Skip to main content

Full text of "Financial Times , 1978, UK, English"

See other formats


-fiRlSTOL»-H ITCH l N 

No. 27,575 

Saturday June 3 1978 


nas , Aumti ^ 

NEWS St M\| \u\ 

v Watch 




T: Kea ‘t ?*& 

_ Tanzania to expel , 

Equities Lonrho 6 for role | 

down 2 . 7 : . ,, . P . J 

Gats in southern Africa 


w The Tanzanian Government said yesterday that it would expel Lonrho because 1 

• equities fen 2.r to 475.5 °f ,,a t ure of the company's activities in southern Africa. It has been 
on the day in tight soiling, the gi ven three months to dispose of its assets in Tanzania. 

3 y s CTpannj; far ' ^Vw-ft^sh' Ambassador's fog y- ' ' ' ' *~N The totally unexpected state- interests in Rhodesia and South countries — President Kenneth' 

•ally in TiwL urlfg i uwUlwU mlw anrf pi. 9n f - EEfiSf»35H} "U mf ‘ nl Irani Dar es Salaam said: Africa while continuing 10 do Kaunda of Zambia, 

mclor S.J 1.1. ^ _ - i - ” ,r i* not possible foi- Tanzania business in Tanzania. Bui ihe He is also on cline lenn* with 

- -- " - lo permit a business enterprise company was a special case Tor Mr. Joshua Xknmr,. vn-lcader of ■ 

Hieij- -.^ was^tfaefeed in Madnd. . HWttv MDUBawis _ in operate in this country if it two reasons: Rhodesia’s Periotic From 

, ,, ojectjr»'nlT- : . Keni ..•.Kuneilap, the *80- 'Sowsodse I_1 _ is known to have undermined Fir c . - j , h „„, nh ... nationalist alliance. .Mr. Ryw-I 

1 x*s«r^rus?^r. l “ss555 fera'S r^awyrsafi: 

n 9 r • l here ? an ppynm^' v ’telephone caller -=f-cTuZ- - picture reearding ii« aclivities in Z,mbdbwe ) Rhndesla '- Tbe Tanzanian .Uaiement said 

»n upturn 5, later -DnfiTj'&^nfiWS agency that 1. L UfUuSinSi — Africa as portrayed in the slate* Secondly, the British Depart- ihat Lonrho v. ould have to sell ] 

i'u«mess attacSc^Was carried out by 470 (Minoru IndPX — ! mem." It had "good reason to meni of Trade investigation into its asset* to the n ate- run 1 

Id----.- ^.^Arme'i^SrrijnjmaiHlos seeking to — he proud of its record in Africa Lonrho affairs had “exposed tfationa/ Uevel.ipuiynt Corpora- 

r . ’^aVengft Jhi6:vestermmaUoa '* of J.~ — — - ant j j| S activities on that con- these professions of friendship as lion, m a '•fan- price acceptable ■ 

- Q0 ^.Afmenia»s^ the -Turk*. _ . . ~~ ) jn 7)1 tinent.■• a hollow sham.” to the Government" : 

rjearsag^j • 405] 1 The company’s interests in The corporation would then be - 

1 >hiufd 'j&Z&iL'L 30 31 1 2 socialist Tanzania include motor . lT >. _ empowered either d incorporate, 

Jy ID t^vvorwp^vup ."■ ■■ ■ distribution and textiles, but F milt IlfiG ibe assetsmti. iis uy n structure . 

t will aJ^i r rtalv'bh&t^N^aDce' °-l in their ET ordinary index having dip. they do not make up a maim- or dispose of ihcni in a manner; 

c group’^i^^l^osidfiup mScb and 4.6 to its lowest of the day of the group’s African The Investigation had sho^o Sf Llic- v'hiTh * Stii 

1. ^Ti in ui-nHn at It am business. that Lonrho had "over a number r, o m,c . poiici.?' v men Mill 

?Li, '•?’ »?SS38sS5S^lJ?t^IS Nevertheless, the Tanazanian of years engaged in profit-making allowed a subsi.Urj role for pn- 

f •--? tr.e writer and >.. rrT< j - . . . . move will he a psychological activities in Rhodesia invon- va,e enterprise. ! 

:cci P9«L J!argB,tLtiis Borges, said he • <»ILTS were weaker fn the blow to Lonrho which has prided sistent with the letter and snirit Lonrho sam in a counter statc- 

2 f K,» face ° f '«•' ,n Treasa ^ bi » itSlf on the S “personal of^UniTed NaUonfmJndS n '?"} *« ^ 

but th9 f 9 rates and continuing worries relations built up with blaek sanctions.” L n independent African countries 

° vpr money supply. The African leaders by Mr, Roland observers were puzzled by the h f v * , P r ° 'VI 

4hat has invented Governmen| Securities index ''Tiny " Rowland, its chief timing of the expulsion, because Africa and 

Let 5 l,.;v roau ^V-rV.^. r~ ; fell ft 54 to 69 36 executive. . u is now two vears since the ^ e ? j 0 , 

•a.—-- ‘I : • • The Tanzanian statement said Department of trade published Rhodesia, me historical existence 

.AWau/amino- a c-n?»r mr r«f. « tbat in thc ,960s k° m, ho had il> repon on Lonrho. Nn r was oC which 11 nas never sought to 

fenj fc ATrjvBcWa.rtIlng • STERLING fell 35 points to expanded its substantial it dear what lay behind der *y ,n ,hc cer t 2 >n knowledge 
i *>> .■? : . ip a strong speech against Soviet SI.8230*. 3°d its trade-weighted interests in both Rhodesia and Tanzania's complaint of Lonrho ,ba *. *n d et«endence would bo 

FT 1 >verar and Cuban intervention in Africa, Index dropped to 61-2 (61.4). South Africa,” in spite of •* meddling ’’ in Rhodesian coming lo those areas, 

x !v * i >«• £ Mr. CaHaghan warned the. UN The dollar recovered some of repeated assurances to the con- politics. “Ioded. Lonbro has tnrougn- 

f’vu L f*r special session on disarmament its losses against European cur- trary given to the "free Tanzania is one of the five out ailempird to develop its com- 


ici to | Keeping i 

X stable ‘ 




J 1 THE Government had to inter- r r - 

Kenneth ' 

■ ULtrruHKM 
. ■ so* 

1 linnw 

- * DAS CLOSE i 

ET industrial 

QuKi. AfmeniaYts^y the Turks. 
>fi-iaid as**,. ■ L. . 

jy in I’j; n uriW7VM|i ■ distribution and textiles, out 

t vilJ 5 j> t ItAy ’b^i^^LDCe 2-1 in their ■ FT ordinary index having dip- 'hey do not make up a majnr 
e jrcnp’j ^ group ^merYCorld Cup match aDd ^- 6 to its lowest of the day j*®^ 1 Lhe Eroup s African 

ine-e la**. y £ Tu 
t :~'p the ^ two.rAj'j 
:ccl pool Jar; 

JjEaftaL&l in srnup at 11 am. 
tiaaJs-top writer and 


IMPERIAL Chemical Indus- 
trie* is to make an early repay- 
ment of £ Mm. in 031 loans on 
which it has made an exchange 
loss of just over £40m. 

The company says it docs 
not regard the exchange loss 
as serious in view of the 
matching asset* in Germany 
which have correspondingly 
had an exchange gain. 

But the German assets con- 
sist largely of an artificial 
fibres operation which has had 
great trading difficulties. 

The reason for early repay- 
ment is that the interest cost 
on the Joans is higher than 
the market rale. The coupons 
on the three loans, due to be 
repaid In 19$5 and 1986. range 
from 8 lo 8! per cent. 

ICI estimated yesterday that 
in present market conditions 
ihe company could obtain 
money in Germany at a 
cheaper rale, say 6 per cent., 
even Tor longer-term money. 

In the circumstances it 
would he ” illogical ** nol to 
make an early repayment. 

Under ihe terms of thc 
loans, ICI is able to repay at 
only J 1 to 2 per cent above 
Ibeir nominal value. 

| THE Government had to inter- 
i vene in foreign exchange mar- 
;kets on a much smaller scale 
last month than in April in 
I order to meet its aim of keep- 
ing the pound stable. 

There was an underlying de- 
cline in thc U.K.’s official re- 
serves of 3650 m last month, 
compared with a fall of SJ.llbn 
m April. 

After taking account of new 
borrowing from overseas, thc re- 
serves dropp'-d last month by 
8377m overall in S16.66bn after 
a $3.2$hn decline in April. 

The figures .announced yester- 
day by Ihe Treasury, were much 
as ih’c market expected, anti 
sterling closed only 35 points 
down at $1.8230. The ’ trade- 
weishied index finished 022 
lower at 61.2. though dealers 
suspected some official support 
in order 10 prevent a further 

The pound changed little over 
last month as a whole. The over- 

The public sector borrowing 
requirement for 1977-78 was 
£5.58bn, or £i-7£m less thnn 
provisionally estimated at the 
time of the Budget. Thp figures 
tentatively confirm indications 
of an acceleration in pnblic 
spending towards the end • of 
the financial year. 

Details. Page 4 

Gold and 
25 Currency 
20 -Reserves 


en to tbe 
of Africa. 

thattfeecohtinent could be ‘‘mis- rencies after intervention in countries*’ of Africa. African “front line” states merciai ope rati" ns ,n . a .“| 

V"~ \^,}^used':fey afnew imperialism?’ or oipw Vnrk hut denreclation Tanzania was aware tbat ranged against Rhodesia and Mr. countries i» Africa on a basis] 

‘V-ri ~ becoimr a breeding ground for .JjSjLTj r £ .'S?* 5! r d £nt f5 721 Lonrho waS not on, J’ tran5 ‘ Roland is a close friend of the Continued on Back Page . ^ , p- 79 vi East-West discord. Back Page, wiuenen to per cent io.mj. na txonal corporation to maintain leader of another of these Rowland face* storm. Page 4 


r Wk 2Vc.->' 
s:mr’ ss 

Security: demand 

• GOLD rose $2 to 3185; in 
London and in New York the 

u ^-- - ’T3V J - 

G: Government -should act Cm June settlement price 

fx-i-:-: ..‘7j ^ : "Without delay’-.- in tightening was SUB off at $182.70. . 

,v V security in "British embassies in _ . ' • * -1- 

. 7 "! . Communist countries,: Mrs. Jill' • WALL STREET - closed .'6,84 

‘ 7' Knight said yesterday. Tbe Tory up at 847.54. . 

*r - ‘“-.aBftg demand -canie" after .reports. ..... '. u 

Japanese GNP increases 
2.4% in first quarter 


iy* Urk- yi- ^^rUS^!em : bIaL6t -7 on aews tiigt an eariy Jrost Wt «ytouglas 
lies ira i-?'- ^ ^ rlumA v BrazIFi main coffde' growing - 

=v.’.le.s Sferte thfrww*. July delivery Tfffc JAPANESE 

TOKYO. June 2. 

Lot Kip: per 2=7' General . Command 
h ... ■ , .-o:-3 . Palestine J . .Revolutipn 

u\ *?. 2 : responsibility. Page 2 

ini 2t i~*~ 

.lioir.A Chadbattle : 

nn:n;j ' AmnTirl' 500 ; Frentl 

of the highest since . 
.claimed (Back Page) ' 

' 4| PERU'S central bank 
arranged a swap noth five 
’ centra) banks, to give it 

combat ^Ttb ^of foreign excham 

delivery TTf® JAPANESE economy grew cast of 6.8 peT cent, but margin- YI06.5 trillion f£263bni in the 
»ed back faster during the first three ally higher than the agency's first three month?. 

,90 c months of this year than at any revised forecast earlier this year Export earnings grew faster 

time since before the 1973 oil of 5.3 per cent. (7.5 per cent) than other major 

autumn. alsis Thg GNP statistics are prelim- components in Japan ? GNP, 

The Economic Planning Agency inary. but they are expected lo although the external sector is a 

«b h-ic said in a report published to- be used by the Government of relatively small share or the 

DA uas :■ . , . T ... I, I n_ -r.l— 4— I 1 - Li. r, |..,l i^nr, . r Ik. nnu-lh in 

ICf is fairly liquid at the 
moment and rau easily repay 
the borrowings from its 
currency holdings. 

Thp January 25-year bond 
issue of 8175m in New York 
ha.-> lakpn carp of much or thc 
cnmpxiiv's long-term financing 
needs. Bui thc dollar borrow- 
ing was not specifically 
designed lo finance this DM 

ICI tines not always match 
its borrowings with assets. It 
has substantia! Swiss franc 
borrowings but only minimal 
assets in Switzerland. 

However, its DM borrowings, 
believed lo be about DM 700m 
before this DM 280m repay- 
ment, are exceeded by the 
value of assets in Germany. 

The DM/slerllng exchange 
rate at the time one of the 
loans was taken out in 1971 
was 8.3647. Last night in 
London the rate was 3.7950. 

all level of support was lower 
than in April, partly because of 
the renewed weakness of tbe 
dollar during May. 

The intention appears to be 
j to absorb any short-term 
pressures — caused, say, by un- 
favourable economic statistics. 
But in the longer term, the aim 
remains that of allowing the 
exchange rale to he determined 
primarily by market force? and 
] of ensuring that competitiveness, 
] measured by relative labour costs, 
is at last year’s average levels. 

The official view— without com- 
plete data avatlahle— is that a 
large part of the 53.04bo under- 
lying decline in the reserves in 
tbe last three months probably 
represents a withdraw :•! of pa it 
of the very large speculative in- 
flows attracted early last autumn 
when sterling was being held 
down. The inflows amounted to 
S3bo in October alone. 

Apart from underlying out- 

193 1976 1977 1978 

Hows, the reserves have been 
reduced front their peak level 
of $20.6Sho at the end of January 
by substantial repayments of tbe 
UK's official overseas debts. 

Repayments of public sector 
debt last month amounted to 
only £7$ni and were more than 
offset by new borrowing of 
#35Itn. almost entirely from the 
i«sue oi Government bonds in 
the New York capital market. 

The Government’s intention is 
spread the burden of debt repay- 
ment away from Ihe peak years 
of Ihe early 19S0s. The early 
repayment this year of loans 
totalling S3.14bn bas bpen 
announced, including $2hn to the 
International Monetary Fund. 

In addition nearly Slbn is 
due for repayment in 197S. so 
that borrowings of S4.1bn will at 
present be repaid this year The 
total may rise to around $4.5bn 
or so by the end of the year. 

This has partly been offset by 
new’ borrowing with maturity 
dates from the mid -1980s onwards. 
This amounts to S1.2hn since last 
October. Thi< programme will 
continue and the markel expects 
JbaJ the Governnivni will tap the 
New York market again. 

Thc rate on Treasury bills 
rn*c sharply ,<t yesterday's 
weekly tender to a level which 
would have trigger*! an increase 
in the Bank of England’s mini- 
mum lending rate to 9! per cent 
under the market-related for- 
mula which was abandoned last 

The Bank fixed MLR at an 
unchanged 9 per cent on Thurs- 
day under tbe new administered 

Morocco force for Zaire 

n n:r,. - ' Ground' 500 Frentb . combat *£££ «vh« 0 ha«; h^er sold lo' the’ period compared with the pre- However, some sceptics point during January-March. 
th:< - troops-joiaed .Chad . army soldiers^ 1 ¥ 2!21^?2 L* t« ni m raoav rioos three months. It is tbe out that Japan’s rate of GNP Consumer spending accounts 

hs» £3 ’*r wP 2 - 4d -recent battles ' against rebel private n foreien sharpest three-month rise since growth did best during the same fur about 53 per cent of total 

So^t HorwV ^Chad's Art overdue credits, from foreign ^ same period of ms (when three months of la5t year, too- GNP. Government fixed mvc-st- 
regidh,' The Franco-Chad force. supPbers-,^ j ncreasei j 3,4 per cent). It was followed by bullish talk ment. another prime component. 

haefced1>y : Ereiicli Jaguar groundi ^SPAIN’S ^second largest bank. The figures indicate that the from agency and Ministry of rose by 2.4 per cent in real terms 
^uppbrt.'aSrcraft; is believed to D^ nes t 0 bas taken over the rate of Japanese growth in the Finance officials until mid-sum- during three months. 
ha<a . ; Inflicted severe, damage, a^Qi^ration of Baoca Coca fiscal year to the end of March roer when it became clear that Housing £*EL™2??\ A '' 
Jh&i pf^^evtdence of withdrawal of 1978 was 5.4 per cent jd real tbe recovery in Ihe domestic smaller GNP factor rose a 6.9 
:? . :■ ^^sitTfre^ B^nca Coca. Page 2 t^rms (11B per cent in nominal economy was stalled. per cent whUe private equipment 

• •* “Oepo^is __ ... The seasonally-adjusted figures investment b> industry rose 

Brft&nfftS- rules ; * CANADA will close the Cana- This is suhstantiaMy less than published by the agency today almosi negligeably by slightly 

Jif the dian portion of contested Atfan- the original Government fore- show GNP running at an. annual less than l per cent. 

^“ < 2,Se' ^U^*.v.1opm E |t a »d Pacific filing sm»«» »' 

wavs- of jtene rating povrer. from D.S- fishermen from to-morrow 

'j w»oy ^.; . 'aav3-^1C.'"C£tvB because of ov 5£-r?Jf <'."W7~ ’ • 1 -a 1 'Iff* ^ ■■ f « "Y 1 

1 n’ 7—^. ' .tvnrlrinr of tbf JW8 Canada-U.S. 1/ ^ #1 v am I.j a I n I T 

r tax 

TAL ■ 



L in New York 

•I, me 3 '• Pit'icui 

Sp.4 . SI.-225>2:5 SI.c2iat220 

J ni.-Hth u.4.v(X5f ill— 0.40 0.54 «li« 

5 ii,.-i'1h- ‘ l.V> I.Ss.ll- 1. 19-1. 15 rlie 

1? it, ■■('(li- o.4^o 3a.Kf S.2d<'.W -J(* 


MOROCCO SAID last night that it 
would send troops to Zaire lo 
help President Mobutu defend 
Shaba province against rebel 

The decision came after a visit 

to Morocco this week hy Presi- 
dent Mohutu in search of military 

Last year. Morocco's King 
Hassan sent about 1.300 troops to 
Zaire to help President Mobutu 
defeat a rebel invasion of Sharba. 

'Grove^Palmer, programme raana- .working brt he-1978 Canada-U.S. 
ger fdr wa,w& energy research at,- Interim Fisheries Agreemen . 
v theitoyei^ent’k 'energy iecn- i > age 2. 

^ noTogy , supports-fimit;". " r . T^’ URANIUM supply contracts,. 

■•Vr r*'" v-' tworth, more than £740m over Iff 

Knighthood for Freddie Laker 


' rfafaflliat scaye - m .to be negotiated soon MK, FREDDIE .LAKER, who by £55ra; and to Mr. John John Pile, chairman of the 

between the UK. and Australian introduced the Skytraic cut-price Cuckney. the banker and Indus- Imperial Group. 

;-3Sin? _ D aniei Page 6 ■ ' -ajr service to the U.S. last year trialist appointed chairman of tbe Two of the six people created 

hospital ,wi th^ snspectedpa afc :; companies., . rfief a long legal battle With Crown Agents in' 1974 to Wc peers are women: Susan 

po^oning -.Alter- ^WzmnMi^ ff POST OFFICE the Government, is given a reorganise their activities after Ryder, who with her husband 

iHBantaBUnated jptftt vrare ^aiwweu which has resiutea in j^jn^tbood in the Queen’s Birth- the disastrous excursion into Group Captain Leonard Cheshire. 

■ '-hontei' - ^rosterday 'after;, tesis ^gjjiys 'for 65,000 people waiung gQQ^jj-g today. property and secondary banking founded homes for the sick and 

I-. :.: • ; telephone . con^on* ^and .. - _ . . , he which lost more than £200m. _ ifteahj-'l thraughnut the jyorjd; 

at need 


urtere* 1 
.iJivn i5i 


A-hiie IW 

-e after & 

Jffuweu- . ubbilu W. . — . • ; _ wr letepooue mho Q ~-ntnrtP hi»h on the wnicn lost more man t^uyra. ■“"'"T “V, “ " 

- V - ■- £7tn Worth Of new emnP”gg fiSiiter’5 IuSom! u Mr - Geoffrey Hawkings, chair- and Dame Evelyn Penington. a 

BrfeflY^.V’ : ' , v tying idle, has b ®f" Jl 1e ^Sen * ^aSable eestur? of r“ roan of Stone Plan Industries former GLC chairman and head 

^ vf "* -I . - v ; , MDriffitsSn ?nd 8 S?bJte to oS and president of the Engineering of m- Stevenage New Town] 

Antfm after breakdown of negoti • - tioQ - nace^ettine entre- Employers’ Federation is D eve I- l-mem Corpora tmn 

Si^a5dr ^-.tWfe Yelena Page 4 nr^eurs knighted for services to export. Awards to >hr arU > 

rnubles.^ RnE-iVFRrES. which P reDeu - CBEs r "r William Alwj-n. the 

Cht i*aFg^o|'strikinfc:PoBce-a^ • A ^ l ^ 5 c(f? wce k productivity ^Mr. Laker, a fonner RAF t -r npAr o cumj-v'cr: Glenda Jackson, the j 

IlflOftth'ff trial ;^°PP ed ^f{, a w , no brewery fitter. -refurbished old war-time LU£ peers ’ acircss. Hammond lnn*»s. the 

- •••..WDU»S. tbe Berlin airlift: similar awards m. to Mr. ihnli.-r vrlier: Louis Keniner. 

; n fornifcd an , aircraft engineering Barrie Heath, chairman of the ihe pwnw»; and Trevor Nunn 

‘ W'. maintenance orgMiwatlon; Guest Keen and Ne tUefolds artistic director nf the Royal 
■' ^ ent J er J ed th6 J car f erry b jw«: group; Mr. Raymond Pennovk. Sbakes.eare. 

; • KEDPATH DORMAN LONG, and designed a successful feeder deputy chairman of Id: and Mr. Sporia awards include a 

orm buildinfi sub- airliner. Robert Telford, managing direr- Wt.ah.hood for Mr Denis 

; ’2^ has set up a _ A{Ier fiye years as managing tor of GEC-Marconi. F»ll.v^. charnnan of th.' British 

-witb^French and U.S.. associates; dir ector Q f British United Air.- Three men who joined their Olyinpi-- Associannn and former 
i To bid -f or contracts .in the off- wa y S; h e setup Laker Airways companies in junior positions Fonthiit! Association secretarj. 

. shore design market. Page 4. in 1966. and reached the top are also A wv rdf tn journalism include 

:‘°t Two of the 27 knighthoodx go knighted — Mr. Terry Beckett. » n i.iBE ior Mr. John Chernn?- 

; : dlM - tit Mr. Peter Parker, who in two chairman and managing director ton-. j-srwuUural correspondent 

■ - COMPANIES years as chairman of British Rail of Ford; Mr. Alastair Down, nf thc Financial Times. 

i pl ifX GROUP ’ of ’West has. raised its. operating surplus chairman of Burmah Oil: and Mr. 


*• Geriiany has paid 
^ an 34-5 per cent sUke 

r / the U-S- .. 

.• yatraco®r r - 1 ;* 1 - tl v ■ ■ : 

0411 v ‘ r-yaite f V -^ L 

Although share prices in the USA have recently moved 
■upwards, they are still near their lowest point for well over 
two years. 

We believe that at present they still offer excellent value 
to the investor who’s prepared to lookahead. 

A simple way to invest in the USA- and in other _ 
overseas markets to the extent that changing conditions 
may suggest -is to buy Midland Drayton International 

Worldwide Portfolio 

This trust aims for capita) gTowth from a diversified 
worldwide portfolio. Currently, 67% of the fund is invested 
in North America. 14% in the Far East, 5% in U.K. 
interna tionaJs, and 4% in Europe. 

Since ite inception in December 1969, the offer price nf 
Distribution Units has increased by 106.8% (as at 1st June 
1973) , compared with a rise of only 51.5% in the F.T. 
Actuaries All -Share Index over the same period. 

The investment managers, Drayton Montagu Portfolio 
Management, believe that prospects for further growth are 
good, but unitholders should regard their investment as a 
long-term one. 

At the offer price oF51.7p on 1st June 1978, the 
estimated gross yield was £2.49% p.a. 

The price of units and tbe income from them can go 
down as well afi up. 

To buy units simply fill in the coupon and return it 
to us, or hand it in at any hraneb of Midland Bank, 
Clydesdale Bank or Northern Bank . 

P Application Form 

I To ■.'Midland Bank Group U oit Trust 
J Managers Limited. Courlwood House, 

1 Silver St reel Head, Sheffield, SI 3RD. 

I Tel. 0742-7984S 

. Beg. Office 27/52 poultry. London ECCP SBX*. 
f Res- No. 933SS7. England. 

1 1 •‘Wc encloeea ! f» ’ “ 1 (minimum 

ch'-fluc payable ' je£w> 

lo you Tor : [ 

I for invest me of in Distribution Units rj 
Acciimulai ion Units O itiefc ir/nc/P 

I nf Midland Pravion International unit Trust 
at ihe pnre ruling on thc Hay you rccrU'c this 
. order. 

f uismouucn lsitu. Ji./y. . 1 ’. 

Units 54. Tp.) 

| Surname I'Mr-.^trf ■■ Misst 
] FottpameEin full 

tbe UK 




? jjj4>eiog : 

cent Stake Inf Q'e«eas news 2 

- Qn. v iidu^.‘: puftfcas?‘: ‘^8*®- nf P^MaJl Canada id] -Home news— general 3, 4 & 22 

- _ . Rothmans of ^ - labour 4 


: 8BISF IfliffiE; 0 K5 + » 

? ■. 0 a t * 



.... .192; ’+.--7. 

Tntprhat.’ - SS- +• 0 

W i.m . V: falls - 

^ - i 

•4--S : Jobnspn-Ricbards . _ - 

i + S - Tiles . « - 4 s-' ■ 

wnSS ,r, "'T”’’2K ’+ 0 ,. ;SSoh”& r E»»rope^ . j* I J’ 

1 1 : lie6»s.(UK) - s»» ■: 

g Jv 7 .: Free'State Gednld .. 

+;« ,-SE^zr: 

Why Mobutu needs 
• Western safety net 
The America’s Cup: 
£2zn gamble 

’jSSbmb .—.Z 1* 

•rtfac ; 

ChttS - — * 

. canmUDs 13 

. . CiWflMrf’PKBle — 20 

' Ecwntnic Bliry .. IS 
- - SfltcmffflMM Guide i? 

■ Rnasce & Family. . I 

'. FT-Arta*m* Indtcec 24 

. Gordc&fRS - J 

: GBtr ‘ a 

Hnr to Spend It ... XZ 


tetter* .. - M 

' . Lair - * 

Arts page 13 

Leader page 14 

UK companies 16&T7 

Inti, companies 1A&2I 


The hunt for Nazi war 


Fashion; swimwear and 

... 15 beach wear 

Man «T the Week ... S" 

Mourlns * 

Paperbacks 10 

Property ....... ..... 13 

Rating 211 

Share Inform ado n 2f a Z7 
SS Week's Dealing; 22 & 23 

Taxation 0 

Travel U 

TV and Radio ...... U 

Unit Trusts — % 

Weather . 28 

Weekend Bride ... U 

Week in New York 
and L andofl .. 
T«ir Savings 9* In». 

Wall Street 

Farmiiis, caw materials 

Foreign exchanges 

UK «iock market 

proprriy: half-year - rn iew 

on home prices 15 

UK -I'jck esriiangca: merger 
meets opposition 19 

5 J. Sman (Cmrcirs.) )7 

Olttrllnrtlon Units 
Jf rau choose thesr. you receive 
income nrinfbaiJtretti uji twice 
ywlv. on 15th Juinwy nnil . , 

15th J ul: - . The neat dlatri tru Uon la 
Tcwctof units bo ue hi now will be 
lOtii januArr-' tHTS. 

Accamnlatlan Unlit 

u you choose thesr, Dctlacome is 


Tax Vouchors are Issued to all 


AcontrartnDCe-KjUbr litiinlon 

roccipt oi che ifpl! cation form and 
rnu^Irm'JTTH. unit certificate 
wltbln days oi paylnjc lor your 
units, UullB can be bootfituuiy 
time at the ruling offer once or 
cashed ac/mytlmentthe rauw hid 
mice. In which cc« achcoaewlUht 
sent bo you within a ta* days oi 
rcoBlvinc yonr renounced 
come calc. 

Prices and YisM are pnbliallW 
dAii j in leading newepapne. 

.Vn lnlcleJ serrlcc chars* of 5'j K 
jnciudcd In tho offer wwof uniii. 
An Minue] service cham oT S or 
1% iplub V at , of the value nf tlic 
Trust Fund Is deducted Iramthc 
Trust's ero» mrome. 

CmnmitdOD oi will be paid to 

recognised agents. 


The Managers ftw Midland Bank 
Group Pnlt Truss Managers 
U mlted. a .wtn dlnry of M Id land 
BbjiK Limit'd aiid a member of the 
I'niiTrost Association. 

Investment Management. 

Drayton Hantaan Portfolio 
Management Limited. 
RcalsUm.Clydesoala B&nkLtHUtrd. 
Tiaatea.Hn.val Excbnugp AsSHrancr. 
This offer tv »ot «paa to vaeMentt 
ol the Repabllc ot Ire lend. 

I j Poatcade ) Pair j 

I 7/Wp dPdare UiMl/»C3m/srt nut reSIdentoutsula tho 

I Scit doled Terri wrlrs r.nd that I (we are (arc nos 
oca ul ring thrunJU at ibe Dotnliicdsi of any per«M»c) 
residPDt outside thcsoTerrlK-riCP.iirgouareinvttile 

i la nxb'cc Hjmdd^edeiatd cad 

rjicoonlicalirm Indeed, tftrorioil n Kina', SlOCMTOCSror 
Solicitor In Lat VtttUAEiapnmu 

■ Stgnaturf _ 

I fjn the rose of fain jjrpllcanl’,, oil mart ajni 

■ Please send me details of your Share 
■ Exchange Scheme Q Savings Plan □ 

| [tick if this applies) 

Britannia Dtwbie 
Hodsc Banda ... 

M t C Recovery .. 
Midland Drayton 


S. S, P. U.5. Gravrlh 
Schlealnger E<tr» 
Schroder Ove'se**- 
Tyndall Maximum 
fCommcni Page ITS 

Cold Storage Hides. W 

Culler Guard Sridge 17 

Late View Invest. 17 

SeSry HeldiBBS 10 

Trurc Union .... 17 

Wadkifl lo 

Base Lendin S Rate* 24 

Bvlldmg Soc. waiec 2? 

Lec*t Avdiy. Pands ZJ 

UK Convertibles 2J 

midland Drayton 


Unit Trust 



ROME, Jane X 


THE CRESCENDO of arrests of artistic director of the Rome successfully _ tried 

leading Italian nnera officials is Opera House, Sig. Gioacchino the top U F T.alv « luft;.. baroq 

teadine Italian nnera officials in ‘-»pera nous,; - uitwxnmo ■ — ■ 

leaaing lUuan opera 0 I 1 IC 1 |U iu Tomasi. and the artistic ana sometimes venomous world 

tie las*t 48 hours is expected t d j rector n f the Academy of Santa of the be l canto, hs well a> 
be only the overture of an un- £ ec ;]j a sig. Francesco Sicilia ni. bureaucratic blundering ami 
savoury scandal with widc-rang- ar rests have bit most of the questionable political m-'m- 
ing and melodramatic political country’s major opera houses and oeuvres. 

repercussions. seriously threaten the current After a meeting chaired by me 

Italy's Left-wing forces, jDClud- season. artistic director of La Scala, Sis. 

l n g tae Communists and the Sig. Tomasi, who was one of Carlo Maria Badini. the Italian 
Socialists, sharply condemned to- the first to be arrested, was pro- Opera Managers Association 
day the decision of a Rome visiooally released late last night fiercely attached the current legis- 
magistrate to charge some 40 by the Rome Magistrate. Sig. litiun forbidding opera houses in 
opera directors and musical Nino Fico. Italy to hire singers through 

agents with alleged corruption The left-wing parties and lead- agents. 

in the selection of performers. ins cultural circles here claim Clearly, they claim. i» is impc*- 
Among those charged are lead- that the arrests were in part sible to keep up with inter- 

n ;; m urgent amendment- m th-t o’risr- fi?ca! rollce f^rce. the Cuardla di Moreover, the policy of popu- . Nonetheless, Wf. 2JJ-2S 
aroqii** ing legislation wind: mey cun- Fmanza. apparently tapped the larlSing the traditionally elitist gest causes of pnbltC rewnuu 

world -»der is uitcrl-. unrealistic. Mupliones of several leading world of the opera has been the is the way in which me ^ 

•ell a< * The magistrate for his p--" rr: ' rt 4ures nf Dio lulian musical source of excessive controversy, have executed the 

!' a nd tnrted he was onlv enforcing in-.* establishment. Trade union members, for ex- time when they have seenung j 

' m an- law introduced about in >cjr= asm The left-wing parties claim that ample, no wbave the benefit of failed to unearth any«UDS‘“^ 

as 3 control on thy world n r the since the cmunrys leading opera special nights ” at opera houses clues about the terrorists wuv 

by the opera, which last year revived houses have come under left- La Scala in Milan. killed Sig. Arno M«to, 

ia Si" some LTObn, or £4thn. iron 1 ihe wing managements — fallowing Rome, which is currently former premier, last mon - 

ttnliari Government. the 'advance of the Communist going through a musical renais- Perhaps, in the cjxcumsie.n«». 


ing personalities of the Italian motivated by the “vendetta" nf national standards without going M'hal has caused a paruiu^r f’^dernise 

musical establishment, like the some performer? who have un- through agcaia. They called for hullabaloo are charges trial L*iJ * life nf ,h„ court tr>. 

U S eoifoassy SPANISH BAN K*® ADSV2JNSSTRATAON taken over 

m Moscow K. 0 iis§iirsiiic 0 for depositors 

stumbles on BY ROBERT GRAHAM MADRID, Juni 

pi A SURPRISE move Spain’s According to Banesto. the change regulations Involving already approved by the sh 
niinnnivifl second largest bank. Banesto. takeover of the administration Pta 651m <$8.1ral. holders of the two banks, 

DUggMlH I n-dav look over th.« a dm lnlslra- and guaranteeing of deposits of One of the men charged, .-'r. Coca family will become 

” JL 10-cav took over the a uni uiistra ic rrnm ihp l<*nal Rnrinnp Minan-n iinxtnvn was lamest single shareholder i 

mis wing uic wnuiuuuaii)' enusi gesi wuaw u ‘ K r. L nnfu>e • - • • 

ling world of the opera has been the is the way jo which the po» llYil^f*AV£l * 

»cal source of excessive controversy. have executed tbe -airesis lltilllU T C .' 

Trade union members, for ex- time when they have seemingly 
that ample, do wbave the benefit of failed to unearth any 6ubsianiia* 

iera “ special nights ” at opera houses dues about the terrorists wuo • 9 T Xjl 

left- kke La Scala in Milan. killed Sig. Aldo Moro ; lg| I I . 

king Rome, which is currently former premier. last montn. Ill *■■ 

oist going through a musical renais- Perhaps, in the circumstances, * • • 

and sanee of sorts, appears to have a s one musical critic BY tUREK. MARTIN 

iarv been the main target of this tbe judicial authority _ woiuu . . . 

ling political attack. have best followed Figaros . w -«nNf?raN 

the At * the same time, there is warning to the eloping couple ■ - ■* *r. 

un- growing exasperation over some' in the fairy-tale ending of ^tbe .THE PRICE of food rose mo - 

in«i of the extravagant fees top Barber of Seville— **“» ' less sharply *t the whetea 

and performers, mainly foreigners, piano, piaoo. seoza far taoto level in may compared witO 

and 3re paid by State-subsidised baccano” — and kept a lower preceding months, according 

The charges reportedlv include Party in several regions and sanee of sorts, appears to have a s one mumcai eriuc * 

legations of “pay-offs" and municipalities — reactionary been the main target of this the judicial authmty 

opera houses. 

Israeli No decision 

Government on Pakistan 


MADRID. June 2. 

MOSCOW. June 2. 
U.S. SECURITY men burst in oo 
a Russian inside a secret elec- 
tronic listening post after crawl- 
ing down a tunnel discovered 
under their Moscow embassy, 
informed sources said to-day. 

Tbe startled technician was 
sealed in front of a bank of con- 
soles and Hcd when the Ameri- 
cans entered, they said. Details 
of the dramatic encounter 
emerged after a Washington 
announcement last night that the 
United States bad protested to 
the Soviet Union over bugging 
of the embassy. 

Official spokesmen in Washing- 
ton aod at the embassy here said 
that bugging devices were found 
in the building earlier this week. 
But details provided by various 

sources indicated that the alleged 
Soviet eavesdropping operation 
was one or the most extensive 
ever uncovered by a Western 
embassy here. 

The State Department dis- 

rs A SURPRISE move Spain's 
second largest bank. Banesto. 
to-day took over the administra- 
tion of the medium-sized Banco 
Coca, controlled by the Coca 
family. At the same time to issued a statement 
guaranteeing the money of all 
Coca’s depositors and clients. 

The decision was taken yes- 
terday as a resuit of & scries 
of top-level meetings between 
the two banks, and with the 
approval of the Bank of Spain. 

11 comes only a week before 
the formal merger between lh.; 
two banks, announced last 
December, is due to take place. 

According to Banesto. the 
takeover of the acimir.lslraUur 
and guaranteeing of deposits of 

change regulations involving 
Pta 65 Ira (SS.Irat. 

One of the men charged. Sr. 

Coca is distinct from the legal Enrique Minarro Montoya, was 

aspects of the merger. 

Banesto is understood to 
hate been obliged to lake this 
action because of evidence of a 
withdrawal of deposits from 
Banco Coca in recent days. The 
withdrawal appeared to be 
related to revelations that In- 
speciors from the Minis! ry of 
F i na nee were i n vest jga ting 
property cleats in Malaga by 
companies with which Banco 
Coca is allegedly involved, and 
further the publicity following 
the charging of three men with 
alleged breach of foreign cx- 

until recently a senior hoard 
member of Baoca Coca. 

Banca Coca on Wednesday 
issued a statement denying any 
involvement in breaching ex- 
change control regulations 2nd 
insisted that the various inves- 
tigations being carried out on 
its activity were solely designed 
to finalise its proposed merger 
with Banesto. 

Banking sources say' it is too 
soon to speculate on how 
Banesto’s action will affect the 
nature of its merger with Cora. 
Under the terms of the merger 

already approved by the share- 
holders of the two banks, tbe 
Coca family wiil become the 
largest single shareholder with 

approximately 8 per cent, of 
Baneslo’s equity. Sr. Ignacio 
Coca is also due to become 

split over 
Jordan role 

By David Lennon 

TEL AVIV, June 2. 

baccano”— and kept a lower preceding months, according 
profile. Government statistics 'releas,-' 

today- ♦' 

' . m At tbe same time, there was - 

No decision 

per cent last month — as the jllilljf s 
-»-» 1 ! „a market conttnued to expand, wiiJ.1'- 

on Pakistan lar- 000 

' _ The inflation statistics at.1^1 

llAnf represent slightly :more e&cpuai 

UCUl ing news' than that received k 

the^ retail fibnt earifet i&is 
The Producer -Price Index 

reseneame goods, sucm*** l0 * 

M. vajvi ojd wholesale price index, nj! 

The Aid to Pakistan consortium by 0,7 per cent hi the meat 
today failed to agree on re- appreciably less than the 13 » 
scheduling Pakistani debts, which cent increase recorded ih Apn 
fail due a month from now. The consumer food, courponei 




. — , - THF TCT1FJ T t* ran aue a muuiu *•«*** loo tuuf iuucr i»uu. coujp(mpi 

vice-chairman. ™E iSRAEifl Government is ^^0^ the 11-country donor only went up by OA per cent m 

Banesto in March had total cLvaded wcr the next stage in group agreed on a level of asas- under " AdhTs 1.9 ' nS- -2S 

deposits of Pla 518bn, and Coca the Middle East peace negosia- tance for the next fiscal year “w^l “Jvjmce and the smaUestnumtb! 

deposits of Pta 72bn. The tions, and in particular toe role above” its 1977-78 commitment, iUU ™u 

Two Renault plants 
occupied by strikers 

deposits or ria «2on. me paruituiar buc rae above ' its intt-to remnuuuein, -j-g ^ vear . t. 

merger would make Banesto which may be offered to Jordan Pakistan is still left with the Administration baa tuL 

once again the leading Spanish in the future of the West Bank. Problem of between $250m and ho fQ _ gome relief from** 
bank in deposit terras-a post- These divisions may emeise fSOOm. due for repayment on July ttouaTitSl&S 

tion that was wrested from it more sharply when the Cabinet ^ a LL2!J d iJAffi SrSmSSmvSSSSU 
hy It, rival Banco Central last meets on Sunday to discuss. pos- In the past May little, if S^£ 

December _ when the latter sflile changes in Israel s proposal f our years, Pakistan has received than April’s 0-9 per cent in'm^a 

merged with another family of Umated self-rule for the Palefr debt relief totalling 5650m. However in May fresh Imi 

hank. Banco Ibenco. Central timafls on the West Bank and in Aid planned by the consortium vegetables, pigs, ’ -sugar ; -’ab 

now has deposits of Fta 555bn. the Gasa Strip. members is understood to be poultry all cost less, 'wUh'-ioa - 

Mr. Moshe Dayan, the Foreign increasing by somewhat more individual commodities, such, a 

Minister, will propose offering tjja* 1 last year’s 5 per cent. On ] e ttuce, dropping sharply '.j 
■gi "H A Jordan a role in the impiemea- crn^L 6 - price. Beef prices, a source j 

lilt Dl3HiS S!^^LJ iP T teta,t ^ wS bring ^ otil'Tso^ particular concern at prea* 
1 W adumbrative autonomy dumug continued to rise. . I ’.’ 

the first five years and m tb* next j 2 months. Pakistan is Non-food, sectors continued.t 

now has deposits of Pta 555 bn. 


lomats learned that word of the to VV^st Ger- While much of the drop in un* a SERIES of strikes over the past workers in the plant could be role of^Jordan on the W(«tf RsSf Zaire President Mobutu yester- gg,,^ 

find had reached an American ^ 3 _ a : h VT„„l U r r ‘ n !•«' ‘? m Payment is clearly seasonal, few days, both union-organised threatened. The unions are try- H ? n (rArmoJif!««?! day ordered lus Foreign Ministry -w^h inflation- now th, 

correspondent in Moscow. / or ^ rae s . 1Ilce ^ st trie sharp decline in short-time and wildcat, has broken the ing to spread the strike through f nrrrm i, ri/ , S n< ; 1° P™!® 51 . lo • BB L s ?Jf ni 0Ver .f a cflL dominant economic concern th 

official reluctance to say more feHb^ 87 working is r-bov*. all the result of atmosphere of industrial peace the plant but the company claims ^ ® Sf BeSlan^dhTS^elfr unemployment figures are attrad 

aboui the affair was apparently Jgf ™ % 0 mnplo V ment rate return to normal during May which has reigned 10 France that they are not having much s £f of KeSZi »ng much less attention. Tb 

following from dis^pUo^ Is slso „uiv « be ST5SW55 

countries, which are already *^P rl ^ P e * ccn L_ was 4— caused a. I over Germany by the 5n * ar hppn scattered, and there mounting trouble in the Vo sees ava-o u:_ 

BONN. June 2. 


PARIS, June 2. 

tbe first five years and in tb* next 12 months. Pakistan is Non-food, sectors cant&iueii.t 
determining subsequent arrange- believed to have been seeking show substantial increases. Th - 
meats. between SSOOm and $900m. consumer durables index wen 

But it is understood hhat Mr. . up by 1.2 per cent in the moot 

Men ahem Begin, the Prime Zaire tO DTOtCSt OVer which, while less than balfrft. 
Minister, whose health is again « . - , April advance, is a large rise b 

causing concern, is opposed to uOSpitallty lO enemies^ any standards. Overall, the not 
spelling out In detail the future food index increased by 08 pe 

With inflation- now th 
dominant economic concern, th:- 
unemployment figures are attract 

countries, which are already cvn ! a ~J l was caU!5 ® ,J uV ® r ^nuany Dy tne so far been sca ttered, and there mounting trouble in the Vosges ru i®- „ ^ AZAPMs counj^wnuld S 5nre the decline in unemDlov 

strained over Soviet intervention P ^° a[ ^ n ^/rhe' \li v unem lo ^ k_ouls ,Q the *- s n0 UQil - v beW n d the demands, textile region where the threat ^ th f? e over the hospiSity eSoJJd^ ment over the first part of P tS 

m Africa and its disregard for « T nl JjL wi?;! Laden- Wucrtteni berg engineer- it indicates that the Government to employraent caused hy the g“l«- ^o 5 ? *bo b*k Mr. Belgium by these “ enemies." year has in fact been' faster that 

human rights. Washington and Pv°J m A n ‘ ,n SJ industry pay dispute. is likely to face increasing diffi- problems of the Boussac group Begins position; those who Meanwhile, in Brussels, Belgian tile Administration had expected 

Moscow are also at a critical ^,,7 ,... revised n^ures for in- The revised March order culty in winning union aequies- has already provoked a series of believe Israel should make more officials declined comment on The Labour Department re 
phase in the negotiation of a new f d ers ,n . r , fl8 ur e.s were in part due to in- cence in its policy of wage strikes and demonstrations. concessions on the West Bank; President Mobutu’s allegations. At oorted todav that the rise in flu 

treaty limiting strategic arms. i n ° W ‘° s t , Dat ,“ jer ®. was ? . r ' se elusion of several large export restraint The CFDT union has now and those who believe the Prime a news conference. M. Claude labour force in May meant tha- 

One American diplomat told a ® ent . fattier than of 0.5 per orders, by comparison with The main trouble at the issued a general call for the Minister was loo generous in his Cheysson, EEC aid commissioner, j t i, a( j „ow exceeded 100m foi 

reporter informally that the .°® .? riK,Di, ly! re P° r,e d- uur- which new export orders in moment is the State-owned occupation of any plant which is peace plan. Mid the dependence of Zairian f^ e tjm e . 

Russians could easily suspect a accor0in ? ,u P rel| mln- April were down by 5 per cent. Renault car concern — the tradi- threatened by closure during the The second largest coatttion c “ n 5 s ona “ fantastic " number There were few mainr chanwn: 

deliberate American leak 1 " ew ?^ ers rose by a Domestic orders in .April, how- tional weathercock of French interim regime of the count- partner, the Democratic Move- pf European technicians was an in nr jnHnai 

deliberate American leak 
designed to embarrass them at a 
time when the two countries are 
exchanging constant criticisms of 
each other. 

The sources said the tunnel 

led from the bottom of an old ? poltes * nan - n ? t,?d “a* H 1 ® num - While it remains difficult to are 
chimney shaft in the U.S. mis- „ r of people unemployed in draw firm conclusions from the rep 

«n tbe peace negotiations. How- 

[ Japanese fishing fine 

per cent from 5B per cent There 

are involved, whereas some day the two main unions at the ever the DMC is itself divided A So y iet court ^ fill ® d the 35 °- was another small fall in theJ 
reports speak of 5.000 workers Stat^wned electncit:- a utb on t>\ over this issue Ni P° overall rate of teenage unemploy- 

Une informant said tbe dis* ic V? JV sl JSSi’ * .. Government cent might even nc reached in conditions and or. introducing a to begin this year’s round of wage thY'Prime^ Minister 4 ' w * court Va 'aJapanese “fi^Urig’' boat DFIIIIG FStBS ^ 

covery was made after a routine ! !, I ?® t „2 a,n V l,iS . ?ny fundamen- the second hall. clear career structure designed negotiations within the frame ^ erMcted that =, pilAUIC jg 

security check of a fifth-door ' „ J* 1 ® f?,? 1 ®?’ u The ,n,J5 t recent survey of to guarantee regular improve- work of the Government’s numher of minivers, ind^rtino SWISS buV doHarS By David Lascelles W 

apartment revealed a wire i 7 en i ■L^£ tl0n - Ir< -" ^sef Mlngi, businem onmion by the Munich- mcn t in the position of tbe inenraes policy. This seeks to DMC and Mr J. 1?? 1 d . . % 

behind a radiator. Security men I T h ®« rt of > n ® ^n-poMticM Federa! bused Ifo institute, carried out I manual worker. limit increases lo what is nefen^S Si?: U le #h * wls 5 .^tiona! Bank whtch NEW YORK, June 2. J 

traced the wire and found the Office, said that “as en- in April, reports that most coin- ■ Renault also has trouble at its adequate to cover ihe higher cost j L r a si „ 0 j fi f ikanel in P, thf \nril uni^miH 1 m?v CITIBANK, New York’s largest £ 

tunnel. couragmg as the decline is. it panies felt the climate had «Ml|FUns plant west of Paris, where of living. With this in mind Sraeii^SSS? In' iShAntamSjS? bankf finally fell inlinewilh til” t 

A different account came from jmnroveraen^ wlfm,., 0 . )| l ' T ?* ?n ® < |; v ' , ! b,le export pros- j about half the 600 workers in Govern men 1 has just imposed a peace negotiations has resumed support purchases of recent rise, in prime rates today | 

!SS2SL*rss«5J«£!..?“ °‘ d S&ir'SwK BfLSE? d«Si« LKL“2 SSJXLS % «» w> wj<*. »«« winmia* s« by j <*, 1 

°« the Prime Minister. 

“floor i tal '/"Pfovcniem in rhe employ- The most recent survey of [ tV 'guarantee 'regular improve- work of the Government’s! n uSjLr^Qf* -SK?,? hiiv flnHarc 

wire i H 16 "/ s L tll f tl0n ’ II,?r , 1 ] f osef ^tingl, business npmwn by the Munich- 1 mC nt in the position of the incomes policy. This seeks to ™«5f c wSSJ ns 

lc ! hparl nf nnn.nuli-if*-, VArfani K-.cnH ir.i in,iitnia ^ i _ .. . _ r ■■ : tiMij ana Mr. tizer Wetzman. Thp Swiss Nations Ran 

court on a Japanese fishing boat 

what is' *5* R M , C and Ezer Weizman, The Swiss National Bank, which 
nk'i i the Defence Minister, will press in the period from the start of 

prune rates 

By David Lasceiles 

NEW YORK, June 2. 

chimney , bait wa* foimd T, ^ ^ *« currency p^mU e r The Scnicc',0 fompaniau lor ifla'- ZuSb/ln^a l^aalTl 3.1 to «T 

chance during refurbishing work: y ’ ■ turbulence of the early spring, says the jobs of the -0.000 tion so far this year. jn „ f ju confrontation with May, the bank's foreign exchange The move came exactly a week A 

Tha aTiimnatr nmr ..n n_ I . 5 . ... _ : wu _ KU mJJrVpt irvtPrvontinnc nine II C ttp l i» H 

TTie chimney runs up an outside 

wall where the eight-storey em * « * . ^ 

apartment g block^° m it was^thS So .AfFlC2U £XSl£S O01OS 
neighbouring building that 

boused the listening post, the.. t. ... 

s x es trained as terrorists 

embassy’s scientific section and 

apartments for secretaries and BY QUENTIN PEEL JOHANN 

other junior staff, is not as sensi- 
tive' as other parts of the SECURITY POLICE in South Mozambique, 
building. /fries believe about 4.000 black Libya. His 

Franco-Chad units inflict 
severe damage on rebels 



|ue. Tanzania and [up TO 500 French combat Frolinat which is back hy to placate' the Americans and tlie Joernnsen ‘said yestereVy thaThe !T ea .«-S5?? r ?S: , conc «* ed J*' 

His statement follows troops, along with l.-«»o to 1.500 Libya, controls the northern half best way of keeping the Palestine is in touch with parties to the jr .SP®®®* 1 > esterd ®y “at 
?ports that 300 people I soldiers of the Chad army, have of the country, and it is thought Liberation Organisation out of right of his Social Democratic * e u actions had pushed 

ten tion in South Africa i taken part in battles over the that the battle was provoked by the picture. Party with a View 10 the possible “>?«■* 

ity offences. They will I last few days against rebel a Frolinat attempt lo break Mr. Begin has been confined to formation of a more broadly- ?® claimed long-term 

ed in d7 forthcoming Frolinat forces in The central through the rough defensive line, his bed for the past week based government, Hilary Barnes ’V®T®fJ rates, which are more 

der the security and African state of Chad. sealing off the capital from the because of general f3tigue and a writes from Copenhagen. He was ■ 5eD ;' u ' e . . T ° . innationary 

laws. _ j Reports reaching Paris suggest rehel-held area. hieh temperature. commenting on Danish radio on I pressures- had risen 

ilerview with the Rand . the Franco-Chad force. It is reported that the French j Renter reports from Jerusa- 1 ''J 5 r 00 t0 - ^ . over f* 0 ? 1 1 Mk 


and; up TO 500 French combat F 

PARIS, June 2. 

America which feels that Israel “ arkct interventions plus U.S. after other major US banks in- £/, 
i has not offered enough m ] YeaSLU £ ^Payments oF Swiss creased their rate. Citibank uses ‘ 
response to pSident “ladat" SS&£ZS5^MnSS& to ^sess interest jj; 

peace initiatives six months ago. of to?J5E 2£SJ2J ll , C, J illied 2 ai ff? tta { i 

It is because of this that Mr. ingk This increased currency re- fSStrm! aJT£L dld * t; 

Dayan evolved hts new approach serves of the National Bank by tben ' M 

which would give Jordan a SwFr 190.4m over the week lo . lfle whole banking community P? 
greater say in the future of the SwFr I9.05bo. ?- a i. now res P°nded to the yi 

West Bank which Israel captured ^ . . tighter credit conditions imposed m 

from Jordan in 1967. He Danish party 010V€S by J? e F SSfJE? 1 Rese ^* Board ffc B 

apparently sees this as essential Danish Prime Minister Anker *J| rhltiSi? «£u m 
to Dlacate the Americans anri the .CT. ui Fcd Cbainnan, conceded Ifl W 

' V *. 

where its political and military terrorists” have be*’n captured trials under the security and j Af r j ran state of Chad. sealing off the capital from the because of general f3tigue and 3 writes from Copenhagen. He was 

sections are situated. while returning to South Africa terrorism laws. ; Reports reaching Paris suggest rphel-held area. J hieh temperature. commenting on Danish radio on 

The u.S. mission has been in- “armed ^ with Communist In an interview with the Randjtijat the Franco-Chad force. It is reported that the French! Renter reports front Jerusa-i his decision to take over the post 
Ivl«« d tir-. Se c era 'j bu ^ in Tj S< i?- Tes we i? onS - . , . . T>aliy Mail. Brigadier Zietsman . backed by French Jaguar ground lost nne Jaguar aircraft in the Item: Six people were killed anrii 1 !, temporarily 

stnee the Second World War. The estimates were revealed hiaci^d the upsurge on the mass ! s upp 0r t aircraft, n.ive inflicted fighting. No casualty figures on 1 2(1 wounded today when a bomb ! 

Including reports two years ago today by Brig.idi^r C F. evod'V of Mack refugees follow- [ S0VCPP Uainacc and may have th*- Government side have m far 1 blast wrecked a crowded bus in I Democratic minorirv *av*mn£nt 

citing supposed radiation de- Zietsman. chtcf of iho security ** the outbreak 0 f Snvrelo rlow W - Iped oul j^m) jr, -.t^lrong .•merged, ih.mch over recent a Jerusalem suburb. A police rSZKVSSw 

tected in the building. police, u ho .>310 tnininc was j n June. Trainine w JS ! Frolinat force in th-.: region of "onk? the l r rench are thought tovestigatnr said the explosion are th e Radicals Liberals Con- 

'>«« “ rTO,, >" 'nsol». limits m »r Uir« monlis.i ... tove Iwi SK men. Killed by! vras jpp.renllv Oie work of mMUnm Drmocratt' Sd 

Frnlmat action. ! Palestinian guerrillas. i the Christian People's Party. 

ihe claimed 

the capital, N'Djamena. 

A photographic trail in Brazil 

m t 


a? S 




^ 1 


. ; ^ 3' v 


Security in the hunt for nazi war criminals 

consideration^' A photograpWc trail in BrazO 


BEIRUT. June C. GUSTAV FRANZ WAGNER. R7. country with a visa from the day. Stanislav Szmajzner, now a 

PRESIDE' IT El* a 5 Sarkis and his : alleged to be a member of the Brazilian Jegaiaun in Beirut. The participants were photo- naturalised Brazilian, who claims 
Government are working on new j SS and former deputy com- Sirn-e then, be has twice renewed graphed. Several weeks later the to have escaped death because 

security measure? in which a | ruandant of Sobibor concentra- his residence permit, working as photograph of one of them, a Wagner helped him after be i 

restructured Lebanese army will tion camp in Poland during Ihe a mechanic or bricklayer. slightly-built dark-haired middle- agreed to work for the Germans. I 

plav a mam roie. The measures ! Second World War. is being held His presence here was revealed aged man was categorically He worked as a jeweller raak- 
were disc us fed with Mr. Hafez j hv Brazilian federal police and by accident. On April identified by Simon Wiesenthai ing rings and other tokens from 

Assad, the S;-rian President, at ; awaiting extradition. Brazilian pnlire dodged by m Vienna as Gustav Franz possessions or. according To 

the Sjrian-Lebanese wmmil Among the charccs again*! was-ner, «t boomor. other Jews, the teeth fillings of 

meeting holding the Syrian ; Gustav Wagner, who has Israel yesterday formally I mined lately Brazilian police those who died. 

cna.«ial irjv si « »f Latlakia this; been sought especially by Simon requested Brazil to extradite 3nd Press began to hunt Wagoer. The encounter was startling. 

week. Wiesenthnl. the Austrian hunter <;nstav Wagner. Tlie West ^ist TueMlay he gave himself up The two tnen relived evcaLs at 

The purpose .s to rea-sert ih? j 0 f Nazi war cnminaH. is respnnsi- Herman embassv in Bin tic J Sao Paulo police station, sobibor speaking in Portugese 
powers of the Leb-nwe Govern. b.Mty ror the d-airi* ..f more Janejro has a I rcadv handed J >“ r P”; | ngly. the wbite-haucd not their native tongue, in tones 
mem and to prepare tne cnunlry , than 250 000 .lews at bohibor. . Rra7 .-,ii aT1 v n r, lcn Ministry P'^rfully-huiU man. who iden- lhat wcre almost banterinc as if 

for the eventual withdrawal of, Simon Wiesemhal also claims tided himself as Gustav Franz Sey were supporter on diffemr 

ihe mainly Syrian Arab peace- : that Wagner executed thousands =» w agn-r. ^e no resemblance ?!SL!n SSt* ,Z.y,g ff gg f r 

keepmc force. A renewed man-; 0 f German lunatic asylum arrest, and askLd '»r pnonlj whatever to the photograph iden- resoectlve merits 
date of the Force will expire in 1 patients or mental defectives as to he given to extradition nfied by Wiescntbal. However. Gusiav Warner's ->n-est hit 

siv month?’ time. The force, to ; part or the plan to create an proceedings. his particulars allegedly matched a .> am «>oUi~hted Latin Amprin- 

Ci'pn'rihntiH fifHI Mnfunliiil Irvin rare An lnlnr«ct in hie Ptfraili. A ..i .w_ j a^&lu SpOU cuU-Q “Ull Ainprici 

.*CS iji. 

meeting holding the Syrian ; Gustav ^Vagner, who has Jooc 
irea-tal town -if Latlakia this; been sought especially by Simon 
week. •Wiesemhnl. the AuMn an hunter 

The pi:rp«s<? .i to reo-sort iheJofXazi war criminal-:, is responsi- 
Powlts of ihe Lebanese Govern- bility for ihe d-i«Ui> nf more 
mem and to prepare the cnunlry | than 250.000 Jew; at Sobibor. 
for the evemuai withdrawal of, Simon Wiesenthal also claims 
ihe mainly Syrian Arab peace- ; that Wagner executed thousands 
keeping force. A renewed man- j of German lunatic asylum 
date of the Force will expire in 'patients or mental defectives as 
six month?’ time. The force, m ■ part or the plan to create an 
which Syria contributes 30.00U • untainted Aryan race 
men. came here IS months ago' Gustav Wagner's .ommandmg 
it 1 nc cn.i of ;he r;vn war officer at Sobibor. Paul SiancJ. 

Tii^ -lid Leoanex? army «l: : - wn" arrested in Brazil in _196“. 
integrated fillring ih*"* strife. \ where he W3*» working for Volks- 
| core' of a new army was rebuilt v.jtcen. extradited m W’esi 
after Pr^-irlo nt Sarkis wa» . Germany and tried. At the ne"'^ 

: e'cclcil a vear and a half ago. ■ conference Gustav Wagner gave 

Israel yesterday formally 
requested Brazil lo extradite 
Gnstav Wagner. Tlie West 
German embassy in Bin tie 
Janeiro has already handed 
the Brazilian Foreign Ministry 
a copy of a warrant for his 
arrest, and asked Tor priority 
to he given to extradition 

An interest in his extradi- 
tion has also been expressed 
by Austria, where Gustav 
Wagner was horn, and Poland, 
where he sersed in the SS. 
They have not lodged official 

those irf t/hp ex-deputy comman- 
dant of Sobibor. 

All -.» eek. as Wagner’s every 
move and word has been 

.x-aepuiy comman- ;iS a haven for leaders and ser- 
' r - ’-ants of Nazi Germany. The 

is Wagner’s every West German -lurhonties 
word has been thanked Brazil for its prompt 

Swiss Industries Fair Basel, irom 10 a. m. to 8 p.m. t 

admission SFr. Z- after 5 p.m. SFr. o.- 

mcmn c .-‘ in c: 
Rri^adr." whic't i : 
for rer-iri’.y -iu’v 

■ ;an , iin2 hy 

■'OULhcra Warner been 

extradited ;« West " hv ‘ rc hr scn,t ‘ d in thc recorded by the media, many action in this case, 

and tried. At the new s Th,: - v havr nat In^S^d official observers have been reminded of if the Jonud do Brasil cam- 

■p ijust.iv Wagner gave requests. Hanna Arendt’s phrase "ordi- paign against the presence of 

The new army now totals about ■ this week, he admitted consider* meri members of the Hitler regime. 

liiKM) :r.**n half or wham ure ; ing giving himself up a r that reporters from the Rio de Janeiro ™^vgs are possible. not only in Bran] but also in 

mcmii®.v - in the ■’ Litani f time hut was advised against it newspaper Jornal do Brasil. The highiight of Gustav Argentina and Paraguay main- 

own name. Gustav raided a gathering of elderly Wagners media exposure was a tains tts present, furious p-ate. 

■ivinr in Brazil Na?K who me: at a small resort Mewed confrontation with one further developments can b° 
entered tie hotel to celebrate Hitler’s birth- of tbe few survivors of Sobibor. expected. 



Count your lucky stars- 
ycuve found a 5-star hotel 
right in the centre of 
charming old Amsterdam. 
T-ne Amsterdam Marriott, 
m all d 00 rooms, 
incJividual air-conditioning, 
nwiioar eno colour-TV 
t .vith tree in-room mo’^ies!) 

H4-nour room service, 
pfushvo pooular restau- 
rants and a lively lounge. 
Ultimate in comfort and 
c : nvenience. You’ll thank 
V c -‘ lucky stars \ou 
fc- jrsa tii. 



Amsterdam. Holland. 
Frier*: G20*SS51 51, 

Telex 15037. 
London Sales Office 
01 *-935592. 

O: c£ ! i ycu: local 
Supranational cffica. 


Saturda y Jane 3 1973 

~y «- - ^rl‘ ', • ' . ' . . # . * 


l&oteh contest goes 
Highland Queen 




ti'w - 

1 .. "- 
1 ;n .'% 

• ’U p : a r ^ 

^ • 
. ‘ Ua /**Ai ■ 

£y. a 5. 
•Si® 4 *:* 

S 1 Q “ • 


^ J esir 

' w? nMoa b 

t /'- : '- v ret* 

; *:V; *?s* 

<7^ - 

r \.^: sisv 7 

p ri “? ih-v 
jr ‘ - : - v - itf 

^” r ’-TZ if *• 

■?: ,Ti «s«e 

: nervy,--. 


OPffi OK the biggest contests 
is the OK -Scotch- whisky mar* 
-flset has /ended, in victory for 
the • .V pabHdjHjaoted, but 
ftattUy- controlled Macdonald 
Marjgi ^lstiaertts Group and 
. Us ffifiMastl Queen' brand. 

:> -Tfie-jpize was -the right to 
. replace Vat -69 as one of the 
- favoured , ' brands within the 
' Bass CJiarangton group. 

.:,The groop had dropped Vat 

^ - Distillers - Companv 

-brand*.?® its price had risen 
by SSp.'a bottler because of the' 
rampants .problems with the 
•€onuB8B.30Earket Commission. 

Most of Britain’s Scotch 
whisky brand owners arc 
believed jio have fought for 
the contract to gain immediate 
access to the 10,000 or so out* 
lets owned hy the group. 

Vat 69 has been selling more 
than 250,000 cases '(of 12 
bottles) . a year wlih Bass 
Charrington’s hacking, and if 
Highland Queen can pick up a 
substantial part of these sales 
it wiU give Macdonald Martin 
a big boost. 

However, (here Is no doubt 

that the deal was won hy 
offering the group very 
favourable price terms. 

Bass Charrington will con- 
tinue to promote in its pubs 
the Grant’s Standfast brand, 
distributed in Ihe UK hy a 
consortium company in which 
the group has a Sit p Pr emit 

In the “ free ” (non-brewer- 
owned) trade. Highland Queen 
will In* the one hraml the 
croup will promole in England 
and Wales. 

Previously the brand has 
been handled hv the wine and 
spirit subsidiary of H. P. 
Bulmer, heller known Tor Its 

add 388 branches 

* »-*’• *r*t 

-cr-: j : 5q 


BUIXJ^ESG^socleties' expansion 
in ti^.-onmtry’s High Streets 
eontmuea/la^t year an increase 
of- - 888 branches — a 9 per cent 
increase^bcutgiog the total to 
‘ . -• 

In-itsCa^liaal survey of build- 
ing-society/ branch offices, sur- 
veifiors- Hiitier Parker May and 
Kawdea;;- the surveyors show 
that .amnugh the number of 
societies declined from 5?6 in 
1966 to 364 in 1976. the number 
of branches has increased hy 
250 to 300 a year . throughout 
the 1970’s. 

• This has- increased the-polarisa- 
tienbetween the top 18 societies, 
with. 3,230 branches; and the 
several hundred smaller societies. 
There are still some 250 societies 
with only one office. 

..--'She Abbey- National, Leeds 
Permanent, and Woolwich Equit- 
able societies led the branch 
expansion . last year, opening 
more than 40 new offices each. 

Japanese sponsor LSE project 

The Abtaey now leads the rest of 
the movement with 487 branches. 

The Halifax, which is the 
largest of the societies in terms 
of assets, now has 374 branches. 
23 more than in 1976. The 
Nationwide has 329 branches, 
Leeds Permanent 264 and Wool- 
wich 220. 

Hillier Parker notes that the 
growth of societies’ branches 
outpaces growth in any other 
area of the retail property mar- 

It believes that the expansion 
of brandies may begin to slow as 
the movement nears an optimum 
national coverage of between 
4.500 and 5.000 outlets. 

The leading societies have a 
similar . number of branches to 
the leading retail multiple 
groups;’ but they are still over- 
shadowed by the main clearing 
batiks each of which run branch 
networks of several -thousand 





iC* ; 

cr _ 

;--Vs e:V‘-; 

NCR to make 200 redundant 


r A 

:r I' 




: “'s rj..- - 

‘•■i'.'i Kt 

THERE WELL he. redundancies 
at the National Cash Register 
Company factory in Dundee in 
about three months, the company 
said .yesterday. It is understood 
that.abour200 jobs could be lost. 
The company at present employs 
1.-Q00 in Dundee. At one time, the 
payroll was 7,000. . . 

_ Mr. EL G. 'MacDonald, general 
manager of the Dundee division. 
_said’ yesterday that plans to pm-_ 

.-ancclaf Dtmde^aserieg at imjcro-s 

circuit boards, the key element 
of NCR’s new 8100 small com- 
puter family, had been revised. 

Dundee would remain the. sole 
supplier in Europe of those com- 
puters which were in the com- 
pany’s mainstream products and 
which provided a large share of 
the plants total -output Also 
unaffected by the- revision in 
plansr were various ' : data ter- 
minals which the Dundee plant 
manufactured. " "if 

THE Londun School of Econ- 
omics yesterday received more 
than £2m. from two Japanese 
companies. Sunlory ami 
Toyota, to set up an Inter- 
national research centre Tor 
economics and related 

After accepting the formal 
trust deed signed by repre- 
sentatives or the two compan- 
ies Professor Ralf Dahrcndurf 
director of the LSE described 
the occasion as opening “a 
new chapter in tlie history of 

the LSE." 

Homes cash 
j by councils 

I Financial Times Reporter 
WELSH local authorities under- 
spent their housing budgets for 
the second financial year run- 
ning. Mr. Alec Jones. Parlia- 
mentary Under Secretary for 
Wales, told a conference in 
Llandrindod Wells yesterday. 

This is in spile r»f the fact 
: that Wales has the worst housing 
.slock of any reqion of the UK. 

; Nearly one in five houses is still 
| officially classified as . unfit 
l according tn a Government 

I Mr. Jones told the National 
Housing and Town Planning Con- 
ference that some £16m was 
underspent in 1977-7S and there 
were indications of further 
underspending in the current 
financial year. In 1976-77. Welsli 
local authorities also failed In 
spend £12m of their housing 

The Minister attributed the 
shortfall to local authorities 
learning to live with cash limits. 

It made matters very difficult 
for the Secretary of State for 
Wales in his arguments with the 
Treasury over the size of the 
housing budget for Wales. 

Phone service 

TELEPHONE, telex, and tele-, 

gram services to Australia, the 'for work on so-called renewable 
Far East, the Middle East. 

Africa and India will be 
restricted for about eight hours 
from 11 am tomorrow because 
of maintenance work at the Post 
Office's satellite earth station at 
Goonhilly Down. 

Railway group 
Rodgers plan 


The ceremony whs nttrmlcri 
hy Mr. Tadao Kato, the Japan- 
ese Ambassador. .Mr. Keizo 
Saji, chairman and prrsitlcnl 
nt Sunl«ir>. the drink-, com- 
pany. and f»r. Shnichirn 
Toyoila. vim - president of 

The n-nirc. i« liji.-fz is the 
brain chi 1:1 of Professor Mlchio 
Morishinia. professor of econ- 
omics at the LSE. N io opcu 

this siutunui and will under- 
take rest-arch iniu tin- Japan- 
ese ccnniiiiii and carry nui 

comparative studies of Japan 
and the economics of other 
countries including tbe UK 
and EEC members. 

Money fur the centre has 
rome officially through the 
Japan Foundation, the Japan- 
ew eijuivaUm of the British 
Council, wiih equal contribu- 
tions from the two companies. 

Pictured above at the cere- 
mony are (left to right): Sir 
Huw Whetdon. chairman of the 
Court of Governors of LSE, 
Hr. Toyoria. Mr. Saji, and 
Professor DahrendorL 

A ROLLING programme for 
largo-scale electrification nr 
British Rail's mam lines i.s 
likely to be recommended by a 
Briltsh Rail and Transport 
[Department v.urkiog party. 

The working party, under the 
joint chairman. hip of Mr. David 
Bowick u British Bait vice- 
chairman. /ind Mr. John Palmer. 
l-nder-Secrelary for Railways tn 
the Department of Transport, is 
due to hold its arst formal meet- 
inq later this month. 

It is understood fmm prelimi- 
nary meetings that the working 
party favours some form of 
rolling programme for electrifica- 
tion. probably based on sugges- 
tions made by Mr. William 
Rodgers. Transport Secretary, in 
, -j discussion paper published last 
! week. 

; He suggested that large-scale 
electrification rould create jobs 
land save 700.000 mpnc* of fuel 
oil a year while helping to u«e 
Britain's present and future sur- 
plus of generating capacity, 
i Britain lies well down the 

international table for railway 
electrification, with only 2.341 
miles or 21 per cent nf route 
mileage electrified. 

Electrification has taken pktee 
on a selective and piecemeal 
basis. Mr. Rodgers suggests a 
ihw-xlage accumulating pro- 
gramme covering 17 years. ' 

The first st use. called Situation 
A. would raise ihe_ electrified 
route mileage by 370 nules io 
nbour 2.700' mile.? With infra- 
structure capital costs' of £60tn. _ 
This would complete the Inter-' 
City elements already included 
in British Rail's current ton? 
term investment forecast. 

The second. stage. Situation B, 
w.iiUd increase electrified track 
mileage to 4.10Q utiles al a cost 
nf £350111. and would electrify 
primary main routes. 

Stage three. Situation C. would 
increase electrified track hy 2.970 
mile-j to 5.30U miles at a cost-nT 
f52ftiit. and result in the electri- 
fication nf nearly all ibe 
remainder o( Inter-City routes. 

Britain ‘leads world’ in research 
into energy from ocean waves 

UK fuel-saver may 
be made overseas 


BRITAIN IS “ way ahead " in the 
research and development of 
systems for generating power 
from ocean waves, accord- 
ing to Mr. Clive Grove-Palmer, 
programme manager responsible 
for wave energy at' the Govern- 
ment's energy technology support 
unit at Harwell. 

The current official hudget for 
research into these devices — It 
was £6S.0Q0 when research began 
in 1974 — is about £2.5m. or about 
a third of all the funds available 

energy sources They include 
solar system*, tidal barrages, 
wind machines, and organic 
energy conversion projects. 

Most observers expect this 
budget to be significantly 
increased soon, reflecting sus- 

tained entbusiasni among senior 
energy officials and Government 
Ministers for the development of 
alternatives to nuclear and fossil 

A few weeks ago Mr. Alex 
Eadie. Under-Secretary of Slate 

for Energy, said wave power was 
“ not jus) » boffin.*’ piped ream “ 
when be attended the first *ea 
trials of Sir Christopher 
Cockerell’s energy raft, one nf 
four devims, heine investigated 
with finam-i.'l .support from the 
Departmem nf Energy. 

This Week. Mr. Stephen Salter 
showed at the University of 
Edinburgh :< new and enlarged 
wave tank in a £100.000 labtira- 
lory specially designed to tett 
the Salic i ” duck ‘—a system of 
oscillating vanes, regarded hy 
some as the front r.inner for a 

viable wave energy technology. 

Tbe new tank can model three 
dimentional w aves on a 1/30 
scale, simulating the effects of a 
teal sea on arrays of “duck" 
moored oflf-sbore. These will con- 
vert the wave energy into 
hydraulic energy which will be 
used to drive Pelton wheel 

Mr. Salter, who gave evidence 
al the Wtndscale inquiry in 
.support of alternative energy 
possibilities, said he believed 
ihut. if pri-cJ correctly, wave 
deuce.* could produce elec*, rid Ly 
at a cost of roughly E1.0U0 per 
i i(3*l ailed kilowatt in four or five 
years. This is generally con- 
sidered to be the break-even 
figure for any system in compete 
with existing methods of pro- 
timing grid power. 


A BRITISH invention, said to he 
capable of culling motor fuel 
crisis l»y 25 per cent, is likely li> 
he manufactured overseas 
because of Ihe lack of interest 
shown :n it by UK companies. 

Dr. Alan Williams, a mech- 
anical engineering researcher 
from Cardiff said yesterday he is 
negotiating manufacturing licen- 
sing rights for his petrol-saving 
device with a French concern. 
The deal, which would give the 
French manufacturing rights for 
the whole of Europe including 
the UK, almost certainly would go 
through unless British concerns 
started laking a real interest in 
the device. 

Ur. Williams and Mr. Ken 
Pleass his step-brother, also a 
mechanical engineer, took out a 
provisional patent on their di-vicv 
— known as a ca recon eeunoiniM-r 
—in 1977 and sub-eon traded pro 
duct ion of it began last week in 
Wales. Nearly 2.000 a week, arc 
being mamifaci tired and “.000 a 
month will be exported to 

Dr. Williams says fha? about 
30 per cent of the petrol used 
in motor rn zincs escapes down 
the wall of the carburettor and 
is lost. His economiser stops the 
petrol escaping, collects it. re- 
vapourises it and pushes it 
directly back into the induction 

Tests of the device at the 
U Diversity of Wotes have shown 
it can bring about a mean 
saving of 25 per cent of petrol. 

Negotiations are under way to 
grant licensing rights for produc- 
tion of the economiser in Austra- 
lia and South Africa. 

U.S. companies have shown 
interest in it. Dr. Williams said 
reaction m Britain had been 
extremely slow. 

'■ I would like in grant licens- 
ing rich's to a I. i K organisation 
and have the economiser manu- 
f.vwred m Wales," he said. 
** Bui all the people who have 
approached us in the UK have 
asked tor more te>ls— even 
though tt has (>ocn tested by the 
University nf Wales. 

.**. «.‘:r U2C W..--. ■ ;/*.- t,- re £ : '.'V:., ! -'r. . 

*r *u!t £iL- v \y^j 

: ’A-.-.ier r-'?:. . 

: 5? ■ t: c-::: "="■ ■ 

y.n.i" :;L : : ‘ '- . 

f tv-.r.i?.- sikt- 

I • - . r ..j. . . 

be pr*v! r:-.. - *.. 
iCk ir?:.:;-:-' _ ] 

re ;i jL -f <c?ri . ‘ 

jik raisf 

Education -Pillar of Qatari Progress 


^ -?,K. J’n- 

Ntv. ■' 

fe!; -r .'C'j 'r'"- 
i p-irv.- 

i*u T - 

jnr V s rZ’ ' 

l. ti ’ 
g-se##!^ ; 

invi e:rVs . 
c. er-r & 



; Md.e’ . ’ 

v-rai> --; iS ; 

[ L I ; ■ ■ ■ - 

JShe&ti Sotnod bin Khalifa aUFhani distrfoutes prizes 
celebrations marking Education Day 


H.H. the Emir Sheikh Khalifa bin Hamad al-Thani 

Spools, V.w*u- 

llSSoot piovides a three-year coarse for boys p 
^ and routines, .the Doha TechmcalSchool gives ■ 

ft;?. ^ftS^afteiaacaltEdning, «A anumberofteacher 
. SSutesforbo^ and girls supply pfflaaiyschool 

. f^SSndaryschcoiattefldancemereased from 911 
Si to 3.280in 1976/77. Schoolleweis 
S:;. ' .^fi^actody receive a General Secoi«lary School 

on non-Qatari teachers, which is contrary to the State's 
poKcy of Qatarization. With this in mind, holders of the 
Primary Stage Teaching Diploma have had their basic sal- 
aries increased, and newly introduced three-year in-service 
courses enable them to upgrade their qualification to the 
Diploma of Qualified Teacher. The University runs evening 
courses for intermediary and secondary school teachers 
which last eighteen months, and qualify the participants for 
^General Diploma of Education, besides offering the pos- 
- sibility off further study abroad. 

The first 117 graduates of the University of Qatar, 79 
of them women, received their degrees last year, and SI 
teachers were awarded diplomas. Enrolment in the academic 
year 1977/78 was 925, of whom nearly two-thirds were 
women. A self-contained campus is under construction at 
an estimated cost of QR 740 million (.over £105 million). 
The State Library, with its magnificent collection of rare 
manuscripts and books, will eventually be relocated there. 

The University is open to any Arab student whose 
father is resident in Qatar, and provides scholarships to 
Arab-speaking students from friendly countries as far afield 
as Ghana and Tanzania. Arabic is the medium of instruc- 
tion, though the English Department provides courses for all 
. faculties. The American credit-hour system is used. 

In the academic year 1976/77 902 students were sent 
abroad on scholarships, compared with 209 in 1970/71. 
They are scattered over 15 countries in the Arab World, 
Asia, Europe and North America, with the majority in 
Egypt, Lebanon and the USA. 

Adult education receives a great deal of emphasis, 
hardly surprising given the swift pace of development in 
Qatar in the last few years. Government employees can 
attend three-year evening courses leading to better jobs, and 
• by mid-1977 over 2,000 attended. A number of specialized 

Faculty of Education Building, University of Qatar 

institutions exist: the Regional Training Centre, set up with 
the help of the ILO in 1970, whose courses now conform 
with the London Institute's City and Guilds; the Ministry of 
Education’s Training and Career Development Department, 
which trains Qatari civil servants for up-grading and to 
replace expatriates; the Management Institute, providing a 
two-year in-service course for Qatari employees an admin- 
istrative posts; and the Foreign Language Institute, provid- 
ing free tuition with the latest techniques in a number of 
languages, including Arabic for foreigners. 

Jn 1977 over 2,000 women enrolled in the newly 

established adult literacy courses inaugurated at purpose- 
built centres. 720 men were already attending similar 

A number of private schools also exist, catering mainly 
for the children of expatriates. 

Qatar provides its youth with a highly advanced 
educational system in schools built to the latest internation- 
al specifications and housing the most modern equipment 
and teaching aids. The ratio of pupils to teachers is 23:1, on 
a par with the most advanced nations. Enormous strides 
have been made in the last few years. The importance 
attached to education was again emphasized earlier this year 
by His Highness the Heir Apparent and Defence Minister 
Sheikh. Hamad bin Khalifa al-Thani on the 17th anniversary 
of the National Day of Education, and its role is clearly 
stated in the State’s provisional Constitution, which calls 
for ‘the promotion and guarantee of education as a means 
to expand culture and as the pillar of progress and the well- 
being of society’. 

For further details contact: Press and Publications Department, 
Ministry of Information, P.O. Box 5 147, Doha, Qatar. 
Telephone: 321540/4 (5 lines) Telex: 4552 QPRESS DH 



‘Tiny’ Rowland faces 
an African storm 

into offshore ; an African storm 


MB H Syil IbB I It |-*1 TANZANIA'S DECISION f* Lonrhos latest annual report Mozambique port nf Betra and 

S ■ w w expel Lonrho is just the latest stared that the Kuwait Govern- t-' m Lai x. 

» 3 jin the series of storms which merit t* large shareholder > had The report on the group two 

i have blown up around this insisted on Arab management— .'ears ago by Department of 

" „„ n .„™ cmfdcy ran RESPONDENT British - based conglomerate, and that the parties were neguLt- Trade inspcciors— who were 

.. BY RAY DAFTER, ENERGY CORRESPONDS i headed by rhe dominant Mr. ating for a settlement. appointed after the 19<3 Board- 

- “Tiny" Rowland, in its recent Lnnrho's prospcclivp espnis* 1 "! r ' ,n " 1 row and Mr. Edward 

BRITISH STEEL Corporation's Mr. Vaierstooe hinted yester- turbulent history. from Tanzania follows a -hut Healh ' s reference to the earn 

oil platform building subsidiary, day that further .international L a telv. the spotlight has over recent years in the reium -. 1 ! ,an > a * the "unacceptable face 

Redpath Dorman Long, has set links might be made to broaden tended to be more on the British balance of the group's inK-iv-H ,,r capitalism —had some re- _ yaiie „ „ nna 

up a new company with French both the main company s exper- acUv . Uies of Lonrho. with such in Africa. Britain, Europe and niirk5i l fl » ia * e “bout sanctions, uons. ference tomorrow. 

and U.S. associates to eater the tise and also the potential geo- developments as its hid. now elsewhere, with the proportion m 1" one passage the inspector industrial action since 'last It also comes at a time when 

nfFshni-A dpsicn market. ~i-..r,hi<- niarkf*K For instance. u,. >i, n iTnm.nnlip^ ciuinn urmnnii- I'.'ild: ■' We du not accent the „r. x j : rlemunds For aecr . “ -- 

Oxford Fellow to 

Post Office hours claim 


»t MARGARET REID GOVERNMENT h»s called worth of equipment has been 

a leading industrial relations de ^ d ' G „ erttnJBtvt - 5 announce- want -the mb ■ a^ 

ANI A S DECISION t " Lonrho s latest annual report Mozambique port nf Beira and ^daim^ for^a^^almir'workin" ment yesler ^ ay - ^n .?£ > 

Lonrho is just the latest staled thai the Kuwait Govern Umlah. a c ““ * #r *jT tunu ' ttor!lln » or the union's conference in. rsaid •^-rwcommemiaH^.Mde- 

» series of storms which mom i d large shareholder « had The report on the group two week by Post Office engineers. Blackpool which on, Tuesday by Lord McCarthy - _ wotMd of 
blown up around this insisted on Arab management— .'^rs ago by Department of Lord McCarthy a feUow of-due : to debate the campaign for course Kaye tope ^subject to ; 

offshore desigD market. graphic market* Fur instance. un der ^emtinv l>v Uic .Monopolies Britain rising strongly. 

Mr. David Waierstorie. Red- Redpath Offshore opened oppor*. Commission. ‘ for Scottish and While in 1975. East and Central 
path’s chairman, said yesterday tun uies for the parent company I Universal Investments. the Africa accounted For £2lS»j '>r 
that the new company. Kedpath in ^ib French and American ; whisky and newspapers concern. Lonrho's £806m o! turnover, with 
Onshore Design Associates, a. Qgj.jjore markets. ' Lonrho has also been Britain. Europe and certain other 

already Th _ n ^ M - CO innanv will be 1 Suppling with trading problems, areas, contributing onlv £ISlm. 

field production jjjjd '‘'Ly™™ S5*V“Sl! 

f Bfc «»fal » mainly ??™ Te^ni™ ndj SSS^OSSm* iT^ S .'ScSfr f'Vr"‘ “ZZ ,T 

S«h. if no. all. the EnahoTa Lowell Jo*.*.-, . Ei!' ..‘"STver" Rr'S (KEf ^ 1 ; 

«n Ul p5r2I l fit 11 aUw dTaVf 071 research . Nylon-, for £9.Sm in W76 with nriiain accounted for a>'mii. h 

Im "xk W A S J industrial action since last It also conies at a umf - rin _ Union iwi rejected 

d V ltK “L c ?«« epl ihaf October after a conference deci- unions are backing demands for _j Du{ Jjods. ' 

lies in Rhodesia. 

'* We accept, however, that 
there is nothing in the sane 

F R nS Sn J.rk al worth in mmions C of facilities at the French Institute j a ‘ tin corn nvent loan of E4.9m. £507in ,' nd Eurnpe a „d -.'in ‘“'".s legislation which requires 

imnT. k nh nU of Petroleum. “The cost oF devc - 1 But the Tanzanian move again 0[her areas> ftir £9Trn _ Lonrhn rn divest itself of Its 

pCI Rpri^,rh nnrman Lona's n'-rt- hjping on our own with this kind j focuses attention on the interests Lonrho activities in Tanwsih* r ' , ' , f ,uca,a » u , 

n^wnture are rhe of back-up would be prohibitive/'; of Lonrho in Africa where the onJv make up a Uinifed par: ,,f At another poinL the Inspectors 
1? the new venture are me vVaterslone said i company * traditional busmen H M report stated: On rhe basis of 

offshore designers Lowell ■ - ’ .. hQ .|ics and where its links with — ■ ■ - — — the evidence available to us it 

ton and Associate* of Tulsa. He said De ^ ro °t |J' ld b ;l Rhodesia were the subject of is nur opinion that Mr. Rowland 

Oklahoma — responsible for associated wu.i the venturi ; cr ^ ca | comments, in 1A76. In th‘- More Home NeWS» was. at the times indicated more 

de-iqn of the Brent A and Auk although, for tax and other rea- |De p arUneat 0 f Trade Insnecior*' _ closely involved in matters relat 

production platforms ;n the sr#n.-*. tne nature ot the ," n «v> had . reu01 -t .That report is extensively OH rRge 22 mg tu the financing and in conse 

North Sea — and T ech n < p-f.eo p r« i- not been decided. Redpath ! rcFerrcd to in yesterday's Tan- ^ quence the development of the 
diiction of Paris, the field deie- shores nominal capital is put ^1 1 banian staremenL — ^ inyati and Shamrovke copper 

fopment offshoot of rhe French £100.000. . «^ n ly three weeks ago. British tiie group'* African busines.-. hu' mines m Rhodesia than was 

■ftistitutc of Petroleum. Mi Waterstnne said that the. Fraud Squad officers a*ked the li>l of itc interests there ■.■on-isient with the terms of UK 

“’Redpath Offshore marks a new venture enabled the main ! Lonrho to release certain dneu- ,h.n%s that motor distribution .-.unctions legislation." 
further development in the company to offer for the first nienls rclatiria 10 matters involv- an d textiles are important Staxcnient-i by Lonrhn after- 

widening interests of Redparh time a complete design and fabri- 1 ioc alleged sanctions busline. its concern with ATrica. h-,v- -ards stn-nuou* 1 y contested the NEGOTIATIONS BETWEEN! He said this speculation wm 
D orman Long. In April rhe com- cation package. The new com- J The Tanzanian action is ihe ever, has continued strongly and findings in the report, which are employ eri and fire service union “wholly false" and misconceived, 

pjiny joined the Dutch De Gront panv would h* separate, however | second setback the conglomerate it hns within the last year or r'« now referred to in the Tanzanian officials on detailed proposals for Mr. Drain, general secretary 

undertaking to operate the — ils designed platforms might 1 has suffered in the past couple brought an action against lead- statement. implementing a shorter working of the National and Local 

Metbi! vard under the name well be built in yards other Lban! ,J f years in Africa, whore Mr. ins nil cum panics m connection In the i-nncf tiding sentence, the week were adjourned last night Government Officers' Association, 

Redpath De Groot Caledonian. Methil. i Rowland has long reputedly h*en with ullvgeci oil supplies m Jn^poriors said: '“We bellevi with both sides still a long way was fend Ins off a militant motion 

i close to a number or black Rhodesia. that Mr. Rowland has a great apart. The talks will be re Burned ut the union's special town halt. 

[leaders. II was alleged nn Lonrhos deal to offer Lonrho and ils next Friday. workers' pay conference in 

In May last year, the group behalf in r* High Court liearim: shareholders but his achieve- . . , ., t | in - H ,i_ e London. Scottish delegates had 

TT-w rw • a w m -mo was topped as manager of Ihe earlier this year that the nil menu will be all the greater ir n rfciiT .n ur »e d ouirisht confrontation 

Wf SB l h,H Kenan;i 5U - ir in ,h ^ companies had broken a IP*: he will allow his enthusiasms lu “J " 5 vffl .5= with the. Government in current 

W SillGiidill SuGnUIalS [Sudan, which it had pioneered, agreement to supply Rh.*1e>ia npcra'e within th»? ordinary pay negotiations. 

V ¥ ' against a background nf soaring with ml exclusively through processes of company manage- 15^*° 15® “? tTod “ c ' Delegates rejected by a hefty 

inoits and financing problems. Lonrho s pipeline between the mem." non oi a 4 ^-nour rather than the vnlp t „ a j nr j tv <350.594 votes 

* "■ existing «s-nour week. - t{j lS7 71n the m 'otion to ignore 

Mr. Brian Rusbrtdge, aecre- the Government's 10 per cent, 
tary of the employers side, said pay guidelines in current wage 
after the talks that this was done negotiations, 
as a sign of “Rood intent We Ah 0 ut 443.000 town hall 
are embarked on a course that workers arc due for settlement 

will lead us to an agreement." on July I Their acceptance to Mr. Drain addressing yesterdays 

The eniplovers are still insist - 1 the Phase Three guidelines is meeting. 

7" : Wales Bill ®utu uuu. 6 -nvn c m3SSE =i “ - S'- 

ment expenditure towards the £m _ _ BY PHILIP RAWSTORNE r0 _. _ . leaders had merely asked the 

end of the 1377-7S financial year. . 07 . V. * By Rohm Rtevm. haa maintained must be kept. The Glasgow District Branch Government not to concentrate 

'."The rise in spending does not Widn ! Welsn Correspondent „ ,, . . ... There are also dlsaRfements suhmitted the motion which only on wages when determin- 

appear .to have been any greater rT ?7 1 . . „ . omonl - 1ho rnvor „ *» ,R m V E< 2T F 5 EV -J 1 ' ° vv ^' S 0 * 1 ' «>^eftraim in wage bargaining, on fire cover planning Including referred to joint trade union i ng how to ward off inflation. . 

than expected: yesterday's Cen- *•*'“ ! * ,. y «r 1 u n J m . !» ii ern ’,se rv at ,v e Shadow Chancellor, lart question the emphasis uo Job manning standards, use of appli- and Governmeni proposals to The delegates, who rejected 

tra\ Statistical Office figures 1977-7B Is* 101 meut s Welsh devoluunn p^n«-~ night warned the country mu to protection at the cast of job ances. holiday and duty cover. Impose permanent control on the Glasgow motion after being 

Shnw 4he public sector borrow- 2nd 924 ,he 1 reM 0 r 3 ail,sa,l0 ‘' 1 0 Welsh | he misled by the Labour Govern- creation, and Ihe rigid insistence Mr. Terry Parry, the union's wage bargaining in ihe public warned by the union's excuBve 

ina requirement for 1977-78 to 3rf i urc local Dy u, l - i m *?*‘ a economic “silver lining” on tlosed shops. general secretary, said the two sector. Mr. Drain said that a that it would inevitably involve 

More Home News* 
on Page 22 

Rhodesian assets." 

At another pninL the Inspectors* 
report staled: " On the basis of 
the evidence available to us it 
i> nur opinion that Mr. Rowland 
at the times indicated move 
••losely involved in matters relat 

mg (u the financing and in conse 
nuence the development of the 
inyati and Sii.-imrovke copper 

week talks 

NALGO leader 
denies ‘ sellout’ 


1 MR. GEOFFREY DRAIN, one. of 

AQ the top sue TUC negotiatora. 

■ denied yesterday that any “sell- 
out" was contemplated in recent 
! talks with Ministers about what 
should follow Phase Three of the 
! current pay policy. 

BETWEEN i He said this speculation was 


Whitehall spending 
rose at year-end 



PUBLIC SECTOR borrowing 
figures for the first three months 
of thi -3 year ten la lively confirm 
evidence of -j pick-up In Govern- 
ment expendUiirc towards the 
end or the t3<i-7S financial year. 
'. The rise in spending does not 
appear .to have been any greater 
thao ex-pected: yesterday’s Cen- 
tral Statistical Office figures 
Show the public sector borrow- 
ing requirement for 1977-78 to 
Jiavc been'£5.SSbn. or £133m less 
than the provisional estimate 
made in the Budget report. 

- The small difference apparently 
i-i explained by an adjustment to 
National Savings interest pay- 

The figures highlight the rise 



Tory attack 
planned on 

Beware of Labour’s 
silver lining— Howe 

1975- 76 

1976- 77 

1977- 7S 

10 583 I 

1977-78 Is* 

jjuau? iu me ouugci icpuii. Seasonally adjusted, constrained to|r nr j| K Tm-rf F'tnn rnn«pru*tivi>l r.~n ; 'Ll “ ,K . “ : " 1 v * yj 

■ The small difference apparently . financial vear rotals : S f i unemployment ended, he trade umrm power wav among the 

is explained by 3 n adjustment to _ f * 11 d » tw,d 3 u > i ,,ltf<rUn3 13 Kir “ ,n i5' divishc and spurious of the 

National Savings interest pav- Source. Central Statistical Office in Carffiff yesterday. . ton. Oxford. country's unreal eon Bicb}. must he mcrea«iMt to make more 

ments. ‘ _ He J‘ ep ^ a l£ d th * 7 ed ® e I "The fundantenlal problems Trade union power was a post-effective use of firemen's 

The figures highlight the rise fJSSm. « C JjJl,i.S£.n 0S ^ h° a n re,,lain 10 be I2 ck,,?d - Nothing myth croaied by governments 

in public sector borrowing The figures do not provide il in Labour's record suggests that and pnlm.-.-ii parties, 

during 1977-7S. The total for the clear evidence of what has been ■ *1 An t pn'.HvII rnt ' 1 h:,v « 10 '"‘.derstand " H c dangerous because the 

•Inmiarj-- to- March quarter of happening to local a uihnnty bor- 1 p lh ^ ..H’nl.vJt u. wh;,, ^ d™?. * dividing li!«r ; between imaginary 

£1.97hn. on a seasonal! v adjusted rov ing, which rose from i'720m .il ' V L * |i, "" r 'fo^mment with a power and real power is a narrow 

financial iear basts, was ERTQiti m the first half of 1977-7S to J/J sh ^ L*,S U ° C J L, p „ r,! 2 would onl : . nuke things one . . and because different 

higher than in the >>re vinus £740m in the second six month*. Ji .J:; 'foal wnr:*e. section^ of the comimmity ure 

1974 P. ro P°5f d Cardiff awembly— is. Twelve months from now, Mr. Enoch Powell, in a speech sides were still a long way 
~ virtually certain to be deleted prices would be rising again, the aJ Eastbourne last nighL said apart, 
ined to r rS«» wm « ® c ® n ? m - v near stagnation and the that ihe fear or domination by The employer* ha ve !: watered 

' I nrrt<; I .firn hillnn I .nnsorvnilvi 3 r-j ■ n ilnuMi^lmimnn t un.lrwj hn .1 : . _ _ . i. rlnu-n fhme nrAriAmfo «tn nCipi 

.'ative I fall in unemployment ended, he trade union power wax among the I down their proposals on non-fire the Government would take a sector and its use. of. >£he group 
. turn j mid a Tory meeting m Kirtimg- must divisiie and spurious of the I fi S hlin ? duties which they say view on pay prospects und as an economic regulator. - 

must he increased to make more 

sector. Mr. Drain said that a that it would inevitably involve 
“great bogey " had been reared industrial action,, condemned • 
on a flbnjsy basts. Government interference... in - 

It: had to be recognised that wage bargaining in- the pnblic 

' Hospital electricians 

Manning . i 

They are m, longer s u SS e S .in s JO mCCt LI] HU S OH DHY 

?xtra work cooking and some | r W J 

ypes Of cleaning. Mr. Rusbridue j by PAULINE CLARK 

richer than in the previnu* £740m in the second #lx month?. • f‘V ii w-doc a Tf* 1 ,Jva s * vnr;! «-„ section nr tim c.-mminity arc 

thr-e months. This masked a re-hiction m . b.h nSTKaiute honk I - p nr vole for -t. r. . alla-hnn eneour^.1 m rear and con*- ; a Id BfeTOn'ffo5'ldrol'i» Mked; 

.. The G' Statistical Office Imrrowins from central Govern-. ‘ Jd wh,le ^thcrol H , a Vf, T. h .' r ' ir ’ Rl T n; / nr T" d,l f t nl| 3 one another ’ tD do anything incompatible I UNION LEADERS representing breach oF the 10 per cent pay 

suggests that there may have ratal by councib and increased h p 3 f or a review off jncJ u,r ,os j| 'Vo-^r * ’ ' "i h o, In - ,hc with tbeir recognised skills. about 6,000 hospital electricians guidelines, the electricians plan 

been sume erratic movements in lending by them from the money 2^1 aoverninSit the widespread f me , rpr,se ' u ® r m °^ e equity and arv Ifl*-* General Elecu on advised warned that thev are 10 meet Mr - D a vid Ennals. to stop work at selected hospUals 

proposed Welsh asscmbij. which , f 0r an increasingly seedy society . expederj in a speech todav to 

-• he .. sa .' v .. as a , lar .^ e , c ?! i for an increasingly sick iirgp voters in the nev» General 

authority, was not the right j eCf1 nmuv " Election lo support anti-Markei 

Electric vehicle studies 
may be funded by EEC 

I »'«> 1^". ! 'ThTBrltHh people eho.,1.1 no. The employee, ere eommmed Tr ™^ ton s“ Jl nlS^Mkina fof- S ‘11’ 

• The Cardiff body would be- he lulled into loroor bv Labourt Mr CvrSi Smith. I.ihftrai up for ro the November date, nrovid- : ^ 0 , 7 ,e nf the 

i The Cardiff body would be he , U |led in.o torpor by Labour's Mr Cyril Smith. Uberal MP for >o the November date, provid- ; SS^TcLn o4 r a" Ix-^onK Z\or tele IS EJS? 
"hydroscopic. Having draw- n as )brlef pre-election boom. Rochdale, said in a BRC radio ing negotiations with the unions I perdue claim for nar?- wDh M?PpiPrldS?h^ im w« 

| much power as possible from! A conservative Government intervi^v yesterday that Mr. can be resolved successfully. j eject Heal c'omraclors alisoecal naJona loffice?r«sn^i h^fnr 
j \vestminster it w-ould aim to gafo'could work with the rrade unions. Callaghan had told Ur. David Some union region* are al^o JEmS ioSfe?encc ta LoStail tte totth 
further power at the expense of* S ir Genffre? said. But it would Steel, the l.iheral leader, that h- pressing for industrial aertnn. fo-I^Slfday towSmenS Xl 

existing local government. The h?ve m question some of their did not ,-xpe.i to win an overall chiding strikes If the talks with , he Government ha- claim as "discriiiinfiorv and 

task ought to be carried nut by a rpmmon, pmnlnvort an» iinsiiccaMfii . - . . .*£ government nas _ claim as oiscrmunaiory and 

% - 9 


I task ought to be carried I nut by a a( tjti,d*»< Comnmns majority at the nexi employers are unsuccessful. 

BY TERRY DODSWORTH. MOTOR INDU5TRY CORRESPONDENT national" review oody which' U vould hat- m go nn ureimf election 

would consider ihe implications i ' * 

KKTK. Cl -™“2 “Ji , -—I— >»'»l ' ' £85m board ml11 scheme opens 

yemcies na e De n siven to tne which , s comln? through The er< • • a— 11 , . . . , . 

J rejected the claim os being in ‘unfair.’' 

with its back to Offa's Dyke/ 

£83m board mill scheme opens 

-lust as important was the fact 

newly - established European industry 8 'depart men t 011 * 1 under I SwJSS ill talks [.AN i83m EXPANSION project -List as important was the fact 

Electric Vehicle .Association. .Viscount Etienne Davignon.! - which will treble the capacity f hat the Government was pre- 

: Mr. John Woods, chairman of would also help the European! r»n TIllCS of Thames Board MiM< Duplex ? 3reri fn c |> n f Illj ule up to E28*n 

the UK's Electric Vehicle Associ- producers to face up in ihe com- UU WA 1 U1CS *. iv'o^mupm r.rnbna m , r 5 l^elnpmeni _ granL- 

^tion. which has been the mam petilive challenge coming from I DISCUSSIONS have been heldi* 1 1 19 \ m ' ‘ ’ and sclevtne financial aid. 

force in establishing Ihe Euro- other parts of the world between officials uf the UK and'*' 1 - 'oaugurat _ • "- f # < J ,ld the mill would provide 

pean organisation, said yesjer- Investment in electric vehicle! Swiss governments about a new ,’ r \arley. ..ecreiar>' "t -oO inh*. directly and .150 more 

day that the Commission would production has received much double- taxation convention. Sl: ' _ ^'. ,r ,n du-ir>. m f'Te^'rj ami iranspnrl. pbi^ 

prohably hack suitable research more central government -uppuri 1 The convention will cover the Mr. \ arky >aid b> rccarde-l oihc--. in civil rnamovrinp an« 
projects for companies or groups in both .Inpari und ih«_- I'S than : estates of deceased persons, in- th* 1 |iroi*-ci as a new in' estiiiern mjiclnnery mam unci urc. Fi 
of companies. in Europe- and inmur companies ; heritances and gifts to replace ■significant not i»n!y for Working- f' rr,d ' , |^' IWOOn tonnes of hoard 

O’Brien looks 
likely to win 

Bank dispute continues 

WORKERS IN a dispute at the to talk to the non-union workers 
Bank of England's note-printing and persuade them to join. 

.U-. fh , Gm-ernmenl v*-a«; nrp- huw-kimiuiu «u»u mem iu join 

treble th*- capacity I^Veri rn roniJSS? in \n rE.„ «„ nwrv ivrrifv 0 .„„,i Works ,n Essex, will A union spokesman said that 

Board Mill- Duplex r ^ mn fT rt pvSinm« , J decide until Tuesday whether the workers, who want a closed 

n. «« or. v orwc"’. sciiciui . not decide until Tuesday whether the workers, who want a closed 
ere tary of the National Socieij [ ca jj 0 ff industrial action which shop, would need at least a 
f £ e, ? m n „ nte y s ’. Gra J? h , i has slopped distribution of notes guarantee that there couid be no 
id Media Personnel, is expected for two weeks. repeUtion of friction beDveen 

emerge undisputed victor m T hc workers, n.emhcr- of the union and non-union worker? 

e rn^iV^.ii -L^-rf r.n°\!nnd-!v n( Graphical and Allied But thc Bank seemed readv tn 

'' iesul1 i* declared on Monda> Trades, held ;« mass meeting yes- rnnsider giving them a post-entry 
His opponeni was Mr. Barry terday. They expect management closed shop. 

»’'ilzpatrrck. who works for Ihe 
Thomson Organisation in 

The Commission has already in these two countries are also' foe death duties contention; tun I'til also m national terms, in IfHjff. risine tn l->n.nno mnne* Th ' ' 0 

had a significant ml? in helping putting more fund* lutn this are:i • signed In 19-56. Further discus- It "a> ,the mgje%l cwr single in ,f»S 1 . «»vmg Rritam ni-ari' t , 
to establish lh<? European manu- than their European counter- 1 "ion? will take place in Switzer- investment project in tne board ..• -m -• <*\,r <m fno balance 1,1 ' 

facturers' association. partly parts. [land. industry. pa? menir. .T'* 1 ’ campaign wap 

association. partly parts. 


Success behind a smoke screen 

The campaign wap marked hv OI 
illega turns nf financial unprn- . 
irmly against thc union's - By Phii 

A reoort from a firm of soltn - 1 ALLIED 

Brewery bonus restored 

By Philip Bassett, Labour Staff 


T nc payments were flopped 

«ir< /nfo financial r ransacf lon> f iiniiiip productivity hnnuse- ol Iasi month when the crinipanv 
■ nd the -sale nr thc un:on'« | i'fi.50 a week Tor 1. 100 worker: >aid there had open no reaf 
irpmi«es in Btackfnars Road, at the An»cll> hrewury in Aston improvement in productivity tr« 
'.nndon t'lJI be considered *■> ; i'rns>. Birmingham, from Mon justify the money. About £20fi 


irpmi*es in isiacKiriars isoao. ji me .vnscn> urew»:r> in Aston 
1 .nndon mil be considered *•> : Gross. Birmingham, from Mon- 
Vat.Mipa's governing council • da;. An agreement was reached 
donna the delegate ennterenee I je<ierda.v with thc Transport 
m East bourne in a week's tunc. ' and General Workers' Union. 

THE NEWS that Rothmans Tnter- Dr. Rupert claims that the tax of RBT.Sm (EC'Jmi and pre 
national is poised to acquire for Rembrandt Group is the fourth cions little else. 

Rothmans market share :n rho "th* Canadian tobacco interest!* 
UK has jumped from around fi would be a logical extension lo 

An agree me in was rr;«Lned a man — £220.009 — v.ap paid 
rday with the Transport beiwecn September and the time 
General Worker*' Union. of the .stoppage. 

cash a substantial holding in a largest cigarette manufacturer For example. 

nn per ct-iu lo well nver lu pi.r cent the business of thc Rothmans 

Mersey urged to boost image 


indu> rt-laiim 

i.rtcr f'*r if aid Hus ‘iv'r.r -'ere The fipurec s h/i-.vr d ihe number 

iunii'it .n exi. nUeri a> generously a.> lr> of working da^- lu-.t in differenr 
rcpulatiiin manufacturing industry pacts nf ihe <-ountiv 

irs I: ,,n ' As f:i| . a< Merseyside's image Even after adjustment* |i> lake 

Nurtli America 

sister company. Rothmans of Pall in the world, but he is more mention ai all of Rothmans m But virln:»tl> .ill the Iniernahunal Gnui;i -‘fid up^' 

Ala II Canaria, means a rare than a roh ; ,ccr> han.n ihe document, nr of any ntb.-r major mPaccn wvraasv* round bon.ri ndunmio are envisaged, 

appearance in tin* headlines Tor . . . <iihsid<arv. Unlike Anglo Amen- lb c world, thc group h.«< been The micifsl* in beer. winn. 

one of thc world's must powerful ... " d 1 , II .'' 1 L a m 011 ^ ' h j can for" example. Remi»ran«ll. talking Tor > ears a bout the need „.| ;inti ,_. ajl w „ukl represent for 

and. secretive tnduslrialisis— Dr. .. 0 .r! d ^ ten . brewery and JjJJ ct : ^ 0 „{ t h c South diversify awj> from tohaccu R^innan- International and 

Anton Rupert, who heads the ^ ”««*.;“ " l W African ' Companies Lav., dues ba S been slower lr. make Brinkn , ; inn fihe ('icniian subsi- 

miiLtinaD 0 Remhrandt Group mining interest-., and Iasi year ' . ' dt-taii* ol foieign ,hN sle P Ihjn M, bcr lubaevo diar> througb which a bid w«iulri ... . ... u , . 

of South Africa. acquired a 20 per cent stake tn "'.‘trLfs ° - ma j.«rs. tike lmp. ru.1 Group or ht i ,.ie:»urv of bcnc- rcuulalim. in.inuTactunn- indiislrv a ru h ? . 1 ln d,fTerenr 

SlSS S^re^iS^S InteU&lt S'ofiKS 2 will pro ^‘“f' 

in the large U.S ciinHomerdl^ important parts of the Rupert , chance it« product pro- ' ldc a I 7 {,J,,r extension of Rmh- \ n ,v,, n rt li> consultants for the Management Consuilunis says thi- inilusrriea like the doeki.. minins 

P ,V"h l ?** C Zr Licaett and Myers ° ' empire, and is an extremely sue- mjn - "i\ Is tobacco Department of Industry. are;,' “repumi.o.. for poor Indus- the motor mduslr,- "ndshipfamlri- 

jwned together around Carreras ana .«>ers. ecssful company. ^ iniere-u mio North America Thc Mudy cumin issumeri trial relations is now firmly estab- me ,n -om e areas. Merseroide 

nru- M „imi Rn The most successful Afrikaner its profits took a dive in 1975 «v»r h?rr 'Pr Toth " !lh , lhc Canadian Rothmans | as j w . jr |„ jook into the chronic lished whether true or not. still had two and a half time* 

p e ? ce^ o 7 the ^ efia RoS b " sin ^ a , n XI s /- ra . ined , as * and lh”ehav? been occasions SSHT %3oS3\ SSLXii W- rV $ l brandi » unemployment problems of Indusinal.stx arc also wary of UitMtaUowf average 0 f disTt! 

5 e « L _. - Chemist al the University of when Its hinh balance sheet sear- IVi”*. — .>,» »».vi. l : ra V’ I, _. A Prte^ Sluyvesam and Mers»->si«le ll concludes that ib<* alleged absenteeism, tali •lift), tow The purl remains a major part 

area van be regenerated, but that productivity, deliberate over- °f the Merseyside economy ami. 

r .d have earned 'profits of '&&££* STn*? 'SSS' if TSai^C^iin . roun D^Ru^ ^ ^ *"* SS 

l ^ 1 additiOD. e Rupert' interests ^siness" in JnhanS%re b 3 H“ concern 10 the ^ l0Ck tnaiteI has a patchy financial record l!,l,p,ft '' h urges a new xpwtlic aiipmarh The Mcfxcy^dv nuiustnul rela- modem., a tion. says 

Si-nedCS2-5 5m i£Ubli "after tax , 1 ? 46 m?oufae«irc ‘l.-vorof ^r fmnrawlvely. and Rothmans has problem's h;.s been m brewing in early slaue. and ,t cnuld be virtual products and cum panics would in Ran aim t«> expr-s ib.» non->il traffic is fere east and the 
n the vear just ende.l >f been one of the major benefici- i] 1c U.S. severat munth> l.eforc they are that might «!•> we». join) deienmnatmn of unmns and Imuw force. iuc. expected to 

Rothmans is’ Canada’s second s orunas. a ncs of EEC-led changes in UK The con. panv ha, no*- ex- cumj'tvled. The hanks advising The alternative approach— management n> ,lop any such fall by a per cent up to 1989. 

si -r, e <, tobacco business — behind Published informal ion from tobacco lax. traded itself from the trouble- Rothmans in the deal. Rothschild waning for inquiries and then abuses and l° work within agreed An early start on luodemisinc 

Its profits took a dive in 

mans International, a group p re toria and after five years as 
which in the year just ended a | ec turer began his business 
could have earned profits of career in the curly ismIUs when 
about 175m bef«,re lax. he beg3n a. small pipe tobacco 

In additioo, Rupert interests business in Jnbannesherc. His 
also include almost 86 ner cent of ]inks wjlh Rothmans started in 
the Canadian Rothman? which 194e when he won a concession 
earned Cs.i.5ni i-l-nn after tax | n manufacture re.vcrol of 
in the year just ended. Rothmans’ cicarrtie hramN 

when Its high balance sheet gear- 
ing — brought about by t?ie way 
the company was put together in 
1973 — have been a source of 
concern to the slock market. 

rsgqest tobacco business — behind Published informal ion from tobacco lax. traded itself from the trouble- Rothmans in the 

SAT — and it also has a 50,1 per Rembrandt gives few clue-. a.> lo These changes have given ■< mjiiiu Carling National Breweries and Drum, are a 

cent slake- in Carling O'Keefe how the group has progressed big boost to tile price competi- by selling its interest lo**-gues> conic up with ^ 

with browerie* i« Canada and Ire- from this modest base tn us ttveness of king-sized cigarette* w-ho — another Rupert company noi only -atisn 

Lmd rtogeiher vtitn inv-f-siments present *>i« The muai recent compared with the smaller In yesterday s preliminary inierciit out an 

in production and oil and report and account •- jiKt ffi brands Dunns the transntission . 3 npounc°t 7 ienf 0 i th*’ la f,3 “t bt d •.nb«».rnti 3 i pu"M 

^as-operaliuni- pas» Iode- shuws p.ofits before ro an EEC-stjie tax structure, discussions, Rotiimans said that m me company. 

tmiuMTy. could be 2 really helppd :-»rtke-prone area of \h». country. Bdence nf shippers. 

the eon- 


- ' & 

r ;| 


»I«S >Mprfc» 



■?' - r 'M 

DEALERS' drifted tack with Comparing the performance a Fier initial enthusiasm had 
reluctance ^ -the. Stock Market with- the last Quarter of 1977 pushed the price at one time 
on Tuesday -after the sun-soaked there was an. increased contri- to around i30p 
holiday w^renC and by yes- bution in I87S from BP’s U.S. The management was clearly 
terdaytheyriust have been interests, plus some trading out to convey that Reed's large 
wondering-; whether their dili- problems were in hand and it 

50 - SHAKE r. 

In an optimistic mood 

whatever the figures 




•’ " 

’-nr s «. * 

u ‘ f» e 

c; y. 




U: • 

t _ . • Mif* , 

,r -vm ^ 



A THREE-DAY holiday week- Though stocks will not plum- researchers say that TJ.S. 
end appears to have been just met neither are they yet ready Treasury data reveal that 
wbat the New York Stock to make another substantial foreign buyiDg started to climb 
Exchange needed to shake off leap, says Goldman Sachs. This in March when net purchases 
some of the worries which is because there are still too of U.S. stocks by overseas in- 
weighed down the market last many uncertainties about the vestors totalled $492m. which 
ve ek. liming and extent of the next was the highest monthly total 

Tradin° volume, averaging downturn in tlie business cycle, since the $585m of March 1976. 
26ra-27m Shares a day, has been the base rale of inflation is too Some 65 per cent of the pur- 
subslantially lighter than of high. Government tax policy chases were made by Euro- 
late but the general tone of deters eouiiy ownership and the peans with the UK (5194m) 
optimism about stocks remains value of the dollar is too difli- and We - * Germany ($52m) in 
and was not the slightest bit cult to comp me. the cockpit Curiously. Middle 

1 shaken bv the publication on Goldman, as this column East oil exporting countries, 
Wednesday of April’s consumer noted last week, is recommend- »hich have dominaied foreign 



v.ondermg-; whether their dtlt- - • problems were in hand and it BMB TF 7 * YU / V* • | 

gencewasTvorthwhile. Equity. bolstered this impression, by «4*V U / V ' -if* 

busmessrh^s been^M. a vet^ low -■ ^ stating tbai the reduced divi- " j\y IV -til . ' r - J — 8 

Ittfek ^Jthe -Se-Share Index r LONDON tlend of 8p for 1977-78 (against U y I 1 

. has rdxif?ed ; off by just under a . rMtnotctu 13p last time) would be repeated ,[■ S 

pwtrt owthe*mr trading days. . . . ONUW * tR for the current vear. The chair- |M L ^ _| 8 

-pe-gifbedged. pitches continue - man -added that the pruning Hiy V 1 ■ M 

to oe much nawe gloomy, more- . ■HHMBHBBl and rc-organisation of Reed’s f. v ■ -8 

Government, Canadian interests— measures raj! IfTtTiIY / \ ‘ I 8 

XSPi ■ ^ * n y ex Mt uew improvement in oil operations which cost the company £23m EBi r j_ [ 7,* -T 1 . i i il. A !■> "8 

011 days out of in most European countries, last year — were taking effect and BBl\Tk' D flu ATlfll I I i A/r B 

four; The ; politicians, at least, These gains were, to some that this area was now moving BE M-M-V* *+^-V*^* I 1 W , I i 1 1 
have been taking a week off, extent, offset by lower proceeds steadily back towards profit. RaNg(0KB|SfiBrc££9)SBBS£ffisl§rai!SH^8B^lii 
continues to fear from North Sea oil and in- Reed’s main problem remains WWW 

SSK “srusfSJi. .. yirr^Ksar- j^sscra ssssaff.w' 

tenores fin^t discip^s. " £WEj£S5 SWOB Hunter Tt LV^Uve “STS & SS 

BP unimpressive SS & ScifSrtSTSrt Sw:m Hunter this week re- If the businua for disirihution attractive offer. Xorthfra^ 

?nih-sts' , S&nato nd of SfS ™%SnTi> have approaching £20m-or around at 91p. 
quarter net .Income of £8G.6m lhe cash dij5lribu „ on it pro . J00p a share— currently avail- _ .... 

cjmpared^wUb SI4A8m failed ^ are basetf ^ a mised iTl its i3St annua! report, able for distribution even before Building results 

Wh ,i b "rowing contribution from the The group is apparently plan- taking into account lhe coin pen- xiiis week's news from Man 
"priori «•,«« n?«nt company satmn due. ley and UBM. respectively the 

thlreleMe^thftresufm But U P ^om the North Sea. and mo voluntary hquidatiou fol- tw w/ » sham country s largest makers of con-! 

the cvera » redaction in losses from ] ™ e * 8 j^nhvtwp to WOI thei n S Shut es crelc roofing ules and the second 

profite SSj product trading as a result of shareholders of some of the The possibility of a large largest firm of builders mer 

SS AhnnS fi terser, the move towards break-even, cash currently in the balance pladng of Northern Foods’ chants. , was not particularly en-i 

a gain of only 2d rm the riav" and with luck profits by the P ,MS . ,he compensation chores became dear when the couraging. The upturn in tlie , "77' some comfort from the Much i-reriit fnr thP tmrfcpt purchases 

.KSi-.'tt - « « — ffaswams at srat t tss tvasrsss stos sfSS jBattffS - - 1 

si™, 5 - ssssvsik su a -s z was ... ... sWiss su » Jir-t .sis 

£80.6aL t^aa at/the kwer end of Shareholders in Reed Inter- the continuing business in- nf Rm Northern share* nn . nnv- esoeciallv hard hit bv the nro- anyway, been discounted b> the first preliminary report on the -rupstfav 

^ *55? «« SOme “r '**«*■ pleUonTthe^^rms K »«tet » avert extent of foreign purchases has 

cIg ; E an^ysts. The principal fort from the prehmmary results The group which announced over will prohablv only be reckons that volume has L® **** andadd bAl to the Dow been produced by the Secun- Thursday 

dWereoces arose because w announced on. Thursday. AI- its interim results this week is holding on fo around 3m. dropped back bv 40 p« r Jones lndustnal Average- Such ties Industry -Association. SIA Friday 

SSSmS «f a ^ 8 W n «^ » *® u «? the evidence of the now sajin? that these plans According to Mr. David Sara- cent since the boom days behaviour tend* l0 s [engthen 

Underlying profits trend: BP’s group’s problems was there in will have to be postponed. Swan worth, chairman of Pork Farms, of the early 1970s. Though ? om 5 analysts conviction that 

accounting systems are ex- full measure — : extraordinary Hunter and its financial ad- the decision whether to accept it is noticing a substan- ' n present market *P e 

tremely complex. - Also there losses of £4I.5m compounded by risers Samuel Montagu and NF's cash alternative instead of tial improvement in the first industrial average reached its 

nart been unnw nwp pctima+trvn «n Avr>h<nBA Ipicc nf FiAm tho c i- ur..u.._ _-:j. .. bh... ;< .l e_ .i j i .1 i r low in r eoruaiy ana tnai. 


ing institutional clients to cut purchases in 1976 and 3977, did 
back the equity holdings by 5 not step up their buying. The 

■ - — — per cent and in common with SIA says th3t UK purchases 

many other brokerage houses reflected not only the renewed 
NEW YORK is stressing tliat this is a mar- strength of the dollar but also 

ket for stocks which means any the weakening in the pound 
JOHN WYLES stock at lhe right price rather and the abolition of the swap 

than any price for lhe right penalty for the investment 
stock. Industry groups now be- dollar premium. Total trans- 
ing most commonly recommen- actions, that is gross purchases 
ded include beverages, broad- and gross sales, ^hy foreign 
price figures showing an annual casting and newspapers, drugs sources were 45.7 per cent 
rate of increase of 10.S per and hospital supplies, office higher jn March than ip Febru- 
cent. equipment, retail trade, savings ar >\ 35.9 per cent higher in 

Some investors were disposed and loans, tobacco and airlines. April than in March w'hile net 
to take some comfort from the Much credit for the market Purchases in April were 30.1 
double digit pace since the figure rally which began on April 12 per cent h, & her lhan in March, 
was lower than Lhe most alarmist has been given to foreign 

Close Change 
834 JO +2JT 

840.61 +6.41 

840.70 +0.09 

84754 +6.84 

in February 

.Jiatk.beeh some oyer estimation 8n exchange loss of £30m — the S. G. Warburg said: “That it the other 5ra. shares will depend three months of its current year. ^ 

Pf..^he wmtributaon from .. the thrust . of . the report was that would not be appropriate or entirely on how the Northern it is cautious about drawing con- therefore, the subsequent re- 

Mrth Sea and problems in trading was encouraging and opportune to proceed with the shares ‘move over the next few elusions about the fuU vear. covery is likely to endure. Go d- 

nnp.cipaong. the movement In that things were slowly on the reconstruction until the prob- weeks. Assuming something At least Marlev is finding that raan S,chs sa ^ s 111 l *f portfolio 
sterUng and the impact value mend. The shares put on 8p over lems of the UK ship repairing like a 7 per cent, placing dis- its traditional roofing tile bust- strategy for clients that the In- 

. Pn^jSes' hsy.e on results. . the_week to 124p and this was business have been resolved.” count, this would mean that the ness is doin^ better. But its dustrial s low of j 4~ in February 

. ' expansion into plastic extrusion ? in probably not be revisited 

»* — — ■■ ■ — — — — — — — which depends on lhe home «*« because the recovery of the 



BBBUBia n mm 





[ iiniiiniMilinMlnwuiiW 


improvement and the do-it-your- 

iast few weeks has almost cer- 


self market has not responded tainly helped persuade investors 
as well as had been hoped and that eq««y investment is not a 

-,rs ^-v- J 7? r *■' •• *. ^ • -« 

jnd.i Ordjr Indwr ■ - • - 
fcxchequg r5 j p<?8Z. A ' 

Allied Conoids. 
cappeT-NeiiryAi; a. ; • 

■ Price 
; r day 
- 47 55 




Change on 
' - ii 

. • + « • 

week to 

Home Charm 

Investment Trust 

Melody Mills 

Overshadowed by 2nd line shares 

jnterest rate doubts FINANCIAL TIMES 

Renewed bu yi ng interest GovtSea. *9.8.1 

Good resui ts/ record order books 
Bid from Armstrong Equipment 

Hopes of increased div. 

Bid from Thos. Tilling 

Demand in thin market. 

Bid approach 

Results due next week 

Speculative demand 


Govt. Secs. 69.83 
Fixed Interest 71 .64 

Indust. Ord. 476.2 

Gold Mines 1S4.4 

Dealings mkd. 4,686 

M,y whereas Marlev had been ra- °" e “ a - v stI ? e L and fondly 
» peeling that housinj starts in the speed nt the recovery was 
calendar 1978 would rise from that atiny investor, with 
last year's depressed 267.000 to lar S e rash positions were left 
■— close to 300.000. it is no looser standing and are now welting 
2M? so confident. Both Marlev and for » period of retrenchment in 
72Jt UBil will benefit substantially “ rder “ chmb aboard - 
479J when the upturn comes- 


JBKOunik. tju 


I :Hi;aa:sr..".isassaiK{iH n;: 


Industrial AveragetK 


irnmimim— niiUHinn 



Property Partnerships 


Capital Gds. 214.03 211.90 27354 

Bid from Wm. Prym-Werke — — ~ — — — 

- - — 'Consumer 

(Durable) 19554 193.79 197.70 

Cons. (Non- 

Durabfe) 202.80 201A1 204.93 

Chairman’s encouraging statement. |ln«L Group 211-25 209.39 211A9 

; Speoilative demand 500-Share 234.81 233.11 23S.I6 

V Profit-taking after spec, rise Financial Gp. 764.47 164.79 168.04 

Ail-Share 216.73 214.87 277.24 

Red. Debs. 5732 57.40 5750 

0/ bA,. 


wuv* a W ftVFRSKAf: ¥TIND7To enable UK itrsestora to share in the growth ofmajor overseas Scfawfa Ufc Gtwp. The Schroder life Group, also wholly owned by 
' OTnomiS-roSTastte Gniwl Stsftes of America, Germany and Japan: economies which Sctuylen ^hredcrUfeAwranL-e UmiiEUaiid a 

ppppOime^-BlCB U mtWMteS AmCTCT, wftofly owned suhJidiaiTf Schroder l^nstaiu LimiCdd. ejcfl prwiding soinces 

havtprov^thanseives capable r^susumiea growth in toe past. lo dUTcteniKctiotK of the UK life vuinutce rruiVct. 

: " i •• • ■ .. •' The U>lal esseiioT the Sdartxler Lilt Grotipcrrmiun id, are now jpptoachni* 

' vnYIS NOW A' GOOD TIME TO INVEsO We believe there IS considerable scope and SSOmiUionand the sumassurcdmlonx' exceed £IMi million. 

•-pef W+^t ^^mtnj iavestroBOl in shares ofleadieg companies fluodeboul the OpwUieo dike Fwd. The Fundih *nded lioio uniu. » hk.h ore : □linbuied m 

• T^jeiAtToeconxwmes, . .. not of ibu tnauugcmatl cbuKe ' 6 *uuxnntica}lyjvaumTuie4 wiih’m the Fuad 

1. ;A ‘ “ ■ r ; *• .. , ■ ■ smdsogoe&loinatascibev^UjeoTyouruntL'. ScJirtaderUle oubliehesj 

~ WM V t h e crHgnnni nvFUKEAS 'FUND? The ScDToder Overseas Ftm a VHnDenia na ie fl by - mwn each yaw on the orcefCv. of iu Funds, of wnich jou will be sem • w. 

, ru^jrvlWnoderWajs &. Ca Limited, onebf Britaiifs biggest, longest e&ta b lrt h ett and most cvefcfe* the^etae aOnr . muk F undh. nonneih *»hied weeUy and ibe 
XJdSIHysctnwicr hack- tn 1 5flW. : unn prices «rc pu wed m thefitunetd pages of moe.1 oeuonal nc^p*ntfi under 

^tocmabanal menrlartcanta, Witt onguwaatms pace ro aw. hnnt „. ■■ the bcadmE Schroder L* Group. Ai you r Bond Will srtirat (he numberof uniu 

T- w - Schixjdtt^&ge'# lovesUHenleiqieooace, bott at homcandovcrseaS^OTSWW onutup xarilitru^yoa W Q| be ablew cakuloie ii< value ji roy ume by muluptyms ihu 
i reaisand anrinfixcwl bya strong oewortt oTuueniattoaal co on ecaons. Schroder cuman bid flu wen price by the number of units. 

■tn-ioWi rruesiment easotsnse wortd-ivide^nuinkadonssysto^ backedhybage research SwRda« VuOty. Schroder Oven*«» Boodh incorponie a valuable bduy 

72++- . _{•■_: .e__i „.^- J wurHeeviaHr«ir i h i- wtri d. " enebbngyou loswiicb!rourmvtKtmenimtoMyoLbeTSchfuder Tond then 

(? hoi dine conmany Of the waiWUe for tbo purpose, thh fadUiy. for which there q « small elwree. ouy 

: "e .r-Si&wfcfTfesg JSaSnb^fiaiy.oESchroderS LonitoLUie WWau^.ftriup^m me *C exercised nitre limeand asfrwjueoUy esyon wish. FuD detiik wdl be 

%HY2S NOW A GOOD TIME TO INVEST? yfeUGeve ttyopeh considerabte^opeand 
MeSciKorcapjtBlgnwi&tNoi^i investrarat in shares ofleading companies fluongboi 
w^kCTaininy casp.equflyjnSces do not folly reDed; the undetfying suength rftheir 
.'itapod^vpecoijbmics. ’• ; . .. / 

[: "r r f ^troderVfegR aasabsj^ary.OfSdgodes Lmutetltne me .SeeienAeditioriimeuxlasfrequenUyesyou wish.FundetiilhwiUbc 

h '^r^ rrir^and a. mlbficcOigptor whose shares are bsted on toe London 5 tocfc Esdiange. .smBfadon reqgcg. 

tjiij.'tehf+TC.i.w.ii aa iriter tTuGnnal orggnimtion With interests covering a Wide UfeAsaomee. In addition lathe investment MrocUons. Schreder Overseas 

m ffijtifi 7g +~ffi-n 2n> a»mhriea. bdullilg the Uni t e d Shrtr s of. . Bonds provide valuable life assurance protection. Should you die Lho amount 

/*^«»Wwncaiseivfo«jn*OT e w s #TK fei Il{ i Australia and Canada. Sdnbders are Preble will be a nahlpie ar Iho a»h wilut of (he unus sUocucil (uyuur Bond 

SSL gmzmx 

b lfiV& 7 ksHr 6 Bii!l'iU ,l E AND FOLfCL The Fund Mapageo- mveslBlCT^iol^ris Jor *e A schedule'forall Wrt Will appear in your policy. Foe foonks the 

^^erQymwgFuwUo he iovesteti ttoo n g hoat tfao worid.wrtb thecmpMflgbemgptecea l 0 M [«a„ui= (ooryeareyounset 

cacit&l prmTth-iKbwevei; when const aerea to off&ppmpaaie, Tkxadm. Afl the incanre fiom invtuments of the Fbnd b subject fo ut at lhe 
POtRea^tHCyeillCOrOl tpilS^ul ;_^reK. n ^1.nrtheFimdOndeno*riL ■: Hb.nmrerenm.e.inmM T«. rreenhUenn mine r«lkeet unit. in |V»- PltnH ic 

life mas company rates. Tas pajoble on gains realised within 'h< Fund is 

' " V • i, I *1 .^auCunii • . . . met J>jr tho Fund. TTw price of unit * aikvwt for Ute prospective liability loux 

/tomdwW«o^f 6 j>rote«'the M>iWv^uo«.™runa- .: th _ rri : recl »« or i n( ii wc ii v . on onreafoed tains in tbo Fund; the present pradiocb to make an altowaoce 

The Fm*}«2y in'*sl maw mrewoas equity 'BuMretneri a iooo-iwJf ibe nomrai rate. 

f^Am^^^resfeientvehides managed by overseas aasoaatcsottnefuna lw»wtTi«.Wh«.yooinvotinaSciirodcrc»«eriea : jBondytww.iih-re : no 

1 the Fund Managers can usetfw.expencnce p^wosi tiubiiMy forte* me us or caprtjl pots ur ui any lime. Ybu pi» 

i^g^ ^?S 2 ^^n»rt^tobotadoaniagc.No-o n ecansuafaiflefithc r . no h*hemie un w nwestmeoi loeorae surct^c on the remveawd tiKomc 
pffte^caleeoE-Qyers^^mfijM*BUSto^a^eo •" Of the Fond, no meuer bow bigb your income may be. 


i* 4hr«Rl be resintulag aiuedhnn to long- term mvesim^ii. nowera, . |nvesinnm«y no«wrihdraw5%ofiJi>uro.-t«rwi 

i».phf«iW be rqmniedaS OTPedhim talons- term .*? ' htrhcmK iiwpayers. Invesjonmiy nowvrrLhdraw}%ofi}ieit ortfiirul 

, . -- , 1 mrun^T'rmirrinMlttf!Hfc et f > Ff a ^f^ aay lP veaBncnra, . | U“* w>n - | inraaneatezdijsmoriUKL-nmninoriOycin.axnpteiclytr^ol ur si the 

Fund UtUnjpNi States -lime afwiihdravniL Amounts in erc«» nTStt m*f be wilhdRAH. bui ih< 

-InjliAllv.fllfcFuadMaogggriUitgtn • • jnd tin ■' eirt» Be liaWclp higher rale us and lhe intnuncm liHume hufchjir.s. 

. ^i^^v ^^f+'jmainantlyvfclVbM9aO7--ab0tU Q7MU-J a P aiI i “ * - ; Any mQt'OB'fiaidlynsUiig jour Bond, or on your death. i> liable io higlicr 

jr.iivi f rrii- - .. - rt iT?-:v-urT'ii •' ti»e wrabdimtsiBieni intxinie Mirchuse, tfrou are then liable to tas il more 

iilS equities oficaditis'olliemip Thn| (hobasicrae. Anyanwunisalready received, undcrlhe W.ihdra« rijn, 

- ^ to wgfmeW r yjOtbe paJlTy through the tm;aniiD of andanpanlalsBrrendet will be uken Imosaoum Hi deicrminmeihc lubiruy 

compares. Ui U» ^ nf iheiioliar premium. ■ io UX. Ifyou arehi any doubt v lo.vour personal Uxatlon pusiuon. we 

fOT^Ctore^ibaniittajWS, nioniCTttrt^lOCO.lbe cltectot utcuou . . .. reeornrireodyuueonwliyourpiWevsionalBdvhor. 

tdTer price) caver ■dminstalton aspenses. Jiudlos this cost oflilejssufaneo 
covet Schroder Life muy. at iu duett lion, incrcue ibc annual manapcmcni 
douffi in the fiSurc u a (Mcoomceedms fitper mmumof ihe value uf i be Fund. 

and Inland Revenue practice. 


I j r/J 

CtTbTi- jv* 

r ■: . ■■■ ■/. > / 

Since mid-April share prices on Wall 
Street have staged a sharp recovery. 
Whether this upturn in the market 
represents a brief rally only, or whether it 
heralds the beginning of a sustained bull 
market is difficult to determine at this time. 

£! ven so, it is our firm belief that the market 
is now towards the lower end of its present 
cycle and that, even if the consolidation seen 
in recent days continues, the scope for capital 
gains is substantial in the medium term. 

rise of 25% in the Standard & Poors Composite 
Index (151% when adjusted for exchange rates 
and investment currency fluctuations). As can 
be seen from these figures, changes in 
exchange rates and in the investment currency 
premium can affect the value of your invest- 
ment as much as stock market fluctuations. 

An investment in this fund should be 
regarded as a long-term one. _ '*% 

Remember the price of units and the 
income from them can go down as well as up. 

Although there are still a number of major 
problems within the U.S. economy, these have 
been largely discounted in the present level of 
share prices, and many shares are still selling at 
comparatively low levels in relation to 
companies’ underlying assets and earnings. 

"We therefore believe that Wall Street continues 
to be in a position to record an impressive 
performance. Furthermore, we believe that 
Save & Prosper United States Growth Fund with 
its portfolio carefully selected from the growing 
areas of American industry is a particularly 
attractive way to invest in the U.S. market. 

About Save&Prosper 

Save & Prosper Group was founded in 
1934 and in addition to being Britain’s 
largest unit trust group is a major force in 
the life assurance, pensions and annuities 

At 1st January 1978 the Group 
managed £875 million on behalf of more 
than 700,000 investors. 

United States Growth Fund 

How to invest 

U.S. Growth Fund was launched in 1964 
and is now valued at over £33 million. 

By investing in the fund you can obtain a far 
wider spread of investment than you could 
readily obtain on your own behalf, as well as 
benefiting from Save & Prosper’s long 
experience of the U.S. market and currency 

Past performance 

Since the launch, the fund’s offer price 
has increased by 114%. This compares with a 

To make a lump-sum purchase, please 
complete and return the coupon below together 
with your cheque. You will he allocated units 
to the full value of your remittance at the offer 
price ruling on receipt of your application. 

The minim um initial investment is £250. On 
1st June 197S the offer price of units was 80.4p 
gi viog an estimated gross yield of £0.85% p. a. 

Ifyou require any further information on 
the fund, we suggest you consult your 
professional adviser, or contact our Customer 
Services Department at the address given in 
the coupon below. 

Advisers requiring further details should 
contact Save & Prosper Services on 01-831 7601. 

gen*eral information* 

Trtint aha. Tbo aim U lo provide a portfolio invested 
m On.’ uhdKj o[ US com <j<uuet. Income le not a. 
cons idtrai ion in msiucing the land, 
foils ., re cany to buy. L : nii* reay nor mally be 
I'nught and t>o)il nn any working day. However, in 
r^ueplionRl drcum*tnnc«s the Manager* reserve the 
richt to 4p$perid price quotations pending- their 
rv valuation. 

And to self. The ilsnarers wift normally buy tack 
units, from rcgiatsnd holder*, tree uf romnussiai). nt 
jmt leus than the bid price cnlcuinted un the day your 
instructions nro recei’.ed. in accordance with n 
jorraula approved by the Department of Trade. They 
may oko be rold back throucb an authorised agent 
who id entitled to charce commission, payment is 
RrirmaUy made within seven days of our receiving 
renounced onrificatefB}. 

Safeguards- The trust is authorised by the Secretary 
of State for Trade, and is a 'wider-range' investment 
under the Trustee Investments Act. 1961. The Trustee 
if Book of Scotland who balds the title to che crust’s 
investments an behalf of the unitholders. 

Charges. The offar price carreculy includes an initial 
service charge not exceed 1 a c 5%, soil a rounding 
adjustment not oxcocdice the lower of IVi « 1.26p. 
Out of this, ixtmmbslnn of li" u ijihfe- VAT where 
:,pplicabic> will br paid to baofci, stockbroker*. 
HilKiurA accountants and . iuxliu/>d insurance 

broker, an onplicruions hearing Lheir Fiamp. la 
loir-ion. u tuU-jvuiy vharg-. oui of which M ameers' 
if>M» »nd Truftivs’ &•<•> nr.- m.-t. i* deducted from 
liv 1 uujI'k sheets. This cbnrrr i-- lurrcoLlv JS.'op per 
ilAJ on which 9% VAT is tujvible zuJaar s totaZ 
d-'dueiion of2ttiiii perXJOO. 

Jncotne, Ibstributinns of nor iDtonre onr made an 
’.’jut April r.-vch year. Then! can be rrinvhud in 
-u fiber units if you wish. 

;> I turn sen,. Save & Pitoper Securities Lira Hod fa 
memher tt* the Cnt l Tnc-t Aaiociviiop), -1 Great St. 
Helc&b, London £UP 

B Application for a lump-sum purchase of 


Sava* Prewar Saeurltlaa limited. 4 Gnat St Hafena, London EC3P 8EP. Tal.: 01-554 8890. S 

P ofllstered in England No, 7W72S. Roaritsred office ac abeve. | 

To oureftaw unto stem complMo and return 0* lom. elthei dtedly or intouQh voui bank. atocUnker, Mllctot. Bceowitint m 
aueldted Insurance biokor, togeffter wftb your remittance. We will ectnourfedfle recap! ot your appocawi ana nunnunca snoMn ■ 
iwtnaRy despatch a cenifleaia lot the unto within 14 day,. Cheque* should be made payable to “Sfc» & Ptatpar Securities LrmttoT B 
Th« eHi is not avaSe&to a raodanls of Urn RacuhHc of Inland. Qrjctt emouot of ipmUuntti M 

Bews IwuaM me Untod Sana GiowihFimd unto to the vQluaot | C 1 ertailatodstdiaoHefPttee ■ 

njCrifl cm recelp* of this application. (Mintonon Inidal pe»diaEa C2JXI, CSO (or sufcawuem porcijasoBj A wm«ert« * «ndo6ad. B 

Mr/Mo/Utss Agents Stamp — 

Full Namatii 9 


Address m 

1 dodaie thul am ora 18 and am not raeldaut ooWdalhe UK or other SchoditodTenitortia and that 1 am not acqiddna foe above 
unto si the nomlnae of any person midaRt oubito Dw Terttortoe. til you are unable to make this laddomM dtdenboA K «hai« 
ba added and the form lodged through yogr VJK bank, stockbroker or aaltabu.) 

Sr anatuie 

Eatsung United Stales Growth Fund utthhoMeis eleasa drt here. 

Il you would Ilka distributions ot Income to be Mhwociod in Knitter 
unto please tick hem. 

I unto mease uck nwo. i — i 

II you would bim derate of the Share Exchange Wan please tick here. | } 

For Office U*e Only ! 

423/FT/I I 



Financial Times- 



I covenanted to pay my cheques and withdraw cash. c incnitlG 

J...— POPn . ..AMI. imf II \Vnn!ii it fhdVfOlV hp nPrAwarV Lflllttr Cli 3 

daughter £350 a year until 
her education finished. which 
It did last July. She. married 
the previous July and her 
husband is in regular 
employment. The Revenue 
have now refused to pay 
back the basic rate tax because 
sbe is married, though her 
local authority grant was 
based on my income, not her 
husband’s.. Are they correct? 

Would it therefore be necessary 
to apply for probate, given that 

. It would not be for other 
assets on our estates? 

We think that the account which 
you describe will satisfy the 
requirements to fall within the 
category of a genuine joint 
account However, it would be 
wise to take the precaution of 
having some cheques drawn on 
Che account by your wife hence- 

and tax 

From what you say. section 36 forth so that any question of 
(2) of the Finance Act 1976 account’s not having been 

operated as a joint account may- 
be scotched. 

entitles your daughter to a 
repayment of tax suffered on 
her income of the year 1976-77. 
since it did not exceed £735 (and 
she was married during that 
yean. She should give notice 
of appeal against the refusal of „ _ 

her claim, as soon as reasonably &($fflSt J(RTICC 

If she has any further dlffi- My neighbour piles up earth 
culty, she ni3.v like to write to against my fence, despite my 
us direct. A copy of (or protests. What legal remedies 
verbatim extract from! the tax have I ? 

inspector s letter will be help- ynur neigtlbour is not 

ful : , he *! ,cks *? hls J^^ entitled to use your fence as a 

and states his precise grounds. retaining fence for his soi] . or 

to damage your fence. You 

Re-couping the 


would have a cause of action 
against him. in trespass and in 
nuisance and could apply to the 
County Court for an injunction. 
However, you will bear in mind 

I have two children aged 12 and 
14, who live with my gx-wife 
who has re-married. JBy Court 
Order. 1 pay maintenance of 
£624' p.a. for each child bnt no 
tax is deducted at source 
from these payments. Addition- 
ally. the children have incomes 
of about £350 pa. each, being 
Interest on money w-hich I 
invest For them. This interest is 
subjected to tax at source. Can 
you advise what Is the tax 
position for the children and 
whether it is possible to make 
a repayment claim Tor the tax 
so deducted? 

We cannot answer you question 
without knowing the origin of 
the children's invested funds. 
Provided that no part of their 
funds originated (even in- 
directly) from either <a) your- 
self or (b) their mother or their 
stepfather, then income tax re- 
payment claims can be sub- 
mitted on each child's behalf 
for the balance of personal 

allowances, etc. If their funds 
do not satisfy this stringent 
test, however, then their income 
may well be taxable as either 
(a) your own or tb) their step- 
father’s. as the case may be 
under section 437 of the Income 
and Corporation Taxes Act 1970. 

Disturbance from 

l DISCUSSING home contents 
insurance a few weeks ago I 
asked the question — which 
would you rather face, an 
increase in the rate of premium 
that you pay (perhaps in the 
j order of 20 per cent to 25 per 
I cent) on a substantial excess 
(of £50 or so which would 
leave you having to meet not 
| only small claims but part of 
larger claims out of your own 
pocket)? This question is per- 
haps theoretic rather than real 
{because premium increases and 
excesses are underwriting 
measures which insurers are 
more Mkely to use in combina- 
tion rather than in the 

Not SO 

insurers to pay. proportionately 
on any claim if at the time of 
the loss the sum insured does 
not equate with the full value 
of the property at risk. 

I am constantly - hearing It 
said by brokers — not the large 
national ones who try to avoid 
handling personal' insurances, 
but the smaller provincial and 
high street .firms — that modern 
house contracts are now far too 
complicated and moreover , far 
too expensive to sell jtp ‘the 

A gable of my house abuts a 
field and in inclement weather 
the cattle therein often shelter 
against the wall, banging it and 
dislodging stones and, at night, 
disturbing us. Have I a 
remedy ? 

You may have a claim in 
nuisance for the damage to the 
wall, provided the dislodging of 
stones is not contributed to by 
want of repair of the wall. We 
think that you would not have 
any basis an which to claim 
damages or seek an injunction 
for the disturbance of occupiers 
of the house. 

Most major insurers charge 
124 pence per cent for buildings 
cover and 20 pence to 25 pence 
per cent for contents insurance: 
these rates are for the best risks 
and you pay a lot more if you 
have a thatched or cedar roof 
or a fiat in the North West 
postal district of London. But 
it is possible to pay lower 
prices than these and a new 
contract introduced at the 
beginning of May by National 
Employers Mutual — its Home 
Economy Plan — cuts out many 
of the frills that the modern 
household package provides, 
but still affords basic material 
damage cover, fire, theft and so 
on. at rates well below current 
market prices. 




Do I conclude From your re- that the cost of applying to the 

Court may be disproportionate 
to the amount involved in the 

marks under Recouping 
Premium (April 22) that it is 
regarded as part of the £40,060 
one may now transfer abroad 
on emigration and not in 
addition to it? Docs the £40,000 
have to be taken out within a 
prescribed period? Does It have 
to go to the country where one 

is living j j, ave hat j house retiled to 

Reclaim ef the investment cur- im8atl , i[i , ctory rtandar d. If 

rpnrr nrpmmm in thf> mmim- . . . . __ 

An advisable will 



we do the necessary work to put 
it right ourselves, could we 

rency premium in the circum- 
stances we described would 

imply using pert of the emigre- ^""tYm^Vhe mo"n“e^ due 
non el The allowance icp ^ contractor 

can be transferred over a period * h « V o Hoi™ 

, , , . , . . would have charged for doing 

and need not be taken to a par- H we decide not 

ticular country. 

Genuine joint 

You have stressed recently that 
joint accounts must be 
genuinely operated by both 
joint owners in order to avoid 
having to apply for probate. 

My wife and I both earn and 
each pays moneys into a joint 
account for housekeeping 
purposes, hut I write all the 

to have further defects 
remedied until such time as 
they cause trouble, could we 
deduct the notional cost of the 
work required ? 

You can do the work and deduct 
the cost of the materials, but 
not your own labour (or sue for 
the baiance). But you should 
not wait too long to act, as your 
claim may be difficult to estab- 
lish at a later date. After six 
years (without acknowledg- 
ment) both your claim and the 
builder’s claim for the price will 
be barred. 

My will leaves my estate 

(£70,000) In trust to my wife 
for life and then to my two 
chldren. (a) Is this advisable 
in the light of CTT? (b) Do 
you advise a division of my 
assets 50/50 between my wife 
and myself? (c) If so, I 
shall transfer the non -matri- 
monial property (£20,000) from 
myself to my wife as a gift. 
What will the stamp duty be ? 
and what do I state on form 
19 in place of the words 
“ for the consideration of 
£...”? (d) What would be 
required In written form to 
establish words of severance, 
in order that my wife could 
become a tenant in common 
and so by will pass her share 
in the property to the 
children ? 

In the absence of full details 
of your fiscal position we can 
only advise in very general 
terms. However: 

(a) The formula used in your 
present will is unlikely to be 
advantageous in present cir- 

(b) A division of assets with 
your wife is advisable. It may 
be that a division in propor- 
tions other than 50/50 could he 
more useful — this would de- 
pend on your wife's assets and 
age, and on the ultimate desti 
nation of assets. Sample sums 
worked out with other fractions 
will help you decide. 

(c> Stamp duty will be based 
on the current value and must 
be adjudicated. If the value is 
below £20.000 and a certificate 
of value at that sum given in 
the transfer no stamp duty will 
be payable. The words to be 
substituted are: “In considera- 
tion of the natural love and 
affection of the transferor for 
the transferee." 

(d) . . . “ to hold the same as 
tenants in common in equal 
shares in equity." 

N-EJVL will be charging S 
pence per cent for buildings, 15 
pence per cent for contents, but 
before you rush to buy I must 
add that insurers have set a 
minimum premium of £10 for 
the provision of either build- 
ings or contents cover. You 
[should also note two main res- 
trictions: you -have to pay the 
first £25 of each claim and you 
have to accept an under- 
insurance clause which entitles 

ordinary householder. Their 
cry is for greater simplicity and 
lower rates, although I am not 
certain that they accept that 
this logically involves a reduc- 
tion of cover. 

If these brokers are right and 
there is a real demand for 
cheaper basic household cover 
then NEM should attract a deal 
of business, and other insurers 
may well introduce- similar 
economy contracts. 

With the sun blazing down, 
these last few days many 
people must have thankfully 
dismissed from their minds the 
rain and floods of the last few 
months. But all the evidence 
coming from the main house 
insurers is that on the domestic 
buildings front there was a 
tremendous surge in the num- 
ber of claims notified in the 
first quarter of '"the year, by 
about 50 per cent or more. 
What this involves in claims 

costs cannot yet 
but some of the published com- 
ments accompanying the 
companies’ first quarter pro - 
stonal trading results underline 
the unhappy " winter that 
insurers have had — first tne 
extra losses due to the firemen s 
strike and then the hard winter. 

Both batre provided increased 
pressure for the rating changes, 
hi price and cover; on domestic 
buildings so long predicted bur 
s till not implemented. 

On the contents side Insurers- 
make most of their payments 
on fire and theft claims. Indi-. 
vidual companies’ experience 
must vary considerably but 
most reckon to spend up to 80 
per. cent of their claims outgo 
under these two headings: it is 
significant that at the- present 
time threequarters of this 
amount, getting on for 60 per 
cent of total expenditure/ is 
now spent in settling theft 
claims that arise particularly in 
London and the , other major 
urban areas. The Writing 1 seems 
on the wall that urban and 
suburban policyholders, will 
soon have to pay a lotmore for 
their contents insurance than" 
they do now. - 

■ One. of the features of many 
modern contents policies is. the 
provision, of “New for Old 
Cover”: individual companies’ 
practice varies but this cover - 
is normally provided for furni- 
ture . and other consumer 
durables with a low rate of 
depreciation, for a given period 
from date of purchase and per- 
haps for a maximum of five 

From the policyholder's. point 
of view this cover has been and 
still is an excellent buy because 
the extra premium required by 

Insurers, SHthe- cost is 
fact absorbed, in tfeeif 
•structure, i& usually itftii exaS 
of 10 per cent to 20 per.oSE- 
extra on the basic .jpricih.vfvf-#; ' 

“ New. forOId 
been widely sold 

of the. 70’s . and ... ' , 

surer? ;lmye_ mw'„ ? 

assemble from- the plaiias^ig— 
-have paid a deal _ f 

evidence that in .times-^^v»g 
stantiai lnfiktion * 

have -rerently^jenm^tiiaT / 
the! prenuiunrle'ad^^re'iiHrt 
been sufficient to cover -rife 
-costs. 4 • !. :'■■■ , 

, Many: hold .tIi.e' riew.-tfjat fc. •• 

spite index! Hn^& ■ 
insurers ■ as well- as ppHeyiuatf • 
ers protection, against inffeabn;. 
that the provision of : ■' 

Old Cover' ks:C0Btrasted^^ 
the iirfemiut^;.type.-.Iis^^ 
(where : a ^epreciatiou’is tuVfe ' 
into. a^unt>: dMaands-STO^i- 
thing In. . the region of ffiodble 
the normal rito— $0 
cent as opposed tfi 25jpei ien5 
Incidentally, looking- tfois&r. 
at the NEJTs ;.n0w Sbate'2j£; 
homy piaiu I seC ' 

tents cover. 1$. prbvided na-t}^ - 
old style indemnity ! basis,. aqd ' 
does not include any ;payta&fEr 
new for .olcL WlthaVcon tef fiff 
rate o£15p: per cent NiMlcoifiJ 
scarcely do otherwise. 'CV- -- • 

So perhaps I should- end. •&&& 
a reminder of. what : indenfeiJ^ 
means on a contents., plains It - 
does not mean, as-..®) raatjy! ' 
peopletfamk,insu^^ : 

original purchase price? making 
deduction for Wear ^d^teacai^, 
then paying a smaU. suin Whi^i . 
has. no - relation ;fco ciuTentrrer 1 . 
placement cost ' Qtrite -'lifBv 
trary; the starting pbint.dE, ii; • - 
demnity is current rephtt^ment 
cost of an- artible-^of'- smllst.? " 
quality; from this, cost- insnxer^ 
make deduction for -wear and. 

tear' having regard to the, age 
and use 'of the article losf or 
destroyed: and they-'then 
the resulting amount ■' - 


Na legal responsibility con be 
accepted by the Financial Times 
for the answers given in these 
columns. All inquiries will be 
answered by post as soon as 

Development in the dry season 

Trials of travelling to work 

THE DRY season is about to 
start in the Northern Territory 
of Australia. The floods follow- 
ing the heavy rain nf the wet 
season seep away. <the rivers 
cease flowing. Over the coming 
months it is the Australian Gov- 
ernment's hope that construc- 
tion wiH start at the rich ura- 
nium deposits of the region. 

The hope this week began to 
change into reality when the 
Parliament in Canberra passed 
a package of six bills setting 
out the conditions tor the deve- 
lopment of an Australian ura- 
nium mining industry. 

stance of political develop- 

But there is another point. 
Now that the Bills have passed, 
the attitude to companies solely 
dependent on uranium like 
Pancontinental is changing. 
Investment is becoming more 
closely linked to potential earn- 
ings than to airy aspirations 
and projections. 

Arguably it was the most 
important event in the 1978 
Australian mining calendar, the 
most significant step taken on 
uranium since Mr. Justice Fox. 
3-lmost exactly a year ago, pro- 
duced a framework in which the 
Government cnuld proceed with 
uranium mining while caring 
for the special interests which 
would be affected by it 

It is a natural development 
now that the anguished 
Australian debate on whether 
uranium deposits should be 
developed at all draws to a 
close. But while this debate 
has been waged — and it has 
lasted since the early 1970s — 
Australia's competitors in the 



But there was one thing miss- 
ing from the legislative struc- 
ture — and that was the power to 
establish a uranium export 
authority, along the same lines 
as the Canadian Atomic Energy 
Board. Mr. Don™ Anthony, the 
Deputy Prime Minister, jumped 
over the gap when he told 
Parliament that he would 
exercise control over sales con- 

The Bills have not passed 
through without a struggle. The 
states have been anxious to pre- 
serve their rights and tricky 
constitutional issues have been 
raised. This was reflected by 
Mr. Anthony when he said he 
would not proceed with legisla- 
tion on the export authority 
until there had been consul La- 
Lions with the states. 

Given all the speculation 
about the future of the uranium 
mining companies, it is a little 
surprising that the market 
reaction to Parliament's action 
has been at best lukewarm. The 
explanation probably lies in the 
technical state of the market. 

For more than a fortnight 
there was a heady boom in 
prices and the spirit of the 
Poseidon days of 1969-71 seemed 
pervasive. This continued into 
rhe first half of this week. 
After that there was a pause 
as the market consolidated arrd 
investors in some of the more 
speculative issues took their 

This latter period started just 
as the Australian Parliament 
was -pushing the six Bills 
through, and, in the event, 
the technical factors governing 
the market's movements proved 
more important than the sub- 

international uranium market 
have been expanding as quickly 
as they can. 

Further evidence of this came 
in the annual report of General 
Mining, the South African 
mining finance house built on 
Afrikaner financial interests. 
General Mining is clearly on 
the verge of hringing a new 
deposit in Namibia (South West 
Africa) to production. 

Mr. W. ,T. de Villiers. the 
chairman, stated that at the 
Langer Heinrich deposit near 
Swakopmund a prospecting 
trench had been excavated 
partly to provide ore for a pilot 
plant. This is part of the pro- 
cess “ to determine the optimum 
design parameters tor a future 
recovery plant." Meanwhile, 
marketing and financing investi- 
gations continue. 

General Mining produces 
about 26 per cent of South 
Africa's uranium and its mines 
account tor about 18 per cent 
of the national gold output. 
These two minerals provided 
14.5 per cent of the group’s 
attributable income last year, a 
slightly smaller portion than in 

But the breadth of its 
interests has widened since it 
took a controlling interest in 
Union Corporation. Its tentacles 
stretch into the corners of the 
South African economy and it 
is now second only to Anglo 
American among the major 
South African mining finance 

Despite this, the group’s con- 
fidence about results for 1978 
is muted. Mr. dc Villiers would 
bo no further than saying that 
they “should once again be 

This is hardly surprising in 
view of the problems he listed: 
weak demand tor asbestos and 
chrome ore, overcapacity in thp 
international ferro-alloy indus- 
try and the low level of capital 
work which is affecting indus- 
trial subsidiaries. 

He is no doubt finding some 
■compensation in the movements 
of the gold price, which this 
week climbed $5.50 to $185,375 
an ounce. The rise in the price 
over 1977 helped the results 
and the market has since 
remained firm. But all is not 
well in thp gold industry. 

Mr. de Villiers urged both the 
State and the industry to 
examine the high rate of pro- 
duction costs. He alluded to 
the possibility of a decline in 
the number of mines able to 
produce gold profitably. “ Pos- 
sible unemployment resulting 
from the closure of mines and 
the decrease in foreign 
exchange earnings are particu- 
larly important." be stated. 

It was a warning of trouble 
to come. Productivity has 
declined and in 19/ 1 the gold 
mines adminstered by General 
Mining had overall costs of 
R218.56m (£ 133.29m) compared 
with R166.29m in the previous 

The costs phenomenon is not 
peculiar to the South African 

mining industry. It is a factor 
which has made investment 
policy more cautious and will 
retard general recovery when 
the strains of recession ease. In 
Canada, at least, recovery looks 
as it it is some years away. 

Mr. Mervya Upham, the presi 
dent of the Mining Association 
of Canada, told the annual meet- 
ing in Ottawa that there will be 
two or three more difficult years 
It would be in the early to 
mid-1980s that the better times 
would come. 

For all that he was encouraged 
by the underlying strength for 
a broad range nf minerals 
Demand was not increasing in 
all cases at the high rates of 
decade ago, but the fundamental 
strength was evident. 

If there is one section of the 
industry which has been un 
affected by the general gloom 
it is diamonds. This week De 
Beers Consolidated announced 
that it would spend R39m 
(£24.8m) on a scheme to treat 
the accumulated dumps at four 
of its Kimberley mines. 

This will extend ihe life of 
the mines to about 20 years. The 
idea is to use the more exact 
recovery techniques which have 
developed over the last ten 
years to find diamonds in the 
waste which has built, up since 
the turn of the century. 

ONE OF the Inland Revenues 
strictest rules is that travelling 
expenses from home to office 
cannot be “deducted." This 
slightly odd jargon stems from 
the concept embodied in the tax- 
law applying to employees earn- 
ing £7,500 or over (£8,500 from 
April 6 1979 if the Finance Bill 
survives >, which makes liable 
to tax all reimbursements to an 
employee in respect of expenses 
he has incurred in and about 
his employer's business. He is 
then entitled to deduct travel- 
ling expenses necessarily in- 
curred. and other expenses 
incurred wholly exclusively and 
necessarily in the performance 
of his duties. 

The home to office rule is 
strict, hut there have been tax- 
payers who have proved in the 
courts that all rules must have 
exceptions. In this area we all 
want to be exceptional, so let 
us take a close look at one who 
has shown the way. 

A Dr. Owen (another one), 
had a part time employment in 
the la re 1960s with a hospital 
in Haverfordwest, although he 
lived 15 miles away in Fish- 
guard. and it was in the latter 
town that he was mainly occu- 
pied — he was in general 
practice there. 

When he claimed his travel- 
ling expenses to Haverfordwest 
and back, and had his claim 
rejected, he appealed to the 
General Commissioners of 
Income Tax. He proved in 
front of them that all his duties 

nor that he might be called on, could not therefore be 
or might volunteer, to give “ hecessary" 
advice on the telephone. Lord In mother.- later, case Lord 
• Wilberforce said that there are Reid appEa wd £q the House of. 
persons who hold positions of Lords whal 'Lorrf Wilberforce 
importance . whp carry their h ad OT Ue r decided. Lorf'-ReUTs. 

for the hospital related to emer- 
gency cases. The hospital would 
telephone him at home. He 
would generally give instruc- 
tions on the telephone to the 

hospital staff, for instance to ^ 

prepare the patient for an responsibilities with them comm7 n “ts‘areUw£rs wJrihr of 

operation. He would then set 

off to the hospital by car. 

What Dr. Owen also proved 
to the Commissioners was that 

£ f«r 

>* ' 

wherever they are: they too may artention . H e was quite clear 
be called to their offices after j t was not intended that 
working hours and may g lV e jttSt any employee be entitled to 
instructions or “dyice before deduct travelling expenses be- 

departure. But this, does not 

tween his and his other place 



his responsibility for the patient 
began a« soon as he received a 
telephone call from the hospital. 
Such questions of fact are 
decided by the Commissioners, 
ir the case is appealed to the 
High Court or beyond, the facts 
already found by the Commis- 
sioners are sacrosanct, and not 
subject to judicial review 
(except in the uniikely event 
that the Courts consider a par- 
ticular finding so perverse that 
□o right thinking Commissioner 
could have reached it on the 
evidence before him). 

When Lord Wilberforce heard 
Dr. Owen's case in the Court of 
Appeal, he accepted that the 
travelling expenses were deduct- 
ible. He said that it would not 
have been sufficient had Dr. 
Owen merely been on standby. 

. I . . ■ ___ 1 . kT» WW U llltf MMU A* UkUVE kflHvV 

^ e ° r * tb * of work. What he said di^ 

one working place. tinguished Dr. Owen's case was 

It is this concept of two that there was a part-time 
working places that is at the employment, and that it was 
heart of the matter. If Dr. impossible for the employer to 
Owen was a hospital employee fill the post otherwise than by 
engaged in the duties of his appointing a man with cosunit- 
hospital appointment when he ments which. he would not. give 
answered the telephone, then up. It was therefore necessary 
his claim -succeeded. His car that whoever was appointed 
journey became travel in the should incur travelling 
performance of his duties which expenses, 
had already commenced. _ 

R „ t The possibility that Dr. Owen 

tba. for th™ S be tb^ poSn ' Wl 

ii™ ° ne: ,h , e h "f* ° f 

who " works" at and from tl^ C °he 

home. It is also a requirement 0t li the b % sls ^ a tb 

that this be “ necessaty If the “^nue to live in Flsh- 

employer has two possible ^ arc ! v and pa,d ®*p enses of 
candidates for the vacancy, one tr avelhng He would not have 
local and one distant, and the “ n !^ cted . on any other basis, 
local one is entirely able to per- And - II was "“possible to find an 
form all the relevant duties on was free to avoid 

the employers premises, that of i ncu , rr L n ^ J tr ^ ellu, S expenses, 
itself shows that it is not ^° rd Rei ° said. so. 

“ necessary " that the distant The non-deductibility of home 
candidate be engaged. The work to office expenses still remains 
at home, and the travelling from one of the Revenue's ' strictest 
home, by that distant employee rules. 

*: j/hrj-rr' 


:• v;l. . 

i;> 3' . 

„ v 

Services & Other 


Gold & 




Mineral Mining 
& Beneticatlon 

General Mining A «Vib S* 

Services & Other 


Commerce & 

Gold & 


Mineral Mining 
& Benefication 

. 1976: 





for a rapidly growing and respected! Financial Planning and Assurance Broking company which is 
backed by a publicly quoted group. Two Associate Directors are to be appointed in T^ A^r, 
Manchester respectively. 

• the key role is to build business in tax planning and mitigation arrangements and to advise individuals 
with significant means — usually through, thdr professional advisers. The direction of a ^ region 

will also be involved. ° 

• TOP quality sales and management experience in the Life and Pensions market is essential, with the ability 
to contribute to the development of sophisticated proposals in this and associated financial fidd^ sometimes 
breaking new ground, and employing the highest ethical < * gw d«ird* of practice. 

remuneration negotiable into five figures, with profits participation and a Service Agreement. 

"Write in complete confidence 

w nte in complete confidence 
to A. Long land as adviser to the company. 









«<. .. H* 

, '*<■ > 


tn y £ W 
' '-1 *f v % 

Easing the heartache 


»5*i® : 

nt *» 

.-‘■ e 
— *:n? ." 

n a;».* *S 

* px'w 

■:■■ ; .:^Tkfi BEST LAID : plans often 
Prr-:;,. . : '.£0 astray — and few occasions 

Pr*s,. astray— -anq rew occasions 

L i TT-" ' are . better planned than your 
- r .„ daughter's wedding, “ v. - ■- 

C-. T.,itu *x.«. ' 

So with the marriage season 
, ' ll Ft in full swing, you may be 

v u interested no hear, that there 

^ l- . w i>*a^ mvif, 

■V w i,,u tin;'are ways, of safeguarding against 
y* costs of last-miri ute cancella- 

I »ivfc . — r w “ 

- ifca \* t,on - Not * mind you, tf one of 
'/ the partners suddenly gets cold 

f C reet * if you off because 
tXi oijr ! e v you think you’re- made a terrible 
■ mistake. you- won’t just find 

'* r %l ? n \ Vp.* yourself unpopular — somebody, 
"•"'rv^st least, wilt have to foot what 

..covers everything from the 
marriage preparations to the 
last day of a honeymoon. The 
Whole policy cosls £9.50 for two 
and -for’ this you will be insured 
■ against a - number of risks. 
.Wedding costs up to £500 win 
be paid if the bride or groom, 
their parents or u near rela- 
tives ” t this means brothers and 
listers l are sufficiently seriously 
injured-so as to. postpone the 
happy occasion. 

Thrown in with the same 
premium you get protection, 
again up to £500, against damage 
to wedding presents and loss nf 
wedding and/or - engagement 
rings, incidentally, it's no goud 
if a guest drops his gift en route 
to ‘ the cburch-=«o make sure 
you hand over that valuable 
set of Waterford glasses before 
they break. Then there's com- 
pensation Jf something happens 
to the wedding- snaps— up to 

who can skowjwfp 1 ^ 
CMG& vrkrtfiis insurance vdicy 

some myths 


ho:j5 tould he a very hefty hill. What. 
■ t--. J happens, however,: if the bride 


’■"Vcr:-.* breaks her. Ipg or the bride- 
’-Cj.-. s :'/ r groom, in eager anticipation ol 
m-urf- the sreat day. ■ bursts his 
hs-, appendix? The hall has been 
r - 2r 3 r 'booked, imitations are printed 
a i".'- , 1,0 1 and possibly sent out. caterers 
^ihave been lined up. and wedding 
cm .■)?, ‘■•lpthes may even have . been 
■gr- hired. How do you get your 
ullV ' ; P'^i money back so yon don’t have 
**cT«- fork out twice once the 
”■ * «-•[:. injured party returns to good 
' heaIth; ’ 

: "2 - r ‘-' H «r The most comprehensive pack- 

" ' - ^ r ■_ age available, underwritten by 
^ f Guardian Royal Exchange, 

mi :n*v 

£25 for loss pr “ destruction ” 
of official photographs or 
negatives. Hirdiy enough tn 
pay for a reconstruction, wifh 
full supporting cast- of what, 
after all. is a day most, of us 
hope will only happen once! 

What’s really impressive 
about this policy, however, is 
ihat coyer.extends to the honey- 
moon — there may, of course be 
a moral in that! Personal money 
and luggage, for example, is in- 

sured up to £500 while medical 
expenses of up to £500 per 
person will also be paid. 
Thoughts of macabre accidents 
seldom spring to mind when 
marriage is being considered 
but the policy also takes into 
account death (a £5,000 lump 
sum in ihe case of the husband 
t £1.000 in ihe case of the wife), 
l»*s of a limb or eye (same 
figures.) and disablement (£20 
a week for the husband, £10 for 
the wife). 

Another, less comprehensive 
and little-known policy has been 
available for 20 years from a 
firm of sub-contract brokers 
Adam Brothers. Underwritten 
by a Lloyds syndicate rates 
here are usually negotiable and 
there are no limits to the 
amount of cover which can be 
taken out. The basic policy will 
insure ail '* unrecoverable 

costs” against the sickness ur 
death of bride and groom. For 
the privilege, you will pay j 
per cent of the total insured 
sum. On top of that, you can 
add cover for other specified 
participants, such- as brides- ; 
maids, best man, page or grand- 

The extra premium depends 
on the age and health of the, 
individual and can vary’ from S 
per cent for a small child to li 
per cent, for an ageing grand- 1 
parent. Adam Brothers says 
the policy is only taken up once 
or twice a month. The firm 
does not deal direct with the 
public so contact your local 
broker for further advice. Some 
other insurers — Sun Alliance. 
For example, arc prepared la 
consider individuv cases and 
w:M quote yuu premium;, on 

SMALL FUNDS perform better 
than large ones. Unit Trusts pro- 
vide the investment expertise 
necessary to nuiperfurm (be 
market Income funds do belter 
than capital fund*. Last year’s 
(users are this year's winners. 
These are some of rhe guides put 
forward for choosing a particular 
unit trust f«r your equity invest- 
ment. Anp !h»-y have no basis 
in fact according io on article 
in the latest Issue <»r Manage- 
ment Decision v.ritien by 
Michael Kinh. a lecturer in 
accounting at Stirling Univer- 

To undcrsland fully his 
article on unit iru<t performance 
you need to hold an honours de- 
qrce in mathematical siatistic-v 
But his flrsc cono-nfion is ihat the 
usual form **f league tables for 
performance, based solely on the 
past returns is rnunous. because 
it does nut take into account 
risk. He then develop, a highly 
sophisticated method nf 
measuring performance urcur- 



Inland Revenue are bulb much 
maligned organisations, hut the 
first at least can offer a reason- 
able return on a cash investment- 
And investors can look upon 
such an investment as virtually 
as sound as a gilt stock. 

Investment tn local authori- 
ties can be channelled through 
one of several ways, hut basic- 
ally investments break down in- 
to two broad areas. These are 
slocks and bonds which are 
quoted on the Stock Exchange 
nr direct investments with an 
authority which are not negot- 
iable. and with very few oxcep- 
lions lock the holder in for the 
! duration of the bonds. 

Each Wednesday, a list i« pub- 
. lislied of authorities which have 
placed bonds on the stock niar- 
1 ket. Most or these have a life r#r 
one year, though each week a 
tmaUerin? of bonds up to live 
years are included. There are 
even a few variable rale bonds. 
All lhu issues share common 
coupons for the various length* 
of life. For example, this week 
on*' year bonds were placed wlih 
a coupon of 9^ per cent, while a 
few three year issues were 
offered at 11* per cent 

For the invi«ior. the advan- 
tage of these issues is that they 
can be bought and so id in the 
stuck market at will. Though 
it is worth noting that must of 
them are relatively small issues 
— amounts of £250,000 and 
£500.000 are common — which 
means that dealing may prove 

The other quoted vehicle for 




sums of stock through a bank 
or a stockbroker— as little as 
£tuo if they wish — but 
obviously there is a point where 
dealing costs become prohibi- 



authorities w the ** corporation 
market.’' Thi* is made up uT 
the larger Local Authority 
issues which are made at irre- 
gular intervals and are normally 
offered lu lie public by an offer 
for sale. 

Sonic typical blocks, where 
marketability is good, were 
suagested to me by brokers 
Phillips and Drew. For high 
rate i.u payers the Corporation 
of London 5{ per cent slock 
dated November 1979 might 
appeal. This offers a running 
yield of 5.6 per cent and a 
redemption yield of 10.3 per 
cent. A short dated high coupon 
investment can be found in 
Lincolns 13 per cent stock 
dated 1980. There the running 
yield is 12 * per cent — (he stock 
stands above par — and the 
redemption return is 11 per 

investors can huv very small 

Direct investment in an 
authority normally takes one of 
two forms, either replying to 
advertisements or for large 
organised investors direct deal- 
ing through the money market. 

Many authorities advertise in 
the Press. The popular Sunday 
papers carry a fair number of 
advertisements asking for 
money, and the Financial Times 
carries a block selecting a few 
authorities ever}' week. 

The rales and dates of the 
bonds vary, and investors should 
simp around to get the best deal. 
Sometimes two authorities can 
he offering on the same day 
bonds oF identical duration, with 
different rates. 

The Loans Bureau is a good 
line of attack, for they can 
supply a comprehensive list of 
local authorities wanting money 
and what they are prepared tb 
offer. Their phone number is 
01-S28 7S55. 

But with Hus type of invest- 
ment there is tin secondary 
market so investors must be 
prepared to leave their invest- 
ment alone for the life of the 

For larger investors, and here 
we are really talking of a deal 
of at least £50.000. investment 
through one of the money 
brokers or money sides of the 
large stockbrokers is the 
obvious answer. 

: MOST- INDIVIDUALS art -trill 
j^.l quite apathetic about their 
ul^mato jrensiqn. rights, despite 
aB 'the publicity over the new 
w5*j State pension schema . except 
\ ] when it ; comes, to changing 
V jobs. . Then insatiably they, 
'think they Jkpojv .their rights 
and want their money back. lt 
usually comes as, a shock, to. 
find out that the Government 
has been passing legislation de- 
signed to stop, them having re- 
funds when they change 

employers. Such is the desire 
to get their hands on money 
paid Into, the . pension : scheme 
that arrangements - are' being 
made -Whereby employees re- 
sign tin a Friday, right, .get a 
refund; and are re-employed on 
Monday morning. The Revenue 
has expressed disapproval of 
such ■ practices ■ and baa 
threatened retaliation^ • 

It comes as even more of a 
shock' at retirement- to dis- 
cover that one :has lost con- 

siderable pension rights on 
change of jobs compared with 
staying put and the Govern- 
ment and Trade Unions do not 
think this is right at all. They 
consider that an. employee 
should get the same pension 
irrespective of how many jobs 
he has in a working life. It 
has asked the Occupational 
Pensions Board to look Into this 
question, and the. Board, being 
a democratic organisation. Is 
seeking the views of indi- 
viduals as well as employers 
and the pensions industry. 

You may think this move 
superflous in that it is self 

evident that all individuals will 
want full transferability of 
pension rights on change of 
job. Brit the cost may mean 
giving up the right to refunds 
altogether — you cannot have 
your cake and eat iL But the 
OFB is discovering, not for the 
first time, that there is very 
little published information on 
current pension scheme prac- 
tice fid so it would like to hear 
from you. If you feel strongly 
on the subject then write to the 
Report Secretary'. Occi'patiooal 
Pensions Board. 16 Greese 
Street, London W1P 1PB by 
October 31, 1978. 

m m 

Forthcoming Wine Auction 
; at Christie’s 

...On Tuesday, 6Ck Junff at 12 noon 

CKristie-Restell City : Winfc Sale 
; ^ ^ at Beared Hall 

Including:/ ^major stocks off Claret, Burgundy, and Hock; 
miscellaneous bin-ecds; Sherry, Rhone, Loire and -Table Wines. 
A tasttog- tu be- held at Beaver Hall from 10 m to 12 noon 
• .*• .*':r * on. the- day of the sale. 

FulL • details 1 , -fromr - 'Michael? Broadbent, H.W., Alan 
- 1 r; TaylOT-Restell. ur Duncan McEuen 

. •'* -^V *' ' * V '1 . . - 

■:U ."V ’.t 1' 


Lithograph oi frince's Street. bainOurch 
by Samuel Swarbreck, published in 1839. 
Illustrated catalogue sent on request £1. 

porating and analyst's per- 
formance over the io years lu 
end 1975. 

Hr concludes jbal ihci'*- i.< no 
statistical evifipnev «>f any super 
u*r or inferior per I ■.■nuance hy ' 
tbe unit trun industry. Unii irusi 
managers cmrld nut curreeUy 
time the market, ihat h ?o liqiiid 
when a downturn v;a< iinmincni 
and thus a strategy of buy and 
hold is best. There is no evi- 
dence lhar ?L'C uf fund in- 
fluenced performance or that 
there are different perform-, 
antes between different types nf 
funds — overseas and specialist 
funds were excluded. ! 

Mr. Firth has certainly] 
questioned the time honmired> 
methods of soldi ing funds and! 
measuring performance. Thei 
unit trust industry needs tuj 
answer his findings, especially} 
his final one ihat possibly s«.»mc, 
attention should be paid lo unit ' 
trust advertising and that claims j 
nf superior investment perform- 1 
ance are being made on spurious i 
grounds. j 

— — * ? . 1 

. * r r * - •. ■ - . 

••J..:. ' i— {,>. J.ii- • 

THE BISE J» ihc general level 
nf interest rales, which has 
been reflected in a 21 poim 
increase in the cost of over- 
drafts sim-e the Budget, has now 
begun to work through to the 
raics being charged by the 
hanks on their personal loans. 
These loans, for fixed periods 
and ai fixed rates, are widely 
used as a method of unsecured 
consumer finance, and ihe 
charges made are chanced a 
good deal less frequently than 
the base rales for overdraft 

The last round of changes was 
spread over several months, 
with National Westminster, for 




Rat True- 

old new o>d r 

Barclay! — — M-Y3 — 

Lloyds 7i SI 14.7 16.7 

Midland 7} 8} 14.7 16.7 

Nat West 7f 8} 14.7 16.7 

" For a two-vcor loan. 


example, bringing its rates down 
last October, the Co-op Bank 
cutting its loan rate to 14 per 
rent in December and Lloyds 
coming down only in late 
January. Until the latest in- 
creases spread throughout the 
system, therefore, there is for 
the time being a fairly wide 
spread of rates being offered by 
different banks. 

The changes have also again 
presented the problems which 
are regularly associated with 
ihe distinctions which need to 
be drawn between two ways nf 
describing the interest rate 
charged. National West- 
minster. Ihe first to move up 
this time, announced (he change 
in terms of a I per cent rise in 
rhe flat rate of interest charged 
on personal loans from TJ per 
cent to 81 per cent. 

This is the rate which i* 

charged on ihe initial amount 
of the loan: but it is not the 
true cost. Because the loan is 
repaid in instalments over its 
life, i lie average amount of 
hi * r rowing outstanding is 
around half the initial loan, 
and the true interest rale 
nearly double ihe fiat rale. 

For a two-year period, the 
most popular. NatWesfs new 
8] per cent flat rate is equiva- 
lent to a true interest rate nf 
16.7 per cent, a rise of 2 per 
cent front the previous level. 

Both Midland and Lloyds 
made similar changes 1« Nat- 
West. But in line with the 
emphasis or the consumer credit 
legislation, they both quoted 
only the true rate equivalents. 

Barclays, which has not so far 
favoured the upward trend, is 
the one which stands out. This 
hank not mily quotes in terms 
of a l me rate, hut also uses a 
constant rale. Ai present. Bar- 
clays is charging ai a rate of 
14.93 per cent, which was re- 
duced from 16.65 per cent last 



Your Benefits 

€iu^fe*s Waie Auctioneers since 1766 I FOR SALE BY TENDER 

i . Tlie Wme. Department 
^' SKing Street, St James's. London SW1Y 6QT. 
. ■ ’r.Ttelephpne O1-S39\9O60. Telex 916429, . 

-LiV - - Cables: Christian London SW1. 




Suitable for Industrial or 
Warehousing purposes 

Chancellor Lane, 

Ardwick, Manchester 

Within a short distance of 
the Fairfield Street junction 
SITE AREA: 5,200 SQ. YDS. or thereabouts 

Ar rhe enJ of each year during the 
term of the police vvl- >hulla!loc‘aii- io 
\..ur Rond ;i guurantccvi h>nu.* of £85 
for each E 1 ,C00 of your invet-tnient . 

Vhi may either 

1 . take each boniK in cash as it lali.- 
due. The bonu.-cs ‘a ill be pnvaMe h\ c of 
basic rate tax, rhe tirsr pa\ nient being 
nude one year after rhe day n e receive 
'.our investment and rhe linal pa» went 
at ibe end of 4 yeare. when wv shall also 
reuinuour invesimcDi intuil 

’• leave your bonuies with u: to 
neeumulate at the same Tate ot interest. 
Wc shall then return tci vou at rhe end 
or 4 \ cars £1 ,586 for each f 1 ,000 ; on 
have invested. 

Investment for 
Income or Growth 

To take advantage of recent 
increases in interest rates we 
offer you a new bond which 
guarantees Si'.'r, per annum 
free of tax over a period of 4 

The Company 

Hodge Life Asrtirjnce founded in 
l^ho jqd with assets of over tn million, 
i > j w holU-.-.wned -uhsidiary of 

y>t.*ndurJ Chartered Bank Limited 
\\liich i - . Brim in largest independent 
intcrnarional Bank with f ,500 offices in 
j-ome >Lxri - countries and assets in excess 
of i,7,o00 million. 

years providing you are under _ . I J T J 

SO and are a basic rate taxpayer- W licit SLlOllld. I QO 

« *toe:KLV.lOP 

Chartered Surveyors, 

79, Mosley SireeL Manchester M2 3LP 
061-22S 6411 • 

What if I need, to 
cash in early? 

To maintain thl* high guaranteed race 
oi interest we have to keep vovir money 
fully invested throughout the 4 \eur 
term. If you need your money before 
the maturity date the Com pane will 
quote a special surrender value. 

*Your Tax i Position 

This is equivalent to 12.69° „ 
■per annum gross (assuming 
33 U M tax) and the bond, which 
is a single premium endowment 
assurance, provides a sum 
assured equal to your single 
premium and is payable at the 
end of 4 years or on previous 
death, together with any 
bonuses you have not taken 
in cash. 

We can only offer this bond 
whilst interest rates are high 
and on a strictly limited basis. 
If you want to secure a good 
income we advise yourto act 



' . 59,293 sq. ft. 


Extensive cold storage 

Excellent covered yard and loading 


OI! fired heating 

Good canteen facilities 

apply sole agents 

rii st- 

RTfSTS . *6^1* {. , 


olive lewis 
s? partners 

Tel: 01-499 1001 

15. i™ 

■H*w k e swortn 

( f you pay at the basic rate (33'.',,} 
throughout the terra of your Bond vau 
should not be liable to any tax on the 
Bond whether you ta ke your 
guaranteed bonuses in cash at the envi of 
e* ;ry \ ear or leave them ro accumulate 
until the end of" the 4 vears. 

It vou pay higher rates of tax at any- 
time during the term of the Bond, there 
may be an immediate tax liability upon 
pare of any bonuses cashed- in at yearly 
intervals and a further tax liability' at the 
end of the 4 years. If you leave your 
bonuses to accumulate throuahour the 
investment period there mav be a tax 
liability ac raururiry. The bar is of 
a>>i.-s?mont is complicated, but the 
Company will be happy to provide 
details. Alternatively vou m<iy prefer to 
cottsulr your broker or financial adviser. 

Despite this potential tax liability 
hi ’her rate taxpayers should still find the 
B-jnd is a competitive means of 
obtaining a ou^ranteed investment 
terum. There is no personal liability to 
Capital Gains Tax. 


m 34, B 


Simple complete the application form 
;«frd .send it with vour cheque (minimum 
i'l .000 - maximum £5 0.000) either to 
”Hodi*e Lite” or to vour insurance 
broker or financial adviser. If you wish 
to cash-in bonuses at the end of each 
year please tick the box provided in the 
application form. 

Your Bond will commence on tbe day 
■\ve receive your cheque and the 
completed application form. "Vi’c shall 
issue your Bond policy document 
>borr|v atrenvards. 

This advertisement is based on ouc 
sinderstanding of present Law and 
Inland Revenue practice. 

This offer is strictly limited and we 
reserve the right to withdraw it at any 

~ To : Hodge Life Assurance Company Limited. Thrt»i«»«*dlB House, 
34, Biahopsgata, London, EC2N 4AH. 



3/6 ^ 

Surname (Mr, Mis, Mrs.}. 

beta of Sinn _ _ 

□ Please lick H you wish to cash-in bonuses as iheyarise. 

.(Maximum age alonliy S0J 

I wishtn invew f - fminimum El ,000: maximum £50,000) in a Hodge Guaranteed 

Investment Bond and 1 enclose a cheque tor this amount made payable to Hodge Lite Assurancv Company 
Limited. I am a residont at the United Kingdom and over 1 8 years of age. I understand that ibis application will 
lorm the basis at the com raci be i ween me end Hodge Life Assurance Company Limited 
ti you have elected tp cash-in your bonuses asthtyansc please complete the following section ; 

Name of Banfc_ 

Account No. . , , ■- — . .... . 

Bonuses will be credited automatically to your 
account each year. 

Signature at Proposer and Life to be Assured. 

Hodge Assurance 

4 A'iVe.'n&irof-. '’’?r •. 

' Standard :-Ch3. r tered'iBank.' Group.-. - 


...fto^ittered |Vo.- 7 . 4 S 83 S'£ng/*nd' 

•-.Refjlstprcd Ptffcb, St: Win is or Piece, Cardiff, 
.’ Thiacjffor'is not nuailWC'c to rcsidcjltS of Eire, 
“Th. Corop.oy raser.vOE the right to Witiicfrnw.'. 
Xhi* off cV a * anytime.; . •. :. ; r . . , 



Financial Times. Sat 


^ ■- “ •' - k ' '■ *'■ 

.. ' ‘V ^ 

; . -*■ V "-s * ^ 

^ ... - -- • • ,■ 

9^,V' ' i-*"- r ~" 

ome pride of the Ryder 

HOW STRANGE Is was that calendar, .particularly 

in outcome of the matches. For world’s teut 4 -mMe ««£ ■*»<£< f 

oinAJHur, 15 was nwu v<~™u«w, -k“* wvihb.»»j uuivtiuc im uie maicnes. cor worm s uw*- 1.. „,iir msn<»1 maw rin - Rritltal ' T 7 

just 24 hours after the most America, where we have never instance, if the shy .and like* soraes' partner! DIscnssionswi sml,- 

‘"■‘H.y*},, a- 

jusi it nnurs alter rnc m»au .viisMSd. Fnwe jwvs wvwr iuqvoucc, xne say ana line* somes paring; ■^ ”~ T>rl _f ac . horanst* ther- -- tradtri,iJv, v - 

heartening British professional won at all. In sorry fact, we able Canizares did happen to take place between ^ -JL/oJ- 

aolfine performance since Tony have won but uhree and lost 18 get into our team to play next s ion a 1 Golfers’ Associations o .. - for 

awnriK penorraance since iuii# nave wiwi qul 'Uaree ana josi 10 6«=«. imu our team to pray next sianai uouria b j- t on i v if. 

Jacklin's 1969 Open Champion- of the biennial contests staged rear at The Greenbrier in Britain and America dunng . #, n onph ui 

isra vipen v.#nauipi«u- oi tne Diconiat contests siagea rue vireeauner in. jsmam ana “ ^ pn mieii to. ^ur- hoVili: - 

ship victory. changes for future on both sides of the Atlantic White Sulphur Springs,. West;Qps?a . Championship at are. _ _ nrottMt 

Ryder Cup matches were an- sincc . i 92 -, wich one historic tie Virginia, in Septembers course AiiJffews in J iily to 1 £ chaJee of ^3 xSdty '**■ “^* 
nounced. allowing Europeans to at Rnval Brrkdale in 1969. recently redesigned by Nick- future format of the matenes y. . .... 

Play on our team to strengthen Qn ^ menrorable 
If the first eight members of * *? *?£* 

LULUl IT Wl . 

and the number to be P* a . To Have any^’chance of 

the team to represent Great **?«** ™ ihe last singes 
Britain. Ireland and Europe "“** involving .lack Nicktaus 

bv and then Open champion .Tacklin 

«5, dW.- our people must ^ 

sinrmlv eo in there and ‘ ns .^ t tn- Phllnt • : 

selected themselves oy mu unirur tedious facet oi tne UA *- U1, l “* FAmainfr^iiff 

of their positions in the as it came down to the final putt .. recent years and most often q{ & Wod'd.- - -But w 

Of merit on The day of ™ the Wth green. Nn one is the graveyard of our hopes. „^ie new team will «S« ° ?t - 

announcement three i^’y to forge>t Nickfeuss peer- nMBMB Infringing them Into the ** 

>rds. Seve Ballesteros, loss gesture in conceding that - ^es in tbeftrst place it was 

Maria Canizares. and J>u*t of no iess than three feet laus. he would be playing on hoped that with more points at JJJJirt'Sd thfrnsMtoSSS 
io Carrido would be in to prevent the possibility of a American soil for the first time. aX, mieht have a better 


simply go in vm mu ‘"“jT; we have to ; enlist the heip^ 

on the end of the the whole world of golf; fL2 

•h h au p become such a , 

virtue of their positions in the as came down to .the final putt 
order of merit on The day nf nn the I8U1 green. Nn one is 


which have become su^ a fionaI pridMuch of ’it thS : 
tedious facet of the fixture m . 

tedious facet 
recent years 

the announcement three 1'Mf to fnrge>t Nick-bus's peer- 
Spaniards. Seve Ballesteros. less gesture in conceding that 


Jnse Maria Canizares. and pu't of nn -less than three feet laus, he would be playing on hoped that with more points at Mnte „f ,„ d the- nsualiv 

Antonio Carrido would be in to prevent the possibility of a American soil for the first time, stake we might have a better , we ather and 

the team to challenge the for-once epic team encounter Nor can I ignore the fact that chance But someone on our Rn e eoif courses on the^h?^ 7 ' 

Americans next year for the turning on the single stroke in poor Garrido was totally over- side of the table at the time -^insula so mv Upiui? 

trophy they have retained since question. awed by his first experience of might have pointed out. that JJ? |d would hJ 

uHnnimf it hcnl- in 1 Q^Q nftAr Rut i.Annr. 1 ! . niA.Irmn tV . n tho Hectare 1 Tnumoman, nt ... in^raaca tho WOriQ WO lQ,Oc.O!II6d anfl- 

, r , .... _ , . trophy they have retained since question. awed by his first experience of mmht have no in ted out that iff. . . . u ~v v" U3e ' 

Two years passed between the like a couple of heavyweights The four door Gamma winning it back , n ig59 after But generally speaking, the the Masters' Tournament, at Sore mafches P only increase the 

Lancia Gamma's announcement pummelling one another. Berhna. which has a masst e nur fnne pnst . war % i ctor; .- a t Ryder Cup matches I have Augusta this spring and never fritter too™’* margin of victory. se |ected n Rntaia. . _ •; 

in Italy and its arrival here last The all-independent suspen- boot, costs **.138. or ».1« , 'f Lindrick in 1957. attended have been a terrible looked likely to survive tHe 36 £*1963 for instance, when 32 I know only too weII. : boW 

week with right hand drive. The non gives notably flat .ride 3 ou take up all the ^ available so the Ryder Cup matches, as letdown, « patriotically stub- holes cut Sinte Were at stake for the petty jealousy rules the ■mfnds- 

hpijn wall cnoni Thp with minima roll on fast cor- nphons of metallic paint -i. .. c- . _ ■< . . ... - .... weie . . , ? 

time has been well spent. TJt with ™" °" ' ast ti hl £ up ™[^ fh e i«e Samuel Ryder, a i'nlf- bnrn relusel to accept the in- Of course. Ballesteros is afraid firet time, instead of the original of so many of pur profestdenal 

few rauehnesscs aonarent in the ners. Kougn roaas are enecnveij ii—ii, nine upnnisteiy from -c i < . _ .... r f n .,»nMoc nnrf cmffprs. But antnmatiA caiA^ei. -- 

few roughnesses apparent in the ners. Rough roads are effectively UE22U. hide uphnister>- (i.i 
cars I drove in the summer of flattened out and there is no and air conditioning (£445). 
*76 have been eliminated. The more than a mild grumble from To those who might prot 

fanatic and seed merchant from evitable until it actually hap- of nothing and nobody and he idea of four foursomes and ^golfers. _But automatic selection' 
St. Albans envisioned them, are pens. Unfortunately. I cannot will obviously be a tremendous eight singles, the Americans by qualification is danger das in. 

*76 have been eliminated The JJJ® re ™*" * "V e r( JrsS *». T0 V 10 ** w ' ho ™ i?ht P r, J tes J dead, and good riddance t« imagine the changes announced asset to us. But conversely, if won in Atlanta by no less than that proven match-players of 

Gamma is now an elegant rhe steei-beRed tyres on coars. that it sounds Lkc a lot of them u. sua |i y they were the this week making any sigoifi- he had one of his really wild 23 points to 9. superiour courage coiild be left 

though very roomy executive- surfaces. . • ; money for a fnur-c>!indcr most embarrassing events in the cant difference to the future days, he could become the To stt-etch the matches to an on the sidelines, 

class saloon in the Lancia tradi- Excellent power steering is motor car. I would make two • • ■ 

tion of sporting luxury. standard. So is a manual five- points. The Lotus Elite with 

Top speed is a little over 120 speed transmission I though an an in-line Four-cylinder is more 
mph and the noise level low automatic is promised for the than £4.000 dearer: and. except J 
enough to make cruising enjoy- future). The brakes are all-disc, for a funny exhaust beat if you ^ 
atfjle at 100 mph-plus— where the the tinted windows are electric- try to accelerate in top gear 
law allows, of course. ally operated in all four doors, from 20 mph. you would hardly 

The engine is a 2J-litre flat- There is an electrically adjust- suspect that the Gamma was 
four cylinder which, on the face able outside mirror and other not a six-cylinder car. 
of it, is a curious choice for so goodies include electronic igni- The harder you work the 
up-marker a car. Lancia say tion. halogen headlamps with entitle, the smoother it gets. It 
they tried a straight-six and automatic realignment accord- j s ^, ot s j]ent at higher speeds, 
their traditional narrow-angle ing to load, a quartz clock and but rbe growl is muted and 
V6 but they took up too much an oil level indicator which d nes nnt interfere with in-car 
room and so a space-saving makes redundant that messy entertainment when cruising on 
“boxermotor" it had to he. Why survival from the early days of u,* motorway. 

■■boxermotor”? Because it works motoring, the dipstick. T. a nri a have also inrrnririred 

Make it rich at the top 

•: bcgms the gravel very effectively Jon# distances for sale thibugh 
reduces the growth of seedling shops, and garden centres' the 
' weeds though, of course, it has price may not differ greatly 
no effect on perennial weeds from that of baled peat 
alreadv preset in the soil. Deep Peat is likely to .remain the : 

. ^ , - alreadv preset in the soil. Deep Peat is likely to remain the 

EVERY NATURAL soil grows greatly improving the appear- afford to mulch so generously" aj«™rj n B was invented largely as most popular mulching material 

it a six-cylinder car. !. Ls 0lv ? P at >na of fertility. It is ance of the garden. even if they could find a a method of getting rid of such because of its ready availabfiily 

The harder you work the fcirmed 0D surface from the Mulches can be of many farn,er willing to part with so wee ds and it remains the most and well-tested qualities: Either 

igine, the smoother it gets. It a ccu moated debris of the aces ,nalc? r ials from rich manure to the ® ff6ctiw W of doin ? ! t tho “ B . h sed E e or moss P« at M n be wed 

nwnrie and , ls to 866,1 mnst sterile gravel. All have a thoufiht, ihat the roses In j S be i n g increasingly chal- but my preference is for 

the growl is "muted and “J? * 6timrarj n purpose in protecting b ! ^ r^thpwlSrJH™ wTh^m?^ lenged by modern herbicides coarse ly milled moss peat 

nnt interfere with in-car S; ^ h “^ ‘ lch £ 5 lh t h'..J the snil beneath and the roots Y ?‘ such as paraquat, diquat and be Cause lt lasts well and is a 

tainment when cruising on "«L that grow in it. Muiches of ^obenil. first-rate Insulator. Peat W 

different from the more mineral fln .. i-inrf in n VP „ niI * f hP strange if they did not grow and- - .. rlf, _ t;!', , ■ _ 

soil hnnpath wViirli it hnt>i nrn. _ ‘ . ' * n ^ finwpr ptrpnrtinniv There axe many other possible little useful chemical content 

Ready and waiting 

v.nuuuv^i. j soH beneath which it both pro- lemneraturr and moisture finw er exceedingly. . mere : are ^many oyier po»iu« urue cnraiira content 

Lancia have also introduced tects and feeds But even on L e ^ e 7|on S in the soil maS A few weeks later I was at materials for mulching and to feed plants and needs to be 
the Pimnfarma bodied Gmn bare mountain sjd es and npen fluctuailons in the 50, 1' malunfi the opening of the Hillier ^deners are continually backed up With fertiliser;. 

Tunsmo version of the Gamma. d0WTls the surface skin exists 
It is a pretty car. hut its two- and tbe s r r0 n.aest point in the 

o door coup* bndy is shorter. case of , hose fiardene rs who 

THE DEAREST place in Britain easy pouring into any filler lower and less roomy by far 0p p 0 se diggine is that it des- 

to buy petrol is on the motor- aperture. They are on sale at than the saloon. For tall troys at a stroke what nature 

way. From the pump, it is most accessory shops or through people, at any rate, it has a b as taken untold aeons of time 

around op more than at the the A A. Mine, still in its card- lf ss comfortable driving pnsi- ^ create. 

average cut-price station. But if board box. goes into the boot of lion and. at £9,1S6, it costs Good gardeners know this by 


downs the surface skin exists Arboretum near Roms ey which experimenting with new ones, particularly one that is. rich in 

and the strongest point in the has just been given to the in fashion at the moment nitrogen which wtU be required, 

case of those gardeners who _ * Hampshire County . Council, by j 5 ®* ,r ®5 de . or _ pulverised tree b y . the . bacteria . and fungi: 

oppose diggine is that it des- GARDENING Mr - Harold Hillier who crested This has been popular for w hlch decay the peat 
troys at a stroke what nature it. In front of his house, which a long time in America and as. jj y own favoorite mulching 

has taken untold aeons of time ARTHUR HELLYER adjoins the arboretum, he has our ' * orests oegin to be felled ma terial is spent mushroom 

to create. made a series of island beds ^ win . undoubtedly become bat thaf ls because I 

Good gardeners know this by maiI1 ly for alpines, small herba- Increasingly available nere. jj ve j, ear a i ar g e mushroom 

instinct and seek to redress the 11 1 ceous plants and an extensive Opinions as to its merits ditfer farm from w jjj C h j can obtain- 

and have to phone for help, you I have never seen the point of Performance is virtually the damage they have caused . collection of dwarf conifers, and' and il: P r °uably be a few a jj j pan handle at a highly 

may find yourself paying ten carrying a torch in a car when same though I thought it made through deep cultivation by re- !f , s co,d m winter and . 5 these are all thickly mulched years before a full and impar- gonjpgfjtjve pnee. it is lovely - 
times the normal price to get a there is a much better power more wind noise. Strangely, placing the humus which they IlKe| y t0 nut severely in W j t f, pea g raV eL • naJ assessment can be made. ghjff tQ ^ 

gallon brought out, as a numher source — the cigarette lighter the fuel consumption is mar- have dispersed. This they may summer. Even sand wui do this perhaps most gardeners On the credit side are long g^d^ers are constantly wara- 

you run out on the motorway all the cars I test drive. 

and have to phone for help, you T have never seen the point of 

£2.000 more. 

Performance is virtually the damage 

instinct and seek to redress the 


of unlucky (or improvident) socket. Two plug-in lamps I have gin ally worse (an average 24.25 do bv working in heavy dress- hut ^ uf ^y materials, such as WO uld not consider this a mulch life and considerable efficiency . me abou t the chalk it 
motorists discovered over the tried recently are the Over- mpg for the cnup£ compared ings of organic matter, manure f eat “ d p nm P nst - are fa s r at all since it is solely mineral, in suppressing weeds. On the * = f rand' I have 

holiday weekend. lander fluorescent tube and the with 27 mps for the saloon) ■ ' ■ ho,ro '* ,nc,,latnr ' anrt ,f ,K ' ' - * — contains so tar tana i nave 

holiday weekend. lander fluorescent tube and the with 27 mpg for the saloon) maybe, if they can get it. or be t r ? l \ insulators and it is and urwva [i a hi e mineral at that, d?t>it side there is the suspicion ■ . . . vear«st T ran 

Tt mairpe «rnnrf c«n« th^n to Bntax Quartz Fire. The Over- and the tank holds one gallon home made compost peat nr insulation that this aspect of Sf) ^ jt contributes nothing that, like sawdust the avails- ' ? _ 

Sire MllJn uf'rSi hJa ^ lander ™ ns for hours wi * h <>ut !ess (13 against 14 gallons), whatever comes most readily to mulching is mainly about. directly to the fertility of the bilily.’ of nitrogen may be ^^ndporirnn.c ^ 

nnlSs voo havp OOP Of tL row flatteTlin G the battery and would For me. touring would be hand. The end product may Enrichment is the other soil. But the way in which reduced considerably for a time ■ w 

Mr.tLl.Jrt, I K„f|. be useful for car campers as rather grander in the saloon well be a soil far richer than purpose of mulching and here plants thrive in these beds and that acidity may be ^;“ er “JJ 

n n lf> vmi haw nnl n f thp fpw flattening the battery and would For me. touring would be hand. The end product may Enrichment is the other soil. But the way in which reduced considerably for a time ■ . . 

cars todav with a biflt in reseree be useful for rar catn P ers as rather ?r ander iri the saloon well be a soil far richer than purpose of mulching and here plants thrive in these beds and that acidity may be ^ mer possibUities ^ leu 

tLk Blit kppoine nUroi in an wel1 M for changing a tyre at than in the Gmn Tunsmo. t hat with which they started there is an enormous difference indicates that the gravel cover- increased, which could be good “° u,d - 

fdd one eallnn nn S ran i« am ro night ‘ And the Quartz Fire pro- Pininfarina coachwork notwith- but in the race to improve soil in the potential of different ing does contribute to their fer some plants and not for 3 ‘most any bulky organic waste 

hi Zlh- nrt mw hP unVafp duces a beam you Poetically standing. fertility it is wise to remember materials. I walked through wellbeing by protecting the others. There is also the ques- such as shoddy, leather dust or 

Using a clastic container is both trip ” ver ' . . Lancia plan to bring in about that the most important area is Queen Mary's Rn 5e Garden in soil, keeping it cool and moist Uon of cost which can vary spent hops. Now is a good 

illegal and vprv daneprons Tb ' s m Lni-search I ight costs 1.200 Gammas in the next year, the uppermost inch or so and Regents Park a few weeks ago in summer and improving according to the local time to spread new mulches and 

° B about £11. It is rather like a 800 of them the four-door the methnd most likely to be when the leaves were just burst- face drainage in winter so that ivaifaBllity of the product If top up old ones but before doing 

Bell Products of Harpenden car auxiliaiy light with a built-in Berlina saloons. They should economical of time and material ing nut and envied the generous soil bacteria and fungi can get bark can be purchased in bulk so make certain that the soil 

make their Ready-Can in one- handle. The lens cover doubles be in great demand, not least is mulching. It is nature's dressing of farmyard manure, on with their useful work of from- fairly near at hand it can is nicely moist Mulches spread 

and two-gallon sizes. Both have as a stand and there is a hook, from satisfied owners of the method speeded up a million several Inches thick, that had manufacturing those chemicals well be the cheapest of all on dry soil can effectively keep 

totally leak-proof caps and their which comes in useful if you Beta 2(kX» who now want to times and it can be highly bene- just been spread over the beds, which plants must have if they mulching materials but if it has out summer rain and so make 

own vented filler nozzles for need both hands free. trade-up. fieial to plants as well as Few home Gardeners could are to grow successfully. As a to be baeged and transported it even drier. 


games even against the strongest 
clubs in the major cities. 


CAPABLANCA, world champion 
from 1921 to 1927, was the finest 
simultaneous player of bis day 
and probably of all time. His 
strengths included total recall of 
all moves of every game, and an 
instant appreciation of position. 

In more recent times the most 
successful simui/players — among 
them Flohr. Smyslov and Karpov 
— have mostly been, like Capa, 
grandmasters with a preference 
for strategic chess and endings. 
This is not only an economic 
style for simultaneous play, but 
means that the opponents in an 
exhibition are forced into areas 
of the game where they are not- 
ably weak. 

Capa’s simul record, fully 
documented in David Hooper's 
The Vnhniywn Capablnnca (Bats- 
ford. £3,95) includes a selection 
of the best games from the 
Cuban cbampion's numerous 
European and American lours. 
His 1919 British tour, at the 
height of his fame and strength, 
was one of the most successful: 
the exhibitions almost ail took 
place over around 40 hoards but 
he never lost more than three 

This week's game is an echo 
of that tour: it took place in 
London on September 18. and 
Capa made a normal score for 
him of .36 wins, two draws and 
two losses. 

The venue was the Gambit 
Chess. Rooms, ic the now de- 
molished Budge Row off Cannon 
Street close to the Financial 
Times office, and that in itself 
deserves comment. The Gambit 
was for decades a focal point of 
London chess activity. Though 
best known for its lunch time 
play, it also provided a venue 
for major events such as the 
.Anglo-Soviet radio match of 
1946 and it ran a Saturday even- 
ing tournament at ten seconds a 
move which gave many young 
players their first taste of com- 
petition against the strongest ex- 
perts in London. 

It was no accident that the 
closing and demolition of the 
Gambit in the early 1950s was 
followed by a decade of stagna- 
tion in London chess with few 
new talents emerging until the 
growth in recent years of the 
weekend congresses". Apart from 
St. Bride’s Institute, the head- 
quarters of the London League, 
where there are severe limita- 
tions on space and no Sunday 
play, London still lacks a regular 
centre for evening and weekend 
chess and for running small 

national and international tour- 

The contrast is marked with 
the celebrated Manhattan Chess 
G’-uh in New York, the Chess 
House in Stockholm, and the 
central facilities provided as a 
matter of course in major cities 
throughout Eastern Europe 

Many of its customers grum- 
bled at the Gambit’s frayed 
Edwardian ambiance, hut its 
presence to-day, or a substitute 
provided by a sympathetic busi- 
ness house, would be a major 
advance for British chess. 

But hack to Capahtanca and 
1919: the game below was sent 
to me by Maurice Fox. then a 
young engineering student who 
later emigrated to Canada where 
he won the national title eight 
times. Several decades later he 
completed a rare double when 
he heat Fischer, then a rising 
young master, at the 1956 
Canadian Open. 

Few can boast heating the two 
best-known chessplayers of all 
time, even when one game is a 
simul: the select list nf those 
who defeated both Capahlanca 
and Fischer in one-tn-nne play 
is Eliskases. Euwe, Keres and 

As for the game, it is a remark- 
able con^asr between Capa's total 
stin«-*“ >- in the opening and 
Black's imaginative middle game 
tactics. By move 16. White is a 
pawn up with a fine position: 

and that fact evidently led to 
some underestimation of the 
opponent Simply 17 0-0 would 
leave Black little for his pawn: 
castling long, the champion 
found his own king a target. 

White: J. R. Capablanca. 
Black- M. Fox. Opening: Vienna 
(London 1919). 

1 P-K4, P-K4; 2 N-QB3, B-B4; 

3 B-B4. P-Q3: 4 P-Q3, N-KB3; 

5 B-KN5, N-B3? (safer 6 - . . 
P-KR3; 7 B-R4. P-B3>; 6 N-Q5. 
B-K3: 7 P-QB3, BxN: 8 BxB, OO: 

9 Q-B3. Q-K2: 10 N-K2, N-Ql; 
11 N-N3. N-K3: 12 N-H5. 0-01: 
13 N-R6 ch. K-Rl: 14 QBxN. PxR: 
15 NxP ch. RxN; 16 BxN. F-N2: 
17 P-KR47 Q-K2; 18 B-N3. P-B3: 
19 0-04)7 P-OR4: 20 P-QR3, P-N4; 
21 P-Q4, PxP: 22 P\P. R-N3; 23 ' 
P-R5. P-R5; 24 R-R2. R-Kl: 25 
P-RS. R-N4: 26 F-R4. P-QB4: 27 
PxP. RxP ch: 26 K-Nl. BfD-QBl: 

29 R-N4. P-B4! (ihe counter- 
attack conics just as White is 
preparing to play Q-N3 and R-NR 
ch. If now 30 PxP. Q-B3 (threat 
R-B7>: 31 Q-N3. QxP ch witwi: 

30 R-N7. Q-R5. 1 (threatens QxRP 
and Q or R-B8 ch): 31 Q-K3. 
R-Q4! 32 R-QR1 (hoping for 
BxQ? 33 RxR ch). R-QS! 33 RxR. 
BxQ: 34 PxB. QxRP; 35 R-Q7. 
QxP: 36 PxP. P-N5! ithe win 
could still, be difficult hut for 
this fresh tactical coup): 37 PxP, 
P-R6: 38 PxP. Q-K5 ch: 39-K-R1, 
Q-K4 ch: 40 Resigns (40 K-Nl. 
QxP ch and QxR». A very- pretty 




. lii ~: 

MO i 



Stein v. Moiseev. USSR 1970. 
The late grandmaster Stein 
(White, to move) naturally saw 
the combination 1 R-Q7, QxR; 
2 NxP ch. but after a hard look 
at the position he decided not 
to play it. Was he right? 
PROBLEM No. 218 

The psychologist, however. At game all South bid one 
asks himself: Why has 'East club, and rebid three no trumps 
hpen kind enough to give me over North's one diamond, 
this chance? Didn't he hear West led the heart two. South 
me give a double jump in won East's Knave with the 
diamonds? Then the light King, and then ran the ten of 
dawns. East has given him a diamonds. Now. as declarer, 
losing option in diamonds, how would you continue? 
because he know, that the y„ u can - t risk aQolher 

, a . ^ are ^ r g ' So , he wms diamond finesse, as East may 
5“ Plays h a haart woll have held up his King, and 

*"■ a h ' art ' dummy has no entry. & you 

makes hu> slam. Cil5h your ^ , 0 p%p ad es to 

That is how the original see what happens. On the 
declarer should have reasoned, second lead East drops the 
but in actual play he fell for Queen. If you are playing rub- 
the losing option, and went her bridge, your problems are 
down, which proves that we ail over, as your contract is cer- 

have feet of clay. 

BLACK (9 men) 












Thi* majnrfirent 1*24 Breneiicr Siljmjnca Is one of c>»o mine Silver Ghoics 
encored: »Iso 1425 Supercharged Mercedes, two vinu£o Bentleys. Type 44 
Bugatu, Ataies, Lagondas. Astons. Auscms, Sunbeams, esc. 

Further entries invited. Cololoiuri £1.50. 


14. BROADWAY, S.W.l. Enquiries 01-834 922S 



Appears Every 

For Further Details 

Contact: — 

01-248 5115 

CARS WANTED. We oar more than While 01 3 [OS in two OlOVeS. 

most for any m*ic or model. Tei. against anv defence (bv A. J. 

01-274 G2S1 PRIDE AND CLARKE. F p ‘ “,„„v 1 " 

103. steckweii rb.. s.w.o. renner, Bromley). 

Solutions Page 12 


BRQMLlY — Ware nouse 19.000 Sa. It. lei 
10 Netlovl Freight Corporation £12.500 
per annum FRI 10 vears 197 & Re«ic« 
1981 Freehold £125 000 Barter Payne 
& Lcpoer. 20 We I beck Street. London. , 
W.l. 406 2B49. 

Estate adjoining Boon John Menales 
Wigralfs. GKN A TpIcIuipm Suoerr 
now Factors ■ Warehouse tram 5.500 10 

44.000 sa. ft- Competitive rentals A 
inuneoiate occupation. Ca, a nagh William 
A Brawn. 92 Friar lane. Nottingham 

CITY FRINGE-— L'tnd. 1.140 in. ft- to l« 
or freehold. Bruce Aiterman 267 5772. 

so. tt I'lnd. to let. Bruce Aiterman 

TV Ratings 
w/e May 28 

IN HTS new bnok. The Finer 
Arts of Bridge (Faber £5.50). 
Victor Mnllo fakes the reader 
away from the conventional 
treatment nf technical know- 
how to the more nebulous 
realm nf psychology and 
imagination. You will certainly 
enjoy the hands, and you will 
certainly learn from them. 

Let us examine this hand 
from a rubber in which ail the 
players wore experts: 


♦ K Q 10 

" A Q 8 7 5 

♦ A985 

+ Q 

W E 

♦ 3 2 4 6 5 4 

<? .1 10 6 **» K 9 4 

0 Q J 2 0 4 3 

+ J 10 9 87 +K6532 

S ‘ 

♦ A J 9 8 7 


0 K 10 7 6 


♦ 762 
T Q JO 82 
8 6 2 
+ Q103 


♦ J 9 S 4 

O A O j 7 

♦ 762 


♦ Q 10 5 
7 1 J 5 3 

v K 5 4 3 

* J S4 

♦A K3 
^ AK94 
<M0 9 
+ A K9 5 

tain. But sunonse you are play- 
ins in a pairs event — what is 
your plan? 

Well, with an entry to dummy 
assured, you try another 
diamond finesse. It loses, and 
East returns a heart which you 
win with the Ace. Would you 
not now take the marked spade 
finesse, expecting tn gather in 
11 tricks? You could not settle 
for one overtrick if every other 
declarer was making two. 

And that is what the origi- 
nal declarer did. But East 
turned up with the ton. and 

Overtricks, which are so valu- n nw South was cut off from 
able at duplicate, can be used dummy's assets, and could not 
as bait by ihe shrewd psycholo- make even nine tricks 
gist tn lure the opponent to Wasn’t that a superb piece 
destruction. nf deception by East? 




(Kfcbcn ratings) 

1 Lnvenia and Shirley (comedy) 


7 Three* Company (comedy) ABC 

3 Daln Cunt pt. l(drama) CBS .. 

4 Happy Days (comedy) ABC . . 

5 Police Story (drome) CB5 

6 MASH (comedy) CBS 

1 Curler Country (comedy) ABC 

I Bing Crosby (special) ABC 

9 Lillie House (drama) HBC 

U Daln Corse pl 3 CBS 


alpinalr m 


■ ^ 


Tor. > 


t Auto/Manual transmlBBlDO^— 

stawing LH prRH Qrim. 

noypol Lon*. London, Slanmwo. Iftfflx. HA 71 ECL 
OuWHOuQT LOOtfort Unamrgpouna Sufron\ 
mm t«ikMT9M 


Unbroken Freehold. 
Block of 50 Flats with 
considerable potential. 

Cnninrt David Reynolds 
39 Crawford Street, W.l. 
01-935 S341 

At a love score North dealt 
and opened the biddine with 
one heart. Smith said one spade, 
and North rehid two diamonds. 
South now jumped to four 
diamonds. North bid fnur 
spades, and South pushed nn 
with a cue-hid of five clubs. 
Hoping for further information. 
North said five hearts, hut 
South rnii iii only say five 
.roados. which North raised to 
six spades. 

The cluh Knave was won io 
hand, a cluh was ruffed, and 
trumps were drawn in fhree 
rounds. The declarer continued 
with a heart, fincssinz the 
Queen, which lost tn the Kins, 
and Ea«i returned ihe four of 
diamonds. What should South 

The mathematician has no 
problem— he plays for split 
honours in diamonds, preferrinc 
Ihe ndds-on chance tn the odds- 
against chance oi the 3-3 break 
in hearts. 

Conference? Seminar? 
Company Meeting? Reception? 
Rim Preview? 
Advertising Presentation? 

There’s no need to hunt around the West ^ 
End for a suitable venue or viewing theatre. 

The FT Cinema, here in the City, offers seating 
in comfort for 5CH- people. Full 16mm film 
projection facilities. National Panasonic Vz" colour 
video tape and Philips 1501M video cassette 
viewing. Electrosonic 3601 slide presentation 
system. And luxurious private dining rooms with 
extensive catering facilities. 



' w V . 

Last \ 
Von :■ 

: W eV>. 

jl. • Wtr« 

te 0sin l > 


. AH enquiries Io the Press Officer 
Financial Times, Bracken House, IQ Cannon Street. 
London EC4P 4SY. Tel;01-248 3000 (ext. 7123;. 

fet h,. 


v V'" " m -$\ m m : 

. And we have a world-wide reputation for producing 

the voy best commercial ^es- , buses and tractors. And we exported over half of them. 

alone, we built Over SOjUXJtXUOCS, _ ^ t V*»hirW 

Bus. But now ^ ^es- 
obafi f y _i nflflr L^rrh development and manufacturing facilities. 

flJOm in new research, development and manui 

4W*<;- « . f/ - •- .. — .^k 

completely new range 
iea.vy truck production 

ling and fully 

network will not only be 


© Leyland Vehicles. Nothing can stop us now. 





A choice of islands 

ISLANDS it seems, have a for stays of several days. Rankin particularly Important to choose 
pretty general appeal, even Kuhn are among island the right one at the right sea 
though about all thev have in specialists on a global basis, and son. If you want a happy cul 
common is that they are bits of 1 have always 3ven their tours tural mix of European 
land surrounded by water. You brochure top marks for a very tFrenchj, African, Indian and 
would be hard put, for example, fair summary of climate and Chinese, with beaches galore 
to find much other similarity other honesty of detail. For and some lovely scenery, then 
between Tobago and Iceland or example: "beaches . . .are the Mauritius is likely to appeal— 
Mauritius and the Isle of Man. island's proudest possession” providing you don't need a lot 
Perhaps there is one other bu-t there are " some lot of sophisticated services or 
’characteristic that most of them pretty unexciting landscapes'* night life. For that — as long 
share : a kind of cosiness arising i Antigua i; or “a lush tropical as >’ ou not 011 a tight budget 
from limited confines, which mountain with its feet in the — ;J'°u *'*11 do much better in 
means you don't really need to Caribbean” but "not for the trim little Bermuda, remember- 
bum up ton much energy in trend setter ” (Grenada). Multi- ing that it is much further north 
rushing abnut- centre island holidays are than most people think and has 

• That said, even ignoring 

IF YOU really want to look 
comme iZ jaut on the beaches 
this summer there are several 
looks that are currently very 

fashionable. One-piece swimsuits 
have come back in a big way. 
All of you who remember the 
early films of Esther Williams 
and Betty' Grable and the days 
when swimsuits really had 
glamour will give a nostalgic 
welcome to a range of very 
glamorous one-piece swimsuits 
recently brought out by Straw- 
berry Studio — these have all the 
authentic film-starrisb insignia. 
Some have niching down the 
centre, most have cut-away 
thighs, some are strapless with 
bandeaus across the bust while 
others have just one shoulder 

If you feel that's a bit theatri- 
cal for you, then racing swim- 
suits, in particular the very 
elegant ones made by Specdo, 
are equally popular at the 
moment. My feeling about them 
though is that you need a well- 
nigh perfect figure to wear them. 

There is also the perennial 
bikini. Tbese have become yet 
smaller, with the two main pieces 
often being connected by little 
pieces of string or beads. " 

This is one of the prettiest 
beachwear sets around. Made 
from pure cotton, there Is s 
bikini, £17.75, and a matching 
wrap-around dress (£43.50). 
Made by Laetttla of France, 
they are sold by Harrods and 
there Is a wide choice of 

Greenland, islands can be pretty 
big. Iceland is a case in point, 
and it happens to he one of my 
favourites, partly because I like 
that kind of beginning/end-of- 
the-world scenery, and partly 
because of the pockets nf 
'sophistication that the Ice- 



a climate far more akin to the| 
Med than the Caribbean. Con- 
servationists will approve of it, 
too: only a few nasty, smellyj 
motor cars (and none for hire), 
though watch out for visitors 
wobbling about on rented 
mopeds: and new strict legisla- 
tion protects all corals, sea 

landers have superimposed on anjong their special features, as turtles, marine mammals and a 
to it. Corsica is another farourite are sonje bargain offers of three variety of molluscs in the area, 
of mine for some nf the same weeks j or pr j ce 0 f two in a When it enmes to costs, it is 
reasons (rugged un com prom is- nura )> er 0 f centres. • well worth doing a little hnine- 

ing scenery), though here j n £ Uro p ei Exchange Travel work on the seasonal variations 
softened by a fabulous variety j, ave recPn tiy added Sicily to applicable to particular islands 
of vegetation and balmy coastal i on g-esta Wished arrange- in lon S haul category. In 

areas, not to mention a kinder ments jQ MaJta| Gozf) Cyprus Mauritius, for example, seasonal 

d « ate ' w V., , , ^ and the a 1 most-island of Gib- variations are relatively small 

If you just hke islands for raltar> ^ th|;se MSBS tw^n^e and the year-round costs for two 
their own sake, you could do holida « ahn at showing con- weeks half board in a good 
much worse than take a muse trastin aspecls of one island hotel and return flight start at 
in the appropriate part of the fsuch as ^ coast and mountain around £550-£600. In Bermuda, 
world. A recent one of mine by r esorts 0 f Cyprus) or sister avera ?e rainimums range from 
Holland America Line in the isIands (such ^ Maltese around £500 in the low 00 
Caribbean featured seven capila i combined with the to frnm £ * WQ in th ® high. 111 tiie 
islands out of nine ports of call, qilieter tempo of neighbouring Caribbean, off-season minimums 
more of wfrich in the near Gozn) The permutations are ma y be Iower * but 111 ^ W** 1 
future. Next autumn, P and O's numerous, but the Cyprus com- Beason ran 8081 overnight 
Island Princess is offering some bination ranges from £263-1308 f aroun d mid-December) to £650 
pretty exotic South Sea island- ex-London for two weeks with nr £75 ° and more - To make it 
hopping between Los Angeles half board, according to season. even more «>“Plicated. some 
Sydney (33 nights from Th e canary igi arids ls mother Caribbean hotels vary their 
£2.122. 56 nights from £2.865, area to provide popular two- P nces rauch less others or 
including return flight from is i and combinations, sometimes W !!L have *P* cial arrangements 
London). Nearer home. Sun extending to embrace Madeira — Wltb 3 tour ' operator. So it 
Xine's 3-. 4- and 7-day cruises a particularly good warm- really does pay to look carefully 
concentrate on Crete and other weather pairing when you bear a * * bose rather boring tables. 
Greek islands of all sizes in in mind the lushness of the *«“ y ! a about islands 
the £250-£350 range, with flight latter and, sav, the moon-like ® different 

from London and half board in qualities of Lanza rote. As an cate S nr y— little off-shore pockets 
Athens to make up the full island group, the Azores too can ^ 

week where applicable. supply pretty well every scenic walk ar ™ nd 10 a hours with 

Inevitably, shore excursions requirement from the torrid nai 7 a ba ^ or a b,n |? hal1 
only give very limited time in tropical to the highland bleak. °f 

any place, and you might prefer If you are confining yourself ° h or *^®fL * 

combining two or more islands to one island, it is obviously pr pSll c, 

- .. of other people one sunny June 

| day. The colonies of sea birds 

Left: Jersea of Sindea Is one of the best 
beach wear labels to look out for. What I like 
about the company is that- It produces 
co-ordinated collections so that you can usually 
find a top that goes over a swimsuit, a sundress 
to slip on over a bikini. This year there is a 
particularly attractive collection of pale blue 
and pink beackwe&r, all In cotton/ polyester 
velvet or cotton Jersey, Sketched here is a 
tiny bikini with string ties (£11-40) and a 
matching long-sleeved, Mouson T-shirt (£14.60). 
If you want a complete beach holiday wardrobe 
you could also buy matching, one-piece swim* 
suits, a sundress, shorts and a halter top, ail 
at very reasonable prices. The. following shops 

have a good- selection of '. Jersea beaeh«ea«~ 
Harrods, Dicfctns and Jones, Selfifcijjfes,, 
Katherine Driisey of Birmingham, •' iTfoqttg 
Ideas, Ashbourne, Derbyshire and -Sdmdel ’ 
Cooper of Wllmslow. ' ■ f 

Above: Another example, though this time:' a 
Very sophisticated one, at the. ctHtriit&rtbd 
beach wear- by Jersea of SwedemfSHed 
Diagonals, for obvious reasons, this net- eoto- 
prises a bikini (£1L40). a wrap-around skirt 
(£17.20) and a djellabi (on therighry^feY 
£27.70. This set, only available in hlari^TOi 
white. Is made from, a polyester fatefo^AU- 
enquirles for Jersea of Sweden stockists stiofcM. 
be addressed to: Linroy - Fashions, 3<W4 
Langham Street, London, W.L 



This traditional hotel: 

In Zurich's 

famous Bahnholstrasse is the ideal 
venue lor the business man. You 
meet Zurich's City in the comfor- 

table lounge or in the exclusive 
restaurant. Each guest room has 
its individual decor. 


JBaJknbolitrasxc 41. 8001 Zajcfa , 

TeL 01041/1 21X65 60 




All are good value for money as costs continue to rise. The new 
197S Edition of "Let's Halt Awhile in Great Britain" personally 
describes over 1.200 hotels. Here is a most rewarding gift and 
a mine of information for your holidays, honeymoon, mini-weekend 
breaks, or business conference. £3.75 from book stores or direct 
from the Author. 16 (D) Little London, Chichester, Sussex, plus 
66p postage in UJv, 

ALDEBURGH, Suffolk Nr. PENZANCE. Cornwall 

the- principal draw *s the cuisine and the AA---RAC. Overlooking sea ana sandy 
cellar knowledge o< the resident owner,, beach. Licensed. Excellent cuisine. Fine 
For gastronomic*! lor, bracing week-end Lounges and Bedrooms. TM: 073 676 2325. 

or longer. Tei. Z42Q. PORTSCATHO, S. Cornwall 


Co Durbam nrlvxta tHjach. Noted for cuisine. 

SsSLaS* 11 * as-v smn. r&OTrt7S?Jff'K!SSSt Te!! fos: 

All bedrpoiti3 with private bath, radio and 

TV. Gourmet restaurant. Elizabethan SIPMOUTH. Devon 

Banquet, held most evening. In the Baron's wfctClifs HOTEL A 

Hah. Tel. Chester- le-5treet 885326. SiPTii ter . L ,l i .TJ ,r ._ P V..J2 f *l- 

All ages catered for. Lovely In Summer. 
Heated swimming _ pool. Close to sand, 
beach and golf. Tel: 3252. 

MULLION. S. Cornwall , TO w WT om- „ ^ t 

pqlurrian hotel---. Happy, informal. VTESTONBIRT. Nr. Tetbury. Glos. 

iii slne L w !C. le ^ <ll r. ja Acres HARE A HOUNDS. Adlolns Arboretum on 

secluded. Own sanoy cove. Hid. poof, the A433. On Business or holiday transit 
Tonnls. Putting. Nr. 18-nole golf course, or lor a complete Cots wold holiday. Write 
Cliff Walks. Dancing. Tel. 24042T. or td: Weswnblrt 233. 



All set in the blue waters 
of the Atlantic. 

For the different island holiday, 
contact the specialists 
Cora Street, Witney, Oxen 
Tel: Witney (0993) 4511/2364/5566 





ROMAZZ1NO . . from 1305 

Turfudos 7 rJchrs fuD board, dircei 
OUdtu from Gafu-ictc. Free Colour 
Srortiure frwn- 


190. Chi5wicfc High Hoad. London, W.4 
Tel.: 01-995 7«1 


Tel: oaot 388 59. . Hmki Deal, trnna.' 
putting, bars, dancing, family auttes. 



WALKING WEEKENDS. Mi. | 0 Qcreogr. 
The Pennine Way stam here S'.oneeron 
Hotel. Edalc. Shejeld 530 22A. Tel.: 
Hepo valley 0-33 -0262. full board 
from MS. Fro « brochwe. 

and the natural rock gardens 
clinging to the cliff tops made 
wnndrnus assaults on the senses, 
and ensured the kind nf 
memories that money can't buy. 

Some addresses: Holland 
America Line. 56 Haymarkct. 
London SW1Y 4RZ; P & O 
Cruises, Beaufort House, SL 
Botolph Street, Loudon EC3A 1 
7DX; Rankin Kuhn, 19 Queen 
Street, Mayfair, London W1X 
SAL: Exchange Travel, Parker 
Road, Hastings, East Sussex 
TN34 3UB. 

Your week-end E: Austria 26.90. Befgttrm 
58.75, France Mi. It»hr UR, Greece | 
65 JO. Spain U2.75. SwitxeHAnd 339. US. 
132. Source: Thomas Cook. 

I do wish it had been I and not cousin who slops about in -a Anyone who knows Mr. Capote can have all the readings off his . 

Mr. Capote who described dressing-gown ail day, - blowing only from Breakfast at Tiffany's own poems that he recorded on. •: 

Marilyn Monroe thus: “ . . .the smoke rings from -his. dimpled and In Cold Blood, by which a splendid two-disc album from 

rhythmic writhing of restless peach-bloom face. In this man, time he himself had become a Caedmon Dylan Thomas Read- " 

poundage wriggling for room in- dearly a homosexual, irruptmgjpart of the literary establish- ing His Complete. Recorded - 
side roomless diScolIetage . . ” Into the boy’s consciousness. Mr, "ment, should find them fascinat- Poetry (TC 2014); It contain* ■ 

I have been acquainting my- Capote showed for the flrst.time Ihg. “Fern Hill," "Poem in.October,® ‘ 

self with the two early novels- his remarkable gift for fixing a Anoftner caravan that con- “The Hunchback in' the Paris* 
“THE DOGS BARK but the on which Mr. Capote's reputa- character in his reader's mind, tinues ' to trundle along very and many other favourites, Hi* . . 

caravan moves on” — it was with tion was founded in. the 1950s. In The Grass Harp the boy inerrlly Is that of Dylan daughter Aeronwy has now also 

this Arab proverb that Andrfi Other Voices, Other Rooms narrator (not the same one) is Thomas, even though it is now become a poet and has gone 

Gdde consoled Truman Capote (Penguin 65p), and The Grass also being brought up by two 25 years ago since he died in into her fathers business of r- 

for some hostile reviews of his Harp (Penguin 60p). I see that elderly aunts and a blade servant November 1953. To mark this reading her work on public plat- . 
early work. All writers should both these little caravans are Here one aunt is nice and the anniversary bis publishers have forms. Her voice does not have 
have the saving burnt in poker- into their forth re-printing since other nasty and- most of the Issued the complete collection her dad’s booming resonance 
work above their desks. Mr. they were first issued as paper- book describes haw the boy, of his verse as a paperback, but it is well under control and 
Capote has often heen accused hacks in the 1960s. The latter the nice aunt, the black servant Dylan Thomas The Poems edited crystal clear. You can hear her . 
of ungrovvnupness ami irrespon- has also been turned into a and other like-minded souls, re- by Daniel Jones (Dent £3.50); reading with another poet of 
Ability, of a Barrie-like love of Eroadway play. They are set in treat to a tree-house in the it indndes everything except Welsh background, Bryan Wal- 
the Peter Pans of this world the legendary Deep South where woods and form there what we Under Milfc Wood It has even ters on a disc from Argo, Later 
both male and female, of what Mr. Capote himself was raised; should be tempted to call an got one poem that is not in the Than Laughame (2SW 578L 
used to be called high camp, the lush landscape and eccentric alternative society to that of the hardback edition of 1971: this is This is a well-arranged pro* 

He once described a tea-party adults, white and black, who establishment in the town where one of those pub poems that gramme made up of the two 
given for Mae West in New people it are seen through the they live. Mr. Capote is at his Paul Ferris talks about in his poets’ own work, some of Dylan's 
York, “Dame Edith Sitwell was eyes of a bright, parentless, lost most Barrie-like in this tale, biography published last year, a including a lengthy, juicy chunk 
invitel to pour . . . ” One can small boy. In the first book he also at his most sensuously evoc- poem untitled, which has only of Miifc Wood and also some 
imagine the gay shrieks at the journeys alone to the singular ative. The comparison I should recently come to light It is reflections in prose by Aeronwy 
idea of such a confrontation household of some cousins in prefer would be with Forrest Thomas in his bawdy mood. on what it felt like to go baric 
which never, alas, occurred, search of Tils father. What he Reid; like his bolh these books Incidentally there are a great to Laugharne and find her old 
The accusations have a great finds instead are parent-substi- recapture the intensity, the many recordings of his work home had become a museum ,and 
deal of force behind them yet tutes in the form of a female savour of a boyhood much of available. A full list would take the place swarming with- pH* 
how well Mr. Capote can write! black servant and an older male which ls spent out off doors, up rather a lot of space but you grims from America. 


\ V 





Give row children the thrill of 
HOLIDAY and leave every, 
thing to ill Arc groans 7 -9s, 
9-12*. 13-17&. Write Dr phono 

9-I2s, 13- 17s. Write or phone 
for colour brochure. Also 
separate brochures for 18-3ih, 
Family Holidays and Schools. 
Station St_ Rdve-ob-W)-*. 
HR97AH (0989)4211 or ere. & 
w/e’* Fomwopc (04J 277) 535.. 




WATCH THIS SPACE — II >ou s*c an id In 
toe onss or on ooiwrs. cinema or direct 
ma'I that doci W conform to the Brl:nh 
Code Ol Aducrtliino Practice let us know 
and ne'll look into Is. For a com ol 
the code wnie to us. The Advertising 
Standards Authority Ltd.. 15-17 Ridg- 
mouirt Street. London WCIE TAW. 


TX. 74232. Summer mountain holidays. 
Indoor and oeeo-air swimming pool, 4 
tennis courts. 

6% Debenture Stock, 7978/81 
Notice if hereby fi*-?n that die 
above mentioned Stock will be 
TRATION Irotn 19th to ’Och June. 
1^78, boch dayi inclutrre. 
fly Order of the Boa-d. 

H. J. K:Tuck. Secretary, 

4B. Palmonton Place, 

Edinburgh, EH12 SB-R. 

3rd }u: ir. f«79. 


7lh JULY, 7978 



Valuable Freehold Shop Property 
In busy trading position 
Shop Floor area about 1.300 tq. ft. 
Basement Storage about 490 iq, ft. 

Sptciaui Upper Part 
Particular,, condition' of tola end 
form of tender from vendor - i agent: 


LONDON Wll 3HY - 01-727 4433 



limned lice potfenion offered of 4 
mademifed flat* (4 a 5 room*, k t b| 
in imputing block within 5 mini. 
Marble Arch ro be mold In one parcel 
on baity of 28-year learn with low 
outgoing*. Price for quick tale 
£110.000. Jahmwi 4 Pycrafc, 
01-731 3111. 

8 King Streep 



Tel: OL-S39 9069 
Telex S&«29 


C-- • ’ 

■ - - 


Owner of new 60 ft 

Hatteras Motor Yacht 

situated in Florida would like 
to exchange for one month of 
year for similar yacht in 
South of France. ?.f. Carding, 
Hewitts. Stafford Street, 




6,670 SQ. FT. 

Central heating, lift, ear parking, 
prestige entrance 

01-492 1607 Ref. NjF 




chartered surveyors 

Trumpington Road Cambridge CB2 210 

Telephone: Truftvington (022-021) 3391 Telex =817658 


HltcMn 2 oitfei Ldcftwortfa 3 mile, 


Principal Residence 
7 Cottages 

3 Sets Farm Premises 
For Sale By Auction As a Afhole 
or in Lots 

(if not sold beforehand) 

With Vacant Possession - 
(except cottage occupations) 

5urfbury 11 m Me* Wewmarfcet 16 mile, 


347 ACRES 


LOT ? Fine 17th Century Hall with commanding views 
over countryside. 3 reception rooms. 5 bedrooms, 
I Acre mature garden. 

LOT 2 346 Acres arable farm with farmbulldings. 

(unless sold privately beforehand) 





Small blocks of fiats in beauti- 
ful park with swimming pool 
— Tennis court — Bowling area 
— etc. . . . Studio-flats— -three- 
room flats— equipped kitchens 
Some flats already 

Information from: 


8, avenue des Phoc£ens 
06300 Nice, France 
Tel: (93 ) 80.07.2 2 



At thn lout hern end of (he 
Cundover Valley 


Sx-amnon. Near Al reiforj 
A Fine Period Country Rciidenee 
4 Recaption. Dommtlc Office,, 6 Bed. 
room*. 2 Bathroomi. Self Contained 
FlM. Grernhouici. Garden Store*, 

For Sole by Auction 
(unit!! previously told privately) 

Ax a whole or if nocBMwy ; n 
three Ion. 

12th July. 1978 ar 3 p.m. 
Particular* from J am ex Harm 5 Son, 
Chartered Surveyor! 
Wlncheircr. Hampthire (Tel.: 7353) 

also appear today 
on page 13 

Chibifida Ihinpa, 16 in. high. 
Sale, Tut-s rdaii, June 13. 

It Is rare Indeed for an auction bouse to be able to say 
with near certainty that a piece of tribal art about to be 
sold is the finest wood sculpture from the tribe concerned 
In. existence. But we are sure, not only that- this work is 
pre-eminent amony the ei^ht known examples (all from 
the nineteenth century or enrlicri uf the supreme subject 
of the Jokwe artists of Central Africa— the fifteenth-century 
culture-hern ]iun~j Katele. nicknamed Chihinda “ the- 
Hu trier —but that Christie's have never handled a finer 
wood carving from the whole of tribal Africa. 

Uunga was. In legend. a Lufia prince who while on a 
hunting expedition fell in love with the Lunda chieftainess, 

nsarriajje -was Mwata Yamvo. 
founder of the dynasty of that name which still rules in 
the Lunda. "nie Jokwe carvers seem io have made these 
worts for the Lunrja chsers; llunca is known by Ms 

ana,:hoa - 

3L£T bSLlJS" - a Ponui:u '* ^ 

For further Information on thi sale and other sales off 
Tribal Art, please contact Ilennione Waterfield at th« 
address above. 




rf ir, 3 «a 

■wch =W* (a- 


''•■■ ‘vr. Calk 

!s . !■ ■’■ win 
r:j--2rns5i k 


Vi- ir. hiiKt 

: vjn-Kittsjlj, 

* i-i::*:*. * 

i- : : •: ?ki 

»•-•* :- tie fc 
»r r^.-ur*: 

->--T ;.a? "?*l 
■* i '■ "15 t 

*.:•• r : r-rirs 

fr -i .\rro, - 
-i r - ”»v‘ - r . 

,..., <r. 

■ ’ t. 

. - •• •• f - 
... •. 

r . . 

r.V »-.s; 

by Lucia van der Post 


LEFT: The company of Christian 
D,or has Jtisl launched a 

scrips of very glamorous 
sunglasses all. for those who 
like their status symbols m bp 
recognised, with a discreet CD 
on the side of the frame. The 
lenses are graduated iso as 
noi lo hide beautiful eyes 
rnmpletrly) and are made of 
scralch and impact resistant 
resin material. There are six 
lovely styles all of which come 

in a choice of six different 
colours. £29.95 each they can 
be bought from Christian Dior 
London. 9. Conduit Street, 

London Wl, liar rods and good 
opticians throughout the 

RIGHT: Mary Quant has Just 
designed a range of sunglasses 
for Polaroid and all of her 
designs carry her distinctive 
little daisy symbol somewhere 
on (he frame. There arc five 
different styles, two input, 
three In plastic and they all 
cost £12.95. Find them 
III Selfridges. John Lewis 
and other John Lewis 
partnership stores, 

Dehenhams and Boots. 

Set a summer table 

I THINK summer tables should 
look quite different front winter 
ones. Just as, by the time sum- 
mer.' comes round. I’ve got so 
tired , of my Winter clothes I can 
hardly hear Lo look at them, let 
alone put them, oh, so I like 

to change the look of the whole 
table to be more In keeping with 
(hopefully} hot lazy, summer 
days, lo- whiter I tend tn aim 
far 3 rather rustic, farmhouse 
look for family ’fiTeals. ' and for 
quests or evening dinners a mure 

sophisticated, distinctly indoor 
Innk When summer ‘comes n 
think in terms of Itower-', birds) 
and other outdoor things. For; 
those who like la change their; 
china from time lo lime here arc[ 
three new design? from some of! 
our big tableware companies. 

T-c ifogSM$£?i<i 4 Wr. 



•ft'r ' > 

It: ‘ i'-’-j-nf 1 ' 


mu ■■ A 

’ - ■ ^ i • * -y' 

WHEN I was very young, sun- 
glasses were strictly for filmsla rs 
or Mafia chieftains. Anybody else 
caught weanng them looked 
miscast- On the odd occasion 
when 1 had a stye or con- 
junctivitis and wore them as 
camouflage they always brought 
forth some flippant comment. 
Nowadays, of course, they're 
almost as common an accessory 
as shoes nr handbags. Almost 
everybody I know has at least 
one pair, most people have two 
or three. 

However, whereas once it was 
a simple matter to decide which 
pair you wanted— you either 
needed prescription sunglasses, 
in which case you went to your 
Optician, or you bought the shape 
you liked best — nowadays there 
are so many new developments 
that its difficult to weigh the 
advantages of one against 

To start at the beginning— do 
you need sunglasses at all? The 
answer is that strictly speaking 
you probahly dun’t. Most healthy 
eyes are able to make all the 
necessary adjustments to sun- 
light: hnweier. many people have 
discovered that they feel much 
more coin fort able wearing them, 
their eyes seem less tired, they 
don't have to strew them up and 
they are often useful camouflage 
if very tired. I like to wear them 
to keep the dust out of my eyes 
in very windy weather. 

Cool numbers 

Which ?. in its report on sun- 
glasses Iasi June, found that 
almost all sunglasses from the 
very cheap upwards were 
efficient at keeping out enouch 
glare lo stop you screwing up 
your eyes. Equally, all the 
lenses they tested (including the 
very cheapest plain plastic ones; 
were efficient at outline down 
ultra-violet rays whereas with 
infra-red ray* I which can harm 
the eyes, though there is seldom 
enough in Britain to create much 
of a problem) glass lenses were 
distinctly better than plastic, 
while mirror lenses were best of 

Everybody I spoke to wished 
to emphasise- that it Is vital that 
sunglasses should not be worn 
in certain conditions — chiefly 
when driving at night tthe new 
Highway Code. loo. stresses this) 
or in poor visibility. 

Of the main types of sun- 
glasses on sale, ordinary plastic 
ones are the cheapest. These 
can be an added strain on the 
eyes if there is any distortion 
and a good way to find out if 
they are any good is by holding 
the glasses out at arm's length. 

A charming new collect I on of plates has just 
been launched by Royal Doulton. There is 
one plate for each sign of the zodiac (the . 
quicker among you. will immediately realise, 
that that makes 12 in ait) and I think it would 
be rather fun .lo have one for each member 
of (he family. 

Each plate,- each, sign of the zodiac, has 
Its own coloured dedgu. featuring Kate 
.,GrOertawa5^ weU r ',known>r and. ./well loved 
smot^^Wtfi stm-IwnTOfeii cWiaren in. some 
- picturesque garden 'sfftjng br ^fher. Every 
• design incorporates some aspect- of Lhe sign 
'so - that, -for instance, 'on.- the Libra plate 
(photographed here) the two children are 

sitting on a sec-saw to symbolise the sign of 
the scales. The border of Hie plate not only 
has some charming and delicate sprigs or 
weld flower.v. It is also embossed with a 
chain of dancing children holding hands 
which completely encircles the plate. 

, On the reverse side of each plate Kale 
Greenaway'*, original calendar of events for 

the month Is reproduced. All. these are taken 
from..,Ka)e Greenaway's, original 1»84 
Almapack. The plates are attractively boxed 
and would mike a lovely present. They cost 

ONE OF the most attractive 
aspects of summer in my view 
is the clink of ice in glasses full 
uf . cooling • summer drinks. 
Because our hot weather is so 
I sporadic and so uncertain most 
j uf us don't have the truly 
formidable array uf equipment 
needed for cooling drinks that 
is to be found in hotter climates. 

It is. fi*r instance, almost 
impossible to track down a really 
attractive ice-bucket. Few 
people seem lo luxe fridges with 
a continuous ire-making facility 
— almost ;« standard feature on 
most Anu-rri iR fridges — and also 
the range of summer drinks we 
proffer- in mir friends, nr 
refresh ou with ai liie end 
of the day. is pitifully small. 

though admittedly in Pimm' we 
have one of the most refreshing 
of a li summer concoctions. I 
hope to track down more 
genuinely useful hoi weather 
survival equipment in the coin* 
in.? weeks but in the meantime 
here are three ideas, some 
inexpensive, one very expensive, 
to add a little lustre to the 
summer days. 

£8.9,5 each amfyre available from branches or 
Latvleys and Royal Doulton rooms ip major 

1-ntH ! heard a fascinating 
” programme on the radio and 
read a piece In Weekend Brief on 
the subject or Epping Forest l 
had no idea that lhe forest was 
currently celebrating 100 years of 
being under the care of the Cor- 
poration of London nor had I 
any idea of quite what a fasci- 
nating place It si ill is. Those 
who are interested in the anni- 
versary might like to know that 
the Epping Forest Ccnlenary 
Trust, with the approval of the 
Corporation of London, commis- 
sioned Aurum Designs 10 pro- 
duce a parcel-gilt silver goblet 
lo celebrate the anniversary. 

Though usually 1 am rather 
agaiti-t the issue of limited edi- 
tions. since I Teel that ii is 
often an artificial device for 
raising the price of an object 
without necessarily improving its 
intrinsic beauty at all. in ibis 

particular case 1 reel rhe goblet 
is suffidenUy fine and may In- 
ures! enough people for it to 
be worth mentioning. 

The goblet ilsclr Is 6j inches 
high and is made from solid 
hallmarked silver weighing 13 
ounces. 1 iike the shape of lhe 
goblet and find lhe embellish- 
ment near the base very appro- 
priate to the theme — and it is 
exquisitely done. Through 
oxidised silver foliage a sculpted 
deer, overlaid with gold, can be 

Only 500 goblets will be made 
in all: each will, of course, be 
numbered On its base and 
accompanied by an authenticat- 
ing certificate. The price of 
each gohlci is £246 and it can 
he bought by post from The 
Epping Forest Centenary Trust. 
The Warren, Lough ton, Essex. 
(Gift -urn'. 

Look through each lens in 
turn, aiming at a vertical object 
like a window or doorpost. 
Rotate the lens slightly and you 
will find that ir the lens is of 
acceptable quality, the vertical 
image von are looking at will 
remain still, ir it seems to move 
or alter shape, the quality is 

Flawed lenses mean that the 
eyes have to work harder to 
compensate for the blurred 
image so that your eyes may end 
up feeling more tired than if 
you weren't wearing them. 

Both glass and plastic can prn- 
vide good lenses— on the whole 

plastic ones are light, but scratch 
more readily. They also lend 
themselves to more exciting 
shapes and are more impact- 
resistant than ordinary glass 
ones (though toughened glass, of 
course, is also impact-resistant). 

Polaroid lenses were first in- 
vented in America (where else?) 
in The 1930s and they offered a 
genuine innovation in that they 
contained a core which filtered 
the light so that glare was 
eliminated. Until the early 1970s 
the sunglass market was almost 
entirely dominated by polarised 
lenses. In the mid 1970s some 
very fashion-conscious firms with 

very aggressive marketing 
policies began to make a big 
impact on the sunglass market 
(anybody who ever watches tele- 
vision must have noticed some 
very stylish advertising t. 

Nonetheless. even though 
Polaroid's own patent on the 
polarising process has run out. 
polarised lenses still account for 
about 50 per cent of all sales. 

Polaroid themselves still sell 
more sunglasses than any other 
company in this country and are 
trying hard to combine the good- 
quality image they've developed 
over the years with a high- 
fashion approach. They havp just 
launched a series of very attrac- 
tive frames designed for them 
hy Mary Quant (one of them is 
photographed near left i . 

Phntochroinalic lenses have 
recently become ail the rage — 
those are lenses that darken and 
lighten automatically according 
to the amount oT sunlight. The 
early models used to darken rela- 
tively quickly when worn in the 
sunlight but took quite a long 
time to lighten again on going 
inside — this could occasionally be 
quite dangerous (for instance, 
when driving and suddenly enter- 
ing a dark tunnel). However, 
this year's latest development is 
the Reacioitle Rapide lenses and 
these react very much more 
quickly to changing light condi- 
tions. The lenses are made from 
a special aluminium orthophos- 
phate glass and one of the best 
brand-names to look out for is 
Pilking ton's Concorde glasses — 
these are priced between £12.50 
and £13.75 and conic in a good 
range of fashionable shapes and 

Anybody needing to have pre- 
scription sunglasses made tip 
should choose pbotochromatic 
lenses because this means they 
can he worn all the time— they 
will be quite clear on winter days 
and obediently dark when the 
sun comes out. 

Many people like to have 
“ graduated '' glasses— that is. 
ones that arc clearer at the 
bottom so that beautiful eyes are 
not hidden ! 

Anybody wanting to buy sun- 
glasses this summer and wanting 
to know more about the do's and 
don'ts of the matter could send 
a self-addressed stamped 
envelope to the Optical Infor- 
mation Council. Walter House. 
418-422 Strand. London, WG2R 
OPB and they will be sent their 
free fact sheet. 

Photographed here are two of 
the newest shapes to he 
launched this year. 



A fine English Crystal 
Limited Edition of 750 . 

exclusive to Peter Jones 
• ;> of Wakefield. 

•ay - ... .■ ‘ - ■ 

- ir' ' ; ■ /. 

:cbUec(ors’ p ieees -are. unfortanately 
t-aihi«T' -pxpfensive Tor all but the very rich to 
laah^wit-oa. Most of us perhaps conld afford 
one or evett4wo but lovely though they are 
*jhT fljdch though they would enhance any 
saowtoSiaVlk. it £22.95 each they would 
need tube treated with (be utmost care. How- 
crer these nlates really. , are for tne con- 
noisseur- — they aie ajl era ^! Lsh ^ 1 jjJJJl 
. facsimiles of. water colours door by John 
Janje^ Auduhon, a. famous Amenean 
Die' art of painting; birds, who 
r 'AltS^Swa -^^fl'JljO- The . originals used 
by-W^Ster-Ttpyal Porcelain are owned by 
• the • bociely and 

Worcester 'Royal Porcelain have been given 
the sole rights to reproduce these designs on 

For the moment there are eight plates, 
each of which has a coloured- facsimile of an 
Audubon watbreokmr in the centre. Each 
border Is decorated with foliage or greenery 
that enhances dnd supports the central sub- 
ject. Each plate is HU Inches In diameter and 
■each will be issued in limited editions of 5, Oho 
copies- The two latest additions to the range 
are photographed above — the tree sparrow 
in on the lert,. the. grey kingbird oh the right. 
Each plate costs £22.95 and they are available 
from Royal Worcester Spode rooms and good 
class china departments. 

. ■ : t ? i 7 ^knSi 4 embeJlished .with a host of 

nn the kitchen table: The set h extremely 
reasonably priced: the 10-inch plate Is £1.6n, 
the 5-inch plate Is EI-M while the coffee pot 
i, £3,55 and* lhe cup and saucer £1.40. it ts 
available now from Royal Worcester Spode 
rooms and good class china and tableware 

.ifcpartiwuts J «d 

; A For drinks on the terrscr 
J ^ what could be more practical 
j than this rather elegant pitcher 
I with its removable crnlral 
I cylinder into which you can place 
j Ice-cubes io cool but not dilute 
lyoor summer drinks. The pitcher 
r itself is made from glass with 
| silver-plated trimmings, holds 
]&3 pints of liquid and is Ilf 
I inches high. What I like about 
{the pitcher is that without the 
1 central cylinder H can he used, 
! equally attractively as. for in* 
! stance, a coffee Jug. The pitcher 
I is quite widely available in rn- 
L tail stores hut H can be bought 
' more cheaply by mall order from 
! L. Rowlett (Pespa iching), P.o. 

• Box 28. Ashton-under-Lyne. 
[Lancs., where lhe price, postage 
| paid. Is £13.9&. 

) k 

The Coronation of Her Majesty Queen Elizabeth IT 
took place on June 2nd 1953 and, to commemorate this historic 
occasion, Minton, have commissioned leading artists and craftsmen to 
create a strictly limited edition of 750 goblets worthy of the occasion. 
Hand-made in full lead crystal, to dive the unique brilliance and 'rinj£ 
these splendid vessels stand 7" tali with a 3'A" bowl in the traditional 
bucket shape. The air- twist stem fc of the baluster type, incorporating 
a series of minor knobs. The front is inscribed“T wenly fifth 
Anniversary of Coronation of H.M. Queen Elizabeth II 1978" and the 
reverse depicts Westminster .4 bbey and reads “1953 Coronation 1975? 

PrterJonesCiiinafttailOrtlCTjLtd (D*pt2) 
HO. Box J60, WakriieW tVTl SAIL 

A Summer is a popular time for 
ueddinnc and t hunch most 

* weddings and (hough most 
caterers still proffer those open 

cup-skapcd rhampagne glares 
i vfr> much prcFvr (o 
drink m» champaine From 
taller glasses. like thrsf* 
from lh f * ^I'crfi.*!! firm of Drre* 
fnps. Particularly fine qiaxsi 1 *, 
l hey are raiher ion i-xpcnsixi- n» 
buy en masse fur l3rce weddinip,. 
htii for smaller celehraliuns at 
borne (hey ue Just the thing. 

Made from floe crystal with just 
a hint of a slight ripple effect 
on the main body of glass, these 
are called Helena and arc sold, 
boxed in pairs, for £12.60. The} 

are mailable fruni (larnitls and 

Liberty in Lomloii: L. Houurih 
of Qundlr, Lolie C.reasey of 
Knrbuiirth. The Friar's Hoiisr. 
(j) mb ridge and Hendry Ilnur or 
Editihurgh. You can write im 
O rrefors L'R. Cambridge Srienee 
Park. Milinn Ruad. Cambridge 
for a list of stockist. 

Please send me Minion Crystal Coronation Anniversary Goblets J 

at ,£39*50 each. I enclosccbeqne/P-O.madcout to Peter Jones China | 
(Mail Order) Ltd, or debit my Access/BardaycardAcc. , 

-forthesom of. 



If I am not satisfied with mypurchase t understand that | 

this can be returned »4thin 74 days of receipt and that my , 
money will he refunded. Delivery will commence in 6 weeks. ] 

j^All prices include VAT. Registered in England 78351 8. 8 


al -Tkaes ^ 


'■mm j 

Things French 


It does not often happen in 
England that within the space 
Of a few' days fine h35 the oppor- 
tunity of seeing or hearing plays 
by Racine. Marivaux. Cocteau 
and a bicentenary programme 
about Voltaire bur such recently 
has been my fortunate fate. This 
little festival of French drama 
has happened to me quite for- 
tuitously. i went to Chichester 
to see John Bowen's English 
version of L'Heurenx Slraiageme 
and then to the Uld Vic to see 
■ Jean Marais in Les Parents 
' Terribles after which I heard 
Britannicrus in an English trans- 
lation on Radio 4 (May 28) and 
Maurice Cranston's feature about 
Voltaire (Radio 4. Mat 31 ». 

Reactions tn these per 
romances have convinced me 
that if politically we are now 
Europeans, theatrically we re - 
main Britons. Both at Chiches- 
ter and at the Old Vic one sensed 
immense resistance tn something 
which was fascinating and en- 

pick on odd lines and Dr.! Capricorn, a chamber group of 
Edmund^' translation sustained I £ oung aad accomplished plajers. 
the complex tensions of the work i organised most of lb. 
very well. The night before we Debussy and Rave! chambei 
heard Dr. Edmunds talking ««*»« Ithemosl notable a bseo- 
about the play and a few nights tees being the string quartets dT 
later Ha I bin Tennyson played ?«*' in ‘° "“l® 18 -* 1 , 
sonic recordings of the ComCdie Wigmnre . ' ‘V - lbC ^ rSl «..2H 

Franca isc doing It their way. Thursday, the choice of seven 

Their way is not our way and w ® rks , S ave . enjoyment, and 
what sounds grandiloquent in allowed much rewarding com- 

_ .i _ r. . J noneran f hn rocu 1 1 aF whlph W.'K 

French sounds often merely parison. the result of which was 
petulant in English. Michael f ° direct one more than ever 


towards the differences between 



Christopher Venning's radio pro- f be two composers rather than to 
dudion and managed best at (heir similarities.. Such things as 
moments of high passion: Honor Debussy s invention of fluid. 
Blackmon croakily fearsome a* open forms and Ravels mastery 
his mother also seemed some- ■ — ■■ 

what hampered by the medium. 

In the more sympathetic role* Mlldf* 

of Brilannicu? and Junia, David mU9lv 

Horovitcb and Rosalind Shanks 

had an easier task which they MAX LOPPERT 

discharged sensitively. 1 

The besi thins about this pro-' 
ductinn was the general atmns- 
phere of palace intrigue with the ! n f cleanly •'closed'' ones: lbe 
footsteps of the courtiers and very different cut of their 
their attendant* echoing in the melodies; the quite remarkably 
distance, the sense of lethal dissimilar applications of instru- 
danslrnphobia surrounding the i menial timbre — the concert 
young Emperor suggested by thej highlighted these and other con- 
producer. . , i Lrasis. in a profitable way and 

It is typical of the way BBi.'i t0 ih e greater glory of boih. 
Radio works that the week Radiol gut j/ the recital also high- 
4 was celebrating the bicentenary - lighted a common factor uniting 
of the death of Voltaire with an; both composers, it was perhaps 
hours feature going concisely; | ess by intention than by default- 
hut thoroughly into all the maini-phe instrumental music of both 
aspects of his life and thought. j g extremely difficult, not to play. 
Radio 3 should be giving us a ! t0 g et r jght. Although the 
play by E>acine and .not one ■ pjayers of Capricorn are all 

Voltaire. ,nfen ° r as accomplished and sensitive 

dramas are w Racines, surely musicians> tn^ir combinations 
one woulo have oeen worth hear - 1 . . ... . 

tenanting even if it did noi con- 
vince one that all the problems 
had been solved. But since my 
brief here is radiu let in? con- 
centrate on Briwnnicus: this was 
broadcast in a version by John 
Edmunds who faced even graver 
problems than Mr. Bowen had 
done with Marivaux. 

There really is nu way with 
Racine in English: either you try 
-lo write a new play altogether 
after '* lhe original, as Tony 
Harrison did with Phedre at the 
National Theatre, transposing it 
in British India with some suc- 
cess. nr like Dr. Edmunds you 
grapple knowledgeably with the 
text trying to produce a close 
approximation to the meaning of 
'the words m some kind uf speak- 
able English verse. What 
’tends to get lost is nut much 
, the sense as the tone. Thus when 
Agrippina protests that she is nor 
going to keep her mouth shut fur 
fear of angering her own son. 
the French lias *' e’est trop 
respecter 1'nuvrage rie mes 
mains" and the English. “I 
won't kneel to my own handi- 
work." It is very easy though to 

,nR The ^«^e k ^.^as l 
morp of a lecture than a feature J m * Debussy Violin Sonata, for 
With Ninel Anthony speaking the example, the balance between 
lecturer’s thoughts and Charles 
Gray hrs quotations from y 

Voltairc but it was a brilliani M /iMir/i 

one. Professor Cranston shares mB f # m 

with A. J. P. Taylor the knack Gr 

of being able lo put his points _ _ . . . . 

across ID lhe ordinary listener _ Paavo Berglund and the 
pungent ly yet without pedantry.! Bournemouth Symphony were 

He also has a refreshingly Euro-)?, 15 ?, in attendance at the Albert 
pean outlook (currently, 1 j Hall un Thursday night, but they 
gather, he is on detachment | did nQ t make their presence 
from LSE in Florence i and much felt. .Mr. Bolet. whose solo 
there were some interesrina ! piano recitals here have made 
discussions oF Voltaire’s relations! a S reat impression, was not 
with his English contemporaries ; expected to give anything less 
and in particular the different than a sterling account of Liszts 
view he held ■>□ the nature of E-flat Concerlo. and he did not 
the universe from his friend* j disappoint us. There were a few 
PmiM and Bolingbroke. I magisterial wrong notes, but in 

The programme went into hi.*; his bands the rhetoric always 
relations with the Swiss during • sounded aristocratic, and the 
his sojourn at Ferney and it 'figuration was pure silver. By 
shattered several popular nivths'the metronome his tempi would 
showing how Voltaire combined . count as restrained, but the power 
scepticism with belief in God [and rounded clarity of his touch 
and how his quietist view, that projected a grand sweep which 
the only safe and sensible thine carried the music aloft, 
in life is quietly tn cultivate your Bolei revealed limpid depths 
garden, is difficult to reconcile in the quasi Adagio, from which 
with a career spent espousing the recitatives rose like rocky 
unpopular causes and annoying challenges. He allowed nothing 
people in positions nf power. The to sound like mere flourishe-s — 
dilemma he exemplified still he found a constructive sense 
remains. for the slightest passages. An 

seldom added up to wholly idio- 

violin (Monica Huggetn anti 
pianist (Julian DaVson-l.yell i 
was not always steadfast!:- main- 
tained' and both plajer* tended 
to dwell cm the sonorities rather 
than pushing them Sr»nl> 
forward. The account of the 
Debussy Clarinet Rhapsody by 
Anthony Lamb and Mr. Da ,- -on- 
Lyell suffered from intermit- 
tently misty outlines — Mi 
Lamb's melting soft turn- v.a* 
pleasing, but. there was too much 
of iL Ravel's immensely di iTn-ul: 
violin-cello sonata taxed the 
sustaining powers of Mi-s 
Huggett and Timolhj Mason in 
the utmost. 

The concert also found place 
for the two Ravel chamber song 
i.-ycles, the Chansons Ttiurfccuxst*.-- 
in the first half and the Troi ■< 
Poems de Stephane Mailer me in 
the second. In each part, the 
effet-t of Jennifer Smith's im- 
pecabiy clear and poised singing 
was to throw 3 beam of liahi '*n 
the surrounding stylistic im- 
maturity. Miss Smith's >nprano- 
is not a wann instrument hut Hi 
moves from note to noie with j ' 
directness and a lack of fu».« veri- 
different from the niusbings anti 
mooning* of most young Engh*h 
singers in this music. This :.s- 
not to suggest a lack of colour 
and emotional vitality in her per- 
formances — the play on the line 
of Miss Smith's ravishingly pre- 
cise and forward French enuncia- 
tion infuses colour and warmth: 
into the music, and with un-! 
common taste and sophistical :»n I 
(But why lhe clipped delivery! 
of the word “ Nahandnve " V • 1 
Is there a pleasure richer, nr. 
today rarer, than that of hear- 
ing the French language properly 

The Old Country 

Country (at the Q “ e ® n ’ s> of t0 {Jje 
cunning coneeaimnat of the 
play’s location '*Bd 
situation. .It. op ? second visfL 
you know the answers to these 
riddles from tta .start, - you are 
thrown back moeft mere., on the 

’ lineno-tine qrfahty _of -the play. I 

found the sensation that the 
Whole thing is * s kllf.u! ^cercise 

: in -pared v kept worrying me. • 
fcilarv With his Betjeman ish 
oBsessibn . with such EasM* 
middle-class landmarks as Hymns. 
A ^nd IT -and Lyons teashops- 
ijixff, the power-hungry rateiiec- 
'thal. with a finger lo .every cpl- 
ruj-al pie and. a secret weakness 
for young men — Veronica, the 
elegant, not-quite-county lady—, 
these ’ serve the function of 

.the feeling aisapB^ui*.for _ 
scrupulously portrayed --^; f 
writer and aetpe is a 3>hTeIy'4ife ' 

. ficial Character,, and. .would, see® " 
as much 'ip .alt Victoria.. Station! 

an the «tage. Sbi ; Mri QuayV 
is eased hack -into reality.- . . 

The -- play reaRy . does xseep 
along when it has no secret to 
Impart, The. basic exposKioo ^Ug . 
. all the first act itself; erased 
piecemeal rather than developed - 
A faint of.- deveh)pment 6 edzhe8 * - 
. ody" ‘wheh ^by - 

hour and 50 minutes havgjpn^^v 
and we ger the .cda^ritatiflh^ 

tween Buff - and ;feay young Erfd 1 • 
persuasively flayed ;.rhy ? -:. Joh n - . 



Contrasting couples at Battersea Town Halt; a photograph by 
Ian Berry in Zoom 

Zoom homes in 

ventriloquists' dummies- through 
whom. Mr; Bennett transmits his 
acute ability to reproduce the 
various speech-patterns. _ and 
thought-patterns, o£ the British. 
At first where he has some 
Iongish . establishing speeches, 
Anthony Quayle. the new Hilary, 
seems conscious of this quality 
in his lines; later playing against 
Michael Aldridge, the new Duff. 

Lester. Then y there r,-. is t only 
another. 20. : minutes! to- go.";" • ■ 

Connoisseurs -of; acting fpr ijs' 
own sake vdU; have ; a -v 

just -ft e. same. : Besides thpyWd 
admirable metr,, r there/ are : iiwo 
wives, '-’lexcelleptTy ■•.’'observed' 
Hilary’s Bron, resigned - to" tgifa. ' 
and , to being 50^13/, moringiy- 
played :hy Raeb^vTKen^son is -j'. . 

typical-BInglish wouse; devoted to 

housekeeping,: even in"o Rua^an 
dacha, and to-, her lrasband^evea 
if he is a' traitor. Duff's Veronica, 
all smart, sophistication,.^' ^ 

splendid creatwhTjy-Taithirddkr ' 
glinting ' with' ' subtleties, binder 
the; polished. ^sUrface^ See, -forlo- - 
-stance, her controlled embarrass 
men t when her .husband expatiates 
on his enthusiasm for the yotnig. 

There - is a -third wife, top. 
Eric's Olga, bat sbe-is given jittle 
function, and I think her. plaee 
in the play would be made 
clearer if Joan Hemingway, gave - 
her some 'less English! vowels. - - 

Jorge Bolet 

effect of seemlinesE in thi? con 
t-erlo must be an illusion, but 
Bolet contrived it devotedly. Had 
the Bournemouth Symphony- 
accompanied him as delicaicK 
and precisely as he did them, in 
the appropriate places, it would 
have been altogether a memor- 
able performance. Sadly, matters 
fell out differently, erratic 
orchestral balance' blurred 
several parts of the work, and in 
most of the Allegro marzisle Mr. 
Berglund’s bear hovered ner- 
vously about the right place, 
without quite locating it. 1 

The orchestra and its con due- : 
lor may have had insufficient 
time to settle themselves into 
the special circumstances of the 
Albert Hall. They began the 
concert with two pieces fimn 
Smetana's Mu 1 'last cycle, a lack- 
lustre Vltava and a Sarka — that 
impassioned celebration of 
female revenge — too limp tu 
carry even theatrical com id -on 

Britain has had to wait eight 
\ cars fur Zoom, the French 
magazine which celebrates the 
host of photography. Now the 
first edition in English is avail- 
able. with plans 10 produce it six 
limes a year. American and 
German variations are also 

Zoom conveys images, iniages 
produced hy photographers in lbe 
main, with the occasional diver- 
sion into other graphic arts — a 

is a group of photographs by the 
American Burton Holmes taken 
during the Russian Japanese- 
War of 1904-05 which could claim' 
to be among the first work of the 
photo-reporter. Scenes- of Japan- 
ese officers watching the 
scuttling of the Russian fleet in 
Port Arthur, and a group. oF 
Cossack horsemen riding through 
the dust have both, an artistic! 
and historical fascination; 

Stoppard-Previn at the Mermaid 

The Mermaid Theatre's next 
production will be the . first 
theatrical presentation of a Piece 
for Actors and Orchestra by Tom 
Stoppard and Andrd Previn 
entitled Event Good Bon 
Deserves Favour, directed by 
Trevor Nunn, designed by Ralph 
Koltai and lighting by Peter 
Sutton, with the Mermaid 
Theatre Chamber Orchestra 

conducted, by Michael Lank ester 
This' work received 4- sfijgle 
concert performance - ' 
Royal Festival . -Hall... with . 'fha 
London - Symphony Orchestra, 
last July -•••’•. . ; -! ;> 
Previews will be at 7.30 '-and 
9.15 pm on June 13. 

. Press night is on Wednesday, 
June 14, at 7.30- pm thereafter 
twice nightly 7,30 and 9.15.. - 



fun. booming issue has features on 
-Ijpuncsu maich-hox covers and 
Spanish orange wrappings, ll 
could all be rather precious and 
pretentious, lml the variety of 
photographers’ portfolios in each 
issue ensures that for every 
collection of dull, dated or 
deluding photographs there is 
another set which hits the eyes. 

In lhe first British issue for 
example t which includes work 
previously seen in the French 
Zoom, plus new material! there 

Inevitably, with so much 
translation work essential, the 
short texts or interviews which 
accompany the photographs and 
the captions leave much to be 
de* 1 red. In a most pathetic picture 
of a Russian priest blessing the 
dead on the battlefield the cleric 
is described as The Pope, and 
the. writing generally is hard 
going. But fortunately zoom is 1 
mainly photographs. 

The stars of the first edition! 
are undoubtedly Art, Kane, whose 
work is not so burdened with ! 
contrived images as to hide its! 
real power, and Ian - Berry -a 
British photographer who is the 
complete antithesis, producing 
grey pictures of English scenes, 
heavy with class consciousness 
and contrast Both portfolios -’are 
the work of artists. 


MALVERN — Von Kever Can Tell. Travers's supeeb farce with soifle 
Delightful production of Shaw’s -cast changes since 1976-^ John 
lightweight comedv bv the Abbey Standing and- Peggy Mourit for 
Theatre, Dublin. Reviewed Wed- Frank Finlay and Dandy Nlcbblli 
nesday. -the principal .ones. Reviewed 

. _ v ^ Thursday/Friday. 

OLD VIC — The Turkish Clogs.. 

Visiting Turkish musical that is blonday,- tite Regent's Park Open 
not Turkish delight. Reviewed Air Theatre opens. .with A Mid- 

Wednesday. summer Night's ' Dream, , and 

■ Robert Wilson makes his first 

ROUND HOUSE — Big Sin Citp. English appearance of the Royal 

Native British musical that is nn court. Tuesday, Albert Finney 
kind .of delight either. Reviewed j S Macbeth for the National at 

We d nesd a y /Th u rsd ay . 

the Olivier. Wednesday, Gloria 

OPEN SPACE — The Bo 1! Gome “JSfiS 

A" '»"*■ Th'lSv The RSC bJSS U. 

but too fun of absurdities, ■ j RuHirTn'o Tht* n# 

Reviewed Wednesdaj/Thursday. f «^ e s P™e d 

LYTTELTON — Plunder. Ben the Warehouse. 

t Indicates programme 
in black and white 

BBC l 

4.45-5.00 (During Grandstand t 
Athletics: The Royal Bank National 
Senior Athletic* Championships. 
8.2IM0-10 World Cup: Peru v. 
Scotland (Scottish commentary). 
12.U0 News and Weather for Scot- 


5J!5 p.ra. Northern Ireland News 7.45 Sate of the Century. 

dianapolis 500 plus The U.S. HTV 

Motor Cycle Jumping Cham- ,_ M i m , 1 ' 

pionshlp from Charlotte. Build Own b04l. XO.IS E.*iman 
North Carolina: 4.00 Wrestl- ti-M Space 1W. U.1S p.m. w-iUitn Tbiw 
ing; 4.55 Results Service. M 

5 05 News MTV ®*inru. Wales— .\s il V. i;,u.ral 

5.15 World Cup -78: Spain r. KmMM 


fr-rn- 0 <S. S.71 Rnijlti*- Vincvci •«>. 1.95 A Varlciv of Vartanons «S». 1.40 Weailwr: Troerarnmi? n-?v-v. 4.00 News. Pnnifal RadlA 
i'S 11 - T ( ‘ s ‘ 7 -S0 As Radio i il'iun i Music_.rot Alcchanioal Orsao MS' Dcscri island Discs 450 Slop l!le • «muv 

' ,,i ' 1115-102 a.m. K.iJig : 2.15 'Hi* nl action 'S* J35 Music Week with Rolwrl Robmsan. T.30 Th^se — - -J- 

VHF Radios 1 and 2-5.00 a.m. Wnh ol ihc Masters <S>. 5.00 Jan Record Vou Has.* Loved 'Si. 8J0 Saiurday-NiRht 44M a.m. Kerry Jn 
r.Md.a S.0S will, R.idtu I. 10.00 Win, h,ou..m> IS>. S.dS enua,- *orum. 4.00 THeatre. 9 38 Weather. 10.00 News 1015 <S*. 0.09' Capital Co 
I_d> p.m. ttiili Radii, I 7.30 With M W. ' The Am of Operelta 'Si. U.OO Lipmen YouflR «S>. Ii00 

B -' n ■‘B* ini.-nnHnral _ . Our Dark/Klt. UOS News. 2.00 p.m. Afternoon I 

F*-'H»dl nf I mill Music -St ,cori:inucd RADIO 4 

• ■■■•' •' 'll" • • 8-50 mun.-il talk 4>Um 

* • ■' r.“ r *. 1 *' ■ “-02 S-oiird-T . m , J r/T' 

w jnwmuuai ur uau ►jt, uescri IStanq. 1,'ISI.S BJU aiov >ae . • - . . 

ii. 2.15 *l’c nf Action 'Si 335 Music Weotc with Rotien Rihiiwon. T.30 Th^s« — - - aS4B|and 95J! VHF 

ihc Master® <S>. 5.M Jan Record Vou Have Loved 'Si. 8J0 Saiurday-Niaht 4JH> a.m. Kerry Jobs"* Breakfast Show 

. oik-m* IS'. 5.15 Crtlica- 1-orum. b.M Theatre. 138 Weather. 10.80 News JO 15 (S'. 1.00' Capital Counidowp with grfer 

Ith M W. ' The AM of Operciia 'Si. U.0B LJMaten Yoiwn «S>. liOO Kenay Ewrett -4S,. 

» S IMA 4 Our Darkncu. UOS News. 2.00 p.m. Aficmaon Delink with Dumao 

C AU1U 4 Johnson 'S'. 5J0 Juan Shorn on's Person 

434m. 3S0m.3Hm and VHF BBC Radio London SLass 1 'S; 

50** Vo uni yStif-M? '•jTVea^r 206m and 94.9 \HF Mumm“. Chair , s’ ll-wllike AUcn* 

n f". ' tjm 7 M,m S- 00 *’ m ‘ ** -• 132 <:ofW Flsjl - Amcccan Dream iS'. 12-80 Mike AOcn * 

rar'rlnn "?■ TatoS ftnm TU lnB - 8-M New wcaihcr. iraffic. shnoplng Backseat Boogie *SL 2.00 a.m. tail 

nuri ^Ranhluliv 7 JB It's \ Rarcam S|,orts ncws - 1115 Tlw Londan Gardener. Davidson's Nisht Flight iSi. 

r J, ! nr,, r MmnP s m ^ Dav,d Kreraer wlih Saturday Scene. 

..- We am sJS5? B 2/ ll i ,a TndJ(* UJ0 Th,J Vincent Saiurday Show 

em ifprsiUoLl 200 pjn 80,1 PW' 1 w‘lh Loudon Coon- CHESS SOLUTIONS 

?’ UB '*Taifcma wStB d.30 Martoric Bill.ow wnh Close Up. c , .. ... 

SfaESSd. hlb t iSS? S'i!:S 5 - m g » c - fijn ' rios ^ As 2 - SS”,?/? 1 ?"-®: 2 i® R „ 

ick o( lhe W.-cfc. 10J5 Troqpins the I nndnn Rrnnripmcttnv -NO-— biein saw 1 K-Qi, K-R8 


Frrst Test. Cornhil] Insurance 4.30 Cricket: First Test: England Wi IBA Regions as London ex 
Test Series: England v. Pakistan. v. Pakistan. eepi al the following times:— 

1JIO Clrandbland- Racmu Trom fi.35 News and Sport. iwi/'i r 

Kempton Park tljla. 2.40, 6.45 Trooping the Colour (high- wit , A «, r . L 

310): Work! Cup Highhghls Ughtel. n’™ ^ t^^ Enlw^ cl l 

(l.ofl) Argentina v. Hungary: Royal Heritage. petition, ujo Star Maidens. 12.00 stars I* 

Cricket: First Test (2.10. 8-15 News on 2. ice 11.15 p.m. Richie Brockefman. 1 

3.5U) England v. Pakistan: 8.40 G regory Peck in “ The Snows Eye ’ UJ * Al Tht ' Entf 01 " n - 

Athletics (2.50. 4.45): The or Kill i man jnro." ’ at\/ 

Philips Southern Counties Ift^IO 1 Scottish Playbill A 1 v 


I :.TJ, . ':u. ".nn. 5 . 1 HI,. Cncka: i-ir.-i 1255 The News Ouli iS ■- 1ZJ5 Weather: 

Rrnarirnstinp -no— aiein saw 1 n-yi, kko 

Kr ° ?Mi«iS? 9 7 'ivnP ch ' 2 B-KB1. QxN but missed the 
MnrniJ 6 tT S ie nd9 S^ F WlOWip 3 RxB Ch! K-Rl (KX* 

eem at the folio wine tim«r u, Un'I LdT-i. « The Mad T^'.t^I sT S^TiU'ni a Ui Nmn 1.15 Ary 5J0 a.m. Moroin. Music. LOO AM: IT R «7 h ° 3 J?? nlaWpiSeh 

-Pi at the loJ lowing times. Dofc ^ aniC AUrif $*r.un Knd anrt or ■ hi- m >. irf i Oih^sBods? 2.00 War and Peace. 3.00 Weekend luzms. reviews, features, spans. 4^ B-R6 ch aild 5 QxQ)._ 4 RxP Ch, 


145 a.m. Muckcl. Fife and Drum. 1J0 

Jixcob Cwitcn. £2.40 a.m. Eulluuuc. 


flump. 1 Mumrirtu Information. 4.04 
I ■ T-! TO' I-* A “"li"» Hin»n— % 
'»}•? Rrie Morccamhe. 7.30 Sports Desk 

KxR; 2 P-B7, or if P-B7: 2 B-N2. 


basy Sevens Trophy: 5.00 Peck in -The Gunfighter." D nnncn WESTWARD d. -j u\is Hw^ ivioiirr .sT'wiih ’ ti..'- 

Final Score including racing BBOS Wales only — 6.45-7.35 p.m. BUKUtK a m s urv |val 1JS Thi Beatles. 1 Shn ' A '- wiludimt 12.00 News 2 . 0 a- 

rcsulLs and cricket score- Eisteddfod yr urdd (final report). ..™ V™ ?, WB i Fk ’ at c .7^ # ijo Saturday yiornuus F.jutre Film' 203 a - ,n - K, ’“ s summary, 

board. I nvnnxi ' Pnn« Valiant." Marrow Kuh,n „ . _ , 



5.20 Sport. Regional News. 8-55 a-m. Sesame Street. 9.45 

5^5 World Cup Grandstand: Half our Show. 10.15 The Mon- 
Sweden v. Brazil and Spain kees. 10.45 Our Show. 11.10 
v. Austria (highlights). Spencer's Pilots. 

7.35 The V'al Doonican Music 12.30 p.m. World of .Sporti I2J3 
Show. World Cup "7S: 12.55 Inter- 

londun as jfla.SL'a’TSVt R ,i DI ° ? fc ™: 

if* i m i h “« a T» J- 43 ™""- “ruTiJXKT 1 *" c ;, s arss," s ,ss“si “S ,ir*^s 

It our Show. 10 . 1.1 The Mon- LHAInNEL My«cry ThriUvr- " Hunr,-J siarnn. n<rtim -S 1 10.15 Son-n Retrav, or ibiimc 

\ - - * l I. 

12J8 p.m. Puffln'a Plamcv. 1105 The Dirt Bogarde . 12.48 a.m. F.uh tor Life. h-. Rarr».r iS>. 11J25 r.rn:k.-i 

8^0 World Cup Grandstand. Scot- 
land v. Peru and Iran v. 
Holland 1 highlights). 

11.00 News. 

11.10 Saturday Ninht at the Mill. 

.Ml Regiuns as BBC-1 except at 
the rofowing times: 

WALES— 12.00 News and 
Weather for Wales. 
SCOTLAND— 2.50-3.10 pm and 

ler's Pilots. Mystery Thriller: " Humed." YORKSHIRE 

p.m. World of Sport : I2J3 GRAMPIAN 1.W am. Party Musical Instrument* 

World Cup '7S-. 12.55 Inter- 1^5 a-m. Swnc on Saiurday. tndudinp 1J5 The Adsemurrs of *.! iihainmad Al'. 
national Snorts SoPCial ill Birthday Uroeinwsi and Culr Car. 18J» 1J0 Saturday Scene .V-tiun Adremure 
TNp World T-irt-Pl nii-mn '-apiain Scartel and rae Mysierons. 18J0 " Tanan i Three CTial! 11J® 

r-w U o 7 l : nder*ca • Adventures of E*»ra ordinary. 12.00 Run Joe. Hun 

Championship, (rom Port captain Nemo 11.30 Space 19W. U15 P.m. - Scream u: The wolf. • 
Lauderdale, Florida: 1.15 n .15 P.m. Richie Broctleraau. 12.15 a.m. siarrtnu Clmi walker. 

News from IT.\': U0 The R«0 m.umb. RADIO 1 247m 

1TV Seven — 1J30. 2.00. 2.10 ' GRANADA (S) storeoahoalc 

and 3.00 from Ayr: 1-45, 2.15 SJO a.m. Sesame Strevt. 10JS Paul. 5.00 a.m. As Radio 3.0s Ed .SiL-war 

L'n-.-fand v PjI-tsiiui. L35 N-v»s. 1.40 
Call lh» Cmnini-iir.iinrs. 100 Luiuhlinii' 
Msin-hoard 4.40 • Th,- .'.I Mini Hiln " 
aiu-ra n i«u »>.is riinii, - bv Moran. 
A.' 1 iS-. 7J5 Th, < ..ird,n in tillM- 

• lair (>'■ Hush .InhiiMili'. 8A5 “The 

M.i-i' Muir .' .V:i 1 >Ni 455 f-.Lim in 
iin- Mndi-rn 11.00 fin. run lanuiis 
•ui ltnonl 'S' 1140 11.45-11.50 

\n1 Tnniyhi's Schiihen Sons on rvcnrd 

• 10W-. 

VHF— 4.00 a.m. Open Unit it.iij- 8.00 

tni d pr^arinniTl;^r!c k i; n nn'i < i Manner.^" D^"‘ ln McClure In “" Dealh lirossihaJiueT ' Moiorni'i liiiMOiatiWi p.iri 1. Musari. WaBmi <S.. 

intenianona I sports Special H JCt •• au P.m. The Laie Film: Peier m.OO Adrian Jusie. 12.00 Paul tiamhaLVim 12.15 p.m. Inirrvji R.*:idliu: 12.20 r u ii- 
t2t Motor Racing— The In- 5rllers in ~ There's A Girl In My Soup “ Ol P.m. R.uP r 'n -S-. 2 J 8 Alan t-.n. n.irr : lljfdn. If.-sitiEhi 1.00 N..n.- 

H iih Junior ChnUe. ' in. ludlnp 3J2 Wnh ?I W 1L25 Bniirnnnuuih Sinlo II j 

\ 'SSCL 

Wild West truths on BBC-2 

SATURDAY: Soccer lovers will tells nf the Henrys from Sir Huw 
have no trouble filling the day, Wheldon’s vantage point, at the 
but those of us who watched the start of a splendid, series about 
predictable fiasco taking up the the amassing of royal riches. ’ 
two main channels for most of SUNDAY: Tim Slessor, recently 
Thursday night and now want to appointed editor ol JU an Aliie 
watch anything hut soccer are tells “ the truth ” about the Wild 
uffercd 3 pretty thin choice. West in The World Abont Us 
Briefly it’s Gregory Peck and (BBC2); and The Other Side Of 
royalty: Peck in The Snuw* of The Mountain, looking back 25 
Kiiimaujaro and The Guufigbtrr years to the conquest oF Everest, 
(both BBC2) and royalty in gain.? special point from last 
Trooping The Colour (BBC1 week’s ascent without oxygen, 
morning and BBC’2 evening) ITV starts yet another power/ 
which looks good un the box. sex/money seriai-from-the-book 
offering a variety of vantage in " Best Sellers " based on 
points which no one on the spot Arthur Hailey's Wheels, 
can achieve: and the repeat of A good weekend for going 
Royal Heritage (EBC^t which out- — C.D. 



I A"®.. EC1. *672 Uim Peril t fully 1'ce 

CC — Th^sc tiiCAlriit acccpi ce'14'n 

A»e.. ECI. 13. »672 LlM Pcrfi . fully liMnvid 

Tooav »t 2.30 Si adorn Wr»v 1 Tlurk 3.00 i 
Scriabin. TBc Jonighi al 7.30 ] M»:«ni 

The Moon and the Children ii Possessed. I 
Our Wallses. Ariel. Roam Mis En Vie. i -- infoctlouk 

cents o. leicphon or ei me box since. • Prom M o‘n. ' next 'to June 17 GONG 
rtnrB . _ SWAN. Music and dancers Ira m Ball. 



not E.qs 7.30. Mats. Weds. S. Sals ADELPHI THEATRE. CC 01-816 7611 
al 3. J Erps. 7.30. Mats Ih-is. So. bau. «0 


Today ynat. & e»enira« Fiore. Der Fall] THE BEbT MUSICAL 

Hamlet Requiem. Mon.. Tee. J Wed.; o( 1976. 1977 ,j n< . 1071 . 

Mai. Inner* Not. New MicM>llian Bji-I IRENE 

ler Sana 01 the Earth. Wed. e»e.* ’• LONDON'S OE>T NIGHT OUT." 

Inncrc Nat New MacMMlian Ballel , Sunday Ppaola 

Reauiern Tftur A Fr,.. Ebb Tide Carmen - 

9 S balcony syali always asa.iaele from 
10 a.m day 01 dc.-». 


** Infectious aopea'rr.p iMl-ilombmo a no 
nearl-ihginn.r.a 1 Oownrer 

Sear or.res £1 50-£= sO. Dinner- loa-eric* 
seal ta.SO Malf-nour Seior" show any 

«*a,iabfe Eop-once :<ciie:s £2 50 M«n - 
Tnurs and Fr,. 6 00 oir>. oerlorm only 


Gdn -NOT TO BE MISSED." Times j 

GLOBE THEATRE. 01-^37 1592 

E. 91 . a 15 Wed. 3 0 Sat 6.0 8 40. 

Ala; MrCviri-n'y 
• Sunv al 7 10 D m all ye its sold.. 
Prr, June 1 3 Oorn; June 14 
Sufay 7 JO anri 8 15. 

A Piece ter Ac tore and Oicficylia 

PRINCE OF WALE5. CC 01-930 5bS1 

Monday to F . H PS V L 0 -^? 1 hdlorday ^ 3 STRAND. 01-636 2660 Eeenmgi 



Seats £4 £3 £7 

■it 5 30 ana B.4S. 


Daiiy Eip'cm. 



raiiei lo unoroccd«n:ea iimitt wiiai « 

Mat. Thurs, 1 OO Saturday* S 30 & 6.30. . owm-wole on our siaae." I*. Ne»fc 
No SC2( PLEASE — You may drink and smoke in me 

the world's greatest 




240 1 066 '• ALBERT. 636 367B_. Party Rated Credit 

G.OO: Trnian und ladldc 

1 Garde re barge credit cards 636 6903.) I “rd b»Oi. 636 19.l-» tram 8 30 1 m - 
THE ROYAL OPERA ! 8 30 pm. Mon Tun Wed and Fn 

Madarna Butivrlr. Tuc. 7 45 e> -n. Tn»M inj s <■: a jo ano 6.00 
30. Riualetlo. Wed nc«l , ” A THOUSAND TlMEb WELCOME IS 
ind Iwdlac Thur. noli LIONEL BiffT '5 

CAMBRIDGE. B36 E0S6 Mon. la Tnurj 
, 8 00 . Fnoai. Saturday a 4S and 8.30. 

EaCitma BiacV Alr'ian Musical 
“ The girls are oeauti'u' bare and 
oounong. ' S. Mirror. 


Dinner and loo-prce seal £ 8 ., 5 me I 

QUEEN'S THEATRE. CC 01-734 1166 

idearc Tneaire '.078g 227 11 Tickets 1 

7 30: Faillafl. 65 Amah. teats avail. MIRACULOUS MUSICAL 

tor an Perl-, from 10 a 

2HICHE5TER. . 0241 81 Jli 

Today at 7 30. June 6 al 7.00 
Toniinl Jure 5 & 7 al 7.00 

A play by Dan' 
"Sura Keslcimj-i Is supe.-S as 
. . Julian Curry is a seirnd.d Sh 

COTTLESLOE I'.mall audllonumj Inn 1 


Dan, and Mp. B LOST WORLDS By Wilson P| Jfi j-nV Plies’ London C nHcTl' A wa.d * 2 4 1 

Is supe.-h as Aiburch j c dii Hair*. Direcieo by CLIFFORD WILLIAMS Matinee Tues. aaiureays a and 6 

a soirnd.d Sha*. FT Mjnv credent Choan scaly all Hirer- - _ .'"T?.. , AGATHA CHRISTIE S 

j AudHorium 

I V b££ DH £,' 2 ^ y 6 , 30-28. Credit Cl-d 

! I^p^M^.Vhv;: 0 ?. 

Mary OMalley s smash -nil Comedv. 


siiD-emr corpva^ an seK and refiSioit." 
1 .. ^ Dalle Tcleoi-aph 

LAUGHTER • Guardian, 

Herl. : 

a 196 


23 May-17 June a: 8 a "• 

'.healrcs da, Ol p-rt. Car paiL Reslau- RAYMOND HCVUEBAR. CC 01-734 J S9J 
runt 92b 2033 Crcrln ca.d bsas. 923 Al 7 p m 9 p.m II pm (ooe., hunda.i 
JOS2. A-r I'onciilinriiig 1 PAUL RAYMOND dreMnis 


26m YEAR 

perl. Wilh ROY HUDD arn jOAN TURNER . raMEDY 

Tomorrow a: 6 00 LUCIANO : ABLE TOO SEE IT AGAIN • Mirror ■ iIoid 

PAVAROTTI. AM seals sold. ! - ; — - - rz — ‘ — -■ — - 1 

THE ROYAL BALLET . ALOWVCH 8 s * 'nfo 836 5332. 


OMEDY. 01-930 2576 

Eras B.OO Thur. 3 00. Sal 5.30. > SO 
Margaret COURTENAY. Orr-mot WALSH 

The Real Opera House repels fhal ora- ! ROYAL 5HAKESPEARI COMPANY in , 
gramme changes "arc Had 10 be made lo repertoire. Toriigni .so 1 

At-commodaic receni plans tor tne lele- 


vision companies myjl.ed m tne Irani- ■' ''JJ* l L', r'.' V ^ 1 4n0 mQ,t S. 0 "' 
mission 10 She Unned Stales o' lhe ?,£ W, L',1 -- i ccn * n Y“' h * r * 

“ Blackmail, armrd robherv. double blu" 
and murder. Time* " A good deal e> 
fun." E«enmg News. 

HAYMARKCT. 31-930 9332 ErtlS BOO 
Mau. Weds. 2.30. Sal 4 jo and 8 00. 


" Congratulations nn ;amoir;' capacity 
and retOrd maLmg snow. Musi untor- 

OLD VIC. 928 761 E 1 t R 


me lnfe.nal.ona: Turkish Players In, ... ” 

The TnrLish Cions d > NciJTi Cnniali A • REGENT THEATRE, 
n.u-. - »i . 3 H".-dv ■■> Emjlish based on .1 Evns 6 30 Fn. , 
Turl-sh .l.iysic Toda, ji 7 30 i 7 SO ' 'Elegant good Hun 

A Wrrl ut Sundays J.-nr tf-17 I A flea 

ls'a Elan, j-.n.ii GK>*i-r Ksrolil Inna-) " Ceutlu and 

Cf"l D“f*S Jacobi Jahr. Rgwc Prunel .< . "Snow wares 

Seal?* Timol.'iv Wevl T.moiry West a*. “Linaa l >iurscn 


V * ■ 2 - ShatiPi bury Ave. 836 BBS1. 
J' IRAV LADY DOWN rAi7 Wh. and 
Son JOO S 20 B 2 a 
?' Ti ¥ COOOBVt GIRL IA). Wle. and 

. Rr, 


Eves 8 30 Fn. and Sal. 7.0 and 9 a . 1 
'Elegant good "umyurro engaging -- Gdn I 
A new mu, I La I 

oroeramme on July ? 'nd tor years " S Time*, w.m rnim Tj juSi- 1 CRITERION. Credit Card. .930 3216 

The orcvtously announced performances |tr,nOberB * THE DANCE OF DEATH, j EvenlnysJ D. Sat_ Sj30. 8.30 “™- 3^ 

ha.e han to be altered and She r-..ycd • 5?. c i! ■J-IX.,,"® 1 ?? 0 * 6 «"d w ND Leslie Phillips 

zrassz ,or ,no JD,V 1T n ' p * ,er ^ 


Wen dy H J'icr 

Oerei jrf-ob, n, Bvrcn u 

*i.9!0 6606 1 Hr Lunatic. The Loner A the Poet. 

TUESOAY IB JULY: NORMA .. Sal I IS m Sun : 30 4 SOo om 

WEDNESDAY 19 JULY: ANASTASIA. No sh ~w Monday; a 

r lAeilnM II Ort M ... Wan ^ ■ (j! 5 QQ - — - - “ — - _ • ■ I S* JO INJ 0 4 5. SdlUTdJ 3 OO JR(] t QD 

“ * BRUCk FORSYTH* ! f‘ , £,KuE. , Mrx. KPSycMfila I London Lrlt.CV i .OtC 

' . . iSi v iSL. . ™ tw1, ■ ENCOUNTERS bv Briar w Ald'to. Tue*.- 

LV iV IULY- ANARTARIA 1 5?*' cl ' 5 «"* 1 30 * ^00 on. , DRURY LANE. 01-836 8108. Every 
• yn niiv- ■ r.L A ' NO Show Monday; mgltt 8.00. Matinee Wed. and Sat. 3-00 


SATURDAY 22 JULY: TV Performance Nightly at B OO. Mat iv,j 2 45. 
(matinee and ccmngi FOUR SCHUMANN 1 Saturday* B OO and B.OO 


Unrununately Ihev? changes have caused , The WoNd-tampus Thriller 

a delay m me return 01 postal applita- | by ANTHONY SHAFFER 

lions and PERSONAL TELEPHONE BOOK- 1 "Seeing the play ag-i.n s „ t a , f 
INGS FOR JULY BALLET PERFORMAN- i ultcr and total iqy.' Punch Scat Prices' 
CES WILL NOT NOW OPEN UNTIL. £ 20D 10 £4.40. D>~ncr and Tsa-Pr ce 
JULY 1 I Seal £7 SO. 

Priprllv allocation for :ne above pertor- 1 ■_ riT .7- — 

3?«S* 10 pol,J " ioo, ‘ £llt,OM i A M?ts LO ihu?- 'Voo.;*?;. s'S^SS ! So 

The Royal Opera House greatlv rcprrls S°ih?''yM, il ( 0E r 

these change; *"d any inconvenience Ac!c ^. ?i euPFRit £ -j 

caused VoiJb B rv «e 


wi in De-ck Grllh:r.i 
Directed by BURT SHEVElOVC 

Hud Pr<e Prc-yi. Today al 2 JO 4 7 4S 
Ilsl Nish! Mon,'. E,ni 7 45 Mats 


Fully All Conditioned You ■ may drink. 3-00 Dmlng D-nc‘"9 iBar» peer 7.15'. • Su». 2.00. 5 10 8 10 

4iio sniokc in inc auditorium. ■ 9 JOSOPCr Rc»ue rTi jntu — L. — - — 

EGLN T THEATRE: 637 986s' I *2K? M ^m. E ! 4 j 

Eves 8 30 Fn. and Sal. 7.0 and 9 0. 1 FRANKIE STEVENS \ &*■■"!?"** Bu Placard (AA> S.CSS.QO. 

'Eivgani good numyurro engaging " Gdn I From Mgng» • '-PO 9 0S 11.00 

THE CLUB LOS R BALES DEL PARAGUAY Ei!awir ■ — - ... — — 

A new mu, ical ■ - — ------ — — .. — K^.i. '■ , a - Ovlord Street (Opo- 

" Cauyt'v and Comic Times. | VAUDEVILLE. 336 M38 CC Evgv BOO , Rfl lube* 616 0310- 

■'Show KOfes'.n wings - O lei Mai Tues 2il Sa: 5 and 0. siiain n 5uMan 3 h . Tort. THE 

"Linoa 1 >iursen a revelalign.- 1 ime, Dinah SHERIDAN Du:c'0 GRAY MOUT 1A4) Prow 2 30. 4.35. 8.40. 

' WELCOME TO THE CLUB.' t N. Eleanor SUMMEPFIELD James GROUT 3. r L 1 B ' m 

— - — — a MURDER IS ANNOUNCED 7 : Charlton Hmion GRAY LADY DOWN 

OYALTY. Credit Cards. 01.405 8004 ! THE NEWEST WHODUNNIT j Pr , ,s , 0 ' _ !_ 10 - 3 35. 6.05. 8 30. LOT 

Monday- Thursday evening B.OO. Friday | by AGATHA CHRISTIE 1 »?«.,!.* J?-’ 1 ' 

h 30 and 9 as. Saturday* 3 DO ana B OD 1 ■■ Re-enter Agatha with another who- i wakoo nnnrVy J .V/? GLS - R°OR .'EiJ*- 
»SW nLUti. ! ale ' duntst mt. Agatha Malh.rg me J afe Qn°Wo S^*' Progi. l'30. 

BJLIT DANIELS in wpil End vd 10 am with il'aTfilir of her 1 Facih.iuiJl > L3**f show II 

BUBBLING BROWN SUGAR \ Aendilh^ inQcaiou* ^urc*f " • CX/ German 

Snow ucrci >n song^ • u r 

i:XT m t "io Sc-al?5 TifPOUiv Wot I Ticnoirv W?sr "LifHU | >iur>cn j reveldl ion.’’ n'mcj 

»l SS Dan.? n Sm,|» ol Smllh*. ■ VSltLCOME TO THE CLUB. ' k N. 

commitments ol Misi Bergman rpur , — — - — . — - . .. — — . -T- | 

ROYALTY. Credit CJrd». 0I-40S 8004 ! 
MoniWT-ThursoNv evening B.OO- Frinay | 

■f ritwU t.wniiT w, =l ■■ p.m. 

IS ANNOUNCED ; ?« t? 5? ,°," t l ?ll on _5B AV LADY DOWN 

:st WHODUNNIT I ikno. tt B, -L 10 ' 3 35 6 -°5- 8 30. Late 

S£-5£"!K1L, Wh-w i WAHOO g ff gft JUNGLE BOOK OM. 

tfararss. js& -sn.® 

Best Musical ol 1977 

LFNCKA kl>a iaM tairot 0 7«“iTdnFrH ' atceplcd Mafor credit cards 

rCTc-Mtt'H IA t? J «ui T «f L ??JkToL , ' ,Z CSi E Itl reduced rale lor manned* *or a 

limited Period only 

Fell. Barker Even, no New* 


w . i yerman Daioauc — Enollsh uibtlffl. 

n«ro p^' M l, L -*» show » "■ 

ROYAL COURT. 730 1745. La»t pert 
Ton'l at B 00. 

by Snoo Wilson. World Premiere. 

'■ Brilliant comic ■<lvrltlna.■ , 'Imei 

BdPk NOW ^78^735-^ 034 1317. ; «R*ON Ggp„ Sjf-c, W.y 499 373^ 

SHe,t iN H N A ,f cocK : 

Evas. 7 30. Man. Wed. and Sal. 2.JS 5U 'GKat° Mpw,.* 3 “' Mc, ° ° ,er ,of 


-DUKE OF YORK'S. ^ 1 '®36 5 ’“ [ LONDON PALLADIUM. CC 01-457 7371 i 

Evening* 8.00 Mat Wed.. Sat. 3.00 . Mon.. Tuc*.. Thur* and Fr, at B. Weds . 

' and Sacs, a: 8 to ano S.50. . 

The H.1 Com.;d« bv ROYCE RYTON 'SAVOY THEATRE. 01-036 

E av L..P!F°.‘ Miliar litres 'SHEER. WHOSE LIFE IS IT ANYWAY 

Actor ot the Year £„ Standard 
*’ Wickedly 'u»»i " Time*. 

JONN CILLCUb j . " and Sat*, i: 8 to ano S.50: 

«n Julian _ Mdehel's I THE TWO tONNt:; 

"Brilliantly witty ... no one should i TOMORROW AT 5 i Uli, 

Harold Hoh-.-jn r O to ma J -I n 'N nt ; B(Jt o” CCOpe" iSm*?;;* ” 12 noon 



v * r 2, 

PICCADILLY. 4J7 450S. Credit c.-ro wt 
KJ6 1071-3 3 30 a m -9.30 om 

Evg> 9 Sa« 4 JS A C 15 Wed mat. I 

with JANE ASHER energy.' Goa/dtan. All seat* £1.80 

'• A MOMENTOUS PLAY | URGE YOU 1 *F»- bkfll Aid w»Lh_Stu dent 5-jn =n , it a, I..O TO fr?^ni I S-. G ?4's .nd 9.45 \ ^^'"VKtENCEO TO tl^ 34 

nf s-jr-eo, 'I? Mon ^r, b °?nn° In atfrance 'Or a'.IO P'PB. 

~ ' Nn i.r. .., 0 a» Progt Sat and 5m- 
C1-934 C293 1 ° "”h BOOHr.g. 

. lol T.- HavmarlMW thto Jin 377 11 

. , Vjn <?;:a Redpra.e m a Fred 


until Auc. 7 with [he London Phil- ■ — — — — —— _ — ■ ■ _ " — • - - - — 

harmonir orchestra Tonight. Mon. W>-d ART* THEATRE. STO „ p , “’ ■36 2132 
and Frl. at 5. SO. Die Sauheritotn TOM STOPPARD S 

Tomorrow. Tue and Thur at 5 JO: Don 

Giovanni PoWIblr r««rn» B"*' • X>* ; H.lnr.gus > Sur.Oa. Imp 

olfrse GlyndeHaurne Lewe*. £. Suite*.. Monday in Thiirsfla, . jn tnoiy and 
(0273 8124111 | Sauirda, *1 .-0 and 

Credit card reservations Dinner and 
top -or ice *eat £7.00. 

01-136 2132 'FORTUNE. »36 223B. Ergi. 3.00 Thur. 3 
? s Sat. S.OO and B.OO 

l Muriel Pa> low a; MISS M APPLES In 

iur.da. Time; : AGATHA CHRISTIE S 


i p-ls. 1 Third Great Year. 

for the Sunday Perl* .« S * ( And 1 
on Sunday* Junr 25 and jolt 16 So**'*' | 

Bontlnj Hd‘.nn » 01. 41 7 2 Q SS ' 

lyric" THEATRE. ic 0t-‘4J7 
E.. 8 0 Mat Thurt. ID S»' S 0 A 2.30. 



| booked. 

V" v- • 

• ■'Wj,,-., 
.. v ' 

,4 :: 

"0 4 

• H. 

•' ri; .■ .' J f 

•r:’-,, • 

• .. ‘.‘‘ilia. 



r: ;V’ ■ f ‘l: 

/ 1 '&:* *•• 

*a 'v. 

- 2?i-. 

X Fsrr -i 

1 - 

' ** V.f- 

'.3? ’itf. 
■ ■ " ! 

■» , 

i :i. • . ‘ 


'•! . -i ■ . 

'r-, . 

r.:m .-idjyr 

1)1.* TK*S -or: N*. I1‘ 



a“ * 


LAST WEEK -ix» this'- coluraiJ: 
June Field . mentioned ' the 
Robert Ton Hirscb collection - , 
which Is td 'be dispersed by 
Sotheby's fira series of sales be-' 
tween ■ the 25th And the 27th 
of June. This week-, until June . 
8, there in a ’chance to' see a 
selection of ran Hiisch’s choicest 
treasures in an exhibition at the 
Royal Academy. In some cases 
the works of art are: grouped 
exactly as they were in his home 
and treasure house in the Engel- 
gasse in Basel. '• 

Breathtaking 'as. are the in- 
dividual items,, what emerges 
most strikingly from the exhibi- 
tion and the four handsome 
volumes of the' - sale catalogue 
(selling at £50 the set) is the 
personality of the cblleetor.hira-- 
self. It is . impossible not to 
sense that von Hirscb was a 
man of enormous charm and 
humanity as well as of an 
exquisite and highly educated 
taste; and this is confirmed by 
everyone who knew him or 
visited his Collections. (Believ- 
ing that people should come to 
art, and not art to people, 
Hirsch always welcomed stu- 
dents in his home but was 
reluctant to send his treasures 
to exhibitions outside. Basel.) 

As a collector, von Hirsch 
enjoyed the two inestimable ad- 
vantages of- time and money. 
When he died last November 
he was 94; and had begun col- 
lecting 80 years: earlier when 
he and his brother together 
started the collection of French 
and German first editions which 
remained one of his great loves. 

His first art purchases were 
made in 1907; when he bought 
Toulouse Lautrec's La flousse au 
Caraco Blcmc and Picasso’s Sc£ne 
de flue— -b y any standards dis- 
cerning buys for a beginner. 
The Picasso - was bought in 
Hirsch’s native Frankfurt; and 
because.. it had left France so 
soon after' being painted, (about 
1901); this wonderful, sombre 
painting of shabby people in a 
dark Paris street has Remained 
for.- practical purposes, un- 
recorded until now. 

Even in 1907, of- course, fine 
first editions and Lautrec- oils 
were not exactly inexpensive. 
Von Hirsch had gone into his 
unde's leather house as a 
youngster, and proved himself 
so good a businessman that he 
built up international fame for 
the firm. He acquired his " von ” 
after the Grand Poke of Hesse 

T""^ CN I 1 TT 1 

State of play 
at half year 

The Mosan Enamel Medallion attributed to Godefroid de Claire of 
the Angel Representing Operatic (Charity) from the Spandrels of 
die 5taveIot Retable. Circa 1150. 

had visited the factory, with his 
sister the Tsarina, in 1913. 

Hirsch was thus already a 
distinctly rich young man when 
his interest was turned in the 
direction of art and collecting 
by friendship with the. newly 
appointed director of the Frank- 
furt Stadtliches Kunstinstitut. 
of which he eventually became 
an administrator. Von Hirsch 
remained in Frankfurt until 
1933 when .political events 
caused him to remove to 
Switzerland. The price of per- 
mission to emigrate with his 
entire collection was the dona- 
tion of Cranach's The Judge- 
ment oj Paris to the German 
nation. When the picture was 
restored to him in 1945, he 
bequeathed it to the . Kunst- 
museum in Basel. 

His friends say that his acute 
business. sense never influenced 
his collecting: he always bought 
for love, and not investment 
(though with ,a connoisseur's 
eye like his, it was impossible to 
buy badly). True, the impetus 
for the unrivalled collection of 
mediaeval and renaissance works 
of art may well have been the 
cnIlector*5 inability to let pass 
the opportunities of several 
exceptional sales .in the late 
twenties and' early thirties. In 
those years the Hohenzollern- 
Sigmar ingen collections, the 
Guelph Treasure (donated be- 
tween the llth -and 15th 
centuries to the Cathedral of St. 
Blaise by the. rulers of Bruns- 
wick) and several "other famous 
■collections came on . the market, 
while the Soviet government 
sold off a. group of treasures 
from the Hermitage. • 

One of the most celebrated 
pieces in the -collection, the 
armilla or bracelet .thought to be 
from the imperial regalia of 
Baybarossa, came T from the 

Hermitage. The pnamel medal 
lion form a reiable, illustrated 
here, is attributed ro the same 
supreme 13th century artists. 
Godefroid dc Claire, and came 
from the Signiaringen collet- 

Whatever he bought, however 
— -mediaeval works of art. old 
master paintings and drawings 
impressionists or the 20th cen 
tury works acquired after his 
marriage to the sculptress 
Martha Dre>Tus-Kuoli — he still 
exercised the same rigorous and 
personal taste. 

Hirsch clearly admired in art 
— ancient or modern — the un 
mannered, the human, charm 
None of the works at the Aca 
demy is ever aggressive in sub 
ject or technique. Everything is 
superb of its kind, whether a 
Byzantine ivory or a Seurat 

You detect areas of special 
Interest. He clearly liked to find 
painters in uncharacteristic 
mood — Renoir painting snow 
C Les Patineurs a Longchamps") 
which he regarded as ‘cette 
lepre de la nature.’* Lautrec a 
romantic and quite untheatrical 
portrait <‘T,a Rousse") or a 
comical dachshund, Bonnard an 
irresistible sketch of three 
schoolgirls skipping on their 
way home. He also seems to 
have enjoyed seeing painters 
copying other roasters: Van 
Gogh interprets Millet's “La 
Grande Bergfere assise” and 
Cezanne a Rubens nude: Dela- 
croix. Ingres. Cezannes and 
Redon all make copies from Hol- 
bein; and the impact of Michel- 
angelo on Fuseli is revealed in 
his drawing of “Learning.” 


soon and rumnurs of unending 
boom finally scotched il hope) 
it is interesting to note what a 
couple of agents think abuut 
how the market has performed 
in the first half of ihe year. One 
is in a fairly restricted area on 
the south coast, the other has 
offices in many parts of the 
country — but the menace seems 
lo be the same. Fir<t ihe 
thoughts of Jackson and Jackson 
who operate out uf the New 
Forest area. 

Ninleen seven ty-eip hi began 
with bitter weather, a >h«»rtagc 
of houses, a surplus of buyers 
and ample mortgage funds. It 
was with this background that 
they witnessed a iransfnrma- 
lion from a buyers' to a .sellers' 
market, and with this an inevit- 
able increase in house prices. 

The values hate risen in the 
past five months by 311 average 
of 15 per cent and. whiM they 
cannot see this dramatic rise 
continuing, they still expect 
[hen? to be a further rise of at 
least 5 per cent over Ihe year 
as a whole. They are forecast- 
ing that over 1978 it is likely 
that there will be at least a 
20 per cent increase in values 
nf mo>t of the properties in 
the New Forest area. 

The Government having 
placed a restriction un lending 
hy htulding societies has 
caused an obvious slowing 
down in the time it takes for 
certain ?ales to proceed through 
to contract stage, and this has 
resulted in the building up of 
chain sales. 

The type nf property in 
demand at the moment includes 
4/5 bedruomed family houses 
anywhere in the New Forest 
between £50,000 and £75.000. 
Terraced houses and hunsalows 
are also popular close lo village 
and town centres. Properties 
overlooking the Lymington 
River or the Solent continue 
to be keenly in demand. 

Valuations have not bpen easy 
over the past five months, and 
it .is now more the rule than 
the exception that properties 
are selling for the prices being 
asked, except in the few cases 
where prices have been wildly 
out of line. There have in con- 
sequence been a number of 
auction sales so far this year, 
but the majority of property 
still seems to be sold in the New 
Forest by private treaty. The 

vendors are al?n beginning to 
realise the advantages of a sole 
agency, whereby they appoint 
one agent entirely responsible 
for the disposal, advertising, 
handling and negotiating fur 
their property. This can avoid 
confusion as between agents and 
clients and. in ihe long run, sole 
agencies du in their npinion 
benefit bnih the vendor and 

Within ihe past month there 
has bwn a cun-iderabie increase 
in the number of properties 

coming unto ihe market in the 
New Fvresi Vendors perhaps 
feel that inter ihe long winter 
now is tin.* lime tu sell, and 
especially if house prices are 
not point; n> rise quite so drama- 
tically during ihe second half 
of the >car as they did in the 
first half. 

The possibility -if an autumn 
election still remains and. 
should wo he going in ilic polls 
in October, u in hound to have 
a temporary holding effect mi 
the market until ihe result is 

JackNon-Slop.* and Staff, who 
have many ofiice> around ihe 
country, lake a philosophical 
approach i«i ihe whole situation 
but ha>ic:illy remain well away 
from the huili-h stance taken hy 
some a item*. They say that 
it is imeru-iing i«» contract 
Ihe rea-nn* behind she recent 
upsurge in hoit.-e prices, as 
compared with ihe boom of the 
early 1970-. which came about 
almost entirely as a result of the 
steady increase over the pre- 
ceding four lo five years uf 
people'* purchasing power, in 
an almost static house market. 

Since the rapid decline in 
values of late 1973 and 1974. 
which brought grey hairs In 
many a crown, at the frightening 
escalation of interest charges, 
where two properties were 
owned, often for -lengthy 
periods, vendors have been 
extremely wary of purchasing 
an alternative property, until 
the sale of their present house 
was well under way. This trend 
was, however, completely re- 
versed in late autumn of 1977 
and ha-> accelerated so much in 
recent months, to rhe extent that 
hardly anyone has been pre- 
pared lo seriously offer their 
own property until an alterna- 
tive had been secured. They 
consider that this unwelcome, 
though understandable trend. 

".Hi N" ^ , 

Strutt and Parker, acting on 
behalf of trustees, have been 
Instructed to sell this very 
fine Georgian former rectory 
near Woodbridge in Suffolk. 
It comprises ball. 4 reception 
rooms, kitehen, utility room, 
5 principal bedrooms and 2 
bathrooms with 4 further bed- 
rooms and bathroom and oik 
fired central heating. Further 
land and also a modernised 
3-bed roomed cottage might be 
available if required. Offers 
around £75,000 are being 
Invited for the freehold. 
Strntt and Parker. 11. Museum 
Street, Ipswich, Suffolk. 

has had a major effect in the 
upsurge of properly values, by 
creating a totally artificial 


Without exception, their 
uftices throughout the regions, 
while extremely active, report 
a picture of depressingly little 
choice of property on the mar- 
ket for the time uf year, which 
has naturally led to an un- 
healthy and over exuberant 
lush after anything at all 
attractive that comes on to the 

A marked upsurge in the 
number of auctions is evident 
and. indeed, it is a bold' agent 
that wells a property in advance 
of an advertised auction, when 
results are achieved like that 
or their London office, when a 
properly known as Avon Cot- 
tage. near Salisbury. Wiltshire, 
a 16th century house wilh 
frontage l» a river, with six 
bedrooms and three bathrooms, 
which was expected to realise 
£7lMi00 and fur which a figure 
nf £95.000 was paid. In Cumbria, 
ihe Lortun Park Estate, 
L'umpriMng a Georgian style 
country in need of 
extensive repair and having a 
tenanted cottage attached wtd 
some 27 acres of parkland, 
realised £117.000: a figure 
nearly double the anticipated 
reserve price. A more modest 
property in Cheshire, compris- 
ing an attractive period farm- 
house in three-quarters of an 
acre, but requiring complete 
renovation, which had failed to 
sell at auction last summer, was 
re-offered this spring, having 
suffered a severe bartering from 
the elements and vandals this 
winter, at offers in excess of 
£15.000. Such was the. demand 
that over 12 offers were 
received the first week and it 
was sold for around £25.000: 
emphasising the irend towards 
modernising and ' restoring 
older houses. 

Reports from their West 
country. East Anglia n and 
Cols wold offices underline the 
ever buoyant market for coun- 
try houses with land, but there 

are a few signs that as more i 
properties have come on to the i 
market since Easter, the price i 
increases have steadied and ■ 
over-priced second rale houses i 
are finding a slower market very i 
different from the 1970s boom, 
where literally anything sold, i 
In the I30.00U to £35.000 range ' 
the Government instigated ; 
mortgage famine has had a 
marked effect: more especially 
in their northern offices, where 
a recently renovated four- 
hedroomed farmhouse with two 
and a-half acres failed to 
achieve a single bid at a recent 
auction, although three buyers 
in the room expressed keen 
interest afterwards at a figure 
in excess of the reserve, pro- 
vided a delayed completion date 
could be accommodated. 

The market in properties in 
the coastal regions of the coun- 
try seems unabated. The house 
with a boathouse in South 
Devon achieved towards £60.0OU. 
while a bid in excess of that 
figure was paid for a 17th cen- 
tury house in eight acres, near 
Cunway. North Wales, and on 
the south-west coast of Scotland, 
near Kireudbrightshire, a 
development of high quality 
luxury, Norwegian style log 
houses, which were originally 
on offer at f UMNO are now sell- 
ing for £17.5U0: a particularly 
good investment in a little over 
three years. 

The buoyant market is not 
confined only to older country 
houses and, despite the high 
cost of new building, both our 
Midlands and North-West offices 
report unprecedented demand 
for one off individual four bed- 
roomed houses on quarter tfo 
half acre plots, at prices up to 
£45.000 and at a recent auction 
in the Wirral Peninsula, twelve 
miles front Liverpool, a quarter 
acre single building plot 
realised the staggering figure of 

There are. they feel, darker 
clouds on the horizon, in the 
form of rising interest rates and 
increasing speculation of a 
General Election, a certain 
darapner on any property 

market, which reluctant vendors 
would do well to heed. We have 
no doubt that a lot of the 

apparent hysteria experienced 
in recent weeks would disappear 
if more vendors were prepared 
to put their properties on to the 
market before they had pur- 
chased an alternative, this in- 
creasing the pool of available 
houses and helping to stabilize 
prices in their own interests. 

Turning to the agricultural 
market, the steady increase in 
prices of top class farms con- 
tinues unabated, with many 
European buyers coming into 
the market, reflecting that, 
even at £2,000 per acre, British 
land is cheap, in comparison to 
most other EEC countries, but 
expensive as it may appear 
when contemplating the pur- 
chase of a farm, it must not be 
overlooked chat the price per 
acre indicated, often includes 
substantial capitalisation by 
way nf farm buildings and in- 
variably. a sizeable house, 
representing many hundreds «*f 
pounds per acre of the sale 

In conclusion, they refer to 
their end of year report for 
1977. when they predicted an 
; uncertain market in the spring 
of 1978. hut felt that prices 
should hold up and continue to 
rise Steadily. If the usual spring 
influx of properties on to fhe 
market had taken place, these 
: predictions might well have 
proved more accurate than what 
i has in fact taken place. 

Rapidly escalating property 
: prices help no-one for, in the 
1 end, it is all relative and what 

• really counts is the ability to 
> buy and sell in the same market 

• conditions: in other words, 

i one is contemplating a purchase 
! it is wise to contemplate a salt 

■ at the same time. 

t It is to be hoped that as 
E more properties come on to the 
market, prices will tend lo 

■ stabilise and may rise more 
i steadily and we would be 
l relieved of both the words 
i “ boom ” and “ gazump ” and 
t the inevitable resultant crash 
r when it all comes to an end. 

Nortfi Essex 

990 >Acres 


TRURO 12 Miles 


The Halstead Estate 

Freehold’ agricultural Investment comprising 3 farms 
and other land totalling 901 acres- and. good commercial 
.wobdland yielding .£14,000 per annum. -=-Rent Reviews 
at Michaelmas 1978. : 

vl... Fur sale by private treaty a*' a whole or In 2 lota 

SAVILLS, 8 West StockweU Street, Colchester, Tel: 
(02061 . 47041. .and 136 London Road, Chelmsford, Tel. 
~(0245K 6931L - Solicitors: Farrer fr Co., 66 -Unooln s 
Tnn Fields, London WC2A 3LH, Tel: 01-405 8432. 


-J ^&fara^-mUea, Boston 13 ' rriile* Lrncoii* 19 miles 

Ad 7 outstanding commercial arable farm with excellent 
jnoiiern hull dings. 3 cottages. 

vaeW implement/gentexaJ. purpose -«_hed, traditional range 
Vdf huil dings, potential _ building land, sporting rights. 
With 1 : yacaht ■ possewlwi exeept- where otherwise stated. 

'.v /Tender as a whole or In lots on 28tb June 194 8 

^S AVILIiS, 207 Grosveflpr JE It, /-London W1X OHQ. ; 
rof-498- 8644, and! Spriqghiir House, Spnnghill, Lincoln, 
:aSaf.:tf>532) 34691.' - 

■rfek the- River Dee’s most famous spring heals 

fgS&A^*****;** *£f 3 F J!“ d 14-year 

£ V^i»W"Ndriai 'Ban* with 7 named pools- 

«**?•' . ^ ver ‘ 

JM: PH99 8644. 

^grbcfihs, ' : . t 


9 Recextuon. S'« Bedroom*. Enpjsve Farm Buildings Indufts* Cew 
Kenaetotar 58. Gwroumc Slurry Store, S.'IO Hemnebone Parlour. SUa sc 
Clamp. Baras in d Traditional BiiUdiiure. in »" 

Offer* invited for Uie Froth old with Vacant Possession «mhi Completion 

JOHN D. WOOD. 23 Bertwloj 5tnuro Office <HcI. RffPi 

™tton a mg .J&tt JT&HSF'"* A 



0 Halls 3 Rec. Rooms Cloaks. Modern Domestic Offices. 
'9 Bedrooms. 4 Bathrooms. Planning Consent for subdivision 
applied for Two Separate Flats. 

Magnificent Situation with glorious Views lo Skirrid 
. Mountain 

Stabling and Looseboxes with 12 Acres. Further Land and 
Lake available. 

PRICE £65.000 

Freehold with Possession on 1st September. 1978 


1 CTRAKEI* CHADWICK & SONS. Martel 31. Abwawwiar. 

j. simuvcn Q B . NP - jgD rrri: w*T3 2«4 j S> 

JOHN D WOOD, Berli^lcT Sqoar*- nifcy (Ref JWB* 

^ ».b“rKE«V SOuiRR LONDON. W.L «-U1 


Chartered Surveyors 

Humbert. Flint, 
Rawlence A Squarsy 

IW.& f £P jWS-»S 


Within 1 hour of centre of London. 

excellent commercial agricultural unit 


arable ind mock ■ farm with Imir cmusm. m a of 

wUehhave bean recently constructed to a very h^jh standard. Modsrn 

rsf ,r ' ^tstsrzjrs ^aar * a 

By Prrviw Treaty- 

Details: 8 RoH«tone Street, Salisbury (0722) 27274. 


Htrfemere 5 miles. Wolerfeo 55 mins. 


in a fine rural lattinf 0" th * *^2* 9 * 1 d*Ii«hrfuJ 

Li-ir dinin? room, drawing roam, swdy/breakfam room. 


terra. Freehold m the region of £100.000. 

■Details: 6 Lincoln's Inn Fields, WC2. Tel: 01-242 3121. 


B.snopi Stonlord • 2 m-I«. London SS mile*, 
f- hra: i'ass >incui:u'tl c*tale 


nr Bunlinglard. 

A matt apnea*. -.9 original residence ".™ 3 mwfim ^MPt- 

i ,:rr»i. .s? :r«; 

»•-» ■« ’lai.f.issi 


i279 ria.1 

wr.h vacant possets ion isuQiect to cottage. 0 i c , up ?" l c jf* , 

Auction at a whole or in Iocs iunl«s previously sold) 

at Bishops Siortlord. 

Solicitors: Trower. St... and KeeHng. New Square. Lincolns inn. London 
Auctioneers- JacLson-Stops and Stan. London O*i0. T«». 01-4 99 6291. 


b miles LecDurr M.SO 11 miles 

A Fine Late 18th Century Property Listed as Grade II 

For Sale dv Pr..*:e Tre-tv. q rt , rwR 

Joint A sent* Bernard Thorpe A Partners. Wotvater Te:. 23366,. 

J ja>Uon-3loM i Stan. Cirencester .028S) 333A. 


Prime hotel or apartment site — 7 acres, 1,000 
fnet superb beach frontage, all utilities, zoned 2i 5 
resort units. Fine location. 

Contact: — 

Proper! v Consultants Ltd. 

P.O. Box h»7 C.. BARBADOS. West Indies 


Robertsbridge 4 miles. Elchiugham Stution 11 miles 
I Charing Cross SO mins.) 


Entrance ball: cloakroom; 3 reception rooms; kitchen; 
utility room; 6 main bedrooms and 3 bathrooms; Self- 
contained Flat Oast Building. Garage Block. Loose 
Boxes. Barn-Stores. Outstanding Gardens and 
Grounds with heated Swimming Pool. Lake. Deer 
Park, Woodlands. Paddocks. About 48-acres (20 ha). 

AUCTION IN JULY (unless previously sold). 
Cottages and further land available if required. 

Heathfield (Tel. 4455). 

9 branches throughout Kent, and Sussex. 

Strutt a Parker -*r 


7 Sedrowned Georgian Farmhouse, 4 Cottages 
Central Ranee ol BuiMtnpi. Well Fsrnitd 

About Atii Uuuland onfi S?o Acn-s BrnutU^oJ 

ABOUT 567 ACRES (229ha) 

With rlill Varan i POT'^ssiwi 
F or Sale by Auction As A Whole ur in lots 
i unless steVKWsly soldi 

Office. Farm Agency Department 201 High Street 
. Tel. 07916 5411 (Ref. BAA1285) 

London Office; 13 H.ll StreeUViXflDL Tel: 01-629 7282 

If you wish to buy — sell — rent or have 

REAL estate 

managed in die 


Write to: 


26 bis Bd. Princess Charlotte. Monte-Carlo 
Principality of Monaco 
Tel. r 93 [ SC 66 00 — Telex 479 417 MC 
Documentation sent free on request 


& i.?h intern: ms l«4 17th ccntur/ rountry home juit beyond the village 
lw S:r«:. Seven bedrooms. io-Ji blihroanu, two principal reception rooms, 
garden room. V- ire hen and full domestic offices, oil-fired central heating, 
rarej.rg for three ears. Matured and pri.aic ground* of |mc over one aCro, 
#,th outlook to the east over the Beaulieu River. 

For sole b/ public oucu'dii in eerl, July unfeu prevlouify told by private Irwin. 


Oxford 16 miles Banbury 10 miles 


Cotswold House with 3 reception rooms. S bedrooms. 

5 bathrooms. Modern Domestic Offices. Staff Flat. 

Heated Swimming Pool. Tennis Court. 

Stabling for 11. 3 Cottages. Rest Hill Farm with 

modern farmhouse and ^00 cow dairy unit. 

In all 2S7 acres- with Vacant Possession. 

FOR SALE BY AUCTION (unless sold privately ) on 14th July 
as a whole or in 5 Lots. 

Mur: Snle (tmj 

JOHM CLEGG & CO.. Church Street. Chesham, Buck*. (Tel: DM05 *711) 
LANE FOX & PARTNERS. Mitfdlcwn Cheney. Banbury. (Tel: 02W 210583). 


Orapax, containing 670 acres, on the banks of the beautiful 
James River, located in the lovely rolling countryside between 
Charlottesville and Richmond. 375 acres of fertile farmland, 
predominantly well suited for tillage, 4 lakes and 3 residences. 
Outstanding vistas from high ground overlooking the James 
River valley. Access to major highways, with excellent front- 
age on two State roads. SS50/acre. Brochure available on 
this and other similar farms and estates. 


Farm & Estate Brokers International 
413 Park street. Charlottesville, Virginia 2J901 U.5.A. 


1 BROADSTAIRS. Luxuriously ittc 11 Murine 
! peiiOintc On I ue K?nl Co*Jl. F ,nc 

oo^itioit- Ncii (Inll't'l 50 
c ,y P ACCOinmOIhllion (or ISWlV 1 

ar.0 quOKi. TwQ EU»DCII> Anil kilC*»ClK 
luxury haihroonis **r.n 90id 
n-iinqs. sly B«Urooms nttctJ wardiooei 
| and umtt. |l»u lira* r^tcolion lOOnii 
! sun loungs. hall. sruOn. clcjirooin snd 
WC Cjs ccnlral fe»:ma. CaroorrO ur>a 
lui r-iJH'il to hign swndarO 
! .Mir 'in ng WO! Gsraui* 'O' l*o ru r ' 

■ and rArluno so*;- - . L^itf OuZ g#rc<-" 
i frr^-3'H E ’35.000. ■.omclrl" «Uh 
Itirni'nings j nd ^nuiAnroi DeMiU "fn 
A. J. T«mon & Co.. 0843 623T9. 

EA5T SUSSEX — A aenad count' r nousc 
with b»u‘.Hui ssrotns ol one aero. 
3 miles Ashdown Fore*:. 7- miles of 
Tunbrtdac Wcllv 4 5 teds.. 2 Bath- 
rooms Cioal-.'aoin. e Bwoorion Rooms. 
KiNPcn SreMkv. Rnom Annexe with 
UiiiiW WorK'oomi s'.d 2 further rooms. 
Oil- h red e;ntrsl heatinq Garaging for 3 
cars. BimumuI garnens ol about one 
atir. Mriilv rn;cri»t|r<i Icatures. Al'Clion 
nth ji*i' 1&78. or orivatelv boiore- 
hand. Aoiir St. John Smtin & Son. 
The Broadway, Crowbarough. Sussex. 
Tei 3813 

Family HOUSE. S»nd?r-.: e ad. 4 hrdroan« 
liviag SiJ'inq room i17 r t IJ 10"i 
s-m nar.oui etc. G*Men. tel. Eastbourne 
-.0323> 37B28. 

Kope/lenbos flS fcm from 


Spacious private apart ments> 
assembly room, staff-lodge, ’ 
guest-rooms, play or working 
space, sauna, tennis, garage. 
Splendidly iaid-out garden with 
ponds. The situation and out- 
line ensure a stiicr privacy. 
Derail. Iron: 

“ IMMO E 3 " 
Tumhoutsebaan 254 
Tel. (9 p m.): 

(11) 83 16 08 or (31) 83 52 02 


ring. Edinburgh Ailrartirc. tuuv 

lurmshod Hat. Loun<je. diniM morn, z 
bedrooms, modern ntten Litclmi'. 
room. Telephone, central n«tin|J- 
Near erv centre but m nuict. oicuMrn 
surroundings A«II.-Ole now to 
ScBlen-ber. .neluoinq lestnaj. Teieohone 
031-667 2983. eveningi. i HU 10- 

55 km east of Brussels 

Splendid 20 Ha park. 1 Ha lake. 
Buildings (castle, lodge, green- 
houses & chapel) and private : 
apartments up-kept to a prime 
condition. 18 bedrooms and 5 

Demtfi from; 

** IMMO E 3 ■ 
Tumhoutsebaan 254 
Tel. (9 a-m.-l pjn.): 

(31) 83 16 08 or (31) 83 52 02 


A special London apartment In esclushe 
; Venetian setting. Ecautilvllv tarnished 
and serviced. A.aiiauio from 1 to 12 
1 MeeU From £250 P.w. Telephono 
i 4B8 2400. 

■ COSTA BLANCA. Luvurv furnished apart* 

■ menu lime share ownership from £300. 
Details from Depf. FT 8. Barden 

1 Development 4 Wcvside Close. BvfleeS. 
I Surrsr, KTI4 7DF. Tel.. Bi fleet 42765. 



Telegrams: Fi nan tima. London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 

Saturday June 3 1978 

UK AND U.S. markets were mended by the .Association 
closed on Monday, U.S. banks either this month or next, 
on Tuesday: it has been a short 
week and a quiet one. In 
London, the demand for gilt- 
edged has again been held 
down by the feeling— 
stronger since I he ret uni 
Minimum Lending Rate 
ministra lively fixed by 
Treasury and the Eank — that 
the Government's targets for 

The National Institute of Eco- 
nomic and Social Research 
usually devotes more spare in 
its Review to incomes policy 
than io monetary affairs. This 
even week's issue contains little refer- 
tu a once to incomes policy but a 
ad- monetary section which con- 
tile dudes that the Government will 
be abie to meet its target for 
rowlh of the mouey supply 

the pubiic sector borrowing re- without too much difficulty. The 
quirement and the growth of markets were probably less ini- 
the money supply will be diffi- pressed by this conclusion than 
cult to reconcile with one an- by t h e pvr. conditions attached 
other. Either the Chancellor s lQ jj. — iJnat short-term inLeresi 
commitment to strict control of rates w ;|j r i se s till further and 
monetary growth is to be tbat domestic credit expansion 

?™™«S f, e ra fh^ this year »lM he considerably 

inflation to be ignored, the ,.. Kil „h 


rates will 


Whichever alternative is 1979 outlook 
chosen as the more likely, there _ 

seems to be little case Tor rush- difference between the 

ing immediatelv into gills, even growth of tne money supply and 
though yields on long-dated iomesUc credit expansion s 
stock have now risen above IS largely made up of movements 
per cenL The dilemma would on the foreign exchange market. 

be false if there were any pros- aS * he 7 l S3Jf ,PI S?i. 8 ?S 

faster than intended while hot 

runs, or interest 
have to move still 

higher than the figure to which 
the Government is committed. 

pect of the Chancellor announc- 
ing cuts in public expenditure 
to at least offset the pusl- 
Budget cuts in direct taxation, 
but there is no sign of this. 

money from abroad was swell- 
ing the official reserves, so it 
will be the easier to control 
while the reserve is falling: 
that is whv the International 
'V'Jl '1 S'""'", 3 Monetary Fund deals in terms 

of an autumn election, indeed, 
the markets seem to have dis- 
missed this idea for the time 

There ha"c been two new 
factors in the past quiet week 
to strengthen the feeling that 
interest rates have not yet 
reached a peak. The first inf 

of DCE rather than monetary 
growth. The reserve fell again 
last month, though by consider- 
ably less than in April. This 
was a direct result of interven- 
tion to support the exchange 
rate at around its present level 
— a policy which is being main- 
tained— and might have been 

obvious pre-election impnr- ”- ” e " but for Th“e" weakness* of 
tance) is the outlook for mnrt- tbe do]lar caust . d bv the latest 

gage rates, the second the fore- 
casts of the National Institute. 

Mortgage rates 

U.S. trade and price statistics. 

Monetary questions apart, the 
latest National Institute fore- 
cast is undoubtedly gloomy. It 
n, ■ .a , , . . , foresees a short-lived recovery 

"« ,nflmv nf f ” nds , J " l . n in output this year as a result 
the building societies has fal.en Q f higher consumer spending 
sharply during the past few an< j ca pitaJ investment, followed 
months. They have cushioned bv a sha rp deceleration in 
this fall to tome extent by draw- growth during 1979, aecom- 
ing on reserves t which implies panied by a renewal of two- 
large net sales of gilt-edged in figure inflation and a gradual 
contrast to large purchases last rise in unemployment The 
year) but will have to make scope for unilateral action to 
their deposit rates more corn- offset this trend, moreover, is 
.petitive if they are to continue described as small— principally 
lending at the same pace. It because it would reduce the 
seemed possible that the Govern- prospective payments surplus, 
menr. which a.sked them n» P“ sh down ihe sterling 
restrict the size of their pda! exchange rate and exacerbate 

utu needs a 
afety net 

Financial Times SatunIay ;June 3.4978 : , 


m on gage lending when it 
appeared ihat 
might rise sharply. would dis 
coinage them taking in 

inflationary trends. The econo- 
r niic outlook for the UK, in 
,, short, depends largely on agree- 
ment at the duly Economic 
Summit meeting on measures to 

more m-.nej !•. lend. At this stimulate growth and trade, 
weeks meeting of a committee This week - s failure bv the 
made up of Government and Economic Policy Committee of 
building society officials, how- the OECD to accept a set of 
ever, no objection seems to have forecasts and proposals put for- 
been made to a rise in rates, ward by its officials is not an 
which may now well be recora- altogether promising augury. 

T HE swift and dramatic 
intervention of French 
paratroops in Zaire's 
Shaba province iwo weeks ago 
did more than just protect 
European civilians and invest- 
ment: it served yet again to save 
ihe political neck of one of 
Africa's greatest survivors, the 
country's President for the past 
13 years. Mobutu Sese Seko. 

For ihe second time in just 
over a year it required a foreign 
power to defend the territorial 
integrity of the second biggest 
country on the continent with 
its 25m people. That Zaire was 
unable to defend itself against 
a rebel force of about 2.000 says 
something about the ungovern- 
ability of the vast country and 
a lot about the state of its 

There is no doubt that the 
war in Shaba further weakened 
the position of President 
Mobutu both politically and 
economically. But as the meet- 
ing of Western powers in Paris 
on Monday will show, he is not 
without powerful friends 

The Paris meeting will 
examine fresh ways of propping 
up the crippled Zaire economy 
and will also look at the 
country's security problems. 
But some countries, notably 
Britain, are known to have 
strong reservations about one 
idea currently being floated — 
that of Western support for the 
stationing in Shaba of a 
permanent foreign force drawn 
from African countries (such as 
Senegal and the Ivory Coast) 
which take a staunchly anti- 
communist line. 

The West has already made it 
clear that it is not prepared to 
provide permanent combat 
troops itself for Zaire and it is 
only a matter of time, probably 
one to three months, before the 
French and Belgians pull out. 

But President Carter, speak- 
ing at the Nato Summit 
in Washington, underlined 
Western determination to stop 
the spread of Communist 
influence in Africa, and given 
Western aid, President Mobutu 
promises to remain a bulwark 
against Soviet and Cuban expan- 
sion in the continent. 

It was this consideration, as 
well as humanitarian ones, 
which prompted the French and 
Belgians to drive the ra;-tag 
rebel army out of the mining 
town of Kalwezi. But not before 
the rebels had delivered a 
deadening blow* lo Zaire’s 
economic solar plexus. At first 
it seems surprising that the 
rebels could have done so much 
damage so easily, but a number 
of factors were working in their 

First of all they were among 
friends. The force which 
crossed into Zaire had its roots 
in the misleadingly named 
Gendarmerie, a paramilitary 
force formed by Mnise Tshombe 
when he declared the then 
province of Katanga (now 

Shaba) independent in I960. 
Some 6-S.Ouu of them UL-re 
driven out of the country into 
neighbouring Angola when the 
secession was crushed and ihoy 
have remained a rhorn in 
Mobutu's side ever since he 
came lo power In a bloodies* 
coup in 1965. 



The rebels were therefore of 
the same Lund a and B.iluba 
tribes which inhabit Shaba. In 
many places they were wel- 
comed by the population as 
conquering heroes and even 
some of the Zairean army 
threw in its lot with them. 
Without foreign intervention, 
there is no doubt they could 
have stayed as lung as they 
liked. But there was no need 
for them to stay any longer— 
they had already achieved a 

In the face of a well-armed 
and. to begin with, well dis- 
ciplined force, the Zairean 
army melted into the bush. De- 
moralised by irregular pay. 
poor framing and successive 
purges to stamp out opposition 
to the Government, it had no 
heart for a fight and left the 
European population as well as 
the Zaireans to the mercy of 
the rebels. 

And the rebels will be back. 
Intelligence reports and satel- 
lite pictures suggest a fairly 
sizeable force may slill be in 
Shaba preparing for another 

There is a very' real panic 
ammsphere in the regional 
capital of Lubumbashi. It would 
not tyke much to put the entire 
white population of the town 
to flight and many are already 
leaving. H the whites went, 
the economy would break 

The West obviously does not 

resist interference in the murky 
world of Zaire's , finance.' How- 
ever, the West is not only trying 
to prop up President Mobntu. it 
is also anxious to get Zaire 
back onto a sound economic 
footing to recoup some 'of the 
$2bn to 53bn the country owes 
in both official' and commercial 

One question Western nations 
must be asking themselves is 
whether, after the Shaba 
debacle, Mobutu is really still 
in control: He certainly thinks 
so. or he wouldn't feel comfort- 
able leaving the country for a 
long trip around Europe - and 
Africa now, while the country 
is in such a mess. And on his 
tour he wifi not have failed to 
point out to fellow heads of 
state that throughout the week- 
long Shaba fighting there was 
not a hint of a sympathetic 
uprising elsewhere in Zaire. 

The lack of sympathetic un- 
rest is not just the ’result of. 

President Mobutu at the Elysce Palace earlier this year with President Giscard d’Estaing: 
Monday's meeting of the Western powers in Paris will look at new ways of propping np 

Zaire's economy. 

major psychological victory by 
driving the white population 
from Kolwezi. White technical 
expertise puts the iron in the 
country's otherwise anaemic 
economic bloodstream. 

Western strategists believe 
the rebels intended to mount 
a hit-and-run raid. They were 
not simply ageing exiles hun- 
gering for their homeland, most 
of them were young men well 
steeped in the ideology of their 
adapted country. Though there 
is no conclusive evidence nf 
Cuban participation in the in- 
cursion. there is little doubt the 
rebels were Cuban trained and 
their aim was not simply the in- 
dependence of Shaba, but the 
overthrow of Mobutu and the 
end of the Congo’s pro-Western 

want that to happen and the 
U.S., Belgium and France, in 
particular, will be looking at 
ways of reassuring the whites 
and containing, if not defeating, 
the rebels. 

However, the idea of a 
Western-supported pan-African 
force presents immense pro- 
blems. To whom would it be 
responsible/ What would be 
the definition of its task? 

Whatever the West decides, 
either as regards the economy 
or Zaire’s security, it will lay 
down tough conditions to Presi- 
dent Mobutu over Ihe running 
of his country. 

President Mobutu has shown 
a public willingness to put his 
country under the tutelage of 
the International Monetary 
Fund but is said in private to 

Mobuto’s brutal repressing at 
dissent but also of the purely 
physical communications prob- 
lem in Zaire. One thousand 
miles from Kolwezi, the people 
of Kinshasa had to depend for 
their news on the Government- 
controlled media. Foreign 
papers and news magazines 
were carefully vetted before 
going on sale. 

There is no doubt that 
Mobutu is intensely unpopular 
in many parts of the country- 
But he can count on the frag- 
mented nature of his opposition, 
divided as it always is along 
tribal and ideological lines. 
Among the 250 tribes of Zaire 
with their many languages and 
different cultures there is no 
common cause stronger than 
their mutual antagonism. The 

. mere fact that Zaire is drawn 
on a map gives an artificial im- 
pression of nationhood which is 
-still -not widely felt on the 

Not that the Pres id erst takes 
any chances. Since- - he came to 
power he has pursued an active 
policy of suppression of ' opposi- 
tion, both real or imagined. The 
civilian population is watched 
by the secret police of the 
National Documentation Centre 
(-GND) and on the army there 
is a parallel hierarchy to' the 
military command which owes 
its allegiance directly to 

-There have bean numerous 
purges In the array, especially 
after last year’s fighting in 
Shaba. In March this year the 
President ignored international 
appeals .for clemency and 
executed 13 people, including 
nine array officers, for allegedly 
plotting a coup. 

Observers say Mobutu holds 
the country together with “ 'mir- 
rors, string and bits of chewing 
gum.” But whatever Western 
reservations about the man and 
bis policies, there is no one 
obvious alternative to him be- 
cause he has taken pains to 
make sure there is none. Pro- 
mising newcomers to the politi- 
cal scene are eased out before 
they can form a power base of 
their own. 

The President continues to 
hold the reins, though the horse 
keeps bucking. His special plea 
to the West will be to bail him 
out economically, for the one 
thing which couid finally over- 
throw him is the economy. 

“Most of the people are not 
against the President But there 
has to be a change. When the 
people haven't got enough to 
eat they are going to go mad,” 
said an unusually outspoken 
taxi driver. And there are per- 
sistent food shortages. 

In March, flour was in short 
supply in Kinshasa and bread 
shops in the city were empty. 
In country areas, flour has been 
unobtainable for up to six 
months at a time. The price of 
a sack of manioc, one staple 
food, is now the equivalent of 
a rural worker's monthly wage 
and the sacks, just enough to 
feed a family for a month, are 
getting smaller. In the country 
a jar of caterpillars finds a 
ready buyer. 

The rumblings at the moment 
come mostly from people's 
stomachs. “It* incredible what 
they have been putting up with,” 

said a - diplomat ** But they' • 
won't put up forever": ■ 

Solving Zaire's -economic 
problem s wo nl d ‘ have .been an . ' 
appropriate- task fdr." Hercnles:- 

They dwarf those of many, other--' . 
less developed countries, ‘yet 
they were born of the' country's r 
very prosperity-': during 1 'the.', 
boom in copper prices Iduriflg- 
1973 and 1974. . ■ - 

It was at this time that Zaire; 
began to borrow very - beayiJy', 
without anyone calculating until 
too late how deep the .Country 
was getting into debt. * 

.To this was added general 
economic inefficiency, notably- in-. - 
the agricultural sector: Zaire, : - 
pnee self sufficient .in food-pro- 
duction, now has a food import ~ 
bill of $300m a year. The econ- 
omy has become completely.^*])- - 

. Copper and cobalt accounted .. . 
for 80 per cent, of export earn- 
ings just before copper prices. . 
slumped. When the fall came, 

Zaire's copper revenues fell to - 
$600m in lSTo-^resi than half 7 
the revenue in 1973. Meanwhile, ; 
the debt servicing ration has 
increased dramatically. 



An anticipated, new lokn 
$220m from a consortium 
banks led - by Citibank:- - 
jeopardy. The loan depends b^if^ jg 
an IMF-designed econ 
stahii isation programme being£? 
implemented, but there ts'iitne ^ 
likelihood of the IMF package 
being put into effect in the near - ; 

Gross Domestic Product is 
estimated to have declined 1 by 
around 5 per ceut a year Jn 
1976 and 1977. The same pass!- ' r . * 
mistic _ forecasts were being 
made for 1978 even before 4he • 
fighting broke out Foreign . 
exchange is desperately short 
and will get even more scarce 
now that the mines, which pro- 
vide around 60 per cent of 
foreign exchange earnings, are 
not producing. 

If the West were to provide 
both military and economic aid 
and lay down strict guidelines 
on how to run the economy. 
President Mobutu would be able 
to count himself secure for as • 
long as he wanted to stay. But 
as one diplomat In Kinshasa 
said: “ When I count my bless- 
ings, I start by thanking God I 
was not born to rule Zaire." 

Letters to the Editor 

Good life 

From Mr. H M. F Mallett. 

Sir. — I read with interest Mr. 
,1. Smiths letter iMay 31 1 . his 
second on the financial advan- 
tages nf upimg out and taking 
up wbat he describes as the 
"guod life.” 

it seems that this has so far 
involved collecting unemploy- 
ment benefit, lax and pension 
rebates. and a profit on amnieur 
l private) improvement of a Vic- 
torian properly. .Ahead for Mr. 
Smith and his cnumum law wife 
lie larger, hut as yet unrealised, 
profits from further development 
in much more expensive property 
fields: and even further on the 
horizon, dealing in the export nf 
antiques, and writing books 
about them, mainly in order to 
be able to set off huge expenses 
against nebtiJmis future earnings. 

It may be too late for Mr. 
Smith, if he really exists, which 
docs nor worry me much, hut in 
case your readers should be 
tempted to adopt a similar 
course j little aniaieur advice : n 
the opposite direction seems 

Starting hackwards, it is very 
difficult to make a living out of 
writing, even about antiques. 
You haven't only to write, you 
have lo find a publisher. Tax 
men. as writers and publishers 
are aware tand as a bit of each, 
in a small hut at least regularly 
profitable way, 1 should know) are 
resistant even in justified ex- 
penses against earnings. Over- 
seas holidays spent on sunny 
beaches, allegedly researching, 
arc just not on. 

1 am also reasonably convinced 
that trading in antiques is very 
risky and needs a fair amount of 
capital, not lo say expertise. 
Developing properties privately 
owned on the assumption that 
prices always go up and that 
buyers and sellers are always 
around to suit your plans is one 
of the quickest ways to bank- 
ruptcy the statisticians know. If 
ever I read a phrase portending 
doom it was Mr. Smith’s analysis 
to the effect that " at an annual 
compound interest rate of 10 
per cent the house could be sold 
for £100.000 in five years' lime. 
The return is thus £10.000 a year 
tax free . . - and the investment 
is safe.” My father bought a 
house after the First World War 
and it didn't roach the purchase 
price again until the mid-fifties. 
Mr. Smith would do a lot better 

to try to get bis old job back, 
even to marry his common law 
wife in case the tax situation 
ever makes it worih her while to 
leave him and shack up with 
some more export property 
developer (and there aren’t 
many of those, either, as the last 
slump showed). He could even 
develop, in due course, a sensa- 
tion of leading the “ good life " 
by making a coni ribu linn, 
through work and lax. to a 
society with many faults iwho 
more aware of it than one nf 
ihe self-employed? j blit also 
many advantages. It can be 
great simply to feel that you 
aren't a parasite. 

H. M. F. Mallet). 

26. Chapel Street, 



From Mr. D. 31. Toff 

Sir. — We are told that money 
is not wealth hut a claim on 
wealth. Quite su. hut the whole 
problem of money is that the 
Slate has appropriated to itself 
the monopoly right* of produc- 
ing what its subjects are obliged 
to accept as legal tender. This 
might work if governments could 
he trusted not to tamper with the 
purchasing power of these 
claims by recklessly increasing 
the supply of “ claim units " thus 
defrauding their creditors and 
lowering the value of the means 
of exchange. The virtue of gold 
is ihat if acts as an automatic 
and universal regulator of the 
value of “claim units" and 
therefore acts a constraint on 
governments and h ahhorred hv 
them for this reason. Because an 
increasinc number of people nn 
longer have any confidence in 
the ultimate managers nf their 
wealth they are lurninc to gold 
which will cslabli-h itself as an 
authentic parallel • system of 

D M. Toft. 

Warren. Cameron ond Company. 
Church House, 

Codaiming, Surrey. 

Gold hoard 

From Dr. Geoffrey Middleton. 

Sir,—- Mr. C. E. Lee (May 25) 
calls distrust of the present 
international monetary system an 
“ obsession " and suggests that 
permission to buy gold “ as a 
commodity" would satisfy those 
who are alarmed at having to 
hold paper money, u j s no t j us t 

a question of what people hoard 
— that can be done in gold aow 
in most of western Europe — but 
of how to make investment in 
industry a safe monetary proposi- 
tion. At the moment the lender 
of paper money, be it dollars, 
pounds or anything else, is invit- 
ing a certain long-term loss, 
the “financially incompetent" 
governments of the world, who 
both manage the currencies and 
do most of the borrowing, are 
really pursuing a policy nf 
clandestine confiscation. It is the 
steadily growing realisation of 
this that is now producing the 
greatest slump the world has ever 

The only two remedies for this, 
as the late Jacques Rueff pointed 
out back in 1972. are the re- 
establishment of a gold standard 
or succumbing to totalitarianism. 
The attitude of the United Stales 
monetary authorities has always 
been " I'm alright. Jacques ! " 
and to let the world's currencies 
go hang. Merely sneering at sold 
is not going to sare the dollar, 
and France's greatest economist 
happened to be right. When the 
day of reckoning arrives there 
will be an avalanche of panic 
liquidation of credit and every- 
one will find, to their horror, 
that paper money, has become of 
very little value. Then, in 
desperation, dictatorship may 
well prevail, and Lcnm (and 
Keynes) will have won the day. 
Geoffrey Middleton. 

Blue Moon. 


Fauci. Siritzer/aKd. 

the corset— this is now a dead pleted giving as is usual the I'd be a bounder to deride 
duck. But the banks' reserve information that a prudent This bid to bolster Postie’s pride, 
asset base is uncomfortably high underwriter needs to know be- He should be dressed lo play 
even though money has moved fore assuming an insurance risk. the part, 
om of the country, and it is This dues not. of course, remove Possessed of clobber pressed and 
now up to the auihorilie* to art the obligation of disclosing this smart, 
on this base. A 2 per cent call information on ihe part of the Resplendent in a well-cut suit 
for special deposits would take consumer, it simply means he With cute accessories to boot, 
£S50m out of bank?' liquidity must disc lorn? this information to \ budding rose in his lapel, 
and should quickly lead to a |hc insurance company's agent, sub u c smell of rare Chanel, 
reduction in new lending. i e.. the building society, without j\ nt j footwear fashioned to 

This in itself is necessary at being asked. This, nf course, has compete 
a time of strong growth in real erniytaimns: it assumes with beetle-crushers on the beat, 

income?, but more important ,Ditt 5t1 ^. average consumer is j bls ( be y’re welcome to. and 
than this direct cunsequence will j Wil t re r, ‘ q u, ' st, ‘'ns the pru- more. 

be the impact on sentiment in ]r V» ur, ' r want ^ answered, and Am j ;j jj fbl!1 „ ub ij c n0ttr implore 
the gilt market and the begin- ' r e ' 111 'J-- lhy rc ,s T» match this finely-groomed 

ning. at long last, of the "^ l lJ 5U ^ s,, ° n „J ha cn , m ' appearance 

pro- proposal form for , d . Sun( ] av 

* household insurance is no longer ^ ounaay 

necessary. The former is con- . _'i 44 ._ 

rounded by tin; very limited A ™! n nn° USh * S asklflg for thc 

knowledge shown by the average . 

person in all insurance matters. -j ,er . ®? < ? if t f, , eriloon ' 
The latter is in fact far from * rect w,lh warai 

governmeni's funding 
gramme this year. 
Malcolm Roberts. 

Laing and Cruickshank. 
The Stock Exchange, EC2. 


From Mr. Peter R. Jumc? 

ihe case. Household Insurance tv’earrt 
has become far mure complicated ch «apcr stamp on Christmas 

in recent jours, especially with 


ihe ativeni uf subsidence and ^ hu-h postmen, out of hand. 

Sir- The decision given in the landslip cover, in addition to , fc jett 

court action Woolcott v. Sun 
Alliance and London Insurance 
should cause grave concern over 

which, the wursemng claims rf* might earn profits, we 
experience in the household „ suspect 
insurance accounts uf most ^ though it 5 nice to see our 
the present agency agreements j nsurancp companies is dnetr P° st 

that presently exiM between , ne ntcd f.ict this has caused some Delivered by this well-groomed 
most i^un.T/e com- companies in on a supple- host 

pames and ouilding societies. men t ary proposal form. in T n Mills salubrious and smart. 

The plaintiff in the action addition to the normal docu- The wearers ought to take to 

owned and insured a properly m ent. as more information, not heart 

for £30.000 through hix building less, is required on the property That some day postmen won't 

society in conjunction with his at risk. ‘ . be needed 

mortgage. The present state, of -j-jjo fare-gain" should confirm ff public picas remain unheeded 

society C boreowerJ' 1 ^The Z" p0lcntial .building society Bernard Campion. 

SLtTJid m* .I 0 :™™* E?ESr* Twrcww, cnrd,™. 

issue was. in 

Money control 

F rom Mr. Malcolm Roberts 

Sir. — The current impasse 
between the financial institutions 
nnd the government rests on 
the government's Canute- like 
posture over monetary control. 
Bank lending to the private 
sector and overseas has grown by 
£I.7bn during the last three 
months, in sharp contrast with 
the fall of £0.2bn during the 
same period last year. On 
present policies it is highly un- 
likely that the £6bn DCE limit 
can be met: indeed it would 
require the entire increase in 
institutional cash flow to be 
devoted to new gilt issues. 

In order to break tbe deadlock 
a much firmer commitment to 
monetary control is required. 
Everyone knows that the bank- 
ing system has moved lo cushion 
itself against the imposition of 


issue was m fact mo senarate ,nM,r f ance ,he u bu,l ? in K Manadon, Plymouth. 

issue was. in tact, two separate society to the amount being lent. 

insurance interests the buildin^ 3n ri JO , nsure ihpj r o wn interest 

(Iho ' dm ? u . nt with much lictler regard Tr. their 
ihe debt), ihe consumer interest own interest through their own 
tthe amount available to the con- insurance connections, 
sumer after repayment of the P R j ames . 

Building Society debt). As a j aino «_ j.| arl insurance Brokers 
result nf this contention, it was Huccleeoie 
found to be acceptable Tor the ws in.slcn Gardens. 
insurance company i 0 pay out Huccleeoie. Glnucr,. 
the building society interest and 

refuse the consumer indemnity 

under the policy, ip this instance 

for non disclosure of a material _ , _ _ 

fact. , Postman s knock 

Now the rights and wrongs of _ 

this case have already been From Mr. Bernard Cowpimi 

From Mr. [hind G. Thomas. 

Sir. — The real reason for the 
comparative failure of The 
Franklin Mint and many British 
Minis (David Lnsceiies. Col- 
lectibles (May 27) is that the 
designers nf their commeratives 
do not know tbelr craft Many 
of their designs are fit only for 

Unfortunately, the Royal Mint 
is little heller, one has only to 
look at our present coinage. 

If the designers would study 
the Georgian and Victorian Coin- 

decided. however, arising from Sir, — A bright and lightweight 
ir is the question that should _ uniform. 

concern us all. “how f a r can For wearing when the weather’s 

the consumers' interest be preju- _ .''■‘. : ' rrn , ..... 

diced and how valid are the snan be modelled in the... tncmoralivc Medals they might 
reasons given for so doing?" streets be inspired anew. Until they are. 

Under the present insurance By rbos? we pay for postal feats, or new designers found, collec- 

company - building society In shurt. another pleasing shock tors will, rightly, refuse to buy 

arrangement, there is no _evi- Will punctuate ihe postman's Iheir productions, 
den ce in writing for any indi- knock. David tl. Thomas, 

vidua! contract nf insurance. As we behold nur mailman cool :M Hcntherlea Road, 

There is nn proposal form com- Advancing through the vestibule. Bournemouth 

Need a 

good income with 
complete safety? 

^ When you’re retired you want security 
without worry and uncertainty. For investors 
like you, Tyndall offer their Maximum 
Income Bonds. 

For example at age 60 you could get 1\% 
per annum after basic rate tax in two 
payments per year for 10 years. For higher age 
groups the rate can be as much as 8|%. Then 

you get your capital back in full. It’s 
completely simple and straightforward. 

Once the Bond is bought, your income 
rate is fixed and guaranteed for 10 years no 
matter how much other interest rates go up or 
down. You know exactly where you stand. 

Tou can invest £1000 or more in this way. 

If mis kind of investment appeals to you or 
you have an elderly relative or friend who 
needs a good trouble-free income send off the 
Freepost coupon now for full information. Or 
telephone London 01-242 9367, Bristol (027^) 
32241, or Edinburgh (031) 225 1 168. 


Maximum Income Bond 

Tyndall Pensions Ltd, FREEPOST, Bristol BS99 7BR 
Please send me details of Tyndall Maanmm Income Bonds. 



ICtf appJketfc to Eat 





1IE 1 

Sai^irday .June 3 1978 

■ I IlM I" 1 _ 

^y>J\ u 9 < j 

gamble on an impossible 


r a«cr 

■■- •jfi r. 

™ Mr. 



AT . THE moment X .amsasiag 
to buy a 32% a racing saH b«jt 
24 feet long specifically de- 
signed to 0 to; low-cost high 
performance^ it : wifi cost me 
about' £5,500 plus • another 
£1,000 for extras. In addition 
I would have to spend about 
£750 ' to 7 race-. : her every 
season. l'* : \j - 

To most people that will 
Seen) a fearful waste of a very 
large sum of money; though in 
comparative terms it is a pretty 
minimal budget. *. 

So the announcement this 
week that British industry, and 
the general- public, ’■ is being 
asked to sponsor the purchase 
and racing of a couple of boats 
to take part in -the l&SO 
America's Cup series -to -the 
tune of neatly £2m will no doubt 
have caused raised eyebrows 
everywhere particularly those 
of a few committee members 
on leading charities.- 

NOr is there any guarantee 
that, after *11 this expense, the 
British challenge Will reach the 
start line off Newport, Rhode 
Island, against the .American 
holders. There are five other 
challengers who must- be beaten 
in a series, of eliminators be- 
fore the: big battle begins. 

Even- the brochure inviting 
membership of a British Indus- 
try 1500 Club — minimum sub- 
scription £1,050, tax deductible, 
open to rire first 1,500 appli- 
cants—^ drafts that the chal- 
lenge is . the pursuit of an 
“ impossible dream ” though 
surprisingly it adds that it also 
feels the challenge is “ almost 
exotic.” - 

There will be no doubt in 
most people's minds, both in 
mid out of yacht racing, that 
the project truly qualifies for 
the adjective exotic, and has 
about: as . much relevance to 
everyday sailing as a rocket 

car across Pendipe ' Sands has 
to ferrying auntie to the Cots- 
Wolds.on a Sunday afternoon. 

While Britain has an enviable 
irecord of ~ success in the 
A dmir al's .Cup— always sailed 
in home waters — and in various 
level-rated events and dinghies, 
there are few Britons who 
could claim -to know the hows, 
why s ' and. wherefores of 12- 
metre racing in American 
waters. (A 22-metre boat is 
standard for the America’s 
Cup. It is about 65 feet long 
. and 12 metres' on the water- 

“Dirty tricks” 

Many of the other five chal- 
lengers have been io Newport 
before only to be beaten by 
the expert crewing and seasoned 
tactics of the locals. They have 
also been subjected ta severe 
psychological pressures both on 
snore and on the water and the 
‘British contingent has already 
budgeted both for a travelling 
■war games expert . and a 
“department of dirty tricks" 
to take the battle of Che minds 
onto the American camp. 

This seems to be more a case 
of silk-lined cloak and jewel- 
encrusted dagger than sailing 
and it probably is. But the one 
thing in the brochure inviting 
membership of. the; 1500 Club 
which is beyond dispute is that 
this latest challenge wall be the 
most professional ever put 

The cup,- formerly . the 
Hundred Guinea Cup, has never 
been won by anyone but the 
Americans. The name of the 
trophy was changed because it 
was first won by a yacht named 
America in a race round the 
Isle of Wight in 1851. The 129 
years to 1980 will have seen 23 
challenges some of the most 
famous from the British Isles. 

and yet no British boat has ever 
wan more than two of the best* 
of-seven series. And on an 
embarrassingly Targe number of 
occasiuns the Americans have 
won by a straight four-lo-nil 

This time, however, there 
should be enough careful crew 
selection and enough oppor- 
tunity for them in practise 
against other •■twelves" to 
ensure they are raced- tuned 
and fit 

While the Americans have 
for some time been able to use 
a more accommodating tax sys- 
tem to encourage sponsorship, 
and the Swedes relied heavily 
on Volvo for their 1977 chal- 
lenge. Britain has hitherto 
always depended on rich indi- 
viduals to dig deeply into their 
own pockets. 

Our last challenge in 1964 was 
financed by Mr. Tony Boyden. 
wbo is now chairman of the 
British Industry 1500 Club. 
Although he has underwritten 
the purchase of the first boat 
from Joyce Marine at Gosport, 
he obviously hopes (hat this 
time enough money will be put 
up by industry to keep his per- 
sonal contribution within 
reasonable bounds. 

The recruitment of .Sir John 
Methvcn. director general of 
the CB1. as the club's president 
is a valuable coup. Apart from 
Sir John being an enthusiastic 
yachtsman and former RNVR 
officer, his ability 1o spread the 
gospel to all the most influen- 
tial men in British industry is 
almost unrivalled. 

On Mr. Boyden’s other flank 
is Sir Peter Vanneck. Lord 
Mayor of London, a 1500 Club 
vice-president and, of course, 
another yachtsman. That takes 
care of both industry and the 
City and involves the support 
of the two men who, between 
them, probably make more 
speeches to more men control- 

ling company funds than any 
other pair in Britain. A dynamic 
duo indeed. 

So the financial side is being 
handled professionally and an 
international public relations 
firm is there to back if up. The 
one-man crusade has given way 
to the business-like approach. 
Ir is now a commercial as well 
as a sporting enterprise. In 
the outline of the scheme it is 
emphasised that yachting is an 
amateur sport and that the crew 
will be amateur. However, 
when the challenge was first 
explained to the British public 
Mr. Boyden said that he ex- 
pected employers to cast a 
benevolent eye on the time 
demands made on crew-men 
whom they employ. If not. he 
said, he thought that there 
would be companies who would 
be able to make arrangements 
to ensure that crew would have 
good jobs on their return. 

Thar seems to be as delirate 
a dividing line as possible 
between professional and 
amateur status. However every- 
one is aware that there axe 
professionals in yacht racing — 
staff of sailniakers and boat 
builders are most prominent— 
and before the war. when most 
yacht racing was truly a rich 
gentleman's sport, professional 
crews were the order of the 
day. and the order of thp day 
was tn work damned hard for 
your shilling. 

Fit men 

With the most experienced 
men from the British Olympic 
yachtin'; scene involved, the 
fitness and competence of the 
crew should not be a problem 
and the promised 100-day work- 
up in Newport ahead of the 
elimination series should mean 
that tile best approach pro- 
gramme will be followed. . 

As for the design of the bnat, 
or boats, some doubts have been 

expressed about the man chosen. 
Ian Hewlett, on the grounds 
that he has not been in the 
mainstream of designing large 
winning yachts. 

However. Mr. Boyden pointed 
out that 12-metre design has 
reached its optimum point, and 
in Ian Howlett's favour are seven 
years of playing around with 
12-metre design in the water 
tanks and wind tunnels of 
Southampton University. 

Much more important will 
probably bo the problem of 
producing a perfect suit of sails, 
and undoubtedly this is some- 
thing that will exercise the 
minds of the committee con- 
siderably. Other equipment such 
as mast, spars and rigging, deck 
gear and electronics are well 

within the capability of a British 
yacht equipment industry as 
highly tuned as any of its world 

To add a little gilt to the 
gingerbread. Southern Tele- 
vision proposes to sponsor a 
series of 12-metre yacht races 
in the summer of 1979 to which 
the French. Swedes and even 
Australians ha\e been invited. 
It is not clear bou successful 
the idea will he. but the pro- 
spect of 12-metre racing in 
British waters again is a stirring 

Even taking into account all 
the improved organisation, the 
hopes of a Substantia! budget, 
and the wealth of good crew 
men to choose from, the rail- 
}j on-doll a r question is still: what 
is the chance of a British win? 

Ladbrokes, who will take a 
bet on most things, is reluctant 
to quote any odds at such long 
range, but privately the Ameri- 
cans would probably enter the 
frame at rive-to-one on at this 
stage. And the best odds given 
by one knowledgeable yachting 
man after Die announcement 
was two-to-one against the Bri- 
tish boat ever making the final 




anck^fxh vw-«sl 

Although two years may seem 
a long time, the first boat will 
not be in the water until next 
January or February. That 
leaves only 15 months at best 
before shipping out to Newport 
having first caught up on an 
area of sailing in which we 
have little experience and which 
is an art of its own. 

Just to complicate matters, if 
the full amount the committee 
wants is donated a second boat 
will be built for launching in 
the year of the series. 

To put that into full racing 
order and run trial races against 
the first boar would leave the 
schedule very pressed, and 
•• twelves " being delicate crea- 
tures they cannot be sailed in 
all weathers. 

In contrast the Swedes will 
be going back to Newport only 

three years after .their last 
attempt and able to benefit from 
the experience they have so ex- 
pensively acquired. The same is 
true of the French and the 
Australians — and all the other 
challengers already have a 
selection of boats to use as trial 

In the short time remaining 
to Britain the most important 
asset would be a smooth 
approach run: early and sub- 
stantial cash flow, unhindered 
building of the first boat, good 
weather when it is launched to 
allow the maximum number of 
days on the water, and freedom 
from major gear failures. Any- 
thing like a large hiccough 
would reduce significantly the 
prospect of success, for there 
will be little spare time in 
which to catch up. 

' 2Z / 
.-•r :;t. .* 


■■■■ • r f^ 


■ force 


;r •WZ; •- 

Raltz: new vintages 

®i fefr.tfo collapse 'of Horizon 
Holidays a few years ago Hart? 
has kept a lowish profile; but 
noyi is bouncing back with some 
vigour. Even "the old , Horizon 
name^gft tiers again . since that 
brawny. quoted one-time offshoot 
of., the. former B&itz empire. 

Horizon. Midlands,'- has been, 
gradually shedding the second 
half of -its name. . 

.. . Raitz. iff-hotrinvulved in Hpit-. 
zorf Midlands in any way ,' his 
avenue of touristic venture. over 
the* piast couple of years 
been . \ MedoHsaui. ■ - .Holidays, a: .r .... .... 

hut' Raitz is dearly determined carats of diamonds, mostly of 
aaSSaSS ESSE to stick to it At the moment industrial quality and therefore 
Smnleted ^ and his tetan are busy test- not as prized as gem stones. 

ing/outthe tours and the hotels Still, the sheer volume is 
of -S ait? himself is just back roughly the equivalent of 
Sw * if? voted "onto the from 1 WPP°» these Angola's total yearly produc- 

To ^.beeaUed dry runs. tion before the civil war. 

■ the Association of British^-Travrf . In fact, the discovery of 

‘ AgttrtK'jawayk’* popular .figure y ^ Premier Rose— named incident- 

• “the teade TUitr once "• again ..-LOW -V - ally after the South Af ncan lady 

walks its- corridors of power. " who will mark it up and decided 

-In abourthree -weeks-. tiHie-;we - _ |f * how it will be cut— is a 75th 

will, see -public evidence , Of the vjU1. . birthday present. Mining 

• next ' stage- of. th^ RaSZ. -s^a; . .7, • • „ rf , r ^ aM ii ar i v i n the operations started in 1903, 

: Towards the "end of- the month Although Bpcctacularly although De Beers did not gain 

; -SSwiSfewegs® SZ WS- &££? &>*»• ™ 

borp&cate by^churg . „, on d M ine in South Africa is!. "During the 1930s. a lean time 
'• . cominsr it is not .very lucrative." for the diamond producers, the 

■ / • title, of : Ateolidays. Raite he mine was closed down and when 

Ashley Ashwood 


>r U-5 

P p * 

■ SrjgS? i5, a huee hole in 

V yeS, Mr. Hany Oppen- new life_is about to 

C QsJSrtUfr -and Da,vjd ^ ei£ner) ^ chairman of De Jtart 

^ pQpp^riti' 7 -::«Ivisfng!. consolidated which has tons .Wie the African 

^VpdssHte^efcprtfagTSteoiw; fhe controlling interest con- Government on lea^s andtiie 
wiH'^'.rtmaiQ^ strips : to that Premier had not way has been opened to extract 

v paid- a- dividend on deferred diamonds from as deep as 800 

Jer^'-(3p6rhb^ Koj» r ' ■ of ' chares for 50 years and that metres, as plans to mine 

: preference dividend, were 19 

;V. ■ «. W KmV> VWi«A : '■k great .. This should see Premier pro- 

1 " j'^pgciaggt- w oil into the next 

1‘ rzQtefafit&-'^Sin8 r is-.i<mkin& 

f could 

e - d ; * 


• !#ft 


ducing. . well 

Z-‘ - dph'mijeimeri bright f« t “ re 

' TWa YEARS' ago almost exactly 
•world environmentalists held a 
; huge warmhearted conference in 
Vancouver called Habitat and 
Human settlements. Almost all 
the nations attended. The 
. Canadians, proud that Habitat 
should be held In Vancouver, 
spent miUions on it 

’-" Improving the habitat ef the 
world's people, especially those 
of the thinl world was.the theme- 
iffliantytowns had to go, rural 

■ land - was . to be made more 

■ habitable to stem the. great trek 
to the cities to make more 

. shantytowns. Environmentalist 

s"-$S fc yap?*- 8*^?*®*- - ' l > ' —y. • • - , - __ Bairbaia "Ward wrote a book for 

H-as. tKe conference called Home oj 
put iL grossly excessiv e. ^. hlch she said the 

the‘- to&ie is' 'too- -big t® world heeded 47ra houses a 
v«ar after, - Vucouver dtoded 



, to press 

ahead with a" Habitat and Human 

Settlements Foundation to get 
the whole thing off the ground. 
But what happened to Habitat? 

Two years, and millions of 
words, later the foundation has 
not yet got a home, altough one 
U promised in Nairobi. 

Habitat has no executive 
director. The Secretary General 
of the UN has still to appoint 
one, and it has no money for 
its task of improving the world’s 
life-style- World governments 
are supposed to pledge money 
to the foundation, but up to 
end January this year there was 
only 51.56zn pledged for the 
kitty, of which only $360,000 
had been paid up. 

Dr. Mostafa Tolba. head of 
UNEP (the U.N. Environment 
Programme) who is caretaking 
the Habitat Foundation in 
Nairobi pending the appoint- 
ment of an executive director 
and an admistration, said a 
target of $50m was a minimum 
for government's voluntary con- 
tributions for 1078-1981. 

The permanent home Is hav- 
ing to wait till a huge combined 
building for UNEP and Habitat 
is built in Nairobi. A temporary 
home has been provided in 
Nairobi, but nobody has moved 
in yet. 

What environmentalists are 
wondering is why spend mil- 
lions creating a new UN 
environment agency when a 
huge working environment 
agency, UNEP, is already in 
existence with a top manager 
and a specialist staff. 

Could not the money be 
better spent they say. advising 
and helping poor nations how 
to dear their slums and improve 
rural life styles? 

But the UN machinery is 
grinding slowly on. An executive 
director of Habitat will be 
appointed, and he will occupy 
an office with an expensive staff 
almost next door to another 
environmental manager with 
another expensive staff, two 
years alter Vancouver. 



This week should have seen the 
Start of cross-Channel services 

with British Rail Seaspeed's 
new Super 4 hovercraft, the 
largest in the world. Technically 
the 300-ton craft has performed 
well, reaching over 70 miles an 
hour in tests, but a dispute, in- 
volving 18 pilots over a pay- 
claim for parity with BR Sealink 
ferry captains, moans the craft 
will not carry paying passengers 
until July. 

In spile of this hitch some 
days ago a group uf journalists 
and, significantly, engineers 
from the Belgium Marine Trans- 
port Authority, slid across the 
Channel from Dover to Oslend. 
ostensibly on a joy ride. For 
BR and the British Hovercraft 
Corporation, the ride had a vital 
commercial aspect The real 
purpose was to carry-out test 
moorings in the heart of Ostend 
harbour. The data from the 
tests will aid a Belgian evalua- 
tion of the craft. Success could 
lead to orders for two £l5in 

Would-be passengers, whose 
own rides have been hit by the 
pilots strike, are likely to be 
more interested in what hap- 
pened to the landlubbers when 
they set off on a cushion of air 
bouncing through eight feet 
waves at 65 miles per hour. 

Our pilot for the day was Mr. 
Bob Strath, operations manager 
of the British Hovercraft Cor- 
poration and not involved in the 

We were promised “ fresh 
eondiiiuns, a northerly breeze 
and a 1 to 11 metre swell in 
mid-Channel." A> the era Ft slid 
backwards off the ramp at 
Dover, the first sensation was of 
a drart »[ air up one’s trouser 
legs. Tins later paled into insig- 
nificance as staunch British and 
Belgian stomachs coped with 
waves i wice the size uf those 

Those promises about mid 
Channel conditions were 
remembered with some dismay 
when the wind picked-up to 
Force 7. the craft ** slowed ’’ to 
50 niiJcs per hour, and waves 
became grey concrete walls 
over 8 ft high. 

Stewardesses, some who had 
been with Soaspeed since its 
inception in 1968. served drinks 
and proudly proclaimed that on 
the older, unstretched SRN4 
craft, i he bar vouid have dosed 
long ago. conditions were so 
rough. But few drinks, even 
on the monster Super 4 survived 
the swell- Stomachs and drinks 
rose and sank as in the fastest 
hotel lifts- 

Sitting at the bulbous nose of 
the craft as it passed Calais 25 
minutes from Dover, the *' joy 
ride” passengers were notice- 
ably relieved when Bob Strath 
said we would then follow the 
coast over sandbanks and 
shallow’ water. White-water 
racing followed, with the entire 
horizon seething with loam, as 
the craft accelerated For Osiend 
to be greeted on the local beach 
by awestruck locals. 

To he fair to BR and the 
hovercraft company, it was an 
unusually rough day. But when 
sales of £30m and a potential 
rise iu the use by Belgium of 
the new BR boverport at Dover 
West are at stake, the show 
simply had to go on. 


Arthur Sandies, 

Paul Cheeseright, 

John Worrall 
and Lynton Maclean 

SUNDAY— National Union of 
Public Employees conference — 
Mr. Alan Fisher, general secre- 
tary, speaks on wages policy, 
Alexandra Palace. London. 
MONDAY— Mr. Merlyn Rees. 
Home Secretary, opens Inter- 
national Professional Security 
.Association conference. Wembley 
Conference Centre. Mr. David 
Ennals. Social Serv ices Secretary, 
at Royal College of Nursing con- 
ference, Harrogate. 

TUESDAY — Parliament re- 
assembles after the Spring Holi- 
day. Mr. Morarji Desai. Indian 
Prime Minister, arrives in the UK 
for three-day visit— lunch with 
Foreign Press Association fol- 

Economic Diary 

lowed by Downing Street talks. 
EEC Foreign Ministers meet in 
Luxembourg. U.K. banks’ eligible 
liabilities, reserve assets, reserve 
ratios and special deposits (mid- 
May). London clearing banks 
monthly statement (mid-May). 
Hire purchase and other inrtal- 
ment credit business (April >. 
Housing starts and completion* 
(April). Mr. Eric Varley opens 
Vickers factory. Newcastle upon 
Tyne. Retail sales i April final'. 
WEDNESDAY— House of Com- 
mons begins two-day debate on 
foreign affairs. Mr. Malcolm 
Fraser, Prime Minister of Aus- 

The 1977 series cost a total 
approaching 810m. In 19Sfl this 
could easily rise at least 50 per 
cciir. The '■impossible dream" of 
playing with such expensive 
toys, of competing so fiercely, of 
winning such an elusive prize 
has once again captured the 
imaginations of men who in any 
other business situation would 
know better. 

The task of Mr. Boyden, and 
his very able committee, is now 
to turn fervour into hard cash. 
Whether the inducement of the 
use of a campaign symbol, 
articles written for use by local 
newspapers, advertisements 
naming contributor*’ names, 
and offers of a free limited 
edition colour print at the end 
will be enough remains to be 

tralia. arrives in U K. For five days 
of talks. Indian Prime Minister 
continues talks at Downing Street, 
UK balance of payments 1 1st qtrV 
Monthly meeting of National 
Ecnnomic Development Council. 
THURSDAY — Vehicle production 
provisional figures (May). 
FRIDAY — Building Societies 
meet lu discuss interest rates. Mr. 
Malcolm Fraser talks with Mr. 
■Tames Callaghan. Company liquid- 
ity survey (1st qtr). Centra I 
Government financial trans- 
actions 'including borrowing re- 
quirement i i May i . 

SATURDAY — Mrs. Margaret 
Thatcher at Conservative Parly in 
Wales conference, Llandudno. 

a single reas 

Frank .\br«mi'On. Retail Mafhcling Manager. 

W. H . Smrih & Son L imbed. 

That was the riposte Frank Abramson gave us when we recently pepped the 

Why do W. H. Smith advertise in Radio Times? 

However he went on in a more encouraging vein: 

“Obviously, to any retailer, the sheer numbers of people his advertising reaches 
is important.' When you've over 350 outlets it's vital. 

“So we're influenced, of course, hyyourIO.7 million 

“We’re after, to use the jargon, your C2DE readers as well 

“After all, everyone’s a potential customer to us. 

“That’s why we go out of our way to carpet our shops, 
light them attractively, make them a browser’s home from 

“And hopefully you’ve noticed how our staff are friendly 
but professional. They know their products. And they also 
know when to help you and when to leave you alone. 
“Also” he added, having a dig, “as you never tire of telling’ve more ABC1 readers than any other magazine or newspaper. 

“What’s more,” he went on, ticking ofifhis fingers, “the highest proportions 0 ^ 

I think) of your readers is in the 15-24 age group, which is an important part of our 
target group. 

“Do you want me to go on?” he said, looking at hi s watch. 

Please, we replied. 

“Okayfhe muttered “Most of ourcustomers are women. But men are, naturally 
also importan t. So, indeed, are children, 

“We’re nothing if not a family shop. And you’re nothing if not a family magazine. 

“Also you give people plenty of time to see and consider our ads (what's your 
phrase;you stay in the home nine days including two shopping weekends?). 

“Furthermore, the fact you publish thirteen regional editions gives us flexibility. 

“Finallyrhe said (stressing the word) as well as newspapers and magazines, 
we're largely in books and records, the reading and listening market, if you like. 

“And',' he added, standing up “so are you. Which means your editorial is in 
sympathy with our ads. 

Door knob in hand, he summed up: 

“You give us the numbers, you give us the nine day stay in the home, (you give us 
grey hairs with your copy dates, but they’re shorter than most magazines), you give 
us regional flexibility 

‘in short, you give us what we want 

“Besides which,’’ he called from the lift, “you’re always a prime recommendation 
from our advertising agency, D’Arcy-MacManus & Masius Limited. 

“And when one of the leading agencies in the country speaks, we listen.” 

Thfs advertiscmeni is one of an occasional scries histories from Radio Tim-’?. 

For further informa lion contact Head of Advertiser! cm De pa run cm KHC Publications, 
35 Marylebone High Street, London WIM j.\.\Tv!cphon-;Ul-56u 5577. 



- ■ • ■ Financial Times ■ 

Cultcr Guard 



Carlton Industries climbs to over £10m 

PROGRESS WAS maintained by 

Carlton Industries in the year 10 nntmrvnr 

March 31. 3978, with taxable earn- l/I V 1 1 1 P[>| 

ings advancing from £7.81 m to a 

record £10.38m on sales of £94. 02m 

against £ 77.92m. Current 

The group, which currently is _ , payment 

the subject of a bid from the 5 ai T. 0W * m - ■*-*** 

Hawker Siddeley Group, at half- Carlton Ino. 3.4< 

lime reported profit ahead to Century uiis „.08 

£4. 42m i£3.22mi with all three Culter Guard J 

major trading divisions showing Downiebrae Hiags 1 .o9t 

beLter performance and order Higna ms 

books substantially higher than Scottish National i.4_ 

at the beginning of the year. The J- Smart uu. O.oo 


Date Corre- 
of spending 
payment div. 

copper fell persistently during the 
year, while the strengthening 
pound nullified efforts to expand 
exports of ihe company's ingots- 

Greycoat to merge 
with Chaddesley 

after second half recovery# •„ 

' nTpjjnn, tt T erratic remain confidentihst fee . cqim .ft j)|” 

■Wira niFFlCl^r ° d t aana. ^ will iddmateljt ‘ ' 

nurhets “ ^.Pf^Swinsustrv. mxestoripg adequate proRtaliifitvSl ► 

pre-tax P i “ u “. r«.ll fmm CT Mf* Oin - •fcao*. *■ ■. » 

£603000 tiTiSxW for fee year <j 0 Wlr from SSjr to 

Earnings per 25p/. shara-ir. 

to March 31. 1978, although second dividend is maintained- at . 

"I . -IWWIA -909ln4f ■ .J. -.*• Jr 

July 28 
Aug. 5 

Aug. 7 
June 20 
June 26 

Oils reaches 

IREED MERGER terms whether they should retain their 

?^°£aV^’^fean a8 ?JS- m comment: 

£402,000 were Better 
cast at the interim stage. 

t the interim sta* e - , - After the dramatic xtcan^m 

AGREED MERGER terms whether they should retain their The directors then reponeanp« 1976-77, Cutler Guardhas-silc^a . 
announced last night for the investment in Chaddesley rather half figures of "0,000 compajreu — ^tlKick .with pre-tax ‘pfaSta 

quoted property and investment than accept the cash offer;’ vrith £20^000 ««* depressed by about 10 "piBr ’cat 

company Chaddesley Investments Chaddesley’s shares were sus- unlikely that second hair ”•!?"“ Conditions : in the paper Jha k^g 
will bring the former Sterling pended in May at ISp. would match the corresporuung ant i _ conversion markets 

Land directors Mr. Stuart Liplon Apart from the usual condition period of 1976-77.. . proved ertreptely: dfficult^ witlr 

and AD. Geoffrey Wilson back to that the offer is not referred to In spit? fif the trading aifflcuir prices of some quality, prajuefi 

the stock market. the Monopolies Commission, -the ries. *h«* gorup's cash flow position ,, nt } er considerable Pteraurg^VTfa: 

Air. Liplon and Mr. Wilson's proposals are only dependent improved considerably, and net seasonal • nature -of -tbe-trade-^ia. 
private Greycoat Estates group — upon Greycoat's team ending up bank- borrowings were reduced resu lted An higher feime*peci&g 
which is an equity partner in a with more than 50 per cent of after meeting capital expenditure m^esecitadhaJf r bJ'it 

number of major property Chaddesley's capital. After taking in excess of £lm. _ these do hot offset fee inearTwit 

developments with Standard Life up fee Cap! shares, and adding . I9! 22 **hvm thirds" decline irithefirst 

Assurance including the £30ra- the shares issued for their com- */oio i*4i» company- reports- ..ah . Improved 

aitnutift itiuii wnetner tney SnOUia retain their me nnn nmiumil j.vio-if, vauei umuu 

■mnounced last night for the investment in Chaddesley rather half figures of riO.OUO conipircw a gatback with pre-tax ‘pfaSts 
quoted property and investment than accept the cash offer.” with £201,000 and ifli profit «fePre* a «i* b / about « Wc&£ 

u.oiui m.otmi ana nuu^eauiia- .11 s- 

in- £1.3m C£1.26m). while other S P r?«,» v » n U in Z im.i 
activities including interests and * en and n0VN toul 

overheads of the holding company t - Dn - 
cost £1.1 3m (£529.000). 

company aie aU denominated in First half earnings are shown , ’ 1 '“ d V‘: , ' u '-i WD r '“i rVl - , , m agreement on tne J ert 
Japanese yen and now total as down from S.21p to 3Jip per mcr improved from II. Hm to merger w,th Chaddesley. 
Y^Sfen. 20p share and the interim divi- E*n.-Bm. Chaddesley plans to 

dcnd is maintained at 3.G4p net * n November, when announcing the capital of Greycoat 1 

m party. . , | Trad In a profit 

They propose to - ask .for _ an I interest 

Chaddesley plans to purchase immediate restoration of Chad- behr* - 
'- when announcing (he capital of Greycoat for 3.42m deslev's stock exchansc lisdine i?? — " 

I in mirli. H r.v-n 111 ii* a., n - a» tL» j.«_r Want MU ‘ . tc - 

1.M8 cafe ffow ' and' lower net- bank *.• 
S? borrowings after meeting- capital 
Si expenditure 7 , of more . fean-^ g^ 
ua -That seems to be fee'Otffy bright 1 
si s note at present, because' Jnafiat-' 

• ^ conditions have-- sbowh7-Iia4 

Stated earnings per 25 p share 
based on the actual tax charge 
amounted to (20.6p) and a 
net final dividend of 3.47p lifts 
the total in a maximum permitted 

o.4 ip i4.9p) as farei-3St. 





Sal'. - ? 



Trading profits baueries .. 

7 W7 


2 Sill 

1 STS 


1 "KJ 

1 JH1 

Other aciinnes* 



Prc-ux prom 



.Net nrorn 

7 »‘W 


Tn nnnorilKS 


fc'siraord i-rediis 






Prrferem't disid<nd 


'irdinarv dirldonds 

1 (40 

t uw 

P-laini-rj . . 


* Loss, meludniit interest and 


Stag Line 
sees full 
year profit 

Nicholas J. Robinson, the 

chairman of Stag Line says it is ^3" D T ; r proHt 

rationalisation programme is now « nn 
proceeding, the directors slate. lllc c 
Also, trading losses of the Tin 
animal Teed business were greater aficr 
than had been anticipated. <1201 | coor.fiOOi 
,s r ' a " debit 

Turnover S.^I.IJS SUril- 

the coming months. 

i.api s.\ v..ompagnie auxinaire pour since its flotation tn 1961 and in “j" far And they 3-S times, r 

I'indusLrie. tor lGlp a share. To 1970 Capi made an unsuccbssful S 1 **® ™ ad « so Ana ™ ey J 

But the offer document will 11.3p a snare, the group re-' 
Ivise Chaddesley holders. “ to ported a pre-tax loss of £17,300 in 

rnn.> re no: nma>na ro T ,, 

Sttssi . . us us ”S*r s,„ »„ sold .n m» 

• Lass, including micresi and oi«r- 20. 19. at a surplus over book Prc( dj^Hend 

bends. * Enraordirury dub.c. \nliie of about £12.000. Photonia. Available 

Meanwhile, Hawker ^iddclei-'s which was stranded in a storm 
formal offer for a 32 per cent, on Lake Michigan, was declared a __ 

slake in Carlton, in which London compromised total loss on May l!l I 

Merchant Securities ho!d> 79 per and recoveries from underwriters I J Y 
cent., has been posred to share- will show n surplus, over book 
holders. value, or some £6o0.unu. he adds. A |t*i 

A 165p per share offer is inin- The groups now ship. 26.300 
ally being put tn minority share- dwr bulkearrier. Begonia, was 

cent., has been posted to share- 

A 165p per share offer is initi- 
ally being put tn minority share- 

holders but LMS has agreed to delivered on May 2.1. and_ taking 
make up any short fall. As part advantage of the recent firmness 

or the deal Hawker will -icH its in the freight market the ship 
Crompton Parkinson battery bust- has been fixed for a short time 

at £0.35m 
& rising 

ses of the The full vear resuli wa< siruck comply with the Takeover Code bid for fee company. It holds 
were greater a Tier interest or £2"7.324 Grey coat's directors win extend primarily shop properties gener- 

pated. (£201.651 1. Tax took £2:16.947 this offer to the remaining share- ating annual rental income of. 

HjIfvOT i£2f)7.«0fli and extraordinary holders. £600,000. supporting net assets of| 

is.a.. deb||s £15^27 (£33 00(11 leaving But the offer document will 11.3p a share. Pie group re- 
» "Mrus attributable profit reduced Trom advise Chaddesley holders, “to ported a pre-tax loss of £17,500 in 
' 6ii a 1 *? £1.038.306 to £909.260. “ 1%e careful cousideration as to 1977. 

2uui mm Earnings are given as l«.77p . .• 

IS"?!* (!2Sfipi per lOp share, while the » r-w-^ m • Y 1 1 - • ’ 

*ig ^.iSsiT^^/ss BA I buying wholesaler 

3*o 3*u 0 f o |*R47p. ** ” 

153 *“ Dividends absorb £22$.142 p a -pw -jti J. 

(£207^851 givinc a retained profit TmiTI ■■ r OO/lSk 

x nf Ffigi. 11S town K5ti ii V/I1I JrXmMJm i. UUUiJ 

am Earnings are given as l«.77p 

(12.Sfipi per lOp share, while the 
a\5j dividend total is raised from 
--S.V 2.3932n lo 2.6347p net. with 3 final 
or 2 IW47P 

®--° Dividends absorb £228.142 

(£207^851 givinr a retained profit 
of £681. 1 IS (£830.621 1. 

Highams rises 26% to 
record £1.16m ' 

• comment 

Century's pre-tax profit x\a* down 


BAT Industries is adding to its Last year it' had a turnover of yea^expendlture *on fixed 

SECOND HALF profit up from resources Tcame^to .f^tSm c®^ 
£555 077 to £658.739 enabled pared with £TL2Sm as at October 
absorbing £181.313 (£165.596). SL 1977 and net. aaret value' per; 
reach a record £1.164.739 pre-tax share Is shown at 143.lp against 
for tbe year to April I. 1978. a 134.7p including fee investment 
rise of some 26.3 per cent over tbe currency premium of 2&9j» 
figure of £922.077 for tbe previous (l5.8pL . - ". .. •. 

53 week*. Sates were up 20.6 per . . 

at (lie halfway mark and although interest in the food wholesaling around £60m as against Alliance’s { nf over£im has been in- 
somc nf the balance was redressed bu>iness. Its wholesale subsidiary. £100m. 1 assets oi over ijm- . 

• hv the final rc-ull i« K oar Icy and Tonge. is to buy the The deal with, fee Alliance, ‘"“stated earnings are 9.1 p (7.62pJ 

n^ina more than 1 u per cent belnw that Alliance wholesale food company which is subject to contract, will ner *»5n share while a final divi- 

I laillg nr ; he previous year. Century from Associated British Food*, give BAT S a toe-hold in the & l/llP llfts the total for 

Pre-lar profits for 1977 nf l ‘i a,n V 5 ^ lhe . h'ggesi facior in The deal, which means lhal ABF voluntary group sector, which has the vear from 2 73p to 3.01 7 p net, 

swn iebrae Hold in a s we re hi * her the dounturn ,R lhe amounl withdrawing from wholesale been the subject of much take- iJ so S-£13l3l3 ( £ 185,596). 

SjrsiS cXared Wbh ,n1 ^ nianagement was i reoutred food distribution, will more than over activity over the last few ab Sofit was s'Lruck after lower 
o4.847' for the ” lire viou* IU l ' #d, ’ vr>!e I. 0 Ending off BP * 1'ifi double BAT s food wholesale years. Tbe Alliance group is pan interest of E! 13 370 (£274,957). but 

„r.u ' * L" JLl V. rl ce - -‘pd prenanna suhrawsions tor ihe Turnover. The combined com- of the ABF voluntary chafe and '"^£51.. .- /V,, fRiR 767 


Stated earnings are 9.1p (7.62PJ 
per 25p share, while a final divi- 

ncss tn Carlton for £4m cash. charter period at a rate of hire 

nti'i in u-ariion mr uin c«sn. ciiwi ici |.ri a, a > ui flnivniehrae H 

Hawker will also make another which will cover running costs. 
bid for the oulstanding Carlton And ni3kc a small contribution 
shares in 19R1. vo be based on towards depreciation and interest “'"'T*; 
the pnee of Ifi.ip per -hare and charges. iSsf' W7m 

adjusted for L'arltnn's perform- Mr. Robinson says that on a * dmsi 

H. Denny 
slumps in 
first half 

compared w ith 
the previous IU 

On turnover ahead from Hl.Qanr 

umc Ntanrigemen was reuu.iv.. rootI distribution, will more than over activity over the last fewlpl-o, e ’. vas struck after lower to no 03^ ore-tax orofife 
to devote to fending off BP * bid double BAT s food wholesale years. The Alliance group ia part }n ^{ 370 ,£274.957). but Renw^MV a^ SonJ T 

and nrenanna submission-, lor ihe mramur th» 1 lnLercsi ui i-u.o/u 1*- . • nenry. vepuy won aupst< 

adjusted for Carlton's perform- 
ance over the next three years. 

months Turnover stood at “ Mm ?. nd f^nanna suhmLSsionsjor me turnover. The combined com- of the ABF voluntary chafe and — tax of £616.767 dfnrv of E M Denny (Ho JdWl 

taf?. ssa "Eoom v ’his sisss-' **laaEa« 

May S the Government announced At midway, when announcing contend with the vers- flip trad- j ^sact price, which will be paid in 

BATs main interest ' in 

In the dncume-nl. Mr. Leon that under certain circumstances profit of £218.000 (£102,000), the ina experienced in the UK markeL cash, still has to be agreed, but Alliance seems to be its delivered 

Roydon. chairman, and Mr. B. M. it would be prepared to consider directors said the company was Margin* were improving in the j T j 5 understood that the deal is wholesale trade to caterers and its 

Bonfield. managing director, ad- a limited extension of guarantees well placed to take full advantage second half and the improvemcn; reia lively small compared to some cash and carry business. Alliance 

rise shareholders not to accept given on shipbuilding loans made of an improvement in the nranu- has continued into the current 0 f ,p e other recent takeovers in has a national network of distri- 

the first offer. under the Industry Act 1972. As faciuring activity although it was year. Also efforHs being directed the food wholesaling industry. button depots for supply caters] 

' J ~ ' ' ’ ’ "" ‘ J ' J: 1 '- : “ “ BATs bought into the food and is part of Nationwide Food 

the first offer. 

• comment 

Begonia is being so financed, the clear that it would be well into Inwards exnanding activities out- 

chairman says that directors have 1978 before real benefits would side the U.K. and to widening l wholesaling 


The outstanding feature of deeded to apply far a three-year begin to accrue. 

Carlton tnrlusiries^ results the moratorium on the loan capital. They now report that manage 
,1* ^ J n 7. “fi [ _ r 5!r u _ 1 _ b l.-’i_l he A* reported on May T« the merit accounts for first foui 

It Distributors. 


lead acid battery perfarmanr 

ear begin to accrue. the range of products cicrenrl.v acquired International Stores in umbrella cash and carry organisa- 

al. They now report that manage- available on the home market. 1372. Kearley and Tonge. which tion which also Includes the 

the ment accounts for first four The shares closed unchanged at »»as a subsidiary of International, Gallaher cash and carry organisa- 

. !463^22) giving net surplus slumped ' from £364,flS2.V4o; . - 

I ahead from £458,755 to £54;,972. £198.757 for ' fee . half year- fir >*-" — — 

.April L 1978.. ... 

T _ , The directors" said- in-ithe"’^ 

K mrrina annual report feat feey^ "werb: not , 

AV1IJ l IID5 optimistic that fee current year’s * 

- , . results would match the record'// vwl k,v . 

problems • • ^ 5 r 000 achieved ** 1b ^ ,77 |a r \ igrn 

> T „ ye F&st half tax takes £108,000 Z 

lilt L/eVeX compared with 088,006 -and there ‘ft 

lul were profits arisdng. other thadfli hvMUii ^ 

After announcing a profit at from ’ trading' of - £25,009. The ' 
id way. a reversal in the second amount retained is £91^8 
iIF mainly due to the continuing (£147,252). . - 

hit Levex 


heavy duty battery side — is more 
than a quarter higher. Mean- 
while. exports to the U.S.. con- 
tinental Europe and the Eastern 
bloc are picking up. Elsewhere, 
improving whisky demand will 
boost Invergordon while increased 
housing starts will give a further 
lift to Coniben. This could put 
the company on target far profils 
or £!4m in the current year. The 
shares closed 9p higher at 202p. 
giving a p e or 7.6 on 3 low tax 
charge while the yield is 4.2 per 

is more charge*. 

Milling well 
down so far 

give grounds for optimism, parti- 
cularly as all the company's 
trading is of necessity short term. 

After tax of £145.116 (£105.813) 
.stated yearly earnings are 2.89p 
(3.48p) per lOp share. A final 

dividend of 1.59p makes the total 
payment 2j29p (3.0Sp) neL 

J. Smart 
may finish 
on £1.26m 

Hepworth pulls out of 
Richards Tiles merger 

Hepworth Ceramic is pulling bitter note. They were 

with a pre-tax- loss of £19345, 
compared with a £265.867 deficit 
for the previous 16 months, 
which was after extraordinary 
.- expenditure of £261,340. 

Following further losses -that 
have been incurred by the knit- 
> sur . ting sector this year, steps have 

De Vere set 
for more 

Deferred tax has been reduced WITH JUST under two months of out of its proposed merger with Pnsed and disappointed" at the I P L a n C J . 

degree : of 

•* m c ui 1.0 uu a iuw tax pre-ta\ m-nfiK of Barrow Mill- are restated. nn«ihle slowdown in taxable result of the referral to the nave oeen or oenern 10 oo;a sets “y,\“* ^ ,, , a ‘e i c iu wHauaiuu uii««s,.. *"*= . 

roSt ?C Obvfeu t!, |v y 'ar ,d it 4 ' 2 i P8 | lnjs Con *P»V Dub'in-bajcd flour The Downiebrae division earnings from the record Monopolies Commission. Hepworth of shareholders. Kd ^n^TCct^of reso!? 1 ^' " 

!hih n 2r !. ji i-» U !1 , niiller. bottler and soft drink increased Us . order intake very ii.T 22.072 far 1976-77 to not less claim* that there would be no More importantly. Hepworth fJJJJSl 1 uas l “° p In r e?pect^o f 

/•■ h .rroJ? d iK r, h J ( * l u manufacturer, more than halved substantially in the second part ,han £1^55.00 for fee period commercial sense in waiting nut repeats fee .'varning that the 72- n r aU^wan^Tn^the eXOnfi^'- 

current I«-q» bid from Hawker f rom £5033SO 10 £214.113 for the of last year, but production was ending July 31, 1978. fee long period before fee Invest!- British tile industry is being diS 

•Sid delev until 1981. when Haw ker half year , 0 March 4. 1978. and severely curtailed by a national Thp _ rP _ reflPCli „ n nation would be completed. increasingly hit by imports from *3 JIBES L S 

ss.^r, 1 ’™ 8 '* ov " “* ™“ «<■ SLr* s ot SE! jsssutsujis r^rs3“.s ir ss^nrasaiasa; 

animal feed businesses. three weeks. pre-seni time and the severe when the Monopolies Commission and !, new bid was assembled intention to pay a dividend when scope of several of its. hotels. Mrr 

record I Monopolies Commission. Hepworth of shareholders. 

shareholders dividend is to be paid — Lhe last t ion of suitable catering and auiefl. 

More importantly. Hepworth W™«iJ was l,25p in respect^of businesses. Also, as a result. rtf. 
neats fee warning that the WH-tt .. _ recent Budget proposals, to grant!. 

Carlton's profits over the next 
three years. 

Crescent Japan 


In addition, a delay in granting T h *? recently acquired R. D weather conditions during the announced its intervention. 


jinnn increases in flour prices caused a McNeil finished the year extremely past winter, they explain. Yesterday's statement fi 

sharp fall in flour milling profits well and profits were greater t 1 Trading profil is likely to be Hepworth's Board sounded 
. in the second three months of the forecast, the directors add. Il has £1,179,000 (E1.717.I4S) and profil 

period, and the director-' say thai recently obtained a number of on sale of investments etc. better 

the outcome for the rest of the large orders, a notable one being at £76.000 (£4.924). T T Q r*r*4-*. 

Investment year will depend largely on the bulkhead doors for fee new The net interim dividend is I - ! fV; ■ I f- 1 

would only have favoured greater full-year results were known, 
from penetration by foreign competi- 

i a tors, Hepworth believes. • 

Mid-term rise 

Trust has borrowed Ylbn for prompt approval or price in- famous Polish ships, which will raised to 0.55p (equivalent 0.495p) 
five years from a t : K bank and creases for flour and bread and ensure full production for some and the Board intends to pay a 

H & C satellites meet 

deposited £2.43m wife the bank fee co-operation nf all concerned months ahead, 
as .security for fee loan. in the group's bakery ralionaii- The Cha Inter 

The reciprocal loans of the sation. to be depress) 

months ahead. maximum permitted final 

The Chalmers division continued 1.447547 enmpared with ... Th *.. . Pvi , h , nM .h 5 ™hAM«i™ u n i,i a advance, ue says. 

10 be depressed »s the price or edited l^OPOp las. Un». ha " e chensed i." liSe oter G ™ s «rt, adviser to ltfSiod „ Cross Income of GeaenU St.ek- Ttaable profit for BITjJssd TiA nTp 

whether satellite* of theHarrisons Russell and associated with i* 0 !?** 5 Inwjtnenf Thtsl for the P? 8 . , f L ?” 111 , 1 fi v on , t1 ff nov ^ ) r I 1 M I I , 

r and Cro* field group should have Rothschild and Sipef SA in half year ended April 30. 1978 rose of £16.09m f£U).22m) and fee n« | M I T» 5 ? 

L general meetings before accepting attempting to take over London from £18o.»i8 to £226.961. After is. raised fa ,4.65ZBp r +■+ a a 

bids by H and C far (heir holdings Sumatra earlier this year, pro- expenses and interest of £24.093 * 4 -T“P| • P® r ^_ 2;> P snare— is 

Harrisons and Crosfield which the °rouo'* milk and food division in other companies in the group, posed' an amendment to the main against £23.468 and tax £75,921 reported Apra _s. ' ;iT '■ 

S V P . looaaiv isiun Thp srn.'kExrhance reo nested resolution. A renresentalive nrn- compared wife £64,523 and ore- At year-end, bank balances and_ II V \ I \\ 


The Stock Exchange appnars to Sumatra 
have changed its line over Grossart, 

adviser to 

for General 

scope of several of its. hotels. Mrr 
Leopold Muller, fee chairman* - 
lells members. 

A return to a more stable- pric- 
ing policy, with the cut in the rate 
of inflation, provides - a more: - 
promising outlook than has been.'/ 
seen for several years for tha~ 
group. Trading prospects ior th* . 
current year are encouraging ana.-^ 
should result in a significant *>• 
advance, be says. 

Taxable profit for 1977 was a \ 

Results due next week 

The group of companies due to full year, against £38.7ni last lime. 

The Stock Exchange requested resolution. A representative pro- j compared wife £64,523 and pre- 

”=* \.uiMiinuauu. Doiuea hniKPG auH rliiiriprtriv rmm lhi« 

i?r e eiZ.7d’ P r™l,'!'‘'.!L ni, L fla Si; e . ! -»u"e were up In me hvlf 
A-ULciij J R Hf' Charter does not bring dividends 

i . ir \, nareri iriili £23 2m in 1970 This re- w a aui.-i tstaies which H ana c is goes unconditional, me amend- me company paia a single 

up in the hrsj half. flected _ se jhack bv Sabah Tim- 2mn and brewing and distribution currently bidding for. But the men), was rejected on a show of interim dividend for the 1976/77 . Tim group operates 16 hotels 
not bring dividends u k, c ™ nmn. could show further improvement, stock Exchange stopped short of hands and again when a poll was year, of 1.7p net per 121p share ,n England and six London 

Harrisons and Crosfield and the , “YC : Tf. .J u ' ,,ua her u-hirh has renorted a nrofit “ u, ° sn# *. ,Brin impiwemsm. Mock Exchange stopped short of hands 

S0 »,. C ™“P. 2S.»7rSSa» , Sl , r2Sn« •! bn. n*«n« 9,Tm. Bn. further l."?, “5C 

polilan and Hanson Trust are due 

t0 0^^ d %r e nm e 5l are er l!fnd -“TK ben^ffro^ StaJS? SS si™. 

Securities Investment Tnist , no i a . m ?* ir J n the fi j iUres - Ca P« cre^edm vestment income afisin- ‘ngs. Analysis are also expecting companies, all of. them v 
(finals, Tuesday” Comet Industries has not done as well from he specS dnldend* lI ? e ^res tc . benefit from fee 1heir E GMs yesterday to 

vision Services (interim Tuesdnvi as expected, largely due to fee ‘f/zifr'Hri hv ! hp •■ThrJpSi<iPr<” almost inevitable conversion of its H and c's offer. 

>nd ^-™ra»(A„ /cji collapse of the asbestos market In ******* JH L l “ >oan stock. In addition, lower Earlier this vear. (he 

actually received .so the return on 
some big investments, although 
declared before (he year-end. will 

progress could be reported 

influence wine* and .spirits profits abstain from vofine at lhe meet- 
whilc betting and gaming should j nsJS . ,\ n d since H and C has 

The other meetings, of Castle- 1 £132,456. 

from an attributable balance of restaurants. 

Meeting. Connaught Kouins, WC, 

During the half year the Trust 0X1 * 5une 28 *1 noon. 

Tr..«t n °l appear 

.VS? 1 Industries has 

id C has field (Klang). and Hong Kons During the half year the Trust 

all these (Selangor) Rubber and Kuala increasingly invested in smaller 

voted ar Selangor Rubber, went through companies on both sides of the 

to accept without a hitch. Atlantic, and directors say this 

and Guthrie Corporation (finals. 

Metal Box has already indicated 

collapse o» tne asoestos market in 7r... » rlL loan stock, in addition, lower Earlipr this vear the Stock icn ddadc 

the third quarter. A rise in gold £ connection wife the formation averaRe UK rates on floating rate Exchange d*d no.’ insist on NO PROBE 

innnmp hnwpi'pr chnuU hairs OI niMC«. Haht rniiM he* a Turrh^r erimiftranf ■ nm nnmrf 

ithout a hitch. Atlantic, and directors say this ^ H1TELEY 

policy wil go further. They are Profits from B. S. and W* :i 
NO PROBE confident that prospects for Wblieley’s Indian associates 1 tit’ 

growth in these companies will year were “somewhat restricted," 
Hie proposed merger between make them rewarding long term but that division was not making 
arrisons and Crosfield and investments. a loss as stated in yesterday's 

that 1977-78 

Monday, will be down on fee 

compensate for this. Meanwhile 

1 debt could be a farther significant Qeneral meeiincs of fee satellites The pn 

Machine tool manufacturer, fee positive influence on fee interest 3l a |j u fien H and C bid for Harrisons 

write-offs in 600 Group could show some mod- charge. The market, therefore, is Harcros Investment Trust. Harrisons 

nroL-imic ..par 1 , rtTSn, inait ete Botswana and there is still a cloud esi growth when it reports its luoking for interim pre-tax profits 
S3 evS-tiE; hanging over the Cleveland final figures on Thursday. .This of £41 m to Wont against £27Jlm. 

are generally expecting no more ™h,™ 

than £51m-E52m. though one is Po,ash i enture. 
going as high as £54 m Most of Despite excel 
the damage was done in the first the ^ first six 
six months when MB turned in profits rose fror 
only 125.2m— there is little hope — De La Rue is 
of much more in the second last year's si 
half. Admittedly the 1976-77 growth There 

takes into account further bene- Hdir linje naures r , r Hanson 1 

at all when H and C bid for Harrisons and Crosfield and 
Harcros Investment Trust. Harrisons Malaysian Estates is not 

At yesterday's EG M's. H and C to be referred to the Monopolies 
only ran intn trouble with London Commission. 

loss as stated in yesterday's 

net comment on the results. 

Despite excellent progress in from the strong pick-up In Trusr 

as Illgfl as Mtm. Jtiusi ui e.»wnv»i limjiraa ••• . ./.nl- (nHi'icli-v cinno difficult iv 

a maue was done in the first the first six months— taxable j* , l ® , S | ihirrf estimate. But fare..-usLs or the 

tonths when MB turned in profits rose from I8.4m to f 11.9m I 1 ™ „„%„!!!»?„ , e rrnmthi iyi,erim profits due on Wednesday 
J25.2m— there is little hope — De La Rue is unlikely (o repeat -sroup tuimover comes noro tne are muC f, j n jj ne v ,- llh tast years 

Investment trust situations 


1978. and net tangible assets of 

L-nder the deal — which the 
document saj*s will cost the group 

strong second-half machine^ fe^^divisionandi lhe c 12 .i m . The company is heavily 

76-77 growth. There are signs that the £ rst h ^ r J* -.}? involved 

- -be sustained in fee second half. 

(-•doner to .uaren period was contribution from security print- ~ ."".j man cwo-inirus oi turnover come> ye-icruay mr » um- n«u ot-nwv unn in raie m jw per cenr as lar Canadian subsidiary Blackwood ^'"'u^usr'"' 

exceptional but in the year just ing may have (ailed off after hl.°wn!m»rn in^iho from ,his source. Hygrade has the name of fee bidder and the as investment trusts are con- \i orton an d bon (Canaria) of Ps °idma»- Shareholders, are 

cZ„:;.n:.' r™ «* CH " BTINE moir .JSSS? 4 J5S5L li, "s ^vSrtfMSTS 

involved in the U.S. and morel The market was setllmg down Althnugh the proposed rcduc- <a i e renorted on Anril t h>' its "^l ich 15 acquire all the 

titan two-thirds of turnover comes I ycslerday for » (ons wail before lion in rate to 10 per cent as far Canadian' subsidia-v BlVrk-vnnd r >/. an *i preference capital 

iS ! 

vAi't'iiiiMiwi uiii ill me .real .o,. cu .... - . . . ■ .. ...... ....o source. Mycraae nas mi- name ui mr oiuo-.r ana me as mvesuneni mists arc con- y orlon ant i s D n ( Canaria » of i>c j ■ J j- 

ended, labour problems continued three years of very rapid espan- £ "25** ijlJ whi -h continued ,3Sl - vear ' s second half terms arc revealed in the case cerned. is not yet in force tthe land buildings machlnerv and shire c ‘ Sht ° rdm «iS 

to accompany teething troubles sion. though Ihe order book is ^ » rowlh and lhe sh,fl m product of the £93ni Investment Trust Rill will probably not get through ol w e r eouiument and rertain oo J o’ th ° f ora P an >' 

wife new equipment at the com- understood to be healthy, continued to be ^ec,edb>>ererc nil ^ atta> . from the traditional Co room lion. thc commons before July 101 2J5L * _L* r ,5 ent Reference share , 

MILIl lift* equipment « 1 | LHC VUIII- unucimuuu *■• ''t IILOUII*. ■ ■ ham! "v»* mw i > ouni*/..u. " '”.V * I HIT k^utii u j Liirs UflUR' ##ui* nil rtnNlc nf mafnriak hat rxr%t Konn * 

pany's Glasgow and Wcsthough- Currency fluctuations may also be mfcat business has improved what Meanwhile, at the other end of analysts are already takinc it into S,mplet«l™s the prospective * pu£ Holding 

ton drinks canning plants. Overall negative in their impact, notably er siock fa«es f rom « er « rery tight margins. Carls- the scale proposals have boon account in evaluating ITC's net Sr s did not obto Ho,d,nsf! ' 

the contribution from UK devaluations in Brazil and particular, suffer stock losse-. from brook should also do better as a announced for the merger of two asse t value. c^ Knanre ODLa,n me neces 

the contribution from UK devaluations in Brazil and Particular.! super sioi cs iasse* irom brook should aSso do „ ct ier as a announced for the merger of two aw . e t value. finanrn 

packaging could fall from £S4m to Colombia. Meanwhile analysts S j!' i a ^ l0 ! cc “ h d a s :' „ result of some economic uplum small trusts, both of which are „ . th n . ]TC . n ts h 

under £30m pre-tax. Overseas, a are agreed that the graphics side JRJPSSL SSS in the U " S bul - lhe Performance being ad vised- with the City Gains S lihSitv oe? JST fK iteJ h 

poor South African performance, will produce substantially more could_be 3 1 “y^, her ®. fr ?. n ’ .®T 0U "^ of Seacoast is expected to Panels permission— by brokers u rrf m l -! vr. f i 

parilv due to the bad fishing this time, though estimates here * s Ie ' eI of “ 10 - 6rn - 10 disappoint. Harsh weather in the Laurie. Millbank and Co. vr? «S»n«J 0r 88 e ’ 

> net chasers did not obtain fee neces- 
sary finance. 

ITC's Arrangements have now been 
per made for these assets to be 

partly due to the bad fishing thus time, though estimates here 
season, has probably been offset vary from £2m to £3m. against 

Gulf of Mexico has reduced fishl 77ic bidder is Manchester and }° basis, NO PROBE 

season, naa prooauiy uten uuaci au^iiiai „ most malv<Ta Kavo Pitimaiari 

by better results in South East £Q.6m. There us talk of a Market estimates or Grand volume, lowering the saleable oil Metropolitan Jnvcsiment Trust a SI” 5 . 1 *7 'SJ- iLtumali "rSH 

Asia and Nigeria. Better weather lucrative new printing contract Metropolitan's interim due on product. Meanwhile fee first private trust formed in 1973 asscis at wi ween -i>up 

this summer and improved con- far the current year and w ith new Thursday have been revised profits from Interstate in ihe which has not iraded and which zna - OJ P- 

sumer demand should see MB equipment being installed at upwards recently in line with industrial service.-- division has an issued share capital of For the majority or ITC's share- 
over the £60m mark In the current De I.a Rue’s big Gateshead plant, better than expected earninzs should show- through, though £2m. holders (most, of whom have only 

vear. the long-term future looks bright, from those divisions influenced by financing charges will be offset ii is nfferinc one nr its own small holdings) the proposals in 

Results at Charter Consolidated Forecasts far the > ear jusi ended consumer spending Irends. against these. For the full year shares far three shares of Man- llie Finance Bill to permit the fir«t 

are duo on Tuesday and estimates — the results are due on Tuesday Analysts are Inokin?. in particular, Hanson sbauid make £26ra-£2~m rhester and London Investment f .1.000 of capital gain to be tax- 


Northern Engineering Indus- alternative. 


The directors of Samuel Osborn 
have bowed to the inevitable, and. 
as already indicated, have recom- 
mended shareholders to accept the 
offer from Aurora. As far as 
their own holdings are concerned, 
they are accepting the cash 

vary from 145m to £4 7m far the —range from £!6m-£!7m. 

to markedly 


Airflow Streamlines . . 

Anili-nsoiu - Rubb-T Coroiwuy . 

Amntarc Shanks'io 

Aik ms Brothers (Howry • 

Bankers* Invesununl Tnm 

Bishop's Stores 

Broun Shipley Boldinas 

Buckley’s Breucrv 

' jjlcss. i_»ovl and Leonard 

Charter Consolidated 

Oraic and Bose 

Cullen s Stores 

Dr La R(K* Company 


Eva Industries 

James Finlav and Cn 

Fonnurn and XI awn 

Overs 'Irou ... 

Outline '.orporalion 

Harrisons and Cro-wfidd 

.1 and W. Hen<)er»ou •HoiJinasi 

.l. nnjn Imesunent Company 

I jnd Serum le* Ini.-sinjeni trust . .. . 

L-'Kh Inter, 

TheU'e' LOefciT 'Holdilirt 1 
Metal Bnt 

ni-r-jnj Dei-Iopm'iil Intwimeni Trusi 
rnrkland Trslil-- >HnldniSF> 

William Roeri and Sons 


IJli. Dt 

Last ji-ar 


Thi* vear 






1 1 

1 T 

1 Tilt t 

. Wednesday 

n 5 







. Tu>*«da.v 

n ‘is 

= 111 

1 £j 





. Friday 


1 .'IT; 


. Thursday 


4 ;b 

4 «;si 

. Thursday 




. Tuesday 


0 465 


. Tui-sday 

- ij 



. Monday 

1 1 

I*. US 


. Thursday 

1 S'hi 

I 33' et 

. Tuesday 


s an 


. Thursday 



I 0 

. Wednesday 

I 44 



. Tuesday 

2 ia 

" 11 


. Thursday 

3 > 



. Friday 

n :) 


0 *13 

. Thursday 

4 II 




-. sm 


4 495 r 





. Tuesday 





1 s 



, Thursday 



1 3 


n 2 


0 ii' 


T K 

fi njr 



II 4J 

, Tuesday 

1 ZIP 

i Hi%: 

1 .5*4* 



2 77 


o .‘is 

2 ITT 


l ^AR 

Group Thiirsda 

Sumrx Clothes .... Tuesday 

L'KO lnienuii:onal . . Thursda 

Vu-w Forth invcaimat Trust Monday 

Wcdouood - -. T nraday 

WMIHck Products W.dneW 

Wert pool Investment Trust Monday 


Anteokdn torestmenr Trust 

Bureo Dean 

Comet Radlovisloa Srr-.'iccs .. 
El son and Bobbins _. . . . 

Grand Metropolitan 

Hanson Trust 

Hickson and w-lcfc • Holdings ■ 
Martin the Aetesagcn; 

McCornuodal* aod Co 

Merl.nn Tncr 

Lmiied Spnnn and S«ce: Croup 

Annnuia c- 


< lO-nO 

IP l" 




Thi* 'car 



I :n«J 



■ s'. 


1 *>5’ 





.. Thursday 

2 *7 


3 W 

.. Monday 


1 -J3 


. . T nj-sday 

?• H 

~ T 

3 5 

.. W.'dnruJay 

T U 

1 ‘>-■4 

P i 

... Monday 

I 0 



... T u-jHi* 

1 M 


.. Thursday 


- '.-IK 

._ Tuesday 

1 I>75 


.. Tuesday 



.. Thursday 


2 Mr 

.. Wednesday 

2 73 


.. Thursday 


■J "49 

. Monday 

" m 

4 411 

.. Wednesday 

4 5 

9 74 

Wi dneaday 

1 7 

; k 

.. Wednesday 


c- :• 5 • 

ii poration is concerned Ibc mar- WI1N1C1C RIIVC nmfit nf RaiH U ,* r u farihl l * nx a , l0 J a * P f ^*l3X ? 

r of paramount inleresi (o ihe KUINICK BUY 5 Pre-tax profit of Baldwin for the r °r the year to September of £2m -V 

clor f^ lhT basis on wiich fee KATINA FASHIONS fi"" 1 ^ 0r „ so . f 

r D r if there Ls one will be „ . , „ ... . , warranted at not less than Lhe Despite his acceptance ■ of 

c ir there «, one u bc Kunick Holdings, the London- £L77m tor year 1976-77. Northern Aurora's bid Mr. Bernard Cotton; 

TTie precedent established in ba ^ d l f aahl0 1 nwe5 ! r man " f . aclu , r " Engineering and Baldwin recom- Osborn's chairman. still , . 
st yeaf's bids far^ Britiih invest- wholesaler, ,s_ acquiring the mend , an offer for the 75.000 emphasises that he can see little \ : 

cn? Trust and Edinburnh and a ni-ht ?fJ d ^P refercnce shares of «P benefit arising from 

Corporation is concerned the mai- 
ler of paramount inleresi lo thc 
sector is the basis on which the 
offer — if there is one — will bc 

S *». 

last years bids far British Invent- » v- * menu an oner ior tne io.oto empnasises that he can see urue 

men? Trust and Edinburnh and a ni-ht ®fJ d ^P refercnce shares of «P benefit arising from 

Dundee suggests that a success- , h ' n *** sb3re - merging the two companies 

rut offer is likely to bc based on ^ n ,“ t ™ P h 5 hp p' d p T i?no^ r n MAOrnwrci businesses, 

net asset value— or a marginal r MARCHWIEL 

discount therelo — after allowing uiSL of Harcbwtet Holdings, the McAl- Pa jit c » u/irrrr 

for Capital Gains Tax liabilities, batina Tashmns which hds in turn - ne f am jy , construction com- ”AULS & WHILE 

the Dollar premium surrender rapto^of Money ol r Jany yesterday sent out its official Pa»ls and Whites has com- 

ensi and prior ch.«r«es. A^ I rn P t o ! -nfi.^; document to shareholders outlin- Plcfad fee purchase or John 

,n * _ “P ,ta > . rcorganuation Harvey OJonmgton). The . H»»' 



« Uleoawrrar mveemea: Trio* 
Francis Park-;r 



■Diiitji-nds shown i.'-t penee pi-r snare and adiuN**! l» r aav mtnrreouui wrip I liability to take mlo account in tax and excluding extraordinary 

includes roDioeiujijae dnuicuu due 10 idiaruc in (ax rate Swvud J arriving ai the price, and there is ilcms. 

interim ,n :,ju or fiw 9 imiudrs unit mienm ot « *p. ■ inciud-s iud currently a reriiK.-iinn rn tile rate At yesterday's 

nt n.5p. Third un*>ntn of •> 3 d a'rudy uJid <k- liu'udi-s s?caiirt inlrrun ai . firm nrnnnc»l in ihD KunlrL- chare nriee 

map. mi-, run nr n.w-p alrea<l> p<id. • 4.- 1 ns links ,-vmri tnicnm of nr » hrm proposal in fee Kunick . sn a re pnee 

4.44.'i paid durJi« this 13-mmiJi p?nnd. rirjance bill. 

for two years. Pauls and Whites ordinary shares. 

The' document reveals feat This would value the acquisition 
Mxrchwiel Holdings ard itc sub- at about £358 047. 

Finance Bill. 

deal values Katuia at £55,000 

suspended sidiaries had £6m of unsecured ■ John Harvey is an asricurtural 
,h « lnans overdrafts rcr-F.vahle merchant and Pmii'i 

ta “? a r ri °rerd rafts repayable merchant and distributes Paul’* 
withm five years, on April 28. animal foods in East Kent 




7 ^ 




■ fi-g. 

*°. re 'C 1 

• tne to >» 



;• . Th* '■ 

pr ~ <£ 

!0 PJ1.V, 

*» 2S ft Jj 

,i ' JR: *3^ 



hf'.n! : . r fij; 

no Stmt, 3 , 

:• 2»l*\ 

'•' 1 3 

»••' : -'• .« 
Vl’ ; 

_ managers stm 
American tnarket Is 

£KSJ*2S& :|Q - am *« *5 

•jppgj-Fiys attention and 
.t&e^aswitjt of this week’s offers 
are nas*!' on American funds or 
whb 8 Strong 

'gg&S&&"3£-' ^ **** 

sm^JiiZL’&egoiig tenn- move- 
WS*mSBW»K is upwards 
plenty to go 
the u.s, 

: . inr.esters ; interested ’ in 
going' oyera.eas. have to decide 
whether to . put -their em? s in one 
bsAtt=Afi£; VjS. TOket-Sr 
whether to-jspread it among other 

ov fS?V ! ^ wies *' The Japanese 
an&Ear ^Eastern, markets are look, 
myoswony-at the present time. 
&*$-_>* il«asHJ3) can be imple- 
mmteff hy-jnv«sting in a fund that 
ftivestsatniost entirely in the U-S. 
or an . mtemdtionaJ fund where 
tovestment- can • be switched to 
gadeus centres as market circum- 
stances dictate. - _ 

"ttie sim of the newly launched 

Schroder Overseas Fund is to pro- 
jyid&Y-jhvefrior 8 -With an .Inter- 
national fund with the Initial 
emphasis- on Wall . Street. But a 
minority ho kirag ; will be in the 
Japanese market and the 

managers can .switch' into any 
overseas" -equity market Invest- 
ment ris by ;means of a life bond 
issUedbySqhroder Life linked 
to Qua fund and you need at least 
£t(Wt to take '.ad van tage of . the 
offer, . . The ■ -switching . facility 

offers.- investor^ who get dis- 
enchanted-. with the overseas 
tuackfefc the opportunity to move 
into other funds without suffering 
a hue: penalty. 

' TJie . ffldland Drayton Inter- 
national Unit Trust also holds to 
the philosophy that the managers 
should-. move funds ' around the 
world: to -maximise • growth, at 
present '-two-thirds' is in North 
America with- the rest spread 
around the -world. Minimmn out- 
lay: is only £200. The London 
Wall International 1 Fund from The 
Tyndall Group also bold to this 
investment strategy, but such is 
the 'confidence in toe managers* 
outlook for toe U.S. that the 
whole , of the fond is now in ILS. 

equities, but you. need £300 to 
invest in this trust. Save and 
Prosper, in contrast, is offering a 
ILK fund— the United States 
Growth - Fund, minimum outlay 

The if and -G Croup this week 
has deserted, at least temporarily 
toe- U.S. market and .is offering 
that old favourite the M and G 
Recovery : Fund — the top per- 
former last, year.' The aims at 
investing in U.K, companies that 
have fallen on hard times but 
where. the chances of recovery are 
good. This fund is showing a 8 
per cent rise so far this year, 
poor hy last year's standards by 
well above that for toe UK equity 
market this year. 

Schelsinger is also offering a 
wel] . tried favourite the Sehle- 
slnger Extra Income Trust, which 
has received £9m since its incep- 
tion just over & year ago. This is 
a straight forward high income 
fund, invested entirely in high 
yielding equities for growth in 
both income and. capital, with the 
initial yield 9.6 per cent gross. 

Investors who Ike their income 
payments and capital repayment 
guaranteed, then both Hodge 
.Assurance and the Tyndall Group 
are offering Guaranteed income 
bonds, minimum outi&v £1.000 in 
each case. Hodge’s Guaranteed 
Investment Bond yields 8* per 
cent net of basic rate tax over 
4- years and Tyndall’s Maximum 
Income Bond a rale varying with 
age from 7) ' per cent to 8* per 

Finally, for those Investors who 
prefer the security of building 
society and traditional with- 
profits endowment as investment 
media, toe Royal Insurance and 
Britannia Building Society have 
combined to offer The Britannia 
Double Investment Plan under 
which a lump sum is invested 
with Britannia- and used to pay 
monthly premiums on a 10 year 
with profits policy with Royal. 
At the end of 10 years, the in- 
\*eslor receives what is left in the 
Building Society account plus the 
maturity, process of life contract. 
Safe as houses. 

Take-over bids and mergers 

Guest Keen and Nettiefolds conceded defeat in ils effort lo 
Sain coni mi c.f Sachs hy withdrawing ail application to the 
German Ecnnumies Minister lo reverse the decision of the 
West German Supreme Court which blocked the deal. 

Thomas Tilting has made a surprise £5m bid for Fluidrive, 
the Middlesex-based hydraulic coupling group. The offer 
compr.&s five Tilling shares fur every eight Fluidrive. Although 
the Board of Fluidrive has yet to respond, the bid's success is 
lskely i:» hinge on the reaction of the institutional shareholders 
who 3peak for around 27 per cent of the equity. 

The three-month manoeuvring for control or the British 
School of Motoring with its captive new driver car buyer market 
ended with the announcement by Singer and Fnedlander that 
Mr. Anlhony Jacobs and associates will pay £7 cash a share for 
the capital of the companies that control BSM. 

In a surprise move, Armstrong Equipment acquired a near 
34 per cent stake in Cornercroft from two groups and announced 
a full-scale bid for the Coventry engineering group io which 
intermittent Board ronm/shareholdcr rows have been occurring 
since 1970. Shareholders are being offered 65p a share in cash. 

Mitchell Colls Group has now reached agreement on art offer 
lo buy out the 22.99 per cent minurity shareholding which it 
does nnf already own in its subsidiary Mitchell Coils Transport. 
The share- exchange offer terms of two Mitchell Cotts Group 
shares for each share in Transport are considered fair and 
reasonable by MCT’s directors who have accepted the bid in 
respect of their own shareholdings. 

The minority shareholders of Edworks. the South African 
footwear group, are being offered 145 cents a share by the 
controlling Dodo family. The hid was foreshadowed two and a 
half weeks ago when the shares were suspended at S3 cents 
per share. 

An agreed takeover for Newey Group is being made by 
William Prym-Werke, of West Germany. which already holds 
some 23 per cent of the Newey capital. The 65p cash per share 
offer is conditional on the directors of Ncwcy and certain other 
shareholdezs pledging acceptances of not less than 13 per cent 
ot the equity. The Board of Newey arc recommending the offer 
and feel sure (hat the necessary undertakings will he forthcoming. 

Within two years, Kellocfc Holdings expects in regain a Tull 
quotation for its shares if plans to take over Be Jg rave Assets 
are successful. Kellock. which is bidding for the 50 per cent 
nf Belgrave it does not already own, has now sent out the formal 
offer documents outlining the complex bid terms. 

A bid is in toe offing for Investment Trust Corporation 

following an announcement on Thursday that toe company had 
received an approach frum an unnamed source. 

VaTueo'f Price Value Final 

Company bid per Market before of bid Arc’t’ce 

bid for share* * p rice** bid f£m's)* a Bidder date 

Prices la Ptnct unlus otherwise Indicated. 

preliminary results 

i :>if 
r.c 1 .< 

re set 





Guard Bridge 
Holdings Ltd 

^ . -Prdinim ary Results for the Year ended. 

^ Maidi,i978 — 

: U7$ ‘ . 1977 

: ' ' ‘ ; * * , • * £’000 £’000 




Earrings peFTshare 

te' Ttto' secbnc^tiaU «£ the year showed a better than 
pre-tax, profft corapared ^with toe 
TVfirst half-year. r _ ‘ # /. ; . : 

^■J'The .grbup attoieved' an ipsprovement in-. its' cash flow 
Tesultmg in a reduction in net hank borrowings after 
-T-.' iau^ntUoLB cipital^ ^ expenditure in excess of £lm. 


WHH-€ the: FT IndWf rc^lf- coiumues to move sideways, second and 
rh?rd liiw^'stoclia sitorKTctlng new highs ■irr’ inany instances. Tnrougn- 
INVESTORS REVIEW, rhe Crty s fortrnghtly 

maeuinb. has afucfe^.% jtoMgy <rf ;jgpjp^\on»y-- we tou rn »"- <l 
com panics: a-policy^ toat-hw uken; res Trading Porxfol lo to* new 

^wlSMH^RKErtETTERTfor: whore- Barker and Dobson have 
S^U^-d8ht»oVAh5. SteTO Ware he. pat on 50% ,n e year. 

Petroleum 30% m- two weeks) have come to 

expeex.; . 7 ' • - • 


: ••• %-r<: ’ • established 1892 

post.' taw- V ■■ demand 

'if : 

f y-'. ■ 1 ■' 7“ . 

June, :1978. 
r sihare of 0«55 jj nett 

rPSDCft Of ^ V€BT CWliDS 

approximately 50% o f thc 
P^iightta this Interim 

SSSmjfiS #*!* Profit “ 

the. Board vrtH 

A! bright & Wilson 
Capital & County 
Carding Group 
Carlton Inds. 

Fluidrive Eng. 
Malaysian Ests. 

Hcnshall (IV. I 
Heoshftll (W.) 
KCA Inti- 
Ringside Inr. 
Lund. A list. In vs. 

Load. £ Liverpool 

Warier Estates 
Miin Masters 
Milehell Coils 
Newey Group 

Osborn (S.J 

Pork Farm* 

RKT Texiiles 

St. Kitts (London) 

Turner Mftg. 
Walker Sons & 

Co. (UK) 

W’etiern Eros. 
Wfaentsheaf Dist. 
Young Austen 





































146* * 


























2«i m 


















97.34 Tenneco — 

1.57 Johnson Group 

Cleaners — 

4.64 Unigate — 
22 7 Hwkr. SMdeley — 
1.62 Armstrong 

Equipment — 

1 03 Mooloya Inis. — 
507 Thos. Tilling — 
109.69 Harrisons 

Crosfield SR 

n..i0 Bovbourne 14/6 
0.75 Petford — 

7.7 Mr. T. Ward — 
3.44 Jove Inv. — 
10.97 Colonial Mutual 

Lire' 15/8 

0.52 Aschfceim Secs. & 
W. & A. SA Zug — 
0.8R Blade Invs. — 
4J3 lUlleshog AB 14/6 

Mitchell Cutis 

129 Group — 

1.59 Km. PrjTn- 

W'erke — 

7.72 A i ir lira — 

22. S3 Nthrn. Foods — 

75.64 Rnbt. Kitchen 

Tay lor — 


Alida Packaging 
Berkeley Hambro 
Percy Baton 
John Bright 
Capper .Nell I 
Chapman (Balhm. 
Church bury Ere, 
Coalite & Chcm. 
Cora ben Group 
John Growth pr 
Alfred DunhiU 
Gough Bros. 
Grant Bros. 
Mountview Ests. 
Norman d Elec. 
N'orwest Holst 
Polly Peck 
H. Samuel 
S angers 
Simons &. Co. 
.Alex. Stephens 
L7C3I Group 
U'ararord lnvs. 
W'hileley tB8 A- li 
Young's Brewerv 

Year to 
Mar. 31 

Dec. 31* 
Dec. 31 
Apr. 1 
Mar. 31 
) Mar. 23 
Mar. 31 
Mar- 31 
Dec. 31 
Dec. 31 
Mar. 31 
Apr. 1 
Jan. 23 
Jan. 2S 
Mar. 31 
Dec. 31 
Mar, 31 
Feb. 25 
Mar. 31 
Mar. 19 
Jan. 31 
Feb. 28 
Sept. 30 
.Mar. 31 
Mar. 3 
Feb 2S 
Dec. 23 
Mar. 31 

Pre-tax profit 

per share tpl 
16.0 1 18.7i 

3.740 ( 5.2J0) 9.2 

506 < 1,253) 3 A 

5£3Q (4.200) 20.0 
343 (371 i 12.S 

276 1232) 8.2 

16,310 H0.215I 13.1 
1,300 llJlb'Of 2.5 
258L (1‘JBtL Nil 
9.65b (9.220) 51.2 

12.S < 13 75 1 

Divide PdK* 
per share (p \ 

6.321 (3.659) 
3.22 (2.61) 

0.177 ta.53) 
2.42 12.42) 

2.03 1 (1.002) 
3.924 ( 3.924) 
4.63 (4.1R4) 

2 7S (1JS25) 
1.7 (145) 

0.65 (0.59.) 

S.TiT (7.SS7) 



IS. 1 














5 .882 










- 6.2 













(3.3 1 












If).. 1 ;) 
















: (103)r 


(15.1 1 








i Nil ) 








1 2.600) 





{ 1.536) 

' 8.7 

6 946 


242 L (267) 




1 0 5) 



IT 4 

m. i) 




0.7P Industl. Equity — 

14.50 Dana Corp. — 

0.40 Angle-Indonesian 
Plants 5 6 

t.40 W.J. GInssop — 

31.43 Unrood 
3.4 Trafalgar 

•All cash offer t c*sh alternative, t Partial bid. 5 For capital 
not already held * Combined market capitalisation. / Date on which 
scheme is expected ro become operative. •• Based on 1/6-78. 
i* At suspension, xt EsLTnaied. Ss Shares and cash. r .' Based on 
2 6/7B. 

Offers for sale, placings and introductions 

C D. Bramatl: Placing of 1.333.U00 Ordinary 25p shares at 
75p each. 


IR Company to 

5 6 Barclays Inti. Mar. 31 

— Ca it’s Milling Mar. 4 

6.6 Joseph Caust on Mar. 31 

Charterhouse Mar. 31 

— T. Come Mar. 31 

Hal DnbiHer Mar. 2fi 

Pre-tax profit 
I £000) 

Edinburgh & Genl. Dec. 31 









(376 la 
(23 jL 

( 16)L 

Iniermi dividends* 
per share (p) 

— (— ) 

0.96 (OKS) 

Nil (Nil) 

3.45 C1.1S) 

0.736 1 0.66) 

0.532 10.484) 

Nil >0.65) 

— (—1 

Scrip Issues 

Kelsey Inds. 

Mar. SI 


(981 1 




Mar. 31 





Marie v 

Apr. 30 





M & G Group 

Mar. 31 


(450 1 


( 1-375) 

Northern Foods 

Mar. 33 


( 7.03S 1 



Oliver Rix 

Mar. 31 






Mar. 31 


{348 1 



E. J. Riley 

Jan. 31 


1 — ) 


l — l 


Mar. 31 





Swan Hunter 

Dec. 31 

. 1.148 



Whmpin. & Dudlex 

Mar. 31 


(2.603 1 



Blue Bird Confectionary Holdings: Five-for-four. 

Young and Co's. Brewery: One preference for six ordinary. 

(Figures in parentheses are for corresponding period.) 
Dividends shown net except where otherwise slated. 
•Adjusted for any’ inlerveninc scrip issue. tFor one year* 
tFnr 15 months. ^Normally declared in August. tiFor 26 weeks, 
a For 27 weeks, b Not given. L Loss. 


Managers— JOHN GOVETT & CO. LTD. 

Five-year summary of results 

Year ended 
31st March 



Per Share 


Per Share 
l.S0p ' 
2.1 Op 

Per Share 
Asset Value 
100% Dollar 

Scot. National nears 
£lm in first half 

On gross revenue ahead from all payments due under toe exist- 
£1.3m to £1.45m Scottish National ing contracts have been received 
Trust Company improved revenue to date, the chairman said, 
before tax bv £83.392 to £996J2S7 “Trading results for the early 
for the six months to March 31. months of this year show no 
1978. With net assets up from trends which diminish our confid- 
£.«.(J5m to £5R.7Hm the value per *?nce in the future of the Group 
25p share reached lS6p, against antl llil developing management 

I74n. at halftime. 

The net interim dividend is 
raised to 1.4p ilJ25p). Last year 
a final of 2.2p was paid from 
record revenue of £2.02m. 

Tax for the half-year took 
£360.470 (£3451)4(11 (caving the net 
balance at £605,817 i £567.855). 


structure." he concluded. 

Lake View sees 
growth at 
moderate levels 



C Total Net Resources £55^29.1 93 

X U.K. 87.3%. - -North America 19.4%. Japan 10.5% 

Poijits from Mr.-C. Alan McLintock’s review 
— Earnings per share show a rise of over 12 per cent, to 
2.66p~out of which we are recommending dividends totalling 
*.4p. Compared with 2.1 p in the previous year. The manage- 
ment remains committed, so far -as circumstances will allow, 
to a continuing increase both in earnings and dividends. 

—The future course of currencies is most uncertain, which 
underlines the need for all investment portfolios to have the 
international flavour which is provided by many investment 
trusts. At present we find the outiopk for overseas markets 
relatively attractive and we hope to exploit them profitably 
in the current year. 

— The world economic outlook remains overlaid with doubts 
about the extent and timing of recovery as well as continued 
threats of protectionism in the face of rising unemployment. 
At home we shall doubtless be faced with a General Election 
and all Us accompanying uncertainty. Despite the sombre 
background, we believe our managers will continue to give 
a good account of themselves for toe benefit of shareholders. 


Union, Limited. 

Total Assets at 31st March, 1978 £34 million. 

Consumer Consumr 
XipSe! Goods Durable; Non-Durables 
14.4* 65* 159«- 

Financials Cb'-n 

sacs ? : 

tf.'? ZSSZAt: 

i of investments by Sector 

Net Assets per Ordinary Share 

- 149 142 143 

Price per Share 

- 3S% 

‘Alton*? i 1 .AS 

Gross Dividends per Share -ko FT.-AA11 Share Dividends 

rig-r. (Indexed) 

. ‘ . asMBg* 

169 164 r* 

s’w.V” : "■■■■ •! t\ :: * r 

1 -197? ; 1976 j ~IS77, ■ jfl 73 

A memberof theTouche, Remnant Management Group. 

Total funds under management exceed £700 million. 

Copin orthc Report and Accounts, can be obtained from the Secret y ofTfce Truat Union. Lid., 
Vluckeitar House, 77 London Wall, London EC2S 1BH. 

„ , ,- £ . • Lea ring aside the once-for-all 

CKJ2-* 'm?-- consequences which misbt follow 

tin/ratikvd 57$. 9 ) i 35r!.TS.i the lifting of dividend restraints. 

Mai»iteni<‘ni'_ cinenues sK.oio K.90r it is more prudent to expect a 

Dobftiiure initrejn .. sr.Rje si.fiflo growth rate at Lake View Invest- 

SStTB^-^r: 5B» 

Tax wu<d 345.W0 seen in l9n-<8 ihsm. the cxcep- 

n.-i rcvemif kts.sit 347*33 tional advance achieved the year 

p»(. ditidtod before, Mr. Alan McLintock. the 

In>r.m dir«T:7: Sm.its chairman, advises members. 

Le * v,n * 14! - ,CT As known taxable revenue Tor 

1976-77 jumped £0.4 5m to £1.6Sm 

t« ir while for the past 12 months it, 

rvlattnews was UP only £0.l9m at £l.S8m. 

The futiire course of currencies 
Wriahfcnn i4 tnost uncertain which under- 

” T 1 j ines the need for ail investment 

The London market problems portfolios to have international 
which necessitated the large bad « a ‘: oup : At Present the directors 
debt provision by Stewart 6°d the outlook for overseas 

Wrightson. have been brought markets relatively attractive and 
under control as far as the group they hope lo exploit them profit- 
is concerned. Mr. E. .1. Gordon ably in the current year, the chair- 
llenry. ll>e chairman of Matthews man says. 

Wrightsnu. said at the annual The management remains corn- 
meeting. mined, so far as circumstances 

Discussions are continuing with will allow, to a continuing in-, 
! the Norwegian consortium over crease in both earnings and divi-i 
the involvement in ship operating dends. It will not. on balance, 
but it may be some time before sacrifice immediate income to 
they produce results. Meanwhile capital prospects but the in- 
— herently sound quality of the com- 

pany's portfolio must be main- 
tained and is the best assurance 
of the continuing growth of 
income the directors seek, he com- 

Total income for the year to 
March 31. 1978, reached £2.3] m 
[£2.)9nn and the net dividend was 
lifted lo 2.4p t2.1pi per 25p share 
— as reported on April 2B. 

Total net resources rose by 
| 11.1 per cent during the year to 

w £58.83rn and net asset value 

emerged at 120.3p t (Ofi.ypi at year 
(V70 0*5 j! end - Listed investments in the 

7/0 million. British market were higher at 

£36.Sm (£28.8m» whereas those 
oversea c showed a small decline 
10 £lR.08m (£20.49 nil due to .some 
Cii'f '. Cun ojhfj P-fcmirwi .«ales. poor performance of Wall 
?:•. :?s ;:s . Street and the weakness of the 

r “ \ - \\ dollar against sterling. 

actor \ x s \\ 

_x_ \ Chown cuts 

AM Stare index ~\ halftime loss 

With turnover down at £253.8 W 
against £447,862. Chown SeeurlLies 
reduced its pre-tax deficit from 
156 147 £265.541 lo £164.773 for the half- 

-.rjrjy 1 jjg 1 J7 . -■■■ J n year to December 31. 1977. For 

v- , ' > ' ~r T7iCTi 'ill toe previous year, a loss of 

7~ i f . * £686,000 was incurred, 

v. . j \ The result comprised net rental 

iOT' I 107ft ! -.c'? i io?s income of £67.635 f£79^S3).-sub- 

1 1 ^ i I *" ,:a ject to net expenditure of £i6,616 

(£97.335) and interest or £155.797 
* 500*1 ( £248.089 ). No fox is payable 

Hi Price Index 2 7 5 r- ^ rrk — (Same). 

"'(n After a surplus of £114.904 

• ' | (£136^70) on revaluation of pro- 

• * perly now realised transferred 

• 4 I from capital reserve, a deficit of 

121 { •: £39J48 (£36.774 surplus! over 

np TT — 'i . ; | ' hook value on disposal of prn- 

] J. periy. and a £50.000 (nil> .’hirpltis 

..." . ] ..j: ' {' on exchange of loan stock, the 

I-' lo«s Tor the ncriod. emerged as 

I. ' 1972 ) . | 197.' ; 1§7& £30322 t £91.897 1. 

} The dircclors slate group 

— — ^ — 1 borrowings have been greatly 

-AJ\U Share Dividends reduced bv sales or properties and 

iyp j\ the Board's endeavours in this 

" 1 216 direction have been assisted bv 

tS7 more favourable market condi- 

164 r -rr-rs- tionx, _ 

r~ I A sain no interim dividend is 

120 . • lo he. paid— the la.*T payments 

r" " * , r ■’ • amounted 10 1.4065p net in respect 

1 ■■■:!. | ■■■■ of 1973-74. 

Oil. OltlP-S f|. (IS Kir HI 

:?s 7 7S . 

Invest in 
America now 


■&A stake in the world’s richest 

^An opportunity to invest when 
US shares are still cheap. 

Many shrewd investors see the good sense of 
having a part of their investment in the US now. 

Tyndall believe that US shares today still 
stand at attractively low prices and that the 
economic facts justify further substantial rises. 
Economic Strength 

On such fundamentals as profits, dividends and- - 
assets, American shares are now cheaper than 
they have been for a long time. Yet the U S 
economic indicators are strongly favourable, 
with an inflation rate of 6.7% last year and a rise 
in GNP of 5% in real terms. Corporate profits 
too continue to grow at a sustained pace - . 

This is why Tyndall believe that now could be 
a good time for investors to put some of their- 
money into America. 

Benefit from Tyndall experience 
Investors can how benefit from a unit trust 
managed by Tyndall, the London Wall 
International Fund, which is now invested 
exclusively in American shares. The Tyndall 
Group have extensive experience in American 
investment from their substantial overseas 
involvement over the past 10 years. 

The portfolio of investments concentrates on 
those leading U S shares which Tyndall believe . 
are now especially undervalued. For your 
information the estimated gross commencing 
yield on 3rd May 197S was 2.15% and the offer 
price 33.0p. 

You can invest from £500 upwards in the 
London Wall International Fund. For further 
information, including a statement of 
investments, please complete the coupon below 
or telephone Tyndall at London 01-242 9367, 
Bristol (.0272) 32241, or Edinburgh (03 1) 225 1163. 

ET.-A.AII Share Index 

156 .... U7 


-ar' L J5_r^-l-3d5.3 

• 1^4/i { 17(50 j 

! * 


t9?: | 1976 • 1577 j »?8 

Retail Price Inde 

X 2 7 5 

235 175.3- 


4 ms. 

!58£ : • 


( ■ 


{ .. 

100 r^g-. 

• J 

I • . . 


1 ■ 

yas;. A ,- •• . j 

i- • 

t . • 

.1972 | 

!9>fc .j 1977 

London Wall International Fund 

The Tyndall Group, 

IS Canynge Roa d, Bristol BS99 7UA. 

Please send me information on the London Wall 
International Fund. 

“Namfr : - 


XtnttBeMbEn A reetaber of the Unit Trust Association 

FT 60 ,'ifl Lwl 


Profits of the I'BHI Group 
■■"cuvered from £2.fi9m to £3.Bm 
m the year ended February 2R. 
1978. Due 10 a typographical 
error the. comparative figure 
eiv«n at £3.1 m in yesterday's 

Edited by Denys Sutton 

The world’s leading magazine of 
Arts and Antiques 

Published Monthly price £2.00 Annual Subscription £25.00 (inland} 
Overseas Subscription £28.00 USA & Canada Air Assisted 556 
Apollo Magazine, Bracken House- 10 Cannon Street, London, 
EC4P 4BT. T el: 01-248 8000. 


Leonard Mather 

John Pile 


James Akennan 

Terry Beckett 

Arnold Robinson 


John Cuckney 

Gerald Kaufman 
Privy CounciUor 

Barrie Heath 

RECOGNITION* of business. 
science, the arts and the Civil 

Hr. Amos Henry CtiHver. Vli-r. Hr. J. R. Christie, '-a I ; I ‘ D'DUty Masrer 
Chancellor Crditfield institute of Terii- sn.l Lonipir.>H. r Ro: al M:w 

Mr. P. T E. England. Urpni> rreiark JUWani. for serves iu 

Mr. J. C. Aker mar, Dlanas-iia cm •-•'or. director Ei?u p..'troLwn Compani 

Service features prominently in Mr. John si afford chops, lately chair- Minxiry oi DlIikv 

the Birthday Honours, in which man. i.omim-nii CommiM-on. Hr. j. a. Ford, i nd.-r-sr. retarj. 

jcknow iedSCIlient is also made til Mr - Jchn Graham Cuckney. ihrinn-n. S’oiH'h 

, . ^ •■< ■■■-•» Cro'rn Aaclil? Mr. G. J. Graham-Green. >‘hl>l M->-l<r 

the LOnlributlO * 'Mr RiCtiard KcnncUi Derby, pi-«*ld-.-nl. VJpr-m- I 11U.I T.isiks 

and the law. i.a-.. souriv Mr. w. f. p. Hcseinnc, iI-ihii* nrna'-. 

Si\ Life Peers jfC named. lour Mr Alastatr Frederick Down, chairman s «.r. to ihv Uth-n 
Privv Cnunvlliors appointed and {mmiah 1>U imuwt. Mr. P. I. Hudson. P-pui:. S-'.r-.-lar!. 

•»7 , Kni°nls Bachelor I names Mr. Denis Fallows, ( &n:i?h -.l.nmrj ol LM- 

Mr. C. M. C. Allen, -“ii-.-r j 1 ludin.'.r 
Cd-.i-m Garden Mark i’ l Au-hnr.i- 
Mr. William Alwyn, cuUji.*>' r 
Mr. Maurice P. Ashler, v hi- r 
Mr. W. Barnes, 'Hr., Garnii-lnn 
V:». Ila. l-nr v.-r- iv-s ill 

Pralcssor Kathleen M. Bell, m ml. -r. K- -varefi CulllKl!. 

, i ■ -i ■ j..,- «' , l' rum.. tasu-.iatiMi. For it 

taken from Oversea*.' jic , |llin 

separalelv specified I. The follow- Mr. Francis Goerires Hawkings. .-hair 

inz selection includes personal wan s pi»ii liidustr..-*, i'iirvrv. L .. 

appointments hy the Queen in '’"sarrie Heath. arniip churn. an 
the Royal Victorian nrder. ..u-<i k. m ond .vcnieioids Fur «nM-j 


i.ii.-<i h-i-n and .Vcnielolds Fur unio-i 
in -\pnr. 

Mr. Harry Thuritan Hook way. > h-. I 

Mr. Fred Jones, L>ipiily S-i-rtlpri 

I r.-jMir? 

Mr. W. I. Mclndec. I'- yuii Si cmtar 1 . 

• . |1l-ll--> ■ ■ll'iiw. 

M» p S Mvithcw*. Di-pui- Wreiarv 
P- pa rim . m ot bealth and S®-.|dl S-.tDnrj. 
Mr. J M. Moran, QC. L« Snti-Uri 
I nr.1 ,>d> iM.-ai>- a'id l-ir«i Parna- 

(.'■■niii.-il im Tribunal*.. Mr. 

Mr. G. A. VI. Blackman, in in*«. r l-Niii 

Ci mral l.l.xlre-il; <;..n rjrmr Mr. E. G- Rubython, deputy chi.f Royal EuDllUO .vosurancc. Br'inh Sliiiimiildpr> unriuw •«* If* Larwr'aitaii >" ‘ ST 

Mr E. T. Bonder, dir. . d -i- ral .-x.->.uin<- mri-ral: /rouo. Brmsh .\<rn- Mr. A. E. B. Hannan. General manager. en *‘ ud iCtasmowi. Mr. TV J. KCGamf, ' . - 

F.H-al .<aliu:ul :„r il:- l-.i’.d space. I >>r m r-jipori. A.-r.i-Jtlural Monaagr Corporaiton. Mr. E. . E. Davies, itoli-f dcvcloprunnl Pye TVT 

Mr. Jack BOwtharpe. ..ha.mi.i. Mr. 5 . W. Samuclson. For w. . t e !a the Nr. T. J. Heal. . iZl ns-hnTalmanACi-r ‘-narwoT. .Ufluuh Dn s.air «o«l« •’ - 

thurpe «•«•»*> nf K,I[B and Television spnrwfields Watte*. Bntlsh Nuclear Fuel?'. Machine T ^ ls -^ or ^^-’ s adl ^S raIDr . ^ C M;_ 0 ‘l=arT«i 4 :s«m%; - 5 ^ . 

Ef.ili-.-rs' ‘ Mr. P F. Si oil. dire. I or aoneral 'ia'ioitai ” r . ^ manulBclatiiii; <Ur»-i:- R * a r pharaonic Suclity. • ' AaMwatign: 

Mr. John Burgess. ma*j S ii« .nr • mr I Hamr C.iuuci! *l ro “ p For ***** m export. ■ Mr . F . Eastwood. UhrlP tudustnal J0 JStKiBd- PWor-PalnsM- 

Srnmii I'ln.s. Fur ser-.M.s i-mhii Mr. M. J. Thornton, lately ilu^r. Mr - **■ *■ Hooorr. dlvmional technical • relations Officer. Kspref-s Dairies ,« hnme rfdinc. • *. .“H*™ 3 ' 

Mr. F. S. Butler. fc.ur.ut.ii. luiclltAcncv DcpnRmrsit Rank d:reci*r. K mBston-Brouah Dlvlaioa. Bruiab Mr. B O. Edward*, pereonnel offcer. to nuire *' u ; yr - - J.y- . ■ 

Pr.Ao.nj b-r. As. of tiuJaial A--ruw« ChmiKr Warts Imperrat Ownnl *r. J. 

Mr. J. Chalmers, um r-.i >-r :.r Mr. M. G. Venn, chairman London and Mr . P. I. M. Irwin, dirwnr ot srainty. laduaui-s. . . .. "wawn . -'w w«^,li 

vuaLwi.iated So.-i. i-. of K..u. 'tink. r> lUntie ■ »u»:i. . Re«] .Uiiwn Cpun- XMme Ener| 0 Swariiy Branch. 1 'K . Mr. C, G. W. Edwards, work* director, rrihirt > J 

Sliniu.-v.diis. Rij..+ sniiih-. m»I •-rn.turai . d un Ftiii. adur Arnmic Encray Authoriir. WvimramMI^. . - 

Mr. L. R. PlncMf. lately manairtiis Mr. C. R. Cay, chairman. St. Cutoben’s Mr. J. D. Brown. chairm an- Wysl™*’ Mr- - 

dir-?..ior F.'so Petrolt tun Compani Co-opera uve Association comnuneo ■ Bnswh. Transport and oenerai ?. 41 and ItBdd pal .W attorn -'iSSS ^ 11 • ' 1 

Mr. J. D. Richards, anduieu pnhen Mr. H. LG. Gibson, eeneral nrestdenr Workers' Umon. u. b • ft. f i 1 "* .-X- * 

M Mr hl? G B l, Rfrhart? r * flalUn ' 1 . Xjuw,Bl La:nn “I U-w^ry and Kflfmear Mr. P. R. Chrilins. “ ,n,,d,srrauon Mr. F. C,. Uo^: 

Mr- G. B. Richardson, secret* n u the workers. manaser. Thames Tek-vlston. reponmc. the £rtas AswaaHtmJ/- : ft^ ‘ 

h, £.;* wum< - * ,h " Mr. Ridiard Gsoidcn. actor aiid brdad- Mr. ■- Coll, as. editor. IniernaHonaJ mjb- Aadm ..Lyagfis, '.JMc .sec^Aa^ii ‘ 

nsiuru tiiix r-irj rr-n hsIit - P.-iroU-tun Tim-a.. up levies. y: TV-' ' 

Mr. A. Robinson. .H-p U >> chairman. Mr. 0 . V. Hackett, deputy general TrarMPOr 1 -nd C. < nMINr . J?*™er. wJhndao c 

Robinson, depu'!- chairman. 

jntwnems woncs. Bnilsh Nuclear Fuels. ‘^“eart“'L-o,wrt adnUDiararur. Ml« C. M;_ O'FarrefLsecretanC 

Mr. R. A. Hetmary, nianufBctiHiii£ (Urec- Royal PhiDurmonie Sucli-ty. ■ LifroratOO'-Ware . ^Mctatign: Ftfeaw^e. 

r *..\l Group. For aervtwa to export. m* F. Eastwood. lately imfustnal Jo Pd^s.t 

.lnd l-.-puiy .-bj irmiin. nrmsh m.-nur; |iraf> , .ni*ii lor J 

Dame Evelyn Joyce Dcnlnglon. *hair Lihran Board. Mr. C. W. Moseley. Deputy Se.-retarj . 

mm ‘il* -.i-n.iei- Ch-.elopiii' n> ‘ ornnraTon Mr. Hans Leo Kombcrg. t-r v.iiliaiu p l .p. a nm-iit of th*. En> irouni- 11. 
lately chairman iSl-jit LmbIoh il |H"» PM.i«r rt Bioihcmsirj. Imu-r- Mr D L Pcarson . |, * 

Miss Margaret Susan Ryder 
rheshir. *. Iiiumh-r and *m -al 

re .ir ralltlirtdee 

Mr. Frcdorick Alfred Laker. 

>11, Kdl-r Fnuudal'vii 111 'll-. Sid .in. I a"d niaii.i.:ma direemr r Airwa-. 

DisahF-d ot all Aw i.lrnun-. 


Mr. William John Blcase. l.iMv 
T-nnh-m In land 0 nicer Irish Coiintf ss 
nf Trade Umotu. 

Sir Robert Brock ie Hunter. Vi-.— 

Mr. William d' Auvergne MaycocM. 

MTlI-.lrj nf lli>-Mai Itelcluom.lii 
Mr. R. B. Roper. Ijhli-I '.fttid K.-etslrar 
Mr. Alan Thompson. D- puis >. .r.-lari. 

Miss Lucinda Prior-Palmer. 7 iit«ip^. 

„ ' ... „ . ' . F'rup-.ri! b-Ti ■■ .-a A;. n-< ill F.O»:I.iIm1 

_ r -- f*~ P" pi y : '-reiarj . Mr. J. Chalmers, c-u -r.i * - r^r Mr. M. G. Venn, chairman I. ■ in don and 

ipanm-m of Hu. En iroiim.ii. vuaLwtiiated Sm-h-i-. of Km. *aiii. r> limn.; 1 huiitii ^ Regiuiial .Uitsorj Cnun- 

Mr. D. L. Pearson, lb pul;.- v-r-n iarj. siupunrdits. Ria *.4 snmhs smj *-m. lurai un Edm uHor 

L>-.--r I list 11 U'.' 

Blued Products f.abura'nr; [i*-p.irlni- ni m Ed iicji lun and S.. r u. , 

Mr. Francis Walley. I mli-r-Sc-iTciary. 

Mr. Henry Roderick Moore, chairman [icnarinr. m ut ih- Fir. ironmrnt 

Nnriii East Thames R r aioual Health 


Mr. Peer Parker, chairman. Erilish 

rilianecTInr and Principal L'niJorsitj of B-” 1 !! ays Board. 

Hirnimchan ^ r ‘ Ernest Jones-Parry, c\uuiiv« 

Sir Paol Reilly, lan-iy dirccnr. Desicn ri, ^ ,r - ImornatiWil Suciar Orsacisaiion 

Mr. James Webb. Uati-.-r-hcvretan'. 
Board ol Inland HeJCnue. 


m ■ 

Mr. D. Davies. Fluard 

l.aliuual C'Ml Ujnj 

Mr. P. F. Dorey. drn-c-.-jr 
<l--iieral maujaer L'uinput- r 
t.r'iuu Fur a.-rt-iets lu .-spur; 

K Wadey. ia-.-i> u.nrroll-r *»f Mr. J. K. Jamfoon. director. Ana Conn- " y>to ! J l i.L.g” 3 ! t ,^ ^S "^Martin Peter*! -For' 

..omn.on..eaim De-.rlapmem cl nf Northern Ireland. - ' S ShipbutltUcK and ft 

Mr. A. D. Wadey. ir-.-ly nin;roll**r *»f 
11 uih* r. Fuoihi- i.onimon» ealLh De-.etapmeni 

• rial. 11 r is -.cicu W»«s. <inar 
e- Mr. W. H. Webster. For vrsii-es in 

ipnrt . 

Professor Thomas Parry, prcsidi nt. Sir Maurice Oldfield, laicls Foreir-n and C.'Hiuusa.iou 

Mr. R. G- Duthie. chiir.-uau and Mr. H. A Whillall. lately prcsiden:. 

EiUuWua. F’ur v. r.T-.i-» m .spur.. Ln*inaniii F.mpluycrc 1 Federation 

Mr. D. V. Gaulusr, dif-. lur-- in rat 
F.-di-rainm of Civil Ln jiiic-.rin^ '.iiurjc- OBE 

lo r * Mr. Dennis Arundell. Fur service? to 

Professor D. C. Hague, njcmbi r Ftuc diuml. 

Mr. J. c. Asher, adn.misiranw- dir*o Mr. Joe Loss. band-l«.dcr. "mT" w" r' 1 ' HaniteH^tV orS "mahMer maUkt L ; njon "orTEnfiL^taV 

n. cliainnaii Mi.ral 'nr and secr-iarj. British Ship Research Mr. H. F. Lowe, unudpnl. Pnce Com- Huarn Doris M ‘ HoLPoim - - - Wtttfiis, 

-• — MVh On. F. B .„,y “Hr”, maw ch.irut.n .»d Utor, ’SSj^S^S' 

»n. Soj 1 lor «nk« to joiirtial^m^ dm.vli>r. Hi i*h Mackajf and Co. For ser- M J,r. j. h. Hawkey, director and chief Plagues Etosoarch -ASsoaaUmL^-^ 

■ P^ni^i Mr. A. T, Bardo. ili.iimiiii. liurcrord- Vicrt iq export . i. ¥ , pnh „, irihmv fniornaffiuiat B 4 r. . F.-’T. StuttteiMD - — 

1. dir. cor Er.jn'.-r- :ftin- Snu.'i ludustrlcs Comiiuiuv Corn- Mr. R. H. HacWllliam. For services to SI 1 : 

-k S“=' s s :: — 

Pl!rdcy C ^lld , "so£^ WreneE, JaJBet T . M^'SSrtnai, CUTord. -For oc-rvtces to 

Mr. M. Lewis, director and chief exctu-. cr ’^; cl _ , Hal . dnnutv manazer 

" m'r f0r Va,es - Platstow Wharl Talc and Lyle Refineries! 

cat. senior mill manaacr, .Mr, O. S. RBrany, general atcuuj' 
ner Steel. IiisIiltiUoti ol Ftre ; EmpnaHT. 

llcr. fliuiw out manager. Mr. W. RawcIBTe, ^ctainnani : . G^traJ 
For sen-ices to expori- Lancashire District Manpow Cammajee. 
irobie, inumallst. Belfast Mr. F.- C. Reeves. Contractu uSauccEr 
Ute Brlllsh Bata Shoe, Cptopi^ | 
CUTord. -For services to Mr. W. F. Rtshtoo. Reneni maH3»r 
Trustee Savings-Bank nt LaAcasUrwaae 
Hale, deputy manager. Cmtibria. -. "• ‘ • 

Tate and Lyle Refineries. Mr. GJ . .Roberts, ' convenor. 

Sir Edwin Rodney Smith, laidy prcsi- '* 3 ' ,r,n 3 l l.ibran of Wales tW-ii. For Common-.' .-a I tit ijftico ’Dirilomain. Lr.t> Mr. I. T. Henderson, chairman Jli.ral >nr and sccn-iary. British Ship Research 

d.jJl Ro'al C-dliO- ol SurR.->jn*. 

Mr. Gerald Bernard Kaufman. Minister 
of Staia. Dcpartmi-iu or Industry. 

Sir Robert Edgar Mcgarry. Vue- 

service? 10 W.-I«h ?chnlar?hln. 

Mr. Raymond William Pcnnock, dcuulv 
.-hairman. Imperial Chemical Industries. 
For scr.-icv-s to export. 

Mr. John Ocvereux Pile, vhairmaa. 
Im-winl Troup 

Sir Sccwaosagur Ranjgoolam. frinic llcalili F ounJaiui. 

Minister uf Aljuriiiua imcrK-ae Li?i •• M». Hi.-nmoml Inncs. sr;.r, 

Mis* Glenda Jackson,'S 
CMC Mr. Louis Kenner, pianiji 

Mr. R. C. Griffiths, Un.lrr-Socrctary. Mr. T. H. Kcrnohan. .Jir. i_.ur 
M'msiry of uietKis Dr-vclupmcnt. Inu Employers' r.nrihcnt li-.l 

rhanw llor? Cha nccry Division Hiih Court SEjfttZS ^ ^ 

inv. Employers' r.brihcm It.ljiO v-^r ul lor Sinai I Imlusirlos m Rural Areas, th-.- (nsmutiOQ of Minins and HeUlIursJ.- 
cmt'un. Mr. T. P. Barlow, Lon.-uiiaiu. Roils- Mr. D. B. Marshall, chairman. D. B 

Mr. C. 5 . King, director F-.i'l". : Iliiyn Muiors. For icrvrfv s to i-xpcrl. Marshall i\M»brdwr>. 

EiiKin.:criiiB. Lcvian.l Cars Group, firniih Mr, H, C. Black, dlrcc'ur. Airmail Mr. G. H. Mcnzlcs, chgirmnn. North' 

L> j-lanil. Prohcis Dcpartm.:ni. Ainvorthiness Briilsh SiccJ Group. For services la 

MBs O. M. Harrison, editor. British Mr.. J. R. Scoli. LevimkaJ " how ' 
M radical Bulk-tin. Bnnuh Council. British Uhrary Journals. Rubber Taiu 

Mr. J. H. Hawkey, director and chief Plastics Rosea reft ' -Association...'. 1 - '• 
cxccodvc. Auil and IVlhurg IfltoruaUotia]. Mr. F. ^T. 5 t ej> henn a n, ’ cmoDtetMii 
For services to cxpurl. manager, British Roped _ 

Council * ifR-ic.-. 

■maiional Li-v. Luui-rsiiy of Man 

rink I'la.-huR-rr Sector V»'otV.hij Pari.-' Mr. j. d. Bradshaw. .-Iiairman of Mr. W. T. C Miller, managing director. 
Mr. T. R. 5 . Lyon, chairman SuialPT vvcutiie •.uuiimI. AmalKamaicl Lmon ol Nomialair-Garrcn. For services to 


Mr. Michael Thomas Somare Prime Hr La- , renec A lrey. Sviund Pc man. -Tit R ° VAL V ' C R?v 

M-nWcr or Papua ?-cv. t.uinit < 0 ?crv-av i ,.. r . ?;jr tn .?i>rv. S r Hu _ h 

Lfxf'- Mr. Robert Tcmg>c Armstrong, panna- p- • 1 ■ .*a 

KNIGHT 5 inn, L ; nd< r 5 r<. rctary or SiaK lionw V H ,_ william' Alan 1 

Praressor Kenneth John Wilson Alex- •ini' - --'. . Ea a.l COitiUliiJifMWr 

ander, ctiaimr-n Huihlands and Isl.inils Mr - Aiexandor Atkinson, k.-cnnl 

M.-n lapnicm Buard. RrmtaluTi S ir.-mry. PCDariniclil of CVl 

Mr. John Jacob Aster, chairman. Atn- f,’" 1 Sccumv. .. Marshal Sir Ma 

cu" Research Council. M , r - Hpnr » P«cr Rowe. QC. m h.- O 

Proressor George Grenfell-Baincs. For Pari la mem ary caionsci. Lord Rum rt He* ill 

5.*rvnyi ,0 architc.-ture. „ "".v.. 

Mr. Terence Norman Beckett, chairman ' s, ‘ r ,ari 10 l 

jnd m. loaning d I reel or. Fnrd Moior Mr. W. E. Bell. Permam-nr .Wrviarv MV 

C-’-Jitany. D.-nartnv ni of Finance. Xoriherti lr.?1»nd. _ _ . _ 

Mr. W'lliam James Bryden laicls Mr. W R. G. Bel,. Uoder-S.-.-rdary . Dr * co " r “ swan. 1 

ShcnfT Principal ol the Lothian and Dcnnrtmcn, of Industry. , 

l. rt Mr. J. A. G. Carmichael. rhi,.-r medical 0:1 DER OF THE * 

Mr. Eric Wallers Cfacadic. chairman uf adviser. U-parlmcnl of Health and Social DB 

i^min-.'l an>l pasi prcsidrni Prin'.-r?' Srvurliy. Miss Sheila Patrlc 


Air Marshal Sir Maurice Heath, li.-nile- 
m*" i. : ?hor to ihe Queen. 

Lord Rupert Ncvill. treasurer and pn- 


Mr. John Nowcombe. For service* to 

Mr. J. p. M. O'Connor, lately director. 
Institute of Practitioners Id Advertising. 

Mr. R. S. Odd, deputy chiinoui, 
Lansing Basnali. For services to export. 

Mrs. Fay Parmelt, managing director. 
Conference Services. For services to 

ch-s»cr. For scrthxs 10 iiiii-rnaii«Ml ljtr. fihiiv Council. Confederal Ion or Brush Engrucvniis Workers export 

lu'lu.tri Mr. J. O. Chcrvlnaun. agricultural Mr. John Nowcombe. For service* to 

ROYAL VICTORIAN ORDER Mr. W. A. McCahon. prcsid t :i'.. Ll'l-r c.irrcspoiidcnl. F'lnaima! Times- sport. 

KCV0 Farmers' Ciuoii Mr. A. W. Clift, utatia^in^ Uirc.-lut. S Mr. J. p. M. O'Connor, lately director. 

S ; r Hush Maxwell Casson, pr-ytdmt Mrs. J. Macintosh, chairman Tiutn.-h ."Hi A Dili 'RirminKhuT. >. Lustituie of Prat-U (loners In Advertising, 

p- ■ 1 •- -t r-,y Con-umer '.'odkil. Mr. A. L. Colheck. For seniccs to sport Mr. R. S. Odd, deimty chuinnan. 

Mr. William Alan Wood, 'kcuud Mr. L. C. Mather, chairman. Lmt'.il in 'he North Ejlsi Lansing Bagtisll. For services to export. 

Ea.a-i. 'JoiiiuiLis.uiwr. flomtmoni "Yu?!. Mr. D. F. Canoe r. dm. mr of 0 nr chasing Mrs. Fay Parmelt, managing director. 

Mr. Raymond Mays. For -..nice-. t<* .Ji" ! supplu-i. Brluoh Gj* Curpora'ion. Conference Services. For services to 
cv0 mu:ur rjciog. Mr. j. Cordrey. managi.T. personnel export. 

Air Marshal Sir Maurice Heath, li.-nile- Mr. E A. Moore, chairman. IVluai- di-< *-lopnieiir. Llttleivoods. Mr. Harry Parkin, director, personnel 

nn" l/shcr to iho Queen. sheaf DL?tnbu;iun and Tradir.- Mr. H. Cottam, chairman, ibis Kendal and social poUcy. . Sheffield .Division,' 

Lord Rupert Ncvill. ireasurer and pri- Mr, C. P. Morlcy, chairman Cun- Hnlnlnas. Hn' : sh .Sienl Corporation, 

vale secretary to ihe Duke of Edinburgh, simelion Comuuny. Mr. O. B. Craig, vk-v pres idem. British Mr. H. D. Peake.' For services 10 

Mr. J. J. Mundclf, chairman and men- Fismng FttJ.- ratio 11. nntnieipaJ engineering. 

MVO agi "3 dirccior. James H., :.nd Co. Mr. F. W. W. Dale. Jnlui managing Mr. J. C. Peterson. For servlix-s to 

Dr. Conrad Swan, York Herald of Arms. Mr. J. A. S. Heave, a d.r.-c'ur and direutor. Town and Country Building Sport particularly In Wales. 

general manag.-r. the Mercantile and Sociol*. Mr. M. A. Pocock. member. Business 

ORDER OF THE BRITISH EMPIRE General Reinsurance Company. - Captain Nigel Dixon, director and sec re- studies Board. Council for National 

OBE Mr. Trevor Nunn, oriisi.c director, tary. Royal National I.ifL-bnat ltistiiuiiDn. Academic Awards. 

Miss Shcita Patricia Violet Sherlock RoJ-il Shakespeare Company. Mr. P. V. Ell's, director. Worldwide Mr. Terence Podesta. For services lo 

Cb.iriiaidc GiJrporailon. For services 10 Mr. J. S. Cassni*. dinci.jr. Manponer (Mrs. James), Prolessor of Medicine. Mr. N. S. Paol, dtrecior. the Press Marketing Cniup. Iniematmnal Com- Um-key. 

the newspaper industry 

gen-'ce? Commission. 

Royal Free Hospnal School of Mcdielnr Council. 

ourers. F‘or scrrlcns to etport. 

Now, the Britannia Building Society and Royal Insurance Company 
come together to bring you the double benefits of a high-return investment plan 
with the added security of substantial life assurance cover. 

The Britannia ‘Double Investment’ Plan. 

This plan, which is open to investors 
between the ages of 20 and 55 next birthday with 
a minimum investment capital of £1.200. 
(•maximum £15.000^ -£30.000 for joint accuums) 
combines the advantages of a Britannia 
Investment Account with those of a Royal 
Insurance'with-profits Endowment Assurance. 
The plan is for a 10 year investment term, with the 
Endowment Assurance preiniunis being met 
from the lump sum deposited with the Britannia. 

On maturity this plan will rield: 

(i. 1 Tlie sum remaining in the special investment 
acce nmt after payment of the Endowment 
Assurance premiums, (iii A maturin' boniiMif 
pc-r £I0( > invested (iii > The sum assured under 
tlie Endowment Assurance plus bonuses accrued. 

'4 c Oo 

! k . 

Example based on malurcd plan for a male life aged 35 
>ears next birthday, Original Investment SlS.UOUi. 

From (he Britannia 1’ 

Amount ivniainmj in bLiWiac fociery account 2 - :(!•“ 

NLvumv b>nus ISO 

Fromihe Royal 

ijij.iranui'd siifii Jiiured 5. t ‘l7N 

E>umal?ri b> OUlsCS .1 .IFJ1 

F-I nirnalM liital 10.JI.iii 

l v-^-.ireu jrfii 

• r ri. ..- i.,t- t ••! r.-F.- ■ .j-.'r." J.1 v >nn-n. 

■. Ilii-S...-| .- *.!.'■ r:.-s. ■ •• , -• 

. .K.’TS-JvJfr’ ■ '• t ’ •' 

• 4h\»ii\-'' ‘liter i"“ ■ ,»!■ 

!■- *.T ■ •: 

’.f" .;* mi 

•' • i-.:* •: A 

: V: - S L — . 


< a * t> 

Tax Liability. 

Under current legislation, all benefits 
resuming fr< un tlie plan, either on maturity or in 
the event of earlier death, will be free from both 
income laxund capital gains lax liability. 

Special Options. 

I nder ihe proMsions contained williin the 
plan y iu may. if desired, effect subsequent 
pi 'licit: s w iihout eridence «>f licallh for the 

tii Mi m gage repayment hy the Eudovnnent 
Assurance method. 

(iii A further 10 years Endowment Assurance 
with pn ifitf, for Uie same sum assured on the 
same life. Both the options a rx^subjecl to limits 
and condiiif -ns current at dale of application. 

l-'i ir further information, contact your local 
Britannia branch office. ( )r return the coupon. 

<rfB * 


Building Society 

Always there to help. 



I'li a<e send me more inJunnad' -n ■ >n the Britannia ‘Douhie Investment’ Plan 

Please poslto: Britaunia Building bocieLy, Dept. D. I., Leek Head Office, EO. Box 20, Newton House, Leek, Staffs ST13 5RG. 

Mr. D. G. F. RawlUiiaru rcxitmal "Irrx*- • 
' tor. Northern Region. Nxuonal Bus Com- 

Mr. H. A. Ray. tuhnnal srrrctan'. Pood 
Dnnk Tohacco Agriculture Group. Trans- 
non an" C.-nvral tVorkcr?' Union. 

Mr. P. M. Rrurnc*. 0 1 recto r-gcoeml. 
LitcrrMtol Colton Association. 

Mr. C. B. Reid, director. Thus, and 
Ja? Hirr,?na. 

Mr. A. A. Ross, president. Ojulvy Bensob 
and Mather. 

Mr. F. L- Sage, official receiver. Depart- 
Pi^nt of Trade 

Mr. R. N. Settle, over*.* a a nrolrrn 
director Dyriarnks Groop. British Aero- 
?pa.-c. For si-rvlce* to osport. 

Mr. D. R. Sharp, director adwrory 
dn ision Ccttwnt and Concrete Associaiion. 

Mr. A. H. S*»'er. niajuums rlirri-ior. 
Tat- and L'lc Eocinccring. For 
io espon 

Mr. C. F. TntiniclllTe. pn'itcr. 

Mr. R. T. Tomer, marie.- tint executive 
Citil Encmcs. Rojls-Rojcc. For »crvu-i-s 
to export. 

Mr. 5 . J. West, director and chi**l 
ixc-ntlw- F.ncm-rnnc Employers' 'Wcsi 
ol England • Association. 

Freddie Laker (Knight), tr.p. Glenda Jackson (CBE), 
huttom left, and Trevor Nunn, (CBE). 

Mr. A. B. Anderson, shipyard manag-r. 

F'erguson Brothers iPon Glasgow i. Mr. Mlchncl H 

Mr. R. J. R. Armstrong, chief engineer lo water ski-tntc. 
irtnxmlcsi. Dowry Roiol. Captain M. J. 

Mr. Mlchnd Hazelwood. For services 

Mr, J. . F. Tilly, technical manager, 
Submarine Systems Dlvlaioa. Standard 

Mr. L. Albertan. nmiUE-.-r p.iniel- modart- Captain. Sir William Rrardun 
acci-KTjior division. MLL Euuiptucui Smith Lines. 

Company. Miss Jessie Hlnchtifie, violinist. 

Captain M. J. Higgins, lately Com- Tekv-lione? and Cables. 

odore Captain. Sir William R.-ardun Mr. Normon Trollope. finHJaller. 

Si.mdon Town Fooiball Clula. - 
Mr. J. G. B. Walker, persona il cmxi- 

n^-'/iccnn.- Cor 'mr tors. 

1 . spec ial coa-dali nlary. Mr*. J. M. Watson, personal secretary. J 

howm, chier cashl.-r. Airis. Birm iiud um Chamber or Industry and 
HiiHon. oroji.c designer. Cominercx For services to export 

*%, «?! 10 .^P 0 ”- *r. A. G. Wayt. inanaglns dlredor. 

Hoggeu. For sen levs to National Coumips Btuldliu: Society. 

" r - ,. J - group nersorl1 "- 1 E ' Y' regnal ternary. Na^ial' Fa'. 

Mr.^SL. JortiMlinM. d,v ls ,„„ai organ,.., ^.cILnf ^S,^,Cll0,, A,IW Trad « ^ «; tSfil d,VB ' 0naJ 

Amalgamated Union of En*mwrm>i Mr. Thomas Kcavcncy. For services to ln * JL^rttouse. 

*-*«■ fc "““ 10 g&ff 'tssxrm 


Turnover at 10-month low 


ECONOMIC uncertainties con- £ 183 . 990 . The turnover index for 
linued to curb investment British Cover mnent securities 
interest in May. Subseriuenily iell from 382:2 m April lo 345 .S. 
Stack Exchange turnover t-mi- This comparei witli i as i 
inicien Tor ihe fourth con seen- SeptemiierV all-time hi”h nf 
live month lo reach il» lnwe>l 744.0 and ihe 1977 avtra-e uf 
■since Iasi July dcbpiW: th.’ fact 473.3. 0 

lh:ii there was one more irading Uill-cdaed nrucs rinfr.-.i 
day than in April. Ihruuishnu! May lo torn li new 

Ku-inesS hi all sceurUie- fid! f^TS lows on increasing r.-nni-t-rn 
Llriiin.. or nearly 14 per ei*m.. io Jbuu* I hr economic outlook ami 
HP l©bn. Thi?- compare* v.i 1 h ihu (he Guvernmenl’s handling of 
\ car's high of E 14 . 7 bn in January uuincy supply. Disappoint iny 
and Iasi Sepic-iiibt'i'b aii-liiiD: irade fiatii'cs for April and 

peak of ££!. 4 bn. a ulonniy CBJ suru-j were other 

The FT Slock Excliange itirn- u 

over index for all secunii.-s r,-ll Insti(ulion,il investurs shutvcrl 

from :i57.0 hi April lo :«1S.1. LaM »«' buy 

t ear's average was 44'J fi. yiU-c-tl'jcd het-au.-e of the upward 

■ ? i.„„ f,, I 1 . pressure on micresl rale>. The 

A 'harp fall in glit-edcerl L-J- Unvernnipnl Hn.-Iirnlo. 

A sliarp fall in gilt-edeerL J.-J- t; 0 vernnienl Securities. ind«-\ 
busmen, par iculariy in shun- rellectcd (lie moot! hy faiiins 

rose 54.3S0 on the month to 
36S.9S1 and the average value, 
per bargain increased £193 to 
£4.t>60. The FT equity turnover 
index For ordinary shares was 
306.8 in May cooipared with 
liofl.S in April the 1977 high of 
490 9 and that year's monthly 
a VI* race nf 299.9. 

Ed uily Prices made progress 
in ihin trading cnndiiinns in May 
v. Mh i>i:iei>. finding the market 
short nf stork. 

Despite ihe general cloudy 
economic picture and a crop of 
d:*appn»nimg trading statements 
from lejriina eo in panics, which 
in rinded Bo water. Coats P3tons, 
Marks and Spencer and Lfni lever, 
ine FT 30 share index rose frnm 
465.7 at the end uf April to touch 

kiS.t* -T ; i 

25S : ‘V' ' 

SS- - - ■ 

J."' 1 - vcHeutCd VIIV moot! uv fallins 4SS3 on Mat- l-» he f nrp clnsinz 

{™; 4n? p,lnt ’ hish ' ron 

1 ^! l74 rl'w/r , Bu ; m Tr ,n ‘ ,n ‘ ,n ** r y in May. rallied from ihe previou'i 

1 ,u 1 *5 r , 'l! heneftled from ihe lack uf in*. e,i. month's denrossed levels which 

5S- b _J b u -,1 ness .(Mho Unrt? fell Ilienl in iereii in Brni«-h Fund.?, siemined from the U S. Trea- 

, h' b '^S ... 'i'i ml. , ' ,a > •umover in cattily 'hare* -itry's decision m auction 300.000 

t4 1l»n iho I invest monilily lulul rnsP C3unm un »he month (n u-incc? r.f gold a month for ai 

'i lire last .mi?. ■ £ 1.71m.* This i? tin: hipite?' since ii-iigi six months. The FT Gold 

5S.633 Business in the short? fell 
By 0 suhxUnliHl L'l.-I4bn »u 
£4 llm. Iho in west munllily luljJ 
'Mire last Jill?'. • 

Tim average value per I'-irgain 
in pills decreased £6(1, 1 S7 n> 


British Government and British 
Government Guaranteed 
Short Dated (having five years 
or less to run) 


Irish Government 

Short Dated (having fi»c years 

or less to run) 


U.K. Local Authority 
Overseas Government 
Provincial and Municipal 
Fixed Interest Stock 
Preference and Preferred 
Ordinary Shares 
Ordinary Shares 
TOTAL (Categories 1-8) 

The number 

nf t ,r iuil » 

Value of all 






and sales 




(inld shares, reflect ins a $13.75 
jtimu in Ihe price of sold buH»*» n 
in May. rallied from Ihe previous 
month s depressed levels which 
demined from the US. Trea- 
-itry's decision in auction 300.00** 
n'.inccp nf sold a month for at 
li-ast six months. The FT Gold 
Mine? index rose S.4 points no 
thr nmnlh to 156.1. 

l * v 


/c Average Average number of 

of value value per bargains 

total per day bargain persby 

4 . 092 J 

3 , 077.1 


30 ^ 


— • N 


7 S 







3 S 2 J 

3 S 3.7 


3 S 



















1 . 9*3 






1 . 7 IM 
















23 , 0 » 

Li 9 < 

i i ; I ^g^TOJiiM a 


i yiY i 'iA ,;iV 'T 

t % rrt Eril ! * ^?! !^f LI. frftilyir B 1 1 

h ®f d on 1M»-«Mfc 1577 a 

tattSa onThaiSato^" 4 ,Q r eveT «ire* units held by Stock- 

^e^^Jj!to«SJS^ proved ' Increasing the issued capital of 

V :.*l 

•■fe; .-•;: i 1 

■'T'+V“ ' 


fTIT ij— 

SB^iTtaTM"™ 1 ? divisions snowed further Irn- 

K»e^„Stepfe, 9 gl 5r a - — “ mpeu - 

ttsasassa 11 -”" 

rA«v^>™ u,uh ..^^DEVELOPMENTS 
S^SSion ofJ^?Xi S a ?» a ? 0W Economic Policy the next phase of 
■x^a£S»2rSi?!^™ ? l#5 ? tan °P ej,atJon 5 is under consideration. 
l I t^^l?H!^- CTOani P'®nt in partnerehip with local Interests Is ex- 

sssa^ *■ 

venture in. New Zealand commenced wflft a 50% 

frUgA^, y r f ^ , " l ‘ ^ — 

m « 



Please heIp-*-Seud a donation today to: 

Room j 1 1 

:. n.* Multiple Sclerosis Society of GJB. and NX 
4 Tathbrook Street. 

London SWl lSJ 




», l ,',',<! i ,U| I ' I Ijl t 1 ' ijii t ;n ,' i .m '., ^ J *, 


t<t • -n i- • 

bojf’ yds wrth ^p^^'^fci^^itansBjfgD 
• Assndafina_ 

■■■}■:■■ -r 

[ FROM £12 A MONT 


Im) l.;LKv'Ir^WW 

h*™'- • - 



7J) i.::-Mt.;i-::' , t | A i H 

Lia cu r j ' ~ . -? 





Merger meets opposition 


FROM AN overseas point of of merger, 
view, the moves gaining pace to problem fa 
merge the four existing stock committee 
exchanges here— the Far East, the workin 
the Hong Kong, the Kam Ngan have the ; 
and the Kowloon — into one united exch 
" United Stock Exchange " must Another 1 
appear sensible and tidy. The log suitable 
internal politics are formidable, body to op 
however. here admi! 

There would have been more building in 
than four exchanges had not of providing 
securities legislation been square feet 
brought in around the time of be needed f 
the great Hong Kong stock* to operate 
market boom in 1972-73 banning compromise 
the fnrmation of further ex* might have 
changes. A fifth exchange was floors, initii 
about to open when the ban There ar 
came in, as stockbrokers, com- existence a 
modify brokers, lawyers, accoun- East and K 
tants and all and sundry bought share rradi 
scats. step tnwarc 

of merger, will not be the only 
problem faced by the executive 
committee (to be formed from 
the working party) which will 
have the job of running the 
united exchange. 

Another headache will be find- 
ing suitable premises for the new 
body to operate from. Officials 
here admit that there is no 
building in the Colony capable 
of providing the 20.000 to 25,000 
square feet of space that would 
be needed for the four exchanges 
to operate on one floor. As a 
compromise, the new exchange 
might have to operate fnm two 

floors, initially at least. 

There are in fact plans in 
existence already for the Far 
East and Kowloon exchanges to 
Share Trading floors an a first 
step towards rloser union, and 


Since then the Government has 
sought to reverse the trend and 
to persuade the four exchanges 
to merge into one “ voluntarily.” 
Mr. Thilip Haddon-Cave, the 
Financial Secretary, has hinted 
that if persuasion fails he might 
legislate for a marriage. 

Even so, several of the 
exchanges have been dragging 
their feet heavily, although with 
the official tareet date of January, 
1980, for union getting closer 
they have come under increasing 
pressure from the official 
Securities Commission here to 
produce a merger scheme. 

Earlier this month, the 
exchanges produced the form if 
not the suhsfance of a merger. 
The working party on unification, 
set up at official behest, and com- 
prising two representatives from 
each of the four exchanges, 
agreed that a new holding com- 
pany be set up to effect the 
merger and that the four exist- 
ing exchanges become its initial 
subscribers. This holding com- 
pany is expected to be registered 

This “Hongkong United Stock 
Exchange " as It is being pro- 
visionally termed, will subsume 
the Federation of Stock 
Exchanges, the chairman of 
which (curronnly Mr, Peter Chan, 
bead of the Kowloon Stock 
Exchange) will become the chair- 
man of the new holding company. 
Thereafter the chairmanship is 
intended to rotate among the 
exchanges although some of them 
may choose to liquidate if and 
when the united exchange is 
formed it may not be possible to 
fulfill this plan. 

Reconciling the existing power 
groups and loyalties within the 
present four exchanges, most of 
which seem opposed to the idea 

R ossibly full merger. The Kara 
Igan and Hong Kong arc expec- 
ted to follow suit, so that within 
six to nine months the four 
exchanges should be operating on 
two, instead of four, floor*. 

Many brokers argue that the 
partial merger of the four 
exchanges effectively into two 
units is as far as rationalisation 
needs to go, particularly if the 
initial links develop into full 
mergers. Given intcr-cxchange 
trading, which exists here 
already, and unified trading and 
listing rules, planned for this 
year, the four will be as one any- 
way. the brokers argue. 

Brokers are also cynical about 
the cost benefits which Mr. 
Haddon-Cave has pointed to in 
justification of his pressure for a 
merger. The more wealthy 
exchanges, such as the Hong 
Kong which derives a great deal 
of its income from investments, 
foresee a substantial leakage of 
capital from the system in the 
event of existing exchanges 
liquidating after the formation of 
the new one, and thus high costs 
for those brokers who choose to 
become members of the new 

The assumption is that many of 
those who bought seats on the 
stock exchanges in the hoom five 
years ago — they included lawyers 
and accountants who got in 
before the 1974 securities ordi- 
nance banned such people from 
membership — would opt out. 
Market turnover has slumped to 
levels where no members are 
thought to have made a profit 
last year, and once-lucrative new- 
issue activity, including private 
placements, has largely dried up. 

The projection of a better 
image abroad for the Hong Kong 
stock market as a whole, which 
Mr. Haddon-Cave foresaw result- 
ing from the merger is not some- 
thing which impresses the brok- 
ing community here overmuch. 

Neither is the supposed ability of 
foreign institutional Investors to 
monitor prices more closely □□ 
one exchange instead of on four. 

Most of the overseas invest- 
ment in the Hong Kong stock- 
market nowadays comes from the 
overseas Chinese in south-east 
Asia, with London probably 
being the second most important 
source and Switzerland the third. 
There Is some U S. investment 
and Japanese portfolio invest- 
ment here is said to be on the 
point of revival. 

A good deal of this investment 
is channelled through the bigger 
brokers and the banks, who deal 
through all four exchanges here, 1 
anyway, the leading stocks being 
quoted on all of them. It is 
argued that, with inter-exchange 
trading in operation since last 
August, prices are rarely far 
apart Common listing require- 
ments, which are being intro- 
duced regardless of whether the 
exchanges alt merge, may 
impress disclosure-conscious U.S. 
institutions hut they will hardly 
sway Chinese or even Japanese 
investors, hrokers argue. 

One official argument which 
looks incontrovertible, however, 
is that common listing and trad- 
ing rules (covering settlement 
and delivery! would he easier to 
police through one exchange 
rather than four, and that this 
would enhance the credibility of 
the Hong Kong market with out- 

Commission rates 

Tire exchanges are thought to 
oppose being merged intn one 
on the grounds that it will er.d 
their abiliiy to compere on com- 
mission rates around the national 
level-— currently 0.5 per cent on 
equities except in the case of 
banks, for which it is 0.25 per 
rent, The hank*, it is said, like 
to play off the exchanges against 
each other on commission rates. 
The Securities Commission, how- 
ever. says that in the end it will 
tolerate “competition among 
brokers, not among exchanges, 
and on service rather than com- 
mission rates." 

Even so. there are some real 
doubts ahout whether the 
Government will succeed in get- 
ting the merger implemented by 
1980 and whether, if it came to 
the point, the Government would 
overcome its traditional reluc- 
tance to intorfrre in the private 
sector and legislate rnr a merger. 
A test may be Mr. Faddcn- 
Cave's success nr otherwise in 
getting his controversial amend- 
ment proposing taxing of hanks' 
offshore profits through the 
Legislative Council bere in July. 





Stakes changing in Proton Chemical 


Proton Chemical Industries, 
which is undertaking a coconut- 
based chemical manufacturing 
project, has changed from 
Filipino hands to Japanese. Until 
recently Proton was a 6040 joint 
venture between Coco Chemical 
Philippines and two Japanese 
partners, New Japan Chemicals 
Company and Toyo Mcnka 

Proton is setting up a proces- 
sing Complex consisting of a 
methyl ester plant and an alkonol 
anide plant In Atimonan Town. 
Quezon Province, on the Pacific 
side of the main Philippine 
island of Luzon. Both plants will 
utilise coconut as their main 
processing material. 

The impending Japanese take- 
over of majority ownership of 
Proton will be the second de- 


dt note An deficit 

■■ "STSS&m 



National distributors of timber, building materials, 
plumbing and central heating equipment to the 
construction and allied trades. 

Extracts from the Chairman’s statement year ended 
December 31 st 1 977, 

Profits before tax for the year were £3,794,000 against £4,232,000 
the previous year. 

This year it has been decided to follow recommendations of 
the Accounting Standards Committee Exposure Draft 19. 

As a result net tangible assets for ordinary and deterred 
ordinary shares have increased to £18,336,000, equivalent to 
• £2.15 pence per share. 

•- - Profit margins-for general building and plumbing materials 
came under pressure as a result of the continued low level of 
activity in the construction trade. During the year private 
housing starts fell by thirteen per cent and public sector starts 
by over twenty per cent Prices of softwood, plywoods and 
' ‘ wallboards fell sharply In the second half and we felt It prudent 

to reduce the value of certain timber stock holdings at the 
. . year end. 

The indications are that the sustained period of lower 
interest rates and high -levels of lending by the Building 
Societies are leading now to a revival of confidence by house 
builders and that the rest of the year will show an improvement 
in building activity. 

E. R. T ravhs" April 1978 

Copies of the Report and Accounts are available on request from 

The Secretary, Travis & Amok! Ltd.. St James Road, Northampton. 

MANILA. June 2. 

Fllipisation in the corporate 
scene in recent weeks. Earlier, 
foreigners took over control of 
Diabort Products Philippines 
Incorporated from Filipinos. 

DiafmrL a manufacturer of 
diamond drill bits, used to be a 
subsidiary' of the copper pro- 
ducer, Lepanto Consolidated 
Mining Company. Dbmanl Board 
S.A. of Belgium bought 17 per 
cent of Lepanto's 51 per cent 
holding In Diabort as well as the 
ten per cent combined Diabort 
holdings of two other Filipinu 
stockholders, Marblecraft Incor- 
porated and P. D. Ocampo — 
making a total of 27 per cent. 

Proton, which is registered 
with the government's Board of 
Investments (BOH as a preferred 
pioocer enterprise, informed BOl 
the other day that the two 
Japanese partners have raised 
therr equity in the company from 
40 to 51 per cent and that Coco 
Chemicals, the former majority 
owner of Proton, has just 
become a minority joint venture 

The reaction of the govern- 
ment is not yet clear as this 
point. There is no ceiling on 
foreicn investments in preferred 
pioneer enterprises. But such 
an enterprise, where non- 
nationals own more than 40 per 
cent of the total equity, is 
requir’d to " Filipinise." or 
bring down foreign ownership 
to (he prescribed ceiling within 
a certaio period. 

Earlier moves 

The Filipino equity in Diabort 
was thus reduced to Le panic's 
34 per cent, while the foreign 
equity was expanded to 86 per 
cent, made up of the 27 per cent 

recent acquisition by Diamanl 
and the existing 39 per cent held 
by iis Australian-based sub- 
sidiary. Boart Ply Limited. The 
majority ownership change took 
place without Board of Invest- 
ments approval, since the area 

of activity involved is not 
covered by the 60 per cent 
minimum nationality require- 


Resultsfortheyearended 31 st January, 1 978 


Trading profits 
Group profits beforetaxation 
Group profits aftertaxation 
Proposed dividend 
Added to reserves 

















•: : 

Turnovers £981 m was 23.7% up on f 976/77. 

Profits before tax rose from £42. 5m to £65.5m, an increase of 54J29S. 

Earnings pershare 6J2p (3.6p). 

Dividend increased from 2.31 p to 238p pershare. 

A revaluation of the group's properties shows a surplus of £155m- 

A one-for-one scrip issue is proposed. 

Exf reefs from the Chairman's Statement 

It gives me great pleasure to pay tribute to Sir Charles Ciore who retired at the 
end of last year after serving as Chairman of your Company for 25 years. From 
a group which had about 8,000 employees, gross assets of £1 0 million, turnover 
of £1 0 million and profits before tax of £1 million, it has now become an inter- 
national group with over 60,000 employees, gross assets of £750 million, turn- 
over of £981 million and profits before tax of £65 million. It is an achievement 
which must be almost unique in the modem business world. 

1 am very pleased that Sir Charles has agreed to remain a director of your Company 
and will continue to involve himself with our affairs, primarily those overseas, 
which will be of immense help to us in our expansion programme. 

We continue to invest in each of our activities and have confidence in the future, i 
based on our inherent strengths of assets, liquidity and manpower, 
ft is your Board's intention to continue our present policies of consolidation and 
expansion of our businesses, enlarging them where possible, particularly in 
Europe and North America. 

The Sears group is primarily engaged in the retailing and services industries; If 
the U.K. economy improves, we should benefit In all aspects of our businesses 
anc[_l look forward to an increased group profit in the current year. 


Copies of the 1977/78 Annual Report and Accountsmaybe obtained from 
The Secretary, 40 Duke Street, London W1 M 6AN. 

1* * *.' * * ^ ^ # • * * , 4^ ^^ y ■, (• .'V n** ^ .* ^ * /+ / ^ f % , 



Why all equities? 

Schlcsingcrs' Extra IncomcTrusl isa trustee 
in vest men l and offers one of the highest returns 
currently available from a unit trust invested only in 
ordinary shares. 

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

A current opportunity 

By careful selection of sound stocks including 
attractive recovery situations and well-researched 
regional equities. Sehlcsingcrs provide a particularly 

high equity-based yield. 

However the grow ing relative attraction of 
ordinary shares with very high yields suggest that 
such yields may not be available to new investors 

Indeed, many investors have recognised the 
urgency of securing this opportunity by placing over 
£*>ni in the fund since its inception in May 1977. 

Over this period, (he unit price has risen 24% and the 
FT Actuaries All-share Index 17 

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

Schlesingers’ P3MS service 

Minimum investment in the fund is £500. 
Investors of £2.500 or more will receive the Schlcsinger 
Personal Inxesimcnt Management Service (PI MS) 
which include* regular investment reports and 
invitations to meet the investment managers. 

Quarterly dividends 

The tabic shows the approximate level of income 
fnci of 34% basic rale tax 1 you would expect to receive 
every 3 months ba sed on the current estimated gross 
yield ofy-(»% oil the fixed offer price of 3 1 -2p xd. 

Payments are made on March 12, June J2, Sept 12 
and Dec J2. starting .September 1978 for new investors. 













A fixed price offer 

Units are on offer at the fixed price of 31.2pxd. 
for investments received by June 14. 

The offer u ill close before June 14 if the actual 
Offer price varies by more than24f^ from the fixed 
price. In this event twits will be available at the price 
then ruling. 

Remember that the price of units, and the income 
from them, may go down as well as up, 

G mural Information 

Tolnr»»«.n»*ih»™*P 4 i , BrB*M* a -AppHc3 , lo : i*wintwaCtCBmncdsefi 
OQi] w trill .'-end j'mii j Jf M,irJ hr. .chive si ihfMine line. CtnUJC3I£5 
will be tem run diirms July. Unin will be .oailiibl * after UK offer 
cJoutai ibeptiM qu..itJ hi ihe July Prem. The artulmuiTi Lir monm l la 
Uk Fond b £500. The toil Price .in J i Ida art pubJiMtd a ally in leadias 
ns* -papers- To Srll unl'i. Mmpl> reium yourccriiiiea'eaprriipnatfjy 
MMiira) on the had. nuireui i»n..ftnaiirn«ideBitiuii7 Jaytofotxr 
rcceiilnc iticren,»n<t< , «l cenllirjie. I nmtutsSoao! U“o "HI He paid u> 
icojenncd acenis. Charges An inifi-il eharre of it incloded la Ihe 
Oitcr price. A ctuifc ai an annual ta'e rtT »':® iphii VAT i n| the value of 
ihe Fund u oeJusicd Irom emit Income iimcjijv administrative 
exiKn'rt- Troum: Midland Hwt Truu «'p. LiJ. Auditors: Peat 
Mm-hiCK. MlUhetl* f Manaurnihi.fllrtlrserTtuJl Manager* Lid. 

1 . . MluarCi L.'Tl'ion, W . f . KeCUfifrcJ rff f urLrnil. hit. yj255S 

Member* el ihe Unit Trust AvMclalloo.Ttlli oiler 15 not available Lw 
resident- nl the Rcpunllcul Ireland. 

Extracts from the statement of the Chairman, Mr. W. L. Sims OBE, on the 
accounts for 1977 adopted at the Annaal General Meeting held on the 2nd Jane 2973. 

* Export sales increased by 42% to £9,057,000. 

* Machine Tool Division increased its turnover by 63% in 1977 and. 
continues to expand its business in 1978. 

* Major setback experienced in 1977 trading activities in France, but 
remedial steps which have been taken will overcome the riirhcuilies. 

'* Revenue reserves now stand at £6,797,000. 


Group turnover 

Profit before taxation 

Net profit after taxation 











Pence Per Share. 

Earnings before taxation 



Earnings after taxation 






Transfers to reserves 



To ; Schtc^inserTnr.t Managers Lid— 

B I40 Smith Sirc-ci, Dorking, Surrey. 

bWh-/hi m>l An vug TrJ. Dorking 10306) S644I 

| I wish to invest -C 

_ (minimum tJunj 

B «nt |, ®S':hl<. < inBirExtralncDnieTrvistaiihefi*ecl price of 

B 2L2<S>,i - 

■ I wish fu have my dividends rc-in vested I 

I I would like further information, including I - 
b details of Share Exchange j j 

■ A cheque rs enclosed in rcmiuancc. made payable to 
Midland Hank Limited. 

J dihrlarc that I am nni resiJcni nuioide the Scheduled 
Terriiurk* jnil ihai 1 am mu 4t\]uiriii|: ihe unit-. a nominee 
of an v ni;r*an resident ouiside the Territories f If you are 
unable to ma fee this declaration, it should be tickled and this 
application form should then he lodged ihrousb jour U.K, 
bant, stockbroker orsolicilori. Minors cannm be registered, 
but account. JiaisnaKd with iheir miiiaU will be accepted. 

Surname — 
Pint nanVML- 

block Lcrmu tLUsO 
tin full) 

fl*n "hcca«of a joim application all mint sign.) 


Financial Times Saturda5r 3^ S ^97»: 



HIGHER LEVELS developed 
Wall Street today, reflecting hope 
that the worst news on inflation 
may already be out. 

The Dow Jones Industrial Aver- 
age moved up 6J*4 to 547.54. 
making a rise of 13.S3 on the holi- 
day shortened week. The NYSE 
AH Common index, at S55.Uo. rose 
44 cents on the day and S9 cents 
nn the week, while gains led 
Josses by S3(Ha-53S. Tradui!' 
volume expanded 3.11m shares to 

U.S. unemploymeur rose to a 
seasonally adjusted 6.1 per cent 
in Hay from fi.O per cent in April, 
the labour department said, while 
U.S. Wholesale Prices rose 0.7 per 
cent in Slay, well below April's 13 
per cent. 

A surprise fal Ion SI bn in the 
VS. Honey Supply repuried late 
yesterday by Lhc J'eU. made it 


Chan iii? 

■RellaiKP '..rt'UO ... 

Slot t 7 


SU ! .‘jiW 



. 14 : 



A merit jh .'.inlors . 



— 1 

First Mississippi . 



- u 


.wo :uiii 


Fannie Mi'- 

.nil aim 


- ■ 2 

'I’lbraliar 1 rr. aJ. 



~ It 


x?n 41 *< 

"•1 i 


■SouUiern C'unipapy 



“ t 

1 lorida Pw. Llrh: 

■rc ikw 

-■ t 

-i- 4 

biandard Brands. 

- 1 : 

likely that the Ted would not take 
any credit liainening action uniil 
after its mid-June Open Market 
Com mince meeting, analysis .■wid. 

Xerox climbed SI i to S-WJ. 

t'AL added SI at S2U in licaty 
tradinc. It'S United Airlines unit 
reported a 2I.S per cent jump in 
Afay traffic. ■ American Airline.-. 
put on S> to S12J, Delta $11 lo 
$461 and Sort liwest $ 1 } to S291. 

Reliance Group gained 2} lo 
*34; — 4.9m of its 1978 VVarranw 
were exrcised through yesterday. 

Schlumberger advanced $4$ lo 
SSI),* Smtiliklinc S3J ro S74. Sfudc- 
baker-Mf i rilling ton S2J to $69. 
Northrop 51: io S3B. Gearhart- 
Owen S3 m $52, and Cutler- 
Hammer S3 tn 536. 

The American SE Market Value 
Index rose ft SI to 145.61, making 
a rise of 1-31 on the week. Volume 
picked up to 3.76m t^iomi share.*. 

But volume leader Resorts Inter- 
national slipped SI? to STJ3;. 
Iroquois Brands added Si at Sl9i 
—it et peels a S450.000 extra- 
ordinary gain In the second 


TOKYO — .Slightly hicher. 
despite late profit-taking. Volume 
2S0ni (430mi‘ Shares. 



Jump , June - Mar ! 31 ay • ilavj liny , 1 

-. i ii ■ it. : tc I 1 Rit-ii ■ T.iir 


Machine Tools rose in anticipa- 
tion of “ood business this year. 

Export Orientated shares 
Generally lower, reflecting recent 
yen appreciation at homo and 

GERMANY — Prices rose on 

In.'-tiiurional interest. 

Bui Steels were up lo St) pten- 
nigs lower, while leading Chemi- 
cals steady. 

Public Authority Bonds mainly 
steady. Regulatins Aulhor/tie* 
bought a nominal DM 1.2m worth 
of stock. Mark Foreign Loans 
little changed. 

CANADA — Higher and more 
active conditions also developed 
in Canada. where the Toronto 
Composite Index put on 3.3 lu 

The Metals and Mineral* Indev 
rose 2.7 to PW2.4. Oil and Gas 
fi 1 to 1350.2. Banks li'7 to 175.18 
and Papers U.12 to llo.frO. Utilities 
eased 0.22 lo 73.C1. 

PARIS — Lower in active trading 
undermined by continuing labour 
troubles sit Renault factories Klins 
and Cleon, and also by \ point 
rise in Cali Money to 7j per cent. 

Almost all sectors fell with 
some shares initially being set 
limit down. 

SWITZERLAND-— Slight ly high- 
er in generally light trading. 

Buying interest centred again 


Just : June 1 May . il»y 

? i 1 if 1 iCr' I Blah Tow 

~»5JU- 64.55 64.5Z 54.50' 55.68 40.57 

! •!/ Si . ib;r» 

NEW VURK. .Tune -- 
on Saurer Bearer, following vutn- 

our$ oC a possible takeo’.c? by 
the Ocrlikon-Buehrle. 

Lending Banks neglected. 1»- 
su ranees mixed. 

Domestic and Foreim Sends 
steady in moderate acijvj;:-’. 

Dollar stocks steady in ihori?r- 
ale turnover. Dutch, and French 
shares edged lower, Germans 
quietly irregular. 

AUSTRALIA — tlixed Irei’U*- 

Uraniums fell on Federal 
Government's plan? for tigltt con- 
trol of sales and a delay in 
sei ting up of Marketing Authority. 

BRUSSELS — '.Mostly lower in 
lively trading. 

UK. U.S. and Dutch flocks hltie 
chanv^d. Germans and Canadians 
pise. French lower. Gold Mines 

MILAN — Easier In thin ’.ratlin::, 
with tight money policies depress- 
ing market senviraenL 

Bonds moved within garro.v 
limits, while Treasury Bills met 
strong demand. 

SPAIN' — .Slight recovery in most 
sector*. Ctos rose 2 to r>7. 

AMSTERDAM — Generally lower 
in light trading. 

State Loan.* higher. 

OSLO — Bankings quiet, insur- 
ances steady, industrial* and 
Shippings easy. I 


I Alii 

rm i .H<> A. In a- 

V( |, 3llAliiruiii;i.u>' 

Inv. S Prem. 92.60 to 1‘ 

» Jon* I , ' - V:’ j A * * 

I (Ji-nucg ti inu... flfiij 1 SS>| 
■ OPU Int'u’rionali 491* < 49i( 

i Crane— • 30: a * 30Jg 

i L'r-cier > £6bg | 263* 

' Cro>vn /jel|^BU*i 35i a j 3373 

, Cummin.* Knciuei 39 -a : 

! Uunbc W rijjtit.... 1716 ■ 1BU 

27!-s }Dnna ZBlg 

44ij i Uari Lhiuttrie*..' 43 Jg 

ill---. 1 .<mJI> mi.,. IB--) lBi's . Uwre — 3 Q>b 

A ,i, -fifin' l.'.iwfrr J6:; IRU ( Ifel Jf«i» 253 b 

*0^1 ' 40:« 1 UvUr.iiH ISltg 

'•wo 23 . 1 23 1 lleni >|J„v Inter... 23 U 

\'ii- Clm liner--.. al-i 31*s 1 Uuroit litiunD.^', I6ig 

Ul.lX 34 u 5413 I Llir miin'itbomrk! 26ij 

Vn-erad* B- * ... 3D-. • 31 a J I ii.-liipL.. n-. lbl s 

\imr. .\ 1 ri 1 .,— .... I2>; 12*4 | Sp® ! 2?! 4 

41.1-t. 50 ; S0I< ! Uuuey iWd!i..__ 41*4 

O.- r-JuuMlwu 490i 49>, I {tovor/ omn ...... . 46 

.Vtncr. t : «n 4ui* 403« th u .M.I„ Wia 

29*4 28>a R™*™ - If' 8 

.iiiivr.Kfa-.ftm- 22 ., 2214 44 

A.m r. K-.jrtr-,... 381 1 37» a ! U*' Pont.. - IW 4 

M-ir-.B-mtl'i-.l 31 Ja 30: a 1 Jh mola.luslnev 30l 4 

. 3U-i;.-nl... 2*1 2418 I t aa '*. 1 > hl ' r ' ?9' 2 

ANW. H.>Imi%. .. 6*3 6 , Jarf Air!.n«.._.. 10&* 

Nar. •' i*-.. 43 427 s i t«Mnian hod«k.. 56i a 

.li-n-r. <um«lim 1 . 4613 46 | «“* 40 

Ain-T.-i-flet 53.; 34 1 K. U..vV • 27 

.inKT.'liflA I?:. 61 'j . 61 : HI >at. taani 17 

ViiK-.ftk 35ij 34G ‘ ; 35 

\ :'l y - IB'-a 19ij ; Kiiim-u Klpini" 36'* 

"It 1 32 32 l-.meryAirFr'i^bi! 237a 

tin|*s 17 17* I kniliart ! a7;g 

\ fit Iiit Hoi.-Lirig. S8-{ 28:-; ' I-..M.) Ujj 

Rises and’ Fill*: 

June 2 J-inr : 

11 a r l 

l»uen lnt-led.... 

. 1.869 










1 jieiinnca! 




N»r Rish* 




.N'c* Li>“*. 


4 * 

( BiRi! ' J#i*r i Hicn j 


ln4aau-ul.. 847.54 840.71 8M.B1 : 834.20, JS1.B9 8Sfi.4l’ 854.37 I 742.12 | lOSIMtf 4j.22 
. ■ ' iX.'Zi Iill:!i73r i._, ■ !i< 

N msBn'di-- 07.95 *7.06. 81.01 63.14 45.19 88.73; 90.15 S7.3B | — i - 

i • i4:I> • 'l/Pi ] I 

Transport... K26.84 224.58 125.85 224.09 2S5.70 224.Hj 231.30 .199.31 279.88 1 IMS 

• . • .21. -el -4/1 • ! C/:2te ?- . (c.-7'oi; 

l-'uliliei.. . 106.09 T0E.7& 185.31 104.07 1 04.47 104.331 1I0.S8 : '!02J4 t 1S5.32 [ 1D.33_ 

June Juce ! 2f*y . Jfnr : - 

g ! 1 I 71 1 30 . 

j 1 Tl 31.880 20.780 29.060 21.040 SI.410 28.4 IDj — 

•KMi*rl ladet chin^-i-l fn.-m AugosoS* 

••!M.4. , 63-'iS8 1 4.4J. 

Ind'i-lKi! , 151.55. IBflJii 1W.BSI 180.85 IBE.61 »S5 .■>• 
Ota tone l ; 190.92! 1SQ.<5> 190.2*! 190.07' 132.86 igj;3i 

TORONTO CorcDOMte 1 1132.5;' I1S3.S 1; 1125.2; 1156.3 l25.?i 
_________ " 

tii.M ; 212.8 , 211.0 ! <*» 212.*- 315.7 >1 

InJuKirwl* 226. 1, 226.0 ■ >-• - 22 S. 0 ' 226.1 C4H 

162.50 ;!•- 
17D.52 VJ 1 

183.0 \ J 4. 
194.. J 

June ' I're- , 1 s7iS > l-til 
.• ' l i.iug ! Hit'll . L.‘<r 

In>J. >iii. \i'M 


5.48 I 3.51 

Ywuo i&uurui. 

3 HM<.vmpyu a 

Ju-ie - June 3!*r , 3l*v ; M«v ! Mbt i ! ' 

•_ : 1 J I 3u ; !>J I 'J3 i High i Low i HirIi , Low 

Ilwlnstrials * 108.45 107.60 106.73 99.62 ] 134.6s] 5.52 

, i ! ili'ri ! fJ ; 3» V JJ/1 >75* (50*t ; J2) 

^•.omoonie 98.14' 87.36 97.24. 96.86. 96.58: 96. ao, 99.60 ; afiJO ; 125.86 ; 4.40 

, : . ; '17-:i ; i«J;3j .<11il/»5)i 

Imi. it ir. t tei-i » 
lnit. P F. Ren» 
l».n^ li jti. JJoail 

YJ*\ 31 

Mav 17 


[ Y*irag>i ,tpp.-iix.i 



; 5.04 

1 4.51 



■ 9.16 






Aastralia'* 1 497.71 i 496.92 1 1 
Belgium « ,i 33.73 '96.70 ! 
Denmark'." j 96.55 ■ 

Trance df; £9.2 j*7l.l 
Gennanyi— ■' 723. B |76c.S 
Holland iji.-l 66. 1 '£5.3 
Hang Koa^ 479^6 j 477.25 
Italv ‘liii 62.68 | 62.92 
Japan si».!3 : 409A1 ;■ 
Singapore •' r I7.£« 1 u* i . , 


A prize of Kill be gicen io each of the senders of ilte first 
three correct soluiimus opened. Solutions must be received bp 
next Thursday, marked Cmsaimnl in the top left-hand corner Of 
the envelope, and uddrcxsvd to The Financial. Times. 10. Cannon 
Street. London, LC4P 4 BY. Winners and solution trill be phen 
next Saturday. 

Am ue 



June Pr*- ! 1478 ' I^i: 
2 t:ou* : Bii-n l.-, 

Spain i- * iCS.98 • 103-*!; UO.'ii ? 
i iv c* '. i-:i 

Sweden «<i *69.41 1 

; ti n .3.-1 ‘ 

Switaarl'd'. ,Ck. 7 : 125.7 gn.o 
. ; *14-2. r.g.ti 

liuLciis and bae? dates tall bu* -i:u« 
140 -ixccs^: Nl'SE AJJ Comir.os — Mt 
Siandarda and Poon — in and Tt-rcnio 
SJU-l.UPO. tbi last named based <n 1675 1 . 
t ExclU‘lir,-a bond*. 1400 lcdUKriais 
ratio Into.. 40 Ctdides. 4ft Fiaaars acd 
30 TniQiporr. •". * Snlney .-Ji Ord. 
<; » Bdwau SE 31 ‘12 '63. Coo .-nbaurn 

SE I '1-73. ••‘■Parlf Eour-i; IVm. 
i: .1 Cooiini-rebank Dec., 15*33. u : < -irrswr 
dun. Industrial 197'). <I r i Han; S.-uc 
Pjnk'1-7 64. i l,i; Milan g'I/73. -.i". To’pTto .SE t'L'fi>. Straus TimfS Iftio. 
.. . Clot. g. nil Madrid SK X-r,: 7T. 
i ci Mootr.aLm rr.dustnal l'l- jl . ; . Sw Iss 
Bank Coro. -n. L'oavailable. 


Amen. l ; «n 4uU 

.\n>si.l.'\aimi»ii-i 29'« 

Amvr. Kte'. h>»- EC ~ 22*4 

Air».,-r. K-.: 381 1 371ji 

Ai-ir".B-'Uiel’i-*l 313 b 301s 

\lr..,r. ai^tliinl... 2-7; a 24la 
Ani<fr. Jl.ii«l\... 6*3 6 

• •r.-r. 5srf..'is%„ 43 *42 Tz 

A I'urr. ^iMWlari. 46^3 d 6 

Am-r.-i-tus 53-; 34 

A nicr. 'I rl. .V le:. 61i_- . 61 

\ frk 351* 34 ; * 

\ M K IB'-a 1948 

Mil' 32 Jg 32 

tiiilvs.... 17 17-Si 

tm tu-r Hoi.-king. Sfi'j 28:; 
Aliuvu-tr hiiMdi. ES**. 23-4 

t i-umi »u?el SOJe 30*^ 

\.r.n 20 2Dij 

. Jin..™ Oil 13*; . 13 1 J 

tmnv 16>t 17 ' 

\-lilan.l l<it 381; 28'a 

vii. in.-lifleid..-.' 51-8 51se 

\ uto ilsla Pro 315$ 32 

ill' fl; SJg 

Wo 2t Ij 25-4 

.t-.ju I'rodu-.u... 53*-i 52<a 

b'nU <Jai hie- Z5^j 25'<; 

Rink .4 iiionra. .. 24 24'j 

lUnkcr* lr. N'.Y. 3b 357; 
I Carter On 2BTg 28lj 

' 11 - /l-.-r Tn.i;"vl.- *■ 2 42U 

Uiianii-e 35'-! 24.'* 

L.-i-i. .a L'l.-L^-n-. ... 37 ', 3 5S'i 

u-n a. Hmw on.... iy '3 

39.-, 39* a 

Uuug.ii-l *H‘ 41j 4ij 

i'cliileliPin Mcei. 25 24'- 

Luti-L a: 19": ; 19-'. 

Itniir* 501- 50 

&■!>• ..asotrtc 29 ie 1 29» 

liiNru 29:i 

E>.ri! Waiu'.-r 5D-: 50>; 

6nuili lui I3 r ,« - 131] 

ilid^n ‘A’ 14 /j , 1473 

Vn«K4 Jljcri 36*2 • 36 

Lnt. IV#. till;.. 155] ; 157s 

Kri^.-kniivijlJii"..' 34 r? 1 34 *a 

L-ruiu>u'i>.k _ 16<i , 16 

Uutwni’- hne...... 19la ' 19 1 ; 

Luk-wIVau-li. .. 6-r, bii 

H-irJiLgTwo .\flm 39'* ■ 39-? 

Liiim,u-Lo 731; ; 731? 

..'mnijiiell Buy. 341; . 341- 

‘.I na > I li □ PacUn 16-4 < IB^j 
L.iiinl Kanrtol |jl 1 — 111' [ 1 1-» 

L'^i-natiuu 1 28 ' 2013 

iinicrkbetitn- 12 ] 12' a 

Oner Hauirv...- ISL I 194 
CiitcrpillarTniiji*,. afi.?h j 56 
CBS 54! 8 | 541- 

tfcm- C'bpjiiKsl_..' ZBij 

I Lira co 287g 

| i»n*vri 44 

I Du Pont _. 1161* 

I I ij mo 1 □ilnstne* 30 14 

j Ka-lc- Fn-b.-r - 281- 

' hibt Airlirifti — .. 10&B 

j haatniao hodaL.. bBij 

| bnlcn 40 

!K. • 27 

; KI t'aso Nit. Ui*{ 17 
hunt ; 55 

KuiOrv-ii Klo'tni" 301* 

l■.lllor>•.\irFr'l4hl! 237g 
: hniliart i 47;g 

! I-...M.I 2i 4 

f Johns Manrilte_ 306* 
Jahnaon Johnson 80 
Johnson CoouoL 30 
Joylianofafitar'a 344, 

K. Start Clatri - 25J* 

fclll ttA I" mmV m S3 
Kaiser Indnatdes 17* 
K*IwrSteeL__J 233g 
Kay.- - —- 14U 

K eim woti^. „ — , 54 Jg 

Km- McGees* ... 48if 

Kld.le Walter 32 U 

Klmt'erly Clerk -. 477g 

Koppenu i 34U 

Ktmis 48 1« 

hJOgerCo 337* 

LeaMfirayTnine.. 34U 
Leri Stratum,.™.; 35Tg 
Ubby Osr JVmd_ j Mag 

U«-et c roup ( 3313 I 33i« 

Lilly tEU) 45i* 44bg 

Li non Indust. _. 20 . j 19 
LoekhaadAlzis’tt 24 ig | 237* 
Lone Scar Into... 20sg f 19 J 4 
Lon^ lnfaum Led? 18?a , 19 

23*<j j hu^-lbard ; 23-4 

50*^ ; h-iriaik 30i s 

20 'a ; k.tlivl : 211 g 

131] I K-. •.;.]] 4i6i t 

17 ■ j t'airohilri i.nui--ral 35-'t 
28 1 2 ( I'oJ. Ilepi. sioi-es. 3734 
51sg I Htteione Tire....; 135g 
32 1 lit. >*i- ttMton.. 29 

gj B ; Mexi Van 22i- 

25-t 1 FTnuL'Ole 23 Ig 

52, j : Honda IVww 29 J| 

25'- j ! Fluor, 37V* 

fg-: , P.31 A ; 243] 

„ ' i Pori it oU-r. 49ij 

j,.; , I'n-vnion ilcU....' 20J* 

ij. I 37Jg 

> n ._ Fraukiia Mint.... 10 'b 
fo * i Kn««rl Miner*. 23 

1 Fruehsnr 3 Us 

4 .J F»,«aln.lf ! IH 2 

' G.A.P 133, 

ZZ * Uniul-II 42Tg 

. I lien. Amt-r. let ' 10 

51? S«-v.r.A 23 

lieiu Caine ‘ 17 

?r. >J • C>vn. Dvuanut-*... 61 >4 
i Cvn. IticviAo.... 1 525a 
‘ 3 I General Panda....- 32 

; General Mill*..... 30Jg 
157g Cuneml Itoiors..., 61 >g 
Oeu. Puk lol.,.. lBjg 

J® lieu. Z:%ntL7. : 29 li 

l® 1 ! ben. Tel- Ele^r../ 29 'a 

b]i Gcn.Tyn 27i 2 

39-? Owvtev. 6>s 

73'e Georgia Vacifiv... 25J* 

■341" -lienyOil— 165 

10^1 ■ 

Hi, i Gillette • 28I» 

SBi? | G cnineli B. K 2l5g 

I ?““8 j Urns; Intend Ltd.* 18?a 
J9 I LoujHsna, Jtend^f 25 Vg 

Sr, | Lnbriaol I 40 G 

oB1 = Lucky Store*..... 15Ja 
i 265] J L*ke Y’nnmt’wnl 7sa 

'< 167g . | Macililtan 12 ig 

J 34ta HUcyJtH..,™.. 4li| 
. 561a I 3tcra- Uinorer.. 37Jg 

231" l .'Iapw :. 361* 

■ 56 ig | Marathon Oil 461* 

25* I Marine JUidtesbi. lfia 4 
24 Marshall Fi eld _j 20 l t 

2Ha I 211? 
46-t 1 4634 

S3--4 1 55 
3734 SB 
155a I 135a 

Maylfept. Sumi 25ig 

MLA Bate 

McDermott 51ig 

MrJJiinnoll Dons. 34 
AIcGraw Hill 8 SI> 

a fst 

isg jsssaa 

s i;» ^ M ob. =|* 

If* J|- Jg 

fl ,a iSS. ss s 

Saul dnveut ® 


ns US HI 

as «|| 

X 9 Sne DnodM'— — J . S5a 006 
*3J» Sea. Container*-— %}** - fl,. 

If 2SB8 .bs='S 6 Hi; 

15 L ' SSSfclZT! 337 8 337B 

SigSdTcMm- 347g 344* 

Solitwn - _®J a 

zliB southdown 35^9 "IbsS 

__ «wtbomGaLid K 5 S 4 256* 

247a Southern Co 16*8 

S168 Stbn.Nal.Uen..- 357a ||Sa 
30ig southern Pacific- 1 33*4 38J8 


Zmi th Bniifr- 



_ 63ia, 

- .Wt. .45?/, .f 


-ia- .'-.ip ]k^« 

21 &s arS-'.L f 

'■»T3fe ■ 

BP paC2tto_ 131a-; 

Brascsn. --les*- ; lesJ -= ' ■ 

HHwn-J— 1 ' • \ «4.fiU ■«4*u.-* 
Caljpuy Powers. 577g - 3 ^. ,T- - 
Oamitew JUnea— 146* - -IS," • 

Canada. GemenL. Id? lojy , 
Oanada HW Ic. „ IOI 4 . j-' im . v. .- 
tlaalmpBnkCom - 28^4 ' 387 a - 

Canada h»dnf 8 ._ flSfia -'eq- - : -"‘ 
CanPbaWw....— > 183* isi£ 1* 

Can. Padflc Iav._ - 808*. . 2 i^' m 

Can. Super Oil ' BBlj aste' %• -" 

" 4.40 - A 55 r . 

darting O’Keefe. 4.40 
OunirAbeatbsL. * 10 lj 

AIcGraw Hill B31g 1 23ig 

Uemorex 473 t I 47 

W.erck_„ 693a 68 

Merrill Lynch..... 20 19>i 

MrsaPRtoieum_ a4)i 551; 
MUM. 34 | 53 ig 

MinuMIngJiMta 637a j 63 ra 
AXoWl Corp...— 651 b I 64-H 

Monsanta.i..^.... 5l5g I 60 

MorKauJ_P._J 49 Sg 491 4 
-Usiin)la.....' H ,.. < | 47rg j" 46*4 
MimJiy Oil.—.L.j 4C»g • 41 

Na 6 uoi>. _...] 2434 I 49>3 

KaicoCbemkal... 28 ' 27'j 

SoothemRoilwayi 49 J« 

. 300 thlmid ! ' 2B1? 

»Vt Dana ha read 263* 

I Sncrrv Hntch.—I 194 
Sperry Hand... ...I 431a- 

squib - | 318* 

I Standard .Brand*. 271?' 

(rational Can | Ida j 163* 

Nat. DiatiUers...:| 22&a 22lg 

Nat. tera* Ind.J 163* 164 

Nacianal Steel ....1 5l5g 3134 

Natomaa ... 44 43 5a 

“*■8 Sumdard .Brandt- x 1*2 

64 -'t Std.OUCabfornte 425» | 42Se 

60 suLDilindions.. 607 b «0' ( b 

* 91 « Sul. oil Ohio 63 627a 

46^4 StaoS Chemical. 421+ 42aa 

41 Slerlio" ring- 153q 16*8 

491* 3tLl^kerZ!... 89 665a 

SwCL... 403, 41*8 

18*4 S untouand 44*, 446a 

-lynt'PT , 287 b 287* 

224 fcctnncolor.. ll*a 

164 Tektronix 41J» 41*2 

I U>l*-~ 

■m: - 

•So . 

^ ' 
86 ** - 

Teledyne 1063a 

NOR— .} 643(4 | 64 1 3 

436o - iTelea.'.— 

LBS 54 ig j 5-4 <; 

i. e tn nr se L'ci.ii .. 42 1 1 j 4 1 V* 
i-inirtl i ri.W.„. 16 Lg | 161? 

t.'crtainie^l ' 23 ; 22ij 

0. Triia Ain-ralv.. : 313g , 3lJg 
l i ia s -1 Manhattan [ 31ig ; 31 

1. keuncHl Dk.NY] 40<g j 407g 
L bctCi.-iyh i'ond.J 25 Ig ! 243, 
t-uirwieayuom...! 324 - 32is 
t.hii.n^o JUnd^e-.J 651* > 546, 

Cbmnialloy.w ; 18;? j 18*s 

C’jryler — 1 lit* , 113, 

Cinerama * 41* 1 43g 

(.'lui:. 11 liar run., 287g ] 28-1] 
Litirvrr- 241* 2 5i, 

Merra-e. SI , 513* 

Ur,- Investing I47 2 • 14, g 

Cula- 43 r? ; 425g 

ilgace Palin ' 21!" BlJg 

».oliui« .U*nian..| X2U | 121; 

Kempton centenary 

(.•iliimbut i.ni5..... 271, 26.0 

C- luintiia Plvt....; 19*1 • 19-i 
t-oi.ln>Uo.c1AiJi! 181’ j 184 b 
V omhnarion Ltu;.- 40ig 40 
*..'ijilujvrU>n Kq—, 164j : 16 
■.’luVth i.-lijoc, 28), ' 28!g 
Coin'i' 'Hi Oil IW 2 is Big 

(. • -ii • m. i*.-M ii •. .. 41/? 40-i 

CnniiHitersvienA: 111, ■ ll-*i 
fi'Uii. Lite lu*....( 357g . 354- 

Course 23 231 a 

Con. bii*. uN.V.! 22 Jo ; 22 

CoDaol 24 23 *a 

CoumjI Nnt. Liar., 587g 39 

Caniuiner Pi*nerf 217* 21*4 

UV-ntnieiiiai '• rt».j 30 ; 301 a 

^■•lo:fnvD^al l >i^...■ 284] 293g 

t. Tele. 161, . 16*4 

Uvn. l4lci-L-iv > — 1 525* bZ 7 a Kept uMBln »p..;-| 18T B 

General Foods.... 32 321, Hi 4 

General Mill...... 30lg 297* 

O wien. I Molars.... 6 Hg 61 

lieu. Pul.. L ai. .. 18i« lBSg Ataicara Share. . J lOJg 

lieu. Signer. : 291, 29*g B?* 

Uen. Tel. tied...' 29** 29 fS, 

Gcn.Trre 27i 2 27i a 2S* h iS' G 5!H ^91* 

l nvttumk 6 ,'fi Rj. NUm butfd Pwrj 266 b 

GW.-JU Ptei'fiZ: 253* 25i{ SHlJSSwiSSy lls* 

165 1 164K Ssssatea ts 

Gillette • 281, I 273, Uourioncal Petrol 24 's 

Goteinch B.K 1 Elia 21^8 Ojp'vy Mother...! 61S, 

12'g !Go..<di-MrTire....; 17', 11*a OhioKdieun I IB • 

191, i Gould - 291* 385a dim — ........j 16 

56 G raw YV. 1L 27 1 g 27 

541- 1 «t. Allan ttecTea! 8 B Orenwaadhij*.... 27 

41V* I Grt. North Iron J 23 227* l/wetu. Corning-.. SOI, 

161? 1 Grey hound. 151, 131* Oneua Illinois.... Blig 

i Ciuli 4 YVestera..! 14'g 13«a lMdfiaGoa .... 243® 

““?* j Gull Oil 2378 24 Pualic TJflhting , 19lg 

5, ** j H*iliburtcu_... j 64 B2 ttutiVr.lLu.. 205fl 

?! | U-mna Mini 341* ' 35 PonAmWoctd Ah 7 

’,; s ! Hnrnuvh[e?^r. — j 15*, 153, KuhstHmoIIId. 251* 

Barns CorpiL— ,| 565* 55 Peabody lot Mig 

Heinz H. .1. 267* S73g Pen. Pur. & Xx„. 211* 

ELenblein i 293s 287* Penny 4.. C 381, 

Hewlett PkckonLl 7B5* 77t* USSfe^”" IQ** 

Holiday Inna..— - 173, 18 goptaDrng— . 10 

Homeatmke 1 34U, 361* ll * 3 

Honeywell 67 U 56i, "I "* 0 31 

Hoover.— 12 12 

H-nn.Corp-Yuiec.1 32la I 32Sa Peridn Elmer— 223, 

HnistMi .YBl.Cn; 27 265, Fist— .... 4.2”* 

HuoLiPh.iVlChoi 105* H3e Pfiaer— 33i« 

Hucwn rK.F. 1 — i 165 * 163a Phelps Dudae™. 251, 

I.C. Industries...' 241, 24ag Philadelphia hie. 1 , 175* 

IN A 41 41 FlilllpMomo i 69 

tiU;eraail 61i 2 6 U* PbUUptPewol'mJ 451 * 

lnlau.,1 Steel ' 39; a 401, FHrfmiy 1 37 

I Qalloo • 153* 153* Pitney Bowen — J 233, 

lnteroont Energy' 81 , ' 8 pi^wnTTm "? riiri 173 n 

IBM — 259.87 257.12 LMADItl *«4l 

tnlL Flar-.-ur^.,..! B4s* ! a4ig . 

IniL Harvester...; 35 ' 333* J PoUwid.... J 38.* 

InU-MlniCbem: 40 G 404, Potainoc Klee.— | 15 

Intl.Molriloois.J 22i 3 i 223 b PPG Industries.. 29lj 

Inca | ia *2 ! 183a I Pojcrer Gmmbte.. 87 

&4Aj 541? | Teneco. 32 ig 

187g 185a I 

215, I 214, Tceoronstnrieam 111* 

34L ! 33S, ite^eo. 24 Jg 

14 I 141* lHnw-f" . — i — 211, 

iSI" i fni 4 Tesxa I nst.m-.._ 811* 

183, 187* Tessat.’il At Ona- 31 1* 

26 253, Texas G'ltlitie#.- 201* 

40 L 391* T^eioc, 44 1 a 

26fia Z5 j, Tunes Mirror. 29fi* 

2|'a 28 limit en { 607* 

263, 261, J 37 lg 

Wt Tnmmeria......j 161* 

B4'- 247* Tranaco 181* 

?i S * I Trans Union. — 36», 

IB • i 17*4 Tran-way Inrr'n 26 tg 
16 } 16i s Trans YPorki Air.} 205, 

__ , Travellers 1 36 !j 

fi. • Tri CoUnentaln. 19fia 

Gonitw— £8i. 
Giant. JfeTwtaitfe - 
Gull Oil Csosda . 26 lg 
Hawker SkL Cun. BT* 

Hoilincer.— ; t53 - 

Home GO ‘A 1 581* 

Hudson Bay Mur *8lg 

Hudson Buy 105/ 

Hudson Oil* Qu .421* 

1^.0-— ; 1 g£ 

imaaco , 333g 

Imperial Oil 19 - 

Inoo 203. 

-281* 90 

26 Ig 26a ; 

"fli* .a*-: 

t83 .;-V ;- - 

32 SU 5 . . 


U V IfliaiU ■ 
33 Jb S3 5*1 . 

803* - w5 J ; . ■ 

3J 3 * • 3!^ j Htliburtou— !— 64 

' Si- Hanna Minin* ! 341* 

Vi? t Hdi! i Haraiachhtter • 15i, 

!!;- ; [Ig gsrfind ss 

!& I — 1 29i » 

117* ; lls, J Hs«-leU PackanL| 7B5* 
4j* ; 43« j Holidav Inna..— ' 173, 

287g J 283] Homeatake 1 341, 

241* | 23i, I Honeywell 57 G 

51 513* Hoover.-. 12 

147* - 14.* H-n^Corp-Ymec.l 32 Iq 
43 r* ! 425* HraistanNat.Gav; 27 
2H-< t 213* HuoLiPh.AlCbtn 1 105* 
12 1« 121* Huthcn rK.F.1— ■ 165*. 

0 „, -- l.C. Industries...' 241, 

2.1, 26.a J fas: V '41 

ioa ! 40^ ! Jdhuu. 1 tfleel 39 7g 

16 2itS l lQ “'^ • ^ 

C-.mmil List* ' 537? 

ll-i 1 1 nth Harvester...; 35 1 333* 

3&®j j InlLMInACbna: 40U 401, 

231* ' lntl.Mnltiloc-ls..! 22b t 925a 

22 1, ■ Inca | 18b ! 16ig 

23; a J lull. Paper. 1 42 ! 415* 

39 1PU 34.1, 34 

213, ; lnt. keeinier . 137* ‘ 137a 

301* i Int.TeU ATel._. : 307g 31 

293g ! Imeai Ha l*g 

161, I loTvaBeei J 367« 351* 

321; [lUfairrmtiouL Ills I 1I*J 

SZ'. Tri CoUnenteln. [ 19&B I 194, 

T.K.YV....; 39 385* 

Ijirh Cantujy Fo> 33ig 331* 

iS? U.AX.... 29 28 

GAK&U 241 a 233* 

UGi 20 20 

5?^ GOP. 21 21 

X?. Unilever — .... 371, -371s 

Unilever NV..._. 607* BOOB 

%l. 2 { Union HaiKarp— 141« 1438. 

fr, 3 | Union Carbide.— 596* 397* 

“~ . 4 : Union Commerce 7S* 75, 

*5?* | Unlroi Oil Call!.. 304 497s 

3Qls j Union Faciftc..... 48 484 

23 1 * {G'nlirrsaL —I -77* 73* 

4 H, United Bnrato.... I So* 9 

32 3 fl UdBancor[.i. ! 32 313, 

26 in USGvpNun J 26 B61g 

681* U6 Steel —1 287* 28S* 

353* U. Technologies..: 441* 43 

i 371 , L; '’' JoduMtnes-.. 215* 

i 23i*> Vugmi* Elect-:. 137 a 137 fl 

I 224 Walgreen...- \ 254 ! 2St 8 

17 in Warner- Ctxniun.' 43 425* 

Warner- Lam hert. i 307* 30i* 

. zo YVaute-ilan'inem! 237* 24 

3 ®, YY'eiivFaiuo i 26"8 267* 

In dal . ._j 

Inland NobUao- 
Lohtew Com.*®*- 
Ua'mili'n Bloodt. 

~ Mni«p y PaymoD 

Moore Corpa— . 
Mn imhiniSIsteBt 
Nonuiua Mined— 
Nonsen Energy— 
Nth a, Telecom— 
NamacOil AGs* 
Uairarood PeCr'ni. 
Psdfic Copper M. 

*3 t.-.12li- - . 
wr? -io?;: 

15 - M4 
V»r J4if7 
'•84* . • 84 j ; ■■ 
4.20 4.16 j 

187* IBIil :: ' 
13J, . :la?4 h 
264- 264^7 . 

l 37J« 364|' . 

3.70. BB3 
2768 : ' 28J« . 
154 15 ■ -r > 

30 - 298* .' . 

324 33 ■ 

3.60 ;®BO r 
1-86 AOS- - 

hscifiePHralann] 34sj . 341* 

Pan. Can. Pet'm. : 313* 314 - >* 

r»dnn IB ' , flBU . M 

Pooplte BeptS- 14J6. il4yS~.Jf 
Place Con 400- 0.96 "■ 1007^, 
PtaoetDevBkjpjnt - 24Jg 
Power Carporxt'n . 16“ 

Price .... : 

Qatoo Startooo - -135^ i.U9£; M 
Manner' OH...-— * 61^i;i . 334?" P 

Heed Stan Ittl* .IttT-f 

Hio Aigom — 32-. SZJlL'l . ■" 

UoyalBk.atChn. Sli,- '319*'] '? 
“ 1873 . 18jt 

Kc^nl Trort 

dceptrelPaaazceal' Big 
soactama— . 88ig 
a hell Canada. — 135g 

SherrlctQJkUnes 6#a 
dtebeoa O.-G— ... .- 27 .. 
almpsona— .. 54 

Steel of Canada-. 251* 
nteep Jtouk Iran . 260 
ypTt gft 37 *. 

Toronto DoirLBk. 10>a 
rnubCanPipeloi 163 b 
T rans Mount. Opr 91, I 

ilnzec. i 124 I 

Union Gas 11 

L'td. JraeoeMinei : 8 - ' 

WralkCT Hiram.. $*J] . 

West Coast Trao. 114 • 
Weston Geo. l&lg ; 

FHi industries.. 29lj 
Fiucrer Gam We.. | 87 

! Western Banewpi 354 

•-■“.H'W Iidln* Si': i 533* i-lirn Waller..—..: 31 

415* ! Fub serve HIcciJ 225, 

34 Pullman 31 

137* Purrs ] 17l« 

31 Ijuaker f4r* 25 

11? ltapl'i American. I 124 

35ij Kaytbeon—.^.... I 47 

11 1 j MCA — 28 1 n 

307# Keimhlle S?e*-“*....| 255* 

| Western N. Amei I 
I Western Union... 

281: * 29 

174 I 175* 
25 I 254 
12 it 12i a 
47 454 

28lg 28 

WesUiigliHe Jileci! 319, 

Wesraco j 26S, 

Weyerhaeuser— | 243] 

Whirlpool 1 23t a 

White Con. Ind.J 217^ 

William Co. 1 ISb 

Wisconsin Elect.. 1 274 

tEkL 1 Asked. I Traded, fllftw 


1 Suns v hand lea dvr 
everybody ru nolice (fli 

4 2U0 yard drive may be at a 
wild ^lies:- (4. 4 1 

Ifl Tears away scrulclmi- 16 . ■>> 

11 Boss Useful at the hue-mil (3) 

12 Liltic Welsh buy's plutfunn 
f 4 1 

i:j Thdiues area retroum sable 
truiii Barking i 4 , -- 4 i 

13 Liquidaied injury at univer- 
sity (3. 2 ' 

lti Une of iwu fur example 
return.- wuh dartiny pain ( 6 ] 

19 Pass on advice about pools 
entry tt>» 

21 Happy with what* inside « T » 

23 Not designed lo keep off 
former workhouse 1 6 . 4» 

25 Foot runner in snow has brief 
mile to glide along »4i 

27 Mavbc Poe's a rahulous writer 

28 Having an effect «*n a work- 
man 1 9 • 

2*1 Thank fti! to ue taken utcr at 
work lti i 

Jl» Idiot chap ha« »o drv>s i6i 

1 Second pai l of Ireland io give 
way 1 4. 4i 

2 Place number of noueotily 

1 3. 6 1 

5 First-class pari of Bible is out 
uncommon <4l 


Following are the winners of 
last Saturday's price punk*: 

Mrs. AI. U. Peerless. 75. Duke 
Road Avenue, Jlnve, East 

Mrs. M. .A. Spurrell. IS, Mount 
Pleasant, Ruislip, Middx. 

Mis. «' I MW ton, 9. Whites 
Tjauc- Kcssingland, Lmvestnft, 

Unusual v.hcr. not keeping 
time 1 3-41 

Steady . she"!' a Quaker »4. Cl 
Fishing pori nothing to add 
tn greeting roi 
Easier break fui >aml CC» 

So pigs may lalk? (Ci 
Kirs! fruit fruiii the garden 
brines a lump t* the Ihroal 
1 5. 5i 

Flair fur cla?»n> received at 
one's peril io. -?i 
Rush lo imprers edilur — and 
io the point tS» 

Line that ha- lu te drawn 
somewhere (Hi 
Astonishing exam rile of chap 
from southern Ireland? Hi) 
Cake found in city den id 
Ropy material for making 
sails (5) 

A bird for lhc Gar (41 

No. ::.iiS2 

BdgBaacSQ; HBBS0K1 

a b ra h * . d a a 
HQHflIHnaE 1 0H00SB 
D n B a- @ B -jq-.B 

a g h _n 

s B- a - >■ ."& :.a s 
HBagaaa , gasaasn 

m n pi H 0 a ci is 
QSjQaag -BaEanaoHa 

a a a n a m a 

BBESas BHEiBnnPin 

brjthn day programme looks set 
lo attract a deservedly large 
croYvd to the Sunbury course 

The jackpot supported pro- 
5 rajuiiie has several formating 
contests including the trainers' 
centenary cclcbraliun invitation 


1-45— All at Sea 

2.13 — Shapina 

2.45 — .\shhro Lad do 

3.13 — Gnsty's Gift 

2.45 — Schweppeihirc Lad*** 

4.L3 — Persian Gold** 

4.45 — Vital Season * 


2.00— Sock burn 

4.00— Mar* I on 


1.43 — Touchboy 

2.15— Ludslonp 

2.45— Ri be 11am 

race in which Guy Harwood. Pat 
Rohan. Frod Winter. Pat Taffe. 
Jan Balding and Barry Hills all 
have mounts. 

I am prepared to take a chance 
with the ex-Irish Silly Season 
four-year-old Vital Season. ThU 
gelding trained by Herbert 
Bla grave vou a competitive 
maiden CYent at Wexford last 
year and by all acu-iunts he is 
ready to dn himself and rider Ian 
Balding full justice. 

The best race from liie belling 
point of view is the S.H. Hyde 
Founders tv. o-v ear-old slakes. In 
this race Schwvp pc shire Lad 
should become the first juvenile 
in win four races this year in 

Trainer. Michael Stout c has 
made nn secret of the fact that 
Schweppeshire Lad needs a fast 
surface to show himself at his 
peak, and with aroand conditions 
Idea) Tor him ir will be 
disappointing if he cannot out- 

pace his two opponents Pedihus 
and Nocturnal Buy. 

Although Pedibu*. a bay colt 
by Sauiingo did well to defeat 
Native -Jewel by 1J- lengths at Ayr 
in his only race, after disputing 
die lead lbrnughoui. 1 believe 
forecast hackers may do best to 
rely on Nocturnal Boy. 

This. 17,500-guineay yearling 
purchase, a bair-hroUier by 
Realm to the Irish 1.00U Guineas 
winner Nocturnal Spree, has 
been working extremely YveU and 
it seems significant that trainer 
Neville Callaghan has opted for 
this event, in preference to 
several alternatives. 

Although Lester J'iggott has 
nnted for the recent N'evrmarket 
winner. Double Form in the 
ppven-fur longs Heror. Stakes 1 
intend siding with that extremely 
speedy sprinter. Persian Bold, 
who. despite not quite getting the 
trap, finished 5lh behind Rowland 
Gardens in ihe 2.non Guineas. 
Persian Bold is another who will 
be in his element on the fast 



.YJlmn: V**n 




Haver. Il,f 
L'iBal nf.xp-! 



Frii-e + or-UiT. ;i'hi. J 
Um. - It't 

"rrteo 4- or i fJiv- llO. ' 
Feb. - I F»- 1 % [ 

l-i- or 

Aart, 5 I — 


J une 2 

I Asabl Gbu-« 


‘Price* I + or 
Yen — 

25 2.1 
20 3.0 

12 2 A- 
18 \ 1.8 

lndua trials , 

!«•■>»• 14 

D-iusioo-t '.rt.'. 
Diiu»ICTt'i Mho 

Lliililm. ; 


Fra-vr Ntav* 

haw Far 

H.iif.r InO... 


Malay L'r-«. 
Main v iVml. 
Mat. I era, i--' 
i.»i'«L Iiid.UL 
fan Kl«,4 lie. 
lf'Ain'.''n I’o. 1 .... 


cinw- Ltart/r.. 
tiiltl Slr.rai;r. 


n'-ratia Time* 
1-w-l f.r.1 .... 

C.i-tj SiraiUTr-adVl jT-oCn 

'Z.Xi 1'ubb 1 

_ F'.-rbao 3.1i 
i.: : I". I.nfineeni 1.M 

:;.ii'tf l-. 5.'.4 

YY ..-Mil-,-., | V.5* 

I.«J. - .tsjwm 

I... i ii- r. __ .. ta_^« 

W -K.-fca.; Ir7 

-• Robbers i 
«.* - 7 1i"i>. Lmianu' l.i s 

Lie;’- L^iaui o-W 
nan* in- | JIM 

.-f;* I 


i. : r 'Yii,i:nl. Am. 

IJ-.— J2.?0 

2.31 K^-i ai — 

KauliiMi- I 218 ,-^3 ld.72 4.4 Moot Hrniw^v... 488 -2 

Ki>«Aii«-rD3I liV..' 94 !— 3 — — M>iilinv> I 158.0!— 6 

K.HD • 176.2’,-rO.Z 16.76 5.3 Farit* I 169.9|+U 

Kni|,|i 94 1-4-1 — I — Faclinirv 92.S/—2 

Ltn.1.? i 235.5O-0.3 16 1 3.4 Feriual-KiL'anl .... 268 — 1 

Lvtii-iihinii lu^i. :1.450 m ! 25 0.8, fV l u|[ia't-CI(*Min..| 368 — Ii 

LiubRiira 110.5. : 9.36) 4.2 j FucIhiii j 213 — 1 

MAN 182.5 ’ 1 £ • 3.3 ; Knfiw IeL-hniMuc.1 456 — t 

Mkiiii«- i.ifi til : 158.5,^0.7 |l7.13i 5.4 1 Kttloiilr j 563 1-9 

Mtlnll^— ■ 207.81-1-1.8 i 10 1 2.4 , UUono Fonlenc.~| 96.Z:— 4 

M>iiu-ur:icrl:iK-k.' 530 i+5 I 18 • 1-7 I GitoUn ,148.5 -4 

Na'Acri.iuun | 12B.6,-r2.6 | _ ; _ [ShialiosalRnnl^..; 1.668 

Frenaraa l»M IW.‘ 114.51*1.0, — <— | »« - 1-2 

KbMmYVttuKIwt.l 188.0- *0.2 25 I 6.7 i releraeamlque^l 745 '-1 

a.-ii<nnc I 262 \ M.I2| 5.4 Wwnwon tirandi -j 190. 5 [—6 

riciu.-n*.. 283.8 -1-0.5 16 2.8 Galnor 1 24 1-0 

?u.i Zi^-kar. 240.5 —1.5 2S.B6i 5.b 

r*iv*<ju ,%.u • i ] 8.8 — u.3 17.18] 7 J STOCKHOLM 

Viutb j J71.8(—0.2 14 4.1 , 


Mu iin«- inn m ’ 


.Yltnu-ur'icr lawk.; 

NwYeIiiiiiuo I 

Frenaniff I »M ICO.; 

A.-ii-nni; i 

?ICIU>'I1» M 

Su'i Ziurber. . ( 

1'IIT*-<-ll .% JO . ...... • 

Yana | 


'7 ,7,71 , Z I Aifttnura » 

■JSSJ-fifi A Tn IJunkm Rubber <91. J 

JbB.O— b.O O r 1.9 ? 

: l SZasSPisczz} 

in %sr- : 

563 — 9 J7 . 4.9 . lnifcj--C'i)r)riRr ' 

260 tz 2 Si Ki£=?8at==3 

J.VS2 785 

I Pioneer -H.75U 

I V* “SJeWWne-, ,( Z46 

If'** Sekmjl Pretotx 881 

rl.56 U-D.D1 i 3hi4p,rin It n-T.* 

| 16 LO 

48 L4 

1 18 Z.4 

*1 30 1.7 

If** l„s? Wtosul PretabL-J 881 +1 30 1.7 

! sbwewto- 1,070 —30 80 09 

;i’5f J+fl-K • Sony J 1,770 +10 40 LI 

| — — ■ Inlsbo .Marine , 237 11 2J 

i likette Cttemlcol.' 383 *4 15 3.0 

;5’g5 i Ifcfceto Chemical.: 383 *4 

'V 35 I “— | 'Z.OBJ 1+30 

,1 »s I’.nn'i lelJ1n 1 11!l H- 1 

103 Q “°' 0T f oLto Moline— ..[ 490 f +1 

-n'la JTo'jf Jvkto Sleet FCwV. J.0S3 H 10 
:S-3i its L..„ 

lXlJ*o:8i 25l6.7ire.emgaumtie-. 74E -lfl I 8A 3.4 SffiSSnSZ" ! ^a'ta £j2' »nyo 

! - 28.12) 5.4 ; MiroriMn tirandi.i 190.5^-6-9 lb.lW 8.0 r 8 ’ 01 t'oHvoShibstira,..i 

:.»+o:B 16 2: B Gal nor J 24 l-oift -1 - ■»» \ * 1. « 2 , — ; W 

1.5 -1.5 2S.B6I 5.6 1 ! lnWI * Motor — , 

t' crainoJk YY" m> B» [ 2B6«b! I 18 I 5.2) 

Voikav« y >.-n 209.8’- 1. 1 1 25 'fi.O ; 

oikav-aeon 209.8’- 1.1 1 25 1 6.0 

1 At! V AUkr-OU)... 

diiccei c/i > •veudoi inr ! -MlnI/inlUlKml 


" , ' l/iv • I Atlaa CupcnlKrlS' 

June 2 ' I’n-.-e J -|- or ! Fnjziil. Ifi 10 * 1 " 1 

, Fn. ; - ;Net|% ' Uofart 

Nrl>-1 2.32S -90 j — ] — 

ASHA ikr.tCI 83.6 Ml -t- 0.5 

Alias CiTcnlKrtr 122M — 1 

IMIloniil 83 I 

Uofora li 5M| 

.Ywhabi lnu-miuiona.1......: 

N'onu Broken U’dlngi <£.<>d 

S-i 1 ’" 1 S82s===z! 

* I 1 1 1 Aler Lx plural um I 

t n ^ ; v * Pioneer Coiktrh- ; 

| 0.6 , a.e lag.j.uticwnwn 1 

+ 0:5 bibioi^^sWi’ — i 

tOjBS ; 

tl.53 Ua.02 

11.78 ! 


,0.41 : 

11.57 ;-0.DI - 
13.&3 .-0.03' 
,0.73 -0.01 : 

-° ua l'oln-pShibaun,..j 143 —2 10 

, t'urav 145 10 

" — tnvot* Motor ; 970 —5 I 80 

■4L03 | Soorco Nikko Securities, Tpkro 



30 { U.7 

xa 4.1 

11 LI 
8 3.8 

12 LV 
10 3.5 
10 3.4. 

Ca nli,. I 186<icj+2 

Cellular* J 226xrl+ i 

blrit 'liir •«' (Kn‘ 1 3 2 Ml * 2 

»,. Bn.'Umb.'." 1.600 |-r 1U 72 4.5 

Ui.'Lort "h*" 1.U5J 10 116 6.9 nncaaoil U fkrtOt 13B IfZ 

C.K.K. Cement.... 1.1&2M -16 IUO 8.5 C-wMte ,, D M I 267 1—1 

to . 4 9 aoiithhnrl Minin]- 7 l-O.OI , L rt-ijiuui.mrt 1 

4 I 48 lJ“ r pl tspk,n,,lon ! l0 - 3s . — - Fenmrane ' 

■■4 I 3 o It- — I tl.88 :*0.0I .ioIr-tb __..J 

it) l 6 4 J\ a * tot,R ";7 : — i 70.65 li-n.oi Scmpent ,.i 

in '44 ' l .«»»<Tn -VinuiefoOeent*} H.J5 j-fl.91 Ftcrr nmmier ....<* 
6.3 • sie ? ' !^!2dill3ir s 11. 6 6 !- 0 Jl Y’eit Manners. ... , 


I FriL-u id- or Div. I'nL 

I % j - % * 

.1 342 ; 10 2.9 

. 262 | 9, 3.4 

• B91 +3 36 8.1 

.! 93 : 

-J 190 +1 I 81 A» 

. 241 1—2 I 14- 58 

.... 42S ’—15 j — — | Kacerata ............ 

hBLs 2.22Uifl '177 8.0 j ilnuu-t-i Kneel 

47.d+1.5j - , - 

, Frl'.e r+ or. Uir.'VUi. 

: fh. I - 1 1 ' 2 


G G S H ~ 


Haag si 
h a m a 

s ni a . 

r _: _ e C L Q a m 

3 G a 

is a m 

Ei naaa 


a . - • a 

S E 


G E3 
D 0 S 0 

______ 3 E 



Ilain:« P.ilbii* 
l.ailiM AllanCi'* I .<iii» 
lunoi Central 
C.-im-K Exi.-r:-,' 

J ulii-i' Ge-i-.ret 

Km... Cr/iidilj ■ 1 utn 

K.inoi Hi^ikiii'i 
Han- ■■ UM. i.jT. -I.OtjiJ 
f.. I mi. NJcdilciratii'n 

banco Poo’jla- ... ■ 
tljccr, Sjiiiai.der '"'0 
KjiR'i ITniuU’.' 1 i.oon 1 

tSanc-i VltntJ 

Han. 1 " 
F.ancualqn . . . 

Kami- - Yort.ilu-’ij 
HnhtU'.k YVlIlUX . . 



Ii. I. .\ra».,rie*a . 

F'-raa 'la Zinc 

Ksol. !tu' Tin’.-' 

Keci-a 1 .OTU 

Fcnu«a • !.'. |, P ... . 

Cal. FTvnados . . 
Crupv YVUrtJU*'- ■*»■■■> 

Per ‘•-n’.. 
■ E 0 

^ + LW 

Itk-rd'icro S3 — 

Mlbrrj Ue — 4 

Paneleri* Kc ..78 — 

i--*(»MliVr 330 — 

I'oiTMlf 211 . SO ♦ 

Sara iii Pisal?:* bl — 

s-.iar.' . . . so — 

S-»ailla . .12S — 

T <. tvli.fiira ... .... 80 — 

T'-rr.i- Ho-'r-. H ... loo — 

Tuba cot ... 1M — 
tiii'O FI-.* 7S.7 — 


• I’:,, r- -t- ., r (TJlv. 

•lunf •' •. nid" 1 — 1 lm r 


A — ' 1 h l.OC --u.tbiJ.13 ' 

U 111 — '"I-* |lnu:<... 2.26 -u.Ji.j.17 ■ 

Fmi-ii hen 1.25 J.16 

lvijj-.Mui-.-i.til’ 2.18 -0.b7j.13 
]#• ,% Y'iw. 'M*. 3.50 'j.idL - !■!■. . 5.0 -OJiil.U' 

l*ir--ii| 1.75 j.16 

• r I 3.10 . ,.>.Sa 

l inn I’l- 10 10 - 0.20 ..oO 

\ . .0 i.,i ■>.. • n 130 

Vijl. Cr.3i.7m. Sharr* iS.'Jiu. 
.•■-•ii-- 1 - Pi.. Ue *Hir."t, Sli 

wv lirn l-,uitiir..2.990 --S ( b.B 

IJ--n l:wijii|iif- 1.920 ’ -140 j 7.3 

-lui* S.IH’J 416 i 6.9 

Ti*. ir.v 3.460 , -20 ; taint 8-5 

tia'-Tuiii hiii'l.... 2.'i45 . h 20 .170 1 6.1 

III' ‘ BOH ; -20 — 1 — 

t n 75b -44 50.6.6 

® 1 g a COPENHAGEN * 

140 | 7.3 

Kiiiim .V.V.IVmei 



I ” ■ q June 2 

TTiTTa AneJa American Conm. „ 

_ | H CUarter Consofadated 

'as* iJ Drtetotactn 


: A j7Zl 5’5 Harmony fZl 

hTi So Rustenbnnc Platinum 

5-8 SL Helen* 

! l S-° | Cold Fields SA 

ql’Z.' f ’i ; '-•“ion Carjmration 

1 v i K ? Bct « Deferred 

ViciUi- Jinn Lai^iu.-t ,61U I— 4 j 


r.iiroLi'nuwii.iv. OJ.'ira *f+A r 3 4 I n. p « 7 

l pnrr L '+ or »'Uiv . YM ■ 37.1-0.3 Z3 ra f ' nc 

,'KmuTI — J !t . .’. • Hcm^-ntFI.-V,.. K-5.7 ^0.7 : 14 ’ A. 3 fl 5 ' £ 3 " d ^'.V 

-j ! , •.IJ.-« u vtnr.F!Lv.: 35.u-l.D- I KfiSS^jSSS -1 

1 iss I, I n (iiiii,..,i..iiir, lm. ic c .c . - Pn.-mdeJU Brar,U 

— i — \ ihii-i^M nkcii .... 135 , — 1 [ 11 

50 . 6.6 lium.'Kn W’_ : 4*0 i + Ills' 16 

— ; — I'nu-ki- J la ill, i 1221;: ' 13 

Kn-il A-iMl-i 169xi I* 23, • 12 

8.1 I llimler LUKi.l'AJ., 

3.1 | K.UI. ill-lUO ... 

, af'f - s o ! 12 4 ’ 5 i Prr-Hew Stem 
174. 7- 5.8 ; — — ' suirooT-in 

l.e Inr. Muller . Ldv.. 455.K — O.'s : 26 ' 8.3 | W«t Dri ,-ronV;.., 

7. 1 Naarden 54.3 -0.8 . 12.5^ 3.7 S2K “ ’ 

Inn Nm.VhI lima Filfl 1 1 1 -J-n O ; u ^ HOlUlnuS 

+ ur j Uiv. Y«.l 

ran rt-uii i in : f.i'Ajxraen.ri.i'j-.. 34.3 — ‘J.S ■ I2.S- 3.7 1 U'exlern TJm.ira 

Fiuan-hBiiken ;1241 ,m *‘« ! 13 'lu.4 NM.N’eilllWJFllO 111.2' i-0.2' 48 i 4.3 - uvu.-m n!,, 5 

I -r. JIvL-Kfnrr.... 361 ;-l j 12 , -l.n .’.’edCrerf BlirFU:. 57.5io *4.0 : 21 . 7.J i Detp 

For. I'aiiir I 74 >i —la j b |10.7 Nwllliiltii.tFl.5i.; 137.5 —1.5 J 22 i 5.9 1 INDUSTRIALS 

H„n, I ... I 12at.,' I U ,N|| L ' ' * atn 

A'-— 'la 

llHh->,|-i |lnu:i.. 
ban-n l'a*j 

lvijj-t 'Im-i'i. *>l 
]„. .n \,i,e- . i ‘I*. 
V-l -rJ ,rn- I-I-. . 

I'nifi I't 

Y ... I.'i I* - I’l 

NOTES: Overa»aa ancea iradude s orcmium. Beia'ai d' a . -iJ-ada are after 
n-uhlioidir.t ?as. ... „ 

f Ull.Hi ciiTi'ijn ui:;.: =-. njiir-rvi^t- uai>-J. 9* P". <s. .11 denar... ur-'-a^ pUsi-r-.'i-- 
siaied. 4 , Kr.nw deuom. unlets othervtf vas.d * 1 'i-.iiom. anirs- 

«nlier*»i |C o -rt.n.rvi 1 Ven .W den, in. anlus* “ih-.-P," j *tj’< d S Pr.'c,- jt til" 1 "1 
sir'th.n^or.. •: l lu.-ui.t l- S4:i!ms. cCsnib j n.ndvna slier n -ndird ri^liLs 
ahd.'ar «fl6 Km- •• Per >hans. I Franc.. ijKrwkdiv *. dmrteml 

alter atip and or rjjjou 1- .Af:rr Iu»'Jl i.3v «. ir.-- n Franca. 

indmli-K L’nilat. <J;V- cNuri. 7 Shar-. sn!:’- * E'- r - - , ' a d !’i- id e=..adn SP-.-cia! 

pjpniML C S:\ . v UrcfScial tratfins. < ftnirt- rr- rmi> vJItrt 

pend'Tir. ' -Y^ted ■ Bid. Traded. ■ ScL«.r - Aisamed. nr L~ ri^tiis. *<1 Ca 
4ind«iHL sc Ex eg iss'je. xa r.x aii. t In!£.im ssscc increued. 

\<inr.lnii':i: 1.275 - 10 o 

1.665 .-1U ill 

1 . iln i ■eiipt 1 Fi .(■>■' 1.1 15nr — IS 

Jfc'. I ’an. i.t-n,. 835 m ■ 22 

li.-. I!. -] 1 589 :.r 2 2d 

. iivui — iii-s*... .. 2.1 lo - JO 1* 

!i..>r«n 1.650 -to lo 

1 ' 1 -n 650 ill .-. 5 

Ill'll -can l , il...-n-. 75.250 — 250 :au 

!»■•. 7.575 ab 

lm-«: .i-«i II a.tOO -25 .'O 

lei-ii-ni '.Fr. IUv .1 . 1.40J 21 

% — £ I.-. 1-jl.i . *.57l'ic . .. 

li't lir,- J.l-Dtf -5 11 b. 

H-, .,...,,11.. I ..-V- 2.5I5 - *5 15 

l-n.-.ii -II* .r.l." 272 I lo 

-■-it'.'- Ki. J.-- .. 3.775 - o5 2e 

|j,i. ft-ui'r- *83,0-5 .:o 

7 Inn- ivrLi-l 1.- 275 -20 12 

m - • s*-r.h* -laaio ■ s 14 

*«i-',i' -I i- .■■!' BSi 10 .. 3 111 

i«i UaoJ. ■ !-.!•* j'rOui .... JJ 

UlV. t 1.1. I t,, r . I'« 1:ir 

'«> 1 Han.U.-stoinl> 

[ li.N'lh’nH.iKrW.-! 

1 'mi.I Kata.-, 

o 3.3 . 1 iln-iBltilit 

W i 3.01 Ibn ailiniik 

22 , 2.2 1 l'r.-vui*lg»iik .. 

22 a.b ' rwf|4,. IW-mnliuiri. 

- t ’— 3-7 J -jupi-rliH. 

lb d.H ■ 

1 J 3.M 

=2 S;?. MILAN 

1 2 a ly ’....." ...I 12 
870 j*2 J 12 ’ 4 . 0 ; 
244MJ— Is ' 12 4.g I 

78 I— l. ! 12 l -- I 

129 ’ 1 — 

libi;| I 11 

368 ;«■ 1 ; 11 
1B3'i.t21j I 12 

: Oec ra-7. 33 - 1 154.2a;— 9.8 ’ 36 , 4.7 ! ^ E ’ t i r - 

"To i Van OrnniL-rwu ... 148 ;-5 : IB ' 0 . 6 1 ^ nc J°- Ynvir. Indusii-ial ... 

f I bLrawl 1 L'i ■' 1 an " m 7 ■ I tiJriQU' If arm 

lm-«: .i-«i Ii a.tOO 

lei-ii-ni -. Fr. lUki . l,MJ 
%— 1 e ».-. Ivl-i . i.37L'ic 

!<-•. llH fc - 2.1<0«[ 

iin.i.-.i,|l.,l'..v7.S 15 
l-n.-.ii -II* .r.l." 27 2 

'■I K«. 2- .. 3.775 

|J,1. ft-Ul'P- -iUJ,D 
7 tun, ivrVi-l 1.- 275 

* 1-1 • -.j-t.l'. 1 a4 2 id 

*m..,i--lt- B33 i* 

-wi-t Hmli'l-.l-. j ',0 in 

nu,tt t lie. I .K'Ji, 4.700 r«(« n 3.0 1 On, 

Zirieh Ini i0.1!5s' 

ab .o.l ■ 

•'U 2.D I Jim» 2 

21 l.i 


,'b.» 4.0 I'l-t.^ji ... . 

la ,.a . ,'iti 

li t-.S 

4 '®(l'i,«h<nod iFi. L-.-..! 42.7—0.3 

■■ r I'lnliin cFI. 10|.... ; ?b .6 — 0.4 

IJjnadiVwsTLldC- 89 

J l.’fdovi, 1 FI O.'... . ; 169.0— J.2 

"■* ! II.iIIUM il’l.A- .. 128.3 

0-0 ' kurvnlat 1 Fl. 5 .'>...: 121 . Bid -rO. I 
... ' liiVBlUui.Jiil li-7' tc.5.6,c — 0.5 

eiaieuliui^ a js.w 1 0.3 

.'iriinfiijilli..';' 125. inj 
— - ' 1 -k v.'IVii . Ill, I.-. >' 106 U . .. , 

- 42.7-^0.3 ' — , — 1 Bayteu- Rand 

?b!& — u '4 ' 17:64; A . lm resnneais 

26.6-0.4 ; 17 : 6.4 j “"sunMia L7i 

39 . I _ __ j vurrte Flnsna? u.W 

169.0 — j!z ' A 256; 7.6 ! •ndusnisl 10.0 

120.5 . w. _ Consolldrftod Tuv. rj.n 

04 a.4 ’a • . 1.1 . a Rdnifs Slar>-; 1 

121 Bid 4'o. 1 14 a .8 • 

1.5. Sir —A S .An /• rt K.*-rRi j«Jj >.\ 

1-nllever ‘11. V-Ji. : 113 Oe . 

t*5.G,c — 0.5 8.3 
2 ^ 5 .!i 5 ^ 0.3 lu • 7.9 
I25.?(d .... 2/. 4.4 

106 U ' So U.i 

113 am 42.C 7.6 

40 7 .u.2 ,:0 1.1 

406.0 33 3.9 

11 5.5 , lAs !*• •» 

26 I* I '•ititlt-i 

.:o iJ.7 j Ita'ivn.i'"*. .. 

12 4 4 ; ilpi'l-lei 

t* 4,1 j Mell'-'.lu* . 
IU 4.2 I M.'nusl'vm .. 
1 J 2.7 I Mincll, Ft,*-. 
4« 2 1 1 Firrlii .V « o.. 

A.OtOn-S 20 3.3 F.rel" 

■C.1J5s' —150 44 2.1 ?maVu->n».... 

: YiK|Urii:ra.|p|«l 40 7 .0.2 .:i 

, <j 6 " *”— • j *Vf>*llan'«iib 406.0 .... 3. 

!J.I 4b2 - 4 - I ■ — 

... 'I.*20'c. — 7 lau as otLO 

.1.517,. -9 l»u 9 9, 1,0 

.... 94 7S.” - 'Pr,.“- L 

, . , 1-. 1 1 1 - 91 wUO 1.7 I .l,iii“ 2 Ki-.-iie' — ; 

,...174.50,-4.26: -- - ’ — - : 

... : aa.lOO-JOO I.2P0 3.6 i.i'iC' i* * 94.0—0.5 V 

... 1 149 25 —2 — — j Unrrc%mU'i 69 . . . _ 

...1.064 *14: - J < rvtlrtUok. lUB.a 11 

...2.100 .—5 • 130 6.2 ‘ Kt-nint.-. • • 23254J— 7.5 20 

... r 970 -Z BO 8.3! Urra1l|la.nM*n - 104.6-0.5 II 

,.... 7O1.S0!- 4.50* — — . NwkRyilM'.r^t 190 -4 . 12 

_J , ? I sivMnnnd ■ ... 96.25 «d *3.r& 9 

1 7!a ' out»s, 

^ J Cri-a:trn»n* Stores ... 

V-' LT AS31ip-ln '- t *SAY 

.'•* ’) :Canhv Rodney 

l’i Nedhank 

t 'r. pj.-*ar* 

r+f-mlT MiUinc 

Prviuna Cement 

Prp:-. 3 Roldinxc 
V.T. 6v»U Mirt'-s Prooertvn ... 
• V •niirandt Crnug . 

. tui.o 

9 6 ■ ^ H*rliS;na* - . . " 

.. S.YPPI 

3.2 ' C C.. Sli, ill Slisar 

8.6 s Y &r*.t. c r.. 5 

IU.6 L'Oibt* . . 







5 JO 

8. 88 




— iufl' 



S 2 .SA 






— 0.10 

Ia .10 



- 021 B 






2 65 




ft JO 


- 0.1 J 





- 0*8 




l ii 



I so 

-0 05 

n rn 

? At 

C on 
: w 

- 0 .« 

1 V • 




-0 4* 

l 'a» 

-0 05 



1 29 

*»«1 . 





1 CHWI6 

l9 7a . 

^ ' Tonics- Saturday June 3 1978 

LI* 4 3 

financial and company news. 




■“ t» * 


i\ : i 

Expects to 
stay in red 
this year 

-iBy'-burTHiiandal Staff 



SEHPESrr^'^he Austrian rubber 
-concern,- turned, in a sharply 
a. increased ' loss -last year and 

• expects^ similar deficit for 1B78 
► as earnings continue to suffer 
t from severe price competition in 

... , ... Europe. . . ... 

... Lopses totaled 'Sch 99m ($6m) 

:\- after, the -. transfer of Sch23m 
}*•*•? from- reserves, -an increase of 
nefir^3fi-per^csnr fnjrn the Sch 
73® recotdefiiin 1976. when the 
company tirade a slight recovery 
. Turnover /was up slightly at 
Sch5^bn, i»njpared with Scb 
5bn, with '»‘ rise at .group level 
of around 3 percent- to Sch 85hn. 
'Semperlt . is' controlled by 

Creditanstalt-.' Bankverein, Aus- 
tria's leatfj Kg bank. With tyres 
accounting fbi- over weU over half 
of sales, it. began, to suffer about 
thrte. jyears ago ■from, reduced 
demand caused by the switch to 
radiate and - speed limits. In- 
creased imports also hit 

No payment 
I at Losinger 

+ Bjr J ohn Wick* 

t : '.. -u •.'• ZURICH, June 2. 

.« THE LEADING Swiss construe- 
r tion company; Losinger AG, of 
- Berne.reco min ends an omission 
V of- dividend, for 1977, This foL 
i lows, a cut in dividend per share 
i to SwFr 25 last year after distri- 
; bution of SwFr 40 for 1975 and 
; SwFr- 60 for 1974. ' Net profits, 
. which had dropped from- SwFr 
2.55m in 1975 tO.SwFr 505,000 In 
i 197ft 'for the parent undertaking, 
declined further to- only SwFr 
: 39,618. 

: Group tnnioyar. was almost at 

• 1976 ‘ levels, however, reaching 
SwFr 490m (SwFr.496m), though 

• this' was still the. lowest level 5n 
the past five years... However, 

; the - foreign snare of ■■ turnover 
. attained a Tecord . SwFr 185m 
within thte 'total; ... 


g; r 

i'B-.; * 
Ifi;I ; 

5 .J7 . JL. 

9 ‘ I 


te, t 

• i 

2t" £ 

B ! , *• 

33% “ 



1 ', ‘ 


li ‘ 

Granges to sell shipping 
side as losses mount 


GRANGES, the Swedish steel, 
shipping and engineering group, 
told shareholders at the annual 
meeting that plans to divest the 
loss-making shipping division 
were in hand. Earlier hopes of 
saving the shipping sector have 
thus been dashed. Both the chair- 
man Hans Werthen and the 
managing director Bo Abrahams- 
son said that they had hoped to 
keep this sector going but it was 
now out of the question. 

For 1977 the group's losses 
have amounted to Kr 891m on 
turnover of Kr, which gives 
an accumulated loss of Kr ibn 
($2 15m ) f or the past two years. 
But, Mr. Abrahamsson said that 

he hoped the loss would be 
heavily reduced this year and 
that the company could well re- 
turn to profit in 1979. 

During 1977 Granges disposed 
of its mining and steel operations 
to the semi-stale owned slcel 
company SSAB. closed down jis 
offshore engineering operations 
and cut back its civil engineering 
operations. The closure of the 
shipping division will mean re- 
dundancy for about 4(10 crew, and 
some 50 administrative jobs at 
the company's headquarters. 

* * * 
DANISH chemicals group 
Superfos plans domestic and 
foreign investments totalling 


KraOOm over the next three 
years, chairman Mr. P. Soltoeft 
told the annual meeting yester- 
day. Overall profit this year is 
expected to be 11 considerably 
improved " in comparison in 
1977, providing the current 
foreign exchange value of the 
krone is maintained. 

Fertiliser sales had been “ par- 
ticularly good " this spring and 

the group expected that the 
second half of the year would 
also see favourable sales on 
home and foreign markets. In 
1977 Superfos made pre-tax 
profits nf XrlOTra on sales of 


-r. . 

i- js • ’. 

■ :S . 

The First Viking 
Commodity Trusts 

CDmmodi& OFFER 39.8 
Trust : - x. m 37.8 

Doable OFFER 84.0 
Option Trast * : BID 79.0 

Commodity & General 
Management Co lid 
8 St 6a urge's Street ■ 
Douglas Isle of Man ~ 

Mr* - 

dividend to 
be axed 

By Guy Hawttn 

BREMEN-based shipping line, 
Deutsche Dampfschifffahrts- 
Gesellschaft “Hansa" tp-day re- 
ported that it had been bard hit 
by the heavy over-capacity in 
the world shipping market last 
year and would be passing its 
dividend — for the first time since 

Both the charter market and 
line services were severely 
affected. Freight rates were 
pushed heavily downwards, said 
the group’s report 
While news of the group's poor 
trading performance came as no 
surprise, the management’s state- 
ment gave shareholders few 
crumbs of comtort No signs of 
an end to the state of surplus in 
the market could be seep, it said. 
There was major Improvement in 
the transport sector in sight 
The year was “ thoroughly un- 
satisfactory." Good results from 
subsidiaries, including ship sales, 
had served to offset « DM 33m 
loss from the shipping business. 

Net profits slumped from the 
previous year’s DM6.3m to just 
DM37.400. Overall sales increased 
slightlv from DM475 .Sin to 
DM50&6m ($243m.). Capital 

investment increased from DM 
143.3m to DM245J2m, while 
depreciation rose from DH40.7m 
to DM44.9m. 

Rapid growth in Swiss 
foreign bank assets 


THE expansion of the Euro- 
money. market has taken place 
in financial centres like London 
and Luxembourg rather than in 
Switzerland in recent years to 
judge by the rapid growth of 
| foreign bank assets. This was 
staled by Dr. Eric Gasser, chair- 
man of the Association of 
Foreign Banks in Switzerland, at 
a Zurich Press conference. 
Gasser added that all signs 
pointed to a continuation of this 

In the past five years the share 
of foreign-controlled banks and 
foreign banks’ ‘branches in 
Switzerland has stabilised at 
about 10 per cent of the coun- 
try’s total hank assets. The 
number of foreign banks, includ- 
ing branches, has also remained 
almost unchanged at rather 
below one hundred. 

Gasser attributed what he 


at 31 it M>y. 1978 £M.15-£n,60 
- P.O. Box 73 
Sr. Halier. Jersey ■ — 
,0534 20591/3 . 

1N“« <Je*Hnx* '. 30th Jurvs.1970 ‘ 

ZURICH. June 2. 

called the “relative stagnation” 
of foreign banking activities in 
Switzerland to restrictive 
reciprocity regulations, high 
equity requirements. Increasing 
restrictions on international 
hanking by the Swiss authorities 
and the difficulty to obtain work 
permits for foreigners. 

The combined assets of foreign 
banks in Switzerland reached 
some SwFr 36.7bn in 1977. a rise 
or 7.3 per cent over the previous 
year. There is a much greater 
relative importance of fiduciary 
business. however. some 

SwFr 25.1hn of last year's total 
Swiss fiduciary business of 
SwFr 56 bn having been 
accounted for by foreign hanks. 

Profitability of foreign banks 
in Switzerland was “generally 
satisfactory ” In 1977. Gasser told 
journalists. though profit 

prospects for the current year 
were less certain. 

Pan Malaysia Cement setback 


ANOTHER bad year for Pan 
Malaysia Cement Works has 
ended with profits falling by 27 
per cent to 3.23m ringgits. The 
group is cutting its dividend — 
for the year ended March — to 
15 per cent from 17 per cent. 

The parent company derives 
most of its income from divi- 
dends of associates, whose profits 
fell by 20 per cent to 23.9m 
ringgits of which PMCW’s share 
fell by the same percentage to 
9.65m ringgits. The company’s 
operations in Singapore were hit 
fay oversupply, as well as higher 
costs for clinked while the 
Malaysian business was hit by 
higher production costs, and a 


fixed - government controlled 
price for cement. 

The only bright spot came from 
its shipping and trading associ- 
ate Twincem. which increased 
profits by IS per cent to 3.1m 

+ * ★ 

Ganda. a Malaysian group of 
companies. with oil palm 
interests in Perak State, has 
secured loans and credit facili- 
ties totalling 22.4m ringgits from 
five Malaysian banks. The Joans 
would be used to finance the 
building of an oil palm refinery, 
and to repay loans which the 
group had earlier borrowed at 
higher rates of interest. 

Dollar slide 
bond revival 
in Germany 

Bjr Jeffrey Brown 

WITH this week’s consumer 
price statistics putting double 
figure inflation rates in the U.S. 
beyond doubt. international 
money has been flooding back 
into the hard currency centres 
of Europe. In the domestic 

bond market in West Germany 
this has been reflected in some 
very sharp price movements over 

the past few days, notably among 

longer maturities with ten year 

bonds rising by more than two 
points on average. 

The Bundesbank has been re- 
versing earlier support policy 
and selling substantial amounts 
of stock — in the first two days of 
the week central bank purchases 
totalled DM 178m but subsequent 
sales have swamped this figure 
— and dealers are once 3gain 
beginning to speculate on the 
possibility of a revival of the new 
issue market. Mucfe depends on 
the success or otherwise of this 
week's tender in Kas.senoJ>hga- 
tinnen Jthree and four year 
paper which raised DM l.Tbn 
when last issued in March i which 
closed for subscription noon 

Beyond this, a DM 700m issue 
by the Federal Railways (Bun- 
desbahn) which was first 
mooted at the end of April could 
now shortly appear, and a num- 
ber of local Government 
borrowers are known to be wait- 
ing eagerly in the wings. 
Bavaria and the Saarland be- 
tween them could shortly tap 
the market for around DM 650m. 

Foreign exchange considera- 
tions remain the markets over- 
riding influence, however, and 
not all dealers are entirely 
sanguine about the chances of 
a ” finm consolidation " at the 
present level. The dollar has 
shed something like 2 per cent 
against the Deutsche Mark since 
Monday last and clearly the 
foreign exchange situation is 
very fluid- 

At the same lime, there is a 
danger, as things stand, that any 
rush to float new paper will get 
out of hand. The backlog of 
borrowers huilt up in recenl 
weeks could quickly unsettle 
what is still a relatively fragile 
new fouDd market confidence. 

Meantime, the oversupply posi- 
tion in the market for foreign 
denominated Deutsche Mark 
bonds is gening close to equali- 
briura. A decision on whether 
or not to reopen this market to 
borrowers is likely to be taken 
next Wednesday: this market has 
been closed to new issues for 
almost a month. 

Flick in SlOOm. deal 


has added to the rising tide of 
foreign investment in the U.S. 
hv purchasing for -SlOOm in cash 
some 4J5m cf convertible 
preference stock of United States 
Filter Corporation, a leading 
engineering supplier for the 
energy industries. 

The new preference stock is 
convertible into the New York- 
based company's common shares 
on a one-for-one basis and 
amounts to about 34.5 per cent 
of U.S. Filter's total voting stock. 

Three Flick representatives 
will he joining ihe U.S. Filter 
Board immediately with a fourth 
to be added later. 

The Flick Group is one of West 
Germany's leading privately- 
owned companies which in 1975 
disposed nf a '-9 per cent stake in 
Daimler Benz for S975m. Its 
decision to commit some of the 
proceeds to direct investment in 
the U.S. adds to a stream of in- 
vcslmenis made this '-ear by 
West German companies. Accord- 
ins to a recent survey. West 
German and UK companies 
accounted for 39 of the SI direct 
investments in U.S. manufactur- 
in': in the first quarter of this 

Mr. Raymond Rich, chairman 
and chief executive of U.S. 
Filter, said today that the deal 
with the Flick Group “ sub- 

stantially enhances the com- 
pany’s financial resources hy 
increasing the total stockholders 
equity to about S250m.” He 
added that U.S. Filter would now 
be in a good position to achieve 
its growth objectives. 

The company’s first quarter 
results this year were bit by 
delays in implementing several 
pipeline and energy’ projects 
which w mil i.l have been pur- 
chases or its air and water pol- 
lution control equipment. 4t 
11 cents a share, earnings were 
only one-third of last year’s first 
quarter. For 1977 as a whole, 
U.S. Filter returned a net profit 
of Sl3.9m on sales of S423.7m. 

However, ihe company's pros- 
pects have been improved by its 

recent tender offer which raised 

its stake in Filtml. a leading pro- 
ducer of catalysts, from 50.7 per 
cent to around 84 per cent. 
Filtrol bad net profits in 1977 of 
S6.1m on sales of $S9m. 

Adrian Dicks unites from Bonn: 
A spokesman for ’the Flick 
group in Duessvldorf this eve- 
ning described U.S. Filters as 
one of the most progressive and 
technologically advanced engin- 
eering companies in the world. 
Some of its interests in ihe fields 
of services to the energy 
industry, chemicals, water treat- 
ment and purification and pollu- 

CBS response to suit 


• System, one of the country’s lar- 
gest broadcasting and publish- 
ing companies, has been charged 
by the Justice Department with 
violating anti-trus! laws through 
its acquisition last year of a 
large paperback publisher. 

In a suit filed yesterday, the 
Justice Department, wants CBS 
to divest itself of Fawcett Publi- 
cations on (he grounds that the 
! acquisition eliminated competi- 
tion between the two companies 
in the highly competitive mass 
publications market. 

CBS already owned Popular 
Library Books, the llih largest 
mass market publisher which has 
sales of SlOni, when it bought 
Fawcett last year for $50m. Faw- 
cett then ranked fifth in the 
market with sales of $37m. and 
brought CBS total market share 
to about 12 per cent. 

CBS reacted sharply to the 
suit, saying that it was both 
unjustified and surprising in 
view of the fact that the Justice 
Department had been notified of 
the proposed acquisition long be- 
fore it went through, and had 
said it bad no objection. 
said it cannot explain why its 
stock price has risen on the 
NYSE, reports AP-DJ from 

"There’s nothing." said Mr. 
James Lange, secretary and 
treasurer of the company. 

Mr. Lange said the company 

NEW YORK, June 2. 

has an interest in a gas prospect 
in South Louisiana and there 
has been activity in that area 
by other companies. However, 
First Mississippi’s prospect hasn’t 
shown any results and “I cer- 
tainly wouldn't say that was the 
cause" of the stock activity. 

NEW YORK, June 2. • 

tion control would be comple- 
mentary to those of the Flick 

With a turnover of DM 7 ^bn- 
in 1976. Flick’s principal interests 
are in the foundries and mech- 
anical engineering industries, 
chemicals, paper end board, and 
plant construction. Its major 
subsidiaries in West Germany are 
Buderus/Krauss Mallei. Feld- 
muehle and Dynamit-Nobel. 

Flick’s U.S. Filters deal is its 
second large investment in a 
major American company. In the , 
autumn of 1975 it acquired 12 
per cent of W. R. Grace, the 
chemicals group, to become the 
biggest single shareholder. 

The DM 2bn which Flick re- 
ceived from the sale of its 29 
per cent stake in Daimler-Benz 
in early i£175 must be reinvested 
by the end of this year in pro- 
jects approved by the West Ger- 
man Ministry of Economics, if 
Flick is to avoid paying capital 
gains tax on iL 

Including its move into U.S. 
Filters and its recent acquisition 
of 75 per cent of Versicherunss 
Holding der Deuischcn Industrie, 
which in turn owns 51 per cent 
of the Gcrling insurance group. 
Flick now appears to have in- 
vested rather more than 
DM 750m in purposes which 
would qualify for a tax break. 

Despite speculation in Ger- 
many that Flick i s in a hurry to 
find further acquisitions for the 
DM 1-1 -bn cash which it is still 
believed to have in hand, the 
privately - controlled group's 
spokesman emphasised this eve- 
ning that it remains primarily 
interested in finding attractive 
prospects with promise for the 
future. “No one is forcing us. 
and we do not feel under 
pressure of time." the Flick 
spokesman told the Financial 


COPPER prices have risen over £150 in the last three months 
with many forecasters now suggesting £1,000 by the year 

While this must remain no more than a possibility one thing 
is certain — commodity price movements will continue to 
present excellent opportunities to the well-informed futures 
trader prepared to take the high risks which undoubtedly 

The first step is to secure the services of a reliable broker, 
one who is prepared to make firm but reasoned price 
predictions at all times. C.CS.T. is that broker and whether 
you wish to open an account or simply receive the next two 
issues of our weekly Market Report Tree of charge, pleas** 
phone 01-480 6841 or write to: 

GGS.T. Commodities Ltd 

e Walsingham House, 35 Seething Lane, 

London EC3N4AH. 

COMMODITIES/Review of the week 

Strike lifts London lead 



LEAD PRICES advanced strongly only those in the market who had 
on die ^London MetaF Exchange been counting on a 70 per cent 
■ this: Week.^ -■ Hie first surge reduction. 

occurred nig Thursday after news . Three months copper wire- 
of. A strike atthe Am ax. refineries, hare, closed £8 up on the week 
inSu^S.- ' . at £797!75. Cash metal rose £7.75 

'The stoppage, followed the es- to OT850 a teooe. Cash Rhodes 
piry- of . the -company's labour rose £8 to £771.50 and three- 
a P ^w one to niontts increased £8SO to 

replace ft. The company produce* in th( , 

a sizeable fall in LME ware- 
flned rncjgL ^. bouse stocks, helped boost tin 

trad is rear. values yesterday. Cash standard 

1 by metal gained £160 a tonne, 

l closing at £6,695 — £157.50 higher 
creased than a week ago. Three months 
tin closed at £6,582.50. £160 up 
spreadi^OTactS tit ^ '$L Joe, Lead on the week, 
and Cottancd Sitid yestEr^iy,-how^ - ■ 

ever; ; y-i yore • no FroSt rears 

PI Thrre^ r numte li»d closed- at Earlier in the_ Wfek stlver 
£339 i50 la Toime £2£75 :up outehe' prices hit new records, witn tne 
week, £22^75. three months quotation breaching 

nn the Weefei'closintSt £329.50 a -the- £3-axH>unce level for the first 
? Q riS ^ on Wednesday and continu- 

Zine pricre also rosei'brbadiy' id ing up to_306.95p. t The Position 
line with’ the- increases ^ ea 

Three months -thdtal -, closed 1 , at it 306.65P an oooce 
£34950 a tonne.- resterday—i gam -Cash silver did not CPJltemake 
of I3IA ^^^^£19.75. thr E3 mark, peaking at .299.75? 
on the week.-' Casterin e -e n tied - the- an d : cl o s lag y es te rd ay 105p up on 
week £20-25 up At £339.50* toque. ' the week at 29&55p ; 

! -Coffee dominated, the. “soft 

Upwreato^ atet&CTSofr ^^after. re* -commodity markets this iwet*. as 
leent troubles in '^teii^- Traders pnces rose : on persistent 
GXmed'- tijat^-ree'- miricet ' was Brazilian frost fears, realised on 

' hn Thursday / ' " a frost The September position 
3 The forE^ Mabiiacenieik that'-responded wjth 

. bit the mam 

coffee state of ParafiS. is 
believed not to have damaged 
the crop, but coming so early 
in the season it produced near- 
panic reactions on world 
markets. • . 

Brazil's 1978 coffee crop is cur- 
rently estimated at about 17m 
bags (00 kilos each), after a cut 
of 2m bags in the estimate 
because of a severe drought. If 
the frost does any damage it will 
•be fo the 1979 cron which is 
flowering at the moment. 

. Early in the week the market 
was boosted bv the tight supply 
situation on the Mav position, 
which expired on Tuesday. This 
was due to an unusually large 
uncovered- position, which was 
maintained right ut> until the 
fijial afternoon of trading. 

Cocoa prices moved lower on 
Tuesday and Wednesday, but 
steadied on Thursday as atten- 
tion- was distracted by the sharp 
rise .in coffee. The market rallied 
briefly yesterday morning, but 
buying dried up as signs of pro- 
ducer selling emerged. 

By lhp end of the day Septem- 
ber cocoa was quoted at £1,6455 
a tonne, down £15 on the day and 
£71.on the week. 

In Abidjan. Ivory Coast a 
meeting of the Cocoa Producers’ 
Alliance decided to seek renego- 
tiation of the existing inter- 
national Cocoa ' Agreement, 
renorts Reuter. . 

The present agreement expires 
next October, but one of its 
articles provides for new pro- 
posals to be made for its exten- 
sion or renegotiation- , 










AhimtaKUB , 


;ne V “JW* 

’Ufa Cafihod0^3-. £S7t.&^; *9 
raflnfli TkL^ia'-.£raO»w_ * 

.-£ 6 »- 



* 300 - 7 : 






£778.5 . 
£778.5 71 

. .(1«U76 







£ 624.76 


£ 814 . 7 b 






£120.6- , — - 
£18?^ : r £86.4 

liuis 1 si 2>J> 

— ,76p!.*30p 

SI - ’ 1 




. priOBB 1 - ~ it 

ber.tpna*-) : an 
1 nalM (««ek 


Am. Ban! 

Wtntw.... . .t ■ 

Brut. Aiindg- nwv *">0 • £1 ® 

■*WL_ H %$£ 

Pt^er, Wbita — 1 

Wls' .. J 
Coeoonti Pfa'I'P I 

LuUead. Crude--- 
Mm lttlsyan 



S& . . -r 

! — 8.0 


rt» 2 sfl p«» -—•■■■ 
{XtSt^rulam 3a\y 

VoUna lnda* - 

a >m2d I Dea. UorwiiU-. - 

WLW-Tfa- J jiMeLJABN-tigrrlc 

— • ‘Kufatoarkila — — 1 


bis*! Nu- a 

riagsr — 

(«6‘.‘ 'Uujlli 

62993 L-lifi 


— — 



. . — 



£83 . 

£ 98.6 

£ 83.6 

£ 6 A 4 





• .2 ' 

£ 6.501 

£ 4 Jfl 0 


S 3 , JCC 

8 Z.KO 





S 532 .r 



£f >87 











S 234 









S 6 BMC 
£106 A 




. ££.916' 

74 £c. 







2P3p kilo 



£2,163 £1,511 
[£ AC62^| £1.-*^ KJrWK 

|7L46e. ■] 



* bM 






• seminal, e****-*"* 



Copper— S trong tu «ctt»e n-sdine on 
tile Loudon Melal Erchjnse. Forward 
moral rose to HVfi on The pre-mar » 01 . 
reflectlns UDcertaincy over Uw siftiatlon 
in Zaire coupled wILb eapectaUons or a 
lurtfaer fall in warehouse nooks. Prufli- 
laktng Uien pushed The price down 10 
090 5. hui Ii recovered iiroiwly in ihe 
afternoon in line wilfa the Comes opening 
to I ouch 099 before doslnc on ihe laic 
Kerb at OSS, a rise on ihe week at about 
IS. Turnover: 50.700 Tonnes. 









1 — 



1 £ 


! £ 



Cash ^ 





3 mnnth»..| 



i + 9.6 



.+ 6 


Cathodes- 1 



Cash. ; 




3 monthfr.i 




+ 9.5 



+ 6 


U.S. Smr J 



Silver was fixed 3.5o afi ounce Metier 
lor spot drliverr In ihe i.nndrm bullion 
market yesterday, at l\S. eon 

eituivilems or ihe fin ns levels '•ere' 
*T>ol j4Sc. up 4.9c; ihree-momh 9M.Sc. 
up 4 Sc: sir-momh SM Tc. up «.1c: and 
ll-momfi up 4 4c. The m«-uil 

opened ai 2SS.599p i543-54ljci and rinsed 
ai tto-30lp »M;j.34tci. 

Sir.VKK Hullinn 4- " r ; L.M.K. ,+ ..r 
j«r | 1 1 vine I — > close | — 

• i»*v or.. pnei mj I i ; 

6|»sr 299.55p +3.5 1 300.75p r5.2 

c monili*.. . 505.6Sp ‘♦5.43, 3b8.1(- +S.33 

Sm-inlh'.. i 5 1 3.4p -*-3.0 ■ — I 

12 m.'iii hs. 33 Ip *4.1 ; — ...... 

~ LME— Tumos’er 199 «75i Mil or 10 0<W 
o^. Morning: Three raomh? .V3S. SiW. 

6.3. 6.2. <1. S. Kerbs: Three mouths 

300.3. 6 7. 6.S. 6.7. Afternoon: Three 
momhs :o«.T. 7.4. 7j. 7 R. .VK.5 U S. S3. 
». 7.S. S. 9.1. Kerbs: Three momhs TOR. 
7.9. 7J. 

IMPORTED— Wheat; CWTtS No. 1 13J 
per 'Tm June £96 75. Tilbury. U.S. Dark 
Non hem Sprinn No. 5 14 per com June 
rSR.75. July £M».2S. AuKUSt £69.7a. iranslup- 
meol E*-l Coasr. 

Maive: U S.'Kreneb June £105.75. July 
nos Vi. 4»/KU« noi 50. transhipment East 
Coasr: Snmh Airman Whne Junc-July 
rM.30 CIj"=bow: Somh African Yellow 
Jum-Juty £S1.50 Glasgow. 


Ve-terlnv’V + nr YtMenlay V + Or 

Lalea 20 kilos 3.40-400. IS Mlon 3 504.00: 
Jaffa: Valencia Lates 3.934.40: Moroccan: 
3.00-3.30; Californian: 3.30-4 .28: s. African: 
Na ve/s 3.I54.2J; Sponia Valencia La4«s 
3.30-3 60. Ortawlo u Jamaican: 5.50-6.00. 

English produce: Potatoes— Per 56-lb. 
Whue/Rcd 140-2.50. -Lettuce— Per 12 1.40- 
l.M. Cos 2JW-2.40. Beetreol— Per 3Mb 
3.50. Carrots— Per bas 0.80- LOO. Onions— 
Per 56-16 260-3.00. Rhubarb— Per 16. 

on! door 0.05. encumbers— Per tray 12 '246 
1.80-2. GO. Nushmams— Per lb 0.2M.30. 

U.S. Markets 



; -1)^ 

! — | 


| — 


i 86 60 








| T 0-10 

•I«n, | 


— 0.15 







. + 0.O5 

M»T | 





Business done: 


Sept. S6 ■ 

r 0-86. 55. 


89.00-631 SO. 

Jan. 91.65-91.60. 


n 05.50 i£i02.50> a loone at for lune-July 
shipment. White sugar dally price was 
fi*ed ai till. 00 rniOOO). 

The market opened around kerb levels, 
bar prices eased later after reports of 
a seJIiOd tender on Monday in Colombia. 
C. Cxarnlkow reported. The decline 
accelerated during the afternoon, follow- 
ing easier New York quotations, and 
losses of up to C were recorded. 

Some short -covering on a day rrade 
basis lifted price* about 50 talus at 
rht close, however. 

Amalgamated Metal Trading reported 
that m the morning cash wi rebars traded 
»■ X772 5. ihree month* f79? 91. an s. 

92.5, 92, 3T5. 93- Cathodes: three 

iinuiths iTSii.a herbs, mreoars, cusn 
£774.5. Ihree months £794. 94.5. 95. 95.5. 

95. Afternoon: Wire bars, three months 
£7M 5. 96. 96-5. 97. 97.5. 9ft, 97.5. 

Cathodes, three months 1791. Kerb: wire- 
bare. Ihree months £796.5, 98. 97. 96. 05. 

94.5. 94. 95. 

. TIN — H taker, owing to tbe rise m the 
Penang price, which prompted short- 
covering and fresh buying, and expecta- 
tions ot a large rail In warehouse stocks. 
Tbe tightness of nearby supplies widened 
the backwardation to £150 at one point. 
Forward standard metal opened ai £5500 
and gained throughout to close at the 
Ray’s high of £5.600 on the late kerb, a 
nse on hte week of about £160. Turn- 


The bmld-up of nearbv cocoa In Brazil 
continued in influence sentiment and pr>« r-» 
tell as buyers retreated. CU1 and Dnlfus 

Yesterday ’• + or Bnainesa 
llilli* t.’lruw - — Ih.iic- 

over: 1470 tonnes. 

I n.m. I 
TIN Official ] 

+ or 

p.'m. ; 



Hteh Grade £ i 




[ Cftan. 


|+ 175 

6695-7 It 

+ 166 

3 months. 


+ 146 6590-600i+ 14C 




+ I7fi| — 



1 + 1726690-700,+ 1B0 

3 Dfinlhs. 


I+1MI 6580-5 | 

+ 1 S9 

Settlem't . 


+ 175 


Strut te B.. 


1 + 22 


Sow York) 

l ...... | 


Moral tut: 

: Standard 

. cash £6.688, £6.716. 

N**.6Ctntri i 

July I6&O.D-B5.D — 17.0.1725.0-1576 

6eut 1645.5-46.0 |— X5.5 TtiSS. 0-44.0 

Dee 1625.0-27.0 i-l&.U 1660.0-55.0 

March IS10.0-15.0 |— 14| .1644.6-10.0 

5lxv 1696.0-1802 ;— 10.6 1621.0-1600 

July 1596.0-50.0 — 9.U 1800 0-1580 

Sept 1570.0-80.0 — 10.0 1590.0-80.0 

Sales: 2.4 JJ >5.363) ioti" of 3 "'VrnieT 

International Cocoa OraanlnllM >U.S. 
coma per P'iujxIi — D aily price June 1: 
132 89 il5T,.v:>. Indicator prices June 2: 
15-day avenge 1W.11 22-day 

average Mr J2 rUUSi. 

9415 -94.20. .Mar — . Sales. 90 1st*. Barley: 

Sept. Sl.OO-KO 75. Nov. 83.65^5.30. Jan. 

86.30-S6.25. Marth 86.70-68 «S, May 91.10- 
91.05 Sales- 95 lots. 

H&CA— Location ex-farm spot nnces 
for June 7. Peed wheat: Lancashire 
£97. iM. Feed barley: gent £81.99. Lanca- 
shire £83 30 

U K. monetary u-o-efficii-nl for the week 
Ircm June 5 will remain unchanged. 

EEC DAILY IMPORY LEVIES and Au*. >107.4<W)7.60 10B.B8-M.7E,[l09.2fi-0B.75 

premiums effective l&day in order current txi 1 1 10.25- 10,611109.20-09.25 111.75-08.25 

U-nr Plus July. August and Sept, premiums |) W '...„;nJ 40- 13.50 112 jJB- 12.35)I 14.75-12.60 
iwllta previous In brackets). aU Id units March .121.69-21.99 12O.S6-2O.40 122.75-20.75 
«»r acwuni per tonne ■: Common wheat— Mav.... 124.40-24.50' 128 ^0-23.36126.45-24.00 

S2.H3. OW. 0 34. 9.17 « 82.83. rest oU). A ))g ! 127.40-/7. M 128.45-2B.b0 12a.45-27.00 

Durum wheal— 127.5a. rest ml <126.38. rest CM 1 130.00-30.75,129.25-29.50 131.45-50.00 












£ I* 

it Co unm 

l.ns i Rye— -78 37. rest oil <saroe>. Bartey 
— 73.66. n.'bi nil 1 72 93. rest Dili. Oats— 
79.63 rest Dll '78.17. rest nil). Maize 
ner than hybrid for seeding)— 71.20. 
r»:-*t ml 1 70.02. rest mb Millet — 80.81, 

rest Dll <81. £2. rest nil'. Crain sorghom— 
SO. si. rest nil ■ 80.13. rest mb. Also tor 
flours: Wheat or mined wheat and 
12S.4S ' 12-8.18). Rye— 122.48 <122.481. 



Hobusras .idranced sharply reaching 
new highs ae,i<n In active mortnnt trading. 
Dresel Kumum reponed. In the after- 
noon, furth r sains wrre regtstm-d before 
heavy dealf-r profiMakins caused a quick 
reversal. The market then consolidated 
and values at tbe close were B7-£123 
higher nn the day, 

steadier cpcDlog on tbe London 
physical market. Good interest through- 
out tbe day. dosing firm. Lewis and 
Peat roDOnorl that the Malaysian market 
was 227 <223 1 cents a kg momlnzl buyer, 



Previous 1 



; close 

Close | 


three months f6.5®. so. 45, 50, 55. eo, 
6a, 70, 75. Kerb; Standard. Ihree momhs 
xe^TD, re, M. Aftenwon: SUffdard, ca*fa 

£6.700. three momhs £6.590, 65. 80. 80. 8a. 
Kerb: Standard, three mnmhs £6385, 90. 
16.500. £6.595, 90, 95. £6.600. 

LEAD— Sharply higher again, owing to 
the strike ai Amu and news of a similar 
gtantfon si Sr Joe Minerals. Forward 
metal rose strongly to close at £337 on 
tbe laet kerb, reflecting chartist buying. 
This left the price more than £23 higher 
on the week. Turnover: 5,475 lonnrs. 


Y t->terrt»iy‘s , 

Ckwe + >ir 

L per iMtne, 




Septemlx-r . 






1938-1959 + 120.0' 
1838-1840 t 1 17,5' 
1732-1740 + MB.6- 
1695-1700 4-114.5.' 
1600-1645 +97.5' 

2000- 1030 
1890- 1725 
1785- 1625 
1695 1655 


a.m. 1+ nr 
Official — 



+ 1 or 









+ 18 

5 months.. 




+ 15.8 



1+ 16 


U.S. apor . 

— 1 — ... 


. — 

Morning: Three months £333. 37 j. S3. 
34. 344. Kerb: Three months 1334J. 35. 
Afternoon; Three months £SS6. 7.S. T. 
8, 6.6. 40, 39. 8.5. 8. 9.5. Kerb: Thrco 
months £389. 85. 9. 7. 6. 7. 

ZINC— Moved ahead reflectliiG the 
strength of copper and lead. Values rose 
to their highest levels since May 1977 nn 
fresh baying and chartist demand. For- 
ward metal ended at £346 on the late 
kerb after touching a high of E350. Prices 
have risen by about £*0 over the week 
during which a small decline In ware- 
house stocks Is re pec led. Turnover: 6.350 


a.m. rj- *>r| p.m. -l+«r 
ZINO | Official I — f Unofficial — 

Sales; £.6^- « 6.9631 lots of 5 tonnes. 
ICO Indicator wires lor June l’ il'A 
cents per pound: Colombian Mild 

Arabicas 1M.M ' 192.50): unwashed 
Arabi-as 17U.OO H67.00): other mud 
Arabieas 174 H7 fl72.B0 - ,; RobualaS 146.50 
1143.08) Par.*’ averaae 1M.5B <157.31). 

ARAB1CAS made advances, but ammy 
was poor considering ihe large volume on 
Robuslas, Drexel Burnham reported. 

Prices fin 4 rter buyer, seller, change, 
busings I Jut- ’ll in+il ■ no, 75. Jll l)U. 
205.00: auk.;K po. -«7T. ’On.OO- 

196.0. V Oct. lSb.50-I90.00, 47.00. l*S.5fr 

156.50: D*?c. lM.50-181.50. +4-75. IW.oo: 

Feb. 173.WI-179.50. +4.25. unlraded: April 
I70.0frl7S.wi +11-50. mrtrauJcd: June 

170.00, 4S-W>. ud traded. Sales: 25 i26i 

lota of 17J31SB. 

July ' 57.M-57.60l 66.40-58,50. 67.60 

Aug. I W.O0-58.M 67.15-67.20 — 

Jlv-nW 58. 40-58.55 1 57.25-57.50. 69.66-67.70 
U-t-lW 60.20-60.26 66.85-50.30 60.M-5B.80 
Jan- Mr. 1 61.5frBI.40: 53.80-b9.85. 61.40-59.80 
A|.r-r n e. 62.25-6P.35 6fl.S6-61.C0 6Z.3fl 60.SS 
J ly-Si-w: 63,46-63.50' 62.05-62.10' 65.50-62.80 
iV-Iim.- 64. 45-64. Sfr 66.2S-63.30. 64.56-63.60 
Jan-31 nr; 66.60 65.70 64.50-64.65: 66^0-65.45 

Sales: 393 1333V lots of 15 tonne* and 
6 is i Ms ot i tonnes. 

Physical closing prices i.bnyerai were: 
Spot S7.25p <-v6.25i: July 56.5 l55.«>; 
August 57 p I56.0i. 


The raarhvi openi-d TOP higher on a tech- 
nical reaction rollmring the sharp drop on 
Thursday However, continued long 
Imuirt ailon depressed prices whhrh closed 
stio'eins losses of Sup. SNW Commodities 

Sales: 3.264 <1.S0H tots of 58 tonnes. 

Tjie and Lyle ex-refinery price for 
granulated basis while sugar vas £242.40 
i same i a tonne for home irade and 
£165.30 [052.501 tor export. 

International Sugar Agreement: Priors 
for June 1, U.S. cents per pound fob *od 
stowed Caribbean port— Daily 7.50 <7.4Si; 
15-day average 7^9 (same). 

HONC KONG— Sugar Futures: Prices 
gained 20 to 40 Da Inis over the week In 
routine trading. Yesterday's dosing prices, 
in cents per pound, were: July unquofed- 
7.60. SepL 7.98-3.1)5, OcL 9.20-3.21. Jan. 
8.40-8 65, March 6.9fr9.61. May 9.13-9.17. 
Week’s high-low: OcL 821-7.90, March 
S.77-9.76. May 8.94. Turnover. 51 <2Si lots. 


LONDON— DuQ and featureless , Bachc 
re pons. 

(Pence per kOoi 


l'estenTys-4- or 


Greasy Wnal 




Julv tO.O 



December ... 








865.0- 49.9 

246.0- 49,0 





December _ 


— - 

Sales: Nil (same) lots of 1.500 k*. 
SYDNEY GREASY On order buyer, 
seller, business, sales)— I Micron Contract: 
July 344.3. 544.5. 344^-341.5. 19: Oci. 346 8. 

347.0. 345.2-346.6. 8; Doc. 350.6. JSU. 
350.9-350.3 , 8: March 354.3. 554.5. 354^- 

354.1, 49: May 357.4. S57A 357.6-357.3. 28: 
July 359.7. 340.0. 3fi0.fr3S9J. 28: Oct. 352-1. 
382.4. 382.5-362.0. 14; Dec. SM.9. 165.0. 
365 0-3654). 1. Total sales: 135 lots. 

YcMenlay -J- or : Unsineta 
(.iw . — i 1 k)»ue 



i numthr. 
b'jnent — 
Britt. V«nJ 

£ < 

, 233.5^4-10 I 335-40 ’*16 
543.5-.75+m.a! 349 50 ^-lfi.2 
334 1+10 | — I 

- _ t . — 1 ZB j 

Morning: Three months £341. 42, 41.5. 
42. 42.5. 43. 43. S. 43.75, 43.5. Kerb: Three 
mnnihs £344, 44-5- Afternoon: Tfirre 
months £348. 7.5. 7. 7.5. 8, 9. S.5. 9. 
50. 49. 9.5. Kerb: Three nmnUis £.149.5, 
9. 8.5. 8- 7. fl. 

Cents per pound, e On previous 
official dosa. * SM per piCUL 

COTTON— Llvcrpoel. N« n>nt or shlp- 
mem salrj were record*!. leavine :he 
tola l for (lie •-'■■-■ek at 4S3 tonne? ncainti 
1.114 i»»nn«-- the previous week. Unle 
Inuuiry ' w.i - ■•iwwwiMred and si.iife i-nn- 
diti«nr- prevailed. F w TjHer-.aH 
rcrtoried. M«i"r imerret was -sh'di-n in 
some Nunh and South American varieties. 

HONG KONG — Cotton Futures. Prims 
fell a furrher U® Minfp ov»r ihe nrccfc 
in routine ir.-idlng. Yesterday's clowme 
prices, in ernts per pound, were: .inly 
57.6fr57.75. Ocl. unquoted. Dec. H.SiASJK. 
March 6l.2r-unquoted. May uiMMtcd. 
Wiyfr-’s hlch-lnx-; July 3R 43-57 -ID. Dec. 
n.ivsn 06. March E2.«M2.J0. Turnciver: 
114 1320) I01S. 

[tpertwine ! 

June 126,00-27.6 -O.90 127.50 26.80 

August ! 127.60-57.9 + 0.20 128.70-26.90 

(ii-ml-cr 127.70-28.0 +1.06 129.00-27.00 

llemnher ... J 126.00-26.5 + 1.16. 128-90-26.80 

Fel'niarv [I26.IW-28.0 + 1.86 — 

April....' ,126.50-29.5 +0.25 — 

June '127.00-56.0 +1.60 — 

Sales: 160 i229> lots of 100 tonnes. 


MEAT COMMISSION— Average falstock 
nnces 81 repreneniauve rnarkeiR on 
June 2; Gb caule fiS.SOp per kg in- 
« - 1.43i, UK <the+[) 150. flji per kg esi 
devi- CB Pig*: 59 5p per kg Iw 

i -2.7). England and Wales— Cattle 
numbers up 67 3 per cent, average price 
TO.Olp « — "J.ITi; Sum nn 45. S per ccnl. 
average iJn.Op i-TjH: Pig., dmrn 3.8 per 
ccm. a very*.-'- 59.5n 1—2.71. Scotlaufr— 
Caille down 791 per cenL iTcrase 63.76P 
i -0.33i: Sheen down 37.7 per cent, 
average If. So i -7.1). 

COVENT GARDEN i prices In sfcrJiag 
per package unlrss slated i— Imported 
produce: Oranscs— Cypnnl: Valaucia 


Jane 2 | June 1 1 

Month hum 

Y«sr efi" 

252.46 1260.34 1 



(Base: July 1. 1852=1001 


JnneS | June 1 

Uonth Kj;ri 

| Y’osranD 

1618.1 ! 1508.5 

1456.6 J 

| 1630.0 


Dow 1 June 1 June 
Jona* {2 J 1 | 

M.HU& i’e" r 
nci' w 





350.46 387.3i 

f Average l92f-25-?6= 100) 





i June I June 
Moody' • | £ | 1 

'P>p OimirTv 022.6927.^ 905.6 608.S 

• December 31. 1TO1=1«)' 

Grains and 
metals fall 

NEW YORK. June 7. 
PRECIOUS METALS closed sharply 
lower no aggressive speculative selling. 
Bache reponed. Copper was lower on 
Cummtssion House selling. Grains 
finished nharply lower In scattered selling 
on good weather forecast lor the week- 
end and rears of a bearish Leslie report. 
Coffee ended limit-op bid In pools, on 
fears or cold weather hi BraziL 
Cocoa — July 131.00 (IS.Ki, Sept. 129.00 
1 129.95). Dec. 124.50. March U2.55. May 
120.50. July 119.00. Sept. U7.N. Sales: 
659 lots. 

Coffee—-" C " Contract: July 161.50-182-36 
1 174.151. SepL 173.52 Md ri«9.52i, Dec. 
IBfl.OO bid, March 16150 bid, May 157.50 
bid, July 137.13 Md, SepL 152.75 bid. 
Sales: 317 lots. 

Copper — June B3.W 764.90), July MJO 
165.401. Aug. 65.10, Sept. 65.60, Dec. 67 JO, 
Jan. 07.70. March 68.79. May 99.70, July 
70.70, SepL 71.79. Dec. 73.30, Jan. 73.70, 
March 74.70. Sales: 9.000 lots. 

Cotton— No. 3: Jnly 58.05-59.15 499.63). 
Oct. G0.6S 101.171. Dec. 62. 15-62 .25. Marctr 
63.27. May 04.00-64.05, July 65.0frfi5.2i, 
Oct. 65. lfr 63.40. Sales: P.6SD balss. 
•Geld— June 182.70 (184.001. July 183.79 

055 JO). Aug. 185.20. OcL 188.00, Dec. 

1 90.90. Feb. 193.80. April 196.79. June 
199 .SO, Aug. 202.90. OcL 20530. Dec. 
206.96. Feb. 212.00. April 215.18. Sales: 
3.000 lots. 

tLard — Chicago loose 22.75 nom. 'un- 
available). NY prime steam 24.25 asked 
i urne num.). 

tMalae-^Iuly 26U-288! i2854i. SepL MU- 
2614 Dee. 363r264+, Mar eh 170. 

May 273. July 274). 

^Platinum — July 343J0444.00 (251.70). 

OCL 2«-’0 1254.201. Jan. 245.70. AprD 

247.00. July 249 JO-2 49. 50. Oct. 2SI.4fr25l.60, 

J an. 253. 70-253. 90. Sales: 3. IBB lots. 

HSIIvrr — June 531.90 (542.00 >. July 535.00 
1545.20). A UR. 536.70, SepL 542.40. Dec. 
554.40. Jau. 558.50. March 5«,90. May 
575.60, July 534.59. Sept. 533.60, Dec. 
607.20, Jan. 611.90. March 621.5(1. Sales: 
22,004 lot*. Handy and Harman spot 
bullion 547.10 1 538.30). 

Soyabeans — July 7624 asked '732)1. Ann. 
SH 1-694: asked (754JI. SepL ««8i asked, 
Nov. 646-644. Jan. 84fr650. March 
Alar 857, July 835. 

fl Soyabean Heal — July 175. DO- 1 74.30 
U8220I. AUR. (IBSJOi. Sept. 
175.50-174.5(1. Ocl. 1 71. 6fr 172.00. Dec. 170.00- 
169j0. Jan. 169.50-189.70. March 171.50- 

172.00. May 173.56. July 172.50-174.50. 
Seyabean Olt-Jnly 2r.Sfr27.3S asked 

1 25 3Si. Aiut. 20.82 asked (27.821. Sept. 
26.13 asked. Ocl. 55.25 asked. Dec. 24.38 
asked. Jan. 24.05, March 23A5, May 23.60. - 
July 23.35. 

Sugar — No. 11: July 7.85-7.66 (7.741. Sept. 
7,89 )7.Bji. Oct. 8.04, J3fr S.4O-B.60. March 
RS3-S.S4, Mav SM. July 9.17. SepL 9.26, 
Ocl. 9 33. Sales: 5,675 lots. 

Tin— 54S-561 a-Jccd ' 545-3501. 

•*Wheai—J uly 323-324 ( 32611. SepL 32fr 
S?Si i330t. Dec. 3301-8311. March 3301. 
May 22S!. July 323. 

WINNIPEG. June 2. fTRye— July 1065B 
bid (107.50 bid(, Ocl. 105.40 asked ■ 107.50 
bid). Nov, 106.70 asked. Doc. 105.00 bM. 

flOats— Jufy 82.50 (SJ.Mf. OCL 7S.B0 
bid i79.50i, Dec. 77.30 bid. March 79.00 

Barley J uly 79.30 tSO.OO Mdi. Ocl 
7S.S0 bid (80210 asked), Dec. 78.60 hid. 
March 7SJ50 asked. 

;; flaxseed— July 269.00 hid <270.50 bid), 
Oct. 265.50 <263.50 bid). Nov. 264.00 asked, 
Dec. 2b?. 50 bid. 

tWhoai— CWRS l3fi per ccm protein 
ennient In store St Lawrence 164.63 
< 166.101. 

.Ml cents per pound cx -warehouse 
unless olborwiGc stated. “3s per iroy 
ounces — 100 ounce lots. * ChlcaKo loose 
5 s per loo lbs— Dept, of As. prices ore- 
nous day. Prime si earn roh. MV bulk- 
lank ears. I Cents per 56 lb bushel ex- 
warehousc. 5.000 bushel lots. Sis pet 
troy ounce for 5n oi units or 98.9 per 
rent purity delivered NY. J Cents per 
troy ounce ox-warehouse. || New ■' B' 1 
coutraci in fa a ihun ion for hulk bus 
nf )D0 short ftms delivered f n b. care. 
ChlraKO. Toledo. Sr. Loots and Alton. 

*• Cenlr per IS lb bushel In store. 
t» Cents per 24 lb bushel. I* Cente per 
4S lb bushel cx-wa/rhouoe, JJ Corns per 

56 lb bushel ex-warehouse, 1,000 busCel 
lots. SI SC per tonne. 

Financial Times 1^8 ft; " 

Benn rejects 
criticism from 
oil industry 

This week’s SE dealings 

, iMemaafeMi 

I Inttrok l30gj I 

'rim®:' . OSfl>. *■ 1 

\ 72ft 4 ^’5 
Dial- nm 

Mount- CtKriott# twi 

SSWT-. 1 . 1-: ::::::::::::::::::::: 35 ! SSW - 3— =: ^ gsp'aflfti 

The lui below recoils all jcrtcrtay'. marking and al» u* Mi«t m-.k.««ts luring the week of any .hare not dealt M yesterday. The latter on he dbttawUunl 4nr : B? *S?/g™ 7 a u . ' 

Ute dale (In parentheses). Johnson »< jq -' 

Th . „ amlt „ marked In each section inllows thc name of im i cases, and Ure iisl cannot. therefore. te regarded as a compteie record of' J ,S2S5Lnie»iilrSr <H. ^ BJ t*"" 4 

section Unless omerwisr denewd shares are II Fully paid and slock I1M lull/ prices at which business has been dona. Bargains are recorded ia the DfflclM J joo 92 S 4 ran OtK5> ' 

W ° U * * aBd 0 ' d»^“omc.^L^H0 n Sd«S[lin l b iES Wtr~t®ro- . ««? 

or ’o eenw -,*09 ihe prices at which bargains done by memhc's "f I ? 5al * •*" purchase by members *F the p«Uic. HarMns are not necfcss^Ky J ,152?s»«ua i Hides. I fiSpl 82t®..‘Pf- 

Friday. May 26 
Thursday, May 25 


MW 1 8MH -iasw •*■ 

Nittttfd <5rt*^Wn» <«>«>■ «• ■Dfi6>: <r :,f 


Hefl swneer-OOM -J gf jfie.-. »...->.v .--f.c,: 

NrJ OanwsiilfflSp' M. .. ;■ . . i r ^i 

The number nr dealings marked In each section (allows* the name of l 1 ” 
section. Unless omerwisr denned shares are £1 Fully paid and slock I1M lull.'' 
paid. 3mtk Exchange secvrifcie* are quoted in pauado and fractions of pounds 
or in pence and fractions of pence. 

The list Below gives the prices at which bargains done by memhes ° r 
The Slack Exchange have been recorded In The Stock ExcJinnqc Daily 
Official List. Members are not obliged to mark bargains, except in spe-w* 

price is recorded. 

SssaKT- r* mmSIeBsm, ■ 

Kelsey ind 


about Blocks on offer in the latest i« iocnoauw im> ml® -a *- ■■ i g™* ff JgSSJdme'ftg %A ” *' 

■ sixth licensing round would not be alJSetxc^eouer s»s.*i9oi w.;® i.® v® 1 Bwrdav* "Bank 129 ' 7 jo :> ji :d •> j 

developed until the niid-ISJhOs. 6 * DC E# ^ h cnltcr st*. 9 i'iu i : Bnn:i.ids ann*-' iivor. ocs- 

MR. ANTHONY Wedgwood by that time we will be able t o ^ ^ u ' ‘ 

Benn, Energy Secretary, yester- produce oil from coal." BRITISH FUNDS (K2K) 

day rejected criticisms from Mr. Benn. *ho was visiting the j;j« ^'k'^ranwori 7973 . 0 ? ‘no- 
North Sea oil operators that he Baeton gas terminal in Norfolk. p....<p 60 ny . 1 bo - si w * 

was favouring the British said the UK would tie self- z . ■. 

National Oil Corporation too >ni&lcienl in oil in 19S0 through ? censers . op Ln^ ja _;;® g 4 

much. the fields now in production or 1 Excneaucr Lit. 1396 JOJ® S ■. 1 - 

The UK Offshore Operators under development. ^ e«jiwu CT 19 m as*. • 1 , b s- 

Association has protested about Bloi'ks on offer in the latest j« epcimouw srt^ ises so'.g ■<* *- 

the draft conditions for the sixth licensing round would not be sopctiicMaiivr SiB.*igpi 93 ".:* 1 r® \ 
round of licensing. developed until the niid-19SOs. * E ., henl)cr Stk . ,, ej 

Mr. Benn said it was only it was important to have a pm- goi!,.. •• 

through the corporation that the gramme uf eneray i-unservation 9 af^ E ”V^? u f‘ i,1> 9 2 9 w 

public would receive the benefits so oil would still be available 9'rt>t E.tncqucr sicei. i9S2 a Pi'jo 2 * 

of North Sea oil. The corpora- in the 1990s. when extra demand 91 .V. E«.n*qucr sib iset 94 -.. s*.- 

non had been created to protect would push up prices. ?«'. 1 i , ? s b”* 

the public interests. There hud • Occidental Petroleum said io;'.dc E*ch«ju-:r si*.. '997 
been no double dealing. yesterday that it had plugged ifp^ i. chequer sib. 1933 <f>. p<j > 97 

He forecast that UK -'it and abandoned well 14/18-^ E „. hcaucr Slk . J998 .jcesg ?c 

reserves would be greater than without finding any hydro- ei'v. j 2 ■. . , 

those now estimated. “I reckon carbons. The well was drilled 'Ig 1 ^ . i 6 -' chMucr M ■ 9 ‘ ' 

that the oil resources will last on a block granted in the fifth ia; s oc g «ci wi u er w 1 ay 1 01 >ve >_ 

well into the next century and round of licensing. ’SSI? St . ' 

! Bargains ai Special Prices. A B^numis « 1 nii» with .,r O-'iwp-n n..n-ni..-mr.- r- -T* nnn._ crcc 

Ksch^riic. * Kansain-S dun. fur .lulay-.d d.-ln.-rv »r * m« biiyin^.in *■ s Australian. OB— .sBahni 

'Mulayao; rile— IMi'xican: JNX— Xcm* Zt almid: »— SSiikjpoic: SUS-SVt-iicJ Sian-i: Influn. 

r. -j. pan:. inn, dun.- cr. vifu* day. t Harpajns done «*Uh members of a recognised StocT icrSSnn^mr 1 tzSpi 71 'J*- 7pcPf. 57®. JSSJSwrn . 

sAijvrjiian: ?U— ^Bahamian: sC— SCana-llan: SHK— SHoog Kuna; SJ — SJamaican: kU) — opcUn?-Ln. 96® ■ t?.;) '*— -fe n., '• 

S i a r,i; ?Wl-3Wesl JndiuD. * Item .M.P.7 C10 p| ' l A\% SWUM-lc- .6«^ lS1,S^ 9^5^; 

•.*.:.•• Kershaw Cft.3 tSP» .15L*?. *J!S .i^ej -- ' 

-, I VITC /,n„ ' .CmiDTO ■>. JilfJ •* ' I.3B' 1 

(ifaO) . BcrwItV Timm -25n7 5O"<0 

ai-.«A,.d— ^ Di*-;oun«» 233. r- ,, _ . , Scsi ana f’Oo 55'...: ■« 

Alien Hjr»ev and Ross Nrv 300 J 1 ' ' Bctkbcll f25ni *030 2 '7 61 

1 , Allied irKh B.infrt iZSli. 1?4 <31 s* | a*ilw<jod 1 IS 0 ) 1SS >37 5> 

I 1 OpcLn. 149 Be**n fD. F.i <Hld 3 > ■ JS Ol IB 

\ Arbutnnm L<marn Hldq*> 135 _* (J i 2 'n I 

I | AiriCraliA and New Zoalaud Ban- 5 U'P . Birmid QualC.iSt . ’Sc fiZ® 7: 

€ iAi> ZB5.* 3 90 j Slrminnham Mint -ZSd' 00® 2 < 

. Z Bank cl Ir-Und 363® i B-vnr.g'; Sior-i A -25ni 153 

■ ■,,. 8 ank of Momrrel i»C2i i4> ,, '.'JS' _ | Black and Eddington ISOdi 

Bank ct New South v.'al— - A J >43 , q 

vn— alien! ind;aB. • * Kent 1 M.P .1 flop* 

Kershaw tft J tSM 

■scriilorn -S. duo W • ' = 5 b< 134 3 6 2 Dupon IZSoJ 71: 5 # 4. IOpcCuV.LH. ITTb S !^ risSr 

scrwlcl Timoo 'Z6oI 50 1 -<t IB (30 5) KotFe-*™"; <"Di -- 

Best and MOo 55' *.: '|. 'a Doraaipe fnterntl. (25p) US UI6I " 5Sfc « UM 

BcslctKlI I25B1 *03® 2 n 6i Dutton-Forshaw Grauq (2Sd) * 91 - Bw - KWIIr Save Discount 

aciiwood iISpi iss Hi 5> Dwek Group tiop) s (3015) " ! L— 8 

Norwest Holst. .T25«j .gap, 

. 5 wto«oawterinB / j3Sn» AajcgL** ' 

12 ill C11/5J 

. - i NcwuftiSwr joiirr’jaow-iiyn^air.-ife' ■ 

Warrants to Nu^S^reaeoCk tlOtn-W j *‘ 

sale Hi - ■ MdJB^IhKnMi^-ltsb). ^ 

I Blaikct l H triton Hln^s S' PCPf. 36 ;0 3 ;pcCnv.Ln. 97i-A i* 

; 7S® __ CHaMings) fZSfij ttthP S 8 

^ Com. SB 

:.a»p?2lpi « ; Sin£iga aaSs^M#-^ 

OJC. Bsxaws- (193E9) 4;jJO-SOy 36o-Q<vscy'- 
Ocean Wilsons (HldflS.). C2CP) 707lT*£~gfX a.. •■•.. . 
• 2 S i ■— >c: 1 •• *...•.■ »-f ■..Tr^. TJw u 

rf— .Van Brt CrinlM. 9aeLnT‘ ylt a’ — . A ~'.ri 1- *- 

Oxley -Printing <*Spi 33 (31^1 y-i%g&£ ■> 
Panto. (P-r tlOp) * 2 - 

Parkland Textlla:-lHKte.> OSftijBO±-<;y j 
Pateraan: (RJ Sons. - 1»® J - «Z«- ; .’T? 7 .? • * 

Pateraon zocl*oiHr-T»»epf^«-^(awaii : , i- - 

• Ellis Goldstein (Hfdgs.i (5pi i5W6 5® *V LcJnncro Cro fl °P' =« 

r. 1 * - Imrm. Drswtiirtc I5DI 79 

Gas plan objectors can 
see consultant’s report 

■S and Finishers fcchonEr-7‘S>cpr. 60 : • 

, Suivwnlt® U5o>* lUTS ^ .••S^S=?.€ -■ . 

> 2 • proton (W- L.) hon .’.ap) 42h ^30Bk-.*.l • :. v -- • 

Ip) 7 25 (90 S) Peak (nvesbomts tlOg); S <50/5l . 

' - peareon Umomn , i^P) .195' ‘ Vt'c- ,. ; . 

* 7. New U0»i peaiSnSlotiarsS^jzsft .1 Tg. . 

, - . PerWland llppy 2CHz .IB .. ■- rv : co .. 

.... .pan rod tlOpj SO® 09 TO|ti < 7 -V.-ti .. 

SocW; 40® Petry (H.) Motors CE5M -203* U^ni- ■ . . 

,i;pcDb..64 (1/W petbow Hldos. HOo> 205^73(3^?.^ ■•.- 
Ujffl l : „ PatcfS - Stor(^:-4)Op) 42®e 

inper :(2SP1 71® Patrocon |12I.®) 6t' r- irf-Tt-li-.- P . 

KJ Pfizer Rk. Cm. S«a. iStlSO.1 

U .0C Tr u a*urY L 

■ i, 1 : 60 ‘ * 

1993-93 61'.® 60 '4 , National and CommercUi Banl.-n Group ; Brick nouic Dudley '10p1 SO- 1 

AN UNDERTAKIXi • wa< given The group had asked the enun 
on hehalf of Mr. Bruce Millan. tn prohibit Mr. Millan a Hnalj 

■i* 1 : 60 ' i. # ■ _ . __ __ , -2 Sdi 76 Jii 4 1 . . a tliol 

" l JPf Tm^urif Ln laDts-Sai a- - * \2 74*tion»l Westminster B*ni Z 7A«r ?7 73 | Brroaenn Processes l3o5 12 
791 a i?I . __ , fFJ 70 ** 7 2 W*rr:in:% gS^ 2 7p:P* ■ Or.dOn >25pj 108* >• . 

“ '*nc Tr4-iSMry L| |- 30;--13 6- -r ; 61© Ln 95 i3“. S- 9oc i Brldporr-Gunorv iHlOgs.) -20pJ 33 i30/5i 

dac T.tJsiiff Ln ®00®.06 bBs^ ■•«© 8 Unscc Ln. 76 'i <1 &« 'Bright ij j Group C25pJ 32:0 ':0 *116). 

*:0 * EucfllrptifS Polo 
i European Ferrlefl 

MM,. (250. M .30 5,- M SlTBiiSS; 1 ^ 

>25p> 120^® i9'r20U Llndustrlea 125PI 137® - 5P ^*' 370 pltnW Bowes SizPCLol ?1T-11V«I‘.' '•■.■• j* ' 

on nenaii 01 Air. r-ruce iUinan. in promun .’.ir. luuian a ami ?.(•■, , i »'«; ai c, .jcs- h--* I ooeunsTtn. 52 ® .11 

Scottish Secretary in ihe Court decision uiuil he bad made avail- ^J^KTIYh ’«"« ' tSSSS^^l\% c „, 0 , en .w' Vffi? JS 2 &J** 

of Session in Edinburgh vaster- able l'» them copies of all reports * :oc imsur, ui. igso-s* 9 . - a •* 2 s-i„ih si. *ubm >z 5 pi 77 30 ;> | Bn tun- American tos 

day that objectors i«» the CSOOm concerning radio-wave hazards. eVc ' ireisurv **.«. i 9 pa -86 si .a "»® i i*o , 5 "' r- i 3 :.»cUnq«.?n? ,, iQ* 5 0 i 1 !/ 3a0 [ B?itiiJh l, Am«»rrcIn * 01 
Shell-Esso liquid ga« project in . , .i.*,r;icuar. thin wanted to a'.oc TreaJur. 'un. 1999 ^ 76 u®' s f?usi ?ai c, 7 » 5 ,cnt H *"* MldB 5 J Hr " i bm!i*i? A ucuop. 

1 British Oredping 12 So > 36 F.M.C. i25a> 67® - Ldndoii , 

Br.l. EJea. Tract Did. -raoi 107':® 5 F.P A. Construction Grp. (25n,_1 5H, -(Iffi) 7*®i ; 

6 7 

British Enkolon i25bJ 74® 

British Home SLor^s 25 b> 194 3 S 5 
British LoyOrd Ltd- ■'SOpi 23 1i 1 

Filrhsim Uwson ijSpl 5B>i® ~ »u . 
Fiirtlough Construction Grp. (25 di 72. 1 
FalniiMM EOitn (lOM 11* diet . 
Fsrnefl Electronics (2001 276 
Federated Land and Building C25p> 43 

Mr. Millan makes his final deci- Lord Dun park said ii was very I , T.e»ury Ln. 199 s 99 v® i*® ■- 1 Ba* c«i 9 rrm<.> 0 n » 2 sn 1 F 5 ® h s 

sion. He has given provisional unfortunate the whole matter of ^ 
approval to the plans. radio waves (lid not come up at ii 

fn view of the undertakings the the time of the public inouiry. \5 
judge Lord Dunpark dismissed a if Mr Millan continue dnot to 
petition by Abcrdmjr and D.ilgety allow the other parlies to see '?! 
Bay joint aC inn group seeking an the report there wu? a vory real ‘ p - 
interim interdict against the danger nf having his decision sr* 
Minister. later overturued. 

• London and North*™ Grp. UWP2 “I® 3 " Press IWIIIIam/ 5c,- CSa/-24',J® 3^.26* 

. (ZSp, 15H,-(1/6I 7® 61; ^ , PressK Mdgs. (IOoJ.BT * ( 3W5)i.mM £ X 

58>i® 7 »U : London Brick I25p> 70 *, Pf. 104*1* 59.4'x- .* • .* 

Grp. (2 Spi 72 IS tongton Transport Hldgs. ti. 19BO- ere*l9* &P. (25pl 1S1 • * - 4 

11* n f «1 VoiirtK* t2Spl 6B J 6U S A«l?s &3P 21 9r««w«» Hito (256) SI'. • • 

It 276 BS 64 11 / 61 . BOCLO. 19B1-B5 Bi® 4* ,, rtCTt IB *nlamrn) Sons (HMgs-1 Q5n) Bt 

illding Osp* «3*r (1/*i Pritcfiord Sanrlon Grp. (Sot 35 53.. 

Lookers iSSpi 60"; .eg. Proprietors of M*V% Wharf f**.- Bi-*e *• 

das.) <2So> 131® low and Bonar Grp 'SOP) Ln B9I. H 6) - - ' 

LOOK ora, i* Jr/ i cm re, I f'ropneiora tn 

(Hldos.) <25p) 1 31 ® low and Bonar Grp -SOP) IBB® L n. ret ( 1 . 6 ) w . , 

... tow fWm.) C20 p’J°D® , 0 7 - 6 * 7 * » Pwltmzn iR, J.J <Sp) 86 (31/S) . ' *• 

Hldqs. ( 2 Sp) 109 Lucas India. 308® 10 ® 10 »• Vi 7 b>m ?** HWbi (2Sp> T07® - . 

_ 7 t*pcLn. 72 ', 1 1 » 6 ). lOJipcLn. «1. py C of Cambridge S»mcPC 39 (1<6)- 

’°?io^*tnn. • .it 155‘i:^2S.. 73 ... „ ^ J-) <hW.) (10p> tO ^; 7 

it w iierj“" — - - — - - — i u.i ir« n i 4 . ant | ... . .. — - 1 - * i rmu'Dn inuiCHThii nuns. i43p> lira Lucas innut. ainnr Q - ui-ni- 

,J '» , rt _, . ...I PI 31 . 7 6i. 7pcP(, £7 '/6i 3 'jDC 1 ■ 4»;'» -.* J31 S' , .. , - f3i;5« 7t»peLn. 72'> l1I6). lOJipeLn. 81. 6.JPC 

lai'Of Treisur. L-. 1997 107'.® 6 4 Dh 77-7? 9«. 3'»orDh 77-7= 9^ Bnlilh Northrop 3 0p. 33 *1 S' [ Ferrw Pickering Grp. ilOpi 77® 1 Ln. 122'.- iV6) 

1O0*.:A ioS* '« ..... - . B'.ocDb 72 <4 <1 6 >. T-urUv m 92.97 I BriUsh Prrnllng Cpn»*. 5 p, 5. j® * *• i Fertlnmar 'B.i anH Sn-« (2Dpi 30® . Lyon and Lyon iJSf 7S M.'o 

1 3 ':Pc Treasur* .1. '993 7 0 j ,® s r« fij-.,;, 31 .® 1 4 . j ..peBPf .42®. B-.-aeOb 66 »1 ®,. 3':PC . ■. f <e(IW Radio llOol 78 LVOIW >J.I 9B® 7® 7. 6peL"- » i J1 sl - 

14:«C TrMturr Ln .LI 94 .’’? .. . -.1***5 Charrlnqlon 7‘«s<Uns.Ln. 5?' 35 . . ... . \ Fit* Forp* IZSpi 501- <31/5, BltpcLlL SB 7t (I /61 

Q— «— S 

Open-cast mines plan 
‘would be appalling’ 

j-.pc Treasury Stv. 1979-81 'Reg.* 83 

i 9 1 . 

: j Courane _ji.ptP*i. 74 .OPS’ a'-stn 1 , [ B ^ le g ^ , *gj >ritt * r '' " AZ) 6380 3D ® [ c , -ii-vi. e .' « ! " l *lnw. r , IIB f 20 p, " 77 ® 

41-n'Db. *2-87 7 5 

(iji'e-i 15001 '9« 

-fl/B, Mackintosh Uohn) 6 ll?f fl , 1 5 ; 2, { 
McNeill Grp. (2Spi 50® (1'f) 

Rank Organisation 

l® ^nrt'a^SouthS™ (2SP, 203®. S JSpcj PI. 48^ 
n-V. M ^4,IU &p 'MouWIngii (IO") H» • a"'! 

ation (23 p) 258 4 6. 6i«c 
Spc2ndPT. §2* n/6). TQTjpc 


THE El'EEi'.T in :i be/iutiful jn ihe count v by 150 per cent. i 

area nn the Cumbria-Xurth- It also decided t«> ?u ahead * 
tunberland border «*f suggehted with preparirfa a minerals plan Jl; 

■Vo,. A <25nl 47“ 40 
, 'urn’cir Ins<?s7*. Sol 18 .- 
Bnrni— i ,0-i 30'- iJO.'S) 
| ’urrell So) 10“ 10 

GEC-ElliOtt-Auto it ation 6 'jPCDb. 61® 

G6I Ini. <20p) 75 

GallHard Brimdiev iSp, 56 H;6i 

was speaking after attending 
a public meeting at Haltuo. 
Lee Gate where residents 
unanimously opposed proposals 

Beer campaign 
bv British Rail 

Marshalls iHati»a*i i 2 Sp> 97 • 

Mars nail's Unluersal iSSpi 1S2 (30/5, 

M0rtln-BM;k >250> -S3® 4® 

’3»C T'MSJff SJV. 1990 106® U® 7 -4 •. ~ ' “ 3 , , 4%, a - «• ^ 1 R r-*;o ~ Odnf 1 ’ 7 16 A '50pl I Gart'^Lmev'Tnri (to'. 14 iilfii' . Mnrtln The Newsagent t*5PI 2 (i;5l..‘ 7lipdUns-Ln. 1996-2001 56® k 

•«s?5;sr»'.i.-cn-‘iqa(.' , w-;® a-^Jaiu?^, B^Dh 5 ^--. ,, * ocLn - 69:e gs:; isWcV^ 0 *,*^ 

•/jrlA'e Pifi Treasury Slk. 1981 9B'‘i»0 ?, h . T^.V, Vi-Ob^W.-J Va^'' C — D lbl£ | , A. r, * k j.f ; Z 0 ' n 2 , 3 §8 6) 1 ‘ m1™.4u^25p. 1 31- 30 .3,1 51 _ „ ' Ln. fesi^Sf®”^' 

'i'-rzK-JV* ,: ® ' "" '■ r, .2501 95 I gs. SSu S ^W'V^i 5 3i?!osV ' S1 %}■ co° . |££| 0 * *ssU 4 6 ^7 KS^isSaUu/ei . 

W'~- 5,;B< 6M - S,k ,976 - 79 95 '** : ^*Vre 537 , - Iff.. 8! WnS'Va'Llk M.^ore MIg ^ lS^ gen^l, gp. ? 10 » 

V" *-• Srt “ !974 -” ^ 70;o "- :6 ’ ^ ... « so«. ®E ^ 

British t a? .'c Gld. Slk. 1990.95 44, .» -T-U-lr. -0-»S 1i« .'/l'' .pun-en -2Sp» *5 . A l ’;. 1n . ,1 J l 1 at-pcUn^jcTLn. 82® 11 161 hmtmx OHtoiiuht TOSpi 64 3. Z. (3®9L' 

3-'a V i> 'a Ir ,*** 4 C •* •T"'* 'S*' i Canilo^d Enqiiujrir-q • 1 D3' 06 : G-MOns Dudley iZSPl Ti|*® rtmiir®q Groun i2So> 9?t Mf»w Ord flSot HlSi ». .‘j ® 1 

North ol ^coLl.i^d Hydro- E let. Board North Yo'irg -'if r T“ TE2 3 { Campari 'ZVni 1 23**- 8 -20D) 1 1 r!hK? n ^ x i5*u ni! , 17 |i 3 a* Z c Meialnx rHrd95-i <5 p» 46 4 i30.3* Rex morn CZSoi BS 

cfSeoVand Elec. aocGtd Srk 1977-78 CWALS * ROrKS (7) NV * (SftnSf'A, 105 a6 ‘' VWimSiJ.J, RiaTte EiSSeeS C192TI f2SP» U7® 64 

Reed [Austin, Grp. '(25p,.91 (31/5 l.a 
25a) 90 131/5) 

Reed IntDi: 122® 2 1' 19* 23 4 20; &%pe 
Unf.Ln. 37 5 «l fSOySJ. 

Uns-Ln. 37 5>i {30.SJ- Ji 
2 *1 7iMsdins-Ln. 19 
• 1.6). lOocUnsiLn. 71 i® 
Reed Publishing HMu. 

Reed Publishing HMoc. &hpri»,.71h 

M'BL 44ncllrt*.Ln. si^e SOMLi 9peiM*. - 

by the National Coal Board for vuMrHKRS ..fferinn "r, 
open-cast co.> mining. The area p,^ a pint of dValgft be- r or 
ESSSS a a n °rtf a .. r ^ Ul , C ? in « lager are part of a campaign ?o 
L^,?r? t " d 35 ° f e,rCdl scemc he launched by Travel lers-Fa re. 
nc fZ- „ , . , British Rail’s catering arm. on 

Ln. 6S>4® 31® • '• 

Reed (WiHtnnw BSP/ N* (?<«:- • Si.- 
Reliant Motor Grp. f5pl icfln* (|„ • •- . 

Refiold 1300. 2B. 7»»cUra.Ln. 

: . 1 6 1 iCe kirns '>50p1 12* -31 31 

Rantofcll Gn». flow 58*2. WB> „ - ' JJ- 

Row it k Grp. (25 p). 43. lOpeCuv.W'ttf 

Gibbons iStanlcy) Ini. i,25o> 171* 3 2 
Gihbs 4 Dandy Ord. ilOpi 30J tl,6i. 
N.V. A Ord. ilOp) 2fi: (1/6, 

Mo-ift-rn Ireland 7oc E.' chequer S:t: 1982- I Mancbe7“?r Ship Canal S"i >1»6). S'.pc '^*Pc Indus^ies 7'.pcDn 71 4 5- 

! 1984 76'. O! S Db 93i-0 ^ Taolan Profile C-o. '10m 103 1 

N.V. A Ord. IlOpi 2fi: (1/6) Gp. .25 pi BT® 

G ll 4 Dultus Go. »25 d' 273® 1 

Meyer <m , rasp, oa a 
! Michael ij-i rSjylle Row) •JOp* 10 
Midland Indusis. 5 p) 43 2‘: 
M.iOury f25o) 110 

New Ord. [25a, 664> CUV) 

R S rdo * E^neer* C1927, 725 O’ 147® 84 

B .. . 

Richards WoWngtoh hid*. MOp) M 1 • •• 

Richardsons Westoarth (SOW 59® W 


level of opencast coai extraction country, British Rail says 


Changes at Don 

Bath lliapc 90 i 
Belfast 6'mc o9' 4 lliS) 

Birmingham Carp. Bpc 90'< M 6>. 9Upc 
95 i «® f!-8> 

Bughton Ciru. 6 ,oc 9Si- 
Bristol 13'4PC 104.; 1 1 .'Sl 
Camden Corp 6 “pc 97'it.O n ; 6i 
Cardiff C.r. I ISC 94’.® (1 6, 

Cardiff Corp, 85 l1,fil 
Coventry Caro. 6 a: ga'-'i, ii 6) 

Dumbarton C-C. 9'.-ix 94“ 
Edinburgh Ccrp. 6 ;pe 9f.i il n) 
G-asgaw Coro- 9 '.pc 91 . (16) 
Gloucestershire C C. Si^r go < f) 6) 

Adwest Gh. I2$p! 258 J .16.' 
African Lakes Corp. New Ord. 
Alrhx lid. iZOD. 53 ;« 3 2 
AkA, N.V. Ord. IFI20I f 1C : 

Li®72. S l 3 4 0 i 5. 9 ‘ PCl - n - 70 “ ,3 * e G^nS tlS. . 5toi U 4* “ * i 1 4 16 1 0: aSP> 56 r31 " 5 '- A . US “ 

Cawday Industrial Hldos ,25m 30® pf ! ‘47 4 r30 sF‘ iP-SJain? Ln' 3 9S 5 ii' Morrison HWm.i Supermarkets ClOpi 77® f50p) 410 

Central and Sheerwpod f5m S5“® 9 8“ f?- S'. B'.-peUns.Ln. 9S'a. ICacI 6 (1 New {1<tal 76 „■*, RBWP Crp . 

Alhr-SM 4 Wilson «ZSm 131® i,® 60® 1 | 8i:Ln.65 ; ,"76 
“9 I'l.? _ I .Tent’ral Wjn.m 7I.i 

Central Manufacturing and Trading G-P. 
llOut 54A. Now I am 330 4® 2 -« 2 4. ,, 

Anein 4i ,i. £ Grtlt UnlVfrMi 5torK A 4>D| Z<< 

t€ Mackintosh C50i» 

*10® (II* 8 '< 6PC1SIPT. 57 n« 
Grp. r*5p) B* . • ^ 

Alcan Aluminium 9 dc 156 9 
Alexanders Hides. '5m 20 
Alginate Ind. >250' 260 1-3 SI 
Alida Packaging Gp ilOm 92 i® 1 
Allebonc 4 Sons MOpi 7 7 .30 5i 

Central Waoan 7 >jPCLi>. 96 131 3t 

ineat Universal Stores A TSoi 274* 5» 
2® 4 70 3 68. 5k.0CUns.Ln. 38i fufii. 
B IrpcUns.Ln. 67 i® 4 

Centroway (SOoi 251® IlncPI 103“® r^SKinV vtidu. 

rhamborUIn Phioos MOW 441 -31 Si C . I S7?, ,,,-un^l,l 

Change Wares non 22 131 '57 Mlile-rc rlttai 51 

Channel Tunnel Invof-montS -5n. SO fJI 5j Hr SlSSSir GreK® (28®, 65 


Grampian Regional Council lO^pc 94‘« 1 1 .pi rl.p.l 97“ b. .16*. 

'l iPt ilA Jl £.S9p: EEOod) 47 ,® 
Herd C C. 5'jpc 90 k® .1-6,. S'l-oc 
* ,7- b «K 76 ■:« 4 H«i 

DON INTERNATIONAL, Man- as senior director. Postal Services. ■' t *l, s U ? l '- p £, 1 1 00 >n« 3< y* ' 

Chester, a Cape Industries com- Ho will succeed Mr. Kenneth Tei K a,lJ0S1, 7, '' BC 

pany, has made tiro Board Gowen, who is relirins. Mr. K. L, i 3 Tlp£ >l ]n , ^ ,,y °* > 1iBC T0S '* i: 
appointments. Mr. Keith Hardisty Noble, at present director. Postal Liverpool corp. 3“pcsik 271 , . 
be conies financial director and Mechanisation and Buildings, at ‘‘-I? 3 nfS. Re ^^ lfc -' 

succeeds Mr. C. J. Davisson, who Postal Headquarters, will become Northampton fine »7*?3i s, ' 
has been made commercial direc- the new director. London Postal m> 5» I 9 .1 , '6 , i 30 

A .5d: 35 : -31 5- 
Arnwan (A i (Hldas 

Cocktodgc C2Sol 65 (30'S* 

Cole IR. Hi C2Sm 1-18 <1*61 
Coiaale Palmolive rsusu 16'. .JIi'S' 

tor. In addition to his res no ns I bi- Region. The appomi meats lake saMord^coro. 1 s^p^si®;^ " 61 1 A^nlS/ge snanu Crma Hsm 65 “* r' , 7 J - cc»im» twiuiam, son* t25p. 144 ,so.s» 

L ,U ^w 0 . r l vi h? „ C0n \? Ut n a,,d diSt -j; pffert rr0m SeP, l m ^ r J - SaSSgfc’a;? 0 #^ SB... .30 SI. ,, W ATm Slr 0 n e EcuiBme n, non, 65 ® 3 .. 4 Kd" Kfilbh 5tPr« ,12. : p. 94® 2 

buljon divisions, Mr. D3 Vision Lit II * 96-, 6.16) I TJctaoIn Shwlu cmlw fo isgkgT ** I..' »b » 

also assume responsibility for the Appointed a director of -SMITH sXKd’iJ^c 1 im® .. s . | aSto-nIc "^* 2 j^pfm. *3 .® „ c^pa."'-::^ 94 - 1 ®°' ' ,30i,> 

co-ordination of forward planning BROS, stockbrokers, is Mr. s»inie» 9i®c »'• ;*i s. a**oc Biscu.t Mmtr*. .'an.' 53 ® 6® 2 cvnptcn u.> sons a webb I 20 p« 37 i.® uk 

anrl nrir*inal fviuinnioni cul.i. /nr IliAml Raalh TauwviJC I0.‘»c 9J.| 3 BSpc 4D ,30 Sl “ ' : Comrrntf.c ilOpi *0__ , . . . 

Combined English Stares i12';pi 94 ® 2:4 
3 4 

Cornel Rapiovision i5P< 726 (30 5) 
CiOnpAir :22m 94 T ;® 

Hargreaves Grow QOd) 58 

Harris Sheldon Grown i35p| 56 “® 7 

Harris iPhlUp) 'Hkigi.) a Do) 66 <3015) 

Harrison Sons r25p) 61 

Harrison rr C.f iZSol <19 '16.1 

Harrisons CrosBdii o450® €4-‘« •-« ■„ 

Hartwells Group i25g) 98® 7® 8 6 

16 14 IS. 7’*ocDb. 67“ '1 61 

and original equipmem salon for Michael Heath, 
the Cape Automotive and Enein- *■ 

eering Division. Mr. Harold Elans has reiircd 

+ from the Board or regalia specia- 

CapL Douglas Buckley is lieinc ^ ls & C(MIPAN\. 

appointed commodore of ihe BP .. . _ * 

TANKER Company Kloel in sue- . d , e , pu ^V-/; l ??. I . r ? lan nr ,'™ E 

cession lo Commodore Alan CLCRff.AL. 

Davies Mho will be retiring in AhSUR.-V.NCE SOC- 

IETY is Mr. C. K. R. Nunncley. !a» 

Ln. "Go ■! G 

Ln ^7 7 apeUnv.Lm. S9-‘i 

The Secretary of State for In- 

entry Airport, ha-, made three 

£33 STuTffirffJSfiiSf ase-isa “ Ji: ^ 

Crouch Grp '25pl 70 High ims I25pl 53 I30 5 1 

.Crown House i25»l 53':® 1161 Hphlang FleclronK* Group I20 pi 29 

I CrwMIate iHIdas.i «SPi 29 -, 9 .Hill and Smlllt (25ei 660.8® 

' Coni'll', Slor-r* iZlo) 109® (1161 A Non- I Ml- >C i-r .-v ol Bristol 10B fl -fii. GpcPr. 
I V-q Ord iZOm 106 'll S' I 37 131/5' 

i 19! .16 , .. . Hillard* .10o) 244 riifii 

;cirtl-r Guard Hl«lvs. -Zapt 1 B';. > Hiltons Foolwcir (20pi 94® ri|6i 
■ 19: H.nion (Amosi and Sons ilOpi 82 (31 Si 

Cummins Ct IDO Hr,e '>-I Flnanci! 84 -«® S®. lOocLn. 1Z’« 

i n.rr., .Z5 d> ZQT (30 S» 1 1 . 6 1 

• u a FPTPIJ- Mr T lYTrl vpr man. -or lixiuMrv !3pcLn 101 '■ Z'i. Auvm -F.i 'Losoni ’.On- T 1 u ! 1 - *1 »• _... „ -a^. •■(«•! u i 

the EEIrU, Mr. T. mcher. man w P j SlniD^fin has hppn 4 -! 4 ^ Lp - si? 4 '*®,, s. P jAuionial^l Swr,:* H tdqu. 1CU»> Sl® 79,Clfll?r GujriS ar.dqe Hldys. 1H ? g HjllOin j 

asing director of Swan Hunter *V‘ ’ j gi. ou» w«:<v A«nh*. .o j.® ’.-.® i Auiomotivc Prods -zsc- ue« u o> • 19 : , S: l L I . < ? n , f 

nrmin- Mr C H Parker ehairmin appointed U> the Board of DRAKE Mciropol.Un Wtr. Board Met *tfat»r 3or A.ana Gu. ■»». 35 • Cumm.nv Enn.m* Cc 1 DO Ho* '-I 

uroup. .nr. q.. is. rarucr. rnairman . SK ,,|. iifii nivrx 3C „_ nlln 23.® ■ i b/. 3ix b zg® ■ i j' ;K (» A.crvs i 25 b< iss Hi- ■ r.nrrvs -zsbI 203 (30 5) 

and manaems director of -lohn f.». ™ ai.j, lllp L u'f f 5, ■' r0,, F Avon flusoer 1B6 5 'C'lUom^i Manlq (Ihrl .. ; >30 5) H^nuno 

.-.5 '“ a ' ,oar ° UB ISSvH.: #= 

managing director of Vickers K * ^MW.\r'w«i.™«V.?-Vqs m : «S2? Z*. s i\2' BT 7 90 .5-^ *nd 


, Ofirinn 

; . Jul.v | Od- 

1 Prlro ! CIpsb Vol. ' Close Tot. 


Close Voi. 

! Equity 
j cloee -■ 


! S55 :6ia - 63, j — 



; ?em 

.vrr - 

■ S60 ! 17 3 — . 23« — 



r ■ - 


S65 ; la : - Is — 





S40 4ig - ; - «I B — 



i ;• 


• F35 la I - 11* 2 



r -■ • • • 

K. Ki-lnk 

*4u i5*a - teu — 



*S6Jr ' 

* H- -Kudak 

S45 li'B ; - Ills - 



K. kmlak 

650 6I B 10 H( 5 

8I # 


i - ■ : 

K K»f>k 

S60 II 4 ! - 2^4 2 





S40 — — 714 . — 




S4S - - ai* - 



A . 


650 — 1 - 6a — 

I s * 

— ~ 

' *v . 


SfiU Il/g I 10 12 — 


• — 

#81*4 - : 


B63 27 S , 20 4l« 2 




S70 >4 ! - Ta — 




8M0 ( 21L ; - 1 23% 2 


j— : 

#3676, . 


8260 I 61=. \ 5 1 121* • - - 



11 j 


8280 ! !£a 1 17 1 5 ' 10. 



“ ; 1 


820 ■ Bln i — fli 2 | - 


#347, J 


S2G - 3 S« 1 — ' 23* : — 



S30 1 U 1 - ■ t b : 40 



Alee mean 

P330 ' 29.50 ' — ' 30.50 1 - 





K340 19.50 , - 1 21.00 • - 



F550: 11.00 - i 13.00 j - 




F560 6.90 ; - ■ 8,00 ! - 




I K70 , 6.10 , — 1 7JSO | - 

8.50 ! 



. F75 ; 2.30 - : 3.30 ; — 



; F8J • 1.20 - : 1.80 — 

2.30 | 


i F160 28.00 35 30.50 ? - 

35.00 • 



| F170 15.50 ' 15 23.00 12 

29.00 . 




j P180 * 12.00 70 - 19.80 25 

24.00 | 



1 FIDO j B.BO ; 40 13.00 2 

18.50 1 




| PSOO i 7.20 95 13.00 1 20 

17.00 ! 



! P220 i 7^0 : 4 . 20.40 ! 10 

XM Ned 

FliXI ; 13.00 - i 14.50 ' - 

16.00 7 

F 111.20 

Nat Afri 

1 KUO . 4.50 — - 6.00 1 1 

8.00 { 

Nat Ned 

i F120 : 1.50 ' - , 2.80 : - 

3-30 ) 




[Fail. so ; 4.30 ! - : 4 .80 : — 

5.30 1 

F 26-60 


;F23.00 ■ 2.00 1 15 : 3.50 ; 48 

3.40 | 


M - 


Ip27.g01 0.70 34 i 1.20 . 10 

1-90 ■' 


H. I). Shell 

; riao ; a.oo - I lo.oo — 

12-60 ; 

6 i 

' 135.60 . 

H. h. Shell 

; F140 : . 1.80 7 i 3.90 5 

5.00 ■ 

“ 1 

K. n. Shell 

i P14U i 0.30 ' - : 0.90 21 

2.80 1 

- ' 1 

, fl ; 


I Pill)' 5.80 [ - | 6.80 i - ' ' 

7.80 I 

1 1 


L nileiot- 

, Kiao: _ • _ : o.7o . _ 

2.20 i 


1 I'nllever 

FI5'i ' - : - 0J0 . - 

0.90 | 

5525^^3 il 


Shipbuilding U 
part-time app 
term ended in 

Hojnunp (S > <25pi 87 6 H 11 61 12n:Ln. 

I 'Arthu.i and Sons (25o> 64 «IC-5i 

1 Hollas Group 1 S 01 58 
■ Ha/lls Bros and ESA (25 pi 62 'j; .1: 

: H 2!l Llovd Inter national iIOdi 135® 5; 
t Q 1 1 'b ■ 



Mr. E. i 

It could easily be done — on the Tokyo stock market 

The General manager of Japan's leading investment bank 
forecasts chat the Nikkei — Dow Jones Index (Tokyo's F.T.I-) 
will rise (0 around three times rti current level by 1980. if 
you would like a pari of this £rowth. buc feel the need, for 
authoritative advice on how. when and where to invest >n 
this excitins market, you need a subscription to the Private 
Investor’s Letter, the comprehensive, succinct guide for the 
private investor. Each issue contains a special feature on the' 
Tokyo and New York manccts. 

For details of a FREE TRIAL offer, write now tot 
The Private Investor "t Letter. Dept. IPN, 

13. Golden Square, London. W.f. 

Or phone 01-597 7337 (24-hoilr answering service) 






Mitchell and Mr. A. W. Houston Citibank. 

have been appoint ed n on-execu- + 

live directors of BRITTAINS, spe- BEI. INDUSTRIES, .-.ho! vine ;«nd 

ciai paper maker. storage equipment m::nuraciurcr. 

* Condemn, has made Mr. R. .V. 
The Secretary of State Tor Horan and Mr. J. P. p. Tyler 

Trade has appointed Capf. Eric executive directors. 

Lnwden as a part-time member * 

or ihe CIVIL. AVIATION AUTH- The Secretary of Sim? for 
ORnY in succession to Group Prices and Confiimer Protection 
Capt. Sir Douglas Bader. has appointed Mr. B. S. Jeuda. 

* Mr. J. Daly and Mr. T. Shapley 
Mr. David Henry, currently as members of the CENTRai, 

director, London Postal Region, TRANSPORT (JO\SI, : LTATI V p; 
is to move to Postal Headquarters COMMITTEE until July 31, I960. 


70 T 6i. SqcLrl. 2520 
Beiam Group HOP! 650 4 6 2 5 

Inlliol Scrvlrc* '25p> 77 
IncrrnalHjnal BuiImh MacblnM (SUSS) 
211“® (1/61 

International Standard ClKfric S-.-octn. 

Intcnwllgnal Stores* G-.p^Ln. C2 <30-5). 
r <MU. SO - • 30-SI 

fntnrnatianal Tulpphon* Tqlqgraob >IU5t) 
2*=i Hifi) 


Deposits of £1.000- £125,000 accepted fnr fixed terms of 3-1® 
years. Interest paid gross, half-yearly. Rales for depOffltB 
received not later than 9.G.78. 

Terms (years) 3 4 5 fi 7 8 9 10 

Interest % lOi 11 11* H} uj ll{ 12 12i 

Rates for larger amounts on request. Deposits to and further 
information from The Chief Cashier. Finance for rndusW 
Limited. 91 Waterloo I*«ad. London SEl SXP (01-B28 782*. 
ExL l<f). Cheques payable tu “Bank of England, a/e FfL" 
FT*, is the holding company for ICFC f«nd FCL 

, 'll . 

p;. -i, •'»>. 

k ^ . 




1 OA' 

02 % 


Financial Tunes Saturday ' June 3 1978 


u *i» 


■RWI 1W Hides. ( 

•Rl+fSEi. <*S« 16a* 40 20 6 c.»>jpc 

!5W,S* :^3W» 

-??• WspI 

LiK-lBO. CSl/Sj 

' SiaichJ (1 Obi 

aw*Ti**«f ctqpj saiS 
Uo 1 ^ , 1 i,V ^ t20n, • 14 




*■ 6*»el9®b. 

IV 4 “» >• 

- i 87i*. . ‘ . 

M-> I25g) 272:* 1JO 

, f 


•W.. . .. . 

SMtrrar f 2 Sn) 700 



‘fflSSWJw «<!& 

in Te 



,> ffz J 10 

«**« 120 b) 




'12 01151. A 

”« «««». a 

Seters inti. (lOp) 27 130/5) 

SS^fifnftl'^yE «»A ^ tt,e, 

§hWM ware ( 20 o) I 1 B 27 17 
S^^FJlhei- (25 b) «* Nsw aSp) 42 
SlwMrj- r2t)o}-29A . 

%"?«» *“« 73’^ 7..PC 

Siebc'Cerman^Hidss. tz&oi ‘1 on 
S tentnfsht HWns. “ 0*3^09* 90 

loSfJ* La K , !“'»J> }10»; 65 
SllwtfUiorns. Group. (10p) lst, 

SS&B3& 1 ***°'*? 

Ga pr°S^ J 2 4 ^ 


Sjnwefile? iZ5p/ii*® 
Smart UJ.tCon 

-S 1 '- Z& 
'&*!>» 2; 
+21 * i'S 

(Contractors) II Op) 48 
^7. W - H ' - IKWaS.I A -Son. 150 49 


k •, - jsj. 

5. if 'if* 

\< . '*».L 


■ ISO'S!. B It Dpi 27 
Sninh,; Indus*: (SOpl 1*7. T^iPCDb 75 a 
-UlPCLn. UH« 9^2 90 ll-B* 75 ®‘ 

Sm«rt| Osl- Go. 191 (30 -Si 
S"»a Viscesj- CertJ. ■ ■ of Dm »«,. 
H.mbro*- Bk.i (LT?oOi ZS tw 

Statlo/wry Sec. <ZOdi 56* 
Sothirt»v Pwkc Btrnn Gp. 12501 2 qa c 
Soawd Dlih0lOD-f5s» 46 1 2,8 5 

Construction 1 <H(dBl.l l5p> 6 ^ 


Ipcll J25 pl 1 26 30 130 5) 

r -~ ... Wj-tJSol 233* 
fovnfw I5p) 15 fJO/Sl 

®5?L*H!! ® Z7lj® 8 'j 8 9.- 6 pcPf. 49a 

. -=v * _ Sufrax-Sarco 

7ocDb. 81 (1 16 »" 
ST eng. 



= • !14 I*** 5 *' 

New (2Spi JsS'7 tfisV 
Mor/C 1131,0 

<250) 157* 4<I« 5*. 

Sqdirr*! ..„,. ..... 

Staffordshire Potter! 

_9^PCLn. 270 (30(51 

36 M'6) 

t Hldgs. i 1 25 di 140. 


35 n .11 ■ . . 

Stag FureHwe Hldss. OSpi 102 
Srjk i (Beo.i nooi 49 Mp 
Stinlav tA. G.i Hldqi, iSpr 111 
New (Spi 112 (SoJsi 
Slates -O tsawttt <l3oi lBO <l>6i 
Seeley Industs. 244 Z 
Stead Slmpfpn .A* (25 di 38* 

(25pi 8 * 8 h- BijocLn. 

•) :i 

r. “'tih > 

. a} 

Steel. Bros. Hidjjs. 7pcLn. 5410. li (6i. 

E 8 i< (, 

>. "-7 •! 

Ln. '70* (1/_. 

StKUey . (25p) . 192. . S^PcDfa 

StHrberfl Gp. (IOpi 16t± 

Sterling lmt- (2bo' 24 6 - 
Stewart Plasties 125p) 148* »1;6) - 
swcklake. Hides, use* 63 (31/5* 

Stoddard-- (Hides.) A Non-. V. Ord <2Sai 
Zo 0 •* 

stone- pi«t ijd. (25 p> 179h« 20 
Stothcrt & Pitt 167 

5trreter* al Gedalming ri Oo) 30 (30 5 1 
strong * FUier tHIdgs.) aspi 60® till* 
Stroud Wlnr Drummond I35 pi 52* (I /61 
Stliri* HldOi. (IOri 16i, 

Stylo Shoet i25pi 57 

Sumner, f Franc* j rHWss.i'(10pi 1413 

Sumrie Clothes iZOo) 26* (V' 6 » 

Suprjl Gp. (topi 53. New Ord. « 10 p) 54 
5’. Sueatcman <2Sp] 60 ni 6 l 
Swan Hunter Gp 130 

'i; i, -. 


-• 5-' -S 

Swedish Match B (tC50i lUjA 

Sykes (Henry) (2 Sol 95 130/53 
Syltone (25 p< 110 (30i5i 

-r— u— v- 

Tace nop) 29 

T a%fti« n 21 ™ M 1 

T *mac (S0p>. -1.60_ 59. ■ 84.PC Lii.. 6BJf 

Tate i -L »!•' 172 6 B 9 73~ 6 ?ipc Pfc SS*. 

6 ‘jpc Ln. 61 UO (l/6i-.-. 13 pc Ln. 101 M 
Tate of Leeds l2Sp» 75 6 d/ 6 ) • • . 

7 f £ rliSPi-WB* «!)«., 7Vpc 
Ln. 69Vj^ 

Teboitt Grp. (lOp) TO. <30/51 

m ■; t> 

Tet aleralt (2So) 

Tel elusion "A Non V. <5p>. 33- 
Telephone RerulS U5pl 128 * 6* 9 a/6) 
Tern-Consulate l25p) -57-11163 

TeiCO Stores (HlagS.i i5pi 41. !• 

Thomson Org. Ujffi 247ffl 8 s£ 50 (1/6) 
61* ll/S). 5.83PC 64 > 2 * 3 (116). 
. Upc Ln. 63**- 4*, (30)6/ • - 

T ' L6 ^ Ca*a«ans-a5pJ-S3** Syo* 

T e?!P l nd »i»trlf» - OSpi - 326*' 

54* z; .4 3 6 S 31 2 . -. SucLn. 97 - 
rii2P” ! ‘r* 4 . ,40p> “® M/6> 

BJROry Contracting Group 294 ( 1 / 6 * 
TUI/ngs rnramas) ( 2 Qp) 3.1 7 b *-' -17 

-Kings n>- 

*.55pcPf. 30 b « 
me Prodw 

I.’ . ? 

Time ynMbctsluOp) ISO ... 

TiOKiife Group 1 1 i^KLrL-.B&la •- 

A n Op) 42*<v.--r ■ -v- !<:. 


.rs 10 

Towle* A 'nopt kiiiZf-. 


saas.- 9M"!aSSlBd&s 

Trtcpyjlle. new 67 - 

Trident Television A <1 0p> 49 



Triple* Foundries Group (25 dJ 7B 
*'«W Ht»u» Forte (2Bpl 3TS* T5 13 14 
17 16 Opt. warrants 19k* U. 

6 25peDb. B2 U tltBi 

Tube Itmsimenti 360 76: B 9 82 

S-BpCLti. * 9)4 (1/6) 

Tunnel Hahtom 8 <50p> 262* 4* 30 
59 ijQ 

Tunwr end NewaH 1826 30 BDiffi 78* 
B 9 4 Ord. Ski, 182* 50 BO 79 
Turner Corron (5pi 10 «r. IBPCLn. 99 
Turner Maoufanorlng (ZSp) 135* 6 
Turner tw and E) New CIOpj 30 (V 6 i 
Turriff Coro izsp, 64 (SOJSi 

l»M Grp- (25pl 71b* 70 1} 69 70 

U 5S .^P- I25P) BS.'.B f EiLljOjiDcpp. 

*Sh 84 8Z‘sO. 6(«cUm.U. 2002-07 46b 
UKO IntnH. (25 Pi 160 

USMC OpcGld.ln. 88b 130*5/ 
Ulster TV t25 ‘ 

<25P) 60 (30/5) 

Unicorn Indotts. (25P) 100 b (I .61 
Un/gatc «Sp) SB* 7 7:. fipePf. 


I^PCUulld. 91.96 SSb*. 6i*PCUnvLm 

Unllcw {2BP> 516* 15* 12 10 11. 4 k 
D b. 89. EVpcDb. 71 SbKLn. 45U 

((«». 7hot.Um.Ln. 601J* 58<zlO h 9 U 

Union" Inf nil. Ca. 43 *. 7pcff. 53':* 
'*» 32 (31 5) 

Un/rov— ,«. u 

Utd Biscuits (Hldgs.) i2Sp) 85* 4« 4. 

New ok. r 25 o) BS* S 
United Carriers HW 68 
United City Meretianu 11 Op) 68 
United Engineering Lndtmv -10p) 38* 
United Gas I rid u its, (25P) 56 
Un.ied Glass TUpeDb 74 >. >■ 

United Guarantee (HldgsJ c5n) ig< : i1>6) 
UrMtrt Newspapers <25 p) S58* 6* H/6J. 
60 c PI. 44 * 

United Scientific Hides c2So) 389 
Urtwd Soring and Steel Grp. HM 26 

Un/rn« wire Grp jzsp) 84 :3?/S) 
Uuochrame Intntl. MOp) 12 13'. 

U^co^ Hldgs. 68 JSO 5». DM. Ord. 68 

D * ,0 *TI 27 *'J 82 79. 4fKWDb B9 ttl/Sl. 
f,. Ho I 30* 5 1 

°*v Group <Z5p! sgij* 40>j 
-dinburgn Inductriai Holding^ |12':P< 13r> 
(30 ,h GoidlBreuph Mors I JA1 1 18b 

Invesiment Trust I2&pi 110 lat/S' 
ersklne Mouse IWWmMK >25pi 42* ( 1 / 6 / 
|xD'(K4Non (Spi 27'- |i/ 6 i 
Finance and Indusiria! Trust (lBp) 17 

■ t . o * 

I"au«»v IPpcLn. KM' 1.9 r,«* 
First National Finance Corp ( 10 pi 2 * i>* 
Flurey | nr crimen i i25pi 12'. ISO'S/ 
Goode Durrant and Murray Group (5p> 23 
Gresham Inuesimrni Trua i25pi 61 
C £ c *£ am T, “)’ Ti.ocLn. 42-'. |i- 6 i. 

BKLn. 46'4 6 M 6 < 

Hampton Trust iSoi gij. 4pcLn. 90 I30'5> 
jnchcapr 4Z5 2 BpcLn. 68 ': 
ind. and Comm. Finance Corn S'tikDb 
B 2 I30.5> fi'ipcDO. 76 .30'5'. 7 '.DC 

A Db. 1989-92 66 (305). 10'; pc In. 

910 1 I 161 
Kwahu MOP) 1 BO 
Lamps secs. ISOpi 24>:9 

llp*ds and Scoiush ( 20 p) 85 

London and Assoc. Invest Tst. flOgl 6': 
LaMon and European Grp. (10d' 26. 

1 0'jocLn. 670 (1 »l 

M ann G Group (Hldus 1 (Sol 125* 3 
MJUs and Allen Intnl. (50 bi 1501 . Cum. 

Ra. 1«6T. 1984 'SOD' 681,0 9 70 (1.6) 
Mnorgate MerunDle Hldgs- (1 Dpi 10 

. Fark Place Invests. |10o> 31 
I ™w«iii FimhcUI Group (2 Sp) H 4 

mnchiix? 40 

Slme Da/gy Htdpt, (iOpi 7«* 8. lapcLn. 

Smith Bn». (25o) 57* 

United Dominions Tst. <25p| 37 8b. Ifipc 
Ln. 124 

van DiemjVs Land (25 d) 575: 

Wagon Finance rZ&oi 45 '3Q 5> 

W-fi ot Ena la no Tst i2Sn) SEP 
Wester*. Selection and Dctcl. (20 p) 242 
i. I3H5. 

Vator. Co. i25p» 47 * SbS* SUPcCrtv.Pt.' 

Vantona Grp. 125 7 <1/ «} 

Veens Stone Grp. nop) 25 iSI Si 

VIoroD/ant Hlogx. f 25 p> 171 b 

VKkert 173 4. 55'z <30*51. 

„?P«UnsLr,. B9<4* .16) 

V re :10 p, 21 20 <31 5'. 6pcPf. 42 
virten Grp. >20p) 107b 7 
Vlta-Te* -20P) 4H'n 2 
Vosper <25 pi 165* 5 B 

W— Y— Z 

W Ribbons Wdu. OOP* 7S»a* 

W.G.I. .25p) 1t)5Mi 
W add i fig ton ijpttn) (ZEPI 218 
*«* Portents New HOP) 26b- lOpcPt. 
100*-: >30. '5/ 

Wadhaw Str.nger (IOpi 45* 

Walber Staff Hldgs. '5p) 22 b d 6i 
”11*' “*■ ' Janies) Goldsmitn Silversmiths 

■22P> 030 

Wallis Faso, on Grp. *»®P» BS 
Ward jThos. W.) iZ5P) 70L. 70 
w * r « JNhite Grp. riSSoi 76b* 5. lObK 
Cp* PI. 1660 i V6> 

Wardle 'Bernard) MOoj 21»a* b* 2‘j 
Waring Gillow ! Hldgs. i C25pi 99 
Waree Wngnc Row/and MOpI 52/, « 
Warmer HalkUvs (1 On/ 38 (31 Si A 36 

Warwick Erra Interim I Brest. i20p) 28', 

‘S* 4 M 2 11/6) 

B'ak* CcarBB (2Sp) 116 (1/6. Nc 

<25p) 1150 
Woarw tll -5p) 22 >i* 3 2 
Weosters Publications f3o) 42 
Wedgwood .250) 230 1 .31/51 


W«fh» Hldgs. '5p> 25*. * Nrfw if jr.) iSp) 
*.4., 4. New i Spi 5* 4/-* 

Wellman Englneerlag (2SP) 46 <7/6) 
West Bromwich Soring nop) 24 M' 6 ) 

I 22— JrnBw* M,H * MOp) 66 (11 >5) 
Lw2i! “U 0 * 1 ?? Oeake Signal (2Sp) 50 
r"B2?; nd - AJrcr » t ( <25p) 48 6 . 6 k D b. 

Lf*)! ’ll. 7'jpcLn. 65 I 1 | 6 ) 
Wciton-EvaM 'iOol 94 i30fS) 

Westward Television C MOp) 2Bb 
Wettern IZ5D) 95 ’ 

Wbatllnps (?3p> * 0 ' n/ 6 ) 
jKi 2 "an Reeve Angel (2 Sp) 243 (30/5) 
Wheeter*s ReSteorenH MOP) 340 (3015) 

WheMoe. /25o1 74 5 

SO/,7 .193,2 

<(*■) -rlnginaerlna) t50o) 93. 

Wh llac reH C30n»\193 2' 

Wh/tehouse (g7) .<81 

1 1nept. 1D1S .11/6) 

Whrtes IT. I 3'mcDb. 81 . 

Whitunaham- cw.) (Hugs.) (12 bo) 32 4 

W 15 I ?2 <C 7tttll>SS <Z ° D] 21 °* 16* 11* 

Wjeglag, Cewtert MOp) Z4i-« iubj 

Wight Construction Hldgs. i25p) 121# 
Wilkes iJJ (25p) 58* ' 

Wilkins Mitchell <25o) 450 
Wilkinson Match. 177* 4 d/6). lOKLn. 
91 b 

W(/fiams (B.) MOP) 170 d/S) 

Wllikms (John) Cardiff raso) 49 
Wilmot- Breeden t2Soi 73*. 20KPr..(25pi 
M'lS . . 

Wilson Bios. (20pl 44 3. 8'mcLn. 551. 
Wilson (Connolly/ i25oj 133* 

Wlmpey (George) (25p) T9 - * • 

Wol tele v- Hughes (25o) 196 - 
Wolsrenhoimc Bronze Powders (25p) 205* 
(l/6l .... 

Wood (Arch or) Son 35 (1*6) 

Wood Hall Trust OSe) M . 3 -flXt 
Wood <S. W.1 (2 Op) 39 40 (30 5) 
Woodhotise Riles on HZ', pi 31 (31. *5) 
Wool worth IF. W.) £2So> 66* h 6 7 
Wormalds. Walker Atkinson C25 d) 13b 

Xerox Core. (SU5H 41 (31/S) 

York Trailer (iDpt 66* 

Yorkshire Chemicals (25pi 97b*. 12bK 
Ln. 126 (3115) 

YDughai Carnets (25P) 34 

Zetters Group (5o) 57 (30/5) 


Brucun A IA.P.V.) Iliba 131/3) . 


American Express (5U50.60) 291/ (31 /S I 
Armour Trust ilOpi 11 (1/6> 

Australian. Aprfcuinire) (JAO SO) 878 (1 6) 
Blsnopsgate Property and General .Invest. 

71b ta ’ • 9 

ag^ 7 Arrew Hk^s r a.Sp),^; $0 

A ““- 

-Bow™ dopVrzi ft tst' . . 

"0/61. A (SOp) 283C (1/Kl. 3ocPf. < 50 pl 
19 18 


-gross . 


Barking ■ fOl-982 4580). 

Ba rking i (01-592-4§00J 

v - * ■" -■ -. - AmhqI 
* .; Authority ' ;■ .- 
(telephone number, in 

' penmthexes) — — 

v;.iriiA'!. -' -H? 

Barnsley. Metro: vtCS3&. 203232 ) u. 

KhewsTey (ta?>C&55g) \ 

Oxford (0865 mrLTTdJ:.:....:. =16} 
Poole ^(OaOXS ,5151):.. 10* 

Poole (82013 . ; IOJ 

ReybrWge-^O^TS-JrtaO) 10J 

Thurrock." (037$ -5122) 

Thoriw* CMfc.qBpb' 

Worthing .(0803 illH> ' 

Wrekto (0^52:-50505D 

Wrekfij 1 1 OBSy?BtiwB^i 



Minimum Life of 
. gum. bond 

.lit - 























/ -300 
• 500 
. 1,000 




4- 6 

5- 7 

5- 7 

6- 7 

• 2 

5 ‘ 

. 3 

GAS (5) 

Imperial Continents! Gas 383 3 
Ln. 180 (SI'S). 7ucLn. 165 

5. &PC 


krijrlnu (C. T i 12 Sp) 107* 5. lOpeLn. 150 

Breninal Beard (Hldgs.) MOp) 42* (1*6) 
Britannic Assurance (So) 16B* 8 
Commercial Union AtAurance (2Sp> 149 
7 8 51 45. SkP>. 4 3 >40 1-0 ‘1 
Eaple Slur (25p* 7 371* »*:* 6 9 5 

Ennla Finance (U.K.> 9pcU» 122 131,5) 
equity and Law Lile (&p> 1 54 o 4 
Genera! Accident Fir* Life C25 p) 2160 16 


Guara-an Royal Excnaege ( 2 Sp) 2 Z 2 ZO 
1 18. 7 ptPI. 60 if, fit. 7pcln. «l'j 

Heath (C. E.i Cop' 270a 2 * 70 
HOOP RoMnson Gro. (25 d 1 180 1 
Hondti (Ala. «i Grp. ( 1 Op) i 6 1 . New 
1 0p* l*'r0 14 13'; 12h 12 11', 15 13 

Legal and Genera/ -So} 7 60* 56* 9* 6 7 

Leilie Godwin iHIdgs 1 1 IO 0 I 101 

London Manchester >5p) 7400 

London United Invests. I20p> 173 

Matthew* wrightson Hldus. i20p) 170 

M 11 W Hldgs. i20ol IBB 9 91 

Moran ic.l (ZOpj s«'i 11,61 

Pearl iSp) 2409 20 2 40 

Phoenix (25p) 250 48 

Prudential > 50 ) 153* 2* 3 2 1 SO 

RWnge i5pj 1440 2 1 

gffff 1 .f?5p_> 381* S7 60 55 6 

Setf^w/ek Forbes Hldgs. tool 395* 30 

Strnhouse Hldus. I25P7 97* 

Sun Alliance London 523:* 30* 22 20. 

6 jp:Ln. 72 5 i30/Sl 
Sun Lite <5PJ 101 
W/ll/f Paper <250) 2629 5* 5 


Aberdeen Tst. (25pi 138 7b. 4pcPf. 32 

A»lia l«v. Tsi. I2SP) 1D5b 

■ • (1/6) 

Alliance 7nv. i25pl 91 

Alliance Tst iZ5o) zib't* ISO IB*. 4 hoc 
□ b. 32 131/51 

Altifnnd cap. Slis. iSOp) 1710 
Ambrose fnv. Tst. Income 5ns. (25P) 58 hO 
1 II 6 ). Cap. Sfis. i25p) SO'; 

American Tst. i25p) 42'/* 3* 

Anglo American Secs. Con. (2SP) 97b. 
4pcDb. 68 b 130, S) 

Anglo- Iniernatfonal Asset Shs. 1250) 

Anfllo^ScottlSh Inv. Tst. <25P) 420 it (61 
Archimedes Inv. Tst. Cap. Sns. (SOp) 340 

I 4 # 

Ashdown tnv. Tst. (250) 122 (31 IS). 4boc 
Cnv.Uns.Ln. 83 (3015) 

Atlantic Assets ( 2 Sp) B9'j (1/6) 

Allas Electric Gen. i2Spi SB 5ocPf. 40 
Australian Inti. Tst. iSOpl 95) ',*1 
Bankers’ Inv. Tsi. i2Sd) 54 Ilf 6 ) 

Berry Tsi. « 2 Sp) 57b IIIH 
BlsJioptmte Tst. iZSol 160 >30,5) 

Border Sthn. Stockhldrs. (30p) 272 <3015) 
British American Gen. i2Sp) 37b ( 1 / 6 ) 
British Assets <25 p> 74 b 5. SocCnv.Ln. 

140 1 I/ 6 I 
British (1 

... nouri. Gen. Dtd. (2 Sp> 9BV (1/6). 
6'-pcCnv.Uns.Ln. 1061 M/61 
BriiisH Inv. Tst. (ZSo) 1S9* 

Briiadstonc Inv." Tst. (20p) 149 
C5C Is*. Tst (25P> 75. S' 

... _ __ _ ifPcLn. 7 2 

Caledonian Tst- 125 ol 77 b ' _ „ , 

Canadian and Foreign Inu. Tit. (25 p» 
106:0 l;8 

Capital and National Tst. i2So> 1200 b0 
Cardinal Inv. Tsi. Did. (ZSol 103 Ctl S) 
Carl iol Inv. Tst. (2SPI .7100 
Cedar Inv. Ts>. i2Sp> 63b* M,bi 
Channel Islands and Inter. Inv. Tst. Inc. 
132b (30 5/ 

Charter Trust and Agency l2Spl 53* 

City and Cm! Inv. Tst. Capital tOS 
clrv and Foreign Invest. OSol 79 
City and Intnl. Tst. (Z5Pi 100 b 
Claverhouse Inv. Tst. 1 50 pi 80b 

Ctvdesdalc Inv. iZSpi 76 

Colonial Securities TsL DM. (ZSp) 233 

Continental and Industrial Tst. (2501 194* 
il 61 

Crescent Jaoan Inv. Tit. (5pP1 160b 
Crosrirtars Tst. (25p) B9 (SI'S! 
Debenture Cord. (2 Sol 62 
Dominion and Ceneraf Tst. i2Sol IBS *j 

Drayton Commercial Inv. (25 p» 126. 

Drarion"" Consftd. (25 p> 142. 7';peLn- 
116b « *»_ n>rI1 ,25*,. 36 130(6/ 

Drayton Premier Invest. 

>2 Spa 191 

^wlst Joe. I50pf 61b*'ni«K 'Cap. 196 

Edinburgh -Amer. A utfs T«. I25pj 126* 

Edinburah latest. JSL Dtd. 216 b* 18 23 
IScToK. le^i. 'ZSpi 71b 1 (31/5. 
English Intnl. 1st. tZSpi Bob 
English New York Tst. !2Sp| 71': 3 

■ngUsh Scottish Investors (25b' 

B (25p, 68 tlWi. SbocDP. 67 «30/»i 
Estate Duties invest. Ttt. 300.3 29H 
Family Invest: <25P' 90 fl/6) _ 0( _ 

First Scottish Amer. Tst. (2 Sp» 86b (30fSi. 

Por^^i C^lwilN Invest. Tit. (ZSp), 1SB* 

Furulliivest Cap. <2Spi 56b* 

GT Japan lBUBEU.Ttt. lMpi 111 C31 1 5) 

Gtci. ComUd. CIO'S. 

General Funds fnv. TAi2Sp> 148*?* 

General investors »hd„I r “*“£* t***i ,os 
General Scottish T5C. ' “ 

General Stockholders tn*. Tst fVSf: 4I ® 

!2S»U 9 ?b os 

Glasgow Stockholders Tw. (25oJ ®Sb* 

GLenOevon Inv. Tbt ‘fSoj 92b (3 * ' Si 
Gipnmarray Inv. T*t '25 pi 66'. C1'6» 
Globe Inv. Tst IZSpI 104b 10 7J. 4 pcDo. 

88 7b (31/5). SbpcLB- V7 
Govett SuropeanYtt. C250> 66 7 5b 

SSniK&W: S.,«5 o 3 . d w .1.6) 

8S„ nw lS.r s rg 5, J«p 5 * T7. sdcpi. 40 

ssrssf,,ir , iJ?ws.ff'., ». 

Humf Hldgs. A t 25p) TB 

jntiuctrkal ind 13 14 

saasspwrbK =» 

|nv«tors capital Tst «Sp. 79»:* 80«, 
jartfld* Japan 'mr-TK-^Sp) 123 .30 51 

StTjc'MW (30fS> 

Tst TOT (30*. 

Lake _Vlcw inv. Tst (25p1 86* b* 5b 6 
- 102 

saw Duocnture Corn. L25P) . .. 

.ki initii. intsi Cap. (up) L4b (1.6) 
kcnpon Sid (iir|n(ii« (bl)P> 60 1)0 S'- 
L a neon ana Liverpool Trull MOp' 28 
' 4U.-5' 

London and Lomond ,250' 670 
Londori and Provincial Trust (25 pi 105* 
is 11 / 6 ) 

London and Strathclyde Trvit iZbp) 41 
(30 5/ 

London /nresrmeifr (So, 3 >i (31/S> 
i-onoon Mfircnant Sets. (25o> 964 
London Prudential i.2&0> 77u i30 5' 
London Trust Did. t25P) 189 D04I. St* 
Ln. \04%4 5* M.6> 

M and G Dual Trust inc. Sns. (IOpi 191. 
«-ao. ( 10 p> 1.10b 

M and G Second Dual Trust Can. (4p) 

20 '. 

Mercantile Invest. Trust (ZSp) SB-'* 
Mercnants Trust l25n) 70* 1 *: 
Meirppolnan Trust 4i-ocf*i. 37> ; U (30.-S) 
Midland Trust (25p> 74 (10 5' 

Monks Invest Trust (ZSdi 48'. B 
Montagu Boston (IOpi 59. WrrnU. te 
sup. 36 Cici-S/ 

Mooloya Invest. 60 ,3051 
Mooreate Invests. f?5p) 82 
Moors'dc Trust 9pcDb- 67# 

New Throgmorton Trust Hit. Shs. (2 Sd> 
1 9'a 18b (31/51 Cap.Ln, 924 (1.6i 
Nineteen Twentv-Ligm U5P' 210 «l'6i 
Ndrtti Atlantic Securities 7':ocLn. 104: ; * 

Northern American i2Sp) 93b 4 (30/ 5) 
Nprthern Securities iSSp) 102 i31 ,5) 

Oil Auitfla»*ri • ? Cwt CO-.A Nil- 

Oil Associated i25») sa. ; © 7 b it, 6l. 

SbecLn. 31 (1I6i 
Pentland iZSp) 120 
Provincial Cities i25p) 2S (1/61 
Raeburn i2Se) 122';. SpcPI. 39 b* ■;* 
River ana Mercantile <25p) 167 
River Plate Dr-Id. i23 D l 137'; «3t;5l 
Robeca iN.V.) iNominees) iFI J) 5US7.30;* 
0598 M/£J 

"S'lneo N.V. Br. <FI.50) SUS5B': »3tiS>. 
Warrant 50 iSI.'Sl. Ord. Suo.Shs. iReg. 
Nat. Pro*. Bank) (Ndmineesi (FI.S) 454 

Romney CSp) 8S>;* 

' if M 

Rbsediamond Capital iZSp) 71 
Rntnschlld iSOo/ I84<.. 3.5erp«. 31 , 1 , 6 ). 
ubDCLn, IDS 

St. Andrew <25e) 118 >30'Si 

' rosprr Capital >10p) 60 # 

Save «no Prosp 

Scottish American iSOpl B 6 * 9 8 '- 7 8 
^coltish Continental i25pi 73# 

Scottish Mercantile 7':ncPI. 5B':# 
Scottish Eastern (25p) 1331; 7 1 - 4'-ptPf. 
•IS ■: 1 1 , 6 ) 

Scottish lnveslmcnt Tst. i 2 Spl 95';0 8 b 
a.SpcPId. 40 d /61 ' 

Stoili 5 h Mortaa&e ind Tst. »Z5o. IlDi- 
Scotttlh National Tst. '25pi 138 
Scottish Northern lnveslmcnt Tst. < 2 Sdi 
95 4<; (1 16. 

Scottish Ontario Investment (25 pi US 
( 1 16. 

Scottish United investors <25 pi 72* 3 '• 4*j 
Scortlih Western investment (2Sp) 92i> 
M/ 61 . B Ord. i2Sp> 87 (3015/ 

Second Alliance Tst. i25pl 182 (t, 6 l 
Srcord Great Northern Invest. Tst. (Z5p> 

Securities Tst. of Scotland I25 p> 1701,0 

Shires Investment 150 pi ts 2 >116) 
Sttewell European invertment Tst. (10#> 

Sphere Investment Tst. (25p. 1060 
Sterling Tit. ( 2 Sot tea*. 5pcPf. 39* 
Stockholders Invest. Tst. SocPf 390 
Technology Investment Tst. (25nt 92* 
Temple Bar Investment Tst. i2Sp> 92b# 
2 MI 61 

Tnrtrqmortan Secured Growth 7s(. Cao.Ln. 
96 ii I </ 6 i 

Throgmoton Ttt. iSSo) 69<; (1,61. B'-nc 
Unsec. Ln. 106 (I 6 > 

Trans-Oceanlc Tst. i25n) 164 
Tribune Invest. Tst. i25d> 63 <; F30.51 
Trlplrvest (nc Shs. iSOpl 61 1 t.Fl. Do 
Cap.Shs. 136* 1 H 61 

Trust Union i25p> 98 II >61 

Cpn. f 2 Sp) 129 -a a (1 61 . 6 ': PC 

Trustees __ . _ 

Db. 641; (116) 

Tyneside Invest. Tst. '2SP> 110 
United BrliKh Secs. Tit. i2Soi 122b* 3 
United States and Gen. TsL Con. c2Sp) 
182 (30'5l 

United Slates Deb Con. (ZSpi 93';. spe 
Unsec. Ln. 95H0 ft -’Gl 
United States Tit. Invest. Fnp. (3US1) 835 
1 30, S' 

Vlk'ng Resources Tsi. (25ol 89:* 9i® 

^i c< Sr(53V T “*" *”• T,t - 

Wiran Invest. Co >2Sp1 44 ■- B rTSni nob 
51-pcPt. ZB'r# ii -6). ai.orPf. 3*'.-0 ft /Si. 
ftecCnnwi Db. 591 , il'st 
Vecman Invest. Tit. r2Spi 16D* ,1 (i 
Young Companies Invest. Trt. 72. Wrrnts. 
to sub. for Ord. 13 


M Un‘tt 52% M4T* an Ce "- Fu " d , "«— 
M and G High Income Fund Income Units 

M^and G Japan Accumulation Units 150* 

M and G Special Trust Fund Income Units 
1 67 ,99 


Australian (11) 

MIM Hldgs. MAO SOI 206 
New Guinea Goldhelds ISAQ35, 14* 

North Broken HID Hldgs. (%A0.50i 1200 

North’ Kalgurli (SAO.lOi 15* 

Parlnga Mining Exoloratton ISp) SB* 6* 
8 ■<• 

Western Mining (SA0.50! 126* 3* 4 3 2 

MisccHaneoas (76) 

AMAX BpcSuOd.DbJ. due 1.1 186 (SUSIOOl 
171 ISO'S' 

Aver H'tam Tm Dredging Malaysia Ber. 

had (SMal • 345 
Burma fl 7->pi IS# 

Charier Consd. (2Soi 136* B* 5 4 
Consd. Gold Fields i25di 173:® 80* 79* 
50 7 6 5 8 9. 8 LpcUns.Ln 68 ii 61 
El Or j Mug. E»oln. IOpi 59b .’SI’S) 
Gcevor Tin fZSpI 130 

Malayan Tin Dredging (Mi Berhad 

I5M1I 398 S (31 *5* 
Rid TlnuvZInr Cora. C 

. 250) 225* 61* 5 

B 5 ; 6 4 7. Ord f25o) 23S (31 5i. 
Accumul'otfiw Ord. iZSo'i 200* )« 5 
3.325ncAPf. 38 b® b® 6-bPcUns.Ln, 61'. 

Saint Pfran -Z5 p 1 55 MI61 
Selection Ttt- (25p) 414 J2 8 

wssjrisv.’ 1 V“ >’«• 

|^hep r ?faiayart , Tln S Dr«f«/nB HMD 310 
Trrrreh Mines Malaysia Berhad (JMA1) 


Rhodesian (17) 
Botswana RST iPu2) 26* 10 : 
MTD (Mangula) '25 p) 47 130/51 

Minerals and Resources Corp. SBD1.4V) 
178* 51 H/6) 

Nehanga Cons. Copper Mines ShocPf. iK2) 

Roan Cons. Mines (X«) 83* 705 
Tanganyika Cpnceistons (SOp) 171* 65® 

7* 4* 6 4 5 1 

Zambia Copper Invests. (SBD0.24) 16* 
b* 16 

South African (44) 

Anglo-American Coal (RO.IOi 296 5 
Anglo American Gold in*. (i»t» JU521 

Biuioosgaie Plantlnum (RO.IOI 86* 
BlyYooruitzIcht Gold Mining (R0.Z5J 332® 

5U54.1S0 - 

Bracken Mines (R0.90I 66 
Biyvoruitxicni Gold Mining iR0.2Si 332® 
Durban Roodepon Deco iBU WJS3.00 

East 'Drletontem Gold Mining iRI) P.760* 
East Rand Con. 110 p» 17 >j 
E ast Rand Proprietary Mines (RII 

E/andstrand Gold Mining (ROJO) 194. 
New (Re .201 tub pm (31/Sl 

Calms* tE. A fee, Mr. BprlsrOb. 75 rt«). 
SocLn- 69T 

Com pcD HUBS. 1 2 Op, IlOO '1 6 ‘- 
Country »■'* N * w Town Props. (lOp) ZSb 
2. 7PCL" TO 
Dacian HIP3S. (2 5p, 94* a 
Dares £swf« *IOpi i«* ; iT 6 i 
Dorringion Inv. nop) 53 131.51 
English PrbPecty Core, rsop- <50 4 , 5. 

6 '.;PCLr>. 1 O 0 98 '30 5. 
f stale* and Agency Higgs. SbocPf. 36'i* 
(1 ’ 6 ) _ _ 

Estates and Gci-erji in, 12001 20 * 
Estates P op*iTv ln» iJSo, 91 
Evans o* Leccs issm 130 
Great Portland Estate* . 500 ) 294* (V6> 
Green (R) P' mob. id, «30-5j 
Orrtnctut Properties '5p| 7 -# 

Hiln P-apcrii« ( 2 Spi 49 M-- 6 . . 

Ham-ncr*P" PfBP. and Inv Ts; A (25o) 
573 I.W'51 

Naslemere Estates «iDp> ’41 43 

Intereurooear Prooent Hiogs. Hop, 32b* ! 

Kenning* trtates bpcIsidb 70b# n 6 i 

Land InveMOiS I250; 4) .30 5 1 
Land securities (&O 01 309 # 10 s 9 7\ 8 . J 
SpcDb. 71b* (1.61. 8 -otLn. 65'-* 7., 

5bPCL<t. 16)0 3 it 1 1 . 6 > 6 'iPCLn. 1 
142*. lOpeLn. 140 (30 5, l 

Law Land 120c 411.0 
Lewis uobni 9’aPcDb 7S-; . 30,51 

London S«P PrPOertv >2501 61 ;l 6: 
Lyfltan Hldgs. IJOp) H2 16 , 1 , 

MEPC IZSpI 12S9 5 5:. SpcLn. 94 


Midhurst White Hldgs uop) 44 (1.6) 
Mpuntvurw tstaies i5p) *7'; 

Mucklpw f A. and J ) ,2Spi 122 
Peachey rr corny i25p) 7SO tO 73j 

Property Hldg. ana lnv. Tst. I25p)'300 

Property Partnership (25pi 118 (1 Gl 
RaflUn PfOPFriv Tsi. (Sui S’ 4 # 5 (1 6> 
RMmnjf lYWWd-S <J5g) 789 5' 4 :o :•:* 

R enable Properties <2 Sp> 44* 

Bush and Tamsklrs Gre. i25oi 1 , 1 :. 
Samuai 'IS*, 60 
Scottish Mnrooofiran Praoertv . 2001 ! 

107* 10* 7 

Second CUT ProDwrnw* . 100 . 37* rt 6> 
Slough Est»m CSp Udb* 16 
Star (Great Britain Hldgs. C-pcDs. 61 be 
• 1.61 

Stock Conversion ano |n. Tit. t 25p. 250 I 
Sunlev (Bernard I III,. Tst 'ZSo, 220 I 
131 S> . | 

Ampof Pe*s. 69 

Anglo United 152 

Assoc. Minerals 90 

H. H South 97 

Bouga.nv.lle Conner I2B* 6 

Sow Valley £20b 

Commonweal in ind Gases zOB 

Cancme Rio T«*tn Australia 2252 B 

E-Z. Ind*. 202 

Electrolux B Rts- 6 _ 

FaUonbr.dgc Nickel £17b!0 
H*ur Par 36© 

Hr raid Weekly Times 200 

Hv'ch.son Whampoa Sir,® SOU 1 b 

Jardine Matheson 2 260 

jardine 1180 

Lennard OH 270 

Madison Fund CllJiO 

Metal Ex 34 

M'd East Minerals 44 

Minnesota Mining 1(1.5-54:,; 

Mount Lvcll 35 
NLT Corn S.19 : 

New Metal a-« 

Horinda A EI9VO 

Northern Mining :05* 30 2 7 16 4 
Nvie* Core. 33 
Oil Seaci 12® '« 

Pacihc Cooper 49* B 
Pmconrinenial £lS'» 

Rothmans iPall Mall) Australia 237 
5chermg 1U.5. J27., 

5m. in Klein SU.5.70 
Soutneni Panhe Pats. 228 
Sparg Ea. 35 
Swire Proas. 51 
Thieso HldOS. 222 
Timor 011 6 

wneelock Maroen A 4S-© 3 :. 83 J »* 

Whim creek S5o 

Wooos> ee Pels. 69 

WoolrigrJi (F. W.) Com. MS’is 

Bluer 5US65V9 
Beach Pets. 45 

Sow Valley' Mds. £29 
Ciba Geipv Spec on*. , 
Con*. £.91 b 

£92*14* "II*. 8b pc 
Conzine H ml. nin Australia 2380 

Hong Kong Land 135 Matheson 227 
Lafarge FF199 
Lehman Ccrpn. 550;* 

Marra Dcvels. 8 b 

Merck £46 ik 

Mount Lvell 38® 

New Men, Mmi-s 5>: it 
Oi. Search 13 b® 12 b 
Pahang Sons SB® 

Peko WaUsend 537® 5 
Rio Algom SUSSB'i b 
ScUasi 55® 

Southern Pacihc Peis. 265® 45 
Sioea Rock and Iron 170® 

Tara Ex £1 1 
ThKiss Hiaos. 222 5 
Weil me-* 7 bt® 8® 

Whim Creek 72® 65 * 29 

MAY 30 


ARC Ind lifts. 100 
Australian Oil and Gas 51 2 
Bcacn Pets. 46 
Bcriunta. Tin 28S® 

Bridge Oil 99 

British Controlled Oilfields 14® 
Central Pacific Minerals 740* 700 
Dunlop Rubber Australia 125 
Endeavour Resources 19- iB'i 
Go'd Mines of Ka/Boorl,© 54© 
Jrxn.rins 'A. V.i IZO 

Town and City Properties -iOn, i2b© 13* ' 
•a 12b 13 12': 

Town Cenlre Secur.i,^-. .;so. s7-.o '«;©! 

kulim Malaysia 49:-* 500 '* 
.A £l 5*:t* 

TTaflord Par! Esta'c. ZSo. 1 01 '31 5‘" 
United Kingdom Prooert, [ 2 Sp, ig .30 S. 
United Real Proonrt- Tst. i2Sb> Z49e 
Webb ijoseph. 'So. IE 
Westminster Prooerr, Crp fJOoi 

W Inton Estates <zso. 36'- m 6. 

Laoatt ; Jours, Conv. 

Lend Lease Corpn 241® 

Myers Emporium 1 55 
Oai.or.dee Secs, too 1 
Onlanc Hydro 8 -oc 1985 SUS96:; ** 


RUBBER ( 23 ) 


Anglo-lodonevan Corporai.-sns *25el 
(30'S) , 

Bradwall IF. M. S.> Rubnrr tuv LIO 01 50: 

Chersonese .F. M. S. Ests. New flOo' 42 ! 
Consolidated Plantations (IO 01 37 .. 6 b, 


Dunlop Plants. bocPt. 45 
Grand Central in«e:i. Hldgs. 11 O 0 
(i1«> , 

Guthrie Corpn. 322® IB 19 20. 3.925pc 

PI, 44 <1 00 6' 

HinriMid Ests. llOo* S6U„; 

Highlands ana Lowlands Bemad tMa SO-SO, 
10) (JO.-Si 

Hoirreod Rubber £15 ri 6. 
inch. Kenneth halang Rubber ( 100 ) 101® 
Jitra Rubber Plan;... ilOpi 66 11 6. 

London Sumatra Plants -iqbi i*s® 
Malakoff Berhad iMa si ■ 91 ,33 s> 
Miur River Rubber -) 0 o> 4a 9 , 3 , s 
Plantation Hldgs OOe) 70 
Sungri^ Krlan Rubd-.- Estate (IOpi 7S 

Phillips Pets. luACiO 
Pioneer Crwcretr 1 38 
Herrins Merai £.25-’. 

5cuader Duovest 675 
Sleigh >H. C - 68 
Swire Pacific A lit 
TaiSho Marine EDR 82S 
TnCont.nental £1 5',« 

Vaurpas 48® 

Walgreen £1B~>* 

Weeks Natural Resources 160 

SHIPPING ( 35 ) 

Brit, and Cmnwiin. Snioptng >S0p) 280 5 
(1 161 

Caledonia Invests. 12501 235 ut;s) 
Common Bros t50oi ISO 
Furness. With* 260 < 1,61 
Grain shipping 145 r:i,5> 

Hunting Gibson 143 r 1 >'G • 

Isle of Man Sieam Packei 1499 
London and Overseas Freighters (ZSpi 

l5^ b 

Shipping A hi on. V. Ord. . 25ol 107 

Ocean Transport and Trading >250/ 1240 
31; 4 21] 

Peninsular and Oriental Steam Navigation 
Old. Stk. 93:;® 4* 3>; S 2'. 

Reardon Smith Line (50o» 90.’ A Non.V. 

ISOp, 39 ■- 
£(40 Line f03 

TEA <S) 

Assam- Dooars Hidgs. 6ocPf. 70 
Assam Frontier Hldgs. 303 
Assam Invests. IIP® 

Camellia Invests. >10o, 2500 
Empire Plantations Invests, ilop' 27 
Jokal Hldgs. 303 ■ 1 :ei 
Lang bourne Hldas 377 9 2 Di6> 
McLeod Ruise' 6bcPt 4 3 >3Q 5. 

Warren Plantations Hldgs. <250, 217 
Western Dooars Hldgs. 147 <2 


-31,5). 60CPt. 

Williamson Hldgs. 6ncPt. 50 


Great Northern Telegraph . Denmark, iBr. 
63 L1/6i 


East Anglian 2 . 6 Sac 80 7 > (it. 5). 7 hoc 
Db. 64 (30-51 

East Surrey 3.5ocP'. 35 >St/5,. 4.2PcPf 
61 >1® >116). 7p<0b. 1990-92 60 , 1 il/bl 

Essex Water 3.5ocCbns. 36 >1/61. 3.5ec 

PI. 37 1 II 6 ). 4.2iv. Pf. 69 '1/61. 7 pc 

Dt>. 1 987-69 67b:® 

Hartlepool Wlr 3.5oc Max. 35® ll , 6 ) 
Mid Kent 3.5DC 37 
Mid Southern 3.5o< BO (1 61 
Pensmouth 3.5nc JJ'.O M‘ 6 ) 

S. Staffordshire 3 Sc* 3S :® , 

Sunderland and S- Sh.e'os Z.Bpc 28 (1'B) 
4.2PC 64 


Easiness done ia seenrilies In (he 
Monthly Supplement 

JUNE 2 (Nil) 
JUNE 1 (Nil) 
MAY 31 (Nil) 
MAY 30 (Nil) 

RULE 163 (1) (e) 

Bargains marked in securities 
wbicb are quoted or listed on an 
overseas Stock Exchange. 

JUN E 2 

Els burs Gold Mining 'R1» 115® 

j State Development * lnv. Corp. 

Free - 

iRO-SOj SUS1 131/5' 

Fra* State Gcduld Mines (RO.SOi SUSi9b 

Gan. Minins' Finance Coro. iR2i 15A 13115) 
Gold Fletf S. Alrica <R0.25> 01300* 




' A b bey "■ N attonal^ . ^ • -l / - '^■ zS & * 

Alliance . Uv. ■ ’>■ ^25% . 

Birm i ngharrr^;^^. . . , ;.L. ■ 

■.■J I awhI nnA RincHlbir • 


Bristol-ari d-^West 

525% ■ 
525% \ 

DriSLwyaiiiA.^ rrcat, . ny.. . . .. ...... . - .. 

. Br^oi ' 5^%^^ 

• Brrtanaia; J. 5-25%.y- 
purnlejr . : ■ - - -.525% 

oui _ ----- - **» 

’ Cardiff ; : - Ii , U*W0g^'4(^*mS7««inP _^5-/5% 

• Catholic -- ^V. .'.w/- - ■ v-.. 1 y . $0® % i 

r.helsea 1 ■5-25%.-- . 

I . ^pit^rihat^nhil-Giailcestey : 5~.25% • 1 
C itlzpnfi. Reir e n c y .--^V-v -~rfr *, 
city’’ ‘ of -Liij9^n;.-4«i^y-» , s;7 fc *5i50% ^ , 
Coventry: Scanomic ■£25% y 

Coventry ►PrQriderct''—._--.-t'- 2^5% •’ 


, . Gatewiiy. 


Share Sub’pn 
-Ac^nts. Shares 

> M9C". - 6-75% 

: '520% ... -6.75% 
■6.50% 6.75% 


-'•£S0%- 6.75% 

5:50% Vfc75%. 
-BJjO% r : : 6.75% 

■ &75% 

: z^o%. 

' 6.75% 

; 6.75% 

: 6.75% 

. Tid% 


*Tenn Shares 
-6.50% 5yr^ A00% 2 yra. 

6j0% 3r4yi»^6.00%2yr!i.,5.75%lyr. 
6.50% S-yrs^ 6.00% 2 yrs^ 5.75% 1 yr. 
6.50% S' yrsi K00% 2 yi*, 5.75% 1 yr. 
6.50% ’S-yr?^ 6.00% 2 yWL, min. J500 









-5.75% 3 months' notice . 

6.50% 3 srrSn 6.00% 2 yrs., mlm £500 
6.50% 3 yrsu. 6J»% 2 yrs. . . . 

“•“to?, .- rKrrs^v-^j; :: :■ 


Halifax -£v|5 • : 

J . . 1 ■ s ® S.zSHFt 

Heart of ^ngian^ ' ^•”5“- - 

wpflrt* cf- Cfek Snfield &25%.y. 

\ Hearts of •. ^ - 

•’•Hendon ;■ -- r-7 r *‘tA-« 

r ". Haddersfldd' & ;Brad^ard : . 

- :I^annngK^;-S^a ,: .l 

Tj&eter « j* e«i »W»« 


Monjfe^an-r; : -:'- -*rr&' : ^SS-J. 

. Naflonil - Cloantlter ■ ■ 

f sfS. 

' S£ 1 

PoitnuB. v_r : *■ ----- 

r brusmPwcfiiye .......j.-.r-i- . 

f©W f r.r? :r.“ ■ 5 ^ 25 % - 

^ ' : PbwirrtTV ‘ -7H 3 . - 

5.50%..' :47?% 
£50% -. -.750% 

- 550% ••6.75% 

‘ 550% •..6.15% 
c.S.75% z :*JdQ% 

550% ^ 6^75% 
5.50% .- A75% 
5.50%. 6.75% 

5.75% 753% 

,.6.06%' - — 
Si50% ' .6.75% 
5.60% ' 7.86% 

•: 550%-: '.,6-75% 
5^0%. •, . 6JT5% 

:-5S0%* • "-.6.9o% ' 
5.75% L0fl% 
5.80% V;6.75% 
5:50% 6.73% 




* 5.50%" 




- 3.50%. 


: 530%. 







* — ‘ • 550% over £5,000 - . 

gjj 5 % 6 months’ notice, minimum £500 
650% 3 'jns.. 6.00% -2 yes. (£580-H5,0DO) 
7.05% 3^yrsL, over £5,000 
6.72% s; yrs., minimum £500 . . 

6.50% 3yrs,. 6% lyr. min. 3 mths. notice. 
6.75% lyrs.' 

— Up 10 ^ 6 % 3 naonths’ notice ■ 
6.50% S yrs^ 6% 2 yrs^ min. £SOG-£15.0OO 
6 . 45 % 8 isth i' notice,, minimum £ 1.000 
&50% S TTi, , 8J)0% 2 'yrs. 

650% S yrsl, 6.00% 1} yrs., £250-£15500 
ft50% 3 0-0®% 3 months' notice 

8:75% S jri, 850% 2 jrt, W5* I yr. 

. 650% 8 months* notice, minimum £ 2,000 
6.50% 3 jr&n 9.00% 2 yrs,. £100-0.5.000 
‘ 655% 2 yrs; - L 

650% S yw.. 6.00% 2 yrs.. min. £1,000 
650% 3ym^8.00%2yrs,575%6mtbs 
6.60% 3 yrs.. 650% 2 yrs^ min. £1,000 

655% 2 yrs., min. £2.000 

650% 3 6.00% 2 yrs. min. £250 







655% 3 months : 

6.50% 2*4 Jr®-, min. £500, 6.00% 2 yrs. 
630% 3 ymW 6^0% 2 yrs. 

650 % 2 yri, 6.00% 2 yrs^ min- £100 
655% 2 yrs., minimum £500 
650% 3 yrs.,- A00% 2 yrs^ min. £500 

. 6.75% 





. 6.75%. 

550%: *10.00% 

«.5Q%; : 6,75%:- 

650%. 3 yrs., fl_0O% 2 yrs.3.75% 8 mths. 
6.00%' 2 yrs-r mini mum £500 
• 6.65% Syrs.33%2yrs^6J5%3mths.noL 
. 6.40% S mths. noL M50% to limiul. cos. 
6 . 50 % 3-4 yrs., 6.00% 2 yrs.- 
6 . 50 % 3 yrs; 6.00% 2 yrs. 

635% Sryfs:, 655% 2 yis,, 635% 1 yr. 
45 . 50 % 3 yrs., 6 . 00 % 2 jrs. * Max. £250 
,630% 2 jrt, .650% 3 yrs. 

in ord^ary ^hare rates. 


Harmony Gold Mag. H10.50) JUSJ.IS# 

HvrtntwfcvtfCKiieln Goid Mug. rRfl PIS04® 

Johannesburg Cons. lnv. rR 2 i £ 12 /* 13 

Kloof Gold Mug. lR1> 530 (31/5) 

Leslie Gold Hines 1 RO. 6 S 1 SUSo.52;® 

O.S2'5» „ 

Llbirion Gold Mng. 'Rl> 3US7 
Lorain* Gold Mines CRD 80 131/51 
Lvdenbura Plal'num iR0.12hi 65 6 <1/6/ 
Mesttna (Transvean Dev. (R0-50i 98 
Middle Wltwatersrand (Western Areesi 
■ RO JL5J 102* 

President Brand GoM Mng. tRO.50) £U511>a 
(31 (Si 

President Stern Gold Mng. tRO.50) p705®; 

Rand London Corpn. rRO.ISi 5Z® < 1 / B) 

Rand Mines Prone, mil 104 (30/5/ 
Randfooteln_Escj. Gold Mg. WKvaibrsrsnd 
IR2» D3445 DIB/ 

Rustenburg Platt hum Hldgs. (RO.IOi 83 5 4 
St. Helena Gold Mines (Rli 783p <30,5/ 
Sentrutt Bepertc (RO.iO) 2 oe (30/Si 

South va«l Hldgs. 'RO.SO i SUS5.7D (31/5' 
Sillonteln Gold Minina (RO.SOl IU52.9Q 

(31(51 GnW Minino (RO.SO) 6US2.90 
Trewnai cons. Land and Exploration (Rli 

2>I 3.DS 

UC Investments (Ri> 212 
Union Corporation (R0.6L.) 254 60 

Vul Reefs Exploration and Mining (R0.50i 
SU51S%0 16' is* 

Vrntereost Gold Mining (RI) 2 22 (1/Si 
VogelstnilsbulT Metal Hldgs. (Ro.02i;i SB 

West ; Drletontein Gold Mining fRU 

Western Areas 

v .. Gold Mng. (Rli SUS2.20# 

pi 74 

Western Hldgs. (RO.SO) O1707 
Wlnkelhaak Mines (Ri) 646 (30/3> 
Wimatennnd Niael (RO.ZSt 43 Ul/S) 
Zand pan Gold Mining (Ri i 19 b (31/5/ 

West African (1) 
Amalgamated Tin MOp) 25 
Bislthl i IOpi 6 (1/6) 

Gold Base Metal M2<2P> 10 (30/5) 

Jan tar (1ZHP1 10's (1/61 

Diamond (14) 

Anglo-American (R0.50 1 3 S'.® 

K*2 1JW.JI. CHd ito-05* 

347* S B: 6. DO. <Br.) (RO.OSi 415 

OIL (166) 

Attoek Petroleum '20 d> 75 
SriL.Boroaa Petroleum Synd, ilQn) 156* 

British Petroleum 8540 751® 70* 81* 
3* BOt® 64: a* 70 6B 76 2 64 6 
507 75 4 68: 60 6. BKtltPf. 69® 
7 b:. 9oc2ndP7, 77 b« B. bp cDo. fl8-»v 
B (30/51 

Burmah 011 67* 8 5 6 7. 7laPcPf. 47 b®. 
SpePI. 52ii® 501 (1/6,. 7 bpcLn. 64. 

BbPCLn. 60 1«* 

Century Oils MOnl 57 b 11/6, 

Charier hall i5p) 24 b 4 3 b (30;S) 

Conoco 7 bpcLn. 63'n: bt 
Ovciham iAI^ander) 7oeDb. 64 
Ema Petroleum SboelstDO. 99 la*. 5 ':k 
IS tDb. B0b:« Ia*.9 (1'6i. 6pcl9tDb. 
89 'r® 

KCA Intnl. 12501 25 4b 11:6) 

London Scottish Marine OH I25p1 160. 

14pCLn. 103U (31.-5, 

Oil Ekplorallon H0p< 242 
Premier Cons. Oilfields (Ip J 1 7\ l s 
Shell Transport Trading i25pi 562® 8® 
S7 63 4 SB 5 6 60 S3 62. Br. iZSp, 
562* SB. SbpdstPf. 45b (30/5). 7« 
ZnaPf. 600 59 b 1 . 

Tesoro Pet |SUS0.16 3 s) 875 
Texaco Intnl. Fin. 4hocLn. S7h 8 fl 6i 
Trlcentrol (25p) 181* 3® 2 77. 7 dcUi 

Ultramar (25 pi 281® 77* 9* 3. 7pcPfd- 
157 (31/Sl 


Allied London Proos. <10s> 55b 
Amai. Stores jsn»- 9'a® 

AaiHs SeC*. (Spi 20 b ZO ,30 5, 

Avenue dose I20 d' 72* 

Bk. Commercial Hldgs. <10 p< 2 b 3 
BarranquiHe Invests. 7bBe1itDb. 64‘«: JjS 
Beaumoitt PrOPS. <25pi 66:® ’at*. BpcLn, 
57*6 (1-61 

Be'lway Hldgs. <2 Sp> 62b 
Berkeley Hambro Prop i25pi 107 12 
Bitton iP.i (2 Spi 163* 

Bradford Prim. T«. iZ5pr 222 i30.5. 
Britfsh Land IZSOI 31b 2. ISptlilDb 

«rb*en E*T. IZSP' IDS 11/61 

Cialtai Caunttn Prop. iZ5p> 54 b* 2'« 3. 

BbOClsIDb. 61 i 6'1'. BbPCLn. 7Z (31 ' 6 ' 
Carding Go. iSpi 20® 

Centra, OKI. Pn». 8 bpcLn. 79b fSOfSi 
Centrovincla! 6sts. ,20 b, 67‘.0 8* H/6* 
Chester held Preps. ijSo. 300* 

Chow it Secs. (25o) 12* 12 0/61 


| June 2 | .Tunel 


Gnlri Hillli^r .| 


<8 line "t inreil 

flow S1B3-185)( 


(iixtalne !sl B4- 164-5* 

S1833 4 -1841i 

M r.rtmta nx u;S 164-5 1 


liillOl 079. 

1. £100. 016, 

Aftemn rix'c|SlB4.7? 

lS 183.0 


[f£ 100.109) 

I linMCom 1 

1 -Inmorlicnl'V. 

K'ruaerran.,.. FIi/0 XflZ 




X'wSer , p|...S5Jlis5l( 

S52lj 64l 2 

,i£is9 V3i.-i« 


i»M^«*v'rrn*. £561; *819 




Gulri Cnkna 


•Infernal 'Hi 

Krtiaerrori'i .. 5190 192 

siea 190 

:,£1 4^1 5 *. 


XnrS.r'rEn- $525) 64,-* 

« 521c -541, 



Old tfer'rc"* i!»6la sfllg 

556lr-r8I 2 

,£41 ;2 

(£a 1-32- 

SCO KaiL-le*. . *218 281 

F277ta 280'i 






Dru; 01 


! Accoont 


June 2 

0.670i 60 

■ U.6-/5077 

It,-, it. .till r 


■ 1.25311 


1 1.3". 462 


1 18.4655 

<VlRi»n Stnlie 


■ 4-.. 548 

0 . 88616 

! 6.93339 

i'Kut~clien i"ri 


1 2.56938 

Uiib:li iuihIc 

2.754 34 

' 2.7.290 

French iraiv- 


! 5.6555Z 

100 7.18 

I i0t4 00 

271 .903 

• 272.526 

Ji.rifw ki-.n* 


' 6.64435 

-r*'" !«?'««•• 

9b. 0530 

; 98.6155 



1 S. 69214 

rnA Irani ... 


I 2.32546 

MAY 31 

Alliance (XI De«els. 210 

Ampol Pets. 7 IS 

Argo Investments 135 
Assocd. Manganese £16-'tO 
BASF SU56S-,® 

8. H South 990 

Acme, Holdings 16 
Alrlkander Leases. 204® 

Air Product* £22*1*0 

AKaiKe Oil Dcveis 2 7 v® 20’rtb 1 b® 
American Tel. and Tel £49 : »® 

Bank of New South Wales lAusi. Reg.) 545 
Carlton United Brews. 205® 

Castlemalnc Perkins 3320 
Central Pacific Mingerji* 780# 

Clba Gelov 7'iocCon.. £92 
C online Rio Tmio Australia 238® 

Duff Devels. 54 
E.2. industries ZOZ 
Haw Par 39'«:® 9:0 
Highwrtd Siert 90 _ 
jaoan Fund l«C- \US9U 
Latec Invest. 10‘:® 

Magnet Mevli Z1® 7 _ .. 

Mid East Minerals 44© 2':® 52 49 S3 
New Zealand Forest Preducts 1680 
Ocean Resources 25 
Otter E»pUn. 36 40 1 
Perkin Elmer SUSJ - £17 

Procter and Gamble £6 3 'si 

Tftomas Naf/ornr/de Transport 100® 
Westfield Minerals 83* 99 _ 

Woolworth Hldgs- Ord. 19Z. A Ord. 192 

RULE 163 (2) (a) 

Applications granted for specific 
bargains in securities not listed 
on any Stock Exchange. 


All England Lawn Tennis £50 Deb £3.924 

Ann Street Brew. 510 500 

Aran Energy ItO 108 

Arbour Court Invests. 10 

p.jrroueh I James) 107 

Clairmace 33 

Civde Pet. 126 ... 

G.R.A. Prop. Trust 12U 12 
Gibbs Mew A 420 
Jersey Elect. 7«Ln. £93 
Jersey New Waterworks 3 pc Cum.SrdPf. 

Jersey New Waterworks Cum. 3'jpc2nd 
Pf 120. S^sPcCumJrdPf . 130. Soc 17S. SpcC urn. 3ncPf. 175. 9'jpc 
Db £86 

Kathleen Invest. (Aus:ratle< 185 190 
Queen Street Warehouse 3p 


Aston Villa FC £16 „ 

8 Ayres Lacrore Tramwvs. SwcConf. me. 
Dh. £.1 > 

Cambrrldge Instrument 1 : 1 
Easibdurne Waferwer/cs 43 
Ecclesiastical Insurance 4p<Cum^f. zau ic Valle, Esti S PC Cum. PI. ZO 
Mining Investment 29 
Manunakuia Tea Estato 7 _ „ 

Queenj Park Rangers FC 5PCftfed.Ci/».Pf. 
22 21 

Soumcre Newspapers 220 218 

South sea Clarence Esplanade PiCf son. 
6ocCum.Pl. 52 

West Hampshire Water A 645 

MAY 31 

Casrteton Brewery 185 
Clairmace 34 

Com. Efaff. Pror. B. Aires 7 
wm. Dawson mags. 46 45 •« 

Doloswella Hldgs- 20 , . .„ 

Eastbourne Waterworks Z.BocIrred.Pf- 123 
Forestry Pulp and Paper ’5 
Fuller Smlih and Turner A ^80 
G.bbS Mew 415 
Le Riches Stores 523 520 
Oldham Brewery 70. 6peU"S.Ln. -60 
Portsmouth Water ducPerp.DB. £27 
Tea Corporation 9 8-2 

TclbecKfc Ragal/a ln». 7 

3M U IV red Kingdom 43pcCum.Pf. 57 1 * 

MAY 30 

Cedar Holdings 10 _ 

Darling Fund 1A1 .71 1 50t> 

Gadck /Indonesia' 45 
Grampian Telcvls-d* 55 

Crendon Trust 1 , DCSub.Unl.Ln. E51 £50 

Ken mare Oil Exploration^ 31 30 
Masse, Waterford Iron GocCum Pf. Za 
M.d-Krnt Water SoePcro.Db. Cl 9 

MMW Computer* 1 58 

Oldham Estates 126 125 
Pftrlm, Ro rail let Ireland 185 
Plymouth Hotel SncCum.Pf. 10 
St Pancras Housing Soc. Conv.Ln. £12. 
Viking 011 145 

RULE 163 (3) 

Banmins marked for approved 
companies engaged solely in 
mineral exploration. 


MAY 31 

Slebcns Oil and Gas 436 4 32 430 428 
422 420 416 414 412 410 

MAY 30 

CCP North Sea 862 

Slebens ON 5 ana Gas 446 442 440 438 

MAY 26 

CCP North Sea 86: : : 

S'coens (UKt 452. 446 444 442 440 
438 436 433 _ „ 

'Bu permisi urn ol the Stock E xenon 06 
Council 1 


Rise in bill rate 

Bank of England Minimum 
Lending Rate 9 per eent 
(since May 12. 1978) 

The Treasury biU rate rose by 
0.29D3 per cent to S.7728 per cent 
at yesterday’s tender, which 
would have produced a rise of 
I per cent in Bank of England 
Minimum Lending Rate under the 
old marker related formula. 

Under the present system MLR 
remains at 9 per cent however. 
The minimum accepted bid was 
£97.79, compared with £97.8$i, and 
bids at that level were met as to 
about 8 per cent, compared with 
92 per cent. The £400m bills 

tendered and allotted attracted 
bids of £686.3901, and all bills 
offered were allotted. 

Next week £300m will be on 
offer replacing a similar number 
of maturities. 

Day-to-day credit was in good 
supply in general, although con- 
ditions tended to remain patchy. 
The authorities -sold a small 
amount of Treasury bills to the 
discount houses, hut this was 
probably not enough to absorb 
the full surplus. 

Banks brought forward the 
expected surplus balances, and 
the market was also helped by 

an excess of Government dis- 
bursements over revenue pay- 
ments to the Exchequer. On the 
other hand there was a slight rise 
in the note circulation. 

Discount houses paid up to 7} 
per cent for secured call loans, 
and closing balances were taken 
at 6-7j per cent. 

In the interbank market over- 
night loans opened at 7j-8l per 
cent and traded at a general level 
of 71-7} per cent, :but> touched 
8-8} per cent before lunch. Rates 
finished at around 4-6 per cent. 

. Rates in the table below are 
nominal in some cases. 1 

• Steriina | 
June 2 1 L'entricnie 

Ifflr. 1 01 del- rli » 

| Interbank J 

Oval I 
Authorin' | 
HepcAiti j 

‘Catral Anfh. 
nec r, ii«r-ie 

' Finance 

Pe pent* 


Com ferny ] 
Depttit* 1 

' Oiieonnc , 
j market -i 

1 1 

Treaenrv 1 
| 8, Ita® | 

1 Blteihle 
| Bills * 


Fine Trade 

"'•ereicbi ...... — 

4-81* , 

_ 1 



BS*-85b | 


— ; 

j — 


£ day not ice..! — 1 


at«-8tfi | 



— | 




7 day* or j — 

81 B 8** ■ 

8V-85 8 1 


a 7. 

7lg _ 7I* , 

i _ — 


“ ' 

\ B<i9U ! 

i ess-ava 

9ifi 9 

9 la-Pis 


*-814 , 

, 011-0* 


9 : 4 - 91 ? ! 


fta 9*1 


BAS'P 1 * 1 

, Sf*-0l4 



9-9la 1 

! 9i?-B» 4 

96r-9T b 


8 5(1- B >( I 


91 8 9L 


MX month-. ...| 10,% 9r) 

; 10'i-lOJe 

. 91* 9’« 

1 9ta-9 




1 — 1 

I 9K-913 


N me nii.nt li'.-: I0t*-l0'a 

, lOJa-lOig 

; 10',9/ s 




1 — 


1 »ne , 1 lOss- 10 : t 

, 105* 10? B 

95* -1038 

| 10'«-9J, 



] — 


1 w.t \ rar- ; — 1 

— l 


— 1 


1 ™“ 


Local authorities and finance bouses seven days’ no 'Ice. others seven days' fixed. Latiz-tenn local authority monsage rate 
r.nroualJr jhre.> yean 311-112 per cent: four years 120?) per cent: rive rears J2?i6-12J per cent. ® Bank bill rates In table are 
burnu ra'cs fnr prime paper. Burins raics lor tour-month ban bill 9’it,-S» per cent: four-month trade buls 9 i*-9J Per cent. 

Approximate selling rates lor one-month Treasury MU* nl-S /is per cent: two-mnmb R9ib-S. per cent: and Uirte-monUi SJ-S’Mf 
per tent. Approximate selling rate for one-month bant- bills F) per cent: and two-month FUjs-si per cent: and tbreo-mootb 
8-9 1 lt . per cent. One-month trade bills 9* per cent; Hep -month 8) per cent: and also three-montb 9| per cent. 

Finance House* Base Rale* .published by die Finance Houses A«oc unon» Si per arm [rota June 1, J97B. Clearing Bask 
Deposit Rale* 'for small sums at seven days* notice' 6 per cent. Clearing Bank Base Rates for lending 9 per cent. Treasury 
Bills: Average lender rales of discount 8.772S per cent. 



The dollar finished around its 
weakest level 0 / the day against 
most other major currencies 
yesterday, but showed signs of 
recovering later in New York, 
possibly with the help of inter- 
vention by the U.S. authorities. 
The dollar closed in London at 
StvFr I.RR10 against the Swiss 
franc, compared with SwFr 1.8920 
previously, and at DM 2.08071 in 
terms of the D-mark, compared 
with DM 2.09024 on Thursday. 

The U.S. currency’s trade- 
weighted depreciation since the 
Washington Currency Agreement 

York, widened to 5.91 per cent 
from 5.72 per cent Its index, on 
Bank of England figures, fell to 

Sterling also bad a softer tone. 

and may have received some 
support from the Bank of 
England. It opened at S1.S215- 
1.8225. and fell to S 1.8200-1. 8210 
during the morning. but 
recovered to $1.8265-l.S2/o by 
early afternoon. The pound 
closed at S1B225-1.S235. a fall of 
35 points on the day. 

Sterling’s trade-weighted index, 
as calculated by the Bank of 
England, fell to 6U2 from 61.4, 
and stood at 61.2 at noon and in 
early trading. 

Forward sterling was also weak, 
with the three-month discount 
against the dollar widening to 
1.30 cents from 1.15 cents, while 
the 12-rannth widened to 5.621 
cents from 5.171 cents. 

Gold rose S2 to 8185-185], 
influenced by the weaker dollar, 
although trading was generally 

Jnne 2 

11*1 e 






New York... 





81 S 

2.b525-., 5SQi2X57fi-2.D58tf 

A i.Mlt-hlam 



4.06 07 




69.46- 69.55 



1D.23b- IU.SGj 

I0.24*. ID. 26* 



a.7S 3-814 





f 2. BO +4.30 



146 BO- 1*t IS, 146-BB- 146.96 


lUMl.b71i-l.: 75*: 1.6724-1,675* 

I'- |n_ 


J.- li- -84 A 1 »-B2i-B^5*. 












\ lenna 






5. 42 J. 45 


FraukTun clnse June 1— -3.SU-3.82i. 
Zurich dost — 3.451-3.461. 

1 Rates Riven for convertible franca* 
Financial francs 58.55-53.75. 



I I A' ores Rates 

Arsen '.Ins -I 1.425-1.427 I Arsenti nn.|1 300-1400 

June 2 /r»"i.iurt i.Ni-u Par 


L>i]ilnii ] \m ■ '-.'in 4unrt» 

. i-iikiiirii - -1.07-6 OK*' «-.OP ! F.;8 39 ! 00 06 I 84.WCM6 

>#« York ' «7 AT 99 : - 21.79 V l .4.0676 * 6» 1.62JS C3&1 **.7* PS 

ISri ■’ 2 9. 3PJ '4.bcl26-i9«o. - MAKSSwMi -^6-6 JTItej B.6.11 

|iniui-if—. 15.6*69 32.64-f® l II i - I 69.52-t*7 • - — I J.T3 0 L 2SS56 i »-lbA-S6/, 1 je.A-Sbf. 

k,nM.tain_107.14p-lM 2.5312-S7 I ' Flb«K5' •4. -«» 75 [ J.'T/a- 9? 

'i.n -l. A'.2-2fC if- 7 I.F&0 3P2 ; p.9*97 <C4> ‘■.ISlt, .624, 3.a31SM^ 

U.RO ' 4 
4.06 OT 

1 10 ?S6t' 
295 50 
He 585-435 

A'l-imli* ..11.6005 I .b '67'A uoi rtn | 

F-nixil 41.89 42.63 .Belclum .. 

Puiailt... 1 J. D /.* |lf'l , ni. , ll ..... 

lirwvf .67.418 l8.D84-Lmii>iiIb 

H.-nu K-.nj; «.(8i-’.5lj 1 1 tan mark. 

lntn,... ] 1.6- 151 'Kraive i 

Kiimhii ( D.49B D.tOB I'l'emutny. 

Lutflill.'rii. 53.46 5S.56 i 1 ' revue 


N. /.P0iaii.i|1.79OO I. 06£-l h| an ...... 

*7-2 hi 
69+-8 1 : 
4742 • 
48Q-416 . 

>«u.i' Vralr 6.:i-6..*S | Aeilierl'nil|4.D6-4 JD 

i:.S. 3 inTi.|«.n" =11 1.(61 94 (.'-mut-lUo Title. 
taiA-lian S Id New Yr.ri= -U .30 52 eei" . I’.* 4 . 9 in Milan 662.90^65.2^. 
sterlmp in Milan 1633.30-50. 

->in-jH(r.r^ .'i4.VI20 A.' 800 .Nrira.H V ... 
S. Al nra ...| 1.572 1 ■ 1.5978: f*.-n ncml ...; 

|’.4 Inpun 

Lnns-la I ;■>« It*' land! 

l-Fl ■ I'j-S , 

V.n. .-flit-. I 93.45-43.48 'Vugoalsru, 

18.85- 10.05 
1456 I486 
4.40 4.64 

U 2- 1.86*. 

44 57 

Rate glveu fnr Arecntina Is a fm rate. 


June 2 \ aieriinK 



I Hi' Is, I 

um. h 



Ill III- 

■ i.-rman 
m« rl. 


(,"t* "l-.riin ; Three months 

iAii-n Iwi... 101* 10>( 

i .lat- nrrt-K-i- 10*4 10»« 

11 OUT h lO'fl 'a 

lllee Tirulli-.’ 11-11 30 
ni'Uilli-._i 11 !« i ,*( 
Vrer ' >2 Hit 

7 8 
7 8 

8rV- rn 
tl* »a 
tl r 8/ ? 

»«a .8* 
3* 5* 

7&s77 B 
7 i*-oi* 

c Jfl • ^8 
Ol: cJ: 

•)1» 5 Ip 
Aia 5'a 
H7 P 5l 9 
4"a l 1* 

5'4 -*5 
- ta 1i« 

J * U 
I'd lie 
1 /r Ik 

H< >2fl 

J A )ri 
M) ii> 

s'p pin 
c'b ie 
C>B 1? 
3 if - tj 
31s *8 

.Vee V'«ii. O.47-0.S7 -./.ni 1.3>2.25r.(4B 
>i.."lrv« .'.‘40 .30>-.|<"i . L35 1.23--.f-ro 
Am-i'.lsm Hi Jla .i<i» ]6's v *z pm 

Ifni-.V ... 5 I* -pm 80-55". pm ■_ 

L'o|/nh|:ii. 5 'a Sta i.n-<li» ]9l2-ll/j «-.ith11i 

i 4* 6J8j'lpni 

ll 0-0 ({ ejrilK 

Eur.v French dep-.eli rales: iwreday 10-105 per cent: seven-day 9i-9i per cent: 
ine-mnnih 9 Sit -91*16 i*r cent: three-month 99|6-9 ,, i* per cent: eia-mm'h 10 -in) per 
cent: .mc-jear TAI-IW per cent 

LnnR-term EurfKlollar depns its: nm rears per cent: three rears SI-9 

ser cent: Ir.ur rears F'/n-P'in per c.-nt; five year/; 9-94 per cent. 

The fnllnmns nominal rales were quoted |nr Loijrion dollar ccrdflca'e' ni depostt- 
■■nn-mnnili 7. © per cent three- month 7.K3-7.93 per cent: ss-mnnih S.70.S.M per 
cent: nne-vear R 40-S.50 per cen'. 

Short-term rate, arc rail for sterling. U.S. dollars and Canadian dollars: Mo 
dav«' notice f"r eu/Wcts and Swiss francs. 

Kremtiurl ^s* lSg /u pin 


Sl«.1n>l.... id- It5>. 'Hi 

Hu*/, 14 'Ire ilia 

iy.iit 2 4»>re«f»‘ 

Parts ,.-l . cm - par ... 

"i Ykh.i'ii. J .re/'11 3i9-llg nre pm' 
Vienn-i .... |< S to. | -in a ■■■a/ are pm 

.A!* / In r. pm .‘8Sfl 7 5g e. pro 

ISOJ3o r. dls 
‘7- ll nre rtli 
i23j- 14| c. pm 

SLv-monih fnrward dollar 2. 70-2. 60c ptn. 
12-nxmih s 70-5 3Sc pm. 


Statisrta provided by ' 
data STREAM Internal fgnoJ 

Name and description 























Alcan Aluminium 9pc Cv. sn-M ! 






3 2 

Associated Paper 9lpc Cv. S5-90 







- 71 

-10 to 




3 2 


Bank of Ireland lOpc Cv. 91-96 







- 2.9 

- 9 to 




- 0£ 

+ 2.2 

Brilisb Land 12pc Cv. 2002 








14 10 






English Properly 61 pc Cv. 9S -Oo 







- 6.9 

-J1 io 




- 4.9 

+ 2.1 

English Property 12pc Cv 00-05 








24 to 





- 3.7 ' 

Hanson Trust 6Jpc Cv. 8S-93 








1 10 




- 2.9 

- 7,8 

Hewden-Siuari Tpc Cv. 1995 






— 10.3 

-17 lo 

— 7 



- 0.8 

+ 9.5 

Fcnios Ifipc Cv. ]Sfi5 







- S.7 

— 9 to 






Slough Estates lOpc Cv. ST-SfCl 








7 Ln 





+ 4.8 

Tozer. Kemsley 8 pc Cv. 19SI 

73 3 







4 10 





- 3.5 

Wilkinson Match lOpc Cv. S.1-9S 







** 7 

29 lo 






•Number oi iruinary Lh.ires mi.i «hn-h Ufln nominal uf camcnib.r -holL is copvertihie , The extra rocf of invcsimuni ih uonv'-riiblf i.'xpri«©4 as per cent, of tbo 
i-nst ol the equity in rite convertible siolS l Three- mom h ranse. 8 Income on numbrr of Ordinary shar-.-e mm "hi-rh fIM n -rr.inaJ of convomblo is convertible. 
Tin* i/icofci’ «pre*»ed in puwv. is sd/nme d fmtn present i/mc unirf un-uoic on Ordinary shares is greater :han inttwwe on f'M nonunal of converupie or tie fins) 
convermen dam whichever is earlier. Inromc is assumed io wow at ID per cent, per annum and -is pr<s*m valued ai 12 W r D pr afUium. *5 Income on £100 ni 
convert ihlc Income n summa.«l until conversion and prcsi-m valued a, 12 per cent, per annum, t*: This is incoin.' of ihc convertible less income of the underlying equity 
expressed as prr eeni. oi me taiue m tbc underline cautn-. The difference between the premium and income difference expressed as per conu.ql the, value ot , 
under I)',n= ••Willy, -r Is an ind ica linn of relative cheapnru, —'is an Indication of relative dearnerj. 



tV'aS r ^ v*F. r5i2ii'v-’ 


Gilts react afresh and equity lea 

Share index 2.7 lower at 475.5— BP on o 

drift lower 

Account Dealing Dates 

•First Declara- Last Account 
Dealings Hons Dealings Day 
May IS May 25 31ay26 Jun. 7 
May 30 Jun. 8 Jun. 9 Jun. 20 
Jun. 12 Jun. 22 Jun. 23 July 4 

• “ New lime " dealings may lake nlaco 
tram UO a.m. twa business days earlier. 

Stock markets were looking 
rather jaded as the week drew to 
a close yesterday. Recent dullness 
in the Gilt-edged sector became 
more pronounced against the 
background of the continuing 
deadlock between the institutions 
and the authorities over the 
money supply. Scattered offerings 
were sufficient to push the longer 
maturities down by 2 be Tore bear 
covering left final quotations ! 
off on balance; the shorts also 
finished above the worst with 
losses ranging to 3. The Govern- 
ment Securities index fell 0.54 to 
a fresh 1978 low nf 69.36. making 
n loss of 0.74 over the last four 
trading days. 

The equity leaders were not 
helped by the reaction in Gilts. 
A leading broker’s bearish circu- 
lar on the outlook for the UK 
economy also tended to dampen 
enthusiasm and light selling took 
the FT 30-share index down 4.6 
to its lowest of the day at 11 am. 
Prices, however, recovered a little 
and the index ended 2.7 off on 
balance at 475.5. 

Secondary issues followed in the 
wake of the leaders — falls were 
in a majority over rises by nearly 
2-1 in FT-qubted Industrials — but 
a number of useful rises were 
recorded following favourable 
trading statements, while bid 
situations, both rumoured and 
actual, alsn produced the occa- 
sional bright spot. Official mark- 
ings of 4.99S compared with 4 .S3 1 
on Thursday and 5,568 a week 

Gilts down again 

The rise in Treasury BUI rates 
coupled with continuing worries 
over the lack of any initiative 
from the authorities over the 
money supply made for marked 
weakness in the Gilt-edged sector 
yesterday. Selling was fairly 
modest, but the market was vul- 
nerable in the prevailing thin con- 
ditions and prices were quick to 
react to the smallest of offerings. 
Long-dated stocks fell away quite 
sharply to record falls extending 
l before staging a small rally 
which left final quotations with 
losses on the day ranging to l. 
It was a similar story in the shorts 
which closed with falls to around 
g, The announcement of the gold 
and currency reserve figures for 
May and the estimated Public 
Sector Borrowing Requirement 
for the first quarter of 1978 
appeared to have little impact on 

Just two days after recording 
the second heaviest traded total 
of 906, dealings in London 
Traded Options yesterday fell 
away to a mediocre 277 contracts. 
This is only 7 above the lowest 
total of 270 recorded on April 26. 
Yesterday, GEC registered the 

largest volume with 53 contracts 
done. .*2 of which took place in 
the newly-created July 280 series. 
Land Securities followed with 44 
and 40 were done in Marks and 

Buyer's began to show interest 
in the investment currency pre- 
mium at the lower levels and. 
after moving between extremes of 
1051 and 104} per cent in good 
two-way trading, the premium 
closed at the former level, a frac- 
tion higher on the . day. Yester- 
day's conversion factor was 
0.6958 (0.6880). 

Banks easier 

Lethargic conditions prevailed 
in the Banking sector, as the 
major clearers drifted gently 
lower on lack of support. Barclays 
and Midland both closed 3 
cheaper at 330p and 3BQp respec- 
tively and NatWest ended a 
similar amount lower at 270p. 
Llovds closed a couple of pence 
off at 2S0p. after 27Sn. Australian 
issues were mixed. Bank nf Mew 
South Wales hardened 7 to 552p 
but Commercial Bank of Australia 
lost as much to 20Sp. Revived 
fears of higher interest rates 
unsettled Hire Purchases and 
Lloyds and Scottish softened 3 to 

Proceedings in Distilleries were 
dominated by the performance of 
McDonald Martin A which jump 
40 to 41 Op in a thin market od a 
report that Bass Charring ton will 
distribute the company's Highland 
Cream brand throughout Its 
branches; BC closed 3 cheaper at 
165p. but Toma tin closed a like 
amount up at 116p with the help 
of Press comment. 

Lethargic Buildings drifted low- 
er but demand developed for 
John Lalng A which put on 5 to 
168p. In secondary issues, special 
situations were responsible for 
the occasional adverse reaction. 
J. Smart closed 7 lower at 48p 
after sharply reduced first-half 
returns and the accompanying 
profits forecast, while Johnson- 
Richards Tiles fell 7 to 94p on 
the announcement that Hep worth 
Ceramic is not to proceed with 
its offer after the decision to refer 
the proposed merger to the Mono- 
polies Commission. ITEM remained 
dull after the results and eased 
2j more to 69jp, but further buy- 
ing prompted a rise of 21 in Jit. 
Holdings to a 1978 peak of 75p. 
In contrast, housebuilders Barrett 
Developments eased 3 to llOp on 
higher mortgage rate fears. 

Initially 4 easier, ICI picked up 
in late dealings to close just a 
penny lower on balance at S89p. 
Fisons cheapened 3 to 360p after 
35Sp. Coalite and Chemical shed 
3 more to 72p after Thursday's 
results and Carless Cape! eased 2 
to 35p in front of Tuesday’s 

Electricals doll 

Electricals drifted gently lower 
in idle trading. Philips’ Lamp 
stood out at 935p, down 20p, while 
losses of around 6 were recorded 
in Decea A. 43Sp, and Thorn 

Electrical. 326p. Normand. at 4Sr». 
gave up half of the previous day's 
rise of 4 which followed the re- 
cord results. 

Stores had the occasional small 
fall. Martin the Newsagent 
shaded 3 to 248p in front of Mon- 
day’s interim statement, while 
Marks and Spencer. 145 p. and 
Mothercarc. 160p, lost 2 apiece. 
Dealings in Kunick Holdings were 
suspended yesterday at 5fp at pie 
company's request following 
acquisitions. Shoes had an isolated 
feature in Hiltons Footwear 
which advanced 4 to a 1978 peak 
of 9Sp. 

With the exception of Tubes, 
which edged forward 2 to 384 p. 

Kills, the miscellaneous Industrial 
leaders drifted gently lower in 
thin trading conditions to end the 
week on a dull note. EeecJiam, 
653 p. and Turner and New all. 
177p. lost 4 apiece, v.hiic Rank 
Organisation shed 5 to 2.Vjji and 
Unilever lost U tn 514. Ahead of 
Monday's preliminary result®. 
Metal Box softened 2 lu 3(l2p. Else- 
where, Newcy Group rose 7 to 
in response to the overnight offer 
from German concern William 
Prym-Werke and Carlton Indus- 
tries. currently in receipt of a 
cash bid of 165p per share from 
Hawker Siddeloy, gained 9 to a 
1978 peak of 202p following the 
better-lhan-expeclcd annual re- 

1974 1975 1976 1977 1978 

the Engineering majors contri- 
buted to the dull trend. Hawker 
lost 4 to 216p and Vickers softened 
a penny to 175p, after 173p. Else- 
where, Half Engineering became 
a notable firm feature, rising 6 to 
107p, after llOp, following country 
buying. Down i brae hardened a 
penny to 34p in response to the 
results and 600 Group closed a 
like amount better at 83p ahead 
of next Thursday’s preliminary 
figures. Anglo-Swiss picked up 
3 at 40p, while improvements of 
a couple of pence were seen in 
Baker Perkins, 95p, and Burgess 
Products, 44p. Capper-Neill, at 
76p, held on to the previous day’s 
gain of 5 that followed the good 
results and reports of record 
order books. 

Still reflecting seasonal in- 
fluences, Alpine Soft Drinks rose 
6 to 136p for a two-day gain of 
12 in Foods. Morgan Edwards 
rose 4 to a 1978 peak of 51p on 
renewed speculative interest, 
while Blnebird Confectionery 
picked up a like amount at 170p 
on the capital proposals. In 
Supermarkets. Hil lards, at 233p, 
gave up 10 of the recent good- 

Newey up on bid 

Reflecting a sharp reaction in 

suits. Peter Black at 143p. re- 
corded a Press-inspired improve- 
ment of 6 and Photo-Die revived 
with a rise of 10 to 275p. while 
Securicor were firm again, the 
Ordinary rising 2 afreish to USp 
and the N/V 4 to lltip. Sale 
TIfney put on 4 at 272p and Elson 
and Robbins hardened 2 to USp; 
the latter's first half figures are 
due next Tuesday, Profit-taking 
after the previous days gain of 
10. prompted a reaction of S to 
332p in De La Rue: the pre- 
liminary figures are expected next 

Noteworthy movements were 
few and far between in a lack- 
lustre Motors and Distributors 
section. Brown Bros, were on offer 
at 23}p. down li. while Reliant 
eased a shade to ZOjp and Rolls- 
Royce 2 to Hop. 

Investment demand lifted Asso- 
ciated Book Publishers 7 to 192 p. 
while Benn Bros, added S to 72p 
on buying in a thin market. 
Thomson. 245p, held a small im- 
provement after recent dullness 
on reports downgrading North Sea 
oil prospects. In quietly’ traded 
Paper/Printings, Culler Guard 
Bridge gained 2 to 22p on the 
better-than-expected results and 
the Board's confident statement, 
whHe Saatebi firmed 5 to 152 p 

After a dull start, Properties 
steadied and were sometimes 
fractionally better by the dose. 
Lund Securities picked up to end 
u couple of pence to the good at 
21 Ip. Eisewbere, selective buying 
left Great Portland 6 higher at 
302 p and Country and New Town 

2 up at 2op. Further speculative 
interest left Property Partner- 
ships 5 dearer at LlOp, an appre- 
ciation of 30 on the week. On the 
other hand, 

BP down 

Oils remained depressed follow- 
ing Thursday's first quarter state- 
ment from British Petroleum. Ihc 
shares of which were fur-lher un- 
settled by rumours oF an immi- 
nent bearish circular and the 
price reacted to lower British 
Petroleum 10 to S68p. In sym- 
pathy. Shell eased 4 to 560p. 
Bormah shed 2 to «7p ahead of 
next week's AGM and Ultramar 
cheapened 4 to 274p. Elsewhere, 
Siebens UK met renewed profit- 
taking and retreated IS more to 
3SDp. a fail of 57 on the week in 
contrast tn the previous week's 
speculative advance oC 55. 

Lonrho featured laic, losing 4 
to a 1UTS low’ of 64p on the 
announcement by the Tanzanian 
High Commission in Loudon that 
the company must divest itself of 
Its Tanzanian interests within the 
next three months by selling them 
to the Tanzanian National 
Development Corporation. Ocean 
Wilsons, at IQSp, gave up 4 of the 
previous day's gain of 7: the pre- 
liminary figures are expected on 
June 12. 

Although closing w r ith wide- 
spread and often substantial gains, 
Investment Trusts attracted only 
a small business. Investment Trust 
Corporation hardened slightly to 
24fip following Thursday’s late 
jump of 42 on the bid approach, 
while rises of 5 were seen in 
Fundinvest Capital. 59 p, and Aus- 
tralia and International. 95p. Man- 
chester and London edged forward 

3 penny a 22p on the bid from 
Metropolitan Investment, while 
Crescent Japan finished 2 better 
at 160p on the company's financing 
arrangements. Numerous gains of 
between 3 and 6 included British 
Investment. 4 better at 163p. and 
City and Commercial Capital, 5 
higher at 106p. Financial had con- 
trasting movements in Fashion 
and General, 4 to the good at 120p, 
and London European Group, a 
like amount lower at 26p follow- 
ing the recent good speculative 

Shippings put on another good 
showing, closing firmly after a 
reasonable trade. Furness Withv 
finished 3 harder at 263p, while 
British and Commonwealth. 2S7p, 
and Hunting Gibson. 150p, put on 

4 and 6 respectively. 

Levex came on offer at !£•», 
down a penny, on the report of 
continuing losses. Other dull 
Textiles included Courtaulds. 2 
easier at I23p, and Dawson Inter- 
national, 4 off at 131 p. Sidlaw. 
however, rallied 2 to 93p on 
further consideration of the 
interim report. 

South African .industrial issues 
drifted lower on investment doUair 
premium . influences. ' Abereom, 

9 0p, and Tiger Oats, 54p, both 
eased 5. 

A firm market of late, <jn buy-, 
ing in. anticipation of next Thurs- 
day's annual results, Gathrie.-en-: 
countered light pn fit-taking and- 
cheapened 2 to 320p. 

Australians quieter; 

Activity in the Australians, sec- 
tion of naming markets was much, 
quieter than of late. . ' 

The members of the Ashton 
diamond consortnan continued to 
attract speculative activity with 
Northern Mining recovering 
modestly to- close 5 better, on the 
day at 112p, although still 20 down 
on the week, while Gonzinc Rio- 
tinto were finally unchanged on 
balance at 230pr-14 lower over 
the longer period. The. London- 
registered “Tanks” eased’ a. penny 
more to 165p mainly reflecting the 
lower profits and reduced,. finaL 
dividend announced on Thursday. 

Australian 'base-metal miners 
opened showing modest losses re- 
flecting the overall downturn in 
overnight Sydney and Melbourne 
markets. But prices tended ' to 
pick up in the after-hours*: trade 
as arbitrage buying became 
evident. MUif Holdings rallied 
from 204r> initially to dose - a 
penny cheaper on ; balance at 2Q8o, 
while Western Mining were finally 
the same amount easier at'124p, 
after 121 p. . 

On the other hand, the - mare 
cnefrialative issues opened slightly 
firmer and remained .steady 
throughout the day. 

Uranium generally dosed . -a 
fraction easier on the - day and 
the week despite Wednesday’s, 
news that the Federal Parliament 
had passed six Bills backing the 
Australian Government's decision 
to me the mining and export 
of uranium. „ 

In contrast with Australians; 
South African Golds were sub- 
dued throughout the week despite 
the strength of the bullion price, 
which was finally S2 higher at 
$185,375 per ounce yesterday and 
85.50 belter over the longer 

The Gold Mines index, 2.5 off at 
152.7 yesterday, ' was barely 
changed on the week. 

South African Financials moved 
similarly to Golds. Anglo Ameri- 
can and De Beers both 4 lower 
closed at 298p and 346 p respec- 
tively; the former's 15-month 
figures are expected early next 

London-domiciled Financials 
were quietly firm. HTZ ended un- 
altered yesterday at 22Sp but still 
6 better on* the week* reflecting 
the recent gains in. base-metal 
prices. .. ; 

Elsewhere, Northgate advanced 
2D more to a 197S high of 415p 
on consideration of the company’s 
holding in .Anglo United which, 
although unchanged yesterday at 
163p, showed a rise on the week 
of 30. 

Oonounesi ticca — — 

Industrial OnUnwy-- 

Gokl alines,.,. 

Ord. Div. YidWL-™——- 
Earn Inga. Y'ldifftrilK"} 

( *7H hallo <nefcK*tt...- 


. Equity turnover Abi~ 

Equity bargain * ~ i : — . -/—■■■ 

Bads too 

jjflnra 12/9/5S. SB AflhW a»4MC. j. f.r- ^ 



. W7B 

4lnbe CompHstton 





Govt. Sees— 

Fixed lot.... 

InrL Ord 

Gold Mines. 








(b/5i - 

. cSrtq 
(2/3) - 


9/im : 






rtHK&i 76) 

'49.4 '- 

NEW HIGHS AND LOW S F OR fi'rfc t- «“* 

The following jrcorlrlcsOiwtedliT^the |**{|*£- 
Share IntoriwaUon jSeiylee. Exctiefl- 

W5FORI978 - 

i - .’• ;_**■./ ’-.*? * -y.y; Oj-y ' * *_ 

!: S', DC % 

u aoc VSS1 " JWeuu* 2*cWS& '•£. 5* ;5 


Exctea. TZAUK-I9S1.TM0S. 

.Treat Bijpc- , 80 *-a 2 ;/ i " 

Trew. 1* 

Exehcq. - — 


eschee- a%oc isos -TMm. T0«Ae-49AA-< . *■ 

Eni«q. -gawt. ShacTwigt- . Vf* 9 

TVcm. 12PC- 19B3 T * 1 

Fond. 5'ipC -*BZ -M 

Treas. a WSM6. , 

Fond. 8'iflc ’BWW . CowoSi'dno - -- 

Trans. 3 pc . 38^ .. f* ‘Tr 

Trees. 5 pc "80-98 - TVoaac 3a»c ;ss »rv -•<*’ 

Treas. #W '87-90 .afoUlfXs iqBC .. . „ : 

t warn ■ - • • - 

x - 

I-.— TwsreocTBjjH.- ; -jP . , 

atuJned BoSTTSSte and Lows tor 197B; 




DHA rg&SgSA*--' 


FOODS C*l " 




- N ^ A ^=f > 

- .■MffW* 



. TRUSTS (321 • ... 

MINES tS) . 

NEW LOWS (68) 


Trens- 10i,DC (978 Fund. 6nc 
Treas. 11 *spc 1979 Trew- ’l? 1 * 32|? 
Treas, lO'-PC 1979 Treas. 14':nc 1994 
Tnu. S’ -PC 19"0 TrMJ. «OC 199*_ 
'Excheo. 13nc 19S0 Trees. 1 2»C 1995 
Tms. tlTPC 1981 G*» 3D f 

Treas. QJ.pc 1B81 TreM. JMWJ1; 


DEALING DATES . in PKiBier' -eoi^^f^. 1 
First Last Last For Feed International,^ Bef&ye 

Deal- Deal- Declara- Settle Brewery, Burrart vBi^Ssh 

tngs In-s Hon meat Property. BP, Dartmiwttt^ ^JnveSt- 

May 23 Jun. 6 Aug. 17 Aug. 30 ments, Glltspur,- NafWest-.war- 

Jun 7 Jun. 20 Aug. 31 Sep. 14 rants, and Davies 

jun. 20 July 4 Sep- 14 Sep. 28 while doubles- were^amnged 

For rate indications see end of "In ' Premier Con&oDdafeil, .On, 
Share Information Service , Bunn ah . OIL ..Consofidatalyfiiijd 
Money was given for the call Fields and-Reaifliw.'ginltii 

<= >'* 

GLC 12IUK -1982 N'CTtfe- 9 * 


Dinks Gc 



BrftMl Fund* - 

Corporations, Dam. and Foreign Bonds 


Financial and Property ......... 



Recent Issues — - 





- V M 



. 4 

:■ «?■' 



■ 40 

. . :u 




. xm 




■ 555 



12 . 

. ja 


. 6 


' 20 


71 " 


- 138. 


- 7 


-... D - 

;.—•>• • i. 


-‘■9ZL''4£B*!> . ■ 

®*-il i; 

- -i; 

427 M6 U4> .. -iM '* 




Denomina- of Closing Change 
Slock Don marks price ip) on day 

BP £1 12 S68 -10 

ICI £1 11 389 - 1 

Howden (A.) ’New* Nif/pd. 9 I2pra — 2 











Shell Transport... 




- 4 



Barclays Bank ... 




- 3 



Grd.' Metropolitan 



— 1 










Thorn Elect. 



— 6 



BATs Defd 




- 3 







- 1 







- 3 



Lucas Inds 




+ 2 







- 3 



Reed Iutb 














The a bore lift of ochre slocks is based on the number of barparns 
recorded vesterdav in the Official List and under Rule 163(1) ( e ) and 
reproduced to-day in Stock Exchange dealings. 









Stock Lion marks price (p) 

on week 



BP £1 






ICI £1 



- 1 



Barclays Bank ... £1 



— 5 



BATs Defd 23p 



4- 2 



Shell Transport.. 25p 



-f 7 



Grd. Metropolitan 50p 



4- 31 



Reed Inti £1 



+ S 



GEC 25p 



4- 4 



Howden (A.) 'New* Nil/pd. 



4- 3 



Distillers 50p 



+ 2 



Beecham 25p 



— 5 



Commercial Union 23p 



4- 1 



Burmah Oil H 



— 5 



English Property ->0p 





Royal insurance... 2op 


4- 2 




A.B.N. Bank 9 % ■ Hill Samuel § 9 % 

Allied Irbsh Banks Ltd. 3 % C. Hoare & Co T 9 % 

American Express Bk. 9 % Julian S. Hmj^e 10 % 

Amro Bank 9 % Hongkong & Shanghai 9 % 

A P Bank Ltd 9 % Industrial Bk. nf Scot 9 % 

Henry Ansbacher 9 % Keyser Ullmann 0 % 

Banco de Bilbao 9 % Knowsley & Co. Ltd — lliKi 

Bank of Credit & Cmce. 9 Lloyds Bank 9 % 

Bank of Cyprus 9 ‘7, London Mercantile ... 9 ^ 

Bank of N.S.W 9 % Edward Hanson & Co. 10*% 

Banque Beige Ltd 9 °o Midland Bank 9 

Banque du Rhone ■ Samuel Montagu 9 % 

Barclays Bank ......... 9 % ■ Morgan Grenlell 9% 

Barnett ChrisUe Ltd 31% Naliona i Westminster 9 °o 

Breraar Holdings Ltd. 10 o Norwich General Trust 9 % 

Brit. Bank of Mid. East 9 % p s Refson & Co. ... 9 % 

I Brown Shipley 9 % Rossminster Accept’cs 9 % 

Canada Perm't. Trust 9 % Royal Bk. Canada Trust 9 

Capitol C & C Fin. Ltd. 9 % Schlcsinger Limited ... 9 

Cayzer Ltd 9 % E. S. Schwab 104% 

Cedar Holdings 9$% Security Trust Co. Ltd. 10 % 

I Charterhouse Japhel ... 9 % Sheniey Trust 11 % 

Choulartons 9 % Standard Chartered ... 9 % 

C. E. Coates 10 % Trade Dev. Bank 9 % 

Consolidated Credits... 9 % Trustee Savings Bank 9 % 

Co-operative Bank * 9 % Twentieth Century Bk. 10 % 

Corinthian Securities... 9 United Bank of Kuwait 9 % 

Credit Lyonnais 9 % Whiteaway Laidlaw ... fli'Tj 

The Cvprus Popular Bk. 9 Williams & Clj n's 9 % 

Duncan Lavfrie 1 9 '7i Yorkshire Bank 9 "T, 

Eazii Trust 9 ‘7» ■ ff m- .\cupnns Hou^s 

English Transeont. ... 10 % Commiucc. 

First London Secs 9 depnsu-, t>v. i-mumb deaosus 

First Nat. Fin. Corpn. 11 % 

First JV’at Secs Ud 11 <fc t 7-day dfposi.s on sums t,T tio.noo 
rlTal W4I. secs. LrfU- ... II aT1(1 „ ndnr fic r . 0 .J ln qoo 

I Antony Gibbs 9 % and n»i*r n: .. 

Greyhound Guaraniy,.._ o % ? *,jii depo?n' o« r n.tKw s-,. 

Grindlays Bank I S ,T n r remand depnns hi-,. 

I Guinness Mahon 9 'n • Ra-c alsn apnltrs 'o S>erha« Irej. 

IHambros Bank 9 ^ Secunue^ 





Option 1 

i price 


1 Closing 
| offer 


| VtA. 

j Cloainii 
i nffer ! Vol 


I Clcsine 

1 irffrr ! Vol. 

J Bqoltv 

j flow 


7 SO 



1 143 

1 165 




1 82 

















i 8 





Corn. Onion 



19 i 





Com. Union' 







Con*. UaM 


21 ! 



34 1* 

— 1 




17 l S 









29 1 3 

6 i 


Courts ul d» 



201 2 



— ! 






16 ! 






9 1 S 


11 ! 


li KC 





571a ! 

— I 



240 ! 









23i s 


31 | 

| — . 






22 ; 

1 — 






24 j 

— - 


iiitml Met. 






17ia ! 


lirmnd Mel. 






13 , 








74ia 1 









03 ; 








331 S : 









Umd Secs. 



13 ! 



26 i 


Land decs... 


17 : 



15 ir 


Marks A Sp. 





- 1 




Murks A sip. 





3 | 




Marfas A Jrp. 



S ! 









3 i 







53 | 









- i 

37 1 

3 1 

In lain 


58 I 


50 j 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries and the .Facility of A ct ha ri es., . , 






Hflurci In imull— nbow | 
m npfcw of atodn par mcUna 


Building Materials (2Q J 

QmtnctiBfcCaBmidiMpl& - | 

Electricals (15). 

fagiiiee ri agC tanliH c tun (14)- 

lh-riuiiHnil Ri ig inawiiigfn)- 

Httals ud Betal Fonaiiit; (37) — | 


LL Sedrada. BadoTVOIO. 

Household Goods (12) 

Hatm and KdzOftasCm. 



Breweries (14) 

Wines and Spirits (6) 

Eotertahment, titering (17>. 

Food Manubctorlng (239 

Food Retafiing (151 


Rtdwging mai Paper (1^- 


Fit, Jane 2, 1978 

Highs and Lows Index 

Est I 
Bffl I 



i Index | 





■ Low 


3 £ 

100 I F.P.l 6(1 ! 155 l 14Z lEnrotfaerm : 150 1 + 2 jt2.64i 4.0] 1 2.7.M.B 


i* c 

IS i5a= 

-sa. , ss 


F.P. ; — 

1 JOp 

F.P. :3'l-6 


£10 ;22'9 

1 • p 

r.F. 1 - 

t;£*7.&5£10 28‘7 


Us i - 


£60 2513 

m m 

F.P. : - 


F.P. 9:6 


.<n ) 

;+ ” r I 


| llOi- 

lOOp: - 23, « 

• • • p.p. ; - ; 
E1CKJ • F.P. 26.6 
: 1-B : 
■■ F.P. . 16.6 1 

-"is'Awer. bxpttr’ lot Pa. %urww*'r 
107ip' liimluv lO.' IWj'i Luni. Pr--1 

lev. Barnet 12i* Cr-J. 1327 

lOJi- >• "ill . com. Fn-i. ... 

liM, £>]■» Water T% lto-1. Prrf. !So5 

I*> :..a--rk .uniat. li>s '*»«• U«--i. 

a-! : iiwu»i 'l I t/"i. !1. - ? K-»l. I +■< 

39 uticrjy 4 c*>. IV 

I’Ll Mrntirb lJ.< Jl tun.. Prvl 

+? t^'FitUr ' 4?. Cum. Fn 

09 Vult-k tH. * J.l VSi Prt 

-6 .le-'-il lifCgi. lui.L'i.l'si' 

6 •Iroe* Ww 12L K««l. 

101, ISrtlrrw- l&l P«-» 

5 », 

1074,.’ ... 
, 10 lv ... 

102j. .. 
... 10>, — 

. 1 26 ... 

47 W .. 

, i 99i-‘ .. 
,104; p' .. 
,.i 98p* — 

„ 96 - 1 

.. - 

. li t 









m X3. 


Textiles (25). 

Tobaccos (3) 

Toys and Gasses (B). 
Chemical* (1® — . 

PhanaaceatkalPswtata (71- 

Office Equipment (Q — J : 
Shipping (10). 
Mia^UneopsBS) ) 

























2 a 

| Inter I 

21232 1 18122 i 


Sine* . 













317 J1 























21532 . OW) 
19706 .(6/1) 

350.75 (6/1) 
46454 (6/D 

323.76 (18/5) 

175.08 (1/6) 

17135 0215) 

198.78 0515) 
235.96 (6/1) 

18433 (9/1) 
12705 (15/5) 







23116 1 -0-6 116381 5061 8311Z1Z40 1 Z1186 209571210^1 


212J6 Q5/5) I 18602 

288.95 (2/3) 
16630 (3/3) 
28935 (6/3) 
40447 . (2/3) 

270.95 (6/3) 

14907 (2/3) 

15422 (27/2) 

163 (3/3) 
JOl (3/3) 




21902 03) 
17537 (27/2) 
17653 ■ 0/3) 
26959 03) 

U911 05/2) 
16517? 03) 

16flte 03) 
21408 (15/2) 
• 9179 (Z7/2) 

39854 07/4) 
273.47 OBI 



234.60 -0.6 16.16 1 5.401 813136111 


B anta QB.. - - 189.90 

Discount Houses (10) — 19858 
Hire Purchase (5) — — 1 143.06 
Insurance (Life) (> _ — 13708 
In9n?nce (Composite) (7)_ 124.48 
Insurance Brokers (I0)_, 329.01 

Merchanl Banks (14) 8158 

Pr o perty (313 236.63 

Miscellaneous (71 10706 

— 16552 



Investment Treats (50) — 20700 

Mining Finance (4) 100.77 

Overseas Traders (W — 313.99 


ALL8HA8E nDEX»7a 21611 





10 JO 
























123389 1 233.91 1 207.40 1 23659 055) I 205.42 


















































( 6 / 1 ) 


OHS ) 
01 ) 
( 20 / 1 ) 














(27 a 










[389211 21852 OS/5) | 19115 (20 


22883 a4/9/77) 
38933 (19/5/73, ] 
<8369 (ZI/M/77) 
33222 (13/9/77) 
187.45 (14/9/77) 
177*1 (27W72)! 

2273V (21/4/72) 
26172 (21/10/77) . 
26322 (4/5/72) 
17059 05069)1 

2BL87 OXfllliiit 
26538 (5/5/79 - 

329.99 02/00 

2Mi3 0/1W77) 

244.41 (27/10/77) 

39L43 07/5/78) 

20489 06/8/72) 

2K.72 07/W7) 
33936 08/72) 
135.72 06070) 
29530 04/9/77) 
262.96 (6/1/78) 

24606 aim 

0908 08/5/77) 
25883 amp 
22232 auum 

24L41 OTO 
28832 (20/7/72) 
29333 GE/5I7Z) 
<33.74 (4/5/72) 
194.46 05/3/72) 
27857 05/72) 
357.40 WU/73) 
24579 05/4/72) 
175.90 (28/4/69) 
319.45 0675/78) 
2283B 0072) 


MS i 

7140 00W:; _ 

aui -WW;. 

6489 wm - * 

3139 W&z V ^ -. 

*ZB5 03(Um tf-ai i . 

63 £ £ i'. 

& * 

fiio dajsflL M 

69.47 03/12175 Ik v :?i 

7888O302WJ £*:' 

5485-(W/7»jc* , ' > “• 

»» WtortifeXl 5ff 

•ao'-’MHBcJC?: •' 

9434 cam. L “~- 

WPL -nj !“ - l5 ' 

58LB . 

, 7120 l! ‘ 

9080 (2 * ’ 

6839 <*fe% 41 

59jn asiunUL 
87 23 axsm. ki , # 

8L40 00/12/70 



.1 l^ - ! 


li>-iM>' j Urnua . 
V] s £ 

• I a 


I Hl^jii ! l»'» 


I prh-e 1 — 

Pi I 

An : 13/e: 
F.P.l *3.0, 
Ni- I - . 
.Nil I 9/6. 


23<t>! W 

— !ol(fo 

7/7- Mpm 1 

— |, 

— j illj'in' 

— . I3jmi, 
2 a, 6' V« - 

— 1-i-ni 
23 . & «IU 

9,B :4 • 

li.-fr It- 
17 7 “Uni 

bepm'Brwu ChemK«>» 

4*. utvwti Huv«,i Krol- 

3*1.11. 'Can&rtisti lnj|#riii Knit... 
oj^niCvnlral M*mif«rtonnp.... 
23|m'lMw4i I>rk llHl'^ 

I J,.,,, F.l*n.l-ran.l (,,.lil lliouc 

lOjiin HmUir 

5*1 •'i)»*r M- 1 in • 

9|,ii,! flu* ilen l \li , fl»ll»l“* 

JS”** «(••» uiree Hi mm!** 1 ' •• 


Turiioi .V Wi*n 

166/jri —I 

69 1 

44].n.. + I 
33pni: — Is 
aaiim. _ 


, 13i-.ii . .. 

I2/-HI - 2 
I 410 * S 

1 179 
4'i - 12 

British Government 







Bd ad]. 

si ad). 

to date 


Under 5 yearn 






5-15 years — 






Over 15 years 








— 1.48 




All stocks..— .. 




OS2 03/12/747 


Br. Govt. Av. Grosa Red. 

Low S years..... 

Coupons 15 yemL — 

25 yeanui..; 

Medium 5 years. — 

Coupons 15 yean..— 

25 years. — 



5 years—. 
15 yean — 
25 years—. 







4.90 06) 
1121 06) 
1183 06) 

1189 06) 
1Z41 a&> 
3256 06) 

1175 06) 
12.91 061 
1332 06) 

1182 (at) 

7 js am. 

932 WD 
934 0/B . 

93* am 

un am 

U 84 am 

987 am 
no am 

ii26 am 

980 am 

Jpnilnv J uni.- 2, 

' likin’ Ytol.ll 
I I S ’ 

lliiir-i WH. ! Thw. [ Fn. • Thur.1 
June! M»v '• !■ ; Mvi% ! Mm- 1 

1 1 41 • .-J I Sr. : £, \ 

Tucs. ; Yter • 





KennM.-idtmn dais inwallv is* ia> »oi neaiirm nee a> Vims ^luw. 
m« ot. Oiowcritf esiimiie. u Awainttn aivmenn aim vi-in. u i-nr..xa« mwnenn 
cover naswi on orevmmi vear‘8 famines ir0mflirti4 ano V '‘ ,W1 "asen on omspeerua 
or chtv-i official esnmaU-s tor ism o Gross i *-:iur.-s t Ww i w w. 

tor conversion or Hunt mu now raninna tor nrvutoiKl or onl* tor reaf TMert 

rtiviUfitoN » Hiaiinc price '-i kublit ft vi-nn- «*mi mherwiar imtiealMT « 

W toirier. -lOllereil to nnin-rps o* unimurv inan-a h> a nrtu 
dv way nt capiidiiodnan. • Ml inlimi". nhh orire. «* f; '"‘nriwA S2}**3 
' conn-ciian with reorsanlsanop nienrer or rafcMwrr i i tornwn-uon. ~1 N”i^| 
torm-r Pnrifrence hoirt-ra. ■ AlHHmem Iwippi ior fully-Dialj. • Provl*lmi4l 
partlypaid iUnunerU letter*. * Witt wsmuuau 

IS 20- yr. Bed. Deb. & Loau f 16) ■ 
ie In vestuient Trust PreTs. (15) 

17 Coml. anil IndL Prets. (20) 

5?.!7 ns.afli 
52.91 ',15.44 ' 

.71.52 i I2.SG 

57.54 57.54 >57.55 47.57 I5/.55 

52.31 162.91 .51.76 S 1.70 ,51.70 

71.66 71.72 171.79 71.95 71.65 


£7.59 .56.49 55.91 65.67 

*1.75 ,51.62 51.28 S7.7I 

In.M 69.85 70.30 78.80 

iiU.ll 57 
■Mil, 51 

H I. : 69 

Section or Croup 

Base Date 

Base Valin 

ScdJon or Croup 

Base Dato 

Base Value 

Pharmaccinlral Prodacts 



Industrial Croup 



Olhor Crouac 



Mlscellaitaouc Flnanelfl 



Overseas Traders 


108 .SB 

Food Mass factoring 


Eaalneering Coniractors 



Food RoU»l l9 



Mechanical Engineering 

51 '12:71 


taKrasw Brokers 



Wines and Spirits 

16.1 70 


Mining Finance 



Toys ami Camas 

16,1 TO 


40 Oiber 


' 1 KM \ 

Office Equipment 



t He*™ p<Fon yield, a 

new lb» rf the constituents • 

■27 rj*. . H3 A3 r^3ilU.»i,i . 3781 
. 114.41 lU.iMtti ■ 34.45 

I -S3 igj.a i I 114JB6 147.67 te.UW. 

Is available Trooi the PublWwn. Tbe Ftoncial Tl*e*<. 
8 retiree House. Cannon Street. London, ECL P ** ' 
13p. bv pnr 22a. a fennlaMI* record «T stw "P 
subieuion indices-, dividend yfcUs and e«mi«w «•*(•*- 
Xnec 19W, with tjnartprjj hlyh* and lows' of ^ 
hidku. Is obtainable frrai . FT Boston* : E MB 
18 Balt Caart. London, EC4. at £4 nor 


' - 7 

3 hi 

3#7v^ ■ _*£«'■* r — r 

' \ lv T^^cial Tfrrces -Satarday Jane 3 1978 


f--- ■'-•• 

insurance, property, 



S ^- r0n f ?“° C - NPl I*.—* 

MBMUwJWBWtt.W^WlJBaPV. WXJirjJJ Si urttettfll out- 

Olio Fund (■ . UU 

, 92* 

SSi5gg^=g& i£f 

Pww itowwCZ- USA.. iw5) 


^PtLSm-fcZ^Sr 139« 

^T:sa*.-*=gp-,-- su 

-tau ii7.( 
t- 11*5 

■ ft Bv 30.;V«Aaatfctn nonsdty Tuead. 

■tfjg^Tiifcl y iM^ c o Cb. Ltd 

-XL D?5f airiia^J^TU. 

Portfolio Fund (- 13&J J - . . .I — 

PfctfoU*CwiW-l«U «3-8t .. I •- 

r«^<v^ur. f, si . M3P3HH <ll 
Mm«cw1i-X|m| .. |149.9 1S6U . | 

Prli »-s June l (iHulim; Juh .1 

Gresham Life Ass. Soc. Ltd. N>w „ ... .. , 

2 Miw of Walot Ru_ B-BBuih teas tbikb 4 0 ,L K ) Ltd v 

CJL UashFUad ,HU m 31 - .1 .. "““jwlllraw .NinDwm! 4S| 2JS (ClrjtTjire. 




i>L Imi fund f 

iD.7ftj.Bad f 

Ki»i \r.‘ Im pLan 
Small. oaKri 
Trchnubin b\t .. 
EiVj | rn- rej . 
Ammcuc F<1. . 

Fs>rtA»lKd . . _ 

dlt Edged Fd. ... 

Con Fd 

Maoatot luruJ 
Equity Fund 

Growth ft Sec. life Ass. Soc. Lid¥ 

Welt BnMwiHU-Tb—t Bfifks 0S&3O4 
FhnOUa PSnaiKe..] 0.06* _J . ..] _ 

LmdMkSco. ~g«0* -Aid 

lrf*tt»nir Sea AetEfiJl HAS . 

c fcs. super Fd. . | fT«4 [ 

Guardian Royal Eichiaf t 

»“»"B m fGBffl'iSSL 

Property I OIK ,.| ... to posit Fund 

Buabco Life Assurance Limited w N “- l - m ' M "» Ir * 
7 OW Park Lime. London. W1 01 

FlxedtCLDirf- -MM 33151 

E^u- _T_ . . 1762 IBS 

Property .. Ui 17f5 

JjMBsedcap DM . WjS 

MBoaaedAce .g72A UU 






1*1 q 

106 4i -0b| 

106 S 
114 2 

100 3 

101 J 




Norwich tmon Inswuier i.twp 
ty/lfc'X 4. .Von* jc h s Rj 3M . i*m ry. 

105 J 


1 SS S’ 

JMJSY LHe.Aswtraace Ltd.¥ 

■ Aina Ran. Alina RX,R«lgmte. Bdgate 40101 

AH W* - 

wsm l- 3 ^ 

» M2« 

Oversea |iw? 

GiKEdced. i»« 

American Arc. . . ,J 9T5 
Prn.rLDep^Bp„. 327J 
PenJ’J.DegAcc.... 14A2 

Pen. Prop. Cap. iwi 

gon- Prop. Act 2HJ 


Pen. Man. Acc. US 

PCD- rait Ed*. Cap.. aoA 

PtoS« t S* Aee ”!Si 

P*n.2£.Cap>— — <23.9 

«M BS. ACC. MS.7 


Pen- D.A.F. Arc 

~nr*. . 

.Arrow Ufe Assurance 

majdcWj CfiPyT- r - 

i ?%_Ws 

119.81 ,._.J _ 

Sundays Life Assur. Co. Ltd. 

«Qlte«fardRA,R.7. 01-334SM4 5S«£SaS«iCIWiL 

- ManacedSeneaC.PS 



• m.| 




0031 Phoenix ANsnranrr Ca Ltd. 

4- 1 - Ki« William Si.. EC4P4HH ‘ilflM !WM 
JUiAw. . |1U4 117 

EhT Ph A*. .. 
Ebr.PtLEqE. .. 

ITS 1 


117 31 

Prop. Equity & i.jf e Ass. to.¥ 

119. 11 T2 AS ul-uwu>Ci7 
71 StJk /T>fp 8d / 17f« i i 

Uo Equity Hd. { 73 0 1 - 0.«H . 

Kle« Money Bd.. .. | 147 7 

Properly Growth Assur. Co. Lid.¥ 

l*«n House. Cfuy don. ll.l. 

perry Fund 
*fi, Fund <A i. 
mil urn I Fund 

Agnt Fund i At. 

ibeji Nat Funii. . 
Ah hey N at K0 t.Vj 
Investment Fund 

Hearts of Oafc Beaeftt Society ----- - - 

1S-I7. Tav««toek Place. W7C1H9SM Oiq»T7XC0 

01 ; , j®^ U1 Heart* d Oak {9* 4 . 3t5l *0.1) - ^ " PUnrt 

J — Hill Samuel Life Assur. Ltd. ¥ 

NlA Twr.. AddlxembeRcL. Crny. 



-o.q _ 

Mana«ed Serta C -Mo 

Money Unit*, |U9.9 

MnmnrSeriea A. --H6.9 
Fh«d Ini. Ser. A.—J92A 

Pns- M/inaped C*p_ 

Pna. Mannw nd Aec..! 

Pw.O-uwd.C9 -.0053 

Pu. CTteed. Ace. _gfr8 

— Pena. Equity Cap - 

Fen*. Equity Arc— MJ 
jFxdJjTt-Cap — 

Tl. Lombard BL.EC3. 


•Current unit value June's 

Beehive Life Assur. Co. Ud.9 

128.76 | ... .4 _ 

Canada Life Assurance Co. 

*# St," Potter* Bar, Heru. P Bar 31122 

M I ...l - 


XOlymnleWy^'WonibJoyHABONB 01-9028878 

Equity FUndfAi 
Mom^- FIukJ. 
Money Fund I. Vi. . 
0 1-8884333 Actuarial Fund. _ 

U6J +lj 
fflJ *QT\ 
302.4 +0* 

ioai +03| — 

_ OUlK'd—d Fund 

— oil l Edged Fd tAi. 

♦Retire Annuity 
M ram«l Aunty- 

181 3 
75 L5 
120 0 

<ii - duo own 

• iod 

-0 4 
• 2 ‘ 


isimy^ [ 
»:.h l.iJL t? 
•arutviuiV t 

r - N-ss'rts 
iCt ind y*, 


Sf g£g^ zz:iff 

2nd Property U32 

S «eae= « 

Urt'-r riiaird-: 

‘•'ion vani: 



1043 40J| 



i value. June 1. 

Capital XJte ASHtmmceV 

Pns FxdJjit-Cap ^-W4 3 

PafcFXdJnLAec -1950 

Pens. Prop. Cap HU 

P^n*. Prop. Arc M.4 

Imperial Life Aft, Co. of Canada 
Imperial Hnaw, CuHdfcrd. 71253 

•Irowth Fd. Jnne2-(723 78« -*0 — 

PBnaFd-luncX — J665 712| ^03l — 

Unit Linked Portfolio 
Manmosd Fund ..2-.M.9 9881 -0.11 — 

Fitted IeL Fil -ML*. IflOlJ edJj — 

Secure Cap. Fd. 195.7 100LS +03l — 

Equity Pund RSJ lBOq •03] — 

Irish Life Assurance Co. 144. 
ILFlnabaur Square. Ed. 
gW^JunjL^BW 75 

Prop. MocL^tme 14D71 

Eiag it Sbaxson Ltd. 


.. ’I her Ac. l'tajl2B4 
9 All Weal her Cap . 

Wav fd fit*... . 

Prruioo Kd. Uu. . 

Cor.v F>en.v Fd . . 

Cm Pna Cap V 
Man. Pena. Fd 
Man. Pen*. Cap Ut 
Plup. Pan*. Frl . 
Prop.Pcn5.Cap Cu 
Rdcs Soc Pen Ul 
Bide. Soc. Cap L1- 

(122.0 12B*| 

146 2 





*i #1 






Provincial Life Assurance Co. Ltd. 
1C22. Biabopacale. E* * - 01-247 83: 

Prav Managed Fd..0U 2 119 N 

Prov CabhFd . . 1045 llOi 
GUI Fund 20 ._ . . U35 1195 -10 

Property Fund ..,954 loa.s 

Equity Pund 97 9 1032 

Fad InL Fund . - fWJ 10O.4( 

Prudential Pensions Limited* 
Hotbom Kars. EC IN llNli. 014030222 

014S28 8253 EquIL Fd May I7._ (£25.07 255SI 

‘ 450 Fad tnu May 17 108 74 1894 

Prop. F Hay 17... .|£2S.4S Zbtii 

Reliance Mutual 
Tunbridge Well*. Kent nOR22271 

0142S3433 RH-PropBda- .1 1981 1 I - 

Rothschild Asset Management 
SL Sort thin* Une. Londoo. F C* 01 -6264336 

NC. Prop. Mar 31 . 

Next Su 

1..QU3 12L6al| 4 - 

Sub Day .tunc 30 

_. Bond PiExmn{<-rUW3* ID773( ^ ...( — 

II .Gott.See.Bd 3 12^5 . .| - 

— Lugbsa Ufe Assurance Co, Ltd. 

Langtuun'Ha. Hoimbrook Dr. PTW4 014083211 

— Uang»i*ra «A*Ptair._IM2 67. 

— WPropBood _G(L9 ’ 

— Wisp (&n Kan Fdpii 

— Legal & General (Unit Assur.) Ltd. 

gta **"’ !Sgg yljm" C ' *• GcStBelen A Lmiiu EC3P 3EP. OldM 8899 

" BaLlnr.FU — .[1255 1329) .( - 

Royal Insurance Gronp 
New Ball Place. LiverpnoL • 051227*422 

HoyaJShiHdPd- . rmi l*Q5j . | - 

Save & Prosper Group? 

OBOE 28311 “Sc: Ss 

iSSattBbd^; 285 • ] :::j - IB* 

Cluurterhaqse Mq^u Gp.¥ . ; Sli^StatBan 

38.ChoqiicT*S4,Tlx^ridgBDB81NE . . 32781 Do Accam.- 

■ sa iiii .qSiMBn!!!!!!,' i_jR3 

(T|pt}Tg fl Ka^agfirl ■ • 

Chrthg^ Equity 04.4 ■ 

“ . SOC:^— i - UU 


Load Me Cwral (Pidt 
..-.J — - .Exempt Caah tntt. -Ms 
' ■ po.AccnOE— -Iw.3 


( > n iSifr City of Westminster Asssr. CO. Ltd. 

nV-i faiygateml Roaw. t Wiimborse Bowd. - Oo-Acemn — ™MU 

Us Dwt 

Croydon CR02JA. 



niNMt &ra^ktasd. Intt. HU 

Emus*: Prop. Intt . %J3| 
Do.Aottm. 973 

yPd* 150.7 

Gilt Pd 117 0 

Deposit Fdt «2.7 

"*M-PdT 1990 

is.Fd.. _ 2805 

t-FtL* 215.E 

GUt'Pects. PU . 90.9 
DepouJVns-Kd » -|98.0 

Prices on Ms 

tWeekly ttcajfngiL 
Schroder Life Group? 
Enterprise House. Pomraouth- 


1237 -05| 
1903 — 1.7l — 

957 -03| 


Equity May Id . I 2Z77 
Equity 2 May 30- ...PUJI 2275) 

Equity 3 May 30 - .117.9 
Fixed InL May 20- 1 1343 

Fixed int Star 30._ U442 


Wmd g bnd: 

Mangy Fund^mil 

cfitFund I 


Legal A General Prep. Fd-Mgrs. Ltd 

lEC 4N«TP «4«Bn8 Mmey3Mqym~— I 

CanuBodd IJakai Group 
SL Rqjptfs, 1. Uwfers h a ft . 1CT 3. :• 

InL UT May 

K6S Gilt May 30 2816 

K A S Sc. Mar 30 119 6 

Mngd. Fix. MayTO _ 130.1 
Uy30_... 1433 

ll.<jiieen Victoria 8L.EC4N4TP -014880818 Money 3®^ 30--— ^9 

_ LfcGFnAFU.Mny2_Dfl0L0 Mt?T L - Deposit May 90 U3J 

— ’ Next snbTday Joae V Pro perty My 30^ ISA* 

; Life Assur. Co. of Peanayhraiiia ^ a a&aL Si 

Z_— aO-CMewBoud St,«17<»Q. QKOaaoa^BSPtLArr R Maygf) E»5 
LACQPU nitx H86 imq i - 

srvogK^visrts: -m&:m ffiSSSSS?: IV 

TI.U0mb4ntSt.RO. ■ . - • ,ttjte3iaB.PrflrfJ»LA<^- 9A10 

TBlM TTlOP prop . Pen. Op B— «.90 
^ ' - Prop, JteL Arc. B-. *3fl 

MonayFamChp-B. 15,10 
mbenaoaSU BCSA 4MX Money Fen. Ace. B-I95JD 

l 35S295 


Wffi tnia' '-litn 32841 J — rf CQfionSt. £H3‘ 

-•-* r ~*“ - . . - - ■OpL3Bpy.Jt 

fNe*. High Inc;.. 






CoitfedcntieB Ufe-husmce C& 

.VKAiat-..' '.owwaoaag 


ap4.dDopC.JUnel4ZZ15 : 1 zt. 

Loudon indemnity &GaL lna. Co. Lid 

IBao.TbeFartmy.ReadIngWmi I 

Scottish Widows* Group 

FOBox M2. Edinburgh EH10SBU. 08HBSHW) 

InrJJy^erteal 0855 lOSS ^0.21 - 

lnv.P%.S«riwl_..gA 1053 +0i| _ 

Inv.CmAJnavi — £75 102^1 ~a.ll - 

ExXRXTAfC May31uQ38 1 10401-0 3 _ 

ExlIUncMay 3i-_M4A 10id -LSI - 

Mrf Pen. June 1—.P64.7 2MJ1 +15| - 




. 7 '. 

Corhhm InsanmceF On. Ltd- : . , . , ^ 


_ Solar Life Assurance Limited 

11m London & Manchester Ass. Gp-¥ 

ZD. A 

1WS2 Sy Place London E.CJNSTT. 015422MB 


Solar Cash S 

Solar IntL S 

— Soto- Managed P — 

Solar Property P. 
8|^w Equity P— 

Beat ®Q tneas w : 
*L4( -■ 


Soto-FxdJnL P— ! 

Solar CafliP 

Solar IntL J* 






-0M - 



I : - 


Cresru Idle- Asennmce-CXL.LtdAf" FkmOySi 
^Woking. CH2HXW 04WC3C33 GOtSand 
ptuutAcB^IMEa^ ..-IMA 


„ „ lnv.TxL FU.Iwrf- **!. 

l"T-Trf-Fd.lTllt_^J96.7.. . wUI-*0Jjt — . 




• "-.‘•fSSlSroB -May KVjttM 1. v “June IL 
— ^ Meechint Inwesteua Assurance 
Iw iJ».I OtftanrfCTOFtow , 01-MB171 

i»~ \.Z. •• r* - ms i*a.« _ ■ 

-i I ££ ^-f iSw^ra-MierfH 
>.i*7 — 

Money Fd- Aco . 

jJjf . . 

’ ^ 1 C-h s ;< Crusader lawraaMrf Co.TiA 

• ’ ’ * r-«". *<- .4ii«ia HOiMJteern 

—Of * 


S5 1 ■ 1 -ffijiqptKH- 
— . a.7S- 

• 575 





tea Alliance Fund Ma n g m t. Ltd 
Sun Alliance House. Horsham 04036*141 

:::J = 

Son Alliance Linked Life Ins. LM 

Swii Alliance Ho^fc. Bo nh am 040804141 

‘ - " 1 11143 12071 —1.01 - 

. yju 1073 -05 - 

. J06.2 113.9 ... — 

Fd. - Kq.0 10R5 -14 — 

DuxsttFunl 963 131.4 

Managed Fund — —HAS Uli| -0 j| - 

Su Life of Canada fUJU Lid. 

ZA VCoekapurSL. SWlY 5BH O14D0M00 

MepteLLGrtb 1 1995 I *1 

Maplalil Manrf -1 . 1325 

Maple IX E 


=1 = 

Target Life Assurance Co. Ltd. 



LfTT ! «! .55 xutty & X*vr Lite. ^tec. H dAf . 

: '-r: Id* imnhin R*arfHbtbWjte>mbc. : ".l>4»483Sr<7 N«J«x C^JnCCap- 

JrT, *5* unarvharaRo^H^WjKMmto- -"J 

t :^s- p.z r* 

# gSaiiaPppg 



_ AyJecbory 

_ MaxL. Fund Inc. OBLO 106.91 ... 

Man. Fbnd Ace__ 1153 3251... 

;. Swp.Pd.Ine. 1063 . S£S ... 

ftnjkFdAcc — — DU J .... 

Prop, ffdlnr. 107.0 . . J .... 

MU Ptxnd Int Fd. Inc. UU- 1 1 2 2 ] .... 

DrfPa.Acc.lnc_ 985 JM 01 ... 

- ReTpUn Ac.Prf. 7V 4 774-05^ - 

RetPMnCrfPrf- 593 -fl*{ 

.ACC. . 13,4 132.7 

inMaalCap _ 1157 172* 

Aec. — 1580 1373 

Next Sub. Day May : 

Tv New SsRmggje n*r 


- \u3L*4i&' '■* ■ : ■ 

|S| v> ; ■:■■■ 

.*31^ Every ?at&«!?y ! ' QS FiDandalThiies publishes 
3;> c Ant h orftv Bonds 

■t ••.-'• 

h-»- ^ r 1 •" '' 

Tnnsihternatienal Life ins. Co. Ltd. 
SBreaaBldC*- EC4 IN V. 01-4056407 

Tulip Invert. Fd _ D40.7 
TuUpMamal Fd. ..(1122 

MiAtoSW.: — (U5.4 

Man. Pen. Fd. cap..hL8.9 1^ 

Man. Pan. Fd. Ace. .{12S .9 132 

Trident Life Assurance Co. Ltd.¥ 

RanaUde* Bouse. Glourcsur ■ 04523*641 

0221 129^ 



^rfuat&ia] -..: — { 


Growth C#p. -g£»2 

Growth- Ace.- 027.7 

fXL Bond .—(978 — 

- *CHk value. 

354.1 ... 

1164 - 
1122 -0.9) — 

345.6 . 

127 J . 

128,9 . 

3875 -...J 

31* . 

1353 . 

1197 . 

ms . 

187.4 — J 
im . 
m2 . 


lor £100 premium. 
TmdsZI Assnrance/PensiossV 
■1&. CanyofelW, Bristol (£7232241 


. _ June 1— a 
Property June 1 — 
Deooaft Jipje 1 _. 

O 1 *** lav. June 1. 




. 44. m 



^ M|1 

1X1 s - 




169.6 • 

- 2&3R 




Do-Prnpi Mv - 
Vanbrugh Life- Assurance 
*1-48 MaddoxSL. Wjl W1R SLa 



Fixed IniantPd— 182A 
, 139.7 

Vnibragh Fensioiis' limited 

«-43MnddosSL.Ldb.WlR9LA • 01- 


fSAwtmrn t**d IN 'lm. Bom Rates' table. 

Welfare Insurance Co. Ltd.¥ 
TbeLeau.Foltea6ooc.KenL _ «B03«Ji03 
Fd — I M2S J .....J . 

ids. pjeeac reJw to The London it 
iltnrhfnir — Group 

Windsor life Assur. Co. Ltd. 

I High Street. Wlndeor. wl “! 

Uteliiw.namL-— ■J4 M >m , - 72.*J 

1 Bet-AsacLPena-r— 


— jW-l 

0 . : 

a . 

- . * 




- iOM! 

\bhft LniL Tsi. Mgrs. lAd. tat 

liaftinorp Knnrt '1an*gw< ¥ *aHe> Ptipriuil l : ni£ Trust Mnenl-V <*i 

72 (RiMiHHe-i* ltd 

Ahliay Incuon' 
Ahhpv Inv N Fit 
Abl<e> Gen Tnl 

qllioij Hambrn firoupV laHsI 
Mnnibro Hm . HutJru, Urc ntu.,«d. 

Ill sm 3BI iw awntu-unil 1 11277 ■ 211459 

i£Ml.MMl 2. Jit Mary .\’>c.Ei;».\ Hill 
DJI 4 04 (iiAmencan T-t .. (St 6 
Rnush Tgt 1 toe • " 

Coraotrfltv Miirt* 
lr> Fjr EasL Tru-J 
Migb Income T;.t 
ln«mne I-itiKl 
Ins Aficnc«. 

Inti -Exempt >«l . 
lillldl.Tw '*«• • 

Ids a 
155 3 


•■I -Dfl.VG; 4<i lliirt N . Henlo pn • i.amc 

30 8~ | 0 :a rprliiultHiUtl. D98 

16;”^ :i | :§ Piccadilly I nit T Mgr*. LuL¥ ia«ht 



I 352 

C 94 ilardjj'w fisc . JMI undort Waf] El — 

-0.1| 836 to.?-. 

lUtani+d Fund* 

MIimJ 1st 
Urn lnd+ Ilind 

iith A I nr 

lUSi f.i sS saws 

lifS 1 : L 6 S- 9 „ : i t'apitil FunH 
*3* 3* Jt 138 lYi-.-jlf hue*. 



Elect i I oil l *n tol 



llambtu Fund. . • 

69 71 



Hambro *>n: K<1 
lew nwh 
11 1 «h Yield Fd 
kliisli Income 
\H.Eq Inc 
IntnoaUteal »u «*» 
title mall mu I 
Seen «il America 
I'_ci1u Fund 
tiprckalM Fuada 
SnullfriA' 1 . Fd ...DU 
2n(fbndr l'o> Yrt 433 
Kfcmuyislli . . . S# 7 
Met Min A<"cKf *02 
Overuou Earning* SB5 
Exp* SmJr.t'n’* 44214 g 






-0 1 
-0 7 
-0 3 
- 0.6 





4 55 


Prr.vie Eucd . . , 

Gibbs lAnU»n>i I 'nil T«. lies Lul. vcmmlu hoi . fif x, -0 3 

3J Bi.rficidM.fcL’SM^M. TS h ^‘ > S h “ B<1 f?x ?5ol =G * 

S? SS j IS A =* w * ,nFu ~ J ■ 1251 rb7Jt 

igiA G.i'WE*sr- B2 B ms! ! 030 Practical Invest, fit. Lid V lyNci 

pcalim: Tn- yrtVrf. 4*. BliuSBbisn Sq Ofltill niiC3«Wt 

Govett Ll0hn/¥ ]<*]Ma\-M 1147 0 156 2) | *21 

T7.l*Kutuiitt'ail.L.--J nj 'ffivrn Accuiu Uiul« |W7 9 .-I *21 

snidr JuneX |13* J ’.qijri t * ?o prot inrial Life Int. i'o. Lld.V 

to Acrun. Inn . IlKU 170 i -2 7? >02 h .... 

N«l dcaluw Ium I* 

>71| .oi| ;si Grieveson Manasemcni fu. Ud. lull-! income luai 
57 id - o 1 2 oi .v i.rwham » ■ KG2I 1 a* 

4191 -O’] 238 . 

K1 M?j — n sj 

[189 4161-04 





1 14 

176 ) 
17* 1 

70 1 

Anderson fait Trust Managers Ltd. 
1 fd FcfU'hnrcb fit EOM AA.\ «J1< 023 1 

,)isdrnant’T . . faBJO S3 lof | 4*3 





l> l 2476£OI 
87 h' -0 e( 1 19 
Ifig’i Income mot uaSc, -04: 739 

Portfolio Mn^rs. Ltd.V laMbdrl 

Ism U".P“n. Bar? EC1N2.M1 rtJ^f.T.taS 

I 7 8 Pnirtenluil >1250 Uiii-DH 443 


99 El 
102 9; 

177 Huilier yianagemenl fo. I.uLP 
177 TTx-Mk Euaangc ECT-. HIT nlW+177 

Amtbacher Unit Mgml. Co. Ltd. 
t Nobie SL. K1J2V 7JA vl*£3 RG6 

Inc .Monthly Fund 1162 0 172« } 8 60 

Arbuthnot Securities LUL tahci 

uamneioo May .11 

■ Actum. Uni is i 
HtngJIA'dJuDC I 

■ Ac rum. Umtsi 
Endea* Maj- 30 
lAcrum- Umtsi 
lAcctun L'nils. 

Lit JcBnls Mar ;» 

■ Acrum. L’ Oils' 

Guardian Royal fa l. nil M^rs. Ixd. HelunvILw TunDndfivaciis «ear:i 
.1o>al E+ chance. E^TSP .J. -1^28 8011 fiSfflSS?!! , [E‘. ISj SH 

inglGuordhifiTst. 189 3 92 5! 08! 435 £Kr ' feo « $1-0*1 III 

75 Jl 

3 76 Qu.>Ii*antGen Fd 
Z 7b yuadrnn! Income 

a u Reliance l.nit Mrf 

(IN 3 


138 1] 




UJL Fuads . 

Cap.Grosnti Snr 

37. (Jucenbt Lonoan U.4R t MY Ul SBU81 CrfGnnnh Arc 

Esira Income Fd 
Hish Itic Fund .. 
4*Acvum Units.! . 
I8>i% WrirwlLL, 
Preference H’und. 
(AccitSL UnJU) . 
Capital Fund . 
Commodity Fund 
I4ccum. Udusi 
11096 Wdnel.L.t - 
Fin. A Prop Fd .. 
CI:iM5 Fund 
i Ac cum Units) 
iXimrth Fund 
lArrum linltsi 
SraallerCo's Fd 

105 S 
. 495 
P9 9 

Eastern A I nil Fd. R4 1 

i*p» W'drwl»i 
I brclja Fd. . 

N. Amer. U InL FcU306 

40 k 
60.9 a 
43 2 -02| 

499 -o;, 

362 -0 51 



M.baj -oy 








- 9 'imi aSBSSKE, , (Si 8S - J 

9! 5! -08. 435 ScWu-deT Inc - |« 0 4391 -0*1 

"^ dcr ^ n i ; xdmin -'^iro^ i»ifciw» Ridgefield Management U4 
rretnier UT .Admin 3 Rji-ieiiti Read. Huaoo. D „ , IU 
Brenraood. Esses BC7T.2i7 :Tffl benneo bl . 

45 31-1141 3 
45«-D3| 3 

3**1 -D.l| 6. 


2 02 

-0 51 ?5I 

4 41 



[42 3 

LntfoJwi Aiseij Jllf 
High lo e sra r Fuads 
Mich inramc 59 5 

Cabal Extra Inc !S59 

Srcur Funds 

rinaaciaJ & m. 123 4 

Oil* Nm- Be? . . |27 2 

Cabot (87 * 

Intenuttootil 31 4 

WrldWtdeiunci 175 2 
O irn t s s Ponds 
lunnllM . 13*4 

European.. . - 1332 

ParrfOt— - ft84 

North Amer . . 1392 

NAm.Cn* Maya, 

, c , Fid sc! I eld Int. IT [96 L 
?; Ridceftelu Iru-omr [93 0 

103 0 vt, 
99 Od 



63 6.iS -a ij 

6.23 Rothschild Asset Management igi 

7£8D,<>atohouscKd A>lesbury. 0E96524I 

58 4m 

8 07 

25 -» ‘I 

29 0( -0 ll 

N C Equity Fund . 
N r Ens>- Bey T«4 
N C Income Fund . 

N.C Fd. >lnc.4 

\ InU Fd. i Art: 

»S.* -D ’f 283 
33 ^ -n.l 1.63 
80 41 —fl S| 4 57 

37 4( -0 Jl 

ll -s^ 

<0 ., — , 
732) -0 Zl 
4L« -0 3 
12SJd( -Ofl 
531) -•>!} 

Archway Unit Tst. Mgs. Ud.¥ laNcf 
3n.ll)ch tlolhorn. WC1 V7N1 Ol^Ufiaa 

Arrhway Fund - |826 57.9*4 I 588 

Prices at June 1 Nest sub itty I Hue b. 

CMbotAmerSmCo (505 
HIU Samuel Unit Tst. Slgrs.t fa> 
45 Beech su tern sl? 

T- C Smllr Coys Fd]1535 

Rothschild & Lowndes Msmt. (a> 

SI SwithljwLane Udn_E> 4. ill^SA+^sa 

, „ New l”L Exempt K1220 1290! | 361 

S*7 Price on May 15 Nrii rtealini; Jatie XS 

3 69 Rowan Unit Trust MngL Ltd.Vlal 

2J5 •MyttoaMie.Pliiabui9ltq.ECa. m-CuB iwm 



Do Financial . .. ... 

Da 3 oo .. . .. tns 

Do CeiM+al 312 

Uo Growth Ace. - 1+0 8 

Db. Income TIL KM 4 

to Prt vns.T)d...|l37.2 

■bi Brii 

■ hlCapUal Tni«' 

■bi Financial Tnirt. 190 5 
ihi Income Trust 271 
ib) Security Tru-J ,52 2 
(bl High Yield TM [29 1 

Iniel.P (aifg) 

ly.Chnstnphcr fitrett. E-. L 
l MeL Inv. Fund. . 183 7 

154 l,d - 

American June I 


IlilCh 37cld June 1 


, , 7 Merlin May SI . 
-.\rcum. Units' . 


834( -o 

n s -o : 


K 324 

55 9i -Ci 4, 
312c'. —0 * 

-2 01 







2 42 Rojal Tst. Cm. Fd. Mgrs. Ltd. 

4.70 ;M. Jenny n Street, n W I UdSICSS 

TV Oi • ¥./U ■■ 

nw-04j 756 raptulFd 

Barclays Unicorn Ltd. laM^lVici 

Uwoea Ho 252 Romford Kd tr. a I AM »« 

L'niroru America B3.6 J6V.1 1 11 

Do AusL-tcc. 7D5 76.3 -ID L67 

Do AU& Inc. . ... 55.4 M 4 —08 1.67 

Do Capital- ... 15.9 712 -0 7 4.40 

Dc E^rraptU ... 1092 1137c -05 *12 ... — ... n . 

Do Extra! nc omc . 77.9 30fl , 858 Rej- Fund ManaFcrc Ltd laugl Dealinc* to. 0J-5M S90 or tni 236 7381 

..(685 7251... J 361 

Sil Income Fd. .. . J729 76 9| . . J 752 

a 06 Prices at May 31 Next deal me JHC 15. 

Save & Prosper Group 

>>|.»*TT3W 4 Great Sl Bdeas. Lonrtor. EC3P 3tP • 
955' l 620 68-73 Queen bL. Edinburgh EB2 *SX 

6*. id -0. 

Prices at May 30 Next sub. dsy June 30 

Do. Recovery.. (<L5 45 * - 0.3 1 556 

Do Trustee Fund . [1127 12 LK -0 q 5 09 

Da W'ldwide Trusd49 0 53 0] -0 ^ 1 59 

mnJn.FM.bic . Tgtt8 65 41 -o J *u 

Do Accum. 771-9 74.9) -0 5) d 81 

Key Energy In Fd . 179.5 


Kev Income Fund 7J 6 
Key Fixed Ini . Fd fcC 4 
Key Small Cot t d |914 

*, 1-609 7ir» Save & Prosper Securities Lld.V 

83*4 -11 
73 U -08 
154 U 

B3.6ri -0_I 
9* 9| -02 

JJ7 Inuroattooal Fund* 

4.75 TapiUl . D61 

688 IT t;. . .. fed 7 

885 I'm* Growth . .. .165.7 
Increaalag Income Fond 

7819 -0.5) 3 ( 
Z65i -05 3 « 

7P« — 0 4 3.1 

Baring Brothers 4c Co. Ltd.V taMx) 

ffi. leadenhall SL. EC-1 
:5trn bon Tst .. - [1678 
Do Accum 

RLB Unit Fd. Inc. IM4 oZJ| l 5 06 

*KB UnitFdAC... 106$ 1152 f 5.06 

K3.Fd.lnv.Tvt/. -1525 5751 I 43B 

175 w 01 T’dS* L * C Unit Trusl Manacement Ud.V 

2179 ' J 420 



. _ _ ,. _ Hifh-Yrald . 153 2 

Klcinwort Benson Unit MansgersV K4|tfc lmwf Fmwh 

20. PtrncburtJi SL E ■.'5 Ol^esami Hiah Return .. .. 165 9 

income . 

I'.K. Fond* 

UK Equity. 

l>l udh irusi .vianacernom ua v 
J cm The Stock Echance ECN llfl* 

Neil rfb. day June 8' JACIrfF^ ^ |136 S X-0 8J -04J 

Bishopsgate Progressive Mgmt. Co.V Dawson Secs. Lid. v«a»»c) 

P. Bixhnpagate.E.C2. 01^888300 S3 George SU Edlnbarrh CK2 L'G 0314=5028)1 

fJLzw. Malerialii._r 
lt< Accum. Units) — 

'Growth Fund .. 

”* Actual Units)... 

TTGDt and WarrazL 

5721 -0.61 7 77 




463! -031 4 81 

Europe... . (§3.6 • 8951 -1.0) 

j uT n . —szJS ssi=s3 

D 1-588 2F0 

765 J 

Sector Fuads 




B'KMePr ~May23 ..184.9 197 , 

Acc.Uts.~May23.Z208 23*tf .. 
B'icatc Int Mny3l ... 133 7 184 ■ 

(Accum.) May 31 — U918 203.9! 

Next sub. day "June 13. ~Juoe 





Bridge Fund ManagersVIadc) 

King William S l. EC*R 8 aR 014C34UI ^EQgh Yield. _ 

. 38.9 

... ,.P74 

Dealing *Tues rWed. tThurs. P nce a May 30.31 
June 172. 

Amen can & GcnJ- 
ln e on r e*. . . . 

Capita) tor t . .. 
Do acc * _ 

Exempt! ... . . - 

Intern]. Inct 

Do. Arc.t 

262 +-0JL1 
145 0 







-1 2 








56 4 




26 1, 










66 ’ 











OI|MQ«biBBi Fuads 

Select. Income . 


7 48 

144 ~fAectnn. Units . .... 

659 Deal. Mlon. Tuca. TTWed JThun ~Fri 
Legal A; Genera] Tyndall FnndV 

Id Canynge Hoad. br;«toi CE72 323*1 

Dia. April 12 [56 8 rd2| 

Unite) - ...|7I2 »6<g 

Nest sub ilar June 14 

Scotshares. _ 





! jj Scblesiuger Trust Kngrs. Lul. lajctl 

[Incorporating TV) dent Trusts) 

SCOL Ex Gth*$. .Q4L3 2527 d .. ,| 2JM 

Scot. Ex Yld.** (l656 m3... -I 127 

pnccs at May 34- Next cub day June 14. 

26181 -J.« 

5M -ON 


«U| -0.41 3 93 
53 5j -05^ 6.96 
U34 -Hi) *43 

Britannia Trust Management (ai *g> 
3 Uniton Wall Build inn. London Wall. 

London ECSM SQL 

Audi . .. .. [71 8 

CxpiLtlAcc. . ... 51J 

CommfclDd 561 

Cao-jnodity_ . _ . 76.7 
Doxicitlc ...... 373 

Exempt 1084 

Ratra income . . 393 

Far East 195 

Financial Secs 633 

Gold & General . .. BS.9 

Growth. 73.4 

Inc. & Growth 733 

IntT Growth 53 6 


0]+38047KID47P LeoACrfm.— 

Leonine Administration Ltd. -,_ nr- 

2.DofceSL.U>ndQnWlMiup. 01-VacaBflI aSSivSv' - ’ 7 

Leo DKn.- . . J74.0 77 9{ -03) 5.M Exempt High Yld 

140. South StrccL Dorking. 



462 Exempt MkL Ldr> . 

Minerals «J 



Proffladoaal — 5077 

DMrty Shares _ 133 

laid 456 

Statin Change *3.6 

Unfa Eobicj B 2J 

77.51 -0.61 
55.2 -05 
68.4 -0.7 
825a -06 
40A« -0.4 
11424 +15 
*23 -02 
23.0 —81 
taxu -0.4 
9240 -oi 
04.4a -04 
736c -05 
49 J +0M 
3*5 -0J( 
132 -0.71 

^ 1-MI 


345 -04 













Lloyds Bk. Unit Tsl Mngrs. Ud-V Ca» - 

. Registrar's Dept.. Goring-by-Sea. Inc. lir*- wariri. 

Worthing. Weat Susrex. 

Ftrati8aliicd.i 1 

Do. lAci-um.). 

Second (Cap.) 
Thlrd i Income I—. - 

Do. 'Accum.) 

Fourth (Exlnc-I- 
Do.lAcccm ) 

. 585 
.. 66.6 

55 OS 



42.4a{ -OJl 
716! -0*1 

01423 1288 Islitl. Growth-. 

-O.B[ 4.45 In*. Tht Urlti. 

-VM 4.45 Markrf Leader* .. 

-051 320 'Nil Yield - 

-06| 320 Pref. fc Gill Truitt. - 
— . 657 Property Shares _ 

15l 6.17 Special SIlTi* 

7.95 Ui t Orth. Accum 
7.95 V.KGrti..Dl*L._ 

LleyfPs Life Unit Tst. Mngrs. U«L J. Henry Schroder Wagg & Co. Ud.V 










7200. GaLahcHiM Rd_ AWeabory 
Equity Accum. L—tl585 166.41 

M & G Gronrf (yKcKz) 

Three Quays. Tower Bill. £CSR SBQ 01828 *508 

00894*1 130, cheap 

. lapnrtc, ELJ1 . 

J 4JD Capital May 30 [100.7 

See also 8loc^[_Kx rha nfe^Dgal^p gr . 

The British Life Office L$d.¥ fa) 
Reliance HsrfTanbridgo Wells. KLOBBBSZm 
BL British Ul*- . ...(496 SSLS -03) 568 

BL Bajancrf’ — Wj 4»« .„ [ 563 

BL Dividend* |4Z2 43. 1) | 940 

'Prices May 3L Next dealing Tone 7. 

Brown Shipley & Co, LKLV 
Hqn Foundeni CL EC2 
BS Unite May 30 — @3.7 
Do. 'Acc.) May 20 — P66.4 

(Accum. Unite) 
Australasian — — - 
(Accum. Units 

Commodity 1 

I Accum. Unite . 

Compound Growth. 








Com end on Crowtw607 


t*f t 


G ener al [ 

Growth Accum. — 

Growth Income - - - 

HJjjg Income £93 

Index 246 

Overseas - 19 j4 

Fatenun... — SJa 

Reco ver y 217 

ExmpL April 10 — 

36M -05, 
19.4 -05 
485 -Ojj 
38.* -03) 
3L1 . , 

216 +0.41 
261 —031 

62 oH -o.ej 
Z3 Cd -0J? 

Conversion Ine 

D iv i d e nd- . .. _ 

lAccnra. Uni lxi. ... 
European.— — 

n. - n 1 Accum. Unite) 

01-4008520 Extra Yield 

lAcctna. Unite) 

Far Eastern 

lAccum. Unite 
Fund of Inr.Ttes — 

(Accum. Units- 


I Accum. UnlU) 

High lDCorae . 

(Aocnm. Unite). 

Japan Income - 

i Accum Unite! 


(Accum. Unite)-.— B50.9 

Midland .B67.6 

.Accum Unite) — 












Canada Li/e Unit Tst. Mngrs. LkLV — 

*4 High St_ Potters Bar. Hert* P. Bar 51 122 Serfrffien 

Can. Gen Dial _. — B85, (W -Wj’ 4J4 (Accum Units 1 . — 

Do. Gea Accum — (463 46.71-021 *3* Special 

Do. Inc. DteL PJ JS.Om -03 77S (Accum Unite) -- {2B23 

Da Inc. Accum- ..(43.J -58) -0J( 775 spectelterd Kaods 












53J -fl 
543 -01 
553 -0.1 
563 -OI 
S0.7 -05 
864 -0.6 
1U5 +03 
65? -«)fi 
66.6 +01 
1253s) *02 
237.1 —0i 

. S3M . . 

«9.g -oi 
1205 -0.2 
56.4 -20 
6181 -U 
645 jc +05 
73.6 —03 
1827 -03 
779 0 ^0i 
1102 -0.4 
1793 —06 
1556B — OI 
157 Oi -03 
7153 -01 
2605 -02 
1785B —0.4 
2956 -Is 
86 4 —05 
873 -0.4 
1857 —0.7 
777.6 -15 
1712 -*0.7 
21531 -081 

lAccum.i — __ 

Income May 30 1*5. 

(Accum. Unit*) g02 

Geoeraf May 31 — 128 

I >6 * Accum. Units). M28 

us Euro pc June 1 M6 

(Accum. UdUS>._. . 33 I 







* Pe n L-i : ha rFdAp25 (1688 
•SpccXx.Ma* JO— 


Recovcty itey 10|l83.6 

‘For at exempt funds only 

tix Scottish Equitable Fad. TAgrs. Lld.Y 

7.70 28 Si AndrewsSq. EdinburRh 081^55*0101 
7 70 Income Units ...Ml J 550 

335 Aeccm. Unite (56 9 605! .■■] 550 

335 Dealing day Wednesday. 

si? Sc bag Unit Tst. Managers Ltd-V (a) 
POBcrSU. Bcklbty. Hue, EC 4. 01-3985000 

—LI c.k.i>/>niu) fa mi 34.7! -OIJ 383 
JL7| .. J 825 

fij Sebac Capital Fd— ED.l 
JU Sehsi; Income Fd )301 
5 6J Security Selection Lid. 

19- 19. Uncoln’s inn Field*. WC2 01-831098A-B 
g« Uml GtbTxt.Acc— R45 25.71 ..) 2£0 

ip Unvl G'-bTrt Inc — [ZL0 Z22tt( 250 

^ Stewart Unit Tst. Managers Ltd. la) 

3.79 45.CbariotteSq.,E*UnburBh. 031-72*3271 
tSicwart .VmcrlcaB Fund 
standard Unite — (M6 6*J 

I'TS Aerurn. Units ...... Ms 7- 

Withdrawal Unit* .{5J6 5! 

| m *S*ewart British CaMtai Fund 

4.1? Standard |1J3 0 144« 

4.17 ACCtnn. Unite 11524 165.(4 

Oealtng tFh ‘Wed 






154 01 -0 61 
296.8 -1 fl 

w 1041 
11443 146.7 ... 

5793 Ul 1 . 

Cape! (Jaznes) Mngt. Lld.¥ Trustee - • - - 

100 Old Broad Si. BC2N 1BQ m-maniO o^ritorfMsy'aj': 

Capital Bg6 2-?l • •■) IS Chart'd. May*. 

Price* on May 17. Neat deajinc June 7. Pena. Ex. May 3v.~ .(1332 14031 

CAriloJ Unit Fd. Mgn. LULT l* He) MaatLUfe Management Ltd. 
Ktlburo House. Ncwcsstlo-upon-Tyne 21MB St- G *»rce'* «»>. Stovenaac 

022 Growth Unite. ...152.4 

638 Sun Alliance Food MngL Ltd. 

Sun AJIlinceHso. Horsham 0403M141 

Is ra.T^ & 

5iz Target Tst. Mngrs. Ltd.V iaKgt 

DaaJingw CDMSMJ 

Cart mi . (6BJ 705*4 

Do Aeeum Units _rf3 M-C) 

Do. High Yield £L1 HM — J 642 

Da Accum. Unite _(5L2 S57) ....J tQ 

Non dcwllTW date June 14. 
Charities Official loved. Fd$ 
T7LondooV.aU.BC2.NlDB. 01^881815 

Income May 10.. .. .0352 — | ... i 660 

Accum May IB R565 -- [...( — 

gUnanth. Only availabto l)> Res. Charttiem. 

3). CrmhamSL. EX3. 
0*5456101 Target Connnodlty .D52 
5541-0 41 368 Ttfget Fbianca 1 -- 588 

Mayflower Management Co. Lid. Target - 2i».9 

14) IB Gresham Si . BC2V 7 AU 01«)6B(»0 4Do.A« Unlu_ ■ 2».9 

income Kay 3 ..DIM U0.B [ 8 28 JSScr-iih* ^7 
General May 23 ..(698 73JI < iSS^ 1 T. §J 

Mercuf>‘ Fund Managers Lid. Do nsjqr. Units— 30.7 

30. GroOumi .EX2P2EB 0l<004»5 Target lh*r ._ ._..- (306, 


Chart erbousc JapfaetV 
. Paternoster Row. E04. 

CJ Iuertiai‘1 1236 

Accum Unit* 27.8 

CJ. Income 340 

CJ- Euro Fin 262 

Accum Unite 30 4 

CJ. Fd Inc Tst 16 8 

Accum V nils [38 8 

Price May 31 Neal dealing June 

25 21 

362 .... 
28 0 .... 

32.4 . . 


Merc Geo. Mar 31.. 

Acc. UU May D - ..(236 7 

MercOauMaj 71 . 

Accra Ute M:.y3l 
MercExt-MaT — ■ 

01 Z48 3909 Accum. Ute \pr27 



19J.W , 



251 fl 



67 a) . 



72*1 . 


014 1 223 Oi . ] 



266 1| .. | 

< <2 

Tel. I nr 
Tci Pnd _ 
iTovnc iJrowth Fd 

3781 -031 
638 — d.4| 
29.6 -Q6| 
38.4 -0J 

IK 3 

32.9m +06( 
3liJ -03! 
15^ -0.1 
rod -o.u 


















Midland B-»k Croup 

Unit Trust Managers Ud.V lai 

Coumrond lli+i**. Silver Street. Head 

Sheffield SI 3:1 D 
I'ommodlty L ■ -en 

Do . Ac cum 
Do Accum 

19 Allio! (’reseed, Edln 3 
Tarzd /Vmer£3<Ie(272 
TancelThi-dc... W03 
Extra Income Fd. . .1595 

Trades Union Unit Tst. Managers? 
I’S too. Wimm Stren. E.'~Jt m-sesm 

344 •m.TJuncl . ..ISOl 534( -13 530 

292 -OJJ U0 
4333 -OS 5 71 
64 01 -02] 10.2S 

Chieftain Trust Managers Lid.VUKgl Spitaj 

'1 New St EC2M4TT 01-2832632 Do Accum. 

Amman MM 25 3 . J 1 59 Income 

High Income .. - 140.7 43*-0.y 945 Du Accum 

Interna 1 1 one! Tst. Rw2* J 26.W -0^ J24 Internanon.’l 

Rosie Retro Tst 42b 3 2B3| -07| 4 46 Do Acrum 

High ^ icld 

Confederation Funds Mgt. Ltd.V ta) Do Accum 
SO Chancery Lane. W>J3A )HE 01-242 0082 00“^.™^'' 

Growth Fund f<13 43 4j . ( 4J9 -price* si Mr' 3i Sect dealing June 30 

Cosmopolitan Food Managers. Minster Fuad Managers Ltd. 

3a PontStrc+L London SWIX8E4 0J 233K05. MliteUtrllv. Art burst . g.C.4 
Coatrapola.Clh.Fa.nT9 ».«|...| 4 81 Minster Hty -IjS-? 

Exempt Mav31 .-ItO./ 

Crescent Unit Tst. Mgr*. Ltd. (aXg) 

♦ Melville Crew. Edinburgh 3. 0X1-228*031 

Creacent Growth ..1269 28.3-021 4J5 

Crea. loteroat'l B6 6 6Q.7j -O.i c.75 

Cros-Hlgh. Dist (432 *63al -O il 8 91 

Cres. Reserve* (402 4S.1] -0 *! 435 


3 43 01-80 New London Rd 

'.■helmaford (C4S S16S1 

Barbican June 1 
> Accum i.'rlte.i 
PorhJ^Xrfktas 31 
Bucion. June I 
.Accum. Ullui. 


Exempt tlay 31 .190.7 94.?j | 

MU Unit Trust Mgemni. Lid. 

Old (jurcu yc.’-'.SW!H(Ui, 01*00 7X33 

MLA Unite - P98 <131 I <36 

Mutual Lb it Trust Managers? iaHg> 
19.Captbali l«v Et-’ZRTBI. 

Mutual fiec Plu- .BIO 

22. Blomfieid SL. EC2M 7AL 018384485 u^l RraJ. >,p ’ It! 7 
DiaclBOorae (1*29 173 Jof .. ..} 5 32 Morua) H/gh 57d B55 

Discrelionaiy Unit Fund Managers 

f-54 L'oieowjunei. . 
5.49 > Accum. Unite) . 

Curol'i May 31 

-Accum Unite) . 
Glen Mi.;, rr. 

.Accum L'r.)ls> 

McrlbcroMa} 30.. 
i,trcun i.t.IUi. 
VaniSwUi May 30 
1 Arc Li IT. T.nilSi. . 
Van’liv Uav 30 . 

Vantr t« May 3 1 

■ Accum. Ln*Ls.i ... 
Uirir'r Jon* 1 I. 

■ Accum L’r.iui 
Dl-dOQOsn WtckOi June 2 _ 

to Accum ...... .. . 

5 48 







P*- 5 
58 6 


6U 7 


7b 0 

83 4c 
59 7 
56 3d 
47 J) 

76 2i 
796 -0« 























E. F. Winchester Fond Mngt. Ltd. National and Commercial 

oidJewo.EXT omueaiffT ? I S1 '!’ rtrc * 

Ororf Winchester. (184 

23 .1 

6 08 


Emson St Dudley' Tst. Mngmnt. Lid. 

20 Arlington St, SW.1. 01A»B7. c )5l 

Eneon Dudie> TfL |648 69 71 .. | 3 SO 

Equities Secs. Ltd. <aj igi 

■U Bisbopscatc ECZ (U-a«285l NPIO wm TrjM .Jg4 5 

Pro®rw„ve 166.1 618*8-0 4! *08 'Slurs’ 

li.uocpe M-v- 31 . 
'A*voi Unite) . . 
‘.apiljl Ki> Jl . 

Income M»> HI Q5?- J 157 81 ( 6M ..vceni Unite' 

1 Accum. Units 216 tr .. J 600 Exempt April 31 . . 

Cap( Jijy 31 ....(1228 128.4 1 3 47 (Ar-urn Unitr - 

■ Actum. I'nii.-- |1512 156 81 I 3 47 I'anysce JU} 31 

National Prov idem Jn*. Mngr*. Ud.V iceun) 

4a.Grai-.-hur.- 1. Si R)'3HJHH ul«JO*> 

N P.I.IJtli L‘nT»i (45 8 (71 

1 Accum Units)' 5*9 58 5 

124 6 131 


Tyndall Managers Ltd.V 
IB, ■ 'Mtyng*. Kiud Bnunl. 

JOT 6 

IM Karq May 51 .. .g«<.6 
,^CCUDi I'mL* w ** 









113 0 
174 B 



5 B0 

Prices on Mjj S N<act drahni! June 2fl 

Equity & Law Un. Tr. M.V (aubuo w stiv3 ‘ 

Aroerxbmn Hd.. High Wyrorabr 04948.1377 National WrMllllnsifcrVlai 

Equity 6 Law H64 69.8) -0.71 4.13 

PT amlin gtnn Unit Mgt. Lid. ia> 
i-7. Ireland Yard. EC4B SDH. 

Ainertean — W2 50 

CapUalTst. -1183 125. 

locmneTM. 104.8 111. 

InL Growth Fd 3084 115. 

Da Accum -fill 6 118 

Capital 1 Accum 
Ssira Inc . 

612480071 ?,5SJj“jSr-- 
luernne . 
PordoJiP ln> K 
Univert+t Fd ■'■) 



Friends' Prerdt. foil Tr. Mgr.s.v 

Pixbam End. DorUng. 

Fneud* Prov. Ute- Ko 44 ‘t 
Do Accum. (543 581 

G.T. Unit Managers Ltd.V 
16, Fiitebuty Clreas l£C2S: TDD 
iG.T. Gap. Inc 1*3.5 

Do. AcC 1002 — 1ML6 
laT US A Gen . .. 143.4 
dT.Jtpu * *>■ - 
CCL tone Ex. Kd_ . 1329 

’. Inn. Fund U1T 

T. Four YilxFd.^. (533 

G. St A. Trust iaHgKx) 
5. Rayleigh Rd, Bronhraod 


170.9 ^ 

1523 -rO.rt 

119 J 

161.*> tXTV BEL Ul-4to 

705*4 -0 4 4 26 
70.41 -0 3 7 70 

312! -0 2 513 
£81 95 4| -1 1 504 

051 386 -0 2 631 

Ml 72 7^-0 9 54t 

5B4 62 7»4 -0 .1 2 36 

NEL Trusl Managers 19 Hr) 
UiltMu.teun. 1 »>rlcinB. Surre;- ;«1 1 

NeLttar . ... Ifejl 64 31 -0 5| 4 04 

03065055 Xdttar lluji) I')' BIO 53 U -Oil 7 88 

-031 *2B For New Court Fiipd Managers LuL 
-ot( 428 see Jtotfcrr'juM ■^s*l MaBafiemcBt 

Norwich Union Insurance firoup ibi 
01-623B1?) l*O.BoA-LNne-;Ctl MtUJSi. lOUr=r» 

^2_2J 3*0 tirtwpTM. Fd 1344 4 36251-2(7, <98 

-2 3 340 Pearl Trust .Managers Ltd. laitRiizi 
"l-ll 7 B0 258 High Hnlhpm.W'.'iv 7ER IU-K6&KI 




IQ 14 

4 00 Srol L lip Ma> '»( 

4 00 , Accun l nun 
Sroi Ir.r Mfli-31 
IxitmUh Wall Group 
I'apita! terouth . |3ZJ 
rvi A'.ruiR 
Extra Inc. Growth- 
iu A cram 
Financial Prrty 
to Accum . — (193 
filch ins. rtwitr 1 63 1 
lulcrhiticntl 30 7 

Special .Site 130 6 

TSB l^nil Trails i>i 
21.). fcaniry Waj . .\ndmer, Haiti* 1094 82 IW 
Dealing' to 0264 dMXM 





« 01 -0 41 3J2 

608 -05 382 

655ol -0.5 i 759 
665 -03^ 759 
863 -O.d 271 
92 7 -0i| 271 








Peart til-oath F»! 
acviiri I ni'* 
Pearl In*. 


31 1 


24 7 -it 21 
29 i -0 31 
115 -OtJ 
37 9*6 -0.<i 
44 IF -P 

Pearl UnltTtt 
) Arcum Unite 

Pelican fiiita Admin, ijrf. ‘cxxi 
(*377) 2ST9TO * I F"unWlt» 5L . u . »"t nrotor « ■ !W 


.[3U M.4^-42; 482 Palican Unite, 


ih'lSP-'.'iercral . 

■ Ip-Do 'Vc-um. 1568 
ih) D'hlnriiKK J59.6 

1). to Veto. j 62 ? 


•In to Aci-u.n Iff? I 

CUter BankV tai 

tt «n r s Street. Bell a>L 
. biUSrter '.;mih [37 5 
Unit Trust Account h MgmL Ltd. 
King William fit ECxhoaii ni^gtosi 

PnxnHte blind fl*9» 

WioicrqrtJi Fnd B9J 
to Accum. ... D 4 0 

5® W irier Growth Kiitid 
sins William F.u-ih par 
inromf Uitete 

40 31 -n 3| 5 26 



68 ? 


m m in 

9* A' -08i &08 Accum. Unite . 

hi J521 Wl 
»9! | 4 36 

3581 1 4J6 


C»- *’-■ 

•i- .-.'..Jh ).;«•: 


/trhuthnnt Sn'uritles it'.I.i 5 jmitwJ 
I'd B**v?m.Sl Helper Ji’TMty iTW Ul m 

Cip WJtnn- (USO 114<M 1 420 

■>«: .leal 1 nr late- Jun 1 - 7 
Eaitt &lntl TA>) '!■ |UJo 12101 . ] 310 

Neu cut- tune 8 

Australian Selection Fund \V « >ppDrtur.» ie*. >-u 1n.-h V..i,ns s' 
Oulhu-aitr 137. Ki-rti Si . Sydney 
l'SSJ Shore* I VS) H J-3D?J -- 

Bank of Anwrica International P.A. 
35 BouIcbtU Ryn-al, Lu *ciKNKire t* I* 
UTlihbctfSt lucornc . IU. LU5 Ji 11L3U -0 T»| 6 5 1 
Pru-t-s ai lure 1 Tr. ,t >u h day June 

Bnk. of Lndn. & S. America I. Id. 
jn-flfl. (jU'.i-n Virion** ? 1 ti"4 II1-P3P IBB 

Aloxonder Fund 1 | — ■ 

Net • nldr Jopr I 

Banque Bruxelles Lambert 
«. Rue If la Bwgcnrr T loon Bruwtel* 

Rcnla h-und LF IL8«5 J.902J -4 1 7 87 

Barclays Unicorn InL (Ch. Is.) Ltd. 
L Uhari rg Craft*. SL iiclier. Jiwy 053477741 

lAerscui Income !«8 510) -0.31 U 01 

Uni do liar Trua . tl.Trn U« «.25* 

ITJbaitd Trust - (R SIMBJ l*a .1 300 

’SJbjrct to fee and u-ithhalriinz taxes 
Barclav-s Unicom Int. (1. O. Mam Ltd. 
I Thonus St. Douutei*. I *• M. 0624 4CW 

King * Shastson Mgrn. 

! (.‘hnnnc Crovs. Si HeUer.Jomey 
V#2fey Hac. Sf brier ran. Cnay. /DWU +97M 
: Tlinhuk Street. tou^Ute. L08I. 





Gilt Fund 1 Jersey). ,19.24 
GinTnwttI ciJ«.'_ MS 7 
>>ilt Fnd i7uercBe>!£9 71 

littL Got 6 Src", Tn. 

F)r*l Sterling 118 I? 
nr.- InU .(183 63 

-.Su! : . .' - 

Klein won Beeson Limited 

FenchuronSL. Et3 014t238"0» 

Eurin'crL Lux. F 
i-ueroteyinc .. 
to Accum. . 

KB Far Kart Fri . 

KBTml. Fund 

KB Japan Fhnrf 

K.B.I S Cwth. Frf 

Slpnct Bermada . 
'I'r.iiondsiDUi^ . 

1.055 1 . 

Sf Sir. 

1USW62 ( .... 
SL'S1102 I ... 
SUSW I9 } ... - 


SUSAB7 ( ... - 
1920) ... 

IS. 20 









KB act tr. London paying agents only. 

Lloyds Bk. IC-I.J V/T Mgrs. 
rr> jrai 19.7. si 1 teller. Jeron-. nsS*? 7 !®! 

Uo>rli*TsL 0'aeaj..|555 5B.«[ ...} 220 

Nun dealinri *toc Jun* I s 

Lloyds International Mgmnt. S.A. 

7 Hup rtu Rhine. P 1 ■ Rot 17(1. 121 1 Genevn 11 
(Jovdo1ai.Gxinnh.|.9niUa 3S5M | IM 
F3B25I.I fenoa 5H50| I 6 40 

Unicorn Alul Ext 

to \U5L Mm . 

Do *lrtr Pacific 
Do Inti. Income . . 

Do-1 Of ManTaL. ..(466 
l)u 11-n-. Muiuxl 






ISS2 57 3f 

133 1 35 in 

>L1 65.1 -Oil 

SB3 415 

502 -L3( 

256 276 

Rishopsgav Cnminodity Ser. Ltd. 
p O Box 42. Dougina. I o M 0B3+2381J 

ARMACMoy 3 N«j . I - 

CAN RHG* -MaiS Cl DCS 1.0691 - 

COUNT* "May 2 - - K2J57 Z479) l 111 

Onmnalty 1 iuw4 ai *5iO and **CU». 
Bridge Management Ltd. 
prt Rax SOfl. Grand Caynuin. Ca'inan I*. 
Vboatai JuneS. . I Y15J38 I -«l — 
C.PO. Bn I 58a Hone Kong 
Nippon Fd May 31 pi SU77 1644 .. | 876 
Ex -Stock Split 

Britannia Tsl. Mnpnt. (Cl> Lui. 

SO Bath SL. St IWlieT.Jnr-vy. 053473(14 

MiG Group 

Thrrc Quays. Tower Hiii FCSR fiRQ 01 JC8 43S8 
Atlantic 1&ty3Q _ .UUSZ77 
Ausl Ev May 31 „ &.S229 
Gold Ex. May 31 . Kl‘9912 HW 
■aland . . . .1126.4 INS, 

(Accum Umta'. .. .1178.7 19021 

Samuel Montagu Ldn. Agw. 

114. Old Broad St .ECS. n;-588M64 

ApoUo Fd. Mtrv3l . SF«780 51851-163 3 61 

Japfcst May 3L. _ JHKI12) lUiJ-0-lS 1A5 
1 iTGrp- May 31 . .. IUS18.7S HW-OZlj 2«- 
llTJcrwyMavlT- 012 5.6U 0.75 

HTJrsyO-aM.-ivSt.. 020* 1288 .. . J — 

Murray, Johnstone (Inv. Adrisexi 
163. Hope SL, Glasgow ‘7S. 041-231 W21 

•Hope Si Fd . 1 SL'S&S ( . | - 

'Murray Fuad - I SUS1P.88 1 ... .1 — 

-NAV May 3L 

Growth ln+co 


35 9t -0^1 4.00 

InOll. Fd P3.0 7SM -0 S LOO 

Jersey Energy Tst. . 0352 149<j J80 

UnlvaLSTsL Sic £223 2J5l 100 

HlBhlnlPtlRTr:* f - 1 00J ( 12.00 

l‘S Drill) DramiMirt Fd*. 

Umval.STtJ KH: C S54|-OJDJ — 

InL High lBL*RL* ■ I - SL-SIM) 1 9.( 

Value June — Net: dealing June S 
‘Initial alter closed Mo:- 31 Next dealing date 
June IS. 

Brown Shipley Tst. Co. Ijerseyi Ltd. 
P O Box 563. St- 1 idler. Jcr w . 0S4 74777. 
Slerlir.K Bond Fd 119 9*. 9 99J . ! 1Z00 

Butterfield Management Co. LUi 

PC 1 Box US. Hamltlnn. Kcrmada 
Buttress Equity. . .QJ3 225] . ...I 1.76 

BuOrcBi Income &03 L9s| . I ?J8 

prices at Mar & Next *ub. day June IS. 
Capital International s_\- 
37 rue Notrc-DxfDc. Uixcabour*. 

Uapital InL Fund.. I 3U526 l 36 | . I — 
Charterhouse Japhcl 
I. Paternmtcr B*r»'. E(.'< OI-248-900!* 

Negit S.A. 

IDs Boulevard Revel. luxembourff • 

NAV May 2A _ ,| SUSKL26 I . I — 

Negit Ltd. 

Bauh of Bermuda Bldg* , Hamilton. Broxto. 
NAV May rf. (£4.71 - 1 1 — 

Phoenix International 
TO Bos 77. st. letter Part. «7ucn»er 
inter-Dollar FUnd.|S233 2511-0.03 — 

Property Growth Overseas Ltd. 

3B InNiTemx^Gibrolur iGib’SlnO 

U S Dollar Fund- [ SVS3J29 J . J — 
Sterl IncFund 1 02377 (-028 — . 

Richmond Life Ass. Lid. 
4& Athol Street. Doc j: la*. Lost 
< x .The Si 1 ror Trott [113.6 
Richiramd Bond 87. 1 
On Platinum Bd. 
to. told Bd 
to. Em BTN 


ilrorTni)«.Al?.6 1164 -05 - 

id Bond 87. 1812 190.7 1087 

numBd. . 123.6 USJ -23 — 

Bd _ _ 106.4 lIZ.Ot - 

77'GSBd - 16*. B 173.4-1.1 1171 

Adi rope 

Fondek . . 

Fond La .. . . 

Emperor Fund 
Htspono _ 






PKJtia n-w ^ 

PttttPi SLM*J)20( 

DM31 3D Wit! -HL2D1 
.Dim.TD S 7m 


IJL5«a c33 
Clive Investments (jersey) Ltd. 

PO Box JCtO.St. Hell cr.Jtrscv 0834 375*1. 

diva Gilt Fd. <CJ 1 . 19.90 9?U . . ( U.00 

Cb*cGlltFd.)J*y.» (987 9 S9| . | 11.00 

Cornhill Inc. iGuemvoyl Ltd. 

P.0 Box 157. SL iV:cr Fart. Guernscr 
lntnl Man. Fd . ...11680 183 D| . . I — 

Delta Group 

PO. Box 30)2. Nos-Du. Raji lamar 

Delia Inv May 311 IS175 uai . ...J — 

Dentscher Invesanent-Trnst 
Postfreh 3885 Barberw+c 6-10 C700 FTOnkfurt. 

Rothschild Asset Management (CJ.) 
P.OJJox SB. SL. Julian* CL Gucrtwer- 0*81 3833t 

O.CEq.Fr May 30-1552 58.71 

0.(T.i3C.Fd. June 1.(147.1 155.9c 

OC.Ind.FiLt KL27 1J54 

O.CSmOoFoMy31 - R46-3 155 A 

O.C.ComiBbdltr -B32J 140.7 

O.C. DirComdty-.t. 325B2 27.46 

•Pnre on M47 3L Sect dealing June 14. 
T Price 00 Mar 22. Meat deal lug Juno 7. 

7Jty ■ 

« 58 

Royal Trust (CJi Fd. Mgt Ltd. 

P O. Box m. Royal Ttt Hie., Jerocy. 0334 77441 

R.T. Inti. Fd. WS92D UH .. . | 3.00 

R.T. lniTU3y.iFd..l91 95^ - I 3J1 

Pncox at Stay IS. Next dealing June 19. 


Coe centra .. . i?>U1424 2U*j+0Ja| ~ 

Rente rrfondj . |iw»U TLMf-OJW — 


Dreyfus Intercontinental Inv. Fd. 

PO Box .V371E ,Vaa*a'i. Sshiunas. 

NAV June 1 . ..IICSWJI lSJtj | - 

Emson & Dudley- Tst.MjTLjny-Ud 

pri Box 73. SL Hclicr. Jcrtc;. OSS92fBm 

E. DJ.I.-.T. ... |U72 124 H | 300 

F. & C MgmL Ud. lav. Advisers 
l-Z Laurence Pourano KilL EC4ROBA. 

Oi-623 4CRTI 

UcnL Fd MayS* -| IU5522 I I — 

Fidelity Mgmt. & Res. (Bda.) Ud. 
P.n. Box 070. Hamilton. Bermuda. 

Fidelity Am Atx.. . | SUS2SA2 
Fidelity Irf Fund SUSaJB 

Fidelity P«a Frt._ . J SU844.02 
Fidelity WrM Fd_. / SUS24H 
Fidelity Mgmt. Research 1 jersey) Ud. 
Waterloo Use.. Don Sl_ SL Heller. Jenty. 

0534 27 jflj 

Series A ilnlnl.) ... [ OJl 1^ n 051 
Series B (Pacific 1 . £7.41 - 

Series D ■ArfAn.4 0726 ( I — 

Find Viking Commodity Trait* 

.Save & Prosper International 

Deal me la 

37 Brood SL. Sl Hclicr Jerrey 
U.s. r ilfir 1)1 iiranliin-rit Fundi 
DlrFxdlnt— M*y31 19J3 UUl 

IstcrnflL Gr.*J (6.72 72 

Far Znstern*t . ...U751 405 

North A mcricon~ . (3.73 4.S 

Re pro —1 PTOJ57 14? 

Sollirf— tied Fonda 
Channel Capits!4._l23L0 243 

Channel Island**... n*6.4 154 

ComimH. June 1 .112*2 120 

S: nxcdJurc 1 ..pio.a Ub .. 

Prtcs* on -Si)- 3ft. •■ttaw 31. ■“•Jiiw 1. 
tWecilr Dealing*. 

6 99 

Schtcsinger International Mngt LliL 

4|. La Moac fit, SL Hclicr, Jorwy 053473JBS.' 

^ IL oh 

.1 22J» 


, 1L1 


S A.O.I - 

GIllFd _ 

lull. Fd.J 
lntnl FiLLxmbr 

” ._p5.5P 

■Next wb. day June 

B.SL George's SL. Doustea.1 »K 
osz4 +eea. ura. ao*. nun 

bar it Co. IJd . 

33. Pall Mall. London SW17&JH. 9)«WT«rr 
Frt.Vlk.0mT-L_.B7g 3951 | JJ0 

FM.Vk.Dhl.Up.Tst .(79JI 84.0*1 - I 120 

Fleming Japan Fund S^\. 

Zl. rue Noae-Damc. Lnxeiabnurc 

F7 me. June 1 . ... | SUS4646 } .... 1 — 

Free World Fund Ud. 

Butterfield Bldg. Hamilton. Benoudn. 

NAV April 28 1 SUS173 89 1 .. I — 

G.T. Management Ltd. 

Park Ks*l. 10 Finsbury Ctreui. London EC2. 
Tel- 01-808 9131. TLX: 880100 
London Ajoente !«-, 

AJKbor'B’uulu pusoac in 

Anchor Gilt Edge ...i£965 971 

fe ’S *37 «3d 

1.0 2&7| 



69 13.62 


Ganmore Invest Ltd. Ldn. Agts. 

2. SL Huy Ax«. London. EC3 niC833S31 

G iu l mu r c Fund fllngL (Fa r Emt) IW- 
1503 Hutchison Ha e. 10 Rainon Hd. HJvonR 
FTKAPac U TW... SKKTia Z£5 

Japan Fd (S5S1ZW5 toad ] 0.700 

S American TsL_. SK3UH 11 S&. I 1300 
latl. Bond Fond —lama UJ73( 1 580 

Schroder Life Group 
Enlaprlw House. Bmnmith. 

International Funds 

(Equity... — _ — 

SFIxed lntercsL— 

EMonagcd.. _ 





129 b 





in 5 






— « 

J. Henry Schroder Wagg ft Co. Ud. 

12D. Chcapmdc. E.C7. 01^884000 

• 2g» 

Chegn S June 1 .... .1 SUELL63 
Tnddjrar April 30..J SViSUfl.06 

Asian Fd May I5...[H I SHW 
Di - — 


Daring Fnd. ... ” [lAlib 



June I _BUS6«2 6»l 




Sentry Assurance International Ltd. 
P.O. Box 336. Hamilton 5. Bermuda 
Managed Fund PUSHBI U2Bt| ..-.J — 

Anchor I KL Fd 

Anchor ULJiy.TK. 

Berry Pee Fd. 

Berry P»c Strlg 

G.T. Asia Fd 

0.7. ,4ji« Sterling- 
G.T. Bond Fund .. . 

G.T. Dollar Frl 


-00H 13. oe 













Singer & Friedlander Ldn. Agent* 
M. Cannon St, FC4 Ol-aHIIW 

Deludonds P*0*3L_ - - ■[ J-®* 

-pi ... 

TeltyoTsL Apr.28...r SliS35.00 

Stronghold Management Limited 

P O. Box 315. Sl Helier. Joracy. 06M-7IUB 

Commodity TYurt 192.96 97 0S| .. 1 — 

G aiu a u rr I wawe rl Min. lad. 
P O. Box 32 touRia». loM. 

__.touria4.iDM. n*C« 33011 

□icrnstiDna) tut . ISLO 224*+ J 1220 

Ilo. Growth »1 m3! 40 

Hanzhro Pacific Fund Mgmt- Ltd. 
2110. CozmnuKht Centre. Hong Kane 

Far East May 31 KBE11SF UU .1 — 

Japan Fund. pVS6JB TW .. .1 — 

Hambros (Guernsey) u. dJ 
Hambro Fund Sign. fC.l.i ltd. 

P.O Box 9fi. Guernsey (V481-2SS31 

CJ. Fund P42.4 i5J_7rf 

Ir.lnL Bond SVS 10464 107.88 

InL Equity SUS UL69 1L0? 

InL Sw "A" SUSL02 10a 

InL Sv(» -B' SUSllM Lilt 

Price* on Ma> 51 Next dralinc Jane 

Henderson Baring Fund Jttgrs. Lid. 

P O Bo* N4723. Nassau. Bshama; 

Surinvest (Jersey) Ltd. lx> 

Ouccna Hso. ton. Bd. SL Hclicr. Jry 0534 7734a 
American lndLTrt . |£S73 8®|' - ?-?3 — 

'.'CPperTtlML. .(02.03 U Jl +0214 — 

Jap. Index TM... -|oil4 UJ7(-0lll - 4 

TSB Unit Tmsi Managers (C.I.i LUL ■ 
XogatBlIe Rd-SLSartour. Jersey 0S34734B4 

Jersey Fund WM <«' 

GiiCT7teey Fond - 1*6.4 *8fl .. I 4.92 
Pncep on May 31. Next cub day Juno 7. 

Tokyo Pacific Holdings N.V. 

I no rids Managoment Co. W.V_ Curacao. 

NAV per share May 28. 

Tokyo Pacific HIdgs. 1 Sea board I N.V. 
Intimis MnnacemcnL Co. N V.. Uuracao. 

NAV pm- share May 28. 5US39.72 






Japan Fd .. W>a7J7 ITttt j - 
r 81 Next dealinc date Jui*» 

Tyndall Group 

P.O Bex IS5C Hranilran 5. SmMdX W7» 
Overseas May 3] — BCSJ.1S 

lArcuin Unite' BUS175 

3-Way InL May 18_ . pii.ty.5S 
2 N»w SL. Stt. JlrtUe. Jcracy 
TC-F SLJun>: J .. £7 90 

\ArcnSL Shares) . — 
Aincncjin June 1 - . 
1 Accum aharcM... 

Pnres on May Sl Next dealinc 
HiU-Samuel ft Co. (Guernsey) Ltd. 

R IcFebvrr St . Peter Prat Cuciwe;-. r I 
Gi rnu wTi 11487 i59J<4 -1 3 750 

Hill Samuel Overseas Fund S.A. 

37. Rue Notre- name. Luxembourg 

(5VSHJ7 BJg+OBIf — 
lairruational Pacific Inv. MngL Ltd. 
K* Box R237 96. Pitt SL Sgrtnc*. Au.-I. 
Javelin Equity Trt. p209 2 19| I — 

J-E-T. Managers (Jerse>) Ltd. 

P»> Box 184. Royal Tsl Hxc . JcrreyfCiW S7441 
Jersey ExtrnLTa .JUOU ' 270 0) I - 
As at April 28 Nest ub. day Ma» 31. 

Jardine Fleming ft Co. Ltd- 

Ah Floor, i.onnaucbt Centre. Done Knnc 

Jersey Fd. Mar 31 _|I94.6 

Arc Ute. 1 (273.6 

GUt Fund Met- 31 ...005.4 

Accum. Share*' . 1136.2 

Victeij- Home. Dourlaa Jalc td Man. 

Manacrd May 18 





1 74111. 

1129.0 135JI 

fid. lntnl. Mngznnt. (C.I.i Lid. 

)4. Mu Icastcr Street. Sl Heller. Jencv. 

I in Fund ... . IStSWTt 10.(61 I tlf, 

t ailed Stales Tst. Inti. Adv. Co. 

14. Rue Aldrlnccr. Luxrmboure. 

liSTrt lra.Frrt I SG51065 I -I 

Net nsxet June I. 

Jardine EsLT. Ta . 


Jardine PlemJnL 

NAV May 38 'tqiiivaimu StlS«? 10 
1 suh 

[ CM 

! i 50 


S SRK946 
May .71 

Keyvlen Mngt.. Jersey Ltd. 

K« B.ix SB. St Hehcr Jersey . (F-pk «•! HW7«m 

5. G. Marburg ft Co. Ltd. 

rf. CroliHi StreeL EC2 
i.'nv.JW F0 June 2 
Eneri^ 1 InL Ji 
Gr.SLSFd. At 
Mr Cur Kay 

n 1 Ann avo 

1 Junes ( 5U5S9 6J |-0.DM — . 

L June 2.. I SUS16.71 -0OT — 
-April. .1 SUS7.09 J 
mySl. - -.h03S 10 «7^ . - 1 - 


Handsel « ... 

Kcytclexlml.. . .(£6.40 
Kr.orioj Europe. 

Japan iith Fund 
KcYwIek Japan _ 

Cent Astete Cap 

ftyjjn ism 

fnuia isS) 

t3B9 4J7] 



Warburg Invest. Mngt. Jrsy. Ud. 

I i.'hanngfYnw-. SL T-teller.Jsy rr 003473941. 

■.■MFLliLMav25-. 103131 .UMj . . — 

• MTLid.aa/3- 0258 12.99] ■ — 

Metals Trt May 18.. OLW ie-JJj ■ — 

TMT May 1 1 . ITfUUt 1D53J — 

TXT Ltd. May ; I .. i13J7 ID.bftj — 

IVorid Wide Growih Management^ 
lira nqiilrrarri R*r/al. Luxemhouri! 
Worldwide *JU» Kd| 5US1459 I-0.15I — 


Prices dr. ms I nclude 3 premium, except where indicate*.! r. and arc in pence ii nhy oUiKWir* 

iadiroleri Yields % 1 shown in lust toturani jin'* Mr all buying cj pc 
include alt ext 
open Ins price. 

premium insurance * Offend priee includes rtl 

I! expenses h Tory's pr.c«- < VleW o«vr price d ErtirnatcAg Dustnbutipa [rye l S.taarL P Prnodlc premium Insure prepla ns S ingle 
insurance * Offered nriee includes rtl expeniM except agent's cotuiiliwiorL 

y Offered price includes nil expons>is if oou-jht liroufih macajter* « Prexlous day s price. 
0 Net nf tax on realised capital earns utilcw indicated hj- 6- 9. t-uerosoy gross. 8 Sujpandcd. 
e l7cfri Eefnrr Jcr-^y tax. t Ex.cuhdi'isloc. 

i 1 loyal Exunanpe At-:. Lomlun F.C3V ‘MX. Tu! 01-283 1 101. 
hides Cuide as at 2P.rd .Uaj. 1S“K (Base (HO ai U.l.JT^ 
Clive Fixed liner's! Capii-’:! l-7.fj7 

Clive Fixed 1 n■_‘«^l 1 l ,, 1 S 1 

CORAL INNF.i: 47-477 


* rrnjiKnv'r.r.i-Aih 

t V.inriru.-h t.n..r5n;«-r;l ! J ,r 0 

- A-.-rr*'* a--) 1 . P.-r.p- :- p..?' TxS •' 

I.C. Index Limiid oi-5-il ■‘Mfifi. Seplcmher Coffee 1832-13-16 

21) La muni Road, London SW10 «HS. 

J. Tax-free f rad in" on romniodiiy ft* lures. 

2. The commudilY futures markei fn nhp smaller investor. 



• for ihf- latest Jiw?5lTn«?nt Tni®+ report 
/Jpl phone fan' B lair Irtl-Jl >!' ) 



Righ Low 

5W $* 
DM11 DM 

Price | + sr Die *>j Kfd- 
£ j — Gra« ! YHd 


] 5hrt ! Wpt [V'j 5; irn'-V d JpT j ! Art \ Pri« !*-1 S | ffitftar | Stack / . | PnceM W?* 

Financial Times 
t w ; 

26 VZZ (Ctf« S?- 
50 ' W wldm F««£d. 47 
. 58 56 Haziew’lTsMOPr ... 6| ; 

55' W HiEfepteii3?L». >• 65 ; ; 

. % «S5r S* 

tinned ■. £3R f^is Kraftsa— 

Ic -| ]vuj_ ^f 2 2? la^Ggte jfi 

« Cw Gt'slBE: 176 ••' 123 Lurfooatfc- 



5j3i ■ Ln<T 

I- Bf IffK! 

- ( Ine | B«J- 


; kwjDirJ (VMj 1978 ] j + pf£ ,£ 13^ 

5tack | Pri« I - I Ntt {CiTlGr-sIpfE Hieh Imrl . Stalk ; . | Pries - N* CwlGt'silVE 176 ' lg m 

381 '-1 1652 181 6.4] 75 L32 M7 Babeoek&W WO -1 525 35 20 AS-' 

v.wYiZ- 43% 3.5 WJ12.2- 9% 6 6 O-ll 0.7 5. « jzfr , 93 tawW^lfOir-. “0 , 

ftiini .. — 77 229 * 8.6 * 103 87 Batoftkimj. 95 +2 73.91 44 111 89 L.naBtIj£l~- 

rt-ladf *«p- 105 -1 6.77 15 9.S 9.3 45 39 Bwrtoats»p-_ 41 1 -76 f-6 £-5 W. (J ^ *20 M^abwsi®: — ^ 

UKrflolL £25% -1 QiT% 15 3.5 * 62 42% BanroCon^Op. 62 ..— h2.16 37 5.3 J.7 n _ J5 , HeatTrateW. .74. 

u ion 75 +dLZ6 6 2 IS 98 56% 38 - Bartw&SonsL. 56%rc .„... h272 3.5 73 5.8 n 22 aowiBk J&- 3. 

iomffnUOp 190 +2.79 73 12 9.1 53 43 BeanfordKfeL. 50 d3.34 II 1U 83 n 55 Har^Wwj^- ; 

Mil lOp*--. 59 ..-..161 16 <3 13 A 17% 16 BeraonXF.V5p_ 17 vl Tnl §0 * 

>nev - ...- 65rc h334 12 73 7J 70% 59 Brnnid Qwl2£ B -1 W ' ^ JS 109 - 77/ S^ety*- 

Wlrri.Sl- 220 . a .. 320 23 83 M *' 58 BmghwlfiSr!!: fi — 4/2 0.4 83 19.H 37 . jl 

t; «iaKsffr ^fcnsfiE a= fs a ?! m • s 

Shorts’ lLives np to Five Ypars‘ hi^TL* I 

J.^moasur. jRS... ^V, - STB 17k 13>, VH 

52 78 S' S' 

.» rreas^r. 'acTK, .. .. 3?J" s 90 31’» 21 ^ Am»ncan Exprew. 

io4u 10* i8>- -»? *;g ijg }S ^ iSW? ,nL - 

^-V w!.lSj.»r»S|W?‘“ Jwi 9 22 10 ‘13 2W .18? Mwl«S'‘Jjr *1 • 

fS* 96. ?£ ao« g- ^ ^r.W" 

J- «H, Div. I 114 

— | Grow |C*T GrS 

PalteWpl 98 

Hire Purchase, etc. 

1 22 I/'- Jv.arHk'Ber'IOp] 22 1.27 2.8 8.71 4.8 1 35 21 

205 162 WoUCTholnie... 205 7.82 33 5| 7.4 171* 15 

71 5 5110 2 99 80 IV.jrkj'-'heius—l 99 | *.77 16( 7.3|llSl 39 31 

’..Ip « . 2.99 opsins m 

LI ? 3 

20 1 14 

KlWJ.llfii-* 40, 

oHmOuilto 38; 

lol- -I* 40c - 21 7Vi 7.' Bft'nM!:. 74 . b.04 196 If 4 ~ 160 98 

g< 3 n£ r 10 BEERS. WINES AND SPIRITS i ; ~l I»l U S ti% M 

39i a -i 4 H:fo - 36 94 78 AHied Brows .- 89 3 93 1 9j <-71112 ^ ffrfJm'pp” 25 -'2' tL65 1^10^ 7.9 ' 44 * ^ 

a« -1, ci hi _ 13 44 30 .iiNl.D^'.n-.DP - 43 -1 mO 2s — I 0“ ,— to 5®, 

^ r ^ 7 258 ^ wT.'teS: &% 11 siSi DRAPERY AND STORES- f 6 “ 

«5p2 -3 SLOO - 6.1,46 37 BoIwh B n-woD 46 +1 rj,r, 255 178 Allied Retajl lip 255 +1 d+7.92 2.91 4.7 U.3 69 63 

38? . . SI 06 — 3.1 Boddindons — lOTs hi.61 Id 41 33 .Amber DaylOp- 40 ..-.. +dL95 3.0 7.4 5.5 48 

iu -1, SLOO — 4 8 ,I& .6^ BurderBrewj .. 74 3 50 * , i-s),?, 40 33 Aqua«utuni5p.- 37 153 3.1 62 7.9 43 26 

20% 52 — 5.4 lOS t. r< !lVL'- y £ utww ' 1 }5 A? £‘-hni 40 33 Dfc'A'Sp 35*j 153 3.1 65 7.6 70 35 

1 ci iw ^ z 47 40 Buckley * Brew.. 47 ...... el b4 2.7j 5-^1 10-3 o, tq Audiooimic ion.. 30 ...... 13 3 T 7 1 7.4 as Tt 

41^ «d . * S3' 15 — 4J 157 134 BulmerHP.j — 1W _^ 6.6 I 2 Bj Z5||J 31 18% Baker's Strj. 10p. 28b hdO 57 6.7 3.6 7.6 74 , ^1 

r'sStri. tOp.l 28b ...... hdO 5 

ie.J. A-!Tl 107a [...-. 232 

15 BowllwSmiOp: 17b*c +% thLOT 2J |4 54b -4£i . 

31 BrahunMUtUfr .39 thl45 3S 5i 53 ^ 720 ^bertsraFMds XW . 

[29 BrailhcreHofl J30 Th387 92 #5 37 .470 345 RyATrtreeSLS^J. 

31 33 d052 b9J 2.3 7.1 2Q7 161 5a i»faffl7tf jX ,W7 . 

32’ B'boGseDnLK|> 39 —. +2.16 g 4 79 a 54 

5A. Brtrini riuwwH 6b :...- hO-26 09 ^63 r772r 33- 25% SpOlers — 28 

84 EnDshNortkwp 84 600 lIMA. 39 34 /-^r: 

75 BriLSteatt20p.. 88 ...... H4.67 M 8.0 102 m 140 yocteOosmhl- . 

53ij Brodtowfr-1_ 70b +3.62 .2.5 8J&7» 21B 166 ratekL-feS-. ^ 

30 Brrm'aCastSpi- 30 ZO 2R 10 2 U5 gj g^aet R* Xp V 

25 BnnaEn*.iS^_ .30 +1 1.57 *3 7.9 « 4® 38 TcsMflp -- 

17 Brooke ToriTZ 39-...-. 10 3 ? 3 9 _7.2 „ Diugate. V^— 

98 BrotlKrtdRaiu 146 b6.35 21 UU3 7fl . United Bwa^ 

82 BrmrniTa^Z 98 +4 38 3.7 b£ U b7 54 Wal^Ttto.-'Wp 

31 Brown John £1 — 374 TSg £9 g.g 5.0 m m Whea tabaL^- X 

[00 Bullou^SOp 144 ...... t6.16 5.0 6-5 6.0. ■ _ .. . . .-.,• 

30 Bon»al^L_ 44 +2 72.33 4.4 8.0 3* -srawc** 45 

581* Baa«flddH*y_: 59 +2:13 2.8 S3 U>2 HOTELS' 

50 CaBkudSalli. 67 . — b3.51 11 7-9 l7A) aa 

53 76 ...... ill ♦ g3 f 46 3T6 Jgj 

S SSStmt S ::::: « \\ « 

it at s 1 . til, *1 1 h s st Kssta- % 

I! S ir S3 1 a l§ | Sh % SSStK-ja' 

7-‘H Jr TO ’S tS 20% Culler- RammerS. 

lwil-H lii.79 1 H.J9 jg 1*28*2!= 

Five to Fifteen tears «o 2s 1 , Ec-nnH — 

IWVt 7 4V (TTt,is»r. 3%p>- TT- - 
5 T-i 3;*» Fundi n-..V;pc C£-«’*iti . 
G b 7 - 90-1 TreasuD' W.pc '[M-*C 
37'; 77’i Kundint flic 6V8i“ 
3°-'- 82% Trvnjp.-'nCr"' WiJPfli 
66^ 60%'.rwTWflR - 

75% b 4% Tte-isw;. Spe ROW — 

115b 1071; Trevair IJpc - 

$9v 78 TivaMir.K^'Gl^; .. 

445. -u 1015 1159 12 670p FirKiiuieTirel! — 

331- -1; 6 79 1C 00 18% lib Fim Chicago 

90% _L 9 74 10.92 32-s 20% Fluor Corp. ft — 

77? f -% 8 41 10 49 41% 26% Forri Motor S2 

E2>- -% 9 73 11.26 25% 16% GATS 

bCNxd -V <5 13 9 00 44% 29% GeaSecLS^z 

64% -i- 7 81 10 4G 23b 15% GlUcneSl 

113 1 97 lEv* 1- »K A' I 

Over Fifteen 

X209 s 101 Trea'utj 12".ptT>£ . 
72% 611, Flirhtrncifr l£C“ 

120b lnfb Tr;‘t.iir l.'-jp" IftC'S 
i:?-- > 13 Treat Hi;. U’;« Htt..- 
1141; 100% E.tli !-’■ r» — 

5?'. 7T-, 7r-*.<rr :V ' y -- — 

lOtW; op; ; |^:W .... 

5j T - 9JI, . _ 

"55 Sv; I'ltjpr- I'Oi _ . 

11 'V 9 c b jTrvjnr. USneWSi . 
■soi; ;r-rlrre-*'jr.'."' 

::: ? : |S = it m « * |S fj Hjfj ^ £ &&%: 55 d0 _ 48 1 "A ^ ^ SSfci ^ l! Si Si && * . 

:?WS = ?J 1 1 S*-: f s %\ 1 g i £ !?.. S3 8 31 5:5iSi S g 2 S^Stof -JS :r: 5fe ii - i 

A ii Ofi ltti S2 j 2 WiTii l bread A . 95^*d ~~2*z 3.97 q3.0 b3 p.O 1J iNi^Mnafflc IO d^ 21b — V» 41046 1 - i ^ t q/i iw+onH qnn™ mwi q (77 a 99 4 

>0c - 5 6 210 IK Wol-.. Dudley. -. 209 *2‘«.7- 3 0 « 12.2 ^ | 9 dSSSSSS _ 90 -1 B qi3 oj Ctfa m SSSSS?*r: iP IS 3.5 65 4 122 92 

60 — 3.5 150 145 |t"M;Bie»‘A Sflp 180 +3 a.IS ♦ -> * 72 54' DewhirsMOp 72 1.76 Y6 3.7 5.7 34 30 Dowrietaettn 34 +1 2JI 19 9.4 8.6 *99 79% 

LOS - 4.0 176 128 Dixons PhttfMp 146 -1 +Z18 6.7 23 73 J- no KK.' 117 +5^8 3.8 6.6 fr2 66 52- 

L20 — 3.2 __ T „ _ T , mT xn 25% 17 ElliitikldSp-.. 25b L90 L211310J 731, &i Dupon 73i-.xd 449 Zb 9.3 5.0 42 35 

■ 0 % - 2.8 BUILDING INDUSTRY. TIMBER^ 136 EmpuesiaiK- m ...... 4.22 ib «xuj« i» C(HM_ 5 $ ts.w 43 55 65 «. 53 

sr fraud MeLSOp-. 1^. 
75 KorsaaUSntc25 .;96 
L62 LadbrotelOp— 391 
15 MLCfead^telOp 
ISO Myddkions^j- 2S 
25 Norfolk Cro5p„ 39 

SP &&SS: A: 

58 Savm-A-lfcU: ffi- 
30 StaUsOleojiOp- : ,aa 
9b SsanHmliA5p- , 

IbL TnffitH. Forte i_ 21fr, 
22 TnwHoic.-Al^L 
>25 WlKfile^lOp— . 3W 



102% -% 12.» 12 89 JR ¥ affi ^ :? sK = 2.3 BUILDING INDUSTRY, TIMBER ifu i36 pK: a.k i 

xSfc :!$ S?a Sg % 16 16 ^ :i « = li . AND ROADS f 3 1 . lS 5 

, :!• US S" 2 £\ ill: BS9?Sw: Vi-JS = a « si .t^n.w. « -i 4.« ♦ ft ft ftmKS I 

^ -1- 1172 1232 l7Ta U Rerimrd 5^ . — — 1S% -% 88c — 33 164 138 Atalha* Cera. - 144 .... 6.76 39 71 5 3 30 22% Ford'MYin' top- 29 h202 L 1 

, -ij 1179 1290 22% 14% Pjctidsa-Mn-nSlb 19%»d -% 90c - Zb 17 13 Allied Plant lOp. 15% -1% lh0.7 6U 69 <4 i57 120 Forimnster lOp . 148 +3 td3.78 6.' 

, 694 1D.D5 576p 255 d SjuJiB FiSI ,«72p -7 - — — 75b 59 .ArmiwseShnks .. 66 -% 4.2o 1Z 9.S U5' 118 81 Fuser Bros lD9d 18 * 

" -.-112 37 12 73 28%^ 15% SMI ''Ml SI 26% +% hSL60 — 3.4 272 220 A.P Cement £1 — 245 -2 9.34 35 5 3 '8 326 244 Free mans (Lon, . 324 -2 5.94 4.i 

, i:« fsi 17vS..?. 60?- 19 251 203 BPBlndj/to-. 2M J* fa I '4.3 j 5 H JO 32 ‘>Jier..U i20p.. 40 ^ ...... +2.57 1« 

9S% -% 1179 1290 22% 14% Pjchdsa-MrTnSl% 

1 "if- j;?-. Trcawir. l.-in-'a-fj 
117% 10;% 7/ vii-.-inc' -'.p r =v% 
f 0 f 'Z- . r irlen!rlc.r..T«.' 

1?S% 106% ‘Tica'iir. i.'%pc T, 7Lt . 
'A'-. £■«' t.clK-iwrWjWl^- 

Sfi'i 75 r -. Trerr.iiry-Vapr i: .rri 

72% *01* T r »a.-.uryRvpc 

LaSx lir’ ireir-IMjif ■'*w 

6S 6:% £:c|i 12pe Tt r-+ « 

at US S.” m ill: SSVS-rf: i. S100 = 13 95 .81 lAherdcen Conil. | 93 1-1 J4.61 ! * | TO ♦ ft ft ^e^«il «- 51 U V T Z 

77% -i; 11 72 1252 ip] U Fte?w>rtS5 15%-% 88c — 33 164 138 Ujwl/g* 144 -v; I ?? 52 30 & Ford-Mun' lOp, 29 ..... h202 L«106 103 m 

6.7 23 7.0 134 HO Dudfle Steels!— 117 +5.08 3.8 6.6 63 66 52 

I21L310J 73b :::::4 49 zb 93 so « 35 

26 42 m 1M 126 EdkolUdgsU- U? ...... +5.69 43 5| fc5 56 43 

— — 308 Kj7i. g9 Effiotti£7_ 107 -b +4.8 3.5 6 8 6 3 66 36 

29 8.9 5-B 86 75 85 ..-.. 1266 5.7 4.7 5R 328 268 

2.9 9.4 53 107 87 Enlndostria 89 t4.8 3 9 82 5.7 67 50 

* 5.8 * 72 55 ^uMHMaL 67 "Z 3.68 1.8 8.3 8.6 58 34. 

1SW+Z 121 +2 d5.D5 3-5 63 63 62 44b ... 

^•6 103 124 ■ 116 
3.9 6.4 9 6 

3 ? * 40 20 

Ider lire 500 8 — — — 

40 I 20 fFWh(QOIOp_ 25 i4.03 8.9l a 73 133% 

JS 1 !-! 82 52 Fluidriw 20 p_ 77 +1 6+332 2 . 7 ^ 6 .fl 8.1 219 174 

9-3 *3 231? 20 FmkHHfenN5p 23> 2 137 6 I ?JJ * j 63 45 L 

4 M U EVwl.lO, r CJZ 7«7 A 0 74 \ 71114 95 » 

99% -I- 12 C4 12 95 16% 111 Siaecr'Sin... 17%>d 60c — 19 251 203 BPBIp*3<*> — 232 16 «b '4.6J-5 ' - 40 32 

77%-% 11 9J 12 47 36 22^ Spem RatviSASO. 33b +% s l ^ - 7-4 34 ^fP^ccfcfc. 31 23a l«jil4 |.S 70 62 

115% -K 13 41 13 22 33% 18% rftWInc.SP* 30%^-% SL80 - 3.3 g 10 Bail* Ben IDp. . 11 -.... Jd0.55 IB ,1 12 ID 

102% — % 13.0c 1305 27% 18% Tcnnecn . ... 2Sal -% S2.00 - 4 5 50 44 Bamberccr, 50 . *2.9 3.1 3c. 5.7 146 109 

713 991161 131 He MMiflfcfl* 149aJ 10 5 c _ f6 7 1 2o, 100 EarattDer top. UO -3 tfi Oo 2.5ll_t.l 44 316 266 

1K% -b 13.07 13 04 97Sn 505 d Tcrnm H I'SsO Iff: . 886n -32 - — _ 2+b 20b Beecliwood lOp - 23. L83 2 0 12.0 6.5 312 256 

235 1 4il 4 9.5 70 62 UoldberaA 69«iJ -1 4.11 ♦ 9.0 * 68 55 F 

td0.55 1.8 ill 2 12 10 Goodman Br.Sp . lib hQ-75 33 9.8 4.7 83 65 G 

♦2.9 3.1 3.5 5.7 146 109 uann«n»Z. 123 -1 556 23 68 9.6 92 82 G 

tB 06 2.5 14.1 44 3i6 266 arimer»J_..- 282 +7.43 3.1 4.0123 20% 18 G 

L83 2 012.0 b.5312 256 Do. A Ont 276 +2 t7.43 3.1 4.112.0 117 95% G 

tQ.75 ( - o 9 - 53 39% Gre-MitattslOp. 51%-% 175 35 5.2 i62i 9M 675 G 

19 9., 83 231? 20 FUkesHfenNSp Z31 z 137 

t, 2'g ?T 68 55 Francis I nds_L_ 65 3.37 

2-3 ?'5 17 83 65 (GSInlnLSOp 76 -1 T3.77 

1 32 4.4 5. 

dl 7 5.4 3. 

3.32 4 3 

Inds _ 65 3.37 4.0 7.9 3.7 114 95 

LttoZ 76 -1 T3.77 2.0 7.5 10.1 79 63 

tefijp. 86 -1 5.7 2.B 10.0 5.3 260 . 188 

jgdlto 20% h0.97 33 7.2 5.0 180 145 Band (Win.) £1_ 

LZ 110 8.20 L2113U.5 38 25TZ. 1 - 

m®._ 675 -75 — . — - - *223 180 

2-8? ^ 8.8195 

H 12 37 26 Hardj iFurm. J 33 ...'.. 0.2 — 03'— 48 36 GrStonklOa- 48s dhIJ.9 32. 3.812.4 95 60 

I J\ I 2 36 24 Do.'.VNV„ .... 29% 02 - LO - 84 64 S'lBwnZ: 65 +-1 4.24 22 -9.9 6.9 52 29 

?9 tt 15 Helene Lon. !0p.. 20% +1 0 67 7.9 5.1 42 286 255 GKN.E] 261 15-56 1.9 9.0 71 62 62 

Do. UpcCm 

195 1t8 12' 

sKp-’iSi, sa vt iKitaSSafic: 2;;:? as r as- s Kamai r s arm » wi£i*» v HSt» '« —earraSaig & > KL l 8tt!9 e :::::: v» nhasssr^ 

83-. -%ll259 12.79 44 Aeres Ccrp 51 4Utri $2.00 — 2.6 35 21 BriLDretaiu- 35 . J0.3 - . - 23 18% Henriques A lOp. 21 -1 dl30 0.7 13.0 16.0 no 81 ■ RaflSn£.50p 107 +6 4.43 4.0 63 5.8 678 . 583 ■_ 

3Vs -? 1C.M U.26 735 f . 385p Xomci Lite IOC 645 d -30 fee - 0.7 91 24 Prwn iksn 20p 91 +2 LO 6.0 i7 7.6 «, 54 Repwnrth,'J..10n.. 61 +23, 22 5.7 123 223 167 HallBwZ 220 7.08 3.4 4.9 9 2 16 12% 

66% -b U.98 1213 1>% 10, SapalaCorp J5c— 12%.... s30c - L4 61% ca*"V&2l In ia J 7 5 300 R «« Charm lOp 175 ...... d3.62 4.0 3_1 IfO 144 115 Hallita50p 138 +5.8 3.0 6.4 7.9 28% 24 

4 ?. ^ S.F- IJst Premium 43%^ (based on 3U.S1.8236 ner £ ,51 BnamTOdgS.— 53 1 +2.^6 22 5.910.bi52 120 Housed Fraser. 144 -2 4 77 2.9 5.0 10.6 13 9% Hanpswt 13 +% WM68 3.0 8.0 5.5 62 54 

8.^10.1 6 7 63 HM&SSfc' 80 ...... d2S 5.S.1-3 5.0 103 88 THadenSriS^ 96 

15.56 1.9 9.0 72 62 62 

d2.0 13 93 20.0 £38% £32 

730 LO 12.3 (DJI 203 152 

84 j j iSifThV-uiljfct 22'aj - ;^ iJi-JS I CSSS 1 ■“'■» n«>|jauv.uip « — 1 • ■ 1 1 — 1 «- -[ *0*1 -jl' p~~..T»n.Lir — si* "i " in~nL 1 i 

5H% r ' M HD S.E. List Pranitun 43V* itased on 3V.Sl.8S36 per c| » b^SiW"~ 176 _1 M2 6 I 

! i'hlteWZ bl> *^ ' UW « 1212 Conversioa factor 0i»58 .8.6880. g P bSb^£U 180 ZZ dW.^ 3. 


37% 32% l ’Wlwls4p.- . - . — — 

37% 30% U'arLoar.A'.'pciT 

; :;i l>m iije 61 AlL 

2. : .% Tr.M3Uiy_'p‘ 68 Aft — 

24% 20 ~ vi>cl .. m ,ne 

24 l°‘j Treasep-Ja^ 

.77 253 (Burnell fcH_ — 176 ..... W26 9 91 2.2 68 66 52 (House of Lera»: 54 — d3.92 2J LL0( 65 25 '2f ItoSelbdorZI 23 ...'.. ' L8 LOjlZOjlil S7 46 

.90 175 BurtBouhnntU 180 dl015 3.5 8.5 5.1 a uj KnodMOIlOp-. 18 .-... — — — 3L1 220 166 HawterSld-L. 216 -4 4.08 5.7 2.9 9.1 166 141 

3 .2" ?S rt f-n ?o o? it 51‘a 353 J Ladies Pride 2Dp 51% HL93 4.1 5.7 5.4 68 32% HmtSmth 66 -2 d2.19 5.7 5.0 3.7 a6 79 

26 20 Calnder'GH.lOp- 23 Ij2 2.B B.7 6.2347 102 LeeCooper 137d 148 6 17 * 104 73 HopirinsoBEate- 104 5.D6 3.5 7.4 5.9 53 45 

48 40 LarrUnfaU) 44*4 W 7.1 3.2 6 8 w U9 L.beny.1. 160 -3 hl89 * 17 $ 35 27 i!SStod£_ 31 -1 123 0-8 10 9 'Mi, 46 38 

58 40 Canon • &6 --- 358 11 9.7 M3* M U 9 I» \«LVt*.0rt- 1M -3 h!89 * 17 J 6T ? 55% Hwdra&wp- 59 -% 3.65 1.0 9.4(15.^ Jf 26 

82 (&; waeiitRoadstOBe. 79 +1 hZ96 35 5.7 i7.6i 60 52 UncrcNK.lOp_ 58 ...... 3.49 19 91 12 30 25 HuntMoscropSp 26 -% +0.7 3.9 4.1 9.6 119 96 

,3® Lnmi«i i.p, lOp. 31 ..-..1.70 * 8.6 * 82 54 BFJ Furciure 10p. 80 h+dL9S 29 1813.8 61% 55 UAL__Z-Z 571^ -2; 319 25 8.7 6.7 143 125 

lofLerase. 54 .—. d3.92 11 11 M 65 25 
MOIlDp 18 —.. — — — Ml 220 

tM«±y._l 23 

SS -1 11.58 = CANADIANS 

Hi : ;i Us = %|]liK&aSSi:| 

1 j§ tiSZ&Zi u|„ tJa.WUPBSSa A td* 51 13T ,S 9 

58 40 tairon 56 1358 111 9.7U«3> 166 U9 

82 681- pcaeut Roadstone. 79 -i-l ( h296 35 5.7 i7.6i| 60 52 




Hiroi ImmO’inc 7381 - 




BriM«]'*«pr 2^1 




li.*' 12'yv K 

100 m 


l r ’’ l 4 

I>n i:i n,- U* 



r,U' JOT- ^32. . . 




H°Pi *Hjpr 7F-fi 




93 V 



. .. 

r C 



2 6%a 

1WJ. 1 . 


I- n i'-’IT * 3l;ty i.vT3. 


O'- 1 .: 

C I 

fm 9>.r'- ^ 






55 u 



Si 1 ; 

i» : ., 

[i'."j(y;1£l-~l. .. 


l» s %rc 75-T 

67 it 

b' - 

f.V, tv’ 4 3v . 



ru> c . njfL 


u :>, 


•iidd. rt. f r ini. . 




i itmr.mlc [Ui r "' .A-fj' 




ViVrwi. !?•’ ir?». . 


6N|XU.m 37 ij 31% Do 

21% 16% GuK1juCan.l1 

1 NS 560p 315 p Hawker Sid CS»n|l .. 

241, 16< Hallina«rS5 

9 84 11 54 14A 13% Hudson r Baj IU- 
8.56 11 13 32% 24"; Rod.BOilG. S2 1 ;.— 


6 » 10.16 lfi% 955 P Tor Dom'BLSl Z 
615 10 93 III- 880p|Tran‘_.Can Pipe .-. 

-1 liaL.6 iMf O* 

18% -% SI 14 — I 2.8 4gg J 4 
560b ...... 40c - 3.4 

23% $206 - 4.2 7 J 53 

uchGroun— _70 WZ.7J Zn 5.9 W.1I 11 8 Michael *Ji lOp- 11 

iftosRohLM. 93 tdh3.1I 54 5.1 5.5( 92 77 RlidEdncat »p. 92 

SneGH.50p 212 +1038 3.4 7 4 5.1 58 42 Marri^Elakq.- 56* 

,na top. — -- 66 0% 25 9.4 4.7 2Q0 146 Moiienarc I0ft_ 160 

1289 ♦ 27 ■? 35 27 Howard MadiyZ 31 -1 223 OR109-19i» 46 38 

ilBS i 27 5 6Tj 55% Bowdra&wp- 59 -% 3.65 1.0 9.4(15.9) 3T 26 

1.49 3.9 92 32 30 25 ftu*Moserop5p 26 -% +0.7 3.9 4.1 9.6 119 96 

M198 29 3.813.8 61% 55 LML_IZlZ 57% -fl; 329 25 8.7 6.7 143 125 

- — — 175.8 29 23 laetaoJfcHBSp- Z7 d0.91 52 51 5.7 72 60% 

124 23 4.414.6 75 ft 73 . “ hU6 8.1 24 7.7 34 28^ 

W } 4 8 5.9 63 59 Johnson ftFirth- M -1 44 69 2.1 10.9 (5.4) 265 127 

bl35 7.2 2 2 93 87 71 JonesGroaplOp 71 338 4 8.0 j 212 173 

- - - 134 106 Joses Snpmm_ 134 +2 538 3.4 6.1 73 197 125 

+424 25 7.0 8.7 03 74% Laird Groun___ 91 

411 ’* U4.J- « 4T lTSc 52 

411 * 111 « 63 47 . Lake 

-2 292 33 2 8| 15.7 1 65 48 US 

mni, .cn ■ £•* i't W l lit) « +1 01/6 1.0 11.1 * J U% 6% 

9llc ~ 17 47 34 Fed. Lauda Bid ■ 43 23 23 8.1 82 -m* 7 f 

ta,! _ Z _ 35 n rralaa.Jnhc.IOp- 29 fcu fe 

22% SI 08 ii 15 11% Francis Pkr. lOp . 12 — — — — 76 5^ 

tl' Z 51 47 43 Francis .Gfl.lOp- 43 .... 4154 1 6 12.5 7.6 77 62 

22% +K $1.08 - 
22?z -% SI. 50 - 
19l> -% 92c - 

13% -% 8flc - 
10% 103c - 

eti Stores Mp 43 tdLQO 4.E 3.5 8.9 20% -14% laatelTISp 18 

ty Peck lOp — 8>2 — — — — 191- 13% Da Wap 18 

BfrOJIiwJl- 88 1285 52 4.9 12J S8 74% LoodontMidra. 88 6 h0.21 42 5.3 (X4l X3 3 S8 WL Holdings--.. 115 

MTSlto 75 h03B 126 0.8 7^101 73 Maoism Bronze.- 83 

beckl^) 75+1 +203 22 6.1 11.6 170 134 Mart^ir2te-_ 170 

Laird Goup— . 91 2.94 33 4 9 1U1 231 184 (Boots. 

tSetEffirtZ. 52 3.51 L4 102 10.7 E26% Elfemor^^ 

LaneiParfllOp. 59 3.28 3.4 8.4 4.1 205 163 * 

leeCArdmuK. 23% -% L45 1.9 9.4 8.4 98 79 

LejftFoandriea. 65d +4.3 1.7 10.0 91 74 56 ■««,• 

Lmresd— - 36 b230 L4 8.4 10.1 140 110 

Liavd(Fi£l 72% 14 82 24101 6.4 1* 10% 

ilin&rmSp— 18 —2 tO.TB 33 6.6 73 120 90 

DcZviZl— 18 -% +0.78 3.1 6.6 73 39 29 

W 2 LoodontMidra. 88 *4.76 ZT\ 8.3 7.0 65 56 

88 [ML Holdings-... 115 +3.92 3.7^ 52 81 60 45 

73 MansmBnSzL 83 ...>. L88. 45^ 3.fl 32 2% 2% 

23 J5 11% Francis Pfr.lOp 12 — — — — 76 56 Ratnerslto 75 h038 126 0.8 7.6 101 73 Man^m Bronze _ 83 ...- L88 45 3.4 32 2% 2% 

3.1 tl 3 3 Francis i'iR 1 lOp - 43 ... . d3.54 l^llal 76 77 62 Rarbeckl?) ,75 +1 t203 23 6.1 11.6 170 134 MartcroDate— 170 t5.34 3.0 4.8 9 6 65 54 

a? 3 ^ French hiCT 30u) -1 1.7a t I 8.Bj ♦ 36 30 ReadiculSp-—-. 35%rt 1_59 6 6.8 ♦ 92 84 UcKechnianos. 89 t4.95 2.6 8 5 6.B 89 62>a 

0 0 ^ % fg 7 fa |-3 fl 92 64 Reed Austin 'A- 91 -1 286 4.2 4.8 7.7 +8 11% Megcitt5p 17 0.4 S4 3 5 7.9 29i z 23 

46 30 25 GjbbsDdy.AlOp 30 1.82 || 9.3 65 20 13 RnlraHDAS-iOp- 19 *U9 0.8 $(BJ» 47 30 Srax% 47 hL03 5J 3 3 8.6 645 385 

a « 43 Oleesofl iRJ i 10p- 43d tl.84 3J6.5 6.6 17 11 RoscflJ 5p 17 44 35 Midland fids. 5p. 42%rf -1% td0.99 75 3.5 5.7 72 55 

B “ 3 - 7 n tJ}2ai£e 17 9 S&iaofeaBto l* - - - -. «1 54 MiningSap. 10p_ 77 LI 5.7 22 UO 36 28% 

“ 74 GrfiCowera^ 7 | 528 1410510.5 15 9 Po.S'.PCl^ 14i 2 - - - - 66 52 MttrbdiSWljfe 65 +1.42 6 9 3J 5.8 *59 39% 


Samuel 1 Hi 'A — 280 ...... 1M 6 5.6 * 33 3 Sole^aopZl 31% ...... 0.41 8 3 20 6 3 109 hoi 

Selinrourtap—. 221* -% L22 4 82 ♦ 131 98 SolLns 131 *1 715 19 83 97 81 54 

SberroanfSilOp. .13 - - - 74 64 Moss&rt 7(M 4.16 22 9.0 7.7 life 131 

168 138 S^k'A 154 220 6 2 1211.0 45% 39 Neensen£__ . 44 +294 L7 102 8.0 «0 32" PH111J 

* 115 73 Stanl«iA.G5p_ 115ffi h3.B8 25 51 83 *105 84 NeiffrteiHdgs.. 98 +1 M6J8 2 8 9 9 4.6 97 72 BarvM 

- ISO 121 Statui DiseL JOp. 180 d4.06 2 6 3.4 17.0 71 58 NewmanTonki- 60 t3.64 2.4 9.2 7.0 *34 26 C.Hln 

- 18 13 [SleinhKR KIpZ. lfe d0.87 L8 73 111 39 28 Norton iff. E..fip. 38 +1 tO.62 5.7 2 3 7.5 135 99 Campa 

48 23 22 BuJiirteafcjL. ,27 ...... L27 12 7.1 17.6 101 71 Osborn'S) 99 ♦♦357 3.4 5.5 5.9 122 90 DoB 

9-2 150 105 ffiroe Prods 10p.. 150 +1 1.68 ♦ 17 ♦ 176 152 feelcr-Hitfnte- 176 b 7 68 3.8 6.3 6.6 73 64 larara 

H 98 82 [CIS Group B8ul -1 510 * R8 * 116 101 Porter Chad. 30p 115 +3 527 4.0 69 5.4 67 56 Carmin 

« 34 24 UpUHl'ErA- — M 2.25 05 114175 72 58 PnutlFi Z_ 70 451 2010.4(55. 126 108 Cape Ir 

132 108 Vanlocaa* — 126 .-..5X5 5J 62 51 7% 70 PriesKBeni 78 b528 23103 6.4 103 62 Captim 

8-5 143 63 Venn* Fash. Wp- 136 +1 3.07, 65 3.4 53 £89% £82 PrteorHij)c93« £82* -% QUW - fB.7 - 96 66 7^ 

*> 44 32 Wades*A"20p- 44 ...... -g-Ol 18 6.9 5.7 40 35 RCF.lffiss.. 38al t272 14 10B 10.4 202 146 

J-5 100 64 Walker iJss.) — 84 -1 *232 4 5 4.2 6.7 16% 11% RaineEng*gl5p- 14 0.87 11 95 87 142 107 

97 96 62 I DaN V 82 -1 a2J2 45 43 65 66% ^ RJH.P— !— _Zl 56xd +% 334 20 105 73 37 30 

*-«,91 46 (VWHtlOp » -2 ZS1~ 4.4 43 7.9 163 125 R-nsanesSiiaEl 158 -2 854 29 82 4.9 59% 50 

- 100 74 (Waring 6 GilUw. 100, ...... h3.23 35 4.9 83 80 58 Ratdilfelnds.._ 70 .—.4.71 « 10.2 4> 58> 2 41 (CezuSb 

li S‘2 % peanrellap — 23% +1% - - - 233 87 57 87 190 8.7 33 4.9 264 1B0 &ei 

85 g 19 hffharfMiUlOpt- 22 144 15 9.9102 88 75 Record Ridgror. 77 45 28 8.9 b.2 56 44 

W- 3 72 61 {Wilknsn Warbtn.. 68 d5.11 23114 5.7 60 49% R dmn ffnan lOp 57l 2 +% +1.81 5.8 4.9 3.9 45 36 

120 6 
h3.B8 2j 
d4.06 Z 
d0.87 U 
127 U 


Punic Board acd Ind. 

k.N.SW.SA2_ 552 +7 " t03Dc - 3.4 - Ug » Jenmn^SAaW- 120 -2 

lank Scotland £1 290 1-2 1 10.89 1 3.« 5.71 7.41 334 7 ? Jota®«-Rittaris- 94 -7 

315 [255 IBank Scotland £1 290 
£32% I £21% (Bankers N 5' $10. £29 
358 2% Barclays £1 330 

OT3IW| — 59I — I 17 12 UonesEdwdlOp. 14 0.92 

-3" 1113 1 53j 53j 5.6j « 35 ptatfJlPilOp.- 38 .. .... +206 

- - 74 64 Moss&rt 7 (M 4.16 22 9.0 7.7 18% 13% 

22110 45% 39 Neepsend — _ . 44 +294 17103 8.8 40 32 ruiw 

53 83 -103 84 NeiUiJas) Rdgs . 98 +1 M6-38 2 8 9 9 4.6 97 72 Bmy Masco l^gP 

3.4 17.0 71 58 Newman Tonks- 60 +3.64 2.4 9.2 7.0 *34 26 C. n Indls. lOpT. 

75111 39 28 Norton iff. E'flp. 3B +1 +0.62 5.7 2 5 75 135 99 CampT" 

7.1 17.6 101 71 Osborn'S) 99 4+357 3.4 55 5.9 122 90 Ilo.B 

17 4 176 152 ftsler-flattrstay.- 176 g7 68 3.8 6.61 6.6 73 64 larans 

8L8 * 116 101 Porter Chad. 30p 115 +3 527 4.0 69 5.4 67 56 Cannin 

+1 1.68 
-1 5.10 

-i aw ^ a a i 

| 61 (Wootworth 67 | 4.18 13\ 9.4(12.0 135 120 FUmnld£l 

70 55 Richards of Leic. 


70 Leech iff m.i20pJ 76 

125 I 85 UB DectMic-J IK |+1 15.07 | 23j 6.111X0 130 104 RotorkWp 

65 75% ICF'. iip: Tv!. TD-5. 

. 31% 73 s : IiiPsfvPh Rl-j4— . 
99 <>&* L’o lltarl-u ln«>. 

°?% 91 FM l rp; 73 . 
101% 51 r« 1 1 uiy ’.'na i.n 3n 
71% 45 Di T.jvAr^b 84K1. 
71% 62 luT-ncADh 

84% 7J 

81% >0% (Vi!)VLn. XT .. 

-I* 018% 71 

3i% -% * 11|0 83" M F-rnr^Zirw ‘ .. .. £00 ♦ 5X ♦ 2W, »W 

*5}» -HS 3 '« F+ijlNaLIOp. - 2% ...... — — — — 5fe 

^0% .. . 1169 1230 1 1, no Wmi+sjp _ _ _ 105 84 

■ Hg 3 |50 1T% l|j% Fraser Aru 10p. U% 0.03 — 0.4—325 224 

91% ■*■% 1359 14.10 19s 157 Gerrard NamV- 173 -1 8_L7 — 7.2 - 00 

fiS .. 1101 12«0| 50 ? 7 GiblMiAi 50 220 _ 6.7 — 1Q1 88 

170 MacneliSlhnf- 204 4-2 t8.0 27 5.9^ 9.4 57 
42% MaDinson-Deiuy ***2 ■ - 279 2« 85 63 59 

3.70 3.7 7.9 4.4 76 57 Allied Insulators 71 -2 4J3 2.4 85 5.4' 67 60 Saatfenoni.^. M 4WlH 

4 -2 54 34 25 Audio FldefitT IOp. 27 d22 33 118 3.9 24J? 17% Savi]|eG.nQp>y- 24 >j dl46 L9 9.0 8J 130 103 

3 23 17 6.9 55 *85 42 Autol-d Set lOp 79 -2 ' 132 33 Z5 MS 2b 21 Senior ErtfglOp Z31J 1.17 2 8 73 72 38 25 ICmrt 

3.89 3.9 6.9(43) 122 99 B!CC50p 112 7.05 15 95 9.1 97l a 81 Swv k . 89d -% tS.94 17 103 a 6 £281 £201? 

W-W t --, 114 86 BSRIOp 106 -4 4.77 2 5 6.8 6.9 40 31 Shakesp re J. apl 32% ...... 192 25 90 67 40 

Ik li co 52 bedtMaylOp— 57 1274 2.4 7 3 8.8 31% Z7ij Shaw Francis 20p. 28»a 2.64 * 14.0 * 62 53 f 

35 63 59 49 BomhwoelOp. ... Oi 2 162 4 3 4.7 62 82 65 SbeephrkfeeZ.. 73 +3.46 2 4 8 8 8.9 3127 k 

74 62 Robinson (Thns-i 72 

30 104 RotorkWp 1 127- 

mo lOp 57l 2 +% +1.81 5.ffl 4.9 3.9 45 36 

ns * 8? HU Vl S, 8 

Jt.S0p_ 59i 2 -% 4.53 1.7)115 7.9 77ij 65 ^ 

3 m 5.8 8 2 4 2 OJ 2 18 DaCny.CBaPtlllp- 

~% 4.53 1.7 115 7.9 771a 65 KTumie-T.lOp..-. 

3^8, 34 7.1 63 103 70 CtasMaloLlOp 

H137 7.2 2.8 6.2 140 111 ^ 

438 1.7 10.2 7.8 68 58 

dl46 L9 9.0 83 130 103 

..... 117 2 8 73 7.2 38 25 |Cmpl 

7 . US h r. S 

71 j; 

2.70 * 10 2.* 25% 17 CnrETtrooir lOpZ] 23 42145 23 9.6^ 66 159 122 

1418 33 7.6 49 $2 22 CreltonlOp. 23« +151 3.H jll3A 55 48 

14 8 5.0 6.7103 160 128 Pale Elect. 10p- 145 +1 «272 4.1 2ffll4,6 80 64 


Dish low j M<vk i 

W- 17 Anw.U‘!.iE+. 

54 li [w r+r.i . 

°i> i'hil«ien-1i.ei! 

41? +'(l i" ‘inc.4';r": 

no ir i-reo'-rj* 

. ?1 -lu tv i?r r -•• (.'ih 

14 40 fV4pi - Vried i-' 

5? 42 Him-. Zite 

. 77 6" Ireljr.dfiS.-p-.-'KiJkl j 

89 5-S Irci. pd+1-iK SlJtt[ 

91 7* u r«-£*).p.. »: of .. I 

19 - - 

33«! — — 

98 . 3 f3 10 

405uJ -10 4% — 

jfiH .. . 3% 16 48 

1101 1240 5(1 37 GiMKiAi ~ 50 220 — 6 7 — 101 88 Marshalls 1 Hh' - 99 td5.24 1 2.8} E.Oj 67 [150 130 CantphcJlIsmwI. 140 

•Jl™ 145 Gillen BUM. £U 202 15.18 — 114 — “ “ May i Hassell.. 67 JaZ® 25 ™ ori *, G n»-— 

.123o 13.10 27 19 Ge^de D’t Mn 5p 23 013 — 0.8 — 31 18 Hears Bros. 21 178 0.4jl28)iT4Ji 128 99 i.mkiRSctt sp_ 127 

.1290 13.45 120 97 SSSS— 97 Z" 275 72 4 3 3.4 48 38 MdrtlleD.6T., 40 2.70 *Jlo3-* »% 17 Q^rprn^.clIpZ 3 

2JS ! 185 GuinnfessPeal — 236 +1 +10.0 - 6.4 - B 7 . 73 kfcfffiMonLLi. 84 .. .. J418 35 76^ 4 9 32 22 rrellonlOp. — 23 

77(155177 ^1^7 o n ■ vv ri *?J: 156 Ra/nbrof >H 187 t9.52 — 7 7 — ^ “5 1M “2 14 8 j S.®| 6.7|I03|l^0 128 Dale 10p~ , W 

& RAILS 1«W 61 HiliSanmd 89 -1 +4 32 — 7.4 — JJ c % MUter < Sian > lOp. X2 SH!J 5 1 251HZ \f}* ??° 252 

-S I I — ,,w. [. -,ini. r| r-_j pPI) 415 IN* Wi-ranls — 462 — _ _ _ 6 8 52 Miaconcrele... .. 65 >19 13,7.4110 5 500 330 Do. V 438 

'-l — 1 1 l-iw* a «j % bs,?ssi- * ±fs*= fi: t? sasr.™- s saJifaras, b? srs-y*,- s 

l *$*8 afet ^ = af = a = a is es&r=» is kksk n 

3 /310 74 IR K)h"A:>hac2PD 59 Aj9 — 87 1,8 79 Nomest Holst-. 93% 4.58 j * ) 7 71 * J 20% 14% r*rtulicr5p.— 20 

4% 314 92 KJ^rtBjZ 103 432 _ 6 1-2™ 210 Xott Brick 50p_ 270 11 55 3.4 6 5 5* 190^ 14l‘ £303%^ V— . 145 

3i, 16 48 2 1 *: 242 uSStl _ 2M -2 909 S3 fi]9 5.6 57% 45% nnneOej* ,op._ «/, -% tl6 2 || M ak UW, £96 DoO.W^ £97 

6 fhOO 5^1- J2 Mansnnhn2dD 45 t2 79 15 *>4112 113 100 ParttrTunber.. 100 5 44 j 3.5] 8.2( 53|404 j 28 Elect comps lOp. 404 

4 14.76 iV 106 SK 111 ::Z 3 39 i 4.6 - 175 138 Phoenu Timber. 168 r3« 35 23 g 17 Electronic hX 25 

r-^ars^- 19*2« nuan a.3 a.j 90 64 

•Sdiro — 158tc — 1 h4.47 2fi4.3 12.0 170 125 a. 

erlnds—. 53d +2 264 35W6 531 19 10% fc 

teSOfi, — 78 +3.48 43! 6.81 5.2ll35 hOR In 

8.3 531404 328 Etectcorrri*i ICO. 404 
Z5 17 Electronic Macw j 25 

-* » It 4 79 e 1M? 10 r Xi S3? 

Q8ij?o 273 19.0 — 24 17 TcenkbuF.H.^p. 24 K0.96 31 5.7 87 £38 ’j £24% [ticef 

...... +4.56 65 1.7135 82 72 TrrpNak'dntZ 78i 2 -% +4 21 3.0 81 62 18 30 & 

- T. r, r- 350 rubelmtSf.SI- 384 +# 20.95 2.9 8.3 <47, 271, 75% B 

62^ 8.9 72 60 


139 1Q7 R.'IC- J27 -1 5.77 291 69 7.3 13% lot; Eaerts Sens.lOp . 12% +% 0.3 * 3.7 e 25 20% r^rackiTP^J top 22 138 

1 148 116 Rertland. 133 -4 t3.81 3J 4 3) 9.1 175 135 EierRcad^. — 153ri 4.28 q43 4.2 7.0 41 26 lAd. Ent'RTnp.. 39rd 2 22 

. 86 70 Rchds. WaU lOp 86 -2 d4.5 2g8Mib8p 278 186 Farodl Occ.31p 276 66 3.6 3.6 115 26 20% lid Spnnc 101.-'. 26 1 <>5 

100 94 Roberts Adlard_ % 432 236a 8.2 85 68 Fidelity Rad. lOp 7§rt -3 5.D « 10.0 * 68 52 Lid. WroGrwjp, 64 ...J. 4.69 

1112 80 Rohan Group. 85 25 3.2] 3.6(12 4(120 97 ForeimTeihaOp 120 *2 b6.7 1.1 8.6 16.0 199 169 Vickw<£l_ ... 175 -1 981 


Tc!ex: Sdiioriai &S634I/2. 883397. Advertisements: 885033. Telegrams: Finantimo. London PS4. 

Telephone: 01-24S 8000. 

For Share Index and Business News Summary in London. Birmingham, 

Liverpool and Manchester. Tel: 246 8026 


1112 so Robamiroup — 85 25 

105 80 Ron Unson 10j*.. 105 ...1ri2.23B , 

41 29% Roym Group .. . 36%»d -% 150 Z'. 

40 30 Ruberoid 3fi .. . 2T6 1< 

89 66 Rud»P. Cement 75 M3 9 2J 

162 135 SGB'iroup.. . . 162 5.25 3- 

37% 31% SabibTiEherWp 36 1.63 * 

43 30% Sharp* 4 Fisher. 43«S ...... hi 89 £ 

55 40 Smart >1) 10p. _ 48 -7 IdZOO 4.t 

9 6 SoutheraCon^) 6% — — 

Z0.95 2.9 8 j ( 47) 27% 15% Drake 
2 35 * 55 » 33% 2fe *“ ‘ 

128 32 S3 55 152 122 

2 22 ■> 8 6 <5 53 42 

145 25 85 7.2 14 12 

4.69 2 2 112 6.1 132 93 .. 

S5 27B 233 KE.C _ 

260 -3 I +3.M | 73 

8 6 16.0 1.99 169 pietawU. „ _ 175 -1 9 81 2.7 R5 64 10 SU Iiuek irouo lOo 

l l *M& W 53 ITO 31., ZJ 

ConSp 6% — — J — — 93 1 67% Ncwraanlnds — Mid -1 50 * 9.0 * 36 27% Weeks Asoc. LOp 30*4+2 ’ 13 

10p ... 29 .. thlS3 AM8.0 J.9 1M 058 NewnarkLouis. 178 +6.02 5l 4.7 5.8 129 103 WeirGrWZ* 124-2 52 

jp 160 -2 9.80 22l 9.M 76 50 39 NcrnnaadEiaip. 48 -2 283 * 92 * 50 42 Wellmm&urj:“ 46 t217 


Anwierdam p.o Br.v linn .NrosierHarn-C. 

Tcl*s 12171 Tel: CM iiS 
E.nri'n-hnnr (>,ircc Hijuae. George Road. 

Tele?: SWS50 Tel. (Kii-454 0922 
Fenn: Prcj-hau^ Tl ill lieussdllee Z-1Q. 

'Mn f^-SOfr 4£ Tel -10O.W 
Bru*Ki.*l* X* R'lO Puc.'lv 
Telex Z3233 Toi. 312-««7 
Cairo: F ■:>. Pi... C040. 

Tel: «WS10 

Dublin: S\ F il.*v.iHinm Fquar*. 

Tele?. 5414 Tel- 7SS32I 
EOinhurj. - h ST i7«.-nrr.e Street 
Tcl»s- 72 SW Tel. <-31 -226 4120 

FrppHiirt- iir. Sichi*r.l*e**r 13. 

Teles. -)16CS3 Tel .-55730 
Joh.iinesb'j'e: Pii F'.--\ ;1C3 
T«*le? Tel rt."J-77-4.- 

t..»?l»--r, rr-e.i >i • 5S-1D. Lisbon 2. 

Tele- 1ZVCT Te;- .W..' .'<r? 

Jb'ln*!. PC---«nrr-rta JC. MaHrid 3. 

Tel: 411 *>772 


Plrtnineh iro i>or r. Rmd. 
T.-le-, 3.VB.VI Tel OJ]-:S4 0pa2 

Ertinburjh :rr i^of.s sijvet 
T.-IC" T11.-4 T Tl- 'J 
Fronkfurt lm Sacl:>cr»la--*r 13. 

Tele. I«W3 Tel. =r-W57 
Lecd^’ (Vmunenl Hnuxc. The He ad row. 
Toi OS3C 4549B9 

?4anchesler Queens House. Queens Street 
Teles KU6813 Tel 061-834 9381 
Min cow: Sadoso-Samoteehnaya 12-24. Apt. 15. 

Telex 7900 Tel 2B4 3748 
.'•'c* York- 75 Rockefeller Plan, N.Y. 10019. 

Teles 66390 Tel: i212l 541 4825 
T’nw 36 Hue du Senner. 75002. 

Teles 220044 Tel: 238-5743 
M'o rte Janeiro: Avenlda Pres. Vanias 418-10. 
Tel: 2S3 4848 

Rome: Via della Merrcde KL 
Telex 61032 Tel: 675 3314 

162 124 Tarmac JOp 160 -2 9.80 2 

412 330 Taylor Woodrow 378 -4 7.60 5. 

297 233 Tiftnr? Cl££l — 297 j-1 zo.o4 2J 

144 131 Travis A. Arnold. 134 +1 d?.81 * 

2B0 225 TuouelBSOp — 260 -2 US 21 

77% 65 UBM Group. — 69% -2% J.30 * 

28 24 Vedii Slone iOp 25 148 2J 

177 155 Vibropjapt 177 M9.51 U 

39 34 Ward ffldis. top. 35 *1264 1.1 

52 35 Warrington 48 *1 J 13 * 

116 95 Watts Sake liai-u -1% h280 3,1 

38 30 Wcstbriek Prods- 3 f 12% 1. 

97 56 WcacmBro? _ 97 *207 8-< 

J 67 441; 39%®e« 
6.6 3 5 50 36 Beet 

6 4 5 4 23 17 bum 

^ Tflp.a 

153 +1 *9.41 — I 

4 :::::: W H 

332 -8 j9.9 «1 

M 5.44 di 

m +1 09% 12_ 

20 M089 IS 

lltt h026 4i 

^ -2" M0 25 
76 td4.26 .14 

£3 &±&l6 
M * 3 ;;z: h m 1.9 

134 -2 558 * 

52 -1 F213 21 

W 059 32 

116 +3.71 32 

9t* 0.20 9JJ 

29 -1 - ~ 

63 136 26 

gr 13.6- 26 

1021S -T' 4.35 r 

275 - L 5 8-00 5.4 

16 tEL02 1.4 

42% +d!75 25 

50 +% 299 21 

'119*1 «7 88 |Rcrlillu<nun 

rs... 238 -2 0.88 5.0 25017 
.... 92 ..... 435 I 191 7llll4 

46 41 IwhatlincsSp.-i 41 
4? 28 Whil'ch'ia l£p..J 33 

27 22 WiuinsCon I Dp j 24 tl 55 

143 99 WiKmiCnimoilei 135 rf2 50 

84 . 65 Wlmpey iGeoi . .( 79 -1 O08 


£11 1600 LAKZO ] £lj 

166 86 (Albri tfil Wilson..] 161 

257 3.ffl 95 5J 295 

0.99 4jj 4.5] 6 11740 

3-2191 9| 55 ) 44 jRouncrGB.10pf 55 □ U 3.8| 4^jT7 48 ! 35 » l.’Z.'l d3.87 1 I 4jl5 4J 41 34 m 

95 5 J 295 \2S3 Schol«iGII._. 270 ..... 1665 13 9&27 32 28 IwhseRvin 12 % 31% - 2M DSlia*:n. 

ilfil's ft biusdi! bar *> si?* b •» ® i uj-jpaii s % 

*1° 12 IK li m EMrt.T™ 

rf ii 7 ? 5 ,c! 5? 53 Fa.rha5n L.»soa 

all 7 * ,26 Feeder Ito. 

a J! sssiz j Bw\ zl Mi F00D * GROCERIES, etc. 

38 27 FertlemanJup 

31 25 

51 37 FtmCiv’lelOp 

46 39 FitzvniUTi. . 

56 48 Flcrcli(ji iff, 


S'-eekholai. c to Svcnsfca Dasbladct B a ala mb svagen 7. 1 -K (253 vlnrare tods 
Teles 17603 Tel. 50 60 88 97 64 GuKmUbZ 

Tcli ran: P.O. Box U-1879. I 90 61 UlTdOikfd Wp. 

Teles 212634 Tel 682696 
T>?kv»v mh Floor. Nihon Keizat Shunbiu 
F lidding. 1-It5 OMRSiehl. Chlj-odH-ku. 
Toler J 2T1M Tel: 341 =320 . 

WuhinaUjn- 2nd Floor. 13Z5 E. Street 
y w U pr.n-nfrton D C. ZOOD4 
Tele* 440225 Tel: i202i 347 8676 

Man-: heeler- Queens House- Queens Street 
T-rtr- f»VW13 Tel. 061-834 S3S1 
7.0" York TS Rockeleller Plaza. ,V.Y. 10019 
Ttto?. 423TC15 Tel: l 212 i 488 83W 
P.vru. :k R U e du Scnuer. 75002. 

Teles 220044 Tel: =36.86.01 
T 1 + 10 . Katahara BuildinfZ. 1 - 6-10 Uchikanda, 
Chiyoda-ku. Telex. J 27!« Tel: 283 4D.V) 

LOSrf l l 5.42 6 

58 M5.00 £-■ 

30 158 * 

133 6.7 Za 

106 ..... $6.0 13 

30 rdl. 27 10.1 

31 190 4- : 

44 1.98 13 ■ 

46 KW34 - 

55 ....... 2J6 25 ' 

79 60 Anchor Chen - 72 dJ.16 z* 8.7 55 

£57 £4fll 2 Baser AG. DM» £52%-% mjl7^ 14 29 23.5 

246 122 Warden Noi be- 230 12.0 19 7 9 9 9 

-186 134 Brent i.'hcut IOp 185 .... M3. 12 6.0 26 15.8 

25 19 Bril Benrol Mp 21 112 5.6 +3.1 

61 45 BnL Tar Prt IOp 38%... 1.6* 29 .ff 17 3 

14-1* 10% Burrell 5p lOJj ...0 92 0.9 13 3 UJ 


73 48 Baileys A tek top 50 -2 M331 1910M8J 30* W Giore* Group. 

76 56% Bcumlijp 64 -1 thl.45 4.0 3.41 8 0 6« j 46 ilip-.niir Jim 

247 182 BtbbyiJin 230 -2 6 60 6.71 4 ^ 4 4 72 58 

L95 -3- 3.40 9.8 

162 . — 458 Z 

-j 95 621 1 

L»m.l - 765 Q30q - 

Tw.lOp 65 ..-.. 255 4 

idlW.-.) 93 +2 313 4 

155 +M.99 55 

r .. .. -W -2 ivs 7.7 
gwSey- 78 -1 2 53 5 l6 

™ I ’.72 +3 33 33 

84 -2 4.47 3.4 

63 t2.64 Z| 



iOp ! _72 3.03 


Copies obtainable from ncirsa.acnts and buo Kstajl-j worldwide or on regular subscription from 
Subscription Department Financial Times, London 




85d -2 1 7 5 

JI Drier relates 

75 | Regional Prop 

1 Cue. ire. 



I i'f •* ip-lop 

ll*b« nt^rv- k: 



U 7:; 
58 25 

20 lb 
120 20 
W - 

MINES— Continued 


Ti |* w*. LJ™ 

I Stack | Mea | - I M \Ctr\»* 

131 5.6.264 

3-V.Z35 | 1 




26 . 
m 8« 

s hr 

ff « 

5Ua 59 
59 5012 

■38 30 

45- 21 

104- ’72 




65 56 

63 48 

82 6« <; 
92 78 

39 26 

78 | 69 

76 68 

52 I42J 
75i 2 651 

s- b 

S* 1 * 2 ' 

§6 (165 
55 I 46 
72 .1 55 
98 I 70 


6.0 347-' . 

■ai * g. 

.M g g 

as ,5S 

a- 196 

62 46 



5J . 

5JZ 3^, 

4.0 97 


U . 

12 • 


l 1 ! 





63 ’ 



it Printing — : 


■8J 54 
52 Ik 
-7.7 20 
1L* 94 
e* 90 








37 31 

8J 135 99 

* 134 98 

12.7 74 55 

103 35 27 

47.1 36 25 

7.1 110 85 

7.4 39 79 

• 2 13 101; 

55 45 
M 53 

56 40 

34 27 

>2 26 

40 28 

53 42 

62 38 

21 15 

1£> 2 13. 

47 34 

64 55 

49 42 

45 21 

% 73 

49 36 

60 46 

128 102 
JO 24 
82 58 

lSij 12 

9 % 

51 ** 


43 36 

25 19 

63 48 

45 25 




9JJ 6 .01 







Jamaica aopr 

i&Ja.s Predcmgufi 


High Lon 


India and Bangladesh 


157 111 
106 91 

Do. 5 !*.)'uM=. 
Tct. 1 met, 1m. 






140 IBbhopsgalfTst 

S9k [Brazil Pood Q 
95 Isnztfiov.Ofl 




+1 | - I- 

+J 2 tl.61 1 1.1 

0.41 4.5 

L9Q I L) 


211 113 |Umuva 



Yukon Cons. C5l. 


IUm otherwise Indicated, price* and net dr Wnd i arc In 
pence and demnntanttons are tSp. Mlmhd jwfeeJearalnan 
ratios and rover* are baaed on lateatouaai reports and accannti 
aid. where paaaffcie. are updated an half nearly figure*. WEa are 
calrntiud on the task* id net dUtetbodon: bracketed fl|m. 
indicate It per cnl. or ant difference If calculated on “nU” 
dMiitatton. Cuter* art board 00 “mnahnonr distribution. 
Yields ore based an middle price*, are gross. adjusted te ACT of 
M per cent. end allow to value at declared dtatrl button and 
dab Is. See art ties with dream) nation* other than rioUtt u* 
posted LocWre at the Investment dalle*- premium. 

d Sterling denominated securities which include in vestment 
dollar premium. 

* Tap“ Stock. 

High* and Lows marked thus h*‘V been adjusted te allot* 
for rights Issues lor cash, 
t Interim nnee incrcjred or resumed 
; Interim since reduced, passed or deferred, 
a Tax-free ip dob -resident* on application. 
t Figures or report awaited 
tt Ululated security. 
t Price at time of suspension. 

5 Indicated dividend after pending atrip and'm- rights issue;* 
cover relates to previous dividend or forecast. 

•* Free of Stamp Duty. 

* Merger bid or reorganisation In progress. 

£ Not eonpAnbJe. 

* Same Interior reduced final aad'or reduced earnings' 

6 Forecast dividend; carer on earnings updated by latent 
interim statement. 

f Cover allow* for conversion of shares not now ranking f or- 
dividends or ranking only for restricted dividend. 

* Cover doe* not allow for share* which me? al*o rank for- 
dividend at a future date. No P‘E ratio usually provided. 

y Excluding a final dividend declaration, 
t Regional price. 

II No par value. 

a Tax (roe. b Figure* breed nn prospectus or other official 
estimate, c Cents, d Dividend rale paid or payable on pert' 
of capital, cover board on dividend on fuU capital, 
e Redemption yield, f Fiat field, g Assumed dividend and. 
yield, k Aasumod dividend and yield alter scrip issue, 
j payment from capital sources, fc Kenya, m Interim higher 
than' previous total. n Rights issue pending q Earnings, 
based on preliminary figure*. ' Australian currency. 

* Dividend and yield exclude ■ special payment t Indicated 
dividend: cover re tile* 10 previous dividend. PE ratio baaed, 
on Jatesi annual earning*, a Forecast dividend- cover based- 
an previous year's earning*. * Tax free up to 30p In Ihe L 
w Y'ield allows for currency clause, y Dividend and yield 
based on merger terms. 1 Dividend and yield include a 
special payment Cover does not apply to special payment* 
A Net dividend and vjeld. B Preference dividend passed or 
deferred. C Canadian. D Cover and P/E ratio exclude profit' 
of U.K. aeroxpwee *ub«idl*ries. E Isaac price F Dividend 
and yield based 00 prospectus or other official estimates lor 

1 £177-78. G Araumed dividend and yield after pending scrip 
and'or rights issue. B Dividend and yield based nn 
prcepoctus or other official e*f imales for 1B7B-77 K Figures 
based on prospectus or other official nllmiM for 1878.* 
J4 Dividend and yield based on prospectus or other official • 
estimates lor 1978. N Dividend and yield baaed on prospectus 
or other official estimate* for JP7P. p Dividend and yield 
bared on prospectus or other official estimates for 1077 
Q Gross. T Figure* assumed. V No significant Corporation 
Tax parable. Z Dividend total to dale, ft Yield bared on - 
assumption Treasury HU Rale stays unchanged until maturity 
of Slock. 

Abbreviation v rfrx dividend: « ex scrip issue-, vr ex righto; a ax 
all: d ex capital distribntioa. 

“ Recent Issues " and “ Bights ” Page 24 . 

This service Is available te every Company dealt tn air 
Stock Exchanges throughout the United Kingdom ter a 
fee of £408 per annmn far each security 

ElriuL-yfU — 
Woof tfeld R» 
Ubsnon RJ .... 
Sonihra&l 50c . 
Sulloctcin 50c 

Scnfriist file 

I » : ?9. 14 

ltl!.76i 2 9[ 


3-month Call Rates 


..( 2fl I Tube Invest i 

. 1 & lUnilcver _—J 

A Brew - 6*1 "Imps" 6 Umlcrer—. 

A. R Cement, id j.Ci- ...... 20 Utd Drapety. 

B SJi. 9 InverMfc 8 J i Ickcnf..^,^— 

btak u KCA-.-. 3 Wool worths— 

Babcock U kca a wooi worms— 

SiBtiik. 25 Ladbrokc 17 

Beccham— 35 Gen. .. M r,a ^ llT 

Bool? Drug ... 15 Lerbtsrrice... 7 Brit. Land..— 
Bowaien - 15 Ljoytte Bank... a cap.Ct»aUes. 

BnUSh Ov>XPD 6 Lon don' Brick- 5 mtrevropean 
Bro-vriJi. — 20 Loarfio- — 5 Land Sees. — 

Burton A*-...-. 12 Lucas Inda.— . 25 jjEpc 

Cndburrs 5 1° Peachey-^— 

OwruuMs.-. 20 >tenjs 7 San,^ 

DvbMhams.... a ^0- Town & City- 

IS ,4idJaDC Banc 25 

Diinlop — • I Oils 

Cade Star. 12 .Vsf. Seat. Sink- 22 __ „ 

B Mj .r 14 Da Warrants 10 

Geo^AscidPat 17 PfcODfd 8 

Gen- Electric- 18 Ple»?J 8 cwS?* rhaU ~ 

maxo « rLHJB.».„„ 5 §M) 

IT! Z.i\ 5.3 

1 M2>se 14) 

Glaxo « 3 

Grand MeL.... 9 RankOrg.'-V.. 28 

" tz S-’A' 20 Reed Intel - 22 

- 18 Spillers 3 

22 Tosco 4 

PfcODfd 8 BumushOlL- 

Plessej 8 ChanerhaU- 

rLHJa.—„ 5 Shell 

RahkOrs.-.V.. 28 Ultramar.. — 

Reed Intel - - 12 „. 

Cnilipn. . s June* 

N'..— — 22 - 4 j Charter Cons., i 

•fccrSidd J 2D [Thorn™- 22 [Con- Gold ! 

< of Fraser. I 12 | Trust Houses.. [ 25 [RloT.Zmc j 

A selection of Options traded is given an tho 
London Stock Exchange Report pa^e 


SaturHav .June 3 197S 


Cown. bta at Wight. taJ; Gown 7111 TokK MSB, 

fcTT'Ys.T r 

.& 100 %'Hignlaiid Malt' Whisky: dfe 
.Wjj , ; ■ "legsidliE Siios • - 


Callaghan warnin' 
on Africa peace 


HE IS. tn Im« rhantabk-. ar»und 
55. He wears a plain shirt and 

a rather baggy <mi and looks as 
if he would be at home on a 
•howljng green. .\ man who 
prides himself on being a blunt 
speaker, he js probably an active 
member of his trade uninn and 
can quote the rule honk chapter 
and verse. Ho has no conven- 
tional commercial experience 
but believes he has a right to 
participate in business. 

His female counterpart is 
about the same age Her whole 
appearance ia eminently sensible. 
Not for her blue rinses or 
flowery hats. She is a busy 
person who long ago learned 
that women have more to do in 
life than rear children. 

Both arc rather earnest wtih| 
a set nf beliefs to which they, 
are deeply committed. The* are! 
proud of their working class 
origins. Even though they own; 
a car— and quite possibly a. 
colour television — they can' 
remember the time when money 
was short and when people had 
to look to something other than 
the Stale when times were hard. 
A punchy verbal onslaught on 
capitalism will get them clapping 
appreciatively but they are 
suspicious of long haired tmellec- 
fuals {no. Theirs is a rather 
conservative form of radicalism. 

They are the active members 
nf Britain's 20*5 retail cn-nperative 
societies as wen this week in 
Scarborough, dutifully deserting 
the heath for the windowless 
Futurist theatre. It is these 
people who are delegated each 
year to represent the 10 6m 
co-operative members who ulti- 
mately own the Co-op. Britain’s 
largest retailer, milkman, farmer 
and undertaker. 


Prime Minister, today called on 
African countries to speak out 
against outride interference in 
their affairs before it was too 

In a strong attack an Soviet 
and Cuban intervention in 
Afnca. he told the United 
Nations he was not content to 
see the continent “ misused by 
a new imperialism ” or become 
a neiv breeding ground for Ea»l- 
Wcm discord. 

Mr. »:allHghan. addressing the 
special tieneml Assembly session 
on disarmament, urged African 
countries to stand up for the 
principle.-* "f nun-Htlerference 
and the pea'.fFul settlement of 
disputi'S. If they did nni. they 
would find themselves caught up 
in an arms race, "with growing 
instability for their countries 
3nd increasing danger of wars." 

Before proceeding with longer 
term disarmament efforts, all 
countries should start immedi- 
ately by restraining the use of 
their armed forces, he said. 

*■ Countries will not renounce 
the further buildup of military 
power — still less will they take 
the first steps to reductions id 
armaments — if they see others, 
whether directly or by proxy, 
using existing military force as 
an instrument of foreign policy 
to scire advantage wherever 


He supported an American pro- 
posal Tor the creation of a per- 
manent \jy standby peacekeep- 
ing force and called on the 

special session tn launch a study 
on ways of restricting the growth 
or conventional weapons through- 
out the world- 

One approach would be Lo 
tackle the problem regionally 
and multilateral!}' with the in- 
volvement on an equal footing 
of both suppliers and recipients. 

Mr. Callaghan called For 
changes in the chairmanship 
system at the Geneva disarma- 
ment conference under which 
only the U.S. and the Soviet 
Union are entit/ed to take the 
chair. He urged France and 
China, which have boycotted the 
Geneva talks at least partly in 
prole*! at this superpower 
monopoly, to take up their seats 
at the conference. 


The UK would he prepared to 
join other nuclear powers in far- 
reaching and permanent assur- 
ances not to use nuclear weapons 
against non-nuclear states. It 
would also support the establish- 
ment of further zones free nf 
nuclear weapons where all stales 
concerned agreed. 

General and complete dis- 
armament could not be an 
immediate objective. But there 
were area* in which real pro- 
gress could be made in a short 
but realistic time scale. 

The UK was ready In pul 
forward new proposals in the 
Geneva negotiations on a treaty 
banning all nuclear testing to 
open the way for speeding pro- 
gress on the outstanding issues. 

NEW YORK, -Jud" 5. 

An international nyaiein "f 
seismic stations would be 
needed to verify the agreement. 

Preparations should nov >t«fl 
fur a further round or strategic 
arms limitation talks, between 
Moscow and Washington I SALT 
llh. which should aim to reduce 
significantly the numbers *»f 
strategic systems and resinci 
their development and refine- 
ment. Ways must also be found 
In restrain nuclear armouries in 

Mr. Callaghan called for multi- 
lateral negotiations in Geneva *iu 
a pact banning the use of 
chemical weapons, and a success- 
ful conclusion to the Vienna 
negotiations aimed at reducing 
force levels in Central Europe. 

To aid disarmament negotia- 
tions all countries should pub- 
lish complete defence budget 
figures, he said. Britain was pre- 
pared to take part in a pilot 
scheme to try out a new U.Y 
system of budgetary measuring 
and reporting. 

He supported plans for a 
second special session on tlis- 
armament in 1981 " to call us all 
to account fur what we can 
achieve between this special 
session and the next." 

Mr. C. A- van der Klaauw. the 
Dutch Foreign Minister, pro- 
posed the establishment of 
an International Disarmament 
Organisation to deal with verifi- 
cation and implementation of 
Present aod future disarmament 
treaties, particularly those ban- 
ning chemical weapons and 
nuclear testings. 

Angry Carter denies 
freeze on SALT talks 


No single per«nn i* m charge 
of the Co-op. The movement ha. 4 
more than its slit 4 re of ehief 
executives and chairmen but. 
just as the Co-op itself i* com- 
posed nf over 200 autonomous 
societies, control is vested m 
many hands. The delegates are 
only typical of the minority of 
members who participate in elec- 
tions. But it is the active mem- 
bers who appoint the manage- 
ment and exert the power 
enshrined in the const i lui.ion. To 
them the constitution is almost 

They arc both the Co-op's 
greatest assets and its greatest 
handicap. The Co-op would have 
no- reason, for existing without 
them for it is they who ensure 
that ihe Co-op is not just 
another chain fighting the High 
Street war. Thev are rhe 
embodiment of that middle 
ground which the Co-op occupies 
somewhere between stale owner- 
ship and private enterprise. 

At Congress they repeatedly 
remind each other of the move- 
ment's sneial purpose — a phrase 
of almost mystical importance 
which encompasses everything 
from financing children’s groups, 
likely the woodcraft folk and 
adult education, to the move- 
ment's fundamental purpose of 
fighting private enterprise and 
ensuring that the members get 
the benefit oF mutual trading. 

Some nr these characteristics 
may be arimirahlc hut they do 
not make if easy for professional 
managers trying lo fighi a High 
Sired war which leaves little 
room for conscience. The profes- 
sional ui-inageim-ni has become 
increasing l\ strong over the 
years Bui grand schemes, such 
as Ihe much discussed plan to 
reduce the number of societies 
tn 2fi. are. for the mn*i part, 
ignored nnre delegates have left 
the almost evangelical atmo- 
sphere of congress and gone 
hack lo ihe terrimrial patches 
which they guard jealously. 


highly unusual step this morning 
of summoning news reporters lo 
his office and angrily describing 
a* "totally inaccurate” a report 
that hi» Administration had 
" frozen " talks with the Soviet 
Union on strategic arms limita- 
tion (SALT!. 

The report, in today’s Wash- 
ington Post, raised fresh ques- 
tions about American policy 
towards the Soviet Union follow- 
ing the deep divisions in the 
Administration thm were 
reflected both publicly and 
privately during this week’s 
NATO summit here. 

The Washington Po-q report 
said the Administration had 
deliberately adopted a new and 
much tougher line in the SALT 
negotiations, partly because «>f 
Soviet and Cuban activities in 
Africa and partly because it did 
not want to sign :i new treaty 
until after the November Con- 
gressional elections. 

The net effect of the new U.S. 
refusal to make any further con- 
cessions in the arms talks — dis-r 
closed earlier by Dr. Zbigniew 
Brzezinski. the national security 
adviser — bad been ” effectively 
to freeze ” the arm?, negotiations 

indefinitely, thp report said. 

Mr. Carter, pointing to a copy 
of the paper as he spoke, said 
the story was wrong and that "it 
damages our country and it 
damages my credibility." 

The Administration bud never 
even considered freezing the 
arms talks but wanted a new 
treaty “without delay because 
of political considerations," he 

Mr. Jody Powell. Hie Presi- 
dent's Press secretary, told 
reporters that the Adnunislra- 
l ion’s policy was unchanged and 
that "events in Africa have not 
in any way affected our negotiat- 
ing position over SALT." But he 
acknowledged that recent Soviet 
actions in Africa and elsewhere 
had " affected the general lone 
of U.S.-So"ict relations and the 
political climate io the United 

He said it was true that the 
Administration as part of the 
negotiating process, had made it 
clear to the Russians that it was 
now up to them to make conces- 
sions on the remaining obstacles 
in the way of a new strategic 
arms agreement. 

" It is important nor m confuse 
tough negotiating with some sort 


nf decision to freeze the talks or 
to slow down or to mark time.”! 
be said. 1 

Yet if some i*ch confusion 1 
now exists, Lhis must in part be 
tbe Administrations responsi- 
bility Last Sunday Dr. Brze- 
zinski came very close to malting 
a link between SALT and tbe 
Soviet and Cuban "adventurism" 
in Africa— in one of the toughest 
statements about U.S.-Soviet 
relations made in recent years. 

At this week’s NATO meeting 
Mr. Carter also used strong lan- 
guage lo warn the Soviet Union 
about its AFrican policy. 

Mr. Powell said, however, that 
this language did- not signify a 
real change in U S. policy, cer- 
tainly as regards the SALT talks. 
This, in turn, raises doubts about 
its real meaning and about the 
President's own attitude. 

In the face of these doubts, 
and in the ab:r-nce of any really 
agreed Administration policy, it 
might make soiie sense to "go 
slow” on SALT so that it does 
not become an issue in the mid- 
term elections. But any sugges- 
tion that this might be in j 
Administration minds was 
"flatly incorrtct " Mr. Powell] 
said. i 



!to extend 




By Stuart Alexander 

ROTHMANS International, 
the UK tobacco group, is 
poised to take an per cent 
stake In Rothmans of Pall Mall 
Canada, with which it is al- 
ready linked through the ex- 
tensive business interests of 
Dr. Anton Rupert, the South 
AFrican industrialist. 

Talks are still going on 
about the deal, thought to be 
north over £4Qm and could take 
some time lo complete. 

Rothmans International's 
wholly-owned West German 
subsidiary. Martin Brinkniann. 
would buy ail the issued share 
capital of a specially-formed 
Canadian company holding 85.6 
per cent or the Canadian Roth- 

The shares are now held by 
Rupert interests, which also, 
own 43.77 per cent of the shares 
in Rothmans International. The 
acquisition would be for cash, 
with Brinkman n the chosen 
purchaser because or the 
strength of the Deutschmark. 


Rothmans of Pall Mall Can- 
ada is the second biggest 
manufacturer and distributor 
of tobacco products in Canada, 
.standing behind British .Ameri- 
can Tobacco, with 28 per cent 
of tbe cigarette market. 

It also owns 50.1 per cent of 
brewers Carling O’Keefe. Car- 
ling controls a major wine 
producer and has interests in 
oil and gas. It has about 5,000 
employees in Canada. 

fn the financial year to March 
31, 1978, it turned in net pro- 
fits. after ail extraordinary 
items, of Can.S24.47m (£l2m) 
on sales uf Can.$7S0nt. 

"The Canadian tobacco in- 
terests would be -a logical 
extension io the business of 
the Rothmans International 
gorup and operational advan- 
tages. particularly in terms of 
marketing, are envisaged,” 

Rothmans International said 
yesterday: "The interests in 
beer, wine, oil, and gas would 
represent for Rothmans Inter- 
national and Brinkmann a 
measure of beneficial diversifi- 


The deal further tidies up 
the world-wide tobacco inter- 
ests of Rothmans and gites it 
operating subsidiaries in Hol- 
land, Germany. Australia, New 
Zealand and Malaysia, as well 
as Canada. 

Whilc it has increased sales 
In the UK. from just over 6 
per cent, to slightly under 11 
per cent of the market, domes- 
tic profits have always been 
thin. In contrast Us exports 
hate been very successful and 
the company is highly profit- 
able in the Middle East and the 
Wes l indies. 

. News analysis. Page 4 

3 Month Local AuthorHwa . 

IP Deposit Rale 2 | 

Building Society 

Vn! .Grossed -Up 

V l*n jr .ShareRate t 

This week's sunshine and ^ 
high temperatures .were T„vl e v- fell 2;7 to 475.5 
reminiscent of the summer, of - ieu ' ■ - ?- 

1976. But other, less pleasant 
memories of that period have 
been evoked by the recent, 
failure of the' authorities to 
respond to. the overshooting Of 
the monetary targets. - And on 
Thursday the Government’s' 
monetary sums were' once again 
assessed as failing to add up, 
this time not by one of the 
City's monetarists hut hy the 
Keynesian economists of the 
National Institute for Economic 
and Social Research. : 

In its quarterly review, the- 
Insritute forecast that domestic 
credit expansion in the financial 
year 1978-79 will reach £7-9bb; 
well over the £6bn ceiling whidi. 

Mr. Healey agreed -with the IMF - T • - _ • .. . ■ ■ . -•'* 

only some ten days ago. More* mortgage ^ rates fiends t»; 

over the Institute estimated ^ ctouded by poUfiioal.overtones 
that inflation will be back to 10 it'. is 'easy to lose sight of .the 
per cent by the end of the year., financial pressures irhat are now 
compared with the Treasury's..? building up for higher- rates. At 
per cent prediction, and was present a mortgage rate of 
quite gloomy about general per cent for 25-year money looks 
economic prospects for 1979. .* cheap - when compared .. wath. 

Against this background the yields of dose to 13 per cent, on 
investment- institutions have Government stocks. • * 
continued to fight shy of gilt- • * „ i-'H* 

edged, making this the most , However, these, are not- the 
serious episode of confrontation influences on mortgage 

in the Government bond market The if 

for two years. Both long-term ? e month locai auth only 
and short-term interest rates -deposit rate. When the. grossed' 
have been edging higher: the 'HP, building society share 'rate. 1 
Friday MLR formula abolished is above the local authority 
last month would have indicated rate » the building societies ex- 
a rate of 91 per cent after perience a healthy cash inflow, 
yesterday's Treasury bill tender kste last year the gap widened ■ 
(though it is relevant to point a t one time to 5 percentage 
out that had the formula been points and the societies' inflows ; 
still valid the' discount houses - were running at’ close to £600m 

dictates -ah' eiuSy ids^SEc; inyi^ _ 
- meat .'and mortg^fe -zafekjeven 

though- it - is .not 
some sodetieb frigid 
believe.;- .. 

Drt+i, monii Tn# ■***! v-’ - -’ ' ' .• • *■ 

would probablv have tendered 2 month. Since then money 
rather differently). market rates have soared, and 

Equities continue ' to show the grossed up share rate of S.3. 
relative strength against gilts, per ' .cent is now around . three- 
however. with the 30-Share quarters of a point below the 
Index onlv marginally lower local authority rate. . Cohse- 
this week.' At around 475 the quentiy the inflows are now 
Index is close to the centre., of tailing off - sharply. In Apnl 
a range within which it has beefi Tather more than £300m was 
trading sideways for the past fiix taken in: in May receipts prob- 

Building societies 

month's. ably fell by more than flOOm 

and in ' Jane and July they 
Building societies could be as low as £100m a 

„ 1 „ month if building society rates 

This time next week we stay Qut - ^ ^ 

should know whether the 4$-ra Fortunately . the societies are 
borrowers from. Britain’s build- stiH flush w ‘ ith ^ 

ing societies are going to have u qu jdiiy ratio is historically 
to pay more for their money jjjgjj an5 j ftey can mn down 
and whether the silent army for some months without much 
of 16m. -odd investors are going trouble. Assuming inflows - of 
to receive a higher return. The £ionm a month, loan repay- 
building societies are a conser- merits of £300m. and interest 
vative bunch — between 1»39 credited of another £100m a 
and 1977 they only changed the month they should still be able 
mortgage rate by around 20 to lend-around £750m a month 
times — so they may decide to by reducing their liquidity by 
sit it out for another month to £250m a month, say. ■ 
see vrfiere interest rates settle However, they are uulikely to 
down. s,t tock 311,3 fillow their com- 

Since any discussion about petitive position to be eroded. 

: Lefis ■ .. 

jn^s -plfik" • - 

claimed ~-a - ttrget of. "aemeidag? 
two-fifths -uf its-proflts^roai pbff- ’ 
tolmc^;interete^^a;^re‘jOf . 
five y«ursi •'vVesteri 
- nouneed that 
ing a!' substantial 
controllS® .irrtdresf jtt "Ganadi’s;. 
second bigg^&ttpba^g.^omp^gy, 
Rothmans bf Fall ‘Ma^TStaaifa • 
CRPMOi Sin^.bqfiiLhffsuie^es^ 
are,'; controlled^; 
jiiotherAby- tim^^>dt|iSAfriimd 
interests! of <Dfc ^i^rton^Rnp^i, 
the bidder’s motives ^ 
to be- sub j ect-iq. cSpse exantii ta-. 
.tirm .by -.its subst^tial; body ' 
.indepe ird^it "sliarehd&pa^if.the 
dea I'coinSs 7 d&r l-yX'- - 

Such a deal could: certefafly 
be convenient' jbr. JKapert 

group which has;given'ab; under-' 
taking to reduce . Its’holtogsjiu 
the ' Canadian: company. 

"nearly 86 per cefft^ti) ? ?50 : . e per 
cent* at .same vimpechSeil'date. 
/Transferring - the 
Rothmans • ' Inietnrfibcmdj - via . 
which Rupert interests' have a 
50 per cent holding, would fulfil 
this promise and WouTd. realrae 
substantial sums of , cadt J which 
could be usrful for ^any bther 
North American anAitions, 
Rupert Interests have Vsizeable 
holding in - Liggett and' Iffyers, 
and are reported to hatre ibeeh 
contemplating a deal ^ of: some- 
kind with Pabst Brewing. ■_ ••". . 

; But if is' not at alLctear hoW 
such, with BPMC reuJd 
fit in with the 
stated objectives.. Tobacco hai 
accounted for the great ; buBr 
of RPMC's earnings - ia recent 
years; and although- the' propot , 
tion has been redneed by the 
sale ' of a ioss-making brewing 
business, it still makes up infer 
half the company’s profits, lhis 
helps to explain the lowiy rating l 
on the Canadian stock market . f: 
— a p/e of just over 5 . on. the 
latest earnings* which is 
probably fn line with Rothman's 
own rating. . 

Based on tbe current market 
price, the Rupert holding 
RPMC is worth about £43m; A 
bid on this scale would divert 
a substantial part of -Rothmans’ 
firepower for future diversifi re* 
tion— and would surety require 
the approval .of independent 
shareholders. ... 

New surge in coffee prices 



COFFEE PRICES on tbe London 
Tutures market leapt nearly £200 
a tonne at one stage yesterday 
in response to news that there 
was frost in Parana, Brazil’s 
main coffee growing state, on 
Thursday night. 

It is believed no damage was 
done, but one London trader said 
it was " very, very frightening ” 
that there should be frost in 
Brazil's coffee area so early in 
the season. 

This is the fii>t frost since 
1975 to hit Brazil's coffee 
growers, who normally produce 
more than 30 per cent of the 
world crop. 

The 1975 Crnst was the worst 
on record, cutting the country's 
coffee output by three-quarters. 
Coffee traders have since been 
hyper-sensitive In the possibility 
of major frost damage. 

This week’s outbreak is the 
earliest frost in memory, and as 
surf? is hem” taken very 
seriously. It will be imd-Augusl 

before the 1979 crop can be 
considered safe.. 

Frost affects the flowers which 
should produce the following 
year's crop. In very bad cases 
it can destroy the trees This 
was the case in 1975 and tbe 
crop has still not fully recovered. 

It is not possible to estimate 
the rise in prices which a serious 
Brazilian frost would cause, but 
any significant advance could dn 
irreparable damage to the world 
coffee ruarkeL Conservative 
estimates put Ihe cut in con- 
sumption caused by the tenfold 
rise in raw coffee bean prices 
after the 1975 frost at 15 per 

Some recovery has taken place 
as a result of the recent retail 
price fall but world consumption 
is still thought to be about 10 per 
cent, below pre-1975 levels. 

July delivery coffee on the 
London futures market reached 
£2.000 a tonne yesterday but 
slipped to finish £120 up on the 

Continued from Page 1 

prices Tanzania 

consistent with tbe policies and 
aspirations of llie particular 
day at £1.938.5 a tonne. Tbe rise 1 countries " 

J1SS ! E-»a, compUJijt, 

last summer and took the price! alfd 

to the highest level since last °5jL l ' r !£ n JJSS y 

autumn I were reported on in the Depart- 

auiumo; I ment or Trade report of March. 

Nestle, Britain 5 biggest coffee | j g - B — 
company, said yesterday that it This was noL the first time that 
had no plans to increase the Tanzania had purported to ex- 
price of its instant coffees. But propriale Lonrho's asets. In 1966, 
it warned that it might have to I Ccntra j Line Sisa j Estates was 
reassess the situation once the, n; ,iignaliscd, and compensation 
Brazilian Trost period wa< over I has nol ye | been paid, although 
" We are moving into a critical al the lime 'prompt fair and 
period in Biazil. \\> must hope adequate compensation' was 
that there is no repetition nf promised." 

the disastrous fro-t of 1975 which The company, therefore, wel- 
sent coffee prices spiralliog for coined the statement that a fair 
rwn years.” price would be paid, for assets 

General Foods, which pro- j appropriated now "and insists 
duces Maxwell House and Birds.! that on this occasion payment is 
said: “The next eight to ten ' duly made." 
weeks will he very critical, but All the companies referred lo 
so far we have no plans to 1 in the Tanzanian statement were 
increase prices. It would be very , either publicly quoted in East 
premature to think about that • Africa nr subsidiaries of public 
now ■■ 1 companies quoted in East Africa. 


DRY and sunny in most districts. 
London. Midlands, 

Cent. Northern England, 
Glasgow, Cent. Highlands 
Dry, sunnv spells. Max 27C 

S.E.. Cent. Southern, E. and N-E. 
England, Anglia, Channel Is.. 
Borders, Edinburgh, Dundee, 
Aberdeen. Moray Firth, N.E. 

Dry, sunny spells, cooler near 
coast. Max. 27C (SIFI. 

S.W., N.W. England, Wales. Lake 
DisL, S.W„ N.W. Scotland, 

Dry, sunny spells inland. Max. 
32C (72F). 

Orkney, Shetland 
Dry. bright or sunny intervals. 
Max. -JOG (68F). 

Isle or Man. N. Ireland 
Dry. sunny periods. Max. 22C 

Outlook: Dry and sunny at first. 
Thundery showers later. 

Tn fair, -joitip societies, like 
Normid, have done very well in 
commercial iprnis and have been 
in the forefront of retailing 
development but other*, like 
London, have had to sell assets 
M reduce iheir And. in 
1977. alter three years in which 
ihe movement had managed to 
inverse the long decline in Us 
fortunes, its market share edeed 
down again to 7 per cent. 

Delegates at Congress were 
•inly too well uware of the 
dilemmas posed by the High 
PLrect war. They have been 
agonising for jears over how 
best lo preserve the democratic 
structure in the kind of larger 
societies needed to raise the 
necessary finance for larger new 
stores. Ahead lie all sorts of 
thorny .problems such as 
whether the Co-op has a duty lo 
keep open its smaller, unprofit- 
able shops for the benefit of 
less mobile members. 

But. at the end of Congress, 
when all ihe delegates linked 
arms tn sing Auld Lang Syne, all 
talks of grand regional nlans and 
1 uMhi'oat competition seemed tn 
belong to another world. 

Japanese promise curb on cars 


JAPANESE car makers have 
promised their Government to 
tighten curbs on bbtptncoLs of 
cars and small commercial 
vehicles to the UK after a 
request from the Ministry 
of International Trade and 

The Ministry has asked the 
industry to take further restrain- 
ing measures because shipments 
during the first four months or 
the year have reached about 50 
per cent of last year's total, in 
spite of a pledge to the British 
Government that they will be 
kept to last year's level. Up to 
April they totalled 59.900 cars 
and 12,200 lorries. 

According to the Japanese 
Automobile Manufacturers Asso- 
ciation in Tokyo, the restraint i n 
exports will become more effec- 
tive later in the year. 

These developments come 

after yet another period of 
rapid export growth by the 
Japanese motor Industry, which 
pushed up overseas car sales by 
22 per cent, in tbe first three 
months of this year to 832,000 

In the face of mounting inter- 
national anxiety about this rate 
of growth. Mr. Takashi Ishihara, 
president of Nissan, predicted 
yesterday that its worldwide 
vehicles exports would fall four 
per cent from the 430.000 units 
recorded in 19i j. 

He insisted that the company 
will not export more cars to 
Britain in 1978 than it did last 

Mr. Ishihara's statement con- 
flicts to some extent with sug- 
gestions in Britain that shipments 
from Nissan, which makes the 
Datsun ranee of cars, will be cut 
to about SO per cent of last year's 

level. Indeed, with a number of 
new Japanese companies coming 
into the UK market recently, it 
would seeiu that the larger 
groups will have to give up 
some of their quota of vehicles 
to allow the smaller companies 
sufficient stocks. 

Nissan's view r.r ihe overall 
downturn in its exports later this 
year seems to have been coloured 
by the depressing impact the 
revaluation of the yen has bad 
on sales in the L T .S. in addition, 
tbe Japanese ear market itself 
i$ improving, after a great deal 
of international pressure for 
stimulation of home demand. 

The Nissan president said that 
the company sold 121.422 Datsun 
passenger cars in the Lf.S in 
the first four months of this 
year, a negligible rise of 04 per 
cent over the same period in 

1977 "This is proof that our 
exports to the US. are not 

• Nissan is looking at sites 
for its first car manufacturing 
plant in the U.S. Mr. Ishihara 
said that a dozen Nissan officials! 
arc in Amurica for a survey 
which he called a forward step 
in Nissan's strategy to begin 
manufacturing in the U.S. 

Mr. Ishihara added that Nissan 
expects a 12 per cent boost in 1 
domestic car scales this year, lie 
predicted that on (he basis of 
this recovery in the home mar- 
ket .noticeable since March, the 
car company can hope to record 
gross sales of Y2.350bn in fiscal 

1978 and cam ordinary' income 
of YISSbn for the year, com- 
pared with Y2,24Bbn and Y138bn 
for the fiscal year ended last 
March and announced earlier 
this week. 














B. Aires 












H. Korur 





Vduy ; 
mill -day! 
°c “I- 1 

F 'J5 T7 Llucnih’n ■ 
S i-t 75 1 Madrid 
F 'Jfi 7S Manchstr. 
S 34 93 Melbourne 
S ri 70 Milan 
F a ra MoiMfwU 
r. 17 H3 Moscow 
S -J3 77 Munich , 

S 3>t ic Nowcast Ir 
S 22 73 1 Mew York 
F 23 7S! Osin 
K 23 77 Paris 
S 7T| Penh 
C M 37 Pracuc 
S 2S 32 Reykjavik 
S III <H I Rio dr J o 
S IB raj Rome 
K JS TB'Sl/maporr 
S jb 79 Suu-khnlm 
C K fit Strasbra. 

S 22 72 Sydney 
s a fC Tehran 
S -22 72 Tel Aviv 
F 3 SI Tokyo 
S IS lil Toronto 
S 78 Vienna 
S a m Warsaw 
S 27 81 Zurich 
S 24 73 




S 2ti T9 
5 23 77 
I 7 '.HI £S 
S 13 33 
S 2S 78 


C S 4K 
S 23 73 
S 21 70 
S 71 71 
5 2fi 711 
V 23 73 
r IS KK 

S 2f» 7B 
F S -I*, 
r 24 7a 
h SI 73 

S 19 fill 
S 31 70, 
S 24 7a 
r 2* 79 
r 23 72 

Maldngyour capital provide you with' a high' 
tax paid income, whilst achieving m aximum 
capital growth, should be the aim of 'aB 

But unless your capital is efficiently managed 
you may not be achieving this. 

Joseph Sanders k Partners provide an expert 
and personal advisory service over funds in 
excess of £20,000,000. 

Regardless of your age or tax position ive 
believe we can improve your financial 
prospects. . .. 

Our ad\isory services are impartial and . 
readily available. 

If you have £10,000 or more to invest and 
would like further details on how we can help 
you, complete and post the coupon below, 
without obligation , TODAE «o TAWI . ICABt8TOEWE 

oseph Sanders 



■ 3a FONT STREET, LONDON SWIX9EJ. TEL: (jO!) 23S 8525 

Hctfai c red In England cadet Nq. 10O782I. 

AJacdo S -it 78 Jcrsuy F 11 M 

AIkilTS J? 23 73 Las' Plow. S 2] 78 

Biarritz 8 27 SI Lora mo S 24 73 

Blackpool S 17 H3 Malorca S -23 73 

PardtMUX S 28 79 MhIukh k 22 72 

BonlaRnt 1-' 21 781 Malta S 24 73 

CaHabtiici. P 2H 73 XairoI'I K 21 7 .| 

Capo Tom S If B0| Naples H 22 T2 

Corfu V 23 77 1 Nice !•' 72 

□ubrowtik K 23 7V, Nicosia S 23 77 

l-'tiro S 24 73 Oporto S 24 73 

l-TOfCliro S -28 IW! RbOdrs S Vn T’l 

Kunt'bai C 23 ISiSalabura S 23 77 

nibruliar r 20 nt Tanmor S 21 73 

CtHTOBcy S 10 fifc, Tcltcrtlc F 17 rj 

Iim«bmck S 23 77‘Tnnii .S 7.1 71 

Invpmrss P 33 7^;Valrncia S :a 7,7 

t»le of .Man C 13 US' Venire S 28 78 

Istanbnl S 38 «RI 

S — Sunnf. F — Fait c-ciaddr. R—tuin 

SI Lora mo 
79 Malawi 
70 1 Malta 
ttfll Naples 
T. 1 , Nicosia 
73 1 Oporto 
iW ! Rbodps 
93 1 Salabura 
fin Tanfltor 
fiOi Toncrtrc 
SS Vciurc 

s 24 73 
S 23 73 
R 71 77 
S 24 73 
K -.1 711 

M 21 71 

s 34 77 
S 28 78 

Gross Income. 

Available Capital. 


Rrsistcred at Kw Fta! Oltitr. Frnitf^ by 51 n.m. w. 

hy Ib* ; YuukuI Times Lta . Br-ck-n hoktc. dnSSi 5rreM®Lo5[a^la^! 

• l£l Thr Financial Tunas LtS-i