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UBEAStiNGS 



LT & METALS LTD. Tel. (01)-S6B 5123/fi 


FINANCIAL TIMES 


No. 27,623 


Saturday July 29 1978 


lop 


037 



cqnti mental, selling mas-. Austria sdi is? aaauM Fr zs : Denmark Kt aj : France Fr 3.0 ; Germany dm i.Oi Italy l Soo.- Netherlands fi 2.0 ; Norway kt s.s: Portugal &c 20 ; Spain pm 40. Sweden k t 3.2s; Switzerland F r z,c ; eire is p 




fev\ 

» 

£ i- 


f.. 


i'i ■ 


moy 

bomb exploded in London 
tenia? under the car of the 
Qi Ambassador to Britain. 
>t!and Yard is not linking the 
ick with Britain's expulsion 
11 Iraqis. 

»r. David Owen. Foreign 
retary, last night, condemned 
attack, saying that Britain 
. ill not tolerate" other 
n tries’ conflicts being fought 
here. But he said there 
■e no plans to break diplo- 
ic relations. 

he explosion occurred just 
ore the ambassador, Mr. Taha 
ned al-Dawood. was to leave 
Heathrow airport to take up 
new appointment in Saudi 
ibia. Embassy staff said r.c 
: delayed from leaving the 
oassy by a telephone call 
ch came as he was saying 
dbye to his staff. 

. woman was stopped by 
sers-hy and was helping 
ice with their inquiries last 
ht. Two people were taken 
hosiptai after the explosion. 
;e 2 

ter sm measure 

lugese President Antonio 
nalho Eanes has begun his 
rch for a new government, fol- 
ing his dismissal of Socialist 
me Minister Dr. Mario Soares, 
ctions cannot be held before 
iuary. bui Dr. Soares has 
ecd to keep the adininislra- 
i '‘licking over" in the 
;e 2 

jba denounced 

nalia has denounced Cuba as 
agent of tbp Soviet Union and 
i it was unworthy of mem* 
ship of the non-aligned 
urns movement. The Cuban 
•eign Minister told the non* 
:ned nation*' conference in 
grade that Cuba saw its role 
Africa as a fight against the 
iheritcrt backwardness of 
ratal oppression." Page 2 

ividend controls 

/eminent legislation e.vtend- 
dividend controls for a 
ther 12 months was given a 
ond reading without a vote 
the Lords yesterday. Page 4 

ist cricket 

•land were 225 for seven in 
ly to New Zealand’s 234 in 
second day of the* Oval Test, 
lay. the Lauibeth Anglican 
raps* conference will field an 
including players from 
,^iada. Australia and Japan, 
inst a Kent University team. 

a ide threat 

e U.S. Senate has voted to 
r hose a trade embargo against 
fanria because of violations of 
- s, man 'rights by President ldi 
f } tin’s GovcrnmenL The vote 
"1 fie on an adinendment to a Bill 
...-rtfffck is not Jikely to be passed 
fc "’ )l next week. 

»ccer ruling: 

jresa BennetL 12, will never 
soccer for her local junior 
Iball club. Appeal court 
ges ruled yesterday that foot* 

: did not come within the 
|>e of the Sox Discrimination 
Lord Justice Eveleigh said: 

S ib physical attributes of 
lenkind put them at a 
dvantage.” 

iefly . . . 

stina Onassis confirmed she 
1 1 marry Sergei Kauzov. a for- 
Soviet shipping agency 

»ial. 

. _ u umber of unemployed in 
iV *^Sr J strialised countries is grow- 
- i by 1.900 a day, says the 

jj^'rnatjonal Labour Orgamsa- 

*£$ autumn and winter fashion 
• tvs have heen emphasising 
skirls, sheer black stockings 
four-inch-kcei shoes, 
jse Brown, the worlds first 
.'•tube baby, will be gentle, 
•-. uiiv. easily swayed and 
Vraiely well off, says a lead- 
Thai astro logcr 
National Union of Journalists 
e the Sun strike official last 
it and agreed that journalists 
lid be allowed to take the 
•ule to ACAS. Page 4 


BUSINESS 

Gold 
mines at 
two-year 
high 

0 EQUITIES advanced on a 
broad front, with the . FT 
ordinary index 3.3 up at 492.1, 
its highest since January 8.. Gold 


HT Industrial 
Ordinary 
Index 

innL munyMDVEMorrs 
,aur ^ glows ana 



475 


ALtrmmeH 

MK 

mu an - 


-1 1 II 


Si 25 2B 27 28 




. - "-f5 



shares, responding to the bul- 
lion price rise, pushed the Gold 
Mines index to a two-year peak 
of 183.4. 

S GILTS reverted to overnight 
levels at the long end after the 
announcement of a new long 
tap, and the Government Securi- 
ties index closed 0.05 down at 
70.74. 

© STERLING rose L75e to 
$1.9250 and its trade weighted 
index rose to 62.5 (62.2). The 
dollar was weakened on selling 
from U.S. centres and its depre- 
ciation widened to &9 per cent 
( 8 . 6 ). 

O GOLD rose 57 J to $201 Sin 
London, while in New York the 
Coaiex August settlement prtce 
rose S2.40 to S2CJ0.6O. . 

© WALL STREET closed 5.72 
up at $56.29. 

© WEST GERMAN Government 
has announced an economic pack- 
age worth DM 12J25bn (£3.i4bn) 
for 1979 with the emphasis on 
cuts in personal taxation and 
increased family benefits. The 
Cabinet also agreed a DM 204 .6bn 
budget for next year, an increase 
of 8.4 per cent on 1978. Page 2 

9 LOCAL AUTHORITY and 
central Government spending 
during 1977-78 remained within 
the £32.5bn cash limits. The 
4 per cent underspending was 
due to fewer staff than forecast 
and delays io undertaking 
capital expenditure, the Treasury 
said. Page 3 

• SALARIES for MPs and 
Ministers for the coming year 
are to be referred to the Top 
Salaries Review Board, which 
will almost certainly result in 
the recommendation of rises 
above the Gwerament’s 5 per 
cam under Phase Four. Page 3 

• CIVIL SERVANTS* industrial 
dispute, which has affected 
Britain’s key Polaris bases and 
threatens lq spread - to other 
defence establishments, could be 
averted if a peace formula 
worked out by Ministers and 
union leaders is accepted. Back 
Page 

• GUARDIAN ROYAL 
Ex chan ge and Reed International 
have announced moves to reduce 
their interests in South Africa. 
Back Page 

• BURMAH Oil's application for 
the release by the Bank or 
England of secret documents it 
considers important to a £500m 
action for the return of Borman a 
BP shareholding has been 
rejected in the High Court on 
the grounds that they were high 
level policy documents- Page 3 

a yiiTT.~T.AKP, the UK’s only 
surviving colour TV tubes manu- 
facturer and a subsidiary of 
Philips, is to invest £24m in the 
next three years io the manufac- 
ture of 20 and 22 inch colour 
lubes, rage 18 

• WEST GERMAN industrial 
company Preussag has acquired 
a controlling interest in the UK 
metal trading and **" *“,“5?*? 
group Amalgamated Metal Cor- 
poration from the Dutch mining 
company Patino. Back Page 

• PRICE COMMISSION has been 
asked by the Department of 
Trade to investigate the charges 
made by managers of umt trusts. 
Back Page. 


IEF PRICE CHARGES 

ices in pence unless otherwise 
indicated) 


RISES 

ratt Dc\n I i’l 

*celcy Hambrn ... 122 
. me noilinqsworth 'M2 
1 .ton Estate 1* 




ton A H® 

elt Dickenson ... 67 

y !U;ii] \ W2 

ironic Rentals ... 135 
lies Prop. InvS. ... 1°1 
ht Refuelling ... 1S3 

i A 312 

4 2S0 

mi Invs. SO 

ock Johnson 184 

nody Smalo 47 

Hldgs. 155 

.bad (J.> -20 

C‘is Inlnl 27S 

rson Longman ... 2fi0 


6 

6 

15 

6 

4 
6 

9 

5 

5 

6 

5 
7 

6 
0 
13 
7 

10 
S 


YESTERDAY 

Pilkington 82 t 2 

Ricardo Engineers ... f 

Sainsbury (J.) --•**■ ^ t | 

Thomson Org. gj £ | 

Tube Invs. -r » 

Victor Products + 9 

Vinten Group t S 

Watsbams T-Jul 

CCP North Sea •— -gg t ? 4 

Anglo Amer. Gold .«n8a + | 
Cons. Gold Fields ... 193 + | 
Cold Mines Kalgoorhe + « 

Randfontein -E37* + 

West Rand 138 + 23 

FALLS 

Kfiriaii J = ! 
5SEST«— 

Burmab Oil 

' V 

1 » 


EEC challenge to 

British aid for 
offshore suppliers 

BY RAY DAFTER AND GUY DE JONQUIERES 

The EEC Commission is planning to challenge several aspects of Britain’s 
North Sea policies, including the activities of a Government agency set np 
to aid UK suppliers of offshore equipment and services. 

An investigation into the there bas been concern that the panies achieved in the developed 
Energy Department’s Offshore office has been applying undue countries. These are now being 
Supplies Office is thought to be pressure on oil companies to buy challenged by faceless bureau- 
in an advanced state. Co mm is- from British suppliers. crats.” 

sion lawyers are convinced that Within Brusssels it is not Mr Beira has also spoken out 
they can demonstrate that the expected that action will be against EEC plans at two recent 
agency is breaking Common Mar- taken before October. The Com- meetings' a Social Science Re- 
ket regulations. ntelon is not anxious to become search Council energy seminar 

According to Mr. Anthony and— -earlier this week — a 

Wedgwood Benn, Energy Secre- v«rl ’ a conVince ' 1 National Goal Board advanced 
tary. other policies under Com- wi n management course. 

• iS Brhish TeS Gas^ 0 Corporation’, S!2 ■»-. angry that 

• , . rmsb ° as Corporations oi] industry to discuss what Britain's, attempts to sign a 

S3SE!? toth be considersto be a threat to bilateral nuclear safeguards 
^ Britain's North Sea policies. agreement with Australia for the 
* ^pL meeting will be attended supply at uranium during the 
tw 5. ep ^Sf.irt by officers of the Transport and 1980s has. been thwarted by the 
Ge °eral Workers* Union, the Commission this week, 
shuuld^be landed m Brt aim ^ A 5800 ^ 1 ' 00 Scientific, Tech- StiU continuing is Britain's 
The inanirJ d mto^h? O^hore niCiU “ d MaBa S erial Staffs, the disagreement with Brussels over 
SuDDlies qa ^ice t0 i? fnSiS GeneraI “d Municipal Workers' the UK system of interest relief 
advanced. La£r year the coml Unlon - the Amalgamated Union grants prodded for domestic 
mission received complaints 2S Engineering Workers and the suppliers of North Sea oil equip- 
from the Danish West German Electrical and Plumbing Trades menL .... 
and Belgian governments alleg- u ^?n-_ M ^ .. , The Commission has been 

ing that the agency was acting in J 0 *- . a Z 5 - onaJ seeking changes in the scheme 

a way which was discriminatory °®®er of ASTMS. vice-chairman an d Mr. Benn has promised a 
in favour of British'industry. of the chemical unions council formal reply by the end of this 
The main aim of the office is a leat r?S member of the mon yi, 

~ ,,j,ocompett,orNoni s “T-asaur fi SjSftSsms; 

The agency's latest report become threatened by these “^hore^quip^enL mwiien 
shows that last year the UK :n- actions." oE o° 8llo, » equipmenL 

dustry won a 62 per cent share State participation agreements It is understood that the UK 
of the £L3bn-worth of orders for with North Sea oil companies had Government will suggest that the 
goods and services. provided the "most advanced scheme should be extended to 

But within the Commission check on multi-national com- suppliers in other EEC countries. 


Government to keep open 
London Upper Docks 


BY IAN HARGREAVES AND PAUL TAYLOR 


THE GOVERNMENT has de- 
cided not to close any of 
London’s Upper Docks, in spite 
of a long campaign from the Port 
of London Authority which 
argues that closures will lead to 
financial viability. 

_Mr. William Rodgers. Trans- 
port Secretary, is expected to 
make this decision known early 
next week, when he will give 
details of a financial package 
designed to save the virtually 
bankrupt port 

The decision will disappoint 
Sir John Cuckney, appointed 
chairman of the authority last 
year by Mr. Rodgers to steer the 
port through the crisis. He 
wanted at least the port’s Royal 
group of docks at Woolwich and 
Silvertown closed. 

The Cabinet's economic and 
industrial committee has ap- 
proved Mr. Rodger’s decision, 
which follows warnings from 
dockers' leaders. East End MPs 
and others involved in dock- 
lands about the danger of a 
confrontation over closures. 

Mr. -Rodgers has never taken 


the threat of a national dock 
strike very seriously, but has 
been convinced that . change at 
the overmanned, underproductive 
upper docks must be gradual. 

In bis statement next week, he 
will attempt to build on the 
dockers’ and trade union’s offer 
to improve working practices, 
by proposing a form of proba- 
tionary period during which to 
monitor the port’s progress. The 
threat of closures or removal of 
Government grants will be in 
the background if targets are not 
met 

Details of such a scheme 
would probably rest with the 
port authority and the Upper 
Docks may be set up as a sub- 
sidiary company with separate 
accountability. 

The initial cost of the rescue 
to the Government Is expected 
to be at least £20m. This is the 
minimum necessary to cover the 
£16m loss for the. port this year 
and to finance- further redundan- 
cies. 

Sir John bas warned that with- 
out corrective action and 


closures, these losses will mount 
to £80m by 1982. 

Mr. Rodgers’ decision repre- 
sents a rapid retreat under politi- 
cal pressure from what he 
accepts to be industrially and 
commercially logical. 

Shortly after the authority 
declared its £8m loss for last 
year, the Prime Minister spoke 
of the need for a solution based 
on commercial realism. 

But pressures in an election 
year and the need to maintain 
good relations with the Transport 
and General Workers’ Union 
have been influential. 

Leaders of the unions have, 
told Mr. Rodgers that they accept | 
that the Upper Docks will con- 
tinue to lose some of their cur- 
rent 4,500 jobs, but that sudden 
closure would be strongly 
resisted. 

In tbe end. the decision looks 
similar to that of 1976. when 
the port authority planned to 
close the Royals, but failed to 
gain Government support and 
later settled for a £15m Govern- 
ment-guaranteed loan. 


21 Or 


Suer fine ounce 


London 
Gold Price 



MAR APR MAY JIM JUL 



Price of 
gold 

tops $200 

BY MICHAEL BLANDEN 


THE GOLD PRICE jumped 
above $200 an ounce to a record 
level yesterday on heavy specu- 
lative buying as tbe dollar con* 
tinned under pressure in the 
exchange markets. 

Gold touched a best level of 
S2Q2i an ounce, and closed in 
London dealings at $2012 for a 
gain of 87* on fate day. The pre- 
vious highest closing rate was 
S195L reached in late December 
1974 during the wave of 
enthusiasm about the prospect of 
heavy buying when UB. citizens 
were first allowed to acquire 
bullion. 

Tbe metal has been in strong 
demand for over a week, mainly 
as a result of the continuing un- 
rest in tbe exchange markets 
associated with the weakness of 
the U.S. dollar. 

Tbe gold price at yesterday’s 
closing level showed a rise or 
S9J compared with a week 
earlier, and of S17J compared 
with its level at the beginning of 
last week. 

The pressure on the dollar was 
again most evident in relation to 
the Japanese yen. The yen rose 
to another post-war record level 
of YI90.3 to the dollar, compared 
with Y193.6 the previous day. 
and at one stage touched Y189B 
to tbe dollar. 

The rise in the yen has con- 
tinued in spite of heavy inter- 
vention to support the dollar in 
Tokyo, with the Central Bank 
estimated yesterday to have 
bought S240m more ott: pur- 
chases of 8450m in the previous 
day's exceptionally heavy trad- 
ing. 

The weakness of the dnllarbas 
also been manifest arainst other 
currencies. Yesterdny i» dropped 
to a new low against the Swiss 
franc at SwFr 1.7470 before clos- 
in? at SwFr 1.7525. 

The weighted average deprecia- 
tion of the dollar, as’ calculated 
by Morgan Guaranty in New 
York, widened to 8.9 oer cent its 
worst level since March 1975. 
Continued on Back Page 
Mining. Page 5 


are hit by 
air dispute 

BY MICHAEL DONNE IN LONDON AND 
ROBERT MAUTHNER IN PARIS 


East Europe must repay $20bn 


BY. MARY CAMPBELL 

EASTERN EUROPEAN 
eduntries are having to find 
nearly $20bn to repay Western 
commercial banks this year, 
while Cuba needs over Slbu for 
this purpose — considerably 
more, than its estimated hard 
currency earnings from exports. 

But tbe East Europeans bad 
unused credit facilities of S9.fibn 

and external bank deposits of 
$&3bn to draw on at the end of 
last year. 

These figures emerge from new 
data -published yesterday by- the 
Basle-based Bank for Inter- 
national Settlements. 

Tbe bank also, for what is 
believed to be the first time, 

gives partial information on 

deposits which commercial banks 
receive from individual Middle 
East countries: 

The statistics derive from a 

survey of the maturities of big 


MIDDLE EAST DEPOSITS WITH 
INTERNATIONAL BANKS 
END-1977 

Sbn $bn 

Iran 6.6 Qatar 04 

Iraq 45 Saudi Arabia 16J 

Kuwait 43 UAE 22 

Libya 22 Total 365 

Oman 03 Residual* 20.0 

* Mostly deposits with U-S. and 
Canadian banks, not included in 
individual country figures. 


commercial banks* international 
loans which the BIS carried out 
at tbe end of last year. It had 
carried out the same exercise 
on an experimental basis at the 
end of 1976 and circulated the 
results among the commercial 
banks which supplied the infor- 


mation. The survey will hence- 
forth be published semi-annually. 

The figures are* to help antici- 
pated potential foreign currency 
shortages which countries out- 
side tbe Group of Ten may face. 

Thus, in addition to showing 
the maturities of debt owed by 
each country., to international 
banks, figures for deposits with 
tbe banks and unused credit 
facilities are also shown. 

While detailed comparisons 
with the previous year's experi- 
mental survey cannot be made, 
the fundamental position of 
most countries, bas not changed 
significantly. *In many cases, 
the size of the foreign debt has 
grown considerably, but such in- 
creases tended to be accom- 
panied by -big' rises in unused, 
credit facilities - or in foreign 
bank deposits. 

Table Page 18 


CONTENTS OF TODAY’S ISSUE 


Overseas news 2 

Home news 3-4 

Labour news 4 

Mining 5 


Arts & Collecting 10-11 

Leader page 12 

UK Companies 14-15 

Overseas Markets 16 


Inti. Companies 17 

Commodities 17 

Money and Exchanges 19 

UK stock market 20 


Opening the floodgates to a 
new wave of broadcasters 12 


. FEATURES 

Lessons of the disaster In 
Atlantis - 13 


Fishmeal and the legacy of 
the Colonial past 2 


AppvtaKnens 

Brfdsc 

Own ...... — 

cwb w * Pmuc — 

'Eca unite Diary 

Eafartahnntwtl Guide 
Barman •piles* _ 
Finance & Family ... - 
FT-Acuarics Mat 
San Un l nfl 


Gaff 

hm u spend It ... 
Insurance — - 

Letters 

Lex 


XR 
I 
V 
u 

u 

30 Man o t tins Week _ 

16 M M arina 

6 Pnwit r ______ 

20 Radas • - 

31 Sailhts 


11 

9 

« 

S2 

24 

2t 

12 

8 

U 

a 


Saleroom 3 

Share Infcnaxtfon _ 2NJ 

SC Week's Dealfass 13-19 

Taira? Ion fc 

Travel 21 

TV auf Radis IB 

Unit Tracts - 21 

Wealbar 24 

Weekud Brtef 23 

week tn Lot. A NY 5 

Year Savina* & lav. 7 


Rax LemSna Rates 2D 

Balltim Sac, Rates ' 29 

Local Atthy. Beads 29 

UK Ceavertlbfcs ... 19 

UtliT TRUSTS 
ArtnrtbMt 15 

m & g .... a 

U.T. NOKbaok 15 

Casmeeolliaa ..... 1 

Co mm Page 14 


For latest Share Index 'phone 01-246 8026 


£ in New York 

_ 1 

July 35 

| Previous 

! 

I month 1 
3 MOdbt 
12 inuntli* : 

S1.3235-S2&& 
0.42-0 36 ilia 
1.22-L16<lu j 
4 : 

. fLSlCO-MlO 

1 U.&2-0.4*> ili. 
i 1JS-L17 ills 

1 fl.40-4 30 ilk 1 



AIRPORTS THROUGHOUT the 
UK and Wes lorn Europe were 
in worse chaos than ever yester- 
day as llie go-slow by French 
air traffic controllers disrupted 
air travel over a wide area of 
the Continent. 

At Heathrow, delays ranged up 
to seven hours, depending on 
destination, with direct flights 
across France to Spain the worst 
affected, and with delays of three 
to four hours for desi (nations in 
Central Europe and the Eastern 
Mediterranean. 

All French air traffic con- 
trollers have joined the go-slow 
begun two weekends ago by con- 
trollers in Bordeaux in pursuit 
of better pay and working 
conditions. 

This weekend is the busiest of 
the year in the UK and much or 
Western Europe, with more than 
4.000 internal European flights, 
carrying up to !m people, 
scheduled over the three days to 
Monday morning. 

The Bordeaux controller-; have 
been Joined by those in Paris, 
Brest and Aix-en-Provence (for 
the Marseilles region). 

Consequently, all French air- 
space is restricted. At one point 
vesterday afternoon, only one 
flight an hour was being allowed 
to and from the UK. but that was 
increased later to four an hour. 

French international and 
domestic air services have also 
been disrupted. 

In the UK yesterday, trans. 
atlantic flights were functioning 
normally. They use the London, 
Scottish, Shannon and Sbanwick 
Oceanic control *ones. UK 
internal flights and those to and 
from Scandinavia and Northern 
Europe were also unaffected. 

Gatwick. among other airports, 
brought in extra staff, sealing and 
catering, but once it « as 
esimated that more then 5.0U0 
hopeful travellers were jamming 
the airport, and some passengers 
were in tents on t!ie grass out- 
skirts of the airport. 

The delays may get worse 


today, as aircraft become increas- 
ingly out of position, anil flight 
crews run out of legally allow- 
able duly turn*. The advice fruin 
the Civil Aviation Authontv and 
British Airports Authority 

yesterday was: "It you don't liavc 
to travel, stay away from I In* aii- 
purts." 

The position i-> al*! .t villi* for 
many thousands «»{ hohd.i>- 
nukors returning homo who. 
having been turned mil uf Th»-ir 
hotels, are having in wait at 
foreign airports fur airc’-.ift that 
may not arrive for hours. 

.Airlines and tour organ i-cr* 
can do little. Since they d<» not 
know when an indnidua! ilignt 
is likely m be given a slot 1 y 
the con t rollers, it is impossible 
for them lu scud pa^cn-vi's 
home for a few hours. 

Would-be cheap Stand-By ,»J'- 
sengerj. were Mill adding i*> tbe 
difficulties at Him tin on yester- 
day. although loss -a than earlier 
in Uit* week. Mostly, airlines 
were selling available lick-’is 
from their town ullices rat her 
than the airport. 

With many passengers pay it: 
additional fares io get giumi- 
teed economy scats on regular 
flights, few cheap Sl:i:*«M»y slm:< 
arc available, and on vume flights 
none tor day > ahrari. Many in- 
cluding travellers are cu:im»- 
quenlly being turned a.vav 
empty-banded, even alter queue- 
ing al town terminals for :i day 
or more. 

On Monday the British Air- 
ports Authority is to seek an in- 
junction restraining airlines 
from selling Stand-By tickets at 
airports and obliging them to 
sell only to town ticket offices. 

However. many aviation 
officials believe that lighter con- 
trol over Stand-By ticket ^ales 
may be necessary', even perhaps 
their suspension for some weeks 
in the peak period. 

0 Hundreds or passenger? vre 
siranded in Fishguard as Sea- 
links ferries to ilnssiarc were 
again hailed by strike action 
yesterday. 


Midland profits drop 


BY MICHAEL BLANDEN 

MIDLAND BANK yeslerday 
announced that its profits for 
tbe first half of the year had 
dropped by over 141 per cent 
compared with the same period 
of last year. 

Concluding (he ni til-year 
bank profit season, Midland 
reported a pre-tax total or 
£S7.5m for the six months. 
This compared with £90.4m 
In l he second half or last year 
and with £102.4m in the first 
half of 1977. 

The results disappointed the 
slock market after the improve- 
ment shown on Ihe previous 


day by Barclays. Midland 
shares ended with a loss uf 1.1 p 
at 352 p. after touching 35ft p 
during the day. 

The bank reported Dial the 
fall in profits was largely 
attributable to the lower level 
of UK interest rales and 
margins, and to rising costs. 

Midland has achici ed an 
increase in its share of the 
lending market, with total 
loans up by 25-30 per cent over 
the past year. But this has 
been partly al the cost uf 
relatively lower margins. 

Lex Back Page 
Details Page 14 


n 

w 

RS* 

r 





Payable 

Quarterly; 


Estimated gross starting yield. 



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Charge*: The utter price includes the ini rial charge 
of 5%. There is an annual management fee ol’4e?o 
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Trustee; 

Midland Bank Trust Company L td. 

Managers: 
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Managers Ltd. Member of 
the Unft Trust Association. 


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Financial Times Saturday July 29 1978 ||! ' 


ill* 


OVERSEAS NEWS 


U.S. consumer price rise 


takes in flation rate higher 


BY DAYID BUCHAN 


WASHINGTON. July 2S. 


INFLATION in the U.S. eceDomy 
continued unabated in June as 
consumer prices rose by a 
seasonally adjusted 0.9 per cent 
for the third successive month, 
the Labour Department reported 
today. This brought the rise in 
the second quarter of 1978 to 11.4 
per cent at an annual rate, up 
from 9.3 per cent in the first 
three months. 

Mr. William Miller, the chair- 
man of the Federal Reserve, 
today called the June figure 
" very disturbing-’* He told the 
House Banking Committee that 
the rate of food price increases 
— a major factor in inflation ail 
this year — should slacken off in 
the second half of the year. 
Nevertheless, be predicted that 
inflation would continue strongly 
for the next 12 months. 

This week's OECD repor oo 
the U.S. economy singled out 
inflation as tbe top priority for 
the Carter Administration, whose 
prediction that consumer prices 
would go up by little more than 
7 per cent now looks very' 
optimistic. The Administration 
has consistently ruled out any 


resort to compulsory wage and 
price controls, relying instead on 
the powers of persuasion of its 
top inflation fighter, Ur. Robert 
Strauss. 

But the Administration's 
economic managers have suffered 
a double disappointment in the 
past week, with the announce- 
ment last Friday that real 
growth in the second quarter of 
197S was 7.4 per cent at an 
annual rate, or less than it had 
hoped for, and with today’s con- 
sumer price figures fulfilling 
some of its worst fears about 
the trend of inflation. 

At the same time the Com- 
merce Department announced 
today that average real spend- 
able earnings fell 0.4 per cent 
in June, and over the past year 
by 2.3 per cent. 

John Wyles adds from New 
York: The Federal Reserve 
Chairman also disclosed today 
that growth rate targets for the 
monetary aggregates had not 
been changed at last week’s 
meeting of the Fed's open market 
committee. 


A month ago this would 
instantly have raised fears In the 
credit markets of bigher interest 
rates because money supply 
growth was well ahead of the 
Fed’s targets. But recent declines, 
culminating in yesterday’s report 
of a substantial S2J?bn fall in 
Ml and $1.7bn in the broader 
M2, make tbe Fed’s targets look 
more attainable. 

Ml's rate ol growth over the 
past 52 weeks is now 7.6 per 
cent compared to a target maxi- 
mum of 6.5 per cent. Mr. Miller 
said the Fed had decided against 
raising the target "in the light 
of continuing inflationary 
pressures” but demand for Ml 
growth in the year ahead “might 
well be allowed its upper limit.” 
0 THE U.S. second quarter 
trade deficit measured on a 
balance of payments basis nar- 
rawode to a seasonably adjusted 
$7.96bn. the commerce depart- 
ment said. The deficit compared 
with the record quarterly deficit 
of $11.2bn in the first quarter. 
Tbe deficit in the second quarter 
of 1977 was 56.63hn. 


Boeing discloses $30m payments 


BY JOHN WYLES 


NEW YORK, July 28. 


DETAILS of payments totalling 
more than S30m which were 
made in pursuit of aircraft sales 
in the Middle East over the last 
seven years were disclosed by 
the Boeing company, the U.S. 
aircraft manufacturer, today. 

The disclosures formed part of 
a settlement with the Securities 
and exchange Commission which 
filed a complaint alleging ques- 
tionable payments by Boeing 
after investigations lasting 
nearly three years. 

Under the SEC’s consent pro- 
cedures, Boeing neither admits 
nor denies the charges, but the 
company agreed to publish 
details of more than a dozen 
cases of questionable payments 
linked to foreign aircraft sales. 

The SEC alleged that Boeing 
started making payments to at 
least seven individuals connected 
with foreign Governments “ near 
1971 ” and that the payments 
were continuing to the present 
In addition four persons con- 


nected with foreign airlines 
received payments between 1971 
and 1975. 

The SEC complaint goes on to 
accuse Boeing of certifying to at 
least two foreign Governments 
that ii would not pay commis- 
sions to aoy individual when in 
fact more than S3m was paid. 

Since 1971 another Sidra has 
been paid to ” various con- 
sultants and commission agents ” 
without sufficient records and 
controls to ensure that the pay- 
ments were fo-r the purposes 
indicated, said -the SEC. 

Details later made public by 
Boeing all related to sales to 
Middle Eastern airlines. These 
included: 

Q Payment of S3.6m into a Swiss 
bank account for ultimate 
release to a Liechtenstein cor- 
poration in connection with a 
8101m sale to a Lebanese airline. 
® A deposit of S6j>m in a Swiss 
bank in connection with S103m 
of sales to the Syrian Govern- 


ment’s airline. The payment 
was made ‘ at the request of and 
presumably for tbe benefit of the 
individual who arranged the 
financing for the purchaser who 
was described by Boeing as "a 
businessman who also serves as 
an official of the United Arab 
Emirates.” 


Explosion 
rips Iraq 
envoy’s car 
in London 


By Our Foreign Staff 


• CommissioiK of more than 
$15m were paid in Saudi Arabia 
over a seven-year period on sales 
of S234m. Two consultants who 
assisted in Boeing sales received 
about Sim of the total. The 
balance of tbe commissions was 
paid to “corporate entities in 
which these individuals 
apparently have beneficial posi- 
tions.” Boeing said a Saudi 
Government official had advised 
it that the use of consultants 
did not violate any local law. 

• Some S7.3m was paid in Iran 
to a Boeing consultant “ wbo for 
a number of years was related 
by marriage to a member of the 
royal family.” 


Citibank transactions defended 


BY DAYID LA5CELLES 


NEW YORK. July 2S. 


CITIBANK. New York’s largest 
commercial bank, which is 
undergoing SEC investigation 
for possible irregularities in its 
foreign exchange dealings, today 
took the unusual step of publish- 
ing an internal memorandum in 
order to clarify its position. 

The memo is from Mr. Thomas 
Theobald, executive vice-presi- 
dent of tbe bank's international 
hanking group, and is addressed 
to all officers. 

It relates specifically to 
charges by Mr. David Edwards, 
a Conner employee, who is suing 
tbe bank for wrongful dismissal, 
allegedly because he uncovered 
wbat he believed to he an 
illegal system of ** parking ” 
funds. He charges that Citibank 
shifted funds out oF European 
branches to avoid taxes, and into 
the Bahamas, which is a tax 


haven. He then charges that 
Citibank moved these funds 
back to its European offices at 
a different rate of exchange, and 
entered them in separate books. 

His charges are believed to lie 
behind the SEC investigation. 

Mr. Theobald says in his memo 
that UDder its profit reporting 
system. Citibank treats the pool 
rate cost of funds and the alloca- 
tion of many overhead and 
operating expenses totally inde- 
pendently of financial and tax 
accounting. The pool rate cost of 
funds is an internal figure used 
to determine profit and loss on 
movements of funds 

“ All large organisations 
operate essentially this way,” he 
says. However. Mr. Edwards' 
charges “ intentionally mix and 
confuse the two accounting 
systems,” he goes on. “Citicorp 


makes every effort to ensure 
that its financial results as 
audited and published, and its 
tax returns as filed with appro- 
priate authorities, are prepared 
in accordance with accepted 
accounting principles and are 
the ultimate books of account for 
those purposes." 

Citibank also defined “ park- 
ing ” today as the common prac- 
tice among banks operating in 
countries which limit foreign 
currency holdings of selling ex- 
cess holdings to affiliates in other 
countries where no such limits 
exist Citibank says these trans- 
actions are conducted at market 
rates. However, the substance 
of Mr. Edwards’ charges is that 
Citibank's European branches 
sold to the Nassau branch at less 
than market rates in order to 
register a loss. 


A BOMB exploded under the 
car of the Iraqi ambassador to 
Britain in London yesterday, 
shortly before he was due to 
drive away in it A woman 
was seen to . threw wbat 
appeared to be a hand grenade 
under the rear of the car out- 
side the Iraqi embassy in 
Qaeen’.s Gate. The car was 
not badly damaged. 

Immediately after the 
. explosion a . woman was 
stopped by passers-by and was 
last night helping police with 
their inquiries. Two to three 
men were also- thought lo have 
been involved -In tbe explosion 
and were being bunted by 
police. Two people were taken 
to hospital after the explosion. 

The explosion occurred just 
before the Iraqi ambassador, 
Mr. Taha Ahmed al-Dawood, 
was about to leave for 
Beaihrow airport to take up a 
new appointment in Sandi 
Arabia. According lo an 
embassy official he was 
delayed from leaving the 
embassy by a telephone call 
which came as he was saying 
farewell to his staff. 

Commander Jim Neville, 
head of Scotland Yard's anti- 
terrorist squad, said that he 
was not linking the bomb 
attack with Britain’s expulsion 
of 11 Iraqis, including eight 
diplomats, on Wednesday. 

The British authorities, 
which claimed that the 
expelled Iraqis, were intelli- 
gence officers, are known to be 
concerned about the. spill-over 
of inter-Arab feuding into arts 
of violence on the streets of 
London. Earlier this month a 
former Iraqi Prime Minister 
was assassinated outside the 
Intercontinental Hotel in Park 
Lane. 


Cuba replies 
to critics 
at summit 


By Alcksandar Lebl 


South Africa firm on Namibia 


BY OUR OWN CORRESPONDENT 


GAPE TOWN, July 28. 


MR. JOHN VORSTER. the South 
African Prime Minister, said 
today Lhat Walvis Bay remained 
South African territory and no 
decision of the United Nations 
or any other body could deprive 
the republic of its possession. 

He was. referring to the four 
point resolution adopted by the 
Security Council yesterday which 
commits the world body to post- 
independence steps tn assist a 
Namibian Government to take 
transfer of the vital port. Mr. 
Vorster said only a decision of 
the South African parliament 
could alter the status and owner- 
ship of the territory. 

“Therefore, the decision of 
the Security Council has no force 
of law and the Government can- 
not allow that it be dictated to 
as to what it should do with its 


property or how it should control 
or administer it To negotiate 
with a friendly Government in 
South West Africa on the 
harbour and its use is one matter 
and speaks for itself, but to make 
demands and to link these 
demands wiih a settlement in 
South West Africa is a different 
matter which is unconditionally 
rejected bv the Government. 

“ The Minister of Foreign 
Affairs will return to South 
Africa over tbe weekend and the 
cabinet will discuss the entire 
matter at its meeting next 
Tuesday. Any further comment 
on the plan or its implementa- 
tion will therefore serve no use- 
ful purpose at this stage.” Mr. 
Vorster said. 

Western diplomatic sources 
here are encouraged by Mr. 
Vorster's response, for although 


it reflects a measure of embar- 
rassment and indignation at tbe 
Walvis Bay resolution, it is 
nevertheless clear that the South 
African Government understands 
that tbe two resolutions are 
separate issues. In view of this 
fact. South Africa had no room 
to go back on its April 25 
acceptance of settlement pro- 
posals which do not even refer 
to Walvis Bay. 

Tbe fact that South Africa 
rejects the Walvis Bay resolu- 
tion. which is now a formal 
working instrument of the 
Security Council, should not 
obscure the fact that the South 
African Government is firmly 
locked in with the international 
community’s undertaking to 
supervise and control Namibia's 
progress to self-determination 
and indepencence. 


BELGRADE, July 28. 
CUBA LAUNCHED a counter- 
offensive here today at the 
ministerial conference of the 
non-aligned countries. The 
Cuban Foreign Minister, Sen. 
Isldoro Malmierea. said that 
after the fifth non-aligned 
summit at Colombo In 1976 a 
coalition of reactionary forces 
had been formed which has 
been trying to divide the non- 
aligned countries and separate 
them from their friends, hy 
which be obviously meant the 
Soviet Union and other 
Eastern bloc countries- 
Sen. Malmierea said that to 
he opposed to the division intu 
military blocs did not mean 
equating the U.S. and the 
USSR, and he produced a long 
list of American wrong doings 
and of the Soviet help to tbe 
non-aligned countries. Cuba 
was against confusing friends 
and enemies, he said- 


Defence budget 
will keep to 
limit in Japan 


By Charles Smith 


TOKYO. July 28. 
JAPAN’S Defence Agency 
(equivalent of . Defence 
Ministry) would like to inter- 
pret the Government’s commit- 
ment to keep defence spending 
below I per cent of.GNP “for 
the time being” to mean “as 
short a time as possible," Its 
Vice Minister, Mr. ■ Ko Marn- 
yaraa, told the Financial Times 
today. 

He added, however, that the 
Ministry of Finance is deler- 
miued to maintain the 1 per 
cent limit for as long as 
possible. Mr. Marnyama also 
said that the procurement pro- 
gramme, under which the self- 
defence forces are to acquire 
45 P-3C auti-suhmarine patrol 
aircraft and 100 F-15 fighters 
over the next several years, 
could be carried through with- 
out breaching ihe 1 per cent 
ceiling. 

Earlier today the Cabinet 
formally approved tbe Defence 
White Paper for 1978. 


'BONN ECONOMIC PACKAGE 


Concession to Schmidt’s partners 



1 V 


BONN. July 28 . 

BY ADRIAN DICKS 

THE WEST GERMAN Govern- and Bavaria state elections in free allowance for divorced -ii^ wal ?ccs for^'tlie^econd child 
meat's DMi22»5bn package of October, which are being widely people by DM 20 a month to DM too 

stimulatory measures, with which forecast as the survival test both • Raising o f cnilfl allowances j .huliimn of the niivrf.H 

Chancellor Helmut Schmidt said oE the Free Democrats as a party by DM45 a month <£..£>*«* . • .liJhhih- ChaSSr 

ha ■* nF th« linnn .n,lill fl n and Subsequent Children to tax. a Mirp »nn.ll UW Wiauceiior 

ana suuo 4 u saW W0U ld h.ivr* a direct effect 


it 


today he was “ extraordinarily and of tbe Bonn coalition. 

pleased.’ appears in political In economic terms, the package DM195. , . . „r businnw 

terms to be a considerable con- should please those (like Presi- • Lowering of the voluntary on the rtadm . CSs ?? 


‘terms to be a considerable con- snouia piease reuse lujee rresi- 9 Lowering ui u.c r"." and 

i cession by the Chancellor’s dent Carter’s advisers) who retirement age for handicapped employ £ v TwrVSli! 
'Social Democrats to their hope for a higher multiplier workers. . .. . ?ut ’j ' «Li£L ' Ti 

beieagured junior coalition part- effect from tax cuts than could • Extension by four months to m 1MI Here an acconimoduMon 
ners. the Free Democrats. be expected from putting the a total of six months Q wnh thi’ s\aU ' and local 

Out of the DMl2225bn total, tax main emphasis on increased pub- maternity leave, plus PAMȣ m author mils which collect thi. Ijx 

tc fnr inrffrWifak nr gfirwrf Jirf? SQMdino. rfnrtnf? this OBHOd Ol £1 DM7W H VVlll W JlOeCtPfi. 

• An increase in the tax-free 


during this period 
month allowance. 


cuts for individuals or direct lie speoding. 

payments to families represent As had been widely anticl- 

jail but about DMlbn, according pated. tbe main measures • Additional spending on allowance on the business 

to figures issued by the Finance being sent to the Bundestag research and development worth revenue tax, a step also intended 

Ministry this evenig. with a request for implements- about DM900ra in 1979 and the to help smaller businesses and 

Both partners stand to gain, iton between next month and the same amount in 1980. independent craftsmen, 

however, if the new measures middle of next year are: m Additional spending of Herr Schmidt and Herr Han*, 

are seen by the electorate 3s • Adjustment of the present rjMlOQm in special stimulatory Dietrich Gaucher, the FOP 

meeting some of the dissatisfac- income tax scales so as to smooth measure s for West Berlin. leader, both expressed satisfac- 
tion with the present tax struc- out the jump from 22 per cent . . mmawr** which tion with the outcome of ih e 

ture that led to the FDP’s to 30.8 -per cent which now hits Besides these niMSures. wnicn packaC anc j thll chancellor 

humiliation at the hands of pro- incomes above DM16,000 for will according to Kerr acuomu plave( j <jown the reservations 

test groups in last month’s single people- naba themselves felt in an thj| - cx pected from 

Hamburg and Lower SaxoDy • Raising of the basic tax-free enhanced Gross National Pro- w|tWn ^ ranks nf his own parti- 

state elections. allowance by DM390 a year to duct performance in 1979, three the :i i ISi . nC0 of more direct 

Tbe lest of acceptability will DM3,690 for single people. additional steps are w be intro- di _„ nKSasur vs 
come soon enough, at the Hesse • Introduction of a DM9,000 tax duccd in January, 19S0: H 


Reserve role for German Mark 


BY GUY HAWTIN 
THE D-MARK has replaced 
sterling as the world’s second 
reserve currency, despite the 
fact that the Federal Govern- 
ment and the Bundesbank have 
consistently rejected such a role 
for the West German currency. 
This is the burthen of a report 
published in z newsletter issued 
by one of the Federal Republic’s 
leading banks. 


Although the article is diplo- 
matically entitled “ Deutsche- 
mark: A reserve currency?”, 
figures produced in the report, 
based on International Monetary 
Fund statistics and the bank’s 
own records, show that from 1970 
tn 1977 even countries in the 
sterling area have switched from 
the pound into dollars and 
D-Marks. The conclusion is that, 
although the role of the dollar 
as a reserve currency is 
undiminished, the D-Mark has de 
facto taken over sterling’s role 
irrespective of the desires of the 
federal authorities. 


Tbe report, issued under the 
auspices of Commerzbank— West 
Germany’s third largest com- 
mercial bask— shows that in 
1970 world foreign exchange 
reserves stood at -S3S.6bn. Of 
this figure some 80.8 per cent 
was held in U.S. dollars. 9 per 
cent was in sterling and 2.1 per 
cent was in D-Marks. 

By 1977. however, world 
foreign exchange reserves had 
risen to U-S.S173.lbn. but the 
composition of the holdings had 
changed substantially. While 
some 81-2 per cent was held in 
U.S. dollars, the proportion in 
sterling had declined to a mere 
1.5 per cent, while the proportion 
in D-Marks had risen to 6.9 per 
cent. 

In cash terms the amount of 
world foreign exchange reserves 
held in sterling declined from 
U-S.S3.2Sbn to U.S.S2.6bn. At 
the same time the amount held 
in D-Marks rose from U.S.$747.6m 
to U.S.S1194bn. 


FRANKFURT. July 28. 

According to the report, more 
than 75 per cent of the world’s 
official currency reserves is held 
in foreign exchange, while 13.5 
per cent consists of gold, although 
the proportion in gold would be 
much higher if the central banks 
based it on the current market 
price- By far the major part of 
the reserves consist of dollars, 
but ” despite the considerable 
setbacks suffered by the dollar 
in recent years, the dollar has 
lost none of its significance as 
leading reserve currency." 

Countries that arc members 
of the European “snake” have 
by-fur the biggest part of their 
reserves in dollars— ^5 per cent 
at the end of 1977. Their hold- 
ings in Deutsch marks amount 
to only 1.3 per cent of the total. 
However, the report points out 
that 75 per cent of total foreign 
exchange reserves held by 
“ snake ” members belongs to 
Germany and other members 
states keep well over 5 per cent 
of their reserves in D-Marks. 


Lisbon seeks new Government 


and 


BY OUR OWN CORRESPONDENT 
PORTUGUESE President Antonio do lo financial stability 
Ramalho Eanes began tbe search economic recovery, 
today for a new Government if a ballot were called it cquM 
following his dismissal of not be held before January 
Socialist Prime Minister Mario because a new electoral law has 
Soares's Cabinet last night to be passed and a vote registra- 
Talks with all political leaders tion carried out 
and other interested parties were In the interim six months many 
scheduled and it seemed likely vital economic decisions would 
that the search would be a pro- have to be deferred including the 
traded one not made any quicker start of negotiations for entry 
by the soaring summer tempera- to the European Economic Cona- 
tures which have tranquilised munity due to open in October. 
the population. Although there was an initial 

General elections — two years clash of views on the constitu- 
ahead of time — are still possible, tional position of the dismissed 
but observers believe that Portu- government, a softened stand by 
gal’s politicians are having Sr. Soares seems to have averted 
second thoughts about a vote this particular difficulty, 
because of the damage it would Originally when President 


LISBON, July 28. 


Eanes dismissed Sr. Soares and 
bis Cabinet he said they would 
remain in an interim capacity 
until a new government could 
be chosen. 

Sr. Soares immediately opposed 
this view saying bis interpreta 
tion was that his government no 
longer had power and his 
Ministers would not report for 
work. 

However during the day Sr 
Soares modified his line 
reportedly saying he did no! 
want to be obstructive and hat 
agreed to keep the adniinls(r3 
tive machine ticking over. Thus 
what looked like a power vacuum 
at first first now seems to have 
been resolved. 


EEC criticises UK over fishing 


BY MARGARET YAN HATTEM 
THE EEC . COMMISSION today 
censured national fisheries' con- 
servation measures introduced 
by Britain a month ago. 

In a letter to the British 
Government, Mr. Finn Olav 
Gundelach, tbe Agriculture and 
Fisheries' Commissioner, said 
that tbe Commission could not 
approve the two measures 
already in effect, and that the 
other two should be discussed 
further in the CouncLi of 
Ministers. The Commission felt 
all four points should be solved 
on a Community basis, be added. 

The measures in question in- 
clude a ban on herring fishing 
off most of the west coast of 
Scotland and a reduction of the 
maximum allowable bycatch of 
protected species in small mesh 
fisheries — both of which took 
effect immediately — together 
with a two degree eastward 
extension of the Norway pout 
box, aD area where industrial 
fishing is banned, and tbe intro- 
duction of a 70 mm minimum 
mesh net for scampi fishing, due 
to take effect later this year. 

Under the terms of The Hague 
Agreement of October. 1976. 
these national measures would 
be permissible, provided they 
were found to be urgent, neces- 


sary, and Don-discriminatory 
and providing the Commission’s 
approval were formally sought 
(though a reply is not needed). 

Mr. Gundelach indicated today 
that the herring ban, which com- 
mits Scottish fushermen to con- 
tinue catching herring in the 
Clyde estuary, may be dis- 
criminatory, since it gives them 
sole access to herring from 
banned areas, which periodically 
swim into the Clyde. 


BRUSSELS, July 28. 

He also said that the ruling on 
bycatches had been adopted by 
the eight other states last 
January when, at a meeting in 
Berlin boycotted by Britain, they 
concluded a "gentlemen’s agree- 
ment” to observe the Commis- 
sion’s fisheries quota and con- 
servation proposals for 1978. 

Since all were agreed, there 
was no reason why this should 
not now be adopted us a Com- 
munity measure, he said. 


Iran ail talks to resume 


BY ANDREW WHITLEY 


WHAT IS expected to be the 
decisive and last round of talks 
on a new long-term oil liftings 
agreement between Iran and Iraq 
Oil Participants, the 14-member 
consortium led by BP, opens 
here In Tehran tomorrow. 

After a three-wee k break, both 
sides express increasing confi- 
dence that this fifth round will 
produce an agreement satisfying 
their very different priorities. It 
is expected to contain detailed 
commitments by the consortium 
for the current year, within the 


framework of a long-term 
arrangement to 1993. 

Diplomatic sources agree that 
a central factor will be tbe pur- 
chase of an average 3Jm barrels 
a day .this year. As the average 
in the first five months has been 
running at only 2.9m b/d, such 
a commitment would mean boost- 
ing the daily average in the 
seven remaining months to 3.6m 
b/d — an extra 150m barrels in 
total, costing over $L9bn. 

Iran desperately Deeds to 
bring oil exports up to budgeted 
levels. 


Ethiopians 
claim new 


success 


Ethiopian forces lime scored 
another major success in their 
offensive axaiinl guerrillas in 
Eritrea hy breaking the ten- 
month-old Megc of Asmara, tlu- 
provineial capital, acrordinu to an 
Ethiopian Government statement. 
Our Foreign Staff report. 

Troops who had earlier Hcarcd 
the main Addis Ababa to Asmara 
road met up With forces heading 
sou tii from Asmara nn Thursday, 
tlie Government said. The I ink- -up 
took place ar Dcharwn villaje. 
just outside the belcacmrri 
capita) which luid a peaectiinr 
population of about 2 U 0 .IUH). 

The six-week lone Ethiopian 
offen.-m e tu recapture Eritrea, 
most of which has be cat nrcupicii 
by forces of two guerrilla move- 
ments, is now close to ilie heart 
of the highland nv.pon nf the pro- 
vince. The important road junc- 
tion town of Tcssenei on the 
Sudanese border and the seaport 
of Massawa h:ne also been 
recaptured from the guerrillas 
Ethiopia soys. 

A spokesman for the EPLF '-aid 
today that it was withdi.minv 
from certain defensive positions 
to increase its offensive capacity 
nqainst Ethiopian Government 
forces, hut denied it had lost any 
sround on tbe battlefield. 

Spokesmen fur the other Kri- 
rrean group, the ELF. concede 
rhat Ethiopian Cover ration! r..rce>- 
have captured the cities nr Tes- 
senei and Mandefcra. and there 
arc reliable reports lhat the 
Government is nmv moving 
against th» ELF-held toon of 
Asnrdat. Avortlar i* the sole larc - 
town or city remaining in ELF 
hands. 

The F.PI.F .s|K>kcsn\iin denied 
Ethiopian claims that the Govern- 
ment had retaken MassuVa or 
reopened the highway from 
Central Ethiopia to Asmara. 


\therton to Cairo 


Bovina U.S. envoy Alfred Atherton 
arrived in Cairo to try to persuade 
Esypt to have another round of 
peace talks with Israel. But the 
price for further negotiations 
seemed likely lo be the United 
States tabling its own proposals 
for a Middle East settle menu. 
Reuter reports from Cairo. 


Tanker spill damage 


The extent of devastation wrought 
by the world's worst oil spill — ”■ 
the grounding of the supertanker 
Amoco Cadiz off Brittany rn 
March — will not be known for • 
years, according to a group o f,i* 
U.S. Government scientists. Most * 
of the 220,00ff tonnes of crude oil 
lost from the tanker sank to the *' 
bottom of the sea, producing 
abnormally high concentrations 
of hydoeerbons in the ocean 
sediment which destroyed the 
marine worms eaten by fish, the 
group said, according io Reuter. 


Dutch building fraud 


Inspectors investigating social 
Insurance and tax frauds in the 
Dutch building Industry say they 
have encountered “MaGa-liko'’ 
conditions, Charles Batchelor 
reports from Amsterdam. In- 
vestigators from the Building 
Industry Social Fund, a gemi- 
Goverhraent agency which 
administers social security legis- 
lation in the industry, hare been 
threatened and firearms have 
been discovered in searches 
according to the agency's director. 


Walvis Bay: fishmeal and the legacy of a colonial past 

BY JOHN STEWART \n CAPE TOWN 


Eximbank’s 
S. African 


THE International dispute over 
Walvis Bay. the 600 square mile 
South African enclave in 
Namibia, is a legacy af the 
colonial scramble for Africa. In 
this case. Queen Victoria’s cver- 
alert Colonial Office stoic a 
march on Bismarck, a reluctant 
coloniser, by securing what is the 
only suitable deep water harbour 
on the West African coast 
between Benguela and Cape 
Town. 

Even among colonial oddities 
it is an anachronism and can. 
strictly speaking, not be com- 
pared with any of tbe seemingly 
parallel situations that arc or 
were scattered around the globe 
such as Hong Kong, Gibraltar, 
Guantanamo, Panama, Djibouti, 
and Aden. 

Walvis Bay (so named after 
the whales that used to abound 
there) Is a relic of the conscien- 
tious. if impotent, labours of 
WilUam Coates Palgrave, tbe 
Cape colonial government’s 
special commissioner for South 
West Africa, who devoted all bis 
time between 1872 and 187S to 
peace-keeping among the warring 
Namra and Hereros, at tbe same 
time trying to make out a case 
for annexation oE South West 
.Africa by the British Govern- 
ment, In spite of cogent reason- 
I 


ing to the Cape colonial office 
— annexation would halt the 
southwards march of the Portu- 
guese colonists from Angola, and 
it would pre-empt Germany’s 
colonial intentions — the Cape 
government, on advice from 
Whitehall, decided against adding 
yet another colony to its imposing 
portfolio. It did tbe next best 
thing and secured the strategic 
port for Britain. Later it passed 
to the Cape Government and 
finally to South Africa. 

The British decision not to 
annex South West Africa was 
something of a blow to Chief 
Maherero of the powerful Herero 
tribe who had hoped to do well 
out of protection treaties with 
the British. He commented: “The 
British flag flew here. It waved 
this way and that; we attached 
ourselves to it, and we were 
waved backwards and forwards 
with it.” 

Had history played her cards 
a little differently in 1878 it is 
certain that the present dispute 
would never have arisen. 

Walvis Bay is the town that 
fish built, and tbe pungent smell 
that wafts inland from the fish- 
meal reduction plants is. all 
things Considered, ibe smell of 
money. 

The town is laid out upon the 



mini 

" Bay ^ ftiiski. ; r *'" 

) 1L--7*' 

SMTHIfllCi ■ 

• 

i ma IW 







Bismarck and Queen Victoria: scrambling for Africa. 


Namib desert like a child’s free- 
hold outline of a hop-scotch 
court, the numbered streets in 
geometric squares, with rows 
upon rows of dust-coloured, box- 
tike houses, most of which have 
canvas roofs because It never 
rains and tin roofs corrode 
within a year. 

Tbe population is about 25 ,000. 
about one-tbkrd of whom are 
white. On the flat, featureless 


desert, the market value of 
prime residential locations is 
determined not by close 
proximity to schools, woodland 
parks, rivers or hills, but by 
position in relation to the fish 
processing plants of which there 
are about a dozen. Upwind of 
the prevailing south-wester 
secures the best prices. It so 
happens that such a situation Is 
also furthest from the African 


and coloured residential areas. 

The prospect of continued 
South African administration of 
the enclave after Namibian 
independence has generated a 
great deal of tension among 
African and coloured people — 
and even a few whites. Until 
about two years ago when the 
South African Government 
began to dismantle the most 
crassly offensive aspects of 


apartheid in Namibia. Walvis 
Bay had never experienced any- 
thing bni a rigidly segregated 
way of life- The abolition of 
laws forbidding mixed marriages 
and physical loVe across the 
colour line, as well as other 
measures which had the effect 
of reducing racial mixing, 
resulted in a marked improve- 
ment of the quality of life of 
most people. 

The statutory reincorporation 
of the port into South Africa 
earlier this year when it 
formally became part of the 
Cape Province once again 
brought with it the return of the 
spectre of apartheid. 

There are other preoccupa- 
tions. Taxpayers dread tbe pros- 
pect ol having to pay South 
African rates of taxes which are 
about 25 per cent higher than 
. existing special rates in Namibia. 
Public bouse operators fear that 
South African race and liquor 
laws will be bad for business. 
The port’s substantial corps of 
hookers fears the same thing. 

The view of the African 
nationalist organisation, SWAPO 
is best summed up by Mr. Daniel 
Tjongarero. a member of the 
party leadership executive: 
“ Namibians cannot be bound by 
colonial treaties from the 1880s 


of which they had no part. South 
Africa's claim for the port is an 
expansionist'ventura and it could 
be used as a base for possible 
aggression against Namibia under 
SWAPO leadership. 

Political gloom ia the town is 
deepened by. the strong pos- 
sibility that its main pillar of 
prosperity, inshore fishing, is in 
danger of collapse. 

To offset the economic conse- 
quences of such an event, and in 
an effort to dilute the bitterness 
engendered by the political dis- 
pute over the enclave, the local 
town council is enthusiastically 
sponsoring proposals to have the 
area declared a free port/duty 
free zone. 

They dream of another Hong 
Kong, an export processing zone 
with road and rail links into the 
interior, to Botswana, Rhodesia, 
Zambia and Zaire. The main 
advantage of a free port, they 
say, is that merchants will be 
able to import, store and process 
goods for re-export free of duly 
and import controls. Not only 
will this boost industrial develop- 
ment but the prospect has already 
been mooted that it could also 
promote exports to countries 
officially opposed to trade rela- 
tions with South Africa. 


activity curbed 


WASHINGTON. July 28. 
THE U.S. House of Representa- 
tives today passed a bill restrict- 
ing the ability of the Export- 
Import Bank io do business m 
South Africa. 

The bank makes loans and 
provides loan guarantees and 
insurance to help finance U.S. 
export sales. It has nut made 
a,l -L South African loans since 
1967, hut has provided guaran- 
tees and insurance. 

The bill, approved 314 to 47. 
increases the bank's worldwide 
lending authority from S25bn 
to S40bn. it includes a provi- 
sion allowing the bank tn do 
business with South African 
companies who follow fair 
employment practices observed 
by many U.S. firms in SoutJ 
Africa. 

These practices include non* 
segregation of ,jll facilities, 
equal say fo requal work atw, 
equal job training and promotion ‘ 
opportunities for all races. Tftet 
bill I specifies that the SccrcltSY 
of State Will have certify that 
the South African fl'-ms fr-llowed . 
these policies K cuter 


U 


dSF'SA'JiW'- rMhiirtwa oatft fKtri^ 

uw A2fh^ ,Wal1 u say? 


.... u.N. wnteniuinn 

*“l r (Qatli per aw4B a . 
Sw™*! ««”■ wwnge Mid HtNo* f 


3 



Financial Times S aturday July 29 1978 

HOME NEWS 


< $ 


pg Belfast car plant 
plan threatened 


Extra £90m agreed 


by U.S. S40m credit f ° r shl Py ard blds 


BY DAVID LASCELUS AND KENNETH GOODING 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


JOHN DeLOREAN. the U.S. 
tor entrepreneur who has 
■n negotiating with the 
rthern Ireland Development 
% ice on the possibility of build- 
a car plant in Ulster, has 
eived $40m i D U.S. Govern- 
nt credit support to build the 
at in Puerto Rico, 
dr. DeLorean's office in 
.-bison could offer no 
mediate clarification as to 
ether that spelt the end of the 
rthem Ireland venture. Mr. 
Lorean was not available, 
iowever, the Northern Ireland 
velopment Office has by no 
ans abandoned hope of 
amng the project for 
nmurray. on Belfast's 

M ithera outskirts and near the 
. ‘dominantly Roman Catholic 

’ 4 t* I ■ (il ates of west Belfast. The area 
44 1 K i 1,1 J some of Ulster’s and the 
* highest levels of 

1 . employment. 

i’l'j^ rhe British Government seems 
ling to contribute up to fBOra, 

1 about £25.000 a job compared 
\J|.. . Ji the usual average of £10,000 
UviMob in Ulster, to attract the 
Lorean scheme. 

3ut the U.S. Department of 
mmerce, which, with the 
partment of Agriculture, is 
iranteeing half the S40m. said 
expected the -Puerto Rican 
iture to go ahead, probably 
vards the end of summer. 

The Department’s loan guaran- 
-s will be used to build the 
* plant at a disused air force 
% in one of Puerto Rico’s most 


muti 


r* i n <■ ! 


distressed areas. The idea is to 
create some 2,000 jobs in a region 
where unemployment is nearly 
30 per cent. 

Puerto Rico will add S17.7m in 
loans and a SSm training grant. 
The DeLorean Motor Company 
will provide S25m in equity, 
bringing the total value of the 
venture to $85. 7m. 

The 500,000 sq ft plant will 
produce a sports car known as 
the DMC-12. Production is ex- 
pected to start 22 months after 
the start of construction. 

Mr. DeLorean is a former 
senior executive of General 
Motors who has been striving 
for more than three years to start 
lus own motor company. 

• UNIPORK, the Ulster bacon 
and pork produce group, has 
issued protective notices to its 
940 workers because of con- 
tinuing losses, our Belfast 
Correspondent reports. 

The group, controlled byPMB 
(Investments) ; a wholly owned 
subsidiary of the Northern Ire- 
land Pigs Marketing Board.- said 
it might have to dose its two 
plants in Cookstown, Co. Tyrone 
and Enniskillen, Co. Fermanagh. 

It is seeking Government aid 
through the Northern Ireland 
Department of Commerce, 
possibly for a scaled-down opera- 
tion. Unipork has told . its 
workers that it had a substantial 
trading loss in 1977 and was still 
unprofitable. 

Tarn plant closure. Page ‘4 


BRITAIN HAS won EEC 
approval to spend a further £90m 
in subsidising bids from its ship- 
yards for contracts which might 
otherwise be lost to countries 
with lower production costs. 

But the Commission's agree- 
ment, formally reached yester- 
day by the competition 
directorate, covers only the 
period to December 31 of this 
year, by which time the Commis- 
sion expects British Shipbuilders 
to have produced a corporate 
plan providing for the restructur- 
ing of the British industry. 

The absence of any such 
restructuring plan has - been 
behind the long-drawn-out nego- 
tiations which preceded yester- 
day's decision. 

The Government has publicly 
set its face against any planned 
cut in the industry’s capacity, 
but informally has assured the 
Commission that the workforce 
will be reduced and some 
facilities run down. 

The first intervention fund of 
£65m, announced 18 months ago, 
is now virtually exhausted, and 
was used to offer shipowners up 
to 25 per cent reductions in ship- 
yard’s normal prices. 

The most interesting point 
about yesterday's announcement, 
which has not yet been formally 


notified to London, is the cut-off 
date of December 31. 

This indicates a continued 
tough attitude by the Commis- 
sion towards the flow of funds 
into the ailing industry and con- 
trasts with the weakness* of a 
recent pronouncement on ship- 
building rationalisation from the 
Community’s Council of Foreign 
Ministers. 

This document demonstrated 
member-states' inability to agree 
on co-ordinated restructuring of 
the Industry and was a major 
retreat from the Commission's 
hawkish position of a year ago, 
when it was talking of cutting 
the industry by 45 per cent 
within four years. 


Veto right 


The Commission has retained 
the right to veto or renegotiate 
Britain's fund at the end of the 
year, but EEC officials made it 
clear yesterday that the £90m is 
intended to last until March 31, 
1979. 

This precludes the British Gov- 
ernment from attempting during 
renegotiation to increase the 
basic sum available. 

• Harland and Wolff of Belfast 
has won an order worth £28m 
to build two ferries for British 
Rail Sealiok’s Dover-Calais route. 
The contract has been won with 


the help of the Government's 
shipbuilding intervention fund. 

This is the first time the fund, 
of which the Northern Ireland 
office administers a separate 
offshoot, has been used to offer 
a cut-price deal to another UK 
nationalised industry. i 

The fact that EEC approval has 
been required for this latest 
subvention- is believed to have 
caused the delay in signing the 
contract,- the investment for 
which was approved by the 
Government early this year. 

• The Defence Ministry has 
placed an order with Vickers 
Shipbuilding Group for construc- 
tion of the 14th nuclear-powered 
Fleet submarine, worth about 
£50 m. 

The submarine will be the 
second in the new Trafalgar 
Class, the first of which was 
ordered last September. ! 

These submarines will have 
advanced equipment, long endup-, 
ance, high speed and the ability' 
to operate at depths which wiUi 
enable them to be highly effec- 
tive In their primary role of I 
hunting enemy submarines and 
surface ships. 

As with previous nuclear- 
powered submarines. Rolls-Royce 
and Associates will have special 
responsibility for the design and 
procurement of the nuclear 
reactor plant equipment 


Burmah Top salaries body 

loses may recommend 

fight for more pay for MPs 

BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 

Papers THE LEVEL of salaries for MPs Mr. Price would promise 

Jr Jr and Ministers during the coming they would necessarily accei 


GEC puts in £100m 
‘propaganda’ bid 


Staffing and Price Commission 

work key check proposed 
to spending . . 

shortfall nse on cigarettes 


BY JOHN LLOYD AND TIM DICKSON 


IE GENERAL ELECTRIC 
mpany has mode a bid For the 
)0m-plus turbine contract for 
? Drax "S’* coal-fired power 
ition in Yorkshire which is 
bsiantially lower than the 
tder by GEC's major competi- 
.* in the field, C. A. Parsons, 
us is now part of Northern 
igineering Industries. 

Parsons has stepped up the 
opaganda battle between the 
mpanies by claiming that it 
pplies the most efficient tup- 
les in the country's electricity 
*tem. 

The General Electric bid stood 
chance of being accepted and 
s been turned down by Mr. 
yn England, the Central Elec- 
city Generating Board’s chair- 
m. It seems to have been 
ide more to emharrass Parsons 
d the Generating Board than 
be seriously considered. 

There arc two reasons why it 
virtually impossible for the 
iterating Board to place the 
ier with GEC. 

First, the Government made ft 
:ar to the Board that It wanted 
? turbine contract to go to 
rsons to provide continued 
iployment at the company’s 
nesidc plant. 

Second. Drax “A” Station has 
■ee 660-megawatt turbines 
pplied by Parsons, and it is 


common practice to repeat the 
design in the “B" Station^ 

The price Parsons put on the 
order is thought to be about 
£135m. which is £10m mo re than 
the Board budgeted for. The 
GEC figure is thought to .be 
substantially below both 'the 
Parsons bid and the Generating 
Board's budgeted figure. ■ 
General Electric is to get about 
£30m-worth of orders within the 
overall turbine contract for the 
supply of feed-heating systems, 
manufactured pt the company’s 
plant at Larne. Northern Ire- 
land. The company made no 
comment yesterday on its bid for 
the entire order. 

A year ago Government plans 
to merge the turbine generator 
divisions of GEC with Parsons 
foundered after Parsons success- 
fully opposed what- it saw as a 
takeover by GEC. 

The campaign was an ex- 
tremely bitter one, and relations 
have been frosty ever since. 

Parsons said yesterday that 
generators designed and made at 
their Heaton factory in New- 
castle upon Tyne took tbe first 
six places in an “ efficiency " 
league published by the Generat- 
ing Board. 

The power stations having 
these . generators are Rugeley, 
Fairley. Radeliffe. Drax, Pem- 
broke and Ferrybridge. 


Antique timepieces fetch 
£165,000 at Sotheby's 


BY PAMELA JUDGE 

.OCR'S. WATCHES and scien- 
ic instruments sold through 
thebv’s in London yesterday 
ide £165,278. 

R. A. Lee successfully bid 
500 for an ebony-veneered 
art er-repea ting alarm bracket 
jck signed Danl. Delander 
indon, and a similar price was 
id bv Bobinet for a heavy gold 
nting cased minute repeating 
jck watch with perpetual ealen- 
r and chronograph. 

In the morning Sotheby’s also 
id English furniture for a total 
£77.787. A Tabriz carpet made 
.000. In the afternoon, the 
tount paid for dolls was 
2.69S. A Steiner bisque model 
tched £820. 

The final total for the two-day 
In of printed books at 
ihcbv's. Chancery Lane, was 
2,932 with £16.644 the figure 
r vesterday. A collection of 
ssi'on and law papers relating 


to Scotland (2766-1832) went to a 
German dealer for £1,200. 

Old Masters at Christie’s in- 
cluded a picture of sheep and a 

S easant in a landscape, possibly 
y van de Velde, which went for 
£8,500. in a sale which achieved 
£140,870. Christie’s South 
Kensington, sold printed books 


SALEROOM 

PAMELA JUDGE 


for a total of £20,475. including a 
first edition of Jane Austen's 
Sense and Sensibility at £4,800. 

At P hilli ps, silver made 
£31,554, including £720 for a pair 
of George III sauceboats. Stamps 
totalled £22,150. 


‘It could only have 
come from Asprey 


By David Freud 

THE MAIN reasons for public 
sector underspending against 
Government cash limits in the 
last financial year were fewer 
staff than forecast and slippage 
of capital work, the Treasury 
said yesterday. 

Provisional figures contained 
in a Government White Paper 
show that the shortfall in spend- 
ing amounted to 4 per cent over 
all the expenditure controlled by 
cash limits. This was close to the 
1976/77 shortfall. 

‘ . Cash limits were first intro- 
duced in the 1976/77 financial 
year to control non-demand 
related spending by both central 
government departments and 
local 1 , authorities. 

Last year, limits were set on 
£32fibn of expenditure, some 
two-thirds of public spending. 

Out of 126 separate cash 
blocks, there was only one cam 
of overspending. In many cases, 
the level of underspend exceeded 
10 per cent, especially among 
cash blocks totalling £100m or 
less. 

The single exception was in 
the block for capital expendi- 
ture by local authorities in 
Scotland on school buildings. 
This exceeded its £67.9m cash 
limit by £0.5m and Treasury 
inquiries into this relatively 
small excess are continuing. 

Evidence 

The out-turn on tbe three 
biggest cash blocks were all 
within 1.5 per cent of the limits, 
with a shortfall of only £7m on 
tbe rate support grant £6.5 bn 
block, £86m on the £6.4bn 
defence budget and £24m on the 
£4.4bn health and social services 
block. 

The Treasury gave evidence to 
Commons Select Committees 
earlier this year on reasons for 
the. underspending. It said that 
when expenditure was controlled 
within prescribed limits, there 
was a tendency for the total out- 
turn to fall below the total of the 
limits. 

Other factors in 1977-78 were 
that general administrative ex- 
penditure rose less than fore- 
seen, while there were recruit- 
ment difficulties and economies 
in' administration. 

The Treasury analysis of the 
1977-78 provisional out-turn 
showed that the larger the block, 
the .closer spending was to the 
limit i 

Cash Limits 1977-78 Provisional 
Out-turn. SO OmndL 7295, 40p. 

Bank charges 

MR. ROY HATTERSLEY, the 
Prices Secretary, hopes to make 
a statement “in the next few 
weeks” on the Price Commis- 
sion’s recommendations in its 
report on bank charges, the 
Commons was told in a written 
answer. 


BY DAVID CHURCHILL 

PRICE RISES of 2p on a packet 
of 20 cigarettes are being sought 
by Imperial Tobacco for some 
John Player and Embassy brands, 
which account for more than half 
the UK market 

The Price Commission said 
yesterday that - it intended to 
investigate the increases. . The 
investigation is expected to last 
three months. 

Imperial Tobacco said last 
night that it was considering 
whether to seek an interim price 
rise pending the outcome. 

The company, part of the 
Imperial Group, had sought Price 
Commission approval for a 
weighted average price rise of 
£0.7295 per 1,000 cigarettes, in- 
cluding duty. This would mean 
rises of about 2p per 20 
cigarettes on some brands. 

Among brands sold by Imperial 
Tobacco are John Player and 
Sons’ No. 6, No. 10, and King size 
brands, and W. D. and H. 0. Wills 
Embassy brands. 


The commission said yesterday 
that It would investigate the 
pricing policy of Rizla, which 
sells cigarette-making products 
such as paper and. rolling 
machinea.- 

Imperlal Tobacco’s decision to 
seek price rises indicates that the 
cigarette, price war of the past 
few years may he. coming to an 
end. 

Last month, Carreras Rothmans 
announced rises of between Ip 
and 2p otf its Piccadilly and Dun- 
hill brands. 

But British American Tobacco's 
entry Into thd,UK market earlier 
this year with its State Express 
555 brand— deliberately- sold at a 
low price to gain a foothold in 
the market— has kept pressure on 
the other major companies to 
keep prices down. 

Imperial Tobacco said yester- 
day that rising costs since its 
price rise in May last year had 
forced it to seek the increases. 


BY MARGARET REID 

A HIGH COURT judge yesterday 
rejected an application by 
Burraah Oil for the release by 
the Bank of England of 62 secret 
documents. Burraah believes the 
documents are important to its 
£5 00m action against the Bank 
for the return of its former 
shareholding in British 
Petroleum. 

Mr. Justice Foster ruled that 
the documents, . which include 
communications to and from 
Ministers during the Bank’s 
rescue moves for Burraah in that 
company’s financial crisis in 1 ale- 
1974 and early-1975. were high 
level policy documents. 

“It is necessary for the proper 
functioning of the public service 
that they should be withheld." 
he said. 

Crown privilege had been 
claimed by the Treasury for the 
non-production of the docu- 
ments. Burmah’s application was 
opposed by Mr. John Vinelott, 
QC for the Anorney-Generai on 
the ground that disclosure was 
not in the public interest. 

The judge granted Burraah 
ieave to appeal against his deci- 
sion. Costs of tbe hearing were 
awarded to the Crown and the 
Bank of * England against 
Burrnah. 

Giving judgment, the judge 
said that the Bank, from the first 
approach to it about Burmah’s 
difficulties, acted in close contact 
with, and under the direction of, 
the Government. 

The disputed documents re- 
lated to negotiations which 
resulted in tbe agreement of 
January 23, 1975 between Burmah 
and the Bank, under which 
Burmab’s BP shares were bought 
by the Bank for £179m. It was 
that agreement which Burmah 
was seeking to have set aside. 

Last October, Mr. Joel Barnett, 
Chief Secretary to the Treasury, 
signed the “ no disclosure ” certi- 
ficate which led to the present 
proceedings. 

The judge said: “If Burmah 
bad in late-1974 or early-1975 
collapsed financially, the conse- 
quences to the stability of the 
pound and the Government’s 
North Sea oil policy were Incal- 
culable and might have been 
catastrophic. 

“The decision by the Govern- 
ment to' spend public money in 
assisting a large commercial 
company to avoid collapse was 
a decision at the highest Govern- 
mental level.” 


THE LEVEL of salaries for MPs 
and Ministers during the coming 

year is lo be referred to Lord 
Boyle's Top Salaries Review 
Board. The move will almost 
certainly result in rises being 
recommended fn excess of the 
Government’s 5 per cent Phase 
Four guidelines. 

The decision was announced 
in the Commons yesterday by 
Mr. Michael Foot. Leader of the 
House, and Mr. William Price. 
Parliamentary Secretary tD the 
Privy Council Office, when MPs 
approved orders giving them- 
selves and Ministers a Phase 
Three 10 per cent increase in 
salaries. 

The recommendation that the 
Board should consider a Phase 
Four increase has been made in 
response to heavy pressure from 
MPs for further rises to keep 
them abreast of inflation. 

It is intended lo avoid the 
impression that they are ail- 
pnwerful in deciding their pay. 
Although the Board has been 
asked to report as soon as pos- 
sible. the recommendation would 
still have to be implemented by 
a Commons vote that could not 
be taken until the autumn. 

Yesterday neither Mr. Foot nor 


Mr. Price would promise that 
they would necessarily accept the 
hoard's recommendation. 

The board will also be asked la 
look into tbe possibility of link- 
ing Commons pay to a higher 
grade of the Civil Service, to 
avoid the necessity of MPs 
debating their salaries. It will 
also look at anomalies in the 
pension scheme and in allow- 
ances. 

On past performance, the 
board is likely to recommend 
rises well above 5 per cent. In 

1975 it proposed that MPs’ 
salaries should be increased to 
£8,000. which is equivalent tn 
£11,500 at tnday's prices. Ironic- 
ally. the Government refused to 
implement the recommendation. 

Mr. Foot said yesterday that 
he was looking for a “ vert’ con- 
siderable" improvement in pay 
and conditions for members. 

Under the increases approved 
yesterday, the salary of a back- 
bench MP will be £6.897 a year. 
The Prime Minister’s salary goes 
up from £20.000 to £22.000. and 
that of the Leader of the Oppo- 
sition from £9.500 to £10.450. 
Most Cahinet Ministers will be 
paid £14.300, plus £3,529 of their 
MP's pay. 


War widows safeguarded 
against pension drop 


BY ERIC SHORT 

THE GOVERNMENT announced 
measures yesterday to protect 
pension levels of war widows 
from a drop in value next April, 
when there will be child benefit 
increases. 

Mr. Alfred Morris, Minister for 
the Disabled, in answer to a 
Parliamentary question, said that 
from next April child benefit 
payments would be increased by 
£1 a week, to £4 for each child, 
while social security allowances 
would be reduced by the same 
amount and child tax allowances 
withdrawn. 

This would have meant that a 
war widow paying tax would be 
worse off. To safeguard her in- 
come. the dependency allowance 
would be increased by 5p next 
April instead of being reduced 
by £1. 

The net result of this change 
will be that no war widow pay- 
ing tax will suffer loss of income, 
while some will receive an in- 
crease of up to 42p a week. 


War widows not paying income 
tax will be £1.05 a week better 
off. This arises because the 
child dependency allowances 
paid to war widows are not 
taxable. 

Export awards 
for 1979 

APPLICATIONS are invited 
from companies wishing to be 
considered for The Queen's 
Awards for Export and Tech- 
nology, 1979. 

Companies should be UK- 
based and have made outstand- 
ing achievements in either 
exports or technology. 

Application forms are avail- 
able from the Secretary. The 
Queen's Awards Office. Williams 
National House. 11-13. Holborn 
Viaduct, London EC1A 1EL. 
(Tel. 01-222 2277.) Closing date 
is October 31. 


New coal-fired power, 
station urged by Benn 


BY JOHN LLOYD 

Mr. Anthony Wedgwood Benn, 
Energy Secretary, has asked the 
Central Electricity Generating 
Board to consider building a 
new coal-fired power station to 
supply electricity to the South- 
, West of England 

At the same time, the subsidy 
| to coal bnrned in Welsh power 
stations is being extended until 
October. 

It is thought possible that a 
new coal-fired station built in 
Wales could supply power 
through a submarine cable to 
the Sonth-W est 
Mr. Benn's pressure on the 
generating Board follows his 
refusal to approve investment 
for an oil-fired station at 
Inswork Point, near Plymouth. 
The Board is now examining a 
variety of alternatives for the 
area. 

However, it Is now certain that 
extra power will have to be 
brought into the area by over- 


head transmission lines by 1986. 

It Is onw too late for this 
power to be supplied by a power 
station, and it is expected that 
there will be a critical shortage 
of supply by that time. 

The Board has already 
examined the possibility of a 
coal-fired station in the area, 
and rejected ‘ it as being un- 
economic. 

It favours a nuclear power 
station near -Exeter for extra 
power in the longer term. 
Electricity demand In the South- 
west has been growing at a 
faster rate than elsewhere. 

The prospect of building a 
coal-fired station in South Wales 
to supply Devon and Cornwall ts 
not a solution, which at present 
commands much enthusiasm 
within the generating Board. 

However, if coal is made 
attractive enough in priee. It 
may become a realistic a Item a- 


WORLD 

AEROSPACE 

CONFERENCE 

ROYAL LANCASTER HOTEL, LONDON 
AUGUST 30-31 1978 



Freight subsidy planned 


MR. BRUCE UXLLAN, Secretary 
for Scotland, has submitted pro- 
posals to the Orkney and Shet- 
land Islands councils with a view 
to lessening the effects of freight 
charges on the islands’ economy. 

Government aid may consist of 
financial support and assistance 
for the main arterial services. 
Mr. Jo Grlmond, Liberal MP for 
the islands, has been pressing 
the Government for concessions. 


It is understood that Mr. 
Mil Ian’s latest proposals involve 
a possible freight charge reduc- 
tion to 33J per cent for live- 
stock and 50 per cent for manu- 
factured goods.. 

Mr. Grimopd said “ As I 
understand, it, the Exchequer 
would pay a subsidy, not the local 
authority. At tbis stage these 
are only proposals, subject to 
discussion, but it is a very great 
step forward." - 


Chrisiofff' 

Siliri -pitted 
c/iihiy. 


A m m 

Osprey 



ILK. to discuss oil exchange 


55-109 New Bond Street, London WIY OAR. Td: 


f \ ' BY RAY PERMAN 

m! \ TALKS WILL start early next 

■f A year to arrange an exchange of 

ll 11 crude oils between British and 

BN, j Venezuelan national oil com* 

parties. 

Preliminary discussions have 
|| already been- held when Lord 

Kearton, chairman, and other 
III officials of the British National 

|| Oil Corporation, visited South 

II I America earlier this year. 

II Venezuela produces mainly 

if ■ l heavy crude, suitable for refin- 

a W ing into fuel oils but. unsuitable, 

3 J| without considerable processing, 

for conversion to light products, 
gx snch as petroL 

Although the country is among 
Sgsp the world's biggest exporters of 

crude, it is unable to meet the 
rapid increase in its own demand 
M i for light oil products, and could 

01-49 j 67 67- j be Importing these within IB 

** *1 months. 


Tbe Venezuelans have in- 
dicated that an exchange with 
Britain would be a satisfactory 
way to meet this problem. 

Lard Kearton said yesterday 
that the Oil Corporation saw 
advantages to itself, both in 
being able to offer different 
types of crude oil in inter 
national trading and In co- 
operating . with another 
nationalised oil undertaking. 

Market 

The Government also feels 
that such a swop would smooth 
the way towards a greater flow 
of trade between the two 
countries. 

UK suppliers of equipment 
and services to the oil industry 
are looking to Venezuela as a 
potential export market. 


The Venezuelan deal is only 
one of about a dozen contracts 
which the corporation- is follow- 
ing up with other national oil 
companies. 

An exchange of technical and 
economic information could be 
possible with the Mexican com- 
pany. Pemex, following Lord 
Kearton’s visit;.to Mexico last 
month. Talks are likely to re- 
open within the next few months 
with Statoil, tbe, Norwegian state 
concern, about projects of mutual 
interest 

Lord Kearton- said that in some 
quarters, co-operation between 
national oil companies was seen 
as a means of loosening the "grip 
of iron” maintained on tbe 
industry by tbe big. private multi- 
national corporations. The multi- 
nationals saw tins, as a possible 
threat 


ft Aerospace industries, how at a crossroads, have to 
make decisions that will dictate the shape of aviation 
for decades to come. 

• Decisions about airliner designs, fares and noise . . . 

• Decisions about reoiganising airports to cope with 
increasing traffic . . . 

• Decisions based on strategic arms limitation 
agreements . . . 

Before the decisions, the debate. The Financial Times 
Conference will be guided by speakers of international’ 
reputation, representing European and American manufacturers, 
consumers, planners and other points of view. They will 
prescribe on present problems and suggest strategies for the 
future. 

On the eve of the Farnborough Air Show, this conference will 
equip delegates with the contacts and the ideas they need to 
meet the challenges ahead. 


To The Financial Times Limited, Conference Organisation. Bracken House, 

10 Cannon 5treet, London EC4P 4BY. Tel: 01-236 4382. Telex: 27347. FTCONF G. 

Please send me further details of the WORLD AEROSPACE CONFERENCE 

NAME (Block Capitals Please) TITLE 

COMPANY 1 

ADDRESS ; - 


4 


Financial Tiroes Saturday My 29 1H7S 


HOME NEWS 


LABOUR NEWS 


Telephone engineers 
disrupt business 
of U.S. bank group 


BY MICHAEL BLANDEN 


CONTINENTAL ILLINOIS, the was managing with about four- 
Chicago-based bunking group, is fiftbs of telephone extensions 
meeting big obstacles at its new working. 

London headquarters as a result The branch was able to con- 
of union action. tinue working but was experi- 

The Post Office Engineering encing considerable difficulties 
Union which is campaigning for an d suffering costs directly and 
a 35-hour week, has blacked work as a result of lost business oppor- 
on the building alter the bank's Unities. . . 

new switchboard was connected The hank was the victim of 
by a member of the Post Office tbe 35-hour week claim and no 
senior management. prospect was seen or an early 

Mr. Kirk Hagan, general mana- end to the situation, 
ccr of the branch in Queen The issue arose partly as a 
Victoria Street— the former result of the urgency of the 
Printing House Square head- bank’s move to its new European 
quarters of The Times newspaper headquarters, since its leases on 
— said yesterday that as a result, olher London premises were 
dealers had no Reuter monitor running out, Mr. Hagan said, 
on wire services. The move was origint 

The forego exchange and planned for late June but was 
money market room was opernt- delayed as a result of the 
ing with only a fraction of the engineers' industrial action. The 
planned number of direct broker Post Office then gave a new date 
lines. of July 24, and when the bank 

The branch was also having to found that its switebboard had 
operate without a direct line for not been connected the job was 
data processing, carried out in done by Post Office management 
Chicago, consequently computer When that was discovered by 
reports came in very late. It the union, the bank was blacked. 


Home rate for water 
may be raised 


BY LYNTON McLAIN, INDUSTRIAL STAFF 


THE THAMES Water Authority “ Environmental service costs” The proposed revised structure 
proposed yesterday that within covering surface water drainage v/aufd move the responsibility 
three years, there should be a may also be recovered from all for costs, heavily towards the 
sharp drop in water charges to customers as a percentage addi- domestic users who would con- 
offices. lower rates for industry tion to other charges. This was tribute £13Im — 56 per cent — of 
and commerce and higher rates based on a water authority dec!- the total income of the authority, 
for domestic users. sion to treat drainage as a There would be "significant 

It also proposed that there "community' benefit-" differences ” in the extra amount 

should be a switch of charges The proposals were outlined; domestic users would be ex- 
frora the highly rated domestic j n a discussion paper which gave peeled to pay under the proposed 

options open to -the authority, structure. 
more ® ven and others in Britain, to meet "A significant proportion of 
i the legal requirements of a five- total costs would no longer be 

iS S i-SS ye^ld Act of Parliament. recovered in proonrtioa to varia- 

i!^ 1973 Water A« retired ...», domes., C rouble 

ST ’S ? ‘’jST'VKr ”j£ ou.bori.vs pUos to raise 

and imposed a £4 standing barges did not discriminate prices by 9.5 per cent from last 

charge for sewerage services and a S amst any group of customers. April were upheld by the Price 
a £4 charge for water services. An equitable system of ebarg- Commission last month, 
originally : regardless of the rateable value i n E had to be introduced which The rise was held at 7.2 per 
of the house — previously the was related directly to the costs cent during the commission's 
sole criteria determining water of water services. investigation, 

charges. Domestic users now accounted Thames Water decided that. 

The changes would mean that for £115rn— 49 per cent— of the although it had permission to go 

a house with a rateable value of total income received by Thames ahead with the difference of 2X1 

£100. which now paid an average Water under the two-part tariff, percentage points, it would wait 
£17.60 per year in water charges, Non domestic users contributed until next April before raising 
would pay £25.75. £120m. prices again. 


Courtaulds to dose 
Ulster yarn section 

BY OUR BELFAST CORRESPONDENT 

COURTAULDS proposes to close growth of both car and tyre 
its Tenascu industrial yarn de- imports. 

parinienr at its CarrlcWersus Tswlre. anTtbe 

plant, Ulster, putting _oo out or g rst quaj{ ei - of the present finan- 
work. cial year saw a further worsen- 

Producting of Tcnaseo. used ing, it said, 
mainlv in the fabric bodv of Present and projected sales 

veiurfe iriw ic to be concen- wcre barely half the present 
lel tcle Ijies, is to be coocen capaclty at piston, in order not 

trated at the company s Preston lQ j eopan j lsc employment al 
far lory, where capacity is three s tf es . the company said that 
nr four times larger Ulan Carrick- it could sec no viable alteraa- 
Fergus. Live to closing the Carrickfergus 

The Ulster plant's labour force department, 
woud be cut to about 1,400 by Some workers would be re* 
the proposal which is to be dis- deployed within the plant, Cour- 
cussed with the unions. taulds will co-operate with the 

Demand for Teoasco has fallen Northern Ireland Department of 
steadily over five years. Cour- Manpower Services and other 
taulds blamed this on greatly in- local employers to seek alterna- 
creased tyre life, the increased tive work for those made re- 
use of steel in tyres, and the dundant. 

Lloyd’s Savonita probe 
will be delayed 


BY JOHN MOORE 

THE LLOYD'S of London team terms of reference/ 


Mr. Clark 


British Elf a 
to provide 
220 Ebbw 
Vale jobs 

By Our Welsh Correspondent 

THE SWEDISH company Ingen- 
jorsfirma Elfa AB, a member of 
Rotos Group's wire division, is 
to establish a factory at Ebbw 
Vale, the South Wales town hit 
recently by the closure of its 
steel plant. 

A new company, British Elfa, 
will take over a Welsh Develop- 
ment Agency factory at Tafar- 
□aubach. near Ebbw Vale, to 
manufacture coaled wire baskets. 

The factory is 29,000 sq-ft At 

present but is to be extended to 

80.000 sq ft 

The plant should provide 220 
new jobs for Ebbw Vale. About 

2.000 steel workers were made 
redundant in the town as a 
result of British Steel’s decision 
to end steelmaking there. 

Experience 

Mr. John Morris, Welsh Secre- j 



A sliky Aj/iiroutl 


inquiry into the Savonita claims said. 

dispute involving two of its in- , Th , e , “ qu,r * ll w ®f, set - up * n 
- up-, nr. ■> ki-ai-ow ... .m not nr,™ April after allegations m the 

sura nee brokers will not com- commons by Mr. Jonathan 

plci* us report by next week as Aitken. Tory MP for Thanet East, 
originally planned. on the setlement of reinsurance 

Sir. Clifford Clark, the inde- claims on 301 Fiat cars damaged 
pendent chairman of the inquiry on board the cargo ship Savonita.) 

team. S a,<J yesterday: "We are M?™™ 1 

, . ... . . * . , . brokers involved in the arrange- 

nni talking in term of a delay nieni of reinsurance for the then 

or months, rather a few weeks." Fiat-controlled insurance com- 
part of the delay was due to pany SIAT. decided not to press 
the holiday period, which had the claim in the London market 
prevented witnesses from attend- after a loss adjuster’s report sug- 
ing. gesied that it was a doubtful 

But more significantly, the claim, 
scope or the inquiry, whose Pearson Webb was then dis- 
mitial terms of reference were to missed as brokers by the Fiat in- 
luok into and report on all cir- sura nee company and replaced 
v u ms lances of the handling of by Willis Faber, which it is 
Hie Savonita claim as they alleged exerted pressure on the 
affected Lloyd's, had had to be underwriters to settle. Eventually 
widened. 96 per cent of the claim was paid. 

**iu a matter like this it is The findings of the inquiry are 
bound lo spread uulside the to be made public. 

NBC insured for $40m 
over Olympic Games 

BY JOHN MOORE 

LLOYD'S of London has insured Many Lloyd's syndicates. 
NBC. ihe U.S. TV company, for headed by the Mcrrctt syndicate, 
more than -•'■Mm on ils coverage have underwritten the risk, 
fur the l HSU Olympic Games in which one estimate suggests 
Moscow. could represent about S2ui of 

NBC !■» ins-ured against any premium, 
cancellation of the Caines be- As such, it is the largest lo- 
calise of a political flure-up be- surance cover for Olympic tele- 
lirrrn the participating countries vision coverage arranged at 
nr if the Americans have to pull Lloyd's. 

nqt because «if any political vow There lias been speculation in 
with the Russian*. the American Press recently that 

The placing of the business — if the Americans pulled out nf 
a political risks insurance cover the 1980 Games because of the 
— was done by Lloyd's brokers Russian attitude towards dissi- 
t:. T. Bowring. and completed at dents. NBC would then need to 
the beginning of this year. make a claim. 

Dividend curb extension 
meets no opposition 

BY JOHN HUNT. PARLIAMENTARY CORRESPONDENT 

GOVERNMENT LEGISLATION only a few hours after the Com- 
evtendins statutory 10 per cent nions had given the Bill a third 
dividend controls for a further reading in the early morning. 

12 months was given a second The Conservatives attacked the 
reading without a vole in the measure. Their spokesman. Lord 
Lords yesterday Carr of Hadley, described the 

The Dividends Bill is expected as damaging nonsense. "It 
lo gn through all its remaining J® nonsense except in terms of 
stages in the Lords on Monday political mythology 0 f a few 
and receive 6 Royal .Assent the ™ the trade union 

same day. 

No significant opposition is ex- 
pected from ihe peers during 
Monday's Comiltee Stage and the 
Conservatives and Liberals are 
not expecting to put down any 
amendments. 

Possibly. however. Lord 
Mensem, a ernssbencher, will iry 
to amend the legislation. Yester- 
day he described it as a cynical 
and contemptible Bill. “Wo 
must amend It next Monday to 
reduce the scope of operation for 
the harm it does.” 

Should snags arise, they will 
embarrass the Government, as 
the present controls expire on 
Monday. The Government would 
have tittle time to rectify mat- 
ters. as the Lords rise for the 
summer recess on Wednesday 
and the Commons breaks up on 
Thursday. 

Yesterday s Lords debate came 


tary, said yesterday that the new 
company was ideally suited to 
the area. 

The skills and experience, of 
the steel-based work force could 
be readily adapted to meet the 
needs of the new industry. 

Success with the project had 
been achieved by close co- 
operation between the Welsh 
Office, the Welsh Development 
Agency. Blaenau Gwent Council 
and British Steel. 


Oil groups 
oppose 
tax change 

By Ray D after. Energy 
Correspondent 

NORTH SEA oil companies have 
told the Government that expin 
ration and development efforts 
could be “seriously impaired 
if the proposed offshore tax 
changes come into effect. 

An additional tax burden and 
associated loss of confidence 
could hit the offshore effort 
effort needed lo ensure that UK 
oil production continued at sig- 
nificant levels into the 1990s. 
says Mr. George Williams, 
director general of the UK Off- 
shore Operators' Association. 

In a letter to Government he 
claims that the industry's prob- 
lems with marginally economic 
fields called for a lower Govern- 
ment tax take, not a higher one. 

The Treasury and the Depart- 
ment of Energy are expected to 
announce changes in the 
Petroleum Revenue Tax struc- 
ture and details of the condi- 
tions for the next round of off- 
shore licences next week. 

It is thought that the Govern- 
ment will seek to raise the basic 
rate of the tax. from 45 per cent 
of specially defined profits to 
nearer fiO per cent, and will aim 
to change some of the conces- 
sions to oil companies. 

Mr. William's letter says that 
it would be “ extremely impru- 
dent” for the Government to 
revise the tax system without 
consultation with the industry. 

Tbe association considers that 
Government consultation with 
only British National Oil Corpo- 
ration on the subject would not 
be adequate, particularly as the 
corporation is exempt from tbe 
tax payment. 


LEADERS OF the construction industry and Its associated pro- 
fessions met Mr. Peter Shore, Secretory for the Environment, 
yesterday to discuss long-term development prospects and the 
impact of public expenditure Unci nations on building output. 

Mr, Shore, pictured left with some of the “Group of Eight” 
delegation, assured the indu&iry that construction would in future 
he considered as a programme in its own right, as were such 
i areas as education or health. 

The delegation regarded the pledge as important. The 
industry hopes that public spending programmes will take more 
account of their likely effect on construction. 

Further discussions with departmental officials are to follow 
yesterday's meeting. They trill cover such topics as methods to 
stimulate private demand, inner-city land supplies and buildiug 
regulations and development control. 

Tbe “ Group of Eight" was established during the depths of 
the construction recession to present a unified approach to the 
Government on the part of the entire industry. Apart from 
seeking a more stable, long-term pattern of work from the public 
sector, it has repeatedly sought an immediate restoration of some 
of the spending cuts made over tbe past two or three years. 

Ministers have welcomed the group’s formation. In the past 
they have criticised the industry for being too fragmented and 
unable to adopt a common approach to its difficulties. 


Ambulances banned by crews 


BY OUR OWN CORRESPONDENT 

LARGE ARE. VS of Scotland Bedfords for t« ‘lays 
were without normal 
ambulance services yesterday, 
after further trouble with the 
services fleet of Bedford CF 25 
vehicles. 

Crews in Edinburgh and 
Glasgow decided to ban the 
Bedfords after a wheel fell off 
an ambulance taking a boy to 
hospital in Glasgow oo 
Thursday night and s in 
Edinburgh driver reported a 
rattle in the rear wheel. 

Their aetioD— which means 
emergency-only services being 
operated in both cities by 
Morris ambulances — follows 
protests by crews in Renfrew 
and Greenock districts. They 
have been banning the 


While no injury has been 
caused bv wheels coming on. 
the men regard the vehicles as 
“dangerous." "We arc not 
going to drive them, and that J 
that" said an official of 
the Transport and General 
Workers’ Union. 

Bedfords represem about 
per cent of the Scottish amlMr 
lance Heel or StW » chicles. 
VauxhalL the manufacturer, 
said that there is no design 
fault in either the Bedford 
chassis or their components. 

The companv cannot under- 
stand why the problem seems 
to occur only in Scottish 
ambulances. 

Intensive investigations have 
been held by the company and 


independent eimsulianis since 
the first incident IS months 
ago. They arc trying to find 
oiil whv rear-wheel nuts loosen 
sudden I v ' and unexpectedly. 

The dispute scemi likely 
(o enuU'nuc until the Com- 
mon Services* Agency, which 
administer*, the Scottish ambu- 
lance Service, reports on the 
findings of a -special committee 
set up alter Hie Renfrew and 
Greenock incident. 

Even intensified dally checks 
oil the wheel nuts have not 
solved the problem. The driver 
of the ambulance which lost a 
wheel in Glasgow on Thursday 
night said he had checked the 
nuts before lie set out. He had 
done only four trips around the 
citv before they all ramc off. 


Sun journalists 
backed by union 

BY PAULINE CLARK. LABOUR STAFF 

THE National Union of Journal- prepared to meet them at any 
ists has given its official backing lime.'' 

to a dispute oa the Sun news- The union w a* asked h\ the 
paper where journalists have Council n| the Newspaper Pub- 
been sacked for taking industrial li.sitors' Association earner tbi* 
action over a pay claim. week lo give an assurance that 

, . i it would abide by agreed dis- 

Bui ns the strike prevented pnK . edU(VS 

the newspaper from publishing I Mr p Bl . rt n.„d>. general 
for the sixth msnt ‘ 3 JJ manager and chief executive. 

the signs were that the Advisory ^ | ;i>l nv > h \ trial only the 

Conciliation and Arbitraiion rnalis . ls cu ' uW offer a solution 
Service would soon be ■formal > j <( |h displlle h> returning i„ 
asked to help find a solution to WOJll _ Thc ,, u> i>*uc was 
the dispute. jdreadv “a very difficult one'* 

The NUJ executive council. 'would involve a £rcat deal 

meeting in London last night. n f 

agreed to :i request that the 0 -piie NL’J Chapel al LRU. Hip 
journalists should be allowed to Loriri „ n nc ws.ba<eiJ cmiinim-i.il 
take the dispute to ALAS and rat j 10 s t : ,u„ u . lus unanimously 
the Sun chapel t union branch! l .. ll|f . d on 1Il( . independent 
also yesterday .signified that it Broadcasting Autiinntv tu eon- 
would be prepared tn accept the duct an iinnic ,i, aVc inquiry ium 
proposal — despite having earner management-staff relations al 
this week rejected the idea. „ lalion 

The dispute, which lias so far The resolution says the jour- 
cost ihe paper an valiinnti-d nahsts are "appall-d at tin- eon- 
£500 .Hitt) and resulted in the loss sistcntly destructive altitude m- 
of about 30m copies, involves wards ir.dm.tnal relations taken 
about 220 editorial staff. b> ihe management.” 

The management says ;hat l-BC has not broadi-a.-l normal 
the dispute centres largely on programmes for nearly a week, 
the interpretation of what, nor have thc other IS voimuer- 
sboulit constitute a productivity cial radio stations been supplied 
dual with its independent Radio News 

in ns letters of dismissal lo service. . . 
the journalsts on Thursday The Nisi '•aid in a staienunt 

S&«T?£W , ig l §S " 

s&kJr St ' Cli dain:1SeS fr ““’ lhe 

.. j. pared frequently and rectilai ti- 
lt said. T ht? to carry out responsihiliiicR al a 

reserves the riohl to sock dam- higher level than that at which 
■kroin you as compensation t hey art* cm ployed, on a volun- 
are resisting attempts to change • ror the loss winch it has suffered larv j )js j s arlt j without payment 
their rest breaks in these areas. 1 35 a of i° ur br e ai -“ of *■ j n April of ibis year th 


Progress 
at Chrysler 
peace talks 

By Our Laboiir Editor 

SOME PROGRESS towards re* 
solving a serious strike at 
Cbrysler’s UK’s Lin wood plant 
in Scotland was reported yester- 
day. 

At a further meeting in 
London of trade union and 
Department of industry officials 
and company management, 
various unspecified proposals 
were put forward. These will be 
considered by the two sides in 
the dispute and another meeting 
has been arranged for Tuesday. 

Meanwhile. Mr. George Lacy, 
managing director of Chrysler 
UK, last night described as 
“absolute rubbish, irresponsible 
and totaUy without foundation" 
a report that the company was 
planning to ask tbe Government 
for another big cash injection to 
stop the UK subsidiary closing 
down. 

The denial comes in the wake 
of latest figures from the parent 
corporation showing a second- 
quarter deficit of about £837.000 
for the UK company after a small 
first quarter profit. 

Doubts about the future of the 
strike-bit Li a wood plant have 
been voiced, and are believed to 
have been mentioned at a meet- 
ing on Wednesday when Afr. Eric 
Varley. Industry Secretary, and 
other Ministers were present. 

Yesterday’s discussions are 
understood lo have concentrated 
on a dispute, which arose from 
management attempts to speed 
up production by new ways of 
determining temperatures in the 
hottest parts of the paint shop. 

About 550 paint shop workers 


Over 4,000 workers have been 
laid off. 

Without some kind of agree- 
ment in the next week, the plant 
may not reslart production ai the 
end of the three-week holiday 
on August 7. 


, ..... thc 

contracL agreed disputes procedure was in- 

Mr. Ken Ashton, general secre- voked in relations to five specific 
lavy of thc NUJ. S;.id last night cases of extra re>pnn*ibiHi>. 
that the union was "impressed Despite meetings on three 
by thc Sun journalists' total loss separate occasions', thc company 
oF confidence in their employers' had put forward no proposal »r 
behaviour. Our members are any kind by last Friday. July 21. 


Labour calls for urgent 
council bouse reforms 

BY MICHAEL CASSELl BUILDING CORRESPONDENT 

URGENT REFORMS to preserve The growth of home owner- 
tiie public housing sector as a ship, encouraged as much by 
genuine 'alternative tjo borne Labour Governments as by 
awnersJiip were demanded by the others, would further narrow the 
Labour Party yesterday. social make-up of the public 

A report entitled A New Deal sector, unless tenants were 
for Council Housing, endorsed by offered more varied housing 
the party's National Executive opportunities and “ a greater 
Committee this week, says that degree of personal independence 
changes must be made which will and control over their homes." 
open up public housing to all who Local authority estates 
choose to rent. should be improved physically 


The rights and freedoms oF 


and environmentally, allowing 


other housing tenures should also _ „ . .. . „ 

be extended to public tenants and tenants to make their own 
“ parity of esteem” between improvements as 'veil and 
tenures should al.*> be estab- security of tenure should be 
lished. extended to all public sector 

The Government outlined plans tenants. , 

for a new Housing Bill io June Local authorities should need 
and made it clear that a “ tenants to. obtain a court order before 
charter,” providing a compreben- seizing goods to pay off rent 
sive package of statutory rights, arrears, as in the private sector, 
would be included. ;! ocal authority housing 

Mr. Frank Allaun. MP for allocation policies should be 
Salford East, and chairman- of open to challenge, .with the 
the working parly responsible cn l* n ? ,n XO^® d being made 
for producing yesterday's report, pubucly available. 

said that measures were required 

to prevent the public housing — _ j * * 

sector declining to a point where JyjPrOPr QCClSlOn 
it provided only “welfare” ° 

accommodation for the needy. Mr. Roy Hattersley. Secretary for 
The report says that wide- Prices and Consumer Protection, 
spread dissatisfaction exists over has decided not to refer the pro- 
living conditions among the posed merger of thc insurance 
country's 6m tenants, but that interests in Britain of Allstate 
the decline of the private rented Insurance Company and Great 
sector would pul even greater Universal Stores to the Mono- 
demand on the public bousing polies and Mercers Commission, 
sector. he said yesterday. 


Wine sales and prices may rise sharply 


BY KENNETH GOODING 

4VJNE SALES in Britain seem 
set for another boom, but 
prices arc also due to rise 
sharply- according to the latest 
official statistics. 

Customs clearances of wine 
ju the first five months of this 
year were 39 per cent, or 
nearly 7m gallons, ahead of 
the same period of 1977, at 
24-8m gallons. 

The Wine and Spirit Asso- 
ciation estimates that this 
means that about 50m extra 
bottles of wine were drunk— 
including British wines — in the 


period up lo the end of May, 
and that by now the figure 
could have reached an extra 
75m bottles. 

Overseas Trade Statistics, 
however, show a big rise in thc 
valnc or wine being imported 
to the UK. and this eventually 
must be reflected in retail 
prices. 

In particular. French wines 
must be due for a jump In 
price. In the first five months, 
the volume of wine Imported 
from France advanced by .only 
3 per cent on the same period 


a year before (to 7.2m gallons'). 

But the value soared 25 per 
cent to nearly £3 6m. 

Italian wine arrivals Tell 
about 4 per cent, to 3m 
gallons, hut Ihe value was 
nearly 2 per cent up at £Sm. 
Wine from West Germany — 
2 -2m gallons worth £&5m — 
showed increases of 9.6 per 
cent in volume and J.7.26 per 
cent in value. 

Portuguese wine Imports 
fell over 2 per cent to l<2m 
gallons, but the value 
increased 29 per cent lo Just 


under £3m. Thc only country 
departing from the trend was 
Spain, second-largest supplier 
of wine lo Uic UK. Imports 
over the five months fell 6Jj 
per cent to 7.2m gallons and 

(he value dropped 9.4 per cent, 

tu £13m. 

The rise in thc price of most 
European wine reflects a 
genuine scarcity of many 
types. Stocks ore low and thc 
problem >s being exacerbated 
by demand Trent the Ujs. 
where there is a boom In white 
wine drinking. 


Early pensions 
help plant 
redundancies 

By Our Midlands Correspondent 

MASSEY - FERGUSON, the 
Coventry-based tractor maker, 
has achieved 900 of its 1.020 re- 
dundancies at Coventry and Kil- 
marnock by voluntary means 
and early retirement. 

The remaining 5,800 worker?, 
al Coventry retiirn to fulltime 
working next week after tbe 
holidays since short time, and 
later redundancy was introduced 
at Easter. 

Kilmarnock, which mainly 
makes agricultural equipment 
other than tractors, has escaped 
short time but will be losing 
work during a fortnight in 
September. 


Gas control workers 
plan unofficial strike 

WORKERS who control the flow the grid, depending on the 
of natural gas into the national demand. 

grid system are stacins ah un- British Gas said that it did not 
official 24-hour strike nevt think the action would affect 
Monday wh'cb may reduce pres- supplies. Bur ij was impossible 
sure in some areas. to forecast accurately what the 

They are complaining of delay would he. 

in an agreement on trade union u concerned deal 

facilities between the National ^ . , N'-'ws and pressures *>r 
and Local Government Officers J alura l gas through Ihe mains 
Association and British Gas. from shore terminals to the 
_. . „ regions. 

RHJi. l S e, r berS nn,al »^ e A union official said ihn 
NALGO British Gas Operation trouble was over a trade union 
branch. Mr. John Newell, the facilities agreement for workers 

,5 a , id facing communications difficul- 
yesterday that it was difficult io ties 

predict what effect their action Negm la linns with British Gas 
would have. were continuing and the workers' 

It is likely that pressure will action was got supported bv thc 
be reduced in some sections of union. 


£2.5m German order disputed 

FINANCIAL TIMES REPORTER 

A COMPANY'S decision to buy create 255 more jobs directly, to that supplied bv Ma.^n 
£3.5m worth of machinery from with a further 35(1 jobs in the Masson shop slew arts invc 
Germany has sparked a political forestry and transport industries, approached Mr. Bonn who' i<? 
row invoiving Mr Eric Vartey, The Government has approved the , , ‘' **P. asking him lo take the 
“ aDd a *10.5m investment grant for dialler UP with Mr. Eric V:irly\. 

Benn. ^ expansion. The company "'hose department |-.ay* rhe 
between £lSm " ri, nls io Thames Board, Masson 


already receives between £lSm 


industry 

Anthony Wedgwood 
Energy Secretary. 

lTn l itevpr R u.hmh a m-«nf!' indloom ’lo" regionVlVldV also receives gnvornnieni 'aid ' i«f 

sidlary or Unilever, wnich ni.inu- around £500 000 

factures carton board, has placed However, a Bristol-based com- The Do oar mien, r.f inrfutirv 
an order for fUn worth of Pany Masson Scott Thns.se I . part said vesterdav h u Mr RmpS 
sheeter machinery with the Gcr- of the Mol ins group, pin in a vfnncn w V rEv ini ihit 
man company of Jagenberg. The bid for the sheeter machinerv i t was now h a vi\i" » d «i»ns 
machinery will complement understood to be around 15 per wjti, Thames Rinrrf 
ElOm worth of machinery already cent lower than the German Mr. John Williams clr.irman 
ordered from a British company, price. of Thames Board "ate hj h" 

Beloit Walmsley. Thames Board claims that the had lii intmKs -It , S-,ginJ 

Tbe machinery is part of an .Tagenbeig machinery i s Mi-v?no»- the contract with l-i'*»-ihi’r * 

£S3m expansion plan undertaken f — 

by Thames Board at its Working- 
ton mill to increase capacity by 
50 per cent to 150.000 tonnes of 
duplex hoard a year. 

It is estimated that it will 


Industry uses 
more steel 


By John Lloyd 

STEEL consumption hy VK 
industry in the first quarter of 
this year was up significantly 
r.\er the same period last year. 
It was also higher than the pre- 
vious quarter, according to 
Department of Industry figures. 

The Department has changed 
its method of calculation m 
improve the estimates.'* it says 
Two sets are given, first those 
calculated on the new basis, 
then (in brackets) those calcu- 
lated on_ a comparable basis 
with previous figures. 

Consumption for the first 
quarter was 4.2 tonnes (4.1Sm) 
compared with 3.74m tonnes in 
the first quarter of 1977 and 
3.33m tonnes in the previous 
quarter. Steel Imports were also 
up on last year. 


INVEST IN 

AUSTRALIA 


Investors have neglected Australia fora number «•( 
years, hut there are now signs ».f a veal revival nf 
interest. The \k\rC. Australasian and (lennal I 'um/ 
is particularly well-placed in take advantage ,>i :im - 

P,e; '^ VY mpU ‘ te Ihe wtuiwi t. .i the lalcsi 
Hind Managers Keputt. 

FS' inlf-gA 3 tT h d - f«u.Zi. Z 7 

■ ocl.nl> of the M&G Austrsilasiun & ( ; 


I [ ci'-VMl I 



• ■*- IRR1 n 


M-*mh.-r- l|i, 






V ' rf 



» 


7JH7U I 


\'l>t UflJUlll'-t 

rt/i- 


| AU| 53 07 Ifl 


THE M&G GROUP 



:1 






Financial Times Saturday July 29 1978 


WEEK 


Equities in good heart 


r «ali s 
in 




i split' 




Despite the prospect of an- 
other round of statutory divi- 
dend controls the equity 
market was in fine form over 
the week. On Thursday it even 
managed to turn an initial 2.7 
fall in the FT Ordinary Index 
into a 6.8 rise at the dose. By 
the end of the week the index 
had risen nearly 13 points while 
The FT All-Share Index was 
within a whisker of its all time 
peak. Some institutional demand 
in a market very short of stock 
was basically given as the 
reason behind the unexpected 
buoyancy. 

Gilts also kicked off in good 
heart and the lonij tap was 
exhausted on Monday. But there- 
after the market soon drifted 
away until the decision on 
Thursday to release another 
tranche of the special deposits 
restored confidence, and the 
announcement of a new long 
tap yesterday caused few ripples 
in the market. 

Thomson reshuffle 

Thomson Organisation’s 
decision to exercise its option 
to take over the Thomson 
family’s lucrative North Sea oil 
interests was nowhere near as 
simple as outside observers had 
been expecting. 

The first part is straightfor- 
ward enough. Thomson is finally 
taking over the family's slakes 
in the Piper and Claymnre oil- 
fields now that they are 
developed and nearing peak pro- 
duction. However, the deal is 
complicated by the decision to 
take over the remaining 10 per 
cent family interest (to avoid 
conflicts of interest) and inject 
the whole Jot into a brand new 
Canadian company. International 
Thnmson Organisation. The 
combined group is forecasting 
attributable profits of £45m in 
the current year of which just 
over two-thirds will reflect oil 
income. 

Apart from the fact that 
Canada is the Thomson family 
home tit already owns i'our-filhs 
of Thomson Organisation), the 
move is designed to help the 
group utilise its rapidly rising 
cash balances. It has £100m in 
the kitty at the moment and 
will be generating upwards of 
£oQni per annum surplus to its 
cxiMing requirements over the 
next few years. If it tried to in- 
vest those from a UK base it 
would be subject to exchange 
controls and dividend restraint 
as well as monopoly legislation. 

Although the deal is complica- 
ted the non-family shareholders 
in Thomson Organisation seem 


to have been treated fairly. 
Their dividend has been quad- 
rupled and a quarter of each 
Thomson share is now effec- 
tively rated as a foreign cur- 
rency security-— some people 
had been hoping for more. How- 
ever, those investors who had 
been running the share price up 
to 295p, where it was suspended, 
were in for a disappointment. 
When dealings restarted this 
week the price settled down 
around 270-280p. 

Stag fever 

Dealings in jewellers Ernest 
Jones started this week at a 
premium of SOp (offered at 
115p) to conclude yet ' another 
highly successful offer for sale. 
Putting aside Hunting, which 
was a special case^-tbe parent 
floating off part of the company 
— the response to the last three 
offers. Eurotherm, Cartiers and 
Jones, has been overwhelming. 
Saga Holidays broke the'ice last 
March and though the initial 
response was more muted than 
that to the next three issues 
Saga's price is now 50 per cent 
above the March offer. * 

The fixed interest new issue 
market has also had Its excite- 
ment. This week a £l5m offering 
by Camden council attracted 


140 



F.I-AGTWUUES FIXED INTEREST INDEX 

NinsR emm 

““STBCIS^“ 


DEC. 51,1975" WO 

OVER 15 YEARS 

V 7 ? . . , . I . .-¥?3. 


0 NOJ FMAMJ J A S ONDJ F HAM J J 


LONDON 


ONLOOKER 


applications for around £900iu; 
a couple of good days in the gilt 
market between the time when 
the terms were pitched and 
application day completely 
changed the picture. 

But these tremendous res- 
ponses are unlikely to tempt the 
issuing houses into pitching 
their offer prices that, much 
higher. The dividing line be- 
tween success and failure is 
very narrow and a flop after 
these recent showings would be 
a very black mark. Moreover it 
might put off what few equity 
issues are coming to the market. 

Bouquets & brickbats 

Bouquets for Spillers and 
brick-bats for J. Lyons was 
M&G unit trust group's contri- 
bution to the two companies' 
AGMs held this week. 

At issue was the companies’ 
policies on .dividends. Spillers 
was to be congrahilaetd, accord- 
ing to Mr. David Hopkinson, 
chairman of investment 
managers for M&G, for paying 


a final dividend— albeit reduced 
— ■ despite the tremendous prob- 
lems it has faced as a result of 
the collapse of its baking 
business. 

Lyons however received a rap 
on the knuckles for passing its 
final dividend in what Ur. Hop- 
kinson described as a stop-go 
policy. 

He said that both companies 
had faced similar difficulties but 
Spillers’ decision to reduce 
rather than forego a final divi- 
dend was much the better 
policy- M. and G. funds control 
a 5 per cent stake in Spillers 
and have a 15 per cent bolding 
in Lyons. 

Mr. Hopkinson said that it 
was likely that both companies 
would in the next few years 
have to come to shareholders 
for further funds. They were 
much more likely to meet this 
call where there is a consistent 
dividend policy. 

However, id is view clashes 
with the textbook definition of 
risk capital. When a company 
is successful its shareholders 
should be rewarded. When it is 
in financial difficulties, it has no 
business to be paying out divi- 
dends and adding to its burdens. 

Oil outlets 

Ultramar, the independent oil 
company whose Indonesian oil 
field is now producing a strong 
cash flow, this week announced 
a move intended to put right its 
loss-making refining and mar- 
keting operation in East 
Canada. 

The trouble in Canada is simi- 
lar to that in Europe: too much 
Capacity and stagnant demand. 

Itramar has a big refinery 
Which is only working at two- 


thirds of maximum capacity. In 
July last year the refinery 
showed It canid process 143,000 
barrels per day. but for the 
year as a whole the average was 
only 88.000 b/d. 

The new move is a proposed 
purchase of a Shell subsidiary, 
Canadian. Fuel Marketers, at a 
cost of some £25m to £50m In 
cash and assumption of bank 
guarantees. The idea is to 
secure further outlets for 
refined oil and thus increase 
the use made of the large 
capacity. Given the high fixed 
costs of the refinery, this could 
theoretically have a marked 
effect on profitability. 

But the stock market is not 
wholly convinced. Ultramar 
already sells some of its oil pro- 
ducts through CFM so the effect 
on throughput may not be that 
great When Ultramar issues 
an explanatory circular to 
shareholders it wfll have to 
convince' some doubters among 
them that it is not throwing 
good njoney after bad, spending 
Too freely now that the 
Indonesian ship has come In. 


THE TOP PERFORMING SECTORS 
IN FOUR WEEKS FROM jUNE 29 
% change 

Hire Purchase . +13.1 

Stores . • +12-9 

Food Retailing +10.9 

Insurance (Lite)- +117 

Lt. Electronics, Radio, TV + 9J 
Building Materials + 9-6 


All-Share Index 


+ 7.0 


THE WORST PERFORMERS 


'B 


Office Equipment 
Merchant Banks 
Toys and Games 
Oils 

Discount Houses 
Shipping 


43 
4.0 
3 J 
10 

2.4 

1.4 


; ; - • , ( ina. 


GARRET HIGHLIGHTS OF THE WEEK 


U.K. INDICES 



Price 

Y’day 

Change on 
Week 

1978 

High 

1978 

Low 

. 

Average 

week to July July 

28 21 
FINANCIAL TIMES 

July 

14 

Jnd. Ord. Index 

492.1 

+12.9 

497.3 

433.4 _ 

Less harsh dividend controls 

Gold nines Index 

Gar days Bank . 

342 

+17 

358 

296 

Better-t ban -expected int. figs. 

Govt. Sees. 70.89 70-61 

Fixed Interest 72.19 7L62 

70.13 

71.73 

Bourne & Hollingsworth 

212 

+97 

212 

79 

Bid approaches 


4703 

Burton A. 

140 

+22 ' 

142 

99 

Revived bid hopes 

Gold Mines 1762 1664 

"159.5 

4.402 

Clifford (Chas.) 

112 

+15 

IT4 

i 81 

Mr. Oliver Jesse! acquires 29.4% 


402 

+42 

402 

230 

Chairman’s optimistic statement 



English Property 

37 

- 5 

51 

27 

Termination of bid talks 




333 

+33 

333 

186 

Speculative demand 



Furness Withy 

244 

+19 

348 

206 

Revived bid speculation 

FT ACTUARIES 


In cheap c 

370 

-35 

445 

350 

Profits setback 

Capital Gds. 223.25 216J7 

21436 


27 

-11 

40 

27 

. Final dividend omission 

Consumer - 

(Durable) 204.96 198A7 



171 

+ T6 

215 

155 

Increased profits forecast 

197.85 

LASMO 'Ops' 

375 

+40 

415 

284 

Demand in thin market 

Cons. (Non- 



155 

+25 

155 

88 

Speculative demand 

Durable) 210.71 203 JT 

2023)8 


57* 

+14* 

58 

40 

Bid from Com ben Group 

Ind. Group 21A91 21129 

210.46 


63 

+ 19 

65 

32 

Bid approach 

500-Share 241.83 235.52 

234.28 


260 

+66 

260 

174 

S. Pearson bid for minority hldg. 

Financial Gp. 167.73 164.98 

16224 


206 

+14 

206 

107 _ 

Favourable Press comment 

All-Share 222.88 217.55 

215.99 

Thomson Organisation 

“ 282 

—13 

295 

155 

Disappointment with reorg. terms 

Red. Debs. 57.14 56.95 

56.80 


Opening gambit on punter’s market 


THE PHILIPPINES, famous Tor 
Karpov’s yoghurt and President 
Marcos's martial law, is playing 
host to the Far East's latest 
share boom. 

During the mouth that the 
chess grandmasters have been 
squaring off for the honour of 
being tlie second best player m 
the world and President Marcos 
has been taking the first steps 
to liberalise his regime the 
prices of industrial siueks listed 
on the Philippines stock 
markets rose by roughly 15 per 

cent. , .. 

Since the beginning of the 

vear the commmerciaMndus- 
tnais index has jumped almost 
40 points t° 1 1S.44 and prices 
of leading stocks arc between!- > 

and 100 per cent higher. The 
boom looked a litt-Ic shaky to- 
wards the vnd nf the week but 
observers arc suggesting tnat if 
marks the In'tiinnine of S W 
solirfafion phase (which is desir- 
able from a chartist’s point of 
view) rather than the beginning 
of a massive sellout 

Being in the U.S. commercial 
sphere of influence in the Far 
East the Philippines has been, 
like the chess championship, a 
second best contest Tor the 
Bnbby Fischers of UK invest- 
ment. 

In the past it has been a 
punters market with copper 
stocks and speculative oils the 
main areas of interest. The 
commodity boom of the earJy 
seventies aided domestic 
liquidity but the balance or 
trade was hit very hard by the 


oil price rise of 1974. The all 
price rise cut world trade and 
most commodity prices began 
their plunge to base levels. 

Singapore, Hong Kong and 
Japan kept UK attention away 
from the Philippines during its 
time of trial and. as a result,, 
most people missed the gradual, 
improvement in commercial, 
industrial corporate profits that 
occurred in 1977. Towards the' 
end of that year local investors 


PHILIPPINES 

■ terry ogg 


started to take positions but the 
dramatic growth did not start 
until January this year. 

At that time the Central Bank 
of the Philippines lowered the 
ceiling for interest yields on 
deposits with maturities of 730 
days or less to 16 per cent. It 
also indicated that the ceiling 
would come down to 15 per cent 
on July 1. It imposed a with- 
holding tax of 35 per cent on 
interest income from most bonds 
and the two measures effectively 
slashed yields on short term 
debt securities from 16 per cent 
to around 8 per cent. 

The Government’s move was 
supported by rapidly increasing 
revenues and profits from listed 
commercial and industrial com- 
panies. The result was that 


investors started to switch 
from short-term debt invest- 
ment to commercial equities 
and the price boom gathered 
enough momentum, to carry ii 
through to July 21. 

Since then there has been 
some profit taking and the index 
has slipped a liiile. Whether 
this is just a mild tremor or 
a plunge back to the nearest 
support level (roughly 40 points 
below its current peak) will 
'depend on the strength of a 
belief that a significant 
reappraisal of the commercial 
and industrial sector has taken 
place. 

Many observers tend to accept 
that a change has taken place, 
and that further growth will 
follow the consolidation. They 
point to the low p/e ratios of 
leading stocks, the high cash 
yields, the rapid profit growth 
and the potential of the 
Philippines economy. 

The mining sector, tradi- 
tionally the major sector of the 
market has been quiet for 
some time as commodity prices, 
.particularly copper prices, have 
continued to languish. There 
was a bit of interest in copper 
shares when the Zaire Invasion 
lifted spot prices and rumours 
of a greater Japanese demand 
for copper eoncentraies also 
helped but together it was nnt 
enough to initiate a switch from 
industrials to mining. 

The other main support for 
the continuation of the bull 
market Is tbe high level of 
domestic liquidity. While there 


Is a massive balance of trade 
deficit, relatively low domestic 
inflation rates and a strong 
inflow of cash have kept the 
balance of payments in the 
black. There was an increase 
of almost 30 per cent in bank 
deposits during the first quarter 
of this year. Money supply 
growth is roughly 20 per cent 
a year. 

A sudden drop jo earnings 
expectations or a corporate 
collapse would unhinge the 
market. It is thin and rela- 
tively illiquid which would sug- 
gest that any setback is likely 
to turn into a rout. Foreign 
Investors can bring money into 
the country quite freely and a 
presidential decree states that 
they can take it out just as 
freely providing the initial flow 
was registered with the Central 
Baok. 

Xn practice, all requests to 
remove funds are considered by 
the Central Bank and It may 
take two to three weeks before 
the money is actually permitted 
tn leave. President Marcos at 
present encourages foreign 
investment and it is unlikely 
that this policy will change in 
the immediate future. 

But the market is still a 
punters’ market and. if it is nnt 
possible to get set at the right 
price in a particular stock its 
always possible to have a punt 
on the outcome of the Karpov- 
Korchnoi match. At the rate 
they are going it could turn nut 
to be quite a long term invest- 
ment 


Minor 

rally 


FOR MUCH of this week .the 
stock market assumed the 
appearance of a house without 
windows, determinedly shutting 
out the rising din of worrisome 
economic news of a weakening 
dollar,' rising wage settlements 
and stagnant productivity. Thus 
insulated, investors were 
daisied by the attractions of two 
or three dozen stocks, mostly 
those traditionally tagged 
glamorous, whose earnings pros- 
pects this year range from good 
to excellent This is not an 
illogical thing to do when the 
development of the economic 
world outside is still so very 
difficult to predict 

Tbe approach proved very 
good for stocks and over the 
week the Dow Jones Industrial 
Average advanced 22.87 on 
good trading volume fuelled by 
gathering institutional partici- 
pation. Powering the minor 
rally were the household names 
such as Polaroid, which has 
been trading around its best 
price since 1974, IBM, Eastman 
Kodak and Texas Instruments. 

By this morning, however, tbe 
world at large was tugging at 
the investor’s sleeve demanding 
attention. There have been few 


greater attention grabbers this 
year than the Consumer Price 
Index whose elevation in June 
exceeded Wall Street’s most 
pessimistic forecasts. Once 
again the U.S. economy 
Stood afflicted with double digit 
inflation and so once again there 
is a shaking of heads and much 
muttering that this cannot be 
allowed to continue. 

There is no disagreement in 
the U.S, on this although there 
is much argument on how to 


NEW YORK 

JOHN WYLES 


fVOOr 



50 Cr 


1974 


1975 


1976 


1977 197S 


tackle the problem. With a high 
underlying rate of inflation and 
economic growth running at 
berween 3 and 4 per cent m 
real terms, many find it bard 
to believe that short term 
interest rates can yet be near 
their summit for this business 
cycle. 

Mr. G. William Miller, the 
Chairman of the Federal 
Reserve Board upon whose 
every word many hang, 
appeared optimistic on the sub- 
ject before a Congressional 
Committee this week and 
resolutely affirmed that the Fed 
bad no intention or desire ro 
push the U.S. economy into a 
recession next year. He hoped 
that interest rates would be 


peaking in the next few months 
and that credit conditions 
would be a little easier by next 
year. But today Mr. Miller 
forecast inflation over the next 
1 2 months of between 7 and 7J 
per cent and real economic 
growth between 3$ and 3J per 
cent. 

Merrill Lynch, which this 
column reported last week has 
forecast a probability of a 
recession next year, followed up 
this week by reaffirming its 
expectation of a substantial 
stock market decline later this 
year. The company's invest- 
ment strategists argued that 
the market is in the midst of a 
secondary rally at the moment 
which will give way to a 
decline because of inflation, 
rising interest rates and a 


consensus among securities 
analysts that 1979 corporate 
earnings will show a “major 
deterioration." Thus portfoiu* 
managers are being advised to 
prepare ro buy inrn the oxpecicil 
weaker market late in this 
quarter or early in the fourth 
quarter. Next year, says Mem!! 
Lynch, stocks will be the invest- 
ment vehicle of choice, marking 
the end of the long-term bear 
market which the brokerage 
firm’s analysts believe has pre- 
vailed for this decade. 


Close Change 
MONDAY 831.60 — T.S2 

TUESDAY 839.57 +7.97 

WEDNESDAY W7.19 ^7.62 

THURSDAY SSO-57 -3-33 


FRIDAY 


856.29 +S.72 


Midget 

bites 

giant 

IT WAS with a mixture of 
amusement and interest that 
the U.S. airline industry read 
the news earlier this month that 
Texas International, a small 
carrier based . in this South 
Texas metropolis, had bought 
just under 10 per cent of the 
shares of National Airlines, a 
major U.S. airline over twice 
its size, and was "considering 
the possibility of seeking 
control." 

But like most people in this 
booming oil town, Texas Inter- 
national (TXI) likes to think 
big. National Airlines, best 
known in Europe for its “fly 
me " advertisements, reacted 
calmly, saying it was prepared 
to listen to what TXI bad to 
say. So far, no further discus- 
sions have taken place, but TXI 
has basked in the glare of pub- 
licity, and its bravado illustrates 
the kind of challenge established 


airlines could face as the indus- 
try moves into the era of 
deregulation. 

TXL dabbed the maverick air- 
line, is based in an untidy 
jumble of buildings on the edge 
of Houston's homely no. 2 air- 
port, Hobby Field. "We spend 
our money where our customers 
see it" explained Jim Donnelly, 
the company’s marketing chief, 
referring to TXTs sleek new 
booking and passenger facilities 
at Houston’s prestige Intercon- 
tinental Airport on the other 
side of town. 

With a new image. TXI built 
up a fleet of DC9s and started to 
expand its business primarily 
around the southern U.S. and 
Mexico. But its biggest innova- 
tion was fare-cutting where, it 
claims, it led the pack. 

"We believed that cheap fares 
should be dictated by the mar- 
ket and not by the time of day" 
explained Mr. Donnelly, allud- 
ing to the fact that most cheap 
fares on U.S. domestic routes 
apply between 9 pm and 6 am. 
So TXI drew up a plan to offer 
up to 50 per cent cuts on routes 
where demand was soft but 
where it reckoned people would 
fly if the price was right It. 
decided to call these “peanuts 
fares.” And just as the civil 
aeronautics board approved 
them, a certain peanut farmer 
called Jimmy Garter was elected 
President. 


“ It was a happy coincidence." 
said Mr. Donnelly. “ But the 
results were immediate. We 
registered a 350-400 per cent 
increase in traffic on the Grst 
five routes we tried, and we’ve 
since extended it further. About 
half of our total passengers now 
travel on peanuts fares." 

To underline that fare-cutting 
airlines can make good profits, 
Mr. Donnelly said that TXI cur- 


U.S. AVIATION 


DAVID LASCELLES 


rently earned about 5 cents on 
tbe dollar in an Industry where 
a return of one cent is not un- 
common. " Even so. we want tn 
make 10 cents on the dollar.” he 
said. 

TXI emphasises that it is not 
going for all-round fare-cutting. 
"We don’t intend to become a 
Freddie Laker. We see low 
fares as just one element. You 
need all kinds of fares for all 
kinds of routes. People should 
pay full fare where tbe demand 
justifies it." 

TXI’s enviable growth record 
is in une sense typical .of 
regional airlines, whose profits 
have shown greater strength in 


the last few years than the 
major airlines who have tn be.-r 
much hiuher costs. TXI lu> also 
accomplished ns turnaround on 
the basis of an existing network, 
without investinu in new routes. 

However, now that its fin- 
ancial strength has improved 
the airline has tu-qun to look 
tor new destinations la add to 
its network. So far. :t has 
applied for routes to Minne- 
apolis. Philadelphia. Washing- 
ton, Baltimore. Florida and 
several resort areas in Mexico. 
Earlier this month it got the go- 
ahead for Dalfas-I.as Yogas. 

This growth will bring :t into 
increasing competition with the 
large carriers, and entail all the 
extra costs of establishing an 
unfamiliar name in a new area. 
Many of these routes also mark 
departures from the lucrative 
" sunbelt ” which TXI concedes 
has been a major factor in its 
success so far. 

Although it would seem logi- 
cal for an airline in this 
situation to seek a takeover or 
a merger with another, the 
puzzling point about the 
National Airlines share pur- 
chase is that National hardly 
fits the bill. For one thing. ;t 
is too large for TXI to absorb, 
though somethin? could pre- 
sumably be done by issuing 
paper. For another being a 
trans-Atlantic carrier. National 
would bring TXI into a new 
and wholly unfamiliar world. 


Over the $200 hurdle 


EVENTUALLY It had to 
happen. With the dollar wallow- 
ing in the wake of the yen, a 
general air of currency 
uncertainty and a strong 
industrial demand for gold, the 
price of bullion has at last gone 
above Its end-1974 peak of $197i 
per ounce to close yesterday at 
a best ever 32011- 
Gold shares jumped for joy, 
but only to the extent that the 
Gold Mines index reached 183.4, 
its highest since 184,9 in June 
1976 when the gold price was a 
modest 3125. Indeed, the index 
would not be as high as it is 
were it not for a recent period 
of comparative peace in the 
simmering South African poli- 
tical situation. 

The 1974 advance in the bul- 
lion price was achieved at 
the expense of demand from the 
jewellers and other industrial 
consumers who were priced our 
of the market to a large extent 
This time, however, the weak- 
ness of the dollar means that 
gold buyers using strong curren- 
cies such as the deirtschemarfc nr 
the Swiss franc find that the 
dollar priee of the commodity is 
not unduly expensive. 

This point is stressed in the 
annual report this week of 
Anglo American Corporation of 
South Africa, a weighty 104 — 
page document which befits 
a K5.6ba (£3.4bn) group with 
major interests in mining, in- 
dustry and finance. 

Furthermore, as the accom- 
panying chart shows, the 
strength of industrial demand 
for gold is 'such that It can no 
longer be met out of western 
world production; if official 
sales— such; as the eagerly 
snapped -up: amounts offered ai 
the International Monetary 
Fund auctions — were to dry up 
"the market would be seriously 
short of physical gold," says 
Anglo. 

Meanwhile, South African 
gold mining earnings are on a 
rising tide as are those from 
uranium for the two-product 
mines. Unshackled by dividend 
limitaiton, the mines are now 
boosting their distributions and 
this process wjj] continue while 
the gold price remains in the 
ascendant . A currently strong 
gold share market feels that the 
boom is only starting. 

So, too. do some of the chart 
followers. But all booms look 
as though they will last for ever 
and the greatest art in invest- 
ment is kaowning when to take 


a profit. Perhaps the safest 
course is to take some profits on 
the way up, bearing in mind the 
fact that high gold prices do not 
remove the political threats that 
must overhang the South Afri- 
can share market 
But if profits are there to be 
taken, part of them can be left 
in to "take the ride." 7’:w 
investors may decide to wait 
until the inevitable corrective 
market reaction occurs and then 
move in with an expendable pro- 
portion of investment funds. 
They might also consider the 
possibility of gold's strength 
spilliing into the other precious 
metals, silver and platinum. 


MINING 

KENNETH MARSTON 


Inevitably, half-yearly earn- 
ings figures being reported by 
those transatlantic natural re- 
source companies with sizeable 
copper or zinc interests make a 
dull showing in line with the 
continuing depression in the 
respective metal markets. 
America's TexasguJF, for in- 
stance. has earned $22J27m for 
the first half of this year com- 
pared with $27.6m a year ago 
despite higher overall sales. 

Then we have had the veteran 
U.S. Inspiration Consolidated 
Copper with a six months' loss 
of $3.06m which goes against a 
profit of $2. 11m in the same 
period of 1977. Lower sales of 
copper have been made at 
reduced prices in this depressed 
market. 

Anglo American, whose 
Hudson Bay Mining and Smelt- 
ing and Minerals and Resources 
Corporation members have 


raised their holding of Inspira- 
tion to 69 per cent as a result 
of their continuing cash offer, 
sees little prospect of an 
improvement in the copper 
market over the next 12 months. 

The Rio Tinto-Zinc group's 
Canadian producer of copper 
and molybdenum in British 
Columbia, Lornex. has turned 
in a lower half-year profit of 
C$4.4Sm against a CS6.48m last 
time while Canada's Placer 
Development has suffered a 
decline in half-year net income 
to C$10. 5m from C$11. lm: the 
last-named blames its turn in 
fortunes on the poor per- 
formance of the Gibraltar Mines 
open-pit copper producer which 
moved into the red in the same 
period. 

Weakness of zinc has lowered 
half-year earnings of Canada's 
Cominco tp C$26. lm from 
CS37.8ra while the company's 
Pine Point ‘ subsidiary has 
suffered a 51 per cent fall in 
earnings to C$33m. But the 
latter’s president reckons that 
the zinc market is now showing 
signs of recovery with consump- 
tion and supply approaching a 
more balanced position. 

More cheering news comes 
from the Canadian Denison 
Mines. The big uranium pro- 
ducer has made a record half- 
year profit of C$26m which com- 
pares with C!l3Um in the same 
half of 1977. Looking ahead, 
Denison comments with satis- 
faction on the Canadian Govern- 
ment’s approval of a long-term 
uranium supply contract with 
Ontario Hydro which will keep 
Denison busy until the year 
2011. 

Diversification is paying off 
for Amax. Second quarter earn- 
ings have recovered to 338.7m 
from $16-2m in tbe previous 
three months when operations 
were hit by the U.S. coal strike. 
During the past quarter there 


was a continued improvement 
in profits from the group's tra- 
ditional molybdenum operations 
together with a recovery in 
earnings from iron ore and coal. 

Also helping matters has 
been the inclusion of earnings 
of Canada Tungsten, the hold- 
ing in which has been recently 
increased to 65 per cent from 
47 per cent. Intriguingly. the 
latter has reported that very 
encouraging uramutn values en- 
countered by a Government 
team of geologists in nurlhern 
Quebec were on ground leased 
by the company, but as it did 
nut participate in the explora- 
tion it cannot confirm the 
results. 

• Cornwall’s tin-producing 
Gcevor Mines — in business since 
1911 — has lifted pre-tax profits 
for the year to March 31 to 
£1.07m from £606.279. A pro- 
posed second interim dividend 
of 2.93125p net together with 
the first interim of 8.415p. which 
was paid before the three-for- 
one scrip issue, is the maximum 
payable under dividend limita- 
tion. Before Thursday's Divi- 
dend Control Bill debate. 
Geevor had hoped to be able to 
make a further payment "not 
exceeding 3.76875p." 

(I Net profits of the South 
African General Mining-Union 
Corporation group's UC Invest- 
ments for the past half-year have 
risen to R4.8m from R3.25ra. 
The 1978 interim is increased 1c 
14 cents from 10 cents a year 
ago when the subsequent final 
was 20 cents. 

0 A distribution to be made it 
December of approximately 4p 
per share by Bcralt Tin and 
Wolfram from the proceeds nf 
its share of the Esc90m dividend 
declared by the 80.55 per cent 
owned Portuguese operating 
subsidiary out of 1977 earnings. 


GOLD 






6 


FINANCE AND THE FAMILY 


ysmwriffl TBfflBB ■fflMMWW MfrtiE WSg|| 


Transfer of chattels 




iV 


BY. OUR LEGAL STAFF 

Does the exemption of np to 
£2,000 a year of transfers free 
of capital transfer tax, apply to 
cash or also to land? If so can 
I transfer chattels to my 
children free of tax? 


"No” /egof WpoosfEiffYty. can bt 
accepted by the.Finanaal Timer 
for the answers given in these 
columns. AU inquiries witt be 

answered by pest ax soon as 
passible. 


redre ss against the builder 
or archi t ect? 

If (as seems to be the case) 


think? If (Lunge Is caused,; highway will be over this right remedy if damxfefi caused to 
am I liable for what occurred of way. fjm we stop this change my property either daring or 

before my neighbour took over in use? subsequent to construction? n „ r[l1u . 

the property, or before I bought You do not state what the If you are outside the old ?**?. pot 

my house some eight years ago? former use of your neighbour’s Metropolitan Loudon area, you- ~~" r 

We cannot say whether or not SffJSf-MC 


Capital transfer tax applies to S £7* &55ftto WL £ 9 JSS^gSS^ S^SPff^S SS7 

anything which reduces the But, if it is, you would be liable ^^iS P ?r2bow an^mS of *ny duraetesSr demis ® have no obligation 

value of the donor's estate. We for the damage even though the vr * a need t0 311 exp - vantage m yotir propeny. _ lw , ir,v™ a 


~ do reasou why ^ FEWSTTSS'S KSUlfiSitESSS 

not transfer valuable chattels chased ind even though the ivy ^Lo^odate tSi^ariexicentre daim asainst the designer/ 

SL of s S HWi S S** 5 E? *35? 3* waT “* S3W^: ; '^t-5«®- a £iSS ,S 

- -as wkssss SSaaasfc.’s: 

plaintiff came when the «,«-«« v~- ^ bolder. 


but the continuous growth of , ^ neigU>our Won! ^ ^ defective 

^ 1.M ..m.nnrliu. ho hoc » 


'delivered. ” and in that case 
it is advisable to transfer by an 
means of a deed. You wiH have the _ 

to look into the insurance posit nuisance already masted. You |T CT Vi<r n 
tion, following the transfer. would not be responsible fbr %ja*ng w 

damage which could be proved . « 

Tax on transfer “.*’ 1 ™”.?“.! *-???. °}*P art y waU 

of a farm 

My aunt owns a farm, which 
she wishes to give to my 
brother and myself, What 
please is the position with 
regard to capital transfer 
and capital gains tax? 

There would appear to be 


party wall, bot he. may have to 
pay youc surveyb^ costs if a a ^Urswtrr/r 
Party Wall Award.se directs (as C/4t/Ȥv 
it normally would).' /. . .■ 

of airport 


ex&emely diffi- k loft hc ** 

cult to prove. ^ ndafaned will onfall using 

the party-wall which divides our 
houses to assist the support 
of a steel Joist and that L at 
my own expense, should 
appoint a surveyor in order to 
A farmer neighbour, who has a satisfy myself that the work 
a right of way across my land for is competently carried out 


Limits to 
right of way 


roof 


Capital aD Purposes, intends to develop Am L in any way, responsible 


1 have discovered ’Suit the . 
roof of the block oE&Rats built 
in 1965 into which Kmoved In 
1976, is seriously defective. 
Have 1 any redress Against 
the seller. If he knew of the 
detect? If 1 seU, im I 


I live in Blackburn and booked 
a holiday tour abroad which 
started with a fl igh t from 
Manchester airport. Shortly 
before the holiday was due to 
begin, I was Informed that 
instead the flight would be 
from Luton. In the travel agent's 
office is an advertisement saying] 
that all holiday flights by the 
tour operator concerned were 


S5S2 te°£ tad on ^ the a garden centre, to which the for the sa^artory pertor^n^ obliged t» ^^P^rchas^? but the operator 

loss to the transferor’s estate ^ access from the public of the work? What would be my Have I or the freeholder any oecOaeA to any provision 


and on calculating this loss no 
account is taken of any capital 
gains tax payable and borne by 
him. Where the capital gains 
tax is borne by the transferee 
the value transferred is 
reduced by that tax. 

Damage done 
ivy 


Earnings and a covenant 


:S 


My daughter, who is attending 
a four year degree course at 
an English university is 
required to spend a third year 
working in France, during 
which she receives no main- 
tenance grant. I have 
My new neighbour alleges that covenanted part of my main- 
ivy growing from my side is tenance contribution to her. 
damaging his wall, though Can you advise me as to her 

according to something I read tax position, and how far her 
by your contributor, ability to reclaim tax under 

Mr. HeJJyer, ivy does not the covenant can be affected ? 


for the considerable extra 
distance and time involved. 
Have I any redress? 

w It is of course necessary to 

iu a free booklet, IR25 (1977), on March 11, under’ the head- examine the terms of your con- 
on the taxation of foreign earn- tog u - Daughter’s eatnflhgs,” but, tract; which may have reserved 
ings, which is obtainable from .if you missed ftat, you will find the right to change the point 

- copy of the convention (as of departure of your flight 


most tax inspectors’ offices. 


by 


damage buildings. What do you You will find general guidance Finance and the Family column back to us, with moi^details. 


__ amended) in a reference library However, if there is no express 

Your daughter’s tax position in for example, volume F of provision to that effect the 
the UK and in France may be Simon's Taxes or ydhime 5 of advertisement would constitute 
affected by the France-UK the British Tax Encyclopedia: a representation that departure 
double taxation convention of no doubt the University library flights would not be altered and 
May 22, 1968, (as amended in has at least one of^titese loose- could thus enable you to claim 
1973), particularly articles 20 leaf works. for the cost of travel to Luton 

and 21. Article 20 was quoted If you -are still .uncertain of (less, probably, the cost of your 
in a reply to a somewhat similar the position after tea&ng book- travel to Manchester). However 
inquiry published in the let Ht25, you may c3£e to come we doubt if damages for loss 

of time could be recovered. 


Acting in good faith 




INSURANCE industry has still have sums insured that are *^5^“ *unreiKMW* 


inadequate and some £7,000. 


always operated on foe assump- totally inadequate ana some 
tion that both parties were act- companies have jtalsjntte cax* level, but me maouw «ofoe 

ing in utmost good faith. The prigs - to S£m wSiid be l3»d 

contract is based on foe assump- insured several stages * urth * TinT , 

tion. that foe Questions answered Some companies are simply Averaging was foe menial 
in foe uroDOsal form by the pestering policyholders who -practice many years ago vfoen 
oolicvhokle/ are correct and have not accepted their offers insurance contract only indent 
foat^thcT %JS^^££n P Sy to index link and have not „ified policyholders agrirat loss 
^omd^SSpt^SJforitod the sum Insured by cu^t marigtv«ue 

5- accordance -with the some years presumably on the of the items claimed. With the 
rSSct &ZJs that foe policyholder growth of irimnt insur- 

diSeulties in payment occur, F® do something if only to stop ancc. paying the <hU «rt of 
invariably it is overthese terms, foe pestering. Hus m ay seem replacing with a nw article. 

which are not understood by foe J L_ — — ■ 

policyholder nor . explained by 7 • r- 

foe insurance company. INSURANCE 

These cases are only a small 
proportion of foe total claims .. ER' C SHORT 

settled. But in relation to house- -t?- 
hold contents policies, there are 
currently several disturbing^ 


companies have paid out claims 
in full despite underinsurance. 

Now rempanireare4$e^ 
adding in new contruts an 
averaging clause and tnSjdag it 
dear to policyholders fc ton- 
sequences of underinsurance. 

'.iiiivucv ubuuwub^ , Others are adding the clause in 

rumours that certain insurance somewhat unethical written x cases of underinsurance.- Pro- 
companies are using varying like this. But one neeas that such a clause exists 

devices to avoid paying out .» 'pMWufar foe other side or me ^ ifa conseqoenrcs are pointed 
claims iu full. out, then there is some justiflea- 

The bugbear of household ^ fesurance companies uo not ^oa f or these companies taking 

an unlimited supply of ^ line of action. Whether it 
to pay claims. Claims pay- have passed the Unfair 

are made from the pre- Q on { xac t Terms Act is debatable. 
— received and jt is not bu£ jnsu railCe is exempt from 
on those policyholders wno the prov isions of this Act. 

Bat there .« rumours, thst 
“u?3toe -w »s yet the BriUsh lnsur«ce 


insurance is foe problem of 
keeping sums insured up to 
date, Where foe sum insured 
is inadequate, then foe premium 
is also inadequate for the risks 
being covered. Consequently* 
premiums are not rising suffi- 
ciently fast to keep pace with 
the rise in. amounts being p«w 
out in claims. The UK house= 
hold accounts of insurance com- 
panies. once regarded as one 
of foe most profitable accounts, 
has shown substantial losses in 
the past few years, one major 
reason being underinsurance. 

The first reaction of the 
insurance companies has been 
to endeavour to persuade policy- 
holders to keep their sums 


Losiuise Association cannot confirm or 

^i^ a^now I reSing deny * * b « ^anmee 

f 8 - »iSLiST« 2 companies are usmg averaging 

»rs Ijo™ p0 ^.^HrtinJ rS «,hnnt even though there is no specific 
■ what they axe- doing about clauge Jn raese ^ 

! scroungers who do not pay pjmieg arft c]Hlme<1 10 be lalUng 

fair share. back on foe wording of foe pro- 

pie cannot claim these fiorm in which the policy- 
that the » Sr Ss a^da^oVSt 

h& TT t0 ^ ***** knowie ^K e * nd 

^nation. Until beUef the sum' insured repre- 

problem msurance com- seQts ^ ^ valu0 o£ 

Bfiues said little if anythin^, to insured, fhe iusur- 

tn“y . nlu . than eta fa that 


But to meet the loss it will make 
an ex-gratia payment— usually 


No one loves a landlord 


A 


W. 

I 


cost 


landed families certainly could 
and did influence people. 

Nowadays it is a common- 
place that landlords still deserve 
all the kicks they can be given, 
but that the ha-pence should be 
even fewer and further between. 
And many of those landlords 
would say that the uakindest 


TAXATION 


develops they change in a ing use of furniture, as well as 
responsive way. Thus, -foe the straight letting of property. 
“ deferred repairs M prohibition The law suggests, however, that 
has, so ter as traders are con- foe two should be assessed 
cerned, been largely removed together under - Case VI of 
by the Courts in the more Schedule D. 

^ 131 recent Odeoa Theatres case. This is a very poor relation of 
nusl11 ^ But foe ghost-ship Duns Law foe arrangements under which 
. , J a . . * still sails around S&edule A. trading activities are assessed— 

Schedule A now taxes rents inclu des £*“ And it is hot the only ghost The expenses are less generously 

“ '■**“” ' resulting 

applied whether at not rent was income is opprobriously 
. ® received. This concept has been characterised as unearned. If 

ch are - • 

dl ‘ 9X6 tion requiring the landlord to ticalar year, this “loss” cannot 


values, but index-linking is only policyholders do not up-date the J return the premiums paid, 
effective providing the sum sfons insured then it is either H 

insured Is correct at the start feough laziness or deliberately 
Although this campaign by the tiyiiig to get something for ^JSSmSSS: 
compames has achieved a aching. K . 

certain measure of success, it Tone company contacted If this is the case then it is 
has by no means solved the dflmitted that it is now seriously to be thoroughly deplored. All 
problem. Far too many policies i^isidering, in case of ex- leading insurance, companies 

.tikme underinsurance, tell- contacted have been at pains to 
tie the policyholder that it will state that this is bad practice, 
not accept bis renewal unless he that they would not do such a 


ALL OF US have, or have had, tax as a tax on income, and to Schedule A, but is structurally against deducting . i 

a love-bate relationship with thinking of income in terms of very different from its predeces- improvements. This 

our landlords. Owning property, cash which comes in (net after sor. But foe ghosts of foe old foe ancient 

and deriving an income from expenses have gone out), law' still haunt us. terms — an 

letting it, has never throughout “Profits” in the original - ,, ™ 

history been the way to make enactments bore little relation- from land and buildings. It foe item concerned into abetter ^ ^ its original form admitted and the 

friends although the great ship to our modem accounting sweeps in at least some part of state of repair foan&t was in 



any premiums on foe grant of when acquired, 
leases (for periods up to 50 between, repairs 
years), and also deems the land- repairs, and those 
lord to have received something something more, 
equivalent to a premium if 'his by the Cotuts in 1923 


*** quirkfly preserved, in a provi- expenses exceed rents in a pajr- 
. sum requiring foe landlord to ticalar year, this “loss” cannot 
accepted pgy ^ on ^*5 which he does be set against other income; it 
not receive. Ufo only escape is can only be carried forward 


DAVID WA1NMAN 


tenant is required under the they decried that foe Law ^ ow either that he had to against succeeding years rents, 

lease to carry out works on the Shipping Company should not foixo Tmt ^ order t0 aVoid And while a trader ca nchoose 

let pr^erty. deduct the cosfcf involved m hardrtxip for the tenant, or that his accounting period, and is 

From that rental income may twinging the ss Huns Law to a. tenant defaulted and all given as a matter of" policy the 
, , ,, *hrt C » tKo \ .be deducted the costs of repair- state of seaworthiness accept- reasonable steps taken by foe benefit of a previous year basis 

« in e or in measurements of the outcome at ing insuring and managing foe abltt to Lloyds, after foe rears landlord failed to elicit pay- of assessment, the case VI land- 

oreaaea taxman. our trading operations. properly, to foe extent that fo which reguto surveys had menL lord suffers foe' aggravation of 

Property taxation has an even Taxmen have a great sense of those costs fall on foe landlord, M to po^pQned because trf Landlords who let their land foe “actual” basis, with tax 

longer history but taxmen history. They are proud to be and there may also be deducted fo e war. ^ ... and also provide services to the demanded and pal'd every year 

recognised when income tax was able to trace foe original con- any rent which foe lessor him- Law Shipping, was for many tenant have always been' assess- on an estimated asessment, and 
first brought in that landowners cep ts of income tax through self has to pay and amount of years foe leading case dlstin- able additionally on those ser- then a revised figure agreed 

were eminently suitable i n t 0 to-day’s legislation, and foe local authority rates If he guishing repairs' xrom improve- -vices. It is here that many land- only after foe fiscal year has 

subjects. All those who owned those taxpayers who would un- pays them. Depreciation is not meats. It was not fought in lords feel that foe (Revenue are ended. < 

land, whether they let it or derstand today’s law would do recognised as an item warrant- reference to land apd buildings being unduly faarah. Substantial Landlords who put their 
occupied it themselves, were well to find out ho wit origi- ing a deduction— except in foe assessable under Schedule A, property owners will have their backs into their jobs (as well as 

charged under the original nated. We must however not be case of those build in gs for but to an asset used for trading service activities recognised as a standing with them against the 

Schedule A on tbe “profit” cynical about our tax gathering which capital allowances have purposes. The deduction, was trade; the deductibility of wall) frequently fight the 

derived from ownership, while historians: It is not true that been specifically written into foe claimed, and was held notjto be expenses before profits are Revenue’s parsimony. Some- 

those whose land was not used they share the Bourbons' attri- law — industrial buildings, agri- available, under foe rules which arrived at will be reasonably times they win, and sometimes 

far trading purposes were butes, of learning nothing and cultural and forestry buildings quantify trading profits/— the generous, and those profits they despair and give up. No 

charged under Schedule B on forgetting nothing. and works, and very recently, roles known as Schedule- D. themselves are earned income, one loves a landlord, but it is 

the “ profits ” of this uoprofit- They learnt, in fact, to accept hotels. These last mentioned rules are Not so for small landlords, jiist possible to believe that 

able occupation. This may be a a fundamental re-writing of Complementing foe absence closely inter-connected f with The letting of furnished accom- system which discourages them 

surprising concept to those who property taxation 15 years ago of any allowance for deprecia- accounting. methods of arriving modation is regarded as com- to the- point of giving up is foe 

are used to thinking of income — it is now again called tion is a specific prohibition at profits, and as accounting prising the “ service ” of supply- poorer as a result .. . 


A licence to collect deposits 

Official control of banks and other deposit takers will be 
strengthened and extended under planned legislation. 


FROM THE point of view of 
the general public, foe most 
important part of the proposed 
banking legislation published 
in draft form this week is foe 
plan for a deposit protection 
fund. This will give the small 
saver a guarantee that if he puts 
his money with an institution 
which later goes bust, he will 
at least get back three-quarters 
of the first £10,000 of any 
deposit. 

The fund proposal, put into 
the Bill against the opposition 
of the big banks, is a reflection 
of the recent experience of the 
UK during the fringe banking 
crisis of 1973-74. Because foe 
Bank of England was able to 
rally the big banks round to 
provide support for the institu- 
tions hit during that traumatic 
period, depositors in fact did 
not lose their money. But there 
can be uo guarantee that such 
an ad hoc arrangement could 
be repeated in future if a small 
deposit-taking institution got 
into trouble. 

The amount of the protection - 
has, however, been limited to 
75 per cent The' reason for this 
is to ensure that some incentive 
is retained for foe individual 
to exercise bis judgment in 
deciding where to put his 
money. 

If he is tempted by a higher 
interest rate offered by an insti- 
tution which is of less than first 
rank, then he has to accept at 
least some risk. At foe same 
time, however, the establish- 
ment of the fund will provide a 
final safety net to catch foe 
victims of any institution which 
slips through the extended sys- 


tem of official supervision which 
will be set up by the legislation. 

Though this will have less 
direct impact on foe individual, 
it is foe more important part 
of foe draft Bill. The new 
system is needed in any case to 
enable foe UK to meet its 


BANKING 

MICHAEL BLANDEN 


obligations under foe EEC 
directives on the harmonisation 
of banking regulations. It will 
also complete the process of 
tidyjng up foe mess exposed by 
the fringe banking crisis. 

There is no doubt that one of 
foe elements which contributed 
to that problem was the wide- 
spread confusion in foe mind of 
the public over foe significance 
of foe various forms of recogni- 
tion given to banks. Some of 
these ‘ applied only for very 
limited purposes, and did not 
signify that the Institutions 
concerned were subjected to 
rigorous supervision by the 
Bank of England. Yet they were 
able to advertise themselves as 
offering a banking service with 
all that implied for public 
confidence.. 

That will now finally be 
stopped- At foe same time, the 
most . significant innovation in 
the. Bill Is that it will intro- 
duce for the first time In foe 
UK a comprehensive system of 
licensing for all deposit-taking 


institutions under the control 
and supervision of foe Bank. The 
system will have two tiers, foe 
recognised banks and foe 
licensed deposit-taking in- 
stitutions. At foe top will come 
foe recognised banks. ■ These 
institutions will include for 
certain, all foe leading banks — 
probably totalling around 270 
— though there are certain grey 
areas. 

They will be subject to 
similar type of supervision, to 
that now applied by the Bank, 
involving regular returns of 
their figures and discussions 
with Bank officials. They will 
be exempted from the licensing 
provisions which will apply to 
the rest, and with a few special 
exceptions such as foe trustee 
savings banks and the renamed 
National Girobank will be foe 
only ones allowed to use the 
name bank and its derivatives. 

Other institutions which take 
deposits will be required to gain 
a licence from the Bank and will 
be subject to a more formal 
kind of supervision. This 
measure will considerably 
extend foe Bank’s writ. Already, 
in the wake of the fringe bank 
crisis, the Bank has substan- 
tially increased its supervisory 
staff and widened its coverage 
to take in on a more or less 
voluntary, basis some of the in- 
stitutions which would not his- 
torically have been regarded as 
full banks. 

There' is some [uncertainty 
about just how many institutions 
will eventually come forward for 
licences. Some may drop out 
because they are unable to meet 


foe requirements to qualify for 
a licence, which include for 
new entrants a minimnm asset 
level. Out of foe substantial 
number of small deposit-taking 
institutions which at present 
operate around foe country, foe 
best guess is that there could 
eventually be around 200 to 300 
which will qualify for licences. 
' The Bank’s extended super- 
visory role should provide foe 
best protection against any 
repetition of widespread 
collapse among deposit-taking 
institutions. While it will have 
statutory backing for its super- 
visory function, however, the 
Bank has succeeded in retaining 
a good deal of flexibility in the 
way in which it will exercise 
its new powers. 

The proposed legislation con- 
tains only minimal figures 
among foe requirements to 
qualify for a licence or for 
recognition as a bank. It avoids 
setting out detailed ratios of 
capital and liquidity on foe 
lines common in many conti- 
nental countries. 

It allows foe Bank scope for 
subjective judgment and for 
taking the views of foe rest of 
foe City Into account in deter- 
mining the appropriate status of 
an institution. And it enables 
the Bank to keep foe main 
features of its traditional 
approach to supervision on 
which it has laid great emphasis 
— progressive, participative and 
personal. It is a style of regu- 
lation which has been aptly 
described as “vicarious parti- 
cipation. in management" 
From the point of view of the 


banks and Institutions them- 
selves, this is probably welcome. 
No industry can he expected to 
be enthusiastic about the intro- 
duction of statutory controls 
over is activities. But on the 
whole the banks recognise the 
need for improvement and the 
inevitability of legislation, and 
if this has to happen then they 
would prefer foe Bank’s in- 
formal approach to foe possible 
alternatives. 

Both foe finance houses and 
foe banks, the two main sectors 
affected, have however found 
cause for concern in foe pro- 
posals. They have already 
expressed their worries In their 
representations to foe authori- 
ties during tbe period since the 
official proposals were first out- 
lined in the White Paper pub- 
lished nearly two years ago. 
They cqn be expected to return 
to these issues in farther com- 
ments which the Government 
has inviatd on foe draft Bill. 

The main concern of foe 
finance houses is related to foe 
limitation on foe use of bank- 
ing names. A number of foe 
companies involved have 
become accustomed in foe past 
few years to describing them- 
selves as carrying on a banking 
business. They are worried that 
their public image will suffer If,, 
as licensed deposit-taking insti- 
tutions, they no longer enjoy 
this privilege. 

Mr. Joe Skelton, foe present 
chairman of foe Finance Houses 
Association, has himself a par- 
ticular interest since his com- 
pany, Wagon Finance, has a 
subsidiary called Bank of 
Europe, a name which it may 
have to abandon. And foe 
finance houses will continue to 
argue that foe legislation could 
preseat a threat to their public 
credibility. 

The main worry of foe big 
banks has been over the deposit 
protection fund. The clearing 
banks have consistently argued 
that their own security is un- 
questioned and that they do not 
therefore seed the protection 


of a special fund. They have 
maintained that they should not 
be required to put.up jaroney for 
a fund which will in effect pro- 
vide protection for depositors in 
smaller institutions, which are 
competing directly with them 
for money. 

The Government, however, 
has Insisted that foe fund is 
-required. In this situation, it is 
obvious that foe clearing banks 
will have to put up foe bulk of 
the money to make it credible. 
The initial £5m to £6m call on 
foe institutions for foe fund will 
not make much of a dent in 
their resources, but bigger calls 
could be required to meet 
special problems. 

The improved supervisory 
arrangements should go a long 
way to enable the authorities to 
anticipate trouble among bank- 
ing and other deposittaking in- 
stitutions. It has to be accepted 
though that even these will not 
prevent foe occasional institu- 
tion from getting into trouble, 
and the deposit protection fund 
will ensure that depositors are 
provided for. 

Even at foe maximum scale 
envisaged, however, foe fund 
could not carry out foe same job 
as foe lifeboat That was re- 
quired to cope not merely with 
foe collapse of a number of in- 
stitutions but with a general 
crisis of liquidity and loss of 
confidence. The operation was 
designed as a major recycling 
of tends to ensure foe survival 
of a number of institutions 
which had lost much of their 
deposit base- 

It must be recognised, there- 
fore, that in spite of foe worries 
of foe banks about their poten- 
tial liability, foe tend should 
be required only to work effec- 
tively as a source of cover 
against isolated cases of institu- 
tions getting into difficulties. 
The main protection against 
problems has to rest with the 
substantial improvements .which 
are being made to the super- 
visory arrangements of foe Bank 
of England, 


m akgs a serious effort to up-date 
his insurance. Harsh measures, 
hat the company would prefer 
to take this action rather than 
Undergo unpleasantness should 
<1 claim arise under such a 
policy. 

y. Other companies have taken 
moye serious positive action. 
They are reintroducing tbe 
ictice of applying average on 
ms. For foe uninitiated, 


thing, and that they intend to 
coninue paying claims iu full 
up to foe sum insured and have 
no intention of introducing an 
average clause. The BIA should 
make a statement on this sub- 
ject. Meanwhile, policyholders 
could check with their insurance 
company or broker an the situa- 
tion concerning their contract 
and avoid trouble by bringing 


foe sum insured up-to-date. The 

s means" scaling down foe companies themselves could do 
ount oft claim paid in propor- much more in this respect to 
to the level of under- guide policyholders, perhaps 
insurance. For .example, if the they now will. 


MOTORCARS 


As a result of a large cancelled 
fleet order, we havexremaining 
(unallocated at todays date) the 
following specialised FORD 
vehicles available for immediate leasing! 

Monthly 

Raw* 

Cortina Ghia 2.3 Mamwl Roman with can trim and tobacco roof C1M.U 

Cortina 2J GL Manual Straw Silver £ 1 44.40 

Granada 2-3 GL. Automatic Jupicar Red - — 

Granada U GL Automatic Saloon Slack. - - — £21 4 JO 

Granada 3LS GL Automatic Oyster with chocolate trim — £215.M 

Cortina 2000 S Straw with black trim, tinted glass, black vinyl roof. 

remote control driver** door, mirror. Headlamp jet wwh *y«em £14* JO 

Cortina GMa M Estate Manual White with black trim C1C9JW 

Cottfca GMa 2.3 Estate Manual Straw/ black/ rear fog la to pi /rear teat 

belts £173.** 

Folly tadntive contract* for two yearn, 20, ON miles per annum. 

Phone Tony Reed. 

RELIANCE LEASING UNITED 

Paterson Road, Wellingborough. Northants. 

0933/224186 ext. fl 


We decided 
to do 

our competition 
a big favour 


The new BMW Centre af 
Bjshopsgde/fli heart of the Gfy of 
London, offers tbe decerning motonst 
the chance to awn nol ; ; p V BMWs 
butoJsq some ofihe other better bred 
mato roars. 

Uce the mast beautiful Porsche 9T1SC 
Sport in the country? 4 months old. 
1977^Porsdna924monuci, Canary 
Vfefiowc 

Cross Country? Tormacor ploughed 
. field are one tooorJeep Gjerofeee 
Chfef.VM wheel drive, *S“ reg* loti 
of goodies, MASSIVE 


entre 


oc 

220-226 Rshopsgafer 

radon Equals. 

Near Liverpool Street Station. 

■Phone 01-3778811. 
TreaxjfESCAittxiMftwr umobj. 


Cassette. 


AUTOSEARCH 

Brow>‘t^h l £ean 

oondlttortno. A 

electric Windows. 1 


MERCEDES-BENZ 45QSLC 1171. 
Metallic Milan Brown with Cream Hide 
I liter lor. Air condlttantnu. Al loved 
WMeM. Tinted Electric Windows. Radio/ 
1 owner. 3,000 nhlea. No 


PORSCHE CARRERA S COUPE 1977. 
Metal He Minerva Blue,' with blade 
trim. Electric Sunroof. P7 tyres. 
Aecara Seats. Okie spot. Radio/ cassette. 
9.000 mites, l owner. Full Porsche 
history. £15,450. 

ASTON MARTIN VANTAGE 197S. 
Meta me Green with beloe hide Interior. 
A*r cemdlthmlnfl. rad la (cassette. 7,000 
mites. 1 owner wtth hill service history. 
Superb M every respect. £21,500. 
FERRARI PINO S RYDER 14174. Red 
IffiJ ™ ’’“i 1 stery- Serv k» Matory 

WKn 23.000 miles. £9,950. 

Contact EAST HORSLEY 
(04865) 2741/ZT93 



HILLMAN AVENGER 1600 Super. 

FJiKiiL , y v - 1 owner, regularly serviced. 
ffioHentj rondftton. £1.600 ono. 


CLASSIFIED ADVERTISEMENT RATES 


Commercial and Industrial Property 
Residential Property 
Appointments 

Business & Investment Opportunities, 

Corporation Loans, Production Capacity 
Businesses for Sale/Wanted “ 

Education, Motors, Contracts & Tenders 
Personal, Gardening 
Hotels and Travel 
Book Publishers 

Premium positions available 
(Minimum size 40 column cm&) 
£L5Q per single column cm. extra 
.For further details virite to; 


per 

single 

column 

line 

cm. 

£ 

£ 

4.50 

14.00 

2.00 

8.00 

4.50 

14.00 

525 

16.00 

4.25 

13.00 

2.75 

10.00 

— 

7.00 


Financial 


J1WUH.T ULUlUd xume to: 

Classified Advertisement Manager, 
lal Times, 10, Cannon Street, EC4P 4BY 


■l. 






4 






? . Financial Times Saturday July 29 1978 

Uit l n YOUR SAVINGS AND INVESTMENTS 


9 ... J xute P/ 

^7 


Worldly wisdom for the factotum How the experts 

lTHER LIKE the barber of of them since he started Ho are need of the withdrawal facili- the optimism which experience "W Jf* 

rille. Insurance brokers are Govetfs Unit Trust Advisory ties. Is not necessarily going to of the first phase is all too Mr* 

ming out to be— in the finan- Service six months ago. He weigh sufficiently heavy in the to induce. So it seems l/Cf / l/f flfVlC 

,i mi,... tells one storv of an unnamed . , reasonable to propose that M. er 




RATHER LIKE the barber of of them since he started Ho are 
Seville, insurance brokers are Govetfs Unit Trust Advisory 
turning out to be — in the finan- Service six months ago. He 
dal sphere at any rate— all one story of an unnamed 

things to all men. And i^ot T*® **** 

_ . _ back in 1972. went along to his 

t to see why. They are friendly insurance broker to 
far more accessible than the ask what he should do with it, 
average stockbroker; far less an d was advised to pnt the 
intimidating than the average wb °le lot into a property bond, 
solicitor or accountant. There’s A^ the dreadful part to that 
no need to fear, in visitin'' an stor y w not that It was done, 
insurance broker, that you will but that it s 50 6357 to see wh ? 
be shown the door because you U W3S done - Th® property bond 
have less than £5.000 to your in question, had, after all, been 


„ . * 4* ■ • ■» ■ * sp" 


In hazard 


" HE Flies through the air 
with the greatest of ease.” But 
however much we admire the 
daredevil antics of the trapezist 
when we take our children to 
the circus, the life assurance 
companies may well take a 
different view when he applies 
for life assurance. In all proba- 
bility they will say that, no 
matter how experienced he is, 
his job carries an extra morta- 
lity risk, and charge him extra 
on a life assurance contract. 
That might be an extra £2 per 
£1.000 assured — or the guaran- 
teed minimum death cover. 

North Sea oil development is 
likely to do wonders for the 
UK economy. But the men who 
make that development possible 
are not viewed favourably by 
the life companies. They are 
being charged very heavy extra 
premiums on life assurance con- 
tracts, varying from £3 per 


ASSURANCE 


ERIC SHORT 


£1,000 assured for supervisors, 
in over £10 extra per £1,000 
assured for divers. 

The charge made by life com- 
pany actuaries for death cover 
is based on normal mortality 
rates. It is the task of the 
underwriter to make the appro- 
priate loading to the premium 
rates, in cases where he thinks 
the mortality risk is well above 
avcrarc. Certain occupations are 
considered in carry’ an extra 
risk, notably those in which rhp 
, individual climbs off the ground 
or disappears underneath it. 
Individuals such as steeplejacks, 
.tree fellers and surgeons, and 
demolition workers come into 
the first category, and miners 
info the second. 

Rut many life assurance con- 
tracts these days are taken out 
fur savings purposes only. The 
death cover is simply provided 
to ensure that the policy quali- 
ties for lax relief. Nevertheless, 
someone in a hazardous occupa- 
tion will get a lower return for 
h:s outlay than those ol us who 
arc reasonably fit and keep our 
feet firm'y cm the ground. The 
table shows the effect on the 
ultimate return from a with- 
imifil endowment policy issued 
by a leading life assurance com- 
pany. tn people in two hazard- 
ous occupations — a face worker 
in a coal nine, whose additional 
premium f given that he is not 
handling explosives) is small, 
hut siciifiicaut, and a North Sea 
diver, whose rating is severe. 
There is a definite penalty for 
such people when they use life 
assurance as a way of saving. 


The number of such cases is 
comparatively few, the under- 
writing tends to be done very 
much on an individual case 
basis, and the gut feeling of the 
underwriter is all impdrtant, 
since statistics are scarce* Thus 
there tends to be a wide dis- 
crepancy between charges. 
Some life companies will ac- 
cept that certain occupations 
are normal risks, whereas other 
charge. So it pays tb shop 
around. 

The linked-life companies 
are much more aware {that 
investors use their policies for 
savings, rather than protection. 
In cases of occupational risk 
they usually offer the option of 
a lien on the death cover: -that 
is, the guaranteed minimum 
death cover on the poller is 
reduced, and this reduction is 
gradually decreased as-, the 
value of units rises. In this way 
the percentage of premiums 
invested in units remains 
unaltered. Otherwise, if an 
extra premium is charged, the 
proportion going into units is 
reduced. Anyone seeking tradi- 
tional with-profits cover should 
als oenquire whether a liwi is 
available. 

Some occupations carry a 
health risk, rather than a risk 
of accident. The Office of 
Population Censuses and 'Sur- 
veys issues statistics on occupa- 
tional mortality based on the 
decennial census. The latest, 
issued earlier this year, makes 
interesting reading for - , a 
journalist — with insurance 
brokers, we have a high inci- 
dence of cirrhosis of the liver. 
In vetting anyone who follows 
such an occupation, the life 
companies tend to be more rigo- 
rous in their medical require- 
ments; and if these are met 
satisfactorily, then no extra 
premium, would be charged. 

If a policyholder with a 
hazardous occupation changes 
his line of business to a less 
hazardous type, then life com- 
panies are usually prepared to 
remove the extra premium, sub- 
ject to medical evidence that 
the damage has not been done 
already. If a policyholder 
takes up a more hazardous type 
of occupation, then no extra 
premium is charged. 

You may have a humdrum 
occupation, and get your thrills 
from weekend sport. If the 
sport in question is private fly- 
ing, motor racing or hang glid- 
ing, you will be charged an 
extra premium if you pursue 
it at the time of taking out the 
contract, but not if you take 
the sport up subsequent to 
effecting the contract. And the 
rating would be removed if 
you later decided on a more 
placid form of relaxation such 
as golf. 


.uave mss man to.oou to your «**«•** 

name; there’s no need to fear, 

either, that the bills will affect __ 

the housekeeping for months INVESTMENT 

to come. Small wonder that the 

average consumer, welcomed ADRIENNE GLEESON 

with open arms and secure in 

the knowledge that there won’t ■■■■■■■■Hi 

entwSS. Pri ^i° ? 3y ? >r one of the very best performers 

XSSSfJS J ? ^ t0 J* for the whole of the preceding 
himself the vital question: does * 

this man know what he is 7 

doing? There are two reasons to fear 

In many cases that doesn’t the consequences when insur- 
matter: the answer will be yes. brokers set out to give 
But it is an unfortunate conse- investment advice. The first is 
quence of their accessibility more obvious and the less 
that insurance brokers are worrying: it is that it is both 
occasionally asked to do things ^ore convenient, and more luc- 
for which they have neither the rative, for a broker to put his 
[training nor the experience, client into some form of bond 
Notably they can be asked — than it is for him to sort out an 
and to an increasing extent they alternative— a portfolio of unit 
are J*k»g asked— to provide for instance. And the 

it’s only the horrors that float i* 1 ?! *5® ,y eS *? r 
to the surface, the results can R°bin Boyles client — be in 
be disastrous. bis 40s, gainfully employed at a 

Robin Boyle has seen somecomfortable salary, and in no 


need of the withdrawal facili- 
ties, is not necessarily going to 
weigh sufficiently heavy in the 
balance. 

But with any reputable 
broker it will. He is, after all, 
likely to be on the “ white list ” 
of the Unit Trust Association, 
and . therefore eligible for the 
marketing allowance which 
brings the commission on unit 
trusts to within half a per cent 
of that available, under the life 
Offices Association’s guidelines, 
from the life assurance com- 
panies. What is far more 
worrying, with such a broker, 
is that he is likely to approach 
the whole question of invest- 
ment in ' a spirit of undue 
innocence. 

This it not a problem to be 
solved by requiring bat the 
broker vrtio would give invest- 
ment advice should have some 
form of academic expertise. 
Investment is not an exact 
science, and attempts to cap- 
ture Its "essence for examina- 
tion purposes have proved a 
pretty dismal failure. As any 
stockbroker will tell you, the 
content of the examinations of 
the Stock Exchange itself are 
a long way short of day-to-day 
reality. Requiring a certain 
degree of experience is, how- 
ever, a different matter. 

Providing advice through one 
cycle of the Stock Exchange, 
from boom to bust, ought to 
be enough to cure anyone of 


the optimism which experience! 
of the first phase is all too 
likely to induce. So it seems 
reasonable to propose that 
no-one should give investment 
advice on his own responsi- 
bility, until he has been in 
the business of providing that, 
advice under supervision, for ' 
at least five years. The period 1 
in fact ties in well with the 
British Insurance Brokers' Asso- 
ciation’s own recommendation, 
that -those of its members who 
have not taken professional 
examinations should have at | 
least five years’ practical 
experience behind them. Invest- 1 
meat experience will not, of> 
course, necessarily qualify your ! 
insurance broker to make your 
fortune for you — but it should 
curb that unbridled enthu- 
siasm which might induce him 
to lose it. 

It has to be said that acquir- 
ing such investment experience 
is going to be expensive — if. 
at least, it is to be done 
properly. Some brokers may 
be able to buy in the expertise 
they require, as Towry Law has 
decided to do. Most small 
brokers, however, will not be 
able to afford the extra over- 
heads. The conclusion to be 
drawn is that they should not 
give investment advice. Because 
the alternative is that they 
educate themselves at the 
expense of their clients. 


Wives leave 


“INVEST in a managed fund 
and leave all decisions to the 
professionals.’’ This was, and 
still is, the message given by 
life companies to investors seek- 
ing to use life bonds as invest- 
ment vehicles. Their argument 
is that the companies are staffed 
by full-time investment experts 
who can decide on the best 
portfolio mix of equities, both 
UK and overseas, property, 
fixed-interest investment, and 
cash. But above all. they say, 
they will use their professional 
judgment to decide when to 
change the mix and by now 
much, so as to maximise the 


BONDS 

ERIC SHORT 


• V K ; . 

• V# >„v% «**v \ * v.s 

v.*' 








as they 
please 














\ 


•**vV 

« ' ■»&. -V. ... •- 


Advisors to expatriates 


Beasts on the hoof, like those in the picture 
above, were at one point the principal form of 
wealth in the less-developed nations of the 
world. Nowadays— particularly in the Middle 
East, where this picture was taken — wealth is 
quite as likely to mean the ownership of a flat 
in London or of a fleet of Mercedes. For the 
expatriate working in this -or other parts of the 
world, it’s likely to mean a cash flow very much 
higher than that to which he (or she) has been 
accustomed. 

But with that affluence will come perplexi- 
ties, quite possibly dire problems, in respect of 
tax, of foreign exchange regulations, of housing, 
schooling, pension rights, investment, and 
assurance. A young man inch no dependents 
might be able to shelve the lot — though at the 
risk that the lot. compounded by time and 
inattent i on, would be waiting for him once he 
again set foot on British shores. Anyone else 
would he well advised to tackle them as they 
arise; and even better advised to tackle them 
beforehand. 


Only who is going to provide him with 
assistance in doing so? Chances are, if he is 
already on location when the problems start to 
occur, that there will be no shortage of would-be 
helpers with a welter of more or less ingenious 
—and more or less expensive — solutions to 
propose. Talk to anyone who does business with 
expatriates now, and they will tell you there is no 
shortage of “ cowboys * on the ground. The 
more reason, then, to establish a connection 
with someone with a reputation to defend, and 
preferably before you bid this green and pleasant 
land farewell. 

With this in mind we have taken a look at 
the services offered, and the charges made, by a 
handful of institutions which serve the financial 
needs of the overseas resident. It . should be 
stressed that these are not tfie only respectable 
companies in the field: all the big clearing banks, 
for example, daim to be able to serve the needs 
of expatriates through their trust departments. 
But this is a reasonably represent a tive selection, 
which will give you an idea, of who to go to for 
what— and how much it is .likely to cost you. 


Estimated benefits on a with-profits contract for a man aged 29. 
Monthly premium £20. 

Period 10 years 
Sum Estimated 

assured maturity value Reduction 

£ £ % 
Normal occupation 2.164 3.753 

Miner on coalface (a) 2,T2S Mfc as 

North Sea diver (b) 1.981 3,435 

Period 25 years 

Normal occupation 5,730 II’fH 

ter on <a> 5.«3 

North Sea diver 4-*®* . , . 

Figures supplied by Equitable Life based on current bonus ; rate, 

(a) Extra premium for occupation at the rate of £2 per LlfiW sum 

a ^(b) Extra* premium for occupation at the rate of £10 per £1.000 sum 
assured. 


Standard Life opts out 

MUTUAL LIKE assurance com- to be subsidised by UK policy- 
. panics belong to and are run holders, to the detriment oi 
fnr I he benefit of the with-profit ^eir bonus rates- At present the 
j^ptiiieyhulders. At least, that is rorn pa n y is among the very top 
the theory behind the mutual fop w ith-proflts performance 
concept. In Practice it means ^ ^ thg longer term, and it 

perpetuatinj! and "can operate needs to stay there if it wishes 
with a freedom from scrutiny to grow m the UK. 
that proprietors’ compnnies §<, W hcn Manufacturers Life 
• could never hope for from their made an offer to take over the 
. ‘ ' shareholders. But the evidence Canadian business, the Board 
• — high bonus declarations— sug- of Standard Life accepted, 
pests ihat by and large this free- Manufacturers Life Is not 
dor.; in not abused, that the making direct payment for the 
activities or the company are business as such, but Standard 
conducive to the benefit of j s only handing over C$1 .5bn 
pulley bolder*. Tins week, how- 0 £ lts assets in Canada to cover 
ever, we saw exceptional the liabilities, and intends to 
evidence of responsibility* from fccep C$£00m of the free 
the Board of Standard Life, the reserves for the benefit of its 
largest mutual life company in UK policyholders. This 
the l-’.KO. sents a fair return on the CSaOm 

standard Lrfc hn« decided mvcmd a> je ™ 
that, a] though its Canadian busi- company had wanea x 
noJ iw- been flourishing, there sitMUon to j *« M. « 
was a distinct risk that business wU ha« _bad to pay to get nd 
operations in that country could of the business 
been, -no much more onerous and standard will however nave to 

therefore much more expensive, change the heading on its note- 
It foresaw a possibility that paper. It is JOt the larges 
Canadian business might have mutual in the EEC any longer. 


TOWRY LAW. the big UK 
insurance brokers, set up in the 
Channel Islands this week, in 
order to provide a service 
specifically directed at the 
needs of the “significant” 
number of its clients who have 
decided to live and/or work 
abroad. Such clients are, in the 
brokers' experience, most 
likely to require advice on in- 
vestment of the savings now 
piling up in bank deposits, or 
on the deployment of capital 
sums but in addition Towry 
Law (Channel Islands) will 
cope with basic questions on 
tbe mechanics of things like 
renting out UK accommodation, 
and providing for school fees. 

If you need advice on some- 
thing really complex like estab- 
lishing or unwinding overseas 
trusts — or if you need 
specifics out of the brokers’ 
normal field of operations, like 
a- will — then there will be 
normal legal charges to be met. 
Otherwise the brokers reckon 
to make their money out of 
1 commission. 

The way they operate is 
simple enough: you get a 
questionnaire to fill in, which 
establishes your particular cir- 
cumstances: Towry Law sorts 
o«t your requirements, and 
after that it’s up to you to get 
in touch if matters change. 
However, be warned: Towry 
Law don’t pretend to be invest- 
ment experts, and they cer- 
tainly won’t make your 
decisions for you. If you are a 
complete tyro, and want your 
hand held through manoeuvres 
more complex than the pur- 
chase (or sale) of offshore 
funds, you will hare to look 
for advice elsewhere — and pay 
more for it 

Godwins, the pensions and 
employee benefits consultancy 
arm of the former Leslie and 
Godwin, tends to tackle the 

problem of the expatriate from 
the other end — that is, 

through the employer. Godwins 
sets out to establish, for any 
employer sending people 


abroad, what rbe present and 
future remuneration uf those 
people should be. However, the 
firm will also provide personal 
financial planning for the in- 
dividual expatriate.- either at 
his company’s expense or in 
the expectation (though not - 
the certainty) of making 
enough to cover the cost of the 
service from commission on the 
investment packages arranged. 

Like Towry Law, Godwins 
doesn’t pretend to provide more . 
than basic straightforward in- 
vestment advice; and if you are 
in dispute with the Revenue 
and need an accountant, or 
enmeshed in foreign exchange 
problems or short of a will, the 
firm will send you off to the 
relevant experts. "We pinpoint 
tbe areas you should look at,” 
says Peter Wilson, the director 
in charge of personal financial 
services. 

Ideally Godwins likes half an 
hour with the client before be 
goes abroad, but it can and will 
accept business at long distance. 
Expatriate Financial Advisors 
like rather more than half an 
hour with the client himself: 
they like, according to manag- 
ing director Harry Brown, an 
in t er v iew with his wife as well. 
Not that Mr. Brown declines to 
provide the usual run of his 
services — advice on tax, foreign 
exchange, lease of a UK home, 
education of children, life 
assurance — to those diems who 
have not had an interview, but 
“I win not counsel on invest- 
ment a guy whom I have not 
met.” he says. 

He works on the principal 
that the protection element of 
life assurance should be pro- 
vided in sterling, but that this 
apart savings contracts should 
be in another and stronger cur- 
rency- He asks for, and almost 
invariably receives, discretion 
in the management of his 
clients* investments, arguing 
that most expatriates will be too 
cut off from financial markets 
to he able to make the decisions 
required as fast as they should: 
but “I'm immensely conserva- 


tive on investment,” he says; 
“ I always treat the guy’s money 
as though it were my own.” 

Some 60 per rent of his clients 
come to him at the recommenda- 
tion — and the expense— of their 
employers: the rest as indivi- 
duals. The initial interview is 
free: but If you get taken on as 
a client you will thereafter pay 
£100 a year— plus, of course, tbe 
hidden element in commissions 
on life assurance or other forms 
of investment- 

Carter Breed and Warburg is 
a Jersey-based investment 
management:, company which 
specialises in looking after the 
requirements .of expatriates — 
though they have to be 
expatriates ..with a certain 
amount of money. There is no 
formal minimum which the 
company will accept for its dis- 
cretionary service, but its 
charges are pitched at such a 
level that “it would not really 
make sense to ask for our ser- 
vice unless you bad £15,000 to 
invest, -or were rapidly building 
up to that siUn.” 

Having assessed their client’s 
requirements — and “we do not 
like to take any one on without 
first seeing him” — the company 
then takes over the manage- 
ment of his investments com- 
pletely. They aim both to run 
equity portfolios and to use the 
money markets; and they differ 
from the normal run of invest- 
ment managers principally in 
that, in addition to investment 
objectives, they keep a close 
eye an the. ctienfs foreign 
exchange and tax position, and 
the underlying currency In 
which he is invested. 

The charges are as follows: 
a flat £75 per annum to cover 
running costs, plus J of 1 per 
cent per annum on portfolios 
of up to £503)00 (less there- 
after). In addition, of course, 
you would have to pay normal 
stockbroking commission and 
so forth. For the money you 
get a monthly valuation, a visit 
from a representative- of the 
company two to four times a 
year — and, one hopes, per- 
formance. 


THE RECENT major pieces of 
legislation on sex discrimination 
and equal opportunity were de- 
signed to ensure that women are 
treated exactly the same as men 
in almost all respects. But the 
legislators have fallen down 
because they failed to go 
through previous legislation to 
remove existing cases of very 
blatant discrimination, against! 
married women in particular. 
This week the Scottish Law 
Commission highlighted a par- 
ticular case arising from the 
Married Women’s Policies of 
Assurance (Scotland) Act 1880. 
concerning married women in 
that country who want to take 
out iife assurance contracts. 

Under this Act husbands can 
take out policies for the benefit 
of their wives and children By 
taking out a policy, they auto- 
matically create a trust, and the 
proceeds of the policy thus form 
a separate estate. This convo- 
luted procedure was designed to 
ensure that the dependents of 
the husband had financial assets 
which could not be seized by 
the husband’s creditors, so it’s a 
hangover from real Victorian 
melodrama. But a wife cannot 
take out a policy and nominate 
her beneficiaries. The assump- 
tion, when the Act was made, 
was that the wife’s property 
automatically passed to tbe hus- 
band. 

The corresponding Act for 
England and Wales — the 
Married Women’s Properly Act 
1882 — does not so discriminate 
against married women. In fact 
it could be regarded as one of 
the first pieces of legislation to 
end discrimination, in that it 
allowed married women to hold 
property in their own name. 

The Scottish Law Commission 
wants to end this difference in 
the legislation, and also to ex- 
tend the terms of the Scottish 
Act so that it applies to all men 
and women, and so that the 
beneficiaries can be future hus- 
bands or wives, illegitimate 
children or even grandchildren. 

However, tbe drawbacks high- 
lighted by the report of the 
Commission are more apparent 
than real, as far as the life 
assurance industry is concerned. 
It has learnt to live with the law 
in transacting its business. If a 
married women in Scotland 
wants her husband, or children, 
or grandchildren or anyone else 
to benefit fom the proceeds of 
a life policy taken out in her 
name, then it is a comparatively 
straightforward matter to 
arrange, under the English 
legislation. 

The Revenue 
discriminate 

BUT THERE is one area of 
potential discrimination in life 
assurance against married 
women, and that lies in the 
limits on tax relief. Tax relief 
can be claimed 'on premiums on 
regular payments contracts, up 
to one-sixth of income or £1,500, 
whichever is the greater. But 
where ' husband and wife are 
concerned these limits apply 
jointly, even if the wife is 
assessed separately for tax pur- 
poses. This means that, where 
husband and wife have taken 
out separate life policies, the 
maximum limit is one-sixth of 
combined income or £1,500 for 
the two of them. This is dis- 
criminatory: the limits should 
be £1,500 .on each life. 

Now that the Treasury is 
investigating tbe whole tax 
situation of married women, the 
LOA should remind it of this 
anomaly. It should not be over- 
looked. 


profit and minimise tbe losses 
arising from market fluctuations. 

Traditional life companies 
have been doing this for decades 
with their life funds. But the 
concept of a mixed fund was 
presented, about seven years 
ago, as the brand new answer 
to an investor's prayer. 

Well, enough time has elapsed 
to make a considered judg- 
ment on the claims made then. 
This month's issue of Money 
Management* has a comprehen- 
sive article that does just that. 
And its findings are not very, 
flattering to the majority of 
fund managers. Its main conclu- 
sion is that many funds are 
hardly being managed at all. 

Tbe main accusation made in 
the article is that many funds 
alter the mix of their funds 
merely by channelling the new 
money for investment in the 
direction desired. This is a slow 
and uncertain means of chang- 
ing the emphasis of the fund. 
And by the time the change 
has been made, another mix 
might well be very much more 
appropriate. 

Putting new money Into 
different investments might be 
acceptable strategy for pension 
funds, which need not realise 
their investments, but it is not 
appropriate policy for a 
managed fund where changes in 
portfolio mix have to he quick 
in order to benefit investors. If 
a fund’s managers decide that 
the market is about to enter a 
bear phase, then they should 
become highly liquid as soon as 
possible. This is not easy, how- 


ever, with a big fund; and some 
of the managed funds are now 
big (Hambro Life is about 
£200m). But one has the feel- 
ing that managers don’t act 
more because they are scared of 
being late to get back into 
equities when the market takes 
off again, as many managers 
were in 1975. 

The article also points out 
that, while a property holding is 
essential for any fund, it should 
not be too large. It is difficult 
to expand or trim such holdings 
quickly, and they have to be 
held for their long term pros- 
pects. 

The tables to Money Manage- 
ment’s article give very com- 
prehensive details of fund com- 
position and size, together with 
performance over the past three 
years. Details on tbe proportion 
of assets held in each sector are 
invaluable; but. without wishing 
to be churlish, the exercise 
would have been more valuable 

MANAGED FUNDS 
PERFORMANCE 

Value of an investment of £1,000 
made three years ago 

Value 

Top funds £ 

Irish Life Managed 1,775 

Norwich Union Managed 1,673 
Royal Shield Managed 1,508 

Vanbrugh Managed 1*508 

Schroder Managed 1,489 

Bottom funds 

AMEV Managed 1.161 

Trident Managed 1.120 

Oaklife Managed 7,076 

Canterbury Managed 1,019 

Property, Equity and Life 1,003 

still jf the change over the past 
year had been shown. 

As to the conclusion: it is 
essential in choosing a fund, to 
ascertain the investment philo- 
sophy. This can be done by 
studying past performance and 
reading current circulars from 
the companies — which is really 
a job for the professional ad- 
viser. We show, above, the best 
and worst performers over the 
past three years. It is interest- 
ing to note that the best are 
from traditional life companies. 

Vanbrugh is a member of the 
Prudential group, which have 
kept extremely quiet about 
their achievements. 

* Money Management is ob- 
tainable by applying direct to 
Fundex Limited, Freepost, Lon- 
don EC4B 4QJ. 


From persuasion to 
a scene in store 


CAVEAT EMPTOR was for 
centuries the maximum that 
applied to most sales. To some 
extent it still is, especialiiy as 
tbe law regarding misrepresen- 
tation applies only to statements 
that are made, and not to the 
failure to disclose defects. How- 
ever, where goods are sold in 
the course of a business (prob- 
ably the most important type of 
transaction to the average con- 
sumer), this maxim holds less 
sway than it used to do, and the 
buyer has been given certain 


CONSUMERS’ 

RIGHTS 

HELEN WHITFORD 


basic rights. The most im- 
portant of these are that the 
goods be of merchantable 
quality, be fit for the purpose 
for which they are intended, 
and correspond with their 
description — for example, that 
they be of the colour specified. 

Goods are “of merchantable 
quality ” if they are as'fit for the 
purpose for which such goods 
are commonly bought, as is 
reasonable to expect in all the 
circumstances of the sale — 
having regard to the descrip- 
tion. for example, and the price. 

This protection will not apply, 
however, where a defect has 
been brought to tbe buyer's 
attention or be has made an 
examination of the goods which 
should have revealed it. 

Where the buyer makes 
known to tbe seller a par- 
ticular purpose for which he 
wants the goods, there is an 
implied tenn that the goods will 
be fit for the purpose specified. 
This protection applies, too, 
where the purpose is obvious — 
for example, that shoes should 
be fit for walking. These rights 
cannot be modified by the seller 
in a consumer sale, and any 
exclusion clause purporting to 
modify them will be void. 

Right without might is now 
the main problem facing the 
aggrieved purchaser. Although 
there will generally be no 
problem when confronting a 
reputable dealer with a genuine 
complaint, this unfortunately, is 
not always the case. Some 
unscrupulous shopkeepers, 
knowing that the law is slow, 
expensive and rather frighten- 
ing to the average customer, 
will not comply with their legal 
obligations because they can be 
relatively certain that they will 
not be enforced. And other 
Shopkeepers are themselves 


woefully ignorant of the duties 
they have towards their 
customers. 

A common example of this is 
the shopkeeper who genuinely 
believes that complaints should 
be taken up with the manufac- 
turer. This is not so. The 
ground for complaint is a con- 
tractual one particular to tbe 
buyer and seller. Even though 
tills might set up a chain 
reaction, and found a claim 
between the seller and the 
manufacturer, the chain cannot 
be short circuited. It is the 
seller who is ultimately respon- 
sible to the consumer. 

Many shops will readily re- 
pair or replace defective goods, 
to ensure that they maintain the 
goodwill of their clients. How- 
ever, this is not a remedy recog- 
nised by the law, and the buyer 
cannot insist on it He (or she) 
can, however, insist on money 
to compensate for the fault, or 
losses incurred because of it, 
or money back and the right to 
refuse or return the goods. 

There are many ways of try- 
ing to enforce one’s rights, from 
friendly persuasion to creating 
a scene in the shop, or threat- 
ening to write to newspapers or 
to the consumer progra mm es on 
radio or television. All have 
been known to work. Another 
tried and Tested method in the 
case of large companies is to 
write to the managing director, 
explaining the difficulty. "Going 
to the top,” like this, can often 
produce a rolte face of spectacu- 
lar quality from what was the 
most recalcitrant of shop man- 
gers. 

If all else fails — and remem- 
ber to keep copies of any corres- 
pondence — -then the law is 
always there as a last resort 
Until recently, because of high 
legal costs (which will not be 
reimbursed in a small action 
even if it is successful).- it was" 
very rarely worth while to go 
to court over the average con- 
sumer dispute. To bridge the 
large gap between rights and 
remedies, court procedure in 
the county courts has now been 
simplified so that ordinary 
people can bring small claims 
without legal knowledge or the 
use of lawyers. 

Each county court has an 
office where inquiries can be 
made, and the staff are experi- 
enced and helpful id ass is tins 
with the various formalities that 
have to be gone through, from 
issuing a summons to obtain- 
ing judgement For a small 
(£2) the bailiff ofthewm^S 
sene the summons, or— if thp 
defendant is a company — it can 


s 


8 


Financial Times Saturday July 29 1878 



on the move 


BY JOE RENNISON 

PEOPLE only move homes be- 
cause they must This may 
sound a sweeping generality and 
indeed downright inaccurate. 
But in-fact it is true in aii rases 
although many would differ ou 
tile definition or the validity 
of the “must." If we can indulge 
in semantics for a moment let 
us examine the motive behind 
the urge to take up one's bed 
and walk or take a pantechnicon. 

If your house is due for 
demolition — compensation pre- 
sumably forthcoming — to make 
way for a motorway you must 
move. If it falls down through 
old age or Act of God you must 
move. If the Jones's have 
demonstrated that they have 
moved up front El to A1 adver- 
tising fodder by moving up the 
hill who could possibly resist 
following suit: one must. Pro- 
motion— or indeed demotion — 
in one's job produces the same 
need: chan^ng from teaboy in 
Surbiton tto Managing Director 
in ScunfU-jrpe could mean com- 
muting difficulties. 


If the neighbours prove diffi- 
cult and the lady wife says “ We 
must move" that is generally 
more in the nature of a com- 
mand than a suggestion. Retire- 
ment often requires a move, 
more often than not for the 
wrong reasons and with unfor- 
tunate consequences. Even they 
who are motivated by the 
“Change is as good as a rest" 
reason find it is compelling and 
must be satisfied.- 
I am convinced that there is 
even a category who do not 
want to change houses but 
simply want to move — continu- 
ally. There they sit in large 
removal vans traversing the 
country not seeking rest or 
permanent habitation but 
happy in satisfying the urge 
that they must move. Maybe 
like the Flying Dutchman they 
will only find “ Mon Repos " 
through the love and kiss of a 
pure estate agent 
Whatever the reason, how- 
ever, one must know what one 
is looking for and how to find 


It Mr. Michael Bruges of 
Humberts in the latest issue of 
their house magazine gives 
some tips to those on the move. 

How does one set about, the 
task? he asks. “First of all it 
is important to , establish what 
the critical criteria are from 
one's own point of view. 
Usually the number of bed- 
rooms is a vital factor and 
whether the house is to. be 
located in the country or in a 
town; but, most vital of all, 
the price to which you are pre- 
pared to go. Declare your hand 
to the agent: there is very little 
point in telling him a figure 
below your ceiling because this 
may well rule out his sending 
you details of more expensive 
and attractive properties. Have 
your own house assessed for 
value but do beware of the 
agent who offers free valua- 
tions; be prepared to pay a 
valuation fee which most .agents 
will waive when selling your 
house. You get what you pay 
for in valuation as in most 


other forms of professional 
advice. 

“The problem then arises at 
what stage should one sell one’s 
house? It is very much a chicken 
and egg situation, but as a rule 
of thumb you -cannot go far 
wrong using rftis maxim; in a 
bull market, buy first; in a slack 
market, sell first The ideal 
situation is, of course, when you 
can bring both processes to the 
boil simultaneously.” 

Perhaps that could have been 
phrased better. At first I thought 
he meant one should act when 
a bull and bear market were 
happening at the same time. 
Such a surrealistic occurence 
would be lovely to behold. 

After offering advice where to 
look and how to examine the 
properties he then gets down to 
the nail biting bit of clinching 
the deal which he likens to a 
well-known card game. 

The game of poker then 
begins; how do . you set about 
securing your quarry? You do 
well to appreciate that it is a 
game of poker: you must take 
cognisance of : the. setting (nr 


scenario as the BBC are pleased 
to call it). Try to ascertain how 
long the property has bees on 
the market; this may give you 
a lead as to how desperate the 
vendor is becoming. Alterna- 
tively it could point to the fact 
that he is holding out for an 
excessively high price. Ascertain 
too. whether it is a private sale 
or whether the individual has 
taken professional advice. If it 
is a private sale you must be. 
sure that you are in a position 
to spot the bargain and here it 
may well be worth your while 
to take professional advice in 
the form of a valuation. 

In a bull market, such as the 
present, you must be prepared 
to go the full price. If you 
offer something much below the 
asking figure it will be rejected, 
but worse than this, your offer 
may well be used by the ven- 
dor to build upon. If you can- 
not run to the full figure, make 
a cut-out offer with a time limit 
by which you must receive an 
answer and make it quite clear 
that you will withdraw your in- 
terest absolutely if the offer is 
not accepted. 



Welsh wizardry 



A bouse, which estate agents Bettesworths of 
Torquay consider to be one of the finest 
examples of late Regency domestic, architec- 
ture iu South Devon is on the market. It 
commands country and sea views across Lyme 
Bay towards Dorset and southwards to Hope's 
Nose Headland and the Ore Stone two-thirds 
of a mile off Torquay. Sale price Is £85-000. 
The elegantly proportioned house, “ BrtmhUl," 


Maidencomhc, near Torquay, built in the late 
1840s, stands in two acres of gardens stocked 
with matare flowering shrubs and trees, in- 
cluding magnolia and mimosa. The area is 
pari of a coastal conservation zone. The 
property is huilt largely or stone, externally 
rendered under the slate roof. An attractive 
42 feet ironwork verandah with a balcony 
above, runs the full length of the house. Five 
bedrooms and large reception rooms. 


WHAT IS IT that makes the 
single women of Wales so much 
better off financially than their 
male counterparts? Some 
statistics recently unearthed by 
the Abbey National Building 
Society suggest they are. In the 
latest issue of “Homes” the 
Abbey's occasional bulletin on 
the bousing market and price 
movements, they report: 

Single women in 'Wales are 
•we+came borrowers but they 
have not yet caught the house- 
buying habit Only 6 per cent 
of houses were sold to single 
women even though they can 
afford to pay more than the 
average single man (£11,973 to 
£11.736). 

Do Welsh spinsters sit at home 
knitting and save money while 
the bachelors sing and drink 
beer? Is Wales a bastion of male 
chauvinism where the women 
must prove she can save more 
than the man before an offer 
of marriage is forthcoming? 

On the subject of mortgages 
and the market in general in 
the Principality the Abbey 
comment as follows: The hous- 
ing picture in Wales is 
encouraging for yonng people 
and first-lime buyers. Fifty-six 
per cent of all mortgages go to 
first-time buyers and they pay 
an average price .. of about 
£10,518 t compared tn the over- 
all average of £I2;362). Many 
houses are sold for far less: 


one in every two first-time 
buyers earns less than £10,000 
and one in every six pays less 
than £7,500. A 90 per cent bank 
loan on a £9.000 property 
t £3,100) could be afforded by a 
couple where one earned £2,700 
and the other £1,250. Many 
young couples earn comfort- 
ably more than that. 

There is also no apparent 
problem for younger people in 
obtaining mortgages. Twenty- 
two per cent of borrowers are 
aged 24 or less and the average 
price they pay is £9,415. 

The pattern of demand for 
different types of property has 
varied enormously. In the 
Cardiff area for instance there 
has been a great scarcity of 
semi-detached houses and prices 
have risen sharply- Thus in 
South East Wales the average 
price for a “ semi ” was £12,494 
but for Wales as a whole it was 
£11.440. 

The opportunities for first- 
time buyers are most marked in 
South West Wales. Here 59 
per cent of all sales were to 
first-time purchasers. More 
than one in six (18 per cent) 
came for local authority hous- 
ing, well above the figure for 
Wales as a whole. The average 
price for all property in South 
West Wales was £12.453 but 
one in four houses sold was 
terraced and averaged £8.986. 
Not surprisingly almost all of 
these went to first-time buyers. 


You can’t miss the Rank 
Marine International marina at 
Port Hamble on the River 
Hamble if for no other reason 
than that one of the yachts 
berthed there sports an 
enormous mainsail cover bear- 
ing the legend Morning Cloud 
in letters big enough to be read 
by a myopic voter at half-a-mile. 
Politicians know it pays to 
advertise. 

But a more pressing reason 
for taking a close look at Rank 
on the Hamble is that it is just 
10 years since the group took a 
policy decision that its leisure 
division should move into boat- 
ing: and chose the Hamble to do 
it Marinas were then a novelty 
to British yachtsmen and Port 
Hamhle had been open for just 
four years. A privately-backed 
venture it was the first purpose- 
built marina complete with all 
the facilities the American 
yachtsman had come to expect, 
including fuel and water, power 
supplies to berths, a chandleiy 
and foodshop, parking space, a 
well-equipped boatyard, and — 
most important — good security. 

Rank bought Port Hamble 
and the sailing world shivered. 
Big business was moving into 
yachting. Where would it all 
end? 

Ten years on it is possible to 
take a more relaxed view about 
the arrival of Rank. The group 
was not taking over the pastime. 
It was showing business acumen 
by being early to spot a tread. 

A recent count round the 
coasts of the UK has produced 
the figure of 14,500 marina 
berths now available. Nearly 
all of them have been built 
since the original Port Gamble 
project. Between Anvil Point 
and Beachy Head on the south 
coast, where the biggest con- 
centration of yachting activity 
is to be found, there are now 
nearly 7,500 marina berths. . 

The Brighton Marina, now in 
the completion stage, is already 
berthing some 300 boats at fees 
based upon size of vessel and 


Berth 

control 

pushing as high as a reported 
£1,700 a year for the grandest 
craft The plans call for it to 
accept 2,000 yachts eventually 
together with associated hotel 
and housing developments which 
could take the total investment 
towards £100m. Major finance is 
being provided by a consortium 
of the National Westminster 
Bank, the Royal Insurance Com- 


BOATS 

ROY HODSON 


pany. EMI, and the electricity 
supply industry pension fund. 

What sort of investment has 
the Hamble turned out to be 
for the pioneer Rank operation? 

The early years were hard 
going. Port Hamble soon proved 
inadequate for the number of 
boat-owners wanting the Rank 
facilities. The company bought 
and developed the nearby 
Mercury Yacht Harbour. There 
are now approximately 250 
boats iu each marina with 
another 120 berths planned. 
Removing the Hamble mud to 
provide marina space for yachts 
of up to 10 ft draught proved an 
expensive business. Each 
marina has had to be re-dredged 
about once every three years at 
a cost of some £50,000 for each 
marina basin. 

Rank on the Hamble accumu- 
lated a history of losses. The 
turn-round into profit has only 
come in the last three years and 
it has been under the manage- 
ment of Mike Charles, the 
resident director of Rank 
Marine International. He is not 
a yachtsman. There could be a 


lesson there for the leisure 
industry. 

His recipe for success has 
been to provide •anlities to a 
very high standard in return 
for* admittedly hich fees. To 
berth a boat at Fort Humble 
now costs £16 per foot length 
per year, and at Mercury £15 
per foot length per year. 

In return the yachtsman gets 
all-thc year round service. He 
knows that there will be a dock- 
master on duty even on 
Christmas Day to check his 
boats mooring lines regularly. 

Incidentally the old idea that 
marinas arc for yachting 
dillcifantes is rather hard to 
sustain these days. Some of the 
best-sailed racing and cruising 
boats arc being kept in marina 
facilities simply because their 
owners appreciate the conveni- 
ence and find they are enabled 
to spend more time sailing. 

Nevertheless a surprising 
number of boat-owners do 
become victims of a peculiar 
disease which might be dubbed 
Marina Repose. Mike Charles 
estimates that 60 per rent of his 
berth holders take their boats 
out just once a year. 

Tn spile of moving into profit 
the Rank Haiuble operation is 
not likely to contribute a 
bonanza to the group. After ten 
years oF continuous investment 
the profits, although undis- 
closed. are modest on the cur- 
rent £lm a year turnover. The 
best hope of bigger profits in 
the future, in Mike Charles’ 
view is to Further develop the 
boatyard which is now produc- 
ing and completing high quality 
craft. Eventually he would like 
to employ about 100 in the boat- 
yard which would give Rank a 
total staff of nearly 200 on the 
Hamble mafclug it a major 
employer for the district. 

AH of which gives one a com- 
fortable feeling of stability 
about the boating world. For 
Hamble has been a boat-build- 
ing centre for .well over a 
century. 



PROPERTY 


ROYAL WINDSOR 

Close lu town centre and A/.-i 

School and school house of 4,400 sq. ft. approx, and site area 
ol just ovt-r \ acre. Suitable for occupation as (raining centre, 
conversion or re-development (subject to appropriate planning 
permission). Freehold For Sale By Private Treaty now or 
Auctiun later. Rtf RC'SAL 

High Wycombe Office, Tct. 2l2.*!4 


LATIMER. BUCKINGHAMSHIRE 

.triicf.sluiffi 4 miles. Station I mile. Loudon 46 minutes 

Ah (juecii Anne Old Rectory with lovely grounds 

overt i 'Ok mg the Chev? Valley. Mali. Cloakroom, 3 Reception 
Bonn;*. T V. Room. Kitchen. Laundry. Cellar. 5 Bedrooms, 
Dressing Korun. 3 Bathrooms. Valuable Outbuildings. Caragiog, 
Staff Collage, Heated Swimming Pool, Hard Tennis Court, 
Cardens or about II acres. Freehold For Sale. 

Amcrsham Office. Tel. 5636 


fly Order of The Notional Westminster Bonk (Trustee Dept.) 
Administrators of the Estate of Mrs. A. G. Bates 

MID-SUSSEX 

“ SHERGOLDS & RIDDENS FARMS” 
STRcAT & PLUMPTON 

190 ACRES APPROX. 

5 Bedroom Period Farmhouse. Modern Detached Cottage and 
Extensive Buildings. 

AUCTION on 22nd August. 1978 
T. BANNISTER & CO. 

Market Place. and 55. PerrynMufit Road, 

HaywanJi Heath, Haywaidi Heath, 

West Sussex West Sussex 

RH16 1DH RH’4 3ER 

(Telephone: Haywards Heath 412402. 5 lines) 


HORSTEAD— NORFOLK 

(heart or the Broods. Norwich 7 miles. 

two-hour train journey London/ 
Superbly built bungalow (1 959 1 in 2- 
acres of secluded woodland overlook- 
■ng old mill pool. 

Consisting of Urge hall entrance, 
spacious lounge and conservatory, din- 
ing room. Kitchen, bathroom and 
second toilet and three bedrooms. 
Double glazed, lull gas central hearing, 
garaging for 3 ears, stable and 2 
heated greenhouses and summerhouse. 
All mains services. Can only be fully 
appreciated by viewing by private 

appointment. 

Offers over £50.000 
H. G. LOMAX 
—Carpe DJewi” Mill Road, 
Horatead. Norwich 
Tel: Colt! shall (060543) 408 


BUSSELQDRF 
LUXURY FLAT 

appr. 1.200 sq. ft. 3 rooms, entr. 
hall, bach 2 WC. fitted kitchen, 
carp***- 8th floor in 13-floor 
prestige building. Best location 
for. city, airp ort - Autobahn, 
Exhibition grds. Hilton, tncer- 
conti 

DM SZO.OOO 

Contact: 

John Friedmann. Orion Hsus 
Am Bosmeshof 30, 4 DuesseMorf 
Teh Damelrtn r f 45 24 26 


A REMARKABLY SECLUDED 
THREE BEDROOMED 

COUNTRY COTTAGE 

in private quarter acre garden, close 
to riie picturesque harbour. Tremendous 
potential for renovation and moderni- 
sation. 

To b* auctioned in lit* August 
Price guide: £30/35.000 Freehold. 

Jackson A Jackson 
The House on the Quay 
Lymkigton - (0590)75035 



: SHOOTING: 
PROPERTY: LAND: 


GUERNSEY. Charming Olsen Market Bun- 
galow. 3 dounle beds, largo lounge and 
dining room. £IK 1 .000 _ or Blux lullv 
furnished II rooulrod. Write Boa T.4922. 
Financial Times. 10. Cannon Street. 
K+P 4BV- 

708AG0. w.i. Luxurious 3BR-AC Cottage 
on Caribbean's hnest Boll eouree. 
USV70I40 p/dav Onfolf season. Melville 
POB722. Port Ol Spain. Trinidad. WJ. 

RETREAT TO THE, AMERICAN WILDER- 
NESS on the Main Salmon River Idaho. 
U.SJk. LARGE MODERN HOUSE. Hydro 
and Diesel Electric Plants, full city Ser- 
vian on orooeny. Many ExMj Includ- 
ing imaller-A-fraine House and Caom. 
Beaut I Iu i white sand beach on largest 
undammed river in Continental U-S.A. 
Major Year Round Creek through pro- 
per tv. Totally isolated in primitive area 
surrounded Bv 3 million acres Of Govern- 
ment Land. Access By Private Airplane 
and Boat- Price S331.7SO.OO U-5- 

Casll. Brokers Protected- Contact Owner: 
Rodney T Cox. Rt 3 Box 3996. HILlC- 
tjoro, Oregon 97*23. Phene 903-621- 
3300. 


SURREY 

Virginia Water 3 miles i Waterloo about 35 fain. ) 
Central London about 23 miles 

BOARDING AND DAY SCHOOL 
SUITABLE FOR OTHER INSTITU- 
TIONAL USES SI 'EJECT TO CONSENT 
Slain house: 5 Reception Rooms. 12 
Bedrooms. Oil Central Heating. 

Junior and Senior Schools: 12 Class- 
rooms. Gas Central Heating. 

Secondary House. 

Additional features: Gymnasium. 

Garaging for 4. Swimming pool. Hard 
Tennis Court. Playing Field. Paddocks. 
Woodland. 

FOR SALE FREEHOLD WITH 
ABOUT 55 ACRES 

fTTSaTRi 

Knight Firank&Rutley 

20 Hanover Square London W1R QAH 
Telephone 01-629 8171 Telex 265384 



Higham, Nr. Rochester 
OAK LEIGH 

Valuable Freehold Farm 347 acrai Arable, 34 acres Marth. 7 acres Willows. 
Farmhouse. Two Cocbgei, Farm Buildings. Com Drying Plant witb bins in all 
about 294 Acres 

Vacant Possession 
(Subject to occupancies of Cottages) 

FOR SALE ST AUCTION 
(unless previously sold by Private Treaty) 
at 3 p.m. on Tuesday, 19th September at the Ball Hotel, Rochester. 
Auctioneers: Porter & Cobb, Cathedral Chambers, Rochester. Medway 44305. 


T UOS. WHL GAZE & SON 
Upp'-r Ouse Volley 
south West NorfOlP 

GARBOLD1SUAM 

JAQUES 

17th Century 
Detached Residence 
Scheduled Grade II 
3 Rut, 5 Bed.. Garage. Ouibuildliua. 
i acre Mature Gardens and Orchard. 
A FINE PERIOD PROPERTY 

BY AUCTION— SEPTEMBER 

Solicitors' 

Messrs- Waltons & Mono, Cbeha sforfL 
AucTi oncers’ Offices: 

Roydoo Road. DJk. TeL 229 L 


NORFOLK 

7 miles South Norwich, an elegant 
medium sized Georgian Houle in 
about I acre. 3 reception rooms. 6 
bedrooms. 3 bathrooms, oil central 
heating, double garage, heated swim- 
ming pool, offers around <60.000. 
TURNBULL A CO. 

8-10 BANK STRE E T. 
NORWICH. NR2 45A. 

Tel. 0503-60361 


RESIDENCE /HOLIDAY 
INVESTMENT 

North Norfolk Conservation area. 14 
miles from Sandy Berthes, Picturesque 
listed thatched farmhouse (1681) 
luxuriously modernised. 20 rooms (3 
kitchens. 3 bash.. 3 sitting. 9/10 
beds, utility rooms, willed gardens). 
Ideal country /sea ildo house for large 
family group with proven lucrative 
Leering. £45,000 

Teb Ovwttmd (026370) 500 


Bell-lngram 

For Sale bv Private Treaty as a Whole or in Turo Lots. 

ANGUS/PERTHSHIRE 

An excellent arable farm 
together with valuable woodlands 
LOT 1 — Farmhouse. Cottage and Traditional Steading together 
with about 289 Acres. 

LOT 2 — Valuable Woodland block of about 122 Acres. 
Shooting and Fishing over whole property. All with 
Vacant Possession. 

Myth 4 miles Blairgoicrie S miles 

Farther details: Farms Department. 7 Walker Street, 
Edinburgh EH3 7JY. TeJ. No. 031-225 3271. 


JOHN D, WOOD 


EATON MEWS, 
NORTH SW1 

CHARMING TERRA- 
COTTA WASHED 
BELGRAVIA MEWS 
HOUSE 

in excellent condition. 2 
in till-communicating reception 
rooms. 3 bedrooms, bathroom, 
kitchen, garage. Lease 42 years. 
Offers in excess ol £90.000. 

JOHN D. WOOD 

23 Berkeley Squire. W 1 
01-629 9050 
O' 

MARSH & PARSONS 

5 Kensington Church Street, 

we 

01-937 6091 


SUNSHINE LAND FOR sal£. New South 
Wales. Australia. Building block opoo- 
slte reserve and stream. 10 minutes 
stroll to glorious beaches and island. 
Eo ham 3519 evenings. 

MAYFAIR. W.I. -Attractive newly tur- 
mched and decorated Flat. Larne Reces- 
sion HalllOInlng. Two Beds. Modern 
Kitchen and Bash. Rent Eiao.oo aw 
vMt. John D. Wood. 23. Berkeley 
Sou are. London W1X 6AL. 01 629- 

5050 tflel. PHBBI. 

WEST CORNWALL. New IIM Ol OroMTIIOS 
for sale. S.a.e. John Lawlflfttert A Co.. 
23-24 Market Place. Penzance. 


INVESTMENT FLATS 

Eleven self contained furnished flats 
and six Haclca. freehold. Select part 
of town in Wiltshire. All mam 
services, within 3 minutes of main lino 
station to London. Income in excess of 
£ 10 . 000 . 

Write Bor TA9Z6, Financial Timet. 
10, Can non Street. £C4P 4BY. 


london • Edinburgh • Canterbury -Chelmsford ■ Cheshire URANtHAM 

HARROGATE -IPSWICH tfWFS SALISFURf SOUTMtWB 


EAST NORFOLK 

Adjoining the 5eo 0 mite* north ol Greet Vomauth. No-h-I ih tO m-lei 

THE RESIDENTIAL. AGRICULTURAL AND SPORTING 
BURNLEY HALL ESTATE 
1,900 ACRES including: 

The Fine Early Georgian Hall 4 Reception Rooms. 6 Bed and Dressing 
Rooms. Oil Central Hoatinj 

Excellent Farm of 1,020 Acres including * Dwcir.tijj. Grain Storage 
and traditional buildings. Woodland. Roughland inf Dunes adioinmg 
the tea with duck flighting and Decoy Patidv 
Providing some of the ben Wildfowling In England 
WITH VACANT POSSESSION ON COMPLETION 

(subject to cottage occupancies and small letting) 

FOR SALE BY AUCTION 
(unless previously told) 

London Office; Tel. 01-629 7202 or 
Ipswich Office; II Ffuseum Street - Tel. 047) 214241 


ASCOT AREA. 3-bcd Flat, old house. 
Lovely view, own garden. £37.000. Tai, 
0276 73489 


BOAT FOR SALE 


FOR SALE 

MB OCEAN 
STARLIGHT K33 

Stem Trawler built or wood by 
Anderson. Strom non in 1969. L.O.A. 
SOft.. beam 17ft. 6in.. tonnage 24.81. 
Presently being fltxed with new 
Volvo engine. 1 95 ho with 3—1 reduc- 
tion gear. Simrgd Echo Sounder with 
Fitlt Loop. Sailor Radio. K and H VHF 
Dacca 101 Radar. 6 ton Norwinch. 
Hydraulic net drum. Shetland gutting 
machine. Dccca Navigator ind Plotter. 
For further detolla contact; 

REGENCY OILS 

Marine Place, Boeklo 
Telephone 0542 31*30 • Telex 73529 


^ London Office: 13 Hilt Street tvi'hOL Tel: 01 629 7232 J 


BIDWELLS 

Trompington Road Cambridge CB2 210 

chartered surveyors 

Telephone: Trumpington (022-021) 3391 


AYOT ST. PETER 
LONDON 26 MILES 

A Listed Mansion Dating from 1615 

Incorporating superb linenfold panelling 
and Minstrels" Gallery 

5 ft-::cp;ion dooms 7 Further Bedrooms 

3 Bedroom Suites With 4 Bathrooms 

3 Bed room od Annexe and 4 Cottages — Stable Courcya-d 
Hard Tennis Court — Heated Pool — 800-mccrc Airstrip 

ALL IN TRULY BEAUTIFUL AND SECLUDED GROUNDS 

With cither 21 or 1 16 Acres 
FOR SALE FREEHOLD 




Property 


ADVERTISING)^ 


Only £2.00 per line (mininiuni three lines) 
Return this coupon with details of your 

property together with your cheque and 

publication will take place next Saturday. 


CLA S SIFIED ADVERTISEMENT DEPARTMENT 
FINANCIAL TIMES 

lO'CANNON STREET, LONDON EC -IP 4BY 
* For further Information contact Diane Steward 
Tel 01-248 5*284 


■n 
























Financial Times Saturday July 29 1978 


_ 9 






HOW TO SPEND IT 



by Lucia van der Post 


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Gifts from Afar 


GRAHAM & GREENE is one 
of those pretty shops full of such 
charming things that one hardly 
dare go near it too often for 
fear of over-spending. It sells 
mainly a range of furniture and 
furnishing accessories, all of 
which would add a great deal 
of charm to any home. Cane is 
one of its gTeat specialities but 
there is also plenty of pretty 
seconds china, basketware and 
kitchenware. In the three years 
since they’ve been going they’ve 
established quite a reputation 
for attractive, well-made, good 
value bargains. It's like an 
Aladdin’s cave of a shop, a little 
bit higgeldy piggeldy— like a 
bazaar— so that the more you 
look the more you find. 

Graham & Green has been 
at 7. Elgin Crescent. London, 
Wll for some time now and has 
had such a success with this 



• Some of the must unusual of the wares to he 
found at Over the Rond, icus this coLlcctinn of italian 
satin-finished cjlassu-are. Strongly reminiscent of 
the 1920s. with a very Laliquc-like air, t/ie collection 
is made from moulds based on those nf the 1920s, 
and seem to me to offer a richer, more decorative 
alternative to the starker, more Scamlinarmi-tupe 
glasses most smart shops sell. Far left are 1ii"i 
stunning Convolvulus vases. They come in four 
different sues, in pink, white or lilac. Photographed 
is the largest size, 9" high (£12.99) anti the second 
smallest 5" high (£4.99). Near left and above arc 
two glasses from the same company, jxirt of the 
Hibiscus range. Left is a coupe glass ami right a 
water-glass. Both are £ 3.99 each. There are several 
other glasses in the range at simitar prices. 

Photography: James Bla.vncy 


look that last week it opened 
a new shop over the road calling 
it — Over The Road. 

Part of the reason they 
opened Over The Road (at No. 

4) is because they kept finding 
lovely things on their travels 
that were just a bit expensive 
or too luxurious to fit into the 
Graham & Greene image. All 
the stock is hand-chosen and 
old and new are mixed together 
in a delightful way. There are 
flowered tapestry cushions from 
Greece, band-painted glasses and 
glass bowls from Sweden, hand- 
carved mirror frames from Bali, 
as well as a wonderfully erotic 
tea-set from England and 
lacquer-ware from China. The 
whole look is softer and more 
luxurious. 

It’s just the sort of shop that 
will make an ideal stopping-off glass which is wonderfully rich ■•well-designed'' glass that lias 
place for unusual presents of and baroque- looking — a happy been tie rigueur on all ihc best 
all sorts. I particularly like their change from the. orthodox dinner-tables for so long. 


Country Charm . 

UNLESS you are lucky ennugh career opportunities so after 
l.» ha\e home friends who have working on a farm, doing a little 
a piece of Grab ante Amcy's archaeology' and saving up some 
furniture ynu won’l he able to money working in Libya, he 
•*»<' it link's?, ynu are prepared went to work in a sawmill while 
in inakn the rrip to a converted trying to get a job with the 
I .'oh century mnllhouso m the Forestry' Commission. By the 
depths nf Powys. But if you lime he'd discovered that that 
happen in want or need a piece wouldn't work out he’d grown to 
uf emu!, solid, hand-made, love timber and living in a 
hi-autilully finished furniture peaceful and beautiful part of 
w hat cull Id lie hotter than a the country, 
summer trip to the beautiful He used the money he’d saved 
that makes up the Brecon j n Libya to open, a small wurk- 
Keacon-. National Park? shop. The original idea was to 

Grahumc Amey started the make simple furniture in the 
workshop smiiP HI years ago but tradition ur. country furniture- 

fell mlo furniture making makers’ of the kind that used to 

' chance. He had a exist up and down the country', 

^S^ili'vn-c ,n hi-iury which didn't but of whom few arc left. He 
I'Mjrin to pre-cut him with many wanted to do it all by hand but 

in the event found that that was 
impossible, because it took so 
long that the cost of production 
pul the ownership of a piece of 
furniture outside the sort of 
sums that most people could or 
would pay. 

However, the workshop still 
uses unly solid wood. Grahanie 
Amey does most of the design- 
ing himself but eaeh piece nr 
group of furniture is made by 
just one man who has charge 
of it from beginning to end and 
signs it with his own name. 
The photograph illustrates per- 
fectly the kind of furniture that 
he does — it is not elaborate. 
All of it is honest and solid and 
ii is designed to stand the test 
of time. “ I think we have 
. . , _ proved that it does" says 

.\ simpli* country corner Graftamc Amey modestly, 
clipboard, typical of - because the same people keep 
lira Ilium* Amoy's designs, coming back to us for more 
c;ill7 ill asli pieces and quite often if their 




This bed in ash has optional blanket boxes on castors underneath and is £549 


Light on 
a dark 
subject 


ANYBODY GOING camping 
this summer or perhaps holiday- 
ing in a remote cottage far from 
electric light sources, or even 
those travelling long distances 
by car, may have need of some 
strong, independent 1 ight 
source. The only occasion on 
which I ever went camping I 
found the main requirement nf 
a light was that one should be 
able to stand it firmly on the 
ground or table and this meant 
that any hand-held torch was 
quite useless. These two 
fluorescent lights from Pifco 
seem just -the thing. 

Both the lights use fluorescent 



tubes — the one on the left, 
Jupiter, has a nine-inch six 
Watt tube using two PJ996 bat- 
teries land is £11.501, while the 
one on the right, Saturn, has a 
six-inch 4 Watt tube and uses 
eight SP2 batteries (and costs 
£10.50). Both of them could also 
work using a 12V car battery. 


Neither of them are things of 
great beauty but they are 
sturdy, practical and give a 
strong enough light for most 
camping, cooking and other 
emergency needs. They can be 
found in most camping, hard- 
ware and do-it-yourself shops 
and in branches of Halfords. 


Pick your Own 


home circumstances change we 
are able to take their original 
furniture back and sell it for 
more than they paid for it in 
the first place." 

They pride themselves on 
taking as much trouble over the 
parts that aren't normally seen 
as with the outward appearance. 
Cupboard units are backed in 
solid timber and are fixed with 
proper brass screws. The woods 
used are mainly ash or oak but 
if there is some wood you would 
specifically like then they will 
be happy to quote. 

Most of their furniture is done 
to order but orders take only 


about four weeks — less time 
than one often has to wait for 
delivery of a factory-produced 
piece from a big store. If prices 
seem high, remember that the 
wood is solid which involves not 
only a higher cost for the 
material but entails more 
labour. Grahaxne Amey also 
prides himself on the fact that 
he pass his craftsmen a proper 
wage. 

The sort of furniture he 
mainly makes are tables (there's 
a particularly nice stained oak 
refectory table, large enough 
to seat a proper family), chairs, 
benches, coffee tables, Welsh 


dressers, corner cupboards, 
bookcases — in other words, 
simple, country furniture. 

If you can't get to Wales to 
see the workshops then they are 
happy to discuss details on the 
telephone and by letter. There 
is a leaflet with dear sketches 
of most of their basic lines 
which they will send to readers. 
Otherwise the workshops are 
open from Monday to Friday 
from 8 am to 5 pra and on 
Saturdays from 9 am to 4 pm. 
The full address is The Granary. 
Standard Street. Crickhowell, 
Powys ( telephone: Crickhowell 
810540). 


VARIOUS members of my 
family have been fruit picking 
in these past couple of weeks. 
My daughter, just back from 
staying with friends in Sussex, 
tclis me that it’s becoming quite 
a smart pastime in rural areas. 
We decided to go strawberry 
picking on Sunday and found 
ourselves jostling beside a large 
Rolls-Royce (“Quick,” said my 
husband, “ they'll have a 
freezer the size of our drawing- 
room, so we’d better not get 
behind them"). 

We found the fruit amazingly 
quick and easy to pick and now 


have 17 lb of strawberry jam, a 
freezer full of strawberry puree 
ready for ice-creams nr sorbets 
and we and some friends con- 
sumed several pounds of fresh 
strawberries on Sunday and 
Monday night. So, yes. my 
verdict is that " picking your 
own" is well worth it. 

If you want to know where to 
go and when. Home and Freezer 
Digest has just published what 
must be the definitive guide to 
the farms that offer fruit or 
vegetables at lower prices if ynu 
do the picking. They’re a H listed 
by county and beside each 
farm it slates what crops they 
grow, when the season is, as 


well as the address and 'phone 
number so that you can check 
personally that it is worth the 
journey. 

While at the moment soft 
fruits are the must popular for 
picking, there are other things 
like boysenberries, pumpkins, 
courgettes, broad beans and 
sweetcom. all of which you can 
pick in bulk and then freeze, 
thus saving a great deal of 
money and building up a pool 
of foods to be used in emergen- 
cies or when fresh fruits and 
vegetables are scarce. 

The booklet is called "Pick 
Your Own ’’ and is on sale now 
for 60p at most newsagents. 


A)ne worth remembering 


» VICTORY ill under 20 moves 
;am-t ■me nf the world's lead- 
;il.i)vrs is uuarunleed In cn 
iie rm: inis of international chess 
o!ui:i:i>. The classic recent 
-.si a nee wj- Hie 21st came of 
he 15*7-1 h.irpnv v. Korchnoi 
laicli. where Karpov was caught 
i hi- uwit prepared homework. 
\\ fi.it happened was an 
vu'Kplc uf the dangers uf too 
i.oi % .I'M-t.inls. The opening 
rviirml several times earlier 
i the match, and Karpov's 
j-j;:iers. l-'urman and Geller. 
*' nalvsed some new ideas for 
l aet. . \Vh:il Uicy recommended 
i ilit-ir principal had a huge 
i,-1 km! lode which Karpov only 
•it iced as he made his fatal 
.v.-IMh muve 

Knirhnni. in his hook " Chess 
My I Hi- " (Baisfurdi recounts 
. u- incident with relish and 
rue-- - 1 remember what a 
.-lance Karpov, threw at 
li, r,u.« lie resigned. H was 
ml lh.n atlcr this game he gave 
li e.iiiiij ." The game 

.ipe.ireil in I his feature in 1974. 
ill i* now . 1 , 1 a in logically 
•Irvanl. 

While: V. Korchnoi. Black: A. 
.ojiin . npcning- Queens 
itii.in Do rence (2 1st match 
line 197-1 1 . 


CHESS 

LEONARD BARDEN 


The opening moves were 
I P-Q4. N-KB3: 2 N-KB3, P-K3; 
3 P-K.Y3. P-QN3; 4 B-N2. B-N2; 
5 P-B4, B-K2: 6 N-B3. (Ml; 7 Q-B2, 
P-B4: 8 P-Q5, PxP; 9 N-KN5. 
N-B3? 

Korchnoi prefers N-R3. to 
delay White occupying the out- 
post square Q5 with a minor 
piece. 

10 NxQP. F-N3; 11 Q Q2! NxN? 
Better is 11 ... R-Kl. when 
White keeps a slight edge by 
12 NxN ch. BxN: 13 N-K4. 


:N. R-M? i disastrous. 
White’s bishop pair are 
onp in the ending aflcr 
Nj; 13 NxRP! R-Kl. 

... KxN: 14 Q-U6 Ch. 
i QxP ch. K-Rl: 16 Q-R6 
; 17 B-K4. P-B4; IS B-Q5 
: 19 Q-N6 ch. 

IS, N-K4: 1 5 N-N5. RxN; 


CLOCKS 

The now British monlhly 
manarinc lor world 
Clock Lowrs. 

I’ukrtt V, lib inlcrcM 

*»r ihmt « Im *i-pm l*<* tlK* 1 - wto 

cnlfrct them, rt.iorv lU**. 
rhem. tinier with ilirm w iiui cnlojr 
read 1 ns and learninsabwi ihem. 

\l rlitrn hyripcrii Itl P«* 
icrUnml lu(iia(r, lW» beautifully 
prutluced mu nuiuiw. * l*h many 
lull , ••tour picture*, will dcllehi awl 
»(irti<lla<r ytHL Publhteil no thr 4lh 

I rida> d c*.'h mnib. Gn h»i no' 

MUMirnn unu. 

VuMIrhot 1 1 M. VJ". UiL.Cn -A 
llrlda,- MiKI, I lr aid Mcauulitd, 
llrrt*. I-M'linoln 


IS 0-0. 

Before making this move. 
Korchnoi asked the controller 
whether it was legal for him to 
castle with the rook attacked. 
Thai a world title coniender can 
admit to such a doubt on the 
rules makes more credible Uie 
incident in an Australian tourna- 
ment when Averbakh, also a 
Russian grandmaster, protested 
when b*s opponent ensued 
queen’s side with the rook mov- 
ing arrujy an a! tacked square. 
The rules of chess regard castling 
as essentially a king move, hence 
h,.«h those ope rations arc quite 
legal. 

lS...BxP; 19 T-B4, Resigns. 


The recent Nikshich tourna- 
ment in Yugoslavia was the occa- 
sion for another miniature 
where the victim was a “super- 
master" ranked in the world’ top 
dozen. Black plays the opening 
horribly but instructively. 
White’s ’* "aToczy Bind" forma- 
tion of pawns at QB4 and VI 
cramps Black's game unless the 
latter takes vigorous counter- 
measures. Far from doing that. 
Black combines . . . P-KN3 and 
. . . P-K3. which weakens the 
dark squares and the QP, and 
for good measure wastes further 
time on moves 7, 9 and 10. While 
takes full advantage to win by 
an entertaining attack. 

White' W. Uhlmann (East 
Germany). Black: L. Ljubojevtc 
(Yugoslavia). Opening: Sicilian 
Defence (by transposition). 

The opening moves were 
1 P-QB4, P-QB4: 2 N-KB3, P-KN3; 
3 P-Q4. ~-N2: 4 P-K4. PxP; 5 NxP. 
N-QB3; 6 B-K3. P-Q3 ( more 
active is N-B3: 7 N-QB3. N-KNS); 
7 N-QB3, P-QR3? 

The only reasonable plan for 
counterplay is 7 . . . N-R3; S 
P-B3. P-B4, 9 Q-Q2. N-B2. 

S B-K2. P-K3? 9 Q-Q2. N-K4? 
10 R-Ql, Q-B2? 

Black now loses by force, 
though N-K2; II P-B4. X-Q2: 
12 NxP! PxN; 13 QxP. 04); 14 
B-N4 is also very good for 
White 

11 Nl4)-N5! (a typical Sicilian 
sacrifice, but the follow-up has 
some original touches), PxN; 12 
NxP. Q-B3; 13 NxP ch, K-K2 (or 
K-Bl: 14 N-B5! PrN; 15 Q-QS 
ch, Q-Kl: 16 B-B5 ch); 14 Q-X4. 
K-B37 

Black seems intent on hari- 
kiri. 14 . . . BQ2 would hold uul 
longer. 

15 P-B4, P-KN4 (if N-Q2: 16 
N-KS mate): 16 PxN ch, K-N3: 17 
NxBP! Resigns. If 17 . . . KxN; 
IS B-R5 mate. 


POSITION No. 226 





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12 





A A 

a 


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WHITE 


IQ men) 


From a recent Russian game: 
White (to move) sacrificed two 
exchanges (rook for minor piece) 
to reach this position with 
Black's king trapped in the 
centre. Black now threatens to 
consolidate by R.Q1 and the 
question is whether White can 
find a way through, cither for a 
win or for a consolation draw by 
perpetual check, before Black's 
material advantage decides. How 
should the game go? 

PROBLEM No. 226 
BLACK (6 men} 









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E 



£ 

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JL 







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S 







_ 



WHITE (tlmen) 

White mates in three moves at 
latest, against any defence (by 
A. Lauritzen, Denkcn und Raten 
193H. 

Solutions, rage 10 


A crop of vintage hands 


I WAS DELIGHTED to receive 
a paperback editioh of Odd 
Tricks by Travis White, 
published by GBC Press. Las 
Vegas al $3.95. This book saw 
the light of day in 1934. and 
contains many excellent bands 
which you will find entertaining 
and instructive. 

Let us look first at this: 


BRIDGE 


E. P. C COTTER 


N. 

♦ 5 4 
PQ'7 4 

A 10 6 5 4 

♦ A 5 3 

W. - E. 

* A Q 10 3 ♦ K J 9 . 

8 6 2 t T > 9 

OQ98 v ,1 7 S 2 

* K 10 7 * Q J 6 4 2 

S. 

♦ 8 7 6 2 

C A K J 10 5 3 

£ K 

*98 


With East-West vulnerable 
South dealt and bid one heart. 
North replied with two 
diamonds and. raised his part- 
ner’s rebid of two hearts to four 
hearts. 

West get off to a good start 
by leading the two of trumps, 
which cut down dummy's ruffing 
power. South won in hand, 
cashed the diamond King, and 
led a spade. West won with his 
ten and led the six of hearts 
which was taken by the seven. 
Another spade brought the 
Knave from East, but West over- 
took and led his last trump, 
leaving the declarer w;th buir 
losers. 

South ignored the possibility 
of setting up an extra trick in 
diamonds. -The opening lead 


had shown that the opponents 
would not allow spade ruffs if 
they could prevent them. 

At trick three he too should 
lead a spade but he is ready to 
keep both options open. If the 
defenders do not lead trumps, 
lie will get the needed ruff; if 
they do. be must hope that the 
heart seven is an entry — East 
had played the nine at trick 
one, and there was no reason to 
suspect a false card. West 
returns the heart six, and 
dummy's seven holds. The 
diamond Ace is cashed, on 
which a club is discarded, and a 
low diamond is ruffed. 

When both opponents follow 
suit, the declarer’s troubles are 
over. He crosses to dummy with 
a heart to the Queen and ruffs 
another diamond, setting up the 
ten on the table. The club Ace 


remains as entry to enjuy the 
established diamond for aonther 
discard, and the only losers are 
three spades. 

The next hand illustrates 
counting: 

nI 

4 Q .1 7 2 
r- K 7 2 
o J 10 

* A 6 5 4 

W. E. 

*965 * K 8 4 3 

A 10 8 4 3 ' ? Q .1 

■; A 9 6 4 2 •: K S 7 

* — * J 9 S 3 

s. 

* A 10 
9 6 5 
Q 5 3 

* K Q 10 7 2 

Nobody was vulnerable, but 
both sides had a part score when 
South dealt and bid one club. 
West overcalled with one heart, 
and North raised to three clubs. 
This was passed to West who 
bid three diamonds, and South 
went to four clubs. East 
doubled — a bad double — and 
all passed. 


West led the diamond Ace 
and a second diamond was take] 
by the King. East returned tin 
heart Queen to his partner’ 
Ace, and another heart wa 
taken by dummy’s King. A cl ul 
was led to the Queen, dummy’ 
last heart was discarded on thi 
diamond Queen, but the con 
tract could no longer be madi 
— East was bound to make i 
trump trick. 

Counting should point thi 
way. East must hold not onl: 
the spade King, but also fou 
trumps to justify his double. A 
trick five the declarer shouh 
lead dummy's two of spades 
finesse the ten, and cash thi 
club King, confirming his pre 
limtnary count of The hand. 

He now cashes the spade Ace 
crosses to dummy's Ace o 
clubs, and leads the Queen o 
spades. East covers, and Soutl 
ruffs. Now the diamond Queei 
is ruffed on the table, the spadi 
Knave gives a home to South’ 
losing heart, and a trump is led 
enabling South to finesse am 
pick up East’s trumps. 


IT HAS BEEN Viktor Korch- 
noi’s week in Baguio City. The 
47-year-old Russian defector had 
a winning position in the fifth 
game of the world chess cham- 
pionship match yesterday but 
missed the decisive move when 
short of time. All tbe experts 
wrote off Karpov’s chances .at 
adjournment, but not for 
nothing is the world champion 
considered nearly unbeatable. 
He found an excellent sealed 
move, which not even Korchnoi 

expected. 


WORLD CHESS 

LEONARD BARDEN 


Korchnoi could easily be two 
up. His attack in the third 
game should have won. but he 
over-pressed and had to draw 
by repeating moves, Karpov 
has been unsettled by his 
opponent's continual surprises 
in the opening, and when 


Korchnoi chose 
inferior move in ; 
world champion a 
minutes before i 
draw. 

Although he ha 
Korchnoi remaii 
blunders caused 
fatigue. He ; 
enormous task ii 
games from Kar 
not lost more tha 
chess event sini 
schoolboy. 






-10 


Financial Times Saturday July 23 1??$;; 



ARTS 




ENSA, then and now 






Basil Dean’s brain-child ENSA 
is getting the full treatment on 
Radio 4. Part one, which took us 
from the outbreak of war to the 
Blitz, when George Formby en- 
tertained fugutlves from the 
bombing in Aldwych tube station, 
went out last Saturday, and you 
can hear part two at 1.15 pm 
today. Charlie Chester, who as 
principal comedian with the Joe 
Loss Band did hundreds of 
ENSA shows during those years, 
is the narrator. As well as ex- 
cerpts from artists like Grade 
Fields, Frances Day, Avril 
Angers, Harry Lauder, Arthur 
Riscoe singing to enthusiastic 
service audiences, the pro- 
gramme, written by John Laird 
and researched by Stephen Wil- 
liams, contained live interviews 
with many troupers whose genius 
for total recall has remained un- 
impaired throughout the inter- 
vening years. The boozy, bless- 
*em-all, keep-your-pecker-up 
mood was recreated with that 
nostalgic sharpness peculiar to 
radio. 

ENSA was a huge operation in- 
volving, it is estimated, 2Jm 
shows to audiences of 500m; 


RADIO 

ANTHONY CURTIS 


now that all the wisecracks about 
Every Night Something Awful 
have receded, its importance as 
a sustainer of morale and cm- 
balmer of social attitudes may 
be gauged. Riscoe's ditty plead- 
ing for the preservation of his 
butter ration caught the temper 
of the time and has become 
curiously topical again vis-a-vis 
Brussels. 

Everybody pinches my butter. 

They won't leave by butter 
alone. 

And nothing is better than 
butter 

For keeping the old man at 
home. 

Please leave my butter 
aloo-oo-oone 1 

Although everyone who was 
anyone performed for ENSA, 
most of the artists were not star 
names; they were old pros re- 
cruited from the ranks of the 
pre-war pier-end concert parties 
which had not fortunately been 
disbanded wben war broke out 

In September 1939 as Rex 
Newman. ENSA's director of 
light entertainment explained, 
they were immediately pressed 
into service to entertain the 
troops, and after Dunkirk gave 
innumerable shows in factories 
and works canteens as the ENSA 
spirit permeated the entire war 
effort 

Ernie Bevin as Minister of 


Labour was quick to see the 
paint of- restorative concerts for 
munitions workers In the lunch- 
break: “The show lasted for 20 
minutes. It began ordinarily 
enough with a song in which the 
company took part; then the 
comedian, putting on a derby to 
show he was a funny man, did 
his piece; the younger of the 
two women played the con- 
certina; then the older woman, 
raddled and painted, began to 
sing. She had little voice, and 
she had a cold, but she had 
immense vitality. The audience 
wanned up and soon she bad 
them singing with her. In a 
minute it had ceased to be a set 
concert and become a singsong." 
That, observed by Somerset 
Maugham on a visit to Woolwich 
Arsenal in 1940, was what ENSA 
was all about, as this cheerful 
programme demonstrated. 

1 suppose it was an example, 
in practical entertainment terms, 
of the English spirit of solidarity 
which we beard so much about 
from a discordant string quartet 
of professors and politicians in 
A Most Peculiar Island (Radio 4, 
July 25). The performers here 
were Dr. A. H. Halsey. Ralf 
Dahrendorf, Enoch Powell and 
Tony Bean, under the occasional 
baton of Michael Charlton. The 
pretext for their discussion was 
to reconsider and thrash out 
some of the points raised by Dr. 
Halsey in his recent Reith Lec- 
tures. He had begun with 1 some 
vibrant chords from the French, 
liberty, equality and fraternity, 
and had taken a close look at 
social change in modern Britain 
against the background of these 
ideals. Powell asked what 
relevance these essentially Gallic 
concepts had here. “ if you 
mean brotherhood, freedom and 
solidarity then I’m happy. 

Then Benn proved lo have a 


grasp of the radical strand in 
English history going back to 
Runnyznede that was Impressive 
in Its de tail. 

Soon the air was thick with, 
names like Paine, Burke, Adam 
Smith and William Morris. It 
was left to Dahrendorf to suggest 
that the politicians were 
“ obsessed by continuity " and to 
try unavaiHngly to take the dis- 
cussion out of a historical con- 
text and place it in a more anaty- 
tical one. 

Anyone who expected clear-cut 
conclusions would have been 
disappointed but it was interest- 
ing to hear people given plenty 
of time to develop arguments, to 
listen to speakers, not having to 
suffer constant interruption. Per- 
haps the same format could be 
applied to other areas and disci- 
plines. Especially in arts pro- 
grammes. 

Snatches of music by Jerome 
Kern, George Gershwin and Cole 
Porter interrupted tbe r amblings 
of another old pro in Perform- 
ing Flea, ' a programme about 
P. G. Wodehouse compiled by 
Sam Pollock (Radio 4, July 23); 
tbey were fropi the musicals he 
wrote in the 1920s with Guy 
Bolton. What a good idea to 
get Sir M'.chaei Redgrave to read 
(he word; of the Master. They 
were taken mainly from the book 
he wrote about himself with the 
same name as tbe programme; 
all the old stuff about his youth- 
ful escape from the Hongkong 
and Shanghai Bank and his 
experiences as an internee in a 
Belgian prison camp during tbe 
war came up again. His words 
always wear exceedingly well, 
especially when uttered so sym- 
pathetically, but one day Radio 4 
really must give us a full por- 
trait of “Plum” compiled from 
many sources, a feature which 
penetrates tbe defences of that 
remark ajle Englishman. 


THEATRES THIS WEEK 
■ . . AND NEXT 


QUEST0RS. EALING— Faust. 
Enterprising amateur production 
of the Urfaust, short but power- 
ful version of Goethe's Part One. 
Opened Monday. 

CHICHESTER — Look After Lulu. 
Unhappy 1959 re-write of Fey- 
deau by Noel Coward. Good 
cast led by Geraldine McEwaa, 
Kenneth Haigh and Fenella 
Fielding. Opened Tuesday. 

HALF MOON — Tigers in the 
Snout. Tedious new play about 
women in a mental institution, 
spiritually performed but not 
worth the effort Opened . 
Wednesday. 

OPEN SPACE — Boa Hoo. New 
play by American Philip Mag- 
dalany, directed by Charles 
Marowitz and starring Janet 
Suzman, Estelle Kohler and 


Georgina Hale. Opened Thursday. 

The RSC gives over its AJd- 
wych platform to a new play by 
Steve Gooch on Monday, The 
Women Pirates Ann Bonney and 
Mar]i Read. Other new work in 
London next week includes 
Eclipse by Leigh Jackson at the 
Royal Court (Wednesday) Wil- 
liam Douglas Home’s The Editor 
Reffrets at Greenwich (Thurs- 
day) and Rosemary Anne 
Sisson's The Dark Horse at the 
Comedy (also Thursday). The 
third London opening on Thurs- 
day is a waik-around revival of 
Bartholomew Fair at the Round 
House, adapted and directed by 
Peter Barnes. Out of town, the 
Coventry Mystery Plays open in 
the ruins of the old. cathedral 
on Tuesday. 



James Earl Jones as Paul Robeson 


Paul Robeson 


I've beard Paul Robeson at 
Her Majesty's Theatre- described 
as a musical. It is not' that even 
thongh James Earl;. Jones who 
impersonates the great perform- 
ing artist of the title sings a few 
snatches from some at his most 
famous songs and Burt Wallace 
sits at the piano in the role of 
his accompanist. .- Lawrence 
Brown. . The music is mainly 
background to a distillation of 
the life rather than $ie art of 
Paul Robeson, a dialogue con- 
trived by Phillip Haves Dean, 
who has a nimibero# apier plays 
to his credit for one larger-than- 
life character, the replies of the 
people Robeson engages in con- 
versation are unhearty>ut under- 
stood. It is tbe technajiie of the 
one-man show alleviated by 
occasional interventions from 
Mr. Wallace and it works well 
enough in a setting 'consisting 
only of a few -wooden chairs that 
leaves everything to the imagina- 
tion. 

It works for two reasons. First, 
because Mr. Earl Jones is an 
engaging performer of presence 
and physical mobility, particu- 
larly his face and arms, hut with- 
out tbe grandeur, oceanic 
voice of the original; and second, 
because we start wltlf a pre- 
conception of Robeson tfhich the 
play to some extent corrects as 
it proceeds along 11$ fairly 
straight biographical course. The 
life of Robeson does in itself 
represent one of the archetypal 
dramas of modern .tipies. the 
rejection by an individual of the 
society in which he succeeded in 
gaining bis acceptance only after 
an heroic struggle. /- 

The first half of the iffkjw deals 
with the struggle, tab second 
with the acceptance abd the re- 


jection. The author is deft in 
his handling of such strong, 
richly provocative material, and 
clever at quick transitions. He 
leaves the indignation to us and 
wisely does not insist for too 
long on any single aspect of the 
story. He shows ns the intensity 
of the racial prejudice which 
Robeson had to overcome in his 
college career at Rutgers. New 
Jersey, where he was born and 
where he excelled as a football 
player, and again as a law 
student in New York. The 
theatre discovered him almost by 
accident when he played in a 
charity show after which came 
the famous encounter with 
O'Neill who cast him for a main 
part in All God’s Qtillun Got 
Wings, then to replace Charles 
Gilpen in The Emperor Jones. 
Jerome Kern and Showboat in 
the London production followed 
that. Robeson was on his way. 
He had begun to insist on his 
own terms. 

Mr. Earl Jones has eyes which 
are adept at showing astonish- 
ment and he opens them very 
wide when he becomes a 
celebrity in Loudon and is taken 
up by Lady Astor while making 
friends with two students called 
Keuyatta and Nkrumah. But 
this is only a prelude to his 
mature political awakening in 
Soviet Russia, in Germany and 
in the Spanish Civil War. A 
scene where he is among the 
Americans in the International 
Brigade is quietly effective and 
prepares ns for his last period 
as an outcast within the United 
States after bis confrontation 
with the House Committee. Only 
now does Mr. Earl Jones turn 
the volume on full and permit 
the anger and the pride to wipe 
the open-eyed grin from his face. 

ANTHONY CURTIS 


Wiv i JMe bit of luck 

. Moss Empires, who control the genera! ary h Roy'sbaw. by 

Palladium and Victoria Palace Lfaaxpool by The Arts Council is putting 

Theatres in London, this week a^ho^basis until £45,000 into the Leicester pro- 

committed £20,000. towards the auttmrities have. In Mr^ duen'on of JgJ ^ 

<* » M" wwucta, _ “sortrf ««!■*»£. Ergs* “ 



fate of the theatres his company 
can no longer afford to run. /: 

When Louis Berijamiri Joined, 
Moss Empires as ah office boy 
some 40 years ago, the company 
operated over 30 provincial ' 
theatres. When he returned as 
managing director In 1970 (hav- 
ing In the meantime established s 
himself as managing director of 
Pye Records) there were just 
five venues left, and his im- 
mediate task: was to cut losses 
and secure the theatres' . future;. 
Touring theatre is, on the- Whole,:, 
a thing of the past in ■ this ; 


THEATRE 

MICHAEL COVENEY 


country; there is neither tbe 
general availability of suitable 
product nor sufficient public sup- 
port to maintain a large local , 
following outside of pantomimes & 
or outstanding attractions. ' In 
the past few years, with tbe soar- 
ing costs of a labour intensive 
industry, the fate of these large 
barns has hung precariously in 
the balance. V 

In the 1920s. a theatre like the 
Bradford Alhambra or the 
Oxford New could cover its costs 
and those of a touring manage- 
ment by playing to an overall 
capacity of 30 per cent. Today; 
even capacity business will not 
do the trick. 

Negotiations are. currently - 
underway for Moss Empires to 
relinquish central office control 
of the Bristol Hippodrome. The 
lease is to be sold to. the local 
council and a deal completed 
whereby Moss retain a booking' 
arrangement to ensure the con- 
tinued operation of the theatre. 
This general pattern of purchas- 
ing or assigning, hooked to a., 
booking arrangement, has 
characterised the completed 
negotiations on the four other- 
provincial theatres previously- 
owned by Moss: the Birmingham? 
Hippodrome, the Liverpool'. 
Empire, the Manchester Pal act 
and the Theatre Royal, NottmJC, 
ham. Tbe Manchester Palace,, 
is shut at tiie moment because' .: 


theatres was 

ran iiuse annual losses until, duced by Cameron Mackintosh 
^ toe^ompany, in association with the Leicester 
gwith the other major pro* HaymarkeL 
a theatre set-up of Howard So, once the Bristol deal Is 
etV’yndbaxn's, made stern completed. Moss and Louts 
Sentation to the Arts Coon- Benjamin will concentrate on 
*Even when “ dark," a their booking commitments, the 
.with 2,000. seats was cost-.; variety bill at the Palladium 
iout £3,000 a week to (where Danny La Rue will star 
jn. ■ in this year's pantomime, 

c summer, the' Arts Council Aladdin, budgeted at £250.000 
red to lend: a hand. For It with a £5 top price ticket) and 
he nation^ interest .that the running of .the Victoria 
arge theatres are retained. Palace, where Annie looks set to 
»d and made available for run for a few years. The trans* 
major touring companies formation of the Victoria Palace 
commercial entertainment, from ' the home • of the Crazy 
no good the Arts Council Gang, the Black and White 
ring them for the Royal Minstrels and Max Bygraves into 
ara or the National Theatre a well-appointed haven for lavish 
Gout acknowledging a respon- musicals is now, thanks to the 
" y also to provide the tax- success of Annie, complete. As 
with Ken Dodd and Danny Louis Benjamin admits, there is 
e Hence the alliance in hardly room in London for one 
it years between the com- variety house (the Palladium ). 
al sector and the Arts let *lone two, so a new future 
il, an alliance openly beckons for the Victoria Palace. 



Louis Benjamin 


Leonard Burt 


TV/Radio 


t Indicates programme In 
black and white 

BBC 1 

7.40-8.30 am Open University 
(Ultra High Frequency only), B.00 
Ragtime. 9.15 Scooby Doo. 9.35 
Why Dont You . . .? 10.00 Rock- 
face. tlO-25 Charlie Chaplin in 
“The Fireman" tl0.55 Laurel 
and Hardy in "The Chimp.” 11.23 
Weather. 11.25 Cricket; First 
Test — The Cornhill Insurance Test 
Series, England v New Zealand. 

1.30 pm Grandstand: Racing from 
Goodwood (1.35. 2.10. 2.45, 

3.15); Cycling (1.50, 3.30) The 
Centenary and Newmark 
Track Meeting including the 
Post Office Mile of the Cen- 
tury handicap; Cricket: First 
Test (225. 3.00, 3.30) England 
v New Zealand: 5.10 Final 
Score including racing results 
and cricket scoreboard. 

5.20 Emu’s Broadcasting Com- 
pany (EBC-1). 

M3 News. 

S55 Sport /Regional News. 

6.00 Wonder Woman. 

6.45 Saturday Night at the 
Movies: The Wild North" 
staring Stewart Granger 
and Cyd Charisse. 

8.20 Seaside Special from Tor- 
bay starring Rolf Harris. 

9.10 Kojak. 

10.00 News. 

10.10 Sailor. 

10.40 The Expert. 

11.30 Stuart Burrows- sings bal- 
lads, songs, operetta and 
grand opera. 

AU Regions as BBC-1 except at 
the following times: 

Wales — 8.50-9.15 am Hobby 
Horse. 12.00 News and Weather 
for Wales. 


Scotland— HUM News and 
Weather for Scotland. 

Northern Ireland— 5.55-6.00 pm 
Northern Ireland News and Sport. 
12.00 News and Weather for 
Northern Ireland. 

BBC 2 

7.40 a.m.-L30 pm and 1.55-2.45 
Open University. 

3.10 Saturday Cinema: “The 
Scarlet Blade," starring 
Lionel Jeffries and Oliver 
Reed. 

430 Cricket: First Test Eng- 
land v New Zealand. 

7.15 News, sport. 

7.30 Network. 

840 Royal Heritage. 

9.10 The Question of Law and 
Order; Debate, with the 
Home Secretary, Merlyn 
Rees, and William White- 
lsiw Hip, 

10.40 Cricket: First Test (high- 
lights). 

1U0 News on 2. 

1 11.15 Monster Double Bill; "Man 
Made Monster" starring 
Lon ' Chaney Jr., and at 
1 12.15 am “The Mummy's 
Curse." 

LONDON 

8J»0 am The Saturday Banana 
with Bill Oddie, part L 8.55 
Sesame Street. 9A5 The Satur- 
day Banana, part 2. 10.15 The 

Monkees. 10.45 The Saturday 
Banana, part 3. 11.30 Space 1999. 
1230 pm World of Sport: 12.35 
International Sports Special 
(1) Water Ski Jump Classic 
from Bachman Lake. Dallas, 
plus Weightlifting — European 
Championships from Havirov, 
Czechoslovakia, plus, Cycling 
— Tour de France from Paris, 
and the Australian Pools 
check; 1.15 News from ITN; 
1.20 The ITV Seven — 1.30, 
2.00, 2J0 and 3.00 from New- 
market; 1.45, 2.15, and 2.45 


from Thlrsk; 3.10 Inter- 
national Sports Special (2) 
Polo— The Coronation. Cup 
from Smiths Lawn. Windsor; 
4.00 Wrestling; 4.55 Results 
Service. 

5.05 News from ITN. 

5.15 Cartoon Time. 

5.30 Laverne and Shirley. 

f.00 Doctor on the Go. 

6JSO The Life and Times of 
Grizzly Adams. 

730 Mr. and Mrs. 

8.00 3-2-1 with Ted Rogers. 

9.00 Col umbo. Part 1. 

10.00 News from ITN. 

10.15 Colombo. Part 2. 

11.00 Revolver with Peter Cook. 

11.45 The Entertainers; The 

Pasadena Roof Orchestra. 

1230 am Close — Xanthi Gardner 
reads from "The Prophet" 
by Kahlil Gibran. 

All IBA Regions as London 
except at the following times: 

ANGLIA 

0.00 Bn Undersea World of Captain 
Nemo. *30 The Next Week Show. 1130 
Taraan. 5.00 pm Happy Days. 6JM The 
Rolf Harris Show. 7 JO Gambit. XLU 
Ac the End of the Day. 

A TV 

9.85 am The Shape of Things. 930 
Sesame Street MJO ATV Saturday Mom- 
ins Picture Show : "The Emperor's New 
Clothes." followed by "The Master of 
BaUancrae" and the Buper aerial. "Mystery 
island.** 545 pm The Life and Times of 
Grtzzy Adams. 645 Ur. and Mrs. US 
Father Dear Father. 745 ' 3— S— 1_ 145 
Saturday Cinema : “Please Sir.** starring 
John Aide rt on and Dcrrcfc Gorier. 1845 
Soap. HUB Tbe Law Centra. 1L« 
Revolver. 

BORDER 

1130 am Tartan. 5 JO pm Happy Days. 
MO Mr. and Mrs. 631 The Bionic Woman. 
730 Oh No. It's Sehryn Froggitt. 9JM 
Feature Fflm : "The Mercenaries," part 
x. 1045 Film : The Mercenaries (coni.). 

CHANNEL 

1241 pra Puffin’s PlaiDce. 530 Happy 
Days. MO Backs to the Land. 630 The 
Six MHU on Dollar Man. 730 Father Dear 
Father, lum Law Centre. 12JN ITte Elec- 
tric Theatre Show : Kenneth WflHama. 


GRAMPIAN 

940 am Talking Bikes. 935 Scene on 
Saturday, including Btohday Greetings 
and Ctrir Car. 1085 The White Stone. 1830 
Sesame Street 530 p* jtappy Days. 680 
Mr. and Mrs. 730 Bafts to the Land. 
1L* - Reflections. 

GRANADA 

930 am Sesame Street 1045 Breakers. 
1055 Saturday Matinee ; *'I Love a 
Mystery." 530 pm Happy Days. 6.00 Mr. 
and Mrs. 630 BackA to the Land. 780 
The Bionic Wmnhn. 980 "The 
Mercenaries," starring 'Rod Taylor. 1045 
The Mercenaries (cont.n 1L4S- Gihbfvifle. 

930 am Sesame Street. \ 1045 Breakers. 
lJLSS Saturday Matinee:' "I Love A 
Mystery." 530 pm Happy Days. 680 
Mr. and Mrs. 630 Backs, to the Land. 
780 The Bionic Woman. 9.B0 ■■ The Mer- 
cenaries,” starring Rod TaylOr. 1045 The 
Mercenaries l continued). 1145 Glbbsvllle. 

HTV 

945 am Old House, New Home. J 1845 
Batman. XUS Beachcombers. 1280 hassle. 
530 pm Cuckoo Waltz. 6.00 Happy [Days. 
730 Definition. 980 “Age of Consent" 
starring Janies Mason (part 11./ 2045 
"Age of Consent" (cont.L 1 1.05 Revolver. 

HTV Cymru/Wales— As HTV Genera] 
Service except : 530880 pm Sion -a Sian. 

SCOTTISH [ 

1 940 am Talking Bikes. 935 Sean the 
Leprechaun. 1148 The Blank: Woman. 
530 am PhsiHs. 680 The Cncfctxi Waltz. 
980 "The Mercenaries," starring Rod 
Taylor (part 1). 1045 "The Mercenaries" 
(caned.}. U45 Late Call. I . 

SOUTHERN ! 

1130 am Taman. 1245 pm Regional 
Weather Forecast 530 The Cisco Kfct 
680 Happy Days. 630 The life and 
Tunes of Grisly Adams. 730 Mr. ana 
Mrs. 980 " The ' Mercenaries” 1 starring 
Rod Taylor (part 11. 1845 ■•The Mer- 
cenaries ” (coat). 1145 Southern News. 
a.SO Havock- } 

TYNE TEES ! 

980 am Lyn's Look-In. 940 Lucao. 1085 
Lyn's Look-in. 1845 The Paper Lada. H045 
Saturday Morning Film : "Abbott and 
Costello in the Foreign Legion." "1245 pm 
Lyn's Look-la. AM Mr. and Mrs. 630 
The Bionic Woman. 730 Backs to the 
Land. 980 "The Mercenaries." starring 
Rod Taylor (part -1). 1045 "The Mer- 
cenaries" (part jn. 1180 within These 
Walls. 1288-EpDogne. 

ULSTER 

1080 am Saturday Horning Movie: “The 


Bella of St Tristans.” starring Alistair 
Sim and Joyce GrenfaJL 1130 Sesame 
Street. 530 pm Happy Days. 680 Ob 
No It’s Selwyn Froggit . . 980 Feature 
Film Part I: "The Mercenaries 1 ' (part 
li. 1042 Spans Results. 1045 Feature 
Film (Part 2). 

WESTWARD 

945 am Talking Bikes. 1045 Cartoon- 
time (Popeye). 1040 Loft and See. 1130 
Gus Houeytnm’s Birthdays. 1135 Code 
“ R.” 530 pa Happy Days. *80 Backs 
to tbe Land. 6J0 The Six Million Dollar 
Dollar Man. 730 Father Dear Father. 
1180 The Law Centre. 1280 The Electric 
Theatre Show: Kenneth Williams. 1230 
Faith for Life. 

YORKSHIRE 

940 am Talking Bikes. 935 Mystery 
Island. 1045 The Gene Machine. HJ0 
Code R- 530 pm Happy Days. 680 Mr. 
and Mrs. 630 The Bionic Woman. 
.730 Backs to the Land. 980 “The Mercen- 
aries " (Pan One). 1045 “ The 

Mercenaries" (Part Two). 1145 The Bob . 
Newhart Show. 

RADIO X* M7m 

(S) Stereophonic broadcast. 
t Medium Wave. 

580 am As Radio 2. 886 * d Stewart 
with Jnlor Choice iSl. including 032 
Cress-Channel Motoring Information. 1080 
Adrian Juste. 1280 Paul GambaccinJ. 
130. Rock On iS). 230 Alan Freeman 
(S). 531 Robbie Vincent <S). 630 In 
Concert (S). 7 30-282 am As Radio 2. 

RADIO 2 VHF 

. 580 am News Summary. 582 Tom 
Edwards with The Early Show (S). in- 
cluding 583 Racing Bulletin. 886 As 
Radio l. 1082 Tony Blackburn (Si. 1282 
pm Two's Best iS). 182 Offbeat with 
Braden (S). 136535 Sport On 2: Com- 
monwealth Games Special 030, 2401 235, 
£25, 580}; Racing from Goodwood (130, 
240. -245, 345, with classified check at 
540); Cricket 030, 280. 240. 235, 345. 
530) England v. New Zealand and news 
of Schweppes Championship games pins 
news or motor racing, golf. 689 Cross 
Channel Motoring Information. 6JM Euro- 
pean Pop Jury. 782 Des O’Connor Enter- 
tains. 730 Sports Desk. 733 Radio 2 Tim 
Tones iS). 880 An Evening in Vienna 
concert (Si. part l. MO Talk by Irene 
Prador. 980 Concert, part 3- 1082 Saturday 
Klgbt with tbe BBC Radio Orchestra (S'). 
lUKl Sports Desk. 1385 Ray Moore win 
The Late Show iS), tncinding 1280 News. 
280-282 am Nows Summary. 


RADIO 3 464m. Stereo* VHF 

735 am Weather. 880 News. >85 
Aubade (S). 180 . News. 985 Stereo 

Release IS). 1845 Schubert piano 
recital (S). 1U5 Cricket: First Test— 
England v. New Zealand. 135 pm News. 
140 Can tbe Commentators. 280 Lunch- 
time scordboard. 641 Tel Avfr string 
Quartet (SV. 730 Prams 78 pari !: Britten. 
Brahms (Si. 845 So&dienftsyn and the 
Politics of Dostoevsky ittik by Stopben 
Carter). 845 Proms ft pari 2: Bart ok 
(SI. 935 Tbe Market Economy. 1085 
Leri air conceit (S). 1845 -Songs from 
SDckUn with Debra Bhattacurya. 1035 
Sounds Interesting (SI. 1345 News. 
1130-1135 Tonight’s Schubert Song iS). 

VHF— 680880 am Open University. 880 
With MW. 1145 Cheltenham Festival 
1078 concert (S). 1230 pm Interval Read- 
ing. 1445 Concert, part Z. 180 News. 
185 Heritage. 140 Janacefc and Schumann 
(Si. 220 Man of Action Trevor Nunn 
chooses records (Si. 335 Music of the 
Masters (5). 580 Jam Record Requests 
(Si. 545 Tef Aviv Siring Quartet (S). 
640 Dramas in Verse. 640 With MW. 


RADIO 4 

434m, 330m, 283m and VHF 
630 am News. 632 Farming Today. 
630 Yours Faithfully. . 63S Wither 
programme news. 780 News. 740 On 
your farm- 740 Today’s Papers. -745 
Yours faithfully. 730 It’S a Bargain. IB 
Weather, Programme News. 180 Netta. 
840 Sport on 4. 845 Yesterday In Pari Iff- 
ment 980 News. . 985 Internationa] 
Assignment. 930 The Weft In Westmin- 
ster. 935 News Stand. 1045 Daily Ser- 
vice. 1030 Pick of the Week. 1X40 Time 
for Verse. 1130 Science Now. X280 News. 
1282 r« Away from It AIL 1221 The 
News Quiz (S). 1235 Weather; programme 
news. LOO News. 135 Ensa. 280 Book- 
shelf. 230 TUirty -Minute Theatre. 580 
News. 385 Does Ho Take Sugar? 335 
Music of (he Masters (As Radio 3). 580 
Kaleidoscope Encore. 530 Week Ending 
. . . (S). 535 Weather; programme news. 
680 News. 645 Desert Island Discs. 630 
Stop the Weft with Robert Robinson. 
7 J0 Those You Have Loved <51. FJS 
Saturday-Night Theatre (Si. 938 Weather. 
1080 News. 10i5 A Word in Edgeways. 


1180 Lighten our Darkness. 1145 New*. 

BBC Radio London 

206m and 94.9 VHF 
380 am As Radio 8. 732 Good Vishng. 
880 News. 845 The London tiaitlem-r. 
830 David Kremer with SaturtUy 
1X30 The Robbie Vincent Saturday show. 
2-W pm Bob Pnwel with London cnmtrry. 
*38 Marjorie thibov ui!h Close t’P. 580 
Sounds Good. 630 CkHk--. As Radio 2. 

\ CHESS SOLUTIONS 
Solution to Position No. 226 
l • NxP! forced a win by 
1 ..PXN; 2 BxP ch. K-Ql; 3 B-B6 
ch, QxB; 4 Q-Q6 ch K-Bl; 5 
•B-Q7 ch, K-Ql: 6 B-B6 Ch, K-Bl; 
7 Q-Q7 ch and 8 QxB mate. 
Solation to Problem No. 226 
1 K-BS! PxP dis ch; 2 K-N7, 
and the rook cannot simultane- 
ously stop the queen mates at 
KN3 or QB7. 



WEEKEND CHOICE 


Love Boat’s Crew: ITV 


SATURDAY. After a day in 
the garden there is a choice 
between American policemen 
Kojak (BBC 1) and Colombo 
(ITV). Yorkshire TV has a 

new quiz show 3 2 1 on 

the . network ■ with lots of 
curvaceous ladies and some 
comic interludes. Its me for 
Radio Three (Britten, Brahms 
and Bartok) or Saturday Night 
Theatre on Radio 4, which this 
week is The Vienna Connection, 
a light-hearted spy thriller. 

SUNDAY looks a UtUe more 
inspiring. The One and Only 
Hunter has one of my favourites 
Alan Badel as an ex-MP turned 
comedy man (are they not the 
same?). London is among the 


regions which can taste the 
Love Boat, an American import 
which has been seen elsewhere 
at other times. Very much U.S. 
light entertainment wallpaper 
the Love Boat is set aboard a 
British cruise ship, one of 
P & O’s Princess liners, not 
that you would know it from the 
accents of the actor crew. The 
series has been worth millions 
in promotion value for P ft O 
in the U.S., which only goes to 
show that no publicity is bad 
publicity. Tbe Editors BBC I 
talks abtiut the White Paper on 
Broadcasting, see FT Page 12 
today instead and have an early 
night. ■ AS. 








CC— Those theatres accept certain credit 
cards by telephone or at the Bax Once. 


OPERA & BALLET 

COLISEUM. CC. 01-240 5250. 

Reservations 01-836 3161. 

ENGLISH NATIONAL OPERA 
Seaton opens tonight at 7 with The 
MmIc Flute, alto Aug 1. 3 and S U 
7.30 Tomor. and Wed. at 7.30 : La 
Schema aKo Aug. 2 A S. 104 balcony 
seats, avail, from 10.00 day or peri. 
Important nolle* : Now production ot 
Menottn The Consul replaces scheduled 
peris, at Carmen. Peri, on Aug. 4 Is 
cancelled. For further details ring 01-240 
5230. 


COVENT GARDEN. CC. 240 1066. 

(Gardencharge credit cards 836, 6S03). 
Last peri, this season. 

THE ROYAL BALLET 
Today at 2.00 and 7.30 : Four Schumann 
pieces. 1)»e Firebird. The Concert. G5 
Amnnr sens a vail, from 10 am. 


GLYN DC BOURNE FESTIVAL OPERA. 
Until Aug. 7 with the London Phil- 
harmonic Orchestra. Toflloht- Wed. and 
Fri. next at 5.30 : The Rake's Progress. 
Tomor. Tu*. and Thur. next at 5.30 : 
Cost (an time. Mon. neat at 6.15 _La 
Boheme. Possible returns orlv. Box 
office GWndebourne. Lew«. E. Sussex. 
<0273 812411). N.B. The curtain for 
Cos) will rise at 5.30 share : .Theta Is 
no possibility of admittance for Late- 
comers. 


ROYAL FESTIVAL HALL, 925 31J1. 
{No oert. today). Tomor. at 3 and 7.30. 
Mon- Tue.. Wed. »"d Thur. next at 7.30. 
The sensational 
BATSHEVA DANCE CO wl» 
GALINA AND VALERY PANOV 


SADLER'S WELLS THEATRE. Rosefaere 
A«- EC1. 837 1872. Hon. to AUO 20 
Evoniirns 7.30. Mats. Eats. 230 
MARCEL MARCEAU 
with PIERRE VERRY 


THEATRES 

ADELPHI THEATRE. CC. 

, 7 R&'E M1 ”m?Nr- *Mt 4 °- 
Of TSf6. B n&7 M a U 4 ,C 1^0. 

IRENE IRENE IRENE 
“LONDON'S BEST NTOHT OUT. 

CREDFT CARD nt BOOKINGS 536 7611; 


»■ .m y ms 3878. Credit card fakos. 
536 1071-3 from e.30 am p-rw raw 
itaii TuiL Wed. Md FrJ, 7^3 pni- 
Thur*. ind Sjjl- w?LCOM£ IS 

A THOUSAND N ™g R WaCOME IS 

MIRACULOUS • MUSICAL." Fin. Tlmoa. 
A»ti * TO SEE IT AGAIN. Daily Mirror. 


ALDWYCH. 836 6404. Into. 836 5332. 
Fully air Conditioned. ROYAL SHAKE- 
SPEARE COMPANY In repertoire. Tonlgnt 
Tomor. 7.30 Red. price previews premiere 

Steve Gooch's THE WOMEN-PIRATK5 
ANN BONNEY AND MART REAV. 
Press Nighr Mon. 7.00. With: Stria docra s 
THE DANCE OF DEATH .nm iSr 1 
Aug.). RSC also at THE WAREHOUSE 
■see under Wi and M the Ptccad'ix 
Theatre In fcnal peris. Peter Ntchols' 
PRIVATES ON PARADE. 


b“ sexiest 

Ih]£. B E' Si^ay 3 .- 0 * n- S -° °- m - ^ 


FR EE- 455 6224. Evenings Kurt 
Vonnogott's “Player Plano" by James 
SJiJPS?’ To *s--Sat. 0,00 p.m. No shows 

MOJICraySe 


AMBASSADORS. CC. 01-536 1171. 
Nightly at 8.00. Matinees Tues. 2.45. 

Saturdays at 5 and 5 . 
PATRICK CARGMX and TOriy ANHOLT 
„ In SLEUTH 
Hie World-Famous Thriller 
_ bv ANTHONY SHAFFER 

“Seyina ttio jUjy again 1 , 

S£?Sr„ a E* J®*'-;; «*unch- Seat prices 
£2.00 to £440. Dinner and Top-price 
seat £7.30. 


APOLLO. 01-437 2683. Ev unless 5.00. 

* nd B - M - 

‘ ,Art0r ^,S^1tuTE r R8.'^!S fl W SKlMart - 

' SHUT YOUR EYE5 AND 
THINK OF ENGLAND 
"Wickedly tunny." Times. 


ARTS THEATRE. 01-835 21 3Z. 

TOM STOPPARCrS 
DIRTY LINEN 

“Hilarious ■ . - see rt." SundM Times. 
Monday to Thursday 0.30. Friday and 
Saturday at 7.00 and 9.15. 


ASTORIA THEATRE. CC. CAarlnfl Crass 
Rd. 01-734 4291. M or. -Thur*. 8 p.m. 
Frl. and Sat. S4M .and BAS. iftuffn 
food areJIaMe.) 

ELVIS 

"Infectious, appealing, foot stamping and 
heart-thdoiMitg-'' Observer. Seats £2.00- 
£6.00. Halt-hoar oefore show best avail- 
able setts £3.00. Mon.-Thurs. and Frl. 
6 o.m. pert only. 


svBtnf 


CAMBRIDGE. CC- 838 6056. Mon. to 

TTuirs. 8-Ofl. 5.45 5M 

IP1 TOM EH 

betting Slack African Musical. 
''Packed with yarltgy." Dly. Mirror- 
^^Te« prices JU.M-CE.50. 

THIRD GREAT TEAR 
Pinner' and top-price seat £a.73 inc- 


CHICH ESTER. 0243 8)312. 

Today at 2.P 0,_ A ug. 1 et -7.00 
THE A5P8RN PAPERS 
Tonight. July 3 1. Au g. 2 at 7.00. 
LOOK AFTER LULU 


COMEDY. 


01-930 2578. 


Red. Price Prevs. Aug. 1 and 2 at a-OO. 
Opens Aug. 3 at 7.00- Su&s. Mon.- Frl. 
8.00. 5at. 5.00 and 8-30. Mat. Thur. 3.00 
EDWARD WOODWARD 
BARBARA JEFFORD hi 
THE DARK HORSE . 
with STACY DOORNING and 
PETER WOODWARD 
A cracking New Play by 
Rosemary Anne Sisson. 


CRITERION. 930 3218. CC. 838 1071-3. 
Ergs. 8. Sats. 3J0. 8-30. Thors. 3.DO. 
NOW IN ITS SECOND YEAR 
LESLIE PHILLIPS 
In SIX or ONE 
A HALF A DOZEN LAUGHS A MINUTE 
SECOND HILARIOUS YEAR 
"VERY FUNNY," Son. Tel. 


DRURY LANE. 01-836 8108. Mon. to 
Sat. 82)0. Matinee Wad. and Sot. 34)0. 
. A CHORUS LINE 

" A rare, devastating. Joyous, astonishing 
. stunner.- S. Times. 3rd GREAT YEAR. 


DUCHESS. 836 8243. Mon. to Thurs. 
Evenings 8.00. Frl., Sat. 6.1S and 9.00. 
OHT CALCUTTA! 

"The nudity Is stunning." DaHy Tel. 
9th Sensations) Year. 


DUKE OF YORK’S. 


01-838 5102. 


Evenings 8.00. Mats- Wed., Sat. 3.00. 
Limited Season. " 

JOHN 

In Julia MltcheJTl 
HALF-LI FI 
A NATIONAL THEATRE PRODUCTION 
■’ BrtfiLantlY wlttv ... no one should 
miss R." Harold Hobson (Drama). Instant 
credit card reservations. Dinner and Too 
price seats £7.00. 


FORTUNE. 030 2238. Eva. 8.00. Thors. S 
Sat. 3.00 and 8.00. 

Murid Pavtow as MISS MARPLE'S In 
AGATHA CHRISTIE’S 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


Evas, s.o Mac. Wed. 3.0. Sau 5.30 
rtMOfHY WEST, GEMMA JON 
MICHAEL KITCHEN 
In HAROLD PINTER’S 
THE HOMECOMING 

" BRILLIANT-— A TAUT AND EXCEL- 
LENTLY ACTED PRODUCTION," O. TeL 
“AN INEXHAUSTIBLY RICH WORK^ 
Gdn. " NOT TO BE MISSED." Times. 


GLOBE THEATRE. 


01-437 1592. 


Eves. 8-15 Wed. 3-0, Sat- 6.0. 8.40. 
PAUL EDOINGTON, JULIA MCKENZIE 
BENJAMIN WHITROW In 
ALAN AYCKBOURN’S New Comedy 
TEN TIMES TABLE 

■*TMs mint be the banpiest. laughter- 
maker In London." D. Tel. "An lireSstlbly 
enjoyable evening," Sunday Times. _ 


GREENWICH THEATRE. 01-858 7755- 
WILLIAM DOUGLAS HOME'S 
Newest play 

THE EDITOR REGRETS 
Reduced oriee prevs. Aug. 1 and 2. Opens 
Aug. 3 at 7.M mb*. 8.0. Sac S aad S. 


Entertainment Guide 


GREENWICH THEATRE. 


856 .7758. 


HAYMARKET. 950 W32. Eras. S-OV 
Wednesdays 2-30. .Senirday 4 JO and 8.00 
PAUL SCOFIELD 
HARRY ANDREWS. _ 

E bron°* PEACOCK 

^ * 

A new ptav by RONALD HARWOOD. 

Directed by CASPER WRCDE. 

“An admirable Play, honest, weH con- 
ceived, properly worked ouL freshly and 
fittingly written — r ichly satisfying-— Paul 
Scsftew at bis best,” 8. Levin. S. Times. 


HER 


t MAJESTY'S, CC 01-930 6808. 
Eras. 8.0. ' Mats. Wed.. Sat. 34)0. 

JAMES EARL JONES IS 
PAUL ROBESON 

A New Play bv PMIlp Haves Dean. 


KING’S ROAD THEATRE. 352 7488. 
Mon. to Thur. 9.0. Frl.. Sat. 7.30. 9.30 
THE ROCKY HORROR SHOW 
OONT DREAM IT. SEE ITT 


9 PALLADIUM. CC. 01-437 7373. 
NOW UNTIL AUGUST 19 _ 

u. Toes- Thurs. and Frl. at 8. 

_ . “ -6.1o anT 

JSKTi 

lino Ol-a 


..IE TWO 
_ in a Spectacular 
Book now on hot 


LONDON PALLADIUM. Sunday. July 30. 
at B.30 p.m. LAST LONDON CONCERT 
OF THE LEGENDARY FAIROUZ- Seats 
from £2 available at Chappell's Bcuc 
once. SO. -New Bond St.. W.1 . 629 34S3. 


LYRIC THEATRE. 01-437 3886. En. S.O. 
M»L: Thur. ^S-LS.O and 8.30. 

with EUxaboth Archer and Trevor GrUfithe 


iwial imunm,- c. news. 

“ AN EVENT TO TREASURB." D. Mirror. 
“MAY IT FILL THE LYRIC FOR A 
. HUNDRED YEARS.” Sunday Time*. 


MAYFAIR. 629 3038. Air cond. EvS. 8. 
Sat- s.30 and B.30, Wed. Mat. 3-00- 
WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 
UNDER MILK WOOD 


MfcPMAID. 248.76561 Restaurant 246 
2835. Evenings 7:30 and 9.15. 
EVERY OOOO BOY 
D ESERV ES FAVOUR ^ 

A play for actors end orchestra bv TOM 


MISS -THIS PI-AY.- sun. Times. 


MERMAID. 01-243 7656. Otust. 248 
2835). LUNCHTIMES This week O.tK 
pm- 1.55 join) MY SHAKES PEAKS 
ROBERT EDDISON 

3.30 Sir Bernard Miles Illustrated 
Lecture “ Elizabethan London and Its 
Theatres.". Price SOp for each evenL, 


NATIONAL THEATRE. 928 2252. 

OLIVIER (awn stage) : Today 2.45 and 
7.30 THE CHERRY ORCHARD by 
Chekhov trans. by Michael Frayn. 
LYTTELTON iproscenlum stage) : Todav 
3 and 7.45. Mon. 7.45 PLUNDER by 
Ben Travers. 

COTTESLOfi (small auditorium) : Tent, 
and Mon. 8 AMERICAN BUFFALO by 
David Mamet. 

Many excellent cheep seats eJl 3 theatres 
day of pert. Car park. Restaurant 928 
2033. Credit card bkSS. 928 3062. 


OLD VIC. 928 7616. 

PROSPECT AT THE OLD VIC 
June-Sent, season. 

Eileen Atkins. Brenda Brace. Michael 
Denison, Derek Jacob) hi 
THE LADY'S NOT FOR BURNING 
"Fresh and buoyant." DaHy Telegraph. 
Today 2.10 and 730. 

TWELFTH NIGHT - 
“An outstanding revival. " The Times. 
Return* August 4th. 


OPEN AIR, Recent's Park. Tel. 486 2431. 
ShaWS MAN OF DESTINY AND DARK 
LADY OF THE SONNETS. Tonight 8.0. 
With MARIA AITKEN, IAN TALBOT. 
HELEN WEtR. DAVID WHITWORTH. 
A MIDSUMMER NIGHT’S DREAM. 
Tomorrow 2-30 3 7-45. Peter Whittaraad 
In EXIT BURBAGE LunchtiPM Today i.i E 


PALACE 


CC. 


Oh -437 6634. 


Mon. -Thun. BA. Frl. and S«L 6 & 8-40. 

JESUS CHRIST SUPERSTAR 
bv Tim Rica and Andrew Lloyd-Webber. 


PHOENIX. 01-835 2294. Evenings 8.15. 
Friday and Saturday 6.00 and MO. 

“ TIM BROOKE TAYLOR. GRAEME 
GARDEN make us laugh.-' D. MaiL 
■ THE UNVARNISHED TRUTH . 
Tb* Hit Comedy by ROYCE RYTON. 
■■ LAUGH. WHY I THOUGHT I WOULD 
HAVE DIED." Sunday Times. ** SHEER 
DELIGHT." Ev. Standard. "GLORIOUS 
CONTINUOUS LAUGHTER TlflKS. 


PICCADILLY, 437 4506. Credit card bkgv 
036 1071-5- 8.30 im-lIJO pm. 

Evga. 7-30. Sat. 4.30 -and- 8. Wed. mat. 3 
LAST TWO WEEKS 
Royal Shakesoeere Compamrln 
OUTRAGEOUS ADULT COMEDY 
by Peter Nichole . . 

PRIVATES ON PARADE 
. BEST COMEDY OF TUB 1 YEAR 
Bv, std. Award and SWET Award. 


THE 


PRINCE EDWARD. CC itormeriy. Casino) 

S I-437 6877- Parformanees Til* Week, 
ras. 8.0. Mat. Thur. 3.0. Sat. 5-0. 8.40. 
NOTE CHANGE OF SAT. PERF5- • 
From AUGUST S. Sats. 3.00 and 840 
and tram SEPT. 2. Sats. 34)0 and 8.00. 
EVITA 

bv Tim Rice and 'Andrew Llord-Webbar. 


PRINCE OF WALES. CC. 01-030 8881. 
Evenings 8JL Saturdays 5.30 -and BAS 
THE HILARIOUS 
BROADWAY COMEDY MUSICAL 

I LOVE MY WIFE 

starring ROBIN ASKWlTH 
Directed by GENE SAKS. 

CREDIT CARD BOOKINGS 930 0846. 


QUEEN’S THEATRE. CC. 734 1166. 
Eras. 8.00. Wad. 3wQ0. Sat 5.00 and 8.30 
ANTHONY QUAYLE • 

FAITH BROOKE. MICHAEL ALDRIDGE 
and RACHAEL KEMPSON 
In ALAN BENNETTS 
THE OLD COUNTS Y 
BEST PLAY OF THE YEAR 
Plays and Players London Critics Award 
Directed bv CLIFFORD WILLIAMS 
LAST 2 WEEKS. ENDS AUG 5. 


quUN’S. CC- 01-734 1166. Peers. 

'™ RO ri u £U'c e i, jSKfS v^HTrs 23 - 

and RICHARD VERNON 
GEORGE CHAKARISM DR AC OLA 
THE PASSION °OF ORA CD LA 


RAYMOND REVUE BAR. CC. 01-734 1593 
At 7 pm. 9 dm. 11. pm. Opens Suns. 
PAUL RAYMOND presents 

THE FESTIVAL OF EROTICA 

Fully alr-eondUlonad 
21st SENSATIONAL YEAR. 


REGENT. CC lOktord Circus Tube), 
01-637 9882-3. THE GREAT 

AMERICAN BACKSTAGE MUSICAL. 
Reduced Price prevs. from Thurs. 


ROYAL COURT. 730 
Pre*% at 8. Opens Again. 
World premiere of ECU 
jackaon 


174% Air Cond. 
lust. 2 nd at 7Sm: 
by Leigh 


ROYALTY. Credit- Cards- 01-408 800« 
Moodav-Thursdav Evenings 8 .O 0 . Fridmv 
5 JO and 8.43. Saturdays 34M and £38! 

London critics vole BILLY DANIELS In 
BUBBLING BROWN SUGAR ' 
Beat Musical of 197J 
Bookings accep ted. Major credit cards. 


SAVOY THEATRE. 


01-836 8866. 


WHOSE JLJfE 15°^ ANYWAY? 

SHAFTESBURY. Cc! 01-4136 — I55T 

Sbaltesbury A»^ T (HI|h ; „HoJb £ 5 B . 5 “; 

GODSPflU, 


PrtCM 62 to «. Beat setts £2Jlb. ijlhoj) 
before _ahow _at_ Box Office. • Mon.-Tftnr. 


B.is'. Fri’.” Snd"'SaL°* 3 -STand ’bjo"' 


STRAND. 01-836 2660. Evenings 8. DO. 
Mat. Thurs. 3 . 00 . Sat 5.30 and 830. 
NO .SEX PLEASE — 

WE'RE BRITISH 
TTVE WORLD'S GREATEST 
LAUGHTER MAKER 
GOOD SEATS £44K)-£1 .DO- 


ST. MARTIN’S. CC. 836 1443. Era. 8.00. 
Matinees Tues. 2 .as. Saturday’s 3 and 8. 
AGATHA CHRISJE'S 
THE MOUSETRAP 
WORLD'S LONGEST -EVER RUN 
26tb YEAR 


TALK OF THE TOWN. CC. "54 SOS1. 
8.00. Dining. Dancing (Bars open 7.15) 
930 Suoer Revue 
RAZZLE DAZZLE 
and 11 pan. 

LOS REALES DEL PARAGUAY 


u £Sft!£S.,o 


730 2554. 


IRISH EYES AND ENGLISH TEARS 
by Nigel Baldwin 


VAUDEVILLE. 836 9988. CC. Evs. 8.00. 

Mat. Tues. £.45. Sat S and 8. 

Dinah SHERIDAN. Dulcle GRAY 
„ A MURDER IS ANNOUNCED 
The newost whodunnit bv Agatna Christie. 

Re-enter Agatha with another . whn- 
dunnl* htt. Agatha .Cnrtstie Is italklng the 
wen End yet again with another of her 
DlendlshTy Ingenious murder mysteries,'' 
Felix Barker . Evening News. 

AIR CONDITIONED THEATRE. 


VICTORIA PALACE. 

. .829 4735-6. 834 1317. 

STRATFORD JOHNS 

SHe,L ANNie C,t 

Eras. 730. Mata. Wad- and Sat. 2A5. 


WAREHOUSE. Oornnar Theatre, Coven! 
Ga dan. 936 6606/ Royal Shakespeare 
Company. Tgn't 7.00 Press night. Pete 
A 8- . R. All scan £1 .80. Adv. 
Student standby £1 . 


WHITEHALL. 01-930 6692-7765. 

Evga, 8.30, FrL and Sat. 6.4S and 9. DO, 

PMI *a3S 1, RSmr (r 3 - tK 

aex nonn or tne century 
_ DEEP THROAT 
6th GREAT MONTH 


WINDMILL THEATRE. CC. 01-437 8312. 
TWIco Nightly 8.00 and 10.00. 

. _ Sunday* 6.00 and 8.00. 

PAUL RAYMOND areaents 

THE EROTI- EXPERIENCE OP THE 
MODERN ERA 

“Takes to unprecedented limits what 1 * 
EV - 


wyndhaws. 01 -836 3D2B. Credit Card 
BkK.- HM 1071 -3 from 8J0^m. (5;™ 
Thor. S-09. Frl. and Sat. 5.15 and ttSO 

very' 

^ •aarfffflBaafc—? 

.. supreme comray and re Uglon." 

“MAKES YOU SHAKE, WITH 
LAUGHTER." Guartlin. 


Y £UNG VIC. 928 6363. 

pen Jonson's. BARTHOLOMEW PAIR. 

P«J- tonight at 7.45. II A rtptw- 
ina production." S. r.m«. 


CINEMAS 

A«C 1 AND 2 SHAFTESBURY AVE. 
3 . 555?' Sep. peris. A n_ aeat s bkble. 
ii 200 1 i A SPACE ODYSSEY <U1. 
XX; 2.2S. 73S. Late show 

ronight 11 . 0 s. 

= = ™| . WARM (A). Wk. and sun. 
li 0 ?^ 5-1 *• 8,1 *• Late mow toffight 


^t W P^^NE n ! Y a.?l. ISg^oS! 


c iiAS3IC. 1, 2, 3. 4. Okford Street (opp. 
Tottenham Court Rd. Tuba). 636 0310. 
v 4T,?,.A ^progs. Children half-price. 

Walt Disney's HERBIE GOES TO 
MONTE CARLO ,ui. Progs. 1.30. 3.40- 
THE GODFATHER 

MdS url P> WAKLOROS OF 
riOTURE SHOW 1AA), THE PLANK ,VI. 

' ■ Brill. 


6^a D 3l: 

Lare show 1 0.55 p.m. 



‘■SS.PIUIMUAM THEATRE. 930*1252 
Burton. Roger Moore. Rlrnard 
GeTce ,yf rdv , Krugrr in THE Wtip 
V\BSE (A). Sec proas. Wks. 1 .00. 

is? 


5®*?* m?V be 6b6lcrd"in advance id? 8.16 

n.'rrl. 


. Mon. 

sun, ewa. late nig 


St 


all props: Sat and 
shows. 


"gsi-a'SPiffi gepiunu'.u: 

3 " Dly.. Doors open, momma 



■xfy? c «WAP , .FT4 i-wr, vTTyt - B ia t . 

Mr. "ir.q ABJVIVTV fAJ Sfl. 

fl"* 'il--- ■«!>- 1 t if 1 * 15 . 90 S: 

tanaSST • : • .r L 1 5 S ” ,, 



sj ! > 






I 

i 


.1 



leisure 


The Newcastle master 


THOMAS BEWICK, in the 
opinion nf Ruskm. was “ with- 
oul training . . . Holbeins 
equal.” " J know no drawing so 
Miblk* as Ro wick's since the 
fifteenth century, ox cent Hol- 
bcin s and Turner’s." 

N»» one perhaps would have 
been more surprised at praise 
like thu than Bewick himself, 
thr lohhini; engraver of New- 
castle. who passed almost his 
whole working life at lending to 
u-ade orders in his little shop 
m Sr. Nicholas Churchyard, 
and Tor whom the great works 
nT Iwiok illustration were almost 
a h> -product. Yet it is hard 
m dispute Rusk in's high 
opinion in the rate of Bewicks 
depiction* of birds and animals: 
nr the miniature vignettes in 
which he captured the life of 
his nanvr Northumberland: or 
the nu mite narrative pictures 
which he punmngly called 
■’ Talc-pieces." 

Single-handed. Bewick re- 
vived the art or wood-engraving 
which had declined sadly since 
the days of Dikrer and the 
fifteen! h-cen lu rv masters. The 
popularity oF copper engraving 
had relegated wood-blocks to 
the crudest needs of popular 
printing. In over half a century 
or his creative career Bewick 
strove constantly to refine the 
technique and to devise 
methods of cutting and print- 
ing which would enlarge the 
gradations of lone possible to 
wood-block printing. The very 
last work on which he was 
engaged, in his 75th year, was 
a method to give stiil greater 
subtlety to the toning by over- 
printing several complementary 
blocks on a single picture. 

Bewick generally sketched 
only the broadest outlines on 
the block before commencing 
to engrave. The real creative 
work was done through his cut- 
ting tools: so that he trans- 
formed wood-cutting from a re- 
productive to an autographic 
process. 

Thomas Bewick died 130 
years ago, in November 182S: 
and to commemorate him the 
T.amg Gallery in Newcastle has 
mounted the most comprehen- 
sive exhibition to dale. A sur- 
prisingly large assembly for 
an artist who worked on so 
.-mail a .scale, tt has been 
organised by Iain Bam. and 
designed by Rohm Wade, who 
was responsible for such 
notable events as the Chinese 
am| Turner exhibitions at the 
Royal Academy. 



Detail of a portrait of Thomas 
Bewick by William Nicholson 
(1784-1844) 


The coverage of Bewick’s 
life and times ranges from use- 
ful comparative chronologies 
to a rather large tooth which 
he lost at the age of 74 and 
apostrophised in a humorous 
tribute to its. fidelity: and there 
is a very’ comprehensive record 
of his work as an Illustrator. 

The special importance of the 
exhibition however is its stress 
on his work as a trade engraver 
in metal (.there is even a re- 


COLLECTING 

JANET MARSH 


construction of the workshop in 
St. Nicholas Yard); the revela- 
tion of Bewick's talent ,as a 
watercolourist: and a large- sec- 
tion on the many apprentices 
— some of them first-class 
artists in their own right i — 
who emerged from the Bewick 
w orksbop. 

Bewick was horn in Cherry- 
hum, on the banks of the Tyne 
12 miles west of Newcastle; 
and he spent the rest of his 
life in those parts. After his 
apprenticeship to Ralph Beilhy, 
one or Hie family of great New- 
castle craftsmen, lie briefly 
tried his luck in London, hut 
concluded, " I would rather be 


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ACCOMMODATION 


ANCiCNI maR.nERS i* 0" send* no Q*n 1 

di.iTM Minais. ir cared W bv ** ^ 

piea-.e a;knnwleciue “•■in * CATHEDRAL Few vacancies «n 

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PERSONAL 

ST. KATHARINE’S DOCK 

For Uior very jpwwf clcosioji ! 

PROMOTIONS. LUNCHEONS. COCKTAIL PARTIES. ETC. 
aboard 

The Thames Sailing Barge "Jock" 

Moored alongside the lower Hold. 

Call and ter n«. or rma. P*™* Nantall. *>T-^SS 255 
Than... 5.U.n S Hat* " loci." St. Kalian- « Harm. Tc.tr Bridge. EK 


herding .sheep on Mickley bank 
top than remain in London, 
although for doing so I would 
be made premier of England-" 
The work of the Tyneside and 
the rural life or Northumbria 
remained a life-long inspiration. 
His woodcuts record not only 
the pleasures and beauty of the 
rural scene, but also the wild 
cruelty of which the North is 
capable. There is a striking vig- 
nette in his History o) British 
Birds depicting a starving 
sheep and lamb vainly nibbling 
at leafless bushes. His last 
work, Waitinp for death is 
a haunting and terrible image 
of an old horse “turned out, 
unsheltered and unprotected, to 
starve of hunger and of cold ” 
on the bleak hill tops with only 
the shelter of dry stone- walls. 

For his great works The 
General History of Quadrupeds 
and The History of British 
Birds Bewick always liked to 
work from life: and hurried to 
the itinerant menageries that 
stopped in Newcastle. His 
power was his clarity and 
directness of vision. A Vic- 
torian critic, F. G. Stephens, 
compared his reverence and 
humility in the face of his sub- 
jects to that of the water- 
colourist 'William Hunt who 
was 11 frequently heard to say, 

■ f almost tremble when 1 sit 
down to paint a flower'."- This 
drew from Bewick's daughter 
the cross riposte: “ Thomas 
Bewick trembled none I " 

Bewick's fame as a naturalist 
was already wide in his 
lifetime; and there is a 
touching account of bis meeting 
with the great American 
naturalist J. J. Audubon the 
year before he died. The two 
very different men got on 
famously. “The old gentleman 
and 1 stuck to each other, he 
talking of my drawings and I of 
his woodcuts. Now and then he 
would take off his (cotton night- 
cap) and' draw up his grey 
worsted stockings to his nether 
clothes: but whenever our con- 
versation became animated, the 
replaced cap was left sticking, 
as if by magic, to the hind part 
or his head, the neglected hose 
resumed their downward 
tendency. . . 

In connection with the Bewick 
commemoration. Robert D. 
Sieedman of Newcastle have 
published a special catalogue of 
hooks illustrated by, or about 
Bewick. Steedmans. established 
over seventy years within a 
stone’s throw of the site of 
Bewick's old workshop, is one 
ot the best antiquarian book- 
shops in the country, and cer- 
tainly in the north east. 

You might not guess it at 
once, because the shop bas an 
iceberg character. All you see 
when you walk in is a single 
room with a general stock of no 
special distinction except clean 
condition. Only an impressive 
case of local history books and 
maybe a dozen modest but 
choice antiquarian items on dis- 
play hint what treasures may 
lurk behind the Cerberus- 
guarded oak gate to the further 
regions behind. It is only 
through catalogues like this, or 
their stands at privileged book: 
fairs that you discover Steed-! 
mans' class. 

Catalogue no 131 (which costs 
£1.50 from 9 Gray Street,- New- 
castle. or from the Laing) is 
itself a contribution to Bewick 
literature. Extensively 
annotated, the 200 items are the 
result of several years’ collect-! 
ing, and include every edition 
of Bewick's Quadrupeds, Birds 
and Aesop's Fables published in 
his lifetime and under his super- 
vision. 

Stcedman's catalogue includes 
one of the few imperial paper 
copies of the first edition of the 
first volume of Birds: Bewick 
himself was unable to find one 
for a friend in 1S17. There is 
also one of the only three known 
copies of a special edition of 25 
copies of the illustrations to the; 

! Birds, produced by -Bewick in. 
1817 to show the best work that j 
• could be produced in wood cut. , 
This is priced at £625: as col- 
lectors’ books go, Bewick is still 
remarkably accessible: and the) 
catalogue lists (or listed) at; 
£400 another yreal rarity. A j 
New Lottery Book of Birds • and ! 
Beasts, ior Children to learn 
their Letters as soon as they 
can Speak, a 24-pa gc chapbook 
of 17TI which probably repre- 
sents Bewick’s earliest illustra- 
tions of natural history. 


’ POTATO BLIGHT is one of 
those diseases that makes a 
fairly regular progression across 
Britain every summer. Starting 
in the west, usually some time 
in late June or early July, it 
sweeps swiftly eastwards so that 
the whole country is affected by 
the end of July. The reason for 
this is two-fold; first that the 
fungus which causes blight 
requires a fair amount of 
warmth and humidity to thrive, 
and these conditions usually 
occur earlier in the western 
than in the-eastern counties, and 
secondly that spores -which 
spread the fungus, being mainly 
weed-distributed, are swept east- 
wards by the westerly and south 
westerly winds which are so 
frequent a feature of our 
climate. 

Potato blight can be a 
devastating disease. It attacks 
every part of the potato, leaves, 
stems and tubers: tomatoes are 
equally susceptible to It. The 
leaves usually show the Erst 
* damp, black patches, which 
I indicate that blight has arrived, 
simply because they are most 
likely to catch the first micro- 


ANYONE who thinks that they 
might have a holiday this year 
after all is in for a rude shock 
when they visit, their travel 
■agent. A few calls during the 
course of this week showed little 
if any accommodation for most 
of the prime areas during the 
next month, particularly if you 
are in the average family want- 
ing two adjacent rooms. 

The best bet if you arc deter- 
mined to head for, say. the 
South of Spain or some of the 
better British resorts is to hope 
that your travel agent is quick 
enough to pick up someone 
else's cancellations. If money is 
not the problem you can always 
take a scheduled flight (cheap 
tickets are extremely hard to 
find this year)- and pay full rate 
but even then do not set out on 
spec — it is a very busy year in 
most places. 


THE MERCEDES with a single 
occupant was being driven very 
smoothly at 60 mph. changing 
up and down without a Jerk, 
getting back to its cruising 
speed quite smartly after check 
braking. What's remarkable 
about that? Nothing, except that 
I was in the back and there was 
no one behind the wheel. 

The driver was a mile way, 
sitting at an electronic console, 
feeding instructions to the car 
through a cable laid on the sur- 
face of a vast concrete bowl 
near Hanover called the Conti- 
drom. 

Continental AG. Germany’s 
biggest tyre makers, use the 
Contidrom for product proving. 
The driverless. Mercede’s job 
was to reproduce a cycle of 
accelerating and braking, day 
after day. more consistently 
than human hands and feet 
could achieve. 

My ride, which I wouldn’t re- 
commend to a nervous hack-seat 
driver, was several years ago. 
While it might be technically 
possible to provide 100 per cent 
guidance on public roads, or at 
any rate motorways, the cost 
and complication would be 
mind-boggling. Present experi- 
ments in Germany, notably by 
Robert Bosch and Volkswagen, 
are aimed at helping the driver, 
not allowing him to put his feet 
up and look at the view. 


Late season troubles 


scopic Spores. The disease 
spreads very quickly down- 
wards, especially. if there is rain 
to carry it. so that first the 
haulm . turns black -and 
eventually withers and then the 
tubers develop soft brown areas 
penetrating deep into the flesh, 
nob confined to the. skin as in 
common scab, a much less 
punishing disease. Scab makes 
a crop unsightly but blight can 
render it useless since the 
potatoes simply rot away after 
a few weeks. 

There' are three things one 
can do about potato blight so 
far as potatoes themselves are 
concerned; either concentrate 
on early varieties, planting these 
in March- so that they can be 
dug by July before blight has 
become a serious menace: or 
grow a second early, or early 
maincrop variety. 

IF you- do this you must be 
prepared' to lift the whole bed 
a few weeks before the tubers 


are full grown if blight strikes; 
or protect the crop by regular 
spraying. 

Not all fungicides will control 
potato blight. One that is 
excellent is also one of the 
oldest. Bordeaux Mixture, pre- 
pared from copper sulphate and 
lime. It used to be one of the 


GARDENING 


ARTHUR HELLYER 


cheapest and easiest to buy but 
lately I have had difficulty In 
finding it on sale, apparently 
because every company is busy 
promoting its own speciality. 
But if you can purchase 
Bordeaux Mixture, or for that 
matter, any copper-based fungi- 
cide, you need look for nothing 


Summer 

rush 

Particular black spots for 
finding space are the Balearics, 
Southern Spain and the U.S. 
That's the bad news. The 


TRAVEL 

ARTHUR SANDLE5 


good news is that there are some 
vacancies! British Airways 
Sovereign Holidays have space 
to Turkey (from £190 for a 
week) and by the Italian Lakes. 
They, and other operators , have 


city holiday space in most of 
Europe. There is long haul 
space to Africa and the Indian 
Ocean. 

Ladbroke Holidays tell me 
there are still *’ a few ’* boats 
for rental on the Norfolk 
Broads, and • villa enthusiasts 
might try the Travel Club 
Upminster which has some two 
bedroom villas and apartments 
on the Algarve and by Italy’s 
Lake Garda. 

P.S. The booking boom looks j 
like continuing well into the 1 
new year. Thomas Cook lias 
already sold 22 per cent of its 
winter capacity and it is not 
alone in that. Book now to avoid 
disappointment in January. 


Yaw- weekend E: Austria 27.75. BdBlam 
6L75. France fcM, Inly L578. Greece 67.0. 
Spain 144.25, Switzerland 135, U.S. 1.4X25. 1 
Source; Thomas Cob*. 


better. Alternatives are maneb 
and zineb. the first usually- 
marketed under its own name, 
the latter usually under a brand 
name, such as Dithane which is 
actually a mixture of maneb and 
zineb. 

These are nol systemic fungi- 
cides which actually enter the 
plant, but are all surface pro- 
tectants which roust kill the 
fungus as it commences to grow 
on leaf or stem. Since the plants 
are growing all the time, it is 
necessary to spray at least once 
a fortnight to cover new leaves 
and stems that were not there 
to be protected when earlier 
sprayings were made. 

For complete safety, the first 
application should have been 
made several weeks ago but if 
your potatoes are ‘not yet 
attacked, immediate spraying 
will be just as good. Even if 
there is already a little blight 
here or there, spraying will 
limit its spread. If the disease 
is already widespread it will be 
best to cut off and bum all the 
haulms immediately and lift the 
crop as quickly as it is con- 
venient to do su. 

There is no such let-nut with 
tomatoes, but fortunately those 
grown under glass are seldom 
attacked by blight though they 
have equally severe diseases nf 
their own. It is the outdoor 
tomatoes that get blight and it 
can be just as devastating as it 
is on potatoes. Regular spraying 
every fortnight until late Sep- 
tember is the only safeguard 
and it does mean that all fruits 
will have to be washed, ur at 
aDy rate well wiped with a dry 
rag. before they can be used. 

The disease that most troubles 
tomatoes in greenhouses as the 
summer comes to a close is leaf 
mould or cladosporium. The 
symptoms are nol dissimilar 
from those of blight except that 
the blotches are at first khaki- 


roluurod on the under-surface of 
the leaf and pale yellowish 
above so that the plants have a 
highly distinctive mottled 
appearance. Like blight leaf 
mould thrives in damp, muggy 
air. Overcrowding and poor 
ventilation encourage, it. and 
spraying with copper fungicides, 
maneb or zineb will discourage 
it. 

Best of all is to grow only 
those tomatoes that have a high 
degree of resistance in leaf 
mould. There are a lot nf them 
nuwadays. though most are not 
easy to find in the seed shops. 
Amberlcy Cross, Arasta, Cudlow 
Crust,, Grenadier. Maascross. 
MM Super, Kema and Rnnaclave 
are all available by mail order. 

One other group or diseases 
which becomes increasingly 
troublesome in late summer is 
the powdery mildews. All 
manner «>f plants arc affected, 
including rnses, michaelmas 
daises. apple trees. vines, 
cucumbers and peas. m>t 
because the same mildew passes 
from c»ne to another hut because 
the late summer atmospheric 
conditions favour ail the 
mildews, even those specific to 
particular plant families. 
Fortunately one does not need 
to be able to identify the 
precise mildew in order to 
choose a remedy since the anti- 
mildew fungicides have a wide 
range of efficiency. 

Directly you see the first 
patches of white powdery out- 
growth. making leaves and 
steins look as if dusted with 
flour, spray with bemnnyl nr 
dinocap. The former is 
systemic, the latter a surface 
fungicide. It is not a had idea 
In ring the changes because, 
although henoinyl is very effec- 
tive at first, if it is used too 
long and too frequently Hie 
disease can build up resistance 
to it. There is a new fungicide 
called Nimrod, a mixture »f 
hupirimaic and triforinc, which 
is .said to be very effective 
against mildews but I have not 
yet tried it in my garden. 


Detached driver 


The intention is to give the 
driver as much information as 
possible. For close to four 
years a system called ARI (for 
automatic road information), 
which was invented by Bosch, 
has been operating in Germany 
and Austria and, more recently, 
in Yugoslavia. All the driver 
has to do is press the ARI 
button on his car radio. He 
will then automatically be fed 
with all traffic information 
bulletins as he drives along the 
autobahn. • whether he is 
listening to a normal radio 
programme or not. 

Bosch, in association with 
London Broadcasting Company, 
ran 3 limited test of ARI in 
London at the time of the last 
Motor Show in October. 1976. It 
caused a lot of interest and 
most people whu took advantage 
of it found it helpful. By now 
it could have been widely avail- 
able to long distance drivers 
through the commercial radio 
network but the Government 
wanted time "to study a rival 
scheme proposed by the BBC. 

The project on which Bnsch 
and VW are now working 
together is called -LISA — for 
Leading and Information 
System for Automobile drivers. 


Small 

screen 


ways 

MOST PEOPLE would agree 
that televised golf has improved 
by leaps and bounds in most 
areas since the late great Henry 
Longhurst brought it lo a 
BBC audience in Britain that 
hqs grown to staggering 
proportions. 

The only trouble, the majority 
of them would say, is that there 
is not half enough of it. The 
obvious reason for this is that 
golf is one of if not the most 
expensive sports to stage in 
terms of manpuwer and equip- 
ment in a live broadcast. 

For instance, now that the 


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new television complex has 
been hidden in the woods 
behind the Eisenhower Pond 
at Augusta National Golf Club, 
the cable run in Longhurst’s 
traditional perch at the 16th 
green for the Master’s tourna- 
ment, where he has been sadly 
missed since .1975, is well over 
5,000 yards from the control 
room to the tower, all of it 
buried underground. 

Imagine 4he staggering ex- 
pense of assembling mobile 
outside broadcasting units from 
all over Australia.in Sydney to 
cover the Open Championship 
there with three to Tour cameras 
stationed at each of the 18 boles 
and four more mobile cameras 
roving the fairways, as did 
Kerry Packer’s Channel Nine 
last year, and_ only slightly less 
ambitiously m 1975 and 1976. 

But in every case, except the 
SBC and Australian Broadcast- 
ing Corporation, golf is brought 
to the screen because com- 
mercial time is energetically 
sold by the networks concerned. 
For example. CBS. which re- 
cently bought a S30m package 
from the PGA tour in the U.S. 
for the right'fo televise between 
20 and 25 professional tourna- 
ments in each of the next three 
years, did so in the knowledge 
that such a vast investment 
would automatically bring in a 
colossal income of around $75m 
in commercial time sold. 

In America, the all-important 
viewing figures that govern 
practically every other pro- 
gramme’s survival or otherwise, 
do not apply to golf, whose view- 
ing audience- hardly justifies 
such huge outlays. The im- 
portant point with advertisers 
is that although ihe audience 
may be small, it is the right one. 
Golf here appears to go further 
and further up-market, beloved 
as it is of manufacturers of 
expensive cars, insurance com- 
panies and other concerns not 
exactly preoccupied with the 
poverty bracket. 

So there exists in televised 
golf very much a chicken and 
egg situation jh which opera- 
tional costs largely ' govern 
technical development Anyone 
who watched the sophisticatead 


The difference between ARI and 
USA i$ as great as that between 
radio and TV. ARI is aural and 
wants the driver of conditions 
ahead. LISA is visual and tells 
the driver exactly what to do 
and where to go. 

If works like this. Loops of 
wire set into the road surface 


MOTORING 

STUART MARSHALL 


communicate with a central 
computer on which journey 
instructions are stored. Each 
car has a four-digit dialling 
device and a visual display 
panel, linked by means of the 
road loops with the computer. 
At the start of a journey, the 
driver dials up the computer 
and tells it where he wants to 
go. 

As he drives over the first 
loop, the information is regis- 
tered by the computer whi.ch 
starts to give instructions. These 
are received by the car as it 
goes over succeeding loops and 


CBS coverage of the U.S. 
Masters Tournament live on I TV 
last April will appreciate how 
much spurting the screen, 
inserts of close-up pictures of 
players’ faces, slow-motion re- 
plays. and computerised caption 
writing, can add to" the smooth- 
ness and entertainment value of 
the production. 

But on this occasion no 
expense is spared by the net- 
work. This week-end. the CBS 
coverage of the Sammy Davis 
Junior or Greater Hartford 
Open here will be a one-unit. 
11-camera production neces- 
sarily of vastly less sophistica- 
tion, despite the expertise ol 
the production staff concerned. 

I was only able to watch the 
BBC coverage of the Open 
Championship at SL Andrews in 
snatches, a situation for which 
I became profoundly grateful 
long before the week was out. 


GOLF 

BEN WRIGHT 

HARTFORD, Connecticut, 
July 28. 


It was astonishing to see how 
far the quality of the BBC pro- 
duction has deteriorated since 
the golden days of Longhurst at 
the height of his powers. 

Those of my colleagues and 
friends who were able to watch 
more of the BBC presentation 
than I were unanimous in their 
condemnation of it both from 
the technical and verbal stand- 
points. 

If the director had ever got 
around to splitting the screen, 
for example, we might have 
seen Simon Owen bole his chip 
shot at the 15th hole ■ in the 
final round to take the lead. 
Where were the slow-motion 
replays of the vital strokes? 

Why wasn't Owens’ chip shot 

recorded since he was tied for 
the lead at the time? One could 
go on and on, and 1 am sure 


are displayed on an illuminated 
panel set in the fascia, after a 
musical little peep has told the 
driver to look. tThe picture 
shows the display telling the 
driver he should not be exceed- 
ing 30 kro/h. that he has to 
stop at the next intersection and 
turn left, and that the road is 
carrying two-way traffic.) 

If the driver stays on course, 
the panel confirms it at regular 
intervals. Should he lake a 
wrong turning, it tells him to 
stop and go back. 

At the moment. LISA is work- 
ing only on roads within Volks- 
wagen’s 2,620 acre proving 
ground near Wolfsburg. But in 
tnid-1979 a scheme covering 
100 kms of heavily used auto- 
bahn between Essen and Dort- 
mund comes into operation. A 
total of 400 cars regularly 
driven by private motorists and 
interested authorities in the 
Essen-Dortmund district will be 
equipped with LISA electronics. 
The experiment will last until 
the end of I9S0 and cost over 
£4m, of which the government 
will pay 75 per cent. Bosch and 
VW the rest. 

What is it like driving with 
LISA by your side ? At first, it 


is uncanny and vaguely disturb- 
ing to have a hidden influence 
Idling you exactly what to do 
and even wagging an electronic 
finger at you (actually. Hashing 
a light) if you disregard its 
instruction to keep below a 1 
certain speed. 

But it is easy tn think of 
circumstances when it would be 
an absolute boon. 

For example, how comforting 
it would be to land at a strange 
airport on a pouring wet night, 
pick up a hire car and he 
guided electronically to a town 
100 miies away that you had 
never been to before. 

But is it a bit Orwellian to ^ 
have Big Brother (or in this - 
case Big Sister) controlling you? - 
I suppose it is, but no more so • 
than it is for a pilot following 
the air-Jaues by dialling up one 
radio beacon after another. 

Some nf the future implica- 
tions of LISA are more alarm- 
ing. Would it, 1 asked, be pos- 
sible for LISA's loops to check 
your speed, detect an offence, 
send you a penalty ticket or 
even deduct the fine from your 
computerised bank account? 
Theoretically, it seems, it could, . 
though not with the present 
equipment. 

Once a government gets the 
smell of money, though, one 
feels it may only be a matter 
of time. 


the BBC could plead poverty as 
their excuse, as they are wont 
to do nowadays. 

But a restricted budget has 
nothing at ail to do with the 
standard of commentary', which 
must have broken Longhurst's 
heart. In my humble opinion, 
the decision to use four pro- 
fessional golfers as a back-up 
team for Peter Alliss. was noth- 
ing short of disastrous. This 
lasr adjective is a polite one 
compared to many I heard non,* 
ton quitely voiced within :hp 
confines of the R & A tent, 
incidentally. The verbal homi- 
cide committed at the expense 
of the Quen’s English was bad 
enough. Some of the dialect 
was virtually incomprehensible, 
particularly to visitors from 
abroad. 

There will always be com- 
plaints that far too much 
putting is shown, but this 
partment is unfortunately 
almost half the game. The use 
of the slow-motion replay can 
be overdone, as it has been in 
the past, particularly by ITV. 
CBS has come up this season 
with agimmick called Actionlrak 
which shows the progress of u 
putt towards the hole in a series 
of white dots that can describe 
most graphically a big swing, 
as can and does occur on ib<“ 
villanous 14th green at Augusta. 
But unless there is such a pro- 
nounced curve, the gimmick 
quickly outstays its welcome. 
The following of a golf ball ia 
the sky can be terribly misused 
unless it relates to the golfer 
and the landscape. 

All these things are a matter 
for personal preference and de- 
bate. as are commentators. But 
few would argue that Longhurst 
was the best of them all. I will 
remember him for many abili- 
ties but possibly moit or 
all. besides his flashing wit and 
encyclopaedic anecdotal memory 
bank, for his use of silence 
as the most dramatic weapon id 
all commentators. Longhurst 
was never at a loss For elegant 
words, almost always finding the 
most effective for the situation 
and pictures concerned. But 
only he could make silence truly 
golden. 


YACHTING 

DAVID PALMER 


SOME TIME today, cither the 
American Rogue Wave or Chav 
Blyth in Great Britain IV will 
cross the finishing line in Ply- 
mouth to win the fourth 
Observer /Royal Western Round 
Britain race. 

Both are giant iriniarans. 
Bulii have been raced fiat out 
aruund the 2,000-miie course. 
Whenever the wind has gone 
light, Chay Blyth and Rob 
James in the smaller hut lighter 
and more heavily canvassed GB 
IV have gone into the lead. 
Whenever it has blown hard. 
Rogue Wave’s extra length and 
more versatile sail plan have 
put her in front. On the four 
legs of the course to Loweslort, . 
each boat has led the fleet twice. 
When they bolh left Lowestoft 
in the early hours of Thursday 
morning. GB IV was just 21- 
hours behind Rugue Wave with , 
300 miles of largely windward 
sailing ahead of them. 

The sentimentalists are back- 
ing Rogue Wave. She is skip- 
pered by Phil Weld of tire U.S. 
and crewed by David Cooksey, a 
British businessman. Phil Weld, 
now in his 60’s has recently sold 
his newspapers publishing busi-; 
ness and retired to a life of full 
lime trimaran sailing. This . is 
his third Round Britain (he has 
finished third in the last two), 
and victory today would be a 
fitting climax to 12 years as one 
of the leading apostles of multi- 
hull development. 

Among the other classes, th*» 
Dutch Tielsa II (Dirk Nauta) 
should hold on to her position 
as first monohull. She has over 
four hours in hand over Robin 
Knox-Juhnston in Great Britain 
IT. who tore his mainsail out on 
the last leg from Lerwick to 
Lowestoft. 

m the under 35-foot class the 
American Wally Greene and his 
wife Joan are romping away 

a c,np C nJ nWlih “ U ^ 


• J 


12 


Financial Times Saturday July 29 1978 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Flnamimo. London PS4, Telex: 886341/2, 883897 
Telephone: 01-248 8000 


Saturday JuJy 29 197S 


A touch of 
the sun 


IT HAS BEEN a confusing 
week, and not only in West- 
minster. Almost around the 
world stock markets are tend- 
ing towards their year's high. 
Vet at the same time the price 
of gold, which normally moves 
tn the opposite direction, has 
been steadily advancing. In 
London the All-Share Index not 
only reached a new 1978 high 
on Thursday: it also moved to 
within 2 per cent of its all-time 
peak, achieved as long as six 
years ago. 

Stirrings 

There may be special reasons 
for the London performance. 
The on-off-and-finaily-on-again 
dividend control saga seems in 
the end to have had a mildly 
beneficial effect. The market 
has taken the view that the idea 
that a company’s pay-out ought 
to reflect its profitability has 
been accepted at least in prin- 
ciple, even if it is still going to 
be difficult fully to implement 
it. A similarly charitable view 
has been taken of incomes 
policy. For the moment the 
liyure lor Phase IV settlements 
is 5 per cent, even if it has 
been rejected by the TUC. It 
will be at least some weeks 
before it is put to a serious test. 

On firmer ground there :s 
perhaps room for some 
optimism about interest rates. 
The next move seems likely to 
be downwards, and although it 
is harder to say when it will 
come, it is reasonable to assume 
that the Government would like 
to see some relaxation — perhaps 
by several stages — during the 
holiday period and the run-up to 
the general election. 

There is, in any case, a wide- 
spread feeling that the holidays 
are almost upon us and that 
politics can be put briefly aside 
until the time comes for the 
election campaign proper to 
begin. Most of the Govern- 
ment's actions in the past few 
clays have been of the tidying 
up variety, and there is in fact 
very little left for it to do. The 
Dock Labour Scheme was lost 
in the House of Commons on 
Monday without too much pain. 
On Tuesday Mr. Callaghan 
scored an unexpected debating 
triumph in the exchanges on the 
incomes policy White Paper — 
a setback From which the Par- 
liamentary Conservative Parly 
had still not quite recovered at 
the end of the week. 


On Wednesday caxue the joint 
TLiC-Labour Party agreement 
into the Eighties, a document 
which the Prime Minister must 
be glad to have out of the way 
with as little publicity as pos- 
sible. And on Thursday there 
was the Dividend Bill. Since the 
Government made it clear, in 
advance that it was determined 
to introduce it even if if could 
not guarantee safe passage, it 
must be assumed that the pur- 
pose was largely symbolic. 
While in the short term it has 
not knocked the market, the 
fact of its longer-term damag- 
ing impact on the economy 
remains. 

On the surface, all that looks 
reasonably satisfactory from the 
Government's point of view. And 
yet it is a characteristic of Mr. 
Callaghan's administration that 
it usually has been quite calm 
on top ; it is the stirrings 
beneath that are more disturb- 
ing. Into the Eighties, for 
example, cannot be simply 
brushed aside even if it is not, 
as the Prime Minister stressed, 
the Labour Party Manifesto. The 
threat to remove any remaining 
independence from the Bank of 
England, the emphasis on plan- 
ning agreements <md talk about 
the direction of investment — 
all these and a great deal more 
will remain on the record for 
Labour activists to refer to and 
to press on the party leader- 
ship. The Labour Movement in- 
deed has not changed much 
since Mr. Callaghan tnok over, 
even if be has been able to stop 
the wilder flights of fancy. 

Tory odds 

Nor is Mr. Callaghan himself 
entirely free of blame. The 
Dividend Bill was quite unneces- 
sary. There is no evidence that 
the unions had been asking for 
it. nor bad much interest in it. 
The Government could have 
allowed the controls to lapse 
without difficulty, but chose noi 
to do so. When the election 
comes, that readiness to lean 
over backwards not to upset left 
wing prejudices should not be 
forgotten. 

As for the Conservatives, it 
may have been a bad week, but 
they can still take comfort from 
the opinion polls and their per- 
formance over the years in the 
various by-elections. Going by 
recent odds the bookmakers at 
least seem to favour them, and 
there could be worse judges 
than that. In the end the result 
will probably depend on the 
campaign. As in the markets, 
there could be exciting times 
ahead. 


Opening the floodgates to a 
new wave of broadcasters 


BY ARTHUR SANDLES 


T HE NEXT FEW months 
are likely to see the 
liveliest period of broad- 
casting industry head-hunting 
in the UK since the setting .up 
of commercial television in the 
mid-1950s. Publication of the 
Government’s White Paper on 
Broadcasting has opened the 
floodgates to those who aspire 
to broadcasting power. If the 
present plans go ahead over the 
next five years, management, 
production people, and on-air 
talent are going to be needed 
for: a new television channel; 
new consortia to compete for 
the present Independent Broad- 
casting Authority franchises; 
at least 50 new local 
radio stations; and perhaps for 
a series of pay-TV experiments 
which may be set up. With the 
ISA’s overlordship new extend- 
ing down to the in-house radio 
stations of Britain’s hospitals it 
is possible that even this modest 
field of activity will become an 
area for attention by the broad- 
casting ambitious. 

Nor is an election likely to 
change the broad patterns in 
this scene. Since the White 
Paper contains Labour’s plans, 
a Labour Government would, 
presumably, see them through. 
The main Conservative changes 
would involve the fourth 
channel (which would go to ITV 
but still need substantial addi- 
tional staff) and the administra- 
tion of the BBC. What the 
White Paper has done is assure 
the broadcasting fraternity that 
there is political interest in the 
subject after ail. 

Applicant 



i ... A 

Donald Bav erst ode bidding for Tyne Tees. 


Lord Annan: the contracts issue remains unresolved. 


groups 


The two immediate areas of 
interest are local radio and the 
new ITV contracts. Neither of 
these fields need legislation and 
in the case of radio all that is 
required is a few words from 
the Home Office. By all accounts 
the reaction should be pretty 
rapid. The Independent Broad- 
casting Authority says that 
potential applicant groups are 
known to exist at varying de- 
grees of readiness in some 70 
or 80 areas throughout the UK 
And the BBC already has its 
own list of 18 stations which it 
is eager to start work on soon 
—assuming it gets something 
like the £30 annual television 
licence which it is now seeking. 

All that needs to be sorted 
out as far as radio is concerned 
is frequencies. We have come a 
long way since the BBC claimed 
there were not enough frequen- 
cies for Britain to bave the sort 
of local radio network which is 
boasted by other countries. Now 
it seems there are enough to pro- 
vide the UK with a radio system 
which is superior to that found 
anywhere else in the world — as 
it already is if you are fortunate 
enough to be living in London, 
where there are two good com- 
mercial stations, a BBC local 
channel, and all four national 
BBC systems. 


The BBC, the EBA and the 
Home Office will now sit down 
and work out the frequency allo- 
cation. This process may not 
take anywhere near as long as 
the search for transmitter sites 
and the process of obtaining 
planning permission to erect 
transmitter aerials. 

Fortunately for radio, talent 
is less difficult to find than it is 
for television. There is a ready 
supply of competent journalists 
eager to try their hands at radio 
work, and the entertainment 
side of the business can draw 
on the invaluable training 
ground provided by the explo- 
sive growth of discotheques. 
Television demands an 
additional dimension, however — 
a screen presence is not easily 
acquired. 

It is for this reason that the 
fighting over the next round n; 
television franchise areas is 
likely to be a good deal less 
gentlemanly than the argu- 
ments over radio contracts. In 
order to bid for contracts any 
outside organisation has to 
prove that it has been able to 
recruit talent — but in order to 
get this talent it must raid 
present contractors and sign-up 
people for future use. It is a 
system fraught with danger and 
heartbreak. 

The White Paper gently slides 
away from the issue, tending to 
leave the impression that in 
1981 we could have the same 
scramble as in the late 1960s, 
with the same potential for 
bloodletting. 

The White Paper recalls that 
Annan recommended that tele- 
vision contracts should be 
rejected. (A rolling contract 
awarded for a fixed period of 
seven years and that the idea 
of rolling contracts should be 
rejected. (A rolling contract 
is one which has no fixed break 
point, but under which a con* 
tractor is under permanent 
notice of. say. two years.) The 
Government points out that “the 
advantages which are claimed 
for a system of rolling contracts 
over a system of fixed term con- 
tracts are that the former offer 


greater security of tenure for a 
a programme contractor and 
tbat, by enabling the Authority 
to refuse to roll the contract (or 
to roll it for a shorter period 
than it would otherwise 
permit), the Authority has 
greater leverage at more fre- 
quent intervals to require a pro- 
gramme company to improve the 
service it is providing. 

“The disadvantage of a sys- 
tem of rolling contracts is that 
it is too favourable to the in- 
cumbent programme contractor; 
if the contractor’s performance 
is not satisfactory it can be 
given, and the Authority will be 
under great pressure to give it 
another chance. Moreover the 
system could inhibit the Author- 
ity from making such changes 
as it considered desirable to the 
franchise areas." 

The Government is now look- 
ing for comments on this point 
and will make up its mind later. 
The dile mma was clearly spelt 
out during the hearings of the 
Commons Select Committee on 
Nationalised Industries when 
the leaders of the DBA were 
being questioned by MPs. No 
one seemed too concerned by 
companies being at risk on their 
contracts; they had, after all, 
taken their contracts on that 
basis. There was, however, con- 
siderable concern for the staff 
of those contract companies. 
Was it really being suggested 
that the IBA should be able, at 
will, to kick several thousand 
people out of work simply be- 
cause it did not like the type of 
programmes produced under 
the direction of that company's 
management? 

Needless to say the answer to 
this was that the staff were not 
likely to remain unemployed for 
long. Any new contractor would 
have to find employees, and the 
most likely source would be the 
company which lost the contract 
in the first place. The beads 
which rolled would be those of 
senior management 

Clearly at the moment there 
is considerable interest in what 


the IBA might du in 1981. No 
one expects the kind of Lord 
Hill revolution which turfed out 
TWW (Television, Wales and 
West), destroyed Associated 
Rediffusion as a separate entity, 
and produced London Weekend 
and Yorkshire. The most that 
is genuinely touted at the 
moment is the easing of Tyne 
Tees away from Trident; the 
splitting of ATV’s Midlands 
franchise: and an attack on 
the once weak but rapidly 
strengthening London Weekend. 

The Tyne Tees bidders are 
the ones which would show 
their hands most strongly at the 
moment In this case some well- 
known names are involved, 
notably Donald Baverstock, ex- 
BBC and ex-Yorkshire TV: and 
Tom Margerison, himself es- 
LWT. The Tyne Tees area is 
a peculiar television situation. It 
was in 1971 that Yorkshire 
took Tyne Tees under its 
umbrella in a deal approved 
by tbe IBA partly thanks to 
a row which was going on 
over a transmitter in the 
southern Yorkshire area which 
threatened to lose YTV some 
territory. 

Several Newcastle dignatories 
have signed themselves up as 
backers of the Baverstock- 
Margerison bid, and money has 
been promised from local brew- 
ing and other interests. The 
consortium was cheeky enough 
to bid recently for the Tyne 
area contract from the summer 
of this year. 

It w’ouid be naive to think 
that this was the only con- 
sortium on the go at the 
moment; there are several 
others which have yet to declare 
themselves. The contract 
business is an extremely sensi- 
tive one. Normally a prospec- 
tive bidder tries to sign up 
senior television people from 
both commercial companies and 
the BBC in order to impress 
the IBA with his array of talent. 
Clearly no senior BBC producer 
is keen for his employers to 
know that he is in league with 
a possible rival and when such 
news slips out, as it sometimes 


does, the consequences can be 
awkward. Bidders who reach 
the final stages and lose are in 
almost as dire a position as 
those who have a contract and 
fail tn have it renewed. 

Probably the most sought 
after man at the moment in all 
the lobbying which is going on 
is Mr. Jeremy Isaacs, currently 
programme controller at 
Thames Television — Britain's 
biggest and arguably most 
successful commercial television 
company. Isaacs recently 
resigned from this post. 
Apparently he had taken the 
job on for a specific period and 
when ihe contracts were ex- 
tended it was clear that he 
would be leaving at the very 
time when Thames was bidding 
for renewal. Isaacs has said he 
wants to go back to programme 
making and denies that it was a 
clash nf ideas over scheduling 
with Brian Cowgill — managing 
director of Thames and former 
BBC scheduling whiz-kid— 
which provoked the move. 

Programme 

maker 

Isaacs is now the hottest 
property around. If he is deter- 
mined to revert to being a pro- 
gramme maker then one of the 
consortia might be eager to 
recruit him. On the other hand 
if he can be tempted into con- 
tinuing m management, clearly 
many a consortium would wel- 
come him as their leader. The 
one drawback in all this is that 
there have been suggestions that 
one of the main reasons behind 
Isaacs's departure was his in- 
creasing irritation at inter- 
ference from tbe IBA (He was. 
of course, involved in the 
Northern Ireland programme 
banned by the IBA and shown 
in part by the BBC.) If 
tbat is the case he might be 
less than willing to have a full 
frontal involvement with the 
Authority again. 

The one big job which is 
going to cause the greatest 


attention is that of head of the 
OBA channel tor if the Tones 
win the next election, ITV-2». 
This appointment cannot be far 
away, since the establishment of 
Ihe channel will take three or 
four years from go-ahead and 
simieo'nc will have to steer the 
organisation in this period. 

To those not eager to become 
involved directly in consortia 
the whole business of the OBA 
has opened up interesting pros- 
pects. The Authority will not 
itself be a producer of pro- 
grammes. “The OBA will have 
a special obligation to seek pro- 
grammes from a wide variety of 
sources and to provide pro- 
grammes which cater for 
minority tastes and interests," 
says the White Paper. 

There are those who have not 
been slow lo notice that this 
means anyone is free lo make 
contributions. The OBA will 
be in the market for pro- 
grammes of all types, and thus 
someone who comes up wilh a 
good series on, say. fishing, or 
investment in Chinese porce- 
lain. wants to make a drama 
scries or has a bright notion 
for a documentary, is likely to 
get a welcome. This may nut 
only appeal to impecunious 
independents. In the U.S. the 
Public Broadcasting System has 
been of particular interest to 
major companies making spon- 
sored films. The sponsorship, 
which is allowed under the 
White Paper rules for the OBA. 
can still produce quality tele- 
vision. 

American majors lend to 
make prestige films using 
famous personalities at consider- 
able cost and with no direct 
relation tu their products. The 
enmpany name is used at the 
start and end of the film and 
it is normal for the companies 
to take large advertisements in 
the newspapers of the day pro- 
moting the film with messages 
like: “The Glurk Oil Company 
proudly presents. Man and His 
Environment, with Laurence 
Olivier on Channel 34. Glurk, 
the high mileage oil really cares 
for your life style." 

It may take a little time for 
British companies to adjust to 
this style of promotion but un 
American form they probably 
will. 

There have been doubts 
expressed in evidence to the 
Annan Committee and in 
various reviews of ils findings 
over whether or not Britain has 
a sufficient pool of talent m 
meet all the demands being 
placed upon it. If there is mi 
much skill about wby is there 
not more evidence of it on our 
screens today? It is a fair 
enough question and. if the 
new channels and radio stations 
were to open tomorrow there 
almust certainly would not be 
enough trained talent to go 
round. But with much of the 
British film industry under- 
employed there is plenty of 
slack around if someone is wil- 
ling to spend time and money 
taking it up. 


Letters to the Editor 


Olympics 

b rum Lord Luke. 

Sir, — 1 note wilh interest that 
your two article*; in the issue of 
July 22 on Ihe subject of the 
Olympic Games in general and 
Lus Angeles in particular, 
largely cancel each other out. 

1 cannot, however, lei it pass 
without recording iny concern 
aver the inaccuracies — let alone 
insults — concerning Lord 
Killamn. 

Perhaps your correspondent. 
Mr. Maurice Irvine, would care 
m inform Mayor Bradley and 
(•thcr council members that in 
ihe opinion or ihe members of 
the International Olympic Com- 
mittee. the international Sports 
Federations and the National 
Olympic Committees round the 
world. Lord Killamn is neither 
pompous, intolerant, nor auto- 
critic. He is — on behalf of the 
IOC — upholding the rules of 
«n organisation which have 
lasted well for 80 years or more 
and proved most successful fnr 
every succeeding Olympic Games. 

if I should dare to offer my 
advice to Mayor Bradley it would 
be tbat since :i consortium of 
businessmen has offered to 
underwrite ihe Games in Los 
Angeles if prgh f he that Mayor 

Bradley could accent liic l«tC 
run ‘ racl «i'h the hacking nf the 
lius , ne«.-p.en — he cwilfl surely 
.satisfy rh.e taxpayers in that wav. 
Luke. 

(.irl-II Casilc. Udell. 

Bedfordshire. 


Headlamps 


From Major .4. Sutton. 

Sir. — I would nol wish to pro- 
long Ihe subject of headlamp 
Hashing but your correspondents 
Mr. D. Hage and Mr. P. Jackson 
j July 24 1 refer tn me. without 
even knowing whether I drive a 
car. in such terms as to make 
it necessarv tn enlighten them in 
their absolute misinterpretation 
of mv letter, and also oF my own 
altitude to the subject in debate. 


The point, which 1 hope to 
jve made at least to yourself 
id other readers, »s that we 

ive here an MP. Mr. Johnson, 
ibotir. Derby South, who by bis 
rn implied statement from jour 
ip er. is irritated and scared by 
jafilamp-Hasbing “when in the 
itside lane doing 
akes no mention « f overtakmg 

Jt merely of being there. Had 


he not said " doing 70.” the im- 
plication of sluying there for the 
sake of it would not have been 
2 *Q clear. By virtue of being an 
MP he wishes to soothe his 
momentary irritation by wild-cat 
and impractical legislation. Per- 
haps he thinks everyone who 
flushes him is u Conservative! 
What a state of affairs it would 
be if attempts were made to pass 
laws every’ time someone is 
annoyed during a motor journey. 

The vast majority of drivers 
shrug off such things and proceed 
on their way. and failure to do 
this results in a nervous and 
Tragile state of mind, making 
such :< person, MP ur otherwise, 
unsafe himself on the road. I 
might add that had it been a 
Conservative MP l would write 
in just the same vein: though I 
support that particular party, 
they have done little more than 
tax the motor-car. and regard it 
with hostility, hut as a con- 
venient milch-cow. Perhaps your 
two correspondents support' Mr. 
Johnson politically. I know not. 
but this we all see every day, 
that a Socialist, wherever or 
whatever he be, screams blue 
murder at any criticism, and for 
a certainty carries this in-built 
attitude into motoring on 
occasions, as well as elsewhere. 

Mr. Hagc and Mr. Jackson 
attribute, without knowing me. 
m my outlook on motoring, those 
very things which in fact I abhor, 
and which it wuuld surely. I 
would have thought, be impos- 
sible to imply from my letter. 
T can assure them most firmly 
that I. as them, detest the hog. 
the pirate, the “ exhaust-pipe ” 
driver, tbe deliberate slow-bog. 
and all the nuisances which I 
have to tolerate in the 30,000 
miles I cover annually in my 
car. I further feel it my duty 
to thank them for telling me 
abour the Highway Code, which 
I have read, and could write 
myself. When l started driving 
in 1931 it hadn’t been invented, 
and there is nothing new today 
that is not covered by good 
manners, ability, competence, 
an 1 regard to prevailing condi- 
tions of traffic and weather. 
I also took and passed, first time, 
the Institute of Advanced 
Motorists’ Exatu. in May. 1959, 
and have dnne nqlhing lo offend 
mv fellow-motorists or warrant 
tbe confiscation of my badge 
since — or before, either! Just to 
"jve Messrs. Hugo and Jackson 
a bit Of bait to bite, however, 1 


raced at Brooklands before the 
war, and took part in reliability 
and speed trials with great 
enjoyment and without bashing 
myself or anyone else. To con- 
clude. motoring bos innumerable 
facets, each journey is a com- 
pletely new and unpredictable 
occasion. When inspecting MPs' 
cars in the House of Commons 
courtyard I have not seen any 
vehicle whose owner, by its 
appearance and condition, bas 
any qualification for omniscience 
in these motoring matters. In- 
deed, why should they, wben 
most commercial travellers, like- 
wise the staffs of Autocar and 
Motor, are far better qualified 
to set out rules of the road, 
because these latter people live 
with motoring day in and day 
out. 

I Major! A. B. de S. Sutton. 

SL Margaret's Priory, 

Rattlesden. 

Bury St. Edmunds, Suflolk. 


Driving 


From ilfr. D. Griew 

Sir, — -The correspoo dents who 
attack Mr. Walter Johnson (July 
14) have all seized on tbe idea, 
suggested by bis own words, that 
he is an inadequate driver who 
regards a speedometer reading 
of 70 mph as justification for 
remaining in the overtaking 
lane. Tnese letters reveal the 
amount of frustration caused by 
this inconsiderate behaviour, 
which is certainly common. 

Yet Mr. Johnson has a 
perfectly valid point, which he 
seems to have failed to make. 
Some of the drivers he criticises 
really are inexcusably dangerous, 
not because they flash their head- 
lamps, but because they also 
close in until they are about a 
car’s length behind: a distance 
travelled in less than one-fifth 
of a second at 70 mph! The lead- 
ing driver is now in a situation 
where he hardly dares to touch 
his brakes at alL since the “ cow- 
boy ” (who may appropriately he 
wearing boots, and for that 
matter may be a girl) is unlikely 
to be capable oE moving from 
accelerator to brake in less than 
half a second after seeing u 
brake light. 

He can only pray tbat tbe road 
remains clear ahead, so that he 
doesn’t need to use his brakes 
before he bas a chance to move 
over. If he chooses to stay in 
the overtaking lane, be must 
value his pride above his life, 


because even a slight collision 
at this speed can initiate a 
sequence of accidents, involving 
more vehicles, ending with roll- 
overs, crushed cars, and so on. 

The behaviour Mr. Johnson 
complains of is punishable under 
existing Jaw. but the police seem 
to prefer to concentrate on 
offences that are easier to 
measure and to prosecute 
successfully. They might at least 
make an occasional example of 
these offenders, perhaps using 
photographic evidence — and why 
shouldn't such pictures be offered 
to the Press? 

D. C. L. Griew. 

“ White Gates,” 

34. The Ridings, East Preston, 
Littlehampton, Sussex. 

Petrol 

From the Commercial Director, 
Craven Tusker ( Andover ) 

Sir. — In Tuesday's paper it was 
stated that the abolition of the 
Excise duty on petrol driven 
cars would increase petrol by 19p 
per gallon. 

This takes a lot uf believing. 
£50 tax=5000p4-19p=263 gallons 
per year. 1 feel sure there are 
only a few second cars in families 
with annual mileage so low and 
what about the saving in staff 
etc., at Swansea? 

A. E. WlsewelL. 

Anna Valley, 

Andover, Hampshire 


Nationalisation 

From the Director, .Aims 

Sir. — You report that the plan 
by the nationalised British Ship- 
builders to diversify out of sbip 
and marine engine building was 
attacked by the engineering 
employers as “ morally wrong " 
(July 21l. 

This move has to be seen not 
only m connection with ship- 
building. but also against (he 
whole impetus towards “gallop- 
ing nationalisation." A few years 
ago Aims’ research showed that 
over 1.000 companies were owned 
by ihe slate lo total or in part- 
even unto a football club! 

We are just completing a new 
research study, and results show 
that under this Government the 
situation is just as bad. 
Nationalised industries must be 
prevented from using tbe tax 
payer’s money lo diversify right 
across industry and to increase 
the muddled corporatism which 


is such a feature of our 
society. 

Michael Ivens. 

Aims. 

5. Plough Place. 

Fetter Lane, EC4. 


Productivity 

From Mr. ill. Greener. — 

Sir, — The one common factor 
in various criticisms regarding 
our rating in the international 
economic league appears to 
focus on our dismally low pro- 
ductivity which, in the long run, 
is possibly the root cause of all 
other UK economic ills. 

There seem to be two prime 
contributory factors to our pro- 
ductivity decline and fall. The 
first, as bas so often been 
observed, lies in considerable 
overmanning — and at manage- 
ment levels as well as on the 
shop floor, not to mention within 
the area of bureaucracy. The 
second, and mare subtle factor, 
lies in the determination of the 
state, albeit indirectly or un- 
consciously. in its perennial war 
against competitive economic 
forces, to remove competition 
not only to the market place for 
goods but also in the sphere of 
employment. The _ need for 
responsible trade unions should 
not lead us into ah acceptance 
of the apparent insistence of 
those 1 unions to cocoon their 
members to the extent that 
security of employment is com- 
pletely independent of either 
group or individual levels of 
efficiency. Good management 
has been deprived of the power 
to replace unproductive units of 
labour with efficient units witii- 
out inviting complete industrial 
disruption. Nowhere is this 
more obvious than in those in- 
dustries controlled by the state 
itself where, by the very nature 
of socialism as she is practised, 
the one cocoon is reinforced by 
another. 

Traditional economic forces 
would bave used present high 
levels of unemployment to in- 
crease both the competition for 
work and, thereby, productivity 
level*. That such forces are no 
longer acceptable may be under- 
stood but is it also acceptable 
that union interference coupled 
with an absurd Social Security 
system should not only remove 
the likelihood oF men competing 
for a limited number of jobs but 
should actually make the giving 


up of work altogether an attrac- 
tive proposition? 

In the present political climate 
a proper solution to the problem 
of an abysmally low level of 
productivity is little more than 
a pipe dream. The only real 
hope would he for capital and 
labour to shake free of tradi- 
tional prejudices and get 
together with tbe avtiwed object 
of cutting manning levels to a 
minimum and not only on the 
shop floor but within the areas 
of management itself and the 
bureaucratic jumble of paper- 
processing in which it dwells. 
The immediate effect of such 
action would obviously be to 
inflate the already high un- 
employment figures. That, how- 
ever, is a problem for the state 
which it could well tackle by 
organising the unemployed into 
“ dole brigades “ which would be 
deployed by the Department of 
Social Security in areas of 
socally valuable work too diverse; 
to interest private enterprise. 

It is worth noting that a much 
reduced industrial workforce 
would be well placed to negotiate 
attractive wage rates and, in so 
doing, provide its members with 
an incentive to keep their joh. 
There would also be a new incen- 
tive for members of the “dole 
brigade ” to seek to join that 
workforce by proving their , 
superior efficiency. 

Michael John Greener. 

9. Romilly Park. 

Barry. S. Glamorgan. 


Zero 

From Mr. E. Bcmchero 
Sir, — Mrs. Wittenberg (July 
19) is talking twaddle. Already 
20 years ago 1 noticed tbat people 
in tbe street and notably secre- 
taries were unable to move thv 
zero either way and relied on 
the help of ready reckoners. 

It is indeed a sad stale of 
affairs which 1 simply ascribe to 
an inborn aversion in the 
British to anything decimal and 
which prevents anyone but (he 
better educated to multiply or 
divide by 10. 

The fault therefore lies 

entirely with the teacher and not 
the pupil. And the national pro- 
pensity tu do things by fractions, 
quarters, sixteenths and so on 
does not help. 

Emilio G. Eunchero. 

The Studio. 

llib, Elizabeth Metes, :Y1V3. 


A RICH REWARD? 



Th'e hawk will always find a rich reward. 
And so will you at London Goldhawk Building Society. 

Interest rates of 6.95% net mean as much 
as 10.3 7% gross if you pay basic income tax at 33%. 

So there’s no need to search any further. 
Let London Goldhawk look after your nest-egg. 

ASSETS EXCEED £105.000 000. 


Ple.tv send 'lit? litl.iiK. Ml .ill -.ivu.y || rt 

I We Wish !e oivn.-n ordinal \ -Ii.hp , i,„i . t „d . j .-twin? j lT 
'*■ — " Xlo.U'JO or up !l* 1.000 for .i jninj account). 



I 


BUILDING SOCIETY 15 1 ? ousmek Hi^ii Road, j 

London m 2NG Tel- u! 99? 83.-21 . Ami benches. I 

11 ' • l! ’ ••' I If fr-»- it-.-' hv W- f 




I 





•■Finiwwiai -Times Saturday ,iulv 29 19-78 


f 


" i»l ! R HIGHLY - TRAINED 
officers an* «ianif(n K ready." said 
Mr Alan Simmanei\Clm*f Com- 
missioner of Poll in*. - We shall 
not In'su.iti* in act decisively. 
We want no airy fairy objection-: 
from I he Soria) Affair* Dcnari- 
ment." 

Prune Munster Geoffrey 
Tiilc-'wcll nodded, and itirnotl 
to iVaiisport Minister Rene 
i a ml In. asking: ! assume the 
transport trades unions will co- 
operate fully if there is an 
emergency?” 

" !■ ront what we have just 
li.vinl from the Police Dcparl- 
ment. Mr. Carrillo answered, 
"I should imagine so." 

Tire other f f members of the 
National Disaster Emergency 
Committee uf Atlantis — a parli- 
amentary democracy located on 
a peninsula somewhere jii the 
Indian Ocean — smiled wearily 
and looked at the clock. Odclly 
enough, the hands were nn't 
moving. 

Suspended time 

The reason was that IBM's 
Scientific* Centre at Peterlee had 
suspended time in the make- 
believe peninsula until the 
people taking part in the com- 
puter-based Atlantis exercise 
for Training "disaster-managers” 
had grown used to their roles 
and responsibilities. 

This was the sixth run of the 
exercise, designed to give 
administrators a feeling of the 
difficulties of organising major 
relief in the wake of a 
catastrophe, whether natural, 
such as an earthquake, or acci- 
dental, such as a chemical plant 
explosion Lieutenant Colonel 
George Ritchie of the Royal 
Military College of Science, who 
worked with Lancaster Univer- 
sity under IBM sponsorship to 
develop the exercise, believes 
its greatest potential lies in 


training officials of developing 
countries which, although highly 
prone to disasters of one sort 
or another, seem virtually un- 
prepared to cope with them. 

The joint creators of Atlantis 
are supported in this view by 
the League of National Red 
Cross Societies in Geneva, which 
sent Mr. Carrillo to take part 
this week in Peterlee. But the 
necessary extra sponsorship to 
take the project to the develop- 
ing world so far has not been 
forthcoming from the United 
Nations Disaster Relief Office, 
although the UN's Geneva High 
Commission for Refugees lent 
Mr. Simmancc for the sixth run. 

The remaining 15 partici- 
pants — a dozen committee 
members and three official 
observers — came from relevant 
organisations in Britain where, 
while courses in emergency- 
management are provided cen- 
tral ly by the Civil Defence 
School in Yorkshire, the 
responsibility for preparing lo 
deal with non-military contin- 
gencies such as poisonous -seep- 
ages. Jumbo jet crashes and oil 
slicks is effectively left to local 
authorities. 

The British parti cipants in 
the Peterlee exercise, which ran 
from Wednesday until yester- 
day. came from the Home 
Office. the Eire Service 
Inspectorate. the Scottish 
Health Service, and the Red 
Cross Society. 

But only one local authority 
was represented — that of 
Greater Manchester, which con- 
tributed its county secretory. 
Mr. Tides well, as Prime 
Minister, and its senior assist- 
ant emergency planner, Mr. 
Bernard Hayes, as Home Secre- 
tary. While denying that their 
attendance indicated any cause 
for unusual worry in their area, 
the Manchester pair stressed 
that these days governmental 


of the disaster in Atlantis 


SL3 


BY MICHAEL DIXON 


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ATLANTIS 


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L30 mills TO C*HN. 
Capital Aw mam 

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Peterlee's Atlantis is make-believe; bat the disaster problems tackled are real. 


executives “can be good only 
by being careful.” 

Anxiety to counter unem- 
ployment tended to promote 
expanded industrial develop- 
ment, explained Mr. T5deswell, 
which in turn tended to 
increase the threat of cata- 
strophe in ways effectively 
beyond a local authority's con- 
trol. “For example,” said Mr. 
Hayes. " there must be a lot of 
housing in this country within 
deadly range of industrial rites 
storing a lot more propylene 
than that tanker-load which 
devastated the Spanish holiday 
camp the other day.” 

Hence their, and the other 
participants*, interest in taking 


part in the exercise, which 
for jts verisimilitude depends 
heavily on a computer pro- 
gramme developed by Lancaster 
University’s subsidiary com- 
pany. International Systems 
Corporation, of Lancaster. 

Another finding of Lt.-Col. 
Ritchie’s study was that govern- 
mental officials are generally 
not geared for the kind of 
work, involving high speed' as 
well as level-headed decisions 
in uncertain circumstances, 
demanded' by disasters both 
natural and accidental. 

The computer programme 
helps to tune administrators to 
the required performance by 
producing a bewiidermgiy swift 


and copious flow of information. 
It simulates all the sub-ordinate 
officials and services on which 
the Atlantis national committee 
could usefully call in trying to 
relieve a disaster. The pro- 
gramme also simulates the 
country’s whole population and 
their needs of food and other 
support, and determines the 
size, place and availability .of 
resources . such as fuel, trans- 
port, medical services and 
communications links. 

The committee’s members for 
“ physical -resource ” areas of 
government, including public 
works, - telecommunications, 
defence, and health as well as 
police and home affairs, are 


thus plunged into a situation at 
once demanding, confusing and 
.strained. But the exercise 
directors also introduce com- 
plexity of purpose by throwing 
in a couple of Social Affairs 
Department representatives in 
whom concern for human rights 
is at all times paramount. 

Even before this week's 
-Atlantis committee knew an 
earthquake had hit them, for 
instance, social affairs official 
Miss Pam Pouncey, who in real 
life works for the British Red 
Cross Society, was asking about 
the religious persuasions of the 
different regions so that the 
dead might be disposed of in 
accordance with their beliefs. 
“Wouldn't we do better to find 
out if" there are any machines 
that would gobble them up as 
fast as - we shovel them in?” 
contended Police- Chief Sim- 
mance. But Miss Pouncey won. 
An early instruction to the 
shattered central region around 
the city of Attitlan stated cate- 
gorically that all bodies iden- 
tified as belonging to the Flat 
Earth sect were to be buried 
vertically, head downwards. 

Besides this conflict of prin- 
ciples inside the committee, the 
exercise’s directors introduce 
what they call, euphemistically, 
"noise” from outside. Not all 
the information fed to the com- 
mittee about the effects of the 
disaster, such as the blockages 
of roads, is correct information 
—although with a bit of thought- 
ful probing the disaster-man- 
agers could detect which 
reports are Unreliable. 

Extra ‘noise’ 

Extra external “noise" was 
provided at Peterlee by the 
quiet mayhem-making of Dr. 
Lewis Watson, of Lancaster 
University. He sat. seemingly 
asleep, while Lt-Col. Ritchie 


set the Atlantis clock racing 
with the announcement that a 
suddenly cut-off radio distress- 
message from Attitlan had two 
hours earlier caused the Prime 
Minister to despatch a recon- 
naissance aircraft to the region, 
and lo assemble the National 
Disaster Emergency Committee 
in the Government's head- 
quarters at Machuville. 

Dr. Watson also stayed un- 
moved as the aircraft reported 
that Attitlan and surrounding 
villages and towns were largely 
in ruins, and in some parts 
burning, with great cracks in 
the local reservoirs suggesting 
that no water would be readily 
available to fight the fires, and 
people teeming towards the 
damaged airport, railhead, and 
along the main road south to 
Cape Verde. But it was not Jong 
after Premier Tideswell had 
declared a state of emergency 
that Dr. Watson informed him 
that if the defence chiefs 
decided to take over the country, 
or the neighbouring state of 
Marzipan took the disaster as 
an opportunity to invade, then 
the computer programme cer- 
tainly would do nothing to main- 
tain Tideswell Government in 
office. 

Naturally, therefore, he and 
E.L Col. Ritchie were delighted 
when the three Press reporters, 
present to observe the exercise, 
decided to take a professional 
hand in it. 

By 5 pm Peterlee time, though 
in the early hours of a mon- 
soon morning in Atlantis, it 
transpired, for example, that 
enough reporters from other 
countries’ newspapers had flown 
into Machuville to necessitate 
a top-level Press conference. 
The Premier and Home Secre- 
tary were therefore suddenly 
pulled out of the committee 
room to answer questions. And 
one reporter lured the Prime 
Minister into stating that the 


potentially rebellious Armed 
Forces chiefs were secretly 
under constant watch by the 
security services. 

The "world's Press" thus went 
off to type a story to gladden 
the most jaded news editor. But 
when, as a last gesture of good- 
will before leaving the IBM 
cenrre, they handed the story 
to the committee, it was not 
even read. The disaster-man- 
agers' attention was elsewhere. 
They were jiv.t hearing a radio 
message that a second earth- 
quake. accompanied by a tidal 
wave, had struck The crucial 
harbour of Port Albert. 


Orderly 


But they were not dismayed. 
By yesterday morning — a full 
week later in Atlantis — the 
stricken region was starting in 
achieve an orderly recovery, 
and George Ritchie judged "the 
team's whole performance" to 
have been extremely good. 

The same was said, apparently, 
by the late Prime Minister 
Tideswell just before he stepped 
aboard an aircraft on Thursday 
night to visit the Attitlan area, 
lo be heard of no more. His 
presumed demise led Defence 
chiefs to prepare for a coup. 
But they were eventually per- 
suaded. in the interests of 
democracy and the disaster vic- 
tims. to. accent Dr. Ken Groom, 
who took up t!v job of the 
national committee's co-ordina- 
lor. after working at the Royal 
Institute of Public Adminstra- 
lion in London, as caretaker 
Premier pending a general 
election. 

■*The critical factor in preserv- 
ing democracy was Miss 
Pouncey." Lt. Col. Ritchie added. 
“The Defence chiefs were 
visibly swayed by her appeals 
for unity." 



Pays to 
advertise 


In one of those coups that 
periodically convulse the adver- 
tising world. Kodak has just 
sacked ils advertising agency of 
1G years slandtn-j. .1. Walter 
Thompson, and transferred its 
advertising .urouii! In one of 
JWT's fastest-growing, mnst 
aggressive rivals MeCann-Erick- 
Min. The switch is effective from 
next year. The account, ex- 
pected t>» he wnrih nearly £3m 
this year, involves all Kodak's 
iiia*-s-’iiH*dia UK consumer adver- 
tising and is one or the largest 
ui us kind in Britain. 

For Kodak, ihe break marks 
a painful partinc, lor it i» very 
rarely ihat advertising accounts 
a- big a* this change hands. Fur 
,1\VT. tie* Kodak lus*. will be 
taken as a sign that it> long-held 
pir-itii.;-. as London’* biggest 
most pirsHgjuus ad agency, is 
beginning i*» buckle, though its 
resilience is considerable. For 
'McCann-Erick-on (the McCann 
.•ham already handles large 
>lice> oi Kastman Kodak's inter- 
nal i-iiml advertising i. the 
capture oT Kodak UK is yet 
another chapter in a remarkable 




--V 

■ C. -V. 




say was this: "We have worked 
very closely with JWT, but there 
are changes underway in the 
marketplace and we have come 
to the conclusion that it is time 
to change agencies.’ 

Famous for its work for 
clients like Guinness and 
Rowntree Macintosh. JWT has 
ruled the roost in London’s 
adland fur years. But in recent 
months there has been un- 
hrotheriy jostling among the 
Big Three agencies. In the 
year to June 30, JWT's main- 
media billing.t as monitored bv 
Media Expenditure Analysis, 
were £47.6nt. just behind 
D'Arcy-MacManus end Masius 
t £49.2m l and only fractionally 
ahead nr McCann (£46.5m). All 
three are American-owned. No. 
4 at present is the British- 
owned. publicly quoted Saatchi 
and Saatchi Garland Compton 
U4 1.6ml. 

Prior to its loss of Kodak, 
JWT wa*J showing reasonably 
guud net business gains for 1978, 
despite Ihe loss of Pan Ant's 
£ 600. ODD and other chunks of 
business. 

But Kodak is a blow. Accord- 
ing to chairman Jeremy Bull- 
more: “Clearly we have failed 
to satisfy their needs, either in 
terms of people or awareness 
of their requirements. I believe 
our work for Kodak ranged from 
ihe exceptionally good to the 
adequate — certainly the adver- 
tising was effective, i under- 
hand that every major Kodak 
product launch we handled met 
its sales targets. On the other 
hand I accept that in a case 
like this, 85 per cent of the 
blame for the divorce rests with 
the supplier of the advertising. V 

Adiand is forever in foment. 
The betting now is that JWT 
will start swinging punches of 
its own. 






Economic Diary 


•. V..0- 






MONDAY— London Hotel and 
Catering Industry Training Board 
statement on its survey of the 
industry, Stafford Hotel. London. 
House of Commons business in- 
cludes Transport Bill, Lords 
amendments and Drivers’ Hours 
and Commumty Road Transport 
Rules Regulations. “Council 
House Sales," endorsed by 
Labour Party national executive 
committee, calls for end to pre- 
emption periods and discounts in 
sale of council houses. 


TUESDAY — Confederation . of 
British Industry industrial -trends 
survey for July. Power workers 
shop stewards committee meets. 
Co-op Hall, Doncaster. Commons: 
Consolidated Fund (Appropria- 
tion) BiH. 

WEDNESDAY— UK official re- 
serves (July) and capital issues 
and redemption* (July). Com- 
mons debates Rhodesia. Scottish 
Confederation of British lndu.' try 
launches major Scottish industrial 
survey. Albany Hotel, Glasgow. 
Mr. Watiiam Whit el aw. Conserva- 


tive Party Deputy Leader, speaks 
at Dragon Hotel, Swansea, during 
visit to Wales. Statement by 
London Arts Council on building 
grant. House of Lords rises for 
summer recess. Call by shop 
stewards Tor one-day strike 
of all Britain's civilian defence 
workers. 

THURSDAY — House of Commons 
adjournment debates before ris- 
ing for summer recess. BuUdin? 
society house prices and mort- 
gage advances (2nd qtr.). 




Sails away: the shape of things to come? 


Plain 


| Grandflcld: snap 

®>a^a uf new-buh in v.vs grow til. 

* Earlier week Mti'siin 

.vailn r. il in the tmnl i'tin slice 
of "IV si'ii' s advertising, which 
mean- it n«w handles ihe whole 
uf tin* ifini T>*sro account, along- 
other major clients like 
Cnca-Cola. M.iftiSii. Essu. Lloyd's 
. B.-ittl. and Levi Strauss. 

When a major advertiser 
changes agencies the switch 
mjiiu'I »nn»s reflects serious 
«!dli i’ll] lies m us prime market-, 
lur lilt* divorce can ho traumatic. 
The client is admitting that ll 
u. mi.-, ii- image or its marketing 
-ir.iii’gv ini hullo i. vamped. 
The agency i- losing face and 
lo-iii;: income 

Internationally . Eastman 
Kodak *s embroiled in a vicious 
market fight vvilh Polaroid and 
miter riYjN if 

i‘n'1 saying any tiling. Avcnrd- 
i n v t'l 'Kodak's' chairman. Jom 
MonrLtol. 15177 was a ’’credit’ 

aide" year; tout] -ales reached 

x’224.7n> earnings before lax 
wen- ”1.8 per coni higher at 
£34 Sin. 

All that Kodak’s marketing 
director, Rojwr Leeks, would 


sailing 

Britain may well be ahead of 
the world with its Government- 
hacked plans to produce a 
12.1KJ0 deadweight ton cargo 
sailing *hip. The idea, if 
realised, could scuttle many of 
Ihe presen r problems of ship- 
owners battling to survive in 
the face of freight rates which 
harcly cover operating costs of 
conventional diesel-powered 

ships. . , , 

The plan has been developed 
by Windrose Ships of Fawley, 
Southampton, in collaboration 
with Buniess, Oorleit and 
Partners, naval architects, and 
the Wolfson Marine Group 
at Southampton University, 
already noted for its ideas on 
rotating sails. 

Earlier this year Windrose 
produced a detailed paper 
setting out its reasoning for a 
commercially viable sailing 
cargo ship. Tucked away 
towards the end or the 49 page 
document was a simple state- 
ment outlining a programme for 
a feasibility study — lo cost 
£3,000. 

The collaborators thought 
this study would be undertaken 
vvilh a conventional shipowner, 
but shore were no takers. Most 
British shipowners, like th»lr 
counterparts overseas, were 
more concerned with ways of 
oncrating their existing diesel 
ships without ever-mounting 
lnsscs. 

By June a benefactor had 
anneared in the shape of the 
Ship and Marine Technology- 
Requirements Board. This 
evaluates marine research for 
the Department of Industry" and 
was limit willing to provide the 


£5,000 for the feasibility study. 

This is now proceeding. Work 
will cover a study of the 
cargoes, freight rates and 
charter rates which may be 
charged. A detailed specifica- 
tion of the 12,000 dwt sailing 
vessel will be drawn up and 
there will be an evaluation of 
the likely need for trained 
personnel . 

The skills built-up over many 
centuries of sailing ship 
operation have not been 
regularly used commercially for 
almost a quarter of a century. 
Windrose said this single 
problem of manning the ship 
could well deter a prospective 
sailing ship owner from giving 
the project serious considera- 
tion. The company proposed 
that the first cargo sailing ship 
of the new generation would 
have to be a cadet training 
ship. This could attract “ high 
calibre young men to sea” and 
provide a nucleus of sail-trained 
officers for manning an 
expanded sailing ship fleet 

The greatest single factor 
which could sink or sail a 
future fleet of cargo clippers 
would be fuel casts. Windrose 
told the Department of 
Industry that at mid-1977 prices 
for bunker fuel, a viable sailing 
ship would produce sayings of 

5800.000 per year compared 
with a 12,000 dwt motor vessel. 
The figure could double in 10 
years,. says Windrose. 

The initial study of operating 
costs for the sailing ship showed 
some unexpected differences 
compared with a motor-powered 
vessel. 

The biggest difference -would 
be in wage costs, reflecting the 
labour intensive nature of sail- 
ing-ship work. These were put 
at 3203,500 for the sailing ship 
for a year, compared with 

3134.000 for the diesel vessel, 
at 1977 prices. 

Food costs on the sailing 
ship would be nearly double 
lat 315,275 per year) those of 
the motor ship. It was not clear 
from the Windrose research 
whether or not this reflected 
more uf the same type of food 
or; more high energy, high pro- 
tein diets of steak for breakfast, 
dinner and tea. A high grog 
content would certainly push 
the food bill up. 

Insurance would be the same, 
capital costs would be the same, 
but the aptly named overheads, 
maintenance and repairs would 
be double on the sailing ship. 

These and other figures gave 
a .daily operating cost in the 
Windrose study of 35.173 for the 

12.000 dwt sailing ship against 
S7J42 for the same size motor 
vessel. 

On a typical voyage from z 
UK port to Melbourne and 
back, the sailing ship would 
lake - 104 days at an average 
speed of 11 knots and in this 


respect it would be soundly 
beaten by the motor ship, which 
would complete the journey in 
82 days at 12 knots. But the 
customer whose freight was 
carried between Britain and 
Australia on the great clipper 
routes of old, would smile if he 
took the slower ship when he 
learnt of the $10.7 saving per 
ton of freight 
The next stage in the project 
calls for a lump sum of 
£78.000 for a full-scale design 
contract Shipowners anxious 
about tbeir falling freight rates 
on conventional ships may know 
by August, when the initial 
study is finished, whether cr 
not they should dip into cor- 
porate pockets to fund the final 
stage before full construction. 


Getting 
the needle 


WHAT DO Parliament Square. 
Kensington Gardens, St James's 
Park, Portland Place and the 
British Museum’s forecourt have 
in common? They were all con- 
sidered as rites for the erection 
of Cleopatra's Needle, which 
arrived in England 100 years 
ago after a bizarre and tragic 
voyage from Alexandria. 

From its present leafy 
obscurity on the Thames 
Embankment where only a few 
curious tourists go lo inspect it 
one would scarcely imagine the 
excitement aroused by the 
arrival — after a journey _ in 
which six men died — of the 
380-ton piece of pink granite, 
quarried nearly 3 .500 years ago 
at Aswan. Upper Egypt 

Large crowds cheered its final 
installation, a waltz was com- 
posed in its honour, newspapers 
and magazines. led by Punch 
and the Illustrated London 
News, kept up a running com- 
mentary in words, photographs 
and cartoons. But today the 
centenary of that event is being 
marked only by a small, 
although succinct and fascinat- 
ing, exhibition at the Museum 
of London. 

First offered as a gift to the 
British monarch by the Egyp- 
tian ruler Mohammed Ali 60 
years previously, it bad lain 
rudely ignored on the sand at 
Alexandria throughout the 
middle of ihe last century, near 
the site where it had adorned 
a Palace in honour of the 
Caesars. 

It was one of a pair brought 
to Alexandria for that purpose 
on the orders of Cleopatra Troin 
Heliopolis, where 1.500 years 
previously it had first been 
raised by the Pharaoh Thotmas 
ni. Further hieroglyphics were 
added by Ramses II. 

Successive Governments hav- 
ing refused to put up the money, 
public opinion took a hand. 


regarding it partly as a matter 
of imperial pride- (France, our 
arch rival on the Nile, had 
erected a similar Egyptian 
obelisk in the Place de la Con- 
corde). and partly as a chal- 
lenge to Victorian marine 
engineering. 

The motives were combined 
in Sir Erasmus Wilson, the 
surgeon, who put up £10,000, 
and in John Dixon, the engineer, 
who designed the remarkable 
craft to sail it to its new 
imperial setting. 

Another factor was that the 
obelisk and its partner were 
being threatened with destruc- 
tion by a Greek property 
developer who wanted to build 
on the land where they lay. 

Dixon designed and 
commissioned from the Thames 
Ironworks and Shipbuilding 
Company what looked Like a . 
First World War submarine — 
an unpowered iron tube, with 
deck house, deck rails and large 
rudder. It was taken in sections 
to Alexandria where " it was 
assembled around the obelisk 
and nanied “The Cleopatra.'’ 

The first mishap occurred at 
the launching in August 1S77, 
Cleopatra hit a rock, and had 
to he lifted and pumped out 
before going into dry dock to 
have her superstructure fitted. 

Worse happened two months 
later in a storm in the Bay of 
Biscay. The tug Olga, which 
was towing Cleopatra, cast her 
loose, but lost six men who 
were sent to ’ take off the 
Cleopatra's crew. The cylinder 
was then lost for three days, 
before a passing steamer 
spotted her and towed her to j 
the Spanish coast 

There she lay, the centre of 
a salvaging argument, until 
January 1878 when she was at 
last towed to Lambeth, in East 
London. In July, a high tide 
allowed her to be grounded at ■ 
the Adelphi Steps on the Em- 
bankment where the obelisk 
was removed from the Cleopatra 
and lifted by hydraulic jacks. A 
specially built timber scaffold- 
ing raised it horizontally and, 
on September 12 to the cheers 
of the crowds, and decked in 
the British and Turkish flags, 
its bas* was slowly swung down 
on lo l he plinth where it still 
stands. - 

The site is far less imposing j 
than those of the Egyptian obe - ■ 
lisks in Paris and Rome, and j « 
perhaps even of Cleopatra’s f ■ 
sister Needle, which adorns ■ 
Central Park, New York. It was ■ 
enhanced a couple of years later ■ 
with two bronze sphynxes, but ■ 
they make poor guardians since ■ 
they were mistakenly placed ■ 
facing the wrong way. j £ 

Michael Thompson -Noel ! g 
Lynton McLain i I 

Maurice' Sam uelson I L 


GOLD 


WHO’S BUYING 
45,000 KRUGERRANDS 
EACH WEEK? 


The Germans and Swiss alone are currently buying this amount each week 
and for some very sound reasons. 

The success of the recent LALF. Gold Auctions and the fact that mined 
output is now below industrial demand could point to an important rum round 
in the gold markeL 

Furthermore, Krugerrands are currently at a vert' low premium of about 5% 
over their gold content. In times of heavy demand this premium has been 
as high as 32% and, in our opinion, the next major upward price movement 
in gold will be accompanied by a widening of the TCruger Prem i urn! 

This, then, could be an outstanding opportunity for investors ro move into 
the gold market ahead ofany further rise in the ‘Kruger Premium] 

ALL. Doxford (Bullion) Ltd. offers a professional approach to dealing. 

This includes highly competitive prices and a Limit Order Service which 
enables investors to set predetermined prices at which to buy or sell. 

Dealing opportunities which often exist for only a few moments could 
otherwise be missed. 

We also deal in New Sovereigns, Silver Bars and Platinum Ingots. 

The minimum investment is £500. 

For fullest details of our services, kindly forward the coupon below or ring 
our dealers on (01) 839 7788. 


i «> M.L. Doxford (Bullion) Ltd., 

10 Sijamcb's Street, London SVC'IA lEF.Td: 01 859 7788. 
Please forward without obligation detail* of your bullion services. 


i wwm 


Addres* 


'lei. So: 


■I 

1 

I 

I 

I 

mJi 


V 






Financial Times Saturday July ^ 1W ; l A 

— ■ — 1 "* . .* . *1 > 


Midland Bank falls to £87.5m at midway 


btanex worse 
than expected 


SIDS AND DEALS 


BY CHRISTINE M OBt 


PROFITS berore tax of the 
Midland Bank show a downturn 
to £87. 5m in the 6rst six months 
of 1978, compared with £J 02.42m 
in the same period last year and 
with the £90.41 m achieved In the 
second halF of 1977. 


DIVIDENDS ANNOUNCED 


costs. However, the business of Midland Bank int 6.5_ 

the group continues to grow Mining Supplies 1.25 

steadily. Plastic Construct. ...... int. 0.70 


Basic earnings per £1 share are Relyon int. 1.75 

given at 24Jip against 34J2p and Stayert '/igomala 4.5 




Date 

Corre- 

Total 

Total 

Current . 

of spo nding 

for 

last 

payment 

payment 

-div. 

year 

year 

We) 

Nil 

— 

0.69* 

023 

095* 


L75 

— 

3.91 

3-5 

5.66 

tat 

o;65. 

Oct. 2 



— t 

2 


1.68 

Oct S 

1.68 

2.51 

. 291 

tat. 

2 . 

. Sept. 8 

1.4 

— 

6.7 


02 

— 

0.2 

0J2 

99 

inL 

0.9 

— 

O.S 

— 

2.1 

int 

6.5 

Oct. 4 

5.75 

• — 

14.75 


1.25 

Sept. 13 

1.1 

1.25 

1.1 

int. 

0.76 

- Sept 18 

0.69* 

— 

2.08* 

int. 

1.75 

Oct 2 

1.5 

— 

. 4.09 


4.3 

Oct. 9 

3.9 

4^ 

39 


0-64 

Oct. 6 

0.54 

096 

096 


v Suflex International. the fusible vencories, should reduce working 

rnasflflrt »„ mrriM half interlinings specialist, has capital, although volume is also 

belatedly produced its preliminary likely to decline. 

ye ff «■ G Rtires and report and. accounts Another major drain on Income 

in ft » statement Mr. H. Brocnen 4 nra tw rmi »h» na»c un» »» ih*» (saanfln a vear rent on the 


Eastwood now backs 
Imperial offer 


vacated factory at Bow — should now mat j. •». ordmar y Spooner shares prior to 

also disappear, the company says, t ois.h ave been roteased iis ow? bid of S5p and has sold 

Apparently a tenant has been iraovorable commitment to the de- wno h so*a 


io conanue~ ~ ^ losses of taterSi. S5S.TBT SU'cHETS S-S. TTjjK bid for 95p. 

The directors now state that ^^ease to £&5m pre-tax after a whlch the company is confidenL ' frota Imperial Croup, which will - piWCON 

m view of the satisfactory order stock write down, and to £7.7m Ye ste rday the managing now: include a loan stock altema- rV. L. I A YVjyKJri 

book they are confident that the post-tax after an extraordinary director Mr BUI Rao. said thit tive to the 160p in cash. BUYS AGAIN 

full yean should further reflect the item mostly relating to the costs he believed that the company ■ lb a document sent to share- 3 Christine Moir 

performance of the ‘first half. •' of moving from the Bow factory would be back on a stable fooling holders by Eastwoods advisers, Stanley WootUff, who made 

Half year sales improved from to Bum ley and then writing down by this time next year if all the S. G. Warburg, the Board says thal ' fcvr Dr John Blackburn At 

14.52m to £4.96 m. The profit was Burnley. deals .go through. In the mean- Imperial's offer “ Is a fair renec- Raad, and now heads 

after interest of £11,000 (same). Secondly, on the balance sheet tune, the management Is to be lion of present -value end, the H . ^ Pawson. the women's doth- 

a !^, e wklng tax of £363,000 bank borrowings at the strengthened. Six board members, iftmjre potential of Eastwwid. mK manufacturer, is wasting no 

(£305,000) into -account earnings December «Mr mnI -wk including the chairman and his ‘t-Tbey will shortly send share- t4 * nn hi . es pension plans. 


tax and minorities, and the 
weighted average number of 
shares in issue during the period, 
adjusted for the bonus element in 
the January rights issue. 

Fully diluted earnings are on 
the assumption that ail the 71 per 
cent convertible subordinated un- 
secured loan stock 198.1-03 in 
issue at June 30, 1978 will be 
converted. 


from record profits '.Of £l-3m. 


win i :>■ ■ — . inrainxM to Lue met’iianicai nano- , . , . u» xuiuk oeiow 

“I! REPORTING taxable profit up ling industry and is now in the THE PROFIT improvement shown cost, produced a final trading loss 

,fij5 from £1.75m to £1.84m for the first stage of a £lm three-year ex- Sternberg Group .-in the first pf £L5ra against a £4.4m profit 

i«'oti § 74* year to April 29, 1978. Mr. A- pansion programme which will S1X months continued into the m 1976. 

nm i_r .1 _« : r mam ..4 cprnnd halt and nrnfitc fnr the Mr- Im-in Rotlnu' «ha 



Firm hair 
19 ts 19 — 
COM COM 
















i Nnl pniflt 

3 S.TS 0 





1 

. 37.733 

<s.rr» 


I 0 .MI 


1 Retained 

H.a6l 

3 S .733 


Mining 

Supplies 

improves 


£224,000 com^Sd^itb MoMlS ESSSSL-'TS. SW? c’Sh 1 acquisition: 


the accounts on ihr^Uwfied. 


Barely had he announced a 
Illm bid for the private uniform 
maker, C. H. Bemard-nio large 
that another rights taauea is 
needed to carry it through — than 
he has come out with yet another 


costing £140,314 (£123.750). 

The overall performance of the 
group is on a continued growth 
level and with a strong research 
and development programme- in 
operation the prospects are en- 
couraging for the future, Mr. 
Snipe now says. 

Mechforge maintained its per- 
formance as a major supplier of 
forgings to the mechanical hand- 


-K.O- • 

Steinberg 

moreffiar 

doubled 


previous year. support will "be forthcoming tol&Qpld ensure Imperial control of “jS" eaxh'^rar Occasion 

At ’“*« Uading profit level both ensure the company is a “going $b^fcomprmy, but for the threat oJ, ut ’ ure a private women's 


assumptions . first that financ'mlttji^t- Imperial already owns ihfs time Pauson has paid 


.. — _ . . . r- ca ui e. uic wuii«uj is a xuiug juwcuu't'.uy, i^ni it tire a private wooieni 

SSlS'SKS SSYZS8J&22! 'M.** SSff'-iw' ■>«?«> * * 


Dutch plant lost over £lm apiece, £723.000 element of goodwill In 
an amount matched, it is thought, the balance sheet is a fair reflect 
by the subsidiary in the Far East, tion of true value. Finally, they 
Tnecurreny swing (from credit point out that for the £134,006 of' 
i? loss last year) cose a ACT to qualify as a deferred asset., 
further £fm and the price of re- there will need to be future pro-; 
duemg stocks by selling below fits in the UK- 


direct or s are considering forging machinery. more than doubled to £503,000. election, does not under-estimate 

er expansion into North Mecta Cast and Meeta Construe- This represents ; a recovery the company's problems. But he 


In 1976-77 the profit was designed to get the company back 


Sec Lex 


-** “ - — — — ■ - ‘ssftas- - — 

3s« ( ssu.ra n ^ n f „ • r^s^ssiSsrjSB S'lSss.as 
swsrs Relyon well ■fasa'yyBHS 


Relyon well 
ahead after 
six months 


Brady cuts 
dividend 
after slump 


Since exhibiting a new range of 

DARTMOUTH mining equipment at Birmingham , H ilia ^ 

OA1UJHUU I n last October the company has D p|\r ATI WO II H fmm „ S J 

Q1 W ArrFPT received its first substantial JlVClV ill! TT CJU “ nnli 1 °^ 87p e 

yjJ/ 0 ALLtri orders from the U.S., Canada and J 

Dartmouth Investments Australia with strong enquiries L J off £11* nndj? th^ AlSon Y Q un-2' 

announces that acceptances have J ' ^1161 bury, etc. labels, ^ndSdb 

been received in respect -of overseas, market to one, the . ... ;i»T7.» 

2.953,135 (9U1 per cent) of the chairman expects rapid growth in . .. _ 

3J3A100 new ordinary shares exports over the next five yeare. CIV lYlATITrIC •--» 

offered byway of rights to share- Sales for 1977-78 were ahead to kjAJY JLll.vfUI.lJlo 5^ 

holders. £16.98m (£l3J2m). After tax of -STtSat i» 

The balance of 280^65 has been £I.02m t £955. 142) net profit was IN LINE with the optimism minority hw*'."’ "!Z!I ...IJrW - 

sold in the market at a price of better at £826.571 (£790,803) for expressed in the May annual stale- Exnjortu>»ry debit ...— v v - 

lS.5p per share and the net earnings per lOp share of 7.3p menu Relyon PJLW5, the Bjj*”!? -4 + }“7 


*are shown.'al^Sllp, against E«t companies whose accumul^ W S SAvik c£h bidT 

The dlviden^Lc stenned ted losses exceeded shareholder^ to March 31, 1978. Brady Indus- 

tn 0B57 d to 0957p net with ^ unds - In addition, it is thought Ines ran into a. loss-making t ; : ; 

of 0.837p. P » ,h< In advanced negotiations situation and brushed the !2 T /' at 


‘mi^on. Eastwood has apparently ^ and Mre N Brownstone. '' 

? sked " For the price Pawson gets net 

gging for a speedy clearance for J® iWe J**t« of £323.773 jindud- 
^i^take-OTCr. ing deferred tns or £46.0001 and 

^^unions representing the em- ^ of £I2 2,727 f £159.467 in 
erf^ees are also said to na»e h Brown stones get 

X3 ed the subnusslons to lhe consultancy agreements worth 
v *# ■ £12,300 apiece annually Tor the 

“ febrNtf AM HFENAN nexl thrt€ ypa,s and , w 4, 

Kiv!, Browns tone receives a further 

.FULLS OUT £12.300 annually for seven years. 

Hodman Heenan International In its Inst balanca^hwt Pawson 
bw pulled out of the cattle for itself had i net [ ® f 

Sooner Industries. under £600.000 The acquisition 

r»i a formal statement the com- of Bernard wii involve a rtghU 
o&y says there was nothing in Issue of £lm. 

Disagreed offer document cover- Furiher acqmsmons ore stlM 
ing Sandvfk's bid for Spooner that likely although Mr. - WpOtiiff 
Wd justify it increasing Us offer pointedly said I jnntantap 
ftTahP Ban Sandvik cash bid. would o« on holiday next week. 


The emun makes £iie« einthine with a major international textile months with a- pre-tax profit of 
unde? ffEn }S n“2 Sf firm which will take over must of *13,125 compare* with £391,185. 
unaer uie Aiexon, XWtoSSet, Del- ... At miriwav when nrnfits fell 


bury, etc. labels, an 


Turnover - 

J»roIU 

TaxaiJon 

Xpi profir 


Whfk jnSHh«« its European sales and distribu- At midway when profits fell 
labels, anfr^dbs^s. tion ouflels TTje net effect of from £260.000 to £60.000 the 
ttm mn this will be. according to the com- directors said the disappointing 

18.2M pany. to reduce borrowings by at results were, in the main, due to 

a« • sis least £1 .7m “and significantly more the slow recovery of activity in 

— ^ ils current negotiations are the building industry. Action was 


Kellogg expands UK 
frozen food side 


least JD .7m “and significantly more the slow recovery of activity in Kelloeg Company of Great In all PH Foods and the part 
if current negotiations are the building industry. Action was t0 CX p an d its tiny UK of Reece being disposed nr 

-5 successful" being taken to rationalise the food business with the employs 300 people and produces 

s The group is also closing down group although jt might be some " w h „ f pH poods and part sales or over £10m a year, but only 
IB what remains or the Burnley fac- time before a material improve- £rg RefHre aDd sons both from breaks even. 


amount per share payable to against 7p. The net dividend is mattress and divan group, has • p5».“t5te"wi^ta riLinna£ tor7 50 t P il Its onIy wanufac- maat profita could be acbieveiL nJJJlmss for £I.73m in cash. ^ 

qualifying shareholders is 3.37p. stepped up to I24723p (Lip) pushed up prfits, before tax, from bis wif* anu demur cb»innitit tunng will be in supplying a small The year s loss per 25p.share is -r>iough KcUoct; has a significant NO PROBE 

amount of woven cloth to the stated at 0 . 4 n i (earnings 6 . 4 p) and ,jJ3SSLIri» in the Mr. Rnv Hanoi 


Hardy £5.4m loss on trading 


amount of woven cloth to the stated at 0.4p (earnings Mp) ana inv ‘K-e^ e tu in frozen foods In the Mr. Roy Hattcrsley, Secretary 
Dutch dyeing and finishing plant, the dividend total is cut from {tc fh e RHttah subsidiary was of State for Prices and Consumer 

J th a fi “ al P8y - only rep“ed b7 Rhcd« ProtStion has derided not to 


a significant part of its turnover ment of 1.75p net 
to finishing work for outside par- Turnover for the 
* ties, should consequently get back advanced from £16.6 

interim of future finance costs and the » profit by the last quarter of Tax. took- £22.813 


Rhodes Protection, has decided not to 


UR! m Turnover ^for 6 the 1, month, jSS-SS , WS 

tiy get back advanced from £16.6m to £l7.3m. jf j 10 "** 1 ahSJ insurance' Company and 


' — 1 ties, should consequently get back advanced trom utxom nuLijm. these Durchases Allstate Insurance Company and 

AFTER first half losses of £1.16m The year’s loss includes £58.000 declared a second • interim of future finance costs and the to profit by the tart quarter of Tax took’ £22.813 ^ (£205.61-) - ~*, t ' sound base in frozen Great Universal Stores In lhe 

against £340.000. Hardy and (£6.000) loss on property disposals dividend of 0.34838p for 1978 to £424.000 represents this reduction, this year, the company believes. I !SL fnod 5 wholesaline and ice cream Monopolies and Mergers Commiv 

Company (Furnishers) finished and a £266.000 credit (£189,000 be paid on the same date, subject Earnings are statrif at 3.4p Jnturn^the amonnt ofbuBmns pany, which operates ^shutter ood wholesaling anaicecream 

lhe your to' April 1. 197S tvlth a dehto Provis.oo for deferred to offer, for Seafonh Meritime (1J8P) per iOp .hire.* The final ‘ *!»«««* •» '>}'« »«» fgiLantifft, ' Iuv-.^b5 acSSi.ltlon 

deficit before tax of £790.000 com- profit and earned charges. Attn- announced June 20. becoming dividend per 20p shaf& js 1.683p slocks, rather than in-house in- £9.688 (£34a,o-3 profit). * FoV Sears Holdings the deal BURMAH OIL 

pared with £113.000 profit in the butable loss is £153,000. against and being declared unconditional net for a maintained total of , chance to sell off Bunnah Oil Ls to put up A*2.6Sm 


previous year. Loss from opera- £42,000.- ■ a fter tax.; credits of 
lions totalled £3.4 m against a £90.000 . (£52,000) . ■ and £1,000 
profit Of £967.000. (£2,000) minorities. 

The reduced turnover-— down 
from £41.3m to £34.63m— results # Comment 

t^fl^^sass sssjt y sftty! 

explain. Earnings have been the compare; decided to 

further affected by the introduc- ™ str ‘« Cred '} . tradin ? lo i 
tion of a repairs equalisation J*>-weck period in the first half,, 
scheme but its effects have been devastat- 

A profitable result was not in S- .With creilit normally 


General Engineering 
£0.39m below target 


tax. credits of . 2 j08p. Waivers haVt been re- 1 -w^ • • nf Hose to £1 7m v 

8. “ ~ N Brown « ”1™' General Engineering 
t is. mown hi £0.39m below target ... stksss 

from a body blow ra rktf~kT7 n on nrofits of year is^ielieved by . ... V . , make a profit at Iheir.preseiil 

in have been self. dUUYC losses brought torwartL There WELL BELOW forecast results group will be reorganised. to suit * 

order to improve arc further unreliev^tax losses are reported by General Engineer- current needs. - . • 

mpany decided to P a of about £12m avaiSble- for set- ing Co. (Raddiffe) for the year Such, action cani act hvte i ^.1. . . 

hSf’.mfs-i*' forecast ^ Man ^^*cu e rStt-y«vVSc^EUtott- 

Z f j,r 2SSSS' BEr ™ R , ?«" <r\z v " r ■ EStt-SSt —"SSS SSSJnS Peterborough 

hSr a 2r oi £809 - 000 compared with ^ - . "* ™ ofMflBo factors. However, the group , . 

volume sales were r are re , por if <1 '’ Dbcootiiwfci' npi' iww- ..!!H — ra For the 12 months a loss of should be in profit for the second ftblGCtlV6S 

^ “““h J ? r » N - BrOMrn fnvestments, the direct Extraordinary m-bnn- «« «« «12 000 was incurred compared half-year. UU J VV ' W 

of asm far ““ ,car SSSSfffcirrrsr: « S SS . »» (gaooj pm ,. n d ewM h» i» w» «"i JU,®. 


For Sears Holdings the deal BUKMAtl 
represents a chance to sell off Bunnah OU w to put up A«ASm 
Mis of close to £l.7m which (£1.6m) to increase its mlerest m 
were producing no proGt. Santos, the Australian gas explorx- 

Mr G. Maitland Smith, chief tion and production company, 
executive of Sears, said yerterday from 33.9 per cent to 371 per cent, 
that the two companies could not This move is in accordance with 
make a profit at their present size. Santos* articles of association. 


expected for 1977-78. but the accounting For around half of £798,000 are reported- by 
Board now feels confident of a group turnover, volume wles were N . Brown Investments, the direct 

return to profit in the current severely reduced and first half mall order business, for the year Dividend* 

year. trading losses of £3.oSm were j 0 February 25, 1978. Retained /ox* . 

Reorganisation of management followed by a £1.84m deficit in At the interim stage when JS* 

and capital structure Ls virtually the second six months. This stag- reporting a decline from £348.000 bsm.boo nVoouf fov 

coniplete and sales in the first Bering Joss compares with other to £310.000 the directors said they property mi ixsrr.om. on 


- Encouraging 
start for 
Rotaprint 


In his first annual statement as Results for the first two months 


quarter are substantially ahead or furniture 
the same period last year. Costs Hendersoti-Jfenton 
are rigidly controlled and margins which managed tc 
have improved, the directors say. tained levels of 
In addition the cash position period. The ups 
has improved from a £4.1 m over- position is that i 
draft to £2.6m cash in hand. stronger balance 


draft to £ 2 . 6 m cash in hand. stronger balance sheet for a achievement particularly in the 
Loss per share for 1977-78 Is weaker market position. Certainly context of the remarks made in 
given as lj!p (02p earnings). An the gearing problem has been the interim statement, 
unchanged single final dividend solved with net borrowings down The late improvement arose 
of'O^p is recommended — interim from 63 per cent of shareholders', from slightly more buoyant trad- 
payments were passed in both funds to around 11 per cent Bur ing and a higher margin mix of 
years. Hardy's market share (around 2.7 sales than had been anticipated 

cent in 1976-771 has slipped, in last few months of lhe year 

ISlS-li Hrffmafir-alln ■>»>! thi. ii> .1 ..~ .U IntfaBhor utifVi a, -on slpiMn,. inH 


Lucas changes 
subs, names 


turnover anticipated in the .tn- to cover foreseeable needs. Hew the Balance sneei ai wanu 01, had been disappointing last year, 
terim statement— wheD they re- products are selling well and with 1978. shows a reduction In net particularly in the second half. 


ported a pre-tax profit slump its new organisation the com- current assets from £L47m to Th e countries in the Far East 
from £302.000 to £15.000 — failed to pany will be well placed to main- £i.29m. The chairman explains con tj nil e to receive the company's 
materialise owing to a decline in tain its traditional position In the that the increase id bank borrow- spec | a j attention and sales there 


world demand and a consequent market and to take fuff advantage tags from £Mtai to £3.9im is ^ very encouraging, Mr. Nichols 

.. • . -,i_ ^ -l dnwi main v on-nmitahlp TO nn^I * «* .. . 


sudden downturn in the receipt of any revival in world demand. mainly attributable 


tells members. 


Two of the four main operating 


Turnover 24 .GM 41.S2R 

Operations ln*s 3.424 «M7 

Credit provision? 3.75R t96fi 

Property disposals orofil...- S7i[ U2 

Loss befart tax TW *113 

Tax cto illt D®. too 

Miooniirs U 15 

Prrlrrcricc 4lrirlL<nd 3 3 

AUrihuiabtr l oks 26S *37 

nnUiury divirlrnd 4« 4S 

Forward 3.M3 8.2.19 

• Profit. i For drfiNTPit profii and 
nnoarn'Tl rharxrs. } Drb/t. 

Turnover of a subsidiary, 
Phillips Furnishing Stores, was 
down from £4.53m to £3. 87m for 
1977-78 and the pre-tax loss was 


LA* dramatically and this is alwajtf together with even stricter and companies of Lucas Industries the fill] camolemenf of employees Srv— — * wnicn biidwiwm « iiwwhbm* Eurnne thp Middle East and 

3 — - - - «« efficient cost and stock whose names do not already bear Seretore *?ESS u&rSSfrt * ££ '°^.= S =u jn wrt.lh progress from £5;03m ^rica of an SSriSS ron 

control daring the same penod. an evident association with Lucas ^ of £680.600 net of un tax 512 *6W to £32m> trolled camera /nl a temaker which 

Included In extraordinary are to assume a new anj closer S^ viemin ent’ "rant In addLbon, Tax recoverable sk -,m As reported on July 15 a loss JT° . f.Jf * J; h ? 

debits of £340.000 (£948,000) to identity with the parent ebrapany SS-Tta reSt of' ordSs pX ^ S ^ Wfore ««* ■ ®C £IM^00 (profit JJJ ' iJShU^nSSi -il nSfiSSI 

£424,000 of non-reewr ing allow- from August 1- vSited comtaetion by the year- SEFdiK^ — - st il-13m) was tacurred for the year ”x M ^^*5ilS^Virf!. , 5SSSS. y 

ances and finance costs which is CAV, the diesel fuel injection SS thus SnSderab^ taStSg * to March -31. JOTS. . .. • 

a "one off" charge as a result of and heavy-duty electrical equip- ® -j. m progress. The tax credit includes antici- , 0tl a curoenLcost basis- this is saies .?L C ons . uma We sup- 

changing terms of' msil order ment subsidiary, will be towwn as They report that vigorous action pated recovery of £110,000 tax sbowm at £4M,0M. after adjust- - iq7R 

trading from a cum interest sell- Lucas CAV artd Girling, the brake } _ no 7j b t^v-n t0 a daot nro- paid in an earlier year and also “ ent f or . cost ° f A( 5? lea ^OJJOO, For the year to April I, MJJ, 

ing price to the option credit system and- suspension equipment duction^and ^ove?heads d to P the the benefit of the release of (flO 86m1 d wS^the -UK finte'S 

system involving an interest company will be known as Lucas current year's turnover expecta- further deferred tax. Earnings per non- recurring^, items £212,000, (£10.86m) with the UK cmrtent 

charge on balances outstanding. Girling. ^ STS £S? JS Vh^ after tax on actoffSbiOty &^S,£SffJSiS^- tf9rm '''SSSS It 

When this new system was- In . another, change., Bryce has been put up for sale and the basis amounted to 0.42p (3.74p).. tak adjustment £182i000. Deliveries, of Rotaprmt machines 

introduced in spring 1977, the Berger, itself, a. subsidiary of CAV,. . P A ^compensation payment of- were .up by almost 10;per cent and 

company had to make an will be renamed Lucas Brvce. £31.600 for lpss Of office was made sales of consumable Supplies' CtJB- 

allowance to customers to com- Lucas says the changes are part to a-dfrector during thd year. . tinned to grow. • ’ « 

pensate them for the interest to of a corporate programme MlMlJUP NElAfC During the year there were ’ However, because"^. of . intenae 

he charged on their balances in designed to present Its many lYlllllllU IlCVvu . exports of-£0.22m f£10.49ro). international competition .• as 

future. In short It had to reduce activities and its extensive range _ Barclays Bank Nominees fW & reported on July 13, pre-tax .profit 

the value or the previous year's of products “as an easily recog- . '■ ■■ J L oroup) holds 1.34m snares m f e jj to £313,000 (£411,000). The 

debtors to a figure which was net Disable and cohesive whole.” • P* company. Meeting. Pcier- net dividend is stepped up to 

TT 1 ' I II* boroqgb, on August 21 at 12.30 pm. 4.443MIP (4.06284p) gross. 

■ . Hamerslev ii3.1i" , W3.y tap issue . . down £628.000 (£734.000) with 

uC ‘ v The Treasury is Issuing £8 00m bank overdrafts higher at £848,000 

** _ _ __ of 12 per cent Exchequer' stock f£59fi,00p). 


of orders. 

Last year’s policy of retaining SlUfS 


* , at bv Hj lUVUIUwBtfi 

? i! 52 S55H l, * 1 fiSL-2? ^ croup has acquired the 


i±ia5i^££?££!Z excltwive selling rights in the UK, 
•*n Europe, the Middle East and 


JAMES FINLAY 
ADJUSTS PAYOUTS 


19n-78 and the pre-tax loss was Following the change in the company had to make an will be renamed Lucas Bryce. 
£231.000 against an £81,000 deficit tax rate, Janies Finlay and Co. is allowance to customers to com- Lucas says the changes are part 
previously. to pay a net final dividend of pensate them for the interest to of a corporate programme 

Loss per share is shown ns 2.8p 0.fll583p for 1977, plus a special be charged on their balances in designed to present Its many 

(0-8p) and no dividend is being interim; dividend for 1078 nf future. In short it had to reduce activities and its extensive range 

paid on the ordinary and "A" 0.0326p -oh October 6 this year, the value or the previous year's of products “as an easily recog- 

ordinary shares. In addition the Board has debtors to a figure which was net nisable and cohesive whole.” 


Results due next week 


v w -g . • • « 4 + vu <u U.OU 

Hamersley halt-way »»m tap -issue 

v The Treasury is issuing £Sl 
_ _ __ of 12 per cent Exchequer' si 

jT.rmmisatjrn 4-^ 1 1 1999-2002 to replace the long 

P 3 f|l lllMS THU which was exhausted fast Mom 

V'M.A UlUgkJ The issue, which is priced 


, , . , . , a , , . _ _ 1999-2002 to replace the long tap Mebtihg. Cumberland Road, MW, 

In a generaly quiet week for yet to flow through to manufac- spending has come a little late for The pre-tax estimate to about If] | |l(/\ f | | whfch was exhausted fast Monday, on August Iff at noon, 

company announcements on the tureres such as Hoover. A poor the 1977-78 year but should ; eip £S0m f£lS.5m). u ■ ■ ■ ■ JL4H.JLE The issue which' is priced at 

Slock Exchange. the main first quarter, which saw a 40 per the current year's figure. Euro- Since the announcement of last • £96 per cent, is payable as to £15 fiO A PROPFRTY 

features arc preliminary profits cent drop in pre-tax profits, pean sales were relatively Hat in co. m or ilt« „r«st RV KRNmftm MARSTOM minima eniTno on aDDlieation with calls of £40 rltUrCIll I 

from Acrow and Dixons Photo- suggests that Hoover will report the second half and the emphasis 4 K£NNETH MARSTON ' MlN,NG EDITOR IS£u»Mind the balance on ma Tr,,ci 

^aphic with interims from Coral interim figures well below last in the U.S. was on establishing E™ «?ti^ to ^ips witii toi NET EARNINGS' of the Rio Tinto- Greenvale nickel operation in SeptoS Iff th^h^flfth JSSent tO un 

^rmia?tor UP resIdto H from r RcSd ranee or'ostimsftcs tofram’oJto 82ir “InSidErte * profits’ "tS crou P’ s difficulties. Nobody how- Zinc group’s big Hamersley iron Queensland— which is jointiy Interest on the stock will be secured scheme^redltors due 
toternaiSmaJ ^ * Recd X a!d iS vS on nn Wwwns retaU ooeratfon wasin ever * U expecting fireworks and 'ore operation in Western owned with Freeport Minerals— payable half-yearly on January 22 July 31 will be at the rate of 21 p 

lnt *5I!^L 10 iha anrrinnarinrr - variation depends, on vresiom, retau operatiwi was m est i mates 0 f orst quarter profits.. Australia have dropped in the was AS6^>m for the year to June and July 22. The first payment in tbe £. 

TSEm toTBSSfRlTSS ^ P— E half-year to P AStL04m 30s . . . will be next January at the ratoVo^ther with; the 24p already 

raxSbto nrofits of around S S LhZ JufriiS? be substantial 0 u n til 1979-80 ^ £21-2Sm range with one of £25m TMASra) from . an adjusted However, the inclusion of de- of £4.753$ per cent. paid this makes a totaLof 45p in 

nn WedSesdLv cnmS with t j., « v With South Africa’s AS27J3m in the same period of ferred interest deprecation and The list Of applications will be the £ since inception: of the 

£!0 64m altooi"h Ke^re^uu- will ™ nn S rZLfVJj ^ KOod *** half performance 1977 The interim dividend is f^non jMtion of exchange > losses opened and dosed on Wednesday. Scheme of Arrangement- on July 

£10.6401, aiinou^n uicre are mu. win improve as tfte year goes on half figures from Coral Leisure on already known and' loses- in' halved to 4 cents: the total for changes this into a loss of ASla-Jtm Aueust 2 ' 'in 107ft 

gest tons that the croup could as retail slacks arc starting to Monday will do something to Canada curtailed tbe main «mess- 1977 was 16 cents compared with a loss of AS14.5m 8H- 7 - 

turn out as muchas £14m. Tho*e fatL Analysts are looking for offset the criticisms of the Royal toeisronflntdto Mr RuiSdiian ta 1976-77. As already reported. 

analysts gontg for the lower some strength in the third quarter Commission on Gambling earlier ti p ns are that lhe current year chairman warned in April that Greenvale's debt repayments are I ~ 1 1 - ■ 

figure are anticipating that Acrow and a strong final three months, ibis month. Analysts are generally T has started^ weU a fw/^Se as a result ^the worWrteel in t0 be ^scheduled for the third -rnilOfO 

may have suffered from the There has been a downwards expecting around £13m pre-la* J£U warteriJ JS fnSuwT dustw^ecLi'on counffi SSbthm UNIT TRUSTS 

effects of a strengthening pound revision or estimates for Dixons (£7.59m), which will include for ™ ? ftariinc woH^i»n . UIIII IfltfUlU 

which could have hit margins on. Photographic’s full year results, the first time a contribution from Sm l io w AmaX-KaWasaJkl - ' 

the group's substantial overseas which wiU .be announced on Pontin’s. acquired in March. The £5*2? 2ii t0 fal1 - tiT - 

sales. Acrow’s order books arc in Wednesday. Despite the re la- directors have already said that fflj ? vlSlw imereM^mimds Chrome Search " • . - . ■ . 

n>a«nnabli< shaDC. and although tivelv unexeilimr first half the riu#» tn tho (Pasnnai nature ^Sener interest surrounds ore shipments in the past half- « mpr i N <, amav gn H — 2 a.1_ 1 _ i .* . 


BY KENNETH MARSTON. MINING EDITOR 


GRA PROPERTY 


UNIT TRUSTS 


time. Keener interest surrounds 


Amax-Kawasaki 
Chrome search 


Staying with inflation 


for^ Arrow's cranes. analysts have took^ again at The lower profitabflity ttalfi company. wiU be reduced. Japanese steel mills and con- igree^nl caito to7“thb “ToTnt exl to^JSSTSUd Tf " SK to "X" oSe? "tSS ’ST from 

Retailers are seeing a signffl- expected performance of The second half. For the year analysts Other companies producing tinned tndusmaJ disruption . pforation and evaluation of crease the ’real value of one's CosmoDolifan Fund Manaeere— 

cant improvement in demand for traditional UK retailing activities see about £34m pre-interest, with figures next week include Wert- The company says that stop- chromite prospects with the pos- caoitaL But In these davs nf°hiph th e on I n Mv^^FumT 

white goods but, because of their and the consensus figure is now Centre contributing around I5ra taghou.se Brake and Signal mm* « ‘.the current six months sib i e joint development of any SKf Inition Utis hS nroiS attraStiS 11 5 Ser 

high stock levels, this increase has £».75m. The upturn in consumer and Pontins approximately £9m. Company and Van ton a Group. will I be higher but, the general prospects that are found viable.” .rwJ£S^* rent .55 iSSmi 


Dividend ip>“ 


erosion of selling prices due to ^ He said the most adva n ced''pro's- ext r«" e| y d ‘®ciilt: to achieve. A cent gross and Income Payments 

the over-supply position in world’ pen is in Papua. New GuinSi, and ™ r,et » n oC Investment vehicles are jnade quarterly. But this yield 

markets Is a matter of grave the companies will test the com- ha r ve been P? 1 forward, hut only is achieved by the fund managers 
concern.’’ Hamersley to 54 per mercial viability or reserves, esti- J22, t< 2 l -»“? at,on * w l i! nR i , P. ortioil ® . 

centrowned by Conzlnc Riot Into of mated at 2.7m tons. A max holds Funds based on commodity invest- between high yielding equities and 
Australia. rights to explore there and in ment come into this chosen. Tew fixed interest preference shares. 

Meanwhile, RTZ*s 51 per cent- mining areas in Indonesia and the a - nd 'l ee ^ Arbuthnot Securi- Thus the enhanced yield is offset 
owned Canadian arm, nio Algom. Philippines. ties is offering tbe Arbuthnot by the dilution Of future growth, 

reports first halF net earnings of Kawasaki will pay $3m, the ex- Share Fnnd. potential in the in come. This 

CS27,9m (£12Am) compared with pected cost or the two-year pro- This flj nd. being an authorised needs to be taken into account ta 
C923im in the same period of Ject, in return for a 50 per cent unit tr ? l3t - has tQ 1136 lhe indirect reaching a decision: the minimum 
1977. The increase stems from a Interest in the mining rights of route Into commodity investment outlay is £300. 
reduced tax charge; pre-tax earn- a "7 prospects deemed producible. investing in the snares of.com- Finally, the M and G group is 
tags were lower at CS48 3m the spokesman said- panics trading. -in commodities, pointing out to investors that, 

against C$5L6m because of a fall Uneasy about the stability of Nevertheles, it has matched tafia- there are renewed signs of - 

ta income -from uranium and su I?P ,,es from.. South tion. over seven years and~ out- interest ta the Australian market 

copper operations. Africa. Rhodesia, the Soviet Union performed it over the past three, after years of negleet. Some 

and Turkey, several Japanese The minimum outlay for Interested commentators feel that the 

GREENVALE LOSS ^ «" ,p ? nles , have hesun to investors to £750 and, as a bonus, Australian market is about to 

•YnSSSw mine ventures. In the. yield- to a not tasignifica-.it move ahead and the M and G 

a R?i..5? p ir rt SZ _ SeekinR -»-2 per cent gross. Australasian and General Fund is 


FINAL DIVIDENDS 

A caw . ' — 

Anglo American Aapnoll 

Arlington Motor Boldlofto • 

Atmcwnl Brttlsb Eiwmpering — 

Austin iJamest Stool UoioinRS 

Best and May 

Bevan ID. Ki iHoIdtncst 

BlacK i Prior t Holding* . •• » 

CltT of LonOno Bftvfvff and inv- Trasi 

Dixons Pbdtouraphic 

Orson U. and J.t - 

ytrtb tG. M.t iMvtalst 


Bales ProwfUes — • 

James i John i group Of companies 

Malaysia Robber * — 

Kt-nnedr • Allan i 

Midlands Trast - - — 


jU-T) Group 


koruna CrrdJl Gr«u 
WarJnz and GlUovr 


mun» 

Last y,-ar This year 

due 

lor 

Final 

Int. 

Wednesday 

IJS 

I.0ISBS5 

1JJ3 

Monday 

0J7 

1.434 

1.043. 

Tuesday 

1.4 

5.17 

2.5 

Tuesday 

— 

.VII 


Thursday 

7.U 

S2H 

2.23 

Thursday . 

0.774 

1.9312 

D.8K4S 

Monday 

— 

1.31 



Thursday 

4 -1 

3.53 

2.42 

Wednesday 

I-Kt 

i.ast 

1.51 ' 

Wednesday 

0.S23 

13* 

0.9073 

Tuesday 

3.55 

1.575 

1.925 

Thursday 

3.0 

2.0 

NU 

Wednesday 

— 

1541 



Wednesday 

TueWav 

NU 

Nli 

Nil 

0.7) 

14K17 

P.R 

Thursday 

L 03615 

1.4023 

1.155 

Thursday 

o.tBse 

um 

9j 

TbOKday 

0J 

1.737 

0.0 

Thursday 

is 

2.4 

1J2 

Friday 

3.0 

1A4496 

2.0 

Wednesday 

8.45 

n.ssM 

0.4 

Thursday 

1.0305 

1.7SS3 

1.1818 

M«flay 

0.4H-U 

0.811 

0.52637 

Wednesday 

t£3 S48 

125*11 

1.07053375 


INTERIM DIVIDENDS 

Adams and Cfttbon 

Canzuna tW.i .. — 

Clly Offices 

fingfisfi and New York Trust Company 

nretwoat Properucs - 

R never 

Law Detoocrur** Corporation 

River and Mercantile Trim 

Smsllshaw |R.) (Knlmreari ... 

TACE — ....... 

Vaniona Croup 

Wcstlngtaouse Brake aod Signal 

Winer iThoraasi 

Yeoman Investment Trust 


INTERIM FIGURES ONLY 

Clarke. Nlckolls and Coombs .... 

Coral LrlstJTe Group 

Rcod imeruational 


ment 

Last year This 

due 

Int 

Final In 

Thursday 

0^73 

3.475 

_. Wednesday 

1 Z 

2.028 

Tuesday 

0.77 

-0.931 

.. Tuesday 

LSi 

1.33 

... Monday 

Nil 

NU 

... Thursday 

S.61 

9*1 

... Thursday 

1.3 

3.0 

.... Thursday 

3.0 

S.123 

Tuesday 

Nil 

1.5 -. ’ 

... Thursday 

03p 

0.750 

.... Thursday 

L78TI 

3344 

.... Tuesday 

0.83014 

ism 

.... Thursday 

0.06 

2.4344879 

Wednesday 

2.64 

49 

... Thursday 



_. Monday 



Thursday (*> 



... Tuesday ' . 




w 


Sharpe W. K.l - Tuesday VJ l \l .LI t » LL LvW seek chromium mine venturps Tn the vielri is a n 

SSSSSl w.»r«.tVJ 


essential, the recovery. 





fW»i' 






* H H 

t 


Financial Times Saturday July 29 1978 - 

. SUMMARY OF THE WEEK’S COMPANY 


'if, 


.^•Take-over bids and mercers " — : — r : 

T . . ,UUI MCI o At an estimated cost of some £ 2 Sm to £ 50 m, Ultramar, the 

Ma nh L* re Thomson Organisation, including the w hni. of it* w d ^ based oU S*WP. is negotiating the purchase of the Shell 
S t t v Jnter, * sls and the Times and Sundav subsidlary Canadian Fnel Marketers, while Biitten-Norman. the 

Smiwlii o?,. b *- en ? l ‘ H who «>^>wned sub^JdSryoflnteSfaHon^ aircraft manufacturer, has accepted an offer from the Swisvbased 

- 

c z°<r p - — ssm jk 

s a mosi complex bid for share” price** bid (£m's)*“ Bidder date 

ront rolling stako^W. Hcnshaii alid ° f B ° Tbonrne,s pr1c “ **«* «*•«* hwkaud. 

dropped ll* higher counterbid “ “ (Addlestone) and bas Albright & Wilson 195§* 1S8 123 115.04 Tenneco — 

Uombrit ciroup UnnJS^ fin m , Cornercroft 63* 65 56 L62 Armstrong 

uenls and Ihereliy bccom^ f h^ 1 a W ,r * 0nnc Develop- crosslev BulMin? Equipment — 

afier Barrau Developments The biVcomes nnfvtbi ho «sebuUder Prodncts 105* 104 64 7.07 Bowater — 

Mr. Bob Tanner and Air Pntlr uih-,e three days S'“ IO !!I!!P I < c , » 21* 17 19} L10 Mooloya Invs. — 

llrm.‘ to Kami Pir-In . P * Wb >tfield sold 22 per cent Of Eastwood (J. B.) 132* 130 90 31.53 Cargtu — 

ranmir/wi ,5 ra, l: ^* asl week Comben offered to bnv the Eastwood (J. B.) 180* 150 123 3822 Imperial Grp. — 

rj»m«r/\VhjUitMd stake, but its terms the same as nnwof^rln ff 0 ^- x- 35| 90 72 3.95 Neiron.-Ttniks 4/8 

were not aitpdIi>iI tk» • . u e same as now offered. Fluidnve Eng. S4 84 ■ 82 5 77 Assocd Enz 

Com hen shared for 162 P in cash *nd five Eng- BO 84 55 5150 fh^TiOini — 


PRELIMINARY RESULTS 


Company Year to 


Pre-tax profit 


Earnings* Dividends* 
per share (p) per share (p) 


INTERIM STATEMENTS 


Half-year Pre-tax profit 


Interim dividends* 


Prices In pence unless o ther w is e Mkaiad. 

a 1953* 188 123 115.04 Tenneco 

65* 65 56 L62 Armstrong 

Equipment 


195§* 

188 

123 

85* 

65 

56 

105* 

104 

64 

21* 

17 

19} 

132* 

150 

90 

160* 

150 

125 

95| 

90 

72 

84 

84 ■ 

82 

B0 

84 

55 

20* 

20 

18 

301 

286 

255 

125* 

122 

116 

21* 

25 

19 

83| 

78 

82 

56 

56 

48 

284 

252 

194 

SO* 

45 

44 

200* 

200 

170 

95* 

93 

77 

63* 

69 

55 

1241* 

131 

110 

5Si 

55 

48 


Final AAH Mar. 31 6,301 (5.461) 14.0 

Arc’ fee Alexander Walter Mar. 31 2,336 (1,946) 162 

Bidder d«r AmaU Distilled Mar. 31 07 (22)L 0.5 

eiaaer date cawoodsHWss. Mar. 31 7.757 (7.011) 152 

Centreway Mar. 31 1.030 (639) 52.8 

Davy IntL Mar. 31 25294 (18.782) 342 


Deu byware 
Fltcb LoteB 
Graig Shipping 
Hfliards 
Howard Tenens 
lnehcape. 
Ingram (Harold) 
Jarvis (JO 


Mar. 31 6,301 (5.461) 14.0 (13.5) 6.143 (5.5) 

Mar. 31 2,336 (1,946) 162 (13-5) 4.85 (425) 

Mar. 31 97 (22)L 0.5 (— ) 0.75 (023) 

Mar. 31 7.757 (7.011) 152 (14.0> 321 (3.41) 

Mar. 31 1.030 (639) 522 (352) 12.168(10-896) 

Mar. 31 25^94(18.782) 342 (30.9) 12.055 ( 925) 

Apr. 1 804 (239) L 8j (02) 5.419 (5.418) 

Apr. 29 6229 (7,687) 5.6 (62) 4.09 (3.663) 

Mar. 31 1.49 lL (643)L — (— ) 8.0 (16.49) 


(62) 4.09 

(— ) 8.0 


(3.663) 

(16.49) 


7.07 Bo water — Howard Tenenj 

JL10 Mooloya In vs. — lnehcape. 

31.53 Cargill — Ingram (Harolc 

3822 Imperial Grp. — Jarvis (JO 
3.95 Newnm.-Tonks 4/8 Laurence Scott 
5.77 Assocd. Eng. — Lynton Hides. 

Comben shares’ "for ““ v V'" ,apr i SeS ifiZp in cash and five FJuSdrive Eng. B0 84 55 5.50 Thos. Tilling — Maearthy’s Apr 30 3.193 (2250) 2 

iiJwiii It. ° S1X 0rme ^ares. HenshaU <\V.) 20* 20 IS 0.50 Bovbourne^ — Neepsend Mar. 31 1,049 (1.057) : 

,, 1 it rK ‘ n - l,,e V s - « rou P. is continuing its fight to gain control Trust 301 286 255 9L57 Bairlays Bank/ PMAHIdgs. Mar. 31 173 ( 62) 

■>[ J. B. Eastwood despite the hi "her nfiVr , ^ J POJJ. — Pullman Mar. 31 1.110 (955) ll 

jnnounced earlier this mnnt h r^n v. imperial Group, Leslie A- Gadwin 125* 122 316 24.51 Frank B. Hall 7/B Redland Mar. 25 39.440 (34260) 21 

<11 aemiirin-th* mon } h ' CarSill has reaffirmed its interest Lond. & Liverpool 21* 25 19 0.52 Ascbhelm Secs. & RosgOl Hldgs. May 27 315 (169)L : 

iLii^n p and poultry group, but has deferred a „ W. & A. SA Zug — rtdGtouiT Feb.28 327 .(SOI) 

iocisioii on its offer until the question of a Monoooli^ Cn^L^ ^ heUC ? tts S3| 78 82 128 MtchellCotts Stebe Gorman • Apr.l 4.468 (4.055)2 

«un probe has been resolved Monopolies Commis- Transport Group — Somportex Apr. SO 2S7 (77) *1! 

Bid talk* for Britan- . L nnJ , OrmeDevpts. 56 56 48 9.97 Comben Grp. — ■ Ward & Goldstone Mar. 31 , 3.337 (4,140) 1 

»««.. **«. . IfS If IT "- 1 " Mar - 31 653 1529 ,2 

H'er'm^ntiatioTiY 5 finally abandoned 1116 two-month long take- St. Kitts (London) 200* 200 170 0.78 iSustriaj” - ' 

-S«=i- r : 1 “ r Mer! * ^ an 

Brooke i!«k- u » , Weston-Evans 1241* 131 110 6.71 B’ham & Midland Jenners: 1,002,400 £1 10 per -cent cumul 

Brooke Bond Liebig has launched a £20 cash takeover Counties Tst. — at nar . ■ 

nd for Bushells Investments, the leading Australian tea pro- W® 0 ** 801 ® 58i So 48 223 Newmn.Inds. 2S/7 P 

inre°oii ^Afriean^a'n H 1 a m a ™ ai0r “ ove , t0 reduce its depend- *AR cash offer, f Cash alternative, t Partial bid. §For capital n - L4« l AA> « 

I c),,rn A j ,an ea ^ n,n ss. Brooke Bond's offer of S36p not already held. A Combined market capitalisation. i| Date on which RjflntS ISSIIB 

1 share mu go ahead provided the group gets the necessary scheme is expected to become operative. **Based on 27/7/7S. |JWUU 

^ k ' n - ° f lhc UK J " d -Australian government departments. S^7r MM, °°- » E * u ” aled - 85 Shares “ a 511 Basei 00 Tortelto Chemlrals: Two-forJive at &4p. 


Apr! 29 2,311 (2,309) 362 (36.1) 423 (4.413) 
Mar. 31 1,020 (571>L dfi (— ) 1.902 (1.704) 


Mar. 31 1,020 
Mar. 31 62.274 
Apr. 30 219 

Mar. 31 519 


l (571)L 3.5 (— ) 1.002 (1.704 

(73383) 40.7 (42-5) 15.0 (10.0) 

(416) 32 (52) 129 (2-81) 

(613) 172 


Mar. 31 2,400 (2,760) 19.6 (1S.7) 5.0 

Mar. 25 1232 (1,083) 6.4 (5.3) 2.48 

Apr. 30 3,193 (2250) 28.1 (20.4) 428 (3.93) 

Mar. 31 1,049 (1,057) 3.8 (4-0) 3224 (2.931) 

Mar. 31 173 (62) 6.4 (22) 1.0 (Nil) 

Mar. 31 1.110 (955) 16.7 (112) 9.04 (8283) 

Mar. 25 39,440 (34J60) 20.1 (16.6) 422 (3.781) 

May 27 315 (16B)L 32 (— ) Nil (NU) 

Feb.28 327 *(801) 62 (5.9) Nil 

4.468 (4.055) 28.1 (25 2) 5.643 

287 (77) *18.4 (52) — t 


129 (221) 

9342 (8343) 
5.0 (3.02) 

2.48 (2268) 

428 (3.93) 


Company . 

to 

(£000) 

per share (pV 

Albion 

Mar. SI * 

208 

(42) L 

OR 

(Nil) 

Barclays Bank 

June 30 

151,200 

(131,500) 

6.05 

(5.5) 

Carlton Inds. 

June 30 

3.400(1 

(— ) 

2.0 

(— ) 

Change Wares 

June SO 

280 

.( 98) L| 

0— 

(Nil) 

Felixstowe Tank 

June 30 

153 

(112) 

2.5 

(2.5) 

Grindlays HIdgs. 

June 30 

18,976 

(15.619) 

1.0 . 

(1.0) 

HiU & Smith 

Mar. 31 ; 

452 

(372) 

0.75 

(U.082) 

Howard Machinery Apr.SQ 

151 

(ltil) 

0.55 

1 1.045) 

Jacob (J.L> 

June 30 • 

43D 

(2.454) 

0.55 

(0.55) 

Jamesons Chocs. 

June 30 

159 

(26S) 

0.S75 

(0B4B) 

Ladies Pride 

May 3 L 

451 

(411) 

0.95 

(0.633) 

Lovell (Y. J.) 

Mar. 31 

717 

(711) 

1.5 

(1.3) 

Mnebstr. Garages 

June 30 

351 

(204) 

0R45S 

(0.425) 

Nat. West Bank 

June 30 

1D&5S0 

(109,950) 

5.6S2 

(5.165) 

Pratt (F.) Engrg. 

Apr. 30 

366 

(445) 

1.839 

( 1.64S) 

Prestige Group 

June 30 

2,720 

(2,480) 

2.5 

(1.75) 

Rotafiex (CB) 

June 30 

539 

(090) 

0.519 

(0.472) 

Taylor Woodrow 

June 30 

8.090 

(7,730) 

2.01 

( 1.9SJ 


10S23 S. Pearson — Wheelers Restate. Mar! 31 
023 Mr. & Mrs. D. B- 

Thompson — 

0.78 Industrial . > ■ 

4.03 Sandvik 2S/7 flffprC ffir Cfllp I 


Group " — • Somportex Apr! SO *'2S7 '"(77) *lfl!4 ‘(53) — t 

9.97 Comben Grp. — Ward & Goldstone Mar. 31 , 3.337 (4,140) 112 (142) 4338 (4.063) 

10SRS S. Pcarcan — whoslom Dsctntc W,r <J1 m« (529) 23.0 (183) 4.9 tA ^°' 


2 s /7 offers fp r sale, placings and introductions 

Starwest Inv. — 1 

B’ham & Midland Jenners: 1,002,400 £1 10 per-cent cumulative preference shares 
Counties Tst. — at par 
Newmn. Inds. 2S/7 v 


(Figures in parentheses are for corresponding period.) 

Dividends shown net except where otherwise stated. 

* Adjusted for any intervening scrip issue, t Previous six months 
to December. 1977. ^Recommendation of dividend has been 
adjourned until August 2! § Announced in the event of merger with 
Oliver Rix becoming unconditional, fl Figures for three months due 
to change of year end. LLoss. 


Scrip Issues 

Davy International: One for one ordinary. 
Wheelers Restaurants: two for 13 ordinary. 


Robert Fleming moves ahead to £5fm 


njRTHER PROGRESS was 
ichievcd by Robert Fleming Hold- 
urs in the year ended March 31, 
.978 with pre-tax profits showing 
in increase from £43Sm to £5.51m. 

Both the main merchant bank- 
njr activities had an active year 
ind the contribution from this 
ection, up from £3. 16m to £3.7m, 
vas the main impetus behind the 
ncreased group result. The profit 
rom the investment trust side 
mproved from £1.72m to £131m. 

Mr. W. R. Merton, chairman, 
eports that Robert Fleming and 
'o., the corporate finance depart- 
nent, was particularly busy and 
urthcr progress w:is also made on 
he banking side with deposits in- 
rra.sing by £2f)m over the year. 
in increase in current and other 
ccounts of £37m. hnwpver. and 
he contra item on the asset side 
f th«? balance sheet were largely 
ortuitous. 

The chairman points out that 
hese items vary considerably 
ver the period of each Stock 
Ivchance account, as must be 
xnccted with a Transaction tum- 
rer of some £!2bn in the year. 

Tile level of business carried 
ut in investment currency deal- 
ig aided by the removal of 
he .surrender requirement at the 
■eemninc of 1978. 

The chairman reports that funds 
lanaced b.v Robert Fleming 
avesiment Management showed a 


further increase helped by the 
further rise in UK share values. 
Pension funds in particular rose 
by nearly 20 per cent 

Robert Fleming Investment Trust 
continued to show a satisfactory 
increase both in net income and 
net asset value, but Jardine 
Fleming showed a decrease com- 
pared with the profit for the 
previous year. 

The group’s holding in the 
capital of Save and Prosper Group 
increased from 193 per cent to 202 
per cent duriDg the year. The 
directors do not however feel that 
this constitutes sufficient reason 
to give effect to policies set out in 
SSAP 1. The group’s interest in 
the profit of S & P amounted to 
£431.000 at the pre-tax level for 
the year ended December 31. 1977 
(£626.000 previous 15 months) — 
the group accounts of Fleming 
include dividends received from 
S Jfc P amounting to £147,000 
(£144.000). 

The directors estimate that the 
value of the holding in S & P 
has risen from £1.54m to £231m 
at March 31. 1978. 

In their statement the auditors 
refer to the directors’ explanation 
in not complying with SSAP 1. 

After tax of £224m (£l.9Rtn) the 
group net profit of Fleming 
amounted to £327m (£2.92m). 

A statement of directors share 
interests in the group show that 
at the year end the beneHcinl 


holding by Lord Wynfold had 
been reduced from 299327 to 
151327 ■ whMe tils interest as 
trustee was down from 1.566,012 
to 674371. The beneficial interest 
of Mr. D. G. Thomas was up from 
688,162 to 942,132. 

At March 31 group investments 
of £23.57m (£21.6m) had a value 
of £4L43 tq (£37. 04m). Advances 
showed a rise from £46. 62m to 
£1 00.49m while deposits stood at 
£104Jm (£73 39m). 

Drayton 
Premier Trust 

In the half year to June 30, 
1978, net revenue available for 
ordinary holders of Drayton Pre- 
mier Investment Trust amounted 
to £1.0lm against £976,500 in the 
same period last year. 

The net interim dividend is 
raised from 1.4p to 2p — in 1977 
the total was 6.7p per 25p share. 

Six montiis 
1978 1977 

£ £ 

Cross Income -2.129.8*0 2242308 

Management expenses . 134.800 122.300 

Lean capita) lot 254.800 250 >00 

hollar loan lnt. ._ . — 192.498 

Revenue before tax ... 2.TM£D0 X.1S6JQ0 

Tax 495.380 <33.4*0 

Net revenue .. ... 1.043.940 L0I3.40O 
Preference dividends . 3&M0 SSSM 

Available Ordinary .. LW7.000 #76.500 

interim dividend .. . 583.400 3S4.40O 


Total assets less current liabili- 
ties are £90. 6m compared with 
£SZ29m at the end of 1977 and 
net asset value per share is 270ip 
(34€jp). 

Plastic 

Construct. 

optimistic 

PROFITS BEFORE tax of Plastic 
Constructions fell from £214,446 
to £237337 in the six months to 
March 31, 1978, but with the pre- 
sent record order book, a much 
improved second half is ' antici- 
pated, the directors say. 

Turnover for the first six 
months increased from £3. 69m to 
£4 ,47m. Figures exclude the asso- 
ciate company, which will be dealt 
with in the annual accounts, and 
the subsidiary, sold during the 
first half. . 

■ The interim dividend is 
effectively raised from O.B9p to 
0.76p — last year's total was equal 
to 2-073p from pre-tax profits of 
£503300. 

Tax charge in the first six 
months was £97.727 (£111,512) 
leaving net profit at £90,210 com- 
pared with £102.934. 


KCA forecasting 
profit increase 



IN REVIEWING 1977 and the 
cuzrent year to date Mr. Paul 
Bristol, chairman of KCA Inter- 
national. teffs members that "it 
is now abundantly dear that the 
company has overcome the 
problem of the Algerian contract 
, . . and can now turn- . its 
undivided -attention and energies 
toward productive operation and 
profitable growth.” 

Although there were again sub- 
stantial losses in Algeria in 1977 
overall the group returned to 
profitability with a pre-tax figure 
of £l-98m. This result together 
with the renewed financial 
stability the chairman sees as a 
basis for future growth which wiD 
result in. increased profits for 
1978. 

The loss for 1976 totalled 17.6m. 
The total loss on the Algerian 
contract reflected in the accounts 
for 1976 was £635m which 
included a provision of £2.75m 
for Josses sustained, after that 
date. Of this provision £2.4m 
has been set against actual losses 
shown, in 1977 of £3.1m and there 
is left £350,000 as a provision in 
the balance-sheet at December .31, 
1977. to cover any losses sustained 
in 1978. . After reviewing the 
transactions for the five months 
to May 3L3he directors feel that 
this provision wifi be sufficient. 

The chairman says that much of 
the group’s unproved condition 
results from the agreement with 
Mr. Travis Ward to purchase the 
Algerian rigs and related equip- 
ment As a result the group is in 
a better condition than could have 
been anticipated a year ago, and 
the directors are confident that 
the group’s r working capital 
requirements for the foreseeable 
future are adequately Covered- 

Referring to- KCA Drilling, Mr. 
Bristol points out that with the 
exception of the Algerian contract 
this offshoot has been consistently 
profitable and in 1977 turned in 
£4.53m. This company is pursuing 
a policy of controlled yet rapid 
growth. The market in this area 
is ever increasing and new 
emphasis has been placed on 
penetration into those markets 
that allow the best return in line 
with the risk involved. 

A note to the accounts states 
that an actuarial valuation of the 
group's pension scheme at 
January 1, 1977. showed a deficit 
of some i 800,009 . This included 


liabilities In respect of members 
of the scheme who ceased to be 
employed by the company on the 
sale of its interest in BP AquaseaJ. . 
The KCA Board has been advised 
that the residual deficit may be 
corrected by increasing the com- 
pany’s annual funding contribu- 
tion from 8.75 per cent to 133 per 
cent of the pensionable salaries. 
This was effected as from January 
1, 1978. 

The accounts show that a 
£25,000 compensation payment 
was made to a director during the 
year. 

Meeting, Hotel Inter-Continental, 
W, September 29 at noon. 

Better outlook 
for Celestion 
Industries 

Prospects fpr Celestion Indus- 
tries in the current year are. more 
encouraging although Mr. D. D. 
Prenn, chairman, points out that 
because of the seasonal nature of 
the business this may not be 
reflected in the first half result 

In the year ended April 1, 1978 
group pre-tax- profit rose from 
£I.09m to £1.18m including a 
£136,764 pre interest contribution 
from Wood Bastow from 
November . 25, • 1977. The group's 
net operating profit of £1 J3m was 
split as to clothing £513,703 and 
sound reproduction equipment 
£614,341. 

Referring to the purchase of 
Wood Bastow the chairman states 
that this group supplies garments 
to Marks and Spencer, and makes 
swimwear under the Slix label 
These activities complement those 
of Celestion Textiles in supplying 
Marks and Spencer and gives the 
group a second brand name to 
add to Bonsoir acquired two years 
age. 

Mr. Prenn says that “we now 
have a strongly based group of 
garment manufacturing com- 
panies having effectively doubled 
our size at the expense of increas- 
ing our share capital by less than 
16 per cent.” 

Exports during the year 
reached £5.06m representing 
nearly 50 per cent of the non- 
Marks and Spencer turnover and 


Edinburgh American falls 


Invest now in the Arbuthnot 


Whether you believe the economic 
forecasters or not there seems little 
doubt that inflation will remain with us 
and possibly increase. 

To give your capital a degree of 
protection you need an investment that 
combats, even beats, the inflation rate. 

Impossible ? The track record of the 
Arbuthnot Commodity Share Fund 
speaks for itself 


Continuity of 
Investment Performance 


The historic record of the Fund 
justifies its aim - consistent growth. 

Over tlw last seven years the growth of 
255% * matches inflation (Sec chart). 
Over the past three years it has bearen 
The inflation rate handsomely — Fund 
increase ioo.6°„*. Retail Pnce Index 
increase 46.6%. All Share Index increase 

g_^ 3 U 

The fund has been one of the top 
perfo rmin g commodity funds every 
year since its launch - have your 
shareholdings and other investments 

matched this growth ? « Planned Sarins* 


The Performance over 7 years 
% Increase to 1st July 1978 


Arbuthnot 
Commodity Share 
Fund 


FT. 

All Share 
Index 


Retail Wee | 
Index I 


Invest in Commodity' Shares 
fw Potential Growth. 


Commodities are essential to the 
growth in world trade and the fund is 
invested in companies dealing with 
cocoa, coffee, copper, gold, oil, 
platinum, rubber, tea, tin and tobacco. 


Professional management 
protects your investment 


The commodity markets are 
notoriously volatile,anddangerous to the 
inexperienced investor but professional 


management by the Arbuthnot mam and 
investment in shares of commodity com- 
panies ensures that risks are minimised 
while re taining the growth advantages. 

The Fond is strategically invested in 
sectors of the market which show most 
promise; bur it is extremely flexible and 
the proportion invested in each sector is 
changed as market opportunities present 
themselves. 

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

Your investmen t should be 
regarded as long term. 

Fixed price ofiter mail 5 pm Ango*t4th 1978 
. xx per itsis for income umr*. xsd per 

vale for nccmmlatinn units (or the doily prices it 
lower). Estimat ed cur r ent xrose yield ji 1 .. 

Tbc Managers reserve dose oSiar if 

nail rofavn rise by more than tj 

Applications will be actamciedeed. and unit ' 


To enhance capital growth 
Edinburgh American Assets Trust 
is rebuilding its gearing and bas 
borrowed further for investment 
overseas. As a consequence 
interest charges in the first half 
of 1978 rose from £878,000 to 
£440,000 resulting in a fall in 
pre-tax revenue from £271,900 to 
£233,000. 

Gross revenae for the period 
advanced from £649,000 to 
£673.000 and consisted of franked 
Income £132,000 (£179,000), un- 
franked £540,000 (£464,000) and 
underwriting Income £1,000 
(£6,000). 

Tax took £105,000 (£211,000) and 
preference dividends £8,000 
(same). The available balance 
was £120.000 (£152.000) equiva- 
lent to 0.65p (0E8p) per 25p share. 

Assuring full conversion of con- 


vertible loan stock, the net asset 
value per share at June SO rose 
28 per cent to 157p from its 
December 31, 1977, level of I22p. 
This rise was due to the con- 
tinued good performance of some 
of the smaller companies in the 
1J.S. and the increase in the value 
of the dollar premium. 

Fears of higher interest rates 
in the UK and U.S. may restrain 
both markets but smaller com- 
panies in which Edinburgh Ameri- 
can is invested should continue 
to grow, despite any slow down 
In these economies, say the 
directors. 

Debt at June 30, 1978, totalled 
£8. 7m (£7m). During the first 
half the company drew down 
US$2m being the undrawn portion 
of the $3m facility. A loan of 
DFI 2.4m was also taken out to 
increase investment in Europe. 


EUROPEAN OPTIONS EXCHANGE 


-j CM. 

] VoL Utf 


basic rate us are made on i Sib June cod i sxh December 
lot i)x»e registered on 30 * April aad jota October 
rcspccrirrfy. Aneribedosc of this offer units mar be 
purchased at the weekly Friday j rfr.Mmg date, ytica 
uniis can also be sold tuck. Psymmi will be nude 
srithin 14 stars of our receipt of your cmilieaBrdnly 
renounced. The weekly prise ssd yield appear in moa 
hading n ewspapers - A cucamuca of 1 J‘- B sriD be . 
paid u> rccoenised asesus. This cSer ss not open to 

yyfflpiffv rtf ’fl u* 1?fpflbllC f 

Trustees: The Royal Bank of Scotland Ltd, 
Manager*: Aifeorimat Securities Ltd iKee. m 
Edinburgh 46694 ; .M emb er s of rite Uni: Tran 
Assodaxioa*. 


r— — 

I Capital Sum r 
XT4Q1 IB the Arh 


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


r^n.lr .1 I'tOinahw invest the nun of £ (min I Monthly Savtog Hanl/We wish to incest the sum of £ »caa £431 gcr mnntn m ttie 

-?* 1 -** 1 irr ■ I Arbuthnot Commodity Share Fund and enclose a cheque payable to Artguhaat Sc cunttei Ltd 

I aatheinnutaajrment. _A banket* order foimwill be sen: tovoubjr the aaapagsa following receipt of 

nrMrf-^Tr^-— ^ H I lius older. Tlus order a revocable at any tunc by one month's noace m writing. 

□ H>PU * - ’ C ~~ nor am Thro acquirin g the ahorc mentioned securities as the aomlncefi) of my 

rwa$I'! l {SiIkj?t^WMJe ^hrtcwnwSe^Il you are tumble w mike this declaration, at should be deleted the faro lodged through your Bank, S w k hirkrr or 

tiolknarmthc United JKinpdomu) 

Tjunanm O Joint applica nt s, all must sign, Mr/Mn/Miu or T ti jnmdFarcii B a c a. 

,, .. . „ Addrctsfq'i 

huUXaOKW — 


unities Ltd** 


the shore mentioned securities os the aomincefi) of my 
i ihefonslodfied threugh yotsr $iockbicker or 


1 ARBUTHNOT.^. 

| * COMMODITY SHAKE FUNDaa am h nu am n m 


5240 
■ 5260 
5880 
F153.30 
F 142.90 
PI 52.40 
FI 60 

7161.90 
F170 

F171.40 

riBl 

7190.50 

7209.50 
F9S.6C 

7108.90 
FI 18.90 

725 
F27.50 
540 
545 
F150 
FI 40 
860 
7130 

7180 


2 

| 4.50 

29 

! 3 

a 

i 38 • 

7 

> 20 

15 

1 7=o 

3 

j 1B.50 

1 

11 

6 

! 7 

17 

1 7.50' 

20 

! 4.80 

B 

; 4.50 

' 7 

: i.2o 

2 

0.7 J 

B 

1 7 

1 — 

2 

) 1-80 

10 

0.70 

1 

i 7ia 

4 

1 4>s 

■1 

6 

3 

! L60 

SO 

! ll * 

10 

1 5.50 


Jan. 1 Apr. 

Vol. | Last Vol. { Inst 8tc*-fc 

~ i I 25 — ~ 7364.50 

10 i 9.50 — — 

8 6.80 — — 750.80 

21 3.60 1 4-BO 

19 2.60 51 3.30 

5 4 — — F7B.ZQ 

— — — — 660* 

6 5 20 6* 

— — 33 2 Is 52414 

1 4U — — 568*4 

~ — — ‘ — 737" 

9 5 8 6.50 


“ — 62767a 

1 1514 I! 

— — 7152 


— . — — — 7102.70 


— — — F28.10 

[.ID 10 1.90 

— - - $47 1 a 

— — — F234.B0 

a 20 21 b 5605b 

— 30 7121.60 


showing an increase of 50 per 
cent. 

The performance of Wood 
Bastow was disappointing but fol- 
lowing a reorganisation, produc- 
tivity is encouraging and the 
chairman is confident that it will 
be maintained. 

In the original Celestion group 
the results of the loudspeaker 
side were affected in the second 
half by a depressed home market 
and by adverse currency fluctua- 


tions which made exports less 
profitable. 

At the year-end stocks had risen 
from £>.7m to £7.24m and over- 
drafts from £324.146 to £6 .24m. 
The chairman says that it is 
intended to reduce overdrafts 
during the current year and by 
mid-July they were dawn to 
£4J)m. 

Meeting Brown's Hotel W, 
September 5 at noon. 


UnitTrust . 

Notebook// No.i7 

UnitTrust Statistics 


Every, month the Unit Trust Association issues 
statistics for the industry Why are these figures 
significant? This is what they show: 

a. Sales. Gross- sales for the month usually fall 
within the range of £20 m to £50 m. Sales for the 
latest month (June 197S) were £4956 m. 

b. Repurchases. Every month a proportion of the 
units issued in the past are cashed in by unitholders. 
Annual repurchases as a percentage of total funds 
have varied during the last 10 years between 4% 
and 8%. 

c. Net new investment (a minus b). This has 
been positive for every month since May 1961; in 
other words, there has been a net monthly addition 
to the funds invested in the industry for the last 
17 years. The lowest level since 1961 occurred in 
September 1971 (£024 m), and the highest was 
£70.29 m in April 1978. Net new investment in June 
197S was £23.85 m. 

d. Value offunds.The total value of funds managed 
by the industry in June 197S was £3,70Sm. The 
record was reached in the previous month, when 
funds were over £3,726 m. 

e. Unitholders’ accounts. This figure shows the 
number of accounts, not the number of people 
investing in unit trusts. The number of unitholders’ 
accounts has declined by about 229b since 1970, due 
to factors such as the merger .of unit trust funds, 
rationalisation of holdings by investors, and the con- 
version of holdings into equity-linked polices. About 
two million people are estimated to invest directly or 
indirectly in unit trusts. 

The figures are important because they are an indi- ' 
cation of people’s attitude to stocks and shares. Unit 
trusts are the simplest way of purchasing a managed 
portfolio of equities on a non contractual basis. They 
need not be linked to life assurance or a pension 
fund, and investment in units may be started or 
terminated without penalty. 

UnitTrust Association 

Park House, 16 Rnsixuy Orcus, London EC2M 7JP Tet 02-623 0871 


UNITED INTERNATIONAL BOND FUND 

NOTICE TO HOLDERS OF BEARER SHARES 

The first Interim Distribution from the Fund in respect of the 
period ended June 30th, 1978, will be paid on Friday, July 28th, 
1978, to persons presenting coupon number 1 detached from 
Bearer Certificates. The amount payable is U.S. $1J0 per 
share. Coupons may be presented at the office of the Trustee, 
The Bank of Nova Scotia Trust Company Channel Islands 
Limited, Queen's House, 13-15 Don Road. St. Helior, Jersey. 
Channel Islands, or at any of the Paying Agents listed below: 

United lnu-rnJiional Bank Limited, 

30 Finsborr Smure, 

London EC2A 1SN. ' 


AJsemenp Bonk Nederland, 
iGen£ve> S.A.. 

P.O. Bo* 339. 

12 Qnal CdDfiral-Gnisan, 

CH-12U Geneve 3. 

Switzerland. 

Ataeznene Bonk Nederland 
In der Scbwclx A.G.. 

P.O. Box Ml. 24, Srtdfflinde. 
BCC2 Zurich. 

Switzerland. 

Ahcemene Bank Nederland N.V., 
P.O. Box 2720. 

Feral Bln Himoodah Bnridinz, 
Shell* Hamdan Street. 

Aba Dhabi, 

United Arab Emirates. 


The Bant of Nova Scotia. 

P.O. Box SJfiO, 

3th Floor, 

Bant; Saderat Iran Building. 
Government Road. 

Manama, Bahrain. 

The Bank of Nova Scotia, 

P.O. Box 3358. 

1 st Floor, 

Al-Futtalm Tower Baildins. 

Dclra. Dubai. United Arab Emirates. 

The Bank of Nova Scotia. 

Channel Islands Limited. 

Queen's House, 
i"- 15 Don Road, 

St. Helier. 

Jersey, Channel Islands. 


FT CS 29/7 


A ur. 

550 ! X 121, 


NOTICE TO HOLDERS 

The first interim, unaudited accounts of the Bond Fund for 
the period to June 30th, 1978. are open to inspection during 
usual business hours by any Holder at the Office of tbi Trustee. 
The Bank of Nova Scotia Trust Company Channel Islands' 
Limited. Queen's Honse, 13-15 Don Road, St. Helier, Jersey, 
Channel Islands. 

Copies will automatically be sent to the Holders of Registered 
Shares and may be obtained by the Holders of Bearer ; Shares 
upon production of their Certificates at the Offices of the 
Trustee, Manager or any Paying Agent. 

Signed: United International Management 

(CJ.) Limited, Managers 
14 Muleaster Street; St. Helier, 
Jersey, Channel Islands. 





; ; i-v’/ ' 


WORLD STOCK MARKETS 


Financial Times Saturday July 29 19*8 


■''Vys&T 


Dow 5.7 higher in heavy trade 


NEW YORK 


£l-i-k 


July 

TB 


July 


Sl'yi 


Jl-'V 

'iZ 


July 


INVESTMENT DOLLAR 
PREMIUM 

£2.60 lo £1— 39J“o (99!",.) 

Effective S) 3250— 47*% (46* %) 
AFTER STARTING on an easier 
note yesterday. Wall Street 
resumed its upward path in 
another heavy trade. ilh Glamour 
and Blue Chip issues continuing 
lo lead the way. 

The Dow Jones Industrial 
Average improved 5.72 more to 
S5tiJ2t>. making a rise on the week 
or 22.87. The NYSE All Common 
Index finished 28 cents higher 
a l S5G.1S for a week's advance oT 
51.27. while uains outpaced 
declines by 98tMo-.VJ7. Turnover, 
at :»3.!i7m shares. virtually 
p'.ju, 1 1 led TIi u ."■'day's 33.'JUm. 

Brokers said some buying was 
mi -.pi red by the Fetleial Reserve 
report after the Stock Market 
close on Thursday or an un- 
expectedly sharp decline in the 
U.S. money supply, which adds 
to indications that interest rates 
may be pea kin". 

The market overcame early 
hesitation on ihe Labour Depart- 
ment report that the Consumer 
Price Index in June rose at an 
adjusted 10.9 per cent annual rate, 
the same as in the previous 
moiuh. The White House called 
i he CPI report " extremely di-.- 
appoinimc " and Fedcr.il Reserve 


Board Chairman Miller termed the 
increase ” dist urbina." 

Analysts added that recent 
slock market gains had been aided 
by a generally improved flow oF 
second -quarter earnings state- 
ments. Press reports revealed 
yesterday that a survey of 
businesses shows a 10.1 per cent 
rise in second -quarter earnings. 

The dollar fell to new lows 
yesterday against the Swiss franc 
and the Japanese yen, in part 
because of the CPI sharp rise. 

Among Glamour and Blue Chip 
stocks. I CM advanced 2J to » new 
high for the year of $278!, while 
Du Pont gained 1! to’ SI18J. 
Honev well 5 to Stilj;. Exxon J 
to 846!. Texas Instruments 1! to 
$87. Xerox J to $5ij, and active 
Johns-Miinville J to 829!. 

National Airlines moved ahead 
SI’: to '■'261 before trading was 
halted — Texas International Air- 
lines said it has asked for Civil 
Aeronautics Board approval to 
acquire control of National. 

THE AMERICAN SE Market Value 
Index rose 0.57 further to 154.15 
for a g.iin on the week of 2.31. 
Volume was 4.01 m shares (3.98m). 

CANADA — Most sectors made 
further headway in a very active 
business. The Toronto Composite 
Index pul on 2.2 in 1.1S9.5, while 
(ioldt .«•! vu need 8 2 to 1 ,A!fii.(l, 


Papers 2.15 tn 124.69 and Utilities 
1.06 to 180.11. Banks, however, 
came back 1.03 to 285-13- 

PARIS — Stock prices continued 
to move ahead, leaving the Bourse 
Industrial index L3 higher at a 
new peak for the year of 75.7. 

Brokers commented that the 
market has recently become in- 
creasingly more confident of 
Prime Minister Raymond Barre's 
ability to restore balance to the 
French economy, noting that this 
is reflected In the strength of the 
franc on foreign exchange 
markets. They said Friday's good 
stock market performance partly 
reflected the second consecutive 
lowering of the call money rate 
by J of a point to 7 per cent — its 
lowest level in 30 months. 

GERMANY — Shares were easier- 
inclined yesterday, but dealers 
.said optimism in the market re- 
mained high and losses were due 
to technical Factors following 
sharp gains over the past two 
weeks. The Commerzbank index 
came back 3.5 from the year’s 
peak attained on Thursday to close 
at S16.4. 

Stores, however, which have 
been particularly strong of late, 
rose afresh, with Karstadt adding 
DM 5 and Ncckcrmcnn DM 2.SQ. 
Among Motors, BMW advanced 


DM 4.50 more, but Daimler Benz 
receded DM 1.5U. 

JOHANNESBURG— Colds closed 
the week on a strong note, reflect- 
ing record Bullion levels. Trading 
was fairly active throughout the 
day, with local Interest bolstered 
by Overseas demand. 

Platinum shares also advanced, 
recording gains of up to 12 cents 
in response to the upward trend 
in world prices for the com- 
modity. 

TOKYO — Market displayed an 
upward bias, helped by renewed 
buying interest in some export 
orientated stocks. Volume came 
to 290m shares (270m i. 

Electricals and Motors gained 
ground, with investors welcoming 
the Bank of Japan's massive inter- 
vention to support the dollar in 
Tokyo. TDK Electronics rose Y70 
to Y2.250, Matsushita Electric Y27 
to Y730 and Toyota Motor Y5 Lo 
Y875. 

HONG KONG— After a two-day 
closure due to a tropical storm, 
the market started higher yester- 
day on mainly local demand, but 
eased near the close on profit- 
taking to finish on a rather mixed 
note. However, the Hans Seng 
index was still 3.84 up on the day 
at 581.86. 


N. X.s.L. ALL CUM MOW 


indices 


■111 1 4 > Jlllv Jlllv -Jlllv 

2? 1 27 ' . 'J* ■ 


Hu-ll I Lam 


Rise* ann >x-i< 

•July 28 ; July Ju'v > 


NEW YORK —DOW JUKES 


56.18 55.35 56.61 55.27. bc.2b 
■ III it./*:) 


* e.SI 
■bJi 


Naur- iruieti | 1.881 ■ 1.887 1,887 

Iti-e- ! 960 ; 1.003 981 

til* | 537 ! 497 472 

l'n -lianue.) - 1 384! 587 434 

.Vev Hiah- 144 I . 121 1X8 

Sen Lajrc- i 10 8 ' 16 


- • ! .IT . MIIO- ■->CU|.llll l I 

J.iii Julv lulv Julv July Jmi — — ' . 

2 = 21 > C.1 'll 21 ■ H -;h lam ' Hi" II ■ lain 


MONTREAL 


.lnir 1 Julv . Julv 
! £3 I 27 ! 2* 


■ •■.■u-irini ... 8a6.:S 850.57 547.18 S5S.57 84 l.fO. 8JJ.42 w.tl /4..I2 lUSUli 41.22 

- ; i‘ie;., ■ 1 1 1,75., (iii-S&i 

H ’ii.fh'n»<’ 87.66 87.46 67.29; 87.15 87.20 57.20 *U.5(r | 4>.7J j - ; - 

■i ill I. | 

1 i*n-t-irl. . 258.3! 258.17 256.00. 255.05 22r.s? 228.“t 2:5 31 i Ir I I 2/rM ■ 14.23 

1, .4 1. ' a i-iaH*. ; A!, 

I iiitiii— IDS. 46 106.03 105.35 165.35 105.53 105.07 ■ . 102. >4 ! IW.j? ' lu.ac 

■a li i •i.'iii 

'1 -ft Iiiij »•■ . • . 

wf. 1 ii.sro 35.330 56.550 25.400 23.2S0 26.0S0 - , — . — ! — 


lll-lc* ■ I.nll"r-l In.*, ii Anuu-l y 


lndu-'rla' 

(.'••ni4nne>4 


192.40 190.82 138.11 
i 200.84 199.63 199.01 


Julv 

25 


1978 


Hiuii 


190.17. 192.40 (3(1) 
199.054 2QD.B4 ,2Sf7j 


TORONTO o *uv- -lit! 1183.51197.5 ' 1181.61 11*2.6. 1189.5(28(7) 


JOHANNESBURG 

I j OI.1 
In-Inina 1 


259.5' 255.0 j ZB4.6 ; 252.4 . 
252.0 251.2 , 250.9 | 251.4 


259.5 (23,7 1 
tat. I i2hi7i 


InZ.MJ ll-.Ci 
1/0.62 iflO'li 


r-n.2 u-C;h 


134.11 ilf. 4» 
194.3 lljlM 


Ju'V 

28 


Fre- - hf/e 
vi. hi- 1 Hieli 


Wfe 

Liw 


Ju>v j I're- I IJir ■ I di 
28 | vim» J Hi- Ii I/-W 


Julv VI 


J.ilv U 


stem- 4 |>i-n-\. 


I ml. -In . \ ift'd ♦ 


5.62! 


3.73 


4.81 


SiAADAflD AND POORS 


■Ini'. Julv -III v ! Julv . ■ Ik-1 

ml > 26 ■ 24 ■ 21 


Hr 


'“•iii. tr 4. ■•ii*|iHiil ~n 


H.^d 


I..M 


Hiyl. 


I..n 


; liiai.i-u IM ■ 110.61 1 10.09 109.55 106.42 I07.i£ 108.64 II. .at ii.it la-ka- ! s.,-2 

1 i -P'i* 11.1, /J- ..4U.n,oti 

• ..mi— Hi IDD.OO 99.54 39 08 98.44 91.72 37.75 Hu. a2 I 3«.3’, , I2j.,a ; 4.4U 

<— j -".Si • i l-l/-.4i. ) 


Auairaliai* ) 
Belgium < n < 
Denmark'") 
France nu 
German.' 1 : i • 
Holland ,;j, 
Hong float; 
liau uii 
Japan u» 
Suitranore 

.(•i 


513.18 511*6 513.13 

(aitli 

36.17 96.43 lvl.lv 

1 0/3) 

ai.OS 96.3; se.lj 

’ 04. 1 1 

i&.7 74.4 75.7 

, - i< 8 (. 

816.4 519.3' 813.9 

(27.n 

84.4 , 84.4 Ci.G 
: «i*i 

651.36 id 

in/ () 

biL73 12.77 crtjM 

lln/7 1 

•23.38 '4J1.C4 4-r^| 

1 l9'li 

OC4J.S4 . 35^.44 * 6 64 
26 . 1 


44I.IS 
( 1,3, 

rjjroi 

(h»2l 

«I.V 

,o,2) 

oti.4 

«ll/C) 

f*?.0 

'4.4/ 

5C.V44 

i 14/ 1 1 
K-.4C 
llU/l> 
3t3«.'.'4 
I4flw 

3 Ii 


Spain (if; lu6.7S104jj? ! ' ci.u 

I it.’< . 1 14/OJ 

Sweden if n yo.Si 1 39648 • ^ . >■ sjl.i- 
. 2: 7 , i^.i) 

thru eri'd'i- — j 291R : »..»- 

| . i I— l.v* 

i/“l‘ 73. Tj- Fan's Bourse 1961. : ComriKTz 
buak Dec.. 1959. 12 Amsterdam Indus, na- 
1970. IS Hang S<nK Bank 31,'7 ri4. "J Mila.') 
2 I '73. a Tokyo New SE 4/ Mo. b Straus 
Times 1966 r Closed. «1 Madrid SE 
30.12 77. e Stockholm Indiwtrial l l ii 
l Swiss Bank Corpora non. u L'navaiTable 


FRIDAY’S ACTIVE STOCKS 


fhan^- 


I Inn I? 


•I il It 


J'if,o I Vi»ir H-p. <li|ip(l>i.l 


III-'. *(lT. V'-ld ■? 


9.07 


^.lf 


0.11 


4.45 


Ik . I* h I.-mi.. 


tf.12 


e.93 


f.lM 


10. lie 


o.f>v 


8.07 


7.a9 


Indices and bjs- dates (all base vaiu-s 
|,1U ei'VDl NYSE All Common — M 
Siuodards and Poors — IQ and Toronto 
ooo—l.ooo. the last named based on 1975a. 
t Excluding bonds. 1 400 Industrials. 
2 4t» tudusirlals. 40 U I ill ties. 40 KlnaiK-e 
and 20 Transport. ? Sydney All Ordinary. 
!l Holman SE JI'IS-SS ‘■‘Copenhagen SB 


Stocks 

Clo,inc 

on 

traded 

price 

day 

British Petroleum 453.600 


+ : 

Jim Waller ... 433,700 

;:u< 

+ 11 

Pan-.Vmer. Air. .. 373.308 



Texaco 321. 800 

isi 

— 2 

C’tieurp 3O3JXI0 

24. 

— 2 

OecjdellUl Plrlm. 297.600 

204 

— ‘ 

Wi-sun/thbc. El-e. 293 .908 

241 

-i. ; 

Duw Chemical ?RS.Q0I 

231 

+u 

American Airlines 261300 

In; 

+ i 

Sears Roebuck 228J.U0 

‘i-l 

A : 


F.T. CROSSWORD PUZZLE No. 3,731 

A prize o/ f-5 mil be given to each o/ the senders of the first 
throe cwm.fi solution* opened. Solutions must be received bp 
iicxi Thursday, marked Crossword in /he Uip leit-hand corner of 
the. envelope, and addressed to the Financial Times, in. Cannon 
.Street. London, L'C'-fP 4BY. Winners ami solution will be given 
next Satnrduy. 

Same 

Address 



ACROSS 

] Dr:«m;i writer fuund hi 

children's cnclnsurc c -*. 3 » 

■1 Cam pi tun an I in cub (7) 

f» Health rveurt in country ( 5 1 

111 internal mn^l cunlcSl. of 

emu. 4.*. sceitta j |icdc*5inan 
affair tfi. .‘H 

11 Club annoi ed by decora lion 
(-4. 5i 

12 Siralaceni followed lij cilj m 
US. 1 5 1 

13 Amused expression demo- 
cratic leader brings lu boring 
work i5j 

15 Bird for cut In rouse they 
.say f9> 

IS After training a paratrooper 
is exhausted f3. 2. 47 

1ft Heath has U.S. morning off 
( 5 1 

21 Count hrings a divine tn a 
suuerinr puMtiun t3. 2i 

2.1 Study previous yes-man f 9 > 

25 He steals sacks (9t 

26 Times leader nn Georgia is in 
the cart in the cast (51 

27 Train lo reunite stranger (71 

28 Not affected by an idiot (7) 

DOWN 

1 Temporary aspect of football 
{7 > 

2 A nuclear scientist needs an 
analyst ifM 

3 Fright concealed by grandpa 
nicely <5i 

4 Paper novel on difficult 
delivery at Lords (3. fit 


5 Beastly youngsters’ trustee 
stucks ( 5 > 

6 Super gear finished with 
determination <R) 

7 Month a .student upset forti- 
fied drink l5» 

8 Salesman wilh permit oriental 
filled up 1 7 ) 

14 Left out when over-willing to 
be reprimanded (7. 2> 

16 You can’t sjy this raid isn’t 
cricket (3. 3. 3) 

17 Like one article on less 
inipurt.mr region (4. 5) 

18 Girl in flight quickly losing 
her cool i7) 

20 Fly posting Cl. 4) 

22 Put off Ijv key relative (5) 

23 Chinese leader sure lo break 
oath (5 i 

24 Month note turns up in 
composition (5> 

Solution to Puzzle No. 3.7311. 


El E* 55 Eh * . H E fa 
0EHE0Bfl0 nannso 
CJ n 0 0 H Q E2 □ 
ana mamzmxmmB 
0 n ; c: fn . ,n 
HEE50Q './BSnn E0E 
ra S ' n • • h • n u 

E3DSQBSS' : BEBEnE3 

R] H K1 . S . : % B E 
E3HSH G3HHE55. BSES5 

a 15 .- m ■ a-'-D ra a 

dHESHEv BSSB3EQE2E 
0 Q-. 'H 0 ES -'-E- fZ 
BBEaSaS - EE I9BQ0E1Q 


SOLUTION AND WINNERS 
OF PUZZLE No. 3.725 

Following are the winners of 
Inst Saturday's prize puzzle: 

Mr. J. G. Dempsey, 22, Marl- 
borough Court. Earls Avenue, 
Folke.slune, Kent CT20 2PN. 

Mrs. K. M. Parry. 45. St. 
Austell Road. TLE. Leicester 
LE5 ‘2 AC,. 

Peter Worth, 21, Baashtll 
Close, Bmxbourne. Her is. 



RACING 


BY DOMINIC WIGAN 


Carson is only 8-1 
for double century 


WILLIE CARSON, having raced 
to the fastest “ ton ” since Lester 
Piggott broke the 100 barrier 
nearly 20 years ago. is making 
equally rapid progress towards 
the double century. 

if, as seems conceivable. Car- 
son. aged 34, of Scotland, can 
maintain his present impetus. 


GOODWOOD 

1.45— lunioi 

2.15— AJ Amal 

2 .50 — Fool’s Mate*** 
3.21V-— Cisius* 

.150 — Persepolis 
42S0 — Partnerplan 
NEWMARKET 
2.30 — Reine Sulci! 

3.00 — Foverus 

4.00 — Olympics 

THIRSK 

1.45 — -Run Hard 

2.15— Irish Display 

WINDSOR 

5.50 — Manawa** 

6J!0 — Red Sox 


the S-l offered about him becom- 
ing the first double-century 
scorer since Gordon Richards in 
1952 will soon be gone. 

Today. Carson again takes in 
Goodwood before driving the 50- 
odd miles to Windsor’s evening 
fixture. At both meetings be 
has collected some likely 
looking mounts, in particular 
those from his retaining stable 
of West llsley. 

One in the last category who 
seems sure to start a well- 
backed favourite is Cistus, Dick 
Hern's representative in the 
Intriguing Group 2 Nassau 
Stakes. 

Since putting up a disappoint- 


ing display at the Curragh in 
the Irish 1,000 Guineas, Cistus 
has done little wrong. 

The four-lengths conqueror of 
Swiss Maid in the Lupe Stakes 
over this 10 furlongs course and 
distance in May. the Sun Prince 
filly then failed by two lengths 
to cope -with Reine de Saba in 
the French Oaks (the Prix de 
Diane de Revlon) before return- 
ing to winning form with a head 
success over Rida ness in the 
Child Stakes at Newmarket. 

Her form looks a cut above 
those of her six opponents there 
and I expect to sec Carson hav- 
ing few worries. Seraphima, a 
four-lengths fourth in that New- 
market race, is a tough and con- 
sistent filly and may provide the 
forecast. 

in the other main event on 
this, the final afternoon of 
Glorious Goodwood, which has 
certainly lived up to its name 
weatberwise (although not, per- 
haps, from a racing viewpoint) 
is the House of Gerard Coup des 
Bijoux. 

Here, Hern and Carson prob- 
ably provide the chief threat to 
Lester Piggott’s mount, the firm- 
ground specialist Fool's Mate, 
through the improving Town and 
Country, conqueror of Fool’s 
Mate in York’s Magnet Cup. 

The jumping season is back 
witb us today and ooe man 
poised to get off to a flyer is 
the record-breaking champion. 
Jonjo O'Neill. 

The young irishman has four 
booked mounts at Market Rasen. 
where he landed a long-priced 
double on the corresponding 
evening a year ago before 
getting within one of the 150 
mark for the season. 


VNx.rt L»tx . . . 
Ad-lrL-inlurai-'h ... 
AeUia Liiu A (Ja*. 
Air PnrflH) ... 
AkvoAluiKiiJiuirr 

.Uf*. .. - 

\!Uu:. Lkrllui,i 
AlleKli'-m- P.wi-r 
Allii-tl l1:c:iiu*l. 
Allifl .Sito 

Alii- riijilin?r* ... 

A MAX • 

Ameni.ld Htv, ..■ 
Aiiw-r. Airliun...' 

Amrr. Urau.l, ( 

Ainrr. Urredtaiv.i 

Aim'.-. ..., 

Amrr. I VBDfimi.I! 

Amrr. iitrl. T.:l—i 

Amor. Kln-t.Punj 

\mer. K\prcr» .. | 
Anii-r.H’iiirc I*r.»(; 
Ai:,i-r. Meilirat.. : 
A i.k i . M.-Lir- 1 


36« 
Z«'-i 
391* 
29'. 5 
3014 
45 14 
18 
18:- 
35U 
24 ia 
344- 
37!* 
261* 

16!* 
49 f* 
524a 
42 

so:* 

34!« 

2* la 
37 t s 
301; 
28 i* 
51; 


SPAIN * 


HEirenE 
H 3 f3 

13 - Q B 

r.Era?SH 
H - a 

e-'-a 

im&mu 

as a 
Easag 

B □ 


July •* 

AsIhmI 

Bancu Bilbao 

Banco Adaiiai-o (1.1)001 

Rancu Ct-niral 

Bunco Exterior 

banco General 

Banco Granada n.imui 

Banc.' Jitspjoo 

Bono.. Ind. Cat. il.HOO/ 
B. Ind. Mediicrrafleo ... 

Banco Popular 

Banco Samander (0j0» 
Banco Urouljo it.OW).. 
Banco Vl^ca»a . ... 
Banco Zaraxozano .... 

BanKiuiivo . 

Banns Andatucia 

BaOcoeS WUirn 

CIO 

Praeadoe _.... 

Inniubamf 

E. I Arodonesaa 

bsoanola Einc 

Esnt. Bn* Tmio . ...... 

rec-Ki •I.UMW 

► * 1 V/P. 

Gal. Prrciadoc 
Gn/oo Vfij/qu 

HiQroU ... . 


Per ixm. 
123 
319 
247 
324 
25S 


•-toe. 


150 

253 

172 

2M 

270 

344 

269 

261 

273 

ISA 

205 

24 

82 

240 

65 

SI 

102 

04 

67. 

70.75 

75 

16* 

80 


+ J 
+18 

+ 4 
+ 6 
+ 4 

+10 
+ 5 

+11 
+ 18 
+ 6 
+10 


+ 5 
- 2 


- o.sa 
+0J0 


Ihcrducro 

oiarra - 

Papeloras Reuillda* 

Pctrvllbi?r 

Pctroleoa — 

Sarno Pa pal era 

Sruace 

.Sosefisa ... — 

Telefonica 

Torras Hosicncb 

Tuhacex .. — 

Union Elec. 


BRAZIL 


120 

67 
U7 
297 

50 

01 

124 

87 

44 

100 

68 


+ Lsa 

+ 4 
— 2 


+ ISO 
+ OJS 


28 


AaA* UP 

Banrci ilo Biter ■ .. 
(Mini, linn PX ... 

Mnielitt» , l , ‘ 
l.-a* Anri. Mr. 

IVHica m eb 

Pirem 

a>*m (.'mr MP ... 

bun. Ph 

Iirll, !».•- I‘l 


Crufl Yl'I. 

U- % 


1.03 —0.01 . 1 * Jll.fi-. 
1.97 — 0J13 l J.l.id.6Z 
1.35 1 — 0.0 1 0.SV2/.8 
l.cO I- . 6:0.06.5.00 

a.4a .v.la.79 

3.49 j.lm .S.7Z 

1.57 |— O.US- ». it | In. 19 
2.92 — . ArJ.a* 7.82 

5.70 | J.At ,4.3e 

1 23 ' .. . J.Uil4ii 


+ 2 


Tuninver: CrJ7.3m. Volume: 90.4 
Source: Rio de Janeiro SE. 


NOTES: Orerseaa prices ea elude S premium. Belfflan dlTldcnds are afier 
vuimoldniK tax. 

♦ DM40 dennm. unless otherwise staled. V PlusJOO denom. unless omerwlse 
staled. 4 . Kr.liiu deown. unless otherwise stated. « hnt.500 denom. unless 
oibcnrise Rarer]. 0 Yen 90 denom. unJess atltennsa staled 5 Price ill dine 01 
susoenslon a Martas. b ScbllUoss. c Cents, d Dividend oner pendins rusts 
and/or scrip Issue, e Per share, r Franca, a Grass dlv. %. u Assumed dlridend 
alter wnp a an 'or ruhu mue. b Afier local uses, m x tax free, n Franca, 
indudiiu; uuilac dlv. u Notn. q Share split. .1 Dlv. and yield exclude special 
payment. 1 Indicated die. u Unofficial trading, v Minority holders only, a Merger 
pending- - Asked, t GUI. B Traded. I Seller, a Assumed, xr E* rigtiu. ad Ea 
dividend, ac Ba scrip issue, aa Ex all. a Interim sun Increased. 


\ Nai. l.a*.. 

4 2a 

Anier. >:aielanl.. 

46i* 

A inef. .'jliftt-' . . 

3493 

A fi'er. Tel. A Tel. 

60=i 

A'ntlek 

34 

IMF 

196i 

A .Ml* 

3b >4 

Ain|e> 

134* - 

Ant lii-r H-it'kiiu;. 

297j 

An hen .- it Buseh.. 

25 r. 

Amn'-Me.-! 

3Ii* • 



A *a inert Oik—.. 

16N 

A; ar.i. 

16'* 

Aalilauil Ull 

3d<+ 

All. HlidjTiel.l_.. 

491; 

till., rials IV 

S3h ' 

All 

H-9 

Aie> 

29ig 

A-..-Q F:.Ji:i l- . 

571; 

Rail. (.*- Klri-I . 

26 : s 

Hauk Aincrhx.. 

245s 

Haiikvift T>. A. A'. 

36: 5 

i;* ri nt it;: .. . 

26 

Havter lrft>«ru>-:. 

47'v 

IVaSilee 

25 

liol-fl it:.-+*-i i + >lt 

374e 

0..-I! A H-.-.ell.. 

20 1 1 

tienili:. 

40 

iH-u^net !.'■«» 'B' 

4-'? 

Uerlilel.cn. fn-!. 

24», 

Lllai-n A. Ilftv'+ei.. 

20 

B-«.-iiiK 

62 

1S**i*.|.. L'lL-ra. !e.. . 

30i a 

Lk-n'en 

28 

lkir^ M aniii ;... 

307, 

brtuilT In, 

165/ 

UntMhin " 

147 * 


36 

Hrti. Pei. ADI! . 

16 Js . 

Br.-.-Lnav Lilt;.. 

337; 

Bnitivwn-k . . 

16*« 

B.it-vni- Kne .... 

18 

UuP..va M'aii-Si.. 

8 

Uiir!m^lt:n Mbn. 

40'« 

6urr>ni«li 

787* 

Liinl4ietl'-i-u;-.... 

34-j , 

’. aiiad+ftn Pi -nl- . 

11 -2 

I aiul l(an>l>.li>!i.. 

11'; 

Laniali.-n . . 

307; 

< K*rierA Lifneral 

IS!) . 

Urlcr Hai- !<-i .... 

17 ! S 

Lai villi tar Trail* 

59 

CHv 

58 

Lelain-e L-+|-u... 

42 

Let, iml a j.tl . . 

165* 

Lcri.tnii-.rtl 

20'; 

V Air.-Tuti . 

43 1- 

> Im.-*- ManlutSIaii 

321, - 

LTietnu-al Bi. NT 

39 7* 

i. Iie-+4'nih I'.-iel. 

24'i 

Clie-ile M -lein.. 

297s 

I'll trap. ■ Brniye .. 

3458 


L Ur>»ler._ 

L'iuvraiiui 

Ink. Milem-ti . 



t itle* >t;n w.... 
A'ilj limed 1 lift... 

IVw CulH 

f. „toi:e Palm 

CulliuA A ill mao.. 
(.■•InniitR'ifi*.. 
Colunii-w Pur*... 
Com. 1 u.nCm.mi A i,i 
C. xiiliu»tiou hug. 
tl«l>l>u-lhjt« b>/... 
Y'iii'w'iii K>ii-iiii 
C'ui'n'thOil IM.' 
Cnmm. Salelhli. 
(.inn|>fitersrtem 

tvsu Liie ln> 

Lull me. 

Loll. bli-,p x.y. 

L'visnl Pu.j.1 

L'miiwI .Var. Oa>..’ 
Luuiunier Pu«er 
L-'iit ini'iiM l.rji. 
Y-'iilineiiUl MU..' 
C>ullueril<tl Itlf 

I'HIII.'! l*St« 

*-/l*r tndu* 


UU 

43, 

517, 

241a 

474c 

16i4 

41i B 

21 

111 ; 

26i fl 
2z>] 
iai- 
40 j® 
157ft 
2B 
21; 
43ia 
141- 
381, 
201; 
231) 
ZO -8 
38?, 
231* 
29- 
25. a 
16 
381; 
56 


. 361? 

23;s 
. 40 
2873 
29:* 

■ 44 

17% 
185* 
35'a 
. 341* 
! 35 

■ 37 
26ia 

• 157; 

, 49)® 
513* 

■ 417a 
307, 

35 U 
23 :a 

38 

30 
28:; 

5-7 

*2 

461: 

34ij 

61 

33 

19i 6 

56 
151, 
30U 

30- * 
26 s* 
18 
157j 
381; 
49 i* 
35H 
12 
29 

57 
267, 

245a 

56 

26 

47 

25 

371; 

20 

39 ii 
4 :, 

24« 

19 a 

62i* 

29 1 
28 5e 

31 ■* 
16U 
14ii 
3S>t 

16U 

33 la 
16» 
1S>: 
8' S 

40 
77-j 
54 4; 
I7i* 
Hi; 
30=; 
125s 
167, 
58!; 

58 
42 
16 3ft 
20?* 
93 Is, 
3l.g 
39t; 
245e 

30 
54'.; 
111 ? 

4t 3 

31t; 

245ft 

46 

Hr5ft 

41 

20 i, 
11^: 
267 j 
21s, 

401; 
161, 
27 lj 
21; 

42 i. 
141; 
38 >3 
ib: ; 
23i B 
26U 
385s 
25 
297j 
25. a 
15?: 
37i» 
561; 


| UorniaK GU.*.*.— •’ 
.4.' PL'Ini'ntTi.-uBl 
■ 1 1 nibr 

I t rcviiCn NU.. ... 

I iv* u Zelleri«.;!i| 
• l.'iintrmn- Kii^tin.* 
J LUHh< Wrigtll-. l 

j I /ft UK 

. U*rl In.InMriP*.. 

j Dwie 

• Del M.inin 

j Ueb.-iin 

‘ Dt(ilr|.;\- iutei ... 
LM r..il R.I 1 - 1 ,! . 
Uuifi'-ihl .Slinmrk 

LI vM|rfvirV- I 

D:ciui ... 

Dunrl ill's 1 1 1 . . 

I>.*er O'rjrfL.. .. 
II.iu- L'lieiiilvsl.... 



I»re--*-r. 

I>u|juU1 

i D\ inu lii.lii-irw.— 
! P'.'lier ... 

fai.-l AlrlitK, . . 

I Kvlli>nll Ki'l**.. 1 

j beluu 

! h. li. A 

i Kl III*.. Aat. I.BPH 

Kiln* ! 

| biimwin Kkvirlv 
j Er:irr> AirKr'Iglitl 
Knilvirf ............ I 

h.M.l 

Knaellutol ; 

Kvrn*Hi ! 

l^'LVl ! 



Fairvlf ll.l L himi'TO' 
j t'e>J. Iicpt. Mvnftj 
Kin- lime Tin-....} 

! K-t. A«i. ilcr-iun.l 

I Vie, 1 Van 

nirnkn»e ! 

! KLinrta Pun or. 

: Klie/r 


■ F.JIJ 

| K..nt Mu|i>r. . . 

‘ K»n-ni»vl Mci>. . . 

j K'k'.'N. 

FmiiLlu, Mint... 1 
[Fi «*)"•» 1 Mliiiml 

KmiHiaiii 

Faiiih' lmi> : 



Iinimeli 

! ( 1 i'll. Alder. Ini... 

It.A.T.A 

■.■eu. 1 nlile : 

(■eii. Li, namir*..., 
(•en. I'.livirli?,,. 

(ji.-n. K-pah j 

General .MiIK. . ; 
•jvnvnl 

Lieu. i’ll!.. I'll!....; 

j Lien, f-isuel ..1 

[ Liell. Tel. Klo'l. ■ i 

; Ijcd.T\tv 

1 lit Um,! ■ 

I i ie.)r;i, rtu'.lM .. ! 
(.*.*11 % Oil i 

rtallkfle 

J In- «ln.;l, |l. F...... 

J I i« *U III 

| ' I mw W. II 

i.fl.AT^u Pm-r™ 1 

| iirt. Niirli Irmi..' 

j Lirci’b»>iii.l 

i.ull L Wt.lerii . ! 

Null Oil 

Hitlil'iin-iii ; 

Hanoi* .IIiiiiiic... 

H am I h-: ili-cei 

Hams t'nne 

Hun; H. J : 

Hcut'leiu i 

Hew le Pai-karrt...) 

Holblav lnilr | 

Hfiiifeiakr J 

H-iiiev ■> ell 1 

H.,'U?r 1 

H'— )>-l.'.ir|i. Ani^ri 
H.mi-I.xi \al.UH-) 
Hiitil.Pli. X/L liuil 

Htilluo ib.K.i ' 

I.L*. I mlii-4 1 lev 

, IN A I 

ln;er-.-)l Uaiul...- 

I.iImihI -lee I 

J.IusIIl*. 

IBM 

lull, FUioui- j 

lull. Hanesler.,.- 
lull. MinaClieiii' 
lull. Multii.tvl*.. 1 

Nmu ; 

I ml. Pupi.-r j 

I Pi. • 

Nil. RivUIKt. 

I"l- Trt. a. Tel.... 

I II* HIT 1 

« Heel • 

It li'leriiaitulml 
4 1 m Mailer. 


B8: b 
495, 
27 I S 
28 

34 
37 

161ft 

28 1, 
465, 
325* 
295a 
105/ 
22** 
155, 
26 
157ft 
501* 
40i; 
43 In 
255, 
27«; 
41l» 
1185) 
30>« 

211ft 

14 

605* 

385* 

28'; 
175, 
32 in 
37 >* 
255* 
391; 

3 

35H 
285; 1 
21<* 
46>* 
337ft | 
37I B t 
135ft 
295* I 
21 Ir I 
30<2 1 
327s ' 

35 | 

24 . 
45 
225e 
375, 

9i B 
27Sft 1 
30 

107f. . 
14 1 * . 
471; ? 
105ft 1 
27is I 
17N 
795* l 
531; I 
355, 
316ft 
621, 
185* I 
305ft 1 
291* ' 
271* 1 
57ft 

295ft 

35 I 
295, ; 
217ft 
171* : 
30 >a • 
26ia 
75a ; 

27 
13'; 

14 '8 
235, j 
651; ! 
55 

151; 1 
6U; | 
40U : 
271; 1 

857a ; 

19 

385, 
66J, j 
115* I 
381, | 

25 U , 

11 I 

167ft 

28 
42 1* 
595* 
381, 
145* 

278.5 

255* 

38 

38 

205, 

161* 

445ft 

361; 

121; 

30 ig 
1 

36> 

11»* 

30'* 


' 57 ii 
I 491; 
j 27 ag 
1 27*s 
I 331a 

■ 37 

I 165ft 
273* 
I 453, 
1 323* 

' 30 

! 10 

• 231; 
| 16 
I 26 

, 155* 

. 483, 
! 403* 
: 451, 
241; 
271ft 

■ 43 
I 117 

I 501, 

i 211- 

141* 
601- 
. 38 1 ft 

277a 
163* 
32$b 
37i; 
257ft 
39 In 
27a 
235b 
283- 
2 H* 
45J 0 
335ft 
371* 

1313 
2958 
2 U- 
305ft 
325; 
34 is 


241* 

45>, 

221; 

373, 

9!« 

26?a 

29': 

10 >1 

14 

465, 

lOi* 

271- 

175a 

79*8 

531; 

335ft 

315a 

62 '* 

181 - 

301* 

29 
275b 

5. a 
285, 
Sola 

29;a 

22 

171* 

30 i A 
27 

7>, 
2b, a 

12. ft 

14 >, 
235ft 
63 
337ft 

15:3 

615.) 
40ift 
1 27*; 

; 841; 
187ft 
385ft 

i “ 

I 385ft 

| ??'< 
i 16lg 
2B5*i 
42 >* 
591- 

5B5s 

141* 

I 276'* 


Stv-k 


July ' Julv 


I .Nil* 1 J'.Jl 


25*8 

381* 

1 5?'* 

; 20i- 
l 161- 
, 93 
: 35i» 
. 125a 
; 301ft 

363* 
. 11.-8 
. 29 


John* Moan lie..; 
Jill, 11*011 JHlIMABi 
J»hn*,>n i.'i»i»ln.|.j 
.1 *.y M bji ulaet u r'tf , 
K. Mar Ci«f*. . . ? 

Ka i-vr A 111 ■ ■ 1 1 nl'n ■ > 

Rjns*-r InihiMne-: 

Kaiser Slenl ; 

Kay ‘ 

KeuUin'l 1 ‘ 

Ki-rr JIHi.e 1 

U'liMe Muller.... j 

Ktml-srlv UerL„! 

K'i.|i|n't- 

Kmll 

Ktuftv/ C.i. . . J 
Neanenav Tmii*..j 

U-i 1 Mn.i>s I 

LIM'yOir. Ki— 1..| 

Mcul (in<M| 

Mil, «Klt) I 

lail.ui In'IiM [ 

l*riihnil.\iiir'il| 
lame 9l«r lielli-.j 
Nun- iilfm.l l.ii|.; 

Lv>illr.lnilHlv«llll. 

l.lllTI-l-1 ; 

Uiekv ...’ 

I. 'ke Vuii^-t'uii. 



Mn.-i If. H • 

Ullr. llalH^er—.i 

.'U|m- ' 

Mamlln.ii Dll j 

Marine MiiitnuiL. 
Marrliall Fk-UI... I 

Wav l 'i-pt.Sii-rcx- 

Ml: A 

MeLVrnieli 

.MeI)»imHll l/.iue, 

M.-Dm-i Hill 1 

11i'iiiiin>\ 

Merek . .'.... . 
Merrill l.vibHi. . 
lln, Fiinilemi' 

Mi. M 

'linn '1 111 - .1 'll-' 

Mi Jill I'mI|i 

mil ' 

\I.e-*n J. I' 

II. ftnrnlH 

Vlin-jftiv I 'il. .. . 
AnI.L—. . . .... .. 
•V/li’i l lieii iim I-.* 
’ianminl 1 an .... 

\al. lli-lllh'r"... 
Nil. "er\ l>i lii.l. 
AaMnnal Ulivl. . 1 
>nl'..inas . . 

MK ' 

Ne,4uiK 1 111 1 * '. 

.Ve» Kndlau-I LI. 
>e« LliKlatalTeF 
'laynni Mi.linuk 
\ kicarc. >|i«re. J 
.V. Ii. tlliliismer..; 
A. .riailk A M 1.11 vmj 
\iltli ,\al. Da-... 
Ntliii.Mai*" Purl 
A ill" cs! Airline!; 
\llmi-l ttau.-nrp- 
A nr, 1 111 - 1 , nnii^ , 
Derhleuial IV-inJ 
Ocll'.l 'IlMlltr-. 1 

lb," KiIim-u ■ 

Him 1 

Hernsiv 

|,«en- i.vni uiK..j 

Linen- lllu.-is.. ... 

IW'IIn* «ih> ! 

Pile! lie U-lillliK-l 
I'au Pur. A Lle.J 
I'mii Am " iinlAir 
IVrker Hniiiiillii.i 

I'enl— h I ml I 

l*r»l. I‘» . A U....I 
Peniii J. I I 

I V, III. ■■ ill ‘ 

Pen, •If- llru- J 

Piui'lo (ins 

IV|»kv ! 

Perkin F.lmer. ...■ 

ivi : 

I'li/er ; 

Plielp- lliljr 1 

I’ll 1 la-lel | -l,l*i Kle.i 

l'liili|i Mum* ! 

fliillifR. Pilm'in.i 

Pll-lnii> ; 

I’lllli'.i Llnwr* 

Pill- 

Please: Ltd ALIK 


P..lan,i.| 

I'lUilIKV bliv 

1*1*1 » Ill.ln-trler... 
Pri*;liH limnlile..' 
Puli .vnv Llci-I 

Pull ina u . . 

Pure\ ' 

(Junker ■ Ul- . 
l(H),i’l Ameritdii. 
Ihi.il Iftin 

HI A 

lie, ml. In- .iiu l.... 
Ihnih lull 


391- : 
83:, 
27 m I 
33 ' 1 
25-, 
34 i- 
2 

24 M 
12-., 
23 T - 
46i, 
34'* 
453u 
2 1 
47 ' 1 
345* 
54 
345ft 
27 

341* 
SO,? 
221 - 
29 1 * 
21'. 
19:.< 
221* 
43 
163* 

9 k. 
Ill, 
421, 
34.-r 
32 
46' - 
15'* 
22': 

24 
52 '* 

25 5x 
37- c 
24. h 
48'* 
59'* 
18 
31<-.- 
38'.'. 
58 -* 
62 1 

51 '1 
46 i. 
49-. 
37-i 
24': 

27 1 
IS ■( 

21', 

15 
33- 
43 
58 -H 

2C . 

22 >, 
35', : 
14.* 

11 

20- :l : 

25 
56 

2c 1 1 ! 

52 ■; 
24-, . 
IS' ■ 
20' < 
56-. • 
IB’ . ' 
!S>. I 

25'- . 
331- I 
21 t 1 
24 1 1 . 
19i. j 
B J'-i : 
1 1 i 

26'- | 
2o-i | 
2l'i 
38 1 

27-, , 
11 . 
34. ! . 
50'* : 

25. 1 
54 a, . I 
35 ia j 
25... | 
18 , 
7^1* 1 
321.- | 
42 V ' 

26 | 
24'. ■ 
17-4 i 

47',. : 
lai- ■ 

28 i-j ; 

90 'h 
227« 
41*e 
17U . 
241, . 
12«.- • 
51*(i 

29 
251* 
79.-, ; 


HBi* 
82 ->8 
28 

36 

25-fi 

341= 

O 

25U 

15 

23 
47 3n 
54'* 
44o 
21'S 
47 
341, 
34 
34 
27 

34 
501, 

22 a. 
27lj 

21 -ii 
18-4 
21 '* 
41’* 

16 
8>* 

11U 

42:-a 

35 

31-8 

46 1 1 
15>« 
22*, 

25 
61 M 

2 SI 4 

371* 

24*-. 

451; 

581- 

IT» 

301* 

38i* 

581ft 

62 >n 

50'* 

47 

491ft 

37 
24s d 
28 ’:- 
13', 

21', 

151, 

32->4 

42*,. 

59 

2 1 

22 1 , 

33 
14 
10; 3 
S0: B 

25 
36>a 

26' ii 

321, 
241) 
18.tr 
20 an 

18'h 

14. a 

24b; 
52 >8 
20i, 

24 
19'* 
S21ft 

8'a 

27'ft 

25,0 

21J* 

o7^i 

27', 

111; 

34 ^ 

301; 

26 
54'; 
347ft 
231; 
18 
711, 
321; 
42'- 
25i, 
24 in 
17 la 

47 
15' a 
28'* 
90 
23 
391ft 
17 
23-o 
u 'a 

51-', 
28^ 
24 . 1 , 
78.1ft 


I S, 

Kel ’.'ii 

I |,Vt n- 1 , 1 - Meiaiu. 

I iii-r„.-i- 1 ' K-- 1 
I lin’-lt '— 11 Al.-rrr-ll- 
1 i:..-k-uei: I hut • 

| lii.l.iii .v Una...... 

I.'.iinl Itnl r 'i 

IITK . 

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linn. I ... 

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lllll riieliil. ,il- 
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I 


28’, 
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I M.-l iil'\ 1 . 

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■ll k - 1 Pel. Flu' 

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stifMiir .. 

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ni.-lvn- 1 1 u. 1 
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>lifl -1 I'nim.la .. 
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I'. I'm 1 mii, ..J 
T'.n lilit U-ni.Uk. 
Tmii-l xn rift-.-L.it 
Tin 11 , At, a. 1,1 U)ic. 

Truer • 

'nt.'ii . ; 

i'i-I.Swih- 'lino 

I M'alk.-r H - 

M> ., I'm .| I'ntn- 
| M'l-Jell lit-". .. .: 


•sa 

«I H 

23 

40 

?l.-i 

4.6U 

58:., 

34>i 

16:, 

10 

14.20 
59'* 
17'* 
10*. 

11 3 

28 e, 
21'; 
201/. 
211; 
04’; 

4 85 

lOtft 

26.-, 
2b 
30 
19 
61? 
M2-.1 
9i. 
76 , 
96i; 
i'7'i 

24 
20., 
14', 

25 
72 i 

30’, 

15:/ 

29 
8 

59 J, 
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23’* 
46'* 
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33 1 * 
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18.* 

13'ft 

U->, 

le*! 

14 ft, 
8x f 

4.20 . 
20.',. I 
lu, ; 
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371.- 
3.55 
291; 
tp-j 

35!* ; 
35 ' 1 | 
*».70 ( 
2.15 j 

41 . 

35M 1 

S’! 1 

0.92 : 
23.0 ;• 
lev; 
14’, ■ 
1.70 1 
3 l>, • 
i0’- ; 
34 -* 
34 ^ 
19 ’ 


81- l 
28 : 
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34-, ; 

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26', 
2.60 
43'* 
20', 
16.-* j 
8-'i : 

:15 
111 * 1 
8 

35i* ’ 
12 « 
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14 1» 
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33'- 

22-4 

41., 

22 -j 

22 

4.50 

58 

34’* 

16:* 

16 

74 55 
39 1 * 
17 
10 1 
U* 
120 ' - 
2 I ', 
■20 
21’, 
64 
4.05 
10>* 

27*. 

26k, 

29’, 

18:* 

6 

12 1 
9’, 
76 
95 
67 
,25 

19., 
14 , 
25'* 
73-; 

30 ’* 
14 -I 

2 «:i 

fl 

40', 
43 
17-, 
23 
45’* 
20 
33 '•* 
1V-* 
18'; 

13-1 
12 
I 6 M 
14 ' t 
8'- 
4.2‘j 
20 '* 
It : 
23 1 - 
37 -, 
3.55 
29 * 
t” : * 
55 
35 1* 
4.75 
2.20 
4H 1 * 
35 , 
16 
5-* 
0.93 
23 
16', 
14 L* 
1 60 
31’, 
10m 
34 :, 
341- 

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B* 
27' 
Is : 
5 

54 , 
61 
26-. 
2 65 
44i, 
22 ’* 
16.K 
8 i, 

.15 

ll'i 

S 

55 ' 1 
12' . 

IB./. 


r Uia. ' Aftkea. s Traded. 
V New Slock. 


GERMANY ♦ 


Price 1 +Ti U 11 . 1 YI 1 . 
July 32 rim. ' — . i ! i 


A hL> ' 

Allianz VerMdi... 

6.MM- 

BASF. 

baser 

Have, -Hy**.' 

Uaver-Visrem-i-i,. 

l‘:l«lnL..\(ri.<rt' 

L'^niDier/tnuk..... 


80.3 —055 - : - 

479 V2 31.£i 3 3 
268.5 *-4.5 5O.0" 5.2 
135.4-0.2 IU.IV 6.9 
139.7-0.8 l&fti b.7 
290.2-1.0 28. 12 j 4.9 

029.3 18 2.7 

160 - ‘ - 

230 26-6611.3 


COttl liu Hi nil. 

S3 

-l.l 

— 

_ 

litttmler LVn/...— 

319 

-l.a 

<18. li 

4.4 





3.2 

Uen«*! - 

165.5 +0.4 

14 

42 

Ueulri-lie Bank... 

30B 

r 2 

20.1* 4.5 

rirtetlnei Bank.... 

244 

-0.2.2B.1! 

57 

L'yeWerliolT Zemi 

200 

-4 

9.3t 

ii 

Liiiielioffuimi!—.. 

309.5 


12 

2.9 

Hapa« Ltovri ....... 

122.54 

-2.5-l4.iM 

5.8 

Hars-ener-..™.. .. 

314 

-4 

llb.h 

5.2 

Hoet-Uftl 

132.5 —0.3 

(B.lb 

7.1 


49.5 


4 

4.U 

Hnrlen 

152.0 

+ 2.0 

9.36 

3.1 

Kail i/D-i ■S" ir 

149.5 — 0.3 

14.1k 

4.7 





3.4 

haul W 

251 

+ 1 

ie.lt: 3.7 

Knvkner L/XIlUJ. 

96.3 

+ 1.8 

— 

- 

KHri 

189 


18.76 4.9 

Luhie 

Z67 

-i. 5 

23 

4.6 

U-neiit-rau ICU.... 

1.480 


25 

8.5 

LuribnOfta 

111 

+ 2.5 i 9.at 

4.2 

MAN 

204.0 

-2.5 

12 

2.8 

>lHuntr»maun ._. 

174 

-0-4 'IL lb 4.H 

Metail^eft 

241 

+ 5 

10 

2 1 

Aluia-liene* Buck 

579 

-9 

18 

1 5 

t'eekemmnn-.... 

165.0 

+ 2.8 


— 

Prensaaa I'M lOi 

124 

+ 0.5 1 — 


KUem Wftl. b’ee. 

179 

—0.3 

23 

6.9 

x-Uenua.„ 

2B4 

+ 0.2 

2 b. li 

4.M 

u.-merip 

480.5 


lo 

2.8 

u i Zuckei 

25u.O 


Jb.bvl 5.3 

IlH Dseil A. u 

124 

-0.7 

IMl- 0.9 

‘aria 

194 

+ 6.5 - 14 

3.7 

» fcL’A 

128 

- 0.8 

1 * 

4.6 

i uem ,4 WeMBkl 294 

— 1 

10 

3.0 

i 

236 

+ 0.7 

25 

S.3 

BRUSSELS/LUXEMBOURG 






riu. 


tuiv 23 

Prii-e 

+ "T 


tr i 


Mi. 

— 

Am 

O 

\n«ti 

2.365 

+ 15 

_ 

_ 

i*>ki.-rl ~B" 

Z.U3U 


lie 

a.7 

u.H.U. L'emenl... 

1.104 


100 

9.1 

vK-Wn" 

426 

-2 

— 

— 

tub- 

2.300 

+ 20 

17/ 

7.7 

Kiet-iinlici 

6.740 

+ luO 430 

P.4 

r+Lnigui* AmI 

2./90 

+ 26 

I/O 


• I.U.Illll.t- Hiii_ .. 

2.310 

+ Ih 

l3u 

6.5 

.iYVkOM 

1.320 

+ 10 

or 


Uirt^? Brux.L»u#li.'l.a4u 


164j 

10 7 

ri.iiaikeli_..._ 

2. 305 

—25 

1 t . 

7.4 

i 

1.765 

+ 3 

14*r 

0.1 

■tiendlaiift 

6.U3U 

ISM* 

■*.3 

Ui Ki.i a e liMp... 

5.790 

+ 13L 

-32a 

i .6 

rttu Hi .idni./ 

2.C90 

+ 20 

s/.a: 

a .0 

Pe*p.-n,ia 

3.710 


i /+ 

4.7 

3 ..*: lien baiium:.. 

3.010 

+ 23 

2 U+ 

D .8 

■h-cliet, Beiui-/iie 1.U45 

+ 13 

i4u 

7.2 

> -IlIlM 

3.19U 

+ 20 i+ lo 

o.7 

XhibV 

2.455 

-15 

La II 

0.6 

indinn b.H--l. 

2.540 

-15 

17c 

O. J 

i-ub 

914 




Uu Jluml.K'i 

758 • 

+ 22 

at. 

6.6 

i leine Alitnla»tie'1.4?6 

+ 4 



SWITZERLAND • 





1 Pri>* 


L'ii.iYlil 

J iily 2S 

J brift 



> 

Kl 






dBC'A - 

.1.650 


lu 

*o 


1.-70 

-10 

24 

2.1 

Lfct. I'arL. Leri. 

aiu 

— lu 

24 

2.7 


583 

— 1 

22 

a .0 

orwlit '■hi— e 

3.170 

— 10 

1 c 

j.7 

k.eetn-wKli 

1.030 

+ 30 

lu 

£. 7 


600 


5 

3.7 

Hodman Pt ten-. 

.70.300 

— 7aU 

ilOOi 1.5 

IA.*. email,.... 

;7.050 

—7a 

110 

1.6 

tulerh»»l B. 

3.0iia 


20 

2 .S 


1.42a 




NCfttie (Fr. liXn... 

3.440 


« J.S 

2.3 


"2.235 


a b.l 

J.fi 

Jen i kill H. t F .J4J 

a.560 

t-o 

lo 

1 5 

Pireni etP'F IvU) <se 6 

+ 3 

13 

5.4 

Mill J Kr.fiOj — 

'3.775 


2 D 

i. 1 

U>. Part cv*t+..| 440 


do 

3.0 

■drlntlier lit HCl 

3 1U 


12 

3.9 

uizerWiFr. Itk- 

355 


14 

3.9 

wlnsaJr iPAcu.'l... 

538 


lu 

u .2 

» 1 » link. P.lk*.'. 

369 

+ 1 

10 

2.7 

ul« (lieiFrttkl... 

4.710 

— 15 

40 

?. 1 

iJmifti Bank 

3.090 


20 

3.2 

6urmh Jn- *11.300 |+ 100 

44 

— 


PARIS 


July 3: 


lieute 

AinuueiUo-’-IVr 

All Laqm-’c 

Aquitaine. 

ell _.| 

iu * 1 , ;ne- 

■). .5. Ii«f11<«.. 

.arrelKir 

l-Li.t 

v.I.l. A 

kieUaiKNirc— 

Cub Me- 1 -lei 

I'raiH IVftn I- r'» 

Crenara trap? 

riumez 

Kr. Petn.ur. 

OeoL It-culentn-, 

iiuetai : 

Jfeijuea B.- 1 —i J 

latUtive 

L.'Ureai - 

Uiuranit ! 

'Ini-ftma Pbeli,x..i 

>1 lebellti "B" | 

-Hoet Hennemet . 
Muulinex 

ParUMa 

•V Inner 

l‘eriK»i-lii «nl 

Peuceot-Ci tiwn . . 

i’cctalu 

Ka.lt— le-liitigue. 

iiv> tout e I 

i.Iiuik Poulenc ...[ 

H. 1 

ki» It'.jwutrh'i ....: 
HIS 

I eleru m a mg ub . . J 
• Uuinn-n brftn.il. I 
i-Jinor I 


Pri..v I T Ml 
tr . | — 

"7373x73.5 
451 


338 
576 
522 
685 
55 J 
1.725 
396 
1.119 
371 


■e 85 
-10 
'*-10 
+ 10 

1+11 

+5 

436.SU +8.3 
108.9 + 2.9 
75.1 -0.9 
774* +26 
145.5-1.5 

195.aj 

66 1+4 


U 11 . A - ■ 

' IT'. . - 

j 0.6 

•il.lt, 4.7 
1 16.t 4.9 
irt.tfb; 4.P 
10. t' Z.7 

l ^ ! ■*'* 1 
40.- 1 7.4 
/a , 4.4 
, Of.' O.U 
: /n.bt : 6.8 
' l a 1 3.2 
.11.2? 2.0 
■ 12 ] 9.0 

'14./=' 4.3 
'H.IC' 1 9.8 
■i 6.1- 4.8 
. o.i 8.6 


157.0 


212.oj+b.O [ic./i 8.0 


731* 
1.765| 
60S 
1.058| +B 
660 

102.0 

180.1 
93.5 

300.0 
475 

213.01 
462 
677 
107.9| 
159 
1.720| 
290 
789 
244 
22.4 


-3.5 1 - 1 - 


11 j Is. 7 / 3.2 

+5 Ob.;?; 2.1 

+40 I Ob. 6.6 
02.6bi 2.4 
+ 30 ) 12.1 2.1 
-2.5 1 » , 1.9 
—0.4 1 1 . bU.ii 

+ i-6 1 7.0. a. 1 

+ 126. 7.0 8.5 
+ 11 il/.A 3.7 
-6.1 ; - ! — 
+ 6 I 3u • 5.9 
+ 8 Ou ; 6.2 

+ 1.1! d 8.2 
+ 4.4 4.5b 9.2 

+ II ' 09 2.2 

+ 7 • 20.? 8.8 
+8 l 20.? s.2 
+ 1 'tc.lt 6.4 
+0.2 . - : - 


STOCKHOLM 



Pru* 

+ ui 

LM ft.’ 1 

Juty Lti 

krone 

— 

M. . * 

tuAA-lkraU-... 

240 

+ 5 

o.o ■ 2.3 

A-fa lairfti Bt/irt«.t 

ISO 

—2 

3 3. a 

\>KA (Wr.avn 

Alter C*n*.+Mhr'!r 



5 - 5.7 

O . 4.7 

127 



71 

+ 3.3 



113 





• eilniiw,.— 

242 

+ 1 

10 ' 4.1 

blect'iiift'U'ikrPL' 

15u 



6.3 4.4 





ra-aeile "B" 

304 

108 

62.5 

t! 

+ 2 
+ 3.5 

9.6 3.2 

+ 3.7 


■tan hefttwnhen... 

369 

-1 

16 I 4.3 


70.5 

+ J.S 


nn-ivik Ad 

273 

-1 

3. (a 2.1 

>.K,F, '(*’ Ki* 

71.0 

-t.b 


3KHI+I hit-, hi Ha. 

170 

-1 

8 4.7 

l<iii.'ri Ik •(*' hrci 

74 

+ 1 

3 • 6.8 

U (.tell., in 

59.5 



A .tit.'. (Kr. ‘■J’.... 

77.5j 

-1.5 

" ' 7.7 

COPENHAGEN * 



. _ . 

Price 

• + -ir 

U-i. Ini 

Jul.i '^8 

Kn.net 


" i 


1371* 



UaiukeUHak 

125 

+ U 

12 ' 4.b 

ha-LA int. L'i* 

165 

i-l. 

12 i l.i 

FlnatiitlMiiken 

133 is 

1 + 21, 

13 ! 9.8 

+ r.-Ka-.-ner 

372 



12 3 2 

ror. Ihp-r 

Han-lelftlMiifc 

1261;: + I, 

12 0.7 

».i_ Vm'n H.iKrA. 



12 4. 1 

IbBl* 


t.'.ieinbnk 

82>* 

- 1 - 

I'rrvnllMiik 

130*1 



- 9.2 

rruvin-lftiit. „ ... 

138 1; 

♦ I* 

ll-o.O 

B(-ieU'e,i_. 

1 

4101c 

f Iq 

li . 2.9 





MILAN 





Prk-e 

+ "i 

,U.t. v 

J.iii cs 

l/lr 


Lirv ; 


12S 

+ 1 



476 


tri+i 




L*o. Pnv 

1.498 

+ 8 

15 .10.0 

riinl.W 

139 

-4 


ibiieeitieni 1 

12 140 
276 

+ 140 
-11 
+ 150 
+ l 

Bug. 4.9 

/led kl- >ftlM 

Mc*i(+tir-ja 

34.300 

159 

I.2UCM 3.6 

■.invent l‘nv.«... 

1.006 

+ 3 

— ' _ 

Pirelli A C.u W1 . 

1.617 

+ 4 


Pirelli -ijit 

e75.0ftf— 0.5 


■?nta Tiftctifta 

809. S! + 3.5 
( 



AUSTRALIA 


July 3« 


i TOKYO K 


. r ••• 

Ansi. S ' — 


al.MIL (ZOL-eim 

Aci-w Au-tmiin 

Allien Mnu. lpic. lnd-.Sl 

\n')<»l H\|>*.!mtlel, 

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AMSTERDAM 

Julv SZ 


1 O .66 
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395 

558 

530 

243 

573 

180 

235 

460 

665 

650 

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319 

280 

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730 

278 

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323 

586 

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246 

900 

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413 

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119 

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Source Nlkko 

VIENNA 


Sccurttiea. Tokyo 


July EB 


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JOHANNESBURG 

MINES 

July 2i 

Anclo American Cotm. 

Charier Consolidated .. 

fcaat Dnefotitein 

F.lshuru 

R. trrtHKty 

Km rose* 

Klool 

Huati trtiurn Plaunum 
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Wodem Deco 

INDUSTRIALS 
Niuclo-Amer. Itutiuarial 

Harlow Ratal 

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t*>r>-ai.-mian!< Stores 
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1 *. 1 ; Snitui Susar ....... 

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Securities Rand U.SJ0.J2 
(Discount of 37.4%) 


Inv, 


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l 





i 


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Financial Times Saturday July 29 1978 



17 




FINANCIAL AND COMPANY NEWS 


ISM 


Japanese shipbuilding bankruptcy 


-m. 


TOKYO. July 28. 

mrfillm si^d Japanii'"*, * S^lhTS i^pao'SS * k “ ’‘ 0 *“ “ big &“«»•*» «!«•• •“!»■ »• 

bu ' ,ind 3 55 P cr ceat-awned rypicy reorganisation aoolica- HhwpvoV 
subsidiary of 

.jiina-Hartma 

: - -m - w v»:u! . v_ v: «•— _ “ — k- ■*«. uuuisttiiiacu, uioiiiiy m sums is am one, 

the 8hipboildlng 


or neglecting Con, but to left- t.T'iSSSS.-ftfiS/E 


ROBERT WOOD 

USUK1 IRON WORKS. 

Japanese — -™on or we oan K - companies. " Hisatomi claimed that the Saegi 

sssg.? ^Se^FvsT^v^ ^ srus s suss scs 

«ll^ a V 0 j lo te^' ilh liabHi - S k ld h ' s “embers first contractors. • The laTger ship- industry, 

ties estimated at V30bn ($150m). biard about the application in building union is often accused 

it was ihe second biggest ® ou >Pun.v gossip more than an 
Japanese shipbuilding bank- “Our after the plan was filed in 
ruptcy to date following the c °urt. 

December UFC ° f Hashihama last Tadayoshi Hisatomi. assistant 
. ' , general secretary of the Staip- 

ine bankruptcy came three building Workers’ Confedera- , , , . 0 , u, c UUIVU9 os ,« u , u W « KC cul , 

months after a left-wing unlun at 'ion. said the confederation °L£?SlJLt b3 + bujl lder ?, of ocean ' and 420 “ voluntary retirements 

hmt. iM? Cr Qf V sukl ’ B lwo ship " would now be williiig to co- XXS5ffi?HuSr were solicited from workers at 

build lug works rejected a operate if the company wants to SSK? (S^ 0 ?- ?S55 begin- both sites The totaJ work-force 

for t h , ^ ucl on „ p L an " callin S Pursue reorganisation involving Sp* L f JJJJ J? vffiSerJ 1 of the company had been U&OB. 

for the closing of the works and dosing or the company’s Saegi 95 pe L, e t nt .,?. f Ui5ukl s business „ _/ , 

the transfer of its workers to works The Saetri works i«s ,s shipbuilding, making :t But Oita Bank, a small regional 
another site that has tradition- dominated by the Shipbuilding ert ** me, y vulnerable to the bank on the island of Kyushu 
ally boon organised by a more and Machinery Worker?’ Union world . rec ^ , °": * 1HI where Usuki is located, found the 

conservative union ™ 7 ” " n - encouragmg Usuki to expand its new reconstruction plan m- 

The manacpiDf-nr fnrro,n» h..iEr OUS «? ,lt . Jap i n ' ^ S^ip- machinery production, concen- adequate. Both the bank and the 
withdrew that nbn iTih! fj Jjf ‘f 1 ® Work * r5 Confederation trating on water treatment parent company refused to lend 
unions worn ^Vih ?«?«, ‘ , L s , r.® Iunes « ,ar Be as the Ship- machinery to' be built with idle any more money. Thus the .com- 

inc on ^ e new ni-»n° i be i. CtM>p K r! ilr bu * ldlf| S and Machinery Workers’ shipbuilding equipment at the pany had to declare bankruptcy. 
JUS*. S:?. n __ k ^p b°th union. It represeuts the workers works organised by the Shipbuild- It was expected that both the 

largest shipbuilders, ing Workers' Confederation. bank and the parent company 


wing union has had JirtJe success “K Se SaeS^rorkTa 

in organising them or improving ni aI , ^ « wotted ^ut to 

Cranked “ ** Sh ° PS U haS trans ^ some orders from the 
° n^iki imn Wnrt . ic iUo vi, >, Usuki works to the Saegi works. 
Usuki Iron Works is the 13th ^ uoions agreed to wage cuts. 


works open. But an official or in 

|L (1 mnr '" . “UifciUI Ul Ml mt latgKai nuifiuunu^rs. 

UI l ,0 *L. t f ,e w b'lc j its counterpart represents The Saegi works built ships of would eventually cooperate In a 
hniirtinn » at - ,nn -° f . p ' w Pricers mainly at smaller ship- the 10.000- to 15,000-ton class more severe reconstruction plan 

ouuaing and Engineering Wor- builders, who generally receive while the smaller. Usuki Works, for Usuki. 

Consolidated 
figures 
from Nissan 

NISSAN MOTOR Company, the 
makers of Datsun cars, has 
reported consolidated net income 
Y95.51bn (S490m) for the year 
to March 31. on sales of Y2.59 
trillion (million million), equiva- 
lent to $13.3bn. 

These are the first consolidated 
figures released by the company. 

Also publishing consolidated 
results for the first time, Nippon 
Kokan, the Japanese steelmaker 
and shipbuilder, has announced 
consolidated net income of 
Y4.95bn ($25.4m) for the year 
to March 31. Sales were Y1.24 
trillion ($6.4bn). 

Nippon Oil Company's consoli- 
dated net income for the vear 
to March 31 was Y26-61bn 
(S136in). Sales totalled Y2.10 
trillion (510-Sbn). 


the 


Matsushita sees stronger gains 


The First Viking 
Commodity Trusts 


Commodity OFFER 36.1 
Trust BID 34.3 

Double OFFER 80.0 
Option Trust BID 75.0 


Commodity’ & General 
Management Co Ud 
3 Sr Ewer's Scree: 
Doui»las Isle nf Man 
Tel: Mil AiS 1 



MATSUSHITA Electric Indus- 
tna] Company has raised' its 
consolidated profits and sales 
forecasts for the current financial 
year, ending in November, .after 
achieving record results in the 
first-half, helped by overseas 
sales of video tape recorders and 
stereo equipment and aome 
recovery in the domestic 
economy. 

The net profit forecast is in- 
creased to “more than Y85bn 
(S436in>," from the earlier 
estimate of Y80bn. to indicate a 
gain of 9 per cent on 1976-77. 
The sales estimate is increased 
to “ more than Y2.05 trillion 
(million million).’’ equivalent to 
some SlObn. from ?bn. reaching 
u level S per cent above hist 
year's. 

Sales of consumer electronic 
equipment and components rose 
S per cent in Ihe six months to 
Yl59J2bn. while home appliance 
sales gained S per cent to 
Y 279. 41 bn. 

Export and domestic sales of 
video tape recorders and stereo 
hi-fi equipment were leaders in 
the first half increase, according 
in the company. In the domestic 
market, air conditioner and 
refrigerator sales were “brisk." 

Communications. measuring 
and special equipment sales rose 
15 per cent lo Y56.34bn. and 


industrial equipment sales ex- 
panded 8 per cent to Y45.S4bn. 

Lighting equipment, tubes and 
semi-conductor sales gained 5 
per cent to Y41.I3bn. and battery 
sales rose 16 per cent to Y40.17bn. 

Although domestic consumer 
spending growth had remained 
backward, the company said, the 
nationwide business recovery 
was gradually progressing as a 
result of Government economic 
measures. 

Matsushita still faced prob- 
lems. with the appreciation of 
the yen and competition from 
developing countries, but had 
continued to emphasise the 
development .of new. higher 
value products, and strong sales 
promotion campaigns designed to 
boost sales. 

Consolidated net profit rose 


TOKYO, July 28. 

19 per cent in the three months 
to May 20 to Y23.71bn ($121.6m). 
Y19.9sbn in the same period of 
the previous year. The previous 
record was Y22.19bn. in the 
fourth quarter last year. 

Second quarter sales rose 9.0 
per cent to Y523-3bn ($2.7bn) 
from Y484Jilbn a year earlier, 
passing the record Y511.31bn of 
the fourth quarter last year. 

The six-month net profit in- 
creased 15 per cent to Y42.30bn 
($217m), from Y36.9bn, while 
sales rose 8.0 per cent to 
Y1 trillion (million million), 
equivalent to S5.1bn. from 
Y923.64bn. 

Export sales rose 12 per cent 
in the quarter to Y145.21bn, 
while six-month exports in- 
creased 14 per cent to Y295.75bn. 
Agencies 


Belgium bank assets rise 


WARDS 4I£ COMMODfT/ 
FUND 

it 30ch June. 1973. £10.36. £10.78 
WCF MANAGERS LIMITED 
P.O. Box 73 . 

St. Holier. Jcrtey 
0534 105*1/3 

Nck: dcjl*n£i'31*i July. 1*78 


BY OUR FINANCIAL STAFF 

AN EXPANSION of almost 11 
per cent in balance sheet total 
and a comfortable first half 
profits performance were 
unveiled yesterday by Societe 
£enerale de Banque SA. 
Belgium's largest banking group. 

The bank reported that results 
for first half of 1978 “compared 
favourably” with those for the 
same period last year. This pro- 
vided “good reason” to believe 
that the second half of the year 
would follow suit. Despite the 
difficult economic situation in the 
ofcemns months of 1978. savings 
bad increased at a rale higher 


than that of inflation* 

At the end of June the banks’ 
balance sheet was BFr 720.6bn 
an increase of almost 11 per cent 
on the level of December 31, 
1977. Customers' deposits and 
cash certificates rose 6.5 per cent 
to BPr419bn, while bankers’ and 
subsidiaries' creditor accounts 
increased 18.9 per cent to 
BFr 235bn. 

In 1977 the bank managed to 
improve net profits from 
BFr 1.45bn to BFr 1.53bn out of 
which a dividend of BFr 204 per 
share was paid, against BFr 189 
for 1976. 


Kloeckner- 

Werke 

turnover 

down 

By Guy Hawtin 

FRANKFURT. July 28. 
KLOECKNER - WERKE. West 
Germany’s third' largest steel 
company, has reported that des- 
pite increases in tonnage 
production, turnover during the 
first' eight months of the 1977- 
1978 business year has declined. 

External turnover, excluding 
value added tax, has declined on 
a monthly average basis by 4.7 
per - cent compared with the 
average for the whole of 1976-77. 
In the - work’s newspaper, the 
group’s Executive' Board said 
that the monthly average for the 
first eight months totalled 
DM 327.2m ($159.5m1 compared 
with tiie • 1976-77 figure of 
DM 34S-5m. 

Turnover in the steel process- 
ing sector increased slightly, 
rising 1 per cent on a monthly 
average' basis from DM 122.9m 
to DM 124.1m. However, iron 
and steel turnover fell back 
from a" monthly average of 
DU 220.6m to DM 203.1m, while 
exports, .calculated on the same 
basis, - were down from 
DM 111.6m to DM 106.6m. 

In contrast with the cash sales 
figures, ' production rose -sub- 
stantially. Crude iron output 
went up on the monthly average 
basis . by 5.4 per cent from 
213,060 tonnes to 225,000 tonnes, 
crude steel- production rose 8.6 
per cent from 321,000 tonnes to 
348D00' tonnes, and rolled .steel 
output -was up 5.4 per cent from 
297,000 tonnes to '313.000 tonnes. 


Texaco earnings decline 
steeply in second quarter 


BY OUR FINANCIAL STAFF 

TEXACO. THE latest U.S. oil 
major to report second quarter 
figures, suffered a sharp slide In 
earnings during the period as a 
result of depressed worldwide 
demand and higher costs. 

Net profits fell by a third to 
$158.4m. with per share earn- 
ings down to 58 cents from 88 
cents, a steeper fall than seen 
in the first three months. 

For tiie whole of the first half, 
Texaco's earnings showed a 
decline of 28 per cent to S345Bm; 
per share, they were down from 
$1.77 to SL27. Net income attri- 
butable to UjS. operations went 
down by over 34 per cent to 
$168.Sm. Outside the UJS., there 
was a 21 per cent drop to $179m. 
■ The chairman and chief execu- 


tive of Texaco. Mr. Maurice F. 
Granville, said the decline in 
earnings reflected falls of 9.4 per 
cent in production in the U.S. 
and 17.4 per cent abroad. 

The fall experienced in nearly 
all of its producing areas abroad 
was mainly a result of lower 
worldwide demand for such 
crudes, he said. It was also accom- 
panied by cost increases stem- 
ming from inflation and from 
Government actions, including 
the impact of the OPEC two-tier 
crude price increases of January 
and July last year. 

Mr. Granville said that results 
from refining, marketing and 
supply activities outside its home 
base continued to be unsatisfac- 
tory and were roughly the same 


in both half-year periods. 

He noted that revenue gains 
due to higher product prices bad 
more or less offset substantially 
increased crude costs, infla- 
tionary rises in expenses, and 
lower profitability from the pro- 
cessing of heavier crude oils. 

Texaco revenues in the second 
quarter moved down from $7.1bn 
to $6.Sbn, with a six monthly 
decline to $13.Shn from $I4.2bn. 

Earlier this year, the company 
indicated that it was now empha- 
sising profitability' rather than 
volume in refining as well as 
marketing. As a result, Mr. 
Granville said in March. “ we 
will see continued improvement 
in profitability in the U.S. and 
western Europe. 


Norway’s Co-op 
retrenches 

By Fay G jester 

OSLO, July 2S. 

NORWAY’S Co-op stores are to 
reduce the variety of goods on 
offer, ' as part of an economy 
drive and in anticipation of 
lowered consumption . a s the 
recession makes itself felt in 
Norway. 

The drive will be directed 
mainly towards bettering profit- 
ability of the Co-op’s smaller out- 
lets, many of which either lost 
money or only just broke even 
last year. In these shops, the 
range of wares will be cut dras- 
tically— in some cases by' half. 
Fewer brands of each product 
will be carried. 

A spokesman for NKL.the. Nor- 
wegian Co-op movement, said 
Swedish Co-ops had already 
successfully cut the assortment 
of goofil -they offered in their 
smaller shops. Profits had 
improved!- and” customer reaction 
bad also been positive. 


Aetna Life again ahead 

BY DAVID LASCEULES NEW YORK- July 28. 

AETNA LIFE and Casualty, the first quarter of this year which 
largest all-line U.S. insurance suggests that the plateau in earn- 
company, today reported a logs, predicted for the middle 
further rise in second quarter of this year, has not yet been 
earnings. Net profits were reached. 

$135Jm, or $2.50 a share com- , 

pared with $107.2 m, or $1.99 * * * 

a share, in the same period of s^ong quarter earnings per 
last year. . . . share from “Star Wars” studio 

Operating earnings, emulated Century-Fox emerge 

before capital gains and losses. at S195 con , pared t0 $2.21 in 

tac ^ as ^ ( *° tbe opening three months of 

&..60 a share from $107.7m. or 3975 writes our financial staff. 

$2 a share. 

The figures appear to refiect However, the performance still 
the continuing strength of the leaves the first six months run- 
insurance industry which is cur- ning well ahead of 1977 with 
rently at a high point in its per share earnings at S4.16. 
usual four-year cyme. against $1.10. Revenue for the 

- -All of Aetna’s figures also half year was $30S.lm compared 
represent improvements on the to $190.2m. 


Fuji Photo profit rises 


TOKYO, July 28. 

FUJI PHOTO FILM COMPANY case of magnetic tape, there was 
has announced that its con- a sales gain of 21.1 per cent, at 
solidated net profit for the half- Y6.9bn, while sales of non-car- 
year to April 20 rose slightly, bon paper increased 23.9 per 
to Y9Jlbn ($46.7m), from cent to YB.75bn. 

Y9.02bn in the same period of . Sales to the motion picture 
the previous year. market, however, fell 17.1 per 

Consolidated sales increased cent to Y5.9bn. 
by 8.3 per cent to Y154.81bn Exports rose 5.2 per cent to 
(S794m). from Y142.97bn. Y39.95bn. Although exports to 

The company absorbed an North America fell by 5.9 per 
exchange loss in the half-year cent t0 Y13.03bn. those to 
of Y1.01bn. four times the Europe rose 13.7 per cent to 
Y252m a year earlier. Y13.5bn, and those to southeast 

Sales to the consumer market Asia 8.3 per cent to Y7.44bn. 
of photographic materials rose AP-DJ 
S.5 per cent to Y70.3bn. while 
equipment sales rose 4.6 per cent 
to Y18.2bn. 

Sales to the radiographic mar- 
ket were raised 13.2 per cent to 
Y17.98bn. to the graphic arts 
market 9 per cent to Y20.9bn, 
and to the microcopying market 
5.4 per cent to Y3.9bn. In tbe 


Corco 

earnings 

recovery 

By Our Financial Staff 

COMMONWEALTH Oil Refining 
Company (Corco), currently the 
subject or a bid for a controllinu 
stake by 3n Arabian investment 
group, produced a net profit of 
$7 .3m during the second quarter, 
a sharp liirnround from the 
S2.6m loss of the same period lust 
year. 

At the per share level, earn- 
ings totalled 46 cents against a 
20 cent loss, with sales up to 
S252ui from $196m. 

The financial troubles of Corco 
sent it into the arms of the 
bankruptcy laws earlier this 
year. For Ihe whole of the first 
half, the company was still in the 
red. although the net loss was 
down sharply from $9.R»Sm to 
$5.34m. with losses per share of 
41 cents against 70 cents. 

Both sets of figures for the 
current year include S6.2m 
partial recovery under business 
interruption insurance. $1.2ni 
from the sale of the Baltimore 
terminal and entitlement adjust- 
ments of SI .2m. 

They do not take in extra- 
ordinary credits of 17 cents a 
share against 2 cents during the 
1977 quarter and 7 cents in the 
first six months. 

Offering a solution to Corco’s 
problems, Arahian Senoil Cor 
ooration headed by Mr. Roger 
Taroraz. proposed a deal on 
Thursday which would give it a 
controlling stake. 


1.6. Index Limited 0l-"51 3166. One month Gold 202.35-203.85 
29 Lamont Road, London, SWlfl OHS. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller Investor. 


COMIMIES/Review of the week 

Strong rally in coffee prices 


8Y OUR COMMODITIES STAFF 

rnn-'EE INI ICES slagcil a 
.Ir.muJu- nvtivfry on Ihe London 
I tit i:rt . market tin* wee'., after 
: ailin': In lln-ir luwest i eve Is for 
Men; rh.isi IW.J )car> Jt one Mage. 

A of «lu* rm*nt 

f.i!5 t-'.’k lh. 1 Sept dm bur uustiinn 
he'., 11. 11.100 loilin- hrfi-re IV- 
v. u»-:| hujjng ill ted the puce in 
i'l "at- .1 t 'lii'.i — up F 120.5 oil the 

IMI'V 

The ,-'»rl> i.-1l w.o eilt nur.i^eu 
h, jicw-s lb*! Mex'.en Ira,* rr 
ilmvrl 1:. lii'.i'.inniii n i«'v.' 
<:i,li..iiiii;. iI.mKts a-sumert. 
M-nit- .-.v.-Tni"-- 10 *»■»!. But tl ,p 

“■li-Mcan Oort la’cr 

..nii.uiuceil II1.1t :t sU-pciuii'J 
lA'-i-rt re: Mral :•<«*. 

■fhss new*- wa> Sinkvii with re- 
ports ->f plans ‘CiUsinsu ■* 
io.irl.ei nltdfaw.il by >cui>. a 
Vatin American pieilueerN be- 
cause nf 1111 tv imitt-T.it 1 vc prices. 

The huii' decline nt world 
sugar price*, tin.* hailed this week 
after Ihe I.-n-l.-n daily price had 
f.itieu li- J' l 'l — its lowest n'Vei 
far nearly *-»x tear." 

Di aler* said I hat the fall, 
which the' .iiirihuli'il l.' concern 
o*.cr i-stvv*»«* appeared 

III li.i\i* Ik-'.ii overdone. 

Tin* aiiin'iiTivetuenl of .1 spate 
of i.nj .it; teinler.-s tiu’r the next 
f,.\. ia',->' 1.- eiti'cv.inirt'd a steadier 
•■■no w lileli ltlle.l I he 1-DP M 
iSS .1 ; I -line, lip it) a i'U the week. 

Tlie Ki:»: ri'iunits-Miin resumed 
;‘s weekly i*\|n»ll lenders on 
WcilnesU iy w ith the uulhorisj- 
,'W! •'» sales p'laibny ”1.25ti 
tiiiiui"- »• f white sugar with a 
export rebate of 
■Jij'idj mills of accnun: per 100 

Tin'- system of subsidised 
exports clime under fire front 
the U.S. this week *vlirn a tU-M 
cents a pound eoUiiMrvailinq 



nr tun apr r.w jum jui 


duty on EEC imports was 
imposed. The U.S. is a very 
minor outlet fur EEC sugar, 
however, and the move has 
caused Jillle rnnrern. 

tiorna futures prices moved 
sharp! t limber yesterday after- 
noon. with Die September 
position breaking through the 
140 permissible limn at one 

Scpiember cuccm cinnoed lo 
fl.TRO .t tonne before profit- 
lakme trimmed this to £1.774.5 
at tile close— UP £31 on the day 
and £24 on the week. 

Dealers saw the rise as a 
reaction against the six-day fall 
which began late la^t week and 
wiped more than £40 off the 
September price. Fundamental 
news was conspicuous by its 
absence and it took only modest 
pre-weekend buying yesterday to 
reverse the trend. 

Copper prices rose steadily on 
the London Metal Exchange 


during the week. Cash wirebars 
closed at £723.5 a tonne last 
night — £19.5 up an a week ago 

The rise was attributed mainly 
lo buying interest generated by 
tbe fall in the value of the U.S 
dollar, especially from Japan 
The market was also encouraged 
by a general increase in U.S 
domestic prices 

It whs reported from New 
York thai Anaconda is to follow 
Kcnnccoll’s example and switch 
to New York “free” market 
quotations as the basis for its 
prices instead of using tbe pro- 
ducer" price system. 

Meanwhile the U.S. Inter- 
national Trade Commission con 
firmed that it would take a vote 
oq August 3 to decide whether 
or not to back producers' claims 
for a curb on imports of copper 
into the U.S. 

LME warehouse stocks are 
expected to decline again. There 
are hopes though, that some of 
the Zambian copper held up by 
congestion at the port of Dar es 
Salaam will be cleared soon. 

Delays on the Tazara railway 
which carries copper from 
Zambia to Dar-es-Salaam, still 
continue however. 

Fears of a squeeze on tin 
supplies reaching LME ware- 
houses in Europe durin_ 
August, because of shipping 
delays, boosted the cash tin 
price, which last night dosed 
£100 up at £6.525 a tonne. 

However, the U.S. Bill to 
authorise stockpile tin releases 
made further progress in Con- 
gress this week and after being 
endorsed by the rules commit- 
tee is due to be considered on 
the floor of the Senate on Wed- 
nesday. 


WEEKLY PRICE CHANGES 


W!k 

HUi t- 


. taunt * '*•),«£ 

I nut-. I'lTgr Ywr 

tier touriv ■ *n 1 mx» 

uuhra ‘r.pct : I alga lain- 

• ntvtfil I ■' 


Mrtxls 

Ai.. ,1^, ■ ■ • 

Kur '-I.. I • .1.1... 
Aiiiiiii.hi, 

Fm- .ln.»« I . '.M- }.' 
■Cotinrr 

Lull Win- llir* .... 

3 iL.in n.i m- 

I a,l. ■ Mllnvu.a ...... 

.1 in. 'ill li I* 

<li-M 1 <-l 

Um.i l h'Ii j 

/ ■■<-■»( Im ; 

X|. tv! 

t'nv llailvti-.i « 'h- 
t a »l:uuni in i iv. ■ 
Vi™ Unrfcrl 1-1 . i. 

.Wi|».i 

>■11 I'l l«T . . 

i n.-'iiL!i> iv 

Tiu ■ < ai>ii 

j iiii'iiUu 

WnKrmsr iSCjMIKV, 
iSini'iinli., 

A in. ini iia .. 

I’nalthiTt 

6rah» . 

korirv KKC 

lUmiai Knintn 

Malir 

i'tT-oi ii Si'JVWk*, 
i tiinmar 




1 ■ 


I 



i Wlie-AC __ 

l \... I Kisl sjiruip.. £32 
,\ui. Hui.l 

■ W liner .. : — 

K,i-. ihllitisi>i,‘ w mi* £S1J> 
Spices 

IVi'ivi. n lulc.k . 

Illlk-k 

(Oils , 

>ltSr.l*i- , L .rn'Olitll IwUl* 1 w 

* tel ... xjir.J? 1 1 . i.miuinul 5*t 

ilSV.-S- 1 jii»*T.l. L n»lv 

Ini 11 , AUIn>all . 


I": il . £'vU 
-!... • ' 
d. n.f.i 
^.-.-11. a 

JT.TL.S 


+ OJAn ££0^6 



JC6.0B) 

S3.600 

SJ.650 

SFJO 

£S«i 

SaM. 


-2.Wil 

;-2.biw! 

'— aci.u. 
10 . 0 ' 
—8.1' , 
_2A.'V 


Seeds 

l .•]>sa>*l a l*iljr k i-at | 


^3Su 


— 13.0 
— £.0 ■ 


C4.CSO 

S2..AO 

5£^S> 

St 2b 
IZ-eC 


*■:!* 


£&!.& ■ .JTCi.5 

£103 . £35 

ca.SUi 
S 5vSOO Jtasr) 
Si.ttw St.eiu 


SrSL5 
S tTi 

■5*3S 


£At5 

SW0 


S51i 


<*T2.± 

Xssi 


£1^40 


Other 

Commodities 
I .'■lllMHU-Ut'... 

I“(- L'n»l |n-ii AKO 

Lourpt'HtnreSMI*.- ■' r “S 9 i 

v.«.silu.lc» -os&j 

Ilex L'.-^'iUUI £*00 1 —■ , 

jni,-U.tPW tai’ie *-"* 1 a j+tiD 1 

llnl.lt-r Lihi — 

I’tn' t 

>ivnl X.«. .■ L——.... 

Sllpai 1 i.Uewt 

ln|0,Ka N". I--..-. 

Tfi« '•|I»IU.V1 Hlw..., -. 

(iiiBiUl Uhl TDy 

Ilinllt-IIH P-» WjtpJ Solp *»IHl 



, + 9.0 ! 

tiw.u i 
,+13X0, 


•YHW I 

j+d.7o 1 



C2.l«i ■ liljll 
Xl.!L2.i£j.w2 

V2.ViM .« ifcl.w. 

1 £7 LO : L-Jjj 

■ MW ; 

■ £190 , £17} 

| £114 I 121 

| filED J £!72 

, IP.-P | 127]i 
; 9Sp ! 70p 
l2HXLil.. t . l S*7plrtio 


jomwuied. -HBinliat. 


MARKET REPORTS 


Maize: U.S./ French. JulT n03. Ana. 
£99.96. Sept, £100.00. transhlpmeiit Ebbt 
C oast seUcrs. StHnh Atricta White. ABE- 
Xfi9, Li verBooL* Glasgow. South African 


SILVER. 

Silver was fixed «.»p an ounce bhiher 

tor spot delivery in Ihe London bullion -rv Vo' Uvemool' Glasgow. 

Dice M CT li C nurt.i-1 yesterday a: 1 U.5. cem ;. 

IrtxL 1 /VLj i-noivafetits ol the Bxms lewis wn> spot HGCA-Ei-farm spot prices for Job » 

COPPER— Little Chansed 00 balder, f**- ® JSf' art »-in. 

ahboiuh ihe price opened strongly on the o? Th e incial UK “on«t“rir UHffiftcicni for 

Loudon Metal Exchange (ollow:ng .New _ W6^._jip ll -c. Thv uncial wH , dc . crcaSt . , 0 1.31.1. On 


WOOL FUTURES 

LONDON— Doff and feaiardess. Bache 
reported. 

(Pence per Ifilol 


for Monday 

laiuuuu .lu-di uviui«v laiiuw-ns .un» •- _ . __ win raiair *u i.i— '. *-‘n Tuesday. 

York 0remi2.lt. Japanese buying took fff. August 1. ■! will (all 10 tJMi 

forward f mm £731 W 024. but . wWl coid “ , " osc Jt 292 * 3 “ p EEC DAILY IMPORT LEVIES and 

profll-iafcinf; and sellins caused by o6 * sl '• premiums eflecUtre today In order current 

currency moveaicnts led to a dose on , • 

the Kerb of £744.5. Xci gain on tbe tjll.VKJC 1 3utiU>n + nrj L-M.b. 1-f- or 
week was £79.75. Turnover: 16.375 (>cr 1 Jixinp ( — • clore | — 

looms. rmv or. I pririnj; 1 I i 


COrPEK ’ 

o.ui. + «r 
Uiortal — • 

p.m. 

L'xk>i&:«r) 

T+or 

■Wlrobars 

la-h. ... 

£ £ . 

727.5-8 *1.25 

£ 

723-4 

, £ 

+ -7b 

a monilis. 

748-. 5 -.5 

744.5 


■*uttrtn*iiT 

728 t1 

— 


Cataodes- 
L*»J 

725.5 T 1.5 

718.5 20 

+ 1.5 

5 luoilUi... 

744.5 -1 : 

740.6 

-Jb 

rwtrrsii'm 

723.5 * 1.5 

— 


I fmi . 

— 

63-66 



levy plus Auk.. ScpL and Oci. premiums 
iwiib previous In brackets! all In units 
of accounr per torrae. Common Wheal— 
9J.S2. 0.49. 0.49. ml (92.82. 0.33. 0 X1. nil): 
Durum Wheat— 13S.57. nil. nil. nil (saxuoi; 
Rvc— SO.ll. ml. nil, nil <92.45. oil. nil. 
'292.6? 1-6.9 291.95p +5.15 nils Barley— S9.60. ml. nil. nil i37.G2. 

- - nr# ; , 0 JJg,; DCIS-^OSO. Dll. Oil. Dll 

IS0.84. nil. oil. nil): Mata (other than 

hybrid for seeding) — 87.72, ml. ml. nil 

tsamci Millet— 7913. nil. nil. nil (same. 


AurtnilioD T 
(i teo-y WrtolJ 

(Nll'lj's-I- "T 
Llirt' ; — : 

Bii linear 
Ihinc 

Jull f 

22B.0-1B.0 

_ 

Ucl.n+r 

J0r.1l 41.0 : „... 

— 


!»S.d *6.U —1.0 



Moivli f 

2<3.*-47.D '*0.5 

— 

May l 

i*Z j 47.0 +0.5. 

— 


S months 300.1 v -7.0 299.3,. 
fiirinotli 1 ... 307.3,> 6.6’ — 


July L44.J-48.0 | — - 

Ucl"L«r b<.8.* t>2.0 ' — 

Pm-iiiwc ...p47.c-M.O —0.5 — 

Sales: Nil (same) Inis uf 1^00 kg. 
SYDNEY CREASY— » In order buyer, 
sel ler, bosltk-ss. sales). Micrcn Contract: 
OcL m.O. 345.5. umraded: D>;£. 

.«3.5. 353.0-353 0. 4: March Xw.5. -i9.u. 
'359.0-353.7. 5: blay .361.1. 3.1A. 3ol.V:*l.S 


LME— Turnover 15J »146) lots Of 10.000 “ml "nil “'ml im K. V.' July 367.0. 3«T.5. 367.a-y.7 0- 1U Oil. 

ouii'ts. Mamins' Thr-.i_ mombs 299 1. n£fVr 6 nT 3C9.5. 37h«. untraded; Dec. 372 0. 373 0 

99. 9. J00. 300.4, 390^:. -30U.3. 300.3. Kerb: ■ . . ' _ ' . u>heat or mixed wheat ttnlPatk.il. Tolftl 23 iOis. 

Thn-e month* arp m -OT 3. ».C Aflr-f. ALSO lor noun-. Wheat or mueoj^at ^ ZEALAND CROSSBREDS— Ther.. 

noon- Three months a». -. 300. ■»... M vu no D».ik«. Close' Her. 1S1 »nzA 

9 V 9.7. 9.6. 9.5. 9.S. 9.7. 9.«. 'J.-. 3.4. 9.3. H, - w ' March 184.MW.0. May ISa.i-ifiT.O. July 

Kerb: Thr«- monifis 2W.4. 03. 9.2. 9.3. DflRRFR 1S7.0-18S.O. Oct. l£9.>i9f.o, Dec. IS3.5 

Amalgamated Metal Tradins reported POfOA IU/DDLA m.u. salts. Kd u«' low. 

lhai ia ihe oiomins cash uirebars traded vv-v/n UNCHANGED opinion nn the London wn'rurrrrTt nt re 

ai £727.3. 26. three months £752, 51. 5#j. in active conditions, renewed consumer physical markd. Little ini crest thruuah- Mf-A I / V tublADLt!) 

50. 49. is. 43.3 4S. 49. 4SJ. 4;. Caihodc] demand kepi prices steady Lhroufihom the uui the day. closing on an easier noie 


cash £724. 232. three monihs £744j, 44. morninx until ttrst+jand si-lUng combined Lc« is and Peat reported a Malaysian gn- 


Kcrb: Uirebars three months £749. 48, ihe advance. GUI and DuBbs nported. 
47 j. 4S. 45i .VltemooD; Wirebars cash 
17*24. three months £745.3. 43. 44.3, 46. 

45. 44 j. Cathodes cash £720. three toaoiim 


Y«*teril»i' h 4- I Bilrint»i 
! OnK • • — ,' Dune 


d oicn price of 2334 
ibuyer. Anensri. 


i234> cents a kg 


COitlA 

C740J. Kerb: Wirebar, three months 

TIN — Easier in uncvcutrnl n-adinx. For- Jjjb' "si’m l/M u 2 o 

ward mclaJ was marked up initially in ij2j2n tol^:1 3o n S'S 

£3.476. but die sirensih of the poond con- ?2' D 'mS ifS'lUnn 

mbnied :o a fall to £6.450 before short- ' ■ r, h - '97 7x i?w!a.K a 

cover uig led ia a close on the Kerb of M*.' ,,r 2?'Z5 ■ if’! 


Xi,.l 'Yvt’n lay's-' Previouo 
‘ lli»v 1 LTimo 


Biihiiic-j. 

,l»ii<r 


T1X 


. 0.10. -{- tir |>.iiu "iHi>r 

OOkiol j. — • L'rn'IDii* | — 


hept 64.M--4.7D. 55.16 65.26' — 

tw.| &5.D0-55JW 56.90-58.b0; — 

1W ™ VM tki-lAx- 56.5D56.46i b6 9047. DSI 57.26-57.00 

UMpr^vlTfiain on the wcch was S2S.S. July 1710.0-15-0 -26.50 1710.0-05.0 Jmi-Mw-: 68.65 W.W -.9JJ>60.1U| 53.60 &B.55 

Turaotfer: l.CCfl tonnes. Slit iMU-TIIB 4.23-501703-0 A|u- Jm.-. MlSb-OUB 61.00-6 1.05, 61.45 WJ.S J 

Sales: 4.571 (I2H4) lots or 10 ronnes. J ly 62. 10-62.20, tZ.8tl t5.05, - 

I mem Usual Ctcu OrsanisaUen iU.S. 63.654S4JD 4JiH4.75t 64.66-£3 SO 

cents per pound/ — Daily price July 27: Jau-31nr 6b.56-66.BD m. 60-66-651 66 GM & 60 

14324 1 145213* Indicator prices July 28? Apr-Jne' 67.25-67.3ei .8.40 i8i0! b8.2J-b7.S5 

l.Vdar average 142.92 tl42.37K 22-day [ | 

average 142.77 (142.561. Sales: 2K <109) lois of 15 innnes and 

«• nit *sjme. «f 5 tonnes. 

mPPFP Physical closing prices (buyer*) were: 

Spot 33. 5 p |S4.8i: Sept. 56. Op <56.5i; 
An early Mlav-ihroush nse In Rebosus OcL SfiJp (37.0). 
war short-lived .-aud-. unde seUing lorccd cAViDraiU uril 
values lower in a puor volurm'. Drcxel M > 1 A fir* A IY JucAL 
Bumham reported, in tbe afternoon, the 

marfcut at first QatioaH in a £20 ranee Prices held sready throughout a very 

Horning: Standard cash £6.550. ihn-t: lis! KliS to ind n was qu,ct 10 8D j» 10 -°f a 

so K-rtv A>»niiarri ,hre- STJJi tteTkil TS’ tto! chart® hudwT. Reme r reported. 


£ • fi , £ 

6520 30 —30 

r IQ ' 6435-50 —20 




Hi g h Grade £ 

Om 6545-50 

i inoTlbs., 6455-75 
MltlMii't. 6550 
Standard ( 

fn-li... 6545-50 6520 30 —30 

immittis. 6450-5 -r 10 6420-30 —20 

eeisleni'r.. 6550 — 

S»*b«ikE._ ; r 1*700 :-*-2 . 

Y«ri. 571-3 


months £d.468. SO. Kerb: Standard three 
masibs £6.450. Afrzreooo: Standard three 


15 "0 *>!*• Ur ^ndsrrf and Commission HoUSC blVUI! lOITCd Ihe 

Kert ' s - amj3rd market higher • as New York proved 
rn^ tarr. . CJOSlUK . values KW J5 10 30 


;Yeiterrtn> + or ! UuMium 
Dow- ; — l Ihuitr 


LEAD — SfisrMfy tower, although for- 
rard tneul was imtially priced at £321- 
£223 In line with copper's firmness, lu- 
flut-adal seltios. profit-rakmg and hedge 
selling r onset a dcchnc to a trading 
range ol £315-1317 and a dose on the 
Kerb of £31 Gj. Net gala on tbe week 
was £4.5. Turnover: 5.025 tonnes. 

’ «.m. + or p.ra. .+ or 

l.SUl OOm ia: r»iCh.-»t - — 


fi 


Sctt'liit'ul -09-25 

r.s. Ma* .- — 


—2.75 


|T(«lcnhy'i 

COFFEE 1 + ,ir 

j£ iwv tonne; 

Bu9IDC?B 

Done 

July.. — ..... 
Scpt'iolier. 

M'lveml.ier 

JsJiLmry.™ 

Iliin4u..„... 

1877-1280 + 16.0 Ii283 .245 
18361277 +15.0 1870 ,210 
1 1 88-1133 + 26.5; i 195 1 140 
1158-1154 +3D.5. (155 1104 
1100 1105 *35.9:1105 1070 


1030-1050 + 10.0- 1053 1020 



'Ctm-jnnr 

AugnM 107.70- 1 D-D +0^6 107.00 

I.HJirr 11250-12.7 +0^01113.10 12 JO 

UlwiiiIw-. 113.60- 13.0 +0.40 113.60-12^0 
Kebnarr- .» 1 14 JHM&J + 0.40; 1 14.80 

April 116.00-17-0 +0.25 — 

1 16. 30-18. D I — 

116.60-18.0-0.50 — 

45 i95i (Ms of 100 tonnc-S. 


SUG4K 


il-AJ 


LONDON DAILY PRICE (raw sugar) 
Dei '£84 ' a tonne df for allotment. While 

sugar dally price was fixed at £98.99 

Sales- 8.41 B l50S3i IMS ol 5 inntles. i£9Sj0i. 

liore)ng:^3iS mfl. ni mnfirht ICO Indicator Prices' for Jute 27 iu S. eftarr buying and continued trade short- 

SCO. 18. 19.15. :s.5. 19. is.3. Kerb: three u-' n| * wr ppundi. Colombian Mild covering produced a steady market with 
months sr.is. 18.5. is. 17. 5. 17. I7j Afrer- Atvbteas (I68M1; unwastied sains of £L80-C.75 recorded before profii- 

TOoa- three tntmihs £316.75 i(i, is. jj.s. Arabteas IM.00 (same 1: oihv-r mild ukmg and week-end squaring ol positions 
15. 15.3. Kerb- three months £316. 18.5. Arabtcas LJ.M ' llBjtii: Robust a ICAf 1976 lowered prices, C. Czarnikov reported. 

Z1HC— SUghtiy lower ataTlonSbigrte «» Wthm* 

Pcrtormancc ot ii-acL After starong ar J*?*® T-B.75 H16.sOi. 

U21-S23. the prim.- drifted to close on the ARABICAS were ail ucquou-d. mih no 
Kerb a: £3ii. Xer gam on rhe week was salL ' s 

£4. 5. Tarsovcr . 2.650 Mtmes. ' ' 

a.31. +v* pTm. f+ur GRALNS 

ZLVC OTJc.1 -Wtf- LONDON FUTWes rc AFT A. -the Aug..., 





Pn+. 'Yenterdav s 

PrevinuH 

Hininp^ 

Comm. ; C'lu-« 
Conn. ,- 

Close 

Dune 


£ per tonne 

, — 1 i4.SU-44.86 

. markL-t opened unchanged on wheal and Uvi ; c7.JO-- 7.26, t6.36-cS.40 

C-.I. ann o '_j ' sm s.a -_i barley. Buying support was seen at lteu..... : oB-25 9.60, 87.40 67.46 

-v», 3 “ 5 h 2 ^ » 

pTm-Urii v; j 29.31 | turned » aloe a eaSo- u, dose 20-350 lower Aujt 


MEAT COMMISSION— Aver as.* faismcl; 
prices at niprt sent alive marki-is. July 29 
CB — Calllc 69-200 PIT hg l.w. 1 - 1 E7 1 
UK— Shop 134-Kp per I'ii est.d.C.w 

1-4.31, CB — Piss per kg.l.u*. < -> 

England and Wales— Caille numhi-rs up 
4.5 per cent, average pnee 6 e .7.‘p ■ -l.W 
Sheep down 27.6 per cent. J'tS.ln «-4... 
Pigs up 4.6 w cen:. averagi* 62.6p 
1+a.Si. ScMland— Caitle up n; p-.-r wdi 
71.4sp 1— nrtSi; Sheep down 6'1 1 per cent 
12iJ Ip I-1U.7I. 

CO VENT CARDEN ipncc^ 111 G irling 
per package unless staled ‘—Imported 
produce: Oranges— 5. .African: Valencia 
Lale 4.00-5.16; Brazilian: Pera- 4.50-5 DO 
Calllpruian: B.D0-6.5Q. Lemons — liaiian 
100.- 120's new crop 450-4.80: Snania: Tray.> 

2.00- 2.20, large txiie*- 4 9n-5.5G'. S. African 

L2 0-5.80 Grapefruit — S. African: 27-72 

3.40-450: Jaffa: 40'S 4.40. Appl 

French; Golden Delicious 20-lb M's 4.00- 
4 .SO, 72’s 4 90: W. Ausiraban: Granny 
Smith 8fiD-S.OO; Tasmanian: Siurmer 
Pippins 9^0-9.70, Democraif. 11.00. S 
African: Granny Smuh fi.38-b.40. Golden 
Dell onus 9 .60-9. SO: Chilean: Granny Sm:ih 

7.00- 7.30: Now Zealand: Siurmer Pippin 
163 9j0. 175 9.90. Demnerats into. Hcd 
Di-ugherty 11.00. Granny Smith S sp-O.i*: 
Kalian- Rurae Beauty per p^nnd 0.2n. 
Golden DeHcmp him. IB. Pears— Vie- 
iniian: 40-lb Whiter Nolls 850: per i«*nnd 
Krenph: Dr. Guy 01 SMb box 3.30-3 SO; 
Spanish: Umonera 22 m 2.W. Peaches— 
Italian: H trays 1-90-2.S8: French: l.4(i- 
1*0 Grapes— Per pr,und Cyprus: Car 
dinal 0 20. Sultana 0.2?-' -0.25. Thnmp'inn 
Seedless per pound 0.39: Spanish: Car 
dinal 3.20. 

English produce: Potatoes — Per 5*-lb 
O.W-1.20. Lettuce— Per II 0.70. Cns 0 9u 
Webbs 9S0. Rhubarh— Per piiund. nui 
drwr 0.06. Cucumbers— Per trav 12/14's 
0.80-1.00. Mushrooms— Per pound 0.40- 
0.56. Apples— Per pntmd Braml-V- 010- 
0.20. Grenadier 0 10-n.lS. Tomatoes — Per 
13- lb English 2.10-2 JO. Cahbaies— P- 
rrale 1.00-2X0. Celery— Per 17 IS'R 1*0- 
2.00. Strawberries— Per Lpaund 0 30-0.1.' 
Cauliflowers Per II Unrtiln 1 60-1. 80 
Bread Beans— Per pound 0.00-0.10. Runner 
Beans— Per pound B 53 -ojS. Peas — Per 
pound 0.06-0. 1 1. Cherries— Per pnund 

Black 0 40. white 0-20-0.30. Gooseberries 
—Per pound 023. Levellers 0 25-0 33 
Beetroot— Per ?S-lb t.oo Carrots — Per 
29-lb 050-1.20 Capsicums— Per pnund 

0 IM.IS. Courpetas— Per pound 9 18 
Blade 'Red Currants— Per pnund 0.30 
Onions— Per bag 2 00-2.28. 


Mo reins: three mouth* £319. 182. Kerb: rep orted 
tbr-.v months 318-5- Alteruenn: three uu c 4 t 

months C17J». IS «-*- — 

fJl>. is j. 

Cents per pnuna. t On 
•■ni'.-ui close. : 553 per picsL 


an wheat and 3&-4So lower on barley. Adi o>-z 

Sales 1 


4 b0 4.10 
9B.te- 6.60 
•8.86 It 0.00 
1u9.4il 05.r0 


82.10 92J20 
9426-94.46 
7J0W.66 
1002 100.76 


06.60 84.60 
t7.40 06.00 

19.60 07.80 
64.76 96.26 
97.26 4.76 

1002J-9^0 
184.80-85 68 


3.435 (3233) lots ot SB tonnes. 


Kerb: three months 
previous 


COTTON 


BARLEY Tale and Lyle ex-refinery once for 
granulated basis while sugar was £204.85 


V...T ■ rrlw T-’n' ■ „ . „ Krurauioi onsia wane suaax was titW.SJ 

xi-nrL t ^ P 1 + iwairi a tonne for home trade and 

hlnlli do ne I — el«* | — 045.00 IE144-00. for export. 

1-0.40 e 
p-OAO 6 
— OJS , 

— O.50 


(30.75 

07.20 

BOJ)5 

98.00 

9S.46 


'0-60: 

r-oM 

~uM 

~OM 

-fka, 


79.10 

ol.BO 
b4.65 
B». 20 

89.75 


r~-" - lotcronUoual Sugar Agree mem (U.S. 
/ — S‘22 MU Per Mpnd fob and slowed Carib- 
bean pom. prices for July 37 Dally 0 27 
fi.osi: 15-day average 8.33 (023). 

Hons Kuos— sugar nirares. Prices 
— wen.- aboui iBdimrjiied dun dr [he wtwh. 


Nur. 

Jan. 

COTTON— UvctposL No spot 07 Ship- 5lar. 

nu.n sales were recunled. leaving the Ma y 

loial fur the ««* al tonnes, against ~Hn»lnwr done— WhomT Scpi. S4.TO-S4 P5, after recovering from new "tow*” carlk-r 
594 tonnes. Deabngs were again slow tt m . S7.40-S7.S3. Jan. 9X20-90.05, March on. Yesterday's dosing nrtces won.- 

fra auk iXerca was shown m obt a ining May 9£65«Lti. Sales: S3 icems per pound): Sbpl 6.U-6.44. Oct. 

fcrJ 5 r _ 6a * ,ll «- F - W. TattersaD kxs. Bar tears Sept- Mja.a.10. Nov. 82.10- C.5M.52. Jan. 6.85-B.7S. March 7.0I-7.BJ. 

MP«i-.*d. Spinners generally avoided SUM. Jan. fiLfififices. March 87.«-87"0. May 7. 13-7.15. July 721-7.34. Wwh'o 

OLSh-MBTO tgrBW. US (8M. - hlgWOw: Oft. &9B4-87. March 7.U4JH. 

HOHG KONG— Cnnoo futares. PHcHI IMPORTED— Whose CWRS No. L 13} Joiv fi.994i.9o. Tnrnovcr: 54 141 1 Ion. 
were wdl maiEtained over the week, per cent July-Adg. £82. Tilbory: U^. EEC IMPORT LEVIES effective today 
CUr^ng prices yesterday were (cents Dark Northern Spring No. 2. 14 per cent, lor denatured and non-dona rured sugar. 

per Pausdi: Osl ancaoied. Dec. 57.13- Attg. £78^5. Sept. E7fi.75. Otf. 08.25.- Iran- In units- of iccoum ' per 100 leg WbHas 

57J5. natmoied. May unquoted, s hip ment Bust Coast sellers. U.S. Hard 27.88 (26213 1: Rum 53 JO isamei.- 

July uaaua'^d. Week's MshJow: Dae. Winter onJtnajj. Auymffgn. Argemhie. Tbo rare for raws In hoib is for 

3IJK5.15, Tarnovcr: 73 (189) loo. Soviet and SEC (trades unquoted. sugar basis 82 per cent. 


FINANCIAL TIMES 

Julv IS 1 July 27|Unnlh aa«ij T»r rsu 


-46.98: -*.-,6.43 ; g»3 .Z7 ! -45.16 
•Base: Jute 1. 1662=100) 

REUTER’S 

Jnh ?8~Jnly 27[Mnnth aaio 


7 Mnnth m>oj 

si 147 i.s r 


1484.0 1485.3! 147 1.2 >1526.7 
(Base: September is. 1831 =100 > 

DOW JONES 

JulT i July - I’ilomhi Y«r 

27 B»l> 82" 


Dow " 
Jonte 


V8 


“•POl — 1361 36 a 6 2. 60. 04-367. 96 

Futares|34S.4S*3 ;7.8g- 48^9 :45.65 
fAverave 1974.2326=100) 

MOODY’S 


hlucdy'H 


July July jllanthiY-ear 
I® 27 j «co [«■_"! 


a pie Gommtyi Blfi 9 1916.51 9 IS J5 iM.4 
PDecambcr 31. 1831= 1D0> 


Copper falls 
-precious 
metals up 

NEW YORK. July 3. 
PRECIOUS METALS remained steady 
r*n Commissnm House buying ' following 
Ihe rise nf 0J» per reni In the com-umer 
price index. Copper ca-jed lu mixed seQ- 
nu nn report* lhai a siuchpilc BUI would 
~'i before tlu.- Senate «n August 1. Coffee 
lim h'd limii-up on trade buying, follow- 
ing hiis'tiesh and lack uf selling by 
producer*. 

Cocoa— Sept. 190 99 <117.25', Due. 140.10 
■ ItlJli, March 142.35 May 139^5. July 
MT.sfl Sept. 1H5.50. Doc. 134*0. Sales: 
1.4* 'nu. 

Coflee— ■■ C ” Contract: Sent. 124.25- 
l-'J.Vr '1214V'. Dec. llfiOO bid MIC. Mi. 
March '11.73. May !0p fio. July 10R37 bid. 
S'-p". 107.05, Doc. IQbdO nnm. Seles: TOO 
lot 

Copper— A uk. ‘12.73 i(i3.3S.. SepL 03.35 
"Bfisi. Oct iKl.Vio. Due. t-V-'O, Jan. 65.S0. 
March ftflfl. .liar *>T.fl3. .fuli fiO.M, Sppi. 
70.uo. Dec. 1 1.5.1, Jan 72.10, March 73.13, 
11 ay 74 19. sa !,*•«: fi.Ouu lets-. 

Cotton— N" 2: Ol. fil.Kn-fil.TO <59 80). 
Dec fi.7 3A-tS.50 1. .March da JO. May 

W,. 19-dr. 24. July NT un-tv in. net. 64. SO. Dec. 
bSMt Sales: r.nsu bale*. 

'Gold — Ana. 2iUi.fin I]!«JD>. Sept. 202.00 
*1W.SA|. Oci. 20.'(.7ll, Dl«c, -J06M. Keh. 
210.20. April 313 50. June 210.90. Aug. 
220.30. Oct. 223 SU. Due. 227.30. Fob. 230.60, 
April 234. 30. June 237.S0. Sales: 20,000 
Inis. 

tLord — Chicago Imw 22.30 'same'. 
NY prime si earn 24.00 traded isaues 

tMaln— Sept. 2'. , S-2r7j' <3281 1. Dec. 23-! S- 
23t: 12341'. March 243:.243’. May 24Si. 
July 250! . Sept. 2511 Wd. 

IPIalhmm - O ct. 264.00 ' 303.601, Jan. 

5-9 00-20.40 t2fiS.00i. April 272^0.274.00. 
July 278. Dl. Oct. 'JFJ.90-lfi3.10. Jan. 25w.60- 
-•S7JS0. Sales: 2.1B9 Ills. 

'Silver— Ann. 55»: 10 '552.801, Sept. 560 BO 
,557.30i. Oct. 544.711. Dec. 373.00, Jan. 
577.10. March 5S5.U0. May 504.30. July 
R03 3n. Sept. W12.30. Dec. 626J0, Jan. 
630.91}. March 040.40. May 649.90. Sales: 
24.nno lots. Handv and Harman spot 
L'llUion 561 .00 '544.501. 

Soyabeans— Aup . 636-637 'E32D. Sept. 
6211-622 '6174'. Nov filO-009, Jan. 6181-617, 
March 624. Mai 62S. July 620. Aug. 62S. 

PSuyahean Meal — Aug. 165^0-104.80 
• IG3.M i. Sept. 164.6D-1M.50 <163.101. Oct. 
113.58. Dec. 163.50-163.30, Jan. I64.0D-784.4fl, 
March 167. 50-167.00. May 168.00- 167.70, July 
■69.00-169.50. 

Soyabean Oil — :\uc. 11.00-24.00 123.971, 
Sept. 73.39-23. 411 iJ3.37i. Oct. 'J3.Sq-22.0n. 
Dec. 22 29-22.20. Jan 22.25, March 22.30. 
May 2229-222:5-22.30. July 22J!5. Aus. 
22.30-22.5. 

Sosrar— No. 11: Supl. 6.74-6.50 «6,32i. 
On. H.S5+L9J 1 6.4ii. Jan. 6.73-6.97. March 
72S-6.D), May 7.42-7.49. July 7.S9, SepL 
7.S0. Oci. 7.93. Sales: S2J25 lntA. 

Tin — 566 576 noni (563-973 nom.i. 

M Wheat— Sept. 31G-T13* i3l5i Dec. 
3)6-115* I3irii. March 3151-315, May 313, 
July 303. 

WINNIPEG. July 2S. tt Rye— July MJ» 
nnm. '94.20., Oct. 95.90 bid <94^aj, Nov. 
95.50 nom.. Dee. 04.50. May 88.00. 

tlDats— July I0.S0 bid (69.00 btdl. OcL 
70 90 bid •69.W-7C.00i. Dec. 70.70 asked. 
March 70.50 asked. May 70210 asked. 

tSBartoy— Jule 72.30 bid (7I.40i. OcL 
72.70 bid (712:0-71 JU ■. Dec. 7TL2D hid 
March 72.90, May 7330 bid. 

KFtaxae g d July 233.39 bid (22S.80 bldi 
Oci. 234.90 12302(0 bill i. Nnv. 234.00 bid 
Dec. 233.00 asfeed. May 240.50 aM 
VTWhaat-RClYRS 13.3 per ceui oroiela 
content ell St. Lawrence 101.8* 1 161.57) B 
AH coins Per pound ex-warehntue 
unless otherwise staled, -is beTtiSI 
poee —: 100 ounce lots, t Chicaa» loose 
9s per too Ibs^-DepL of ABl 

, da '- f j3“«? steam fob. Mv buL 
lank cars, t Cents pur EG lb bushel 
warebMiw. s.0« boshaf tats, s sT »r 
troy trance for 50 oz tmlt H „# Lj 

5 Sf SSSUS- ,V£“» 

38s B-fc \ ££.&■<& 

ft C«1B nor 24 lb busST^i- cSm® 0 " 5 - 
« ft bushel ex-waxtS' Der - 



V 




M 





plans £24m 
expansion 


BY JOHN LLOYD 

MXXL.ABD. Ihe subsidiary of 
tbc Dutch company Philips and 
the UK's only surviving colour 

television tubes manufacturer, 
Ik to invest £24m over the next 
three vears, mainly in the pro- 
duction of 20-in and 22-in 
colour tubes. 

The Government Is to 
provide a £4.am grant for the 
investment under Section 7 of 
the Industry Act, 1972- 

Anuouncing this yesterday, 
Mr. Alan Williams, a Depart- 
ment of Industry Minister, said 
the Government was pledged 
to lieip TV set makers Increase 
their n*-e of t : K made 22-in 
lubes from about 50 per rent 
at present to 75 per cent by 
1980. 

The bulk of the investment 
— £ 12.1m— wiii he at Mallard's 
Simons tone. Lancashire, plant, 
where a production line will 
he set up to manufacture 20-in 
90-degree tubes for the Erst 
time. 

A further £7.Sm will he 
spent at the company’s 
Durham plant on modernising 
the 22-in manufacluriug 
facilities. 

At Washington. Tyne and 
Wear, where components Tor 
the neck of the lube are made, 
some I2.4m will be invested. 


and £900,000 will be spent at 
Crosscns, Lancashire, where 
the magnetic components are 

made. 

The investment in the 
22-inch and 20- Inch lubes is 
designed to meet what is seen 
to be a growing demand in 
Europe for tnhe sizes below 
26 Inches. 

It Is also designed to bring 
Mullard's share of the UK 
colour tube market up to the 
75 per cent target set by 
Government. 

No new jobs are expected 
from the investment. Mullard 
employs 4.000 people, and the 
company said that the invest- 
ment — to be known as Project 
Vanguard — will increase their 
job security. 

Mr. Williams said yesterday 
that the Government supported 
Radio Council last year to 
increase the use of British- 
made components on British- 
made sets. 

The initiative was taken at a 
time when Hitachi, the 
Japanese TV and electronics 
company, was attempting to 
begin colour TV production in 
Ihe UK. The plan foundered 
on concerted opposition from 
British trade unions and TV 
companies, including Mullard. 


APPOINTMENTS 


change 



Mr. John Maybcw-Sandors has 
been made chairman of JOHN 
BROWN AND CO in addition to 
his position as chief executive. 
Lord Abcrconway has retired 
from the chairmanship but 
remains on the Board and 
becomes the company’s Erst 
president. Sir Eric Mensfnrtb has 
relinquished the deputy chairman- 
ship and continues as a director. 

★ 

Mr. G. V. iUaund. marketing 
director. ROCK WARE GLASS, 
has been appointed personnel 
director. 7.1r. R. MacDonald 
Bailey, operations director. Rock- 
ware.’ Wheatley, has become 
marketing director in succession 
tn Mr. Mound. Both appointments 
take effect from October 1. 

★ 

Mr. Bryan Jefferson, uf 
Jefferson Sheard and Partners, 

has been elected senior vice- 
president of die ROYAL 

INSTITUTE OF BRITISH ARCHI- 
TECTS. Mr. Gordon Graham 

continues as. president for the 
197S-79 session. 

* 

Mr. Rod Rufus, airport manager 
for Coventry District Council, has 
been appointed to the post of 
director of the LIVERPOOL 
MUNICIPAL AIRPORT at a 
commencing salary of £11.200. 

* 

.ALFRED HERBERT has 
appointed Mr. P. L. Chapman 
finance director. He succeeds 
Mr. D. ill. Davies, recently- 
appointed managing director of 
the machine too] division. 

★ 

Mr. R. Atkinson, chairman of 
Aurora Holdings, has taken over 
the chairmanship of SAMUEL 
OSBfiRX AND CO. and its sub- 
sidiaries following the acquisition 
b; Aurora. 

■k 

Mr. Lawson Tolley has been 
appointed managing director of 
PAKAMAC which now becomes 
the leisure wear company of 
Clares Holdings within the Black 
and Edzingion Group. Mr. 


W/E JiaaHy IS 


UK Top 20 (viewers ml 
X. The Incredible Hulk (ITV1 .... 13.2U 

2. London N<yh; Out (Thames) ... . LL7D 

3. That's Life (BSC) ... U.fij 

d. Crossroads (Thut-s.) (ATV) Il* 10 

S. Life Begins at Forty (Yorks.) ... 11.73 
b. Coronation Sircct (Wed.) (Cron.) 11.113 
7. The Salzburg Connection (ITV) ... 11.60 
9. Crossroads (Wed) (ATV) Jl.M 

E. Crossroads (Fn.) (ATV) . . ll.Irt 

20. Coronation Sirect (Mon.) (Cran.) 11.10 
10. Leave i: to Charlie (Cran.) .. 11. 10 

10. The Krypton Factor (Cran.) II ID 

U Crossroads (Tups.) CATV) 11.60 

15. Night Chase (BSC) in 93 

15. Cabaret Showtime (BSC) HI SO 

25. Don't Ask Me (Yorks.) 10.23 

17. Seaside Special (BSC) . ... 10 Jn 

18. You're Only Young Twice (Yorks.) lv.lQj 

19. Survival (Anglia) . 10.0.7 

20. Spearhead (Southern) 9 To 

Henr.-s unmpll.-d hr Audits of Gr-.it 

Brii jin |nr itu .lam; lndiisiri.il Committee 
I«r Tv U-Um<>:* AdivrilsirtK Research 
iJICTAK*. 

U.S. Tap Ten (Net Ison ratings) 

1. One Day at a Time (comedy) CBS 2.7 2 

2. Mash (comedy) CBS 22.7 

3. All In the Family (comedy) CBS 22 2 

5. Lou Grant (drama) CBS 21.4 

5. Switch (drama) CBS 2n.n 

b. Quincy (drama) NBC iy 6 

7. Three's Company (comedy) ABC ISO 
S. Starsky and Hutch (drama) ACC l.< 2 
A. CBS Tuesday Movies (film) 1* n 

10. Rockford Files (drama) N8C . . IT.b 
,\ Nvtlsvn m!jn~ is noi a itumv-ncal 

total. 


Michael Smith has been made 
commercial director of member 
company Clares Carlton. Mr. 
Michael Head has joined Clares 
Carlton ns general sales manager 
from Kleber Tyres. 

★ 

Mr. R. F. Earl has been elected 
deputv vice-president of the 
NATIONAL TYRE DISTRIBU- 
TORS’ ASSOCIATION. He is 
managing director of the Central 
Tyre Company, based at Dun- 
stable. 

+ 

Mr. John B. Price and Mr. David 
T. Hulse have been appointed 
directors of LEIGH AND SLLLA- 
VAN. 

* 

Mr. Lionel P. Altman has been 
re-elected a director of EMBAY 
and has been made managing 
director. 

* 

Mr. Frank Newman has been 
appointed honorary chairman of 
the BRITISH WOODWORKING 
FEDERATION WINDOWS SEC- 
TION. He is managing and works 
director of Magnet Northern. 

+ 

Mr. Shuart Wilson has been 
appointed head brewer and a 
director of LORIMER’S 
BREWERIES. 

Mr. Hugh R. Snyder has been 
elected president, chief executive 
officer and a director of BRINCO 
from October 1. Mr. Graeme A. 
Elliot recently elected president 
and chief executive officer to serve 
on an interim basis, will continue 
in that position until the beginning 
of October. 

* 

Sir Alex Alexander, chairman 
of Imperial Foods and director of 
Imperial Group. wiU join the board 
of MARCHWTEL on August 1 as 
a non-executivc director. 

*■ 

Mr. Mark Radcliffe has been 
made managing director of T1 
METSEC following the appoint- 
ment of Mr. John C Johnson to 
the position of TI engineering 
divisions directors of supplies. 

* 

Mr. Michael I. Cole has been 
annninri'd sales director of EN- 
VTRfiNMENTAL EMISSION CON- 
TROL. 

* 

Mr. Geoffrey Cnttriss has been 
appointed contracts director and 
Mr. Peler Ryder, sales manager, 
of PERCY LANE (ARCHITEC- 
TURAL) a subsidiary of Percy 
Lane Group. 


SINGAPORE STOCK EXCHANGE 


July 3? I S 


Industrials 

Bt.vl-— 

Umi-irtiil 

H.HiM>4uU)tiil, 

Uimi'Hi ! 

lix-i • 

I'm -er Ninvi-j 

I law Ihir i 

Hiunv In- 1 — ] 

I rii-lli-M |m* ! 

21 Him Hn-».i 
Mjtln.v LVmt 4 
Mil. b\- -»uu:l 

lU'-l.'lllll.ltk' 

l’*n Kieviru'j 

li.,1 iin—iui.V.j 

Koiliiimii , 

I 

■miiic Unrhiv 

*. ■■!■' —i nnu;i‘ 
mnm-otiJitnij 
limiil 
i|M7=) Li. I | 


0.68 

IAS 

L.co 

H.JO 

3.S4 

&5S 

1. F3 
IA2 
2.0 
S.I5 
a.^ 

2. c2 
••.33 

I. -vj 
LJ 6 
-.?0 
L'.TS 
5.22 
-5i 

J. 4S 

e.75 


July 29 


|9imilsTml’i; 
Tillius. Pllb. 
t _ Burlia'i! 
]l". Kitcuii-rre. 

H-. OVs Kk... 

iW'mrnp? 

iTnu.-tura 

I'- Uuinii’Rl .... 

Will ill Jacks. | 


[Eubbers 
) Unlai Ijint/in- 
|Uunl|> K-tiiti;! 
Kumpaa 


Tina 
An-rml. Am. | 
Kw/iinim.. 
K«m|atr.... 
Kll.-l.HI 

fowet Purnk-1 
tVuiliiu> Tin. 
•Wfawnfl.'l'.. 
Tnn^tuiiHar 


9.63 

5.12 

1*7 

$.53 

A.£B 

4.50 

1-57 

!.03 

4.42 

5.92 


5.75 

-.80 

i5.2S 


8.52 

L-.1T 

t2.» 


Borrowing from major commercial banks 
by entities in selected countries. 


END-1977 Sbn 
Borrowing of which 

maturing 1978 


Entities in: 
Brazil 
Chile 
Cuba 

Korea (S.) 
Mexico 
Peru 
Poland 
Portugal 
5. Africa 
Spain 
Sudan 
Turkey 
USSR 


Sbn % of total 


25.0 

1.6 

1.6 

S3 

20.3 

3.4 

83 

1.7 

8.6 

11.5 

0.7 

3.2 

11.7 


7.9 
IJ) 
l.J 

2.9 

8.3 

1.6 

3.3 
1 3 
4J5 
4.7 
0.4 
2J5 
65 


31S 

60.7 

65.9 

55.0 

41.0 

47.7 

37.9 

69.9 
519 
40-8 

57.9 

79.0 
55.2 


Unused 

credit 

facilities 


5.2 

0.9 

0.1 

2.4 

2.9 
0JS 
3.1 
0.7 
2.6 

1.9 
03 
0.6 
43 


Borrowing from major commercial banks less deposits wrth 
national banks. 

Source: Bonk for Inter national SettJvmrnti 


Net 

borrow- 

ing* 


18.4 

0.7 

13 

23 

14.3 

23 

8.4 
05 
7 5 
2JB 
0.6 

2.5 
73 


inter- 


FINANCE FOR INDUSTRY TERM DEPOSITS. 

Deposits of £1.000-£2s.000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Rates for deposits 
received not later than 11.S.7S. 

Terms (years) 3 4 5 6 J, 5 

Interest % 10* U 111 m ll « 

Rates for larger amounts on request. Deposits to and further 
infnmation from The Chief Cashier. Finance for Industry 
imS 91 Waterloo Road, London SE1 SXP (01-925 7822, 
Ext. 177). Cheques payable to ‘‘ Bank of England, a/c FF1.” 
FF1 is the holding company for ICFC and rci. 


BRITISH FUNDS (753) 

pc Anns, Sue 
Ape British Transport stk. I37B-8S HkSO 
■a '4 •'» 4 Si* i«i 

2<1PC Cons. StL. 20'i|* t .. 

4{K Cons. Ln. 31*8® 2 Jj® 'h« Z l 7 s 2ti 

'le. 

3’jPC Can«er*l on Ln. 3S«i»SQ >* ’* 

aat CKCtieouor Ln. 1 376- Td SS-.4 99-28 

13U«K CxcmwiDf Ln. 1S96 10e-40 7** 

3 oc cxchewier stk. 199) BSJi*® 
27h£Achs 17/64th» 

Zac EMhoquor stk. 1983 BD 7 n® »nO l ‘ib 

J, '* -■ 1 ISOL'w 

Sboc Exuieoucr «k. 19B1 93H9 u n4> 
B-bnc EinAouucr stk. 1-SS3 91 L 'is® swB '<tv 

'll *S|* 1, 

9bpc EaOieguer sik. 1982 93*4® 2*-\a® 
~nG 3*4 

9*<pc Esctieouer stk. 1982 A 93® J i« 

9*2PC Luchoauur stk. I9«»I 9B*u® >,® J i* 

*14 *« *4 

IQpc. kacneaucr stk. 1983 (f y. no i 94“ is® 

5*a >i* 

10PC Exchequer stk. 1983 Mss- at C95PC. 

£4>S PO.i 43 >it >26 7* 

10LPC Exchequer stk. 199S 8SS, B>t 
10 *:pc Cxcnequer stk. 1997 B5~>® 6k 

8 <4 

12k Evcheauer stk. 1998 97*»i«® “i*® 
U 1 , *1 *s 5 i* 

r2pc ExLhoouor stk. 2913-17 96*>i* 
12'JOC Exchequer stk. 1992 9B>, *■ J ui 
1-2 *:pc Exchequer stk. 1994 98H|*® 9 'is 
*B S'l 

12 VrfK Exchequer stk. 1981 104-19 64tns 
126.71 

13pC Exchequer stk. 1980 103%® 

5'*PC Funding Ln. 1978-80 94 ig =i* 

Stipe Funding Ln. 1987-91 67*. > 'id >s 
6pc Funding Ln. 1993 61U|*:o 2:0 4’i 

*4 s: 2 : 

6 ; W Funding Ln. 1985-87 BO 1 , St Vi 
73% QQ 

5:-JK Funding stk. 1999-2004 (Rcg.l 361* 

i. 

S'ipc Funding stk. 1982-84 82U|iO 3 : « 
3 i. Vi 

6 **pc Treasury Ln. 1995-98 63**0 
7 i*nr Treasury Ln. 1985-88 8f v ia® n© Tn® 

*H **|* !i 

7*i PC Treasury Ln. 2012-15 65<>i 4l’u 

5*4 *1* 

Boc Treasury Ln. 2003-06 70’* 
auoc Treasury In. 1 987-90 8C*'i,® 1U >« 
8>-DC Treasury Ln. 1980-87 93**® 4*1® 
*1,78 ** "m *4 ~t I*..! *s _ 

8‘: pc Treasury Ln. 1984-86 890 Be® -■* 

*»i* '* *t 

B',pc Treasury Ln. 1997 75® *j *g 

9pC Treasury Ln. 1994 81*,® *1 t4 -'!« *» 

9 pc Treasury Ln. 1992-96 81**® • 

81 *» Si *t "n J . 

9 lux: Treasury Ln. 1999 B0*:« -'* *-'i# « 
12oc Treasury Ln. 1983 102^1.® >3® >'u. 
't **i* 

12I.-PC Treasury Ln. 1993 100**® ** **i» ’i 
12»*DC Treasury Ln. 1992 102® 1 '-® 2 *m® 
•; H 

1 2 'rpc Treasury Ln. 1995 103*iQ ■'*• •» 

** 1 S *?|« 7 * 4U5 3*4 »» 4*a 
1 3'aPC Treasury Ln. 1997 J04-VD *; -* 
13**OC Treasury Ln. 1993 109*:® '* **ig 
14i; pc Treasury Ln. 1994 1 1-1 *u® 'is® 

*4 *X 

TSbpc Treasury Ln. 1996 120'ia® *a -V *16 
1 5*xpc Treasury Ln. 1998 123L® B® *;c 
*n® *4 *t 4 3 "i* 

2 ;pc Treasury stk. CReg.i on or art. 114 75 

20"»® 10 20 y 1 

3oc Treasury stk. 24'* 

3pc Treasury stk. 1979 95 T i6 ! « ‘-t *■ 

3pc Treasury stk. 1982 84>-ig S -'ll: ■■ 4'» 
5*lt 4*4 L*n. 

3':dc Treasury stk. 1977-80 (Rea.) 93'-# 
4*«# 3“* t*ra 

3 >;pc Treasury stk. 1979-81 iRcg.i 90 -i.:® 
•Ih >16 1* 90 

5ac Treasury stk. 1986-89 /Reg.] 
671-ibt® 7**iaO • 8>i* 7'* 8: 

7-I6 8 

5'1PC Treasury stk. 2008-12 (Reg.) 49UO 
*;0 *€ **i* *t *« 7» 9"* l, i* 

Rijpc Treasury stk. 1982 91 ’-n® k **■« *• 
3'«PC Treasury stk. 1983 92^08 *i« "lu 
•'k ®i*t lj 

9';PC Treasury s*k. 1990 98N ’* 

9!«ic Treasury stk. 1981 96‘«* 7*is 6'r'is 
10PC Treasury stk. 1992 85*:® **■« H ** 
lOirpc Treasury stk. 1979 100 **® "w 
10>Mie Treasury stk. 1999 37’,® ‘a 8 
1 1 *;pc Treasury stk. 1979 101 *«® "c -V ■* 
1-1>;pc Treasury stk. 1981 100 >*ia® »:i> 
Hi* 

1 1 * 4 dc Treasury stk, 1991 96*>Lt® V® 7*i* 

*4 *16 ** 

IZpc Treasury stk. 1995 96** i» >t *• 
7*i* 6'. 

13pc Treasury stk. 1990 104~4D 5',C 
14pc Treasury stk. 1982 107*im® T «® **i* 

9nc Treas. Con*, stk. 1990 98*i«0 b 11 n 
s* ‘i* -'’i: *Ji» *4 45-64ths 
Variable Rate Treas. stk. 1951 t8.8619oct 
95i>.; (25 7] 

Variable Rate Treas. stk. 1962 C9.4342 pci 
94*i *26(7* 

3i;oc War Loan 31‘* *i* **« 1 *• (* 

British Electricity 3'iucGtdstV. 1976.79 
95 *j I’ll. 4l*ocGtd.slk. 1974-79 95 1 *** 

British Gas UflcGtd.stk. 1990-95 45ii:® 

'«(b I; 'a H|. 

<Sh 4>'ncBd*» N. bnd Act 56 U ’2Gl7) 
North ol Scotland Hydro-Electric Board 
N at Scotland Electricity 3':PcGtd.sik. 
1977-80 92'. rZ6*7i 

3pc Redemption stk. 1986-99 44:. '27 7i 

INTERNATIONAL BANK (— ) 

FREE OF STAMP DUTY 
5oc stk. 1977-82 84 1. 1257* 

CORPORATIONS (81) 

FREE OF STAMP DUTY 
London County 2 -ocCdos. 1920 
(Z6I7J. ipecons. 1920 24 >2517*. -. 

1930-83 BD>*0. 5':PC 1977-81 84?* 5';. 
5 *? Pc 1982-84 80. S'iPC 1985-87 69*16® 

9 6nc 197S-79 9S4|® V 6»<l>e 1988- 

Corq. ol ‘London 5 *jPC 1976-79 94 *«. 
6t.DC 1 980-82 84i; U. 9 *PC 1 984-85 
931 27171 li'ior 1983 107J* (25.71 
Greater London fr'roc 1990-92 63L® 4>:® 
3 : : 4. 7*4PC 1981 B9ti '26^) 9'*3C 

1980 95't® -18k7t. 9i 5 pC 1980-82 92'? 
-2&.’7.. t!w 19S2. 102MI 1>4 2'j. 
1_2 *jpc 1983 101 >4®. 13‘aoe 1984 102»« 

Ayr 4i Couflty Council 6 type » 976-79 
Barnet Crp. ISLrae (ty. pd.l. 1987 99 m® 
Do. -£50 od.» 51 V '237t 
Bath (City ol* llUoe 1985 973,® 
Birmingham Crp. 7J«nc 1980-32 S6U 
.24,‘7 l 9’4BC 1979-81 944,® 

Birmingham Dl*. ChCl. 12'tse )98S 1021* 
I25T1. 13PC 1983 102 ? *2S,7i. Float- 
ing Rate 1983-85 99*4 -26 7 1 
Brighton Ccro. &*mk 1976-79 97«.# 
Bristol City 13«c 1985 108. 1 3'xOC 1981 
104 

Camden Core. Bgoc 1977-7? 98 J2S7J 
Camden 'London Boroughi 12 joc tty . wL* 
1985 100 i27."7i. DO. 'ilO nd.* I0'*ia« 
u® 11 10**1* *i* 

Cardin Coro. 7pc 1979-82 BS® 4V 
Coventry Council 13 *ipc 1980 104ij 

Coventry Care. &PC 1 976-78 99*i# (27H7* 
Croydon Coro. B**tx 1 978-31 83>i® 

Earn bur nn Plst. Council Variable 1983 

Ldhibu.-gh Core. 6*H>c 1977-79 9B>is 

Glasgow Core. *'4PC 1980-82 91 '?® U 
Gloucestershire CC SLrpe 1977-80 9- 

Grampian Regional Council 10 ,J «pc 1985 

G?®mv(ct> 11i*pc 'tv. Od.l 1 986 97*y 1*. 

Herticreshlre^CC 4 s'Cmcl 978-80 91 *:® 1 ® 
»*. 9bPC 1962-84 79. 6t*PC 1985-87 

Kensington Chelsea 11*ioc 100 125.71 
Kent County 9 upc 9 SWjj (25/7J 
Lanarkshire C.C. 5i:BC 97*t# 

Lincoln Carp. 13oc 103*4 (25:7) 

LintSsey C.C. 7 pc 99***? ,, 

Liverpool Core. 3’iPC 6B-78 98*>i* (25l7). 

5C.PC 99 *26(7). 9*.PC 95 *x 
Middlesex C.C. S'rec 91V® 

Nottingham Coro. 3pc 2D*; (27/7) 

St. Helens 11i*pc 9Tj® 

Sal lord Coro. S'jpc BBij 
South Tyneside J2 Vpe (F.P.) 98 4. 

Mss. at £99pc-£50 1 Pd. I 49® V 
Suuthompton Core. 6PC 82*:® U7f7J 
Southend-on-Sea 12 pc iF.P.i 97'*®. 


This week’s SE dealings 


Financial Times Saturday July 29 197S 

• >1*? 


; m v 


5J17 

4,778 


Wednesday, July 26 

Tuesday, July 25 


ycsicmw's markings a«l also Uw latest martins* florins (Ire wreck of any store me dcatt M wwto. Tbe l«w can •* Blstlngolsdcd tar 


Friday, July 28 

Thursday, July 27 

The list below records all 
the date (In parentiwtBS). 

The number of dealings marked in each Faction rollews the name of the 
section. Unless otherwise deputed shares arc CL lolly paid and «odc QUO (ally 
paid, stack Exchange securities are quoted ia pounds and (ructions a pounds 
or In pence and fractions of pence. 

The list bo low gives the prices at which bargains done by member* of 
The stock Exchango have been recorded in The Stock Exchange Daily 
Official List. Members are not obliged is mark bargains, except In special 


5,168 

5,450 


Monday, July 24 
Friday, July 21 .. 


hll'il 

4.932 i KirS-V" ■/:- o- 1 - ■* <- 
4.428 i Mu.tr*. K 1 Jt rirej r 


U5U 


cases, and the list cannot, therefore, be regarded os a .SUT'S^thTornclat . 
prices at which besktess has boon done. Bargain* are recorded tn the onic.a 
List up to 2_15 pan. only, but latei 
day's Official List. Ho ladicartoa i 

a sale or purchase by. members _ — - „„ 

in order of axecutioih und only onn barsaln In awr «m sccorlty at any 
price is recorded. 



“ S2E2S?£ ta wbetber a bamata represent, j M ,. U|I| ,* ..hm-jj ; * 


Pea. 

i ■ Ub* t 2 i-X.Ti 
41 40 liv,7j '* 



miUlan Pacific fSC5' £12.75 13', ”’*PC | alvm 

Pid. series a tscioj eao. aoePf. -tscsi ( 27 ~) 

99. 4peDb. 32"; ** Bsmbe.-gcrs OSo) SI t27-7i 

FOREIGN RAILWAYS (2) | so®' 

Antctaauil 

Pf 42 

Kokand 


I as il (Chill) Bolivia 24 (25 7). 5 ps Bank Bridge Go. (5ol -■* **5 7) 

!. 4pcDS. 45 < 24:71 Barest '25B) 29 : . . , ,,, , 

'■Namangar 4'.pcBds. 18® 1 Barker Do®son ilCpl 13*0 ■; U 1- -* 

BANKS (243) 1 aaric* Rand CR0.10) 217 18 *27 71 

’ . , , , I Barr Wallace Arnold Tst I2api 1 16 —4.7 1 . 

"“■•u Irish <25pl 205,® I*:® 5 4 3. a i2Sbi 1180 >277* 

.IS??**- Ifl L'.asi?) . ___ . l nfreTtl Delis nopl 1960 



12 pcCnv.Pfd. 


5 DC 


9 9C 88 7 i: 92 85. 6'iPCLn. 30. SPC 

Beech wood Construction (Hldgs.i CIOol 27*; 
iZ5.7) 


-267) 

I Senior Hides. <2 Da] 20 <24 71 


19*; 
5 PC 


DO. 


_ Do. 

( 1 st.' at £98 <*-£49 Pd.i 43**, S 4 (Z7!7> 
Southwark Corp- 6 A 1 PC 77 C26r7). 1 1 UPC 

99 126(7 * 

tockoort 12'*OC 1 03* a , 

Sunderland l2Unc 100 1 'a (25(71 
Surrey County 6 oc 9 2 '* (2671 
Swansea Core. S'spc 24*4 (^6r7) 

TvmesldC 10‘*pc 95V® _ _ , 

Tyne and Wear C.C. I 2 pc CF.P.) 98 la 
Walsall Cons. 6*40c 97 V 

SHORT DATED BONDS 
FREE OF STAMP DUTY 

SlwcBds. 30 8.78 99 »;i 
BUDCBdS. 6 978 59 U *27'7* 

7 %PCflos. 1 3 9,78 99"". (27/71 
G -»pcHd5. (7.9.78 99(i» (27 7* 

6 l*pcBdS. 18-10 7B 99*1 (27(7* 

7 *:PcBos. 29 11/78 99U *27/7* 

8 'tpcBdS. 7 379 99’n 1-f4th 
IIi'PcBdS. 28 3 79 103.242 103 J45 

IItIkBOS. 44 79 102.163 1 02. 169 <27, 7* 
1 1 UpcBds. 18,4,79 103. SSI 103-554 

,27(7* 

fl'*pcBds I2/S79' 99*ii 127-71 

8'* DcBds. 114 79 ga's <27/7* 

1 1 pcBds. 11479 101.947 101.952 

Iifi-DCBUS. 2'579 101.772 101.775 *27 7' 
10 'rPcBdi. 9.5.79 101.641 101.645 

*27 7 1 

9 -PCSdt. 23 5 79 99V 

9"«DcBds. 30. S 79 1005|» »» *2 g )J 

n-To.-Sds 6 G'79 99V '277, 

1 1 UpcBds. 6 679 103.726 103.767 i2T.7« 
9~,PCBdv. 1 8 79 105*1? *277' 

9 -'ape 129/10/801 9S- 1 * 

PUBLIC BOARDS (IS) 

FREE OF STAMP DUTY 
Agricultural Mart. Cpn. SocDb. 1959-B9 
S*k 3 i (25 7J. 5*2PCDb. 1960-85 73I-. 
6 >*ocDb 55 '4 7<i ’lSI7t. 6 -VpcDb. 65U 
6 1*. 7 *<DCDb. 1961-84 84 ,257). 7VOC 

Db 1991-93 68';® 91, 70**t. 9pcDb. 
92*4 -2617). 9UoeDt> SB >* <27/71. 9'ipe 
Db 67*,®. 14l*ncDp. 109 (24 7) 
Finance (or Industry 13ocLn. 103U '257*. 
14pcLn 10?'* <24 7 * 

Metropolitan Water Brd. 3PCB 1934-2003 
29 U® 

Northern Ireland Elerirtelty 5 >:dc 1977- 
1979 96 (2571 

Port Of London Authy. R*?pc 34 (27171 
North Atlantic (25 p 1 98 
Northern American [250* 106 
Northern Securities 2501 116*4 '* 
*lijrth-rn Securities iZSm 1 I 8 *j ■* 

Oil Astociated <25PI 57. ENPcUns.Ln. 

-25pJ 30 26/71 

Outwich (2 50) 57 
Ponftand (2So> 126*; (26*7) 

Raeburn (25m 154 SDCPt. 3Et® 

River Mercantile (25 di 181® 

River Plate Gen 39 riffl. fZSpJ 15Z . 
RdbeCD ( FI-50, 59 1 '2771. Do. Sub.Shs. 
(Prov. Bank 1 BOZ 1 

Rillinco -FISOl 47 125 71. Do. Nat. Prov. 
■Fl.Sl 460® i27 7i 

Romoev (25m 9B« 127*7*. 4**ocUns.Ln. 
93> I25 7i 

Rosed imona Cap. (25 d) 73® 1*:® 

Roriisriiild ‘5001 205® 7. 6 *iDcUns.Ln 
I IB*.-® 

St. Andrew >,25nl 127 

Save Prosper MOol 156 (37(7). Cap. 

-10P- 59'; (27.7) 

Scottlih American iSOol 97':® 2 
S.-ottl*h Continental 25 d 1 75*?® (27/7) 
Scotti*n Mercantile a i25o) 102 >25171 
“rp tilth Eastern *2501 146<:® 7 
Scottish European i25Dl 41 26 7| 

COMMONWEALTH GOVTS. <U) 

REGISTERED AND INSCRIBED STOCKS 
Australia 1 Common wea It hi S'jBC 100 
(27-71. 5 ; :0c 1977-80 93*4 i27l7*. 5’.-oc 
1981-82 84 (2 S71. 6 pc 1977-80 90>* 
■25*7* 

Jamaica ? J iPcLn. 97'« /27T) 

Now Zealand 3*;oc 75** i27J7). 4pc. 98 

( 2 * 7i. 6 DC 92*;. 7 1* pc 67®. 7*vPC 

82 *, 

Northern Rhodesia 60 c 96 *27171 
Nyacalund 6 oe 96 i27'7) 

South Australian 3oc 25 
Southern PhoaesJa 2';nc 50 (77-7). 3 DC 

50 C7I7V 3';k 1967-69 49® 4‘jnc 
6 "-;® 2:® l',» Goe 1076-79 BO 

(27.7i. 6 Pt 1973101 00® 79® 
hUgcrjen Portj Authority EpdLn. 80 

FOREIGN STOCKS (10) 

COUPONS PAYABLE IN LONDON 
Chinese <*.'Pt Gold Bds. 'German Issue) 
Drawn Bds. 23. SpcGoldBdS 1925 Orn. 
Bd-. 20® *; 20 19. SpcRoorg. Gold Ln. 
1913 ’London issue) 220 127/7). SpC 
GoldLlt. 1912 22 
Hungarian 7* : pcBdi. 48 (2Si7J 
japan 6 ncLn. 1 983-80 69 
Portuguese iptnl. 3 pc 23 4 


B-jocLn. 71'.® 

Barclays International 7'wLn. 70'. 

Brown Shipley Hi«ns. 230® 

Can. imperial iSCZ* £19*. (27 7* 

Citicorp -USS4I £19 '.24.71 
Cl.vo Hldgs. i20d) 80 
Gerrard National Discount t25p) 

(24.7* 

Glliett Bros. Discount 230 

Grind I a vs. Hldgs. <25 pi 133 20 32 • iiTSM'lHat 74® 

Guinness Mahon Hldgs. GuclInsec.Ln. 48': . »«*" .f/®*; .S, sg 7 *® 

Guinness Peat !2So) 240 .LSSi* 3 '-» 5 ai 23 

H Jmbroj Dp. Shares (25pi 162 Benbmalneiil. .25d1 23 

Hill Samuel (25e1 910. Do. Warrants to , I"S_®T : ’;c f2 w P ? casl) 1 RO 1 
sub. for Ord. 3A. (2571 1 S e [i? 0rd ,7- 7? 

Hongkong Shanghai Bkq. .5HK2.S0. 3! 80 J V.SSV=32 '£ SdJfJ? .7) 

Joseph (L.l Hldos. 9'4BCUnsec.Ln. 73»s I i c *!_£2, sl I y rolS? 1 , Ha* 26 71 
Kevser Llllmann Hldgs. (2Spi 50 , Bcs.abell UBol JS6® 

King Snaason <20p) 60 3®**“ 7S ‘ : 17 ,ZA 7} 

Kleinwcrt Benson Lonsdale (2 Sd. 100 l *““* ■LL??‘^V£S’, ’a? 

Llovds.Bank 263 2 5 60. 7 :pcO»«c. , 

’ Billam (J.) (ICpI 4V-I27 7) 

; Bir.ti.d Quahust (25 p‘ 55-:. 7'iCcLp. 65*a 
6 i25:71 

Birmingham Mint i25a) 78® 200 2 
Black Edgir.gren i50p> 113J*:® 14t® 15C 
16. 5a«Pt. 34 (2771 

..»u. .. „ , Black (Peter) M/dgs. (2sp) 150J 

National Bk. Australasia tSAI* 213 1 5 I biecwr.an Conred i30a) ’7 'd (25.71 
(25/71 ■ Blackwood Hedge <25 p* 66’a. New c25p) 

- ■ ■ — _ _ - - - q*i. <24 7) 

Blagden NoakeS (HldQS-I *2Spl 252 (257) 
Bluebird Confectionery Hldas. (7 bp) SB 3 
125,7; New «25p) BE 4 125 7) 

Blue Circle Inausc. 257® lie I : 60 3 
2 5! S'4Dc2ndDb. 47-t. bpcOb. 591* 
126 7*. 9=cDb. 76*2 (25 7). ICUpcDb. 
84'.- (26 T). 6'iPCLn. 440 
Btucmel Bros. (259) 69 *26-71 
BiundeK-Pyrmoglaze Hides- *25p) 75 (26.7) 
Boardman iK. O.) (ntnL .'Sol 14 
Boe*:otc Intnl. (25o) bio 2 
Bollmgtcn Texllle Printers BacPf. 88 CtSiT* 
1 Bolton Textile Mill iSe) 10>: 124.' 7 > 


. 91 90 

Mercury Secs. C25p< 110® 73 
Midland Bank J58f® 630 3 7 55 65 
52 SO 621. 10JiptUnaec.Ln. 870. 7.;pc.- 6 *25.7) 

Unsec. Ln. 94® >; SI; 

Minster Assets f25n) 62® 

National Commercial Bkg. (25pi 71 70. 
llpcPf. 64 >27/71 


National Westminster Z74® 2 7 3 4 5 
70 Warrants 95® BO 8 6 7pcPI 
56>:(B 4: 61. B’ipcSub.Ln. gS-'a. 9 pc 
S ub.UlK.Ln. 78';® 9® 8t® 9 * 0*4 
Ren Brothers i25di 50 (25/71 
Rovai Bank- ol Canada OC2 1 23: 
Schraders 415® 

Standarri Chartered Bk. 40B® 400: 5 10. 

13*;pcSub.Uns.Ln. 105)4® 47 5 
Union Discount London 3T0 (26.71 
Wintrost IZOpi GB iZ7I7* 

BREWERIES (167) 


Allied Breweries (25pi 87® 6® 7. 7 ';pc gone Stroel Fabrics 'lOpl 31 

- ' - »cDn. i Booker McConnell *50p< 272® 82® SO 1 


I *J. SupcDb. 75'*® *- ' 6 'jdcDd : Boose v arid Hawkes (25pi 174 3 S '257> 
4-69 70*- r“s7u SSpeDb 1987-9’ I Boot - Henry' « 42PC* 43 1 *:® -jt® 

■2671. 7UpcDb^ TOU rtfi!?!. IlSS Booth (Inti. Hldas.1 *25p) 54 ,23 7* 


M. G3 1 26.7i. 3'ipcDb. 39®. 

1975-80 89 '* <2S'7i. 4l*pcOb. 1979-64 
73® - - 

1904 
64 

Ln. 46® '27,7 
Am»i. Distilled Prods. OOP* 34 
Bast Charringion i25pi 166® 50 7 5 2 5. 
3'tpcDb. 1987-92 45'; IZ7T7I. 9 *«pcDD. 
1977-79 100*] *25/71. (TUOCDB. 73®. 
7-jpcLn. 66':® 

Bell haven Brewery Gp. (25p) 49® 59 9 
Bell iA.i i50p) 256 5 4 


4(,pcDo. j ' 


80015 (2501 213;o 17® 1 Bo 11® 21 20 
1 9 17 23 2 4. 6ocLn 79 (25J7i. 71*PC 
Ln. 67-: 

Barthw.cL 1 Thomas. (50 pi 53® 5 
Boulton iWillijmi /Grp.l (TOp* 16 
Bourne and Holllnoswer-Ji >25pi 196® 209 
200 S 10 198 

Eswjler Con. 1820 90 91 2 90 3 39. 


B aldingtons Breweries i2Sni 106 <25 7i | 5>:pcPt. 43 >27/71. 3»:pc1stOD. 56 (27/7>. 
Border Brewer.es iWrexhamr i25p> 77 6 i 7pcLn. 34*; 4 3': 3 


Bowthorp* Hldgs. ilDni 5E® 60 
3ra by Leslie H0pi 89® 

Bradv inds. (25dl 62 C<27*7i. 
54 5 

Braham MUlar Grp. <10p* 37 'a 
Sraid Grp 5 pc PI. 33>® 44® 


Brown >M.- l25o* 114 
Buckley's Brewery >25pi 47 (25/7* 

Bulmer IH. P.I Hldgs. >25oi 12BO 
City ol London Brewery Inv. TSL O'd. (250 
63 2 -25 7 1 

Clark (M.- -Hldgs. i i25ol 142 '26 71 , _ „ . 

Courage 4>,pcOb 1975-80 89 *. 6-'*oc I Braithwaite Eng. 1220 

2ndDb. 69';®. 7'*Pc2ndOb. 70 <26 7 l | Brammer fH.) '20p' 146 
10 ;pcLn. 81*4 

Davenports' Brewery (Hldgs.) <25*>i E7. 

SpcPI. 36': *24'7* 

Distillers 'SOD' 1B9*:® 94® I; 90 3 5 
7 4 7 -i 6 1 5*:. 5'jPcLo. 41 -24 7-. 

7'*pcLn. 64U l». 1 0.5pcLn. 871; 6: 

• 26,7* 

Greenall Whit lev (25 p> 11B 20. 8ovP(. 90®. 

7pcUnsec.Ln. 53 (27.71. Bi«PcUnset-Ln. 

60: ,27-71 

Greene King Sons (25ol 278® 80 '27 '7. 

Guinness t Arthur’ (25pi 166® 4 6. 71*oc 
Unsec.Ln. 60 u ® 

Hardvs Hansons '2501 175® 7 „ 

Highland Distilleries i20p* 134® 6 7 B 
Hinsons Brewery *25p> 75 (26-7* 

International Dlsts. Vint. 4*iw:Deb. 35:® 

7 (27 7* 

Invergorden Dlsts. (Hldgs. * (25p'< 117® IS 


A (25 D) 


Insh^bts. Grp. (25o) 155® 

Mansfield 2B5 <27 '7 1 

B^rston Thompson Evershed (25p1 77® 

Scottish Newcastle (20pl 67® 7_ 6': 8_7<i. 
7',pcPf 64. 6pc1stMt.r 


IsrMt.Deb. 70' 126/7) 

.frlca 


Deb.' 67 *4. 6 ‘*dc 
75® 5 6; 127(71. 


South African «. 

7 pc Pt. CR1 1 38 (25/71 
Tofiemaciie Cobhold 4pcDeb. 95ia® (27/7 
Tomatm i25pr 11 JI;® 

Vauv Brews. (25p) 119 20 18 
Warner Mann Truman Hldgs. 3<*ocDb. 
2 S®. 4 UpcDb. 30 (247). 7pcDb. 65 

aV7). BpcLn. 63i* i26'7> 

Whitbread A ( 2 Sp) 96® 6 7'; 8 . «'iPC 
ZndPf. 35 ‘.2571. 6 ',ocDb. 61 (26 T). 

7->*pcDb. 67**®. 7 l*cLn 95-99 59'a 

*257). 7J*dcLn. 60 '26771. 9ocLn. 62L 
(25, 7'. lO'.-DCLr*. 81® llpeLn. ISO® 
Whitbread Inv. I25p> 95 2 (25/T). SLoc 
□b. 62 'j (26/71 

Wnlverhampton Dudley Brews (25p) 206® 
7® 

Young Brewery A (5001 15B 5 (26/7). 
9 pcPI. 94 (7 6 4 5*» (27/7) 

CANALS & DOCKS (2) 

Bristol Channel Ship tiopl 51* >2671 
Manchester Ship 224. 6 **pcDb. 95b 
'24 7i 

Mereev Docks Harbour Comb. Units 24 1 * 
(25i7). 3'<KDb. 1974^14 61»* 1 25/71. 

Do. 1978-89 39 (26/7). 3*ipcDb- 40>t 
(24/7'. El*0CDb. 44 4 ffi 
Mil lord Docks 74 

COMMERCIAL (3,080) 

A— B 

A.A.H. C25p) 109 II. 6 pcPf. 43: 

A.B. Electronic Products i25p) 128 
AEC StjDCPI. (R2) 29 
AGB Resoarch i.10di 110 
AGA See under Forcmn Bonds etc. 

A.P.V, Hides. (50pl 242 37 (27(7) 
Aaron son Bros. < 10 p) 70® 2h 
Abercom Invts. (R0.30, 109 (247* 
Aberdeen Construction (Z5pi 91 
Abersluiw Bristol Channel Cement (25P) 
146 G7(7l. 7*T0Cf*1. 54 (26/7 1 

Arrow A (2501 89® 94. BocUnsec.Ln. 
73*.- (24.-7* 

Adams Gibbon (25p) 76 (25/71 
Adda Intnl. (10at 45 (27/7) 

Advance Laundries (lOp) 25'i >27/7) 

Adwest Go. <25o* 2B5 

Aeronautical General Instruments ( 2 Sp> 

African Lakes 280 *26171 
Alrfix Inds. (20pi 53*: 

Airflow Streamlines (25ol 44 (25'7). New 
(2501 45 lODCPf. 94 a57) 

Albright Wilson (25PI 167. BpcDtL 711* 

• 2B*7) 

Alcan Aluminium (UK) 157b® 61. 10*ti>c 
Ln. 821,0 (27/7) 

Algmate Inds. * 2 So) 28 7 
Allda Packaging Go. MOol 93 1 
Allebone 5ons (10ol 2 3® h 
Allen (f.i Balfour (2 Spi 47 6 
A//ied Callatds Grp. < ( Do< 720 
All ed Insulators *25PI 72':® 

Allied Leather Inds. 3 or PI. 87 (26T71 
Allied Rctai ci-s >10pl 960 7~ New <I0 dI 
92. 9/UpcPI. 91 'i® *: 

Allied Suppliers SpcUns.Ln. 63 >24/7). 6 U 
PCUns.Ln. 511*0 '* '27/7, 

Allied Tortile i25p! 152 <27/71 

Alnlne Hides. ‘Sol 6 B-:® 7®*i 

Alpine Soft Drinks < 100 * 132 i27/Tl 

Amainamated Industrials 7ocPf. 41 i2517* 

Amnlaamated Metal 328 (27)71 

A.nalBd Power Engineering i25d> 144® 

Amber Dav Hldgs < 10 d* 42*: 3 
Amber Indsc. Hldgs. fiOpi js (2A!7\ 
Anchor Chem. <25o* TO .2517* 

Anderson SlrathClVde -25pl 70'j 70 ** 

■25171 

Anglia Truevision Grp Non.V. A i25pi 

as 

Anglo-Swlss Hldgs. i25oi 35 (24/7) 
Applevard Grp. >25 pi 103 
Aquascu* Im AssCd. >5pi 46 (26/71. A 
(5a* 44 *j 127/7) 

Ariel Inds. iZSPI 39 ,24/7) 

Arlington Mol<*r Hldgs. ,zSp) 133 12417) 
Arm I tape Shanks C25 di 75® 5 
Armstrong Equipment -TOdi B3'i (26/7) 
Ash Ucv (25o< 124 12771 
Ash Spinning (25 d* 44 i27.7* 

Ashbourne invest. B*:ocLn. 67ij (257) 
Assoc. Biscuit Mnftrs. izopi 75. BpcDb. 
80 i2S-7* 

Assoc. Book Publishers 120 d< 235 (25-7* 
Assoc. British Eng. * 1 Z*;pi 61® > 1 . 7pcP(. 
40® 

Assoc. British Foods rspi 69. 7*ipcLn. 
1987-2002 28':® 

Assoc. Dairies ' 2 Spi 247 40. 7L*bcDb. 
69® 

Assoc. Electrical Inds. BpcDb. 81^ 127(7*. 

B'/pcDb. 64 (2S.7i 
Assoc. Enp. <25pi 1171; 

Assoc. Fisheries t25pi 47® «Z7(7*. 8 **pe 

Ln 531; <24'7» 

Assoc. Leisure (So* 59® 60': 

Assoc. Newspapers Gp. i2Spi 182® 79® 
84 3 

Assoc. Paper Inducts. <2501 SB'; 9 
ASSOC. Sprayers < 10 di 46® i27/7* 

Assoc. Television A <25pi 118b® Zl® 2 ® 
Astburv Madelev (Hldgs. 1 <5n* Si’s® 2® 
Asrra Indust. Gp. -10pi 22b:® 

Atkins Bros. (Hosiery i25p< 49 (25(7* 

Audio Fidelity (10p) Zl 

Audios ronlc Hldgs. MOol 14irt 18 <2717' 

Ault Wlborg Gp. i25pi 37® 8 

Aurora HrdOS. I25PI 94. New i 2 Spt 93 

• 26/7, 

Austin <£■> i25oi 98 <2671 
Austin iF.i 1 Leyton 1 uopi (O'* 

Austin <J.i Steel Hides. -25p> 103 ( 2 G'?i 
Automated Security ,Hldgs.< flOpl 103® 
4® 3>i 4 »j 3 

Automatize Prod*. i25p* 89 8 . 10 . 4 pc 

Db. 82 1* i2Si7* 

Avana Go. <5pi 44® > a ® Jij ), 4 3b <277* 

Avery* »25 p* 170® 1 3 
Avon Rubber 214 11 16 . BijpcDD. 6 D*i 
*24<7i 

Ayrshire Metal Prods. (25p* 45 (2671 
BAT industries <25p> 3240 6 ® 8 31 1: 
30 29 3 6 7 5 7. Did. t25p> 276® 9 
_80 2 BO: 78t 9 B1 77 J 
90 A Group (25p) 57 
ICC 50DI 124® 5® 6 4 5. BDClgtPf. 
461; (26.71. BhPCDb. 61- '27/71. 7 DC 

Db. 70b 7-'ipcDb. 67 -27(71 
BL '50PI 20 IB 24 5 : IQ; 

BLMC 6 pcLn. I7'i. 7 ';peLn. 48 50 > 2 . 

OocLn. 49*;. 7’*p>:Ln. 55® 4i® 4_ 

BOC Intrtl. < 2 Sb> 73 4 3 1 - 4!j. 4 SSpcPt. 
49*:. 2.Boc2nar> 29'j >26.7). 64<pcDb. 
n (26/71. 9t*cT0magoDb. 1988 84 *r 
*26/7). 9ocTannaaeDb. 1990 _ B3 1 * 
(26/71. 11 bocTonnagcCHj. 941: (Z6.7* 

BPB Indusrrirs >30pi 237® 43 5. 7 b PC 

Ln. l«s (Z7.-7i 
BPM Hides. S':RCPI. 37L*:® 

Ln. 584*:® 


9raswav ‘lOol 340 (27 7 1 
Br*edon and Cloud Hill Lime Works *25o* 
107 >25/1 

Brent Chemicals Inti. MOol 1S6® 9 90 
Iren; Walker (So) 63 
Rr-Ck House Dudley OOpi 48® I27'7l 
8r’<Ksenri Processes (50) 9 a 126 71. New 
(Sol 3-; I; -25-7) 

Rridon '25 p 1 101':® 100 2 1 
Rrianprt.Gnndrv Kldas.i (JOdi 3fi-'s (Z5!7i 
Rr.phr (Jonni Gro. «25pi 300 
R-'Cray Gro. -5a) 71; <24 7 1 
British Aluminium SucPf. 43 
British- Amiri can Tobacco SocPf. 42 1 } I24,'71. 
SocZncPi. 5*0 50*: 

Tobacco Invests. 10 'idc 


British American 
Lr.. B7-** 61) 7 
"r'i.sh Bentcl Carbonising nop) 22® 
Brltis , ( Building Eng mg. Appliances (25d* 


56 '2S7* 

British Car Auction Group (idol 44 h 

Brf'Tsh Dredging ZSol SO 

Brit. Elect. Tract. Did. 1250) 1120 12 

British Enkalen >25ot IS® i27.*7i 
B ritish Home 5teres i25fll 196 8 4 9. 
TtipcDb. 63--: (27 71 

British Mohair So- oners (25p1 48® 50 la 

British Northrop >50 pi 92® 

British Pnrt.no Coro. '25p> 50® 1 *j. 

B'MJcLn. 1993-96 60 C2 67* 

British Shoe Coro. 50i< *24/7). 7pcOb. 
34!* (27/7i. 7pcLn. 63:? (27/7I 
British Sugar Corp. (EO 01 119 
British Svp-ion Inds. '20oi 63 <77~7t 
British Tar Products iIOdi 60Ij ‘2571 
British Vending inds. (10r»> 30*: (2771 
British vita (2Sp> '00 9B :25*"7: 
Brittains -2501 26® '27'7l. AJtacPf. 
flSLi® I;:® 

Britten iG. B.l Sons (Hldgs.| BtiocDb. 
75 127*71 

Brock house i25p* 71. 3.15pcPf. 32 (27/7) 

Brocks Go. OOpi 68 (27/7) 

Broken Hill Proo. (SA2i 7Q5 
Brook Street Bureau of Mayfair (lOp) 
680 9 

Brooke Bond Liebig (25pi 470 7 a. 
5'DCDb 74 i2d/7). 5 ‘•ocU nsec. Ln. 

39’* (24/7i 

Brooke Tool Emms. (Hldgs.) (25pl 37 
(27‘7) New (2 Spi 38 (27/7* 

Brooks Watson Gp. (20pl 38 (24/7* 
Brotherhood Peter) >53 d) 123 ,26/7) 
"rpwn and lacksan -200) 1SS *2717) 
Rrown and Tawse i2Fn) 107 
Frown Bmrpri Kent -75Pl 
Brown Brothers Corpn. (IOdi 24 'j 4 
Brown (John) 41 B® 17 20 IB 
Bi-unnlnp Gp. (25p* 72b 5 (27/7) 
a run tons (Musselburgh* (25p) 105® 
Bryant Hldgs. (ZSpi 46'*® 6® B': 

Bulgln (A. F.l I5p< 23 (25/7*. A (5pl 
241; 

Bullough I20P) 160 
Bulmer and Lumb (Hldgs.* (20p) 62 1 
Bunt* Pulp and Paper (25p) 103J| 3 
(27*71 

Burco Dean C25 d> 76® 

Burgess Prods. (Hldos.i (25m 46 (24(7). 

A (25p> 47 (26/7) 

Bum dene Inv. (5P* 17 16*; 

Burnett and Hallamshire Hldgs. (25p) 204 
■ 24-7). A (25P* 202® 

Burrell (SB* 12*<® 'a 

Burroughs Machines SizKConv.llnsec4.il 

Burton Gp. (50 d* 143. A (50p> 136 7 
40 39 42. Wares, to Sub. 26*1 7H. 
7ocUnsec.Ln. 73®. 9 LpcU nsec -Ln. 70*j 

(26 '71 

BiRl-n's 6**pC1stDb. 67’* 

Butterfield Harvey CZ5 di 72*dB 

C— D 

CSB Hldgs. (10pi 24': (27/7) 

CH industrial* (TOp, 33ij 4 

Cableform Gp. (5pi 850 2*^# 3>>® 4*til> 

C"dhnry Schweppes (25pl 57I-® 7# 7 8 
7*;. 3*;pcl stPf. 3SI® (27/71 8HPC 
Unsec.Ln. 65** (25/71 
Caffvnt (50D) 114® 11® 13 
Cakebread Robey A (1 OP' 40 *2 (25(71. 
8* -DC Unsec.Ln. €2 

Caledonian Associated Cinemas (2 Spi 390. 

■I.9PCPI. S3® _ 

Calor Gas Hldg. TucDS. 67';® 

CamlaM Engineering ilOPi 67 i27(7) 
Cameirl <20ul 131 
rjmm 1 Hi-*gs.l '20p) 69 70 1 
Canning -W.) i25pJ 63 <26/71 
Cantors A <20 d* 14. 7'-ocP1. 40 >2617) 

Capran Prohle -)Od) 110>h n 12717) 
<*anner.Ne*** ilOo) S7 1 -® 2 
Cineih -Hp) 44 -27 re) 

Carevans Fnrl <20n) 77'j® 

Carrln Engineering i25d) 72® <27/71 
ri*r(e*s C*nel Leonard <IOn* 37 6 '- S 
rianron i2Fp) 215 12 lOpcPf. 74 
Carnets Inti iSOel Al)® 60. B'jpeDb. 70 
■25/7). 8 *:PcLn. 56 
Care •].) iDonrasterl I25P) 46® '27/7) 
Carrington V'vella ?5 p) Sfih S '.-h 6 '- 5*;. 

4.7grDH 50', <75/71. 7pcQh. R 71 - r25r7) 
-nrrnn <HlHgg.] <2R D ) 52 -2S/71 
Mining -Tent B»t*- O *'7> 

Cartiers Suoerfeods New (20p) 74* SO 
4 5 6 

Cartings hOdJ 42® -2717) 

Cattle's ■ Hldgs.) nOo) 41 1. 
r-a<istnn <S*r I 1 (25ol 16': ,2617) 
Cavenham 7oePf. 47 <24/7). 7>:KPf. 49 

*26/7). IDpcPf. 96*;® *1 6. 9'tpcLn. 
71',-®. lOpeLn. 74 125/7* 

Cawdaw Hldgs. i25p) 31 : : .26/71 
C* woods Hldgs. 41-pcPI. 29 (27/71 
Celcstlon i5d) 33 *26/7) 
Cement-Roadstone Hides. iZ5p) S9>;® 
•27/7) 

Central Sheerwgod *5 pi 70^« 69*:® 72^ 2 
Central Manufacturing Trading IlOo) 59*;® 
Cnntrewav i50n) 258 a 
Chamberlain Group i25p) 47 *27/71 
Chamberlain Phipps -10p) <t? <2617) 
Chamberlin Hill <25o) 55 i25/7J 
Change Wares MOp) 2*; <25/7). 12pcPfd. 
22*; *25/7) 

Channel Tunnel Invests. 'Spl 55® 
Charrlngtons Hldas. EtxrLn. 61 J (27/TI 
Chloride >25PI 117 'i® 19 17 16 
Christies Inti. <10p) IM® 16 18 17 
Christy <25p1 52® 2 127/7) 

Chubb and Son (200! 129® 33 25t 32 
29 3). G'tPCPf. 471; 177/7L SpcLn. 

66*: (24 71 

Church (2Sa1 167 (247) 

Cdv Hotels Grp. -2 Or) IIS (27,7). 

12 Do) 120 (27,7) 

Clarke Nickoll* and Coombs BlypcLn. 
55 (24 7) 

Clarke (T.l (lOp) 22® 

C*ay relehardi (25o> 73 rzfire) 

Clavton Son (H/pos.) fSOa) 73 
Clllfnrd (Charles) Inds. 109® 
r-MPnrd's Dairies (25 d> A 47 5 (27 7) 
Coal-le and Chem. Prods. r25p> 69® 7h® 
Contes Bros. (25o> A 75. 

C"»ts P»»gns (25n) 71 1. 2 *. 4 i.nrLn. 

35 (24/71. GlapeLn. 52. 7*;pcLn. 621* 2 
v— i-v-poe (Hld-rs.) (25p) 80*: 

Collett Dickenson, Peirce Intnl. (lOol 
SB (27-71 

Co.mo-e InvstS. <2 So) 32 
Com ben Gro. (10e) 34 
Combined English Stores Gro. (12*-p) 
105® 6 ® 110 8 * 12 13 B 11 15 18, 
73,prPf 56 (267) 

Com«ri Rndtrwsien Servien t J5n) 136 g 
rnmlnv Pm B'HKltfOb. 76'j {297) 
rinmpAIr (25g) 94b® 3® 

Common ij ) cons and W<reb (Hldgs 1 
rjQg) S3 4 

•'n-rmifrle (lOol 40'* /2»T1 
r -riper Inds. *f0o) 20 ® 1911 ® 

Cone Allman Inti. <5p) 65. 7':DcUns.Ui 

Cape Sporiswear (Sr) 44 
Cprah (25P) 37t;® 0^91; 

Coral Leisure Group lop) 99*a IDO 1 h 
99 7h 103 

Cornell Dre«< ts 'Sa) 14/22/7) 

Corning 7BcDb. 73 (24/71 

coronet IndusD. Secs, nop) 36 (25(7) 


Cowan de Groat Hop) 71 

Cewlc *T.) (So) 43 *: 

Crean Oames) *5pp) 175 (27(7) 

Crctlon Hldgs. »10 d) 16*i®. 12P 

(TOP) IB® „ „ 

Crest Nicholson (Idol 84® 

Crodj Inti. HOP) 550 16 ' 

Crosby HousiO Group 160 
Crosbv Sonng Interiors n-u. 

Crossley Building Product (2SP) 103® 
Crouch iDerrt) i20p) 96 I2S/7J 
1 Crouch Group >2501 69 (27(71 
• Crown House »25 cl 5B , „ . 

I Crowthor tjohnl Group (25P) 32 4 

CrntMaee ?®id«.l csirt 29>. .27/7) 
Cullen’S Star©* ' 20 p) 1Z3 C27/7)- A CZap> 
llfl© IS. '27171 

IS# ?iop. ibs , 

DanLsh Bacon A MO. 4 2IL 4 «bi 

Dartmouth Inw. I5pi 1 B^k* »i. I5d» 

□iri'is Metcalfe HOpl 38 40 2 . A Non. 

Bawes^Newm *" 1 Hldgs. <2501 128 
□avis iGMNrjrei (250* 98 
Daw Intnl. <25 di 263 60 2 
Dawson Intnl. ' 2 Sdi tifiO 7 5 8 . A NW- 
vtg. (ZSoi 1450 70 _ # ^ 

De La Rue <25 p* 39B® S 6 
D*. vere Hotels Rests. (25 p» 161® 5 
Debenhams fZ5oi 94: : ® 5 4 6 . Sijjelwl 
Deb. SOU®. 6 >:PtUn*ec.Ln. 60'] (25/71. 
7iiPrtJnsecLn. Sal;: 

Decca (25 p> 415* 2 6 34 29 35. A (ZSp) 
4200 8 . SPClJnsec.Ln. 71 <27i?) 

Delson llOpI 24':;® N:® (27(7) 

Delta Mrtal <23oi 75 4«s 5*:. 7-bPCDBb 
701. 

□c-ibywaro <73p) 95 7 _ _____ 

Dm t spiv fucUnscc.Ln. 84 1 *® •’* 5*7 127 /T* 
Derltend stamping iSOpi 150 126^71 
Qr-.a utter Bros. (HldgSJ *25di 142 (27(7). 

Dewnirst 'll. J.*^ (Hldg*,) C10p) 64 6 . 

Dewhurst* Parener^/l bp) 17 <24/7*. A Non- 
vtg. 1 1 0 p) 15 

□ewhurst Dent 'ZOo* 17*; 16*: (27.71 
Diamond Stylus (lOp* 24 (24i?i 

□ icklnsan Robinson Grp. (25p* 121 

□ Inkle Keel *5 p) 10 
Diploma Inv. (25 di IBo (27/7) 

Dixon (David* Son Hides. i25p! 79 <25'7i 

□ Ivons Photographic (lOpi 1500 1® 4® 
3 5 4 1; 

Dixon (5nl 56 8 *27.7* 

Dobson Park Inds (lOpi 103':® 1 'rib 1® 
3® 5 3r 5': 

Dorada Hldgs. <Z5a) T9 <25.-7) 

Doulton and Co 66 ':® 

□owns Surgical (Iflo) 42>:® 4 
Dow tv Gro. <50o) 236 3® S>® 40 
Drake and Scull Hldas. (2Sp) 30 (26/7> 
4 . SpcPI. 45': >2617) 

Dreamland Electrical Appliances (10 p) 34® 
Dubt'-er -So) 19 (27 ; 71 
Ductile Steels <25 d) US® 

Du i- bee- Com bex- Marx () 0 p) 147 8 9 
Duncan -Walter! and Goodrlcke 450 (27/7) 

□ undonian (20 nl 500 

Dunford and El Hon BbucOb. 70 (24T7) 
DunhiH (Alfred) 'lOD) 340 07171 
Dunlop Hldgs. (50a) 76® 5 4. 5>*prPf. 
42 >27/7). B'.bcDb. 66 'SB. 7**ocOb. 

69 '2471. BocUns.Ln 63<SD 3 <277) 
Dup/e Inlnil. iSd) 16® 

Duport -25d) 70S 1 ':® 1 *; 

n*ir>oipe Intntf (25p) 138 9 
Duttofi-Forshaw Gro. (25el 47': 

Dwek Grp. * 10 di 9 (2571 

Ovson U. and J.) NV A Ord (25pl 60® 

E— F 

EMI >S0p) 14B® 51 49: a SO SpcUne. 
Ln. 2004-09 38 (27,7*. TprUns.Ln. 1967- 
1992 62 J* '25 7*. 7J*pcUns.Ln. 2004- 
3009 SB':. Pi:PCUns.Ln. 1981- 96 
<*RF Hklqv. I 2 SD 1 114 15 (2S7> 

Early 'Charles) and Marriott (Witney) 6 oc 
Pf 40 <2571 

East Midland Allied Press <25o> 5B <2S/7> 
a Ord '25P* 56 i257). New A Ord. 
(25 d1 57 *2517) 

Easrern Produce (Hldos.J <SOo) 97 (27/7) 
Fastwood (J. B.l (5p) 149 7 8 
Erona ri"n) 39 91 124(7). 7(*peUns.Ln 
56’:* 127.7) 

Fdbro (Hides.) (25o) 191 3 5 4 (25 -T) 
F’hief Co. (5p* IS® rZ771 
Elero Hides. < 10 o) 44 124 7) 

Fi-rrrlcaf ("dust/ s~-?. c?<oi 52® 
Fler<roeompnr**hts (Idol 497® 

Electronic Machine f25o) 23 ■: (24-7) 
F*"«rofile Rentals Go. ilOpl 129® 35 2 
Filint 'R,i *250* 135® 

Ell’Ott Gn. Peterborough '109' 17® 

Cillx Fve-ror-l /25r, 07 6 '25171 
Ellis GoWs loin 'Hldgs. 1 H5d> 26<a 
EIHs MeHxrdv (ZSp* 62 *247) 

Elson Robbins (ZSp* 93 

Elswkfc-HODOOT (5p) 19. New ISDI 18b 

Elys (WWnblodon) t25ol 210 

Fmplre Stores iBrvHfnrdl 'ZSoi 175 

Emrav (Spi 111 * ia7/7i 

Enalon Plastics i2Soi 43 '24/7* 

Enregv Services Electronics 1 IO 01 16)«® 
1 7© 

B ?2Si7) ° 6-1 S ° n <WH,lnB,on, ,Sp ' 27 ‘* 
Enali'sh Card Clothing I25pl 84® *i® 5«a 
/ 27-7) 

^“'■shyCMna Clays (25a) 77®. 7«*pcDb. 

^977-02 93 (2 S 7>. 
Do. 1979-84 77 iZ7'7). BpcDb. 76*«® 
Eolrure Hldnt. rspl 17 
Frith f25oi 94 (24-71 
Eonrtvotiis Pirtp (250! 54 /7€(7i 
Esoeranza Trade Transport < 12 ':ol 133 
B “ 5 *»«an ferries (ZSp) 139® 40 39 

42% 39': 

Furotherm inleretl <10o) 160 1 
Eva Inds. 'ZSoi 100® 1 100 
Fvnd.e Hides. r20b* 40® 

Erie* (George) <-10p) 41 

F.crilbur Jwvetlerv i 5 pi 161 - (27(7) 

(27 7* TeleflrBBh IHWwf >250* 117 

Execute* Clrthrs rJOgi 36 r24 7l 

Expanded Metal (25 p* 71 1- 

Fvoress Oxlry Prou fibncIrtOb. 78 '27-7) 

P (27re) <28D> 67 ' 26 ' 7, ■ 5.45ocPf 52*;# 
F PA Constrcn f25p)15 
Fa*rHjjm Uw«n IZSD1 63 2 

F c l o Cl ?-K?™ Constr,:n - f 2Spi 70® 66*1*: 7S 
"8 IZ7I71 

F ’ Textiles *5o* 24® i277i. A 'Sul 

24 3’- 

Falnrlow ESIS. (lOp) 118 
Farm Feed H/dgs (29u* 56 (24/7) 
W.IIJ5DI 130 (247* 

Farncll Electronics (20ol 330 4 5 6b 

Stf"S5 , rJ! B T?fe ,sp> ,27 * 
SS5S , 710 , ^. n S1 ,,, S , 57? SB, 444 
F rsrpcH. «•’ 1534 1 3 

Ferguson Ind. H/dus. *2Sp) 129 7 8 
F error PlrVering fln B » 75 (247* 

F— tinman f8 ) flep) 23R 
cidelltv Rxdlr> (IO 01 81 (257) 

Fire Fore* '25ol 53 21 - 12771 
F'nrtlav <A Pi (2 Sot 43 4 (277) 

2"? °SrL> . (5d> 561*0 *, 71* 

Flnlan (J 1 flOpl 26 7471 
Flnlav <J.| (Spot 353 ® 

2i2 v .J iK . k . a<,iT ’5. 'Sol 23 (2517) 

F-rth (G M 1 'Metals' OOp* 27 (2671 
Fisher (A* (5 d* 13 *267 

F i? ^, S^rV'Jn.H. 

I? M’ 63 5 4 - 

Fltzwllton (25p) 449 h 

F|n«el/o (25o* 56 5i* (25/71 

FJtant HerueHIng »H!dgs ' (2Spi 183 

Fluidrive Eno'a (20a' 82® (Z7/7i 

Fry*-— f (5nm KJu 2 3 9ijpr*3h 74 cere* 

F ogart y (E,; (25p) 1459 (27 IT> 

Folkes (J 1 Hefo I5pi 28 b (25/7 1 , N.V 
(SPI 28® h (27(7) 

Footwear tad. liras (ZSoi 57 
Fora ■■'<>«■ Con. BpcLn 78 1267) 

For,, (Martini (IQpl 31 
Form (niter (lOpi 148 (24/7) 

Fortnum Mason 7ncPI. 45t® (277) 

9 40 rt 37 TBC,lnOtoflV ,n,lfc C50pl ,37 ® 8 
Foseco Minsao (25p) 174# 2'i® 

Foster Bros, Clothing (25 p* 143® 15 2 
Fosier 1 J.i '25p* 36® 

Fathered! Harvey (25p) 100® 1 b® 

Francis I nos. (2SPI 74 

Francis Parker nopi ^ ,26.-7) 

Freemans (London 5W9) <25 d) 345 
French Kiee Hldas. /ZSpi 3&*i® 6 «*» SH 

G— H 

GEC-EMmit-AutomaUon 6*tPCDb. 1961-86 

G£l intnl. (200) 90. lOpcCnr.U*. 104 
(2ft 7) 

GA mlPBS.) iSO Pi 590 (27/7) 

GalHtoro Brindley tSei 55': ->< 
Garfocd-Liliey inds. (SpJ 13'i® (27,7) 
Garner Scorotalr B5p; 96 U5.'7> 

Gates (Frank G.) (25pj 49*1 
Gen. Elec. v25o) 277 8 80 79 G 5: 81. 
BpcLn. 1979-84 78®. 7l«PCLn. 65 b. 
7LpCLn. btVW. Fltg.lUteNtS. 99 b 
Gen. Eng. iRaddifrel ilOo) 18 
Gestetnw Hides. <25p) 164 i25/7). A 

*2Sp) 165 6. Do. CaK. (25PI 160 

04-7) 

Ginooct* Dudley 02 Sp) 87® 

Gibbons (Stanley) intnl. <Zp> 1750 6® 4 ® 

Gibbs Dandy BbocOb. 494 07/7) 

G id dings Lewis -Fraser 4J*pcLn. 64.-*® 5 ® 
Gieves Grp. -25p> 96® 2 ® 101 99 
Gill DuRus Grp. ( 2 So) 148® 52 50. New 
>250) 140® 53 50 
Gtltsour ilOo* 621- 
Glass Metal Hldgs. fiOp) 75 
Glaxo Hldg*. <50ol 586® 9o« 10 90 2 
3 5. 7*aPcLn. 123b 3 
Glossoo (W. and J.i (Z5 p> 65 ___ 

dvnwed Q5p) 1D4® 3':®. 7*:pcDb. 

66 U 1257). 10t«pcUltseC.Ln. 84 (26.71. 
BpcUniac-Ln. 69 *1 

Gnome Photo. Products (lOp) 42 (24.7) 
Goldberg (A.* Sow *2 Spi 74 
Goldrel (Ch.< Foutard Son (Z5ol 46 (2717) 
Gomme Hldg*. (2Sp) 76® (27.71 
Goodman Bros. Stockman f.5p) 11>i® 

*2771 

Goodwill CR.l Sons (Engineers) (lOpi 16 
126,7* 

Gordon *LulS) Gp. (lOp) 23 (27/7) 

Gough Coooer i20p< 77 9 
Gramaian Hldgs. (25p> 60® (2771 
Grampian TV A (lOo* 37® 7 (277) 
Granada Gp. A C25p) 106® 6 
Grand Metrolitan ;50o) ) 1 5ii® ri 15 17 
16 b- Do. Warrants to sub. 7>i 7 
>2S7i, atmcUnsec.Ln. 97 b® 127 "71. 
1 OpcuiTSdc. Ln. 7gi: 9! J. 

Grant Bros. i25p! 93 
Grattan Warehouses (Z5 di 125® 10 6 7 
Great Universal store* (25p* 304®. a 
( 25pl 301® 5® IS 14 4 13 12 6 11 
IH '•fPCAP*. 32 (27/7). 7pcBPf. 
50 (27/7). 5 Wpc Unsec.Ln. 38 U® 8t. 

S'sPCUnsec.Ln. 65 (27/7* 

Grant ermnru Stores A (RO.SO) 125 (247) 
Gree^®ank Industrial Hldg*. tlOpi SI 49 

(TOP) 50's®. IQpcPt. 

Greens Economiser f.Z5Pl 65 
Group Lotus Car Cos. (10n» 45® 
Grtivebell Gp. (5nl 36 ,24'71 

Nenletolds 270i® 68® 74® 

v,2Lv° 78 7ti si,peunifle - 
,UKi 7,<BeDh ’ 

H 58*TzrreT“ p ,l6p) 404 ap«Ln. 

HTB Go. (2501 111 10 
HaMt Precis/ co Eng. <5p) 31® 


Ln. 82 1 '5 7) 

Hardy (Furnishers* A 24-.-D 
Harareavre (20 p> S 6 '<» 6 --6 < * 
Harris Sh.-idon *2Sp) S3® S3 3 
Harris iPn.lllP) 7 On! 80 *27 
Harrison *T C.i *2 SO* «1- '-■? ■» 


Mrar,w» Vi im; S..n". *« Jr'^ls 

WO., Ri---. 12001 *--■? 7 

Maw l"'*- ,. kl»ij 2 ;.n< s.60 
M.--W * K- ’ ,0, r- 3 - . > 
Molii'-rs.’ic tIOni l-u , 

MCwrf C< i?* 1 - a -', ■ 

n*.w>li-m < *-’ lK n' ■ « -J*) 1 ‘ J • 1 

Mb'* Pi i*. Id uV-P 1 . ' • ■ , - ... 

Hi'!,*-. --=-5® .3 

Mt .on Grn. i1t,« Lti 


NCR 4(i. l*». P4 S 

N.i.n ij PS i"/-. 

NJilUn »l* *' .. . 


"i <)*)«) 43 5, ll'*pe 


O' 


vl 114 11 10 12. 


Hawthorn 

H«wt(n >5o) If* 

Kaxlewoods COdI . 9 .2b 7- ,. -. 

Ha ad lam Sims Coggins ,ao* 5-': <-4 #) 

HSene l5 oi' London hod! 23'*. irs-Pf 

HeSdcninn. Kenton <20o) 07 ® 9 | Njilun 

Hcnlvs 1 2 Op - 124-. New C0o< 125 <25 7* ; N-.f ( 4.li- 
Henripucs (A.* ,10 p> TOO IS*-® I Ln. D*,';, 1 * 

Hensher (Furniture Trades' A Non-vtg. | NovpsriiJj - . • 

(lOol 21 1 25'7* I N.-orc-ti «J*' 1 

Heoworth Ceramic Hldgs. i25p' 90';® 90 ; N '-*' *"■"! >i' 7 . 

H<mwor*h .J * <10Pi 67 9 >: 3 70 i hiuili ‘ , ° S * 

Heron Motor Go. <25o» 127 3 f28 7*. : nrisa« EMv,.» ■ S * . ** . ) 

HSBS-.zISfi'U'V j WftriVV L«F*M.,,2h;. 

Howden- Smart Plant tlOo» 59': 60 *25 7*. N^wniJ. 

New 1 lOo' 60 < '33® 

Hcywood Williams Go. 

Hickson Wdcn 'Hldgs 

3? 86^’" BpCLn. 73® .28 7, ! BOS: 

Hinhgaic job Gd. 'SDd' 4o *28/<*_^ . , J Norman,* fci.--tnr.il H*d-J 
Highland Electronics Gp. <;3p> 40* 1 ^ Nors*. Hv-u.i is *Nk« -C> 2. 7* 

Hill Smi'h • 25P* S:® BO® 30 I Nartfi Br-'i.h W-d — 11 rttldOi I (-up) 36 

‘ 2S 


1 Cl ' -pJ.il 72 <2fi T* 


gt,. 


:oplP(. 


o. iSOp* 122 :# 5 | N.-V-n, «n TmuL-. -P’ r -7 i2S.7l 

(SOP. 192* 93 2 !Ko,: :, Cti4.^^VPf. 36 U’-T* 


20p- 42 :26 7) 


Hillard* HOP' 213 _ . 

Hiltons Footwear <20P' 9o i-5-.l 
Hinton 'A ' .lOpi SB® m 

Hirst Malinson '20pi 29': 1 - 0 . ■' 
Hoechst Fin. lOocLn. 83'; .-c .' 

Ln. 118* , ... 

Hoffnung <5.* *2SP* 93® 4®. 

102*- '26 7* 

Holden ' A.i ‘2SO- 63 iZa . » 

Hollas Gp. *Sd* 63# 

Hollis Bras. ESA i2SP' b5# 

Holt Lloyd mini nop- 156 ® 4 3 
Home Charm <I0p> 1.3- *- j ■ ' 

Home Counties New*p.iPe'S <-SP' 

HMMWr -2 So* 263. A 1 250* 294# 90 
Hopk?iitons - Hlilgs. iSOpi 106 ,26 71. 1 


12pcLt*. ) JEj'j, ? 

' Narine 


Nortn (M 1 ■ ■SO'-) II <24 7) 

N.-r'neru * n-lin- irn.g li<ds. l?i?) Id'?# 

10'- 3 9-. '. 

5 375iv.pi 54 

ti'*p:Ln 


11 10. lin.Fl. 3u 

4 7' j :'-i<l'l -IS". : 

(16 71. 9d.Ln. 71 70 


s fM 1 - l2 f .o* 96 New .Up) 970 
7. b 25lKl« ICC-'-0_ 

Nurinern G.’lii , «miih. (IT,4) 7-7- ; 

Nekton iVS £ - IHirl^i ' 1 - 47 , 7 : 

,27 71 N-w Or.1. ■)?' II'.-# *17 7) 
Nr-,.- , I0e* 190 .'17.7* 

tcorvu.--.- Hel-: >2api 5e® 

Nc::'-V)h.m- &r.. fc : :0 d' 2770 S3 ( 277 * 
Nutt.nnhim H«r /21c) 130 : *® 1 •; 2 1 
Ji) » -c.Ln 9f # 

Nuriin and P>.-)> ck lll)PJ.*2 1 
Nu-XMitr Ind-.. i.-ioi lu , 1 


Ok. Bisaare .ia;o> 
Ocean Wi1.cn/. 

Oi ... VJn Dnr Cnt'nt 


-R0.3R* 405 
v -,I 0 e' 9 ; rz~ Tl 

FitLin;,. 9sc 97 - 


Otticu "t-i Eh-iircr'C M.i<b<ne.i ijjpi 1 1 C: 

IS'- 17 

Olrv'm Grp. <- 20 i>* 9--V S. 7*. r-.D. 1 * ti-* 

Old Swan Hctet (H.,r- <o.,tnt Nvw i'Op< 

31 JO 

Oliver (Gfcvr :*.') irpvfwnatl I2ip) 51 
. 1-571 a «i5d* j." -r: 7 1 

Olymm.i i-Rcdi. r.-i i2i?n. I'll* 

Odecrm.tr tHIilt- * '-.c-Os-. 73 (27>7i 

Oi-i>c Cr-vct: il(*ni Jt# t!l tl S . f 7 
9ocLn. iJ7 114 7! 

Otcihicre in,.-, .‘F 9 '7 -t 77 4 1 5 7t 

Owen Owen lie 1 * 1 ICO® **# ' !. BncLn. 


*:. 6'-PC 


Hoyermoham Groun - — 

Restrtctnd Vtq. Ord. I2a0» -9:® 

Howard Wyndham A ,20P> '*.4-7* 

Howard Machinery iI5P< 24 
Howard Shuttering iHldos-* ( 1 0 s»* = S (2 S -t 
Howard Tencns Snrvcns ;*25P' 3.1.® 3’:® 

Howrlen Group II5P' 3® a. : 

Hudson's Bav n.p.*. 15-><I. 

Humphries Hldas <ISd> 13_ '25 . ’ 

Hunt MoscrOD 1 M.ddleton 1 oP 1 25-;8 
H untie Id h Group <)0P* '35 J2S 7* 

Hurst 'Charles' -25D 1 95# t2< 7* 

Hyman 11 . J t <5pi 45 :• 

I — J— K 

ICI 342# 37® 8 ® 40# 1643 
IDC Group »70 d- * 1 0 iI4i7> 

■‘4| <35qi 611- 2 3 1 ti 
Ibstock Johnson i2Sp* 179® 31 
IIIIIMworrh Morels «20 d* 29':® '2. 7*. A 
<2Qo> 3 Oi* 1 

Imaseo BmPI. (SC4i 30 76: 5 4 777 84t I Pjrt-jrven 2 >;homs -ion* 1 / 0 :. A i!Ca) 
ran 71 (a.- 2 ,24 7* 

- - - Pj.,1-; ,,nd Wh.fes (?'>p* HO 1. .*-r» Gjipl 

120 (Iti 7*. 5*.DCf“ 44 •• 1 2 4 7 J 
Pearson Longm.tr> i25i-i 2b 1 
PtHrion (S * Son (2 Spi 22b# tfi. One 
Unsec Ln. 92*.- I •* i25 7>. I O' ntUnse-. - . 
. Ln 3* lO'.pcPHv.U-iytt Ln. 07 tle.rei 

— — . Peerage u* B-im-rtjhjin ilOp> i*;p 

Imocrit Cold Storage Supply iR0.25i 115; PelL?r-Han..-rsio. 25C 1?6 
Imperial Group '25 d< 3’':? *•*> 2':# 30: j Pm.nm.' Mclor ititp, 11 '. • 7?-7> 

II 1 2 *>. 4pcUnsec.Lrt 95*/. 5 ‘use " 

Unsec Ln 75 -27 7». (i RnrUnsnc In, 


II' 

o-lev Pi In* 'no Grp. <7. D' 
PI 34 12 5 71 

P M A. iHIrtns 1 i2 Slit .•(tih 
Pirker Kn:ll A i2jei 112 
Pilei-siMi iB.t bons 


■ 20 /■ 

Imperial Chemical lnitustr-«* 383# 9ffl 91® 
90 2 1 3 11 4 86 7: B S 90: 2: 37 
9 81 9r. 5':PCUnscc Ln. 45:® 'a® *>'• 
5'jPcUhsec.Ln. R6* HjpcUnsec.Ln. 67® 
1,® 6>a® J,# 6 S'- 6'.- BpcUnsec Ln. 
68';® 7® B'- 9 7*; B'-a. 10'*PcUnsCC. 
Ln. SSI* .** (26 7> 


53':. 7.5prUnse-:.Ln. 53/; *26 7' I0 5nc 
Unsec.Ln. B4I* 31 * i : . BncUnsec Ln. 73': 

Iprp C' A Com.Shs 12»i* 

Inoram [Harold - iXIpt 26 
Initial Services (25n) 92, it 90:-® 1® 5 4 
Intprnarl. Bus. Mich. >3US5i 210 Q5 7- 
Intanutl. Standard Elect S'/pclh. 6fl'< 
(25 7, 

Inrernatl, Stores 7'-ocLn. 59:- (2G-7) 
(nternatl. Timber f25p) 135 
lnvcn«k Group iSOpi 66'; 

J.B. Hldas. HOP! 62'- <25 7i. lODCPf. 
9b 

Jartson J. H. B.i (Sot 29V. 8'. 27-7*. 
lOpcPf. 103': (24-71 

i lnabes 'John* i250i 45 
iitmcs (Maurice Inds. (20p* 12*; <25.71 
'/•mesons Chocs. OOpi 71 *27.?i 
Jarvis (J.) Sons CSe* 169 (24 T) 
l-ntlone Midi*. (2501 24 S 
Johnson Firth Brown i.’So' 65® II.OSoc 
P(- 135': (26 7i. lOocLn. 69 125 7>. 
llnrLn. tb 

Group Cleaners i2So* 95 (26 7) 


ohroon Matthev 447 52. 5-jocDb. 59®. 
7**ocDb. 63'* ‘27 71 

Johitson.Richards iH R. ■ riles (2So, 95 m 
tones /A. A.i Shlnman (2 Sd) 147 125-71 
Jo"*s_ Edward! iCentTactPrs* iTOai 10:.- 
(2-4(7’ 

Jrmes (Ernest* (Jewellers) New IlOo* 1 30 
9 7 41 

Jones Stroud (Hldgs.i *250* 86 125 7) 
Journal .Thomas) >10d* 39 (26i7> 

K Shoes 25ai 67*:® 7 (28I7». 6 -ocDb. 

70'*® '28 7* 

Kavser Bonder 6*-PcDh. 63‘^l (23.7* 
Kolsev Inds. IOpcPI. *03® 

Kcrredv Smale (IOdi 41 39 i28/7t 
Kenning Motor Group 7250' 73 2=: (23:7. 
8rfLn 95';® 

Kent .George) BocLn 65': (2877) 

Kent (M. P.i "I Op* 39 
K(een-E-Ze HWgs. f25o. 72 *257) 

Kode Intnl. '25p* 142 
Kwlk-FH "Tyres Ejrhaum* H'dgs. >10o) 
50 1 . New 'lOD' SO 
Kwik-5ave Discount Group (lOpi 74® 80® 
2 BO 1 4 

L — IH 

LCP HJ0bs.^25pi 89. New (25 p* 16® 

LK initi. Invests. i25fl* 38 UtiL'7) 

LRC Inlnl. MOpi 38 ?® 7: 

Ladbroke Group ilOpl 171® 2® 69® 7 
70 69 71 2. Warrants 890 90®. 8 PC 

Ln. 65 (24Y7) 

Lad-es Pride Outerwear (20 d> 60 
Lalna iJohni Son .2501 193. A i25pi IBS 
Zof 1 ? 1 

Laird Grouo '25p* 92® 3 1 >3. BpcLn. 93 
Lake Eilioi (2501 53 

Lambert Howarlh Group (20P> 40 *2S'7i 
Lane 'Percy* HOP* 54': <24(7) 

La parte Inns. 'Hldgs.) 'SOD) 117 16 IB 

Latham Oames) 130 <25(71 
Laurence Scott (Z5p< 100®. 5**pcDb. 55 
>25IT> 

Lawrence 'Waller) .25 p> 93® 

Lwd Industries Grp. iSOp* 143 .2617). 

7pcPM. i50pi 25 * 2317* 

Leaderflush iHIdgs.t <TOp* 23 <2BI7i 
Lcbus 1 Harris) *25p* 47® 6 
Lee Relrlgeration >250' 70® 1 69 <28(7) 
Lee (Arthur* i12'jdi 21 i24re* 

Lee Cooper Grp iZ5p> 120®. New Ord. 
*25p- 119 <26171 

uOKh I william) < Builders) New i20di 14® 

Leeds plgL Dyers Fin. (25oi 66 <26 7i 
Laps (John J.I IlOpl 43® 39® 41 i26/7> 
Leigh interests 'So* 167 New <5 pi 169® 
d 70 

Leigh Mills 'ZSoi 17 i2B/7t 
Leisure Caravan Paris ilOp) 135 4 <2Si7i 
Lcnnorts Grp. <10pi 35® 3 iZ8/7i 
'-esney Products iSp) 76® 8® St. 7*:pe 
PI 57 Ij i2B/7) 

Lrtraset Intnl. 'lOpi 144® So 4 2 3 5 
Levex iSn* 9*:. New *5pi 9*i iZSITi 
L tfwfs^ Uohni Partnership SpcPI. 39 *» 

Lois’s inv. Tst. SocGtd.litMtg.Db. 81*: 
<24(7* 

Lex Service Grp. r25pi BS':® 4' : ® 5 3*; 
6 51; Second Series warnr*. to sun 

'Of 1 Ord. 11 *: iZSITt. 8':pcUn*.Ln. 
S1-:« 1: '26/71 

Liberty Non.V <Ev Caoln.) <25 p* 150®. 
9-SpcCum Prl. 100® 

Uden (Hldgs I ilOp. 19*;® >2 
Lliieshafl .Thct ,iopr 34® .2Bi7» 

L.ller <F. J. C 1 *25di 70® 

Llncroll Kllgour Grp. HOP* 52*; <25/71 
Llndusti-ies <25pl 143*:® 

Unfood Hldgs. <25 p' 153® 4® 4 . New 
'>-5p/ 144 J 3B 42 40. IZpcCnv Uns. 
Ln. 205 lj 6J« '• 

Lister i25p) 45>: <26/71 
L Ln rd «2* HJ HldBS - <Z5,,, S9 ®- 7J,oe 
Lortw rniomas) (Hldgs.i A N.-vtg. t5p) 
London Mld^itd Inds. (ZSp) 89® a® go 

London Northern Gro. <15 b] 32 1 

London Brick L2 5 p> 70*:® 67® 70 1 b 
69<>. 14PCLH. 133 1 <25/71 
Lang Hambly HOp) 40 

Langtan Transport Hldgs. CZSp) 63 <25'7) 
LonriKi (25pl 600 60 1 2 . SDcLn. 1990-35 
62®. Da. 1981-86 62 
Lonsdale Universal /25D1 87*; 3 >26.7) 
Lookers '25o> 640 
Lovell <G. F.l 1250) 34 S *24-7) 

Lovell lY. J.I <H*dgs.l <25 di 70 .2617) 

Low Bonar Gro. iSOp) T69. 1 2 ^pcLn. IDS 

Low <Wh|.) (2 Dp) 108 (26/7* 

Lowland Drapery Hldgs. <25 d) 47 *. 

'-S7J 

Lucas Inds. 308:® 16 : 17 15 . 7LukLp. 
73*1 <25172- 6*tiicLn. 124® 

Lvon Lvor Q5D* 81 

Lvons tj.) 99® 100® 99 1 00 1 2. 6 dc< m 
D b. 6SI- <i4-'7). 8L*PCLn. 501® 60® 

l*. 7l*DCLn. 82*:® 

MFI Furniture Centres (10p| 113 14 
MK Elec. HldOS, I25PI 196 7 5 
Mt Hldgs. >25o) 147® SS 
MY Dart ilOP) 63<: 

Macame vLcnaorv) nlOp) 20*; f25'7t 
Macarthvs Pharmaceuticals <20p) 100 ® a 
MkBrjde ^ntoberti iMrtJdleton) <*Oo< iso 

McCaw L’Amic Grp. IZ5ot 13';® 

McCaw Stevenson Orr SncPf. 25 .21-7) 
Macfariane Grp. i.Clansman) >25p) 70® 

Mack XV (Hugh) i=Sp| 44 *s .24171 
McKevhiric Bros. rZ5o) 87. roncLn. 82 
( Z&'/t 

Mack! non Scotland U5o) 50 (25.7 ■ 
Mackintosh .John) Sons 4>-pcPf a 35® 
GbPCPI. 52*:® * 

McNeill Grp- <25p) 37 <26>7I 
Macphcrson 'Donald) Grp. <25p) 76 
Magnet Southerns izsp) 202® 7 5 2 9, 


81 


S-25PCP1. 66 

Makln fj. J.) Paper Mills (ZSp) 
Majllnipn-Dcmvy <Z5n) 51 ij® 50® 
4.2pcPl 43';®. * 6 0w?ndPT qg 

Management Aoency Music i'IOp) 75*. 
Manchester Garages ilQpi 331 - 
Mender* >H(OB9 1 <25pi 94® 

Manganese Broncxa Hldg-. i25di 81 
Mann Eoerton 7';pcP(. 63': <26171 
Mule (Hidss.) uopi 19® 19 . toiricLn 

Marthwlvl (25 d) 141®. 9pcPf. 89'-® 
Marks and Spencer *25pi 16SI-® a-.® 7 
9 B 6 4 5 6 L 7pcPf. 58® -* * 

MJrlev <2 SpI 79*;® 80® 2 80 1 79 
Marling Industrie* (10p) 29 
Marshall Cavendish tl Dp) 50 (27/7) 




Pem/jnd Indusi.i.'s .IOdi ISO .1 
Pcnlos (IOlO 96. lkPC'. l -*.*C.Ln. 
Perkln-EIniei 4p,Uns...‘.Ln 
Perry iH.- M-.lurs (IS<-* 1 I 1^0 - J: 
Pelbdw HMo-. IlOp- iOS>7- <1 Nrv, 

(too. TIJ4U-. 1 0 pcPr a 

Peirocon Group lll':p. T 1 .17 ”• 

Philos F inane.- StiorG'd.Lr 5-1 : ;27 7) 
Ph'ienix Tim oor C'c) 10 O >2“ 7- 
Pfiotc.Me l«*:ef i:.*p< Ii»5 <25 7 * 

PirL'cj -Wm.* A - 10 a- 10', 

Puce __ Hldgs l 20 o, 55. A tlOpi 00 

Pl/klnoron Bros. 564# 5* 740 31 5 6 
Plastic Cen-tiuctlan 1 (Op! 45# 

Plav lan's iScarbcxeuQh. (2Eni 05® 

PieiMirjmi SO' 64 

PICMuv 'SOP* 95'- 4 5 6 '- 

Plvsu no?) -is 90 

Polly P*tf< /Hldgs • (I On* 9 (15 7) 

Polvmark Inlnl. .10o' 6 &: 

Portals Hldgs HorUns, c Ln 1JJ«I5 7< 
Porter Ch.trfhurn ilOp* 103 <25—, 
Portsmouth Sunderland Ncw*BlUC.S -lid* 
6 d .-25 7* 

Porv.x'r *I5D> 10'.- 12 (277* 

Powell Dti'irvn <S0t>* 1»6 
Pra:( (F.i Enc - 4 Cpn. .IS**' SS® 9 . 7-,nc 

l/nscc.Ln. 5S:® *27-7), SacUnsec Ln. 
76:<h 127-7) 

Press Tcolf. (top- 26 
Press iY( ■ -Spi 25 4 1 - 
Pressac Hides. < 10 C 9 _ *. Ifl.SpcPf. 102 
US 7* 

Prestige Go i2Sd* 163 

Pretoria Porti.m.-i Cemeif (F2. I’j t2> 7* 
Priest iB • -Hldas' -25s. 35 
Prit'hsrd Sorvlfv* Go. -Sn. 

Prtjpr'rrijr, ci H.*»'s WLbar. 146 
Pollmsn ,R j 1 .so. 91 ,27 7 
Pve Hid}* I25n- 91* 


Q— R— S 


Queens Moat Houses <5a' 43': 

Quick iH. J 1 Gp. H0d> 43 *24 7’. 10nc 
PI. 94 *2517* 

RCF Hldas. i25p' 16 9 (25 7i 
RFD Go ilOo, 71® 2# 

Ratal Electronics < 2 ap- 266® SO 5® 6 a 
70 65 7 

Radiant Metar Finishing <12’:P' 7-7 .24 7* 
Radlet Fashion Ga i2Spi 50 -24T. 

Ralnc Eng Indus's. ilDpi 14® 

Randalls Go. 'IS?, 67 

Rank Org. *25 d. 2460 13® 50» 2 4 tt 
5 SO 6 otiDCPt. 43!®. dPdnpPI 54. 
5<:DCLn. 47 *< -2ui7*. tockn u5-I>. 

ID-kPCLn. B1 

Ranks Hovis McDouoall >250 54 ;# 5 • 5. 
bpcAPt. 46*:# ': 5‘.p.:Ln, 64'. .17 7*. 

3'rDCLn. 66 J . S'uxU. 59 

Ransom iW.. 1 IO 01 220 # 

Raniume Hobn.jnn Pollard »2SD' 56'i. 

BpcLn. 81*: i26 7* 

Ransomes Sims Jofwrie* 1S3 « 2 .-»* 
Ratclitte 'F. S.- Indus!*. ' 2 &P< 6 C «27-'7» 
Raictilh tGreat 6 tidg..-< , 2 Sp' 67 .24;7< 
Rainers 1 Jewellers, ilOo* 70 l*: 2 
Mai Beck <IOp» 92’:* 1# J® 2*. 

Redicut Intnl 15P' 42 *«. 8 -,DcUn*,:c.Ln. 
73® 

Peaay M.««d Concrete <25o< 1220 4 2 3 
5 1 . 8 *:ocUnsec Ln. 9S® <37/7i 
Rcciltt Coiman >SJp< 490 BO:. SocPf. 
39 '• 

Rc:ord Rlrtgwas '250' 75 

Redlearn Nat. Glass '25 p< 289 i24 7* 

- -i.usien 'ISe KO'B t 
F.C diffusion Te/evrslon S.95PCPI. 66 '; 6 
•25 7' 

Rediand fZSd' 151* 3* 49® 55 2 6 
Redman Hcenan intnl. (10o< 60 # 55': 9 
R-.--d I Austin' Grp. i25pl 98 9. A i25pI 
100 1 2 

R->ed Executive <5pi 70® 

Reed Intnl. 145® 4® 5® 2 3 4 S 6 8 . 
S'lPcUnsec.Ln. 36 7 '.-ocUnwt.Ln. 54',. 

10 pcUnsoc.Lt*. 63 ■* 5:® 70'.* G9‘: 9: 
Reed Publishing Hldas 9pcUiv.cc.Ln. 62 
»27/7l 

Reed 'William. Son*. <25o* 82*:® 

Reliance Kn-twear Gro. < 20 p* aj.s .77 7 , 
Reliant Motor Gro. 'Sp. tO': <27'7i 
Renold 124 

Rentokll Gro. , 100 * 59 7t : 

Bw«,<k Grp. i25p< 41 
Restmor Grp. *25P* 147 iZ6’7i 
R evertex Chcrns. 25p' 66 5 
Revmore i 2 Sd. 60 <25 7. 

RIcirdo Engs. M927 *25 di 20 E 
Richards Walllnaton Inds lOp* TO® 
' 27.7*. 7'iuc Unsec.Ln. SI *26 7* 

Richards ilOai 23 

Bicnards *LelCestt,-r' i2Sp> 73 '25'7t 
Richardsons LVesigarrh -SOp* £ 0 '- (27 71 
R*le> -E J 1 H'das .iod- 34'? < 35,71 

Ri* 'Oliver, <5o. 7 ij f, i 4 7 

Roberts Adl.ird -25o< 96!# 

Robertsc** Foods '29p< 175 re-»; 7 , 
Rortwarg Grn. r;5o) 131* 29:® r: 
Rolls- Povce Motor'. Hldgs '2Spl 103'-# 
:■!> S'.-<H 5# 6 4* : 5 
Rcpner Hldas. 25n) J 0 *j <20;7). A Ord. 
ilSnl 40'; (2471 
Resdl'l Hide. . 150 ) 17 (?7 71 
P of e print ( 20 n) 42® -27/71 
Rorhmnns Inlntl nr'-oi 58'’0 q 1 27 71 
Rotork nop-, 139 717< 

ROW* in Son Construction Grp .lOp) 104 

Rnwr-ree Mackintosh <50 dI 4Qo>-Q 9 7. 
EpcPf 45'- 

Powton Hotels 4 -:pcP'. 31*- 
Rcvai Worcester < 2 Fn) 156. 7/u:cOb. 

10 ':# 

Roves, Grp 05 o'. 3 S'- S 
Ruhrred ' 25 d' 40 .26.'7l 
Ruobv Port l.i nd Ci-ir.-ni Co. . 2 &o 1 HO® 
781;# 32 SO. GeeUn-. Ln SO-. '25,7!. 

1 *,prUn>..Ln 61 

Pu«x,;ll ■ Alri.ind-Tl .lQol £7 ,;j.71 
Pvan (11 H'dqs if.pl 14 

S L.“ nd . U - Store. (12 :o* 16': *27 71. 2S« 
Pf. 112 ':») 16 <24 ?i 
SuB Grp *250) 162® 

Sabah Timber Co. ,i')oJ 3H t. 

Saaa Hides. IQd* 153 <2571 
Sainshurv , J.I 22 ;® 2 1b 25. OmUnstP. 
62 <24/7) 

Sale Times and Co. (25p» 263 ,26 7) 
Samuel ,H.| < 2 Sp, 317 .24 7*. A Ord. 

■ Z5D> 36# 

Snnrtemnn . Geo G « iI5n< 52# 

Sanger ij E J (TOtrl 27!; <25 71 
fisngers iGro.l , 25r.1 B I t25:7> 

Saviile Gordon (J.) Gre. .100) 24 
Savoy HetiH .lop* 77 ® <27 -1 
Scooa Gro. <25p, 95 *? <25(7). bpcUn*. 
Ln 66® 

Senium bL-rq-rr iSUSI) SUSB 2 ': (26,7) 
Sroiros ,I5u. 7S4- . 777 , 

5co« Robertson ,25n) 4' : ? ■ 27-7) 

Scot. Agrlc' Inds. 220 i24'7l 
Seel. UnlvcTsil Invj. -75n- 115# 15 
Seot. English Europ. Tev ,20nl 62 .177* 
Scot H.nt.lb'r- Trii-.t ;jpl 4 1 # 1 Do. 

New iZSp. di) .27-7* 

Scot. Homes Inv (25n' 17 i277t 
5r«r. Television N-V A CtOoi SO 
Sears Hid 7 -. , i 25 p* ST * 40 * 39*:- 
New (25o1 409 37*-<K 40*.- 40 
Sreuriror ,23nl lib <25 7*. Do. <75*** 
IIS'S (27 “i A N-V . I£-s< 115 <24-7>. 
Do. New i25n) 118# IZ7-7' 
wcirltv Service* '2fp- 113 i25.7». Do. 
|||o* i 131#. Do. A N-V < 2501 116 

4 - <Lnrs ln*Prtuti ;lDni 39 *.# 1 . 

5- UiK-Ourr .5n> 27 'iHPCI.n 7S (26.''* 
Si-n.cr Eiiij '3 -TtJn- 251 '..® 5 * 4l'<*# 4 
,-—l -.'Soi as 

SX-iL.np-'in’- , 'fl' -ph, '5m SOU 125 71 

h-ifnl W'-r .r/ln, IQ', 

'•h”V r,ri.«-. , a .1 

IIP* IFr.vncti.l *2un- »9-- 

pn--~ahrido-> Enn o *2 Sol 71 

Sheffield Rcfrunhment House* (3Sp) 5* 

Sherman rfamur/. iffipl IS'- (24<7‘ . 
Si-ii iw inns, i sop* <)6# 7':. 7'juci.** 

52 .24 7- 

Sicte Gorman .25pi 180 





financial Times Saturday July 29 1975 

_ j» Hunter (IObi &z J 

SUjgjyJ** 84. Ou. NW (lost B 8 

SiuSSew Lubricant* I topi 6£ii « 7 ‘ 7 i 

ptvrRbam* (IOOj 18® 1 J 

Simon Ens's l2£p' S37S 
isao Group l 2 ini bo 

a&w 122 t. do. Now (2Spj 

Sawn (John C.i Tldnus t;sni 30 1 Z 6.71 
smalt J.) tComractorsl iun» 4t>. 37 . 7 , 

SffMtn. ■«« rH»lw* Anoc. D 0 n> 72i;» 1 , 

3 ij »•; SocLn. 152'.-® *" 4 

Snip ibavld S.i iHIdgs.i iZOpi 107 ,ari-, 

SmlttlW- H i Hlogi.j A SOnMh?® 6' ba 
61. D HOP; SO 20 ■» Ij 125,7). +i««(*7 

tSrn Wniiwonn (spi lai. 

SBhln Inh. iSObi 17>.®. ni-ocOO. *7 
7>'IKLn. B 2 '«® 3 ® t3?.7. 97 

Smurnt Ue"f-r*on' Grp. i2s n j 2044 

„*£“»» 56® 

iora Cortex Hwaj. llbpi 75 127 ?) 

SflPrtt PSfro Kerra-t Grp. t; 5 pi 307 a < 

Southvnd Stadium >5 bi l5 iZ7 7i 7 * 5 
*?ZATi" t ‘ , “ Hruc,,oni •HldOi.* ( 5 p) 7 
Soear'j'nd J«L».wi lull. OSpi IZG IZ6.7) 

ior»r ia-W.l lZr.BM ,r, 5 ,247, 


SnnwSwra Lng lZ5t«> 170* 60 * 27 - 7 * 
SqU'rrm Horn u?--pi 35 
SIllW* Inll. iz:,n> ID* 0 •- 
SUO Furniture Hldg*. C»i 116 
SWWU 'Rco ' iICbi 30 ,27,71 
Star Aluni.nlum 7l;pcD0. bOl* 126,71 
Miilillr Lng, C,rp. ,Z00' U7 (27 7i 
«*»*? d 1 m: - 1,0 P' 70 |27-7I 

SUVCtCV inn-.. 2(140. 7«-DCLn. 63 I25'7» 

Strap and bnnnon a (ZSoi 39 40 i 25 / 7 ) 

Steel ■•«». Hlooi. 125BI 244 |2*I7) 
smarter ,25 bi lyzic. G ,27, 7 , 

Strinftrro ilOpi 17 i24/?t 
fiirrtlno Industries (Z'.pi 24 * 

SWiJwn fHuatij Sons C'juclalDb. S1L,® 

Mcwart Pljirkf CJ 111 i«gn 1 * 

SIDiklflkc HlOir.. tUpi 66 5 ,717) 

l=5B> =S ‘ : * ,2 ™'- A 

3Smf!i'it n ah , ' lM l26B ' ,Ws * 19 191 

SlrcCtrra 01 Gudulmlna flOpl 21* (27)71 
StrOOd RHcv Drummond iZ5p. 30 ' 

SlurlU HMoi. rlOpi 16 14'j 07,71 

Srvte Shoes il2Spi 60 i24,7i 

*T?SST ‘ 1<h> ’ ,S - Nc " 

Sprain c to tiles rJOol 26 0717* 

Sun Horn Service Grp CIOpi ZB® 3a 
Supra Grp iTDpi 52 

SntcljBo Speak man New C5 p) 31 tm 

SuW £ let Met I tDp» 1GH i27I7> 

5*rtn Nuntrr Grp, 139® 9 
Swan gJotam Sons 231 iZ4,7i 
Swire t'Jabnl Sons G.SpcPI. 67 r2S.'7> 
5*moods Enulneurina ISb) 2a (25/7) 

T — U — V 

T (25*> Gr *' MM I8 «j. 11 i-.pcLn. BTl- 

iFSfr&WS* 1 *** 103 

Ttvrnrr Kutlrdee r 20 p) 81 ® 07171 

Tavkw Woodrow iZSpl 3660 8 70 
TrtrtUtt Grp. OO 01 IO «Ml7) 

T as* ! ? l S , 6 5 8 > ,33 ® 6 ‘ 0re '- 22 's* 

Teiemslon rsoi ss fze/7). a «8pi je* 5 
Te^none Rentals «2&»i 148® 1 ® 40* 6 

T 37?7f ,ntL Shs- CtMT1 - S**- 1SUS100I 24ii 

Trm-ConsuLue (2Spl 60 r2Sl7> 

r«c<» a Stores _ iHidos.f c5o, d8<.® 80 a 

lectured JceCcy nop) 26 f25l71 
Thermal Svndkile >2Sp) 95 
TT»omipn_Or 0 Jnn«ll 0 n IZSp) 2570 SO Rfl 
? s a 7. SJISocPf. 62i;. 21.7PCPf. 

i2 Sgl 5a. 7 'iBCLn. 65 1 27/71 

Thomson T-Ltne Caravans (25p* 55 i2S|7) 
Igw.tt*. Indus. tZ5pl 3630 4* 5 70 
too“ i 27 ?i W ' ” ,27 ' 7 '- SocUnscd.Ln. 
Thorpe <T." W.l (TOP) 64* C27/71 
Thnroar Bardem ilQpi 17 ,• 27 71 
Titling. I Thomas I ,20pi 127 f.® bi 3 ® 

n « • b,,£ 


*!!>,': 30 29 S.SSpcPt.' 577’ 
Ultstd.Ln. 7H; C24 7i 
TuheProa*. HOP. ISB® 90 06 0 (277) 
Tomkins iF. H.) i.5pl 22 i s «24.*7l 
Tomal i25p> ■ 46® 7 t : B. 7 ijpcDb. 6B>« 
i2*'7». > s.iacUnicd-Ln. 631® 

Towles A 1 IO 0 ) 4 3 
Tove i25p) 65® 

Taxer Kemiiev Mill bourn (Hldos.i <2f>pi 
67® 7. flDvUnscd.Un. 93 :26 7i ' 
Tmtaluar House i20p) 12B’.® Ji* 30 1 2 
. pcUnsca.Dt. 46 124 7. . 9'jDCUnicd. 
Ln. 70*4® TOt.pcnsrd.Ln. 7Si- 

Transparcnt Paeer i25p» 64 a 1 , f27;7* 

3 5 k °5 D * lp, ‘ Gp - 05®' 'SO J<; 31 ] 
TraowoPd Gn. )5pl 3*4 13771 
Travis Amnld iZSdi 1 40® 

TkoviIIp ilOp' TOO 68 
Tndent Trims, an A lippt 50® t 
Trlrlm New ,Z5p1 7S ,34 7) 

Tnplev Foundries Gn. iZSot B 6 (3571 

Farte fZSn' Z 33 * 7 6 5 4. 
ife sub. inr Ord 1 I 3 ’ 4 . 6 ZSoe 

iy 09 * .’W- 90 , c t”- ‘ ‘ ' os pc 

i ., 5 ■* : “5 »•. 7.S7forUnsrii Ln. 
9 IrtUnsrd.En. 71'*: ."Z7 71 
Tub# |n»fwt JT4-I BO Zt® 80: 4 1 * 5 

Lr.® 64 ; . BK .r6 7 ,lB rV>.. _T.“KUn*cd 

Ti-n-.I Hftbi, R >f.Pnl 30? 300 4 
Tu.nrr Nrw.sll ip?s '» t ) W , 

Tinnw Cniei-n 1 Spi 11 ,;s 7 ) 

Unyrdln. 101 .? r 71 
Tu-n#r -W F < .Ton' J>i. 176 7 1 
Turr n Cnn ?fi 

Tvteni 'Contra, ms' 1 : 0-1 77 


08M Group ,2 Sb) 70 6*1 


V &00 M KOb> 1250 30 29 ‘ 

Vmeiicq {Sd| z ( 2 W 7i 

vi«£ 5 b 77 Z ,: ® 81 73 a 7 . 5dcp*. sat® 

V M.%0 PrOdU * U w * l,le, »W (2SPJ 1420 
Vinws flop. ig® t 7 
Vlnien ( 2 tJoi 165 7 Q 2 4 
V«PCT (25p) 1800 7 

W— Y— Z 

wJKKS? mop) 7t 
WMdlimton ijolin) ,25o) 216 

9 «faStt« ,, “ (10B1 30 (24^). lOpcPf. 
*4^2, Owartmenui Stores A ( 20 p) 56 
t2W77 

ffiaE way. *asp) 129124 / 7 ) 

wt MM in now us« (24f7J 

JJ*'? 1 " ( 71 l“ ,T,r,sl . 12 €27/71 

Wallis Fashion < 10 pi 130 5 

V pt d 4? 5 -® 5<0nC ‘ ^SP, 90 3 <a7 - ,7J - 7b * 

Ward mips. 11 op) 33’ 2 ® 

Ward (TUos. W.l (2 £p, 771;® B fi>- S>- 

u5i.Ln. ,, ^r5g?.4r- 79,: U7m - 7,;b£ 

W 90 d i24 , 7i e C25B> BS ® 4 ' 

'"saste < S3 i^^vj?* 1 21 ® 2i< <z7 - 7j - 

uutrn? £"!°" (25 d) 125 2 

S""'- WHIM Rowland ClOp) 60® 60 
Warner Holidays A ilQpt 5Zt 
Wamnmog rr.) « 26 «i 53V: 

1 oSa. yrfopr* ^ op5 38 <a “ 7 '- 

Wasuril CJ. W.l (5o) 5 ® 

Waierfard Glass iSpl 540 5 fi 7 
Wnlatnim rZEpi 240 3 

HDO’ 54’; 127/7) 

5H«‘ Blako Bear no 12 5 pi 1 M 20 Otsr7) 

WcS^lPfspV Vo,.?" 11 * 7i * 30 a ™> 
Weber Hldos. I 50 d") 130 (24/71 

Publ/catlotis ,‘Sp) 57® 9 7'- 

W 125®*? ,, 7 CaSB * 1 * 5 ® 6 ‘ NCW a ^° ] 
Weir Go. i35pi 122 ® 

Wcllco Hldgs. t 5 p) zS'i® (27(7i 
Wnt Bmmnwh 5pHn« (ilOp) 28* 627/7). 
.J '-pPCPf. 11 Dill CZ7-’7) 

Wositmck Prods. e«*) 49 
JTrsicm Board Mt/is «lOp) 70 
WriTlnp house Brake 5/gnal C25p) 55 *j® 6 

V 1 < ?. M 63® etSp ' 3fi ® * H ^ 7V ® C 

w ( S^‘ | m * c r* Country Prom. (Z5o). 15S 

Wcston-£vai,s Gp. QZOp) 1300 C27r7) 
Westward Television C « 10 p) Z5irf 
W ha ntngs i25p) 41 t2di7i 
Wheelers ResuuraiHs HObi 365 S C27f7) 
Wnessoe (Z5p) 13 

Whewav Watson (tHdgs .1 C5p) 16® 17'u 

Whilecrcrft £Op) 106* 7 (27*7) 

Will rehouse (G.t i£ngng.) (50p; 95 105/71 
llpcPI. 99® 

Whitcler (B. 5- W.) (25p) 30 (27/7) 
Whlttingham *Wm.) (HJoas.) C12>8>) 35. 

BpcLn. 58 (27'7i 
Wholesale Fittings iZOpI 160® 3 
Wlgi all HU izspi 2Z9 (27/7) 

Wiggins Construct (lop) Uii® 1>t 2 
wmgins Tea Be 4-i:PC2ndDb 84 <aa/7> 
Wilkes rj.) iZSp) 56': =6/7) 

Wilkinson Match 177®. 5t»cPL 39 
(247) IOpcLh. 889 
Wilkinson Warburton <25p) 720 3 
WilHams James (Englneersi 125p, 96® 19D 
William IJ.5 Cardiff l25p) 455 
Wilmot-Breedon iHIdss.) 63® 40 4. 

ZOocPl. 34 127/7) 

Wilson Bras. < 20 p) 42® _ 

Wilson iCJ Hldgs. l25p) 13B® >Z7I7). 

lO-'PCPI. 98>t® i27/7) 

Wilson Walton Engineering HOp) 55 
Wimpev ,G.l >25 pi SI® 79': 82 1 
Winn , 20 p) 44 I2E/7) 

Witter iT.l i25p) J9'z 
Wolf Electric Tools 1 Hldgs.) i25p> 88 ® 
Wolselev- Hughes t25p> 200 
Walslenholme Bronae Powders )25g) 220 
Wolverhampton Steam Laundry (So) 15 

asm 

WerntTwell Foundry dOp) 22 
Wood Hall Trust ,25pl 96 8 <24>7) 

Wood IS. W.) i2Dd) 39’. 12617) 
Woodhead ij.) I25 p) 89. 9’;BcLn. 60 

Woodhonse Rlyson (Hldgs.) HZho) 28Vi 9 
Woolwerth ,F. W.) i25p) 67 8 6 ); 

Yarrow iSOd) 275 
Yales >W. E.) 40 i2«m 
York Trailer Hldgs. nop) 59 
Yorkshire Chemicals 1250) 105 B lOpcDo. 

78 >2417). 1 Z’lDcLn. 135® 4® 

Young 1 H .1 Hldgs. l25p) 33 .2717) 

Zenith Carburetter A ,Rcg.) i50p) 87 
■ 2417). A iBr.) <50p> GO 12417) 

Zelter iSpt 54,.- i25»7) 

ELECTRIC & POWER 

Brascan A i»pv) 10V 125 7) 

Calcutta Electric Supply 73 i25/7J 

FLMANCLYL TRUSTS (121) 

Aktovd Smuhcrs t25pl 215 (27,7) 
Antfiu-Atrican finance i7<:P, 13‘^p 
Angle-Continental 9i:pcDb. 84 126/7) 
Aujiralian Agricultural (2AD.50) 116 

•24 7/ 

Bkt S’ipcP*. 41® 

Birmingham DlSt. Inv. 4,;pcPt. 35 124/7). 
SishdosgaU 1 Property 7’: 7 
Br.tanma Arrow i25p) 15‘i 16 15 
6 ’:pcU"«d Ln. I Charterhouse i=5ni 6 b 7. 7pcDb. 644* 

D ally' Mail i50p> 340. Do. A 327 X® 
! 3b3. 5pcPi m>: 
i D.ngety 272* 30 4 8 3 
T 5PC , Dawes t25pi 17 

Diwnai Da* iZSdi 43 
Ed nbuigh Industrial H2 <ipi 13'x 
Ll>. .Lira Int. "25p> 119 i27,?l 
Ersklne House Imr. (2SP> 39‘i <26/71 
Exploration -5pi 25 i24,7i 
FI- st National Finance Corporation (10m 



127/71 

Union Inti. CnsPI 41 -j® 7ncPf. f.1 
Union Steel .5 A' U0!.01 VUS21 >.• (27.7) 
Un.Hhh .10n' 145< * h 
U'lirfl ^Biuu.ii *Hi.ig r . 1 ,2&pl 82® 4* 

Un i-H Carrirn. -tOpi 93 h-: iZ7 7' 

Ur-led City Merxh.ihl* (lOp 1 620 4 S. 

1Cr.-Cni l/r.j. In. ,1Pn) 64 
United T naineerinn indt HOp' SO 
United CiMiamcr ■Hldo-. l ’fm) 21 i27 7) 
Ur-.-ien Newsr.-iperr ..’Spi 354 
Ur-M Scent Inc Hldos (=5|i! 3200 7 


76'* 127 7). 3- PCLA 69': 1277,. 10>:0C 
tn 91®. 1 1 -jpcLn 97 
•;-f.thu HOP’ 22-; (24 71 
-lavds and Seott.slt ,20b' 96® 

London and European Grp. OOpi 25 I25/7I 
Loi’oon Scott- sh Finance Con, ilOp) 37® 

Mansun Finance Tst. i20pi 52 
Mirt.n .R. P) i5ol 49® 

and AlUn mu. -SOm 1880 90® 90 
, Bfi Ord. 5h. Warrant 101. IstPI. (50m 
I 7! 


»$!*„ ^ Gwup .inn, =r-* | ^^^^wnf.le HId^ ',^9® 1 O': 

Un.l’oe Wire Group (25n* 64 (27:71. 5 pc ! rrnvider.t Financiai Grp. -ZsV" 1020 1 
PI 11 - .27-7? ! (27 7* 

UtV.r-ne hi -10 p* 1 2 •: .27 7 1 1 B-S(.h.v.«lh *25 p) 210 '27.7)__ 

I sine Darby Hltlgs. UDpi 109. lOPCLn. 
Valer .:r.e' 4a* 7’:. b'*pcPr. 52s t -ton Ren - Z30 (25'7i 


I LOCAL AUTHORITY BOND TABLE 1 


Annual 



1 

Authority 

yrnts 

Interest Minimum Lire or II 

Cti-fi’p/.'iwr iiionIvt in 

ini crest 

payable 

sunt 

bond 

j.iirriirhi’scs) 






% 


£ 

Year 

Farnsh-v Mi-tro i«22c‘. 2032321 

11 

{-year 

250 

5-7 

KttiiW.'-h'V 1 tlfi 1 :‘>4S R.ij5) 

m 

J-vear 

i.oon 

5-« 

Poole (02013 :ii:»n 

wi 

i-vear 

500 

5 

Pilule ■ 021113 -lir.l) 

iii 

4 -year 

500 

G-7 

KisibriUg*. (UI-47S 3026) 

Hi 

}-year 

200 

5-i 

Thurrock 10375 7. 122) 

it? 

?->ear 

3U0 

4 

Thurrock (U37.i jI22) 

H 

l-ye.tr 

300 

3 


SS® Bros. (25nl 800 Vz 

BS5SL. %!?■!!?« 51 «4t7. 

Grp. (RO.ZCi 84 126 / 7 ) 

United DdmlMAni TK. U5p) 41 13 ® 1 ® 20 

H- ffST 33 asm. 3 . 1 5pc3rd 

(24^? s ** ect *° n and bvipmnt. QOpi 
Yui e Cairo hodi bi 174 .- 7 ) 

Unochreme Inti. (10 b) izh 0717} 

, _ GAS (14) 

Continental 392® 5 90 4 T. 6 pc 
lMm n B« n n 1 i 1 7PcCny.Uns.Lm 

1650 BO 9 6 

„ INSURANCE (109) 

Bo wring ,C. T.) 123p) 1111- 11 12 13. 

?25?7) f ‘ 561:1 l2Gf7 >- BpcCny.UnS.Ln. 106 
graninall Beard (Hldgs.) (1Dt» 33 (24/7) 
Britannic Assurance i5p) 183® 4 2 
Commercial Union .25pi 151® 1 So 2 4B 
49 51 r lnsurlnce aSi» 1490 50 (x 3 
EcelKlastlcal Insurance Office IQpcPf. 103 
£°‘ i l l fv,, 1 -aw U(C 150) 164 2 6 (27/7) 
G ^ra , Apcrden t Flra Life (29o) 2150 
Itt® 22® IB® IB 20 3. 7*0cUns.Ln. 

Guardian Royal Exchange (25 p) 22 a 4 30. 
. 7 pCPf. 671®. 7pcUrvj.Ln- 61 
H to it 3 , 4B U " Allllra,Ke (25 p) 348® 30 
Heath (C. jE.) (ZOb) 285 
Hogg Robinson Group 125 n) 198® 200 
Howden lAlexapder) Group (10p) 166® 
4® fi 7* 60 9 70. New HOP) 166* B 

Legal Gen (5pt 164® 9 8 6 
Leslie Godwin (Hldgs 1 (10p> 121% 1 
(26/7) 

London Manchester «5p> 142 
London Utd. Invs C20o) 180 (27^71 
Matthews Wrlghtson Hldgs (2 Op) 185 1. 

7 ^oeUnsecd.Ln. 71 (26/71 
Ml net HldBS. (2 Op) 202® 3® 7 8 
Moran (C.l( 20 pi 62 6 OI 1 60 
PeaH (5p) 238 8 4 
Phoenix Q5p| 256® 4 6 
Provident Lite Assn. London A (Rag.) 
125 b* 132® 

Provincial 2SpcPf. (20 b* M*j 
Prudential (So) 156® 51 B 6 4 1 7 
Refuge «5p) 140® 

Royal (25p* 3720 8® 9® 82 80 77 
Sedgwick Forbes Hldgs ( 100 ) 435® 5 
South British (SNZ11 259 61 (27/7) 
Stenhou&e Hldgs (25p) 99® 

Sun Atllanco London 525® 30 5>ipc 
Unaecd.Ln. 72*. (27/7> 

Sun Life (5 b) 10BO 10 8 9 
Will Is Faber (Z5p> 265* 8 

INVESTMENT TRUSTS (202) 

Aberdeen Inv. (25eJ 52 0717} 

Aberdeen Tst. (25o) 146 
Acorn Secs. /DC. (3t*p) 73 
Alisa Inv. Tst. (25o) 111 V, . 

Alliance Inv. (25g) 104 (27/7) 

Alliance Tst. (25ol 232® 2 3 8«* 

Ahltund Cap. (50 p) 194* 5 
Alva Inv. Tst. <25p> 141® (27.7) 
Ambrose Inv. Tit. Cap. (25o) 65 >1 
American Tst. <25 p) 47**® 7 6V 8 C23p) 

46 (27/7) 

Anglo American Secs, Coro. (25p) 104® 5. 

4t5oePf. 34i a (27/71 
Anaio^icattish Inv. Tst. (25*0 46 
Archimedes Inv. Tst. Cap. (SOg) 38 CZ7/7) 
Ashdown ln«. Tst. (25 d) 128 (27,7) 
Atlantic Assets Tst. (25p) 1*1® 3 
Allas Elec tric G en. Tst. (2Sp) 63i a ®. 5oc 
PI. 40® 0.771} 

Berry Tst. <25p* 7T (277) 

Border Southern Stockholders Tst. (IOp) 
63 >3 

Brasllvest SA Depotltarv USS121SO 122S5 
(277). Do. 2nd Sers.) U SSI 2400 £9350 
(277? 

Brazil Fund SA CCr.1) USS1 2.50 12 AS 
12** (277) 

Brl dpi water Imr. Tst. (IDo) 76® 

BHnsh American Gen. Tat. BSe) 43®. 
5pcPf. SBta® 

British Assets Tit. (ZSp) 7Blrf# 9*a 
British Empke Secs. Gen. Tst. (5p) 11® 
British In*. Tst. (25p) 167i»« V <2 77) 
Broadstone Inv. Tst. (20 di 158 8 
Brunner Inv. Ttt. (2Sp) IDO (277) 
C.L.R.P. (25 p) 68 (257). Warrants 15 

C.SXTVsit (277) 

Caledonian (25») B5« 5 t 6 
Cardinal Defd. i25d) 112 (247). SncLn. 
91>- (277) 

Carliol (ZSp) 122 a67). 4PCPT. 9 (257) 
Cedar iZ5d) 67-:. i257> 

Channel Islands Income 141 (24/7) 


C harter Trust i25p) 11*!. 


Capital 


Cltv CnH.- Income (25 p* 

112 *-® 16 
Cltv and Foreign (ZSp) 78® 8 1277) 
Claverhouse (SOp) 83 (267) ' 

Clllt on HOp) 7 -VP 

Clydesdale ,25p) 84. B (250) 80® 
Continental Industrial (2Sp) 202 3 
Continental Union IZSp) 118 t267) 
Crescent Japan (SOp) 197 6 . Warrants 

9BI; 

D-.-benture Coro. '25ol 67®. lUocDti. 
87IJ (247) 

Delta UB 1 ) 124 1257) 

Derby Income 221 (247) 

Drayton Commercial l25o> 137 (2771. 
6 -*i>cLn. 100 ': '257) 

Drayton Con. (25p) 152. 8 >] 0 eLn. A 


120 ( 27Y7). 

Drayton Far Eastern l25P< 43 1* 
Drayton Premier l25o) 199 '2771. 


7»spe 

CiDital 


Ln. 121 (27,7) 

Dualvest Income (5Qp) BZiy. 

Dundee London <25p) 65 

Edinburgh^ American (25p) 128. BpcLn. 

Ed-nburgh 4 ’.’DC Dtd. 231® 3Q1*® 

Electric General (25pi 8 i277> 

English New York (Z5p) 791; BO's BO 

English Scottish l2Spi 79 (267). 8 (25a) 

>0* 

English National Invest. Did. (25M 501*0 
1 * 

Eou.rv Contort Invest. 112 as 7). Did 
-50p) 144® 

Eeulty Income (50p) 212 (267) 

Estate Dulles 750) 82 124/71 
F C. Eurotrust iZ5p) 57 
Firs: Scottish American t25p) ioa<*® 2h 
Foreign Colonial t25pj )77*i. S«W. 
41 ® 

Fu a invest Capital l25p) 64® 


Cn«. 


u.T. Japan i25p>- 163 ij (26 7. 

General Con. 4**DCOb, 78 tZS.7) 

'tiVtu is„r“ 166 "-■ 7i - 

Gcn.^Mwewws Trustees (25fl) 110 UWT). 

Gen. S«jUlsh (2Sp) 91 >2 057/71 
Genu, stockholders H2>-p) 119 
Glasgow stockholder*- *25 pj t04'j (27.7) 
Glcnoevon i2ap) IOO. B «25o) 97*a 
Oleum ur ray U5pl 75 is <257* 

Globe <25 p) IZO'j® 1 h. S'spcLis. 98*s® 
7i®. 6 upcJ.it. 137 (25,7) 

Govctt European U5o) 660 5 
Grt. Northern (25p) 104 h «25.7J. 4VK 
Pf. 36 U t267) 

Grp. Investor* i25p) 64®. Ogts. 10 124 7) 
Guardian i35p) 83 G17J7) 

Hambros X25p) 9a® 9. SpcPr. 37 h (267) 
Hill <4>hlho) I25p) 1870 
Hume Hides- A [25 P) 85 »i 4. 6pcFI. 
681 ; 9 (257) 

ind. Gen. t25p) 54-'*® 5® 4 St S **. 4W 
International (25 p* 79*i 06,7). Wrnts. 
Investing in Success Equities (25p> 155 

Iiw. 7 Tk- Guernsey rSOpJ l 57 

Investors Cap. ;25d) 671;. 5t* PC Ft. 41® 

Jardlne Japan (25p) 163 2 *277) 

Jersey External tip) 163 (27 7) 

Jersey Gen. 246 >27/7) 

Jove Inc. <1Dol # 451* (257). Hewlnc. 
HOP) 451* 5 (26 7). Cap. (20) 5b 
• 27*7). NewCan- '2P) 5)« (267) 
Keystone ffiOp) 137 02617) 

Lake View iZSp) 98. 4pcLn. 118 04*7) 
Law Deb. Cpn. (25gl 1081-06,7) 

Leda Income (20p) 36*i® (277 l Capital 
(So) 26 (27.7) 

London Hoivrood <2 So* 120 
London Lennox 1250* 57®. New C5b) 
57® New B CSO) 54® 

London Montrose <25p) 194 (2JJ7) 

London Provincial <25p) 119 186 (267) 
London 5(rathcivoe <25o) 44 Sh <S7 71 
London Invest. Tst [SpJ I 2bj) \ 3U 
London Merchant Secs. (2Sp) 92® (27/7)- 
Csoftal (25P- 85 6 (Z*-7> 

London Trust Did. I25p> 109 7 I k. 

New Dtd. >25pl 1081.®.- 4pcDb. 2*1; 
m and G Dual Capital hop) lift*- _ 

M and G Second Dual Income (IOp) 83 '. 

(2571. Caoltal (40) 21 Lt® 

Mercantile (25P* 41 J;. 4i;pcDb- 80 


te^pTSk 77 - 15 a7T5 

MontASu Bostoo tlOSi 600 1 (277) 
Moors* da a&p) 103. 3UMOO. BWs __ 
New Throomoifon Income (25pi IB (2/7). 
, CmU-h- TiB®. Warrants iCl Cao-Ln. 20 

Nineteen Twenty-Eight New (25b) 78 

Scottish invest. Tst. <75 CD 105 i^t, 6V 

3 JscPfd. 35 

Scoittsn Mortgage Tst. asp* 14 9.- SpcPf. 
«. SUpCPt. 41 (267 1 
Scottish National Tst. I25gl 156 B 
Scottish Northern Invest, Tst. i25pi 107 
6<i ,25f7i 

Scottish Ontario Invest. CSp. 74>s (Mffl. 

Ngw <25 p) 75’i (35 7* „ , 

Scottish Utd. Invertors 050) Bl’j®. 5X 
Pf. 38-®. BiracDb. 65 >* <297* - 
Scottish Western Invest. (ZSp. 1020 3 4- 
B (Z5oi ga. 4*3 pc pi. 34t® , 

Second Alliance Tst. 202. 4 ijpcDb. S1-»i 

(277) 

Second Great Northern Mvest. Tst- C25pl 

95 u 1 24/7, 

Securities T9. Scotland (ZSp) 195 <n CZ4/7J. 

4*rtCPT. 35«i 1267* _ 

Shires Invest. <50pi 133 (247* 

Sphere Invest. Tst. 117 
SteiUno Tat. «Sp» IBl’a <247J „„ 

Stocldiolden Invest- Tst. (ZSp* IO (277L 
4-i-pcPt. 32!*. S'rPCPf. 401® 
Tecbnoioav Invest. Tst. (25p> 96b i 7 <24/7) 
Temple Bar invest. Tst. (25 p) 98>j. 6 pc 

Throgmorton Secured Growth Tst. (25p> 
24®. Cap. Ln. 103 

Throgmorton Tst. <25** 75 ___ 

Tor Inv. Tst. Cap. (25pl 111-h 757) 
Transatlantic Gen. In». 122® 4 077) 
Trtptoveet Cap^hs. 152 3 
Trustees Con. l25p) 14IW 2’a 
Utd. Brit. Sec*. Tst. (Z5p1 135 AJa (27/71 
Utd. States Deb. Cpn. (2Sni ®9Jl 
viking Resoorcos Tst. -2Sp) _95^® Tt; S 
West Coast Texas Rea. Inv. Tst- HOP) 76 

Winterbottnm Tst. <25 pi 206 5 - 
Wlran Inxy. (25pl 97 6';. B (25o) 93 

YwmB Inv. Tst'. <25ol ITS® C27/7). 
4i-pcUnscd.Ln. 86 >: (27/7) 

Yaaog Cos. Inv. Tst. 81 r26/7) 

UNIT TRUSTS (14) 
MAG American Geo. Fnd. Inc. Units 
53 U* 51 SO. Accnm. Units 54 3 
M S. G Dividend Fdn. Inc. Units 1Z7® 

MAG Extra Yield Fnd. lac. Units 90 3® 

90 6 

MAG Gen. Tst. Fnd. Inc. Unit* 175 
MSG Hlah Income Fnd. Inc. Units 108® 
M 8 G Japan Gnu End. Kk. Units 172 

M 6 G Recovery Fund Accum. Units 87 8 

HINES 

Australian (6) 

emperor Mines tSAO.IO) 30 126/7) 
Hampton t5p) 132/30 (2717) 

MlM Hldgs. OMJOl 201 200 IZ7/7) 
North Broken Hill Hldgs. tiAO-SO) 122® 

North Kaigurll (SA0.3O) 13*. 

Firing* MnQ. Expln. l5p) 30 1; 30 
Western Mining tSA0.50> 141 38 (277) 

Jflsoellaneons (59) 

AMAX BpcSub.DbS. (SUS100) £69 (25/7* 
Awrco Incorpd. £11>ia <26/7* 

Aver Hltam Tin Dredg. Malaysia Bertisd 
UMalJ 367 60 1267) 

BergH Tin WDllram (25p* 51 1® 3 (277) 
Burma Mines H7bP* 12 077) 

Charter Ceosd. i25p) 143® 4 B 3. <8r.) 

(25p) 143 iZ57> — 

Cotud. Go/d Fields (25p) 1B5® 8 7 90 1. 


7a*pcUns.Ln. 62 
El Oro 


Mng. Expln. nop) 55 (2S/7) 
Gopen Consd. <25 pi 290 1 25/71 
Ka mooting Tin Dredging CSM) Berhod 
5M0S0) 72® 

Malayan Tin Dredg. i5M1) 400 (247) 
Nortbsate Expln. isCl* 390 <277) 

Rib Tmto-Zinc Cpn. r2Soi 222® 3® H 8 9 
3 7 5. Do. Ord. «Br ) i25d) 2S3. Do. 
Accumulating Ord. (2Sp> 220:® 077). 
EJ*pc Unsec-Ln. 62 'a 
Saint PIraiW25pj 56® 6 


Select Jon Tst. 
26 


5BI 424® 30 24 8 36 


sjlvertnlnes <2ijp) 462 

South Crafty (IDo* 52 50 

Southern Klnta (5M0.50) 200 

Southern Malayan Tin (SMU 305® (277) 

Tanlons Tm (15p< 95 (24.71 

Tehldy Minerals (IOp* 47® 

Rhodesian (S) 

Globe Phoenle Gold ,t2.;oi 62 
Minerals Resources KBD1.40) 186* 
Rhodesian Coro. <164p) 17 16 (2717) 
Tanganyika Concessions >50pl 165® 4. 

: Spew. (SOp* 85 (267) 

Wankle Coll'icry iSOoi 36'; -J26/7) 

Zambia Copper Invests. DBDD.24) 12: 

South African (56) 

African and European IH20D} SC (27.7) 
Anglo-Amencan Coal (RC.SO) 60S (24.7) 
Anglo American SA. tftO.IO) 324 6 
Ang>o American Gold ImrSts. iR 1> SU524 
B1780 

Biuieasgaie Plat- (P0.10) 90 89 1* 
BVvMM-lh3iChl (R0.25I 312® SUS4234 

Bracken Mines (R0.90) EO>a 
Buhrisfantein tRl) 9*. C7.7) 

Cored Murchison (RO.IO) 230 (277) 
Coronation Svn3. (R0.25) 67 <26/7) 

Dee I kraal (R020) 126 (257) 

Doorntorrte.n (fM> 300 295 747i 
Durban Roodcpbdrt <R 1 ) 317 (25 7) 

East Dagoa'ante-n JR1) 34 (ZS7) 

East Dnefonteln iRII o737 *US9.95: p769 
East Rand Coo ml (IOp) 28(aO 1 
East Rand Gold (RO.SO) SUSS <26:7) 

East Rand Pi«. om su54 (26/7, 
Elandsrand Gaifl Mining (RO.ZOl 231 

ElSburo -R11 135 SUS1.70 
Free State Geduld <RD.50) SUS24<. 7S7) 
Frift State Saa plaas IRIi 193 (24 71 

Gold Field S. Af. (RO.ZSi 1372p 5 127 7) 
GoW F/ekT Prop. -RO.OZi.) 77 (277j 
Grootvlcl Ptv. fRO j>5’ 5US1.44/ 

Harmony Gold (RO.SOi 414 4 18 
Hartrbeestrontein iRi. 5US1BS 
Joftartnesburg ConsM. In *. <R ) i3/«® 
Kinross mu 424 8 
Kloof Gold (R1) SUS7.80® 

Leslie Gold iRO.ESi 47 .27 7) 

Llbanon Gold (R1. SUS7.55 553p (27.7i 
Marlevalr Cons Id 'R0.25 , 63 (2771 
Messina ITvI.) iRo.50, 8^7 


Regional Properties <25p) 76® (Z7i7) 
Regis Property ®>:PCLn. 59 (2-»73 
Rosa Tomgfc«*»a,C25B) IM _19 20 
lanial Pr ope rthrt.ar 


Scottish 


dltan 


<20p> lOBJg 


second city PPOPertloa (IOp) 36 _ 
iijKJon Estate CZSbi 1.19® IS 20 1 2. 

Stock Conversion <2 5 pi 258® 64 

Surriev (Bernard) i25p] 227 9 
Town City Properties flop* lT'i:® 12 U 
IS 1 2 Ij. WJrranls 7L (24/7*. 6l»PCLn. 
82 GS7.T). lApcLn. 09 izfr7) 

Town Centre Securities USp) 53 4 
Trcfioro Park (25n) no ( 25 / 7 ) 

United Kingdom l2Sp) 20(3 20 (757) 
United Real Property (asp, 256® a 
Warner Estate (2So) 133®. 6<aPCLn. 

5®>j a«7i 

Warniord htvest. QOn) 262 
Webb (Joseph* (5o) 16 ,24.71 
Westminster Property (20 b) 17!» t27m 
WMsMn Estates >25p) 37 ij (74/71 

RUBBER (17) 

Abort ovle Plantations I8p* 6 (24/7) 
Bradwull fF.M.S.) Ests. -1 Op) 56 c27/7) 
CastiBheid (Klang) Esu ,10p) 245 (25/7) 
Cheraonesa (FJ43.) Csts. (IOp) 43 (26(7) 
Consd. Plantations (top) 42 (; (27 17}. 

Warrant! to sub. 91 ,27/71 
Gadek , Malaysia’ Bcrhad (SMI) 73. lOpc 
Db. (SMTOO) 27 

Grand Central Iny. Hldgs. HOP) 9h 
Guthrie Cpn- 368® 72:® 70 68 73 

641*3 5£ 

Harrisons Malaysian Ests. (IOp) 117 
Highlands Lowlands Bcrhad (SMaO-SO) 120 
Inch Kenneth Katang dOpl 132 -2517) 
Kima^Unpor KQpong Bcrhad (SMal) 78 

Knila Selangor HOp) 140 (25(71 
London Sumatra Plant ns. IlOp* 163 (27/7) 
Moar River Rubber (IOp) 4S<* (2517) 
Plantation Holdings (IOp) 74 5 6 
RembU Rubber (So) 53 (25(7) 

Sekong Rubber OOP’ 510 0717} 

Sungel Krtao MOoj 71 (25/7) 

TEA (S) 

Assam inv. *117® 

BoduUper Tea. Bpcpf. 45 (25(7) 

Camalha Iny. (10oi 295 (24/7) 

Leouva (Ceylon) Tea -Rubber Ests. 197® 
McLeod Russel 228. TocLn. SSI® 127/7) 
Single Hldgs- 41 Op I 25 <26(7* _ 

Surmah Valley Tea [2Spi 116 (24/71 
Warren Plantations Hldgs. (ZSp* 218 
W astern. Dooms Toa Hldgs. 186 
WHDamaon Tea Hldgs. 177 9 
Te/fgatr Hldas. 0RTj 116 (26/7) 

SHIPPING (39) 

Brit. Cmmnwlth. Shipping (SOa) 282® 2 
Caledonia Inv. (25pi 242 (25r7) 

Common Bros. (SOpi 115 C25/7) 

Furness withy. 244 3 5 

Gralg Sh> Doing 1 -0 

Hunting Gibson 106 (27/7) 

isle of Man Steam Packet 153 (25(7] 

Jacobs (John I.) ,200) 32U _ 

London Overseas Freighters (25o) 279 B 

Lyle Shipp log ElmcPi. 46ii [24, ■ 7) 

Manchester Uners r20bi 230 (Zd(7> 

Ocean Transport Trading «25 pi I06i a 8 7 
Peninsular Oriental Steam Navipat-on 5pc 
PM. 36®. DM. BB1, B ’; 6 7>x 
Reardon Smith Line A N.V. (50 p) 30 *j 
Runet man (Walter) (25p) 73 CZ7(7I 
Stag Line 1109 127/7) 

WATERWORKS ( 6 ) 

Bristol 4-BoC 44,- (25/7). 3.B5PC 77 
(24/7/. 4-55PC 62 (26(7* 


East AngL_ . . . _ . 

Eastbourne- Waterworks 7'jpcDb. 62 QS *7i 
Essex 3.1 SpcPf . 76®. 4.025pcP(. 62'] 

*a (29/7). . lO-'joeDb. BOh 
Ln Valley 4JpcPf, 73** I24!7\. 6*:DCDb. 
67*3 t2S 77} 

Mid Southern Wtr 36DcCons- 33 4 
MU Sussex 7pcPf. 103 127(71 
Newcastle Gateshead Wtr. 4j*25pcPf. 75® 
5pcDb 33 (27171 BocDb 644 (27(7) 
Rlckmansworth Uxbrldoe Valley Water 
4 02 5 nr ifmlv S'*pci Pf. 61 (28,7 >. 13gc 
Db. 1 034 <24(7* _ . 

Tendrlng Hundred waterworks 2.8 pc irmly. 

4ptl Pf. 265 <77-71 
York Waterworks llpcOb. 921* 

SPECIAL LIST 

Business done hi securities quoted 
(n the Monthly Supplement. 
JULY 28.(3) 


JULY 27 (Nil) 

JULY 28 (Nil) 

JULY 25 (NO) 

JULY 24 (Nil) 

RULE 163 (1) (e) 
Bargains marked In securities 
which are quoted or listed on an 
overseas Stock Exchange. 

JULY 38 

Ameol Pets. 76 5 
Anglo Utd. 190 

Bougainville Copper 1Z7 USS 1-644 

Bridge OJi B9. Do. New 7 

CSR 2B1 76 

Coles (G. J.) 191 

Cudaeon (fi. z.5 28: 

European Iny. Bfc. 94PC 1S7D-6B £1 1 7-V# 

Fkfcktv Mini. Fund USS 21-!*Mft 
tt*Bh*c(dt Steel 111 
Hudson's Boy Mng. Smtlo. C12k 
■H (moo's Bay OU Gas £29: 

Hutchison Whamsoa 107 5 -4 
Jardlne MatheSon 259 6 
Kulhn Malaysia 53 
Myers Emoortam 150® 

Nabisco Intnl. Fid. 64PCDb. 1970-62 
USS 984® -V® 

New Metal 44 
Northern Mng. 112 
Oil search 124 10: 

Pcko Wat (Send 5280 

Shcrritt Gordon Mines Cap. A 360)0 

5th rn. Pae. Props. Hr* 1* 

Swan Brews. 144 
5wlro Pac. A ISO 2 504 
Tooth 168 
Waltons 76® 

Whedock Marden A 54 

JULY 37 

Ampal Ex. 106:9 
Anglo Utd. 165 
Argo Inv. 140 

Bk. Voor Nederland 7pc 1992 FI 94® 1*9 
Beach Pets. 4B® 

Bougainville Copper 123 
Bridge Oil New 6® 

Ci ba Geigy 64pcCt>v. £004 
Comalco New 95 
Coral nc Rio Unto 2560 5 
Data Resources £24 4® USS31® 29 
Denmark (Kingdom on 10 pc 1976-83 
DK 885*9 %® 

HAAS BMPc 1936 USS 104® *9 
Haw Par S4i? 

H. Kong Land 1704 

Kansal Elec. 74pc 1977-86 OM1034* 
■'*© 

McMillan Bloetfel £134® 

Monsanto BAiPC 19ES USS 101 ‘2® 4® 

Northern Mining 119 

0(1 in In H 

Ontario Hydro 7 pc 1994 DM 102-4® 
4® 

Otter Ex. 41 4 3 

Pelroftn-i £84 1; 

Rahman Hydraulic 142 
Sabina Inds. 56® 

Sttir-n. Pac. Pets. 230 
Watkins Johnson USS 2141 
Westfield Mins. 105 
Woodslde Pets. 59 
Yukon Cons. 170 

JULY ZS 

Amatll 1 87® .- 

BH South 108® 70 
Berluntal Tin 275 
Boeing £47ia 

Central Pac. Minerals 5000 
Cheung Kong 1 56 
Coniine Rio Tinto 247 
□ unkip Rubber Australia 110® 

Exicon Cpn. USS 454 
GuH Oil £17 4 
Hong Kong Land 171-4 
Jennings I nets. 105 
Kuala Sldlm Rubber 53® 

Lend Lease Cpn. 243® 

Metal Ex. 29® 40 4 

MJtcocll Energy £15-4 

Natl. Bk. Australasia £Aust- Reg.) 213 

Nail. Gypsum U5S l64t® 

Oudemeester 23 
Peoples Dept. Stores 375 
Tri Continental £144 


JULY 25 

Afrikander Leases 255 

Ailerlon Antimghy 97® , 

Austraiwi) Resources Dev. 9496 IHd 
U5® 99*s f>,tsi/7j 

BP Canada £.1041 

Bank NSW tAust, Reg.) 545 
Bridge Dil 96. Do. Now 6 

Boral 207:9 _ 

Conrine Rto Tinto 251® 

Dam General Cpn. £47® 

Data Resources £244 
Da Port £&7h 
ez IndAL 240® 

Eastman Kodak £434» 

Gen. Foods £234* 

Gen. Oriental 32 

Gold Mines Kalgoorile 60® 

Haw Par 57 _ ... . 

Hutchinson Whampoa 107. 7'jpcPt- 104 ® 
Jardlne Matlmon 7'>ncCnv.-£15A( 
Kaigoorlia stum, said 3S« 

Math Mon In*. £.SClTV. £109 
New World 364 
Otter Ex. 35 
Pac. Copper 51® 

Peas Oil SB 
Pioneer Concrete 136 
Rrpco 90: 

Rosario Resources £19 

Sedco E2B4S 

WOOdside Pets. 70® 60 
Wool worth (F. W.) £144 

JULY 24 

Acbhsc Hldgs. 12® 

Bios Lausbiln £11'* 

Bow valley intis. £ 224 : 

Clba Glcdv 7L.PCCOD*. £90 
Callahan Mining £124 
East African Brews. 85 
Endeavour Resources 23>;9 
Haw Par 521 
Hong Kong Land 17B 7 
I.C.I. ^Australia) 198 
Jard/ne Sees. 1 56 
Land Lease Corp- 247® 

Magnet Metals 23 
Metal Ex. 314 
Nicholas I nt. 74 
Northern Mining 1 1O 
Otter Ex. 37® B 
Pacific Copper 460 
Pancontinental £13'-:® 

Pioneer Concrete 137 6 
Rennies Cons, si 
Resorts Hit- £630 
Selangor Coconuts 1074 
“target 359 

TranaAmertcan Coro. £18:s 
Unilever N.V. (Fl-20) SU554'| 

RULE 163 (2) <a) 

Applications granted for specific 
bargains in se entitles not listed 
on any Stock Exchange. 

JULY 28 

Aston Villa FC £181; 

Cambridge Instrument 1 h 

Cedar Mdgs. 15 'j 15 

Celtic Basin oil fjrplrn. 60 M 

Clyde Pelrolenm 126 

DoicUt Tea Hldos. 135 

GRA Prop. Tst. 144 4 

Mravrtrre Brewery 444 

Hc-me Brewery 277 

Jennings Bros. 73 

Le Riches Stores 505 

Mug. Inv. Con. 35*2 

MMW Comeuters 170 

Nationwide Leisure 54 

OldlHm Brewery 65 

Southern Counties Hotels (Southampton) 

Thermal Syndicate 8pcNon.-Cum.Pf. 13*- 
i* 

Truscon 6pcCurn.Pt, 2 
Twin lock 18 

JULY 27 

Aran Energy 124 2 is 

Birmingham City FC BOO 

Cattletown Brewery 202 

Eldridae Pope A 192 

Fuller Smith end Turner A 310 

Kathleen Imre. (Australia) CAS O.SO) 215 0 

Liverpool FC £120 

Netballs (Caterers* 7ocNonj-Cum.PT. 36 

PMPA Insurance 35 

Petroleum Royalties of Ireland 200 

Southerly Newspapers 232 

Trebor Grp. 1 Q.75gc2ndCiMTkPf. 100 

v iiiers Hotel 300 

Wadworth 4b»cDb. £35Jl% 

A 


19 

JULY 26 

| Ail England Lawn Tennis Ground ESQDb* 

1976—50 £2400 
Ann Street Brewery 500* 
cedar HWgs. S 
Clalrmacc 32 __ 

□art Valley Light Raltwny 9® 
twhem Hldgs. 31 
Kcnmare OH Exolrn. 35 4. 

Norton Valuers Triumph 4 

PMPA insurance. ,35 . . . 

Petroleum Ruvaltles Of Ireland #.00 
St Aasiell Brewery 6sJCl3aCum.PJ. 34 

Stiirn. Newspapers 234_ „ 

Stylo Barrat Shoes 7pcCura.Pt. 4b 
Villlers Hotel 6pcBCum.pt. 25 

JULY 25 

Ait England Lawn Tennis Ground £50 DUS. 

1981-65 (£224 Od.l £2800 
Edward L. Bateman 9040, 200 
Carr's MllUng trxu. 7 i;pcUns.Ln. 2001 - 
2005 £35PC _ 

Cedar Hldgs. 15 : : IS 

Channel Hotels, one Props. 23 2 
Church Army Housing Soc. 2Htgd.iI. £J3<* 

IZLpC 

Clyde Petroleum 126 2 
Darling Fund -IASI 1 JS7 
GRA Prop. Tst. 14."* t# l. 1* IS 
Harvey and Thompson 134 30 
Irish Press 150. 

Kewnm 0.1 Eicplrn. 34 
Norton Vilkn Triumph 3t» 

PM1*A Insurance 3S . . , . 

Petroleum Royalties of Ireland 190 
Southern Newspapers 233 30 
Viking Oil 120 
Wynnstsy Properties 335 

JULY Sri 

Alt England Lawn Tennis Ground £5DDbS. 
I9B1-B5 l£324 paid) £2.600 

Cedar E HldSs. lij:. SpeRdXv.Pt- l£1> S3 2 
Cnonnct Hotels PrtiDortJea 2' 

Darling Fund 150 

Dart Valiev Light Raliway 30 _ 

Fuller Smitb Turiwr A 303 300 
G.R-A. Property Trust 14>; t* 14 

Qalb |Q ) £&5 

Grendon Trust 11bcSub.Uns.Ln. 1976-61 

£Une 

Kays Atlas Brewery 5pcCum.Pt. (£10) 260 
Kenware Oil Exploration 40 38 6 4 
Le Riches Stores 490 
Mining Invests. Corpns. 35 4>} 

N.M.W. Computers 169 5 
New Brunswick Can. Rail Si^scPero.Dbs. 
l £201 350 20 

New Court Natural Resource 11 
Stylo Barratt Shoes 7ncCum.Pt. C£l) 46 
Viking Oil 120 


RULE 163 (3) 

Bargains marked Tor approved 
companies engaged solely, in 
mineral exploration. 

JULY 27 

Sicbem Oil and Gas OI.K.) 410- B 396 
4 0 

Gas and Oil Acreage 95 

JULY 26 

Slebens Oil and Gas AJ.KJ 400 39* 2 

JULY 25 

Slebens Oil and Gas <U.KJ 408 6 

iULY 24 

Slebens Oil and Gin tU.KJ 4C0 396 4 

JULY 21 

C.C.P. North Sea B12'v 

Gas and Oil Acreage 93 

Slebens i.U.K.) 401 400 398 6 5 4 2 


ERRATA 

Clba Ge-gv Spc £ SCrw. stiauld have beea 
marked £89 -S «® i27/7 ; 

i Eg permission of Dir Stock Exchange 

OdDICl i> 



Giirrenc^i |0<)ii|y and 

Gol< 

1 Markets/f3®Msi - 1 


Fall iis bill rate 


Bank of England Minimum 
Lending Rate 10 per cent 
(since June 8, 1078) 


Pjm^Brand (R0.50- 932* 7: 5US.12.9S 


Pres. Stcvn (RO.SO) SUS11V t. 


120 2 (27‘7) 

U7ht 


Rand Mines Props, . ... _ ... . 

Rand loot e In Ests. (R2) £36': SUSd 
036551 

Rusicnbero Pla:. .R0.1C' 8f. 

Sewtrust Beperk -RO.IO) 229 (24 7/ 
South Afron Laid Exploration (R0.35i 
4B® 

5CHirtivaal Hldgs. R3.50, US1G.75 a&.'7i 
StlHontcn Gb-d ( RO.SO- U5S4.10 
UC inresis. -R1 . 244 
Union Cm. (RO&’.j USS3 282 
Vaai Reefs Exolor. .H0.50-, U5Y20'a 

Vencerspost Go:d (Rll US33.40 >25(7 1 
yioki am ein Gc.c .ro. 90* 48 
Vogenstro result Mmai Hldgs. >H0.02::( 60 
124-Tl 

WeHcom Gold (RD.50* 318 :26'7J 
WtC Dnefonte-n Gold >Rli 21501 
USS29"i 

Western Areas Go'd (RH 190 85 
Western Dew Leve/s R2- 92 a 
Western Hidas. .B0J50. U5S28L30 
Wlnkelhoak Mlr.es -Rll 820 
WItwatersrand Nigel :RD.25r 54 124.’7) 
Zandpan Gold >R1* U533.18 3.10, 


West African (3) 

Tin Mines Nigeria 


nopj 


Amalgamated 
23® 

B.SIOU Tin (1 Dpi S® 

Gold Base Metal Mines tlZ'sp) 10 (26(7> 
Jantv (12^p) 6® 


Diamond (7) 

Inv. Tst. (R0-50I 


40 U 


BUILDING SOCIETY RATES 


Abbuy N.JininaJ 

Aid it» Tlirrfi 

Alliance 

Anglia Ha- tings S Humor... 

Birmingham inenrp 

Brad rul'd and Bingloy 

Rridcuairr 

RrihiuJ .mil H eir 

Kristoi KcuritMiiir' •■■■ 

RnTulima - 

ZiurnkV 

Cardiff 

C.lfiirillt* 



Lhcliunh.iin & Clouccslor ... 

i:»ti7o;is Rcijrnry 

Lilly of London 

i'nvrnlry Kiuiininm; 

Country i^rni idor.i 

Derbyshire 

Gaiew-iv 

Gu;«r<ii.m 

HalifH*£ 

llrarl us K:t;:Iand 

Hrarlh ol Huh i KiilwIU ... 

ITu'itit'li 

!IiuMor-r>rM A Hradford ... 

lion S|t.i 

Lc-v-ds lVrntasioiiI 

Lrstv-tui- 

Liter pin ’I 

London tiultlhaii k - 

Melmn Sliiwhray 



Mornirt^ten 

Mutimial CminliM 

Xulttinwlde 

NcvH-adit- I Vi iii.iHI'DI 

New C.'roNS 

Nurihcrn 

Norwlrti 

I’ui-Juy 

I'l-i'iibaiu Mulil-il 

I’urtiuan 

I'niu-ipuliJ.! JvimIiL:- S-»uiui; 

Progrohsivo 

Property iiwiter.-- 

IVouncUl 

Skiptan 

Suivt'k JIulaiii 

Town and Uouiurs’ 

WooSwirh 

* Kales normal*}.' 


Depo.-il 

Share 

Sub’pn 


Kate 

Accnis 

Shares 


6 45% 

6.70% 

7.95% 

7.70% 

7.00% 

7.50% 

— 

— 

R.4:i«V, 

C.70% 

7.05% 

7.70% 

6i3% 

r..7o% 

7.05% 

7.70% 

6.45",. 

fi.;o% 

7.05% 

7.70% 

n.4r.% 

6.70% 

7.05% 

7.70% 

6.4.1% 

fi.70% 

S.50%, 

7.90% 

645".. 

r..70% 

7.05% 

— 

i».45% 

ti.70% 

7.03% 

6.95% 

a. 45% 

6.70% 

7.05% 

7.70% 

6.45% 

6.70% 

7.95% 

7.70% 

6.4.)% 

7.25% 

S-23% 

— 

11.00% 

O.SO’V. 

7.50% 

— 

6 4j , \i 

ti 70% 

7J»5% 

7.45% 

645% 

6.70% 

7.95% 

7.70% 

6.45% 

7.03% 

RJS% 

S.30% 


•Term Shares 
3 yrs., 7-20% 2 yrs. 


iLTllVu 

o.as'V* 
Mil'i 
MSI 
fi.-l.i'ii 
G.45'*.. 
fi 4't'rt 

r. rn”.. 

li.4.l"n 

li-i.t'a 

r.a.i”;, 

t« 

i».7Ht 

li.-li ,l i> 

t;.4.»*«. 

7 2.W, 

iWS’Vi 

i» 7i»'7» 

li 4a % 

G 4 .•*■,» 
«.7ll ,, ,i 

t;-;.vv. 

(j 4.VV» 
n45«i 
ii.-l.Vj 
W3'.V» 

tiA-i'V) 

variable 


7.00 Vo 
iS.Til^n, 
6.70*7. 
6.7n% 

6 70".’. 
*33% 
6.70*7, 
C.TH'Yi 

ti-SWi 
7.20% 
6 70% 
li.S0% 
6.70‘Vi 
r. 70% 
H 70*7. 
6.03% 
O.HU'j 

6 70' V. 
7.;n)% 
7.00% 
6.70% 
6.70% 
7.30% 

U.70% 
n 70% 
30% 

7 

0.70"u 

6.70% 

to«C,% 

7.20% 

6.70% 

6.70% 

7.00% 


7.95% 
7.n:»% 
S 70*7, 
7.20% 
7 *13% 
720% 

r. iir.% 
7.03% 
Mill 

7H.i% 

S. 03"ii 
7.03", 

T. yr«% 
5.13% 
S"0% 
7.93 'n 
7.93% 

s. ™»% 

7.03% 

S.00% 

7.93% 

6.75% 

7.U3% 

7.95% 

7.05% 

S.45' , ,'t 

7.93% 

7.95% 

6.75'V) 


6 76%. +10.00% 

6.70V® ■'■Bj-’a 

in 


— effective from September 1, 1978 


7.70% 3 yrs. min.. 7.20% 3 mths.’ notice 
7.95% 3 yrsL, 6.95% 2 yrs. 

— up to 7.2% 3 months’ notice 
7.70% 3yrs., 7-20% 2yrs., min J500-H3.000 
7.65% 3 months’ notice, £1,000 min. 
7.70% 3 yrs, 7.20% 2 yrs. 

7.70%. 3 yrs^ 750% 3 months’ notice 
S20% 4 yrs., 7J5% 3 yrs., 7.70% 2 jts. 
7.70% 6 months 
7.70% 3 yrs, 7.20% 2 yrs. 

7.55% 2 Jtsl, 8^5% 1 yr. 

7.70% 3 yrs., 7.20% 2 yrs., min. £1.000 
7.70% 3 yrs, 720% 2 yrs., 6.95% 6 mths. 
73*0% 3 yrs, 7.30% 2 yrs, min. £1,000 

735% 2 its, min. £2,000 

7.70% 3 jts, 7.20% 2 yrs, min. £250 

7.45% 3 months, min. £1,000 
7.70% 3-4 yrs, 7.20% 2 yrs, min. £500 
S.00% 3 its, 7.70% 2 yrs. 

7.70% 3 yrs, 7.20% 2 yrs, min. £100 
7.70% 3 yrs., 7.43% 2 yrs, min. £500 
ti.50% 3 jrs, 000% 2 yrs, min. £500 

7.70% 3 yrs, 7.45% J*yrly, 0.95% 3 mths. 
7_20% - >ts, minimum £300 
7.05% 3yra,7.70%2rt&-7.45%3mthsnoL 
7.65% 3 mths. not, 5.70% to limited cos. 
7.70% 34 yrs, 7.20% 2 JTS. 

7.70% 3yrs, 7^0%2yra, 635% 3mthfijioL 
S.05% 3 yrs.. 7.75% 2 >ts., 7^0% 1 yr. 
7.70% 3 yrs, 720% 2 yrs. +Max. £250 
7J0% 2 yrs, 7.70% 3 yrs. 


line with changes in ordinary share rates. 


Anglo- American 
(26,7) 

Coni. Bulttone-n M ie -R2« i25!7" 

De Beers JOucPf. (R5) 10 ‘: LZS.T). Did. 
IRO.OSi 3830 4® 5 4 SUS5.DB P36B. 
( 8 r.» (R0.D5I 486 

OIL (202) 

AReck Pet. ( 20 pl 92 

Bre.lsn-Bomeo Pet. Sytld. tIOpi 152 (27(7l 
British Petroleum ESB:® 410 K 60 56 B 
66 54 68 5 4 55 9 4;. SxlRPf. 70)#. 
SpcZndPf. 731-0 4 9t. BpcDo 90'* 
Burmah Oil 71:?® 68 ® 720 1 70 2 66 ^ 
6oc2ndPf. 40 12 477}- 7 -.ocPt. 47. 7'*»C 

Ln. 64i : 127.7). Et^peLn. 81®. 8 =iPC 
Ln. 57 i*o t* 

CfwrtertialT (Sp* 23® 5 6 4^ 

Continental ISUS5J 19'* <25i7) 

Esso Petroieom S'-ocistDb. 101 i25/7). 
.SlypluDb OO^s (267* 

Hunting Petroleum Services New 1259* 
900 :® Uffl BBffl 9® 90 B9 8 
KCA lull. (25PI 27® >- 8--2 
London end Scottish Marine Oil C25 p> 155 
6 . Oil Production HOP) 375. 14PCLII. 
983*0 B 84 

0*1 Exotoration (HldBS .1 <10p) 222 
Premier Cons. Oilfields (5o> 19 18<: 

Royal Dutch Petroleum CFLZOi SUSBI 
127/7) 

Shell (25p) 559® 80 62® 609 

3© 700 so:® 70 65 9 50 63 B 3: 
7 6 . Do. (Br .1 583 f277t. 5>:PcPf. 
_47t : «u 7pcPt. 590 63to 58«i® 9 
Texaco Inter. 4 'jjcLn. 57 >: 07/71 
Trtcentrel l25p) 1800 1*0 3 80:. Da. 
..Foreign held) 183 (277) 

Ultramar aSnt 2620 SO 4 3 6 J tjt 6 . 
7pcW. 147*-: **i 

PROPEBTY (184) 

Afitapoe Prop. Ca. 72’s co. 7) 

Ajl|«nc« Prop. Hides. 72® 

Al&ed London Props. (TOP* 54® 6 
Allnatz London Pinos. >25p) 217 
AhtiL SUra (S»S 9 
Anure Secs. (So) 2a (257) 

Arnyle Secs. iZocDb B4 V (2£7) 

Aveaou Close ( 20 p> 6 M '270 
Bank attd Contmeraol Hldgs- MOn) 21 * 
Beauiuoct Proos. (2S») SS (267) 

Bellway Hldgs. (25o> &5.’r 4’: -257) 
Bender Hambro Prop. 050* 119 : ^8 20 
Blltan rperoyi 125a* 179*; 

Bradford Prop. Tst- ( 2 So) 263 (267) 

B flush Land Co. GSo) 36 W 7i*® 60 si; 

t* >* B 7 :.- 9 7. 12pcUi»»J.«v 144 (267) 
Brlxton E stare (250) 106 
Capital and Covnbes Pros. -Co. i25p> 54® 
2 •go S : : 4*d8 5 4*:. 9-'<scUrreJ.n. 91-96 
SB*,® ,27/7) 

Cetvtrovincisl Estates C29p) 77 8. Coo. 
(20P) 670 C7 m 

Chari wood Alliance Hldgs. JiyxUrsU. 
(SOp* 20-; (24.7, 

CUreterfieto Props. C25j» 3130 (27/7) 
Chown Secs. <25o) 12 (27 7) „ 

Churctibory Ests. vZSp* 299 >24.7) 

City offices (25p) 60 S8-: _ „ 

Compce Hldgs. i20pj 111 9 (27/7) 

Control Securities <10 d1 36’- 

Corn Evdunr il^) 173 *27.7) 

Country and New 
77 (2771 
Cotmty DMrlct Prop. (IO 0 I 923 
Dieian Hktgs. *2Sp> 92-:© 7 6 
Danre 1 IO 0 J 16 
Dorringaon -lOo) 54 

English Prooertv -500) 36^ 7(» 8 40 
37 6. B-'.-aeLn. B1® 2 12pcLn. 84® 
Essies Investments ( 2 Ds) 21 20 
Great Portland (SOa) 305 1277) 300® 3 
Green ret.) "IOp* JB 9 7- 
Greeaooxt *S») 7ijO 
Goiidbaii SpcPf. 42 U 1 - (27/71 
Hales (25p) 77 (27/71 

Hetlevnere nool 3420 40 5. 9: : peLn. 

House Property London ,SOp1 150 -** t27/7) 

Imrv Hldgs. i25d* 326 as 

Irtonumean Hldgs. itOp) 32 

jermyn *250) 393 — 

Land Invest. Q5a. *1J?J *227) 

Land Secs. (SOp) 2200 4 5 6. Suelst Db. 
1979-82 34«»3o (271TI. . Do. 1980-93 
580. gpctctDb. 74>i (2 A 71. j S-S* 
UnsecJ-n. 69--*D 70’:O h. 5 nwAlroec. 
La. 176 4 1 - 3 2 (25.7). 6'aPCUnseC. 
Ln. 1440. lOoeUnsec.Ln. 149 
Law Land rZOD' 460 S':® 3» 7 1 6> 
SpcUnsecXn. 90 747) 

London Provincial Shop Centres (Hldgs.) 
flOol 970 (27 71 . 

Lender Coanty Freetiold Leasehold 7Aac 

1 atQS 

London’ Shop Prop- (2Spi ST'r (2S.7) 
Lvnrtr -1 HWg*. OOoJ 136 t25'7( _ 

MEPC (25o) 1330 2 1 3. fiocUotceJ-B. 
63^ (2771. 5bCUnwc.Ln. 103 4 
M»r!er Et-ls. (257) 25® 

Midhstr Whip Hldgs. 40 NO (J 

Musklow (A. >°d Jj (2£p> ITT® 18 17. 

PatuwslS^ Inrest. (25P) 98 l 2 57* 
Peachey Pros) n 5t») 780. SsePf. 35 
(2S7! 

Property Revervonary A [25o* 290 (2471 
Pro a ertr Hides. 1250 ) 305. «'-xncPf. 35 

PrSiertY Partncrriite (25oi 112 C2S,7> 
Property Security <50pi 162 
Raman Property (So) 5 ’s U 


Ju!r it 

1974 

■-1 trim: 
fntlltaie 
■f dept" U 1 

lorertmnt 

Liw 

Authnnfy 

rlepiv'lt" 

hinl Amh 
negotiable 
lwn.)‘ 

Pinai left 
Uon-c 
Ucpth-tia 

IVimiianv 

Dc;nsii> 

Ulunoim 

market 

■lupri-lt 

Trenrury 
Biin ® 

Eligible 

Ranlf 

Bills $ 

Plnelra-Je 

Bilik® 

Uvernijilil 


9-11 






lOla-lOls 

91g-10 






i .l»V • nollrt.. 

— 

— 

10VU 

— 

-ra. 

— 

— 

— 

— 

— 

7dar> nr 


■ 

- 

— 

— 

1058-1078 

— 

— 

— 

— 

7 -lav** rii>ii ct.. 

— 

105b lOTl 

10)14 

— 

1034 

— 

91k 93, 

— 

— 

— 





11-103< 

107 S 

1013-10^ 

92g 

9 1 0 9.? r 

9fr]-9?S 

lOan 

Two ninntb-. M 

10*91 B 

1U lp-10u 


1D9': 

10i» 


B3a 



1014 

Tlirnr m.iRtliv. 

Oft-Oii 

iLirtt-l"- tj 

X0A-10A 

lO-kia 

lOfia 

IOAg-10is 

914 

91r-S* 

9S<-9rt 

101b 

aix mnutliH.^ 

ij S7g 

lC r c-J0iB 

lulg 1014 

93; -9 

to lR 1068 

— 

— 


BSe-Gii 

101b 

Nim- mirfitli:-. . 

10.Q7a 

lO^lOia 

— 

10 9*4 

10’4 

— 

— 

— 


— 

i.'ne rmr.,...~ 

10-9 7g 

lDft-101 B 

1014-1038 ! 10-SEfl 

1058 

— 

— 

— 

— 

— 

Twn y«ai> 

— 

— 

107a 11 

— 

— 



— 


— 


Town (TOo) 24^. 7ncLn. 


UK MONEY MARKET EXCHANGES AND GOLD 

Gold rose $7} an ounce, in in dollar terms to Y190.3O. another 
yesterday's London bullion best closing level, from Y193.60 
market, to close at an all time high previously and after touching 
of $2011-202. The previous best Y1S9.S0 at one point. The West 
closing level was reached in German mark was also firmer at 
assistance by lending an extremely December, 1974 when it finished DM 2-0417* against DM 2.0363. 
large amount to 7 or 8 houses at at $195.50. The metal opened at Using Morgan Guaranty figures 
MLR for repayment on Monday. $197}- 198} and at one point at noon in New York, the dollar’s 
The Treasury bill rate fell by This certainly appeared to be at touched £2014-202}. The morning's trade weighted average deprecia- 
0.1294 per cent to 9.1136 per cent least slightly overdone and dis- rise followed on gold's stronger tion widened to 8.9 per cent its 
at yesterday's tender, and under count bouses were paying around performance in New York on worst level since March, 1975 and 
the old market related formula, 91 per cent for secured call loans Thursday and bullish sentiment compared with 8.6 per cent on 
this would have indicated a during the latter part of the day. was continued with the opening of Thursday. 

minimum lending rate of 9} per The market was faced with a u.S. centres yesterday. The Sterling was firmer in general 
cent compared with the present substantial net take-up of Treasury dollar's continued weakness am i a fj, er opening at $1.8990-1.9110, 
10 per -cent The minimum biijs and a modest increase in the appeared to be the main contribut- jt touched 8L9303-1 9313 before 
accepted bid was £97.72} compared note circulation. There was also mg factor for the record levels closing at $1.9245-1 9253 a rise of 
uilh$97.895 the previous week and the repayment of Wednesday s attained and prompted a strong 1.75c. Using Bank of England 
bids at that level were met as to small advances. On the other hand, movement into gold. figures. the pound’s trade 

about 79 per cent asainst 93 per banks brought forward balances . . weighted inde* rose to fi* 5 from 

cent. The ClOOm bills tendered and slightly above target The US. dollar was weak m hat-in- ^nori Jt 

allotted attracted bids of £BS4.17ra In the interbank market over- terms of most currencies with P^°us^ hav n stood at 
and all bills offered were allotted, night loans opened at lOJ-lOf per considerable selling from U.S. w - 3 at 110011 3110 ear, y dealings. 
Next week £4D0m will be on offer cent and reached 10J-31 per cent centres. . In terms of the Swiss 
replacing maturities of JESOOm. on the forecast of a shortage, franc it fell to an all tune low of 
Day to day credit was in short During the afternoon, rates tended SwFr 1.7470 and finished at a GOLD 
supply In the London money to fluctuate between 9 per cent record close of SwFr 1.7525 from 
market and the authorities gave and 11 per cent before easing a SwFr 1.7925 on Thursday. Simi- 

little at the close to 9} per cent. larly the Japanese yen improved 


THE POUND SPOT 


July LB 


l.S S 
l ilu-.llon • 
• i u Uilcr 
p. lslau Fr 
lianihli Eli 
V -Muni 
J’-n. Rro. 
Sran. Fra, 
Lira 

SlUSR. 1C I 
r-rtUH F>. 
. 1 * 1 - libtitvr 
Yen 

Ami rut S,-li 
dm-* Fr. 


;u 

9 

iis 

6 

d 

J 

It 

8 

111! 

7 

9’-.- 

fci*' 

5'k 

«8 

1 


l.fOD I.V515 
?.16M2.1B5D 
8.S3i-4.:7i 
6l.70-i2.fi9 
10.67- 112.7 1 
3.3IJ-5.-44 
B6.7J-vB.5- 
147.31- 14B.4D 
1,615 1.C24 
ia.SM0.i7 
B.JQ-a.4: 
B.64- ; .71 
iS: 573 
28.75-^.40 
i. 56- 5-2 


OTHER MARKETS 


Ck*+ 


•>24S 1.9255 
2.1750 I 17BD 
4J4.-.2H 
6I.3D 82.01 
lU.SBi lfl.70g 
S°<i-5.S62 
8/.7S OTJ5 
1(8.25 14S.35 


JuU- c8 


Aritcntinii l'e*" 

AiiMrnlw l)iiihf.„. 

Fill lng. I UiaLkB... 

itni.-il l.niri-if 

lir».-wv> l/nn.-.'-niH ... 
H'-ni: Koii-j It. > I lx r 

U22/1K5I Irai. l.'iHl 

IS.c4g lu.;51 h'l.ttxil. OiimrfKl** 
8.4U S.i?i Li^emlirtitir Fmrttrl 

fi.tHj 8.7IH Doll -tr 

565/ 666 \«.-»-ZfilHn.i liKlIxr 
25.55 28.40 Mur It Aralui Ri.val. 
5.5E}-5.57i ?ui 5 i»|rir Uill.tr... 

t'.n’Th Afrkwn Krc-l! 


Brtcian rate Is for ntovertlble francs.- 
Financial franc 63.10-63.20. 

LONDON MONEY RATES 


£ 

K 





1 66u5 1 6675 


Belgium 

8.06 50 8.0850 

4.1810 -1.18301 



38 08 re. 60 


69.220-70-923 

e.se 9.01 

35.96 36 84 
4.6540 4.5560 
68.05 ,1.17 

'itTTitany 

1 inly.. ............ 

0.515 0 525 

0.2675 . .2727 


61 60-62.00 

3^.16 32. 19 


4.50 4J52 
l.c315 ..8385 

2.3360 V. 3380 
U.US37-J.9560 
3 35 S.41 

enriiusai 

-jl»iin 

4.3814 4 401< 

2.2765 2.2775 

[jnitu] -Slxlet. 





£ 

Niff* Kxtca 


27)1-2834 

62- 63 ig 
10.60 10.75 

8.35-3.60 
3.85 4.C0 
1590 16E0 
560-370 
4.15-4.30 
10.25-10.40 

63- BO 
1.4512-1.49 

5.-** -5. 51' 

1.9 150- 1.9350 
35 37 


Rate siven tor Argentina Is free rate. 


i Jn.yts 

July 27 

Gold Bullion (a. fine-: 


ounce! 



eiftftc. 

S201J 202 

51934-1941* 

OM-nuLL- 

>i:73 I--S4 

51S4l s -19U 

Morning lixinj— 

SIE.8.BH 

<)P4.70 


•f 163.942) 

U-102.0171 

Aitcrarc-n rtxirte™. 

.-201.10 

S 124.06 

i£1C4.ES1, 

i£101.714i 

(inll! Coin............ 



aomc-In.-all.r 



Kruuurrantl — 

>210 212 

5204-206 

l' trios 1 10 / 

(£ll»7- US* 

sovcreicit*..— 


s 5714 -Ml* 


L-51i2 

i£in-ai. 

C»ld SiiVeteli.nL. 

>39 61 

Si634-5BS« 



[JC2al4-St3i 

IjoIiI Li.in 



mternxtKinailv 



Kruytmuid 

5207-209 

5199 Iq-2014 


i:iO/n-lli8Ji 

(•ML441064) 

Sew Suveret^ni 

'37,-SBi 

>S7>59i 


i-50 31, 

:l'30-Bli 

Uld Sovw*i(, , ib.__ 

3:9 B1 



ffiCi 31}i 

:£22*-3(yv 

S20 hfl-ler 

S2B6 2I8 

5.'7B4-2EB* 

Six' Ea^le? 

M<5 148 

>140-146 

S: hi>u le- 

S 168-U-8 

S100-W6 


Z CURRENCY MOVEMENTS 


Ijjcal authority and finance houses seven days’ notice, others seven days fixed. • Longer-mmi local authority mortgage 
rate nominally three years Ili-llv per cent; lour years 115-12 per cent; five years 111-12 pr cent. ® Bank bill rates In table 
are buying rate for prime paper. Buying rates for fonr-monthi bank bills 9 j1 jt- 9 ,, >6 per cent; four-month trade bills 
I0i per cent. 

Approximate sefflng rates /or one-month Treasury b!Bs 9-9‘ie per cent: tiromonih S'jj-S'hs per cent; and ihree-monih 
9 ' 16 per ccnL ApormlmaLe selling rale lor one-month bank bills 9"i&-9 L> i« per cent; and two-month 99i*-91 per cent; and 
three-month 9 ’-9 "hr per rear. One-momh trade bills lOi per cent; iwo-monih 1U per rent: and also three-month U per cent. 

Finance House Base Rates i published by the Finance Bouses Association): 10 per cent from July 1, 1B7S. Clearing Bank 
Deposit Rates (for small sums at seven days* notice* 8Z-7 per cent. Clearing Bank Baca Rates for lending 10 per cent. 
Treasury Bins: Atbubc lender rales ol discount 9.1138 per cent. 


July 2& 

Sank of Morgan 
England Guaranty 
Index changes ®i 

Sierling — 

, 62-53 


P.S. dollar 

84-35 

- 8.9 

Canadian dollar 

8339 

~US 

Austrian gr-hilllng „ 

. 133.72 

+17.6 

Belgian franc .... 

. 109.55 

+1L5 

Danish krone 

. 113.94 

+ AT 

Deutsche Mark 

. 139.7S 

+34.9 

Swiss franc 

199.65 

+m 

Guilder 

. 119.14 

+17^ 

French franc 

. mo.a5 

- 2jb 

Lira 

. 55.93 

-4t5 

Yen 

. 15451 

+52A . 


Based on trade weighted changes from 
Washington agreement December, 1971 
(Bank of England lodex=MH». 


EURO-CURRENCY INTEREST RATES* 


Ju;\ 28 

the linn 

Canadian 

Uollar 

U.S. Dollar 

Dutch Guilder 

5vpoi Krone 

TV. German 
-Marie 

French Krone 

Italian Lin 

Aetan S 

Japaneae Ten 

t Short term 

7 ils.Vh notice. 

M-Mith 

Three month.... 

Six monllr. 

One 1 ew 

1054-11 

1078-IUb 

107g-llSs 

IOO 4 -ZII 4 

ui*-n5( 

1148-1178 

. 7l = -t3i a 

7lj>-81p 

8U-E5S 

a 

87a &U 

9 938 

7S : -B 

7.-(|-«1r 

8 re 

Big 850 

Bir-Hifc 

9-9 14 

Ug-21* 

4-4 lg 
43,-5 

664 6 
6 se- 6 E 8 

67 8 7l8 

Is *4 

S 4 1 
l«g ISb 
1V17 B 

2 -r 1 8 

31a-3Sfl 

3)8-338 

32« 31g 

31s 338 
314-370 

a . 1 , . j. j 
M llHo 

718-728 

8 - 8 lg 

81 2 -8i* 

9- 914 
934-10 

106e-107 B 

8-12 

ins-iaii 
12-13 
1214-1314 
12V1334 
131s- 141s 

7-KrBrfe • 

• 8 SB -812 

870-9 
9-910 

’■ 

■fcMts* 

. rlHCHlW 

1 -is sb?* 


The following naminai rales were quoted for Loudon dollar certificates of deposit: One month 3.05-S.1D per cent; three months &2S-&35 per cent; six months 8.7D-&S0 
per cent; one year B. 60-9. DO per cent. 

Long-term Eurodollar deposits: two years 95]&-9Sj£ per cent; throe years 95/4-97/6 per cenU four years 87u-99]£ per cent; five years 9&16-9 Uu per cent. "Rates 
are nominal dosing rates. 

Short-term rales are call for sterling. U.S. dollars and Canadian dollars: two days' notice far guilders and Swiss femes. Aslan rotes are dosing rates In Singapore. 


UJL CONVERTIBLE STOCKS 28/7/78 


Statistics provided 
data STREAM /nternot/e 


Name and description. 


Sire 

(£m.) 


Current 

price 


Terms*} 


Con- 

version. 

dates 


Flat 

yield 


Bed. 

yield 


EremJumf 

Income 

Cheap(+) 

DearC-)^ 

Current J Banget 

Eqn.§ 

jcbnv.1T j 

Diffi.15 

Current 


Associated Paper 91 pc Cv. 85-90 


L40 lOS.OO 200.0 76-79 


S.8 


8.0 — 9.2 -jlO to 


5.1 4^ — 0.5 + 8.7 


Bank of Ireland lOpc Cv. 91-96 


8J22 187.00 47.6 77-79 


3.4 


2.3 “2.6 — 8 to 1 10J 9.5 - 0.7 + L8 


British Land 12 pc Cv. 2002 


7.71 146.00 333.3 80-97 


S.4 


8.0 


I&S 


14 to 27 0.0 93 j 


+58.0 


English Property &Jpc Cv. 98-03 


8.07 82.00 234.0 


76-79 


S.1 


S.4 - 5J “11 to 


S.4 


3-2 — 6.0 — 0.7 


English Property 12pc Cv. 004)5 


15JU 85.00 150.0 76-84 


14.6 


14.7 


53^ 


24 to 82 30B 49.1 33^0 -20J> 


Hanson Trust 6}pc Cv. 88^3 


+51 83.00 


57J 


76-80 


8.0 


88 


6.8 


1 to 12 8JJ 


9.1 


1.0 - 58 


Hewden-Stuart 7pe Cv. 1995 


0.07 240.00 564J> 75-79 


2J 


-28.5 —29 to -7 9^ 3^ — L7 +268 


Pent os 15pc Cv. 1985- 


1.03 146.00 166.7 


76-82 


10.4 


"-1 —68 - — 7 to 36 43.0 42^ —02 + 


Slough Estates lOpc Cv. 87-90 


5.50 170.00 125.0 7S47 


5.9 


Tozer. Kemsiey Spc Cv. 19S1 


7J33 93.00 153-9 7+79 


88 


1-6 13.3 7 to 16 36.9 5S.5 13.1 -2^ 


11JJ 


6.0 


5 to 23 7.3 7.6 


Wilkinson Match lOpc Cv. S2-9S 


1L10 S9.00 40.0 


76-83 


1L3 


11^ 


242 


0.3 - 5.7 


24 to 40 32.3 37.4 


6-9 -17.4 


* Number of ordinary aharpn into which StftO nominal of convertible slock Is convertible. tThe extra cost of inmstmrat in roaverribk] «pr»/nifYi 

cost W the equity in the L-onvi-rubk- fflock. J Three-month range 3 income tm number of ordinary shares imo which nttt of conver rtwT^«S >w D ?‘ ceni 0» 

This income, eepros»din peiuv. is summed frouprocenr tune untU income an ordinary shares is greater **■*" in conn- on XIOO nominal of oonv^rt^ii 8 rennertflUe. 


underlying eutmy. + is an indication of rotative cheapness, — is an indication of rolathro dearness. 


value at 





Tinancial' Times "Saturday 29 1878 



Equities extend rise with accent on 

Golds strong on record bullion price— Gilts 


growth stocks 

react late 


financial times stock INDICES 

” , *^** 1 _ -• i * Jiiiv i July • iAjn 


& f J sr i i 'ft-rs? 


n — ~l 70 74l 70.78' 70.681 7 *.07) 70.9W 

r^r_d j-j 1 3-j 

SK .H >»■: tJ 


Account pealing Dates 
Option 

•First Declara- Last Account 
Dealings Uons Dealings Day 
July 10 July 20 July 21 Aug. 1 
- July 24 Aug. 3 Aug. 4 Aug. 15 
Aug. 7 Aug. 17 Aug. 18 Aug. 30 

* “ New time n dealings may taka place 
Warn 930 a.nu two business days earlier. 

The advance in industrial 
markets broadened yesterday, 
taking in many secondary issues 
and particularly those thought to 
possess potential for future profits 
growth following Thursday’s vote 
passing the Government’s BDl on 
dividend control. 

Impressive as equities looked 
though, they were upstaged by 
South African Gold shares which, 
responding to the bullion price- 
which jumped 87} to its highest- 
ever level of 3201} per ounce, 
went ahead strongly to leave the 
FT Gold Mines index at over a 
two-year peak. 

G fit-edged securities were not 
neglected and forged gradually 
higher. But the gains, extending 
to 1, were surrendered after the 
official close of business owing to 
the announcement of a new long 
tap.- stock Exchequer 12 per cent 
1359-2002; £SOOm of this is to be 
issued at 96, with £15 payable on 
application next Wednesday. 

Although bettering the previous 
day’s volume, trade in leading 
industrials was hampered by a 
continuing stock shortage and for 
this reason buyers turned their 
attention to stocks recommended 
in an investment advice for their 
growth potential. Principal bene- 
ficiaries with sharp rises of 
between 9p and 28p were 
Watsbams, Vinten Group, Ricardo 
and Co. and Victor Products. 

Midland confounded the bank- 
ing sector, after Barclays' pleasant 
surprise on Thursday, producing 
half-yearly results at the lower 
end of expectations and slightly 
more disappointing than both the 
recent Lloyds and NatWest 
figures. 

The three main FT- Actuaries 
indices aH. moved a little .nearer 
their all-time peaks, while the FT 
Industrial Ordinary share index 
gained 3.3 further to 492.1; the 
last-named has risen 36.5 in the 
last three weeks and stands at its 
highest since January 6 last 

Hopes that a new long tap would 
not be announced were doused in 
British Funds by the 3.30 p.m. 
announcement of £800m Ex- 
chequer 12 per cent 1999-2002 
issue. When dealings resumed 
after the usual recess to consider 
the implications of the terms of 
the issue. quotations were 
reactionary and the longs reverted 
to overnight list levels after 
having been some ] higher just 
before the official close. A similar 
tendency developed in the shorts, 
earlier encouraged by both 
sterling and this week's Treasury 
bill rate trend, but small gains 


were still evident late in the 
evening. 

Conditions became less volatile 
in the investment currency 
market, but the course of sterling 
exerted downward pressure on the 
premium. After falling to 98} 
and rallying to 100} per cent, the 
rate closed unchanged on balance 
at 99} per cent Yesterday's SE 
conversion factor was 0.6763 
(0.6838). 

Activity In Cons. Gold positions 
featured dealings in Traded Op- 
tions yesterday. The price of the 
underlying equity rose 8 to 193 p 
in s^npathy with the jump in the 
Gold bullion price and helped 
bring about a brisk option trade: 
167 contracts were done and the 
October 160 series rose 8 to 40p, 
while the October 180 added 5 to 
2 2 n . The overall total of 704 was 
300 more than the previous day’s. 

Recent newcomer Ernest Joues 
(Jewellers) encountered small 
buying and improved 2 to 140p 
for a premium of 25 on the issue 
price of 115p. 

Midland dull 

First- half profits from Midland 
which fell far short of expecta- 
tions concluded what has proved 
to be a disappointing Interim 
dividend season for the big four 
clearers. Midland closed 13 down 
at 352p, after 350p, while NatWest 
lost 5 to 270p and the Warrants 
cheapened 3 to 94p. Barclays, 
which had earlier touched 346p 
following comment on the 
interim results, finished unaltered 
at 342p. Elsewhere, however. 
Grind lays continued to improve 
on the better-than-expected half- 
yearly profits and put on 4 more 
to 133p, making a rise on the 
week of 15. Discounts edged 
higher, with Allen Harvey and 
Ross improving 10 to 32 Op and 
Jessel Toynbee adding 4 at 62p. 

The cash and shares offer from 
Comben, currently worth 56p per 
share, for Orme Developments 
prompted Increased activity in the 
housebuilding sector; Orme pro- 
gressed 1} more to 574 on hopes 
of a rival bid, possibly from Saint 
Piran which recently acquired a 
22 per cent stake. Barratt Develop- 
ments were sought after following 
a Press mention and added 6 to 
113p after 114p, while M. P. Kent 
held a sympathetic improvement 
of a penny at 39p. Speculative 
country buying was partially re- 
sponsible for a rise of 6 to 184p in 
Ibstock Johnsen while Tunnel B 
and BPB improved 4 to 302p and 
8 to 246p respectively. Comment 
on Thursday's results lifted Red- 
land 3 to 155p for a gain of 9 
since the announcement 

Early buying of ICI tailed off 
and, after 395p, the dose was un- 
changed at 391p. 

Bourne up again 

Stores again attracted good sup- 
port and closed with widespread 


gains. Speculative buying in 
anticipation of early news of the 
bid discussions helped Bourne and 
Holttngxworth advance 15 more 
to 212p, taking its rise on the 
week to 97. Bid hopes also 
brought fresh gains of 5 and 30 
respectively to Grunt Brm, 97p. 
and Fortmnn and Mason, 750p. 
while John Michael jumped 7 to 
20p for a g*TTHiar reason. L J. 
Dewhirst improved 2 to 66Jp with 
the help of Press comment and 
Steinberg hardened a penny to 
17jp in response to the doubled 
annual earnings. Gussies A stood 
out among the leaders with a 
gain of 8 to 3L2p, after 314p, while 


Charles Clifford Industries hard- 
ened 2 more to 112p, for a two- 
day ga In of 121. Davy Inter- 
national ratted 8 to 262p sad 
improvements of around 4 were 
recorded In B&beok and Wilcox, 
137p, GEX International, 99p, and 
London and MtSumii Industrials, 
9 lp. By way of -con trast. General 
Engineering (Radcllffe) bad a late 
relapse of 6 to a. 1978 low of 12p 
in reaotdon: -to the annual deficit 
and the omission of a final 
dividend. 

Retailers made the running' In 
firm Foods. J. Salnsbuxy stood 
out at 226p, up 9, while Kwlk 
Save Discount, 83p, and Bishops’s 


ting Associates, 20Tp, Sale TUneyi the company's appeal for the ■ 
275p ami Sutcliffe Speakxoan, 67p, release of documents relating to 
Further consideration of the re- its transfer, of its bedding of BP 
turn to profitability helped shares to the Bank of England. 
Denbywaxe appreciate 5 more to Elsewhere, compa n i e s associated 
97p. . . with BP in., the Important oil dis- 


OnL IHr. YIeWL J 

B»nd»g*T*M!Wrun)rtj 

P;H BMio (notK*t) ®- 13 ! 8-00 

Dealing* marked- 5.B17; 4.778 

Equity tnrooTvr £«*--■ — 76.18, 

Bq uitgtetfgd M ~ JJ®-** 5 - 

to am 4BL*. 11 am 


0.41 O.'tBi o.a* 

16.42 16.83; 16.731 16.8ft 16.8aj lj 
8 13! 8.08 7 . 81 *] 8.0* 8.01; 7 
S.B1T- 4.778 8.158!, 8.480 4.938; y 
__ j 76.18 62.»a} 84.37 88.95; KM 
_ j 28.466 15.855 18^37! 17.18* \?J. 


biM l*N* *** 

UUwTu/WSS. SB Activity JBtr-Dec. i«~ • 

HIGHS AND LOWS S.E- ACTIVITY 


CompileiKw I 


? 5 Le*.J 16 M * 138.9 
A.J 190.8 1 TSJS 


F.T. INDUSTRIAL 
ORU3NAKZ INDEX 


97p. with BP in. the important oil dis- aquigrbatgaiw - - - " j wu» - 

Staffer International dosed on- SHF-fiBAS* US2£ s p« «.T. ' 

altered at 9p; news of the annual 5?"*? am’ Latest unto oa-N* . 

loss and final dividend omission NJ*J*5L“5!L£P?SL TTT .„ a n aa per ram corporation u*. _ 

CW — * M. ort. 

Among the leaders, Pflkfngton improved 23 to 425p after 450p. * Mines limss. SB Activity Jntr-Dec. 1 ■ ' 

rose 20 more to 585p, ahead of Lasmo “Ops*" recently firm oh . Uiru e AND LOWS S.E* ACTIVITY 

next month’s 100 per cent scrip small buying in a thin market, Hlwns> mwu . ----- - ; 

iMue - R , e ^. In i e 2™ OTal eased 5 to 375p, but hdd 2 pet’ — Sre Mte'ctaapSuiMi ! i J 

5 to 147p following the Reed rise on the week of 40. - [ ; •BT JWy 

Nampak deal with Barlow Rand, 5 „„„ -*t r “ W Hub un* , I w - .a 

dearer at 222p. Metal Box added .»tm reflMting the profits set- • — "7^ 1 7 

6 to 346p and Bovater improved 4 innica pc fell 13 to 37vp four. A M m 1974 49,111 ! 1 hha n ae B 

more to 194p; sentiment in the ■ ' %» i wS3 IftS 

latter was buoyed by a broker’s £ P Overs eas Traders, S. and AV: ... n , a7 70.73 iso 4 1 50.&5 ; Mpecutaiivy...; *7.9 31.1 

circular. Berisford rose 4 to I51p and GDI pixvdint— 8I.8 7 7073 iw*. yt tSi. ....I 188,5 UML8 

and Doffns 6 to 152o (9/1) WW r ' ’ , V-Uv-Ar-maN - 

Although Motors and Distribu- fnirjljtr , _ . , lTui . Orf 497.3 433.4 mi 1 I i niit-&iwd..J 18U teat 

tors attracted a reasonable busi- _ Inve^Mient Trusts remained/ i«/U vZ/3i (M/Hi/i); i** 1 ***^ j | n ,| nrt¥ tb„!J i#u mj 

ness, price movements at the close „ LU " ®**y*®n Premier hardened* _ M « 1303 442.3 ; 43.a 48.5 42.7 

wS S^iLF^ht ReftieUinE 3 ™ 20 ^°" ^ mterto report,- Qc,MSUm *' i*n i* I 1 117.7 U2.7 

however, advanced 6 to 183p as Trnst p ®-j — " " ' J 

hid rumours revived. Gains of 3 S <1 wi S e aT1 ( ^^ o ^ 0 Y?^ 
were seen in Hartwdls, lOIp, and ™ e ^ p with “ improvement of 

SS di£d a'uSTaiSSt S easier at * Elsewhere on the generally light of the Commons Tote om 

up at^ optimistic tenor ^ p following a reason-, gtrong mining markets. Coppers, ^iridend rontroL . _ 

of the ■'iiaifTwaTT ’e statement at the S^. B , turnover, Guthrfe stilly Rhodesians and Tins were steady Despite predictabl y lowe r hall- 
SSSSmS £^V 5 j2 !tter on ^untested. Among the year Ogureg, 

Other Plantations were generaUvs.rinmestic Tin issues, Geevor were steady at 197p, drawing strength 
finished 5 to the good at 31Sp. quiet little ^anged. ^^TrS do^ 5 to 130p in the from the fieneral tone of markets. 


Find Int— 


QoW Mine* 


| 1 W 8 1 

Biftb 

Low 

78.58 

( 3 /D 

81.87 

( 9 /D 

497.5 

l«/i» 

183.4 

( 28 .- 7 ) 

58.78 
tbl 6) 
70.75 
( 6 «) j( 
455.4 
( 2 /j] 
15 Q .5 
iM» 


o-ilavAr-iMNi - 
(Itlt-HiliRil.J 153 JI isai 
loilnstrwb -4 X 81 J WSJ 
HiMrulMlw...' 48.5 42.7 

TiMAl* ! 2 X 7.7 112.7 


1974 1975 1976 T977V 1978 


Combined English closed a similar 
amount dearer at 116p. British 
Home put on 5 to 197p and 
renewed speculative buying 
fuelled by persistent take-over 
suggestions helped Burton issues 
advance further, the Ordinary by 
2 more to 150p and the A by 4 to 
140p for respective gains on the 
week of 28 and 22. 

Electricals made another firm 
showing. Electronic Rentals rose 
5 to 135p on the chairman's state- 
ment at the annual meeting, while 
Telephone Rentals showed a 
sympathetic rise of 8 to 150p. 

Engineering leaders contributed 
to the firm trend. Tubes c losed 8 
to the good at 384p and GKN 7 
up at 2S0p. A Brass article high- 
lighting the groups’ growth 
potent al directed buyers’ atten- 
tion to Ricardo, 206p. and Victor 
Products, I55p, and prompted 
respective gams of 16 and 9. while 
comment ahead of forthcoming 
results helped .recent flpecutotive 
favourite MX. Holdings rise 7 
more to 155p. Stiff reflecting 
Thursday’s announcement that 
Mr. Oliver Jessei’s small public 
concern Clairmace is to acquire a 
29.4 per cent shareholding, 


Stores, 255p, pntipn 4 and 5 re- 
spectively. Tes£o continued 
firmly, closing a shade better at a 
1978 peak of 49n. following the 
chairman's encouraging statement 
on prospects. HQhrds, however, 
lost 5 to 214p for a two-day re- 
action of 12 on the disappointing 
results. Fitch LoveD. at 63p, gave 
up half of the previous day’s rise 
of 6 which followed the pre- 
liminary results arid property re- 
valuation. #?■ 


Vinten good" 


Miscellaneous Industrials ended 
the week strongly with double- 
figure gains commonplace. Wat- 
5 hams jumped 28L to 253p and 
Vinten advanced 22. to 173p on a 
Press report which highlighted 
their earnings griwth potential, 

while speculative J. buying lifted 
Kennedy Smaie lSSto 47p. Reflect- 
ing the company^ gold refining 
Interests, Johnsorip Matt hey im- 
proved 10 to 455fi and Carlton 
bodustsvs added ^to 216p on the 
encouraging first^iarter figures. 
Raima advanced . £ to 80p on an 
investment recommendation and 
rises of round 9; were seen in 
Diploma Investments, I90p, Hunt- 


finished 5 to the good at 31Sp. 

Newspaper issues to make note- ft 

worthy progress included News Biff gaillS in Golds 4 
International. 10 to the good at „ 0 , '• w '& 

278p, and Dally a, 9 higher Responding to the strong rlseN 
at 342p. United improved 6 to u the bullion price, which eventi£ 
350p. while Thomson, on further *Uy .clewed ?7.50 hi^ier ait a reem® 
consideration of the reorgamsa- ® 0 ^ B25 an ounce. So uth A frica# 
turn proposals, added a similar Golds staged a broad advance. Im 
amount to 282p. Pearson Long- Gold Mines Index climbed Iff2Mra 
man put on 8 more to 3S0p, a 183.4, its highest since June X97jfe 
rise of 64 since returning from wiping out the falls of earlier jjg 
suspension foQowing details of the week and recording a net 
the S. Pearson bid for the over the last five trading days o$ 
minority. Speculative interest in 8.4. 

a thin market lifted Collet The market was vety actiy® 
Dickinson 6 to G7p. with demand ffrom the UB. 

■'ttWTWS 

across whoae range of stocks. 
5f£ “V. I Ajnong heavily-priced stocks 

Rate. In a good all-round turn- Randfoatein were £1* higher at 

f 27 ^' ;“ d £37|. The. moderately-priced issues 
a ?S C ’ e * add ■ 3 ~ api 5 ce ; featured Libanon with a rise of 50 
white Stock Conversion flraedj t0 ^ whUe among the ma^ 
to 268p. Secondary issues attracted HnaX W'est Rand advanced »5) 
a significantly larger proportion 13^/' 

of^ buyfag mte res t Haslemere, The strength spread into the 
a75p. and Property and Rmra- mar ket for financials, where 
any A, Step, displayed gams of 10, Amgold firmed ! to £181. Consoif- 
wtuie Great Portland, 3 lOp, added j a ted Gold fields were especially 
8; O thers^ supported mcluded ^j-oug among the London issues, 
gd*ton E«ate and Berkeley 8 t0 18Sp . Selection Trust 
Hambro, both 6 better at 109p and god; Charter Consolidated also 
I22p respectively, with lmry 7 drew benefit from their invohra- 
“flMf « 3S0p- Gahas of d were merK with gold, recording respec- 
recordedin Uslt«l Real, 260p, and tive of 10 to 434p and 5 to 
Estates Property Investment, lOIp, I47. 

white, in late dealings, Intereuro- f he gold stocks among Austra- 
pean improved 3 to 34p. Uans, helped by the firm Sydqsy 

British Petroleum became a market overnight, responded to 
more active market and traded London demand: BougainvflleVtbe 
between extremes of 864p- and largest gold producer outside 
8S4p before settling 4 lower on South Africa, rose 6 to 128p, While 
balance at 856p, while Shell, in Gold Mines of Kalgooriie were 6 
a reasonably matched trade, better at 62p. * ; 

finished unchanged on the day at Platinums - rose in sympathy 
562p. Burundi eased 3 to 6Sp, with the strength of GokU- ana 
after 67p, on vague rumours about Rnstenhiug climbed 6 to S8pl *'■ 


LONDON TRADED OPTIONS 


iBx’n-wri CIubIdk 
I price oHer 


BP 1 

BP 

Bl* ' 

BP 

Cum. tioKio) 

funi. t’niun 

I'ma Gold 

Cr>ns.Gii1<l 

C'ons.G old 

I'ourtauhla 

CourtsiiUa 

Cuurbuildii 

Conztaulda 

GKO 

GBO 

G EG 

GKC 

Grand Slot. 
Grand ilpt. 
Grand Bet. 
ICI 
1C( 

ICI 

ICI 

IjbixI Sen. 
Lud Ben. 
Land Scca. 
Lend Sen. 
Marta & Sp. 
Mark* & dp. 
Marks &. dp. 
Marks 3 t Sp . 
Shell 
Shell 
Shell 
Totals 


750 132 
600 88 
650 54 

900 31 

140 17 

160 6 
160 40 

180 82 
200 9 

100 5c0 

110 iei| 
120 9 

130 4ia 
820 61 
240 i4 
2b0 28 

280 la>« 
100 lBls 
110 9 Hi 

120 5 

330 71 

360 41 

390 19li 
420 6 

160 51 

200 31ia 
2^0 15 

240 5 

idU 50 
140 31 

ISO 15 1| 
180 5 

SOU 82 
560 40 

500 13 


i Clnsln^ i llnaini 

j offec VoL | »iS«w 

*180 — . - 

112 - . 128 

80 — 96 

52 — 70 

18la — I 25 

10 If I — i 15 

41 9 48 

1.6 24 38 

14 28 20 

• 6lf — 

19 — 23 

13 — 17 

8-12 

67 - 

50 - 57 

-8 — 44 

25 20 33 

14 - 26 >s 

15 - 18ia 

9 15 12 k a 

71 3 74 

49 5 54 

30 36 37 

15 6 23 

53 1 56 

36 3 41 

20 13 25la 

11 8 16>i 

62 64 

33 - B 37 

ibw a 23 

9 — 12 >s 

88 — 95 

54 — 65 

89 - 38 

176 


6 I. „ 

_ I • 

- I 278p 


9 118p 

10 
IB 

12 392 p 

12 
9 
1 

- 227 p 


— 868p 

5 ■ ,, 

4 | „ 

107 


OPTIONS 

DEALING DATES Money was given for the call 

First Last Last For in ICI, Burmah Oil, Ladbroke 

Deal- Deal- Declara- Settle- and Warrants, ■ CharterhaU 

ings Ings don ment Finance, Feeder, British Land, 

July 18 July 31 Oct. 12 Oct 24 Coral Leisure, Burton A, Thom- 
Aug. 7 Aug. 14 Oct 26 Nov. 7 son Organisation and Barker and 
Aug. 15 Aug. 29 Nov. 9 Nov. 21 Dobson, white doubles were 
For nrte indications see end of arranged in Cullen’s Stores A and 
Shore Information Service British Land. 


NEW HIGHS AND LOWS FOR 1978 

Th* follow I no securities quoted in the PAPER A PRINTING 47) 

Share Information Service yesterday PROPERTY fl 31 

attained new Highs and Lows for 1878. fflots ai 

NEW HIGHS (292) tSo) 

— TRUSTS <72) 

OVERSEAS TRADERS <41 
TEAS a> 

MINES 11C1 


YESTERDAY— 


Denomina- 
Stock tion 

ICI £1 

Barclays Bank ... £1 

BP £1 

In chape £1 

BAT Inds. 25p 

Distillers 50p 

GUS A 2op 

Shell Transport... 25p 
Babcok A. Wilcox 25p 

Becchara 25p 

Boots 25p 

British Land 25p 

GEC 25p 

GKN £1 

Marks & Spencer 25p 



FT-ACTUARIES SHARE INDICES 

These indices are the joint compilation of the financial Hines, the Institute of Actuaries and the faculty of Actuaries 2 , . 


NEW LOWS (8) 


DRAPERY A STORES <11 
HenrH.ue.A 

Bamfordx \ Genl. Eng’g (Red.) 

INDUSTRIALS ffl 
Bentima Brady Inds. 

SHIPPING Ol 

Hunting Gitoan ' Runclman (WO 
J scabs (J. I.* 


EQUITY 

GROUPS 

and 



Wed. 
'uly I July 
27 26 


NO. 

of Closing 
marks price (p) 


Change 
on day 


RISES AND FALLS 


Yesterday On the week 

Up Down Same Up Down Same 

British Funds 18 1 » Vn 113 123 

Corpus. Dominion and Foreign Bonds ... 12 2 50 M 15 

Industrials - 5*» 1*> SU - 2 ,2» UN <-»B 

Financial and Prop 220 2b 267 8U 318 Lri| 

Oils 0 12 13 37 M M 

Plantations 7 4 28 28 30 100 

Mines ; 71 7 « 237 2OT 196 

Accent Issues 1 IS 4 25 C 23 140 




Gross 
Div. I pm 
YkU % I Ratio 
(KeO 



Index | Index Index 
No. J No. No. 



8 I HraksuWEbd 


Totals 


M 2 198 U 90 


XU* 1,902 6A28 


The above list of active stocks is based on the member of bargains 
recorder/ yesterday in the. Ofticitd List and under Rule 163(1) (e) and 
reproduced to-day in Stock Exchange dealings. 


RECENT ISSUES 

EQUITIES 


ON THE WEEK— 


Denomina- 
Stock tion 

TCI £1 

Shell Transport.. 25p 

BP £1 

BATs Defd. S3p 

Barclays Bank ... £1 

Beecham 23p 

Distillers 50p 

Marks £ Spencer 2ap 

Burmah Oil £1 

GUS A 23p 

Boots 25p 

GEC 25p 

Unilever 25p 

Lucas Inds. £1 

Glaxo 50p 


Qosing 
price (p) 
391 
562 
856 
284 
342 
6S7 
197 
167 
68 
312 
221 
279 
532 
318 
592 


Change 
on week 
+ 3 
+ 4 
-22 
+ 19 
+ 17 
+17 
+10 
+ 5 


I-sJlSc. 15 

Ifsue II ?£■ | ga 

Price i = — 5 I’- 
ll: < ~ Hleii 

75 F K 50* Ik 

65 F.P. 31/8 7B 

r.F. - 123a 

I0U F.P. 5/7 IBS 

65 F.P. 84/8 »l 


UtanMlJ lU.D.) 

Ortlers tfopsrfoorl* ... 


89 | (4.6 3.1 7.7 4^ 

75 IMUI 8.1 4JI 6.7 


10 Kmniv lllg —1* — — — I — 

IU Kuniilwrm...— — . 161 — 1 4 2.64 5.0 8,5 1U 

83 Hun i In- P*tr. 90 +2 4.6S 3.0 7.8 6 J 

138 Jon« (E.) (JewTn)lOp 140 +2 35-5 2.1 5.9 12.2 

Ai I hiuni- PKw.kwi 35 I9&-0 8.7| 7.6 



FIXED INTEREST STOCKS 


2263ft +L2 

206.44 +13 
35731 +1J. 
48230 +0.6 
33Z91 +13 
182.12 +13 
171.08 +1A 

207.45 +13 
24835 +L4 
18436 +0.9 
12833 +03 


213JZ2 +13 
233J7 +13 

277.74 +L9 
263.95 +03 

201.75 +03 
22138 +13 
409.13 +23 
14031 +13 
20030 +13 
180.71 +0.9 
25401 +03 
11034 +L0 
20631 +0.9 
293.05 +03 
26836 +03, 
134.43 +13 17.82 
41736 +03 1736 

+13 1638 



22234 

222.49 

22128 

17824 

22638 

(280) 

2DL71 

20135 

19834 

14931 

206.44 

(28/7) 

353.03 

35379 

34954 

24634 

35751 


47522 

474.72 

475.74 

364.72 

48230 

(28/7) 

328 ZL 

32831 

328.44 

25925 

332.91 

(28/7) 

179.01 

17937 

3JB.76 

157.66 

182J2 

(28/7) 

167 J3 

16732 

16629 

145J3 

17135 

02/5) 

20422 

203.85 

203.91 

16624 

207.45 

am 

24185 

242.48 


19110 

24835 

am 

183.02 

18183 

17924 

15325 

16436 

am 

12630 

12726 

12720 

106.68 

32833 

am 

209.63 

21030 

209.44 

166.99 

Z1322 

am 

22923 

23022 

22822 

179.93 

24137 

(8/5) 

27142 

27237 

27145 

1983.9 

277.74 

am 

257.94 

258.70 

257.41 

20824 

26917 

(60) 

20035 

200.83 

39936 

17141 

-.20338 

(60) 

21636 

217.46 

21529 

172.68 

223.22 

(60) 

41735 

416.75 

416.72 

297,99 

41755 

am 

13663 

336.78 

13620 

315.44 

14051 

am 

195.97 

196.42 

195.70 

14736 

20050 

am 

17731 

17838 

17927 

152.97 

19190 

02/5) 

252.05 

25332 

25322 

21118 

26118- 

(18/5) 

11036 

uin 

11104 

9922 

11144 

(21/7) 

202.90 

20325 

20235 

176.65 

206.61 

am 

288.90 

29188 

29174 

247.60 

293.05 

am 

265.89 

26620 

263.69 

0.00 

- 268.86 

am 

32937 

330.44 

12939 

123.43 

13921 

0515 1 

41725 

41432 

41186 

47037 

.48351 

(60) 


288.95 

an 

16630 

on) 

28935 

1 6/3) 

404.47 

03) 

. 270.95 

m 

149.87 

. (2ft) 

15432 

(27/2) 

37353 

00) 

209.01 

0/3) 

16034 

(60) 

10458 

(20) 

179:46 

(20) 

204.04 

(27/2) 

22955 

(20) 

21952 

(20) 

17537 

<27/21 

17633 

0/3) 

1 

'11931 

0512) 

16537 

am 

160.85 

am 


SS 5= 
m ? | a 


yn rryn ■.-»>< k y ^ j 1 1 Wri 


— 116820 16713 16731 
619119010 18715 188.42 
'207.49 206.41 20335 
15538 15638 159.47 
14133 140.84 14036 
32922 328.91 129.40 
34934 34830 34923 
79.95 79.% 8031 

2431 3 24139 24L33 
10833 10931 108.74 


32.62 

721 

7.49 


539| — 1 22336 1 222.011 22236 


22L73 J85J1 





22803 CLW177) 
233.84 (2/5(72) 
38933 19/5/72) 
48339 (21/10/77) 
332.91 (28/7/78) 
187.45 (14/9/77) 
177.41 (27/4/72) 

2Z7.7B (21/4/72) 
26L72 (21/10/77) 
26322 (4/5/72) 
17039 05/1/69) 

226.08 06/8/72) 
28LB7 (28/11/72) 
277.74 (28/7/78) 
329.99 02/32/72) 
21433 0/10/77) 
.244.41 0/10/77) 
41735 (26/7/78) 
1440 04/9/77) 
20439 06/8/72) 
Z35.72 07/1/67) 
33926 (2/B/72) 
135.72 06/1/70) 
213.70 04/9/77) 
29530 04^/77) 
2606 (28/7/78) 
246.06 0/9)72) 
53938 08/5/77) 
258.83 (2/5/72) 


01/4/72) 

(20/7/72) 

: (2/5/72) 
(4/5/72) 
Q5/3/72) 
(600/77) 
05/9/77) 
0/5/72) 
i (9/11/73) 
08/5/72) 


50 J1 03/12/74) 
4437 (11/12/74) , 
7148 (2/12/74) ■; 
84.71 (25/6/62) 
6439 (2/1/75) 


45.43 (6/1/75) 


4935 (6/3/75) 


3839 (60/75) 

4235 03/12/74) • 

63.92 07/12/74) 

19.91 (60/75)- 

6L41 (2302/74) - * ' 
69.47 0302/74) 1 i 
7838.0302/74)'. 
54.83 (90/75). I 
5937 (U02/74) 1 
54J25 (1102/74) 

55.08 (60/75) \. 
43.46 (6/1/75) ; 

52.63 (60/75) 


E mm 


20.92 (60/75) 


5833 (60/75) 



63.49 (1302/74) 
5538 (13/32/74), 
62.44 (1202/74) 
8L40 0002/74) 
38.83 (1302/74), 


wmm 


6536 0602/74) ' 

310. (7/1/75) ' 
5631 (20/4/65) 
3329 Q702/74) 
7133 0302/74) V; 
6631 (30/9/74) 
9737 ft/1/75). 





Pci. I Thuxs. I Year 
July | July 
27 


8.71 7.61 

„ 1034 1L41 

1337 | 1135 1236 


1126 1126 
12.07 32.05 | '3227 

12J17 3227 I 3231 


1147 1150 1102 

1239 1 1237 13.41 

3231 13.61 


1158 | 3157 1232 



9.05 (6/6) 
1132 (5(6) 
1196 (5/61 


7.05 (30) 
9.12 (3/1) 
9.74 (301 


938 (3/1) 
- 10.18 00) 
1034 (3/D 



32.15 (28/6) 


980 (30) 


1978 


HtatM 


S5*S75?5iS 2S-52 na.43 mnom 37.01 wuro 

lul SoSSi? 'Umtyr, 34.43 (4/lZffJ 

78.60 (U/li 69.50 (20/T) 114.96 iT- lO/Uii 47.67 (BQ/ff 

J0fl Sf***?? k * B! 5* tM "" 1 Sirwt. Landau. ECO. pile 
. J* * f0rtn, nliUy racerd of grenp » 


Hlnoe 

Cuuptlatfam 


Idvi 


38.37 |4|7> 


(tasevaina 

ULH 

mu 

Utl) 

stjsr 

100.00 


TRodfniptlm yield. A Ibt ef the co nst H ocnai is 
gnralUbla from the Mndm The- Baada l Time*, 


_ _ . -- — : — - — inviwiiHy Iin-tirg VI prvHP 

nbsecuen ipdtera, dividend yietd* and aantiim 
S5? 1 lf ¥ t wrtert* highs and lows id * 

iMins, is ettninabls from Ft Rufi^-w Cntsrvrtni 
U. Belt Court, London, BC4. at £40 per copy. 

RECLASSIFICATIONS; Status DlfCMUtt 

lteflcllna Materials m Stores. Hswnraa IndluNife 
Own Ntactrlcaf* te Mlscoflaneata* UnclaaNHed. 























































































































Financial Times Saturday Jtfly jg 1978 


ST 


INSURANCE, property 

BONDS 


Abb«r LHn Amnrun Co. Ltd, 


Eoum Fund _ 
tquift' W . . . 
Property 1 VI ,. , . 
J*rop*’rtv Aw 
Sei«(l>-e Kut»d. .. 

( nni Bilihlt Ftmd 
VWiwo* I 'uni I . . 

jvn» Propcrf 
Prt' ■'•nlrrllwi... . 
Rrox. .Serat.ti- . 
rru Umi{Hl 
m* Mum . "■ 

S ITnp rtj. Scr a... 

Man Pd Srr 4 . 
VtUiluv K.9 Nor 4 . 
*'om . Pil sit 4 
'JMtim rd. 5irx.4". 

jTii'i-4 a July vi 


134.9 
31 ■ 

Mas 

154 4 
'Ll 
ULJ 
it? a 
IT* 7 
HI 

HZ 1 

179 J 

ms 

1273 
134 fa 
K) 
11Z1 
U01 


HI 

335 

1H4 

laze 

«.i 
1H3 
12BL5 
1U.I 
907 
344 5 
uai 
1711 
134.0 
1417 
yix 
mi 

1131 


ow«»m SSSTi Port f°Hf Lifc InB - C - LhL * HFI Pensions Management Ltd. 

— 1 - P^^^ tU , Wan j35 C ”T «““« ^Ux-whuwKSl.^riH.- 01-6234200 
PortXol id CapOol'H. |4a j ^ “ HmaRod Fuiui^.. _J14a s _ 154 7) | _ 

Gresham Idle Ass. Soc. Ltd. 


ruBti-.i.H U«HI 3 1M./I I — 

Pnc« July 3. Nest dealing August 1. 


= Mw of Wales Rcfe. B'attxib. <005 707055 Z ** lflJ,d *“■ Co. fU.KJ Ltd.? 

~ Mali land House. Sou them SSI 2JS 07026353 


■Illation normally Tuesday; t; * s - Su W F(i 


Albany life Assurance Co. 144 Guardian Royal Exchange 


fi i*£ a,h PUml— .... 

IiS 3 :::::! z 
telMfcdnp Slid z 

Growth & Sec. Life Ass. Soc. Lid.? 

Weirn B nk.BnQroa-Thancx.Bcrfcs.<Mzs-j4z H Gill Edged Fd. — _. 

Fterthic Finance - 1 1L050 -| I _ an. Deposit Fd. — 

MnrtbaaksSi Ar*Jiifi.2 ~ . Z Norwich Union Insurance Group? 

PO Bns 4. Norwich KR13XG. 000322300 


Kiwi Key lev. Plan. 
Small Co r Fd. 

T och oology Fd. 

Extra Inr. Fd 

Aroencan Fd. 

Far Kan FdL ... 


14Z_1 

952 

1002 

891 

105.9 
mu 

103.9 
97.0 


3465] , 

1002 *0.9] 
3055 *1-5 
932 +0.4] — 
111.5 
114.3 
1092 
302.1 


i-0_ll 


11% - 


SI. ('Ill lliiriinclnn SLUM. 
VT-iull. 1-U Arr. — (190,5 
tfUnllql Arr. „ 100 3 
9l«til MoncpFiLAr. 114 a 
gwi M .M I'VlAcm. 107.8 
JPrap KdAer . .._. 1089 
pi P'e lnr. Arc.—. 167 0 
' SS^**K iJm.Kd. Apr. 225 7 

EfT** 1 P™ Aw 1777 

bid hen Prn Ace. . 129 S 
jpM-M P PoFdAcc.„ IMS 
S2P . .... mo 

MISe Iur.Prii.Acc_ 204 9 


200 SI ... 
i*7a 

120.3 .... 

iu a .... 

114.3 ... 

373 3 .. 
2971} .. . 
. 187 (3 .. 

iao.'a 

_ 129.8 .... 

215.3 


01-4X751X0 jfo™ 1 Change. E.C.3. 

Pnwitv An* mi. 


Life Ammnce LhLf 


AMrVtai£? 4010L Pen. Prop! Are ZZ 

S«vSSMr!z:IH23 ssfa i - s^-““-c ap . — , 


Properly Bond* J1769 1842) .... 4 — 

Hambro Life Assurance Limited V 
T Old Part Lane. London. W1 01-4UDQU3I 

Pixed let Dep f 

Equity 

Property . 

Managed Cap 

Managed Ace 

Overseas 

Gill Edged 

American Arc. 

Pen. F.I. Pep. Lap... . 
l*enJU DeriiAre... 

Pen. Prop. Cap. 


Munaflcd Fund _..... I215.9. 

„„ Equity Fund 3503 

01 283 7107 PropertvFund .130* 


Fixed lot. Fund.. ~ 

Deposit Fund. ... 
♦Nor. Unit July 15 


,15*2 l&ZJH 
iosi llOI 
2052 


2272] +ljf „ 
368.71 *4.1 
137.21 *02 
+0.4 


UU 

B O* 
93 
97.7 
102.8 
Mil 
102* 
102.0] 

Arrow Life Assurance 

SO.UsbrtdseRoad. W 12. 

I a 


AUKV Muncy FdL_ 105 * 
A8JEV Equity Fd „ 113 2 

A MTV Fixed I at W7 

AKFVItxmFd _97fc‘ 

AML'VMcaiVn.Fd 9*7 
AMKV MftLPra.'B' *7 4. 
Plaxiplan mb 


110 3 


Pen. Cllt I 
Pen. Gib 1 


Pen. BA Act 

Ppn.DA_F.Cap. 

Pen. DA.F Are 


125.7 

132.4) 


181.7 

19IJ 


1*3.9 

172.C 


142.9 1 

150 5 


176.7 

186.1 


1241 

130.1 


1251 



98.4 ■ 

1036 


1280 



149.7 

1576 

1 _ 

204B' 

215.fi 


263.* 

2775 


20&J2 

217J 


2*6.0 

■ 280.fi 


121.8 

128J 


1285 

13 SJ 


124.1 

1307 


141.4 

1401 


1028 


1835 



Puo.Hid.Fd.— f.i.. . 1113.2 atjj _ 

Bercloya Life Anar. Co. Ltd. 

01-534 55*4 


Property]- and— — 
Property Fund iai.. 
Asnculiara] Fund. 
Aerie. Fund (A i. . - 
Abbey NBL Fund.. . 

, j Ab bey N at. Fd. iai 

. • saasafe 

01-7400111 ««Wtso<Oak 136.5 38.6| [ — Fqudj-Fund 

| - Hill Samuel Life Assnr. Ltd* " " ' 

NLA Twr. Addiscombe Rd, Croy. 


Phoenix Assurance Co. Ltd. 
4-&.KInKWiaiiunSUEC4P4HR 01-8369876 

Wealth A is I112B 11. 

EbY.Pfa Ass. L 77.4 

Eb’r. PhKq.E 

Prop: Equity & Life Ass. Co.9 
1 10. Crawford Street, W1H 2A5. 01-4880657 

H. Silk Prop Bd. 1 1824 

Pn. Etrtuty Bd. 752 

Flex Money Bd. | 1505 

Property Growth Assur. Co. LtiV 
Leon House, Croydon, CR9 1L.1T 014800606 


UMU OV_ Cn. 

■:=C“77a U 8 5::zJ = 

i {76.* «L5| j _ 

:o.¥ 

Ol-WSOR 


♦Pro p ei I j 

Property Sanaa A - 


252 Rotnferd Rd., E7. 

Sane lay bands* 125.4 

Emuty U94 

OiMilsed.. 110.9 

-Propenv 104J 

jt sus wl hi i 

-Sft^ouAccum T 99 7 

Do. Initial .- . ci 

GUt EdijPcosAce.- 974 
Do. Initial 045 

S mcy Pena. Am. .. U0.9 

x Initial [97.4 _ 

•Current unit value July 3l.‘ 
B«hlvr Life Assur. Co. LtdV 
■71. Lombard St_ EC3. 

Slk. Hnrte July i| 127^7 


X»:7| 42.71 

« 

117. G +0.91 
1B4J ...J 
1052 

M2J 

1022 

995 

106.J 

102 * 


■Units.., 154 Jt 

„ -JenoaA- ®.9 

Hanoi ed Units 1664 

Han aged Series A, 982 
Hnnased Scries C.. 955 
Honey Unua 121.0 


Hewn' Series A 972 

Fixed lot. Ser. A 531 

Pns. Managed Cap. 157.1 
Pax. Managed Acc- 1449 
.PonCTSdCap — 1055 

Pns.Cteed.Aoc. me 

Pens. Equity cap._ 9S.5 


162.6 

1074 

175.2 

103.4 ... 
1006 ... 

127.4 
1035 „. 

980 ... 

144.4 

152* 

111.1 

1175 

mot 

1012 

992 — 

99.1 

1005 
UU 


FnaJ’StdJnLAM.Z 1949 

Pens. nop. Cap ^5.4 

Pens. Prop. Ace. |%.D 

Imperial Life Ass. Co. of Canada 

01-623 1288 hnpcriai Rouse, GiifldfortL . 71256 

J J — Grt-Ftl July 20 [739 8021 

^ Pen*. Fd. July 3S„_ .JM.O 


Equity Fund f A) 

Money Fund.-.., 

01-6864360 Money FtandlAJ 

Actuarial Fuad. 

Gilt-edged Fund ... 

GUI- Edged Fd. (Aj.. 

♦Ret ire Annuity—. 

♦Immed. Amity 

Prop. Growth tam 

Ail Wther Ac. UUJ129L7 
9A11 Weather Cup.. 
OInv.Fd. Uta — — 
Pension Fd. Uta— 

Conv. Pens. FVL , — . 

Car. Pns. Can. UL 

Man. Pens. Fd. 

Han. Pens. Cup. UlJ 

n-op.Pens.FiL.. , 

PropJVos.Cap.Uu.. 
Bd£8 See. Pen. Liu 
Bldg. Soc. Cap. UlT 


1825 

180.9 

762.9 

756.4 
1542- 

153.9 

Ml 

liiio +oil 

1405 
1132 

123.4 
123.4 
ting 
1435 

pea A Ans nl ties Ud 

11219 lull 

134.9 
1386 

147.7 
133.0- 
1435 

131.7 
1472 
1335 
13L7 
1206 


Canada Lire Assurance Co. _ 

M Him su rotters Bar, Retla. P6nr 51122 Managed Fund .L.3&7 

I “ 8 %®===® 

1 1 £qanyFiQ>d+. u .)9U 

Cannon Aasnrance Ud.f Irish Ufe Aasnrance Co, Ltd. 

W “?n^ii lAS0NB l W-HKOBW il H nsbui, Square. EC2. 

IS2?S - — BlneCbn. JnWCi I77A 


7s5I+1a1 — 

Portfolio 

WL«*L1 — 
UZ.ft+6. . 
+ 02 ] — 


TTxipcity Units £20.13 — , 

Equity Band litre. £1169 12-37] " 

Prou EotiifKscc . . £1334 1422 

Bat Bd. (Exec, Unit. £1373 24 an| 

DepprilBnnd UL* if” 

Equity Accra. . .. . 181 . 

fnwrty Accuhl — £12.79 
Jlnnl Arrant . . _ . LU4 
yndEquIty 95.8 1DL4I 

w£Sz: £** gil.. 
sacr-™ Si - 

SndEq Pmi.'Ai-c . 970 1035 .. 

tndFrpi Fcna'Ai r. _ 1084 11*7 .. 

£rd W^ri. PcavAcc 100.9 1061 

3ml Dcp Pens. Arc. 993 . »5J .. 

tna Ci!f ronx.Arc. 89* 95.G 

Li IZS.I.K. .. ..MO 413 . 

LfcEb. t.F.2 |275 295 

t'urmit value July 27 

C flpi td Life AnanunV 
Comal oa House. Chapel Ash WLon 000228511 
1£« lnrc.U. Fft.. .! 100.98 I .... J _ 

raceasnlcrlnv.FA.I 1WL07 

Charterhouse Magna Gp9 

18 Cbeq ccteSq, Uxbridge UB81 NR S2t81 

Oirth»c£nwx.v . 

Cbribsu. Muncy. ... 

Chrthac Mnaegod. 

LV-thae. Foully . 
iingne Md bor -j 
ltacna Managed 


BlueCbp, July 21 [77.6 

Msuffflo Fund +..,.12X13 
Exempt BUn. Fd._p3 7 
Propialod. Jo ^ 1 _ IURO 
Prop. Mod-Gth.- 


[197.7 

King & Shaxson Ltd. 

5Z.CoraUU.EC3. 

BondFd. Exempt .-H0457 

Nett dealing date August 8 
Govt. See. Bd. [U9.40 12*Sq [ — 

Laagham Life Assurance Co. Ltd. 


Provincial Life Assurance Co. Ltd. 

222, Blchopsgate, E.CJL 01 247 6533 

Prov. Uanmed Fd.. D13.1 139.; 

Pror. DtrffFd. 1M.9 11# i , 

GUt Fund 20 1184 124.71 +05) — 

Property Fund 95.9 1 

:ta>aro?BDd 97.S 11 

Fxd. InL Fund..—— 942 1 

Prudential Pendens limited^ 
0168851 Eolbom Bars. EC1N 2NH. 01-405 

AasH waastB#* f 

ZZ — Prop. P. July 19 |O&07 ~ 

" Reliance Mutual 

1 Tunbridge Wella, Kent 008222271 

01-6235433 1 I 1~ 

108101+624 - Rothschild Asset Management 

ft Swithim Logo, London, EC 4. 01-^84356 

N.C. Pro^-~~__flT75 . 12551 .__] _ 


Sub. day September 29. 

Zmnghim h*. Holmbrook Dr. NW*. oi-ao35zn Royal Insurance Group 

Laagham ‘A 1 Plan.- 1*25. C55| 1 - New HaR Place. UwrpooL 05 1227 4422 

1 S.|:zj= KlV* 1 Shield Fd. —11384 1464] 

Legal & General (Unit Assur.) LUL 8078 * Fr0 ^* er Groupf 

IQngswood House. Klngiwood. Twhrortb. *■ GhSUteten^ Ladu^ 2C3P ^P DI554 8088 
S oii wrnnmt _ Bu+rh H mmK! 345A Bai.Inv.F8 .-.[1303 137.71+0.4] — 


|3ft6 

40.6 


294 

31® 


1394 

414 


{35 A 

37.6 



1336 



1506 



niiiciU-r.d House. 6 Whitehorse Road. 


WtacProo Fund. . 
Maaxgnt I'utitl . ... 
Fqy.K Find ... 
Ftnnland Fniwt 

Nt«.wHmd 

Clli 1-Snrd ... 

T’. L.4 FUnd 

Prnv Ur.fcrt.t uii ... 
Fens-Megd 4i-e._. 

Fr^is MMtryi'ap -U*J 

Ters- Mor.ix \>t - KB5 
Fra+ Lqj*iv ap 
PrWLEqa-.t; 4i-c 

?.*p.1 rimmlv 


|M5 

17L7 

tei, 

fiV" 

12L7 


“onl ctHTTMly r 
Vottiirml mw 


«7 

S79 


*3.1 

MO 

*3.! 

77 

% 

m* 

128 

49. 

51 

3 .:. 


oi+msou. 


*05^ 


+a.i| 


Surrey KT206EU. 

C»»h initial B5.8 

Do.Accum. 97.7 

Equity Initial 1255 

Do. Accuxn. 12U 

Fixed Initial 117.B 

Do.Accum. 120.2 

Inti. Initial 1BL5 

Do.Accum..— 182.0 

Managed Initial™. 120 9 

Do. Annan. 123.4 

Property Initial... 992 

Do. Actmm. 1012 

Ergal Me General llW 
Exempt Cosh lnit. - [97. 0 

Do. Accum. 989 

Exempt Eqty. lnit.. 1252 

Do. Accnm. 1275 

Exempt Fixed IniL 1133 
Do Accum.--. — 1154 
Exempt Ungd. InlL 1235 

Do. Actum 125.8 

Exempt Prop. InlL . 97 0 
Do Accurl 98 9 


Heath 53456 Boi.Inv.Fd. . 




102.9 ..._ 

1322 +11 — 

134.1 +U — 
1246 +03 — 
126* +03 — 
1064 +14 
107.4 +15 - 
1273 +LC 

129.9 +1X — 

1045 

106* ..... 

LUL 

1022] .... 

104.2 
1318 ...» 

33*3 ..... 

1193 

1215 

1300 

U23 

1022 ....- 
104.2 ..... 


Deposit Pdf 1218 

C chop JVnxFd.T, 2064 

Equity Pens-Fd |l902 


1*2.9) 
inju+05| — 
1304] 
ml 


11 " 


GUtPcDB-Fd. nt.t 

tWeddy deaJingg. 
Schroder Life Groups 
Enterprise Houae. Porttnuath. 07057 

Equity July 18 2380 

Equity 2 July 25 222.9 

Equity 3 JuJyffi. __ 1217 
FlumltiL July’S#— 1395 
Fixed InL 3 July 35. 1492 

InL UL July 25 1355 

K ic 5 Gilt July 25 1066 

KASc-JulyS. - U&8 

Mngd. RIx. July 25- 133.7 

UahusW IiiIbHR 


__ Man4£fd JuJ'p 25- 


247.0 

Legal & Genera) Prop. Fd. Mgrs. Lid U7.I 

01-2489678 Properti-iflhr25— fi573 


•p Z' 1 1. Queen Victoria SL. EC4N 4TP 


IXGPnxFd. JolyS.FKS 1 101.7l.:...4 — 

Nod rob- day August 1. 


+ 021 - 
!*0 31 


kifcod^tn new i^avratmenL 

City of Viritmiutn- Assur. Soc. Ltd. 
▼eSnphnne i>;«4 OKA 

Jt,-*! I'niii |123* 129.71.. ...I — 

JT'.Wtls VWU . |5«7 574] J - 

Ccmmercirl I nioo Group 

p; ’(• ien's. 1. 1 ndmhaft. Mi"3. 

B .-y,.Arl :.-.iI-.2S> j 5*75 M td] - 
Ik- mniiuyl-is J 1805 | ....( — 

t 'an federal ion Life Insurance Co. 

ta i;ns nroty 1 nor, WC2A UU1 01-2420383 


Life Assnr. Co. pf Pennsylvania 
30-12 Jiew Hood St. W170RQ. 01-4938305 

LACOPUrota. |98S 1034] | — 

Lloyds Sk. Unit Tot. Mngrs. lid. 

"L Lombard St, ECSL 

Exempt J987 lOlft 

Lloyds Life Assurance 
Sn. rOltoo SL. EC2A 4 MX 

EU.Gth.Juty 6 i 129756 , 

OltJ'A'hjt Jly27. pas * 132.0] 

01 283 7500 Opt5;A;E«iLj,ly,2r. 


Properiya July 25-. 154.9 
BSPn CpB JuJyffi- 121.6 
BaPnAccB July 25- 1325 
MdPnCpB July 25 ... 2*33 
MnPnAceB July 25. ZKL9 
FxdJnLPmt.Cap.B. 9*0 

FxiUhLPhAccTB 975 

Prop.Ptm.CapB — 960 * 

7 - w Money Pen. ACC. B.. 966 
Overseas A-—.- f97.8 


234.7 

128 2 

1464 ..... 

3572 

143LC 

1435 

125J ...» 

140.8 

1545 ..... 

133.6 

1242 — 
3*6* ... 

163.1 

1277 ..... 
1392 

213.1 ..... 

2541 

102.0 

102.7 

1812 ..... 
1011 ..... 
lOlfl 

1017 

U2-21 


.... 4 . 1340 

OfltA'A'Il Vd Jly 27 15*5 
Opt 5'A'lfanJ{r-27 . 1305 
Opt5'A'DptJl5-27 


[ISO 


M 


Scottish Widows’ Group 
PO Bat 002. Edinburgh EH165BU. 031-6558000 

JnvFlr.Serics l M7* 107.61 +18) - 

ln*.l%r. Series S^-.llO] 5 106# +1 y — 

Inv. Cash July 2S-...1985 103.^+02^ — 

ExUtAecJuIylB — fU95 1«. 

ExUUncJiUylB. . — ]1H5 » 


•F.iint* Fund. 

PMuinfird Fuad — 

Fa:". » •" rwi" . 

S-.ntJld Unfit I’n. 
v rro. . 

Pi ir.1 In" IVn - 
Kisiit*-l , ei»«iiin ... 
lirw.il frriara 

i'-ornhiit Insurance Co. lid. 

K i arr hi il. I’.''3 


1526 1*02 

177 7 106 5f 

_ 375.4 
-6 7621 

726 76? 

1840 
199 7 
224 0 
139* 


London Indemnity fbGnLlus. Cm LML HgdPen.Juiy2fl~|2706 zn5t+4.7| 

18-20. The Farbiuy, Reading 533S1 l Sofatr Life Assurance Limited 

— Imf — 10,'UBly Ptoec London E.CJN8TT. 015422005 


The London Mk Mnnchcster’ Ass. Gp* 

(0KC-521M Solar FttL InL S.— . ' 


W unlade Pork. Exeter. 
Cap. Growth Fond. 
♦Flex. Exempt Ed 
♦Exempt Prop. F«L 
♦ExpLInv. 


TOL Fd 

„ Flexible Fund. — 
O1-CD05410 Inv. Trust Fund.— 

IToperty Fund 

MAG GroapV 


< *l- Feb \itc 13 IJ260 - l • j — 

Gh.'tw fcilC [9J5 ~ J - 1 — 

Jtar.;»dJnh - lino IK.jl . ] - j 

CrrtUt & Coemem Insonncr rcrLPeauon—— 
mi ;-*fcoi..‘;i .’-»dtmVviRin: ci-*M7oei £“]L?S25v.“- 
u7fl Fd • 11220 132 0] . J — 

Crown Ute Asonroueo Ca Lid.* ' 1 .. 

vnimUf.-tl* .WnMnf.DKI IX* 048GIMB3 internatnL Bond** 


232.7 
1357 
909 
1574 
1185 
144 7 
135 



1364 +0.4*1 

1172 

1782 +22 
123.0 +02 



104 7 
1047 
,1040 

Si 


Vaui'J Ltid Ace 
fclaiE'rt "il ini-aa 
Man id l'«i :mt . 
Vqui^M t.i- 

f ic-j'il J A.Jne*» 
q.uty > - 1 In:L — J991 
Pwwr.i 

rrt';wri‘ In-t* 
Prorrri’ F.I 1i.lt 
tm Tk IM 
lav Tst. *'S »r..-m. 

•iu T« :'J In:! 
iFlted:v- F.I 1-^ 

Fad. luL *1 

l«rr | 1 d Vi 

inter J. F.i ii- cm 

Mp-ir Fil ICC . 

Mcie, Fd !n.-m . 
l*t« F.I U.- n 
L"7 <m*i Eri in* a 


Rm3 

1043 
HH.7 
.94 4 


11021 +0 3 
110.7 +0 7j 
3tW4 +0.ft 
10*5 
M45 
MU 
1012 
2012 

100 7 +01 

in I -13 

1111 +13 

1112 +1 J 

M3« +0' 
1034 *0 7 
172 4 *0 7 
1225 +0.! 

101 1 . 

Ml 3 . , 
no 9i *0 : 


t*o 


1.26 


5.70 


1 239.9 

+5.6 

1185 

1245 


141* 

140.1 


1655 

- " 


199.6 


...... 

U&B 

11231 

+0.4 

1050 

110.4 


142 2 

1494, 

+24 

1593 

367.4 


82.9 

872 


64.1 

67.4 


527 

55.4 


557 

SU 


M. "Jul+ 27. •••July 


Managed Bd.*** — 

Property Bd‘* . 

Ex Yield Fd-Hd.' 

KecmryFd- Bd* Kji 

AmrrlrmFd Bd* B27 
Japan Fd Bd • . ....K5.7 
Prim on "July S8 *' 

Merchant investors Assurance 
S53 High Street. Lena Home. Oroj don. 

01-806 urn • 

Property — - 

Propertj’ Puns — - 

Equity -- 


11204 

1318 

+2JI 

ii T %B 

1119 

+03 

U trjW 

116.7 

+11 


1111 

-0« 


107 * 



f 4 1 M 

11*4 

+1.C 


SIS 

833 


961 
(1054 
•155 3 

CnuikT invaranee Co, Ltd. 
Vi»-.,iaK.u«-T«erFLEt3 UI4D08U1 

•lib Put I'ii| * (789 884] . .. J — 

Eagle Star iDwrlHUHud Ass. 

ili'.ir«i»r«IVSl.f.T7. 01-3802212 

ragatM.d liyta. -iW6 M.*I +0 4] *B7 
Fruity A Uv Life Am. Soc. ild.0 
Amerohani r.oail High Wvwimh* 


12*4 _ 

— . Equitv Pens 
5 72 Muncy Market - - 
Money Mia. Pens. - 

Depoalt-.- — 

DelKWir Tenx — . 

Miuroged — 

Uuurd Pens .. — 

InlL Equity . 

Inti Managed- 

NEL Pensions Ltd. 
MiUont'oun. Docking, Surrey 


1542 

+01 

1612 

+0.1 

600 

+15 

171.6 

+42 

.142.4 

♦0.7 

UU 

+0.1 

1292* 

+0.1 

1410 - 

+0.3 

1069 

+1J 

139 2 

+1.7 

1001 

+0* 

105.6 

+0.4 


F+utrxt il - Jliri MS 3 +151 *- V 

Fropei+i t ii . - JO** JJ-Jj 

Flatirilnle-eitF- li095 fS 3 *° } | — 

«V..J Del!-*!!, fd * MJK ~ 

M.uciV. !«2 2 mil *0 6] - - 


Nrle« i: Q Cap — , 

NelexEq Accum. .IJ161 

Neiex Money Cop.. ]*2 “ 

Nelrx Mon. Acc.|66.7 
NelraGlhlncCap Mfl 
0494 33377 .Nrirxuthine Afc-Bl* 

Eel Mad. FU. I’a?- 

Nd II td Fd Arr 

Next -Sub _ __ 

par tra Court mrotjr 
Rotkacblld A 


J 

1169 


■6*1 


es 

day August 25 


’gjH “ 


1165 

Solar CnafaS 1003 

SoJ or IntlS 975 

Solar Managed P— 1295 
Solar Property P.__ ULb 

SoUrEquily P 160.8 

Solar FxdJnL P — U64 

SidarCaahP UKU 

Solar Inti. P 1975 

isao Son Alliance Fund M a ngmt Ltd. 

— Sun Alliance House. Horsham 0*03 04141 

— Stm Alliance Linked Life Ins. Ltd. 

~~ Sun Alliance Hooh. Horsham • 040364141 

Equity Fund 

FuwdtnicroslFd — , 

_ Prope rt y Fmd 

International Fd — 

_ Deposit Fund 

_ Mtmoged Fund - — 

a- Sun Life Of Cagada (UK.) Ltd. 

- Z3.4.CockspurSL.SWlY5BH 01-6305400 

. Maple IX Grth 1 2029 

Blople IX Maned ... 134.7 

— Maple jUEcto. ...... U95 

— PeranLPn.Fi 1 2060 

Z Target Life Assurance Ca Ltd. 

— Man, Fond Inc— ,M7 10151 .... 

— Mim. Fund ACC--— U96 1M.1 

— - Prop Fd. Inc.—— MS.8 ; 1146 — 

“ Prop. Fd. Ace. — 

— Prop. FeL Inv 1080 — ■ -.-i 

— FixSd InL Fd. 1BC. lBas 1061 — 

- Dcp. Fd. ACC. Inc— 95.5 2005 ....-, 

HH1 BeLFlno Ac- Pen. .. 77 0 83.1 +1.M 

™ xl Het-PlanCapFen — B7 M3 +LS 

Rf^FlenMaiiAcC... 127.1 ltii 

ReLPlan3ian.Cap_ U66 12.7 

GUI Pen. Act Igffe 337.5 

Gilt Pan. Cap [1235 1295] 

Transtnternatioml Life Ins. Ca Ltd. 

2 Bmm Bldgx. BC41NV. 01-4096487 


Tulip Invent Fd 

JSSSF& 


Man. Pen. Fd Cap.., 
Mra.Pen.Fd Act 


M35 

0142 

228.1 


I INANGIALTIMES 

OVERSEAS SUBSCRIPTION RATES 

|.-f r.iti lu- ::«nt by pw« 1» j» n - v ^ JniJ'wJ? 


™ f S« «+►.»«&■■* 3 da " > ' *?ffi,S^r f SrE 

L ! ‘ 111 sj'-r. il KTTr.r. K.\h.i — 


m !.!■: E\srr t.\iu maili 

,K ir-.n-S.miit Arjbt.t. « 1>f ■_ 


LI 51.47 jut annum 


i-\» : s:\st i \iR maili 

lAu-.T ili.t. J.iD.Gi. Fic.i 


1^09.01 per annum 


i:;.;sr t‘F Wig'Ll) 1-AIK MAU-1 


£1SU..»4 per annum 


s », n t, india - s » n * ,p '^ 

■ * — —— -I-I mi Ci 1 hi* 


pic.) 


U-. 


n.icti i»- 


:l tisruutihnu! lb- 


u-utiti nn per an n urn 


ORDER FORM 

,ji rw« 


,f.J, Sk -UF;9t KCMP.ISV. 


li.y rob> r;i«--i’P- K,v ’ 


- ti*r «H jr SJ 


Die at tho 
canuitunvma 


I ra-.;.*'i' f.i 




••dii.: t+ tier r-*r 


- ^gfcOCK licrrERS i+LEWiEi 

rrjw ro+V-c ciu-ciK** nJ1 J - n'r'l-J. J a 1 ? ■' r'.^-i T Lou.lo-J tlCiP 4BV 


1214 

P290- 


2515 

1 7 0. 7 ..._ 

324-3 

127.7 

1357 

MZ-9 

U30 


Maagd Inv Fd Inti ..H75 
Mngd In f Fd_AcC-..|97.9 

Trident Life Assurance Ca Ltd.? 

RendadeBoufp.Glourester 045238541 

ffl 

86.7 
’IMS 
1357 
11222 

p3 


asna== 

“ - (ty_ 

. (American-. 
L'.IE. Emu ti- Fund— 
ilich Yirii- — 

GiOEdged 

Mt»cy 


Growth Cap 

Growth Acr. . — — . 

PeraMncd. Cap — 

Pen*. Slacd. Acc .. 
GtdDepCnp 


”931 


1239 
1281 
1254 
1266 
1039 
1075 
124.7 
1199 
364 
988 

lor £100 premium. 


1565BHI 

I59:2f+Z3 

9LMaama 

1173 +uj 

lD9i+03 

134Mra 

lJsTbiJ 


109.0] +OM 

121J 


PnmGtd , 

tm*GndDep-4ct. 

Pen* Pptj-.Cap. — ' 

Pea* Plv. ACC- 

Trite. Bond — 

“Tnd.G.1 Bond.—. 

•Cash value 

Tyndall Assn rance/Pensioniif 

IRConynce Road. BnstoL 

5-«vJoly27. ‘ 

Cqotty Jurv 27 

HandJuly Z7-. - 
Piupeiu Jnlj-UT -- 

Rcnosit JuirF? 

:t-Woy F-M.July33- 

(Vaeaaln--. July 27. 

Mn-Pn3 W July 3 — 

DoEqnityJulyd 
DaTuondJub 3 . .. . 

Do. Prop. July 3 - .. 

Vanbrugh Lite Assurance 

+1-43 Maddox SC, LrtQ W1RSLV 


1254 


1687 • 


3*73 

.. . 

1055 


3281 


3480. 


791 

...... 

1*42 


257.0 

•era- 

177.0 

u 

8*6 



Managed Fd 

Equity Fd 


J148.9 

WO 9 


Intnl Ruiul.— — 
Fixed Intent Fd — 

Properly Fd 


<103 6 
1*7 6 
1421 


01-4904833 

:Sij = 

1091 -0 W — 

17*5 -ni] — 

149K ■ — 

1255 J — 


I'EtjSVand — 11192 

Vanbrugh Pensions Limited 

41-43 Maddox Si.. Ldo WLROl-l 01-4394923 

Manaeed 969 1042] +0SI — ; 

SSSTT 105 7 lllij •!-' — 

FSdlnleroa 9*9 - 

PropeiV 915 lOLfl+O^I — 

Gnaroalecd roe - lna. Bw Rater.’ table. 
Welfare Insurance Ca Lid-V 
WuuJadr Park. Iheicr 0332-52155 

UonesinkerFd- I 196* 1 ?ly- 

For other Juuds. please rrfer to The Londta & 

MatK turner Group 

Windsor Life Assur. Ca Ltd. 

Royal Albert Sl^windsar 68144 

Life lm. Plan*. (692,_„7E* — — 

FuUirojVsidGlWa'.l 19 55 j — ] — 

Fulun-Aiort Gtibbi | jW M ] * — 

Tlet.AMaPmifc.— I ' j — 

Fit*. b»-. Grtrom _1»A« — ] — 


AUTHORISED UNIT TRUSTS 


Abbey Unit Tee, Mgrs. Ltd. fa) Gartmore Fund Managers V (a Kg) Perpetual Unit Trust MngmLV fall 

72-QO. Gaiehcuae Rd.. Aylosbuty- 02055M1 ISt-Uofy Axf.KC3\8BP. 01-2833931 48 Hottfit^ Heeler on Thame* 048120888 


AbbeyCapttol 

Abbey Income 

Abbey lav. T«u Fd. 1 . bl.4 
Abbey Gen. Ttt |**5 

Allied Hambro Group* (ai (g) 
Hambro Hse, Hutton. BrcnlKood. Esses. 
01-588 2851 or Brontwood I0Z771 211450 
Ixbnrtd Fonda 


Allied 1st 

Briclnda. Fund 

Grth tc Inc. 

Elect. It Ind. Dev 
Allied Capital 


U85 

Ml " 

Si 

0085 

,1237 


73X1 

69.7 

4134 


Allied capital 

Hambro Fund 

Hambro Arc. Fd. 

Income Fonda . 

Miith Yield Fd 1725 

Hlirb Income 167s 

AH. Eq lac |395 

Inirmllaml Foods 

baerna banal _ 

Pacific Fund . 

Secs, or America _ (54.7 
USA EtrniMS 
Specialist Fuads 
Smaller Co.'s Fd „ 137.7 
2nd Smlr.Co's Fd. - H4 

Recm-ery Sit* 895 

MeL Min. & Cdiy. . . 4Z0 
Overseas Earnlneo. 59J 
Expt. Smlr.Ca's>-9t2305 


37 1 +0* 
79 j] 
21*3 


+0 6 


f 2| iziAni+rican 9VL -.|».5 
602 BriU*liTsLIAcc.i... S9.4 
4.15 CamnuKlltr Shore „ 1*6.4 
4J3 Extra Income Tq_ MJ 
izi Far East, TruM-- 37 7 

HJch IncomeTsi 59 9 

Income Fund 75 8 

Id*. A«nrira-.w — 14 13 
Inti. Exempt Fd.., 37.4 
ixItnCLTst- IAcc.i—1342 

520 


3Lt^+{6j 0.01 PpeWtlGp.Gth.— 1464 43 41 1 359 

178.9 til ili Piccadilly Unit T. Mgrs. LULf (aKb) 

2*2 -*0.3] 8 82 wanfefe H*e_ 58a London Wall EC2 0380801 


405 +05 
*4* +03 
815 +0.6 
UJtim +0.15 
953 +10 
367 +03 


0.68 

8.14 

*20 

301 

5.77 

iu 


Extra Income . — [292 

Small Co's Fd 400 

I'apftjl Fund 0.4 

loLEnu-fcAntU- K2 

Private Fund— _.. 35 8 
Aroimltr. Fuad— 12.0 
Trrhnolocy Fund-. MO. 

FirEaunl.- 18.0 

American Fund — P5 0 


3L« +02] 
431 +05] 
467 +07, 
49.7* +0.7 
38 6 +0.8 
*7.0 +2.1 
*2* *lS 
302* 

27 0a +DJJ 


970 

464 

5.63 

258 

390 

■3.01 

2.97- 

LOO 

2.00 


Gibbs fAntonyl Unit Ttt. Mgs. Ltd. 

S08 3. Frederick's Place. Old Jewry. BC2R BHD. . 

, 42* 01-568 4111 

t?-3 1?? iai AG. I ncom er—. El? 44.W .....| 860 . practical Invest Co. Ltd-f (yhcl 

SU {S!^GF«?e£iC~W'2 4 27?1 030 4+. Hnomibury Sq. WCIA2RA 0I+C3 8W3 

+A9I 43S , a ,A.G.Fargtt 276^ I U0 , 1J „„ 28 _g5|| 1H5 469 

77 91 +0 8] 7 8* Govett fjobnw Accum. Units |22S5 239.ll I 4.09 

diorftal 77. London wall. e.c 2 . 015885820 Provincial Life Inv. Co. ,14d.¥ 

^ 1 S'bldr. July 29 Q43.T 15L4I+3.M 3.79 222. BtahOpseatC. £Ci 01247 8333 

mteranvi »« Do. Aceum. Unit. .-U72 8 182.0] +45] L79 Prolific Units |87 0 - 93ft +0H 304 

Solin'rfJ I "no NesrdraJlnt day Aufiutt 11. ' -• Hlihlncome |ll*6 3L24.9] +lft 7i0 

so!g .. .J iw Griercsoo Management Co. Lid. 


i [27 0 20 9| +0.1] 2. 

|466 . 49.9] +B.« 2 

rlco — pi.7 58 J .. 7] 1 

*0 — 95J 100.7) +€J X 


SSCmham SI-EC2P2DS. 


Barri ngton Jolv 28. 

lAcrum-Unit** - 

8tng.lL Yd July 27. 
lAeram. Unttsi — — 

Endear. July 25 

i Accum. Uni ui _ 

Grnchttr. July 28 — [962 
_ _ lAmiBL UnJll)— .199.9 

Aoderson Unit Trust Maiuigcrs Ltd. Lo.* Bribe July 36. 

158FeneburoliSt.EC3MaAA 6=3923! (Accum llnlWi. 

Anderson U-T. [50. D 5S.9| 4 


40.4x4 +0.6| 
496 +0.® 

. 957 +L7 
44.9 +0 4 
*358 +05 
243.fi +05 


458 
480 
5*4 
5 JO 
45* 
4.94 


gW9 

DM 
179 a 
205.8 

.1215 2 


703 

rt3.9 


PrndL Portfolio Mngrs. Ltd.V taKbKO 

liolbora Bars.EClN 2NH - 01-40=922= 

139.01 +25] 45S 


01-6084433 

2;S iYudentiai PJL0 

Quilter Management Ca Lld-V 


2193d 
■ 2408 
1875 
215* 

2173 

224.9 . . 

UU +0.4] 

104.4 +64| 

73.6s 

773] 

438 Guardian Royal Ex. Unit Mgrs. Ltd. opportunity Fd-.-..|U,5 
Anshaeber Unit Mgmt. Co. Ltd. W ft SfS S? 

i Noble Sst-.EWVTJA f£- Hendenwn AdminstntionV (aMcXg) RidgeReM Management Ltd. 


LOS The SUl Exchange. ECSN1HP. 01-880 41 

LOB buadrantGen.FcL.aM7 109. U . — [ 320 
303 bDadraiu Income-. 0245 12S 4dj _..x 822 

1 OJ 

4ft Reliance Unit Mgrs. Ltd-V 
4 - a Reliance Hue .Tunbridxo Wells. EL 0882=271 
73ft -..J S J1 
47 M +0 81 551 
SekfordcT. loc.- (43.6 . «*.*| +0.7] .551 


Inc. Vootbtr Fund . 0*6 0 

Arbothnot Securities Ltd. (aKc) Brentwood. Sees. 

37. OneonRL London EC4R1BY 01-0385281 t 


Extra Income Fd_ 105.0 
Kigb lac. Fund . 419 

♦tAccnm. Unlm 5*3 

itPilfc WdnaLUts.1 563 
Preference F nnd__ 23.9 

lAecum. Ijmici 972 

Capital Fond 19.9 

Commodity Fund _. 59.4 
lAecum. Unite 15.4 

ilOTfcW'drwl.U.i 3-9 

FinJtPropFd. 17.7 

Clams Fund 595 

Accum. Unit* i 4*5 
Growth Fund 360 

r A cram. Un+ui 03.2 

Smaller Co's Fd. 2Z-2 

Eastern & Inti. Fd.. 26S 

(8% WdrwLDu.1 ZL1 

Foreign Fd M2 

N. Amer. <e InL FdpL9 


mot+oj; 


45.0 

“S 


25.7s .... 

40 On 

215 

*4.4 

92* 

563 

19.1 

4250 
50 On 
38.7a 
465a 
304 

28.9 
22.7 

90.9 
34.4 


+83] 
+0 41 
+0.4 


+0.4 
♦ 05 
+03 


+05) 


02085041 


258 

25* 

4.15 

L1A 

114 

150 

100 


Premise UT AdinitL. B Rovldeb Road. Button. 38-40. Kennedy SL, Manchester 06123895=1 

ProBUKur_Aojnin..B«ayiaenitaraBm^ 0 jo4 0tt 2.72 

RldgdBeWlnwmn.Hl.0 97 .... j 14.71 

329 Rothschild Asset Management If) 
r« . 72-80. GateJoettse Rd.. Aylesbury. 

K. C. Equity Fund -&75J 
tu N.C. Kngy.Jtrx.Trt 111* 

■ h N.C. Inrome Fond- 152.* 

*■” N.C. IntL Fd. line. 9L9 
... N.C. Inti. Fd. (Arr.i J35 
? N.C. SmUr Coys Fd]U0.1 

Rothschild it Lowndes MgmL (at 

SL Swithins Lana, Ldn. EC4. 01-69G 4350 

437 New CL Exempt 10230 130.0( 1 3 65 

Prices on JnJy if. Next dealing Aug. 13. 


ri pa CapGrowUiIne. — (457 
9X4 Cap Growth Ace...-M*3 
9J4 Income A Asset* — [34J 
9.14 High Income Foods 
1250 High Income. — —1*16 
12.80 Cabot. Extra Jnr. __ [573 

ElSnirial 8r ITlr„. f 

OUfcNsLRes- 

|£5 International 

£ 2 Cabot : , 

,5 intenwiioiul [ 




t2s jg mKsmsij 

Ovrnca Fnndx 
Australian — . — >1375 
European -142.9 

Far East.. — |77.S 


*034 


27M+03| 

307]+05| 



m- 


North Amer. — — .140 9 
NraCnJidya _.h24J 
Cabot Amer Jim Co. |54.4. 

Archway Unit TsL Mgs. Ltd-V (aKc) Hill SamnH Unit TsL Mgnt-t (a) 


40.1] +05] 2-47 Rowan Unit Trust Mngt. Ltd.Wa) 

t%i s “ City Goto Umt Ftnxbu'T Sq. KC2 01-0001000 
43 8n +0 4 1 40 American July 27 _ (6 7 5 - 70 S 

UOJ £v> Secnruie«JoS2S_p7L0 U&oj 

57J +06 L2fc High Yld. July 28 " 


817. ffigh Ualborn, WC1V7N1. 01-831 62S3, 4fi Beech SC, EC2PZLX 

ArchwuyFuud M.5 9021 | 554 ibi British Trust - 134.7 

Prices at July 27.jJcxt xnb. day August 3 ojlrtlTnroZZT 373 

Barclays Unlearn Ltd. (aKgiWc) JfiiSpSnfnSi” »3 
Unicorn Uo.23aRnmfordBd.E7. 01-9345544 ibi Financial Trust 94.9 
Unicom America _B4.* 37ft + Oft 120 (bJUconiO Trust— £85 

Do. AuSL Acc 774 *3.7 +02] 

Do. Allot lac.-— ~ U-0 *5 9a +051 

Do. Capita L— 195 745 +L1 

Do. Exempt TVl 112.7 U7.4 +151 

Do. Extra income .28 8 30 +0ft 

Do. Financial- 625^ 675+0.8/ 

Do.b00.__ 7*5 83 0 +0.9) 

Do, General 125 355 ++>*] 

Do. Growth Are. 423 45.7 +OJJ 

Do. Income Tbi 873 94.4U +121 

-Dp. Prf. A'ns. Ttt... 5*3.3 150fi+10ft 


»*■ 

(Accum. Unitai 785 

■Merlin July 20.— _. 803 
99.2 


56b +lft 
• 827 +2.2] 

84.4s 
1042 


097 
4 13 
753 
7.53 
4 04 


1 M |lf]U(CVIW ISUM-^HOM 

176 a>>SecoriroTruK_.[538 
17* IbiHlnh Yield Tst_[30.1 
2^* InteL? (a)ig» 

799 1». Christopher Street, ECX 
4.9B Intel. Inv. FUnd — (90.7 

|g Key FitBd- Managers Ltd. (agg) 

a« 25. Milk St_ EC2V 8JE. 

6.03 Key Energy In.Pd.. 1802 8531+01 

5X6 Key Eguiw bCen— 

" Fd. — 


70.4 

I5L0 


014B8801I (Accum. Uniu] 199.2 104ft | 434 

2S3;M 1 feyal Xst Can. r«L Mgrs. Ltd. 

la 7 25* 54. Jenayn Siroet,S.W.L 01-S2B8Z52 

325* +05 4 *7 . Capital Fd (685 72ft 1 350 

1015 +13 4.68 Income Fd. : K9 * 73-5x3 — [ 75* 

30.0 +0.7 731 Prices at July ll Nett dealing July 3L 

I22 +02 llw Save & Prosper Group 

4, Great St Helens. London EC3P 3EP 
m 00-73 Queen St. Edinburgh KHZ 4 NX 

M -247 7243 Dealings to: 01-564 HS9 or «3l-2» 7351 

m «.m Sne it Prosper SecnriUes LhLf 

.y.nn-.n, IttOrimtlO—l Funds 
01 -406 7070. Bg.» 

3-g 1.701 B7.0 

™- Unlv. Growth— pfl.O 


745 +05 

1605a 

867 +lft 
642 - , 

188.7 +0.7 


7 n lnereaalng Income Fund 

12.05 High-Yield $53 

5.78 High Inceme Funds 


Price* U July 3L Nett sub. day August 3L *Kit _ - 

Do-Recovety (445 46l +Lffl 611 Key Incomo Fund_BX5 

Do. Trurtee Fund. -111*. 9 126.44 +Un 5.9* Key PIxfjflnL PiL.Mt 

Do.Wldwide Tut. „|5M 553* +0ft 2X4 Key Small Co'>i-d_|U2JZ 

BTstJtmFdJuc — __ra* *83 +LM 4» Kktmrart BeB wn Unit ManagersV High Return |m.« 

Do.Accum. 1 WJ» 78.l]+Ll| 457 a), Foocfaurcfa St.EC 3- “ D1-«23B000 Income ]44.4 

Baring Brothers it Co. Ltd.V UHx) kb. D niird iuc._b6* 93.9] . — | 5.49 i'E Funds 
iiSitabo ™ UKEqui w ._. 


40 taf +0.5[ 314 
290 +02 3 88 

75ft +15 1-92 


59.41+0.7] 7.00 


714sfi +0.9] 
47ft +oi] 


640 

858 


, Oversees FnndaU) 

A. gj mn .^vM-u — j 1 — Europe—^., 

439 L ftaC Unit Trust Management Ltd.? Japan 


(453 4* ft +0.71' 458 


US. 


Next sub. d*y August 2. 

„ , . „ , _ _ The Stock Echsnge. ECSN 1HP. 01-588 2800 

Bisbopsgate Progressive MgmL Co.f i^cinr. fu. pc.9 i47.4t +5.4] 751 »««**■ 

104.4| +2ft L7» 


B. Bishopegaic, EC 2. 


8*8*10 pr.—Julyia 1 1X2.6 

Acc.Uts.-J uly 4 213.7 

B-ealefntJuiy25-_[l769 

aim.) July 25 |Z962 - 

Ned sub. day *Aagnst & —August L 

Bridge Fond Managertfftage) 

King William St, BC4R0AE 


01JW80Z80 LAC Inti fc Gen Fd .|10L2 

333 Lawson Secs. Ltd. V(a)(c) 

353. 


American Sc Geni- 053 

Income* 5X7 

385 

.425 

Bsemptt 1360 

InternU. Inc.t 173 

Do. Acer 109 


26.7 
562 
405 

44.7 
1475n 

183 

203 


Dealing Tues. IWed IThurv 
2M6j27. 


PIsadcJoJ Sec. 

ku' J7. Queen's St.. London EC4R 1 BY. 01-2305281 Hira-Mlnhniiia Fonda 
iu. ftRbrt. Materiali — (395 

jhAccum-Dnlui 445 

-Growth Fund 57 1 

•lArcum. Units) 62 9 

ttCiltand Wan-anL 38* 

01-8234851 tAmerican Fd Z3.9 


1150 


X42 XAccnm Units) |2A9 

637 "High Yield fiSA 

3.(0 **(AreuiiL Units i _. |*3.T . . 

3.03 Deal. ftMon. *Tuea. ft Wed. JTburB. —Frt. 
572 


Select Internal.^ 

6LI + °' S 15 S 01 *' 11 "*™*.- 

*7.1 2.75 Scotbits SecnriUes Ltd. if 


4X7n 
25.1 
261 
48.7 ..... 



Scotblla- 


050 S2^? d - 
“-** Scouhsres. 


60.M 11150 ScoLBx.Gtb** p462 

^ 1 Scot. Ex. Yld.** [1*33 

•Prices U July 26 Nett sub day August 9 


4L9af+Oft 356 
555] +05] 75* 
*2.9] +6«| 458 

257.9] I 230 

170.a| ...J 7.49 


i-R Legal- & General Tyndall Fund* 

3J1 is. cuayngeRoad. BnstoL ' 0272320*1 Schleslnger Trust Mngrs. Ltd. (a) fa) 

Prices July Dl».jQlrl=— — 1572 . . 60.*| | 533 140, South Street, Dorldng. (0300)86*41 

(Accum. Uhlt!ii [715 76IM [ — Am. Exempt— p? c 

Ttiiii .«i +ir . u , - , . Nett sub. day Aug. 10. Am. GrowtS 283 

Britannia Trust Management (a) (g) i>ontne AdmiRistratiun Ltd. Exempt High Yid -. 2*.* 

3 London Wall «nnrilng « London Wall. n n..a.c<- t ». Exempt Mkr. Ldrs— 267 

London EC2M SQL 01-638 0478AMT7S =. buteSt, Loudon WIMOJP. 01-4W5MI K^Ync Trt. 28.9 

Assets — [745 80ft +1.71 4.90 Ena glj +0 a) f*""®* 1 *'*?- P*3 



B53 

Si- 

B95 
11175 
M07 

107 7 

1*1-4 

Inc. <b Growth 752 

lull Growth . [66.1 

I nvuri-TlLSlrarei W8 5 
Minerals pi 

Nut. High fnc. ma 4 

New Issue L% 5 

North American |303 


Extra! 

ForEwt - 

Financial Sees.. 
Gold & General. 
Growth- 


Professional. 

propert y Shares . 
Shield. 


bh +ii 454 Lloyds Bk. Unit Tst. Mngrs. Ltd.? (a) laud. Growth — x M.b 
®7h +0 J 478 Registrant Dept. Goring-hy-Sea, — mi 

.SatSIl 5-2? Worthing, WeslSumex. 01-8231388 “unSrid- “* — 5,-2 


1243 +13 
433 +03 
245 +03 
78 9n +0.9 
1099s +13 
89.7 +X2 
80.9 +L1 
713 +0.5 
525» +04 


'tW Inc. lMfcWdrwL 


S9A 


7.01 

9.06 

2.95 

450 

252 

356 

7.14 

222 

338 



Pref.6 Gilt Trust—. 22 9 

J-2 Property Shares 272 

SoenalSiLTBl 295 

IUC Grth. Accum. 225 

S-S UK.Cnh.Dist 20.0 

558 


Pinst<Balncd.i -152-2 

Do lAccumj 71.7 

Second OCapJ 545 

Do-lActtun.)- - 685 

Third itneoma)— . BE. 5 

Do.CAccum.l- 117.0 

Fourth (ExlncJ— 60.9 
Do. (Accum. i 

45J§+o:*] m Lloyd's life Unit Tst. Mngrs. Ltd. capital juiysa 
905t+L0| 850 Taao. Gatehouse EdL, Aylesbury. 02905041 tA«nm.>. 

_ ^ Equhy Aceum. p*L5 17D5] „...J 452 

sms 5447)9 +<•» 454 M it G Group? tyHc)fa) Ueoerml JulySO 

i “ft ♦Oft 2-JS Ohrec Quays. Tbwer HUL EC3R BBC. 01828 4388 (Accum. Units. 
|485 51ft +0 9] 434 See also SUmfc Exchange Dealiiym. Europe July 27 


taL* 


290 

223 

830 

425 

975 

454 


. 237 +00] 

30.4 +0.1 
Z7J +02 
203 +0.4 
31.1a +02 
421 +03 
31.1 +02 
53 So +05 
29.0 +02 
325 +05 
305 +03 
243a ...... 1257 

293 +05 2.12 
3L7 +0.1 237 

245 +03 457 
2X! +02 487 


328 

434 

456 


756 J. Henry Schroder Wagg & Co. LttLf 


iKSSSr! gB 362ri|+0ft 3JB (SS’unitSl 

The Br^sb Life Office Ltd.* W fiSSfiXS. 

RclionceHro^ Tunbridge Wells; Kt 009222271 Commodity 

RL British Utc_^_BL* 545] +05] 5.6S (Ac rum. Unlm. 

BLBalanccd- MBS 522] ..._| 5.44 Compound Grtrwtij.|llBJS 

BL Dividend* UB.O 46ft | 9.08 Conversion Growth [67 2 

Prices July 26 Nett dealing August 2. Coo version lac. — Mb 

_ . _ _ _ __ Dividend -^>-1X237 

Brown Shipley & Co. Ltd.V (Accnm. Units) pm* 


51.8 

55.6 

565 

769 

*6.1 


llngrr Founders CUEC2 
BS Units July 24 — C267 
Dor Ac c.) JuqrSl —1 
Oceanic Trusts (a) 
Financial, 

G ener al 

Growth Accuxn. 

Growth I nc ome 
High Income 


ExmpLJnly 1 



303ft L* 


512 

. 523 

Extra Yield H.4 

4M - lAccum. Units)—. 1155 
Far Eastern —i_, 567 
457 (Accum. Units) 643 

537 Fund of Inv. Tsts — M I 
554 (Accum. Unhsi— >95 

554 General 173.8 

9 45 (Accum. Unlui— Z705 

338 High Income 1832 

422 tAccnm. Units) 173.6 

3.05 Japan 1 b come 1*35 

430 lAccum. Units) 1*53 

6.05 Magnum _ — 216.7 

538 (Ar cum. Units l__ 2735 

Midland — 1762 


Canada Life Unit Tst. Mngrs. LULV (Accum. Uultsi £914 

35 Hrah su Potters Bar. Herts. P Bar 51122 {“fog; ^ 2 


m — , V-.-W - 835 

JS Second Gen 1775 

757 (Accum. Unit*) 269.7 

473] +o2| 752 fjE^rnasrdmi 
Cupel (Janes) Mngt. Ltd.V' . sroctallaed Funds 


Cau-GenDtsL. 

Do. Gen. Accum 

De.lue.DtsL 

Do. Inc. Accum.— .. 




J* J 2D, Cheapside, EXL2. 

J - - 10*6 

Income July 35 — _ 

(Aceum. Units) 2835 

85.9 

1072 

n.* 

349 


XUUH 

2967 

89.40 

UL* 

S;5 

1869] 


01^*0304 
244 
244 
684 
*84 
388 
350 
2.41 
241 
4.44 
3.96 
538 


332(+0.4| 7.93 


108 Old Broad St, EC2N IRQ 

Capital _B4.6 ...„ . , ^ 

Income p9.4 845] 1 770 

Prices on July is. Nett dealing August 2. 


£££ 

C935 


151.1 


UL* 


-PHiACharFdJylS K69.7 
-Spec JEx. July l — C«6.7 

S uadi only 

fS Scottish Equitable Fnd. Mgrs. I3d-V 
350 28 SL Andrews Sq, Edinburgh 001-5308101 

839 Income Units (507 339] | 534 

782 Aceum. Units J57.B 615} ..._J 534 

782 Dealing day Wed ne sday. 

US Sebag Unit TsL Managers Ltd.? (a) 
638 FDBox 511, Bcklbiy. Hse^ELC.A 01 2265000 
5-1? Sebag Capital Fd._B4.« 364] +0.71 5.46 

*35 Sebag Income Fd. _pL7 33 

484 Security Selection Ltd. 

J }* 15-18. Lincoln's (OB Fields, WC2. 018810030-9 

5S5 UuvIGlhTtt Act |261 268) .j 221 

bSi UnvlGibTstlnc [u.9 233] I 221 

Stewart Unit Tst. Managers Ltd. (a) 
l.So 45. Charlotte Sq„ Edinburgh. 031-2263271 
3.71 (Stewart American Pend 

JS Standard Uniu 1*53 69ft [ 139 

‘J* Accum Uniu [703 75. 

5-^ Withdrawal Uniu -|S21 I 

.-S *S«*wart British Capitol Fuad 

Jx Standard 1137.8 149ft ( 420 

4 % Accum. Uniu [157.9 171ft 420 

3;S Dealing tFri. *We57 

4J2 Son Alliance Fund Mngt. Ltd. 

1 .itiii ih Sun Alliance Hae^ Horabam. 040864141 

1 In SI lw Expftq.TsL Jly 12K214.0 225ft ] 423 

T.7.J 10W PTneFamUy Fd — (181.7 108ft +Lft 3.4* 


1X87-2 


7 M Target Tst. Mngrs. Ltd.? (aXg) 

31.GreshamSL.EC2. Dealings: 02S0 5041 


0 1 -388 GO 1 0 Trustee — 

ngni t s 14 (Accum. Unltsi-— 

59-n I 2-4? Chari bond July 29- 

Charlfd. July 25. 

(Accum. Umtsi- 

Carllol Unit Fd. Mgrs. Ltd.? (aKc) Target Commodl V .D68 

lfUhara House, Newcaatie-upon-Tyne 21165 «*nuUle Manag eme nt Ltd- Target Financial — 63.4 

Carllol ________ 1*9 9 72.41 I S jp St. George^s Way, Stevenage. 043836101 Target Equitv 388 

Do-Accnin. Units -fo's . 86ft J 383 Growth Unite- (53.4 562] +10] 422 Target ExJniy 36— 213.9 

Do. Rich Yield 1*28 45ft 1 8.U Mayflewer M anag em ent Co. Ltd. tS?^^ ciltPtamiZ U*6 

Do. Arrma. Units -{533 558] „ [ 111 14.18 Crt-chnra SL. EC2V 7 aU. . 01-0068008 Target Growth 293 

Nett dealing date dote July 30. - Income July 18 JIU5.9 11151 1 836 TareeilnU. 27.4 

Do. Reinv. Uniu 298 

Target Inv. , 335 

ocomcJclylS 113407 — 1 1 *6* 30, Gresham SL.BCSP3EB. 01-600 4555 Ttt J’ P “ l “ i,aG 

Accxm-JuIilB pa . -=la.-l^r Mere Gen. July J8- 

Acc. Nts. July 38 


■- Income July 18 — -I1K.9 111ft — ] 836 

Charities Official Invest. Fd? General July 18— f703 74ft....-] 589 

77 London Wan. EC2N1DB. ot-5881815 Mercury Fond Managers Ltd. 

01-6004SB Tgt. D»C. 

bUnaulh. 'Only oriilable to Reel CboHtiex. AreNta ’July SoZlKl ? 


Merc. Iu. July 26— 162 
Acc. UU. Jnlv+G.— _ 7L4 
01-2483000 Mere ExUuly27— : 2298 


Charter bouse Japhet? 
l.FaternoaterRow. EC4. 

CJ. Internatl 123.8 2581 

Accum. Unite 77.8 30 1 -.... 

CJ. Income 342 372 

CJ.Euro.Fin 264- 264 

Accum. Units 308 333 ...... 

CJ. Fd- lav. Tot 2 92 317 , . 

Accnm-Uniu 33J 3*4 ...._] -3.48 Commodity & Coo. m.6 

Prices July 26 Next dealing August 6 Do. Accum. — —..1 87 .6 

GroffUi«-+ - — _ — 

Chieftain Trust Managers Ltd.?iaHg) Do.Acrum. fea 

11 NcwSL EC2M4TP. 01-2332832 Sy' 1 "- 


209' — , 

2715 

764a ..... 
759 .... 
239.4 +164 
2855 +1551 


41.71 


&I.B +lft 
469 +0ft 
2217 
NU 
122.4 +03 


31ft 


B0.4 


320 
36.D 
170 JM 
52.7 


Z4 6na .... 


2171 


+0.4] 


+0.41 


29ft +0 4 


+0ft 
+B ft 


+0ft 


+oft 


353 

4.40 

6.02 

642 

*42 

300 

459 

188 

1*8 

335 

421 

7.9* 

U .96 

432 


19* ASSra.Uls.JuljC7— JZ742 

1.96 Midland Bank Gross 

Unit Trust Managers Ltd.? lal 

434 Cpur+Kpod House. Stiver Street. Head. 
3 48 Sheffield. SI 3RD? 


42* TgLPreT. 03 J. 

42* Tel. Special Site _.|202 

la Target Tst. Mgrs. (Scotland) (agb) 

« IS. Athol Creaccnt.Edln.3_ 031-229 8821 £ 
*2* Target AmerEagieBB 1 302rf +0.11 141 

Target Thistle \R5 . 44ft +0ft 55» 

Extra Income Fd.„P69 64ft +0ft 10.12 


High Income MU 

InierazUoaai TsL_kzl25J 
Basic Rcsrce. TvtpJA 


44.7] +0.4] 
27. fed +0ft 
29ft +02] 


925 

3.08 

420 


U.4 
178 
503 

Confederation Funds Mgt Ltd.? fa) gj 

30 Chancery Lhw.WCSAIHE <31-34=0=82 Equity Exempt' 106.1 

Growth Fund__ 1435 * 45ft ] 424 Do. Accnm.-__— .(MfcJ. 


Do. Aceum. 

International- 

D<x Accum 

Higb Yield 


Trades Union Unit TsL Managers? 

TeUffOTMC 100. Wood Street. ECi 01-&880I1 

869 toft if* TUUT July 3 1*6* 51ft 1 S3* 

39 2 *Sft 3 03 Transatlantic and Gen.' Secs. Co.? 

428 +0J1 3S3 


305* +0 1 
33.7 +DJ 
578 +0U 
*5 6 +0.7[ 
512 

545 .. . 
673 +0.7 
711 +0.7 
11 Z0 +55/ 
112.0 +5ft 


325 


Dias New LomdoiiRd. CbeJmrtord 024591851 


Cosmopolitan Fund Managezs. 


i w Barbican July 27 [7*2 

633 (Accum Units. 1 118.0 

fcJ3 BarbTExpt. Juiv26. 19.0 
230 Buckm July 2T._... 795 

» va (Aceum Units) 985 

107 COlemo July 10...... 1312 

1,07 (Accnm Uoiui.— . 1581 

S89 Cambid. July 20 32-4 

3 H (Accum Uni Hi 574 

Glen. July 25.. [55.1 


Prices at July 31. Neoct dealing August 3L ,, „ _ 

Minsfer Fund Managers Ltd. adirtSStijSwm — ai 

3o PnotSte ctt. Loudon SWISflKL. Ol-WMB. Minster Hoc. ArihnrSt. EC4. 0X^23 10=0 

Ceromp0ln.GU1JFti.plA }9ft+0ft 484 m taster Jaly 34_«_ 0*3 3821 I S3* Van. Gwth. July 25. 513 

Crescent Unit Tst. Mgrs. Ltd. (aXgi Sl*»S iSStaraS’lSiL ■*" vraSjoESZZ SI 
4 Melville Crre. Edinburgh 3. 03J^M4B31 Un ! t Trn ^ MgemnL LUL Ynn^free July26..)44E 


eras. Amer. __ 
CTOs, (ntehort 
CTOs. Higb. Dm. 
Ctex. Reserves 
Ora ToT 



J Mutual Sec. plus. — 

Discretionary Unit Fmd Minarprs Mutual Inc. Tst — _ 
unwmuuuuj' uwi JTUOU wiopn Mutual Blue CMp.. 


Old Quean Street, SW1HUG. 01-8307333. (Accum. Unite) 464 

Sj5 'MLA Units ]«2 43 4] 4 3.9* WIckTJulyTJ. 618 

8J2 Mutual Unit Trnst Managers? (a Kg) wSm. jffa&ZL »7 

Jol iS.Copthall Are„EC2RYBU. 01-8084803 Do.Accum- |»A 


+0 

SS.BlooillcMSL.EC3M 7 AL. OMHPMS JlSSi SS vlJfclwA Si] «.! 

Disc Income [1*72 U8ft --I 920 JSnai ^td cSnunerctS 


723 Tyndall Managers Ltd.? 

*50 I&CauynBe Road, Bristol. 

■42 Inrome July =8 [2D0 * 

(Aceum Unitai [1838 


8L0a 
1256 
918 
838a 
J03J 
2382 +32[ 
2*65 +3ft 
553 ..... 
412 . 

• 582 . 

758 . 

545 . 

622 . 

942 , 

6*5 . 
742n . 

472 . 

48.1 . 
652a . 

78.4 

710 +lft 
8U +Lft 


529 

529 

425 

4.72 

422 
5.70 
5.7D 
6.93 
6.93 

423 
423 
327 
327 
327 
327 
8.17 
*23 
*23 
48* 
4.86 
■23 
823 


E. F. Winchester Fund Mngt. Ltd. . si. sl Andrew sqo*re L E«Unbuntii os i-ssaoisi J 

S7W Exempt July aoT 112.4 

*35. (Accim-Uoltel-.^. 1592 

JSS 2'S InL Earn July 26 2S2.8 

lttZ| 3 00 f ArrdDL UbIUI ?R) ? 

Exnson & Bndler TsL MngnmL Ltd. National Provident Inv. Mngrs. Ltd.? Pref.Juiyss m& 

SlAHiMUnia cci AI5MTSSI U RnwhiirrliSt FJ-n-Tuu ' nijmim (Accnm. lint 


Old Jewry. ECS 
Grant Winchester ..[173 
CLWmcta-cr Q' s eaab92 


01-4082167 Income July 2B-~_t 

M l+ j cat r Accum. Uniu 1 [ 

* «f OpLJiilyaa 

tAccnm Unitai — 


20.9] 


426 


5ft Arliuun SL . S.WJ. 
EasoaDudlayT)a_i662 . 


01-4097551 48.CracecburcfaSL.EC3P3HK 

71ft 4 380 N.PJ GthUn.Ta„(**5 44. 

_ _ . . . , (Accum. DniUI*. — (5*7 60 

Eqnitas Sees. Lid. (aMg) NPIO'aeas.Tnitt...]l29T -137 

41 Sisbopi gate. ECS 01-5082851 < Accna 1 . Umlxr- .. Jl9*3 .14* 

PnxrwM- — „|598 72ft +06) 391 


Jmui. - _ 


1123 4 


#I< 5 3 J® 1 Scot & Cap July Z0-J140 * 

-I lAccum Unhal 6*7.4 

g-g Scot. Inc Jot* 30. --[1608 

225 loodoo Wall Grecrji 

•'Prices on July 27. Nam dcnlls* Augurt 3L Capital Grewih _ m 7 
•Prices on July =8. Nnz dealing Aagoat 9. 


Equity ft Law Un. Tr. M .? (aKbKcifa) National Wesunlnster?(a 

ABterfhamRd . High Wycombe. 049433377 161. Cbeapsidr. EC=V HEU. 01-809 6000. 

Eau:t> & Law |68J 7221+1.0] 4.01 Capita l lAccum. ■ — [672 72 7| +02[ 

Fraxnlington Unit Mgt Ltd. fal Finanrlai*ZZZZK2 37U+0 3] 

S-7. Ireland Yard. EC4B SDH. 010100971 — H? 95.2^+11 

log income - 
328 
657 


American... 
Capital Tm. 
InromeTw 



22 * 


lot. Growth Fd 11152 

Do. Arc-urn. .[21&8 

Friends' Provdt. Unit Tr. Ugrs.9 

PtxhamEod.Darktns. (8UCS15S 

Friends Prov. Ita^.WS «7ft +0.7] 4 04 

Do. Aceum IS7S 6X4j+0,9| 4.04 

G-T. Unit Managers Ltd.? 

16, Finsbury Cirroa EC2X 7DD 01-8288131 

CT. lap. ] lie ?0 3 960] >06] 320 

Do. Acc _ - . UB82 1Y 

G-T. Inc. Fd Vo 070 2 U 

GT.UE.8Gn 144 4 253*1+2.71 240 

G.T. Japan ftCrea -3580 355ft +7ft 0.90 


— . . . 375 404) +05] 

Portfolio Inc Fd.... 705 75 31 +1 1 

L'nrverjuil Fd.idi — ]60 9 65.4] -.0.3 

22* NBL Trust Managers Ltd-? (akgl 


Do. Accum .. - B6 l5 

Extra Inr. Growth - 38.1 

Do. Accum 44 2 

Financial PFrty 153 . 

Do Accum — — .. 199 

High Inc. Priority- 64 B 

International 312 _ 

331 


42Z 
7.62 
523 

5 03 Special Sits.-.. 

*72 TSB Unit Trusts (7) - 
11* 21 . Chantry Way. Andover. Hants. 026482UK 
Dealings la 0286 B343&3 



I4GL FeiteE<.rti. 

U,T.lBfI.F=oa 

ti.T. Four YdsFd (542 

G. ft A. Trust (a) (g) 
>. Saj lei gii Rd, Brentwood 
G.*A S3. 7 


MtUonCoim.DortanfcSorany Ml {OTjESBSzzB* 

i-Si 1 H ~ E"a SS'SlS'S 55 ibi TSB Income 612 

Nelrtar High ly.. 1528 54 7] +Bft 822 (h , D* Accum *3.8 

For New Coon Fuad Managers lid. Tsssctnish 83 * 

see BotbsdnU Asset Management (b> Do- Accnm.-...-.. |915 

Norwich Unleu Insurance Group (b) Ulster Bank? fa) 

PO. Box fe Norwich. NHl 5NG. 000322800 Waring Street. Belfort. 

GroupTtt.Fd.__.BSr2 37<ft-f*ft 480 (b,UhterGrowtii.-.p».9 
+07] 3M Pearl Trust Managers Ltd. (aXgKz) 

+5? 7.40 230 High HuUmrn, WCIV7EB 014036411 v iTrWt 1 1 1 nZtoFrtiHO aw’ 

7VnrI.irowtliFd_.BT- 25ft +03] 523 

Accnm Cmte — P|-S 30, ‘ " 

FtiDllK.— U.W-.9U 


497ft +081 35* 
*3 4 +1.0 3.6* 

*53 +0J 72* 

*7.9 +03 7.2* 

90.9 +--I.3 275 

97.4 +8J ZUs 


14121 J «W 
1455] +49] 350 
57 ft 1 720 


. 02323(331 
dUI+Oft 526 

Unfa Trust Account & MgmL Ltd. 

01*8234851 

Xo.o) sM Friora HreFtind^-luajI * 16 ^^ | 45* 


, D d in WidurGrth. Fnd—pOJ 
Peart Unit Trt.— .. p*2 398] tH s] 486 Ho Accran — _ln.9 

W ? f l, t— J5L’ /“I t™* Wiefer Growth Fund - 
PeUean Unit* Admin. JUd- (gX*> King William SL BC4R PAR 

(0TT’ 37300 BI Fountain St. Mancbcftor 001-236 MSS Income Unite 1302 

3*ft+0ft <il Pehean Unite pH' 99L5] +0 ft 4.K AcromUnto .. .. ,p4.9 


El 


424 

424 


OFFSHORE 
OVERSEAS FUNDI 


Alexander Fund 

37. in* Notre Dome. Luxembourg. 

Alexander Fund. I SU 56.95 1 — 4 — 

Net aaset value July 2ft 

Arbothnot Securities (CJJ limited 

P.O. Box 284. SfcHclior. Jersey - DS34721T7 

Cap. Tot. (Jetney 1 (117.(1 UL? 1 .423 

_ Next deallne dole August J- . 

EoxtaJnti.Tal.in 1- pltO ' 123JX 4— 4 3.85 
Next aub. AugUK X 
Austral! an Selection Fund NV 
Market Opportxmiiln, c.'o (rich Young ft 
Onthwaitc. 127, Kept St- Sidney . ' 

U SSI Shares f l0st54 — 

Net Asset Value July 39. 

Bank of America International &A. 
3S Boulevard Royal. Luxembourg G.D. 
Wldinvest Income.. fll'SUItt UJGJ+D55? 7.78 
Pnrei ai July =7. Next Mb. day August 2 . 
Pot Bob. of Latin, ft S. America Ltd, see 
Alexander Fd. 

Ban one Bruxelles Lambert' 

2, Rue He la Regenee B 1000 Bnioaela 

Renta Fund LF |L900 L959] +21 7.73 

Barclays Unicem Jut. (Ch. Is.) Ltd. 
1. Chari eg Grow. SL Heller, Jny. 058473741 
Ovmaeax Income _|4*.7 . 49.1ft +02] 12 00 

UnldoUar Trust fell) ILM I 4.00' 

Uni bond Tnui pfSWn Mlft ... . I 8.00 

•Subject 10 fee and wttbhotding taxes 

Barclays Unicorn Int. (I. O. Maul Ltd. 

1 Thomas St- Douglas. l.oJL 0B344B5G 

'1.60 
1.70 

, 8*0 
i+Oft 890 


Unicom Auat. Exl , 52.6 

Do. All*. Mir 328 

Do. Gnr. Pacific—, tfi.l 

Do. Inti. Income 385 

Do. 1. «x Mon Tot. __ *6.1 
Do, Manx Hu Uinl [26.4 

Bishapagate Commodify Ser. Ltd. 
PO.Box 42. Douglas. I.O.U. 0824-35911 

A TULA? *Jul+3 KTS3U8 MBS . — [ — 

CANRBO ••July 3. .{£1.037 llM J — • 

COUNT "July 3.. -.(S+OO 25W j 286 

Orl tlnally issued at *S10 ana “£180. 

Bridge Management Ltd. 

P.O. Box SOB. Grand Cayman. Cayman la 

N'baaM June 30 [ Y15569 | 4 — 

GF.O. Box S90. Hope Kong 
NippoBFdJuly^-gi^UH^lUM .— 1 084 

Britannia Tst. Mngxni. [CO Ltd. 

30 Both SL.SLHelier, Jersey. - 053473114 
Sterling ITmwnliinTril Ho. 

Growth lm-eat — ]34.9 377ft +1 3] 3 00 

lotnLFd. M6.6 93ft l-R 1-TO 

Jersey Energy Tst.. [1402 1515] +14] 150 

Unival.STn.StB-— 03.27 239] +0 OS] 100 

Bighlat-StigTn |5.» Uaj+oiiJ 1280 

U8. Dal lor Dencmtoated Ftfa. . 

UnivoLSTK mjSl7 5651+0.11] — 

lat-Highlat-Tn.— pusow in]....J 40 

Value July 2& Next dealing July 31. 
Brown Shipley TsL Co. (Jersey) Lid. 
P.O. Box 383. St Holier. Jersey. 0534 74777. 

Sterling Bead Fd.. 10822 M27] 1L75 

Butterfield Management Co. Ltd. 

P.O. Box IBS, Hamilton, Bermuda. 

Butxreoa Equity _.|2J0 23tt J 176 

Battrexa Income .„.fl97 28ft 1 748 

Prieea at July 17. Next aub, day August 10L 

Capital International S_A- 

37 rue Notre- Dame, Luxembourg. 

Capital InL Fund—,] 5US1721 j — 
Charterhouse Japhet 
1, Paternoster Rear, ECfe 01-2+83898 

Adi rope, 


FrvUOfl 

va> 

.^ra. 

FnllUfi 

12, IF 

, - - 

'*.82 

7*5 

-- . 

£3 03 

43? 

rt- 

SL52U8 

MG 


04.4* 

1530 

*dJs 

£1349* 

♦3.0W 


3.71 


Seyseles Mngt., Jersey Ltd. 


Fonoelex 

Bondsolcx ... 

Kcyseles loti .. — 

Kcjsclex £urope-- 
JapOtaGth. Fund 

Kerselcx Japan 

UmiL Aaarta Cap- 

King & Shaxson Mgrs. 

lrbnintCnutiSi Hcllor, Jrrvr. (Orfi'.TJtll 
Valley 

lTbamax! 

Gill FundiJeraevi. - 
Gill Trust. I. o.M.1. [UK 5 
Gill Fnd. Cumw)1n<4 
IntL Govt. Sera. Tst. 

First Sterling .111826 13-5] 

Firm inti. |sie*2s l8o’4i 

Klein wort Benson Limited 
=8, Feurbureb St . EG3 
EurlmnL Lux. F. ' 

Guernrer Inc. 

Do Accum . - 

KB Far East Fd. 

KBlntL Fund... 

KB Japan Fund 


inne Croix. ST Hclior. J rrvy . ((»>,■ ■ 
y Hse. Ss. Peter -Puri. Gnu)'. ,04E!: !(iM 
imas Street. Dour la | O M .iVS-t.^bp 
^undiJeraev'i. |l*p4 9C3ft _ ...j 32 CO 


oi-eafwo 


X B. US Gwth Fd. 
Sicnrt Bermuda 

•L'nlfoadsrDUi. mm _ 


1.092 
*4 4 681, 

795 K 0i 

&US12240 
6L-S1L72 
Sl.'.-J5.76 
SIS1177 
S13S35-C0 . 

1940 »5Cj 


-1 


-rfl.:3 


-r.cr 

01a! 


321 
4 11 
4 11 
153 

s.«* 

C 70 
07* 
130 
829 


KB act a* LmaOD payiiq; aiitrite ODlj'. 

Lloyds Bk. tC.I.) V/T Mgrs. 

P.O. Box IBS. St. Helicr. Jer*.y. 0S34275F! 

UoydaTst O-wras 1572 60 2) ] 127 

Nett dealing date August Hi. 

Lloyds International MgronL S.L 
7Ruedu Rhone, Pu Bos 179. 12L! Gc.-iev.t II 
Lloyds InL Gro+Th ISFX1 M Jfijfl — J 2M 
Lloyds lot Income. pFJWU) ILC; ,-4 649 

M & G Group 

Three Quart- Toner Hill EC73 6BQ. 01+TG 458S 

Atlantic July 2Si {«S2« 

AubL Kx. July 36--. SUS2C 

Gold Ex. July 26 K’SUB 

Island 132 1 

lAccum Unitel 1C58 


143*] +09] 9347 
19* Si +12] 53.47 


1SF4550 

jjftUD 

fc.sua 

(£512 


59.411 

L'iift 


sl?5j : 05 

:::.::] I 75 


5*: 

iz 



Pondak..... 

Fondla.— - . 

KjoperorFuad.-- 
Hiapaflo 


njicH S n . 

DM5L04 SM -0:ift 

UOLM J 57 * -Oji 

DM23.0B XX +0.1W 

klSJIO 3JI . 

bosns an . 


534 

5.04 

560 

537 

255 


Samuel Montagu Ldn. Acts. 

114. Old Brood Si.. EG Z. 

Apollo Fd. July 19.. 

Jb pH i-si July u 

llvGrp July 12 ... 

117 Jersey July 12 .. 

117 JrsyU's July l=- 

M array, Jahnsteoe (Inv. AiSriwri 

183. Hope SL. GLugaw.CZ. W 1-221 £C21 

•Hope Si Fd 1 SUSSuSO J [ — 

•Mtnrny Btind—.. I SL'SICfa | — -4 — 
■NAV July U. 

Neglt SA. 

10a Boulevard Royal. Luvemhour# 

NAV July 21 | 5US1L30 ] ......[ — 

Negit Ltd. 

Bank ft Bermuda Bldgs, Kami lira. Bnsda. 
NAV July 14. | £5.69 — | 4 — 

Phoenix IxtemMiona! 

P0 Bos 77. SL Peter Pori. Guernsey. 

Inter- Dollar Fund- (S235 23ft. .. 1 — 

Quest Fund MngnmL (Jersey) LhL 

P.O. Bos 194. SL Belter, Jency. CJ34 27441 
Quest Stig FxdJnL.] U ]......] — 

Wucat lutLSecv | SUS1 | { — 

Quest lull Bd 1 VLSI ] .. 1 — . 

Prices at July 2ft Next dualins Atif.utt 2 

Richmond Life Ass. Lid. 

4ft Alhot Street, Douglas, LU 2L KE42MU 


CUve Investments (Jersey) Ltd. 

P.O. Box 320. SL Heller. Jersey. 063*37381. 

Clive GUtFd.(CJ.).ff02S - 10JU 1 1X00 

Clive Gill Fd. 1 Jay.). [1024 102ft — .] 11.00 

CosnhDi Ins. (Guernsey) Lid. 

P.0. Bos 157. Sl Finer Port, Guernsey 

latnL Man. Fd. [169.0 1M.0] J — 

Delta Group 

PJJ. Box 3012. Nassau. Bahamas. 

Deha Inv. J uly 2S.-ISLS5 1.94] ] — 

Deutscber Investment-Trust 

Postfach 2885 Blebergasxe 6-10 8000 Franlrfmt. 

[Exua 7lte|+DJo{ — 

Dreyfus Intercontinental Inv. Fd. 

P.O. Ben N3712. Nhsuu, Bahamas. 

NAV July 25 (SWKO 1SJH — I — 

Emson & Dudley TsLMgUrsy.Ltd. 

P.O. Box 13, Sl. HeHer, Jersey. 053420501 

E. DJ.C.T. [124.0 131.81 4 380 

Eurobond HoidingB N.V. 

Handelskade 24. Willemstad. Curacao 
London Ageotic Intel, IS Chrtstepher St, ECL 
TeL al !47 2243. Tftett MI44ML 

NAV per ihore July 20 SUS202O 

F. it C. Mgmt. Ltd. Inv. Advisers 

1-2, Laurence Pountney IGU, EC4R ORA. 

01-823 4880 

Cent .Fd. July 19 — | JCS5J9 | 4 — 

Fidelity MgmL it Res. (Bda.) Ltd. 

P.O. Box 8R). Hamilton. Bermuda. 

Fidelity Am. Ao*...| S PS26 62 | J — 
Fidelity InL Fund-] SUS23J1 |+0.M] — 
Fidelity Pae.Fd.-_. | SUS5859 | 1 — 

Fidelity W rid Fd ] 5U8J5J6 — 

Fidelity MgmL Research (Jersey) Lid. 

Waterloo Hie., Don SL. SL Helier, Jersey. 

053* 27581 

Scnea A (IntnU — / £4.01 
Series B (Pacific!.-. ] £897 
Senes D (AmAasi] £1889 

First Viking Commodify Trusts 

R St. George's SL. Douglas, LoJf. 

0CB4 40C2. Ldn. Agte Dunbar & Co_ LUL 
1, London SW175JH 


O.C.EqFr. JuneOO. 
0.0 JneJM. July 3_. 
o.c.intl Fd.t 

O.CSmCoFdJn30. 
OCCommodit)-* — 
O.C [Hr Comdty.+_ 


ixiTtie Silver Trurt. 11L2 UT ft +3 Cl — _ 
Richmond Bond 97. 17* 9 l£5i{ -0 A 10.73. 

Do, Platinum Bd. — X2G3 1353+?.“ — 

Do. Cold Bd. 1097 11551 +0.S| — ' 

Do. Era. 97i'CC Bd — 1752 IB* .ft [ 1129 

Rothschild Asset Managetaent (C-Z.) 
P.tXBox 5ft SL Julians Ct.Giu.-rniiey.04di Z6TS-1 

522 S5J| 794 

1525 1*23 721 

SL3X Lift 1 26. 

145.9 15SJ 5.7S 

136.3 3444 i.£7 

52*01 Tt.aA 0.73 

■Prices on July 14. Nett desliog July 21. 
IPriees on July 2L Nest dealing ituguxL 7. 

Royal Trust (Ci) FdL Mgi. Ltd. 

P.O. Box IW. Royal TsL Kre., Jenny. 053427-141- 

R.T. Inl'L Fd — bl'SLK 9711 i 380 

R.T. liit'L [Jsy.l Fd. ,|91 95| . -1-321 

Prices at July 14. Next dealing August L 

Save & Prosper lnlernatisnsl 

Dealing tix 

37 Broad SL, St Helire, Jersey 0634-20551 
V.S. Dollar-drnsanl noted Funds 
Dir. Fxd. lift '*t — ]922 473. — ] 736 

InternaL Gr.*t |7 43 toft 

FarRanernt H5.0S 49*9 

North American ,13 79 

Sepro"? .-114 64 36.00] 

SterH ng-denimti noted FnmSa 
Cbannel Capital#- [2395 2SL« 

Channel Inlands#-. [m» 2 35* f 

Commod ■"J [122-1 

StFlxed^'J- _.]U3.7 . 

■Prices on July 24. ■•July 18. ■■’Jui.v 27. 
^Weekly Dealings. 

Schleslnger laternatious! BtagL Ltd 

41. L*ll«teSL.SL Helier. Jersey. 0534 7«SL 


S.AJ.L. 


SA.O.L. 




GiltFd... 23 0 

loti. Fd. Jersey 111 

latnLFdXxmbrg— 51113 
-Far East Fund—. W 

•Next sub. day August 

Schroder Life Group 

Enterprise House. Portsmouth. 


0.M 
• 23 J 
lift 

’ll 


+3.01' 


nrOll 


3.24 

llS 

2.7* 

LSI 


070527733 


— ^Equity- 


£FixcdInteresL.. 

SFixed Inter e st - 

CMonoged 


1173 

124. C 

1333 

KLa 

1414 

150U 

10SJ2 

HLg 

13 L2 

13951 

119.0 

12*£| 


53. Pall Hall, 


3-10 

LBO 


Ftt.vaE.Cm.Ttt._U4J 3611 J 

FsLVh-DhLOp.Trt-lTO.0 ■ M.d| 4 

Fleming Japan Fond SA. 

37. rue Notre-Dome. Lmueubourg 

Fleming July IB | SUS5L75 ] ™.| — 

Free World Fnnd Ltd. 

Butterfleld Bldg., Hamilton. Bermuda. 

NAV June 30 1 5USU3.76 | — 4 — 

G.T. Manage m ent Ltd. 

Pork Hoe. 18 Finsbury Circus, London EC2. 
Tel: 01-628 8131. TLX: 888100 
London Agents for. 


SManaged.. 

01-830 7037 J. Henry Schroder Wagg & Ca Lid. 


120. Cheapside. E.C2. 

Cheap J July 27... _ I 5T51195 
Trebugar June30- SIS12L27 

Asian FdL JulylO ... ]SI’S1S67 14-^ 

DartiiwFBd. 5AL39 2 Ml 


01-538 40(0 
DJ71 242 


+0B3 

+0 jxT 


203 

5.13 

C.49 


Anchor *B’ units- 


SIS4.J7 


Anchor Gift Edge.. (£9.76 9ra 

AncborlnLFd (SUS4JJ 5 Xa[ 

Anchor In. Js}'. Ttt . (28J 
Betsy Pac 


Berry Par Sr rig (297.00 310.9ft 


G.T. Asia Fd — 


G T. Asia Storli ng-.K14.79 


G.T. Bsad Fund — 

G.T, Dollar Fd. 

G.T.PacificFd 


303] 
SUS49B7 


3HKVJ.7 




5 L 51330x1 
SUS744 
SUS15.41 


+0JH 

iOJ 


+0M 

-.a.oft 

+ 0 . 1 ? 


2J0 

12.92 

209 

257 

0.80 

0.96 

147 

1.29 

SU 

0.67 

in. 


Gartmore InvesL Ltd. Ldn. Agts. 

2 SL Mary Axe. London. EC3. 01-2833531 
Cutnon Fund lisp (Far EaaD Lid. 

1503 Hutchison Hue. 10 HarcourtRd. H-Eone 
UK* Pat U. Tst.— 37*r(UMf 210 

Japan Fd (simi® DJHd .7J 11® 

N. American Tst — K8UB El»d+41j5l 150 
Inti. Bend Fund.. U^j+unj 5.70 
Garanore l ti vta mua t XngL Ltd. 

P.O Box 32 DonglasJoM. , 0824 2391 1 

Cartmorc inti. Inr- (2x8 23.3 +0.& 10.60 

Gartmore IntL Grth]fi6J 70 6ft ....J 3.00 

Hambro Pacific Fond Mgmt. Ltd. 

3110. Connaught Centre. Hong Kong 

Far Eatt July id— BHSHSfc DM | — 

Japan Fund fSVSKJ3 8*71 4 — 

Hambro* (Guernsey) Ltd . J 
Hambro Fund Mgrs. (CJ.) LUL 

P.a Box aft Guernsey 0483-26521 

CJ. Fund P46.0_ _15S4I I 3 70 

250 
850 
250 


Intnl. Brad 5USU06A7 

int. Equity SL’SttLZ! 

InL SvgL. *A' SUS]l.(13 

lot Svgs. -B' 5USU3 .. 

Prices on July 2ft Next dealing August 2 

Henderson Baring Fnnd Mgrs. Ltd. 

005, G a mmo n House. Hong Kong. 

Japan Fd. July 26— [Siam ZU1| I — 

Bari u Bend. Band Fd. Jnb3 sl S)ftl27. 
•Excliua+e of any prelim, charges. 

HiU-Samnel it Co. (Guernsey) Ltd. 

8 LeFebvre Sl. Peler Pori Guernsey. CJ. 
Guernsey TaL 1156.7 167.7] +Lft 3.47 

Bill Samuel Overseas Fund SJL 

37, Bam Notre- Dome, Luxembourg 

m.'5»n aaqrOift — 
International Pacific Inv. Mngt Ltd. 
PO Boa R237. Sft Pitt SL Sydney, Aufl. 
Javelin Equity TsL. JSA2J2 223»4+0K| — 
J.E.T. Managers (Jersey) Ltd. 

PO-Sox 104. Royal TsL Kso. JcnevOS34 27441 
Jersey ExtmL Ttt. -p74.0 18S0|...| — 

As at June 30. Neat sub. day July 3U 

Jardine Fleming & Co. Ltd. 

*Ui Floor. Cod naught Centre. Hoag Kong 



Jardine Etta. Ttt. _ 
JartHneJ'pB-Fti.* — 
Jardine S.R A.. ._ 
JmdloeFlemJm. _ 
1 Ml.Pac5ecs.ilne. 1. 
Do.'Acrum.) 


SHK293.94 [ { 250 

SHE36278 .....J D 90 

SL'517.22 { .] 280 

SHK2055 

5tn02.97 

. 4HK13 09 . . , 

NAV July 14 "Emilvalenl SCS7&A0. 
Next sub July 3L 


DortingFod soa 

Japan Fd-J uly 27-|si‘S7 67 82?c| 

Sentry Assurance Jnternatisnsl Lid. 
PO. Box 328, H amil ton 5. Benuuca 
Managed Fund |JLS17«H L9M0) .] — 

Singer & Frie d l a n d er Lon. Agents 
20. Cannon SL.EC4. 0 . 2-MSSsa 

Dekafoads -|C'JGfJl 2T7aJ-OJ3J| ftlC 

Tokyo TsL July 3 1 3US37.M 1 — J 268 

Stronghold Management Limited 
P.O. Box 315. St.B el ier. Jersey. 053V714G3 
Commodity Trust- |8S.65 9352J-253J — 

Snrtnvest (Jersey 1 Ltd. (sl 

Queens Hse. Don. Rd. SL Helier. Jsy. 0534 27343 

Atoenran lndTat._|tS05 £221-0 V.] — 

Copper Trust kl!29 I25ft*ii£ ~ 

Jap Index Ttt |O2Z0 12 45|+0J.J] — 

TSB Unit Trust Managers i€.(.) Lid. 

Bagatelle Rd., Sl Saviour, Jerwy. 023473494 

Jersey Fund (475 53.0n3 4 CD 

Guernsey Fund — ..|fl75 50 8^ .... | C£3 

Prices on July 2ft Nett sub. day Augutt 2 

Tokyo Pacific Holdings N.V. 

Intimis Management Co. N.V„ Curacao. 

NAV per share July 24 Sl’SfiUO. 

Tokyo Pacific Hldgs. (Seaboard; N.V. 
InumU Uonagement Co. N.V, Curac.-o. 

- NAV per share July 2-1 5 L' 545.322 

Tyndall Group ’ 

P.O. Box 1256 HoraUtim 5. Bermuda, 22760 

Overseas July 28 [SIIS1J8 U5 id J 6.00 

lAccum Unitai Efcsi S6 

3-Way InL July 20 — Rl'S166 
S New SL.SL Heller. Jersey 

TOFSLJuIy27. ]: 

lAccum. Shoren 
.Vnencan July 27 _ 

1 Accum shares) . . 

Jersey Fd July 26— 
iN'on-J. Acc. L’Li.t... lr — - 
Gill Fund JulySO - .hoe 4 

(Accum. Shares* [140 0 

Victory Bouse. Boci . 

Managed J ulya)_... 1130 2 1372] | 

t'UL Intnl MngmnL (C.f.)'L^l 
12 Mu leister Sired. SL Uclier. Jcrse;.-. 

L'.I.B. Fund IM/KHOJa ttUil+ftS^ ftlfl 

United States Tst. IntL Adv. Co. 

14. Rue Aidrinser. Lurt-rabourfi. 

L'.S Tu. inv. Fnd | S10.93 l+OJffl 0.51 

Net asset July 27. 

S. G. Warburg & Ca Lid. 

30. Gresham Street, EC2. 

Conv. Bd July 27... | 

Eon InLJ 
GrStJFd.. 

UercEbdFdJulyaa. 

Warburg Invert. MngL Jrsy. Lid. 

1. Chan ng Cross. Sl Helier, J.k i'I 053473741 

CMP Ltd. June 29^ 71 SI2J5 1231 — 

CUT Ltd. June 28.... 02.77 121ffl _ 

Metals Tst. July Sl). ULT9 L2ia _ 

TMTJulv 14. ,_liS!Da 16571 _ 

TMT Ltd July 14 £1036 10*3] — 

World Wide Growth Manegement^ 
Ida. Boulevard Royal, Luxembourg. 
Worldwide Ctir Fd( 5USI600 1+009) — 



das. Ulc tfSm. OC2-5 


01-F3043S5 


Juh 27-.. 5US5.67 -0011 — 

-Jul} 37 5 L: SIB 13 -oerl — 

l June 30 3: ; S7-CE I — 

FdJulyafl.lH , ajJ2 UD 0.2931 


NOTES 


(iKStS ln Olhorwise 


premium Inmrance * Offered price Includes all ex 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave„ London EC3V 3LU. Tel.- 0t-°S3 110' 
Index Guide as ai 18ih July. 197S (Rase 100 ai 14 1 77i 

Clive. Fixed Interest Capital jV 9 77 

Clive Fixed Interest Income 11579 

(ORAL INDEX; Close 489494 


01-8234951 fl 

»:d » | 


INSURANCE BASE RATES 

t Properly Growth 

t Vanbrugh Guai-anieed ’ " qi.J* 

r Address sharp under irguraace a „d Pror+n'r 


« 



Wall Street 
U.K. Equities 
UK. Gilts ■ 

For our latest views and PIMS 
reports writs to R.hLTirnbcrkke, 
1^ Hanover Square. 

London VV1A 1DU. 



BRITISH FUNDS 


197* 

lift! Low | 


Slock 


|~ orf Held 
| — | Inf. I Red. 


99S 

105*4 

Q7 

*»7"« 

101 ',! 

961; 

io;?c 

io2 s x\ 

95L 

961; 

110 t* 

10o>4 

°l*i 

101 *4 

20 (f-u 

5? 

Ill 

«9V 

«5 

3i5- f 

lOTf, 

94-it 

%ii 

05*4 

lia*4 

100*3 


3ri 

■ 6 £-i 

75*3 

115*4 

8 c ;3 

306*, 

7 c i_ 
112 *; 
9t'i 
113 

21GS 
77 V. 
110*4 
13T ; 
HAij 

' 8 *j 

206* 

.51’; 

95 

114*, 

901- 

‘151*2 

3H** 

50 

115*4 

53*; 

St>4 

t:*j 

■155*; 

57*4 

WN 

.96*4 

aT*. 

80"i 

.56*! 

.M 

9a-t 

.37*c 

37*4 

.3**4 

■ 2 S*s 

SP 


“Shorts" (Lives up to Five Years) 

5.03 
1136 
3.14 

.Eiecinc'-^'rcTL-TO . { 95V.il- iV I 4.43 

[Treasury UBjjeTOii — 

Electric 3* .pc 76-79 


9S*. 

10 ! 


E\.n3pc76-7«r 

Treasury II -;pcTE;. . 


‘•i'i’jTreasnij Spc^t;. — 


Trejnir.'Sw ISPOtJ .. 
iQLc 


Treaiiin'SaJc 
Funding.^pc TB- 8 K+ 
ivj, -^E xchequer 13pc 1980 
99 ji [Treasure ll'jpc 1981 Sf. 


95*, 

vr, 
m ? 4 

96-^ 

97*s |Treasur>9ltf-- 1 Hitt _ 
92*s iTreaiiUVSaK T7-80 
95*4 
103. 

99' 

83*4 Trcaiun Ijt 19WII- 
55f a Trcasuo W<pcl98lii - 
91“ 6 Er.cLS'ipc 1981 

94*4 E-.ch9*s»-'l»I 

85*3 Eii-h.3pcl9ai 

95 Vs Troas t'.inihte31{4- 
102*, Each. k2Vpcl»lti_ „ 
91h Trea5.B‘:p4.'SV32£+..... 

32 V Treasur? 3pc IBtt 

106*4 Treasury Mpc 32S- - 
94Sg Treas Variable K!W_ 

S9S Treason - S*4pc 82 

91* a Exch. ^pc 1*2 

91*3 Each 9*4pclS82V. 

89U Each. fr’jpc 1981 

79*j Each3pcB3 — 

IOC 1 * Treasury I 2 pe 1933E-- 
59*3 [Tnasuiy 9 * 4 pc , 8 S_ -- 


x 2 ?:> 

A 
% 

94*4 
104 A. 
101 ,', 
TO'ifl) 
97 

P 

86 *cJd 

95 \i\ 
104V 
93*4 

&»7„ni 

n 

93 


80J,n! 

102 **; 

92*3 


SiUiy^pc e3_ -- | «‘ 2 i 

Five to Fifteen Years 


10.45 
3.65 
9.13 
9.61 
3.72 
537 
1249 
1138 
3 . 88 
10.05 
879 
990 
343 
1017 
1222 
907 
333 
1298 
10 28 
9.00 
953 
9.93 
934 
372 
1169 
10.00 


93 

80*4 

86*5 

77*4 

79e 

60*r 

64*4 

SB? 

°£h 

£>*S 

98*3 


Each, tope 1SS» 

iFundms 5*a< 82-W“ 
Trratnry 8 i;pc 8 +Mfi. 
Fun<lini; 6 *j*' 8 > 8 ?S.. 
TTOasuiy 7 * 4 pc '(&-38£ 
Transport 3pc 78® — 
Treasury 5pc BS® - 

Treasure lSpc 15WS- 
Trcasury.TiffTMii.... 
Treasury lltipc >501 - 
Funduii ftpc B7-91i+- 
Treasury I 2 vpc 923 -- 
54*, Treasury 10 pc IS91 — 


97*4 

9b*e 

60*4 

104*; 

1107; 

97*4 

76*4 

93 

&3 

82* 

9Sh 

lb’r. 

UV 2 
101*2 
42'. 
103 - e 
•35 
74 7 b 
60 

U 8 'a 

95*; 

77*; 


i&mIl L^pc'S. - _ 

Over Fiftec 

tTresTurr 1 ? ipc 10 S — 
Fundinc 6 pc I993jj. . 
measoiv li'jpcl&t; 
rTrearury 14*jpc WJt - 

Exch. 12 »*pc 1994 

(Treasury flpcDST 
measun* Utrc'Sa. 


IjX 3pc 90 95 

Exch 10 * 4 pcI 995 

Treasury H'aoc 9r‘C . 
TYwnrySpc^OSBJt- 
Treasuiy 15*40: .. 
Exchequer ista H 6 £ 
Redeopticuopc 19S898 . 
Treasury 13'ipc '97 tt. - 
Exchequer |ifyiclS97 
Treasun 8 *pc lSSfTtJ— 
Treaiur- 1 66 pc - S6-98ri ■ 

Treas. ISawtJSS 

Each. I2pc 1998- - 

Treasury 9Lipc I9S&S-. 

83*4 rreasury%ol999.., 

- Excti ^ »*£ £iapo( 
34*4 KurrdiK'ji jk ‘ 3WHTr 
67*. Treasure 8pc‘flG4)6t;— 

474 Treasury a*;pc ’0813ft. 

62*; TVessurr 7-!»pc T2-lajj 
93*; Each. llpc ' i£t7 

Undaied 

Cnasols-lpc 
|WarLoan3*L 
k'oni ."Ujic '61.5/1 


30U 

29*4 

33 

25*: 

19-i 

19*4 


[Tnasuiy 3*»c ® .*Ji — 

|Lflnsob 2 1 .’pr 

iTreasuiyiiarc 


95 

82*4 

88 *’ 

80 

81% 

64 

67% 

105 

807, 

56>4 

67^ 
102 
85 *4*1 
9P.nl 

i Yea) 
100 % 
64*; 
109% 
UO'gXd 
98% a 
S07* 
96*2 
45*; 
85-'. 
103*2 
81*< 
119% 
106% 
441; 
104*. 
85%xd 

SO*; 

8 P< 

•E% 

36*; 

697 8 

49% 

64*. 

96*2 



10 57 


h67 


966 


829 


9W 


471 


754 


1 ? 45 


ion 


12 23 


a hi 


1254 


DL65 

12.42 


12.53 

934 

12.88 

12.93 

11233 


1139 

1246 

6.70 

1199 

1265 

1156 


1313 

1275 

6.90 

1275 

1214 

1137 

10.96 

13.10 

1258 


1186 

1226 


1250 

9.63 

lisa 

1165 

1199 

1235 


418 
9.36 
712 
7.96 
997 
b B 6 
10 02 
1020 
696 
6.62 

10.91 

20.96 
779 

1105 
10.77 
1110 
8.18 
2033 
1109 
10 63 
7.93 
1127 
1144 

10.92 

1133 
1135 

1134 
214 

1124 

1126 

1138 
9 69 
1078 
1030 

10.97 
B.47 

10.03 
12 25 
1158 

1236 
10.85 
12.48 
1215 
32.47 

1253 

1124 

12.71 

1271 

1260 

1193 

1253 

976 

1231 

1261 

1205 

12.29 

1267 
9.65 

1268 

1237 
1204 
H81 
1291 
1262 
12 


1243 

1253 

10.92 

1210 

1190 

1207 

1255 


32*8*3* 
. 31*4 
35*; 
24% 
20 % 
20 % 


1245 

1141 

1029 

1261 

1215 

1255 


SS 


=-4 

307 

112 

°7.i, 

' C4 
9?lj 

102 f; 

2 °V 

«*4 

.°"'4 

8 / 1 ; 

•69 

78 

M 

•lSa 


INTERNATIONAL BANK 

; 52 ; I5pc Sturt Ti« 1 84 | 1 5.95 | 9.87 

CORPORATION LOANS 


Bv-m'lram^pcTO-et- 
Bristol 7*, pc 7WL — 

G LC. l2'-?pc 82. 

Do.121;dc 1983 

GJasj»a , w»pc' 8 IHSL_. 

Hens. 5*»pc TWO 

Livetwol S*tpc 76<8 . 

Do&pe-SWH 

Do 3 * 3 Jclrred.. — 
Lon Corp S* 4 W "W-85 . 

LC Cape 76-79 

I*o3ijpv TT-St 

Do5*:pc'82-W 

[toJ'Oc’BjflT 

[*o 6 Vpc- 88 SQ 

Do 3&C 70AJ1 

Midd-xl^pclSM 

Nenastle^pCTTeo. 

U'innpt I'll . 0 . inn 


94*«sl 

-*4 

9.80 

89? 4 

+*4 

874 

102*4 


UTS 

lOlijxd 


1225 

92*4 

+'4 

10.03 

91*2 

S./4 

99*4 


5.79 

941; 


10 45 

26*a 


1256 

93 


10.27 

%nl 

*h 

6.28 

85*« 

b.45 

79'; 


6.V3 

b8*2 



BJi 

68 


9.97 

23*4 

->4 

13.3/ 

92*4 


b.69 

95*4 


9.66 

102*4 


1222 


1131 

11.96 

1172 

1194 

1158 

10.46 

9.49 

1131 

1128 


1035 

1117 

1019 

1133 

1186 

1046 

1131 

1129 


OTWiMALTH & AFRICAN LOANS 


160% 

95% 

83% 

:«*■ 

961; 

:P7% 

■ 95 ;, 
.7 O' 
9c. 


• 641; 
*7P»- 
aa'a 

159 

951; 

107*4 

110 

1141; 

E5 

S*i. 

99" 

<sai 8 

1C1*; 

71*; 

71% 

-S4% 

• s:>. 


?5‘; 

92*, 

SZ*4 

96-% 

92 

El?» 

91 

50 

SO 


58% 

30*4 

281; 

107 

S7 

1101 

102 

102 % 

79% 

73% 

SOI; 

90'; 

90% 

S" 

73% 

68 


■Vus.Sipc 75-78 

DO Sarc -77-80 

Do T-jk 81-82 

K24pC -76-78 

Do. 60 c 7680 

Do. ft 20 c 83-88 


SUr. Airi ea 9%pc ".981 . 
iSlh.ithod^-'&TO. 


100 % 

S’ 

9B% 
92*»xil 
821; 
■ 95 
52 
80 


Dr-.6pc 

LOANS 

Public Board and Ind. 

Vmc ML ape '5989. 

I Alcan Iflipc TO-M 

:.lei.Wlr jpc'B' 

USJLCSpr I9S2 

Do. without Warrants 


555 
5.91 
6.69 

+*J 6.47 
918 
1024 


1030 

10.73 

1153 

10.02 

1103 

10.03 

1219 


Frl 13pr 1981 

DaHpc79 


Do Hoe ■85.. 

ICFL'S.'prDeh 8082. 

Do.Pjpcnb.81-W 

Do 10*;pc Uds. Ln. 80 — 
Dn. UpcDntLi.® .. 
Do.IlupclinsLa 
Dn. 7*jpcAr*cb. 89-32^ 
D.' 7T«pcA Db 9lW 

PoStocA"9IW 

Do sV’Ln. 9297 


Financial 

102*4x4 
105 



1168 

1330 

1244 

10.80 

1180 

11.90 

1230 

3240 

12.70 

1260 

1283 

3320 


FOREIGN BONDS & RAILS 


137* 

High D* 


2* 

AO 


17 

y> 

93 

350 

4/i 

Jo 

40 


.Mack 


"hi lean Mi'.eil .. 
Jcmun Ym.\4%p 
IroekTpc.Vj* .... 
Pt>opcSSu!i.Vss. 
Do4pc Mixed Ak . 


I Price 

+ «f 

Div. r r 

1 £ 

— 

Grass 

24 



40 



TO 


— 

410 


4*; 

54 

51 


■7 

43 


4 


Bed. - 

r*w 


-1 13.10 

1648 
16.00 
(435 


FT SHARE INFORMATION 


Financial Times Saturday July 29 1978 
FOOD, GROC ERIES— Cent. 

IrJHU 


BONDS & RAILS — Coat. 


BANKS & HP— Continued . . CHEMICALS, PLASTICS— Cont 


in 

BV;h Ijw 


55 
77 
83 
<»1 
y* 5 

87 

160 

£? 

DM91 

97 


42 

65 

82% 

79 

'265 

M'; 

|140 

75p 

SlH'i- 


Start 

Hune . . 

Ireland ®;pc T3® 
Ireland 7','pc "51)83 
DoS%pc$I-W .... 
Japan V. TO Vsi .. 

DoSpc '88-88 

,PeruA-s3pc 

I Pjpc 138u._.. 
)Tunn9pi- 1991 


DK3‘l|f uri'n 
°4 L’rupuay 3>g»: 


Price 

+■ or 

£ 

— 

55 


65 


62*4 


82*4 


390 


69 


240 


75n 

S94I; 


DM91 


97 



Dh. n c Red. 
firess Yirld 


5.00 
12.60 
12.32 
12 76 

3l"05 

216. 

8.67 

932 

10.70 

380 


U.S. 5 &. DM prices exclude inv. S premium 


in 

IG&b Law 


29*! 

601; 

31 

32 
33* a 
15*, 
29*4 
19*4 
32*, 
23% 
tlx 
13'; 
65 
43 
42*s 
48*, 
27% 
22 
11 
21** 
14 

25 
18*4 
31*2 

26 
2£e 
28 
47!, 
32% 
26 *; 
40 
12*4 
18*« 
32*; 
41*4 
25 U 
4J5, 
241' 
50*3 
14*; 
224*9 
S2*« 
31^ 
976p 
28 
32 
41% 

i 

27*4 

30*4 

17*4 

ZPi 

sr 

a 

s;. 

27% 

161 

975p 

22 

40 

e 

W5p 

14 


Start 

ASA 

AMF j*« Lnnv R7 . 

l-AmaxSl ... 

.Vrneni an Express. 
.Amer Medic. Jru._ 

■Asa reo Inc 

Raiterlnlnl Gum 51. 
Barnes Grp S»; 

[BendL*. Coen. 55 

Beth.SKc-1® 

iBrown'cFer elffi. 
Brunswick L'orpn II 
_ BumwghjCorp £> 
30*; ICES £L to 


131; 

HQi; 

22 

21*4 

11 

» 

13 

625p 

857p 

41<f 


28>4 

32*4 

» 

15*; 

17 

Mi* 

3 1 


29% 

M*. 

28 

750p 

171 

34 

735p 

705p 

18 

20 

IP 

13*a 

14*z 
15 *a 

16*4 

11 

255p 

St 

s 

18', 

[131 

505p 

163 

22S 

865p 

21U 

17*4 

n*a 


*: pc s, 

CaisrptUartl 

Chase irhuiSIZa- 
'■hesebrewhSl — 
Chrysler S0 4 _ 

CitiroreM 

City Ini JUS 

Do. I JR PriBSl- 

Cole.tc-P 51 

Colt lads. $1 

Font. Illinois 510— 

ConLUilSa 

CrownZelLEi 

Cutler-Hammer £5. 

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FINANCIAL TIMES- 

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SUBSCRIPTIONS eenUi ftnri bookstalls worldwide or on rcmilar subscripUoa from 

Copies obt ain aid e Xr0 ^ A ^ ei )pUan Department, Emanuial Tunc, Ltrndon 


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Laurence Scott _ 101 

LecRefrig 70 

UJi. Electric 195 

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Newman lnds — 79 

iNewmnric Louis. 180 
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ti Unlisted security, 
c ' Price at tin*? ft .sncpeiuion. 

5 Indicated dividend alter pending scrip and 'or richts issue: 

cover relates to previous dividends or forecasts, 
f Mercer bid or reorganisation in progress. 
t Not comparable. 

* Same i merlin: reduced final and/or reduced earnings 
indicated. 

J Forecast dhldend: coier on ea mines updated hy latest. 

interim statement- ' • 

t Coier allows for conversion ol shares not now- ranking for 
dividends or ranking only tor restmied dividend. 

* Cover docs not allow lor shares which may also rank for 
dividend aL a future dale No P E ratio usually provided. 

V Excluding a dual dividend declaration. 

■> Regional price. 

II \'o par value. 

a Tax tree, h Figures based «n prospectus nr other official 
esamaic. c Coats d Dividend rule [■aid nr payable on part 
or capital; cuver based on dividend on full capnoL' 
e Redemption yield. 1 hint yield, e Assumed dividend and 
yield, fa Assumed dividend and yield alter scrip issue. 1 
j laymen i from capital seirrer. k Kenya, m Inietim higher 
logo previous total, n Rights issue pending q Earnings 
based on preliminary fivores s Dividend and yield exclude a 
special payment I Indicated dividend, cover relates to- 
pniluui dividend. P'E rnno based on Imm annual 
cnralncv. n Forecast dividend- cover based on previous year's- 
pomlng*. » Tot free up l«i 30p in Ihr £. w Yield allows tor 
currency clause, y Dividend aiid yield based on merger terms, 
t Dividend and yield Include a special payment Cover does not* 
apply us sperm! payment. Nel dividend and yield. B 
Prelcrooce dividend passed or deterred. C Canadian. E Issuo- 
pnec. F Dividend an d yi eld based on prosper tua or other 
otTirla] estimates lor ISIMa n Assumed dividend and yield 
alter pending scrip and/or rights issue. 11 Dividend and yield 
bawd on pruypecvua or other official estimates lor 
1 978-79. S Fi pares based on prospectus or other official, 
estimates lor 1078. M Pn idend and yield based on prospectus 
or other official estimates lor 1978. N Dividend and yield 
bused on prospectus or olher official estimates for 1979. P 
FJcures based on prospectus or inker official estimates for 
1974-79 Q tiro's. T Figures assumed. Z Dividond total to’ 
date it Yield based on assumption Treasury Bill Rale stays 
unchanged until maturity at stork. 

Abbreviations- me* di> idend. a ex scrip issue; vex rights; a ex 
nil; d ex capital disuibuuun. 


** Recent Issues " and “ Rights " Page 


service is available to every Company dealt in os 
Exchanges throughout the United Kingdom fora 
fee of £160 per annum Cor each security 


REGIONAL MARKETS . 

in j The foUowincisa select ion nf Londn n quotations ul sham 
jj previously iLsied only in regional markets. Prices of Irish 
«■? issues, most of which are not officially listed in London 

J - are as quoted on the Irish exchange. , . ' 

5-2 . ...... , Sheif ffcirshmt.l 58td .....i 


5.8 (Albany Inc. 20p 24 
lfl.6 lAsh Spinning . 44 

3» Beruirn. 21 

'Bda'utr.EM.SOp 295 
Cluivr fruit — 26 

Craig & RoeeEl 480 
von (R. .Vi A. 33' 
is&McHdy.. 61 

Eveitni .. 161; 

Fife Force 50 

nloy Pts. Rp . 23 

fJraigRbip. EL . 115 
Higsony Brew... 77 

LO.31.Stni £1... 155 

Kult Mil- 1 25p_ 263 
N'tkn. Goldsmith 56 

Pearce ir. H i — 1BZ 
Peel Mills ... . 20 

Sheffield Brick 45 


SindaU itYni.i— I 105 


480 ... 

38' .... 
61 ... 
16i? . 

50 

23 -i> 


Uom.9 r aTffl«l. £92%-% 

. VI li an co Gas.. .. 66 

Arnntt 350 

'.arrolliPJ.i.... -105 +2 

Clondolkin 107 +2 

foncretp Prods.. 345 +5 
Heiton tHldgs i 50 +4 

Ins. Carp 160 .. .. 

Irish Ropes 135 +5 

.lucob. 67 

Sunbeam . ... 31 . . 

T.M.lJ 195 +5 

Unularc 95 


67 ... . 

31 

195 +5 

95 


OPTIONS 
3-month Call Rates 


ii =,2 

□L4 86 I “ Ju * trials „ Jf 20 Tube Invest.. J 

71 A. Bren- ...— 6>j “Imps .... .... 6 Unilever—. I 

l x 7 a A. P Cement.. IS tr.L. 20 Did. Ln-aperv..! 

j2 B S Jt ... -. - 9 luve-nesk — ... B Vickers 

r-i J® Babcock .. .. 11 W.'A.... 3 Wooiun-irrhc j 

r-~ Barvloj-s Rank. 25 Ladbroke — ” 

“ f # Bcetlun 35 Lttal&iicn. 


17 I 

M J Property 


$_ f-3 Boots Drug 15 Lex Service... 7 r . . 

J-? 5.4 Burner* 16 UoydsDank.. 22 fiTi-r' 

1.4 3.6 B.VT... .. _ 24 -Lois" 4 Lounties 

06 6.8 Briiiili o.-.jsc.i 6 London Brick. 5 

r ZB Rtw tiM .1 ... 20 Umrho 5 j^qjypean 

0 ti J Burton -A'. — . 12 Lucius Inda. 25 tSSL Seai --— 

i n 4 9 Cadbury? . ... 5 LvnnstJ.i. - ltT — 

A S 2 ConnaoldK... 10 “Mains'’ 7 

?7 S 9 Debenhums- 8 MritS-bSpocr 10 

H L-L Distillers.. .15 Midinad Bank 25 Tow "**Clty— 

H 1-1 EogloSir. — 11 Not West tank. 22 0ltt 


ffj Eutdosiar. — 11 Not West Bank. 22 uus 

“H 7-9 ELM .1 14 lio. Warrants la Brit PeSrolMun 

3-fil 6.9 Cen. Accident 37 P&OBfd ..... 8 Burmah n il 

* Jen. Electric . Pi«*cy a Charterbail 

raaxo ao rii.il — | • Shell _ 

Jin GrondMei— 9 Rank Org.’.v. 7 a Ultramar"” 1 — 

'A 20 Reeri [null. .. 12 — ~— 

1H 9-7 «PJIers L 3 Mines 

U 4i 22 Tesco— a n , . 

33 gj HawkerSidd. 20 Thom » ^■* ar Lo-Cons..[ 

M 10.9 Heaeof Fraser 12 Trust Houses^ § WoT.a|J"“ 

3-S 7 A selection or Options inui ffl a * 

^ 1 .l^udon iaock 















































































































































































24 






f 


JFbr Rfcanv DiscerningDrinligfs £- 


HIGH 

&DRY 

Really Dry Gin 




- • -f 


Saturday July 29 1978. 


j f 

i } ; 


-**y t •• 

- A - 


rsTRATHSPEY | 

§ j; 100% Highland Malt' Whisky $■; || 
"Togaidh E Suas ||| 

TJrMisneacha 


MAN OF THE WEEK 


In the 
family 
interest 

BY MICHAEL THOMPSON-NOH. 

HE WAS NOT brought up a rich 
man's son. As a boy he lived in 
North Bay. Ontario, a pioneering, 
isolated community given to fish- 
ing and the outdoor life where 
he was raised as the typical son 
of a typical family in the period 
just before and during the 
Depression. " We had the neces- 
sities of life but no luxuries. Our 
circumstances were simple but it 
was rather a good life and they 
are good days to look back on." 

The vantage point from which 
Kenneth Thomson, the second 
Lord Thomson or Fleet, now 54, 
can look back on his North Bay 
boyhood is the chairmanship of 
the £350m Thomson Organisation, 
the publicly quoted arm of the 
Thomson family interests. In a 
move of some financial com- 
plexity, Lord Thomson this week 
reorganised the family interests, 
including oil. publishing and 
travel, so that the entire Thom- 
son Organisation will become a 
wholly owned subsidiary of a 
Canadian holding company. 



Lord Thomson of Fleet 
Canadian regrouping 

The Thomson family is relin 
q wishing all its North Sea oil 
interests to a new company 
International Thomson Organisa 
lion, in return for an increased 
stake, SI .3 per cent, in the 
enlarged Canadian company. In 
.part, the plan was evolved to 
help handle the considerable 
'sums of cash in which the 
Thomson interests will soon be 
awash. This year alone, group 
pre-tax profits are forecast at 
;£126m f£90m from oil, £38m 
from the publishing and travel 
’side). The new company will 
bave around £100m in cash 
assets. 

Monopolies Commission 

restrictions would have limited 
its room for manoeuvre both in 
travel and publishing, while if 
ft had remained a UK company, 
exchange control regulations 
would have prevented it switch- 
ing surpluses into international 
markets. The main shareholder, 
■the Thomson family itself. Is 
already resident in Canada and 
therefore able to gain from 
receiving dividends direct from 
'the new Canadian company. In 
addition, Canada has no ex- 
change control regulations and 
_no dividend restraint. 

7 In any event, the present Lord 
Thomson has never felt so confi- 
dently at home in Britain as his 
..father, the late Roy Thomson, the 
;gent«I, myopic, unaffected news- 
paper entrepreneur— part genius, 
part rough diamond— who laid 
the foundation of the Thomson 
empire by selling anything from 
- spark plugs and ice-making 
machines to radio sets. To this 
day be is remembered in the 
small towns of North Ontario as 
a* man in a dapping rain-coat and 
black fedora, plodding happily 
through the snnw to sell a dealer 
50 cents of washers. 

His son recollect/; that it was 
not until he was 16 nr 17 that 
affluence came to the family. 
After the Royal Canadian Air 
Force he went to Cambridge 
before returning to Canada to 
join the Timmins Press, the first 
paper his father ever bought. 
“He bought it in 1933 when it 
was a fallen-down litfie fiat-bed 
weekly. He built it up into a 
good solid rotary-printed daily.” 
While on the Timmins Press, 
Kenneth Thomson wrote 
obituaries, covered city council 
meetings — the usual run of 
general reporting. By his mid-20s 
be felt it was time for 8 “stint 
of finance 'bnd advertising . . 

He now controls and runs an 
organisation which over the next 
few years will generate capital 
surpluses of many hundreds of 
. millions of pounds. The publish- 
ing and travel sides alone are to 
have £l00m spent on them. The 
entire chain of regional news- 
papers is to be computerised. A 
further £70m will be spent on the 
oil side, but the massive sur- 
pluses will be sufficient in addi- 
tion, to fund increased inter- 
national Investment in communi- 
cations and leisure, particularly 
;ia the US. 

These days he commutes 
' between Toronto and London. 
He is tall, slim, a strong family 
.man and devoted collector of 
sculptures and ivory. M The true 
-collector is out of control.^ I am 
.. in love with my collection. 

His style of management and 
personality differ from those of 
hte father. “Kenneth has a 
much more recessive Per- 
sonality.” said a business sssty 
date last night. “ He hasn't . qaltt 
the same thrust as his dad. but 
then he has strong interests out- 
side the business. 


Formula could avert 
civil servants’ strike 


BY PAULINE CLARK. LABOUR STAFF 




MR. DENIS HEALEY, Chan- the - Amalgamated Union . of But the union leaders hope 
cellor of the Exchequer, stepped Engineering Workers, 
into the industrial civil servants’ Mr. Healey found himself con' 

pay dispute yesterday to prevent fronting one of the most power _ 

a threatened llth-hour breach of fol opponents of a rigid Phase cent giridetines, the- threatened 
his Phase Three pay policy. Four pay policy in Mx. Evans, national one-day strike called for 

He look the chair at a meeting Gjer ? dispute which could have next Wednesday cairifc averted, 
with trade union leaders for ttesuam - were heing^ade yes- 

Ministers, which agreed a . new of ™ ne £ . st *8£ of f®® Govern- terday to strange a resumption 
formula for a return to negotia- m £L rs anti-inflation programme, of jointi industry negotiations on 
dons on the Pay claim. T®® formula agreed yesterday Tuesday . 

oons on tne pay was said in a statement from the m, a . 

With the expiry of the Govern- G MWU to provide that “during .™ e L2f WT L n bel ^'?l 
menfS 10 per cent pay guidelines this year's negotiations, the tter ® 
and the official dehut of its new Government will not interpret its ™ anoe ® 1 F re 


ay policy more rigidly for * 


mem- 

week's 

action 


5 per cent regime on Monday, pay ^ «w. c _ 

Mr. Healey called m three senior Government industrial workers ® ers involved in 
Cabinet members to work out a than it has done for other com- spontaneous industrial 
formula to end the industrial parable groups." would respond. ■ vfi 

action which has already hit in response to tbe unions’ Mr. Frank. Cottan$> a union 

Britain’s key Polaris submarine claim that the 188.000 industrial national officer saftks^We are 
bases and threatens other civil servants involved are due not out of the woodhayet-” Tbe 
defence establishments next for a “substantial" rise having Tuesday meeting wo^dd involve 
week. been left behind in the past the discussions no how the compara- 

Mr. Fred Mulley, Defence two sides also agreed to go ahead bfflty study could Jtaapplied as 
Secretary, Albert Booth, Employ- with a comparability study. This well as further negotiations on 
ment Secretary, and Lord Peart, will be on similar lines to tbe tbe 10 per cent offer, -» 

Lord Privy Seal, met Mr. Moss old civil service Pav Research Tbe industrial ..c|v& servants, 

Evans general secretary of the Unit comparisons with like jobs who submitted a list^of claims 
Transport and General Workers’ in the private sector. including consolidation of the 

Union. Mr. David Basnett. This provision is rather less last two pay supplements and 
general secretary of the General firm than the forward commit- improved shift and^ overtime 
and Municipal Workers’ Union ments on pay given to groups allowances, have resected . an 
and chairman of the TUC, and such as the firemen and the offer of a new basic rate of 
Mr. Hugh Scanlon, president of police under Phase Three. £36.60 a week. 




W. German company 
control UK metal group 

BY JAMES BARTHOLOMEW 

PREUSSAG, a prominent West The terms of the full bid. for Adrian Dicks 
German industrial company AMC that Preussag is now Preussag offer . for 
valued about £100m, has given obliged to make are unusual for through, hr "ever, it 
up its attempt to buy control of an offer by an overseas com- that the EEC or Wj 
the Dutch mining group Patino, pany to a British concern. AMC cartel . authorities . " 
which includes Sir James Gold- shareholders are offered .10.46 objections m view 
smith among its directors. bearer shares of DM 100 each 20 per cent sha 
Instead Preussag is to relin- in Preussag or 37.71 ordinary deutsebe Raffinerie, 
quish its 29 per cent stake in shares of guilders 5 each in copper smelter and 
Patino and. In the same deal, Patino. Lazard Brothers and Co. which Metallgesell 
acquire Patino’s 53 per cent and Westdeutsche Landesbank Degussa are the o 
controlling interest in the British Girozentrale will offer to dispose holders, 
metal trading and tin smelting of the Preussag shares forcasn Nevertheless, Preussag;- by 
group. Amalgamated Metal at a price equivalent to 333 p an having to renounce its stake in 

'orporation. AMC share, compared with 330p Patino, would appear to have 

To comply with the - City Code in the market last night. That closed off one of the best and 
on Takeovers and Mergers, values the company at £21m. most rapid ways ppen to it of 
Preussag will make an offer to AMC said last night that the extending its direct interests; in 
AMC's outside shareholders on board would consider the offer mining properties and prospects 
the same terms as those granted next week and meanwhile In maior producer countries. In 
to Patino. But the German com- advised shareholders not to act. common with other West Ger- 

pany explicitly does not want Patino has exoressed a prefer- “j? 2 ? co!iipanie f 1 ** b 
complete ownership of AMC. In itself toown t0 be amceraed « the 

Preussag bought the bulk of JJTJSJKttlin for* it? Sr lon 8 term implications of owning 
its stake in Patino in March. relatively few ore sources out- 

1977. but Patino’s board has re- ■£& side We « Germany itself, 

sisted its advances. The disposal shareware 17,6 Wast German Government 

of Preussag* stake in Patino will °L *25S5rf-f" ares is enthusiastic in its support of 

break the stalemate and avauat>ie tor traDSTCr * new minerals exploration and in 

Preussag says the main attraction Bankers S- G. Warburg are such ventures as deejfr seabed 
of Patino was in any case its advisers to Patino and Morgan mining, in which Preussag is also 
stake in AMC. Grenfell to AMC. participating. 



! possible 
German 
d raise 
AMC’s 
Nord- 

Hamburg 
nery in 
igft and 
er share- 


Reed and 
Guardian 
Royal cut 
S. Africa 
stakes 


By Ma rgaret Reid .and 
Andrew Taylor 

TWO LARGE British companies, 
Guardian Royal Exchange Assur- 
ance and Reed International, 
yesterday announced moves 
directed towards significant 


THE LEX COLUMN 


World markets hi 



short end of the gilts i market 
over the next few months than 


. All roundT the world, remark- . .. .... 

rose 33 to 4921 

Japan, loading equity ‘ 

are within a fraction of their 


Unit trust charges to be probed 


BY ADRIENNE GLEESON 

THE PRICE COMMISSION is to 
investigate the amounts charged 
by the managers of unit trusts 
an behalf of the Department of 
Trade. 

This is the first time that tbe 
Price Commission has been 
asked to use its Investigatory 
expertise on bebalf of a third 
party. . Normally investigations 
are undertaken at the behest oF 
the Secretary for Prices, on 
the recommendation of tbe 
commissioners. 

The Department of Trade’s 
decision to ask for a study from 
the Price Commission was made 
with the agreement of the Unit 
Trust Association, which has 
long been pressing for an 
increase in charges. 

The fees which may be charged 
by the managers of authorised 
unit trusts in the UK are strictly 
regulated by the Department, 
and the scale has not been 
altered for over 20 years. Unit 


trust groups complain that they 
cannot make ends meet without 
heavy sales of new units, on 
which there is a sizeable front- 
end charge. 

In March this year the Unit 
Trust Association's renewed 
application for an increase in 
the scale of charges was turned 
down by the Department, to the 
great consternation of tbe trusts. 
Since then, however, the Depart- 
ment has agreed to hear further, 
representations from the associa- 
tion. 

Yesterday’s announcement of 
the Price Commission investiga- 
tion, the culmination of these 
behind-the-scenes negotiations, 
was warmly welcomed by lead- 
ing figures in the industry as 
proof that the question of 
charges is. still wide open. 

Tbe commission’s investiga- 
tion will be conducted on an in- 
formal basis, and is expected to 
take three months. 


The terms of reference, as set 
by the Department of Trade, 
which., is paying for the investi- 
gation, are: 

“To study the method of 
determining profits, and the level 
of such profits, made by manage- 
ment companies from their 
authorised unit trust activities in 
recent years;’ 

“ To' consider whether the. 
formulae controlling tbe maxi- 
mum charges borne by unit- 
holders are appropriate in the 
light of economic developments 
during this period; 

“ And to suggest ways of modi- 
fying these formulae If this 
seems appropriate." 

The Commission’s report will 
be made available to unit trust 
managers, and it Is expected that 
the Department will publish 1L 
Commission to eheck cigarette 
prices. Page i 


U.S. tax relief package cut 


BY DAVID BUCHAN 


WASHINGTON, July 28. 


reductions , in their interests in 
South Africa. 

Guardian . Royal Exchange, a 
large composite insurance group, 
is selling the bulk of its majority 
stake in Guardian Assurance 
Holdings (South Africa) in a 
£16m deal. The transaction will 
leave it controlling its general 
insurance operation in South. 
Africa but with only a small 
holding in the life business 

Reed International, whose plan 
to sell its paper and packaging 
interests in Stanger and Nampak 
to Union Corporation foundered 
earlier this year, is now well 
advanced in negotiations to sell 
Nampak to Barlow Rand. South 
Africa’s largest industrial 
company. 

Guardian Royal, which holds 
66.7 per cent of Guardian Assur- 
ance, is selling 2lim of these 
shares, at R1.25 each, against 
the recent suspension price of 
R2.05, to a new South African 
company in which the chief 
shareholder will be Mr. Donald 
Gordon, who runs, the Guardian 
Assurance business and sits on 
the Guardian Royal board. 

Other shareholders in the new 
concern, which will emerge with 
a 52 per cent stake in Guardian 
Assurance, which, owns SI per 
cent of the Liberty Life Asso- 
ciation life business and all tbe 
general insurance business, will 
be Standard Bank Investment 
Corporation and Mr. Michael 
Rapp, a Guardian Assurance 
director. 

The remaining 9.3m shares 
Guardian Royal baa in Guardian 
Assurance are to be cancelled in 
return for which - Guardian 
Royal will take over direct 
ownership from Britain of the 
general Insurance business. 
Guardian Assurance South 
Africa. 

Life company 

The new South African com- 
pany will now control Guardian 
Assurance, which will essentially 
be a life company. Guardian 
Royal's stake in it falling to 10.7 
per cent .After the general 
insurance company. Guardian 
Assurance South Africa (GSA), 
has been hived off to continue 
under Guardian Royal's direct 
control. Guardian Assurance 
will inject R3-88m (£2Jm) to 
acquire a 25 per cent holding 
in the enlarged GSA capital. - 

Guardian Royal said it was 
shedding tbe bulk of its interest 
in the life business because the 
asset was one of the largest 
Investments of its UK life fund. 

Reed's 63 per cent stake in 
Nampak’s packaging and paper 
business, acquired for £31m, has 
been one of the group’s more- 
profitable South African Invest- 
ments. Last year Nampak 
earned pre-tax profits of £14$ m, 
of which Reed’s share was 
thought to be about £9m, on the 
back of £84m sales. 

.Originally Reed, needing 
funds to reduce its heavy debts, 
had planned to sell the Nampak 
holding and its 50 per cent 
interest in Stanger to Union Cor- 
poration, another prominent 
South African group. 



Bank profits 


all-time highs. Markets m. 

Australia, . . Canada, South 
Africa, Germany and France 
.all touched new 1978 peaks this 
week. Even in New York, the 
Standard and Poore composite 
index has almost recovered to 
its high point of last June 
despite a further attack on the 
dollar and deteriorating trends - 
in inflation. , 

The price of gold bullion is 
also soaring. The figures are 
distorted by the weakness of the 
dollar, but even in terms of . 
the Swiss franc, gold has ‘risen 
by nearly' a tenth in the past 
four months. So much for the 
rule books. Gold is supposed -? 
to attract funk money, whereas 
equity prices are supposed to 
be about confidence:. It is very*- 
unusual for them both to be£ 
going up at the same time. -- 

Moreover this buoyancy is iew wetau* 
occurring at a time when inter- ^tether there really is enough 
national interest rates are still, n^nentum behind the buying 
if anything, tending to edge up- fcMft it out of its prolonged 

wards and when, according to sttjeways movement. SSSSJSZ'Et XZSSlSSZ 

edged t0 V of h ^ cla S r and 

outlook remains^^e the IT Govern- ZSS*X£ 

y „ ‘tnent Securities Index ended tile msaest. 

Tbe strength of the London .™^ a marKinal suggest. 

market has to be seen in this. paeM nf lnne-datm* track were Midland’s performance was 
international context The FT 3fl ^ t0 better at one stage 8150 kit by the seasonal nature 
Share Index has risen by 3Bf ^ter d av but drifted back of Cook’s profits. Adjusted 
pouila in the last three weeks.% er the ’announcement of the for tkis, profits in the first half 
and it now stands right at the STnartiv-Daid long tan f800m of *Uf year would have been 
very top of the trading range in £3m up on the second half of 

which it has been stuck for mostf There is no Dressing urgency last 7®“* rather than the 
of tills year. A the authorities to sell gilts reverse As it is. Midland’s 

/ if; the moment, since the fund- average sterling lending rose by 
/ ing programme appears to be over 25 P** compared with 


A £14.9m drop in . .Midland : 
Bank’s interim pre-tax profits, 
to £87.5ra, brought the deaxers’- 
interim profit season to a dose. 
Once again most stock market 
analysts seem to have got their . 
profit estimates wrong and the 
shares fell I3p to 352p. since 
the results were interpreted as 
worse than expected. 

However, the real message of 
the recent bunch of results is 
- that it is very difficult to com- 
pare the performances of these 
major financial institutions as 
long as they continue to keep 
their movements in bad debt 
the: principle has at long provisions a secret Midland, at 
been recognised that the least is keen to reveal all- 
in a company’s profits possibly even by the year end. 
W be reflected in its dW. ^ Blrdllys Md Nat- 

ff-S T'Sre s ss - ™ etdt.? sftssa 



■kil* 


The bulls 9 case 


ment 

rates is likely to be downwards. tSe giire market could start to lts objectives. 
and that the inflationary out- nut away" if left untapped. II In the second half, average 
look hag marginally improved the new stock and the existing base rates should be consider- 
inthe past month or so. Offidal medium tap can be cleared out ably higher, and Midland, in 
intervention in the money over the next month or two. the common with the other banks, 
markets, has also been inter- Government can.be sure of its should do much better. How- 
preted- bullishly. Thursday’s funding requirements until well ever, earlier buoyant estimates 
temporary release ~ of a second after, the election. - for bank profits are now being 

tranche of special deposits sag- However, heavy shortages cf scaled down following tbe recent 
gested that a determined funds in the money markets figures. At the end of the year 
attempt to control, the money have been poshing up rates at Lloyds and Midland will do well 
supply and -to limit, bank lend- the short end at a time when to match their 1977 profits, 
ing was not to be allowed to the official line is that they are NatWest should do marginally 
create a severe .. financial on their way down. The. authori- better and Barclays, helped by 
squeeze. ties may decide to make a token its conservative accounting in 

Paradoxically, the latest round cut in Minimum Lending Rate tbe past, should do best of alL 
of statutory dividend controls over the next week or two; but The sector has been relatively 
has brought special pleasure to the discount market believes firm over the past month or so 
the bulls. Everyone recognises that any - sharp reduction is but given the more... cautious 
that the concession on dividend extremely unlikely as long as profit forecasts there seems 
cover is only going to -apply to the shortages persist Politically little reason for it to outperform 
a relatively small proportion of inspired reductions in MLR are the market in the next few 
companies. But the argument likely to bave less impact on tbe months. 


Cut loose 


Since then, Reed .has had to 
reconsider its plans and has 
acquired fbe other 50 per cent 
of Stanger from C. G. Smith. 
Smith paid £10m in cash and 
agreed to cancel debts of a 
further £7m to cut Itself loose 
from Stanger. which had in- 
curred heavy start-up costs and 
external borrowings of about 
£25 m. 

At news -of bid talks with 
Barlow Rand, the shares of 
Nampak were suspended on the 
Johannesburg stock exchange at 
the equivalent of 313p._ having 
risen 57p in the previous 10 days. 
At the suspension price Nampak 
has a market capitalisation of 
£75m compared with share- 
holders funds at £41 jm. 

On current sbare prices Barlow 
would have to pay the equivalent 
of £47m to buy out Reed’s stake 
hi Nampak. However, because 
of the difficulties facing overseas 
groups trying to sell out in South 
Africa, tbe final sum realised by 
Reed may be less than the price 
paid by Barlow. 


THE POWERFUL Ways and clear that be will push for and a lower top rate in corpora- 
Means Committee of the U.S. equally large capital gains tax tion tax, which goes down from 
Houses of Representatives last cuts in the Senate. 4S per cant to 46^ per cent on 

night approved a tax relief pack- The main provisions of the taxable income of over SlOO^OO. 
age of S3-8bn (£1.98 bn) less than Ways and Means tax ^ 1 are: ’ • CapltaLgains relief of SlJBbn. 
the S20bn (£l0.4bn) proposed • Individual tax cuts of S10.5bn The Ways and Committee 

by the Carter Administration and mainly through an increase in has substituted for the present 
repealed the 15 per cent mini- personal exemptions, from S750 15 per cent minimum tax a new 
mum tax on capital gains intro- to SI -000, rate cuts, and adjusted minimum 10 per cent which, 
duced nine y tars ago.' tax brackets. however, would ha paid only in 

The cruCial issue behind the • S3.8bn tax relief for business, certain special cf ream stances, 
move* which could bring a veto from larger investment credits Consumer prices rise. Page 2 

from President Carter, is not ; 

the size of the S16^bn Ways and 

Means tax ‘cu* Bill— which Continued from Page 1 
Administration officials privately - 6 

regard as about right in the 
present state of the economy — 
but its composition. 

Mr. Carter, whose tax relief 
proposals were mainly geared to 

provide individual tax cuts for against 8.6 per cent on the pro- paid form, spreading the calls been normal until now. The 
low and middle income brackets, vious day. on the market over the next Wednesday lists are Intended to 

has said he wants no lowering The pound benefited from the two months and avoiding too be adopted as tbe normal pro- 
in capital gains rates. fall j n the dollar and was heavy a drain of funds inline- cedure to avoid a clash with 

But the pressure for changes generally firmer. It ended with diately, at a time when the the announcement of the Bank’s 
in capital gains taxation has been a rise of L.75 cent at $1-9250. with money market is exceptionally minimum lending rate, now on 
growing fast in Congress among its weighted index rising to 62.5 shorr of liquidity. Thursdays, 

botii parties. Thirteen DMocrats against 62^. To rtllOTe this-shortage. the The 'new stock is £SOOm of 12 

and 12 Republicans on the Ways The improvement in sterling . a , ^ Ereheaner «tnek 1999- 

and Means Committee voted for helped the gilt-edged market “* bounced week P«r emit ^chequer stock 199* 
the Bill. and yesterday the Bank 0 f °f. “Other £4Wm of 2002. It is being issued at a pnee 

Though liberal Democrats can England took advantage of the deposits to the banks, of £96 per cent, with £15 payable 

be expected to fight the Sl&>n recent demand to announce J* be paid back *0" late Septem- .ot ^ppliration, 40 -more on 
relief for capital gains approved another £S00m issue of long- ber - Test m 

by the committee when the Bill dated tap stock. . The new issue also Indndes oepiemaer 

comes to the House floor. The stock will replace the an innovation, with the applies- At the issue price it offers a flat 
Senator Russell Long, Senate previous long tap, exhausted on tione made next Wednesday yield, of 12^0 pec cent and return 
fi nance chairman, has made it Monday. It is again in partly instead of Thursday, which has to redemption of EL53 per. cent 


Price of gold tops $200 


•f-- 


Weather 


UK TODAY 




DRY, sunny periods^rain from 
W- 

London, SJ2.. Cent. S-, 

Cent N; England, E. Anglia, 

E. Midlands' 

Dry, sunny periods^. M ax. 23C 
(73F). . J 

W. Midlands, -Channel Islands, 
. S.W, N.W. England, Wales 
Dry. sunny periods. V Max. 21C 
f70F). = 

Lakes, Isle of Man, NX.. N.W. 
Scotland, Glasgow, Highlands 
Dry. sunny, rain later. Max. 
20C (6SF). I 

NjE. England, Borders, Edin- 
burgh Dundee, 'Aberdeen, 
Orkney, Shetland 
Dry, sunny periods. IMax. ISC 
F66F). ^ 

N.W. Scotland, N. Ireland 
Cloudy, rain. Max. 20C (68F). 

Outlook: Rain. 


BUSINESS CENTOS 




Y’tUy 



Vday 


■midday 


midday 



•c 

•r 



•c 

®P 


K 

u 

75 

L meatfe 

P 

38 

73 

AlAeia 

S 

ZB 

84 

Madrid 

S 

34 


Bahrain 

s 

« IM 

Manchsuv 

P 

19 

66 

Barcefemi 

s 


79 

Mtfbomae-C 

12 

54 

Be Ins 

& 

a 

84 

Milan 

s 

28 


Bsifasr 

c 

u 

W 

Momreal 

s 

18 


Belnrade 

s 

17 

*T 

Moscow 

F 

73 

72 

Berlin 

s 

19 

84 


s 

28 


Knashm. 

V 

21 

78 


p 

20 


Bristol 

s 

19 

t» 


c 

3 

73 

Brussels 

s 

» 

7B 


c 

21 


Budapest 

F 


R2 

Paris 

s 

23 

82 

B. Aires 

R 

14 

87 

Prrrt* 

G 

lfl 


Carre 

S 

34 

03 


s 

28 


CsrdiS 

s 

17 

53 

ResWavilt 

c 

12 


Cbleuo 

s 

22 

72 

RlodeJ'o 

s 

23 


Cologne 

s 

2V 

SI 

Rome 

s 

23 

84 

Cooohoen. 

s 

» 

73 

anesnore 

s 

3d 

fl* 

Dublin 

V 

IB 

88 

Stockholm 

s 

28 


Edtobarah F 

IS 

ffi 

strubrs. 

s 

29 

84 

Frank fun 

s 

39 

S3 

Sydney 

s 

18 


Geneva 

a 

28 

79 

TelATiv 

p 

23 

82 

Glasgow 

V 

IV 

E3 

Tokyo 

s 

32 

94 

BeWtUd 

s 

24 

75 

7 \hwi {0 

s 

T9 


H. Rons 

c 

33 

77 

TTtetma 

s 

29 


JOtUffiB 

s 

20 

68 

Warsaw 

s 

27 

81 

Ltebon 

S 

25 

77 

Zorich 

s 

28 


London 

p 

•u 

75 






HOLIDAY RESORTS 


V-day 
.'midday 
“C “F 

Ajaccio S 26 75 

Jersey 

F 

Y'day 
midday 
*C °F 
17 ftl 

Aims S 

59 

54 

Las Pirns. 

S 

24 


BUrritx S 

25 

77 

Locarno 

s 

25 


Bhiefewol S 

17 

S3 

Luxor 

F 

38 


Bordeaux S 

29 

84 

Majorca 

S 

31 


BOoloane c 

19 

58 

Kilsn 

s 

27 


Casabloca. S 

24 

75 

Main 

s 

29 


Cape Town C 

17 

63 

Nairobi 

s 

21 


Corfo F 

30 

85 

Naples 

s 

30 


Oobnmrik s 

» 

S4 

Nice 

s 

28 


Fare s 

•iS 

» 

Oporto 

s 

23 


Florence S 

SO 

35 

Rhodes 

s 

28 


Ptmcbal s 

24 

75 

SoWwrs 

s 

27 


Gibraltar S 

27 

8! 

Tangier 

s 

25 


Guernsey s 

17 

S3 

Tenerife 

s 

22 


TntBhns* S 

25 

77 

Tunis 

s 



InTerness F 

18 

84 

Valencia 




ISle Of Man S 

15 

59 

Venice 

s 

29 

84 

Uuiibul F 

25 

79 


G— Cloudy. F— Fair. 

H— Rain, 

S— Bonny. 


WE RE RICH! 

JOIN US! 


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

We are nowjoining.fbrces with feter.Welham 
(Formerly Assistant City Editor and Questor of The 
Daily Telegraph) to produce The Equity Research 
Associates NEWSLETTER, a fortnightly private 
investment newsletter.. 

Equity Research Associates will seek undervalued 
shares —- an d tell you when to buy andselL They wiil 
give positive advice on bids and new issues and 
keep a keen eye on shareholders' rights. Its 
distinguished list of contributors will include 
acknowledged experts ofi all aspects of investment. 
Ensure that you receive the first issue (Sept 4th . 

1 978) FREE by completing the coupon (below). 

For details of FREE TRIAL OFFER, 
write or telephone now : . 


To Equity Research Associates 
Wardrobe Chambers. 

146a Qoeen Victoria Street 

London EC4V5HD 

Please send me details of the 
FREETR1AL OFFER of the NEWSLETTER 
Name 

SREuflSSTr \" 1 ■■ ■ 

Address ■ • . : -V; r r 


or phone G1-24870T2 



J* 0 ” Qfflw. _Prua«i Dy a. aemenr* Pns rar -«m pnNMnd 

to 1W Ftnanctol TWMS Ltd, fl ntrfcfn House, Cannon Street London. EC<P 4BY. 

O tiie FuuacUl time* Ltd, HUB 




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