86.29 
156.7*11. Ailg. 157 49. Oet. 190.40. Dec. 
tfli.-tfl. Feb. 7W.4 0. April 199. 50. Juno 
2Y.:.IA Aus. 207.70. Oct. 208 8*1 Doc. 211.90, 
Feb. ?I5.«M. April 219.10. Sales: 4.493. 

Chicago loose not available 
•V nriniu sicain 24 00 traded i21 on nom >. 
*M ( rizu— July 2*.;:-23S <259] >, Sept. 

Idrtoil. Dec 20i:-2c:i. March 
205 : May 272. July 2721. 

BPUunum— July 242.00-14 .’.50 (244.501. 

Off. 2+1.5*1-24. iA’0 (217-70 Jan. 247.M, 
Apr. 219.30. July 232.40-252 70. Oct. 
JUJl-SiS 10. J^n. 237.70-237.90. Sales: 
S59. 

'Silver — tunc 7M 7I> i511 401. July 531.60 
22 40.. AUg. SSi.rst. Sept H29.00. Dec.' 
3*>N'l. Jan. SSt.sO. March 383.10. May 
•1>0. July 580.70, Scot. 2S9.50. Doc. 
803. OO. Jan. 609 J0. March £27.30. Sales: 
".900. 

Soyabeans— July 677-8R1 <6S6M, aub. 
R6M70 *671!>. Sept. 633-854. No». 630-8341. 
Jan. 681-640. March 640. May 650. JuJy Ba'j. 

Soyabean Oil— Jul.v 25.30-25.60 1 25.43 
Aug. 25.00-24-93 i24.S7>. Sept. :4.35-S4.30, 
'1«. 24.00-2.7.S5. Dec. 2S.25-23.SS, Jan.. 

23.00-23.05. March 22.90-22.93, May 22.80- 
22.90 July 32.85-22.60. 

"Soyabean Meal — July 373. 10-17330 
170.20 1, Aug. 173.70-174.20 >' ITo.BOt, Sepl. 
74.00-174 50, Oct, 172.50-172.70, Dee. 
170.30-171.00. Jan. 170.30-170.70, 51 arch 

230. Mar 173.50. July 174.00-174.50. 
Sugar— No. 11: July 6.92 *632*. Sept. 
09-7.09 i7.it), OcL 722. Jan. 7,65-7.75. 
March 7.93-7. «. May 8.14-S 18. July 8.35- 
'.40. Sent. 5.60-8.63. Ori. S.73-S.75. Sales: 
873. 

Tin— 33S.73-570.0U pom. I53U.09-B8L00 
asf - <’d 1. 

••Wheat— July 3211-3214. *3221 1, Sent. 
323*-32T4 1 3251. Dec. S2fl«-3S«. March 328, 
May 326. July 313 asked. 

WlNNTPEG. June S3. ttRye— July 
IfW.OO bid f JJIB.T0 hldl, Ori. 3 05. SO 1103.70 
bid*. Nov. 103.90 com., Dec. 104.80 ashed. 

rtOfjts-JuIr 78.50 '77.00 tkh. Oct. 
'4.30 bid * 73.no n5kcdi. Dec. ^3.00 bid. 
Mured 73.80 bid. 

ttBarley^July 74 .SO •TfS.lO bldi. Oct 
73.10 75.30- *75.10 bid). Dec. 74.50. Mar. 
74.9P shod. 

SFlaxseed— -J uly 234.40 bid *233.00 bidl, 
Oct. -237 90 I237.WJ. Nov. 236^0 asked. 
Dec. nr. Sli asked 

"■"Wheat— SOHTtS 73.5 per cen* protein 
content rif St. Lawrence 163.44 <103.61 
ATI cents per pound ex-warcbou&c 
imb.-ss otherwise stared. 0 Ss per troy 
ounces— 1 00 ounce lots * Chicago loose 
per 1O0 lbs — Dept. 01 An. prices pre- 
vious day, Prim..- steam lab. j;y bulk 
rant cars, t Cents per SS lb bushel es- 
warehouse. 5.000 bushel tola. \ p Lr 
troy aun-.'c for 50 az units of 99.8 per 
cent purity delivered NY. * Cents Per 
iroy ounce tx-irarebouse. || New e ■■ 
camrarl m Ss a short ton / or bulk lotv 
of 100 short tons delivered r.a.b. cars 
Chtcatbi. Toledo. St. Louis and Alton. 

' Cents per 09 lb bushel in siom 
Cents per 24 lb bushel. Tt Cents per 
Jb boabel cx-waivhousc. .!{ Cents per 
lb bushel rx-warebousc. 1,000 bushel 
lots. C1TSC per ludhe. 






yv:;:- :. ;>. • 


-■> ■* 


• Finaiita^ 


20 

BRITISH FUNDS (618)' 


Anna. 2 >i® 

2-liOC Anns. 21 -WO , .. 

3oc British Transport stk. 1978-86 GT>i«0 

i, 1* Jp ?io hit >m >14 u: 2 
2'roc Cons. stk. 20 is® 1 m <* 

Oik Cans. Ln. 32b® 3® 2*s 3 b 
SbPi Conversion Ln. 33 1 ,® b \ -t . _ 
Svc Eachoauer Ln, 19 76-78 3flu» *» s 
I3bpc Cscheouer stk. 104 b® »; 3pc 


E*£he«ji»er 1961 SB 1 *® i,® ii« b fu U 
Mac Exchequer stk. 1983 80 -it® b b 3 » 


3vK 

79 ■» SOU 80 
6 Upc Exchequer stk. 1981 92 "M 
8 boc Exchequer* stk. 90 b® *u>i# b 
90 or Excticauer stk. 1982 92'm b 2 
9UBC £xchM#er stk. 1982 A 92-1 ?«S4tftS 


9 'ipc Exchequer stk. 1981 94 U |6 
lOo: Excnecucr stk. 1982 (fy. pd.) 14b. 
IOpc Excheouer stk. 1993 (1»- at £9Soc. 
£15 nd > 14 0 

IO'joc Exchequer stk. 1995 B3ta H» . 
TO-zoc Exchequer stk, 1997 B 8 ba# 9* 8 s ! 


12k Exchequer stk. 1998 95 ti B 5a Biii 
12 k Exchequer stk. 2017-17 iiy. Pd.» 

12 dc Exchequer stk. 2013-17 Hm. it £98 
pc. £15 pd-> 13 w® >* H u« i. 


u . 


12i.pt Exchequer stk. 1992 100'a# 1b 
100 V 1 

12U -pc Exchequer stk. 1994 102® >» 
TZbOC Exchequer sto. 1981 1031; 

5 Opc Funri/ng Ln. 1978-80 93-'ia® ’< b 
Bi.BC Funding Ln. 1987-91 64*0 Sb# 

0 ■< j> Is 

6 pc Funding Ln. 1993 62% 

Shoe Funding Ln. 1985-87 79® 8b® % 

3W ’’Funding stk. 1999-2004 IReg.) 

ZSiitto 

S i-pc Funding Stk. 1982-84 Blk k k 

I. I; 

Stipe Tree Miry Ln. 1995-98 61 ! i*® % % 
( 22 /Si 

7 Upc_ Treasury Ln. 1965-80 80 ■* 790 80 

7 Ope 'Treasury Ln. Z012-1S S3 0® >i»J® 3 
8 nc Treasury Ln. 2002-06 SB',® 'x® B 
80PC Treasury Ln. 1987-1990 l 79- , ii ’is 

B ! :W ‘Treasury Ln. 19S0-82 92 bn® 2 Tbt 
r. I5„ 2 »m 0 «i* 

O'jpc Treasure Ln. 1934-86 870 HO" 
Htoc Treasury Ln. 1957 77® 6 «® 71® 6 ■> 

9 - i- treasury Ln. 1994 79® <x 8 % W 9'.* 

sic Treasury Ln. 1992-96 Tgo® 0 ® 

90 s, i 9 0 'm 

gi-pe Treasury Ln. 1999 78® 0 0 0 
12 pc Treasury Ln. 1983 101b "i# b 
SSi-bc Treasury Ln. 1993 980®. Of! O 
O 70 8 

I’SOnc Treasury Ln. 1992 99 010 b % 
12 ' 4 iK Treasury Ln. 1995 1 01 >m® H® 

1 3 Opc Treasury Ln. 1997 101>® 2 bn 2 
13Hpc Treasury Ln. 1993 107 
1 4 irpc Treasury Ln. 1994 11 SH HO O 
C23J6> 

I9'«cc Treasury Ln. 1999 117H 
ISi-pc Treasury Ln. 1998 121* 20 “«® 1 
2 'iec Treasury stk, (Reg-1 on or after 
1:4, TS 20 H* O® 0 '« >23161 
3pc Treasury sA. 24 H O 120 61 
3 pc Treasury sift. 1979 OS': H ®in H 
3pc Treasury Stk 1932 84 0 Os O 4 
5'^jc Treasury stk. 1977-80 rHeg.l B3*w 

\%(K Treasury Stk. 1979-81 89 SO H 
Soc Treasury stk 1986-89 <Reg.> 65® 6 
Ut SO 6 b* 

5't « Treasury stk. 2008-12 (Reg > 43C 
B 7 T * 

SUoc Treasury stk. 1982 9Qt>it 
9>apc Trffisury srk. 19B3 90% O % O 
Oi-ec Treasury Stk. 19 SO 97 0 ® G 70 y 
9 >.-pc Treasury stk. 96' i«® 'u.® O >; B 
IOpc Treasury stk. 1992 87M® 8 H 0 
B 710*1 

10 'bpc Treasury stk. 1979 100'ia® 

10 - ;ec Treasury stk. 1939 SB .9 • ? ** 

li ■•nc Tr jasurv sik. 1979 101 1 *-.. 

1 1 i^oc Treasury Stk. 1961 100H® %t® H 
11’ioe Treisury stk. 1991 94‘.ji - :C. . 

■"wt H H H 

12pc Treasury stk. 1995 93%® 40 4 
1 3nc Treasury stk. 1990 1 02H® 0 3 

14ac Treasur« stk. 15S2 107’i* 

9pc Treasury Cnv. nV. 1 980 970-® 'i» 7 


?SK -WftTI • asmV’Vtage 

k fesft flajsi. 


1 M 0 -B 2 82%® 3 . yjjpf 
9idK 930 H9/BJ. 94 pc 97 h® 
GrMIW-, l -®2? o n dOPCStk. 96 «15I6). 90 pc 

??1 J - C 31(S?- 'l 2 ^p« iwa 701. 12*lK 

13 Ql * 


1983 lOd-O. 


Barnet- Cpiij 12<^>cStk. 


Pd.) 11 


pc 107^je® 


itk. rrl T . Pd.) 98%. 
(1S/6). 13%P?.104 


120PC 

'1916) 

Birmingham cpn. 7%pcStk. 86U. Bpc 90<« 
120 / 6 1 . 9i.DC . 95®. Gas Anns. '6% 

Birmingham EHs. end: l3peStk. 103 
Bootle Cpn. 7.HPCSU. 96 h 123)6) 

Brighton Cpn, 6'tPcStV. 97 * 

Bristol (City or) 1 3opcStk. T04i^p ■ > 


Bristol Cpn. 3<:pcDb. 24. 1 21 IS) 

- — $ 51j (ig;e> 


BirckinOhamshlre SpcStk. 

Camden Cpn. Siipc 97% i20/6) 

Cardiff City Cncl. ITpC 9440 2* 
rarriiff Cpn. 7pe BS 4i- 
C rov non Cpn. 60 pc BSa. OOIBi 
D unbarton CC. Bl^pt 34' 2 (2016) 

Edinburgh (City of) Disc. Cncl. IIJISdc 

100 9-640!? H 12016) 

Edinburgh Cpn. tone SB® 

Glasgm* ConL 9 Ope 91% U . 

rtramDian Reglonar-Cnd. 1 0»«c,96® ‘s 
Groen*»l«h (Land. Borough of) 11%P« 

pd!) 97.' 1 1 %»e i£SO pdJ 47% __ 

Hertfordshire C.C. 5Hpc 90%. 6%K 78 

Hdif'cpn- aijw 17®. JIIIJ (1st .!»■> 

isaniUB cwir.iope altS* JH'iJbi 1Z>a * 

Konslngton^ind 1 W 
K 19B5-B7 99<:® Zl; CX2J6) . 

ttSSSST^ffwi 

Liverpool Corp. -3W 21_ **iP6 «< 

f^usi TI 1PC 19S8-"r" 98*.® U- 5%pe 
98‘a 12116). 9UDC 9T*4 

Corn. -9I.DC 1978-80 

91 .pt 1981-83 91 >1® 


This week’s SE dealings 


Friday, June 23 4,436 I ..Wednesday, June 21 ... 

Thursday, June 22 1 4,898 ] Tuesday, June 20 4,771 

“The list belew re cards aD yestarday's anrUoaE and am tag latest markiass darlns the week of W share aot dean to nstentoar. The latter 
the date (in pareittbecw). 


Monday, June 19 
Friday, June 16 $241 

he dtoUmpiisiHi l» 


Pd.) 99. 


|S!iJff d TV«g|dP*12%K (Ft. 

^ u 2 &-on.sS‘ 1 2 3 S: , 6 Cl«. £98 -.pc) 
q“ f’7'61 

Sou*hmid-Mi-Sw Carpal ZHpc 101% 

ISnSSS**^ VbocS *T 2 ?PC 99% % (201 Bt 
Tvne S am ,t Wear^r2 ; pc (Fv. WJ 97%®. 

fPae 4^’i® 

as&sssrra. it» «o )S i 

SHORT DATED BONOS 
FREE OF STAMP DUTY 
IOpc BUS- R«- 12617178) 99.99 

•0ur 6 W- a ^9. ?'9»78 4* , J , n 12216' 
g'JpcBds. Reg. OS^sa (21/61 
U d-- 7>. Reg. 8 ll./B 9U"i» 

6 -*K§Ss. R«._ . 2*11 » 79 _?B%.; 19*6) 


liBdS. R«- illlj79 9BU.S ' 1 is 
eSfiSs RM. 1 *'2)79 98 i*i*® 


aUKBds. Reg. 11(4179 98 S1-B4ttW i 121161 
MpcBdi Rog. 11(4179 101.94. 101.95., 
101 .869 1Q1.B- 101.955 122(6' . 

■jo:BHs. RM. 2TI6I79 10"'.: ti* 
arlxble Rite Bds. 7.E375PC r2BflIS1) 


Variable 

Variable R^t'e' Bds? SII pc (25/2)81 i 99.468 


Vxriabl* Rate Treas. stk. 1981 fB.442Spc! 
Sp-'i CIO 6 ' 

Variable Rate Treas. stk. 1962 i9.i89iad 
9 5-9/64 fhs I'- ‘if. r 1 9;fi i 
Si. oe War Lean 29'* u, % H 30 29i'ia 


Hi, 


British Electricity 3'-BcGtd.sik 1976-79 
95'* S'< 4 i. 3 cGtd.stk. 1974-79 95"i 
I; “is ’i 

British Gas 6 «cG:d stk. 1990-95 43 1 .® 
-- 4 ■«. 3'. 

Nth SceH-iPd 91 f21 6 ) 

Nthn. Ireland 7pc Exchequer Stk. 1932-64 
76'j 

3pc Rdrn. Stk. 34® U 2\ 


INT RF NATION. \ L BANK (1) 

FREE OF STAMP DUTY 
Soc stk. 1 977-82 ESN® 

CORPORATIONS (50) 

FREE OF STAMP DUTY 
London County 3DcCons3lk. 23. 54oc 
B5». >23/6). 5':0C 1982-84 

Sitpc 1985-87 6 


1 977-81 
77*:® 8 '.®. 


1985-8 


81i® 6 PC 


99 471 (19/61 
Variable .Rate* 


Bds. 7.6375PC (27/1/821 

99.639 99.642 rt9/6i 
Variable Rate Bds. 8 Joe <17.2^21 99.600 


99.603 (19.'6) 
Variable Rate B, 


. JdS. B.SPC 124/2/82) 99.468 

triable R»W Bds. 7.25K (19/1 >831 

Vanab*? Raters. 1 fl.5K (16/2/831 99.600 
S9.B03 il9)6l 


PUBLIC BOARDS (32) 

FREE OF STAMP DUTY 
Agricultural Mort. Corp. SpcDb. 74 120)6*. 
Si-PcDb. 74 1 21 ( 6 ). GpcDb- 70ii i22;Gi. 
liipcDO. 56 (21(6). 6 >aPCDb. 6511. 7 *jPC 
Db 1931-84 84la. DO. 1991-93 SB li® 
(22 6 -. 9ucnb. 93H i21(6». 

88 '-ffl I22;6i. 9*:PCDb. 1981-83 93k 
120.61. DO. 198S-B6 67 lj *22>6>. IOUpc 
D b ai 'i (22/6). J4HPCD6. 110 11916). 
1 1 . 37 Soc lOO (19/61 
Finance for Industry iSpcLn. 104*. 14pc 
Ln 1 04 '* 

March ester Mtg. Crp. ; 7i«pe_95H 
Metropolitan Wtr. Bd. 3 PC 2B 1 :. 3PC_ -Ik. 
East London 3ocDb. 25. Southwark 3oe 
Db. 25';. Staines 3pcDb. 25 
Northern Ireland .Electricity S'lDC 95 U 
> 21 :S >. 6 'tb< 8 t ' 20 , 6 > 

Port Of London AulbV; ,3PC. A 20 i21i6l-. 

SM'tbsh' Agrlcultura/ Soc. Corp. lO'.PcDb. 
79“ 122 61 - -. * . 

COMMONWEALrTfl .C.OVTS- (5j 
P EG1STE RED 1 AhTD 'INSCRIBE D 1 STOCKS 


Tin number of debBags marked in each secUon follows the name of the 
section, UnleFF o th erwise denoted shares are EL ftfhr paid and stack EU0 fully 
pnML Stock Exchanse secprWes are qneted In poawto an® fractions of poomhi 
or is peace and fractions of pence. 

The list below gives the prices at which bargains done by members of 
The Stock Ex c hange have been ra corded to The Stock Exchange Daily 
Official List Members are not Obliged to mark bargains, except to special 


cases, and the list cannot, therefore, he regarded as « awto tefa reeog pf 
prices at Which UWhwsg has been done. Ba rgains ant reamtod la th e Ogda l 
List hp to 23S pan. only, but later t raosaffi oiis can he tadufed « tee reflowuig 
day’s Official List- No Indication Is available as to whether a bargain rep rq qns 
a sale or p u rch a se by members of tin public. Markinas -are -not necessarily 
to ardor of execution, and only one bargain to any on security at an^ene 
price is recorded. • r 


t Bargains at Special Prices. A Bargains dono with or between non-members. <5 Bargains done premua day. ^Bargains don wfcb members of a i recognised Stock 

b^.i ■ ti- jah^. kn daia.Mii ffaiimtpvr Am m Lm_i.ii '■ « A_C Ancfnllan ; 3fWmfln8mlfln: flC 


□Uia. qi DtUKAUlO UtlUb kiuvmna — - — ■ ^ ■■ — ” 

Exchanae. JpBaruua done lor delayed nelivery or "no bttring-m/ a ja— SA astrallan; ?B— sBahamian; SC— SCanadlaw SHK— (Hong Kong; JJ — tJmmcani 
SMatoyan; 5Mc— flMtaricani SNZ— SNew Zealand; SS— SStogapore; sUS-GUntted States: 5WI— JWest Indian. 


B^anaH 7BCLn._1_926 5'- CUt|6). 7'jpcLn. 

i{> n 4,G) 


1 

Chin 


10 *» 915,12 216 ) 

cGoidfids. 


4ijpc£ 


1895 (Ena. las.) 


gst si-si 

Ii3and* Wwil^rfl 7'iPC 83 GO^) 


FOREIGN CORPS. (2) 


Kief (City of) SpcLn 
Japan 4pcLn. of 1 9H0 SU5462 Cl 3/0. 
fipcLit. 83-88 70 G1/E) 


UK (RAILWAYS (1) 

Canadian PuHtc iSCS) £13b Gil 6). 
4ocDb. 31® 

Central London (New) 40 L Gif 6) 

FOREIGN RAILWAYS (— ) 

Antofagasta (Chili) Bolivia 20 Ql/6). 
SpcPf. 33’i (20/6) 

Russian South Eastern 4/aPcBds. £4<i (20/E) 

BANKS (181) 

Alexanders Disc. 2391® 40® (22/6> 

Allen Harvey and Ros- 293 i22J6) 

Allied Irish Banks C25pl 185 8. TOpeLn. 
150 (19 6i 

Arbuthnot Latham Hldgs. ICO 
Australia and NZ Bkg. Grp. (SAD 270® 
8 6 5 


Bank Leumi <uki 150 
Bank of Irela 


Australia >Commwlth.» S'.pe fj? 75 -. 7 - 8 -. 9 !- 
«a’)6>. Do- V977:*0&3‘u..D0, 1.98J.B2 
as 4>« 120 5). 6pc 1977-80 90’i. Do. 


Corpn. of London 5'iPcStk. 93'.® (23/61. 


iSBI-BS 80. 7 pc 91® 

Jamaica G'idc E8'; i22'6> 

Kenya Spc 78 i21iB> 

New Ze.itann 3 ’:pc 76®. 4ik 97<« iZO/Bi. 
Esc 94>«. 7 UPC 67® 1 22 61. 7**PC S3U 

•21 '61 

Southern Rhnd. 2'.-BC 51 <21 61- 3>:PC 

1961-66 46 (1916). 6pc 1976-79 86 
• 20.-61 

COMMONWEALTH CORPS, f— ) 

south Africa fflep.i 9'joC 941; '19 61 

FOREIGN STOCKS (— > 

COUPONS PAYABLE IN LONDON 
Bahia iState of) 5ocFund'ng Bonds 1915 
(Plan A — Int. now Hxpc) 80 I21.B1 


_ Ireland 378- lOpcLn. 176® (32J6) 
Bank of Montreal iSC2i 15 T a 
Bank of NSW (Lon. Reo.t iSA2) 545 
Bank of Nova Scoria (SCI) 15h» i2Dffi> 
Bank of Scotland 270 
Barclays Bank 3071® 90 12® 4t® BIO 
1] 11 91 9 12 6. BUncLn. 69i,: 
Barclay. Bk Inti. 7*]pcLn. 69 '7 1 22/61 
Brown Shipley Hldps. 223 (22/6) 

Can. Imp. Bank of Commerce (SC2> 20/ii6 
Q1-6I 

Cater Rvder 293 

Chase Manhattan Cpn. Shs. 25't (19'6> 

Cl lye Disc. Hldqs. (20pi 74 9UocPf. 97 
Commerrhank Alrtlengesellschaft (DM 50) 
lt/5 H7.25 (20/6( 

Deutsche Bank Br. She- (IW50) 120ht® 
122‘B* 

Fraser Ansbacher (IOp) tO 

Gerrand National Dlscoun* I25n) 177® 7 

Glhfas r Anton Vi Hfdas. (25p> 41® 

G-Ilef Bros. 219t« > 22/61 
firinrt'avs Hldas. t25oi 104 
Guinness Maho« Hides. 47 Li -20'6> 
Guinness peat (25nf 22R 30t 29 7 
Hair br 03 (Ml '25P) IBB® 

Hill eamuel f?Sp> RR 6 7. Wrtrts 31 , t®. 
n-vilnsLn. 65 « 20 ' 6 ) 

HonoVona Fharmftal Banking (SHK230) 

.iiaei 12 10 II 

lessel. Toynbee 75«*i 62 3 (1°'6i 
X a vsl)fr U'/mann H'dos. (?5o) 4P’-* 

K>na shn-son r20nt 60® (22 6*. 5oc 
2rdPf. 36’- *} (21/61 
Klri^wnrf. Benson. Lonsdale (25p) 96® 
’52 61 

LIo-.il s Sank 256® 6 ® 2 50 5 S. 7': PC 
Uns.Ln. 86® 

Lem bard North Central SpcPf. 38 (22 61 
Memw ce:urtt‘es ’25ni 111 13 >21 61 
MMfa-n Rank 748® 40® 5® 7® St 3 1 
40 39 45. lO’jacfJns.Ln. 84*.® 5U AU. 
7>. r ^uns.ln. 79-n 8 ’: 9> 

Mins'cr Assets T3oi 56><® 7*- 
Mbraan fj. F.l -'SU62.S0> 40 '22-6< 
National Commercial ’2Sni 66>:® 60 8 
• i*. 7 5*-»cPf. 41’; 121 '61 

National Bank Australasia d A1 • 223® 
>22/61 

Nnicmal Warminster 252® 3* 3 2 5 6 7 
7T-4.1. Wrnts. PS. 7ncPf. 61®. 8VX 
,Ur,-ln. 94<. (22.-6). SpcUns.Ln, 75U 
(22/61 

□ tfoman «2-i- ( 20 -ifii 
Royal Bank Can>cU r«C2) 24’m 121-6) 
erhrod-rs 410 '21 61 
stme Derby (10ni 151 '19 61 
Smith. Ft. dubvn (Hldgs.' (25o) 76 

P-.ncPf. 96'-® 

Siannarit Churtciwf VIBm 781® 87 9 3 80 
1 3<-ncUns.Ln. 1 02t® 3* 

Toronto- Dominion iSCll 14** <2D'6) 

Union Discount 310 

BREWERIES (IK) 

Allied Breweries i25o) 82*j 2 3 b. 5'jpc 
Pf. 44 1/21/6). E'.PCDb. 68*.® 5*. (22/ 61 . 
61 -pcDh. 63 U. 7ocDb 75i;® 7 :oc 

Db. 6B'r®. S'.pcLn. 43®. 7>;pcLn. 5a 
(Jf-fii 7'jtJcLn. 621; (20 6) 

Amalg. DIsUHed Products HOpi 34. SpcLn. 
87 >19/6) 

Baas Cham" no ton (25pi 14B® 52® 49 51 
50 lit 49*. 4ocPr. 32*nt® 3:0. 3<,pcDb. 


94*.®. 8’iOCDb. 1977-79 98'. (20/6). 
SLiPcDb. 1937-92 721; 2 (22/6). 4*1PC 

Ln. 442®. 79(001®. 651} LZO/61 

Bass CtMirtngton Brewers 7-’aPelA- 6 21 * 
(19/6) 

Belbaven Brewery Grp. (25o) 46® & 

Bell (Arthur) sons (5Cpi 231® 27® . 6® 6 
Bodd)nsrton3 Breweries c2Sp1 106 (22/67- 
New (2Sp> 108 02/6) 

Border Breweries (Wrex/raml t25p) 76 
Brown (Matthew; C25ol 110 9 (20/6) 
Buckley's Brewery (25 p) 47 
Bulmer fH.P.) Hldgs. 125 p) 139 £21/6). 

9i*pcPf. 1004 (21/6) 

Burton wood Brewery fForshaws) f2Sp)1fffi 
< 22 / 6 ) 

City of London Brewery inv. TsL Did. Stk. 
OSp) 57® Gb (22(6) 

Courage &Upc2hdDb. 88':. 7'<P02ndOb. 

86*2 (22(6). 7.1t»eLn. 56 122IB1. 1®*iPC 

Ln. 85i< (22 IB) • 

Davenports Brewery (MMgi.) (2Sp> SB 
(20/61 

Dimmish <J- AJ GSp) 192 78. 5>tpePf. 


a 02 / 6 ) 

N 


DistHlers 60D) 174b® 5h® 1 2 4 3 2 * 
70. ShMU. 41 1 0016). 7UpcLn. 63>:0 
2*1. lO.SocLn. B41, 

Greeiwll Whitley oSp} 112®. SpcPf. 

91 hi® 1. bupcLo. eo:o 
Greene King Sens i 2 Sp) 2 6 So (22/6) 
Guinness (Arthur) Son (2Spi 163® 4® 5® 
5 2 3. 71.PCLIL 38t (22 61 
Hardys Hansons (25 p) 170 (22/6) 
Highland Distills i 2 op) 129 a 
Hinsons C 2 Sp) 77 (22/61 
Hg(r (Jos eph !_(Z5pt 262 ( 21 ®l 
'"•efwrdo.n ( 2 * 0 ) 101 ® Q 2 i 6 ) 

Irish Distillers (25p) 152 
Mansfield 257 121 16 ) 

Thompson Erershed (25 p) 70 69 


Scottish Newcastle ^jzom 65*? *h. _7Tu*cPf. 


SpcDb. 67®. GVpcDO. 


G3t« Lie * 2 . 

69 l .® (22/6) 

South African Brews. [R0.201 85 ’21/61 
Toma tin Distills. (25p) 114 13 i21'6i 
Vaux Breweries i25p) 115® 12 13 02>6) 
Warner Mann Truman 3J«pcDb. 27^j® 80. 
4 UpeDb. 31 *a (20/6).' 4>ipeDb. 51® 
<?2«L 6pcDb. 560 (22 '6*. 7ocOt>. 63*. 


•la's). 7'rocDb. 651. *21 *1 1 0 1 2 PC 

Db. 85 (20 0). 


.. .. SlMBcLn. 56 iZr.’B) 

WhtHredd Co. A I25 d) 87'-* B'a. 4 Wdc 
I llPf. 34® 7BC3rdPf. S 6 I 2 E16). 
4 ijp-Dh. 41 r : . B'aoeDb. S 0 («. 7l«pc 
Ln. 571i®. TIpcLn. 143 ® 2'jO (22<6) 
VUhlfbrMd Invest. (25o> 86 90 >22 ■6) 
Wolverhampton Dudley <2 Bn) 204® 7 
Young Cn Srewerv A rsoui 174® 5. Non- 
Vot. '50ai 145 <19-61 


CAN.4LS AND DOCKS f5) 


Bristol Channel SMp Repairers (IDp) 5)x 
Manchester Ship Canal 225 3 (2 1 6). Soc 
Pf. 40 1 ; 

M-rsev Dorks 22. 51<ncOh. 73lr (22*61. 
6*ypcDb. 41 1*. 61<bcDb. 43 (ZD'S). 3*1BC 
DO. 1 0® 

Milford Docks 74 r20.O.' 3’xPCDb. 271] 
( 20 / 6 ) 


COMMERCIAL (2,443) 


A— B 


End royal link,’ 



by james McDonald : - 

A CALL was made for the with- of whether the RSPCA should 
drawal of royal patronage from ever destroy a healthy but 
the Royal Society for the Preven- unwanted animal.” 
tion of Cruelty to Animals at its About 50 per cent, of the dogs 
annual meeting yesterday. The j n Britain were unlicensed. Mr. 
society is united in its antagonism Ryder said. At the cost of a 
to blood sports. sliaht increase in the licence fee. 

A woman member made the mandatory doe wardens would 
suggestion but there was no be charged with catching irre- 
immediate support from the sponsible owners and ensuring 
council of the society. The that they respected their duties 
royal patrons are: The Queen: towards their dogs and towards 
Queen Elizabeth, the Queen society. Wardens would en- 
Mother: and Princess Alice, courage neutering and demand 
Countess of Athlone. to see licences. 

Mr. Richard Ryder, the RSPCA <pf, e importation of sperm 
chairman, urged members to whale oil was another problem 
canvass MP* in advance of a w hi c h the RSPCA was fighting, 
general election on these ira- h e said. 
portant issues. 

First was a call For a ban on 


Motor cycle 
noise rules 
way 


on 


Financial Times Reporter 


GLC to sell 
1,000th home 


the importation of 30.000 seal 
skins from Canada each year 
into the UK, so avoiding partial 
responsibility for the slaughter 
of baby seals in Canada. Second 
a ban was called for on the “cruel 
and unnecessary export trade in THE Greater London Council’s 
live food animals. The third policy of selling council homes 
necessity was the introduction of to sitting tenants reaches another 
mandatory d °8 wardens. landmark on Monday when Mr. 

. ¥*"- 3^ der . said. _ “The RSPCA George Tremlett, leader of the 
^ Sl f Ck of lts . ro,e as th ® Council's . housing policy cora- 
JS?” yer of unwanted mittee> hands over the deeds of 
p °- 1 ] u ^ on an , d a house to the 1 , 000 th tenant to 

fhf Go’eram^t -- UP -- ^ since the « heme ™ 


RSPCA to remedy mane^ 0 ' ^ U,troduced in lasl year ' 
■“We are in business to help Mr. Trem-lett said: “We 
animals, not to help humans bv reached the 500th sale by April 
killing animals. I am fed up 27 and now we have sold another 
with the wholesale destruction 500 homes in only two months, 
of healthy but unwarned animals “ Our target is to sell 10,000 
and I have had enough of govern- homes to tenants by next spring 
meats expecting the RSPCA to to enable all those GLC tenants 
use its charitable funds to do the who want to buy their own 
nation's dirty work for it. homes to do so before we trans- 

“We have just set up an fer our estates to the borough 
inquiry into the whole question councils.” 


NEW regulations on motorcycle 
exhaust levels may be in force 
by the autumn. Negotiations on 
a new EEC directive are 
advanced, and once they are 
completed the UK would quickly 
fall into line. 

The more stringent limits 
would reduce by two to four 
decibels the acceptable level in 
the five categories of motorcycle 
capable of more than 31.25 mph 
(50 kph). Mopeds are excluded 
from the new regulations as the 
EEC has so far failed to agree 
on changed standards. 

Many motorcycles already con- 
form to the probable new noise 
levels and the Department of 
Transport said yesterday that the 
UK motorcycle industry would 
have no problem meeting the 
regulations. 

The annoncement about tim-' 
ing of the regulations followed 
correspondence between Mr. 
Roderick MacFarquhar. Labour 
MP for Belper and Mr. 
John Horam, Transport Under- 
secretary. 

Mr. MacFarquhar said that 
many of his constituents had 
complained of excessive noise 
from Japanese machines and of 
interference to television 
reception. 

Mr. Horam told him that poor 
maintenance could lead to mal- 
function, but the original design 
and construction of the machines 
was regulated to include the 
necessary controls. 

More than 100 different 
Japanese models had . been 
tested and approved. Some 
owners subsequently altered the 
suppression devices in the belief 
that this might improve perfor- 
mance he said. 


A AH <25p> 105 120/6* 

AB Elect ran lc iZ5PI 1|B 

AGB -Research .CIOs) 92 120 6) 

APV-'HkJtw. (50p) .210 S' <22 6*. 5.25DC 

'Pf. 56® 6*i 122-6). TDDClStOb. &4U 
9 >19 6i 

AVP Properties 7Uoc1stOb. 66® (22.6) 
Aaronion Bros, ullfp} 64 
Abbey Panels i25o) 58 (19.6) 

Abercorn Incest <R0.30J 106 >200 
Aberdeen Construction C25p) 89 
Aberthaw Bristol Channel Port Cement 
• 25ol 146 (21 6*. 7!<ocPf. 52 <23 6) 
Acrow >25o) 108 r:Z;Sc A Non-Vot. 

■ 25p> 85. SpcLn. 96.CZH6! 

Adams Gibbon i25d) 74-09 6) 

Adda Int. (10pl 43 >: 

Advance Laundries HOP) 25*3 >21/6) 
Adwest (25c) 250 2. SpcLn 140 <21/6* 

1 O'iPCLn. 1 58t® 

Airfisc Industries (20o) 51 49': •22 6). 
7*;pcLn 63 '-® *»® 

Atbrleht Wilson (25pl 174* 80 7 4 3. 
5ocPf. 63 

A Iran Aluminium 221a 121 >6) 

Alcan Aluminium UK. 158® 60® 7 
iZ2 6). 1 0'zncLn. 81 *22 61. 9ocLn. 

1 57® 5 

Alexanders >5o» 19':® 18 (22-61 
Alginate Industries (25c) 265 >21 61 
Allebane HOP) 1B ; J 
Allen i Edgar) Bailout >25 p) 53 >22'6) 

Al'pn rw. G.) Sons (Tiplom (2Sp) 50® 

Alii Colloids Gro. HOP) SO® SO 79 81 
Allied Farm Foods,. BpcOb. 66- f22 6). 
Allied Insulate-s f2W> 70 >22 6) 

Allied Plant Grp. U0j») 15<; (206) 
Allied Reiailors (ion) 26s® 59 65 58 

AHusd "Suppliers 6SpcLn. 50-; (20 6l 
AMlto Teatlle Cos >25 p) 144 
Alalne Hdlgs. E5 pi 64“m :® it S':« 6® 


Booth (International Hldgs.) (2Sp) 54® 
Boots (2 Sp) 186 7 9 6 St. 7*peUns44i. 

Bortmaick (Thomas) Sons <SOp) 50 1 49 
Boulton (WlHiamj nop) 17U (21.6). New 
flOp) 17 m (21>;6). NPCPf. 17® CLZ*J 
Bourne Hollinflnxorti) (25o) 110 C21'6). 

SUocUntXn. 4EM< (21 _ . 
Bowator 197® 2 90 1- ShtxPT. 4SW2. 
34ikDB. SB. 7ucUns.Ln. B4« 

Bowi ters Newfoundland 32 (20/6) 
Bowthorpe HldSS. (TOP) 49 (22(6) 

Brady Industries (25 p) 69. A (25p) 62 

Brafthwaite Engineers 140 (20f6) 

Bra mall tC. 0) (25p) B9 (19/6) 


Brammcr (H.) (20 b) 148 
Braiwar (10o1 35 < 


Breetion 

(19G) 


Ooud WH tlmf Woria (25 p) 1Q0 


Bremner (2 So) 52 (20/6) 

Brent Chemicals international (1QP> IBS. 

New (100) 189 (22/61 
Brent Walker (5 p) 54® (22/6) _ 
Erickhooso Dudley (10n) 41 2 (20/6) 
Bridgend Processes -So) 10 
Bridon (250) 10n* TOO® 99*«® 9. 74rtK 
UrU.Ln. S7I* (19.-6) 

BrMport-Oundry fHIdos.) 120 p> 34 (ZZ6 J 
Bright (John) (25ai 2Sii (21 16 ) 

Brig ray >50) 8 (22/6) 

Bristol Evening Post (25o) 121® „ 

British. American Tobacco 4l*--« Vt®. 6pc 
Pf. 47 91:. 7ocUns.Ln. 7&C 
British American Tobacco 82®. KNipcUtb. 
Ln. B5 U. 9i:DcUns.Ln. 156: 8 122/6) 
British Benzol Carbonising <1Do) 20 
British Car Auction (IDp) 44 313 
British Dredging 12 S 0 ) 33 r . 

Brit. Elect. BpcPI 59>i (20.-6). Dtd G5p) 
95 6 

BrKIsh Enkalon (25o* 14*: 

British Home Stores (25p) 102® 12 3. 
7UpcDb. 64*a (22/6) 

British Lryfand >50o> 20 19t 

British Ley land Motor Core- ft**.' 1 - 39b 
40. 7'ri>cLn. 53 (22/6). BPCLn. 52*J 

i*t. 7UpcLn. 55 ,, . . , u -. 

British Mohair Spinners «Z5pl 46 C2to) 
British Pri-tlnn r->TO. I2 Sd 1 47 B’j 7i r 
B. 4J;pcP*. A 4ZU ’a C21/6). 7*«peDh 

jllS? curp. Si-oeP* 5®(j T21/H 
5*4PC2(KlPf. 441- C20I6). 7pcLn. 1989-80 

British Steam iZOdi Bi (I*®) 

British Sugar (5 Op) 107®„^_ 

British Svphon >20p* 54 

British Tar products HOP) 56-:. 

British Vending Industries (1 Op) so 
nr-tlsh Vim I2SPJ e3J22 61 ; iQ4ij 


Britans « 2 Sd) 27. Bortrdf 1 
8 rack house (2501 66 '22 61., 


bS &5up -10^70® 71 

K'-sSKSS'S’ - 


i2Sp) 42*s® _3'r 4h 

~ 'jOClB 


B zr*s. b’ 

Toor C >Hii«r ! U '2S* , . w 1 


7pc». 


Alo.ne Soft Drinks f 1 0p( 1 5SS 
Amalg Irdustdals 10. hoc. 


ocandP 1 92 (20.6) 

Amrig. Metal Con. 323 (22 6* 

Amain. Power Eng. 132 

Amaiil riAli 191 (22 B) 

Amber Day Hldns MOp) SB': 


Anchor C/iem.ral '‘•Sol 69 (19 6) 
Anderson Strx'hdyde (25oi 63 :® 4 T : 
Anglia Tel. Grp. A (2531 71 
Anu'0-Airer.'’'n ASBha!> -250) 5^ J (20 O' 


AnO(o-Sw>'SS_Hld95 "(2£pl M C/I 6) 

cf. C 


1253) 90 It 2 


Ano/»»ard Grp 

Aouas-utun anj AsscM. "=t*i 40 (19 6 ). 

Do. A (£□' 33*® 9 3 (22 6 ) 

A reman 1 AJ (HI(tas.-> ”flu) 55';* 
Arn'l'aoe Sh’nM Grn. >25a) 67> ® 
Armst-ong Equipment *iQp) 63':® 6 
5>- 7 

Ash and Laev 'Z5o> 123® :22 61 
Ashbourne Inresrtner.l S'-ncUns.Ln. 67 
>20 5 > 

Assooa'ed B>s:ult Manut>c;urers <20o> 76 
New Ord. t"20o 1 77 (21 61 . EpcDb. 81 
>22 «' 

Associated Book Publishers (ZO 01 219® 

Associated British Engineering (12(iP) 7 
r 22’6> 

Associated Erirsh Foods >5 p> 68 5. 5>:pc 
U ns.Ln. >50m 211 .'22 6 .. 7>;OcUns.Ln. 

1 SPoi 287 >22 6 ' 

ALSOrij'ed Dairies (25 p 1 221® 17t® 28 

2 20 5 

Associated Electrical Inds. GpcDb. 79': 

80(i. 6 *joeDb. 66 ';D 
AtspcMted Eng.neenne »25 bi 112® n't- 
6 '.«P( 93 ':0 '«®i22 c 6> 

Assodaled Fisheries (2 Ep) 46. 

Ln. 77'; (19^5' * , 

Assor'aied Leisure 'Sm S3’:® *' 


7<jpcUns. 


AHOtiated 5pra»ers (IOpi 35® 

Associated Telerislon Coron. A Ord. (25 p* 

Asttoirv 1 and ° Madelev (Hldgs.) CSP* 4B 

' 206 1 

Astra Industrial Grp- ('OS' 21 
Audiotronie Hldgs. /ID**' 21 1 ® 2D ,. 2aift , 
Ault and Wiborg Gro. (25 P* S5"i '*2»/ 
Aarora Hldgs. fZSpi 86. New Ord. (25 pi 


APPOINTMENTS 


Chairman for Fulmer 


Sir leuan Maddock has been To assist Mr. Harold Watt manag- as chairman of the LIBRARY 

nhlfrmon ^ Pergamon's ADVISORY COUNCIL fEngland) 

-, r FULMER plans for the modornisation and for a period of three years from 

RESEARCH INSTITUTE in succes- development of A UP. Mr. Michael July 3 i. P He succeeds Mr. Geoffrey 
■""" to Sir James Taylor- Sir Yorke becomes deputy managing Caston. 


Ieu»n retired as chief scientist, dlrectof-iormtingh from July ■ 
Department of Industry, in May of 
Jast year, and is currently secre- 
tary of the British Association for 
the Advancement of Science. 

+ 


-jlr 

* Mr. Donald Routh is to be 

Mr. Colin Soenre has been regional director. West Midlands 
appointed chief surveyor, area . Departments > of the 

survey orsani«atinn GENERAL Environment and Trancnnrt apd 
ACCroENT FIRE "and LIFE chairman of the WEST MTD- 
■ Mr. Peter H. Lewin has heen 'ASSURANCE 1 ^CORPOR ATTOTT LANDS ECONOMIC PLANNING 
appointed an executive director of with effect from July 1 He sut BOARD in Birmingham from 
SAMUEL PROPERTIES. ceeds Mr. R. A. taker, who retires September 4. Mr. Routh iq at 

★ on June 30 present head of the London Plan- 

Elected to the council -of the * . ninp Division in the Dennrrmenfs 

WINE AND SPIRIT ASSOCIA- Mr. W. Mnrfw Who has been head ^ rt ^ j n L ® nd0l V He 
TION for the year 1978-79 are Mr. director ffS^nanaUr of Who 

J. H. Balls, Mr. A. L Campbell, Dowy Mi£SS flcto^ L IK M ’ d!a " d ! ^. 0T1 

Mr. W. Kelly, Mr. S. D. Kershaw, at HucknalL Notts:, since June ■^ u R ust 18. and who will be taking 

and Mr. V. Larvan. The foUowing 1977. has been apnoin ted man as- headli uSrs^in SlT ” 1 ’ 5 
have been co-opted to the council in** director of DOWTY HUCK- ’ ieadc l liarters in the autumn, 
for the year: Mr. G. R, Lounsback, NALL. * 

Mr. R. Laurence, Mr. J. F. * Mr n v „ 

Mr 'T 8 S ’ Thomson^ P ° rter 30(1 JS: . B ’ *"■ 4 P ' Thom P SOT '- ™sieTied from 'the main^oard of 
Mr. M. S. Thomson. McCann I and and- Mr. F. C. Saville BARRATT DEVELOPMENTS, but 

nr_ 0 M . , have been app ointed deputy chair- continues as managing director of 

Macphereon has men of ARBUTHNOT LATHAM the wholly owned subsidiary 

^BER^°PT.E t lrfSr lhe AiSr) ar< rn £ ^ “ erch f nt bankers. R>rra» Dorelnnments (NorthernS. 
bankpS: FLEanNG A™ CO. * The ma j n BoaTjl now consists of 

oan iters. effect from July 1. Mr. pither subsidiary chairman or 

Mr Rntwrt m™.u . . L- ^? shs » dirertor 0 r finance, full-time executive directors. 

Mr. Robert MaxweH has been Guest Kee n and Nettlefolds. has + 

(iSnSn^!S£ 11 , S!!!LJ >f ABERDEEN been appointed a dirertor of NEW w „ 

UNIVERSITY PRESS in succes- COrntT PROPERTY' FUND MAN- , o erson 3i reasons, Mr. T. F, 

sion to Mr. George F. Collie, AGERS. management companv of fel 6 !?* 2 , ^S, ed ^ 

following Percamon Press's the nension fund nmnortu iini> Board of A. COHEN AND CO. 


(LeyiMri fiopi 11 lSO«i 


Auianiaieq 'Security (Hldgs.* n 0°) 76 5 
Automotive Products 25n» 791 (2Z« 

New Ord. (ZSoi BI® (ZirSl. 9 »cp»- 
94 '22 6 ' 

4 van* , i 5 .et? 7 AV* 

Avsm 25o) 153':® 5 J* „ . f21 ^6> 
Avan Rubber 196. 4.9oc1*f. 50 * 


Brooke Toof >/W(£. 

Brotherhood ■**-> J^SOioil 733 
Brown Jackson i20« 1 20 
Brown Tawse (25o) 93 (20/6' ■ 

Browi 2 Bo^erl Kent .* So) 

Brown Brothne* '10n) 2* > '22'sl , , . 
Brown LM 343® 50 46 53t 60 - 2 B. 
5-^PcLn. ^3 «2i P6) 

Brownlee I2SP), f 0[!® f . . ,* Cm1 cQin 

Brunnlra Pwtrl^^ Voting gSo* 59® 
Rrvant Hlcias. 'JSp 8 

Rulqin A i5o] 76 i22/CJ . ej .. . 

Bulvner Lamb 'Hides ) i20ol 5&r. 3 *20i6i 

Bunzl Pulo Paocr fIM 100® 1 

Rurco Dean i25o> 720 3 rtniA . - 

Burnett* Haff^sWre HW». ^So) 178 
i22'G). A >25n) 1B2® 1® (22/6) 

Burns Anderson <T0o) SB. IIOCLn. 65 
Burrell 'Sol 10', 11 J72/B) 

Burt Boulton HHos. 180 '22/ff> 

B-irton Group >50oi 118. A JgOp) ill® 
9 .72/61. Warrants lor A 19tj (20/61. 
8ncLn. 59 

Ratlin's 6 ;(»cDb. 66 .-jnict 

ButtertieW Harvey (25p) 59(t 9 B (22/6) 


C-D 


C.H. Indintrlxlx >1 Dp) 32 (22/6) 

Ca&leform 'Sp) 71 _ . cn 

Cadbury Schweppes CM Wt 9 J SO- 
S', pcLn. 641:® 3(221 8)- SpcLn. 71 

Cottjns (SOpi 125 l"22/6) 

Cakebread Robey A ‘llrt 3*1^ 30'ai® 
Cal or Gas Hldg. 7PCDB. 67*a (22 6) 
Camford Eng'g. llOp) 65 'r rt *._ 

Canreari »20p> 113. 8 «20P> 108 (22.6) 

Camrex (Hldgs-) >20 p) 59 jil trlJI 

Canadian Overseas Packaging Industries 
NPV U.SS4.0S® PS40rt2/6> 

Canning Town Class 12pcDb. 89»a (20/6) 
Canning (W.) (25pl 61 
Cape Industries (2 Sp 1 116 
Caplan Prollle Gp. HOP) 100® 's® 
Capncr-Nelll (10 p) 77 ** 

Cameals <5 pi 44*^ 

Caravans Internal. (20o> 67 
carelo Eng'g. Gp. '2Sn) 70'*> (226) 
Carless Capel Leonard dOo) 32 


Carlton Industries >25pl 168 
Carpets Internat. 


(HOpi 50'j. SltoCDb. 

Carr ijohnl 'Doncaster) <2Sp) *3 
Carrington Vtvelia (ZSpi 3Si* 6. 6*ri*P(. 

51 U *m 49 (22/61. 80CF(. 62'a 1" > 22 6) 

Carron (Hldgs.) >.25p) 50 


Carr's Milling Indust. >25p» .47 *20/®*, 
Carter 


Hawley Hale Stores cu.s.511 14i» 

Cartwright <R.) 'Hldgs ) *iOoi 6 s 2 (20/61 
Castings ( 10 D) 39 iZI/61 
Catalin (25p) 43=® 

Cattle's (H/dgs-i 'IOpi 33«! 

Causlon (Sir Joseph. Sons lTSo) 1J ' 
Cavenham 41-pcPf. 29': <20/61. 6 *:PcPf. 
441: (20.'6'. 7ocPf. 46’: *22 6 ). 91*PC 

Ln. 71 i- (20/6). lOncLn. 73 
Celesllon Indust. (5P) 33': 'T9'6> 

Celtic Haven «5p) 16 < 1 S 6 i 
Cemcnt-Roadarone Hldgs. *25 p' 79 ( 22 / 6 ) 
Central Sheerwood I5p) 58® 7':® 9 
Central Mfg- Trading Gp. 55. New < 10 p) 
55 1] (22 6 ) 

Central Wagon 7>,PcLn. 97*: (2K6i 
Centreway i50p) 234 
Chamberlain Phipps (IOPI 43 (22/61 
Chambers Fargus >5n) 14>j® 

Change Wares (10 p) 22 Gtl 6 ». 1 

(IOpi 21 20 _ 

Chloride Gp. (2 Sp) 105 6 . 7'aPcDb. 67 

Christies Internal. (IOpi 100 ® 100 
Christie- Tyler (TOP) 71 02/6) 

Chrysler United kingdom 4pcDb 65 ITS. 6 ). 
Si.pcDb. 65*i 

Chubb Son CZOpl 144® 3 40» 2. 8tPC 
Unscd-Ln. 69>« (la/Bi, 

Church (25P) 165 f1»'6» 

Cty Hotels Group (20 d)136® 

Civil Service Supply Asscn. 4l,pcOD- 57 

Clarke Ickolls Coomb/y a (25pi 6 *S® 


ePf. 


Duple tnte-. (ip> ( f|i^16 ig 02^ 


Dwwrt (25p) 71 
Ourapfpe inter.. (25pi 110 


Dutton- Forshaw (25pJ 47® 

101 6 ) 


Dwelt (10p) 9 IZO/C 

‘ I Z6<a® I 

A (25p) SB CZOm 


Dykes (ZSnl Zfifa® 02/6) 
Dyson Iff i 


E— F 


£MI (SOW 131 2 5 4 3 St. SpeUn.3B1i 
01(6), 7MP<Xn. 571, 02/6). 8*xpcln. 


ERF (25p» 107 00(6) 
East Lancashire Paper 


OSP) 54® 02/6) 

Eastern Prod oca (50pj SB 7. -war. tosab. 
46 (21 16 > 


Eastwood (5p) 89® 

64 (27/6) 


Eeona i.iOpj _ . 

Edbre OSui 157 8 00/6). 
Edwards (Spi 8t 
Elblef C5p) IS 
Eton (1 Do) 43 ij <19/6) 


Elactrlcal Industl. Sacs. (25 o) 52 01)6) 
Electrocomponents (lOp) 426 

Electronic Rentals 


ts a&ki 426 8 

Group (top) 1T8®i1S 


eiDott (B.) (2Sp) 116 *i 14 
Ellis Everard (25n) 81 ‘ 

Eins GoMstela (HldgsJ (5p) - 2413® Slff) 

Elson Robbins CZSp) 69 . : ■ 

Elswltk- Hopper Op) 20® - 

Elys (Wlmwedon) (250) J65 f?9/6> 
Empire store® (2Sn> 160® 2 0) - / ■" ' 

(union Plastics GL5P) 44 (19/6) •• ■- 
Energy Services Electronic* (1 Op) 14*4 - 

England u. U Sons (We(llnstcm) (Sp) jmj 

Eno?/J? Overseas Invs. <10p> 30® > 29 J2Z/6) 
EnglEsh Card Clothing (2 Sp) 85 (1 9/ 6> 


English China Clay* OSp) 74*a S h 4. 
G J^pcDb- (25p> 671, (20/6). . 7*4PClX». 
65 A, l?7fff) 

English lEiccxrtc 7pcDta. 70® 02/6) . . . 

Epicure HiC i. (Sp) 15 b 
Esoeranxa Trade TlrnsPt. C12*art 124 121/6) 
European Ferrtos (25 p; 122 h 1>z. 
Euiotfwnwi Int. New (IOpi 161® 60® 3 


Eva Inds. (25 P) 88 'l 00/6). 
63*1 *20 “ 


Bw R^jy’cHIdgi.) 05P) 158. 


73 


6>sKDb. 

iqpepr. 


Evered Hldgs. OSD) 17U (20/6) 
Erode Hldgs. C20n) 34 
Ewer (GeoJ (lOp) 35>* 

Excanbur Jewellery (5p> 16>a 


1 UDcPt.11 32 (22/6J 


czzrex. 

MgsJ. (2Sp) ,10S® 


Exchange Telegraph 
( 22 / 6 ) 

Eztuntied Metal (25p) 6S (21/6) J. 
FMC OSp) 66 •■>,..• 

FPA Construction Grp. (25R) 15V 14 
GllfS) 

Falrbalm Lawson l25o) 55 . . • ' - 

Fairdough Construction (2SP) 67 9 (20/6) 
Falrdale Textiles- (lx) 16b (22.61.-- " A 
(Non-Vot.) i5p) Tib (22/6). SoePf. 
231; (20/6V _ 

Frirriew Estates (TOp) 112 QliW V 


Fanner ISWI C2 Sd) 120 (20'S) 
Farnrt 


Electronics ( 200 ) 2350 80 6 7. 

Federated Land Build- Co. (25n) 41® 

Feeder (10n) 30 (20ra> • 

Femer UH) OSp) 130® 30 <22/61 
Fcroujon (250) 108 - 

Fertletnan (B> (2Do)'29b (19'6) ■ 

FMe Forge (25p) 53® C22.-6) - 

Findlay (Andrew RJ (25PJ 34® - 

Fine Art Develpmenti t5p) 49b OM> . 
Hnlay (James) (50p) 370 7 - 

Finlay Packaging (5P) 23 (21'®) 

Tlrsr Castle Securities (1 On) 41 ‘a (22f6) 
Firth rG. 14.) HOpi 12 (226) . 

QpcZndPb. 861; 19 6) 6bpe2ndDb. B4b 
(21-6). 5%PCLn. <3b (22I6V 
Fitch Lovell (2 Op) 58 > 2 ® 8.9 SO 
FlexeHo Castors i25p) S9® “ 

Right RefcetKng (2Sp> 147 8 6 (2«6) 
F/uldrlve Eng. >2Dp9 79 (22 *1 
Fooartv <E) l2Sp) 128. New *25p> 131.® 
( 22 .- 6 ) 


Foikes" /John)_rSn\ 28h©^ Non.Vot. CSp) 


SucLn. 


29 (22-6). 7hPCLn. 

Footwear Industry (25p) 5X I20i6) 

Ford (nt. 6oeLn. BO 'a (2216) 

Ford (Martin) niOo) 27'- GJtf) 

Ford Motor (US52) 37*?®J226) 
Formlnster ilGp) 139 l2X % J 
Forward Technology' (509) 126* 2 
Faseco Mlnsep <25o) 162 3 <22*1 
tester Brothers (25 dJ 11B 17 
Fester (John) i2Sp) 32b (21 6). 

63 (20 >6) 
tothorgiU Harvey (25P» 99 . 

Francis rG. «.) Grp. *10o) 40 «0«) 
Frands Inds. F25p) 71 70 (22<i6). SncLn. 

Francis Parker MOt.) 16® IS 18 <22*1. 

FnMUm (London SW9) f25p) 2/12®. "Tpe 
Db. 62 <i (19(6) • 

French Kler Htoos. <25p1 3lb« 2 , 
French rrhomasl Sons, t 1 u 

Doggart Grp. C25P1 95 7b b 


HoNtoir Machl &M.SQV.ZO 


Howard. 


Howden &p- 

ftoSe™^on.^d!t.-^ Off®V, 

Hudson's . Bay Co 144® . _ .. 

Hunt Mostroo (Mfaicp (W gjs 
204 


■73M3D. 


IM»-*K'M| T 0 i>. nw).. 


Hyman 




II 74 


40k L Or* (Srt J2 


I J K 


Ibstodc Johnoe^. 03 b) 170 66 66 :aQJ6).J 
Illingworth 1 MorHs^aap). 29 <20f6). jT 


JOS.UI. 43® 4>tt 31d> 4. 7lioclJtaXru-j 


Imp. 

UnsTLli/43® - - 

64b- SpcUns.Lii.- 650, 61*. U. 7»# 7: 6^*- 
10bpcLn,.64 (19/6) •_ 
im. Cold Storage .Sop 

tiS! 1 EoodslfSfpeD^. 


apply OROJ!5) 107 




*250):, SB. Mtl. 79 si 

-Hattlmtiiarn : Brtck- <!sop) stri .OOWaL -■« 

. W. sni 2 <19/6> 7 - • 

"saaewS/* 

ftow -ClecserT-IGilt -KOW. 42 02 / 8 } 

Nu-Sw(ft Indettriec?5o) 25-- . 


B5» ,.UI» 26 Ito 


Ocean Iff II tons MldgoLi Ctop) 87® . 
Ocp-Vaft, Mr- Grtntenl' Hates?. .9oe- 
- Guilder On*/ Sar.-®8^f <22/G) - - 
Dfflce Etejrootc MacWnes C25o) llS X20/flr - 
OfrsxGp. <20p) 92r New (30 Pi-SOm^ 
-Orma - Dere/Ppmeots "-<1 r 

Owen 

Oxl eyr 


Orms ^ Devetopments " <1 OpJ i40 ■ 4 
Owen Owen .C25u» .82- ; , •> 
radey ' Prinuutl ;-uo. C 2 Sp) bi ■ -z^ • r - • 



Paradise . . . 

Parker Knelt. A . 

Parido#6o7^4PCPb- _ 

Parkland . Textile , Q& 

«25p) ■».“ r° 

Patertoa m3 Sons. OSp) 42 

*gS!£:2f ± "SM:Aom 17Z. 


<3 W *% M-MBToSSSSKSfli 


0ns. Ln. 8Tb® 2 Tat.vjpcCirv.Unx.La. 
toco. Class -A NW 1 

Class B NPV 13b- 1 . 

Initial Servit/M 'WW 

8petlns.Ln. . 

tntcr-enr Inrestmeot . Grp. -<ZOpf !Mt*. 

Hmrtf 6 Business 'Mactoties^ Cwipo- 4SUS5)* 1,6,1 

intnL** Standard Etotiric S> 2 pctms:i-n* r7(i 
. / 22 F' 

.Urtpl. 


ms, 


MiW 1 


7PCCm " - 


sxnw .low v 3 

L.dO^.,»ia 

U6L-; - ISpcCin.- 


utoji. mca 73PCUn s. - Ln^ > 6p^l‘b 
mtnL Tinker OarPIVjgOP) T43 L..^ . 
toverwlc Gr p. 4-2oc1xTpf. 

44$®. 4.20C2n0PT. <050) lOJ® 


jamaica^S^r &U&SJ25** 15 PMScs (WWJ (TOoTSo.^ ounTa nn. 


James (John) 4* <»0, 

James (MaurtoffJ A ; <20| ; 

s«P tJUJpi i®*«« 6 »- TOi*c|wrkSoS>nTlwi. 6 » 7 

P)w»v^Boy« 5bpcCBe.Un».La, 71 V.".; 


wtre.Ln. 7Bb t21«6> 

Jo mesons Chocolmes- ITBo» 72 
Jarvis (J.l and Sows C25o) IJS 


7pcPf.44 


10oc«.'100t 7 fZ2ji®'; 

tone Hldgs. 425e> 24 


j enk s and 


Jerome tS.) end lso«'<Hldswj 4B4® Q«W) 
Johnson and. Fil'd) ^ Brown (25pjL®6- B-, - >. 


10PCUM.LD. B9.-C21#»v' 19Prtto*in. ’7B®' 
.70 Wx f22ffl ; .V‘-l>'*-fr'.-.i 



601, >' 


ibk 3 <toov r - - ’ 

!. llOpJ .EO (19/6) 

206®.. HpcPt 441 - 

0.109.01J6) 

-Sm*tori»ntf Newspapers C2Si ■■ 


Johnson^ Matttiejr 432*T^E9f6/, .5«ff.r Portals -Tfldm^ C 
■ 36b® idb-C 2 »». -■ -v- - tw go gec-C hatiani. 

Johnson. Rlcharda (H.. end Rjr Tffo* i2Sp), Artsmocoli 3M 

J^^. S »T3S^tHbldnlgaJ ‘iOScPf. iinv#, Poweti t p^ryQV(5(W) T7S B.7- 

KUJital ■ (kS/^^IOB^pit/B) •- • ^resw c.4rtH6 CT | ri9W)' IQ.Spcyt. 100 ... J . .. 


Kalamazoo 

k 2 sST Induarl 

Karmlng Motor* 


irSrtff Sana-' W*aumt Grotto- CT 0 D 1 • B04'l ' " ' - g \ • 


Pries* 

FWorore- Induistitol. IRO.TO). S3 <20/Q 

PritrilOM Service* fiSp) ST .- 

P mm te w K tor'i. Wharf : tea® si 


Kwl? Saw Dl Koiart GroOp Cl Op) ~86® BO® 1 
leynottilG : ‘,G.J._ BbieW- . ; 343* rQ w®j- 




Queens Moot -Houses 
Quick . «H, M ,<10» 


t.CP. HohHnns 
L.K. Industrial 


.Mi* ■ .-.-f 

an-., n- . SCP . fwXdtogs 

5KW M (25M 

xi 


. . 36bt® -7 . 
k OM. lOpd 


.SbPOpt. 


LtM? ^nteroattonaLTl Op) ?SG. . ■ • □ 

ledbroke Group <T0 p£ 184®_ 2® -3«_80 « 
..178-9. Warrant* ter Ord. - 


RKT 


.2 SO f.3> 


l23 m: - s 

Lain 

Lake _ 

Lomont 

Lancaster 

Lane (Parer 

Looorte IndSv 

Latham (Jama 

Laurence Scott 


i5wrV»k a : 

>-.T6.-‘ New Ord.: 


I2*art 33 r «21| : - 


afsssM.^. . 


smt 






7® 7 « «, 

■ 671«t® 3V. . 




Lawrence (WaltertrOSPjM 

teadertlSh - 


_ Hldgs: 

te Bu (Edwand) 
LeOolt (5.) (FobeO. 

Lac Refrigeration i 

Lee (Arthur) (12 

taftiA 

Leeds ani^ m 




‘.•BSFbr -I, eis«) .' 

CaiiM SSb 3 . . 
ut. 6 Xu caar - : 
69 .<21W). 8Ti . 


L23pl 64® - ■ ■_ ■ •LS' 


Leisure Caravan 
Lennons Grn.* (1 
Lesney Prods. 


Letraset Intl./d 
12® J 


■ Series ,®w 


3efrerier 163® 60 422MU 
Indostrtax <25pt 63: 

BridaeJf C26« .90 <22(61 ". 
... - Jflp- tTOp) 64 r = 

Itto). TZb® 1‘i 2 02161 . - 

ffttrratt ISfii ■ 

.Sar-^" rv- 

Tdevtelon & 


6bpePf.A5 | q Rodman Heetan- Inte l wal l. . 



5-S5pcPf. 7 






AurttiU. A.fZBp). SO. 

ISO® . , 


29 b- , 6 )*PCDb. - 1967-62 6* C20? :T: 

SBfc-.*R>-;- •>. 


7-LpcOO. 

fe , 

RudPilblhHi 


Fredland 

Futorl 1 Hldgs. <25n) 384 02/8) ' ; j_ 


G— H 


GEI Intrri. (20p) 85.4 
GR (HldgsJ 450P) 


iibtons 0 4*ft2.f 2 i ! reij 172 


Clarice (T.) tlOnl 2T_(22<61 
Cliy (Richard) (2 


BAT industries 7 <2!*» , 2 |«| 9 1 t J Vf « 


? r 3 6^ S ?it3 ^ 

nfre SMr-S M 


19B8 
•22 6 > 

BPB Industries 


,5000 216 >5 '22|L 

i- •21-61. 7LiPCDb. 68 *, 


39 b *• 


BS Z G ' ^ntwSSSal'/i*" 40W# 

B ss- }?.r«v “* 

rtr'*25P) 274® 6 ® S 4 3 2 I ?2r6L 
^ 8 . 4PCP.- 

ffiSifeTP'®' 10 


Pergamon Press's the pension fiiniT property unit 
aequintlon of AUP earlier this trust sponsored by N. ML Roths- * 

Jr tSo MinSly 1 ® KdiS? SI Ch,ld A3SCt Man I ?emenL Mr. Ray Laeey, comity treasurer 

Pergamon P pS' s tave^oineS tta The „r cm < £ f Mjd-Glamorejan County Council. 

Board of AUP Mr Vj of State for has been appointed presid ent of 

as deputy chairman and HA SSS? M and r, s 5 ,en ? e ha , s theCHARTERED INSTITUTE OF 
Stepi^rSfsLti' R. L Leonard. PUBLIC FINANCE AND 

pany secretary, assistant editor of the Economist, ACCOUNTANCY. 



Bariev 

US&IE&S: «5m'l00t® 99S® 6t« 

o2£4 ^Misohold Stores (Leeds) nOpi 
BaldwHl (H j.l UlOdl 6 >19.5'. 7pdPI. 44 

Ka'mblrgen ®5*rt 49 
Bamfords (20p) 36® CZ2 «> BoeLlu 

Bank Bridge ^Pl 3 it IBOFB). WOJ*. 

Banra ConsotWated Indus. aftil M 

Barker Dobson 'lOni 10':® )*® 11 -■ 

Bartow"RaS (U0.10I 230. Pf. Ord. IRO.IO) 

Bare* WJdi«e 19 Arntdd Trust <2Sp> 1®0 
.22-61. A '25ol 100 99 
Barratt Devetopmems n«» ICO 1 ! 

Barrow Hepburn <25 tf* -8 9 
Part pn Sons >2Spl 54b 

Bissetl 'CIO.' *2>5nl IM „ , _ an 

Bath Portland (2So' 76'; 5. 7'iOcLn, 60 
>196i 

Heatson Clark '25P 1 ) 194® 90 
Beattie (Jamesi (250' 117® 14 13 (22.6) 
Beaut ord Gro no (ISo) 47® (22/61 
Beckman (»-) (10*) 70b __ _ _ 

Beceham Group i25p) 627® 33 30 5 2. 
6>,DCUnsec.Ln. 79ti (22 6) 8'nKUw«- 

Ln, 69': (22/6) . 

Beech wood Construction (Hides.) OOP) 

Belam Group flOp* ®4* 2'j 024) 

Bell Canada (M25) 41 b (1916) 

Bemrow Con. (25nl 69 (19 6) _ 

Be n ford Concrete Machinery (10o) 49b 
(22 6 ) _ 

Bentlma Induste. (25 d) 2S Cl 9/ 6) 

Berlsford «. = W.« '25") 130 29 8 7 
Berlsfard* (25o)5S'19'61 
Berwick Tlmoo (25n) SB (21 6) 

Best and May <10P) 5* (22 6) 

Bestobed Q5o) 156® (za.-H) 

Bestwood OS®> 154 5 
Bfttt Bros, a On) 65 120 - 6 ) 

Sevan (0, F.i (Hldgs.i (So) 15® (22/6) 
Blbbv U.i Sana 216: 18, 6oePt. 44b 
122 . 6 ) 

Siddie Hldgs (2Sp> 91. 

Birmld QualeaSt (25P) 60b 02/6) 
Birmingham Mint >25o) 75 6 Op«*> 
Birmingham Pallet Groun (lOp) 9S CZO'6) 
Bishpgjl Stores A Non-Vtg. (2Sp) 123 

Black Edging! on <SOp> 111 (22/6) 

Black Arrow Group »50o) 35 
Black (Peter) Hldgs. (25o) 151 B.f19'6) 
Blackman Corrad OOo) 18*a *72;6) 
Blackwood Hodue (25p) 60b (2CH6). New 
(2501 60': (20.6). 9ncUnsec.Ln. 110 
( 20 ( 6 ) 

Bjaekwoog. Morton Sons (Hldgs.) (25 b) 

Blagden Noakos rHIdgs.) (25P) 226® 
Bluebird Confectionery Hldgs. C2Sp) 167 
(22 6 ) 

Bias Circle IndUSTS. 239 6 5 6J. 5'^nd 
Db- 47*: (22/61- 7pcDb. 65). (22 E). 
SpcDb 7SU. S^DCUnsec.Ln. 42b (20-6) 
Bluemel Bros. (2Sp) 630 
Blundell- Permeelaxe Hldgs. (2Sp) 66 

(21 >* 6 ) 

6oaraman (K. O.) Intiri. (So) 12. i, <21 (69 
Bodycote inml. (25 p) 57® 7 
Bolton Textile Mill (5p) lQt« 

Bond Street Fabrics (10o) 3a® 29*i i22mi 
Baaser Engineering i20p) 31 .20/6) 

Booker McConnell (SOP) 244 3 
Boot (Henry) Sons (50?) isb 


-2SP) 73® 

Clayton Son (Hldgs.) (500) 74® 

Cli flaid (Charles) Indus. 92 il9/6) 
Clifford's Dairies CZSp) 48 <2 1/61- A 

(25p) 38 

Coalite Chem. Prods. (2 Sp> 63® 4 
Coates Bros. (25 p) 7»b. A (25e> 64® 
(22.61. 

Coates Patons (29*)- 70b 1 b *PtPf. 
(20/8). 6 1, pel/ used. Ln. 51® b SO. 7i,pc 
28 b b (20/6). 4bPcUnscd.Ln. 35 b 
Unscd.Ln. 61t 
Cole m. H.) (2 Sp> 109® 

Collins /William) sons (Hldgs.) (2Sn) 140. 

A >25pi 134 
Col more rnv. i25p> 35® 

Comben Gp. (IOpi 27 (21/6) 

Combined English Stares Go. <12bp) 96 
122:61 

Ccmet Rediovlslar Services <5 p) 117 
CompAIr I25PI 88b 

Compton (J.) Sons Webb <Hidg»-> izopi 

Concentric (IOpi 40 
Ccok Watts SVpcLn. 64 to 
Cooner 'Frederick) (Holdlngsi (IOpi 18 
(20 >6) 

Cooper Industries (lOp) 19b 

Cooe Allman International (Spi 60®. 7bPC 

Cooion (F.I Co. (5n) 15® 

Cooyd“* (1 Op) 32 (21. -6) 

Torah <25pi 31 >.® 

Coral Lelsi> re Group HOP) 104 6 
Cornell Dressrs (Sol 12# (22/6) 

Cornerci oft I 20 di To 
C ory (Horace) _IS d 1 23b# 

Cosalt >?5o] B3® 80® 

Co stain (Richard) (Z5 p) 273 4 70 
Couirtrvside Properties (5pl 39 ( 22 16 ) 

CourtauldS^GISpI llAiidi 18® 14 13t 15. 
7»cDeb. 74i, i 4i, 7t,pcDeb 671*. SbocLn 
58b SU ‘ 6hKLn - 54 rai/ 61 . 71 *pCLn. 

Courts (Furnishers) Non-V A Ord. (2Sn) 
39 il9'D) 

Cowan de Great (Mb) 63 (19/6) 

Cnwle iT 1 (5 p) 38b 
Tradlev Printing flDp) 18® 

Cm* Electronics (lOo) 25b® 02 <6) 
C'-'llqn. Hplthnos noo) IS® 15® 17 15b 
■22(61 lSoePtd. iFy. Pd.) (1 Otri 7 “ 

Cresi Nicholson dOp) 84 
Crnda Food Ingredients Groin* BPdPf. 60® 
Croda International (10p) 46b# 7b b 


wn vniiuM ,*»i» 466® ■ 

Gall (ford Snndlev l5o) 57# (TZtvD 
Garicrd-LKier mds- iSfU^li w:- -• 
Gamar ScottoUrr i25p) 94 02>6> • . 
Cartons ‘IOpi 6(1 9.6) • - ■ 

Gaskdl iBacupl UOo) 108 WWW 
Gates (Frank G.) (2Sp)- 50 
Getter (A. J.) «0o) 3B OOg) , 
Gen. Elec «2So) a »St*MI 54 6 2 3 1 8 
50;. 6pcLn. 1976-61 M 4 ^'1 9.6). 
TbpcLn. 1956-93 66 CM/61. Ffcg.Rate 
NTS. 99® B b 100 n g'ci 

Gen. Elec. O'seas. C»p. Con. S'jBcLn, 96b 
'2261 
Gen. Ei 
Gestetner 
3. ACan. 

127 '20/6) 

Gibbons 

G ladings Lewis- Fraser _ 44mqi-n. Piw 
Gloves Sra. <25rt 81*60 5 4 2 (22(6) 

aspuan® W 

a,"*® 4 > 

iiaia ’»'■ *■' 

^ 7 ilS?/ T ■■^o^whre , Prods. MOP) 41® 

M’a 

GoldrH (Oh.) Foncard and 5on 

Gomme HI MS. sreckman *(901 11V 

G oodm an Bros, ^nd ^SbS^G.B^dpcPf- 

44n*cDfa. 


Goodvear Ty re and” R 11 |o® \%6) 


wreron ™ »»;■.» >"»■- ,ei, ,? 1 (B 1 
Gordon (Luis) Gro. <10ol Mb «2(h) 
rvjooh Bros ®0ol *6b* 

gss,. c ,“saj^u s *>. a,® 

sss issmks sn <**> 


Granada &w A ftW p 8 ® 5 

I. (22 61. B'jgcLn. 96 (228). lOPCLn- 

81® aob 79b (22i<6) -. 3 ^.,® >. 

Grattan Warehauses (25p) 11 a® 1 ® . , 

Great Universal SETL.fgft F^s 2 
(22-61 A (2501 2®7® 72 68 4 f 7 5 2. 
7ocBPf. S3 (22*)- BUpcLn. 64b (22 6) 
Groat erm ans Stores A (BO.'SOa 128® 9# 

Grar-Sank Industrial Hides. JibpV 48* «$• 


ircr aud'lK |iiuua*Mv> .'TiiiAfff- 

at® 8. New (topi 48'irt® OWJ 

MIMettS MOP) 461*. lOpePt 


G-e-nfi^l 


Green" s^Economteer Gro.~(2Sol 64 (22/6) 
Gripperods Wd<n I1W « • 

Group Lotus CJr CM. (1 00 1_*6 . 

Ewnlmn ""** iSSSr ‘so 2, tiS 1 *)® 

Guest Kwi aw/' (Vjs^'iaitoc 

6B*- (22/6). 7a<peDb. 68 (19(6). mbPC 

Db." 84 b ■ - • - 



Londoif ^CpMnatFon ' I.BKff,. 69 
Longtaq^ Tr* nsport .Hldgs. CStjJ Sfl 
.Loerha }25pi fil b® ' SB" 9 .60 1 .• . 

1980-85 64-'ri22/6i.- SpcLn 
63 (22Wt ' s 

UwisdJeAinlven®! 125* 

LoShT ry\i (tt/dgs-t-uSas -8S® ( 22 /ffl , 

S B 07® nd 5 ' 70 * J 
Low Wm.i kite coimtany (20» 107 f*2/6r J - *■* 

Lowland Drapery Hldfif*. f25«S2. <42/61^ 

Lucas.'- indusfr le* * M5t*“ TUfJWT ^ -Sf 
7J4pcLn7 72>. f20i6iV 8^. 

>22i6l- 6bpcLn. t20pAT2.1>.;(2(K6l »•; 

Lyon and tyon .fZSB) 77. V 
Lyons (J.» 98» 79® BOIlLA® 7 Si® 8® ^7® 

5® M.3 4 2, b 3T'4TTvA , *P«Ln- 60® 

59t. 7bPCUi.: BO>- 


IP^W, 

: ‘ RotKWtan Foodt USpl 141 19fB) *- ■■ 


pj&JJSL . 

■ ■ * '-b. 1 Uns.1 


uVee MatOTs Hldgs. <25p) # 1 #' 


w-*- 




MFI Furniture Centres .(.10p^9* 3 2 
M.K. Electric HMb. .0216) 

M.Y.- Dsrt-4T0rt Stijff'(22/&>. ■ 

Macarta (London) (10jd. ,21 JflWg,. 

Macarthvs PharmuDcutirals 420pi 92 j. idmu» „ 
McBride (Robert) fM1ddlet«H 1 0pcPf . 


AilT 

,~ t ,£ Construction rtOP) 104® ' W 1 ' 

■ ' •_ ■ 'I | “ 

» « -«* W 

esrwsafe^, 1 ® . ~ , 


MOcfiwy^L'Ajnle iGp.- (25pi Id W • 
Macfarlane: Go. (Ctonsnwiti. <*5pi.-i 


68®' I 


( 22 .- 61 ' 

Mackey . (Hrah), CZSto 4y 


S5,s5*8s»» ^ ». 

SSMdSUksnlMMdtwi ? : f -■ 

Matroetand'SagtiiertiS (25p)-177®- I ■ Saga HoOdays <20p*- 143' C22J6J ■ x .A.,---- 
MaOnSl* Gp.(Moolfflng^O 0»97®C22*1 1 879*^' ■ ■■ - 

Mallinson-Deany (29p» *7b HH-J (2Spj 292 ■* 


•’-uotu. - -»T Uti, r --T*zPab: 32 • 

10pJ 10®--*A ?8 Ir4ll6*..- • i .. . • • .r - 

Scmumberom- (UISS) -rawh ■/ ■ • 



_ TtOpJ 

ipCPf 43-' T20J6> 

BBS .(2SP), ; 290® v4*-.i5C. 

.4mi 1 , f2C^€) . . _ I-, . j .j: m 

Marks and Spencer <JSp) T! 598 ,4p. 37 
■4l“>7oCPf- 59b- lOpcPf- Bff*a 6 - 



-Scottish 


scmUtt ■ Hertahte Tst C25 p> 45 


i-XlLl 


S«UPB5yjP 


Ml 


Martin flWwsgentt 230 JTTjW- _ ■- M | •«*. 
Mju-ttrnafc . /nrei^ Hw*a 1 ' 2 Ooi 160- C2DS) J Sec 
Mat ae y - Fargo von si 0 {20-61- * - •• 

M JwSwgffe^r^.U ^ M 



Mav end 


(2Sp) 63 


■ 6 ) 


.Mean Bros. TtoMtoas flSrf .rt# Wp"; •"•t -(20i£4. 

AgSJt 




Mctody^It BIS- • 25 D J 91b l2W6l> —.‘ isamr 

rilfo Oundar Whitson C5^ «T® r aS)6).T^i(i4H)d3b SB 


Mel 


HAT Grotrp (1 Op). Mb 
HTV Group (250J IT Hi H “0-6) ralKfil 
HaWt Precision BnS^SSV* < 1 p p) 30 . J 
Haden Carrier (2SPF 95 * 

Haggaa (John* (lOol 104 . {21461 ■ 

HaJ Engfiieeriiig (Hldgs-i [50p) 10S 4 

21SJ12 ( 52 I 6 | 43 


and Cheston 


23 a« 


Haliam. Sleigh 
(19.61 . „ 

Haioead 1 cfanrart (Hlrts.) fijfij * 
Hampton Yndiritrte (5p) «*4*# , ■ 

seafcjBsft: 


* i 


«• 7 


Cronite^roup (5 Sp1 35® 

Crnsbv House Group 1 57 (22)6) 

Crosby Spring Interiors nap' 15 CZQ/6) 
CrossIey_ Bu'ldlnc, Products <25 pi 64 


Fro«rh Grotto (25p) 69 
05pi 54 


Crown House U6pi _ . 

CrawThpe (John Edward) (Holdings) 5>y>c 
Pt. 35 ® 


rrrttalat* (Holdleos) /So) 264 

' OrtM (20oi 1D6 (22*61. A Non- 


Cullen's Stores 
V. ord ( 20 o) _ 

("niter G-ftrd Bridge Holdings (2Sp) 22 b 
Currys (45p> 194® 


Rita EtacMc Intarnati. (TOp) T45 01/8) 
Danish Bacon A 114 (20*6) 

Dartmouth fnvs. (5pi 21® 20 
Davies Mot call* [ 1 ()p> 27 1® ijat® 30 
( 22 / 6 ) 

Davies Newman (25c) 1344 
rire«s 1 Godfrey] (25ol BS'i b! f22«) 
Daw interna tl. (Z5p) 2370 7 8 40 
Dawson Internet!. (25p) 121b 4 S 4b. 

A N-W (25p> 121 t-> 

De La Rue (25pi 337® fl 43 
De Vcre HoteH ( 25 p) 170 1 69 (21/6) 
□»benhsms (25n) 88 b® 7 5b S. 7bpeut. 
SB (21 8). 7bpcLit. 613, (20/6), Tlpe 
Ln. 1021- 2 (20(6) 

Doom f25ni 448® (22rg). a C2Sb) 425 
18 26. 6ocLn. 74 » (19*6) 
drKon »100) 32 S® 1.A 
Delta Metal (25 pi 69b 70 69. 7_50C 

Ln. 70 (21/6) 

Denbyware (25p) 85 (20/6) 

□entcolv PdcLil BO^f 1® 

Deri tend Stamplno (50oi 148 H (Z2I61 
Oerrttron |10n) Ifii, fZl'61 
Desoutter Bros. (2 Sol 132® (22ffl> 
D*wtiir*T (I. J.' (Idol 5B 7 CJO-G'. Do. 

New flOnl 59 (20/81. 9.T5nrPt. 96 
Dwrhurn CVmt (20p) 72 b (19/6) 
DtrWmon Rohlmon <2Spi 113. 71uxLn. 
66 ® 

DInklo Heel (Sol 10 MO-61 
nioinms Iws (71m in 
nivon (D-rlri) (25n> gp (Sf/ff) 
n-voiH Photo, flop' 131* 1 2' 

DnbSO" Pnrfc Inds. HOP) 98'.® b, 

Nn, MOo* 90® 
re Hldqs. »10ni B2 

Do"ri*«fer 'DwHl Soiw PocDb. 71b 2 
(79-Ki. nnenh. 86 'iWfil 
nnrad* (73 pi 80 1 f19/G> 

Doualas l!5"l 93® 

newdl'ia Mills *501 23»j 5 (2J/6) 

r*nwnl»lin>“ (I0n» 33® 

Down I no tSOoi 21 SO 


( c5Sr^s) 92__. 

Hanson Trust * 33 2 29t 

KKS ,W,g 5 |K^f* , <=^ , |S 1 o K , 

Harrison - fT,. C.) gSW .A?* 

HarriHHis and Crosftetd £4* 4« u re 4B7bpt. 

HlSs^Marthienr l«nl. New^rS* 

Hartwell, Group Ogp>;ff4 7- _ N ?" .Ord; 
FhJ.V (ZSnl 95 b. New Oto. (25e) 


(fy^ 1 

Hatfav 9«®£P3® 

6 4 8. SbOCPf. 45b C2DI6T.. 7UpcDb. 

ttewfc^^nd TIpspn CLSu) 6JT <19-8) 
Hawthorn |R. ami W.) Leslie (Moi 6s 
( 2 DS 1 

Hawtin (Bot 11 

Headiam. Store and Coggins (Sol 44. 
Helene 0 1 London flDp) 20b (22*6}, 
IlnfiPf 187A 80 

Henderson (P. CJ Grout (TOp) « (1916). 

Hcnderson-Kepton <20p> 76 (2Z/6»_- 
Henlys (25 BJ 129b® b 9. lObpeTstMt. 
Deb. 62b (22/6) ' 

Hen shall (W.l Sons (Addlestone) (IOpi 25b 

Hepworth Ceramic Hjdcrs. ^.OSW 82b 1b 
Heoworth ti.i Sons (lOpt 62® K 59 
Herbert (Alhted) 7UpcE5ebs. S1b (20«) 
Herman Smith <1 Opt 11b# 10b (22/6) 


H^ron. Motor ,G(P. (2Sol .130- lOpeUns, 


210 ( 20 F 6 ) „ 

Hestair (25 d> 96 5. Do. 1 NewjffD) f25oi 97 
(21/6), Do. New (25p) llffffl £21/6) 
Hotair consumer Prods. 6pcUMec.Ln. 1 


49 


Hewdea-stsart non) 670,6® 7b . 

!_ Williams ^Grp^ (SOp) .120 (19/6) 


Kicking Pentecost 

Hickson Welch (Hldgs.) (30pi 191# 1 3i. 

BbueUtwec-Ln. 65 (22/61 
Hhrid Bros. CSp! 11 U aim. 4-5pcPf. 43 
(22/El 

Hlens Hill (250) 75®, 8pcUnseeJj|t. 72# 
Hlanams (2So> 48 02jfii 
Highland Electronics . Gro 
( 22 ( 6 ) 


<20p) 35 b 


7 «b 
24*3 

..---.Ngw . 

>. .7 (22 m , . . 

j)i 1 S 0 J 304,® b® Vd 

Menztef-rjoiini (HUps.i (?5gt. 1 60®.': Boc / StomiymA GW1 1 9® 20-1 . . •-• 

Pf. 7Jt® btO- BocPf. 100^ aim -:•>» -fSbwp*: r FFrirar^aaiA,^«^3 (19*1. N( 


Meritnwe _ M "(rag-. . (Sp) J*. •- .1 5b^-, 



Bi*,... 



Meyer (Montague £.> -OJSlfl., Bp. 
Upscd.Ln: 72® b® (Z2i6_l-- ■ 

Midland Indus.' .15*1' ; 40 " 


v-^ 


Miflif'."(p'.)" "ffwtnei ■' (iOo) ■ ia*'iap/fi> 

Mining SuoofW ClOtiJt... 76^:01/1“ 


Mitch eU Cotts Go. - (26p>- ATbjk. ;. EbpePf. 
3* (20(63:- -ISpcUnpcrtju. - 


Miteheir cotts -Transport 
Mitchell Sonwe- O0pl 6Tb CH 
Mtoconaete ..THTdfii^O'SP). -61® 

Mole JMil ‘5®n -OOpJt 31 b OM61 
Madoa OSp). 2284) - : 7 

Moolc «t» (2SPV9T* I 
Monsanto-.; SpaQtf.GMXa; \.l ^Wtv 

MIH»i KSto , 
(Z2H57 - n _ .-j ■ ; ■■ -•.. • • 

Mongdfne rie - 7prtJnsrd.Li»..6SH«®. (22I6>(. 
Moorhpose- Brook (ZO01- 145® .J22f6) '. 
More O-Eerron/fiOp) 

Morgan-- CrucIWe (25«1. 117® T5# : IZAc 
SbpcOnscff.Ln-- 34- «216): ; 

Morgan; Edwards (lOol fit* SB (2216^ , 

Morrfiou Sunermoriceta (1 Op): 75.. Do. ffa 

a oo> 77.(21/6) ;■ v- 1 . ; 

Moss BroE.i«Opj 112® - • v 'A 


Jtf- . .. .. 

: « % r ; - 





^rMSfc^New C25PI W%; j. .. 

cz«r i,._. ' 5- 

'i.uppob/. ?o iigff’ih..^ 

1 1 UpeLn. S , . 


■WW- 


Mass «nglitw*rtg <2Sto 
Moth* rare (IOpi T52# 


r^?K» , StiSooeaf soeirty (20iP B 

soimiora. CDAStreate're (Spt 7b - 



c22t&) • . ■ x £2Sb gilt , 

-fStaElf (TOP) 480* . • 

Mnh Sflafftw u$P) 138. * * • — 1 crrenUw LnftA >D' - 


< 22 |B : 




ktab Securities, GSn> 128. 
Nash *bocPT. .67 
Natioital-OrttoB 

Ne^^Z*mt>r* : (Z5pT76 
Nell siwiew 110*1 't'07‘6 . 

Nm EOTSii^f CfW>Jl7 


J Stonter (So) -T29® -'6 i22rtt. 
Startrl 


Do. .N4>“ 


• : r- -r- 




SlmosOC- ATTSw SB _ 

Barttett tB(L2S) 41 b« 2® (22«) '•.«> 

saw/ Beds- (Z5W,v207® 02(61. . 7a24 \... 


hill Smi* GSo»_7_9 81 bS 


Hillards jlOp! 
Hacroft Tst. 7| 


. UireeC.Ln, 60 
Hoechst Flnani 


229 (21/61 
7pcUnsec.Ln. 
60 (30/6) 


J a ^, - V ;• 



n. - io«; R ' - sa-na -fpoox. ,<i poviju 


• A 144(01 • ' 

1 15 14Jom* . S^JOePt * 


. (tool 2 »h a«n 

/IOpV 4j«j (19(6) , 




Unsec.U. fio ao/6i. 7 line 


Do. 


Downs Suralcal nop) 40b (19/61 
-- -n7® 9 200 


Dowty 15 DC T47® 

□r»k» Set'll (Z5D) 27 b® 6 b 7 
Dubll'er <5 p> I9«i, 'llpcfff. (50ot 32 
121/61 

□ufav Bffuraastle (10o> 34 (22(61 
Ounbee-CO'nbev-MjrK «10P) 129 (22'61 
Dancan Good rl Cke 433 S 43 4 6 (20/6) 


ance lOocUnsec.Ln. 123b, 

Holfiung (S.) >270) 63 (22/61. ‘ 4.65pcPr. 


-iffi Gro. (SPI 57 
Holt Uoyd Intnl. (IOpi 1380 7 
Home Chirm <1Qp) 1 73- 00/61 
Homfray 1250) 4D CZTIGi - 
Hoover fZSBi 315 10 (21/61. A .(ZSnl 
31 2t® 10 (2216) . 

HogkimHms Hldgs. <50pi 100 -2. -7pePf 


Midlands (5pi 92 b® 2. Mew (5m 


QO'6) 

Masking Horton fJOol 167 
Hml Fraser f35p> 131® 4® 13, 

Db. 73>.. 6ncUnsj.il. 49 0911 

UnsJLn. S3 1 ]® it® 

Hse. Leresa OSp) 91 t ’ 

TS - Rett v ^' 

mwwr. 26& 74 ^ 





~ B*tea for^larRer amoGalls.iJiL 
.infbrma^Cffi -if 

. fir 'W*tmodxKffad»' 

























:• £niies. Saturday June 24 1978 


•21 


50 lo. Stl6«i. 'J25pi. Go'a Bo * 2 ) t&> 

■ jji.n'K 1 (cratius*. < Tupj • tz -v • • "• ' • • 
.-Stwiigftl.Skrtta: ij is&ei •; 

supra Gn».- Ctaoj -55*^2 - - 

•Sirfw.^fOrtal^ -rSpKrT.dz'B} .-. • - •' 
•swan hunter r« iaps> \ 

^losB-mwryv-Tiraw 95 'az'6>- ' • J 

SvJIane <2Eo> 1 311 .6.' tZO'tlj 

TACE tTOri'sj’a ■ . '»- 

• T»lbe# -fw* 1#'« '-••—• 

Tarnwe >5fip>- JB2®. “SVMDh. 77 1, (10 5) 
T.rnMEW} i2SnJ 71 : *" - 

T#tfi LflC 170® M41J, 7’wcLn. 574 
i20 l>. >3wCl.n. 99i.* 

Tate '.o*-t*eda i2Sp> -«B .. 

T »JSpf WoOPrDW izSpl iEoh® . 

TcUbUt Grp >-1 ObJ 10.. • • 

TeUlffliK taSM.13j40.J.* a ■• 

TTeiwWBe Samau Ctflpj 127; >uei .- 
TorirP* 0 lOocLn- 1&2 (20 fil 
TfftcO mm RiDt-43 < s '4. 3 b -S, 24. 
Tortured JersOy.JtOo) 33h 
TH»me* P?Yw00d (25p) 330. 

Therm *r SyndleaM '25oJ 114 122 6) 

TbbiMO" . OiJpnWMIon rasn) 2360 8. 

f.72'-'P‘ 6t 5 81— *>*. H2I.O 

2, -3J..7PCP1. QSW 59’. is. 12216) 

Z \ Z.. ;-ZL ' v- 

■Tliora" Ct3oJ 323© 20© 

znt>. 7 .2 bos-a. Soctn. eSafe. 
"Titciiry ContnetlnO'-Cronp 280 ’ 

Tilling 'T.» «Oai 113ir* i*u* 43;© .. 

• -.4 1 - • 1 S. A-SSoeW, 50 *23/$,. s£cO b. 
741s 122/61. , SnzncLn. 70S© 69u 
Tujtc Products. [IO01 144 7t '6‘*£- 
Tomkins IF. K.» (Spi 23i20/6f • • 

TmntliMiB- Orwn C*Sov 55 12216) 

T t^.§n&s 5otM - 3e - »*■« 

. TOzer. KemslOY »nd Mill bourn iHldas.i 

IZ0PK55 

Jri uiqar How (20 p> ) 2t® 204 .2. 
.71/flcW.' 56 - tZO/8). SbcLn. 61 1, i22,’6i 
- gi,peLn. 71 ... TOLpcUi. 75 
Transport Drvtlonmmi Group (25b) '70.'. 
Tranweori Group <5p» 4 (22i6i 
Trarls iod' Arnold l25n» 129 (22.-61 
Tndant Group. .Printer* (25 pi 68 22 

Trident . TV A MV (SOW 46 1. 5* ! 

Trains C25 pj 90 121/6V 
Triple* Foundries- Group I25pi 90 (22, 1 61 
Trust House* Ft^e C24P) 206 7 Oot.wrxs. 
15- 6.23pe1«piJ. 65-i (20.6). 7-5pcDh. 
67 (2ifiT TQ.SncDO. 84 122. 6) 

7u0e . Iiwcifnients . 348© 8.- 9pcLn. 72. 
6>pcLn. 87 1; (22 51. 

Tunnel. Holdings .8 (50p) 260© 2 
Turner and Nowall 172© 68© 9 70 2 
) 68- IOJsiU. 7B*t. Il4pn.11 Aa:, 
(21/6) ‘ 
..Turiwr Cumon Ifipl 11»r (2D,6/. IbpcLn. 

' 102 CSOfol - ; 

.-Tornor M«nu. (25o> 136® <22/6i 
Turriff Coro. (25P1 (22:6i 
Tysons (Contractors) (10o» -29 (22, '61 
TyiAck (W.l Sons Turner i25o) 39 (21 6) 
TrtSCVt.lW- A) (10P) 2S (22:61 

•UBM: Group (25p) 64- s (22 6). SpcDb. 
60 1 29 6) 

UDS Group (25pl 841:© 6 >: 5. 7liecOb. 

&aVi19.6<- b*j»cLn. 45'* n»6) 

UKO IMernatia/ial (25 pj 144 2 .20 &■ 
Ulster Televlslcm A <25ol 66© 5© 

Unicorn . Industries i25p> 96 (22 6). 

lOocLn. 72 

Unlgale 12&P) 63 -J;. EpcPft *a 7 u i20 6). 
7':0(Ob- TOlj (20 6). 6i.pcUns.Ln. 55:* 
6 : :DcCnv.Uns.Ln. 51 »;© 3,© i22.6) 

Unilever l25pi 510® 17© 12 ) 6 IB 21 
13 "S 1.4 6pcDb. 89. 5 J *pcDb. 71 <* 

T»6). MU. 45 U .20/51. 7 SpcLn. 

GOO Vi 1 601 

Vmlerfr (Fl)2) 26.80 .'22 £} 

Union lmernatloMi 42'; 3. 7pcPf. 53 50 

Union Steel Corp iRO.aO) I7h >20£i 
Unites* (10pi Hi 

umted Biscuits (Hldgs.1 >25p) 77i*© 6© 6 
Nevf (25p) SO 1 >21 ,6). 8pdDb. 65Jj© 

r2i fi) ■» 

United Carriers (10 d>. 55© 3 (22-5) 
United City Merchants <10 pi 6Bi*© 6 4 
IQptlo. ilGp) 65 (2& 5) 
Un'Kd^-£na(ncer/HB Industries HOp) 44 

United G#S industries <25P) 50. 7’aPCW. 
51 SO-'j -20 6). 7peDb. 57© .*22 6 j 
"U nited -Guarantee (Hldgs.) <501 22 
United Newspapers (2Soj 346 
United Sder.dc Holdings \25p) 295 
United Spring and Steel Group <iop) 27 
S : s (19-61 

United- Wire Group '25p> 63 1 (19 6) 
Unortirome International < lOpt 13r. 
Usher-Walker <10pi 50© (22 Si 
UUCP 'Holdings (fti) Eg©, ofd. >Ri) 70 

i20.6)- 

Vatar (25DI-43© 39;© 44 
Vairtana Gre. iZOpi 122 
Vauxhall Mptcri 7ocUti4.LR. 6 0 :<o (22 61 
Veens Stone Grp. (10pi 25 (22 n5i 
V ernon Fashion Grp. '44 2 
W*l lit 6 4':. PI SDC'Npn-Cum.l 
371;- f 20 6 1. SpcCum.ITax Free to 30 pi 
PI. 53 '=S&: • -. 

viners (10nj T9 (20 6). SPcPf. 40 M9 6> 

. Vlnteo Grp. (20 di 11 3 
Vocose D^tetopnierii U5oi 52 (21 5) 
Vesper i2Sp> 1 67® 8 1.22 61 

W— Y— Z 

•IV Kldbons HldBS- (10a 1 766 fZZ.Sj 
-V/.G.i. (2501 102 (22 6) 

Wadding too (John 1 (25pi 211© (22 61. 
.--£pOff. 39. ’30-*) 

Wade Potteries noe> 25 (20/6i 
Wades Departmental Stores Non. V. a 
v (20 di- 43 i19-6i., 

Wad *am Stringer (tQpJ 42i^p n>© 

Wagon Industrial' Hldgs. <25pi 122 
Walker (Allred) and Son tlOoi 9 I2D 61 
Walker ana Homer (So# 12 
Walkw (C. and W.) Hldgs. ' (2So) 125 

WnK'crJJames) (2 Sd) 83 {22 61 

Ward (Ttips. W.) ;2Sp> 72. 1 1 >*ocUnsLn. 


WcoswptK) I3£p). 217©. IS 

1 Weens A*Mtoiu>i 11 Opj 29 ' 

Weir ..Croup (25p) )£1 

WeHeo- HldgsTiSp. 21 . nm (Sdi 22i* 

'2«'** T »n. Eng's. Ca*po. (2 Sp> 4«'j , 
■ff* Bromwit/i boring i<Oo; »u <20/6i. 
T«3ij- (20 8/ 

I25PJ 39 U2 6) 

(23l6l <l0uae ~ ® rafc * -Signal i25*0 45© 

V c‘m 1 ?£ d . * ,r W7if1 C25W 31 '2/ SpcDb, 
691*;© 'sM»- 

«! 2 r«er C “ untrv PrOWi 1 ^ 5ni 1S '= 

I Go - <20ai 102® 5 

Tcle * 1 *‘° n C HOP) 26 
) Bros. c2So) 95 4i» 

i t«2i?‘ no1 t2S*> 43 122.&I 
I25p) 699 70 

( 22 V/ W4,JM^,, lS "' 

wnheerott isOpi 215© 12 i£2;b« 

iv'*?* (Tunotnv, b’.pcLn- n& 

.^CUi. 58 7 i2l iCi 

• William). (Hides.) 

Jio 30© 

< SPU!*'.? 11 ? Electric iHIdgii (5p) 1&i] U2 6 
; «5J2’V 'H^nrv Son (25pi 20V 
SUH 0 /"* Tww 6.-4PCDB. 7*4. 122.67 
JSIJkins Mitchell (2So> 56© -a. 

I W , l J 1 l iI l f on M»»Ch 151 2. 5i»pc Pi. 40 >1©. 
i 1 OpcLn. . 89 

1 WllUlmon Warburton llSot 73 (21J6) 
wui i Ja,T,es lE"«.) i25p) 78# 122.6. 

HJi'.J 13 ™* uann) Ciroip i25p/.*4 
«i6?* <W-1 **"* ‘W'W*- 1 i* 90 / ZS 
I George) Sons (Hldgs.) <25o) 59 


16 ':© 

(19.6i 

(12':P> 



w«iq n'lHii U' w 

Pf. 1&5U* 1 *© 
Wamc- Wright , and' 


JP> 21 i» «: (21 'Cl 
1493^4250) 1 00. 
Rowland HOp* 51 

Warner Holidays llOai 36': {22 61. A 
0r«. riOpi a4i: S'j f21 6-. Bi/ocPf. 

-Waierlord Glass' <5P. SO 122(61 
watmoughs iHiogs.i isspi Bi r22 61 
Watson Philip HOP' 59 i19iBt 
Wearra Gp. ilOpi 25'/ 

Weanreii 'Sol 2 S * 22 ' 6 ) 

Wnbsters PubHrattons »5 p) 44i >*r 4 


‘no*. I20pj 42 Ij© ■’ 
wlii^£Ti«r T S 0,,, * JJ fJ£ P J S41-, (22.5) 

woinMev-Hugnes ibb© 

46 d 8 lArM,ur> *"0 Son (Longport) (5p| 
wS^ 93® i 

wSSShifL W.) Gro. (20 p) 4 S© (22 6) 
wSmSSm' »na“R!’«tm5 ,, (HldS) (?2 -p. 30 

wsss^-n v s?r> -cViiT 8 fit* 63 

Xerou Cpn. f'Usi) 40; 

(S0a> 266® (216) 

Traiif»r Hlfla* naoi s9 - 

l2s,,, 36® ^22*6). 72':o« 

Y 3sS h 2’*6) Flne W<JO,lel * Spinners. SocPI. 
Zeners Grp. <5 pi 64©- 

ELECTRJC UGHT (1) 

arascan A SU.S 13?.: 

Calcutta Electric Supply Corpn. -72 .(20.6) 

FINANCIAL TRUSTS (69) 

I Amfr V i? n S '" i,h * r s '2501 22S® R© (23/61 
AmSrS" «Z50) 173 .21.61 

A?!?rL^T E -»- 5US0.60) 29<« l23.'6i 
Armour Trst. HO01 10»* 11 lO'a lO .20ib/ 

'ZOpl- 44# 

i20/6) ,n " ,h,is 51 :w : B^■2 , « p, • ai : 

Bishopsgate Ppty. Crn. Iny, 7U 

Bousteaa rioo. 45© 4 
Bridgewater Estates iSOpi 272 *19 61 

-J “/'■•». Mien*. a5p» |A(*«» 14 •; 
?^ 3 'Terhse. Gro. iJSm 64 
Cr!, V -ft. derd< i;,- Lan ° AiiOC. 4RtRd.Pl. 3D® 
Corinthian Hldgs. hop) 19© 
u a ,k - 1 1 ■<« t5ujt 290 I23;6.. 

A (SOpi 295 12116/ 

Dalgetv 283 2. 4t,peRd.DI>. - 99'/ 11916) 
n? w *‘ M| W S - *2 Sp' 40 «21IBl 
D 2*"*' P? Grp. <2501 40. £P cUni.Ln. 
*>o': (23 D> 

ui n ~en. Inv. non) 21 • 

Edinburgh Inds. Hides. il2i-0i 13 *20r61 
Elect ra m». Trst. i2spi 110® dSifit 
Chgiish and Dutch Hotlanescbe Beleggings 
Certs. 19;- 19 (20,5) 

Ersklne Hsc. Jnv. 5>/0CCnv.UniLfl. S6# 
E*oioraiio_ i5oi 24© 

Fin. Inos. Trst. .IO01 18 -23 61 
F ' r « ,Nat. F.n. Coro. HOp) J’«. War. 
19.S-SJ Ord. a >*:©. g>:BcSub.(/ns.Ln. 

1 6-®. S^pcSuh Cnv.Uns-Ln. 26 
7 1 1 9fa i 

Goad** Current Murray Grp. i5p> 2Mz 1 
Grimshawe Hides. i20p) 25© 123/8 1 
Hampton Trst. .Sm 9'*® 10 '23.61 
ITCLcaoc 40*3 5 3 3 7 
lid. Comm. Finance 5 /pcOtj. 82'- (22/8/ 
SocADb. 74 'j i22l5) 1 0:*pcLn. 92':©. 

llocLn. 92©. 1 1 '.dcLo. 941* (22:6/ 

International Invest. Trust ol Jersey 177 
investment Co. (25 p) 17® <S2/fi) 

Knahu i1 0 b> 21 i 22 / 6 ) 

Lloyds and Scottish •20_p) 87 
London assoc. ln»«.\ T rut: (10 p) "W 
London European :10 p) 27©- ■ 

I Manaon Finance 'ZObi 45'* >21/6} 

.Martin (R. P.) <s P ) 48 i20.'6) 

Mills Allen (ntnl, 'SOpl 180© 3© 80 2 
i IsiPI. iSOnl 70 -20.6) 

Maargate Mercantile HHus. HOp) 9 i22.'5i 
"ark Place HOpI 31 '22'5) 

Provident Financial .2Sp) 92® 3T 1. 

7ocPf. 79 '20,6) 

St. George Assets ilOo) 11 119:6). . 

Simc Darby Hldgs. iTOp/ 87 
Smith Bros. i25ol 57 (22lfti 
Sterling Credit >10 d 1 25 i2QiG) 

Sterling Guarantee 7 :ocLn. 73 (20161 
Stock Enchangc £4.25 Red.Ans. (Reg.) 49 
Si. 7':pcDb. 60 .2216) 

Umsec 1 R 0.20) S7'- 

United Dominion >iSo) 3 75 7. IBpCln. 
124 5 '20i6t 

Wagon Finance '25 p) 45© l22'£j 
West ol England Trust OSp) 55 (21/5) 
Western Selection Dovelapment (20o) 24*: 
Vorkorccn Invests, ilOp) IS *2»|B) 

Yule Cato HOP) 70 

GAS (71 

Imperial Continental Gas Assoc. .348 50 
47. 7pcln. 15S <22 6 

INSURANCE (160) ■ ' 
Bowring 1 C.T .1 >2Spi 95 101 ; 97. 7':pcPi 
37 1 120 81 . lOpcLrt. 150'/ T;'.ai 6 l 
Brentnail Board HOP- 35 'IljSi- 
Bntannic Assurance ,5pi 1S9® 

Commercial Union Assurance ‘2 Spi 74S® 


Ko “-den /Aitr er der , .igpi 164 2 New 
'')n> 158 61 60 59 

i-PBai General Aisur. <So) 151© 1‘SO 49 
0 

Leslie Cadwm Hop) IDS© 6 
London Manchester 'Sdi 136 G (23.6' 
Lu..uon Un. ted Invests. f20p) 16£.® 5 
|M.re t ijop. 1 e»* 7 ® 

, Mp.an I C Kristopher 1 iZOpi 59 (205) 

I Sf- 3 '’’ '5pi 223 h 
Phonnijc t25pi 235 B 6 
1 Prudential <5P> 139© 7© 9 40 21 Z 
: Re-uge ISbi 135© 123 5) I 

1 ROral (25pi 3451© 50© 47© 50 5 3 49 j 

8 51 2 491 7: 

Srctiyh L"c 57 .S9-6' I 

Scapw.cL Fproey HOp. 40J J 

Siunnause i2sa) 97 d 1 

1 Sun Alliance LonoOn 506 10 8 A. p-.pC 
! Ln. 72 U© ■* (23/6/ 

I Sun Life /5 p< 96® 6 1 

W.11,1 rape, .2St) 247© 

j INVESTMENT TRUSTS (209) 

| Anergeen InrMis. i2Spj 50 I15'6i | 

Aonraeen Trust 25P» 135. 4pePt. Ml! 
! Atorn Sect, rip) »a 
A.lsa in*m. Trust (25P* lOE (2 a. 61. 
SacPf. 381; )2l,-6i 

1 Alliance Trust fZSo) 223 1 2. 4ocP|. 

. 32 (20 6) 4UecPi. 32': 120 6> 5KPi. 

j 3'J I; (20 6'. 3-:dcOI>- 61 'SO 6t _ 

I Ali.fund Inc. Sns. i5De< 116 (20 6). Cap. 

| 5h». :50p I 1D6 120 61 
; Ambrose invest. Trust i*c. (25 b) 54 

<:o6i 

1 American Trust B (25P) dpi:® 

Angle American Secs. Coro. iZBp) 16H;® 
I. 4 PC CM). 70 

Anulo-lntnl. Invest Trust D.v 5hs. <25P< 

. 43 (23.61. Asset 5hs- -25p) 131 (20.5) 

i Archimedes Cap. iSOpi 35© I 

Ashdown 125P) 120 1 (23 6) 

Atlanta Baltimore and Chicago Reg. I 
Trust Wrrnts to sub. 24 


Atlantic Assets Trust r25p) 92 '/ 

' Atlas Electric ana Gen Trust <2 $b> 
| SpcPI. 39'.-©. SocDb. 95© 


57/,® 


Australian and Intnl. Trust (50»J 99© 
■2 3/6) 

Bankers Invest. Trust <25D> Sbl 3 ®. 4p< 
_D® 2B 1 1 9 bi 
Berry Trust 2 5 d> 64 
"■s'.opspa/e Trust (25p< J66 (23 6) 
Border and Southern Stoeknolders Trust 
'IQbI 54 'i 

Bridgewater ln*. Trust (IQpi E 1 /® '? 
British American and Gen. Trust l25b< 

British Assets Trust <25n' 74i>. A SncPi I 
; 59: : . 4acDb 69 (21 61 S&eLn. 141 
British Empire Secs, and GiSn. Trust (5pi 
| to..© 

I B , r n2*-, >nclus ' anfl Cei- Dtd. (25 p) 100 

{ hr 1 sh invest. Trust i25n) 164 
Ircadsione -20 bi 1 a&tn 3 ® S 7 
1 Rrunm-r Inv. Trust (25 di 94 120 6) 

■ C L R.P. Inv. 7tf. (25b) £4 3 <20‘St. 7 pc 

I Dh ss rig-6' 

: CVhdanlan Tst. i25b' M'.m BO'r 
; Canadian For. In*. Tst. »250' 109 H9 6' 

! Caidinal Inv. Tsr. Did. <2£o' 105 (23 6> I 
Cariiol inv. Tsi 'Z5pi 110':® I 

j Cedar Inv. Tsi. i25p) 62© 

, Cn„n/te» Island; C-o.Sht. <48 <20 6 » f 
, Ci. -nor Tit. Aarncv (25p1 54 (23 6> I 
’ C*ty Comel fnv. Tst. tncJhs. '3£p> 29© 9. i 
' C/.pbns. 1041:® 4 3 2 (2316) 1 

C (r For. (n. (Z5i>) 6S j 

CI/>crhouw- Ini. Tst. >SQp( SO© 

; Cl_/dr*daie Inv. v25p( SO. B <25pi 78 

■ Coi.t mental Industl. Tst. i25p> 192 1 

* 2J G * 

, C'Ji-linei.|.il Union Tst. <25pi 111 i22 61 
1 Crescent Japan In*. Tst. <S"Pi 17J □. 

• “Vis. to sub. (or Old 79 7'. (2I',6> 

: C.Oisir.ar* Tst. (2 5p> 70© 22. 6 ■ 

Dn»ae In*. Tv. Inc Shs. iSOor 42 119 6/ 

1 Cap.Shs. M Dm 3=-© 

1 D'">. Cb». i25p. 60>2« 

□ '■lla Inv. (SBT 1 150© 

D-rov Tst. 1nc.5hc. 221 '21-6) 

| p-yndiuon Gen. Tsi. lZSol 192 119.6' 
D'aitln Comm cl. Inv. >25ai 124. 6’*pc 

J l/n-(d Ln. 95.- <22 6 , 

, Dr Avion Consoid Tst iZSpl 143 Ijl 61 . 

7 vocLn. 117 (22 61 
Dr.tvton Far Eastern Tst. (25 p> 41 
I uraytan Premier In*. Tst '250/ 1B7® 9. 
i r'-ocLn 1993 113# 1-3 .(22/61 
1 Dual vest Income i50p) 63 120 - 6 ' 

1 Ed nnurgh American Assets Tst. iZSp. 127 
6 8 

. Edinburgh Dundee In*. SpcPI. 71 120 6> 
Electric Gen. inv 9ucDb. 80 
I Enr.li'h Inicrnu. Tsi. i25p) 84 4'tpcDb. 

1 071; 6 121 6. TpcLn. 101® i22-'6i . 

■ English New York Tst. >25PI 74® 3'-.! 

’ Cr.-DCLn 111 j 

| Ennush Srotllsh Investors t25pi 71 ! 

• Eouity Consort In* Tst. 104 i20i6> 1 

I Equity Inr&mr Tsi .50b< 205 4 ;22b>| 

Estaie Duties Inv. Tst. 310 <20 6' I 

f and c Eurotrust r25o< 49 ,19 6) I 
F'hi Sco'tislt American Tst. i2Sp> 94 
ScCLn. 87 (22.61 

Forenn Colonial Inv Tst. (25 di 1GH-. 
7i.pcDb. 62© <22|6> 

, Fund.nvejt Capital <2 Spi 56 
G . T ' J . a J liln ln '- T * t ' t2 SP' 132®. 8 '/PC 

Ln 107® (22 61 

I General Consoid. Inv. Tst. (ZEp) 81® 

r «TnI Funds I25pi 152 3 

&:nl Invs. Tnwtnes (2Spl 99 (22 6' 

,T 15PCP/. 34 130 Bi 

G-nl Scottish Trust <2So> 91 >• >2TS' 

G'asgow Stockholders' Trust i25pi 09®. 

5 dc PI 40'.-® 

j L'itnhnvon (25pt 92'; |22.'6'. Wis. S: 

j ijlr. nmurrav (25 p' 71 7Q'- 121 61 
I Globe >25o) H2® 11 ho IT® ID'-© 1 1 V 
11 S'-peLn. 897 
Go/ 1 -rt European rasm 63© 

Gt. Northern f25p) 96',. 4‘jpcPI. 37-- •* 

1 20 6/ 

Guardian i25p> 73i : ©. SdcPI 39' >21 5/ 
M.imbros OSp. 90. SpcPI. 38': (20 6) 
H*rcrcx HOP) 35 

Hill rPhillpi <25p) 172. 4'/pc0b. 75 L 

Hume Hldgs. A 1350' 75’j 4' : i22 61 
Industrial Geni. <2 Sp) 49': 4i-pcOb. 

109 130/6) 

I Imornait. inv. Trust f2Spi 73® 1>- Wts 
J 31'; i22 6i. 6UpcDb. 52't tZ0-6j 
Investing In Success (2Sp< 143® 


River Mercantile Trust <S5p' 1E7/E 4 '.pc- 
Db 96 .21 6. 

Rivrr Plate Gen. in*. TiuJt D'd -Zap' 
7 36 4 

Ro&cco 'Roncrdrnscn aeleBilngssonsbrtium 
NVi Hi.bO' £62':® -2Z 6> Sub-Sns 0( 
Nat Pro*. Bank <(1.5> b 1 t*-t 16 
POI m-: a NV iFlSDl 47'< (19/5) Ord. (Nal 
fro*. Dank/ au& 111 61 
Reniilav Tru)4 (2ipi 92 -JO 61 . a .DiLn, 
90': I .23 4. 

ROU/din-ond 1 1 < v Trust 'J5P' 54 
Rothschild In* Trust <50p. 182>; 1 >22-6'. 

3.5BCPI 30® 1 6-mci.h 103'. B 
5t. Andrew Tru»i >25pi 117'. '22 5i 
Saw Prosper Linked inv. Trust tlBP 1 156® 

- 22 - 61 Capita' HOo' S4 
St&lnUi American 5-Obi 99'.- C 9 i'/KDo 
22 >21 ■>- 

Scottish Cominental inv. -J3ci 74 i2n6« 
iCOtli'-h Me'tantne inv. A iZSpi 99 101 
>32 6' 

St -slush Cltle*. inv Truss A >25P< 15b 
Scottish Eastern Inv Trust <25a. 137; 
Scottish Inv. <250. 99© 6 7 9 
Scottish Mortu.lye Tsf .350. TI2<: 17. 

4>:nCPt. 31 tit) 6> 5pcD«, 70 tl9'bi 
ScDILi!.'. N4i.p-.il Tst. |25B> 145 (22 6' 
opcPI 47 .© 

Scot 1(5/1 ivortnern Inv. <25n> 99 d‘; 4'.o c 
Pt SB -ZO-G. 

Scott li'i Ontario i25p< 141'; 
icotlish Unitart in*. i25pi 74i-® 5 . SpcPI. 
41 120.6* 

Smrtish wostern In* I?5n> 96';© 4 5 

• 25P' 92':©. 4';PcPI. 35 i2Q,6. 

Second Alliance 'SSp. 191 B9 4':PcPi 36 
(20 6 <. SlDcSeb. 7t'- '22'Gi 
5cppnd Gt Norltiern i25p> CO't® <22 . 61 
Srcuritici Tst. Scotland ( 2 SPi 166 6 . 4'.-dc 
PI. 35'; 120-Gi 

Sphere In*. IZSP) 1 10‘: <21 6>. S'.-pcOeb 
76 - 1 9.6< 

Sterling Tst 12S01 171 i22i6i 
M oeknaioerc Inv (25p> 93<; 
rctnnoiony inv I25P' 94 
Tempi; gar Inv. '25 p> 69 90 
Throd'norSO'i Secured Giciwth iZSdi 22'- 
• 22 - 6 ) 

fhroomorion Tsi. (2Spi 70:-. B'iPCLn. 
109'- 120-6, 

Tor Inv Tst Cap. (25p) 102 (21 15 ) 
Tribune |nv Tst (2Spl 73'/# 

Trl^cvest Ine. (S0n> 61'. (19'6l. Cap. 

Trust Union .2 Sdi 103 1>« (20161 
Trustees COrp. (2Spl 130 29 

Tyneside In*. Tit. » 2 Spi 111 1 - 10 
Utd Britisn sees Ts:. £ 2 Spi 124i-r 
United Stales Drb. Corn. (ZSpi 95 ® 1 . 6 
5. 4rcDb. 30® (22/5). SprLrt. 97 <_• 

t A. 1 | G I 

View Form |nv Tst I2 &oi 52 22 61 
Vik.no Resources Tst. »2So' B2t® 8 
West Coast and Tems in* Tst wrt*. sub. 
Ord 35 C 20 - 1.1 

WinterPortoin Tst. f 25o! 194 122-6/ 

Wiian In*. i2Sp< 66® 6 - { 22 &j B 
(25BI 84 JSI'Si SpcCnv Ob SB >20'6I 
lor^shirn and Lancs Inv. Tst. i2Sp/ 29'; 


U.VfT TRUSTS (7) 

I and G American and Gen. Inc. 52' ® 
52 4. Accum. si'.® 

>nc 


*■? f^’o'ei Auscalasian and Gen 

M. and 'i. Compound Growth 110 3 
M. and G. Dividend Inc. 123'; 119 6) 

M und G. Extra Yield Inc B6.G 

G far Eastern and Gen. 
Accum, 64 9 <20 61 
— - jnr 170 (t9,6/ 


DC. 


M. and 

57 1 ;©. , __ _ 

M and G Genera) Tst .... ,, w 

M. and G. H,gn incom 104.9 (21<6» 
m and G. janan Accum 1 56® 

M and G Magnum Inc 217 4 I'J-fii 
M. ana O. Recovery Inc. 86.3 i20-6l 

MINES 

Austraiiiin ( 2 i) 

Hnmpibo Gold .Spi 122# 

AIM Tldps -SA0.50) 190: 

H(« liAO SO. 1 23© IB 17 

North “xa'gurl. HA0.30) 13' -20 6> 

Paringa ISp) 39-* 4Q: 38 4 : r 

Mining UA0 50' 14 6® 3© 3 £ 

Mjsccllant'ou.v- (C3) 

Amay Coe Dbs. '.US90© 

Aver Hill© 0 355 
Seralt <25p) S3 
Burma <17 -d. 14 -21.6. 

Chartei CiMis. 'JSp. I41© S9 7 a. SorLn. 
C7 (19 6/ 

Co.it. Go'd Field. >25r>> ITS# 4© 2 I 4 
70. 7'iDcLn 61 122 6' U'-OcLn. 70; 
El Ore MOpi 54 
GODtxnu 'J5pt 285© 

Idris ilObi S3 iZ2.'6l 
MMavan 'SMI. 395© 1:261 
R.a TlntolZ.nc Corporation (2Sb) 220 I 
IS 19 17 Ora Ba ■ '25a: 230 20 Si. 
Accom Ord. (2Soi 217 J.32SncPl. A 
36 <20 6 / 

Saint Ptrun >25p) 50# 4 3© 9 
Selvctipn Trust >2 Sb 1 412 
Sl/Vi'rmines (2',pi 45 >22 6' 

Sou in Crpflv MQC 58© 6'® 60 
Thars,s Sulshur and Cop oer 2 5D 30) 
Trenoh Mines Ma/lavsia Eerhad c-Ma >210 
'21 6. 

Rhodes iu □ (5) 

Botswana RST .Au2< IS:© 19': 

Fakon Minus t25o) 168 C20 61 
MTD (Mangu/4) >2Spi 49 'll 6> 
Minerals and Resources Corn <5801 40< 
IK 

P.hodesiih Cectera/'On (16;p< 17', (20 61 
Roan Consolidated Mme> 8 >XJ) 65:© 
Tanganyika Concessions <S0 pi 152® I':® 
(22 6 / 

W onkie COM ! cry S'.'oeDu. 35 2) 6) 

Zamou Ccooer invesunentj ,)BD0.24) IS 


Paramount r» c - '“'urn. *' t ] 

ProM&*R«v^l?{Y > lh» JW Cor1? A Dro } 
PfDMTtY 2 SolB<“ 0 ‘in.eit. Trust l2Soi 305©i] 


Paramount R«"» holding* 9ocDrt. 77 . Lee Vaffev Water fi'-pcOb. 690 JZ2 & . WeNJeld Mineral 1 95* 8 

1 a^Bl .... ! Mis Kent Water lOOCPI. 13A -an. 5). Tp C W hotiDCL Myden B * I . 

— - r-«w- .JKJ, ,jj 6| I WODlwarm if. W.) £15 

Mid Southern 9ocPi. 100'x® «22'£) .1 _ 

_ — . uniaiBB .(■•v-st iruu i-so, MW SuSW* l SpcDb. 10* l21 6» . JUNE 21 

P/DbCTtY Holding v-rt. jrust 1.501 M>5© 1 Newcastle 4.20C Pi. 90'; 90 i2l 6). 

„ , -4'b. -.—.^..hlp .J 5 n, II, a «, i PI 105'ivS Iri. lOpcW. 105 '21.£l . AmpOi Ek. T16® 

S'a^n Prco^^‘1 ‘ip- 5 ® 9 2 ' 65 North Surrey w»t"r 4 bcDp. 27 .20 «J. Asicd. Man#4n*« £l7ic 
5^S‘? Prop 'HIdsv e pctn 55- 7t s0 cDh 60*122 6' cc 

Si?h and^ TOdWk'n^Gr^ us,, ,,4 ] dSoi ‘ ztS’ .1 ! 6)° 

West Kent 12%-Pv.DP. 1986 25’u 5 
■ 19 6' 

Turk waurworhl 9pvPl. 1 D4 'u-0 '/« 


Samuei ^ror*' J -- 5 - 1 - 1 • 5 

Scaitith Me}- tip* ' 3 5^' ,03 " 6*»Pc1*t 
Dn 103. bi-PClS.Dn 76 <1 (20 65. 9p;Ln. 
1 56C 122 6), 


24 


7 :PClslDb. 
5 : nr Ln 24 3 
n»--r. Tst. sISo) 207 


Seeded City Pr««- ’-Op) 
Wc^i-Vo^ln'u, 1 

Stock COnvsn- I35P/ . S6 
Sunv# TBernard) 

•22 6) 

Tcwn and C/)» MOB, : 1 ~.a -V 12 'St It 
■«:. a-lAPCLn. gg (20 6< 

Town Centre Sec*- '25 p, 57® i22 61 
Trait ord Park E«*. «SSei 1 1 4 .© . .72 f 
Utd. Kingdam Proo i2s p , 19 ,ig W 
Uld Real Prod »b5o. 2«2© 7 
WarnlO'd (20») -;3 (20 6' 

We&b iJOMrpf lb® 1 15 «2: 6 ). 7:;b<P> 
47 (2Zi6> 

Winston -£St9. (25 p< Jb (22 6/ 

RUBBER (JO l 

Anglo-lndoneftan Coin >25pi gg too 
Cncrsonexc ( f ._ m, s , tuau-t New oOpi 
43'. i2Dj6* m 

COnkOKdaiOd Plantation* »10pt 37; 

(2i 161 . Wrrtv. S,ji> b 4© 

Guthrie Corp- 4 ■ 0 

HJ/xscnt Malaysian Estates i:Spj 97 
■ 22/6) 

H.gnlanfls and 1-owlancj s Bi-rnara <SMD 50' 

Hbfyraoa PaBber 2:4 ■ JZ’.Bi 
K-nta KdUl Rubber E-.tates 1IO01 77 
-19.61 

Kuala Lumpur kepong Bernad >SMal> 


! BN S0UU1 107 
ttarvmin Ex S5 
I Brown Foreman A £21 •• 

’Central Pac. Mins 5o0 30; 
.CheutiQ K0it9 1S4© 

ClPa Ge.gy BbcCnv. £90: ■*: 
t. Air .can Brew. £4® 5 'a© 

I elect ml ux I Bis. .6 
'Endeavour Resources iflij 
[Haw Par 4A-: 

_ , . . ' H & riu Kong Kowloon Wharf 37S© 

BusinecR duue i n pecunttes quoted ij 0 ne* iDavidi-ii4® 

| Lend Lease Cpn. 151® 

[Lone Star mos, £is>u© 

; Macmillan Inc. 9*0 
Mad 'ton Fund £11 'iD 

' M a viand <C. H> £12>ie 
Bulgarian SocGold Ln. >902 £8©';. *' -pc I Ocean Resources 21© 

GolaBdS. 1907 £3® '-O. 4 ';PCGdldBdS- I Paul Y Conli ruction S3* 

1909 £7'-® S® '-« 1 Pioneer Concrete 144® 

N. volar I 'City ot) SpcGaldBdi. 1912 £4:.-® , Procter and Gamble £70 
Sarataff (City Of] SucLn. 1909 £4>:© 


SPECIAL LIST 

os duun i n securities <_ 
in the .Monthly Supplemeui. 

JUNE 23 (10) 


JUNE 22 (Nil) 
JUNE 21 (2) 

Barton Son* 6 pCP(. 4J,p© 

JUNE 20 (Nil) 
JUNE 19 (Nil) 


RULE 163 (1) (e) 


Selangor Prop St’.-:# 73® 
Siemens USS ] 38® 

Simpson Store* _SdSO 
San Hung Kal Prop*. 127© 
Timor on £>::• */»:© 

Trans Canada Pipe Line £12© 
Utah Mng. 415© 

Weft men 5 

Windsor Ind. Can. 58® 

JUNE 20 


Beech Pats. 4S® 

Brick ana Pipe 128® 

Bridge DU 91® 3 
Cdnsd. Gold ifeloi Australia 305 
Coniine Rib Tinto Australia 228 
.Hitachi 100 

Bargains marked it, securities! ^ z “SS55' u ”o^* 2 Vods. isw. 

London Sumatra Plantations MOp< ISO:® 1 Which are qUOled OF listed On 3LD j 6'.PCCum Pi. 38±® 

M^dic^ihveit 'is. 67 .21,6. ) overseas Stock Eschange. 

N ,Y5I rtfiVK”* 1 RuDOCr E,M,C | JUNE 23 

plamatlon HDtding* -IOpi 70 ; 1 . 20p« ! 

Ln 115:© , Air iWar.dcr Leases 22 o , -* — - 

Sooomana Grbuo "O01 I69'« 70>» «22.6< , Anglo Utd. 162 5 B 98 200 1B4 204 iBS‘S*l»"Bor Coconut* 95© 4 

1 205 13 10 22 I 

Australian Oil Gas *5# 6 
A„o» Prcat. uS» 50/:© 

BP Canada £iQ L is® 

Block H. ft] £17', 

B-supainvilU- Capper ill 14 
Br.t. CUumD,j Telephone £111© 

C5R 274 

£ ■ »dn Can £37© 

Hooker Cpn. 64© 

Huttnisdn wampoa 107; a» 

I Jam.ne Mathvson 278© 5 
I Ja amc Secs. 136 
I Mid East Minerals 33© 

Mm. Lvell 29 
I Nartnrrn M no.. 760 80© 
lOnsnoru OM 5-:® 

(O' 1 and Mineral 30 
'O'l Search 9 
I Pahann Cans. 66 
| Pancontinental £12>> * 

•Peso Wallsend 48*0 2 
Preston Mines £11',: 
l Swire Pac A 1*1 
; Swire Prpps. 6*-.- 
287© I True:* Hldo*. 2*4 

1 wneeloch Maraen A 55 
Whim Creek 55 
j woedside Pets. 68© 7© 


"Of 
TF.A t“j 

Assam PronHcr Hiagj 302 I > 22 ' 6 ) 
Bcraoora Hld9*. '25ot 1 J i ,21 61 
Rlamv'e HlOBi- 609 -22- 5. 

Camed* HldBS. JIOP' 293 '19 61 

□ eundi HldB*. '5oi 14S .2V6> 

□ namal Hidg*-. 160 .jo b.. 

Empire Pianiifions . 100 . 27': . 22 / 6 ) 
’.Ongbouroe HfdO- 3o0 -2I 6i 
McLeod Russel 223: >22 6.. fipePl. *0 
't2'6i. 7pCLn 55: '22 6) 

Romai Hldgs. 315 i22'6, 

SmglO HldO* 1-«Pl '50 d-. 99'» 

Si/rmah Valley <25P' 112 >2t 6/ 

Warren HldB*. ‘ZSf 2*7 51 49 B 50 
Will/amSP/i Hldgs 1.0 >22-6) 


apcDb. 


TRAMWAYS (1) 

Anglo ■Argentliie <Sn/ 1£ .22,61. 

Barton BpePt. i25o! 18 ; -19 . 61 

SHJPHjm; (:s«) 

Bn Cbitimbnweal'h Sn.bping ,SQp 
91© 3 

Caledonia Inv. '250' 242 .21 6< 

Furness WHIT 236* 4 5 
Hunting Gibson IS* <19 6' 
ivle ol Man Steam Packe: 150 
London Overseas Fre.anters >250' 25# 
Lyle 5h-PPl n 9 A MJ <25p, 12 3 ,21 6' 

Ocean Transport Trading >25 p) 11 4© 160 

IS 1* 't 

P and O SpcM 33 ; -2 1 6- D/d 90'; 89<- 
90 1. S’-UKDb ia -22 6. 

Reardon Smith .S0p> 71. Do. A NV 
35® >22/6> 

Runciman (250' » !<S Z 
Siag Line 1S2 -22.6 

WATERWORKS (9) 


Nicholas Intnl. 75 
Pac. Copper 3BQ 
Paul Yv Construction 46':© 
Raytheon £39** 

I Republic Steel £19>»: 

; Schaefer if and M) 370 


JUNE 19 

Apes Mine* 775 
Cols* (G. J.l 184© 

Emerson Electric £29*i 
Hill SO Gold S 
Husky DU £36/;:® 
jenn.ne* Inds. 115 
Jsnnspn and Johnson CBS :t 
Metal E». 27’s® 

Petrohna £.90 
Protca Hldgs- 7ao 

Rio Aigom £2* _ 

Seudder Duovest 662© a© 
TriConttnental £16 m:® 
Unilever N-V fFI20< £44® 
West Coast Trar-snt/O'an 83 5 
Wool worm Hides. A 216® 


| JUNE 22 

1 American Te>. and Tef. USE 60 ' 1 ®. 
; 4 pc 1933 £71© 

■ ArtipCiI Pets. 73 
. Ausjraltan Cons. inos. 148 
Gct|ur.(/1 Tin 2ESO 
. Baral US* 2.53 
I Bow Valley £20! 

1 De-re US* 2 / ': : 

I Hang Kcng Eiuclric IDS 
1 H-na Kong Land 165© *’: 4 8 
ir 1 . int 


Cactlelown Brewery 3':PClS!Ml0iDB. £39 
Cedar Hldgs. 13 ... 

Cialmace 34 

Clucas Laundry 21946' 270 
Clyde Petroleum 122 20 
Dalkeith >Ceviohi Hldgs. 9 
Darling Fund 157 4 
Du BOiS 10 

Grampian Television 40 . , 

Gre n dan Trust 1 1 pcSuP.Uns Ln. 19<5-8I 
£53 _ 

Is land Garages 1 5 
Jennings Brothers 70 . _ 

Mid-Ssuthern Water 4pcPro Oa £.-• *. 
Nationwide Leisure- New D<d. 7 ': 7 6 
PMPA Insurance 35 . 

Queen St warehouse 1 Hldgs.] 1 * 1 #, J*» 

Urogate Inv. 7&; 76 

JUNE 21 

Ann Street Brewer* 513 

Arbour Ccurr I nr*. <1 
Birth Greene jourdain 1S5 
□art Valle, Liam Ratlwa* 30 
Doiosweiia Hiags. 36 4 
Ferranti 340 

Isle Ol Man Railway £10 _ 

jersey New Waterworks 3'.-ocCun-..3rHP1. 
t £Si 130 

The Lonaonderry Gaslight CansO'd 40 
Mia-Kcnt Water SpcPrp.Db £19 
Mining Investment Can. 3* 3 3'» 33 

NCdCCm Tea 5pcCum.Pt. 2 
Norton V.ll/ers 2'- 
Oldhnm Estate* 12^ 

Viking Chi 130 
Wadwclb 303 

JUNE 20 

Aran Energy 115 II 

Channel Hotels and Proas. 20 

Crama Horn 290 

Deltsnne .H/dgs.< 8 

E.*cncm Hldgs. SHI Un n 'SOa, 2» 

Fuller Smith a«d Turner A 28S 
Gen Ceylon -Hldgs 6 - ! 

Grampian Teievvc-n 40 38 
Le Riches Stores S30 

JUNE 19 

Cunninghams and T. W. Thwaites 4aclit 
Mia Perp.Db. £31 ; 

E'dr'pge Pen* A 178 _ 

Jersey __ Electricity 3 roeCum.Non-part.Pt. 

Jersey *EleCtriC‘ty 5ocCum.P,rt-PI. (CD *8 
Le R/Ches S/ores SpcPI r£l • 35 
■vynnstvr Preps 32 5 

RULE 1«3 (3) 

Bargains marked (or appm'Pt! 
companies i-ngascd solely in 
mineral exploration. 


ICI 'Ausi 203 
-Kullm Malaysia 51 
Rr.'iol Waterworl * 3.5p:P> 35 120 61 | Mitchell Ene-gy and Dev. £17 

East Surrey 9pcP<. 10 $. _ 1 : 9,61 ; New Metal 4'r 

Ess c* Watar 7pcP* .£'0 »d • j 1 U k. 9pc 1 OaKDrldBe Se:s. 168* 

PI 19B1 103'; -20:6 1 , SMewjv C37’--'® .... 

Foliestone and Di-.'nc 9 bcP1. 10 I"iv© , Ta, Cheunc Ptios- 54':. US* 0.40 H 
lOPCDb. 66 •2l '6< . T-I.-^S H'dgs. 2*0 

Hanieppol Waie' a 02£or. 'S'. pc- PI. 71 (ror.gfcan Harbour 7. it 36 
1 1 9/6) 1 Waltons 91 


RULE IBS m (a> 

Applications granted for specific 
bargain!* in securities not listed 
on any Stock Exchange. 

JUNE 23 

All England Lawn Tennis Ground £50005. 

1 976- HO £2200 £2100 
Cedar Hides. 10.25ncDe. 1991-96 £63 
□rilling Tools Norm sea 0 400 

Fore* Ur Pulp Paoer 1 AS 1 ) 19 
GRA Prop. Tst. 1 * 1 . 14 IS'* ‘J 
I Gadfck.iirdonesiai *64 ■ 

1 M.nmg Inv. Cpn 3S-; 35 34 

' Marunakula Tea Estate 5 
Nationwide Lc*ure New 7 -. 

New Court Natural Resources 12 11 
NMW Computers 162 
Romlorp FC 10 
Wvnnstay Prop*. 320 

JUNE 22 

Aston Villa FC £16' 

Cambridge instrument 1 1- 1 


Slcbens 0-1 and Gas 
23 


JUNE 52 

U k.t 


33S J 3 2 0 


13 


JUNE 21 

Sieben* Oil and Gas tU.K.l ISO 36 A 

JUNE 20 

CCP Mirth Sea Associates *35 
Sieben* 0,1 and Gas lU.K.t 33* 0 28 

6 5 4 0 

JUNE !» 

CCP North Sea Associates S25 

Sieben* Oil and Ga* (U.k.i 3S7 40 * 8 
SO Z 3 6 

JUNE 16 

CCP North S-! a Associates (Cl * 83B 
Slebens O'l anl Gas 1 UK 1 /£1 > 3~4 5^ A 
6 S 40 * 6 8 SO 

ERRATA 

s/tou/d nave open 


C(u« Oil Ore. 05)2" 
p* 13'- >19 61 
,ltj ocnii'snN'ii <>l Ik- 


Miirlc F »<■/<« 'it" 



EXCHANGES AND GOLD 


UK MONEY MARKET 

\ctivily in yesterday’s foreign Sterling al-su improved auainst 
exchange market was at a ihe dollar in wry quiet trading 

generally low level, the one although a little commercial 

exception being ihe Japanese yen. demand helped boost the .rate. 

Further demand for the yen After opening nr Sl.fcWlM.S-Mft 

expected. The authorities gave prompted central bank inierven- the pound touched Sl.S4kO-l^5iiO 
assistance by buying a moderale t j 0fl j n several centres in support al one point before closing at 

amount of Treasury bills all 0 r «h e u.$. dollar. The latter was S1.WR5-1.SM»5. :i rise of l.le. 


Rise in bill rate 


Dank of England Minimum 
Lending Kale 10 per cent 
• (since June K, 1978) 

The Treasury 
U. 1106 per 
at yesterd; 
minimum 


40© 5 12 3. 

Eagle Star Insurance 25p> 126© 43 
Ennl* Finance 'UK' 121 120 El 
Etiuitv Law Lite Assur. iSp- ISO 48 
General Acodent Flig L'le Assur. '-250' 
202© 3® 200* 200 3. 7»:PCLn. 63'. 

■19 S' 

Guard. an Koval Exchange As-vnr '25pi 
208® 6© 13® 10 8 7(XU>. 62 
Hambro Lite Assurance 25p> 316# 18© 
Heath 1C.E.1 >20o< 2*6© 3 5 

Hogg Robinson I25QI 17B ■; 


LOCAL AUTHORITY BOND TABLE 


’ . Authority 

(telephone number m 
.parentheses) 

Barking (01-392 4500) 

Barking (01-592 4500) 

Barnsley Metro.. (0226 2032331 

Knowsley (051 54S6555) 

Pool4 (02013 5151) 

Poole (03013 51511 

RedbridgV (01-47S 3020) 

Sefton Mel. BC (051 922 4040) 

Thurrock (0375 5122) 

Thurrock (0375 3122) 


Annual 

gross 

interest 


(merest Minimum Life of 
payable sum bond 


% 

10? 

3-ycar 

£ 

3,000 

Year 

4-6 

Ill 

1-year 

5.000 

4-6 

11 

J-year 

250 

3-7 

111 

i-ycar 

1,000 

5-7 

10J 

*-ye«r 

500 

5 

ui 

1-year 

500 

6-7 

ns 

l-year 

200 

iTT 

11J 

I -year 

2.000 

0-1 

n* 

l-yuar 

30U 

4 

ii? 

f.-year 

300 

5-S 


Imr. Trust Con. (2Sni 263. 4>:ocPi. 93® 

1 Investors Cap. Trust i25o) 81. S'-iocPI. 
40': • 

Jardine Japan l2Sp. 142 31’ i 

Jersey External Trust Pf. ilp< 156* 

Jersey G-nl. 236' f22.’6) 

Jove HOp) 45 -21 61. New Ine. i10p> 
45"--:® # 4". (22 61 

Keystone (SOpi 132 (20 6) 

L.ike View US p* 880 7*, 

Law Debenture i25b) 103': „ , - 

(i"t" Ho'vnort Tr'* '2Soi 113 '20 b' 
Lndn Lennon Inv Trst. i25o' 85 '19'6> 
Lndn. Lomond Inv Trst i2Sn) 71 <21.*6i 

I.. 1 ".o»' T-,- ’ini -ni© 

Lndn. Stralhclydr Trst. (25o, 41 U2 6) 
H.ndn. Atlantic Inv TriL <25o< 6E >19 O' 
Lndn. In». Trst. i5pi 5 i2lf&) 
l - »• — *i Secs Z&p' 57 Cap ;2Sp) 
90® t22/6i 

Lndn. Tint. Old. <2Sv! 19 6© <22(61 
wi.fru T --.i r.- ««<■. ion- ’05© 

MG 2nd Dual Trsi Inc.Shs. ilOpi 84 1; 
(22/6). CapShS. I*pl 19© . , 

Man Lndn. lnv Trst. <50 pi 27 il9/6' 
Mercantile Inv. Trst- ,2Sb' 57'aJ > • • 7. 
5PCP1. 43';©. 4'yPCCjr- v Db. 75 ’22;6' 

Tie' I •'-II .* -pcPI. 35'/ 

Midland Trst. '25oi 77 (21(6. _ 

Monks Inv Trst. <2SPl J9- 1 / r2Z'6i 
Montagu Boston Inv. Trst ilOn) 59© 7 
<22161 War. 31 , „ 

70 .. <20 6 

Moorslds Trsi. <25 d> 93 <21 6< 

New Throgmorton Trsi. Int Sh* >2Sp< 17»- 
121(6). Cap.Ln. 110® 8 9! <22(6). War. 1 . 
1& 

NY Gartmore Inv. Trsi. '25 p< *0 '2ilb) 
N'-— <r-~ -■venty. Eight inv. r«(. (25pJ 
217 (21/6) - 

North Atiantir Securities <2 5o< 9*. 7 >;pc 
Ln. 1 0B 1 .' <19 6< . 

North BHrljh Csnad-an inv iZ5»» 63® 
Northern American Trust <25o< 9S';. J'-gc 
‘ Pi, 38': 'J2 6>. 5ocLn 88'; .20 6' 
Northern industrial Improvement Trust 

Northern Securities Tn,st -2Sni 105 '22 6# 
Dll Associated l"v Tmsi (Z5a< 55 <2 j 61 
Outwich Investment Trust 2aP< s5 -.. S' 
Pern land Investment Trust ‘25 p< im '22 6< 
Progresslvo Sen<rmes lnv. Trust -50 bi 69': 

70 '/ <20 6 ’ _ , 

Raeburn Investment Trust i,En' l.l 4. 

SpcDb. 35 -I9 6i. 4 :ocLn. 92 .22 6, 


Suulii African (2. - !> 

Anglo-American Coal < RQ.SO ' 583 
Anglo-American Con S.A. iRO ID) 32C: a 
Anglo American Gold Im. iRl < >U521 
i20'6) 

Bishopsgaie Platinum /RO.IOI 65 <20/6) 

Blyvooruitxicnt ,RD 2Si 329 H9i6) 

BracMtn Mines <R0.90( 76 (19/6/ 

Buhcis'ontem |R1< p1070 >21 6i 
Consd. Murcnison *R0 10) 240 
Coronation Syndicate <H0.25 j 78 (21.’6i 
Dceikraal <R0.20< 7B *20(0'.. 

DuSan^Roodcpaorf^Deep'^ftl I 1US2.80® | nUlluritlOS of £(iH0m. 

Eu^r^urii/lontem IR' < 745© 1US9.30 r74i 
' 22 / 6 ' 

East Rand Consd. <10 p< 17</ 

East Rand Gold Ur.mlum <R 0 SOI *730 
'•US* .60 '22/Cl „ 

Elandsrano iR0.2.0l 



New 


iRbJ0/'l2pm '20,0 
Free Stale Gedul 

i22/6) 


212 >2016). 

&tui<T «R0.S0> '.US19'?® ',0 


Goto h'eid* S.A. 'fiO.SS/ USS 161:; 

Gold F<0fd» Przpcrtr ’KD.Q2 ■;< USS 0 95© 

Grtaua land E»plrn Fin. «RO-OS) 207 <2^ 
Gioctviei Propy. Mir« <R0.25< US C-2 6* 
Harmcny Gold <R0 SO) 3S4 


thnt l> S4l ObW fairKMar^net take-up oTTi-euliry Uon"on Mo re an Gu-Vranty ' iigu res stood at <51.3 at noon and in early 

!)7 per cem. The £300m bills iar f- n “‘ 7 , u ‘ .*■ ' y at n00n j n \ ew York fell lo B.8 dealings. 

londered and allulied attracied hdls and a similar increase in the r from 6.3 per cent pro- Gold traded in generally quiet 

bids of £«17.ft7m and all bills noie circulation. This was m viouslv. On a similar basis, ihe and featureless trading in close 

offered were allotted. .Next week addition to the repayment of ven's ' appreciation improved to SI an ounce higher at SlSoj-lSd?. 

! 1300m will l/e on offer replacing Thursday's moderate loans. On 41.5 per cent against 39J2 per cent. 

[ Day-tOhday credit was again in J he nl ' icr ba ^ k ^ br .°.^^ The dollar’s weakness was 

i short supply in the London money forward balances above target 5 j, 0 wr» in other currencies, with 

| market and. as it turned out, the and Government disbursements the Swiss franc improving lo 

shortage Has much larger than exceeded revenue transfers to the SwFr 1.BB50 from SwFr 1.R80 

Exchequer although nm by as while the West German mark rose 

? great an amount as had been in dollar terms to DM 2.07621 

previously expected. against DM 2.0885. 


HartDBv<es-tlont«'h Gala 

jo burg. consa. Inr. 

K InrCrt'. iRtl 35a® <22 6> 
*.Icd 1 Geld <R1 


USS IS 17 » 
1 3 "*« (22 6) 


Rt; S50J 2 < 

Leslie Gaid jRO 6S* 4 AUSvO-59 

L.d:nbur9 PlAt.lROIZLieO S ;20 6/ 
SSSumS •’ D?. (RO.S01 -h .22 61 

8 ^ fc ’w M ®rs. 

»■; ts 

Rustenburo PIvt. Hl«V ' RO.1 d 81 80 
Soolhvaal H'ags. rRO BO< 'USS 9. -2- w, 

v.-n<erspo»t »*■ 1 »I u ?0k.2f 

rSSHsi . 

feWi i 1 — » 

20 61 


GOLD 


JlllK' 


■I ini* -8 


THE POUND SPOT 


Ji'iK'la 


Hunt' 
<*««( 
' i I 


I 'n i 

"'ll! .Kit 


t l.«V 


OTHER MARKETS 


7 1.1420 f.t5(W I.MB5-I.F495 

El a ;2.DB75 2.D600 3.l!770-i.D7a5 

4 ! 4.1 14.14 4 113* 4. 12 :-a 

51; 60.20 60.50 bO.22-60.5Z 

9 <10.57/. 10.42 10.40:- 10.41* 

5 3.r'5-5A5. 5.:il 5.F4; 
10 - e4.00-b5.DD 64.S0-B4.6a 

» . 145.36- K6.05 145.75 145.95 


WlnVcft-jaL 'R4J S72 


$7© :22l6< 


f>. h 
L'nliHil'-sii ' 

• iiiiMi'i ! 
lk/1'jiiiii £~: 
I ■ tlii-li hi. 
1* Mn.L 
P<<lt. 1— . 
•>I«I<. IV-.. 
Liu< 

Ki. 

I'n'iiiii 1 1 . 
VH<v/|.|lK< 
Yen 

Ltisiru, ^< 1< 
!•»«■ FV. 


RcIkisr rate is for conrerrtble francs. 
I'lnjnciul Ira oca 6i> 40-60.60 


£ 

N.<l«~ l (*)0 


DU 

1.377- lie-6 

l.bto; -1.M5 

l ■■ 

9.04- 10.0 i; 

10.00'.- 10.014 

Ha 

B. 41 a.45 

I 0.42:-. .43. 

7 : 

K.45-<;.S0 

a.*e;-v.49j 

5!;- 

3r0-3'0 

1 5o2;-5?J.- 

61c, 

27.6/27.80 

' 27.00 27.70 

I 1 

S. 416-1.47 

. S.44.;-4.«.’ 


.1 refill lift, i V-w. .. . 1.456- 1.460 707.45- 789.62 t .lu-.lrt* 

I Maim I c. liar.... 1. 6039-1 6X99:0.8708-0,8784 jiK'luiuni 

7.88-7.8913 [4.27 10-4.273D jlV-niuarL 

52.58-33.58 ■ 17.6Z J6.16 ■Fnii.-e ' 

67.706-69.378- 36.62-37.S2 .lit-nunny 

S.S61; 8.59 '4.650a4.6520 liml.v 

126 132 68.15-71.40 Jaj*n 

0.500-0.510 0.2704-0.2758 c-i lie-rUiii.l j 

60.22-6D.32 32.58 32.60 .N.ovigy i 

_ 4.37-4.381: 2.3755-2.3765 •IV.rtiuyil 

,\v« V«fni<lii<ll>ulbir 1.7925 1.B104 0.S731-0.9B17 i^ain 

nmi’ii Ai»*«i» It) v»‘ 6,31 6.41 3.41-3.47 j'-nii/prlnu<l., | 

<ln.iHi.-rH (I.. IJtti .. 4. L' 8-4. 300 3.3225-2. 323S L nil*,' -Man-. 

N.uiti Vlri.-nn l>n« X. 5938- 1.6106 0^620-0.8710 'Yiimy-lgvb 

Ram /liven (or Arne&ilna is tree rate. 


FiiiIhhiI MkiL Lb. 
l'ia-11 Cni/ifin*.. .- 
iir«^<'e l»i w-li ■■(<•. .. 
Hkii*: KmiK I A.ilnr . 

I<nn KmI 

Kiim/ih 1'innr iKli 
Uiwiiilxi": Pm n< 

Mala, mm 11. .ll*i 


27l?-28.0 

60-611; 

10.30-10.45 
840-8.50 
3.80 3.B5 
1560. 1590 
385 395 
4.05-4.15 
9 85 10.00 
80 84 
1.43-1-46 
3.40-3.50 
1.84-1.86 
34.36 


In-til Huiilx'i ih line 

■ n< VI 

( i-K- Mt5.' 186! <J84;-li6* 

iiiwinim <185-180, <185-185. 

.'I dm ' la ... .< 185.20 

it’ 100.674 * 

Allri'ii-xii Iimii'j.... < 185.55 

:<i: 100.556, 

‘■••(■I ' -in- : 

tinini— l )■ 

Ki naeriMidl S 192.- 194; SI0M98 

. L' 104; -105; -.L- 105 .1041) 

Yen Snvrciiili- >54! -55'. 

iiC2s'.-50..i 

I'til Hi >1 Vivian* S55-57 

■<£'29.-30,1 

ti«l>) l.‘- Oil- : 

init-i imtmmi II v 

Kinaerinivl S-I90J 192 


S -.85.55 
•CIOOMSi 
5185.30 
■ L* I0l).245i 


e'54: -56; 
.I): 9.'. SOji 
<55-57 
<£'30-311 


SIM;- 1951 
IITOS: ■ lull, IX 103; 1041) 


LONDON MONEY RATES 


Xyn <-\,niyi- <51-55 

icze. k,'< 

i >/■/ .v«i (fiOKN* S55-57 

i'L'29. 30.) 

S 2l< hmaK- S!75;-278.' .<L-75..278-l 

»K' haulc* ;< 135/ • IS?-, *' 1S«- IS9 

< .102 


e53 55 
.i'£9:-29;< 
? 55-37 
i«0-5li 


>99-102 


BUILDING SOCIETY RATES 


2D B ' 

385© 99 7 3 *00 


Abbey National 

Aihancef - 

Anglia 

Birmingham 

Bradford and Bineley 

Bristol and West 

Bristol Econpmicf 

Britannia - 

■ Burnleyf 

Card iff f 

Catholic” ; i 

Chelsea t 

Cheltenham & Gloucester!- 

Citizens Regency 

City of Londont 

Gor entry Economic? 

. Coventry Provident 

Derbyshire? 

Gateway? 

Guardian? - 

■Halifax? ■' 

Hastings and Thanet ; 

Heart of England 

Hearts of Oak & EnffeJu 

Hendon 

Huddersfield &' Bradford?— 

.Leamington Spa? 

Leeds . Permanent 

Leicester? 

Liverpool? 

London Goldhawk? 

Melton • Mowbray? 

Midshires? 

iMorhingtdn 

National Counties? 

Nationwide? 

Newcastle. Permanent 

New Cross 

Northern Rock? 

Norwich 

. Paisley 

Peckham Mutual? 

Pdriman 

Principality Buildi 

Progressive? 

Property Owners? 

Provincial 

Skipton 

Sussex Mutual 

Tfawn. and Countryt 

Woolwich? .. — 

* Rates nonnaliy variable in 


Society 


Deposit 

Rate 

5-25% 

6.43% 

5 23% 
5J5% 
5243% 
5.25% 

6 45% 
5.25% 
6.45% 
6.45% 
5.00% 
6.45% 
6.45% 
6.43% 
6.70% 
6.45% 
5.25% 
6.45 % 
6.45% 
6.45% 
6.45% 
5.25% 

5- 25% 
6.45% 
6.70% 
6.45% 
6.55% 
5215% 
6.45% 
6.45% 
6.45% 
6.55% 
6.45% 
5.20% 
6.70% 

6- 45% 
5.00% 
7.25% 
6.45% 
5.25% 
5.25% 
6.73% 
3.25% 
6.45% 
6 .? 0 % 
ff.45% 

5.25% 

5.55% 

6.45% 

6.45% 

line with 


Share 

Accnts. 

5.50% 

6.70% 

5.50% 

5.50% 

5.50% 

5.50% 

6.70% 

5.50% 

6.70% 

7.25% 

•5.60% 

6.70% 

6.70% 

7.05% 

7.00% 

6.70% 

5.50% 

6.70% 

6.70% 

fl.05% 

6.70% 

5.50% 

5.30% 

6.95% 

6.70% 

6.S0% 

5.50%i 

6.70% 

6.70% 

6.05% 

6.80% 

6.70% 

6^0% 

7.00% 

8.70% 

5.50% 

7.50% 

6.70% 

3.30% 

5.50% 

725% 

5.50% 

6.70% 

6-95% 

720% 

5.50% 

5j0% 

5^0% 

6.70% 

6.70% 

changes 


Sub'pn 

Shares 

6.73% 

793% 

6.75% 

fi.75% 

6.75% 

6.75% 

7.95% 

6.75% 

7.95% 

S.25% 

6.75% 

7.05% 

7.95% 

SJio% 

7.95% 

7.95% 

7.50% 

.7.20% 

7415% 

720% 

7.05% 

6.75% 

6.75% 

S.45% 

7.95% 

7-55% 

6.75% 

7.95% 

8.13% 

820% 

7.95% 

7.95% 

8.00% 

7.95% 

6.80% 

7.95% 

7 . 00 % 

8.75% 

6.75% 
7.95%. 
7.95% 
S.45% 
8.75% 
6.73% 
7.03% 
* 10 . 00 % 
7.93% 
in ordinal' 


;• • *Term Shares 
6.50% 3-yrs, 6.00% 2 yrs. 

7 70% 3 yrs., 7.20%, 2 yrs.. 6.95% 1 yr. 
6.30% 3 yrs., H.00% 2 yrs., 5.75% 1 - vr - 
(5.30% 3 yrs., 6.00% 2 yrs.. 3.73% 1 yr. 
fi.50% u yrs.. C.00% 3 yrs., min. £500 

6.05% 3.. months’ notice 

15.30% 3 yrs., 6.00% 2 yrs., min. 1500 

7.70% 3 yrs^ 7.20% 2 yrs. 

— ■ • 5,80% over 15.000 
7.43% min. £500 6 months’ notice 
7.70% 3 yrs., 7.20% 2 yr.s. t£300-£15,00tl> 
S.30%- 3 yrs_ min. £5.000 

7.92% 3 yrs^ minimum 

7.70% '3 yrs. min., 3 months’ notice 

fi.75% 3 yrs. 

— up: to 7.2%, 3 months' notice 
7.70% 3yfs.‘. 7.20% 2yrs~ min-£500-£15,000 
7.65% 3 months' notice. £1,000 min. 
7.70% a-'yrs,, 7.20% 2 yrs. 

6.50% 3 yrs.. 6.00% 11 yrs.. £250-£l3.000 
6.50% 3 yrs., fl.00% 3 months' notice 
7.95% 3 yrs;. 7.70“,’, 2 yrs, 7.45% 1 yr. 
7.70% B months, 7J20% I month 
7.70% 3 y?s., 7.20% 2 yrs. 

S.93% 3 yrs„ 855% 1 yr., 7.17% monthly 
6.50% 3 yrs., 6.00% 2 yr®., min. £1.000 
7.70% 3 yrs, 7.20% 2 yrs.. 6.95% J-yriy. 
7.S0% 3 yrs., 7.30% 2 yrs, min. £1,000 

7.55% 2 yrs., min. £2,000 

7.70% 3 yrs., ?^0% 2 yrs.. niin. £250 

7.45% ■f’-tUonths. min. £1.000 
7.70% 3-4 yrs., 7J20% 2 yrs., min. £500 
6.50% 3 yrs^ 6^0% 2 yrs. 

7.70% 3 yrs.. 7^0% 2 yrs., min. £100 
6.25% 2 yrs., minimum £500 
fi.50% 3 yrs., fi.00% 2 yrs.. min. £500 

C.50% : 3yrs, 6.00% 2 yrs., 5 75% Sinths, 
73!0% 2 yrs., minimum £500 
7.95% ffyrs., 7.70%2yrs., 7.45% Smths. not 
7.05% 3 mths. not.; 5.75% to liiriid. cos: 
6.50% 3-4 yrs:, 6.0o% 2 yrs. 

8.50% 3 -yrs.. 6.00% 2 yrs. 

6.85% 3 yrs., fi:55% 2 yrs., G55% t ir. 
7.70% 3 yrs-, 7.20% 2 yrs. * Max. 1250 
750% 2 .yrs., 7.70% 3 yrs. 
y share ratesl j Effective from July. 1, 197S. 


^•,tY®.4 , r'r5.ra“)«l N‘«cl B0.?5i 

Zandpan ( R H *- 4 -» 

West African (1) 

Geld »»« “ e . ,a L ’fi'i'lb. 10 
juniar flS'jo* 9 : ‘iWoi 

Diamond (30) 

p nplo-Afiw -can < RD.50 

°SSS. , 5 . D a« R t ,# Es UFsTit* JSi 

OIL (169) 

Alloc) Px“''> 1 '( u 7 , . , ? C ’, ,> i ft 8 ?rq, , i, 2 61 

8,1 USB. Borneo '.t0oj 1 60 ‘*3/® _ s< * 

B' '« |S 5 JVi °l e T 6 “l'® oii sic® 

U A * 9^2ndP' TY.;®° S«Db. 90C 

Burtnak DM 63© 1*1 2 £! 48 

■ 2D&I. 7»apCLn 6J BUPCtn. 60 
Ccn-.Jry 'tapf 

: C a" ‘ international '(’250) 25® 6. €PrI*<Pr 
43 2>4 (20'6' . 

London Scotlith Marine '25P< 

Production ‘topi *29 


147©- Oil 
ldocLn. 


■Inn- L" 
(■'i- 


IVrlifinHf 

ol 1 (- 


Irtti-rligilL 


Liva; 
\«ttni| ill 

•(■f«i-i|. 


Amh.l 

•lettnlUl.-i- 


PmniH-i- 
H-'ii i* 


, l.-'iri|«rv 

U*lri II 


iHt Kill 

, ln\ • '1 — 

i tin'- uni — 

'I'i. '■■■•■■ill. • : . IQ 9"a 

I ;«■- in- -n< '■ ...I - 10 9ia 
I l.rtn- mnnllr^! - I0 y-B 
-i. im ■<■ ((■ . ... ID,:,. 10 

'un iiii-iiih- ■] 10 ,1-10 1' 4 

1 !»«■ lOtv -iO,’.. 

inn » mr . ..1 — 


9i- -IO 


9ij-10l. 

9. -10,; 
9,. id,;. 

9".- 10.;. 

10-101* 
to.; -ioi, 

lOivlOie 


9', 10 


9 -p 10 
9-4 10 


9 if. 

9ijlO 


S/r-IOs* 

10ic-10>» 




91. lO.'a 
91, 101/ 
9l!-9i4 
9i/-9'i 

9i B -10 

Solo's 


lOU IOsr 
I0i?-10Je 
lOin-lOH 
10 sa 

IOI.-IOIj 

101 * 

10J« 


10 

ioi* 

ioi* 

lO.'a 


lilt, -.null 
iii>rl.»i 

■lei vi i, 

9-9ti 


»ii 9*« 
Hit 
9 la 


| Eil»ii.k- | 

lr«-i,n' , iktnk Ir’iiipViBiie 
0<»- © ■ Bill* fr . 


CURRENCY RATES 


86 »'* 
-■’f-g.V 
a,; - bj* 


9<-*-9::. 

9;.-9-i 

9i',-9.. 

9** -9,.'. 


J Oh 
10J< 
XOi 1 * 
10 m 


Mobil Corp 1 (SUS7.50' S*'-:'' ||j # 

Oil Exploration 'Hldjs , 1 
g^. , %^c7 i N^" J 'e\ S i;'nsoT\us S | i 2o® 
Shell Trjn-POrt V g.t >2s n *j^-* 3 6 ® 50 
I 7 S *5 a D s M, fcJ -JSP) 5*2. S*:PCP(- 

«:« a a.V Romani “nl.sh, ««p1 ID *2 216) 
Texaco Intnl Fina/iC'a( * iP 1 -L2- ® , Hi-ldl 
THcentrol .25 pi 170 2 1- (Foreign Held) 

Ult*ama7 7 a5pl 251. TpeWd. 144* 1 

PROPERTY (115) 

sss£ wrap & 5 *- 196 

»e S Sik. ,S 1 P 2»«b. BZ':,* * ««*. 
Avenue Cloic ‘ 2 }JP* 73© ~ '-26. 
Bampton HldO*. 6 |j P*Ln. 51 1, 

Bampton M 7 J.ocLn. 51 '/ . , . 

flank and Cemmerciai HldW,. riOp) 2 * >* 

Beaumoni Prop*. l2Sp< 83 (30 bi. eocLn. 
Siltwav Hlrlas. '25 P' 621 60': 

Berkeley Hambro Prop. I25p* 113 

•l.ttgn iPgrcvl trspi 16S . 

Bradford Prop. Tst. 125)^ -OS U- - 
Britl&h Land (25B) 32 :® * 1‘. 30 '■ ispc 
1«MLD*i >06 '30ff1 ISPCLn. 131 3. 
Brimon .Estate (35 pi 99 7 iJO ^ 1 qi . 

Cuoiiai ana Counties prop . S q ?J,V 
SO <19 Warranu (22IE). g'iSWLn 

Central and Dm. Prop. 7<<pc1«Mt.D6 63 

em ' 3 , D '”.“: 6 . C * Dl,a ' <20p * 

63. Ln. rC'JOCJ 55i& 12261 
Cmjrctihiirv 6*1*- 

cift Otlices *2Sp) 53- BpcLn 50® 
Com Exrhange *’?»}, J’ 0 T , 1 ?. ! ^L 6, 
Country New Town OOP) -®* q 
County D.SI- Props- r' Oe' 87 >19 t>) 
Oaosn Hldgs- *=Sp) an ' '-© 

Dares E«s. HOp) IT 'TO s» 

Engl.sb Prop. Cpn. iS0p< 42 
B'TOCUnsecLn. 91 (»1.B7. 

Euston Cenfre J PraM. lO 4pe1StMt.Db B5': 

Evans 0< Leeds (2 So) 89 

Groat Portland Esrt ' (SOo) 2B3© 78 6. 

Green 2 2 'H.) Prop*. »10p» 36® )22 6) 
Guildhall Prop. BPCPI *1':® v22(6i 
Hammer son Prop. Invest Tsf. A «25o» 
570© 64 <22I6> 

Hasiemere Ems. <10p) 226- 9':PCUn*ec. 

Ln 1 34'- 122 6) „ 

House Prop. London l50pl 127 8 
Imrv Prop. Hldgs. i2Sp) 312©, _ 
Intorcurooean Prnn Hldgs. *iQpl 29.?© 
3D i ■ 

Land’ Securities Investment Tru-sr (50a, 
205 6'/1, BocDnb. 57 '* <21 '61. eupcDnb. 
SC, '.22:6l B'rtxLn. c6 67i-. 5Vs*Ln 
7«1 fi.'.peln )4! i20<6, lOorLl. 14DJ 

Law Lana iJOol le i22.-5i 6'jpcDeb £4 
t|9 &| 6peLn - 7&ffl 
Lewis tjopn) Proas JOpCDeb. SO <20 '6) 
Lon dot Provincial Shop Centres (Hldos-t 
nOel 91 i® t22'GJ. . _ 

London Counrv Freehold Leasehold Props 
S'vKDeb fit 7‘vPtOeb. 65 120 '6 , 
cnidm) Shod Property Trust fi'iOSLn. 79 
(2 1 -'Bi 


l/"Ul anthiiriiy and finance (mu-.es icirn duy.-i' ounce, oih-rr- vert -u daj'i' S\od. Lonner-icrm IdcsJ sathnrUy m n nuaa>‘ rate 
>"»niiiullv iiiree years UMi per ci-ni: l.nir year-. 115-12 per cem. nvc year* 121-VJ* per ten'. © Bank MU rale* m arc 
bu) in// rale*; tor prime paper. K.iisiiik rates for fuur-momli bauk biUv 9‘/i* per c«ni: ioir-m/inUi trade Mils id: per ten. 
.ippri i.'.t/i/aie se/LinK rale*- /" r •cti-nmoi/i Trcintiry bills S-'j-'-PJ per cow : in'o-mmiih SJ-S-'in per ivm: a ml ihroipitnmih 
per eguu i\ppr»X)inaie sellma rut, [»r nne-m.inth bank bill*- 9"u.-SJ per cwm: and ivrn-mnmh D' 1 m» per tent: and 
ihriwwimih 9 ;i .iJ4 , i|<, per eeni. Oiu-innntfi trade bill* 105 per coni: ivrn-inomli Hi: per eem: and alsn three- mnn'lo 105 per 
Li;r<i . • , . . 

Finance House Base Rates 'iiubll-hed bv ihe 1-Tnuucv .Xs-ucigtlnB i- per cent (ruin .lime 197S. Clearing Bank 

Deposit Rales vfor small -inn- al ■it-ven days' ii"Liet/ i<:-7 per cent. Clearing Bank Base Rales f«r lendlns 1« per corn. 
Treasury Bills: Average tender ru (v- >•! dc- count J2SJ* per cent. 


June 22 

Special 

Drawing 

Rights 

European 
Unit ot 
Account 


0.M7674 

0.66446X 

V.S. dnUar 

1.23236 

J- 234.53 

Cinudlan dollar 

1-3S487 

139031 

Ausirtun v.tiiilinc . 

1H.4540 

10.5097 

Felu inn Iranc 

40-5423 

4D.4B22 

Liamsh Vrnni- 

6.45025 

6.471B4 

DciiisiJk.- Mark ... 

2J8534 

2.S7300 

•iu/liJ-r 

2.75483 

2 76233 

Krvui-b fr.inc ... . 

$.64342 

5.65497 

Lira 

0056^5 

105939 

>Vn 

259-394 

260.400 

Mnrweeian krone . 

6.b53T5 

6.67693 

Penn 2 

47.4268 

97.6876 

Simliih krona . 

5.M561 

5.68250 

Swiss franc 

2307 JO 

2.31239 


EURO-CURRENCY INTEREST RATES* 


■linn- !1) 


Sterling 


KlIHllTSil 

I killin' 


j.SIvitl U'liii . -c 
(■lilt- ii"l («?, 

Mmii r, 

Thro.' in- 1 " Ilia- -| 
svIn ■■■'■nlli- . — i 
I )nr Vent -I 


10 XDij 
lOVlOij 
107g 11!« 
115? 1* 
lZlg-lOs 
Xa-lR X2K 


7i*-8t* 
7'i WU 
75*-8 
ain-tsia 
8t 2 B-'a 
8J4-9U 


1 I'.S. IMIsr 

1 oiicii tiuiMrr ! 

7 ip. 7?; 

4 4U 

7«, 8lp 

4-H u 


4l»A J® 

BrL b;. 


8;.:-9,.v 

S-5i 4 

9.V-9, 1 

SS(i-5s B 


W . ticruiuj 
MaiV 


fSvii-'I' F'nmi' lU'uu Umt 


■I «|Mlle-e Yen 


* ll 

li>S 1-B 

H3 U« 
Dv lia 
l"s-2 
2i« 2i, 


-35s -Ij 
3i« ol* 
3ia ol* 
a)*-oj( 


T-t au 
B'o Si, 
9>V'9ib 
S.'b-lOlA 
XOm-XOas 
11U Jlif. 


10-14 
lOtr-lHs 
1C 13 
12 h) 13 i 2 
13 14 
13i v X4Si 


8 ,' r a... 

S'f.-B'v 

Bia 8*4 
9-9'k 
9t«-9'i 


6--j 8 is 

2;: 4;. 
5j» Si; 
3... 3-,.. 
3-4 4,'. 

4,:. 4. . 


Tin: follirtrltiB aatnmbl rates trere quoted tor London dollar ci.-ruDt.4lts oJ drpos J»: Onr month JL&L0.13 per tviw: ihree months M30-9.-W per eeiit; Sis dim, H is S 8.1-S.T5 
pi.r I'fiH. one J/ear SJ15-9.05. 


i.onp ti'ni) Eurodollar deposiis- iwo years 7i-5! per cent: three yean B!-Jl per cent: four years B7|6-99]6 per vent: five years 9;-K Per cent, 
ilosinc raies.- 

Sbori-»erm rates are cull for su-rlmc- U.S. dollars and Canadian dollars: ruo- days' nonce Tor snllders and Swiss francs. 

Asian raie?. *n- .closma fairs tn Singapore 


Halts are nominal 


U.K. CONVERTIBLE STOCKS 23/6/28 


Statist";! provided by 
da 14 STRE4A1 Internotlcnot 


i] 1 z: 1*. 

1 2 dc Unsec. 


Lyn/c-" Holdings. '20n' 119* 
MEPC 125 bi 119 
SnCLn, M 
4(Kav Seciirlt'c* 


0. OpcLn. 601 1 


_ 20P) 521® 

M'lrOBOi/tan Railway Surplus Land* C',pc 
Deb- 52 <20'51 

Mianurst White Hoidinoy JlOp) 41 ', 120/6) 
Mouniview Estates iSPi s 5 - 'Ji'fii 
Mucr'ow (4 . 1.1 Group <25o> >15 

Municipal ProperHoi tSOPi 230 (20:51 


Name and description 

Size 

(£m.) 

Current 

price 

Terms* 

Con- 

version. 

dates 

Flat 

yield 

Red. 

yield 

Premium? 

Income 

Cheap f+ ) 
Dear(—)-> 

Current 

Range? 

Equ.g 

Conv.1I j 

Diff/? 

Current 

Alcan Aluminium ape Cv. S9-94 


9.05 

155.00 

100.0 

76-80 

5.8 

3.1 







Absociatfd. Paper flipc Cv. 85-SO 


1. 40 

124.00 

200.0 

76-78 

8.3 

6.9 

“ 0.8 

- 10 lo 0 

5.1 

4.5 

-0.5 + 0.3 

Bank of Ireland lOpc Cv. ftl-90 


8.22 

173.00 

47.fi 

77-79 

5.9 

3.2 • 

“3.1 

- S 10 —2 

10 8 

9.4 

—0.8 + 2.3 

British Land 12pc Cv. 2002 


7.71 

133.00 

333.3 

80-87 

9.1 

SR 

28.7 

17 to 30 

0.0 

92.5 

89.5 + 60S 

English Property 6Jpc Cv. 9S-03 


SiH 

03.00 

234.0 

76-79 • 

7.1 

7.2 

“ S.I 

-11 to 11 

S.3 

3.1 

— 5.4 - 2.3 

English Property I2pc Cv, 00-05 

15.31 

SS.00 

150.0 

76-S4 

13.9 

14.0 

43.1 

24 to 102 

30.4 

48.5 

29.4 - 13.7 

Hanson Trust Glpc Cv. RR-JO 


4.51 

81.00 

57.1 

76-80 

8.2 

9.0, 

6.6 

1 to 11 

8.2 

9.0 

l.U - 5.6 

Heuden-Siuart 7pc Cv. J09.J 


0.07 

270.00 

470.4 

75-?p 

2.6 


-J4..7 

-IS 10-7 

112 

6.7 

-0.8 +13.6 

Penioh lope Cv. 19S5 


1.06 

148.00 

lfiti.7 

7fr«2 

10.6 

7-7 

2.1 

— 5 tu ."£ 

42.5 

411.5 

4.8 + 2.8 

Slough Estates 10 pc Cv. $7-»0 


5.50 

100.00 

125.0 

78-87 

83. 

2.5 

J2.3 

7 10 14 

36.5 

52.9 

11.5 - 0.S 

T over. Kerojsley Spc Cv. 10S1 


7.33 

06.00 

■153.0 

74-79 

8.4. 

9 JS 

13.4 

5 lo 35 

7.2 

715 

0.3 -13.1 

VVilkinsun Match lOpe Cv. 83-98 

11.10 

89.00 

40.0 

76413 

11.2 

11.4 

37.3 

29 to 40 

27.5 

37.0 

14.6 “22.7 


* k' umber af .orjlBstry shares liiio which J1W nominal of converuble stuck Is convertible. ! The c-vtra cut ol inv-.<inieiH m mnftnlMc expressed as per cent (if ihe 
toil 01 the equity in the romvmolo sinfk. I Thrw-month ranoe. ) Income un number of ordinary stares mio nhH'b don 11 "*! 01 L0!, venible molK is vonvvniLle. 
Thi.i Incume. expressed in pence 1 * summed, (row present time uni^ Income on ordinary shares 1 b creater than incom'' "n UP# nominal ol LUiiEerilole or I he linal 
vunversiun dale .whlclk-vcr K udriler. Incotu.- Is assumpu ip yw al 10 per com per annum and Is present i»a)uvd J* 12 Per *vw per annum. luw.ne un film nf 
iOni'erilble IiiLtune « mi mined umll eorvorsioo and preseot valued at 15 per cant per aDdum. niThij jg income of ihe convertible less income ul the underly/nc cpuiiy 
cxi<r<ssrtl as per rent of Ihe value nf ihe iindcrlyins equity. The difference between Ihe premium and income difference ckptewvd an per cent of ih« value of 
underlying c<mRr/.a> u, an indiraitun ol relative Lheapnoss. -'is an Indication of relative dearness. 



Ill 


II 


$ 

l 


Stags again sell long tap ahead of Tuesday s £3 

Gilts down \ but small rally in equities- John Brown good 


FINANCIAL TIMES STOCK INDICES 


■3mk* , ton A you" 

IS""- - ’:3ft-' : .'-ago " 


Account Dealing Dales 
Option 


Activity diminished in Traded The chairman's declaration at eased a penny more to 9Gp follow- A- and R. Fmdlaj relinquished - specjdaUve demand ^ [rf G ' 1 “ 
Options and the total number of the annual meeting that the cur- mg comment on the disappointing to 34p. nictrihn-nre were lSp P 

contracts done fell to 366 com- rent year has started very well results and Sfaeepbrldgc cheapened Motors and Dutntnh' "2*mST Comment on the industry^ 

& as iyrjuzusrzz Ef-ggi^ 

■eresi and nearly IDO contracts firmness to other leading Stores. 24 on the final dividend omission mg rights issue proposaL York ttieu- ovenugni and 


! GortnuumtefcoaU- " 6M1 ! *9.60 . 68.76j;. 6fc74j.’_ 67^ 
-Ftatf imarert -71.68 - 71*3 , f9fc0? ,-78*0 .5^9 j&jjia -WLI 

I ndaitrUi OrrLimiy .406.3 46JL7 -_-4S5iG '-46M ■ 467.0 470.6 445 

Got* Mow. P : 161 'S’. ieija i^b 

Ord. Die. Yield _ h-79 5.84 5*0 . -*.76 P-S.CS . ; 5*8 BJ 

T»mIng».rW.S(Ial5n ' - ?6.B6 - 16.‘76 10.46 - "18.31 - IK' 

Py8 Brio {netM"iT.~.- "V?* 4 :d.'l3 - ^8.16 " ■■Q.\ 

DBallngB n»dM4-4— 4,436 • 4,898 -6*571: 4-771-^480 "4,241 4,4i 
BquRy tunKWjr£m.„ . P',;; ...8338 ^ M^h«£94 ,EQ;i2 64.68 «4.l 
Equity ta*nins tatafc. .14,513H3,25ai4.62C53’^Ml l^SOfi 14JF 

V ia:aa 454A iram 45 S.it Nod?. ' ’ 

' 2 m» 45EK\‘ a. iuu:45&3 i :'.'- u .• 

■ " iLafat.lnfaK «M* BOR. ; '-^'2-.'- \-± .' 

“.•Based on- S3 . tier. cunt MnoraUfla. tax. +t S3jfc/r33s'.. 1 ••• 

Basis 1» -flO¥L - Secs. lot,- 132fc '^i^Ord. £ DTV3S.-' "Gr 

Minas 12.4/55* SB AcUritjr- Jnly-Bec.- 1MK -y -?* :w.-v _ A;:.?".- '■.-•••- 

HIGHS AND 


Dealings Dons Dealings Day MT ^h was the turnover and profits not only of the staUc second-half profits Ms.at UBp. gave up a peony wtertT fluctu^d 

Jun. 12 Jun.22 Jun.23 July 4 S est \i nC e the tSmini? of the helped Marks and Spencer move performance. .. of the previous day's rise of 2 mff bhippmgs ; wmto J rSnSt 

Jun.26 July 6 July 7 July 18 ’I th GEC attracled a fair in- forward 2 to 140 p but also brought Following Thursday's slump, of which followed the d^dend-boost- iffi 

Julvlft July 20 July 21 Aug. 1 ,^est and nearly ioo contracts firmness to other leading Stores. 24 on the final dividend omission mg rights issue proposaL York them ove g ^ 

New time " dealings mar take place *[T c | nne ^iic j C l nd She j| UDS added a similar amount to shock and profits setback, business Trailer were dull at ;>9p. down 3, im ^ an ped at 90o Among- 

frem wo am two hu.in.ss days earlier. 50 and 45 respec- Wp »* did Molhercare to 156p. in J. Lyons became more evenly wh.le. more modea losses J^SSiftaESriftS 

LEADING EQLTnES staged ■ lively- Elsewhere, Henderson Kentun matched and the price linished 12 occurred m Heron, lS2p . “J nian ea ^j 5p- the company 

small technical rally as the improved a couple of pence to easier on the day at 74p. after <2p. Uadham Stringer, 40; p. Against has acau jr e d a 51 per eent interest' 

Account drew to a close jester- R an bc mixed *SP. while further small buying Other Foods were idle and little the trend. Reliant fllotor fished f n aS Gas Equipment 

day. but sellers held the upper caDlvb miAeU in a thin market left MF1 Fund- changed. Bernard Matthews a shade better at 10?p on the muvm 

hand in the Gilt-edscd sector. Apart from Barclays, which hire 4 up at I»4p. Audiotronle, hardened 2 to 147p in the wake of optumstic trading statement which ^ liquid gas 

which ended the day on a dis- edeed forward 2 to 312p. the" however, down a penny more at the announcement that J. B. East- accompanied the half-yearly > ■ ... ... 

tincilv dull note. The latter made major clearing banks were 20p, extended the loss since Tues- wood had received a bid approach figures. Tobaccos^ ended on a firm note! 

a stead v to firm start, but short- inclined easier again although the News International, a BAT Industries Deferred edged. 

" " awaiting the interim dividend. , nru .. 3rrl „ t _ awS rr,„„ 


a 6ils> . ifi i.< 

b.79 '.5.84 
‘ 16.74 :T6.« 
"• 601 


. 70*4 - 67 

72*9 mtn 

470.6 449,6 

■1679 UOA" 
5*81693 
iie.ffll- 15179 
< 8.16 ‘ -0 83 
-4941 4,436 
54.88 64.68 
13590614975 




-Goto -I V 


.s.& ACTivrry 


dated stocks look a turn for the losses were not on Thursday's 
worse on talk that lines of slock scale. Lloyds and NatWest both 
were on offer outside ihc market, closed 3 cheaper at the common 
It transpired later that some of level of 2n2p. A dull market 
these had boon put through ihe since ‘Mondays announcement of 
marker ;tnd final losses in this the proposed Af31m rights issue, 
area extended to i. The Jongs ANZ picked Up 3 to 27Sp. Else- 
followed in the wake of rhe early where in Foreign issues, Bong 


awajMiiK me muriiui ui«iucj>u. fnru .__« o i;itn nwartin? nest 

advanced a couple of pence more interun 

on the announcement to close a whUe ^R othmans international 


F.T. INDUSTRIAL 
ORDINARY INDEX 


laturiiies. Selling, however, was Knng and Shanghai slipped 5 to 


minimal, apart from fresh per- 


il ire Purchases displayed 


Mstcni -.mall offerings of the tap, no set trend following a thin 
Exrhequer 12 per cent. 201X-17 trade. Provident Financial lost 3 
tills paid), down * ai 13;. ahead more to !'»P but UDT improved 


net 7 up at 250p. Other Newspaper h a shade hui „ at 54^ 
issues made progress on scattered and j penny better at 76p. ' 
new-time bMymg. Associated ^ dome stIc mar-- 

firmed 6 to 16Cp and DiJrttJA ket advi ^ Si South African ind us- 
S to -9ap Elsewhere, Associated trials mel profit-taking with ok 
Book Publishers advanced 14 to Baz aa rs and Anglo American. i» - 
237p as speculative interest dustr;aJ j, oth ]osi n ff j0 td ^q p 
revived but still ended a net l-s and 565p respectively. • - 



1978 ^ hlnk» i 'Do^«l*ji^f 


aW»- 

...W- High; 

S'low^' 

Gove. Sow— 

78258 

68.7®!. -127.4 

;.wfir. J0/1S5)' 

4iiB' :• 

w 

Fixed lot— 

81*7 

flfta:.. 

70.73 “ l60.4 

odAa' 

lad. Chi.... 

497.3 

- ie?i) 

-4S&4- 640*\ 

(aw 2j 

- ; 4k4-. : 

Gold Ml no* . 

168*', 
■ .am- -\ 

130*. .442.3 ; 
■- (6® '.TXZ&IBi 

■AS*' 




BdzttL* . Z33*; 142.6 
rtt&UT -381:6' 177.1 
&&UL. 39.7 : .4K1 

fcr^-s, .101.0- 111.5 

BfeidS ; iaai V 156.0 
le&jfr 163* 
■kksna^ ;• 3B^ -3D.q 
107.6 106.7 


^ Si 


NEW JHIGHS^ AND LOWS FOR1978 


T7« fallowma ^eairiUes. 


tr.m paid), down ; ai 13;. ahead more 1 

„f next Tuesday's £30 call. The a penny m36n_and Sterling Credit 
Government Securities index lost P ut on - t0 “'P- 


<UIU diwu inUCLUVCUf. rL- -- - MC . . _V , n 

lower on the week Warren, due to be quoted^ ■"flis:. i&^«r 

Properties ended the account dividend on jUonday, were bought - - . r.-. L"- - r . 

on a steadier note. The continu- for the grosi 1 dividend amount and ’ NlSlY ililiBS 
ing bid discussions with an un- c | osed 2 harder at a. 1978 pealr'of- " *** **** 

named Continental S«>UP 24Sp. Other firm spots in Plants. ^ -bit' svtoAi SSrSbSETT'" ■ 
prompted late demand for Eng- included Guthrie, 4 up at "T iu ,,^: wr;c ,_ 

fish Property, 2 higher at 43!p. 272p. and Assam Dooars, 5 higher ««tl».sbiiw 
while leading issues held close to at 240p. - 

their overnight levels. Second a M 11-> ^! , i« t I ?f A JT Rv: ^ s ™” a 

line stocks encountered some new- AlXSIT &il fl Jl S fflllj -/.i'r. ■ v • ■. ; • ■■ 


0.4S to WfiJll for a fall of 1.23 on 
the week. 


Against a quietly firm trend in 
Insurances. Brentnall Beard stood 


Bear closing after the previous out with a reaction of 4 to 30p 
uninterrupted four-day slide in follow ins adverse comment. Eagle 


the Industrial leaders left the FT Star hardened 2 to J39p. while 


30-shaie index with a rise of 3.6 Guardian Royal Exchange and Sun 


at 4nij.'t. but still showing a loss Alliance closed similarly dearer 


NEW. tows iw 


NEW -HIGHS f221l 4 - Trm. ^TnS *i2e isbi - 

Twws. IQ ‘St J 979:,’. Yroas. 9 ucc-tsas ' . 

-.-’-JJ**; 9uc1HB0_'_ ExdMr- 10pc 1983 f . 
BIIU CoSSiS^*--- . Tiw.^ljpc ISaOi'-.' Xnx. ,7VK.?8S-88 -,\-s 

*nu Controls .... ‘ • Tnas. Mk 1981:--.. Treas; I24rt»c 1992 

. - iiNiB.urr ™ ' - i' wdwrs'SLpe. 1987- Traafc-lznc TOTS -L.i 


Wolicfn Btvu: 


their overnight levels. Second . ■ ■ PrmM, n r ff A r tRY ** STOIg »-CO- gjtfe ■ - - .T ■ - 

line stocks encountered some new- Australians rally - . r. ■ . f 1 ' • ; ■■■■■•■;?■ /:'■ '- cv' ^r' 

time interest, particularly Great After losing ground threughout VrQ-. V HANksiu '- . 

Portland and Property Security the week, owing to end-year 'tax.: ntungs.. --. ioiuni^ftj' 

Investment, each a couple of selling in Australia coupled . with: ' eNcrwEBMmctfi)^..' : ; -.V yfetwuwr < m> j.i - -•* • • -- . 

pence higher at 2S4p and 140p continuing profit-taking Australian ' -™ 00 '®- V- ^ .- a u dlobOT : S ™ R “ c e 

respectively. Warn ford Invest- mining issues staged a strong re-*^ tw. j.r" •>:, 7 .-'-.av ■ ^ It.-i'i'wc^iBiwad). ... 

meats finished 3 better at 2/op covery here yesterday following .-■Y--,..- iwggwiaA'ij;-<J >-J'j: 


E*cna tvfl W>c. 1982 ;.Trc«*, -VSirtJC 1907 . 


nf 14.3 on Ihe week. Although 
there was little genuine interest 


at 212p and 512p respectively. 
Breverifs passed an uneventful 


and the majority of prices were session. Guinness. JR3p. and Bass 
barely tested. ’.support was forth- Cliarringiun. lalp. closed without 


coming for companies with large alteration, while Allied edged for- 
dividend covers, despite conflict- ward a penny to 84p. Distilleries 


inn views on the abolition of divi- provided a couple of dull spots 


TO 

1975 








dend restraint. Annual results in Highland, 3 off at L29p. and 
well in excess of market expecta- A. Bell. 4 easier at 22Rp. 


meats finished 3 better at 2/op covery here yesterday following tT- - n ^„- wwatHau J b k. j ; •= 

and BeUway Holdings put on 3 to persistent “new time” buying., . :.RnSv( “ jy 
62p. the latter on revived takeover Most of the Interest was centred’^ 1 ’ 01 '® " 

.nanulilinn hut soilin'? nn thp mnra tnannhtin, rtnnVr . . 1HSURAMCE Cl)' - ■ .V 


rion from John Brawn, up 26 at contracting and Construction da y's nevis of the cwpitai raising from an undisclosed party, while ln3r > 9 10 Jlu P- **■ J° ^ ^ountt 

3720, tended to help the general i-iSS held' oreasiowl JmaN l’™posals :md unquanlilied small buying in a restricted mar- 1,1° ^ 

undertone. I L.,m I and French KlJr French loss to 10. Dixon Photo- ket raised W. J. Pykc 5 lu 45p. Shell hrm Base-metaT miners al» attHKtta^V- 

The majority of second-line har P den cd a shade to 32 !p await- graphic shaded 3 to ,31 P and Kraft edged forward l to W. . British NaUonal Oil Corpora- t SSfflfjSE'tEfi 


INBUUWi/S) ... - „ I >• 

- Warwick Eno. . . /-.j 


-i Abo AIur:yJ;;*im WtawL- ■ :■ 

.^. — - — . — iivaiBkM hi •■HWPi Nortlirod ^ Warwick Ena. . 

speculation, but occasional selling on the more speculative stocks. L«iie & Godwinv^^^-.”".'’.' " Jang.Gwwpr - ~ r ; 

in a restricted market lowered Northern Mining advanced 10 tb-T ' lv - '/ 

ty. while *“«? 5 t« 31 °P- 9°P; jPa^Dc Copper 34. to 40p p^A.- tomtom wS.y*^- iNoi^AU ^ '- :: 

■ted mar- -- „ Metals Exploration 4 to 2/p. - r . nnius’iiV'!:': - b*. , ; 

i lu 45p Shell firm Base-metal miners also attractearJ^r. . .--v.. • .y w-~. :._■■■ a 


Pork maea.nav- ^. 


equities continued on a dow ward in * ™ d^Iopments “.-jf' yester! 


path, this being well illustrated day’s^jJnmiaf meetin" THburv In Shoes. Garnar Scotblair came Bibby. 219p, and United Biscuit, the North Sea coupled with hopes f 0 ^ 1 . ^ nd J"® ‘Miukan 

bv the 2— t ratio or falls over Contraclims. recently the subject on ofTer a1 M P- down 0 . 77p. of an end later this year to divi- 3 better at 109p and 143p resp*^. Deoars wramm prams 

rises in FT-nuoted Industrials. n r bid socculatron held steady at Decca came on offer and m a dead restraint stimulated interest _ J1 .... MJMEffm—'--' 

Overall, it was n rather quiet dav 283p Vespile the denial of any limited market the Ordinary lost QaS lower Oils. ShelU which has a 24.5 r °' *' f s ffif r ‘ Si ^ D<rtd ' ~ ~ ■ ' ■ ■ 1 - ■ 

and official marfcines of 4,436 annroach hut in the absence of 18 t0 43 °1'- u ' h,le the A fell a . , , . per cent stake in the B.NOC con- f ec , 0fc ®5 ed some of their recefl^: — ; T“T-T- r“ 

were ihe week's lowest. support. George Wimpev softened similar amount to 420p. Racal Miscellaneous : Industrial leaders session, advanced 17 to 547p. after lost STOund with n ! v ‘ • > j-.i 

Subdued by the latest reaction “ penny tn 75n. Mifborv gave up Electronics contrasted with staged a modest end-account rally, .^flp. with sentiment being also *L S ®JP ^ Vv,>: 

in the main funds. Corporations 5 t o toon on continued profit- another rise of 4 to 252p m further Helped by bear dosing, Bc«ham helped by dividend possibilities. Pacific a to the gogd at WOp^ On - - DEALING DATES 

drifted a shade easier. The losses takinu after the recent results, response to the better-than-ex- gamed 7 to 63/p and Unilever oil Exploration, which has an in- Jne other hand Uraniums easett,^ j. rjst -' ■ 


TEAS t2> ... 

.' Wamki Pljntj. :' 

Ml NEST m -r" K ! 


Gordda : 6 -Gotcli .* • ■ — - r- 

- iv' r ! -:-.--wwitn^ ^ ..; . ' 

-. - Detytr : -• • , ."-j 

*• • > - > .rNanxiTifib'- - ; 

• UhdUwaston: ^jixrSawiO at* r . r 

- - -r^- - ,numsc2>. 

■ fcoMnd N: Tlyoaiworton Inc. i. 


)■ ;:j I 


were the week's lowest. 


iuuuchl euu-nvcuuin /any. jjqflp, wtrn senument Oeing SISO oz/a auuujc/r 

by bear dosing, Bcecham helped by dividend possibilities. Pacific 5 to the good at lSOp-'Q^ - 
7 to 637p and Unilever oil Exploration, which has an in- tiie other hand Uraniums easeri,;,^ 


Last CEbr.'..-. 


' - I-...' .. 

lntei^tionaL=r rj- ‘ Lyons, Shaw 7 
tSupe&pl ^' J - : ’Montagu Bostoo '.— : " r 


cent of this issue was left with irf regained Thursdav'.s loss of take a firmer line. Hawker picked wcunesaays iavouraoie re»uu» t i Sn energy service group, ien o ^ _ .V*'- , - ■ ‘/-i : - 2 ■ - ili' Tt.- i 

the underwriters. 4 m cltse at 370n while Fisans up 4 more at 20Sp. while GKN and proposed rights issue. Sutcliffe to 367p. Harrison and Crosfield, Continental .buying following? .-a Stocks favoured for r-the jCal.l Creaiv Barker, and- .Dobson and : ;, r* :7a% 

Rates for investment currency ed^ed forward a couple of pence added 3 at 231 p. Vickers, however. Speakman firmed 4 to ii2p and 3t 475p. gave up the previous U.b brokers bullish circular^ TO included Ratal Electxohlcs, Ormfc Mersey Doek TJlliti-A ^ib|lC|datedsr- :i '- 

moved narrowly throughout, to 3fi0p. Still awaiting the Office failed to respond and lost a couple Scapa edged forward 2 to MSp on day|s rise of 25 attributable to the Friday the shares were aroimd- Developments, ' Citilyns^ . ^vfton .call' was transacted in X.' Browp^Rcarrr \v 


moved narrowly throughout, to 3fi0p Still awaiting the Office failed to respond and lost a couple hcapa eagea jorwaru 2 to yap on day's rise of 25 attnuutaoie to tne rriuay uie snares were iicuunu Developments, vasyns^ . Dawson , .call' was transacted in J- jorownusssiaKi 

Small offerings released by Q r ' Fair Trading's decision on of pence more to a 1978 low of the better-than-oxpected results, chairman’s statement- . 3/Op. ! — fw-e rr . ^ . ~ ' ■' - ,-u -:-a» i «t 

arbitrage operations in overeas wherher or not to refer the bid 2S3p. Secondary issues were Renewed selling ahead of next Investment Trusts were easier Anglo-American Investment • .« -j?/* ' 

securities inirially lowered the from Tenneco to the Monopolies generally out of favour with Tuesday’s preliminary figures for 'choice. Channel Islands capital Trort ^UeblhoMs 26 pei 'irent of ^he GoJdlgng* J^ ent downturn in, ooitfw had.^ 
premium to 1101 percent, but it Commission Albright and Wilson Spirax-Sareo. I50p. and APV, 200p, brought a further fall of 9 to 34Sp feU 10 to 540p, while Jardine DeBeers. unproved a 1 pomt.-to. 0.5 to 161.5-^.ttSe,otttfiB,'W.ee* of been overdone. f; v , 
rallied late to ill* per cent on eased 2 to lTfip. down 6 and 7 respectively, in 1C Gas. Leigh Interests softened Securities. I36p. and Jersey a high of £42— a week’s gaiw.of 3.6. In lrish/Canadlaiis Ang^UAUe/F;-- 

[he appearance of an enthusiastic In easier Televisions. LWT A Slaveley Industries declined 5 a penny to 16op m reaction to the External Preferred, loop. , lost 7 £4. . JS- ^ t BCTdopMt .^ecOTeEcff' strongly-- ■' 3. 

buyer before reverting to 'the softened 3 to I20p and Trident more to 26Sp. while similar falls rights issue announcement, while apiece. London and Liverpool A SI recovery m the 6 “5fe“ ” f s SS^ A w“ C SS to doso Sl ltetter. oii:'ihedaV afe'- 

overnight level of 111 per cent, drifted fractionally lower to 45! p. were seen in Bruithwaite, 135p. H anting Associates declined 4 Trust, however, closed a penny price to *188.125 Jier mmee -nUied ( towards dcrae^ Rio « aose 3i ; t ... 

Yesterday's SE- conversion factor the latter ahead of Monday’s Peter Brotherhood. 134p and more to 203 p. Kelsey industries harder at 25p on the increased enabled Golds to register smaH.^to-Zi^-wgre ^laDy 2 .feTnar at 215p, while SjdMna J^ggged.4 tit . h . 
oSfi «o.g*h»" interim announcement. Builough. 137 p. Baker Perkins lost a like amount to 8Sp and earnings. In Financial, renewed scattered gains in quiet trading. refletfiitg the vi6<r>tftat<the 62p,. after .65 ' gy fif 


v\a« O.HUHfi ((1.6665 1 . 


interim announcement. 


Builough, 13/p. Baker PerUns lost a like amount, to 88p and earnings. 


ACTIVE STOCKS 

YESTERDAY — 


LONDON TRADED OPTIONS 


Stock lion 

Shell Transport... 25p 
T'e Beers Defd. ... Rfl.l 

BP ft 

Racal Electronic 25p 
Royal Insurance... 25p 

DATs Defd 25p 

Barclays Bank ... £1 

NatWest £1 

Brown i.f.) £1 

Dunlop 50p 

Grand Met 50p 

GUS “A" 25p 

1CI £1 

Lyons iJ.) £1 

Unilever 25p 


No. 

Denomina- of Closing 
u'on marks price ip) 


Change 
on day 
+ 17 
+ 24 
+ 4 
+ 4 


The above list of active stocks is based on the number of bargains 
recorded yesLcnluy tn the Official List *iin/ under Rule lt?3{ l) \c) and 
reproduced tn-duy in Stock Exchange dealings. 


ON THE WEEK— 


No. 

Denomina- of 


Stock ticin mark 

ICI £1 65 

Shell Transport ... 25p 65 

BATs Defd 23p 54 

BP £1 53 

De Beers Defd. ... R0.05 4S 

Barclays Bank ... £1 41 

Grand Met 50p 40 

Royal Insurance... 25p 39 

Rank Org 25p 36 

Distillers 50p 35 

GEC 25p 35 

HK i .Shanghai... HKS2.50 34 

l-ucas Inds £L 34 

Pilkingtun il 34 

Bcecham 25p 33 


Closing Change 
price i p) on week 


Ks'rel'C L'l.i-my 

« >|4 i--ii |>i <■ tt*r Viil. 


■<a».-r Vr»l. 


llr-IIIJ{' 

i-Our VmI. 


ill* 

HI- 

Bl* 

Bf 

(.'■•ill. T'nl-in 
('mi*. L' III - 111 
tnii-. finlii ; 
tiill‘. finl'1 
CuuriaiilHi- 
CuurtanlilK ! 
L',nimulil& . 
Cxurtauldi 
I.KC: 

GHf < 

fi Hi. 

«Kf : 

r; rn n-t JlK. 

tinin.I 3)et- . 

(Inni'l J)«-i. 

Ill 

U I 

Ml 

If I 

Laii'l Sci-*. 
LhmI A.n». 
Li^n'l & 01 . 
Jlnlkl \ S|.. 
M«rk.s Jt Sj,. 
.Murks 1 »|>. 
N icll 
Mit-ll 
SI it- 1 1 
T'iIhI*. 


113 2 

63 : - 

£0 5 

21- : - 
8 — 

U4 1 10 

14 • - 

212 2 

17i a ! - 

7 ' 10 

2ia j - 
Is - 

36 l 

16 5 

5 ‘ - 

X >z ( 35 

5 • 17 



KQU1TY 

GROUJPS 

and 

SUB-SECTIONS 


FJCurcH in parenUieies «ho» 
number cif {locks per section. 


RECENT ISSUES 


EQUITIES 


RISES AND FALLS 




GntUh Funds 

Corpus Dominion and Foreign Bonds 

Industrials 

Fioanrlal and Prop 

Oils 

Plantations 

Mines 

Recent Issues 


Yesterday 

Up Down Santo 
2 71 4 

2 17 46 

192 002 W« 

75 128 317 

11 6 17 

5 7 19 

00 23 ta 

d 9 2S 


A . 75 . K.l* . 30,6 , ft « llruuiall (L'.U.I 

Un the week mo k.i-. | 6/7 1 iw 1 u.i K.m.niemi i 

Up Down Same : F.l*. : — ( 12 J.1 ilianiei Pl.vvtwl i 

n ao iu — ■ -.1 — -.1 — — 

768 2,516 4.W FIXED INTEREST STOCKS 

2S3 943 1.004 - 

18 67 B5 . J ■=.•=■ _ _■ • 

37 23 un si 1 i- j! 1970 

303 282 220 | =3 ; £3 *tw* 

15 64 109 j H4>li | L..» 



208.64 +0.1 
186.95 -0 5 
332.93 -03 
44335 +0.8 
308.73 -03 
167.90 +0.2 
161.02 


18.10 5.79 
18.68 5.84 
20.80 4.12 
15.52 4.11 
19.43 6.61 
19.00 637 
17.79 8.74 


J1 20838 1 210 J5 
JO 187.85 1 18856 
.99 333.91 
.13 439.65 44234 
*5 30981 31455 
16759 16938 
160.99 16208 


21285 214.05 17922 
19002 19101 14921 
340.69 344.07 246.76 
450.09 452.03 35458 
319.49 254UI 
173 JL 16L99 
16299(16353 148.49 


50.73^3112/74)^^,5 
44JZ7 0V]2ff4) -« i.i : 


m 


*5M£GW7S) ^Acannce ( 
49M mj5i S^£,r... 


192.63 -02 1733 4.99 8.11 193.09 19521 19757 

227.66 — 15.34 3.79 9.18 2Z7.71 229.42 Z33.02 

173.42 -0.6 1654 6.50 8.29 174.53 176.04 176.61 

121.10 -05 20.55 6.47 6.84 12L68 123J2 12480 



6.00 821 
6.16 .9.12 
5.84 925 
7.01 9.03 
5.82 6.68 
5.12 9.43 
3.46 12.80 
7.89 6.65 
4.68 1222 
8.00 6.88 
7.65 526 
5.99 626 
5.93 7.88 
6.34 

4.07 10.64 

5.08 6.32 
7.38 7.10 
6.60 759 


332 M3 1.034 


1.343 4432 UU 


BASE LENDING RATES 


A.E.N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 

AQiro Bank 10 % 

A P Bank' Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 

Bank Of Credit &Cmee. JO % 

Bank nf Cyprus 10 “fi 

Bank of N.SAV 10 % 

Banquc Beige Ltd 10 

Baoque du Rhone 101% 

Barclays Bank 10 % 

Bamctt Christie Ltd.... 11 
Bremar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

I Brown Shipley 10 % 

Canada Perm't. Trust 10 ^ 
Capitol c St C Fin, Ltd. 10 % 

Cayzer Ltd 10 ^ 

Cedar Holdings 10-1% 

I Charterhouse Japhet... 10 % 

Choulartons 10 % 

C. E. Coates 11 % 

Consolidated Credits... 10 % 
Co-operative Bank ...*10 If, 
Corinthian Securities... 10 % 

Credit Lyonnais 10 Rfi 

The Cyprus Popular Bk. 10 % 

Duncan Lawrie 10 % 

Eagil Trust 10 

English Transcont ... 10 % 

First London Secs 10 

First Nat. Fin. Corpn. 11 % 
First Nat. Secs. Ltd. ... 11 % 

I Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 

Orimllays Bank flO % 

i Guinness Mahon 10 % 


IHambros Bank 10 % 

■ Hill Samuel $10 % 

C. Hoare & Co flO ^ 

Julian S. Hodge 11 % 

Hongkong it Shanghai 10 % 
Industrial Bk. of Scot. 9 % 

Keyser Ullmann 10 % 

Knowsley & Co. Ltd.... 12 ^ 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward ftlanson & Co. 11*% 
Midland Bank 10 % 

I Samuel Montagu 10 

■ Morgan Grenfell 10 % 

National - Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ... 10 % 
Rossrainster Accept’cs 10 % 
Royal Bk. Canada Trust 10 % 
Schleslnger Limited ... 10 % 

E. S. Schwab 111% 

Security Trust Co. Ltd. 11% 

ShenleyTrusc 11 % 

Standard Chartered ... io % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Wbiteaway Laidiaw ... 10i% 

Williams & Glyn’s 10 % 

Yorkshire Bank 10 % 


; Members ot Ujq Acwptini; Houses 
Cammuipc. 


T-day deposits 7%, l_niotuli di^po^iis 


"daj - dpposiis on mans of no.ooq 
and under o; ... up to £?3 .imo rr, 
and over £23,000 T-r 


and over £23,000 Tv' 

Call deposits over ti.iwo T7'.. 
Demand deposiu 7i%. 


l oa • v.i*. i 
■ • | K.l\ 121/7 
tsa i£io 


F.r. 14/7 ! 9B|i : 
Ml — “U-Ull.l 


K.l*. 7/7 , SC|. 


£100 1 — - I iUUSfll 

ttilj/.sa C10|28,-7 i u I 

I! : F.l*. :25-8 |3I 4 111111 

- * . F.r. i2s,a 94i ai ,' 

tS9 iMSO too.'B 4tUa' 

■ * I F.P. ! 1 1/8 i 101 ; 

* * ; f.r. '31/7 . , 

lJUii — ii6 6 ; K»l|i | 

* ’ • F.r. :30/6 lOi I 

■ ■ ’ F.l*. ; 7.7 ' lui I 

:109 > r.r. - 1 iobi.' 

■ ■ • F.l*. '21/7 : lu.,.. 

- 1 91, 

21'7 ! IU!i 
db.8 ; lu J 


- ■ • F.r. 21/7 : iu r 
£98l«£10 — ' 91, 

1)99 i'll) .21-7 l lu;v 
eij'.* F.r. db* ; io] 
£98) 4 i; 50 I 1.9 ' oOij 

■■ F.l'.; 16.6101 > S| , 

£98^4 £25 - 251™ 


llml. Var. Kirte UU. 19i>. 

Pmits. 3J, Pref. 

914- Barrel 12.^ Itpl. 196/ 

98[i Wiw Di>ii.unt 9;g Viim. Pref 

7». uii.relk.il 12'UCnnv. Trill. 1979 — So... 

87p il»nvlur-t (J.J.j Cum. Hrwl 

IGu,'.;'' Ivlin burn!] (Cuy oil Vpr. Mate lHii.. 

IOI4 iK-~-x Whht i% Mii*. I'nrf. I96S 

•«|im Knm ten KhO. Pel 

it-rwoDvkl .Mlllrtl' 10% Cum. .. 
4bK- litwiitm li Urnvmi U;% Men. 

fi I LiUrty * C.«. 9.S% Prt 

92p iNa? »Ne**saKiOJfs 9% Cum. l'rvt.... M . 

96|> Jl'itum A; t urn. 171 

iu« | Pi«sMti- 104 % Cum Fref 

*1 iVnlrC.b.A J.* 10% Hrt 

IO)|iiKi>Miiii>o Mn-> It^ f'ret 

vt nn -m AnOyn 1 mo. I'fl- 

s 7,| S> -ill hen. I ..n-Sea 12^ lt«d. 19S7 

s)«e s»wrtl». I>m«iU« Uf*. W ....... 

W jl04.1l ksttuv. tir. J^i.WUe 

47*4 fyne X W*nr I££ Uni. 19db 

99i. UhiU 1'ntienn- 10% PivT. 

25 hvv.1 Kent Winer 12* Del.. 19S6 


S5pj .... 
lOlal .... 


lOlS 

98p( 

7um|— 1 

97f.-l 

100,i 

i 11 

I *<pn» 

,99*sp +>2 

lAh.. 4712 

!lUO 

i 98|< 

! 97pj+1 

106 ! - . 

• M i 

; 1 09ft .... 

97,. -Is 

87 6 -l 9 

■ 91 V 

I 85 I — 






,99.14 j 169.06 19955 
190.71 235.% 
163.98 -18453 
1037 327.42 


36557 207.45 
377.47 24157 

184.89 265JQ 

ZD8A6 26917 
17^5] 20338 
22322 
39143 
13634 

197.95 
191.90 
26UB 
108.64 
20029. 
287.77 

262.96 
13921 
483.01 
20906 




15727 +0.1 — 6.02 

177.02 -03 26.73 634 
205.14 — — 8.43 

139.80 — 13.98 
32937 -02 — 

12129 +03 
32359 +0.4 1456 
7933 — — 

22751 +03 3.61 
103*0 -03 2554 


208.65 -03 326 
98.69 j +02 1 1751 
1734 


20953 +03 



05j5),[ 

- - • vSfVsUPi »/-< >,-r-r— ' 


PRICE INDICES 


RIGHTS” OFFERS 


British Coveniment June 
23 


Day's xd arij. ad ndj. 
ehnnfie To-dDy 1978 
“a, to date 


Iiwnei 5" 

11 


Lmc-t 

Itennue. 

Date 

• : *1 


Hl"li I L»w 


!L'|i»Iu(;[+ or 
j Price — 
P : 


20 1 F.P.- 13/6; 
45 ’ Ml I — 

ZU ! \I‘. i 9:6l 

70 ; F.r. 1 16/6; 

- ; - i 30/6! 

82 ! Ml I - I 

•#4 I F.r. 22/61 
145 | F.l*. • 16/6: 


29 

Nn i 

3/7 | 

92 

xu ; 

1 

an 

F.l*. 1 

i : 

5/6 1 


' : 1 

7:7. 193 1 176 j Breni CherauiU*. 

— • 13pm llpra .ttrtttfb T*r Vmtucti. .... 
7 i7i Kl S£ :t.‘«ntn. ilanuraetunfu;.. 

21/7! liXltj 93 |Uoh«nn Farb ln.U_ 

25, '8; 113 111 l F*lr\ lete Ka*« 

— JCi-m to|<m HiMwcIh 

19 '71 97 94 Mo'inii- 

21 -7 IK.' Ip4 lili.w.len lAlvxanUer: 

28'7‘ li.'.i'iniS'rpm H.tmaii • f . -V *.» 

— I 20 Mir 1 ibiHii •*>l>v*> ('Ivy 

17,7 liM-l il»j 


.. -09 

.. HI 
15pm 
96 
... 159 
■12iS)tm 
,15Hi»" 
... 7lh 





jl'rid.r Juoo 23 


j Jrklox 

1 Ni*. 

Yield 

•B 1 

I June 

I 22 1 


■iv&m. 


Kenunemiion dale ubituily Iasi day lur riealtns iree 01 stamp fluty. 0 Figures 
baB*Ki un praspecius esumuiu. u Assn men dirtfleiifl arm yiew. >1 vorerast dtvlflend’ 
eovi'i’ hast'd on pronnus year's earmnes r Dividend and yield based on prospectus 
or ofhor official esnmpies ter IK# u Gross r HKiires assumed, f linver <i..iws 
lor conversion ot shares not now rynkinA lor dividend or ran Ulna only For restrlded 
dividend!., i Ptacine priee 10 uiihlic. »•' Pence unless iiiiierwise indicated. S lamed 
by lender. uffernd in Holders ol Urdmary shares as u •• risfits." ** lusued 
by way of capnaUsaiioo. n MinUnum tender once. 35 RdnrnMti/w/t. US Issued 
m conrwciion wilb rwrjanisaiion merzer or laKe^Jver ||]| liumflucuon. □ Issued 
ro former Preference holders, b Allnimeni tellers wt tuilf -paid/. • provisional 
or paniy.pajd allounem tellers. + wnh warrants. 













































































BONDS 


Abbey Unit Tst.. Mgrs. Ltd. (a) 

j 72-MI. GaldwncR'l .Attainin'. 


' AbbeyLife Assurance Co. UA . 

M St IWs Churchyard, EC4. : 01248 sm 

’ BsriuyPaM--.: — • 58 71 — 

KanliyAw. . . — 30.9 '3261 ' — 

Property Fd U72 25* S _ 

rproperty Act 1533 1ML« ..... _ 

•.Sata»»*Fun<f..., wi 9301 — 

ConvertS&fc Fund _ 130.5 - 237 at ~ 

.- aslzr . - 

rSilSwiyLjii Eft .'iSS :™ — 

JUu.KiMged; — 173. B 2H3 — 

Pans. Equity 137 b 165.91 _.... — 

BHrr = 

<-38SStt££B& -'M- z 

MlonoyFd.Scr.4— PD9.1 114.31 _ 

j*rteejidJaoe2(L Valuation normally Tuesday. 

Albany Life Assurance Co. Ltd. 

31, Old Burlington StvWX 


AUFrCnrM • 51 2 
AhhC'' incun i>’ . ... Jo 3 
Alihor Inv 35 5 

Abbey tiun.Tsl... -■ *4.0 


Crahtm Life AK Sec- Ltd. Xew ze a ] a , 

2 Wbw * «W» Bd+ *«»«£ -KB Tff7fl:5 MniLiBnd IIr . u) 

St&SIflRnX-: 

*£» -UZl r T«bnol«£K, 

Gt iSJilSSSl eV iSJI “ Extra Inc Fd 

Growth & Sec? Life Ass. Soc. Ltd.* Fjvra«rd d 

sssssk^^s^ me&n 


New Zealand Ins. Co. fU.K.1 Ltd.? 

MniLiandIlr.UK- Soul ho. id SS12JS 070202055 

KiwiKn-liu l-ian tl« 5 1« • . „ — 

Small U.«Fd .869 « J - i — 

Technology Fd ... 9S 1 980 -11 — 

Extra lnr Fd 88 4 .931 -0.6 — 

American Fd ... 1019 1073 ... — 

Far EMI Fd .. 2021 105 J -12 — 

Gill Edged Fd ... 1039 108.7 .. — 


Allied Hamhro Group? laltg) 

Knobm Hw . Huiton nreitnmal. law*. 
fllifcS 2Ril <ir Bri'iiwoud ittSTl 211*5® 

Rlliiwvd Fond# 


Allied 1st ■ - 63 7 
briL Ind: Kami . M>4 

Grth.fclnt Ds* 

Eh cl. i Ind Dev i32 Z 
■Uliprf'-'anittl.. 69 3 
Hnmbro h un-i .. . 1002 

HurabruAcr Fd 1J4.7 

Ineamr Fund* 

lltgti Yield Fd. 169 1 

HUih Income . 632 

Ari.Eq.Ine -|37.0 

lntmuUtmal Fonda 

Ir.lrmational 263 

Pacific Fund |43.7 

Sect Of AJncrtrj — 1538 

U S A. Ejteraptp |UM>JB 

Special U1 Fonda 
Smaller Co ‘a Fd ....pJJ 

2nd Smlr. Co'r Fd. .. 432 
Recovery Site. ...... 819 

Bhd. Min. iC dty .39 7 
Overheat Earn ln££ 55 4 
Kxpl- Smlr. Co's ..6)215.9 


=■ 5M8SH--W rar.i- 

•:r _ iaodb«atSwL.__r _ J — ■ — Norwich Union Insurance Group 

:.:1 - ^S!W D St£ B *r t 4rjiJ I n zri = FOB«4.%tar«chNRi:LNG. . MOM! 
JjrTue»<l*y. “ * S, ? ,p * r I d -*".I ' Manured Fund..... I20B3 2190j-n.l| - 



AMEV life Assurance UdJ? p£$K£B£ 

Aina Eat, Atata RdL Hef gate. RetgaieUlOL Fen. Prop. Act. 

= gS:S£S:E£: 

AMEV Moony Fd. _ IlMB 110.2 J _ Pen. Gilt Edg. C 


_ ' Guardian Royal Exchange 

LM - Bonl Egdanacv E-CJL- 01-2837197 

01-4373082 PnWtoBomU.— P2*J 182.01 | - 

— ~ Htmh rn life Assurance Limited V 

— 7 Old Park Lane, London. 171 . 01-489 D031 

z IgfiK- 0 * — ^ 1 ~ 

— Property 

— Man (i lied Cap 

...... — Managed Ace 

— ■ — — Overseas.. 

_ GUt Edged 
— Amerieau Act... 

«— • — ren.FJ.DBp.Cap 

u Pen J . LIVp . A cc . 


AMEVProamM 




AiKV^S 

Flexijdan 


V MgdLPen. 


Pen. Man. Cap.. 

Fen. Man. Acc. 

Pen. Gilt Edg. Cap 
Fen. GUi Edg.Acc 
Pen. B.S. Cap. 
Pen.8S.Acc. 

PM). D.A.F. Cap 
Pen. DAF. Acc_ 


4 1 _ PO Box «. Normch N'Rl 3NG. 080322200 

Managed Fund..... tMBJ 2X90—0.1 — 

“S® Equity Fund SS33 351.0-0 3 — 

01-2837197 Property Fond 12BJ. 334.f -*0.i — 

1B2.0I I — Fixed lot. Fund 149.S 157 6 +03 — 

— r H Dc 0031 [Fund- lOSJi llU +DJ — 

M Limited v Kor. Unit June 13 20S1 I-.... — 

t m «I Phoenix Assurance Co. LM. ■ 

M3 g — 4-5. King William 51., EC4P4HR. , 01^260878 


•— T-kJ, *IUI1DW oil-! ■*■*-*. « 

— Wealth Ah. 111X11 UH - — - 

— EbY.Ph.Aai_ 1 77.7 — 

— EOT. PhEq E. (76.1 80.01 — 


6*21-03 5 57 
64 b# -ny 5 79 
J?0 +0J 538 

345 .. 513 

74 Z -0J 4 47 

107 £u -0 3 531 

122 7 -0.4 4 69 


74 01-01 
67.61 -0 2 
404 


28.31 +0J» 2 42 


57 64 +02 


1-0.11 4 68 
-0.1 515 


-0 7 616 

-Oil 539 


-Oil 472 
-03l SJB 


Prop. Equity & Life Ass. Co.¥ 

lU.Crawlord Sireet, W1H ZAS. 01-1880857 

_ R. Silk Prop. Bd ....1 1808 I I — 

Ho Equity Bd I 74 5 l 1 — 

^ ncxManeyBd 1 149.6 I } — 


“ Property Growth Assur. Co. Ltd-V 


— Leon Hon ee. Croydon, CKfllLU 01-850 0808 


— Property Fund. 


Property Fond 'A-.. 

. Agricultural Fund. 

ML* I I — Aimc. FXindiAi . ... 

| tmuju. acc I 10ZB | | — Abbey Nat. Fund 

:_.:J - Hearts of Oak Benefit Soci^y 

15-17. Tavistock Place. WC1H0S1I 01-387^029 ini.iutmeniFd.iAj. 

ni'+aa—,,, HoartaofC/ak IH4 . 38SI i - Equity FJmd... „ 

I ®!T!1 U HIU Samuel Lite A«sar. Ltd.¥ JflSSSSd . . Z 
1 — NLA Twr., AddlseotabeHd, Cray. 01-0884355 Money Fund (Ai — 

apMumi'niic lira • 1*0*1 — Actuarial Fund-, 


Anderson Unit Trust Managers Ltd. 
16H KcnChurchSL E<J3M dAA 

Aiulurson UT.^.—-!493 S31| 4 

Aubacher Unit Mgmt. Co. Ltd. 

1 Noble St . ECZV 7J A 01/33 6378. 

Inc. Moeibly Fund. |1650 17501 I B.90 

Arbnthmrt Securities Lid. (aUc) 

37. Queen 5L London EC4R 1BY 01 -23C X81 


Garbnore Fund Managers ¥ UKg) 

" St. Mary AtC. EW \ «BP. C1C83 3531 

"i American TM !M i 3134... 012 

wmudiTvLiArr • .Isaj 58 4; ... 3 41 

16693-03 2.72 
v<tra IncSnsT't 25 0 ~ .... 935 

East TTU.M- 34 9 37 5^. 0 B2 

High income T»* . 57? 62 7 —03 857 

JnSnc Fund 72 1 7b a -0 4 6 66 

iMAfienele^ 13 S4 It ad-001 3 38 

l^fl Exempt Fd B4Q 915l -00? 6 11. 

;.r,| nl |T«X^'. b3 6 36.11- 123 

Gibbs {Antony i Unit Tst. Mrs. Ltd. 

ZJ BUxnfldd St . Li' Zf.t 7NL. 01.5884111 

i&'a_G Income* . laz ; 45M .. ..t BIO 

,1 vG Gnnrthrr. p3 2 4104..-.] *90 

, a-.^G. Far Erf. 13.7 25 a ..-4 0 30 

Dealing -Tuea. tlWetL 

■ Govett (jobniV 

— rymridBWflll.ECi. 01-888 J-CM 

Vhldr June 18- _|140.D 147 64 I 197 

gT%nKU0U.JuU 1773 — LW 

dealing day June 30. 

GncKpa Management Co. Ltd. 
agCrtahxmSS-.EiriFZDS. 014X184433 

Barrington Jom 21pm Z 21151..-.. «H 

rfS?.SrtJnltai 219.1 229.C *.52 

B+yj jTtLYdJ unegg. 1740 1B3.1 in 

S^STunlm 1972 210* 802 

KSS^jiioeao — I96 0 205.3 2A» 

5SSS.UniUl.. — 202.9 2313 1» 

«5yShSr.Jt™«22 . 949 993S -30 2.90 

?JEeE£‘ U»*W' 93 6 103.3 -3 J 2.90 

VTAmii.jiuie=l.^9 9 73 J 3.W 

{JS^Unllai — [73* 764 — - 3.93 

GiuunBan Reyn] Ex. Unit Mgrs. Ltd. 
nnynl Exchange. E.C3P 3D?:. 01 JK880H 

taglGuucR>illTsL_|872 90 J| — 02| 4.49 

Henderson Admin I stmt Um¥ faKcKgi 


Perpetual Unit Trust Mngmt.V tal 

43 Hurt Si . Ilcnlej cn > .'.«=« <*!•'.£ 

PreaialGp .i- - . p99 . «« ■ •' 

Piccadilly Unit T. Mgrs. Lid.V (C«bi 

W nrddle H%c- Vm I rir 4ftn 'A a. : C2 . IW 


Krtr.i !rri>n..; -'SSI ’2S ^113 

t5SL«!U.” «? “4": g 

•IRSB&l-.-'.gi : ■ la 

Areiunlir bund _ SJ fj-. 4su 

Technolun Kurd. 544 S8 0J .... *■>* 

KurKMFd - •••• i-S 

AmeriLanb'un.1 23 8 »56.r| .. .. '40 

Practical larest. Co. Lld.P iy«ci 

■M.RIoormhur-S<5.W 1 -'lA2ftA Ul«5MO 

Pratuca! June 31 Jlfl9 JfiJS • — f?S 

Accum. rub 1214 8 2Z7.*l -I 4-M 

Provincial Life lnr. Co. Ltd.V 
232.BUhnpsWle.ECi «,« 0,= !‘ 7 ^ 

mill let' nils 1823 883 313 

High Income (109.0 Lib.&i 1 T.60 

PrudL Portfolio Mngrs. Ltd-V tait bHO 
Hoi bom Ban, ECIN 2NH ' ' 

Prudenu al J120* 12C.0I -0*| 459 

Qnilter Management Co. Ltd-V 
The Elk. Exchange, EC2N 1HF. Dl/7»4177 

:Fl".7 SS:31 -.tJ 7“ 

Reliance Unit Mgrs. LltLV 

It t Dance Hse..Tunbndge Wells. Kt. 089Z2227I 

11 331 

Sebfardc T. Ihc. — K3 2 43.01 -Oil 5B1 


Arbuthnai .Securities iCJ.) Llwited 
pn. EOM284 SI. Holler. Ji*r»t« - . ' 0S8*72m 

i-ar. Ta.iJerbc.u .(Us 3 m 0( — t 417 

Ncrt draliii^ <uic Jul» . --- 

KiitAlatl.Tsi i. !' !U6.C 123i)| . — I 3 W 

Net! »uh. luly 8. 

Australian Selection Fund NV 


King A S has 5 on Mgr*. 


1 OiarincCrw.Si ileller. JerW ff.Sj 
Valley Hw Si Pci ee for*. 


'!arfc« rtpportunrtiet. e n Irish You eg A 
t 'ulhvtKic. lSl. Ken: St. S-dney- . _ 


CSSlSbarcv 


Bank of America International SA. 
35 Boulevard Royal Luxembwn* G£- 
Wld invert Income -lit 5!UM BUM* V 5 
Prices »i June 22. .Next sub. day Jun« =“■ 

Bnk. of Lndn. & S. America 

4048. Queen Viclona Si. EC 4. 01-080 Z313 


Ind Cost. Seca. Tai -. aM i _ 

Fir'. S terling J5/J. _« 

First laU. _|X8536 116.191 1 — 

Klein wort Benson Limited 

20. Fenchureh Sl. EC3 t 

Eunn\est Lux. F. I 1.065 J -1 J i 
Guernsey' lac. g39 67-jl %- 

D-? Accum. — [784 83.61 1 , : 


«HB,qurco IKIWIIA.M , 

Alexander Fund. ill’Si 96 — 1 ■■•I 

. Net ]UH value June £1 


Premier ITT Admin.. S Rayleigh RnerLHurtcru 
Brentvwod. Essex. UZ77..I,238 


IONS 


f Vi 


Arrow Lite Aasurance 
30. Uxbridge Road, W.UL 

tSX^SJU }S:3 


1 ♦Property Units 

— ;•! — Property Seri 


:°A - 


Barclay* Life Assur. Co. Ltd. SStt. a 

252 Romford RL,E-7. 01-5345544 Managed Series C 

n.rrI*vhondB‘ [12S3 ISLtf I — Money Colts 

1MSI-0.H — Money Series A 
315.<a +B — Fixed lot Ser. A 
10931 ..T..1 — Pm. Managed Cap 


Barclay bonds 


J70.B-131 - 
180.5 -o 7 - 

9B«-DH — 


Glll-cdeed Fuad ... 
Gili-Edged Fd.iAi.. 
♦Roilre Annuity.. .. 
Oltnmed. Ann'ly 


Managed. 


UDJUl. 

Money Series A 
Fixed lot Ser. A 
Pm. Managed Cap 
Pui. Managed Acc 
Pus.Gleed.Cap. 
Pna G'teed. Acc. 
Peaa. Equity Cap 
Pens Equity Acc 
Fm.FxiLInLCap. 
Pus.FsdJnt.Acc_ 
Pens. Prop. Cop 
Fern. Prop. Acc. 


.. .Accum. 
tW. Initial 
GUI EdgPens-Acc. 

Do. Ini 

Do. [9TA 10ZA) 

"Cumxtt imlt value June 10. 


ms — 

99J — 

97.0 — 

1056 — 


Prop. Growth Pension* 6 Aamritlet Ixd. 

Ail Wlhir Ar L:ts.|12a9 1356] ] 

♦All Weuthcr Cap .(1223 ,128.4] . ... 


•flni'.Fd. Uw — .... 
Pension Fd L'ts — 

Corn-. IVns. Fd 

t'nv. Pfu. Cap Ui 
Men. Pena. FA 


67—11 Pens. Cap. LL 
Prop. Pens. Fd. — 
Prop Pens.Cup.Uii. 
Bdjx jtoe Pen. Vt 
Blag. Soe. Cap. UL.. 


IMI. Ufe Anor. <*. Ud.* “*5-^ °"* d f 1 

01423 nmn Ixv^nal House. GulldlordL _ 71 


Extra Income Fd .- .04 2 
High lnr Fund ... 46 1 
JxAmim Units' • S3 9 
IB-", Wdrv.-l Vis 53 9 
Preterenec Fund MJ 

i Accum. UnliAi. 3J + 

I'gpnal Fund -...-*97 
Common ity !-Mu.l . a9 a 
(AcruBLUntUi... .»g 
i lf»*x Wdrwl.L.i. ... §2.3 

Fjn-iPmpFd 17 3 

Giants bund 39 0 

iAucudi Ut'.lsl — 451 
Growth Fund. — ... 323 
lAwum. I'nitxi .... 53 0 
Smaller Co-iFd -»« 

Eu5teni « loll bd .27-0 

<(M, MTdrwl L'»S J — B -2 
Foreign Fd. ........ &* l 

N. .Vmcr. i Int. I'M JL7 


1021 -0 
4i b -0 
5J6 -0 
53 6-0 
272 .. 
<0 3 ... 
21 D ... 
65 0 .... 
935 ... 
569 .. 
187 . 
*15 -0 


car wSrth Inc, 1*16 *43^-0.11 3 62 

So Growth Acr .fol 44 B -0.1 3.« 

J^S(*AS5eu. |31 8 33? — I 632 

JI!S£5S?“«0 6311-0 3 8^ 

cilot&ontnc |55J1 58id -OJl 8 67 

ySSrarEff^tV - 1+3 9 25.«| -0.11 451 

126 8 28.6| +0 1| 1 97 

IB6 1 91.7Ja0.1| 2.74 

T^natiaMl . . 32 8 34 « +0 ll LS6 

JfJfdT«3Su"e=3"in.6 78.7| -2-21 4.67 

SSS&T^e. »• 36.1-01 188 

RasSCrrr.^ “i Si z°i Ife 

NjuStoSuneE KlS 1263* T.V 2.33 
CnhotAmer ^ bm.'o 51.4 54 Ji +0.1 13) 

Hilt Snnocl Unit Tst. Mgrs.t W 


-Oil 925 
-0 2 925 


-0.11 3 62 
-0.1 3.62 


382 IS! 


sa^i 


Arab way Unit Tst. Mgs. Ltd.V laKO 
317. High Ho! born. WC1 VTN1- Ol-iOi«33. 
Archway Kind -|B0 9 tt.B4 -• i 61b 
prlcca al June 22. Next sub. day June 28. 


n.7\ +0.1 

343+01 

nj\ -2il 


Ridgefield Management Ltd. 

3840. Kenneth* St.. Manchester 0812366S21 

Ridgefield Int UT. 11310 107 Orf g.M 

Ridgefield Income |93 D 9Q0H ... 110.49 

Rothschiid Asset Management IS' 
7240. Gatehouse Rd .Vylesbur-' 0296 »41 
N r. Equity Fund. IMS 17511+01 3 09 

NC Engi jtes.T+t. 1098 11* H +1-; j-51 

NC.ln^w Fund. 1436 152/3 -0 ^ 6 99 

N.C. lntl. Fd. I Inc 1 99 3 « ^ -O 4 

NC.Intl. Fd. iacc.' JO 2 ‘ *2 

Zi.t-. Smllr Coys Fd|l50 b 16031 -05 4.66 

Rothschild 8t Lowndes Hgmt. (a) 

Si Swlthint Lane. Ldn + EC4. 


New C'h Exempt — [£1250 132 W . ... I 354 

Price on June la. Next dealing July 


36.1 -Oil 
411 -oil 
782 +0^ 
424 +0 3 


71, Lombard St; KC3. 014Q31288 

Bib. Horse June 1 —1 128.76 | | — 

Can ad* life Awn ranee Go. 

24 High St, Putters Bar, Herts. P.Bnr 51123 

8SSiSft'ri:l S& Id: 

Cannon Assurance Ltd.V 


, 1 , GrowthFdJuoc 23.170.1 
I I — Pens. Fd. June 23.. .«5C 

, Unit UrtksH 


UdlordL 71255 

Pi "«*! = 

inked Pnrttolio 


Priwindai Life Assurance Co. Ltd. 

222. Blahouvcole. E.CS. OM‘<7 8533 


Barclays Unicorn Ltd. (aKgtfld 
Unicom ! In 25Z Romtord Rd. E7. OU934 5544 


222, Blsbopvcaie. ECJL 
Proi'. Manured Fd -|U32 

Pmv Ccshrd.- ?84 5 

Gilt Fund 20 - .U46 

Proocrtv Fund 95 4 

EqullyFund 97.9 

Fxd. &L Fluid (953 


Unicom AiwfltJ 

Do Aust Acc 

no.Aurt.lm; 

Oo FapiUI 


361b +0 2 
7t 1 -01 
59 714 -0.7 


Oo fe&npiT A' U05j2 

no Extra lacomu ..P7 2 


Irish Life Ass o ranee Co. Lid. 


Prudential Pensions Limited!** 


UUlILOll iUPlUMILX LAU-T „ 

1, Olyn«rtc_ w y-. WembleyHASONB 0JJJB8878 


Equity UaM*-- — 

S3SS£3£s 



l73 — 

.20 — 
_J1 1LB 
03-30 140 

97 13.7 

117. 


BlueCbp. June 22... 
Managed Fund 


ExetunL Man.Fd. 
Prop. Mod. June 1 


01^288251 Hoi born Bars. EG1N2NH 

I 440 Equit-Fd June 21. (04 59 

J — Fxd. InL June 21.... 08 72 

... .1 — Prop F. June 21 ...... |E25. 78 


D1-405B222 


Do Exlra laciiniu .. 27 2 

Do. Financial 57.9 

i>0. M0 722 

Do General >0 4 

no.Growlh Acc 39 5 

Do. Income Tsi . 824 


32 J -01 
42 71-01 


-0.1 606 
-01 6J7 


aSBeeehSt.E'^PZl.X 014BBB011 

ibl British Trust ...[145 4 155. W .... 5- 53 

SIwtSmi .. 37 3 35 9 Sg 

I"iDoUarTrurt.. 77 6 83.2 .... 2 98 

ihiSplUlTnist .. |738 30 9 - 0.1 4 E6 

iblFIMOcialTrjjl [97 9 9*1 -0.6 4 90 

ibllneOtneTrurt ..^6 274 -01 7 99 

ihlSecarityTrurt Bfl 5 541 .. .. 539 

[h! High Yield Tst. 37 30 7d| — 0.1 8 23 

InteLV 

15 CtarWop^ 01 Street F1CJL 01-24* 7243 

Intel. lav. Fund -184 6 9L51 6 65 

Key Fund Managers Ltd. (a)(g) 


Rowan Unit Trust Mngt. Ltd- Via) 

City Hate Hse.. Finsbury Sq., ECC D1-eoe 

Merlin Jure 21 J3 E3J 3™ 

i Accum. Units i 963 101.71 3*0 

Royal Tst. Can. Fd. Mgrs. Ltd- 
54. jorrnyn Street. S W.L 01 

Capital Fd — Sit IHI ■" | -f| 

a. Wis! N«t deSi iuJc 3tL^ 


253i .. . — 

18.9K ... . — 

26.54 - 


89 1 -0- 

-^‘Pri'vas'fi't -1S7.2 Wi . I 50! 
Prtro at May jn Next sub. day June M 

gs«;-7u, U iJio7 3 7 IS 

Do VTldwlrlc Trun 49 6 *2^ H 

Ht3.Jn.Ff* ine... .667 bl| -g 3 « 

Ik>. Accum 694 72 3| -0J1 4 7 


-dll 43a 
-O.tJ 626 


S; 

Current value lima « 


96.4 -Oi — 

nos .... — 
1020 -02 — 
102.2 — 

Z 

11C2 — 

184.2 -0.4 — 


KWirirKi all = um kmi 

King & Shaxson Ltd. ^ 1981 J 

azTcoruhlU. EC3. 01-8235433 He'. Prep. Bds. I Vm.l [ •••• 

Bond Fd. Exempt -I3fl3*2 l8*52(rt)25| — Rothschild Asset Managemeut 
_ - dealing dMjJu£fi 5 i s. Sullhms Lane. Lnndou. EC4. 01 -028 4356 


nerezzm 


Do Wlrlvrtde Trun 
Ht3.Jn.Fn ine... . 
Do. ACCUHL 


25, MlikSt. EC2\ 8JE Ol««70TO. 

KcrEnetlty In fd. . 75 4 80 “21 — 0 A 3 60 

Kri' Equity It Gun . 66 3 70 J —0 4.98 

AKn&asi'l Kd . . 153 0 162.7 6.13 

Kcy Income Fund 76.7 815» ,5'S 

£2 Fixed Inl. Frt bi.4 642 .. .. 12 20 

Key SfSS Co’« F d 194 E 100s| -0b| 6.28 
Klein wart Benson Unit Managers' 

2D. Fenchurc hV.Ei.7 « 014 ? 3 ?!2 ) 


_ ■ Ne»i date Jriy S R| Swl1hln(; jj, nc , London, EC4. 01 -028 4356 

Govt. Sec. Bd 111940 12S.78I I - N c.ftev.!ttr 31 .U«3 1S16V1 .. . I — 

Ijqgkani Life Assurance Co. Ltd. Next Sub. Day June 30 

LaughamHa.HolmbrooitDr.NW4 01-203 szit Insurance Group 

X'Xnd-^JSl J im ::::( = New Hall Place. LiventooL 051 K7 4452 

Wlap iSPi Man Fd|7B5 BZ-M 1 “ Royal Shield Fd-..|1»M 14L2J I 

Legal & General (Unit Assur. l Ud. Sav(s & prosper GronpV 

KJngswood Home. KlngaMOtL T^ri‘vortJi , CLSLKe i Pn .B. udn.. EC3P 3EP. 01 -554 8809 

W!" &»<=!» Wi .1 = 


"Next Sub. Day June 30 

Royal Insurance Group 

New Hall Place. LiverpooL 031 22? 

Royal Shield Fd-..|1SW MLB I — 


Bering Brothers & Co. Ltd.# UMX> 

Bfl.I/fadrnhallSI .F.n 01 5882affl 

StroUouTs!.. ...11694 176.61 4JS 

DO. Accum.. .. .1210 0 21901 1 aj5 

Neil sub day July S. 


K K UnBFd. Inc. . U4.9 ,?2M I 5.09 

OEB.Unrti r d..AC.- 306.0 115 3 J 5 09 

Sfi&' Tl' .. [SS.2 59 b| .— I 4-47 


L * C Unit Trust Management LttLV 
The Sock Echonce. EC2N HIP- 01588 2HW 


Do. Accum. ===-. 

Capital life Assurance* ml Si 

Coniston Houaa, Chapel AA W *md 0902 28511 ^«iS3Sa5!l-..— U5A iai 

Key Invest Fd 1 lKLa | — -Do. Accum. U7J 1237 

piccmakorlnvJ'd.-l I02L03 | lnlL toi ( iil .. M w^ . WJ 102J 

CharterhouBe Magna Gp-V * uana£edhiuul~» 

UCh^umScUtWdgeDWlNB KUU igj 

ChrtliSQ Energy __ W.4 W.4 Do. Accum.- XD0.B MU 

aithie. Money g.4 gJ — legal & Genet*] |UuH Pmstoasj 

Sm = SUptcamtait — 

*“ 32 at, — Do. Accum 

i 1500 " — Exempt Eqty.lnlL 

Magna Managen— Do. Accum. ,_uii.x 

Oty of Westminster Assur. Co. Ltd. Exempt Fixed iniLg09.6 us.; 

ESH“ 

— — W— * “ « 63M 1 — rv.—nr Pmn Iml 


dtuterhoose Magna GjxV 

10, Chequers Sq. Uxbridge UBS LNE 521 
Chrtlae Energy — W.J — - 

dnthae. Money—. 29.4 XLJ — 

. .ChrUum- Managed.. ^.4 ~ 

0™aBaul*F — 37,41 ~ 

JSSSiSKs- St ::::.: = 


102.4 +0.1 — 

1221 -C.I - 
1243 -0.1 — 

1215 +03 - 

123.7 +0.4 — 

1023 -0.8 _ 

3023 -0.B — 


lial Inv. Fd 1126 3 1337 

Property Fd.* 1527 

GillVd 110 B 125 1 

DcporilPdt” 123-1 M»1 

CoTnpPenAFd.f — 201. 5 2+.S 

L^ufirPena Fd i7B9 1MJ 

PropKntFd- — 183 2»-| 

•LI' PCns.Fd-- ?Z3 JJ: 

tVptM.Peoa.Fflt.... SIJ 103.5 

-Prlcen on June 20. 
t Weekly dealings. 


133.7 -0 4 — 
161.6 . . — 
1251 +06 — 

1296 - 

212.2 - 

138 9 +OJ — 


Schroder Life Group? 
Enterprise House. Portsmouth. 
Equity June 20. ' • 

EquiLy 2 June20 

53 3 June* 


Bishopggnte Progressive Mgmt. Co.V 

9, Bishopiflaic.E f'i 

B‘Mlvr*r“June30.|lfi4J 3W4M .. . I 3 66 

Art’.l.U-. “June Zt>.. 2194 233-3 I CS 

L'KAelnt JuneU-UMJ 19l| — | 

i/.ccumiJune IJ....I193E 21151 ..1 

Next sub. day 'June 27. ‘"July 4 
Bridge Fund Managers Via Kcj 

King William St. EC4R8AR _ Ol-«234«l 

Ana-riran aGcn.t..C5.1 263 ..... 1.® 

Inctuwi* ».5 5*3 6^ 

Cupil+I Inc.T.... »-9 3fl^ 3Z1 

IV’AC.VT 394 « fl 

ExeniptT H®0 *72 fl s-S 

Inir mtl. Inc.t 164 17.y 3-g 

Dealing' *Tucc. twed. iThur*. Prices June 
a>.21A2. 


1 xr- Inc. Kd ... .1137 3 141.61 1 761 

LACInll atVn Fd |99 2 102J1 .... 4 

Lawson Secs. Ltd. Viatic) 

03 George SL Ediot.urcbEH22JG. 031-22839] I 


Save A Prosper Group 

4 Great St. Helens. Lordon EC3P SEP 
00-73 Queen St. lMinburSh raa«X 
r-eaTinp? to. oi-S£rs 6S39 C . OCl-226 7351 

Save & Prosper Securities Ltd-V 
Internal tonal Fund* , ... 

fw-T—a* fa 

VnlV. Growth 166 J 71 0] +0 J 

JncreaxlnK Inroiae Fuad 

High-Yield-. [51.4 55.21+0.11 7J3 

High lucerne Ficads 

ISSKr^-ifii Sil:.. I 

L'.K. Fiiadi 

VK Equity |42i 4531 +WI 

Overseas Fundfsi M 

|75J eo 91 -oil 


6751-011 8 64 
44.4[ I 913 


4531 +MI 4 92 


Sector FcmU 

CmioMlity IJ5 J 

tnew. - . - • &S3 

S'lnanciiilSvcs. . . 


80 91-0.11 

802] . | 
7? 4 +C 1 
7b 0s{ -031 


tHaw. Materi.ils .38 0 43.3} 675 

SfAceuml’mlf. 42 7 486 ..... 675 

growth Fund. . 555 605 3^ 

lAccuntl'riiu- 617 M.7 3^ 

tr < aii and ffam m YI2 ^7 

SSriSnFrt.... W0 26 6 ..... 050 

li Accum Dm Is ■ 25.0 27 6 050 

-HigbYleld - ..47.0 517 10 07 

"fArcmii.Ur.iUi -.hOO T£Sl — „J0jB7 

DeaL JtMcm ■Tuej. rtwed. *Thar». Fri. 
Legal & General Tyndall FnndV 

IP rawy npn Rnad. Bristol. 027232241 


Bigh-Ml&Uniim Fund* 
Select Interna: . . [2541 
Select income .- - pL2 


12541 26BJj+06j 

|5U 54 0) -0.4I 


Scotbits Securities Ltd-V 


Scolbits .... jia.l 4091 | 3 95 

s52;&;YiS*-«:rii«2 i? 

Prices at June IA Nc*.l rub. d*y June -8 


fiSOE^V S| ::::J « 

Next sub. day July 12 


070527733 Britannia Trust Management (a) (g) 


- 3 Lwidon Wall BuUdinfii. LwiM Wall. 

— 01038 0478 


West Pro p- Fund— 



PULA Fund 
Peps. Itagd. Cap. 
Ped4.Mngd.Aec. 
Pens-MoneyCap. 
Pena. Money Ace. 
Pena. Equity Cap. 
Pena. Equity Are. 


^ -o.S 

77.4 


014848684. 

I Exempt Prop! IniL 

-i-J — Da Accum. — 


rTtuA- Zfi^uiY mvi — .■ 

FOnd eiarenUy closed to new in _ /i. __ Pn)DlI — 

Ferform Units [ 204J I I Exempt-.— [96 1 1037| I 7B9 

aty of Westminster Assur. Soc. Ltd. jj Dyis Life Assurance 

Telephone 01-684 E8M M. Clifton SL EC5A 4MX „ ^ ■ mrn . 

j “ BitGthJuoc o —... , - Scottish Widow 

property Units- — P»5 512\ -—A Opt,5PropJunc22. 123.B 1»4 __ po Bo* 902. Edlnba 

CommenUitl Union Group m* 1S.7 .." — im-Piy-Sene* i. 

St. Helen’s, J.UbdMahalUE^- 01-M37500 felLt .June g- !«-g * "j Z jnv^teJun^il 

s?j assysssria l-J - . mneuJSi G«u.ios.co.Ltd. E»(jtSfc June 21 — 

rVi l wfemHna life Insurance Co. loan Til* Fnrtiur*. Beading 583511. Mgd-Pcn June21 


— Flxedlnt.3 June 20 

— InLLlJuneW— 

— K A S Gilt June BO 

— Kt Sc June 20 — 

— MngfL Fix. Jnnj20. 

beg a! & General Prop. FA Mgra. Ud jgKgSgS* 

11. Queen Victoria St_ EC4N4TP OX- 248 9018 Monej-SJune^-— 

LAGPrpJUJ^e^ 9^ , jf? ~ ^gg|SsS 

Life Assur. Co. of Pennsylvania bsphaccS June m. 

SMZNewBondSLWrORQ. ’ M-«3B»5 «nro^jmeM.. 

LACOPDnlts-....W7 JW 

Lloyds Bk. Unit Tst. Mogrs. Ud. Frd JnuPn Jto.B- 
iriiamb-rdSLEq^. 


7BV Prop Pen Acc.B 

Money Pen Cap. B 

Money Pen. acc. B 
Over9eaa4_ 


Confederation Life Insurance Co. 

w =4 = 


Scottish Widows' Group 

PO Bo* 902. Edinburgh EHJ0 5BU P31-S5530OO 

InvPlyJSenes l. [U29 102.9 -.51 — 

Inv. Ply. Series 2.— 97.1 M-3 -/.M — 

Jnv. Cash June E«_ JJB IKS ’Si “ 

ExUlAcc Jvinetl.... 1364 J42.J -*-3j 

K, 11 tine June 21— 133.0 138.7 -ZJ — 


London EC2V SQL 

CnpILoI Acc 50.4 

Comuicl- ind 547 

Conactidiiy ... - 763 

Doiacallc 

Exempt 1127 

Ertrilnwmr — . . ■ 39- 

FarEort - ZJ-0 

Flncncial Secs 605 

Cold * General- — Ea^ 

Growth — to-g 

lac. & Growth 7L0 

InH Growth- 627 

lnvestTrt-Shares.- W3 

MtoeruU.. 367 

Nut. High Inc ... 78.7 

New Issue ... 

North American — 291 
Professional — . «85 

StpniB Change — — M.» 
Unlv Energy -.[313 


01438047810478 

van & 


533-03 4.7? 


Ittlc -02 Six 
39.1a -03 4.44 
112.7 -0.6 732 
421 +02 932 


-Oil 339 
-0W 4.67 


M.9W -06 3.03 

KJtaf+0 4 4.g 
7M -07 756 

66.3 235 

50.9j -O.a 348 
3951 -02 329 
8471 +05 857 




-03 4.76 

+01 138 


32.3-01 530 
33.71 -0 1 252 


j/Mitw Administration Ltd. 

*» DokeSt.Loadon WLM6JP. 01-4885091 

fSSS==®i SI=SS IS 

Lloydi Bk. Unit TsL Mngrs. Ud.V (a) 

«« s 

SSS2SSf?.~ Si S3 =8i 3J 

^ciad rr?f I 517 5490 331 

Do.fACCUm.j .643 693 .. J 

Third (Income! 795 95 5 -0- 6.41 

ryLiAecamV-.. 1090 117.1 -0+ b-« 

Fourth (EhtlncJ 75 6L6rt -03 |J0 

Iw.lAccem.1 7021 -0J1 8-» 

Lloyd's life Unit Tist. Mngrs. Ltd. 

72^X.GnteBmueR>l .Aylesbury. “f 6 ™ 1 
Equity Accugx . ...-I153S --I «» 

M Sc G GroupV tyHcKW 
Three Quays, Tower Hill. EQR OBQ. OW20 4H8 
Sec also Stock ^change Dralnffia. 


Schlesingcr Trust T£ngrs. Ud. (agzl 

Hncorpornlinf Trider.I Trurtsi 

140. South Street. Dt-Tlacg. itO06»BS+ll 

«»sfc--S! ill li 

26 oiffl — 03( 441 


Exempt High Vld 


Exempt MfctLdrs. 
Ertra Inc TSL 
Income Dirt — 

Inc. 10*6 Wdnd 
Jntnl. Growth 

Inv. TSL Units 

Market Leaders 

•Nd Yield'- 

Prtd. A-GiltTrusi 

property Shares 
SpecErSItTst. 
UK. Grtti Accum 
V.KGrth-Dirt.. . 


40 6 da -0 Z 1035 

»SSdS at 

1553 "°. 1 3.S 

^431 iS 

mi is 

19SJ-01 538 


,"T“i!*Tn« Vaa lunail ' L 

Manque Bruxelles Lambert _ , 

- Rue De la Regence B lOOO Broawdx ~ 

Renta Fund LF-. [1,865 VOX -2> •» 

Barclays Unicorn Int. (Ch. M-> U“- 
1. Charing Cross, St. Heller, Jriy. r 

Uni bond Tniut |S.S4329 lOIMI •— 4 LI 

•5hibject to (ce and xUhboldiag taxro l, 

Barclays Unicorn Ink (L O. Man) Ltd. R 
lTbomasSU Douglas. I x>5L 0824 71 

Unicom Anst. E xl. S33 57.1 — J-Jg A 

no.Aus.Mln. 530 3S5C — — ■*■*“ C 

Do.Grtr. PaclTie. — H3 66-J c 

Do. Inti Income.- .. g.5 im L 

Do. 1. of Ston Tst — ® 7 492 -02 ew 

Do. Manx Mutual. -126 1 28.11 ... • i - ,a 

BiBhopsgaj* Commodity Ser. Ltd- ^ s 

PO Box 42. Douglas. lo.M. , 0824-SSHt j 

ARMAC ’June 5.._.. IBEO U • — H . 

CANRKO—June5..1g.l5S LgS .1 — 

COl , NT*-June5 -1(2512 2.6651 .... I *■« 

Onglnally usaod at "S10 and ELOO. 
Bridge Management Ltd. 

F.O. Bo* 306, Grand Carman.' Cayman!*- 
N'baihl June2...-..| Y15.SJ8 I ——I ”* 

CPO. Box S90. Horn; hong . n7n 

Britannia Tot. Mngmt. (CD LW. 

30 Bath St.. St. Heller. Jersey. CS34 77119 ^ 

ggasiSSKS/*- m-_B 1SS : 

jg!yas5K;S& ira-d 
aasisststss ! 

re Dollar Denomlnaurd Vdx. 

Lnlvrt.STSL Bl'fijBt ? ^°' 4 | 'eo 

, lnt.HiEhlnl.TsL ...[p.50 77 UHJ ; I 5 0 ; 

Value June 23. Next dealing Jun® 

Brows Shipley Tst. Co. (JwIUa 

P.O.Box 563. SLKcher. Jersey. : 

Sterling Bond Fd. ..IOO 07 1932] I 12.00 

Butterfield Management Co. Ltd. 
p a Box IBS. Hamilton. Bermuda. 

Buttress Equity ..... |T 36 2 4^ 1 *■— 

Buttress Income ... (197 2-(Fj J 

Prices at May 11 N«t w b - Jui 7 lu - 
i Capital International S-A_ 

37 ruo Noire- Dame. Luxembourg! 

Capital int. Fund...f SL1SX7J8 I ' 

. Chartcrbouse Japhet 

J. Pal era osier Row C.'< 

I | U® m 

FS5d!?.“ z~:z::. K ** **■"> i w 

! AS 

L CUve Investments (Jersey! tAd- 
[ p O. Box 320. Sl Holier JiUSey. 6534 3738!. 
CliveGlJt Fd.iv i <.|10 K 10.03 .. .. } JW 

ClivoGluFd «Jsy '.llfi.03 MJnl 1 3UW 

i Comhfll Ins. iGuernacy) Ltd. 

» • P.O. Box 157. SL Peier Port. <Jj^ rBsey . 

Total. Man Fd [168.0 M8H1 1 — 

3 Delta Group 

P0. Box 3012. Nassau. Bahamas. 

Delta Inv. June 13— 1*1 BS l-94( ..—I 
? Deutscher Investment-Trust 

3 PosHaehZBBSBielK+gasseB-lOBOOOFrankiiirt. 

1 gnssiEudsiui aiAd - 

Di^yfus Intercontinental Inv. FtL 
!) P.O. Box N3712. Nassau. Bahamas. 

NAVJuneSO- _..._|tl'SU4» IU5| -—I — 

Emson Be Dudley Tst.MgCJrsyXlA 
g P.O. Box 73, SL Heiier.' Jersey. 053 ? 2 ^ 1 I 

SI rniilT. 1 1205 127.9| 1 300 

‘3 F. & C. Mgmt. Ltd. Inv. Advisers 

1-2. Laurence Pountney HU1, EC4B 0B.A. 

^ OMtanelA-l WS558 I I - 

2 Fidelity Mgmt. & Res. fBda.) l+d. 

” PO. Box 870. Hamilton. Bermuda. 


01^238000 
-1 3» 

lunmrx lai». r. — — ,__j -in 

ruemse-i' Inc. |7-7 -■-- J-iS 

Ito Arcum. 784 83.6 ? 

KB rar East Fd. If 51 J 55 frg 

KE In tL Fund. i>.iE57 077 

K.B U5.GMh.Fd_ SUS12.46 
Signet Bermuda — 5X5*79 — i;S 

-UnUonds.DMi — 1UB 19 60 .. -. 867 

■KB act as London paying agents oiuy. 



ZJoyds Bk. (C.ff.) U/T Mgra. 

PXJ So* 135. Sl Heller. Jersey. 

UW ^^g5^S 4 d.te3&VH ^ 

Uoydfl International M grant. S.A. 

7 Rue du Rhone. P.O. Box 179. 1211 Geneva U 

UoydsInLGrowth.lgJ^a 1 f-g 

LloydstoL Income. [239350 515531 1 

MAG Group 

Three Quart. Ton-er Hill EC3R BBQ. 0IA3B *338 


Samuel Montagu Ldn. Agts. 

1 14. Old Biwad Sl.RC.1 01-5838486 

Apollo Fd. June H- SF® « 5Z55 ^ g 

Japleat June !S_.... B L7J ...~ 

llTCro. Mav3l.. — 5151095 1195 J* 

117Jert«May31...£5.06 555 ...._ 0.76 

J17Jr«yOsJune7... £1255 1320 — 

Murray. Johnstone ilnv. Adviser! 

163. Hope SI .Glasgow. C2 041-2215521 


•Hope SMFd' 1 SrSJJM I I -. 

•Murray 5^1117 ] 


Negit S.A. , 

IPa Boa leva rd RojaL Luxembourg 
NAVJunelS..— ..| SVS10.64 J I — 

Negit Ltd. 

Rank of Bermuda Bides.. Ha mil I on. Bnnda. « . 

NAVJunelS i£5 41 — |+DJSi — ] 

Phoenix International 

F0 Box 77. Sl Peter Port, Guernsey. 

Inter- Dollar Fund. IJ2J3 25U 
Property Growth Overseas Ltd. 

28 Inih Town. Gibraltar __ , (Gib) 8106 

VS Dollar Fund. -I JlfSBM 1 1 — 

SlerhngFund 1 023.77 1 1 

Quest Fund MngmnL (Jersey! Ltd. 

PC'. Sox 134. Sl Holier. Jcney. 0534 27441 

f uc*l SileFxdlntl E I — 

uni Intl.Sccf . •• f *f * | — I — 

uciLlnii Bd *L|S I .1 — 

Pnces at next dealing 

Richmond Life Ass. Ltd. 

4& AiholStrecLDougla*.I.O.M. 08Z4 23014 
ixiThe Silver TnirL(jn9-6 J22.S +0.4 - 

KSteei - 

BS.EnfmtBBi": !m.S iTb,- 

Rothschild Asset Management (C.I.) 

P n Box 58 Sl Julian xCX.Gu era je>-.W8 20331 

g^S-ijfi isiy ::::: f| 

O ri^CoFiili^r.: 146.3 1556 - — 

ttvess&r-Mji # 

•Pnco on June 1*. Next dealing June NJ. 

1 Pnces oa June 21. Next dealing July /. 

Royal Trust (CIl Fd- Mgt. Ltd. 

P u. Eok 194. Royal TsL Hse., Jersey. 053* a ”6J- 
r_T.lnlI.Fd I5US955 W 

‘M2 ;s»b. d AA 

Save Sl Prosper International 

3?Braa«i S.. SL Hel icr. Jersey 0534-20501 
ITJS. BoJlar-denotulaaled ftriL. . 7 


Dir FscLIbl-...-. 919 9.7Sg 

Internal Gr.rt 7 04 7.6q 

For Basie rnrt 44 Bbj 

North American** . 3-79 JjOj 

Sepro"** — MJM 15J4j 

Storilng+jeeomlnai ed F unds 
Channel Capital*- BM1 240^ 

Chcnnel Islands*- S42.7 1503 

Comraod.*" &23-J rtZ L 

SL Fixed— .. — -J 1114 . "J * 
Pncea on -June IP. '’June zl 
*W ecaly I>eallngs. 


-251 1.67 
-0J 517 


:: :: U79 

■Juno ~ . 


Schlesingcr International Mngt. LtA 

4L L« Molic SL, St. Heller, Jemcy- 05J4 73588 


J. Henry Schreder Wagg & Co. Ltd.* 

r.i "'A T.1U 


NOniij miwrii... i _ 

Fidelity Mgmt. Research (Jersey) Ltd. 


1», CheapsJdf. K.CJ1 
Capitol Juneail — [M?S 


The Britbh life Office Ltd-V (a) 

Rel loncxf Hse . Tunbridge Wells. B. 0®2 =271 

BL BriUshUIo. — WS.4 5L2I ... ■ HP 

BL3nlanced-._ W*.l 49^ ... I W 

BL ?S»iirdrS«td.^3iJ £ 


^MlPea-FA- 


Equlto Pen. Fund - 
FCniftoLPmLFd- 
ManagedPro-M. 


765 .—1 - 


WBSSIS^ 


Mgd-Nm June21 r. (26L1 

Mooey Manager — | Zn$ Z Solar Life Assurance limited 

BtewSClBi M - lomoy PluTe 

The London & *»?*<*** gSgKgir-life M : J - 

The Lens. Folkestone, hen L 03U357SJ3 SolarEq iiUy 

- ■ »a1 1 ...I — Solar Fxd- In 


— Cap. Growth Ftmd-1 

= 


ComhiH Insurance Co. Ltd. 

32, Cornhill. E.G8 1 

Cap. Fate ,Jmia iUi_. JgSS — j 

s»fisat=iBi swi : 


SgKwi^SOTZfiSkD 17801 +UH - 
Credit * Co nuneree Insurant* __ 
120, Regent St, I/*don W1R 5FE. 01^07081 
CACMngd-Fd paO 13^*1 1 

Crown Ute Aronnnce CnLtiV 


: ui sses®~ m h = 

01-6285410 Inv. TYuSt Fund ^4 | __ 

_ j. j — PropMApFund 1 

178o| +ilo| - ^Tmr Hill EC3R BBQ 0j«8 4»B 

^“oShiToai :::: . - 


Solar Fxd. In 
Solar CaabS 
Solar Inll. S . 
Solar Managed P 
Solar Proper 
Solar Equity 
Solar Fxd. InL P 
Sol ar Cash P 
Solar IntL P. 


1325 *02 — 
117 J .... - 

166.1 +03 — 

1204 — 

1062 .... — 
105.7 +05 - 
132 2 +02 — 

116 8 ...... — 

165.1 +03 — 

120.3 — 

1060 .... - 
105.71 +D5J — 


Brown Shipley & Co. lid.? 

Mngra: Founders CL, K2 

,ttaS3sar.E! “-1 13 


Bang'd Fund Acc— 
Mane'd Fd. Inem. — 
Mrnic'dFd. lull.-. 

Equity Fd. Acc. 

EquityFd-Tiicm— 
Equity Fd Init.- 

Property Fd. Acc 

Property Fd- I °a n- 


1050 -05 
103 0 -05 
1045 -05 

10X7 

1017 ... - 

101.7 

1005 ...... 


fs&jg? 

Family W-88* 

Gilt Bond— — ~ 

tateruatnLBond 

Managed Bd. ~ 


si?ia«g 
SM sssst^. 1 & 

— Iron+A Vri R/i * 


— Sun Alliance Fund Mangmt- Ltd. 

— ■' Sun AlUancoHouae. Horiham. 04OIM141 

— — _ m . _ t Iriuiu IMOffl I — 


Do. {Acc. i J uue 20 — 1266-< 
Oceanic Trusts (a) i*n 

Financial 1+.5 

General 

Growth Accum. (44 J 

Growth Income -...-[3AZ 
High taeoiue ■■ 

tod« 

Overeen& |1VJ 

Performance .p“» 

Rfeovmy — -IW-9 

EoapL June 12 [57.9 


3551-031 4.21 
19.2 ... 3.94 

47.0 -01 4.BS 

313 -°-J 5S 

515 -0.1 4.72 
215 -01 359 

26.0 .. . 4 20 

28.7a +0J2 357 

60.4 -0.3 4.48 
22 2n -0.1 5 93 

603U ...... 4.09 




iu.2( -041 — s„ n Alliance linked Life Ins. Ltd. 

1432 -22 — Sun Alliance Houae Horaham W03 04141 

~Z k” -y«ncT8 mz.. - 

— Merchant Investors Assurance Sun Life of Canada lU.K.) Ud. 

F, .^astaari™ m" 

— — j 159 4 *fiy — Maple U. Maned..- HX5 J - 

— Property pens. g., 1-1.51 — M»ni«u.Eats I 


gS».TVi:foi; 

Deport t Fund W66 


lnv.TsLFd.Inem. 
Jnv. Tat Fd. ML- 
Fixed InLFiX Acc.. 
Fxd. InL Fd. Incm. 
lntMT.Fd.Acc>- 
IntorXFd-IijCOL 
Money Fd. Acc.— 


Konev Fd-Incm — 
DlaLFd. Inem.— 
Crown Brt. tav.'A' 


15x6 -0.9 
10X6 —0.J 
10X3 -X0 
10X4 +03 
10X4 +05 
109.0 -g-5 
109.0 -05 
100J . — 
1005 .. ., 
1035 +ff.l 


Canada Life Unit Tst Mngrs. Ltd-V 

2* High SL. PWtaro Bar. Herts. _ s ' , ®? l r “ 1 ? 

Can Gen Hurt. R73 |9^ +0.1 «.« 

Iio.Gcn. Accum. . . J453 

DO. tax Dist — U|| Z-sg 

Do. tac. Accum Rkfl 45J[ +0 Jl 756 


American..-., |S0O 

(Arcum. Unite) 50.9 

AUKlrolamra 525 

■Accum I’ntlsi 5J * 

CpmmodUy 755 

CAccum. Urntsl-—- uJ J, 
Compmnd Growth. ljH, 
Conversion Growth 6X5 
Converslonlac. — 625 

Dividend-- UJ-, 

i Accum. Units] 215. 

European-- w.7 

(Accum. UtuU) 493 

Extra Yieldl Of 

( Acciicl Unlla} U0. 

Far Eastern 56.4 

Lyceum. Unite)™—. U.9 
Fuudoflnv.TjIs — JLI 
lAcrum-Unlta)— — 74 3 

General — 164 

i Accum. I'maj— »x 

High Income 98‘ 

(Arcum. I’nltei ltg 

Japan Income 153 

(Accum. U nit s ) £54 

Magnum Zg 

i Arcum. UniUO S3 

MidUnd.__.-_: 167 

(Accum. UnlUl— — at 


86U -0. 
112 m -X 


-11 190 

-12 190 
1 -OB 4.40 
-0.9 4 40 

-16 353 

-15 3.02 


SiSV:® 


23X9] -2.1 
51.91 -0. 


-XI 8 05 
-20 805 

-0.4 3^4 


U7JH-1J 
60. ll -0. 


—0.7] 8.0 


65-« -0. 
65.7rf -0. 


rr.+um., (1237 1231 2 37 

iSeJuiis>:: fe ■— 

( Accum. UnjU'.. - cm 

•Pen4.-CharF<UnT> 1x667 xTlE .... 9M 

assS.'JSlVrtei , fa 18 

-For im. e.-.vmpt funds only 

Scottish Equitable Fed. Mgrs- Ltd-¥ 

28 Sl. Andrew 5 SU- Edinburgh «O1-5S601O1 

isaagaS::— gf _ , M 18 

[■eilirs day Wednesonj. 

Sc bag Unit Tst. Managers Ltd-V (a) 

PO Box 51), Echlbry. Hse.,£.C.4 01=«5«* 

i;S!Sf;S5SE4:ISi iS 


Waterloo Hse., Don Sl, SL Heiier, Jersey 

0534 27581 , ' ' . 

SenesAanml3_... 073 -OUJ - 

Senes B (Pacific Ov5 ( --1 — 
Sene* D <Am_A#s.i| £17 EAd | I — 

First Vlbing Commodity Trusts 


S.A.Il w.. „5a 

Inti Fd Jerjei 104 103 

Jntnl Fd Larabn!.... 00-53 
"Tai Easl Fund —.95 I0“| ...- ( 

x *No*t sub. d*y June 28 


.* C °0i-«07857 

S3 S 


(AccumXmts)- 
Second Gen. — 

1 Accum. L'nlls). 


i%MUBS=:SM3E 213.2] -Z 41 4.Z5 

SnceiallMd Prods . ... 

Trustee JM0.6 122 3 I xx 

1 Arcum. Unite; 2715 2B89I -3 «. 6.66 

CharthondJuneZO. U80 J 10 M 

Gh+nld. June 30— 146-3 1485^ ..... 7.04 

, Accum Unite)- — imJ IfS 

Pens Ex June 19— .[1355 1433J 5.87 

Manulife Management Ltd. 

St. George's Way, Stevenage. «M 58101 

Growth Unite-— — BOX 527|-18[ 455 

Mayflower Management Co. Ltd. 
H:l9GrcshnmSL,ECZV7AU. 01^068000 

IS 

Mercury Fund Managers Ltd. 

30. Gresham SLEC2P2EB. 01 ' 600 1^ 

Merc Gea June 21. [183 9 1955 4.M 

Are ULs June 21 _. 089 254.1 4g 

Merc. Int June21_ 64 9 64.0 2® 

AcecLUU.JUDa21. B6 74 0 255 

Merc Ext May 25— 2141 E3? J-g 

Accum. Gla Apr 37. [2555 2661 9.42 

Midland Bank Group , 

Unit Trust Managers LtdV (at 
Courtirood Hon*fc Silver Street, Head. 


Z5X5 27Z. 1 

98 4 1048x 

1653 176J 

1535 3635. 

154 0 164.' 

Z033 217J 

253 5 

167 2 178.: 

276.9 294 

792 « 

902 as 

166.0 XBOX. 

2522 273. 

1592 15? 


805 -0.S 453 
178.B -14 5.93 

2719 -ZJ 5.93 
MSB -XI 855 
1765 -19 055 
635C -02 
164.? -03 
2175 -32 


213.2 -2<l 4.ZS 


Japan Fd. Bd .— 
Prices on ‘June 


109 7 +03 — 
114 2 .... — 
113 8 +0Z — 

131.7 .. - 

113.7 — 


Capel [James) Mngt. LULY 

100 Old Brood SI.EC2N IBQ 0! -588 6070 


= Capital -Eg; ga ;;;; I 

_ bn Juno ff' Next dealing July S. 


149.71 -1 
ZBB.9I -3 


Carliol Unit Fd. Mgrs. Ltd.Y taXC) 

MHhurn House, Newcnstlc-upon-Tyi* 2IIM 


uao 

i.3 140J 

L2 1841 
SB 1431 


Carliol. - ... —169.6 

Do. Accum. Units... [83 4 


72.11 ..-.J 3 92 
85 91 .....1 3.92 


12,20 Eqa^Prol 

7™ Money Market-— 

fl28 Mon^MkLPWlB..- 

ITts Deport 

■ M Depoait P 60 *- 

Managed — — 


Maple U-Ej 
PemiXPn.] 


Target Life Assurance Co. Ltd. 
Tang House. Grtofcouse^ AylejburV^ 1 


Ho High Yield - - [417 fi 3 1 

Pu Accum. Unltii .|51-9 1 


BaaflK= 


Crusader Insurance Co. Ltd.^ ______ i£u. Man»E«x 

Vlneula Houbo, lbwerPX,EC3. 01-828 HJ31 x» — 


vineuiiBiAuq, | - . NEL Pen6iODS Ltd. 

Gth. Prop. June B__ [701 795[ — -I Mllion ConrL DoritiiW!. Surrey. 

Eagle Star Insur/Midlarid Ass. NoieaEq.Cap.~- tbx ^ 

Sssts? is^lf ll 

life Si K ;S:i 

EqaarA — .-:fe gf^- 0,1 _ NeJMxd.Fd. Act- jnneZ3- 


Gtd. Deposit Fd. — h 
Mixed Fd- — f 


11M — - ■! - 


— Man. Fuad tac- PM3 ^Xj _ 

_ Man. Fund Arc 115.7 122.4 

= 

SBll nx&JtaL , FtL Inn 1054 Xg-5 — 

srasg-g^U *] 3 j = 

. RtsLPlanCap. Pen.— 58.3 63 J -o ** — 

_. HeUTanMon. Act- 1240 1312 — 

3 HeLPlanMnn-Cap- 1M2 129J ” 

~ GUtPen Aec., 128-9 136j — 

~ • Gilt Pen-Cap. (122.8 12c - 8 ' — 

Transinternational Life Ins. Co. Lid. 

'2 Bream Bldg?- 0341 NV. 014006407 

Tulip Invest M. -.-BJ2.fi IB'S _ 

1 m- z 

^ ::::: - 


Nexi di?aiing dale Juae 28. 

I Charities Official Invest. Fd<> 

T7 London Wall. EC3N1DB. 01^681815 


Inrome June 20I— IHS 1 ? “ I j ^ 

|Sra'« toW Cbartli" 


Trident life Assurance Co. Ltd.Y 

Reiwlada House. Gtouerotor 040ZS6541 

i 


Charterbense Japhet Y 

1, Poternostcr Row. EC4. 01 24BS9W 

CJ.lnlmriatn B3 “J •— 

Accum. Units 3“ 774 

CJ. Income.— 326 343 >■£} 

CJ. Euro. FTn »4 55? 

Accum. Unite -.30-6 32.6 

CJ.Fd.tav.Trt— . US •• •• 5JJ 

d*4llW«« =8? 

Chieftain Trust Managers Ltd.9fajfg) 

11 NewSL BC2M4TP. 01 

Amertcnn SS'S In jl 9 5a 

High Income-.-. — HOX Sil^n lia 

Iniernatlonal Trt-...j!V|MA 

Basic Resrce. T»4265 -u.ij iji 


Security Selection Ltd. 

15-19. Xincoln's Inn Fields, WC2. 01 ^3 1 
t'nvl Glh Trt Ace — |2J J 2|3 SS 

Uuvl Gth Tst tac — |2X1 225af I * " 

Stewart Unit Tst. Managers Ltd. (ai 

45. Charlotte Sq.Edmburch. 101-2283371 

tSIrwart Americas Fond 

Standard UmU — jW ■ — -J **> 

^fSS^mteTlnl SH .....I - 

-Stewart Brilish Capital Fnad • 

^um-XniL^-^ MU I 435 

Sun Alliance Fund Mngt. Lid. 

Sun Alliance H«. Horiham. 




-01) 3 90 

-Oi 460 


Target Tst. Mngrs. LULV lallgi 

.11, Gresham St.. EX fSi' 

Target Commod in. |S6 Snln- 46O 

TarpfiFlnanc.al.-58b 63 0 -0~ 460 

Target Equity—..— J65 507 

Target Ex June 21 .. M81 537 

«DO A«. Unit*.— 20^6 0^, 3 Qo 

sssrusb-s; |y is 

SIT^JS 

Coyne Growth Fd. 13 7 10 1 -0 1 023 

Target Tst. Mgrs. (Scotland) laMb) 

19. Athol CresccfiL Edln. X 

Target Amcr.Easle[27 1 2 ^ i 3:n j 597 

SSRSiSSPBrJu fiS-SrfS 


ifSS ::::::! » 

Fleming Japan Fund SA. 

KT. nic Nolro-Dame. Lo\fmbour« ' 

pjmg. June Sl I 5US49.E2 j — 

.Free World Fund Ltd. 

Butterfield Bldg., Hamilton. Bermuda. 

N A V May 31 — ——l 5US179.25 [ ......[ — 

G.T. Management Ltd. 

RftHh EC1 

isss»=^ J 3i= |g 

G.T.AxiaSlertlnE- 0167 14.71 Jflt 

G.T. Sand Fund.— *VS?m Jn'i- n?n 
G T. Dollar Fd.—— *1-/709 -03- 0 

G.TPaciflcFd SUSiJ -J • ■ ■ LX5 

Gzxtmore Invest. Ltd. Ldn. Agts. 
i Sl. Mary Axe. XckuIoq. ECT 01-3833531 

Gnrtmore Faud SCogt. (For Eartl I*d 
1503 Huichisgn HseJO Harec-urt Bd, 

HKL Pnc. U.TW.- 5H31S 3WI-0055I *JU 

Japan Fd -ji ••-• SS3S 5 ' ”) .®is 

N ^mericin Tst ILnIIJ? U!o[ — . 1 *a 

tail. Bond Fund —laSttlW 'Jilfl — -l 5 - 7n 

Gortmari Jajmimeat Jta gL Ltd. 

P.'j Box 32. DouglaxJoM. „ ^ 0®? S 9 ! 1 
GartmorelolLlpc- gJ --.7] .... I 10 7? 
GarLnwro Inti Grthj655 69 3[ . ... ) 

Haiabro Pacific Fund Mgmt- Ltd. 
2110. Connaught Centre. Hong KraiS 


Schroder Life Group 
Enterprise House, Portsmouth. 

InteraallDDal Faud* 

£EauUy U92 126.0 

JEquity.-” — 126.0 134 0, 

{Fixed Inheres! — 1361 1^47 
SFixed Interest .... 104.8 in 4 

{.Managed 130 « 1|5J 

5 Managed 135 J! 12+5, 


979527733 


-jicnor a vi»u — 
Anchor Gilt Edge _ 

Anchor InL Ka_.— 

Anchor In. Jw. Tst . 

Berry Par Fd.-.— 

Berry Pnc Strlg 

G.T. Asia Fd.-- 

G.T. Axia Sierttag- 
G.T. Bond Fund . — 

CT. Dollar Fd. 

G.TPnciflcFd 


0624 23911 
.... 10.90 
... 4 2 


JI1U. LUUMUtN. . 

I Far Bart June 21 — |J2^_ — 

jnQ2fl Fund- |SUS7.42 . 91|tDls| 


32^ -0. 
3251 -9. 
1643 ■■ 
yj9l -a 
15-1 ... 


201+011 023 


Sbeflidd-SiaiD. “ ’ To! D742798«! lc 

Commodity* Gen. .166.2 -OX 5.« T 

Do. Accum. 76.4 822 ---■■■ |-g _ 

twTcciim 393 -42 j Jg Bl 

gg a= SI II -g-'j gg s 

5K5S£r=sS SJ -h 6 ; | 1 

InienraUonal «5 5Ua ® 

B&sss5?=^6 ™ "-- 7 Wi 

Dft/WlSC 103.6 109 5j ..... 5A9 

•Prices at May SLNext dealing June 3tt « 
Minster Fund Managers Ltd. i> 

Mi tuUct H as. Arthur SL.E.C.4. , 01-fl231»0 1. 

gssssrfcW ffll=1Kv 

MLA Unit Trust Mgemnt. Ltd. \ 

Old Queen Strom, SW1H9JG. , 01 *! 07 ?S' i 
MLA Unite (39.9 4X9J - - I 4 29 ' 

Mutual Unit Trust Managers? taMK* x 

IS. Copt hall Awl, EC 2RTBU. “'fP 6 ?®? 1 

MuTualS-.-c.Phis— B0 8 544n» 1 6« -j 

Mulurtlnc.Tn 1665 7XM -D.6I 

Mutual Blue □ih>_K2.9 *6 7] -J-i] ' 

Mutual High Yl(rI!|54S 53«-05| 0.90 ] 

National and Commercial ' 

31. St. Ar.drmr Square. Edinburgh tQldHd 9151 , 

■ Income June 10 JM6J lglB.. .. 6.12 1 

, Accum. I nijsi— _.g00.6 zoa.ffl j 6“ 1 

(7apL June 14 p65 131 M 4“ I 

lAcciun-L'nllal \O 0 A 1605! .... J 364 , 

, National Provident Inv. Mngrs. L*a.T . 

L 48.GraccchurchSt,Et3PaHH Ol-fiWdWJ , 

N.PJ GlhUn.Tit._U5.Z 40.Xd I 4-05 , 

;Aci-um.Unite)^_E2 5f| 4.05 . 

NpjO'sca* Troit_fl245i 13Xg — 4 2-bu 

1 (Arcum. I'atar* _J132.9 14071 ...... I ^-60 

1 —prices oa May 25, Neat dealing June 29. 

' •prices on Jqaa 14. Next deaUag June 3& 

National WestndnsterVla) 

7 181. CbespsUta. EC2V «EU. OI-0M 6060. 

I capital ■ Accu2l_[64.4 W Z< J i f-g 

Extra Inc — — . 618 625] — 0+ |.g“ 

Financial .. 3S.7 373 -0-1 53S 

l Cr-wlbtav — 06.7 pS-- . 542 

!.i»S5i^p5z:S5 If 

FdJdJ — 643+0X1 X26 
1 NEL Trust Managers Ltd-V (aHg) 

1 Milton CourL Dartdng, Surrey- , ™ l l 

Netetar... B95 6X61 +05] 4^ 

_ Nclstar High Inc. _|*9JS 5Zl|-0.2} 820 

, For New Court Fond Managers Ltd. 

\ see Etrthsdiild Asset Manageoent 
Norwich Union Insurance Group (bl 
,, PO Box 4. Norwich. NR1 3NG 06U322TOO 

‘ l GroupTaLFd. p375 3553) -0.31 531 

0 Pearl Trust Managers Ltd. faitgHz) 

0 352 Hicii HDlbum.WriV7EB 014038441 
0 Kearl Growth FdL-. |sa 4 . 2a ll ... -J SE 

2 Accum X’nite za U .. . 5 07 

0 pearl Inc- ;Q0 9 33^-0} *« 

2 Pearl r nil Tot pS9 36 id -D.) 5J7 

0 1 Accum. t nitgj -M^ra.0 4751-0.3 527 

Pelican Unite Admin. Ltd. (gMx> 
no 81 P'ouBUirt 1 SL. Manchester 061-238 S6K' 

e Pelican L'ailS (IL2 I7JJ --..J 520 


113 1:8 

I +fiil 318 


Conference? Seminar. 
Company Meeting? Receptu - 
Film Preview? _ 
Advertising Presentation . 


There's no need to hunt around the West 

m comfortfor out- peop'®* : c i/ 2 » co our 

extensive catering fadlrties 


FINANC3ALTIMES CINEMA 


All. en n r Sn' HoSsflO cSn Street, 
^London K 4 P 4 ffitTd : 01-248 8000 (e*t- 71 ®. 


Confederation Funds Mgt. Ud.? (a) T 

50Chanceryl<aac,WC2AlHE 01-24ZKMI I 

Growth Fund [4X5 4X6) —■ \ 455 1 

Cosmopolitan Fund Managers. j 

3a Pont Street London SWIX9^.01-2M^». j 

Cosmopoln.GUuFd.il7 3 U.6| -03J 4.93 , 

Crescent Unit Tst. Mgrs. Ltd. (aXg) j 

4lltaWltoCren..!iaJriburch3. 03I-2264WJ , 

Crescent Growth -I267 MW 4^ 

Cres-ltHcnirt I — 679 ttU . Og 

Cm. High. DlsL . ...jta5 «.M 905 j 

Cree-Rroorw,-. ...h92 gW «46 

cmTofcyo..— I — *5°l 

Discretionary Unit Fund Managers 

2Z.BlomlleldSL.EC2M7.AL. 

Diac Income^- —11608 1715) -18 526 

E. F. Winchester Fund Mngt. Ltd. 

wrasdii M “a 

Emson & Dudley TsL MngmnL Ltd. 

-0,AriimStoBSL,S.W L „ fit- 1 ? 9 ™! 

EnBOn Dudley TsL.|675 72.6) ..—4 XB0 

Eqoitas Secs. Ltd. (a) (g) 

JlBlaheafldaie.ECS 01-588 2851 

I6S2 6aa)-a2| 4JA 

Equity & Law Un. Tr. ML? (a)lbKe) 
Aznersham RCL, High Wycombe. ' oto ? 3 fS 
Equity* Low ——)545 678) .....J 450 

Framlington Unit Mgt Ltd. (a) 

5-7. Ireland Yard. EC4B5DH. OL-Snvn 

American. BUA I X00. 

Capitol Trt. 116.4 UXg ■ — 2-g 

Income Tst--.. egXjl IDBig ■ — j ‘.is 

Inl. Growth Fd.—...P“0 Hfa \ i22 

Da Accum. IW*2 116.CI I 

Friends' PrevdL Unit Tr. Mgrs.? 
PixhamEad.Porktoc- 

saiSJSX— :Bi a 

G.T. Unit Managers Ltd.? 
ie.FinrtmryCirem.ECTd7DD 0, « 8 |“ l 

3 SJ-,g7- 8! 

» 1 8 

&«Eaa^BU 1 |g 

U G.T. latl. Fund — J200 “7 7 +0.1 gw 

GT.FourVrtsPd.-.Bd.l 37.« *•=» 

G. & A. Trust WHS) _ 

ft. Hayltogh Rd., Brpnrwood 

tfcjL-. l 3U AM 


SffiSSSSSiClKS ^7| -03) 101a 
Trades Union Unit Tst. Managers? 

100, Wood StccLECX 

TUUT June I 150- 1 53 4) 4 550 

Transatlantic and Gen. Secs. Co.V 

Bl-99 New Londoa Rd- CfccJmrtoJ 02^551051 

iSSSSiar ?-:® Is xlil 

BartJEjroLMa^ 1 -. *5 """ 486 

Buctan.jTipe22 7B6 J-gg 

(Accum. XmCM. W3 iStJ I3V 

Col emo June 23 — .123 1 3f?-S “ 15 

(Accum. IjallSJ.-— W\4 l||-| - 3 - s 5 if 

. Cumbld.Jun*2I— |0- f|| fib 

(AccnnuUnltei »+ Sj ' £33 

Glen. June 20 53.7 ^0 -jo 

(Accmn-Uniui. — gO M2 ~"' 266 

Marlboro June 20 — 52.1 »Z zoo 

1 lAecum-Cnltei—- 595 |+| 340 

VanGveth. June 2D5Q0 g7 

t Accuhl Unite.. — 614 

Vnn'Hv June 13_. ... JX1 g£g 


vane. r« June 21. gS 

(Aocum.Xmte gj* ? 

Wick'r Junes .. 593 5 

1 Arcum. Unite.'- - . 703 * 

Wick In June 23 .642 $ 

Do. Accum. 73 6 ‘ 

Tyndall Managers Ltd.? 

18 C.’iHiwfoR'Md.RnrtuL 

Income June 21- ^76. }' 

1 Accum. Units- - 17B+ « 

Capitol June 21 -|1;|^ £ 


1565 -3.E 

53 2 

583 ...... 

57 0 

73— 

54 2 

6XE 

52 7 

6*7 

759 

45 Bd 

475 

62 5 


027232241 
.. .1 B30 


Japan Fund- -|lUS7.« 7S1|+D1B) — 

Hambros (Guernsey) Ltd./ 

Hambro Fund Mgrs. iC.L) Ltd. 

P O. Box 88,Gueraaey 048 

CJ.Funrt 1140.0 1*91 3 70 

tatal Bond . SUgkllSra 103X8 850 

ufffeU 

Henderson Raring Fend Mgrs. Ltd. 

r.O.BoxNlTZXNaswu.BahimJf 

Japan Fd -...IJI'SIW Dlj •■•■••I j- 

Pnces on June 2X Next dcaliafi date Juae -a 
Kill-Samael & Co. (Goernsey) Ltd 
B LeFebvio SU P«er Port Glctoscv. CJ 

Guera.'<yTsL [145.4 X* 56 ! I 365 

fUll Samuel Overseas Fund SLA. 

37, Rue Notre- Dame, Luxxun tours 

151088 19551+0571 - 

International Pacific lnr. Mngt. Ltd. 
PO Bex R237. 58. Put St, Sj-dn^-. AosL 
Javelin JSquih' TsL. ISA2.07 X181-D1H - 

JJE.T. Managers (Jersey 1 Ltd. 

PO Bo* 194. Royal TM. Hfia, JerM>«KH 27441 
jBraeyExtrnLlJt.-flfan . IT 3 - 3 !,;" ■ 

As Bl May 3L Nest nub. da» June 30. 

Jardine Fleming & Co. Ltd. 

4dth Floor. Connaug ht Cen tre. Hone Km* 
Jardine atn.Tsu._{ ’JHK»?36 

JordiTioi pp.Fd ".-l- SHK31L25 

JardlneS E.A SUS16K -- l- 90 

Jardine Flom.tat.._[ SHK9 1 0 

NAV June 15. 'Equiralo-i' SUS7um. 
Next sub. Juae .V 
Keyselex MngL. Jersey Ltd. 

PO Bo* 98, Sl Heller. Jersey .. .KrC iU-606T07ni 

FoiwjIos n*I«J ,!5R - 290 

Bonrtseles . ...... FtelU.H ta® ••• ** 

Kei-selcx !nt I £661 it’ • - 370 

Kevseli-x Europe... £3 96 »* J 

Japan Gto. Fund.. SVBpSZL .*.1 n ^. — 

Kersclex Japca — pP 92 + nn3 

Cent. Afsets Cap.... £133 E5 


J. Henry Schroder Wagg & Co. Ltd. . 

120.Cheapolde.ECi 1 aaS®**? 

ChapS June 22 SU&LXB 1-0113 -51 

aWjL-sTsas ta 

Sentry Aaaorance International Ltd. 
P.O. Box ‘J2B. Hamilton 5. Bermuda 

Man aged E\ind IKJSUM0 19W) 1 — 

Singer & Friedlander Ldn. Agents 
20. Cannon SL.ECA ' 01-Z4BW48 

-I * 

Stronghold Management Limited 

P.O. Box315.SL Heller. Jcney. 0S34.7J4B0 

Commodity Trust... 19228 97.14) ] — 

Sarin vest (Jersey) Ltd. lx) 

Ou ecus H«o. Don, Rd-SL Heiier. J*y .0534 27348 
Amcncylod.TsLJaja ,0-471-0 0: - 

SSH 5 &-TO S*W = 

TSB Unit Trust Managers (C.I.) Ltd. 

BafijlelleRcL.SL Saviour, Jcrsej. 

Jersey Fund 1471 *9 61 4 8* 

Guomwy Fund .- .147.1 *96) . ...1 

J»rlces oa June 21. Next sub. day Juno 28. 

Tokyo Pacific Holdings N.V. 
lslimis Maaascmcnt Co. N.V., Curacao. 

NAV per share June 13». 5US5582 

Tokyo Pacific Hldgs. (Seaboard) N.V. 
Jnumls Alanagement Co. NV, Curacao. 

NAV p7r share June IB. SUS40.74 

Tyndall Group 

P.O. Box 1258 Hamllluo 5, Bcraoda, I-21M 


Overwoi Jurat 21. PJ'Sl J5 1 
1 Accum. Unit*.- — i 
3- Way InLJuneZZ .fililllS • 
; New Sl. St. Heller. Jem? 

TC'FSLJune22 - £7.70 0. 

lAccum Shares' OL9B 12 
Amencaa June 22 .. C5 g 

lAceLmdiareti . . BZ3 » 

Jersey Fd Juno 22- 194.8 2W 

/Non J Acc. UteL- 273 3 2* 

Gilt FUnd June 22.- 186.0 10B. 

1 Accum. Shares) 137.0 13V 1 


:5§|*4(E5| — 
0504 37331/3 
8.25) .... 600 

12 8C .. .. — 

880 200 

206 6 I !" 7 62 

iTn 




Utd. SntnL Hngmnt. id.) Ltd. 

14. Uulusier Street. St. HeUer. Jersey. 
i: rn Fund IJL'SWB 16X86) .— •! 8.16 

United States Tst. IntL Adv. Co. 

14. Rue .Aldringcr. Luxembmjrs- 
U8.TSLtav.Fnd.._| SUS10.« I — J 0.9S 
Net asset June 2U. 

S. G. Warburg & Co. Ltd. 

30. Grexham Street. EC2. 01-OT045H 


Warburg Invest. Mngt. Jrsy. Ltd. 

1 Channg Crow. St. Holier Jsy Cl 0KH 73741 
CHF Ltd Mav 25 . . 5M2+* , — “ 

CUT Lid Mav 25 02.50 1<;90 — 

H!e:aliTs: June 18 0217 U47... . 

TMT June 8 ..... HSIU7 1IB — 

TUT Lid. June 8 . . 00 68 10 .... — 

World Wide Growth Management? 
10a. Boulevard Royal. Luxembourg. 
Worldwide Gth Fd[ 5VS14.B9 I I 


Accum. Umlsi . - 


Exempt June 2! ... J105 
1 Accum. Unltei 156 0 
Ini. Enm Jane 21.. 2«36 
1 Accum Unitei. zjiu 
Prof JuoeSl — . 992 
(Accum Unltei.. ... 1+3- 

SciXA Cap .1 uoe 21 1|0 4 

C Accum. Unite' — 15.4 

ScoL Inc. June 21... 163.4 
Dutdan Wall Croup 
Capital Growth 1 


NOTES 


Extra Inc. Growth. 
Do. Accum. — 
Financial Prirty 

Do. Accum 

High Inc. Priority 
International 
Special Sits. 


-0.1 - 
-o.il lfl.os 
-oil — 

544 


Prices do n« Include 5 prcuu^m c\mpi ^ero indiea^ *^and are to^xrtce prices 

indicated. Yirtda % whouu m 1 toe * wfared Sri offer pnce.d t-nimotod.a Tfrdav'a 
include allexpenses, h To-dav « Jgffy. c . JCS. ■ SSodtc pretrtumlnsuranccplans.s binela 
opening price, h Diatn button free oft exempt agent a commission. 

pRSHSui insurance, x Offered pr.w nciudej all e^e^excciK p s^ Mg 
y Offered price Includes all linlcss “SioSS «7lSuerti*y groas. i Suspended. 

85.3) -0 71 6.07 ¥ Net of tax on realised capiul S a “”ii ll }~",i n SJ x . T Exlsubdlrinon. 


♦ ificfd Wore Jersey tax. T Ex-subdlrinon. 


-02 B02 

+ 0.1 2.66 
581 


COR-^L INDEX: Close 454-459 


TSB Unit Trusts iy) 

El, Chantry Way. /Jidovor. Hants. _ 


iTjiTSB General . — 

rbiDo Accum. 

ibi TSB Income — 572 

1L0 Do. ACCUnv 59-6 

TSB Scottish J? 

1 bl Do. Accum ......... “7.7 


to COM 6343=p* 


%%:■■■] IS 

609u» -0.£ 7 60 


“ CLIVE INVESTMENTS LIMITED 

1 Eoyal Exchange Ave.. London EC3V 3LU. Tel.: 01-283 1101. 
I^dU Guide as at 2C«h June. 1978 (Base 100 at 14,1- j 

Clive Fixed Interest Capital 

Clive Fixed intev^t Income 


Ulster Bank? (a> 

Wann^ SirecL Bella?! 
iblUlalcr Growth .136 1 


ffircS.'-T! 
. I 544 


Unit Trust Account & Mftmt. Ltd. 


King William SI EC'III PAR 
FnaraHsc Fund.. 1153 0 
Wider Orth Knd -.129 3 
Do Accum. 134 0 

Wieler Growth Fund 

King W9 llirfiu SL EC4fi '*AR 


ti|-«S48r,l 
162 0) .. .1 4.19 
30.9' . ... * 36 

358)....! 456 


INSURANCE EASE RATES" 


t Properly ‘irn-.vlh 

t Vanbrugh Guaranicerf " " 

1 Addn+4. sh-.u u UB-I.T In^.ran-v jii. 1 Pnmcriy Bdul Tabl- 


JncrnuD Unite C95 

Accum. Unite 


D1 f 28 JSfil 

J 4 33 

.1 453 



”1 



vl 

.!) 

% 


EDITORIAL OFFICES 

Amsterdam PO. Box 1296. Amsterdam-*! 

Telex 12171 Tel: 240 555 
Birmingham: George House. George Hoad. 

Tele* 338850 Tel; 021-tW 0922 
Bonn: Presshaus 111104 Heussallee 2-ltt. 

Telex 8869542 Tel: 21003B 
Brussels: 39 Rue tlucale. 

Telex 23283 Tel: 512-9037 
Cairo: P.0. Box 2040. 

Tel: 938510 

Dublin: 8 Fitrwilliam Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street. 

Telex: 72484 Tel; 031-226 4120 
Frankfurt: Im Sachsenlagor 13. 

Telex: 416363 Tel: 535730 
Johannesburg: PO. Box 2128 
Telex M257 Tel: 8387545 
Lisbon; Praca da Alogrta 58- ID. Lisbon 2. 

Telex 12533 Tel: 382 508 
Madrid: Esproneedn 32. Madrid 3. 

Tel: 441 6772 

ADVERTISEMENT OFFICES 

Birmingham' George House. George Head. 

Telex 338650 Tel. 021-J54 0922 
Uinbuwi! 37 tieorjfe street. 

Telex 72484 Tel: 001298 4139 
Frankfurt ' lm Snchseulager IX 
Telex 16263 Tel. 554667 

VZfrSgS™** Ht>u **. The Head raw. 
Tel: 0332 434S69 


SUBSCRIPTIONS 


S.W. Washington D.C. 20004 
Telex 440225 Tel: (202) 347 8876 


Manchester Queen's House. Queen Street. 

Telex 666813 Tel' 06 i -834 9381 
New York- 75 Rockefeller PI am. NY. 100 ID 
Telex 423025 Tel; (212) 489 8300 
Paris: 36 Rue dii Semier. 75002. 

Telex 220044 Tel; 236 66.01 
Tokyo- Kasahara Building. 1-6-10 tirhikanda, 
■'hlyoda-ku. Telex J 271N Tel: 295 4050 



Copses obtainable from new-agents and bwlwallc worldwide nr «n regular subscription from 
Subscription Department, Financial Tunes, London 


























































































































































































!: M • 


Itoacto ’times Saturday June 24 1#78 


SW> urn 


13*+ 

& 

80i 
112 
34 
_41 
315 
3®. 

67. 

348 

38 I a* 
&TS 

235 
219 
23« 


INDUSTftI Af nS~ Continued 

W--** ■WkHfiujs 


i--** ■ w»i + -i ?i cJbSh- 

n Mil 11 aMalf — . 11 1 

_ . Okmm Wp 54 ...... 3.00 2 7 7* a 2 

HwSWwKC, 130xa W 55 H lilts 

BHpP*- S - J *h! IlLfffS 

noisp — 


WeOpflBpJ 35 
iCtaufl — | k» 
RirS Mal'scn 3}p 
Hcldeirfti.1 
HolljsBrot 


T-rti? ¥s M’S 

| :::::» 

® ■■■». tcn .07 12 i 12.2 
1M.-1 7.26 -Tjo5„ 

5 3 * | 9 8.8 Mi 

S ••■ SKL 3.6 7.9 5J 


Hollis Bras. bZ .. « 03 5, AZ g-f I 

HdUtoTOtoUOp. 137qf ] 7.00 |o 77 f|j 

H"!*L£ 3 “ -3 14 82 lol 7 2 iaJi 

Hmarasp^ 92 ...... M5M 3d of o* 

toStans*R20p. 167 .... 5 J 7 £2 47 mJ 

HpmmfTewM. . 29 — 1> tl .71 _ ?q 1 
bhUmAsw.- 203*4 -4 2.95 95 7a 

dESfa* X i, « 34 2S 

w*S ^ ;£= 17 7 

^ J* on"s2 _ 

1 ? Si \ i $£ 

U —.. 14.11 18 &4 10 I 
H “* •■;•■■ : W* 17 81 6.9' 
S, “h tcEL47 2-7 8.3 5.4 
1?* ZdD-5 „ s.9 — 

2« -4 Q67e 2.2 2.9153' 
25 ._.. th2.0 1-2 Kll 10,7 

J5 3|?” 33 67 SA 1 

®5 13.62 4 4 g 4 

g, +1- 2-39 2.710.9 43l 

2?? ...... ti95 2 £ 9.7 87 


1978 

Big* La* - Stack 

120 99 (BowiitC'CTt.. 

58 30 . Enman M. sun. 

172 148 BrijainrSp. ... 
£16? s 955 fflojijpaJ.Vjn $J_ 
159 138 Comm. 1 ’iiwr. . _ 

166 132 E&glcStnr 

24 2W- LiVi 5 (Vs. in Ilf. 

£.129 £U& anul Sr-Xr.; 
178 148 E^uit>&[«iv5ti. 
250 200 lies ,3CL'idvo< . 
262 206 lluarriinn Ilu>aJ , 
33s 263 iJaastooLife — 
292 240 i(MihfCE..af|>. 
193 163 HaggRuhtreiw- 
*17£ 14? HmwJen-A. Ito 

177 143 Lepali-Gen 5p_ 

106 13 Lei. A; (+iwn. JOp 

150 120 L«m A Man 5p~ 

178 132 Lm4hs l thrift;- 

21 S 160 HaahcwWr 20 p 

204 151 Utnet Hides ftp 

67 47 M*nofUfcnsi:.9p- 

JVarlap 

Phoenix 

Provuleifl-A* 

Do.**" 

Pndntja] 6 p._ 


INSURANCE 

w. I racing 


FR0FER7T— Continned 


INF. TRUSTS-Confinned FINANCE, LAND-Continned 


132 120 
173 U37 
146 ms 


-4 123 




*> -1 MJ 6 2 .. 

| =M HUB 

M -a ' 3J 7.1 ti 

1 :::::: 5S S5 !3 15 

g -1 tt.62 ZS 43lifi 

-1 151 |"SJ'V ) 
»» :::::: li? H y*H 
-r gig S f j H 


3£ 9.7 8.7 
6.6 5.6 4J 
23 73 9J 
2.0 2J i 271] 
2.2 6-2 B 3 
2.2 7J 7.4 


107 94 
606 504 : 

108 93 

957 679 , 
170 155 
Ol l 2 LI 75* 
3 03 250 


SedcForbe&lOp. 

Stenhouse — 

Son A!ltanreU_ 

SunlUaSp. 

TxsboV&r.EDR 
Tndclndeonib' 
tnn-d«rsS15lU 
Wiflte Faber 


J 95 

-4 U 8 
... 9 38 
: ~'i mi co 
.. 7.65 
-2 C.13 
-2 


. eio 

“2 10 37 
. . 200 

4 83 

T5 6 

-1 170 

... 5 77 
-1 J4 47 
. - 16 4B 
-1 h3 77 

9.19 

*1 3 33 

3.b2 

-2 1254 
i-2 10.35 

8.17 

8.17 

665 

81 

. ... 16 4S 
*2 9.59 
*1 405 
+2 20.15 
-1 13 42 
+ 9 «/10-, 

8.47 

QS168 

+2 9.0 


fvrlGr'il Pf£ 

53 4.1 64 
34 64 70 

- «7 - 
-- 37 — 

- 81 - 

— 67 — 

~ n - 5 — 
~ 68 - 

— 61 — 

— 7i _ 

— 96 _ 

51 ?,.0 9.1 
31 4 8104 
2.9 6 5 8.91 

— S.h — 
21 6 4 116' 

— 7.7 — 
43 35 99l 
2.1 8 7 7.5, 
4 3 2.7 11.6! 

23 9.6 63 

— 64 — 

— 6.6 _ 

— 9.7—1 

— 9.7—1 

— 7.2 — 1 

- 9.0 - 

- 7.1 - 1 
3 3 3 612.9 
27 63 75 

- 60 - ' 

- 54 - 

- 0 i - i 

- 7.6 - 

- 33 - 

24 54 1X5 


' ms , 

Rlsh Low 

'328 2 RO , 
39 25 

i 59 34 

46 341" 

278 190 ' 

£179 £145 
Cl 50 L12? 

,UE0 £125 
51 37 

262 172 
, 93 77 

74 55 

1?2 104 
1134 105 


j+ vr Mr )VM 
Price - Vt Cir'tir* P/E 


168. 

2 flj 
40a 
151 
SSh. 

38 
64 
92 

W .. 

70 I 54 

-22 j 18 

103 } 90 
70 I 60 
145 


MOTOKS, AIRCRAFT TRADES 


I 270 145 
44N 3i'i 
64'j 53 
125 103 
I 4b 45 
83 68 

347 295 

|110 77 

1130 64 

315 285 
156 127 


121 89 

% 72 

118 97 

43 34 

129 100 
£174 E14Q 
270 216 
228 170 
71 31*2 


£ ...... 1.82 a2 

g -1 «U 2 23 


130 ...... 4.48 

2W t3.1 

75 d290 

132 -1 b5J9 
18 -2 — 


3.00 3.7 9.2 3.7 

235 +1 9.0 4 . ia 6 4 > 

27 -l 2 2.0 4> 132 4> 

37 £JL58 5.8 6-5 3J 

g ...-Ma.4b 3.7 8.7 34 

_2 23 7.8 6.4 

^73 10^9 25 95 49 

57 ~1 +2.14 3.9 5.7 5.1 

gal 2.00 0| 14.4 Q6.4I 

94 1W 43 6.4 4.6 

McBrideHbClOpl 135 7” h!63 95 LB 3.3 

Vfh 025 — 2.6 — 

.60 tM 3.7 6.7 6.1 

% +1 d2.70 65 42 5.6 

70 -2 15.61 28121 45 

2M . — 15.56 1310.810.6 

23 dhfl.92 22 6.0 11.6 

d2.« 4.7 &6 2.9 

lS5*d -1 7.02 35 6.9 5J 

54 4.00 — 112 — 

£110 — : Q7?4% 23 f7.3 - 

131 — .. T4.B6 4.0 5 6 6.7 


54 4.00 - 132 - 

£110 — : Q73»% 23 H3 — 

131 — .. T4.B6 4.0 56 6.7 

« tlflZ 15 11.5 8.7 

d0.92 13 103 11.6 

3X0x3 -2 14.87 q32 73 4 8 
98 -1 421 2.9 6 5 8.2 

62 2.12 5.4 52 44 

197 ^5.66 4 8 4.4 73 

79 9T3.36 14 6.4 9.6 

£115 QS% 19.8 (4.4 _ 

8 - 1 * — - — 13.7 

1 15 528 28 7.0 7.7 

* 2.42 3.4 7 6 51 

» g2.0fi 2.7 9.5 5.4 

57^2 -iij 1.00 a9 26 itt5i 

127 5.18 2.4 62 17 

48 +1 3.3 2710.4 53 

40 132 O.B 5.0 39.7 


40 132 

£78 Q4‘ 

79 330 

103 -3 2.00 
26 ..._. 0.98 


2710.': 53 
O.B 5.0 39.7 
1L9 £52 - 

16 63 7.7 
6.7 2.9 7.1 

17 93 6.2 
16 7.3 63 

3.1 aa 53 


.26 
£Wj 

119 88. 

•99 I 82 
27 h20 
46 I 38 
122 
133 


W f/9 
054 025 
Tb 58 
19 14" 
52 33 


84 4.02 16 7.3 63 

103 aw 3.1 aa 53 

X83 td3.8 2.9 3216.51 

19 ....- 12 0.9 17.5 ill Hi 1 

Z 5*z 137 13 93 12.1 1 

£97 -h 09% — (9.3 - 
1X1 „.... 4^8 3.7 5.6 73l 

94 ..-. h3.02 3 3 4.9 9.01 

23 ....- Q& 1514.7 10 
38 -1 — — — 223 

110 7324 6.5 43 52 

113 -1 F650 * 5.8 * 

38 1.62 5 0 6.4 4.7 


38 X62 

20 -h 0.66 5.1 5.0 4.5 
83 -... 429 3.0 7.4 52 
&45 -3 Q15% 22.5 M9 - 

M 4.51 14 10.7 8.5 

16 B- - - 37.7 

33 -1 d!72 - 115 - 

75 (3.96 7.0 2.2 7.7 

35 -5 11.52 04.7 3.3 9.7 


53S -5 11.52 94; 
£68 -1 Q5fj% 5.1 


30 20 

272 M5 
S3 37 
121; 5$ 
98 bi- 
as 762 


120 S3 
63 49 

121; 8 
83 57i 2 

73 55 


58 46 

105 63 

70 55 

125 109 
91 52 

70 56 

27 20J« 

£23*j Q4 
211 152 
90 71 

1*7 % 

11*2 81* 
55 44l; 

313 240 
'59 31 j 4 

140 95 

74*; 55 
UH; 36 
115 37 


I 95 63 

21 *)£ 
98 7J 
1 *134 no 
1 43 34!( 

1 44*; 3S>2 
49 40 

26 19 

131 84 

44 29b 

45 55 

95 74 

81 68 
5U; 39 
59 50 

58 30 

46 21 

126 92 

*100 74lj 
133 113 
148 88 

£235 £128 
95 72 

46 31 

84 65 

86*2 641, 
67 48 

87 73 1; 

■3 £ 

307 4 77 

m 26 

45*2 15 
8 h n\ 
76 43 

46 33 

•95 68 


Motors and Cycles 

BXSOp 23 _ „ 

lien 5fis. Units. 245 034c 1.7 

IjotusCarlOp.— 45 ... _ _ 

BdiamABr »p... 10^ *.s 4 — _ 

ilolis-fbrreM.'n - 91 -1 MS 16 2.4 

Vo1ioKj50_ — £11 U Q12% 0.6 

Commercial Vehicles 

plT.m&c. (207 j [hZ 1716.4) 

ffWens«pi. ..1 55 I U3 2S 50 

teak tmesis. 10 p Sul l+n^ ?ol 


116 82 
24 18 

282 210 
148 119 
292 262 
20 14 

19 16 

37J 2 30 


Imfi lmpr-rfr’ _ 
lnli>ri>uin(«.ar '.<ip 

UivpJlnu'-i . .. 
Ui»lN.t- .I'li . 
l»> :-hi. 1 n \i.i . 
|i n e,J.' ? 

]k< 

Li-IHlIf.l'bVk 

LinilVo, .tlip |ijf. 
Inn Vuinl'iup 
I -ntiiiliil£ : 3ip 

Mm' 

M-rlir FL'i.'tf 
Mclw-nn'. liij* 
MrKat Sci'. -jiji. 
’Jiiliui-.'.Vih. tOy.. 
MuuWiiifuSp . 

llnrklmvi VS J 
\,.4uiii „ 
IVMChn .... _ 
fti.piifd--' film. 
ITp In h Kin £1- 
i*rv'P V'ari'shin., 
Itup. S Rev.' V - 
l^tip.S« InrSOp .. 
Rjsbn f 7up. 5p- 
ItaiWllan. .. — 

H'T.lorul Pnip 

lie. ’A' _ . . 
ku<n & Ttmptjn, 
Samuel Pnps.~. 
Scut Mftrop Hip 
ScwrdOty lOp. 

SIwuchEfl 1 , 

1 Un.UFaCunr "JO 
StuekComvrsn. 
SunJc»-<DiJrtJ- . . 
Swirv ITuKrtus. 1 
ToauC'enfri 1 . 
Tocn&Ci<> 1'lp I 
rraliordrark—. 
t' Y. fropenj - , 
Ulri K+alFrup _ 
WurncrErlaic .. 
n'vith»dl4r cup., 
\V+hb»Joi.i5p . -| 
Wreirwl-T 1' 1W]>. 

niibloiiCiU,. — ; 


310 -5 , 

31 

34 

34»;i4 
205-9 x 2 
£161 .1 
C13B . 
£140 +1 
38 

250 -2 

93 .... 

58 .... 
120 . . 

120 

26 -1 
42 -2 

220 .. .. 
40'; -i; 
54J ... 

215 -2 

46 

77 +1 

303 

110 

Ill 

295 

140 +2 

13 1 

74 

60 

114 -2 1 

79 +1 1 

202 

34 -•> ' 
1 113 -X 

£161*fl 1 

238 -2 
204 

W ‘ ::::: 

107 -l’ 

ia 

248 -2 

127 -1 
275 -5 
,15 ... 

18 ... 
37 


Id .6 2 0 0 8I29J4 

tCI - 0 5 -- 

I. bO 4> 7 4j 4> 
1li0 67 12 24 44 0 
5.12 qlS 3 9 23 9 
WS-r - T4 3 1 ? 7 - 
IjBl*"* q4j 14 5 — 
OlO'u crf3 17 l - 

IS 03 4Q1257 
■J25 e k 2 0 31163 
40 81 2.6 I S 435 
7300 00 73 IS 9- 
12 23 2 5 2' 9^210 

II. 7 19 21 37 4 

♦— - - 32 B 

Z2 0 * 7 b * 

TUI W 3 10 366 

13J * 3 7 * 

th2 22 l.S 2 9 279 
2 0 0.4 6.6 4721 

,1200 - 3,9 — 
V'6 54 1.3 3 3 392 
♦t4.0 0.8 5.5,365, 
l .b 4. 2 4 40 8 

516 1.6 2.7 35 5 

,11.88 - 2J - 


2 0642- 
25 521' 

3 8-111. 
: iiQis. 

24 45 6 
7 7 10 2 
3 0 273 
16.2 - 
13 497 
30 - 


KlO 15 
'p2 0 23 

■12 87 2.7 

IdZ.l 0.6 

a .94 12 

Tl.73 1.9 
227 10 

lyio* o 13 4 
h20 2 4 

395 - 

Q18*^ 4 

0 32 i: 

001 - 
T3.65 1.4 


5.17 L2 3 2 41 2 
12.66 1.6 32 307 
695 12 39318 

hdD.48 2 5 4 8 12.7 

1^7 X5 7.2 19.1 


PeaklmesiSLlOp 8 *,) f+05 2 9 

PlaklOOfi I 7B . .Ith39| 3 3 

York Trailer JOp. | 59 |-3 { d2.14 1 55 

Components 

58 d264 3.8j 

94«d .... 491 4 

,66 ..12 04 3 8 

112 -1 14.69 3.6 

80*r -1 hi 36 * 
65 ... 367 2.6 

2V* 1 I O 6 IB 

f21 7 t «124c 37 

!9B -1 t4 21 3.7 

72 -1 53 23 

144 -1 205 4.4 

111, -*i 4 0 25 10 

lHWft.Mp_| 53 -2 0 99 3 3 

297 -1 tax 4J 

Supra Group lOp-1 53 -1 U5B 4.0 

137 +Z 3 99 5 2 

Ml; .... 3 08 33 

93 .... 3 30 * 

90 . . 44 4 - 

Garages and distributors 

M I... .14.35 \32\ 


... Mb 25 2.5 
. 17.75 2.4 
>4 235 37 

.138 4£ 

1 ; 1198 23 
..142 17 

.... 6.40 * 

... d?17 3 2 
.. tdl.7 4 b 
.... 13.03 5.5 
.... 4 57 Z.E 
1; 2.B1 3.4 

.. 1 43 4.8 

... 125 L5 
... d0.46 17.4 
. W412 3.8 
1 16.70 « 
-1 9B.58 3.2 
-1 1323 3.1 


31 53 
9 0 122. 

* 59 
7 6 BJ 
55 5.0 


SHIPBUILDERS, REPAIRERS 


>. 68 

-2 



. 128ri 

-1 

666 

_ 166 

+ 2 

4 65 

_ 270 


14.61 



Heron Mtr Grp 



QlOttlZU 
-15 96 <ft 


.. 155 5.CH 
-1, 1415 2.6 
-1 347 4.3 

1246 5.2 

60 l.¥ 

tl.50 6.3 


. ... h269 72 
>i; 1. 65 41 

40.62 8 « 


6.91 5.8 
7.9 ® 

4.7 B3 

6.3 6.4 
2d * 

E 8 59 

6.6 13.9 
3.2 111 
3 212.7 

112 4.7 
3 0 11.5 
3 3 522 
25 12.0 
4Z 8.4 

4315.6 

4.4 5.2 

6.8 i52i 

6.4 * 

7.4 * 


. 9.6 5.0 
!- 232 
103 7.4 
9 6 7.4 
8 2 38 
52 6 0 
l <3.9 9.7 
10 B 3.4 

ao <b 
a: iii pi 

6 7 35 
| 5.2 53 
89 6.1 
89 (3 61 
I 4.3 7.4 
63150 
i 16 4.6 
1 5.5 72 
10.6 «■ 
102 S3 

3.7 13.1 
(4 9 - 
12.2 J 

60 5.1 
03 6.6 
7.0 4 6 

61 3.4 
117 60 

6.8 38 
- 16.6 


SHIPPING 


305 252 
200 117 
158 112 
348 20b 
157 130 
4H; 341; 
39 251* 

145 116 
255 200 
261; 121- 
85 66 

138 115 
118 90 

140 i>7 

4b 34 


BrlL&CamSOa. 

r renown Eros wp 

Fisher ij 1 

FurneoiWuhyil 
Hu&UmiOiliyn £1 
Jabjl»iJ.I/20p. 
UilLOVdS KKB-. 
Lsk-Shiprutu: ._ 
Min UnenaOp.. 
IferseyDk.l'iuis 
Milfurd Dock EL 
1 wean Transport 
P.&O.Miiil.. 
RcwdHi 5tti 50p 
Uu‘.Y5ap... 
Ruucini-m'Wj — 


291 

130 

1S6 

234 .. 
147 -3 

35 

251; .. 
lib -2 
220 ... . 

::::: 

115 

90 .... 

72 -2 


qj.7l 4 9 <J> 
— 6.8 — 
7.7 1.5 91 
4 0 5 3 S.9 

- 52 - 
1.2 8 0150 

« "6 4 514 
23 3.5 26.1 

- - 1.0 

4> 5.6 0 

2610.9<41i 
1 9 1L0 <59i 
39 ; 80 

3 9 i 3.9 
2116.5 45 


SHOES AND LEATHER 


5,0(1 ! 
trj 79 JlJ77«R#r I - ( 
7b 66 Bff-illrttai;! ' 

ub 56 1 I llfto - J 

:U . 1 Jl«*-awl;;- 

~62U 5812 • jW'inuf • 
7'? “ 56 / 

£9 7<i ■ ••• 

.’■9E 194 ■ iwll'.-l’ 

[lit 4Q isnl f-"'- .' 
i;0 102 ' -'I'll. -1 6 •" l 

120 WO IW-H- . 

108 S7 1 . jrdin.-ni': - 
114 94 fjrMln, 

ec> 5b i.'tnlajlir- 
140 124 than 1 1 - In- ; 1 
550 455 Do. Cal' . ... 

551 - 46 rawer Tn. : - 

:9U 2o Cil? AC-’ni tin 

1J1 76 PpCap i*."- • 

87 48«J Final «r In- 

102 85 I’lty&lrK'ix 1 

bei- 62 1 iliufird..-.! 

83*1 76*; lllWTfc"*i.-c -Op 
1D‘ b‘>~ iTiltoriir i»i- 
801, 5G, Oydesdol'-'lr-.. 
77" 57 IX»X - .. . 

245 212 I'olOEkl-v - .--l 
203 160 ren&neeti •'* 1”-! 

112 94 1 anDRea! I 

180 116 C res' "J J > l«j ri .- 1> 

79 67 nwssfriars 

3D 24 Cumulus iiu 
44 38*, Danae'lm: • ■ 5* ij. , 

4 3*4 Do U-'jp . I-i[. . 

bf. 5b Lirtenlurt'.-.-rf 
224 2DO ncrte-T*! Inc :1 
164 140 Oeiap.'Jp - 

J9% 17° (Xamni'iiiA'/Mi 

U4 10a UmM'-'tnci. 
146 123 I» Con- 

41 1 , 27 Do kJrtdSie;n 

195" 155 nalVwmrr. 
b5 60 Dualiw !'■• :*Ji- 

228 163 DaCun-l-l-U 
ir4 5 F . PundwAloii 

135 85*- Edjtlnir.t lie T-i 

229 194 Edialoi Di -I . 

111*. %i, Hecliain-. I-L 

73 * 60‘ Elect t'kT. 

90 74 Em S InsorooM. 

76 63 Eef.4 : - Y 

74 58 Ere. ASkM.In-. . 

110 91 EquibM or L :£i 

119 102 lio Del'll >-!• 

20b 170 Squi'.‘ In-: '■'? 
31' 25S EMsicDuiie,'! 

49* • 37 F.A 1 ’ furerru-: 
92 " 70 Faaiil' In-. 

95*2 7bl; RistMM '.n . 
Ib6 130 Fewi.-ni-i .1 . 
51 37 PUGITi?J.iS, 

39 351; Fundin-aatlM.. 

69 49 Do Co;. . .. . 

132 98*2 GT.Jip.rr. . . 

143 320 Gen&u-mnu-l 

Bb 73 Gen.CoLA-i.ibJ . 
155 125 General Funds... 
1J5 97 Vo Com lup... 

10b 88 Gen lnic4ots_ 

93 72>; Gen.So-.'liit. 

113 72*2 GmMCiLV J';f 

101 84 H«poft.-U:l4R_ 

95J» 71 GJejwc-u-ili:. - 

91 ‘ pa Do'D 

74 6012 Benmunjj in-. 

70 56 Pa'R'mJ . . 

1141, 97 Globe Ir 

b3 55 Goceil Eu;otf . . 
76 65 |Gran£,-. Tru * . 


\+ ejl l.;v j lYTdf 
Prif-e 1 - | Nrt IrVTHSiMr/P. 

95 J.... > -? 55 1 20 5 3;2S.9 

70 f . .2 49 10 5 4122? 

63 1 . si* I 12 5 Cr'26 7 

240 i “4* f i. iV. 


LSTfi I f + or M» ll'JJj 

Hich low) I D*iw - Vt Cvr ;<■(»! PX 


fiOiy-i, 1 1 r&o 
76 ; 


121 1.0 i 

118 . . • - 
105 . ... ; : 9 


136 1 ' i «Vl5 ti 

550 -10 - 

55 .. »2 35 

,29 .. 182 

103 .. — 

99 1407 

66 ... 33 

S2 +i; 3.8 

7*- — 

79*; --1 1167 
75 -1; — 


109 -1 35 

179 ~1 _ 


« ,1;' 1237 
3*4 ...... — 

61 h2.40 

220 -2 13 43 

1-54 ~2 - 

191 775 

125 4.5 

141 -1 4 7 

40*- -1, 0 9 
1S3 -f 6 7 
62*; -1- 4 64 
210 ... - 

62 t-i 12 3 

128 ... U 

225 -2 675 
105 <4 5 0 

72 155 

85 -1 ? 8 

74 .. . 2.6 
70 -1 2.45 

103 -1 if 94 

119 ? 96 

204 1.9 90 

312 -2 S 00 

49i- 0.85 

90 I. . 3.85 


2 0 5 3-25.9 1 

10 54 I 222 1 

12 4 tr'26 7 

11 Sf 46.2 

Fl 2 7 0 
[10 * 
12' £0 258 
1C! 50 302 


2 0 l b (26 D 
11 5 3 255 
1.1 6 0 230 
14110 4 

Vo b O 245 
1.0 9 f. 157 


11 6 3 22 5 
10 7 6 194 
lit 7.0 21 4 


12 5 2 255 
11 4 b 3D 7 
U 4 9 286 
- - ME 
2 0 7.2 205 

10 47332 

11 ID 1142 

11 Vd 229 
0.9 9219 0 

9 63 4 

21 5.5 24.4 

12 51 25 J 
1 1 3.4 402 
II 5 4 262 
4- 112 « 


,7»i | 17 I'Tl'nv iwO'hi-.l 
71 1 23 ilLv 1 /< T-:i.-* - 

44 ii>dW(-1> Si- 

172 1*47 >: . ;r. T- 
TO I .'0 - 

1:0 ) SO 

so 41 1. i--F.p 

23 1 15 V-.i-.i- . _ 

■9U iv.a r . 1 
340 11 ? 'I .-r •£.:■.• -.ij-.. 
99 ' 7.'- JL- - r-w .. 
13? JIM SiMw-'p 

74 I 4o V..T.r r' 

ii;*, =:o £R(t, 

13 I 24 MICliu, 13-.P 
330 200 pp>ir-J 

14 9', I -aria' k* ’ lb . 

33 JiVl^r Hi- <■&.’• - 

224 lo" Perf.--". S-l>«r . 
£7 O', £13*4 Prelit Fr^.O . 
11 10 Kt iiuArae l(b — 

131 90 S«-« 

£51 £4fi S.E :¥ t arAtm— 

61 51 Sirjlhfcw. 

9 7 ! « Si.la Pan HKA\' 

£49*- L2T-A Sue-' Fire XElOO. 
£101; 900 Trir.' lit! Tf. ’p_ 
28 24 Wap Select 3%. 

57 36*; ft«*>XEriiULrw. 

87 63 VuleCal'iOLjp 


25 J-3 

29 -1 

43 

177 . .. 
18 -1 
IIS U5 

70 . ... 
23 (. ... 
1B'< - 1 * 

26 . 

88 1-1 

I2i»e -1 

f>7>; 

46 ..._. 

£UG 

28 

315 

14 

33 -1 
217 -2 

£645; 

11 

99 -1 
£50 

56 

fr'att 

£« 

£10»4 

25 

541; ..... 

71 ...... 


11.64 [ 43 S6 4 2 


U4 0 221 r ?!?2 5 

f0.?4 31' 7 91 5 7 
i-.ii.tV 30 7 0 6 1 

10 190 ::l jo 

la? 12>1C 9'294 
ft 5 -J [ 2 bl 5 
r*5 4 7l ^9l 9 ? 

1125 4 21 1 ,5 jl2 £ 
j. 4b 3 7 4J.I 2 £ 

0 bb 2 4 1 5)35 4 
;5 9£ 11 i 70 
1051 Jb - b: 

13 0710 9119 3 1 


til* J4 J.l 73 
631 35 4£ qi 

ii4.4»„ — 4 F _ 
0.48 1.0 qo 22 1 

3.02 1.7 4i,l92 

Q-T25 - 8.5 - 
14.91 21 13 3 5.9 
- — - 41 



Q2TK - 64 _ 
&?(£: 16 = A 

2.1 1.2 12 7 103 

11 38 3 7 3 8 10 6 
139 3.0 3.0 9.2 


OILS 


49-- 1 0.85 

90 . . 3.E5 

931 ; - 1 , 2.B5 
161 ... . 3 77 

51 WbUc 

361; tl40 

57 - 

132 tl.01 

144 -2 5.82 

80 -1 3.75 

153 4.7 

214 -1 - 

IDO -1 4.0 

38 -1 335 

111 17 

9B *-*: it 
51 1 1166 


10 5 7 25 7 

14 X? 83.6 

I 0 4 5 32 8 
*70 6 
6 3-i 9 

11 o3209 

1.0 53 27 7 
10 5 5 26b 

1.1 8.7 163 
U 5 0 247 

12 7.4183 

LI 3 9 34 5 

13 2.6 463 
10 6.5 22 7 
LO 4 6 3L6 
10 3.5 42 b 
12 6.2115 
1.0 10.0 15.0 

22 12 WO 
LI 6.123.4 

II 71203 
1.0 4.7 32.2 

12 7l2L4 

10 5.S258 
1.0 I 8 1119 

11 57364 

13 :s«i 


96 66 1 

164 134 

092 720 
:d1; 70 
72 42 

£621* .31 
tlli* BOO 
58 49 

30 21 

£241* £12% 
450 362 
144 116 

23 9i; 

36 :l 

190 1:4 
£JW * 4 £100 
415 284 
16 13 

30o 178 
19 l 12'i 
£26% £145, 
IN 

£4^ C35S. 

b20 455 
586 4S4 
69 61 

444 22b 

£64 £55 
18o 130 
294 194 

161 120 
190 66 

190 E6 
77 57 


AttortSOp-. 

3nLFVimr-i l(<p. 
SnL FeirnC ru £l 
On a°oPf £l._. 

B-jrn’anil 

no?*- Ltx&I PS.. 
::CCP?.i'.>eisI- 

CenTtr iUp 

'terti^aallSp.. 
<."ie c r Tvlh-le-i E . 
fTGutf<:*Tl£l - 
ttClyde Petrol £1 
Eooea-.Dur^jc. 

KC\ 

l-ASMi* ... _ 
LWW0:-}'*:SPI43 
L45Mt , -‘ t 7' 
HiJaKUciu^-lPi 

l>* £.p[ [Op „ _ 

Ptmer Ct-n» 5p 
Ri-iperOli . 
Revnoldsl'n I: 

Sji Pu'.ch FI U0 . 
Sce-«reRe< — 
shdlTrin* Beg. 
Do 7*aP(.iJ .. 
R6:ebir-i-t i'.il 
TevacnV^Cm- 

TJjremro} 

llmasL- 

Do TpcCro £1 .. 


-2 674 15 6 6 15.0 

+4 2210 4 2 5 9 9.2 
. . 56*4 510? 12.1 - 

4-1 - - - - 

-1 i}3N% - iU ( - 

2.63 6 9 

553 

(ti 3 lir. 1.9 7 4 105 

”“V 100 ?b L31L2 

+N — — — — 

xl 40.1 « 0.6 4> 

-N Q14^ -T eilt - 


-12 211 3.0 1.3 34 0 j 

-S <K75 ! . 24 7b 29 1 

+17 15 7 _ 41 Vi 56 
4.9 , .« 1102 12 4 - ! 

-l; - i?b - I 

1.32 5.6 1 2 15.7 , 

4-2 - - - 85 1 

-1 7". 24 5 71 - 

r:: qw* - 7.2 z 1 

T i ~ ~ - 


1978 

fligh 

=a i § 

80 52 

175 122 
90 7 8 

41 32 

lb*; 10 


is 10 

132 64 

125 63 

S20 150 
245 148 

72 43 

133 61 

40 10 

20 05 

39 10 

bl, IN 
143 79 

16 81? 
178 Hi 
48 30 

£14- 7 .i 750 

40 12 

55S 310 
300 50 

160 64 

70 35 


MINES— Continued 
CENTRAL AFRICAN 

j btnek 1 Price M I Si 


Fzfer-n Rh 

RhinTbCarp lt£,p. 
EAinCf-n*.Jvl 

TjLf.iroikaf-iip 

Do.Wviak'.. — 
Einlni-i.Vt Kh 1 _. 
Zam.i.'prSBP'VM.. 


185 Q50c 

17 -N 0.5b 
73 -3 - 

152 al -6 Q10.0 

90»d Q9°< 

36 KJ71-1 

13 - 


f ! VM 

Cvr Grt 


L2 6 6 
lb.» CO 
I 1.4 37.8 


AUSTRALIAN 

Acme-f 23«- . .. 13 .. . — 

Brtri-.iiWTlJcat'T-V.! 214 -»2 Q8? 

BHSmthaOi- _ 109 --3 — 

Central) “iiilir. . 500 *10 — 

'.■uK,nt{»:«irin-ltt.. 230 ,5 QlOc 

t! M Kjlciwrl.eSl. 54 ... — 

H.iirirtn ArKitap - 121 +1 1.45 

Mct.iH Et 50c ... 27 -4 - 

Ml M Hides. Me __ 194 ... Q9c 

NiKist Lie!) 25t- . 30 — 

Newmfflal 1(V- 4>; •*** — 

North E 1H1I9V 119 -1 Q6c 

Vlh Kalsurii 15 1 ; + 1 - 

OjtbndiwSAI 165 -f tQllc 

Pavilir Copper 40 -5*; — 

PaneowlS- 02 4 -*» — 

I'annea MiEx Er - 38 +N — 

rulo-IV'jJIrfWftX' 484 -S Q15-.- 

Snjthem Pauiic. 190 -5 — 

ft etin Minim: 50c- 143 --3 tu6c 

ft'hinu.7«-t2Uc .. 50 i - 


22 161; 
65 56 

67 57 

104 93 

44 29 

98 64 

73 47 

42 36 

501; 38 
50 40 

So 4b!* 
40 33 

70 56 

64 41 

301; 1E*4 
78*; 661; 
32N 24 


116 30 

580 420 
130 83 

82N 23 
97 62 

145 95 

225 100 
450 233 
102 35 

ISO 130 
81 58 

600 445. 
69 55 


Alkhoneinp-V.- 
Gorthilnln’ii .. 
Fix-lwearlnir 
G&rnar Scrfblair 
KejJUtr, Sus‘5p. 

II.Uihl' 3)p 

MW* M5 ... 

lambirt Hth in 
Nt« 0 oM Shirr. . 
WncnGi'A'. 
Pinarri tirp- . 
steatite Sim' A’ . 
Strong 4 Fu-hcr 
StylnShoe* 
rurrerft’AElup 
Ward While . - 
WeanrulOp 


VA :: :: 

a -6- 

44 

89 -2 
66 +2 
41 

50 . ... 

46 -2 
55 

38 -1 

57 . 

60 -1; 
30*2 .. • • 
741- -1 
251; -1; 


2 0 8 2 i7 6 j 
3422 9 37 
24 104 62 
41 73 44 
79 42 35 
23 8.3 7 9 
50 52 46 

2 5 117 53 

3 0 6.5 5.9 
2 7 6.2 91 

4 2 76 4.7 
Lb 76128 
2 4 11.3 5.7 
3.2 4510 8 
5.8 5 8 6.9 
8.1 81 3.8 
2.6 7.8 75 


SOUTH AFRICANS 


AbwftmRDXO.. 
AnclnAm.In.Rl 
An); TCf led 30c 
Ernwifcs 1'V . .. 
tjold Fids T 2t< 
Gr Urr.-. .-V50e . . 
Hulrtl s«Tt> Rl- 
OKBaraaniSfti-.. 
primrose KicLi .. 
Fa Ttu.iram -.‘.^6 
SA Brews 20r— 
TieerOalsRl — 1 
Unisw 


103 -2 *029r 
565 -10 Q63c 
130 Q20c 

80 KJ4c 

79 -1 QSc 

125 -5 *<i36f 

112 Q2Bc 

440 -10 Q58c 
74 -2 leap* 

160 Q2Sc 

81 Qllc 

585 +5 052c 

69 +1 QlO'jc 


17 J 35 
2.4 6.7 6.1 
« 9.B <> 

2.9 3.0 115 
1.2 6013.2 
06 i 93 
4> 16.0 4> 
* 7.9 « 
0.6 1 215 

4.0105 2.4 

4> 8.1 * 

« 5.3 4> 
L2 9.1 95 


... . 0.63 27.9 
-li; 22 2.6 
....220 -8L4 


TEXTILES 


38> a -i z hd2.DB 

69 i02 

SMa 272 

208 7.88 

177 -3 10.0 
22 -b 0.84 
162 -2 558 
fcNrt!-!* L49 

§*a 0.40 

88 M6.0 

621; tL43 

M :::::: iS° 

62 L45 

238 -2 7 .96 
475 +2 10.61 
290m) -3 F15.B4 
57 275 


14 8.2 7.6 
55 4.5 6.6 

* 34 * 

3.0 5.7 8.9 

* 8.9 6 

* 5.8 * 

3.0 52 9.4 
3.4 62 5.9 
4> 6.3 * 
1910.3(661 

7.6 35 5.7 

9.1 t 2.8 

4> 9.4 * 

* 3.6 * 

3.6 53 6.1 

3.6 .3.4 IS 2i 
55 83 3.5 

2.6 7J 7.9 


NEWSPAPERS, PUBLISHERS 


134*0 +2" 18.00 Iq2.7] 9.0 * 
85 4J0 25 7.S 92 


85 4.10 

240 ...... 020* 

■a — 

137 -2 1454 

62 td3.91 

35«l +1 b254 
336 -X 528 
44 -1 11.94 


4J0 25 7.3 92 

020% « 0-b * 

— — — 24.4 

1454 55 5.4 4.9 
td3.91 2.4 9.6 4.9 


«i 8 !? 

45 5.9 43 


44 -1 
43 


s \±\ m v ~ 


528 45 5.9 4Ji 

11.94 4.0 6.7 5.8 
tl.94 4.0 6.7 58 
+266 20 9.4 63 
152 55 8.0 2.4 

639 03 7.6 25.4 

1204 4.6 55 6.1 


172 130 
250 165 
55 46 

78 55 

93 70 

123 205 
152 13 
152 123 
347 265 
95 67 

92 73 

74 55 

145 115 
135 122 
59 4W; 

27S 228 
191 174 

46 40 
135 153 
205 134 
27B 155 
362 306 

45 231; 

47 35*z 


Afflor Sews .. . 
.Ass Ho-ikP 20p, 
BPM HMes.'A ... 
Per, n Brother ... 
Bk-f-klA X-C i.„ 
Srfjiul P<rsi . . 
Cjllins Wlliaot 
Iw "A" — —. 
D»-|f Niil’A 50p . 
E Mid. Allied V 
nonJ&ni 'i/U'h. 
Home Cvuniic-, . 
Inttependenl-I> _ 
L pocll' ftgfft* . 
Maret-.aUCm lOp 
.Vewslm — — 
Pfirseo LnrpwB. 
Pyramid lftp - 
RinjiJeciee & KP_ 
Sharpe iWNt 
Ifcomson ... -- 
L'td. Newspapers 
Weboersnm5p 
WIsoo Hi'K.idp. 


+6 1523 
+14 4.02 

287 

T2.13 

d4 90 

158 

468 

4.68 

+8 111.61 
+1 3.63 
-2 m2b4 

4.5 

6.5 

7.26 

436 
+7 8.9 

-3 5.99 

J2.45 

13 67 

...... Td335 

1.97 

13.98 

..... 134 
fL28 


41 5.0 73 

7.5 l.b 78 
24 87 63 
2.9 47U2 

3 1 7.B 63 

32 72 94 
2.9 5.1 7 6 

2.9 5.2 7.4 
14 60185 
5 3 6.8 4.9 
41 5.5 66 
2 B 97 56 

2.6 6.8 8.6 
24 8.2 76 
L6 13.6 7.1 
50 5.4 5.7 
43 48 78 

2.3 9.1 7.1 

3.9 3.013.0 
53 27 98 
2 6 1.3 45.2 

33 61 6.9 

3.4 4.6 7.6 
3.4 4.5 7.8 


145 130 

53 43 

67 53 

73 64 

30 20 

?5i; 30 
42 29 

10'* Vm 
16 10 
48‘; 351; 

54 41 

17 12 

551; 391; 
43*; 36 
32 28 

84 67 

,39 29*; 

131 109 
E80-U £72 
37 31 

135 99 

134 SB 

74 55 

35 27 

371; 25 
110 85 

89 79 

13 10*; 


PAPER, PRINTING 
ADVERTISING 


0U659 
1 10.24 


16.75 2.2] 6.9105 

S !KlJ L9I 6.312.6 
'.241 3 M 5 9 72, 


CrtboroelOp-j M 


21 10.85 3.0 6 J fcl 

82 ...... 580 * 113 J 

98 +2 5.44 4> 87 * 

£&5% +*s KSSL10 5.7 0.0 34.0 
67x4 3-28 * 7.4 

451; L35 61 4 5 *9 

107 14.92 L7 7.0 13.2. 

661, -1 238 2.4 5.9n.0l 

122 • 2 S23 10.8 33 7.5, 

122 923. J 8 .B 3.2 7.5! 

1^ 933 6.4 3.0 73 

329 ...... 13.5 6-4 30 7.2 1 

tw d2.40 7.7 3.0 6.7i 

180 15.08 3.9 4 3 9.1 

88 -3 dl.Ol 5.1 6.9 31 

45 +1 3.27 LB 11.0 6 . 8 ; 

18 ...... dLZ 1610.2 5.7 

98 s.a 3.7 s.z u, 

n-Hr 4.1 t5.41 lb 7.5 || : 

W +1 d2.43 23 53 7.7 

168 +1 t735 2-9 6.6 8.0 

M -2 3.86 L011214.0 1 

^ ...... 236 ZO 20f 6.9 

285 —2 bS-25 4.4 45X2.1 

-2 2J5 63 33 53 


ZB 
24 
59 
97 ffi 

& W 1 
bf> n 

251, .14 -. 


70S L87 L4 * 

14Q 13.55 45 3.8 b.4 

£280 .... Q9V* 1526 D.6 - 
71, 1334 0.9 # * 2-4 

105 +1 4.8 35 69 63 

190 +1 6.51 4.9 53 4.6 

47 ..... Q54C LI 9 7 9 5 

2b Z... L27 * 77 * 

59 2.57 40 5.2 42 

95al 60 ♦ 2i { 

XZ»; 0.78 * 95 * 

^ ;V 92.62 l 77 * 

SJfl? M 


671, 46 
£125 £92 
3b 1 - 29 
72 62 

55 41 

71 55 

68 54 

UO 93 
48 39 

25 

82 65 

76 46 

63 50 
22*; 18 
22 16 

129 111 
55 4? 

70 58 

76 63 

117 103 

51 40 
bS 61 
£3CP4 £161* 
Bl M 

217 168 
290 220 
92 68 

1 % no 

110 76 

£46% £231. 
41 24 

64 45 
167*; 87 

94 78 

210 164 
76 651; 

70 48 

65 49 

52 30 

230 206 
-90 72*; 

12 n 


Asm Paper — 
Do ftijticCbnv... 
Ault iiV'iborp .. 

famrwe 

Bnl Pntlins. — 
RnmninpGrp _ 
fw Reanc. \lf - 
Bunzl Pdp. — 
Capse-ilsop — 
ijust-intbir.l i— 
Ouppsr.f al Sop 
iTai' fEiihardi .. 
folienD'sun lOp 
Culler Guard. ... 

L*el>7i20p 

DR’I- - - - 

EaJ Laws Ppr. 
EucaJ'ptus — 
Fenr-PirtlOp-- 
FinlarUo/dims- 
GettMinwIOp 
Harrison iSfKi5 
j IPG lOCt.- ...... 

lnva-art-rp w- 
LiP.PusHU-sOp 
SJC-erqitodileXI— 
Mdody Mills.. — 
Mills & Altai 6Dp 
Mr-reCCFerr 10p 
- i.Uiln&M-SS. .. 
OioesP.Miliajp 
Ovley Print Gro . 

Ssatrfiii&uicfa-. 
SniHh<Dud)20p. 
Smurlit iJcilsnj. 
Tnii-rpareoi Ppr 
Tridain'JrfHia.. 
£'*mt Walter lOp. 
\V:,rvGrour-20p. 

WaddinetoniJ.L. 
ttatmoujdis... — 
SjaHft'dniw.-5p- 


ai4« 

351; 

68 .:.... 
49 +1; 

6M 

59x4 

IDO .„... 

& :::::: 

.754 

73 -1 
52 -1 

22 '; 

16 -1 

113 

54 

65 -2 

76 

110 

:::::: 


92 

182 

95 

Ti 

61 

265 

86 ...„. 
192 

70 

£ 1. 
2§i 

S ti. 


3 33 2.0 

3.18 26 

3-8 <f 

3.3 4* 

4.B8 4 5 

fl.90 31 

392 4 

h253 35 
3.27 44 

1.00 4 


3.3 2.9 

5 08 4.1 

ThL56 3.6 
67 7 1.6 

K3.0 * 
4.20 20 

STM 

9 70 2.8 

tl4^4 2.6 

2.9 42 

£>.G 10.6 
J3.40 3.0 
tQl40c 41 
225 IB 
248 6.7 

14.13 4.1 
+242 5.1 
7 34 26 

4.94 4- 

*3.29 « 
3.27 33 

2.1 2.9 

F1L0 4.4 
3.65 3A 


7.5 63 
(87 - 

8 3 7.7 

8.5 9.0 
9.8 (46) 

I 96 <J> 

9.5 + 

7.4 4.4 
| 6.3 7.7 

- 42 
. 79 * 
53 3.4 
95 36 

7.0 * 
_ 59.0 

9.4 89 

9 3 5.7 
118 23 
, 5.1 83 
10.6 7.7 
lOi, * 

10 3(6.0- 

3.5 83 
IIO.D (53 1 
I 78 7A 

8.3 5.4 
I 4X 7.6 
! 1.7 83 
, 5.4 93 
! 1.7 143 
83 98 

6.1 2 6 
33 97 
43 6.9 

i 5.7 10.0 
11.2 6 
78 

I 7.6 62 
si at 
80 77 
73 62 


m -4 
130 .... 

18 

10 -X 


Zi 


9al dfl.41 ^ 6^9 * i 

U5 432 36 5.7 63| 

J 3' s s a s; 

170 tn.s 23102 5.1 

111 ; .:.... 0.72 23 95-321 

141jd -3 BB * 9-5 * - 

96 5.48 25 86 7.0 

JTrSB fs 1 : h 
« -zz& M 3.9 S 
1 a-gfip^y 
a* fif * 1 1 

A -2 5.0 | if | 

% B'S * H 

3 : &75 

^ Tr\% H WA 

^ '.i. JiSjS 22 27 91 

5^a -"*; lQ15c 1.8 33 20.1 
237 2 ...r.. «b5 8-3 26 

82 -1 cH.4 2.9 S3 
$ +1 el3.2 w IJ ” 

57 :::”3.7s » 

ig : 3 -. ® mM ” 

g i.i’lls h 7 8 7.3 

g 13 8 812.8 

53 *0.66 6.2 19 9. fc 

S %%. I® H 6*9 

S I2 : ' nl 4.8 2.8)212 


L4 4.715 7 
L4 25 296 

. 4.0 5.8 4.6 

1055 3.7 46 UO 56 45 

— .. - - ■ — 230 134 

fi 7 I 21 8.9 « 4» i(P; 71* 
6-9 * 242 198 

36 5.7 63 22*; 15*; 

— — - 74 59 

4.4 2.9 B.4 -p, 2*; ' 

3.7 6 4 5.6 79 

— 3.7 — ^3 47 

2.2 6.110.0 691; 47*; 

— — — 119 Si 

25 10-2 5.1 isb 151 

23 95 i52i 234 200 

4> 9.B * 15*; 15*; 

25 8 6 7.0 yi l a 

4* 10.7 4> m w5 11 3 
2.9 36 7 2 116 89 

24 4.8 9.1 54 451; 

-5.1 3.9 6.4 2 1; 

21 10.8 6.8 20*a lP* 

135 L2 9.0 94 4 88 

3.4 5.8 75 91 63 

0 7.6* * 90 62 

0 72 to 330 272 

5.0 21 13.6 14X, 10 

■ 3- 7 6-5 K ^ 2” 

36 7.0 5.2 64 471; 

0.7 10.6 (293i 93 52 

3 7 3.610.6 38 22b 

3.5 25 17.4 273 154 

2 4 5.112.4 27 21 


PROPERTY 


: 55 45 

64 53 

56 40 

34 27 

52 26 
40 2B 

53 42 

, 63 38 

21 15 

ie«; in- 
. 48 34 

64 55 

49 42 

I 45 21 

98 73 

49 3b 
bl 46 

128 102 

50 24 

82 58 

15*; 12 
10*; 8*< 
93 56 

, 51 41 

91 69 

l 43 36 

25 19 

63 48 

i 47 25 

30 18 

35 20 

29 20 

9** 84 

73 50 

31*2 20 
701, Z7i- 
47 19** 

: 43 40 

31 26 

I 33 23 

58 23 

29 IB 
62 46 

54 44i; 

56 31*; 

321; 27 

u a 

46 34 

59 31 


Allied Textile . —I 

Allans Bar. 

Denies <J.i ftp .. 
BectananA lop.. 
Blwlnwtaf ik-rt. 1 
BondSt Yil JUp 
EriL'hf Uohn- .-, 
EfficrbyGroftp.... 
Bril. Eiikuion... . 
Bril Mohair., .1 
BulmerL'ma if 1 
fiardiDundi+i-., 
Carpets lnia.*p. 
Carr’snVivelu. 

Cawdaulnd 1 

Coals Paloos... - 
L'nrah — . 

Couilflulds 1 

Do.7%Deb82r7; 
QmrtJierfJ.l — 1 
Dawson WJ...-_. 

Do. 'A' 

DhoniDmldl- ... 
Eartr iC ) & M. 10 p 
F-MiertJohm — j 

Hagj-astJ ] lDr.J 
H«k[nRFa.3S}.l 
Hk)dBrtK.5p_..| 


144 d6.49 1 

50a 367 ; 

67 288 ! 

71 C4.90 

prt :::::: *?.f 

29«J Z42 . 

9 - 1 

151; _ 

ft ft IS 

52 L65 

37 2.30 

111; +1" lib 2 
1 2 

& 

123 +1 3.72 
122 +1 3.72 . 


Ho]Ja< Grp5p — 
Horulray — 

Ul'gmnhH. 20 p 

Dfe'A'TOp. 

ingramiRl JOp.. 
JerbowiHJcte-’ 
Leeds Dyeri — 
Lehlh Mills , 

La«5p 

Lisbr.-. 

I,'-lwiSi3up „ 
MaekayHuith .. 
MachinnonSoM-:- 
MatiorAiaJp.. 
MUleriFilOp — 
Mowlon . 

Notts Manl^ . .. 
Novu Jersey ftp. 
Part land M' .. 
PicUestW 1 & Co 
Du ".V NV lOp . 
RKT lOp.. . .. 
Radley Fashions 

Retd 1 Km 1 

Pebaim Knit'-Dp . 
RK-hardslOp. — 

S' EXT 2Bp 

Scott RobertMHL. 
Sellers lnt ll^i .. 
Shan i.’arptis lup 
Shiloli Spinners, 
sldlja lndv50p.. 

Sirdar 

Small &Tidm». 
Sc. I iscosa L130Q. . 
Do.Im.LlftO- 

SpenreriGeai 

Slodriard'A'—. 
Stroud Riley (I'd _ 
Tem-ConwiltBe. 
Text Id Jrsy. LOp. 

rondunsons- 

TuHal 

T-awl’M 

rraHord Caipas 
rriem-lUelOp — 
Viia-T&xato — 
I’orts Fmeff.Sflp. 
Voagbal 


102 -x ! 

85 

11 ! 

48m -2 1 
58 +2 . 
40 -l 1 
29 -X 

28 -1 1 
37 

181; -1; ! 
Hi; 


44 

61 

119 

42 

76*1 

14*; -1; 1 
10 -1; 

92«I 

50 


19 -1 

59 

45 -1 
28 

II :l 

90 (d 

67 


35 6.8 6.3 
2 4 311 5.6 
66 65 2.9 
i L9105 77 
Lfi J (140, 
3.613.1 32 
* 125 4 
~ - 4.9 

37 50 4.6 
3.9 8.7 4 4 

& 26 Vfi 1 93 1 

3ll 8.6 i42i 
1 53 1 
9 4.9 

Ifi 

4 - 
- Z9 - 
* 9.7 0 

Ia S 3 A 

Ml ii 

20.0 1.0 76 


1051- 90 Gt Mir.h'r.i- 

65 67 Greenlr.arln-.-. 

b5 56 Hrestumlrr. 

65 48 linm tii--. 

82 69* : Cujf-ii; r ! r . T: . 

93 73 Hambrei 

39 26 Hart-v Ir. V'p 

187 160 HiiliP'-i'iji' 

78 69 Hume Ht-1< . 

76 b8 Dr '£ 

£9*4 £8% leolur.d-f. 

670 600 So -i>- - 
521- 42 3* Industrial 
77>; 65*, Intern.'' I In-. ... 
143 107 ■ [m ir.Su- 'O'.; .. 

86 62*2 Imtr.orCOaa . 
278 3 74 hwSJslT- n> 

143 103 Jardiim Japan 

1431- 70S; Jardi-e 5« rr3 
167 103 (erse-Bd-IY Ip 
243 228 Jerse. «ien £1 _ 
49 41*3 lOsH.-lditc? . . 

51 44 Jorein-. lot lOp 

6** 4 Do. Cap Ip . . 

140 125 Kftforc !ci jOp . 

57 -46*; Kinnsideir. - .' 

91 75 Late Vie * !,».. . 

44 38 Lane £Li>l lnv. 

104 S7*j Law Debenture. 

qiH aft UJrtSC* r.e*2p 

42 33 Ledal!r..lmJltp 

25 20 Dc Cap £p 

31 26 LtVallr-aclln-.-. 

13 6 to-6 .Udn Pidap 

64 55 Un AtJaniic.. .. 

138 103 LwiAusibv.SAl 

67 53 • Lon &'*« 50p. 

114 95 Indn-Xiialrrood, 

86 61 -Crril-LennK... 

26 16- EoqALri iOp_ 

73 501; lUBiLlcmor-d- 


ii hr- “ 


68 +ij 

421; 

45 

27 


2.1 11.1 64 

2.8 218 46 
20.0 1.0 7.6 

L31L6 99 
Z610J 5.8 

L6 12.0 i73i 

MWIJ 

ii 1I.7 H 

36 8.4 5.0 

5.8 3.6 7.1 

28 8.6 6 4 

- V? v 

L5110 94 
0.9 11215Z 
54 70 4.6 
4 8 6.0 4.0 
3 5 5.0 6.6 
22 8.7 7.7 

4.8 4.1 6.4 
76 L81U.3 
4> bj * 

2.1 7 2100 

2.110.4 6.9 
35 77 56 

3.1 12.0 4.1 
*79 + 

2910.4 3 B 
3010.0 bl 
92 4 2 3.3 
ZS 9.2(50- 

+ aj 4 

L3 B?U5 
15 1D.1 103 
4.8 6.4 3 9 
Lb 10.1 9.2 


54 -2 

23 

56 — 

47 

56 +1 

28 

62 -1 

41 

43 

35 ..... 


u 8.7 fl 7 
40 7.4 5.1 
75 4 8 3.7 
SO 4.6 47 
0.9 6.b 25-7 
13 10.1 1L2 
1.9 86 86 
1.0 2.0 5L4 
L8112 75 
6.2 4 5 5.0 
2-2 12.0 5.8 
0.2 64 — 
1 - 8.9 - 


91 75 

93 60 

19, 11*; 

51 ?7 

£103 £*0 
£1Q0 n73 
4b 38 
22 17 

95 77 

UB & 

117 88 

9*2 6 

282 260 
332 255 
45 30 

10 4«j 
590 527 
30 72 

173 87 


Ail’d London lOp 
Ailnatt London . 
.lauJaTOtt'd^ww 
Apex, rropf-.lftp. 
Anms Ses"S -»P— 
A\eiuK*U*eaOP 
Fanl.&Ciwiil | *p. 
Ptauw* 1 ! I 'nips 
BeaarTil Iri ■ IQp — 
Beilvaj Mills. - 

Berieiei Hjmbrv 

p.iH-jn-lera' 1 -- 

Eradf'-rdPr-.'ip ... 
Brit AnWnmp,- 
BntijhLnnd - 
W i:pe«> 2002.- 

BmtoiiEiWte „ 

CaiL&Counii» 

00 WanaflB™ 

irardinr'ireupsp- 
CamnfilcB Inr aOp 
Cntiwinri 3 * 3 ^ 
Do Cap. ftp — 

Chestemeld 

Charm Serf-.-— 
ChurehbiyEsc.. 
CitvUtffK*--- 
OarteNictolJc. 
Control Secs. lOp 
(.'■ini Lsehaniie Tlqi 
t'r.in SewT Ky- 
rpji&Oift 10p. 

liaejamHIdss' - 

Liue* t'*3lK l‘*P 
rporriiWturtWp- 
EflA Prop-ryp . 
Do 61 , W Cm-. — 
UUSpecin 
&is & Agency .. 
E<x* fi 

Efis Prop, to— 
Evati'Lwtla,, - 
Kainif*E. , 'iAlllp. 

GrtaaicWi; 

GlanfieM.**^ - 

ijt PiutlandNjp.. 
iirecniR.' L"P— 
urrenenatsp 
flurjtnfwm'A - 
Hjifa Ib-l ";te»p 
Ha.dcmfreKT- 
HKLaUd. Hw- 


xS 

2 i -■ 

S ::::: 

«?*= «■ • 
81 .. .. 

51 -1 
62 +3 
113d .. ... 
163d +1 
222 -1 
I?;* .... 

ill ’ 1 Z 

%*d 

49ij . .. 

J:!L 

§ ::::: 

62 

298d -2 


[ hi. 85 2.4 5,4 11.7 nx/'kvs A /ir*AO 

1(13.86 2.1 3.0 242 TOBACCOS 

35 Vb 25 373 346 1267 RATIndx. 322 +2 33.01 13.41 61 55 

068 12 5.1243 296 227 Do DeJd 276 +2 - - - 46 

Lbl 12 3 5 37 0 380 3 30 Diinhttlt.AtlOp 355 872 4/ 3 8 * 

!! _ 1 J 81 71*; Imperial 76 -1 5 66 2 0 JL3 5 5 

M3 81 13 71179 57*; 45*; R«hmansl2!>p. 54>; +*2 c2G4 94 57 2.B 

144 0 L4 12 0 89 66 55 (Sremssm Hn. JOp . 60 2.79 4- 7.0 4 

12 87 - 70 - 

6 » i li t TRUSTS, FINANCE, LAND 

- - - - Investment Trusts 


8 r::i 

iH 2 . 

a ^ 

89 ~i"' 

161, 

49 • - 

^3*2 +2 I 

Si * ■ 

44 - 1 1 
22^1 

90 

90 +1 

lllxr 1 

7 * ... .' 
265 -3 ; 
284 - +2 I 

-35 -1 ’ 

56? a 

2 M -V 

1W*; - 2 ; 


, _ f 9 0 — 52 49 

3 7 3.0 >252- 141 118 

1.2 5 3 23.6 U1 fci; 

_ _ — % 77 

_ - « Z2B 193 
Lb 3.4 (133i K4 U5 
_____ 167 129 
_ — 621; 53 

1 “ 2 . S' fl. 

* 09 * 46 36 

15 5119.8 104 84 

L 8 4.418 6 50 43 

A 3.8 6 134 104 

28 1.8 29 7 44 36 

* 4 9 * 77 67 

2 6 1.4-316. 39 30 

2 6 5 1 9 8 147 106 

* 4h * 331 10b 

d> 9.9 * 74 49 

0 9 3.:-:G5;lW 69 

323 H 2 — 60 5H; 

5.8 114 C - 101 73 

4 16 6 571- 43 

U 6,4 18 9 64 451; 

V HTfl J 

14 V*?$L P- 

15 4 9195 S13S 595’ 

A 24 * 26 22 

24 5.9 9.1 «1 34*2 

— — 77*; 60 

1.7 1.5 604 !2 91, 

3 7 4.2 29£ 3D2 Bfl 

2.2 2 0,270,170 140 

* 2.7 4 > 051 122 


Aherrieenlnw.... 
Aberdeen Truxt 
Alisa lnv .- — 
AlLaiM-pInr. 

AllianreTnist- 
-\1* ITund Inc. 50p. 
HaCapfWa#. 
.Aromwkv.ltK.- 

American Trial. 
American Ta/B’ 
AndoAmReoL. 
Anfilo-InL Div. _ 
Do .Aset 6 hi. n 

Anslu-Son to . 

ArchimerieslDC.. 
luifapShn . 
Aciolm iSAl 1 _ 
A'hdownliiv ._. 
Aiianbi Call. 10p. 
Altai it iv Assets.. 
Alias Elect _ _. 
AnXilntiSJpi. 
Banters' lnv...™ 
IterriTiurt....... 

BUiODSMhtl’W'P- 
|RietHip*jaleTrt. 
t<i+der4 Slfcr. IPr 
Br-nilKundCrSl 
IBroilto t-lSl... 
Eti-marTid .. ... . 

BnL Am Alien. 
Bnt&'.n.vi&L..... 

,Pnt Ebb «c s -. s p. 
toil Ind-fJen,- 

Kru lnve -4 - 

Broattoianeiftpi 


.50 .. . 
336 -1 

107 .... 
95 ... 
224 -1 
116 -2 

182 

S31;l(d ... ..' 
58 +1 
44 +l 2 I 

431; 

202 ...... 

43 

130 +1 

42 

67 ' 

35 

146 1 

122 

64 .... 
93 +l'jl 

57*j . ..: 
97 -1 | 

64 ... . 

7\ .. ■■ | 

168 

55 1 

510^ 

5120 1 

24 

39i, .. . ! 
75*, + 1 I 

101; ! 

100 ' 

166 

147 


1.01 7 1 20.7 
11 5.6 24.8 

1.1 5 8 244 
* 4.9 d> 
3L8 4 8 30.6 
LO 10.8 135 
- 03 - 
« 12.7 $ 

ij Tb 3L0 

LI 45 3ft9 
1.0 1L3 13.0 

Fo Fs 2 F 4 

1012.0125 

LI Fb 201 
10 5.0 30.4 
18 1.2 71 B 
45 06 52.0 
1.1 5.0 28.0 
10 -13 34.3 

r 7.0 $ 

0 21710 

LO 56 2M 
11 4.132 8 
59 41 41 
10 4 4 22 8 
15 3 3 32 6 
10 6 3 23 2 
12 44329 
LI 8715.1 
U 53 25.9 

10 4 4 34 6 

LO 53 28.9 


186 157 U>n.fc Montrose. 

112 43 Lon-ftPruv— .. 

. 75 64 Lon. Prudential. 

1 44 34 LMiftStlvde^ 

198 173 LwuTsl Dt-1 

(52 48 Lowland to — . 

195 173 JISGDuallr-: iOp 

n91 z 90 DeCapklQp _. 
89 79 DeMfollirty 

221, 16.'* toCaplp. .. 

I 23 20 AteuftCwiPOp 

44 40 Meldnimlnv — 

; 40 33 Menaotileto'... 

74 62 Merchant Tst.. 

50*2 41 M 0 flkslm«a.. 
68 50 Mont. Boston IOp 

44. 25 DaWrts fl». 

I 71 42 MoalqpatOi. 

83 7S vit+r^aeto— 

94 84 MoouidiiTnin . 

835 600 NegilSASLSl.. 
2H, 271; .VcwHumLlnc . 

118 70 Do.Cap£i 

20 11 DaNewWrrts. 

42 31*; N V.ftGartmoro. 

218 IBS 1228 tocsl 

94 78*; N(h.A£lajrticSc<: 

100*; 791; Nihn. America n. 
107 451 , Northern Sec, __ 

61 51 Dil&Aeocto- 

551, 47 Outwichto 

222 99 Pentlaalto 

1 75 68 Ffot Sts. Ir.r 5up 

1 2W-2 23';- ProriiKtatCUus 
1^ 104 Raeburn. 

, 41 37 Reabrookto. .. 

I 32 22 Rights* to Op 

172 14S P.iverfcllere .... 

,142 123 RiierPlaieDsi . 
£63*; £46J* R-ibeftHBr ' F15u 
635 467 Bo SuhSh - sF15 

£431* £3£A ROuieo.NVnM. 
437 325 "0 Suh. 5h - sFl5_ 

93 i 2 75 Ri-mney Trust _ 
59 52 bosedinwmJ lac. 

75 48 t» Op 

1 1941; 159 fcnitHMl-ilc.aOp. 

71 e7 Salefiord toi 
1123 101 w Andrew Tst .. 

92 74 *: ^'4.Aa)nr..lt®_ 

I 74 43*; S- dtSiCont. Inv- 
lBl 151 S-tK-CMlesW— 
142 11 J ; cot EosL(nv_ 
J8 J4 Seel Eurupean _ 
103 82b ScfKiSlitov ~ 
1151; 94 S-.-M.StorL*Ta. 
|147 119 WM National... 
102b Sb Scot .Northern _ 

144 111 1 ; Scot. Ontario 

78*; 58 Scot UttL lor 

98 71*; S-rM. Western™ 

95*; 69 Scot ffefln ‘B 1 - 
1«M 161 .v,i.VtonKTsL_ 
89 65 S«+ Great Nthn. . 

E7 60 [».“B" 

193*; 154*; SecuritieT.Sc_ 
460 30C 1 SctelKsktov JL-S5. 
135 136 Shirestov.3to_ 
71*; SB S::eweU10p„ 

ill?*; 94 Sphere to 

265 150 S/'UTInc. 3(te_ 
66 48t; snJTCap.lfc_ 

122 90 St9nbopcGen_ 

173 145 SterfiimTst 

97 7b SorttoktefiLit.- 
951, 80 Techcfttogj- 

95 811; Temple Bar 

26 21*; Throa Growth— 

101 Sfi mChp-fl 

73 64 Throianontm— 

018 £135 Do. 8* Loan_. 
! 79 71 ror.imesUnc - 

1115 95 l» lira 

lt-7 142 Trans. Oreann'.. 

. 74 5b 1 r.hiroe Incest- 
b6 59*: Trpto*«Uic.50» „ 
157 111 I" Capitol £r_ 

106 91 TrtwCniOn 

138 120 TruslettCnrp... 

113 94 T; ife-idc to... 

1 60 5? Vpdownlift 

123 l«i; Od Bnt. S«s... 

[ 20 18 t 'i*£ Capitals _. 

I 97*; 80t; CSDeh.-Cwn ... 
188 163 * 6«5tfoeralTa 
,900 600 IfTrartPimdSU 
99*; 74 i Hoc Resourres . 

84 591, ff.CxATeCtfllhi 
307 278 ftemiHto.fi.. 

196 171 wtoerbottoni— 

89 69*; ftilahto 

I 85 65 Da “S' 

170 148 Veomanto... 

1 31 26 V«ks.iiLancs_ 

214, 5 Vi+tpeeri 30p 

i 77 69 A inmgCa'stoil 


111*; 5 00 

M 1.8 

75 . .21 
971; -», T3 37 


74 -1 2TC 

91 5.75 

36 055 , 

173 -2 7 1 

75 13.71 

73 .... - 

£Bf s -- Q20i- 

600 W®49 

49 -1*, L75 
73 -2 2 62 

143 AS0 

801; -lj Tl 65 
251 -f *67 
142 -1 0 85 
136 -7 tQ47c 
155 -7 - 

240 t2 Q3D 

47 th205 

45 350 

51 , - 1 , — 

i3o ‘ -r 6.0 

5bi, 4i 25 

EB 2.40 

42 1.8 

102 -1 45 

£.nh 2.7 

3S1? 2.77 

ii' 2 ail 

ii ± hi 

*8 tS 1 

lllri -1 3.60 
80 -2 25 

25 +1 0.59 

72 14 

183 -1 15-23 
llOxd 3.40 

73 -1 2.85 
42 -l. 13 33 

195 825 

50 ...... 12.1 

192 11.35 

106 -1 - 

8 -W ~J; 5.06 , 


43 ~1 
3714 

71); “1; 


16 -1 
215 -l" 

II!' -f 

‘St :::::: 

ii ™ :::::: 

70 m 

26 

1 

163'; -H; 
X» . ... 
£62 ^** 
620 +3 

M7i 4 

972 

91 .... 
54 -i; 

71 

182 

71 

118 -1 
83*; 

74 .... 
157 -1 
13 71- -i; 

371, 

981,4) 

112 .... 
144*; _ij 
99*; -1 
140 -U 

75 

941,41 -1; 

9l -b 
189 -2 
85 -2 
81 -I- 

184 -f 
430 

135 

71*; 

1081; -1; 

156 

56 +1; 

105 

171 ..... 
93 

95 . — 

90 -1 

221 - - 1 , 

99 +2T 
71 ...... 

£108 ...... 

77 -1 
101 -1 
165 . . 
73 -»; 
hi -1 
134 ... 

101 

129 -3. 

Ill 

58 

125 

20 -1 

96 +1; 

185 

840m -10 
89 -1 
75 -1 
303 +1 

1% 

« -*2 

83 

165 

50 

16 

77 +1 


5 00 * 7 0 * 

I. 8 L5 4 3 246 

21 11 4.2 312 

T3 37 11 5 1 22.7 
145 1.2 2a 464 

Si 92 2.0 4 6 16.5 
1171 510 4.2 368 
2 TO 10 5.5262 

5.75 1 0 t 2 23 7 

0 55 ❖ 3 a 4 

7 9 1 Q b. & 21.9 

13.71 23 7.516.3 

Q 20 t ~ T 3 I- 

(^49 _ 16 — 

L75 1.1 5.4 26 1 

3 62 11 5.4 243 

2S0 11 3145.7 

1165 11 3144.4 
*67 10 39375 

0 85 12 0 9 190 

tQ47c l.i 4.123 3 

yUD 11 5 4* 
th205 10 6.6 22.0 
350 1.1 11.8113 

6^ L2 70195 
4225 1 0 6.0 24 9 
240 11 4.134.7 

1.8 11 6 5 22.1 

4 5 LI 6 7 213 

277 L0LL8124 

dll 52 Fl ~1 

10 T.O 72 203 

♦OlOt.s: LO 4.7 20.7 
life 10 0.7 129 
3.60 * 4 9 4 

25 1.0 4.7 522 

0.59 4 37 * 

2.4 2.1 5.0 285 

1525 1 0 4 4 34.0 
3.40 * 4 7 4 , 

2.85 < 59 * 

11 38 2 0 5 0 30.5 

825 1.0 6.4 228 

12.1 LI 6.4 215 

II. 35 LO 9 016.9 

5.te * 91 T 

*098 * bl T 

1.85 1C 6.5 224 

1 25 L2 5.1 24.3 

26 ID 5-5 270 

L6 * 4.8 * 
0.88 1.2 Z 3 53.4 

13X7 LI 16 256 

64.75 LQ 7 719.4 

Qllc 0.9 0S14S5 
154 4 13.4 A 


OVERSEAS TRADERS 

African Lakes... 265 h352 190 2.0) 26 

AuA Apie a*>:_ 105 ... Q3 5c 11 2 1 44.7 1 

f£er;:nri-«i-n', 129 -1 1h4 13 4 6 4.9 4 8 

teRinii'ra-vSDr- 52 *1 62 LI 23 5 -70. 

i, V-bUhScMiKn?' . 44 -1 1 50 ♦ 52 1 

Fiela' Jo? -5dp 367 a] ~8 tli.O 4> c.2 

i.llt'Dulto _ 2b5 ~1 6 71 3 2 5.0 61 

iIiNlbnlib £65 . . . QlTc 2.4 1.4 Bt 

■Cntm t>« a. 475 -25 123.7B 22 7 2 B.9 

iHDCrmtieiSi 85 4 2b 217677 

iwhctwil. 405 -3 115.0 3.2 5.c 9 9 

.'achttm. — 23 ZO 60 65 - 4.5 

Jamaica Supur . 141; — — — 

Lnnjlii*. 60 .... 6 5? 23 lb? -30- 

1 ; NtohellCclv. - 411; 34 1.7 12 4 -5 B' 

'a;cerian Dec £J 250 13 2 <t> 3 3 <h 

•Xean Wfcitf IWp 84 -2 2.88 <t> 5 3 v 

Pa; H-r Z-. b i'ip_ 175 -5 J77 75 o7 3D 

Dt.-A.wwp- 170 -5 $7 7 7.5 fa* 2 9 

SiniertJ EUOp 30 -1 7:4 43 13 i 54 

' Svt. : -b'Jea r Jt'P- 61; B — — — — 

jS.ita- lijrby lop 86 +1 hl.75 33 3.1205 

Steel Bros .. 206 65 44 4.S 7 0 

TwerKtmi.'ftp 55 310 2.7 85(52) 

I to fcpcur.v eT . £94 08^1 13 0 18 7 - 

L Clfv Mere. Kip 64 -1 1hu75ll0 12 78 
Oo.iOptLn.Uip 64 -h-1 (34 32.2 (28 — 


30 24 

360 240 

60 45 
290 200 
145 HI 

10 Si- 
290 220 
265 130 
93 78 

21 20 
75 68 

490 45 D 
400 280 
70 40 

62 5D 
215 16S 

61 49 

61 47 

205 140 
310 210 
226 134 
75 53 

100 a? 

100 74 

220 143 


TINS 


Amal Nigeria 

.\ccf HitamSMl ... 

RerallTin. 

r«rjunt'ji5Ml.. . 
Ceeiur - . 
Gi-id fc Bise 1213 *.. 
uipensCons. . — 

Honsl»ne 

idns Hip 

laitfar li'L-P 

Ki'ununiine5Ml<5ii 
KillmchjU . . .. 
Baiai DredaxvSMi. 
iPahanS .. . — 

Pen et. iten 10c... , 

Petal me Mil. . . 

Sa;rJ pirjfi 

Sksi-’hrrotr. r-Jp. 
Smith Kn.ti5",ul SO 
Sihn Nbl.i>nn Still . 
Sunjei Beat SMI 
SuprawCerp SMI 
Tjniope I5p 
Tonctehlirbr SM\ 
Trc-noh jMi 


... t 2 51 1615.2 
... iQilfc 7i 09 t 
...3 75 44112 

... tyUOc 4 t 
.... MU 3.4 52 


6 5 

. +Q 8 D 0 

. cl 99 
-Z M 23 
-5 lQ77 8c 

.... . ZQlOr 

.... 65 



ZQSBc 


COPPER 

100 1 70 lM»;iraR0W-..| 92 |-2 (JQ30ci 1.9[ t 

MISCELLANEOUS 

17 9 Punju Mines IT'-p 14 .. .. — — — 

300 220 '.Vns Murrr. IOC _ 245 -5 tQ30c 2.6 % 

465 245 N’nnhiu-ieiSt 395 • -^5 — — — 

234 164 P.TZ 221 +2 95 2J 65 

90 30 MabicalndsCSl .. 62-4 — — — 

£12 750 T..raE.\rtn.5l . £10«; -i 5 ~ - -I 

45 43 rn.-fili'iirtaMty. 45 L 33 <6 4.7 

1B0 120 Yutoulonj.C51™ 180 Q7c 2.91 L8 


!9» 

High Low 

101 75 

94 65 

16 111, 
51 31 

305 165 
4? 2b 
39 £3 J 4 
12*4 Si; 
322 2ll 
105 65 

316 56*2 

71 411; 

52*; 29 
155 69 

98 48 

54 30*; 

75 55 


RUBBERS AND SISALS 

{ J ■ |+ or| Mr. | |VH 

ns | Stoclt | Price i - I Net |Cvr|Gr's 


98 -1 
93 -1 

16 

Sfli; 

260 .... 
43 +1 
38 ... 

10 

272*0 -*-4 

98 

214 

70 . ... 

5H; -1 
153 

98 +1 
45*; 

ff* 


TEAS 

India and Bangladesh 



ql 6 6.4 
- 62 


UfsaaFirattierfi 
Atomfmȣl ... 
Empire Plants IOp 

Jofcit£L 

LonshourneU- .. 
Mrm<3 Russel £1- 

Moranfl 

Sinelo HId-ic IOp . 
ft'arren Plants . . 
WiILanteonll -~- 


240 ,5 4° 51 

305 hl6J5 

122 -1 7.0 

28 41.98 

340 4-12.00 

360 .. ._ 110.00 
230 -3 113.5 

375 15.03 

26 ... 4F1.72 

249 -2 1467 

170 -1- 9.0 


0.9 1.5 1249! 
LO 6.2 240 
L2 4.4 313 1 

10 4.5 33 0 

<t> 5.0 « 

LO 55 26.9! 
12 4 2 30.4 1 

1.0 5.2 28-5 
U 61228 

11 7 0 173 

1.1 4.6 293! 
11 4.3 31.4 

Tl 7.3 19 0 ! 
11 7.020.2' 
ZO 51189! 
10 51 1.9 


2.65 11 4.4 315 

4.13 2.0 117 13.0 

5.5S 12 7b 275 

3 6 1.1 7.7158 

415 1.0 5.5 27.1 

1260 3.0 4.5 33.3 
1.2 1.3 L3 4b.O 

6 0 11 7 8 17.7 

4 05 II 45 32.0 

1.5 1.1 6.122.0 

i«£6 11 4 0 34 7 
330 10 4 5 34 6 

13 45 11 ?.t> 37.3 
?J6 2.0 5.1 294 

4.10 LO 4 4 32.7 

hi 60 1 0 3 2 467 

L20 0.9 3 5 45.7 

1367 To 46 323 
tL79 1L 3.2 443 

610 To T.O 291 

8$ * 9.5 7 

13 12 3.2 38.6 

33 LI 4.6 30.4 
19.19 2.0 9.7185 

1X78 L4 ?0 267 
153 1.0 4.3 303 

035 1 0 3.3 463 
223 1.0 3.6 403 

h4.75 1.1 8 017.6 
188 0.9 12.7 127 

438 LO 95 160 
Q8*; B i 208 (8.0 - 
+4*>& 12 9.912 6 
0.49 — 0 8* — 

50 1.1 46 33 3 

Iil3 1 3 2.7 422 
4.39 1 0 10 M13.9 


34 11 

14 06 II 
3 85 11 

tl 25 11 
M 03 2 0 
0 74 10 

3 52 10 

1594 1.1 


Sri Lanka 

210 (123 lluwnafJ — I 175 J......] 53 I L5) 4.8 

Africa • 

600 (590 [Rlantvre £1 J 600 J 150.0 | t 1126 

135 1130 |Ri» Estates -[ 185 | (13.0 J « |l0.6 

MINES 

CENTRAL RAND 


395 H40 lDurhanPeepRt 219 

4,6 Ij44 {East Sard Frp Rl. 284 

£36:,lE29*- Ranttfnmn&l’llZ £35 

ITS J 781; (West Rand Rl 1H 


219 -4 — 

284 +8 - 

£35 -rl, lQ:.50e 
114 1Q13C 


EASTERNRAND 


57*3 F-roetenPili' 

13 cjl-i Cftcea Rt 

135 ELS.G/ 1 hu 50 — 

7b 1 irtxi’i tfci t4ie 

271 Kiro-KsRI . 

3a Leslie dm- 

67 ManetiifeROA).... 
37 S Alncan LtoSi.. 

37 Vlarimteir. Rl 

SI7 ftinfcelhaai: 

31 ft it. M;tel 25c 


75 -1 1Q25c 
271; .... 1020..- 

369 Ni5c 

112 lQ19c 

345 lQ34c 

45 -1 1t<3c 
305 -2 TV46, 

55 +1 Q25c 
632 -4 IQ 36c 
54 -1 - 


<45 288 1 
£10“; 764 
96 Til; - 
332 214 
778 bo9 
219 163 1 
153 92 

£241; E90 
539 403 
606 432 
527 419 1 
Z32 206 1 
£141; £11 
289 123 ! 
£2212 QbSfl 
241 152 ; 
856 589 1 
23fi 163 1 


95 7? 1 

£Z7J £ £13*- 
121 59 

413 27b | 

134 66 I 

EIO*, 750 1 
739 522 ' 
883 703 
19? 144 
302 190 
£19*4 £13*i I 


FAR WEST RAND 

lyvwrS i 333 | IQ63c| 

affels -1 £10*; Q170C1 


|Ely\w:25 

Bnfreb 

Deefitnul RWft— 
Imomlnnteillltl 
East DneFil ... . 
ElindffaDdilld 3V.. 

EIshuroRl 

Karteteesf Rl 

KU-ai iVild P.l 

Libation P.l 

S«*utoaal50r 

SUKcmteinSfic— 

|VaalHeris5bc 

Venlern«tRl 

W.PrieR] 

ft'esiem Area; Rl . 
WnternDeepIC.. 
ZandpanfU 


+4 QHe 
+B 1Q78e 


+4 Cf25c 
~*« Q385c 
-1 1Q1 3c 
+U Q823r 
+4 Q4L5c 


NOTES 

id — 

'S Itnlev; nlhrmise IndlcatMl. prices and net dividends are is 
pence and ernoailnatianb « 25p. Estimled prlccfenninss 
.4 ratio-, sad eavrr* are bswid no tntetfsnaBal report e and accoontt 
7 and. ubere pos-lhte. srv updated on bill.,eai-l, flKores. P/E» are 
olcatalcf) on Ute barm, ol net distribution; bnrkded tljmim- 
1 Iccicstv *0 per rent, or more diHerence if calculated no “nil" 
t distribution. Oners are based on “maximum" dlsMbaUati. 
g Vidds are based on middle prices, are cross, adjusted to ACT of 
n 34 per cent, and alio* (or value ol declared distributions and 

4 rights Securities with denwnlnatioo* oilier than sterling wo 
j quoted iltclaslte of the ianrstment dollar premium. 

5 A StcrlinR denr-minated secuniieswluch Include investment 

’ QnUar pre.tuum. 

? • “Tap" Stock. 

•? - Kish* and tot wnrlied thus have been adjusted lo allow 
.1 inr nctitti issues lor cash. 

.4 t Interim Mine inm-aiv.1 or resumed. 

4 r Interim .-rove re-hut,!, pulsed or delmta. 
b Jt Tj-. tree u- non-reMdenls on application. 

, - 4. Pisure* or rcp-irt anaiied. 
rr t’ntiflcd *«i only, 
e Price m ume wup+nsion. 

1 Indicated dividend slier pendinC scrip and V rights issuer 
ron-r relalcs it* previous dividend or forecast. 

*• »• rev* of filnmp t-uty 
s Mercer bid or reorganisation in procress. 

!f Met comparable. 

C a haiT.-j ir.icrim: reduced final and'or reduced eantlnga 
1 2 inrti-raied. 

, 7 } Forecjrt dividend: cover on earnings updated by latest 

17 interim sUtcmcni. 

' j ; '. over .tllov,, for v rtru+rnion of shores not now ranking /or 
diM-lends or raakinc only lor restricted dividend, 
q * Cover docs not allow Tor fhjrcs which may also rank for 
% dividend at a future date. No P.'E ratio usually provided. 

-4 V Excluding a final dividend declaration. 

|-2 <■ Resloiiul price. 

J it »;-> tar value. 

1.0 a Tax tree, b Fipures ba-ed on prospectus or olher ofndst 
t-sijm.ite c Cenis. d Dividend rale juid c-r payable rm part 
ol capital: cover based on dividend nn lull capital, 
e Redemption >ield. I KUmcIiI K .Vciiitned dlv idend and 
.8 yield h .\srume»'l dividend ami yield after strip issue. 

! Payment irum capiud source,. It Kenya, m Interim hiphef 
tli.'-n pntviour ti+aL n Right, issue ponding q Eamlnos 
based on prelfimnary figures. r .-tu-tnil-an rurrenej'- 
h s Dividend un.t yield exclude a special payment, t Indicated 
■6 Qiv r.ieri'l coier rrlales lo prevn-us dividend. P'E ratio hased 

0- i tau-sl annual earning, u Kof.-ia' l dividend «-vrr (vised 
■*n pp' - .ious jear’s earnings, v Tav iree up to am in the X 
w Yield allow.. I ft r currcnc;.- -.lau.c > Dividend and vield 

1- a.ed on mercer terms x londend and yield include a 
s pecial payment Cover does net apply 10 special payment. 
I Net dividend Jimlylelo R Prvlvrenre dividend passed nr 
ilelerrert. C i.'anadinn p i. over .itiririF ratines* tilde profits 

- p‘ f K .i-.-rONpavo nil- .uiurlv.- E Issue |inn- I" Dividend 
. and jii-M baviv) nn prospectus »r oilier official er iimairj for 
ij piTT-Tb il -Nr turned dividend and yield after pending scrip 
n ar.d-or riv*its vsue I! Dividenil .in*l Meld based on 
■ pmspcctus «-r«itlier official esrim.tfes f"r ISTS-TT K Figures 
Ui-vQ on pro-.-pevtuv -.r --iher uflinal eNtimaics (or 1978. 
M r-v. i-Icr»( aii-1 > iv'd Im-i'J nn vr-icpecius or other official 
.••Jiftule:. for JfrtF S [ >ivi. Kind and yield tw^Jnnprovpect us 
q .-w i+‘-vr nitlnul .1 Ittoi-.- (or 19W P fiivider-l and Mel d 
iu<vd nn pr-wpc-flu- or other ofti-ial esiimaler lor tSf77. 

" f> ilr-w. r Tignrej assumed E Nn -.irnihiaini Corporotiun 
r fa* pay.iMe / Dividend ti-Lil lo dale i+ Yield tvaied on 
j- .1 . ,u mj.i ien TrvAAliy hill Bale swjs uDChmiyed until maturity 
h of stock. 

.0 

i2 Ibhrc laliow Mier+M-ldeid; jcc.v scrip issue: ckc rigbls; sex 

. .-.It. rf v. capu.il -livlTil-uPor.. 

1 , 

. 4 . — - — — , ■ 

f “ Recent, Issues " and - Bights ” Page 22 

This sen ire is available to every Company dealt in oa 
Slock Exchanges throughout the United Kingdom for a 
1 4 fee of £400 per annum for each security 


REGIONAL MARKETS 

The fnJIuwlncisa selection of London qu-Hat ions of shared 
previously listed ■•nlv in regional markets Prices of Irish 
iv-ui-f, most of which arc not officially listed in London, 
arc us quoted on the Irish exchange. . , . , 

.. 7 ■ SliefL Relrjhfflt . [ 52. { | 


O.F.S. 


Free Stale Pe; 50c BO 

FJ?(ieauW . r «Cc - £16 

FA NLnplaaf Rl. 33 

H.irmon-. soc 357 

liTlinefll 97 

Pre-.Brana.'ite 923 

»■' SMn.Vk--._ 698 

SLHeleiti-RI 872 

l'nu-1 172 

WWiwimSf 268 

ft .Holdings X*e £L3 *j 


Qllc L4I »2 

+k s&tti- 2 7 90 

Q55«. 4 7 92 
+1 Obc 0.S 3.7 
.. . tom 2 b t 
. . MCDc 99 3 7 
*10 4Qll5c 2.5 79 

. . . HJ35c- 1.9 T.H 
+*i hiZBOt li B.9 


Albany Inv.SQp 23 ... . 

Ayh Spinning. 45 .. . 

pori.im 22 

Hdc W Lit 50p 267 -3 

i_'|n- vrCroIt-. 26 

C'ju&Kon.-fl 445 ul .. .. 
lr -un iF.. i - A 37 

El);, Sr McHdy 61 ... 

Eier+.l .... 18 

Kile Force 50 

CinMt rj-^ Ap 24 

i. r.ueMiip. £1 154 . . 

Ili-j-i-n, B'i-w 78 

j. -il -tm £1 .- 150 

II.pIii.K-' C'-r, 263 .. . 

N lhn i.-ilitiRiitli 55 

f'e.ir-.*" Ili 265 

Fi-vl Mills . 20 

Shell. el-i Brick 45 


Alndall fWni i.._l 100 


Com. <i« f '80; 82 

£90*; ..... 

Alliance (las.. . 

73 

.Inintl . .... 

340«l .. .. 

Carroll il'J 1 . . 

%id +4 

( loriihtlkin 

94 -1 

' ftiu rofe Pn»ds . 

230 


44 


148 

(tl-.fl fft-pos. .... 

150 


65 

Sunbeam 

30 .. . 

T M 1 ’• 

170 

LTiniare 

90 


CllOc — 
11 112 
0.75 1 5 

10.81 bU 
46 2.0 

23 * 

0.06 — 
759 L0 
g!5 L0 


3iS 1.0 7.321i 


FINANCE 


Finance, Land, etc. 


242 1212 
I 12 5 

44 26*; 


18 14 

,145 103 
I M 56 
£11 EIO** 
<288 221 
4 3 27b 


27*; 23 
180 100 
19 lb 
15*4 9‘i 


Atooyd Snifters 
AnrkmrTsUOp. 
.*!Mbun$fa7.a)ix 

Rnisnnla Arrow 
Lftaddeslev.. .. 
,1tall«wtCrpSi 

'■h.'.nerjKiuseGn 

''--mniPhJlIK.jp 

lul'.-eNfl *. 

LCRiuyToi. 
rtlhiift&viellg . 
Edialmn K*« 
rl^P-MintoJlfp. 
Kirknwllane 
Hvl.tWfcjCp.._; 

t»(*«!ioni>.S 
r 4-r, Km tint 5p. 
; jn'-ftod ii^i 
J( lUcyto eu 


222 

10 

44 

9 .... 

141: 

18* 

143 .. . 
65 -1 

£12*4 ->4 
282 


24 

57 

40 

141, ... . 

27 

337 ... . 

17 . . 

13 +1 




30 49 68 
14 BOIL? 
1.1 2.1 =- 

20 6.3 (92- 
3 7 33 75 

- ~ ii") 

68 26 88 

21 6.510.9 
if 117 0 
A3 2E 8.7 
12 6.419.1 
19 89 83 


600 424 
340 246 
£17% £1-1*4 
800 621 
150 119 
204 163 

A & 

£ 1 >\j iua' 

£14*4 £10 
195 138 1 
34 22 1 

1% 126 
122 95 

til'd 860 
53 50 1 

43b 375 I 
223 161 
59 29 1 

£15 £11 ! 
238 182 
292 238 
64 40 


An? Am.Ccal50e_ 
Anulo rimer lue. ... 
Ane..Ua«7h/(iRI_ 

Apc-Vaal Sit ! 

Charter iron-: 

Celts. Gold Fields- 
East Rand C-Jn 10p 
i>a Mi nine K. 
told Fields- S.\ Se_ 
Jn hurt; Cons KL„ 
Middle Wil Sc r_. 
Mincorp I2*?p. 
MinoreoSBLtt 40 ... 

N'e» ftil 50c 

PaiinoN'Vns.5 

Sand Ixwion }6c.. 
Selection Trust —. 
ScnJrur.lft? 
f il. croupes Uftp . 
f-.xil Ohiv Lii.lt i 
re jjvt-siHi 
L : fflunC«pn 8u!5c. 
Vogeli 


5B5 

328 -2 

£17 

780 ...... 

139nl 

172 -2 

171; 1 

£271; _J 4 

£13*; 

£135 -h 1 

192 1 

34 +1 

194 

115 +1 

£11*4 

54 

410 1 

219 

45 

£14*1 -*4 

234 

280 +2 

62 


OPTIONS 

3-month Call Rates 


|J DIAMOND AND PLATINUM 

#•*£32 £?0 Ansln.AKlir.JS0r. £42 -1 Q600, 1185 
90 54 84 . . . lullt 10 5.0 

,g £ 412 285 UcUrrsKte — 412 *24 0^ 3 S3 7 6 

^£21-4 925 to-SpcWR.4— £31V .... 3»a 20.2 

83 74 54 ivikuliBK:^™ 62 ^(2 7-. 10 i 

— 98 70 Jtite.PIU.lt'c.. 82 *Q2i;i. 1.4 i 


Indnslrials 

A. Brew 

A-f 1 CemCnt... 
RSB-..-. - • 

BoK-ock 

Bjrfl.ij> Bank 

IkVTWBI - 

Bonis I -rug.... 

Bc-ujUTs 

atT 

Bn:i-'i"-.vi.'eii 
Rn-uni.li •• 
Burton A ... ■ 
i.'adl-ur;- 

CnurfauM.' .. 
rtelicnlronri ■■ 
Ki'tilK-rs .. 
lmnl-f 
E-'n-ie >t.ir . 

E M I 

He:. i-ivnt 
i;ci Elcctrc 
i.|0\O 

<.r.in'l Uf* — 
1; t: *• • \ . . 

t-uhr-li-in 

•; K . 

HjuL'T Sid-1 
Houicut s r.'-JS - . 


I.CT 

6*, -Impa". 

18 I ClT. 

9 Inrerest- 

11 KCA 

25 Ladhrc-lte 

35 Legal £-*lcn... 

15 Lex Service .. 

16 Llovds Bank... 

24 'U»f? - 

6 London Brick 

20 U-nrho 

12 Xu-Wi-lnd*. 

5 Lv’^nsiJ 1 

10 -Mum*- 

8 Mrk.v f; Si-ficr 

15 Midi.n-i Bj.hl 1 . 

7 * F. * 

11 ha* V.'t-.r f^int 
34 I'u Warrants 

17 K& 1.1 hid 

18 Fleise;. 

40 P-.H.M 

6 ll.iriV. I Tl! A - .. 

20 lu-v l Inlui 

16 ’-ptllt.TS 

22 T«*ru 

20 lli'-'n 

12 lrjsl Uuuses 


20 Tube Invest... 30 

6 Unilever 3S 

20 Uld.Dmpcry_ 71- 

8 Vickers. la 

3 ftoolwnrliis 5 

17 ^ 

14 Property 

7 Brit. Land — 3*j 

“ Cap. Counties. 4i- 
J £.*'. 5 

2 tutreuropcan 4 

5 Land Foes 16 

S MKPC _... 12 

1" (Vue hey ... _.... 8 

SAnnie|Pr->pi.. 9 

^ Tiiw.it &Ci(> 1*4 

1= O.U 

10 Bril 1'c+rnlemn- 45 
a kurmaiti.nl... 5 
n '‘(i.irt+rhan^ 3 

5 -Shell JB 

18 Ultra nuir.._. 20 

3 Mines 

4 Charter Cons..| 12 | 
J2 Cmi- . a-lil .... 1 14 I 

15 Ri.iT.2hil-...) 16 I 


A sclcrti'in of I'lfKinn* traded is ci-.en on the 
Lvr.dcn Mutk Hr.cIjaniJL- Xlt-jKin prise 
















M 


us 

Si 



BY ANTONY THORNCROFT 


THERE USED TO EE a ratirer 
malicious adage that in the 
world of the Loudon salerooms 
Christie's were gentlemen trying 
to be businessmen. while 
Sotheby's were businessmen 
while trying to be gentlemen. If 
anyone rould give the lie to this 
single handed it is Mr. Peter 
Wilson, the chairman of So the by 
Parke Bernet, who this week has 
been taking up his gavel to 
dispose of the sale of the 
century, the von Hirsch collec- 
tion of works uf art. 

On Thursday morning alone 
Peter Wilson, or " PCW " as he 
is known in Sotheby’s, knocked 
down 97 lots for almost £6.4m. 
a record for any session in the 
saleroom and equal to the total 
from last year’s week-long 
Sot'neby auction at Mentmore 
Towers. 

Wilson shines with charm, 
ease of manner, and gracious- 
ness. the traditional attribute of 
the English gentleman, but 
beneath ihe surface there must 
He other qualities. For in his 20 
years as chairman of Sotheby's. 
Wilson has increased turnover 
from £5m-plus to approaching 
£I50m this season, and through 
the take-over of the major U.S. 
salesroom. Parke Bernet, in 1964 
ensured that Sothehy Parke 
Bernet is the international giant 
of the art world. 


THE CHIEFTAIN main battle 
tank, which provides firepower 
on NATO's front line, has been 

" let down " by a history of 
faults on its Leyland engine, 
says a committee of MPs in a 
report yesterday which is also 
l highly critical of the Ministry of 
Defence's role in the affair over 
the last la years. 

The tank gun and range- 
finding equipment had a “ first- 
class performance." the defence 
and external affairs sub-commit- 
tee of the Commons Expenditure 
Committee says. This made it all 
the more unsatisfactory that the 
tank should so often have been 
“ let down by its engine." 

The Chieftain would be well 
over half-way through its 25-ycar 
active life before it had an 
engine to match its other assets, 
the MPs add. 

The engine had failed regularly. 
BL, Us manufacturer, had taken 
16 years from the award of a 
Defence Ministry design contract 
in 1957 lo get the engine to its 
intended power specification of 
700 hors.'.aower. 


Production 


The engine did not enter 
operational service until 1966. 
Even Lhi-n. it could achieve only 
650 horsepower and could not 
use petrol as specified in the 
original multi-fuel contract 
The Eritish Army of the Rhine 


has 600 Chieftains on the East 
German border. Many are now 
relegated to an almost stationary 
rote, as a result of changes in 
NATO strategy. 

According to the report, it 
takes the soldier four hours to 
replace the engine and cooling 
unit compared with 30 minutes 
for the engine in a West German 
Leopard Lank. The Ministry said 
it was not practicable To reduce 
the time without a major re- 
design. 

In 1972. defects appeared on 
Murk 7 versions of the engine. 
These were traced to fuel injec- 
tion timing and to a change made 
in the exhaust system by Leyland 
engineers to speed production. 

These problems led to the first 
investigation of the engine by 
the Commons 1 committee, which 
reported initially three years ago. 
In June, 1976, a second report 
said the frequent failures of the 
engine stemmed from faults that 
"went beyond those of normal 
wear and tear." 

The source of these faults has 
now been identified, and the com- 
mittee expresses "guarded 
optimism that the present pro- 
gramme of engine modifications 
appears to be meeting with suc- 
cess." 

The main causes nf engine 
failure were the cracking of 
cylinder liners, problems with the 
breakage of piston rings and 
failure of the seal between the 


cylinder liner and the cylinder 
block. 

New designs, Mr. Fred Mulley, 
Defence Secretary, told the com- 
mittee last year/ had brought 
about a *’ significant increase " in 1 
the mileage between engine 
failures. 

Performance figures have been 
deleted from the report, but the 
new parts have been incorporated 
in ail new engines produced since 
April 1977, and in all reworked 
engines for the British Army 
since August last year. 

Redesigned 

All the Chieftain tanks being 
supplied to Iran would be 
powered by the Rolls-Royce 1.200 
horse power diesel in a 
redesigned tank body. 

The Ministry had told the com- 
mittee it would not be worth- 
while to fit the Rolls-Royce 
engine to British Chieftain tanks 
“ because of the requirement for 
a replacement tank to be in 
service by thd late 19S0s." 

This tank is already being 
designed. 

The Chieftain saga *■ docs not 
reflect well" on the Ministry, 
the committee says. “ It is diffi- 
cult to feel confident about the 
future performance of the engine 
in the light of subseqently unful- 
filled assurances from the 
Ministry of Defence to the Com- 
mittee of Public Accounts in 
June, 1975." 


right 
to appeal 



X - •• 


BY MARGARET REID 



ililiats 


§si»®i 


IfjPif 

tljfel 

/i taf® 


Westland may send out 
2,000 dismissal notices 


BY ANDREW TAYLOR 


THE FORMER chairman of the 
Singapore company Haw Far 
Brothers Internatio nal, who 
had been due to be extradited 
on Monday to that country to 
face five charges won a tem- 
porary reprieve yesterday In 
the High Court. 

Mr. Richard Tarling. 43, once 
a business colleague of Mr. Jim 
Slater, the financier, was given 
leave to apply for a fresh order 
of habeas corpus preventing 
his extradition. 

Lord Widgery, Lord Chief 
Justice, sitting with Mr. Justice 
Talbot and Mr. Justice Watkins, 
said the ease would be heard 
in the week beginning July 17. 
The date is expected to be 
July 20. 

At Bow Street yesterday, Mr. 
Patrick Good body, a former 
Slater Walker executive, faced 
extradition proceedings 

brought by Singapore. Mr. 
Goodbody, who had sur- 
rendered to police shortly 
before the hearing, was 
remanded on £30,000 bail, half 
of It on the surety of his 
mother. Lady Goodbody. 

In the High Court. Mr. 
Louis Blom-Cooper QC, Mr. 
Tarling s counsel, told the 
judges that Mr. Tarling's was 
one of those rare cases in which 
somebody facing extradition 
had a right to make a second 
application for a writ of habeas 
corpus. 

The Lords ruling on April 19 
that Mr. Tarling should not 
be extradited to face charges 
of dishonesty made it possible 
for him to claim that his extra- 
dition on the remaining charges 
— which did not involve allega- 
tions of dishonesty — was unjust 
or oppressive in view of tbe 
passage of time, said Mr. 
Blom-Cooper. 


Those who sneaked away 


■However, John Brown does! 


from the City -to Ascot in .^JndeX TOSe 34 tO .'4565 ^ ; .? a “ ™ 

nast few davs made the Tight--. - -? •••• > - v continue.. ^Indeed, a 15 to 20 


WESTLAND AIRCRAFT is 
believed to be on the point of 
sending dismissal notices to 
2.000 manual workers at its 
Yeovil belicopter plant where 
attempts to negotiate a new wage 
deal with them have entered a 
crucial stage. 


letters to be sent to all the 
manual workers. 

It was understood that these 
were dismissal notices in which 
the workers would be offered 
their jobs back but under new 
terms. The management has 
made no secret that it intends to 


Since tbe group's warning 
about increased provisions. West- 
land's share price has fallen 
from its high of the year of 52p 
to 31lp. Last year, the group is 
thought to have made around a 
£5m provision against the heli- 
copter contract. 


A statement 




Peter Wilson* bids and deals 


Wilson has always been a 
Sotheby’s man through and 
through. He joined the firm in 
1936 when a lack nf shorthand 
curtailed a potential career as 
a journalist. By 193S be was a 
director, and 20 years laler 
chairman. He has worked 
through all the major depart- 
ments and his connoisseurship 
is reckoned to be the equal of 
the top specialists at Sotheby's. 
But combined with the know- 
ledge and experience there is a 
tremendous energy. Colleagues 
tell nf being awakened at two 
in the mommy with a Wilson 
idea and then four hours later 
with another. But the sweetness 
nf the intrusion prevents any 
hard feelings. 

Now, at 65. (here are no 
thoughts of retirement and no 
apparent dimming uf activity. 
“ i think nur success has been 
due lo the fact that we have 
gone out and beaten the bushes 
and made London the art centre' 
of the world." it has been the i 
Wilson trips to overseas collec- 
tors in persuade them that Lon- 
don was the best place to sell 
that has formed the basis of the 
staggering growth: that, plus bis 
contacts. 

He was. for example, at school 
with Robert von Hir.seh's step- 
son and first met the German 
collector in 1938. Sotheby’s has 1 
heen evaluating his works of art 
for years and it was no surprise 
that it should be selling it now 
on von Hir.seh's death for a sum 
which will probably exceed 
£15 ri. 

Wilson has very little private 
life. There is a house in the 
south of France hut rarely the 
time to visit it. If he has a hobby 
it is gardening and. of course, 
collecting. He has a wide taste 
with a preference for European 
works of art. His favourite piece 
is a small Romanesque bronze. 
But it is Sotheby's that drives 
him on, visiting every cranny in 
the chaotic Bond Street head- 
quarters, inquiring after the 
wives and children of employees, 
taking as many auctions as he 
can find time for. even very 
minor sales. 

There is a determination and 
doggedness under ihe . charm. 
Peter Wilson^ has managed to 
make Solheby's id his own image 
—a centre for aesthetic apprecia- 
tion and gentlemanly collecting, 
hut. of course, it is really an auc- 
tioneers. making its profits from 
.•jelling works of art for the 
highest possible price. 

Wilson is famous for his quick 
decisions, but many must con- 
cern filthy lucre. He does not shy 
away from the connection, “if 
works of art fetched very, very 
little it would suggest that they 
were not of great significance in 
the world. But you cannot deal in 
art unless you have a deep love 
of it and faith in what you are 
doins.” 

In Wilson’s case his !n\e of art 
is equalled by his love of 
Sotheby's, and it is this obsession 
which has probably prevented a 
more public career. Although 
he regards von Hirsch as ‘-the 
most important sale wo have ever 
had, a landmark for Sothcbvx 
and for art prices.*’ ho is still 
looking for the next one. 


it was forgoing an interim divi- 
dend and warned shareholders 
that profits were likely to be 
disappointing in the current year 
because of the long-standing pay 
problems at the helicopter 
factory. 

These have arisen because the 
company wants to end the piece- 
work system of payments which 
apply to fewer than half the 
2.000 manual workers. Attempts 
to negotiate a new agreement 
broke down this week and yester- 
day the company was preparing 


it says has pushed up the wages 
bill and caused dissatisfaction 
among other workers. 

Westland has already given a 
warning that provisions made 
against its helicopter operations 
last year might be substantially 
increased in the current year. 

This statement has caused 
concern among the company's 
institutional shareholders who 
had believed that the earlier pro- 
vision made against a Ministry of 
Defence helicopter contract 
would not be repeated. 


elements in the helicopter con- 
tract which was negotiated in 
1973. and also to cover the fac- 
tory's rising wage bill. 

Westland has explained that 
while not all manual workers are 
on piecework, it has faced prob- 
lems because all manual workers' 
bonus payments are related to 
tbe piecework earnings. 

It has been trying for some 
time to negotiate a new pay 
agreement to cover all manual 
workers. 


Dollar weakens against yen 


BY MICHAEL BLANDEN 


THE DOLLAR renewed its 
recent decline yesterday after 
Thursday's temporary recovery, 
again hitting new low points 
against the Japanese yen. 

In spite of further official sup- 
port in Tokyo and other centres, 
the dollar at one staged dropped 
Y206.3 in London, it recovered 
siightly'in later dealings to close 
at Y207.5, down from Y211 on 
the previous day. 


may recall 
15m tyres 


By John. Wyles 

NEW YORK, June 23. 
FIRESTONE Tyre and Rubber 
may be ordered by the U.S. 
Government to recall 15m of its 
steel-belted ’’ 500 " radial tyres 

because of an alleged basic 
defect. 

The National Highway Traffic 
Safety Administration is under- 
stood to be close to alleging a 
basic defect in the tyre after 
an investigation prompted by 

about 2,000 consumer complaints. 

In addition a House of Repre- 
sentatives sub-committee has 
received reports of 19 fatal 
accidents, causing 27- deaths and 
31 injuries, which involved tyre 
bursts. 

Firestone said to-day that it 
was confident that the 500 was 
without any basic deFect. Any 
recall that would have to fol- 
low such a finding would be 
unwarranted. The 500 was the 
company's prime radial tyre and 
was marketed from 1972 until 
May of this year. None has been 
produced or sold in Europe. 

The company, based in Akron, 
Ohio, has long argued that any 
incidents involving the tyre have 
been caused by owner neglect. 

It has stressed tbe need to 
maintain proper inflation and to 
ensure that tyres and wheels are 
properly aligned. 

The. company has already had 
one brush with the safety 
administration over the 500 and 
successfully won a court order 
in March preventing the agency 
publishing results of a survey 
it conducted among 100.000 
owners of the tyre. 

Much tn the agency’s em- 
barrassment, details of its find- 
ings subsequently found iheir 
way into print. 


In Japan. Mr. Yusuke Kashi- 
wagi. the president of tbe Bank 
of Tokyo, one nf the leading 
foreign exchange banks, said the 
dollar could fall below Y20G at 
at some future date. For the 
time being, however, he sug- 
gested that it would continue 
to move in the range Y2Q0-Y210. 

The further fall in the U.S. 
currency followed a week of 
sustained pressure, interrupted 
only on Thursday when the 
dollar was briefly helped by- 
reports of U.S. pians to cut oil 
imports. 

Over the week, the dollar has 
fallen from Y216, with the Bank 
of Japan maintaining a policy 
of only limited intervention to 
stabilise the market. 

The Bank was reported to have 
bought about S40m t£22iu) 
yesterday, a modest amount 
compared with total spot turn- 
over in Tokyo of S660m. 

Earlier in tbe week Mr. 
Telichiro Morinaga. the Governor 
of the Bank of Japan, had 
hinted that there might be more 
active intervention if the rate 
fell towards Y200. 

The weakness of the dollar has 


AGA LNST 
THE YEN 



! 1 1 ■ ; 1 : : 

1 

. Ml 

!l!h ; ! ! 


'in 

r ijM’i 

E3 


-^ 0 I I II i i i M i i ; 1 i i i i I* , , . 

jFMAMjjA jONDJIMIMJ % 

1977 1978 


extended to other leading cur- 
rencies. Yesterday the pound 
rose by 1.1 cents to 51.8490, 
though its effective index, show- 
ing its depreciation against a 
basket of other currencies, was 
unchanged at 61.4. 

The weighted depreciation of 
the dollar widened from 6.3 per 
cent to 6.8 per cent compared 
with 5.9 per cent a week earlier. 


Weather 


IttfiSlp 


The Home Office had given 
an assurance that there would 
be no question of extraditing 
Mr. Tarling pending the hear- 
ing of the fresh application. 
Nor would Mr. Tarling take 
advantage of tbe adjournment 
to seek to quash, the extradi- 
tion order on the ground that 
he had not been extradited 
within one month of the Home 
Secretary’s warrant 

Mr. Harry Woolf, counsel 
for the Home Secretary, sub- 
mitted that there were no 
valid grounds for granting the 
application. , 

Mr. Goodbody, whose extra- 
dition has been sought since 
late 1976, was named in four 
charges of conspiracy brought 
by Singapore against Mr. 
Tarling and Mr. Jim Slater, 
former chairman of Slater 
Walker Securities— -of which 
Haw Par was an associate — and 
in one other charge against 
Mr. Tarling. Mr. Slater was 
cleared by the Chief Metro- 
politan Magistrate of all 
charges against him and Mr. 
Tarling appealed successfully 
on all the five charges brought 
against him in which Mr. 
Goodbody also was named. 

Last night, Mr. Goodbody. 
who lives in Ireland, said in a 
statement through Lovell 
White and King, his solicitors: 
"The charges brought against 
me by Lhe Singapore Govern- 
ment, in respect or whicb my 
exlradition is now sought, 
relate to a complex series of 
transactions which took place 
between 1972 and 1974 when I 
was a Slater Walker executive 
temporarily seconded to Hong 
Kong. 

“ I am advised that these 
offences were all considered by 
tbe divisional court and the 
House of Lords in proceedings 
against Mr. Tarling and that 
both courts found in Mr. 
Tarling’s favour in respect of 
each of them. 

“Furthermore, I was not a 
director or Haw Par Brothers 
International nor was I ever a 
resident of Singapore. Although 
1 am not a resident of the UK, 
and have not been for some 
time, the extradition proceed- 
ings have been brought here 
by the Singapore Government 
and a I am voluntarily sub- 
mitting to the jurisdiction of 
the English court in order to 
clear my name.’' 


UK TODAY 

COOL; some raia or showers in 
most areas. Sunny spells in S. 
Wales and southern baif of 
England. 

London, S.E., S.W., Cent. S. 
England, E. Anglia, Midlands, 
■S. Wales, Channel is. 
Sunny intervals: showers, some 
heavy. Max. 16C (tilF). 


BUSINESS CENTRES 


Anifltnim. 

Aliens 

Bahrain 

Barcelona 

Beirut • 

Belfast 

Belgrade 

Berlin 

Binnuhm. 

P-nsiol 

Brussels 

Budapest 

B. Aires 

Cairo 

Cardiff 

Chicago 

Cologne 

Copnhasn. 

Dublin 

Edinbrch. 

Krauhfurt 

Gi-m-va 

CluSnOw 

Helsinki 

H. Kone 

Jo'Unrg 

Lisbon 

London 


Y'dar 
mid-day 
«C *F 

H 14 57 Luxembre, 
S 2fi 79 Madrid 
S 31 SS Manchstr. 
S 24 73 Melhourne 
S 27 St Milan 
Tt B 4S Montreal 
S 23 77 Munich 
F 21 70 Xewcasile 
R i:i 33 New Delhi 
F 14 57 New Yorfe 
C 14 57 Oslo 
S 2fi TO Parts 
C IS 54 Penh 
S ino Prusue 
N 14 5" Hi'ifrJavlh 
S 22 73 RInd<-J‘o 
R it v: Romo 
R 33 59 1 Singapore 
C II 5.' ISioekhofm 
C 32 34 jSrr.isIiru.. 

T 13 5? i Sydney 
R 3U 81 Tehran 
C 13 53 Tel Aviv 
R 13 5° Tokyo 
C no Sfi Toronto 
S IS 61 Vienna 
21 70 Warsaw 
C 14 57 Zuneb 


YTJay 
mid-day 
«G *F 
C 14 57 
S 22 72 
R M 30 
C It 52 
f a r, 
C 18 61 
F 22 72 
C 12 54 
C a 54 
S 24 75 
C 16 fit 
C 17 63 
R 15 M 
K 22 72 
S 9 48 
5 14 73 
S 23 77 
S 10 IS 


E„ Cent. N., N.E. England, 

Borders. Edinburgh. Dundee, 
Aberdeen. Glasgow. Highlands 
Mostly cloudy, rain at times. 
Mbt. 13C t55F). 

N.‘ Wales, N.W. England, Lakes, 
Is. or Man. N. Ireland 
Mostly eluudy, ruia at times. 
Max. 12C (54F). 

Moray Firth, Argyll. Y.E_ N.W.. 
S.W. Scotland, Orkney, Shetland 
Mostly cloudy, rain at times. 
Ma.v. 11C (52F). 

Outlook: Unchanged. 

Pollen count: One (very low). 


Continued from Page 1 

Steel 


HOLIDAY RESORTS 


C 17 6.1 
S 13 .19 
S US 77 
S 2? J*t 
K 21 70 
S 13 SS 
t: 24 75 


< : 24 73 

C 15 si 


Ajaccio 

Algiers 

Biamlz 

Blackpool 

Bordeaux 

EouIukik- 

Ca&iblnua. 

Capo Town 

Corfu 

Faro 

Florence 

Funcbal 

rtibraliar 

Guernsey 

InmbnKk 

Inverness 

t. of Man 

Istanbul 

.Jersey 

S— Sunny. 


Y’day 
mid-day 
*C '!■’ 

S IS 75 Las PI ms. 
S 5fl SdjLncanio 
C 14 37 1 Luxor 
C 12 54 Majorca 
C 17 6.’! iM.ila^a 
C 13 55 ; Malta 
1' 21 70 j Nairobi 
S lx r.4 I Nan kb 
S Ti XUlNio- 
F 23 73 iMcoeia 
K 24 fSlOponu 
F 19 Sii Rhodes 
S 22 72 jSaUhurg 
S 14 37 iTanitii.T 
r. 22 72 Titivnfe 
R 11 52 'Tunis 
B 10 30 1 Valencia 
S 22 72! Venice 
■5 13 33 ‘ 

F— Fair, c— cloudy. 
T—Tb under. 


Y-day 

mid-day 

■C *F 

R 20 65 
S 46 115 
S 24 75 
S 3 H 
S 27 51 
5 21 7>) 
S 24 n 
S 21 70 
S 26 79 
C 17 63 
S 28 79 
K 22 71 
S 21 m 
S 16 64 
S 29 94 
S DU M 


now leaving it because the 
electorate has clearly given it 
the thumbs down. 

“Mr. Steel's threat to ‘kill 
the Government* is yet another 
example of the Liberals seeking 
to take credit for wbat was going 
to happen anyway." 

John Lloyd writes from Perth: 
The Scottish Liberals decisively 
rejected a motion proposed by 
Young Liberals, blocking any 
future deal with a Conservative 
Government. 

The motion “deplored the 
idea ” that the Liberals should 
help retain a Conservative 
Government in office, regarding 
the “ present Conservative 
Opposition as racialist, repres- 
sive and illiberal.” 

Mr. Keith Aitken. chairman of 
the Scottish Young Liberals, said 
that the Right-wing of the Con- 
servative Party was in control 
and that the Conservatives were 
“led by a woman with the 
driving ambition of a Richard 
Nixon but with fewer ethiCB," 


. . tax eieyei ■ seems more .likely atqi 

It* 1 : 4*. n« 


nast few days made the Tight.-- 13 ro 

choice: it has been a distinctly . . . . ■* 5er.^t; ; intrease at the .pre- J. 

uncomfortable week in tte7\, t . oed whe re\a tfewopti* 

stoc* market The 'SS,W^ 

market has been suffering- % : w . d - Newson-Smifc, ’for 

nasty technical squeeze as who yestertey turvtd- ^ tas'^iwSd^ pote^Sal 

St3gS l? e c u rS i^cS-Stegicaliy b^sh. ; The^ - 

^il7 have Sed“ to ^nS' ;inent * ^ g< £? ™ one ^ p ^ y -Wn S . determined to increase 
2013-1/ have tnea to . figures will boost confidence *1.- divided '«nWsriHniiv - r 

without having to put up fh^once the current indigestion has-'^g^-.. ■ ■ 

£30 call due next Tuesday. By :^ n OTercome . . • - •: "• 

last night, the final opportunity; , iff 4? r /TIK" Tsjt ■ Tivntv 
for selling on a £15 paid basis,- Rrnwn ; - • 

disillusioned stags were oiriy. Jtmn " ru , • . TSiere W ere sorpe r* . baffling 
getting £13 1, and were consei'--!:. After a period of disappoint- -twists^ and. turns in- the U.S. . • 

quently showing a loss pf .ing results from big compames S^.^te yesterday folIoWiiig the ' 
almost 12 per cent on their:, Brown ratify the ; . 

money. . J Jet the optimists -down; ~ For |t.iuiporiamt : : . l II^&/UK double tax 

The weakness has spread -ti&has. turned in > 113- ger .Wimtever -fee rights and , r 

equities, which after hovering' improvement in; 0 f . fthfr uy taiy ■ ■ . tax 

for a number of weeks at just'^profits which 

above 470— as measured by .the -.223.2m. This ris comfortably . - : have. ^banned) . 

FT 30-Share Index — have failed . ahead of the minimum W operating in 

back in a manner which has previously forecast. by the group : gffiM - 9 aM ^ rnl .l^ g r ~ : 


made some of the chartists' .and contrasts wRh rprefits- .of faced with- the pos^twli^ that . 

nervous. On Thursday monK less than £2m two -years ago best sjltifl3. « ‘ 

ing in particular, some sizeable - when John Brawls fortunes of it -for a few- -more years 


Index is off 14.3 points on the - a dramatic improvement hasf ^^ ^tto. There Is a poasi- 
five days. J; S>.fcome about since: iieri. John .baityt^f negofaaaoiis aregping J sr h U rt l 

There are a number ^ Brown is now.left ^fli vferm vQ tf cer ;, .. • 


Thprp are a number . of Jorown is nuw ; .iou .w ■<*««« 

strands to the bearish picture.: aebt of 


pany results are still proving.' cash in the bank to boot. Swire-- n^-p^oyer^ • ••'.T* . ... - 


pany results are still prOvihg :cas h in the bank taboert awt^-ihg^iower^ •• . ... . 

to be on the disappointing side over, inflation aceotmtmg does Thus U.S. investors in Britain. - 
—an extreme example being- not destroy the profits:, on a; may 'continue to suffer heavier 
J Lvons with its tiny profits Hyde basis the pretax figure ife .taxes, for they are threatened • 


prospects for dividend freedom increase has come -‘from gas -.credits on dividend remittances.. 


beyond the end of July, when/turbines and specialist fabrica--; Tt-is^ estimated, that such ^ refunds . - 
current leeislation exoires. -If- firm, where net mareins have would have amounted to ,around. - 


current legislation expires. -If tion, where net margins have would have amounted ^o^arouna . - 

further controls are introduced, doubled to over 10,; per cfent, £50m annually,- and. - there- was > t 

the present reverse yield gap giving a total contribution of also a retroactiye payraent due^.. : 

of getting on for 7 per centage £7Jm. Another _£5m relates to at least f200nL . : 

points between long gilts and the high risk/ high profit .- -Most of all the. imminent; loss; • 

equities could leave shares e;ngioeering^ process, and con- -of lhe treaty, th reate ns :fnture ^ . " 

looking vulnerable. ' Another struction side, which accdunts ;trouble ;for multinationah ecrm-- 

problem is that short term ?for 40 per cent of group profits. paj^^ whatevet^.theiE^ototiy^j^ 5^353 

interest, rates are rising id the All other areas have done well, .of origin. Ui^ary , taxation of 

U.S. and tbe hoped for early with :fte exception of the worldwide 

cut in MLR here is. looking less machine\ toirt- division which; theyw ant ta pr*i^H.spje.ahing 

likely— the TreasiUY. bill rate though absorbing- a quarter, of outside the' U;S^ L Ip^ed this ; 

rose at yesterday's tender. Brown’s rapitai employed, con- treaty Was to hay^heen a model , ; 

But there is one area of the tributes less than 10. per cent 'for others .betweejir '.the' world’s , 

stock market, the long end of of profits. \ . . : . main tra d in g nations.^ - r-. •• . 



OP. A. PAID 



:ials k?i!e« 



. legac 


The new Schlesinger Preference & G3t 
Trust is invested entirely in fixed mteirest. , 
securities which offer the benefit of a high 
predictable income and are likely to have 
less risk and be less volatile tban equities. 


High income-low volatility* 


By inventing only in preference shares and 
British Government Securities (Gilts), tbe managers 
are able to obtain higher levels of income tharrcouldbc 
expKtcd from a managed portfolio of equities. Whilst 
equities would provide greater opportuoi ties for .....' 
growth than fixed interest stocks, the latter amllkely to 
be less volatile. The proportion in. pre fere noeshares' 
and Giits will be varied at the managers’ discretion. . . 

SdilesiiiRers also expect a useful degree of capital 
appreciation from this trust, over the medium to ' . . — 
long-term. 


Planned income payments 

In order to help invcsfois plan thefrinCome. the 
dislributions will be paid quarterly on ffi©30th 'oC • 
April. Joly, October and Jaiuuu$, sfartingJDqtqbcc 
1978 for new investors. Tbe table shows.the X ■. 
approximate level of income (net <5f 34% basic rale _ . 
ta.\) we estimate you wduklrcceive^evwy ttoee v: ■< ' 
months. This equates to a. gross yield of L2.6 W at 
currcn t tax rates and based on toe fixed offet price ' • 
of 24.0p xd.- ’ • '. .5, 


^ Sl * pasl 

.. . 


Because dealing costs are lower for fixed interest 
investments, and the initial charge on this Hindis only 
3j“ 0 , the dealing spread is attractively Jow’,'- 


Invest meat in Gilts 


•' £500 ° • k lL 

£2500 . ■ -£31S: :; ^ : ^" r ■ ■■■■'•Cl'."'-- 

• £n)0Q : : -' r - f 126 V r- V- r :?.-.Vv.-.C0---- 
. ~ £500 ~ ■ ' I'yfl Z 

The dist ri butidn dales bavebeen catefiflly’ h ■? 
selectedto compfci^Mhbw owhe ali-aiutty ' 
Schlesrager Exlto lniawi^ TtwL By Investing equally 
. between ti^^fundS.shtoehoktas catvdhtairvei^t 
evefllj'-^ceda^ap^DEX/inatdy equal distributioos 
■ per ajnrmo; - ; j '% • .. 7 ’ i ; - ’ 

dnt ■ - . . OP- 1 . . V • T-" 


Under current legislation, most interest 
receis’ed in an authorised unit .trust from gilL-edged; - 
securities is subject to corporation tax which is ■ : ‘ 
disadvantageous to unitholders when compared with. * 
direct invest men tin such securities. 

For this reason initially some S0"£ of the fend will- 
be invested in preference shares, and 20% ia Gi&at . • . 
which level Schlesingere estimate any disadvantage. , • 
will be minimal. Should the legislation be changed, toe 
fund will be invested entirely in Gilts (.see General ■ - - 
information). Your investinent should beregarded-as. 
long-term. • 

Rememberthat the price ar otiits and theiobinc: ^ 
from them may go down as well’ as up. >- 


Schleangers’ PIMS service 


'^. " .Units are onoffer atthetotoj pnc&of3f-Ppxd= .‘ ' 
■ -(estimated gross .yield 1 2.6%) fo? investtoehts t & '. s . 
caved'by J uly- 5 .TbcbBer wi n dose beforeJulyilf . 
the actual offerpnee yanes bytoorethan frtun.' ti 
ihp fixed jj'iice. Id tius ^eyeottimhi ■ 
. the price then ruling. • •> - < v".- - ’ . ’ • -V' : - 

Goierol Infonniliop 

Ih me cfeaibli. chance 

-Ut^vanijeeowlieiBineiWrfBflLinceirtw.itistenidEdUW 
oi ihcBWifoUn wflLbo^-taTCBcJte W*liy 1 dUJliiRafIi^Gostaiin»«it. 
Socurl uw. Jinelt a. rtunno rtiJaljHJe iruulc out*- lt 

ihomanaifori. it*B4iW«K4tie‘4hiulvaWjWuaCfai. — ... — . 

ih«Tni»iwc^<aiweiLJrhe4i3«nt4*i.ihc Trtpa houM ate* 

-rSiUManWf GUI TfU-iLV T* & «t,b*U*o cntawi PTOTtdM.l'W' 
vllibojtfcllontedjpi^aiijl ccaHieaWS^lB be >fl»t out during Aagas^. . . 

ou WWie U Jail v in JwfllnS uc a-sfa pen; : To S«1 vfeti- TtoBJr rtuim, roar 
cCTripeatt j4hm mi»I widy cpJorini oxrilic:badc-^avwnt fo normally 


Investors of £2^00 or more will receive the • 

Schlesinger Personal Investment Management Servfce 
(PIMS) which includes regular investment repays and, 
invitations to meet the investment managers.. - - • : .Z 


. soUeMhlDTCiiwi>rfBr.&M)iiAUKitnoMkMvttUnnil<:- ' ' 

CMRnisilMfuf Jjv. util dc opJJw r«*>aniscaancnrt.£J63tw*:-Aa 
inwsl cJ&rcc 01 .U’VU mcludcd tn pitOffcr iwUc- A tluuse man 


SetrieriuitPT Tnw iiawifx* ' 
Jsirwkl hi EhgwutJ. ; K.>.9$Sj 
- TiUa offer.ls noCawiatJfe to 


V l<J' HmJn*erS»|uMC. LowlsD'W. !. IU«- 

■ 

erf toe